Escolar Documentos
Profissional Documentos
Cultura Documentos
0(025,$
3/$17($0,(172*(1(5$/
2%-(7,926'(/&21&8562
0(025,$*(1(5$/<(6758&785$'(/$35238(67$
7(;7263/$1263$1(/(6(,1)2*5$)$6
(48,3248()2508/$/$35238(67$<35(6(17$&,1
,1)250$&,21$1/,6,6<',$*167,&2)$6(
321(1&,$85%$1,602+,6725,$85%$1$1&/(285%$12<(63$&,23%/,&2
321(1&,$5(9,7$/,=$&,1(&210,&$&20(5&,2<785,602
321(1&,$9,9,(1'$<5(6,'(1&,$9(&,1'$'<3$57,&,3$&,1
321(1&,$7(55,725,2(63$&,23%/,&2<3$,6$-(85%$12
321(1&,$6267(1,%,/,'$'<(1(5*$
321(1&,$,167580(1726'(,17(59(1&,1
',$*167,&2<352%/(0$6'(0$<25,17(5e6'$)267(07,&26
W>EK^E>/^/^hZEK>^KEd/'hK>W
5(/,(9(
6(59,&,263%/,&26
$&&(6,%,/,'$'
/8*$5(6'((1&8(1752
7,32/2*$6'((',),&$&,1
$/785$6'((',),&$&,1
$3$5&$0,(1726
&2/0$7$&,1'(/$(',),&$%,/,'$'
8626(13/$17$%$-$
3$9,0(1726
02%,/,$5,285%$12
35238(67$)$6(
,'($6)8(5=$
0(72'2<35(6(17$&,1
)2508/$&,1,1,&,$/'(35238(67$6
$%$6((&210,&$35238(67$6'(5(9,7$/,=$&,13/$'(',1$0,=$&,1
%%$6(62&,$/$&&,21(662&,$/(6<&8/785$/(6'(5()8(5=2'(,'(17,'$'<
',1$0,=$&,15(6,'(1&,$/
&%$6($0%,(17$/$&&(6,%,/,'$'(63$&,263%/,&26(48,3$0,(1726<
6(59,&,2685%$126
5(/$&,1&21(/5(672'(/$&,8'$'
&21),*85$&,1'(/$635238(67$63/$1(6352*5$0$6<275$6,1,&,$7,9$6
9$/25$&,1'(/$635238(67$632568,03$&72&2+(5(1&,$<9,$%,/,'$'0$75,&(6'(
,03$&72
0(025,$(&210,&$
0(025,$'(617(6,635238(67$),1$/'(3/$1(6352*5$0$6<352<(&726
25'(1$&,1
3/$1(&210,&2
3/$1'((7$3$6
*(67,1<6(*8,0,(172
5(680(1<35(6(17$&,17(;72<3$1(/(6
&DOS6HSWLHPEUHGH
3/$17($0,(172*(1(5$/
2%-(7,926'(/&21&8562
(O $\XQWDPLHQWR GH &DOS FRQYRFD GHQWUR GH VX 3ODQ &DOS FLXWDW VRVWHQLEOH XQ &21&8562 ,17(51$&,21$/ '( ,'($6 3$5$ /$ 5(*(1(5$&,1 (&210,&$ 62&,$/ < $0%,(17$/ '(/ &$6&2 +,675,&2 '( &$/3 DELHUWR D
SURIHVLRQDOHV\HPSUHVDVTXHVHGHGLTXHQDODRUGHQDFLyQGHOWHUULWRULRHQHOVHQWLGRPiVDPSOLRSRVLEOHTXHGHEHUiQSUHVHQWDUVXVSURSXHVWDVDQWHVGHOGH6HSWLHPEUH(OFRQWHQLGRGRFXPHQWDFLyQDGMXGLFDFLyQ\SUHPLRVGHH[SOLFLWDQHQODV
%DVHVGHO&RQFXUVR\ODVDFODUDFLRQHVHPLWLGDVSRUHO$\XQWDPLHQWRDSHWLFLyQGHORVLQVFULWRV
(OPDUFRGHO3ODQ&DOSFLXWDWVRVWHQLEOHSUHWHQGHVLWXDUODFRPRXQDFLXGDGWXUtVWLFDGHH[FHOHQFLDFRQXQDHFRQRPtDGHELHQHVWDU\RSRUWXQLGDGHV([SRVLFLyQGHPRWLYRVGHO&RQFXUVR
6HJ~QODV%DVH6HJXQGDGHOD&RQYRFDWRULDORVREMHWLYRVGHOFRQFXUVRVRQWUHVTXHFRQHOUHVXPHQGHODVUD]RQHVTXHDOOtVHGDQVHH[SRQHQDFRQWLQXDFLyQ
(FRQyPLFRV$QWHFLHUWDGHFDGHQFLDGHODDFWLYLGDGFRPHUFLDOFRQHVFDVDLPSODQWDFLRQHVGHQXHYDVDFWLYLGDGHVHQHO&DVFR$QWLJXRGH&DOSHQDGHODQWH&$GH&DOS6HGHEHQEXVFDUSURSRQHU\HMHFXWDUDFWXDFLRQHVTXHUHVXOWHQDWUDFWLYDVSDUD
ODUHYLWDOL]DFLyQHFRQyPLFDGHO&$
6RFLDOHV+D\XQSURJUHVLYRHQYHMHFLPLHQWRGHODSREODFLyQFRQDOJXQDVYLYLHQGDVGHVKDELWDGDVTXHUHTXLHUHQDOWHUQDWLYDVGHGLQDPL]DFLyQ\DWUDFFLyQGHVGHHOSXQWRGHYLVWDUHVLGHQFLDO'HEHQDGRSWDUVHPHGLGDVSDUDTXHHO&$PDQWHQJDVX
SUHVHQFLDHLGHQWLGDGRULJLQDULDGHORVFDOSLQRV6HGHEHQEXVFDUSURSRQHU\HMHFXWDUDFWXDFLRQHVTXHSRVLELOLWHQODUHYLWDOL]DFLyQFXOWXUDOGHHVWHHVSDFLR\VXSXHVWDHQYDORUFRPROXJDUGHFRQYLYHQFLDYHFLQDO
$PELHQWDOHV+D\XQFLHUWRGHWHULRURGHORVHVSDFLRVXUEDQRVGHHVWH&$)DOWDXQKLORFRQGXFWRUTXHGRWHGHFRKHUHQFLDODVDFWXDFLRQHV\TXHDFW~HVREUHORVHVSDFLRVVHQVLEOHV\ULFRVFXOWXUDOVRFLDO\DPELHQWDOPHQWHORTXHVHSXHGHDERUGDU
GHVGHDOWHUQDWLYDVDPELHQWDOHVTXHVHVROLFLWDQ
(6758&785$&217(1,'2<0(72'2/2*$'(/$35238(67$
(VWD0HPRULDFRQWLHQHHOWH[WRGHODSULPHUDGRFXPHQWDFLyQWpFQLFDTXHVHVROLFLWDHQOD%DVHGHO&RQFXUVR\VHLQFOX\HHQHOSDTXHWH%GHOD3OLFDSUHVHQWDGD
6HHVWUXFWXUDGHDFXHUGRFRQODPHWRGRORJtDQRUPDOHQWUDEDMRVXUEDQtVWLFRVTXHFRPLHQ]DFRQXQDSULPHUDSDUWHGH(678',2<',$*167,&2,QIRUPDFLyQ$QiOLVLV\'LDJQyVWLFRGHVDJUHJDGDHQXQDVHULHGH3RQHQFLDVLQIRUPDWLYDVGHFDUiFWHU
VHFWRULDOUHDOL]DGDVSRUORVGLIHUHQWHVHVSHFLDOLVWDVGHOHTXLSR\DFRPSDxDGDDOILQDOFRQXQDVHOHFFLyQGHORVSODQRVGHDQiOLVLVPiVUHSUHVHQWDWLYRVXWLOL]DGRVHQDTXpOODV6XVFRQFOXVLRQHVVHH[SRQHQHQXQ'LDJQyVWLFRJHQHUDOVREUHHO&DVFR
$QWLJXR\VXSUREOHPiWLFDSRUFDGDXQRGHORVDVSHFWRVDQDOL]DGRVUHVXOWDGRGHOGHEDWHLQWHUQRHQHOHTXLSR\GHODVFRQYHUVDFLRQHVPDQWHQLGDVHQODSREODFLyQ6HH[SRQHHQIRUPDGH'$)2XQRSRU3RQHQFLDIiFLOPHQWHHQWHQGLEOH3XQWRVD
GHOD0HPRULD
'HO'LDJQyVWLFRVHSDVDDODVHJXQGDSDUWHGHOD0HPRULDTXHGHVFULEH\GHILQH,'($6<35238(67$6ODVFXDOHVFRQVWLWX\HQHOREMHWR~OWLPRGHO&RQFXUVRGH,GHDV(QVXHODERUDFLyQVHKDVHJXLGRXQDPHWRGRORJtDULJXURVDTXHHYLWDODV
LPSURYLVDFLRQHV\TXHWLHQHPX\HQFXHQWDODVOLPLWDFLRQHVGHPHGLRVGHHVWH&RQFXUVR\ORVFULWHULRVTXHVHVHxDODQHQHOSULPHUSiUUDIRGHOD%DVH&ULWHULRVGHDGMXGLFDFLyQ6LJXHDGHPiVHOSURFHVRFOiVLFRGHJHQHUDFLyQGHSURSXHVWDVHQ
HVWHFDVRQDFLGDVGHORVWUHVEORTXHVHFRQyPLFRVVRFLRFXOWXUDOHV\PHGLRDPELHQWDOHVDJUXSDPLHQWRSRU3ODQHV\3URJUDPDVHQWRWDOTXHSHUPLWHQXQDJHVWLyQFRQMXQWD\VHxDODPLHQWRGHDTXpOORV3UR\HFWRVR,QLFLDWLYDVHQWRWDOTXH
SRGUtDQUHDOL]DUVHLQPHGLDWDPHQWHVLQHVSHUDUDGLVSRQHUGHORVFLWDGRV3ODQHV\3URJUDPDVGHHODERUDFLyQPiVFRPSOHMD$EDUFDORVSXQWRVDGHHVWHGRFXPHQWR
/DFRQIURQWDFLyQHQWUH2EMHWLYRV3URSXHVWDV\0HGLRVGLVSRQLEOHVVHYLVXDOL]DPHGLDQWHXQDVPDWULFHVGHLPSDFWRVGHFRKHUHQFLD\GHDGHFXDFLyQXWLOL]DQGRSDUDHOORORVHOHPHQWRVTXHVHJ~QODV%DVHVGHEHQYDORUDUVHHQHO&RQFXUVR%DVH
FRQVLGHUDGRVHQODVDFODUDFLRQHVFRPRSLH]DVQHFHVDULDVGHODSURSXHVWDTXHVHIRUPXOH\VXUHODFLyQFRQORV&ULWHULRVGH$GMXGLFDFLyQGHOD%DVH1RVHREYLDTXHHVWDPHWRGRORJtDKDLPSOLFDGRYDULRVIHHGEDFNV\E~VTXHGDGH
LQIRUPDFLyQ\GLDJQyVWLFRVFRPSOHPHQWDULRV6HYLVXDOL]DHQHOHVTXHPDTXHVHDFRPSDxD
<VHFLHUUDFRQOD0HPRULDHFRQyPLFDGHYLDELOLGDGLPSUHVFLQGLEOHGDGRHOSODQWHDPLHQWRGHO&RQFXUVR\ODH[LJHQFLDGHULYDGDGHODV%DVHV\\UHSHUFXVLyQGHODVPLVPDVHQODUHODFLyQGHO&DVFR$QWLJXRFRQHOFRQMXQWRGH&DOS%DVH
'DGRHOPpWRGRXWLOL]DGRORVGDWRV\GRFXPHQWRVREWHQLGRVSDUDOOHJDUDHOODVHQODV3RQHQFLDVVHUiQHVSHFLDOPHQWH~WLOHVHQODVIDVHVGHHMHFXFLyQGHO&RQFXUVRTXHSRVWHULRUPHQWHDOPLVPRSURSRQJDHO$\XQWDPLHQWR
(QVXUHVXPHQGHVWDFDQODVFXDWUR,'($6)8(5=$TXHFRPRUHVXOWDGRGHOFLWDGRSURFHVRGHILQHQQXHVWUD3OLFD\TXHXQHQORVREMHWLYRVFRQORV3/$1(6352*5$0$6<352<(&726TXHVHSURSRQHQ6RQWDOFRPRVHH[SOLFDHQHOSXQWR
9LVXDOL]DU\VLQJXODUL]DUHO&DVFR$QWLJXRGH&DOS&$
'LQDPL]DUODYLGDXUEDQD\HOHPSOHRHQHO&$
0HMRUDUODFDOLGDGGHOHVSDFLRS~EOLFR\ODVYLYLHQGDVGHO&$
$WUDHUHOWXULVPRFXOWXUDOFRQVROLGiQGRORDIDYRUGHWRGR&DOS
6HKDFRQVLGHUDGRGHOPi[LPRLQWHUpVGDGRVORVHVFDVRVPHGLRVHFRQyPLFRVPXQLFLSDOHVGLVSRQLEOHVLQFOXLUHQWUHODLQIRUPDFLyQLQLFLDOXQDGHGLFDGDHVSHFLDOPHQWHDOUHSDVRGHODVKHUUDPLHQWDVGLVSRQLEOHV3RQHQFLDSXQWRGHOD)DVHGH
,QIRUPDFLyQSDUDDFWXDUHQHO&DVFR$QWLJXRWDQWRGHSODQHDPLHQWRFRPRGHSUR\HFWRJHVWLyQRUHJXODFLyQ\D\XGDVSRVLEOHV/DFRQVLGHUDFLyQILQDOVREUHORVPHGLRV\ORVFRVWHVGLUHFWRVDOSUHVXSXHVWRPXQLFLSDOQRGHEHQVXSHUDUORV
DVLJQDGRVSDUDORVHMHUFLFLRV\WDPELpQHVREMHWRGHDWHQFLyQHVSHFLDOWDOFRPRSURSRQHQODV%DVHV\HQORVSXQWRV\GHHVWD)DVHGH3URSXHVWD
6HKDFHHVSHFLDOKLQFDSLpHQODV3RQHQFLDV\GHVSXpVHQHO'LDJQyVWLFR\VXV'$)26HQODUHODFLyQGHO&DVFR$QWLJXRFRQHOFRQMXQWRGH&DOS%DVHORTXHHYLGHQWHPHQWHVHUHIOHMDHQODUHSHUFXVLyQGHFDGDXQDGHODV3URSXHVWDVVREUHHOUHVWR
GHOFDVFRXUEDQRFRPRVHUHVXPHHQHOSXQWRGHOD)DVHGH3URSXHVWDV
(QODGHILQLFLyQGHODVDFWXDFLRQHVTXHVHSURSRQHQFDEHGHVWDFDUVXRUGHQDFLyQHQIXQFLyQGHORV2EMHWLYRVGHO&RQFXUVRHFRQyPLFRVVRFLRFXOWXUDOHV\PHGLRDPELHQWDOHVHVWHFX\RHQXQFLDGRVHFRORUHDSDUDPHMRULGHQWLILFDFLyQFRQODVOyJLFDV
VLQHUJLDV\GREOHVRWULSOHVDIHFWDFLRQHVGHORVPLVPRV\HOOLVWDGRILQDOHQIRUPDGH3ODQHV3URJUDPDV1RUPDV3UR\HFWRVR,QLFLDWLYDVTXHSHUPLWDQFRPRDSXQWDPRVVXIiFLOUHFRQRFLPLHQWRSRUODFLXGDGDQtD(OUHFXUVRGHDJUXSDUODVDFWXDFLRQHV
SURSXHVWDVGHQWURGH3/$1(6<352*5$0$6FRUUHVSRQGHDORVWUHVREMHWLYRVFLWDGRVGHVDJUHJDGRHOPHGLRDPELHQWDOHQVXVIDFHWDVXUEDQtVWLFRWHUULWRULDOSDLVDMtVWLFD\HQHUJpWLFRVRVWHQLEOHORVFXDOHVSHUPLWLUiQVXPHMRULQWHJUDFLyQHQXQ
GRFXPHQWRUHJODGRDUHDOL]DUSRVWHULRUPHQWHTXHSXHGDGLYXOJDUVHSHURVREUHWRGRWHQGUiXQDPD\RUIDFLOLGDGGHJHVWLyQSHUPLWLUiODFRKHUHQFLD\DSR\RPXWXRHQODSXHVWDHQPDUFKDGHVXVDFWXDFLRQHVGDGDVVXVUHODFLRQHV\VLQHUJLDV\
ILQDOPHQWHVXPRQLWRUL]DFLyQ\ODWRPDGHGHFLVLRQHVTXHHQHOIXWXURSXGLHUDQSODQWHDUVHDQWHFDPELRVPRGLILFDFLRQHVRIDOWDGHRSHUDWLYLGDGGHFXDOTXLHUDGHHOODV
-XQWRDHVWRV3ODQHV\3URJUDPDVVHSURSRQHQ$&78$&,21(6,1',9,'8$/(6<352<(&726GHLQWHUpVSUHIHUHQWHTXHSXHGHQDERUGDUVHLQPHGLDWDPHQWHVLQHVSHUDUDGLVSRQHUGHO3/$1FRUUHVSRQGLHQWHGDGDVXFDOLILFDWLYRGHSUHIHUHQWH\VX
YLDELOLGDGWDQWRGHPHGLRVHFRQyPLFRVHLQVWUXPHQWDOHVFRPRKXPDQRVHLQVWLWXFLRQDOHV(VGHFLUSODQWHDPRVXQDUHVSXHVWDGXDODODV,'($6<35238(67$6TXHGDQWtWXORDO&RQFXUVRFRQDFFLRQHVLQPHGLDWDV\3ODQHVDGHVDUUROODUDFRUWRPHGLR
\ODUJRSOD]R
2%-(7,926%$6(6'(/$&2192&$725,$&5,7(5,26
%DVHV
0(',26
$1$/,6,6<',$*1267,&2
35238(67$
321(1&,$6
,1)250$7,9$6
',$*1267,&2
hZE/^DK
'Z&K
'Z&K
^KEMD/
s/s/EzWZd//W/ME
'Z&K
/^&hZ
^^K/Kh>dhZ>
dZZ/dKZ/K^W/K
Wj>/KzW/^:hZEK
'Z&K
DdZ/^
K,ZE/
^D/KD/Ed> zh/ME
^K^dE//>/zEZ'1
'Z&K
'Z&K
Zs/d>//ME
KEMD/
/,67$'2,1,&,$/
35238(67$6(,1,&,$7,9$6
zKDEdZ/K^
zKDEdZ/K^
zKDEdZ/K^
zKDEdZ/K^
zKDEdZ/K^
/E^dZhDEdK^
/EdZsE/ME
zKDEdZ/K^
7
2
0
$
'
(
'
(
&
,
6
,
2
1
/,67$'2'(),1,7,92
3/$1(6352*5$0$6352<(&726
DDKZ/^1Ed^/^
DDKZ/KEMD/
&KZD>//ME>WZKWh^d
'^d/KEz^'h/D/EdK
W>E:h/MEWKZ
dW^
'^d/KE>WZKWh^d
&<
DDKZ/zWE>^WZd//W/KEWj>/&<
(QHVWD0HPRULDVHLQFOX\HQFRQHOWH[WRODVIRWRJUDItDVJUiILFRVSODQRVHLQIRJUDItDVKHFKRVSDUDHVWH&RQFXUVRTXHVHMX]JDQQHFHVDULRVSDUDHOH[SOLFDUHODQiOLVLV\ODYDORUDFLyQGHVXVUHVXOWDGRV\SURSXHVWDVORTXHQRVKDFRQGXFLGRSRUVX
WDPDxR\PHMRUYLVLELOLGDGDSUHVHQWDUODHQWDPDxR',1$
,JXDOPHQWHVHKDRSWDGRSRUXWLOL]DUFRPROHQJXDGHSUHVHQWDFLyQHOFDVWHOODQRFRQHOILQGHTXHSXHGDVHUOHtGDSRUUHVLGHQWHVQDFLRQDOHV\H[WUDQMHURVRVLPSOHPHQWHYLVLWDQWHVGHIXHUDGHODSREODFLyQDSHVDUGHTXHDOJXQDGHOD3RQHQFLDVIXH
UHGDFWDGDLQLFLDOPHQWHHQYDOHQFLDQR\TXHHOHTXLSRVHRIUHFHDVXWUDGXFFLyQFXDQGRHO$\XQWDPLHQWRORGHVHH
6HDFRPSDxD'9'DWHQGLHQGRDODV%DVHV3HUPLWHVXFyPRGDOHFWXUD\UHSURGXFFLyQ
7H[WRV3ODQRV3DQHOHVH,QIRJUDItDV
/DSUHVHQWH0HPRULDVHHVWUXFWXUDFRPRVHKDGLFKRFRQXQD)DVHGH,1)250$&,1$1/,6,6<',$*167,&2HQIRUPDWRWH[WRFRQLOXVWUDFLRQHVDOTXHVHDFRPSDxDDOILQDOGHODV3RQHQFLDVFRQ3/$126GH$QiOLVLV8UEDQRXWLOL]DGRV
<FRQXQD)DVHGH35238(67$TXHFRQHOODV\VXSURFHVRGHVHOHFFLyQWHUPLQDFRQXQD0HPRULDGHVtQWHVLV0HPRULDHFRQyPLFDYDORUDGD\SURFHVRGH(MHFXFLyQHQ(WDSDV7RGRHQWDPDxR',1$\DWHQGLHQGRORHVWDEOHFLGRHQOD%DVHGH
OD&RQYRFDWRULD
7DOFRPRSUHYpOD%DVHGHO&RQFXUVRDFRPSDxDQOD0HPRULDSDQHOHV',1$TXHFRQWLHQHQJUiILFDPHQWHLPiJHQHVUHSUHVHQWDWLYDVGHODVSURSXHVWDVGHHMHFXFLyQLQPHGLDWDGHPD\RULPSDFWRWRGDVHOODVIRUPDOL]DEOHVPHGLDQWH3UR\HFWRVD
UHDOL]DUWUDVHO&RQFXUVR7LHQHQOyJLFDPHQWHXQDPD\RUFDSDFLGDGFRPXQLFDWLYDTXHHOWH[WR\DERUGDQPD\RULWDULDPHQWHFRPRHVOyJLFRODVTXHVHUHILHUHQDODV0HMRUDV0HGLR$PELHQWDOHV\DOJXQDVGH'LQDPL]DFLyQVRFLRFXOWXUDOTXHSXHGHQ
SODVPDUVHHQLPiJHQHVTXHGDQGRODVGH%DVH(FRQyPLFDFRQPHQRUSUHVHQFLDHQGLFKRV3DQHOHV$VtpVWDV\RWUDVTXHDIHFWDQDODPHMRUDGHFRQVXPRVHQHUJpWLFRVVHVLJXHQPiVGHWDOODGDPHQWHHQHOWH[WR/DVLPiJHQHVJUiILFDVHQWRGRFDVR
VRQSURSXHVWDVDELHUWDVDORVUHVXOWDGRVGHOSURFHVRGHSDUWLFLSDFLyQS~EOLFDTXHVHDEUHFRQODH[SRVLFLyQS~EOLFDGHODV3OLFDVGHORVFRQFXUVDQWH\ODVSRVWHULRUHVWRPDVGHGHFLVLyQTXHHO$\XQWDPLHQWRUHDOLFHWUDVODDGMXGLFDFLyQGHO&RQFXUVR
(QHOSULPHUSDQHOTXHWLWXODPRV9(5<6(59,6726UHIOHMDPRVODVDSXHVWDVGHLGHQWLILFDFLyQ\SXHVWDHQYDORUGHO&DVFR$QWLJXR\VXLPDJHQGHQWURGHODFLXGDG\HOWHUULWRULRFRQGLYHUVDVLQIRJUDItDVHVER]DQGRDOJXQRVGHORV3UR\HFWRVTXHVH
SURSRQHQ\WH[WRVGHUHIHUHQFLD3URSXHVWDVTXHVHDWLHQHQDOD,'($6)8(5=$GH9,68$/,=$5<6,1*8/$5,=$5(/&$6&2$17,*82GH$75$(5(/785,602&8/785$/\GH',1$0,=$5/$9,'$85%$1$<(/(03/(2
(OVHJXQGRSDQHOFRQWLHQHODVSURSXHVWDVGH',1$0,=$&,1'(/&$6&2$17,*82HQWUHODVTXHDSDUHFHFLWDGRORV3ODQHVGH'LQDPL]DFLyQHFRQyPLFD\VRFLRFXOWXUDOTXHVHSURSRQHQ9HUWH[WRSXQWR$FRQGLYHUVDVLQIRJUDItDV\WH[WRVGH
UHIHUHQFLDD3URSXHVWDVTXHVHDWLHQHQDOD,'($6)8(5=$GH',1$0,=$5/$9,'$85%$1$<(/(03/(2\GH0(-25$5/$&$/,'$''(/(63$&,23%/,&2
(QHOWHUFHUSDQHOTXHWLWXODPRV(63$&,263%/,&26QRVGHWHQHPRVHQODVSURSXHVWDVTXHIRUPDOL]DQODV3OD]DVGH%LHQYHQLGD\$FFHVRVFRQGLYHUVDVLQIRJUDItDVUHFRJLHQGRORVHVER]RVGHORV3UR\HFWRVSODQWHDGRV\WH[WRVGHUHIHUHQFLD
3URSXHVWDVTXHVHDWLHQHQDOD,'($6)8(5=$GH0(-25$5/$&$/,'$''(/(63$&,23%/,&2</$69,9,(1'$6\GH',1$0,=$5/$9,'$85%$1$<(/(03/(2
(TXLSRTXHIRUPXODODSURSXHVWD\SUHVHQWDFLyQGHODPLVPD
(OHTXLSRSURIHVLRQDOTXHSUHVHQWDODSURSXHVWDHVWiFRPSXHVWRSRUODVSHUVRQDV\WLWXODFLRQHVTXHVHPDQWLHQHDTXtDQyQLPR\TXHVHLQGLFDHQHO6REUHFHUUDGR62%5($GHHVWDSOLFDVHJ~QHVWDEOHFHOD%DVHGHO&RQFXUVR(QpOVHLQGLFDHO
QRPEUHGHOUHSUHVHQWDQWHDHIHFWRVGHOD%DVHILQDO\ORVFRQWHQLGRVREOLJDWRULRVVHJ~QOD%DVHVROLFLWXGDFUHGLWDFLyQ\FXUULFXOXPV
(OHTXLSRIXHLQVFULWRGHQWURGHOSOD]RHVWDEOHFLGRHQOD%DVH2FWDYDHOSDVDGR)HEUHUR
/RVPLHPEURVGHOHTXLSRKDQUHDOL]DGRSHUVRQDOPHQWHVHJ~QSUHVFULEHOD%DVHYDULDVYLVLWDVDO&DVFR$QWLJXRGH&DOSGHVGHODSULPHUDTXHTXHGyUHIOHMDGDHQOD+RMDGH,QVFULSFLyQGHO$\XQWDPLHQWR
(OHTXLSRPDQLILHVWDVXGLVSRVLFLyQDSDUWLFLSDUSHUVRQDOPHQWHHQODH[SRVLFLyQFRQIHUHQFLDV\PHVDVUHGRQGDVTXHHO$\XQWDPLHQWRRUJDQLFHHQHOSURFHVRGHDGMXGLFDFLyQDVtFRPRDGHWDOODURDFODUDUODVFXHVWLRQHVTXHDMXLFLRGHO$\XQWDPLHQWRQR
TXHGHQVXILFLHQWHPHQWHHVSHFLILFDGDVHQODSURSXHVWDSUHVHQWDGD%DVHDGILQHRDIDFLOLWDUODWUDGXFFLyQDOFDVWHOODQRHLQJOpVGHODSOLFD
/D3OLFDODFRQVWLWX\HHOVREUH$FLWDGR\HOSUHVHQWHSDTXHWH%VLQVLJQRVGLVWLQWLYRVH[WHUQRVIRUPDGRSRUHVWD0(025,$FRQVXVIRWRJUDItDVJUiILFRV\SODQRVWUHV3$1(/(6',1$SDUDVXH[SRVLFLyQ\XQ'9'FRQHOVRSRUWHGLJLWDOVLQVLJQRV
GLVWLQWLYRVH[WHUQRV
321(1&,$85%$1,602
0LUDQWODPDU
,1)250$&,1<$1$/,6,6
,QGLFH
,QWURGXFFLyQ+LVWRULDXUEDQD
3ODQHDPLHQWRH[LVWHQWH
'RWDFLRQHVS~EOLFDV\HTXLSDPLHQWRVXUEDQRV
/DDUTXLWHFWXUD
/XJDUHV\UXWDVGHLQWHUpVWXUtVWLFRHQHO&DVFR$QWLJXR
$FFHVLELOLGDG\DSDUFDPLHQWRV
,QWURGXFFLyQ+LVWRULDXUEDQDGH&DOS
/DDQWLJXDDOTXHUtDiUDEHGH&DOSVLWXDGDHQXQFHUURFRQYLVWDVDELHUWDVDOPDU\DPHGLDOHJXDGHO3HQ\DOUHFLELyHQHO
;,9DORVUHIXJLDGRVGHODSREODGH,IDFVHDPXUDOOy\IRUWLILFyVLJXLyPLUDQGRDOPDUVXIULyHOVDTXHR\VHFXHVWURGHORV
FDOSLQRVHQ\IXHFUHFLHQGRSDXVDGDPHQWHFRQVXHFRQRPtDEDVDGDHQODSHVFD\ODDJULFXOWXUDGHVXHQWRUQR'H
ORVKDELWDQWHVGHHQWRQFHV&DYDQLOOHVSDVDDHQH[SXOVLyQGHPRULVFRVSRUPHGLRTXHHQHOSULPHUFHQVR
GH\DVRQ+R\FRQODSREODFLyQ\DGLVSHUVDIXHUDGHOFDVFRDQWLJXRKDELWDQ&DOSSHUVRQDVGHHOODV
HQODV+DVGHOFDVFRDQWLJXR\HOUHVWRDORDQFKRGHVXDPSOLRWpUPLQRPXQLFLSDO
0LUDUDOPDUKDVLGRVXVDQWR\VHxD/DORFDOL]DFLyQMXQWRDO3HQ\DOVXFDUWDGHLGHQWLGDG/DFHUFDQtD\VXHOHYDFLyQ
VREUH HO FLWDGR PDU OR RULJLQDURQ \ GHO PDU YLQLHURQ VXV SHOLJURV \ VXV ULTXH]DV /RV SULPHURV SRU ODV LQFXUVLRQHV
FDVWHOODQDV \ SLUDWDV TXH IRU]DURQ VXV GRV OtQHDV GH PXUDOODV \ VX IRUWLILFDFLyQ \ ORV VHJXQGRV SRU ODV DQWLJXDV
SHVTXHUtDVVDOLQDV\VDOD]RQHVURPDQDVHQORV%DxRVGHOD5HLQD,9G&TXHWDQELHQUHFRJLHURQ(VFRODQR\&DYDQLOOHV
KDFHPiVGHDxRV'HODGREOHUHVWLQJDMXQWRDO3HQ\DOTXHGDQODV6DOLQDVDQWLJXDDOEXIHUD\KR\]RQDK~PHGD
SURWHJLGD(OWXULVPRKDRFXSDGRWRGRHOWpUPLQR\ORVNPGHVXOLWRUDOKDSRSXODUL]DGRVXVSOD\DVGHVGH(O&ROODRD
%DVVHWHVOHKDGDGRULTXH]D\FDPELDGRVXVJHQWHVPXFKDVGHHOODVQDFLGDVHQ$OHPDQLD6XL]D*UDQ%UHWDxDHWF(Q
YHUDQRDORMDDPiVGHSHUVRQDV
&+GH&DOSHQHOVLJOR;9,,
,OXVWUDFLRQGH/XLV6HUQDUHFRJLGDHQ0HPRULD3*&DOS
3HQ\DO6DOLQDV%DxRV\PDUVLHPSUHHOPDUFRQVWLWX\HQORVHOHPHQWRVPiVFDUDFWHUtVWLFRVGHHVWDSREODFLyQ
'HO Q~FOHR SULPLWLYR KD\ TXH UHVDOWDU HO GREOH UHFLQWR DPXUDOODGR GHO ;9, \ HO DUUDEDO /DV SUHH[LVWHQFLDV GHO UHFLQWR
LQWHULRURDOFD]DEDVRQD~QYLVLEOHVHQODSDUFHODFLyQ\DOJ~QSHTXHxRUHVWRFRPROD3HoDPLHQWUDVTXHGHODPXUDOOD
LQWHULRUDOFD]DEDTXHFHUUDEDHO&DOSGHO;9,,DSHQDVTXHGDQYHVWLJLRVUHFRQRFLEOHVVRORHQODVDOLQHDFLRQHVGHODFDOOH\
3XHUWDGHOD0DUDO6XU\GHOD3OD]DGHO0HUFDW\FDOOH/OLEHUWDWDO1RUWH3UHFLVDPHQWHODVGRVSXHUWDVFDPLQRGHOSXHUWR
ILQDOFDOOH3XFKDOW\GH$OWHD3]D(VSDxDVRQVXVUHIHUHQFLDLQPHGLDWDV
(OSULPHUHQVDQFKHWRPDODFDOOH0D\RUFRPRHMHGHVGHOD3OD]DGH(VSDxDDO1RUWH\HODUUDEDODO6XU(OHQVDQFKH1RUWH
TXHGDUDOHQWL]DGRKDVWDODFRQVWUXFFLyQGHO)HUURFDUULO$OLFDQWH'HQLDTXHDILDQ]DODFDOOH$OWHDKR\//LEHUWDW)RUD
TXHFRQGXFHDODQXHYDHVWDFLyQ
(O EDOXDUWH GH OD 3HoD IXH GHPROLGR HQ /D KLVWyULFD SXHUWD GH OD &LXGDGHOD HO 3RUWDOHW VH FDPELD UHSDUD \
ILQDOPHQWH VH GHUULED 7DPELpQ VH GHUULED HO WRUUHyQ GH (O 0DFKR VLWXDGR HQ HO FHQWUR \ SXQWR PiV DOWR GH OD
SREODFLyQDPVREUHHOQLYHOGHOPDUORTXHJHQHUDODDFWXDO3ODoDGHOD9LOD\SHUPLWHSRUVXJUDQHVSDFLRGHMDGR
OLEUHODFRQVWUXFFLyQGHXQDQXHYDLJOHVLD\DHQ(OWRUUHyQGHOD3HoDVHUHFRQVWUX\HSDUFLDOPHQWHHQDOLJXDO
TXHXQOLHQ]RGHPXUDOODV\DPERVVRQKR\FRQHOFDPSDQDULRORVVtPERORVGHODFLXGDGKLVWyULFDGH&DOS/DFLXGDG
PRGHUQDVHKDEtDGHVDUUROODGRVLJXLHQGRHODQWLJXRFDPLQRDOPDUKR\$YGD*DEULHO0LUyFDPLQRTXHOOHJDEDKDVWD,IDF
GRQGHHQHO;,;VHVLW~DQPROLQRVGHYLHQWR\\DHQHO;;VHDILDQ]DODSHVFDFRQODFRQVWUXFFLyQGHOSXHUWR\HO
WXULVPRLQLFLDGRHQFRQHOSDUDGHURFRQODFDUUHWHUDD0RUDLUD
(QOD0HPRULDGHO&DWiORJRGHO3ODQ*HQHUDO$OEHUWR0HQJXDO+LVWRULDGH&DOS-DXPH3DVWRU)OX[i
&DOSH JHQWHV \ KHFKRV 3HGUR 3DVWRU +LVWRULDV GHO &DOSH DQWLJXR $QGUpV 2UWROi \ HQ ODV SURSLDV
2EVHUYDFLRQHV VREUH OD KLVWRULD QDWXUDO JHRJUDItD DJULFXOWXUD SREODFLyQ \ IUXWRV GHO 5H\QR GH 9DOHQFLD $ -RVp
&DYDQLOOHVVHSXHGHFRQRFHUFRQPiVGHWDOOHHVWDHYROXFLyQ8QEXHQUHVXPHQVHKDSURSRUFLRQDGRDORV
FRQFXUVDQWHVSRUHO$UTXLWHFWR0XQLFLSDOFRPR,QIRUPDFLyQFRPSOHPHQWDULD
(QHOLQWHULRUGHODVDQWLJXDVPXUDOODVTXHGDQODVWUD]DVGHVXVFDOOHVPXFKDVSODFLWDVFRQHQFDQWR\GLYHUVRVHGLILFLRVGH
LQWHUpVKLVWyULFRDUWtVWLFR/D,JOHVLDYLHMDHO3RUWDOHWDQWLJXR$\XQWDPLHQWRKDVWD\KR\0XVHRDUTXHROyJLFR\WUHV
HGLILFLRVSURWHJLGRVSRUHO3ODQ*HQHUDOYLJHQWHGH+D\PXFKDHGLILFDFLyQVHQFLOODPX\LQWHUHVDQWHHQVXWLSRORJtD\
VXYDULHGDG'HODVSOD]DVLQWHULRUHVGHVWDFDODFLWDGDGHOD9LODDPSOLDFRQODQXHYD\ODYLHMDLJOHVLDDQHMDGHO;9(V
XQDLJOHVLDIRUWDOH]DFRPR;jELDGHGRVQDYHVSHJDGDDPXUDOOD\TXHKDTXHGDGRFRPR&DSLOOD(VHOQ~FOHRTXHVH
GHQRPLQDWpFQLFDPHQWH&HQWUR+LVWyULFR
&DOSHQHO;9,,
,OXVWUDFLyQGH3HGUR3DVWRU&DOSHJHQWHV\KHFKRV
)XHUDGHOUHFLQWRDPXUDOODGRSHURHQHO&DVFR$QWLJXRGHILQLGRSRUHO3ODQ*HQHUDOTXHHVHOTXHVHQRVVHxDODFRPR
iPELWRGHO&RQFXUVRVHHQFXHQWUDQODVSOD]DVGHOD)RQWGHO0RVTXLW\GHOV0DULQHUVTXHORMDORQDQSHULPHWUDOPHQWH
KDVWDOD3OD]DGHOD&RQVWLWXFLyQHQODFRQIOXHQFLDFRQ*DEULHO0LUyFHQWURQHXUiOJLFRGHODFLXGDG(TXLSDPLHQWRVHQVX
LQWHULRUFRPRHO&HQWUR6RFLDO\5HJLGXUtDGH%LHQHVWDU6RFLDO\GHOD0XMHUODDPSOLDFLyQGHO$\XQWDPLHQWRDVtFRPROD
,JOHVLDHO-X]JDGRFRQOD2ILFLQDGH7XULVPRDVRFLDFLRQHVORFDOHVPXVHRVMXQWRFRQXQDVHULHGHSOD]DVLQWHULRUHV
1RUWH OD (VWDFLyQ GH $XWREXVHV HWF VRQ GRWDFLRQHV DO DOFDQFH GH ORV UHVLGHQWHV HQ HO &DVFR $QWLJXR TXH MXHJDQXQ
SDSHOIXQGDPHQWDOHQHOPDQWHQLPLHQWRGHOUHFLQWR\GHVXSREODFLyQ
$KRUDHQDOPHQRVKD\WUHViUHDVGHRSRUWXQLGDGVLWXDGDVHQHVWHERUGHXQDDO1RUWHODPDQ]DQDTXHVHJ~QHO
3ODQ*HQHUDOGHEHDWHQGHUODVGHPDQGDVGHSDUTXHS~EOLFR\DSDUFDPLHQWRSDUDUHVLGHQWHV\GRVDO6XUHQODV3OD]DV
GHO6DOYDGRU\0DQXHO0LUyDOUHGHGRUGHO&HQWURGH(GDGTXHHVWiQD~QPHGLRFRQVROLGDGDV\TXHSHUPLWHQDOJXQD
DFWXDFLyQGHFLHUWDWUDVFHQGHQFLDXUEDQtVWLFD
)XHUD GHO &DVFR $QWLJXR &$ FRPR DVt OR GHQRPLQDUHPRV HQ DGHODQWH SDUD QR FRQIXQGLUOR FRQ HO &HQWUR +LVWyULFR
TXHGDODFLXGDG GH KR\FRQOD 3oD GH OD &RQVWLWXFLyQ OD*ORULHWDFRQVXV GRWDFLRQHVS~EOLFDV \ODV FDOOHV SHDWRQDOHV
3RUWDOHW\ORV$OPHQGURVFRPHUFLDOHVFUX]DGDVSRUVXFDOOHSULQFLSDO$YGD*DEULHO0LUyHMH\PRWRUGHODFLXGDGTXH
FRQVXSRWHQFLDGHVGLEXMDODKLVWRULDXUEDQDFRPHQWDGDDQWHULRUPHQWHFRQHGLILFLRVGHRILFLQDV\SLVRVHQDOWXUDTXH
OOHJDQKDVWDODSOD\DGHO$UHQDO6LPEROL]DFRPRQLQJXQDRWUDHO&DOSGHKR\FRQVXDMHWUHRGLDULRGHFRFKHV\JHQWHV
UHVLGHQWHV R WXULVWDV HQ LQFHVDQWH LU \ YHQLU SDUD UHDOL]DU JHVWLRQHV FRPSUDV R HQ DOJ~Q FDVR SDUD VHQWDUVH HQ VXV
WHUUD]DVGHVFDQVDU\GLVIUXWDUGHOEXHQWLHPSR
(O&+KDTXHGDGRHQFHUUDGRWDQDPDQR\WDQOHMRVFRQXQDHQWUDGDPLQ~VFXODGHUXWDWXUtVWLFDHQHODQWLJXR)RUDWGHOD
0DUMXQWRDOD3]DGHOD&RQVWLWXFLyQ'HVGHHOLQWHULRUDODYH]DSHQDVVHWLHQHUHIHUHQFLDYLVXDOGHODFLXGDGQXHYDR
GHVXHVSOpQGLGRHPSOD]DPLHQWRTXHOHGLRRULJHQ1RKD\XQHMHYHUWHEUDGRUTXHFRQHFWH(VWH\2HVWH
(OWXULVPRVHKDYXHOWRODIXHU]DHFRQyPLFDGHOPXQLFLSLR\GHOOLWRUDOGHOD&RPXQLGDG\&DOSMXHJDXQSDSHOFRQFUHWRFRQ
VXILFLHQWHVVLQJXODULGDGHVFRPRSDUDDILDQ]DUVXIXWXUR+D\GHFHQDVGHXUEDQL]DFLRQHVTXHVDOSLFDQVXWHUULWRULR\
QXPHURVDVSOD\DVGHVGH7RL[D%DVVHWHV6XVVHxDVVRQHO3HQ\DOGH,IDFODV6DOLQDVODVVLHUUDVGH9HUQLD\2OWiHO
0DVFDUDW (O HQWRUQR HV SULYLOHJLDGR <D HQ OD LQDXJXUDFLyQ GHO 3DUDGRU KL]R H[FODPDU D +HPLQJZD\ (O TXH
TXLHUDGDUVHXQDOHYHLGHDGHOSDUDtVRTXHSDVHXQRVGtDVHQHO3DUDGRUGH,IDFK\OXHJRORFRPSUHQGHUi
(O&$GH&DOSKR\$PELWRGHO&RQFXUVR)WH'RFXPHQWDFLyQGHO$\XQWDPLHQWR
9LVWDDpUHD(VWDGRDFWXDO
$PELWRGHO&$\$UHDVGH2SRUWXQLGDGOLPtWURIHV
\
G
(O&DVFR$QWLJXRiUHDREMHWRGHFRQFXUVR
&XDQGRDQDOL]DPRVORVLQVWUXPHQWRVXUEDQtVWLFRVGLVSRQLEOHV3RQHQFLDQRVGHWHQHPRVHQHOSODQHDPLHQWRPXQLFLSDO\
RWURVSODQHVTXHSXHGHQDIHFWDUDO &$6&2+,675,&2GH&DOS\DTXHORVFRQVLGHUDPRVFRPRSRVLEOHVKHUUDPLHQWDVD
XWLOL]DUHQODSURSXHVWD$TXtFHQWUDPRVHODQiOLVLVHQODUHJXODFLyQXUEDQtVWLFD\GHSURWHFFLyQTXHOHDIHFWDQ
< HODERUDPRV DTXHOOD 3RQHQFLD LQIRUPDWLYD SRU ODV SURSLDV FDUDFWHUtVWLFDV GHO &RQFXUVR TXH SRQH HVSHFLDO pQIDVLV HQ VX
YLDELOLGDGDODYH]TXHVHxDODXQDOLPLWDFLyQGHGLVSRQLELOLGDGHFRQyPLFDPXQLFLSDOGHHQORVSUy[LPRVHMHUFLFLRV
LQFOXLGR HO GH HV GHFLU D FRUWR SOD]R OR TXH KDFH SUHFLVR HVWXGLDU RWURV PHFDQLVPRV GH LQWHUYHQFLyQ TXH QR VHDQ
H[FOXVLYDPHQWHGHDFWXDFLyQGLUHFWDQLGHVGHHOiPELWRS~EOLFR$VtVHLQFOX\HQHQODFLWDGD3RQHQFLDFRQORVUHFXUVRV
UHJXODWRULRVGHOSODQHDPLHQWRXUEDQtVWLFRHOSDWULPRQLDOHVSHFLDOPHQWHHQORUHIHULGRDQ~FOHRVXUEDQRVWUDGLFLRQDOHV\ORV
GHULYDGRV GH OD QXHYD OH\ GH 5HKDELOLWDFLyQ 5HJHQHUDFLyQ \ 5HQRYDFLyQ XUEDQD \ GHO QXHYR 3ODQ GH OD 9LYLHQGD
ORVSURJUDPDVGHD\XGDDXWRQyPLFRVHVWDWDOHV\HXURSHRV\ODSDUWLFLSDFLyQYHFLQDOHQDFWLYLGDGHVHFRQyPLFDV\
O~GLFDV
/DGHQRPLQDFLyQTXHYDPRVDXWLOL]DUFRPRDSXQWDPRVHVODGH&$6&2$17,*82&$\DTXHFRLQFLGHFRQODXWLOL]DGDSRU
ODSREODFLyQ\ODSXEOLFLGDGLQVWLWXFLRQDO\FRPHUFLDO&RUUHVSRQGHDGHPiVDODSDUWHGHOVXHORXUEDQRGH&DOSTXHHO3ODQ
*HQHUDOYLJHQWHGHFDOLILFDFRPR]RQD&$6&285%$12FRQHVWDGHQRPLQDFLyQ/RGLVWLQJXLUHPRVDVtGHOFRQFHSWRGH
&HQWUR+LVWyULFRTXHHVWiUHODFLRQDGRFRQOD]RQDLQWHULRUDPXUDOODV
/DGHQRPLQDFLyQGH18&/(2+,675,&2DSDUHFHGHVSXpVGHO3ODQ*HQHUDOHQHO5HJODPHQWRGH=RQDVGH2UGHQDFLyQ
8UEDQtVWLFD GH OD*HQHUDOLWDW 9DOHQFLDQD SHUR HV OD OHJLVODFLyQ GH SDWULPRQLR FXOWXUDO GH \ VXV PRGLILFDFLRQHV
SRVWHULRUHVODTXHOHGDFDUWDGHQDWXUDOH]D$VtHO'HFUHWRGHGH0D\RTXHUHJXODORV%LHQHVGH5HOHYDQFLD
/RFDO %5/ LQFOXVR DGRSWD ODV VLJODV 18&/(2 +,6725,&2%,(1 '( 5(/(9$1&,$ /2&$/ 1+7%5/ SDUD TXH QR KD\D
FRQIXVLyQHQWUHOD]RQDXUEDQtVWLFD\HOiUHDSURWHJLGD
/RV 1+7%5/ VRQ iPELWRV XUEDQRV FRPSUHQGLGRV HQ OD GHOLPLWDFLyQ XUEDQtVWLFD \ TXH DGHPiV VH FDUDFWHUL]DQ SRU FRPSRQHU
3ODQHDPLHQWRH[LVWHQWH
DJUXSDFLRQHV GLIHUHQFLDGDV GH HGLILFDFLRQHV TXH FRQVHUYDQ XQD WUDPD XUEDQD XQD WLSRORJtD GLIHUHQFLDGD R XQD VLOXHWD KLVWyULFD
FDUDFWHUtVWLFD\RXQDFRPELQDFLyQGHHVWDVSHFXOLDULGDGHVDUWE
'HOLPLWDFLyQGHO1~FOHR+LVWyULFRGHO3*283ODQR
(QHOFDVRGH&DOS&$6&2$17,*82\1+7%5/VRQFRLQFLGHQWHV
3ODQHDPLHQWRXUEDQtVWLFR
/DUHJXODFLyQGHXUEDQtVWLFDGHOiUHDREMHWRGHO&RQFXUVRVHFRQWLHQHHQODV1RUPDV\3ODQRVGH2UGHQDFLyQGHODYLJHQWH
+202/2*$&,1*/2%$/02',),&$7,9$'(/3/$1*(1(5$/'(25'(1$&,185%$1$DSUREDGDHOGH-XOLRGH
(VWH3ODQGHOLPLWDOD]RQDGH&DVFR8UEDQRFRQVXV+DVPTXHHVHOiPELWRGHO&RQFXUVR(O3ODQR
GHO 3* TXH DGMXQWDPRV SUHVHQWD XQDV SRFDV GLIHUHQFLDV HQWUH OD GHOLPLWDFLyQ SURSRUFLRQDGD FRPR iPELWR GH
DFWXDFLyQ\HOPLVPRWDFyQGHO35,0DQ]DQD1RUWH\OtPLWHVSRUHMHVGHFDOOHTXHVRQLUUHOHYDQWHVSDUDHVWH&RQFXUVR
(O3*28WLHQHXQDSUHYLVLyQGHKDELWDQWHVSDUD&DOSGHHOORVHQHOVXHORXUEDQRFRQVROLGDGR\
KDELWDQWHVHQVX&DVFR8UEDQRYHU0HPRULD;,97HFKRSREODFLRQDOSJ1XHVWUDFRQWDELOLGDGVHJ~QFDWDVWUR\
SDGUyQ\DGLMLPRVTXHFLIUDHQVXQ~PHURDFWXDOGHUHVLGHQWHVHQHOPLVPR9HU3RQHQFLD9LYLHQGD
/(<(1'$
)WH'RFXPHQWDFLyQ$\XQWDPLHQWR
'HOLPLWDFLyQGHO&DVFR$QWLJXR
=RQDV9HUGHV
'HVWDFDPRVGHO3*ODQRUPDWLYDUHIHULGDDO&DVFR+LVWyULFRTXHUHVXPHHOVLJXLHQWHH[WUDFWRGHO&XDGUR,GHODV1188
HODERUDGRSRUORVVHUYLFLRVWpFQLFRVPXQLFLSDOHVSDUDORVFRQFXUVDQWHV
7LSRORJtDGH0DQ]DQD0DQ]DQD'HQVD
6XSHUILFLHPtQLPDGHSDUFHODVLQOtPLWH
'LiPHWURPtQLPRQRVHGHILQH
)DFKDGDPtQLPDQRVHGHILQH
)RQGRPtQLPRQRVHGHILQH
2FXSDFLyQPi[LPDGHSDUFHOD
$OWXUDPi[LPDVHJ~QDUWtFXORSODQWDVPySODQWDVPVHJ~QFDOOHV
9RODGL]RVPi[LPRVVROREDOFRQHV
8VRGHYLYLHQGD8QLIDPLOLDU\SOXULIDPLOLDU
8VRLQGXVWULDO&DWHJRUtD/DERUDWRULRVWDOOHUHV\SHTXHxDVLQGXVWULDVFRQ
PDTXLQDULDLQIHULRUDNZFRPSDWLEOHVFRQODYLYLHQGD
8VR7HUFLDULR+RWHOHUR&XOWXUDO2ILFLQDV6DQLWDULR&RPHUFLDO5HFUHDWLYRH[FHSWR
'LVFRWHFDV
&RQGLFLRQHVHVWpWLFDV&RQHQWRUQRYHUDUW\VV\DUWGH1188
(QWUH RWUDV FRQGLFLRQHV GH LQWHUpV UHVDOWDPRV TXH QR HV REOLJDWRULD OD UHVHUYD GH SOD]DV GH DSDUFDPLHQWR GH ODV QXHYDV
HGLILFDFLRQHVHQHO&$DUWDPpQGHGHWHUPLQDGDVQRUPDVGHLQWHUpVTXHVHUHVHxDQHQOD3RQHQFLD
(QHOFLWDGRDUWVHHVWDEOHFHQXQDVHULHGHFRQGLFLRQHVHVWpWLFDVSDUDODHGLILFDFLyQHQHO&DVFR$QWLJXR
/DVQXHYDVFRQVWUXFFLRQHVDVtFRPRODDFWXDFLyQVREUHODVH[LVWHQWHVGHEHUiQUHVSRQGHUD
ODV FDUDFWHUtVWLFDV GRPLQDQWHV GHO DPELHQWH \ HGLILFDFLRQHV SUy[LPDV DUPRQL]DQGR ODV
FXELHUWDVFRUQLVDVGLVSRVLFLyQGHIRUMDGRVPDWHULDOHVWH[WXUDLQVWUXPHQWRVGHIDFKDGDFRORU
\ VL IXHUD SRVLEOH OD UHVROXFLyQ FRQVWUXFWLYD GH ORV GLIHUHQWHV HOHPHQWRV TXH LQWHJUDQ OD
FRPSRVLFLyQDUTXLWHFWyQLFD
(Q OD FRPSRVLFLyQ GH IDFKDGDV VH SURKLEH H[SUHVDPHQWH OD XELFDFLyQ GH WHQGHGHURV /D
FRORFDFLyQ GH WROGRV SHUVLDQDV HQUROODEOHV UHMDV HWF UHTXHULUi GH OLFHQFLD PXQLFLSDO \ VH
H[LJLUiXQLIRUPLGDGHQWRGDODIDFKDGDGHOHGLILFLR
$VLPLVPR VH SURKLEH H[SUHVDPHQWH OD FRORFDFLyQ HQ PHGLDQHUtDV GH DQXQFLRV \ YDOODV
SXEOLFLWDULDV
(Q HO WUDWDPLHQWR FRPSRVLWLYR GH ODV SODQWDV EDMDV HQ ODV HGLILFDFLRQHV H[LVWHQWHV \ HQ
HVSHFLDO HQ ORV ORFDOHV FRPHUFLDOHV VH SURKLEH H[SUHVDPHQWH FXDOTXLHU UHIRUPD GH WLSR
HVWUXFWXUDO HQ OD IDFKDGD TXH QR VHD SDUD UHVWLWXLU DO HGLILFLR ODV FDUDFWHUtVWLFDV WLSROyJLFDV
PRUIROyJLFDV R FRQVWUXFWLYDV GHWHUPLQDGDV SRU ORV LQYDULDQWHV GH OD DUTXLWHFWXUD ORFDO
WUDGLFLRQDO(QORVHGLILFLRVGHXVRUHVLGHQFLDOHQTXHVHSHUPLWDODYLYLHQGDHQSODQWDEDMDOD
FRPSRVLFLyQGHIDFKDGDHVWDUiDFRUGHFRQHOUHVWRGHOHGLILFLR
/RVKXHFRVHQIDFKDGDPDQWHQGUiQVLHPSUHXQDSUHGRPLQDQFLDYHUWLFDODOWXUDPD\RUTXH
DQFKXUD HVWDQGR SURKLELGRV ORV KXHFRV DSDLVDGRV 0DQWHQGUiQ XQD FRUUHFWD JUDGDFLyQ GH
WDPDxRDORODUJRGHODVSODQWDVGHODHGLILFDFLyQH[LVWLHQGRUHODFLRQHVIRUPDOHVHQWUHORVHMHV
GHVLPHWUtDYHUWLFDOHV/RVFHUUDPLHQWRVVHDFDEDUiQDEDVHGHHQOXFLGRVFRQUHYRFRVU~VWLFRV
R PDHVWUHDGRV SLQWDGRV HQ FRORU EODQFR VLHQD FODUR X RFUH 3RGUiQ H[LVWLU ]yFDORV R
UHFHUFDGRVHQKXHFRVUHDOL]DGRVHQSLHGUDQDWXUDORFHPHQWRYLVWRSLQWDGRGHELHQGRHYLWDUVH
ODLPDJHQGHIDOVRVPDPSXHVWRVRJUDEDGRVVXSHUILFLDOHV
1RVHSHUPLWLUiODFDUSLQWHUtDGHDOXPLQLRQRODFDGR/DVEDUDQGLOODVPHWiOLFDVGHEDOFRQHV
VHSLQWDUiQHQFRORUQHJURRJUDILWRDGPLWLpQGRVHHOSDVDPDQRVHQPDGHUD
/D FXELHUWD VH UHDOL]DUi D YDULDV DJXDV FRQ WHMD FHUiPLFD iUDEH /DV FKLPHQHDV GHEHUiQ
HVWDUDFDEDGDVFRQORVPLVPRVPDWHULDOHVTXHHOUHVWRGHODIDFKDGD
(O 3* GH &DOS FRPR\DFRPHQWDPRVGHILQH XQD 0DQ]DQD FRQRUGHQDFLyQ HVSHFLDO GLIHULGDFRQ GHVWLQRSDUFLDO SDUD
SOD]DS~EOLFD\DSDUFDPLHQWRVTXHGHEHUiVHUGLVHxDGD\GHVDUUROODGDPHGLDQWHXQ35,DUWTXHHVODVLWXDGDHQWUHHO
&DVFR$QWLJXR\([SDQVLyQGH&DVFRTXHQRVRWURVODOODPDUHPRV0DQ]DQD1RUWHGHOLPLWDGDSRUODVFDOOHV-RVp$QWRQLR
/LEHUWDG*HQHUDOtVLPR)RUD3HWLW/D)RQW\$YGDGHO1RUWHFRQXQDVXSHUILFLHHVGHP(O3ODQGH5HIRUPD
,QWHULRU35,ILMDUiODVDOLQHDFLRQHVLQWHULRUHVUDVDQWHV\DOWXUDVHQGLFKDSOD]DS~EOLFD7LHQHXQLQWHUpVHVWUDWpJLFRSDUDHO
&RQFXUVR
1RVRWURVHQQXHVWUDSURSXHVWDOODPDUHPRV$UHDVGH2SRUWXQLGDGHQGHQRPLQDFLyQXUEDQtVWLFD\DJHQHUDOL]DGDDODV
iUHDVGHVXHORXUEDQRVHPLFRQVROLGDGDVTXHSHUPLWHQDFWXDFLRQHVXUEDQtVWLFDVGHUHJHQHUDFLyQRUHQRYDFLyQXUEDQDVVLQ
TXHHOORLPSOLTXHSpUGLGDVGHGHUHFKRVXUEDQtVWLFRVDVXVSURSLHWDULRVGHVXHOR8QDGHHOODVHVOD0DQ]DQD1RUWHFLWDGD<
RWUDVODVGRVWDPELpQFLWDGDV\VLWXDGDVHQHOOtPLWH6XUGHO&$MXQWRDODQXHYD$YGD0DVQRX
7DPELpQ QRV UHVXOWD LQWHUHVDQWH GHVWDFDU TXH HQ HO DUW VH VHxDOD TXH DO PDUJHQ GH ODV ]RQDV GH SURWHFFLyQ OD
FRQVHUYDFLyQGHODVYLVWDVGHLQWHUpV\ODGHIHQVDGHORVYDORUHVSDLVDMtVWLFRVHQJHQHUDOFRQVWLWX\HXQRGHORVREMHWLYRVSULQFLSDOHVGHO
PLVPR3*'HHOORKDEODUHPRVLQH[WHQVRHQOD3RQHQFLD(GLILFDFLyQHVSDFLRVS~EOLFRV\SDLVDMHVXUEDQRV
(QFXDOTXLHUFDVRFRQYLHQHWHQHUHQFXHQWDORVDSURYHFKDPLHQWRVXUEDQtVWLFRVILMDGRVYHUSJ0HPRULDHQODVSDUFHODV
GHVXHORXUEDQRFRQVROLGDGRGHO&$GRQGHFDGDVRODULQWHJUDXQiUHDGHUHSDUWR6RQGHLQWHUpVSDUDODHMHFXFLyQGH
FXDOTXLHURSHUDFLyQXUEDQtVWLFDSDUDJDUDQWL]DUORVGHUHFKRVGHORVSURSLHWDULRV
/RVDSURYHFKDPLHQWRVHQHVWDViUHDVGHUHSDUWRVRQORVVLJXLHQWHV
Aprovechamiento Objetivo 0,33 m2/m2
Coeficiente reductor segn art. 64.4 LRAU 0,619091
Aprovechamiento Subjetivo. 0,2043 m2/m2
Excedente de Aprovechamiento. 0,1257 m2/m2
3ODQHDPLHQWR\SDWULPRQLR
/D ]RQD GH RUGHQDQ]D XUEDQtVWLFD &DVFR $QWLJXR FLWDGD \ GHOLPLWDGD HQ HO 3*28 VH LQFRUSRUD DO &DWiORJR GH %LHQHV \
(VSDFLRV3URWHJLGRVFRPR1~FOHR+LVWyULFR7UDGLFLRQDO1+7
(O&DWiORJRILJXUDHQHO$QH[R,,GHO3*28VHJUDItDHQHO3ODQR\HQVX0HPRULDTXHFRQVWDHQODGRFXPHQWDFLyQ
FRPSOHPHQWDULD KHFKD OOHJDU SRU HO $UTXLWHFWR 0XQLFLSDO D ORV FRQFXUVDQWHV VH H[SRQH OD PHWRGRORJtD OD GHVFULSFLyQ GHO
GHVDUUROORXUEDQRGH&DOSVXDQiOLVLVWLSROyJLFRODVFDWDORJDFLRQHVUHDOL]DGDVFRQDQWHULRULGDGDVtFRPRODMXVWLILFDFLyQGHOD
TXHFRQWLHQHHVWDEOHFLpQGRVHDGHPiVODVQRUPDVGHSURWHFFLyQWDQWRGHFDUiFWHUJHQHUDOFRPRGHFDUiFWHUHVSHFtILFRSDUD
ILQDOL]DU FRQ HO FXDGUR GH DFWXDFLRQHV SHUPLWLGDV VHJ~Q OD FDWHJRUtD GH SURWHFFLyQ TXH VH OHV KD\D RWRUJDGR DVt FRPR HO
DQH[RGHILFKDVSDUDFDGDHOHPHQWR
(O DUW GHO 3* HVWDEOHFH TXH ORV HOHPHQWRV R VHFWRUHV GH LQWHUpV KLVWyULFR DUWtVWLFR DUTXHROyJLFR R FXOWXUDO VHUiQ REMHWR GH
SURWHFFLyQHVSHFLDO
C$MXQWDPHQW9HOO0XVHR$UTXHROyJLFR*DOHUtDGH$UWH&RQWHPSRUiQHR7UDY3ODoD
&DVDOD6HQ\RUHWDHQF6P&ULVWRGHO6XGRU
&DVDGH$QWRQLRGHO3DUDGHURHQ3oD(VSDxDF0DMRU
&DVDGHOD&RRSHUDWLYDDQWLJXR$\XQWDPLHQWR0XVHR)HVWHUHQ&/OLEHUWDW
&DVDGHOD+HUPDQGDGGH/DEUDGRUHVHQF0D\RU
9LYLHQGDF0D\RU
0RVDLFR0XUDO2ILFLQDGH,QIRUPDFLyQ\7XULVPRHQ3oD0RVTXLWF)RUD
7RUUHyGHOD3HoDLPXUDOOHV
5HFRUGHPRVTXHODV1188HQVXDUWGLVSRQHTXHORVLQPXHEOHVFDWDORJDGRVGHWLWXODULGDGS~EOLFDVHSRGUiQUHDOL]DUDTXHOODV
REUDVTXHWHQJDQSRUREMHWROD DGHFXDFLyQDFRQGLFLRQDPLHQWR LQFOXVRDPSOLDFLyQFRPSDWLEOHFRQHOILQ\ODDFWLYLGDGTXHVHSUHWHQGD
GHVDUUROODUHQGLFKRVHGLILFLRV\TXHWHQJDQSRUREMHWRUHYLWDOL]DUHOXVRGHORVPLVPRV
&RPRKHPRVGLFKRYHU3RQHQFLDQRKD\3ODQ(VSHFLDOR&DWiORJRGHHGLILFLRVGHO&+GHOD/H\GH3DWULPRQLRSRUORTXH
H[FHSWRHO1+7ODLJOHVLD\ODVPXUDOODVHOUHVWRGHHOHPHQWRVFDWDORJDGRVQRWLHQHQODFRQVLGHUDFLyQGH%5/
/RV%LHQHVGH5HOHYDQFLD/RFDO%5/HQODGHILQLFLyQTXHGDGHHOORVOD/H\9DOHQFLDQDGHO3DWULPRQLR\VXFLWDGR'HFUHWR
GHDUW\VRQFRPRGLMLPRVORVPiVFHUFDQRVDORVYDORUHVSDWULPRQLDOHVTXHKD\HQGLFKRiPELWR
6RQELHQHVLQPXHEOHVGHUHOHYDQFLDORFDODTXHOORVLQPXHEOHVTXHSRVHHQHQHOiPELWRFRPDUFDORORFDOYDORUHVKLVWyULFRVDUWtVWLFRVDUTXLWHFWyQLFRV
DUTXHROyJLFRVSDOHRQWROyJLFRVRHWQROyJLFRVHQJUDGRUHOHYDQWHDXQTXHVLQODVLQJXODULGDGSURSLDGHORVELHQHVGHFODUDGRVGHLQWHUpVFXOWXUDO
7LHQHQ DVLPLVPR OD FRQVLGHUDFLyQ GH %5/ VLQ SHUMXLFLR GH VX GHILQLWLYD HYDOXDFLyQ H LQVFULSFLyQ HQ ORV FRUUHVSRQGLHQWHV FDWiORJRV PXQLFLSDOHV ORV
Q~FOHRVKLVWyULFRVWUDGLFLRQDOHVTXHDVtVHGHOLPLWHQ\UHFRQR]FDQFRQIRUPHDORGLVSXHVWRHQHVWHGHFUHWR
$ QXHVWUR HQWHQGHU VRQ HOHPHQWRV SDWULPRQLDOHV GH PD\RU LQWHUpV FXOWXUDO \ SRGUtDQ WHQHU FDUiFWHU LQGLYLGXDO GH %5/ OD
SULPLWLYD,JOHVLD\VXFDPSDQDULR\ODVPXUDOODVHO0XVHR$UTXHROyJLFR*DOHUtDGH$UWH3RUWDOHW$QWLJXR$\XQWDPLHQWR\OD
&DVDGHOD6HQ\RUHWD
6HJ~QHO'HFUHWRFLWDGRODFDOLILFDFLyQFRPR%5/ODDSUXHED\UHDOL]DHOSURSLR$\XQWDPLHQWRLQVFULELpQGRORVGHVSXpVHQHO
&DWiORJRGHOD*HQHUDOLWDW\HVWDPELpQHOPLVPR$\XQWDPLHQWRTXLHQSXHGHRWRUJDUOLFHQFLDVGLUHFWDPHQWHVLQDXWRUL]DFLyQ
GHOD&RQVHOOHULD6HJ~QODOHJLVODFLyQSDWULPRQLDODOHVWDUGHQWURGHO1+7QRSUHFLVDQGHOLPLWDFLyQGHHQWRUQRGHSURWHFFLyQ
SURSLR
/DFDVDGHODVHQ\RUHWD/DVPXUDOODV\ODLJOHVLDDQWLJXD
'RWDFLRQHVS~EOLFDV\HTXLSDPLHQWRVXUEDQRV
/DVYLYLHQGDV\HTXLSDPLHQWRVGHSUR[LPLGDGORVEiVLFRV\DFFHVLEOHVSDUDORVUHVLGHQWHVVHDQDOL]DQHQOD3RQHQFLD
SXQWRWDQWRS~EOLFRVFRPRSULYDGRV
/RVHTXLSDPLHQWRVRGRWDFLRQHVXUEDQtVWLFDVORVWUDWDPRVHQOD3RQHQFLDSXQWR(VWiQVHxDODGRVHQHOSODQRGHOD
SJGHHVWD3RQHQFLD
([FHSWR,JOHVLDYLHMDKR\&DSLOODGHODQXHYDQLQJXQRWLHQH ODFRQVLGHUDFLyQGH%LHQ&XOWXUDO%,&R%5/(OHGLILFLRGHO
3RUWDOHWKDELOLWDGRSDUD*DOHUtDGH$UWHDQWLJXR$\XQWDPLHQWR\GHVSXpV0XVHR$HUTXHROyJLFR\OD&DVDGHOD6HQ\RUHWD
VRQORV~QLFRVTXHFRPSDUWHQODFRQGLFLyQGHGRWDFLyQS~EOLFDHQHGLILFLRFDWDORJDGRSRUHO3*28
/DDUTXLWHFWXUD
/DVWLSRORJtDVGHHGLILFDFLyQDVtFRPRODPRUIRORJtDXUEDQDVHFRPHQWDQHQOD3RQHQFLD
/DDUTXLWHFWXUDGHO&$HVHQVXPD\RUtDDUTXLWHFWXUDSRSXODUFRQFDVDVDXQD\GRVPDQRVGHXQDDWUHVSODQWDVTXHKD
VLGR UHDOL]DGD DQyQLPDPHQWH HQ HO WLHPSR \ FRQ XQD JUDQ GLJQLGDG &DVL WRGDV WLHQHQ XQ EXHQ JUDGR GH FRQVHUYDFLyQ \
DOJXQDVHQJDODQDGDVFRQMDUGtQ\SODQWDVORTXHKDEODGHODSHJRDOOXJDUGHVXVKDELWDQWHV&DVLWRGDVSLQWDGDVFRQHODSR\R
GHO $\XQWDPLHQWR \ DOJXQDV FRQ SLQWXUDV GH GHFRUDFLyQ GH WUDPSDQWRMRV PX\ LQWHUHVDQWHV REUD GH 3LHUUH /H )OHXU +D\
WDPELpQPRVDLFRV\SLQWXUDVHQSDxRVGHPHGLDQHUDVGH*DVWyQ&DVWHOOy\(OtDV2UEH]
/DSULPLWLYDLJOHVLDHQWUDVDPSOLDFLyQV;,;\(O3RUWDOHW
7UDPSDQWRMRVHQ&5HYHUHQGR3HQDOYD\HQ&9LFHQWH*DOODUW
KR\*DOHUtDGH$UWH&RQWHPSRUiQHR$QWLJXR$\XQWDPLHQWR
,JOHVLDYLHMD%5/QRLQFOXLGDHQHO&DWiORJR
,JOHVLD GHO ;,9 PX\ WUDQVIRUPDGD SRU VXFHVLYDV REUDV OD ~OWLPD HQ HO ;,; VH GLFH TXH HV HO ~QLFR HMHPSODU JyWLFR PXGpMDU GH OD
&RPXQLGDG9DOHQFLDQD,JOHVLDGHXQDVRODQDYHFRQHOiEVLGHVREUHODPLVPDPXUDOODHQXQHMHPSORGHLJOHVLDIRUWDOH]DTXHVHGDHQ
RWUDVFLXGDGHVSUy[LPDV6REUHXQRGHVXViQJXORVVHOHYDQWDHOFDPSDQDULR(VWiHQODSDUWHPiVDOWDGHODFLXGDG\TXHGDHPEHELGD
HQWUHODPXUDOOD\ODQXHYDLJOHVLDGHODTXHHVXQDHVSHFLHGHFDSLOODDQHMDDODQXHYD,JOHVLD
,JOHVLDQXHYD1WUD6UDGHODV1LHYHVQRLQFOXLGDHQHO&DWiORJRHVODDFWXDOSDUURTXLD
3OD]DGHOD9LOD,JOHVLDYLHMDH,JOHVLDQXHYD1WUD6UDGHODV1LHYHV
(O$\XQWDPLHQWR9LHMRHGLILFLRGHO&DWiORJR
/DKLVWyULFDSXHUWDGHODFLXGDGHOD(O3RUWDOHWVHUHQXHYDHQ\VHFRQVWUX\HHOHGLILFLRGHOPLVPRQRPEUHTXHVHGHUULEDHQ
$OOtVHOHYDQWDHOQXHYR$\XQWDPLHQWRKR\GHVWLQDGRD*DOHUtDGH$UWH&RQWHPSRUiQHR\DQWHVD0XVHR$UTXHROyJLFR
&DVDOD6HQ\RUHWDHQF6PR&ULVWRGHO6XGRU
&DVDGHYLYLHQGDDJUDULDWtSLFDDXQDPDQRGHO;9,,,R;,;PX\UHIRUPDGDFRQSODQWDEDMDFRQSDWLRWUDVHUR\FXDGUDSULPHUSLVRFRQEDOFyQ\KXHFR\
FDPEUDSDUDDOPDFHQDPLHQWR7RPDHOQRPEUHGHVX~OWLPDSURSLHWDULD$PSDUR/ORUFD(QHOODVHKDLQDXJXUDGRUHFLHQWHPHQWHHO0XVHRGH
+LVWRULDGHODFLXGDGLQFOX\HQGRHOSDWULPRQLRDUTXHROyJLFR
&DVDGH$QWRQLRHOGHO3DUDGHUR+HUPDQGDGGH/DEUDGRUHV
&DVDGH$QWRQLRHOGHO3DUDGHURHGLILFLRGHO&DWiORJR
&DVDGHWLSREXUJXpVGHOVLJOR;;DGRVPDQRVFRQSODQWDSULQFLSDO\VHJXQGRSLVRWRGDVSDUDYLYLHQGDV(VGHOPLVPRFDUiFWHUTXHODKDVWDKDFHSRFR
XWLOL]DGDFRPR0XVHR)HVWHUHQ/OLEHUWDWQ7RPDHOQRPEUHGHODOFDOGH\SURPRWRUGHO3DUDGHURGH,IDF$QWRQLR*DUFtD6DSHQD
(QHOSODQRVLJXLHQWHVHRIUHFHODORFDOL]DFLyQGHODVGRWDFLRQHV\HOHPHQWRVFDWDORJDGRVGHO&DVFR$QWLJXRGH&DOS
$OILQDOGHODV3RQHQFLDVVHRIUHFHQORV3ODQRVVHOHFFLRQDGRVGH$QiOLVLV8UEDQRUHDOL]DGRVSDUDODPHMRUFRPSUHQVLyQGHOD
LQIRUPDFLyQFRQWHQLGDHQODVPLVPDV
3/$12'('27$&,21(63%/,&$6<(/(0(1726&$7$/2*$'26(1(/&$'(&$/3
/XJDUHV\UXWDVGHLQWHUpVWXUtVWLFRHQHO&DVFR$QWLJXR
(OWXULVPRHVDFWXDOPHQWHODEDVHGHODDFWLYLGDGHFRQyPLFD+D\WXULVPRUHVLGHQFLDOSHUPDQHQWH\RFDVLRQDOGHWHPSRUDGD
\XQDSRWHQWHRIHUWDKRWHOHUDFHQWUDGDVREUHWRGRHQODVSOD\DV/DIXHU]DGHODLPDJHQGH&DOSHVLQGXGDEOH6XORJRHV
TXL]iHOPiVUHFRQRFLGRGHOD&RPXQLGDG/DZHE,QIRFDOSHIDFHERRN\WZLWWHUHOPLVPR$\XQWDPLHQWRZZZDMFDOSHVODV
2ILFLQDVGH7XULVPRZZZFDOSHHVWXULVPRHO&RQVRUFLR0XQLFLSDOGH7XULVPRHO3DWURQDWR&RVWD%ODQFDVRQLQVWUXPHQWRV
KDELWXDOHV9HU3RQHQFLD
/D RIHUWD FRPHUFLDO SDUD HVWH VHJPHQWR SXHGH VHU FXELHUWD FRQ ORV PHUFDGLOORV GLVSHUVRV IHULDV \ H[SRVLFLRQHV HQ ODV
FDOOHV GHO &HQWUR +LVWyULFR \D DUUDLJDGDV TXH VRQ LJXDOPHQWH LQWHUHVDQWHV SDUD OD SREODFLyQ FDOSLQD (FKDPRV HQ IDOWD
WDOOHUHVDUWHVDQRVFRQYHQWDGHVXVSURGXFWRVKDELHQGRFRPRKD\XQDLQWHUHVDQWHWUDGLFLyQGHFHUiPLFD\SLQWXUDPXUDO\SRU
RWUDSDUWHDXODVGHDUWHVDQtDPDQXDOLGDGHVHLGLRPDVPX\DGDSWDGDVDODVFDUDFWHUtVWLFDVGHODFLXGDG<ODSHVFDVREUH
WRGRODSHVFDQRWLHQHHOSURWDJRQLVPRGHELGRHQODFLXGDG/DJHVWLyQGHLQWHUFDPELRVOLQJtVWLFRV\YLQFXODFLyQFRQOD(2,\
ODFRQFHMDOtDVHUtDQRWURVSXQWRVGHLQWHUpVSDUDHO&$
(O 3RUWDO GHO &RPHUFLDQWH GH &DOS \ OD $JHQFLD SDUD HO )RPHQWR GH OD ,QQRYDFLyQ &RPHUFLDO FRQ XQ 3ODQ GH $FFLyQ
&RPHUFLDO 3$& GH &DOS FRQ D\XGD GHO 3URJUDPD )('(5 XQD PDUFD GHO *UHHQ &RPPHUFH SDUD XQRV FRPHUFLRV
VRVWHQLEOHV\DVLUYHQSDUDSURPRFLRQDUHOVHFWRUDVHVRUDUHLQIRUPDUVREUHODPDWHULDTXHD~QGHEHFRPSOHWDUVXDSXHVWD
(O3$&KDSHUPLWLGRHVWHDxRODLQVWDODFLyQGHVRSRUWHVLQIRUPDWLYRVGHO&$TXHFDUHFtD6HWUDWDHQOD3RQHQFLD
(O&$GLVSRQHVLQRGHSLH]DVUHOHYDQWHVVLGHXQHQWUDPDGRGHFDOOHV\SOD]DVFRQGHWHUPLQDGRVSXQWRVGHLQWHUpVWDQWR
GH HGLILFLRV FRPR GH SODFLWDV R UHVWRV KLVWyULFRV LJOHVLD \ PXUDOODV PiV DOJ~Q 0XVHR +LVWRULD$UTXHRORJtD )HVWHU
&ROHFFLRQLVPR FX\D PD\RU UHOHYDQFLD \FRRUGLQDFLyQ FRQWHQLGRV KRUDULRV SXEOLFLGDG FDEUiDERUGDU FRQ SUHIHUHQFLD (O
HQJDODQDPLHQWR\ODMDUGLQHUtDODSLQWXUDGHWUDPSDQWRMRVOHFRQILHUHQXQDSHUVRQDOLGDGQRGHVGHxDEOH/RVMXHJRVDODLUH
OLEUHFRPRODSLORWD\RWURVGHPD\RUHV\QLxRVFRPSOHPHQWDQRFDVLRQDOPHQWHXQDRIHUWDLQPDWHULDODFRQVROLGDU
+D\ XQD PX\ OLPLWDGD HGLFLyQ GH GLYXOJDFLyQ HQ SDSHO GH OD KLVWRULD \ SDLVDMHV GH &DOS +D\ XQ ,QVWLWXW G(VWXGLV &DOSLQV
GHSHQGLHQWH GHO $\XQWDPLHQWR FRQ HGLFLyQ YLUWXDO GH VXV %ROHWLQHV HQ OD %LEOLRWHFD &HUYDQWHV GH $OLFDQWH
ZZZFHUYDQWHVYLUWXDOFRP/RVSODQRVGHO&DVFR$QWLJXRVRORSXHGHQREWHQHUVHHQOD2ILFLQDGH,QIRUPDFLyQ\7XULVPRRHQ
HO$\XQWDPLHQWR1RKD\OLEUHUtDVRNLRVFRVSDUDHOOR
7DPELpQ DSXQWDPRV SRGUtDWUDWDUVH HQ HO &$ OD FUHDFLyQ GH 7DOOHUHV DUWHVDQDOHV KD\ XQR GH FHUiPLFD HQ OD ]RQD 6XU
WDOOHUHV\DXODVGHUHVWDXUDFLyQDUWtVWLFDKR\HQGtDGHVDUUROODGRVHQHO&RFy\GHDOJXQDH[WHQVLyQGHORVGHVDUUROODGRVHQ
OD YHFLQD &DVD GH &XOWXUD VREUH SLQWXUD GLEXMR \ PDQXDOLGDGHV VDODV GH H[SRVLFLyQ FRPR OD UHFLpQ LQDXJXUDGD GH DUWH
FRQWHPSRUiQHR HQ HO DQWLJXR $\XQWDPLHQWR TXH FRQ OD DPSOLD RIHUWD GH UHVWDXUDFLyQ \ OD SRVLEOH GH WXULVPR UXUDO
HQULTXHFLHUDQODDFWLYLGDGGHOPLVPR\D\XGDUDQDFRQVROLGDUODUHVLGHQFLD\HOHPSOHR
/DRIHUWDFXOWXUDOGH&DOSGHMDQGRDSDUWHHO3HQ\DO6DOLQDVORV%DxRVGHOD5HLQD\OD(UPLWDGHO6DOYDGRUVHFRQFHQWUDHQ
HO &DVFR $QWLJXR HO iUHD REMHWR GHO &RQFXUVR &RQ XQD RIHUWD PiV FRPSOHWD HFKDPRV HQ IDOWD FRPR DSXQWDPRV OD
UHIHUHQFLD PDULQHUD SRGUtD VHU XQ EXHQ REMHWLYR KDFHU GHO &$ UHIHUHQFLD REOLJDGD GHO WXULVPR FXOWXUDO 5HFRQR]FDPRV
WDPELpQ TXH XQD YH] HQ VX LQWHULRU HO YLVLWDQWH VH VXPHUJH HQ XQ HVSDFLR FDVL DXWyQRPR HQFHUUDGR HQ Vt PLVPR \ FRQ
DPELHQWHVPX\GXURVVREUHWRGRFRQHOVRO\FDORUGHOYHUDQRTXHVRORVHDOLYLDDODWDUGHFHU
+D\UXWDVWXUtVWLFDVHVWDEOHFLGDV\SXEOLFLWDGDVFRQYLVLWDVJXLDGDVTXHVRQEXHQSXQWRGHSDUWLGDSDUDGDUXQSDVRPiVHQ
HVWDGLUHFFLyQ/RVKRUDULRVGH0XVHRVYHVSHUWLQRV\VRORHQORVPHVHVGHYHUDQRSRGUtDQDFRSODUVXVHUYLFLR8QUHFLHQWH\
VLQWRPiWLFRFDPELRGHXVRGHORVREMHWLYRVGHORV0XVHRVKDEODGHXQDQHFHVDULD\\DLQLFLDGDRUGHQDFLyQGHODSROtWLFD
PXVHtVWLFD'HHOORVHKDEODUiWDPELpQHQRWUDV3RQHQFLDV
/DUXWDWXUtVWLFDGHO&$GH&DOSTXHVHUHFRPLHQGDHVWiVHxDOL]DGD\VHLQLFLDHQHO)RUDWGHOD0DUVXEHKDVWDOD3HoD\OD
3ODoDGHOD9LOD,JOHVLDVQXHYD\YLHMD0XVHR$UTXHROyJLFR\0XVHRGHO&ROHFFLRQLVPR\EDMDKDVWDOD3ODoDGH(VSDxD
0XVHR)HVWHU\3ODoD0RVTXLWVLSUHVFLQGLPRVGHODVXELGDDOD(UPLWD&DVD&XOWXUD\OD0DQ]DQHUDVLJXLHQGRSRUOD
$UUDEDO0XVHRGHOD6HQ\RUHWD\0XVHRGHO&RPLFKR\0RURV\&ULVWLDQRVKDVWDOD3ODoDGHOV0DULQHUV5XWDTXHQRWLHQH
QDGDTXHYHUFRQODVHQGDXUEDQDRHMHGHUHODFLRQHVXUEDQDVGHO&DVFR$QWLJXRFRQVXViUHDOLPtWURIHV
/DRSLQLyQVREUHHVWDRIHUWDDFWXDOHVEXHQDSHURPX\OLPLWDGD+HDTXtXQDGHVFULSFLyQGHXQYLVLWDQWHHQVXEORJ
TXHFLWDFRPROXJDUHVGHLQWHUpVQRHVWDEDDELHUWDOD&DVDGHOD6HQ\RUHWDHQGLFKDUXWD
/DVPXUDOODV\HOWRUUHyQGHOD3HoD
(O0XVHRGHOFROHFFLRQLVPR3ULYDGR/HSDUHFLyUHGXFLGR1ROHLQWHUHVy
,JOHVLDGH1WUD6UDGHODV1LHYHVVRORGHVWDFDHOPRVDLFRGHODIDFKDGD\ODEODQFXUDGHODVSDUHGHVVHJ~QHO
EORJXHUR\VXFDSLOODOD,JOHVLDDQWLJXDGHODVTXHVHxDODHOFRQWUDVWHOXPLQRVLGDGRVFXULGDG
0XVHR$UTXHROyJLFRKR\*DOHUtDGH$UWH&RQWHPSRUiQHRFRQXQDLQWHUHVDQWHUHIHUHQFLDDORV%DxRVGHOD5HLQD
%DUULRGHO$UUDEDOGHFDOOHVHVWUHFKDV\HPSLQDGDVWtSLFR\XQPDSDGH(VSDxD
3ODoDGHOV0DULQHUVFRQOD&RIUDGtDGH3HVFDGRUHVIXHQWHPXUDO\GHFRUDFLyQ
3OD]DGHO0RVTXLWFRQOD2ILFLQDGH,QIRUPDFLyQ\7XULVPRORVIDPRVRVWUDPSDQWRMRVIXHQWHPRVDLFR\XQPXUDO
SLQWDGRFRQODHVHQFLDGH&DOSODSHVFDORVFXOWLYRV\VXVJHQWHV
5HVXPLHQGR&DOSHIXHXQDGHODVSREODFLRQHVGHODFRVWDTXHPiVQRVJXVWyODGLVWULEXFLyQFRPRODVPD\RUtDGHODV
SREODFLRQHVGHOD]RQDHVEDVWDQWHFDyWLFDFRQXQSHTXHxRFDVFRKLVWyULFR\DOUHGHGRUGHpVWHXQVLQItQGHXUEDQL]DFLRQHV\
FDVDVFRQVWUXLGDVVLQULJRU\VLQVHJXLUQLQJ~QRUGHQGRQGHWHHQFXHQWUDVXQVLQItQGHURWRQGDV\FDOOHVVLQVDOLGD
&DOSHVHSXHGHYLVLWDUWUDQTXLODPHQWHHQXQGtDLQFOXLGDODVXELGDDO3HxyQQRVJXVWyHVSHFLDOPHQWHHOFDVFRKLVWyULFROD
]RQDGHOSXHUWR\HO3HxyQGH,IDFKWRGRVHHQFXHQWUDPX\ELHQVHxDOL]DGR\KD\EXHQDLQIRUPDFLyQWDQWRHQODV2ILFLQDVGH
WXULVPRFRPRDSLHGHFDOOHDGHPiVHOKHFKRGHTXHWRGRVHDJUDWXLWRHVXQSXQWRDVXIDYRU
/R~QLFRPDORVLQGXGDHVHOFDORUSRUHVR\RQRUHFRPLHQGRYLVLWDUORHQYHUDQRVREUHWRGR-XOLR\$JRVWRDQRVHUTXHRV
JXVWHODSOD\DSHURSDUDXQDYLVLWDFXOWXUDOSDUDHVDpSRFDWRWDOPHQWHGHVDFRQVHMDEOHGHWRGDVIRUPDVIXHUDGHWHPSRUDGD
HVXQDYLVLWDUHFRPHQGDEOHDO
/D SURPRFLyQ WXUtVWLFD GHO &DVFR $QWLJXR QR H[LVWH GLIHUHQFLDGD GHO FRQMXQWR GH &DOS (Q HO SXQWR GH OD 3RQHQFLD
GDPRVVXVUHIHUHQFLDV
$FFHVLELOLGDG\DSDUFDPLHQWRV
(O &DVFR $QWLJXR DSDUHFH KR\ SUiFWLFDPHQWH SHDWRQDOL]DGR YHU 3ODQR DGMXQWR FRQ DOJ~Q LWLQHUDULR GH WUiILFR URGDGR GH
FLHUWD LPSRUWDQFLD FRPR HO GH )RUD0RVTXLW0DVQR0DVQRX0DULQHUV \ RWURV TXH OR FRPSDWLELOL]DQ D GHWHUPLQDGDV KRUDV
DSDUWHGHOOyJLFRDFFHVRDUHVLGHQWHV6HJ~QLQIRUPDFLyQFDWDVWUDOXQSHTXHxRQ~PHURGHILQFDVXUEDQDVGLVSRQHQGHSOD]DV
HQVXSURSLDSDUFHOD9HUSODQRGHPRYLOLGDG
/DVFDOOHV*DUELHO0LUy%HQLVVD1RUWH3HWLW)RUD3XUtVVLPD0DUDFW~DQFRPRURQGDGHFLUFXODFLyQGHYHKtFXORVGHO&+
GH&DOS+D\DOJXQDSHQHWUDFLyQFRPRODGH*DEULHO0LUyDOD3]D0LJXHO5RVHOOyDO(VWHFRQSRVLEOHVDOLGDSRUODF6PR
&ULVWRGHO6XGRU\GHO0DUDO6XUFRQVDOLGDSRUODF3HGUR*DUFtD
6HKDSXHVWRUHFLHQWHPHQWHHQPDUFKD%,&,&$/3FRQGLYHUVRVLWLQHUDULRVXQRGHHOORVSRUHO&$DXQTXHVXVFRQGLFLRQHV
RURJUiILFDVQRORKDFHQHVSHFLDOPHQWHLQGLFDGRSDUDUHFRUULGRHQELFLFOHWDDXQTXHVtSDUDXQSDVHRVRVHJDGRGHMDQGROD
ELFLFOHWDHQOXJDUYLJLODGR)RUPDSDUWHGHXQIXWXUR3ODQGH0RYLOLGDG6RVWHQLEOHGHOPXQLFLSLRHQFXPSOLPLHQWRGHOD/H\
YDOHQFLDQDGH0RYLOLGDGGH
(OWUDQVSRUWHS~EOLFRGHDXWREXVHVXUEDQRVWLHQHGRVOtQHDV/\/TXHVLJXHQODVURQGDVFLWDGDVOOHJDQDODSOD\DV\D
ODV(VWDFLRQHVGH))&&\$XWREXVHV\TXHSDVDQSRUOD$YGD0DVQRX\*DEULHO0LUyFRQSDUDGDVHQ0DVQRX&ROyQHQ
GLUHFFLyQ D ODV SOD\DV \ *DEULHO 0LUy*ORULHWD HQ GLUHFFLyQ D (VWDFLyQ /D /tQHD IXQFLRQD WRGR HO DxR \ OD GH MXOLR D
VHSWLHPEUH8QD/LQHDPiVHVSHFLDOEDMDWDPELpQDSOD\DV\OOHJDD7HXODGD0RUDLUD8QOWUHQWXUtVWLFRYDGHVGHOD3]D
&ROyQDOSXHUWRGHMXOLRDVHSWLHPEUH
/DHVWDFLyQGHDXWREXVHVLQWHUXUEDQDGHPRGHUQDSODQWDVHVLW~DDO1RUWH\MXQWRDOD$YGD'LSXWDFLyQ
/RVDSDUFDPLHQWRVGLVSRQLEOHVHQHO&$HQFRUGyQHQODVFDOOHVRH[SURIHVRHQSOD]DVRiUHDVDQH[DVDODUHGYLDULD$9
DUW52*78VRQHVFDVRV1RH[LVWHQ$9UHVHUYDGRVHQHO3*28\VyORHVSRVLEOHHYDOXDUVXFDSDFLGDGVLFRQWDPRVFRQ
ODVGRV$UHDVGH2SRUWXQLGDGDO1RUWHXWLOL]DGDSDUDHVWHXVRHQVXVP\DO6XU
/DVSOD]DVHQUHGYLDULDGDGDOHHVWUHFKH]GHODVFDOOHVVRQFRPRGHFLPRVSRFDV\KHPRVFRQWDELOL]DGRDSOD]DVHQ
FRUGyQ\EDWHUtDODPD\RUtDHQODVURQGDVDODVTXHKD\TXHDxDGLUODGRWDFLyQH[FHSFLRQDOKR\SURYLVLRQDOGHODPDQ]DQD
1RUWH FLWDGD SUHYLVWD GHVDUUROODU HQ HO WDQWDV YHFHV PHQFLRQDGR 35, TXH SHUPLWH DKRUD XQDV SOD]DV \ TXHSRU VX
Q~PHURHVHOGHODFDSDFLGDGWRWDO\VXVLWXDFLyQDGTXLHUHODFRQGLFLyQGHLPSUHVFLQGLEOHHQHOIXWXURGHO&$
$GHPiVGHHVWHDSDUFDPLHQWRDODLUHOLEUHDO1RUWHKD\XQDSDUFDPLHQWRS~EOLFRDXQTXHGHSDJRHQORVVyWDQRVGHOD3OD]D
0D\RUDO6XU(VWHGHVWLQDGRPiVSDUDHOFHQWURXUEDQRTXHSDUDHOFHQWURKLVWyULFRFRQSODQWDV\SOD]DVSRUSODQWD
(QWRWDOSOD]DVEXHQDSDUWHSDUDUHVLGHQWHV
/RVSUREOHPDVGHDFFHVLELOLGDGSDUDSHUVRQDVFRQPRYLOLGDGUHGXFLGDVRQLPSRUWDQWHVGDGDVODVSHQGLHQWHV\ODVFDOOHVFRQ
HVFDOHUDVHQHOERUGHHQWUHHO&$\HO&HQWUR8UEDQRGH&DOS$YGD*DEULHO0LUy,IDF1RUWH\HQDOJXQDVFDOOHVGHOSURSLR
&$%DUULRGHO5DYDO(VXQSUREOHPDTXHQDFHGHVXSURSLDRURJUDItDHKLVWRULD/DDFFHVLELOLGDGPHQRVSUREOHPiWLFDHV
MXVWRKDFLDODSDUWHFRQWUDULDHO2HVWHFDOOH)RUD$OWHDGRQGHHVWiQ&ROHJLR*XDUGLD&LYLO&HQWURGH6DOXGHWFFRLQFLGHFRQ
ODGHWUiILFRGHYHKtFXORVGHDFFHVRDO&$
3/$12'(029,/,'$'$&78$/(1(/&$'(&$/3<68(172512,10(',$72
321(1&,$5(+$%,/,7$&,1(&210,&$&20(5&,2+267(/(5$<785,602
,1)250$&,1<$1/,6,6
,QWURGXFFLyQ\PpWRGR
&XDOTXLHU3ODQGHGLQDPL]DFLyQHFRQyPLFDGHEHSDUWLUGHOFRQWH[WRQRUPDWLYRVRFLDO\HFRQyPLFRH[LVWHQWH(VWHSUR\HFWR
SDUDHO&DVFR$QWLJXRGH&DOSVXUJHHQXQHQWRUQRGHFULVLV\SDUWHHQOD]DFRQRWURVSUR\HFWRVPXQLFLSDOHVTXHKDQ
DERUGDGRHOWHPDGHODGLQDPL]DFLyQFRPHUFLDOGHOPXQLFLSLRGXUDQWHORV~OWLPRVDxRV$VtHO3ODQGH$FFLyQ&RPHUFLDOGH
&DOSDSDUHFHHQ\YLHQHUHDOL]DQGRWRGDXQDVHULHGHDFWXDFLRQHVGHGLQDPL]DFLyQ\XUEDQLVPRFRPHUFLDO%XHQD
SDUWHGHHVWDVDFFLRQHVKDQWHQLGRFRPRiPELWRGHDFWXDFLyQHO&DVFRDQWLJXRDVtFRPR]RQDVDOHGDxDV
3RURWUDSDUWHKD\TXHWHQHUHQFXHQWDQRVyORORTXHVHKDKHFKRVLQRORTXHVHSXHGH\VHGHEHKDFHU(VWHSUR\HFWR
DSDUHFHHQXQFRQWH[WRGHFULVLVQRVyORHQWHQGLHQGRHVWDFRPRFR\XQWXUDHFRQyPLFDVLQRWDPELpQHQWHQGLpQGRODFRPR
XQSURIXQGRSURFHVRGHFDPELRHQHOPRGHORWXUtVWLFRH[LVWHQWH$OJXQRVDXWRUHVKDQLGHQWLILFDGRDOPRGHORWXUtVWLFR
WUDGLFLRQDOFRQHOPRGHORIRUGLVWDSUHFLRVEDMRVSXEOLFRGHPDVDVSURGXFWRVKRPRJpQHRV+DFHWLHPSRTXHGHVWLQRV
WXUtVWLFRVPDGXURVFRPR&DOSROD&RVWD%ODQFDYLHQHQDSRVWDQGRSRUXQFDPELRGHPRGHORTXHOHVHYLWHVLWXDUVHHQXQD
HWDSDGHHVWDQFDPLHQWRRGHFOLYH
(OPHUFDGRWXUtVWLFRKDFDPELDGRGHPDQHUDUDGLFDOHQORV~OWLPRVDxRV+R\HQGtDQRVHQFRQWUDPRVFRQXQFRQVXPLGRU
PX\LQIRUPDGRTXHFRQVXPHHLQWHUFDPELDJUDQFDQWLGDGGHLQIRUPDFLyQHQLQWHUQHWEORJVUHGHVVRFLDOHV\TXHSRU
WDQWR DVSLUD D XQ SUHFLR FRPSHWLWLYR \ D XQ SURGXFWR GH PXFKD FDOLGDG (VWH SURGXFWR DGHPiV \D QR HV HO SDTXHWH
,QGLFH
FHUUDGRGHKRWHO\SOD\DTXHVHFRQWUDWDEDHQXQDDJHQFLDGHYLDMHV/DVQXHYDVWHFQRORJtDVSHUPLWHQTXHFDGDYH]
,QWURGXFFLyQ\PpWRGR
+RVWHOHUtD
&RPHUFLR
(O3ODQGH$FFLyQ&RPHUFLDOGH&DOS
$FWLYLGDGHVGHFRPHUFLRDPEXODQWH
(QWLGDGHVS~EOLFDVGHSURPRFLyQHFRQyPLFD
(O3ODQGH(PSUHQGHGRUHVGHO&DVFR$QWLJXR
/D$JHQGD;;,ORFDOGH&DOS
7XULVPR
,QVWUXPHQWRVGHSURPRFLyQWXUtVWLFD
)HULDV\ILHVWDV
KD\DQPiVYLDMHURVTXHVHGLVHxHQVXSURSLRYLDMHDPHGLGD\TXHORKDJDQEXVFDQGRVHQVDFLRQHVRULJLQDOHVQRYHGRVDV
\DWUDFWLYDV6HQVDFLRQHVTXHELHQSXHGHQYHQLUGHODPDQRGHODJDVWURQRPtDODVFRPSUDVRODFXOWXUD
(QHVWHVHQWLGRHVQHFHVDULRTXHHO&DVFR$QWLJXRGH&DOSGHMHDWUiVXQDLPDJHQGHGHFDGHQFLDFRPHUFLDO\XQDHVWpWLFD
SURSLDGHPRGHORVWXUtVWLFRVGHVIDVDGRV(O&DVFR$QWLJXRGHEHDSRUWDUXQSOXVGHDXWHQWLFLGDG\FDOLGDGDXQSURGXFWR
WXUtVWLFRGHp[LWRFRPR&DOS(O&DVFR$QWLJXRFXHQWDFRQXQDLPSRUWDQWH\UHQRYDGDRIHUWDFXOWXUDO\SDWULPRQLDOSHUR
SXHGH\GHEHLUPiVDOOiSDUDDPSOLDU\PHMRUDUVXRIHUWDFRPHUFLDO\JDVWURQyPLFD
(QORV~OWLPRVDxRVPLHQWUDVHVWDVWUDQVIRUPDFLRQHVHVWUXFWXUDOHVVHGDEDQHQHOPHUFDGRWXUtVWLFRHO&DVFR$QWLJXRGH
&DOS LED HQWUDQGR HQ XQ FLHUWR HVWDGR GH GHFDGHQFLDFRPHUFLDO\ GHPRJUiILFD \ WRGR HOOR SHVH D ORV HVIXHU]RV GH ODV
DXWRULGDGHVSRUUHDOL]DUUHIRUPDVXUEDQtVWLFDV\GRWDUDO&DVFRGHXQDQRWDEOHRIHUWDFXOWXUDO\SDWULPRQLDO(VHQHVWH
FRQWH[WRHQHOTXHVHSUHVHQWDHVWHSUR\HFWRSDUDODUHJHQHUDFLyQHFRQyPLFDVRFLDO\DPELHQWDOGHO&DVFR$QWLJXR\HQ
HOTXHVHHQPDUFDHVWDPHPRULDFHQWUDGDHQVXUHKDELOLWDFLyQHFRQyPLFD
(VWHWH[WRSDUWHGHXQWUDEDMRSUHYLRFRQWUHVSDUWHVGLIHUHQFLDGDV(QXQDSULPHUDVHKDUHDOL]DGRXQGHWDOODGRDQiOLVLVGH
KWWSZZZDMFDOSHVSDF
%23%ROHWtQ2ILFLDOGHOD3URYLQFLD13DJ'LVSRQLEOHHQ
KWWSZZZSRUWDOGHOFRPHUFLDQWHFRP0L$ILF8VHUILOHVILOHERSD\XGDVHPSUHQGHGRUHVD\WRSGI
$JHQGD(QFXHVWDGH3HUFHSFLyQGHORV&RPHUFLRVDIHFWDGRVSRUODIDVHGHODVREUDVGH3$&FRPHUFLDO'LVSRQLEOHHQ
KWWSZZZD\WR&DOSRUJLQGH[SKS"RSWLRQ FRPBGRFPDQ ,WHPLG ODQJ HV
OD VLWXDFLyQ DFWXDO GHWHQLpQGRQRV HQ DQDOL]DU DVSHFWRV FODYHV FRPR OD KRVWHOHUtD HO FRPHUFLR HO WHMLGR DVRFLDWLYR ORV
LQVWUXPHQWRV GH SURPRFLyQ HWF (Q VHJXQGR OXJDU VH KD HVWDEOHFLGR XQ GLDJQyVWLFR GHQWUR GHO iPELWR HFRQyPLFR D
