SFF HSBUJT &GOHMJTI M &TQB×P
$*" 9$&-&/ & 3 0 1 *0/"NPS "- 3&( 6 4 FT Z )V / O & PD JP . Y " F 5 ø F *4 BVIUÏN V $ -" 3&7 OTBNJFOUPT 3 B M $PNB 1F P WBSF[ M « O[BOJMM F B E . B M M J O È 7 5FDPN $PMJNB 0%(5 5POJMB ( 9 2 ( 1 (0%5 , 9 2 1
&RVWD]XO HV IXHQWH GH LQVSLUDFLyQ KHUUDPLHQWD SDUD HO FDPELR
/$ 5(9,67$ '( ,17(51(7 ( ,035(6$ 48( *867$ $ 75(6 *(1(5$&,21(6 ZZZ FRVWD]XO P[ ZZZ WZLWWHU FRP UHYLVWDFRVWD]XO ZZZ IDFHERRN FRP UHYLVWDFRVWD]XO ZZZ LQVWDJUDP FRP UHYLVWDFRVWD]XO LQIR#FRVWD]XO P[
7HO &HO
(67$ 5(9,67$ (6 *5$78,7$
¢'H TXH VLUYH DO KRPEUH JDQDU HO PXQGR VL SLHUGH HO DOPD" %ODLVH 3DVFDO
,1',&( 5XWDV WXUtVWLFDV 7RXULVW URXWHV 1XHVWUD SRUWDGD 7HOpIRQRV GH LPSRUWDQFLD LPSRUWDQW SKRQH QXPEHUV &KLVWHV 5HÀH[LRQHV +LVWRULD )iEXOD 3RHPDV ¢6DEtD XVWHG TXH" SRU 'U -XVWLQR 0 /HSH &RVWD]XO HQ OD FRFLQD *XtD GHO EDUPDQ 'DWRV FXULRVRV 7UDGLFLRQHV /H\HQGD &XHQWR &DODYHUDV 1HJRFLRV (QWUHWHQLPLHQWR 6DOXG \ EHOOH]D 7HOpIRQRV GH LPSRUWDQFLD 0DQ]DQLOOR ,PSRUWDQW SKRQH QXPEHUV 0DQ]DQLOOR (QJOLVK WLSV +XPRU LQ HQJOLVK &XOWXUD 7RXJKWV 3DUD QLxRV +RUyVFRSR +RURVFRSH
&ROLPD
6HFFLRQHV
6HUYLFLRV 3HULyGLFRV \ PHGLRV &RPHUFLRV *DVWURQRPtD 7XULVPR 0pGLFRV 9HWHULQDULRV 6RFLDO &RPDOD &XDXKWHPRF 7RQLOD
7HFRPiQ
6HUYLFLRV &RPHUFLRV *DVWURQRPtD 0DQ]DQLOOR 6HUYLFLRV 3HULyGLFRV \ PHGLRV &RPHUFLRV *DVWURQRPtD 7XULVPR 0pGLFRV %LHQHV 5DtFHV
5HYLVWD LPSUHVD HQ ORV WDOOHUHV GH ,PSUHV HQ =DSRSDQ -DO HGLFLyQ GHO PHV GH 1RYLHPEUH VH UHSDUWH HQ HO HVWDGR GH &ROLPD VXU GH -DOLVFR \ RHVWH GH 0LFKRDFiQ /DV UHÀH[LRQHV IUDVHV SRHPDV \ HQ JHQHUDO ORV HVFULWRV TXH DTXt DSDUHFHQ QR VRQ HO UHÀHMR GH VXV HGLWRUHV VRQ WDQ VROR XQD UHFRSLODFLyQ FRQ ¿QHV GH HQWUHWHQLPLHQWR /RV QRPEUHV \ PDUFDV TXH VH SXEOLFLWDQ VRQ SURSLHGDG GH ORV DQXQFLDQWHV 6H SURKLEH OD UHSURGXFFLyQ WRWDO R SDUFLDO
$181&,(6( (1 &267$=8/ 7HO &HO
(67$ 5(9,67$ (6 *5$78,7$
5XWDV WXUtVWLFDV 7RXULVW URXWHV 5XWD WXUtVWLFD &ROLPD
5XWD WXUtVWLFD -DOLVFR
/D PXHUWH QR QRV URED ORV VHUHV DPDGRV $O FRQWUDULR QRV ORV JXDUGD \ QRV ORV LQPRUWDOL]D HQ HO UHFXHUGR /D YLGD Vt TXH QRV ORV URED PXFKDV YHFHV \ GH¿QLWLYDPHQWH )UDQoRLV 0DXULDF
1XHVWUD SRUWDGD )HULD GH 7RGRV ORV 6DQWRV &ROLPD (V OD ¿HVWD SRSXODU PiV DQWLJXD GHO HVWDGR SXHV GDWD GH ORV SULPHURV DxRV GH OD FRORQL]DFLyQ HVSDxROD HQ OD 9LOOD GH 6DQ 6HEDVWLiQ GH OD SURYLQFLD GH &ROLPD /D VROHPQLGDG FULVWLDQD GH HVH GtD WXYR SRU REMHWR KRQUDU D ORV SULPHURV PiUWLUHV GHO FULVWLDQLVPR LQLFLiQGRVH HQ 5RPD GH GRQGH VHJXUDPHQWH ORV URPDQRV OD OOHYDURQ D (VSDxD \ SRVWHULRUPHQWH IXH WUDtGD D 0p[LFR GXUDQWH OD FRQTXLVWD /D SULPHUD UHIHUHQFLD KLVWyULFD VH HQFXHQWUD HQ XQ $FWD GH &DELOGR GHO $UFKLYR +LVWyULFR 0XQLFLSDO IHFKDGD HQ HQ OD TXH VH UHJLVWUD XQD TXHUHOOD YLROHQWD HQWUH XQ PHVWL]R \ YDULRV LQGLRV SUHFLVDPHQWH PLHQWUDV VH GHVDUUROODED XQD SURFHVLyQ FHUHPRQLDO LQGtJHQD FRQ DQWRUFKDV \ YHODV GH FHUD HQFHQGLGDV D OD PHGLD QRFKH GHO ž GH 1RYLHPEUH GH (O GtD GH ORV )LHOHV 'LIXQWRV WUDGLFLRQDOPHQWH KD VLGR XQD UHFRUGDFLyQ ULWXDO LQGtJHQD PX\ DQWLJXD HIHFWXDGD HO GH QRYLHPEUH GH FDGD DxR DVt FRPR OD FRVWXPEUH GH SHUQRFWDU HQ ORV FHPHQWHULRV GHVGH OD PHGLD QRFKH GHO GtD DQWHULRU SDUD FRORFDU RIUHQGDV \ FXEULU ODV WXPEDV FRQ SURIXVLyQ GH YHODV HQFHQGLGDV FRPR RFXUUH HQ -DQLW]LR 0LFKRDFiQ FX\D YHODFLyQ FRQVWLWX\H XQ DFWR LPSUHVLRQDQWH /D FHOHEUDFLyQ GHO ž GH QRYLHPEUH GHELy KDEHU VLGR XQD FRQPHPRUDFLyQ UHOLJLRVD SDUD FRORQRV HVSDxROHV \ PHVWL]RV \ OD GHO GH QRYLHPEUH XQD FHUHPRQLD ULWXDO LQGtJHQD $ IDOWD GH LQIRUPDFLyQ PiV SUHFLVD GHEHPRV VXSRQHU TXH DTXHOORV SULPLWLYRV FRORQRV GHVDUUROODURQ XQ DFWLYR FRPHUFLR GH LQWHUFDPELR GH SURGXFWRV DJUtFRODV OLPLWDGR DO PHGLR ORFDO FRLQFLGLHQGR SUHFLVDPHQWH HVWD FHOHEUDFLyQ FRQ HO PiV LPSRUWDQWH SHUtRGR GH FRVHFKDV GH ORV FROLPHQVHV &RPR HVSHFWiFXORV IDYRULWRV GHO SXHEOR HVWDEDQ HO FXDUWR (PEUXMDGR ODV PRWRFLFOHWDV GH OD PXHUWH OD FDVD GH ORV HVSHMRV HO EDWDFOiQ OD FDUSD GH FKXSDPLUWR OD PXMHU VHUSLHQWH \ OD FDUSD GH ORV HQDQRV (Q OD )HULD GH 7RGRV 6DQWRV URGDED HO GLQHUR SRU PRQWRQHV VHJ~Q HO GHFLU GH QXHVWURV UDQFKHURV FROLPRWHV TXH VROWDEDQ SRU GRQGHTXLHUD DTXHOORV SHVRWHV OH\ SXHV FRPR HUD pSRFD GH FRVHFKDV HO FRPHUFLR ORFDO HVWDED HQ VX DSRJHR (Q OD DFWXDOLGDG OD )HULD GH &ROLPD FXHQWD FRQ H [ S R V L F L R Q H V F X O W X U D O H V J D Q D G H U D V \ FRPHUFLDOHV MXHJRV PHFiQLFRV YHQWD GH GXOFHV \ JRORVLQDV EDUHV \ UHVWDXUDQWHV DVt FRPR XQD VHULH GH HYHQWRV FXOWXUDOHV \ GH HQWUHWHQLPLHQWR $Vt FRPR XQD MRUQDGD ELHQ HPSOHDGD SURGXFH XQ GXOFH VXHxR DVt XQD YLGD ELHQ XVDGD FDXVD XQD GXOFH PXHUWH
/HRQDUGR 'D 9LQFL
7HOpIRQRV GH LPSRUWDQFLD ,PSRUWDQW SKRQH QXPEHUV (PHUJHQFLDV (PHUJHQF\
(PHUJHQFLDV (PHUJHQF\ &UX] 5RMD HPHUJHQFLDV (PHUJHQF\ 5HG &URVV &UX] 5RMD 5HG &URVV 3URWHFFLyQ FLYLO &LYLO SURWHFWLRQ ,066 6RFLDO 6HFXULW\ ,QVWLWXWH +RVSLWDO FLYLO &LYLO KRVSLWDO &HQWUR PpGLFR SDUWLFXODU 0HGLFDO FHQWHU SULYDWHO\ RZQHG %DQFR GH VDQJUH %ORRG EDQN %RPEHURV &ROLPD &ROLPD V )LUH GHSDUWPHQW %RPEHURV 9LOOD GH $OYDUH] 9 $ ¶V )LUH GHSDUWPHQW ,6667( 6WDWH VRFLDO ZRUNHUV LQVWLWXWH 3ROLFLD PXQLFLSDO 0XQLFLSDO SROLFH 6HJXULGDG S~EOLFD 3XEOLF VHFXULW\ SROLFH 7UiQVLWR GHO HVWDGR 7UDI¿F SROLFH 'LUHFWRU GH WUDQVSRUWH 3ROLFLD -XGLFLDO GHO (VWDGR 6WDWH -XGLFLDO 3ROLFH 3ROLFLD -XGLFLDO )HGHUDO )HGHUDO -XGLFLDO 3ROLFH 3ROLFLD )HGHUDO 3UHYHQWLYD )HGHUDO +LJKZD\ 3ROLFH 3*5 )HGHUDO LQYHVWLJDWRUV
7D[LV 7D[L FDEV 6LWLR 0DGHUR \ -XiUH] 6LWLR $ODPHGD 6LWLR 1~xH] 6LWLR 7tYROL 6LWLR )iWLPD 6LWLR *XDGDODMDULWD 6LWLR ,QIRQDYLW 6LWLR 2ULHQWDO 6LWLR 3DUTXH +LGDOJR 5DGLR 7D[L 5DGLR 7D[L
$XWREXVHV IRUDQHRV %XV OLQHV /D /tQHD $XWREXVHV GH 2FFLGHQWH (VWUHOOD %ODQFD (71 2PQLEXV GH 0p[LFR )OHFKD $PDULOOD 3ULPHUD 3OXV $XWRWUDQVSRUWHV GHO VXU URMRV $XWRWUDQVSRUWHV 0DGULG URMRV )HUURFDUULOHV 1DFLRQDOHV GH 0p[LFR
'HSHQGHQFLDV )HGHUDOHV (VWDWDOHV \ 0XQLFLSDOHV D =RQD 0LOLWDU &)( (PHUJHQFLDV &)( &RUUHRV GH 0p[LFR 7HOpJUDIRV ,QHD ,QVWLWXWR )HGHUDO (OHFWRUDO ,QVWLWXWR 1DFLRQDO GHO &RQVXPLGRU 6HFUHWDUtD GH (GXFDFLyQ 3~EOLFD 6HFUHWDUtD GH OD 5HIRUPD $JUDULD &HQWUR GH 6DOXG 6XSUHPR 7ULEXQDO GH -XVWLFLD 7ULEXQDO 8QLWDULR $JUDULR 3URFXUDGXUtD )HGHUDO GHO &RQVXPLGRU 3URFXUDGXUtD *HQHUDO GH OD 5HS~EOLFD 6HFUHWDUtD GH $JULFXOWXUD \ 5HFXUVRV +LGUiXOLFRV 6HFUHWDUtD GH (FRQRPtD 6HFUHWDUtD GH &RPXQLFDFLRQHV \ 7UDQVSRUWHV 6HFUHWDUtD GH 'HVDUUROOR 6RFLDO 6HFUHWDUtD GH +DFLHQGD \ &UpGLWR 3~EOLFR 6HFUHWDUtD GH OD 'HIHQVD 1DFLRQDO 6HFUHWDUtD GH $JULFXOWXUD *DQDGHUtD 'HVDUUROOR 5XUDO 3HVFD \ $OLPHQWDFLyQ 6$*$53$ 6HFUHWDUtD GH 6DOXG 6HFUHWDUtD GHO 7UDEDMR \ 3UHYLVLyQ 6RFLDO 3(0(; 3*( &HQWUR GH $SR\R D OD 0XMHU &HQWUR GH ,QWHJUDFLyQ -XYHQLO
'XHUPH FRQ HO SHQVDPLHQWR GH OD PXHUWH \ OHYiQWDWH FRQ HO SHQVDPLHQWR GH TXH OD YLGD HV FRUWD
3UREHUYLR
&ROLPD 6HUYLFLRV
(O PHMRU DXWRODYDGR GH &ROLPD
6DOD FOLPDWL]DGD DJXD IUtD :L)L 79
/DYDGR \ DVSLUDGR /DYDGR GH PRWRU LQWHULRUHV FKDVLV 9DVHOLQD (QFHUDGR 3XOLGR (QFHUDGR H[SUHVV 3XOLGR GH IDURV /LPSLH]D GH ULQHV 5HKDELOLWDGR GH SOiVWLFRV \ DVLHQWRV
9,6,7$126 (1 &8$/48,(5$ '( 18(675$6 68&856$/(6 ',26$ $Y 0DUtD $KXPDGD (VT FRQ 1DUDQMDO 9LOOD GH $OYDUH] $ HVSDOGDV GH ORV ERPEHURV /XQ 6DE DP SP 'RP DP SP
',26$ 9,3 $Y 9HQXVWLDQR &DUUDQ]D 6DQWD %DUEDUD &ROLPD $ XQ FRVWDGR GHO $UFH /XQ 6DE DP SP 'RP DP SP
',26$ $Y 3DEOR 6LOYD /RV 2OLYRV 9LOOD GH $OYDUH] $ XQD FXDGUD GH VHFXQGDULD ³(7,´ /XQ 6DE DP DP 0DGUXJDGD
'RP DP SP
',26$ $Y 0DUtD $KXPDGD 6HQGHURV GHO &DUPHQ 9 GH $OY $ XQ FVWDGR GHO R[[R /XQ 6DE DP DP PDGUXJDGD
'RP DP SP
1RWDUtD 3~EOLFD 1R /LF 5RJHOLR $ *DLWiQ \ *DLWiQ 7,78/$5
/LF /DXUD * *DLWiQ &UX] $'6&5,7$
/LF (QULTXH 3ODVFHQFLD *DUFtD $8;,/,$5
7(/()2126 \ QRWDULD UJ#KRWPDLO FRP ,QGHSHQGHQFLD 1R &G 9LOOD GH ÈOYDUH] &ROLPD /D PXHUWH HV DOJR TXH QR GHEHPRV WHPHU SRUTXH PLHQWUDV VRPRV OD PXHUWH QR HV \ FXDQGR OD PXHUWH HV QRVRWURV QR VRPRV
$QWRQLR 0DFKDGR
&ROLPD 6HUYLFLRV
%8)(7( < 127$5,$ 3Ã&#x2019;%/,&$ 1R
127$5< 38%/,& /(*$/ 6(59,&(6 (1*/,6+ 632.(1
&RUUHJLGRUD 1R &ROLPD &RO 7HOV \
6X $JHQWH GH 6HJXURV PiV FRQILDEOH
/,& 5$Ã&#x2019;/ =$5$=Ã&#x2019;$ 0217(5526$ $VHVRU )LQDQFLHUR
(GR GH 0p[LFR &RO $OWD 9LVWD 9LOOD GH Ã&#x2C6;OYDUH] &ROLPD
7HO &HO UDXO]DUD]XDPRQWHUURVD#JPDLO FRP
&KLVWHV
+DEtD HQ XQ SXHEOR XQ SDGUH H[DJDUDGDPHQWH RUJXOORVR GH VX PXMHU SRU KDEHU WHQLGR D VHLV KLMRV WDQWR TXH OD OODPDED ³PDGUH GH VHLV´ HVWR D VX HVSRVD OH PROHVWDED PXFKtVLPR \ XQ GtD TXH VH HQFRQWUDEDQ HQ XQD ERGD OH JULWD HO HVSRVR SDUD TXH WRGRV HVFXFKHQ ¢<D HVWiV OLVWD SDUD LUQRV PDGUH GH VHLV" &RQ IXULD VX HVSRVD FRQWHVWD &ODUR TXH Vt SDGUH GH FXDWUR (Q XQ KRVSLWDO XQD PDGUH OH SUHJXQWD DO PpGLFR 'RFWRU ¢FUHH XVWHG TXH PL KLMR SHUGHUi ORV GLHQWHV" 6L ORV SLHUGH HV SRUTXH OH GD OD JDQD SRUTXH \R VH ORV HQYROYt HQ XQ SDxXHOR 'RV DPLJDV FRQYHUVDQGR ¢6DEHV TXH 0DUtD VH KD GHVHFKR GH NLORV GH JUDVD LQ~WLO" ¢$K VL" ¢< FRPR OR KD KHFKR" 6H KD GLYRUFLDGR 8QD H[XEHUDQWH UXELD YRODED HQ XQD DYLRQHWD VHQWDGD MXQWR DO SLORWR eVWH WLHQH XQ DWDTXH DO FRUD]yQ \ PXHUH /D UXELD WRPD OD UDGLR \ KDFH XQD OODPDGD GH DX[LOLR £0D\ 'D\ £0D\ 'D\ HO SLORWR WXYR XQ DWDTXH DO FRUD]yQ HVWi PXHUWR SRU IDYRU D\~GHQPH (Q VHJXLGD XQD FDOPDGD YR] VH R\H HQ OD UDGLR (VWH HV HO FRQWURODGRU GH WUi¿FR DHUHR OD HVFXFKR IXHUWH \ FODUR /D JXLDUp \ D\XGDUp D UHJUHVDU D WLHUUD $KRUD UHVSLUH SURIXQGR VROR QHFHVLWR TXH PH GH VX DOWXUD \ SRVLFLyQ 0LGR \ HVWR\ VHQWDGD 2N HQWRQFHV UHSLWD FRQPLJR 3DGUH QXHVWUR TXH HVWiV HQ HO &LHOR
$ PHQXGR HO VHSXOFUR HQFLHUUD VLQ VDEHUOR GRV FRUD]RQHV HQ XQ PLVPR DWD~G
$OSKRQVH GH /DPDUWLQH
&ROLPD 6HUYLFLRV
-HDQHWWH &HUQDV (VWLOLVWD &RVPHWyORJD
&RUWHV SODQFKDGR PDTXLOODMH XxDV SHLQDGR GHSLODFLyQ FRQ FHUD SHGLFXUH PDQLFXUH DSOLFDFLyQ GH H[WHQVLRQHV \ H[WHQVLRQHV GH SHVWDxDV &LWDV +RUDULR D \ D SP $JXDVFDOLHQWHV Â&#x2021; &RO /RV $QJHOHV
´/D H[SHULHQFLD KDFH OD GLIHUHQFLDµ Æ&#x201D; 0DTXLOODMH Æ&#x201D; 3HLQDGR Æ&#x201D; $ODFLDGR Æ&#x201D; 3ODQFKDGR Æ&#x201D; (YHQWRV HVSHFLDOHV Æ&#x201D; 7LQWHV Æ&#x201D; 5D\RV Æ&#x201D; &RUWH Æ&#x201D; 3HUPDQHQWH Æ&#x201D; 'LVHxR GH FHMDV Æ&#x201D; \ PiV &LWDV DO /XQHV D 6iEDGR \ 3DOPD .HUSLV &RORQLD /D 3DOPDV &ROLPD &RO
&RSLFHQWUR 'LJLWDOL]DFLyQ GH GRFXPHQWRV FDUWD R¿FLR GREOH FDUWD &RSLDV GH SODQRV ,PSUHVLyQ \ FRSLDV E Q \ FRORU ,PSUHVLyQ GH SODQRV E Q \ FRORU ,PSUHVLyQ GH WHVLV (QFXDGHUQDGRV H[SUHVV (QJDUJRODGRV (QPLFDGRV ,PSUHVLyQ IRUPDWR DQFKR FDOLGDG IRWRJUiÃ&#x20AC;FD (VFDQpR GH SODQRV HQ E Q \ FRORU $Y )HOLSH 6HYLOOD GHO 5tR -DUGLQHV 9LVWD +HUPRVD &ROLPD &RO 7HOV \ ( PDLO FRSLFHQWUR[HUR[FRO#KRWPDLO FRP
5HÃ&#x20AC;H[LRQHV
$SUHFLD \ YDORUD OR TXH WLHQHV D WX ODGR QXQFD VDEHV VL DOJ~Q GtD \D QR HVWDUi DKt /D YLGD HV FRPR XQ URPSHFDEH]DV YDPRV GHVFDUWDQGR ODV SLH]DV TXH QR HQFDMDQ $SUHQGH D REVHTXLDU WX DXVHQFLD D TXLHQ QR YDORUD WX SUHVHQFLD 3RU PX\ ODUJD TXH VHD OD WRUPHQWD HO VRO VLHPSUH YXHOYH D EULOODU HQWUH ODV QXEHV /RV UHJDORV PiV FDURV QR VH OODPDQ L3KRQH MR\DV R FDUURV VH OODPDQ WLHPSR DPRU \ YLGD
/D PXHUWH HV XQD YLGD YLYLGD /D YLGD HV XQD PXHUWH TXH YLHQH
-RUJH /XLV %RUJHV
&ROLPD 6HUYLFLRV
)$%5,&$&,21 '( 38(57$6 < 9(17$1$6 $57,67,&$6 < &20(5&,$/(6 7XEHURV &RO 3RUYHQLU D OD YXHOWD GH OD GLUHFFLyQ GH 7UDQVLWR \ 9LDOLGDG
7HO &HO
