Page 1




‹/D'HD(GLWRUL 9LD7DVVR‡&DPLJOLDWHOOR6LODQR &6 ,WDO\ WHOHID[‡WHO WHOPRELOH HPDLOODGHD#DOLFHLW‡ODGHD#WLVFDOLLW ZZZODGHDHGLWRULLW 'LUHFWRUHGLWRULDO(JLGLR%HYLODFTXD 'LUHFWRUDUWtVWLFR(OYLUD3DFHQ]D 'LVHxRJUiILFR\PDTXHWDFLyQ'HD*UDSKLF 7UDGXFFLyQ1DWDOLD&DUULRQ*DUFLD ,QYHVWLJDFLyQ\WH[WRV'HD,ODULDH$QGUHD%HYLODFTXD 3ULPHUDHGLFLyQGLJLWDO(QHUR &DPLJOLDWHOOR6LODQR &6 ,WDO\ ,6%1 ‹4XHGDQUHVHUYDGRVWRGRVORVGHUHFKRVGHWUDGXFFLyQ UHSURGXFFLyQ\DGDSWDFLyQSDUFLDORWRWDOLQFOXLGRVPLFUR ILOPVRFRSLDVIRWRJUiILFDV )RWR$UF/D'HD(GLWRUL&DOLJLXUL*)DJLROL&0)LOLFH: *UDQLHUL&/D&DYD&/HTXRTXH60363LVDQR*5L]]R% 6DYDJOLR$6LULDQQL)7XUFR*9HFFKLRQH6 8QHVSHFLDODJUDGHFLPLHQWRSRUVXYDOLRVDFRODERUDFLyQD &DUOR0DULD)DJLROL3UHVLGHQWH&9),JOLDPLFL IRWRJUDIL)HGHOH6LULDQQL$QWRQLR&DOGHUDUR

)RWRGHSRUWDGD &$0,*/,$7(//26,/$12 &6

/RFRPRWRUDDYDSRUHQODHVWDFLyQ)G& )RWRGHFRQWUDSRUWDGD )$*2'(/62/'$72 &6

FDUUHWHUDHVWDWDOQHYDGD³ORVFRORUHVGHODQDWXUDOH]D´ 


&RVHQ]D3XHQWHVREUHHOUtR&UDWL\W~QHO7ULEXQDOL

"*4503*"

6DQ*LRYDQQLLQ)LRUH\SRUODUHJLyQGH&URWRQHVH KXELHVHGLULJLGRSRU3HWLOLD3ROLFDVWURDOFDQ]DQGRDO ILQ 0HVRUDFD /D UHDOL]DFLyQ VH KDEtD GHQRPLQDGR ³3UR\HFWRGHIHUURFDUULOHFRQyPLFR´'HQDGDYDOHQ ODV UD]RQHV DGXFLGDV SRU HO &RPLWp SURPRWRU \ ODV UD]RQHV MXVWDV TXH VXJHUtDQ OD XWLOLGDG VLQ FLWDU OD QHFHVLGDG GH OD FRQVWUXFFLyQ GH HVWH IHUURFDUULO TXH KXELHVHSHUPLWLGRDGHPiVODYHQWDGHORVSURGXFWRV GHOD6LOD(YLGHQWHPHQWHORVVXJHULPLHQWRVWpFQLFRV GHO &RPLWp 6XSHULRU GH ODV )HUURYtDV \ WDPELpQ GHO 0LQLVWUR GH 2EUDV 3~EOLFDV 3LHWUR /DFDYD TXH LQFOXVR WHQtD RUtJHQHV PHULGLRQDOHV  KDEtD QDFLGR HQ &DUOHWR GL 3HUULFDUD HQ OD SURYLQFLD GH 3RWHQ]D  FRQFXUULHURQDODIDOWDGHUHDOL]DFLyQGHODREUD&RQ OD/H\GHOGH-XOLRGHIXHSUHYLVWRHQOXJDU GHO IHUURFDUULO SURSXHVWR SRU ORV ,QJHQLHURV *DOOL \ 0XQLFFKL RWUR IHUURFDUULO TXH GHEtD KDEHU XQLGR 3HGDFH \D XQLGR D &RVHQ]D  FRQ 6SH]]DQR GHOOD 6LOD\DWUDYHVDQGROD6LOD*UDQGHGH6DQ*LRYDQQLLQ )LRUH3HURHQHO\DVHSUHYHtDODSRVLELOLGDG GH TXH HO WUD]DGR GHO IHUURFDUULO IXHVH GHVSOD]DGR