WUDYpVGHXQLQVWUXPHQWRVHQFLOORSHURHIHFWLYRFRPRHVXQDQiOLVLV'$)23RU~OWLPRDSDUWLUGHOGLDJQyVWLFRREWHQLGR\
\DLQWHJUDGRHQHOWUDEDMRHQHTXLSRFRQHOGHELGRGHEDWH\SULRUL]DFyQODVGHPDQGDVGHUHKDELOLWDFLyQHFRQyPLFDTXH
7RGD HVWDLQIRUPDFLyQ FXDQWLWDWLYDQRVSHUPLWH HVWDEOHFHUXQ UHWUDWR GH ORV GLVWLQWRV DVSHFWRV DQDOL]DGRV \ HQ DOJXQRV
KDEtDPRV UHVXPLGR HQ OtQHDV HVWUDWpJLFDV \ DFFLRQHV FRQFUHWDV KDQ FRQWULEXLGR D HVWDEOHFHU XQDV SURSXHVWDV
FDVRVDQDOL]DUODHYROXFLyQWHPSRUDO\HVWDEOHFHUFRPSDUDFLRQHVFRQPXQLFLSLRVYHFLQRV
JHQHUDOHVGHQXHVWURSOLFD
$KRUDELHQWRGDHVWDLQIRUPDFLyQFXDQWLWDWLYDQRVVHUYLUtDGHELHQSRFRVLQRODFRQWUDVWiVHPRV\DPSOLiUDPRVFRQRWUDV
(QHVWHFDVRHQWHQGHPRVTXHXQDQiOLVLVGHVFULSWLYRJHQHUDOQRQRVDSRUWDUtDLQIRUPDFLyQUHOHYDQWH(OREMHWRGHHVWH
IXHQWHV GH LQIRUPDFLyQ FXDOLWDWLYD FRPR OD REVHUYDFLyQ R ODV HQWUHYLVWDV SHUVRQDOHV $Vt VH KD YLVLWDGR HQ GLYHUVDV
&RQFXUVR HV DSRUWDU LGHDV \ SURSXHVWDV FRQFUHWDV TXH DEDUTXHQ GLIHUHQWHV iPELWRV GH DFWXDFLyQ SRU OR TXH KHPRV
RFDVLRQHVHO&DVFR$QWLJXRGH&DOS\QRVKHPRVHQWUHYLVWDGRGXUDQWHORVPHVHVGH-XQLR-XOLR\$JRVWRGHFRQ
VHOHFFLRQDGRWUDVXQHVWXGLRSUHYLRGRFHDVSHFWRVUHOHYDQWHVHQORVTXHFHQWUDPRVQXHVWURDQiOLVLV\TXHH[SRQHPRV
GLVWLQWRV H[SHUWRV HQ OD PDWHULD WpFQLFRV GH WXULVPR $),& JHUHQWHV FRPHUFLDOHV WDQWR GH &DOS FRPR GH RWUDV
PX\UHVXPLGRVFRPRFRUUHVSRQGHHQHVWD0HPRULDDFRQWLQXDFLyQ6RQ
SREODFLRQHV,JXDOPHQWHQRVKHPRVHQWUHYLVWDGRFRQSURIHVLRQDOHVSUHVLGHQWHVGHDVRFLDFLRQHV\UHVLGHQWHVGHO&DVFR
+RVWHOHUtD
$QWLJXRGH&DOS3RU~OWLPRVHKDQXWLOL]DGR\DQDOL]DGRODVHQFXHVWDVTXHVHUHDOL]DURQHQVXPRPHQWRSDUDHO3ODQGH
&RPHUFLR
$FFLyQ&RPHUFLDOWDQWRDUHVLGHQWHVFRPHUFLDQWHVRYLVLWDQWHVDXQWHQLHQGRPX\SUHVHQWHTXHKDQSDVDGRPiVGH
$FWLYLGDGHVGHFRPHUFLRDPEXODQWH
DxRVGHVGHVXHODERUDFLyQ7RGDHVWDLQIRUPDFLyQKDVLGRWUDWDGDSDUDFRPSRQHUORVGLVWLQWRVDQiOLVLVTXHH[SRQHPRVD
(QWLGDGHVS~EOLFDVGHSURPRFLyQFRPHUFLDO
FRQWLQXDFLyQ
(O3ODQGH$FFLyQ&RPHUFLDOGH&DOS
(O3ODQGH(PSUHQGHGRUHVGH&DVFR$QWLJXR
/D$JHQGD;;,ORFDOGH&DOS
7XULVPR
+RVWHOHUtD
,QVWUXPHQWRVGHSURPRFLyQWXUtVWLFD
&DOS FXHQWD FRQ HVWDEOHFLPLHQWRV GH UHVWDXUDFLyQ \ EDUHV (Q ORV ~OWLPRV DxRV HO VHFWRU QR KD HVFDSDGR D OD
)HULDV\ILHVWDV
SURIXQGDFULVLVHFRQyPLFD\GHDHOQ~PHURGHHVWDEOHFLPLHQWRVKDGLVPLQXLGRHQXQ
/D&DL[D
3REODFLyQGHO&DVFR$QWLJXR\UHODFLyQFRQHOUHVWRGHODSREODFLyQ
6HJ~Q GDWRV GHO D\XQWDPLHQWR &RQYRFDWRULD HQ HO &DVFR $QWLJXR KD\ FDIpVEDU UHVWDXUDQWHV EDU GH
/DLQIRUPDFLyQFXDQWLWDWLYDVHKDREWHQLGRDWUDYpVGHGRFXPHQWDFLyQGHOSURSLRD\XQWDPLHQWR3UHVXSXHVWR0XQLFLSDO
FRSDVSL]]HUtDV\KRVWDO
3ODQGH$FFLyQ&RPHUFLDOGH&DOSRGHO$QXDULR(FRQyPLFRGH(VSDxDGH/D&DL[DFX\ROLVWDGREiVLFRFLWDPRV
8QSULPHUDQiOLVLVYLVXDOGHOVHFWRUKRVWHOHURHQHO&DVFR$QWLJXRQRVPXHVWUDXQDRIHUWDFRQVLGHUDEOHHQQ~PHURSHUR
PX\ KHWHURJpQHD \ DOJR GLVSHUVD &RQYLYHQ GLVWLQWRV HVWDEOHFLPLHQWRV GH GLIHUHQWH WLSRORJtD FDOLGDG \ S~EOLFR EDUHV
UHVWDXUDQWHVGHDXWRULQWHUQDFLRQDOHVWUDGLFLRQDOHVSL]]HUtDVHWF
(QWRGRFDVRODSULPHUDLPSUHVLyQQRVPXHVWUDXQSUHGRPLQLRGHORVHVWDEOHFLPLHQWRVGHEDMDFDOLGDGFRQXQDHVWpWLFD
SRFRFXLGDGD(VWDLPSUHVLyQVHYHUHIRU]DGDSRUODXWLOL]DFLyQGHXQPRELOLDULRKHWHURJpQHR\XQDFDUWHOHUtDDQWLFXDGD
DPERVGHEDMDFDOLGDGTXHRIUHFHQXQDHVWpWLFDTXHUiSLGDPHQWHVHLGHQWLILFDFRQHOWXULVPRGHPDVDVGHORVDxRV
7DPELpQHVMXVWRVHxDODUTXHH[LVWHQRWURVHVWDEOHFLPLHQWRVFRQXQDHVWpWLFDFXLGDGD\GHDOWDFDOLGDG
/DV IXHQWHV ODV SOD]DV \ HO HVSDFLR XUEDQR KDFHQ TXH ODV WHUUD]DV UHVXOWHQ HO SULQFLSDO DWUDFWLYR GH OD PD\RUtD GH
HVWDEOHFLPLHQWRV
&RPHUFLR
'
(Q&DOSH[LVWHQDFWLYLGDGHVFRPHUFLDOHVPLQRULVWDVORTXHVXSRQHQPGHVXSHUILFLHFRPHUFLDOPLQRULVWD(VWH
VHFWRU FRPHUFLDO YLHQH VXIULHQGR OD FULVLV FRQ LQWHQVLGDG \ HQWUH \ VH KDQ SHUGLGR HO
GH ORV
HVWDEOHFLPLHQWRV/D&DL[D
K
KHUERULVWHUtDXQDOLEUHUtD\XQDWLHQGDGHHOHFWUyQLFD
/DSULPHUDLPSUHVLyQYLVXDOQRVPXHVWUDXQDVSHFWRFDVLGHVRODGRUTXHVHFRQILUPDSRUODVGLYHUVDVHQWUHYLVWDVUHDOL]DGD
\ TXH VH UHIXHU]D SRU OD FDQWLGDG GH ORFDOHV FHUUDGRV VHJ~Q ORV GDWRV GHO $\XQWDPLHQWR ([LVWHQ SRFRV
HVWDEOHFLPLHQWRV\ODPD\RUtDUHVSRQGHQDXQFRPHUFLREiVLFRSDQDGHUtDVSHOXTXHUtDVXOWUDPDULQRV%XHQDSDUWHGH
HVWRV UHFXHUGDQ D PRGHORV FRPHUFLDOHV \ D XQD HVWpWLFD GH KDFH YDULDV GpFDGDV ([LVWHQ ODV KXHOODV GH DQWLJXRV
HVWDEOHFLPLHQWRVGHDUWHVDQtD*RPEDOOHUW$UFD%XKRVLELHQHVWRVHVWDEOHFLPLHQWRVHVWiQFHUUDGRVHQODDFWXDOLGDGOR
TXHUHIXHU]DODLPSUHVLyQGHGHFDGHQFLD(QFXDQWRDFRPHUFLRWUDGLFLRQDOORV~OWLPRVGDWRVGHOLQIRUPHGH/D&DL[DQRV
)XHQWH(ODERUDFLyQSURSLDDSDUWLUGHGDWRVGHO3$&
LQGLFDQTXHHQ&DOSH[LVWtDQHVWDEOHFLPLHQWRVHQVLHQGRHOPXQLFLSLRGHODSURYLQFLDSRUQ~PHURGHHVWHWLSR
GHHVWDEOHFLPLHQWRVPX\SRUGHWUiVGHODSRVLFLyQTXHRFXSDHQRWURVVHFWRUHVHOHQFRPHUFLR\HOHQPLQRULVWDV
&XRWDGHPHUFDGRGHFRPSUDHQELHQHVGLDULRVSRUORVUHVLGHQWHVGH&DOS
&DEHGHVWDFDUODSUR[LPLGDGDDOJXQDVGHODVSULQFLSDOHVDUWHULDVFRPHUFLDOHVGH&DOSFRPRODDYHQLGD,IDFKODDYGD
*DEULHO0LUy\FDOOHVFROLQGDQWHVDVtFRPRDGLVWLQWRVFHQWURVFRPHUFLDOHVVLWXDGRVHQOD$YGD'LSXWDFLyQ
&RPSDUDWLYDFRQOD0DULQD$OWD\OD&9DOHQFLDQD
(VWDEOHFLPLHQWR
&DOS
0DULQD$OWD
&9DOHQFLDQD
(QHO&DVFR$QWLJXRGHVWDFDXQDEXHQDSHVFDGHUtDSURSLHGDGGHODPLVPD&RIUDGtDGH3HVFDGRUHVGH&DOS
7LHQGDWUDGLFLRQDO
7LHQGD(VSHFLDOL]DGD
6HKDDQDOL]DGRFRQGHWDOOHODVHQFXHVWDVHLQIRUPHVSUHYLRVDO3ODQGH$FFLyQ&RPHUFLDOGH&DOSSHURKD\TXHWHQHUHQ
0HUFDGLOOR
FXHQWDTXHHVWDVWLHQHQPiVGHDxRV\GHEHQWRPDUVHFRQPXFKDSUXGHQFLD(QWRGRFDVRODSURIXQGLGDGGHHVWRV
0HUFDGR0XQLFLSDO
HVWXGLRV VLJXHQ DSRUWDQGR LQIRUPDFLyQ PX\ D WHQHU HQ FXHQWD $OJXQD GH OD LQIRUPDFLyQ D GHVWDFDU OD SUHVHQWDPRV
$XWRVHUYLFLRV
EUHYHPHQWH HQ HVWDV JUiILFDV \ WDEODV GRQGH WUDWDPRV GH FRQWHVWDU D DOJXQDV GH ODV SUHJXQWDV TXH GHEH KDFHUVH XQ
+LSHUPHUFDGRV
DQiOLVLVVREUHHOFRPHUFLRHQ&DOS
6XSHUPHUFDGRV
2WURV
4XpFRPSUDQ\GyQGHFRPSUDQORVUHVLGHQWHVGH&DOS"9HUJUiILFR
2WURVGDWRVVLJQLILFDWLYRVGHODVHQFXHVWDVHUDTXHHOGHODVFRPSUDVHQELHQHVGLDULRVGHORVUHVLGHQWHVGH&DOS
VHUHDOL]DEDQHQHOPLVPRPXQLFLSLRTXHORVYLVLWDQWHVGH&DOSVROtDQSDVDUGHPHGLDHQWUH\KRUDVHQHOPXQLFLSLR
TXHXQGHORVYLVLWDQWHVDFXGtDD&DOSPHQRVGHXQDYH]DOPHV\TXHXQSRUFHQWDMHVLPLODUDFXGtDFDGDGRVRWUHV
GtDV(OPRWLYRSULQFLSDOSDUDHVWRVGHVSOD]DPLHQWRVHUDHORFLRHQHVSHFLDOVDOLUDSDVHDUGHORTXHVHHVWDEOHFtDOD
H[LVWHQFLDHLPSRUWDQFLDGHOELQRPLRFRPSUDVRFLR,JXDOPHQWHVHHVWDEOHFtDXQDUHODFLyQHGDGJDVWRDPiVHGDGPiV
GHHVWRVGDWRV\ODSUXGHQFLDTXHH[LJHVDEHUTXHIXHURQHODERUDGRVHQ\TXHHQOD~OWLPDGpFDGDKDDELGR
F
3RU~OWLPRFDEHUHVHxDUGRVFXHVWLRQHV
D HOSHUILOGHOFRPHUFLDQWH\HOFRPSUDGRUGH&DOSTXHUHVHxDEDQODVHQFXHVWDVGHQXHYRUHVHxDUODLPSRUWDQFLD
KDELGRFDPELRVHVWUXFWXUDOHV\FR\XQWXUDOHVGHQODHFRQRPtD\HOFRPHUFLR
DXQTXHDOUHGHGRUGHOGHOFRPHUFLRSHUWHQHFtDDH[WUDQMHURV
PDUFKDGHVGHOD$),&GH&DOSXQSUR\HFWR/,)(*5((1&200(5&(SDUDHYDOXDUODVLWXDFLyQGHOSHTXHxR
FRPHUFLR\SURSRQHUSRVLEOHVPHMRUDVSDUDUHGXFLUVXLPSDFWRPHGLRDPELHQWDO
(O3ODQGH$FFLyQ&RPHUFLDOGH&DOS
(O3$&&DOS3$&&DOSTXH\DKHPRVFLWDGRPHUHFHXQSHTXHxRFRPHQWDULRDxDGLGR(VXQSODQHVWUDWpJLFRGH
(OSUR\HFWR3ODQGH$FFLyQ&RPHUFLDOGH&DOSFRQWDEDFRQXQSUHVXSXHVWRGH\VHKDOODEDILQDQFLDGRDO
PRGHUQL]DFLyQ\DXPHQWRGHODFRPSHWLWLYLGDGGHOFRPHUFLRGH&DOS$EDUFDEDODWRWDOLGDGGHOPXQLFLSLRSHURFRQXQD
IXHUWH LQFLGHQFLD HQ HO &DVFR $QWLJXR DO TXH OH DIHFWDEDQ ODV iUHDV XQR \ GRV DVt FRPR HQ ]RQDV DG\DFHQWHV GHO
UXUDOSDUDSHTXHxRV\PHGLDQRVPXQLFLSLRVLQFOXLGRVHQHO(MH'HVDUUROOR/RFDO\8UEDQRGHORV3URJUDPDV2SHUDWLYRV
HOLPLQDUEDUUHUDVDUTXLWHFWyQLFDVPHMRUDUODLOXPLQDFLyQUHKDELOLWDU]RQDV\KDFHUODVPiVVRVWHQLEOHV
5HJLRQDOHV
(O$\XQWDPLHQWRGH&DOSUHDOL]DXQDFRQWULEXFLyQILQDQFLHUDGHODOSUR\HFWR3$&&$/3&RQFDUJRDO3$&VHKDQ
OOHYDGR D FDER YDULDV DFFLRQHV GH XUEDQLVPR FRPHUFLDO VL ELHQ HO SODQ HUD PX\ DPELFLRVR \ YDULDV GH ODV SURSXHVWDV
LQLFLDOHVQRVHKDQSRGLGRPDWHULDOL]DU$VXFDUJRVHKDLQLFLDGRXQDVHxDOpWLFDFRQFUHWDGHO&DVFR$QWLJXR
(OSODQRDGMXQWRQRVPXHVWUDFRPREXHQDSDUWHGHODVDUWHULDVFRPHUFLDOHVGH&DOSHQODVTXHVHKDFHQWUDGRHO3$&VRQ
ODV]RQDVTXHURGHDQDO&DVFR$QWLJXR
$FWLYLGDGHVGHFRPHUFLRDPEXODQWH
&DOSFXHQWDFRQQXPHURVRVPHUFDGLOORVGHGLVWLQWDWLSRORJtDGHKHFKRVHJ~QHOtQGLFHGHDFWLYLGDGGH/D&DL[DFXHQWD
(OPHUFDGRH[WUDRUGLQDULRGHORVViEDGRV6HUHDOL]DHVWHGtDGHDKRUDVFXHQWDFRQSXHVWRVGHORV
FRQXQQLYHOORTXHODVLW~DFRPRODVpSWLPDSREODFLyQGHODSURYLQFLDOHMRVGH$OLFDQWH(OFKH\7RUUHYLHMDSRUGHEDMR
FXDOHVVRQGHPRGD\FRPSOHPHQWRVPLHQWUDVTXHVRQGHDOLPHQWDFLyQ6HORFDOL]DHQODVDYHQLGD1RUWH
VHHQFXHQWUDQHQHOERUGHGHO&DVFR$QWLJXR
(Q WRGR FDVR OR TXH GHVWDFD GH &DOS HV OD GLYHUVLGDG \ KHWHURJHQHLGDG GH HVWH FRPHUFLR$Vt HO GD GRFXPHQWDFLyQ
(O 5DVWUR GH ORV PLpUFROHV 6H UHDOL]D GXUDQWH WRGR HO DxR HQ OD DYGD GHO 3DtV 9DOHQFLj HQ HO SDUTXLQ GHO
DQDOL]DGDHQFRQWUDPRV$),&
SDEHOOyQGHGHSRUWHV7LHQHXQWRWDOGHSXHVWRV
/D)HULDGH$UWHVDQtD6HUHDOL]DHQWHPSRUDGDHVWLYDOGHDKRUDVSUHVHQWDQGRODSHFXOLDULGDGGHFRQWDU
FRQWUHVVHGHVGLIHUHQWHVSHURVLPXOWDQHDV8QDHQODSOD]D0HGLWHUUiQHDFXHQWDFRQDUWLVWDV\SLQWRUHVRWUD
HQ OD &$OHPDQLD FXHQWD FRQ DUWLVWDV \ XQ SLQWRU OD ~OWLPD VH VLW~D HQ HO &DVFR$QWLJXR HQ FRQFUHWR HQ OD 3OD]D
'HVWDFDVXSiJLQDZHEHOSRUWDOGHOFRPHUFLDQWH
(VSDxD\ODFDOOH/LEHUWDG\HVOD~QLFDSDUDODTXHODGRFXPHQWDFLyQQRRIUHFHGDWRV6LQHPEDUJRGLIHUHQWHVYHFLQRV
KWWSZZZSRUWDOGHOFRPHUFLDQWHFRP
QRVKDQLQGLFDGRTXHFXHQWDFRQXQDFDQWLGDGFDVLWHVWLPRQLDOGHDUWLVWDV+DELHQGRVXIULGRXQFRQWLQXDGRGHFOLYHGXUDQWH
ORV~OWLPRVDxRV
(V HO HQFDUJDGR GH GHVDUUROODU HO 3ODQ GH$FFLyQ &RPHUFLDO 3$& R HO 3ODQ GH (PSUHQGHGRUHV GHO &DVFR +LVWyULFR
(QWLGDGHVS~EOLFDVGHSURPRFLyQHFRQyPLFD
(QOD3RQHQFLDWUDWDPRVHODVRFLDFLRQLVPRLQWHUQR
FRPHUFLDOGH&DOSFDPSDxDVGHSURPRFLyQ\DQLPDFLyQFRPHUFLDOSUR\HFWRVGHXUEDQLVPRFRPHUFLDODVHVRUDPLHQWR\
'HVGHHOSXQWRGHYLVWDGHODDGPLQLVWUDFLyQS~EOLFDGHVWDFDHOSDSHOGH$),&$JHQFLDSDUDHO)RPHQWRGHOD,QQRYDFLyQ
WUDPLWDFLyQGHVXEYHQFLRQHV\D\XGDVHODERUDFLyQGHLQIRUPHVHWF
&RPHUFLDOTXH\DKHPRVFLWDGRHQHOSXQWR\HVXQGHSDUWDPHQWRPXQLFLSDOYLQFXODGRDOD&RQFHMDOtDGH(FRQRPtD
'HVWDFDVXSiJLQDZHEHOSRUWDOGHOFRPHUFLDQWH
(PSUHVD\(PSOHR\TXHRIUHFHGLYHUVRVVHUYLFLRVDOFRPHUFLRGH&DOSGHVGH(VHOHQFDUJDGRGHGHVDUUROODUHO3ODQ
KWWSZZZSRUWDOGHOFRPHUFLDQWHFRP
SURPXHYHWRGDXQDVHULHGHDFFLRQHVWHQGHQWHVDPHMRUDUODFRPSHWLWLYLGDGFRPHUFLDOGH&DOSFDPSDxDVGHSURPRFLyQ\
2WUD HQWLGDG LPSRUWDQWH HV &5($0$ $JHQFLD GH 'HVDUUROOR ORFDO TXH VH GHGLFD D OD GLQDPL]DFLyQ GH OD DFWLYLGDG
DQLPDFLyQ FRPHUFLDO SUR\HFWRV GH XUEDQLVPR FRPHUFLDO DVHVRUDPLHQWR \ WUDPLWDFLyQ GH VXEYHQFLRQHV \ D\XGDV
HFRQyPLFD\VRFLDOGHOD0DULQD$OWDFDPSDxDVGHSURPRFLyQ\DQLPDFLyQFRPHUFLDOSUR\HFWRVGHXUEDQLVPRFRPHUFLDO
HODERUDFLyQGHLQIRUPHVHWF
DVHVRUDPLHQWR\WUDPLWDFLyQGH
SDUDHOIRPHQWRGHODDSHUWXUDGHORFDOHVFRPHUFLDOHVHQHO&DVFR$QWLJXR
2WUD HQWLGDG LPSRUWDQWH HV &5($0$ $JHQFLD GH 'HVDUUROOR ORFDO TXH VH GHGLFD D OD GLQDPL]DFLyQ GH OD DFWLYLGDG
HFRQyPLFD\VRFLDOGHOD0DULQD$OWD(QWUHRWUDVIXQFLRQHVDVHVRUDDORVHPSUHQGHGRUHVEXVFDYtDVGHILQDQFLDFLyQ\
IRQGRVHXURSHRVGDDVHVRUDPLHQWR\IRUPDFLyQODERUDODFW~DFRPRFHQWURDVRFLDGRDO6HUYHIHWF6HFUHyHQ\
XQ SHULRGR GH FXDWUR DxRV D FRQWDU GHO LQLFLR GH DSOLFDFLyQ GH OD SUHVHQWH 'LVSRVLFLyQ 7UDQVLWRULD JR]DUi GH XQD
HVWi LQWHJUDGR SRU ORV D\XQWDPLHQWRV GH %HQLVVD &DOS 'pQLD *DWD GH *RUJRV ;jELD 2QGDUD 3HGUHJXHU 7HXODGD
ERQLILFDFLyQGHOSRUODFXRWDGHOLPSXHVWRGHFRQVWUXFFLRQHVLQVWDODFLRQHV\REUDVFXDQGRHOKHFKRLPSRQLEOHVHD
ODUHDOL]DFLyQGHREUDVGHDGDSWDFLyQGHHGLILFDFLRQHVH[LVWHQWHVHQHO&DVFR$QWLJXRWDOFXDOHVWHYLHQHGHOLPLWDGRHQHO
6HUYHI\HO,QHP7LHQHiUHDVGHDFWXDFLyQ
3ODQ*HQHUDOGH2UGHQDFLyQ8UEDQDFX\DILQDOLGDGVHDODGHOOHYDUDFDERODDSHUWXUDGHHVWDEOHFLPLHQWRVFRPHUFLDOHVGH
WRGRRUGHQHQHOPLVPR
3URPRFLyQHPSUHVDULDO
,QVHUFLyQVRFLRODERUDO
,JXDOPHQWHVHKDQDSUREDGRXQDVHULHGHD\XGDVSDUDORVFRPHUFLDQWHVDIHFWDGRVSRUODVREUDVGHO3$&
)RUPDFLyQ\
3UR\HFWRVGH'HVDUUROOR
(O3ODQGH(PSUHQGHGRUHVGHO&DVFR$QWLJXR
'HQWURGHODVDFFLRQHVGHGLQDPL]DFLyQFRPHUFLDOGHO&DVFR$QWLJXRVHKDQUHDOL]DGRPRGLILFDFLRQHVILVFDOHVPXQLFLSDOHV
$WUDYpVGHHVWRVSURJUDPDVSURPXHYHWRGDXQDVHULHGHDFFLRQHVWHQGHQWHVDPHMRUDUODFRPSHWLWLYLGDGFRPHUFLDOGH
&DOS
2WUDHQWLGDGLPSRUWDQWHHV&5($0$$JHQFLDGH'HVDUUROORORFDOTXHVHGHGLFDDODGLQDPL]DFLyQGHODDFWLYLGDG
'HVWDFDVXSiJLQDZHEHOSRUWDOGHOFRPHUFLDQWHKWWSZZZSRUWDOGHOFRPHUFLDQWHFRP
/2&$/,=$&,1'($&7,9,'$'(6(1(/&$)WH(ODERUDFLyQSURSLD
/D$JHQGD;;,ORFDOGH&DOS
7XULVPR
+HPRVGHMDGRH[SURIHVRSRUVXWUDVFHQGHQFLDHVWHWHPDSDUDHOILQDOGHODQiOLVLVHFRQyPLFR
/D$JHQGD ;;, HV XQ SURJUDPD TXH VXUJH HQ OD &XPEUH GH OD 7LHUUD GH 5tR GH -DQHLUR \ TXH YLHQH DXVSLFLDGD SRU
&DOSHVXQJUDQFHQWURWXUtVWLFR\QRVHSXHGHDQDOL]DUQLQJ~QVHFWRUHFRQyPLFRVLQUHODFLRQDUORGLUHFWDHLQGLUHFWDPHQWH
1DFLRQHV 8QLGDV$EDUFD DVSHFWRV HFRQyPLFRV VRFLDOHV \ DPELHQWDOHV \ EXVFD VX LPSODQWDFLyQ D YDULRV QLYHOHV SHUR
FRQ HO WXULVPR PXFKR PHQRV VHFWRUHV GH VHUYLFLRV FRPR OD UHVWDXUDFLyQ R HO FRPHUFLR +D VLGR \ HV HO PRWRU GH VX
LQFLGLHQGRHVSHFLDOPHQWHHQHOORFDO(QHVWHVHQWLGRHO$\XQWDPLHQWRGH&DOSHVWiGLVHxDQGRHLPSODQWDQGRXQ3ODQGH
GHVDUUROORHFRQyPLFR\FUHFLPLHQWRXUEDQR/RVUHFXUVRVXUEDQRVGHFDUDDOWXULVPRVHKDQGHVFULWRHQOD3RQHQFLDGH
8UEDQLVPR
3DUDHOORVHKDHODERUDGRXQGHFiORJRFRQODVEDVHVSDUDODSDUWLFLSDFLyQHQOD$JHQGDORFDOGH&DOS\GHQWURGHHVWH
VREUH HO 3$& FRPHUFLDO $JHQGD ,JXDOPHQWH VH KDQ UHDOL]DGR GLYHUVDV FDPSDxDV GH VHQVLELOL]DFLyQ \
FRQFLHQFLDFLyQHQWUHODVTXHGHVWDFDSDUDQXHVWURDQiOLVLVXQ&RQFXUVRGH(QJDODQDGRGH%DOFRQHV&DOOHV\)DFKDGDV
GHO&DVFR$QWLJXR
/DLPSODQWDFLyQGHOD$JHQGD;;,HQ&DOSWLHQHYDULDVIDVHV/DSULPHUDGHHOODV\DHVWiILQDOL]DGD\HQHVWRVPRPHQWRV
OOHYDUtDDFDERXQDVHJXQGDIDVHGHLPSODQWDFLyQGHILQLWLYD(Q-XQLRGHVHDSUREyHOSOLHJRGHFRQGLFLRQHVSDUDOD
OLFLWDFLyQGHHVWDVHJXQGDIDVH
9HUDPSOLDFLyQGHODQiOLVLVHQ3RQHQFLD6RVWHQLELOLGDG\(QHUJtD
7XULVPRWHPSUDQR3DUDGHURHQ
KDVXSHUDGRD$OWHDHQVXSDUWLFXODUUDQNLQJ
HOWpUPLQRPXQLFLSDO\SRUSREODFLRQHVYHFLQDV1DWXUDOPHQWHHO&DVFR$QWLJXRUHFRJHSDUWHGHHVWHWXULVPRTXHGHHVWD
IRUPDFRQVWLWX\HXQDOWRSRUFHQWDMHGHFOLHQWHODGHVXVHVWDEOHFLPLHQWRVHQHVSHFLDOORVKRVWHOHURVGHUHVWDXUDFLyQ
(QYHUDQRXQDUXWDVHxDOL]DGDXQWUHQWXUtVWLFRH[SRVLFLRQHVDFWXDFLRQHVPXVLFDOHVRFHUWiPHQHVFRPRHOGHWDSLFHV
D\XGDQDDWUDHUWXULVPRDO&DVFR$QWLJXR'HODUXWD\DOJXQDGHVXVSRVLELOLGDGHV\SUREOHPDVKDEODPRVHQOD3RQHQFLD
SXQWR
$GHPiVFDEHGHVWDFDUORVLQVWUXPHQWRVGHSURPRFLyQUHDOL]DGRVSRUHO3DWURQDWR&RVWD%ODQFD
ZZZFRVWDEODQFDRUJ
(QWRGRFDVRXQSULPHUDQiOLVLVGHODGRFXPHQWDFLyQRIUHFLGDSRUODVZHEWXUtVWLFDVQRVPXHVWUDTXHHO&DVFR$QWLJXRQR
(QORV~OWLPRVDxRV&DOSKDYHQLGRWUDEDMDQGRVXSUHVHQFLDHQEORJVWXUtVWLFRV\UHGHVVRFLDOHVFRPRIDFHERRNRWZLWWHU
DSDUHFHFRPRSDUWHGHOSURGXFWRWXUtVWLFRRIUHFLGR'HKHFKRVHRIUHFHQFXDWURJUDQGHSURGXFWRVHOSHxyQSOD\DV\
$ QLYHO VHFWRULDO DSDUWH GH OD SUHVHQFLD HQ OD ZHE GH GLIHUHQWHV DVRFLDFLRQHV \ HQWLGDGHV GHVWDFD HO 3RUWDO GHO
FDODVWXULVPRQiXWLFR\&DOSQDWXUDOVLQTXHVHGHWHFWHQLQJXQDUHIHUHQFLDDO&DVFR$QWLJXRRDVXRIHUWDFXOWXUDO\
&RPHUFLDQWHGH&DOSGLULJLGRGHVGHHO$),&
SDWULPRQLDO
7DO \ FRPR GHVWDFiEDPRV DQWHULRUPHQWH HQ ORV LQVWUXPHQWRV SURPRFLRQDOHV GH &DOSFRPR GHVWLQR WXUtVWLFR QR H[LVWHQ
7DO \ FRPR VHxDOiEDPRV HQ OD LQWURGXFFLyQ ODV QXHYDV WHQGHQFLDV HQ JHVWLyQ \ SURPRFLyQ WXUtVWLFD QRV PXHVWUDQ XQ
UHIHUHQFLDVGHVWDFDGDVDO&DVFR$QWLJXRQLDORVHVSDFLRVFXOWXUDOHVTXHDOOtVHHQFXHQWUDQ
HVIXHU]R GH ORV GHVWLQRV WUDGLFLRQDOHV GH VRO \ SOD\D SRU URPSHU FRQ XQD LPDJHQ \ XQ SURGXFWR PDGXUR FXDQGR QR
GHFDGHQWH+R\VHKDEODGHWXULVPRGHWHUFHUDJHQHUDFLyQPX\FRQGLFLRQDGRSRUODVQXHYDVWHFQRORJtDV\TXHQHFHVLWD
/RFRPHQWDPRVHQRWUDV3RQHQFLDV\VHUiPRWLYRGHDOJXQDGHQXHVWUDVSURSXHVWDV
LQFRUSRUDU DVSHFWRV FXOWXUDOHV JDVWURQyPLFRV SDWULPRQLDOHV HWF TXH DSRUWHQ FDOLGDG \ VHQVDFLRQHV DO SURGXFWR
WUDGLFLRQDO /D &RVWD %ODQFD HQ JHQHUDO \ &DOS HQ SDUWLFXODU OOHYDQ UHDOL]DQGR XQ LQJHQWH HVIXHU]R SRU URPSHU FRQ OD
LPDJHQGHWXULVPRGHEDMRFRVWHEDVDGRHQSDTXHWHVWXUtVWLFRVFHUUDGRV(O&DVFR$QWLJXRGHEHUtDVXPDUSRUVXULTXH]D
)HULDV\ILHVWDV
SDWULPRQLDOVXRIHUWDFXOWXUDO\VXLQGXGDEOHDXWHQWLFLGDGHQHVWHHVIXHU]RJOREDOGHODPDUFD&DOSSHURKR\HQGtDOD
KRVWHOHUtD\HOFRPHUFLRH[LVWHQWHQRD\XGDDURPSHUFRQODDQWLJXDLPDJHQ
&DEHKDFHUUHIHUHQFLDDODVQXPHURVDVIHULDVGHWRGRWLSRTXHVHUHDOL]DQHQHOPXQLFLSLR)LUDFDOS)HULDGH$QGDOXFtD
)HULD0HGLHYDO2NWREHUIHVWHWF(VWDVILHVWDVVRQPX\SRSXODUHVDQLYHOGHWRGDOD&RVWD%ODQFD\UHFLEHQXQQXPHURVR
\ YDULDGR S~EOLFR GH GLYHUVD SURFHGHQFLD \ QDFLRQDOLGDG *UDQ SDUWH GH HVWRV DFWRV VH FHOHEUDQ HQ OD 3OD]D 0D\RU D
SRFRVPHWURVGHO&DVFR$QWLJXR
/DVILHVWDVMXHJDQXQSDSHOPX\LPSRUWDQWHHQWRGDOD&9DOHQFLDQD\HQHVSHFLDOODVILHVWDVGH0RURV\FULVWLDQRVHQOD
SURYLQFLDGH$OLFDQWH(VWDVIRUPDQSDUWHGHVXWUDGLFLyQ\YHUWHEUDQVRFLDOPHQWHEXHQDSDUWHGHODSREODFLyQ/HVILODHV
GH &DOS VRQ GH ODV SRFDV DFWLYLGDGHV VRFLDOHV TXH VH FRQFHQWUDQ HQ HO &DVFR$QWLJXR KD\ FiELODV &XHQWDQ FRQ
QXPHURVRV \ ELHQ GRWDGRV ORFDOHV TXH VH UHVHUYDQ FDVL H[FOXVLYDPHQWH SDUD ILHVWDV 2FWXEUH \ $EULO GHVWDFDQGR HO
HGLILFLRGHOD$VRFLDFLyQGH0RURV\HO0XVHX)HVWHU+D\TXHVHxDODUTXHDOJXQDVGHHVWDVILODHVRUJDQL]DQDFWRVFRPR
2ILFLQDGH,QIRUPDFLyQ\7XULVPRHQOD3]DGHO0RVTXLW
GHJXVWDFLRQHVGHYLQRV\WDSDVSRUOD)LOj&DOLIDFKFRQFXUVRVGHPRQyORJRVHWF
+D\ RWUDV )LHVWDV SDWURQDOHV 9LUJHQ GH OD 1LHYHV HQ$JRVWR ORV 0RURV GH 2FWXEUH FRLQFLGHQ FRQ ODV GHO &ULVWR GHO
,QVWUXPHQWRVGHSURPRFLyQWXUtVWLFD
6XGRUURPHUtDV\TXLQWDVTXHRUJDQL]DQODVPLVPDV$GHPiVKD\DFWRVUHOLJLRVRV\SURFHVLRQHV(QJHQHUDOXWLOL]DQ
$SDUWH GH ODV DFWXDFLRQHV TXH SXHGDQ OOHYDU D FDER DGPLQLVWUDFLRQHV FRPR OD UHJLRQDO R HVWDWDO GLVSRQHPRV GH ORV
ODOLPtWURIH$YGDGHO1RUWH%HQLVVD,IDFK*DEULHO0LUy
VLJXLHQWHVHQODFHV
ZZZVSDLQLQIR
ZZZFRPXQLWDWYDOHQFLDQDRUJ
&DOSFXHQWDFRQLPSRUWDQWHVLQVWUXPHQWRVGHSURPRFLyQWXUtVWLFDSURSLRV
ZZZDMFDOSHV
ZZZFDOSHVWXULVPR
321(1&,$9,9,(1'$62&,('$'<3$57,&,3$&,162&,$/
,1)250$&,1<$1$/,6,6
,QGLFH
9LYLHQGDV\SREODFLyQ
,GHQWLILFDFLyQVRFLDO
(TXLSDPLHQWRVGHSUR[LP
PLGDG
3DUWLFLSDFLyQS~EOLFD\DDVRFLDFLRQLVPR
3REODFLyQGHO&DVFR$QWLLJXR5HODFLyQFRQHOUHVWRGHODSREODFLyQ
9LYLHQGDV\SREODFLyQ
(QODDFWXDOLGDGHO&DVFR$QWLJXRGHH&DOSFXHQWDFRQXQRVKDELWDQWHVVHJ~QQXHVWUURVFiOFXORVORTXHVXSRQHXQ
GHODSREODFLyQWRWDOGHOPXQLFLSLRKDELWDQWHV6LDWHQGHPRVDODQDFLRQDOLGDGXXQVRQHVSDxROHV\XQ
H[WUDQMHURV
(QWUH OD SREODFLyQ H[WUDQMHUD UHVLGHQWH HQ HO &DVFR $QWLJXR ORV SDtVHV GH RULJHQ PiV IUHFXHQWHV VRQ SRU HVWH RUGHQ
5HLQR 8QLGR \ $OHPDQLD (Q WRWDO FRQYLYHQ QDDFLRQDOLGDGHV HQ HO &DVFR $QWLJXR
0DUUXHFRV 5XPDQtD &RORPELD 5
LQFOX\HQGRODHVSDxRODORTXHVXSRQHXQJUDQHQULTXHFLPLHQWRFXOWXUDO\SHUVRQDO\DGHHPiVHVWHKHFKRVHWUDVODGDDOWHMLGR
DVRFLDWLYRGHOPXQLFLSLR
3URFHGHQWHVGH(XURSDDGHPiVVGH5XPDQtD5HLQR8QLGR\$OHPDQLDGHGRQGHSURFHGHODPDD\RUtDGHH[WUDQMHURVHXURSHRVWDPELpQKD\
SUHVHQFLDGHRWURVSDtVHVFRPR6
6XL]D,WDOLD%pOLFD%XOJDULD\3DtVHV%DMRVHQWUHRWURV
/RVH[WUDQMHURVSURFHGHQWHVGH
IULFDSURYLHQHQVREUHWRGRGH0DUUXHFRV6HQHJDO\$UJHOLD
/RVH[WUDQMHURVSURFHGHQWHVGH$
$PpULFD/DWLQDVRQRULJLQDULRVPD\RULWDULDPHQWHGH&RORPELD$UJHHQWLQD\%ROLYLD
&DEHGHVWDFDUTXHHQHOFDVRGHO &DVFR$QWLJXRGH &DOSQRVHKDQHQFRQWUDGRJXHWRRVGHSREODFLyQH[WUDQMHUDVLQRTXH
GLFKDSREODFLyQVHHQFXHQWUDEDVWDQQWHGLVHPLQDGDFRPRYHUHPRVPiVDGHODQWH
/DVFDOOHVPiVKDELWDGDVGHO&DVFRR$QWLJXRVRQOD&3XUtVLPDFRQSHUVRQDVOD&GHO0DUFRQSHUVRQDV\OD&
/OLEHUWDWFRQSHUVRQDV
(QFXDQWRDOSDUTXHLQPXHEOHGHO&DVFR$QWLJXRFDEHGHVWDFFDUTXHVHJ~QORVGDWRVDFWXDOHVGHO&DWDVWUR
8(,108(%/('(/&$6&2$17,*82'(&$/3
3$548
9,9,(1'$6
&20(5&,26
$/0$&e1
,1'8675,$/
+27(/(52
$3$5&$0,(172
(',),&,26,1*8/$
$5
68(/26,1(',),&$
$5
2),&,1$6
&8/785$/
5(/,*,262
(63(&7&8/26
7RWDO
LQPXHEOHV
)WH&DWDVWUR
PDGDPHQWHXQGHODVPLVPDVIXHURQFRQVWUXLGDVHQR
(QHOFDVRGHODVYLYLHQGDVHVLPSRUWDQWHVHxDODUTXHDSUR[LP
pSRFDVDDQWHULRUHVHLQFOXVRPXFKDVGHHOODVGDWDQGHSULQFLSLLRVGHOVLJOR;;
s
s
(VWDVYLYYLHQGDVDQWLJXDVGHEHQGLVSRQHUGHO,QIRUPH7pFQLFRGH(GLILFDFLyQGHOD/5$8SRUWHQHUPiVGHDxxRV'HODV
YLYLHHQGDVFLWDGDVVRQDQWHULRUHVD6XPD\RUQ~P
PHURVHGDHQ
$UHD(VWH
F3XUtVLPD
F0D\RU
F/OLEHUWDW
F)RUD
F3HGUR*DUFtD
F(UPLWD
+D\SRFDVYLYLHQGDVFRQVWUXLGDVHQORV~OWLPRVDxRVHQQXHYRVHGLILFLRVHQWRWDOSHURFDVLWRGDVHQHOGHF3XUtVLPD\
SOXULIDPLOLDUHV
F3XUtVLPD
F6PR&ULVWR
F3HGUR*2UWL]
RWURVXQLIDPLOLDUHV
YLYFRPHUFLRVDOPDFpQDSDUFDPLHQWR
&$//(/$)217
YLY\FRPHUFLRV
YLYFRPHUFLRVDOPDFpQLQGXVWULDOKRWHOHURVDSDUFDP
&$55(5'(/$-867&,$
$UHD&HQWUDO
&$//(0$<25
YLYFRPHUFLRVLQGXVWULDOKRWHOHUR
&$//(&$03$1$5,
YLYFRP$OPDFXVRLQGXVW
&$//(&(59$17(6
YLYFRPHUFLRVXVRLQGXVW
&$//(%$/0(6
YLY
&$//(6$1-26e
YLYFRPHUFLR\ORFDOLQGXVWULDO
&$//(9,&(17(*$//$57
YLY\FRPHUFLR
&$//(7255(21(6
YLYFRPHUFLR\KRWHOHUR
3/$=$'(/$9,/$
&$//()5$1&,6&2=$5$*2=$
YLYFRPHUFLRVLQGXVWKRWHOHUR,JOHVLD
YLY
YLY\FRPHUFLRV
&$//(5(9(5(1'23(1$/9$
YLYFRPHUFLR\ORFDOLQGXVWULDO
3/$=$0,*8(/526(//
&$//('26'(0$<2
YLYFRPHUFLRVLQGXVWULDO
YLYKRWHOHUR
&$//(6$176,02&5,672
YLYFRPHUFLRVLQGXVWULDODOPDFpQKRWHOHURHG0XQLFLSDO
&$//(6$15248(
YLY\ORFDOLQGXVWULDO
&$//(38&+$/7
YLYFRPHUFLRVORFDOLQGXVWULDO
&$//(3(6&$'25(6
YLY\KRWHOHUR
&$//(62/('$'
YLY
&$//(3('52*$5&$257,=
YLYFRPRILLQGXVWULDOKRWHOHURDOPDFpQ
3/$d$'(/60$5,1(56
YLYFRPHUFLRKRWHOHURORFDOLQGXVWULDO
YLYFRPHUFLRV\ORFDOLQGXVWULDO
$UHD6XURHVWH
3/$=$'(/6$/9$'25
YLY\FRPHUFLR
&$//((50,7$
YLYFRPHUFLRVRILDOPDFpQKRWHOHUR
&$55(5'(/$02/$
YLYFRPHUFLR\RILFLQD
YLYFRPHUFLRVDOPDFHQHVLQGXVWULDOHV
YLYLHQGDV
&$//(3856,0$
$UHD1RURHVWH
&$55(5'(/$//,%(57$7
YLYFRPHUFLR
&$//(3$5(6$17
&$//('(/0$5
/2&$/,=$&,1'(9,9,(1'$6</2&$/(6
YLYFRPHUFLRVRILHVSHFWiFXORV
HGLILFLRPXQLFLSDO
&$//($/&$/'(97(3$6725
$UHD6XUHVWH
(QVXORFDOL]DFLyQHQHO&DVFR$QWLJXRODVYLYLHQGDVVHHQFXHQWUDQEDVWDQWHUHSDUWLGDVHQODVFXDWURiUHDVJHRJUiILFDVTXH
SRGHPRV GLVWLQJXLU HQ HO PLVPR 6H RIUHFH HO &XDGUR UHVXPHQ GH ORFDOL]DFLyQ GH YLYLHQGDV \ HQ HO &XDGUR *HQHUDO GH
YLYLHQGDV\ORFDOHVSRUFDOOHV
9,9,(1'$6
$5($1252(67(
$5($&(175$/
$5($(67(
$5($685(67(
$5($6852(67(
7RWDO
&$55(5'()25$
3/$=$%($726(1'5$
727$/
)WH&HQVR,1(\&DWDVWUR
&DVLWRGDVODVFDOOHVVXHOHQHVWDUIRUPDGDVSRUYLYLHQGDVXQLIDPLOLDUHVRILQFDVGHyDOWXUDVFRPRPi[LPRPiVPRGHUQDV
< HQ FXDQWRD OD DFFHVLELOLGDG KD\ FDOOHV SHDWRQDOHV TXHSHUPLWHQ HO WUiILFR URGDGRGXUDQWH HO GtD PHGLDQWH VLVWHPDV GH
SLYRWHVHOpFWULFRV\KD\RWUDVFDOOHVTXHHVWiQHQHVFDOHUD\VyORSXHGHQUHFRUUHUVHDSLH9HU3RQHQFLD
/DVLQVWDODFLRQHVGHHOHFWULFLGDG\DJXDVRQEDVWDQWHDQWLJXDVHVWDQGRPiVGHWHULRUDGDVHQOD]RQDGHO$UUDEDO\HQOD]RQD
1RURHVWH (Q FXDQWR D OD HOLPLQDFLyQ GH ORV UHVLGXRV RUJiQLFRV UHFLFODMH \ EDVXUDV ODV LQVWDODFLRQHV VRQ PXFKR PiV
OLPLWDGDV VL ELHQ KD\ PRGHUQRV FRQWHQHGRUHV HQWHUUDGRV HQ ODV FDOOHV SULQFLSDOHV HQ RWUDV FDOOHV QR KD\ QL WDQ VLTXLHUD
SDSHOHUDV1RKD\FRQWHQHGRUHVSDUDHOUHFLFODMHGHSDSHOYLGULR\RSOiVWLFRDXQTXHVtKD\SXHVWDHQPDUFKDXQDFDPSDxD
GHUHFRJLGDGHUHVLGXRVGHPDWHULDOHVUHFLFODEOHVDQLYHOPXQLFLSDOHVRVtVyORSDUDORVFRPHUFLRV(VHOFDVRGHOD%ULJDGD
9HUGDGH&DOSTXHHVWDEOHFHKRUDULRVGHUHFRJLGDHQHOFDVRGHOFDUWyQFRPHUFLDOHQHO&DVFR$QWLJXR/DVLQVWDODFLRQHVGH
LOXPLQDFLyQHVWiQSUiFWLFDPHQWHUHQRYDGDVKDFHSRFRVDxRV6RORDOJXQDVFDOOHVFRPRODVGH%DOPHV\DOJXQDVGHO$UUDEDO
HVWiQSDUDUHQRYDU
&$//(6$1-26e
&$//(9,&(17(*$//$57
3/$=$'(/$9,/$
&$//()5$1&,6&2=$5$*2=$
&$//($/&$/'(97(3$6725
&$//(3$5(6$17
3/$=$%($726(1'5$
&$//(5(9(5(1'23(1$/9$
3/$=$0,*8(/526(//
&$//('26'(0$<2
0LHQWUDV TXH OD ]RQD GHO $UUDEDO \ OD ]RQD 1RURHVWH GHO &+ H[FHSWR /OLEHUWDW SUHVHQWDQ XQ PD\RU GHWHULRUR \ PD\RU
DEDQGRQR GH FDVDV\ ORFDOHV FRPHUFLDOHV ODV FDOOHV SULQFLSDOHV GH OD ]RQD VXU FRPR OD &3XUtVLPD &6DQWtVLPR &ULVWR \
&6ROHGDGSDUHFHQVHUTXHHVGRQGHVHVLW~DQODVYLYLHQGDVGHODJHQWHFRQPD\RUSRGHUDGTXLVLWLYRSXHVWRTXHVRQFDVDV
QXHYDVRUHVWDXUDGDV
,GHQWLILFDFLyQVRFLDO
'HODVFRQYHUVDFLRQHVPDQWHQLGDVFRQWUDEDMDGRUHVPXQLFLSDOHV\GXHxRVGHQHJRFLRVXELFDGRVHQHO&DVFR$QWLJXRTXHGD
SDWHQWHHOVHQWLPLHQWRGHLGHQWLILFDFLyQ\SHUWHQHQFLDKDFLDHOWHUULWRULRHQHO&DVFR$QWLJXRYLYHQORVFDOSLQRVGHWRGDOD
YLGDHLQFOXVRPXFKRVGHHOORVKDQKHUHGDGRORVQHJRFLRVGHVXVSDGUHVRGHVXVDEXHORV
(QWRWDOKHPRVFDOFXODGRFRQORVGDWRVGHO&HQVR\&DWDVWURTXHXQDVSHUVRQDVSXHGHQYLYLUDTXtFRPRKHPRVYLVWR
EDVWDQWHGLVWULEXLGRVSRUODVFLQFRiUHDVJHRJUiILFDVTXHGLVWLQJXLPRV'HHOORVVHUtDQH[WUDQMHURVXQRVSRFRPiVGHO
ORVFXDOHVVHHQFXHQWUDQFRPRDSXQWDPRVDOLQLFLRWDPELpQGLVWULEXLGRVHQWUHODVGLIHUHQWHViUHDVDXQTXHVH
ORFDOL]DQHQPD\RUPHGLGDHQHO&HQWURDTXtOOHJDQDOGHOWRWDOGHORVUHVLGHQWHV\6XUHVWH
/DVFDOOHVPiVKDELWDGDVGHO&DVFR$QWLJXRODVVHxDODPRVDQWHULRUPHQWH&3XUtVLPDGHO0DU\OD&/OLEHUWDWDXQTXHOD
PHMRU UHIHUHQFLD VRQ OD SREODFLyQ HQ ODV GLIHUHQWHV iUHDV GH LGHQWLGDG VLHQGR OD 6XUHVWH DOUHGHGRU GH OD 3XUtVLPD \ OD
&HQWUDODOUHGHGRUGHODF0D\RUODVTXHDORMDQHOPD\RUQ~PHURGHSREODFLyQ
25,*(1'(5(6,'(17(6(1&$6&2$17,*82
7RWDOUHVLGHQWHV(VSDxROHV([WUDQMHURVURMR
$UHD1RURHVWH
&$55(5'()25$
&$55(5'(/$//,%(57$7
&$//(/$)217
&$55(5'(/$-867&,$
&$//(0$<25
&$//(&$03$1$5,
&$//(&(59$17(6
VXPD
$UHD&HQWUDO
&$//(%$/0(6
$UHD(VWH
&$//(7255(21(6
VXPD
F3XFKDOWF0D\RU
6XPD
$UHD6XUHVWH
&$//(6$176,02&5,672
&$//(6$15248(
&$//(38&+$/7
&$//(3(6&$'25(6
&$//(62/('$'
&$//(3('52*$5&$257,=
3/$d$'(/60$5,1(56
3/$=$'(/6$/9$'25
&$//((50,7$
&$//('(/0$5
VXPD
$UHD6XURHVWH
&$55(5'(/$02/$
&$//(3856,0$
VXPD
727$/GHGXFLHQGRYLY
GHVRFXSDGDV
)WH(ODERUDFLyQSURSLDDSDUWLU,1(\QGHYLYLHQGDV
E
(O&RQFXUVRGH,GHDVSDUDUHJHQHUDUHO&DVFR$QWLJXRGH&DOSHVSHUFLELGRSRUHOFRQMXQWRGHODVRFLHGDGFDOSLQDFRPRDOJR
PX\SRVLWLYR\DTXHDVHJXUDQTXHKD\TXHHPSH]DUDGDUOHYLGLOODDHVWRSRUTXHFDGDYH]HVWiPiVPXHUWR
(QVYDQOOHYDUODYLVWD&RPHQWDQTXHODVFRQVWUXFFLRQHVHQODSOD\DUHDOL]DGDVDSDUWLUGHORVDxRVGDQOXJDUDOQDFLPLHQWRGHXQQXHYR
&DOSGLVWLQWRDOVX\RQDGDTXHYHUFRQORVOtPLWHVGHODPXUDOODQLFRQVXIRUDWDODPDU(QHVWHVHQWLGRPXFKRVYHFLQRVGLFHQTXH&DOSKD
VXIULGR XQ XUEDQLVPR LQFRQWURODGR \ GH JROSH HQ OD SOD\D /R FRQWUDVWDQ FODUDPHQWH FRQ $OWHD GRQGH HO XUEDQLVPR VH KD SODQLILFDGR
FRQWURODGR\OHJLVODGRGRQGHVHKDKHFKRELHQ1RGHMDQFRQVWUXLUPiVGHFXDWURDOWXUDV7DPELpQFRPSUHQGHQTXHHODPELHQWHGH$OWHDQR
SXHGHVHUHOPLVPRTXHHOGH&DOS\DTXHHQ$OWHDKD\PXFKDJHQWHMRYHQSRUTXHHVXQDFLXGDGXQLYHUVLWDULD\TXHHQ&DOSSUHGRPLQDOD
JHQWHPD\RU\GHPHGLDQDHGDG
$TXtKD\GRVSXHEORV0XFKRVFDOSLQRVLQFOXVRDTXHOORVTXHDFDEDQGHFXPSOLUORVDxRVPDQWLHQHQHQVXPHPRULDORVDQWLJXRVOtPLWHV
GHOSXHEORGH&DOSFRPRHOORVGLFHQHOFHPHQWHULRPXQLFLSDOHVWDEDHQODDFWXDO3ODoDGHOD&RQVWLWXFLy\OD&$OPHQGURVHUDFRQVLGHUDGD
XQD GH ODV SULQFLSDOHV UHIHUHQFLDV FRPHUFLDOHV 3UHFLVDPHQWH HO SXHEOR DQWLJXDPHQWH GHOLPLWDED FRQ OD & $OPHQGURV FRQRFLGD FRPR
&DPLQR GH 9DOHQFLD \ OD DFWXDO $Y ,IDFK HUD HO &DPLQR GH $OLFDQWH GH PDQHUD TXH HO FUXFH HQWUH HVWDV GRV FDOOHV HUD OD HQWUDGD GHO
SXHEOR 7RGR HO WHUULWRULR TXH TXHGD IXHUD GH HVWRV OtPLWHV HV GHFLU OD SHUFHSFLyQ VRFLDO GH HVWH HVSDFLR HV RWUR &DOSH RWUR SXHEOR HO
HQVDQFKH\SDUWHQXHYDGHOPXQLFLSLRODVXUEDQL]DFLRQHV\FRORQLDVH[WUDQMHUDV\WRGDOD]RQDKRWHOHUD\WXUtVWLFDGHODSOD\D
$TXt VRPRV XQD IDPLOLD \ QRV FRQRFHPRV WRGRV YDULRV FRPHUFLDQWHV DILUPDQ TXH QR H[LVWHQ FRQIOLFWRV YHFLQDOHV HQ HO WHPD GH ORV
HVWDEOHFLPLHQWRVR]RQDVGHRFLRQRFWXUQDV6LH[LVWHDOJXQDTXHMDSXQWXDOVXHOHVHUGXUDQWHORVPHVHVGHYHUDQRFXDQGRORVWXULVWDVDOTXLODQ
DOJXQDFDVDHQHO&DVFR$QWLJXR6LH[LVWHDOJ~QSUREOHPDDQLYHOGHFRQYLYHQFLDQXQFDOOHJDDUHDOL]DUVHXQDTXHMDIRUPDOSXHVWRTXHWRGRV
VHFRQRFHQ\PHGLDQWHODFRQYHUVDFLyQTXHGDDUUHJODGRWRGR
/DGHFDGHQFLDGHOSHTXHxRFRPHUFLRWDPELpQSUHRFXSDDORVKDELWDQWHVGHO&DVFR$QWLJXR\DTXHGXUDQWHODGpFDGDGHORVDxRV\OD
]RQDGHOD3ODoDGHO0RVTXLWHUDXQFHQWURQHXUiOJLFRGHDFWLYLGDGSDUDHOSHTXHxRFRPHUFLR$FWXDOPHQWHHVWDVLWXDFLyQKDFDPELDGRVLHQGR
HVWD ]RQD OD TXH SUHVHQWD XQ PD\RU DEDQGRQR FRPHUFLDO 6yOR IXQFLRQD DFWXDOPHQWH HO %DU =DPRUD HO %DU $V GH 2URV \ OD WLHQGD GH
XOWUDPDULQRVGHOD3O0RVTXLW
8QHOHPHQWRPDWHULDOTXHWDPELpQSXHGHFRQWULEXLUDODLGHQWLILFDFLyQVRFLDOFRQHOFHQWURVRQODVGLVWLQWDVSLQWXUDVPXUDOHV\
PRVDLFRVTXHFRQIRUPDQHOSDLVDMHXUEDQRGHO&DVFR$QWLJXRTXHDQDOL]DPRVHQOD3RQHQFLD(GLILFDFLyQHVSDFLRS~EOLFR
\SDLVDMHXUEDQR1RVGHWXYLPRVWDPELpQHQOD3RQHQFLD8UEDQLVPRHQODVSLQWXUDVWUDPSDQWRMRVWDQVLQJXODUHV
3LQWXUDPXUDOHQ&3XUtVLPD3]D0RVTXLW
3LQWXUDPXUDO0RURV\&ULVWLDQRVGH&DOSHQOD3]D0DQXHO0LUy
(O IHQyPHQR GH OD PDUJLQDOLGDG QR VH KDFH GHPDVLDGR SDWHQWH HQ HO &DVFR $QWLJXR \ VHJXUDPHQWH FRQWULEX\H D HOOR OD
GLVHPLQDFLyQ GH SREODFLyQ SRU VX RULJHQ TXH KHPRV FRPHQWDGR 6t VH SXHGH LGHQWLILFDU XQD ]RQD FRQ PD\RU GHWHULRUR
VRFLRHFRQyPLFRHQODTXHYLYHODJHQWHFRQPHQRVUHFXUVRVHVODGHO$UUDEDOHVSHFLDOPHQWHHQOD&3HGUR*DUFtD2UWL]HQ
OD TXH ODV YLYLHQGDV H LQVWDODFLRQHV SUHVHQWDQ XQ PD\RU HVWDGR GH DEDQGRQR 6ROR HQ FLHUWD PHGLGD FRLQFLGH FRQ ODV
HGLILFDFLRQHVPiVDQWLJXDVTXHFRPRGLMLPRVVHKDOODQHQODVFDOOHV3XUtVLPD0D\RU/OLEHUWDW)RUD3HGUR*DUFtD\(UPLWD
$ QLYHO GHFRPHUFLRV HV HQ OD ]RQDQRURHVWH GHO &DVFR $QWLJXRGRQGH VHSXHGH REVHUYDUXQ PD\RUQ~PHUR GHORFDOHV
FRPHUFLDOHVDEDQGRQDGRV\QHJRFLRVFHUUDGRVFRPRHQOD&/OLEHUWDWOD3O0RVTXLW\FDOOHVDG\DFHQWHV
/DHVWUXFWXUDFRPHUFLDO\ORVSUREOHPDVGHOVHFWRUVHKDQDQDOL]DGRHQ/D3RQHQFLD(FRQRPtD\GLQDPL]DFLyQHFRQyPLFD
$KRUDQRVGHWHQGUHPRVSRUVXUHODFLyQFRQODYLYLHQGD\HOIXWXURUHVLGHQFLDOGHOEDUULRFRQORVHTXLSDPLHQWRVGHSUR[LPLGDG
(TXLSDPLHQWRVGHSUR[LPLGDG
&RPR DGHODQWDPRVHQ OD 3RQHQFLD GH 8UEDQLVPR SXQWR DO KDEODU GHHTXLSDPLHQWRV \GRWDFLRQHV SDUD QRVRWURV ORV
HTXLSDPLHQWRVGHSUR[LPLGDGORVGHPD\RULQWHUpVSDUDODSREODFLyQGHO&$VHUtDQORVORFDOHVGHXVRVFRPSOHPHQWDULRV
\ GH VHUYLFLR EiVLFRV SDUD ORV UHVLGHQWHV DFFHVLEOHV FRQ FRUWRV GHVSOD]DPLHQWRV D SLH GHVGH VXV YLYLHQGDV 3XHGHQ VHU
S~EOLFRVRSULYDGRV\VXORFDOL]DFLyQVHDWLHQHHQEXHQDPHGLGDDODVOH\HVGHOPHUFDGR
(QWHQGHUtDPRVFRPRWDOHVXQDVHULHGHFRPHUFLRVDOLPHQWDFLyQIDUPDFLDEDUHVHWF\GRWDFLRQHVGHWLSRDGPLQLVWUDWLYR\
DVLVWHQFLDO SDUD SHUVRQDV PD\RUHV SDUD MyYHQHV R SDUD QLxRV \ SULPRUGLDOPHQWH ODV ]RQDV YHUGHV SRVLEOHV HQ XQ WHMLGR
FRPRHOGHO&+FRQDUERODGR\MDUGtQSDUDMXHJR\GHVFDQVRDODLUHOLEUHGHODSREODFLyQUHVLGHQWH
(O WHPD GH ORV HTXLSDPLHQWRV HQ JHQHUDO OR GHVDUUROODPRV HVSHFtILFDPHQWH HQ OD 3RQHQFLD \ GLVWLQJXLHQGR ORV GH
SUR[LPLGDG VHDQ S~EOLFRV R SULYDGRV \ ORV HTXLSDPLHQWRV JHQHUDOHV FX\D DSUR[LPDFLyQ XUEDQtVWLFD VH UHGXFH D ODV
GRWDFLRQHVS~EOLFDVREOLJDWRULDV
(QHO&DVFR$QWLJXRH[LVWHQDOJXQRVHTXLSDPLHQWRVSULYDGRVGHSUR[LPLGDG\SHTXHxRVFRPHUFLRVDXQTXH~OWLPDPHQWHVH
YLHQHSURGXFLHQGRHOFLHUUHGHDOJXQRVORFDOHVFHUUDGRVORTXHKDJHQHUDGRXQSUREOHPDTXHHO$\XQWDPLHQWR\DIHFWDGRV
HVWiQ WUDWDQGR GH UHVROYHU \ GHO FXDO HVWH &RQFXUVR HV HQ EXHQD SDUWH FRQVHFXHQFLD /D GLQDPL]DFLyQ HFRQyPLFD TXH
HVWXGLDPRVHQOD3RQHQFLDDQWHULRUQRVGDXQDSLVWDGHSRVLELOLGDGHVTXHOOHYDUHPRVDOFDStWXORGH3URSXHVWDVGHQXHVWUD
3OLFD
&LWHPRVFRPRFRPHUFLRGHSUR[LPLGDGHQHO&DVFR$QWLJXRODWLHQGDGHDOLPHQWDFLyQGHOD3OGHO0RVTXLWIUHQWHD7,QIR
ODWLHQGDGHXOWUDPDULQRV*XLOOHUPLQD&&HUYDQWHV\HOKRUQRSDQDGHUtD&%DOPHV7DPELpQHQFRQWUDPRVQHJRFLRVFRPR
XQKRWHOXQDJXDUGHUtDRXQDFOtQLFDGHQWDOWRGRVHQ&-XVWLFLDXQGHVSDFKRGHWRSRJUDItD&&DPSDQDULRFHQWURVGH
SHOXTXHUtD \ HVWpWLFD & 0DU EDUHV FRPR HO %DU =DPRUD HQ OD 3O 0RVTXLW R HO %DU GH OD &3HGUR *DUFtD 2UWL] &DEH
GHVWDFDUTXHHQODSUR[LPLGDGGHOD&$OPHQGURVKDFHTXHODPLVPDVHFRQVLGHUHSDUDODJHQWHGHO&DVFR$QWLJXRFRPRHO
OXJDU GH PD\RU FRQFHQWUDFLyQ GH HVWH WLSR GH FRPHUFLRV 4XH WHUPLQD SUHFLVDPHQWH HQ XQ JUDQ VXSHUPHUFDGR GH
DOLPHQWDFLyQ\VHUYLFLRVGRPpVWLFRV
7DPELpQVHKDYLVWRTXHDOJXQDVGHSHQGHQFLDVPXQLFLSDOHVVLWXDGDVHQHO&DVFR$QWLJXRHVWiQFDPELDQGRGHXELFDFLyQR
FHUUDQGRVXVSXHUWDVSRUODFULVLVHFRQyPLFD\IDOWDGHUHFXUVRVS~EOLFRV6RQFDVLWRGDVGRWDFLRQHVJHQHUDOHVGH&DOSQRGH
SUR[LPLGDGSHURHODEDQGRQRGHORFDOHV\SODQWDVEDMDVFRQWULEX\HDOHPSREUHFLPLHQWRFRPHUFLDOGHOD]RQD6RQORVFDVRV
GHOD2ILFLQDGHO3DGUyQ0XQFLSDOTXHKDDEDQGRQDGRVXHPSOD]DPLHQWRHQOD3O0RVTXLWSDUDWUDVODGDUVHDODVPRGHUQDV
RILFLQDVGHO$\XQWDPLHQWRHOFDPELRGHFRQWHQLGRVHQORV0XVHRVRHOFLHUUHGHODVUHJLGXUtDVGH%LHQHVWDU6RFLDO\GHOD
'RQD,QFOXVRHOUHWUDVRHQODSXHVWDHQXVRGHOD&DVDGHOD6HQ\RUHWD6RQHTXLSDPLHQWRVPX\VHQVLEOHVSDUDPDQWHQHUHO
IXWXURGHXQ&DVFRYLYR
/RVHTXLSDPLHQWRVGHSUR[LPLGDGPXQLFLSDOHVVRQVHUYLFLRVDGPLQLVWUDWLYRV
$\XQWDPLHQWR3]D0LJXHO5RVHOOyGHQXHYDFUHDFLyQ
2ILFLQD$VRFLDFLRQHV-XYHQLOHV3O&RQVWLWXFLy
-X]JDGRGH3D]&'RV0D\R
1RH[LVWHQHTXLSDPLHQWRVGHSUR[LPLGDGHGXFDWLYRVGHVDQLGDGRGHPD\RUHVHQHOLQWHULRUGHO&DVFR$QWLJXRSHURVtHQVXV
ERUGHVTXHKHPRVOODPDGRiUHDVGHLQIOXHQFLDDFFHVLEOHV
&ROHJLRHQ&&RQGHGH$OWHD
&HQWURVGH6DOXGHQ&&RQGHGH$OWHDHOPiVFHUFDQR
&HQWUH&tYLFGHOD7HUFHUD(GDW0DUHGH'pXGHOHV1HXVHQ&3XUtVLPDHVTXLQD3O0DQXHO0LUy
&DVDGH&XOWXUDHQ$Y0DVQRX
(Q HO SODQR ILQDO SJ GH OD 3RQHQFLD VH JUDItD OD ORFDOL]DFLyQ GH ORV HTXLSDPLHQWRV GH SUR[LPLGDG FLWDGRV HO FXDO
FRPSOHWDODLQIRUPDFLyQVREUHODVGRWDFLRQHV\HOHPHQWRVFDWDORJDGRVGHO&$3RQHQFLDSJ
&HQWUR6RFLDO&DVDGHOD(GDG
$VRFLDFLyQGH(PSUHVDV\&RPHUFLRGH&DOS$(0&2
$VRFLDFLyQGH&RPHUFLDQWHVGH*DOHUtDVGH&DOS
$VRFLDFLyQSRUHOFRPHUFLRDPEXODQWHGLJQR
$VRFLDFLyQGHYHQGHGRUHVGHO$UHQDO%2/
$VRFLDFLyGHSDUDGHWHVGHO3RUWG
,IDF
$VVRFLDFLy0HGLWHUUDQL
$VVRFLDFLyG
$UWHVDQV3URIHVVLRQDOV5HXQLWV
([LVWHXQD$VRFLDFLyQGH9HFLQRVGHO&DVFR$QWLJXRGH&DOS\PX\UHFLHQWHPHQWHVHKDFRQVWLWXLGROD$VRFLDFLyQGH$PLJRV
GHO&DVFR$QWLJXR
3RURWUDSDUWHFDEHGHVWDFDUTXHDORODUJRGHOPXQLFLSLR\ODFRPDUFDH[LVWHXQDJUDQYDULHGDGGHDVRFLDFLRQHVFXOWXUDOHV
PXVLFDOHVDJUtFRODVHWF,JXDOPHQWHODQXPHURVDSREODFLyQH[WUDQMHUDWDPELpQFXHQWDFRQGLVWLQWDVDVRFLDFLRQHVQDFLRQDOHV
&7,0&RPXQLGDG,WDOLDQD&HUFOH)UDQFRSKRQHGHOD&%ODQFD$VVRFLDWLRQRI)RUHLJQ3URSHUW\2ZQHUV
6LELHQQRH[LVWHDFWXDOPHQWHXQ5HJLVWURGH$VRFLDFLRQHVFRPRWDOGHVGHOD&RQFHMDOtDGH3DUWLFLSDFLyQFLXGDGDQDVtVH
HVWiWUDEDMDQGRHQHOORSDUDSRQHUHVWDLQIRUPDFLyQDGLVSRVLFLyQGHODFLXGDGDQtD
(OIHQyPHQRDVRFLDWLYRHQHOPXQLFLSLRGH&DOSHVFRPRGLMLPRVDPSOLR\DUUDLJDGR\DTXHFXHQWDFRQDVRFLDFLRQHVHQ
WRWDO 6XV VHGHV GH VLW~DQ HQ VX HQFODYH R FRQMXQWDPHQWH HQ HO &DVDO GH ODV $VRFLDFLRQHV VLWXDGR HQ OD 3ODoD GH OD
&RQVWLWXFLyRHQOD&DVDGH&XOWXUDGH&DOSHQOD$Y0DVQRXFRQORFXDOSRGHPRVGHFLUTXHGLFKDVDVRFLDFLRQHVHVWiQR
HQHOPLVPR&DVFR$QWLJXRRELHQHQVXiUHDGHLQIOXHQFLDSUy[LPD
([LVWHQDVRFLDFLRQHVVLWXDGDVHQHO&DVFR$QWLJXRSUiFWLFDPHQWHODTXLQWDSDUWHGHODVDVRFLDFLRQHVGH&DOSFXHQWDQFRQVXVHGHDOOtXQ
GHOWRWDOPXQLFLSDO
+D\DVRFLDFLRQHVFX\DVHGHVHHQFXHQWUDHQHOiUHDGHLQIOXHQFLDSUy[LPDGHO&DVFR$QWLJXRXQGHOWRWDOPXQLFLSDO
$\XQWDPLHQWR$FFHVRDOWR3oD05RVHOOy
3DUWLFLSDFLyQS~EOLFD\DVRFLDFLRQLVPR
&DOSFXHQWDFRQXQDPSOLR\DUUDLJDGRDVRFLDFLRQLVPRTXHDEDUFDWDQWRHOPXQGRHPSUHVDULDOFRPRRWURViPELWRVFXOWXUDOHV
IHVWLYRVSURIHVLRQDOHVHWF
'HVGH HO SXQWR GH YLVWD HPSUHVDULDO FXHQWD FRQ $(+&$/3 OD DVRFLDFLyQ GH HPSUHVDULRV KRVWHOHURV GH &DOS \ FRQ OD
$VRFLDFLyQGH(PSUHVDULRV\&RPHUFLDQWHVGH&DOS3RURWUDSDUWHH[LVWHHO&RQVRUFL&DOS7RXULVPTXHD~QDHQWLGDGHV
S~EOLFDV \ DVRFLDFLRQHV HPSUHVDULDOHV UHODFLRQDGDV FRQ HO WXULVPR ,JXDOPHQWH FXHQWD FRQ XQ YDULDGR DEDQLFR GH
DVRFLDFLRQHVVHFWRULDOHVFRPR
&RQHOORSXHGHGHFLUVHTXHFDVLXQWHUFLRGHODVDVRFLDFLRQHVGHOPXQLFLSLRGH&DOSXQWLHQHQVXVHGHHQHO&DVFR
$QWLJXRRHQVXiUHDGHLQIOXHQFLDSUy[LPD
/D WLSRORJtD GH HVWDV DVRFLDFLRQHV HV YDULDGDDXQTXH SUHGRPLQDQ ODV GH WLSR DUWtVWLFRFXOWXUDO \ IHVWLYD 0HQFLyQ HVSHFLDO
PHUHFHQ ODVDVRFLDFLRQHV UHODFLRQDGDVFRQ OD IHVWLYLGDG GH ORV 0RURV \ &ULVWLDQRV WDQ DUUDLJDGRHQ &DOS $GHPiVGH ODV
DVRFLDFLRQHVFXOWXUDOHVGH0RURV\&ULVWLDQRVSURSLDPHQWHGLFKDVKDEUtDTXHVXPDUOHODSUHVHQFLDGHODVGLVWLQWDVVHGHVGH
OHVILODHVFjELOOHVTXHWDPELpQHVWiQVLWXDGDVHQHO&DVFR$QWLJXR\HQPXFKRVFDVRVVHWUDWDGHSODQWDVEDMDVVLWXDGDV
HQ ODV FDOOHV SULQFLSDOHV 7DPELpQ GHVWDFDQ ODV DVRFLDFLRQHV IHVWHUDV GHGLFDGDV D ODV )LHVWDV 3DWURQDOHV GH &DOS ODV
&RIUDGtDVGH6HPDQD6DQWDHLQFOXVRXQD&RPLVLyQ)DOOHUD
6HGH)LOj&DYDOOHUV7HPSODULV&6DQ-RVp6HGH)LOj0RULVFRV&)RUD
7RGR HVWH FRQMXQWR GH DVRFLDFLRQHV IHVWLYRFXOWXUDOHV WLHQH XQ JUDQ SRWHQFLDO \ SHQVDPRV TXH VH GHEH DSURYHFKDU SDUD
FRKHVLRQDUHOWHMLGRVRFLDOGHO&DVFR$QWLJXRGRWiQGROHGHXQHOHPHQWRGLIHUHQFLDGRUTXHHOUHVWRGHOPXQLFLSLRGH&DOSQR
WLHQH
$GHPiVGHODVDVRFLDFLRQHVH[LVWHQGLIHUHQWHVLQLFLDWLYDVFROHFWLYDVHQFDPLQDGDVDODGLQDPL]DFLyQGHO&DVFR$QWLJXR\TXH
HVWiQVLHQGRLPSXOVDGDVGHVGHHOPLVPR$\XQWDPLHQWR
&RQFXUVR GH GHFRUDFLyQ GH (OV 7DSLVVRV GH OD 9HUJH GH MXOLR D RFWXEUH GH HQ HO TXH SXHGH SDUWLFLSDU FXDOTXLHU EDOFyQ GHO &DVFR
$QWLJXR,QGLFDQTXHHOMXUDGRSDVDUiHQHOPHVGHDJRVWR\TXHKDEUiSUHPLRVHQPHWiOLFRGH\
)HULDDUWHVDQtDHQHO&DVFR$QWLJXRGH&DOSHGHOGHMXQLRDOGHVHSWLHPEUHHQKRUDULRGHDK
(QFXDQWRDOD3DUWLFLSDFLyQS~EOLFDSRGHPRVGHFLUTXH&DOSHVWiDKRUDHQXQPRPHQWRPX\IDYRUDEOHSDUDODSURPRFLyQGH
LQLFLDWLYDV HQ ODV TXH VH LQVWH D OD FLXGDGDQtD D SDUWLFLSDU \ D DSRUWDU LGHDV (VWH &RQFXUVR HV XQ EXHQ HMHPSOR GH HOOR
$GHODQWDPRVTXHXQDEXHQDLGHDSDUDYHUWHEUDUODYLGDVRFLDOGHO&DVFR$QWLJXRVHUtDODFUHDFLyQGHXQD2ILFLQDGHO&DVFR
$QWLJXRTXHFHQWUDUDODLQIRUPDFLyQ\JHVWLyQGHOPLVPR\TXHFRPRVHUYLFLRPXQLFLSDOVHSRGUtDLQVWDODUHQXQDRILFLQDGHO
QXHYR$\XQWDPLHQWRRHQFXDOTXLHUDGHORVORFDOHVYDFtRVPXQLFLSDOHVFRQWLJXRVGHO&DVFR$QWLJXR/RWUDWDUHPRVFRQPiV
GHWDOOHFRPRXQDGHODV3URSXHVWDVUHOHYDQWHVGHHVWD3OLFD
8QEXHQPRPHQWRSDUDDQDOL]DUODVHUtDODIDVHGHSDUWLFLSDFLyQS~EOLFDSUHYLVWDSDUDODIDVHILQDOGHO&RQFXUVR
3REODFLyQGHO&DVFR$QWLJXR5HODFLyQFRQHOUHVWRGHODSREODFLyQ
'HPRJUiILFDPHQWHHQHO&DVFR$QWLJXRGH&DOSVHGHWHFWDXQSURJUHVLYRHQYHMHFLPLHQWRGHODSREODFLyQ$XQTXHQRVHKD
UHDOL]DGRQLQJ~QHVWXGLRDWUDYpVGHHQFXHVWDVODLPSUHVLyQREWHQLGDHQODVGLIHUHQWHVHQWUHYLVWDVHVTXHHO&DVFR$QWLJXR
GH&DOSFXHQWDFRQXQDVLPSDWtDLPSRUWDQWH\EDVWDQWHJHQHUDOL]DGDHQWUHODSREODFLyQORFDOTXHSHUFLEHFRQFLHUWDLQTXLHWXG
VXOHQWRHQYHMHFLPLHQWR\GHFOLYHFRPHUFLDO\GHPRJUiILFR
(O&DVFR$QWLJXRGH&DOSHVHOOXJDUGRQGHWLHQHVXRULJHQEXHQDSDUWHGHODSREODFLyQDXWyFWRQD\HVSHUFLELGRFRPROD
SDUWHPiVDXWpQWLFDGHOSXHEORSRUSDUWHGHODSREODFLyQH[WUDQMHUD
(OSHOLJURHVHYLGHQWH\DUHVROYHUORGHGLFDQVXHVIXHU]RDFFLRQHVFRPRODUHXUEDQL]DFLyQGHFDOOHV\ IDFKDGDVOD$),&\
RWUDV LQLFLDWLYDV HFRQyPLFDV \ IHVWLYDV \ OD PLVPD FRQYRFDWRULD GH HVWH &RQFXUVR GH 5(*(1(5$&,1 (&210,&$
62&,$/<$0%,(17$/8QIXWXURGHGHFOLYHFRPHUFLDO\HQYHMHFLPLHQWRGHPRJUiILFRSXHGHSURYRFDUHODEDQGRQRGHOFHQWUR
TXH KR\ D~Q QR VH KD SURGXFLGRFRPR KD SDVDGR HQ RWURV PXQLFLSLRV FHUFDQRV HQWUH ORV TXH VROR FLWDUHPRV SRU OD
LPSRUWDQFLDGHOPLVPRHO&DVFR$QWLJXRGH/D9LOD-RLRVD
/DUHODFLyQHQWUH&DVFR\HQWRUQRHVFRPRDSXQWDPRVHQODVGLIHUHQWHV3RQHQFLDVLQIRUPDWLYDVEDVWDQWHIiFLOELHQSRUVX
FHUFDQtDDOFHQWURXUEDQRFRPHUFLDO\GHVHUYLFLRVHQHOVHQWLGRGHGHQWURDIXHUDELHQSRUODUHODFLyQIDPLOLDU\GHDUUDLJR
FRQODSREODFLyQUHVLGHQWH/DDFFHVLELOLGDGDO&$\VXVYLYLHQGDV\VHUYLFLRVGHEHGHVHUUHIRU]DGD
(OWXULVPRHVODIXHU]DPD\RUGHUHODFLyQ IXHUDGHQWUR6LQHPEDUJRFDEHFRPSOHWDUORFRQXQDRIHUWDPiV FRPSOHWDTXH
DERUGHODULTXH]DQDWXUDO\PDULQHUDGH&DOSKR\LJQRUDGD\TXHGHYXHOYDDO&DVFR$QWLJXRXQDFLHUWDVLQJXODULGDGPiVDOOi
GHVXSDWULPRQLRKLVWyULFRFRPRSRUHMHPSORVXSDSHOGHDWDOD\DYLVXDOORTXHGLRRULJHQDODVHQWDPLHQWRVXVSURSXHVWDV
DUWtVWLFDV IHVWLYDV R JDVWURQyPLFDV R VX GHFLGLGD DSXHVWD SRU ODV QXHYDV WHFQRORJtDV \ OD VRVWHQLELOLGDG 'H WRGR OR FXDO
WUDWDPRVHQODSDUWHILQDOGHHVWD3OLFD
321(1&,$(',),&$&,1(63$&,23%/,&2<3$,6$-(85%$12
,QGLFH
5HFRQRFLPLHQWRGHOD(VWUXFWXUDGHO&$/HFWXUDXUEDQD
7HUULWRULR\FLXGDG
$QiOLVLVGH/\QFK
$QiOLVLVGHOD(GLILFDFLyQ\%DUULRV
7LSRORJtDV
$FFHVLELOLGDGLQWHUQD
$UHDVGLIHUHQFLDGDV\HQWRUQR
(TXLSDPLHQWRV\6HUYLFLRV
/RV(VSDFLRVS~EOLFRV
0RELOLDULRXUEDQR\DFDEDGRV
3DLVDMHXUEDQR\YLVXDOL]DFLyQ
&DUWHOHUtDHLQIRUPDFLyQ
3ODQRV
321(1&,$(',),&$&,1(63$&,263%/,&26<3$,6$-(85%$12
5HFRQRFLPLHQWRGHOD(VWUXFWXUDGHO&$/DOHFWXUDGHODFLXGDG
,1)250$&,1<$1$/,6,6
7HUULWRULR\FLXGDG
&DOSHVXQHQFODYHJHRJUiILFRVLQJXODU\YLVLEOH~QLFRHQWRGRHOOLWRUDOPHGLWHUUiQHR(O3HQ\DOG,IDFODV6DOLQDVHO7RL[
0DVFDUDW\OD6LHUUDVGH7RL[\9HUQLDVLW~DQODFLXGDGHQXQWHUULWRULRRURJUiILFDPHQWHPX\DFFLGHQWDGRFDVLLQDFFHVLEOHSRU
WLHUUD \ HQ FDPELR DELHUWR DO PDU 0DU TXH OH GLR VX SDUWLGD GH QDFLPLHQWR /DV FRPXQLFDFLRQHV WHUUHVWUHV KDQ VLGR XQ
LPSHGLPHQWRWUDGLFLRQDODVXFUHFLPLHQWR\D~QKR\VLQDFFHVRGLUHFWRDOD$3\FRQXQIHUURFDUULOGHO;,;WLHQHGLILFXOWDGHV
GHDFFHVRFRQILJXUiQGRVHFRPRXQDFLXGDGGHVWLQR&LUFXQVWDQFLDVWRGDVHOODVTXHODVLQJXODUL]DQHQWUHODVFLXGDGHVGH/D
0DULQD
(OFDPLQRGHDFFHVRGHVGH$OWHD\GH%HQLVVDDO2HVWH\HOPiVPRGHUQRGH7HXODGD\%HQLWDW[HOOFRQIRUPDQORVLWLQHUDULRV
TXHJHQHUDURQHOFUHFLPLHQWRGHO;;WUDVHOGHUULERGHODVPXUDOODVTXHODGHIHQGtDQ9HU3RQHQFLD8UEDQLVPR
(QUHVXPHQ\SDUDHOGLDJQyVWLFR7HUULWRULDOPHQWHSXHVKD\KLWRVRUHIHUHQFLDVGHSULPHUQLYHOFRPRORVVHxDODGRVTXHOH
GDQXQDIXHU]DLGHQWLWDULD~QLFD
/DHVWUXFWXUDXUEDQtVWLFDGHODFLXGDGVHGHVFULEH HQHO3ODQ*HQHUDOGHTXHGHILQHFRPRWDOXQD5HG(VWUXFWXUDOR
3ULPDULD (TXLSDPLHQWRV \ =RQDV XUEDQDV \ VH H[SOLFy HQ OD FLWDGD 3RQHQFLD /D DSUHFLDFLyQ VHQVRULDO OR TXH OODPDPRV
OHFWXUDGHODFLXGDGXQPiVPRGHUQRDFHUFDPLHQWRDORVVLJQRV\VLJQLILFDGRVXUEDQRVLGHQWLILFDORVHOHPHQWRVFODYHGHOD
FLXGDGHQIXQFLyQGHODRSLQLyQGHVXVKDELWDQWHV\SDUDQRVRWURV\HVWH&RQFXUVRWLHQHXQJUDQLQWHUpV
6XIRUPXODFLyQVHKL]RDOOiHQORVSRU.HYLQ/\XQFKHQ/DLPDJHQGHODFLXGDGVHDPSOLySRU*RUGRQ&XOOHQ\RWURV\
QRVKDEODGHORVGLIHUHQWHVHOHPHQWRVUHOHYDQWHVTXHGHILQHQHOHVSDFLRXUEDQRQXHVWUDFLXGDGVHQGDVQRGRVKLWRVERUGHV
\EDUULRVTXHFRQFRQH[LRQHVDODUPDV\RSRUWXQLGDGHVHVWiQ\DLQFRUSRUDGRVDODGLVFLSOLQDXUEDQtVWLFD
/DYLOODGH&DOSHQVXHQWRUQRWHUULWRULDOLQPHGLDWR
/RV VLJQRV PiV UHOHYDQWHV GH OD LPDJHQ XUEDQD VRQ HVFDVRV \ VH HQFXHQWUDQ HQ UHFRUULGRV WXUtVWLFRV KLWRV FRPR HO
&DPSDQDULRRODV0XUDOODVRSXQWRVGHHQFXHQWURWUDGLFLRQDOHVVLQJXODUPHQWHOD3OD]DGH(VSDxD\OD3OD]DGHOV0DULQHUV
QRGRVTXHGDQGRGHWHUPLQDGRVSXQWRVGHUHIHUHQFLDXUEDQDFRPRHO3RUWDOHWOD3OD]DGHOD9LODHO%DU&DOSR%DU=DPRUD
PX\YLQFXODGRVDVXVUHVLGHQWHV
/DVDODUPDVVHSURGXFHQSULQFLSDOPHQWHHQHVWDV3OD]DVGHOD9LOD\GHO0RVTXLW\ODVRSRUWXQLGDGHVHQODURQGD6XU$YGD
0DVQRXD~QQRFRQVROLGDGD\OD\DFRQRFLGDGHVGHHO3ODQ*HQHUDOHQGHOHQWRUQRGHOD0DQ]DQD1RUWH
$QiOLVLVGH/\QFK
(QHOFDVRGH&DOSPHGLDQWHHQFXHVWDV\GLYHUVRVUHFRUULGRVVHxDODPRV\JUDILDPRVORVVLJXLHQWHV
/DV(QWUDGDVRSXQWRVGHDFFHVRGHVGHRWURVEDUULRVDO&DVFR$QWLJXRGH&DOS6HVHxDODQHQHOPDSDHQWRWDO
'HHOORVKD\GHSULPHURUGHQ3]D0DULQHUV3]D$MXQWDPHQW3]DGHOD)RQW3]D0RVTXLW3]D6DOYDGRU3]D0
0LUy+DQGHVSOD]DGRDORVDFFHVRVWUDGLFLRQDOHVGH$OWHD\%HQLVVDTXHWLHQHQXQDGLItFLODSUHFLDFLyQHQHO&$
/DV%DUUHUDVVXSRQHQXQOtPLWH\HVWiQVLWXDGDVHQORVERUGHVRHQSXQWRVGRQGHFDPELDODLPDJHQ\FDUDFWHUtVWLFDV
ItVLFDVHGLILFDWRULDVGHO&DVFR\TXHHQHVWHFDVRVRQFDVLWRGRURQGDVDOPLVPRF,IDFKF%HQLVVDF1RUWH$YGD
0DVQRXDSUHFLiQGRVHXQDFRQWLQXLGDGXUEDQDHQOD3]D&RQVWLWXFLyQ3HVFDGRUV\F)RUD3]D0RVTXLW3XUtVLPD
TXHVRQSRUWDQWRFRQHFWRUHVXUEDQRVGHSULPHURUGHQ
/DV6HQGDVRUHFRUULGRVSULQFLSDOHVSHDWRQDOHVWUDPDQHOWHMLGRXUEDQR\QRGLVSRQHQGHDOJXQRSULQFLSDO\DTXHOD
FDOOH0D\RUHMHGHO;,;QRFRQHFWDFRQHOFHQWURXUEDQR(OTXHPiVVHDFHUFDDHOORSRGUtDHVWDEOHFHUVHGHVGH
,IDFK3]D0LJXHO5RVHOOy$\XQWDPLHQWR/D3HoD3]D/D9LODRGH'DOW*DOODUW0D\RU\3]D(VSDxD\OR
DWUDYLHVDGH1RU(VWHGRQGHHVWiHOFHQWURXUEDQRD2HVWHDSRFRTXHVHLPSXOVDUDGRWiQGRORGHDFWLYLGDG
HFRQyPLFDGLDULD7LHQHXQDH[WHQVLyQQDWXUDOKDFLDHO2HVWHSRU/OLEHUWDW)RUDKDVWDODFDUUHWHUD
6XH[WHQVLyQKDFLDHO6XUSRU'RVGH0D\RKDVWDOD3]DGHOV0DULQHUV&RQVWLWXFLyQTXHGDSHUGLGDSRUHO
HVWUHFKDPLHQWRGHO)RUDWGHOD0DUGRQGHSUHFLVDPHQWHVHLQLFLDOD5XWD7XUtVWLFDUHFRPHQGDGD
+DFLDHO6XUWLHQHXQDIRUPDPiVRSDFD\UHWRUFLGDTXHOOHJDDOD3]D6DOYDGRUGHVGH/OLEHUWDW\3]D0RVTXLW
8QDVHQGDVHFXQGDULDTXHQDFHHQ0DQXHO0LUy\VLJXHHQWUHVGLUHFFLRQHV0DU0DULQHUV3RUWDOHWF0D\RU
FRPSOHWDXQDPDOODTXHWLHQHVXRULJHQHQHOUHFLQWRDPXUDOODGR\TXHJOREDOPHQWHGHMDHQPHGLRDOD3OD]DGHOD
9LODRGH'DOWUHIHUHQFLDXUEDQDVLJQRXUEDQRGHSULPHURUGHQ
/DVGRVVHQGDVSHULPHWUDOHVH[WHUQDVOD1RUWHF1RUWH%HQLVVD,IDFK\*DEULHO0LUy\6XU0DVQRXVRQDODYH]
VHQGDV\EDUUHUDV
/DVFHQWUDOLGDGHV1RGRVGHO&DVFRiUHDVGHHQFXHQWURHQWRWDOVRQODV3OD]DVGHOD&RQVWLWXFLyQGHOV
0DULQHUV0LJXHO5RVHOOy%HDWR6HQGUDGHOD9LODGH(VSDxDGHO0RVTXLW\GH00LUy1LOD3O]DGHOD)RQWQLOD
GHO0DHVWUR/ORSLVWLHQHQGLPHQVLyQSDUDHOOR
/DVFHQWUDOLGDGHVGHOEDUULRWLHQHQXQDGHSHQGHQFLDPX\JUDQGHGHODVQXHYDVFHQWUDOLGDGHVGHO&DOSPRGHUQR
VXUJLGDVHQVXVOtPLWHV(VWH\6XUODV3]D0D\RU\OD&DVDGH&XOWXUD\VXDQILWHDWURTXHDFRJHQORV
HYHQWRVIHVWLYRVGHPD\RULPSRUWDQFLDGHOPXQLFLSLR/DKLVWyULFD3]DGHOD9LOD3ODoDGH'DOWTXHGDSHUGLGD
/RV+LWRVRVLJQRVTXHVRQODVUHIHUHQFLDVREOLJDGDVHQHOEDUULRVRQ$MXQWDPHQW0XUDOODLOD3HoD&DPSDQDU
,JOHVLDQRYD3]DGHOD9LOD(VSDxDF/OLEHUWDW3]D0RVTXLW0XUDO0XUDO00LUy&HQWUR(GDG(O3RUWDOHW\
3]D0DULQHUV(QHOHQWRUQRGHVWDFDQOD(UPLWDOD&DVDGH&XOWXUD\OD3OD]D0D\RU&RPRUHIHUHQFLDVXUEDQDVGH
VHJXQGRQLYHOHQHO&DVFR$QWLJXRHVWiQHO)RUDWGHOD0DUOD&RIUDGtDGH3HVFDGRUHV%DU&DOS,QIRUPDFLyQ\
7XULVPR\%DU=DPRUD4XL]iVHLQFRUSRUHGHQWURGHXQWLHPSRHOUHFLpQHVWUHQDGR0XVHRGHOD&DVDOD6HQ\RUHWD
/RV3XQWRVGH2EVHUYDFLyQ\&XHQFDV9LVXDOHVTXHVHSURGXFHQGHVGHHO&DVFRKDFLDRWURVSXQWRVLQWHUHVDQWHVGHO
HQWRUQRFRPRVRQHO0DU\HO3HxyQGH,IDFKVHUHGXFHQDOD3]DGHOD&RQVWLWXFLyQ\ODSHULPHWUDOUHFLHQWH$YGD
GH0DVQRX(QVHQWLGRFRQWUDULRVRORHVDSUHFLDEOHHO&$DWUDYpVGHO&DPSDQDU\FRQFUHWDPHQWHGHVGHODFDOOH
1RUWH~OWLPRGHODVWUDGLFLRQDOHVGHOFDVFR/RVFRPHQWDPRVHQHOSXQWR
/DVDODUPDVVRQSLH]DVXUEDQDVVLJQLILFDWLYDVFRQSUREOHPDVGHLQWHUYHQFLyQXUJHQWHV+HPRVLGHQWLILFDGROD3]DGH
OD9LOD3]D0RVTXLW)RUDFX\DVIXQFLRQHVGHUHIHUHQFLDODQJXLGHFHQ\OD3]DGHO6DOYDGRU\3]D0DQXHO0LUyTXH
HVWiQD~QSRUFRQVROLGDUXUEDQtVWLFDPHQWH\PHUHFHQVHUWHQLGDVHQFXHQWDHQDFWXDFLRQHVGHRSRUWXQLGDG
2SRUWXQLGDGHVFRPRHOHPHQWRVRiUHDVGHRSRUWXQLGDGGHILQLGDVHQOD3RQHQFLDFRQVLGHUDPRVOD0DQ]DQD
1RUWHDGHVDUUROODUGHVGHDWUDYpVGHXQ35,\ODV\DFLWDGDV3]DVGHO6DOYDGRUQRFRPSOHWDGDVHJ~QHO3*
\OD3]D0DQXHO0LUy&HQWUR(GDGDPHGLRFRQVROLGDU\TXHSXGLHUDDERUGDUVHFRQXQ35,R358/D0XUDOOD\
HO&DPSDQDUFRPRHOHPHQWRVYLVXDOHVXUEDQRVGHSULPHURUGHQ\ODVGRWDFLRQHV(6$3]D(VSDxD\((/)RUD
/OLEHUWDWVRQRSRUWXQLGDGHVTXHEULQGDHO3ODQ*HQHUDOYLJHQWHSDUDDSR\DUODPHMRUDGHO&$\VXLPDJHQXUEDQD
$QiOLVLVGHOD(GLILFDFLyQ
7LSRORJtDV
(O 3ODQ *HQHUDO UHJXOD HQ HO &DVFR 8UEDQR ]RQD &DVFR $QWLJXR XQD HGLILFDFLyQ GH WLSRORJtD HQWUHPHGLDQHUDV GH \
7LSRORJtDVGHODHGLILFDFLyQ
$OWXUDVGHODHGLILFDFLyQ
(GLILFDFLRQHVFRQVyWDQR
(GLILFDFLRQHVHQSURFHVRGHVXVWLWXFLyQ
$FFHVLELOLGDGLQWHUQD
&RPRHVOyJLFRPX\SRFDVILQFDVGLVSRQHQGHDSDUFDPLHQWRHQVyWDQRORTXHWUDQVIRUPDODDFFHVLELOLGDGDO&$FRPR]RQD
UHVLGHQFLDOHQXQYHUGDGHURSUREOHPDTXHYDHQDXPHQWRDPHGLGDTXHDXPHQWDHOtQGLFHGHPRWRUL]DFLyQ\VHOLPLWDQORV
DSDUFDPLHQWRVHQODVFDOOHV6yORODVHGLILFDFLRQHVPiVGHQVDVVLWXDGDVDOUHGHGRUGHOFDVFRWLHQHQDSDUFDPLHQWRSURSLRHQ
VyWDQRVGHVWDFDQGRODVQXHYDVHGLILFDFLRQHVGHOD$YG0DVQRXTXHGHEHGHWHQHUH[FHGHQWHVTXHSRGUtDQGDUVHUYLFLRDORV
UHVLGHQWHVGHOFDVFR
/DDFFHVLELOLGDGDDSDUFDPLHQWRVS~EOLFRV\JUDWXLWRVDO&$VHOLPLWDDODPDQ]DQD1RUWHFRQVDOLGDSHDWRQDODODF/OLEHUWDW
PHGLDQWH3DVDMHODVDOLQHDFLRQHVYLDULDVGHODVFDOOHVTXHORURGHDQFRPROD$YGDGH0DVQRX\GHO1RUWH\ODLQYDVLyQGH
DSDUFDPLHQWRVHQEDWHUtDHQOD3]DGHO6DOYDGRU
/RVDSDUFDPLHQWRVGHSDJRVRQHOVLWXDGREDMRODSOD]D0D\RUFRQSOD]DV\ORVTXHSHUWHQHFHQDFRPHUFLRV\WLHQHQVXV
SURSLRVSDUNLQJVFRPRHOGH0HUFDGRWDFOLHQWHV
/RVYLVLWDQWHVRFDVLRQDOHVGHOFDVFRHVWiQEDVWDQWHELHQVHUYLGRVFRQORVDSDUFDPLHQWRVGHSDJRFLWDGRVVLQHPEDUJRH[LVWH
XQ GpILFLW HQ ORV DSDUFDPLHQWRV SDUD UHVLGHQWHV TXH WLHQHQ XQD RSRUWXQLGDG HQ HO 35, GH OD PDQ]DQD 1RUWH \ HQ ODV
HGLILFDFLRQHVTXHTXHGDQSRUFROPDWDUHQORVDOUHGHGRUHVGHOFDVFR$QWLJXR
&ROPDWDFLyQXUEDQD\VXVWLWXFLRQHV
(O&DVFR$QWLJXRHVWiSUiFWLFDPHQWHFROPDWDGRHQFXDQWRVHUHILHUHDODHGLILFDELOLGDGTXHSHUPLWHHOSODQHDPLHQWRYLJHQWH
+XHFRVXUEDQRVTXHGDQSRFRVWRGRVORFDOL]DGRVHQORVERUGHVGHO&$TXHOODPDPRV]RQDGHLQIOXHQFLD
/D &DOOH GHO 1RUWH HVWi SRU FROPDWDU \D TXH H[LVWHQ PXFKRV DOPDFHQHV \ FRPHUFLRV TXH RFXSDQ VRODUHV FRQ DOWDV
HGLILFDELOLGDGHVSHURTXHD~QQRKDQVLGRWUDQVIRUPDGDVVREUHWRGRHQOD]RQDGRQGHHVWiSUHYLVWRHO35,
$OVXUVLQHPEDUJR\DVHKDSURGXFLGRHVDVXVWLWXFLyQGHODHGLILFDFLyQHQHGLILFDFLyQGHDOWDGHQVLGDGDOWXUDVVLQFDVL
HVSDFLROLEUHTXHGDQVyORDOJXQRVUHWDOHVTXHDFDEDUDQGHFRQILJXUDUHOERUGH6$HQHO3ODQ*HQHUDOSDVDSRUODSOD]D
dZE^&KZDK^E>K^j>d/DK^HK^
^h^Wd//>dZE^&KZD/ME
^h^Wd/>DW>//ME
$UHDVGLIHUHQFLDGDV%DUULRV
(O&DVFR$QWLJXRHVWiURGHDGRSRUWUHVEDUULRViUHDVR]RQDVGLIHUHQFLDGDV/D=RQD1RURHVWHHO&HQWUR8UEDQRGH&DOS
\ OD QXHYD iUHD UHVLGHQFLDO 6XU DOUHGHGRU GH OD $YHQLGD 0DVQRX 6XV FDUDFWHUtVWLFDV GLIHUHQFLDGDV \ VX DFFHVLELOLGDG
=21$1252(67(
GHILQLUiQVXVUHODFLRQHV
&(1752
85%$12
/D=RQD1RURHVWHHVXQiUHDGHFUHFLPLHQWRMXQWRDO&DVFR$QWLJXRGH&DOSDDPERVODGRVGHODVVXFHVLYDVURQGDV\