*5832 6 $ '( & 9 +21(67,'$' $ 72'$ 358(%$ (1 *$62/,1$ < ',(6(/ Â&#x2021; 6HUYLFLR GH 9HQWD GH 9DOHV Â&#x2021; $FHSWDPRV WRGR WLSR GH 7DUMHWDV GH 'pELWR \ &UpGLWR &DUPHQ 6HUGiQ 7HO (VWDPRV IUHQWH D 6RULDQD 9LOOD GH Ã&#x2C6;OYDUH] (Q OD *ORULHWD GH OD 'LRVD GHO $JXD +LVWRULD
',$ '( 08(5726 $WUDYpV GH OD KLVWRULD HO FXOWR D ORV PXHUWRV VH KD PDQLIHVWDGR HQ GLIHUHQWHV FXOWXUDV GH (XURSD \ $VLD FRPR OD FKLQD OD iUDEH R OD HJLSFLD SHUR HQ ODV FXOWXUDV SUHKLVSiQLFDV GHO FRQWLQHQWH DPHULFDQR QR KD VLGR GH PHQRU LPSRUWDQFLD DVt OD YLVLyQ \ OD LFRQRJUDItD VREUH OD PXHUWH HQ QXHVWUR SDtV VRQ QRWDEOHV GHELGR D FLHUWDV FDUDFWHUtVWLFDV HVSHFLDOHV FRPR HO VHQWLGR VROHPQH IHVWLYR MRFRVR \ UHOLJLRVR TXH VH KD GDGR D HVWH FXOWR HO FXDO SHUYLYH KDVWD QXHVWURV GtDV /D PXHUWH HV XQ SHUVRQDMH RPQLSUHVHQWH HQ HO DUWH PH[LFDQR FRQ XQD ULTXÃ&#x2039;VLPD YDULHGDG UHSUHVHQWDWLYD GHVGH GLRVD SURWDJRQLVWD GH FXHQWRV \ OH\HQGDV SHUVRQDMH FUtWLFR GH OD VRFLHGDG KDVWD LQYLWDGD VRQULHQWH D QXHVWUD PHVD (Q 0p[LFR ODV FXOWXUDV LQGtJHQDV FRQFHEtDQ D OD PXHUWH FRPR XQD XQLGDG GLDOpFWLFD HO ELQRPLR YLGD PXHUWH OR TXH KDFtD TXH OD PXHUWH FRQYLYLHUD HQ WRGDV ODV PDQLIHVWDFLRQHV GH VX FXOWXUD 4XH VX VtPEROR R JOLIR DSDUHFLHUD SRU GRTXLHU TXH VH OH LQYRFDUD HQ WRGR PRPHQWR \ TXH VH UHSUHVHQWDUD HQ XQD VROD ¿JXUD HV OR TXH KD KHFKR TXH VX FHOHEUDFLyQ VLJD YLYD HQ HO WLHPSR (VWR KD HULJLGR HO Pi[LPR VtPEROR SOiVWLFR GH OD
/D PXHUWH QR H[LVWH OD JHQWH VyOR PXHUH FXDQGR OD ROYLGDQ VL SXHGHV UHFRUGDUPH VLHPSUH HVWDUp FRQWLJR
,VDEHO $OOHQGH
&ROLPD 6HUYLFLRV
0XOWLVHUYLFLRV
0DQWHQLPLHQWR HPSUHVDULDO \ SDUD HO KRJDU (Q WRGR HO HVWDGR GH &ROLPD 3UHVXSXHVWRV VLQ FRPSURPLVR
3LQWXUD +HUUHUtD 7DEOD URFD )RQWDQHUtD (OHFWULFLGDG 3XOLGR GH SLVRV /LPSLH]D SURIXQGD $LUHV DFRQGLFLRQDGRV &iPDUDV GH VHJXULGDG 5HPRGHODFLyQ \ FRQVWUXFFLyQ 5HGHV \ PiV
1H[WHO \
0XHEOHV &KX\LWR
£(6 72'2 3$5$ 686 ),(67$6 /H SUHVWDPRV ORV FDPLQRV &RPSDUH SUHFLRV
7HOV
7OD[FDOD &RORQLD 3RSXODU &HQWUR &ROLPD &RO
',6(f2 &216758&&,21 < 0$17(1,0,(172
&21 12627526 (1&2175$5Ã&#x2C6;6 62/2 /$6 0(-25(6 0$5&$6 9(1 < &20358(%$/2 78 0,602 ',6(f2 ' < 35(6838(672 6,1 &203520,62 $Y GH ORV PDHVWURV &RO /D $UPRQtD &ROLPD &RO & 3 7HO )D[ ZZZ DOEHUFDVYHUJDUD FRP P[ DOEHUFDVYHUJDUD#SURGLJ\ FRP P[
Â&#x2021; ,PSUHVLyQ HQ JUDQ IRUPDWR Â&#x2021; $QXQFLRV OXPLQRVRV Â&#x2021;
%OYG &DPLQR 5HDO 1R % *ORULHWD FXDUWHO PLOLWDU 7HO )D[ +LVWRULD
UHSUHVHQWDFLyQ GH HVWD IHVWLYLGDG HO DOWDU GH PXHUWRV 'LFKD UHSUHVHQWDFLyQ HV TXL]i OD WUDGLFLyQ PiV LPSRUWDQWH GH OD FXOWXUD SRSXODU PH[LFDQD \ XQD GH ODV PiV FRQRFLGDV LQWHUQDFLRQDOPHQWH HV FRQVLGHUDGD SRU OD 81(6&2 FRPR 3DWULPRQLR GH OD +XPDQLGDG
4Xp LQMXVWD TXp PDOGLWD OD PXHUWH TXH QR QRV PDWD D QRVRWURV VLQR D ORV TXH DPDPRV
&DUORV )XHQWHV
&ROLPD 3HULyGLFRV \ 0HGLRV
)iEXOD
(/ 02648,72 < (/ /(21 8QD YH] XQ PRVTXLWR PX\ EUDYXFyQ VH DFHUFy D XQ OHyQ \ OH GLMR ³7X D PL QR PH FDXVDV QLQJ~Q PLHGR SRUTXH YDPRV D YHU ¢HQ TXp FRQVLVWH WX IXHU]D" ¢(Q TXH UDVJDV FRQ ODV XxDV \ PXHUGHV FRQ ORV GLHQWHV" /R PLVPR KDFH FXDOTXLHU PXMHU FXDQGR SHOHD FRQ VX PDULGR \ QR SRU HVR HV PiV IXHUWH <R VL TXH OR VR\ \ VL TXLHUHV SDUD FRQYHQFHUWH GH HOOR YDPRV D HQWUDU HQ FRPEDWH´ (QWRQFHV HO PRVTXLWR VH D¿Oy HO DJXLMyQ \ HPSH]y D PRUGHU DO /HyQ HQ HO KRFLFR /XHJR DWDFy IHUR]PHQWH OD QDUL] GHO OHyQ (VWH HVWDED GHVHVSHUDGR SXHV WRGRV ORV HVIXHU]RV TXH KDFtD SDUD DKX\HQWDU D VX SHTXHxR HQHPLJR UHVXOWDEDQ LQ~WLOHV \ OR ~QLFR TXH FRQVHJXtD HUD KHULUVH FRQ VXV SURSLDV XxDV 'H HVWH PRGR HO PRVTXLWR VRQy VX WURPSD SURFODPiQGRVH YHQFHGRU \ VH DOHMy PX\ VDWLVIHFKR FDQWDQGR YLFWRULD 3HUR LED WDQ RUJXOORVR GH Vt PLVPR SHQVDQGR HQ OR IiFLO TXH OH KDEtD UHVXOWDGR YHQFHU DO OHyQ TXH QR VH ¿My SRU GyQGH YRODED \ D PHGLR FDPLQR TXHGy DWUDSDGR HQ OD WHOD GH XQD DUDxD TXLHQ VH GLVSXVR D GHYRUDUOR SHUR DQWHV GH TXH OR KLFLHUD HO PRVTXLWR WXYR WLHPSR GH ODPHQWDUVH GH TXH KDELHQGR YHQFLGR DO PiV IXHUWH DQLPDO WHUPLQy SRU PRULU D PDQRV GH XQD LQVLJQL¿FDQWH DUDxD 0RUDOHMD GHVSXpV GH VXSHUDU ORV PiV JUDQGH REVWiFXORV SXHGHV VHU YtFWLPD GH WX SURSLD FRQ¿DQ]D
/D PXHUWH HV XQD TXLPHUD SRUTXH PLHQWUDV \R H[LVWR QR H[LVWH OD PXHUWH \ FXDQGR H[LVWH OD PXHUWH \D QR H[LVWR \R
(SLFXUR GH 6DPRV
&ROLPD 3HULyGLFRV \ 0HGLRV
8Q PHGLR HIHFWLYR QRYHGRVR \ RSRUWXQR 7X SXEOLFLGDG HV YLVWD PLHQWUDV ORV FRPHQVDOHV HVSHUDQ &RQWUDWD DO
&KLVWHV
8QD YLHMLWD HVWi DIXHUD GH XQD FDVD TXHULHQGR WRFDU XQ WLPEUH SHUR HOOD QR DOFDQ]D GH UHSHQWH OOHJD XQ VHxRU \ PX\ DPDEOH VH RIUHFH 6HxRUD EXHQRV GtDV ¢(Q TXH SXHGR D\XGDUOH" 3RU IDYRRUU MRRYHQ DD\~GHPH D WRFDU HO WLEUHH 6HxRUD FRQ PXFKR JXVWR OH UHVSRQGLy <D VHxRUD ¢\ DKRUD TXH" /D YLHMLWD OH UHVSRQGH £3XHVVK D FRUUHU 6H VXEH XQD VHxRUD D XQ DXWRE~V SHUR HVWH YD UHSOHWR GH JHQWH \ QR KD\ OXJDU SDUD TXH HOOD VH VLHQWH 1DGLH OH FHGH XQ OXJDU \ DO EDMDUVH GHO EXV GLFH PX\ HQRMDGD £4XH EDUEDULGDG HQ HVWH EXV QR KD\ FDEDOOHURV \ XQ ERUUDFKR VH OHYDQWD \ GLFH 6HxRUD VL KD\ FDEDOOHURV OR TXH QR KD\ VRQ DVLHQWRV 'RV FDEDOOHURV TXH VH PRYtDQ PX\ GH SULVD HQ HO LQWHULRU GH XQ VXSHUPHUFDGR FRQ VXV FDUULWRV GH FRPSUDV VH FKRFDQ 8QR OH GLFH DO RWUR 'LVFXOSH HV TXH EXVFR D PL VHxRUD 4XH FRLQFLGHQFLD \R WDPELpQ HVWR\ GHVHVSHUDGR WDPSRFR HQFXHQWUR D PL VHxRUD %XHQR WDO YH] SXHGD D\XGDU ¢FyPR HV VX VHxRUD" (V DOWD SHOR FDVWDxR FODUR SLHUQDV PX\ ELHQ WRUQHDGDV SHFKRV ¿UPHV RMRV D]XOHV PX\ ERQLWD ¢\ OD VX\D" 2OYtGHVH GH OD PtD £YDPRV D EXVFDU D OD VX\D ¢&XDO HV HO FROPR GH XQ HQDQR" 4XH XQ SROLFtD OH GLJD £$OWR
1R EDVWD FRQ SHQVDU HQ OD PXHUWH VLQR TXH VH GHEH WHQHUOD VLHPSUH GHODQWH (QWRQFHV OD YLGD VH KDFH PiV VROHPQH PiV LPSRUWDQWH PiV IHFXQGD \ DOHJUH 6WHIDQ =ZHLJ
&ROLPD &RPHUFLRV
&XiQWDV PXHUWHV PiV VHUiQ QHFHVDULDV SDUD GDUQRV FXHQWD GH TXH \D KDQ VLGR GHPDVLDGDV
%RE '\ODQ
&ROLPD &RPHUFLRV
FXDGURV HQPDUFDGRV FUHDFLRQHV
-LPpQH] 7HO &HQWUR &ROLPD &RO -XQWR D OD PHQXGHUtD /D -LPHQp]
3RHPD
/(-$1,$ &UH]FR HQ DxRV 3RU HO FDPLQR GH OD YLGD PH DOHMR GH WL 7LHQGR PLV PDQRV \ VyOR DSULVLRQR ORV VXHxRV TXH KD\ GH WX UHFXHUGR 3HUR Vp TXH VLJXHV H[LVWLHQGR HQ OD OHMDQtD GH XQ KRUL]RQWH SUy[LPR D PL SDVDGR /LSR /HSH
6L QR FRQRFHV WRGDYtD OD YLGD ¢FyPR SXHGH VHU SRVLEOH FRQRFHU OD PXHUWH"
&RQIXFLR
&ROLPD &RPHUFLRV
0iV GH $xRV GH 6HUYLFLR FRQ &DOLGDG \ ([SHULHQFLD QRV 5HVSDOGDQ
)$%5,&$026 Â&#x2021; &RUWLQDV GH WHODV GHFRUDWLYDV Â&#x2021; &RUWLQHURV 0DGHUD +RWHOHURV \ 'HFRUDWLYRV Â&#x2021; &RUWLQDV $QWLEDFWHULDQDV Â&#x2021; 3HUVLDQDV 9HUWLFDOHV 3 9 & 7HOD \ $OXPLQLR Â&#x2021; 3HUVLDQDV +RUL]RQWDOHV $OXPLQLR \ 3 9 & Â&#x2021; 3HUVLDQDV URPDQDV \ HQUUROODEOHV Â&#x2021; 3DQHO -DSRQpV Â&#x2021; 3HUVLDQDV SOLVDGDV \ FHOXODUHV Â&#x2021; 3HUVLDQDV GH PDGHUD Â&#x2021; 7ROGRV GH ORQD SOiVWLFD \ WHOD DFUtOLFD Â&#x2021; 3XHUWDV SOHJDEOHV Â&#x2021; 0DOOD VRPEUD Â&#x2021; (GUHGRQHV
',675,%8,026 Â&#x2021; 3DVWR VLQWpWLFR Â&#x2021; $OIRPEUD Â&#x2021; 3LVRV GH PDGHUD ODPLQDGR Â&#x2021; /LQROHXP 3 9 & Â&#x2021; 3LVRV SDUD JLPQDVLR Â&#x2021; /RVHWD YLQtOLFD Â&#x2021; 7DSLFHUtD HQ JHQHUDO Â&#x2021; 3DSHO WDSL] Â&#x2021; )RWRPXUDOHV /DYDGR GH SHUVLDQDV \ FRUWLQDV
ZZZ FRUWLQDVUDPRV FRP YHQWDV#FRUWLQDVUDPRV FRP
$Y ,QVXUJHQWHV HVT %OYG &DPLQR 5HDO )UHQWH D OD JORULHWD GHO ',) 7HOV '(6& HQ SHUVLDQDV URPDQDV HQUUROODEOHV &HO
5HFRUGDU TXH XQR YD D PRULU HV OD PHMRU PDQHUD TXH FRQR]FR SDUD HYLWDU OD WUDPSD GH SHQVDU TXH KD\ DOJR TXH SHUGHU
6WHYH -REV
&ROLPD &RPHUFLRV
5HÀH[LRQHV
$ /#6 -Ï9(1(6 '( /$ 7(5&(5$ ('$' (V KRUD GH XVDU HO GLQHUR TXH XVWHG DKRUUy GXUDQWH WRGD VX YLGD 8VDUOR SDUD XVWHG 'HMH GH SUHRFXSDUVH SRU OD VLWXDFLyQ ¿QDQFLHUD GH KLMRV \ QLHWRV /D UHVSRQVDELOLGDG HV GH HOORV <D QR HV pSRFD GH VRVWHQHU D QDGLH GH VX IDPLOLD 7HQJD XQD YLGD VDOXGDEOH VLQ JUDQGHV HVIXHU]RV ItVLFRV &RPSUH VLHPSUH OR PHMRU \ PiV ¿QR DO ¿Q \ DO FDER HV SDUD XVWHG 1DGD GH DQJXVWLDUVH SRU SRFD FRVD (Q OD YLGD WRGR SDVD ,QGHSHQGLHQWHPHQWH GH OD HGDG PDQWHQJD YLYR HO DPRU VLHPSUH (VWp HQ WRGR PRPHQWR OLPSLR WRPH XQ EDxR GLDULR 1DGD GH VHU PX\ PRGHUQR LQWHQWH VHU FOiVLFR 0DQWpQJDVH VLHPSUH DFWXDOL]DGR 5HVSHWH OD RSLQLyQ GH ORV MyYHQHV D SHVDU TXH D YHFHV SXHGDQ HVWDU HTXLYRFDGRV 1R FDLJD HQ OD WHQWDFLyQ GH YLYLU FRQ ORV KLMRV R QLHWRV &RQVHUYH VXV DPLVWDGHV /ODPH D ORV DPLJRV &XOWLYH XQ ³KREE\´ KDJD OR TXH OH JXVWD \ OR TXH VXV UHFXUVRV OH SHUPLWDQ (V LPSRUWDQWH VDOLU GH FDVD SRU XQ UDWR $FHSWH LQYLWDFLRQHV +DEOH SRFR \ RLJD PiV SXHV VX YLGD \ VX SDVDGR VyOR OH LQWHUHVDQ D XVWHG PLVPR /RV GRORUHV \ ODV PROHVWLDV HVWDUiQ VLHPSUH SUHVHQWHV 6RQ SUREOHPDV VX\RV \ GH VXV PpGLFRV 9LYD VX UHOLJLyQ FRQ FRQYLFFLyQ \ QR FRQ IDQDWLVPR 5tD ULD PXFKR UtD GH WRGR 6L DOJXLHQ OH GLFH TXH DKRUD XVWHG QR KDFH QDGD GH LPSRUWDQFLD QR VH SUHRFXSH /R PiV LPSRUWDQWH \D IXH KHFKR
/R TXH SHQVDPRV GH OD PXHUWH VyOR WLHQH LPSRUWDQFLD SRU OR TXH OD PXHUWH QRV KDFH SHQVDU GH OD YLGD
&KDUOHV GH *DXOOH
&ROLPD &RPHUFLRV
Â&#x2021; 0HFiQLFD HQ JHQHUDO Â&#x2021; (VSHFLDOLVWD IXHO LQMHFWLRQ Â&#x2021; )UHQRV $PRUWLJXDGRUHV Â&#x2021; 6XVSHQVLyQ OODQWDV &OXWFK Â&#x2021; %RRVWHU +\GURYDF (PHUJHQFLDV \ &HO 6HUYLFLR D 'RPLFLOLR $Y GH 1RYLHPEUH &RO 9LYHURV &ROLPD &RO
/26 35(&,26 0$6 %$-26 '(/ 0(5&$'2
6L QR OR WHQHPRV 6H OR FRQVHJXLPRV %HOLVDULR 'RPtQJXH] &ROLPD &RO 7HO \ 68&856$/ 7(&20$1
0$75,=
$Y ,QVXUJHQWHV 7HFRPiQ &RO 7HO
%OYG 0 GH OD 0DGULG 0DQ]DQLOOR &RO 7HO \
68&856$/ 0$1=$1,//2
£68 0(-25 (/(&&,21 6HUYLFLR ([SUHVV D GRPLFLOLR
Â&#x2021; )$-,//$6 Â&#x2021; 32/,1(6 Â&#x2021; '8(/$6Â&#x2021; 75,3/$<Â&#x2021; &,0%5$3/$<Â&#x2021; Â&#x2021; &$2%,//$ Â&#x2021; /,6721$'2 '( &$2%,//$ Â&#x2021; Â&#x2021; $*/20(5$'2 Â&#x2021; 0') Â&#x2021; &('5,//2 0DGHUD GH 3LQR SDUD OD FRQVWUXFFLyQ \ FDUSLQWHUtD HQ WRGDV ODV PHGLGDV $Y GH 1RYLHPEUH &ROLPD &RO 7HO \ 6XFXUVDO $Y ,QVXUJHQWHV 7HFRPiQ &RO 7HO \
&$51(6 )5(6&$6 Â&#x2021; 5HV Â&#x2021; &HUGR Â&#x2021; 3ROOR Â&#x2021; &RUWHV )LQRV
+25$5,2 '( /81(6 $ 6Ã&#x2030;%$'2 $0 $ 30 '20,1*26 $0 $ 30
&$/,'$' $/ 0(-25 35(&,2
+(5,%(572 -$5$ ,1)21$9,7 /$ (67$1&,$ &2/,0$ &2/
6(59,&,2 $ '20,&,/,2
&XDQGR OD PXHUWH VH SUHFLSLWD VREUH HO KRPEUH OD SDUWH PRUWDO VH H[WLQJXH SHUR HO SULQFLSLR LQPRUWDO VH UHWLUD \ VH DOHMD VDQR \ VDOYR
3ODWyQ
&ROLPD &RPHUFLRV 3HFHV SHFHUDV DOLPHQWRV \ DFFHVRULRV 7RUWXJDV MDSRQHVDV 7LDQJXLV GHO SROLGHSRUWLYR GH 9LOOD GH Ã&#x2C6;OYDUH] SRU OD HQWUDGD DO EDFKLOOHUDWR GH OD 8 GH & 3UHFLRV HVSHFLDOHV D WLHQGDV GH PDVFRWDV -XDQD &KDFyQ Ã&#x2C6;OYDUH]
7HO )/25(5,$
3, $ 'RQGH ORV VHQWLPLHQWRV IORUHFHQ
0RUHORV &ROLPD 7HO 6DQ )HUQDQGR &ROLPD 7HO 0 $ GH *yPH] % 9 GH $OY 7HO
&KLVWHV
6H HVWiQ EDxDQGR XQ SDU GH WRQWRV HQ ODV UHJDGHUDV GHO FOXE \ R\H -XDQ ¢PH SXHGHV GDU XQ SRFR GH WX VKDPSRR" 2\H SHUR WX WLHQHV HO WX\R ¢R \D VH WH WHUPLQy" 1R SHUR PLUD HO PtR GLFH ³SDUD FDEHOOR VHFR´ \ \R OR WHQJR PRMDGR /OHJD -RUJH D XQ EDU FRQ VX SHULFR VREUH HO KRPEUR \ HO FDQWLQHUR OH SUHJXQWD ¢KDEOD HO DQLPDO" £< \R TXH Vp GLMR HO SHULFR 8Q PDWULPRQLR YD DO PpGLFR \ GHVSXpV GH H[DPLQDU D OD PXMHU HO PpGLFR OH GLFH DO PDULGR /D YHUGDG HV TXH QR PH JXVWD QDGD HO DVSHFWR GH VX HVSRVD 7LHQH UD]yQ GRFWRU QL D Pt SHUR HV TXH VX SDGUH HV PX\ ULFR -DLPLWR OH SUHJXQWD D VX PDPi TXH VL SXHGH EDxDU DO SHULTXLWR \ OD PDPi OH GLFH TXH QR SRUTXH HO DYH SRGUtD PRULUVH SHUR FRPR D OD FXDUWD YH] OH GLMR TXH VL 8Q UDWR GHVSXpV VDOH GHO EDxR \ OH GLFH D VX PDPi 0DPL HO SHULTXLWR VH PXULy <D YLVWH TXH ORV SHULFRV VH PXHUHQ FXDQGR ORV EDxDQ 1R PDPL QR VH PXULy FXDQGR OR EDxH VH PXULy FXDQGR OR H[SULPt $ XQ ERUUDFKR OR GHWLHQH OD SROLFtD \ OH GLFH 2LJD ¢QR YH TXH HVWi SLVDQGR OD UD\D FRQWLQXD" £< TXH DFDVR OD URPSt
