SFF HSBUJT &GOHMJTI M &TQB×P
$*" 9$&-&/ & 3 0 1 *0/"S "- 3&( JPOFT Z )VNP 6 4 / PD & Y . F " ø 5 I *4 3F BV UÏN V $ B -" 3&7 OTBNJFOUPT M B 1F MP F[ $PN
M F «MWBS ÈO .BO[BOJ E B M M J 7 5FDPN $PMJNB (5 % 0 5POJMB ( 129 %5( 0 ( , 9 2 1
(67$ 5(9,67$ (6 *5$78,7$
$SUHQGH D YLYLU \ VDEUiV PRULU ELHQ
&RQIXFLR
,1',&( 5XWDV WXUtVWLFDV 7RXULVW URXWHV 1XHVWUD SRUWDGD 7HOpIRQRV GH LPSRUWDQFLD LPSRUWDQW SKRQH QXPEHUV &KLVWHV &XHQWR 5HÀH[LRQHV &XOWXUD 3RHPD (GXFDFLyQ ¢6DEtD XVWHG TXH" SRU 'U -XVWLQR 0 /HSH &RVWD]XO HQ OD FRFLQD *XtD GHO EDUPDQ 'DWRV FXULRVRV &DODYHUDV /H\HQGD 3URJUDPD ;ROR )HVWLYDO 6XGRNX 6DOXG \ EHOOH]D SRU 5RVLWD /HSH 7HOpIRQRV GH LPSRUWDQFLD 0DQ]DQLOOR ,PSRUWDQW SKRQH QXPEHUV 0DQ]DQLOOR 7RXJKWV (QJOLVK WLSV +XPRU LQ HQJOLVK (TXLQRWHUDSLD +RUyVFRSR +RURVFRSH
&ROLPD
6HFFLRQHV
6HUYLFLRV 3HULyGLFRV \ PHGLRV &RPHUFLRV *DVWURQRPtD 7XULVPR 0pGLFRV 9HWHULQDULRV 6RFLDO &RPDOD &XDXKWpPRF 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 QRYLHPEUH 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
$1Ã’1&,(6( (1 &267$=8/ 7HO &HO
(67$ 5(9,67$ (6 *5$78,7$
5XWDV WXUtVWLFDV 7RXULVW URXWHV 5XWD WXUtVWLFD &ROLPD
5XWD WXUtVWLFD -DOLVFR
/D PXHUWH HV DOJR TXH QR GHEHPRV WHPHU SRUTXH PLHQWUDV VRPRV OD PXHUWH QR HV \ FXDQGR OD PXHUWH HV QRVRWURV QR VRPRV
$QWRQLR 0DFKDGR
1XHVWUD SRUWDGD
;ROR )HVWLYDO &ROLPD
LQLFLDWLYD SULYDGD \ DUWHVDQRV
( V W H QRYLHPEUH GHO D O V H OOHYDUi D FDER HO ; R O R ) H V W L Y D O & R O L P D J U D F L D V D O D F R O D E R U D F L y Q F R Q M X Q W D G H * R E L H U Q R G H O ( V W D G R G H & R O L P D + $\XQWDPLHQWR GH &ROLPD &ULDGHUR 6 L [ W R / D Q J 5 H Y L V W D ( Q I R T X H V $ S U H F L R S R U 0 p [ L F R O D
/ D L Q W H Q F L y Q H V G L I X Q G L U O D L P D J H Q HPEOHPiWLFD GH (O ;RORLW]FXLQWOH FRQ HO REMHWLYR GH VROLFLWDU DO ;ROR FRPR GHQRPLQDFLyQ GH RULJHQ HQ &ROLPD (O [RORLW]FXLQWOH WDPELpQ OODPDGR SHUUR SHOyQ PH[LFDQR XQD UD]D SUHKLVSiQLFD DQWLTXtVLPD VHJ~Q OD PLWRORJtD D]WHFD DFRPSDxDEDQ DO GLIXQWR \ JXLDEDQ VX DOPD KDFLD HO LQIUDPXQGR SRU OR FXDO VH VDFUL¿FDEDQ \ HQWHUUDEDQ FRQ pO (Q HO HVWDGR GH &ROLPD VH KDQ HQFRQWUDGR XQ JUDQ Q~PHUR GH WXPEDV TXH FRQWHQtDQ ¿JXUDV GH EDUUR FRQ OD UHSUHVHQWDFLyQ GH HVWRV SHUURV 8QD OH\HQGD PHQFLRQD TXH ;yORWO 'LRV $]WHFD GH OD 9LGD \ OD 0XHUWH OH GLR DO KRPEUH XQ [RORLW]FXLQWOH FRPR UHJDOR GHVSXpV GH FUHDUOR GH XQD DVWLOOD GHO +XHVR GH OD 9LGD HO KXHVR GHO TXH WRGD YLGD IXH FUHDGD 'HELGR D HVWR HUD FRQVLGHUDGR VDJUDGR SRU ORV D]WHFDV PDQLIHVWiQGRVH HVWD DGRUDFLyQ HQ PXFKDV UHSUHVHQWDFLRQHV HVFXOWXUDOHV \ SLFWRJUi¿FDV (VSHFLDOLVWDV FRPR -RUJH $OYDUDGR DVHJXUDQ TXH HVWH SHUUR WLHQH PiV GH DxRV GH DQWLJ HGDG VLQ TXH HO KRPEUH KD\D LQWHUYHQLGR HQ VX JHQHUDFLyQ OR TXH OD KDFH XQD GH ODV UD]DV PiV DQWDxDV GHO PXQGR (O WpUPLQR [RORLW]FXLQWOH VH RULJLQD GHO QiKXDWO [yORWO H[WUDxR GHIRUPH HVFODYR EXIyQ \ GH OD SDODEUD LW]FXLQWOL SHUUR 7H LQYLWDPRV JR]DU GHO IHVWLYDO VDEHPRV TXH OR GLVIUXWDUiV
3URJUDPD GHO HYHQWR HQ OD SiJLQD
/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
7HOpIRQRV GH LPSRUWDQFLD ,PSRUWDQW SKRQH QXPEHUV (PHUJHQFLDV (PHUJHQF\ /DGD
(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
$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 6HJXULGDG SDUD HO WXULVWD
/D PXHUWH VyOR VHUi WULVWH SDUD ORV TXH QR KDQ SHQVDGR HQ HOOD
)pQHORQ
&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 FRVWDGR GHO R[[R /XQ 6DE DP DP PDGUXJDGD
'RP DP SP
&KLVWHV
8Q FRQGHQDGR D PXHUWH VH GLULJH XQ OXQHV KDFLD OD VDOD GH OD VLOOD HOpFWULFD &XULRVR HO JXDUGLD OH LQWHUURJD ¢(Q TXp YDV SHQVDQGR" 4XH PDO HPSLH]D OD VHPDQD 9DQ D HMHFXWDU D GRV FRQGHQDGRV D PXHUWH ¢$OJ~Q ~OWLPR GHVHR" 0H JXVWDUtD HVFXFKDU XQ GLVFR GH ODV 6SLFH *LUOV 'H DFXHUGR ¢< XVWHG" 4XLVLHUD TXH PH PDWDVHQ DQWHV 8Q MXGtR HQ VX OHFKR GH PXHUWH 0DUtD 0DUtD ¢'RQGH HVWiV HVSRVD TXHULGD GyQGH HVWiV" $TXt HVWR\ HVSRVR PtR D WX ODGR ¢< PL KLMR -DFRER" ¢'yQGH HVWi" $TXt HVWR\ SDGUH D VX ODGR ¢< PL KLMD /H\OD" ¢'yQGH HVWi" $TXt HVWR\ SDGUH D VX ODGR ¢< PL KLMR ,VDtDV" ¢'yQGH HVWi" $TXt HVWR\ SDGUH D VX ODGR 3HUR EXHQR ¢TXLpQ FDUDMR HVWi DWHQGLHQGR HO QHJRFLR HQWRQFHV" ¢0LHGR D OD PXHUWH" 8QR GHEH WHPHUOH D OD YLGD QR D OD PXHUWH
0DUOHQH 'LHWULFK
&ROLPD 6HUYLFLRV
&XHQWR
/DV 9RFHV 6REUH HO 0XHUWR 'HVGH OHMRV VH DOFDQ]D D YHU WRGDYtD OD PRFKDGD TXH OH KLFLHURQ DO FHUUR SDUD HFKDU OD FDUUHWHUD \ FXOHEUHDQGR SRU WRGD OD IDOGD VH WLHQGH GHVSXpV HQ HO OODQR $QWHV HO FDPLQR LED SRU HO DUUR\R \ VH HQFDUDPDED SRU WRGDV ODV ORPDV WUDVWXPEDQGR DO ¿QDO SDUD GHVHPERFDU HQ HO UtR JUDQGH (Q WLHPSR GH OOXYLDV HO UtR VH SRQtD SHVDGR \ HQWRQFHV HO FDPLQR VH DFDEDED HQ VXV RULOODV $KRUD SDVD SRU HQFLPD GHO UtR $XQTXH HV GH SXUD WLHUUD GLFHQ TXH OR YDQ D HQFHPHQWDU \ PLHQWUDV HVR QR VXFHGD YDPRV D HVWDUQRV WUDJDQGR OD WLHUUD TXH VH OHYDQWD FDGD TXH SDVD XQ FDPLyQ 'H SRU Vt OD JHQWH HV SULHWD \ FRQ OD WLHUUD TXH VH OHYDQWD \ FDH GHVSXpV VH YD D SRQHU PiV WRGDYtD (Q XQ SULQFLSLR OD WLHUUD HVWDED HQ HO VXHOR QR KDEtD PiV TXH OD FDPLRQHWD GH 3HGUR 5RVDOHV \ QR OHYDQWDED JUDQ FRVD GH SROYR \ HO TXH VH GHVSDUUDPDED QRV OR WUDJiEDPRV VLQ VHQWLU \ FRQWHQWRV GH TXH KXELHUD XQD FDPLRQHWD HQ HO SXHEOR FRQWLQ~D HQ OD SiJLQD
0X\ VHQWLGD HV OD PXHUWH FXDQGR HO SDGUH TXHGD YLYR
6pQHFD
&ROLPD 6HUYLFLRV
´/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
%XIHWH \ 1RWDUÂ&#x17E;D 3©EOLFD
/LF 0DQXHO %UXVW &DUPRQD 1RWDU\ SXEOLF OHJDO VHUYLFHV (QJOLVK VSRNHQ &RUUHJLGRUD &HQWUR &ROLPD &RO 7HOV \
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 Ã&#x2C6;OYDUH] &ROLPD
/LF 5DXO =DUD]~D 0RQWHUURVD $VHVRU )LQDQFLHUR
6X DJHQWH GH VHJXURV PiV FRQ¿DEOH (GR GH 0p[LFR $OWD 9LVWD 9 GH $OYDUH] &RO & 3 7HO &HO UDXO]DUD]XDPRQWHUURVD#JPDLO FRP
/D PXHUWH HV HO PHQRU GH WRGRV ORV PDOHV 6LU )UDQFLV %DFRQ
&ROLPD 6HUYLFLRV
)$%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
+(55(5,$ ´8*$/'(µ 38(57$6 9(17$1$6 &$1&(/(6 (6&$/(5$6 7$%/$ 52&$ &5,67$/(6 $&$%$'26 < +(55(5,$ '( $/80,1,2 7HO %DVLOLR &DVWHO /D $OEDUUDGD &ROLPD &RO & 3
*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 $JXD
9,9( /$ (;3(5,(1&,$
9HQ SRU WX FODVH GH SUXHED *5$7,6 $Y 9HQXVWLDQR &DUUDQ]D HVT $Y /D 3D] 5HVLGHQFLDO 6DQWD %DUEDUD 7HO
6L QR FRQRFHV WRGDYtD OD YLGD ¢FyPR SXHGH VHU SRVLEOH FRQRFHU OD PXHUWH"
&RQIXFLR
&ROLPD 6HUYLFLRV 4XtPLFRV H +LJLpQLFRV
4&37*-*. TFSWJDJPT QSPGFTJPOBMFT EF MJNQJF[B 6HUYLFLRV
/LPSLH]D HQ R¿FLQDV H LQVWLWXFLRQHV /DYDGR \ SXOLGR GH SLVRV /DYDGR GH WLQDFRV \ DOMLEHV /LPSLH]D SHUPDQHQWH \ HYHQWXDO /DYDGR GH DOIRPEUDV WDSHWHV PXHEOHV \ WDSLFHUtD HQ JHQHUDO
YLHQH GH OD SiJLQD
&ULVWDOHUtD \ 0HODPLQD +LJLpQLFRV LQWHUGREODGRV 7RDOODV HQ UROOR 6KDPSRR FORUR SLQRO $URPDWL]DQWH 'HVHQJUDVDQWH 'HWHUJHQWHV 'HVHFKDEOHV SODWRV YDVRV EROVDV FXFKDUDV
=DUDJR]D &HQWUR &ROLPD &RO 7HOV VHUYLOLP #KRWPDLO FRP
&XHQWR
&RQ OD FDUUHWHUD YLQLHURQ FRPHUFLDQWHV ID\XTXHURV FDQGLGDWRV D GLSXWDGRV PHUROLFRV \ XQR TXH RWUR JULQJR GHVEDODJDGR 3HGUR 5RVDOHV GLMR TXH tEDPRV D SURJUHVDU WRGRV XQD YH] HFKDGR HO FDPLQR \ FRQ OD HVSHUDQFLWD HVD IXLPRV D WUDEDMDU SRU PHGLD SDJD $XQTXH HVWi VLQ DFDEDU SRGHPRV GHFLU TXH \D WHQHPRV FDUUHWHUD \ DTXt HVWDPRV HVSHUDQGR HO SURJUHVR 3HGUR \D WLHQH GRV FDPLRQHV JUDQGHV TXH YDQ \ YLHQHQ D OD FDSLWDO 7DPELpQ FRPSUy FXDWUR WUDFWRUHV SDUD EHQH¿FLDU VXV WLHUUDV \ ODV GH WRGRV QRVRWURV OXHJR DQGD WUDWDQGR GH FRQVHJXLU TXH YHQJD OD HOHFWULFLGDG SRUTXH OD SODQWD TXH pO WLHQH QR DMXVWD SDUD WRGD OD SREODFLyQ \ WDPELpQ TXH KDJDQ XQ SR]R PX\ KRQGR HQ OD WLHUUD SDUD VDFDU HO DJXD 6L QR IXHUD SRU 3HGUR 5RVDOHV TXLpQ VDEH TXp VHUtD GH QRVRWURV ²££0DWDURQ D 3HGUR 5RVDOHV ²£/R KDOODURQ PXHUWR ²6LQ FRQIHVDUVH ²6LQ DUULPDUVH QXQFD ²/R PDWDURQ FRQWLQ~D HQ OD SiJLQD