DFFHVRV DO PLVPR GRQGH H[LVWHPXFKD YDULHGDG GH WLSRORJtDVHQOD HGLILFDFLyQ (QFRQWUDPRV QXPHURVRV JDUDMHV WDOOHUHV
&$6&2
$17,*82
YLYLHQGDVWDOOHUFDVDVGHSXHEOR\YLYLHQGDVHQEORTXHVFX\RVEDMRVHVWiQRFXSDGRVSULQFLSDOPHQWHSRUHQWUDGDVGHJDUDMH\
]DJXDQHV(QJHQHUDOSRFRFRPHUFLRGHSUR[LPLGDGSHURVLPXFKRVWDOOHUHV\FRPHUFLRVGHPHGLDQDHVFDODTXHVLUYHQSDUD
RILFLRVUHODFLRQDGRVFRQODFRQVWUXFFLyQRPDQWHQLPLHQWRGHODHGLILFDFLyQ
=21$0$6128
6H WUDWD GH XQD ]RQD D~Q VXVFHSWLEOH GH FDPELR \D TXH H[LVWH EDVWDQWH HGLILFDELOLGDG TXH FROPDWDU +D KDELGR DOJXQDV
WUDQVIRUPDFLRQHVUHFLHQWHVSHURD~QTXHGDQDOJXQDVSRUUHDOL]DUVREUHWRGRHQODSDUWHTXHHVWiDIHFWDGDSRUHO35,GHOD
PDQ]DQD1RUWHYHUSXQWRDQWHULRU
1RKD\XQDLPDJHQFRQVROLGDGDGHEDUULR\DTXHHVPX\KHWHURJpQHR\HVWiSHQGLHQWHGHVXWUDQVIRUPDFLyQ
1
(648(0$'(5(/$&,1'(/&$6&2$17,*82&2168(172512,10(',$72
/RVYLDOHVVRQDPSOLRV\VHSXHGHDSDUFDUHQVXSHUILFLH(VWiPX\ELHQFRQWHFWDGRFRQORVHTXLSDPLHQWRVGHSUR[LPLGDG
&21(;,13($721$/
PXQLFLSDOHVTXHFRPHQWiEDPRVDQWHULRUPHQWHVLWXDGRVDO2HVWH
3/$=$'($&&(62
&RQWLHQHXQD]RQDFODVLILFDGDSRUHO3ODQ*HQHUDOFRPR35,TXHKHPRVGHQRPLQDGR0DQ]DQD1RUWHGRQGHHVWiSUHYLVWR
3/$=$'(%,(19(1,'$
XQDSDUFDPLHQWRFX\RSULPHUGLVHxRGLVSRQHQORVVHUYLFLRVWpFQLFRVPXQLFLSDOHVFRQFHUFDGHSOD]DVTXHKR\FRPR
VRODUHVGHXVRSURYLVLRQDOFRQSOD]DV3RGUtDOLEUDUDO&DVFR$QWLJXRGHJUDQSDUWHGHVXVSUREOHPDVGHDSDUFDPLHQWR
(O&DUUHUGH)RUDVLHQGRKLVWyULFDPHQWHXQDFFHVRDOD(VWDFLyQKDFHGHXQLyQGHO&DVFR$QWLJXRFRQORVSULQFLSDOHV
HTXLSDPLHQWRVPXQLFLSDOHVVLWXDGRVDO2HVWH\VXLPDJHQHVDODYH]HOSULPHUSODQRGHODVYLVWDVDOD]RQDXUEDQDGH&DOS
GHVGHVXVDFFHVRV
/DDFFHVLELOLGDGSHDWRQDOGHVGHHVWD]RQDDO&DVFR$QWLJXRHVEXHQD\DTXHQRKD\FDVLGHVQLYHODO2HVWH\DOQRUWH6RQ
FDOOHVDQFKDV\FRQSHQGLHQWHDFFHVLEOHSDUDWRGRWLSRGHSHUVRQDV
/DSXHUWDSULQFLSDOGHDFFHVR1RUWHHVOD3ODoDGHOD)RQW\DO2HVWHSRUODFRQIOXHQFLDGHO&DUUHUGH)RUDFRQ/OLEHUWDWMXVWR
GRQGHHO3*28SUHYpFUHDUXQD]RQDYHUGH((/
1RH[LVWHDSHQDVHVSDFLRS~EOLFRGHHVWDQFLD\MHXJRVVDOYROD3ODoDGHOD)RQWDXQTXHSRUVXWDPDxRGLVHxR\WRSRJUDItD
QRHVXQOXJDUPX\FRQFXUULGR
/RVHVSDFLRVGHELHQYHQLGDGHHVWHEDUULR\DHQHO&DVFRVRQGRVODSOD]DGHO0RVTXLWDO2HVWHKR\FRQHVFDVDDFWLYLGDG\
KEEKZK^d
KED^EKh
ODGH(VSDxDDO1RUWHTXHVLTXHHMHUFHGHFHQWUDOLGDGHQHO&DVFR
6HWUDWDGHXQD]RQDFRQSRFRFDUiFWHUSURSLRHQODHGLILFDFLyQSRFRVOXJDUHVGHUHODFLyQDXQTXHPX\ELHQVHUYLGD\GHIiFLO
DFFHVRDO&DVFRVREUHWRGRDWUDYpVGHOD3OD]DGH(VSDxD(VHOSULPHUSODQRHQODVYLVXDOHVDOD]RQDXUEDQDGHOPXQLFLSLR
GH&DOS\VXHGLILFDFLyQHVGHJUDQGHVGLPHQVLRQHV\VLQFDUiFWHUIRUPDOHVSHFtILFR
/D]RQD0DVQRXHVGHQXHYDFUHDFLyQ\HVWiRFXSDGDHQVXPD\RUtDSRUJUDQGHVHGLILFLRVGHYLYLHQGDV
(QHVWDVHGLILFDFLRQHVFRQVWUXLGDVHQORV~OWLPRVDxRVFDEHQXQDVYLYLHQGDVDUD]yQGHKDELWDQWHVGHPHGLDSRU
YLYLHQGD\WHQLHQGRHQFXHQWDTXHHO&DVFR$QWLJXRDFRJHKDESRGHPRVGHFLUTXHFXDQGRHVWDVHVWpQKDELWDGDVHQ
VXWRWDOLGDGVHGREODUiODSREODFLyQGHOD]RQDGHLQIOXHQFLDGHO&DVFR$QWLJXRLPJ\
/DVHGLILFDFLRQHVTXHVHKDQFRQVWUXLGRFXPSOHQ\DODVH[LJHQFLDVGHFDOLGDGGHODV~OWLPDVQRUPDVWpFQLFDVDGHPiVHVWiQ
GLVHxDGDVFRQJUDQGHVWHUUD]DV\GRWDGDVGHDSDUFDPLHQWRVVXEWHUUiQHRV3HURVHWUDWDGHFRQVWUXFFLRQHVPX\PiVLFDV\
GH JUDQGHV GLPHQVLRQHV TXH VH DGDSWDQ FRQ GLILFXOWDG D OD WRSRJUDItD \ HQ FLHUWRV FDVRV VXSHUDQ OD FRWD GH FDPSDQDULR
ODRURJUDItDGHO&DVFR\VXHQWRUQRGRQGHVHDSUHFLDLQFOXVRODVUD]RQHVRULJLQDULDVGHODFUHDFLyQGHODFLXGDG
/D SURSLD DYHQLGD 0DVQRX IXH DELHUWD SRFR DQWHV TXH ODSURSLD FRQVWUXFFLyQ GH GLFKRV HGLILFLRV \ URGHD HOVXU GHO&DVFR
$QWLJXRGDQGRDFFHVRURGDGRDOPLVPR\DO&HQWUR8UEDQRDFWXDOGHODFLXGDGVLWXDGRPiVDO(VWH
/DSOD]D6DOYDGRUHVXQRGHORVSXQWRVGHHQWUDGDPiVLPSRUWDQWHGHHVWDQXHYD]RQDUHVLGHQFLDO/DXUEDQL]DFLyQGHOD
SOD]D HVWi PX\ GHWHULRUDGD VH HQFXHQWUD DFWXDOPHQWH LQYDGLGD SRU FRFKHV \ HVWi SDUFLDOPHQWH RFXSDGD SRU XQD SDUFHOD
SULYDGDTXHTXHGDSRUDGDSWDUVHDODVDOLQHDFLRQHVGHOSODQHDPLHQWR(VXQSXQWRGHREVHUYDFLyQGHOPDU\HO3HxDOG,IDFK
SRGUtDPRV GHFLU TXH HV XQRGH ORV SRFRV SXQWRV GH YLVWD TXH TXHGDQFRQHVWD YLVXDOWDQ VLQJXODU GHOHQFODYH GRQGH QRV
HQFRQWUDPRVLPJ
'HVGH HVWD SOD]D SRGHPRV DFFHGHU DO &DVFR SRU OD 3OD]D GHO 0RVTXLW DQWLJXD FHQWUDOLGDG TXH DXQTXH DFRJH DOJ~Q
HTXLSDPLHQWRLPSRUWDQWHFRPRHO7RXULVW,QIRWLHQHKR\HVFDVDDFWLYLGDGXUEDQD
/D 3OD]D 0DQXHO 0LUy HVWi PX\ ELHQ GRWDGD GH HTXLSDPLHQWRV PXQLFLSDOHV SHUR HO HVSDFLR S~EOLFR QR HV DFRJHGRU \ OD
PHGLDQHUDGHXQHGLILFLRGHYLYLHQGDVGHJUDQGHVGLPHQVLRQHVGHOD$YHQLGD0DVQRXDO2HVWHUHVXOWDYLVXDOPHQWHDJUHVLYD
6LQ HPEDUJR TXHGD SRU RFXSDU XQD SDUFHOD TXH SRGUtD SDOLDU HVWH LPSDFWR GHFDODQGR DOWXUDV \ VLQ FDPELDU
DSURYHFKDPLHQWRVUHVROYHUHOWHPD\DODYH]REWHQHUHVSDFLRS~EOLFRSDUDDSDUFDPLHQWRVR]RQDVYHUGHV
/DUHODFLyQSHDWRQDOHQWUHHVWHEDUULR\HO&DVFRVHSURGXFHVLQDSHQDVGHVQLYHO\HODFFHVRHVSRUODFDOOH3XULVLPD\(UPLWD
DOD3ODoDGHO0RVTXLW\SRUODFDOOH6DQWLVLPR&ULVWRDO$UUDEDO\DODQWLJXRUHFLQWRDPXUDOODGRGHOD9LOOD3RUWDOHW
/DDYHQLGD0DVQRXUHSUHVHQWDXQDRSRUWXQLGDGSDUDHO&DVFR$QWLJXRVLVDEHVHUOH~WLODORVIXWXURVKDELWDQWHVGHHVWDiUHD
UHVLGHQFLDO +DEUi TXH DSURYHFKDU HVH SRWHQFLDO JHQHUDQGR HVSDFLRV GH HVWDQFLD \ UHODFLyQ \ WHQGUi TXH DWUDHUORV FRQ
VHUYLFLRV\FRPHUFLRVFRPSDWLEOHVFRQHOWLSRGHHGLILFDFLyQTXHVHHQFXHQWUDHQHO&DVFRVLQTXHSLHUGDHOFDUiFWHUGH&DVFR
$QWLJXRTXHORGLIHUHQFLDGHOUHVWRGHODFLXGDG
2URJUDItD3ODQRKLSVyPHWULFRFRQFXUYDVGHQLYHOGHO&$\HQWRUQR
(OiUHDTXHGHQRPLQDPRVHO&HQWUR8UEDQRGH&DOSHVGRQGHPiVDFWLYLGDGVHFRQFHQWUDOyJLFDPHQWHGHODFLXGDG
(QOD$YHQGLD,IDFKVHVLWXDODHQWUDGDSULQFLSDOGHO$\XQWDPLHQWR\GHRWURVyUJDQRVGHJHVWLyQS~EOLFDEDQFRVFRPHUFLRV\
GHVSDFKRVSURIHVLRQDOHV\VXFRQWLQXDFLyQHQOD&DOOH*DEULHO0LUyDORMDOD]RQDFRPHUFLDOPiVLPSRUWDQWHGHODFLXGDG
/D&DOOH$OPHQGURV\3RUWDOHWKDQVLGRSHDWRQDOL]DGDVUHFLHQWHPHQWH\VXDFWLYLGDGDSHVDUGHSRWHQFLDUVHSRUXQ
HOHPSXMHGHOiUHDXUEDQDGH*DEULHO0LUy\HVSHFLDOPHQWHHOQ~FOHRHQWUHOD3OD]DGHOD&RQVWLWXFLyQ$YGD,IDFK~OWLPR
WUDPRGH*DEULHO0LUy
(VXQEDUULRGRQGHODVHGLILFDFLRQHVVRQGHDPSOLDVGLPHQVLRQHVHQSDUFHODFLyQ\DOWXUDV6HWUDWDGHEORTXHVGHYLYLHQGDV
GHPiVGHSLVRV\FX\DVSODQWDVEDMDV\PXFKRVHQWUHVXHORVVHYHQRFXSDGRVSRUDFWLYLGDGHVHFRQyPLFDV\GHJHVWLyQGH
ODFLXGDG
(ODFFHVRDO&DVFRGHVGHHVWD]RQDVHSURGXFHGHVGHOD$YHQLGD,IDFK\ODSOD]D&RQVWLWXFLyQ/DVFDOOHV7LQTXHW3DUH6DQW
\ODFDOOHTXHGDDODSOD]D0LJXHO5RVHOOyGRQGHVHVLWXDODQXHYDHQWUDGDDO$\XQWDPLHQWRVDOYDQXQIXHUWHGHVQLYHO/DV
GRVSULPHUDVHVWUHFKDVUHVXHOOYHQODGLIHUHQFLDGHFRWDDWUDYpVGHQXPHURVDVHVFDOHUDV\ODWHUFHUDODPiVDPSOLD\FRQ
SRVLELOLGDGHVFRPHUFLDOHV\GHVHUYLFLRVORKDFHDWUDYpVGHXQDUDPSDGHPiVGHO1LQJXQDGHHVWDVHQWUDGDVVRQ
DFFHVLEOHVKR\SDUDSHUVRQDVFRQSUREOHPDVGHPRYLOLGDGSHURVXSRQHQXQDFFHVRGLUHFWRDODSDUWHFHQWUDOGHO&DVFRDO
UHFLQWRDPXUDOODGRFRQOD3OD]DGHO%HDWR\OD9LOD(ODFFHVRD0LJXHO5RVHOOySRUVXVSRVLELOLGDGHVPHUHFHUHQRYDUVH
/D3OD]DGHOD&RQVWLWXFLyQDFW~DFRPRYHUGDGHURFHQWURQHXUiOJLFRGHODSREODFLyQ<DGHPiVUHSUHVHQWDODFRQH[LyQ
SULQFLSDOGHO&HQWUR8UEDQRGHODFLXGDGFRQHO&DVFR$QWLJXR6HWUDWDGHXQDSOD]DUHFLpQUHPRGHODGDFRQXQDDPSOLD]RQD
GHUHODFLyQ\HQFXHQWUR]RQDGHHVWDQFLDFRQYLVWDVDOPDUHLQFOXVRXQD]RQDGHMXHJRVLQIDQWLOHVVLWXDGDHQOD*ORULHWDHO
DQWLJXR&HPHQWHULRDORWURODGRGHODFDO]DGDMXQWRFRQXQHGLILFLRGHDVRFLDFLRQHV
FRPRODVDQWHULRUHVGLUHFWDPHQWHFRQHOFRUD]yQGHO&DVFR$QWLJXR\HOUHFLQWRDPXUDOODGR/DRWUDRIUHFHXQHVSDFLRGH
ELHQYHQLGDOOHQRGHDFWLYLGDGOD3OD]DGHOV0DULQHUVSHDWRQDODJUDGDEOHFRQSDOPHUDVTXHJHQHUDQXQDVRPEUDOLJHUDGRQGH
UHVWDXUDQWHEDUHVHLQFOXVROD&RIUDGtDGH3HVFDGRUHVFRQVXYHQWDGHSHVFDGR~QLFRYHVWLJLRGHVXDFWLYLGDGPDULQHUD
GDQXQHQFDQWRHVSHFLDODOOXJDU6XFRQH[LyQFRQHOFLWDGRFRUD]yQGHO&$HVTXHEUDGDFRQHO5DYDOHQVXODWHUDOSHURFRQ
XQODUJRUHFRUULGRKR\SRFRVXJHVWLYR
/D]RQDGHO&HQWUR8UEDQRGH&DOSHVODFRQH[LyQQDWXUDOGHUHVLGHQWHV\WXULVWDVDO&DVFR8UEDQRGHGH&DOS(VXQD]RQD
\DFRQVROLGDGD\FXLGDGDTXHFRQYLHQHFRQVHUYDU\SRWHQFLDU/DSOD]DGHOD&RQVWLWXFLyQFRQODSOD]DGHOV0DULQHUV
UHSUHVHQWDODSDUWHPiVXUEDQDGHODFLXGDG
(TXLSDPLHQWRV\6HUYLFLRVGHO&$&DOS
B(TXLSDPLHQWRV3~EOLFRV\3ULYDGRV
(Q HO &DVFR $QWLJXR GH &DOS VH HQFXHQWUDQ MXQWR D YLYLHQGDV GLIHUHQWHV ORFDOHV \ VHUYLFLRV SULYDGRV \ S~EOLFRV TXH
GHQRPLQDPRV HTXLSDPLHQWRV SDUD GLVWLQJXLUORV GH ODV GRWDFLRQHV TXH VRQ VyOR ORV S~EOLFRV \ TXH HQ EXHQD SDUWH YLHQHQ
UHFRJLGRVHQHO3ODQ*HQHUDOGH2UGHQDFLyQ8UEDQDGH
'HODVGRWDFLRQHVKDEODPRVHQOD3RQHQFLD8UEDQLVPR+DEODPRVDOOt\HQOD3RQHQFLD9LYHLQGD\3DUWLFLSDFLyQGHODV
GRWDFLRQHVGHSUR[LPLGDGDODVYLYLHQGDVUHVDOWDQGRODFDUHQFLDEDVWDQWHXVXDOHQORVFDVFRVDQWLJXRVGH]RQDVYHUGHV\
DSDUFDPLHQWRVSDUDUHVLGHQWHV
(QHO&DVFR$QWLJXRGLVWLQJXLPRVVHJ~QHOXVXDULRTXHORVXWLOL]D
/RV(TXLSDPLHQWRVGHSUR[LPLGDGVRQORVTXHGDQVHUYLFLRDORVUHVLGHQWHVGHO&DVFR$QWLJXR\]RQDVFROLQGDQWHV
3XHGHQVHUS~EOLFRVFRPRFHQWURVGHVDOXGFROHJLRV\]RQDVYHUGHVRSULYDGRVWDOHVFRPRFRPHVWLEOHVIHUUHWHUtDVEDUHV
IDUPDFLDVHWFODIDOWDGHHVWHWLSRGHHTXLSDPLHQWRVHVXQDVHQWHQFLDGHPXHUWHSDUDHOIXWXURUHVLGHQFLDOGHOEDUULRHQOD
3RQHQFLDVHDQDOL]DURQFRQGHWDOOH
&RQVLGHUDPRVTXHORVUHVLGHQWHVGLVSRQHQGHXQHTXLSDPLHQWRGHSUR[LPLGDGFXDQGRVHHQFXHQWUDQDXQUDGLRPHQRUGH
PLQ DQGDQGR GHVGH FXDOTXLHU YLYLHQGD HQ LWLQHUDULRV DFFHVLEOHV VLQ HVFDOHUDV QL UDPSDV PD\RUHV GHO YHU HVTXHPD
3RGHPRV GHFLU TXH ORV UHVLGHQWHV GHO &$ VH HQFXHQWUDQ ELHQ VHUYLGRV GH WRGRV ORV HTXLSDPLHQWRV S~EOLFRV QHFHVDULRV
GHQWUR GH HVWH UDGLR KD\ FROHJLRV SROLGHSRUWLYRV FHQWUR GH VDOXG KRJDU GHO MXELODGR XQ SDUTXH LQIDQWLO HVWDFLyQ GH
DXWREXVHVSDUDGDVGHWUDQVSRUWHS~EOLFRWRGRVHOORVIDFLOLWDQODYLGDHQHO&DVFR$QWLJXR
7DPELpQHVWiQELHQVHUYLGRVGHHTXLSDPLHQWRVSULYDGRVGHJUDQHVFDODWLSRVXSHUPHUFDGRVSHURHOSUREOHPDPiVJUDQGHOR
HQFRQWUDPRVHQORVFRPHUFLRVGHSHTXHxDHVFDOD(VWRVFRPHUFLRVTXHVRQSUHFLVRVSDUDHOVHUYLFLRGHORVUHVLGHQWHVGH
LQLFLWDWLYDSULYDGDFDGDYH]VRQPHQRVORVTXHKDEtDQKDQLGRFHUUDQGRRKDQTXHGDGRREVROHWRVTXHGDQGRPXFKRVEDMRV
FRPHUFLDOHVHQGHVXVR
6LILMDPRVHOUDGLRGHDFFLyQHQPLQDQGDQGRGHVGHFXDOTXLHUYLYLHQGDHQFRQWUDPRVFDVLH[FOXVLYDPHQWHHTXLSDPLHQWRV
S~EOLFRV UHSUHVHQWDWLYRV \ GH JHVWLyQ DGPLQLVWUDWLYD \ ORV SRFRV FRPHUFLRV SULYDGRV GH SUR[LPLGDG TXH KHPRV GHVFULWR
DQWHULRUPHQWH 1R H[LVWHQ DSHQDV VHUYLFLRV S~EOLFRV GH SUR[LPLGDG HQ HVWH UDGLR OR TXH QR IDFLOLWD OD FRQVROLGDFLyQ GH
UHVLGHQWHVHQJUXSRVVRFLDOHVFRQSUREOHPDVHQODPRYLOLGDGDQFLDQRVQLxRVGLVFDSDFLWDGRV
(648(0$'((48,3$0,(172648(6,59(1$/&$6&2$17,*82
&58=52-$
&(1752'(
6$/8'
(67$&,1
$872%86(6
683(50(5&$'2
683(50(5&$'2
+27(/
*8$5'(5$
5(*,'25$'21$ &5($0$
$<817$0,(172
&2/(*,23%/,&2
,*/(6,$
7285,67,1)2
-8=*$'2
*$/(5$$57(
086(2
*8$5',$&,9,/
&2/(*,23%/,&2
&(1752&9,&2
+2*$5'(/-8%,/$'2
(50,7$
&$6$'(
&8/785$
&(1752'(
6$/8'
(48,3$0,(1723%/,&2'(352;,0,'$'
(48,3$0,(17235,9$'2'(/$352;,0,'$'
(48,33%/,&23$5$125(6,'(17(6
(48,335,9$'23$5$125(6,'(17(6
32/,'(3257,92
&2/(*,2
,167,7872
3/$12'(8626'(3/$17$6%$-$6(1(/&$6&2$17,*82<685($'(,1)/8(1&,$
8625(6,'(1&,$/(48,3$0,(1723%/,&2
6HWUDWDGHXQD]RQDELHQHTXLSDGDSHURFRQXQVHULRSUREOHPDGHGHVDEDVWHFLPLHQWRVHQFRPHUFLRVGHSUR[LPLGDGTXH
PDQWLHQHQHOSXOVRGHODYLGDUHVLGHQFLDOHQHOFDVFR
(TXLSDPLHQWRV SDUD QR UHVLGHQWHV VRQ DTXHOORV TXH WLHQHQ IXQFLRQHV QR UHODFLRQDGDV FRQ HO GtD D GtD GH ORV
UHVLGHQWHVVHWUDWDGHVHUYLFLRVDOFDOSLQRHQJHQHUDORDOWXULVWDVHUYLFLRVGHJHVWLyQDGPLQLVWUDWLYDUHSUHVHQWDFLyQFXOWXUD
KLVWRULDGHODFLXGDGPXVHRV(VWHWLSRGHHTXLSDPLHQWRVVHHQFXHQWUDVLWXDGRHQHOPLVPR&DVFR$QWLJXRHQHOUDGLRGH
PLQDQGDQGRGHFDGDYLYLHQGD\OHFRQILHUHQXQFDUiFWHUUHSUHVHQWDWLYR\GLQDPL]DFLyQXUEDQD
+DSHVDUGHOHVIXHU]RGHO$\XQWDPLHQWRSRUGRWDUDO&DVFR$QWLJXRGHHVWHWLSRGHHTXLSDPLHQWRVHOXVXDULRQRKDWHQLGR
LQIRUPDFLyQIXHUDTXHOHVUHFODPHQLLQIRUPHGHORTXHHQFRQWUDUiHQVXLQWHULRUVDOYRODFDUWHOHUtDHQRFDVLRQHV\DREVROHWD
8QDUHFLHQWHFRORFDFLyQGHSRVWHVHQODVHQWUDGDVDO&$DFRJLGDVDO3$&&DOS)(''(5KDSHUPLWLGRPHVHVDWUiVPHMRUDU
HVWHSXQWR
3RUHOFRQWUDULRKD\XQDDEXQGDQWHLQIRUPDFLyQSULYDGDFRPHUFLDOOyJLFDPHQWHVHJPHQWDGDHLQFRPSOHWD
+DKDELGRXQDIDOWDGHLQIRUPDFLyQLQVWLWXFLRQDOVREUHORVVHUYLFLRVRIUHFLGRVHQHO&$TXHDXQTXHDERUGDGDUHFLHQWHPHQWH
WLHQHFDUHQFLDVTXHSUHFLVDQVXWUDWDPLHQWRWDQWRFRQFDUWHOHUtDHQVXVERUGHVHQWUHHOORVGHVGHHOFHQWURXUEDQRFRPRHQ
ODVSOD\DV\FRQRWUDLQIRUPDFLyQYtDLQWHUQHWHQSDJZHEHQSRUWDOHVLQIRUPiWLFRVRHQJXtDVXUEDQDVGHYHQWDDOS~EOLFR
&20(5&,2
/RVHVSDFLRVGHS~EOLFRVGHO&DVFR$QWLJXR
,GHQWLILFDFLyQGHORVSULQFLSDOHVHVSDFLRVGHUHODFLyQ
(Q SULPHU OXJDU KDEODUHPRV GH ORVHVSDFLRV GH UHODFLyQFRQVX HQWRUQR LQPHGLDWR TXH VH HQFXHQWUDQ HQORV DFFHVRVDO
=21$1252(67(
&(1752
85%$12
1RVDSR\DUHPRVHQORVSODQRVDOOtFRQIHFFLRQDGRVSDUDUHXWLOL]DUORVHQHODQiOLVLV\ORFDOL]DFLyQGHORVHVSDFLRVGHUHODFLyQ
LQWHUQD \ H[WHUQD (QWUH pVWRV GLVWLQJXLUHPRV ORV HVSDFLRV GH DFFHVR FDOOHV \ SOD]DV TXH VH HQFXHQWUDQ HQ HO ERUGH GHO
=21$0$6128
&DVFR OLQGDQGR FRQ ORV GLIHUHQWHV %DUULRV \ ORV HVSDFLRV GH ELHQYHQLGD GRQGH VH UHDOL]D OD DFRJLGD (Q HO HVTXHPD
FRQWLJXRVLPEROL]DPRVXQRV\RWURVHQUD\DVFDOOHV\SXQWRVSOD]DV
GRV FRQFHSWRV GH UHFRQRFLPLHQWR GH HVWUXFWXUDO 7DPELpQ DQWHULRUPHQWH SXQWR GHILQLPRV WUHV EDUULRV GLIHUHQFLDGRV \
GHVFULELPRVVXVFDUDFWHUtVWLFDV\GRQGHVHVLWXDQORVSXQWRVGHFRQH[LyQSULQFLSDOGHO&$
&$6&2
$17,*82
PLVPR(QODOHFWXUDXUEDQDSXQWR\DYLPRVORVQRGRV\VHQGDVRSRUHOFRQWUDULREDUUHUDVTXHFRUUHVSRQGHUtDQDHVWRV
1
/RVSXQWRVRHVSDFLRVGHDFFHVRTXHQRVSXHGHQVHUYLUGHUHFODPRSDUDDWUDHUDOSHDWyQDO&DVFRVRQ
(648(0$'(5(/$&,1'(/&$6&2$17,*82&2168(172512,10(',$72
&21(;,13($721$/
3/$=$'($&&(62
3/$=$'(%,(19(1,'$
(OFDUUHUGH)RUDODSOD]DGHO6DOYDGRUODSOD]D0DQXHO0LUyODDYHQLGD9DOHQFLDOD3OD]DGHOD&RQVWLWXFLyQODVFDOOHMXHODV
GHVGHODDYHQLGD,IDFKODFDOOHGHOD-XVWLFLDODFDOOHGHOD)RQW\HODFFHVRDF/OLEHUWDWGHVGHHO$SDUFDPLHQWRSURYLVLRQDOGH
OD0DQ]DQD1RUWH
/DViUHDVGHELHQYHQLGDVRQ/D3OD]DGHO0RVTXLW/D3ODoDGHOV0DULQHUV/DSOD]D0LJXHO5RVHOOy$\XQWDPLHQWR
/D3OD]DGHO%HDWR\/DSOD]DGH(VSDxD
6LFUX]DPRVDKRUDHVWDLQIRUPDFLyQFRQHOUHFRQRFLPLHQWRXUEDQRGHO&DVFRTXHKLFLPRVHQHOODOHFWXUDXUEDQDYHPRVTXH
DFWXDOPHQWH
+D\SXQWRVTXHQRVRQFHQWUDOLGDGHVXUEDQDV\VLQHPEDUJRVRQHVSDFLRVFRQYRFDFLyQGHHVSDFLRVS~EOLFRVGHUHXQLyQGH
DFFHVRRGHELHQYHQLGD(VWRVVHUiQORVSXQWRVPiVLPSRUWDQWHVGRQGHSRGUHPRVDFWXDUHQODSURSXHVWD
3RGUtDPRV OODPDUORV WDPELpQ 5($6 '( $/72 327(1&,$/ '( (63$&,2 3%/,&2 SRU WDQWR RSRUWXQLGDGHV HQ QXHVWUR
GLDJQyVWLFR,GHQWLILFDPRV
B/D 3OD]D GHO 6DOYDGRU HV XQ SXQWR FODYH GH DFFHVR TXH FRQHFWD OD (UPLWD FRQ HO &$ GH OD FLXGDG HO QXHYR EDUULR
UHVLGHQFLDOGHOD$YHQLGD0DVQRXFRQHO&DVFR$QWLJXRHVXQSXQWRGHREVHUYDFLyQSULQFLSDODOPDU\DO3HxyQ([LVWHXQD
SDUDGDGHOWUDQVSRUWHS~EOLFRPXQLFLSDOHODXWREXVTXHFRQHFWDODHVWDFLyQFRQHOFDVFR\OD]RQDGHSOD\DV6HWUDWDGHXQ
OXJDU GH RSRUWXQLGDG TXH WRGDYtD QR KD VLGR SXHVWR HQ YDORU 6H XVD HQ ODV FHOHEUDFLRQHV GHO 6DOYDGRU 6H HQFXHQWUD
GHWHULRUDGR\HQSURFHVRGHFDPELR\DTXHSDUWHHVWiLQYDGLGDSRUXQDSDUFHODTXHDXQTXHFRQEXHQDVSHFWRHVWUHFKDHO
HVSDFLRS~EOLFRSUHYLVWRHQHO3*28
B/D3OD]DGH0DQXHO0LUyHVRWURSXQWRHVWUDWpJLFR\GHSRWHQFLDOGHRSRUWXQLGDGTXHHVWiDPHGLRXUEDQL]DU\TXHWLHQH
SUREOHPDV GH PHGLDQHUDV FRQ ODV HGLILFDFLRQHV GH JUDQGHV GLPHQVLRQHV GH OD $YHQLGD 0DVQRX 3RU HOOR D~Q WLHQH OD
5. PLAZA
DEL
BEATO
6. PLAA I
CARRER DE
LA FONT
SRVLELOLGDGGHVHUDWHQXHDGDFRQODWUDQVIRUPDFLyQGHODSDUFHODOLPtWURIH\ODUHJHQHUDFLyQXUEDQDGHVXHVSDFLRS~EOLFR
B/D3OD]DGHOV0DULQHUVYLQFXODGDDODJUDQFHQWUDOLGDGTXHUHSUHVHQWDODSOD]DGHOD&RQVWLWXFLyQ3DUDODFLXGDGHVXQ
HVSDFLRGHDFRJLGDELHQGLVHxDGRSHURHQDOTXHKD\TXHDFDEDUGHFDUDFWHUL]DUVLQGHMDUTXHVHDXQDSOD]DPiVXWLOL]DQGR
HO SRWHQFLDO GHO OXJDU \ ORV VHUYLFLRV DKt LQVWDODGRV FRPR VRQ OD /RQMD GH SHVFDGRUHV \ ORV EDUHV \ UHVWDXUDQWHV GH VX
7. CARRER DE FORA
DOUHGHGRU\DOJ~QUHIXHU]RGRWDFLRQDOFRPRXQ0XVHRGHOD0DUTXHUHGRQGHDUDODUHIHUHQFLDPDULQHUDGHOOXJDU
4. PLAA
DE LA VILA
B/D SOD]D GHO %HDWR VLJQLILFD XQD RSRUWXQLGDG HQ WDQWR HQ FXDQWR HV XQ OXJDU GH HVWDQFLD FRQ XQ PDJQLILFR PDUFR OD
PXUDOOD\HOFDPSDQDULRELHQFRQHFWDGR\URGHDGRSRURIHUWDVGHKRVWHOHUtD7LHQHYRFDFLyQGHFHQWUDOLGDGXUEDQD3RGUtD
KDFHUVHDOJ~QHVIXHU]RPXQLFLSDOSDUDGRWDUODGHXVRS~EOLFRGHFLHUWDDFWLYLGDGGLDULDSHQVDPRVHQOD2ILFLQDGHO&DVFR
$QWLJXRRDFWLYLGDGUHOHYDQWHDVRFLDGDDODPXUDOOD
3. PLAA DELS
MARINERS
2. PLAZA
MANUEL MIR
B/DSOD]DGHOD9LOODHVHOFHQWURRULJLQDOHOSXQWRPiVDOWRGHODORPDTXHGHFLGLyODFUHDFLyQGH&DOSHOHVSDFLRGHPD\RU
GLPHQVLyQREWHQLGRWUDVHOGHUULERGHOWRUUHyQGHO0DFKR\TXHKDSHUPLWLGRODFRQVWUXFFLyQGHODQXHYDLJOHVLD\ODUHIRUPDGH
VXVOLQGHVTXHGDQGRODLJOHVLDYLHMDHQHOLQWHULRUGHDTXpOOD(VDWUDFWLYDSHURSRFRDFRJHGRUD6XIDOWDGHVRPEUD\HOSRFR
XVRTXHVHOHGDODPDQWLHQHUHOHJDGDHVODSODoDGHGDOWTXHGDQGRFRPRXQOXJDUSRFRWUDQVLWDGR\VyORXWLOL]DGRHQ
SHQVDUHQGDUOHXQQXHYRFDUiFWHURDOJXQXVRTXHJHQHUHDFWLYLGDGSXHGHUHODQ]DUVXFDSDFLGDGGHUHODFLyQ&HUFDQDDOD
3OD]DHQHOFUXFHF)RUD/OLEHUWDWVHHQFXHQWUDXQD]RQDYHUGHSUHYLVWDHQHO3*QRHMHFXWDGDTXHSXHGHD\XGDUDHOOR
B(O&DUUHUGH)RUD\&RQGH$OWHDHVHOSXQWRSULQFLSDOGHFRQH[LyQGHO&DVFRFRQOD]RQDGHHTXLSDPLHQWRV\HODFFHVR
2HVWHXQDPHMRUDGHODVFRQGLFLRQHVXUEDQDVKDUtDTXHHVRVPLQGHGLVWDQFLDVHKLFLHUDQPiVIDFLOHVGHUHFRUUHU
0RELOLDULR8UEDQR\DFDEDGRV
(O PRELOLDULR XUEDQR HV XQ HOHPHQWR TXH FRPSRQH HO HVSDFLR S~EOLFR \ D\XGD D VX LGHQWLILFDFLyQ \ UHIHUHQFLD /R
FRQVWLWX\HQOXPLQDULDVEDQFRVSDSHOHUDVFRQWHQHGRUHVERODUGRVEDUUHUDVMXHJRVGHQLxRVVHxDOHVSODFDV.LRVFRV
HWFTXHMXQWRFRQODSDYLPHQWDFLyQMDUGLQHUtD\DUERODGRIRUPDQSDUWHGHODXUEDQL]DFLyQGHORVPLVPRV
(QHOSODQRDGMXQWRVHORFDOL]DQ\FODVLILFDQORVGLIHUHQWHVPRELOLDULRVXWLOL]DGRVHQHO&DVFR$QWLJXR\DFFHVRVGHORVTXH
HQSiJLQDVSRVWHULRUHVVHGDXQDDEXQGDQWHUHIHUHQFLDIRWRJUiILFD
(QHO&DVFR$QWLJXRGH&DOSH[LVWHJUDQYDULHGDGGHPRELODULRXUEDQRTXHDODYHHVEDVWDQWHUHFLHQWH\FRPSOHWR
/DV OXPLQDULDV GHO FDVFR DQWLJXR GH &DOSH VRQ GLYHUVDV (Q ODV FDOOHV SHTXHxDV VRQ KDELWXDOHV ODV OXPLQDULDV
HPSRWUDGDVHQIDFKDGD([LVWHQFXDWURWLSRVGHOXPLQDULDVHPSRWUDGDVTXHYDUtDQVHJ~QHODxRGHVXLQVWDODFLyQGHVGH
ORVIDUROHVFOiVLFRVTXHWUDGLFLRQDOPHQWHVHKDQLQVWDODGRHQHO&DVFRSDVDQGRSRUODQXHYDOXPLQDULDTXHKDHVFRJLGROD
FRUSRUDFLyQ PXQLFLSDO HQ ODV XOWLPDV DFWXDFLRQHV GH XUEDQL]DFLyQ KDVWD HO IDURO WLSR FDUUHWHUD VLWXDGR HQ ORV OXJDUHV
XUEDQL]DGRV\DKDFHPXFKRVDxRV&DOOH(UPLWD\3OD]D(O6DOYDGRU
$ORVIDUROHVGHFULVWDOVLWXDGRVHQODV~OWLPDVLQWHUYHQFLRQHVVHKDLQFRUSRUDGRODFROJDGDHQFHQWURGHYLDOFRQFDEOHVHV
XQDVROXFLyQPiVHILFLHQWHOXPLQLFDPHQWHSHURSDUHFHTXHHVSROpPLFDHQWUHORVYHFLQRV
/DVOXPLQDULDVGHSLHWLSRERODUGRVTXHPDUFDQHOVXHORVHVLWXDQGHIRUPDSXQWXDOHQODSOD]D0DQXHO0LUySDUDVHxDODU
ORVUHVDOWHVGHOSDYLPHQWRHOPRGHORHVVLPLODUDOIDUROGHODVFDOOHVGHQXHYDLQWHUYHQFLyQ
/DV OXPLQDULDV VLWXDGDV HQ FROXPQD WHQHPRV GHVGH ODV OXPLQDULDV VLPpWULFDV LQVWDODGDV UHFLHQWHPHQWH WLSR FLJDUULOOR
P\ORVSUR\HFWRUHVSDUDOX]UHIOHMDGDHQODSOD]DGHOD&RQVWLWXFLyQPKDVWDODVFOiVLFDVVLWXDGDVVREUHFROXPQDV
GHP\PWLSRFDUUHWHUD7DPELpQWHQHPRVHOPRGHORFOiVLFRGHWUHVEUD]RV~QLFDPHQWHLQVWDODGRHQHO3RUWDOHW
1RSDUHFHTXHKD\DQLQJXQDFRKHUHQFLDHQWUHWRGDVODVOXPLQDULDVGHSLHLQVWDODGDVVDOYRODGHHVWDUSHQVDGDVSDUDHO
SUR\HFWR HQ FRQFUHWR SDUD OD TXH VH XWLOL]DQ 6LQ HPEDUJR SDUHFH TXH KD\D XQD LQWHQFLyQ GH XQLILFDU ODV OXPLQDULDV
FROJDGDVGHODVFDOOHVGHO&DVFRFRQORVIDUROHVGHFULVWDO\DFHUR
/RV%DQFRVWDPELpQVRQYDULRVGHVGHHOFOiVLFREDQFRGHPDGHUD\IXQGLFLyQURPiQWLFRQXHYDVLQWHUSUHWDFLRQHVGHO
PLVPR ]RQD GH QLxRV 3OD]D GH OD &RQVWLWXFLyQ SDVDQGR SRU OD SODFHWD GHO 0DHVWUR /ORSLV GRQGH ORV EDQFRV VRQ GH
KRUPLJyQ EODQFR KDVWD ORV GLVHxRV PiV PRGHUQRV \ VLJQLILFDWLYRV GH OD 3OD]D GH OD &RQVWLWXFLyQ &DOOH 3RUWDOHW \
$OPHQGURV\3OD]D0DQXHO0LUyGRQGHVHFRPELQDPDGHUDFRQKRUPLJyQEODQFRDFHURFRUWHQRDFHURLQR[LGDEOH
/DVSDSHOHUDV\ERODUGRVVRQWDPELpQGLYHUVRVGHIXQGLFLyQDFHURLQR[LGDEOH\DFHURFRUWHQ
/RVPDFHWHURVVRQXQHOHPHQWRVLQJXODUGHO&DVFRQRHVKDELWXDOHQFRQWUDUWDQWDMDUGLQHUDHQXQD]RQDS~EOLFD\OH
FRQILHUHDOFDVFR$QWLJXRXQDVHQVDFLyQGHYHJHWDFLyQTXHVXDYL]DODGXUH]DGHXQiUHDGRQGHODVFDOOHVSHTXHxDVQR
VXHOHQSHUPLWLUODSUHVHQFLDGHDUERODGR(OPDQWHQLPLHQWRHVPXQLFLSDOHQORVHVSDFLRVFRPXQHVWLSRSOD]DVSHURODV
GLVSHUVDGDVSRUODVFDOOHVVRQGHPDQWHQLPLHQWRSULYDGR
/RV DFDEDGRV VRQ GLYHUVRV WDPELpQ H[LVWHQ ORV WUDGLFLRQDOHV GH EDUUR FRFLGR X KRUPLJyQ \ ODV VXPLQLVWUDGDV SRU HO
$\XQWDPLHQWRGHIXQGLFLyQDFHURFRUWHQIXQGLFLyQ\DFHURLQR[GHPDQWHQLPLHQWRS~EOLFRRSULYDGR
/RVDFDEDGRVWLSREDUUR\FRUWHQFRQWUDVWDQPiVFRQODVHGLILFDFLRQHVGHFRORUHVPD\RULWDULDPHQWHFODURV
/DXWLOL]DFLyQGHPDFHWHURVHQWRGRHO&DVFROHGDXQFDUiFWHUYHJHWDOTXHFRQYLHQHFXLGDU\SRWHQFLDU
3DYLPHQWRV
/RVSDYLPHQWRVHQHO&DVFR$QWLJXRWDPELpQVRQPX\YDULDGRV6HHQFXHQWUDQHQJHQHUDOHQEXHQHVWDGR
'HOSDYLPHQWRGHEDOGRVDVKLGUiXOLFDVSDVWLOODGHUD\DVFRQFDO]DGDGHDVIDOWRGHORVDxRVVHKDQLGR
WUDQVIRUPDQGRVXFHVLYDPHQWHPHMRUDQGRVXFDOLGDGXUEDQD\FRQDFDEDGRVTXHKDQVLGRGLIHUHQWHVVHJ~QHO
PRPHQWRGHVXUHXUEDQL]DFLyQ\GHOSUHVXSXHVWRGLVSRQLEOH
/DV FDOOHV FRQ XQD WUDQVIRUPDFLyQ PX\ VXSHUILFLDO VLPSOHPHQWH KDQ VLGR UHSDYLPHQWDGDV FRQ KRUPLJyQ
LPSUHVRHQWUHDFHUDVGHEDOGRVDKLGUiXOLFDGHMDQGRWRGRHOSDYLPHQWRDOPLVPRQLYHO\WUDQVIRUPiQGRODVDVt
HQFDOOHVSHDWRQDOHV2WUDVKDQVLGRXUEDQL]DGDVGLUHFWDPHQWHGHKRUPLJyQLPSUHVR
/DVSULPHUDVUHXUEDQL]DFLRQHVLQWHJUDOHVXWLOL]DURQODFRPELQDFLyQGHSDYLPHQWRGHSLHGUDOLVR\FRQ
FXDGUDGRVGHDFDEDGRWLSRJUDQLWRURVD3RUULxR
/DSOD]DGH(VSDxD\ODFDOOH/LEHUWDG\-XVWLFLDMXQWRFRQODSOD]D0DQXHO0LUyWLHQHQXQDFDEDGRGH3LHGUD
QDWXUDO5RVD3RUULxRTXHDYHFHVVHFRPELQDFRQDGRTXtQURMRSDUDODViUHDVGHURGDGXUD
/DSOD]DGHOD9LOOD\GHOV0DULQHUVFRPELQDQHODGRTXtQGHJUDQLWRDEXMDUGDGRFRQIUDQMDVKDFLHQGR
FXDGUtFXODVGHSLHGUDOLVD
(QODVFDOOHVHVWUHFKDVHQFRQWUDPRVDFDEDGRVGLYHUVRVGHVGHFDQWRVURGDGRVFRPELQDGRVFRQHVFDORQHV
GHSLHGUDQDWXUDOKDVWDDGRTXLQHVGHJUDQLWRFRPELQDGRVFRQSLH]DVGHPDUPROWUDYHUWLQRRFDOL]DFODUD
7DPELHQHQFRQWUDPRVTXHHQDOJXQDVGHHVWDVFDOOHVVHKDQSLQWDGRORVSHOGDxRVGHSLHGUDGLIHUHQFLiQGRODV
GHOUHVWRFDVRGHODVFDOOHV7ULQTXHW\3XFKDOW
3DLVDMHXUEDQR\YLVXDOL]DFLyQ9HU\6HU9LVWR
(OSDLVDMHHVHOWHUULWRULRWDO\FRPRORSHUFLEHQORVFLXGDGDQRV\DVtORHQWLHQGHODOHJLVODFLyQYDOHQFLDQD(O5HJODPHQWRGHO
3DLVDMHGHGHOD&9HQGHVDUUROORGHOD/2733HVWDEOHFHTXHHOSDLVDMHXUEDQRVHUHJXODUiHQHOSODQHDPLHQWR
PXQLFLSDODSDUWLUGHORV(VWXGLRVGH3DLVDMHDFWXDQGRVREUHODHVWUXFWXUDXUEDQD\GHILQLHQGRDGHFXDGDPHQWHVXVERUGHV
XUEDQRV VX VLOXHWD \ DFFHVRV GHVGH ODV SULQFLSDOHV YtDV GH FLUFXODFLyQ 3UHVWDUi HVSHFLDO DWHQFLyQ D OD LQFOXVLyQ GH
HOHPHQWRV YDOLRVRV GHO HQWRUQR GH OD HVFHQD XUEDQD DVt FRPR D ODV SRVLELOLGDGHV GH YLVXDOL]DFLyQ GHVGH ORV HVSDFLRV
FRQVWUXLGRV(QHVWH&RQFXUVRVLQOOHJDUDXQ(VWXGLRGH3DLVDMHVtTXH GHEHPRVVHJXLUHVWRVFULWHULRV\UHFRQRFHUORV
9LVWDDOSHxyQ\HOPDUGHVGHOD3OD]DGHO6DOYDGRU\GHO&HQWUR&tYLFR
9LVWDDOPDUGHVGHOD$YHQLGD,IDFK
HOHPHQWRVRUHFXUVRVGHOSDLVDMHGH&DOS\DQDOL]DUODVSRVLELOLGDGHVGHYLVXDOL]DFLyQFLWDGDV
'LFHHODUWGHOFLWDGR5HJODPHQWRDSURSyVLWRGHODYLVXDOL]DFLyQ\DFFHVRDOSDLVDMHTXHFXDOTXLHUDFWXDFLyQPDQWHQGUi
HOFDUiFWHUDELHUWR\QDWXUDOGHODVSHUVSHFWLYDVTXHRIUH]FDQORVFRQMXQWRVXUEDQRVKLVWyULFRVWtSLFRVRWUDGLFLRQDOHV6H
SUHVHUYDUiQ ORV KLWRV \ HOHYDFLRQHV WRSRJUiILFRV QDWXUDOHV PDQWHQLHQGR VX YLVLELOLGDG \ UHIRU]DQGR VX SUHVHQFLD FRPR
UHIHUHQFLDV YLVXDOHV GHO WHUULWRULR /D SODQLILFDFLyQ \ ORV SUR\HFWRV PDQWHQGUiQ ODV YLVWDV SDQRUiPLFDV GHVGH SRVLFLRQHV
HOHYDGDV/RV(VWXGLRVGH3DLVDMHHVWDEOHFHUiQSXQWRVGHREVHUYDFLyQPLUDGRUHVXREVHUYDWRULRVLQFOX\pQGRORVVLHPSUH
TXH VHD SRVLEOH HQ LWLQHUDULRV SDLVDMtVWLFRUHFUHDWLYRV TXH IDFLOLWHQ OD FRQWHPSODFLyQ GHO HQWRUQR WHUULWRULDO \ ODV YLVWDV PiV
VLJQLILFDWLYDVGHFDGDOXJDU7H[WRTXHHQFDMDH[DFWDPHQWHHQHO&$GH&DOS\QRVSHUPLWHGLVSRQHUGHXQDYDOQRUPDWLYRD
SURSXHVWDVHQHVWDOtQHD<FX\DILORVRItDLPSUHJQDGLYHUVRVDUWtFXORVGHODV1RUPDV8UEDQtVWLFDVGHO3*28
7RGR HO &DVFR $QWLJXR OR SRGHPRV FRQVLGHUDU FRPR XQD 8QLGDG GH 3DLVDMH GLIHUHQFLDGD 6RQ UHFXUVRV SDLVDMtVWLFRV
HOHPHQWRVGHOSDLVDMHODVYLVWDVRYLVXDOHVORVUHFRUULGRVYLVXDOHVORVSXQWRVGHREVHUYDFLyQTXHVHxDODPRV
<DKHPRVGHVFULWRDORODUJRGHOD3RQHQFLDGH8UEDQLVPRODLPSRUWDQFLDTXHWLHQHHQODSREODFLyQODVYLVWDVDOPDU\DTXH
GLRRULJHQD&DOS\GHEHVHUVXVHxDGHLGHQWLGDG&RPRGLMLPRVHVXQDSULRULGDGHQHVWHWUDEDMRHOUHFXSHUDUODYLVLyQDOPDU
GHVGHHOSURSLRQ~FOHRKLVWyULFRREMHWLYRTXHFRLQFLGHFRQODQHFHVLGDGDSXQWDGDHQRWUDV3RQHQFLDVGHLGHQWLILFDUHO&DVFR
$QWLJXRHQHOPDUDVPRGHODQXHYDFLXGDG\GRWDUOHGHSHUVRQDOLGDGSURSLD\VLHVSRVLEOHVLQJXODU
3HURWDQLPSRUWDQWHFRPRYHUWDPELpQORHVVHUYLVWR\DTXHSDUDTXHXQD]RQDVHDYLVLWDGDRSDVHDGDSRUYLVLWDQWHVR
UHVLGHQWHVKDELWXDOHVKDGHVHUDWUDFWLYD\GHEHGHLQYLWDUDVHUUHFRUULGD3RUWDQWRHVLPSRUWDQWHSDUDHO&$GH&DOSWDQWRHO
9HUFRPRHO6HU9LVWR\HVWHYDDVHUHOSULQFLSDOFRPHWLGRGHHVWHSXQWRGHODQiOLVLV
D9(5
'HVGHHOERUGHGHO&DVFR$QWLJXRQRGHVGHVXLQWHULRUVHGLVWLQJXHQDSHQDVGRVYLVXDOHVGHOSHDWyQKDFLDHOPDU
/DSULPHUDYLVXDOSRUOD$YHQLGD0DVQRXDODDOWXUDGHODSOD]DGHO6DOYDGRU\GHO&HQWUR&tYLFR\HQHOERUGHH[WHULRUGHO
&$VHSXHGHYLVXDOL]DUHO3HxyQGH,IDFK\DOJXQRVUHWDOHVGHPDUSRUHQFLPDGHODSOD]D0D\RUHQGLUHFFLyQ6XUHVWH
$WUDYpVGHOHVWXGLRGHFXHQFDVYLVXDOHVGHVGHOD]RQDPiVDOWDGHO&$KHPRVDQDOL]DGRGHVGHTXpDOWXUD\GHVGHTXp
OXJDUVHSRGUtDUHFXSHUDUODDQWLJXDYLVLyQGHO3HQ\DO\HOPDUFRPRVVHxDGHLGHQWLGDGD~QUHFXSHUDEOHGHODYLOODDORODUJR
GHVXKLVWRULD2EMHWLYRTXHKDPRWLYDGRXQDLQIRUPDFLyQDGLFLRQDOXQDYH]GHWHFWDGRHOSUREOHPDGHHQFLHUURYLVXDOHQTXH
'HVGHOD&DOOH,IDFKWDPELpQHQHOERUGHH[WHULRUWHQHPRVRWURSXQWRGHYLVWDVLJQLILFDWLYRVLWXDGRVGHVGHOD3OD]DGHOD
KR\VHHQFXHQWUD(QFRQWUDPRV\HVWXGLDPRVFRQD\XGDGHODVKHUUDPLHQWDVLQIRUPiWLFDVDGHFXDGDVGRVSXQWRVGHYLVWD
&RQVWLWXFLyQ\WRGRORODUJRGHOD$YHQLGD*DEULHO0LUyWHQHPRVHO0DUFRPRSXQWRGHYLVWDOHMDQR
TXHSRGUtDQFXPSOLUQXHVWURSURSyVLWRODYLVXDOGHVGHORDOWRGHODPXUDOOD\ODYLVXDOGHVGHODWRUUHFDPSDQDULRGHOD,JOHVLD
GHODV1LHYHV
+D\TXHSUHVHUYDU\SRWHQFLDUHVWRVSXQWRVGHYLVWDHQQXHVWUDSURSXHVWDHYLWDQGRSRQHUPiVREVWiFXORVDODVYLVXDOHV\
'HVGHHOSULPHURHQHODOWRGHODPXUDOODVHSXHGHYHUHO3HxyQIODQTXHDGRSRUXQDOiPLQDGHDJXD\GHVGHHOVHJXQGR\D
FUHDQGR]RQDVGHHVWDQFLD\FRQWHPSODFLyQFRPRHQOD3OD]DGHOD&RQVWLWXFLyQ
GHVGHDUULEDGHOFDPSDQDULRHOFDPSRGHYLVLyQVHDPSOtDYLHQGRPiV0DUHOSXHUWRHLQFOXVRODV6DOLQDV8QDVFXHQFDV
YLVXDOHVHVSHFWDFXODUHV\GHJUDQLQWHUpVTXHQXHVWUDSURSXHVWDLQFRUSRUDFRPRDFWXDFLyQLQPHGLDWD\YLDEOH
/DDFFHVLELOLGDGSRUSDUWHGHOYLVLWDQWHDODSDUWHDOWDGHOD0XUDOOD\DOD7RUUHGHO&DPSDQDULRKDUtDPiVIiFLOODFRPSUHQVLyQ
GHVXHQWRUQR\SHUPLWLUtDGLVIUXWDUGHODVYLVWDV
9LVWDHVGHO&DPSDQDULR
9LVWDGHVGHODPXUDOOD
9LVWDGHVGHHOFDPSDQDULR
1RSRGHPRVGHMDUGHKDEODUGHODVRWUDVYLVXDOHVTXHDXQTXHQRVHDQWDQFDUDFWHUtVWLFDVGHILQHQ\QRVKDFHQFRPSUHQGHU
HOHQWRUQRGRQGHVHVLW~DHO&DVFR$QWLJXRGH&DOS+DEODPRVGHODVYLVXDOHVDORVPDFL]RVPRQWDxRVRVVLWXDGRVWLHUUDD
GHQWURDO2HVWH\6XURHVWHGHODFLXGDGOD6LHUUD%HUQLDFRQVXVHVWULEDFLRQHVGHO0DVFDUDW\HO0RUURGH7RL[
'HVGHOD$YHQLGD0DVQRXVHDSUHFLDHO0ROOyGH7RL[GRQGHVHVLWXDQQXPHURVDVXUEDQL]DFLRQHVGHEDMDGHQVLGDG(QHVWDV
YLYLHQGDVYLYHQODPD\RUtDGHORVKDELWDQWHVH[WUDQMHURVFHQVDGRVHQHOPXQLFLSLRGH&DOS
'HVGHHO&DUUHUGH)RUD\&RQGH$OWHDVHDSUHFLDQORVGRVPDFL]RVVLWXDGRVDO2HVWHTXHFRQILJXUDQHVWHSDLVDMHHOILQDOGH
6LHUUD%HUQLDFRQHO0DVFDUDW\OD6LHUUD2OWi
'HVGHODSDUWH1RUWHGHO&DVFRVHYDQDEULHQGRVXFHVLYDVYLVXDOHVTXHWLHQHQGHWHOyQGHIRQGROD6LHUUD2OWiSHURQRVH
OOHJDDSUHFLDUHQVXFRQMXQWRVDOYRHQHOSULQFLSLRGHOD$YG0DVQRX\DFDVLHQHODFFHVR2HVWHGRQGHVHYHFRPSOHWD/R
TXHFRQILHUHUHOHYDQFLDDODSURWHFFLyQGHODPLVPD
3
4
2
1
2WUDVYLVXDOHVGHOFDVFRKDFLDODPRQWDxD
B9LVWDVGHVGHOD$Y0DVQRXDO0ROOyGH7RL[DO6XURHVWH
B9LVWDVGHVGHHO&DUUHUGH)RUDDO0DVFDUDWDO2HVWH
B9LVWDVGHVGHOD&DOOHGHOD)RQW%HQLVD0XULOOR3RUWDOHW\$OPHQGURVKDFLDOD6LHUUD2OWi
B3ULQFLSLR$YG0DVQRXKDFLD6LHUUD2OWi
E6(59,672
$FWXDOPHQWH HO DFFHVR URGDGR DO &HQWUR 8UEDQRGH &DOSH VH SURGXFH D WUDYpV GH OD FDUUHWHUD 1DFLRQDO \ GHVGH HVWH
SXQWRHVGLItFLOGLVFHUQLUGRQGHVHHQFXHQWUDHO&DVFR$QWLJXR6HREVHUYDXQJUDQQ~PHURGHEORTXHVGH9LYLHQGDVGHJUDQ
GHQVLGDG\ILMDQGRODYLVWDFRQPXFKDLQWHQFLyQVHSXHGHOOHJDUDORFDOL]DUHOFDPSDQDULRGHOD,JOHVLD(O&DPSDQDULRHVSRU
WDQWR HO +LWR SULQFLSDO GHO &DVFR $QWLJXR 'HVGH DTXpO SXQWR TXHGD IODQTXHDGR DO 6XU SRU OD (UPLWD DO 1RUWH \ SRU ODV
6DOLQDVDO(VWH\DOIRQGRSRUHO3HxyQGH,IDFK
/DV LPiJHQHV DFWXDOHV FRQWUDVWDQ FRQ OD YLVLyQ GHO YLDMHUR SULPHU WXULVWD HQ ORV DxRV DO DFFHGHU DO PXQLFLSLR IRWR
DQWLJXDGHVGHODFUX]TXHDQWLJXDPHQWHPDUFDEDODHQWUDGDGHODFLXGDG(QHVWDLPDJHQVHGLVWLQJXHFRQFODULGDGHO&DVFR
$QWLJXRSUHVLGLGRSRUHOFDPSDQDULRGHOD,JOHVLD
6HKDSHUGLGRHOUHIHUHQWHYLVXDOGHO&DVFR$QWLJXRGH&DOSGHVGHHODFFHVRURGDGRDOPXQLFLSLR\UHFXSHUDUORORSRQGUtDGH
QXHYRHQYDORU\GDUtDDOPLVPRFDUWDGHLGHQWLGDG
'HVGHXQSXQWRGHYLVWDPiVFHUFDQRHODFFHVRURGDGRD&DOSVHSURGXFHSRUGRVSXQWRVDO1RUWH\DO2HVWH
(QHODFFHVRVHxDOL]DGRFRPR6XUD&DOSDO2HVWHGRQGHGHVHPERFDODFDUUHWHUD1DFLRQDO\ODTXHOOHJDGHVGHOD(VWDFLyQ
GH)HUURFDUULOKD\XQDURWRQGDOODPDGDGHO$UFR,ULVTXHUHSDUWHHOWUiILFRSRUHOYLDULRSULQFLSDOTXHURGHDDO&DVFRXQRSRU
HO1RUWH\RWURSRUHO6XU'HVGHHVWHSXQWRGHYLVWDQRVHSXHGHYLVXDOL]DUHO&DVFR$QWLJXR$SDUWHGHXQFDUWHOTXHLQGLFD
7RXULVW,QIR\&DVDGHOD&XOWXUDQDGDPiVSHUPLWHVDEHUTXHHO&$GHODFLXGDGVHHQFXHQWUDDOIRQGRGHHVDVHGLILFDFLRQHV
$O1RUWHSDVDORPLVPRVHDFFHGHGLUHFWDPHQWHDOD$YHQLGDGHOD'LSXWDFLyQTXHERUGHDHO&DVFR$QWLJXRSRUHOVHPiIRUR
\OD(VWDFLyQGH$XWREXVHVSHURQDGDLQGLFDQLVHYHTXHGHWUiVGHHVDFDQWLGDGHGLILFDFLRQHVHQDOWXUDSXHGHKDEHUXQ
SDWULPRQLRKLVWyULFRLQWHUHVDQWH
<D QR VH REVHUYD QLQJ~Q HOHPHQWR SDWULPRQLDO GHO &DVFR $QWLJXR GHVGH ORV DFFHVRV URGDGRV +DEUi TXH SRWHQFLDU OD
FDUWHOHUtDHLQWHQWDUTXHHOYLVLWDQWHSHUFLEDTXHDOJRLQWHUHVDQWHVHHQFXHQWUDGHWUiVGHODVHGLILFDFLRQHV
<D FRQ XQD YLVLyQ PiV FHUFDQD HO SHDWyQ DFFHGH GHVGH ODV URQGDV GH FLUFXODFLyQ URGDGDV DO &DVFR $QWLJXR $TXt ODV
YLVXDOHV VRQ PiV VXWLOHV QR VyOR HV LPSRUWDQWH YHU HO KLWR SULQFLSDO TXH HV HO FDPSDQDULR VLQR TXH WDPELpQ VH SXHGH
LGHQWLILFDUHODFFHVRDO&DVFRDWUDYpVGHODHVFDODGHODHGLILFDFLyQTXHFDPELDORVHVSDFLRVS~EOLFRVPiVDFRJHGRUHV\
FXLGDGRVHVFDVDSUHVHQFLDGHOFRFKHSUHVHQFLDGHPXVHRV\UHVWDXUDQWHVHVSHFLDOHV'HHOOR\DKDEODPRVHQHOSXQWR
FRQORVHVSDFLRVGHUHODFLyQHQWUHHO&DVFR$QWLJXR\VXHQWRUQR
<DHQHOERUGHGHO&DVFR$QWLJXRVLWXDPRV~QLFDPHQWHXQSDUGHSXQWRVGHVGHGRQGHSXHGHVYHUXQHOHPHQWRSDWULPRQLDO
TXHLGHQWLILTXHHO&$HOFDPSDQDULRGHOD,JOHVLD6HWUDWDGHOSULQFLSLRGHOD&DOOH&RQGH$OWHDGRQGHDWUDYpVGHODV
HGLILFDFLRQHVGHO&DUUHUGH)RUD\/OLEHUWDWTXHKDQPDQWHQLGRXQPi[LPRGHGRVSODQWDVVHGHMDYHUHO&DPSDQDULR&XDQGR
VHHMHFXWHHO35,GHOD0DQ]DQD1RUWHKDEUiTXHWHQHUHQFXHQWDHVWDYLVXDO\SURWHJHUOD
7DPELpQGHVGHODFDOOHGHO1RUWHVHYLVXDOL]DHOFDPSDQDULRKDEUiTXHWHQHUORHQFXHQWDSDUDHOGHVDUUROORGHO35,GHOD
PDQ]DQD1RUWH
&DUWHOHUtDHLQIRUPDFLyQWXUtVWLFD
&DUWHOHUtD
2WURDVSHFWRLPSRUWDQWHHQHO6HU9LVWRHVODFDUWHOHUtDODLPDJHQGH3HxyQGH,IDFKHQVLQGXGDXQDGHODVFDUDFWHUtVWLFDV
PiVLGHQWLILFDGRUDVGHOPXQLFLSLR\TXHQRSXHGHGHMDUGHVHUVXVHxDGHLGHQWLGDG\SRUHOORDSDUHFHHQWRGRWLSRGHORJRV\
FDUWHOHUtDV6LQHPEDUJRQRH[LVWHXQORJRSURSLRGHO&DVFR$QWLJXR\ODFDUWHUtDTXHJXtDDOWXULVWDHVPX\YDULDGD\
SLQWRUHVFD
0X\UHFLHQWHPHQWHVHKDQLQVWDODGRXQRVKLWRVTXHLGHQWLILFDQ\VLW~DQHQXQSODQRORVGLYHUVRVSXQWRVGHOFDVFR\VXHQWRUQR
SHURVLJXHVLQKDEHUXQORJRTXHLGHQWLILTXHSURSLDPHQWHDO&DVFRQLDVXFRPHUFLR
'HEHUtDEXVFDUVHXQORJRRLPDJHQSURSLDGHO&DVFR$QWLJXRGH&DOSTXHPDQWHQJDODUHIHUHQFLDGHOH[LWRVRORJRPXQLFLSDO
\SHURLGHQWLILTXHHOPLVPRFRQVXFRQJORPHUDGRXUEDQR\HOKLWRGHO&DPSDQDULR
,QIRUPDFLyQWXUtVWLFD
/DLQIRUPDFLyQWXUtVWLFD\DORYLPRVHQRWUDV3RQHQFLDVSULQFLSDOPHQWHHQODSXQWR\HVWiPHMRUUHVXHOWDHQODV
SJZHETXHHQVRSRUWHItVLFRDXQTXHDGROHFHGHXQDSDJHVSHFtILFDGHO&DVFR$QWLJXRQRFRPHUFLDO(QSDSHOKD\PX\
SRFRVIROOHWRV\SODQRVJXtDQLQJXQRHQOLEUHUtDV\NLRVFRVRIUHFLpQGRVHVRORHQHO$\XQWDPLHQWR\HQODV2,7
/DV2ILFLQDVGH,QIRUPDFLyQ\7XULVPRPXQLFLSDO2,7VRQRWURSXQWRLPSRUWDQWHHQODUHIHUHQFLDGHODFLXGDG/DTXHVHVLW~D
HQHO&DVFR8UEDQRKD\RWUDHQODSOD\DHVWiSUHFLVDPHQWHVLWXDGDHQXQH[WUHPRGHO&DVFR$QWLJXRIUHQWHDOD3OD]DGHO
0RVTXLWHQXQHGLILFLRUHKDELOLWDGRVLQHVWDFLRQDPLHQWR(VWDXELFDFLyQFUHHPRVTXHQRHVPX\DFHUWDGD\DTXHHOYLVLWDQWH
TXHQHFHVLWDGHLQIRUPDFLyQSDUDJXLDUVXYLVLWDHVGLItFLOTXHTXLHUDRVHSDDGHQWUDUVHSRUVtVRORHQHO&DVFR\EXVFDUHO
SXQWRPiVDOHMDGRGHORVDFFHVRVPiVXVXDOHV&UHHPRVTXHDGHPiVGHEHGLVSRQHUGHDSDUFDPLHQWRSDUDLQLFLDUXQDYLVLWD
DO&$RDOPHQRVHVWDFLRQDPLHQWRSDUDHIHFWXDUODFRQVXOWDRWRPDGHGDWRVGH&DOS
(VWDRILFLQDGHEHUtDHVWDUHQXQSXQWRGHIiFLODFFHVLELOLGDGQDGDPiVOOHJDUDOPXQLFLSLRFRQHVSDFLRSDUDHVWDFLRQDU\VLHV
SRVLEOHDSDUFDUIDFLOLWDQGRODFRQVXOWDRODSURSLDYLVLWDDODFLXGDG/DDFWXDOORFDOL]DFLyQHQHO$\XQWDPLHQWRGHXQSXQWRGH
LQIRUPDFLyQWXUtVWLFDFUHHPRVTXHFXPSOHFRQVXILFLHQFLDRWURSDSHO
1RSDUHFHDGHFXDGRHODFWXDOHPSOD]DPLHQWRGHOD2ILFLQDXUEDQDGH,QIRUPDFLyQ\7XULVPR
3ODQRV $O ILQDO GH ODV 3RQHQFLDV VH RIUHFHQ ORV 3ODQRV VHOHFFLRQDGRV GH $QiOLVLV 8UEDQR UHDOL]DGRV SDUD OD PHMRU
FRPSUHQVLyQGHODLQIRUPDFLyQFRQWHQLGDHQODVPLVPDV(QHO,QGLFHLQLFLDOGHOD0(025,$VHUHFRJHVXVFRQWHQLGRV
321(1&,$6267(1,%,/,'$'<(1(5*$
,1)250$&,1<$1$/,6,6
,QGLFH
,QIUDHVWUXFWXUDV$QWHFHGHQWHV
6XPLQLVWURV\FRQVXPRVHQHUJpWLFRV
1RUPDWLYDVREUHIXHQWHVGHHQHUJtD
3URJUDPDV0HGLGDVGH(ILFLHQFLD(QHUJpWLFDHQ&DOS
/RVPXQLFLSLRVVRVWHQLEOHV\DSXHVWDPXQLFLSDO
%DVXUDV/LPSLH]D5HXWLOL]DFLyQGHODJXD
,QIUDHVWUXFWXUDV$QWHFHGHQWHV
/DV 1RUPDV 8UEDQtVWLFDV GHO 3ODQ *HQHUDO GH &DOS UHJXODQ ODV GRWDFLRQHV \ FRQGLFLRQHV WpFQLFDV GH ORV VXHORV D
GHVDUUROODUDHIHFWRVGHLQIUDHVWUXFWXUDVGH$JXD6DQHDPLHQWR(QHUJtDHOpFWULFD$OXPEUDGR3~EOLFR\%DVXUDV
$57,&8/2$%$67(&,0,(172'($*8$
'RWDFLRQHV
/DGRWDFLyQPtQLPDWHyULFDSDUDHOFiOFXORGHORVFDXGDOHVQHFHVDULRVSDUDHODEDVWHFLPLHQWRGHDJXDSRWDEOHDODSREODFLyQXUEDQL]DFLRQHVRQ~FOHRVGH
HGLILFDFLyQVHUiGHOLWURVSRUKDELWDQWH\GtD3DUDODVYLYLHQGDVXQLIDPLOLDUHVVHFRQVLGHUDUiXQDRFXSDFLyQPtQLPDGHKDELWDQWHVHVGHFLUXQD
GRWDFLyQPtQLPDGHOLWURVGtD
/D3UHVLyQPtQLPDGHVHUYLFLRHQHOSXQWRPiVGHVIDYRUDEOHGHVXPLQLVWURGHEHUiVHUDOPHQRVLJXDORVXSHULRUD.SFP
&RQGLFLRQHVWpFQLFDV
/DVWXEHUtDVGHEHUiQUHVLVWLUHQWRGRFDVRXQDSUHVLyQLQWHULRUGH.SFP\VHUDGHFXDGDVSDUDVRSRUWDUODVFDUJDVH[WHULRUHVDTXHHVWpQVRPHWLGDV
'LVFXUULUiQHQWHUUDGDVEDMR]DQMD\SURWHJLGDVFRQDUHQDRPDWHULDOJUDQXODUFRPSDFWDGRDOGHO3URFWRU0RGLILFDGRSRUYtDS~EOLFDRHVSDFLRVOLEUHV
GHXVRS~EOLFR
/DUHGGHGLVWULEXFLyQVHUiPDOODGDHYLWDQGRODIRUPDFLyQGHSXQWRVH[WUHPRVGHUHGRWHVWHURVLQVWDOiQGRVHHQFDVRQHFHVDULROODYHVGHGHVDJHHQ
HVWRVSXQWRV6HLQVWDODUiQYiOYXODVGHVDJHVHWFHQWRGRVDTXHOORVSXQWRVGHODUHGTXHVHDQSUHFLVRVFRQODVPLVPDVFDUDFWHUtVWLFDVGHGLiPHWURV\
SUHVLRQHVTXHODVFRQGXFFLRQHVHQFDGDSXQWR
(QJHQHUDOFXPSOLUiQODV&RQGLFLRQHVGHO3OLHJRGH3UHVFULSFLRQHV7pFQLFDVJHQHUDOHVSDUDWXEHUtDVGH$EDVWHFLPLHQWRGHDJXD20GHGH-XOLRGH
$57,&8/26$1($0,(172<'(385$&,21$*8$63/89,$/(6
'RWDFLRQHV
(OVLVWHPDGHHYDFXDFLyQGHDJXDVUHVLGXDOHV\RSOXYLDOHVSRGUiVHUXQLWDULRRVHSDUDWLYRGHDFXHUGRFRQODVFRQGLFLRQHVSXQWXDOHVGHGHVDJHV\DOD
HFRQRPtDGHLQVWDODFLyQ\VHUYLFLR
/RVFDXGDOHVGHFiOFXORSDUDHOGLPHQVLRQDPLHQWRGHODVVHFFLRQHVKLGUiXOLFDVGHODVFRQGXFFLRQHVGHHYDFXDFLyQVHUiQSDUDODVDJXDVUHVLGXDOHV
LJXDOHVDODVGRWDFLRQHVGHDJXDVSRWDEOHVHVGHFLUOLWUKDE\GtDSDUDODVDJXDVSOXYLDOHVHOFDXGDOGHDYHQLGDVHREWHQGUiDSOLFDQGRHO0pWRGR
5DFLRQDOSDUDODFXHQFDGHUHFHSFLyQGHFDGDFROHFWRU
&RQGLFLRQHVWpFQLFDV
/DVWXEHUtDVGHEHUiQUHVLVWLUHQWRGRFDVRXQDSUHVLyQLQWHULRUGH.SFP\VHUDGHFXDGDVSDUDVRSRUWDUODVFDUJDVH[WHULRUHVDTXHHVWpQVRPHWLGDV
/DVFRQGXFFLRQHVLUiQHQWHUUDGDVHQ]DQMD\SURWHJLGDVFRQPDWHULDOJUDQXODUFRPSDFWDGRDOGHO3URFWRU0RGLILFDGRGLVFXUULHQGRSRUYtDS~EOLFDR
HVSDFLRVOLEUHVGHXVRS~EOLFR
(OGLiPHWURQRPLQDOPtQLPRGHODVFRQGXFFLRQHVGHODUHGJHQHUDOVHUiGHPP/DXQLyQGHORVWXERVVHUiFRQMXQWDHOiVWLFDHVWDQFDRPDQJXLWRHQ
WRGRVORVFDVRV/RVSR]RVGHUHJLVWURVHUiQYLVLWDEOHV\HVWDUiQFRQVWUXLGRVDEDVHGHKRUPLJyQRODGULOORPDFL]RGHSLHFRQXQGLiPHWURLQWHULRU
PtQLPRP\VLWXDGRVHQFDPELRVGHGLUHFFLyQRUDVDQWHRDGLVWDQFLDVQRVXSHULRUHVDP
(QFXDOTXLHUFDVRODYHORFLGDGGHOHIOXHQWHFLUFXODQWHDVHFFLyQOOHQDVHUiGHDPVHJ
/DVWXEHUtDVHPSOHDGDVHQODV$FRPHWLGDVGRPLFLOLDULDVVHUiQGH39&FRQMXQWDHOiVWLFDHQWHUUDGDVHQ]DQMD\SURWHJLGDVFRQDUHQDXKRUPLJyQ+
HLUiQFRQHFWDGDVDODUHGPHGLDQWHSR]RRDUTXHWDGHUHJLVWURFRQPDUFR\WDSDGHIXQGLFLyQ/DVEDMDQWHVRFRQGXFFLRQHVLQWHULRUHVGHOHGLILFLRVH
FRQHFWDUiQDODUHGHQVXFDVRPHGLDQWHDUTXHWDVLIyQLFDDFFHVLEOHVLWXDGDHQHOLQWHULRUGHODILQFD
/DVDUTXHWDVWHQGUiQXQDVGLPHQVLRQHVLQWHULRUHVPtQLPDVGHFP\VHUiQGHKRUPLJyQRODGULOORPDFL]RGHSLH,UiQHQIRVFDGDVLQWHULRUPHQWHFRQ
PRUWHURKLGUyIXJRGHFPGHHVSHVRUFRQVROHUDGHKRUPLJyQ+GHFPGHHVSHVRUPtQLPR'LVSRQGUiQGHPDUFR\WDSDGHKRUPLJyQDFHURR
IXQGLFLyQ
(QJHQHUDOODVFRQGXFFLRQHVGH6DQHDPLHQWR\3OXYLDOHVFXPSOLUiQODV&RQGLFLRQHVGHO3OLHJRGH3UHVFULSFLRQHV7pFQLFDVJHQHUDOHVSDUDWXEHUtDVGH
6DQHDPLHQWRHQ3REODFLRQHV20GHGH6HSWLHPEUHGH
'HSXUDFLyQ\YHUWLGR
7RGDVODVDJXDVUHVLGXDOHVGHODSREODFLyQGHEHUiQYHUWHUDODUHGS~EOLFDPXQLFLSDOHQODVFRQGLFLRQHVDQWHULRUPHQWHLQGLFDGDV
(QHOFDVRGHYLYLHQGDVRHGLILFLRVDLVODGRVRXUEDQL]DFLRQHVGHFRPSOHMDFRQH[LyQDODUHGJHQHUDOODVDJXDVUHVLGXDOHVGHEHUiQVHUGHSXUDGDV
PHGLDQWHWUDWDPLHQWRGHR[LGDFLyQWRWDO
(QFXDOTXLHUFDVRODVLQVWDODFLRQHVGHEHUiQDMXVWDUVHDORGLVSXHVWRHQODV1RUPDVSDUDHO3UR\HFWR\HMHFXFLyQGH,QVWDODFLRQHVGHSXUDGRUDV\YHUWLGRV
GHDJXDVUHVLGXDOHVDOPDUHQODV&RVWDVHVSDxRODVGHDFXHUGRDOD/HJLVODFLyQYLJHQWH
(QWRGRDTXHOORTXHQRHVWpSUHYLVWRHQODVSUHVHQWHV1RUPDVVHHVWDUiDORGLVSXHVWRHQHO5HJODPHQWR0XQLFLSDOGHHVWHVHUYLFLR
3OXYLDOHV
/RVVHFWRUHVFRQVLVWHPDVHSDUDWLYRGHEHUiQHYDFXDUORVFDXGDOHVGLUHFWDPHQWHDFDXFHS~EOLFR
/RVVHFWRUHVTXHVHFRQHFWHQFRQODUHGGHVDQHDPLHQWRGHEHUiQUHDOL]DUXQVLVWHPDDOLYLDGHURDGHFXDGRFRQFRQH[LyQ\YHUWLGRDFDXFHS~EOLFR
$57,&8/25('(/(&75,&$$/80%5$'238%/,&27(/()21,$<27526
/RVFiOFXORVGHODVLQVWDODFLRQHVGHODUHGGHVXPLQLVWURGHHQHUJtDHOpFWULFDVHKDUiQGHDFXHUGRFRQODGRWDFLyQSDUDXVRGRPpVWLFRPtQLPRGH.:+
SRUYLYLHQGD
(ODOXPEUDGRS~EOLFRUHVSRQGHUiDORVVLJXLHQWHVUHTXLVLWRV
D5HODFLyQ3RWHQFLDOiPSDUDVDOWXUDGHPRQWDMH'HVGHZKDVWDPGHDOWXUDKDVWDZZDP
E/DVOiPSDUDVVHUiQGHGHVFDUJDGH9DSRUGH6RGLRGH$OWD3UHVLyQ\R9DSRUGH0HUFXULR&RORU&RUUHJLGR
F+D\SDUiPHWURVPtQLPRVGHXQLIRUPLGDGOXPLQDQFLDPHGLD\'HVOXPEUDPLHQWRVHJ~QHOWLSRGHYtDVFRUUHVSRQGLHQGRDODVUHVLGHQFLDOHVHO\
UHVSHFWLYDPHQWH
/DV1RUPDV8UEDQtVWLFDVGHO3ODQ*HQHUDOGH&DOSUHJXODQODVFRQGLFLRQHVGHODVGRWDFLRQHVFLWDGDVHQORVLQPXHEOHV
GHQXHYDHGLILFDFLyQ\GHDFRQGLFLRQDPLHQWRRUHHVWUXFWXUDFLyQWRWDORHQHOUHVWRFXDQGRQRUHVXOWHHVSHFLDOPHQWHJUDYRVD
VXGRWDFLyQ
$57,&8/2'27$&,21'($*8$
7RGRHGLILFLRGHEHUiGLVSRQHUHQVXLQWHULRUGHVHUYLFLRGHDJXDSRWDEOHFRQODGRWDFLyQVXILFLHQWHSDUDODVQHFHVLGDGHVSURSLDVGHOXVR/DVYLYLHQGDV
WHQGUiQXQDGRWDFLyQPtQLPDGLDULDHTXLYDOHQWHDOLWURVSRUKDELWDQWH
1RSRGUiRWRUJDUVHOLFHQFLDSDUDODFRQVWUXFFLyQGHQLQJ~QWLSRGHHGLILFLRKDVWDWDQWRQRTXHGHJDUDQWL]DGRHOFDXGDOGHDJXDQHFHVDULRSDUDHO
GHVDUUROORGHVXDFWLYLGDGELHQDWUDYpVGHOVLVWHPDGHVXPLQLVWURPXQLFLSDOXRWURGLVWLQWR\VHDFUHGLWHODJDUDQWtDVDQLWDULDGHODVDJXDVGHVWLQDGDVDO
FRQVXPRKXPDQR&XDQGRODSURFHGHQFLDGHODVDJXDVQRIXHUDHOVXPLQLVWURPXQLFLSDOGHEHUiMXVWLILFDUVHVXSURFHGHQFLDODIRUPDGHFDSWDFLyQ
HPSOD]DPLHQWRDIRURVDQiOLVLV\JDUDQWtDGHVXVXPLQLVWUR
(QWRGRFDVRGHEHUiGLVSRQHUDGHPiVGHVXPLQLVWURDWUDYpVGHODUHGPXQLFLSDOH[LVWHQWHGHIRUPDTXHVLDOJXQDGHHVWDVIRUPDVGHVXPLQLVWUR
TXHGDVHIXHUDGHVHUYLFLRVHSXHGDUHDOL]DUHOVXPLQLVWURGHIRUPDDOWHUQDWLYD(QWRGRFDVRTXHGDUiJDUDQWL]DGRHOQRUHWRUQRGHODVDJXDVSULYDGDVSRU
ODUHGS~EOLFD
7RGRHGLILFLRGLVSRQGUiGHXQGHSyVLWRGHDJXDFRQODVLJXLHQWHFDELGD(QFDVFRXUEDQRRHGLILFLRVGHYLYLHQGDVPSRUYLYLHQGD\PSRUFDGD
PGHORFDOFRPHUFLDO9LYLHQGDXQLIDPLOLDUDLVODGDP6HMXVWLILFDUiHVWDFDELGDSDUDRWURVXVRVTXHGHEHUiVHULQIRUPDGDIDYRUDEOHPHQWHSRU
ORV6HUYLFLRV7pFQLFRV
(QORQRLQGLFDGRVHHVWDUiDORSUHYLVWRHQHO5HJODPHQWR0XQLFLSDOUHJXODGRUGHHVWHVHUYLFLR
$57,&8/2'27$&,21'((1(5*,$
7RGRHGLILFLRFRQWDUiFRQLQVWDODFLyQLQWHULRUGHHQHUJtDHOpFWULFDFRQHFWDGDDOVLVWHPDJHQHUDOGHDEDVWHFLPLHQWRRDXQVLVWHPDGHJHQHUDFLyQSURSLD
&XDQGRVHSUHYHDODLQVWDODFLyQGH&HQWURVGH7UDQVIRUPDFLyQHQXQHGLILFLRQRSRGUiQVLWXDUVHSRUGHEDMRGHOVHJXQGRVyWDQR1RSRGUiRFXSDUVHOD
YtDS~EOLFDFRQQLQJXQDLQVWDODFLyQDX[LOLDUVDOYRFXDQGRVHLQVWDOHXQFXDGURGHPDQGRVSDUDHODOXPEUDGRS~EOLFR
(QWRGRVORVHGLILFLRVTXHKXELHVHLQVWDODFLRQHVGLIHUHQFLDGDVSRUHOFRQVXPLGRUVHGLVSRQGUiXQHVSDFLRFRQODVFDUDFWHUtVWLFDVWpFQLFDVDGHFXDGDV
SDUDDOEHUJDUORVFRQWDGRUHVLQGLYLGXDOL]DGRV\ORVIXVLEOHVGHVHJXULGDG
(QWRGRHGLILFLRVHH[LJLUiODSXHVWDDWLHUUDGHODVLQVWDODFLRQHV\HVWUXFWXUDVHJ~QODQRUPDWLYDYLJHQWH
$57,&8/2*$6(1(5*(7,&2&20%867,%/(6/,48,'26<62/,'26<(1(5*,$6$/7(51$7,9$6
/DVLQVWDODFLRQHVGHJDVHQHUJpWLFRFRPEXVWLEOHVVyOLGRV\OtTXLGRVFXPSOLUiQODVFRQGLFLRQHVLPSXHVWDVSRUVXVUHJODPHQWDFLRQHVHVSHFtILFDV
'HEHUiQDGRSWDUVHODVPHGLGDVQHFHVDULDVDILQGHRFXOWDUODYLVLyQGHODVPLVPDVGHVGHHOH[WHULRUGHODSDUFHODPHGLDQWHFHUUDPLHQWRVVHWRVXRWURV
HOHPHQWRVRUQDPHQWDOHV
6HUHFRPLHQGDTXHODHGLILFDFLyQGHQXHYDFRQVWUXFFLyQSUHYHDHVSDFLRV\FRQGLFLRQHVWpFQLFDVVXILFLHQWHVSDUDODXELFDFLyQGHXQDLQVWDODFLyQ
UHFHSWRUDGHHQHUJtDVRODUXRWUDHQHUJtDDOWHUQDWLYDVXILFLHQWHSDUDODVQHFHVLGDGHVGRPpVWLFDV\GHVHUYLFLRSURSLDVGHOHGLILFLR(VWDSUHYLVLyQGHEHUi
MXVWLILFDUODFDUHQFLDGHLPSDFWRDPELHQWDOHVWpWLFR\YLVXDO
$57,&8/2'27$&,21(6'(&2081,&$&,21
7RGRVORVHGLILFLRVGHEHUiQFRQVWUXLUVHFRQSUHYLVLyQGHODVFDQDOL]DFLRQHVWHOHIyQLFDV\DXGLRYLVXDOHVFRQLQGHSHQGHQFLDGHTXHVHUHDOLFHRQROD
FRQH[LyQFRQHOVHUYLFLRFRUUHVSRQGLHQWH
(QORVHGLILFLRVGHVWLQDGRVDYLYLHQGDSOXULIDPLOLDUVHSUHYHUiODLQWHUFRPXQLFDFLyQHQFLUFXLWRFHUUDGRGHQWURGHOHGLILFLRGHVGHHOSRUWDOKDVWDFDGDXQD
GHODVYLYLHQGDV/DVLQVWDODFLRQHVGHWHOHIRQtDHLQWHUIRQtDTXHGDUiQGHILQLGDVWHQLHQGRHQFXHQWDODSRVLELOLGDGLQPHGLDWDGHFRQHFWDUFRQODUHGS~EOLFD
\ODSRVLELOLGDGGHLQWHUFRPXQLFDFLyQHQFLUFXLWRFHUUDGRGHQWURGHOHGLILFLRGHVGHHOSRUWDOKDVWDFDGDYLYLHQGD
(QWRGRVORVHGLILFLRVVHLQVWDODUiDQWHQDFROHFWLYDGHWHOHYLVLyQ\UDGLRGLIXVLyQHQIUHFXHQFLDPRGXODGD&XDQGRHOHOHPHQWRDLQVWDODUVHDXQDDQWHQD
UHFHSWRUDGHVHxDOHVGHWHOHYLVLyQYtDVDWpOLWHGHEHUiHPSOD]DUVHHQHOSXQWRGHOHGLILFLRRSDUFHODHQTXHPHQRULPSDFWRYLVXDOVXSRQJDSDUDHOPHGLR
GHELHQGRUHVHUYDUVHHVSDFLRVXILFLHQWHHQODFXELHUWDGHOHGLILFLRXRWUDV]RQDVRFXOWDVDOFDPSRYLVXDOQRSHUPLWLpQGRVHODFRORFDFLyQGHODVPLVPDVHQ
ODIDFKDGD
7RGRHGLILFLRGLVSRQGUiGHEX]RQHVSDUDODFRUUHVSRQGHQFLDHQXQOXJDUIiFLOPHQWHDFFHVLEOHSDUDORVVHUYLFLRVGHFRUUHRV
$57,&8/26(59,&,26'((9$&8$&,21
(OGHVDJHGHODVDJXDVSOXYLDOHVVHKDUiPHGLDQWHXQVLVWHPDGHUHFRJLGDTXHSRUEDMDQWHVODVKDJDOOHJDUDODVDWDUMHDVTXHODVFRQGX]FDQDO
DOFDQWDULOODGRXUEDQRGHVWLQDGRDUHFRJHUGLFKDFODVHGHDJXDVRSRUYHUWLGROLEUHHQODSURSLDSDUFHODFXDQGRVHWUDWHGHHGLILFDFLyQDELHUWD'HQRH[LVWLU
UHGGHSOXYLDOHVIUHQWHDOLQPXHEOHGHTXHVHWUDWDGHEHUiQFRQGXFLUVHSRUGHEDMRGHODDFHUDKDVWDODFXQHWD
/DVLQVWDODFLRQHVGHHYDFXDFLyQGHDJXDVUHVLGXDOHVTXHGDUiQGHILQLGDVSRUVXFDSDFLGDGGHHYDFXDFLyQVREUHODEDVHGHORVFULWHULRVLQGLFDGRVHQOD
1RUPD7HFQROyJLFDFRUUHVSRQGLHQWH\GHEHUiQFXPSOLUHQVXFDVRODQRUPDWLYDUHODWLYDDYHUWLGRVLQGXVWULDOHV(QVXHORXUEDQRGHEHUiQDFRPHWHUVH
IRU]RVDPHQWHDODUHGJHQHUDOSRULQWHUPHGLRGHDUTXHWDVLIyQLFDRSR]RGHUHJLVWURHQWUHODUHGKRUL]RQWDOGHVDQHDPLHQWR\ODUHGGHDOFDQWDULOODGR
&XDQGRODLQVWDODFLyQUHFLEDDJXDVSURFHGHQWHVGHXVRGHJDUDMHDSDUFDPLHQWRVFROHFWLYRVRDFWLYLGDGHVVHPHMDQWHVVHGLVSRQGUiXQDDUTXHWD
VHSDUDGRUDGHIDQJRVRJUDVDVDQWHVGHODDUTXHWDRSR]RJHQHUDOGHUHJLVWUR
3DUDDJXDVUHVLGXDOHVLQGXVWULDOHVHOVLVWHPDGHGHSXUDFLyQUHTXHULUiODDSUREDFLyQSUHYLDGHORVRUJDQLVPRVFRPSHWHQWHV
(QQLQJ~QHGLILFLRVHSHUPLWLUiLQVWDODUODVDOLGDOLEUHGHKXPRVSRUIDFKDGDVEDOFRQHV\YHQWDQDVDXQTXHGLFKDVDOLGDWHQJDFDUiFWHUSURYLVLRQDO
7RGRWLSRGHFRQGXFWRRFKLPHQHDHVWDUiSURYLVWRGHDLVODPLHQWR\UHYHVWLPLHQWRVXILFLHQWHVSDUDHYLWDUTXHODUDGLDFLyQGHFDORUVHWUDQVPLWDDODV
SURSLHGDGHVFRQWLJXDV\TXHHOSDVR\VDOLGDGHKXPRVFDXVHPROHVWLDVRSHUMXLFLRDWHUFHURV
/RVFRQGXFWRVQRGLVFXUULUiQYLVLEOHVSRUODVIDFKDGDVH[WHULRUHV\VHHOHYDUiQFRPRPtQLPRPSRUHQFLPDGHODFXELHUWDPiVDOWDVLWXDGDD
GLVWDQFLDQRVXSHULRUDPHWURV
(VSUHFHSWLYRHOHPSOHRGHILOWURVGHSXUDGRUHVHQODVVDOLGDVGHKXPRVGHFKLPHQHDVLQGXVWULDOHVLQVWDODFLRQHVFROHFWLYDVGHFDOHIDFFLyQ\VDOLGDVGH
KXPRVRYDKRVGHFRFLQDVKRWHOHVUHVWDXUDQWHVRFDIHWHUtDV
(O$\XQWDPLHQWRSRGUiLPSRQHUODVPHGLGDVFRUUHFWRUDVTXHHVWLPHSHUWLQHQWHVFXDQGRSUHYLRLQIRUPHWpFQLFRVHDFUHGLWHTXHXQDVDOLGDGHKXPRV
FDXVHSHUMXLFLRVDOYHFLQGDULR
7RGRVORVHGLILFLRVGHPiVGHXQDYLYLHQGD\ORVGHVWLQDGRVDXVRVXUEDQRVQRUHVLGHQFLDOHVFRQWDUiQFRQXQORFDOSDUDFXERVGHEDVXUDFX\D
YHQWLODFLyQVHHIHFWXDUiPHGLDQWHFKLPHQHDLQGHSHQGLHQWH6HSURKLEHQORVWULWXUDGRUHVGHEDVXUDV\UHVLGXRVFRQYHUWLGRVDODUHGGHDOFDQWDULOODGR
&XDQGRODVEDVXUDVXRWURVUHVLGXRVVyOLGRVTXHSURGXMHUDFXDOTXLHUDFWLYLGDGSRUVXVFDUDFWHUtVWLFDVQRSXHGDQRGHEDQVHUUHFRJLGRVSRUHOVHUYLFLRGH
EDVXUDGRPLFLOLDULRGHEHUiQVHUWUDVODGDGRVGLUHFWDPHQWHDOOXJDUDGHFXDGRSDUDVXYHUWLGRSRUFXHQWDGHOWLWXODUGHODDFWLYLGDG
$57,&8/2,167$/$&,21(6'(&21)257&/,0$$57,),&,$/
/DSUHYLVLyQGHLQVWDODFLyQGHDLUHDFRQGLFLRQDGRQRVHWUDGXFLUiHQLQH[LVWHQFLDGHYHQWDQDVRLQFXPSOLPLHQWRGHODVFRQGLFLRQHVGHLOXPLQDFLyQ\
YHQWLODFLyQQDWXUDOHVWDEOHFLGDVSDUDFDGDXVRVLQRTXHORVVLVWHPDVQDWXUDOHV\PHFiQLFRVGHEHUiQVHUFRPSOHPHQWDULRV
/DVLQVWDODFLRQHVGHDLUHDFRQGLFLRQDGRFXPSOLUiQODQRUPDWLYDGHIXQFLRQDPLHQWR\GLVHxRTXHOHVHDGHDSOLFDFLyQ\DTXHOODRWUDTXHSXHGDQ
LPSRQHUOHORVGHSDUWDPHQWRVPXQLFLSDOHVFRPSHWHQWHVHQODPDWHULD
(VWDVLQVWDODFLRQHVQRSURGXFLUiQJRWHRVXRWUDVPROHVWLDVVREUHHOHVSDFLRS~EOLFRGHELHQGRTXHGDURFXOWDVDOPLVPR
6XPLQLVWURV\FRQVXPRVHQHUJpWLFRV
'HVFULSFLyQGHOD)XHQWHGH,QIRUPDFLyQ
$ FRQWLQXDFLyQ VH GHVFULEHQ ORV VXPLQLVWURV \ FRQVXPRV HQHUJpWLFRV GHO PXQLFLSLR GH &DOS EDViQGRQRV HQ ORV GDWRV GHO
,QYHQWDULRGH(PLVLRQHVGH5HIHUHQFLD,(5GHVDUUROODGRSRUODHPSUHVD&27$$0%,(17$/6/3HQ2FWXEUHGH
&DEHGHVWDFDUTXHHO,(5VHUHDOL]yHQHOPDUFRGHO3DFWRGHORV$OFDOGHV\TXHSRUORWDQWRVHWRPyFRPRDxRGHUHIHUHQFLD
HOPiVSUy[LPRDGHOTXHH[LVWtDXQDPD\RU\PiVILDEOHGLVSRQLELOLGDGGHGDWRVPXQLFLSDOHVTXHHUDHODxR(VWRV
GDWRV VH KDQ FRQVLGHUDGR DGHFXDGRV \D TXH SRU XQ ODGR OD HYROXFLyQ GHPRJUiILFD FHQVDGD HQ HO PXQLFLSLR KD VLGR PX\
FRQVWDQWHDORODUJRGHORVDxRVHQVHFRQWDEDFRQKDELWDQWHVFHQVDGRVHQFRQ\HQFRQ
\SRURWURODGRVHKDFRQWUDVWDGRPHGLDQWHODYLVLWD\UHXQLyQFRQHOWpFQLFRGHPHGLRDPELHQWH0DQXHO0LUyTXHQR
VHKDQLPSOHPHQWDGRVPHGLGDVFRQVLGHUDEOHVTXHDIHFWHQDODYHUDFLGDGGHGLFKDLQIRUPDFLyQ
$GHPiV RWUD FRQVLGHUDFLyQ D WHQHU HQ FXHQWD HV HO DOFDQFH GHO ,(5 TXH LQFOXtD WRGR HO $\XQWDPLHQWR GH &DOS \ QR
~QLFDPHQWHHO&$ORTXHGHVGHXQSXQWRGHYLVWDHQHUJpWLFR\GHVRVWHQLELOLGDGWLHQHVHQWLGR1RREVWDQWHVHKDWUDWDGRGH
VHSDUDU ORV GDWRV GH FRQVXPRV FRUUHVSRQGLHQWHV DO &$ PHGLDQWH OD LQIRUPDFLyQ GHO FDWDVWUR GHO ,QVWLWXWR 1DFLRQDO GH
(VWDGtVWLFD\GHO,QVWLWXWR9DOHQFLDQRGH(VWDGtVWLFD
/LVWDGRGH6XPLQLVWURV(QHUJpWLFRV
(Q&DOSH[LVWHQODVVLJXLHQWHVIXHQWHVGHHQHUJtD
(OHFWULFLGDG
*DVHVOLFXDGRVEXWDQR\SURSDQR
*DVyOHRSDUDFDOHIDFFLyQ
*DVROLQDSDUDYHKtFXORV
*DVyOHRSDUDYHKtFXORV
'LVWULEXFLyQGH6XPLQLVWURV(QHUJpWLFRVHQWRGRHO0XQLFLSLR
/DVLJXLHQWHLQIRUPDFLyQKDVLGRGHVDUUROODGDSDUDHVWDSRQHQFLDDSDUWLUGHORVGDWRVGHO3$(6
6(&725(6
)8(17('((1(5*$
N:K
(OHFWULFLGDG(GLILFLRV
(OHFWULFLGDG$OXPEUDGRS~EOLFR
0XQLFLSDO3~EOLFR
&RQVXPR*DVyOHR*DVHV/LFXDGRV
727$/6(&725
(OHFWULFLGDG(GLILFLRV
6HFWRU6HUYLFLRV
*DVHV/LFXDGRV
7HUFLDULR
727$/6(&725
(OHFWULFLGDG(GLILFLRV
6HFWRU5HVLGHQFLDO
*DVHV/LFXDGRV
727$/6(&725
)ORWD0XQLFLSDO
7UDQVSRUWH3~EOLFR$XWRE~V7D[LV
6HFWRU7UDQVSRUWH
7UDQVSRUWHSULYDGR
727$/6(&725
3/$1'($&&,1'((1(5*$6267(1,%/(3$(6SUHVHQWDGRHOGH-XOLRGH
/DGLVWULEXFLyQGHOFRQVXPRHQHUJpWLFRSRUVHFWRUHVTXHVHH[SRQHHQODJUiILFDVLJXLHQWHPXHVWUDTXHHOVHFWRUFRQPiV
FRQVXPRHQHUJpWLFR\SRUORWDQWRPiVHPLVLRQHVHVHOGHOWUDQVSRUWHGHELGRDGHPiVGHRWUDVPXFKDVFLUFXQVWDQFLDV
D OD DOWD PRYLOLGDG GH ORV FLXGDGDQRV GH &DOS SRU ORV GHVSOD]DPLHQWRV D VXV SXHVWRV GH WUDEDMR DVt FRPR SRU ORV
GHVSOD]DPLHQWRVSRURFLR
DW
^^
d
^Z
^d
$ODKRUDGHSURSRQHUPHGLGDVGHPHMRUDWDPELpQHVLPSRUWDQWHFRQRFHUODGLVWULEXFLyQGHOFRQVXPRHQHUJpWLFRSRUIXHQWHGH
HQHUJtDHVGHFLUSRUWLSRGHFRPEXVWLEOH(QEDVHDORVGDWRVDQWHULRUHVGHVFDUWDQGRHOVHFWRUWUDQVSRUWHGHOUHSDUWR
SRUWLSRGHFRPEXVWLEOHSDUDORVHGLILFLRVHLQVWDODFLRQHVVHUHIOHMDQGRVDVSHFWRVLPSRUWDQWHVQRH[LVWHUHGGH*DV1DWXUDOQL
LQVWDODFLRQHV GH HQHUJtDV UHQRYDEOHV HQ HO PXQLFLSLR $XQTXH GHVGH HQWRQFHV \ KDVWDOD IHFKD QR VH KD FRQWDELOL]DGR OD
H[LVWHQFLDH[DFWD\HQVXFDVRHOQ~PHURGHHVWDVLQVWDODFLRQHV6HJ~QVHHVWLPyHQHO3$(6SRGUtDQKDEHUVHUHDOL]DGR
GLYHUVDV LQYHUVLRQHV HQLQVWDODFLRQHV GHJHQHUDFLyQGH HOHFWULFLGDG HOpFWULFD IRWRYROWDLFD LQVWDODFLRQHVPHQRUHV D 0:
SURGXFFLyQHVWLPDGDGH0:KHQHOVHFWRUVHUYLFLRV
'LVWULEXFLyQ(QHUJpWLFDGHORV&RQVXPRV0XQLFLSDOHV
$ FRQWLQXDFLyQ VH GHVFULEHQ ORV GLVWLQWRV FRQVXPRV PXQLFLSDOHV TXH VH GLYLGHQ HQ FXDWUR JUDQGHV FDWHJRUtDV &RQVXPR