6L OD PXHUWH QR IXHUD HO SUHOXGLR D RWUD YLGD OD YLGD SUHVHQWH VHUtD XQD EXUOD FUXHO
0DKDWPD *DQGKL
&ROLPD *DVWURQRPtD &ROLPD *DVWURQRPLD
'HVD\XQR EXIIHW GLDULDPHQWH (VSHFLDOLGDG GH FRUWHV ¿QRV D OD SDUULOOD 3DUULOODGDV &DUQLWDV &KDPRUUR 0DULVFRV +RUDULR /XQHV D 'RPLQJR GH DP D SP HU $QLOOR 3HULIpULFR FHUFD GH DXWRSLVWD D *'/
7HOpIRQR ODSDUULOODFDPSHVWUH#JPDLO FRP
)HOLSH 6HYLOOD GHO 5tR $WHQFLyQ HVSHFLDO GH VX DPLJR -HV~V *DUFtD 6XiUH] 7HO $QDVWDVLR %UL]XHOD $WHQFLyQ HVSHFLDO GH VX DPLJR &DUORV *DUFtD 6XiUH] 7HO 6HUYLFLR D GRPLFLOLR
/D PXHUWH VyOR WLHQH LPSRUWDQFLD HQ OD PHGLGD HQ TXH QRV KDFH UHÃ&#x20AC;H[LRQDU VREUH HO YDORU GH OD YLGD
$QGUp 0DOUDX[
&ROLPD *DVWURQRPtD
3RHPD
*5$&,$6 *UDFLDV SRU GDUPH DPRU *UDFLDV SRU GDUPH OD HVSHUDQ]D SDUD VHJXLU YLYLHQGR *UDFLDV SRU OD OX] HQ PL VHQGHUR *UDFLDV SRU WX SUHVHQFLD HQ PL SHQVDPLHQWR *UDFLDV SRU HVWDU HQ PLV VXHxRV \ JUDFLDV SRU KDEHU SHUPLWLGR TXH WH FRQRFLHUD /LSR /HSH
(O GtD GH WX PXHUWH VXFHGHUi TXH OR TXH W~ SRVHHV HQ HVWH PXQGR SDVDUi D PDQRV GH RWUD SHUVRQD 3HUR OR TXH W~ HUHV VHUi WX\R SRU VLHPSUH +HQU\ 9DQ '\NH
&ROLPD *DVWURQRPtD
(V WX PHMRU RSFLyQ &(1752 1$785,67$
Â&#x2021;5HSRVWUHUtD \ SDQDGHUtD LQWHJUDO
Â&#x2021;<RJKXUW GH IUXWDV Â&#x2021;&RPSOHPHQWRV QXWULFLRQDOHV Â&#x2021;(QHUJpWLFDV GH IUXWDV 3RU VDOXG \ QXWULFLyQ
3URPRFLyQ
0LpUFROHV
/OHYD KDPEXUJXHVDV < OD D *5$7,6
Â&#x2021;+DPEXUJXHVDV YHJHWDULDQDV
5LFR \ VDOXGDEOH
0DGHUR 7HO /XQHV D 6iEDGR GH D P D S P 'RPLQJRV GH D P D S P \ GH S P D S P $Y 'H ORV 0DHVWURV 7HO /XQHV D 6iEDGR GH D P D S P ¢6DEtD XVWHG TXH"
3RU 'U -XVWLQR 0 /HSH
(UXSFLyQ GHO 9ROFiQ GH &ROLPD HQ +DFH DxRV HO 9ROFiQ GH )XHJR GH &ROLPD SUHVHQWy XQD GH ODV HUXSFLRQHV PiV IXHUWHV TXH GH pO VH WHQJD UHJLVWUR OD FXDO RVFXUHFLy HO FLHOR GH OD HQWLGDG SRU KRUDV /D HUXSFLyQ GH GHO 9ROFiQ GH &ROLPD FRPHQ]y HO GH HQHUR OOHJy D VX FOtPD[ HO GtD \ FXOPLQy FRQ SHTXHxRV Ã&#x20AC;XMRV SLURFOiVWLFRV PH]FODV FDOLHQWHV GH JDVHV FHQL]D \ IUDJPHQWRV GH URFD HO GH HQHUR $OJXQRV FiOFXORV GH OD DOWXUD GH OD FROXPQD HUXSWLYD HV GHFLU ORV IUDJPHQWRV GH FHQL]D \ URFDV SXOYHUL]DGDV TXH IXHURQ ODQ]DGDV GXUDQWH KRUDV GHVGH HO FUiWHU OD HVWLPDQ GH NLOyPHWURV SRU HQFLPD GHO YROFiQ VHJ~Q SXHGH YHUVH HQ XQ H[WHQVR WUDEDMR GH UHFRSLODFLyQ GH GDWRV UHDOL]DGR SRU 5LFDUGR 6DXFHGR -RVp /XLV 0DFtDV -XDQ &DUORV *DYLODQHV \ RWURV DXWRUHV (O FLWDGR DUWtFXOR H[SOLFD TXH HQ HQHUR GH KXER UHSRUWHV GH FDtGD GH FHQL]D HQ 6DOWLOOR &RDKXLOD FLXGDG XELFDGD D NLOyPHWURV GH GLVWDQFLD \ WDPELpQ HQ $JXDVFDOLHQWHV 1R VH WLHQHQ UHJLVWURV GH SpUGLGDV KXPDQDV GXUDQWH HVWH HYHQWR H[SORVLYR
'HVSXpV GH WRGR OD PXHUWH HV VyOR XQD VtQWRPD GH TXH KXER YLGD
0DULR %HQHGHWWL
&ROLPD *DVWURQRPtD
9HQ D GLYHUWLUWH FRQ WX IDPLOLD 3DUD QLxRV \ MyYHQHV Â&#x2021; 7LUROHVD Â&#x2021; 3DVHR D FDEDOOR Â&#x2021; -XHJRV LQIDQWLOHV Â&#x2021; 3LQWXUD HQ FHUiPLFD 3DUD ORV SDSiV SRGUiQ GLVIUXWDU GH QXHVWUR H[TXLVLWR ERUUHJR DO SDVWRU FKDPRUUR \ FRVWLOODV DO KRUQR FRQHMR DVDGR HQ HO PHMRU FOLPD GH OD FLXGDG \ XQD YLVWD HVSHFWDFXODU
0~VLFD YLYD GH D GH OD WDUGH
5HVHUYDFLRQHV DO \ (VWDPRV HQ HO 2FRWLOOR &XDXKWpPRF $ VROR PLQ GH &ROLPD +RUDULR 6$%$'26 < '20,1*26 GH D KUV 5DQFKR &ROLQD GH 6DQ 0LJXHO
/ ,' $ ' < 6 $ % & $ 2 1 ( 1 , 7$ 6 6 $ + 8 5
5
$<
2
&$
£621 /2 0(-25
-RUJH *DUFtD 6XiUH] %HQLWR -XiUH] $ 9LOOD GH $OYDUH]
3DWW\ *DUFtD 6XiUH] $Y 3DEOR 6LOYD 9LOOD GH $OYDUH] 6HUYLFLR D GRPLFLOLR 6LOYLD *DUFtD 6XiUH] $Y 1LxRV +HURHV ,QIRQDYLW /D (VWDQFLD 'HVFDQVDPRV ORV MXHYHV 6HUYLFLR D GRPLFLOLR 1R OH WHPDV WDQWR D OD PXHUWH VLQR PiV ELHQ D OD YLGD LQDGHFXDGD
%HUWROW %UHFKW
&ROLPD *DVWURQRPtD
1R HV VyOR VX JUDQ FRFLQD HQ GHVD\XQRV FRPLGDV EXIIHW GRPLQLFDO \ FHQDV (V OD PDJLD TXH YLEUD EDMR HO FRELMR GH VXV i U E R O H V \ W H F K R GHOHLWDQGR D WRGR WLSR GH J X V W R V H G D G H V O D ³FKRUFD´ ORFDO JHQWH GH QHJRFLRV \ DPDQWHV GH OD EXHQD PHVD
&RQWDPRV FRQ VDOyQ SDUD HYHQWRV 7HO $Y &RQVWLWXFLyQ &ROLPD &RO
5HÃ&#x20AC;H[LRQHV
1R WH ULQGDV SRU IDYRU QR FHGDV DXQTXH HO IUtR TXHPH DXQTXH HO PLHGR PXHUGD DXQTXH HO VRO VH SRQJD \ VH FDOOH HO YLHQWR $~Q KD\ IXHJR HQ WX DOPD D~Q KD\ YLGD HQ WXV VXHxRV SRUTXH FDGD GtD HV XQ FRPLHQ]R QXHYR SRUTXH pVWD HV OD KRUD \ HO PHMRU PRPHQWR $ YHFHV SLHUGHV OR TXH TXHUtDV SHUR FRQTXLVWDV OR TXH QXQFD LPDJLQDVWH 1R WRGR GHSHQGH GHO WLHPSR VLQR GH OD DFWLWXG FRQ TXH VH PLUD OD YLGD (O WLHPSR HV FRPR XQ UtR QXQFD SRGUiV WRFDU VXV DJXDV GRV YHFHV SRUTXH HO DJXD TXH \D SDVy QXQFD SDVDUi GH QXHYR $SURYHFKD FDGD PLQXWR VHJXQGR \ KRUD GH WX YLGD 1XQFD WH ¿MHV HQ OD DSDULHQFLD GH ODV SHUVRQDV SRUTXH HVWD FDPELD FRQ HO WLHPSR 1R EXVTXHV D OD SHUVRQD SHUIHFWD SRU TXp QR H[LVWH (Q FDPELR DPD ODV LPSHUIHFFLRQHV GH ODV SHUVRQDV TXH HVR HV OR TXH ODV KDFH UHDOPHQWH ~QLFDV %XVFD SRU HQFLPD GH WRGR D DOJXLHQ TXH VHSD WX YHUGDGHUR YDORU TXH WH TXLHUD \ DFHSWH FRQ WRGR \ WXV GtDV JULVHV /D YLGD QR HV FRORU GH URVD KD\ PXFKDV HVFDODV GH JULVHV TXH SLQWDQ HO SDLVDMH
/D YLGD GH ORV PXHUWRV SHUGXUD HQ OD PHPRULD GH ORV YLYRV
&LFHUyQ
&ROLPD *DVWURQRPtD
(O &KDUFR GH OD +LJXHUD 5(67$85$17( 086(2 '(6'(
'HVD\XQRV &RPLGDV 0HULHQGDV FROLPRWDV &RPLGD D OD FDUWD &DUQHV \ PDULVFRV &RPLGD UHJLRQDO FROLPHQVH (QFKLODGDV GXOFHV DFRPSDxDGDV FRQ WXED \ WDWHPDGR 3DTXHWH GHVD\XQR GH DP D SP OXQHV D GRPLQJR &RPLGD FRUULGD SP D SP OXQHV D YLHUQHV 6HUYLFLR GH HVWDFLRQDPLHQWR H LQWHUQHW $FHSWDPRV WDUMHWDV GH FUpGLWR
-DUGtQ GH 6DQ -RVp &HQWUR &ROLPD 7HO
%8))(7 '( *8,6$'26 0(;,&$126 3$5$ '(6$<8126 < 0(18'2
'LDULDPHQWH GH D P D S P $Y 7HFQROyJLFR 9LOOD GH Ã&#x2C6;OYDUH] &RO 7HO )UHQWH D OD &RPHUFLDO 0H[LFDQD
8Q QXHYR FRQFHSWR < DGHPiV GH QXHVWUR WUDGLFLRQDO PHQXGR GLVIUXWH GHO PDV HQ 0HQXGHULD FRPSOHWR \ YDULDGR DOPXHU]R FRQ HO VDERU FDVHUR TXH QRV FDUDFWHUL]D Â&#x2021; 3HSHQD Â&#x2021; FDUQH GH FHUGR \ UHV ' ( 1 8 ( 5, $ FRQ FKLOH Â&#x2021; 7DWHPDGR Â&#x2021; 0 Â&#x2021; /HQJXD HQ VDOVD YHUGH Â&#x2021; Â&#x2021; 4XHVDGLOODV Â&#x2021; Â&#x2021; &KLODTXLOHV FROLPRWHV Â&#x2021; Â&#x2021; +XHYRV DO JXVWR Â&#x2021; Â&#x2021; 7RUWLOODV GHO FRPDO D VX PHVD Â&#x2021; Â&#x2021; $PELHQWH IDPLOLDU Â&#x2021;
&ROLPD
'LDULDPHQWH GHVGH ODV GH OD PDxDQLWD
$Y -DYLHU 0LQD 7HO &ROLPD &RO 68&856$/ $Y 1LxRV +pURHV 1Â&#x17E; &ROLPD &RO D XQ ODGR GH &21$/(3 7HO 'H DP D SP '(6&$16$026 /26 0$57(6 /( 2)5(&(026 ',$5,$0(17( 5,&2 0(18'2 &21 7257,//$6 '(/ &20$/ $ 68 0(6$
$GHPiV SUHSDUDPRV XQD JUDQ YDULHGDG GH GHOLFLRVRV JXLVDGRV PH[LFDQRV SDUD TXH XVWHG PLVPR VH VLUYD WHQHPRV &$51(6 $6$'$6 6,1&521,=$'$6 48(6$',//$6 &RQWDPRV FRQ DEVROXWD OLPSLH]D VHULHGDG \ SUHFLRV HFRQyPLFRV
/D PXHUWH QR HV PiV TXH XQ VXHxR \ XQ ROYLGR
0DKDWPD *DQGKL
&ROLPD *DVWURQRPtD
(O 0HMRU 3R]ROH GH &ROLPD 3R]ROH VHFR FRQ FDOGR URMR \ GH SROOR 7RVWDGDV \ VRSHV ORPR RUHMD SDWD FRVWLOOD \ WURPSD
6RSLWRV WDFRV HQFKLODGDV \ Ã&#x20AC;DXWDV $WROH \ WDPDOHV 3$5$ 2&$6,21(6 £3$5$ ),(67$6 < 5(81,21(6 +$= 786 3(','26 &21 $17,&,3$&,21
(63(&,$/(6
.J GH SR]ROH
$Y -DYLHU 0LQD &ROLPD &RO 7HO \
6(59,&,2 $ '20,&,/,2
$ELHUWR WRGRV ORV GtDV GH DP D SP
'HOHLWDQGR GLDULDPHQWH DO SDODGDU PiV H[LJHQWH GH ODV KUV $ OD D P KUV 0Ã&#x2019;6,&$ 9,9$ ',$5,$0(17(
%OYG &DPLQR 5HDO HVTXLQD ,6(1&2 7HO &KLVWHV
'LFKRV DGDSWDGRV &XDQGR XQ PLOORQDULR SDVD D PHMRU YLGD VXV KHUHGHURV WDPELpQ (O DPRU HV FLHJR VROR HO PDWULPRQLR SXHGH GHYROYHUOH OD YLVWD (O WUDEDMR HQ HTXLSR HV HVHQFLDO WH SHUPLWH HFKDUOH OD FXOSD D RWUR 0DV YDOH SUHYHQLU TXH DPDPDQWDU $O PDO SDVR GDUOH *HUEHU (O TXH UtH DO ~OWLPR QR HQWHQGLy HO FKLVWH
/D PXHUWH SXHGH FRQVLVWLU HQ LU SHUGLHQGR OD FRVWXPEUH GH YLYLU
&pVDU *RQ]iOH] 5XDQR
&ROLPD *DVWURQRPtD 3URPRFLyQ 0HJD 'RV SROORV SRU 3URPRFLyQ &KLFRV 'RV SROORV SRU 0HJD 3ROOR 3ROOR 0HGLDQR 3ROOR &KLFR
££/OiPDQRV
$Y 6DQ )HUQDQGR $ 6HUYLFLR D GRPLFLOLR
Â&#x2021; 3DVWDV Â&#x2021; &DO]RQL Â&#x2021; &DUQHV Â&#x2021; 3L]]DV Â&#x2021; (QVDODGDV Â&#x2021; 0DULVFRV
+RUDULR /XQHV D -XHYHV SP D SP 9LHUQHV \ 6iEDGRV SP D SP 'HVFDQVDPRV ORV 'RPLQJRV
%OYG &DPLQR 5HDO $ HO 'LH]PR 7HO
'(6$<8126 < &20,'$6 5HJLRQDOHV H ,QWHUQDFLRQDOHV &RPH DTXt R OOpYDOR D FDVD
(O VD]yQ HV QXHVWUR QHJRFLR
7HQHPRV VHUYLFLR D GRPLFLOLR &DUQH DVDGD *XLVRV GHOLFLRVRV 3ROORV DVDGRV .LOR GH &DUQH $VDGD 6XVKL [ )HOLSH 6HYLOOD GHO 5tR &ROLPD &RO 7HO /XQHV D 6iEDGR D P D +V ([FHOHQWH FRPLGD GHO PDU SDUD GHOHLWDU ORV SDODGDUHV PiV H[LJHQWHV &DUQHV 7DFRV \ DQWRMLWRV PH[LFDQRV 75$%$-$026 /26 'Ã&#x2039;$6 '(/ $f2 +RUDULR GH DP D KV
0DFORYLR +HUUHUD \ &RQ VHUYLFLR D 'RPLFLOLR 7HOV \ ([LVWH DOJR WDQ LQHYLWDEOH FRPR OD PXHUWH OD YLGD
&KDUOHV &KDSOLQ
&ROLPD *DVWURQRPtD
&$0$521 $/ $*8$&+,/( ,QJUHGLHQWHV
.J GH FDPDUyQ 7D]D GH MXJR GH OLPyQ &KLOHV YHUGHV 3L]FD GH SLPLHQWD PROLGD 3L]FD GH VDO &HEROOD PRUDGD
3UHSDUDFLyQ (O FDPDUyQ VH SHOD \ VH DEUH SRU HO ORPR SDUD TXLWDUOH OD WULSD VH SRQH HQ XQ PROGH R UHFLSLHQWH VH OLF~DQ ORV FKLOHV FRQ VDO \ SLPLHQWD FRQ XQ SRFR GH MXJR GH OLPyQ GHVSXpV VH SRQH OR TXH VH OLFXy HQ ORV FDPDURQHV \ VH UHYXHOYHQ SDUD TXH VH FXH]DQ XQLIRUPHV VH OH SRQH XQ SRFR GH DJXD \ VH GHMDQ UHSRVDU PLQXWRV OD FHEROOD VH UHEDQD ¿QDPHQWH SRQLpQGRVH GHVSXpV HQ XQ SODWR H[WHQGLGR \ VH DFRPRGDQ ORV FDPDURQHV SRQLpQGROHV FHEROOD HQFLPD \ VH SRQH MXJR GHO FRFLPLHQWR GH ORV FDPDURQHV
*XÂ&#x17E;D Q GHO %DUPDQ DO HVWLOR &RVWD]XO XOO &RVPRSROLWDQ ,QJUHGLHQWHV ò ó ó
RQ]D 9RGND RQ]D -XJR GH &UDQEHUU\ RQ]D 7ULSOH 6HF RQ]D -XJR GH /LPyQ +LHOR
3UHSDUDFLyQ Æ&#x201D;$JLWH ELHQ ORV LQJUHGLHQWHV HQ XQD FRFWHOHUD FRQ KLHOR \ FXHOH HQ FRSD GH FRFWHO ELHQ IUtD 'HFRUDU FRQ 7ZLVW GH QDUDQMD R OLPyQ
/D SHUIHFFLyQ HV PXHUWH OD LPSHUIHFFLyQ HV HO DUWH
0DQXHO 9LFHQW
&ROLPD *DVWURQRPtD
0~VLFD 9LYD
$PELHQWH )DPLOLDU
7RGRV ORV GtDV [ HQ FXEHWDV
/XQHV %LUULD GH UHV \ SXHUFR DO KRUQR 9LHUQHV (]TXLVLWRV &DOPDQWHV FKLFKDUURQHV FDUQLWDV GHO FDVR D VXV PHVD &KDPRUUR FRVWLOOD \ FDEH]D GH SXHUFR DO KRUQR /RV 9LHUQHV 'HVD\XQRV 0H[LFDQRV 'HVGH ODV DP &DOPDQWHV &KLFKDUURQHV &DUQLWDV 7RUWLOODV DO FRPDO \ PXFKR PiV
*UHJRULR 7RUUHV 4XLQWHUR &RO )iWLPD &ROLPD &RO 7HO
+$0%85*8(6$6 $/ &$5%21 $Y 7HFQROyJLFR % D XQ FRVWDGR GH )FLD *XDGDODMDUD
6HUYLFLR D GRPLFLOLR 7HO %OYG &DPLQR 5HDO $ PHGLD FXDGUD GHO ',)
6HUYLFLR D GRPLFLOLR 7HO $Y 3DEOR 6LOYD HQ 9LOOD GH Ã&#x2C6;OYDUH] 6HUYLFLR D GRPLFLOLR 7HO
&$51(6 $6$'$6 &257(6 $0(5,&$126 ),/(7(6 48(626 )81','26 3$55,//$'$6 &$=8(/,7$6 (63(&,$/(6 &$51(6 *5$7,1$'$6 48(6$',//$6 )5,-2/(6 &(%2//,7$6 (16$/$'$6 32//2 0$5,6&26 $EULPRV ORV VLHWH GtDV GH OD VHPDQD GH D P D S P 6(59,&,2 $ '20,&,/,2
$Y &RQVWLWXFLyQ 7HOV \
/D PXHUWH HV HO UHPHGLR GH WRGRV ORV PDOHV SHUR QR GHEHPRV HFKDU PDQR GH pVWH KDVWD ~OWLPD KRUD
0ROLqUH
&ROLPD *DVWURQRPtD
&DUQH DVDGD SRU NLOR UHV FHUGR QDWXUDO DGREDGD FKRUL]R FDUQLWDV VDOFKLFKD DUUDFKHUD 25'(1(6 < 7$&26 &$51,7$6 /(1*8$ 3$1=$ &8(52 &$51(
$Y 7HFQROyJLFR IUHQWH D OD &RPHUFLDO 0H[LFDQD
6HUYLFLR D GRPLFLOLR 7HO / ,' $ ' < 6 $ % & $ 2 ( 1 1 , 7$ 6 6 $ + 8 5 $ 5
<
2
&$
£621 /2 0(-25
(VWKHOD *DUFLD 6XiUH] %OYG &DPLQR 5HDO (O 'LH]PR HQ &ROLPD &RO
/$6 0(-25(6 &$51(6 $6$'$6
'(6'( (/ 6,*/2 3$6$'2
&21 6(59,&,2 $ '20,&,/,2
(Q &ROLPD GRQGH VLHPSUH *XHUUHUR 1R FHUFD GHO 0HUFDGLWR 2EUHJyQ
7HOV
3(','26 $ '20,&,/,2 &HO