/DSULPHUDLGHDGHODFRQVWUXFFLyQGHXQIHUURFDUULO TXHXQLHVH&RVHQ]DFRQORVSXHEORVGHORV&DVDOL\ OD$OWLSODQLFLH6LODQDUHVDOHDOSUR\HFWRGHXQIHUUR FDUULOHFRQyPLFRUHGDFWDGRSRUORV,QJHQLHURV*DOOL \0XQLFFKL(OSUR\HFWRSUHYHtDODFRQVWUXFFLyQGH XQD OtQHD IHUURYLDULD TXH VDOLHQGR GH 3HGDFH \ SRU 6HUUD3HGDFH6SH]]DQR3LFFROR6SH]]DQRGHOOD6LOD &HOLFR \ SDVDQGR FHUFD GH 6DQ 3LHWUR HQ *XDUDQR KXELHVHGHELGROOHJDUDORODUJRGHOYDOOHGHO0XFRQH D ODV FHUFDQtDV GH OD ORFDOLGDG *X]]ROLQL 'HVGH OD PLVPDORFDOLGDGVHKXELHVHGHELGRGLYLGLUXQUDPDO KDVWDDOFDQ]DU$FULDWUDYHVDQGRJUDQSDUWHGHOYDOOH GHOFLWDGRUtR\FDVLSDUDOHORDHOPLVPRSHURPiV KDFLD HO PRQWH(O RWUR UDPDO SDUWLHQGR GHVGH OD PLWDG GHO YDOOH GH 0XFRQHGHEHUuD KDEHU OOHJDGR DWUDYHVDQGR OD ORFDOLGDG GH &DPLJOLDWHOOR KDVWD HO EDUULR  6HUUDORQJD HQ ODV LQPHGLDFLRQHV GH *DUJD 6XFHVLYDPHQWH VH KXELHVH GHELGR ELIXUFDU XQD YH] PiV D OD GHUHFKD VLJXLHQGR HO YDOOH GH$UYR SDUD OOHJDU DVt D WUDYpV GHO 6DYXWR D ODV FHUFDQtDV GH 3DUHQWLDODL]TXLHUGDVLQHPEDUJRSURVLJXLHQGRSRU

/D+LVWRULD




(VWDFLyQ\ORFRPRWRUD)G&HQ&DPLJOL OLDWHOOR6LODQR




&RVHQ]DHO&DVWLOOR6YHYRFRQODQLHYH

$FWXDOPHQWHHO)HUURFDUULOGH&DODEULD\FRQFUHWDPHQWHODOtQHD&RVHQ]D6DQ*LRYDQQLLQ )LRUHKHFKDGHSDVRVW~QHOHVSXHQWHV\HVWDFLRQHVGHODVPiVDOWDVGH(XURSD\TXHDWUD YLHVDWRGRODH[WHQVLyQGHO3DUTXH1DFLRQDOGHOD6LODWRFDQGRODV\DDQWHULRUPHQWHFLWDGDV ORFDOLGDGHVDGHPiVGHGHVDUUROODUHOWUDGLFLRQDOVHUYLFLRS~EOLFRXWLOL]DHVWHWUDPRFRPR YLDIHUURYLDOSDUDLWLQHUDULRVWXUtVWLFRVFRQORFRPRWRUDVDYDSRUFRQYDJRQHVGHpSRFD