HOpFWULFR HQ HGLILFLRV PXQLFLSDOHV &RQVXPR WpUPLFR HQ HGLILFLRV PXQLFLSDOHV &RQVXPR *DVyOHR *DVHV /LFXDGRV
FRQVXPR HOpFWULFR HQ $OXPEUDGR S~EOLFR \ &RQVXPR GH OD )ORWD GH YHKtFXORV 0XQLFLSDO *DVROLQD \ *DVyOHR TXH VH
GLVWULEX\HQGHODVLJXLHQWHIRUPD
'LVWULEXFLyQGHOFRQVXPRHQHUJpWLFRS~EOLFRGH&DOS
(OVLJXLHQWHVHFWRUPD\RUFRQVXPLGRUHVHOUHVLGHQFLDO(OVHFWRUVHUYLFLRV\WHUFLDULRGRQGHVHHQFXHQWUDHOVHFWRUGH
OD KRVWHOHUtD UHVWDXUDFLyQ 3<0(6 \ FRPHUFLRV UHSUHVHQWD HO GHO FRQVXPR HQHUJpWLFR < ILQDOPHQWH ORV VHUYLFLRV
PXQLFLSDOHVRFXSDQHOGHOWRWDO
6H KD FRPSDUDGR HVWD GLVWULEXFLyQ FRQ OD GH RWUDV ORFDOLGDGHV VLPLODUHV HQ EDVH D ORV 3$(6 GH HVWDV ORFDOLGDGHV &DEH
GHVWDFDU TXH OD UHSUHVHQWDFLyQ GHO FRQVXPR PXQLFLSDO HV H[DFWDPHQWH OD PLVPD HQ %HQLVVD DxR \ HQ $OWHD DxR
HVGHFLU1RREVWDQWHHOUHVWRGHORVFRQVXPRVVHGLVWULEX\HQGHIRUPDGLVWLQWD(Q$OWHDSRUHMHPSORODSDUWHGHO
6HFWRU WUDQVSRUWH HV PXFKR PHQRU XQ IUHQWH DO GH &DOS < SRU HO FRQWUDULR HO VHFWRU UHVLGHQFLDO \ WHUFLDULR
DFDSDUDQPD\RUFRQVXPR\IUHQWHDO\GH&DOSUHVSHFWLYDPHQWH
6L VH HOLPLQD HO VHFWRU GHO WUDQVSRUWH HO VHFWRU UHVLGHQFLDO VXSRQH XQ VHJXLGR GHO WHUFLDULR \ HO PXQLFLSDO
UHSUHVHQWDUtDXQ
&
D
6H FRQVLGHUDQ (GLILFLRV 0XQLFLSDOHV WRGDV ODV LQVWDODFLRQHV PXQLFLSDOHV H[FHSWR HO $OXPEUDGR 3~EOLFR (GLILFLRV SODQWDV
3RWDELOL]DGRUDV3ODQWDGHSXUDGRUDHWF
&RPRVHSXHGHREVHUYDUHOFRQVXPRHOpFWULFRHQORVHGLILFLRVUHSUHVHQWDHO\HODOXPEUDGRS~EOLFRHOHVGHFLUHQ
ODV SHUWHQHQFLDV PXQLFLSDOHV HO VH DWULEX\H D FRQVXPR HOpFWULFR (O WUDQVSRUWH GH OD )ORWD GH YHKtFXORV PXQLFLSDOHV
VXSRQH HO \ ~QLFDPHQWH XQ FRUUHVSRQGH D ORV FRQVXPRV WpUPLFRV *DVyOHR SDUD FDOHIDFFLyQ \ */3 EXWDQR \
SURSDQR
(Q$OWHDSRUHMHPSORHOFRQVXPRHOpFWULFRUHSUHVHQWDXQ\ORVFRQVXPRVWpUPLFRV\ODIORWDGHYHKtFXORVUHSUHVHQWDQXQ
FDGDXQRGHHOORV
'>W
'
'LVWULEXFLyQ(QHUJpWLFDHQHO&$
/RVHTXLSDPLHQWRVRGRWDFLRQHVPXQLFLSDOHVXELFDGRVHQHO&$VRQORVVLJXLHQWHV
680,1,6752
*XDUGHUtD&(($]RUtQ
&HQWUR&tYLFR
$\XQWDPLHQWR
3ROLFtD/RFDO
3OD]D0D\RU
3*DUURIHUV
&5($0$
&ROHJLR3DWHUQLQD
0XVHR)HVWHU
2ILFLQDGH7XULVPR
-X]JDGR
$UFKLYRGH0HGLR$PELHQWH
0XVHRGHOD6HQ\RUHWD
0XVHR$UTXHROyJLFR
2ILFLQDGH0HGLR$PELHQWH
0XVHRGHO&yPLF
727$/
DW
&216802
&DVDGH&XOWXUD
+RJDUGHO3HQVLRQLVWD
&216802N:K
6HWUDWDGHOGHFRQVXPRHOpFWULFRGHFDGDHGLILFLRFRQUHVSHFWRDOFRQVXPRHOpFWULFRWRWDOGHORVHGLILFLRVPXQLFLSDOHV
6HJ~QODWDEODDQWHULRUDSUR[LPDGDPHQWHHOGHOFRQVXPRHOpFWULFRGHORVHGLILFLRVPXQLFLSDOHVVHKDOODHQHO&$
3RURWURODGREDViQGRQRVHQHOQ~PHURGHYLYLHQGDVHQHO&$\Q~PHURGHKDELWDQWHVFRQUHVSHFWRDOWRWDOGH
&DOSKDELWDQWHVVHKDHVWLPDGRTXHHOFRQVXPRUHVLGHQFLDOGHO&$HTXLYDOHQWHDXQGHOWRWDOUHVXOWDQGRHQ
N:KDQXDOHV$GHPiVVHKDQFRQWDELOL]DGRHOQ~PHURGHFRPHUFLRVGHHGLILFLRVGHOVHFWRUKRWHOHUR\
GHPiVHGLILFLRVLQFOXLGRVHQHOVHFWRUWHUFLDULRGHQWURGHO&$\VHKDQXWLOL]DGRORVGDWRVGHO$QXDULR(FRQyPLFRGH/D&DL[D
GHOSDUDFRQRFHUORVJOREDOHVGHOPXQLFLSLR\SRGHUH[WUDSRODUORVGDWRV(OVHFWRUWHUFLDULRHQHO&$SRGUtDVXSRQHUXQ
GHOWRWDOGHOFRQVXPRGHOVHFWRUVHUYLFLRVWHUFLDULRGHOPXQLFLSLR
3RUORWDQWRODGLVWULEXFLyQGHORVFRQVXPRVHQHUJpWLFRVH[FOX\HQGRHOVHFWRUWUDQVSRUWHHQHO&$VHUtDQ
t
^^
d
t
^Z
(VWDGLVWULEXFLyQYDUtDFRQUHVSHFWRDODWRWDOGHOPXQLFLSLR(OVHFWRUVHUYLFLRVSDVDDVHUHOPD\RUFRQVXPLGRUIUHQWHD
HQHOWRWDOGHOPXQLFLSLR\VHUHGXFHHOFRQVXPRUHVLGHQFLDOGHELGRDOWLSRGHYLYLHQGDVHQHO&$WDQGLIHUHQWHGHODVGHO
UHVWRGHOPXQLFLSLRIUHQWHDHQHOWRWDOGHOPXQLFLSLR3RU~OWLPRVHSXHGHREVHUYDUTXHH[LVWHXQJUDQQ~PHURGH
HGLILFLRVPXQLFLSDOHVHQHO&$\DTXHHOFRQVXPRPXQLFLSDOUHODWLYRSDVDGHXQDXQ
,QGLFDGRUHV(QHUJpWLFRV
%DViQGRQRVHQORVGDWRVGHFRQVXPR\HQHOQ~PHURGHKDELWDQWHVTXHHVWDEDQFHQVDGRVHQ&DOSHQHODxRGHO,(5
VHREWLHQHQORVVLJXLHQWHVLQGLFDGRUHVHQHUJpWLFRVSDUDHOPXQLFLSLR
(OFRQVXPRILQDOGHHQHUJtDSRUKDELWDQWH\DxRN:KKDEDxR
6HJ~QHO,QIRUPH6LVWHPD0XQLFLSDOGH,QGLFDGRUHVGH6RVWHQLELOLGDGFX\RRULJHQ\FRQWHQLGRVVHGHWDOODQPiVDGHODQWHOR
GHVHDEOHHVTXHHVWHYDORUVHDLQIHULRUDN:KKDEDxR3RUORWDQWRHOPXQLFLSLRGH&DOSVHHQFRQWUDEDHQHODxR
HQHOOtPLWH&DEHGHVWDFDUTXHHOFRQVXPRGHSREODFLRQHVVLPLODUHVHVPXFKRPHQRU3RUHMHPSORHQ$OWHDHVGH
N:KKDEDxRHVGHFLUXQPHQRU
2WURVGRVLQGLFDGRUHVUHOHYDQWHVTXHORVUHVSRQVDEOHVPXQLFLSDOHVSXHGHQFRQWURODUPiVGLUHFWDPHQWHVRQORVVLJXLHQWHV
(OFRQVXPRHOpFWULFRPXQLFLSDOSRUKDELWDQWH\DxRN:KKDEDxR
(VWHLQGLFDGRUVHUYLUiGHUHIHUHQFLDSDUDHYDOXDUHOLPSDFWRGHODVPHMRUDVSURSXHVWDVHQORVHGLILFLRV1RHVUHOHYDQWHOD
FRPSDUDFLyQ FRQ RWURV PXQLFLSLRV\D TXH FRPSUHQGH GHPDVLDGRV GDWRV GLIHUHQWHV GLVWLQWRV WLSRV GH HGLILFLRVPXQLFLSDOHV
FRPRFROHJLRVFHQWURVGHSRUWLYRVUHOLJLRVRVPXVHRVSODQWDVSRWDELOL]DGRUDVGHSXUDGRUDVGHDJXDHWF
(OFRQVXPRHOpFWULFRGHODOXPEUDGRS~EOLFRSRUKDELWDQWH\DxR
N:KKDEDxR
(OFRQVXPRHOpFWULFRGHODOXPEUDGRS~EOLFRHVXQLQGLFDGRUGLUHFWDPHQWHFRPSDUDEOHHQWUHXQRVPXQLFLSLRV\RWURV(OUDWLR
GH UHIHUHQFLD GHILQLGR HQ HO 3ODQ GH $FFLyQ GH $KRUUR \ (ILFLHQFLD (QHUJpWLFD 3$(( HQ HO DxR SDUD
PXQLFLSLRVGHHQWUH\KDELWDQWHVHVGHN:KKDEDxRHVGHFLUPX\VLPLODUDOREWHQLGRHQHODxRSDUD
&DOS1RREVWDQWHHOREMHWLYRSDUDHOHVFHQDULRGHODxRILMDGRHQHVWHSODQHVGHN:KKDELWDQWHDQXDOHV
3RU~OWLPRHQODVLJXLHQWHWDEODVHFRPSDUDQORVN:KDQXDOHVFRQVXPLGRVGHELGRDODOXPEUDGRS~EOLFRSRUFDGDKDELWDQWH
HQHOPXQLFLSLRFRQORVGDWRVPHGLRVGHUHIHUHQFLDDQLYHOQDFLRQDO\HXURSHRV
/RFDOL]DFLyQ
(VSDxD
)UDQFLD
&$/3
$OHPDQLD
N:KKDEDxR
5HLQR8QLGR
&RPRVHREVHUYDHOFRQVXPRGHODVLQVWDODFLRQHVPXQLFLSDOHVGHDOXPEUDGRHVWiSRUGHEDMRGHOUDWLRGHFRQVXPRHVSDxRO\
IUDQFpVSHURSRUHQFLPDGHRWUDVUHIHUHQFLDVHXURSHDVVLHQGRPiVGHOGREOHTXHHOFRQVXPRHQ$OHPDQLDR5HLQR8QLGR
1RUPDWLYDVREUHIXHQWHVGHHQHUJtD
(QODQRUPDWLYDVREUHHGLILFDFLyQTXHFRPHQ]yHQ17(&7\VLJXHHQOD/2(FRQORVFRUUHVSRQGLHQWHV
&yGLJRV7pFQLFRVGHVWDFDPRV
',5(&7,9$&(DSUREDGDHQ%UXVHODVHOGH'LFLHPEUHGH
/D 'LUHFWLYD WLHQH FRPR REMHWLYR IRPHQWDU OD HILFLHQFLD HQHUJpWLFD GH ORV HGLILFLRV WHQLHQGR HQ FXHQWD ODV FRQGLFLRQHV FOLPiWLFDV H[WHULRUHV \ ODV
SDUWLFXODULGDGHVORFDOHVDVtFRPRORVUHTXLVLWRVDPELHQWDOHVLQWHULRUHV\ODUHODFLyQFRVWHHILFDFLDLQVWDXUDQGRDFFLRQHVFRQFUHWDV
/DDGRSFLyQGHXQDPHWRGRORJtDGHFiOFXORGHODHILFLHQFLDHQHUJpWLFDLQWHJUDGDGHORVHGLILFLRV
/DDSOLFDFLyQGHXQRVUHTXLVLWRVPtQLPRVGHHILFLHQFLDHQHUJpWLFDDORVHGLILFLRVQXHYRV\DORVHGLILFLRVH[LVWHQWHV
/D&HUWLILFDFLyQ(QHUJpWLFDGHORV(GLILFLRVFRPRPpWRGRGHFRQWURO\VXSHUYLVLyQ
5HYLVLyQFDGDDxRVGHODVH[LJHQFLDVWpUPLFDVHQFDGDSDtVDILQGHFRPSUREDUODHILFDFLDGHODVPHGLGDVHVWDEOHFLGDVVXLPSODQWDFLyQ\YDOLGH]GH
ORVLQGLFDGRUHVHPSOHDGRV
5'TXHDSUXHEDHO&yGLJR7pFQLFRGHOD(GLILFDFLyQ&7(
(O &7( HV XQ LQVWUXPHQWR QRUPDWLYR TXH ILMD ODV H[LJHQFLDV EiVLFDV GH FDOLGDG GH ORV HGLILFLRV \ VXVLQVWDODFLRQHV H LQFOX\H ODV VLJXLHQWHV ([LJHQFLDV
EiVLFDVGHODVTXHFLWDPRVDQXHVWURVHIHFWRV
([LJHQFLDVEiVLFDVGH6DOXEULGDG+6
([LJHQFLDVEiVLFDVGHSURWHFFLyQIUHQWHDOUXLGR+5
([LJHQFLDVEiVLFDVGH$KRUURGH(QHUJtDTXHLQFOX\H
+(/LPLWDFLyQGH'HPDQGD(QHUJpWLFD
+(5HQGLPLHQWRGHODVLQVWDODFLRQHVWpUPLFDV5,7(
+((ILFLHQFLDHQHUJpWLFDGHODVLQVWDODFLRQHVGHLOXPLQDFLyQ
+(&RQWULEXFLyQVRODUPtQLPDGH$&6
+(&RQWULEXFLyQIRWRYROWDLFDPtQLPDGHHQHUJtDHOpFWULFD
5'&(57,),&$&,1'((),&,(1&,$(1(5*e7,&$'((',),&,26'(18(9$&216758&&,1
7UDVSRVLFLyQSDUFLDOGHOD&(DSOLFDEOHDHGLILFLRVGHQXHYDFRQVWUXFFLyQ
(QWUDHQYLJRUHOGH$EULO(VREOLJDWRULDDSDUWLUGHGH-XOLRGH
1RHVREOLJDWRULDSDUDHGLILFLRVHQFRQVWUXFFLyQSUR\HFWRVTXHWHQJDQVROLFLWDGDOLFHQFLDGHREUDVRYLVDGRVHQORVFROHJLRVSURIHVLRQDOHVDQWHVGHVX
HQWUDGDHQYLJRUHOGH$EULO
(VWDEOHFHHOSURFHGLPLHQWREiVLFRTXHGHEHFXPSOLUODPHWRGRORJtDGHFiOFXORGHODFDOLILFDFLyQGHHILFLHQFLDHQHUJpWLFD
6HDSUXHEDXQGLVWLQWLYRFRP~QHQWRGRHOWHUULWRULRQDFLRQDOGHQRPLQDGRHWLTXHWDGHHILFLHQFLDHQHUJpWLFD
/D WUDVSRVLFLyQ GH OD 'LUHFWLYD &( HV SDUFLDO OR TXH SURYRFy XQD GHQXQFLD \ SRVWHULRU VHQWHQFLD HQ FRQWUD GH (VSDxD SRU SDUWH GHO 7ULEXQDO
(XURSHR5'
$&8(5'2&80%5((8523($0$5=2
(O&RQVHMR(XURSHR-HIHVGH(VWDGR\GH*RELHUQRDSUXHEDORVWUHVREMHWLYRVHQHUJpWLFRDPELHQWDOHVSDUD
5HGXFFLyQGHOGHODVHPLVLRQHVGHJDVHVGHHIHFWRLQYHUQDGHUR
FRQUHVSHFWRD
0HMRUD GHO GH OD HILFLHQFLD HQHUJpWLFD UHVSHFWR DO HVFHQDULR
WHQGHQFLDO
$OFDQ]DUHOGHHQHUJtDSULPDULDGHRULJHQUHQRYDEOHLQFOX\HQGR
FDORU\IUtRELRFRPEXVWLEOHV\UHQRYDEOHVHOpFWULFDV
',5(&7,9$(8523($8(
0RGLILFDFLyQVXVWDQFLDOGHOD'&(0DU]R
0RGLILFDDOD'LUHFWLYD&(UHDOL]DQGRORVDMXVWHVQHFHVDULRVSDUDDOFDQ]DUHOREMHWLYR
6HHVWDEOHFHQORVUHTXLVLWRVPtQLPRVGHHILFLHQFLDHQHUJpWLFDGHORVHGLILFLRV\GHVXVHOHPHQWRVHQIXQFLyQGHXQHTXLOLEULRySWLPRHQWUHODVLQYHUVLRQHV
UHDOL]DGDV\ORVFRVWHVHQHUJpWLFRVDKRUUDGRVDORODUJRGHOFLFORGHYLGDGHOHGLILFLR
(O FHUWLILFDGR GH HILFLHQFLD HQHUJpWLFD HQ H[LVWHQWHV GHEHUi LQFOXLU UHFRPHQGDFLRQHV SDUD OD PHMRUD GH ORV QLYHOHV ySWLPRV R UHQWDEOHV GH HILFLHQFLD
HQHUJpWLFD
6HHVWDEOHFHXQDPHMRUDHQODVFRQGLFLRQHVGHUHQGLPLHQWRGHODVLQVWDODFLRQHVWpUPLFDV
6HGHILQHQORVHGLILFLRVGHFRQVXPRGHHQHUJtDFDVLQXORIHFKDOLPLWHGLFLHPEUH
/DVDXWRULGDGHVS~EOLFDVGHEHQGDUHMHPSOR\SURFXUDUDSOLFDUODVUHFRPHQGDFLRQHVFRQWHQLGDVHQORVFHUWLILFDGRVGHHILFLHQFLDHQHUJpWLFD
/(<'((&2120$6267(1,%/(
&DStWXOR,0RGHOR(QHUJpWLFRVRVWHQLEOH
6HDVXPHQORVFRPSURPLVRVDVtFRPRODVHVWUDWHJLDVSDUDORJUDUORV
)RPHQWRGHODVHQHUJtDVUHQRYDEOHV'LUHFWLYD&(
5HGXFFLyQGHHPLVLRQHV'HFLVLyQ&(
5HGXFFLyQGHPDQGD\HILFDFLDHQHUJpWLFD'LUHFWLYD8(
5'0RGLILFDFLyQ\DPSOLDFLyQGHO5'
7UDVSRQHORUHIHUHQWHDFHUWLILFDFLyQGHHGLILFLRVH[LVWHQWHVGHOD'&(
7UDVSRQHSDUFLDOPHQWHODVPRGLILFDFLRQHVUHDOL]DGDVSRUOD'8(
/(<'(5(+$%,/,7$&,15(*(1(5$&,1<5(129$&,185%$1$6
5HFLHQWHPHQWHDSUREDGDHVWDEOHFHXQDVHULHGHD\XGDVDORVLQPXHEOHVGHYLYLHQGDVFRQFDUJRDO3ODQ(VWDWDOGHOD9LYLHQGDTXHSXHGHQ
DSURYHFKDUSDUWLFXODUHV\$\XQWDPLHQWRV9HU3RQHQFLD
5(680(1'(/0$5&21250$7,92&,7$'2
/D1RUPDWLYDUHODFLRQDGDFRQODVHQHUJtDVUHQRYDEOHVGHLQWHUpVSDUDQXHVWURWUDEDMRHV
3ODQGH)RPHQWRGHODV(QHUJtDV5HQRYDEOHV
(OSODQHVWDEOHFtDTXHODFRQWULEXFLyQGHODVHQHUJtDVUHQRYDEOHVDOFRQVXPRWRWDOGHHQHUJtDHQ(VSDxDGHEtDUHSUHVHQWDUXQGHWRWDOHQHODxR
6LQHPEDUJRHQODUHYLVLyQTXHVHUHDOL]yHQHODxRVHFRQVWDWyTXHVyORVHKDEtDFRQVHJXLGRFXPSOLUFRQXQGHORVREMHWLYRVPDUFDGRV\
FRQJUDQGLVSDULGDGHQODVGLIHUHQWHViUHDVSUHYLVWDV
(O3ODQGH(QHUJtDV5HQRYDEOHVVHODQ]yFRQHOREMHWLYRGHVXVWLWXLUDODQWHULRUSODQTXHVHPRVWUDEDLQVXILFLHQWH\GHPDQWHQHUHOREMHWLYR
GHFRQVHJXLUXQGHFRQWULEXFLyQWRWDOGHODVHQHUJtDVUHQRYDEOHV
5HDO'HFUHWR
6HDSUXHEDHO5HJODPHQWRHOHFWURWpFQLFRSDUDEDMDWHQVLyQMXQWRDVXVLQVWUXFFLRQHVWpFQLFDVFRPSOHPHQWDULDV
/H\GH0LQDVPRGLILFDGDSRUOD/H\3DUDODHQHUJtDJHRWpUPLFD
2UGHQ,7&
3RUODTXHVHHVWDEOHFHXQPHFDQLVPRGHIRPHQWRGHOXVRGHELRFDUEXUDQWHV\RWURVFRPEXVWLEOHVUHQRYDEOHVFRQILQHVGHWUDQVSRUWH
5HDO'HFUHWR
5HIHUHQWHDODUHWULEXFLyQGHODDFWLYLGDGGHSURGXFFLyQGHHQHUJtDHOpFWULFDPHGLDQWHWHFQRORJtDVRODUIRWRYROWDLFD
5HDO'HFUHWR
3RUHOTXHVHUHJXODQ\PRGLILFDQGHWHUPLQDGRVDVSHFWRVUHODWLYRVDODDFWLYLGDGGHSURGXFFLyQGHHQHUJtDHOpFWULFDHQUpJLPHQHVSHFLDO
5HDO'HFUHWR
3RU HO TXH VH UHJXODQ \ PRGLILFDQ GHWHUPLQDGRV DVSHFWRV UHODWLYRV D OD DFWLYLGDG GH SURGXFFLyQ GH HQHUJtD HOpFWULFD D SDUWLU GH WHFQRORJtDV VRODU
WHUPRHOpFWULFD\HyOLFD
5HDO'HFUHWROH\
3RUHOTXHVHHVWDEOHFHQPHGLGDVXUJHQWHVSDUDODFRUUHFFLyQGHOGpILFLWWDULIDULRGHOVHFWRUHOpFWULFR
/H\GHGHPDU]RGH(FRQRPtD6RVWHQLEOH
,QFOX\HHQVX$UWtFXORORVREMHWLYRVQDFLRQDOHVPtQLPRVHQPDWHULDGHDKRUUR\HILFLHQFLDHQHUJpWLFD\HQHUJtDVUHQRYDEOHV
2WUDQRUPDWLYDUHODFLRQDGDFRQODHQHUJtD\VRVWHQLELOLGDGUHOHYDQWHVSDUDHOSUR\HFWRGH&DOS
'LUHFWLYD&((
&DOGHUDV1XHYDVGH$JXD&DOLHQWH$OLPHQWDGDVFRQ&RPEXVWLEOHV/tTXLGRV\*DVHRVRV
'LUHFWLYD&((GHO&RQVHMRGHGHVHSWLHPEUHGH
5HODWLYDDODOLPLWDFLyQGHODVHPLVLRQHVGHGLy[LGRGHFDUERQRPHGLDQWHODPHMRUDGHODHILFDFLDHQHUJpWLFD6$9(
'LUHFWLYD&(
5HODWLYDDOIRPHQWRGHOD&RJHQHUDFLyQ
'LUHFWLYD&(
6REUHGLVHxRHFROyJLFRDSOLFDEOHDORVSURGXFWRVTXHXWLOL]DQHQHUJtD
'LUHFWLYD&(
6REUHODHILFLHQFLDGHOXVRILQDOGHODHQHUJtD\ORVVHUYLFLRVHQHUJpWLFRVDSUREDGDHOLGHQWLILFDORVREMHWLYRVGHFDUiFWHUHVWUDWpJLFRDVtFRPR
ODVHQGDTXHODSROtWLFDHQHUJpWLFDGHEHUtDUHFRUUHUSDUDDOFDQ]DUORVREMHWLYRVGHODPLVPD
1RUPD81(
,OXPLQDFLyQGHLQVWDODFLRQHVGHSRUWLYDV
1RUPD81(
,OXPLQDFLyQGHORVOXJDUHVGHWUDEDMR
5($/'(&5(72
5HJODPHQWRGHHILFLHQFLDHQHUJpWLFDHQLQVWDODFLRQHVGHDOXPEUDGRH[WHULRU
81(
$XGLWRUtDVHQHUJpWLFDV5HTXLVLWRV
3URJUDPDV0HGLGDVGH(ILFLHQFLD(QHUJpWLFDHQ&DOS
&RPRSURJUDPDVRPHGLGDVGH(ILFLHQFLD(QHUJpWLFD\DH[LVWHQWHVHQ&DOSFDEHGHVWDFDUODVVLJXLHQWHV
$GKHVLyQDO3DFWRGHORV$OFDOGHV
/D DGKHVLyQ GHO PXQLFLSLR GH &DOS DO 3DFWR GH $OFDOGHV GDWD GHO GH 0D\R GH 6H WUDWD GHO SULQFLSDO PRYLPLHQWR
HXURSHRHQHOTXHSDUWLFLSDQODVDXWRULGDGHVORFDOHV\UHJLRQDOHVTXHKDQDVXPLGRHOFRPSURPLVRYROXQWDULRGHPHMRUDUOD
HILFLHQFLDHQHUJpWLFD\XWLOL]DUIXHQWHVGHHQHUJtDUHQRYDEOHHQVXVWHUULWRULRV&RQVXFRPSURPLVRORVILUPDQWHVGH3DFWRVH
KDQSURSXHVWRVXSHUDUHOREMHWLYRGHOD8QLyQ(XURSHDGHUHGXFLUHQXQODVHPLVLRQHVGH&2DQWHVGH
(OGH-XOLRGHSUHVHQWyHO3/$1'($&&,1'((1(5*$6267(1,%/(3$(6HQHOTXHVHHVWDEOHFLHURQORV
VLJXLHQWHVREMHWLYRVSDUDHODxR
5HGXFFLyQGHHPLVLRQHVGH&2
5HGXFFLyQGHOFRQVXPRGHHQHUJtD
$SRUWHSRUHQHUJtDUHQRYDEOH
(QHO3$(6VHSUHWHQGHREWHQHUHVWRVREMHWLYRVPHGLDQWHODDSOLFDFLyQGHXQWRWDOGHDFFLRQHV7UDVKDEHUODVUHYLVDGRVH
FRQVWDWDTXHGHHOODVVRQODPLVPD\FRQVLVWHHQDSOLFDUSDUDWRGRVORVVHFWRUHVHOQXHYRFRHILFLHQWHGHHPLVLRQHVREWHQLGR
DOFRQWDELOL]DUODV,QVWDODFLRQHVIRWRYROWDLFDVUHDOL]DGDVHQWUH\HQHOVHFWRUVHUYLFLRV3RUORWDQWRODVUHVWDQWHV
GHODVFXDOHVYDQGHGLFDGDVDODVLQVWDODFLRQHVPXQLFLSDOHVVHUHVXPHQDFRQWLQXDFLyQ
GHODVFXDOHVFRQVLVWHQHQPHMRUDUORV(GLILFLRV
o
o
o
o
o
o
o
o
&XUVRDOSHUVRQDOGHO$\XQWDPLHQWRVREUHEXHQDVSUiFWLFDVHQHUJpWLFDVHQHGLILFLRVHLQVWDODFLRQHV
6XVWLWXFLyQGHODOXPEUDGRLQWHULRUREVROHWRSRUVLVWHPDVPiVHILFLHQWHV
6HFWRUL]DFLyQGHODOXPEUDGRLQWHULRU\PHFDQLVPRVGHHQFHQGLGR
5HQRYDFLyQGHHTXLSRVGHDLUH$FRQGLFLRQDGR
5HGXFFLyQGHOFRQVXPRGH$JXDSRWDEOH&RQFLHQFLDFLyQ\RWUDVPHGLGDVGHDKRUUR
5HGXFFLyQGHOFRQVXPRGH$JXDSRWDEOH5HGXFFLyQ3pUGLGDVHQGLVWULEXFLyQ
1XHYDVLQVWDODFLRQHVVRODUHV)RWRYROWDLFDVSDUD3URGXFFLyQGHHQHUJtD(OpFWULFD
6XVWLWXFLyQGHFDOGHUDVGH*DVyOHRFSRUELRPDVD
$FRQWLQXDFLyQVHPXHVWUDXQDLPDJHQGHODVDFWLYLGDGHVGHOPHVGH-XOLRGH
SURSXHVWDSDUDUHGXFLUHOFRQQVXPRGHO$OXPEUDGRS~EOLFR
o
6XVWLWXFLyQGHOXPLQDULDVGHDOXPEUDGRS~EOLFRSRURWUDVFRQPHQRUFRQVXPR
&DEHGHVWDFDUTXHVHUtDQHFHVDULRRXQDDXGLWRULDHQHUJpWLFDGHODVLQVWDODFLRQHVHQODVVTXHVHFRPSUXHEHQORVQLYHOHVGH
LOXPLQDFLyQ\ORVFRQVXPRVHOpFWULFFRVSDUDSRGHULGHQWLILFDUODVPHMRUDVPiVFRQYHQLHQQWHV\SRGHUHYDOXDUVXSRWHQFLDOGH
DKRUURUHDO
DFFLRQHVSURSXHVWDVSDUDHOVVHFWRUVHUYLFLRV
o
o
o
DFFLRQHVSURSXHVWDVSDUDHOVVHFWRUVHUYLFLRV
o
o
o
,QIRUPDU\VHQVLELOL]DUSDUDDHODKRUURHQHUJpWLFRHQODVYLYLHQGDV
1XHYDVLQVWDODFLRQHVVRODUHHVWpUPLFDVSDUDDJXDFDOLHQWHVDQLWDULD
5HKDELOLWDFLyQHQHUJpWLFDGGHYLYLHQGDV
&RQUHVSHFWRDOWUDQVSRUWHODV DFFLRQHVTXHVHKDQSURSXHVWRHQHOSODQYDQGLULJJLGDVDODFRQFLHQFLDFLyQ\DOXVRGH
ELRFDUEXUDQWHV
o
o
o
,QIRUPDU\VHQVLELOL]DUSDUDDHODKRUURHQHUJpWLFRHQHOVHFWRUVHUYLFLRV
0HMRUDGHODHILFLHQFLDHQHUUJpWLFDGHODVLQVWDODFLRQHVGHLOXPLQDFLyQLQWHULRU
1XHYDVLQVWDODFLRQHVVRODUHHVWpUPLFDVSDUDDJXDFDOLHQWHVDQLWDULDHQORVHVWDEOHFLPLHQWRVKRWHOHURV
7UDQVSRUWH3~EOLFR6XVWLWXFLyQGHXQDXWRE~VSRUXQRTXHFRQVXPDELRFRPEXVWLEOH
7UDQVSRUWH3ULYDGR,QIRUPDDU\VHQVLELOL]DUSDUDHODKRUURHQHUJpWLFRHQHOVHFWRUWUDQVSRUWH
7UDQVSRUWH3ULYDGR3URPRRFLyQGHOHPSOHRGH%LRFDUEXUDQWHVFRPR(QHUJtDUHQRYDEOH
&RPRVHSXHGHREVHUYDUODVDFFLRQQHVSURSXHVWDVVRQPX\JHQHUDOHVVHUtDQQHFHVDULRVVHVWXGLRVHVSHFtILFRVSDUDFRQFUHWDU
ODVPHMRUDV\ORVFRUUHVSRQGLHQWHVDDKRUURV
$JHQGDORFDO
(Q 'LFLHPEUH GH VH FUHD OD XQD $JHQGD /RFDO GH &DOS XQ SURJUDPD SDUD GHVDUUROODU OD VRVWHQLELOLGDG D QLYHO
SODQHWDULR DSUREDGR SRU JRELHHUQRV HQ OD &RQIHUHQFLD GH ODV 1DFLRQHV 8QLGDV VREUH
V
0HGLR $PELHQWH \ 'HVDUUROOR
FHOHEUDGDHQ5tRGH-DQHLURHQ*UDQSDUWHGHORVREMHWLYRVGHOD$JHQGDGHSHHQGHQFDVLHQH[FOXVLYDGHOSDSHOGH
ODVFRPXQLGDGHVORFDOHVVREUHWRGRRHQORTXHUHVSHFWDDODVGHFLVLRQHVDFWLWXGHV\FRRPSRUWDPLHQWRVGHORVFLXGDGDQRV\
VXVDXWRULGDGHV(QHVWHFRQWH[WRHHO$\XQWDPLHQWRGH&DOSVHRFXSDGHODFUHDFLyQIXQFLRQDPLHQWR\HOPDQWHQLPLHQWRGHVX
LQIUDHVWUXFWXUD VXSHUYLVDQGR ORV SUURFHVRV GH SODQLILFDFLyQ UHJODPHQWDFLRQHV \ HO GHVSSOLHJXH GH XQ3ODQ GH $FFLyQ /RFDO
3$/*UDFLDVDVXFHUFDQtDFRQORVVFLXGDGDQRVGHVHPSHxDUiXQDIXQFLyQLPSRUWDQWtVLP
PDHQODHGXFDFLyQ\PRYLOL]DFLyQGH
ODFLXGDGDQtDFDOSLQDHQSURGHOGHVDDUUROORVRVWHQLEOH\ODSDUWLFLSDFLyQ
-RVp 9LFHQWH 6iQFKH] &DEUHUD TXH GHVDUUROOy ORV FRQWHQLGRV GH OD $JHQGD GHILQQLy OD $JHQGD /RFDO FRPR XQD
KHUUDPLHQWDGHSODQLILFDFLyQHVWUDWppJLFDGHOPXQLFLSLRFRQFULWHULRVGHVRVWHQLELOLGDG\SDDUWLFLSDFLyQFLXGDGDQDXQDKRMDGH
UXWDDFRUWRPHGLR\ODUJRSOD]RFXX\D0HWDHVHO3ODQ(VWUDWpJLFR/RFDO3ODQGH$FFLyQ/RFDO(O3$/VHWUD]yHQ&DOSFRQ
WUHVHMHVSULQFLSDOHV
6RFLHGDG(OHYDUODVFXRWDVGHMXVWLFLDD\FRKHVLyQSDUWLFLSDFLyQ
(FRQRPtD3URPRFLyQGHVDUUROORGLYHHUVLILFDFLyQSURGXFWLYD
0HGLR$PELHQWH*HVWLyQSUXGHQWHGHHOWHUULWRULR\VXVUHFXUVRV
$FWXDOPHQWHWRGDVODVDFFLRQHVGH OD$JHQGD/RFDOGH&DOSLQFOX\HQGRODPHPRULDGGHJHVWLyQGHOD$JHQGDTXHGHODxR
UHDV0XQLFLSDOHV(QHVWDPHPRULD
HVWiQGLVSRQLEOHVHQODSSiJLQDZHEKWWSZZZD\WR&DOSRUJHQODVHFFLyQGH
VHUHVXPHQWRGDVODVDFFLRQHVOOHYDDGDVDFDERGXUDQWHHOSULPHUDxRTXHSULQFLSDOPHQWHHVRQFDPSDxDVGHVHQVLELOL]DFLyQ\
IRPHQWRGHODSDUWLFLSDFLyQFLXGDGDQQDFRPRSRUHMHPSORHOFDPSXVGHSRUWLYRRUJDQL]DGRHQDJRVWRGHSRUOD&RQFHMDOtD
GH$JHQGD/RFDO\HO&KHOVHD&))DEHQHILFLRGHORVQLxRVGH(0$86
&DUWDGH$DOERUJ
,1',&$'25(6'(6267(1,%,/,'$'
0%,722&83$&,1'(/68(/2
6XHOR
8VRVHLQWHQVLGDGHGLILFDWRULD
2FXSDFLyQ GH ORV XVRV GHO VXHOR 6XSHUILFLH DUWLILFLDO SRU
KDELWDQWH6XSHUILFLHDUWLILFLDOHQUHODFLyQDODVXSHUILFLHPXQLFLSDO
6XSHUILFLHXUEDQL]DGDGHOWpUPLQRPXQLFLSDO
'HQVLGDGGHSREODFLyQ'HQVLGDGGHYLYLHQGDV'HQVLGDGGH
SREODFLyQGHGHUHFKR\IORWDQWH
&RPSDFLGDGXUEDQD'LVSHUVLyQGHORVQ~FOHRVGHSREODFLyQ
=RQDV YHUGHV SRU KDELWDQWH =RQDV YHUGHV S~EOLFDV \
HMHFXWDGDVSRUHOSODQHDPLHQWR
0%,72&203/(-,'$'85%$1$
'LYHUVLGDGGHXVRV\IXQFLRQHV
&RPSOHMLGDGXUEDQD1~PHURGHDFWLYLGDGHVSRUKDELWDQWH
(TXLOLEULRHQWUHDFWLYLGDG\UHVLGHQFLD
0%,72029,/,'$'6267(1,%/(
&RQILJXUDFLyQGHODUHG
)XQFLRQDOLGDG
0%,720(7$%2/,60285%$12
$JXD
&RQVXPR GH DJXD XUEDQR 3pUGLGDV GH DJXD HQ OD UHG GH
GLVWULEXFLyQ
'HSXUDFLyQGHODVDJXDVUHVLGXDOHVXUEDQDV 3RUFHQWDMHGH
SREODFLyQFRQHFWDGDDVLVWHPDVGHVDQHDPLHQWR
5HXWLOL]DFLyQGHODVDJXDVUHVLGXDOHVGHSXUDGDV9ROXPHQGH
DJXDUHXWLOL]DGDSRUKDELWDQWH
(QHUJtD
&RQVXPRILQDOGHHQHUJtD&RQVXPRHOpFWULFRPXQLFLSDO
3URGXFFLyQ ORFDO GH HQHUJtDV UHQRYDEOHV $XWRVXILFLHQFLD
HQHUJpWLFDORFDODSDUWLUGHHQHUJtDVUHQRYDEOHV
5HVLGXRV
*HQHUDFLyQGHUHVLGXRVVyOLGRVXUEDQRV
5HFRJLGDVHOHFWLYDQHWDGHUHVLGXRV
&RQWDPLQDFLyQ DWPRVIpULFD \ (PLVLRQHVGH&2HTXLYDOHQWH
DF~VWLFD
&DOLGDG GHO DLUH 3REODFLyQ H[SXHVWD D QLYHOHV GH LQPLVLyQ
LQIHULRUHVDJP
&RQIRUWDF~VWLFR
0%,72&2+(6,162&,$/
0H]FODGHSREODFLyQ
0HUFDGRGHWUDEDMR
3DUWLFLSDFLyQFLXGDGDQD
(QYHMHFLPLHQWRGHODSREODFLyQQGLFHGHVHJUHJDFLyQGHODV
SHUVRQDVPD\RUHV
3REODFLyQGHQDFLRQDOLGDGH[WUDQMHUDQGLFHGHVHJUHJDFLyQ
GH OD SREODFLyQ H[WUDQMHUD \ 3REODFLyQ H[WUDQMHUD VHJ~Q
SURFHGHQFLD
7LWXODGRV VXSHULRUHV QGLFH GH VHJUHJDFLyQ GH OD SREODFLyQ
FRQWLWXODFLyQVXSHULRU
3REODFLyQDFWLYD7DVDGHSDUR\7DVDGHGHSHQGHQFLD
$XWRFRQWHQFLyQ ODERUDO $XWRVXILFLHQFLD ODERUDO \ QGLFH GH
HPSOHRORFDO6HUYLFLRVEiVLFRV
3UR[LPLGDG D VHUYLFLRV XUEDQRV EiVLFRV 7LHPSR GH DFFHVR
GH OD SREODFLyQ D ORV VHUYLFLRV XUEDQRV EiVLFRV \ $FFHVR D
QXHYDVWHFQRORJtDV
6DWLVIDFFLyQGHORVFLXGDGDQRVFRQODFRPXQLGDGORFDO
7DVDGHDVRFLDFLRQLVPR3REODFLyQDVRFLDGD
0%,72$80(172'(/$%,2',9(56,'$'
6XSHUILFLHGHSDLVDMHUHFXSHUDGR
,QYHUVLyQ PXQLFLSDO SUR\HFWRV GH UHVWDXUDFLyQ \
FRQVHUYDFLyQDPELHQWDO
6XSHUILFLHDJUtFROD\JDQDGHUtDHFROyJLFD
/RVPXQLFLSLRVVRVWHQLEOHV\DSXHVWDPXQLFLSDO
/DGHILQLFLyQGHPXQLFLSLRVRVWHQLEOHEDViQGRQRVHQHO,QIRUPH%UXQGWODQGIUXWRGHORVWUDEDMRVGHOD&RPLVLyQ0XQGLDOGH
0HGLR $PELHQWH \ 'HVDUUROOR GH OD 218 HV 0XQLFLSLR VXVWHQWDEOH HV DTXHO TXH FUHFH XUEDQtVWLFD \ HFRQyPLFDPHQWH VLQ
LPSDFWDUQHJDWLYDPHQWHHQORVYHFLQRVQLHQVXVJHQHUDFLRQHVIXWXUDVFRQVLGHUDQGRORVLPSDFWRVSRVLWLYRVVREUHHODPELHQWH
\ORVRFLDO
([LVWHQXQDVHULHGHLQGLFDGRUHVSDUDHYDOXDUODVRVWHQLELOLGDGGHORVPXQLFLSLRVTXHVHGHILQLHURQHQOD5HXQLyQGHO*UXSRGH
WUDEDMRGH,QGLFDGRUHVGH6RVWHQLELOLGDGGHOD5HGGH5HGHVGH'HVDUUROOR/RFDO6RVWHQLEOH\VHSODVPDURQHQHOGRFXPHQWR
6LVWHPD0XQLFLSDOGH,QGLFDGRUHVGH6RVWHQLELOLGDGFRQIHFKDGHQRYLHPEUHGHeVWRVVHGLYLGLHURQHQORVVLJXLHQWHV
iPELWRV
3RU RWUR ODGR HO &RQJUHVR 1DFLRQDO GHO 0HGLR $PELHQWH SUHPLD DQXDOPHQWH D ORV PXQLFLSLRV PiV VRVWHQLEOHV HQ OD
FDWHJRUtD HQ OD TXH HQWUDUtD &DOS HQWUH \ KDELWDQWHV (Q HO DxR HO SULPHU SUHPLR IXH RWRUJDGR D OD
&RPXQLGDG GH 9LOOD \ 7LHUUD GH &RFD FRQ KDELWDQWHV \ ORFDOL]DGD HQ OD SURYLQFLD GH 6HJRYLD SRU LPSXOVDU OD
H[WUDFFLyQGHUHVLQDVQDWXUDOHVFRPRIXHQWHGHHPSOHRPiVGHSXHVWRKDVWDHOPRPHQWRHQHOPHGLRUXUDOVLHQGRXQ
SURGXFWRQDWXUDO\UHQRYDEOHTXHKDFHIUHQWHDGHULYDGRVGHOSHWUyOHR
/RVDFFpVLWHQHVWDPLVPDFDWHJRUtDVHRWRUJDURQDPXQLFLSLRVGH*DOLFLD*UDQDGD\9DOHQFLD8QRGHORVSUHPLDGRVHVHO
PXQLFLSLRGH$EHJRQGRHQ$&RUXxDSRUXQDLQLFLDWLYDGHPHMRUDGHODFDOLGDGDPELHQWDOGHODJXD
'HOD&RPXQLGDG9DOHQFLDVHKDSUHPLDGRD7DYHUQHVGHOD9DOOGLJQDFRQKDELWDQWHVTXHKDSXHVWRHQPDUFKDVX
3ODQGH0RYLOLGDG6RVWHQLEOH306HQXQPXQLFLSLRHQHOTXHHOUHFRUULGRXUEDQRPiVODUJRQRVXSHUDORVNP\VH
REVHUYDXQXVRJHQHUDOL]DGRGHOYHKtFXORSULYDGRPRWRUL]DGRHQORVWUD\HFWRVFRUWRV3DUDUHYHUWLUHVWDWHQGHQFLDTXHHVWi
FRPSURPHWLHQGR HO HVSDFLR S~EOLFR GHO PXQLFLSLR VH KD GLVHxDGR XQD FDPSDxD GH VHQVLELOL]DFLyQ \ XQ SURFHVR GH
SDUWLFLSDFLyQ TXH DFRPSDxH OD HODERUDFLyQ GHO 306 FRQ HO REMHWLYR GH SURPRYHU XQ FDPELR GH KiELWRV HQ OD PRYLOLGDG
FRWLGLDQDDIDYRUGHORVGHVSOD]DPLHQWRVDSLH\HQELFLFOHWD/RVUHVXOWDGRVGHODSDUWLFLSDFLyQHVODVLJXLHQWHSHUVRQDV
HQWUHFXHVWLRQDULRV\HQWUHYLVWDV$SRUWDFLyQGHRSLQLRQHVFUtWLFDV\VXJHUHQFLDVHQIROOHWRV3DUWLFLSDFLyQGHDOUHGHGRUGH
SHUVRQDV DGXOWDV HQ ODV PHVDV WHPiWLFDV \ GH QLxRV \ QLxDV HQ ORV WDOOHUHV HVFRODUHV ,QWHUpV SRU SDUWH GH ORV
FRPHUFLDQWHV VREUH FyPR SDUWLFLSDU HQ OD GLIXVLyQ GH OD PRYLOLGDG VRVWHQLEOH KDFLD ODV SHUVRQDV GH VX HQWRUQR VREUH ORV
PRGRVGHGHVSOD]DPLHQWRGHVXVFOLHQWHV\VREUHDOWHUQDWLYDVGHYHKtFXORVGHUHSDUWRPiVHILFLHQWHVELFLFOHWDVHWF,QWHUpV
SRUSDUWHGHORVFHQWURVHGXFDWLYRVHQLQFRUSRUDUODPRYLOLGDGVRVWHQLEOHHQORVSURJUDPDVGRFHQWHVHLQLFLDUFDPSDxDVGH
FDPLQRHVFRODUVHJXUR,QWHUpVSRUSDUWHGHXVXDULRVGHSROtJRQRVLQGXVWULDOHVSRUHOXVRGHOFRFKHFRPSDUWLGR,QWURGXFFLyQ
GHORVFRQFHSWRVGHODPRYLOLGDGVRVWHQLEOHHQORVSURJUDPDVGHHGXFDFLyQYLDOSRUSDUWHGHOD3ROLFtD/RFDO&RQVROLGDFLyQ
GHODVUHGHVVRFLDOHVFRPRXQHVSDFLRFRP~QGHLQWHUFDPELRGHFRQRFLPLHQWRVHQWUHVHJXLGRUHV\RWUDVHQWLGDGHVLPSOLFDGDV
HQODPRYLOLGDGVRVWHQLEOH6HJXLPLHQWRDFWLYRGHOSURFHVRGHVGHIDFHERRNTXHFXHQWD\DFRQPiVGHDPLJRV\TXH
VLJXHQHQDXPHQWRHWF/RVGRFXPHQWRVGHO306UHDOL]DGRVKDVWDHVWHPRPHQWRVHSXHGHQFRQVXOWDUHQHOLVVXXGHO3ODQ
WDPELpQDWUDYpVGHODSiJLQDZHESDUWLFLSDWDYHUQHVHV
3RU~OWLPRHQODFDWHJRUtDGHYRWDFLyQRQOLQHOD'LSXWDFLyQ3URYLQFLDOGH*UDQDGDKDVLGRGLVWLQJXLGDSRUVXIRUPDFLyQHQHO
iPELWRGHOWUDWDPLHQWRGHUHVLGXRV
&DEHGHVWDFDUODDSXHVWDPXQLFLSDO&pVDU6iQFKH]3pUH]$OFDOGHGH&DOSHQODSiJLQDZHELQGLFDVXYLVLyQ\PLVLyQGH
KDFHUGH&DOSXQPXQLFLSLRVRVWHQLEOH
7HQHPRVODLGHDGHKDFHUGH&DOSXQDFLXGDGPHMRUMXVWDFUHDWLYDHFROyJLFDKXPDQDGLYHUVD\SUy[LPD8QDFLXGDGVRVWHQLEOH6XPDQGRWRGRVORV
VHFWRUHVVRFLDOHVSDUDTXHWRGRVSDUWLFLSHPRVGRQGHHODUWHODDUTXLWHFWXUD\HOSDLVDMHVHLQWHJUHQHQQXHVWUDVFRVWXPEUHV\HQQXHVWURHVStULWX\OR
FRQVHUYHQGXUDQWHDxRV8QDFLXGDGHQODTXHQRVJXVWHYLYLU\GRQGHVHFRQMXJXHQSUR\HFWRV\DFWLYLGDGHVTXHDQLPHQ\SURPXHYDQXQDFLXGDGDQtD
YLWDOGLQiPLFD\HPSUHQGHGRUD8QDFLXGDGVRVWHQLEOHHVSDUDPtXQDFLXGDGSDUDWRGRVFRQODVPHMRUHVRSRUWXQLGDGHV
/D&RQVHOOHULDGH7HUULWRULR\9LYLHQGDUHDOL]yHQXQ7DOOHUGHFRQFHUWDFLyQ
VREUH$JHQGD/RFDO6HGHVDUUROOyORVGtDV\GHQRYLHPEUHHQHO&HQWUR
GH(GXFDFLyQ$PELHQWDOGHOD&RPXQLGDG9DOHQFLDQDHQHOWpUPLQRPXQLFLSDOGH
6DJXQWR5HXQLyDUHSUHVHQWDQWHVGHODV$GPLQLVWUDFLRQHV3~EOLFDV&RQVHOOHULDV
'LSXWDFLRQHV 3URYLQFLDOHV \ $\XQWDPLHQWRV FRQ $/ HQ PDUFKD GH RUJDQL]DFLRQHV VRFLDOHV \ DPELHQWDOHV GH ORV
SULQFLSDOHV VHFWRUHV HFRQyPLFRV WUDEDMDGRUHV \ HPSUHVDULRV \ GH GHSDUWDPHQWRV XQLYHUVLWDULRV HVSHFLDOL]DGRV HQ
LQYHVWLJDFLyQVREUH$/
6H GHWHFWy OD QHFHVLGDG GH LQIRUPDFLyQ IRUPDFLyQ \ FDSDFLWDFLyQ GHO SHUVRQDO LPSOLFDGR HQ ODV $/ GHVGH WpFQLFRV
PXQLFLSDOHVKDVWDODSREODFLyQPLVPD\GHpOQDFLyODSXEOLFDFLyQ'HO0XQLFLSLRKDFLDOD6RVWHQLELOLGDG+HUUDPLHQWDVGH
WUDEDMR/DSURSXHVWDTXHFRQWLHQHVHEDVDHQODSODQLILFDFLyQ
GLVWLQJXLHQGRHQWUHODSODQLILFDFLyQHVWUDWpJLFDDODUJR
SOD]R OD SODQLILFDFLyQ WiFWLFD D PHGLR SOD]R \ OD SODQLILFDFLyQ RSHUDWLYD R LQPHGLDWD D FRUWR SOD]R 5HFRPLHQGD TXH ORV
WUDEDMRVGHSODQLILFDFLyQVLJDQHOPpWRGRGHGLDJQyVWLFRSHUVSHFWLYDVGHIXWXURGHILQLFLyQGHUHFXUVRV\OD'(),1,&,1'(
$&&,21(6 VLHQGR LPSUHVFLQGLEOH HO SRVWHULRU VHJXLPLHQWR \ OD HYDOXDFLyQ GH DTXpOODV 0pWRGR TXH HV H[DFWDPHQWH HO
VHJXLGRSDUDHODERUDUHQQXHVWUD3OLFDODV3URSXHVWDVGHHVWH&RQFXUVR
%DVXUDV/LPSLH]D5HXWLOL]DFLyQGHODJXD
(QHVWRVWUHVDVSHFWRVDPELHQWDOHVTXHWDPELpQGHWHUPLQDQHOJUDGRGHVRVWHQLELOLGDGVHGHVWDFDODODERUGHOPXQLFLSLRHQ
FRQFLHQFLDFLyQSRUXQODGRIDFLOLWDQGRSRUHMHPSORODVHSDUDFLyQGHUHVLGXRVPHGLDQWHODGRWDFLyQGHFRQWHQHGRUHV\FDUWHOHV
LQIRUPDWLYRVSHURDGHPiVSHQDOL]DQGRDTXLHQHVQRORUHDOLFHQGHIRUPDDGHFXDGDFRPRPXHVWUDQODVVLJXLHQWHVLPiJHQHV
(MHPSORGHSDQHOGHOD&DPSDxDGH/LPSLH]DYLDULDLQFOXLGDHQODVDFWLYLGDGHVGHVDUUROODGDVSRUOD$JHQGD/RFDOHQHO
DxR
(Q FXDQWR D OD HOLPLQDFLyQ GH ORV UHVLGXRV RUJiQLFRV UHFLFODMH \ EDVXUDV FRPR GLMLPRV HQ OD 3RQHQFLD 9LYLHQGD ODV
LQVWDODFLRQHV VRQ PXFKR PiV OLPLWDGDV VL ELHQ KD\ PRGHUQRV FRQWHQHGRUHV HQWHUUDGRV HQ ODV FDOOHV SULQFLSDOHV HQ RWUDV
FDOOHV QRKD\QL WDQ VLTXLHUDSDSHOHUDV 1R KD\FRQWHQHGRUHV SDUDHO UHFLFODMHGH SDSHO YLGULR \R SOiVWLFR DXQTXHVt KD\
SXHVWD HQ PDUFKDXQD FDPSDxD GH UHFRJLGD GH UHVLGXRVGH PDWHULDOHV UHFLFODEOHV D QLYHOPXQLFLSDO HVR Vt VyOR SDUD ORV
FRPHUFLRV(VHOFDVRGHOD%ULJDGD9HUGDGH&DOSTXHHVWDEOHFHKRUDULRVGHUHFRJLGDHQHOFDVRGHOFDUWyQFRPHUFLDOHQHO
&DVFR$QWLJXR
/DVLQVWDODFLRQHVGHLOXPLQDFLyQHVWiQSUiFWLFDPHQWHUHQRYDGDVKDFHSRFRVDxRV6RORDOJXQDVFDOOHVFRPRODVGH%DOPHV\
DOJXQDVGHO$UUDEDOHVWiQSDUDUHQRYDU/DVLQVWDODFLRQHVLQGLYLGXDOHVGHHOHFWULFLGDG\DJXDVRQEDVWDQWHDQWLJXDVHVWDQGR
PiVGHWHULRUDGDVHQOD]RQDGHO$UUDEDO\HQOD]RQD1RURHVWH
/DVYLYLHQGDVDQWLJXDVGHPiVGHDxRVUHSUHVHQWDQFDVLHOGHODVGHOFDVFRDQWLJXRGH&DOSYHU3RQHQFLD
9LYLHQGD TXH GHEHQ GLVSRQHU GHO ,QIRUPH 7pFQLFR GH (GLILFDFLyQ ,7( /5$8 6RQ HQ FRQFUHWR GH HOODV
DQWHULRUHVDTXHODVKDFHHVSHFLDOPHQWHIDOWDVGHPRGHUQL]DFLyQGHVXVLQVWDODFLRQHV6XPD\RUQ~PHURVHHQFXHQWUD
HQODVF3XUtVLPD0D\RU\HQFDGDXQDGHODVFDOOHV/OLEHUWDW)RUD3HGUR*DUFtD\(UPLWD
(QODV2UGHQDQ]DV0XQLFLSDOHVGHORVDxRVFRQVWDTXHFDGDYLYLHQGDWLHQHTXHWHQHUXQDOMLEHGHP(VWRVDOMLEHVGH
DJXDTXHKR\HQGtDQRVHXWLOL]DQSRGUtDQVHUUHFRQYHUWLGRVHQGHSyVLWRVGHDJXDVJULVHVSDUDVXUHXWLOL]DFLyQGRPpVWLFD
321(1&,$,167580(1726'(,17(59(1&,1
7DPELpQ OD FRQVLGHUDFLyQ GHO &$ FRPR 1~FOHR +LVWyULFR 7UDGLFLRQDO \ GHO SURSLR &DWiORJR GH (GLILFLRV 3URWHJLGRV ODV
H[SHFWDWLYDV GH SREODFLyQ HQ HO PLVPR OD RUGHQDFLyQ GLIHULGD FRPR 35, GH XQD SOD]D \ SDUTXH HQ OD PDQ]DQD GH ERUGH
WUDVHUDDODFDOOH/OLEHUWDWTXHQRVRWURVGHQRPLQDPRVDTXt0DQ]DQD1RUWH\RWUDQRUPDWLYDFRQLPSRUWDQWHLQIOXHQFLDHQOD
HGLILFDFLyQ\XVRVGHO&$VHFRQWLHQHQHQHO3*28
6LQHPEDUJRHO3*28SRUVXFDUiFWHURPQLFRPSUHQVLYR\~QLFRFRQDIHFWDFLyQGLUHFWDDO&DVFR$QWLJXR\ODSRVLELOLGDG
GHTXHSXHGDDPSOLDUVXUHJXODFLyQPRGLILFDUODRKDVWDUHYLVDUODPHUHFHXQDFLWDPiVGHWDOODGD
(QHOSODQRTXHGLPRVHQOD3RQHQFLDVHYLVXDOL]DOD]RQDUHVLGHQFLDOGHO&DVFRDQWLJXRGHFDUiFWHUXUEDQtRVWLFRFRQODV
DOLQHDFLRQHV WLSRORJtDV HGLILFDWRULDV Q~PHUR GH SODQWDV HGLILFDEOHV \ HTXLSDPLHQWRV \ ODV iUHDV OLPtWURIHV HQWUH HOODV XQD
UHVHUYDGDSDUDHOFLWDGRSODQHDPLHQWRGLIHULGR35,
/DV1RUPDVUHJXODQHVWDV]RQLILFDFLRQHV\HVWDEOHFHQGHWHUPLQDFLRQHVGHFDUiFWHUJHQHUDOD&DOSTXHFRPSOHPHQWDUtDQDODV
DOOtUHSURGXFLGDVSRUUHIHULUVHDO&DVFR$QWLJXR/DVGHPD\RULQWHUpVSDUDORVREMHWLYRVGHO&RQFXUVRVHUHFRJHQUHVXPLGDV
DFRQWLQXDFLyQ
D/DV1RUPDV8UEDQtVWLFDVFODVLILFDQHOVXHORGHO&$FRPRXUEDQRFRQXVRJOREDO5(6,'(1&,$/\RWURVFRPSDWLEOHV
,1)250$&,21<$1$/,6,6
,QGLFH
-XVWLILFDFLyQ
(OSODQJHQHUDOGHRUGHQDFLyQXUEDQD
2WURVSODQHV\FDWiORJRV
1XHYDVKHUUDPLHQWDVOHJDOHV
$\XGDV
-867,),&$&,1'(/$321(1&,$
'DGRHOGHVHTXLOLEULRHQWUHORVJHQHURVRVREMHWLYRVGHO&RQFXUVR\ORVHVFDVRPHGLRVPXQLFLSDOHVGLVSRQLEOHVVREUHWRGR
HFRQyPLFRVKHPRVFRQVLGHUDGRLPSUHVFLQGLEOHGHVDUUROODUQXHVWUDVSURSXHVWDVDFRUWRPHGLR\ODUJRSOD]R\DWHQGHUHQ
IRUPDHVSHFLDOODVIyUPXODVGHLQWHUYHQFLyQGHUHJXODFLyQ\FRQFLHUWR\ORVSURJUDPDVGHD\XGDRVXEYHQFLRQHVTXH&DOS
SRGUtD LQFRUSRUDUVH HVR Vt FRQ ODV OLPLWDGDV SRVLELOLGDGHV GH XQ &RQFXUVR GH ,GHDV \ GHMDQGR OD SRVWHULRU FRQIHFFLyQ GH
3/$1(6352*5$0$6<352<(&726TXHHQEXHQDOyJLFDGHEHUiQGHVDUUROODUVXVFRQFOXVLRQHV'HHVWDIRUPDFUHHHPRV
TXH SRGHPRVJHQHUDUSURSXHVWDVLPSOHPHQWDUODV FRQ GHWHUPLQDGDV KHUUDPLHQWDVGH LQWHUYHQFLyQDVHJXUDU HQOD PD\RU
PHGLGD SRVLEOH VX YLDELOLGDG \ GDU ILQDOPHQWH FUHGLELOLGDG D OD DFWXDFLyQ PXQLFLSDO TXH HO $\XQWDPLHQWR GH &DOS KDJD
ILQDOPHQWHGHODVPLVPDV
'HHVWDIRUPDSDUWLHQGRGHODGLVSRVLFLyQPi[LPDHQORVWUHV3UHVXSXHVWRVPXQLFLSDOHVSUy[LPRV\GH
%DVH D WUDYpV GH HVWD 3RQHQFLD VH GHVFULEHQ RWURV LQVWUXPHQWRV GH LQWHUYHQFLyQ GLUHFWRV LQGLUHFWRV R
VXEYHQFLRQDEOHVS~EOLFRVRSULYDGRVPiVGLUHFWDPHQWHUHODFLRQDGRV&RQFXUVR7LHQHQVXUHIOHMRGLUHFWRHQODVSURSXHVWDV
GH QXHVWUD 3OLFD WDQWR HQ VX DJUXSDPLHQWR HQ 3ODQHV \ 3URJUDPDV LQWHOLJLEOHV \ UHJODGRV FRPR HQ OD YHULILFDFLyQ GH
FRKHUHQFLD\DGHFXDFLyQJUDILDGDHQOD0DWULFHVGH,PSDFWRFRPRHQOD0HPRULDHFRQyPLFD9HUSXQWRVSXQWR\
GHHVWD0HPRULD)$6('(35238(67$
'HMDQGR DSDUWH SRU UD]RQHV REYLDV ORV IyUPXOD XVXDO GH SUR\HFWR \D FRQRFLGD VH DQDOL]DQ HQ SULPHU OXJDU ORV
LQVWUXPHQWRV GH SODQHDPLHQWR H[LVWHQWHV HQ FRQFUHWR HO 3ODQ *HQHUDO TXH FRQVWLWX\H OD UHIHUHQFLD REOLJDGD HQ XQD
UHJXODFLyQGHWLSRORJtDVDFWLYLGDGHVQRUPDV\RWURVSODQHVSRVLEOHVVLJXLHQGRFRQORVSURJUDPDV\D\XGDVTXHSXHGHQ
VROLFLWDUVH GDGDV ODV FDUDFWHUtVWLFDV GHO &DVFR $QWLJXR GH &DOS \ GH VXV REMHWLYRV GH UHKDELOLWDFLyQ XUEDQD PHMRUD GH
YLYLHQGDVDFFHVLELOLGDGDKRUURHQHUJpWLFRVRVWHQLELOLGDGWXULVPRHWF
3/$1*(1(5$/
(VHOLQVWUXPHQWRFODYHTXHRUGHQD\UHJXODHOGHVDUUROORXUEDQRGH&DOSHVWiDSUREDGRHOGH-XOLRGH\WLHQHOD
GHQRPLQDFLyQWpFQLFDGH+202/2*$&,1*/2%$/02',),&$7,9$'(/3/$1*(1(5$/'(25'(1$&,185%$1$
(VWH3ODQFRQWLHQHSODQRGHRUGHQDFLyQ\QRUPDWLYDGHDSOLFDFLyQGHOD]RQDGH&DVFR$QWLJXRFX\DGHOLPLWDFLyQHVOD
XWLOL]DGD SDUD GHILQLU HO iPELWR GHO &RQFXUVR VXSHUDQGR HO GHO &HQWUR +LVWyULFR TXH VH UHILHUH DO Q~FOHR XUEDQR LQWHULRU D
PXUDOODV$XQTXHUHIOHMDGRHQOD3RQHQFLDORYROYHPRVDUHSURGXFLUSRUVHUYLUGHUHIHUHQFLDDHVWHWH[WR
&RPR \D VH GLMR HQ OD 3RQHQFLD GH 8UEDQLVPR OD 1RUPDWLYD UHIHULGD DO &DVFR $QWLJXR &$ KD VLGR UHVXPLGD HQ OD
,QIRUPDFLyQ FRPSOHPHQWDULD SURSRUFLRQDGD SRU HO $UTXLWHFWR PXQLFLSDO D ORV FRQFXUVDQWHV FRQ XQ &XDGUR TXH DOOt
UHSURGXFLPRVODUHIHUHQFLDDORVDUW\GHVXV1RUPDV8UEDQtVWLFDVGHO3*\ODFRQFUHFLyQVREUHHOXVRLQGXVWULDOGH
FDWHJRUtDDUWGHODVFLWDGDV1188
ORV8626,1'8675,$/(6'(&$7(*25$WDOHVFRPRODERUDWRULRVWDOOHUHVIDPLOLDUHV\
SHTXHxDV,QGXVWULDVHQJHQHUDOTXHXWLOLFHQPiTXLQDVRDSDUDWRVPRYLGRVDPDQRRSRU
PRWRUHVGHSRWHQFLDWRWDOLQIHULRUD.ZUHFRUGDGDHQHO5HVXPHQGH1RUPDWLYDUHPLWLGRSRUHO$UTWRPXQLFLSDO
ORVXVRVWHUFLDULRV+267(/(52+2&8/785$/&85(/,*,2625/2),&,1$62)6$1,7$5,26$\&20(5&,$/&2
DXQTXHQRVHSHUPLWHQORVGHGLFDGRVDODYHQWDDOSRUPHQRUFRQVXSHUILFLHPD\RUGHP5(&5($7,925&\'(3257,92'3
E'HILQHFRPRLQIUDHVWUXFWXUDVXUEDQDVDUWODVUHGHVGHVHUYLFLRVS~EOLFRVYLDULRDEDVWHFLPLHQWRGHDJXDSRWDEOH
HYDFXDFLyQ \ GHSXUDFLyQ GH DJXDV UHVLGXDOHV VXPLQLVWUR GH HQHUJtD HOpFWULFD DOXPEUDGR S~EOLFR WHOpIRQRV VLVWHPDV GH
ULHJRV \ HOLPLQDFLyQ GH UHVLGXRV VyOLGRV TXH HQ HO &$ GHEHQ GLVFXUULU SRU HVSDFLR S~EOLFR VDOYR H[FHSFLRQHV
(QRWURVDUWtFXORVGHHVWDV1188DUW\VVDJXDHQHUJtDJDVHQHUJtDVDOWHUQDWLYDVFRPXQLFDFLRQHV\HYDFXDFLy1GH
DJXDV\UHVLGXRV\HQOD0HPRULDVHUHFRJHQORVSDUiPHWURVGHFRQVXPRTXHUHFRJLPRVHQOD3RQHQFLD
F(QFXDQWRDODHGLILFDFLyQDUW\VVVHHVWDEOHFHQ\UHJXODQODVFRQGLFLRQHVVLJXLHQWHVTXHDIHFWDQDO&+
ODVWLSRORJtDV
D(',),&$&,21(10$1=$1$&(55$'$'(16$0'ODHGLILFDFLyQVHGLVSRQHHQWUHPHGLDQHUDV
VREUHODDOLQHDFLyQRILFLDOUHJXOiQGRVHODVFRQGLFLRQHVGHHGLILFDFLyQEiVLFDPHQWHSRUODSURIXQGLGDGHGLILFDEOHSRUODDOWXUDGHODFRUQLVD\HO
Q~PHURGHSODQWDV2FXSDWRGDODSDUFHODGLVSRQLHQGRGHSDWLRVLQWHULRUHVGHSDUFHODFRQILQHVGHLOXPLQDFLyQ\YHQWLODFLyQ
E(',),&$&,21(10$1=$1$&(55$'$&213$7,2'(0$1=$1$030HVDTXHOODTXHRFXSDQGRWRGRHOIUHQWHHQODDOLQHDFLyQGHOD
FDOOHWLHQHVXIDFKDGDSRVWHULRUSDUDOHODDHVWDDOLQHDFLyQ\UHWUDQTXHDGDHQWRGDVXORQJLWXGUHVSHFWRGHOWHVWHURGHODSDUFHOD/DRFXSDFLyQ
Pi[LPDHVWDUiHQIXQFLyQGHOIRQGRHGLILFDEOH
J7,32612(63(&,),&$'2671(3RGUiQDXWRUL]DUVHRWURVWLSRVGHHGLILFDFLyQTXHSRUVXFDUiFWHUHVSHFLDOQRHQFDMHQHQORV
DQWHULRUPHQWHGHILQLGRVGHELHQGRUHVSHWDUVHHQWRGRFDVRODVFRQGLFLRQHVGHDSURYHFKDPLHQWRILMDGDVSDUDOD]RQDFRUUHVSRQGLHQWH
/DVDOWXUDV\QGHSODQWDVPi[LPDVDXWRUL]DGDVDSDUHFHQHQORVSODQRV\VHJ~QFDOOHV\PDQ]DQDVVRQDUWUHFRJLGRHQHO5HVXPHQ
GH1RUPDWLYDUHPLWLGRSRUHO$UTWRPXQLFLSDOGH
SODQWDV\P
SODQWDV\P
/DVDOWXUDVGHHGLILFDFLyQDUWVHHVWDEOHFHQFRQORVOtPLWHVHQ
3ODQWDEDMDLQFOXLGRIRUMDGRPi[LPRPHWURV
3ODQWDGHSLVRVLQFOXLGRIRUMDGRPi[LPRPHWURV
3RUHQFLPDGHODDOWXUDPi[LPDVHSHUPLWLUiQiWLFRVHQDTXHOODV]RQDVTXHH[SUHVDPHQWHVHGHWHUPLQHQODFXELHUWDGHILQLWLYDGHOHGLILFLR
FRQXQDSHQGLHQWHPi[LPDGHOEDUDQGLOODV\DQWHSHFKRVGHGHIHQVDGHODD]RWHDFRQXQDDOWXUDPi[LPDGHPFKLPHQHDVDQWHQDV
\HOHPHQWRVWpFQLFRVGHODVLQVWDODFLRQHVDVtFRPRFDVHWRQHVGHDFFHVRTXHQRVREUHSDVHQODOtQHDWHyULFDGHGHVGHODIDFKDGD\XQ
Pi[LPRGHPHWURV\HOHPHQWRVRUQDPHQWDOHVVLHPSUHTXHUHVSRQGDQDFULWHULRVGHFRPSRVLFLyQGHOHGLILFLR
&RPRYRODGL]RVDFDOOHHQHO&+VRORVHSHUPLWHQEDOFRQHVFRQODVVLJXLHQWHVFRQGLFLRQHVJHQHUDOHVDUW
D1RSRGUiQLQVWDODUVHDXQDGLVWDQFLDGHODVPHGLDQHUDVLQIHULRUDPHWURVQLIXHUDGHODOtQHDGHWUD]DGDGHVGHODPHGLDQHUD
E/DDOWXUDPtQLPDGHORVFXHUSRVYRODGRVVHUiGHPHWURVVREUHODUDVDQWHGHODDFHUDRHQVXGHIHFWRGHOWHUUHQRHQFRQWDFWRFRQOD
HGLILFDFLyQ
F(OVDOLHQWHGHODOtQHDGHIDFKDGDQRVHUiPD\RUGHOGHODQFKRGHODFDOOHFRQXQPi[LPRGHPHWURV\TXHGDUiQUHPHWLGRVGHOD
OtQHDGHERUGLOORXQPtQLPRGHFP
(OVDOLHQWHPi[LPRGHFRUQLVDV\DOHURVVREUHODDOLQHDFLyQH[WHULRUQRH[FHGHUiGHRFKHQWDFHQWtPHWURV
(VWDQRUPDWLYDHQHO&$ODKDUHVXPLGRHOHTXLSRWpFQLFRPXQLFLSDOHQHO&XDGURUHFRJLGRHQOD3RQHQFLDGH8UEDQLVPR
)DVHGH,QIRUPDFLyQ\$QiOLVLV
/(<(1'$
'HOLPLWDFLyQGHO&DVFR$QWLJXR
=RQD5HVLGHQFLDO&DVFRDQWLJXR(GLILFDFLyQ,,\,,,SODQWDV
=RQD5HVLGHQFLDO([SDQVLyQGHOFDVFR(GLILFDFLyQ,9SODQWDV$
=RQDGH(TXLSDPLHQWRV(6$$GPLQLVWUDWLYRV($6$VLVWHQFLDOH((&(GXF&XOWXUDOHV
=RQDV9HUGHV
GDSDUFDPLHQWRV
(VREOLJDWRULDODUHVHUYDGHSOD]DVGHDSDUFDPLHQWRDUWSRUYLYLHQGDRPGHORFDOHQFXDOTXLHUQXHYDHGLILFDFLyQ
DH[FHSFLyQGHODVVLWDVHQHO&DVFR$QWLJXRTXHHVWiQH[HQWDVGHWDOREOLJDFLyQ
/DVQXHYDVFRQVWUXFFLRQHVDVtFRPRODDFWXDFLyQVREUHODVH[LVWHQWHVGHEHUiQUHVSRQGHUDODVFDUDFWHUtVWLFDV
GRPLQDQWHV GHO DPELHQWH \ HGLILFDFLRQHV SUy[LPDV DUPRQL]DQGR ODV FXELHUWDV FRUQLVDV GLVSRVLFLyQ GH IRUMDGRV PDWHULDOHV WH[WXUD
LQVWUXPHQWRV GH IDFKDGD FRORU \ VL IXHUD SRVLEOH OD UHVROXFLyQ FRQVWUXFWLYD GH ORV GLIHUHQWHV HOHPHQWRV TXH LQWHJUDQ OD FRPSRVLFLyQ
DUTXLWHFWyQLFD
(QODFRPSRVLFLyQGHIDFKDGDVVHSURKLEHH[SUHVDPHQWHODXELFDFLyQGHWHQGHGHURV/DFRORFDFLyQGHWROGRVSHUVLDQDVHQUROODEOHVUHMDV
HWFUHTXHULUiGHOLFHQFLDPXQLFLSDO\VHH[LJLUiXQLIRUPLGDGHQWRGDODIDFKDGDGHOHGLILFLR
$VLPLVPRVHSURKLEHH[SUHVDPHQWHODFRORFDFLyQHQPHGLDQHUtDVGHDQXQFLRV\YDOODVSXEOLFLWDULDV
(Q HO WUDWDPLHQWR FRPSRVLWLYR GH ODV SODQWDV EDMDV HQ ODV HGLILFDFLRQHV H[LVWHQWHV \ HQ HVSHFLDO HQ ORV ORFDOHV FRPHUFLDOHV VH SURKLEH
H[SUHVDPHQWH FXDOTXLHU UHIRUPD GH WLSR HVWUXFWXUDO HQ OD IDFKDGD TXH QR VHD SDUD UHVWLWXLU DO HGLILFLR ODV FDUDFWHUtVWLFDV WLSROyJLFDV
PRUIROyJLFDVRFRQVWUXFWLYDVGHWHUPLQDGDVSRUORVLQYDULDQWHVGHODDUTXLWHFWXUDORFDOWUDGLFLRQDO(QORVHGLILFLRVGHXVRUHVLGHQFLDOHQTXHVH
SHUPLWDODYLYLHQGDHQSODQWDEDMDODFRPSRVLFLyQGHIDFKDGDHVWDUiDFRUGHFRQHOUHVWRGHOHGLILFLR
/RV KXHFRV HQ IDFKDGD PDQWHQGUiQ VLHPSUH XQD SUHGRPLQDQFLD YHUWLFDO DOWXUD PD\RU TXH DQFKXUD HVWDQGR SURKLELGRV ORV KXHFRV
DSDLVDGRV0DQWHQGUiQXQDFRUUHFWDJUDGDFLyQGHWDPDxRDORODUJRGHODVSODQWDVGHODHGLILFDFLyQH[LVWLHQGRUHODFLRQHVIRUPDOHVHQWUHORV
HMHVGHVLPHWUtDYHUWLFDOHV/RVFHUUDPLHQWRVVHDFDEDUiQDEDVHGHHQOXFLGRVFRQUHYRFRVU~VWLFRVRPDHVWUHDGRVSLQWDGRVHQFRORUEODQFR
VLHQDFODURXRFUH3RGUiQH[LVWLU]yFDORVRUHFHUFDGRVHQKXHFRVUHDOL]DGRVHQSLHGUDQDWXUDORFHPHQWRYLVWRSLQWDGRGHELHQGRHYLWDUVHOD
LPDJHQGHIDOVRVPDPSXHVWRVRJUDEDGRVVXSHUILFLDOHV
1R VH SHUPLWLUi OD FDUSLQWHUtD GH DOXPLQLR QR ODFDGR /DV EDUDQGLOODV PHWiOLFDV GH EDOFRQHV VH SLQWDUiQ HQ FRORU QHJUR R JUDILWR
DGPLWLpQGRVHHOSDVDPDQRVHQPDGHUD
/DFXELHUWDVHUHDOL]DUiDYDULDVDJXDVFRQWHMDFHUiPLFDiUDEH/DVFKLPHQHDVGHEHUiQHVWDUDFDEDGDVFRQORVPLVPRVPDWHULDOHVTXHHO
UHVWRGHODIDFKDGD
&RPRUHIHUHQFLDGHODVUHVHUYDVHVWDEOHFLGDVDORVGLIHUHQWHVXVRVDHVWDEOHFHUHQ&DOSSOD]DSHUVRQDVSDUWLUGHSOD]DV
SOD]DPHQ]RQDVSDUDEDUHVGLVFRWHFDV\VDODVGHXVRVP~OWLSOHVHQKRWHOHVHWF
SOD]DPHQ]RQDVSDUDFDIHWHUtDVUHVWDXUDQWHV
SOD]DPHQ]RQDVFRPHUFLDOHV
SOD]DPHQ]RQDVDGPLQLVWUDWLYRVGHRILFLQDV
SOD]DPSDUDODV]RQDVGHVHUYLFLRGHODV]RQDVDQWHULRUHV
SOD]DPHQ]RQDVGHDUFKLYRVDOPDFHQHV
(QHODUWHVWDEOHFHODVXSHUILFLHPtQLPDREOLJDWRULDGHJDUDMHVHUiHQPHWURVFXDGUDGRVHOUHVXOWDGRGHPXOWLSOLFDUSRUHOQ~PHURGHSOD]DVGH
DSDUFDPLHQWRTXHVHGLVSRQJDLQFOX\HQGRDVtODViUHDVGHDFFHVR\PDQLREUD
9HUFRPHQWDULRVREUHDFFHVLELOLGDGHQOD3RQHQFLD
H/DVFRQGLFLRQHVHVWpWLFDV\GHLPDJHQXUEDQDJHQHUDOHVD&DOSVHFRQWLHQHQHQGLIHUHQWHVDUWtFXORV\VLJXLHQWHV
DUWLFXORVDOYDJXDUGLDGHODHVWpWLFDXUEDQD
/DGHIHQVDGHODLPDJHQXUEDQD\HOIRPHQWRGHVXYDORUDFLyQ\PHMRUDWDQWRHQORTXHVHUHILHUHDORVHGLILFLRVHQFRQMXQWRRLQGLYLGXDOL]DGDPHQWHFRPRD
ODViUHDVQRHGLILFDGDVFRUUHVSRQGHDO$\XQWDPLHQWRSRUORTXHFXDOTXLHUDFWXDFLyQTXHSXGLHUDDIHFWDUDODSHUFHSFLyQGHODFLXGDGGHEHUiDMXVWDUVHDOFULWHULR
TXHDOUHVSHFWRPDQWHQJD
(O$\XQWDPLHQWRSRGUiGHQHJDURFRQGLFLRQDUFXDOTXLHUDFWXDFLyQTXHUHVXOWHDQWLHVWpWLFDLQFRQYHQLHQWHROHVLYDSDUDODLPDJHQGHODFLXGDG(O
FRQGLFLRQDPLHQWRGHODDFWXDFLyQSRGUiVHUUHIHULGRDOXVRODVGLPHQVLRQHVGHOHGLILFLRODVFDUDFWHUtVWLFDVGHODVIDFKDGDVGHODVFXELHUWDVGHORVKXHFRVOD
FRPSRVLFLyQORVPDWHULDOHVHPSOHDGRV\HOPRGRHQTXHVHXWLOLFHQVXFDOLGDGRVXFRORUODYHJHWDFLyQHQVXVHVSHFLHV\VXSRUWH\HQJHQHUDODFXDOTXLHU
HOHPHQWRTXHFRQILJXUHODLPDJHQGHODFLXGDG
/DVQXHYDVFRQVWUXFFLRQHV\ODVPRGLILFDFLRQHVGHODVH[LVWHQWHVGHEHUiQUHVSRQGHUHQVXGLVHxR\FRPSRVLFLyQDODVFDUDFWHUtVWLFDVGRPLQDQWHVGHO
DPELHQWHHQTXHKD\DQGHHPSOD]DUVH$WDOILQVHSRQGUiHVSHFLDOFXLGDGRHQDUPRQL]DUVLVWHPDVGHFXELHUWDVFRUQLVDSRVLFLyQGHIRUMDGRVULWPRV
GLPHQVLRQHVGHKXHFRVPDFL]RVFRPSRVLFLyQPDWHULDOHVFRORU\GHWDOOHVFRQVWUXFWLYRV$ORVILQHVGHJDUDQWL]DUODGHELGDDGDSWDFLyQGHODVQXHYDV
HGLILFDFLRQHVDODV\DH[LVWHQWHV\DVXHQWRUQRSRGUiH[LJLUVHODDSRUWDFLyQGHORVDQiOLVLVGHOLPSDFWRVREUHHOPHGLRHQTXHVHORFDOLFHQFRQXWLOL]DFLyQGH
GRFXPHQWRVJUiILFRVGHOFRQMXQWRGHODVFDOOHVRSOD]DVDTXHDTXHOODVGLHUDQIUHQWH\RWURVDVSHFWRVGHVGHORVOXJDUHVTXHSHUPLWLHUDQVXYLVWD
JSURWHFFLRQHV
/DV1RUPDVGHO3*28HVWDEOHFHQ
$57,&8/23527(&&,21'(/3$75,021,2+,6725,&2$57,67,&2<&8/785$/
/RVHOHPHQWRVRVHFWRUHVGHLQWHUpVKLVWyULFRDUWtVWLFRDUTXHROyJLFRRFXOWXUDOHQJHQHUDOVHUiQREMHWRGHSURWHFFLyQHVSHFLDO
(QORVSODQRVGHO3*28YLHQHQGHOLPLWDGDVDTXHOODV]RQDVHQODVTXHVHSUHVXPHTXHSXHGHQH[LVWLUUHVWRVDUTXHROyJLFRV
$57,&8/23527(&&,21'(/3$,6$-(<9,67$6'(,17(5(6
,QGHSHQGLHQWHPHQWHGHODV]RQDVGHSURWHFFLyQTXHH[SUHVDPHQWHVHVHxDODQHQHVWH3ODQ*HQHUDOODFRQVHUYDFLyQGHODVYLVWDVGHLQWHUpV\
ODGHIHQVDGHORVYDORUHVSDLVDMtVWLFRVHQJHQHUDOFRQVWLWX\HXQRGHORVREMHWLYRVSULQFLSDOHVGHOPLVPR$WDOHIHFWRORVGHVPRQWHV\
WHUUDSOHQHVTXHVHSURGX]FDQSRUODHMHFXFLyQGHPRYLPLHQWRVGHWLHUUDVGHEHUiQVHUWUDWDGRVDGHFXDGDPHQWHFRQMDUGLQHUtDRDUERODGRDO
REMHWRGHUHVWDXUDUODVFRQGLFLRQHVQDWXUDOHVGHOSDLVDMH
$57,&8/2(/(0(1726&$7$/2*$'26081,&,3$/(6
(QORVLQPXHEOHVFDWDORJDGRVGHWLWXODULGDGS~EOLFDVHSRGUiQUHDOL]DUDTXHOODVREUDVTXHWHQJDQSRUREMHWRODDGHFXDFLyQ
DFRQGLFLRQDPLHQWRLQFOXVRDPSOLDFLyQFRPSDWLEOHFRQHOILQ\ODDFWLYLGDGTXHVHSUHWHQGDGHVDUUROODUHQGLFKRVHGLILFLRV\TXHWHQJDQSRU
REMHWRUHYLWDOL]DUHOXVRGHORVPLVPRV
DUWLFXORFRQVHUYDFLRQGHOHQWRUQR
/DVREUDVGHQXHYDHGLILFDFLyQGHEHUiQSUR\HFWDUVHWRPDQGRHQFRQVLGHUDFLyQODWRSRJUDItDGHOWHUUHQRODYHJHWDFLyQH[LVWHQWHODSRVLFLyQGHOWHUUHQR
UHVSHFWRDFRUQLVDVKLWRVXRWURVHOHPHQWRVYLVXDOHVHOLPSDFWRYLVXDOGHODFRQVWUXFFLyQSUR\HFWDGDVREUHHOPHGLRTXHODURGHD\HOSHUILOGHOD]RQDVX
LQFLGHQFLDHQWpUPLQRVGHVROHDPLHQWR\YHQWLODFLyQGHODVFRQVWUXFFLRQHVGHODVILQFDVFROLQGDQWHV\HQODYtDS~EOLFDVXUHODFLyQFRQpVWDODDGHFXDFLyQGHOD
VROXFLyQIRUPDODODWLSRORJtD\PDWHULDOHVGHOiUHD\GHPiVSDUiPHWURVGHILQLGRUHVGHVXLQWHJUDFLyQHQHOPHGLRXUEDQR
(O$\XQWDPLHQWRSRGUiH[LJLUODLQFOXVLyQHQODGRFXPHQWDFLyQFRQODTXHVHVROLFLWHOLFHQFLDGHXQHVWXGLRGHYLVXDOL]DFLyQ\SDLVDMHXUEDQRHQHOHVWDGR
DFWXDO\HQHOHVWDGRIXWXURTXHFRUUHVSRQGHUiDODLPSODQWDFLyQGHODFRQVWUXFFLyQSUR\HFWDGD
(O$\XQWDPLHQWRSRGUiDVLPLVPRHVWDEOHFHUFULWHULRVSDUDGHWHUPLQDUODGLVSRVLFLyQ\RULHQWDFLyQGHORVHGLILFLRVHQORTXHUHVSHFWDDVXSHUFHSFLyQYLVXDO
GHVGHODVYtDVSHULPHWUDOHVORVDFFHVRV\ORVSXQWRVPiVIUHFXHQWHVHLPSRUWDQWHVGHFRQWHPSODFLyQ
DUWLFXORPHGLDQHULDV
275263/$1(62&$7$/2*26
3ODQHV(VSHFLDOHVGH3URWHFFLyQ\&DWiORJRVGH%LHQHVGH,QWHUpVSDWULPRQLDO
(O3*28GLVSRQHGHXQ&$7/2*2'((/(0(1726<(',),&,263527(*,'26'(/7e50,12081,&,3$/'(&$/3
LQFOXLGRHQHO3*28GHOTXHVHKDQUHFRJLGRORVFLWDGRVHQHOSXQWR
(O&$QRGLVSRQHGHRWURLQVWUXPHQWRGHSODQHDPLHQWRVHFWRULDOELHQVHDGHSURWHFFLyQSDWULPRQLDORPHGLRDPELHQWDOGHORV
GLVSRQLEOHV HQ OD OHJLVODFLyQ YDOHQFLDQD (O 3* FRPR KHPRV YLVWR VXSOH HVWD FDUHQFLD FRQ XQD QRUPDWLYD HVSHFLDO \ XQ
VHxDODPLHQWRGHGRWDFLRQHVS~EOLFDV\HOHPHQWRVUHOHYDQWHVHQHO&DVFR$QWLJXR
(O &$ GH &DOS WLHQH VHJ~Q HO &DWiORJR \ 0HPRULD GHO 3* OD FRQVLGHUDFLyQ GH 1~FOHR +LVWyULFR 7UDGLFLRQDO \ FRQ HO
'HFUHWR GH %LHQ GH 5HOHYDQFLD GH 5HOHYDQFLD /RFDO SRU WDQWR SURWHJLGR SRU OD /H\ 9DOHQFLDQD GHO 3DWULPRQLR
'LVSRQH GH 2UGHQDQ]D GLIHUHQFLDGD (O &$7/2*2 '( %,(1(6 < (63$&,26 3527(*,'26 GHO PXQLFLSLR VH FRQWLHQH
FRPR$QH[R,,GHO3*28FRQORVHGLILFLRVGHO&$TXHVHFLWDQHQOD3RQHQFLDGH8UEDQLVPR7DOFRPRVHDSXQWDEDHQOD
FLWDGD3RQHQFLDFDEUtDODSRVLELOLGDGGHFRQVLGHUDUDOJXQRVQRPiVGHFXDWURHGLILFLRVVLQJXODUHVGHOLQWHULRUGHO&$GHQWUR
GH OD PLVPD FDWHJRUtD GH %5/ TXH DWHQGLHUDQ D ODV GHILQLFLRQHV GH OD /H\ 9DOHQFLDQD GHO 3DWULPRQLR GH \ VXV
PRGLILFDFLRQHVGH\VXFLWDGR'HFUHWRGHGH0D\RDUW\
/RVSDxRVPHGLDQHURVDOGHVFXELHUWRGHEHUiQWUDWDUVHGHIRUPDTXHVXDVSHFWR\FDOLGDGVHDQWDQGLJQRVFRPRORVGHODVIDFKDGDV
3RUUD]RQHVGHRUQDWRXUEDQRHO$\XQWDPLHQWRSRGUiDVXPLUODHMHFXFLyQGHREUDVGHPHMRUDGHPHGLDQHUtDVHQGHWHUPLQDGRVHVSDFLRVS~EOLFRVGH
LPSRUWDQFLDYLVXDO\HVWpWLFD
(O$\XQWDPLHQWRSRGUiHODERUDUFULWHULRVHVWpWLFRV\GHGLVHxRTXHVHDQGHREOLJDGDREVHUYDQFLDHQODVREUDVGHPDQWHQLPLHQWR\GHFRURGHPHGLDQHUtDV\
IDFKDGDVHQJHQHUDO\UHTXHULUDODSURSLHGDGGHORVLQPXHEOHVSDUDVXFXPSOLPLHQWR
DUWLFXORIDFKDGDV
/DVIDFKDGDVODWHUDOHV\SRVWHULRUHVVHWUDWDUiQFRQFRQGLFLRQHVGHFRPSRVLFLyQ\PDWHULDOHVVLPLODUHVDORVGHODIDFKDGDSULQFLSDO
(QODVREUDVTXHDIHFWHQDODSODQWDEDMDpVWDGHEHUiDUPRQL]DUFRQHOUHVWRGHODIDFKDGD
3RUUD]RQHVGHRUQDWRXUEDQRHO$\XQWDPLHQWRSRGUiDVXPLUODHMHFXFLyQGHREUDVGHPHMRUDGHIDFKDGDVHQGHWHUPLQDGRVHVSDFLRVS~EOLFRVGHLPSRUWDQFLD
YLVXDO\HVWpWLFD
(QHGLILFLRVQRFDWDORJDGRVSRGUiSURFHGHUVHDODPRGLILFDFLyQGHODVFDUDFWHUtVWLFDVGHXQDIDFKDGDH[LVWHQWHGHDFXHUGRFRQXQSUR\HFWRDGHFXDGRTXH
JDUDQWLFHXQUHVXOWDGRKRPRJpQHRGHOFRQMXQWRDUTXLWHFWyQLFR\VXUHODFLyQFRQORVFROLQGDQWHV
6HSRGUiDXWRUL]DUHOFHUUDPLHQWRGHWHUUD]DV\EDOFRQHVH[LVWHQWHVGHDFXHUGRFRQODVGHWHUPLQDFLRQHVGHXQSUR\HFWRGHOFRQMXQWRGHODIDFKDGDTXH
GHEHUiSUHVHQWDUODFRPXQLGDGRHOSURSLHWDULRGHOHGLILFLR(QFDVRVMXVWLILFDGRVSRGUiHO$\XQWDPLHQWRKDFHUVHFDUJRGHODHODERUDFLyQGHHVWHSUR\HFWRGH
GLVHxRGHFRQMXQWRGHODIDFKDGDUHSHUFXWLHQGRVXFRVWHHQODVOLFHQFLDVFRUUHVSRQGLHQWHV
(QHGLILFLRVHQTXHVHKXELHUDQUHDOL]DGRFHUUDPLHQWRVDQiUTXLFRVGHWHUUD]DVHO$\XQWDPLHQWRSRGUiUHTXHULUSDUDODDGHFXDFLyQGHODVPLVPDVDXQD
VROXFLyQGHGLVHxRXQLWDULR
(QHGLILFLRVH[LVWHQWHVQRFDEUiDXWRUL]DUODLQVWDODFLyQGHFDSLDO]DGRVH[WHULRUHVSDUDSHUVLDQDVHQUROODEOHVRWROGRVVDOYRTXHH[LVWDDFXHUGRGHOFRQMXQWR
GHSURSLHWDULRVGHOLQPXHEOHSDUDDGRSWDULGpQWLFDVROXFLyQHQORVKXHFRV
3RUUD]RQHVGHFRPSRVLFLyQGHOHVSDFLRXUEDQR\FRQFRUGDQFLDFRQHOUHVWRGHORVHGLILFLRVHQiUHDVGHXVRFDUDFWHUtVWLFRUHVLGHQFLDOVHHYLWDUiQODV
IDFKDGDVFLHJDVGHELHQGRHQWRGRFDVRPDQWHQHUVHODLOXPLQDFLyQQDWXUDODWUDYpVGHODIDFKDGD
DUW\VVLQVWDODFLRQHVYDULDV
/DVLQVWDODFLRQHVHQODIDFKDGDPDUTXHVLQDVSRUWDGDV\HVFDSDUDWHVWROGRVPXHVWUDV\DQXQFLRVEDQGHULQHVHVWiQUHJXODGDVDVtFRPRODVFRQGLFLRQHVGHODV
GRWDFLRQHVDUWLFXOR\VVGHDJXDHQHUJtDHOpFWULFDJDVFRPEXVWLEOHVOtTXLGRVHQHUJtDVDOWHUQDWLYDVFRPXQLFDFLyQHYDFXDFLyQGHSOXYLDOHV\UHVLGXDOHV
KXPRV\FXDUWRVGHEDVXUD$UWFRQORFDOREOLJDGR\YHQWLODFLyQLQGHSHQGLHQWH
IFRQGLFLRQHVHVWpWLFDVGHOFDVFRDQWLJXR
6HHVWDEOHFHFRQFDUiFWHUHVSHFtILFRSDUDHO&+HQHODUWtFXOR
6RQELHQHVLQPXHEOHVGHUHOHYDQFLDORFDODTXHOORVLQPXHEOHVTXHSRVHHQHQHOiPELWRFRPDUFDORORFDOYDORUHVKLVWyULFRVDUWtVWLFRVDUTXLWHFWyQLFRV
DUTXHROyJLFRVSDOHRQWROyJLFRVRHWQROyJLFRVHQJUDGRUHOHYDQWHDXQTXHVLQODVLQJXODULGDGSURSLDGHORVELHQHVGHFODUDGRVGHLQWHUpVFXOWXUDO
,JXDOPHQWHFDEHFLWDUORV35,GH0HMRUDTXHFDPELDQGHWHUPLQDGDVFRQGLFLRQHV\DPSOtDQHOFRQWHQLGRGHO3ODQ*HQHUDO
FRPRHV\DVtORSURSRQHPRVQXHVWURFDVR
18(9$6+(55$0,(17$6/(*$/(6
/DQXHYD/H\GHODV5\ODSROtWLFDGHYLYLHQGD
/DOHJLVODFLyQHVSDxRODGLVSRQHGHVGHKDFHGRVPHVHVGHQXHYDVKHUUDPLHQWDVSDUDIDFLOLWDUODLQWHUYHQFLyQHQORVQ~FOHRV
XUEDQRV\HQODPHMRUDGHODYLYLHQGD1RVGHWHQHPRVH[FOXVLYDPHQWHSRUVXWUDVFHQGHQFLDHQODVTXHDIHFWDQODVYLYLHQGDV
\DVXVGRWDFLRQHVTXHFRQVWLWX\HQHOHOHPHQWRFODYHGHO&$GH&DOS
'HEHPRVGHVWDFDUXQDQXHYDSROtWLFDGHYLYLHQGDLPSXOVDGDSRUHODFWXDOJRELHUQRHVSDxROTXHVHEDVDHQIRPHQWDUHO
PHUFDGR GHO DOTXLOHU HQ GHVWLQDU ODV D\XGDV DO DOTXLOHU D ODV SHUVRQDV PiV QHFHVLWDGDV \ HQ LPSXOVDU OD UHKDELOLWDFLyQ
UHVLGHQFLDOODUHJHQHUDFLyQ\ODUHQRYDFLyQXUEDQDVPHGLDQWH
D XQD/(<'(0(','$6'()/(;,%,/,=$&,1<)20(172'(/0(5&$'2'($/48,/(5'(9,9,(1'$6
E XQ3/$1(67$7$/'(9,9,(1'$\
F XQDQXHYD/(<'(5(+$%,/,7$&,15(*(1(5$&,1<5(129$&,185%$1$FRQRFLGDFRPROD/H\GH
ODV5,QLFLDWLYDVTXHHQFDMDQSHUIHFWDPHQWHHQORVREMHWLYRVGHO$\XQWDPLHQWRSDUDHO&+GH&DOS\SRUHOOR
YDPRVDGHWHQHUQRVHQVXVSRVLELOLGDGHVFRQFUHWDVSDUDHVWD]RQD
(Q HVWH &RQFXUVR SDUD HO &+ GH &DOS QRV FRQYLHQH WHQHU HQ FXHQWD HVSHFLDOPHQWH /(< '( 5(+$%,/,7$&,1
5(*(1(5$&,1<5(129$&,185%$1$6FRQRFLGDFRQ/H\GHODV5TXHKDVLGRUHFLHQWHPHQWHDSUREDGDSRUODV
&RUWHVFRPR/H\GHGH-XQLR
6XREMHWLYRHQSULPHUOXJDUHVRIUHFHUXQPDUFRQRUPDWLYRTXHKDJDYLDEOHODUHKDELOLWDFLyQHGLILFDWRULDODUHJHQHUDFLyQ\
ODUHQRYDFLyQXUEDQDVWDQWRDQLYHOLQGLYLGXDOGHHGLILFDFLRQHVGHYLYLHQGDFRPRDQLYHOFRQMXQWRGHYDULRVLQPXHEOHVHQXQ
iPELWRDDSUREDUSRUOD$GPLQLVWUDFLyQ5HFRQRFHHOEDMRSRUFHQWDMHTXHKD\HQ(VSDxDGHUHKDELOLWDFLRQHVHQ(XURSDVH
PXHYHHQWRUQRDO\HQ(VSDxDDO\DVtFUHDQXHYRVLQVWUXPHQWRVGHLQWHUYHQFLyQWDQWRS~EOLFRVFRPRSULYDGRV
TXHHQHVWH&RQFXUVRLQWHUHVDQ
(GLILFLRVGHYLYLHQGDV
7RGDVODVYLYLHQGDVWHQtDQKDVWDKR\/5$8ODGHGLVSRQHUGHXQ,QIRUPH7pFQLFRGHOHGLILFLR,7(DSDUWLUGHORV
DxRVGHDQWLJHGDG\GHVGH-XQLRGHHVWHDxRGHXQ,QIRUPHGH&DOLILFDFLyQHQHUJpWLFDFXDQGRVHDQREMHWRGHYHQWDR
DOTXLOHU GH IRUPD SHUPDQHQWH &RQ HVWD QXHYD /H\ ORV HGLILFLRV GH YLYLHQGDV SOXULIDPLOLDUHV QR HQWUD HQ ORV HGLILFLRV
XQLIDPLOLDUHVGHEHUiQGLVSRQHUGHXQ,QIRUPHSDUDOD(YDOXDFLyQGH(GLILFLRV,((REOLJDWRULRSDUDHGLILFLRVGHPiVGH
DxRVDUHQRYDUFDGDTXHUHXQHHQHOPLVPR,QIRUPHODVLWXDFLyQWpFQLFD\FRQVWUXFWLYD,7(ODFDOLILFDFLyQHQHUJpWLFD
&HUWLILFDFLyQ(QHUJpWLFD\ODVPHMRUDVSUHFLVDVGHDFFHVLELOLGDG,QIRUPHTXHSXHGHVHUDFRPHWLGRSRUODV&RPXQLGDGHVGH
9HFLQRV \ FX\DV UHFRPHQGDFLRQHV WDPELpQ SXHGHQ VHU OOHYDGDV D FDER SRU ODV PLVPDV VLQ XQDQLPLGDGHV \ FRQ IRQGRV
SURSLRVRSUpVWDPRVVREUHWRGDVODVYLYLHQGDV\ORFDOHVGHOHGLILFLRDUW
/DVREUDVGHFRQVHUYDFLyQGHXQHGLILFLRGHYLYLHQGDVKDVWDDKRUDGHILQLGDVHQHO,7(VRQXQGHEHUGHORVSURSLHWDULRVFRQHO