+RUDULR GH DP D SP
³7,72´
(67,/2 858$3$1
$Y (QULTXH &RURQD 0RU¿Q 1R /RFDO ³$´ 9LOOD GH Ã&#x2C6;OYDUH] )UHQWH ORFDO )LHVWDV ³9LOOD $OED´
(Q OD 9LOOD OD PHMRU WUDGLFLyQ 'HVGH (/$%25$'2 325 -8/,2 &(6$5 &$67,//2 *7=
$9 0$18(/ $/9$5(= 1R $ 9,//$ '( $/9$5(= &2/,0$
7(/
£/D H[SHULHQFLD GHO VDERU /D*UDQ)LHVWD3DVWHOHULD ODJUDQILHVWDSDVWHOHULD#OLYH FRP P[ ZZZ SDVWHOHULDODJUDQILHVWD FRP
$Y &RQVWLWXFLyQ
7HO /D PXHUWH VyOR VHUi WULVWH SDUD ORV TXH QR KDQ SHQVDGR HQ HOOD
)pQHORQ
&ROLPD 7XULVPR
+27(/ 5,2 £ 1 2 % 8 6 4 8 ( / $ 6 ( 6 7 5 ( / / $ 6
Â&#x2021; FyPRGDV KDELWDFLRQHV Â&#x2021; $LUH DFRQGLFLRQDGR 9HQWLODGRU GH WHFKR Â&#x2021; ,QWHUQHW LQDOiPEULFR Â&#x2021; $OEHUFD FRQ FKDSRWHDGHUR Â&#x2021; (VWDFLRQDPLHQWR WHFKDGR Â&#x2021; $FHSWDPRV WDUMHWDV GH FUpGLWR ZZZ KRWHOKRVSHGDMHVGHOUH\ FRP $Y 5H\ &ROLPiQ D PHGLD FXDGUD GHO -DUGtQ 1~xH] 7HO \
+$%,7$&,21(6 < 68,7(6 '( /8-2
$LUH DFRQGLFLRQDGR 7 9 \ 3DUDEyOLFD -DFX]]L
0~VLFD $PELHQWDO 7HOpIRQR 6HUYLFLR GH %DU \ 5HVWDXUDQW ODV KRUDV
&$55(7(5$ /,%5( &2/,0$ -,48,/3$1 .0 7(/6 'DWRV FXULRVRV
8QDV SHUVRQDV PXHUHQ FDGD DxR DWUDJDQWDGDV FRQ OiSLFHV ([LVWH PD\RU SUREDELOLGDG GH VHU DVHVLQDGR SRU XQ FRUFKR GH XQD ERWHOOD TXH SRU OD SLFDGXUD GH XQD DUDxD 0iV GH SHUVRQDV PXHUHQ DQXDOPHQWH SRUTXH VRQ ]XUGDV \ XWLOL]DQ KHUUDPLHQWDV SDUD GLHVWURV (Q (XURSD HQ HO VLJOR ;,; H[LVWtDQ WDQWDV DQpFGRWDV GH SHUVRQDV YLYDV TXH HUDQ GHFODUDGDV PXHUWDV HUUyQHDPHQWH TXH ORV FDGiYHUHV HUDQ OOHYDGRV D ³KRVSLWDOHV SDUD PXHUWRV´ GRQGH VH OHV YLJLODED D OD HVSHUD GH VHxDOHV GH SXWUHIDFFLyQ
/D PXHUWH SDUD ORV MyYHQHV HV QDXIUDJLR \ SDUD ORV YLHMRV HV OOHJDU D SXHUWR
%DOWDVDU *UDFLiQ
&ROLPD 0pGLFRV 3$72/2*2 78025(6 3$3$1,&2/$286 < /Ë48,'26 &25325$/(6
'5 -8$1 /Ï3(= %/$1&2 &pGXOD 3URIHVLRQDO
8QLYHUVLGDG $XWyQRPD GH *XDGDODMDUD +RVSLWDO GH (VSHFLDOLGDGHV &HQWUR 0pGLFR ³/D 5D]D´ +RVSLWDO GH 2QFRORJtD &HQWUR 0pGLFR 1DFLRQDO 6LJOR ;;, /XQHV D 9LHUQHV D P D S P \ S P D S P 6iEDGR D P D S P =DUDJR]D 1R &ROLPD &RO 7HO )D[ ( PDLO ODESDWBFRO#KRWPDLO FRP
'U -DLPH (GXDUGR 6LOYD 6 $1*,2/2*2
7UDWDPLHQWR GH (QIHUPHGDGHV GH OD FLUFXODFLyQ 9DULFHV FRQ LQ\HFFLyQ FLUXJtD \ ODVHU /HVLRQHV HQ HO SLH GHO GLDEpWLFR 8OFHUDV \ KHULGDV GH GLItFLO FLFDWUL]DFLyQ (QIHUPHGDGHV GH OD FLUFXODFLyQ
(63(&,$/,'$'(6 0(',&$6 '( /$ 9,//$ (QULTXH &RURQD 0RUItQ &LWDV DO 7HO 8UJHQFLDV DO &HO 7UDGLFLRQHV
&$/$9(5$6 /,7(5$5,$6 'H HQWUH ODV WUDGLFLRQHV GHO 'tD GH 0XHUWRV OD TXH PXHVWUD PiV DWLQDGDPHQWH HO FDUiFWHU EXUOyQ GH ORV PH[LFDQRV DQWH OD PXHUWH HV VLQ GXGD OD GH ODV FDODYHUDV OLWHUDULDV /D FDODYHUD OLWHUDULD HV XQD FRPSRVLFLyQ SRpWLFD EUHYH TXH HPSOHDQGR HO WHPD GH OD PXHUWH WLHQH FRPR ¿Q PRIDUVH GH XQD ¿JXUD R DFRQWHFLPLHQWR S~EOLFRV \D VHDQ pVWRV GH FDUiFWHU SROtWLFR GHSRUWLYR FXOWXUDO R GH OD IDUiQGXOD /DV FDODYHUDV QR WLHQHQ XQD PpWULFD GH¿QLGD DFWXDOPHQWH /D PD\RUtD ODV HVWURIDV VRQ GH FXDWUR YHUVRV R OtQHDV FRQ ULPDV DVRQDQWHV R FRQVRQDQWHV 3HUR HQ UHDOLGDG SXHGHQ VHU GpFLPDV WHUFHWRV UHGRQGLOODV TXLQWLOODV X RWUDV IRUPDV SRpWLFDV TXH GHFLGD H[SORUDU HO DXWRU /R LPSRUWDQWH HVR Vt HV TXH FRQVHUYHQ XQD PXVLFDOLGDG D OD KRUD GH VHU OHtGDV (O RULJHQ GH ODV FDODYHUDV OLWHUDULDV QDFH HQ HO VLJOR ;,; DxRV GHVSXpV GH OD LQGHSHQGHQFLD GH QXHVWUR SDtV GHO GHFDGHQWH LPSHULR HVSDxRO 1DFH FXDQGR OLWHUDWRV \ DUWLVWDV GHO JUDEDGR VH PRIDEDQ GH ORV YHUVRV IXQHUDULRV TXH KDEtDPRV KHUHGDGR GHO YLUUHLQDWR YHUVRV TXH HQDOWHFtDQ D ORV PXHUWRV FRQ PtQLPDV R IDOVDV YLUWXGHV 9HUVRV GH EDQDO LOXVWUDFLyQ TXH UD\DEDQ HQ HO ULGtFXOR FRUWHVDQR (VWH IXH WHUUHQR IpUWLO SDUD TXH VXUJLHUDQ ODV FDODYHUDV
¢0LHGR D OD PXHUWH" 8QR GHEH WHPHUOH D OD YLGD QR D OD PXHUWH
0DUOHQH 'LHWULFK
&ROLPD 0pGLFRV
Â&#x2021; 2UWRGRQFLD Â&#x2021; &RVPpWLFD GHQWDO Â&#x2021; 5HKDELOLWDFLyQ Â&#x2021; (QGRGRQFLD Â&#x2021; %ODQTXHDPLHQWR 'HQWLVWDV ££&XLGDPRV 0DUtD GH ORV Ã&#x2030;QJHOHV %ODQFR %DUDMDV OD 6215,6$ (VWHU 1RUD 3UHFLDGR &KiYH]
GH WRGD OD )DPLOLD
7HO
0DUFR $QWRQLR *XHGHD /ySH]
7HO
$FHSWDPRV 72'$6 ODV WDUMHWDV GH FUpGLWR
9LFWRULD 1R &ROLPD &HQWUR
6KHQ 7L %DODQFH &RQWURO GH 3HVR \ 1XWULFLyQ
.DUHQW $OHMDQGUD 2VRUQR +HUQiQGH] 1XWULyORJD
&pGXOD 3URIHVLRQDO GH 0D\R % &RO )iWLPD /XQHV D 9LHUQHV D P D S P 6iEDGR D P D S P
7HO
7UDGLFLRQHV
OLWHUDULDV FRPR YHUVRV ODFHUDQWHV HQ OD SOXPD GH ORV QXHYRV HVFULWRUHV PH[LFDQRV (Q HOORV HVWDUi HVD SOXPD FRPR DUPD SDUD FXHVWLRQDU ORV H[FHVRV GHO SRGHU \ ODPELVFRQHUtD DULVWRFUiWLFD (Q WRGR HVWR SRGHPRV YHU FRPR OD WUDQVLFLyQ GH OD FRORQLD D OD YLGD LQGHSHQGLHQWH GH QXHVWUR SDtV WLHQH D~Q HVH WXIR GRQGH ORV PXHUWRV HQFXPEUDGRV VRQ YLUWXRVRV H LPSROXWRV FRPR VX ELRJUDItD $Vt VXUJHQ O R V H V F U L W R U H V L U U H Y H U H Q W H V L F R Q R F O D V W D V GHVGHxRVRV GHO SRGHU TXH WRGR FRUURPSH < DKt HVWDUiQ HOORV FRQ VXV WH[WRV GH 'tD GH 0XHUWRV TXH GHVDFUDOL]D HO RUGHQ HVWDEOHFLGR \ VXV SHUVRQDMHV (Q OD GHVDFUDOL]DFLyQ HVWiQ ODV FDODYHUDV OLWHUDULDV TXH QDFLHURQ FRQ WH[WR H LPDJHQ XQD OLWHUDULD \ OD RWUD LFRQRJUi¿FD )XH XQD UHVSXHVWD O~GLFD H LUyQLFD GH HVWH Q~FOHR GH OD SREODFLyQ FDQVDGD GH OD DUURJDQFLD GH OD JHQWH SXGLHQWH \ GH DOFXUQLD \D HQ GHFDGHQFLD SHUVRQDMHV TXH D VX FRQVLGHUDFLyQ ELHQ PHUHFtDQ VHU DFRPSDxDGRV FRQ XQD +XHVXGD EXUORQD < QR QRV TXHGD PiV TXH GHFLU £6DOXG SRU OD 0XHUWH TXH QRV SHOD ORV GLHQWHV £6DOXG SRU OD KXHVXGD TXH VDEH ULFD HQ DPDUDQWR GXOFH R FKRFRODWH £6DOXG SRU HVD Ã&#x20AC;DFD WLOLFD \ KXHVXGD TXH QRV GD HVD DOHJUtD GH UHtUQRV XQ UDWR D FRVWLOODV GH ORV SROtWLFRV ORV DUWLVWDV ODV SHUVRQDV TXHULGDV \ ODV QR TXHULGDV
/D PXHUWH QR OOHJD PiV TXH XQD YH] SHUR VH KDFH VHQWLU HQ WRGRV ORV PRPHQWRV GH OD YLGD -HDQ GH OD %UX\HUH
/H\HQGD
/D 0XODWD GH &yUGRED SDUWH GH
/D PXODWD FRQFHGtD VLHPSUH IDYRUHV \ HQFRQWUDED OD DQKHODGD VROXFLyQ 3RU PHGLR GH FRQMXURV KHFKL]RV SyFLPDV \ H[WUDxRV ULWXDOHV KDFtD UHDOLGDG HO PiV LPSHQVDEOH GH ORV GHVHRV 3DUD HOOD QR KDEtD LPSRVLEOHV 7RGR OR TXH SDUHFtD REVFXUR \ WHUULEOH HQ PDQRV GH OD 0XODWD VH YROYtD VHQFLOOR \ FODUR /D 0XODWD GH &yUGRED MDPiV SLGLy DOJR D FDPELR GH VXV IDYRUHV QXQFD DFHSWy XQD SDODEUD GH DJUDGHFLPLHQWR QL PXFKR PHQRV XQD PRQHGD 6L QDGLH OH SDJDED ¢FRPR HUD SRVLEOH TXH HVWD VLHPSUH MRYHQ \ EHOOD PXMHU HVWXYLHUD VLHPSUH DGRUQDGD FRQ H[XEHUDQWHV \ HOHJDQWtVLPDV MR\DV" ¢FyPR SRGtD VHU TXH VXV YHVWLGRV HVWXYLHUDQ FRQIHFFLRQDGRV FRQ ODV PiV ¿QDV WHODV TXH VH FRQRFtDQ" ¢FyPR SLGtD VX FDVD HVWDU IRUUDGD GH HOHJDQWHV WDSLFHV \ GHFRUDGD FRQ ORV PXHEOHV PiV RVWHQWRVRV" (VWR HUD XQ PLVWHULR PiV TXH KDFtD GH HVWD PXMHU OD PiV FpOHEUH GH OD UHJLyQ \ GH VXV DOUHGHGRUHV 0X\ SURQWR HQ WRGR HO SDtV VH VXSR GH VXV H[WUDxRV SURGLJLRV TXH OD 0XODWD UHDOL]DED 'HVGH OXJDUHV PX\ UHPRWRV SXHEORV GHVFRQRFLGRV DOGHDV TXH VH HQFRQWUDEDQ PiV DOOi GH GRQGH VH SHUGtDQ ODV PRQWDxDV YHQtDQ KRPEUHV \ PXMHUHV QLxRV \ YLHMRV UHQRPEUDGRV SHUVRQDMHV \ PHQGLJRV VDQRV \ HQIHUPRV TXLHQHV DJRWDGRV SRU OD GHVGLFKD OD PLVHULD \ OD LQIHOLFLGDG SHGtDQ D OD 0XODWD UHVROYLHUD VXV SHQDV 3DUD WRGRV HOORV VLHPSUH WXYR XQD UHVSXHVWD IDYRUDEOH 1R KDEtD SUREOHPD WDO TXH HVWD PXMHU QR SXGLHUD VROXFLRQDU (V SRU HVR TXH HQ HVWD pSRFD D WRGR OR ODUJR GH OD 1XHYD (VSDxD VH KL]R PX\ IDPRVD OD H[SUHVLyQ GH ³£2LJD VL QR VR\ OD 0XODWD GH &yUGRED ´ SDUD UHVSRQGHU D DOJXLHQ TXH SHGtD KDFHU DOJR PX\ GLItFLO
7DQWD IXH OD FHOHEULGDG TXH FREUy HVWD PXMHU TXH
(0%27(//$'25
786 5()5(6&2
Â&#x2021; 5$',2 3(','26 Â&#x2021;
&2/,0$ &21087$'25
&XDQGR HUHV FRQVFLHQWH GH OD PXHUWH DFDEDV DVXPLHQGR WX SURSLD VROHGDG
5RVD 5HJjV
/H\HQGD QR WDUGy PXFKR WLHPSR HQ OOHJDU VX QRPEUH D RtGRV GH OD 6DQWD ,QTXLVLFLyQ $QWHV GH TXH OD 0XODWD SXGLHUD DGLYLQDU SRU PHGLR GH OD DVWURORJtD R GH VXV VXHxRV TXH LED D VHU DSUHKHQGLGD ORV VDFHUGRWHV GHO 6DQWR 2¿FLR IXHURQ SRU HOOD KDVWD &yUGRED SDUD FDSWXUDUOD \ OOHYDUOD D OD FLXGDG GH 0p[LFR (O GtD HQ TXH VH VXSR TXH OD 0XODWD OOHJDUtD D OD FDSLWDO FLHQWRV GH SHUVRQDV VH GLVSXVLHURQ D VDOLU D ODV FDOOHV SDUD REVHUYDU GH FHUFD D HVD PXMHU GH OD TXH WDQWR KDEtDQ RtGR KDEODU &XDQGR OD 0XODWD GH &yUGRED SDVDED HQ PHGLR GH HVD JUDQ PXOWLWXG PXFKDV SHUVRQDV SXGLHURQ D S U H F L D U V X H Q L J P i W L F D \ WHUURUt¿FD VRQULVD DVt FRPR HVD SHQHWUDEOH PLUDGD TXH KDFLD VHQWLU TX OD VDQJUH VH KHODED $O SDVR GH OD PXMHU DOJXQDV SHUVRQDV RUDEDQ RWUDV VH HVWUHPHFtDQ \ ODV PiV TXHGDEDQ KLSQRWL]DGDV FRQ VX HQRUPH SUHVHQFLD & R Q G L ¿ F X O W D G H V I X H LQWURGXFLGD D OD FDVRQD TXH DOEHUJDED D OD 6DQWD ,QTXLVLFLyQ $Kt VH OH FRQGXMR DO TXH VHUtD VX HQFLHUUR GXUDQWH ODUJRV \ RVFXURV PHVHV /D 0XODWD GH &yUGRED IXH H Q F H U U D G D H Q X Q D G H O D V PD]PRUUDV GH HVWH WHUULEOH 7ULEXQDO HQ GRQGH GHVGH HO SULPHU PRPHQWR VH OH YLR VLHPSUH FRQ XQ WUDQTXLOR VHPEODQWH /D 0XODWD GH &yUGRED WXYR XQ ODUJR SURFHVR HQ HO FXDO ORV LQTXLVLGRUHV OD DFXVDURQ GH EUXMD KHFKLFHUD \ KHUHMH )XH FRQGHQDGD D PRULU HQ OD KRJXHUD \ WRGDV VXV SHUWHQHQFLDV SDVDURQ D VHU SURSLHGDG GHO 6DQWR 2¿FLR $XQ FXDQGR OD 0XODWD VDEtD TXH SURQWR PRULUtD HQ PDQRV GH VXV DFXVDGRUHV QXQFD GHMy GH VHU OD PXMHU HOHJDQWH \ KHUPRVD TXH D WRGRV KDEtD FDXWLYDGR 6XV SURIXQGRV RMRV FREUDEDQ PiV IXHU]D FDGD GtD TXH SDVDED FRQWLQ~D HQ HO PHV GH 'LFLHPEUH
5$ $*$ 6 $ '( & 9
26 )$925,726
0$1=$1,//2
&$6,0,52 &$67,//2
7(&20$1 0(/$48(
&' *8=0$1 -$/
7$0$=8/$ -$/
/D PXHUWH WLHQH XQD VROD FRVD DJUDGDEOH ODV YLXGDV
(QULTXH -DUGLHO 3RQFHOD
2WRUULQRODULQJyORJR
&ROLPD 0pGLFRV &LUXJtD (VWpWLFD \ )XQFLRQDO GH 1DUL] &UDQHRPD[LORIDFLDO \ &XHOOR $/(5*,$ 5(63,5$725,$
'5 (15,48( 725,6 3(f$ 85*(1&,$6 /$'$ &(/ &2168/7$ 35(9,$ &,7$ 7(/ - $9,(5 0,1$ 1R 3/$17$ $/7$ ,17 9,//$ '( È/9$5(= &2/ &(57,),&$'2 325 (/ &216(-2 0(;,&$12 '( &$5',2/2*Ë$ (1 &$5',2/2*Ë$ < &$5',2/2*Ë$ ,17(59(1&,21,67$
'U -RVp ÈQJHO &UX] 7RUUHV &$5',Ï/2*2 &/Ë1,&2 ( ,17(59(1&,21,67$
( PDLO MDF #KRWPDLO FRP
&OtQLFD &yUGRED =DUDJR]D 1R &ROLPD &RO 7HOV \ 8UJHQFLDV &HO &XHQWR
(/ $5%2/ '(/ ',1(52 (VD PDxDQD FXDQGR VH OHYDQWDURQ -XOLR \ 5DPRQD HQFRQWUDURQ OORUDQGR D VX PDGUH FHUFD GHO IRJyQ HQ HO FXDO ODV EUDVDV VH KDEtDQ H[WLQJXLGR 6X SDGUH GHVGH PX\ WHPSUDQR KDEtD VDOLGR UXPER D ODV PRQWDxDV FRQ HO ¿Q GH YHU VL HQFRQWUDED DOJR TXH SXGLHUD FD]DU (VH DxR OD KDPEUXQD HUD WHUULEOH /DV OOXYLDV KDEtDQ VLGR HVFDVDV \ DSHQDV VL DOFDQ]y OD FRVHFKD SDUD SDJDU ODV GHXGDV 1R KDEtD WUDEDMRV \ PXFKRV LJXDO TXH VX SDGUH VH LEDQ D ODV PRQWDxDV FRQ HO ¿Q GH YHU VL HQFRQWUDEDQ DOJR SDUD FRPHU -XOLR \ 5DPRQD VH HQWHUDURQ GH TXH VX PDGUH OORUDED SRUTXH QR KDEtD QDGD SDUD GHVD\XQDU \ ¿QDOPHQWH OORUDURQ ORV WUHV 3DVDGDV ODV RFKR GH OD PDxDQD SDUWLHURQ D OD HVFXHOD \ VX PDGUH VH TXHGy WULVWH SRUTXH VH IXHURQ VLQ KDEHU WRPDGR QLQJ~Q DOLPHQWR $ VX UHJUHVR D FDVD -XOLR VH HQFRQWUy HQ OD FDOOH XQD PRQHGD GH SODWD 8QD PRQHGD QXHYD \ UHOXFLHQWH \ OXHJR SHQVy HQ VX PDGUH TXH VH KDEtD TXHGDGR OORUDQGR 6H OD GDUHPRV D PDPi SDUD TXH FRPSUH FRPLGD GLMR 5DPRQD FXDQGR HVWXYR HQWHUDGD
0X\ VHQWLGD HV OD PXHUWH FXDQGR HO SDGUH TXHGD YLYR
6pQHFD
&ROLPD 0pGLFRV
'(50$72/2*2
'5 58%(1 6$+$*81 217,9(526
81,9(56,'$' '( *8$'$/$-$5$ ,,167,7872 '(50$72/2*,&2 '( *8$'$/$-$5$ (1)(50('$'(6 '( /$ 3,(/ $*8'$6 < &521,&$6 (1 $'8/726 < 1,f26
',$*1267,&2 35(9(1&,21 < 75$7$0,(172 '( &$1&(5 '( /$ 3,(/ < 78025(6 %(1,*126 &,58*,$ &5,2&,58*,$ < (/(&752&,58*,$ 75$16725126 '( /$ 3,(/ 8f$6 < 3(/2
&260(72/2*,$ 0(',&$