/D PXHUWH SXHGH FRQVLVWLU HQ LU SHUGLHQGR OD FRVWXPEUH GH YLYLU
&pVDU *RQ]iOH] 5XDQR
&ROLPD 6HUYLFLRV
',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[
$Q~QFLHVH HQ
7HO
+LVWRULD
FRQWDFWR#FRVWD]XO P[
&XOWXUD
3DODFLR 5HDO \ 7HPSOR GHO %XGD (VPHUDOGD (O 3DODFLR 5HDO HV XQR GH ORV OXJDUHV PiV HPEOHPiWLFRV GH OD FDSLWDO WDLODQGHVD GH %DQJNRN \ FDGD GtD FLHQWRV GH WXULVWDV R FLXGDGDQRV WDLODQGHVHV DWUDYLHVDQ VXV PXUDOODV SDUD YLVLWDU ODV PDUDYLOODV GH VX LQWHULRU (Q UHDOLGDG \ PX\ DO FRQWUDULR GH OR TXH SXGLpUDPRV SHQVDU HO 3DODFLR 5HDO QR HV XQ HGL¿FLR KLVWyULFDPHQWH PX\ DQWLJXR GDWD GH ¿QDOHV GHO VLJOR ;9,,, FRQFUHWDPHQWH GHO DxR FXDQGR HO 5DPD , GHFLGLy WUDVODGDU OD FDSLWDO GHO DQWLJXR UHLQR GH 6LDP XQ UHLQR TXH DJOXWLQDED D ORV SDtVHV GH 7DLODQGLD /DRV %LUPDQLD GH 7RPEXUL D %DQJNRN FRQW HQ SDJ
([LVWH DOJR WDQ LQHYLWDEOH FRPR OD PXHUWH OD YLGD
&KDUOHV &KDSOLQ
&ROLPD 3HULyGLFRV \ 0HGLRV
1L WHPDV QL GHVHHV OD PXHUWH 0DUFR 9DOHULR 0DUFLDO
&ROLPD &RPHUFLRV
5HÃ&#x20AC;H[LRQHV
'XHOH PXFKR GHFLU DGLyV FXDQGR QRV DPDQ \ DPDPRV 3RU HVR QRV GXHOH WDQWR HVD SDODEUD DGLyV´ (O ROYLGR WDPELpQ HV XQD IRUPD GH GHFLUQRV DGLyV VLJQL¿FD TXH \D QR HVWDPRV HQ OD YLGD GH TXLHQHV VH DOHMDURQ GH QRVRWURV SHUGHU DVt D OD SHUVRQD TXH VH DPD HV DOJR IXHUWH HV FRPR TXH FDPLQiVHPRV SRU FXDUWRV RVFXURV \ QR HQFRQWUiVHPRV OX] TXH QRV D\XGH D VDOLU GH OD VROHGDG 1R SLHQVHV TXH WX YLGD DFDED FRQ HO DGLyV 5HFRUGHPRV FRQ DPRU \ FDULxR WRGR DTXHOOR TXH KHPRV YLYLGR LQWHQWHPRV ROYLGDU ORV DGLRVHV TXH QRV KDQ GLFKR \ TXH WDPELpQ KHPRV GDGR QRVRWURV PLVPRV 7RGRV ORV GtDV VXSRQH XQ FRQVWDQWH UHFRPHQ]DU HQ QXHVWUD YLGD QDGD SDUHFH HWHUQR QDGD SDUHFH SDUD VLHPSUH 5HFXHUGD TXH SDUD SUREDU OD GXO]XUD GH OD YLGD KDEUHPRV SUREDGR OD DPDUJXUD 'XHOH SHUR HQ RFDVLRQHV QR TXHGD PiV UHPHGLR TXH GHFLU DGLyV 8QDV YHFHV QRV GHVSHGLPRV GH XQ DPRU RWUDV GH XQ IDPLOLDU R XQD DPLVWDG HVSHFLDO /D PXHUWH WLHQH XQD VROD FRVD DJUDGDEOH ODV YLXGDV
(QULTXH -DUGLHO 3RQFHOD
&ROLPD &RPHUFLRV
*DOHUĬD
(O PDUFR SHUIHFWR &XDGURV (QPDUFDGRV &UHDFLRQHV -LPpQH] &HQWUR &ROLPD 7HO -XQWR D PHQXGHUtD /D -LPpQH]
3RHPD
(VF~FKDPH
¢3RU TXp PH KDV OODPDGR" 7DO YH] OR KLFLVWH FRQ HO GHVHR TXH QR WH HVFXFKDUD SHUR WX YR] IXH SDUD Pt FRPR XQD P~VLFD QXHYD
+H UHJUHVDGR HQ HO WLHPSR SDUD GHFLUWH TXH PH RYOLGHV
(VF~FKDPH ELpQ <R VR\ HO D\HU GHVGH KR\ VHUp SDUWH GH OD KLVWRULD -RVp 7 /HSH 3UHFLDGR
/D PXHUWH QR HV PiV TXH XQ VXHxR \ XQ ROYLGR
0DKDWPD *DQGKL
&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
&XOWXUD
YLHQH GH OD SiJLQD
/D ]RQD HVFRJLGD SRU HO PRQDUFD HVWDED RFXSDGD SRU FRPHUFLDQWHV GH RULJHQ FKLQR TXH UiSLGDPHQWH IXHURQ WUDVODGDGRV D OD ]RQD RHVWH GH OD FLXGDG (O 3DODFLR GHEtD GH XELFDUVH D OD RULOOD GHO UtR &KDR 3KUD\D TXH OH VHUYLUtD D PRGR GH EDUUHUD QDWXUDO PLHQWUDV TXH DO RWUR ODGR VH OHYDQWy XQD HVSHFLH GH FDQDO TXH FRQYHUWtD DO FRQMXQWR SDODFLHJR HQ XQD SHTXHxD LVOD IRUWL¿FDGD SRU XQD PXUDOOD GH PHWURV GH ODUJR (Q VX LQWHULRU VH DOEHUJDQ PiV GH PHWURV FXDGUDGRV TXH VH GLVSRQHQ HQ SODQWD UHFWDQJXODU \ GLYHUVRV FRQWLQ~D HQ OD SiJLQD
/D PXHUWH QR HV PiV TXH XQ FDPELR GH PLVLyQ
/HRQ 7ROVWRL
&ROLPD &RPHUFLRV
YLHQH GH OD SiJLQD
&XHQWR
²(VWDED SDQ]D GH IXHUD ²)XH XQ EDOD]R ²4XH XQ SXxHWH ²/DV GRV FRVDV ²/H GHMDURQ OD GDJD ²%DOD]R HQ OD FDEH]D ²1R OR KD GH KDEHU VHQWLGR ²3REUH ²£4Xp FRUD]yQ GHO TXH OR KL]R ²'L]TXH HUDQ GRV ²/XHJR TXH YDULRV ²/R TXH KDEUiQ GH SDJDU ORV DVHVLQRV ²'HMy PXMHU GRQ 3HGUR ²'RV PXMHUHV GHMy 3HGUR ²9DULDV PXMHUHV GHMy 3HGULWR ²/XHJR KLMRV ²0RQWRQHV GH KLMRV GH WRGDV ODV PXMHUHV ²+HUPDQRV ²+HUPDQDV ²6REULQRV ²0XHUWR HQ OD QRFKH ²0XHUWR HQ OD PDGUXJDGD ²/R HVSLDURQ ²/H YHODURQ HO VXHxR ²1DUFRWL]DGR ²(PEUXMDGR ²%HELy FDOGR GH ]RSLORWH ²/R HPERUUDFKDURQ ²(VWi WLHVR ²/RV RMRV SHODGRV ²/OHJDURQ VROGDGRV FRQWLQ~D HQ OD SiJLQD
/D PXHUWH HV XQD YLGD YLYLGD /D YLGD HV XQD PXHUWH TXH YLHQH
-RUJH /XLV %RUJHV
&ROLPD &RPHUFLRV
/26 35(&,26 0$6 %$-26 '(/ 0(5&$'2
6L QR OR WHQHPRV 6H OR FRQVHJXLPRV %HOLVDULR 'RPtQJXH] &ROLPD &RO 7HO \
0$75,=
$Y ,QVXUJHQWHV 7HFRPiQ &RO 7HO
68&856$/ 7(&20$1
%OYG 0 GH OD 0DGULG 0DQ]DQLOOR &RO 7HO \
68&856$/ 0$1=$1,//2
3HFHV SHFHUDV DOLPHQWRV \ DFFHVRULRV 7RUWXJDV MDSRQHVDV 7LDQJXLV GHO SROLGHSRUWLYR GH 9LOOD GH Ã&#x2C6;OYDUH] SRU OD HQWUDGD DO EDFKLOOHUDWR GH OD 8 GH & 3UHFLRV HVSHFLDOHV D WLHQGDV GH PDVFRWDV -XDQD &KDFyQ Ã&#x2C6;OYDUH]
7HO )/25(5,$
3, $ 'RQGH ORV VHQWLPLHQWRV IORUHFHQ
0RUHORV &ROLPD 7HO 6DQ )HUQDQGR &ROLPD 7HO 0 $ GH *yPH] % 9 GH $OY 7HO
&KLVWH
8Q FRQGHQDGR D PXHUWH HVWi SDVDQGR VX ~OWLPD QRFKH HQ FDSLOOD 5HFLEH OD YLVLWD GHO DOFDOGH TXLHQ VH SRQH D GLDORJDU DPDEOHPHQWH FRQ pO %XHQR \D VDEHV TXH D ORV FRQGHQDGRV D PXHUWH VH OHV FRQFHGH XQ ~OWLPR GHVHR ¢4XLHUHV DOFRKRO" 1R JUDFLDV ¢&LJDUULOORV TXL]i" 7DPSRFR %XHQR GL TXp HV OR TXH GHVHDV 0H JXVWDUtD DSUHQGHU HO LGLRPD FKLQR SRU FRUUHVSRQGHQFLD
/D PXHUWH HV XQ HQVXHxR VLQ HQVXHxRV
1DSROHyQ ,
&ROLPD &RPHUFLRV £68 0(-25 (/(&&,21 6HUYLFLR ([SUHVV D GRPLFLOLR
Â&#x2021; )$-,//$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 \
(GXFDFLyQ
/D HGXFDFLyQ PRUDO /D HGXFDFLyQ PRUDO HV DTXHOOD TXH LPSRUWD IRUPDU HQ ORV HGXFDQGRV ODV DFWLWXGHV H LGHDV TXH VH FRQIRUPHQ FRQ OR TXH OD VRFLHGDG HQ OD TXH YLYHQ FRQVLGHUD SRVLWLYR \D TXH PRUDO SURFHGH GHO ODWtQ ³PRUHV´ FRQ HO VLJQL¿FDGR GH ³FRVWXPEUH´ 6H WUDWD GH XQD HGXFDFLyQ HQ YDORUHV FRQ XQD PLVLyQ GH LQWHJUDFLyQ \ GH PHMRUD VRFLDO TXH GHEH FRPHQ]DU FRQ HO HMHPSOR GH ORV HGXFDGRUHV \D TXH QDGLH SXHGH HQVHxDU OR TXH QR SRVHH $Vt FRPR XQ PDHVWUR QR SXHGH WUDQVPLWLU XQ FRQWHQLGR R JXLDU DO DOXPQR D TXH OR GHVFXEUD VL QR OR VDEH WDPSRFR SXHGH SUHGLFDU \ UHFRPHQGDU XQ YDORU VL pO PLVPR QR OR SUDFWLFD (O PDHVWUR HMHPSODU H LQWDFKDEOH IXH XQD FRQGLFLyQ SDUD HO HMHUFLFLR GHO FDUJR GHVGH OD DSDULFLyQ GH ORV SULPHURV PDHVWURV HJUHVDGRV GH ODV HVFXHODV QRUPDOHV TXH WHQtDQ SRU PLVLyQ GLVFLSOLQDU FLYLOL]DU \ HGXFDU 6L ELHQ VH UHTXHUtD TXH VHDQ VDELRV \ EXHQRV OD ~OWLPD FXDOLGDG HUD OD TXH VH SULRUL]DED (PLOH 'XUNKHLP TXH YLYLy HQ OD VHJXQGD PLWDG GHO VLJOR ;,; \ SULQFLSLRV GHO VLJOR ;; HQ VXV FXUVRV VREUH HGXFDFLyQ UHFODPDED HGXFDU GHVGH ODV HVFXHODV HQ XQD PRUDO ODLFD \ UDFLRQDO GHVGH OD LQWHUGLVFLSOLQDULHGDG SDUD ORJUDU IRUPDU XQD PRUDO JOREDO TXH FRQWLQ~D HQ OD SiJLQD
/D PXHUWH HV PiV GXUD DVXPLUOD TXH SDGHFHUOD
5HQp GH &KDWHDXEULDQG
/,'$' < 6$% $ &
2 5
(1
&ROLPD *DVWURQRPtD &ROLPD *DVWURQRPLD
35(),(52 <2 )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 &KLVWHV
¢3RU TXp QXQFD TXLHUHV TXH FRFLQH SDUD WL" 3RUTXp QR Vp FyPR FRFLQDV &RFLQR GH PXHUWH ¢3LGHV W~ OD SL]]D R OD SLGR \R" $ XQ KRPEUH VH OH PXHUH OD VXHJUD \ VH GLULJH DO SHULyGLFR SDUD SXEOLFDU HO RELWXDULR (O KRPEUH HQWUD D OD R¿FLQD GH DQXQFLRV \ GLFH 4XLHUR SRQHU XQ DQXQFLR SRU OD PXHUWH GH PL VXHJULWD 0X\ ELHQ VHxRU OH DGHODQWR TXH VRQ SRU SDODEUD 0XULy -RVH¿QD 'LVFXOSH FUHR TXH QR PH H[SOLTXp ELHQ VRQ PtQLPR SDODEUDV R VHD 3HUR \R VyOR TXLHUR JDVWDU <D OH GLMH TXH QR SXHGH VHU DVt TXH VL TXLHUH VH YD XQ UDWR \ YXHOYH FRQ ODV SDODEUDV (O KRPEUH VH YD PROHVWR \ UHJUHVD D ORV PLQXWRV \ GLFH <D VH TXH SRQHU HQ HO DQXQFLR 6L GtJDPH 0XULy -RVH¿QD ¢¢¢< ODV RWUDV SDODEUDV""" 9HQGR 7R\RWD &RUROOD /D PXHUWH HV HO FRPLHQ]R GH OD LQPRUWDOLGDG 0D[LPLOLDQ 5REHVSLHUUH
&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
YLHQH GH OD SiJLQD
&XOWXUD
