Está en la página 1de 45

KWWSZZZHOSUDFWLFDQWHJDOHRQFRP

0$18$/'(7(&1,&$6%$6,&$6'(
(1)(50(5,$
81,9(56,'$''(&+,/(
)$&8/7$''(0(',&,1$
(6&8(/$'((1)(50(5,$


(/$%25$'2325(48,32'2&(17(
$6,*1$785$352&(62'((1)(50(5$,,
$&78$/,=$'2325

0$5$%$0$5',
0$57$52-$6
%($75,=6$$9('5$
&RQODFRODERUDFLyQGHODDOXPQD
0$&$5(1$*$5&,$

(48,32'2&(17(
(80$5$%$0$5',

(8&5,67,1$(63,12=$
(89(51,&$1$6$%81
(8$1$0$5$3(f$
(8<2/$1'$5(<(6
(80$57$52-$6
(8%($75,=6$$9('5$
(8+(50,1,$6$/,1$6
(87(5(6$9,/&+(6

,1',&(

x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x

7(0$

3ULQFLSLRVEiVLFRVGHWRGRSURFHGLPLHQWRGHHQIHUPHUtD
8VRGHOD%DQGHMDGHSURFHGLPLHQWRV
/DYDGRGHPDQRVGRPpVWLFR
/DYDGRGHPDQRVFOtQLFR
/DYDGRGHPDQRVTXLU~UJLFR
3ULQFLSLRVTXHULJHQODFRQIHFFLyQGHFDPDVKRVSLWDODULDV
$VHRWHUPLQDOGHODXQLGDG
&DPDFHUUDGD
&DPDDELHUWD
&DPDSDUWLGD
&DPDGHDQHVWHVLD
&DPELRGHURSDFRQSDFLHQWHHQFDPD
$VHRGHFDYLGDGHV
$VHRPDWLQDO
$VHRJHQLWDO
%DxRHQFDPD
/DYDGRGHFDEHOORHQFDPD
$GPLQLVWUDFLyQGHPHGLFDPHQWRVYtD,06&
$GPLQLVWUDFLyQGHPHGLFDPHQWRVSRUYtDLQWUDYHQRVD
([WUDFFLyQGHVDQJUHYHQRVD
([WUDFFLyQGHVDQJUHDUWHULDO
,QVWDODFLyQGHYtDYHQRVD
)OHERFOLVLV
,QVWDODFLyQGHVRQGDQDVRJiVWULFD
,QVWDODFLyQVRQGDQDVR\H\XQDO
,QVWDODFLyQVRQGD YHVLFDO IROH\\QHODWRQ
/DYDGRLQWHVWLQDO\IOHHWHQHPD

3$*,1$




























35,1&,3,26%$6,&26'(72'2352&(',0,(172'((1)(50(5$

/DYDGRGHPDQRVHQiUHDOLPSLDGHODFOtQLFD

3UHSDUDUHOHTXLSRHQODEDQGHMDHQODFOtQLFDGHHQIHUPHUtD
&RPXQLFDUDOSDFLHQWH\VROLFLWDUVXFRRSHUDFLyQ

&XLGDUHOSXGRU\SULYDFLGDGGHOSDFLHQWHGXUDQWHWRGRHOSURFHGLPLHQWR
$GDSWDUODWpFQLFDDODVQHFHVLGDGHVDOWHUDGDVGHOSDFLHQWH
(MHFXWDUODWpFQLFDSURSLDPHQWHWDO

&RQVHUYDUHQWRGRPRPHQWRORVSULQFLSLRVGHDVHSVLD\DQWLVHSVLD
'HMDUFyPRGRDOSDFLHQWHDOWHUPLQDUODWpFQLFD

$EDQGRQDU OD VDOD GHO SDFLHQWH \ GLULJLUVH DO iUHD VXFLD GH OD FOtQLFD SDUD GHMDU HO PDWHULDO

/DYDGRGHPDQRVHQODFOtQLFD

XWLOL]DGR

5HJLVWUDUHQKRMDGH(QIHUPHUtDOHWUDFODUD\UHVXPHQGHOSURFHGLPLHQWRUHDOL]DGR

 
862'(/$%$1'(-$'(352&(',0,(1726
2%-(7,926

$KRUUDUWLHPSR\HQHUJtD

)DFLOLWDUHOWUDVODGRGHPDWHULDOHVSDUDODDWHQFLyQGHHQIHUPHUtD
0DQWHQHUODHVWpWLFD\HORUGHQ

&$5$&7(5,67,&$648('(%(7(1(5/$%$1'(-$

/DYDEOH
/LYLDQD

&RQUHYHVWLPLHQWRVQRSRURVD
1RR[LGDEOH

1RGHVSUHQGLEOH
/LVD

7DPDxRVXILFLHQWHSDUDTXHSXHGDVHUXVDGDHQHOYHODGRURPHVD

/DVEDQGHMDVGHEHQPDQWHQHUVHHQOXJDUOLPSLR\VHFR

0$1(-2'(/$%$1'(-$

8QDYH]XVDGDGHEHQUHJUHVDUDOiUHD VXFLDGHODFOtQLFDOXHJRODYDUODHQMXDJDUOD\VHFDUOD
/DEDQGHMDGHEHRUJDQL]DUVHVLHPSUHPDQWHQLHQGRXQiUHDOLPSLD\XQiUHDVXFLD

&XDQGRWUDVODGHODEDQGHMDDODXQLGDGGHOHQIHUPRGHEHOLPSLDUODXQLGDGGRQGHODGHSRVLWDUiR
DLVODUODFRQXQSDSHO

 
/$9$'2'(0$126'20(67,&2
2EMHWLYR 'LVPLQXLUODIORUDWUDQVLWRULD
$'XUDFLyQ

DVHJXQGRV
%,QGLFDFLyQ

0HGLFLyQGHODGLXUHVLV
&RQWUROGHVLJQRVYLWDOHV\WHPSHUDWXUD
%DxRGHSDFLHQWHVDVHRGHJHQLWDOHV
$VHRGHFDYLGDGHV
&RUWHGHXxDV
$VHRGHXQLGDG
$VHR\FDPELRGHODEROVDGHFRORVWRPtD
5HWLURGH&9361*61<\6RQGD)ROH\
& 7pFQLFD

5HWLUDUMR\DV\UHORM
0RMDUODVPDQRV
-DERQDUPDQRV\HVSDFLRVLQWHUGLJLWDOHV
)ULFFLRQDUPDQRVSDUDREWHQHUHVSXPD
(QMXDJDUFRQDJXDFRUULHQWH
6HFDUPDQRVFRQWRDOODGHVHFKDEOHRLQGLYLGXDO
&HUUDUOODYHFRQODPDQR

 

/$9$'2'(0$126&/,1,&2
2EMHWLYR(OLPLQDUODIORUDWUDQVLWRULD
$ 'XUDFLyQ
PLQXWR

% ,QGLFDFLRQHV

$GPLQLVWUDFLyQGHGRFXPHQWRV
&XUDFLRQHV\VXWXUDV
7RPDGHH[iPHQHV
&93
3UHSDUDFLyQGHVROXFLRQHV\PHGLFDPHQWRV
,QVWDODFLyQGH6)61*61<
$VSLUDFLyQGHVHFUHFLRQHV
7DFWRUHFWDO\JLQHFROyJLFRV
(QGRVFRSLD
& 7pFQLFD

6XELUODVPDQJDVGHODURSDKDVWDHOFRGR\UHWLUDUODVMR\DV
$GRSWDUXQDSRVLFLyQFyPRGDIUHQWHDOODYDPDQRV
$EULUODOODYHGHODJXD\GHMDUFRUULHQGRPRMDUVHODVPDQRV
-DERQDUODVPDQRV\PXxHFDV
)ULFFLRQDUODVPDQRVSDUDREWHQHUHVSXPDSULQFLSDOPHQWHHQWUHORVGHGRV
(QMXDJDUFRQDJXDFRUULHQWH

6HFDUSULPHURODVPDQRV\GHVSXpVORVDQWHEUD]RVFRQODWRDOODLQGLYLGXDO

&HUUDUODOODYHGHODJXDFRQORVFRGRVRURGLOODVVHJ~QODVFDUDFWHUtVWLFDVGHODLQVWDODFLyQ6yOR
XVDUODWRDOODSDUDFHUUDUODOODYHVLHOODYDPDQRVHVGHWLSRGRPpVWLFR
'HVHFKDUODWRDOOD

 

/$9$'2'(0$12648,55*,&2

2EMHWLYR (OLPLQDUODIORUDWUDQVLWRULD\UHGXFLUODIORUDUHVLGHQWH
$ 'XUDFLyQ
DPLQXWRV

% ,QGLFDFLRQHV
&DWpWHUFHQWUDO
7RUDFRFHQWHVLV
,QVWDODFLyQGHGUHQDMHSOHXUDO
3DUDFHQWHVLV
$QWHVGHFXDOTXLHUSURFHGLPLHQWRTXHUHTXLHUDWpFQLFDDVpSWLFD
(QWRGRSURFHGLPLHQWRLQYDVLYR
& 0DWHULDOHV
-DEyQ\RDQWLVpSWLFR
(VFRELOODVyORSDUDXxDV
&RPSUHVDHVWpULO

' 7pFQLFD
5HWtUHVHHOFKDOHFR
6~EDVHODVPDQJDVKDVWDHOEUD]R
5HWtUHVHODVMR\DV
$EUDODOODYHGHDJXD
0yMHVHODVPDQRVPXxHFD\PLWDGGHODQWHEUD]R
-DEyQHVHIURWHSDOPDFRQSDOPDVHJXQGRV
3DOPDGHUHFKDVREUHGRUVRGHPDQRL]TXLHUGD\YLFHYHUVDVHJXQGRV
(QWUHFUX]DUORVGHGRV\IURWDUORV
'RUVRGHORVGHGRVFRQWUDODSDOPDRSXHVWD GHGRVHQJDQFKDGRV
&RQSXOJDUHtQGLFHRSXHVWR LQVLVWDHQWUHFDGDGHGR
3URORQJDUHOODYDGRGHODVPXxHFDV\DQWHEUD]RIURWDQGRHQpUJLFDPHQWHHLPSUHJQDQGRWRGDOD
VXSHUILFLHGHODSLHO
&HStOOHVHVyORODVXxDV
(QMXDJXHFRQDJXDFRUULHQWH\UHSLWDHOSURFHGLPLHQWRXQDYH]PiV
6pTXHVHODVPDQRVPXxHFDV\DQWHEUD]RFRQWRDOODHVWpULO
8VHDQWLVpSWLFRMDERQRVD &ORUKH[LGLQDRSRYLGRQD\RGDGDDO HQFDVRGHQRFRQWDU
FRQMDEyQDQWLVpSWLFROiYHVHODVPDQRVFRQMDEyQFRUULHQWH\DSOtTXHVHDQWLVpSWLFRGHXVRWySLFR