3((/,1* 48,0,&2 0,&523,(/ %,20(',& /,03,(=$6 )$&,$/(6 $6(625,$ (1 &260(7,&26 $&1( &,&5$7,&(6 0$1&+$6 < (19(-(&,0,(172 35(0$7852
&/Ã&#x2039;1,&$ '( /$ 3,(/
7(/6 \
$9 9(1867,$12 &$55$1=$ (64 &$//( D '( /$ 3$/$3$ )5$&& /$6 3$/0$6 &2/,0$ &2/
&XHQWR
-XOLR SHQVy TXH VX PDGUH JDVWDUtD OD PRQHGD \ DO VLJXLHQWH GtD HVWDUtDQ RWUD YH] LJXDO \ DxDGLy 0HMRU VHPEUHPRV OD PRQHGD \ FXDQGR KD\D JHUPLQDGR OR FXLGDUHPRV KDVWD TXH VHD XQ iUERO FRUSXOHQWR TXH GDUi PXFKDV PRQHGDV \ HQWRQFHV VHUHPRV ULFRV &XDQGR OOHJDURQ D FDVD VX PDPi HVWDED SUHSDUDQGR XQ DVDGR GH FRQHMR \ HQ HO SDWLR VX SDGUH GHVWD]DED RWURV WUHV TXH KDEtD FD]DGR HQ HO FDPSR /OHQRV GH DOHJUtD -XOLR \ 5DPRQD KLFLHURQ XQ KR\R HQ HO FRUUDO \ GHSRVLWDURQ OD PRQHGD HQ HO IRQGR FXEULpQGROD FRQ WLHUUD \ YDFLDQGR VREUH HOOD HO DJXD GH XQD FXEHWD GH UHJXODU WDPDxR 'tDV GHVSXpV -XOLR \ 5DPRQD YLHURQ TXH EURWDED XQD SODQWLWD SHTXHxD FRPR XQD EDQGHUD GH HVSHUDQ]D < HOORV UHGREODURQ VXV FXLGDGRV KDVWD ORJUDU FRQ HO WLHPSR XQ iUERO FRUSXOHQWR -XOLR \ 5DPRQD HVWDEDQ IHOLFHV \ HVSHUDEDQ PX\ SURQWR YHU ORV IUXWRV GH DTXHO iUERO TXH FDGD GtD VH IRUWDOHFtD PiV /XHJR OOHJDURQ ODV OOXYLDV \ VH IXHURQ \ YROYLHURQ D YHQLU 6X SDGUH KDEtD ORJUDGR HQFRQWUDU WUDEDMR \ \D QR VXIUtDQ WDQWR FRQWLQ~D HQ OD SiJLQD
1R OH WHPR D OD PXHUWH VyOR TXH QR PH JXVWDUtD HVWDU DOOt FXDQGR VXFHGD
:RRG\ $OOHQ
&ROLPD 9HWHULQDULRV
&RPHUFLDOL]DGRUD 9HWHULQDULD
(/ *5$1(52 $OLPHQWR SDUD WRGDV ODV HVSHFLHV )RUUDMHV 3DVWXUDV 0HGLFDPHQWRV $FFHVRULRV 6HUYLFLR GH $VHVRUtD 0pGLFD 9HWHULQDULD
(QWUHJDPRV D GRPLFLOLR 7HO %OYG &DUORV GH OD 0DGULG %HMDU &RO -XDQD GH $VEDMH 3RU 6DOLGD D 3LKXDPR
$*529(7(5,1$5,$³(/ *$1$'(52´ Â&#x2021; $OLPHQWR SDUD WRGDV ODV HVSHFLHV DQLPDOHV Â&#x2021; 3DFDV GH $OIDOID $UUR] \ 7ULJR Â&#x2021; 0DWHULDV SULPDV SDUD OD HODERUDFLyQ GH $OLPHQWRV &DUORV GH OD 0DGULG %HMDU 6DOLGD D 3LKXDPR &ROLPD &RO 7HO
&XHQWR YLHQH GH OD SiJLQD
FRPR DTXHOOD PDxDQD TXH HQFRQWUDURQ OORUDQGR D VX PDGUH 6LQ HPEDUJR FRQ¿DEDQ HQ TXH HO iUERO SURQWR GDUtD IUXWR VX SDGUH GHMDUtD GH WUDEDMDU \ VX PDGUH QR YROYHUtD D OORUDU SRU IDOWD GH GLQHUR 8QD PDxDQD -XOLR \ 5DPRQD HQFRQWUDURQ HO iUERO OOHQR GH Ã&#x20AC;RUHV TXH PiV WDUGH VH FRQYLUWLHURQ HQ PRQHGDV EODQFDV \ UHOXFLHQWHV TXH VRQDEDQ FXDQGR KDFtD YLHQWR -XOLR VXELy D XQD GH VXV UDPDV \ FRUWy GRV GH ODV PiV JUDQGHV SDUD OOHYDUODV D VX PDGUH \ pVWD TXHGy VRUSUHQGLGD 1XQFD YROYHUiV D VXIULU OH GLMHURQ VXV KLMRV 'HVGH DKRUD VLHPSUH WHQGUiV GLQHUR SDUD FRPSUDU TXH FRPHU 3HUR HOORV LJQRUDEDQ ODV FRQVHFXHQFLDV TXH VH WLHQHQ FXDQGR KD\ PXFKR GLQHUR 3RU ODV QRFKHV ODV JHQWHV EULQFDEDQ ORV PXURV SDUD FRUWDU ODV PRQHGDV \ SURQWR HO SXHEOR HVWXYR HQWHUDGR GH DTXHO VXFHVR 3RU VXSXHVWR VXV SDGUHV QR GRUPtDQ SRU FXLGDU HO iUERO WDUHD TXH -XOLR \ 5DPRQD OOHYDEDQ D FDER GXUDQWH HO GtD 'HMDURQ GH LU D OD HVFXHOD \ VXV SDGUHV VH HPSH]DURQ D HQIHUPDU SRU WDQWD GHVYHODGD
8Q GtD HO SDGUH GH ORV QLxRV FRJLy XQ KDFKD \
&RPR XQ PDU DOUHGHGRU GH OD VROHDGD LVOD GH OD YLGD OD PXHUWH FDQWD QRFKH \ GtD VX FDQFLyQ VLQ ¿Q
5DELQGUDQDWK 7DJRUH
&ROLPD 9HWHULQDULRV
=DUDJR]D 1R &RO &HQWUR &ROLPD &RO
+263,7$/ 9(7(5,1$5,2 < 9(7(5,1$5,$ 9,'$ $1,0$/ 'U *HUDUGR 6HUUDQR 6iQFKH] Â&#x2021; 3RVJUDGXDGR HQ ERYLQRV Â&#x2021; 'LSORPDGR HQ FOtQLFD GH HTXLQRV Â&#x2021; 'LSORPDGR HQ PHGLFLQD \ FLUXJtD GH SHTXHxDV HVSHFLHV Â&#x2021; 'LSORPDGR HQ FDOLGDG WRWDO
%OYG &DPLQR 5HDO $ 7HO &ROLPD &RO $Y &DPLQR 5HDO 7HO (O 7UDSLFKH &RO &HO Â&#x2021; &XHQWR
HPSH]y D GHUULEDU HO iUERO \D TXH VH KDEtD WRUQDGR HQ SHOLJUR SDUD WRGRV £3RU 'LRV QR OR GHUULEHV OH GHFtDQ VXV KLMRV DIHUUDGRV D OD LGHD GH XQD ULTXH]D IiFLO 3HUR VX SDGUH QR TXLVR HVFXFKDUORV \ GHUULEy HO iUERO DO FDHU PXFKDV PRQHGDV VH HVSDUFLHURQ SRU HO VXHOR \ ODV UDPDV KLFLHURQ XQ UXLGR LQIHUQDO 6LQ HPEDUJR HO KDPEUH QR YROYLy DO KRJDU \D TXH VX SDGUH VXSR HQFRQWUDU VROXFLRQHV 3XHV FRPSUHQGLy TXH QR VRQ ORV iUEROHV GHO GLQHUR ORV TXH QRV KDFHQ IHOLFHV SRUTXH ORV TXH GDQ OD IHOLFLGDG VRQ ORV iUEROHV GH OD HVSHUDQ]D 9DPRV SXHV SODQWDQGR D OR ODUJR GH QXHVWUR VHQGHUR iUEROHV GH HVSHUDQ]D DVt GDUHPRV IHOLFLGDG D ORV TXH QRV VXFHGDQ $XWRU /LSR /HSH
&DGD LQVWDQWH GH OD YLGD HV XQ SDVR KDFLD OD PXHUWH
3LHUUH &RUQHLOOH
&ROLPD 6RFLDO %,(19(1,'26 $ &$6$ +2*$5 6$1 -26e '( /26 +8e5)$126 0DQHUDV GH D\XGDU 7UDEDMR GLUHFWR &RQ ORV PHQRUHV UHDOL]DQGR D F W L Y L G D G H V T X H I R P H Q W H Q \ Y D \ D Q HQFDPLQDGDV D GHVDUUROODU FDSDFLGDGHV ItVLFDV \ PHQWDOHV HQ HOORV &RQWULEXFLRQHV DOLPHQWDULDV )ULMRO DUUR] DFHLWH FHUHDO OHFKH FDUQH SROOR DWXQD SHVFDGR HWF 0DWHULDO GH KLJLHQH FRUSRUDO -DEyQ SDVWD GHQWDO SDSHO KLJLpQLFR FKDPSR GHVRGRUDQWH WRDOODV IHPHQLQDV HWF 3UR $\XGD 3DUWLFLSDQGR \ R DVLVWLHQGR D ODV DFWLYLGDGHV TXH UHDOL]D OD LQVWLWXFLyQ SDUD UHFDXGDFLyQ GH IRQGRV HFRQyPLFRV $SRUWDFLyQ HFRQyPLFD 3DUD PDWHULDOHV GH PDQWHQLPLHQWR 3ORPHUtD HOHFWULFLGDG \ DOEDxLOHUtD 6H FXHQWD FRQ UHFLERV GHGXFLEOHV GH LPSXHVWRV
&8(17$ %$1$0(; $VRFLDFLyQ GH $\XGD $ & &XHQWD 1R 6XF &ODEH LQWHUEDQFDULD +$1 6,'2 &8$5(17$ $f26 '( /8&+$ (1 /$ 48( 1,f26 < 1,f$6 +8e5)$126 6( 7251$521 (1 &,8'$'$126 '(&(17(6 < 75$%$-$'25(6 1(&(6,7$026 78 $<8'$ (&21Ï0,&$ 85*(17( 3$5$ 6(*8,5 $'(/$17( 18(675$6 38(57$6 (67È1 $%,(57$6 £*UDFLDV
&DVD +RJDU 6DQ -RVp GH ORV +XpUIDQRV $VRFLDFLyQ GH $\XGD $ & 3URO ,QGHSHQGHQFLD QR &ROLPD &ROLPD & 3 7HOpIRQR )D[ FKLOGMRVHSK#KRWPDLO FRP
$181&,(6( (1
OOiPHQRV \ FRQ JXVWR OR DQWHQGHUHPRV FRQWDFWR#FRVWD]XO P[ ZZZ FRVWD]XO P[
(V PiV FUXHO WHPHU D OD PXHUWH TXH PRULU 3XEOLR 6LUR
&RPDOD
7KH &RPDOD V WRS %UHDG 6WRUH ´< eO FRQ XQD VROD PLUDGD PXOWLSOLFy ORV SDQHV \ ORV EHQGLMR´ ,JQDFLR $OOHQGH &HQWUR &RPDOD &ROLPD 7HO &DODYHUDV
$ -XDQJD 8QRV GLFHQ TXH HV GHO RWUR EDQGR 2WURV GLFHQ TXH QR 0LHQWUDV WDQWR OD KXHVXGD VLQ LPSRUWDUOH OR DQWHULRU 6H OR FDUJD DO RWUR ODGR VLQ WHPRU $ 3HxD /RV TXH OR TXLHUHQ GLFHQ TXH HV PX\ LQWHOLJHQWH /RV TXH OR RGLDQ OR WLOGDQ GH EXUUR /D FDODFD QR RSLQD 6LPSOHPHQWH VH OR OOHYD GLOLJHQWHPHQWH < HQ XQ VXVXUUR $ 7UXPS 3LGH HO SXHEOR XQ SROtWLFR TXH VHD KRQUDGR PX\ VHJXUR FRQ VX SHUVRQD PX\ GXUR GH SROtWLFD FUtWLFR HQ YHUGDG DQDOtWLFR PLUH SRU HO ELHQ FRP~Q QR FRPR 'RQDOG 7UXPS TXH HQ HO LQ¿HUQR \D JR]D HQ OD WLHUUD HQRUPH OR]D \ HO SXHEOR IRVD FRP~Q $ 'LHJR 5LYHUD (VWH SLQWRU HPLQHQWH FXOWLYDGRU GHO IHtVPR VH PXULy LQVWDQWiQHDPHQWH FXDQGR VH SLQWy D Vt PLVPR
/D PXHUWH RV HVSHUD HQ WRGDV SDUWHV SHUR VL VRLV SUXGHQWHV HQ WRGDV SDUWHV OD HVSHUiLV YRVRWURV
6DQ %HUQDUGR GH &ODUDYDO
&RPDOD /$ 0(-25 23&,Ï1 3$5$ 68 3$/$'$5 (/ 5(*$/2 ,'($/ 3$5$ 5(*5(62 '( 9,$-( 3RQFKHV GH $JXD \ GH /HFKH HQ WRGRV ORV VDERUHV 7DPELpQ KD\ 5RPSRSH \ 3URGXFWRV /iFWHRV &HEDOORV (QWUDQGR D &RPDOD ODGR L]TXLHUGR ,JQDFLR $OOHQGH 7HO
1HJRFLRV
/RV KiELWRV TXH ODV SHUVRQDV FRQ DOWD FRQ¿DQ]D WLHQHQ (QFXHQWUDQ OD IHOLFLGDG GHQWUR GH HOORV /D IHOLFLGDG HV XQ HOHPHQWR FUtWLFR GH OD FRQ¿DQ]D SRUTXH SDUD VHU DOJXLHQ VHJXUR GHEHV VHU IHOL] FRQ OR TXH KDFHV (VWDV SHUVRQDV HQFXHQWUDQ OD VDWLVIDFFLyQ HQ VXV SURSLRV ORJURV VDEHQ TXH VLQ LPSRUWDU OR TXH GLJD OD JHQWH QXQFD VH HV WDQ PDOR R WDQ EXHQR FRPR SLHQVDQ ORV GHPiV 1R MX]JDQ /DV SHUVRQDV VHJXUDV GH Vt PLVPDV QR MX]JDQ D RWUDV SRUTXH VDEHQ TXH WRGRV WLHQHQ DOJR EXHQR TXH RIUHFHU \ QR QHFHVLWDQ UHEDMDU D DOJXLHQ SDUD VHQWLUVH ELHQ FRQVLJR PLVPDV 6DEHQ TXp WDQ OLPLWDQWH HV FRPSDUDUVH FRQ RWUD SHUVRQD \ OR FDQVDGR TXH SXHGH VHU SDVDU HO WLHPSR SUHJXQWiQGRVH VL XQR HV OR VX¿FLHQWHPHQWH EXHQR 1XQFD GLFHQ Vt D PHQRV GH TXH UHDOPHQWH TXLHUDQ KDFHUOR 8Q HVWXGLR GH OD 8QLYHUVLGDG GH &DOLIRUQLD HQ 6DQ ) U D Q F L V F R G H P R V W U y T X H H V P i V I i F L O T X H H[SHULPHQWHV HVWUpV FDQVDQFLR \ GHSUHVLyQ VL VH WH GL¿FXOWD GHFLU TXH QR /DV SHUVRQDV VHJXUDV VDEHQ TXH QHJDUVH GH YH] HQ FXDQGR HV VDOXGDEOH \ DGHPiV WLHQHQ OD DXWRFRQ¿DQ]D QHFHVDULD SDUD GHMDU HQ FODUR SRU TXp GLFHQ TXH QR (YLWDQ GHFLU IUDVHV FRPR ³1R FUHR SRGHU´ R ³1R HVWR\ VHJXUR´ 'LFHQ QR FRQ
$ OD PXHUWH VH OH WRPD GH IUHQWH FRQ YDORU \ GHVSXpV VH OH LQYLWD D XQD FRSD
(GJDU $OODQ 3RH
&XDXKWpPRF *$62/,1(5$ (/ &2%$12 *DV 6WDWLRQ
6REUH OD DXWRSLVWD HQWUH OD HQWUDGD DO $HURSXHUWR 1DFLRQDO \ OD &LXGDG GH &ROLPD FDVL IUHQWH DO 'HVWDFDPHQWR GH OD 3ROLFLD )HGHUDO 3UHYHQWLYD &DPLQRV
&DIHWHUtD 6QDFN %DU %DxRV OLPSLRV $FHLWHV $GLWLYRV 7HOpIRQR S~EOLFR 0LQLVXSHU &DMHUR DXWRPiWLFR
$WHQFLyQ (VPHUDGD
.P $XWRSLVWD &ROLPD *XDGDODMDUD 7HO
(/ /8*$5 '21'( (/ 7,(032 6( '(7892 /RV 3LQRV &XDXKWpPRF &ROLPD &DUUHWHUD OLEUH D &XDXKWpPRF SULPHUD FDOOH D OD L]TXLHUGD PWV
7HO Â&#x2021; Â&#x2021;
-XHYHV D 'RPLQJR SP D SP &DPSHVWUH &DUQHV $VDGDV '20,1*26 0Ã&#x2019;6,&$ 9,9$ 1HJRFLRV
VHJXULGDG SRUTXH VDEHQ TXH QHJDUVH D HVWH FRPSURPLVR KRQUD VXV FRPSURPLVRV DQWHULRUHV \ OHV SHUPLWH FXPSOLUORV FRQ H[FHOHQFLD (VFXFKDQ PiV GH OR TXH KDEODQ /DV SHUVRQDV VHJXUDV HVFXFKDQ PiV GH OR TXH KDEODQ SRUTXH QR WLHQHQ QDGD TXH SUREDU 6DEHQ TXH VL SUHVWDQ DWHQFLyQ D RWURV DSUHQGHUiQ PiV FRVDV (Q YH] GH YHU VXV LQWHUDFFLRQHV FRPR RSRUWXQLGDGHV GH SUREDUVH DQWH ORV GHPiV ODV YHQ FRPR OD KHUUDPLHQWD LGHDO SDUD DFHUFDUVH D ODV SHUVRQDV +DEODQ FRQ FHUWH]D (V UDUR HVFXFKDU TXH ODV SHUVRQDV VHJXUDV XVDQ PXOHWLOODV FRPR ³(VWH«´ ³0PP«´ ³&UHR TXH«´ $O FRQWUDULR VRQ LQGLYLGXRV DVHUWLYRV TXH VDEHQ TXH HV PX\ GLItFLO KDFHU TXH ODV SHUVRQDV WH HVFXFKHQ VL QR HUHV FDSD] GH KDEODU FRQ FRQYLFFLyQ %XVFDQ SHTXHxDV YLFWRULDV (VWH WLSR GH LQGLYLGXRV JXVWDQ GH LPSRQHUVH UHWRV D Vt PLVPRV \ FRPSHWLU LQFOXVR FXDQGR VXV HVIXHU]RV VyOR SURGXFHQ YLFWRULDV SHTXHxDV (VWDV DFFLRQHV D\XGDQ D JHQHUDU UHFHSWRUHV QHFHVDULRV HQ HO FHUHEUR UHVSRQVDEOHV SRU ODV VHQVDFLRQHV GH UHFRPSHQVD \ PRWLYDFLyQ (O DXPHQWR GH HVWRV UHFHSWRUHV WDPELpQ LQFUHPHQWD OD FDQWLGDG GH WHVWRVWHURQD HQ HO FXHUSR OR TXH LPSXOVD HO GHVHR GH VXSHUDU QXHYRV UHWRV &XDQGR WLHQHV XQD VHULH GH YLFWRULDV SHTXHxDV WX FRQ¿DQ]D VH YXHOYH GXUDGHUD FRQW HQ SDJ
¢4XLpQ QR VDEH TXH HQ 0p[LFR VHJXLPRV DO SLH GH OD OHWUD HO SUHFHSWR EtEOLFR GH DODEDU D ORV PXHUWRV" $ ORV YLYRV ORV HORJLDPRV FXDQGR SXHGHQ GDUQRV DOJR $PDGR 1HUYR
7RQLOD
5HVWDXUDQWH )DPLOLDU
(O 3LORWR
&RQ HO IUHVFR FOLPD 7RQLOHQVH &KDPRUURV DO KRUQR FRVWLOODV %%4 FDUQHV DVDGDV 6iEDGRV \ GRPLQJRV PHQXGR \ FDUQLWDV 'RPLQJRV ERUUHJR D OD JULHJD $ELHUWR GLDULDPHQWH GH DP D SP 7LHQGD GH DEDUURWHV DQH[D $FHSWDPRV WDUMHWD GH FUpGLWR $XWRSLVWD &ROLPD *XDGDODMDUD 0WV 6DOLGD D 7RQLOD HQWUH OD FDUUHWHUD OLEUH \ OD DXWRSLVWD &HO
+27(/ 5(67$85$17
'RQGH VH UH~QHQ HO EXHQ FRPHU FRQ HO GHVFDQVR \ HO FOLPD FRQ OD KLVWRULD 'HVD\XQRV \ &RPLGDV GH DP D SP (VSHFLDOLGDG &KLOHV HQ 1RJDGD 'RPLQJRV GH %XIIHW
7HO
+27(/ FRQ WUDGLFLyQ H KLVWRULD 63$ 6iEDGRV \ 'RPLQJRV /D (VSHUDQ]D ² 7RQLOD -DOLVFR .P $XWRSLVWD &ROLPD ² *XDGDODMDUD (QWURQTXH 7RQLOD /D (VSHUDQ]D +DFLHQGD GH OD (VSHUDQ]D
&DODYHUDV
0H GL XQ WLUR FRQ OD PXHUWH D YHU TXLHQ KDFtD PHMRU OD ULPD \ PH KL]R YHU PL VXHUWH OD PHQGLJD GH OD FDWULQD« 3XHV PH VDOH OD YHUVDGD QRPDV DVt GH MDOyQ SHUR OD FDODFD PDOYDGD \D WHQtD KDVWD PL FDMyQ« 6DTXp PL PHMRU UHSHUWRULR SDUD KDFHU XQ EXHQ SDSHO HOOD PH KL]R PL YHORULR \ D~Q PH DFXHUGR GH pO 0H JDQy HVR QR KD\ GXGD IXH VROR OD PXHUWH \ \R DK TXH PHQGLJD KXHVXGD QL OD ULPD PH VDOYy (VWH 'tD GH 0XHUWRV TXLHUR GDUWH XQ EHVR DQWHV GH YHU PLV YHUVRV \ WH PH TXHGHV WLHVR <D FRQ HVWD PH GHVSLGR QR PH YD\D D PL OOHYDU OD KXHVXGD WHQHEURVD \D PH YR\ D WUDEDMDU