HGL¿FLRV TXH VLJXHQ HO PLVPR HVTXHPD TXH HO DQWLJXR SDODFLR GH $\XWWKD\D 1R WRGRV ORV PRQDUFDV XWLOL]DURQ HO FRQMXQWR SDODFLHJR FRPR UHVLGHQFLD R¿FLDO GH KHFKR PXFKRV GH HOORV KDQ SUHIHULGR YLYLU HQ SDODFLRV PiV SHTXHxRV \ IiFLOHV GH SURWHJHU \ UHVHUYDU HO *UDQ 3DODFLR SDUD ODV FHUHPRQLDV (Q VX LQWHULRU VH HQFXHQWUD XQR GH ORV WHPSORV PiV DIDPDGRV GH 7DLODQGLD HO 7HPSOR GHO %XGD (VPHUDOGD 6H WUDWD GH XQ SHTXHxR WHPSOR HQ FX\R LQWHULRU VH HQFXHQWUD XQD HVWDWXD GH %XGD TXH VL ELHQ UHFLEH HO QRPEUH GH HVPHUDOGD HVWi IDEULFDGR HQ MDGH 6HJ~Q FXHQWD OD OH\HQGD HO %XGD (VPHUDOGD VH FUHy HQ OD ,QGLD HQ WRUQR DO DxR D & \ WUDV XQ ODUJR SHULSOR SRU GLVWLQWRV SDtVHV HO 5DPD , OR HQFRQWUy HQ 9LHWQDP \ ¿QDOPHQWH VH OR OOHYy D %DQJNRN /D HVFXOWXUD VH FXEUH FRQ URSDMHV KHFKRV GH RUR TXH GLJQL¿FDQ D~Q PiV VX YDORU KD\ WUHV URSDMHV GLVWLQWRV TXH WDQ VyOR HO PRQDUFD SXHGH FDPELDU \ OR KDFH VHJ~Q ODV HVWDFLRQHV /DJXLD
/D IXHQWH GH WRGDV ODV PLVHULDV SDUD HO KRPEUH QR HV OD PXHUWH VLQR HO PLHGR D OD PXHUWH (SLFWHWR GH )ULJLD
&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
¢6DEtD XVWHG TXH"
3RU 'U -XVWLQR /HSH
(O ~QLFR PDU VLQ SHFHV (O 0DU PXHUWR HV XQ ODJR VDODGR VLWXDGR D P EDMR HO QLYHO GHO PDU HQWUH ,VUDHO &LVMRUGDQLD \ -RUGDQLD (V GH KHFKR HO OXJDU PiV EDMR GH OD WLHUUD RFXSDQGR OD SDUWH PiV SURIXQGD GH XQD GHSUHVLyQ WHFWyQLFD DWUDYHVDGD SRU HO UtR -RUGiQ \ TXH WDPELpQ LQFOX\H HO /DJR GH 7LEHUtDGHV 7DPELpQ UHFLEH HO QRPEUH GH /DJR GH $VIDOWLWHV SRU ORV GHSyVLWRV GH DVIDOWR TXH VH HQFXHQWUDQ HQ VXV RULOODV FRQRFLGRV \ H[SORWDGRV GHVGH OD (GDG $QWLJXD 7LHQH XQRV NP GH ODUJR \ XQ DQFKR Pi[LPR GH XQRV NP VX VXSHU¿FLH HV DSUR[LPDGDPHQWH GH NPð 5HFLEH DJXD GHO UtR -RUGiQ GH RWUDV IXHQWHV PHQRUHV \ GH OD HVFDVD SUHFLSLWDFLyQ TXH VH SURGXFH VREUH HO ODJR \ HO QLYHO GHO PDU HV HO UHVXOWDGR GHO EDODQFH HQWUH HVWRV DSRUWHV \ OD HYDSRUDFLyQ (V DSUR[LPDGDPHQWH GLH] YHFHV PiV VDODGR TXH ORV RFpDQRV OD VDOLQLGDG HQ HO UHVWR GH ORV PDUHV HV GH JUDPRV SRU OLWUR (Q HO 0DU 0XHUWR HV GH D JUDPRV SRU OLWUR SRU OR TXH QR KD\ QLQJ~Q VHU YLYR VDOYR DOJXQRV PLFURELRV TXH SXHGHQ YLYLU HQ pO (V PiV IiFLO VRSRUWDU OD PXHUWH VLQ SHQVDU HQ HOOD TXH VRSRUWDU HO SHQVDPLHQWR GH OD PXHUWH
%ODLVH 3DVFDO
/,'$' < 6$% $ &
2 5
(1
&ROLPD *DVWURQRPtD
£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] $Y 1LxRV +HURHV ,QIRQDYLW /D (VWDQFLD 'HVFDQVDPRV ORV MXHYHV 6HUYLFLR D GRPLFLOLR 5HÃ&#x20AC;H[LyQ
1R KD\ QDGD PiV GLItFLO TXH GHVSHUWDU FDGD PDxDQD UHFRUGDQGR TXH TXLHQ WDQWR KDV DPDGR KD PXHUWR TXH VH KD LGR SDUD VLHPSUH 1R VDEHV FyPR HQIUHQWDU OD VROHGDG QR VDEHV TXp SDVDUi FRQ WX YLGD SXHV QXQFD WH HVSHUDV TXH GH OD QRFKH D OD PDxDQD SXHGDV SHUGHU D TXLHQ WDQWR DPDV ³eUDPRV PX\ IHOLFHV QXHVWUDV FKDUODV HUDQ GH JUDQGHV \ SHTXHxDV FRVDV WRGR SDUHFtD WHQHU LPSRUWDQFLD SDUD WL \ DVt PH OR WUDQVPLWtDV 7HQtDV ERQGDG SDUD WRGR DTXHO TXH WH QHFHVLWDED KR\ HV PX\ WULVWH VDEHU TXH \D QR HVWiV 1R Vp FyPR SRGUp VXSHUDU WX PXHUWH QL VL SRGUp ORJUDUOR« 'LFHQ TXH SRFR D SRFR VH VXSHUDQ ODV HWDSDV GHO OXWR SHUR \R DKRUD VyOR TXLHUR OORUDU FXDQGR WH UHFXHUGR ´ /D H[SHULHQFLD TXH VH YLYH WUDV OD SDUWLGD GH DOJXLHQ FHUFDQR \ DPDGR HV DOJR PX\ FRPSOLFDGR \ PXFKR PiV VL QR OR WHQtDV SUHYLVWR ¢3HUR TXLpQ HV GXHxR GH OD YLGD" 6yOR 'LRV /R SULPHUR TXH WH SDVD SRU OD FDEH]D HV QR DFHSWDU HO KHFKR GH TXH KD IDOOHFLGR &UHHV TXH HV XQ VXHxR TXH PDxDQD GHVSHUWDUiV FRQ OD EXHQD QRWLFLD GH TXH HVWi DKt DO RWUR ODGR GH OD OtQHD GH WHOpIRQR GLVSXHVWR D KDEODU FRQWLJR SDUD TXH QR WH SUHRFXSHV PiV 'LIHUHQWHV HQ OD YLGD ORV KRPEUHV VRQ VHPHMDQWHV HQ OD PXHUWH
/DR WVp
&ROLPD *DVWURQRPtD
%8))(7 '( *8,6$'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
$Y -DYLHU 0LQD 7HO &ROLPD &RO &XDQGR HUHV FRQVFLHQWH GH OD PXHUWH DFDEDV DVXPLHQGR WX SURSLD VROHGDG
5RVD 5HJjV
&ROLPD *DVWURQRPtD
68&856$/ $Y 1LxRV +pURHV 1Â&#x17E; &ROLPD &RO D XQ ODGR GH &21$/(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
(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
$Y -DYLHU 0LQD &ROLPD &RO 7HO \
(63(&,$/(6
.J GH SR]ROH
6(59,&,2 $ '20,&,/,2
$ELHUWR WRGRV ORV GtDV GH DP D SP
'HVD\XQRV \ $OPXHU]RV GH DP D SP
/R HVSHUDPRV D GLVIUXWDU QXHVWUD YDULHGDG GH SODWLOORV HVWLOR (VWDGR GH 0p[LFR
9LVtWHQRV HQ &DOOH )ORU GH $]DOHD &RO $UEROHGDV GHO &DUPHQ 9LOOD GH $OYDUH] &RO &HO 7RUWDV FKLODTXLOHV HQFKLODGDV WODFR\RV JRUGLWDV VRSHV FDIp GH ROOD MXJRV OLFXDGRV FKRFRPLON \ PiV
$Q~QFLHVH DTXt +LVWRULD
7HO
FRQWDFWR#FRVWD]XO P[
&DGD LQVWDQWH GH OD YLGD HV XQ SDVR KDFLD OD PXHUWH
3LHUUH &RUQHLOOH
&ROLPD *DVWURQRPtD 3URPRFLyQ 0HJD SROORV [ 3URPRFLyQ &KLFRV SROORV SRU PHJD SROOR [ SROOR PHGLDQR [ SROOR FKLFR [ $Y 6DQ )HUQDQGR $ &ROLPD &RO 6HUYLFLR D GRPLFLOLR 7HO \
PDULVFRV
UHVWDXUDQW
([FHOHQWH FRPLGD GHO PDU SDUD GHOHLWDU ORV SDODGDUHV PiV H[LJHQWHV &DUQHV 7DFRV $QWRMLWRV PH[LFDQRV
7 U D E D M D P R V O R V G t D V G H O D x R +RUDULR GH DP D SP 0DFORYLR +HUUHUD \ 7HOV \
'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 5HÃ&#x20AC;H[LyQ
(V HVSHFLDOPHQWH GHVRODGRU FXDQGR DOJXLHQ PXHUH \ QR KDV WHQLGR WLHPSR GH DEUD]DUOH WLHPSR GH GHVSHGLUWH \ GH GHFLUOH FXiQWR OH DPDEDV 3HUR JUDFLDV D 'LRV VLHQWHV HO FRQVXHOR GH TXH DXQTXH QR VH OR SXGLVWH GHFLU GHO PRGR TXH OR KDUtDV DKRUD \D VH VDEtD DPDGR SRU WL 6DEHV TXH DXQTXH SXGLHVH SDVDU PXFKR WLHPSR VLQ VDEHU HO XQR GHO RWUR KDEtD XQ IXHUWH OD]R GH DPRU TXH WH OOHYDED D SUHVHQWLUOR D~Q VLQ YHUOR 6LHPSUH H[SUHVD HQ YLGD OR TXH VLHQWHV SRU WXV VHUHV DPDGRV 8QD PXHUWH EHOOD KRQUD WRGD OD YLGD )UDQFHVFR 3HWUDUFD
&ROLPD *DVWURQRPtD
+$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
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 YLHQH GH OD SiJLQD
(GXFDFLyQ
FDUDFWHULFH D XQD VRFLHGDG GHVHDEOH GH YLYLU 7RGD VRFLHGDG SRVHH XQD PRUDO XQ FRQMXQWR GH YDORUHV TXH IXH FRQVWUX\HQGR D WUDYpV GH VX KLVWRULD TXH FRQGLFLRQDQ H[WHUQDPHQWH DO LQGLYLGXR \ OR REOLJDQ SDUD VX SURSLR EHQH¿FLR \ HO GH WRGRV /D VRFLHGDG QHFHVLWD XQ RUGHQ \ HVR VH ORJUD D WUDYpV GH OD GLVFLSOLQD \ ORV EXHQRV KiELWRV /DV UHJODV VRQ DEVROXWDPHQWH QHFHVDULDV SDUD SRGHU JR]DU GH OD OLEHUWDG 4XLHQ HV HGXFDGR PRUDOPHQWH VHUi FDSD] GH UHJXODUVH \ GRPLQDUVH \ VHU XQ FLXGDGDQR GHO TXH OD SDWULD VH VLHQWD RUJXOORVD /D SHQD GH PXHUWH HV VLJQR SHFXOLDU GH OD EDUEDULH
9LFWRU +XJR
&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 &$51(
,'$' < 6$ $/ % &
2 5
(1
$Y 7HFQROyJLFR IUHQWH D OD &RPHUFLDO 0H[LFDQD
6HUYLFLR D GRPLFLOLR 7HO
£621 /2 0(-25 %OYG &DPLQR 5HDO (O 'LH]PR &ROLPD &RO 7HO
$WHQGLGR SRU (VWKHOD *DUFtD 6XDUH]
&KDPRUUR DO KRUQR ,QJUHGLHQWHV
&KDPRUURV GH FHUGR 3LPLHQWD &RPLQR /DXUHO -HQMLEUH 7RPLOOR $MRV &KLOHV *XDMLOORV 6DO
3UHSDUDFLyQ
6H SUHSDUD HO DGRER VH OLFXDQ ORV FKLOHV JXDMLOORV FRQ WRGRV ORV RORUHV 4XH TXHGH HVSHVR (Q XQ UHFLSLHQWH VH EDxD HO FKDPRUUR GH DGRER VH GHMD UHSRVDU PLQ GHVSXpV VH OH DJUHJD DJXD 6H PHWH DO KRUQR SRU KRUD D Â&#x192;& VH UHYLVD TXH QR IDOWH DJXD <D TXH DEODQGH VH GHVWDSD HO UHFLSLHQWH SDUD TXH GRUH XQ SRFR
1L HO VRO QL OD PXHUWH SXHGHQ PLUDUVH ¿MDPHQWH
)UDQoRLV GH /D 5RFKHIRXFDXOG
&ROLPD *DVWURQRPtD
&$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 \
$Q~QFLHVH DTXt +LVWRULD
7HO
FRQWDFWR#FRVWD]XO P[
*XÂ&#x17E;D GHO %DUPDQ DO HVWLOR &RVWD]XO 'DLTXLUt ,QJUHGLHQWHV
FXFKDUDGD GH D]XFDU OLPyQ FXFKDUDGDV GH URQ EODQFR KLHOR
3UHSDUDFLyQ 3RQHPRV HQ XQD FRSD FXFKDUDGD GH D]~FDU HO MXJR GH PHGLR OLPyQ VLQ VHPLOODV OR PRYHPRV D TXH VH GHVEDUDWH HO D]~FDU \ DJUHJDPRV GRV FXFKDUDGDV GH URQ EODQFR \ WHUPLQDPRV FRQ XQRV FXELWRV GH KLHOR (VR HV WRGR FRQ HVWD VLPSOH FRPELQDFLyQ GH LQJUHGLHQWHV VH SUHSDUD XQ GHOLFLRVR FRFWHO
(V PiV FUXHO WHPHU D OD PXHUWH TXH PRULU 3XEOLR 6LUR
&ROLPD *DVWURQRPtD
/$6 0(-25(6 &$51(6 $6$'$6
'(6'( (/ 6,*/2 3$6$'2
(Q &ROLPD GRQGH VLHPSUH *XHUUHUR 1R FHUFD GHO 0HUFDGLWR 2EUHJyQ
7HOV
&21 6(59,&,2 $ '20,&,/,2
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´
£/D H[SHULHQFLD GHO VDERU /D*UDQ)LHVWD3DVWHOHULD ODJUDQILHVWDSDVWHOHULD#OLYH FRP P[ ZZZ SDVWHOHULDODJUDQILHVWD FRP
$Y &RQVWLWXFLyQ
7HO $Q~QFLHVH HQ
7HO
+LVWRULD
FRQWDFWR#FRVWD]XO P[
5HÃ&#x20AC;H[LyQ