 
35,1&,3,2648(5,*(1/$&21)(&&,21'(&$0$6+263,7$/$5,$6

3UHYLRDODFRQIHFFLyQGHFDPDVVHGHEHHIHFWXDUXQDVHRWHUPLQDORUHFXUUHQWHGHODXQLGDG
VHJ~QWpFQLFD

/DVFDPDVKRVSLWDODULDVMDPiVVHVDFXGHQSDUDHYLWDUODDJLWDFLyQPHFiQLFD GHDHURVROHV
PLFURELDQRV\GHHVWDPDQHUDHYLWDUODVLQIHFFLRQHVFUX]DGDVRLQIHFFLRQHVLQWUDKRVSLWDODULDV

/DVFDPDVVHFRQIHFFLRQDQHQGRV\PHGLDYXHOWDFRQHOILQGHHYLWDUJLUDUDOUHGHGRUGHODFDPD
HQIRUPDLQQHFHVDULD
3ULPHURVHHIHFW~DODEDVH GHODFDPDTXHLQFOX\HFROFKyQViEDQDEDMHUD\HOKXOHFRQ
VDEDQLOOD

5HXQLUWRGRHOPDWHULDOHQXQDEDQGHMDODVSLH]DVGHURSDGHEHQLUSXHVWDHQODEDQGHMDHQ
RUGHQGHFRORFDFLyQFRQIRUPHDODWpFQLFD
/DFRQIHFFLyQGHFDPDVGHEHUHDOL]DUVHFHIDORFDXGDOHVGHFLUGHDUULEDKDFLDDEDMR
FRQVLGHUDQGRTXHODSDUWHGHDUULEDHVXQiUHDOLPSLD\ODSDUWHGHDEDMRXQiUHDVXFLD
/DEDQGHMDGHEHFRORFDUVHHQHOYHODGRURPHVDGHOHQIHUPRSUHYLROLPSLH]DGHHVWH

,QFOXLUHQODEDQGHMDXQSDxLWRK~PHGRXQD EROVDWUDDVSDUHQWHSDUDODURSDVXFLD\XQDEROVDGH
GHVHFKRV
'HEHKDEHUHVSHFLDOSUHRFXSDFLyQGHGHMDUELHQHVWLUDGDODViEDQDEDMHUD\VDEDQLOODSDUDQR
SURGXFLUOHVLRQHVHQODSLHOGHOHQIHUPRFDXVDGDSRUHOURFH

/DURSDGHFDPDGHEHFRORFDUVHGHWDOIRUPDTXHQRVHGHVDUPHFRQHOSDFLHQWHHQFDPD\QRVH
HQIUtHHVSHFLDOPHQWHORVSLHV
$OILQDOGHOSURFHGLPLHQWRUHWLUDUHOPDWHULDORUGHQDU\JXDUGDU

(OSURFHGLPLHQWRLQFOX\HDFRPRGDUORVHOHPHQWRVGHOSDFLHQWHHQHOYHODGRU

$QWHVGHVDFDUODURSDGHFDPDXVDGDFRORTXHODEROVDGHURSDHQHOUHVSDOGRGHODVLOOD

(OXVRGHJXDQWHVGHSURFHGLPLHQWRHVREOLJDWRULRFXDQGRKD\PDQHMRGHIOXLGRVFRUSRUDOHV

 

$6(27(50,1$/'(/$81,'$'
2EMHWLYR
(YLWDULQIHFFLRQHVLQWUDKRVSLWDODULDV
(QWUHJDUDOSDFLHQWHXQDXQLGDGOLPSLD
&XLGDUODHVWpWLFDGHODVDOD
$ (TXLSR
&DUURGHDVHRFRQ
MDUURFRQDJXD
UHFLSLHQWHFRQDJXDFRQGHWHUJHQWH
3DxRV FRPRPtQLPR 
*XDQWHVGHSURFHGLPLHQWR
%ROVDGHURSDVXFLD
%ROVDSDUDODEDVXUD

% 3URFHGLPLHQWR
/iYHVHODVPDQRV
3UHSDUHHOFDUURGHDVHR
&ROyTXHVHORVJXDQWHV
6XHOWHODURSDGHFDPDUHWLUHUHVWRVGHEDVXUD SDSHOHVPLJDVHWF GHVHFKHHQODEROVDGH
EDVXUDGHOFDUUR
5HWLUHODURSDSRUDUUDVWUHHQUROOiQGRODHOLPLQHHQEROVDGHURSDVXFLD
+XPHGH]FDXQSDxRFRQDJXDFRQGHWHUJHQWH\SURFHGDDOLPSLDUSDUWHVXSHULRUGHOFROFKyQ
IRUUDGRFRQKXOH 
+XPHGH]FDRWURSDxRFRQDJXDSXUD\HQMXDJXH
'REOHHOFROFKyQKDFLDORV SLHVGHODFDPDFRQHOSDxRFRQGHWHUJHQWHSURFHGDDMDERQDUHOFDWUH
UHVSDOGR\VRPLHU \FROFKyQHQMXDJXH
&RORTXHHOFROFKyQSLQWDGRFRQODPLWDGOLPSLDHQODPLWDGOLPSLDGHOVRPLHU
5HSLWDHOSURFHGLPLHQWRHQODSDUWHVXFLDGHOFROFKyQ\FDWUH
7HUPLQHHODVHRGHODXQLGDGOLPSLDQGRODVSDWDVGHOFDWUH
9HODGRU5HWLUHORVUHVWRVGHEDVXUD SDSHOHVPLJDVHWF \HOLPLQHHQODEROVDGHEDVXUD
3URFHGDDSDVDUSULPHURHOSDxRK~PHGRFRQDJXDFRQGHWHUJHQWHGHVGHODFXELHUWDKDFLD
DEDMRFDUDVODWHUDOHV\GHVGHDGHQWURKDFLDDIXHUDOXHJRHQMXDJXH
&RQODPHVDGHOSDFLHQWHUHDOLFHHOPLVPRSURFHGLPLHQWR GHDUULEDKDFLDDEDMR 
3LVRRVLOODUHDOLFHLJXDOSURFHGLPLHQWR GHDUULEDKDFLDDEDMR 
5HWLUHFDUURGHDVHRODYHWRGRVORVLPSOHPHQWRVXVDGRVOLPSLH\RUGHQHHOFDUUR GHEHTXHGDU
OLVWRSDUDVHUXVDGR 
5HWtUHVHORVJXDQWHV
/iYHVHODVPDQRV

2EMHWLYR

 
&$0$&(55$'$

3UHSDUDUODXQLGDGSDUDXQQXHYRLQJUHVRGHVSXpVGHKDEHUVHHIHFWXDGRHODVHR
FRQFXUUHQWHGHODXQLGDG
5HYLVDUFRQGLFLRQHVItVLFDVGHODFDPDFROFKyQ\DOPRKDGD

$ (TXLSR
%DQGHMDFRQ
0XGDGHURSDGHFDPDFRPSOHWD
% 3URFHGLPLHQWR

/iYHVHODVPDQRV
7UDVODGHODPXGDGHURSDGHFDPDSUHYLDPHQWHSUHSDUDGDDODXQLGDG
'LVSRQJDODViEDQDGHDEDMRHQHOWHUFLRVXSHULRUGHODFDPD\H[WLpQGDODKDFLDORVSLHVYDOOD
KDFLDODFDEHFHUDFpQWUHODHLQWURG~]FDODSRUGHEDMRGHOFROFKyQKDJDiQJXOR\ItMHOD5HDOLFHOR
PLVPRKDFLDORVSLHVGHODFDPDSDUDHQVHJXLGDILMDUOD ViEDQDSRUHVWHODGRHQWRGDVXH[WHQVLyQ
/DVDEDQDEDMHUDGHEHTXHGDUPiVODUJDGHDUULEDTXHGHDEDMR
&RORTXHODVDEDQLOODHQHOWHUFLRPHGLRGHODFDPD\ItMHODSRUGHEDMRGHOFROFKyQ
9D\DDOODGRRSXHVWR\WHUPLQHODEDVHGHODFDPD
&RORTXHODViEDQDGHHQFLPDH[WLpQGDODKDFLDORVSLHVFpQWUHODHLQWURG~]FDODSRUGHEDMRGHO
FROFKyQKDJDiQJXOR\ItMHODUHDOLFHORPLVPRHQODFDEHFHUDVLHPSUHTXHHOODUJRGHODViEDQDOR
SHUPLWD\OXHJRItMHODHQWRGDVXH[WHQVLyQSRUHVWHODGR
&RORTXHODVIUD]DGDVHQODPLVPDIRUPDFXLGDQGRTXHODSULPHUDTXHGHDQLYHOGHOERUGHGHO
FROFKyQDODFDEHFHUD\ODVHJXQGDXQRVWUHLQWDFPVPiVDEDMR3RU~OWLPRSRQJDODFROFKDWUDWDQGR
GHTXHFXEUDWRWDOPHQWHODVIUD]DGDV\TXHFXHOJXHOLEUHPHQWHDDPERVODGRVGHODFDPD
9D\DDOODGRRSXHVWR\WHUPLQHODFDPD
&RORTXHODVIXQGDVDODDOPRKDGD\DOPRKDGyQ\GLVSyQJDORVHQODFDPD
7HUPLQHODWpFQLFDFRQODYDGRGHPDQRV

 
&$0$$%,(57$

2EMHWLYR(IHFWXDUDVHRGHODXQLGDGGHOSDFLHQWH
$ (TXLSR
%DQGHMDFRQ
D SDxRVGHDVHR
E 7LHVWRFKLFRFRQDJXD
F 'LVSRVLWLYRSDUDGHVHFKRV
%3URFHGLPLHQWR