/D PHMRU WXPED HV OD PiV VHQFLOOD 3ODWyQ
+LVWRULD
25,*(1 ( +,6725,$ '( /$ &$75,1$ /D &DWULQD FRPR VtPEROR SRSXODU GH OD PXHUWH R XQR GH ORV VtPERORV GHQWUR GH WRGD OD FRVPRYLVLyQ \ FXOWXUD PH[LFDQD IUHQWH D OD PXHUWH IXH EDXWL]DGD FRPR WDO SRU HO PXUDOLVWD 'LHJR 5LYHUD \ DXQTXH HQ VXV REUDV HQFRQWUDPRV UHSUHVHQWDFLRQHV GH HVWD GDPD EODQFD HOHJDQWH \ GHOJDGD QR IXH HO SULPHUR HQ LQFOXLUOD HQ VX REUD \D TXH IXH -RVp *XDGDOXSH 3RVDGD HO SUHFXUVRU GH HVWD UHSUHVHQWDFLyQ /D KLVWRULD GH /D &DWULQD HPSLH]D GXUDQWH ORV JRELHUQRV GH %HQLWR -XiUH] 6HEDVWLiQ /HUGR GH 7HMDGD \ 3RU¿ULR 'tD] (Q HVWRV SHULRGRV VH HPSH]DURQ D SRSXODUL]DU WH[WRV HVFULWRV SRU OD FODVH PHGLD TXH FULWLFDEDQ WDQWR D OD VLWXDFLyQ GHO SDtV FRPR GH ODV FODVHV SULYLOHJLDGDV /RV HVFULWRV UHGDFWDGRV GH PDQHUD EXUORQD \ DFRPSDxDGRV GH GLEXMRV GH FUiQHRV \ HVTXHOHWRV VH HPSH]DURQ D UHSURGXFLU HQ ORV SHULyGLFRV OODPDGRV GH FRPEDWH -RVp *XDGDOXSH 3RVDGD IXH XQ FpOHEUH JUDEDGRU FDULFDWXULVWD H LOXVWUDGRU TXH FRODERUy HQ PHGLRV FRPR (O 3DGUH &RERV (O $KXL]RWH \ /D 3DWULD ,OXVWUDGD 6XV FUtWLFDV VRFLDOHV TXH HYLGHQFLDEDQ VLWXDFLRQHV GH GHVLJXDOGDG H LQMXVWLFLD HQ HO SDtV \ HQ OD VRFLHGDG SRU¿ULDQD OH KLFLHURQ IDPRVR DGHPiV GHQWUR GHO DUWH SRSXODU SRU VXV GLEXMRV GH ³FDODFDV´ ODV FDODFDV R FDODYHUDV LOXVWUDEDQ FRUULGRV KLVWRULDV GH FUtPHQHV D SROtWLFRV GDPDV WRUHURV \ PiV (V SRU HOOR TXH VXV FDODYHUDV EDXWL]DGDV HQ XQ SULQFLSLR \ SRU pO PLVPR FRPR ³/D &DODYHUD *DUEDQFHUD´ UHSUHVHQWDQ DO SXHEOR D VX FDUiFWHU GHVHQIDGR \ IHVWLYR \ D OD VLWXDFLyQ GH OD pSRFD DXQTXH KR\ VH OHV DVRFLH PiV DO GtD GH PXHUWRV (O JDUEDQFHUR HUD DTXHO TXH D SHVDU GH WHQHU VDQJUH LQGtJHQD SUHWHQGtD VHU HXURSHR \ UHQHJDU D VX SURSLD FXOWXUD VLWXDFLyQ TXH HO LOXVWUDGRU FRQGHQDED 3RU HOOR VX FDODYHUD FRQ VRPEUHUR VLQ QDGD PiV UHSUHVHQWD DO JDUEDQFHUR DO TXH SUHWHQGH DSDUHQWDU OR TXH QR HV /DV &DWULQDV WDPELpQ HVWXYLHURQ DFRPSDxDGDV HQ ORV SHULyGLFRV SRU ODV IDPRVDV FDODYHUDV /D LQÃ&#x20AC;XHQFLD GH OD REUD GH 3RVDGD OH OOHJy SRVWHULRUPHQWH D 5LYHUD TXLHQ UH DGDSWy HO FRQFHSWR OD EDXWL]y FRPR &DWULQD FRPR DQWHULRUPHQWH PHQFLRQR \ OH DxDGLy QXHYRV DWULEXWRV URSD SRUWH \ HOHJDQFLD FRPR VH SXHGH YHU HQ 6XHxR GH XQD WDUGH GRPLQLFDO HQ OD $ODPHGD &HQWUDO FRQYLUWLpQGROD HQ &DWULQD +R\ HQ GtD OD FDWULQD VLHQGR XQD LQYHQFLyQ SRSXODU VH KD YXHOWR XQ DUWHIDFWR SRSXODU \ KD VDOLGR GH ORV OtPLWHV GHO OLHQ]R R HO JUDEDGR SDUD VHU SDUWH GH OD FXOWXUD YLYD PH[LFDQD GH VXV XVRV \ FRVWXPEUHV 3DUWH GH ³OR PH[LFDQR´ \ GH VX SRVLFLyQ IUHQWH D OD PXHUWH
/D IXHQWH GH WRGDV ODV PLVHULDV SDUD HO KRPEUH QR HV OD PXHUWH VLQR HO PLHGR D OD PXHUWH
(SLFWHWR GH )ULJLD
7HFRPiQ 6HUYLFLRV
$QD &ULVWLQD *DUFtD GH 0RQUR\ GH 1RYLHPEUH &HQWUR 7HFRPiQ &RO 7HO &HO DQDJBEHQLDQ\#KRWPDLO FRP (QWUHWHQLPLHQWR
$',9,1$1=$6 (VWXYR GH SLH HVWXYR SDUDGR HVWXYR XQLGR SHUR QXQFD FDVDGR (QWUH GRV SDUHGHV EODQFDV KD\ XQD Ã&#x20AC;RU DPDULOOD TXH VH OH SXHGH RIUHFHU DO PLVPR UH\ GH 6HYLOOD (Q XQRV PRQWHV HVSHVRV DQGD XQ DQLPDO VLQ KXHVRV 'RV QLxDV YDQ D OD SDU \ QR VH SXHGHQ PLUDU ¢&XDO HV OD FRVD TXH HQFLPD GH WRGR VH SRVD" 'RFH VRQ ORV KHUPDQLWRV XQR HV HO EHQMDPtQ VLHWH VRQ ORV PD\RUFLWRV \ ORV FXDWUR UHVWDQWHV ORV PiV SHTXHxLWRV (Q ODV IHULDV OR HQFXHQWUDV HQ ODV IiEULFDV WDPELpQ KD\ D TXLHQ OH DSHWHFH SHUR D QDGLH VLHQWD ELHQ 'LFHQ TXH PL WtD &XFD DUUDVWUD XQD PDOD UDFKD ¢4XLpQ VHUi HVWD PXFKDFKD" 6L WH OD GLJR OR VDEHV VL QR WH OD GLJR WDPELpQ ¢4XH HV" (Q ODV PDQRV GH ODV GDPDV FDVL VLHPSUH HVWR\ PHWLGR XQDV YHFHV HVWLUDGR \ RWUDV YHFHV HQFRJLGR 6LHPSUH TXLHWDV VLHPSUH LQTXLHWDV GXUPLHQGR GH GtD GH QRFKH GHVSLHUWDV (Q HO FDPSR IXL QDFLGD YHVWLGD GH YHUGH UDPDV \ DO SXHEOR PH WUDMHURQ SDUD VHUYLU D ODV GDPDV D Pt WRGR PH UHJDODQ FDUDPHORV PLHO PHODGD PDV \R WRGR OR UHSDUWR SRUTXH QR Vp FRPHU QDGD &XDQGR PR]R FDQRVR FXDQGR YLHMR KHUPRVR &RQ QRPEUH GH YDUyQ QDFt \ FXDQGR HQ HGDG HQWUp HQ PXMHU PH FRQYHUWt 9HUGH QDFt UXELR PH FRUWDURQ SUHVWR PH PROLHURQ \ EODQFR PH DPDVDURQ
5HVSXHVWDV (O WXER (O KXHYR (O SLRMR /D SXSLODV (O SHQVDPLHQWR /RV PHVHV GHO DxR (O UXLGR /D FXFDUDFKD /D WHOD (O DEDQLFR /DV HVWUHOODV /D PHVD (O GXUD]QR (O ERWyQ \ OD URVD (O WULJR
&XDQGR QR VH WHPH D OD PXHUWH VH OD KDFH SHQHWUDU HQ ODV ¿ODV HQHPLJDV
1DSROHyQ ,
7HFRPiQ &RPHUFLRV &(5'2
5(6
(VSDOGLOOD %XFKH 7ULSD &XHUR /DELR /HQJXD 6HVRV 0DQLWDV 3DWD GH UHV (VSDOGLOOD +tJDGR 7RFLQLOOD 3XQWDV 27526 3LHUQD V K 0pGXOD 3DSDV IULWDV ERUUHJR FDQDO &KDPRUUR /HQJXD HVSDOGD GH ERUUHJR SROOR HPSDQL]DGR 7RFLQR &RUWHV ¿QRV 5LE H\H 7 %RQH 1HZ <RUN 3ULPH 5LE )LOHWH GH UHV $UUDFKHUD PDULQDGD 'HVFDQVDPRV ORV 0LpUFROHV :HGQHVGD\ FORVHG
2FDPSR 7HO
+$&(026 (175(*$6 $ 72'2 (/ (67$'2
/$ +(502685$ /D KHUPRVXUD HV XQ GRQ TXH VH DGTXLHUH D EDVH GH FLHUWRV KiELWRV \ FXLGDGRV 8VWHG SXHGH VHU WDQ EHOOD FRPR OD PDV IDPRVD HVWUHOOD GH FLQH VL GXUDQWH WRGRV ORV GtDV GHGLFD DOJXQRV PLQXWRV D PRGHODU VX ¿JXUD D YLJLODU OD WHUVXUD GH VX SLHO \ OD EULOODQWHV GH VX FDEHOOR OD VXDYLGDG GH VXV PDQRV \ OD OXPLQRVLGDG GH VXV RMRV /D EHOOH]D SHUVRQDO GH FDGD PXMHU UDGLFD HQ VDEHU GHVWDFDU VXV UDVJRV EHOORV \ GLVLPXODU VXV GHIHFWRV ¢6DEH FyPR FRQVHJXLUOR" 6HU DWUDFWLYD HV VDEHU VDFDU SDUWLGR GH VX ¿JXUD \ D WRGR VX \R FUHiQGRVH XQD DXUHROD GH RULJLQDOLGDG < WRGR HOOR VH FRQVLJXH HVWXGLiQGRVH SHUIHFWDPHQWH D VL PLVPD FRQRFLpQGRVH D IRQGR SDUD GHVWDFDU FRQ JUDFLD HQ HO PHGLR DPELHQWH TXH OH URGHD 3RQJD HQ SUiFWLFD HVWRV VHQFLOORV FRQVHMRV \ VHD XQD PXMHU DGPLUDEOH URGHDGD GH HQFDQWR D FDGD PRPHQWR 0DQWHQJD VX SHVR VL XVWHG KD GHMDGR TXH OD JUDVD VH DFXPXOH HQ DOJXQRV OXJDUHV KDJD DOJR OXHJR HVWR OH UHVWD HQFDQWR KDJD HMHUFLFLR 1R QHFHVLWD GHMDU GH FRPHU QL PDQWHQHUVH WRGR HO GtD HQ HO JLPQDVLR 6LPSOHPHQWH QR FRPD HQ H[FHVR QL FRVDV TXH OD HQJRUGHQ \ OOHYH XQD UXWLQD GH HMHUFLFLRV TXH OD PDQWHQJD HQ IRUPD +$67$ /$ 352;,0$
/D PXHUWH QR HV PiV TXH XQ FDPELR GH PLVLyQ /HRQ 7ROVWRL
7HFRPiQ *DVWURQRPtD
&KLVWHV
(VWD HV XQD SDUHMD TXH FXDQGR VH SHOHDQ VH HVFULEHQ SRU SDSHO (O HVSRVR OH HVFULEH D VX HVSRVD ³GDPH OD FHQD´ \ HOOD OH HVFULEH ³\D HVWi´ &XDQGR VH DFXHVWD pO OH HVFULEH ³GHVSLpUWDPH D ODV \ HOOD OH HVFULEH ³HVWi ELHQ´ 3DVD OD QRFKH \ pO VH GHVSLHUWD \ FXDQGR YH VRQ ODV \ HQFXHQWUD DO ODGR pO SDSHO TXH GLFH ³VRQ ODV GHVSLpUWDWH´ (UD XQ SRUGLRVHUR TXH HQWUy D XQD LJOHVLD \ OH SUHJXQWD D 'LRV 2K 'LRV HQ WX LQ¿QLWD VDELGXUtD ¢FXDQWR HV SDUD WL PLO DxRV" 'LRV OH FRQWHVWD SDUD PL PLO DxRV HV XQ GtD (O SRUGLRVHUR YXHOYH D LQWHUURJDU D 'LRV 2K 'LRV ¢\ FXiQWR HV SDUD WL XQ PLOOyQ GH SHVRV" 'LRV OH GLFH SDUD PL XQ PLOOyQ GH SHVRV HV XQ FHQWDYR < HO SRUGLRVHUR OH GLFH HQWRQFHV UHJiODPH XQ FHQWDYR < 'LRV OH FRQWHVWD £3HUPtWDPH XQ GtD 9D XQ FXUD FRUULHQGR SRUTXH OR SHUVLJXH XQ OHyQ GH UHSHQWH HO FXUD VH DUURGLOOD \ GLFH 6HxRU WH SLGR TXH HVWH OHyQ VH YXHOYD FULVWLDQR (O OHyQ VH DUURGLOOD \ GLFH 6HxRU EHQGLFH HVWRV DOLPHQWRV TXH YR\ D FRQVXPLU
/D PXHUWH QR RV FRQFLHUQH QL YLYR QL PXHUWR YLYR SRUTXH VRLV PXHUWR SRUTXH \D QR VRLV
0LFKHO GH 0RQWDLJQH
7HFRPiQ *DVWURQRPtD
3DVW
HOHUt
D \ 5
HSRV
W H U t D
)LQD
DQDJBEHQLDQ\#KRWPDLO FRP
GH 1RYLHPEUH GH 1RYLHPEUH 6(59,&,2 $ '20,&,/,2 6,1 &2672 $',&,21$/ 7(/6 < &HO DQDJBEHQLDQ\#KRWPDLO FRP $SRUWDFLyQ GH -XDQLWD &KDFyQ
5HÃ&#x20AC;H[LyQ
<2 7( &212=&2
(V SRVLEOH TXH GXUDQWH QXHVWUD YLGD QRV HQFRQWUHPRV FRQ FLHUWDV SHUVRQDV TXH QRV GDQ XQ YXHOFR HQ HO DOPD \ SHQVHPRV HQ QXHVWURV DGHQWURV R GLJDPRV ³<R WH FRQR]FR´ SHUR HVH \R WH FRQR]FR HV XQ FRQRFHU GHVGH VLHPSUH tQWLPR WDQ tQWLPR TXH VDEHV D FLHQFLD FLHUWD TXH ³DOJR´ WH XQH D pO R HOOD GHVGH WLHPSRV PX\ UHPRWRV (O FRUD]yQ DVt QRV OR VXVXUUD \ GHVGH HVH LQVWDQWH WRGR OR GHPiV SLHUGH LPSRUWDQFLD \ HV TXH GRV DOPDV VH HQFXHQWUDQ \ VX HQFXHQWUR HV XQ FKRTXH HQHUJpWLFR TXH QR SXHGH FRPSDUDUVH D QLQJXQD RWUD FRVD 4XL]i VHD SRU HO DPRU TXH KHPRV FRPSDUWLGR ODV H[SHULHQFLDV GH YLGD MXQWR D QXHVWURV VHUHV TXHULGRV MXQWR D QXHVWUD IDPLOLD GH DOPD TXH WHQJDPRV OD QHFHVLGDG GH YLDMDU D WUDYpV GHO WLHPSR SDUD YROYHUQRV D HQFRQWUDU \ YROYHU D H[SHULPHQWDU OD DOHJUtD GHO HQFXHQWUR HQ OD PDWHULD +HPRV FRPSDUWLGR VXHxRV QRFKHV D OD OX] GH OXQD HQFXHQWURV DSDVLRQDGRV QH[RV GH XQLyQ VHFUHWRV \ WDPELpQ QRV KHPRV HQFRQWUDGR HQ GLIHUHQWHV WLHPSRV \ HQ GLIHUHQWHV WLHUUDV GHVGH ORV GHVLHUWRV KDVWD ODV OODQXUDV (OORV QRV KDQ WHQGLGR VX PDQR KDQ VLGR DPDQWHV KLMRV SDGUHV DPLJRV GHO DOPD« VRQ YtQFXORV GH HWHUQLGDG TXH QXQFD QRV DEDQGRQDQ 3XHGH TXH VX HQFXHQWUR WH SDVH GHVDSHUFLELGR SHUR FXDQGR VXFHGH KD\ DOJR TXH WH FRQPXHYH WDO YH] SRU DOJXQD VHxD ItVLFD XQD IRUPD GH PRYHUVH XQ FLHUWR SHUIXPH QDWXUDO XQ FLHUWR UHFXHUGR LQVWDQWiQHR« TXLpQ VDEH XQ DFXHUGR GH DPERV 3XHGH LQFOXVR TXH OD RWUD SHUVRQD QR QRV UHFRQR]FD HQ XQ SULQFLSLR SRUTXH VX LQWHOHFWR VX FXOWXUD VXV SUREOHPDV IRUPDQ XQ YHOR TXH FXEUH VXV RMRV \ VX FRUD]yQ 3HUR HQ RFDVLRQHV EDVWD FRQ HO URFH GH VXV PDQRV FRQ HO FUXFH GH PLUDGDV TXH QXHVWUD DOPD UHFREUD XQ LPSXOVR GH UHFXHUGR GH YLGD GH DOHJUtD GH DOLHQWR TXH QRV FRQ¿UPD TXH HVH YtQFXOR H[LVWH H[LVWLy \ VHJXUDPHQWH WDPELpQ H[LVWLUi HQ XQ IXWXUR´
/D SiOLGD PXHUWH OR PLVPR OODPD D ODV FDEDxDV GH ORV KXPLOGHV TXH D ODV WRUUHV GH ORV UH\HV
+RUDFLR
0DQ]DQLOOR 6HUYLFLRV (PHUJHQFLDV (PHUJHQF\
(PHUJHQFLDV (PHUJHQF\ (PHUJHQFLDV HQ 0DQ]DQLOOR 0DQ]DQLOOR (PHUJHQF\ *UHHQ $QJHOV 7XULVW WUDYHOHUV $' 6HJXULGDG S~EOLFD 3XEOLF VDIHW\ %RPEHURV )LUH GHSDUWPHQW 3URWHFFLyQ FLYLO &LYLO SURWHFWLRQ *UXDV 0HLOOyQ 0HLOORQ WRZLQJ VHUYLFH 7UiQVLWR /RFDO WUD¿F SROLFH &UX] URMD 5HG FURVV +RVSLWDO JHQHUDO *HQHUDO +RVSLWDO &HQWUR GH VDOXG +HDOWK FHQWHU &HQWUR PpGLFR (FKDXU\ (FKDXU\ SULYDWH KRVSLWDO 0HGLFD SDFt¿FR 0HGLFD SDFL¿FR SULYDWH KRVSLWDO +RVSLWDO 0DQ]DQLOOR SULYDWH KRVSLWDO 8QLGDG GH 'LDJQyVWLFR ,QWHJUDO SULYDWH KRVSLWDO
$XWREXVHV \ WD[LV %XV OLQHV 7D[L FDEV
(71 (OLWH )XWXUD (VWUHOOD EODQFD 3ULPHUD 3OXV /D /LQHD 3OXV 2PQLEXV GH 0p[LFR &RVWD 7RXUV 5DGLR WD[L 5DGLR GLVSDWFKHG WD[L VHUYLFH
'HSHQGHQFLDV )HGHUDOHV (VWDWDOHV \ 0XQLFLSDOHV
3URIHFR &RQVXPHU FRPSODLQWV 0LJUDFLyQ ,PPLJUDWLRQ 'LUHFFLyQ GH WXULVPR 7RXULVP GLUHFWRU 3UHVLGHQFLD PXQLFLSDO 2I¿FH PD\RU ,066 0H[LFDQ VRFLDO VHFXULW\ ,6667( *REHUPHQW HPSOR\HUV VRFLDO VHFXULW\
,QIRUPDFLyQ GH YXHORV )OLJKW ,QIRUPDWLRQ
$HURSXHUWR $HURPDU $ODVND $LUOLQHV
(O PXHUWR DO KR\R \ HO YLYR DO EROOR 5HIUiQ
0DQ]DQLOOR 6HUYLFLRV
'DWRV FXULRVRV
(O VtQGURPH GH &RWDUG WLHQH UHODFLyQ FRQ OD KLSRFRQGUtD \ HO DIHFWDGR SLHQVD UHDOPHQWH TXH HVWi PXHUWR HQ DOJXQRV FDVRV LQFOXVR VLHQWH FRPR VXV yUJDQRV FRPLHQ]DQ D SRGULUVH \ HQ RWURV VLPSOHPHQWH SLHQVD TXH QR H[LVWH PiV /DV SHUVRQDV TXH VXIUHQ GH HVWR VLHQWHQ TXH VH KDQ FRQYHUWLGR HQ XQ DOPD HQ SHQD \ FXUDU HVWD GHSUHVLyQ HV PX\ GLItFLO /D DQWLJXD UHOLJLyQ OODPDGD =RURDVWULVPR WLHQH XQD PDQHUD PX\ GLIHUHQWH \ H[WUDxD HQ UHODFLyQ D ORV ULWXDOHV IXQHUDULRV GH ORV PXHUWRV &XDQGR XQD SHUVRQD PXHUH HVWRV SRQHQ HO FXHUSR EDMR HO VRO \ HO YLHQWR SUHVHQWiQGROR FRPR XQ WULEXWR SDUD ORV EXLWUHV PLVPRV TXH OOHJDQ \ VH FRPHQ HO FXHUSR GHO IDOOHFLGR 'H WRGDV ODV HQIHUPHGDGHV TXH SURYRFDQ OD PXHUWH HQ HO PXQGR HQWHUR HO LQIDUWR R DWDTXH FDUGtDFR HV OD FDXVD Q~PHUR XQR GH IDOOHFLPLHQWRV VXSHUDQGR PiV GHO GH ORV FDVRV D QLYHO PXQGLDO HQWUH ORV KXPDQRV 6HJ~Q YDULRV HVWXGLRV FXDQGR XQD SHUVRQD PXHUH ORV VHQWLGRV VH YDQ SHUGLHQGR SRFR D SRFR VLHQGR HO RtGR HO ~OWLPR TXH VH SLHUGH SRU FRPSOHWR (Q UHDOLGDG HVR TXH GLFHQ VREUH TXH WXV XxDV QR GHMDQ GH FUHFHU FXDQGR PXHUHV HV PHQWLUD \D TXH OR TXH VXFHGH HV TXH OD SLHO VH VHFD \ VH FRQWUDH DOUHGHGRU GH HOODV KDFLHQGR SDUHFHU TXH UHDOPHQWH FUHFLHURQ $OJR GLItFLO GH FUHHU SHUR UHDO HV TXH H[LVWH XQD PHGXVD TXH QXQFD PXHUH GH DQFLDQD HV GHFLU VL DOJXLHQ OD PDWD R VXIUH XQ DFFLGHQWH PRULUi SHUR VL WLHQH VXHUWH QXQFD OR KDUi SRUTXH VX FXHUSR QR HQYHMHFH QL FDGXFD 6H OH FRQRFH FRPR 7XUULWRSVLV QXWULFXOD $ GLIHUHQFLD GH ORV FDGiYHUHV GH QXHVWURV DQWHSDVDGRV HO SURFHVR GH GHVFRPSRVLFLyQ GHO FXHUSR OOHYD DKRUD PXFKR PiV WLHPSR HVWR GHELGR D ORV FRQVHUYDQWHV GH ORV DOLPHQWRV TXH FRPHPRV KR\ HQ GtD