3HUGHU D XQ VHU DPDGR HV PX\ GXUR HV FDVL FRWLGLDQR OHHU \ HVFXFKDU VREUH OD PXHUWH GH RWUDV SHUVRQDV SHUR MDPiV SLHQVD TXH XQ GtD OOHJXH D VHU DOJR WDQ FHUFDQR \ SHUVRQDO 1R KD\ XQ GRORU PiV JUDQGH TXH HO GH SHUGHU D XQ VHU DPDGR QDGD PiV GXUR TXH HQFRQWUDUWH OORUDQGR FDGD DPDQHFHU VLQ VDEHU FyPR GHWHQHU ODV OiJULPDV 7X SHFKR VH RSULPH \ ORV GtDV VH KDFHQ FDGD YH] PiV OHQWRV \ JULVHV &DGD YH] TXH QRPEUHPRV D HVD SHUVRQD VHJXUR TXH HVWDUi PLUDQGR \ GHVHDQGR TXH HVWHPRV ELHQ TXH QR OH OORUHPRV /D PXHUWH HV XQD WUDLFLyQ GH 'LRV 0DULR %HQHGHWWL
&ROLPD 7XULVPR
&XDQGR XVWHG OOHJD D &ROLPD \D VHD GH QHJRFLRV R GH SODFHU YHUi TXH VX FDVD QXQFD HVWXYR WDQ FHUFD (Q +RWHO $PpULFD WHQHPRV HO SODFHU GH UHFLELUOR \ KDFHUOR VHQWLU FRPR HQ VX FDVD
&RQWDPRV FRQ KDELWDFLRQHV \ VXLWHV
5RRP VHUYLFH 5HVWDXUDQW %DU 6QDFN %DU $OEHUFD 7HUUD]DV $UHD GH OHFWXUD
%DxRV GH YDSRU *LPQDVLR &HQWUR HMHFXWLYR $UHD GH QHJRFLRV $JHQFLD GH YLDMHV $UUHQGDGRUD GH DXWRV
%DUEHUtD 7DEDTXHUtD (VWDFLRQDPLHQWR YLJLODGR &DMDV GH VHJXULGDG 6HUYLFLR GH WD[LV
0RUHORV &HQWUR &ROLPD &RO 7HOpIRQRV DO &RUUHR KRWHODPHULFDFROLPD#KRWPDLO FRP 'DWRV &XULRVRV
'DWRV FXULRVRV VREUH OD PXHUWH TXH TXL]i QR FRQRFtDV /D PXHUWH XQR GH ORV PLVWHULRV PHMRU JXDUGDGRV SDUD HO KXPDQR \ DO SDUHFHU DVt VHJXLUi VLHQGR SRU WRGD OD HWHUQLGDG 7H FRPSDUWLPRV XQD VHULH GH GDWRV FXULRVRV \ DOJXQRV EDVWDQWH H[WUDxRV TXH WLHQHQ UHODFLyQ FRQ OD PXHUWH VX VLJQL¿FDGR VXV FRVWXPEUHV \ GHPiV (O VtQGURPH GH &RWDUG WH KDFH SHQVDU TXH HVWiV PXHUWR (VWH VtQGURPH 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 (O ~OWLPR VHQWLGR TXH VH SLHUGH FXDQGR PRULPRV HV HO RtGR 6HJ~Q YDULRV HVWXGLRV FXDQGR XQD SHUVRQD PXHUH ORV VHQWLGRV FRQWLQ~D HQ OD SiJLQD
/D PXHUWH DFHSWDGD FRQ UHVLJQDFLyQ QR HV QLQJ~Q KRQRU
(OtDV &DQHWWL
&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 &DODYHUDV
<D OOHJR OD KRUD GLFH HVWD FDODYHUD VLQFHUD KR\ PH YR\ D OOHYDU D HQWHUUDUH DO VHxRU PDQFHUD <D TXH HVWD DTXt OD FDWULQD GHMDUD XQD Ã&#x20AC;RU VREUH XQD VHSXOWXUD SDUD YHU VL DVt \D OOHYD D XQD EHUULQFKXGD /D FDODYHUD \ HO FKDPXFR VH HQFRQWUDURQ HQ HO SDQWHyQ ¢&XDQWRV OOHYDV FDODYHUD" 3RTXLWRV FRQWHVWR /R TXH SHQVDPRV GH OD PXHUWH VyOR WLHQH LPSRUWDQFLD SRU OR TXH OD PXHUWH QRV KDFH SHQVDU GH OD YLGD
&KDUOHV GH *DXOOH
&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 $XWyQRPD GH *XDGDODMDUD +RVSLWDO GH (VSHFLDOLGDGHV &HQWUR 0pGLFR ³/D 5D]D´ +RVSLWDO GH 2QFRORJtD &HQWUR 0pGLFR 1DFLRQDO 6LJOR ;;, /XQHV D 9LHUQHV D P D S P \ S P D S P 6iEDGR D P D S P =DUDJR]D 1R &ROLPD &RO 7HO )D[ ( PDLO ODESDWBFRO#KRWPDLO FRP
2UWRGRQFLD &RVPpWLFD GHQWDO 5HKDELOLWDFLyQ (QGRGRQFLD %ODQTXHDPLHQWR 'HQWLVWDV ££&XLGDPRV 0DUtD GH ORV ÉQJHOHV %ODQFR %DUDMDV OD 6215,6$ (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 $OHMDQGUD 2VRUQR +HUQiQGH] 1XWULyORJD
&pGXOD 3URIHVLRQDO GH 0D\R % &RO )iWLPD /XQHV D 9LHUQHV D P D S P 6iEDGR D P D S P
7HO
&DODYHUDV
¢&XDQWRV OOHYDV FKDPXFR" 1LQJXQR SXHV QLQJXQD VXHJUD VH GHMD OOHYDU KD\ TXH PLHGR GH VXV \HUQRV TXH PH YDQ D OLQFKDU /D SDUFD FDGD GtD HVWD PiV ÀDFD 1L VH GLJD GHO FKDPXFR \D HVWD PiV IHR £$KRUD VL \D QRV DPRODPRV SDUFD <D QL PLHGR QRV WLHQHQ 9iPRQRV PHMRU \HQGR SRUTXH DTXt QR QRV TXLHUHQ 1R PH SUHRFXSD OD PXHUWH PH GLVROYHUp HQ OD QDGD
-RVp 6DUDPDJR
/H\HQGD
/D EDUUDQFD GHO PXHUWR 3DUWH GH
(QWUH ORV HVWDGRV GH -DOLVFR \ GH &ROLPD \ VLUYLHQGR GH OLQGHUR H[LVWH XQD EDUUDQFD EDVWDQWH SURIXQGD TXH VH OODPD OD EDUUDQFD GHO PXHUWR (V FRPSDxHUD PHMRU GLFKR HV KHUPDQD GH ODV IDPRVDV EDUUDQFDV GH %HOWUiQ \ $WHQTXLTXH GH JUDQ UHQRPEUH SRU VX SURIXQGLGDG SXHV WRGDV WUHV OR PLVPR TXH RWUDV PiV GH KDQ IRUPDGR HQ ODV IDOGDV GHO YROFiQ GH &ROLPD D FRQVHFXHQFLD GH ODV FRUULHQWHV TXH GHVGH WLHPSRV JHROyJLFRV KDQ GHVFHQGLGR GH OD WLWiQLFD PRQWDxD (Q PLV DxRV PR]RV WXYH TXH SDVDUOD YDULDV YHFHV D FDEDOOR EDMDQGR \ VXELHQGR SRU VXV FDOOHMXHODV HQ ]LJ ]DJ +R\ SDVD HO IHUURFDUULO D EXHQD GLVWDQFLD DVt FRPR SDVD OHMRV GH ODV GHPiV EDUUDQFDV EXVFDQGR ORV PHQRUHV REVWiFXORV \ DXQ FXDQGR OD ORFRPRWRUD VLJXH SRU XQ FDPLQR QRWDEOHPHQWH SLQWRUHVFR HO YLDMHUR PRGHUQR \D QR JR]D GH ODV VXEOLPHV EHOOH]DV GH ODV KRQGDV FDxDGDV HQ GRQGH ORV MLOJXHURV HOHYDQ S H U H Q Q H P H Q W H V X G L Y L Q D P ~ V L F D DOHJUDQGR ORV ERVFRVRV GHFOLYHV (O QRPEUH GH OD EDUUDQFD GHO PXHUWR GH UHPRQWD D PiV GH XQ VLJOR \ HQWUD HQ OD FDWHJRUtD GH ORV QRPEUHV OHJHQGDULRV $O RWUR ODGR GH OD EDUUDQFD \D HQ HO HVWDGR GH -DOLVFR VH HQFXHQWUD LQPHGLDWDPHQWH HO SXHEOR GH 7RQLOD 8Q GtD XQ SDVWRUFLOOR GH HVWH SXHEOR TXH FXLGDED D VXV FDEUDV HQ ODV ODGHUDV GH D KRQGDGD GLVWLQJXLy XQD JUDQ VRUSUHVD D XQ KRPEUH VRVWHQLGR PLODJURVDPHQWH SRU OR EHMXFRV TXH LEDQ GHVGH HO SDUHGyQ GH OD EDUUDQFD D XQ DOWtVLPR iUERO (O OXJDU HUD LQDFFHVLEOH \ HO SDVWRUFLOOR QR FRPSUHQGtD FyPR DTXHO KRPEUH KXELHVH FDtGR DOOt
(0%27(//$'25
786 5()5(6&2
Â&#x2021; 5$',2 3(','26 Â&#x2021;
&2/,0$ &21087$'25
8QD PXHUWH KRQUDGD HV PHMRU TXH XQD YLGD YHUJRQ]RVD
7iFLWR
/H\HQGD SXHV SDUHFtD PXHUWR /RV EHMXFRV OH IRUPDEDQ XQD HVSHFLH GH KDPDFD \ pO HVWDED DWUDYHVDGR HQ HOORV FRQ XQ SLH FROJDQGR ,PSRVLEOH YHUOH HO URVWUR 9HVWtD WUDMH HOHJDQWH GH OD pSRFD GH FRORU QHJUR (UD SXHV SHUVRQD GLVWLQJXLGD < QR GDED VHxDOHV GH YLGD HVWDED LQPyYLO VXVSHQGLGR HQ HO DELVPR $ SHVDU GHO VXVWR TXH UHFLELy FRQ DTXHO KDOOD]JR PDFDEUR HO SDVWRUFLOOR S~VRVH DO FDER D UHÃ&#x20AC;H[LRQDU pO FRQRFtD SDOPR D SDOPR WRGRV DTXHOORV VLWLRV WRGRV DTXHOORV iUEROHV \ WRGRV DTXHOORV EUHxDOHV KDEtD DUUDVWUiGRVH SRU ODV DUUXJDV GH DTXHOORV SDUHGRQHV SHUVLJXLHQGR DUGLOODV LJXDQDV R FRQHMRV R SRQLpQGROHV WUDPDV« £< QXQFD KDEtD YLVWR DTXHOOD UHG GH EHMXFRV RQGXODQWHV (QWUyOH PLHGR OD FRVD QR HUD SDUD PHQRV \ KX\R GH DKt FRQ VXV FDEUDV D OD FDEDxD GH VX SDGUH D TXLHQ OH GLMR HPEDUJDGR GH HPRFLyQ
£3DGUH £$OOi HVWi XQ PXHUWR
< HO FKLTXLOOR FRQWy OR TXH KDEtD YLVWR
(O SDGUH IXH DO VLWLR VLQLHVWUR FRQWHPSOR SRU ODUJR UDWR DO PXHUWR PLVWHULRVR \ QR SXGR FRQFHELU FyPR HUD TXH HVWDED DOOt (UD QHFHVDULR GHVSXpV GH WRGR GDU SDUWH GH OD MXVWLFLD SXHV ELHQ SXGLHUD VHU TXH VH WUDWDVH GH XQ KRUUHQGR FULPHQ $YLVDGDV ODV DXWRULGDGHV GHO SXHEOR GH 7RQLOD pVWDV VH WUDVODGDURQ D OD EDUUDQFD 0XFKDV SHUVRQDV ODV VLJXLHURQ DO WHQHU QRWLFLD GH XQ FDVR WDQ LQXVLWDGR \ PLVWHULRVR &XDQGR WRGD DTXHOOD JHQWH OOHJy D GRQGH HO PXHUWR HVWDED QDGLH DFHUWDED D FRPSUHQGHU DTXHOOR (VH KRPEUH GHFtDQ QR SXHGH KDEHU FDtGR DOOt QL GHVSUHQGLpQGRVH GHO ERUGH GH OD EDUUDQFD 6H QHFHVLWDUtD DJUHJDEDQ RWURV TXH XQ FyQGRU OR KXELHVH DUURMDGR R GHSRVLWDGR HQ HVD KDPDFD GH EHMXFRV FRQWLQ~D HO PHV GH GLFLHPEUH
5$ $*$ 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/$ -$/
9HQGUi OD PXHUWH \ WHQGUi WXV RMRV &HVDUH 3DYHVH
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,//$ '( Ã&#x2C6;/9$5(= &2/
'U (SLIDQLR 0DUWtQH] 9i]TXH]
0pGLFR &LUXMDQR 3DUWHUR \ +RPHySDWD +RUDULR /XQHV D 6iEDGR
GH DP D SP
+HULEHUWR -DUD &RORQLD (O /ODQR 9 GH $OYDUH] &RO 7HO &RUUHR HSLIDQLR #KRWPDLO FRP 'DWRV &XULRVRV
YLHQH GH OD SiJLQD
VH YDQ SHUGLHQGR SRFR D SRFR VLHQGR HO RtGR HO ~OWLPR TXH VH SLHUGH SRU FRPSOHWR /D FDXVD GH PXHUWH PiV FRP~Q HV HO DWDTXH FDUGtDFR 'H WRGDV ODV HQIHUPHGDGHV TXH SURYRFDQ OD PXHUWH HQ HO PXQGR HQWHUR HO LQIDUWR R DWDTXH F D U G t D F R H V O D F D X V D Q ~ P H U R X Q R G H IDOOHFLPLHQWRV VXSHUDQGR PiV GHO GH ORV FDVRV D QLYHO PXQGLDO HQWUH ORV KXPDQRV 1R HV YHUGDG TXH ODV XxDV VLJXHQ FUHFLHQGR FXDQGR PXHUHV (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 ([LVWH XQD PHGXVD TXH QXQFD PXHUH $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 FRQWLQ~D HQ OD SiJLQD /D SHUIHFFLyQ HV PXHUWH D LPSHUIHFFLyQ HV HO DUWH
0DQXHO 9LFHQW
&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
YLHQH GH OD SiJLQD