8IAJEA$ORDODEL6REN 6HSDUWHGHODHVWDFLyQGH&RVHQ]D&HQWUDO\HQVHJXL GDORVUDtOHVFRVWHDQHOUtR&UDWL(OSULPHUSXHQWHGH KLHUURSLHGUD\PDGHUDDWUDYLHVDHOUtRHQHOSXQWRHQ HOTXHHO%XVHQWRGHVHPERFDHQHO&UDWL(OSDQRUDPD HVPDUDYLOOLRVRGHIUHQWHVHHQFXHQWUDODFLXGDGYLHMD FKHVXEHKDVWDHOFDVWLOORDODGHUHFKDODHVSOpQGLGD LJOHVLDGH6DQ'RPHQLFRGRQGHSDVHDED%HUQDUGLQR 7HOHVLR\GRQGHYHQtDDHVWXGLDUHOMRYHQ7RPPDVR &DPSDQHOODGHEDMRGHQRVRWURVORVGRVUtRVTXHVH HQFXHQWUDQ \  VHJ~Q OD OH\HQGD HVFRQGHQ WRGR HO RURTXH$ODULFRORJUyVDTXHDUHQ,WDOLDDQWHVGHTXH YLQLHUDDPRULUMXVWRDTXtHQ&RVHQ]D£3HURHOYLDMH DFDEDGHHPSH]DU7UDVXQSHTXHxRWXQHOYHPRVRWUR SXHQWH HVWD YH] GH SLHGUD TXH FUX]D HO JUDQ YDOOH GH 5RYLWR GRQGH XQ VDJUDULR LQGLFD HO OXJDU GRQGH IXHURQ IXVLODGRV SRU ODV WURSDV ERUEyQLFDV ORV KHU PDQRV$WWLOLR \ (PLOLR %DQGLHUD 6H GHMD &RVHQ]D

9LDMHD%RUGRGHO7UHQ

VH VXELUi D OD 6LOD DWUDYHVDQGR WRGRV ORV FDVHUtRV 0X\SURQWRVHDOFDQ]DODHVWDFLyQGH3HGDFH3HULWR HOWUHQUHFRUUHXQW~QHOKHOLFRLGDOYHUGDGHUDMR\DGH ODWpFQLFDWHQLpQGRVHHQFXHQWDHOSHUtRGRHQHOTXH IXHFRQVWUXLGR6HWUDWDGHXQW~QHOFRPSOHWDPHQWHHQ FXUYDWDQWRTXHHQWUD\VDOHSRUODPLVPDYHUWLHQWH GH OD PRQWDxD 6H FUX]DQ GHVSXpV ORV WHUULWRULRV GH 0DJOL&DVROH6HUUD3HGDFHSXHEORVGHFDUERQHURV \JUDQMHURV6SH]]DQR3LFFRORSXHEORGHORVUHFRJH GRUHVGHFDODED]DV6SH]]DQRGHOD6LODSXHEORGHORV UHFRJHGRUHVGHVHWDVGRQGHVDQ)UDQFHVFRGH3DROD FRQVWUX\yVXWHUFHUFRQYHQWR&HOLFRSXHEORQDWDOGHO DEDG*LRDFFKLQRGD)LRUH\WDPELpQ5RYLWR/DSSD QR6DQ3LHWURLQ*XDUDQRVHJXLPRVVXELHQGRKDVWD SHQHWUDUHQODPRQWDxDFRQHOW~QHOGHO)RQGHQWHWDQ DOWR\IUtRTXHDYHFHVHQLQYLHUQRSDUDTXHSXHGD SDVDUHOWUHQVHGHEHGHUUHWLUHOKLHORFRQODOODPD 