/D PXHUWH HV HO FRPLHQ]R GH OD LQPRUWDOLGDG 0D[LPLOLDQ 5REHVSLHUUH
0DQ]DQLOOR 3HULyGLFRV \ PHGLRV
ZZZ JXLD FRVWD]XO FRP
0$1=$1,//2 &(1752 'RZQWRZQ 0DQ]DQLOOR
&(175$/ &$0,21(5$ &58&(52 '(/ 7$-2 6$1 3('5,72
%$+Ë$ '( 0$1=$1,//2 0DQ]DQLOOR %D\
$ 0$1=$1,//2 &(1752
*/25,(7$
$ &2/,0$ &2/
)DUPDFLD +RPHRSiWLFD 6DQWD &ODUD +RWHO &RORQLDO +RWHO 6WDU +RWHO /DV %ULVDV +RWHOLWR (VFRQGLGR &ROHJLR 7HUUDQRYD
&58&(52 /$6 %5,6$6 &(175$/ &$0,21(5$
127$ 3DUD OOHJDU D 9LOODV /RV $QJHOHV
HQWUDU SRU OD HQWUDGD GH /DV +DGDV GHVGH HO %OYG 3DUD OOHJDU DO 5HVWDXUDQW /D %RTXLWD \ 3DOPD 5HDO HQWUDU SRU HO 1DUDQMR OHWUHUR D 5HVW /¶5HFLI DYDQ]DU NPV SRU FXUYDV R ELHQ HQWUDU SRU &OXE 6DQWLDJR \ FUX]DU HO HVWHUR D SLp R HQ ERWH HVWi EDMLWR
$/ $181&,$56( (1
68 $181&,2 6( 38%/,&$ 7$0%,e1 0(6 $ 0(6 (1 18(675$ 5(9,67$ (/(&75Ï1,&$ (1 ,17(51(7 6,1 &2672 (;75$ 9,6,7( ZZZ FRVWD]XO P[ 7DPELpQ HVWDPRV HQ ZZZ )DFHERRN FRP 5HYLVWD&RVWD]XO
1L HO VRO QL OD PXHUWH SXHGHQ PLUDUVH ¿MDPHQWH )UDQoRLV GH /D 5RFKHIRXFDXOG
0DQ]DQLOOR 3HULyGLFRV \ PHGLRV $ $(5238(572 3/$<$ '( 252 7R ´3OD\D GH 2URµ ,QWO $LUSRUW 9,'$ '(/ 0$5
(/ 1$5$1-2 0,5$0$5
&/8% 6$17,$*2
%$+,$ '( 6$17,$*2 6DQWLDJR %D\
6$17,$*2
6$17,$*2
/$ 3817$
/$6 +$'$6
,17(56(&&,Ï1 /$6 +$'$6
6$/$+8$
3OD]D 0DQ]DQLOOR &RPHUFLDO 0H[LFDQD
6RULDQD 9LOODV /RV $QJHOHV +RWHO 3OD\D GH 6DQWLDJR 'ROSKLQ &RYH ,QQ 3OD\DVRO +RWHO +DZDLL &HQWUR $UWHVDQDO 3ULPDYHUDV 5HVWDXUDQW -XDQLWRV 5HVWDXUDQW /D %RTXLWD 3DOPD 5HDO 0LQLVXSHU /RV 1DUDQMRV 7DFRV GH &DUQLWDV ³(O 7RULWR´ <RQDWXUDO 6XSHUPHUFDGR /D 9LDQGD 7DSLFHUtD &KDSXOD 3HSHV +LGHDZD\ %RVWRQ 5HVWDXUDQW :LQZ %DU +RWHO &RVWD %UDYD
127( 7R JHW WR 9LOODV /RV $QJHOHV
HQWHU WKURXJK /DV +DGDV IURP WKH %RXOHYDUG 7R JHW WR 5HVWDXUDQW /D %RTXLWD 3DOPD 5HDO HQWHU E\ (O 1DUDQMR E\ WKH 5HVW /¶5HFLI VLJQ JR WKURXJK NPV RI FXUYHV RU HQWHU WKURXJK &OXE 6DQWLDJR DQG FURVV WKH VWUHWFK E\ IRRW RU ERDW VKDOORZ ZDWHU
0H DQXQFLDQ OD PXHUWH GH XQR FX\D SUHVHQFLD QR PH HQWXVLDVPDED \ SLHQVR \R QR SHGtD WDQWR
6DFKD *XLWU\
0DQ]DQLOOR 3HULyGLFRV \ PHGLRV
1HJRFLRV YLHQH GH OD SiJLQD
+DFHQ HMHUFLFLR 8QD LQYHVWLJDFLyQ GHO (DVWHUQ 2QWDULR 5HVHDUFK ,QVWLWXWH HQFRQWUy TXH ODV SHUVRQDV TXH KDFHQ HMHUFLFLR GRV YHFHV SRU VHPDQD VH VLHQWHQ PiV FDSDFHV HQ HO iPELWR VRFLDO DWOpWLFR \ DFDGpPLFR 7DPELpQ WLHQHQ XQD PHMRU LPDJHQ FRUSRUDO \ XQD DXWRHVWLPD PiV DOWD /R PHMRU GH WRGR HV TXH HVWR QR VH ORJUy FRQ ORV FDPELRV ItVLFRV TXH WDUGDQ HQ DSUHFLDUVH VLQR FRQ OD GHVFDUJD LQPHGLDWD GH HQGRU¿QDV TXH UHVXOWDQ GH KDFHU HMHUFLFLR 1R EXVFDQ OODPDU OD DWHQFLyQ /D JHQWH VXHOH DOHMDUVH GH DTXHOORV LQGLYLGXRV TXH VH HVIXHU]DQ SRU OODPDU OD DWHQFLyQ /DV SHUVRQDV FRQ XQD EXHQD FRQ¿DQ]D VDEHQ TXH VHU DXWpQWLFRV HV PiV HIHFWLYR TXH SDUHFHU DOJXLHQ LPSRUWDQWH /DV SHUVRQDV VH GDQ FXHQWD GH WX DFWLWXG PX\ UiSLGR \ HVR ODV DWUDH PiV TXH HVFXFKDU D FXiQWDV SHUVRQDV LPSRUWDQWHV FRQRFHV 1R VROR HVR ODV SHUVRQDV VHJXUDV GH Vt PLVPDV QR SUHWHQGHQ VHU HO FHQWUR GH DWHQFLyQ &XDQGR UHFLEHQ ODV PLUDGDV GH WRGRV SRU XQ ORJUR TXH REWXYLHURQ VH DVHJXUDQ GH TXH ODV SHUVRQDV TXH WUDEDMDURQ D VX ODGR UHFLEDQ HO PLVPR UHFRQRFLPLHQWR 1R WHPHQ HTXLYRFDUVH (VWH WLSR GH SHUVRQDV JXVWDQ GH H[SUHVDU VX RSLQLyQ SDUD VDEHU VL VH VRVWLHQH HQIUHQWH GH ODV SHUVSHFWLYDV
/D LQGLIHUHQFLD GHO PH[LFDQR DQWH OD PXHUWH VH QXWUH GH VX LQGLIHUHQFLD DQWH OD YLGD
2FWDYLR 3D]
0DQ]DQLOOR &RPHUFLRV 3URGXFWRV +22',$ FRQ
Â&#x2021; <RJXUWK Â&#x2021; %LyQLFRV Â&#x2021; +DPEXUJXHVDV Â&#x2021; -XJRV \ OLFXDGRV Â&#x2021; 3DQ LQWHJUDO Â&#x2021; &HUHDOHV \ ILEUDV Â&#x2021; 3URGXFWRV QDWXULVWDV
[
9LWDPLQDV \ PLQHUDOHV QDWXUDOHV \ XQD JUDQ YDULHGDG GH SURGXFWRV QDWXULVWDV
GH GHVFWR
£9LVtWDQRV
/RV -XHYHV
+$0%85*8(6$6
0$75,= -XiUH] 1R 6DQWLDJR 0DQ]DQLOOR &RO 7HOV
&RPHUFLDO 0H[LFDQD /RFDO ) 6XFXUVDO 6DODKXD /i]DUR &iUGHQDV 1R 7HO
6XFXUVDO /D -R\D $Y 0DQ]DQLOOR /RFDO )UDFF /D -R\D
6XFXUVDO 9DOOH 3DVHR GH ODV *DYLRWDV /RFDO %DUULR 9 9DOOH GH ODV *DU]DV 7HO
8Q FRQFHSWR HQ 6XSHUPHUFDGR IUHQWH D OD HQWUDGD GHO &OXE 6DQWLDJR 68 0(5&$'2 9LQRV /LFRUHV FHUYH]D UHIUHVFRV < 68 )$50$&,$ ODWHUtD OiFWHRV IUXWDV \ YHUGXUDV FDUQHV IUtDV TXHVRV IDUPDFLD HWF $ QHZ FRQFHSW LQ VXSHUPDUNHW 5LJWK DFFURVV WKH HQWUDQFH WR &OXE 6DQWLDJR :LQHV DQG OLFTXRUV GDLU\ SURGXFWV FDQQHU\ FROG PHDWV YHJHWDEOHV IUXLWV DQG SKDUPDF\ &DUUHWHUD 0DQ]DQLOOR D %DUUD GH 1DYLGDG .P
/$ 9,$1'$
1HJRFLRV
GH ORV GHPiV 'H KHFKR GLVIUXWDQ VDEHU TXH VH HTXLYRFDQ FXDQGR SXHGHQ DSUHQGHU DOJR FRQ HOOR 3RQHQ ³OD FDUQH HQ HO DVDGRU´ &XDQGR ODV SHUVRQDV VHJXUDV YHQ XQD RSRUWXQLGDG QR GXGDQ HQ WRPDUOD FRQ WRGR OR TXH WLHQHQ (Q YH] GH SUHRFXSDUVH VREUH OR TXH SRGUtD VDOLU PDO VH SUHJXQWDQ ³¢4Xp SRGUtD GHWHQHUPH"´ \ VH ODQ]DQ D DWUDSDU HO p[LWR 1R HV TXH QR VLHQWDQ PLHGR HV TXH QR SHUPLWHQ TXH ORV GHWHQJD &HOHEUDQ D RWUDV SHUVRQDV /D JHQWH LQVHJXUD FRQVWDQWHPHQWH HVWi GXGDQGR GH VX SURSLD UHOHYDQFLD \ SRU OR WDQWR WUDWDQ GH UREDUOH FiPDUD \ FULWLFDU D RWUDV SHUVRQDV SDUD VHQWLU TXH YDOHQ DOJR /DV SHUVRQDV VHJXUDV SRU RWUR ODGR QR VH SUHRFXSDQ VREUH VX UHOHYDQFLD SRUTXH VDEHQ TXH VX YDORU HV LQQDWR (VWR OHV SHUPLWH YHU ODV FRVDV PDUDYLOORVDV TXH RWUDV SHUVRQDV SXHGHQ RIUHFHU 1R WHPHQ SHGLU D\XGD /DV SHUVRQDV UHDOPHQWH VHJXUDV GH Vt PLVPDV VDEHQ TXH SHGLU D\XGD QR ORV KDFH SDUHFHU GpELOHV R LJQRUDQWHV &RQRFHQ ELHQ FXiOHV VRQ VXV IRUWDOH]DV \ GHELOLGDGHV \ VH DSR\DQ HQ RWUDV SHUVRQDV FXDQGR VDEHQ TXH FDUHFHQ GH XQD FDUDFWHUtVWLFD QHFHVDULD SDUD ORJUDU DOJR 7DPELpQ VDEHQ TXH DSUHQGHU GH DOJXLHQ TXH WHQJD H[SHULHQFLD HV XQD IRUPD IHQRPHQDO GH PHMRUDU (Q UHVXPHQ FRQVWUXLU XQD EXHQD FRQ¿DQ]D HQ XQR PLVPR HV XQ YLDMH FRQVWDQWH QR XQ GHVWLQR HVSHFt¿FR
¢3RU TXp QR VDOLU GH HVWD YLGD FRPR VDOH GH XQ EDQTXHWH HO FRQYLGDGR KDUWR"
/XFUHFLR
0DQ]DQLOOR &RPHUFLRV
$%$5527(6 IUXWDV \ YHUGXUDV OiFWHRV VDOFKLFKRQHUtD KLHOR FHUYH]D UHIUHVFRV PHGLFLQDV SRSXODUHV PHUFHUtD SDSHOHUtD UHJDORV 6DOHSHOR ,JDUWHxR \ GH WRGR XQ SRFR 9,126 < /,&25(6
)UXLWV YHJHWDEOHV GDLU\ SURGXFWV GHOLFDWHVVHQ LFH FROG EHHU VRGD SRS DQDOJHVLFV SDSHU VWRUH JLIWV DQG D OLWWOH RI HYHU\WKLQJ /RQJ 'LVWDQFH 3KRQH 6HUYLFH DYDLODEOH 7HQHPRV VHUYLFLR GH LQWHUQHW WHOpIRQR ORFDO \ ODUJD GLVWDQFLD &UXFHUR D 3DOPD 5HDO \ D 9LGD GHO 0DU HQ HO 1DUDQMR 7HO 62026 352'8&725(6 ',5(&726 '( 32//2 <D QR VDOJDV GH WX &DVD £QRVRWURV OR OOHYDPRV <
3ROOR HQWHUR 3HFKXJD 3LHUQD \ PXVOR )LOHWH GH 3HFKXJD )LOHWH GH SLHUQD \ PXVOR )LOHWH GH SHFKXJD $GREDGR )LOHWH GH SLHUQD \ PXVOR $GREDGR /RQJDQL]D GH SROOR
Â&#x2021; ,QGHSHQGHQFLD &RO &HQWUR IUHQWH D PHUFDGR GH 0D\R Â&#x2021; /ySH] 0DWHRV &RO 7DSHL[WOHV Â&#x2021; (XVHELR +HUQiQGH] &RO 6DODKXD Â&#x2021; (VSLUXOD HVT %XOOLDV / &RO 0DULPDU Â&#x2021; /i]DUR &iUGHQDV &RO &RORPRV Â&#x2021; GH )HEUHUR &RO 0LUDPDU Â&#x2021; )FR 9LOOD &RO /DV -R\DV Â&#x2021; $Y (OtDV =DPRUD 9HUGX]FR 0HUFDGR GHO 9DOOH /RFDO 1R Â&#x2021; $Y (OtDV =DPRUD 9HUGX]FR $
/RV 0HMRUHV 7DFRV GH &DUQLWDV FRQ 7RUWLOOLWDV DO &RPDO &DUQLFHUtD
³(/ 725,72´ FDUQH GH UHV FHUGR \ GHULYDGRV +LGDOJR \ 5HIRUPD HQ 6DQWLDJR D XQD FXDGUD GHO PHUFDGR GH 6DQWLDJR 7HO &KLVWH (VWDGRV 8QLGRV \ 0p[LFR TXHUtDQ GHPRVWUDU FXDO GH ORV GRV SDtVHV HUD PiV IXHUWH \ GHFLGLHURQ KDFHU XQD SHOHD HQWUH SHUURV SDUD DYHULJXDUOR (VWDGRV 8QLGRV OOHYD XQ SHUUR 5RWWZHLOHU PX\ PXVFXORVR \ 0p[LFR VH SUHVHQWH D OD FRPSHWHQFLD FRQ XQ SHUUR 6DOFKLFD &XDQGR FRPLHQ]D OD SHOHD HO 5RWWZHLOHU HV UiSLGDPHQWH GHUURWDGR SRU HO 6DOFKLFD PH[LFDQR (QWRQFHV XQR GH ORV DPHULFDQRV H[FODPD ³2K QR QR SXHGR FUHHU HVWR ¢&RQ WRGD OD SODWD TXH OH PHWLPRV D HVWH SHUUR HQ HO HQWUHQDPLHQWR"´ < HO PH[LFDQR FRQWHVWD ³¢< XVWHG FXiQWD SODWD FUHH TXH OH PHWLPRV HQ FLUXJtDV SOiVWLFDV D HVWH FRFRGULOR"´
(O KRPEUH TXH QR SHUFLEH HO GUDPD GH VX SURSLR ¿Q QR HVWi HQ OD QRUPDOLGDG VLQR HQ OD SDWRORJtD \ WHQGUtD TXH WHQGHUVH HQ OD FDPLOOD \ GHMDUVH FXUDU &DUO *XVWDY -XQJ
0DQ]DQLOOR *DVWURQRPtD +$0%85*8(6,$
'HVD\XQRV &RPLGDV &HQDV
&DVHWD GH /DUJD 'LVWDQFLD \ &RSLDV 0DFKDFD %%4 &KLFNHQ 5LEH KDPEXUJXHVDV -XDQLWRV 'HSRUWHV 1RWLFLDV 6SRUWV 5HVWDXUDQW 1HZV 7 9 &LEHUFDIp -XDQLWRV#GHOILQ FROLPDQHW FRP ,QWHUQHW ( PDLO 0DOWHDGDV ([SUHVVR $%,(572 ',$5,$0(17( &DSXFKLPR '( $ +56
%OYG &RVWHUR 0LJXHO GH /D 0DGULG .P 0DQ]DQLOOR &ROLPD 7HO ID[
ZZZ MXDQLWRV FRP MXDQLWRV#SURGLJ\ QHW P[
5HVWDXUDQW %DU /D %RTXLWD $%,(572 $/ 3Ò%/,&2 /D PHMRU YLVWD GH OD SHQtQVXOD GH -XOXDSDQ 3DOPD 5HDO &RFLQD 0H[LFDQD H ,QWHUQDFLRQDO 'HVD\XQRV FRPLGDV \ FHQDV &KHI -XDQ 3DXO $QJXLDQR 6RORULR 0H[LFDQ ,QWHUQDWLRQDO &XLVLQH LQ 3DOPD 5HDO E\ ³/D %RTXLWD´
7HO
(QWUH SRU &OXE 6DQWLDJR R SRU (O 1DUDQMR ( PDLO SDOPDBUEJW#KRWPDLO FRP
(QJOLVK WLSV
+RZ GR \RX VD\"
7KDQN \RX <RX¶UH ZHOFRPH 1R WKDQN \RX :KDW¶V \RXU QDPH" 0\ QDPH LV 'R \RX VSHDN HQJOLVK , GRQ W VSHDN VSDQLVK 3OHDVH VSHDN VORZO\ , OLNH LW , GRQ W OLNH LW , GRQ¶W NQRZ /HDYH PH DORQH SOHDVH 2QH PRPHQW SOHDVH ,W¶V WRR H[SHQVLYH ,W¶V FKHDS *RRG PRUQLQJ *RRG DIWHUQRRQ *RRG HYHQLQJ QLJKW 6XSHUPDUNHW 3RVW RI¿FH 3ROLFH +RWHO )URQW GHVN %HDFK
*UDFLDV 'H QDGD 1R JUDFLDV ¢&RPR VH OODPD" 0L QRPEUH HV ¢+DEOD XVWHG LQJOpV" 1R KDEOR HVSDxRO 3RU IDYRU KDEOH PiV GHVSDFLR 0H JXVWD 1R PH JXVWD 1R Vp 3RU IDYRU GpMHPH HQ SD] 8Q PRPHQWR SRU IDYRU (V PX\ FDUR (V EDUDWR %XHQRV GtDV %XHQDV WDUGHV %XHQDV QRFKHV 6XSHUPHUFDGR 2¿FLQD SRVWDO 3ROLFLD +RWHO RK WHO
5HFHSFLyQ 3OD\D
/D PXHUWH HV PiV GXUD DVXPLUOD TXH SDGHFHUOD 5HQp GH &KDWHDXEULDQG
0DQ]DQLOOR 7XULVPR
7KH EHVW 3DQRUDPLF YLHZ RI WKH WZLQ ED\V RI 6DQWLDJR DQG 0DQ]DQLOOR DQG WKH /DV +DGDV *ROI &RXUVH
9LOODV WRWDOPHQWH HTXLSDGDV /D PiV LPSUHVLRQDQWH YLVWD SDQRUiPLFD GH 0DQ]DQLOOR
$Y GH OD &LPD D PWV GH OD HQWUDGD VXSHULRU GHO +RWHO 3OD]D ODV *ORULDV
3HQtQVXOD GH 6DQWLDJR 7HOV 3KRQHV \ )D[ ZZZ YLOODVORVDQJHOHV FRP $181&,(6( (1
OOiPHQRV \ FRQ JXVWR OR DQWHQGHUHPRV FRQWDFWR#FRVWD]XO P[ ZZZ FRVWD]XO P[ 'LIHUHQWHV HQ OD YLGD ORV KRPEUHV VRQ VHPHMDQWHV HQ OD PXHUWH
/DR WVp
0DQ]DQLOOR 7XULVPR
(O +RWHO &RORQLDO
HVWi VLWXDGR IUHQWH DO 3XHUWR GH 0DQ]DQLOOR \ HO PRQXPHQWR GHO 3H] 9HOD R SOD]D SULQFLSDO 1RV UHVSDOGD DxRV GH H[SHULHQFLD RWRUJDQGROH XQ SUHVWLJLR UHFRQRFLGR SRU OD HODERUDFLyQ GH XQD SHOtFXOD GHQWUR GHO KRWHO 5HVWDXUDQW EDU /RV &DQGLOHV &RQ FDSDFLGDG SDUD SHUVRQDV VH SXHGHQ UHDOL]DU HYHQWRV FRPR 4XLQFH DxRV &RPLGDV HPSUHVDULDOHV 0HQX GLDULR GHVGH SHVRV FRQ 6RSD JXLVDGRV D HVFRMHU 3RVWUH 9LHUQHV SDHOOD YDOHQFLDQD $GHPiV FRQWDPRV FRQ XQD H[WHQVD FDUWD GH DOLPHQWRV EHELGDV QDFLRQDOHV ,17(51(7 ,1$/$0%5,&2 *5$78,72 7HOpIRQRV 7HOpIRQRV &RQWDFWR 061 'LUHFFLyQ )FR * KRWHOFRORQLDOPDQ]#KRWPDLO FRP %RFDQHJUD 1R 5HUVHUYDFLRQHV (VT FRQ $Y 0p[LFR UHVHUYDFLRQHV#KRWHFRORQLDOPDQ]DQLOOR FRP &3 *HUHQFLD 0DQ]DQLOOR &ROLPD JHUHQFLD#KRWHOFRORQLDOPDQ]DQLOOR FRP