OtPLWH\DFRQRFLGRGHOGHVXYDORUGHQXHYDFRQVWUXFFLyQSDUDODVTXHSXHGHQVROLFLWDUFRQFDUJRDO3ODQGHXQDD\XGD
TXHSXHGHOOHJDUKDVWDORVSRUYLYLHQGDRSRUFDGDPGHORFDO
/DVDFWXDFLRQHVGHDFFHVLELOLGDGVRQSRUWDQWRODVPiVQRYHGRVDVDVFHQVRUHVUDPSDVHWF\WLHQHQSRUREMHWR
JDUDQWL]DU HO DFFHVR D ODV YLYLHQGDV GH SHUVRQDV GLVFDSDFLWDGDV 'DGD VX SRVLEOH FDUHVWtD VX FRVWH VH OLPLWD D DMXVWHV
UD]RQDEOHVHVHOWpUPLQRXWLOL]DGRORTXHVLJQLILFDTXHQRGHEHVXSHUDUPHQVXDOLGDGHVGHORVJDVWRVRUGLQDULRVGH
7LHQHQ DVLPLVPR OD FRQVLGHUDFLyQ GH %5/ VLQ SHUMXLFLR GH VX GHILQLWLYD HYDOXDFLyQ H LQVFULSFLyQ HQ ORV FRUUHVSRQGLHQWHV FDWiORJRV PXQLFLSDOHV ORV
Q~FOHRVKLVWyULFRVWUDGLFLRQDOHVTXHDVtVHGHOLPLWHQ\UHFRQR]FDQFRQIRUPHDORGLVSXHVWRHQHVWHGHFUHWR
(Q DSOLFDFLyQ D OD OHJLVODFLyQ YLJHQWH GHEHQ VHU FRQVLGHUDGRV KR\ FRPR HOHPHQWRV SURWHJLGRV HO FRQMXQWR GHO 1~FOHR
+LVWyULFR7UDGLFLRQDO1+7%5/\ODLJOHVLDDQWLJXDFRPRDUTXLWHFWXUDUHOLJLRVDDQWHULRUD'LVS7UDQVLWRULDPRGLI/H\
DVtFRPRODVPXUDOODVDYDODGDVSRUVXSHUWHQHQFLDDFDVWLOORRUHFLQWRIRUWLILFDGR%,&VHJ~Q'LVS$GLFLRQDOPRGLI
/H\SHURGHVILJXUDGDVHQVXPDWHULDOL]DFLyQDFWXDOWUDVVXUHFRQVWUXFFLyQ(O1+GHEHHQSULQFLSLRFHxLUVHDO&HQWUR
+LVWyULFR\GHEHGHMDUVHDODUHJXODFLyQQRUPDWLYDHOWUDWDPLHQWRGLIHUHQFLDGRGHO&$\&+
/DUHGDFFLyQGHXQQXHYR3ODQ*HQHUDODFRUGDGDKDFHFXDWURDxRVSRUHO$\XQWDPLHQWRGHEHGHFLGLULQFOXLUHQpOHO&DWiORJR
RWUDPLWDUORFRPRGRFXPHQWRLQGHSHQGLHQWH7DPELpQSXGLHUDDERUGDUVHDXQTXHSDUHFHUtDGHVSURSRUFLRQDGRVRORSRUHVWD
UD]yQHQXQ3ODQ(VSHFLDOGH3URWHFFLyQGHO&+SUHYLVWRHQOD/H\GH3DWULPRQLRDUW1RVLQFOLQDPRVPiVSRUXQ3ODQGH
5HKDELOLWDFLyQR5HIRUPDXUEDQDGHO&$TXHFRQWHQJDDGHPiV\VLQHQWUDUHQWHPDVGHXVRV\HGLILFDFLyQWRGDODUHJXODFLyQ
FRPSOHPHQWDULDQRGLVSRQLEOHHQHO3*LQFLGDHQHOWUDWDPLHQWR\GLVHxRGHHVSDFLRVS~EOLFRV\WLSRVHGLILFDWRULRVHLQFRUSRUH
ODVQXHYDVUHJXODFLRQHVSDLVDMtVWLFD\GHVRVWHQLEOLOLGDG(QFXDOTXLHUFDVRVHGHEHQLQFOXLUHVWRVHGLILFLRV\HOFRQMXQWRGHO
1+FRPR%5/\VHUDERUGDGRVFRQHOFRQWHQLGR\IRUPDWRGHODOHJLVODFLyQSDWULPRQLDOGHIRUPDTXHSXGLHUDQVHUUHFRJLGRV
HQHO&DWiORJRGHOD&RQVHOOHULDGH&XOWXUD/RV%5/TXHVHGHFODUHQHQHOLQWHULRUGHO1+7FDWDORJDGRQRQHFHVLWDUtDQGHILQLU
HQWRUQRGHSURWHFFLyQQLVROLFLWDUDXWRUL]DFLyQSUHYLDDOD&RQVHOOHULDSDUDODFRQFHVLyQGHOLFHQFLDVSRUHO$\XQWDPLHQWR
/DGHOLPLWDFLyQGHOiPELWRGHO1+7%5/DVtFRPRODLQFOXVLyQGHXQRVXRWURVLQPXHEOHVFRQFUHWRVFRPRGHUHOHYDQFLDORFDO
SXHGHVHUODDQWHULRURQXHYDTXHGDHQPDQRVGHO$\XQWDPLHQWR\VHUtDXQDGHODVDFWXDFLRQHVSURSXHVWDVHQHVWH&RQFXUVR
GH,GHDVYHU$FW
3ODQHV(VSHFLDOHVXUEDQtVWLFRV
'DGDV ORV GHO &RQFXUVR \ ODV FDUDFWHUtVWLFDV GHO &$ GH &DOS FDEUtD OD SRVLELOLGDG GH DERUGDU HQ pO DOJXQR GH ORV 3ODQHV
(VSHFLDOHVSUHYLVWRVHQOD/89DUWG\\VX5HJODPHQWRGH2UGHQDFLyQ\*HVWLyQ7HUULWRULDO\8UEDQtVLWLFD52*78
GHIRUPDTXHSXHGDGLVSRQHUVHGHXQLQVWUXPHQWRUHJODGRTXHUHFRMDWRGDVODVSURSXHVWDVUHVXOWDQWHVGHHVWH
&RQFXUVR\GHODYROXQWDGPXQLFLSDO
(ODUWGHO52*78GLVWLQJXH
3(GHUHVHUYDGHVXHORSDUDFUHDURDPSOLDUUHVHUYDVGHVXHORSDUDGRWDFLRQHVDFWXDFLRQHVGHLQWHUpVS~EOLFR
RSDWULPRQLRVS~EOLFRVGHOVXHOR
3(GHSURWHFFLyQLQWHJUDFLyQ\IXQFLRQDOLGDGSDUDGHILQLU\SURWHJHUODVGRWDFLRQHVHLQIUDHVWUXFWXUDV
3(GHFRQVHUYDFLyQ\SUHVHUYDFLyQSDUDGHILQLU\SURWHJHUHOSDLVDMH\PHGLRQDWXUDORDGRSWDUPHGLGDVSDUDOD
PHMRUFRQVHUYDFLyQGHLQPXHEOHVGHLQWHUpVFXOWXUDO\DUTXLWHFWyQLFRDOPDUJHQGHVHURQR%5/
3(GHGHILQLFLyQGHDFWXDFLRQHVXUEDQtVWLFDVVLQJXODUHVSDUDGHILQLUVXVFRQGLFLRQHVGHXUEDQL]DFLyQ\
(GLILFDFLyQ
3(GHYLQFXODFLyQDUHJtPHQHVGHSURWHFFLyQS~EOLFDSDUDYLQFXODUiUHDVRSDUFHODVDODFRQVWUXFFLyQR
UHKDELOLWDFLyQGHYLYLHQGDVVXMHWDVDUHJtPHQHVGHSURWHFFLyQS~EOLFD
&RPRYHPRVWRGDVHOODVFRLQFLGHQWHVFRQSODQWHDPLHQWRVH[SXHVWRVHQODV%DVHVGHO&RQFXUVR(VWDVKHUUDPLHQWDVFRPR
GHFLPRVHVWiQYLQFXODGDVDODVSURSXHVWDVUHVXOWDQWHVWUDWDGDVHQOD)DVHGHHVWD3OLFD
3ODQHVGH5HIRUPD,QWHULRU
(O3*28HQVXVSODQRV\HQFRQFUHWRHQHODUWGHVXV1RUPDV8UEDQtVWLFDVVHxDODPHOLQWHULRUGHODPDQ]DQD
GHOERUGH1RUWHGHOFDVFRTXHKHPRVGHQRPLQDGRiUHDGHRSRUWXQLGDGSDUDVHUREMHWRGHXQ3ODQGH5HIRUPD,QWHULRUDUW
\ GH OD /89 \ GHO 52*78 SDUD VHU GLVHxDGD \ GHVDUUROODGD FRQ GHVWLQR SDUFLDO D 3DUTXH 8UEDQR SRU OD \
$SDUFDPLHQWR3ODQTXHILMHODVDOLQHDFLRQHVUDVDQWHV\DOWXUDVGHODHGLILFDFLyQ(O3DUTXH8UEDQRFDEHHQWHQGHUVHGDGDV
ODVWLSRORJtDVGH=RQDV9HUGHVGHO52*78DUWFRPR-DUGtQ-/FX\DVXSHUILFLHPtQLPDHVGHP(O3DUTXH4/
SUHFLVDUtDPTXHQRGLVSRQHiUHDDIHFWDGD
FRPXQLGDG\SXHGHQVHUUHSHUFXWLGRVDQXDOPHQWHSDJDQGRXQFUpGLWRDGRVRWUHVDxRV6HIOH[LELOL]DQODVFRQGLFLRQHV
XUEDQtVWLFDVSDUDLQVWDODUDVFHQVRUHVRFXSDQGRSDWLRVHLQFOXVRHVSDFLRVS~EOLFRVTXHHQVXFDVRVHJXLUiQGHELHQGRDWHQGHU
ODVFRQGLFLRQHVGHSURWHFFLyQDOSDWULPRQLR/RV$\XQWDPLHQWRVSRGUiQDFRUGDULQFOXVRFRQORVYHFLQRVODFHVLyQJUDWXLWDGHO
XVRGHHVHHVSDFLRSDUDQRHQFDUHFHUODLQVWDODFLyQGHXQDVFHQVRU
(QHOPLVPRFDVRVHHQFXHQWUDQODVDFWXDFLRQHVGHDLVODPLHQWRWpUPLFRHQFXELHUWDVPHGLDQHUDV\FDUSLQWHUtDVH[WHULRUHV
YHQWDQDV \ SXHUWDV FRQ HO ILQ GH PHMRUDU VX HILFLHQFLD HQHUJpWLFD \ GLVPLQXLU HO FRQVXPR GH HQHUJtD GH FDOHIDFFLyQ R
UHIULJHUDFLyQGHOHGLILFLR,QFOXVRLQVWDODUH[WHULRUPHQWHFDSWDGRUHVVRODUHVRIRUURVWpUPLFRV6LHODKRUURHVVXSHULRUDO
GHODIDFWXUDWLHQHQIOH[LELOLGDGXUEDQtVWLFD\GLVSRQHQGHD\XGDVGHKDVWDSRUYLYLHQGDSXGLHQGROOHJDUDVLVH
UHGXFHHQXQODGHPDQGDHQHUJpWLFDGHOHGLILFLRFRQFDUJRDO3ODQGHOD9LYLHQGD0HGLGDV\D\XGDVTXHVHGDQWDPELpQ
SDUDPHMRUDUHOFRQVXPRUDFLRQDOGHODJXD\GLVPLQXLUVXFRQVXPRHQHOFRQMXQWRGHOHGLILFLRDOPHQRVXQ
(O 3/$1 (67$7$/ '( 9,9,(1'$ \D DSUREDGR %2( $EULO GLVSRQGUi HQ JHQHUDO GH PLOORQHV SDUD
DWHQGHUWRGRV HVWRV LQFHQWLYRV HFRQyPLFRV \ VXEYHQFLRQHV GLUHFWDV FDQWLGDG TXH VH QRV DQWRMD PX\ FRUWD 6X FXDQWtD QR
VXSHUDUi HO GHO SUHVXSXHVWR 6H HVWUXFWXUD HQ VLHWH SURJUDPDV VXEVLGLDFLyQ GH SUpVWDPRV FRQYHQLGRV D\XGDV DO
DOTXLOHUIRPHQWRGHOSDUTXHS~EOLFRGHYLYLHQGDVIRPHQWRDODUHKDELOLWDFLyQIRPHQWRGHODUHJHQHUDFLyQXUEDQDDSR\RDOD
LPSODQWDFLyQGHO,((\IRPHQWRGHFLXGDGHVVRVWHQLEOHV7RGDVODVD\XGDVSRGUiQVHUVROLFLWDGDVSRUODV&RPXQLGDGHVGH
3URSLHWDULRV FRQ OR TXH VH DJLOL]D PXFKR OD JHVWLyQ GH ODV REUDV \ VH FRQVLJXH XQ DKRUUR LPSRUWDQWH DO UHDOL]DU ODV
DFWXDFLRQHVGHXQDVRODYH]\SDUDWRGRHOHGLILFLR\QRYHFLQRDYHFLQR
(VWDEOHFH PHFDQLVPRV GH ILQDQFLDFLyQ H[WHUQD \ VH PRGLILFDQ GHWHUPLQDGRV UHJtPHQHV GH XQDQLPLGDG R PD\RUtDV
HVWDEOHFLGRVSRUOD/H\GH3URSLHGDG+RUL]RQWDO
&RQMXQWRVRFRPSOHMRVLQPRELOLDULRV
(QHODUWGHOD/H\GHODV5GHILQH
D
E
5. AYUDAS
$\XGDVHXURSHDV
/DV D\XGDV HXURSHDV FRQWLHQHQ XQDV VLQJXODULGDGHV TXH KDFHQ QHFHVDULR XQ DQiOLVLV PiV GHWDOODGR \ HVSHFtILFR SHUR
GHEHPRVDOPHQRVKDFHUXQDFLWDGHHOODV
&DOSWLHQHKDE\SXHGHSRUWDQWRVROLFLWDUD\XGDVGHO3URJUDPD85%$1GHOD8(SURJUDPDGHGLFDGRDIDYRUHFHU
HO GHVDUUROOR VRVWHQLEOH GH ODV FLXGDGHV \ EDUULRV HQ FULVLV \ TXH HQFDMD MXVWDPHQWH FRQ HO REMHWLYR GH HVWH &RQFXUVR GH
5HJHQHUDFLyQ HFRQyPLFD VRFLDO \ DPELHQWDO GH VX FDVFR KLVWyULFR (O 3URJUDPD 85%$1 ,, VH HVWi GHVDUUROODQGR HQ HO
SHULRGR\DEDUFDD]RQDVGHVIDYRUHFLGDVHQWRGDOD8(FX\DGRWDFLyQDVFLHQGHDPLOORQHVGHHXURVTXH
HVWiQ ILQDQFLDGDV VREUH HO GHO JDVWR $OJXQRV PXQLFLSLRV YHFLQRV FDVR GH *DQGtD FRQ XQRV SUHVXSXHVWRV GH
PLOORQHVGHHXURVWDPELpQSDUDXQRGHVXVEDUULRVVHLQFOX\HQHQWUHVXVEHQHILFLDULRV
/DSROtWLFDUHJLRQDOHXURSHDDVLJQDHQHOSHULRGRXQDFDQWLGDGLPSRUWDQWHSDUDORV)RQGRV(VWUXFWXUDOHV)('(5
PLOORQHVGHGRQGHVHQXWUHQOD,QLFLDWLYD85%$1\RWURVSURJUDPDV\RWUDPiVUHGXFLGDSDUDPLOORQHVSDUD
ORV)RQGRVGH&RKHVLyQSDUDIDYRUHFHUODFRQYHUJHQFLDPHGLDQWHSUR\HFWRVGHLQIUDHVWUXFWXUDVGHOPHGLRDPELHQWH\ORV
WUDQVSRUWHVGHQDFLRQHVFRQPHQRVGHOGHO3,%PHGLRSHUFiSLWDGHOD8(RUHJLRQHVSRUGHEDMRHOTXHVRQORV
LQVWUXPHQWRVILQDQFLHURVGHGLFKDSROtWLFD&DOS\DWLHQHODH[SHULHQFLDGHOFLWDGR3ODQGH$FFLyQ&RPHUFLDOGH&DOS3$&FRQ
XQDLQYHUVLyQHQGHTXHKDVLGRILQDQFLDGRHQXQSRU)RQGRV)('(5
$FWXDFLRQHVGHUHKDELOLWDFLyQHGLILFDWRULDFXDQGRH[LVWDQVLWXDFLRQHVGHLQVXILFLHQFLDRGHJUDGDFLyQGHORVUHTXLVLWRVEiVLFRVGH
IXQFLRQDOLGDGVHJXULGDG\KDELWDELOLGDGGHODVHGLILFDFLRQHV/H\GH2UGHQDFLyQGHOD(GLILFDFLyQ\&7(
$FWXDFLRQHVGHUHJHQHUDFLyQ\UHQRYDFLyQXUEDQDFXDQGRDIHFWHQWDQWRDHGLILFLRVFRPRDWHMLGRVXUEDQRVSXGLHQGROOHJDULQFOXLUREUDV
GHQXHYDHGLILFDFLyQHQVXVWLWXFLyQGHHGLILFLRVSUHYLDPHQWHGHPROLGRV3RGUiQWHQHUFDUiFWHULQWHJUDGRFXDQGRDUWLFXOHQPHGLGDV
VRFLDOHVDPELHQWDOHV\HFRQyPLFDVHQPDUFDGDVHQXQDHVWUDWHJLDJOREDO\XQLWDULD7DPELpQSRGUiQDOWHUDUODRUGHQDFLyQXUEDQtVWLFD
YLJHQWHVLVLJXHQORVWUiPLWHVFRUUHVSRQGLHQWHV
/D LQLFLDWLYD HQ ODV DFWXDFLRQHV FLWDGDV $UW SRGUi SDUWLU GH ORV SURSLHWDULRV GH ODV &RPXQLGDGHV R GH ODV
$GPLQLVWUDFLRQHV3~EOLFDV(VWDVSRGUiQDERUGDUVXHMHFXFLyQSRUH[SURSLDFLyQHMHFXFLyQVXEVLGLDULDRSRUJHVWLyQGLUHFWDR
LQGLUHFWDHQIRUPDWRSDUHFLGRDORV3$,VVREUHVXHORXUEDQL]DEOHHVGHFLUFRQDJHQWHUHXUEDQL]DGRUSHURFRQODVOyJLFDV\
PiVSUHFLVDVFRQGLFLRQHVVREUHODSREODFLyQ\YLYLHQGDVDIHFWDGDVUHDORMRVFRPSHQVDFLRQHVHWF'HVWDFDODLQFRUSRUDFLyQ
FRPRGRFXPHQWDFLyQ EiVLFDGH WRGDV HOODV GHXQD0HPRULD GH 9LDELOLGDG (FRQyPLFDD OD TXH GHGLFD FRPSOHWR HODUW
SDUD DVHJXUDU OD UHQWDELOLGDG OD DGHFXDFLyQ D ORV OtPLWHV GHO GHEHU GH FRQVHUYDFLyQ \ HO DGHFXDGR HTXLOLEULR HQWUH ORV
EHQHILFLRV \ FDUJDV GHULYDGRV SDUD ORV SURSLHWDULRV DIHFWDGRV \ SDUD DVHJXUDU OD ILQDQFLDFLyQ \ HO PDQWHQLPLHQWR GH ODV
UHGHVS~EOLFDV\HOLPSDFWRHQODV+DFLHQGDV3~EOLFDVHQXQFDPLQR\DLQLFLDGRHQOD/H\GHO6XHOR
$PEDV SXHGHQ DIHFWDU DO &+ GH &DOS HVSHFLDOPHQWH ODV GH GLIHUHQWHV iUHDV GH RSRUWXQLGDG \ ODV GH UHJHQHUDFLyQ GH
HVSDFLRVS~EOLFRVFDOOHVSOD]DV]RQDVYHUGHVHLQIUDHVWUXFWXUDVHVSHFLDOPHQWHGHXVRPiVUDFLRQDOGHODJXDPHMRUDGH
ODV SHUVSHFWLYDV WXUtVWLFDV WXULVPR UHVSRQVDEOH VH FLWD HQ HO DUW L SXHVWD HQ YDORU GHO SDWULPRQLR HWF ILQDOLGDGHV \
SROtWLFDVTXHSURPXHYHOD/H\HQVXDUW\TXHFRLQFLGHQFRQORVWUHVREMHWRVGHO&RQFXUVR
/DGHOLPLWDFLyQGHOiPELWRDUW\WLHQHTXHVHUDSUREDGDSRUHO$\XQWDPLHQWR\FRPSRUWDODGHFODUDFLyQGHODXWLOLGDG
S~EOLFDRLQWHUpVVRFLDOGHODVDFWXDFLRQHVSURSXHVWDVGHUHFKRVGHWDQWHR\UHWUDFWR\RFXSDFLyQGHHVSDFLRVOLEUHVHQWUH
RWURVHIHFWRV
(VXQDKHUUDPLHQWDPX\SRWHQWHSDUDDFWXDUHQORVVXHORVXUEDQRVFRQVROLGDGRV\VXp[LWRRFRQIOLFWLYLGDGGHEHQGHWUDWDUVH
FRQWRGRPLPR
3ODQGH$FFLyQ&RPHUFLDOGH&DOSYHU3RQHQFLD(FRQRPLD
&RQpOVHKDQDFRPHWLGRGLYHUVDVREUDVHQHO&$\VHKDGRWDGRGHVHxDOpWLFDEiVLFDHQVXVOtPLWHVFRQHOFHQWURXUEDQR
'DGDODDFWXDODGVFULSFLyQGHUHJLRQHVDORVGLVWLQWRV2EMHWLYRVGHORV)RQGRVOD&RPXQLGDG9DOHQFLDQDTXHKDHVWDGRHQHO
2EMHWLYRGH&RQYHUJHQFLD\XQDYH]DPSOLDGDOD8(DPLHPEURVHVWiD~QWUDQVLWRULDPHQWHHQGLFKR2EMHWLYRHQHO
SHULRGR\HVWHFRQVLGHUDGDFRPRDKRUDFRPR2EMHWLYRGH&RPSHWLWLYLGDGUHJLRQDO\HPSOHRFRQEDVWDQWH
PHQRV)RQGRVHOFDVLGHORVGHFRQYHUJHQFLD
(O2EMHWLYRDGHPiVHVPiVGLItFLOHQFDMDUSDUDHO&+GH&DOS\DTXHWLHQHFRPRILQDOLGDGLQFUHPHQWDUODFRPSHWLWLYLGDGHO
DWUDFWLYR \ HO HPSOHR GH ODV UHJLRQHV SRU PHGLR OD LQQRYDFLyQ \ GHO IRPHQWR GH OD VRFLHGDG GHO FRQRFLPLHQWR HO HVStULWX
HPSUHVDULDOODSURWHFFLyQGHOPHGLRDPELHQWH\ODPHMRUDGHVXDFFHVLELOLGDG\SRUDFWXDFLRQHVSDUDDGDSWDUODPDQRGHREUD
HLQYHUWLUSDUDDOFDQ]DUPiV\PHMRUHVSXHVWRVGHWUDEDMR
/DVLWXDFLyQGHFULVLV\HOSHULRGRTXHVHKDGDGROD&RPLVLyQ (XURSHDGLVSRQHGHXQERUUDGRUSDUDGHILQLUODSROtWLFDGH
FRKHVLyQ GH OD 8( GXUDQWH HO SHULRGR UHTXLHUHQ HVWDU DWHQWRV D ODV SURSXHVWDV GH D\XGDV HXURSHDV TXH
SXGLHUDQPXOWLSOLFDUORVPHGLRVGLVSRQLEOHVSRUHO$\XQWDPLHQWRGH&DOSSDUDVXFDVFRXUEDQR'HORTXHVHVDEHSRGHPRV
VHxDODUTXHVHUHIRU]DUiHODSR\RDOGHVDUUROORXUEDQRVRVWHQLEOHFRQFDUJRDORV)RQGRV)('(5
(Q OD 6XEGLUHFFLyQ *HQHUDO GH $GPLQLVWUDFLyQ GHO )('(5 GHO 0LQLVWHULR GH +DFLHQGD \ HQ OD 'LUHFFLyQ *HQHUDO GH
$FWXDFLRQHV&RQFHUWDGDVHQODV&LXGDGHVGHO0LQLVWHULRGH)RPHQWRRHQOD'LUHFFLyQ*HQHUDOGH&RRSHUDFLyQ/RFDOGHO
0LQLVWHULRGH$GPLQLVWUDFLRQHV3~EOLFDVVHSXHGHQKDFHUODVLQGDJDFLRQHVRSRUWXQDV
2WUR3URJUDPDGHLQWHUpVHVHO3URJUDPD/,)(VXVWLWXWRGHO/,)(YLJHQWHGHVGH\GHO3URJUDPDGH&RRSHUDFLyQSDUD
HO 'HVDUUROOR 6RVWHQLEOH GHO 0HGLR 8UEDQR GH TXH FRILQDQFLD SUR\HFWRV HQ IDYRU GHO PHGLR DPELHQWH HQ OD 8QLyQ
(XURSHD5HJODPHQWR&(QGHO3DUODPHQWR(XURSHR(OSURJUDPD/,)(HVGHFDUiFWHUSOXULDQXDO\VHGLYLGHDVX
YH]HQWUHViPELWRVWHPiWLFRVGHORVFXDOHVHO$QH[R,,GHO5HJODPHQWRHVSHFLILFDORVSULRULWDULRV/RViPELWRVVRQ
GH ODV DJHQFLDV GH GHVDUUROOR ORFDO FRQ HXURV(VWDV ~OWLPDVFRQVHUYDQ ODV FDQWLGDGHV DVLJQDGDV HQ HO SUHVHQWH
HMHUFLFLR\VHFRQYLHUWHQHQFRQYRFDWRULDVGHVWLQDGDVDORVPXQLFLSLRVGHPHQRVGHKDELWDQWHV
KWWSZZZODGLSXFRPHV/D'LSXWDFLRQ*DELQHWH'H&RPXQLFDFLRQ1RWLFLDV3DJLQDV/D'LSXWDFL&%QGH$OLFD
QWHSRWHQFLDODD\XGDDORVVHFWRUHVSURGXFWLYRVFRQVLHWHQXHYDVFRDVS[
'H ODV FRQYRFDWRULDV DQXQFLDGDV WDQ VROR VH KD FRQYRFDGR KDVWD OD IHFKD OD GHVWLQDGD D RUJDQL]DU IHULDV \ RWURV HYHQWRV
FRPHUFLDOHV\TXHGHVFULELPRVDFRQWLQXDFLyQ
'LS$2UJDQL]DFLyQGHIHULDV\RWURVHYHQWRVFRPHUFLDOHV
/D'LSXWDFLyQGH$OLFDQWHGHVWLQDUiHQXQWRWDOGHHXURVSDUDVXEYHQFLRQDUDORVD\XQWDPLHQWRVGHODSURYLQFLD
ODRUJDQL]DFLyQGHIHULDV\RWURVHYHQWRVFRPHUFLDOHV/D&RPLVLyQGH)RPHQWRKDDSUREDGRHVWDFRQYRFDWRULDGHD\XGDVD
ODVTXHSRGUiQDFRJHUVHORVPXQLFLSLRVFRQXQDSREODFLyQLQIHULRUDORVKDELWDQWHVGHODSURYLQFLDGH$OLFDQWH
(O REMHWLYR GH HVWD FRQYRFDWRULD HV FRODERUDU FRQ ORV D\XQWDPLHQWRV HQ OD RUJDQL]DFLyQ GH HVWDV IHULDVFRQ ODV TXH VH
FRQWULEX\H D GLQDPL]DU OD HFRQRPtD GHO PXQLFLSLR \ D GDU D FRQRFHU VXV SURGXFWRV DXWyFWRQRV(QWUH ORVJDVWRVTXH VH
SRGUiQVXIUDJDUHVWiQORVGHRUJDQL]DFLyQSXEOLFLGDG\SURPRFLyQDOTXLOHUGHLOXPLQDFLyQRVRQLGR\PHJDIRQtDHQWUHRWURV
(VWD FRQYRFDWRULD WLHQH FRPR ILQ ILQDQFLDU OD PD\RUtD GH ORV JDVWRV FRUULHQWHV TXH ORV D\XQWDPLHQWRV DIURQWDQ SDUD OD
RUJDQL]DFLyQ GH IHULDV \ HYHQWRV FRPHUFLDOHV TXH VH KDQFRQYHUWLGR HQ XQD DOWHUQDWLYD DO FRPHUFLR WUDGLFLRQDO \ D\XGDQ D
GLQDPL]DUOD]RQDGRQGHVHFHOHEUDHOFHUWDPHQ
',3$$\XGDDO3ODQHDPLHQWRXUEDQtVWLFR
7DQWR OD 'LSXWDFLyQ FRPR OD *HQHUDOLWDW KDQ GLVSXHVWR WUDGLFLRQDO PHQWH GH D\XGDV SDUD OD HODERUDFLyQ GHO SODQHDPLHQWR
XUEDQtVWLFRHQSURSRUFLyQYDULDEOHSHURTXHQRUPDOPHQWHSRGULDPRVVLWXDUHQHO
*9*(1(5$/,7$79$/(1&,$1$
3DUDLPSOHPHQWDUEXHQDSDUWHGHODVDFFLRQHVGHVFULWDVDQWHULRUPHQWHGHEHPRVWHQHUHQFXHQWDWRGDXQDVHULHGHD\XGDV
SRUSDUWHGHOD*HQHUDOLWDW9DOHQFLDQD3DUDVXWUDPLWDFLyQHLQIRUPDFLyQKD\TXHWHQHUHQFXHQWDHOSDSHOTXH\DMXHJDHO
$),&GHOD\XQWDPLHQWRGH&DOS3DUDODVDFFLRQHVGHVFULWDVHQHVWH3ODQUHVXOWDQHVSHFLDOPHQWHLQWHUHVDQWHVODVWUHVTXHD
FRQWLQXDFLyQVHSUHVHQWDQ
*9$\XGDVDHQWHVORFDOHVHQPDWHULDGHFRPHUFLR\DUWHVDQtDSDUDHOHMHUFLFLR)HULDVFRPHUFLDOHV
(O REMHWR GH ODV D\XGDV HVWi GHVWLQDGR DO IRPHQWR GH OD FRRSHUDFLyQ LQWHUDGPLQLVWUDWLYD \ OD GLQDPL]DFLyQ SURPRFLyQ H
LQIRUPDFLyQGHOVHFWRUGHOFRPHUFLR\DUWHVDQtD
3XHGHQVHUVROLFLWDGDVSRU(QWLGDGHVORFDOHV\FRQVRUFLRVFRQSHUVRQDOLGDGMXUtGLFDSURSLD
/DVD\XGDVVHGHVWLQDUiQDDWHQGHUORVJDVWRVGHULYDGRVGHDFFLRQHVGHSURPRFLyQGHOFHUWDPHQRPDQLIHVWDFLyQIHULDOFRQ
XQ OtPLWH GH HXURV \ VLHPSUH TXH HO SUHVXSXHVWR PtQLPR HOHJLEOH VXSHUH ORV HXURV HQ DOJXQR GH ORV
VLJXLHQWHVFRQFHSWRV
D$OTXLOHU\HQVXFDVRPRQWDMH\GHVPRQWDMHGHODVLQVWDODFLRQHVILMDVRPyYLOHVQHFHVDULDVSDUDODUHDOL]DFLyQGHOFHUWDPHQ
RPDQLIHVWDFLyQIHULDO
E3XEOLFLGDGHQPHGLRVGHFRPXQLFDFLyQLQFOXLGRVORVJDVWRVGHGLVHxRSURGXFFLyQ\HGLFLyQHQVXFDVR
F5RWXODFLyQVHxDOL]DFLyQ\FRQWUDWDFLyQGHVHUYLFLRVGHPHJDIRQtD
G6HUYLFLRVGHYLJLODQFLDVHJXULGDG\OLPSLH]D
/,)(1DWXUDOH]D\%LRGLYHUVLGDG
/,)(3ROtWLFD\*REHUQDQ]D0HGLRDPELHQWDO\
/,)(,QIRUPDFLyQ\&RPXQLFDFLyQ
(OSUHVXSXHVWRGH/,)(DVFLHQGHDPLOORQHVGHSDUDHOSHUtRGR\HOSRUFHQWDMHPi[LPRGHFRILQDQFLDFLyQ
HVGHOGHORVFRVWHVHOHJLEOHV
8QSUR\HFWRGHFDUiFWHULQQRYDGRURGHGHPRVWUDFLyQDQLYHOFRPXQLWDULRYLQFXODGRDORVREMHWLYRVGHODSROtWLFDGHPHGLR
DPELHQWH HXURSHD EiVLFDPHQWH HQ ORV iPELWRV \ VHUtD XQR GH ORV FULWHULRV SULRULWDULRV D RSWDU D ODV D\XGDV GH HVWH
3URJUDPD
$\XGDVGHOD$GPLQLVWUDFLyQS~EOLFDHVSDxROD
3UHFLVDPHQWH SDUD SRGHU HVWDEOHFHU OD 0HPRULD HFRQyPLFD \ DVHJXUDU OD YLDELOLGDG GH QXHVWUDV SURSXHVWDV VH KDFH
QHFHVDULR FRPR GLMLPRV GHGLFDU XQ DSDUWDGR D ODV D\XGDV \ VXEYHQFLRQHV GLVSRQLEOHV SRU SDUWH GH GLIHUHQWHV
DGPLQLVWUDFLRQHVHVSDxROD(VWDVD\XGDVYDQGLULJLGDVWDQWRDORV$\XQWDPLHQWRVFRPRDORVSDUWLFXODUHV&DEHUHVHxDUTXH
ODSURPRFLyQ\JHVWLyQGHHVWDV\RWUDVVXEYHQFLRQHVHVOOHYDGDDFDERGHVGHHO$),&SRUORTXHVHFXHQWD\DFRQXQyUJDQR
JHVWRULPSODQWDGRFRQVXILFLHQWHH[SHULHQFLDHQHVWRVDVXQWRV
(QWUH ODV GLIHUHQWHV D\XGDV\ VXEYHQFLRQHV GLVSRQLEOHV QRV KHPRV FHQWUDGR HQOD 'LSXWDFLyQ GH $OLFDQWH\ OD *HQHUDOLWDW
9DOHQFLDQD
090,1,67(5,2'(/$9,9,(1'$
5HVXPLPRVORGLFKRHQODGHVFULSFLyQGHOD/H\GHODV50DQHMDHO3ODQGHOD9LYLHQGDXQIRQGRGH
PLOORQHV GH GHVWLQDGRV D VLHWH 3URJUDPDV VXEYHQFLRQDEOHV KDVWD XQ SDUD VXEVLGLDFLyQ GH SUpVWDPRV
FRQYHQLGRV D\XGDV DO DOTXLOHU IRPHQWR GHO SDUTXH S~EOLFR GH YLYLHQGDV IRPHQWR D OD UHKDELOLWDFLyQ IRPHQWR GH OD
UHJHQHUDFLyQXUEDQDDSR\RDODLPSODQWDFLyQGHO,((\IRPHQWRGHFLXGDGHVVRVWHQLEOHV(QFRQFUHWR
39$SR\RDODUHDOL]DFLyQGH,QIRUPHVGHO(VWDGRGH(GLILFDFLyQHQLQPXHEOHVUHVLGHQFLDOHVDOJXQRVREOLJDWRULRV
392EUDVGHFRQVHUYDFLyQRGHPHMRUDGHDFFHVLELOLGDGGHHGLILFLRVGHYLYLHQGDVTXHUHVXOWHQREOLJDWRULDVFRPRFRQVHFXHQFLDGHORV
,((TXHSXHGHQOOHJDUKDVWDHOGHVXYDORUFRQXQPi[LPRGHSRUYLYLHQGDRSRUFDGDPGHORFDO
390HMRUDVVXHILFLHQFLDHQHUJpWLFD\GLVPLQXLUHOFRQVXPRGHHQHUJtDGHFDOHIDFFLyQRUHIULJHUDFLyQGHOHGLILFLRHQXQ
YLYTXHSXHGHOOHJDUDVLEDMDHO
390HMRUDVHOFRQVXPRUDFLRQDOGHODJXD\GLVPLQXLUVXFRQVXPRHQHOFRQMXQWR
GHOHGLILFLRDOPHQRVXQ
1RUPDWLYD
2UGHQ GH GH DEULO GH OD &RQVHOOHULD GH (FRQRPtD ,QGXVWULD 7XULVPR \ (PSOHR SRU OD TXH VH HVWDEOHFHQ ODV EDVHV UHJXODGRUDV SDUD OD
FRQFHVLyQGHD\XGDVHQPDWHULDGHFRPHUFLR\DUWHVDQtD'2&9QGH
&RUUHFFLyQGHHUURUHVGHOD2UGHQGHGHDEULOGHOD&RQVHOOHUtDGH(FRQRPtD,QGXVWULD7XULVPR\(PSOHRSRUODTXHVHHVWDEOHFHQODVEDVHV
UHJXODGRUDVSDUDODFRQFHVLyQGHD\XGDVHQPDWHULDGHFRPHUFLR\DUWHVDQtD'2&9QGH
',3',387$&,1
(QHOSUHVXSXHVWRGHOD'LSXWDFLyQGH$OLFDQWHKDFUHDGRXQDSDUWLGDFRQHXURVSDUDHOIRPHQWRGHOFRPHUFLR
3RURWUDSDUWHVHPDQWLHQHQODVVXEYHQFLRQHVDDFWXDFLRQHVGHD\XQWDPLHQWRVGHODSURYLQFLDSDUDODRUJDQL]DFLyQGHIHULDV\
HYHQWRVFRPHUFLDOHVFRQXQDLQYHUVLyQGHHXURVDVtFRPRODVD\XGDVGLULJLGDVDOPDQWHQLPLHQWR\DODVDFWLYLGDGHV
2UGHQGHGHMXQLRGHOD&RQVHOOHULDGH(FRQRPtD,QGXVWULD7XULVPR\(PSOHR SRUODTXHVHFRQYRFDQODVD\XGDVDHQWHVORFDOHVHQ
PDWHULDGHFRPHUFLR\DUWHVDQtDSDUDHOHMHUFLFLR'2&9QGH
/LVWDGHQRUPDWLYD
2UGHQ GH GH DEULO GH OD &RQVHOOHULD GH (FRQRPtD ,QGXVWULD 7XULVPR \ (PSOHR SRU OD TXH VH HVWDEOHFHQ ODV EDVHV UHJXODGRUDV SDUD OD
FRQFHVLyQGHD\XGDVHQPDWHULDGHFRPHUFLR\DUWHVDQtD'2&9QGH
/DFRQYRFDWRULDGHVHSXHGHFRQVXOWDUHQ
KWWSZZZJYDHVHVLQLFLRSURFHGLPLHQWRV"LGBSURF
1RUPDWLYD
2UGHQ GH GH DEULO GH OD &RQVHOOHULD GH (FRQRPtD ,QGXVWULD 7XULVPR \ (PSOHR SRU OD TXH VH HVWDEOHFHQ ODV EDVHV UHJXODGRUDV SDUD OD
FRQFHVLyQGHD\XGDVHQPDWHULDGHFRPHUFLR\DUWHVDQtD'2&9Q~PGH
&RUUHFFLyQGHHUURUHVGHOD2UGHQGHGHDEULOGHOD&RQVHOOHUtDGH(FRQRPtD,QGXVWULD7XULVPR\(PSOHRSRUODTXHVHHVWDEOHFHQODVEDVHV
UHJXODGRUDV SDUD OD FRQFHVLyQ GH D\XGDV HQ PDWHULD GH FRPHUFLR \ DUWHVDQtD '2&9 Q GH
2UGHQGHGHMXQLRGHOD&RQVHOOHUtDGH(FRQRPtD,QGXVWULD7XULVPR\(PSOHRSRUODTXHVHFRQYRFDQODVD\XGDV SDUDODVHQWLGDGHV
LQWHUPHGLDVHQPDWHULDGHFRPHUFLR\DUWHVDQtDSDUDHOHMHUFLFLR'2&9Q~PGH
/LVWDGHQRUPDWLYD
9HU2UGHQGHGHDEULO
9HU2UGHQGHGHMXQLR
9HU&RUUHFFLyQGHHUURUHVGHOD2UGHQGHGHDEULO
*9$\XGDVDOD0HMRUDHQHUJpWLFD
/D $JHQFLD 9DOHQFLDQD GH OD (QHUJtD $9(1 WLHQH VHQGRV SURJUDPDV SDUD OD PHMRUD GH FRQVXPR HQHUJpWLFR \ XVR GH
HQHUJtDV UHQRYDEOHV 3XHGH VXEYHQFLRQDU KDVWD XQ GHO FRVWH HOHJLEOH SDUD OD 5HQRYDFLyQ GH ODV ,QVWDODFLRQHV GH
$OXPEUDGR3~EOLFR\XQGHODV0HMRUDVGH(ILFLHQFLDHQHUJpWLFDGHHGLILFLRVH[LVWHQWHVTXHSXHGHOOHJDUKDVWDHO
GHOFRVWHHOHJLEOHHQPHMRUDVGH,QVWDODFLRQHVGH,OXPLQDFLyQ,QWHULRUFRQXQPi[LPRGHSUR\HFWR
([LVWHXQLQWHUHVDQWHSURFHGLPLHQWRPX\UHQWDEOHDSDUD$\XQWDPLHQWRVFRPRHVODFRQWUDWDFLyQGH(PSUHVDVGH6HUYLFLRV
(QHUJpWLFRV(6(TXHUHDOL]DQODV$XGLWRUtDVSURSRQHQ3ODQ\PHGLGDV\VLDVtVHDFXHUGDVHKDFHQFDUJRGHORVIUDFDVRV
JHQHUDGRVFRQODVPLVPDV
/DVGLILFXOWDGHVGHDFFHGHUDIXHQWHVGHHQHUJtDUHQRYDEOHVVHKDQDFUHFHQWDGRWUDVODV~OWLPDVUHIRUPDVORTXHKDFHGH
HVWHVHJPHQWRGHPHMRUDXQHVSDFLRFRQGHPDVLDGDVLQFHUWLGXPEUHVSDUDSRGHUVHUDERUGDGRDKRUDHQORVWLHPSRVGHHVWH
&RQFXUVR3XHGHKDEHUDODUJRSOD]RXQ3ODQ0XQLFLSDOGHLQWHJUDFLyQGH(QHUJtDV5HQRYDEOHVHQHOTXHVHUHDOLFHQHVWXGLRV
GHYLDEOLGDGGHIXHQWHVGH(QHUJtD)RWRYROWDLFDGH%LRPDVDRGH*DV1DWXUDO(QFRQFUHWRKDEUtDD\XGDV',9(LQYHUVLyQ
GH'LYHUVLILFDFLyQ(QHUJpWLFDGHOD$9(1TXHSURPXHYHODWUDQVIRUPDFLyQDJDVQDWXUDODODVTXHD~QQRSXHGHDFRJHUVH
&DOS\DODVTXH'HQLD\;jELD\DVHKDQDFRJLGRHQXQDIDVH7DPELpQDODUJRSOD]RVHSRGUtDQSODQWHDUXWLOL]DUUHVLGXRV
GHSRGD\UHVLGXRVVyOLGRVXUEDQRV568SDUDSURGXFLUELRJDVWpUPLFR\HOpFWULFR
+D\XQ3ODQ(QHUJpWLFRGHOD3URYLQFLDGH$OLFDQWH7DQWRHQXWLOL]DFLyQGHIXHQWHVDOWHUQDWLYDVTXHDSXHVWDSRUHO,PSXOVRD
ODLQWURGXFFLyQGHO*DV1DWXUDO\HO$SR\RDODFRJHQHUDFLyQ\DODVQXHYDVWHFQRORJtDV/DFULVLVJHQHUDOGHOD$GPLQLVWUDFLyQ
HVSDxRODQRSHUPLWHDFRUWRSOD]RTXHFRQWHPRVFRQODWUDLGDGHJDV1DWXUDODVSLUDFLyQPDQLIHVWDGD\DSRUHO$\XQWDPLHQWR
YHU3RQHQFLDGH6RVWHQLELOLGDG\HQHUJtDV
*9$\XGDDO3ODQHDPLHQWRXUEDQtVWLFR
7DQWR OD 'LSXWDFLyQ FRPR OD *HQHUDOLWDW KDQ GLVSXHVWR WUDGLFLRQDO PHQWH GH D\XGDV SDUD OD HODERUDFLyQ GHO SODQHDPLHQWR
XUEDQtVWLFRHQSURSRUFLyQYDULDEOHSHURTXHQRUPDOPHQWHSRGULDPRVVLWXDUHQHO
2WUDVIXHQWHVGHILQDQFLDFLyQ
/RV&RQYHQLRVFRQHQWLGDGHVSULYDGDVVRQWDPELpQLQWHUHVDQWHVFRPRODVFLWDGDVGH(6(RORV&RQYHQLRVFRQODV&iPDUDV
GH&RPHUFLRSDUDODLPSODQWDFLyQGH9LYHURVGH(PSUHVDTXHWUDWDUHPRVHQOD$FWXDFLyQQ\TXHWLHQHQFRPRILQDOLGDG
VHUYLU GH DOLFLHQWH D HPSUHVDV GH GLIHUHQWHV VHFWRUHV HVSHFLDOPHQWH GH VHUYLFLRV DYDQ]DGRV /D LGHD HV FUHDU XQD
LQIUDHVWUXFWXUDTXHD\XGHDUHYLWDOL]DUHOVHFWRUHFRQyPLFRGHOPXQLFLSLR9HU)DVHGH3URSXHVWDV
1RUPDWLYD
2UGHQ GH GH DEULO GH OD &RQVHOOHULD GH (FRQRPtD ,QGXVWULD 7XULVPR \ (PSOHR SRU OD TXH VH HVWDEOHFHQ ODV EDVHV UHJXODGRUDV SDUD OD
FRQFHVLyQ
GH
D\XGDV
HQ
PDWHULD
GH
FRPHUFLR
\
DUWHVDQtD
'2&9
Q
GH
&RUUHFFLyQGHHUURUHVGHOD2UGHQGHGHDEULOGHOD&RQVHOOHUtDGH(FRQRPtD,QGXVWULD7XULVPR\(PSOHRSRUODTXHVHHVWDEOHFHQODVEDVHV
UHJXODGRUDV SDUD OD FRQFHVLyQ GH D\XGDV HQ PDWHULD GH FRPHUFLR \ DUWHVDQtD '2&9 Q GH
2UGHQ GH GH MXQLR GH OD &RQVHOOHULD GH (FRQRPtD ,QGXVWULD 7XULVPR \ (PSOHR SRU OD TXH VH FRQYRFDQ ODV D\XGDV &RPHUo ,QQRYD
&RQWLQXwWDW(PSUHVDULDO\$UWHVDQLDSDUDHOHMHUFLFLR'2&9QGH
/LVWDGHQRUPDWLYD
2UGHQ GH GH DEULO GH OD &RQVHOOHULD GH (FRQRPtD ,QGXVWULD 7XULVPR \ (PSOHR SRU OD TXH VH HVWDEOHFHQ ODV EDVHV UHJXODGRUDV SDUD OD
FRQFHVLyQGHD\XGDVHQPDWHULDGHFRPHUFLR\DUWHVDQtD'2&9QGH
9HU&RUUHFFLyQGHHUURUHVGHOD2UGHQGHGHDEULO
9HU2UGHQGHGHMXQLR
*9$\XGDVSDUDODVHQWLGDGHVLQWHUPHGLDVHQPDWHULDGHFRPHUFLR\DUWHVDQtD
/DVDVRFLDFLRQHVHPSUHVDULDOHVHQWLGDGHVS~EOLFDV\SULYDGDV\IyUPXODVGHFRPHUFLRRDUWHVDQtDDVRFLDGRRLQWHJUDGRFRQ
SHUVRQDOLGDGMXUtGLFDSURSLDFRQLQGHSHQGHQFLDGHODIyUPXODMXUtGLFDTXHDGRSWHQ3RGUiQDFFHGHUDHVWDVD\XGDVSDUDOD
UHDOL]DFLyQ GH DFFLRQHV LQIRUPDWLYDV TXH YHUVHQ VREUH WHPDV PRQRJUiILFRV TXH DERUGHQ DVSHFWRV IXQGDPHQWDOHV GH OD
GLVWULEXFLyQFRPHUFLDO
(VWDVD\XGDVSRGUiQDOFDQ]DUKDVWDHOGHOJDVWRHOHJLEOHFRQHOOtPLWHGHHXURVSRUDFWXDFLyQ
KWWSZZZJYDHVYDLQLFLRSURFHGLPLHQWRV"LGBSURF
*9$\XGDV&RPHUFLR,QQRYDDOD3\PH&RPHUFLDO
(VWDVD\XGDVWLHQHQGRVOtQHDVTXHSRGUtDQVHULQWHUHVDQWHVSDUDHVWHSUR\HFWR
*9E ,QQRYDFLyQ FRPHUFLDO 6H FRQVLGHUDUi DSR\DEOH OD UHDOL]DFLyQ GH ODV LQYHUVLRQHV GHILQLGDV SRU XQ GRFXPHQWR GH
HYDOXDFLyQ DPELHQWDO WXWHODGR OLJDGDV DO SUR\HFWR HXURSHR /,)(*UHHQ &RPPHUFH R GH RWUDV DXGLWRUtDV R HVWXGLRV GH
GLDJQyVWLFRGHSXQWRGHYHQWDGLDJQyVWLFRVGHLQQRYDFLyQGHOSXQWRGHYHQWDRDXGLWRULDVGHLQQRYDFLyQDSR\DGRVSRUHVWD
&RQVHOOHULDRTXHFXPSODQFRQORVUHTXLVLWRVH[LJLGRVHQODFRQYRFDWRULDDQXDOHQTXHIXHUHDOL]DGRHQVXFDVR/DLQYHUVLyQ
PtQLPDDSR\DEOHQRSRGUiVHULQIHULRUDHXURV
*9F 0RGHUQL]DFLyQ HVWDEOHFLPLHQWR 6H FRQVLGHUDUi DSR\DEOH OD DGTXLVLFLyQ GH HTXLSDPLHQWR SDUD HO HVWDEOHFLPLHQWR
FRPHUFLDOHQDOPHQRVXQDGHODVVLJXLHQWHVPDWHULDVVLHPSUHTXHODLQYHUVLyQPtQLPDDSR\DEOHQRVHDLQIHULRUD
HXURV
([SRVLFLyQDOPDFHQDPLHQWR\YHQWDGHOSURGXFWR
6HxDOL]DFLyQHLGHQWLILFDFLyQGHOHVWDEOHFLPLHQWR
,QIRUPiWLFDSDUDODLPSODQWDFLyQGHVLVWHPDVGHLQIRUPDFLyQJHVWLyQ\FRPXQLFDFLyQ6HFRQVLGHUDUiDSR\DEOHOD
FUHDFLyQGHSiJLQDVZHEFRQSDVDUHODGHSDJR\VHH[FOXLUiQORVSURJUDPDV\DSOLFDFLRQHV
6LVWHPDVGHVHJXULGDG
$FFHVLELOLGDG
$KRUURHQHUJpWLFR
7UDWDPLHQWRGHUHVLGXRV
0RGHUQL]DFLyQGHOHVWDEOHFLPLHQWR
,QWHJUDFLyQFRPHUFLDO
5HDOL]DFLyQGHGLDJQyVWLFRSXQWRGHYHQWD
,QQRYDFLyQFRPHUFLDO
/DVXEYHQFLyQPi[LPDFRQFHGHUSRUHVWDEOHFLPLHQWRVHUiGHHXURVSDUDODVD\XGDVSUHYLVWDVHQORVSXQWRVF\GH
HXURVSDUDODVGHOSXQWRE
3DUDHVWHWLSRGHD\XGDVODRILFLQD$),&GHO$\XQWDPLHQWRGH&DOSMXHJDXQSDSHOFODYHHQVXGLIXVLyQ\WUDPLWDFLyQ
W>EK^E>/^/^hZEK>^KEd/'hK>W
Z>/s
^Zs//K^Wj>/K^
^//>/
d/WK>K'1^>/&//ME
>dhZ^>/&//ME
WZD/EdK^
K>Dd/ME>/&//>/
h^K^EW>Ed:
Ws/DEdK^
DK/>/Z/KhZEK
(O&DOSGHD\HU
',$*1267,&2<352%/(0$6'(0$<25,17(5e6'$)267(07,&26
&21&/86,21(6
$WHQGLHQGRDORVREMHWLYRVGHO&RQFXUVR\GHODQiOLVLVSUHYLRH[SXHVWRHQSiJLQDVDQWHULRUHVVHGHVSUHQGHQXQDVHULHGH
FRQFOXVLRQHV TXH FRPR 'LDJQyVWLFR \ VLJXLHQGR OD PHWRGRORJtD GH HVWH (TXLSR VH RIUHFHQ SRU FDGD XQD GH ODV
321(1&,$6,1)250$7,9$6UHDOL]DGDV
(OIRUPDWRHOHJLGRSDUDFDGD321(1&,$KDVLGRHOGHXQDODPDWUL]'$)2
WtSLFDHQORVHVWXGLRVVRFLRHFRQyPLFRV(Q
OD PDWUL] VH HQXQFLDQ ODV 'HELOLGDGHV \ )RUWDOH]DV \ $PHQD]DV \ 2SRUWXQLGDGHV FRQ XQD UHIHUHQFLD \D H[SOtFLWD D VX
LQIOXHQFLDSHUWHQHQFLDDDOSULQFLSDOGHORVWUHVREMHWLYRVGHO&RQFXUVRVHJ~QFRORUGHOHStJUDIHSXHVWRTXHODPD\RUtD
FXEUHQPiVGHXQR
$5(9,7$/,=$&,1(&210,&$FRORUPDUUyQ
%',1$0,=$&,162&,$/<&8/785$/FRORUD]XO
&5(+$%,/,7$&,185%$1$<0(-25$6$0%,(17$/(6FRORUURMR
/RV'$)26GHFDGDXQDGHODV3RQHQFLDVVHFRPSOHWDQFRQXQRVSHTXHxRV&20(17$5,26GHORVWHPDVTXHKDQ
VXVFLWDGRPD\RULQWHUpVDOHTXLSR\DODVSHUVRQDVGH&DOSFRQVXOWDGDV(QWUHXQRV\RWURVVHVLHQWDQODVEDVHVGHODV
35238(67$6SXQWRV\VVGHOD0HPRULDILQDOHV
(O'$)2HVXQDPDWUL]FXDGUDGDXWLOL]DGDFRPRPHWRGRORJtDWUDGLFLRQDOHQHODQiOLVLVGHODVLWXDFLyQGHXQDHPSUHVDRSUR\HFWRTXHUHFRJHVXV
FDUDFWHUtVWLFDVLQWHUQDV'HELOLGDGHV\)RUWDOH]DV\VXVLWXDFLyQH[WHUQD$PHQD]DV\2SRUWXQLGDGHV/DVGHELOLGDGHV\DPHQD]DVODVFDWDORJDPRV
FRPRSUREOHPDVDDERUGDUHQHVWHWUDEDMR\ODVIRUWDOH]DVFRPRRSRUWXQLGDGHVHQHOUHVXPHQILQDO
'$)27(0$6'(85%$1,602
1R GLVSRQH GH DUTXLWHFWXUD SDWULPRQLDO GH LQWHUpV UHOHYDQWH VXSUDORFDO 6t GLVSRQH GH
SDWULPRQLRQDWXUDOGHHVWHWLSR
(VWiSUy[LPRDOD]RQDFRPHUFLDO\GHVHUYLFLRVDOFHQWURXUEDQR
'LVSRQHGHURQGDVSHULPHWUDOHVGHVXILFLHQWHWDPDxRSDUDFDQDOL]DUHOWUiILFRGHHQWUDGDVDOLGD
+D\XQDEXHQDUHGGHDXWREXVHVXUEDQRV
&DOSWLHQHXQDUHDOLGDGPDULQHUDQRH[SORWDGDHQHO&DVFR$QWLJXR
(O&$WLHQHXQDVLQJXODUWUDGLFLyQGHSLQWXUD\FHUiPLFDHQFDOOHV\SOD]DV
/D 3OD]D GH OD 9LOD WLHQH XQD GLPHQVLyQ FDSD] GH VHUYLU GH SOD]D GH FHOHEUDFLRQHV SDUD XQD
FLXGDGFRPR&DOSGHKDE
&DOSGLVSRQHGHXQSDWULPRQLRQDWXUDOGHUHOHYDQFLDLQWHUQDFLRQDO
(O&$HVWiFDWDORJDGRFRPR1XFOHR+LVWyULFR7UDGLFLRQDO\%LHQGH5HOHYDQFLD/RFDO
6XRULJHQGHDWDOD\DVREUH,IDFK\HOPDUORKDSHUGLGR
&DEHFRQVLGHUDUFRPR%,&VODVPXUDOODV\ODLJOHVLDDQWLJXDTXHGHEHQSRQHUVHHQYDORU\VHU
(VXQHVSDFLRXUEDQRItVLFDPHQWHKXQGLGRHQWUHHGLILFDFLyQSHULPHWUDO
/D3OD]DGHOD9LODHVWiVREUHGLPHQVLRQDGD\IXHUDGHHVFDODVREUHHOWHMLGRXUEDQRGHO&$
/DPD\RUtDGHODVHGLILFDFLRQHV\ODXUEDQL]DFLyQGHFDOOHVHVWiQHQEXHQHVWDGR
)DOWDGHXQLIRUPLGDGRFRKHUHQFLDHQHOPRELOLDULRXUEDQRSDYLPHQWRVEDQFRVIDURODV
0DQWLHQHXQDXQLGDGGHWHMLGRXUEDQRFRPSDFWRGHQ~FOHRWUDGLFLRQDO
0DQWLHQHXQDFLHUWDXQLIRUPLGDGWLSROyJLFDHQODHGLILFDFLyQ
'(%,/,'$'(6
)257$/(=$6
1RGLVSRQHGHDFFHVRVFODURVGHVGHHOFHQWURXUEDQRQLVHxDOpWLFDHQHOORVRUHIHUHQFLDHQ
OXJDUHVGHFDSWDFLyQGHYLVLWDQWHV\FRPSUDGRUHVFHQWURXUEDQR\SOD\DV
)DOWDQ GRWDFLRQHV HVSHFtILFDV GH MXHJRV GH QLxRV iUHDV GH GHVFDQVR FRQ VRPEUD \
MDUGLQHUtDHQVXLQWHULRUTXHVRQHTXLSDPLHQWRVGHSUR[LPLGDG
)DOWDGHDSDUFDPLHQWRVSDUDUHVLGHQWHV
/DV HGLILFDFLRQHV QR FXPSOHQ ODV FRQGLFLRQHV GH DLVODPLHQWR DF~VWLFR \ WpUPLFR \ DOJXQDV
WLHQHQSUREOHPDVGHDFFHVLELOLGDGDORVSLVRVDOWRV
PiVDFFHVLEOHV\XWLOL]DEOHV
$0(1$=$6
2325781,'$'(6
7LHQH XQ SDWULPRQLR QDWXUDO VLQJXODU GH SULPHU RUGHQ TXH KD VLGR HO RULJHQ GH VX DWUDFWLYR
(O WXULVPR FXOWXUDO SXHGH SDVDU GHO &$ VL QR GLVSRQH GH RIHUWD FRPSOHPHQWDULD D OD
7LHQHXQDUHDOLGDGWXUtVWLFDHQYLGLDEOHWDQWRGHUHVLGHQWHVFRPRGHYHUDQHDQWHV
SDWULPRQLDOSRWHQWH\VLQJXODU
7LHQHXQDEXHQDRIHUWDGHUHVWDXUDQWHVDXQTXHGHFDUiFWHUXQLYHUVDO
(QYHMHFLPLHQWRGHODSREODFLyQUHVLGHQWH
7LHQHXQDLPSRUWDQWHORFDOL]DFLyQGHDFWLYLGDGHV\ORFDOHVIHVWHURV
3DUDHOQRFDOSLQRHO&DVFR$QWLJXR&$FRPRWDOQRHVWiLGHQWLILFDGR
7LHQH XQD LQFLSLHQWH RIHUWD GH 0XVHRV SRFR LPSRUWDQWHV \ VLQ FRRUGLQDFLyQ FRQ KRUDULRV \
1R H[LVWH XQD VHQGD XUEDQD FRQ FRPHUFLRV \ VHUYLFLRV TXH KDJD GH HMH GH UHODFLyQ \
(VWi VLWXDGR OLQGDQWH DO (VWH FRQ HO &HQWUR 8UEDQR \ iUHD GH Pi[LPD DFWLYLGDG FRPHUFLDO
/D0DQ]DQD1RUWHTXHHO3*28UHVHUYySDUDGHVDUUROODUVHFRPR35,WLHQHXVRVSUHYLVWRV
1R GLVSRQH GH RIHUWD FRPHUFLDO R GH VHUYLFLRV VLQJXODU DUWHVDQtDV WDOOHUHV DJHQFLDV GH
YLDMHVFDVDVWXULVPRFRQHQFDQWR
FRPXQLFDFLyQFRQHOFHQWURXUEDQR
/DUXWDWXUtVWLFDDFWXDOHVWiGLVHxDGDSDUDSDVDUDSHQDVPHGLDMRUQDGD
(OSDWULPRQLRQDWXUDOTXHHVVXPHMRUVHxDGHLGHQWLGDGFRUUHHOULHVJRGHGHVDSDUHFHUDOD
WXUtVWLFR
FRQWHQLGRVYDULDEOHV
DGPLQLVWUDWLYD\GHVHUYLFLRVGH&DOS
GHDSDUFDPLHQWR\]RQDYHUGHGHORVTXHHO&$FDUHFH
+D\ YDULDV $UHDV GH 2SRUWXQLGDG DO 6XU TXH SXHGHQ VHU REMHWR GH 3ODQHV GH 5HJHQHUDFLyQ
8UEDQDFRQXVRVGHILFLWDULRVHQHO&$
'$)27(0$6'((&2120$&20(5&,2<785,602
'(%,/,'$'(6
)257$/(=$6
)DOWDGHHPSOHRHQHOLQWHULRUGHO&$SDUDGLQDPL]DUOR
3UR[LPLGDGDOD]RQDFRPHUFLDO\GHVHUYLFLRV
)DOWDGHRIHUWDFRPHUFLDO
$WUDFWLYRHVWpWLFR
&RPHUFLRHQGHFDGHQFLDFRQFLHUUHGHEDVWDQWHVEDMRV\RILFLQDV
2IHUWDFXOWXUDO\SDWULPRQLDO
)DOWDGHFRKHUHQFLD\GLVSHUVLyQGHODRIHUWDJDVWURQyPLFD
(O&$HVGRQGHVHHQFXHQWUDQODVUDtFHVGHODSREODFLyQ
(QYHMHFLPLHQWRSREODFLRQDO
$~QDDXWHQWLFLGDG\FRVPRSROLWLVPR
0RELOLDULR\VHxDOpWLFDGLYHUVD\GHEDMDFDOLGDG
$0(1$=$6
2325781,'$'(6
&ULVLVIDOWDGHLQYHUVLyQ\FRQVXPRSULYDGR
)HULDVLPSRUWDQWHVPX\SUy[LPDV
&ULVLVOLPLWDFLyQGHUHFXUVRVS~EOLFRV
,QWHJUDUORHQXQSDTXHWHWXUtVWLFR\DFRQVROLGDGR
5LHVJRGHTXHTXHGHDLVODGRGHOSURGXFWRWXUtVWLFRSULQFLSDOPDU\SOD\D
,GHQWLILFDUORFRQXQWXULVPRFXOWXUDO
4XHTXHGHLGHQWLILFDGRFRQXQWXULVPRDQWLJXR\GHVIDVDGR
*DVWURQRPtDPDULQHUD\GHHVSHFLDOLGDGFDOSLQD"
4XHWUDVODGHFDGHQFLDFRPHUFLDOYHQJDXQDGHFDGHQFLDSREODFLRQDO
%XVFDUXQDLPDJHQGHFDOLGDG\PRGHUQD
3OD]DV\FDOOHVFRQSRVLELOLGDGSDUDWHUUD]DV
&RQFHQWUDFLyQGHDVRFLDFLRQHVIHVWHUDV
$SURYHFKDPLHQWRGHiUHDVGHRSRUWXQLGDGSDUDPHMRUDUDFFHVLELOLGDG\PHMRUDUHVLGHQFLD
'$)27(0$6'(9,9,(1'$<3$57,&,3$&,162&,$/
'(%,/,'$'(6
)257$/(=$6
(O7RXULVW,QIRQRGLVSRQHGHPDWHULDOGHSURPRFLyQHVSHFtILFDGHO&DVFR$QWLJXR&RPHUFLRV
1RKD\RIHUWDGHFRPHUFLRV\UHVWDXUDFLyQHVSHFtILFDHQHO&$
/D SREODFLyQ GHO &$ QR VXSHUD DFWXDOPHQWH ODV SHUVRQDV OR TXH OD VLW~D
([LVWHXQDLPSRUWDQWHRIHUWDGHUHVWDXUDQWHV\SL]]HUtDV
'H XQ WRWDO GH YLYLHQGDV HQ HO &DVFR KD\ QXHYDV R UHPR]DGDV HQ ORV
~OWLPRVDxRVGHHOODVHQORV~OWLPRVDxRVTXHGHEHQ GLVSRQHUGHODVLQVWDODFLRQHV
DGHFXDGDV VLQ FRQRFHU VX FREHUWXUD GH ORV QXHYRV UHTXHULPLHQWRV HQHUJpWLFRV \ GH
FXDQWLWDWLYDPHQWHHQGHVYHQWDMDHQSRVLEOHVUHFXUVRV+D\PiVGHKDEHQODFLXGDG
)DOWDHQFRQWUDUXQQH[RRKLORFRQGXFWRUTXHUHIXHUFH\GHFRKHVLyQDODLGHQWLGDGGHO&DVFR
DFFHVLELOLGDG
DQWLJXDVDQWHULRUHVDHQODVTXHKD\TXHVXSRQHUVXQHFHVLGDGGHPRGHUQL]DFLyQ
$QWLJXR
5HVWDXUDQWHV9LVLWDVJXLDGDV$FWLYLGDGHVFXOWXUDOHVGHHVSDUFLPLHQWR
'HEH SURPRFLRQDUVH HO SDWULPRQLR DUWtVWLFR \ FXOWXUDO GHO &DVFR $QWLJXR 0XUDOODV ,JOHVLD
([LVWH OD YROXQWDG SROtWLFD GH IDYRUHFHU OD GLQDPL]DFLyQ HFRQyPLFD \ OD FRKHVLyQ VRFLDO GHO
1RH[LVWHQOLEUHUtDVQLNLRVFRVGRQGHLQIRUPDUVHGHODKLVWRULD\FRQWHQLGRVFXOWXUDOHVGH&DOS
0XVHRVSOD]DV\FDOOHVFRQKLVWRULD
&DVFR$QWLJXR
$0(1$=$6
)DOWD GHILQLFLyQ GH VHFWRUHV D SURPRFLRQDU HQ HO &DVFR $QWLJXR SURGXFWLYRV GLUHFWDPHQWH
'HVLQWHUpVVRFLDOSRUHOFHQWURKLVWyULFR
1RVHGLVSRQHGHLPDJHQHVSHFtILFDGHO&DVFR$QWLJXRGH&DOSSDUDFXDOTXLHUSURPRFLyQR
SXEOLFLGDG
+D\XQGHELOLWDPLHQWRGHODLGHQWLGDGGHO&DVFR$QWLJXRDQWHODSXMDQ]DGHOFHQWURXUEDQR\
ODIDOWDGHDFFHVLELOLGDGGHYHKtFXORV
+D\PXFKRVWXULVWDV\YLVLWDQWHVTXHGHVHDQFRQRFHUHQ&DOSVXKLVWRULD\HQFRQWUDU
DOJ~QDOLFLHQWHDGHPiVGHOVRO\SOD\D
2325781,'$'(6
(O&$VHDVXPHFRPROXJDUGRQGHVHFHQWUDODRIHUWDFXOWXUDOGHODSREODFLyQ
(O&$SRGUtDDVXPLUODSURGXFFLyQDUWtVWLFD\DUWHVDQDOGH&DOS
(O&$HVXQHVSDFLRGHPGHVXHORXUEDQL]DGRELHQFRPXQLFDGR\FHUFDQRDOFHQWUR
XUEDQR0iVGHODPLWDGVRQSDUFHODV\GHHOODVPiVGHODPLWDGVRQVRORYLYLHQGDV
'$)27(0$6'((',),&$&,1(63$&,23%/,&2<3$,6$-(85%$126
'(%,/,'$'(6
)257$/(=$6
1DGD UHFODPD QL LQIRUPD HQ HO H[WHULRU GHO &DVFR $QWLJXR GH VX H[LVWHQFLD QL GH ODV
/RVYLVLWDQWHVGHO&$HVWiQVHUYLGRVGHQWURGHOPLVPRFRQODGHPDQGDEiVLFD\GHUHVWDXUDQWHV
GRWDFLRQHV\VHUYLFLRVTXHFRQWLHQH)DOWDFDUWHOHUtD
(VXQiUHDELHQHTXLSDGDSDUDSHUVRQDVVLQSUREOHPDVGHPRYLOLGDG\GHIiFLOFRQH[LyQFRQHO
(O &$ WLHQH XQRV HVSDFLRV S~EOLFRV FRQ PRELOLDULR XUEDQR GLYHUVR TXH QR D\XGD D VX
/DDFFHVLELOLGDGSHDWRQDOHVVXILFLHQWHODURGDGDHVWiFRQGLFLRQDGDSRUODHVWUHFKH]GHOWHMLGR
FHQWURXUEDQRHQVXOLQGH(VWH
LGHQWLILFDFLyQ
(O &DVFR $QWLJXR PDQWLHQH H[FHSWR HQ XQRV SRFRV FDVRV F/OLEHUWDW \ F3XUtVLPD XQD
/RVSRFRVHOHPHQWRVXUEDQRVVLQJXODUHV0XUDOODV,JOHVLD&DPSDQDULR3RUWDOHW3OD]DGHOD
/DDFFHVLELOLGDGSRUSDUWHGHOYLVLWDQWHDODSDUWHDOWDGHOD0XUDOOD\DOD7RUUHGHO&DPSDQDULR
XQLIRUPLGDGWLSROyJLFD\GHDOWXUDVTXHORFDUDFWHUL]DQ
WHMLGRXUEDQR\GHODSDUFHODFLyQORTXHLPSHGLUiFXDOTXLHUSURSXHVWDGHDSDUFDPLHQWR
HQYLDULRRHQORVVyWDQRVGHHGLILFDFLRQHV
9LOD3OD]DGH(VSDxD3]D0DULQHUVGHEHQSRWHQFLDUVH
([LVWHXQGpILFLWHQORVDSDUFDPLHQWRVSDUDUHVLGHQWHV
1RHVWiSUHSDUDGDSDUDVHUDFFHVLEOHSDUDSHUVRQDVGHPRYLOLGDGUHGXFLGDPD\RUHV\QLxRV
KDUtDPiVIiFLOODFRPSUHQVLyQGHVXHQWRUQRWHUULWRULDO\SHUPLWLUtDGLVIUXWDUGHODVYLVWDV
5LHVJRVGHDEDQGRQRGHODVYLYLHQGDVRQRDGTXLVLFLyQGHYLYLHQGDVSRUSDUWHGHQXHYDVIDPLOLDVFRQ
QLxRVSHTXHxRV
OXJDUHVGHUHODFLyQDXQTXHELHQVHUYLGD\GHIiFLODFFHVRDO&DVFRVREUHWRGRDWUDYpVGHOD
FRPRHO&DPSDQDULRRODV0XUDOODVRSXQWRVGHHQFXHQWURWUDGLFLRQDOHVVLQJXODUPHQWHOD3OD]DGH
3OD]DGH(VSDxDORTXHFRQVWLWX\HVXSULQFLSDOIRUWDOH]D
/D ]RQD GHO &HQWUR 8UEDQR GH &DOS HV OD FRQH[LyQ QDWXUDO GH UHVLGHQWHV \ WXULVWDV DO &DVFR
9LOD\GHO0RVTXLW
7LHQHXQRVHVSDFLRVS~EOLFRVELHQXUEDQL]DGRV
+D\FDUHQFLDVGHFDUWHOHUtDVREUHHO&$HQVXVERUGHV\HQODVSOD\DV\XQDLQIRUPDFLyQHVSHFtILFDHQ
6HKDSHUGLGRHOUHIHUHQWHYLVXDOGHO&DVFR$QWLJXRGH&DOSGHVGHORVDFFHVRVURGDGRVDO
([LVWHQ LQVWUXPHQWRV QRUPDWLYRV SDUD FRQVROLGDU HQ HO &$ XQ SDLVDMH XUEDQR VLQJXODU \
3RUWDOHWOD3OD]DGHOD9LODHO%DU&DOSR%DU=DPRUDVRORYLQFXODGRVDVXVUHVLGHQWHV
/D]RQD1RURHVWHOLQGDQWHDO&$HVXQD]RQDFRQSRFRFDUiFWHUSURSLRHQODHGLILFDFLyQSRFRV
8UEDQRGHGH&DOSHVXQD]RQD\DFRQVROLGDGD\FXLGDGDTXHFRQYLHQHFRQVHUYDU\SRWHQFLDU
/DVDODUPDVHQFXDQWRDSpUGLGDVGHLGHQWLGDG\XVRVHSURGXFHQSULQFLSDOPHQWHHQODV3OD]DVGHOD
PXQLFLSLR\UHFXSHUDUORVORSRQGUtDGHQXHYRHQYDORU
SDJZHERJXtDVXUEDQDVGHYHQWDDOS~EOLFR12KD\ORJRSURSLRGHO&$
(OPRELOLDULRXUEDQRWDQGLYHUVRQRFRQWULEX\HDGHILQLUODLGHQWLGDGGHO&$
/D2,7HVWiPDOHPSOD]DGDSDUDHOYLVLWDQWH
$0(1$=$6
FRQWURODUVXLPDJHQXUEDQDHQPRELOLDULRSXEOLFLGDGWROGRV\RWURVHOHPHQWRV
2325781,'$'(6
/DHGLILFDFLyQGHORV%DUULRVDO1RURHVWH\6XURHVWHFRSDODVYLVXDOHVDOD]RQDXUEDQDGHO
ODV6DOLQDVODVVLHUUDV7RL[\9HUQLDFRQHO0DVFDUDWTXHOHGDQXQDIXHU]DLGHQWLWDULD~QLFD
PXQLFLSLRGH&DOS
6HKDSHUGLGRODYLVWDGHDOJ~QHOHPHQWRSDWULPRQLDOGHO&DVFRGHVGHORVDFFHVRVURGDGRV
GHGRV3OD]DVGHELHQYHQLGDGHDOWRSRWHQFLDOXUEDQR6DOYDGRU\00LUy
LQWHUHVDQWHVHHQFXHQWUDGHWUiVGHODVHGLILFDFLRQHV
&DEHJHQHUDU]RQDVGHHVWDQFLD\FRQWHPSODFLyQYLVXDOHQHOLQWHULRUGHO&$GHODVUHIHUHQFLD
,JXDOPHQWHGHEHFRQVLGHUDUVHRSRUWXQLGDGHOiUHDUHVHUYDGD\DGHVGHHO3ODQ*HQHUDOHQ
/D 3OD]D GH OD &RQVWLWXFLyQ HV OD SULQFLSDO UyWXOD GH ORV HVSDFLRV S~EOLFRV GH &$/3 \ HO &$
HQOD0DQ]DQD1RUWH
WHUULWRULDOHVGH&DOSTXHVRQVXPD\RUDWUDFWLYR\VHxDOGHLGHQWLGDG
/D$YGDGH0DVQRXHQGRVGHVXVSXQWRVVRQRWURVGHORVSRFRVOXJDUHVGHFRQWHPSODFLyQ
GHOPDU\HOWHUULWRULR\GHEHQSUHVHUYDUVH
/D DYHQLGD 0DVQRX DO 6XU2HVWH UHSUHVHQWD XQD RSRUWXQLGDG SDUD HO &DVFR $QWLJXR VL pVWH
VDEHVHUOH~WLODORVIXWXURVKDELWDQWHVGHHVWDiUHDUHVLGHQFLDOXQDVYLYLHQGDV'LVSRQH
+DEUi TXH DGHPiV GH SRWHQFLDU OD FDUWHOHUtD LQWHQWDU TXH HO YLVLWDQWH SHUFLED TXH DOJR
7HUULWRULDOPHQWH&DOSWLHQHKLWRVRUHIHUHQFLDVQDWXUDOHVGHSULPHUQLYHOFRPRHO3HQ\DOGH,IDF
VHJXLGDGHOD3OD]DGH(VSDxD(QOD]DFRQOD3]DGHOV0DULQHUV7DPELpQHVXQRGHORVSRFRV
SXQWRVGHFRQWHPSODFLyQGHOPDU\HOWHUULWRULRTXHGHEHGRWDUVHGH]RQDVHVWDQFLDOHV
'$)27(0$6'((1(5*,$<6267(1,%,/,'$'
'(%,/,'$'(6
)257$/(=$6
([LVWHXQPX\EDMRtQGLFHGHFRQFLHQFLDFLyQSDUDODUHGXFFLyQGHFRQVXPRHOpFWULFRHQYLYLHQGDV
+D\ XQD YROXQWDG PDQLILHVWD GHO $\XQWDPLHQWR GH &DOS 3DFWR GH $OFDOGHV $JHQGD ;;,
\ORFDOHV
$DOERUJ\ODFRQYRFDWRULDGHHVWHPLVPR&RQFXUVRSDUDDFRPHWHUPHGLGDVGHVRVWHQLELOLGDG
+D\XQGHYLYLHQGDVGHPiVGHDxRVTXHGHEHQPRGHUQL]DUVXVLQVWDODFLRQHV
\GLVPLQXFLyQGHOFRQVXPRHQHUJpWLFR
1RH[LVWHUHGGH*DV1DWXUDOQL(QHUJtDVUHQRYDEOHVPXQLFLSDOHVFRQWDELOL]DGDV
ODVLWXDFLyQ\SRVLELOLGDGHVHQHVWDVPDWHULDV
(QLQIUDHVWUXFWXUDVXUEDQDVVHGLVSRQHGHVHUYLFLRVWpFQLFRV\QRUPDWLYDVXILFLHQWH
352%/(0$6
2325781,'$'(6
(OGHOFRQVXPRHQHUJpWLFRPXQLFLSDOHVHOpFWULFRFRQHOSDUDHGLILFLRV\HOSDUDOD
([LVWH XQD 1RUPDWLYD GHQWUR HO 3ODQ *HQHUDO VREUH GRWDFLRQHV \ FRQGLFLRQHV GH ODV
UHGGHDOXPEUDGR
LQIUDHVWUXFWXUDVQHFHVDULDVWDQWRHQVXHORVDXUEDQL]DUFRPRHQQXHYDVHGLILFDFLRQHVTXHSXHGH
(OFRQVXPRHQHUJpWLFRJHQHUDOHVWi\DHQHOOtPLWHFRQN:KKDEDxR\GHELHUDUHGXFLUVH
DGDSWDUVHDODVRSFLRQHVGHO&DVFR$QWLJXRTXHVHGHFLGDQ
+D\SRUODFULVLVHFRQyPLFDXQDOLPLWDFLyQGHUHFXUVRVS~EOLFRVGLVSRQLEOHVWDQWR
([LVWHXQDREOLJDFLyQOHJDOGHFRQRFHUHOHVWDGRGH(ILFLHQFLDHQHUJpWLFDGHHGLILFLRVSULYDGRVGH
([LVWHXQ(VWXGLRGH(PLVLRQHV&RQVXPR\UHFXUVRV\6XPLQLVWURVHQHUJpWLFRVTXHPHGLDQWHVX
YLYLHQGDV\GHORVS~EOLFRVGHPiVGHPFRQD\XGDVSDUDHOOR
PXQLFLSDOHVFRPRHVWDWDOHVTXHREOLJDUiQDXQDVHOHFFLyQGHORVSUR\HFWRVDUHDOL]DU
DFWXDOL]DFLyQSHULyGLFDSHUPLWLUtDHOVHJXLPLHQWRGHODVPHGLGDVSURSXHVWDV
'$)27(0$62%5(,167580(1726'(,17(59(1&,1
'(%,/,'$'(6
)257$/(=$6
)DOWDGHUHFXUVRVSDUDSROtWLFDVGHLQYHUVLyQXUEDQD
+D\YROXQWDGSROtWLFDSDUDODGLQDPL]DFLyQHFRQyPLFD\UHJHQHUDFLyQXUEDQDGHO&$
3ODQ *HQHUDO GH TXH DERUGD FRQ VXILFLHQFLD ORV SUREOHPDV GH FUHFLPLHQWR \ UHJXOD
'LVSRVLFLyQGHSHUVRQDOHVSHFLDOL]DGR\H[SHUWRHQLQVWUXPHQWRVFRPSOHPHQWDULRVWpFQLFRV\
]RQLILFDFLRQHV \HGLILFDELOLGDGHVSHURTXHSRUVXDQWLJXHGDGQROOHJDDODVDFWXDFLRQHVHQ
ODViUHDVFRQVROLGDGDVQLSURSLDVGHORV&HQWURV+LVWyULFRV
([LVWHQFLDGHVGHGHOD$JHQFLDGH'HVDUUROOR/RFDOGHOD0DULQD$OWD&5($0$SDUDOD
3DFWR GH $OFDOGHV FRQ FRPSURPLVR SDUD UHGXFFLyQ GHO FRQVXPR GH HQHUJtD \ HPLVLyQ
([LVWHQFLDHQ&DOSGHOD$JHQGD/RFDOFRQFRPSURPLVRSDUDHOGHVDUUROORVRVWHQLEOHGHOD
+D\XQ3ODQ*HQHUDOXQLYHUVDOLVWDTXHSRGUtDUHFRJHUPRGLILFDFLRQHVSXQWXDOHVVREUHWHPDV
GLQDPL]DFLyQHFRQyPLFD\VRFLDO6HUYHIFXUVLOORVHWF
FRQWDPLQDQWHVHQWUHHOORV&DOS
FLXGDG
HVSHFtILFRVGHLQWHUpVDO&$
&ULVLVIDOWDGHLQYHUVLyQ\FRQVXPRSULYDGR
&ULVLVOLPLWDFLyQGHUHFXUVRVS~EOLFRV
$),&SDUDXQDJHVWLyQHILFD]
$0(1$=$6
2325781,'$'(6
3URJUDPDV GH D\XGD GH OD 'LSXWDFLyQ GH $OLFDQWH SDUD IRPHQWR GHO FRPHUFLR \ OD
RUJDQL]DFLyQGHIHULDV\HYHQWRVSDUD$\XQWDPLHQWRV
3URJUDPDVGHD\XGDGHOD*HQHUDOLWDWSDUDIRPHQWRGHODDUWHVDQtDHLQQRYDFLyQ
FRPHUFLDOSDUD$\XQWDPLHQWRV\HQWLGDGHVLQWHUPHGLDV
'LVSRVLFLyQGHGHUHFXUVRVSURSLRVPXQLFLSDOHVSDUDORVDxRV
1HFHVLGDGGHFRQRFHU\VROLFLWDUD\XGDVSDUDODLQQRYDFLyQ\GLQDPL]DFLyQGHO&$
+D\DJHQWHV$),&\DH[SHULPHQWDGRVSDUDJHVWLRQDUQXHYRVSURJUDPDV
$SUREDFLyQ HQ GH XQD QXHYD 3ROtWLFD GH 9LYLHQGD FRQ QXHYRV LQVWUXPHQWRV SDUD HOODV
3RVLELOLGDG GH XVDU ODV QXHYDV ILJXUDV GH LQWHUYHQFLyQ HQ HO &$ PHGLDQWH 3UR\HFWRV GH
3URJUDPDV GH OD 8( FRQ FDUJR D ORV )RQGRV )('(5 SDUD SURWHFFLyQ GHO 0HGLR $PELHQWH \
FRQFDUJRDO3ODQGHOD9LYLHQGDDSDUWLFXODUHV\$\XQWDPLHQWR
5HKDELOLWDFLyQ5HJHQHUDFLyQR5HQRYDFLyQXUEDQDR3URJUDPDVGH3DLVDMHSRU$\XQWDPLHQWR
PHMRUDGHODDFFHVLELOLGDG2EMHWLYRSDUD$\XQWDPLHQWRV
3UHYLVLyQHQHO3*28GHXQD0DQ]DQDDO1RUWHGHO&$SDUDVHUGHVDUUROODGDPHGLDQWH35,
FRQDSDUFDPLHQWRV\SDUTXHVS~EOLFRVDSDUWHHGLILFDFLyQ$UHDGH2SRUWXQLGDG
3URJUDPDV GH DKRUUR HQHUJpWLFR FRQYHQLGRV SRU HO $\XQWDPLHQWR FRQ HPSUHVDV
VXPLQLVWUDGRUDV
&20(17$5,26
$FRQWLQXDFLyQVHLQFOX\HXQUHVXPHQQRH[KDXVWLYRGHODVUHIOH[LRQHVTXHDFRPSDxDUtDQORV'$)26\TXHRUGHQDGDV\SULRUL]DGDVYHUPHWRGRORJtDVHJXLGDFRQGXFHQDODV3URSXHVWDVGHHVWD3OLFDTXHVHH[SOLFLWDGDVSRVWHULRUPHQWH)DVH
GHHVWD0HPRULD
&20(17$5,2/DSULPHUDDSUHFLDFLyQTXHTXHUHPRVUHVHxDUHVTXHHO&$&DOSHVXQiUHDXUEDQDHVFRQGLGDSDUDTXLHQHVSDVDQSRU*DEULHO0LUy\HOFHQWURXUEDQRDFWXDO\DODYH]SDUDVXVKDELWDQWHVHQFHUUDGDHQWUHPXURVGHHGLILFDFLyQ
QRUPDOPHQWHWUDVHUDVHVSHFLDOPHQWHHQGLUHFFLyQDOPDU4XHGDODDSHUWXUDGHODPDQ]DQD1RUWH\ORVUHVTXLFLRVYLVXDOHVGHODVSOD]DVGHO6DOYDGRU\GH0DQXHO0LUy3RFDFRVDSDUDTXHFXDOTXLHUWXULVWDSXHGDFRQVLGHUDUTXHGDUVHXQWLHPSRD
SDVHDURFRQWHPSODUVXVYLVWDVGHVSXpVRDQWHVGHXQDYLVLWDUiSLGDRXQDFHQD
4XHTXHGDGHORULJHQGHODFLXGDGGH&DOSGHVXSDSHOGHDWDOD\D"'HVGHGyQGHVHDEUHQKR\VXVIDPRVDVYLVWDVVREUHHOPDU\HO3HQ\DO"6XVSULQFLSDOHVFXHQFDVYLVXDOHVHVWiQFHUUDGDVHQVXVSURSLDVSOD]DV\FDOOHV\DKRJDGDVSRUOD
HGLILFDFLyQHQDOWXUDGHVXHQWRUQR(QVKDQOOHYDWODYLVWDQRVGHFtDXQMRYHQFDOSLQR6yORGHVGHODODUJD$YGD*DEULHO0LUyH[WUDPXURVTXHHVKR\ODFDOOHSULQFLSDOGHODSREODFLyQHVSRVLEOHREVHUYDUGHVGHDOJ~QSXQWR\DOOiDOIRQGRODPDU
1RTXHGDQHQHOFDVFRHVWDVYLVXDOHVXUEDQDV\DOJRKDEUtDTXHKDFHUSDUDUHVWLWXLUVXLGHQWLGDGRULJLQDO$VtORSUHYHtDHO3*1RUPDVDUW\DVtORKDFHPRVHQQXHVWUDSURSXHVWD
(QVHQWLGRFRQWUDULRODVHQVDFLyQGHYLYLUHQFHUUDGRVHQXQD]RQDXUEDQDDQWLJXD\GHQVDGHEHSODQWHDUQRVODQHFHVLGDGGHFRQVLGHUDUXQDViUHDVGHFRQH[LyQFRQHOUHVWRGHODFLXGDGTXHGDGDODFRQILJXUDFLyQDODUJDGDGHO&+\ODVLWXDFLyQ
GHOFHQWURXUEDQRDO(VWHFRPRPtQLPRGHELHUDQHVWDUDO1RUWH3]D(VSDxD3]D/D)RQWDO(VWH3]DGHOD&RQVWLWXFLyQ*ORULHWD\DO6XUF3XUtVLPD$YGD0DVQRX
'(/$321(1&,$'(85%$1,602
9LVXDOHV
&20(17$5,2&DOOHVHVWUHFKDV\SOD]DVUHFRJLGDVFRQIRUPDQHOWHMLGRXUEDQRGHOFDVFR'HODVSULPHUDVGHVWDFDUHPRVODFDOOH0D\RU&DPSDQDUL9LFHQWH*DOODUW\ODVSLQWRUHVFDVGHODUUDEDO3OD]DVKD\XQEXHQQ~PHURGHJUDQLQWHUpV
XUEDQR\XQDVSURSRUFLRQHVPX\DGHFXDGDVDOWDPDxRGHHGLILFDFLRQHV\FDOOHVGHDFFHVR3]DGHOD9LOD3]DGHO5HFWRU3HQDOYD%HDWR6HQGUD3]DGHORV3HVFDGRUHV3]D(VSDxDGHO0HUFDGRPXFKDVGHODVFXDOHVKDQVLGRHPEHOOHFLGDV
FRQPRELOLDULRXUEDQRSLQWXUDVPRVDLFRV\IORUHVVREUHODVTXHHVSRVLEOHDUWLFXODUXQDYLGDXUEDQDUHVLGHQFLDOULFD\OLJDGDDDFWLYLGDGHVGHUHVWDXUDFLyQWXULVPRFRPHUFLRTXHHO$\XQWDPLHQWRGHVHDIRPHQWDUFRQHVWH&RQFXUVR'HHOODV
GHVWDFDODGHOD9LODFX\DVDPSOLDVGLPHQVLRQHVDFWXDOHVREHGHFHQDTXHHQVXFHQWURFRPRGLMLPRVHVWXYRVLWXDGDODWRUUHEDOXDUWHHO0DFKR%XHQDSDUWHGHOPRELOLDULR\DFDEDGRVGHHVWRVHVSDFLRVS~EOLFRVGHO&+FDUHFHQGHWUDWDPLHQWR
XQLWDULRTXHVHFRQVWLWX\HHQXQRGHORVREMHWLYRVGHO3ODQTXHGHEHXQLUVHDOFXLGDGR\GHFRURGHODHVFHQDXUEDQDGHOTXHKD\\DKR\PX\EXHQRVHMHPSORV\HOPDQWHQLPLHQWR\PHMRUDGHOHVSDFLRS~EOLFRFRPRVRSRUWHGHODYLGDGHVXV
UHVLGHQWHViUHDVGHGHVFDQVRGHMXHJRDFFHVRVVHUYLFLRVXUEDQRVGHEHQFRQVWLWXLUHOSXQWRGHSDUWLGDGHFXDOTXLHU,QWHUYHQFLyQ
7HMLGRV\QRGRVXUEDQRVSOD]DVUHSUHVHQWDVWLYDV
(QHVWRV~OWLPRVDxRVVHKDUHDOL]DGRXQHVIXHU]RLPSRUWDQWHGHXUEDQL]DFLyQDXQTXHFDUHQWHGHXQLGDGWDQWRHQSDYLPHQWRVFRPRHQPRELOLDULRXUEDQRTXHKDFHGLItFLODTXpOODLGHQWLILFDFLyQRUJXOORVDGHVXKLVWRULD\RULJHQ$OUHIXHU]RGHOD
LGHQWLGDGXUEDQDGHOUHFLQWR\DODGRWDFLyQGHHOHPHQWRVGHUHIHUHQFLDXQLWDULDGHO&$GH&DOSYDPRVDGHGLFDUVHQGDVSURSXHVWDV(VWHUHIXHU]RLGHQWLWDULRHQXQDSREODFLyQTXHKDFUHFLGRGHIRUPDH[SRQHQFLDO\TXHWLHQHQDFLRQDOHVGH
GLIHUHQWHVSDtVHVTXHVHDFHUFDQELHQHQLWLQHUDULRVWXUtVWLFRVRDXVDUVXVVHUYLFLRVS~EOLFRV\SULYDGRVGHEHVHUVLHPSUHGHLQWHUpV(QHVWDOtQHDVXFRQVLGHUDFLyQFRPR1~FOHR+LVWyULFR7UDGLFLRQDO\%LHQGH5HOHYDQFLD/RFDODFXDWUR
LQPXHEOHVGHVXWUDPDXUEDQDSXHGHQD\XGDUDHOOR
&RPRFRQFOXVLyQJHQHUDOFDEUtDGHFLUTXHHO&$GH&DOSQRWLHQHTXLHQOHHVFULED3UHFLVDXQDPDUFDGHLGHQWLGDG\XQDJHVWLyQJHQHUDOXQLWDULD'LDJQyVWLFRTXHVHUHSLWHHQWRGRVORVSXQWRVTXHYDPRVDWUDWDU
'(/$321(1&,$'(85%$1,602
&20(17$5,26REUHODHGLILFDFLyQVHGHEHPDQWHQHUODRSFLyQUHVLGHQFLDOGHIRUPDSULRULWDULDFRPSOHPHQWDGDFRQODVGRWDFLRQHVFRPXQHVJXDUGHUtDVOXGRWHFDVKRJDUGHOMXELODGRVXSHUPHUFDGRV\EDUHVTXHGHEHQGHGLVSRQHUGHXQ
PDUFRQRUPDWLYRTXHODVSURPXHYD\EHQHILFLHDFWXDQGRHQODHGLILFDFLyQDFWXDOVRORVREUHODVSDUFHODVPXQLFLSDOHV\GHMDQGRDODOLEUHGLVSRVLFLyQGHORVSDUWLFXODUHVODVUHIRUPDVDXWRUL]DEOHVSRUHO3ODQ*HQHUDO\SRUHOUHVSHWRDOHQWRUQR
VHxDOiQGROHVXQDRUGHQDQ]DGHXVRV\DFWLYLGDGHVKRUDULRV\FRQWUROHVGHUXLGRTXHVHXQDQDODVFRQRFLGDVGHREUDFRPSRVLFLyQGHKXHFRV\SDOHWDGHFRORUHVGLYHUVDDHOHJLUSRUHOORVHQFDGDFDVR$HVWHUHVSHFWRFDEHSURPRYHUODV
DUWHVDQtDVWLHQGDV\WDOOHUHVTXHJHQHUHQDVXYH]SXHVWRVGHWUDEDMR(O3ODQ(VWDWDOGHOD9LYLHQGDSXHGHVHUXQHVWtPXORLPSRUWDQWHSDUDODPHMRUDGHODVFRQGLFLRQHVGHDFFHVLELOLGDGDLVODPLHQWRGHODVYLYLHQGDV$VLPLVPROD
DGHFXDFLyQGHiUHDVGHMXHJRSDUDQLxRV\GHGHVFDQVR\VRPEUDSDUDPD\RUHVHQYtDVGHVXVSOD]DV\HOPDQWHQLPLHQWRGHORVHTXLSDPLHQWRVGHSUR[LPLGDGVHFRQVLGHUDQHVWUDWpJLFRVMXQWRFRQHOSXQWRVLJXLHQWHSDUDPDQWHQHUHVWDRSFLyQ
/DV GRWDFLRQHV PtQLPDV D GLVSRQHU VHUtDQ ODV ]RQDV YHUGHV GH SUR[LPLGDG SDUD OR FXDO KDEUtD TXH UHPRGHODU ODV SOD]DV TXH SHUPLWDQ VX FRQVLGHUDFLyQ FRPR $/ R DO iUHD -/ TXH GHEH GH VHU REMHWR GH XQ 35, FRPR KHPRV DQDOL]DGR
DQWHULRUPHQWH
'(/$321(1&,$'(85%$1,602
&20(17$5,2(OSUREOHPDGHODDFFHVLELOLGDGFRP~QDWRGRVORVFHQWURVKLVWyULFRVQRGHEHGHVHULJQRUDGRHQ&DOS/DYRFDFLyQUHVLGHQFLDOTXHDSR\DPRVD~QORDFHQW~DPiVSXHVWRTXHVLQDFFHVRVODGHVSREODFLyQ\PDUJLQDFLyQGHORV
PLVPRVHVVHJXUD/DH[LVWHQFLDGHXQDVURQGDVDOFDVFRGHVXILFLHQWHGLPHQVLyQ\TXHGHMDDPHQRVGHPFXDOTXLHUSDUFHODGHVXLQWHULRUUHTXLHUHVLVHTXLHUHDERUGDUVHULDPHQWHHOSUREOHPDXQDRUGHQDFLyQGHWUiILFRGHFLUFXQYDODFLyQ
SUHIHUHQWH\DSDUFDPLHQWRVGHYLVLWDQWHVHQODVPLVPDVDSURPRYHUHQHO3*\SHUPLWHDGHPiVXQRVDFFHVRVGHVGHODPLVPDDORVHVSDFLRVGHDSDUFDPLHQWRSDUDUHVLGHQWHVHQORVKXHFRVXUEDQRVD~QQRFRQVWUXLGRVTXHSURSRQHPRVHQHVWH
3ODQFRPRDUHDVGHRSRUWXQLGDG(VXQDDFWXDFLyQPX\SRUHQFLPDGHODGLVSRVLFLyQHFRQyPLFDDFWXDOGHO$\XQWDPLHQWRSHURTXHHQFDMDHQXQSURJUDPDDODUJRSOD]RGHVDUUROODUDODPSDURGHODQXHYD/H\GH5HJHQHUDFLyQ5HYLWDOL]DFLyQ\
5HKDELOLWDFLyQXUEDQRVGHGH-XQLRGH~WLO\DSDUDHGLILFLRVUHVLGHQFLDOHVQRXQLIDPLOLDUHVFRQSUREOHPDVFRQVWUXFWLYRVGHFRQVXPRGHHQHUJtDRDJXDRGHDFFHVLELOLGDGTXHQDFHFRQIRQGRVSDFWDGRVSDUDILQDQFLDUODVRSHUDFLRQHVHQHO
&$
'(/$321(1&,$'(85%$1,602
&20(17$5,2(OWXULVPRKDVLGRHOTXHKDGDGRD&DOSVXGLPHQVLyQ\GHVDUUROORDFWXDOSHURQRSRUVX&DVFR$QWLJXR6HGHEHHVWDEOHFHUXQDLPSRUWDQWHRILFLQDPXQLFLSDOGHLQIRUPDFLyQHQOD]RQDGHELHQYHQLGDDODSREODFLyQHQODURQGD
RFDUUHWHUDGHDFFHVRH[WHULRUDO&$\FRQXQPtQLPRGHSOD]DVGHDSDUFDPLHQWRDQHMDVTXHSHUPLWDQODURWDFLyQGHYLVLWDQWHV/DDFWXDORILFLQDHQOD3oD0RVTXLWVRORVHXWLOL]DVLVHYDDGUHGHDHOODDQGDQGR\VXHOHHVWDUFHUUDGDSRUORTXH
YDOGUtDXQDRILFLQDHQHOPLVPR$\XQWDPLHQWRDFWXDO3oD05RVHOOyRHQHODQWLJXRF&ULVWRGHO6XGRUPiVFHUFDQRVDOFHQWUR
/DSURPRFLyQGHLWLQHUDULRVDSLHHQHO&+TXHPH]FOHQKLVWRULDFRQYLVWDVJHQHUDOHVYHUSXQWRJDVWURQRPtD\IRUPDVGHYLGDFRPRORVLQWHULRUHVGHDOJXQDVYLYLHQGDV\ODHWQRJUDItD&DVDGHOD6HQ\RUHWDGHQWURVGHO0XVHRGHOD&LXGDG
FXDQGRVHLQDXJXUHGHEHUHDOL]DUVHDJUDQHVFDODGHVGHHO$\XQWDPLHQWR\HO&RQVRUFLRGH7XULVPRFRPRXQDWUDFWLYRPiVGHOFDVFRXUEDQRDSDUWHGHOVRO\SOD\D+R\ODRIHUWDFXOWXUDOQLUXWDVJXLDGDVFRPLHQ]DHQ-XOLR\HQKRUDULRFRQFUHWR
/RVDFFHVRVSHDWRQDOHVPiVQDWXUDOHVTXHHODQHFGyWLFR)RUDWDODPDU\FRQVHxDOpWLFDXQLIRUPH\GHIiFLOSHUFHSFLyQ
/DSRWHQFLDFLyQGHOD3OD]DGHOD&RQVWLWXFLyQFRPR3OD]DXUEDQDGHUHIHUHQFLDGH&DOSQ~FOHRGHSREODFLyQSXQWRSULQFLSDOGHHQFXHQWUR\ODDQHMD3OD]DGHORV0DULQHUVFRPRSOD]DGHELHQYHQLGDDO&$(QHORWURH[WUHPROD3OD]DGH
(VSDxDFRPRODRWUDSOD]DGHUHIHUHQFLD\ELHQYHQLGDDO1RUWHDPEDVELHQFRQHFWDGDVFRQHOFHQWURXUEDQR
'(/$321(1&,$'(85%$1,602<(&2120$
&20(17$5,23UR\HFWRPXVHtVWLFRPXQLFLSDOFRQORV0XVHRVHVSHFLDOL]DGRV\FRRUGLQDGRVFRQFRQWHQLGRV\KRUDULRVDWUDFWLYRV/RVHGLILFLRVKLVWyULFRV,JOHVLDOD3HoDHOEDUULRGHO5DYDO\ODVFDOOHVHQWUDxDEOHVGHEHQFRPSOHPHQWDUVH
FRQWDOOHUHVDUWHVDQRVDXODVDUWtVWLFDV\GHLGLRPDVQXHYDVDFWLYLGDGHV\ODLQWURGXFFLyQGHQXHYRVUHIHUHQWHVFDOSLQRVGHODVSHVTXHUtDV\ODSREODGH,IDFKR\LQH[LVWHQWHVFRPSOHWDUtDQODRIHUWDFRQSRFRFRVWH/DVDFWLYLGDGHVIHVWLYDVFRPR