9LVWDSDQRUiPLFDGH6HUUD3HGDFH

,JOHVLDGHOD,PPDFRODWDGH6HUUD3HGDFH

,JOHVLD3DUURTXLDOGH6SH]]DQR3LFFROR

NPOD&&NPGHVGHGRQGH VHHQWUDDHOODUJRW~QHOKHOLFRLGDOGH PTXHQRVKDFHVXSHUDUXQGHVQLYHOGHP OOHJDQGR D OD HVWDFLyQ GH 3HGDFH 6HUUD 3HGDFH NPDVQP (QWRQFHV FRVWHDPRV OD &DUUHWHUD 0XQLFLSDO SRU VHUUD 3HGDFH \ &RVHQ]D SURIXQGR YDOOH KDVWDYHUOD&&NP\GHVSXpVHO YLDGXFWRWHOHIRUR NP \HQWUDPRV HQODHVWDFLyQGH6SH]]DQR3LFFROR NP  D  VQP  3DVDPRV VREUH HO SXHQWH 9DOORQH 0DFFKLD NP   GHVSXpVOD&&NPHOW~QHO NP GHP GHVSXpVHOYLDGXFWRFXSR

,JOHVLDGH6DQWD$QGUHDGH0DFFKLD

6HUUD3HGDFH 6SH]]DQR3LFFROR



6HUUD3HGDFH SXHEORIXQGDGRHQHOVLJOR; SRUORVSUyIXJRVFRVHQWLQRV TXH HVFDSDURQ GH ODV LQYD VLRQHVGHORVVDUUDFHQRV)XH FDVHUtRGH&RVHQ]DHQHO 3ULPHURXQLGRD3HGDFHKD OOHJDGRDVHUPXQLFLSLRDXWy QRPRHQ6LWXDGRVREUH XQDFROLQDGRPLQDGDSRUHO UtR &DUGRQH \ FRPSUHQGH DGHPiVHOGLVWULWRGH6LOYDQD 0DQVLR ORV WHUULWRULRV GH 6HUUD &DSSHOOR \ 0DFFKLD VDFUD  3DUD YHU OD LJOHVLD SDUURTXLDO GHGLFDGD D 6DQ 'RQDWR RELVSRGH$UH]]R OD LJOHVLDGH6DQ/HRQDUGRGHO ODSHTXHxD,JOHVLDGHOD &RQDHGL¿FDGDHQHO (OSXHEORVHMDFWDGHKRPEUHV GH JUDQ FXOWXUD FRPR *LR YDQQL *UDVVR \ *LXVHSRSH &DPSDJQDDPERVHVFULWRUHV \ *LXVHSSH /HRQHWWL ³SHQ VDGRU´\*LXVHSSH/HRQHWWL ³0LFHUD´SRHWDV 6SH]]DQR3LFFROR 6X RULJHQ VH UHPRQWD DO DxR PLO \ VH FUHH TXH IXH IXQGDGRSRUSUyIXJRVFRVHQ WLQRV TXH HVFDSDURQ GH ODV LQYDVLRQHV VDUUDFHQDV +D VLGRXQRGHORVGLVWULWRVGH &RVHQ]DSULPHURDJUHJDGR D6SH]]DQRGHOD6LODOOHJy D VHU PXQLFLSLR DXWyQRPR HQ)XHLPSRUWDQWHOD IDPLOLD*XOORFRQVXSULQFL SDOH[SRQHQWHHOKRQRUDEOH )DXVWR*XOOR0LQLVWURGHOD 5HS~EOLFD LWDOLDQD \ H[SR QHQWH QDFLRQDO GHO SDUWLGR FRPXQLVWD LWDOLDQR 3&,  SDGUHGHODUHIRUPDDJUDULD VLODQDGHORVDxRV3DUD YHU OD ,JOHVLD GHO FXDWUR FLHQWRV3DUURTXLDOGHGLFDGD D 6DQWD 0DUtD$VVXQWD OD ,JOHVLD GHO FXDWURFLHQWRV &RQYHQWRGHOD,QPDFXODGD (Q OD IUDFFLyQ 0DFFKLD OD ,JOHVLD GH 6DQ $QGUHD OD ,JOHVLD9LUJHQGHOD*UDFLD ,QWHUHVDQWH HO PRQXPHQWR GHOHVFXOWRU&HVDUH%DFFHOOL DOKRQRUDEOH)DXVWR*XOOR