+XPRU LQ HQJOLVK
7+( 3,(&( 2) 6.,1 $ PDUULHG FRXSOH ZDV LQ D WHUULEOH DFFLGHQW ZKHUH WKH PDQ¶V IDFH ZDV VHYHUHO\ EXUQHG 7KH GRFWRU WROG WKH KXVEDQG WKDW WKH\ FRXOGQ¶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¿FH +H VDLG ³'HDU , MXVW ZDQW WR WKDQN \RX IRU HYHU\WKLQJ \RX GLG IRU PL +RZ FDQ , SRVVLEO\ UHSD\ \RX"´ ³0\ GDUOLQJ ´ VKH UHSOLHG ³, JHW DOO WKH WKDQNV , QHHG HYHU\ WLPH , VHH \RXU PRWKHU NLVV \RX RQ WKH FKHHNV
1R KD\ PXHUWH QDWXUDO QDGD GH OR TXH VXFHGH DO KRPEUH HV QDWXUDO SXHVWR TXH VX VROD SUHVHQFLD SRQH HQ FXHVWLyQ DO PXQGR
6LPRQH GH %HDXYRLU
0DQ]DQLOOR 7XULVPR
%OYG 0LJXHO GH OD 0DGULG 0DQ]DQLOOR &ROLPD 0p[LFR & 3 7HO ZZZ KRWHOFRVWDEUDYD FRP P[ ( PDLO UHVHUYDFLRQHV#KRWHOFRVWDEUDYD FRP P[
/D 3XQWD /DV +DGDV 0DQ]DQLOOR &ROLPD 0p[LFR SHSHVKLGHDZD\ #PDF FRP 6SDQLVK (QJOLVK 86$ &DQDGD 0DQ]DQLOOR $LUSRUW &RGH =/2
/D PXHUWH HV XQ DFFLGHQWH \ DXQ VL ORV KRPEUHV OD FRQRFHQ \ OD DFHSWDQ HV XQD YLROHQFLD LQGHELGD
6LPRQH GH %HDXYRLU
&XOWXUD &XOWXUD
',(*2 5,9(5$ ' L H J R 0 D U t D G H O D & R Q F H S F L y Q - X D Q 1HSRPXFHQR (VWDQLVODR GH OD 5LYHUD \ %DUULHQWRV $FRVWD \ 5RGUtJXH] PHMRU FRQRFLGR FRPR 'LHJR 5LYHUD QDFLy HO GH GLFLHPEUH GH HQ *XDQDMXDWR *XDQDMXDWR -RVp &DUORV 0DUtD VX KHUPDQR JHPHOR PXULy DO DxR \ PHGLR 6XV SDGUHV IXHURQ GRQ 'LHJR 5LYHUD PDHVWUR UXUDO \ HGLWRU GH XQ SHULyGLFR GH WHQGHQFLD OLEHUDO \ GRxD 3LODU %DUULHQWRV GHGLFDGD DO FXLGDGR GH VX KRJDU (Q OD IDPLOLD VH WUDVODGy D OD &LXGDG GH 0p[LFR GRQGH YLYLUtD GH IRUPD SHUPDQHQWH &RQVLGHUDGR XQR GH ORV JUDQGHV DUWLVWDV HQ HO iPELWR PXQGLDO 5LYHUD LQJUHVy HQ OD $FDGHPLD GH 6DQ &DUORV D ORV GLH] DxRV GH HGDG 'H LQPHGLDWR VXV GRWHV DUWtVWLFDV DVRPEUDURQ D VXV PDHVWURV (Q D UDt] GH VX SULPHUD H[SRVLFLyQ LQGLYLGXDO HO JRELHUQR GH 9HUDFUX] OH RWRUJy XQD EHFD GH HVWXGLRV FRQ OD TXH YLDMy D (VSDxD (Q 5LYHUD VH LQVWDOy HQ 3DUtV $O DxR VLJXLHQWH FRQRFLy D OD SLQWRUD UXVD $QJHOLQD %HORII TXLHQ VH FRQYLUWLy HQ VX SULPHUD HVSRVD (Q 'LHJR YROYLy D 0p[LFR GRQGH SDVy XQD WHPSRUDGD H LQDXJXUy XQD PXHVWUD LQGLYLGXDO /XHJR UHJUHVy D 3DUtV (QWUH \ 5LYHUD FUHy XQ LPSRUWDQWH Q~PHUR GH REUDV FXELVWDV 7DPELpQ H[SORUD RWURV HVWLORV SLFWyULFRV (Q QDFLy VX KLMR 'LHJR TXLHQ VREUHYLYH SRFRV PHVHV WLHPSR GHVSXpV $QJHOLQD \ 5LYHUD VH GLYRUFLDURQ (Q KL]R XQ GHFLVLYR YLDMH D ,WDOLD GRQGH DEVRUELy ODV HQVHxDQ]DV GH ORV PDHVWURV DQWLJXRV GH FX\D REUD UHDOL]y HVWXGLRV TXH OR OOHYDURQ D LGHDU VX SURSLR HVWLOR $ PHGLDGRV GH HVH DxR 5LYHUD YROYLy D 0p[LFR \ VH LQWHJUy DO SURJUDPD FXOWXUDO GHO JRELHUQR HQFDEH]DGR SRU HO PLQLVWUR GH (GXFDFLyQ -RVp 9DVFRQFHORV (O SURJUDPD EXVFDED LPSXOVDU ODV ULTXH]DV FXOWXUDOHV GH 0p[LFR (Q 5LYHUD VH FDVy FRQ /XSH 0DUtQ FRQ TXLHQ SURFUHy GRV KLMDV 6H GLYRUFLDURQ HQ &RQ HO WHPD /D FUHDFLyQ HQ 5LYHUD HMHFXWy HQ OD (VFXHOD 1DFLRQDO 3UHSDUDWRULD $Q¿WHDWUR %ROtYDU VX SULPHU PXUDO /H VHJXLUiQ PiV UHDOL]DGRV HQ 0p[LFR \ (VWDGRV 8QLGRV FRPR HO SROpPLFR (O KRPEUH HQ OD HQFUXFLMDGD UHDOL]DGR SDUD HO 5RFNHIHOOHU &HQWHU GH 1XHYD <RUN \ GHVWUXLGR HQ EUHYH SRU ¿JXUDU HQ pO XQ UHWUDWR GH /HQLQ 6LQ HPEDUJR HO $QDKXDFDOOL DOEHUJD ORV ERFHWRV RULJLQDOHV -XQWR FRQ VX FpOHEUH FRPSDxHUD )ULGD .DKOR FRQ TXLHQ VH FDVy HQ 5LYHUD OOHYD XQD LQWHQVD YLGD SROtWLFR FXOWXUDO (Q SLQWy VX DIDPDGR FXDGUR 'HVQXGR FRQ DOFDWUDFHV &RQ XQD PDJQD H[SRVLFLyQ HQ HO 3DODFLR GH %HOODV $UWHV HQ IXH KRPHQDMHDGR SRU VXV DxRV GH ODERU DUWtVWLFD FRQWLQ~D HQ OD SiJLQD
/D PXHUWH HV GXOFH SHUR VX DQWHVDOD FUXHO &DPLOR -RVp &HOD
0DQ]DQLOOR 7XULVPR
(O KRWHO PDV OXMRVR GH OD ]RQD GH ODV %ULVDV 3OD\D $OEHUFD -DFX]]L %DU 6DOyQ GH (YHQWRV %RGDV HQ OD 3OD\D $Y 'HO 0DU (QWUDQGR SRU HO %OY / &iUGHQDV
7HO
0DLO KRWHOLWR HVFRQGLGR#JPDLO FRP 0D ZZZ KRWHOLWRHVFRQGLGR FRP P[
7KRXJKWV
<RXU PLQG LV D SRZHUIXO WKLQJ :KHQ \RX ¿OO LW ZLWK SRVLWLYH WKRXJKWV \RXU OLIH ZLOO VWDUW WR FKDQJH /LIH LV D RQH WLPH RIIHU 8VH LW ZHOO 'RQ W PDNH H[FXVHV PDNH LPSURYHPHQWV 3RVLWLYH SHRSOH DOVR KDYH QHJDWLYH WKRXJKWV WKH\ MXVW GRQ¶W OHW WKRVH WKRXJKWV JURZ DQG GHVWUR\ WKHP (GXFDWLRQ LV WKH PRVW SRZHUIXO ZHDSRQ ZKLFK \RX FDQ XVH WR FKDQJH WKH ZRUOG :KDW FRQVXPHV \RXU PLQG FRQWUROV \RXU OLIH
1XHVWUD QDWXUDOH]D HVWi HQ PRYLPLHQWR (O UHSRVR DEVROXWR HV OD PXHUWH
%ODLVH 3DVFDO
0DQ]DQLOOR 7XULVPR /2 0(-25 72'26 /26 6(59,&,26
&(5&$ '(/ 0$5 &(5&$ '( 72'2
+27(/
+DELWDFLRQHV 6HQFLOODV F FDPD .LQJ 6L]H \ 'REOHV $LUH DFRQGLFLRQDGR $JXD &DOLHQWH $OEHUFDV 5HVWDXUDQWH 79 SRU &DEOH 6HUYLEDU 3URPRFLyQ 7DULIDV HVSHFLDOHV D *UXSRV KDELWDFLyQ VHQFLOOD
+$:$,,
,QIRUPHV \ 5HVHUYDFLRQHV 0DQ]DQLOOR .P %OYG &RVWHUR 0LJXHO GH OD 0DGULG IUHQWH DO EDQFR +6%& 6DQWLDJR ( PDLO UHVHUYDFLRQHV#KRWHOKDZDLL FRP P[ ZZZ KRWHOKDZDLL FRP P[
YLHQH GH OD SiJLQD
&XOWXUD
(Q MXOLR GH IDOOHFLy )ULGD &RQ HO GHVHR GH PDQWHQHU YLYD VX PHPRULD 5LYHUD GHFLGLy FUHDU HO 0XVHR )ULGD .DKOR (Q OH GLDJQRVWLFDURQ FiQFHU DO PXUDOLVWD 3HVH D VX HQIHUPHGDG pO WUDEDMD FRQ YLJRU 6HJ~Q VX SURSLR GLVHxR \ DSR\DGR SRU HO DUTXLWHFWR -XDQ 2 *RUPDQ VH FRQFHQWUD HQ OD FRQVWUXFFLyQ GHO $QDKXDFDOOL (Q 'LHJR 5LYHUD FXPSOLy DxRV SRU OR TXH VH OH ULQGLy XQ JUDQ KRPHQDMH QDFLRQDO H LQWHUQDFLRQDO 'H VX REUD GHVWDFDQ VX PDJQD SURGXFFLyQ PXUDO VXV PiV GH WUHV PLO FXDGURV ORV FHQWHQDUHV GH GLEXMRV REUDV JUi¿FDV H LOXVWUDFLRQHV DVt FRPR VX ULFR OHJDGR GH HVFULWRV (O GH QRYLHPEUH GH IDOOHFLy HQ VX FDVD GH 6DQ Ã&#x2C6;QJHO ,QQ 0XVHR &DVD (VWXGLR 'LHJR 5LYHUD (VWi VHSXOWDGR HQ OD 5RWRQGD GH ODV 3HUVRQDV ,OXVWUHV 3DQWHyQ &LYLO GH 'RORUHV &LXGDG GH 0p[LFR
0XHUWH HV WRGR OR TXH YHPRV GHVSLHUWRV VXHxR OR TXH YHPRV GRUPLGRV
+HUiFOLWR GH (IHVR
0DQ]DQLOOR 0pGLFRV )$50$&,$ +20(23$7,&$
´6$17$ &/$5$µ
)$50$&,$ +20(23$7,&$
0HGLFDPHQWRV +RPHRSiWLFRV GH 3UHVWLJLR 3URGXFWRV 1DWXUDOHV (;3(5,(1&,$ &$/,'$' < 6(59,&,2 0$6 '( $f26 126 5(63$/'$1
+20(23$7+,& 3+$50$&<
+RPHRSDWKLF 3URGXFWV RI 3UHVWLJH $OO 1DWXUDO 3URGXFWV 3(50$1(17 0(',&$/ +20(23$7+,& $77(1'$1&(
&(1752 &DUULOOR 3XHUWR 0DQ]DQLOOR &RO WHO 3DUD QLxRV
¢&XiO HV HO FROPR" ¢'H XQ DUTXLWHFWR" &RQVWUXLU FDVWLOORV HQ HO DLUH ¢'H XQ WDFDxR" 1R FRPHU SOiWDQRV SDUD QR WLUDU OD FiVFDUD ¢'H XQ DVWURQDXWD" 4XHMDUVH GH QR WHQHU HVSDFLR ¢'H XQ P~VLFR" 4XH DO SHUGHU HO FRQRFLPLHQWR HQ OXJDU GH YROYHU HQ Vt YXHOYD HQ GR ¢'H XQ DYDUR" 'RUPLU GH ODGR SDUD QR JDVWDU ODV ViEDQDV ¢'H XQ DMHGUHFLVWD" 7UDEDMDU GH SHyQ HQ OD FRQVWUXFFLyQ GH XQD WRUUH ¢'H RWUR DMHGUHFLVWD" 4XH OH GHQ HQ OD WRUUH ¢'H XQ DVTXHURVR" 3HJDU XQ PRFR GHEDMR GH XQ EDQFR \ HQFRQWUDUVH RWUR (QWUHWHQLPLHQWR
/D YLGD HV XQD JUDQ VRUSUHVD 1R YHR SRU TXp OD PXHUWH QR SRGUtD VHU XQD PD\RU
9ODGLPLU 1DERNRY
0DQ]DQLOOR %LHQHV 5DLFHV
&RUWHVtD GH -XDQLWD &KDFyQ
5HÃ&#x20AC;H[LRQHV
7HQHPRV OD YLHMD FRVWXPEUH GH TXHMDUQRV GH WRGR \ SRU WRGR 'HO IUtR GHO FDORU GH OD IDOWD GH GLQHUR GH QXHVWURV JREHUQDQWHV GH ODV HQIHUPHGDGHV GH ODV LQMXVWLFLDV HWF«1R QRV GDPRV FXHQWD TXH ODV TXHMDV VRQ XQ WLSR GH HQHUJtD RVFXUD \ QHJDWLYD TXH DWUDH KDFLD QRVRWURV ³PiV GH OR PLVPR´ 3UHFLVDPHQWH DTXHOOR TXH TXHUHPRV HYLWDU (Q FDPELR VL HOHJLPRV WHQHU XQD DFWLWXG GLVWLQWD \ HQ Y H ] G H T X H M D U Q R V D F H S W D P R V D P D P R V \ DJUDGHFHPRV WRGR DTXHOOR TXH QRV RIUHFH OD YLGD UHVFDWDQGR OR EHOOR \ SRVLWLYR GH FDGD VLWXDFLyQ DWUDHUHPRV DUPRQtD DOHJUtD ELHQHVWDU \ IHOLFLGDG 5HFXHUGD TXH VL FDPELDV OD IRUPD GH YHU ODV FRVDV ODV FRVDV FDPELDQ GH IRUPD £&RPSUXpEDOR SRU WL PLVPR \ KD] TXH VXFHGD 1XHVWUD OHDOWDG HV SDUD ODV HVSHFLHV \ HO SODQHWD 1XHVWUD REOLJDFLyQ GH VREUHYLYLU QR HV VyOR SDUD QRVRWURV PLVPRV VLQR WDPELpQ SDUD HVH FRVPRV DQWLJXR \ YDVWR GHO FXDO GHULYDPRV /DV FRQGLFLRQHV SDUD XQD FRQTXLVWD QR VRQ VLHPSUH IiFLOHV 3HUR QRV WHQHPRV TXH DIDQDU SRU XQ UDWR SHUVHYHUDU XQ WLHPSR FUHHU VLHPSUH \ QXQFD PLUDU KDFLD DWUiV /RV DPLJRV VRQ HVFDVRV VRQ iQJHOHV TXH 'LRV \ OD YLGD FRORFDQ HQ QXHVWUR FDPLQR SDUD DFRPSDxDUQRV HQ HVWH YLDMH
(O KRPEUH PXHUH WDQWDV YHFHV FRPR SLHUGH D FDGD XQR GH ORV VX\RV
3XEOLR 6LUR
+RUyVFRSR +RURVFRSH /RV SUR\HFWRV TXH WLHQHV HQ PHQWH UHVXOWDUiQ H[LWRVRV (QWUDV HQ XQ WRQR RSWLPLVWD TXH WH D\XGDUi D VXSHUDU FXDOTXLHU VLWXDFLyQ LQHVSHUDGD 7X FRORU GH OD VXHUWH FDIp 3URMHFWV \RX KDYH LQ PLQG ZLOO EH VXFFHVVIXO <RX ZDON LQWR DQ RSWLPLVWLF WRQH WKDW ZLOO KHOS \RX RYHUFRPH DQ\ VLWXDWLRQ <RXU OXFN\ FRORU EURZQ /D /XQD HQ WUiQVLWR DWUDH D WX YLGD OD SURVSHULGDG 1R WH LPSDFLHQWHV SRQ D IXQFLRQDU WX SURYHUELDO SDFLHQFLD \ WHQGUiV p[LWR 7X FRORU GH OD VXHUWH URMR 7KH WUDQVLWLQJ 0RRQ DWWUDFWV \RXU OLIH SURVSHULW\ 'R QRW IUHW VHW WR UXQ \RXU SURYHUELDO SDWLHQFH DQG \RX ZLOO VXFFHHG <RXU OXFN\ FRORU UHG 6L GHVHDV DOJR FRQ IXHU]D OR FRQVHJXLUiV /D PD\RUtD GH WXV OLPLWDFLRQHV QR VRQ UHDOHV HVWiQ HQ WX PHQWH 7X FRORU GH OD VXHUWH $PDULOOR ,I \RX ZDQW VRPHWKLQJ KDUG \RX ZLOO JHW LW 0RVW RI \RXU OLPLWDWLRQV DUH QRW UHDO WKH\ DUH LQ \RXU PLQG <RXU OXFN\ FRORU \HOORZ 7X PHV ]RGLDFDO WH HQYXHOYH FRQ DOHJUtD +D\ XQD RQGD UHIUHVFDQWH HQ WX HQWRUQR TXH WH SUR\HFWD D OD GLFKD 7X FRORU GH OD VXHUWH YHUGH <RXU ]RGLDFDO PRQWK HQYHORSV \RX ZLWK MR\ 7KHUH LV D UHIUHVKLQJ ZDYH LQ \RXU HQYLURQPHQW WKDW SURMHFWV \RX WR EOLVV <RXU OXFN\ FRORU JUHHQ 1DGD GH SUHFLSLWDFLRQHV /HR 'HEHV VHU PX\ PHGLGR DQWHV GH H[SUHVDU XQD RSLQLyQ (VWiV HQ HO XPEUDO GH XQ FDPELR IDYRUDEOH &RORU GH OD VXHUWH D]XO 1R SUHFLSLWDWLRQ /HR <RX PXVW EH YHU\ PHDVXUHG EHIRUH H[SUHVVLQJ DQ RSLQLRQ <RX DUH RQ WKH WKUHVKROG RI D IDYRUDEOH FKDQJH /XFN\ FRORU EOXH 7H DJXDUGD XQD HWDSD DPRURVD PX\ LQWHQVD HQ OD TXH DEXQGDUiQ ODV DYHQWXUDV (O SDLVDMH VHQWLPHQWDO HV PX\ SRVLWLYR 7X FRORU GH OD VXHUWH PRUDGR ,W DZDLWV \RX D YHU\ LQWHQVH ORYH VWDJH ZKHUH DGYHQWXUHV DERXQG 7KH VHQWLPHQWDO ODQGVFDSH LV YHU\ SRVLWLYH <RXU OXFN\ FRORU SXUSOH ([SUpVDWH FRQ HVSRQWDQHLGDG 1R WH FDOOHV FXDQGR GHVHHV H[SUHVDU ORV VHQWLPLHQWRV PiV SURIXQGRV TXH VH DQLGDQ HQ WX FRUD]yQ 7X FRORU GH OD VXHUWH QDUDQMD ([SUHVV \RXUVHOI ZLWK VSRQWDQHLW\ 'R QRW EH VLOHQW ZKHQ \RX ZDQW WR H[SUHVV WKH GHHSHVW IHHOLQJV WKDW QHVWOH LQ \RXU KHDUW <RXU OXFN\ FRORU RUDQJH +D] WRGR DTXHOOR TXH KDV HVWDGR SRVSRQLHQGR 7H FRQYLHUWHV HQ HO FHQWUR GH DWUDFFLy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yQ HVWH PHV TXH WUDQVFXUUH 7X FRORU GH OD VXHUWH D]XO FODUR 8QSUHGLFWDELOLW\ QRZ EHFRPHV D UHDOLW\ $IIHFWLYH VXUSULVHV WKDW FKDQJH \RXU SDWK WKLV FXUUHQW PRQWK <RXU OXFN\ FRORU OLJKW EOXH 9DV D FRQVLGHUDU VHULDPHQWH XQ FDPELR UDGLFDO GH DFWLWXG 7H DQLPDUiV D VROXFLRQDU OR TXH KDV HVWDGR GHMDQGR SHQGLHQWH 7X FRORU GH OD VXHUWH URVD <RX OO VHULRXVO\ FRQVLGHU D UDGLFDO FKDQJH RI DWWLWXGH <RX OO EH HQFRXUDJHG WR ¿QLVK ZKDW \RX YH EHHQ OHDYLQJ SHQGLQJ <RXU OXFN\ FRORU SLQN 3DUD WL HV HO PHV PiV VLQJXODU TXH YDV D WHQHU HQ HO DxR /R TXH DKRUD WH SURSRQJDV OR SRGUiV OOHYDU D FDER VLQ GXGD DOJXQD 7X FRORU GH OD VXHUWH JULV )RU \RX LW LV WKH PRVW XQLTXH PRQWK \RX OO KDYH WKLV \HDU (YHU\WKLQJ \RX ZLOO SURSRVH \RX ZLOO DFKLHYH LW ZLWKRXW DQ\ GRXEW <RXU OXFN\ FRORU JUD\
/D PXHUWH HV DOJR LQHYLWDEOH &XDQGR XQ KRPEUH KD KHFKR OR TXH pO FRQVLGHUD FRPR VX GHEHU SDUD FRQ VX SXHEOR \ VX SDtV SXHGH GHVFDQVDU HQ SD]
1HOVRQ 0DQGHOD
Â&#x2039; &RVWD]XO 'HUHFKRV UHVHUYDGRV /D LPDJHQ \ HO
ORJRWLSR GH HVWD SXEOLFDFLyQ VRQ SURSLHGDG GH &RVWD]XO