²$XWRULGDGHV GH OD FDSLWDO ²/HV WHOHIRQHDURQ ²(O JREHUQDGRU HVWi HQRMDGR ²(UD VX DPLJR ²6H IUHFXHQWDEDQ ²,ED D VHU GLSXWDGR 3HGUR 5RVDOHV ²<D IXH GRV YHFHV ²4XH SUHVLGHQWH ²7DPELpQ \D IXH ²4XH QR OH KDFH ²6LHPSUH IXH WRGR ²0DQGDED ²0DQJRQHDED ²(UD EXHQ KRPEUH ²0X\ D\XGDGRU ²< PDQJRQHDGRU ²$\XGDED D ORV SREUHV ²'HIHQGtD D ORV SREUHV ²$ VXV WUDEDMDGRUHV SREUHV ²$ WRGRV ORV WUDEDMDGRUHV GHO SXHEOR ²< GH ORV UDQFKRV ²< GH ODV KDFLHQGDV TXH WHQtD ²'H VXV SDOPDUHV ²3RWUHURV ²/RV FHUURV HUDQ GH pO ²(O GH /RV &R\RWHV ²(O 3XHUWHFLWR ²7RGRV ORV FHUURV TXH QRV URGHDQ ²9DULDV KXHUWDV ²6LHPEUDV ²7HQtD PXFKRV WUDFWRUHV 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 $OLPHQWRV &DUORV GH OD 0DGULG %HMDU 6DOLGD D 3LKXDPR &ROLPD &RO 7HO
=DUDJR]D 1R &RO &HQWUR &ROLPD &RO
+263,7$/ 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; /RV FREDUGHV PXHUHQ PXFKDV YHFHV DQWHV GH VX YHUGDGHUD PXHUWH ORV YDOLHQWHV SUXHEDQ OD PXHUWH VyOR XQD YH]
:LOOLDP 6KDNHVSHDUH
3URJUDPD ;ROR )HVWLYDO
3URJUDPD GHO HYHQWR ;ROR )HVWLYDO 6iEDGR GH QRYLHPEUH $ 0 D 3 0 3RQHQFLDV LQDXJXUDOHV 0XVHR GH +LVWRULD
$ 0 0 D H V W U D & O D X G L D 9H O i ] T X H ] 'LUHFWRUD GHO DUFKLYR KLVWyULFR ³LQYHVWLJDFLyQ GH 0DUtD $KXPDGD GH *yPH] VREUH ORV [RORLW]FXLQWOHV HQ FROLPD´ $ 0 ;RORGLiORJRV XQD SOiWLFD LQWHUDFWLYD HQWUH FULDGRUHV YHWHULQDULRV \ MXH] GH OD IHGHUDFLyQ FDQy¿OD PH[LFDQD´ 3 0
-DUGtQ GH ;ROLWRV DFWLYLGDGHV FXOWXUDOHV SDUD QLxRV &RQYLYHQFLD GH QLxRV FRQ [RORLW]FXLQWOHV EHEpV SLQWXUD GH ¿JXUDV GH \HVR GH [RORWL]FXLQWOHV SLQWD FDULWDV \ FXHQWD FXHQWRV VREUH HO [RORWLQ]XLQWOH
3 0
3DVDUHOD WUDMHV ERUGDGRV PXMHUHV FRQ WUDMHVERUGDGRV FROLPHQVHV \ DFRPSDxDGDV GH XQ [RORLW]FXLQWOH
3 0
0XMHUGDQ]D SUHVHQWDFLyQ GH JUXSR O R F D O G H V H x R U D V F R Q G D Q ] D WODPDPDOOL WHPD [RORLW]FXLQWOH
'RPLQJR GH QRYLHPEUH $ 0 &DUUHUD FRQ SHUULWRV UHFRUULGR SLHGUD OLVD D MDUGtQ SULQFLSDO SUHPLDFLyQ GH SDUWH GH 3UHVLGHQWH 0XQLFLSDO ± 3DWURFLQDGD SRU &RFD &ROD 3 0
(VSHFLDOL]DGR HQ ;RORV FRQ OD )HGHUDFLyQ &DQy¿OD 0H[LFDQD
3 0
3UHVHQWDFLyQ GHO %DOOHW GH OD 8QLYHUVLGDG GH &ROLPD
$FWLYLGDGHV SHUPDQHQWHV y
-DUGtQ GH ;ROLWRV DFWLYLGDGHV SDUD QLxRV
y
=RQD JDVWURQyPLFD GHO PDt]
y
3LQWXUD GH OLHQ]RV D JUDQ IRUPDWR WHPD [RORLW]FXLQWOH
y
([SR YHQWD DUWHVDQDO
y
([SRVLFLyQ IRWRJUi¿FD )ULGD \ VXV ;RORV
y
([SRVLFLyQ GH HVFXOWXUDV D JUDQ IRUPDWR GH SHUULWRV
/D PXHUWH HV GXOFH SHUR VX DQWHVDOD FUXHO &DPLOR -RVp &HOD
&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 DW~Q SHVFDGR HWF 0DWHULDO GH KLJLHQH FRUSRUDO -DEyQ SDVWD GHQWDO SDSHO KLJLpQLFR VKDPSRR 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
$1Ò1&,(6( (1
OOiPHQRV \ FRQ JXVWR OR DQWHQGHUHPRV FRQWDFWR#FRVWD]XO P[ ZZZ FRVWD]XO P[ /D PXHUWH HV DOJR WDQ WUHPHQGDPHQWH DLUDGR TXH VyOR OD GHVQXGH] OD HOHPHQWDO GHVQXGH] SXHGH HVFLQGLUOD GHO ULGtFXOR
&DPLOR -RVp &HOD
&RPDOD
$LUH $FRQGLFLRQDGR 79 3ODVPD :L )L
9LVWDV
,JQDFLR $OOHQGH $ &RORQLD &HQWUR &RPDOD &ROLPD 0p[LFR 7HO
SRVDGDFRPDOD#KRWPDLO FRP
0LUDGRU 6DOyQ GH HYHQWRV 7HUUD]D (VWDFLRQDPLHQWR
7KH &RPDOD V WRS %UHDG 6WRUH ´< eO FRQ XQD VROD PLUDGD PXOWLSOLFy ORV SDQHV \ ORV EHQGLMR´ ,JQDFLR $OOHQGH &HQWUR &RPDOD &ROLPD 7HO &KLVWH
(Q OD IDFXOWDG GH PHGLFLQD \ DQWH XQ FDGiYHU HO SURIHVRU OH SUHJXQWD D XQ HVWXGLDQWH ¢&XiO KD VLGR OD FDXVD GH OD PXHUWH GH HVWH LQGLYLGXR" (O DOXPQR VH SRQH D H[DPLQDU HO FXHUSR YH TXH WLHQH QXPHURVDV SXxDODGDV HQ HO WyUD[ \ UHVSRQGH +D PXHUWR GH PXHUWH QDWXUDO ¢&yPR TXH GH PXHUWH QDWXUDO"¢8VWHG QR KD YLVWR ODV SXxDODGDV" +RPEUH HV TXH FRQ HVDV SXxDODGDV OR QDWXUDO HV TXH VH PXHUD £'LJR \R &XDQGR QR VH WHPH D OD PXHUWH VH OD KDFH SHQHWUDU HQ ODV ¿ODV HQHPLJDV
1DSROHyQ ,
&RPDOD
/$ 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 $OOHQGH 7HO &XHQWR
YLHQH GH OD SiJLQD
²'L]TXH OR UREDURQ ²4XH QR VH OHV KL]R ²1R HQFRQWUDURQ HO GLQHUR ²(VWDED HQ HO EDQFR ²¢< OD YLXGD" ²1R KD\ YLXGD ²0XFKDV YLXGDV ²< PXFKRV KXpUIDQRV ²(VWiQ OORUDQGR ODV TXH IXHURQ VXV PXMHUHV ²(VWiQ FRQWHQWDV ODV TXH IXHURQ VXV PXMHUHV ²4XH ODV YDQ D KHUHGDU ²4XH QRV ODV KHUHGHQ ²$OJR GHEHQ GDUOHV ²/R H[SORWDEDQ ²< OR VLJXLHURQ H[SORWDQGR ²'H WRGRV PRGRV ORV KLMRV ²+D\ YHLQWH GHWHQLGRV ²9HLQWLXQR ²<D FD\HURQ GRV PiV ²(PEDUUDURQ DO FDFDKXDWHUR 'XHUPH FRQ HO SHQVDPLHQWR GH OD PXHUWH \ OHYiQWDWH FRQ HO SHQVDPLHQWR GH TXH OD YLGD HV FRUWD
3URYHUELR
&XDXKWpPRF (/ /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$ &XHQWR
²0XFKRV HPEDUUDGRV ²$WDVFDGRV 3HGUR 5RVDOHV IXH HQFRQWUDGR PXHUWR HQ HO FRUUDO GH VX FDVD 1DGLH VH GLR FXHQWD FyPR OR PDWDURQ 7HQtD XQ DJXMHULWR FRPR HO JUXHVR GH XQ OiSL] VREUH HO SHFKR \ OD EDOD OH KDEtD TXHGDGR GHQWUR (Q OD FDEH]D OH HQWHUUDURQ XQD GDJD \ OXHJR QR VH OD SXGLHURQ VDFDU /H GHMDURQ DVt WLUDGR VREUH HO HVWLpUFRO \ OR HQFRQWUDURQ DO DPDQHFHU WRGR SLVRWHDGR SRU ORV DQLPDOHV 1R GHMDURQ UDVWUR 6yOR XQDV WHMDV HQ OD EDUGD TXH GDED DO UtR $O SLH GH OD EDUGD QR HQFRQWUDURQ SLVDGDV SHUR Vt PiV DEDMLWR FRPR TXH WUDWDURQ GH ERUUDU ODV SULPHUDV SLVDGDV GH D FDEDOOR \ GH D SLH 9DULDV SLVDGDV FRPR GH YDULRV FDEDOORV 0iV DEDMR XQ FRVWDOLOOR FRQ WDEDFR \ FHULOORV /XHJR \D QDGD 6yOR OD RULOOD GHO UtR \ HO UtR SRU XQ ODGR TXH IXH HO TXH GHELy YHUORV 7DPELpQ ORV YLHURQ ODV SLHGUDV \ ORV iUEROHV \ ORV DQLPDOHV TXH SLVRWHDURQ HO FXHUSR \ ODV HVWUHOODV \ HO TXH HVWi DUULED GH ODV HVWUHOODV (Q HO SXHEOR TXHUtDQ PXFKR D 3HGUR 5RVDOHV SRUTXH ORV D\XGDED /RV JUDQHURV GH 3HGUR VLHPSUH HVWDEDQ DELHUWRV SDUD WRGRV 9LXGDV \ KXpUIDQRV QR YLXGDV \ GHVFRQRFLGRV eO HUD DVt DELHUWR GLFKDUDFKHUR JHQWH 3HUR PLHQWUDV PiV OHV GDED VXV JUDQHURV VH OOHQDEDQ PXFKR PiV &DGD DxR DXPHQWDED HO Q~PHUR GH WURMHV \ GH UDQFKRV \ GH WHUUHQRV 7DPELpQ GH KLMRV \ GH PXMHUHV 3HGUR UHtD GH WRGR \ SRU WRGR (VR VDEtD KDFHUOR PX\ ELHQ 6X ULVD UHQGtD D KRPEUHV \ PXMHUHV VLHPSUH OD WUDtD SRU IXHUD ²3XHV Vt OR TXHUtDQ PXFKR SHUR D OD YH] OR RGLDEDQ 8Q RGLR TXH VyOR VH OHV SXHGH WHQHU D KRPEUHV DVt /DV JHQWHV D IXHU]D GH VRQUHtU OH HQVHxDEDQ ORV GLHQWHV FRPR ORV SHUURV \ GH EXHQD JDQD OH KXELHUDQ GHVWUR]DGR SHUR pO VHxDODED ORV JUDQHURV FRQWLQ~D HQ OD SiJLQD
6L OD PXHUWH QR IXHUD HO SUHOXGLR D RWUD YLGD OD YLGD SUHVHQWH VHUtD XQD EXUOD FUXHO
0DKDWPD *DQGKL
7RQLOD
&RQ HO IUHVFR FOLPD 7RQLOHQVH 1XHYD DGPLQLVWUDFLyQ $WHQGLGR SRU 3DQWDOHyQ 0HGUDQR \ VX IDPLOLD
%8)(7 72'26 /26 ',$6 $ELHUWR GLDULDPHQWH GH DP D SP
7LHQGD \ WDOOHU PHFiQLFR DQH[RV $XWRSLVWD &ROLPD *XDGDODMDUD 0WV VDOLGD D 7RQLOD HQWUH OD FDUUHWHUD OLEUH \ OD DXWRSLVWD &KLVWHV
(Q XQD FRQYHQFLyQ GH VDFHUGRWHV VH HQFRQWUDED XQ FXEDQR XQ DPHULFDQR \ XQ PH[LFDQR 6H OHV DSUR[LPD XQD SHULRGLVWD \ OH SUHJXQWD DO FXEDQR 3DGUH ¢XVWHG SRGUtD H[SOLFDUQRV TXp HV OR TXH KDFHQ HQ &XED FRQ HO GLQHUR GH ORV ¿HOHV" &ODUR TXH Vt FKLFD (V PX\ IiFLO SLQWDPRV XQD OtQHD HQ HO SLVR \ DYHQWDPRV HO GLQHUR DO FLHOR /R TXH FDLJD DGHODQWH GH OD OtQHD HV SDUD 'LRV \ OR TXH FDLJD GHWUiV GH OD OtQHD HV SDUD QRVRWURV 0X\ ELHQ \ XVWHGHV ORV DPHULFDQRV ¢TXp KDFHQ FRQ HO GLQHUR" 1RVRWURV PDUFDU XQ FtUFXOR HQ HO SLVR \ OR TXH FDHU GHQWUR GHO FtUFXOR VHU SDUD 'LRV \ OR TXH FDHU DIXHUD VHU SDUD QRVRWURV )LQDOPHQWH XVWHGHV ORV PH[LFDQRV ¢TXp KDFHQ FRQ HO GLQHUR GH ORV ¿HOHV" 1RVRWURV VRPRV PiV MXVWRV DYHQWDPRV HO GLQHUR DO FLHOR \ OR TXH DOFDQFH D DJDUUDU 'LRV HV SDUD pO \ OR GHPiV HV SDUD QRVRWURV ¢&XiO HV HO FROPR GH XQ DVWURQDXWD" (QIHUPDUVH GH JUDYHGDG 1XHVWUD QDWXUDOH]D HVWi HQ PRYLPLHQWR (O UHSRVR DEVROXWR HV OD PXHUWH
%ODLVH 3DVFDO
7RQLOD
'HVD\XQRV &RPLGDV DULVFRV )LQ GH VHPDQD 0 &DUQLWDV PHQXGR \ DQWRMLWRV 'RPLQJRV HJD %RUUHJR D OD *UL &DUUHWHUD OLEUH 7RQLOD 6DQ 0DUFRV D XQ FRVWDGR GH OD EDVFXOD +RUDULR DP D SP
/$ &$%$f$
'(/ $0,*2 $%(/ < '(/ $0,*2 0,*8(/ 5HVWDXUDQW %DU HQ 7RQLOD IDPLOLDU GHVGH