ORVPHUFDGLOORVFXPSOHQPX\ELHQHVWDIXQFLyQ
/DSOD]DSULQFLSDOGH&DOS3]D&RQVWLWXFLyQ*DEULHO0LUy*ORULHWD
2WUDVDFWLYLGDGHVYLQFXODGDVDOWXULVPRFRPRODKRVWHOHUtDODVFDVDVUXUDOHVDJHQFLDVGHYLDMHHWFWLHQHQXQHQFDMHQDWXUDOHQHO&+TXHDWUDLJDQDYLVLWDQWHVGHHVWDQFLDVFRUWDVRLWLQHUDQWHV
'HEHVLQHPEDUJRHVWXGLDUVHXQDRUGHQDQ]DGHEDUHVPXVLFDOHV\SXEVTXHSURKtEDGLVFRWHFDVMXHJRV\UHFLQWRVMXYHQLOHVFRQKRUDULRVGHFLHUUHGHVSXpVGHODVGHODQRFKHSDUDQRKLSRWHFDUODDSXHVWDUHVLGHQFLDO
'(/$321(1&,$'(85%$1,602
&20(17$5,2$UHDVGH2SRUWXQLGDG
&RQVLGHUDPRVDUHDVGHRSRUWXQLGDGDORVVXHORVXUEDQRVVHPLFRQVOROLGDGRVTXHSHUPLWDQRSHUDFLRQHVXUEDQtVWLFDVGHUHKDELOLWDFLyQUHJHQHUDFLyQ\UHQRYDFLyQXUEDQDV6HUtDQHQQXHVWURFDVROD0DQ]DQD1RUWHSUHYLVWDHQHO3*28SDUD
GHVDUUROODUPHGLDQWH35,DKRUDGHEHVHU3ODQGH5HQRYDFLyQ8UEDQDFRQDSDUFDPLHQWRV=RQD9HUGH\*XDUGHUtD3]D0DQXHO0LUyGHEHVHU3ODQGH5HQRYDFLyQ8UEDQDSDUDDSDUFDPLHQWRV\=RQD9HUGH3]D0RVTXLWGHEHVHU3ODQGH
5HQRYDFLyQ8UEDQDSDUD=RQD9HUGH
7DPELpQSRGHPRVOODPDURSHUDFLRQHVGHRSRUWXQLGDGODViUHDVRSDUFHODVTXHHQODJHVWLyQGHO3ODQSHUPLWDQPHGLDQWHODVSHUPXWDVRWUDQVIHUHQFLDVGHDSURYHFKDPLHQWRSUHFLVDVGLVSRQHUGHVXHORHQOXJDUHVDGHFXDGRVSDUD
FXEULUGRWDFLRQHVTXHKHPRVGHWHFWDGRFRPRGHILFLWDULDVHQHO&DVFR$QWLJXRHVGHFLU]RQDVYHUGHV\DSDUFDPLHQWRVS~EOLFRVHVSHFLDOPHQWHSDUDUHVLGHQWHV
'(/$6321(1&,$6<'(85%$1,602<'((63$&,2638%/,&26<3$,6$-(85%$12
&20(17$5,2$FFHVLELOLGDGUHKDELOLWDFLyQUHJHQHUDFLyQ\UHQRYDFLyQXUEDQDV
6HUtDPX\LQWHUHVDQWHPHMRUDUODVFRQGLFLRQHVGHORVDFFHVRV\SOD]DVGHELHQYHQLGDDO&DVFR8UEDQRSDUDFRQWULEXLUDVXLGHQWLILFDFLyQVRFLDO\DVXDFFHVLELOLGDG
3OD]DGHO6DOYDGRU3OD]DGHO0RVTXLW3OD]DGH0DQXHO0LUy3OD]DGHOV0DULQHUV3OD]DGHOD&RQVWLWXFLyQ*DEULHO0LUy*ORULHWD\3OD]DGHOD)RQW
'(/$321(1&,$'((',),&$&,21(63$&,2638%/,&26<3$,6$-(85%$12
&20(17$5,2*HVWLyQGHO&$
6HFRQVLGHUDQHFHVDULDODFUHDFLyQGHXQD2ILFLQDGHO&DVFR$QWLJXRUDGLFDGDHQHO$\XQWDPLHQWRRHQDOJXQRGHVXVORFDOHVDQHMRVYDFtRVSDUDIDFLOLWDUODLQIRUPDFLyQFRQVXOWDVWUiPLWHVDGPLQLVWUDWLYRVVHJXLPLHQWRGHO3ODQ
'HEHUtDGLVSRQHUGHXQDSDUWLFLSDFLyQGHODVDVRFLDFLRQHVGHYHFLQRV\FRPHUFLDQWHVGHOD]RQD
'(/$6321(1&,$6<'(/$9,9,(1'$<3$57,&,3$&,1<(&2120$
&20(17$5,2)DFLOPHQWHVHOOHJDDODFRQFOXVLyQTXHKD\TXHGLQDPL]DUHFRQyPLFDPHQWHHO&DVFR$QWLJXRGH&DOS2EMHWLYRTXHGHEHDJOXWLQDUXQDVHULHGHHVWUDWHJLDV\DFWXDFLRQHVHQIRUPDFRRUGLQDGD\PRQLWRUL]DGDSDUDFRQYHUWLUOR
HQXQD]RQDDWUDFWLYDGHVGHHOSXQWRGHYLVWDFRPHUFLDO\WXUtVWLFRFUHDQGRXQHVSDFLRGHWXULVPRRFLRXUEDQRFRQXQDYDULDGDHLQWHUHVDQWHRIHUWDJDVWURQyPLFDFRPHUFLDOO~GLFD\FXOWXUDOTXHHQFRQMXQWRFRQIRUPDQQXHVWUD3URSXHVWDILQDOGH
GHVDUUROODUXQ3/$1'(',1$0,=$&,1(&210,&$'(/&$6&2$17,*82TXHWUDWDUHPRVPiVDGHODQWH'LFKR3ODQVHEDVDUtDHQORVVLJXLHQWHVSULQFLSLRV
$6267(1,%,/,'$'(OSODQGHEHVHUVRVWHQLEOHGHVGHHOSXQWRGHYLVWDHFRQyPLFRPHGLRDPELHQWDO\VRFLDO
'HVGHHOSXQWRGHYLVWDHFRQyPLFRVHJXLUHPRVORVSULQFLSLRVGH
$FWXDUFRQHOPtQLPRFRVWHSRVLEOH
$SURYHFKDUOR\DH[LVWHQWH
3ULRUL]DUDFWXDFLRQHV
'HVGHHOSXQWRGHYLVWDVRFLDOEXVFDUHPRV
(YLWDUH[WHUQDOLGDGHVQHJDWLYDVTXHSURYRTXHQHOUHFKD]RYHFLQDO
)RPHQWDUODFUHDFLyQGHH[WHUQDOLGDGHVSRVLWLYDVSDUDYHFLQRV\FRPHUFLDQWHV
%XVFDUPRGHORVGHFRJHVWLyQ
'HVGHHOSXQWRGHYLVWDDPELHQWDOVHDFW~DSDUD
/RJUDUODPi[LPDHILFLHQFLDHQHUJpWLFD
/RJUDHOPtQLPRGHUHVLGXRV
&RQVHJXLUHOPtQLPRLPSDFWRDPELHQWDO
%$87(17,&,'$'(OSODQGHEHEXVFDUODDXWHQWLFLGDGGHO&DVFR$QWLJXR1RVHWUDWDGHFUHDUXQSDUTXHWHPiWLFR'HEHPRVWUDUODVUDtFHV\HORULJHQGHOOXJDUVLQUHQXQFLDUDVHUXQHVSDFLRGHQHJRFLRPRGHUQR\FRVPRSROLWD
/DSDUWHKLVWyULFD\DQWLJXDQRWLHQHSRUTXpVHUODSDUWHPiVGHVIDVDGD
&&$/,'$'(O&DVFR$QWLJXRGHEHRIUHFHUXQRVPtQLPRVGHFDOLGDGHQVXRIHUWDFRPHUFLDO\JDVWURQyPLFDORJUDQGRXQDLPDJHQDFRUGHFRQHVWHSULQFLSLR(O&DVFR$QWLJXRGHEHD\XGDUDURPSHUFRQODLPDJHQGHWXULVPREDUDWRHLPSHUVRQDO
GHVRO\SOD\DDSRUWDQGRXQSURGXFWR\XQDLPDJHQGHFDOLGDG
&RQHVWDVFRQFOXVLRQHV\SXQWRVGHSDUWLGDVHGHVDUUROODODSURSXHVWD
'(/$321(1&,$(&2120$&20(5&,2<785,602
&20(17$5,2*$6752120,$<(63(&,$/,'$'(6
'HEHPRVDERUGDUXQDEDWHUtDGHDFFLRQHVHQFDPLQDGDVDUHIRU]DUODLPDJHQGHHVSDFLRXUEDQRDXWpQWLFR\FRVPRSROLWD&DOSQRHVXQSDUTXHWHPiWLFRQLXQUHVRUWHVXQDSREODFLyQDXWpQWLFDFRQXQDKLVWRULD\XQDVUDtFHVTXHVHKDFHQHVSHFLDOPHQWH
HYLGHQWHVHQHO&DVFR$QWLJXR'HHOODVVREUHVDOHVXYLQFXODFLyQFRQHOPDUODSHVFD\VXULTXH]DJDVWURQyPLFD(OWXULVPRGHPDVDVWUDGLFLRQDOKDD\XGDGRDFUHDU\GLIXQGLUXQSURGXFWR\XQDLPDJHQLPSHUVRQDO\GHEDMDFDOLGDGTXHGHEHPRV
FRPEDWLU 3DUD HOOR KD\ TXH EXVFDU DFFLRQHV TXH UHIXHUFHQ OD DXWHQWLFLGDG \ FDOLGDG GH OD RIHUWD (O FRPHUFLR \ OD JDVWURQRPtD SXHGHQ MXJDU XQ SDSHO DFWLYR HQ HVWH SURSyVLWR SHUR HQ WRGR FDVR \D H[LVWHQ SURSXHVWDV \ DFFLRQHV FRPR OD IHULD
JDVWURQyPLFDLQWHUQDFLRQDOHOFRQFXUVRGHWDSLFHVHWFTXHYLHQHQ\DLQFLGLHQGRHQHVWDHVWUDWHJLD\TXHGHEHUtDQWHQHUFRQWLQXLGDGVLDVtVHFRQVLGHUD
'(/$321(1&,$(&2120$&20(5&,2<785,602
&20(17$5,2,'(17,'$'
6HKDDQDOL]DGROD,GHQWLGDGFROHFWLYDYHFLQRVFRPHUFLDQWHV\WXULVWDV\HODVRFLDFLRQLVPR\OXJDUHVGHHQFXHQWUR'HHOORGHWUDHPRVFRPRFRQFOXVLRQHVTXHVHKDQUHIOHMDGRHQHO'$)2*5$)2
)DOWDHQFRQWUDUXQQH[RRKLORFRQGXFWRUTXHUHIXHUFH\GHFRKHVLyQDODLGHQWLGDGGHO&DVFR$QWLJXRFRQXQDLPDJHQFRUSRUDWLYDHVSHFtILFDGHO&DVR$QWLJXRGH&DOS&RPRIRUWDOH]DVHQFRQWUDPRVXQIXHUWHDVRFLDFLRQLVPRVREUHWRGRHQILHVWDV
0RURV1DFLRQDOLGDGHVGHSRUWHVDPDVGHFDVDTXHVHHQFXHQWUDQPD\RULWDULDPHQWHUDGLFDGRVHQHO&$RVXVERUGHV
3DUDXQDPD\RUSURPRFLyQODV2ILFLQDVGH7RXULVW,QIRGHEHQGLVSRQHUGHPDWHULDOGHSURPRFLyQHVSHFtILFDGHO&DVFR$QWLJXR&RPHUFLRV5HVWDXUDQWHV9LVLWDVJXLDGDV$FWLYLGDGHVFXOWXUDOHVGHHVSDUFLPLHQWRHWFTXHGHELHUDDPSOLDUVHD.LRVFRV
/LEUHUtDV\D%DUHV\&HQWURV3~EOLFRVGHO&$
'HEHQWDPELpQGHILQLUVHXQDVHULHGHVHFWRUHVHFRQyPLFRVSRWHQFLDOPHQWHSURPRFLRQDEOHVHQHO&DVFR$QWLJXRSURGXFWLYRVGLUHFWDPHQWHWLHQGDVWDOOHUHVRQR$XODVGHDSUHQGL]DMHH[SRVLFLRQHVGHSURGXFWRVHWF\DPSOLDUVHODSURPRFLyQGHO
SDWULPRQLRDUWtVWLFR\FXOWXUDOGHO&DVFR$QWLJXR0XUDOODV,JOHVLD0XVHRVSOD]DV\FDOOHVFRQKLVWRULD'HHVWDLGHDQDFHQODVSURSXHVWDVGHFUHDUXQDOD5XWDGHORV0XUDOHV\GLVHxDUXQDSROtWLFDPXVHtVWLFDFRRUGLQDGDFRQLQJXODULPSRUWDQFLDDO
0XVHRGH+LVWRULD0XVHRGHOD)LHVWD\DXQ0XVHRGHO0DU
'(/$321(1&,$9,9,(1'$<3$57,&,3$&,162&,$/
&20(17$5,2(48,3$0,(1726
(O&$HVXQiUHDELHQHTXLSDGDSDUDSHUVRQDVVLQSUREOHPDVGHPRYLOLGDGGHVGHHOSXQWRGHYLVWDSHDWRQDO\FRQSUREOHPDVSDUDORVGHPiVVHFWRUHVGHODSREODFLyQHVHOFDVRGHODVSHUVRQDVPD\RUHV\ORVQLxRVORTXHSRGUtDVXSRQHUXQDEDQGRQR
GHODVYLYLHQGDV\ODQRDGTXLVLFLyQGHYLYLHQGDVSRUSDUWHGHQXHYDVIDPLOLDVFRQQLxRVSHTXHxRV/RVHTXLSDPLHQWRVHQOD$YGDGH0DVQRXFRPROD(GDG&DVD&XOWXUD3]D0D\RUOHGRWDQGHXQRVVHUYLFLRVLPSUHVFLQGLEOHV
'(/$6321(1&,$6<'(85%$1,602<'((63$&,2638%/,&26<3$,6$-(85%$12
&20(17$5,27HUULWRULDOPHQWHKD\KLWRVRUHIHUHQFLDVGHSULPHUQLYHOFRPRORVVHxDODGRVTXHOHGDQXQDIXHU]DLGHQWLWDULD~QLFD3HQ\DO6DOLQDV2OWi\7RL[0DVFDUDW
/RVVLJQRVPiVUHOHYDQWHVGHODLPDJHQXUEDQDVRQHVFDVRV\VHHQFXHQWUDQHQUHFRUULGRVWXUtVWLFRVKLWRVFRPRHO&DPSDQDULRRODV0XUDOODVRSXQWRVGHHQFXHQWURWUDGLFLRQDOHVVLQJXODUPHQWHOD3OD]DGH(VSDxD\OD3OD]DGHOV0DULQHUVQRGRV
TXHGDQGRGHWHUPLQDGRVSXQWRVGHUHIHUHQFLDXUEDQDFRPRHO3RUWDOHWOD3OD]DGHOD9LODHO%DU&DOSR%DU=DPRUDPX\YLQFXODGRVDVXVUHVLGHQWHV
/DVDODUPDVVHSURGXFHQSULQFLSDOPHQWHHQHVWDV3OD]DVGHOD9LOD\GHO0RVTXLW\ODVRSRUWXQLGDGHVHQODURQGD6XU$YGD0DVQRXD~QQRFRQVROLGDGD\OD\DFRQRFLGDGHVGHHO3ODQ*HQHUDOHQGHOHQWRUQRGHOD0DQ]DQD1RUWH
'(/$321(1&,$(',),&$&,1(63$&,23%/,&2<3$,6$-(85%$12
<DQRVHREVHUYDQLQJ~QHOHPHQWRSDWULPRQLDOGHOFDVFRGHVGHORVDFFHVRVURGDGRVKDEUiTXHSRWHQFLDUODFDUWHOHUtDHLQWHQWDUTXHHOYLVLWDQWHSHUFLEDTXHDOJRLQWHUHVDQWHVHHQFXHQWUDGHWUiVGHODVHGLILFDFLRQHV
'(/$6321(1&,$6<'(85%$1,602<'((63$&,2638%/,&26<3$,6$-(85%$12
&20(17$5,2/RVYLVLWDQWHVGHO&DVFR$QWLJXRHVWiQELHQVHUYLGRVXQDYH]DFFHGLGRDO&DVFRSHURQDGDOHVUHFODPDQLLQIRUPDGHVGHHOH[WHULRUSDUDLQYLWDUOHVDYLVLWDUOD]RQD
/D]RQD1RURHVWHOLQGDQWHDO&$HVXQD]RQDFRQSRFRFDUiFWHUSURSLRHQODHGLILFDFLyQSRFRVOXJDUHVGHUHODFLyQDXQTXHPX\ELHQVHUYLGD\GHIiFLODFFHVRDO&DVFRVREUHWRGRDWUDYpVGHOD3OD]DGH(VSDxD(VHOSULPHUSODQRHQODVYLVXDOHVDOD
]RQDXUEDQDGHOPXQLFLSLRGH&DOS\VXHGLILFDFLyQWLHQHDOWXUDVGHYDULRVSLVRVHQEORTXHVSHURVLQFDUiFWHUIRUPDOHVSHFtILFR
/DDYHQLGD0DVQRXUHSUHVHQWDXQDRSRUWXQLGDGSDUDHO&DVFR$QWLJXRVLpVWHVDEHVHUOH~WLODORVIXWXURVKDELWDQWHVGHHVWDiUHDUHVLGHQFLDOXQDVYLYLHQGDV+DEUiTXHDSURYHFKDUHVHSRWHQFLDOJHQHUDQGRHVSDFLRVGHHVWDQFLD\UHODFLyQ\
WHQGUiTXHDWUDHUORVFRQVHUYLFLRV\FRPHUFLRVFRPSDWLEOHVFRQHOWLSRGHHGLILFDFLyQTXHVHHQFXHQWUDHQHO&DVFRVLQTXHSLHUGDHOFDUiFWHUGH&DVFRDQWLJXRTXHORGLIHUHQFLDGHOUHVWRGHODFLXGDG
/D]RQDGHO&HQWUR8UEDQRGH&DOSHVODFRQH[LyQQDWXUDOGHUHVLGHQWHV\WXULVWDVDO&DVFR8UEDQRGHGH&DOSHVXQD]RQD\DFRQVROLGDGD\FXLGDGDTXHFRQYLHQHFRQVHUYDU\SRWHQFLDU
'(/$6321(1&,$6<'(85%$1,602<'((63$&,2638%/,&26<3$,6$-(85%$12
&20(17$5,2/DHVWUXFWXUDXUEDQDGHOFDVFRDQWLJXRGH&DOSVHHQFXHQWUD URGHDGDSRUXQDVHULHGHFUHFLPLHQWRVXUEDQRVSRVWHULRUHVTXHKDQPRGLILFDGRHQJUDQPDQHUDVXUHODFLyQFRQHOSDLVDMHTXHOHURGHD(OERUGHRULJLQDOVHKD
UHFRQYHUWLGRHQXQHVSDFLRGHWUDQVLFLyQHQWUHGLIHUHQWHVXQLGDGHVGHSDLVDMHXUEDQR3RUHOORFXDOTXLHUSURSXHVWDGHEHSRQHUHVSHFLDODWHQFLyQHQODUHGHILQLFLyQGHHVWHHVSDFLRGHWUDQVLFLyQ
FUHDQGRXQDVHULHGHSXQWRVGHFRQH[LyQDPRGRGHSXHUWDVSDUDPHMRUDUODFRQH[LyQGHQXHVWURiPELWRFRQVXHQWRUQR
7DPELpQDSDUHFHFRPRIXQGDPHQWDOODQHFHVLGDGGHFUHDFLyQGHXQVLVWHPDGHHVSDFLRVS~EOLFRVLQWHULRUHVFRKHUHQWHV\~WLOHVDUHVLGHQWHV\YLVLWDQWHV&DOSFXHQWDFRQSRVLELOLGDGGHDERUGDUORV\HVWDEOHFHUUHODFLRQHVHQWUHHOORVFUHDQGRXQDUHGTXH
TXHHVWUXFWXUHHOHVSDFLRXUEDQRHQVXFRQMXQWRUHVSRQGLHQGRDQHFHVLGDGHVGHFRQH[LyQSHURWDPELpQFUHDQGRHVSDFLRVDJUDGDEOHVSDUDHVWDU\UHDOL]DUHQHOORVGLIHUHQWHVDFWLYLGDGHV
,JXDOPHQWHSRGHPRVFRQFOXLUTXHIDOWDQFULWHULRVXQLWDULRVSDUDHOWUDWDPLHQWRGHXQDLPDJHQXUEDQDSRWHQWH\IiFLOGHLGHQWLILFDU6HGHEHQSURSRQHUPHGLGDVGHFRQWUROVREUHHOPRELOLDULRXUEDQRSXEOLFLGDGWROGRV\RWURVHOHPHQWRVVREUHODRUGHQDFLyQ
GHORVHVSDFLRVHLQIUDHVWUXFWXUDVS~EOLFRVDOWLHPSRTXHVHGHEHDFWXDUGLUHFWDPHQWHFRQSURSXHVWDVFRQFUHWDVGHPHMRUDHQDOJXQRVSXQWRVGHOHVSDFLRS~EOLFR
'(/$321(1&,$'((',),&$&,1(63$&,2638%/,&26<3$,6$-(85%$12
&20(17$5,2(OVHFWRUFRQPiVFRQVXPRHQHUJpWLFR\SRUORWDQWRPiVHPLVLRQHVHVHOGHOWUDQVSRUWHGHELGRDGHPiVGHRWUDVPXFKDVFLUFXQVWDQFLDVDOJUDQQ~PHURGHGHVSOD]DPLHQWRVGHWUDEDMR\RFLRHQYHKtFXORVSULYDGRV(OVLJXLHQWH
VHFWRUPD\RUFRQVXPLGRUHVHOUHVLGHQFLDO(OFRQVXPRILQDOGHHQHUJtDSRUKDELWDQWH\DxRN:KKDEDxRVHJ~QGDWRVGHO/RGHVHDEOHHVTXHHVWHYDORUVHDLQIHULRUDN:KKDEDxRTXH&DOSH\DKDEtDVXSHUDGRHQHQHO
OtPLWH\SRVLEOHPHQWHHQ\DORKD\DVXSHUDGRORTXHDFRQVHMDLQWHUYHQLUHQXQPHMRUFRQVXPR\PD\RUHILFLHQFLDHQHUJpWLFD
(OUDWLRGHFRQVXPRGHHQHUJtDGHILQLGRHQHO3ODQGH$FFLyQGH$KRUUR\(ILFLHQFLD(QHUJpWLFD3$((SDUDHODxRHUDPX\VLPLODUHQ&DOSHDRWUDVSREODFLRQHVGHN:KKDEDxR1RREVWDQWHHOREMHWLYRSDUDHOHVFHQDULRGHODxR
XQSRUDUULEDGHODOOtILMDGRGHN:KKDEDxR
(O3DFWRGH$OFDOGHVGHILUPDGRSRU&DOSVHSURSXVRUHGXFLUHQXQODVHPLVLRQHVGH&2DQWHVGHTXHLJXDOPHQWHGHEHSURSRUFLRQDUDFWXDFLRQHVDFRUWRSOD]RHQORVSUy[LPRVWUHVDxRV
&DOSGLVSRQHGHVGHGHXQ3ODQ(VWUDWpJLFR/RFDOGHOD$JHQGD;;,3ODQGH$FFLyQ/RFDO'XUDQWHHOSULPHUDxRKDKDELGRSULQFLSDOPHQWHFDPSDxDVGHVHQVLELOL]DFLyQ\IRPHQWRGHODSDUWLFLSDFLyQFLXGDGDQDFRPRSRUHMHPSORHOFDPSXV
GHSRUWLYRRUJDQL]DGRHQDJRVWRGH
&DOSILUPyHQOD&DUWDGH$DOERUJTXHDFRJHORVFRPSURPLVRVYROXQWDULRVGHODVFLXGDGHVHXURSHDVGHVGHPHGLDQWHOD&DPSDxD(XURSHDGH&LXGDGHV6RVWHQLEOHV%LHQVHDSRUIDOWDGHXQDFXOWXUDGHODSDUWLFLSDFLyQIDOWDGHPHGLRVSDUD
VXLPSODQWDFLyQIDOWDGHIRUPDFLyQ\DGDSWDFLyQGHWpFQLFRVFRQVWLWXLUXQDVRFLHGDGORFDOFRPSOHMD\KHWHURJpQHDKDVWD$EULOGHQRVHKDFRQVHJXLGRDSUREDUHQ3OHQRGHWRGDVODVIXHU]DVSROtWLFDV$DOERUJ
([LVWHXQ6LVWHPD0XQLFLSDOGH,QGLFDGRUHVGH6RVWHQLELOLGDGHVWDEOHFLGRHOGHQRYLHPEUHGHFRQiPELWRVGHWUDEDMR2FXSDFLyQGHVXHOR&RPSOHMLGDGXUEDQD0RYLOLGDGVRVWHQLEOH0HWDEROLVPRXUEDQR&RKHVLyQVRFLDO$XPHQWRGHOD
%LRGLYHUVLGDGFRQGLIHUHQWHV3UHPLRVDQXDOHVTXHVLUYHQGHDFLFDWH\SXEOLFLGDGDORVPXQLFLSLRV
'(/$321(1&,$6267(1,%,/,'$'<(1(5*,$
&20(17$5,2+D\LQVWUXPHQWRVGHLQWHUYHQFLyQGLUHFWD\DFRUWRSOD]RFRQSUR\HFWRV\DODUJRSOD]RFRQSURJUDPDV8QRV\RWURVVXVFHSWLEOHVGHRSWDUDXQDVHULHGHD\XGDVGHOD8((VWDGR*HQHUDOLWDW\'LSXWDFLyQGH$OLFDQWH
+D\LQVWUXPHQWRVGHUHJXODFLyQ\RUGHQDFLyQFRPR1RUPDV2UGHQDQ]DV\3ODQHVGHEDMRFRVWH+D\SRVLEOHVDFXHUGRVFRQFRPSDxtDVVXPLQLVWUDGRUDVSDUDUHGXFLUODIDFWXUDHQHUJpWLFD
'(/$321(1&,$,167580(1726'(,17(59(1&,1
,'($6<35238(67$63$5$/$5(*(1(5$&,1(&210,&$62&,$/<$0%,(17$/'(/&$6&2+,675,&2'(&$/3
,QGLFH
)$6('(35238(67$
,GHDVIXHU]D
0pWRGR\SUHVHQWDFLyQ
)RUPXODFLyQLQLFLDOGH3URSXHVWDV
$%DVHHFRQyPLFD3URSXHVWDVGHUHYLWDOL]DFLyQ3ODQ'LQDPL]DFLyQ\RWUDVDFFLRQHV
%%DVHVRFLDO$FFLRQHVVRFLDOHV\FXOWXUDOHVGHUHIXHU]RGHLGHQWLGDG\GLQDPL]DFLyQUHVLGHQFLDO3URJUDPDGH'LQDPL]DFLyQ
&%DVHDPELHQWDO$FFHVLELOLGDGHVSDFLRVS~EOLFRVHTXLSDPLHQWRV\VHUYLFLRVXUEDQRV3ODQGH5HKDELOLWDFLyQXUEDQD\RWURV3UR\HFWRV\1RUPDV
5HODFLyQFRQHOUHVWRGHODFLXGDG
&RQILJXUDFLyQGHODV3URSXHVWDV3ODQHV3URJUDPDV\RWUDV
9DORUDFLyQGHODV3URSXHVWDVSRUVXLPSDFWRFRKHUHQFLD\YLDELOLGDG
0HPRULDHFRQyPLFD
0HPRULDGHVtQWHVLV
2UGHQDFLyQ
3ODQHFRQyPLFR
3ODQGHHWDSDV
*HVWLyQ\VHJXLPLHQWR
5HVXPHQ\SUHVHQWDFLyQGHOD3OLFD
,'($6)8(5=$
(O&DVFR$QWLJXR&$HVXQD]RQDXUEDQDYLYDHQEXHQHVWDGRGHFRQVHUYDFLyQ\GRQGH&DOSHQFRQMXQWRSXHGHHQFRQWUDUVXKLVWRULD\ODVUD]RQHVGHVXLGHQWLGDGVRFLDO(VVXMR\DXUEDQDVXPHMRUSDWULPRQLR6XFHUFDQtDDOFHQWURXUEDQRGHOD
SREODFLyQOHGDXQSOXVGHRSRUWXQLGDGTXHGHEHDSURYHFKDUVH\PDQWHQHUVH7DQWROD]RQDFRPHUFLDO\GHVHUYLFLRVFRPRHO$\XQWDPLHQWRFRPRODVOtQHDVGHDXWREXVHVFRPRDOJXQRVJUDQGHVHTXLSDPLHQWRVGH&DOSFRPROD3OD]D0D\RUHO3DUTXHGHOD
(UPLWD,QVWLWXWRV*XDUGLD&LYLO&DVDGH6DOXG(VWDFLyQGH$XWREXVHVHVWiQVXILFLHQWHPHQWHFHUFDSDUDTXHVXUHODFLyQFRQHO&$VHDSULYLOHJLDGD
6REUHHO&DVFR$QWLJXRVHKDQGHVDUUROODGRP~OWLSOHVLQLFLDWLYDVHQORV~OWLPRVDxRVDOJXQDVLPSURYLVDGDVRVLQFRQWLQXLGDGSHURWRGDVKDQGHMDGRVXPDUFDHQVXYLDULRHVSDFLRVS~EOLFRV\HGLILFLRVTXHDGTXLHUHDVtXQDVSHFWRPX\FXLGDGR/DV
UHIOH[LRQHVSODQWHDGDVHQODV%DVHVGHFDGHQFLDGHWHULRURRHQYHMHFLPLHQWRVGHSREODFLyQ\HGLILFDFLyQVRQFRPSDUDGDVFRQORVXFHGLGRHQPXQLFLSLRVFRQVXVFHQWURVKLVWyULFRVDLVODGRVRUHGXFLGRVDJXHWRVPXVHtVWLFRVVRQPLHGRVGHIXWXURPiVTXH
UHDOLGDGHVDFWXDOHV\HQHVWHVHQWLGRHO&21&8562'(,'($6<35238(67$6ODVWUDWDFRQYDOHQWtD/DGHELOLGDGGHDTXpOODVLQLFLDWLYDVRVXSURSLDIDOWDGHFRQWLQXLGDGKDEODQGHODQHFHVLGDGGHDIURQWDUXQ3ODQFRQMXQWRTXHDJOXWLQHODVPHGLGDVGH
PHMRUD\GLQDPL]DFLyQ\JDUDQWLFHVXYLDELOLGDGHQHOWLHPSR
'HHVWDIRUPD\GHVSXpVGHXQSURFHVRWDQPLQXFLRVRFRPRHOVHJXLGRHQHVWD3OLFDHQOD)DVHDQWHULRUSDUDGHWHFWDUSUREOHPDV\RSRUWXQLGDGHVDPHQD]DV\IRUWDOH]DVKDQVXUJLGRP~OWLSOHVLQLFLDWLYDVSRVLEOHV/DFRQRFLGDVLWXDFLyQGHFULVLVHFRQyPLFD\
ODSURSLDDSXHVWDHQODV%$6(6SRUXQDV3URSXHVWDVFRKHUHQWHVDXVWHUDV\DSOLFDEOHVHQGLIHUHQWHVHWDSDVKDQJHQHUDGRXQSURFHVRGHVHOHFFLyQ\DGHFXDFLyQDREMHWLYRV\PHGLRVGLVSRQLEOHVTXHQRVOOHYDDXQDV3URSXHVWDVLQLFLDOHVFRQDTXHOORV
FDOLILFDWLYRVQRVHFRQWLHQHQ3URSXHVWDVGHJUDQLQYHUVLyQ\DVXHVWXGLRPLQXFLRVDSDUDYHULILFDUVXYLDELOLGDG\DVXDJUXSDFLyQSRVWHULRUHQPX\SRFRVSHURSRWHQWHV3ODQHV\3URJUDPDV
'HHQWUDGDHOHVWXGLR\GLDJQyVWLFROOHYDGRDFDERHQOD)DVHDQWHULRUQRVKDOOHYDGRDSURSRQHUFXDWUR,'($6)8(5=$SDUDODUHJHQHUDFLyQHFRQyPLFDVRFLDO\DPELHQWDOGHO&DVFR+LVWyULFRTXHEXVFDHO&RQFXUVR\TXHGHVDUUROODQODWRWDOLGDGGHODV
SURSXHVWDVHQDOJXQRVFDVRVVLUYLHQGRDPiVGHXQDGHHOODV
9LVXDOL]DU\VLQJXODUL]DUHO&DVFR$QWLJXRGH&DOS&$
'LQDPL]DUODYLGDXUEDQD\HOHPSOHRHQHO&$
0HMRUDUODFDOLGDGGHOHVSDFLRS~EOLFR\ODVYLYLHQGDVGHO&$
$WUDHUHOWXULVPRFXOWXUDOFRQVROLGiQGRORDIDYRUGHWRGR&DOS
,GHDVTXHFXEUHQSHUIHFWDPHQWHORVWUHVREMHWLYRVGHO&RQFXUVRHFRQyPLFRVRFLDO\DPELHQWDO\TXHFDGDXQDGHHOODVVHLQVWUXPHQWDQFRQXQDVHULHGHLQLFLDWLYDVDOPDUJHQGHVXVGLIHUHQWHVIyUPXODVDGPLQLVWUDWLYDVGH3ODQHV3URJUDPDV3UR\HFWRV\
1RUPDVTXHVHGHVFULEHQVHDJUXSDQ\VHYDORUDQHQODVSiJLQDVVLJXLHQWHV2WUDYH]PXFKDVGHHVWDV3URSXHVWDVFXEUHQFRPR\DYLVOXPEUDPRVHQHOSXQWR',$*1267,&2YDULRVGHORVREMHWLYRVGHO&RQFXUVR\GHODV,'($6)8(5=$TXH
SURSRQHPRV
0(72'2<35(6(17$&,1
(OPpWRGRVHJXLGRVLJXHVLHQGRULJXURVRSDUWLHQGRGHODHQXPHUDFLyQLGHQWLILFDFLyQ\DGVFULSFLyQGHODV35238(67$6DORVWUHVREMHWLYRVGHO&RQFXUVRGHIRUPDTXHTXHGHHYLGHQWHXQFLHUWRHTXLOLEULRHQHOWUDWDPLHQWRWDQWRGHODEDVHHFRQyPLFD
VXEUD\DGRDPDULOORFRPRODVRFLRFXOWXUDOVXEUD\DGRD]XO\ODPHGLRDPELHQWDOVXEUD\DGRURMRGHIRUPDTXHVHFRUUHVSRQGDQFRQGLFKRVREMHWLYRV\FRQHO7ULSOH%RWWRPFRQHODSpQGLFHPL[WRGHVRVWHQLELOLGDG\HQHUJtDJULVTXHVHGHVDJUHJDUiQPiV
DGHODQWH
3RVWHULRUPHQWHVHSDVDDVXDJUXSDFLyQHQ3ODQHV\3URJUDPDVGHFDUiFWHUJOREDOTXHDJUXSDQODVPLVPDV\SRQHQHQHYLGHQFLDVXVVLQHUJLDVVHxDODQGRDVXYH]DTXpOODVSURSXHVWDVTXHSRGUtDQ\GHEHUtDQDERUGDUVHFRQFDUiFWHULQPHGLDWRFRQ
SUR\HFWRVSXQWXDOHVYLDEOHV\VLQQHFHVLGDGGHRWUDVGHPRUDV/DGHQRPLQDFLyQ\FRQWHQLGRVGHORV3ODQHV\3URJUDPDVDVtFRPRGHORV3UR\HFWRVVRQIiFLOPHQWHUHFRQRFLEOHVSRUODSREODFLyQ/DSURSXHVWDGH)DVHVHQFDMDHQHOFRUWRSOD]RTXHVHKDFH
HTXLYDOHUDWUHVDxRVHQORVTXHVHDVXPHODOLPLWDFLyQSUHVXSXHVWDULDPXQLFLSDOGH6HHVWDEOHFHXQPHGLRSOD]RGHDxRV\XQODUJRSOD]RHQDxRVSRVWHULRUHV(QWRGRFDVRVHKDFHUHSHWLGDPHQFLyQWDQWRDVXIOH[LELOLGDGSDUD
DGDSWDUVHDODVGHFLVLRQHVUHVXOWDGRGHODSDUWLFLSDFLyQS~EOLFD\GHFLVLRQHVPXQLFLSDOHVFRPRGHODJHVWLyQGHXQRV\RWURV\GHODPRQLWRUL]DFLyQGHUHVXOWDGRVGHFDGDXQDGHODVFLWDGDVLQLFLDWLYDV
/DSUHVHQWDFLyQVHKDFHFRQODFRQFLVLyQFODULGDG\EUHYHGDGTXHUHFRPLHQGDQODV%DVHV%DVH6RQSXQWRVIiFLOPHQWHUHFRQRFLEOHV\VLJXHQODVWpFQLFDVFRPRODVPDWULFHVGHLPSDFWRVSDUDYLVXDOL]DUVXDGHFXDFLyQ\FRKHUHQFLDFRQREMHWLYRV\
PHGLRVPiVFRQRFLGDV6LTXHQDQDOL]DQGRHQOD0HPRULD(FRQyPLFDORVFRVWHVGHODLQLFLDWLYDV\VHLQVLVWHHQODQHFHVLGDGGHDWHQGHUDOD*HVWLyQWDQWRFRPRDVXHODERUDFLyQ7HUPLQDQUHVXPLHQGRHOFRQWHQLGRGHOD3/,&$\VHDFRPSDxDHOWH[WRFRQ
ORVWUHV3$1(/(6',1$VRQSUHGRPLQLRGHLPiJHQHVHLQIRJUDItDVTXHGHPDQGDQODV%DVHV
)2508/$&,1,1,&,$/'(/$635238(67$6
6HH[SRQHQDFRQWLQXDFLyQHOOLVWDGRGHSURSXHVWDVQDFLGDVGLUHFWDPHQWHGHODVFRQFOXVLRQHVGHODQiOLVLVDQWHULRUTXHSRVWHULRUPHQWHSURFHGHUHPRVDVHOHFFLRQDU\DUWLFXODUHQ3ODQHV\3URJUDPDV
$35238(67$6&212%-(7,92(&210,&235()(5(17(
3ODQJOREDOGHGLQDPL]DFLyQ3/$1'((67,08/2<)20(172
/DYLDELOLGDGGHXQDSURFHVRGHUHYLWDOL]DFLyQHFRQyPLFDGHXQD]RQDGHWHUPLQDGDVHUiVLHPSUHDODUJRSOD]RFRPSOHMR\FRQXQEXHQVHJXLPLHQWRGHODVLWXDFLyQORTXHH[LJHODDJUXSDFLyQGHODVDFWXDFLRQHVSURSXHVWDVPiVGLUHFWDPHQWHUHODFLRQDGDVFRQ
HVWDILQDOLGDGHQXQ3ODQFRQVRSRUWHDGPLQLVWUDWLYRHLQVWLWXFLRQDOTXHSHUPLWDVXIiFLOLGHQWLILFDFLyQSRWHQFLHVXHIHFWRFRQODVVLQHUJLDVGHVXVPHGLGDVVHxDOHODVSULRULGDGHV\VHDFDSD]WDQWRGHDGPLWLUQXHYDVSURSXHVWDVQDFLGDVWUDVVXHODERUDFLyQ
FRPRGHUHFWLILFDUHOFRQWHQLGR\DOFDQFHGHODVPLVPDVJUDFLDVDVXVSRVLELOLGDGHVGHJHVWLyQ\SDUWLFLSDFLyQVRFLDO\GLVSRQLHQGRGHXQDIiFLOPRQLWRUL]DFLyQSRUSDUWHGHODDGPLQLVWUDFLyQPXQLFLSDO\GHORVDJHQWHVSULYDGRVLQYROXFUDGRV
(O3ODQTXHOODPDUHPRVVLJXLHQGRODV%DVHVGHO&RQFXUVR3/$1'((67,08/2<)20(172'(/$$&7,9,'$'(&210,&$FRQVLGHUDPRVTXHHVXQDGHODVSURSXHVWDVPiVUHOHYDQWHVSDUDDOFDQ]DUORVREMHWLYRVGHODFRQYRFDWRULD'HEHSURPRYHUVH
GHVGHHOPXQLFLSLRTXHDSRUWDLGHDVSURSRQHDFFLRQHV\GDXQLPSXOVRLQLFLDOSHURDPHGLRSOD]RKDQGHVHUORVSURSLRVFRPHUFLDQWHV\YHFLQRVORVTXHDVXPDQHOSURWDJRQLVPRGHVXJHVWLyQ,JXDOPHQWHHVLPSRUWDQWHFRQWDUFRQODFRPSOLFLGDG\DSR\RGH
ORVRWURVFRPHUFLDQWHV\UHVLGHQWHVGHOUHVWRGHODSREODFLyQ6HGHEHEXVFDUHQILQODFRJHVWLyQSDUDTXHVXVPHGLGDVWHQJDQp[LWR\VREUHWRGRFRQWLQXLGDGLPSOLFDQGRDVXVSURWDJRQLVWDV
/DSDUWLFLSDFLyQPXQLFLSDOVHFRPSOHWDUtDFRQDGVFULSFLyQGHHVWDVIXQFLRQHVGHLPSXOVR\GLUHFFLyQDXQD&RQFHMDOtDODTXHVHFRQVLGHUHPiVDGHFXDGDHQWUHODVDFWXDOHVGHO$\XQWDPLHQWR(VWDGLUHFFLyQOOHYDUtDDSDUHMDGDODFRQWUDWDFLyQ\VXSHUYLVLyQGHO
WUDEDMRVXSXHVWDHQPDUFKD\ODJHVWLyQSRVWHULRU,JXDOPHQWHDWHQGHUtDORVSUREOHPDVGHLQWHUIHUHQFLDVUHWUDVRVRLQFXPSOLPLHQWRV\SURSXHVWDVGHFDPELRVDO$\XQWDPLHQWRHQWDQWRTXHQRVHFRQVWLWX\DHORUJDQLJUDPDGHJHVWLyQSDUWLFLSDWLYDTXH
GLVSRQGUtDGHyUJDQRVSDUDHOOR
^KEd/'hK>W
(OPHUFDGRGHSURGXFWRUHV
(OFRPHUFLRODDUWHVDQtD\ODJDVWURQRPtDSXHGHQMXJDUXQSDSHODFWLYRHQODGLQDPL]DFLyQ<DH[LVWHQSURSXHVWDV\DFFLRQHVFRPRODIHULDJDVWURQyPLFDLQWHUQDFLRQDOHOFRQFXUVRGHWDSLFHVHWFTXHYLHQHQLQFLGLHQGRHQHVWDHVWUDWHJLD\TXHGHEHUtDQ
WHQHUFRQWLQXLGDGVLDVtVHFRQVLGHUD
/RVPHUFDGRVGHSURGXFWRUHVVRQXQDILJXUDTXHKDDOFDQ]DGRJUDQSRSXODULGDGHQORVSDtVHVGHOFHQWUR\QRUWHGH(XURSDDVtFRPRHQ(VWDGRV8QLGRVHQ(VSDxDDSHQDVVHKDGHVDUUROODGRQLQJXQDH[SHULHQFLDUHVHxDEOHFRQH[FHSFLyQGH9LWRULD
&RQVLVWHHQXQPHUFDGRGHSURGXFWRVIUHVFRVFRQODSHFXOLDULGDGTXHHOYHQGHGRUQRHVXQGLVWULEXLGRUVLQRHOSURSLRSURGXFWRU$VtORVJUDQMHURVYHQGHQGLUHFWDPHQWHVXVSURGXFWRVORVDJULFXOWRUHVORVVX\RVHWF(VWRGRWDDOPHUFDGRGHXQHQFDQWR\XQD
JDUDQWtDGHFDOLGDGPD\RU
1XHVWUDSURSXHVWDHVFUHDUXQPHUFDGRGHSURGXFWRUHVSDUWLHQGRGHXQFRPHUFLRTXH\DH[LVWHOD3HVFDGHUtDGHOD&RIUDGtDGH3HVFDGRUHV8QDYH]DODVHPDQDVHSRGUtDQKDELOLWDUHQORVDOUHGHGRUHVGHOD 3ODoDGHOV0DULQHUVGRQGHVHVLW~DOD
SHVFDGHUtD\FDOOHGHO0DUXQRVSXHVWRVGHYHQWDDPEXODQWHGRQGHVHRIUHFHUtDQSURGXFWRVDXWyFWRQRVGLUHFWDPHQWHSRUORVSURGXFWRUHV(QHVWHVHQWLGR\GDGDODHVWUXFWXUDSURGXFWLYDGHOD]RQDVHUtDUHFRPHQGDEOHODSUHVHQFLDGHFRRSHUDWLYDVDJUtFRODV
GHOD]RQDTXHSXHGHQYHQGHUVXVSURGXFWRVQtVSHURVGH&DOORVDFHUH]DVGHOD0RQWDxDGH$OLFDQWHPLVWHODGH;DOyHWFDVtFRPRSHTXHxDVERGHJDVOLFRUHUtDVHWF
'HQXHYRVHSXHGHLQWHQWDUOR\DH[SXHVWRHQXQDSDUWDGRDQWHULRUODSRVLELOLGDGTXHDOJXQRVHVWDEOHFLPLHQWRVKRVWHOHURVFRFLQHQHOSURGXFWRUHFLpQFRPSUDGRHQHVSHFLDOHOPDULVFR(VWDDFWLYLGDGVHUtDLQGHSHQGLHQWHGHOPHUFDGLOORGHORVViEDGRVVLELHQ
WDPELpQVHSXHGHHVWXGLDUVXFRPSOHPHQWDULHGDG
(VXQDDFWXDFLyQDLQFOXLUHQHO3/$1(&2120,&2
6HPDQDGHOD&RFLQD0DULQHUD
6HWUDWDUtDTXHGXUDQWHXQDVHPDQDDODxRVHKLFLHVHQXQDVMRUQDGDVJDVWURQyPLFDVWHPiWLFDV(QHOFDVRGH&DOSHVHYLGHQWHTXHGHEHUtDQHVWDUUHODFLRQDGDVFRQODFRFLQDPDULQHUDHOPDULVFRHOSHVFDGR(VWDVMRUQDGDVSRGUtDQVHUR
ELHQGHGLFDGDVDOD&RFLQD0DULQHUDHQJHQHUDOFRPRHQ/D9LODRHQ7RUUHGHPEDUUDHQODTXH&DOSGLVSRQHGHSODWRVWtSLFRVFRPRODOODXQDGH&DOS\HOSXW[HURGHSROSRELHQGHGLFDGDVDXQSURGXFWRFRQFUHWRFRPRVHKDFHFRQHOODQJRVWLQR
9LQDUzVRODJDOHUD&DPEULOVTXHHQ&DOSSRGUtDHVWDUGHGLFDGDDODJDPEDRDOPDULVFRH[LVWHXQDH[SHULHQFLDFRQODJDPEDHQ3RUWGHOD6HOYD(VXQDDFWXDFLyQDLQFOXLUHQHO3/$1(&2120,&2
&DGDUHVWDXUDQWHDGKHULGRSUHVHQWDUtDXQDFDUWDRXQSODWRHVSHFLDOFRQORVSURGXFWRVGHODMRUQDGDDXQEXHQSUHFLR(VWDDFWLYLGDGVHSRGUtDFRPSOHWDUFRQGHJXVWDFLRQHVFRQIHUHQFLDVFRQFXUVRVHOFHUWDPHQGHIRWRJUDItDTXH\DVHUHDOL]DHWF
(QHVWHFDVRSRGUtDKDFHUVHFRQORVUHVWDXUDQWHVGHOD]RQDRLQFOXVRDPSOLDUVHDEDUHV\RWURVHVWDEOHFLPLHQWRV
6HSRGUtDYHQGHUHOSURGXFWRIUHVFRHQODSHVFDGHUtDGHOD/RQMDDODKRUDGHODSHULWLYRRGHODOPXHU]R\OXHJR
FRFLQDUVH JUDWLV R SRU XQ PyGLFR SUHFLR HQ ORV HVWDEOHFLPLHQWRV DGKHULGRV D OD SURPRFLyQ GRQGH KDEUtD XQD
FRQVXPLFLyQPLQLPD(VWRVHHVWiUHDOL]DQGRHQDOJXQRVGHORVSULQFLSDOHVPHUFDGRVGH(VSDxDFRPRHOGH6DQ
$QWyQHQ0DGULGRHO&HQWUDOGH9DOHQFLDHQHVWH~OWLPRORVEDUHVGHFRFLQDQSRU
(VWR SRGUtD VHUYLU FRPR SUXHED SLORWR \ VL VDOH ELHQ UHDOL]DUVH GH PDQHUD KDELWXDO R XQD YH] SRU VHPDQD (VWD
H[SHULHQFLDSRGUtDDWUDHUPXFKDJHQWH\VHUGHXWLOLGDGWDQWRSDUDHOVHFWRUGHODUHVWDXUDFLyQFRPRSDUDOD&RIUDGtD
GH3HVFDGRUHV
KWWSZZZGLUHFWRDOSDODGDUFRPUHVWDXUDQWHVXQEDUWHFRFLQDWXFRPSUDSRUHXURV
1RFKHGHWDSDV
8QDGHODVDFFLRQHVGHSURPRFLyQHQHOVHFWRUKRVWHOHURTXHPHMRUUHVXOWDGRHVWiQGDQGRHQORV~OWLPRVDxRVHVGHGLFDUXQDQRFKHDODVHPDQDDODVWDSDV6HWUDWDGHFUHDUXQDUXWDJDVWURQyPLFDFRQORFDOHVGRQGHVHRIUH]FDXQDWDSD\XQDEHELGDSRUXQ
SUHFLRPX\FRPSHWLWLYRSRUHMHPSORDGRVHXURV
(VWHIRUPDWRHVWiIXQFLRQDQGRPX\ELHQHQRWUDVSREODFLRQHV*DQGLD7RUUHYLHMD3HQVDPRVTXHHO&DVFR$QWLJXRGH&DOSSXHGHVHUXQOXJDULGHDOSDUDHVWHWLSRGHDFFLRQHVSXHVWRTXHFXHQWDFRQXQDDPSOLDYDULHGDGGHORFDOHVTXHRIUHFHQWDSDV(V
XQDPDQHUDGHDWUDHUDYHFLQRVGHODPLVPDSREODFLyQRLQFOXVRGHODVYHFLQDV\FRQWRGDVHJXULGDGVHUtDGHODJUDGRGHODQXPHURVDSREODFLyQH[WUDQMHUD
3RURWUDSDUWHHVWHWLSRGHLQLFLDWLYDVVXHOHQLUDFRPSDxDGDVFRQRWUDVSRUHMHPSORXQRRYDULRVSUHPLRVDODPHMRUWDSDRWRUJDGRVSRU
HOS~EOLFRHQJHQHUDOH[SHUWRVSURIHVLRQDOHVHWF/RTXHSURPRYHUtDXQDXPHQWRGHODFDOLGDGGHOSURGXFWR
,JXDOPHQWHHVWDDFWLYLGDGSXHGHFRRUGLQDUVHFRQRWUDVFRPROHVQLWVDODIUHVFDFRQFXUVRVDFWLYLGDGHVGHSURPRFLyQHQODVUHGHV
VRFLDOHVHWF
(QDOJXQRVPXQLFLSLRVFRPR7RUUHYLHMDR6LWJHVVHUHDOL]DGXUDQWHXQDVHPDQDWRGRVORVGtDVHQRWURVFRPRHQHO&HQWUR+LVWyULFRGH
*DQGLDVHUHDOL]DWRGRVORVMXHYHVGHODxR3HQVDPRVTXHHVWD~OWLPDRSFLyQSRVLEOHPHQWHFDPELDQGRHOGtDSRUHOYLHUQHVH[FHSWRHO
YHUDQRVHUtDXQDRSFLyQPX\LQWHUHVDQWHSDUDHOVHFWRU(QWRGRFDVRHVWHWLSRGHDFFLRQHVGHEHQFRQWDUFRQODFRPSOLFLGDGGHOVHFWRU
TXHHVTXLHQGHEHHQWUDUHQFXHVWLRQHVPiVFRQFUHWDV
8QDGHODVDFFLRQHVGHSURPRFLyQHQHOVHFWRUKRVWHOHURTXHPHMRUUHVXOWDGRHVWiQGDQGRHQORV~OWLPRVDxRVHVGHGLFDUXQDQRFKHDODVHPDQDDODVWDSDV6HWUDWDGHFUHDUXQDUXWDJDVWURQyPLFDFRQORFDOHVGRQGHVHRIUH]FDXQDWDSD\XQDEHELGDSRUXQ
SUHFLRPX\FRPSHWLWLYRSRUHMHPSORDGRVHXURV(VXQDDFWXDFLyQDLQFOXLUHQHO3/$1(&2120,&2
1LWVDODIUHVFD
-XQWRDODVDFWLYLGDGHVGHGLQDPL]DFLyQGLUHFWDVVHOOHYDUiQDFDERDFWXDFLRQHVPXVLFDOHVRGHDQLPDFLyQFDOOHMHUDHQKRUDVFRQYHQLHQWHV(VWDVYHQGUtDQFRRUGLQDGDVFRQODVRWUDVDFWLYLGDGHV$VtODVVHPDQDVLQWHUQDFLRQDOHVWHQGUtDQDFWXDFLRQHV
DFRUGHVVLVHUHDOL]DQDFWLYLGDGHVHQODVILODHVVHFRQWDUtDFRQP~VLFDIHVWHUDHWF
,JXDOPHQWHODWHUUD]DSDQRUiPLFDGHOD0XUDOODFRQHO*ORER/D//XQDGH&DOSTXHSURSRQHPRVFRPR$FWSHUPLWLUtDSDVDUHODWDUGHFHU\ODQRFKHWUDQTXLODPHQWHFRQXQDVYLVWDVHVSOpQGLGDV\VRORFRQP~VLFDDPELHQWDO
/D3OD]DGH/D9LODHVODTXHSUHVHQWDPHMRUHVFRQGLFLRQHVSDUDODVDFWXDFLRQHVFRQFLHUWRVWHDWURFLQHDODLUHOLEUH(QWRGRFDVRKDEUtDTXHGLVSRQHUGHXQD2UGHQDQ]DGHUXLGRV\FRQYLYHQFLD$FWXDFLyQSURSXHVWDQ\FRRUGLQDUORVKRUDULRVFRQ
ORVYHFLQRV1RSXGLHQGRHQQLQJ~QFDVRILQDOL]DUPiVWDUGHGHODVGRFHGHODQRFKH(VXQDDFWXDFLyQDLQFOXLUHQHO3/$1(&2120,&2
6HPDQDVLQWHUQDFLRQDOHV
&DOSFXHQWDFRQDOUHGHGRUGHXQGHSREODFLyQH[WUDQMHUDHOPLVPR&DVFR$QWLJXRFXHQWDFRQXQ%XHQDSDUWHGHHVWDSREODFLyQOOHYDYDULRVDxRVLQVWDODGDHQHOPXQLFLSLRRHQPXQLFLSLRVYHFLQRV \KDQVXUJLGRGLYHUVDVDVRFLDFLRQHV\
DJUXSDFLRQHVGHGLVWLQWDVQDFLRQDOLGDGHV,QFOXVRGLVSXVLHURQGHXQORFDOVRFLDOSURSLR
8QDPDQHUDGHDWUDHUHLGHQWLILFDUDHVWDSREODFLyQFRQHO&$VHUtDODUHDOL]DFLyQGHVHPDQDVWHPiWLFDVGHGLFDGDVDORVSULQFLSDOHVSDtVHVFRQUHSUHVHQWDFLyQHQHOPXQLFLSLR5HLQR8QLGR$OHPDQLD)UDQFLD0DUUXHFRV5XPDQtD&RORPELD'XUDQWH
XQDVHPDQDRXQILQGHVHPDQDVHJ~QVHFRQWHPSOHVHSRGUtDQRIUHFHUSURGXFWRVJDVWURQyPLFRVDUWHVDQtDIRONORUHHWFVLHPSUHUHODFLRQDGRFRQXQSDtVFRQFUHWR6HWUDWDGHLQYROXFUDUDODVFRPXQLGDGHVH[WUDQMHUDV\TXHKDJDQVX\RHO&DVFR$QWLJXR
(VWHWLSRGHDFWLYLGDGHVVXHOHQWHQHUEDVWDQWHp[LWR\XQDSUXHEDHYLGHQWHHVOD2NWREHUIHVWGH&DOSTXHSRUVXIRUPDWRVHPDQWHQGUtDHQHOPLVPROXJDU\RUJDQL]DFLyQDFWXDO\WHQHUXQDUpSOLFDHQUHVWDXUDQWHV\EDUHVGHO&$
(VWDDFWLYLGDGVHSRGUtDFRPSOHPHQWDUFRQRWUDVFRPROHV1LWVDOD)UHVFDOD1RFKHGHWDSDVHWFTXHGXUDQWHHVDVHPDQDSRGUtDVHUWHPiWLFD<FRPRWRGDVHOODVDLQFOXLUHQHO3/$1(&2120,&2
3ODQ0XVHtVWLFRJOREDO\FRRUGLQDGR
/DORFDOL]DFLyQGH0XVHRVKR\HQFRQWLQXRYDLYpQVXVFRQWHQLGRV\KRUDULRVGHDSHUWXUDGHEHQWRPDUXQIRUPDWRHVWDEOHTXHSHUPLWDDWUDHUQXHYRVIRQGRV\GLVSRQHUXQDDXWpQWLFD5HGGH0XVHRV\6DODVGH([SRVLFLyQFRQSXEOLFLGDGKRUDULRVFRPXQHV\
HQWUDGDVFRPSDUWLGDV+D\FRQWHQLGRVHVSHFLDOL]DGRVFDOSLQRVIRUWDOH]DVKHPRVOODPDGRHQHOGLDJQyVWLFRTXHGHEHQLQFRUSRUDUVHFRPRHO&DOSPDULQHUR\SHVFDGRULQFOXLUtDODVDQWLJXDVSHVTXHUtDV\HO DFWXDOSXHUWR\ORVHVSDFLRVQDWXUDOHVGH
SULYLOHJLRTXHOHGDQVXUHQRPEUHFRPRHO3HQ\DOGH,IDFKFRQOD3REODODV6DOLQDV7RL[(O0DVFDUDW9HUQLD\2OWj,QFOXVRFUHHPRVTXHSRGUtDWHQHUp[LWRXQVHFWRUGHGLFDGRDOSULPHUWXULVPRFRPHQ]DQGRFRQHO3DUDGHUR\ODYLVLWDGH+HPLQJZD\
+D\H[FHOHQWHVFURQLVWDVORFDOHVTXHSHUPLWLUtDQHODERUDUXQJXLyQVXJHVWLYR7RGRHOORDPSOLDQGRORKHFKRSRFRDSRFR\GHPRUDQGRQXHYDVLQVWDODFLRQHVKDVWDFXDQGRORVPHGLRV\ORVIRQGRVORSHUPLWDQ,QVLVWLHQGRHQTXHVRORFRQORVFRQWHQLGRVGH
LQWHUpV\H[SRVLFLRQHVWHPSRUDOHVGHSUpVWDPRHVSRVLEOHVXVXSHUYLYHQFLD
/D&DVDGHOD6HQ\RUHWDWLHQHXQDYRFDFLyQKLVWyULFD\HWQRJUiILFDHYLGHQWHTXHFRLQFLGHFRQHO0XVHRGH+LVWRULDUHFLpQLQDXJXUDGR
'HVGHHVWD5HGGH0XVHRVVHSRGUtDOOHYDUODJHVWLyQGHODV5XWDV7XUtVWLFDHVSHFLDOL]DGDVGHORV0XUDOHV3LQWXUD\&HUiPLFD$UTXLWHFWXUD\3DLVDMH0HUFDGRVTXHKHPRVKDEODGR
/RV0XVHRVSULYDGRVGHEHQDSR\DUVHFRQODSXEOLFLGDGDGHFXDGD$LQFOXLUSRUVXWUDVFHQGHQFLDWXUtVWLFDHQHO3/$1(&2120,&2
8QLILFDFLyQGHORV0HUFDGRVGH$UWHVDQtD
(QODDFWXDOLGDGVHUHDOL]DQFDVLGHPDQHUDVLPXOWiQHDWUHV)HULDVGH$UWHVDQtDGXUDQWHHOYHUDQRHQHOPXQLFLSLRGH&DOS8QDHQODSOD]D0HGLWHUUiQHDRWUDHQODFDOOH$OHPDQLD\ODWHUFHUDHQOD3OD]DGH(VSDxD\FDOOH/LEHUWDGGHO&DVFR$QWLJXR'H
WRGDVHOODVHVHVWD~OWLPDODTXHPHQRVJHQWHDWUDH\ODTXHPiVGHFOLYHKDVXIULGRHQORV~OWLPRVDxRV
$QWHODFDLGDGHDFWLYLGDGFRPHUFLDOHQHO&$XQDGHODVDOWHUQDWLYDVTXHVHSODQWHDQHVIRPHQWDUHO&RPHUFLR$PEXODQWHGHFDOLGDG\OD$UWHVDQtD\HVWRELHQSRGUtDSDVDUMXQWRFRQRWUDVPHGLGDVYHU$FWSRUXQUHIXHU]RGHOD)HULDGH$UWHVDQtD(Q
HVWHVHQWLGRFUHHPRVTXHVHGHEHUtDQFRQFHQWUDUODVWUHVSHTXHxDV)HULDVHQXQDVRODPXFKRPiVDWUDFWLYDFRQORTXHVHORJDUtDQHFRQRPtDVGHHVFDOD6LQFRQWDUFRQpVWDVODVXPDGHODVWUHV)HULDVQRVGDUtDXQD)HULDFRQPiVGHDUWLVWDV\YDULRV
SLQWRUHVH[SRQLHQGRORTXHODKDUtDPiVDWUDFWLYDGHFDUDDODGHPDQGD
$SRVWDPRVSRUXQD)HULD0HUFDGRGH$UWHVDQtDGLDULDHQWHPSRUDGDHVWLYDO7DPELpQGHEHUtDPRVUHFRPHQGDUDPSOLDUHOFDOHQGDULRDORVPHVHVGHWHPSRUDGDEDMDDXQTXHVyORIXHVHXQGtDSRUVHPDQD(QFXDQWRDVXORFDOL]DFLyQQRVRWURVVXJHULPRVOD
3OD]DGH(VSDxD\FDOOHV/OLEHUWDW-XVWLFLD\GHOD)RQWSRUHVWDUELHQFRPXQLFDGDVFRQWUDQVSRUWHS~EOLFR\FHUFDWDQWRGHOFHQWURXUEDQRFRPRGHODVFDOOHVGHO&DVFR/DSRVLELOLGDGGHWLHQGDV\WDOOHUHVGHDUWHVDQtDHQHO&$DPSOLDUtDHODWUDFWLYRGHO
PLVPR/DUHVHUYDGHXQHTXLSDPLHQWRGH3ODQ*HQHUDOQRGLVSXHVWRHQOD3]DGH(VSDxDHVXQDRSRUWXQLGDGSDUDHOOR(QWRGRFDVRVHSRGUtDFRQVLGHUDUSRQHUYDULRVGtDVILMRVHQFDGDXQDGHODVVHGHVDFWXDOHVSHURVLHPSUHGHPDQHUDXQLILFDGD
(VWDDFWLYLGDGSXHGHLUDFRPSDxDGDGHRWUDVDFFLRQHVFRPROD1RFKHGH7DSDVOHV1LWVDOD)UHVFDRHOWUDVODGRGHFODVHVGHO&2&DFDVDGH&XOWXUDDOFHQWUR<FRPRWRGDVHOODVDLQFOXLUHQHO3/$1(&2120,&2
9LYHURGHHPSUHVDV
/RV9LYHURVGH(PSUHVDVQDFHQFRQHOREMHWLYRGHRIUHFHUDSR\RHVWDEOHD(PSUHQGHGRUHV\IDFLOLWDUHODVHVRUDPLHQWR\ODVLQVWDODFLRQHVQHFHVDULDVSDUDLQLFLDURFRQVROLGDUXQSUR\HFWRHPSUHVDULDOFRQYHQWDMDVHFRQyPLFDVGHLQIRUPDFLyQ
SRVLFLRQDPLHQWRJHVWLyQUHFXUVRVFRQYLYHQFLDHLPDJHQ
(O9LYHURHQ&DOSEXVFDUtDVHUYLUGHDOLFLHQWHDHPSUHVDVGHGLIHUHQWHVVHFWRUHVHVSHFLDOPHQWHGHVHUYLFLRVDYDQ]DGRV/DLGHDHVFUHDUXQDLQIUDHVWUXFWXUDTXHD\XGHDUHYLWDOL]DUHOVHFWRUHFRQyPLFRQRVyORGHOEDUULRVLQRWDPELpQGHODFLXGDG
1XHVWUDSURSXHVWDHVVLWXDUODHQHOORFDODFWXDOGH,QIRUPDFLyQ\7XULVPRTXHSRUPRWLYRV\DFRPHQWDGRVHQOD)DVHOOHYDPRVDODHQWUDGDGH&DOS$FWRDFRUWRSOD]RHQHODQWLJXR0XVHR)HVWHU\JHVWLRQDUODPHGLDQWHXQ&RQYHQLRGH
&RODERUDFLyQGHO$\XQWDPLHQWRFRQOD&iPDUD2ILFLDOGH&RPHUFLR,QGXVWULD\1DYHJDFLyQGH$OLFDQWH'HEHGHGLVSRQHUGHXQRVGHVSDFKRVHTXLSDGRVDPXHEODGRVFRQRSFLyQGHFRQH[LyQD,QWHUQHW\WHOpIRQRGLUHFWRGRV$XODVXQDGHHOODV
LQIRUPiWLFD\XQSHTXHxRV6DOyQGH$FWRVFRPSDWLEOHFRQVDODGHH[SRVLFLRQHV
(OSHULRGRGXUDQWHHOFXDOODHPSUHVDSXHGHSHUPDQHFHUHQHO9LYHURHVHQSULQFLSLRGRFHPHVHVSURUURJDEOHVDRWURVGRFHPiV8QDYH]TXHHOQHJRFLRHVWiSUHSDUDGRSDUDFRPHQ]DUVXDYHQWXUDHQHOPHUFDGRVLQHODSR\RGHORVYLYHURVGHMDVXHVSDFLR
SDUDRWUDQXHYDHPSUHVD'HHVWDPDQHUDDODYH]TXHVHGLQDPL]DHO&DVFR$QWLJXRVHSURPXHYHODHPSUHQGHGXULVPRVHIRPHQWDODIRUPDFLyQ\VHIDYRUHFHODFUHDFLyQGHHPSOHR
(OXVRSURIHVLRQDOGHORVGHVSDFKRVVHFRPSOHPHQWDUtDFRQXQXVRIRUPDWLYRDWUDYpVGHFXUVRVSDUDSHUVRQDVHQSDURRSDUDSURIHVLRQDOHVHQDFWLYR(VWRVFXUVRVSHUPLWLUtDQXQPD\RUWUiILFRGHSHUVRQDVSRUHOEDUULR\GLQDPL]DUtDQOD]RQD(QHVWH
VHQWLGRVHSRGUtDQILUPDUFRQYHQLRVGHFRODERUDFLyQFRQRWUDVHQWLGDGHVGHODSREODFLyQTXHRIUH]FDQIRUPDFLyQ
([LVWHQGRVH[SHULHQFLDVSUy[LPDVGH9LYHURVGH(PSUHVDVXQRHQ'pQLDGHVGH\RWURHQ)LQHVWUDWGHVGH/DH[SHULHQFLDGHDPERVDVtFRPRGHORVGLIHUHQWHV9LYHURVTXHOD&iPDUDWLHQHSRUWRGDODSURYLQFLDGH$OLFDQWHSDUHFHKDEHUVLGR
SRVLWLYDSRUORTXHVHSRGUtDWUDVODGDUD&DOS
5HODFLRQDGDFRQOD$FWXDFLyQVLJXLHQWH\GHQWURGHO3/$1(&2120,&2
3ODQGHD\XGDVGLUHFWDVDOHPSUHQGHGRU
+D\TXHWHQHUHQFXHQWDODJUDYHVLWXDFLyQHFRQyPLFDJOREDODVtFRPRODVOLPLWDFLRQHVSUHVXSXHVWDULDVDODVTXHVHHQIUHQWDQODVFRUSRUDFLRQHVORFDOHV(QHO3UHVXSXHVWR0XQLFLSDOGHDSDUHFHXQDSDUWLGDGHQWURGHOiUHDGHQRPLQDGD&RPHUFLR
7XULVPR\3HTXHxD(PSUHVDGHGHORVFXDOHVVHGHVWLQDEDQDFRPHUFLR3RURWUDSDUWHHQORVHMHUFLFLRVDQWHULRUHV\DVHKLFLHURQH[HQFLRQHVGHWDVDVSRUHMHPSORHQODRUGHQDQ]DUHJXODGRUDGHODWDVDSRURFXSDFLyQGHODYtDS~EOLFD
FRQWHUUD]DV\HVWUXFWXUDVDX[LOLDUHVDWUDYpVGHO3ODQGH(PSUHQGHGRUHVGHO&DVFR$QWLJXRYHU3RQHQFLD(FRQRPtD
(OUHVXOWDGRGHHVWDVPHGLGDVILVFDOHVKDHVWDGROHMRVGHVHUHOHVSHUDGR+D\TXHWHQHUFODURTXHHVWDVD\XGDVSRUVLPLVPDVQRUHKDELOLWDUiQDO&DVFR$QWLJXRVLELHQSXHGHQMXJDUXQSDSHOLPSRUWDQWHDODKRUDGHGHFLGLUODORFDOL]DFLyQGHQXHYRV
QHJRFLRVVLHPSUHTXHFRPSOHPHQWHQRWUDVPHGLGDVGHGLQDPL]DFLyQ3/$1(&2120,&23RURWUDSDUWHHVWDVPHGLGDVSXHGHQVHUYLUFRPRDOLFLHQWHSDUDLPSOLFDUVHHQRWUDVDFFLRQHVDVRFLDFLRQLVPRPRELOLDULRFDPSDxDVGHUHQRYDFLyQFDPSDxDVGH
HILFLHQFLDHQHUJpWLFDTXHWDPELpQFRQWHPSODPRVHQHO3/$162&,2&8/785$/<3/$1'(5(+$%,/,7$&,1<5(*(1(5$&,185%$1$
1XHVWUD SURSXHVWD QR HV WDQWR HVWDEOHFHU XQD OtQHD GH ERQLILFDFLRQHV \ H[HQFLRQHV ILVFDOHV OR TXH OODPDPRV 3URJUDPD GH ILVFDOLGDG IDYRUDEOH TXH \D H[LVWH VLQR GH DSRVWDU SRU OtQHDV GH D\XGDV \ VXEYHQFLRQHV GLUHFWDV HQ IRUPD GH $\XGDV D OD
UHKDELOLWDFLyQGHORFDOHV\6XEYHQFLRQHVGHDOTXLOHU
/DVD\XGDVDODUHKDELOLWDFLyQWHQGUtDQXQPi[LPRGHSRUORFDO\ODVVXEYHQFLRQHVDODOTXLOHUXQPi[LPRGHDODxR\FUHHPRVTXHVHSRGUtDQSRQHUHQPDUFKDLQPHGLDWDPHQWHVLQHVSHUDUDGLVSRQHUGHO3/$1WHUPLQDGRGHOTXHOyJLFDPHQWH
IRUPDSDUWH
&RPRHVOyJLFRDPEDVD\XGDVLUtDQOLJDGDV\FRQGLFLRQDGDVDRWUDVPHGLGDVGHKRPRJHQHL]DFLyQGHPRELOLDULRDVRFLDFLRQLVPRHILFLHQFLDHQHUJpWLFDLQIRUPDWL]DFLyQHWF
3ROtWLFDVGHGLQDPL]DFLyQFRPRODVFLWDGDVQRVHSXHGHQUHDOL]DUVLQDWUDHUDQXHYRVHPSUHQGHGRUHVLQYHUVRUHVRHPSUHVDULRVTXHYHDQHQ&DOSXQDRSRUWXQLGDGGHQHJRFLR\XQQLYHOGHYLGDFRQIRUWDEOH\VLQILGHOL]DUORVH[LVWHQWHV/DUHDOL]DFLyQGH
H[SRVLFLRQHVWHPSRUDOHVVREUH&DOSVXVHPSUHVDVIRUPDFLyQSURIHVLRQDOLQIRUPDWL]DFLyQDFFHVRVGHPHUFDQFtDV\DSDUFDPLHQWRVUHVHUYDGRV/RV3ODQHVGH(PSOHRFRPRORVLPSXOVDGRVSRUOD*HQHUDOLWDWHQSDUDUHGXFLUODVWDVDGHSDURD\XGDGH
SRUFRQWUDWRVPtQLPRVDWUHVPHVHVFRPSOHPHQWDQHVWDVSROtWLFDVGHLPSXOVRHFRQyPLFR
3URJUDPDGHUHKDELOLWDFLyQ\UHIRUPDGHOFRPHUFLR
(O&DVFR$QWLJXRUHTXLHUHXQ3/$1'(5(+$%,/,7$&,185%$1$3/$1TXHDFW~HHQORVHVSDFLRVS~EOLFRV\ODVYLYLHQGDVFRPRSURSRQHPRV6LQHPEDUJRGLFKDVLQLFLDWLYDVTXHGDUtDQLQFRPSOHWDVVLQDFWXDFLRQHVVREUHORVORFDOHV\HGLILFLRV
SULYDGRVGHOFRPHUFLR\VHUYLFLRV6HGHEHIRPHQWDU\SURPRYHUODUHKDELOLWDFLyQ\UHIRUPDGHORVFRPHUFLRVH[LVWHQWHVDVtFRPRGHORVORFDOHVTXHVHYD\DQRFXSDQGR(VWRVJDVWRVREYLDPHQWHKDQGHVHUSULYDGRVSHURHO$\XQWDPLHQWRGHEHSURPRYHU\
D\XGDUHQHVWDVUHIRUPDVDWUDYpVGHERQLILFDFLRQHVILVFDOHV\OtQHDVGHD\XGDVFRPRODVGHVFULWDVHQOD3URSXHVWDDQWHULRU3DUDSRGHUDFRJHUVHDHVWDVD\XGDVFRPR\DGLMLPRVVHGHEHUiFXPSOLUFRQXQRVUHTXLVLWRVGHPRELOLDULRHILFLHQFLDHQHUJpWLFD
DVRFLDFLRQLVPRHWF
(VWDV D\XGDV PXQLFLSDOHV SRGUtDQ FRPSOHPHQWDUVH FRQ RWUDV DXWRQyPLFDV FRPR ODV $\XGDV &RPHUo ,QQRYD D OD 3\PH &RPHUFLDO RWRUJDGDV SRU OD &RQVHMHUtD GH ,QGXVWULD &RPHUFLR H ,QQRYDFLyQ GH OD *HQHUDOLWDW 9DOHQFLDQD \ TXH VH GHVFULELUiQ
SRVWHULRUPHQWH
6LQHPEDUJRFXDOTXLHUSUR\HFWRVHUtDLQYLDEOH\ORVHVFDVRVPHGLRVHFRQyPLFRVORKDFHQLQGLVSHQVDEOHVLQODFRPSOLFLGDGGHVXVSURWDJRQLVWDVTXHHQHVWHFDVRGHEHQVHUORVFRPHUFLDQWHV\KRVWHOHURVSURIHVLRQDOHV\HPSUHVDVGHVHUYLFLRVGHO&DVFR
$QWLJXR$GPLQLVWUDFLyQS~EOLFDSODQLILFDGRUHVXUEDQRVFRPHUFLDQWHV\YHFLQRVGHEHQLUXQLGRVVLTXHUHPRVORJUDUTXHVHDVRVWHQLEOH\VHPDQWHQJDHQHOWLHPSR
/RVFRPHUFLDQWHV\KRVWHOHURVGHEHQDVSLUDUDVDFDUXQEHQHILFLRHFRQyPLFRGHHVWHSUR\HFWRGHGLQDPL]DFLyQSRUORTXHGHEHUtDQDVRFLDUVHSDUDTXHODDGPLQLVWUDFLyQ\ORVSODQLILFDGRUHVWHQJDQXQLQWHUORFXWRUFODURSDUDTXHVXVGHPDQGDVVHDQ
HVFXFKDGDV\SDUDTXHVHWRPHQODVPHGLGDVQHFHVDULDVDQLYHOLQWHUQR(O$\XQWDPLHQWR\OD&RQFHMDOtDFRUUHVSRQGLHQWHSRGUtDLPSXOVDUOD\JHVWLRQDUHVWDVD\XGDVDFRUWRSOD]R6HUtDXQDGHODVPHGLGDVGHO3/$1(&2120,&2\HVWDUtDPX\
UHODFLRQDGDFRQHODSR\RDODLPSODQWDFLyQGHFRPHUFLRVGHSUR[LPLGDGDFWGHWDQWRLQWHUpVSDUDHOPDQWHQLPLHQWRGHODSREODFLyQUHVLGHQFLDO3/$162&,2&8/785$/
$PHGLRSOD]RHOSUR\HFWRGHEHDXWRJHVWLRQDUVHDXQTXHVLHPSUHFRQODFRPSOLFLGDGQHFHVDULDGHODVDGPLQLVWUDFLRQHV'HEHQVHUVREUHWRGRORVPLVPRVFRPHUFLDQWHV\KRVWHOHURVGHO&$ORVTXHRUJDQLFHQ\JHVWLRQHQODGLQDPL]DFLyQFRPHUFLDOSDUDOR
TXHYXHOYHDVHULPSUHVFLQGLEOHFRQWDUFRQOD$VRFLDFLyQGH&RPHUFLDQWHV\+RVWHOHURVGHO&$ODSURSRQHPRVFRPR$FWXDFLyQTXHQDWXUDOPHQWHGHEHIRUPDUSDUWHGH$(+&$/3
3ODQGHKRPRJHQHL]DFLyQGHOPRELOLDULRH[WHUQR\ODFDUWHOHUtD
(QODOtQHDGHODSDUWDGRDQWHULRUHVQHFHVDULROOHYDUDFDERDFWXDFLRQHVQRVyORVREUHHOPRELOLDULR\ODFDUWHOHUtDS~EOLFDYHU$FWXDFLyQVLQRWDPELpQVREUHHOPRELOLDULR\ODFDUWHOHUtDGHORVORFDOHVHVSHFLDOPHQWHEDUHV\FDIHWHUtDVTXHRFXSDQODYtD
S~EOLFDFRQPHVDVVLOODVPDFHWHURVWROGRV\VRPEULOODV
(QHVWHVHQWLGRKD\TXHOOHYDUDFDERXQDFDPSDxDGHKRPRJHQHL]DFLyQ(VWDVDFWXDFLRQHVLUtDQFRRUGLQDGDVFRQODVDVRFLDFLRQHVSURIHVLRQDOHVSHUWLQHQWHVHLUtDQOLJDGDVDODVD\XGDVGLUHFWDVH[SXHVWDVHQXQDSDUWDGRDQWHULRU
6HVHJXLUtDQFULWHULRVGHVRVWHQLELOLGDGHFROyJLFDVRFLDO\HFRQyPLFD\DGHVFULWDV7DPELpQVHWHQGUiQHQFXHQWDFULWHULRVGHPDUFD
(O$\XQWDPLHQWRFRQWULEXLUtDSRUVXSDUWHXQLILFDQGRSDXODWLQDPHQWHHOPRELOLDULRXUEDQRSURSLREDQFRVIDURODVSDSHOHUDVVHxDOHVFRPRSURSRQHPRVHQOD$FW\FRQLGHQWLILFDFLyQFODUDGHO&DVFR$QWLJXRSURSLR\TXHFRPHQ]DUtDSRUODVSOD]DVGH
ELHQYHQLGDTXHVHFLWDQ$FW$UHDOL]DUGHQWURGHO3/$1(&2120,&2
%DVHGHGDWRVGHORFDOHVGLVSRQLEOHV
8QDGHODVFDUDFWHUtVWLFDVTXHKR\SRUGHVJUDFLDGHILQHQDO&$HVODLPSRUWDQWHSUHVHQFLDGHORFDOHVYDFtRV\HQDOTXLOHU(QHVWHVHQWLGRGHEHUtDUHDOL]DUXQDEDVHGHGDWRVDFWXDOL]DGDFRQHVWRVORFDOHV\SXEOLFLWDUODHQXQD~QLFDSiJLQDZHE1DWXUDOPHQWH
QRVHWUDWDGHKDFHUODFRPSHWHQFLDDODVLQPRELOLDULDVDOFRQWUDULRVHWUDWDUtDGHIDFLOLWDUOHVODODERUDHOORV\VREUHWRGRDORVSRVLEOHVDUUHQGDWDULRVFRPHUFLDOHV
(QXQDSiJLQDSRGUtDQDFFHGHUDWRGDODRIHUWDH[LVWHQWH\DORVGDWRVGHFRQWDFWR3iJLQDTXHSRGUtDJHVWLRQDUVHGHVGHOD2ILFLQDGHO&DVFR$QWLJXRTXHSURSRQHPRV$FW$UHDOL]DUGHQWURGHO3/$1(&2120,&2
(QXQDIDVHSRVWHULRUOD$VRFLDFLyQGH(PSUHVDULRVSRGUtDSRQHUHQPDUFKDDFWXDFLRQHVPiVDPELFLRVDVGHE~VTXHGDDFWLYDGHQHJRFLRVGHUHIHUHQFLDSURPRFLRQDQGRHO&$HQSUHQVDHVSHFLDOL]DGDRIUHFLHQGRORFDOHVHWF
3ODQGHSURPRFLyQGHO&$FRQMXQWDFRQRWUDVDVRFLDFLRQHV\HVWDEOHFLPLHQWRV
8QRGHORVUHWRVGHQXHVWUDVSURSXHVWDVTXHHVXQDVXVLGHDVIXHU]DHVKDFHUYLVLEOHHO&DVFR$QWLJXRGH&DOS-XQWRFRQDOJXQDDFWXDFLyQVHxHUDGHLPDJHQLQPHGLDWDYHU$FWXDFLRQHVSURSXHVWDVQ\VVFRPRHOJORERQRFWXUQRDHURVWiWLFROD
/OXQDGH&DOSODWHUUD]DSDQRUiPLFD\ODVHxDOpWLFDHVWiFODURTXHODYLVLELOLGDGGHXQSURGXFWRHVWiHQIXQFLyQGHODFDPSDxDGHFRPXQLFDFLyQTXHOOHYHDSDUHMDGD(QHVWHVHQWLGRHO&DVFR$QWLJXRGHEHUHDOL]DUXQDFDPSDxDTXHFUHHLQWHUpV\
FXULRVLGDGHQHOYLDMHURDODYH]TXHDWUDLJDDOUHVLGHQWHWDQWRGHOPXQLFLSLRFRPRGHODFRPDUFD8QDFDPSDxDTXHGHEHLUXQLGDDODVQXHYDVVHQVDFLRQHV\H[SHULHQFLDVTXHHO&DVFR$QWLJXRHVFDSD]GHRIUHFHUDXWHQWLFLGDGJDVWURQRPtDFXOWXUD
FRPSUDV
3DUDODDWUDFFLyQ\ILGHOL]DFLyQGHFOLHQWHODVHSRGUtDQXWLOL]DUWLFNHWVGHDSDUFDPLHQWR\ORVERQRVGHSXQWRVSDUDDFFHVRDPXVHRV\WHUUD]DSDQRUiPLFDDFWXDFLRQHVFRQMXQWDVRWLFNHWDGHFRPSUDGH[HXURVFRPRYDOHSDUDXQDWDSD(O&$QRHVQLYDD
VHUODFRPSHWHQFLDGHRWUDV]RQDV\FRPHUFLRVGH&DOS$OFRQWUDULRGHEHVHUXQFRPSOHPHQWRDODRIHUWD\DH[LVWHQWH$VtOD]RQDFRPHUFLDOGH*DEULHO0LUy\DG\DFHQWHVSXHGHFRPSOHWDUVXRIHUWDFRPHUFLDOFRQXQD]RQDGHSDVHRJDVWURQRPtDDUWHVDQtD
\RFLRXUEDQRFRPRORVHUtDHO&$
2WUDOtQHDGHDFWXDFLyQVHUtDFRQORVKRWHOHV6HSRGUtDGHMDUXQRVIROOHWRVLQIRUPDWLYRVVREUHHO&$FRQODVDFWLYLGDGHVVHPDQDOHV\YDOHVSDUDWDSDV
'HEHSURPRFLRQDUVHHQFRQFRUGDQFLDFRQOD$FWUHIHULGDDODLGHQWLILFDFLyQGHO&$FRQHOSDWULPRQLRDUWtVWLFR\FXOWXUDO7RGRHOORGHQWURGHO3/$1(&2120,&2
,QFRUSRUDUHO&DVFR$QWLJXRGH&DOSHQODVFDPSDxDVGHSURPRFLyQWXUtVWLFDGH&DOS
(QODOtQHDGHODSURSXHVWDDQWHULRUFRQORGLFKRDOKDEODUGHODSURSXHVWDQ\GHORVSULQFLSLRVTXHULJHQHVWH3ODQKHPRVGHWHQHUPX\HQFXHQWDTXH&DOS\DFXHQWDFRQXQDSRWHQWHFDPSDxDGHSURPRFLyQWXUtVWLFD\DVHD
SURSLDRDSDUWLUGHO3DWURQDWR7XUtVWLFRGHOD&RVWD%ODQFD$XQTXHFUHHPRVTXHHO&DVFR$QWLJXRGHEHFRQWDUFRQVXSURSLDFDPSDxD$FWWDOYH]PiVFHQWUDGDHQHOPHUFDGRORFDO\GHFHUFDQtDVSDUHFHHYLGHQWHTXHOR
PiVVHQVDWRHVLQFRUSRUDUDO&DVFR$QWLJXRHQODVFDPSDxDVGHSURPRFLyQTXHUHDOLFHQ&DOS\OD&RVWD%ODQFD
(QODDFWXDOLGDGODSiJLQDZHEFDOSHVRIUHFHFXDWURSURGXFWRV3HxyQGH,IDFK7XULVPR1iXWLFR&DODV\3OD\DV\&DOS1DWXUDO6yORKD\XQDHVFRQGLGDUHIHUHQFLDHQODSiJLQD3DVHRV)DPLOLDUHVSRU&DOSDORIUHFHUHO
LWLQHUDULR'(&$/3$%$f26'(/$5(,1$TXHGHVDUUROODOD5XWDDWUDYpVGHO&DVFR$QWLJXRQRLGHQWLILFDGRFRPRWDO(O&DVFR$QWLJXRGH&DOSSXHGHGDUXQDWUDFWLYRFRPSOHPHQWDULRDOUHVWRGHOPXQLFLSLR&DOSLQFRUSRUDUiD
XQLQPHMRUDEOHSURGXFWRGHSOD\DV\QDWXUDOH]DXQLQWHUHVDQWH\FRPSOHWRSURGXFWRXUEDQRJDVWURQyPLFR\FXOWXUDOTXHGHEHUtDDSDUHFHUHQODSURPRFLyQJOREDO
&DEHUHVHxDUODLPSRUWDQFLDGHFDPSDxDVGH0DUNHWLQJDVtFRPRXQVHJXLPLHQWRGHODLPDJHQRIUHFLGDHQEORJVUHGHVVRFLDOHVHWF
3URSXHVWDLQWHJUDGDHQHO3/$1(&2120,&2
%35238(67$6&212%-(7,9262&,2&8/785$/35()(5(17(
&HQWUDUHQHO&$ODVDFWLYLGDGHVUHODFLRQDGDVFRQODKLVWRULD\ODFXOWXUDGH&DOS
3RFDVUD]RQHVVHSXHGHQGDUSDUDQRKDFHUGHO&$HOOXJDUGHUHIHUHQFLDGH&DOSSDUDWRGRORTXHUHSUHVHQWHVXKLVWRULD\FXOWXUD$FWXDFLyQGHODUJRUHFRUULGR\QHFHVLWDGDGHXQDIXHUWHJHVWLyQTXHTXHUHPRVLQFOXLUHQHO3/$162&,2&8/785$/
3URSRQHPRVFRPRGLMLPRVODFUHDFLyQGHXQD5HGGH0XVHRVS~EOLFRVFRQFRQWHQLGRVKRUDULRV\UpJLPHQGHYLVLWDVFRPSDWLEOH7DPELpQXQDSROtWLFDGHXWLOL]DFLyQGHORFDOHVPXQLFLSDOHVSDUD7DOOHUHVGHSLQWXUDFHUiPLFDDUWHVDQtD\PDQXDOLGDGHVTXH
SXHGHQFRPSDUWLUVRQOD&DVDGH&XOWXUD\HO0XVHRGHO&RFyRH[SRVLFLRQHVWHPSRUDOHVODVFiELODVHO0HUFDGRGH$UWHVDQtDODVDFWLYLGDGHVPXVLFDOHVIHVWLYDVHQOD3OD]DGHOD9LODFLQHRWHDWURDODLUHOLEUHUXWDVWHDWUDOL]DGDVUXWDVHVSHFtILFDVSLQWXUDV
GHIDFKDGDVPRQXPHQWRVKLVWyULFRVPXVHRV\H[SRVLFLRQHVYLVWDVSDQRUiPLFDV9HUGLYHUVDVSURSXHVWDVGH$FWXDFLyQQ\TXHLQFLGHQHQHOOR'HHVWDFRQFHQWUDFLyQGHSRVLELOLGDGHV\GHODLGRQHLGDGGHORVFHQWURKLVWyULFRVSDUDHOOR
QDFHODSURSXHVWDVGHKDFHUGHO&DVFR$QWLJXRXQOXJDUGHILQLGRHQ&DOSSRUFRQFHQWUDUODRIHUWDFUHDUKLVWyULFRFXOWXUDO(OTXHHQVXERUGHVHHQFXHQWUHOD&DVDGHOD&XOWXUDHVXQIDFWRUPiV\HQHOODMXQWRFRQOD5HGGH0XVHRVKDEUtDTXHDSR\DUVHSDUD
DERUGDUGLFKRREMHWLYR
3RGUtDFUHDUVHXQDFRQFUHWD5XWDGHORV0XUDOHVTXHFUHDUtDXQDRIHUWDVLQJXODUHQ&DOSFRQORVWUDPSDQWRMRV\SLQWXUDVPXUDOHVFHUiPLFDVHQODFDOOH\TXHSRGUtDLQFRUSRUDUWDOOHUHVGHDUWLVWDV\GHPDQXDOLGDGHV\GLVSRQHUGHFRPHUFLRV\WLHQGDV
HVSHFtILFRVSDUDODYHQWDGHVXVSURGXFWRVDFUHDUHO0XVHRGHO0DU\ODSHVFDFRQVROLGDUHO0XVHRGH+LVWRULD\(WQRJUDItDDFRUGHFRQODELRJUDItDGH&DOSTXHLQFOXLUtDHOWXULVPRVREUHWRGRHOSULPHUWXULVPRRGHSLRQHURVHQOD&DVDGHOD6HQ\LRUHWDHO
GH$UTXHRORJtD\0HGLR1DWXUDOTXHSRGUtDLQFOXLUHOV%DQ\VGHOD5HLQDHO3HQ\DO6DOLQDV9HUQLDHWFMXQWRRVHSDUDGRGHODQWHULRUHWF5XWDVWXUtVWLFDVSXEOLFLGDGSDJLQDZHEDFWLYLGDGHVFXOWXUDOHV&KDUODV\H[SRVLFLRQHVFXUVRV\MRUQDGDV
FRQFXUVRV\UHFUHDWLYDVILHVWDVPRURVFDPSHRQDWRVHQWLGDGHVSULYDGDVGHLQWHUpV\JXtDVWXUtVWLFRVORFDOL]DFLyQGHSDUDGDVGHDXWREXVHV\DSDUFDPLHQWRVS~EOLFRVGHERUGH3URPRFLRQDGDVFRQMXQWDPHQWHFRQ5HVWDXUDQWHVEDUHV\FDIpV+RVWHOHUtD\
&DVDV5XUDOHV
0XVHX)HVWHU0XVHXGH0RURVL&ULVWLDQVDFWXDO*DOHULDG$UWDFWXDO5XWDWXUtVWLFDUHFRPHQGDGD3LQWXUDPXUDOHQ00LUy7DOOHUDUWtVWLFR
,QVWDODFLyQGH:LILHQHO&DVFR$QWLJXR
8QDDFFLyQSULRULWDULDSDUDODGLQDPL]DFLyQGHOEDUULRHVODLQVWDODFLyQGH:L)LJUDWXLWDHQWRGRHO&DVFR$QWLJXRUHVROYLHQGRODV]RQDVGHVRPEUDDFWXDOHV\VLJXLHQGRFRQHO3ODQHPSUHQGLGRSDUDODVSOD\DV
/DLQFRUSRUDFLyQGHXQVHUYLFLR:L)LJUDWXLWRWLHQHP~OWLSOHVYHQWDMDVQRVyORHFRQyPLFDVVLQRWDPELpQVRFLDOHV
$\XGDDUHGXFLUODOODPDGDEUHFKDGLJLWDO
0HMRUDODFDOLGDGGHYLGDGHORVFLXGDGDQRV
0HMRUDODFRPSHWLWLYLGDGGHORVQHJRFLRV\GHVWLQRVWXUtVWLFRV
(VSHUFLELGRSRUHOXVXDULRFRPRXQVLJQRGHPRGHUQLGDG\FDOLGDG:LUHOHVV6PDUW&LW\
&RPRHMHPSORVHxDODUTXHOD:L)LJUDWLVHVHOVHUYLFLRPiVYDORUDGRSRUORVWXULVWDVHQORVKRWHOHVVHJ~QXQHVWXGLRGH+RWHOVFRP
8QRGHORVSULQFLSDOHVHVFROORVSDUDODLQVWDODFLyQGH:L)LJUDWXLWDHVHOWHPDEXURFUiWLFR(OKHFKRGHTXHXQDDGPLQLVWUDFLyQS~EOLFDRIUH]FD:L)LJUDWLVHQXQPXQLFLSLRGHEHFXPSOLUFRQXQDVHULHGH
QRUPDWLYDVIXQGDPHQWDOPHQWHSDUDTXHQRFKRTXHFRQORVLQWHUHVHVGHODVRSHUDGRUDVGHWHOHFRPXQLFDFLRQHV\DTXHDOVHUXQDFFHVRILQDQFLDGRFRQIRQGRVS~EOLFRVSRGUtDLQFXUULUHQFRPSHWHQFLD
GHVOHDO(QHVWHVHQWLGRHO$\XQWDPLHQWRGH&DOSKDVLGRSLRQHURHQHVWHFDPSR\HVODSULPHUDORFDOLGDGHVSDxRODHQFXEULUFRQ:L)LJUDWLVHOGHVXVSOD\DVDWUDYpVGHODFRPSDxtD*2:(;
$GHPiVGHODVSOD\DV&DOSRIUHFH\DFRQH[LyQ:L)LJUDWXLWDHQGLYHUVDV]RQDVGHOFHQWURFRPROD3OD]D0D\RUOD(VWDFLyQGH$XWREXVHVRFHQWURVPXQLFLSDOHVFRPRHO3XQWR-RYHQOD&DVDGHOD
&XOWXUDRHO&HQWUR7XUtVWLFRGHO3HxyQGH,IDFK(QHO&DVFR$QWLJXRVyORH[LVWHFRQH[LyQJUDWXLWDHQHO$\XQWDPLHQWR\HQOD&DOOHOD)RQWQ
(OSUR\HFWRGHDPSOLDUOD]RQD:L)LS~EOLFDDWRGRHO&DVFR$QWLJXRGHEHHQWHQGHUVHFRPRXQDDPSOLDFLyQGHOVHUYLFLRRIUHFLGRDFWXDOPHQWHSRUHO$\XQWDPLHQWRSRUORTXHQRGHEHUtDVXSRQHVXQ
JDVWRH[WUDRUGLQDULRHVWRVVHUYLFLRVVXHOHQWHQHUXQRVDOWRVQLYHOHVGHDXWRILQDQFLDFLyQDWUDYpVGHSXEOLFLGDGURDPLQJHWFQLVXSRQHUGLILFXOWDGHVWpFQLFDVROHJDOHVDO\DHVWDULQVWDXUDGRHOVHUYLFLR
HQDPSOLDV]RQDVGHODFLXGDG6HDWHQGUtDDOD/H\*HQHUDOGH7HOHFRPXQLFDFLRQHV&LUFXODUGHOD&07
(VWDSURSXHVWDSRGUtDLQFOXLUVHHQFXDOTXLHUDGHORV3/$1(6TXHILQDOPHQWHVHSURSRQHQSDUDDJOXWLQDUODVPLVPDV\DTXHVXLQWHUpVHVHFRQyPLFRVRFLRFXOWXUDO\GHPHMRUDWHFQROyJLFD
$SOLFDFLyQGHQXHYDVWHFQRORJtDVSDUDYLYLHQGDV\FRPHUFLRV6PDUWFLW\
'HQWURGHXQDOtQHDGHPHMRUDGHODFDOLGDGGHYLGDHQHO&$VHWUDWDUtDGHKDFHUGHOPLVPRXQiUHDPX\GHVDUUROODGDWHFQROyJLFDPHQWHHQODOtQHDGHODV6PDUWFLW\FX\RLPSXOVR\JHVWLyQVHSRGUtDOOHYDUGHVGHOD2ILFLQDGHO&DVFR$QWLJXRTXH
SURSRQHPRVFRPR$FWXDFLyQQ/DGLVSRVLFLyQGHXQD]RQDGHZLILJUDWXLWDHQHO&DVFR$QWLJXRSRGUtDFRPSOHWDUVHFRQODFUHDFLyQ\GLVWULEXFLyQGHXQDSOLFDWLYRJUDWXLWRFRQLQIRUPDFLyQUHOHYDQWHGHO&DVFR$QWLJXR(QHVWHDSOLFDWLYRVHHQFRQWUDUtD
LQIRUPDFLyQGLYHUVDGHPX\IiFLODFFHVR\HQODOtQHDGHOQXHYR0DUNHWLQJUHODFLRQDOSRGHPRVUHVROYHUHQpOTXHORVWXULVWDV\UHVLGHQWHVLQWHUDFW~HQRSLQDQGRSDUWLFLSDQGRHQFRQFXUVRV\SURPRFLRQHVFUHDQGRJUXSRVWHPiWLFRVHWF(VWDDSOLFDFLyQ
GHEHUtDHVWDUGLVSRQLEOHSDUDGLYHUVRVIRUPDWRVGLJLWDOHVFRPRVPDUWSKRQHVWDEOHWVSRUWiWLOHVHWF<WDQWRFRQWHFQRORJtD$QGURLGFRPR0DF
6HWUDWDUtDHQJHQHUDOGH
GLVHxDU\GLVSRQHUHQODVYLYLHQGDV\FRPHUFLRVGHO&$GHXQDDSOLFDFLyQFRQFDOHQGDULRVKRUDULRVGH7UDQVSRUWHVS~EOLFRV5HFRJLGDGHPXHEOHV\HFRSDUTXHV0XVHRV$FWLYLGDGHVGLDULDVHQHO&$$FFHVLEOHGHVGHPyYLOHV\WDEOHWV
GLVSRQHUGHVLVWHPDFHQWUDOL]DGRGHFRQWUROGHUXLGRV\VHJXULGDG\WHOHGHSHQGHQFLDVRFLDORXUJHQFLDVVDQLWDULDV
GLVSRQHUGHFRQWDGRUHVGHOX]\DJXDLQIRUPDWL]DGRVFRQWDGRUHVLQWHOLJHQWHV
$FFLRQHVTXHFRPSOHPHQWDQODVGHSURPRFLyQFRPHUFLDO\ZLILTXHSURSRQtDPRV$FW\\TXHGHEHUtDQIRFDOL]DUJUDQSDUWHGHVXVHVIXHU]RVHQHOOODPDGR0DUNHWLQJ(VWDHVWUDWHJLDHVWDUtDHQFDPLQDGDQRVyORDGDUDFRQRFHU\DxDGLUYDORUDO
&DVFR$QWLJXRVLQRTXHSUHWHQGHUtDTXHODVQXHYDVWHFQRORJtDVVHDQXQDVHxDGHLGHQWLGDGQXHYDTXHLQFRUSRUHYDORUPRGHUQLGDG\MXYHQWXGDXQD]RQDKLVWyULFD'HVGHOXHJRVHSUHFLVDUtDXQDFDPSDxDGHFRQFLHQFLDFLyQ
8QDDFWXDFLyQGHHVWHFDOLEUHUHTXHULUtDDVLPLVPR\VHJXUDPHQWHGHIRUPDFRQMXQWDFRQODVLQLFLDWLYDVGHVRVWHQLELOLGDGTXHFLWDUHPRVHQ$FWXQDIRUPDFLyQHVSHFLDOL]DGDSDUDHPSUHVDVGHLQVWDODFLyQ\PDQWHQLPLHQWR\FXUVRV\FXUVLOORVSDUD
WUDEDMDGRUHVFDOSLQRVFUHDQGRXQDIXHQWHGHWUDEDMRGHDPSOLRIXWXUR
(O3ODQ1DFLRQDOGH6XVWLWXFLyQGH(TXLSRVGH0HGLGDLQGLFDTXHSDUDORVVXPLQLVWURVGHKDVWDN:GHSRWHQFLDFRQWUDWDGDHVGHFLUHVWRLQFOX\HDWRGDVODVYLYLHQGDVGHEHUiQVHUVXVWLWXLGRVORVDQWLJXRVFRQWDGRUHVSRUQXHYRVHTXLSRVGLJLWDOHVTXH
SHUPLWDQODGLVFULPLQDFLyQKRUDULD\ODWHOHJHVWLyQDQWHVGHOGHGLFLHPEUHGH
3URJUDPDGH$KRUUR(QHUJpWLFRGHO&$
&UHHPRVGHLQWHUpVDERUGDUODUHGXFFLyQGHODIDFWXUDHQHUJpWLFDPXQLFLSDO\GHOVHFWRUSULYDGR3DUDHOORKDEUtDTXHGLVSRQHUHOSULPHUDxRGHXQIRQGRPXQLFLSDOSDUWHGHOGLVSRQLEOHHQHO&RQFXUVR$SDUWLUGHOVHJXQGRDxRSDUWHGHORVDKRUURV
HFRQyPLFRVSRGUtDQVHUYLUSDUDFRQWLQXDUFRQODJHVWLyQFRQWLQXD
(O3URJUDPDFRQWHQGUtD$VHVRUDPLHQWRHQHUJpWLFRPXOWLVLWHYROXQWDULRSDUDODJHVWLyQLQWHJUDOGHODFRQWUDWDFLyQ\IDFWXUDFLyQHQYLYLHQGDVFRPHUFLRV\RILFLQDVGHO&$$FXHUGRVJOREDOHVFRQFRPSDxtDVVXPLQLVWUDGRUDV\(PSUHVDVGH6HUYLFLRV
(QHUJpWLFRVTXHSXHGHQDVXPLUODILQDQFLDFLyQ6XJHVWLyQVHSURSRQHTXHSXHGDUHDOL]DUVHGHVGHOD2ILFLQDGHO&DVFR$QWLJXR
$FWXDFLRQHVSLORWRVYROXQWDULDVGHDKRUURGH$&6HQHGLILFLRVUHVLGHQFLDOHVGHYDULDVYLYLHQGDVFRPRHOVLVWHPD*(0$+TXHSXHGHQFRQWDUFRQXQDD\XGDGHOD$9(1GHODO(O*(0$+HVXQVLVWHPDGHUHFXSHUDFLyQGHOFDORUTXHVHGHVHFKD
SRUODWXEHUtDGHODJXDJULVGXFKDV\SLODVSDUDSUHFDOHQWDUHO$&66HWUDWDGHXQDQRYHGRVD\SDWHQWDGDWHFQRORJtDTXHSHUPLWHVXPLQLVWUDU$&6PHGLDQWHXQDERPEDGHFDORUGHFDORUFRQPX\DOWRUHQGLPLHQWR