/iYHVHODVPDQRV
8ELTXHHOHTXLSRHQODXQLGDG\SURFHGDDDVHDUODVLOOD
6XHOWHODURSDGHFDPDWUDFFLRQHODFXELHUWDKDFLDODFDEHFHUD\SURFHGDDOLPSLDUODFROFKD
'LVWULEX\DHOFRQWHQLGRGHODDOPRKDGD\DOPRKDGyQDGDSWHODVIXQGDV\XEtTXHORVHQODVLOOD
5HWLUHODFROFKDIUD]DGDV\VDEDQDVGHDUULEDOXHJROLPSLH\UHWLUHODVDEDQLOOD
$VHHODSDUWHH[SXHVWDGHOKXOHVLORKD\\XEtTXHORHQHOUHVSDOGRGHOFDWUHRHQODVLOOD
/LPSLHODVDEDQDGHDEDMR\UHWtUHOD
/LPSLHHOFROFKyQ\GHORYXHOWDWHUPLQHHODVHRGHOKXOH
/LPSLHORVUHVSDOGRVGHOFDWUH
+DJDODEDVHGHODFDPDLJXDOTXHHOSURFHGLPLHQWRGHFDPDFHUUDGD
&RORTXHODVDEDQDGHHQFLPDH[WLpQGDODKDFLDORVSLHVFpQWUHODHLQWURG~]FDODSRUGHEDMRGHO
FROFKyQKDJDiQJXOR\ItMHOD9DOODDODFDEHFHUD\FpQWUHOD
&RORTXHODVIUD]DGDV\FROFKDVFRQODPLVPDWpFQLFDHPSOHDGDSDUDODVVDEDQDV/DFROFKD
GyEOHODDODFDEHFHUDSRUVREUHODVIUD]DGDVGREODQGRODViEDQDSRUVREUHDPEDV
9D\DDOODGRRSXHVWR\WHUPLQHGHKDFHUODFDPD
8ELTXHODDOPRKDGD\HODOPRKDGyQ
&&XLGDGRSRVWHULRUGHOHTXLSR

 5HWLUH HOHTXLSROtPSLHORRUGpQHOR\JXiUGHOR
 /iYHVHODVPDQRV

 

&$0$3$57,'$
2EMHWLYRV

3URWHJHUHOSXGRUGHOSDFLHQWHDOHIHFWXDUWpFQLFDVRSURFHGLPLHQWRVDQLYHOSHULQHDORJHQLWDO
0DQWHQHUDEULJR\SURWHFFLyQGHOSDFLHQWHGXUDQWHHOGHVDUUROORGHSURFHGLPLHQWRVSURORQJDGRV
HQiUHDGHVXFXHUSR
$ (TXLSRV
%DQGHMDFRQ

3DxRGHDVHRVHFR
%ROVDGHGHVHFKRV
%LRPER
%3URFHGLPLHQWRV

/iYHVHODVPDQRV
3UHSDUHODEDQGHMDFRQHOHTXLSR\OOpYHORDODXQLGDGHOSDFLHQWH
,QIRUPHDOSDFLHQWHHOSURFHGLPLHQWRDUHDOL]DUVLODVFRQGLFLRQHVDVtORSHUPLWHQ
&LHUUHODVSXHUWDV\YHQWDQDVFRORTXHHOELRPER
6XHOWHODURSDGHFDPD
'REOHODFXEUHFDPD\ODSULPHUDIUD]DGDSRUODPLWDGKDFLDORVSLHV
'REOHODVHJXQGDIUD]DGDMXQWRFRQODViEDQDVXSHULRUSRUODPLWDGKDFLDORVKRPEURV
(QHVWRVPRPHQWRVHOSDFLHQWHHVWiHQFRQGLFLRQHVSDUDTXHVHUHDOLFHODWpFQLFDUHTXHULGD
/iYHVHODVPDQRV
5HJLVWUHHQODKRMDGHHQIHUPHUtD

 

&$0$'($1(67(6,$
2EMHWLYRVUHFLELUDSDFLHQWHVSURYHQLHQWHVGHSDEHOOyQRDTXHOORVTXHVHOHVKDUHDOL]DGRDOJ~Q
SURFHGLPLHQWRTXHQHFHVLWDDQHVWHVLD
$ (TXLSR
%DQGHMDFRQ
0XGDGHURSDFRPSOHWD
KXOH\XQDVDEDQLOODH[WUDVLHVQHFHVDULR
 %ROVDGHDJXDFDOLHQWHFRQVXFXEUH
 3DxRK~PHGRSDUDDVHR
 %ROVDSDUDURSDVXFLD
 3DODQJDQDRULxyQSDUDHOSDFLHQWHTXHGHEHGHMDUODHQHOYHODGRU
% 3URFHGLPLHQWR

5HWLUHODURSDVXFLDGHODFDPDGHOSDFLHQWH
 /iYHVHODVPDQRV
8ELTXHHOHTXLSR HQODXQLGDGSURFHGDDKDFHUODEDVHGHODFDPDFRQVXUHVSHFWLYDVDEDQLOOD
FRORTXHXQDVHJXQGDVDEDQLOODHQHOWHUFLRVXSHULRURLQIHULRUVLHVQHFHVDULR
'LVSRQJDODViEDQDGHHQFLPDVLQILMDUODORPLVPRVHKDFHFRQODVIUD]DGDV\ODVFROFKDV
7HUPLQHODFDPDDODFDEHFHUD\GREOHDORVSLHVDQLYHOGHOERUGHGHOFROFKyQODVDEDQDSRU
VREUHODVIUD]DGDV\FROFKD
)LMHODFXELHUWDGHODFDPDSRUGHEDMRGHOFROFKyQHQHOODGRRSXHVWRDOTXHYDDHQWUDUHO
SDFLHQWHGyEOHODVREUHHORWURODGRVLHPSUHDQLYHOGHOERUGHGHOFROFKyQ(QDTXHOODVVLWXDFLRQHV
GRQGHVHGHVFRQR]FDSRUGRQGHVHYDDWUDVODGDUDOSDFLHQWHGREOHODFXELHUWDGHODFDPDHQVREUH
DDPERVODGRV
&RORTXHODEROVDGHDJXDFDOLHQWH\GLVSRQJDODDOPRKDGDHQWUHORVEDUURWHVGHOFDWUH
&XDQGROOHJXHHOSDFLHQWHUHWLUHODEROVDGHDJXDFDOLHQWHGHVGREOHODURSDGHFDPDFXEUDDO
SDFLHQWH
8QDYH]HOSDFLHQWHHQODFDPDGpMHORFyPRGRHQODSRVLFLyQDGHFXDGDILMHORViQJXORV\
WHUPLQHODFDPD
/iYHVHODVPDQRV

 

2EMHWLYR

&$0%,2'(523$&213$&,(17((1&$0$

%ULQGDUOXJDUGHUHSRVR\FRPRGLGDGDOSDFLHQWH
)DYRUHFHUODKLJLHQHGHOSDFLHQWH
3UHYHQLULQIHFFLRQHV
$ (TXLSR
%DQGHMDFRQ

3DxRK~PHGR
5RSDGHFDPD
%ROVDSDUDGHVHFKRV
&DUURGHURSDVXFLD
% 3URFHGLPLHQWR

/iYHVHODVPDQRV
3UHSDUHODEDQGHMD\FROyTXHODHQODPHVDRODVLOODGHODXQLGDGYHULILFDTXHpVWDVHHQFXHQWUH
OLPSLD
&LHUUHODVYHQWDQDV\SXHUWDVDQWHVGHFRPHQ]DU
,QIRUPHDOSDFLHQWHHO SURFHGLPLHQWRVLODVFRQGLFLRQHVORSHUPLWHQ
%DMHHOUHVSDOGRGHODFDPDVLODVFRQGLFLRQHVGHOSDFLHQWHORSHUPLWHQ
5HWLUHIXQGD\GHVFiUWHOD FDUURGHURSDVXFLD ODDOPRKDGDGpMHODVREUHODPHVDRUHVSDOGRGHOD
VLOOD
6XHOWHODURSDGHFDPDSRUHOODGRTXHXVWHGYDD LQLFLDUHOSURFHGLPLHQWR
6LODFXEUHFDPDVHHQFXHQWUDVXFLRGHVHFKHHQHOFDUURGHODURSDVXFLD
5HWLUHODFXEUHFDPD\ODVIUD]DGDVGyEOHODVHQWUHV\GpMHODVVREUHODPHVDRODVLOODHOSDFLHQWH
GHEHTXHGDUFXELHUWRSRUODViEDQDVXSHULRU\XQDIUD]DGD
$\XGHRLQGLTXHDOSDFLHQWHDWUDVODGDUVHDOODGRRSXHVWRGHODFDPDGREOHODViEDQDVXSHULRU\
IUD]DGDVREUHVLPLVPDFXEULHQGRHOFXHUSRGHOSDFLHQWH12/2'(-('(6&8%,(572(1
1,1*81020(172
(QUROOHODViEDQDLQIHULRUKDFLDHOSDFLHQWHOLPSLHODVXSHUILFLHH[SXHVWDGHOFROFKyQSRU
DUUDVWUHGHVGHHOSDFLHQWHKDFLDXVWHGXWLOLFHSDxRK~PHGR\EROVDGHGHVHFKRV
&RORTXHODViEDQDOLPSLDVREUHHOFROFKyQ\ILMHiQJXORGHODFDEHFHUDFRQWRUQR\DORVSLH V
7UDVODGHDOSDFLHQWHDOOXJDUOLPSLRFXLGDQGRGHVXPHFiQLFDFRUSRUDO6XEDEDUDQGDVFXDQGR
FDPELHGHODGR
5HWLUHODViEDQDLQIHULRUVXFLDTXHVHHQFXHQWUDHQUROODGD\HOLPLQHHQHOFDUURGHODURSDVXFLD
\UHSLWDHOSURFHGLPLHQWRDQWHULRU

 

7UDVODGHDOSDFLHQWHDOFHQWURGHODFDPD&RORTXHODViEDQDOLPSLDGHVGHORVKRPEURVGHO
SDFLHQWH\GHVOtFHODKDFLDDEDMRHQIRUPDFRQMXQWDUHWLUHODURSDVXFLD
8ELTXHHOSXQWRPHGLRGHODViEDQDVXSHULRUILMHiQJXORVKDFLDORVSLHV+DJDORPLVPRFRQ
IUD]DGDV\FXEUHFDPD
(OERUGHVXSHULRUGHODViEDQDVHGHEHGREODUVREUHODVIUD]DGDV\FXEUHFDPD
'HMHOLJHUDPHQWHVXHOWDODURSDDORVSLHVGHOSDFLHQWH
&RORTXHODDOPRKDGDVREUHODFDPD\FRORTXHODIXQGDOLPSLD$FRPRGHDOSDFLHQWH
5HWLUHHOHTXLSRHOFDUURGHODURSDVXFLD\RUGHQHHOPDWHULDO
/iYHVHODVPDQRV
5HJtVWUHVHHQODKRMDGHHQIHUPHUtD
& 5HFRUGDU