'LVIUXWH GH 0DULVFRV D OD FDUWD \ JUDQ YDULHGDG GH ERWDQDV GHVGH ODV KRUDV HQ DGHODQWH 1XHVWUR OHPD ³6L HQWUH WRGRV ORV FOLHQWHV DJRWDQ OD H[LVWHQFLD GH ERWDQDV £QR SDJDQ OD FXHQWD ´ $OOHQGH 7RQLOD -DO D FXDGUDV GH OD FDUUHWHUD OLEUH +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
0XHUWH HV WRGR OR TXH YHPRV GHVSLHUWRV VXHxR OR TXH YHPRV GRUPLGRV
+HUiFOLWR GH (IHVR
7HFRPiQ 6HUYLFLRV
$QD &ULVWLQD *DUFtD GH 0RQUR\ GH 1RYLHPEUH &HQWUR 7HFRPiQ &RO 7HO &HO DQDJBEHQLDQ\#KRWPDLO FRP 5HÃ&#x20AC;H[LyQ
/D PXHUWH QR VH VXSHUD VH DEUD]D 1R HQ YDQR GLFHQ TXH HQ HVWD YLGD WRGR WLHQH VROXFLyQ PHQRV OD PXHUWH & X D Q G R P X H U H X Q V H U T X H D P D P R V SURIXQGDPHQWH VHQWLPRV XQ GRORU TXH QRV WUDVSDVD HO DOPD \ QXHVWUR FRUD]yQ VH URPSH HQ LQFRQWDEOHV SHGDFLWRV GH IUXVWUDFLyQ DO SHUGHU SDUD VLHPSUH D DTXHOOD SHUVRQD WDQ HVSHFLDO TXH DFDULFLDED QXHVWUR VHU FRQ FDGD PLUDGD ¢4Xp SXHGH GROHU PiV" ¢6DEHU TXH MDPiV SRGUHPRV YROYHU D YHUOH" ¢(VH PRQWyQ GH SDODEUDV TXH VLHPSUH TXLVLPRV GHFLU \ QR SXGLPRV" ¢(O KHFKR GH TXH HVWHPRV DTXt \ HOORV QR" ¢&yPR SHGLUOH DO DOPD T X H Q R O O R U H S R U W D Q W D V DXVHQFLDV" 4XLVLpUDPRV HVWDU HQ SD] VDELHQGR TXH TXLHQ PXULy VH PDUFKy D XQ OXJDU PHMRU HQ GRQGH VH HQFXHQWUD OD SD] \ OD D U P R Q t D T X H W R G R V EXVFDPRV« 3HUR HQ OXJDU GH SHQVDU DVt HVWDPRV DTXt VXIULHQGR SHQVDQGR HQ HO G R O R U T X H V H Q W L P R V \ GHUUDPDQGR ODV OiJULPDV PiV D P D U J D V T X H Q X Q F D SHQVDPRV GHUUDPDU £ & y P R Q R V J X V W D U t D GHYROYHU HO WLHPSR \ KDFHU WDQWDV FRVDV TXH SRGUtDQ DPLODQDU OD WULVWH]D \ SHVDGH] TXH KD\ HQ QXHVWUR FRUD]yQ 6DEHPRV TXH DOJ~Q GtD OD PXHUWH OOHJDUi VHD SRU HO LQHIDEOH SDVR GH ORV DxRV R SRU ORV GHVYHQWXUDGRV /D SiOLGD PXHUWH OR PLVPR OODPD D ODV FDEDxDV GH ORV KXPLOGHV TXH D ODV WRUUHV GH ORV UH\HV
+RUDFLR
7HFRPiQ &RPHUFLRV 5(6
&(5'2
(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$'2 5HÃ&#x20AC;H[LyQ
DFFLGHQWHV \ HQIHUPHGDGHV TXH DFRQWHFHQ 3HUR QXQFD HVWDPRV SUHSDUDGRV SDUD YLYLU VLQ DTXHOOD SHUVRQD GXHxD GH QXHVWUD DOPD HOOR HV FRPR VL WH SLGLHUDQ TXH HPSH]DUDV D PRULU HQ YLGD TXH YLVXDOL]DUDV OR TXH GHVHDUtDV TXH QXQFD SDVDUD ¢&yPR IUHQDU DTXHO RVFXUR YDFtR HQ HO TXH FDHV FXDQGR YHV pO O~JXEUH IpUHWUR" ¢&yPR FDOPDU DO HVStULWX FXDQGR WUDV HVH IULR YLGULR YHV D OD SHUVRQD TXH WDQWDV YHFHV YLVWH VRQUHtU" ¢&yPR ERUUDU ODV HVSHUDQ]DV GH FUHHU TXH IXH XQD HTXLYRFDFLyQ FXDQGR YHV D WX IDPLOLD OORUDQGR VREUH HVH LQHUWH DWD~G" ¢&yPR QR GHUUXPEDUVH DO WHQHU TXH DFHSWDU OR TXH WDQWDV YHFHV TXLVLPRV HVTXLYDU"
1R KD\ SDODEUDV QL FRQVXHORV TXH DOFDQFHQ D GDUOH OX] D ODV RVFXULGDGHV TXH WH HQYXHOYHQ ¢3RU TXp SHQVDU TXp WRGR YD D SDVDU" ¢4Xp OD SROtWLFD GH HVWD YLGD HV GHMDU DWUiV LQFOXVR D T X L H Q H V D P D P R V \ Q R V D P D U R Q W D Q W R " / R V FRPHQWDULRV GH TXLHQHV HVFXFKDV VH YXHOYHQ WDQ VXSHUÃ&#x20AC;XRV WDQ PRQyWRQRV \ IDOWRV GH VHQWLGR ¢TXp QR HQWLHQGHQ TXH HO GRORU GH OD PXHUWH GH XQ VHU TXHULGR QR HV XQ KHFKR IiFLO GH DVLPLODU" < OOHJD DTXHOOD SDODEUD T X H T X L V L H U D V T X H Q R H[LVWLHUD /D UHVLJQDFLyQ 3 H U R ¢ T X p H V O D UHVLJQDFLyQ" ¢5HFRUGDU TXH KD\ FRVDV TXH QR WHQHPRV HQ Q X H V W U D V P D Q R V \ T X H VLPSOHPHQWH GHEHPRV YLYLU" ¢$FDVR OD UHVLJQDFLyQ ERUUD OD FRQWLQ~D HQ OD SiJLQD
/D PXHUWH VyOR WLHQH LPSRUWDQFLD HQ OD PHGLGD HQ TXH QRV KDFH UHÃ&#x20AC;H[LRQDU VREUH HO YDORU GH OD YLGD
)HUGLQDQG *DOLDQL
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
68 '2 .8 /D PXHUWH VLHPSUH HV WHPSUDQD \ QR SHUGRQD D QLQJXQR
3HGUR &DOGHUyQ GH OD %DUFD
6DOXG \ %HOOH]D
/D KHUPRVXUD HV XQ GRQ /D KHUPRVXUD HV XQ GRQ TXH VH DGTXLHUH D EDVH GH FLHUWRV KiELWRV \ FXLGDGRV (V XQ FRQMXQWR GH FRVDV 8VWHG SXHGH VHU WDQ EHOOD FRPR OD PiV 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 /D EHOOH]D SHUVRQDO GH FDGD PXMHU UDGLFD HQ VDEHU GHVWDFDU VXV UDVJRV EHOORV \ GLVLPXODU VXV GHIHFWRV HV VDEHU VDFDU SDUWLGR D VX ¿JXUD \ D WRGR VX \R FUHiQGRVH XQD DXUHROD GH RULJLQDOLGDG < WRGR HOOR OR SXHGH FRQVHJXLU HVWXGLiQGRVH SHUIHFWDPHQWH D Vt PLVPD FRQRFLpQGRVH D IRQGR SDUD SHUIHFFLRQDUVH GtD D GtD < GHVWDFDU FRQ JUDFLD HQ HO PHGLR DPELHQWH TXH OD URGHD 3RQJD HQ SUiFWLFD ORV VHQFLOORV FRQVHMRV GH HVWD JXtD \ VHD HVD PXMHU DGPLUDEOH URGHDGD GH HQFDQWR 0DQWHQJD VX SHVR 3HUGHU GRV R WUHV NLORV QR HV PX\ GLItFLO KiJDOR DQWHV TXH DFXPXOH PiV (VWR VH SXHGH ORJUDU WUDQTXLODPHQWH VLQ XQD GLHWD GUiVWLFD 8VWHG QR HVWi HQIHUPD QL REHVD VLPSOHPHQWH KD GHMDGR TXH VH DFXPXOH JUDVD HQ FLHUWDV SDUWHV GHO FXHUSR \ HOOR OH UHVWD HQFDQWR (VRV NLORV VRQ VX¿FLHQWHV SDUD TXH HO SDQWDOyQ QR FLHUUH \ OD IDOGD VH DMXVWH DQWLHVWpWLFDPHQWH
6ROR HPSLHFH SRU FRPHU PHQRV GH WRGR HVSHFLDOPHQWH KDULQDV G X O F H V J U D V D V \ DQWRMLWRV (YLWH FRPHU H Q W U H F R P L G D V \ HOLPLQH ORV UHIUHVFRV \ EHELGDV DOFRKyOLFDV + D J D V L H P S U H WRGR HVWR \ YHUD FRPR VH VHQWLUi \ VH PLUDUi V L H P S U H H[FHOHQWH +DVWD OD SUy[LPD
/D PXHUWH SDUD ORV MyYHQHV HV QDXIUDJLR \ SDUD ORV YLHMRV HV OOHJDU D SXHUWR
%DOWDVDU *UDFLiQ
0DQ]DQLOOR 6HUYLFLRV (PHUJHQFLDV (PHUJHQF\ /DGD
(PHUJHQFLDV (PHUJHQF\ (PHUJHQFLDV HQ 0DQ]DQLOOR 0DQ]DQLOOR (PHUJHQF\ $QJHOHV YHUGHV *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
/D PXHUWH QR RV FRQFLHUQH QL YLYR QL PXHUWR YLYR SRUTXH VRLV PXHUWR SRUTXH \D QR VRLV
0LFKHO GH 0RQWDLJQH
0DQ]DQLOOR 6HUYLFLRV
YLHQH GH OD SiJLQD
5HÃ&#x20AC;H[LyQ
WULVWH]D" +D\ WDQWRV VHQWLPLHQWRV HQFRQWUDGRV QR QRV LPDJLQDPRV VHJXLU UHVSLUDQGR VLQ OD SUHVHQFLD GH OD RWUD SHUVRQD« 3HUR DXQTXH QR TXHUDPRV GHEHPRV HPSH]DU D UHVLJQDUQRV \ D FDUJDU FRQ ODV UHVSRQVDELOLGDGHV GH OR TXH KLFLPRV R GHMDPRV GH KDFHU ¢3HUR VDEHQ XQD FRVD" +D\ DOJR TXH HV YHUGDG HQWUH WDQWDV SDODEUDV TXH HVFXFKDV OD SHUVRQD TXH PXULy QR TXLVLHUD TXH VXIULpUDPRV D FDXVD GH VX SDUWLGD eVH VHU QRV DPDED \ HO DPRU QR HV VXIULPLHQWR ¢DFDVR H[LVWH DOJXLHQ TXH TXLHUD YHU VXIULU D ODV SHUVRQDV TXH DPD" 3HUR VRPRV SHUVRQDV TXH QR SXHGHQ HYLWDU HVH UHPROLQR GH WULVWH]DV \ OODQWR /D PXHUWH QR HV DOJR TXH VH VXSHUH HV DOJR TXH VH DFHSWD 4XL]i QR HQFRQWUHPRV OD VDOLGD HQ PXFKR WLHPSR TXL]i QR VXSHUHPRV ODV DXVHQFLDV HQ PXFKRV PHVHV« 3HUR KD\ DOJR TXH QL VLTXLHUD OD PXHUWH URPSH HO $025 \ DXQTXH \D QR SRGDPRV YHU D OD RWUD SHUVRQD QL VHQWLU VX DURPD QL HVFXFKDU VX YR] QL PLUDUOH D ORV RMRV QL DEUD]DUOH ItVLFDPHQWH VLHPSUH SRGUHPRV FHUUDU QXHVWURV RMRV SDUD UHFRUGDUOH SDUD GHFLUOH GHVGH QXHVWUR FRUD]yQ TXH OH HFKDPRV GH PHQRV TXH OH DPDPRV TXH QRV SHUGRQH TXH QRV DEUDFH < GHVGH DKt HV GRQGH QDFHQ ORV YHUGDGHURV F R Q V X H O R V G H V G H O D HWHUQLGDG GH XQ VHQWLPLHQWR \ QR GHVGH OR HItPHUR GH XQD YLGD PRUWDO $EUD]D WX GRORU VHJXUDPHQWH HO W L H P S R F R P R J U D Q PDHVWUR WH PRVWUDUi HO FDPLQR D OD VDQDFLyQ GH WX DOPD SRUTXH W~ QR HUHV XQ VHU GH DxRV HUHV XQ VHU GH HWHUQLGDGHV
/D PXHUWH QR OOHJD PiV TXH XQD YH] SHUR VH KDFH VHQWLU HQ WRGRV ORV PRPHQWRV GH OD YLGD
-HDQ GH OD %UX\HUH
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 /D PXHUWH HV XQD DPDUJD SLUXHWD GH OD TXH QR JXDUGDQ UHFXHUGR ORV PXHUWRV VLQR ORV YLYRV
&DPLOR -RVp &HOD
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 $QJHOHV
HQWHU WKURXJK /DV +DGDV IURP WKH %RXOHYDUG 7R JHW WR 5HVWDXUDQW /D %RTXLWD 3DOPD 5HDO HQWHU E\ (O 1DUDQMR E\ WKH 5HVW /¶5HFLI VLJQ JR WKURXJK NPV RI FXUYHV RU HQWHU WKURXJK &OXE 6DQWLDJR DQG FURVV WKH VWUHWFK E\ IRRW RU ERDW VKDOORZ ZDWHU
/D PXHUWH HV HO UHPHGLR GH WRGRV ORV PDOHV SHUR QR GHEHPRV HFKDU PDQR GH pVWH KDVWD ~OWLPD KRUD
0ROLqUH
0DQ]DQLOOR &RPHUFLRV
/$ 9,$1'$ 6X PHUFDGR \ VX IDUPDFLD
8Q FRQFHSWR HQ 6XSHUPHUFDGR IUHQWH D OD HQWUDGD GHO &OXE 6DQWLDJR 9LQRV /LFRUHV FHUYH]D UHIUHVFRV 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\ &DUU 0DQ]DQLOOR %DUUD GH 1DYLGDG .P
$ELHUWR GH /XQHV D 6iEDGR DP D SP 'RPLQJRV GH DP D SP 7HOpIRQR 3KRQH