2IHUWDGHXQDJHVWLyQDFWLYDGHODGHPDQGDFRQSRVLELOLGDGGHFRQHFWDURGHVFRQHFWDUHQGHWHUPLQDGRVSHULRGRVORVHOHFURGRPpVWLFRVGRPpVWLFRVXRWURVDSDUDWRVGHIXHUWHGHPDQGDHOpFWULFD
$SR\RDXQDFDPSDxDGH&HUWLILFDFLRQHV(QHUJpWLFDVPHGLDQWHORV,QIRUPHVGH(VWDGRGHOD(GLILFDFLyQ,((GHODQXHYD/H\GHODV5GHGH-XQLRFRQD\XGDVHVWDWDOHV2EOLJDWRULDSDUDHGLILFLRVPXOWLIDPLOLDUHVGHYLYLHQGDGHPiVGHDxRV
(VWRV,((TXHLQFOX\HQODVPHGLGDVGHPHMRUDGHHILFLHQFLDHQHUJpWLFDORSURSRQHPRV\DTXHGLVSRQHGHILQDQFLDFLyQFRQFUHWDGHQWURGHOD$FWXDFLyQGH0HMRUDGHOD9LYLHQGD$FW
&RQFLHQFLDFLyQ\GLYXOJDFLyQGHODVRVWHQLELOLGDG\FXOWXUDHQHUJpWLFDDWUDYpVGHFDUWHOHV\SDQHOHVLQIRUPDWLYRVVREUHHOFRQVXPR\JHQHUDFLyQHQHUJpWLFDGHODVLQVWDODFLRQHV021,725,=$&,1'(/,03$&72
3ULQFLSLRVGHGLVHxRSDVLYR\GHDKRUURHQHUJpWLFRHQHGLILFLRVDLQFRUSRUDUD1RUPDVGHO3*&DOLILFDFLyQHQHUJpWLFDDLQFOXLUHQ1RUPDVGHO3*
'HEHUHODFLRQDUVHHVWH3URJUDPDFRQHO3ODQ(QHUJpWLFRGHOD3URYLQFLDGH$OLFDQWHTXHVHFRQRFHDIRQGRHQHO)RPHQWRGHODKRUURHQHOVHFWRUVHUYLFLRVVHFWRUWXUtVWLFR\DGPLQLVWUDFLyQORFDOHWFFRPRHQ)RPHQWRGHOWUDQVSRUWHSXEOLFR
7LHQHXQODUJRSURFHVRGHLPSODQWDFLyQ\FXHQWDFRQHOKiQGLFDSGHODV~OWLPDVPHGLGDVSDUDUHGXFLUHOGpILFLWHQHQHUJtDTXHKDQGHMDGRHVWH3URJUDPDGHPX\FRPSOHMDDSOLFDFLyQ\TXHGHMDPRVDXQUHHVWXGLRSRVWHULRUVHJ~QVHUHFRQGX]FDQVXV
DSR\RV/DSURSXHVWDIRUPDUtDSDUWHGHO3/$1'(0(-25$'(/$(),&,(1&,$(1(5*e7,&$<6267(1,%,/,'$'$0%,(17$/'(/&$6&2$17,*82
$XGLWRUtD(QHUJpWLFDHQ(GLILFLRVH,QVWDODFLRQHV3~EOLFDV
3RUXQODGR$XGLWRUtD(QHUJpWLFDGH(GLILFLRV3~EOLFRV3URJUDPDDFRUWRSOD]RSDUDUHDOL]DUOD&HUWLILFDFLyQGH(ILFLHQFLD(QHUJpWLFDGHORVHGLILFLRVS~EOLFRVGHVXSHUILFLHPD\RUGHP&RQRFLGRVVXVUHVXOWDGRVVHSRGUtDDERUGDUVXPHMRUDSRUHWDSDVD
PHGLRSOD]R3DUDHO&$RWRGRHOFDVFRXUEDQR
3RURWUR$XGLWRULDDOXPEUDGRSXEOLFRFRQD\XGDVHVWDWDOHV\GHOD$JHQFLD9DOHQFLDQDGH(QHUJtD$9(1TXHSXHGHDVXPLUXQDVXEYHQFLyQGHO5HDOL]DFLyQGHXQLQYHQWDULRGHWRGDVODVOiPSDUDVOXPLQDULDVFXDGURVGHPDQGRHWF\YHULILFDFLyQGH
FXPSOLPLHQWRGHQRUPDVHILFLHQFLDFRQRIUHFLPLHQWRILQDOGH$FFLRQHVDHPSUHQGHU3DUDHO&$RWRGRHOFDVFRXUEDQR
4XHGDODYtDLQGLUHFWDGHUHGXFFLyQGHOFRQVXPRHQHUJpWLFR\ODFRQWDPLQDFLyQSRUODDSOLFDFLyQGHXQ3ODQGH0RYLOLGDGTXHFRQHODFHQWRHQHOWUDQVSRUWHS~EOLFRLPSXOVHHOFRPHUFLRGHSUR[LPLGDG$ODUJRSOD]R
/DSURSXHVWDIRUPDUtDSDUWHGHO3/$1'(0(-25$'(/$(),&,(1&,$(1(5*e7,&$<6267(1,%,/,'$'$0%,(17$/'(/&$6&2$17,*82
3ODQGH,QWHJUDFLyQGH(QHUJtDV5HQRYDEOHV
6HSXHGHDERUGDUODLQWHJUDFLyQ((55HQHGLILFLRVPHGLDQWH1RUPDVDLQFOXLUHQHO3*XFRQODDSUREDFLyQGHXQDV1RUPDVHVSHFtILFDVFRPR
6XPLQLVWURGHDJXDFDOLHQWHVDQLWDULDFRQHQHUJtDVRODUWpUPLFDQRUPDWLYDRVLVWHPDVFRPR.DOKLGUDSDUDYLYLHQGDV
6XPLQLVWURGHHQHUJtDVRODUIRWRYROWDLFRSDUDSURGXFLUHQHUJtDHOpFWULFDFRQHFWDGDDODUHGHOpFWULFDGHOHGLILFLR
3XHGHQKDEHUDODUJRSOD]RXQ3ODQ0XQLFLSDOGHLQWHJUDFLyQGH(QHUJtDV5HQRYDEOHVHQHOTXHVHUHDOLFHQHVWXGLRVGHYLDEOLGDGGHIXHQWHVGH(QHUJtD)RWRYROWDLFDGH%LRPDVDRGH*DV1DWXUDO
(QFRQFUHWRKD\D\XGDV',9(LQYHUVLyQGH'LYHUVLILFDFLyQ(QHUJpWLFDGHOD$9(1TXHSURPXHYHODWUDQVIRUPDFLyQDJDVQDWXUDODODVTXHD~QQRSXHGHDFRJHUVH&DOS\DODVTXH'HQLD\;jELD\DVHKDQDFRJLGRHQXQDIDVH
7DPELpQDODUJRSOD]RVHSRGUtDQSODQWHDUXWLOL]DUUHVLGXRVGHSRGD\UHVLGXRVVyOLGRVXUEDQRV568SDUDSURGXFLUELRJDVWpUPLFR\HOpFWULFR
+D\FRPRGLMLPRVXQ3ODQ(QHUJpWLFRGHOD3URYLQFLDGH$OLFDQWHTXHDSXHVWDSRUODXWLOL]DFLyQGHIXHQWHVDOWHUQDWLYDVHOLPSXOVRDODLQWURGXFFLyQGHO*DV1DWXUDO\HODSR\RDODFRJHQHUDFLyQ\RWUDVQXHYDVWHFQRORJtDV(OQXHYR5'GHUHGXFFLyQGHOD
IDFWXUDHOpFWULFD\ODVIXHUWHVLQYHUVLRQHVSUHFLVDVSDUDWUDHUHO*DVD&DOSRSRQHUHQPDUFKDODFRJHQHUDFLyQQRVOOHYDQHQWLHPSRVGHFULVLVDFRQWHPSODUODLQLFLDWLYDVRORDODUJRSOD]R
/DSURSXHVWDIRUPDUtDSDUWHGHO3/$1'(0(-25$'(/$(),&,(1&,$(1(5*e7,&$<6267(1,%,/,'$'$0%,(17$/'(/&$6&2$17,*82
3/$1'((),&,(1&,$<6267(1,%,/,'$'HQHO&$$JHQGD;;,/RFDO
7DPELpQVHSURSRQHHO&$HOOXJDUGHUHIHUHQFLD\HMHPSORHQ&DOSFRPRiUHDVRVWHQLEOHSDUDXQPXQLFLSLRVRVWHQLEOH6HLGHQWLILFDUtDSXHVDGHPiVGHSRUVXKLVWRULD\FXOWXUDSRUVXDSXHVWDWHFQROyJLFD\SRUODVRVWHQLELOLGDG
,QWHJUDFLyQGHODVDFWXDFLRQHVVHxDODGDVFRQORVQTXHVHUHILHUDQDO&$WDQWRSDUDHOVHFWRUS~EOLFRFRPRSDUDHOSULYDGR/RGHQRPLQDPRV3/$1GH0(-25$'(/$(),&,(1&,$(1(5*e7,&$<6267(1,%,/,'$'$0%,(17$/'(/
&$6&2$17,*82\SRGUtDVHUJHVWLRQDGRGHVGHOD$JHQGD/RFDO6XREMHWLYRVHUtDODUHGXFFLyQGHJDVWRHQHUJpWLFR\HQFRQFUHWRHQODYLYLHQGDODSURPRFLyQGHORV,((\ODFDOLILFDFLyQHQHUJpWLFDGHODHGLILFDFLyQODHODERUDFLyQGHFULWHULRVGHGLVHxR
\GHXQDQRUPDWLYDSDUDHGLILFDFLyQSULYDGD\S~EOLFDHVSDFLRVHLQVWDODFLRQHVS~EOLFDV
(/3ODQFRQWHQGUtDGRVSURJUDPDV\GLYHUVDVDFWXDFLRQHV
8QEDUULRVRVWHQLEOH\DYDQ]DGR$FWXDFLRQHV\
8QPXQLFLSLRFRPSURPHWLGRFRQODVRVWHQLELOLGDG$FWXDFLRQHV\
/D$JHQGDORFDOGH&DOSHVWiSUHFLVDPHQWHGLVHxDQGRHLPSODQWDQGRXQ3ODQGH$FFLyQ/RFDO3$/FRQHOREMHWLYRGHSURPRYHUHOGHVDUUROORVRVWHQLEOH\ODSDUWLFLSDFLyQFLXGDGDQD7LHQHHODERUDGRVYDULRVGRFXPHQWRVFRPRHO3ODQGH$FFLyQGH
(QHUJtDV6RVWHQLEOHV3$(6TXHHQFDMDHQHVWDDFWXDFLyQTXHVHSURSRQH
6HSURSRQHLQFRUSRUDUHQpOFRQHODSR\RGHODKHUUDPLHQWD/(('(ILFLHQFLD(QHUJpWLFD\'LVHxRVRVWHQLEOHXQRVFULWHULRVGHGLVHxRSDUDODSODQLILFDFLyQVRVWHQLEOHGHHVSDFLRVS~EOLFRVGHUHGXFFLyQGHHIHFWRGHLVODGHFDORUHQORVPLVPRVGHSODQLILFDU
PRYLOLGDG\FRQH[LyQFRQiUHDVGHOUHVWRGHOPXQLFLSuRDGHPiVGHORVGHLQVWDODFLRQHVLQWHULRUHVGHHGLILFLRV,QFRUSRUDUtDVHQGRVSURJUDPDVGHIRUPDFLyQGHXQHTXLSRORFDOGHLQVWDODGRUHVPDQWHQHGRUHV\GHHGXFDFLyQ3URJUDPDHQFROHJLRV&DPSDxD
GHFRQFLHQFLDFLyQ\GLVWLQWLYRVDFUHGLWDFLRQHVYLVLEOHV
6HYHULILFDUtD\GHVDUUROODUtDHOFXPSOLPLHQWRGHO3ODQ(QHUJpWLFRGHOD3URYLQFLDGH$OLFDQWHTXHFRQRFHPRVDIRQGR
&RQWHQGUtDXQD1RUPDWLYDGHHILFLHQFLDHQHUJpWLFD\VRVWHQLELOLGDGHQQXHYDVHGLILFDFLRQHV\GHVDUUROORVHQHO&$XQPXQLFLSLRFRPSURPHWLGRFRQODVRVWHQLELOLGDGFRPRPtQLPRODVUHODWLYDVDDJXD\UHVLGXRV
D$JXD
$KRUURDJXDHQHGLILFLRVPHGLDQWH1RUPDVDLQFOXLUHQHO3*XRWUDVHVSHFtILFDV
(VSHFLILFDFLyQGHHTXLSRV\HOHPHQWRVGHEDMRFRQVXPRGHDJXD
5HFLFODGRGHODVDJXDVJULVHVDJXDVGHODVSLODV\ODVGXFKD\WUDWDPLHQWRGHHVWDVSDUDUHXWLOL]DUODVSDUDODGHVFDUJDGHORVLQRGRURV\DKRUUDUHQWUHXQ\XQGHODJXDQHFHVDULDHQFDGDYLYLHQGD.DOKLGUD"
5HFRJLGDGHODJXDGHOOXYLDGHOWHMDGRGHORVHGLILFLRVHQXQDOMLEH
$KRUURDJXDHQ]RQDVYHUGHVSURJUDPDVDQXDOHVVRQD\XGDV'LSXWDFLyQ
HOGLUHFFLRQDPLHQWRGHODJXDGHOOXYLDGHODV]RQDVSDYLPHQWDGDVKDFLDHVWRVMDUGLQHV
6HOHFFLyQGHULHJRSRUJRWHRTXHUHGXFHODVQHFHVLGDGHVGHDJXD
E5HVLGXRV
3RVLEOHXVRGHOD%LRPDVDGHODSRGD
8VRGHPDWHULDOHVVRVWHQLEOHV
6HFRQVLGHUDUiHOFLFORGHYLGDGHFDGDSURGXFWRFRPRFULWHULRGHWHUPLQDQWHSDUDODVHOHFFLyQGHORVPDWHULDOHVGHVGHODH[WUDFFLyQGHORVPDWHULDOHVTXHIRUPDUiQORVFRPSRQHQWHVGHOSURGXFWRSDVDQGRSRUODSURGXFFLyQODGLVWULEXFLyQ\HOXVRGHOSURGXFWRKDVWDHO
WUDWDPLHQWRRHOLPLQDFLyQGHGLFKRVFRPSRQHQWHVXQDYH]TXHHOSURGXFWRHVGHVHFKDGR
5HGXFFLyQGHOXVRGHPDWHULDOHVFRQ&RPSXHVWRV2UJiQLFRV9ROiWLOHVHQSLQWXUDVDFDEDGRVGHORVVXHORVHWFSDUDHYLWDUORVHIHFWRVQRFLYRVVREUHODVDOXGLUULWDFLyQGHORVRMRV\YtDVUHVSLUDWRULDVGRORUGHFDEH]DPDUHRVWUDVWRUQRVYLVXDOHVIDWLJDUHDFFLRQHVDOpUJLFDV
GH
ODSLHOHWF\UHGXFLUVXFRQWULEXFLyQDOVPRJIRWRTXtPLFR
3DUDORVWXERVHOpFWULFRVVHXWLOL]DUiQWXERVFRUUXJDGRVGHSROLSURSLOHQRFRQVXVFRUUHVSRQGLHQWHVSDVDWXERVVLHQGRHOSURSLOHQRXQPDWHULDOPiVHFROyJLFRTXHHO39&
3DUDODVUHGHVGHVDQHDPLHQWRVHVHOHFFLRQDUDQFDQDORQHV\EDMDQWHVFHUiPLFRVFRQXQLRQHVGHSROLSURSLOHQRSDUDHYLWDUODULJLGH]\HYLWDUSRVLELOLGDGGHURWXUDVTXHVXSRQGUtDQXQLRQHVFHUiPLFDV
'LVSRQGUtDGHXQDUHJXODFLyQGHDSR\RSDUDODVDFWXDFLRQHVSULYDGDVGHPHMRUDGHDKRUUR\GHODHILFLHQFLDHQHUJpWLFD
(O3ODQVHSRGUtDLQWHJUDUFRPRGLMLPRVHQOD$JHQFLD;;,/RFDOHQ&DOSTXHHVWDUtDOOHYDQGRDFDERXQDVHJXQGDIDVHGHLPSODQWDFLyQGHILQLWLYDFRQHO3OLHJRGH&RQGLFLRQHVGHOLFLWDFLyQGHO3ODQ/RFDODSUREDGRHQ-XQLRGH'LVSRQGUtDGHXQ
HTXLSR\DIRUPDGRGHXQGHFiORJRFRQODVEDVHVSDUDODSDUWLFLSDFLyQ\YDULRVGRFXPHQWRV\DUHDOL]DGRVHO3$(6\DFLWDGR\XQLQIRUPHVREUHHO3$&FRPHUFLDO$JHQGDDPpQGHGLYHUVDVFDPSDxDVGHVHQVLELOL]DFLyQ\FRQFLHQFLDFLyQHQWUHODV
TXHGHVWDFDSDUDQXHVWURDQiOLVLVXQ&RQFXUVRGH(QJDODQDGRGH%DOFRQHV&DOOHV\)DFKDGDVGHO&DVFR$QWLJXR
$SR\RDODPHMRUDGHODVYLYLHQGDV
6HWUDWDGHPHMRUDUHOHVWDGRGHODVYLYLHQGDV\DFRQVWUXLGDVDWHQGLHQGRDODQXHYDSROtWLFDGHYLYLHQGDGHO(VWDGR,QFOXLUtDODSXEOLFLWDFLyQ\DSR\RDGPLQLVWUDWLYRSDUDVROLFLWDUTXLHQORGHVHHD\XGDVFRQFDUJRDO3ODQGHOD9LYLHQGDGHHODERUDFLyQ
YROXQWDULD
$GHPiVVHWUDWDUtDGHODSURPRFLyQGHXQ3URJUDPDGHD\XGDVSDUDODHODERUDFLyQGH,1)250(6'((67$'2'(/$(',),&$&,1,((GHILQLGRVSRUOD/H\GH5HKDELOLWDFLyQ5HJHQHUDFLyQ\5HQRYDFLyQXUEDQDVHQORVFDVRVREOLJDGRVSRUGLFKD
/H\LQPXHEOHVSOXULIDPLOLDUHVHQYHQWDRQXHYRDOTXLOHU\SDUDORVGHPiVGHDxRV/H\8UEDQtVWLFD9DOHQFLDQD/89FRQHYDOXDFLyQGHFRVWHVUHVXOWDQWHVSDUDODVROXFLyQGHORVSUREOHPDVHVWUXFWXUDOHVGHDFFHVLELOLGDGRGHHILFLHQFLDHQHUJpWLFD
WGHWHFWDGRV3URJUDPDDVROLFLWDUVHULQFOXLGRHQODVD\XGDVGHO3ODQ(VWDWDOGHOD9LYLHQGDFLWDGR(VWDSURSXHVWDWLHQHUHODFLyQFRQ$FWGHDKRUURHQHUJpWLFR
+D\PiVGHYLYLHQGDVDQWLJXDVGHOWRWDOFRQPiVGHDxRVGHHOODVPX\DQWLJXDVDQWHULRUHVDHQODVTXHKDEUtDTXHHODERUDUREOLJDWRULDPHQWH\DGHVGHOD/5$8GHVGHDOPHQRVHO,QIRUPH7pFQLFRGH(GLILFDFLyQDKRUD
DPSOLDGRHQVXFRQWHQLGRFRPR,((FRQODVLQGXGDEOHVYHQWDMDVTXHHVWDDFWXDFLyQJHQHUDUtDHQODPRGHUQL]DFLyQGHOSDUTXHGHYLYLHQGDV(QWRWDOHVWRV,QIRUPHVQRVXSRQGUtDQXQFRVWHPD\RUGH\VHSRGUtDQJHVWLRQDUGHVGHOD2ILFLQDGHO
&DVFR$QWLJXR
(VWH3URJUDPDGH,1)250(6HVGHLQWHUpVSULRULWDULRWLHQHXQFRVWHUHGXFLGR\SRGUtDSRUWDQWRUHDOL]DUVHLQPHGLDWDPHQWHVLQHVSHUDUDGLVSRQHUGHO3/$1GH5(+$%,/,7$&,185%$1$ TXHVHSURSRQHFRPR$FWXDFLyQ
6HWUDWDUtDGHVSXpVFRPRVROXFLyQSULRULWDULDORVSUREOHPDVGHWHFWDGRVGHSDWRORJtDVHVWUXFWXUDOHV\GHDFFHVLELOLGDGLQWHULRUDODVYLYLHQGDVFRQUDPSDV\DVFHQVRUHV$DERUGDUPHGLRSOD]R\FRQHO3ODQGHOD9LYLHQGD
/DVROXFLyQGHODVPHMRUDVGH(ILFLHQFLDHQHUJpWLFD\VRVWHQLELOLGDGQRREOLJDWRULDVVHLQFRUSRUDUtDQDO3/$1'((),&,(1&,$<6267(1,%,/,'$'$FW
)RPHQWRGHFRPHUFLRVGHSUR[LPLGDG
0HGLGDVGHLQFHQWLYDFLyQSDUDODLQVWDODFLyQ\PDQWHQLPLHQWRGHFRPHUFLRVGHSUR[LPLGDG(VWRVFRPHUFLRVGHILQLGRVHQOD3RQHQFLDORFDOHVGHXVRVFRPSOHPHQWDULRV\GHVHUYLFLREiVLFRVSDUDORVUHVLGHQWHVDFFHVLEOHVFRQFRUWRVGHVSOD]DPLHQWRVD
SLHGHVGHVXVYLYLHQGDV\FX\DORFDOL]DFLyQVHDWLHQHHQEXHQDPHGLGDDODVOH\HVGHOPHUFDGRVRQHTXLSDPLHQWRVGHSUR[LPLGDGTXHSHUPLWHQILMDUODDFWXDOSREODFLyQUHVLGHQFLDODWUDHUDQXHYDGLVPLQXLUODVGHPDQGDVGHPRYLOLGDG\JHQHUDUXQD
DFWLYLGDGGLDULDHQDPSOLRKRUDULRODERUDO6RQSULYDGRV\GHEHQGHVHUUHQWDEOHV6HRIUHFHUtDFRPRDSR\RODSDUDGLVSRQHUGH:LILZHELQIRUPDWLYDQXHYDVWHFQRORJtDVDKRUURHQHUJpWLFRWUDQVSRUWH\DSDUFDPLHQWR\IRUPDFLyQGHSHUVRQDO
(QWHQGHUtDPRVFRPRWDOHVXQDVHULHGHFRPHUFLRVDOLPHQWDFLyQIDUPDFLDEDUHVHWF\GRWDFLRQHVGHWLSRDGPLQLVWUDWLYR\DVLVWHQFLDOSDUDSHUVRQDVPD\RUHVSDUDMyYHQHVRSDUDQLxRV\SULPRUGLDOPHQWHODV]RQDVYHUGHVSRVLEOHVHQXQWHMLGRFRPRHOGHO
&+FRQDUERODGR\MDUGtQSDUDMXHJR\GHVFDQVRDODLUHOLEUHGHODSREODFLyQUHVLGHQWH&LWHPRVKR\FRPRFRPHUFLRGHSUR[LPLGDGHQHO&DVFR$QWLJXRODWLHQGDGHDOLPHQWDFLyQGHOD3OGHO0RVTXLWIUHQWHD7,QIRODWLHQGDGHXOWUDPDULQRV*XLOOHUPLQD
&&HUYDQWHVHOKRUQRSDQDGHUtD&%DOPHV\OD)DUPDFLDF)RUD7DPELpQHQFRQWUDPRVQHJRFLRVFRPRXQKRWHOXQDJXDUGHUtDRXQDFOtQLFDGHQWDOWRGRVHQ&-XVWLFLDXQGHVSDFKRGHWRSRJUDItD&&DPSDQDULRFHQWURVGHSHOXTXHUtD\HVWpWLFD&
0DUEDUHVFRPRHO%DU=DPRUDHQOD3O0RVTXLWRHO%DUGHOD&3HGUR*DUFtD2UWL]&DEHGHVWDFDUTXHODSUR[LPLGDGGHOFHQWURXUEDQRKDVWDOD&$OPHQGURVKDFHTXHpVWHVHFRQVLGHUHSDUDORVUHVLGHQWHVHQHO&DVFR$QWLJXRFRPRHOOXJDUGHPD\RU
FRQFHQWUDFLyQGHHVWHWLSRGHFRPHUFLRV4XHWHUPLQDSUHFLVDPHQWHHQXQJUDQVXSHUPHUFDGRGHDOLPHQWDFLyQ\VHUYLFLRVGRPpVWLFRV
(QHO&DVFR$QWLJXRH[LVWHQSXHVDOJXQRVHTXLSDPLHQWRVSULYDGRVGHSUR[LPLGDG\SHTXHxRVFRPHUFLRVSHUR~OWLPDPHQWHVHYLHQHSURGXFLHQGRHOFLHUUHGHDOJXQRVORFDOHVFHUUDGRVORTXHKDJHQHUDGRXQSUREOHPDTXHHO$\XQWDPLHQWR\DIHFWDGRVHVWiQ
WUDWDQGRGHUHVROYHU\GHOFXDOHVWH&RQFXUVRHVHQEXHQDSDUWHFRQVHFXHQFLD/DGLQDPL]DFLyQHFRQyPLFDTXHUHFRJHSULQFLSDOPHQWHHO3/$1'((6708/2(&210,&2QRVVLW~DHQHODEDQLFRGHDFWXDFLRQHVFRQYHUJHQWHVSDUDFRQVHJXLUOD(VWDHV
XQDGHHOODV\SRUVXFDUiFWHUVHGHEHUtDLQFOXLUSUHIHUHQWHPHQWHHQHO3/$1'(',1$0,=$&,162&,2&8/785$/
'RWDFLyQGHHTXLSDPLHQWRVGHSUR[LPLGDGHQHO&$RVXVERUGHV
/DVGRWDFLRQHVGHSUR[LPLGDGVHGHILQLHURQGHIRUPDVLPLODUDORVFRPHUFLRVHQOD3RQHQFLD\WLHQHQORVPLVPRVHIHFWRVTXHHOORVDXQTXHFRPRVXLPSODQWDFLyQVXHOHVHUS~EOLFD$GPLQLVWUDFLyQPXQLFLSDORUHJLRQDOSULQFLSDOPHQWHGHSHQGHGHOD
GLVSRVLFLyQGHIRQGRVSDUDVXLPSODQWDFLyQ\SRVWHULRUJHVWLyQ
&LWDPRV OD QHFHVLGDG GH SROtWLFDV DFWLYDV \ GLUHFWDV SULRULWDULDV SDUD ]RQDV YHUGHV JXDUGHUtDV \ DSDUFDPLHQWRV S~EOLFRV SDUD UHVLGHQWHV \ FRPHUFLDQWHV FRPR SURSRQGUHPRVHQ RWUDV DFWXDFLRQHV /D XWLOL]DFLyQ SDUD HOOR GH ODV $UHDV GH 2SRUWXQLGDG
GHWHFWDGDV\GHOGHVDUUROORGHGRWDFLRQHVGHO3*YLJHQWHFRPROD3]D(VSDxDFX\RHGLILFLRFDOLILFDGR(6$SRGUtDVHUXQDORFDOL]DFLyQH[FHOHQWHSDUDORV7DOOHUHVDUWHVDQDOHV\$XODVGH3LQWXUD&HUiPLFD\$QXDOLGDGHVOD(VWDFLyQGH$XWREXVHVSDUD
OLEHUDUHOHGLILFLRGHOD3]D0RVTXLWKR\,QIRUPDFLyQ\7XULVPR$FWSDUD9LYHURGH(PSUHVDVRHO35,GHOD0DQ]DQD1RUWHSDUD*XDUGHUtDVRQEXHQRVHMHPSORVTXHGHEHQVHUHVWXGLDGRVHLQFRUSRUDGRVDO3/$148(352321(026'(
5(+$%,/,7$&,15(*(1(5$&,1<5(129$&,185%$1$'(/&$6&2$17,*82
3RUVXWUDVFHQGHQFLD\SRUVHUSRVLEOHDERUGDUORVFRQORVPHGLRVGLVSRQLEOHSURSRQHPRVXQDVHULHGH3UR\HFWRVGHSRVLEOHUHDOL]DFLyQDFRUWRSOD]RFRQORVIRQGRV\D\XGDVS~EOLFDVXQRV\SRUFRQFLHUWR\VHOHFFLyQGHXUEDQL]DGRURWURVRDPHGLRSOD]R
GHORVTXHVHGDXQDSULPHUDLPDJHQHQORV3DQHOHVTXHDFRPSDxDQHVWD3OLFD$OJXQRVGHHOORVORVVHOHFFLRQDPRVSRUVXDFFLyQHMHPSODUL]DQWH\FDUHQFLDGHRWURVHQORVDOUHGHGRUHVFRPROD]RQDVYHUGHGHOD3OD]D6DOYDGRUTXHSRGUtDUHDOL]DUVH
LQPHGLDWDPHQWH/DSUHYLVWDSRUHO3*GHO0RVTXLWFRQREWHQFLyQSUHYLDGHODSDUFHOD\ODTXHSURSRQHHO3*HQOD0DQ]DQD1RUWHFRQ35,SRGUtDQGRWDUQRVRORGH]RQDVYHUGHV$FWVLQRGHJXDUGHUtD\DSDUFDPLHQWRVS~EOLFRVHTXLSDPLHQWRV
GHILFLWDULRV/DJHVWLyQSXHGHGHVDUUROODUVHFRQVROYHQFLDGHVGHODRILFLQDDFWXDOGHXUEDQLVPR
$GHPiVODVDFWXDFLRQHVXUEDQtVWLFDVSUR\HFWDGDVHQHO&$SXHGHQGHSDUDURSRUWXQLGDGHVGHSHUPXWDVRDGTXLVLFLRQHVHQDUDVDVROXFLRQDUGLFKRVGpILFLWVGHHTXLSDPLHQWRGH]RQDVYHUGHVFRQiUHDVGHMXHJRGHQLxRV\GHVFDQVRHVSDFLRVGHHGDG\
DSDUFDPLHQWRVSDUDUHVLGHQWHVYLVLWDQWHV\FRPSUDGRUHV
7DPELpQHVLQWHUHVDQWHFLWDUODVSRVLELOLGDGHVGHJHVWLyQGHVGHHO$\XQWDPLHQWRGHVRODUHVYDFtRVHGLILFDEOHVTXHHQHO&DVFR$QWLJXRHVOyJLFRTXHVHSURGX]FDQSDUDORTXHVHKDOODPDGRPLFURXUEDQLVPRXWLOL]DUSURYLVLRQDOPHQWHORVVRODUHVKDVWDVX
UHHGLILFDFLyQPHGLDQWHDFXHUGRFRQORVSURSLHWDULRVSDUDGRWDFLRQHVGHSUR[LPLGDGMDUGLQHVRDSDUFDPLHQWRVVLHPSUHGHILFLWDULRVDFDPELRGHH[HQFLyQGHO,%,XRWURVLPSXHVWRVPXQLFLSDOHV/DSLQWXUDGHPHGLDQHUDVDOGHVFXELHUWR\ORVWUDPSDQWRMRVTXH
FLWDPRVFRPR$FWFRQWULEXLUtDQDGLFKDPHMRUD/DFULVLVHFRQyPLFD\ODGLItFLOUHQWDELOLGDGDFWXDOGHSURPRFLyQGHQXHYDVHGLILFDFLRQHVSXHGHQD\XGDUDHOOR
/RPLVPRVHSXHGHGHFLUGHODVSOD]DVGHDSDUFDPLHQWRVQRYHQGLGDVSRUODFULVLVHQORVHGLILFLRVUHFLHQWHVGHOD$YGD0DVQRXXRWURVFROLQGDQWHVDO&$TXHSXGLHUDQVHUREMHWRGHXWLOL]DFLyQSURYLVLRQDOGHDFXHUGRFRQORVSURPRWRUHV6LHPSUHDEDVHGH
JHVWLyQGHRSRUWXQLGDGHVSDUDORTXHHO$\XQWDPLHQWRGLVSRQHGHXQRVEXHQRVVHUYLFLRVWpFQLFRV
'HEHPRVFLWDU\ORUHSHWLUHPRVHQRWUDVRFDVLRQHVTXHKDEUtDTXHLQFRUSRUDUXQD(VFROHWDPXQLFLSDO*XDUGHUtDDOSURJUDPDGHQHFHVLGDGHVGHO35,358GHO3*HQ0DQ]DQD1RUWHDGHPiVGHOD]RQDYHUGH\DSDUFDPLHQWRV\DSUHYLVWRV
6HUYLFLRVGHOLPSLH]D\FRQWHQHGRUHVGHUHVLGXRV
6HGHEHUtDPHMRUDUGHWHUPLQDGRVVHUYLFLRVXUEDQRVDOPHQRVFRQODGRWDFLyQGHFRQWHQHGRUHVRUJiQLFRVVXEWHUUiQHRVHQSOD]DVLQWHULRUHV\FRQWHQHGRUHVGHSDSHOSOiVWLFR\URSD$FRUWRSOD]R
,JXDOPHQWHKDEUtDTXHUHDOL]DUXQ(VWXGLRGHSRVLELOLGDGHVGHUHXWLOL]DFLyQGHDJXDVJULVHV$PHGLRSOD]R<XQ(VWXGLRGHSRVLELOLGDGHVGHSURGXFFLyQGHELRPDVDSDUDFRPEXVWLEOHRHOHFWULFLGDGDPiVODUJRSOD]R
2UGHQDQ]DVREUHHOUXLGR\ODFRQYLYHQFLD
(VHYLGHQWHTXHFXDOTXLHUSURSXHVWDGHUHYLWDOL]DFLyQJHQHUDDGHPiVHOWHPRUGHORVUHVLGHQWHVDODXPHQWRGHUXLGR\PROHVWLDVDOYHFLQGDULRVREUHWRGRDKRUDVQRFWXUQDV(VWHULHVJRGHEHFRUWDUVHDKRUDDQWHVGHODDSOLFDFLyQGHFXDOTXLHUDGHODV
PHGLGDVGHGLQDPL]DFLyQXUEDQDTXHVHVROLFLWDFRQHVWH&RQFXUVR
3RUHOORSURSRQHPRVODDSUREDFLyQGHXQDV1250$6'(&21752/'(58,'2<)20(172'(/$&219,9(1&,$HQIRUPDGH2UGHQDQ]DPXQLFLSDOSDUDHOFRQWUROGHOUXLGRGHRUGHQDFLyQGHDFWLYLGDGHVHQOXJDUHVFHUUDGRV\DODLUHOLEUH\GHQRUPDV
GHFRQYLYHQFLDHQHGLILFLRV\HVSDFLRVS~EOLFRVGHUHVSHWRHQWUHYHFLQRVGHUHXQLRQHVJULWRV\YRFHVGHODVTXH\DVHGLVSRQHGHDPSOLDH[SHULHQFLDHQPXQLFLSLRVFRQHVWHWLSRGHSUREOHPDV6HSRGUtDVHODERUDUSRUORVSURSLRVVHUYLFLRVPXQLFLSDOHV\
DSUREDULQPHGLDWDPHQWHDQWHVGHORV3/$1(6\GHGLQDPL]DFLyQ
3URJUDPDFLyQGHDFWLYLGDGHVFXOWXUDOHVPHGLDQWHFRQYHQLRFRQDVRFLDFLRQHV3/$1'(',1$0,=$&,162&,2&8/785$/
'HEHDERUGDUVHXQD3URJUDPDFLyQVHPDQDOGH$FWLYLGDGHV&XOWXUDOHVGHQWURGHO3ODQGHSURPRFLyQGHO&$$FW\HQUHODFLyQFRQODVDFWXDFLRQHVFHUUDGDVRDODLUHOLEUHGHFDUiFWHUFXOWXUDOTXHSUHWHQGHPRVTXHVHDXQDGHODVHVSHFLDOLGDGHVGHO&$
$FW)RUPDUtDSDUWHGHODLQIRUPDFLyQHQSDJZHEFLWDGDHQ0XVHRV\/RFDOHVGH([SRVLFLyQ\HQORV7DOOHUHV\$XODVGH'LEXMR3LQWXUDHWFTXHKHPRVPHQFLRQDGRHQRWUDVSURSXHVWDV3DUDHOORHVQHFHVDULRFRQWDUFRQ&RQYHQLRVILUPDGRVFRQODV
$VRFLDFLRQHVTXHFRQIRUPDQHOEDUULR\TXHWHQGUtDQHQOD2ILFLQDGHO&DVFR$QWLJXRVXSXQWRGHHQFXHQWURFRQOD$GPLQLVWUDFLyQ
&RQVLGHUDPRVHQHVWDOtQHDPX\LQWHUHVDQWHODSRVLEOH\YROXQWDULDGLQDPL]DFLyQGHODV&iELODVIHVWHUDVGDGRVXDUUDLJR\ODLPSODQWDFLyQPD\RULWDULDGHVXVVHGHVHQHO&$([LVWHQ&iELODVHOHGLILFLRGHOD$VRFLDFLyQGH0RURV\HO0XVHX)HVWHU
UHFLHQWHPHQWHWUDVODGDGR6RQXQHQRUPHDFWLYRSDUDUHYLWDOL]DUHOEDUULRFRQODSRVLELOLGDGGHRIUHFHUXQSURGXFWRDXWpQWLFRUHDOL]DGRSRUODVPLVPDVIXHUDGHODVIHFKDVGH2FWXEUH\$EULO
$QTXHKD\TXHVHxDODUTXHDOJXQDVGHHVWDVILODHVRUJDQL]DQDFWRVFRPRGHJXVWDFLRQHVGHYLQRV\WDSDVSRUOD)LOj&DOLIDFKFRQFXUVRVGHPRQyORJRVHWFODPD\RUtDGHVXVORFDOHVSHUPDQHFHQFHUUDGRVGXUDQWHEXHQDSDUWHGHODxRDODHVSHUDGHOD
OOHJDGDGHODVILHVWDVRDOJ~QDFWRPX\FRQFUHWR&DEUtDLQLFLDUXQGLiORJRFRQOD$VRFLDFLyQGH0RURV\&ULVWLDQRVGH&DOS\RIUHFHUVXDSHUWXUDDOS~EOLFRGHORVTXHDVtORGHFLGDQDWUDYpVGHDUUHQGDPLHQWRVSDUDH[SRVLFLRQHVDFWRVRILHVWDVVXH[SORWDFLyQ
PHUFDQWLOLQFOXVRSRUSDUWHGHPLHPEURVHQSDURGHOHV)LODHVKDFHUDOJXQDMRUQDGDGHSXHUWDVDELHUWDVHQIHFKDVFRQFUHWDVHWF
'HHVWDPDQHUDVHSRGUtDVDFDUXQFLHUWRUHQGLPLHQWRHFRQyPLFR\VRFLDODODYH]TXHVHGDDFRQRFHUXQDSDUWHGHQXHVWUDVWUDGLFLRQHV
$OLJXDOTXHVHFRPHQWyHQOD$FWXDFLyQSDUDHO3/$1(&210,&2DTXtFDEUtDHQJOREDUDGPLQLVWUDWLYDPHQWHODVDFWXDFLRQHVGHGLQDPL]DFLyQGHEDVHVRFLRFXOWXUDOTXHSURSRQHPRVOLPLWDGDVDODVSRVLEOHVFRQORVUHFXUVRVGLVSRQLEOHVHQXQ3/$1
'(',1$0,=$&,162&,$/<&8/785$/TXHSHUPLWDVXIiFLOXWLOL]DFLyQJHVWLyQ\VHJXLPLHQWR(QpOVHLQFOXLUtDQODV$FWXDFLRQHV\VXESURJUDPDVFRQXQDGHFHQDGHDFWXDFLRQHVFLWDGDVHQHVWHEORTXHFRPR
8QD]RQDUHVLGHQFLDOPRGHUQD\GHFDOLGDG$FWXDFLyQ\
8QEDUULRFRQDFWLYLGDGFXOWXUDOSURSLD$FWXDFLyQODVHxDODGDDQWHVGHHVWHFRPHQWDULRTXHSDUWLFLSDUtDWDPELpQHQHO3ODQ\
8QEDUULRELHQJHVWLRQDGR\SDUWLFLSDWLYR$FWXDFLyQHQEXHQDPHGLGDWRGDVIDFLOLWDUtDQHOp[LWRGHO3ODQGHGLQDPL]DFLyQHFRQyPLFD
$OJXQDVGHODV$FWXDFLRQHVGHEHUtDQLPSXOVDUVHLQPHGLDWDPHQWHVLQHVSHUDUDODDSUREDFLyQGHHVWH3/$1WDQWRSRUVXXUJHQFLDFRPRSRUVHUYLUGHVRSRUWHDOPLVPR
&UHDFLyQGH$XODV\7DOOHUHVGH'LEXMR3LQWXUD&HUiPLFD\0DQXDOLGDGHVHQHGLILFLRGHO&$
2UJDQL]DFLyQ GH $XODV \ 7DOOHUHV HQ HGLILFLR GHO &DVFR $QWLJXR TXH HQ SULQFLSLR SURSRQHPRV VHD HO HTXLSDPLHQWR (6$ SUHYLVWR HQ OD 3OD]D GH (VSDxD SRU HO 3* SDUD FODVHV GH GLEXMR SLQWXUD PDQXDOLGDGHV WUD\HQGR ORV WDOOHUHV GH &RFy \
HVWDEOHFLHQGRFRQOD&DVDGH&XOWXUDODGHVFHQWUDOL]DFLyQQHFHVDULDSDUDTXHYLYLILTXHHO&$(OSURIHVRUDGRSRGUtDVHUFRPSDUWLGRFRQHOGHORVFHQWURVFLWDGRV(ODOXPQDGRLQFOXLUtDH[WUDQMHURV\PD\RUHV
(OREMHWRHVQRVyORDSR\DUXQDDILFLyQVLQRSUHSDUDUSHUVRQDVIRUPDGDVTXHSXHGDQSRVWHULRUPHQWHH[SRQHU\YHQGHUVXVSURGXFWRVRHQVHxDUVXHVSHFLDOLGDG
1XHVWUDSURSXHVWDHVXELFDUORVHQHOHGLILFLRSUHYLVWRSDUD(6$HQHO3*28IUHQWHDOD3]DGH(VSDxDRHQVXGHIHFWRHQHODQWLJXR0XVHR)HVWHUGHODF/OLEHUWDWYHFLQRDODQWHULRU
7LHQHUHODFLyQFRQODV$FWXDFLRQHVVLJXLHQWH\DQWHULRU\VHHQPDUFDGHQWURGHODHVSHFLDOL]DFLyQFXOWXUDOVHxDODGDFRPR$FW6HLQFOXLUtDSRUWDQWRWDQWRHQHO3/$162&,2&8/785$/FRPRHQHO3/$1'(',1$0,=$&,1(&210,&$
0DQWHQLPLHQWRGHXQSURJUDPDGHSLQWXUDFRQWDUPSDQWRMRVHQIDFKDGDV\PHGLDQHUDV
/DSLQWXUDGHWUDPSDQWRMRVHQIDFKDGDVHVXQKHFKRVLQJXODUGH&DOS\VHORFDOL]DHQXQDVSRFDVFDOOHVGHO&DVFR$QWLJXR6RQDQXHVWURHQWHQGHUGHPX\EXHQDIDFWXUD6XDXWRUHV3LHUUH/H)OHXU&RQVLGHUDPRVODVPLVPDVFRPRXQKHFKRFXOWXUDO
GLIHUHQFLDGRU\GHFDOLGDGVLPLODUDSLQWXUDVHQIDFKDGDRWDSLFHVILJXUDWLYRVTXHWDPELpQVHGDQHQRWURVSXHEORVGHOD0DULQDGHOTXHVHSRGUtDJHQHUDUXQDHVSHFLDOLGDG\UHFODPRWXUtVWLFR/DH[LVWHQFLDGHPHGLDQHUDVYLVWDV\YDOODGRGHVRODUHVJHQHUD
RSRUWXQLGDGHVTXHSRGUtDQDSURYHFKDUVHFRQWDOOHUHVGHSLQWXUDHVSHFLDOL]DGRVDVHVRUDGRVSRUHODUWLVWD\FRVWHVPX\EDMRV
6HLQFOXLUtDFRPRODSURSXHVWDDQWHULRUGHQWURGHODVDFWXDFLRQHVGHO3/$162&,2&8/785$/FRPRGHO3/$1'(',1$0,=$&,1(&210,&$
2UGHQDFLyQGHDFWLYLGDGHVDODLUHOLEUH
5HJXODFLyQ\FDOHQGDULRVGHDFWLYLGDGHVGHFDOOHRUGHQDGDV\FRQKRUDULRVHQWUHHOODVODVGHFRQWHQLGRFXOWXUDO8QDRUGHQDFLyQTXHGHEHLQFOXLUODVDFWLYLGDGHVTXHSURSRQHPRVGHO0HUFDGRGH$UWHVDQtDGLDULR\DFLWDGRFRPR$FW\GHO0HUFDGRGH
3URGXFWRUHV1RFKHVGH7DSDV1LWVDOD)UHVFDFRQFRQFLHUWRVWHDWURFLQHDODLUHOLEUHHWFGHO3/$1'(',1$0,=$&,1(&210,&$
(VWRVFDOHQGDULRV\ORFDOL]DFLRQHVHVWDUtDQGLVSRQLEOHVHQSDJZHE2ILFLQDGHO&DVFR2ILFLQDVGH7XULVPR\HQORVFRPHUFLRV\KRVWHOHUtDGHOSURSLR&$0HUFDGR
3DUDHVWDRUGHQDFLyQVHFRQVLGHUDLPSUHVFLQGLEOHDERUGDUSUHYLDPHQWHOD2UGHQDQ]DGHO5XLGR\OD&RQYLYHQFLDSURSXHVWDVFRPR$FW
&UHDFLyQGHXQD2ILFLQDGHO&DVFR$QWLJXR
(VWDSURSXHVWDVHFRQVLGHUDXQDGHODVFODYHVSDUDODHIHFWLYLGDGGHODVDFWXDFLRQHVGHGLQDPL]DFLyQ\PHMRUDSUHYLVWDV\FRQVLGHUDPRVGHELHUDDERUGDUVHFRQFDUiFWHULQPHGLDWRGDGDVXYLDELOLGDG
6HWUDWDGHODFUHDFLyQ\RUJDQL]DFLyQFRPR\DDSXQWDPRVHQOD)DVHGH$QiOLVLVGHXQD2),&,1$'(/&$6&2$17,*82FRPRVHUYLFLRPXQLFLSDOLQWHJUDOSDUDHOEDUULRTXHHVWpYLQFXODGD\GLULJLGDSRUXQD&RQFHMDOtDTXHFHQWUDOLFHODLQIRUPDFLyQ\
JHVWLRQHV\TXHVLUYDGHOXJDUGHSDUWLFLSDFLyQODPiVGHVWDFDEOHODJHVWLyQGHORV3ODQHVGH'LQDPL]DFLyQ\0HMRUDELHQORVTXHSURSRQHPRVRORVTXHUHVXOWHQILQDOPHQWH\DFFLRQHVGHDXWRJHVWLyQDOJXQDVGHODVFXDOHVVHFLWDQ6HVXJLHUHVX
ORFDOL]DFLyQRHQHOHGLILFLRDFWXDOGH%LHQHVWDU6RFLDOGHOD3OD]D%HDWR6HQGUDVROXFLyQTXHVHYLVXDOL]DHQXQDLQIRJUDItDGHO3$1(/RHQHOPLVPR$\XQWDPLHQWRHQVXDFFHVRGHVGHOD3OD]D0LJXHO5RVHOOy1HFHVLWDUtDGHORUGHQGHP
3RGUtDGLVSRQHUFRQFDUiFWHUSHUPDQHQWHGH
%X]yQGHTXHMDV\VXJHUHQFLDVSDUDJHVWLRQDUTXHMDVSRUUXLGRVXRWURVSUREOHPDVGHFRQYLYHQFLD
3ODQRGHO&DVFR$QWLJXRFRQVXSURSLDLPDJHQFRUSRUDWLYDiUHDV\HGLILFLRVPRQXPHQWDOHV\ORFDOL]DFLyQGHOSHTXHxRFRPHUFLR\ORVHTXLSDPLHQWRVS~EOLFRV
3URJUDPDGH3URPRFLyQWXUtVWLFDHVSHFtILFDGHO&DVFR$QWLJXRGLIHUHQFLDGDGHOWXULVPRGHVRO\SOD\DSRQLHQGRHQYDORUVXSDWULPRQLRFXOWXUDO\DUWtVWLFR5XWDVWXUtVWLFDVHVSHFLDOL]DGDV\SDJZHE\ZLILGHOLEUHGLVSRVLFLyQ
(VWDDFWXDFLyQVHDFRJHUtDWDQWRDO3/$1FRPRDODO\DO
3DUWLFLSDFLyQ\&DUWDV
6H EXVFD HO LPSXOVR D OD SDUWLFLSDFLyQ VRFLDO \ D OD FRJHVWLyQ GHO &$ 3DUD TXH ORV 3/$1(6 WHQJDQ p[LWR \ VREUH WRGR FRQWLQXLGDG FUHHPRV TXH KDQ GH EXVFDU OD LPSOLFDFLyQ \ FRPSOLFLGDG GH VXV SURWDJRQLVWDV (O SULPHU REMHWLYR VHUtD SXHV FUHDU
H[WHUQDOLGDGHVSRVLWLYDVHFRQRPtDVGHORFDOL]DFLyQ\YLVLEOHVTXHVHDQFDSDFHVGHIDYRUHFHUDWRGRVORVLPSOLFDGRV3RUWDQWRFRPHUFLDQWHV\YHFLQRVGHEHQHVWDUFRQYHQFLGRVGHTXHFRQHVWDVDFFLRQHVVDOHQEHQHILFLDGRV\TXHPiVTXHVXFRODERUDFLyQ
VHQHFHVLWDVXLPSOLFDFLyQ(O3ODQVREUHWRGRHOGH',1$0,=$&,1(&210,&$SXHGHDSRUWDULGHDVSURSRQHUDFFLRQHV\GDUXQLPSXOVRLQLFLDOSHURDPHGLRSOD]RKDQGHVHUORVSURSLRVFRPHUFLDQWHV\YHFLQRVORVTXHDVXPDQHOSURWDJRQLVPRGHOD
JHVWLyQ,JXDOPHQWHHVLPSRUWDQWHFRQWDUFRQODFRPSOLFLGDG\DSR\RGHORVFRPHUFLDQWHV\UHVLGHQWHVGHOUHVWRGHODSREODFLyQ
6HHODERUDUtDXQD&DUWDGHSDUWLFLSDFLyQGHYHFLQRV\FRPHUFLDQWHVHQ2ILFLQDGHO&DVFR$QWLJXR\HQODJHVWLyQGHO3ODQ6HSRGUtDSDUWLUGHODVEDVHVSDUDODSDUWLFLSDFLyQGHOD$JHQGD;;,/RFDOGH&DOS\DH[LVWHQWHVYHU$FW
(VWDDFWXDFLyQVHLQVFULELUtDDHIHFWRVDGPLQLVWUDWLYRVHQHO3/$1GH',1$0,=$&,162&,$/<&8/785$/GHO&DVFR$QWLJXRTXHSURSRQHPRV
$SR\RDODORFDOL]DFLyQGHVHGHVGHDVRFLDFLRQHV
'HEH FRQWLQXDUVH DSR\DQGR OD ORFDOL]DFLyQ GH VHGHV DVRFLDWLYDV FDOSLQDV YHFLQDOHV FRPHUFLDOHV IHVWLYDV R GH H[WUDQMHURV UHVLGHQWHV FRPR XQD IRUPD GH GDU YLGD DO &$ (V XQD DFFLyQ YLQFXODGD D ODV $FW \ RWUDV UHIHULGDV D ORV ORFDOHV GH
$VRFLDFLRQHVHQHO&$
7DPELpQSRGUtDDSURYHFKDUVHGLVSRQHUGHXQEXHQQ~PHURGH$VRFLDFLRQHVSDUDRUJDQL]DUXQD)(5,$'($62&,$&,21(6'(/&$6&2$17,*82HQXQDVHPDQDGHOFDOHQGDULRHQODTXHVHSUHYHDTXHYDQDHVWDUSUHVHQWHVWDQWRUHVLGHQWHVFRPR
WXULVWDV\FRPHUFLDQWHV6HPDQD6DQWDSRUHMHPSORVHUtDXQDSRVLEOHIHFKD\DTXHHVXQDPDQHUDGHLQDXJXUDUODWHPSRUDGDWXUtVWLFDHQ&DOS\VHUYLUtDFRPRUHFODPRSDUDTXHORVSULPHURVWXULVWDV(VWD)HULDGH$VRFLDFLRQHVWHQGUtDXQDGXUDFLyQGHy
GtDVVHORFDOL]DUtDHQDOJXQDGHODVFDOOHVGHO&DVFR$QWLJXR\GHEHUtDFRQWDUFRQ$VRFLDFLRQHVORFDOHVRGHODFRPDUFDTXHSRGUtDQGDUDFRQRFHUVXVLQWHUHVHVDFWLYLGDGHV\SURGXFWRVRVHUYLFLRVDOUHVWRGHODFLXGDGDQtDPHGLDQWHHOIRUPDWRGHVWDQGV
'DUtDQXQDLPDJHQGHODGLYHUVLGDG\RSFLRQHVGHODSREODFLyQFDOSLQD$VtSRUHMHPSORODVDVRFLDFLRQHVGHH[WUDQMHURVSRGUtDQRIUHFHUVXVSURGXFWRVSODWRVWtSLFRVSHTXHxDDUWHVDQtDHWFDSUHFLRVSRSXODUHVODVDVRFLDFLRQHVGHSRUWLYDVSXHGHQGDUD
FRQRFHUVXFDOHQGDULRGHDFWLYLGDGHV\FRPSHWLFLRQHVODVDVRFLDFLRQHVGHIHVWHURVSXHGHQYHQGHUORWHUtDRSURPRYHUFXDOTXLHUDFWLYLGDGSDUDREWHQHUDOJ~QLQJUHVRH[WUDSDUDODVILHVWDVWRGRHVWRSXHGHFRPSOHPHQWDUVHFRQDFWXDFLRQHVGH%DQGDVGH
0~VLFDFKDUDQJDV\DJUXSDFLRQHVGHEDLOHWUDGLFLRQDORPRGHUQRHQSDVDFDOOHV\HQFRQFLHUWRVRHVSHFWiFXORVHQOD3OD]DGHOD9LOD\FRQXQDFRPLGDSRSXODURIUHFLGDSRUHMHPSORSRUODDVRFLDFLyQGHDPDVGHFDVDRHQWLGDGHVEHQpILFDV
&UHDFLyQGHXQDDVRFLDFLyQGHFRPHUFLDQWHV\KRVWHOHURVGHO&$
$SR\RPXQLFLSDODODFUHDFLyQGHXQD$VRFLDFLyQGH&RPHUFLDQWHV\+RVWHOHURVGHO&$PHGLDQWHD\XGDVSDUDODLQVWDODFLyQ\PDQWHQLPLHQWRGH:LILZHELQIRUPDWLYDQXHYDVWHFQRORJtDVDKRUURHQHUJpWLFRWUDQVSRUWH\DSDUFDPLHQWRFRQYHQLGRGHFOLHQWHV
WLFNHWV\ERQRVGHLQWHUFDPELR$FW\IRUPDFLyQGHSHUVRQDO
7DQWRHVWDDFWXDFLyQFRPRODDQWHULRUFRPRODFLWDGD$FWGH3URPRFLyQGHO&DVFR$QWLJXRSXHGHQLQWHJUDUVHGHQWURGHO3/$1'(',1$0,=$&,162&,$/DVtFRPRHQHO3/$1'(',1$0,=$&,1(&210,&$'XDOLGDGHVTXHHVWDPRVYLHQGR
VRQPX\UHSHWLGDV\DFRQVHMDQVXJHVWLyQFRP~QFRPRKHPRVGLFKRGHVGHOD2ILFLQDGHO&DVFR$QWLJXRSDUDQRSURGXFLUGXSOLFLGDGHVLQWHUIHUHQFLDRPDORVHQWHQGLGRV
3DUWLFLSDFLyQVRFLDOHQHODMDUGLQDPLHQWR\PHMRUDGHHGLILFLRV\FDOOHV
0DQWHQLPLHQWRGHOSURJUDPDPXQLFLSDOGHD\XGDDOHPEHOOHFLPLHQWRGHIDFKDGDV\FDOOHV$LQFOXLUHQHO3/$1'(',1$0,=$&,162&,$/
'HQWURGHODSDUWLFLSDFLyQHLPSOLFDFLyQGHYHFLQRVFRPHUFLDQWHV\DVRFLDFLRQHVDTXtUDGLFDGDVGHELHUDQVHJXLUVHLPSXOVDQGRODVDFFLRQHVSULYDGDVGHDMDUGLQDPLHQWRHPEHOOHFLPLHQWR\PHMRUDGHOFRQIRUWGHORVHVSDFLRVS~EOLFRVGHO&$
(VXQDYDULDQWHGHODDXWRJHVWLyQGHYHFLQRV\SRGUtDDOFDQ]DUODRUJDQL]DFLyQGHFRQFXUVRVDFWLYLGDGHVDODLUHOLEUHRHQODVFiELODVHWF$FW\
&RQVLGHUDFLyQDSHWLFLyQGHODSURSLHGDGGHODMDUGLQDPLHQWR\SXHVWDHQXVRSURYLVLRQDOGHVRODUHVDEDQGRQDGRVPLFURXUEDQLVPRFRPRXQDGHHVWDDFFLRQHVGHFRJHVWLyQ
&35238(67$6&212%-(7,920(',2$0%,(17$/35()(5(17(
&UHDFLyQGH]RQDVYHUGHVFRQDUERODGR]RQDGHMXHJRV\GHVFDQVRHVWUDWpJLFDPHQWHGLVWULEXLGDV
/DV=RQDV9HUGHVVRQXQDVGHODVGRWDFLRQHVGHSUR[LPLGDG$FWIXQGDPHQWDOHVSDUDHOPDQWHQLPLHQWRGHOFDUiFWHUUHVLGHQFLDOGHXQEDUULR\FRPRHQFDVLWRGRVORVQ~FOHRVDQWLJXRVHQGpILFLW3XHGHQVHULPSODQWDGDVSRUGHFLVLyQPXQLFLSDODWUDYpV
GHSUR\HFWRVGHHMHFXFLyQLQPHGLDWDTXHVHSODQWHHQGHQWURGHORVOtPLWHVGHLQYHUVLyQPXQLFLSDO
(QIXQFLyQGHORVHVSDFLRVS~EOLFRVGLVSRQLEOHV\VXORFDOL]DFLyQSURSRQHPRVODFUHDFLyQ=RQDV9HUGHVGHMXHJRV\GHVFDQVRFRQDUERODGRVRPEUD\EDQFRVHQOD0DQ]DQD1RUWHOD3]D0RVTXLWOD3]D6DOYDGRU\OD3]D0DQXHO0LUy/DVGRVSULPHUDV
HVWiQSUHYLVWDVHQHO3*28\GLVSRQGUiQVHJXUDPHQWHGHSUR\HFWRVRDQWHSUR\HFWRVSDUDVXUHDOL]DFLyQ
/DV GRV ~OWLPDV QR \ GHEHUtDQ DERUGDUVH FRQ VHQGRV 352<(&726 '( 5(85%$1,=$&,1 \ D FRUWR SOD]RSRU OR TXH SUHVHQWDPRVVXV HVTXHPDV \ GLVHxRVXUEDQRV HQORV 3DQHOHV ',1 $ TXH DFRPSDxDQ HVWH WH[WR /D 3]D GHO 6DOYDGRU SRGUtD
XUEDQL]DUVHLQPHGLDWDPHQWHDXQTXHVHDHQXQDSULPHUDIDVHSDUDGDUOHDGHPiVHOFDUiFWHUGH3OD]DGH%LHQYHQLGD/D3]D0DQXHO0LUyDIHFWDUtDDODRUGHQDFLyQYLJHQWHYDULDQGRVXSDUFHODULR\HGLILFDFLyQVLQDIHFWDUORVDSURYHFKDPLHQWRVSULYDGRVGH
IRUPDTXHSHUPLWLHUDGRWDUODGHDSDUFDPLHQWRVS~EOLFRVJUDWXLWRVGHDOWDGHPDQGDHQHVWD]RQDSRUORTXHVHSODQWHDDHMHFXWDUFRQHO3/$1'( 5(+$%,/,7$&,15(*(1(5$&,1<5(129$&,185%$1$TXHODVRSRUWDUtDMXUtGLFDPHQWH
DSUREDGR
/DJHQHUDFLyQGH]RQDVYHUGHVSURYLVLRQDOHVFRQFDUiFWHUWHPSRUDORSHUDFLRQHVGHPLFURXUEDQLVPRODVKHPRVOODPDGRD\XGDUtDQDPHMRUDUODFREHUWXUDGHHVWDGHPDQGD
,JOHVLD0XUDOOD\9LVXDOHV
V
(VSHFLDOL]DFLyQWHPiWLFDGHSOD]DV$UWHVDQtD0DU\3HVFDHWF
3URSRQHPRVODHVSHFLDOL]DFLyQWHPiWLFDGHODVSOD]DVGHO&$FRQHOILQGHSURGXFLUVXLGHQWLILFDFLyQDOYLVLWDQWH\VLQHUJLDVDVXVDFWLYLGDGHVHQHOHVSDFLRS~EOLFR\HGLILFDFLyQFROLQGDQWH9HUSODQR\3DQHO6HWUDWDUtDGHLPSXOVDUODLQVWDODFLyQGH
FRPHUFLRVDFWLYLGDGHV\GRWDFLRQHVFRQXQDSROtWLFDGHUHVXOWDGRVDPHGLR\ODUJRSOD]R
3URSRQHPRV/D3OD]DGH(VSDxD\DOUHGHGRUHVFRPRHVSDFLRSDUDODDUWHVDQtD\IRUPDFLyQSURIHVLRQDOOD3OD]DGHOV0DULQHUVFRPRHVSDFLRGHOPDU\SHVFDOD3OD]DGHO0RVTXLWFRPRGHHPSUHQGXULVPR\HPSUHVDOD3OD]DGHO%HDWR6HQGUDSDUDOD
2ILFLQDGHO3ODQ\$VRFLDFLyQGH9HFLQRV\FRPHUFLDQWHV\OD3OD]DGHOD9LODSDUDDFWLYLGDGHVFXOWXUDOHVDODLUHOLEUH
)RUPDSDUWHGHO3/$1'(5(+$%,/,7$&,15(*(1(5$&,1<5(129$&,185%$1$
+DELOLWDFLyQGH3OD]DV\&DOOHVGH%LHQYHQLGD
(O&DVFR$QWLJXRVHUHODFLRQDFRQVXHQWRUQRLQPHGLDWRDWUDYpVGHORVHVSDFLRVS~EOLFRVRHVSDFLRVGHUHODFLyQTXHVHHQFXHQWUDQHQORVDFFHVRVDOPLVPR(QODOHFWXUDXUEDQD\DYLPRVORVQRGRV\VHQGDVTXHFRUUHVSRQGHUtDQDHVWRVGRVFRQFHSWRV
7DQWRXQRVFRPRRWURVVRQORVREMHWLYRVGHODVDFWXDFLRQHVGH5HXUEDQL]DFLyQTXHSURSRQHPRV
6HWUDWDGHOUHGLVHxRLQWHQFLRQDGRGHSOD]DVGHELHQYHQLGDTXHLGHQWLILFDGDVHQOD3RQHQFLDVHxDOHQODHQWUDGDHQHO&$\KDJDQXQDLQGLFDFLyQH[SUHVDGHHVWHKHFKRPHGLDQWHFDUWHOHUtDKRPRJpQHD3]D&RQVWLWXFLyQ0DULQHUV3]D(VSDxD3]D
6DOYDGRU3]D00LUy\ODVFDOOHV/D)RQW)RUD(UPLWD\0DU/XJDUGHSDUDGD\GHVFDQVRDFFHVRDDSDUFDPLHQWRV\SDUDGDVGHDXWRE~VSUy[LPDVSDQHOHVLQGLFDWLYRVGHO&$\GHVXVDFWLYLGDGHVSURJUDPDGDVSODQRGHO&$\HQWRUQRLQPHGLDWRFRQ
ORFDOL]DFLyQGHHTXLSDPLHQWRVUHOHYDQWHV2ILFLQDGHO&DVFR$QWLJXR,JOHVLD0XVHRV0XUDOOD\7HUUD]DSDQRUiPLFD3OD]DVWHPiWLFDV6HSURSRQHTXHVHDQUHDOL]DGDVDPHGLRSOD]RXQDYH]VHGLVSRQJDGHLPDJHQORJR\VHxDOpWLFDSURSLDGHO&$\ORV
IRQGRVHFRQyPLFRVFRQD\XGDVGHO3ODQ/,)(RGHO(VWDGR
/D3]DGHO6DOYDGRUGRQGHVHKDSURSXHVWR$FWHPSOD]DUXQD]RQDYHUGHLQPHGLDWDSURSRQHPRVTXHVHUHXUEDQLFHFRQHVWDIXQFLyQDGLFLRQDOGHELHQYHQLGD\DFFHVR
/D3OD]DGHOD&RQVWLWXFLyQVHSUHVHQWDFRPRHODFFHVROyJLFRSHDWRQDO\SUHIHUHQWHGHVGHHOFHQWURXUEDQR(VHOGHPiVUHFLHQWHXUEDQL]DFLyQ\ODLQWHUYHQFLyQSRGUtDVHUPiVPRGHVWDFRQSRFRVJDVWRV\OLPLWDUVHDUHIRU]DUVXSDSHOGHSOD]DFRQ
FRQWLQXLGDGHQOD*ORULHWDGHODRWUDSDUWHGH*DEULHO0LUy\DKDFHUSDWHQWHHVHSDSHOGHDFFHVRPHGLDQWHODSXEOLFLWDFLyQHLQGLFDGRUHV$PHGLR\ODUJRSOD]RH[FHSWRODVHxDOpWLFDTXHSRGUtDVHULQPHGLDWD
(QRWUDVSXHUWDVSULQFLSDOHVFRPRODFLWDGDGHO6DOYDGRU\OD3OD]DGH0DQXHO0LUyHQODFHHQWUHHO&$FRQHO&HQWUR&tYLFR\OD&DVDGH&XOWXUDWLHQHQQHFHVLGDG\SRVLELOLGDGHVGHXQDVDFWXDFLRQHVGHUHXUEDQL]DFLyQPiVSRWHQWHVTXHVHIRUPDOL]DQHQ
VHQGRVDQWHSUR\HFWRVHQORV3DQHOHV',1$PHGLDQWHLQIRJUDItDV
/D3]DGH(VSDxD\VXVFDOOHVDG\DFHQWHVOLJDGDVDDFWLYLGDGHVFRPHUFLDOHV\GHOVHFWRUWHUFLDULRWDPSRFRSUHFLVDQXQDLQWHUYHQFLyQLPSRUWDQWHSXGLHQGRUHFLELUODVVHxDOHVHLQGLFDGRUHVVLPLODUHVDOD3OD]DGHOD&RQVWLWXFLyQ6HUiODUHJXODFLyQGHO
0HUFDGRGH$UWHVDQtDODXELFDFLyQGH7DOOHUHV\$XODV\ODFDUWHOHUtDGHFRPHUFLRV\KRVWHOHUtDODDFFLyQGHPD\RULPSRUWDQFLD/DUHODFLyQGHGLVHxRPRELOLDULRFRORUDUERODGR\MDUGLQHUtDHQWUH3]D(VSDxD\3]D)RQWVGHEHGHHVWDUSUHVHQWHHQ
FXDOTXLHUDFWXDFLyQVLVHKDFHDQWHVGHGLVSRQHUGHO3/$1'(5(+$%,/,7$&,15(*(1(5$&,1<5(129$&,185%$1$HQHOTXHVHLQWHJUDHVWDDFWXDFLyQ
3ODQGHUHKDELOLWDFLyQXUEDQDSDUDPHMRUDGHFDOLGDGGLVHxR\FRQIRUWGHFDOOHV\HVSDFLRVOLEUHVGHO&$3/$1'(5(+$%,/,7$&,15(*(1(5$&,1<5(129$&,185%$1$'(/&$
7DOFRPRKHPRVYHQLGRDGHODQWDQGRVHSURSRQHHODERUDUXQ3/$1'(5(*(1(5$&,15(+$%,/,7$&,1\5(129$&,2185%$1$VREUHORVHVSDFLRVS~EOLFRVGHO&$HQODOtQHDGHODQXHYD/H\GH5HKDELOLWDFLyQ5HJHQHUDFLyQ\5HQRYDFLyQXUEDQD
DUWTXHSRGUtDWUDPLWDUVHXUEDQtVWLFDPHQWHFRPR3ODQ(VSHFLDOGH0HMRUD\FRPSOHWDUtDODVUHJXODFLRQHVGHO3ODQ*HQHUDOGH&DOSHVREUHHVWHiPELWR(QpOVHUHFRJHUtDQODVFRQGLFLRQHVGHUHXUEDQL]DFLyQHQWRUQRVGHSURWHFFLyQLQVWDODFLRQHV
XUEDQDVDFFHVLELOLGDGXQLYHUVDOPRELOLDULRVHxDOpWLFDHQWROGDGRVDUERODGRMDUGLQHUtD\RWUDVPHGLGDVGHPHMRUDGHOSDLVDMHXUEDQR\QXHYDVHGLILFDFLRQHV<ODVDFWXDFLRQHVTXHSHUWHQHFLHQWHVDHVWD3/$1KHPRVLGRH[SRQLHQGR
&RQWHQGUtDQRUPDWLYDGHGLVHxRPDWHULDOHV\SDOHWDGHFRORUHVFHUUDPLHQWRV\KXHFRVFRORFDFLyQGHFDUWHOHUtDORJRVGHO&$YHJHWDFLyQMDUGLQHUDVPRELOLDULRHLQVWDODFLRQHVXUEDQDVWUDWDPLHQWRGHPHGLDQHUDVDOGHVFXELHUWRDQGDPLRVDFWXDFLRQHVGH
UHKDELOLWDFLyQXUEDQD$FWHWF7RGRHQFRPSOHPHQWRGHODV1RUPDVHVWpWLFDVGHO3*DUW
(QODVPHGLDQHUDVYLVWDVDODUJRSOD]R\HQORVVRODUHVHGLILFDEOHVGHVRFXSDGRVVHIDYRUHFHUtDQODVDFFLRQHVGHSLQWXUDWUDPSDQWRMRV$FW\RSHUDFLRQHVGHPLFURXUEDQLVPR]RQDVYHUGHVSURYLVLRQDOHV$FWTXHVHKDQH[SXHVWRDQWHULRUPHQWH6XV
SRVLELOLGDGHVVHWUDWDURQHQOD3RQHQFLD
(O3/$1DWHQGHUtDDVXYH]ODVDFWXDFLRQHVGHUHJHQHUDFLyQ\UHQRYDFLyQXUEDQDFXDQGRDIHFWHQWDQWRDHGLILFLRVFRPRDWHMLGRVXUEDQRVSXGLHQGROOHJDULQFOXLUREUDVGHQXHYDHGLILFDFLyQHQVXVWLWXFLyQGHHGLILFLRVSUHYLDPHQWHGHPROLGRV3RGUiQWHQHU
FDUiFWHULQWHJUDGRFXDQGRDUWLFXOHQPHGLGDVVRFLDOHVDPELHQWDOHV\HFRQyPLFDVHQPDUFDGDVHQXQDHVWUDWHJLDJOREDO\XQLWDULDVHJ~QSODQWHDHODUWEGHOD/H\GH5HKDELOLWDFLyQ5HJHQHUDFLyQ\5HQRYDFLyQXUEDQD
6HHVWUXFWXUDUtDHQWUHVSURJUDPDV\GLYHUVDVDFWXDFLRQHVDOJXQDVGHODVFXDOHVODVKHPRVFRQVLGHUDGRGHHMHFXFLyQLQPHGLDWDSRUVXLQWHUpVYLDELOLGDG\HMHPSODULGDG
8QFDVFRDQWLJXRTXHQRYLHMRYLYRDJUDGDEOH\VLQJXODU$FWXDFLRQHVQ\
9HU\VHUYLVWRXQSDLVDMHXUEDQRPHPRUDEOH$FWXDFLRQHVQODPLVPD\
8QFDVFRDFFHVLEOH\DELHUWR$FWXDFLRQHVQ\
3RUVXLPSRUWDQFLD\SRVLELOLGDGHVDOJXQDVGHHVWDVDFWXDFLRQHVGHUHKDELOLWDFLyQ\UHJHQHUDFLyQVHSODQWHDQFRPRDFWXDFLRQHVLQPHGLDWDVDGHVDUUROODUDXQDQWHVGHGLVSRQHUGHHVWH3ODQFRPRSRUHMHPSORODVHQGDSULQFLSDODSURPRFLRQDUHQHO&DVFR
$QWLJXRTXHUHFRMDHOLWLQHUDULRGHGHPDQGDSUHIHUHQWHSDUDORVUHVLGHQWHVHQHOFDVFRXUEDQRQRVRORHO&$OD+DELOLWDFLyQGHOD0XUDOOD\WHUUD]DSDQRUiPLFD\ODFRPHQWDGD3]DGHO6DOYDGRU
$Vt VH SUHVHQWDQ LQGHSHQGLHQWHPHQWH \ VH JUDItDQFRPRDQWHSUR\HFWRV HQ ORV 3DQHOHV GHQXHVWUD 3OLFD ODV 3URSXHVWDV GH 352<(&72 '( 5(+$%,/,7$&,1 < 5(129$&,1 85%$1$ '(/ $5($ '( /$085$//$ $FW GHO 352<(&72 '(
5(85%$1,=$&,1 '( /$ 3/$=$ '(/ 6$/9$'25 FRPR SOD]D GH ELHQYHQLGD GH OD$FWXDFLyQ SDUWH \ GHO 352<(&72 '( 5(85%$1,=$&,1 '( /$ 3/$=$ '( /$ 9,/$ < 6(1'$ 35,1&,3$/ '(/ &$6&2 SDUWH GH HVWD $FW \
$FWXDFLRQHVTXHD~QHVWDQGRLQFOXLGDVHQHOFLWDGR3/$1VHSURSRQHTXHVHGHVDUUROOHQFRQFDUiFWHULQPHGLDWRGDGRVXLQWHUpVYLDELOLGDG\VXSDSHOHMHPSODU
+HPRVKDEODGRGHODSULPHUD\VHJXQGD/DWHUFHUDWUDWDFRPRDSXQWDPRVGHFUHDUXQLWLQHUDULRXUEDQRFRQFRPHUFLRVGRWDFLRQHVVRPEUDVGHDUERODGRRWROGRV\HVSDFLRVHVWDQFLDOHVTXHORKDJDQDFRJHGRUIDYRUH]FDQVXXVR\JHQHUHQXQHMHGH
UHODFLyQTXHXQDHO(VWHFHQWURXUEDQRFRQHO2HVWHF)RUD\HTXLSDPLHQWRVHVFRODUHVGHVDOXG\SROLFtDKR\PX\LQFyPRGR\HQDOJXQRVPHVHVLQKyVSLWR(VWDVHQGDSULQFLSDOGHO&DVFR$QWLJXRGH&DOSLUtDGHVGHOD$YGD,IDFKD3]D0LJXHO5RVHOOyOD
3HoD3OD]DGHOD9LODFDOOH*DOODUWFDOOH0D\RU3OD]DGH(VSDxDFRQHOHQWROGDGRSDUFLDOGHOD3]DGHOD9LOD\DFFHVRVOOHJDQGRVXUDPDOHVKDVWD3]D%HDWR6HQGUD\HO3RUWDOHWSRUXQODGR\ODF/D)RQWSRURWUR(QVXUHFRUULGRVHWUDYLHVDQODVSOD]DV
\FDOOHVKLVWyULFDVPiVVREUHVDOLHQWHVORVHGLILFLRVSURWHJLGRVPiVLPSRUWDQWHVUHFRQRFLGRVSRUHO3ODQ*HQHUDO0XUDOODV,JOHVLD3RUWDOHW&DVD$QWRQLRHO3DQDGHUR\+HUPDQGDGGH/DEUDGRUHVHQODF0D\RUSRUORTXHFRQHOQXHYRHVFHQDULRXUEDQR
VRORFDEUtDIRPHQWDUODLQVWDODFLyQGHFRPHUFLRV\DFWLYLGDGHVHQHOPLVPR(QVXSULQFLSLR\ILQDO\DORVWLHQHQ)LQDOPHQWHHOUHFRUULGRGHEHUtDVHUDFFHVLEOHRDOPHQRVDGDSWDGRVHJ~QQRUPDWLYDFRLQFLGLHQGRFRQSURSXHVWD
6HUtDQXHVWURSURSyVLWRLQFOXLULJXDOPHQWHFRPRDFWXDFLyQLQPHGLDWD\DTXHWLHQHQHOPLVPRFDUiFWHU\QHFHVLGDGGHHOODVODHMHFXFLyQGHO3580$1=$1$1257($QWHULRU35,GHO3*FRQQXHYRVREMHWLYRV\SURJUDPD$FW\\HO352<(&72
'(5(85%$1,=$&,1'(/$3/$=$0$18(/0,5DXQTXHSRUSUHVHQWDUXQDVRSHUDFLRQHVGHUHIRUPDXUEDQD\SRVLELOLWDUODVGRWDFLRQHVGH=RQDV9HUGHV\$SDUFDPLHQWRVUHTXHULGDVSUHFLVDQGHODDSUREDFLyQSUHYLDGHO3/$1'(5(*(1(5$&,1
5(+$%,/,7$&,1\5(129$&,2185%$1$TXHVHSURSRQH
'LUHFWULFHVGH3DLVDMHVREUHSURWHFFLyQGHYLVXDOHVHQDFFHVRVVLOXHWDXUEDQDFDOLGDGGHODHVFHQD\HVSDFLRVS~EOLFRV
/DVGLUHFWULFHVGHSDLVDMHTXHSURSRQHPRVSDUDHO&DVFR+LVWyULFRGH&DOSVHUtDQHTXLSDUDEOHVDXQ352*5$0$'(,0$*(185%$1$WDOFRPRVHGHILQHHQHO$UWtFXOR'HFUHWR5HJODPHQWRGHOSDLVDMHGHOD&RPXQLWDW9DOHQFLDQD\DTXH
FRPSDUWHQVXSULQFLSDOREMHWLYR0HMRUDUODFDOLGDG\HODWUDFWLYRGHORVHVSDFLRVGHORVQ~FOHRVXUEDQRV\GHVXHQWRUQRLQPHGLDWRHQUHODFLyQFRQVXLQFLGHQFLDVREUHHOSDLVDMH\SRGUtDQLQFRUSRUDUVHDO3ODQGH5HJHQHUDFLyQ\5HKDELOLWDFLyQ8UEDQDDQWHV
FLWDGRDXQTXHVXHODERUDFLyQSXHGHVHULQPHGLDWD6LJXLHQGRHO5HJODPHQWRHVWDEOHFHPRVXQDVHULHGHGLUHFWULFHVGHRUGHQDFLyQGHOSDLVDMHHQHOiPELWRGHO&DVFR$QWLJXRGH&DOS
6HFXHQFLDYLVXDOGHORV$FFHVRVDO1~FOHR8UEDQR
/DHVWUXFWXUDXUEDQDGHOFDVFRDQWLJXRGH&DOSVHHQFXHQWUDURGHDGDSRUXQDVHULHGHFUHFLPLHQWRVXUEDQRVSRVWHULRUHVTXHKDQPRGLILFDGRHQJUDQPDQHUDVXUHODFLyQFRQHOSDLVDMHTXHOHURGHD(OERUGHRULJLQDOVHKDUHFRQYHUWLGRHQXQ
HVSDFLRGHWUDQVLFLyQHQWUHGLIHUHQWHVXQLGDGHVGHSDLVDMHXUEDQR(VSRUHVWDUD]yQTXHODSURSXHVWDSRQGUiHVSHFLDODWHQFLyQHQODUHGHILQLFLyQGHHVWHHVSDFLRGHWUDQVLFLyQFUHDQGRXQDVHULHGHSXQWRVGHFRQH[LyQDPRGRGHSXHUWDVSDUD
PHMRUDUODFRQH[LyQGHQXHVWURiPELWRFRQVXHQWRUQR(QHVWDVSXHUWDVVHXELFDUiQHOHPHQWRVGHVHxDOL]DFLyQDGHFXDGRVSDUDLQFHQWLYDUODYLVLWDDOEDUULR\PHMRUDUVXFRQHFWLYLGDG1RVSDUHFHLPSRUWDQWHGRWDUHVWRVSXQWRVGHXQDLPDJHQ
FDUDFWHUtVWLFDTXHORVKDJDUHFRQRFLEOHVSRUORTXHVHSURSRQHDSDUWHGHODVHxDOtWLFDXQDSHTXHxDLQWHUYHQFLyQLQFRUSRUDQGRYHJHWDFLyQDPRGRGHSODQWDVWUHSDGRUDVTXHHQPDUTXHQHVWDVHQWUDGDV
6LOXHWDXUEDQDKLWRVYROXPHWUtD\FURPDWLVPR
7DO\FRPRVHKDH[SXHVWRDQWHULRUPHQWHHQHOWUDWDPLHQWRGHODVYLVXDOHVODSURSXHVWDSRQHHQYDORUODVLOXHWDXUEDQDDFWXDOPHQWHFDVLGLIXPLQDGDDWUDYpVGHGLVWLQWDVLQWHUYHQFLRQHVHQIDWL]DQGRVXVKLWRVVREUHVDOLHQWHVFRPRHVHO
FDPSDQDULRDOLJXDOTXHODFUHDFLyQGHQXHYRVPLUDGRUHVKDFLDHOSDLVDMHFLUFXQGDQWHXWLOL]DQGRHOHPHQWRVHGLILFDGRVH[LVWHQWHV7RGDVHVWDVLQWHUYHQFLRQHVVHKDUiQUHVSHWDQGRORVUDVJRVYROXPpWULFRV\HOFURPDWLVPRSURSLRGHOFDVFRKLVWyULFR
(OHPHQWRVQDWXUDOHVHKLVWyULFRV
/RVHOHPHQWRVGHYDORUSDLVDMtVWLFRDSDUWHGHODVYLVXDOHVTXHVHKDQPHQFLRQDGRDQWHULRUPHQWHVRQSUHGRPLQDQWHPHQWHHOHPHQWRVFRQVWUXLGRVGHFDUiFWHUKLVWyULFR7RGDVODVLQWHUYHQFLRQHVTXHSURSRQHPRVFRPSDUWHQHOREMHWLYRGH
SRQHUORVHQYDORUDODYH]TXHUHVSRQGHQDRWURVUHTXHULPLHQWRVVHJ~QVXVFDUDFWHUtVWLFDV
6LVWHPDGHHVSDFLRVS~EOLFRVHTXLSDPLHQWRV\FRQHFWLYLGDG
1RVSDUHFHIXQGDPHQWDOODFUHDFLyQGHXQVLVWHPDGHHVSDFLRVS~EOLFRVFRKHUHQWH&DOSFXHQWDFRQXQDVHULHGHYDFtRVXUEDQRVGRWDGRVGHJUDQSRWHQFLDOHVSUHFLVRUHODFLRQDUORVHQWUHHOORVFUHDQGRXQDUHGTXHHVWUXFWXUHHOHVSDFLR
XUEDQRUHVSRQGLHQGRDQHFHVLGDGHVGHFRQH[LyQSHURWDPELpQFUHDQGRHVSDFLRVDJUDGDEOHVSDUDHVWDU\UHDOL]DUHQHOORVGLIHUHQWHVDFWLYLGDGHV
&DOLGDGHVFHQDXUEDQD
2WURFRQFHSWRLPSRUWDQWHHVHOGHODFDOLGDGGHODHVFHQDXUEDQDDFWXDOPHQWHREVHUYDPRVXQDIDOWDGHFULWHULRVXQLWDULRVHQVXWUDWDPLHQWR\SDUDPHMRUDUODVHSURSRQHQPHGLGDVGHFRQWUROVREUHHOPRELOLDULRXUEDQRSXEOLFLGDGWROGRV\
RWURVHOHPHQWRVDODYH]TXHVHUHDOL]DQXQDVHULHGHSURSXHVWDVFRQFUHWDVGHPHMRUDHQDOJXQRVSXQWRVGHOHVSDFLRS~EOLFR
0HGLGDVGHFRQWURO
SURKLELFLyQGHPRELOLDULRH[WHULRUGHSOiVWLFR
XQLILFDFLyQGHHOHPHQWRVGHVHxDOL]DFLyQ
XQLILFDFLyQGHORVHOHPHQWRVGHSDYLPHQWRHQWRGDVODVQXHYDVLQWHUYHQFLRQHV
XQLILFDFLyQGHODVMDUGLQHUDVXUEDQDVFDPELDQGRODVGHSURSLHGDGPXQLFLSDOSRUMDUGLQHUDVGHEDUURFRFLGR\SRWHQFLDUVXXVRSRUSDUWHGHORVYHFLQRVDWUDYpVGHD\XGDV
RUGHQDUHOHPHQWRVXUEDQRVH[LVWHQWHVFRPRFRQWHQHGRUHVSDSHOHUDVHWF
FUHDFLyQGHXQFDWiORJRGHPRELOLDULRXUEDQR\DOXPEUDGRSDUDHO&DVFR$QWLJXRTXHVHSXHGHLUDSOLFDQGRDPHGLGDTXHVHYD\DQUHQRYDQGRHVWRVHOHPHQWRV
&DUDFWHUtVWLFDVGHODVQXHYDVSURSXHVWDV
&UHDUHVSDFLRVDFFHVLEOHVFyPRGRV\VHJXURVSDUDVXXVR
$XPHQWDUODV]RQDVGHVRPEUD\HOFRQIRUWXUEDQR
3ODQWDFLyQGHQXHYDYHJHWDFLyQ
3XHVWDHQYDORUGHORVHOHPHQWRVKLVWyULFRVH[LVWHQWHV
9LQFXODUHVWRVHVSDFLRVDHTXLSDPLHQWRVH[LVWHQWHVRGHQXHYDFUHDFLyQ
(QHVWDVSURSXHVWDVVHXWLOL]DUiQORVHOHPHQWRVHOHJLGRVSDUDHOQXHYRFDWiORJRGHVROXFLRQHVXUEDQDVGiQGROHVXQDOHFWXUDXQLWDULD
)RUPDUtDQSDUWHGHO3/$1'(5(*(1(5$&,15(+$%,/,7$&,1\5(129$&,2185%$1$TXHSURSRQHPRV
7UDVODGRGHOD2ILFLQDGH,QIRUPDFLyQ\7XULVPR
&RQVLGHUDPRVHTXLYRFDGRHODFWXDOHPSOD]DPLHQWRGHODPLVPDHQOD3]D0RVTXLWSRUHVWDUHQXQH[WUHPRGHOSURSLD&$HOPiVDOHMDGRGHORVDFFHVRVQRUPDOHVGHOWXULVWD9HU3RQHQFLD3URSRQHPRVHOWUDVODGRGHOD2ILFLQDGH,7DODHQWUDGD
SREODFLyQMXQWRDFDUUHWHUDGHDFFHVRFRQDSDUFDPLHQWRSURSLRSDUDYLVLWDQWHVHQSDUFHODDREWHQHUGHRSRUWXQLGDGXUEDQtVWLFDPHGLDQWHSHUPXWDRUHSDUFHODFLyQDIDYRUGHO$\XQWDPLHQWR1XHVWUDSUHIHUHQFLDVHUtDVLWXDUODHQODSDUFHODGHOD(VWDFLyQGH
$XWREXVHV
6XDFWXDOORFDOORSURSRQHPRVFRPR9LYHURGH(PSUHVDV$FW
(VXQDDFWXDFLyQLPSXWDEOHWDQWRDO3/$1'(5(*(1(5$&,15(+$%,/,7$&,1\5(129$&,2185%$1$FRPRDOGH',1$0,=$&,1(&210,&$
&UHDFLyQGHDSDUFDPLHQWRVSHULPHWUDOHVFRQXQWRWDOGHSOD]DV
&RQVLGHUDPRVLPSUHVFLQGLEOHQRVRORPDQWHQHUODVDSUR[LPDGDPHQWHSOD]DVDFWXDOHVGHODSDUFDPLHQWRSURYLVLRQDOHQODVWUDVHUDVGHODHGLILFDFLyQGHODFDOOH/OLEHUWDW\1RUWHVLQROOHJDUDGLVSRQHGHXQWRWDOGHSOD]DVHQHO&$\VXHQWRUQR
LQPHGLDWRGHHOODVPiVGHODPLWDGSDUDUHVLGHQWHVRWUDEDMDGRUHVGHO&DVFR$QWLJXR
(O3ODQGH5HIRUPD,QWHULRU35,R3ODQGH5HQRYDFLyQ8UEDQD358GHOD0DQ]DQD1RUWHVHWUDQVIRUPDHQXQDKHUUDPLHQWDGHSULPHURUGHQSDUDUHVROYHUSRUWDQWRHVWHGpILFLWHOGH]RQDVYHUGHV$FW\HOGHHVFROHWHVRJXDUGHUtDV$FWTXH
KHPRVFRPHQWDGR3RGUtDFRQWHQHUPiVGHSOD]DVGHXVRS~EOLFR\SDUDUHVLGHQWHVRFRPHUFLDQWHVGHOEDUULR
(O3UR\HFWRGH5HJHQHUDFLyQ\5HQRYDFLyQXUEDQDTXHKHPRVGHQRPLQDGRGH5HXUEDQL]DFLyQFRPRSOD]DGH%LHQYHQLGD0DQXHO0LUy\DG\DFHQWHV$FWGHEHUtDLQFRUSRUDUDOPHQRVS~EOLFDV\ORVYLDOHVGH$YGDGH0DVQRXRWUDVWDQWDVTXHGDQGR
XQDVSOD]DVDQHJRFLDUFRQDJHQWHVXUEDQRVGHOD]RQDHQRSHUDFLRQHVGHRSRUWXQLGDGXUEDQtVWLFDHQDFFHVRVRSDUFHODVFHUFDQDV
6RQ3UR\HFWRVTXHHVWiQHQHO3/$15(*(1(5$&,15(+$%,/,7$&,1\5(129$&,2185%$1$\VHSXHGHQHMHFXWDUDDxRVYLVWDSRUORTXHORVKHPRVVLWXDGRDPHGLRSOD]R\DVtVHLQFRUSRUDQHQHO3ODQGH(WDSDV6XSURPRFLyQRJHVWLyQHQ
FDPELRFRQVLGHUDPRVTXHQRGHEHVXIULUGHPRUD\VHULQPHGLDWD
3ODQGH0RYLOLGDG
([LVWHDPSDUDGRSRUHO3ODQGH$FFLyQ&RPHUFLDO3$&XQ3ODQGH0RYLOLGDGGHOTXHGLPRVUHIHUHQFLDHQOD3RQHQFLD5DWLILFDPRVODQHFHVLGDGGHHODERUDU\SRQHUHQPDUFKDHOPLVPRGHIRUPDLQWHJUDOHQJOREDQGRHOWUiILFRURGDRWUDQVSRUWHS~EOLFR\
DSDUFDPLHQWRVFDUULOELFLHQHVWHSXQWRDPSOLDQGRHOQ~PHURGHEDVHVVLWXDGDVHQORVOtPLWHVGHO&DVFR$QWLJXRLQWHUFDPELDGRUHV\DSDUFDPLHQWRVGLVXDVRULRVORFDOL]DFLyQGHGHPDQGDV\UHJXODFLyQGHDFWLYLGDGHVSDUDWRGRHOFHQWURXUEDQRGH&DOSQR
VRORHO&DVFR$QWLJXR,QFRUSRUDUtDOD(VWDFLyQGH$XWREXVHV(VWDFLyQGH)HUURFDUULO\ODVSDUDGDVGHEXV\ORVDSDUFDPLHQWRVS~EOLFRVRSULYDGRVDELHUWRVDOS~EOLFR$UHDOL]DUDPHGLRSOD]R
3RUVXLQWHUpVLQPHGLDWRSDUDHO&$QRVKHPRVGHFDQWDGRSRUSURSRQHUOD$FWDQWHULRUVLQHVSHUDUDOPLVPR'HODPLVPDIRUPDTXHSURSRQHPRVHQHOSHULRGRUHJXODUHOWUiILFRURGDGRGHWRGDVODVFDOOHVYLDULRLQWHULRUGHO&$GHXQVROR
VHQWLGR\VHxDODUODVFRPRFDOOHVFRQXQPi[LPRGHNP+
5HFRUULGRVDFFHVLEOHVSDUDYLVLWDQWHV\UHVLGHQWHVLQFOXVRVHFWRUHVVLQJXODUHV0DTXHWDLQYLGHQWHVQLxRVPD\RUHV
3URSRQHPRVGRWDUGHDFFHVLELOLGDGXQLYHUVDODORVHVSDFLRVS~EOLFRV\JHQHUDULQGLFDGRUHVHLWLQHUDULRVHVSHFtILFRVSDUDLQYLGHQWHVQLxRV\PD\RUHV
/RVHGLILFLRVS~EOLFRVGHELHUDQGLVSRQHUGHHVWHQLYHOGHDFFHVLELOLGDGRVLQRHVSRVLEOHGDGDVODVSHQGLHQWHVGHGHWHUPLQDGRVWUDPRVGHFDOOHGRWDUDHGLILFLRV\HVSDFLRVS~EOLFRVFRQQLYHODGDSWDGR
$FWXDFLyQLQFRUSRUDEOHDO3/$1'(5(*(1(5$&,1<5(+$%,/,7$&,185%$1$TXHSRGUtDDGHODQWDUVHVLVHFRQVLJXHQVXEYHQFLRQHVSDUDWDOILQGHOD/H\GHODV5XRWUDLQVWDQFLDDGPLQLVWUDWLYDQRPXQLFLSDO
5(/$&,1&21(/5(672'(/$&,8'$'
'HDFXHUGRFRQOD%DVHGHO&RQFXUVRVHKDDQDOL]DGRHVWXGLR\UHSHUFXVLyQGHODVSURSXHVWDVHQODUHODFLyQGHO&HQWUR+LVWyULFRFRQHOFRQMXQWRGH&DOS\ODVPHMRUDVTXHDWUDYpVGHHOODVVHSXHGHQFRQVHJXLUSDUDODFRQHFWLYLGDGGHO&$FRQODV]RQDV
FRQWLJXDV\ODXWLOL]DFLyQGHOPLVPRSRUUHVLGHQWHVHQSOD\DV\]RQDVSHULIpULFDV\WXULVWDV
7UHVGHODV,'($6)8(5=$TXHFRQVWLWX\HQODEDVHGHQXHVWUDSURSXHVWD\H[SXHVWDVHQHOSXQWRGHHVWD0HPRULDLQIOX\HQGLUHFWDPHQWHHQHOUHVWRGHOD
FLXGDG6LQJXODUL]DUHO&$HVGLVSRQHU&DOSGHXQSHUILOGHUHIXHU]R\XQDLPDJHQFRPSOHPHQWDULDDODTXHWLHQHGLIXQGLGD'LQDPL]DUHVJHQHUDUIOXMRVGHDFWLYLGDGHQ
XQWHMLGRXUEDQRDELHUWR\VLQIURQWHUDV$WUDHUHOWXULVPRFXOWXUDOHVJHQHUDUDOWHUQDWLYDVDOWXULVPRGHVRO\SOD\D
(O&DVFR$QWLJXRGH&DOSQRGHEHVHUXQDFRPSHWHQFLDSDUDHOUHVWRGHOPXQLFLSLRPiVELHQDOFRQWUDULRGHEHVHUHOFHQWUR\HORULJHQGHODSREODFLyQ8QOXJDUFRQHO
TXHWRGRVORVFDOSLQRVUHVLGHQWHVRWXULVWDVVHLGHQWLILTXHQ
3RUXQDSDUWHHO&$GHEHFRPSOHPHQWDUODYDULDGDRIHUWDWXUtVWLFDGH&DOS(VWD3OLFDKDSUHVHQWDGRWRGDXQDEDWHUtDGHDFFLRQHVHQFDPLQDGDVDFUHDUXQHVSDFLR
DWUDFWLYRFDSD]GHDWUDHUDOUHVLGHQWH\DOWXULVWDSRUVXRIHUWDJDVWURQyPLFDSDWULPRQLDO\FXOWXUDO(QGHILQLWLYDVHWUDWDGHDxDGLUXQDSDWDPiVDOFRPSOHWR\DWUDFWLYR
SURGXFWRWXUtVWLFRTXHHV&DOS,QFRUSRUDQGRXQHVSDFLRHVSHFLDOL]DGRHQXQWXULVPRFXOWXUDO\JDVWURQyPLFRPX\HQODOtQHDGHXQQXHYRWXULVPRGHVHQVDFLRQHVGRQGH
SULPDODFDOLGDG\RULJLQDOLGDG'HKHFKRJUDQSDUWHGHODVDFFLRQHVYDQHQFDPLQDGDVDEXVFDUVLQHUJLDVFRQHOVHFWRUWXUtVWLFR\DFRQVROLGDGRKRWHOHVZHE
DVRFLDFLRQHV
2WURGHORVUHWRVTXH&DOSYLHQHSODQWHiQGRVHDWUDYpVGHGLIHUHQWHVDFFLRQHV\HQFRQFUHWRGHXQDPELFLRVR3ODQ&RPHUFLDOHVFRQYHUWLUHOFDVFRXUEDQRHQXQD]RQD
DWUDFWLYDGHVGHHOSXQWRGHYLVWDFRPHUFLDO'HKHFKREXHQDSDUWHGHODVFDOOHVTXHURGHDQHO&DVFR$QWLJXRFRQFHQWUDQHOFRPHUFLRGHOPXQLFLSLR(VWH3UR\HFWRQR
SODQWHDFRPRXQDDFFLyQSULRULWDULDLPSODQWDUXQD]RQDFRPHUFLDOHQHO&DVFR$QWLJXRPiVDOOiGHEXVFDUXQFRPHUFLRGHSUR[LPLGDGTXHVtFRQVLGHUDPRV
LPSUHVFLQGLEOH3HQVDPRVTXHODVFDOOHVDG\DFHQWHVGHEHQFRQWDUFRQXQDRIHUWDFRPHUFLDOTXHSXHGH\GHEHFRPSOHPHQWDUVHFRQXQDRIHUWDJDVWURQyPLFD\FXOWXUDO
(OFHQWURXUEDQRGH&DOSGHEHVHUXQOXJDUGHIiFLODFFHVLELOLGDGGRQGHVHDDJUDGDEOHFRPSUDUSDVHDUFHQDU(QHVWHVHQWLGRSODQWHDPRVXQ&DVFR$QWLJXR
DFFHVLEOHYLVLEOH\FRPSOHPHQWDULRDOUHVWRGHOFDVFRXUEDQR/DRIHUWDFXOWXUDO\JDVWURQyPLFDGHO&DVFR$QWLJXRGHEHLUXQLGDDODRIHUWDWXUtVWLFDFRPHUFLDO\GH
VHUYLFLRVGH&DOS
'HODV3URSXHVWDVLQFLDOHVGHVFULWDVODVFLWDGDVFRPRQ\YHLQWLVpLVHQWRWDOHV
GHFLUPiVGHODPLWDGWLHQHQUHODFLyQHIHFWRFRQVREUHHOUHVWRGHODFLXGDG/RTXHVHUHIOHMDHQOD0DWUL]GH,PSDFWRVTXHUHDOL]DPRVYHUSXQWR
'HVWDFDQSRUVXLQIOXHQFLDGLUHFWDHQHOELHQHVWDU\PHMRUDGHOFRQMXQWRGHODSREODFLyQGH&DOSODVGLHFLQXHYHVLJXLHQWHVQ\TXHVRQODVTXHDOPDUJHQGHRWURVIDFWRUHVLQFRUSRUDUHPRV
REOLJDGDPHQWHHQWUHODVDUHDOL]DUDFRUWRSOD]R
3RUHOORXQDV\RWUDVWLHQHQXQSOXVGHYDORUDFLyQTXHVXJLHUHQODV%DVHVHQODVHOHFFLyQGHODV3URSXHVWDVILQDOHVTXHSURSRQHPRVHQHVWD3OLFD
&21)250$&,1'(/$635238(67$63/$1(6352*5$0$6<352<(&726
$xDGDPRVTXHHVWDVSURSXHVWDVGHEHQWDPELpQYDORUDUVHSRUVXYHUVDWLOLGDGVXFDSDFLGDGPXOWLLPSDFWRHQYDULRVGHORVREMHWLYRVILMDGRVHQHO&RQFXUVR\SRUODVUHODFLRQHVGHUHIXHU]RTXHHQWUHHOODVSXHGHQGDUVH(OORREOLJDDFRQVLGHUDUODVILQDOPHQWH
DJUXSDGDVHQ3/$1(6GHIRUPDTXHODVVLQHUJLDVPXOWLLSDFWR\YHUVDWLOLGDGTXHGHQUHFRQRFLGDV\SHUPLWDQVXPDQHMR\FRQWUROSRVWHULRUHQIDVHGHHMHFXFLyQGHODVPLVPDV)DVHTXHUHTXLHUHVXIRUPDWHDGRHQLQVWUXPHQWRVGHYDOLGH]DGPLQLVWUDWLYD
FRPR3ODQHV3URJUDPDV\3UR\HFWRV$VtQXHVWURUHVXOWDGRILQDORIUHFHXQHVFHQDULRGXDOSDUDODSRVWHULRUSXHVWDHQPDUFKDGHVXV,'($6<35238(67$6SRUXQDSDUWHORV3/$1(6TXHGHELHUDQIRUPDOL]DUVHFRPRWDOHV\TXHUHFRMHQYDULDV
SURSXHVWDV\SRURWUDORV352<(&726R$&78$&,21(6VLQJXODUHVTXHDXQTXHSDUWHGHORVPLVPRVFUHHPRVTXHGHEHQDFRPHWHUVHLQPHGLDWDPHQWHVLQHVSHUDUDIRUPDOL]DUDTXpOORVSRUVXJUDQLQWHUpV\VLHPSUHVREUHODEDVHGHVXYLDELOLGDG\VX
SDSHOHMHPSODUL]DQWH
(QFRQFUHWRWRGRHODQiOLVLV\HOGLDJQyVWLFRTXHKHPRVSODQWHDGRQRVOOHYDDODSURSXHVWDGHHVER]DU\HODERUDUIRUPDOPHQWHWUDVHO&RQFXUVRFRPR$FWXDFLyQXQ3/$1'(',1$0,=$&,1(&210,&$'(/&$6&2$17,*82'(&$/3TXH
UHVSRQGD D OR VROLFLWDGR HQODV %DVHV \ FRQ XQFRQWHQLGRTXH DJUXSH ODV 3URSXHVWDV GH tQGROH HFRQyPLFD GH JHQHUDFLyQGH DFWLYLGDG HPSOHR\ HPSUHQGHGXULVPR TXHVHKDQ H[SXHVWR 5HVSRQGH D ODV ,'($6)8(5=$ GH QXHVWUDV 3URSXHVWDV GH
9,68$/,=$5 < 6,1*8/$5,=$5 HO &DVFR ',1$0,=$5 /$ 9,'$ 85%$1$ < (/ (03/(2 \ $75$(5 (/ 785,602 &8/785$/ HQ HO PLVPR +D\ FRPR HV OyJLFR SURSXHVWDV GH GREOH LPSDFWR VREUH RWURV REMHWLYRV GHO &RQFXUVR VRFLRFXOWXUDOHV R
PHGLRDPELHQWDOHV
3/$1HQILQTXHVHEDVDHQODVRVWHQLELOLGDGDXWHQWLFLGDG\FDOLGDG\UHVSRQGHDODVSULRULGDGHVGHO$\XQWDPLHQWRUHIOHMDGDVHQODV%DVHV\VXVWRSHVHFRQyPLFRVGHLQYHUVLyQHQWUHORVDxRV(QWRWDOVHDJUXSDUtDQHQpOFDVLSURSXHVWDV