/DYDUVHODVPDQRVDQWHV\GHVSXpVGHOSURFHGLPLHQWR
6LODURSDVHHQFXHQWUDQFRQIOXLGRVFRUSRUDOHV VDQJUHGHVJDUURVYyPLWRRULQDGHSRVLFLRQHV
SXVHWF GHEHXVDUJXDQWHV
&DPELDUURSDHQIRUPDUiSLGDSDUDHYLWDUHQIULDPLHQWRGHOSDFLHQWH

 

$6(2'(&$9,'$'(6
2EMHWLYR

0DQWHQHUKLJLHQH\KXPHGDGGHODVPXFRVDV
(YLWDULQIHFFLRQHV
$GPLQLVWUDUPHGLFDPHQWRV

$ (TXLSR

%DQGHMDTXHFRQWHQJD
x ULxyQ
x 3DxRGHDVHRRWRDOOD
x IUDVFRFRQWyUXODVUHGRQGDVRDODUJDGDV
x SLQ]D .RFKHUTXLU~UJLFDRDQDWyPLFD 
x /XEULFDQWH
x %ROVDGHSDSHO
x %DMDOHQJXD
$OJXQDVVROXFLRQHVGHXVRFRUULHQWH
x $JXDELFDUERQDWDGDDO
x 6XHURILVLROyJLFR
x $JXDFRQVDO
x $JXDKHUYLGD

/XEULFDQWHV\VXVWDQFLDVPHGLFDPHQWRVDVDXVDU
x
x
x
x
x
x

0LHOGHEyUD[1LVWDWLQDXRWUR
*OLFHULQDFRQOLPyQ
9DVHOLQDOtTXLGD
0DQWHTXLOODGHFDFDR
3RPDGDVRIWiOPLFDV
&ROLULRV

% 3URFHGLPLHQWR

 

D $VHREXFDO

/iYHVHODVPDQRV
7UDVODGHHOHTXLSRDODXQLGDG\XELTXHDOSDFLHQWHHQXQDSRVLFLyQDGHFXDGD
,QIRUPHDOSDFLHQWHVREUHHOSURFHGLPLHQWR
8ELTXHDOSDFLHQWHHQSRVLFLyQVHPLVHQWDGRVLVXFRQGLFLyQORSHUPLWH
3URWHMDHOWyUD[GHOHQIHUPRFRQXQSDxLWRGHDVHRRWRDOOD
7RPHXQDWyUXODUHGRQGDFRQODSLQ]D.RFKHUVXPpUMDODHQODVXVWDQFLDDXVDUHVF~UUDOD\
SURFHGDDDVHDUORVODELRVGHVSUHQGLHQGRODVXVWDQFLDIXOLJLQRVDTXHSXHGDKDEHUVHGHSRVLWDGRHQ
HOORVUHSLWDHVWRODVYHFHVTXHVHDQHFHVDULR
/LPSLHFRQPRYLPLHQWRVFLUFXODUHVODPXFRVDGHODFDYLGDGEXFDO\HQFtDV3DUDODGHQWDGXUDXVH
ODWyUXODHQVHQWLGRGHOGLHQWHXQDVRODYH]OXHJRHOLPtQHOD\UHHPSOiFHOD
3DUDHODVHRGHODOHQJXDXWLOLFHHOPLVPRWLSRGHWyUXODVSLGDDOSDFLHQWHTXHVDTXHODOHQJXD\
OtPSLHODGHVGHODEDVHKDFLDHOH[WUHPRHQWRGDVXVXSHUILFLHDUUDVWUDQGRODPDWHULDVDEXUUDOTXHOD
FXEUH
/XEULTXHORVODELRVFRQOD VXVWDQFLDLQGLFDGD
/iYHVHODVPDQRV
5HFRUGDU
x 6LHOSDFLHQWHWLHQHSUyWHVLVHVWDGHEHODYDUVHHQIRUPDLQGHSHQGLHQWHHQHOEDxR
x 1RLQWURGXFLUGHGRVHQODERFDGHXQSDFLHQWHDJLWDGRRLQFRQVFLHQWH\DTXHSXHGHWHQHUHO
ULHVJRGHTXHODPXHUGD
x (VWUXMHELHQODVWUXOODVFXDQGRDWLHQGDSDFLHQWHVLQFRQVFLHQWHVSDUDHYLWDUODDVSLUDFLyQ
EURQTXLDO
E $VHRQDVDO

3DUDHVWHDVHRVHXVDQWyUXODVDODUJDGDV







/iYHVHODVPDQRV
5H~QDHOPDWHULDOQHFHVDULR
,QIRUPHDOSDFLHQWHGHOSURFHGLPLHQWR
$FRPRGHDOSDFLHQWHVHPLVHQWDGRRFRQODFDEH]DHOHYDGDHQiQJXORGH
&RORTXHODWRDOODHQHOFXHOORGHOSDFLHQWH
(PSDSHODWyUXODHQVROXFLyQHVF~UUDODHLQWURG~]FDODVXDYHPHQWHHQODIRVDQDVDOHQIRUPD
WLUDEX]yQWUDWDQGRGHUHEODQGHFHUODVPXFRVLGDGHV\HOLPtQHOD
 8VH WyUXODVGLIHUHQWHVSDUDFRGDIRVDQDVDO
 5HSLWDHOSURFHGLPLHQWRKDVWDORJUDUXQDVHRFXLGDGRVRGHDPEDVFDYLGDGHV
 /iYHVHODVPDQRV\GHMHFyPRGRDOSDFLHQWH

 
5HFRUGDU
x 6LHOSDFLHQWHWLHQHIRUPDHQWHUDOHVHOPRPHQWRSDUDPRYLOL]DUOD\HYLWDUKHULGDVHQODQDUL]
x 6LHOSDFLHQWHHVWDFRQR[LJHQRWHUDSLDSRUELJRWHUDRQDULFHUDHVWHDVHRGHEHUHDOL]DUORWRGRVORV
GtDV
$VHRGHRtGRVH[WHUQRV
3DUDHVWHDVHRVHXVDQWyUXODVDODUJDGDV

 /iYHVHODVPDQRV
 ,QIRUPHDOSDFLHQWHVREUHHOSURFHGLPLHQWR\DFRPyGHORHQODFDPDFRQFDEH]DODWHUDOL]DGD
 &RQXQDWyUXODKXPHGHFLGDOLPSLHHOSDEHOOyQGHODRUHMDKDFLHQGRKLQFDSLpHQORVSOLHJXHV\
UHJLyQUHWURDXULFXODU\OXHJRHOLPtQHOD
 3URFHGDDDVHDUHOFRQGXFWRDXGLWLYRH[WHUQRFRQWyUXODVLJXDOPHQWHKXPHGHFLGDV
LQWURGXFLpQGRODVHQIRUPDGHWLUDEX]yQ
 /LPSLHODVYHFHVTXHVHDQHFHVDULR
 $OWHUPLQDUGHMHFyPRGRDOSDFLHQWH
 6LHVQHFHVDULRSXHGHXVDUVHSDUDHVWHDVHRWyUXODVOLJHUDPHQWHOXEULFDGDVFRQODVROXFLyQ
LQGLFDGD
/iYHVHODVPDQRV\UHJLVWUH
5HFRUGDU
x
x

6LKD\VHFUHFLyQyWLFDHPSLHFHHODVHRSRUHORtGRPiVVDQRRPiVOLPSLR
6LKD\VHFUHFLyQyWLFDGHMHUHJLVWUDGRRORUFRORU\FDQWLGDG

F $VHRRFXODU
3DUDHVWHDVHRVHXVDQWyUXODVUHGRQGDV

 /iYHVHODVPDQRV\FRPXQLTXHHOSURFHGLPLHQWRDUHDOL]DU
 $FRPRGHDOSDFLHQWH\GpMHORVHPLVHQWDGRVLODVFRQGLFLRQHVORSHUPLWHQ
 &RQODVWyUXODVKXPHGHFLGDVFRQODVROXFLyQDXVDUFRPLHQFHSRUHORMRFRQPHQRVVHFUHFLyQ
RFXODU/DWyUXODGHEHSDVDUODXQDVRODYH]VLQGHYROYHUVHGHVGHHOiQJXORLQWHUQRDO H[WHUQR
 3URFHGDHQVHJXLGDDOLPSLDUORVRMRVGHVGHHOiQJXORLQWHUQRDOiQJXORH[WHUQRHQXQVyOR
PRYLPLHQWRGHVHFKDQGRODWUXOODXWLOL]DGDFDGDYH]
 5HSLWDHOSURFHGLPLHQWRKDVWDORJUDUXQDVHRFXLGDGRVRGHHOORV
 (QHOFDVRGHLQGLFDFLyQGHFROLULRRSRPDGDRIWiOPLFDKDJDLQFOLQDUODFDEH]DGHOSDFLHQWH
OLJHUDPHQWHKDFLDDWUiVWUDFFLRQHHOSiUSDGRLQIHULRUKDFLDDEDMRGHMDQGRFDHUODJRWDHQHO
FHQWURGHpOOXHJRSLGDDOSDFLHQWHTXHFLHUUHORVSiUSDGRV\KDJDXQPDVDMHVXDYHHQVHQWLGR
FLUFXODUVREUHHOORV
 /iYHVHODVPDQRV\UHJLVWUH

 
5HFRUGDU
x $VHJ~UHVHGHUHWLUDUOHQWHVGHFRQWDFWRVLHOSDFLHQWHORVWLHQHSXHVWR
x 1RXWLOLFHVXHURGHDPSROODVGHYLGULRSXHGHQTXHGDUUHVWRV
x &XDQGRVHWUDWHGHRMRVRSHUDGRVRLQIHFFLyQHYLGHQWHUHDOLFHWpFQLFDHVWpULO