'DWRV &XULRVRV
YLHQH GH OD SiJLQD
/RV FRQVHUYDQWHV GH QXHVWUDV FRPLGDV KDFHQ TXH DKRUD OD GHVFRPSRVLFLyQ WDUGH PiV $ 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 (Q HO =RURDVWULVPR ODV SHUVRQDV RIUHFHQ HO FXHUSR GH ORV PXHUWRV D ORV EXLWUHV (VWD 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 SHUVRQDV DO DxR PXHUHQ DWUDJDQWDGDV FRQ XQ OiSL] /D HVWDGtVWLFD DVHJXUD TXH FDGD DxR HQ HO PXQGR FLHQ SHUVRQDV PXHUHQ SRU DKRJDUVH FRQ XQ OiSL] FUD\yQ R PDUFDGRU (V PiV IiFLO PRULU FRQ XQ FRUFKR TXH SRU XQD DUDxD 2WUD HVWDGtVWLFD UHYHOD TXH DXQTXH PXFKDV SHUVRQDV OH WHPDQ D ODV WHUULEOHV DUDxDV ODV SUREDELOLGDGHV GH PRULU D FDXVD GH XQD SLFDGXUD GH HVWRV LQVHFWRV HV PXFKR PHQRU D ODV GH TXH XQ FRUFKR GH YLQR R FKDPSDJQH WH JROSHH \ WH PDWH (O HQWLHUUR GH $OHMDQGUR 0DJQR KD VLGR HO PiV FDUR GH OD KLVWRULD $XQTXH QR OR FUHDV HO IXQHUDO \ HQWLHUUR GH $OHMDQGUR 0DJQR HQ OD DFWXDOLGDG KDEUtD FRVWDGR PLOORQHV GH GyODUHV ODV SHUVRQDV VH HQFDUJDURQ GH FRQVWUXLU XQD FDUUHWHUD GH (JLSWR D %DELORQLD SDUD OOHYDU VX FXHUSR FRQWLQ~D HQ OD SiJLQD
,QPRUWDOHV PRUWDOHV LQPRUWDOHV 1XHVWUD YLGD HV OD PXHUWH GH ORV SULPHURV \ VX YLGD HV QXHVWUD PXHUWH
+HUiFOLWR GH (IHVR
0DQ]DQLOOR &RPHUFLRV
5()5,*(5$&,21
0$1=$1,//2
9(17$ '( (48,32 ( ,167$/$&,21 '( $,5(6 $&21',&,21$'26 ,1'8675,$/ &20(5&,$/ '20(67,&2 $8720275,=
:H VHUYH LQVWDOO DQG UHSDLU DLU FRQGLWLRQLQJ IRU FDUV LQGXVWULDO FRPHUFLDO DQG GRPHVWLF UHIULJHUDWLRQ &RQVWLWXFLyQ \ 5HIRUPD $JUDULD &RORQLD 0RUHORV &DUUHWHUD D /DV %ULVDV 7HOV \ &KLVWHV
/OHJD XQ DOHPiQ DO LQ¿HUQR \ YD HQ EXVFD GHO LQ¿HUQR GH VX SDtV OR HQFXHQWUD \ OH SUHJXQWD D ORV GH OD ¿OD ¢$TXt TXp WH KDFHQ" 1R SXHV DTXt SULPHUR WH DFXHVWDQ HQFLPD GH XQD FDPD GH FODYRV OXHJR WH VLHQWDV HQ XQD VLOOD HOpFWULFD \ DO ~OWLPR OOHJD HO GLDEOR \ WH WRUWXUD SRU XQD KRUD (O DOHPiQ GHFHSFLRQDGR YD \ VH IRUPD HQ HO LQ¿HUQR LQJOpV \ SUHJXQWD OR PLVPR D OR TXH OH UHVSRQGHQ GHVFULELHQGR ORV PLVPRV FDVWLJRV TXH HO LQ¿HUQR DOHPiQ (QWRQFHV VH SHUFDWD GH XQD ¿OD LQWHUPLQDEOH HQ XQR GH ORV LQ¿HUQRV SRU OR TXH VH DFHUFD \ SUHJXQWD ¢4Xp LQ¿HUQR HV HVWH" (V HO LQ¿HUQR PH[LFDQR ¢< SRU TXp KD\ WDQWRV IRUPDGRV DTXt" /R TXH SDVD HV TXH DTXt ORV FODYRV VH ORV UREDURQ QXQFD KD\ HOHFWULFLGDG SRU IDOWD GH SDJR \ SXHV HO GLDEOR OOHJD ¿UPD \ VH YD 8Q ERUUDFKR HVWD VHQWDGR HQ XQD HVTXLQD \ OOHJD XQ SROLFLD \ OH SUHJXQWD VHxRU XVWHG YLR D XQ WLSR GREODU OD HVTXLQD" \ OH UHVSRQGH HO ERUUDFKR QR VH FXDQGR OOHJXH \D OD HVTXLQD HVWDED GREODGD 8Q ERUUDFKR FDPLQD FRQ VX FRPSDGUH \ OH GLFH 2\H FRPSDGUH DTXt HQ OD HVTXLQD KD\ XQD VHxRUD TXH PH FRQIXQGH FRQ 'LRV (O RWUR GLFH QR PLHQWD FRPSDGUH FRPR FUHH 6L FRPSDGUH VL TXLHUH VH OR FRPSUXHER FDPLQDQ \ OOHJDQ D OD FDVD GH OD VHxRUD (O ERUUDFKtQ WRFD OD SXHUWD VDOH OD VHxRUD \ GLFH £'LRV PtR XVWHG RWUD YH]
(V PX\ GXOFH YHU OOHJDU OD PXHUWH PHFLGR SRU ODV SOHJDULDV GH XQ KLMR
)ULHGULFK 6FKLOOHU
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
/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 7KRXJKWV
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
UHDGLQJ ZULWLQJ DULWKPHWLF HPSDWK\ ¶ %HLQJ DORQH DFWXDOO\ VLWWLQJ ZLWK RXU RZQ WKRXJKWV FDQ OHDG WR VXFK JURZWK DQG UHDOL]DWLRQV WKDW DUH UDUH LQ RXU HYHU\GD\ EXV\ OLYHV $OO WUXO\ JUHDW WKRXJKWV DUH FRQFHLYHG E\ ZDONLQJ 7KH PRUH PDQ PHGLWDWHV XSRQ JRRG WKRXJKWV WKH EHWWHU ZLOO EH KLV ZRUOG DQG WKH ZRUOG DW ODUJH (V OD PXHUWH OD IDOWD GH LQVWUXPHQWRV GHO DOPD SRU ORV FXDOHV VH SURORQJD OD YLGD
-XDQ /XLV 9LYHV
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[
(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 &DU
*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 3ROLFtD +RWHO RK WHO
5HFHSFLyQ 3OD\D &DUUR FRFKH
7KRXJKWV
7KH WUXWK LV WKDW WKHUH LV QR DFWXDO VWUHVV RU DQ[LHW\ LQ WKH ZRUOG LW V \RXU WKRXJKWV WKDW FUHDWH WKHVH IDOVH EHOLHIV <RX FDQ W SDFNDJH VWUHVV WRXFK LW RU VHH LW 7KHUH DUH RQO\ SHRSOH HQJDJHG LQ VWUHVVIXO WKLQNLQJ .HHS DOO VSHFLDO WKRXJKWV DQG PHPRULHV IRU OLIHWLPHV WR FRPH 6KDUH WKHVH NHHSVDNHV ZLWK RWKHUV WR LQVSLUH KRSH DQG EXLOG IURP WKH SDVW ZKLFK FDQ EULGJH WR WKH IXWXUH 7KLQN ELJ WKRXJKWV EXW UHOLVK VPDOO SOHDVXUHV (Q FDVR GH YLGD R PXHUWH VH GHEH HVWDU FRQ HO PiV SUyMLPR
$QWRQLR 0DFKDGR
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 $1Ã&#x2019;1&,(6( (1
OOiPHQRV \ FRQ JXVWR OR DQWHQGHUHPRV FRQWDFWR#FRVWD]XO P[ ZZZ FRVWD]XO P[ &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
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
'LG \RX KHDU DERXW WKH VLON ZRUPV LQ D UDFH" ,W HQGHG LQ D WLH 6RPHRQH VWROH P\ WRLOHW DQG WKH SROLFH KDYH QRWKLQJ WR JR RQ /DVW WLPH , JRW FDXJKW VWHDOLQJ D FDOHQGDU , JRW PRQWKV :KDW GR \RX FDOO D ODXJKLQJ PRWRUF\FOH" $ <DPDKDKDKD $ IULHQG RI PLQH WULHG WR DQQR\ PH ZLWK ELUG SXQV EXW , VRRQ UHDOL]HG WKDW WRXFDQ SOD\ DW WKDW JDPH 'LG \RX KHDU DERXW WKH JX\ ZKR JRW KLW LQ WKH KHDG ZLWK D FDQ RI VRGD" +H ZDV OXFN\ LW ZDV D VRIW GULQN , ZDVQ¶W RULJLQDOO\ JRLQJ WR JHW D EUDLQ WUDQVSODQW EXW WKHQ , FKDQJHG P\ PLQG , FDQ¶W EHOLHYH , JRW ¿UHG IURP WKH FDOHQGDU IDFWRU\ $OO , GLG ZDV WDNH D GD\ RII $ WHUPLWH ZDONV LQWR D EDU DQG VD\V ³:KHUH LV WKH EDU WHQGHU"´ , VDZ DQ DG IRU EXULDO SORWV DQG WKRXJKW WR P\VHOI WKLV LV WKH ODVW WKLQJ , QHHG &RPR XQ PDU DOUHGHGRU GH OD VROHDGD LVOD GH OD YLGD OD PXHUWH FDQWD QRFKH \ GtD VX FDQFLyQ VLQ ¿Q
5DELQGUDQDWK 7DJRUH
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
$Vt FRPR XQD MRUQDGD ELHQ HPSOHDGD SURGXFH XQ GXOFH VXHxR DVt XQD YLGD ELHQ XVDGD FDXVD XQD GXOFH PXHUWH
/HRQDUGR 'D 9LQFL
0DQ]DQLOOR 7XULVPR
+LVWRULD
3RU /LF 'DQLHOD +HUQiQGH] 2UWL] /OHYDU HO ULWPR WHQHU XQ EXHQ DVLHQWR HVSDOGD UHFWD VRQ DOJXQDV GH ODV LQGLFDFLRQHV FXDQGR VH W U D W D G H G L V F L S O L Q D V H F X H V W U H V \ H Q O D (TXLQRWHUDSLD QR HV OD H [ F H S F L y Q / D (TXLQRWHUDSLD HV OD GLVFLSOLQD TXH PiV UHTXLVLWRV LPSOLFD FXDQGR VH WUDWD GHO XVR GH ODV FRUUHFWDV SRVWXUDV XWLOL]D ORV EHQH¿FLRV ItVLFRV GHO FDEDOOR SDUD HO PHMRUDPLHQWR GHO FXHUSR KXPDQR 3RU PHGLR GH VX ORPR QRV WUDQVPLWH LPSXOVRV UtWPLFRV TXH YDQ GHVGH HO FLQWXUyQ SpOYLFR \ SDVDQ SRU OD HVSLQD GRUVDO KDVWD OOHJDU DO FHUHEUR DVt FRPR WDPELpQ D ORV PLHPEURV GHO MLQHWH HO FDEDOOR DO FDPLQDU QRV SXHGH OOHJDU D WUDQVPLWLU GH D LPSXOVRV SRU PLQXWR HVWR SHUPLWH DO FHUHEUR UHFRQRFHU ORV PRYLPLHQWRV HVWLPXODGRV \ GDUOH DO MLQHWH OD SRVLELOLGDG GH FDPLQDU FXDQGR XQD GLVFDSDFLGDG QR VH ORV SHUPLWH 3RU HVWD UD]yQ HV PX\ LPSRUWDQWH XQ EXHQ DVLHQWR \ HVSDOGD UHFWD SDUD SRGHU SHUPLWLU TXH ORV HVWtPXORV YD\DQ GLUHFWR GH OR FRQWUDULR HVWRV VH GHVYtDQ \ QR OOHJD DO FHUHEUR (QWUH ORV EHQH¿FLRV GH PRQWDU XWLOL]DQGR HVWDV LQGLFDFLRQHV HVWi HO HTXLOLEULR IRUWDOHFLPLHQWR GH WURQFR FXHOOR Ã&#x20AC;H[LELOLGDG HQ OD SHOYLV UHODMDFLyQ \ IRUWDOHFLPLHQWR GH SLHUQDV \ EUD]RV $GHPiV GH GDUQRV XQ HIHFWR GH UHODMDFLyQ SURGXFLPRV GH PDQHUD QDWXUDO HQGRU¿QDV SURWHtQDV TXH VHJUHJDPRV HQ HO FHUHEUR \ TXH QRV GDQ XQ HVWDGR GH IHOLFLGDG ³$O ORPR GH XQ FDEDOOR SDUD VHU PHMRU´ (TXLQRWHUDSLD LQWHJUDO GH &ROLPD /LF -KRDQQD 'DQLHOD +HUQiQGH] 2UWL] /D LQGLIHUHQFLD GHO PH[LFDQR DQWH OD PXHUWH VH QXWUH GH VX LQGLIHUHQFLD DQWH OD YLGD
2FWDYLR 3D]
0DQ]DQLOOR 7XULVPR &XHQWR
YLHQH GH OD SiJLQD