FX\DVVLQHUJLDVVRQHYLGHQWHV3DUDVXPHMRUUHIHUHQFLDODVRUGHQDPRVHQ3URJUDPDVYHUJUiILFRVSRVWHULRUHVTXHIXHURQDGHODQWDGRVDOKDEODUGHOD$FWXDFLyQDJUXSDQGREDMRHOGHQRPLQDGRUFRP~QGHOQRPEUHGHO3URJUDPDODVPiVYLQFXODGDVDO
PLVPR$OJXQDGHHOODVVHJ~QUHVXOWDGHODVPDWULFHVGHLPSDFWRSRUDOWDFRKHUHQFLD\DGHFXDFLyQDORVREMHWLYRVGHO&RQFXUVRYHUSXQWRVLJXLHQWHODVVHOHFFLRQDUHPRVSDUDVHUHPSUHQGLGDVFRQFDUiFWHULQPHGLDWRDXQDQWHVGHIRUPDOL]DUHO3/$1
(QVHJXQGROXJDUKD\XQDVHULHGH3URSXHVWDVYLQFXODGDVDORVREMHWLYRVVRFLRFXOWXUDOHVTXHDJUXSDGDVFRQVWLWX\HQXQYHUGDGHUR\DVtORSURSRQHPRVXQ3/$1'(',1$0,=$&,162&,$/<&8/785$/'(/&$6&2$17,*82'(&$/3FRQ
DFWXDFLRQHVLQWHUUHODFLRQDGDV\DOWDVVLQHUJLDVFX\DJHVWLyQSXHGHVHUUHDOL]DGDHQFRP~Q\TXHFRPRWDPELpQKHPRVDSXQWDGRWLHQHQFRQWHQLGRVFUX]DGRVGHGLQDPL]DFLyQVRFLDO\HFRQyPLFD\DSXHVWDVSRUHOPHMRUDHQHUJpWLFD\VRVWHQLELOLGDG8QDGH
ODVDSXHVWDVGHPD\RUFDODGRHVWUDQVIRUPDUHO&$HQHO/8*$5'(5()(5(1&,$'(&$/33$5$$&7,9,'$'(6'(68+,6725,$<68&8/785$$FW\DODYH]OD]RQDGHPD\RUQLYHOGHGLVSRVLFLyQGH18(9$67(&12/2*$6<$+2552
(15*e7,&2$FW$FWXQDHVSHFLHGH60$57&,7<FX\DLQIOXHQFLDYD\DSURJUHVLYDPHQWHOOHJDQGRDOUHVWRGHOPXQLFLSLR5HVSRQGHDOD,'($)8(5=$GH0(-25$5/$&$/,'$''(/0(',285%$12</$69,9,(1'$6
&RQWHQGUtDPiVGHXQDTXLQFHQDGHPHGLGDVDOJXQDVFRPSDUWLGDVFRQHO3ODQDQWHULRU3DUDVXPHMRUUHIHUHQFLD\JHVWLyQODVRUGHQDPRVHQFXDWUR352*5$0$6FRQXQFDOLILFDWLYRFRP~QTXHODVLGHQWLILFD6HDQDOL]DQSRVWHULRUPHQWHSXQWRVXV
SULRULGDGHV\VXDFRSODPLHQWRDOSODQGHHWDSDV(O3ODQFRPRWDOVHUtDOD$FWXDFLyQDQWHULRUPHQWHGHVFULWD\FXPSOHODVOLPLWDFLRQHVSUHVXSXHVWDULDVPXQLFLSDOHVFRQWHQLGDVHQODV%DVHVGHO&RQFXUVR6HSUHYpTXHSXHGDSRQHUVHHQPDUFKDSDUFLDO\
SDXODWLQDPHQWHHQORVWUHVSUy[LPRVDxRV$OJXQDGHVXVLQLFLDWLYDVPiVYLDEOHV\GHPD\RULPSDFWRYHUSXQWRVHSRGUtDQUHDOL]DULQPHGLDWDPHQWH5HTXLHUHQVXFRQWUDVWDFLyQFRQODRSLQLyQGHORVLQWHUHVDGRV\ODWRPDGHGHFLVLyQILQDOGHO$\XQWDPLHQWR
(QHMHFXFLyQGHO3ODQVLHPSUHKD\TXHFRQWDUFRQVXJHVWLyQ\PRQLWRUL]DFLyQTXHFUHHPRVSXHGHVHUGHVDUUROODGDSRUOD2ILFLQDGHO&DVFR$QWLJXR
,JXDOPHQWHODV3URSXHVWDVYLQFXODGDVDODPHMRUDVXUEDQDV\SDLVDMtVWLFDVSRUXQODGR\HQHUJpWLFDV\PHGLRDPELHQWDOHVSRURWURSHUPLWHQSURSRQHUVXLQFOXVLyQHQVHQGRV3/$1(6TXHVHUtDQHO\GHORVSURSXHVWRV
(O3/$1'(5(+$%,/,7$&,15(*(1(5$&,1<5(129$&,185%$1$'(/&$6&2$17,*82'(&$/3HQODOtQHDGHODQXHYD/H\GH5HKDELOLWDFLyQ5HJHQHUDFLyQ\5HQRYDFLyQXUEDQDHVWDUtDDOHMDGRGHORVFRQWHQLGRVXVXDOHVGHORV
SODQHVXUEDQtVWLFRVGHHGLILFDFLyQRGHSURWHFFLyQWUDGLFLRQDOHV\HVWiQFHQWUDGRVHQHOHVSDFLRS~EOLFR\HQODPHMRUDGHODVFRQGLFLRQHVGHKDELWDELOLGDG\FRQIRUWGHGLFKRVHVSDFLRV\GHODHGLILFDFLyQSDUDEHQHILFLRGHVXVUHVLGHQWHV2HQWpUPLQRVGHOD
,GHDIXHU]DHQODGH0(-25$5/$&$/,'$''(9,'$'(/0(',285%$12</$6 9,9,(1'$66XFRQWHQLGRHQFDMDSHUIHFWDPHQWHHQORVSUHYLVWRHQHODUWGHGLFKD/H\\VHKDGHVFULWRDQWHULRUPHQWHFRPR$FWXDFLyQQ(O3/$1SRGUtD
UHGDFWDUVHWUDPLWDUVH\DSUREDUVHFRPR3/$1(63(&,$/'(0(-25$FRQDUUHJORDODOHJLVODFLyQXUEDQtVWLFDHQDxR\SRQHUVHHQPDUFKDDSDUWLUGHODxRDXQTXHDOJXQDGHVXVDFFLRQHVSXHGDQVHUHPSUHQGLGDVHQFRPR3UR\HFWRV
LQPHGLDWRVYHUSXQWRV\VREUHWRGRVLVHFXHQWDFRQODVD\XGDVGHO3ODQ(VWDWDOGHOD9LYLHQGD\GHODQXHYD/H\GHODV5
$JUXSDUtDQDFDVLRWUDTXLQFHQDGH3URSXHVWDVTXHUHVSRQGHUtDQRUGHQDGDVDWUHVOHPDVTXHKHPRVOODPDGR352*5$0$6
(O3/$1'(0(-25$'(/$(),&,(1&,$(1(5*e7,&$<6267(1,%,/,'$'$0%,(17$/'(/&$6&2$17,*82DJUXSDUtDDODV$FWXDFLRQHVSURSXHVWDVFRQHOREMHWLYRGHKDFHUGHO&DVFRXQiUHDWHFQROyJLFDDYDQ]DGD\XQHMHPSORGHHILFLHQFLD
HQHUJpWLFD6HKDQHVWXGLDGRODVOtQHDVGHVXEYHQFLyQH[LVWHQWHV\ODFRODERUDFLyQGHODVHPSUHVDVVXPLQLVWUDGRUDV\VREUHWRGRGHODV(6((PSUHVDGH6HUYLFLRV(QHUJpWLFRPiVVROYHQWHVGHOPHUFDGR$~QDVtODIDOWDGHPHGLRV\ORVYDLYHQHVGHVX
UHJXODFLyQ\D\XGDVQRVKDFHUHGXFLUVXFRQWHQLGRDVHLV3URSXHVWDVDOJXQDGHHOODVFRPRHO3ODQGH6RVWHQLELOLGDGTXHSXHGHVHUDERUGDGRGHVGHOD$JHQGD/RFDO;;,\RWUDVSRUHMHPSORODGHODV5HQRYDEOHVVRORUHDOL]DEOHVDPiVODUJRSOD]R
7RGDVFRQWHPSODQODVOLPLWDFLRQHVSUHVXSXHVWDULDVGHOPRPHQWR\DFRUWRSOD]RODVPXQLFLSDOHVGHORV DxRV\FRQWHQLGDVHQODV%DVHVGHO &RQFXUVRTXHVHFKHTXHDQHQHOSXQWRGHHVWD0HPRULD<WRGDVFUHHPRVTXHGHEHQ
VRPHWHUVHDXQSURFHVRGHSDUWLFLSDFLyQS~EOLFDTXHORVPHMRUH\DVHJXUHVXYLDELOLGDG
7DOFRPRUHIOHMDEDQODV%DVHVHOREMHWLYRGHPHMRUDPHGLRDPELHQWDOFRQWLHQHPXFKDVDFWXDFLRQHVDOJXQDVDERUGDEOHVGHIRUPDVHQFLOODHLQPHGLDWDPHGLDQWHFRQWUDWDFLyQGHVXV3UR\HFWRVVLQHVSHUDUDGLVSRQHUGHO3/$1IRUPDOPHQWHDSUREDGR\TXH
SRGUtDQVHUJHVWLRQDGDVWUDVHO&RQFXUVRGHVGHODPLVPDRILFLQDPXQLFLSDOGHXUEDQLVPR(VWDVDFWXDFLRQHVVHVHOHFFLRQDQHQIXQFLyQGHVXDGHFXDFLyQ\FRKHUHQFLDFRQORVREMHWLYRVVHxDODGRVHQODV%DVHV&RQFXUVRWDOFRPRFLWDPRVPiVDGHODQWH
/RV3/$1(6<352<(&726TXHVHSURSRQHQVXSRVLEOHFRQWUDWDFLyQSHURVREUHWRGRVXJHVWLyQ\PRQLWRUL]DFLyQVHSXHGHQOOHYDUDFDERGHVGHOD2ILFLQDWpFQLFDPXQLFLSDOGHXUEDQLVPRROD2ILFLQDGHO&DVFR$QWLJXR
(QUHVXPHQORVFXDWUR3/$1(6TXHSURSRQHPRVVRQFRQXQWRWDOGHSURJUDPDVTXHHQJOREDQODVSURSXHVWDVFRQFUHWDVGHLQWHUYHQFLyQORVVLJXLHQWHV
3/$1'((6708/2<)20(172'(/$$&7,9,'$'(&210,&$(1(/&$6&2$17,*82'(&$/3
2EMHWLYR*HQHUDO,GHDV)XHU]D',1$0,=$5/$9,'$85%$1$<(/(03/(2(1(/&$6&2$17,*829,68$/,=$5/2<6,1*8/$5,=$5/2<$75$(5(/785,602
&8/785$/&2162/,'1'2/2$)$925'(72'2&$/3
2EMHWLYRVFRQFUHWRV
&RQWULEXLUDWUDYpVGHODRIHUWDFRPHUFLDO\JDVWURQyPLFDDFUHDUXQHVSDFLRDWUDFWLYRSRUVXDXWHQWLFLGDG\FRVPRSROLWLVPR
)RPHQWDUODFRPSHWLWLYLGDG\FRRSHUDFLyQGHORVGLIHUHQWHVVHFWRUHV\DJHQWHVHFRQyPLFRV
0HMRUDUODLPDJHQItVLFD\HODPELHQWHFRPHUFLDOGHOD]RQD$SRUWDQGRVHQVDFLRQHVSRVLWLYDVDOYLVLWDQWH
&UHDU\GDUDFRQRFHUXQDQXHYDLPDJHQGHO&DVFR$QWLJXRGH&DOS
,QFRUSRUDUODVQXHYDVWHFQRORJtDV
3URJUDPDGHDFWXDFLyQ
3URJUDPDGHDFWXDFLyQ
3URJUDPDGHDFWXDFLyQ
3URJUDPDGHDFWXDFLyQ
8QFDVFRXUEDQRDFWLYR\HPSUHQGHGRU ,PDJHQ\SURPRFLyQ
7XULVPRJDVWURQyPLFR
7XULVPRGHVHQVDFLRQHVWXULVPRKLVWyULFR\
FXOWXUDO
3URSXHVWDV
3URSXHVWDV
3URSXHVWDV
3URSXHVWDV
3ODQGHGLQDPL]DFLyQTXHPRQLWRULFH &UHDUXQDLPDJHQFRUSRUDWLYD
(O0HUFDGRGH3URGXFWRUHV
1LWVDODIUHVFD
\FRKHVLRQHORV3ODQHV\3URJUDPDV FRKHUHQWH\FRPSOHPHQWDULDGH
/DVHPDQDGHOD&RFLQD
6HPDQDVLQWHUQDFLRQDOHV
QDFLGRVGHHVWH&RQFXUVR
OD\DH[LVWHQWHHQHOPXQLFLSLR
0DULQHUD\RGHHVSHFLDOLGDG
3ODQ0XVHtVWLFRJOREDO\
9LYHURGHHPSUHVDV
3ODQGHKRPRJHQHL]DFLyQGHO
FDOSLQD
FRRUGLQDGRLQFRUSRUDQGR0XVHR
3ODQGHD\XGDVGLUHFWDVDO
PRELOLDULRH[WHUQR\ODFDUWHOHUtD
/D1RFKHGH7DSDV
GHO0DU\GHOD1DWXUDOH]D\
(PSUHQGHGRU
(ODERUDUXQSODQGHSURPRFLyQ
5XWDVHVSHFLDOL]DGDV
3ODQGHUHKDELOLWDFLyQ\UHIRUPD
GHO&DVFR$QWLJXR
8QLILFDFLyQGHORV0HUFDGRVGH
GHOFRPHUFLR
,QFRUSRUDUHO&DVFR$QWLJXRGH
DUWHVDQtD
%DVHGHGDWRVGHORFDOHV
&DOSHQODVFDPSDxDVGH
&HQWUDUHQHO&$ODVDFWLYLGDGHV
GLVSRQLEOHV
SURPRFLyQWXUtVWLFDGH&DOS
UHODFLRQDGDVFRQODKLVWRULD\OD
&UHDFLyQGH$XODV\7DOOHUHV
0DQWHQLPLHQWRGHXQ3URJUDPD
FXOWXUDGH&DOS
&UHDFLyQGHXQD2ILFLQDGHO&DVFR GHSLQWXUDFRQWUDPSDQWRMRV
2UGHQDFLyQGH$FWLYLGDGHVDO
$QWLJXRSDUDFHQWUDOL]DUWRGDOD
(VSHFLDOL]DFLyQWHPiWLFDGH
DLUHOLEUH
LQIRUPDFLyQ\JHVWLRQHV9LQFXODFLyQ SOD]DV$UWHVDQtD0DU\3HVFD
FRQXQD&RQFHMDOtD
HWF
&UHDFLyQGH$VRFLDFLyQGH
+DELOLWDFLyQGH3OD]DV\FDOOHV
FRPHUFLDQWHV\KRVWHOHURV
GH%LHQYHQLGDFRQVHxDOL]DFLyQ
&UHDFLyQGHDSDUFDPLHQWRV
GHO&$
727$/$&78$&,21(6
SHULPHWUDOHVSDUDS~EOLFR
7UDVODGRGH2,7DDFFHVRFLXGDG
3ODQGHPRYLOLGDG
$FWXDFLyQUHDOL]DEOHLQPHGLDWDPHQWH
$FWXDFLyQPXOWLLPSDFWR,QFOXLGDHQPiVGHXQ3ODQ
3/$1'(',1$0,=$&,162&,$/<&8/785$/(1(/&$6&2$17,*82'(&$/3
2EMHWLYR *HQHUDO,GHDV )XHU]D 0(-25$5 /$ &$/,'$' '(/ (63$&,2 3%/,&2 < /$6 9,9,(1'$6 '(/ &$6&2 $17,*82 '( &$/3 )20(17$5 /$ &219,9(1&,$ <
$75$(5(/785,602&8/785$/&2162/,'1'2/2$)$925'(72'2&$/3
2EMHWLYRVFRQFUHWRV
&RQWULEXLUDODPHMRUDGHO&DVFR$QWLJXRFRPROXJDUGHUHVLGHQFLD
'RWDUDO&$GHORVHTXLSDPLHQWRVGHSUR[LPLGDG\DFFHVLELOLGDGDODPLVPDHVFDODTXHHOUHVWRGHODSREODFLyQ
3RWHQFLDUODDFWLYLGDGFXOWXUDOSDUDORVUHVLGHQWHVORVFDOSLQRVHQJHQHUDO\ORVYLVLWDQWHV
(VWLPXODUODSDUWLFLSDFLyQVRFLDOHQHOGtDDGtDGHO&$\HQODJHVWLyQGHVXIXWXUR
$SR\DU\IRPHQWDUHODVRFLDFLRQLVPRWDQWRYHFLQDOFRPRFRPHUFLDO\IHVWLYR
3URJUDPD
3URJUDPD
3URJUDPD
8QD]RQDUHVLGHQFLDOGHPRGHUQD\GHFDOLGDG
8QEDUULRFRQDFWLYLGDGFXOWXUDOSURSLD
8QEDUULRELHQJHVWLRQDGR\SDUWLFLSDWLYR
3URSXHVWDV
3URSXHVWDV
3URSXHVWDV
$SR\RDODPHMRUDGHODVYLYLHQGDVFRQ
3ODQ0XVHtVWLFRJOREDO\
&UHDFLyQGHXQD2ILFLQDGHO&DVFR$QWLJXR
FDUJRDO3ODQGHOD9LYLHQGD
FRRUGLQDGRLQFRUSRUDQGR0XVHR
SDUDFHQWUDOL]DUWRGDODLQIRUPDFLyQ\
,QIRUPHVGH(VWDGRGHOD(GLILFDFLyQ
GHO0DU\GHOD1DWXUDOH]D\
JHVWLRQHV9LQFXODFLyQFRQXQD&RQFHMDOtD
3URPRFLyQGHFRPHUFLRVGHSUR[LPLGDG
5XWDVHVSHFLDOL]DGDV
'RWDFLyQGHHTXLSDPLHQWRVGH
3URJUDPDFLyQGHDFWLYLGDGHVFXOWXUDOHV
&DUWDGHSDUWLFLSDFLyQHQ2ILFLQDGHO
SUR[LPLGDGHQHO&$RVXVERUGHV
PHGLDQWHFRQYHQLRFRQ$VRFLDFLRQHV\
&DVFR$QWLJXR\HQODJHVWLyQGHO3ODQ
6HUYLFLRGHOLPSLH]D\FRQWHQHGRUHV
&iELODV
$SR\RDODORFDOL]DFLyQGHVHGHVGH
GHUHVLGXRV
&UHDFLyQGH$XODV\7DOOHUHVGH'LEXMR
DVRFLDFLRQHVHQHO&$
1RUPDVGHUXLGR\FRQYLYHQFLD
3LQWXUD&HUiPLFD\0DQXDOLGDGHVHQ
&UHDFLyQGHXQD$VRFLDFLyQGH
&UHDFLyQGHDSDUFDPLHQWRVSHULPHWUDOHV
HGLILFLRGHO&$
&RPHUFLDQWHV\+RVWHOHURVGHO&$
FRQXQWRWDOGHSDUDUHVLGHQWHV\
0DQWHQLPLHQWRGHXQ3URJUDPDGH
3DUWLFLSDFLyQVRFLDOHQDMDUGLQDPLHQWR
WUDEDMDGRUHVGHOD]RQD(QUHODFLyQFRQ$FW
SLQWXUDFRQWUDPSDQWRMRVHQIDFKDGDV
HQJDODQDPLHQWR\PHMRUDGHFRQIRUWGH
\PHGLDQHUDVFRQVXSHUYLVLyQDUWtVWLFD
ORVHVSDFLRVS~EOLFRVGHO&$
3ODQGH0RYLOLGDG
2UGHQDFLyQ\SURPRFLyQGHDFWLYLGDGHVDODLUH
5HFRUULGRVDFFHVLEOHV
OLEUH
727$/$&78$&,21(6
$FWXDFLyQUHDOL]DEOHLQPHGLDWDPHQWH
$FWXDFLyQPXOWLLPSDFWR,QFOXLGDHQPiVGHXQ3ODQ
3/$1'(5(+$%,/,7$&,15(*(1(5$&,1<5(129$&,185%$1$6'(/&$6&2$17,*82'(
&$/3
2EMHWLYR *HQHUDO,GHDV )XHU]D 9,68$/,=$5 < 6,1*8/$5,=$5 (/ &$6&2 $17,*82 '( &$/3 < 0(-25$5 /$ &$/,'$' '(/ (63$&,2 3%/,&2 < 686
9,9,(1'$6
2EMHWLYRVFRQFUHWRV
,QWHUYHQLUHQHOGLVHxRGHFDOOHV\SOD]DVFRQVXPRELOLDULRXUEDQR\VXSDSHOHVSHFtILFR
$WHQGHUODDFFHVLELOLGDG\PRYLOLGDGWDQWRFRQGRWDFLRQHVLQWHUQDVTXHHYLWHQWUDVODGRVLQQHFHVDULRVFRPRHQRUGHQDFLyQGHWUiILFR\
FUHDFLyQGHSOD]DVGHDSDUFDPLHQWR
)DYRUHFHUODSHUPHDELOLGDGFRQODV]RQDVOLPtWURIHVWDQWRGHFRPHUFLRV\RILFLQDVFRPRGHHTXLSDPLHQWRVGHSUR[LPLGDG
,QFRUSRUDUDORVUHVLGHQWHVDODVDFWXDFLRQHVGHSURWHFFLyQHPEHOOHFLPLHQWR\UHQRYDFLyQXUEDQD
*HQHUDFLyQGHHVSDFLRVS~EOLFRVGHMXHJRGHVFDQVR\FRQYLYHQFLD
3URJUDPD
3URJUDPD
3URJUDPD
8QFDVFRDQWLJXRTXHQRYLHMRYLYRDJUDGDEOH\ 9HU\VHUYLVWR8QSDLVDMHXUEDQR
8QFDVFRDFFHVLEOH\DELHUWR
VLQJXODU
PHPRUDEOH
3URSXHVWDV
3URSXHVWDV
3URSXHVWDV
&UHDFLyQGH]RQDVYHUGHVFRQDUERODGR
$GRSFLyQGHXQPRELOLDULRXUEDQRSURSLR
7UDVODGRGHOD2ILFLQDGH
]RQDGHMXHJRV\GHVFDQVRHVWUDWpJLFDPHQWH \XQLIRUPH
,QIRUPDFLyQ\7XULVPR
GLVWULEXLGDV(QUHODFLyQFRQ
SDUWH
0DQWHQLPLHQWRGHODSLQWXUDFRQ
3ODQGH0RYLOLGDG2UGHQDFLyQGH
(VFROHWD*XDUGHUtDHQOD]RQD1RURHVWH
WUDPSDQWRMRVHQORVOXJDUHVTXHUHVXOWHQ
7UiILFR\$SDUFDPLHQWRV9LDULR
3]D0RVTXLWRHQ35,358GHOD0DQ]DQD
DGHFXDGRVFRQODFRODERUDFLyQGHDUWLVWD
LQWHULRUGHXQDGLUHFFLyQ
1RUWH
5HSLWHYLQFXODFLyQFRQHO3ODQ
5HFRUULGRVDFFHVLEOHVSDUD
(VSHFLDOL]DFLyQWHPiWLFDGHSOD]DV$UWHVDQtD 7HUUD]DSDQRUiPLFDVREUHPXUDOOD\
YLVLWDQWHV\UHVLGHQWHVLQFOXVR
0DU\3HVFDHWF
DVFHQVRU*ORERQRFWXUQR
VHFWRUHVVLQJXODUHV0DTXHWD
+DELOLWDFLyQGH3OD]DV\&DOOHVGH
3ODQGHUHKDELOLWDFLyQXUEDQDFRQ1RUPDV
LQYLGHQWHVQLxRVPD\RUHV
%LHQYHQLGD5HXUEDQL]DFLyQ
SDUWH
SDUDPHMRUDGHFDOLGDGGLVHxR\FRQIRUW
GHFDOOHV\HVSDFLRVOLEUHVGHO&$
$FWXDFLyQHQ6HQGDSULQFLSDO
'LUHFWULFHVGH3DLVDMHVREUHSURWHFFLyQ
GHYLVXDOHVHQDFFHVRVVLOXHWDXUEDQD
FDOLGDGGHODHVFHQD\HVSDFLRVS~EOLFRV
727$/$&78$&,21(6
$FWXDFLyQUHDOL]DEOHLQPHGLDWDPHQWH
$FWXDFLyQPXOWLLPSDFWR,QFOXLGDHQPiVGHXQ3ODQ
3/$1'(0(-25$'(/$(),&,(1&,$(1(5*e7,&$<6267(1,%,/,'$'$0%,(17$/'(/&$6&2
$17,*82'(&$/3
2EMHWLYR *HQHUDO,GHDV )XHU]D 9,68$/,=$5 < 6,1*8/$5,=$5 (/ &$6&2 $17,*82 '( &$/3 < 0(-25$5 /$ &$/,'$' '(/ (63$&,2 3%/,&2 < 686
9,9,(1'$6
2EMHWLYRVFRQFUHWRV
+DFHUGHO&DVFR$QWLJXRXQiUHDWHFQROyJLFDDOVHUYLFLRGHODSREODFLyQUHVLGHQWHVFRPHUFLDQWHV\HPSUHQGHGRUHV
0HMRUDUODHILFLHQFLDHQHUJpWLFD\HOFRQVXPRUHVSRQVDEOHGHODHGLILFDFLyQ
+DFHUSDWHQWHGHVGHOD$GPLQLVWUDFLyQPXQLFLSDOODDSXHVWDSRUODVRVWHQLELOLGDG
3URJUDPD
3URJUDPD
8QEDUULRVRVWHQLEOH\DYDQ]DGR
8QPXQLFLSLRFRPSURPHWLGRFRQODVRVWHQLELOLGDG
3URSXHVWDV
3URSXHVWDV
:LILS~EOLFDHQWRGRHO&$
$XGLWRUtDHQHUJpWLFDHQ(GLILFLRV
6PDUWFLW\HQHO&$FRQWDGRUHV
H,QVWDODFLRQHV3~EOLFDV
\FRQH[LRQHVLQWHOLJHQWHV
3ODQGH,QWHJUDFLyQGH(QHUJtDV
$SOLFDFLRQHVSDUDPyYLO\
5HQRYDEOHV
WDEOHWVGHXVRGHVHUYLFLRV
1RUPDWLYDGHO3ODQGH6RVWHQLELOLGDG
3URJUDPDGHDKRUURHQHUJpWLFR
&RQGLFLRQHVGHGLVHxR
727$/$&78$&,21(6
$FWXDFLyQPXOWLLPSDFWR,QFOXLGDHQPiVGHXQ3ODQ
9$/25$&,1'(/$635238(67$632568,03$&72&2+(5(1&,$<9,$%,/,'$'
9$/25$&,1'(/$635238(67$6,1&,$/(6
$GHPiVGHODJUXSDPLHQWRSUiFWLFRGHODV3URSXHVWDVLQLFLDOHVHQ3/$1(6352*5$0$6352<(&726<1250$6TXHQRVSHUPLWHUHGXFLUODVPLVPDVSDUDVXPHMRUSRWHQFLDOLGDG\JHVWLyQDXQDGRFHQDGHLQLFLDWLYDVTXHSXHGDQWRPDUVHWUDVOD
UHVROXFLyQGHO&RQFXUVRWHQHPRVTXHFODVLILFDU\HYDOXDUODVFLWDGDV3URSXHVWDVLQLFLDOHVXQDSRUXQDVHJ~QORV(/(0(1726<&5,7(5,26TXHHVWDEOHFHQODVSURSLDV%DVHVGHO&RQFXUVRFRQHOILQGHHVWDEOHFHUVXLQWHUpV\SULRULGDG
(/(0(1726$9$/25$5
6HJ~QHVWDEOHFHOD%DVH&RQFXUVRVHYDORUDUiHOHVWXGLR\SURSXHVWDVGHUHODFLyQHQWUHHO&HQWUR+LVWyULFR\HOUHVWRGHOD&LXGDGORTXHYHULILFDPRVHQHOSXQWRDQWHULRU
<VHJ~QHVWDEOHFHOD%DVH&RQFXUVRHQUHODFLyQFRQOD,QWURGXFFLyQ\OD%DVHVHYDORUDUiQ
(VWXGLR\'LDJQyVWLFRGHOiPELWRGHDFWXDFLyQ
/RFXDOFRQVWLWX\HOD)DVHGHHVWHWUDEDMRDQWHULRUPHQWHH[SXHVWDSXQWRVDGHHVWD0HPRULDVLQODFXDOQRVHMXVWLILFDUtDODSUHVHQWH)DVHGH3URSXHVWD7LHQHDGHPiVODSRVLELOLGDGGHVHUXWLOL]DGRVSRVWHULRUPHQWHDHVWH
&RQFXUVRHQHOGHVDUUROORGHORV3URJUDPDV3ODQHV3UR\HFWRV\1RUPDVRHQVXPRGLILFDFLyQ
3URSXHVWDVHFRQyPLFDVHQIRUPDGH3URJUDPDV3ODQHV1RUPDV\3ODQGH(WDSDV
FRQPHGLGDVGHUHYLWDOL]DFLyQHFRQyPLFD\GHDOWHUQDWLYDVDOWXULVPRGHVRO\SOD\D
3URSXHVWDVVRFLRFXOWXUDOHVHQIRUPDGH3URJUDPDV3ODQHV\1RUPDV
FRQPHGLGDVGHPDQWHQLPLHQWR\SUHVHQFLDGHLGHQWLGDGRULJLQDULDGHGLQDPL]DFLyQ\PHMRUDUHVLGHQFLDO\GHUHYLWDOL]DFLyQFXOWXUDO
0HMRUDVPHGLRDPELHQWDOHVHQIRUPDGH3UR\HFWRVGHLQWHUYHQFLyQ1RUPDVIRPHQWRGHOD3DUWLFLSDFLyQ\SURSXHVWDVGHXWLOL]DFLyQGH(VSDFLRV3~EOLFRV
&RQPHGLGDVGHPHMRUDFRQYLYHQFLDYHFLQDO\SDUWLFLSDFLyQGHPHMRUDHVSDFLRVXUEDQRV\HGLILFDFLyQGHPHMRUDGHPRYLOLGDG\DFFHVLELOLGDGGHHILFLHQFLDHQHUJpWLFDGHSHUPHDELOLGDG\FRQHFWLYLGDGUHVLGHQFLDO
FRPHUFLDO\GHRFLRFRQUHVWRGHODFLXGDG\GHFRPSDWLELOLGDGUHVLGHQFLDOFRQRWUDVDFWLYLGDGHV
&5,7(5,26'($'-8',&$&,1
(QFXDQWRDFULWHULRVGHYDORUDFLyQDVXPLPRVORVFRQWHQLGRVHQODFRQYRFDWRULDGHO&RQFXUVR6HJ~QOD%DVHGHOPLVPRGHEHYDORUDUVHGHODSURSXHVWDODFRQFLVLyQFODULGDG\EUHYHGDGGHORVGRFXPHQWRVGHVFULSWLYRVGHODPLVPDORTXHVHPDWHULDOL]D
HQHOSXQWR\ILQDOGHHVWD0HPRULD\HQORV3DQHOHV',1$\HVSHFLDOPHQWHORVVLJXLHQWHVFULWHULRV
$GHFXDFLyQGHODSURSXHVWDDO&DVFR$QWLJXR\HQWRUQRFLUFXQGDQWH
3URSXHVWDIXQFLRQDO\FRPSRVLFLyQLQWHJUDGRUD
2ULJLQDOLGDGGHODLQWHUYHQFLyQSURSXHVWD\VROXFLRQHVSDUDORVHVSDFLRVOLEUHV
,QFRUSRUDFLyQGHHQHUJtDVDOWHUQDWLYDV
,QQRYDFLyQHQODVLGHDVTXHIRPHQWHQHORFLR\FRPHUFLRFRQMXJDGRVFRQHOXVRUHVLGHQFLDO
6ROXFLRQHVDODSDUFDPLHQWRGHYHKtFXORV
8WLOL]DFLyQGHHGLILFLRVS~EOLFRV
5HVSHWR\SXHVWDHQYDORUGHODVWUDGLFLRQHVGHOFDVFRKLVWyULFR
8VRGHORVUHFXUVRVH[LVWHQWHVHQHO&DVFR+LVWyULFR
3ODQHFRQyPLFRYLDEOH
(O3ODQHFRQyPLFRTXHHVJDUDQWtDGHVXYLDELOLGDGGDGDODOLPLWDFLyQGHUHFXUVRVHFRQyPLFRVPXQLFLSDOHVGLVSRQLEOHV\HOGHVHRGHLPSODQWDUVXVPHGLGDVDFRUWRRPHGLRSOD]RFRQVWLWX\HXQ&ULWHULRGHVHOHFFLyQGH3URSXHVWDVSULPHURUGHQ<D
VHxDODPRVHQVXPRPHQWRTXHKDEtDPRVOLPLWDGRODV3URSXHVWDVLQLFLDOHVDDTXpOODVTXHQRUHSUHVHQWDQXQDJUDQLQYHUVLyQ3DUDYDORUDUGHIRUPDPiVFRPSOHWDODYLDELOLGDGGHEHPRVLQFRUSRUDUODGLVSRQLELOLGDGGHyUJDQRVGHJHVWLyQ\PHGLRVKXPDQRVH
LQVWUXPHQWDOHV\DVtORKDUHPRV
0$75,='(,03$&726&2+(5(1&,$<9,$%,/,'$'
(QHO&XDGURDGMXQWRPHGLDQWHODWpFQLFDGHXQD0DWUL]GH,PSDFWRVVLPSOHXVXDOHQHVWDFODVHGHWUDEDMRVVHJUDItDQPHGLDQWHVLJQRODLQGLFDFLyQGHODDGHFXDFLyQGHFDGDXQDGHODV3URSXHVWDVLQLFLDOHVDORV&ULWHULRVFLWDGRVGH$'(&8$&,1
D9LQFXODFLyQDUHVWRGHODFLXGDGE9LDELOLGDGHFRQyPLFDWLHPSRGHLPSODQWDFLyQDFRUWRSOD]RRF9LDELOLGDGHFRQyPLFDWLHPSRDPHGLRSOD]RG&DSDFLGDGRUJiQLFDGHJHVWLyQH0HGLRVKXPDQRV\I0HGLRVLQVWUXPHQWDOHVJLPSDFWRVLQHUJLDVHQRWURV
3ODQHV\3URJUDPDV
$VLPLVPRVHLQFOX\HHQHO&XDGUROD&2+(5(1&,$GHODVPLVPDVFRQREMHWLYRV\FULWHULRVGHYDORUDFLyQORVVHxDODGRVFRQORVQDFLWDGRVHQHOSXQWRDQWHULRUH[SXHVWRVHQODV%DVHV(OFULWHULRRWRUJDGRGHGLVSRQHUGHXQ3ODQ(FRQyPLFRYLDEOHVH
MXVWLILFDHQHOSXQWRVLJXLHQWH0HPRULDHFRQyPLFD/DVFHOGDVGHODV3URSXHVWDVLQLFLDOHVVHFRORUHDQVHJ~QVXRULJHQPD\RULWDULRHFRQyPLFRPDUUyQVRFLRFXOWXUDOD]XO\PHGLRDPELHQWDOURMR(QJULVFRPRGHVDJUHJDFLyQGHODV~OWLPDVVL
FRUUHVSRQGHQDPDWHULDVGHHILFLHQFLDHQHUJpWLFDRVRVWHQLELOLGDG
(OUHVXOWDGRGHQXHVWURSDQHOGHH[SHUWRVFRQVXOWDGRVVHYLVXDOL]DGHLQPHGLDWRHQDPEDV0DWULFHV\ODV3URSXHVWDVGHPD\RULQWHUpVODVUHVDOWDPRVFRORUHDQGRVXFHOGD
0$75,='($'(&8$&,10$75,='(&2+(5(1&,$
&ULWHULR
$FWXDFLyQ
3ODQGH(VWLPXOR\IRPHQWR
(FRQyPLFR*HVWLyQJOREDO
&UHDUXQDLPDJHQFRUSRUDWLYD
SURSLD
0HUFDGRGHSURGXFWRUHV
D
FLXGDG
E
FRUWR
SOD]R
F
G
PHGLR
SOD]R
JHVWLyQ
H
)
PHGLRV
KXPDQRV
0HGLRV
,QVWUXP
J
VLQHU
JLDV
&ULWHULR
$FWXDFLyQ
&
$/7$&2+(5(1&,$
3ODQGH(VWtPXOR\)RPHQWR
*HVWLyQJOREDO
&UHDUXQDLPDJHQFRUSRUDWLYDSURSLD
08<$'(&8$'2
08<$'(&8$'2
$/7$&2+(5(1&,$
$'(&8$'2
0HUFDGRGHSURGXFWRUHV
$/7$&2+(5(1&,$
6HPDQDGH&RFLQD0DULQHUD
$'(&8$'2
6HPDQDGH&RFLQD0DULQHUD
$/7$&2+(5(1&,$
/D1RFKHGH7DSDV
1LWVDODIUHVFD
6HPDQDVLQWHUQDFLRQDOHV
3ODQ0XVHtVWLFRJOREDO\
FRRUGLQDGR
8QLILFDFLyQGHORV0HUFDGRVGH
DUWHVDQtD
9LYHURGHHPSUHVDV
3ODQGHD\XGDVGLUHFWDVDO
HPSUHQGHGRU
3ODQGHUHKDELOLWDFLyQ\
UHIRUPDGHOFRPHUFLR
3ODQGHKRPRJHQHL]DFLyQGHO
PRELOLDULR\ODFDUWHOHUtD
%DVHGHGDWRVGHORFDOHV
GLVSRQLEOHV
3ODQGHSURPRFLyQ
GHO&DVFR$QWLJXR
,QFRUSRUDUHO&DVFR$QWLJXR
HQODVFDPSDxDVGH&DOS
&HQWUDUHQHO&$ODV
DFWLYLGDGHVVREUHKLVWRULD\
FXOWXUD
:LILS~EOLFDHQWRGRHO&$
$/7$&2+(5(1&,$
$/7$&2+(5(1&,$
&
$/7$&2+(5(1&,$
&
08<$'(&8$'2
/D1RFKHGH7DSDV
1LWVDODIUHVFD
6HPDQDVLQWHUQDFLRQDOHV
3ODQ0XVHtVWLFRJOREDO\FRRUGLQDGR
08<&2+(5(17(
8QLILFDFLyQGHORV0HUFDGRVGH
DUWHVDQtD
9LYHURGHHPSUHVDV
3ODQGHD\XGDVGLUHFWDVDO
HPSUHQGHGRU
3ODQGHUHKDELOLWDFLyQ\UHIRUPDGHO
FRPHUFLR
3ODQGHKRPRJHQHL]DFLyQGHO
PRELOLDULR\ODFDUWHOHUtD
%DVHGHGDWRVGHORFDOHV
GLVSRQLEOHV
3ODQGHSURPRFLyQ
GHO&DVFR$QWLJXR
,QFRUSRUDUHO&DVFR$QWLJXRHQODV
FDPSDxDVGH&DOS
&HQWUDUHQHO&$ODVDFWLYLGDGHV
VREUHKLVWRULD\FXOWXUD
08<&2+(5(17(
$/7$&2+(5(1&,$
$/7$&2+(5(1&,$
08<&2+(5(17(
08<&2+(5(17(
$/7$&2+(5(1&,$
$/7$&2+(5(1&,$
6PDUWFLW\HQHO&$
FRQWDGRUHV\FRQH[LRQHV
LQWHOLJHQWHV$SOLFDFLRQHV
3URJUDPDGHDKRUUR
HQHUJpWLFR
$XGLWRUtDHQHUJpWLFDHQ
(GLILFLRVH,QVWDO3~EOLFDV
3ODQGH,QWHJUDFLyQGH
(QHUJtDV5HQRYDEOHV
3ODQGH6RVWHQLELOLGDG\
$JHQGD;;,
$SR\RDOD9LYLHQGD,QIRUPHV
GH(VWDGRGHOD(GLILFDFLyQ
3URPRFLyQGHFRPHUFLRVGH
SUR[LPLGDG
'RWDFLyQGHHTXLSDPLHQWRV
GHSUR[LPLGDG
&
08<$'(&8$'2
08<$'(&8$'2
&
&
&
&
08<$'(&8$'2
08<$'(&8$'2
08<$'(&8$'2
&
$'(&8$'2
:LILS~EOLFDHQWRGRHO&$
&
6PDUWFLW\HQHO&$FRQWDGRUHV
\FRQH[LRQHVLQWHOLJHQWHV$SOLFDFLRQHV
$/7$&2+(5(1&,$
&
$/7$&2+(5(1&,$
&
&
$'(&8$'2
$'(&8$'2
08<$'(&8$'2
&
3URJUDPDGHDKRUURHQHUJpWLFR
$XGLWRUtDHQHUJpWLFDHQ(GLILFLRVH
,QVWDO3~EOLFDV
3ODQGH,QWHJUDFLyQGH(QHUJtDV
5HQRYDEOHV
3ODQGH6RVWHQLELOLGDG\$JHQGD
;;,
$SR\RDOD9LYLHQGD,QIRUPHVGH
(VWDGRGHOD(GLILFDFLyQ
3URPRFLyQGHFRPHUFLRVGH
SUR[LPLGDG
'RWDFLyQGHHTXLSDPLHQWRVGH
SUR[LPLGDG
$/7$&2+(5(1&,$
08<&2+(5(17(
$/7$&2+(5(1&,$
$/7$&2+(5(1&,$
6HUYLFLRGHOLPSLH]D\
FRQWHQHGRUHVGHUHVLGXRV
2UGHQDQ]DVREUHUXLGR\
FRQYLYHQFLD
$'(&8$'2
3ODQVRFLRFXOWXUDO
3URJUDPDFLyQGHDFWLYLGDGHV
FXOWXUDOHVPHGLDQWH&RQYHQLRV
&UHDFLyQGH$XODV\7DOOHUHV
GH'LEXMR3LQWXUD&HUiPLFD\
0DQXDOLGDGHV
0DQWHQLPLHQWRGHXQ
3URJUDPDGHWUDPSDQWRMRVFRQ
VXSHUYLVLyQDUWtVWLFD
2UGHQDFLyQGH$FWLYLGDGHVDO
DLUHOLEUH
&UHDFLyQGHXQD2ILFLQDGHO
&DVFR$QWLJXR
&DUWDGHSDUWLFLSDFLyQHQ
2ILFLQDGHO&DVFR$QWLJXR\HQOD
JHVWLyQGHO3ODQ
$SR\RDODORFDOL]DFLyQGH
VHGHVGHDVRFLDFLRQHVHQHO&$
&UHDFLyQGHXQD$VRFLDFLyQ
GH&RPHUFLDQWHV\+RVWHOHURVGHO
&$
3DUWLFLSDFLyQVRFLDOHQ
DMDUGLQDPLHQWR\PHMRUDV
&UHDFLyQGH]RQDVYHUGHV
HVWUDWpJLFDPHQWH
GLVWULEXLGDV
&UHDFLyQGH(VFROHWDHQOD
3]D0RVTXLWRHQ35,358GHOD
0DQ]DQD1RUWH
7HUUD]DSDQRUiPLFDVREUH
PXUDOOD\DVFHQVRU*ORER
QRFWXUQR
$'(&8$'2
&
$'(&8$'2
&
$'(&8$'2
08<$'(&8$'2
08<$'(&8$'2
08<$'(&8$'2
&
$'(&8$'2
&
08<$'(&8$'2
&
6HUYLFLRGHOLPSLH]D\FRQWHQHGRUHV
GHUHVLGXRV
2UGHQDQ]DVREUHUXLGR\
FRQYLYHQFLD
$/7$&2+(5(1&,$
3ODQVRFLRFXOWXUDO3URJUDPDFLyQGH
DFWLYLGDGHVFXOWXUDOHVPHGLDQWH
&RQYHQLRV
&UHDFLyQGH$XODV\7DOOHUHVGH
'LEXMR3LQWXUD&HUiPLFD\
0DQXDOLGDGHV
0DQWHQLPLHQWRGHXQ3URJUDPDGH
WUDPSDQWRMRVFRQVXSHUYLVLyQDUWtVWLFD
08<&2+(5(17(
$/7$&2+(5(1&,$
$/7$&2+(5(1&,$
2UGHQDFLyQGH$FWLYLGDGHVDODLUH
OLEUH
&UHDFLyQGHXQD2ILFLQDGHO&DVFR
$QWLJXR
&DUWDGHSDUWLFLSDFLyQHQ2ILFLQDGHO
&DVFR$QWLJXR\HQODJHVWLyQGHO3ODQ
08<&2+(5(17(
$/7$&2+(5(1&,$
$SR\RDODORFDOL]DFLyQGHVHGHVGH
DVRFLDFLRQHVHQHO&$
&UHDFLyQGHXQD$VRFLDFLyQGH
&RPHUFLDQWHV\+RVWHOHURVGHO&$
$/7$&2+(5(1&,$
$/7$&2+(5(1&,$
3DUWLFLSDFLyQVRFLDOHQ
DMDUGLQDPLHQWR\PHMRUDV
&UHDFLyQGH]RQDVYHUGHV
HVWUDWpJLFDPHQWHGLVWULEXLGDV
08<&2+(5(17(
08<&2+(5(17(
&UHDFLyQGH(VFROHWDHQOD3]D
0RVTXLWRHQ35,358GHOD0DQ]DQD
1RUWH
7HUUD]DSDQRUiPLFDVREUHPXUDOOD\
DVFHQVRU*ORERQRFWXUQR
08<&2+(5(17(
$/7$&2+(5(1&,$
$'(&8$'2
$/7$&2+(5(1&,$
3ODQGHUHKDELOLWDFLyQXUEDQD
$FWXDFLyQHQ6HQGDSULQFLSDO
3ODQ GH 0RYLOLGDG 2UGHQDFLyQ GH
7UiILFR \ $SDUFDPLHQWRV 9LDULR LQWHULRU
GHXQDGLUHFFLyQ
&UHDFLyQ
GH
DSDUFDPLHQWRV
SHULPHWUDOHV FRQ SOD]DV SDUD
UHVLGHQWHV\WUDEDMDGRUHV
'LUHFWULFHV GH 3DLVDMH VREUH
SURWHFFLyQ GH YLVXDOHV HQ DFFHVRV \
HVSDFLRVS~EOLFRV
7UDVODGR GH OD 2ILFLQD GH
,QIRUPDFLyQ\7XULVPR
08<&2+(5(17(
$/7$&2+(5(1&,$
$/7$&2+(5(1&,$
$/7$&2+(5(1&,$
&
08<$'(&8$'2
&
08<$'(&8$'2
&
$'(&8$'2
&
$'(&8$'2
&
SDUD
7RGDVFRPRHUDREYLRSRUHOSURFHVRPHWRGROyJLFRVHJXLGRODV$FWXDFLRQHVSURSXHVWDVWLHQHQXQJUDGRGHFRKHUHQFLDEiVLFRDOWRRPX\DOWRFRQODV%DVHVGHO&RQFXUVR(OHPHQWRV\&ULWHULRVGH9DORUDFLyQGHODVPLVPDV
/DV$FWXDFLRQHVPiVDGHFXDGDVGHVGHHOSXQWRGHYLVWDGHODFLXGDGGH&DOS\GHORVPHGLRVGLVSRQLEOHVDFRUWRSOD]RLQFOX\HQGR&FRQWUDWDFLRQHVGHPHGLRVKXPDQRVQRUPDOPHQWHSDUDODUHGDFFLyQGHORV3UR\HFWRVWpFQLFRVMXQWRFRQODV
TXHPiVDOWDSXQWXDFLyQREWLHQHQGHOD0DWUL]GH&RKHUHQFLDVRQODVTXHUHVDOWDGDVHQDPDULOORVHLQFOXLUiQHQODV3URSXHVWDVDFRUWRSOD]R(QWRGRFDVRLQFOXLUiQODVVHxDODGDVFRPRPiVLQWHUHVDQWHVSDUDWRGDODSREODFLyQGH&DOSTXHWHQJDQXQDDOWD
DGHFXDFLyQRFRKHUHQFLDFRQREMHWLYRVGHO$\XQWDPLHQWRH[SUHVDGRVHQODV%DVHVGHO&RQFXUVR7RGRHOORVXSHGLWDGRDODYHULILFDFLyQGHTXHVXFDUJDSDUDORVSUHVXSXHVWRVPXQLFLSDOHVQRVXSHUHORVTXHKDFHPRVHQOD0HPRULD(FRQyPLFD
$OJXQDVGHHOODVSRGUtDQVHUDERUGDGDVLQPHGLDWDPHQWHWUDVHO&RQFXUVRHQHOPLVPRDxRSRUVHU\DYLDEOHVPiVFRKHUHQWHV\PiVDGHFXDGDVDORTXHVHSXHGHDxDGLUHOFDUiFWHUHMHPSODUL]DQWHHQUHODFLyQDODVSROtWLFDVTXHLPSXOVDHO&RQFXUVR
3RUHOFRQWUDULRGHODVUHPDUFDGDVHQDPDULOOR
/D$FWXDFLyQ9LYHURGH(PSUHVDVVHSDVDDXQVHJXQGRJUXSRSRUGHSHQGHUGHOWUDVODGRGHODDFWXDO2ILFLQDGH,QIRUPDFLyQ\7XULVPR$FW\GHO&RQYHQLRFRQOD&iPDUDGH&RPHUFLR3RGUtDUHDOL]DUVHFDVRGHFRQWDUFRQORFDO\HO&RQYHQLRSDUDTXHVXFRVWHIXHUD
/D$FWXDFLyQ3ODQGH3URPRFLyQGHO&DVFR$QWLJXRSRUODFRQYHQLHQFLDHQGHPRUDUORKDVWDGLVSRQHUGHODLPDJHQORJR\GHDOJXQRGHORV3/$1(6TXHVHSURSRQHQ
/D$FWXDFLyQ+DELOLWDFLyQGH3OD]DV\FDOOHVGH%LHQYHQLGDVRORVHUiSRVLEOHSDUFLDOPHQWHSRUODOLPLWDFLyQGHIRQGRVPXQLFLSDOHVGLVSRQLEOHV\SRUWDQWRQRVGHFDQWDPRVFRPRDFWXDFLyQLQPHGLDWDSRUODTXHWLHQHDGHPiVGRWDFLyQGH]RQDYHUGHHQODSDUWHPHQRVGRWDGDOD3]DGH6DOYDGRU/DGH
0DQXHO0LUyVHGHMDFRPR358
/D$FWXDFLyQVHFXEUHFRQHO3ODQGH0RYLOLGDGDFWXDOPHQWHHQHODERUDFLyQFRQFDUJRDO3$&)RQGRV)('(5
/D$FWXDFLyQ&UHDFLyQGHDSDUFDPLHQWRVSHULPHWUDOHVWLHQHXQDOWRFRVWHTXHORKDFHSURKLELWLYRSDUDVHUGHVDUUROODGRGLUHFWDPHQWHSRUHOPXQLFLSLR6HFXEULUiSDUFLDOPHQWHFRQORV3ODQHVGH5HQRYDFLyQ8UEDQDGHOD0DQ]DQD1RUWHSUHYLRFDPELRGHSDUiPHWURVDFWXDOHV\0DQXHO0LUyFRQ
VHQGRVSURJUDPDVXUEDQtVWLFRV\DJHQWHXUEDQL]DGRUJHVWLyQTXHSXHGHGHVDUUROODUORVVHUYLFLRVWpFQLFRVPXQLFLSDOHVVLQFRVWHDGLFLRQDODOJXQRSDUDHO$\XQWDPLHQWR
3RUHOFRQWUDULROD$FWXDFLyQ3ODQGH6RVWHQLELOLGDG\$JHQGD;;,FX\DVDFWXDFLRQHVGHSHQGHQGHILQDQFLDFLRQHVH[WHUQDVGLItFLOHVHQHVWRVPRPHQWRVVHGHEHDERUGDUHQVXFRQWUDWDFLyQSDUDGLVSRQHUGHXQ3ODQTXHSHUPLWDHODFFHVRDGLFKRVSURJUDPDVGHILQDQFLDFLyQHXURSHRVHVWDWDOHVRDXWRQyPLFRV
0(025,$(&210,&$
35(6838(672<$<8'$6
6HKDSURFHGLGRDODHODERUDFLyQGHXQDPHPRULDHFRQyPLFDWDO\FRPRVHxDODQODVEDVHVGHOFRQFXUVR6LELHQKDFHUSUR\HFFLRQHVGHJDVWRVVLHPSUHHVXQHMHUFLFLRDUULHVJDGRSDUDDMXVWDUORVSUHVXSXHVWRVSUHVHQWDGRVDODUHDOLGDG\HOFRQWH[WRHQTXH
VHFLUFXQVFULEHQVHKDDQDOL]DGRGHWDOODGDPHQWHHO3UHVXSXHVWR0XQLFLSDOGH&DOSSDUDLJXDOPHQWHVHKDQWHQLGRHQFXHQWDDTXHOODVVXEYHQFLRQHVWDQWRGHOD'LSXWDFLyQFRPRGHOD*HQHUDOLWDW9DOHQFLDQDTXHSRGUtDQILQDQFLDUSDUWHGHODVDFWXDFLRQHV
SURSXHVWDV
(QFXDQWRDO3UHVXSXHVWR0XQLFLSDOGH&DOSODVLJXLHQWHWDEODPXHVWUDODVSDUWLGDVUHODFLRQDGDVGLUHFWDPHQWHFRQDOJXQDVGHODVDFWXDFLRQHVSURSXHVWDV3RUXQDSDUWHHVLPSRUWDQWHWHQHUXQDUHIHUHQFLDSUHVXSXHVWDULD\SRURWUDDODKRUDGHYDORUDUHO
FRVWHHFRQyPLFRGHPXFKDVGHODVDFWXDFLRQHVVHKDWHQLGRHQFXHQWDHOFRVWHDGLFLRQDOTXHVXSRQGUtDSDUDODVDUFDVPXQLFLSDOHV(QHVWHVHQWLGRHQYDULRVFDVRV\DH[LVWHXQDSDUWLGDTXHVLPSOHPHQWHKDEUtDGHDGDSWDUVHDODVQXHYDVDFWXDFLRQHV$Vt
SRUSRQHUXQHMHPSORODVDFFLRQHVGHSURPRFLyQYtDZHEGHO&DVFR$QWLJXRLQFRUSRUDGDDODJHQHUDOGH&DOSQRGHEHUtDQVXSRQHUXQFRVWHDGLFLRQDOSXHVWRTXH\DH[LVWHXQVXEJUXSRGHOSURJUDPDGH*DVWRPXQLFLSDOTXHDVLJQDDORVVHUYLFLRV
ZHEPXQLFLSDOHV,JXDOPHQWHKDEUtDTXHWHQHUHQFXHQWDSDUWLGDVUHODFLRQDGDVFRQVXEYHQFLRQHVDHQWLGDGHVD\XGDVDOFRPHUFLRSXEOLFLGDGHWF7DO\FRPRVHxDOiEDPRVHQXQDSDUWDGRDQWHULRUVHKDVHJXLGRHOSULQFLSLRGHFRVWHPtQLPRHOFXDO
QHFHVDULDPHQWHSDVDSRUDSURYHFKDUORVFRVWHV\ODLQIUDHVWUXFWXUD\DH[LVWHQWH%XVFDQGRODFUHDFLyQGHVLQHUJLDV\QRODGXSOLFLGDGGHOJDVWR
(QODVLJXLHQWHWDEODVHVHxDODQDOJXQDVGHODVSDUWLGDVDWHQHUHQFXHQWD
6XEJUXSR
3URJUDPDGH*DVWR
'HQRPLQDFLyQ
2UGHQDFLyQ\SURPRFLyQWXUtVWLFD
3URPRFLyQFXOWXUDO
$GPLQLVWUDFLyQJHQHUDOGHFXOWXUD
0XVHRV\DUWHVSOiVWLFDV
'HVDUUROORHPSUHVDULDO
3XEOLFLGDG,QVWLWXFLRQDOHQPHGLRVGHFRP~Q
2WUDSXEOLFLGDGLQVWLWXFLRQDO
3XEOLFLGDGFXOWXUDO
3XEOLFLGDGWXUtVWLFD
6RFLHGDGGHODLQIRUPDFLyQ
$JHQGD
6HUYLFLR:HEPXQLFLSDO
3RUWDOWXUtVWLFRFDOSHHV
6XEYDHQWLGDGHV\DVRFGHLQWVRFLDO
6XEYDHQWLGDGHVIHVWHUDV
6XEYDHQWLGDGHV\DVRFFXOWXUDOHV
3DUWLGD
(QFXDQWRDODVVXEYHQFLRQHVGLVSRQLEOHVVHKDQWHQLGRHQFXHQWDODVVHxDODGDVHQHODSDUWDGR$\XGDV\VXEYHQFLRQHVGHODSRQHQFLD5(9,7$/,=$&,1(&210,&$&20(5&,2+267(/(5$<785,602HQOD3RQHQFLD
6267(1,%,/,'$'<(1(5*$\HQOD3RQHQFLD,167580(1726'(,17(59(1&,1HVSHFLDOPHQWHHQHOSXQWRTXHUHSDVDODV$\XGDVGLVSRQLEOHVGHO(VWDGR*HQHUDOLWDW'LSXWDFLyQ\RWUDVLQVWLWXFLRQHV(VWDVD\XGDV
HUDQ
3RUSDUWHGHOD'LSXWDFLyQ'LS$2UJDQL]DFLyQGHIHULDV\RWURVHYHQWRVFRPHUFLDOHV
3RUSDUWHGHOD*HQHUDOLWDW*9$\XGDVDHQWHVORFDOHVHQPDWHULDGHFRPHUFLR\DUWHVDQtDSDUDHOHMHUFLFLR)HULDVFRPHUFLDOHV
*9$\XGDVSDUDODVHQWLGDGHVLQWHUPHGLDVHQPDWHULDGHFRPHUFLR\DUWHVDQtD
*9D$\XGDV&RPHUFLR,QQRYDDOD3\PH&RPHUFLDO
*9E,QQRYDFLyQFRPHUFLDO
*9F0RGHUQL]DFLyQHVWDEOHFLPLHQWR
1RVUHIHULUHPRVDHOODVSRUVXVVLELHQVHSXHGHFRQVXOWDUHQHODSDUWDGR\3RQHQFLDVFLWDGRVDQWHULRUPHQWHODFXDQWtD\ODVFRQGLFLRQHVGHGLFKDVVXEYHQFLRQHV
/D$JHQFLD9DOHQFLDQDGHOD(QHUJtD$9(1SXHGHVXEYHQFLRQDUKDVWDXQGHOFRVWHHOHJLEOHSDUDOD5HQRYDFLyQGHODV,QVWDODFLRQHVGH$OXPEUDGR3~EOLFR\XQGHODV0HMRUDVGH(ILFLHQFLDHQHUJpWLFDGHHGLILFLRVH[LVWHQWHVTXHSXHGHOOHJDU
KDVWDHOGHOFRVWHHOHJLEOHHQPHMRUDVGH,QVWDODFLRQHVGH,OXPLQDFLyQ,QWHULRUFRQXQPi[LPRGHSUR\HFWR
(O0LQLVWHULRGHOD9LYLHQGDPDQHMDSDUDHO3ODQGHOD9LYLHQGDXQIRQGRGHPLOORQHVGHGHVWLQDGRVDVLHWH3URJUDPDVVXEYHQFLRQDEOHVKDVWDXQSDUDVXEVLGLDFLyQGHSUpVWDPRVFRQYHQLGRVD\XGDVDODOTXLOHUIRPHQWRGHOSDUTXH
S~EOLFRGHYLYLHQGDVIRPHQWRDODUHKDELOLWDFLyQIRPHQWRGHODUHJHQHUDFLyQXUEDQDDSR\RDODLPSODQWDFLyQGHO,((\IRPHQWRGHFLXGDGHVVRVWHQLEOHV(QFRQFUHWR
/D8QLyQ(XURSHDGLVSRQHHQHO3URJUDPD/,)(GHPLOORQHVGHSDUDHOSHUtRGRSDUDFRILQDQFLDUREUDVGH*REHUQDQ]D0HGLRDPELHQWDO\&RPXQLFDFLyQKDVWDHOGHORVFRVWHVHOHJLEOHV
(QUHVXPHQTXHDQWHVGHSURFHGHUDSUHVHQWDUODWDEODFRQORVFRVWHVGHODVDFWXDFLRQHVSUHYLVWDVKD\TXHVHxDODUTXHEXHQDSDUWHGHODVDFWXDFLRQHVSUHYLVWDVSXHGHQGLVSRQHUGHRWUDILQDQFLDFLyQQRPXQLFLSDOHLQFOXVRKD\$FWXDFLRQHVTXHSXHGHQ
EHQHILFLDUVHGH&RQYHQLRVFRQHPSUHVDVHLQVWLWXFLRQHV$VtSRUHMHPSORHO9LYHURGH(PSUHVDVGHEHVXIUDJDUVHDWUDYpVGHXQFRQYHQLRGHFRODERUDFLyQFRQOD&iPDUDGH&RPHUFLRGH$OLFDQWH(O$\XQWDPLHQWRFHGHUtDHOVRODU\ILUPDUtDXQFRQYHQLR
FRQIRUPHDODVFRQGLFLRQHVKDELWXDOHVHQHVWRVFDVRV2ORVFRQWUDWRVFRQ(PSUHVDVGH6HUYLFLRV(QHUJpWLFRV(6(TXHSXHGHQGLVHxDU\SRQHUHQPDUFKDSURJUDPDVGHDKRUURVHQHUJpWLFRVGHDFXHUGRFRQ&RPSDxtDVVXPLQLVWUDGRUDVDVXPLHQGRHOODV
WRWDORSDUFLDOPHQWHVHJ~QHO3OLHJRGHVXFRQWUDWDFLyQHOULHVJRWpFQLFR\HFRQyPLFRGHOSUR\HFWR
&267(6'($&78$&,21(6<35238(67$6$&25723/$=2
6HLQFOX\HQODVHYDOXDFLRQHVGHODV$FWXDFLRQHVSURSXHVWDVSDUDVHUUHDOL]DGDVDFRUWRSOD]RFRQODUHSHUFXVLyQSUHYLVWDGHVXLPSRUWHFRQFDUJRDO$\XQWDPLHQWR'LFKRVFRVWHVVHKDQREWHQLGRFRQORVHVWiQGDUHVWpFQLFRVHODERUDGRVSRUHO
(TXLSRWpFQLFRUHGDFWRU\ODVUHIHUHQFLDVGHWUDEDMRVVLPLODUHV
(OSULPHU&XDGURFRQWLHQHODV$FWXDFLRQHVPiVYLDEOHVDFWXDOPHQWHPiVFRKHUHQWHV\PiVDGHFXDGDVTXHKDQUHVXOWDGRGHODVPDWULFHVGHLPSDFWR\TXHWLHQHQXQSDSHOHMHPSODUL]DQWHHQODGLQDPL]DFLyQ\PHMRUDXUEDQDGHO&DVFRUD]yQEiVLFDGHO
&RQFXUVR/DVSURSRQGUtDPRVSDUDSRQHUVHHQPDUFKDFRQFDUiFWHULQPHGLDWRHQHOPLVPR
$&78$&,135238(67$
&UHDUXQDLPDJHQFRUSRUDWLYDSURSLDFRQORJR
&RVWHGH
(VWXGLR,QIRUPH
7pFQLFR3UR\HFWR
&RVWHGH
(MHFXFLyQ
&RVWH727$/
727$/*$6726$<817$0,(172
$FWXDOHVJDVWRV1XHYRVJDVWRV
3ODQ0XVHtVWLFRJOREDO\FRRUGLQDGRIDVH
3ODQGHD\XGDVGLUHFWDVDOHPSUHQGHGRU
3ODQGHSURPRFLyQGHO&DVFR$QWLJXR
,QFRUSRUDUHO&DVFR$QWLJXRHQODVFDPSDxDVGH&DOS
&HQWUDUHQHO&$ODVDFWLYLGDGHVVREUHKLVWRULD\FXOWXUD
$SR\RDOD9LYLHQGD,QIRUPHVGH(VWDGRGHOD(GLILFDFLyQ
3URPRFLyQGHFRPHUFLRVGHSUR[LPLGDG
2UGHQDQ]DVREUHUXLGR\FRQYLYHQFLD
3URJUDPDFLyQGHDFWLYLGDGHVFXOWXUDOHVPHGLDQWH&RQYHQLRFRQ
$VRFLDFLRQHV\&iELODV
&UHDFLyQGHXQD2ILFLQDGHO&DVFR$QWLJXR
&UHDFLyQGHXQD$VRFLDFLyQGH&RPHUFLDQWHV\+RVWHOHURVGHO&$
&UHDFLyQGH3OD]DVGH%LHQYHQLGDFRQ]RQDVYHUGHV\DFFHVRVHVWUDWpJLFD
PHQWHGLVWULEXLGDVVHDFRPHWHUtDOD3]D6DOYDGRU
7HUUD]DSDQRUiPLFDVREUH0XUDOOD\DVFHQVRU*ORERQRFWXUQR
6HQGDSULQFLSDOSRUOD3OD]DGHOD9LOD
2EVHUYDFLRQHV
5HGDFFLyQ3OLHJRGHFRQWUDWDFLyQSRUVHUYLFLRVGHO$\XQWDPLHQWR
(QHVWD$FWXDFLyQLQPHGLDWDDFRUWRSOD]RGHWUDWDUtDGHGLVSRQHUGHXQ3ODQGHORFDOL]DFLyQFRQWHQLGRVFRRUGLQDFLyQ\
KRUDULRVGHORV0XVHRVH[LVWHQWH/DFUHDFLyQGHXQ0XVHRGHO0DUVHSUHYHUHDOL]DUDPHGLRSOD]R
6HFXHQWD
GHORVDQXDOHVSUHVXSXHVWDGRVGH'HVDUUROOR(PSUHVDULDO
/RVQXHYRVJDVWRVVHGLVWULEXLUtDQHQORVWUHVHMHUFLFLRV
/RVQXHYRVJDVWRVFRUUHVSRQGHQDORVWUHVHMHUFLFLRV
,QLFLDWLYDGHODSURSLD&RQFHMDOtD
1RVHLQFUHPHQWDQODVFRQVLJQDFLRQHVDQXDOHVYLJHQWHV3DUWHGHHOODVLUtDQDO&$
,QLFLDWLYDGHODSURSLD&RQFHMDOtD
$LQFOXLUHQ3UHVXSXHVWR
,QLFLDWLYDGHODSURSLD&RQFHMDOtD
5HGDFFLyQ3OLHJRGHFRQWUDWDFLyQSRUVHUYLFLRVGHO$\XQWDPLHQWR
&RQWUDWDFLyQ,QIRUPHVYLY
$SDJDUDWHUFLRVHQWUHLQWHUHVDGR(VWDGR\$\XQWDPLHQWR
6H FXHQWD HQ ORV 3UHVXS DFWXDOHV GH 'HVDUUROOR (PSU FRQ
GH ORV
TXH VH
VXSOHPHQWDUtDQ\FRQWDUtDQFRQVXEY*9
DxRV (QDxRV
5HGDFFLyQ3OLHJRGHFRQWUDWDFLyQSRUVHUYLFLRVGHO$\XQWDPLHQWR
0DQWHQLPLHQWR GH VXEYHQFLRQHV \ RUGHQDFLyQ GH QXHYDV DFWLYLGDGHV GH GLQDPL]DFLyQ GH SDUWLGDV GH (QWLGDGHV
$VRFLDFLRQHVGHLQWHUpVVRFLDOIHVWHUDV\FXOWXUDOHVWRWDODFWXDODxRHQ30'HVGHODSURSLD&RQFHMDOtD
6HFXHQWDFRQORFDOFRQPTXHVHUtDUHKDELOLWDGR3RVLEOH6XEYHQFLyQGHOGHO3URJUDPD/,)(TXHGHPRUDUtDVX
SXHVWDHQPDUFKD\OOHYDUtDDVXORFDOL]DFLyQSURYLVLRQDOHQHOPLVPR$\XQWDPLHQWR
(O3UR\HFWRSRGUtDVHUUHDOL]DGRSRUORVVHUYLFLRVWpFQLFRVPXQLFLSDOHV
8WLOL]DFLyQGHODSDUWLGD3UHVXSXHVWDULDGHSDUDVXSURPRFLyQ
3HWLFLyQGHVXEYHQFLyQDOD*HQHUDOLWDW*9SDUDVXSXHVWDHQPDUFKDGHVGHODSURSLD&RQFHMDOtD
6XEYHQFLyQGHOGHOSURJUDPDGH5HKDELOLWDFLyQGHO3ODQGH9LYLHQGD
6XEYHQFLyQGHOGHOSURJUDPD/,)(GHOD8(TXHGHPRUDUtDVXSXHVWDHQPDUFKDDOPHQRVD
,QYHUVLyQFRQFDUJRDOIRQGRPXQLFLSDO$FWXDFLyQUHIHUHQFLDOGHO3ODQ
6LVHRSWDSRU6XEYHQFLyQGHOGHOSURJUDPD/,)(GHOD8(GHPRUDUtDVXLQLFLRDOPHQRVD
$ERUGDODDGHFXDFLyQGH3]D05RVHOOy3]D9LODF*DOODUWF0D\RU3]D(VSDxD
3HUWHQHFHDO358GH5HKDELOLWDFLyQTXHVHxDODPRVFRPRGHDFWXDFLyQLQPHGLDWD6XEYHQFLyQGHOGHOSURJUDPDGH
5HKDELOLWDFLyQGHO3ODQGH9LYLHQGD
6XEYHQFLyQGHOGHOSURJUDPD/,)(GHOD8(TXHGHPRUDUtDVXSXHVWDHQPDUFKDDOPHQRVD
3/$1'((6708/2<)20(172'(/$$&7,9,'$'(&210,&$'(/
&$6&2$17,*82'(&$/3
3/$1'(',1$0,=$&,162&,$/<&8/785$/(1(/&$6&2
$17,*82'(&$/3
3/$1'(5(+$%,/,7$&,15(*(1(5$&,1<5(129$&,1
85%$1$6'(/&$6&2$17,*82'(&$/3
VLPLODU3ODQ(VSHFLDOV/58\FRQ'LUHFWULFHVGH3DLVDMH$FW
3/$1'(0(-25$'(/$(),&,(1&,$(1(5*e7,&$<6267(1,%,/,'$'
$0%,(17$/'(/&$6&2$17,*82'(&$/3LQFOX\H$XGLWRUtDV
B
1.055.500
493.300
6XREMHWRHVODFRRUGLQDFLyQGHWRGDVODV$FWXDFLRQHVSURSXHVWDVFRQHVWHREMHWR\ODVTXHHQVXFDVRVH
LQFRUSRUHQHQHOSURFHVRGHDSUREDFLyQ5HGDFFLyQ3OLHJRGHFRQWUDWDFLyQSRUVHUYLFLRVGHO$\XQWDPLHQWR
6XREMHWRHVODFRRUGLQDFLyQGHWRGDVODV$FWXDFLRQHVSURSXHVWDVFRQHVWHREMHWR\ODVTXHHQVXFDVRVH
LQFRUSRUHQHQHOSURFHVRGHDSUREDFLyQ5HGDFFLyQ3OLHJRGHFRQWUDWDFLyQSRUVHUYLFLRVGHO$\XQWDPLHQWR
6X REMHWR HV OD LQWHJUDFLyQ GH WRGDV ODV $FWXDFLRQHV SURSXHVWDV HQ XQ 3ODQ (VSHFLDO UHJODGR TXH
FRPSOHPHQWHHO3ODQ*HQHUDOHQHO&$\WHQJDYDORUXUEDQtVWLFR
6XEYHQFLyQ'LSXWDFLyQ\*95HGDFFLyQ3OLHJRGHFRQWUDWDFLyQSRUVHUYLFLRVGHO$\XQWDPLHQWR
6XREMHWRHVODLQWHJUDFLyQGHWRGDVODV$FWXDFLRQHVSURSXHVWDVHQXQ3ODQTXHSHUPLWDVROLFLWDUODVD\XGDV
HVWDEOHFLGDV\GHILQLUHQWRGRPRPHQWRVXJHVWLyQ\VXFRRUGLQDFLyQFRQORVRWURV3ODQHV
6XEYHQFLyQ 'LSXWDFLyQ \ *9 \ /,)( 5HGDFFLyQ 3OLHJR GH FRQWUDWDFLyQ SRU VHUYLFLRV GHO
$\XQWDPLHQWR'HPRUDUtDVXFRQWUDWDFLyQDOPHQRVKDVWD
(OVHJXQGR&XDGURUHFRJHODHYDOXDFLyQGHFRVWHVGHOUHVWRGH$FWXDFLRQHVDFRUWRSOD]RSHULRGR
$&78$&,135238(67$
0HUFDGRGHSURGXFWRUHV
6HPDQDGH&RFLQD0DULQHUD
/D1RFKHGH7DSDV
1LWVDODIUHVFD
6HPDQDVLQWHUQDFLRQDOHV
8QLILFDFLyQGHORV0HUFDGRVGHDUWHVDQtD
9LYHURGHHPSUHVDV
3ODQGHUHKDELOLWDFLyQ\UHIRUPDGHOFRPHUFLR
6PDUWFLW\HQHO&$FRQWDGRUHVFRQH[LRQHVLQWHOLJHQWHVGHVDUUROORDSOLFDFLRQHV
'RWDFLyQGHHTXLSDPLHQWRVGHSUR[LPLGDG3]DV0RVTXLW\00LUy
&UHDFLyQGH$XODV\7DOOHUHVGH'LEXMR3LQWXUD&HUiPLFD\0DQXDOLGDGHVORFDO
0DQWHQLPLHQWRGHXQ3URJUDPDGHWUDPSDQWRMRVFRQVXSHUYLVLyQDUWtVWLFD
2UGHQDFLyQGH$FWLYLGDGHVDODLUHOLEUH
&DUWDGHSDUWLFLSDFLyQHQ2ILFLQDGHO&DVFR$QWLJXR\HQODJHVWLyQGHO3ODQ
$SR\RDODORFDOL]DFLyQGHVHGHVGHDVRFLDFLRQHVHQHO&$
3DUWLFLSDFLyQVRFLDOHQDMDUGLQDPLHQWR\PHMRUDV
(VSHFLDOL]DFLyQWHPiWLFDGHSOD]DV$UWHVDQtD0DU\3HVFD\GH3DUWLFLSDFLyQ
+DELOLWDFLyQGH3OD]DVGH%LHQYHQLGD\FDOOHVDFFHVRFRQVHxDOL]DFLyQUHVWR
&RVWHGH
(VWXGLR,QIRUPH
7pFQLFR3UR\HFWR
&RVWHGH
(MHFXFLyQ
&RVWH727$/
2EVHUYDFLRQHV
(O$\XQWDPLHQWRKDELOLWDUtDHOORFDO3URPRYHUtDXQ&RQYHQLRFRQ&iPDUDGH&RPHUFLRTXHORGRWDUtD
727$/*$6726$<817$0,(172
$FWXDOHVJDVWRV1XHYRVJDVWRV
5HVWRVXEYHQFLRQHV*9\'LS$
5HVWR6XEYHQFLRQHV*9\'LS$D DxRVWRWDO
6HFXHQWD
GHORVDQXDOHVSUHVXSXHVWDGRVGH'HVDUUROOR(PSUHVDULDO
6XEYHQFLRQHV*9$\XGDV,QQRYD
$SOLFDFLyQSDUDVPDUWSKRQHV\WDEOHWDV5HVWRDODUJRSOD]R
6HFXHQWD
GHORVDQXDOHVSUHVXSXHVWDGRVGH6RFLHGDGGHOD,QIRUPDFLyQ
=RQDVYHUGHVHQ3]D0RVTXLW\00LUy/DJXDUGHUtDHQ3580DQ]DQD1RUWH/RVDSDUFDPLHQWRVHQ3580DQ]DQD1RUWH
\00LUy6HFXHQWDFRQVXEYHQFLyQGHGHOD'LSXWDFLyQ
+DELOLWDFLyQ GH ORFDOHQ OD 3]D (VSDxD6H FXHQWD FRQ
GH ORV DQXDOHVSUHVXSXHVWDGRV GH3URPRFLyQ
&XOWXUDO(O3UR\HFWRSRGUtDVHUUHDOL]DGRSRUORVVHUYLFLRVWpFQLFRVPXQLFLSDOHV
6HFXHQWD
GHORVDQXDOHVSUHVXSXHVWDGRVGH3URPRFLyQ7XUtVWLFD
(O3UR\HFWRSRGUtDVHUUHDOL]DGRSRUORVVHUYLFLRVPXQLFLSDOHV
(O3UR\HFWRSRGUtDVHUUHDOL]DGRSRUORVVHUYLFLRVPXQLFLSDOHV
6HFXHQWDFRQODD\XGDTXHKDYHQLGRGLVSRQLHQGRHO$\XQWDPLHQWRFRQHVWHILQ
/D$FWXDFLyQSRGUtDFRQWLQXDUVLHQGRFRRUGLQDGDSRUORVVHUYLFLRVWpFQLFRVPXQLFLSDOHV
5HXUEDQL]DFLyQSDUFLDOGHODV3]DV(VSDxD3HVFDGRUHV\%HDWR6HQGUD
6XEYHQFLyQGHOGHOSURJUDPD/,)(GHOD8(TXHGHPRUDUtDVXSXHVWDHQPDUFKDDOPHQRVD
$ERUGD OD DGHFXDFLyQ GH 3]D 0RVTXLW F)RUD 3]D \ F/D )RQW \ 3]D 0DULQHUV&RQVWLWXFLyQ LQWHJUDFLyQ XUEDQD \ GH
PRELOLDULR
6XEYHQFLyQGHOGHOSURJUDPD/,)(GHOD8(TXHGHPRUDUtDVXSXHVWDHQPDUFKDDOPHQRVD
(VGHFLUHVSRVLEOHLQLFLDUHQHOPLVPRODVDFWXDFLRQHVFLWDGDVLQFOXLGDVODVFRQWUDWDFLRQHVGHORV3/$1(6JOREDOHVSURSXHVWRVTXHHQJOREDUiQHQVHQGRVGRFXPHQWRVDGPLQLVWUDWLYRVWRGDVODV3URSXHVWDVGHHVWD3OLFD
&RPRGLMLPRVDOILQDOGHOSXQWRRWUDV$FWXDFLRQHVTXHWHQGUtDQXQLQWHUpVSUHIHUHQWHSHURQRVHSXHGHQSODQWHDUDFDUJRGHORVIRQGRVPXQLFLSDOHVVHUtDQ
358R3/$1'(5(129$&,185%$1$(1/$0$1=$1$1257($QWHULRU35,GHO3*HVSDUWHGHOD$FWXDFLyQSDUDGRWDUGHDSDUFDPLHQWRVSDUDS~EOLFRV\SDUDUHVLGHQWHVSDUWHGHOD$FWSDUD=RQD9HUGHV\OD$FW
SDUDGRWDUOD]RQDGHXQD*XDUGHUtDR(VFROHWD6HSODQWHDVLQFRVWHSUHYLVWRSDUDHO$\XQWDPLHQWRDOWUDWDUVHGHXQ3URJUDPD8UEDQtVWLFRDGHVDUUROODUSRUJHVWLyQGLUHFWDRLQGLUHFWDSHURFX\DVSOXVYDOtDVSHUPLWLUtDQREWHQHUODVFLWDGDV
GRWDFLRQHVGHSUR[LPLGDG6HSODQWHDTXHVHDFRQYRFDGDVXDGMXGLFDFLyQHQFRUWRSOD]RFRQODVDOYHGDGGHODGLItFLOFR\XQWXUDXUEDQtVWLFDTXHQRVPXHYHDIOH[LELOL]DUHOSOD]RSDUDSRGHUORDERUGDUWUDV6XFRQWHQLGRXUEDQtVWLFR
DSURYHFKDPLHQWRVGRWDFLRQHVDQWHSUR\HFWRGHRUGHQDFLyQ\HO3OLHJRORSRGUtDQUHDOL]DUORVVHUYLFLRVWpFQLFRVPXQLFLSDOHV1RREVWDQWHHVWDGRFXPHQWDFLyQWpFQLFDVHSRGUtDUHDOL]DUPHGLDQWHFRQWUDWDFLyQGHVHUYLFLRVWpFQLFRVH[WHUQRV
358R3/$1'(5(129$&,185%$1$'(/$3/$=$0$18(/0,5HVSDUWHGHOD$FWSDUDKDELOLWDU3OD]DVGH%LHQYHQLGDSDUWHGHOD$FWSDUD=RQD9HUGHV\SDUWHGHOD$FWXDFLyQSDUDGRWDUGHDSDUFDPLHQWRVSDUD
S~EOLFRV\SDUDUHVLGHQWHV\VHHQFXHQWUDHQHOPLVPRFDVR\KDFHPRVODPLVPDSURSXHVWDGHHMHFXFLyQGHO358DQWHULRU
&267(6'($&78$&,21(6$0(',2</$5*23/$=2$3$57,5'(
&RPRDFWXDFLRQHVDPHGLRSOD]RUHFRPHQGDPRVODVQRUHDOL]DGDVGHODVDQWHULRUHV\HQWRGRFDVRODVDVtSUHYLVWDVHQHO&XDGURSRUVXDGHFXDFLyQ\FRKHUHQFLD
3ODQGHKRPRJHQHL]DFLyQGHOPRELOLDULR\ODFDUWHOHUtD
%DVHGHGDWRVGHORFDOHVGLVSRQLEOHV
:LILS~EOLFDHQWRGRHO&$
3URJUDPDGHDKRUURHQHUJpWLFR
$XGLWRUtDHQHUJpWLFDHQ(GLILFLRVH,QVWDODFLRQHV3~EOLFDV
'RWDFLyQGHHTXLSDPLHQWRVGHSUR[LPLGDG
&UHDFLyQGHRWUDV]RQDVYHUGHVHVWUDWpJLFDPHQWHGLVWULEXLGDV
&UHDFLyQGH(VFROHWDHQOD3]D0RVTXLWRHQ35,358GHOD0DQ]DQD1RUWH&RQGLFLRQDGDDODDSUREDFLyQGHO3ODQ
7UDVODGRGHOD2ILFLQDGH,QIRUPDFLyQ\7XULVPRYLQFXODGDDOD$FW
0(025,$'(6,17(6,6
25'(1$&,1'(/$635238(67$63/$1(6352*5$0$6352<(&726(,1,&,$7,9$6
/DVSURSXHVWDV3URJUDPDV3ODQHV3URSXHVWDVQRUPDWLYDV\3UR\HFWRVTXHVHSURSRQHQXQDYH]YHULILFDGDVXYLDELOLGDGHFRQyPLFDKDQVLGRGHVFULWDVHQHOSXQWR\VHSUHVHQWDQHQVtQWHVLVDJUXSDGDVVHJ~QODV%DVHVGHO&RQFXUVRHQORV
EORTXHGHUHIHUHQFLDHFRQyPLFDVRFLRFXOWXUDOPHGLRDPELHQWDORGHVRVWHQLELOLGDGRDPELHQWDOHQ3/$1(6\352*5$0$6FRQHOFRUUHVSRQGLHQWHSODQGHHWDSDVFLWDGRHQHOSXQWRDQWHULRUVRQ
3/$1'((6708/2<)20(172'(/$$&7,9,'$'(&210,&$'(/&$6&2$17,*82'(&$/3
3URJUDPD8QFDVFRXUEDQRDFWLYR\HPSUHQGHGRU
3URJUDPD,PDJHQ\SURPRFLyQ
3URJUDPD7XULVPRJDVWURQyPLFR
3/$1'(',1$0,=$&,162&,$/<&8/785$/(1(/&$6&2$17,*82'(&$/3
3/$1'(5(+$%,/,7$&,15(*(1(5$&,1<5(129$&,185%$1$6'(/&$6&2$17,*82'(&$/3
3/$1'(0(-25$'(/$(),&,(1&,$(1(5*e7,&$<6267(1,%,/,'$'$0%,(17$/'(/&$6&2$17,*82'(&$/3
3URJUDPD7XULVPRGHVHQVDFLRQHVWXULVPRKLVWyULFR\FXOWXUDO
3URJUDPD8QD]RQDUHVLGHQFLDOPRGHUQD\GHFDOLGDG
3URJUDPD8QEDUULRFRQDFWLYLGDGFXOWXUDOSURSLD
3URJUDPD8QEDUULRELHQJHVWLRQDGR\SDUWLFLSDWLYR
3URJUDPD8Q&DVFR$QWLJXRTXHQRYLHMRYLYRDJUDGDEOH\VLQJXODU
3URJUDPD9HU\VHUYLVWR8QSDLVDMHXUEDQRPHPRUDEOH
3URJUDPD8QFDVFRDFFHVLEOH\DELHUWR
3URJUDPD8QEDUULRVRVWHQLEOH\DYDQ]DGR
3URJUDPD8QPXQLFLSLRFRPSURPHWLGRFRQODVRVWHQLELOLGDG
&RPRH[SXVLPRVDOJXQDGHODV$FWXDFLRQHVLQFOXLGDVHQHO3/$1FRPRODFUHDFLyQGHXQD2),&,1$(1&$5*$'$'(/&$6&2$17,*82HQHO$\XQWDPLHQWREDMRODGHSHQGHQFLDGHXQD&RQFHMDOtDHO352*5$0$'($<8'$$/(035(1'('25\
OD JHQHUDFLyQ GHXQORJR R ,0$*(1 &25325$7,9$ '(/ &$ VRQ DFWXDFLRQHVTXHHQ ODV PDWULFHV TXH KHPRV UHDOL]DGR GHPXHVWUDQ XQD DOWD FRKHUHQFLD\VRQ PX\ DGHFXDGDV D ORV REMHWLYRV GHO &RQFXUVR SRU OR TXH ODVKHPRV FDOLILFDGR FRPR
SUHIHUHQWHV\SURSRQHPRVVXHMHFXFLyQLQPHGLDWD8QDGHODVDFWXDFLRQHVSURSXHVWDVHQHO3/$1ODHODERUDFLyQGHXQD25'(1$1=$'(&21752/'(58,'26<)20(172'(/$&219,9(1&,$$FWSRUODVPLVPDVUD]RQHV\SRUVXJUDQ
WUDVFHQGHQFLDHQODSREODFLyQUHVLGHQWHVXYLDELOLGDG\VXSDSHOHMHPSODUL]DQWHHVXQDLQLFLDWLYDTXHFUHHPRVGHEHDERUGDUVHLQPHGLDWDPHQWH\VLQHVSHUDUDGLVSRQHUGHODDSUREDFLyQGHOFLWDGR3ODQ
3RURWUDSDUWHXQDGHODVFDUHQFLDVTXHHQODV3RQHQFLDVLQIRUPDWLYDV\'LDJQyVWLFRKDQVLGRGHVWDFDGDVHUDODQHFHVLGDGGHUHFXSHUDUODLGHQWLGDGRULJLQDULDGHOQ~FOHRKLVWyULFRGH&DOSTXHKHPRVUHVXPLGRFRQHOOHPDGH9(5<6(59,6726\VREUHHO
TXHVHSURSRQHHMHFXWDUHO352<(&72'(5(+$%,/,7$&,1<5(129$&,185%$1$'(/$5($'(/$085$//$$FWTXHVHJUDItDHQORV3DQHOHV\TXHVHJ~QODVPDWULFHVH[SXHVWDVWLHQHXQIXHUWHLPSDFWRSRUVXFDUiFWHUHPEOHPiWLFRDORV
HIHFWRV GH HVWH &RQFXUVR 3RU ~OWLPR WLHQHQ WDPELpQ JUDQ LQWHUpV GHQWUR GHO 3/$1 VRQ YLDEOHV VLQ OD OLPLWDFLyQ SUHVXSXHVWDULD FDEUtD DPSOLDU VX Q~PHUR \ WLHQHQ FDUiFWHU HMHPSODU ORV 352<(&726 '( /$ 3/$=$ '(/ 6$/9$'25 \ GH
5(85%$1,=$&,1'(/$3=$'(/$9,/$<6(1'$35,1&,3$/'(/&$6&2$17,*82WDOFRPRFRQFOX\HQODVPDWULFHVGHDGHFXDFLyQ\FRKHUHQFLDTXHH[SRQGUHPRVPiVDGHODQWH6HHVER]DQVXVUHVSHFWLYRV3UR\HFWRHQORV3$1(/(66HKDQ
GHVFULWRFRPR$FWXDFLRQHVQ\
7RGRVHVWRV352<(&726H,1,&,$7,9$6GHFDUiFWHUSUHIHUHQWH\SRVLEOHHMHFXFLyQLQPHGLDWDFXEUHQDGHPiVGHIRUPDHTXLOLEUDGDORVWUHV2EMHWLYRVGHO&RQFXUVR%DVH\VRQ
352<(&72'(,0$*(1&25325$7,9$'(,'(17,),&$&,1'(/&$6&2$17,*82$FW,QFOXLGRHQ3/$1
352*5$0$'($<8'$$/(035(1'('25$FW,QFOXLGRHQ3/$1
&5($&,1'(/$2),&,1$'(/&$6&2$17,*82$FW,QFOXLGRSUHIHUHQWHPHQWHHQHO3/$1
,1)250(6'((67$'2'(/$(',),&$&,15(6,'(1&,$/$FW,QFOXLGRHQ3/$1
25'(1$1=$'(&21752/'(/58,'2<'()20(172'(/$&219,9(1&,$$FW,QFOXLGRHQ3/$1
352<(&72'(5(+$%,/,7$&,1<5(129$&,185%$1$'(/$5($'(/$085$//$$FW,QFOXLGRHQ3/$1
352<(&72'(5(85%$1,=$&,1'(/$3/$=$'(/$9,/$<6(1'$35,1&,3$/'(/&$6&2SDUWH$FW\,QFOXLGRHQ3/$1
352<(&72'(5(85%$1,=$&,1'(/$3/$=$'(/6$/9$'25$FW,QFOXLGRHQ3/$1
352*5$0$'(35202&,1'(&20(5&,26'(352;,0,'$'$FW,QFOXLGRHQ3ODQ
,1,&,$7,9$6,17(51$6',5(&7$6'(6'($&78$/(6&21&(-$/$6<352*5$0$6
3ODQPXVHtVWLFRJOREDO$FW
3ODQGHSURPRFLyQGHO&DVFR$QWLJXRHQLQFRUSRUDFLyQGHOPLVPRHQODVFDPSDxDVWXUtVWLFDVGH&DOS$FW\
&HQWUDUHQHO&$ODVDFWLYLGDGHVVREUHKLVWRULD\FXOWXUD\SURPRFLyQGHDFWLYLGDGHVFXOWXUDOHVPHGLDQWHFRQYHQLRVFRQ$VRFLDFLRQHV\&iELODV$FW\
&UHDFLyQGHXQD$VRFLDFLyQGH&RPHUFLDQWHV\+RVWHOHURVGHO&$$FW
(OHTXLSRUHGDFWRUHVFRQVFLHQWHGHTXHHVWD35238(67$SUHVHQWDGDHQXQD3/,&$GHXQ&RQFXUVRGH,'($6<35238(67$6WLHQHDSHVDUGHODPHWRGRORJtD\ULJRUTXHVHODKDTXHULGRGRWDUODVOLPLWDFLRQHVOyJLFDVGHXQ&RQFXUVRGHHVWHWLSR
3DUDOD720$'('(&,6,1),1$/XQDYH]SUHVHQWDGDOD3OLFDFDEUtDFRQWUDVWDUVXFRQWHQLGRFRQODRSLQLyQS~EOLFDGXUDQWHHOSHULRGRGHSDUWLFLSDFLyQFLXGDGDQD\H[SRVLFLyQS~EOLFD%DVH\ILQDOPHQWHUHFRJHUODRSLQLyQGHOD&RUSRUDFLyQ
GHSRVLWDULDILQDOGHVXVUHFRPHQGDFLRQHV6HUHVDOWDDVtQXHYDPHQWHVXYDORULQVWUXPHQWDO\VXFDUiFWHUDELHUWRDODVPDWL]DFLRQHVDPSOLDFLRQHVRUHGXFFLRQHVGHDOFDQFHTXHKDLQVSLUDGRHVWHWUDEDMRGHVGHVXVSODQWHDPLHQWRVLQLFLDOHV
3/$1'((7$3$6
&RPRVHKDGLFKRVHKDQSURFXUDGRHVWDEOHFHU$FWXDFLRQHVGHGLQDPL]DFLyQ\PHMRUDQRVyORSULRULWDULDV\YLDEOHVWUDVODUHVROXFLyQGHO&RQFXUVRVLQRGHILQLU3URSXHVWDVLQPHGLDWDV\DFRUWRSOD]RTXHHQIXQFLyQGHODPHWRGRORJtDVHJXLGDRFXSDQOD
EXHQDSDUWHGHUHFRPHQGDFLRQHV0iVD~QODV$FWXDFLRQHVDPHGLR\ODUJRSOD]RORVRQ~QLFDPHQWHSRUODIDOWDGHPHGLRV\HVFDVH]HQHVWRVPRPHQWRVGHIRQGRVPXQLFLSDOHV\S~EOLFRVHQJHQHUDOSDUDDERUGDUODV3RUHOORFREUDHVSHFLDOLQWHUpVOD
JHVWLyQGHO3ODQWDQWRSDUDYHULILFDUODYDOLGH]GHODV$FWXDFLRQHVHVWDEOHFLGDVFRPRORVDMXVWHVRPHMRUDVTXHHQHOWLHPSRVHKDJDQUHFRPHQGDEOHV
(QSULQFLSLRUHFRPHQGDUtDPRVHOVLJXLHQWH&DOHQGDULRGHDFWXDFLRQHVDFRSODGDVDO3ODQGH(WDSDVDFRUWRPHGLR\ODUJRSOD]RTXHKHPRVHVWXGLDGR
(7$3$
&25723/$=2 $xR
(QFDUJR\UHDOL]DFLyQGHO352<(&72'(,0$*(1
&25325$7,9$ '( ,'(17,),&$&,1 '(/ &$6&2
$17,*82
&UHDFLyQ GH OD 2),&,1$ '(/ &$6&2 $17,*82
DGVFULSFLyQDGPLQLVWUDWLYD\KDELOLWDFLyQ
&RQYRFDWRULDGHLQWHUHVDGRVSHWLFLyQGHD\XGDV\
FRQWUDWDFLyQ GH ,1)250(6 '( (67$'2 '( /$
(',),&$&,15(6,'(1&,$/SDUD
(QFDUJR\UHGDFFLyQGHO352<(&72'(
5(+$%,/,7$&,1<5(129$&,185%$1$'(/
$5($'(/$085$//$
3UHSDUDFLyQ GH 3OLHJR \ &RQFXUVR GH 3/$1 '(
5(129$&,185%$1$(1/$0$1=$1$1257(
DSOD]DEOHKDVWDSRUFR\XQWXUDLQDSURSLDGD
3UHSDUDFLyQGH3OLHJR\(QFDUJRGHO352<(&72
'(5(85%$1,=$&,1'(/$3/$=$'(/$9,/$<
6(1'$35,1&,3$/'(/&$6&2
3UHSDUDFLyQGH3OLHJR\(QFDUJR352<(&72'(
5(85%$1,=$&,1'(/$3/$=$'(/6$/9$'25
3UHSDUDFLyQ GH 3OLHJR \ &RQFXUVR GH 3/$1 '(
5(85%$1,=$&,1'(/$3/$=$0$18(/0,5
DSOD]DEOHKDVWDSRUFR\XQWXUDLQDSURSLDGD
$xR
3XHVWDHQPDUFKDGHORJRV\FDUWHOHUtDVREUHV\
ZHEV
3UHSDUDFLyQGH&$57$'(3$57,&,3$&,1
&,8'$'$1$
5HDOL]DFLyQ GH ,1)250(6 '( (67$'2 '( /$
(',),&$&,15(6,'(1&,$/
([SRVLFLyQS~EOLFDOLFLWDFLyQ\REUDGH
5(+$%,/,7$&,1<5(129$&,185%$1$'(/
$5($'(/$085$//$
3UHSDUDFLyQ GH 3OLHJR \ &RQFXUVR GH 3/$1 '(
$xR
5(129$&,185%$1$(1/$0$1=$1$1257(
SRUSRVLEOHDSOD]DPLHQWRGHVGH
3UHSDUDFLyQ GH 3OLHJR \ &RQFXUVR GH 3/$1 '(
5(85%$1,=$&,1'(/$3/$=$0$18(/0,5
SRUSRVLEOHDSOD]DPLHQWRGHVGH
3XHVWDHQPDUFKDGHODV$FWXDFLRQHVDFRUWRSOD]R
GHO 3/$1 '( (6708/2 < )20(172 '( /$
$&7,9,'$'(&210,&$
3XHVWDHQPDUFKDGHODV$FWXDFLRQHVDFRUWRSOD]R
GHO3/$1'(',1$0,=$&,162&,$/<&8/785$/
(1(/&$6&2$17,*82
(7$3$
0(',23/$=2
(7$3$
/$5*23/$=2
/LFLWDFLyQ\IDVHREUDGH5(85%$1,=$&,1'(
/$3/$=$'(/6$/9$'25
3XHVWD HQ PDUFKD GH ODV $FWXDFLRQHV D PHGLR
SOD]R GHO 3/$1 '( ',1$0,=$&,1 62&,$/ <
&8/785$/(1(/&$6&2$17,*82
3XHVWD HQ PDUFKD GH ODV $FWXDFLRQHV D PHGLR
SOD]R GHO 3/$1 '( 5(+$%,/,7$&,1
5(*(1(5$&,1 < 5(129$&,1 85%$1$6 '(/
&$6&2$17,*82
(QWUHJD H[SRVLFLyQ S~EOLFD \ DSUREDFLyQ GHO
3/$1 '( 0(-25$ '( /$ (),&,(1&,$
(1(5*e7,&$<6267(1,%,/,'$'$0%,(17$/'(/
&$6&2$17,*82
3XHVWDHQPDUFKDGHODV$FWXDFLRQHVDODUJRSOD]R
GHO3/$1'(',1$0,=$&,162&,$/<&8/785$/
(1(/&$6&2$17,*82
3XHVWDHQPDUFKDGHODV$FWXDFLRQHVDODUJRSOD]R
GHO3/$1'(5(+$%,/,7$&,15(*(1(5$&,1<
5(129$&,185%$1$6'(/&$6&2$17,*82
3XHVWD HQ PDUFKD GH ODV PHGLGDV GH PHMRUD GHO
3/$1 '( (),&,(1&,$ (1(5*e7,&$ <
6267(1,%,/,'$' $0%,(17$/ '(/ &$6&2
$17,*82
5HPDUFDPRVHOYDORUGHOD*(67,1<6(*8,0,(172GHODV3URSXHVWDV\GHVGHOXHJRGHO3ODQGH(WDSDV\&DOHQGDULRLQFOX\HQGRHOUHVXOWDGRILQDOGHWRGDVHOODVXQDYH]VRPHWLGDVDOSURFHVRGHSDUWLFLSDFLyQSUHYLVWR\DODDSUREDFLyQGHO
$\XQWDPLHQWR&RQVWLWX\HSRUWDQWRXQDYHUGDGHUD)$6(GHHVWH&RQFXUVRGH,GHDV\3URSXHVWDV&RPRGLMLPRVODDJUXSDFLyQGHODVPLVPDVHQ3/$1(6\ODIRUPDOL]DFLyQGHpVWRVFRPRGRFXPHQWRDGPLQLVWUDWLYRIDFLOLWDUiGLFKDDFFLyQ
6HKDSUHYLVWRSDUDHOORODFUHDFLyQGHXQD2),&,1$'(/&$6&2$17,*82HQHOPLVPR$\XQWDPLHQWRODHODERUDFLyQGHXQD&$57$'(3$57,&,3$&,21GHYHFLQRVHLQWHUHVDGRVFRQODFUHDFLyQGHXQD&RPLVLyQGH6HJXLPLHQWR\ODGHSHQGHQFLD
DGPLQLVWUDWLYDGHDTXpOODGHXQDGHODV&RQFHMDOtDVDGHFLGLUSRUOD&RUSRUDFLyQSHUPLWLUiQHQFDGDPRPHQWRHOJUDGRGHFXPSOLPLHQWRRGHVYtRGHODVFLWDGDV$FWXDFLRQHV
(VWDHVWUXFWXUDSHUPLWLUtDHQVXFDVRWRPDUODVPHGLGDVGHDMXVWHGHVDUUROORRPRGLILFDFLyQGHORVFLWDGRV3/$1(6TXHTXHGDUtDQJHVWLRQDGRVGHHVWDIRUPDFRPR3ODQHVHVWUDWpJLFRVSRUHO$\XQWDPLHQWRFRQODVFRQQRWDFLRQHVTXHGHILQHQHVWHWLSRGH
GRFXPHQWRV
/DV3RQHQFLDVHODERUDGDVHQOD)DVHGH$1$/,6,6<',$*167,&2WLHQHQHOYDORUDxDGLGRDOFRPHWLGRGHLQIRUPDFLyQGHHVWH&RQFXUVR\GHUDFLRQDOL]DUODVSURSXHVWDVGHVHUYLUGHLQIRUPDFLyQEiVLFDSDUDOD)$6(GH*(67,1<6(*8,0,(172
5(680(1<35(6(17$&,1'(/$3/,&$
6HJ~QHVWDEOHFHOD%DVHGHO&RQFXUVRHVWD3OLFDODFRQVWLWX\HHO6REUH$FHUUDGRFRQODLGHQWLILFDFLyQGHORVDXWRUHV\HTXLSRWpFQLFRFXUUtFXOR\DFUHGLWDFLyQTXHVHSUHVHQWDDGMXQWR\GHOSUHVHQWH3DTXHWH%TXHHVWiIRUPDGRSRU
7H[WRFRQOD0(025,$DVXYH]GHVDJUHJDGDHQ)DVH,1)250$&,1$1$/,6,6<',$*167,&2\)$6(35238(67$6TXHUHVSRQGHQDORVWUHVREMHWLYRVGHODFRQYRFDWRULDHFRQyPLFRVRFLRFXOWXUDO\PHGLRDPELHQWDO&RQ
LOXVWUDFLRQHVIRWRJUDItDV\SODQRV(QEODQFR\QHJUR\FRORU
3$1(/(6',1$DFRORUTXHUHFRJHQODVSURSXHVWDVGHGLVHxRXUEDQRPiVVREUHVDOLHQWHV\VXUHODFLyQFRQODV3URSXHVWDVGHOWH[WR(QODSiJLQDVLJXLHQWHVHDFRPSDxDXQDUHSURGXFFLyQGHORVPLVPRV
'9'VRSRUWHGLJLWDOFRQDPERVFRQWHQLGRV\ORVGHO6REUH$
(QUHVXPHQHOHTXLSRWpFQLFRUHGDFWRUUHVSRQGHDOD&RQYRFDWRULDGHO&21&8562'(,'($6<35238(67$6FRQGLFKDGRFXPHQWDFLyQWDOFRPRHVWDEOHFHQODV%DVHVGHODTXHVHGHGXFHQXQDVHULHGHSURSXHVWDVGH$&78$&,21(6FRQFUHWDV\GH
3/$1(6<352<(&726DHODERUDUHQODVIDVHV\IRUPDOLGDGHVFRUUHVSRQGLHQWHV6HSURSRQHSRUHOORVXSXHVWDHQPDUFKDDFRUWRSOD]RDOJXQDVFRQFDUiFWHULQPHGLDWR\FRLQFLGLHQGRFRQHOSHULRGRGHFRPSURPLVRPXQLFLSDOGHGLVSRQLELOLGDG
DPHGLR\ODUJRSOD]RVHJ~QODVSULRULGDGHV\PHGLRVGLVSRQLEOHV
&DOSH6HSWLHPEUHGH