 
$6(20$7,1$/
2EMHWLYR)DYRUHFHUHOFRQIRUWHKLJLHQHSHUVRQDO
$ (TXLSR
WLOHVGHDVHRSHUVRQDO
ySDxRVGHDVHRHVSRQMDGHOSDFLHQWH
ULxyQRSDODQJDQDFKLFD
7RDOOD
%ROVDGHSDSHO\SDSHOGHGLDULR
 /DYDWRULRFRQDJXDWHPSHUDWXUDDGHFXDGD
 (TXLSRSDUDDVHRJHQLWDO
% 3URFHGLPLHQWR

/iYHVHODVPDQRV
,QIRUPHDOSDFLHQWHFRQUHODFLyQDODDWHQFLyQTXHVHOHYDKDKDFHU\WUDVODGHHOHTXLSRDOD
XQLGDG
2IUH]FDODFKDWDDOSDFLHQWH\GpMHORFRQODDOPRKDGDVLHVSRVLEOH
&ROyTXHOHODWRDOODVREUHHOSHFKR\DOUHGHGRUGHOFXHOOR\GREOHODFXELHUWDGHODFDPDDXQD
DOWXUDFRQYHQLHQWH
+DJDDGRSWDUDOHQIHUPRODSRVLFLyQVHQWDGRVHPLVHQWDGRRGHF~ELWRVHJ~QFRQYHQJDGH
DFXHUGRDVXFRQGLFLyQ
3URSRUFLRQHORV~WLOHVGHDVHRSDUDHODVHREXFDOVLHVWDHQFRQGLFLRQHVGHDVXPLUHVWD
UHVSRQVDELOLGDGHQFDVRFRQWUDULRUHDOLFHXVWHGHVWDDWHQFLyQRD\~GHORDHOOR
3URFHGDDDVHDUODFDUDFXHOORWyUD[PDQRVEUD]RV\D[LODV6LHOSDFLHQWHHVWiHQ
FRQGLFLRQHVGHFRODERUDUGHOHODRSRUWXQLGDG
5HDOLFHUDVXUDGRGHOSDFLHQWHVLVHHQFXHQWUDLPSRVLELOLWDGRGHUHDOL]DUOR
9XHOYDDOSDFLHQWHKDFLDXQODGR\OXEULTXHODHVSDOGDGHHVWHVLHVQHFHVDULRDVHHODSLHO
SUHYLDPHQWH
3HLQHDOSDFLHQWHWHQLHQGRFXLGDGRGHSURWHJHUODFDPD
+DJDODFDPD\GpMHORFyPRGROLVWRSDUDVHUYLUVHHOGHVD\XQR
7HUPLQHHVWDDWHQFLyQFRQHODVHRJHQLWDO
5HWLUH\JXDUGHHTXLSRXWLOL]DGR
/iYHVHODVPDQRV

2EMHWLYR

 
$6(2*(1,7$/

0DQWHQHUKiELWRVKLJLpQLFRV\EULQGDUFRQIRUWDOSDFLHQWH
3UHSDUDUDOSDFLHQWHSDUDSURFHGLPLHQWRVXUROyJLFRV\JLQHFROyJLFRV
(YLWDULQIHFFLRQHV
$ (TXLSR
%DQGHMDFRQ

8QMDUURFRQDJXDMDERQRVD
8QMDUURFRQDJXDWLELDVROD
8QSDUGHJXDQWHVGHSURFHGLPLHQWRV
7yUXODVGHDOJRGyQVHFDV
8QD&KDWD
%LRPER
8QDEROVDGHGHVHFKR
% 3URFHGLPLHQWR
/iYHVHODVPDQRV
3UHSDUHHOHTXLSR\OOpYHORDODXQLGDGGHOSDFLHQWH
,QIRUPHDOSDFLHQWHHOSURFHGLPLHQWRVLODVFRQGLFLRQHVORSHUPLWHQ
&LHUUHSXHUWDV\YHQWDQDV
&RORTXHHOELRPER
+DJDFDPDSDUWLGD
&ROyTXHVHORVJXDQWHVGHSURFHGLPLHQWR
 &RORTXHODFKDWD\HOKXOHFRQVDEDQLOOD

 

0XMHU
&RORTXHODVWyUXODVGHDOJRGyQHQFDGDSOLHJXHLQJXLQDO
6HSDUHORVODELRV\GHMHHVFXUULUHODJXDMDERQRVD
0RMH\HVWUXMHXQDWyUXODFRQDJXDMDERQRVD\OLPSLHODELRVPD\RUHVGHDUULEDKDFLDDEDMRSRUXQ
ODGR\HOLPLQHODWyUXODHQODEROVDGHGHVHFKRFRQRWUDWyUXODKDJDHOPLVPRSURFHGLPLHQWRHQHO
ODGRFRQWUDULR
6HSDUHORVODELRVPD\RUHVFRQHOGHGRtQGLFH\SXOJDUOLPSLHXQODELRPHQRUGHDUULEDKDFLD
DEDMRHOLPLQHODWyUXOD5HSLWDHOSURFHGLPLHQWRFRQHORWURODELR
(QVHJXLGD VHSDUHORVODELRVPHQRUHV\FRQXQDWyUXODMDERQRVDOLPSLHPHDWRXULQDULRYDJLQD\
DQR\HOLPLQHODWyUXOD
(QMXDJXHFRQDJXDVROD
6HTXHGHDUULEDKDFLDDEDMRFRQWRDOODGHSDSHO\GHVpFKHOD
5HWLUHHOPDWHULDOXWLOL]DGR
$FRPRGHDOSDFLHQWH\RUGHQHODXQLGDG
/iYHVHODVPDQRV
5HJLVWUHHQODKRMDGHHQIHUPHUtD
+RPEUH
'HMHHVFXUULUHODJXDMDERQRVDGHVGHHOSUHSXFLRDOHVFURWR
0RMH\HVWUXMHXQDWyUXODFRQDJXDMDERQRVDOLPSLHSUHSXFLR\ HVFURWRGHDUULEDKDFLDDEDMR
SURORQJDQGRHODUUDVWUHKDVWDODUHJLyQDQDO\HOLPLQHODWyUXODHQODEROVDGHGHVHFKRFRQRWUD
WyUXODKDJDHOPLVPRSURFHGLPLHQWRHQHOODGRFRQWUDULR
7UDFFLRQHSUHSXFLRSDUDGHVFXEULUHOJODQGHOtPSLHORFRQXQDWyUXODFRQDJXDMDERQRVD
VXDYHPHQWH
(QMXDJXH
6HTXHGHDUULEDKDFLDDEDMRFRQWRDOODGHSDSHO\GHVpFKHOD
5HWLUHHOPDWHULDOXWLOL]DGR
$FRPRGHDOSDFLHQWH\RUGHQHODXQLGDG
/iYHVHODVPDQRV
 5HJLVWUHHQODKRMDGHHQIHUPHUtD

 
%$f2(1&$0$

2EMHWLYRV
0DQWHQHUOLPSLDODSLHOGHOSDFLHQWH
(VWLPXODUODFLUFXODFLyQHOLPLQDFLyQ\UHODMDPLHQWRPXVFXODU
'DUFRPRGLGDGDOSDFLHQWH
 (QVHxDUKiELWRVGHKLJLHQH
$ (TXLSR
%DQGHMDFRQ
 ODYDWRULR
MDUURFRQDJXDWLELD
UHFLSLHQWHSDUDGHVHFKDUDJXD
ELRPER
FDPLVD
EROVDSDUDGHVHFKRV
(TXLSRSDUDDVHRJHQLWDO
MDEyQ
WRDOOD
SDUGHJXDQWHVGHSURFHGLPLHQWRV
8WLOHVGHDVHRSHUVRQDOGHOSDFLHQWH

% 3URFHGLPLHQWRV
/iYHVHODVPDQRV
&ROyTXHVHORVJXDQWHV GHSURFHGLPLHQWR
3UHSDUHVXHTXLSR\OOpYHORDODXQLGDGGHOSDFLHQWH
,QIRUPHDOSDFLHQWHHOSURFHGLPLHQWRDUHDOL]DUVLODVFRQGLFLRQHVORSHUPLWHQ
&LHUUHSXHUWDV\YHQWDQDV
&RORTXHHOELRPER SDUDHYLWDUKXPHGHFHUHOSLVRFRORTXHSDSHOGHGLDULR
6XHOWHODURSDGHFDPDUHWLUHODFXEUHFDPD\SULPHUDIUD]DGD
&RORTXHODWRDOODGHOSDFLHQWHEDMRODFDEH]D\FXEUDORVKRPEURV
/DYHFRQDJXDODFDUDRUHMDV\FXHOORGHOSDFLHQWHUDVXUHVLHVQHFHVDULRVpTXHOR
 5HWLUHODFDPLVD\FRORTXHODWRDOODEDMRHOEUD]RODYHFRQMDEyQODPDQREUD]R\D[LOD
(QMXDJXH\VHTXH5HSLWDORPLVPRFRQHORWUREUD]R
([WLHQGDODWRDOODHQHOWyUD[\DEGRPHQGHOSDFLHQWH\EDMRHOODMDERQHHQMXDJXH\VHTXH
3RQJDDOSDFLHQWHGHFXELWRODWHUDOFRORTXHODWRDOODVREUHODFDPDDORODUJRGHODHVSDOGD
MDERQHHQMXDJXH\VHTXHGHVGHORVKRPEURVKDVWDORVJO~WHRV
&RORTXHODFDPLVDOLPSLDDOSDFLHQWH
(IHFW~HDVHRJHQLWDOVHJ~QWpFQLFD
'HVFXEUDXQDH[WUHPLGDGLQIHULRUKDFLHQGRXQWULiQJXORFRQODURSDGHFDPDHLQVWDOHEDMRHOOD
ODWRDOODODYHFRQMDEyQSLHV\SLHUQDVHQMXDJXH\VHTXH(IHFWXpFRUWHGHXxDVVLHVQHFHVDULR
3RQJDHVSHFLDOpQIDVLVHQHOVHFDGRHQWUHORVGHGRV
5HSLWDHOSURFHGLPLHQWRFRQODH[WUHPLGDG FRQWUDULD
5HWLUHHOPDWHULDOXWLOL]DGR

/iYHVHODVPDQRV
5HJLVWUHHQODKRMDGHHQIHUPHUtD

 