\ OHV KDFtD ROYLGDU VX RGLR TXH UHQDFtD DO YROYHU HO KDPEUH &XDQGR VH VXSR OR GH VX PXHUWH OORUDURQ ODV PXMHUHV \ VH HQWULVWHFLHURQ ORV KRPEUHV 3HUR HVH OORUR \ HVD WULVWH]D UHPRYtD HQ HO IRQGR FLHUWD DOHJUtD SRUTXH 3HGUR 5RVDOHV HO GH ORV UDQFKRV SRWUHURV FDVDV WUDFWRUHV JUDQHURV KLMRV PXMHUHV SUHVLGHQFLDV PXQLFLSDOHV GLSXWDFLRQHV \ DPLVWDGHV FRQ LQÃ&#x20AC;X\HQWHV QR HUD QDGD VLQR XQ FDGiYHU TXH VHUtD YHQHUDGR SRU WRGRV D FDPELR GH ROYLGDUOR GHVSXpV /ORUDEDQ \ OHV GDED JXVWR /R RGLDEDQ \ OR TXHUtDQ HUD DGPLUDGR \ OR KDEtDQ PDWDGR ²'HVJUDFLDGRV PDWRQHV ²1R WLHQHQ PDGUH ²1R HV GH KRPEUHV ²£6RQ FREDUGHV ²<D ORV EXVFDQ ²'HWXYLHURQ D XQR ²(O GXHxR GH OD FRVWDOLOOD ²(O SUHVLGHQWH PXQLFLSDO OORUy FXDQGR VXSR ²/RV GLSXWDGRV ²< SROLFtDV ²7RGRV ORV DJUDULVWDV ²/RV GH OD YHOD SHUSHWXD ²/DV KLMDV GH 0DUtD ²< ODV KHUPDQDV GH VDQ 9LFHQWH ²0DQGDURQ DYLRQHV D SDWUXOODU HO UtR ²+DVWD OD ODJXQD ²+DVWD HO PDU ²0iV DOOi GHO PDU ²(O PXQGR WLHQH PXFKDV HVFRQGHGHUDV ²6DEUi 'LRV GyQGH DQGHQ DKRUD ²< GyQGH HVWDUiQ PDxDQD ²$ OR PHMRU DQGDQ HQWUH QRVRWURV ²£4XLpQ OR GXGD ²&RQ OR TXH OR TXHUtDPRV ²&RQ OR TXH OR RGLiEDPRV ²2GLR DPRURVR ²2GLR UHQFRURVR ²(QYLGLRVR ²7UDEDMiEDPRV SDUD pO ²/H VHPEUiEDPRV VXV WLHUUDV ²0DQWXYLPRV VXV KLMRV ²(UD PX\ ULFR FRQWLQ~D HQ OD SiJLQD
(VWR\ GH DFXHUGR HQ TXH ODV VRFLHGDGHV GHFUHWHQ DEROLU OD SHQD GH PXHUWH SHUR TXH HPSLHFHQ SRU DEROLUOD ORV DVHVLQRV
$OSKRQVH .DUU
0DQ]DQLOOR 7XULVPR
/2 0(-25 72'26 /26 6(59,&,26
&(5&$ '(/ 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[
5HÃ&#x20AC;H[LyQ
¢4Xp KD\ PiV DOOi GH OD PXHUWH" 1R OR VDEHPRV SHUR HVWDPRV FLHUWRV GH OR TXH KD\ PiV DOOi GH QXHVWUD SHUH]D GH QXHVWUD LQDFFLyQ \ GH QXHVWUD FRUUXSFLyQ PRUDO HVWi OD YLUWXG SRU DOFDQ]DUVH HVWi XQ PXQGR TXH HVSHUD SRU QXHVWURV EXHQRV R¿FLRV SDUD WUDQVIRUPDUOR (VWD PR V YL YRV HQ O D PHG L G D H Q OD TX H PRGL¿FDPRV QXHVWUD UHDOLGDG LQWHUQD \ QXHVWUR HQWRUQR \ HVWDPRV PXHUWRV HQ OD PHGLGD HQ OD TXH GHMDPRV GH LQWHUDFWXDU FRQ pO 3RU HOOR GHEHPRV DFWXDU FRQWULEXLU \ UHDOL]DU EXHQDV REUDV SRU HO ELHQ FRP~Q ,QFLHUWR HV HO OXJDU HQ GRQGH OD PXHUWH WH HVSHUD HVSpUHOD SXHV HQ WRGR OXJDU
6pQHFD
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 &XHQWR
YLHQH GH OD SiJLQD
²£5LTXtVLPR ²< QRVRWURV SREUHV ²0iV TXH SREUHV KDPEULHQWRV ²0DQWHQtD SXHUFRV FRQ GHVSHUGLFLRV ²&RQ HVR KXELHUDQ FRPLGR QXHVWURV KLMRV ²6H EDxDED FRQ OHFKH ²6H UDVXUDED FRQ HVSXPD GH KXHYR ²7RPDED KXHYRV WRGRV ORV GtDV ²1RVRWURV VRPRV PX\ SREUHV ²0XULy PX\ ULFR ²3HUR PXULy GH WRGRV PRGRV < VH DUUHPROLQDEDQ ODV PXMHUHV HQYXHOWDV DEUD]DQGR D VXV KLMRV \ OLPSLiQGRVH ORV RMRV FRQ ODV SXQWDV GH VXV UHER]RV TXH EDUUtDQ OD WLHUUD /XHJR HVWLUDEDQ VXV SHVFXH]RV SRU HQFLPD GH WRGRV SDUD SRGHU PLUDU HO FXHUSR TXH LEDQ VDFDQGR SDUD KDFHUOH OD DXWRSVLD (O SXHEOR HVWDED GH GXHOR 8Q GXHOR TXH FRPR QXEH TXH EDMD D OD WLHUUD WDSD ODV FDVDV \ HVFRQGH HO RGLR EDMR VXV WHFKRV 6DFDURQ HO FDGiYHU SRU VREUH XQ PDU GH PXMHUHV OORURVDV \ KRPEUHV FRPSXQJLGRV \ VH OR OOHYDURQ HQ OD DPEXODQFLD /XHJR OR WUDMHURQ QXHYDPHQWH $Kt SHUPDQHFLHURQ WRGRV GXUDQWH OD QRFKH SDUD HVWDU HQ VX GHUUHGRU DWHQWRV RMRV \ RtGRV 'HVSXpV OR OOHYDURQ D OD ,JOHVLD \ URJDURQ SRU pO \ OXHJR DO SDQWHyQ HQ KRPEURV GH WRGRV VXV SREUHV FRQ OD FKRUUHUD GH PXMHUHV \ GH KLMRV OORUDQGR GHWUiV /R HQWHUUDURQ SRU ~OWLPR HFKiQGROH FDGD XQR XQ SXxLWR GH WLHUUD 3XxLWR SRU SXxLWR KDVWD FRQWDU WRQHODGDV \ OR GHMDURQ DKt SDUD TXH GHVFDQVDUD SRU WRGD XQD HWHUQLGDG
'HO OLEUR ³(O 6RO GHO 0HGLRGLD´ $XWRU -RVH 7 /HSH 3UHFLDGR (GLWRULDO &RVWD $PLF
/D PXHUWH RV HVSHUD HQ WRGDV SDUWHV SHUR VL VRLV SUXGHQWHV HQ WRGDV SDUWHV OD HVSHUiLV YRVRWURV
6DQ %HUQDUGR GH &ODUDYDO
0DQ]DQLOOR %LHQHV 5DLFHV
5HVHUYD HQ ZZZ DTXDWHUUD FRP R DO
YLHQH GH OD SiJLQD
'DWRV &XULRVRV
(Q HO VLJOR ;,; KDEtDQ KRVSLWDOHV SDUD PXHUWRV 7RGR HVWR VXFHGLy HQ (XURSD HQ HO VLJOR ;,; \ HV TXH HQ HVD pSRFD H[LVWtDQ WDQWDV HYLGHQFLDV GH SHUVRQDV YLYDV TXH HUDQ GHFODUDGDV PXHUWDV HUUyQHDPHQWH TXH ORV FDGiYHUHV HUDQ OOHYDGRV D KRVSLWDOHV SDUD PXHUWRV GRQGH VH OHV YLJLODED D OD HVSHUD GH VHxDOHV GH SXWUHIDFFLyQ (O SXHQWH GH 6DQ )UDQFLVFR HV HO TXH PiV VXLFLGLRV KD SURWDJRQL]DGR &RPHQ]DQGR SRUTXH HQ (VWDGRV 8QLGRV KD\ XQ HVWXGLR TXH UHYHOD TXH KD\ PXFKRV PiV VXLFLGLRV TXH KRPLFLGLRV DKRUD ELHQ HO FHQVR DVHJXUD TXH SHUVRQDV KDQ PXHUWR ODQ]iQGRVH GHO SXHQWH GH 6DQ )UDQFLVFR /DV PRPLDV HUDQ XWLOL]DGDV FRPR FRPEXVWLEOH SDUD ORFRPRWRUDV 'XUDQWH OD H[SDQVLyQ GH ODV OtQHDV IHUURYLDULDV HQ (JLSWR HQ HO VLJOR ;,; ODV HPSUHVDV HQFDUJDGDV GH OD FRQVWUXFFLyQ GHVHQWHUUDURQ WDQWDV PRPLDV TXH ODV XVDEDQ FRPR FRPEXVWLEOH SDUD ODV ORFRPRWRUDV (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
+RUyVFRSR +RURVFRSH 6LJXH WXV SHUFHSFLRQHV FRUD]RQDGDV H LQWXLFLRQHV SDUD TXH QR YD\DV D FRPHWHU HUURUHV SHUR VREUH WRGR XWLOL]D WX VHQWLGR FRP~Q 1~PHUR )ROORZ \RXU SHUFHSWLRQV KXQFKHV DQG LQWXLWLRQV VR \RX GR QRW PDNH PLVWDNHV EXW DERYH DOO XVH \RXU FRPPRQ VHQVH 1XPEHU 7H DVRPEUDUiV GH OD UDSLGH] FRQ TXH VH YDQ D GHVDUUROODU ORV DFRQWHFLPLHQWRV GH DKRUD HQ DGHODQWH \ FRPR XQ JHVWR WX\R VDOYD XQD UHODFLyQ VHQWLPHQWDO 1~PHUR <RX ZLOO EH DVWRQLVKHG DW WKH VSHHG ZLWK ZKLFK WKH HYHQWV ZLOO GHYHORS IURP QRZ RQ DQG DV D JHVWXUH RI \RXUV VDYHV D UHODWLRQVKLS VHQWLPHQWDO 1XPEHU (Q WXV PDQRV HVWi DUUHJODU WX ¿JXUD FRQ XQ SRFR GH HMHUFLFLRV \ XQD DOLPHQWDFLyQ DGHFXDGD VH UHVXHOYH HO SUREOHPD 1~PHUR ,Q \RXU KDQGV LV WR ¿[ \RXU ¿JXUH ZLWK D OLWWOH H[HUFLVH DQG DQ DGHTXDWH GLHW WKH SUREOHP LV VROYHG 1XPEHU /R LQHVSHUDGR VH FRQYLHUWH HQ UHDO PDUDYLOORVR 8QD SHUVRQD DPLJD HVWDUi GiQGRWH XQ FRQVHMR TXH WH D\XGDUi D UHVROYHU XQ DVXQWR 1~PHUR 7KH XQH[SHFWHG EHFRPHV UHDO ZRQGHUIXO $ IULHQG ZLOO EH JLYLQJ \RX DGYLFH WKDW ZLOO KHOS \RX UHVROYH DQ LVVXH 1XPEHU $SOLFD WX WDFWR VRFLDO \ QR GHMHV TXH ODV FLUFXQVWDQFLDV WH DSDEXOOHQ (VWiV HQ HO PRPHQWR LGHDO SDUD HO DPRU HQ WRGDV VXV PDQLIHVWDFLRQHV 1~PHUR $SSO\ \RXU VRFLDO WDFW DQG GR QRW OHW FLUFXPVWDQFHV RYHUZKHOP \RX <RX DUH LQ WKH LGHDO PRPHQW IRU ORYH LQ DOO LWV PDQLIHVWDWLRQV 1XPEHU /R PiV LQWHUHVDQWH VXFHGH HQ WX PXQGR LQWHULRU GRQGH WH SUR\HFWDV KDFLD OD LQWXLFLyQ \ DO VHJXLUOD DWUDHV D WX ODGR GLQHUR SURVSHULGDG \ IRUWXQD 1~PHUR 7KH PRVW LQWHUHVWLQJ WKLQJ KDSSHQV LQ \RXU LQQHU ZRUOG ZKHUH \RX SURMHFW WRZDUGV WKH LQWXLWLRQ DQG WR IROORZ LW \RX DWWUDFW WR \RXU VLGH PRQH\ DQG SURVSHULW\ 1XPEHU 3XHGHV VHU PX\ KRQHVWR FRQWLJR PLVPR \ DO WLHPSR GHPRVWUDU TXH HUHV LQWHOLJHQWH \ QR DFWXDU SRU LPSXOVRV HPRFLRQDOHV SULPLWLYRV 1~PHUR <RX FDQ EH YHU\ KRQHVW ZLWK \RXUVHOI DQG DW WKH VDPH WLPH SURYH WKDW \RX DUH LQWHOOLJHQW DQG QRW DFW RQ SULPLWLYH HPRWLRQDO LPSXOVHV 1XPEHU 8Q SDVHR D OD OX] GH OD /XQD XQ SDUTXH R FXDOTXLHU OXJDU GRQGH KD\D LQWLPLGDG WH VHUYLUi SDUD FDPELDU OD UXWLQD 1~PHUR $ ZDON LQ WKH OLJKW RI WKH PRRQ D SDUN RU DQ\ SODFH ZKHUH WKHUH LV SULYDF\ ZLOO KHOS \RX WR FKDQJH WKH URXWLQH 1XPEHU /D LQÃ&#x20AC;XHQFLD SODQHWDULD GH HVWRV PRPHQWRV DWUDH D WX KRUL]RQWH HFRQyPLFR OD SRVLELOLGDG GH DXPHQWDU WXV JDQDQFLDV 1~PHUR 7KH SODQHWDU\ LQÃ&#x20AC;XHQFH RI WKHVH PRPHQWV DWWUDFWV WR \RXU HFRQRPLF KRUL]RQ WKH SRVVLELOLW\ RI LQFUHDVLQJ \RXU SUR¿WV 1XPEHU 7H VRUSUHQGHUiV FRQ XQD QRWLFLD R FRUUHR GH DOJXLHQ TXH SHQVDEDV \D QR OH LQWHUHVDEDV (VWR HV IRUPLGDEOH SRUTXH WH LQVSLUD D UHWRPDU ODV ULHQGDV GH WX YLGD 1~PHUR <RX ZLOO EH VXUSULVHG ZLWK QHZV RU PDLO IURP VRPHRQH 7KLV LV IRUPLGDEOH EHFDXVH LW LQVSLUHV \RX WR WDNH RYHU WKH UHLQV RI \RXU OLIH 1XPEHU 1R HVFRQGDV WXV VHQWLPLHQWRV DVXPLHQGR TXH DO FDOODUWH HVWiV KDFLHQGR DOJR SRVLWLYR 7X SDUHMD QHFHVLWD HVFXFKDU WXV SDODEUDV 1~PHUR 'R QRW KLGH \RXU IHHOLQJV DVVXPLQJ WKDW ZKHQ \RX VKXW XS \RX DUH GRLQJ VRPHWKLQJ SRVLWLYH <RXU SDUWQHU QHHGV WR KHDU \RXU ZRUGV 1XPEHU (V LQWHUHVDQWH H[SORUDU SRVLELOLGDGHV SHUR HV SRFR LQWHOLJHQWH WRPDU ULHVJRV LQQHFHVDULRV FXDQGR H[LVWHQ RWUDV YtDV SDUD ORJUDU OR TXH GHVHDV 1~PHUR ,W LV LQWHUHVWLQJ WR H[SORUH SRVVLELOLWLHV EXW LW LV XQZLVH WR WDNH XQQHFHVVDU\ ULVNV ZKHQ WKHUH DUH RWKHU ZD\V WR DFKLHYH ZKDW \RX ZDQW 1XPEHU
0H DQXQFLDQ OD PXHUWH GH XQR FX\D SUHVHQFLD QR PH HQWXVLDVPDED \ SLHQVR \R QR SHGtD WDQWR
6DFKD *XLWU\
Â&#x2039; &RVWD]XO 'HUHFKRV UHVHUYDGRV /D LPDJHQ \ HO
ORJRWLSR GH HVWD SXEOLFDFLyQ VRQ SURSLHGDG GH &RVWD]XO