/D$EDGtD)ORUHQVHGH6DQ*LRYDQQLLQ)LRUH




,WLQHUDULRV,, 3XQWRGHSDUWLGD(VWDFLyQ)G&GH0RFFRQH 3XQWRGHOOHJDGD9DOOHGH0RQWHVFXUR /DUJRNP 5HFRUULGR  KRUDV HQ ELFLFOHWD  KRUDV D SLH &XRWDPtQLPDP &XRWDPi[LPDP 3XQWRVGHDSR\R(VWDFLyQGH0RFFRQHIDJR GHO6ROGDWRFRPSOHMRGHSRUWLYR/D3DJOLDUD 'LILFXOWDGFRPSURPHWLGR 0RQWH6FXURSDLVDMHRWRxDO

6HVDOHGHOD3OD]D*LRYDQQL;;,,,DQWHULRUDOD(VWDFLyQ )G&GH0RFFRQHVHSURVLJXHSRUOD&DUUHWHUD0XQLFLSDO 9%DFKHOHW\GHVSXpVKD\XQDELIXUFDFLyQDODL]TXLHUGD VHVXEHSDUDOOHJDUDOFRPSOHMR0RQWH&XUFLRLPSRUWDQWH ]RQD GHSRUWLYD LQYHUQDO GHVGH DTXt GH KHFKR VDO XQD PRGHUQD RYRYuD GH FDELQDV FHUUDGDV FRQ GHVHQJDQFKH DXWRPiWLFRJHVWLRQDGRSRUHO$UVVD1RVRWURVGHWRGDV IRUPDVJLUDUHPRVKDFLDODGHUHFKDSDUDHQWUDUHQODH[ 66FRQGLUHFFLyQD)DJRGHO6ROGDWRSDVDQGRSRU GHEDMRGHOSXHQWHDDUFRV3LFFLULOORGHOD)G&/DFDUUH WHUDHVWiVXPHUJLGDHQGHQVRVERVTXHVGRQGHSRGHPRV HQFRQWUDUDOJXQDIXHQWHGHDJXDIUHVFD\SXUDTXHYLHQH GLUHFWDPHQWHGHORVPDQDQWLDOHVGHOPRQWH(VWDFDUUH WHUDDQWHVGHVHUUHDOL]DGDODFyPRGD$XWRYtDHUDOD ~QLFD TXH XQtD &RVHQ]D DWUDYHVDQGR PXFKRV SXHEORV GHOD3UHVLODD&URWRQH'HLQYLHUQRFXDQGRODVQHYDGDV HUDQ DEXQGDQWHV VH KDFtD EDVWDQWH GLItFLO DWUDYHVDUOD (OERVTXHGLVPLQX\HVHFRPLHQ]DQDYHUORVSULPHURV WHFKRV\GHVSXpVDOJXQRVHVSDFLRVXWLOL]DGRVSRUORVWUDQ VSRUWLVWDVGHWURQFRVGHiUEROHVGHVSXpVXQDSOD]DXQD ELIXUFDFLyQDODGHUHFKDXQDFDUUHWHUDXQDIXHQWHDOD L]TXLHUGDODHQWUDGDHQODDXWRYtDHVWDPRVHQ)DJR GHO6ROGDWR8QDSDXVDSDUDXQVRUERGHDJXD\SDUDOHHU ORVEUHYHVDFRQWHFLPLHQWRVGHHVWDORFDOLGDG)DJRGHO VROGDWRVQPORFDOLGDGGHOPXQLFLSLRGH&HOLFR DWUDYHVDGD SRU OD SULPHUD FDUUHWHUD (VWDWDO  3DROD &RVHQ]D6DQ*LRYDQQLLQ)LRUH&URWRQH,QVWDODFLyQWXUt VWLFDHVSRQWiQHDGHORVDxRVSRUVXEHOOH]DQDWXUDOLVWD \GHSDUDGDREOLJDGDGHVGHKDFHDOJXQRVGHFHQLRVGH ORVWUDQVSRUWLVWDVGHPDGHUD\SDUDORVTXHVHGLULJtDQD OD6LOD$TXtODSULPHUD2ILFLQD3RVWDOTXHIXHGHVSXpV WUDQVIHULGDD&DPLJOLDWHOOR/DGHQRPLQDFLyQGHULYDGH XQD OH\HQGD GH XQ HQFXHQWUR HQWUH XQ EDQGLGR \ XQ PLOLWDUHOVROGDGRIXHHQFRQWUDGRPXHUWREDMRXQiUERO GHKD\D )DJR /DFDUUHWHUDKDFLDODGHUHFKDOOHYDDOH[ KRWHO6DQJULOi HOOXJDUGHODHWHUQDMXYHQWXG \DOSXHEOR