/$9$'2'(&$%(//2(1&$0$

2EMHWLYRV
0DQWHQHUKiELWRVKLJLpQLFRV
(YLWDULQIHFFLRQHV
 'DUFRPRGLGDGDOSDFLHQWH

 $ (TXLSRV
%DQGHMDFRQ
+XOH
WRDOODV
6KDPSRR
3HLQHWD
UHFLSLHQWHVJUDQGHV XQRFRQDJXDOLPSLD\WLELDRWURSDUDUHFLELUOD 
6HFDGRUGHSHOR
$OILOHUGHJDQFKR
*RUUR
7yUXODV
*XDQWHVGHSURFHGLPLHQWR

% 3URFHGLPLHQWR
/iYHVHODVPDQRV
&ROyTXHVHORVJXDQWHVGHSURFHGLPLHQWR
3UHSDUHHOPDWHULDO\OOpYHORDOD XQLGDGGHOSDFLHQWH
&LHUUHODVSXHUWDV\YHQWDQDV
,QIRUPHDOSDFLHQWHHOSURFHGLPLHQWRDUHDOL]DUVLODVFRQGLFLRQHVDVtODVSHUPLWHQ
&RORTXHGLDULR VREUHHOSLVRHQHOOXJDUGHWUDEDMR
6XHOWHODURSDGHFDPD
6LHQWHDOSDFLHQWHHQODFDPDVLODVFRQGLFLRQHVORSHUPLWHQ
&RORTXHWRDOOD\VREUHHOODHOKXOH HOKXOHGHEHTXHGDUHQFRQWDFWRFRQHOFDEHOORDOUHGHGRUGHO
FXHOOR\OXHJRILMHFRQDOILOHUGHJDQFKRRSLQ]DNHOO\ 
&RORTXHDOSDFLHQWHHQIRUPDGLDJRQDOHQODFDPDFRQODFDEH]D\HOKXOHFROJDQGRTXHIRUPH
FDQDOFRQHOEDOGH 
&RORTXHWyUXODVHQDPERVSDEHOORQHVDXULFXODUHV
0RMHHOSHORFRQDJXDWLELDDSOLTXHVKDPSRR
)ULFFLRQHFRQOD\HPDGHORVGHGRVHQMXDJXH\UHSLWDKDVWDTXHHOFDEHOORHVWHOLPSLR
5HWLUHHOKXOHHQUROOiQGRORGHPRGRTXHFDLJDGHQWURGHOUHFLSLHQWH
7HUPLQHGHVHFDUHOSHORFRQWRDOODVHFDRVHFDGRUSpLQHOR
2UGHQHODURSDGHFDPD\DFRPRGHDOSDFLHQWH
5HWLUHHOPDWHULDOODYHVHTXH\RUGHQH
/iYHVHODVPDQRV
5HJLVWUHHQOD+RMDGHHQIHUPHUtD

 

$'0,1,675$&,1'(0(',&$0(17263259,$,175$086&8/$5 ,0
< 68%&87$1($ 6&
2EMHWLYRV

,0,QWURGXFLUIiUPDFRVHQHOWHMLGRPXVFXODUSURIXQGR
6%&,QWURGXFLUIiUPDFRVHQHOWHMLGRFHOXODUSURIXQGR

$ (TXLSR
5LxyQHVWpULO
-HULQJD
$JXMDSDUDH[WUDHUHOPHGLFDPHQWR
$JXMDVLQ\HFFLyQVXEFXWiQHD\RLQ\HFFLyQLQWUDPXVFXODU
0HGLFDPHQWRLQGLFDGR
7yUXODVGHDOJRGyQ
7DUMHWDGHWUDWDPLHQWRILFKDRWUR
6ROXFLyQDQWLVpSWLFD
%ROVDGHSDSHO
/LPDSDUDDPSROODVVLHVQHFHVDULR
5HFLSLHQWHSDUDHOLPLQDUHOPDWHULDOFRUWRSXQ]DQWH

% 3URFHGLPLHQWR
'HEHSUHSDUDUVHHQHO iUHDOLPSLDGHODFOtQLFDGHHQIHUPHUtD

/iYHVHODVPDQRVSUROLMDPHQWH
'HVFXEUDHOULxyQHVWpULO
$UPHODMHULQJD\FRQHFWHODDJXMDFRQTXHH[WUDHUiHOPHGLFDPHQWRSyQJDORHQHOULxyQ
9HULILTXHIHFKDGHYHQFLPLHQWR\FRQGLFLRQHVGHOPHGLFDPHQWR
$JLWHODDPSROODSDUDPH]FODUHOFRQWHQLGRSLQFHODUFRQWyUXODGHDOJRGyQOLPHVXDYHPHQWHHO
FXHOORVLVHUHTXLHUH\TXHEUiQGRORHVVHQWLGRFRQWUDULRDOVLWLROLPDGR
,QWURGX]FDODDJXMDDODDPSROOD\DVSLUHHOPHGLFDPHQWR
6LHOPHGLFDPHQWRHVOLRILOL]DGRUHTXLHUHGLOX\HQWHGHVLQIHFWHODWDSDGHJRPDHLQWURGX]FDHO
GLOX\HQWHUHWLUHODMHULQJD\DJLWHVXDYHPHQWHHOIUDVFRDVSLUHHQODMHULQJDWDQWRDLUHFRPROtTXLGR
GHEDH[WUDHUFODYHODDJXMDHQHOWDSyQLQ\HFWHHODLUHGHQWURGHOIUDVFR\DVSLUHODFDQWLGDGGH
PHGLFDPHQWRDLQ\HFWDU5HWLUHODMHULQJD
([SXOVHHODLUHGHODMHULQJDFDPELHODDJXMD\GpMHODFRQODWDSDHQHOULxyQ
/OHYHHOHTXLSR\ODWDUMHWDGHWUDWDPLHQWRHQODEDQGHMDDODXQLGDGGHOSDFLHQWH
([SOLTXHHOSURFHGLPLHQWRDOSDFLHQWHVLODVFRQGLFLRQHVORSHUPLWHQ
 6HOHFFLRQHHOOXJDUDSXQFLRQDU

 
D 6XEFXWiQHR
x &DUDH[WHUQDGHOEUD]R
x $EGRPHQUHJLyQSHULXPELOLFDO&XDWURGHGRVDOUHGHGRUGHORPEOLJR
x &DUDDQWHULRU\ODWHUDOGHOPXVOR7HUFLRPHGLR

E ,QWUDPXVFXODU
x 0~VFXORGHOWRLGHVFXDWURWUDYHVHVGHGHGRGHVGHODDUWLFXODFLyQGHOKRPEURKDFLDDEDMR
x 5HJLyQJO~WHD7UDFHHQODUHJLyQJO~WHDGRVOtQHDVGLYLVRULDVXQDYHUWLFDO\RWUDKRUL]RQWDO
GHVGHHOSOLHJXHtQWHUJO~WHRKDVWDODFUHVWD LOtDFDHQSRUFLyQPHGLDGHHVWDWUDFHODOtQHDYHUWLFDO
GHWDOIRUPDTXHVHGLYLGDHQFXDWURFXDGUDQWHVFRORTXHODLQ\HFFLyQHQHOFXDGUDQWHVXSHULRU
H[WHUQRiQJXORH[WHUQR
x &DUDDQWHULRU\H[WHUQDGHOPXVORVHHOHJLUiHOWHUFLRPHGLRFDUDDQWHULRU\ODWHUDOH[WHUQD
)ULFFLRQHODSLHOHQHOOXJDUHOHJLGRFRQXQDWyUXODGHDOJRGyQLPSUHJQDGDHQDOFRKRO\
SLQFHOHHOVLWLRGHODLQ\HFFLyQHQXQDVRODGLUHFFLyQ
7RPHILUPHPHQWHODUHJLyQGHVLQIHFWDGDWUDFFLRQiQGRODSDUDHVWLUDUODSLHO
7RPHODMHULQJD\SXQFLRQHOD]RQDFRUUHVSRQGLHQWHFRQXQPRYLPLHQWRUiSLGR\VHJXUR
6LHVLQ\HFFLyQLQWUDPXVFXODUHQiQJXORGH
3DUDLQ\HFFLyQVXEFXWiQHDiQJXORGHyGHDFXHUGRDODORQJLWXGGHODDJXMD
$VSLUHVXDYHPHQWH\OXHJR GHDVHJXUDUVHTXHQRKDFDtGRHQXQYDVRVDQJXtQHRLQ\HFWH
OHQWDPHQWHHQFDVRFRQWUDULRQRGHEHLQWURGXFLUHOPHGLFDPHQWRUHWLUHXQSRFR\YXHOYDD
LQWURGXFLUFRPSUXHEHQXHYDPHQWH$OLQ\HFWDUODVROXFLyQSURFXUHPDQWHQHUODDJXMDLQPyYLO
5HWLUHODMHULQJDDVHJXUDQGRODDJXMDHQXQVRORPRYLPLHQWRUiSLGR
3UHVLRQHFRQWyUXODVHFDHQHOVLWLRGHODLQ\HFFLyQ
5HJLVWUHPHGLFDPHQWRDGPLQLVWUDGRGRVLV\KRUDULRYtDDGPLQLVWUDGD\VLWLRGHSXQFLyQ
'HMHFyPRGRDOSDFLHQWH
(OLPLQHDJXMDVHQPDWHULDOFRUWRSXQ]DQWHVLQUHFDSVXODU
/iYHVHODVPDQRV
& 5HFRUGDU

(OPDQHMRFXLGDGRVRHYLWDODFRQWDPLQDFLyQGHPDWHULDOHVWHULOL]DGR
/DWpFQLFDDVpSWLFDGHEHVHUSHUIHFWDSDUDHYLWDUJUDYHVFRPSOLFDFLRQHVDOSDFLHQWH
/DH[SRVLFLyQSURORQJDGDDODLUHFRQWDPLQDHOPDWHULDO
&XLGHGHQRWRFDUORVERUGHVH[WHUQRVGHODDPSROODDOH[WUDHUHOOtTXLGRGHpVWD
/DLQ\HFFLyQGHPDVLDGRUiSLGDGHODVROXFLyQSURGXFHSUHVLyQVREUHORVWHMLGRV\HOFRQVLJXLHQWH
GRORU
/DYtDLQWUDPXVFXODUVHXWLOL]DSDUDPHGLFDPHQWRVTXHVRQGHOHQWDDEVRUFLyQSRUVXGHQVLGDG
SHURHVWDVDEVRUFLRQHVHIHFW~DFRQPD\RUUDSLGH]SRUODPD\RUYDVFXODULGDGGHOWHMLGRPXVFXODU
/DHOHFFLyQGHODUHJLyQDGHFXDGDHYLWDFRUUHUULHVJRGHOHVLRQDUXQYDVRVDQJXtQHRPD\RUR
PHQRURXQQHUYLR
(OYROXPHQPi[LPRDDGPLQLVWUDUSRUYtDLQWUDPXVFXODUHVKDVWDFF
(OYROXPHQPi[LPRDDGPLQLVWUDUSRUYtDVXEFXWiQHDHVKDVWDFF