,WLQHUDULRV,,

+RPHQDMHD1LFROD0LVDVL

$UFD(QHOFRPSOHMRUHVLGHQFLDOSDUDORVGHSHQGLHQWHVGH (QHO\SDUDRWURV1RVRWURVWRPDPRVODGLUHFFLyQKDFLD 0RQWH6FXURFDPLQRHQVXELGDDTXtHOIUHVFRUWDPELpQ GHYHUDQRTXLWDVLWLRDOFDORU$ODGHUHFKDXQDSHTXHxD FDUUHWHUD\XQFDUWHOTXHLQGLFD/D3DJOLDUDFRPSOHMR SDUDGHSRUWHVLQYHUQDOHVFRQXQDQXHYDWHOHVLOODSDUDHO HVTXtFRQSLVWDLOXPLQDGD\HQIRUPDGHYDOOHXQFDUDF WHUtVWLFRUHIXJLRGHPRQWDxDFRQEDU\UHVWDXUDQWH3HUR QRVRWURVGHEHPRVFXPSOLUHO~OWLPRWLUyQSDUDOOHJDUDOD PHWD'HVSXpVGHXQDVHULHGHFXUYDVOOHJDPRVVREUHHO 9DOOHGH0RQWH6FXURVQPFDVLVLHPSUHHQYXHOWR HQXQDHVSHVDQLHEOD'HVGHDTXtVHSXHGHDGPLUDUDFR JLGRVSRUXQD&UX]GHPHWDODOJ~QWHVWLPRQLRSHUHQQH GHOVLOHQFLR\GHODVSURIXQGDVQRFKHVVLODQDVXQDSDUWH GHOD0HVHWDFRQHOIRQGRGHOODJR&HFLWD6REUHHO9DOOH VHKDFRORFDGRXQ&LSRHQPHPRULDGH1LFROD0LVDVL LQVLJQHOLWHUDWRFRVHQWLQRFDQWRULQFRPSDUDEOHGHOD6LOD 


(QIRQGR3LVWDHQ&URFHGL0DJDUD

5HVHUYDGH)DOOLVWURORV*LJDQWHVGHOD6LOD

,WLQHUDULRV9 3XQWRGHSDUWLGD(VWDFLyQ)G&GH&DPLJOLD WHOORVLODQR 3XQWR GH OOHJDGD /RFDOLGDG )DOOLVWUR &URFH GL0DJDUD /DUJRNP 5HFRUULGRKRUDVHQELFLFOHWDKRUDVDSLH &XRWDPtQLPDP &XRWDPi[LPDP 3XQWRV GH DSR\R EDU HQ &DPLJOLDWHOOR %DU )DOOLVWURHQ&URFHGL0DJDUD 'LILFXOWDGPHGLD

7HMyQGHOD0HVHWDVLODQD

)DOOLVWURVLWLRLGHDOSDUDKDFHUXQDEUHYHSDUDGD\OHHUORV DFRQWHFLPLHQWRV KLVWyULFRV GH HVWD ORFDOLGDG &URFH GL 0DJDUDGHOJULHJR JUDQHQFUXFLMDGD /RFDOLGDGHQORV PXQLFLSLRVGH6SH]]DQR6LOD\6SH]]DQR3LFFROR3XHEOR GHSRGHUTXHVXUJHFRPRFRQVHFXHQFLDGHODUHIRUPD DJUDULD KR\ LPSRUWDQWH ORFDOLGDG GH LQWHUpV WXUtVWLFR DPELHQWDOGHELGRDVXFHUFDQtDGHOD5HVHUYDGH)DOOLVWUR ³/RV*LJDQWHVGHOD6LOD´3RVHHXQDEXHQDUHFHSWLYLGDG GHDOEHUJXH'HVSXpVGHODSDXVDUHWRPDPRVHOFDPLQR HQWUDQGRHQHOUHFWLOuQHR\GHVSXpVGHDOJXQDVFHQWHQDV GHPHWURVDODGHUHFKDXQSHTXHxRFDPLQRQRVOOHYDD ODUHVHUYDGH)DOOLVWUR6REUHHVWHUHFWLOuQHRHQLQYLHUQR VHSUDFWLFDHOHVTXtGHIRQGR+HPRVOOHJDGRDODUHVHUYD GH )DOOLVWUR GH H[FDYDFLyQ \ OXJDU RVFXUR (V XQ iUHD SURWHJLGDGRQGHHVSRVLEOHDGPLUDUXQJUXSRGHSLQRV VHFXODUHV OODPDGRV ³/RV *LJDQWHV GH OD 6LOD´ TXH VH UHPRQWDQDOHVWDiUHDHVWDJHVWLRQDGDSRUHO&XHUSR )RUHVWDO GHO (VWDGR /D 5HVHUYD YLHQH VLHQGH YLVLWDGD DQXDOPHQWHSRUPLOOLRQHVGHWXULVWDVGHWRGRHOPXQGR

6HVDOHGHODHVWDFLyQ)G&GH&DPLJOLDWHOOR6LODQR\VH SURVLJXH KDFLD OD ORFDOLGDG GH )RUJLWHOOH D OD GHUHFKD FRJHPRVHOHQODFHGHOD$XWRSLVWD$ODL]TXLHUGDVH YHHOSXHQWHIHUURYLDULRGH&DPLJOLDWL(QODELIXUFDFLyQ GHOD$XWRSLVWDYDPRVGHUHFKRVKDFLDODH[GLUHF FLyQD&URFHGL0DJDUD$OJXQDVFXUYDV\DODGHUHFKD HQFRQWUDPRVODIXHQWHGH,RUGDQHOOR'HVSXpVGHDOJXQRV NLOyPHWURVOOHJDPRVD&URFHGL0DJDUDHQODVHJXQGD ELIXUFDFLyQKDFLDODGHUHFKD'HIUHQWHHVWiHO+RWHOEDU

,WLQHUDULRV9




3LVWDVGHHVTXtFRPSOHMRGH0RQWH&XUFLR




&DPLJOLD DWHHOO O R6LODQR9LDGHWHOHIpULFR&RPSOHMR0RQWH&XUFLR




9LD5RPD‡&DPLJOLDWHOOR6LODQR &6 ,WDO\ WHOHID[‡FHOO ZZZQHZVLODLW‡ODGHD#DOLFHLW 

03-5 la Sila sobre railes Spa ebook  

La guida La Sila sulle rotaie è una pubblicazione sulla storica è straordinaria tratta ferroviaria Cosenza-San Giovanni in Fiore, delle Ferr...

Read more
Read more
Similar to
Popular now
Just for you