 
$'0,1,675$&,21'(0(',&$0(17263259,$,175$9(126$ ,9
2EMHWLYRV
$GPLQLVWUDUIiUPDFRVGLUHFWDPHQWHDOWRUUHQWHVDQJXtQHRFRQILQHVWHUDSpXWLFRV
,Q\HFWDUVXEVWDQFLDVRPHGLFDPHQWRVSDUDSUXHEDVIXQFLRQDOHVTXHFRQWULEX\HQDOGLDJQyVWLFR
$ (TXLSR
%DQGHMDFRQ
*XDQWHVGHSURFHGLPLHQWRV
5LxyQHVWpULO
-HULQJDFDUJDGDFRQHOPHGLFDPHQWRDDGPLQLVWUDU
/LJDGXUD
'LVSRVLWLYRGHGHVHFKR
7yUXODVVHFDV
7UR]RGHWHODDGKHVLYDRSDUFKHFXULWD
$OPRKDGLOOD
$JXMD1GHSUHIHUHQFLD
6XHURILVLROyJLFRRDJXDGHVWLODGD GLOXFLyQ 
% 3URFHGLPLHQWR

/DYDGRGHPDQRV\FRORFDFLyQGHJXDQWHV
,QIRUPDUDOSDFLHQWHHOSURFHGLPLHQWRDHIHFWXDU VLHOHVWDGRGHOSDFLHQWHORSHUPLWH 
$FRPRGHDOSDFLHQWHGiQGROHXQDSRVLFLyQDGHFXDGD\FRQIRUWDEOH
6HOHFFLRQHODYHQDDSXQFLRQDU
&RORTXHDOPRKDGLOODEDMRHOVLWLRGHSXQFLyQ
/LJXHDyFHQWtPHWURVGHOOXJDUGHSXQFLyQVROLFLWHDOSDFLHQWHTXHFLHUUHIXHUWHHOSXxR
0RMHWyUXODGHDOJRGyQFRQVROXFLyQDQWLVpSWLFD
'HVLQIHFWHOD]RQD
7UDFFLRQHODSLHOSDUDILMDUODYHQD
3XQFLRQHODYHQDHQiQJXORGHSDUDFHUFLRUDUVHTXHHVWHHQHOOD
'HVOLJXHHLQ\HFWHOHQWDPHQWHHOIiUPDFRFRPSUREDQGRTXHVHPDQWLHQHHQODYtDYHQRVD
&RORTXHODWyUXODVREUHODSXQFLyQUHWLUHODDJXMD\MHULQJDFRPSULPDFRQWyUXODVHFD\FLQWD
DGKHVLYD
5HJLVWUHHQODKRMDGHHQIHUPHUtD
5HWLUHHOPDWHULDOGHVHFKH\JXDUGHGHDFXHUGRDORXWLOL]DGR
/iYHVHODVPDQRV

 
(;75$&&,21'(6$1*5(9(126$
'HILQLFLyQ (VODWpFQLFDSRUHOPHGLRGHODFXDO VHREWLHQHDVpSWLFDPHQWHFLHUWDFDQWLGDGGHVDQJUH
SRUSXQFLyQYHQRVD
3URSyVLWR5HDOL]DUH[iPHQHVGHODERUDWRULRSDUDHVWDEOHFHUFRQILUPDURUHFKD]DUGLDJQyVWLFRV
$(TXLSR

*XDQWHVGHSURFHGLPLHQWR
5LxyQHVWpULO
-HULQJDVGHDFXHUGRDOD FDQWLGDGGHVDQJUHDH[WUDHU
$JXMDQ
7XERVSUHYLDPHQWHHWLTXHWDGRV
/LJDGXUD
'LVSRVLWLYRSDUDGHVHFKRV\SDUDFRUWRSXQ]DQWH
'LVSRVLWLYRFRQWyUXODVVHFDV
6ROXFLyQDQWLVpSWLFD
7UR]RGHWHODDGKHVLYD
$OPRKDGLOOD
%3URFHGLPLHQWR

/iYHVHODVPDQRV\FROyTXHVHJXDQWHVHVWpULOHV
,QIRUPHDOSDFLHQWHGHOSURFHGLPLHQWRDHIHFWXDU VLODVFRQGLFLRQHVORSHUPLWHQ 
$FRPRGHDOSDFLHQWH
6HOHFFLRQHODYHQDDSXQFLRQDU
&RORTXHODDOPRKDGLOODEDMRHOVLWLRGHSXQFLyQ
/LJXHDyFPV'HOOXJDUDSXQFLRQDUVROLFLWHDOSDFLHQWHTXHFLHUUHIXHUWHPHQWHHOSXxR
0RMHWyUXODGHDOJRGyQFRQVROXFLyQDQWLVpSWLFD
'HVLQIHFWHOD]RQD
7UDFFLRQHODSLHOSDUDILMDUODYHQD
3XQFLRQHODYHQDHQiQJXORGH \DVSLUHVXDYHPHQWHKDVWDREWHQHUODFDQWLGDGGHVDQJUH
QHFHVDULDGHVOLJXH
&RORTXHWyUXODVREUHODSXQFLyQUHWLUDDJXMD\MHULQJD\FRPSULPDFRQWyUXODVHFD\WHOD
DGKHVLYD
9DFLpODVDQJUHSRUODVSDUHGHVGHOWXERGHH[DPHQ
5HJLVWUDUHQODKRMDGHHQIHUPHUtD
5HWLUHPDWHULDOGHVHFKRV\JXDUGHGHDFXHUGRDORXWLOL]DGR
/iYHVHODVPDQRV

 
(;75$&&,21'(6$1*5($57(5,$/

'HILQLFLyQ (VODLQWURGXFFLyQGHXQDDJXMDRFDWpWHUHQHOVLVWHPDYDVFXODUDUWHULDO
2EMHWLYRV
2EWHQHUXQDPXHVWUDGHVDQJUHDUWHULDOSDUDH[iPHQHVGH3K\JDVHVDUWHULDOHV
,QWURGXFLUXQDVROXFLyQRWUDWDPLHQWRFRQILQHVGLDJQyVWLFRVRWHUDSpXWLFRV
3HUPHDELOL]DUXQDYtDDUWHULDO
$ (TXLSR
%DQGHMD
5LxyQHVWpULO
-HULQJDGHyPO
$JXMDRPDULSRVD * 
'HSyVLWRFRQWyUXODVGHDOJRGyQVHFDV
6ROXFLyQDQWLVpSWLFD DOFRKRO\RGDGR 
7HODDGKHVLYD
*XDQWHVGHSURFHGLPLHQWR
'HSyVLWRSDUDGHVHFKRV
+HSDULQDVyGLFD
5yWXORSDUDLGHQWLILFDU
7DSDSDUDMHULQJD
+LHOR
$OPRKDGLOOD
(WLTXHWDSDUDURWXODU

% 3URFHGLPLHQWR
/OHYDHOHTXLSRDOODGRGHOSDFLHQWH
,GHQWLILTXHDOSDFLHQWHYHUEDOPHQWHRHQODILFKDFOtQLFD5HYLVHODLQGLFDFLyQPpGLFD
([SOLTXHDOSDFLHQWHHOSURFHGLPLHQWRDUHDOL]DU\DTXHHVGRORURVRSXHVVHSXQFLRQDXQDDUWHULD
9HULILTXHHQTXHFRQGLFLRQHVGHEHUiVHUWRPDGRHOH[DPHQ(MHPSOR2DOHWF
(OSDFLHQWHGHEHFXPSOLUFRQHVDVFRQVLGHUDFLRQHVSRUORPHQRVGXUDQWHPHGLDKRUD
/iYHVHODVPDQRV\FROyTXHVHORVJXDQWHV
&HEDUWRGRHOFXHUSRGHODMHULQJDFRQFFGHKHSDULQDUHWLUDQGRHOH[FHVRGHHVWH/XHJR
FDPELHODDJXMD
&RORTXHDOSDFLHQWHFRQODH[WUHPLGDGDSXQFLRQDUVREUHODURSDGHFDPDQROLJXHODH[WUHPLGDG
6HOHFFLRQHHOVLWLRGHSXQFLyQGHGLVWDDSUR[LPDOHQODH[WUHPLGDGHOHJLGDSDOSDQGRODDUWHULD
$SOLTXHHOWHVWGH$OOHQ
'HVLQIHFWHXQiUHDGHODSLHOGHFP&RQVROXFLyQDQWLVpSWLFD
'HVLQIHFWHODSXQWDGHVXVGHGRVtQGLFH\PHGLRORVFXDOHVILMDUiQODDUWHULD\GHILQLUiQOD]RQD
GHSXQFLyQ
 3DOSDUODDUWHULDUDGLDOKXPHUDORIHPRUDOVLHQGRHVWD~OWLPDODPHQRVLQGLFDGD6LHOLJHOD
DUWHULDUDGLDOKLSHUH[WLHQGDODPXxHFD

 
,QWURGXFLUODDJXMDFRQHOELVHOKDFLDDUULEDHQWUHODSXQWDGHORVGRVGHGRVIRUPDQGRXQiQJXOR
HQWUH\HOiQJXORYDULDGHDFXHUGRDODFRQWH[WXUDGHOSDFLHQWH\DODVXSHUILFLDOLGDGGHOD
DUWHULD
6LODSXQFLyQHVIHPRUDOHOiQJXORHVGH6LODSXQFLyQHVUDGLDORKXPHUDOHOiQJXORHVGH
 RPiV
$SOLFDUSUHVLyQQHJDWLYDFRQMHULQJD\DVSLUDUOHQWDPHQWH ODHQWUDGDGHODDJXMDDODOX]DUWHULDO
VHYHUiSRUODVDOLGDGHODVDQJUHSXOViWLOSRUHOFDxyQGHODDJXMD 
7RPDUODFDQWLGDGGHVDQJUHQHFHVDULD HQHOFDVRGHJDVHVDUWHULDOHV\3+ 
5HWLUDUDJXMD\SURFHGHUDXQDILUPHFRPSUHVLyQGHODDUWHULDSXQFLRQDGDDORPHQRVSRU
PLQXWRVGHSHQGLHQGRGHODDUWHULDSXQFLRQDGD
5HWLUDUWRGRHODLUHTXHFRQWHQJDODMHULQJD
5HWLUDUFRQFXLGDGRODDJXMD\RFOXLUODERFDGHODMHULQJDFRQXQDWDSD
,GHQWLILFDUODMHULQJDFRQHOQRPEUHHGDG)L2\7'HMDUHQKLHORSDUDWUDVODGDUORDQWHV
SRVLEOH
5HFROHFWDUWRGRHOPDWHULDOQRXWLOL]DGR
'HMDUDOSDFLHQWHHQSRVLFLyQFRQIRUWDEOH
5HWtUHVHORVJXDQWHV\OiYHVHODVPDQRV
$QRWHHOSURFHGLPLHQWR
& &RQVLGHUDFLRQHV
3XQFLRQDUFRPRSULPHUDRSFLyQODDUWHULDUDGLDO\OXHJRODKXPHUDO(YLWDUSXQFLRQDUODDUWHULD
IHPRUDO
(YLWDUODVSXQFLRQHVUHSHWLGDVHQHOPLVPRVLWLRSXHVSXHGHRFXUULUGLODWDFLyQDQHXULVPiWLFD
ORFDO
/DPXHVWUDGHEHPDQWHQHUVHFXELHUWDHQKLHORDQWHVGHVHUHQYLDGD\HOWUDVODGRGHEHVHUORDQWHV
SRVLEOHSDUDPLQLPL]DUODDOWHUDFLyQGHORVYDORUHVGH322\3+
'&RPSOLFDFLRQHV
'RORUDOSXQFLRQDUHOQHUYLRFHUFDQRDODDUWHULD
+HPRUUDJLDSRUGpILFLWGHWLHPSRGHFRPSUHQVLyQ
+HPDWRPDSRUSXQFLyQGHILFLHQWH
$OWHUDFLyQGHYDORUHVGHOH[DPHQ\DTXHHOSOiVWLFRHVSHUPHDEOH\HVWRSURGXFHYDULDFLRQHV
VHJ~QHOPHGLRTXHURGHDDODPXHVWUD

 

7HVWGH$OOHQ
'HVFULSFLyQ(VWHWHVWVHUHDOL]DSDUDHYDOXDUODFLUFXODFLyQGHODPDQRDVHJXUDQGRODFLUFXODFLyQ
GHODUFRSDOPDU
3URFHGLPLHQWR &RQVLVWH HQ OD FRPSUHQVLyQ VLPXOWiQHD GH ODV DUWHULDV UDGLDO \ FXELWDO GXUDQWH
DSUR[LPDGDPHQWH  PLQXWR PLHQWUDV WDQWR HO SDFLHQWH DEUH \ FLHUUD OD PDQR SDUD SURPRYHU OD
H[DQJXLQDFLyQ$SUR[LPDGDPHQWHVHJXQGRVGHVSXpVGHODOLEHUDFLyQGHODDUWHULDKDELWXDOPHQWH
ODFXELWDOGHEHKDEHUHQURMHFLPLHQWRGHODPDQRH[WHQGLGDGHELGRDOUHIOXMRFDSLODU
(VWD KLSHUHPLD UHDFWLYD LQGLFD DGHFXDGD FLUFXODFLyQ GH OD PDQR VL OD PDQR HPSDOLGHFH OD
FLUFXODFLyQ GHO DUFR SDOPDU HV LQDGHFXDGD \ OD SXQFLyQ GH OD DUWHULD UDGLDO SRGUtD SURYRFDU XQD
LVTXHPLDGHODPDQR3XHGHREWHQHUVHXQIDOVRSRVLWLYRVLHOSDFLHQWHKLSHUH[WLHQGH VXVGHGRVROD
PXxHFDGXUDQWHHOWHVW
9DORUHVQRUPDOHV
3+
3D&2
+&2
([GH%
3D2
6DW'H2
&2WRWDO


 PP+J
 P(T/

PP+J
D
PP/W

 
,167$/$&,21'( 9,$9(126$
'HILQLFLyQ (VODLQVHUFLyQGHXQFDWpWHUYtDEUiQXODHQXQDYHQDSHULIpULFD

2EMHWLYR REWHQHUXQDFFHVRYDVFXODU XQDYtDYHQRVDSHUPHDEOH SDUDDGPLQLVWUDUPHGLFDPHQWRV


\RVROXFLRQHVSDUHQWHUDOHV
9DORUDFLyQ
1HFHVLGDGHVGHOSDFLHQWH
'LODWDFLyQGHODVYHQDV
6HOHFFLyQGHOOXJDUDGHFXDGR
6HOHFFLyQGHOGLVSRVLWLYRDGHFXDGR

2EVHUYDFLRQHV 3DUDGHWHUPLQDUHOFDOLEUHGHODYtDQXHVWUDSULPHUDHOHFFLyQVHUiODPiVSHTXHxD
\ODPiVFRUWD Q SDUDDGPLQLVWUDUDQWLELyWLFRVRVXHURSDUDDGPLQLVWUDUKHPRGHULYDGRVXQRGH
PD\RUWDPDxR Q 6LXVDDQWLELyWLFRVLUULWDQWHVHOLGHDOHVXQFDWpWHUGHSHTXHxRFDOLEUHHQXQD
YHQDGHJUXHVRFDOLEUHORTXHD\XGDDODKHPRGLOXFLyQ
3DUDGHWHUPLQDUHOOXJDUGHEHPRVHOHJLUGHGLVWDODSUR[LPDOODDFWLYLGDGGHOSDFLHQWHTXHQRWHQJD
IOHELWLV\RLQGXUDFLRQHVHWF
$ (TXLSR

%DQGHMDFRQ
&DWpWHUHVGHGLIHUHQWHVFDOLEUHV
/ODYHVGHWUHVSDVRV
*DVDV
7HODDGKHVLYD
$OJRGyQ
$QWLVpSWLFR
-HULQJDFRQVXHURILVLROyJLFR SDUDFHEDU\FRPSUREDU 
&DPSR WRDOODGHSDSHO 
/LJDGXUD
*XDQWHVGHSURFHGLPLHQWR
$ODUJDGRU RSFLRQDO 

% 3URFHGLPLHQWR

 

/iYHVHODVPDQRV
3DOSH ODSDOSDFLyQHVPX\LPSRUWDQWHXWLOLFHORVGHGRVGHVXPDQRQR GRPLQDQWHSDUDSDOSDU
tQGLFH\PHGLRVRQPiVVHQVLEOHV FRORTXHODOLJDGXUD
9HDODFRPRGLGDGGHOSDFLHQWHVXSHUILFLHSODQD\GXUDFRPRWDPELpQVXSURSLDFRPRGLGDG
PHFiQLFDFRUSRUDOOX]SRVLFLyQGHOOXJDUGHHOHFFLyQ 
&ROyTXHVHORVJXDQWHV
/LPSLHOD]RQDFRQVROXFLyQDQWLVpSWLFD
)LMHODYHQDVLQHQWUDUHQFRQWDFWRFRQOD]RQDSUHSDUDGD XQPpWRGRIiFLOHVSRQHUHOGHGRSXOJDU
MXQWRDODYHQD\WLUDUKDFLDDEDMROXHJRFRQHOGHGRtQGLFHVREUHHOiUHDWLUHKDFLDDUULEDFRQ
PXFKRFXLGDGRGHQRFRQWDPLQDU 
%LVHOKDFLDDUULED\SDUDDWUDYHVDUODSLHO\OXHJRGLVPLQXLUHOiQJXORSDUDQRDWUDYHVDU
ODYHQD
&XDQGROOHJDHOUHWRUQRYHQRVRVLQVROWDUODILMDFLyQKDJDDYDQ]DUHOFDWpWHUFRQGHGRtQGLFHGH
PDQRGRPLQDQWH
5HWLUHODOLJDGXUD
2FOX\DVXDYHPHQWHODSXQWDGHOFDWpWHU
5HWLUHODDJXMD\pFKHODDOPDWHULDOFRUWRSXQ]DQWHHQORSRVLEOH
&RQHFWHODOODYHGHWUHVSDVRVSDVHODVROXFLyQILVLROyJLFD YHULILFDQGRSHUPHDELOLGDG 
)LMHHOFDWpWHUSURWHJLHQGR]RQDGHLQVHUFLyQFRQJDVDHVWpULOOXHJRFRQFLQWDDGKHVLYDILMH
ILUPHPHQWH
(VFULEDVREUHODFLQWDDGKHVLYDIHFKDKRUDFDOLEUHGHOFDWpWHUQRPEUH
/iYHVHODVPDQRV
5HJLVWUHHQODKRMDGHHQIHUPHUtD
& 5HFRUGDU
x 6LDOSDVDUODVROXFLyQODYHQDSUHVHQWDXQDLQILOWUDFLyQTXHXVWHGDSUHFLDUDFRQXQDXPHQWRGH
YROXPHQGHEHUHWLUDUODEUiQXODFRPSULPLUHLQWHQWDUHQRWURVLWLR
x 6LDOLQWHQWDUSRUVHJXQGDRWHUFHUDYH]YHTXHHOSURFHGLPLHQWRQRWLHQHp[LWRSLGDD\XGD
x 1RROYLGDUFDPELDUYtDFDGDKRUDVVHJ~QQRUPDVGHOVHUYLFLR

 
)/(%2&/,6,6
'HILQLFLyQ(VODLQWURGXFFLyQJRWDDJRWDGHXQDVROXFLyQIiUPDFRVDQJUHRVXVGHULYDGRV
GLUHFWDPHQWHDOWRUUHQWHVDQJXtQHRDWUDYpVGHXQDDJXMDFDWpWHUEUiQXOD RPDULSRVD
2EMHWLYRV

5HSRQHURPDQWHQHUYRO~PHQHVFLUFXODQWHV
5HSRQHUHOHFWUROLWRV
$GPLQLVWUDUPHGLFDPHQWRV
$GPLQLVWUDUDOLPHQWDFLyQSDUHQWHUDO
$(TXLSR

%DQGHMDTXHFRQWHQJD
)UDVFRDPSROODFRQVROXFLyQSUHVFULWDSRUHOPpGLFR
(TXLSRGHSHUIXVLyQ
%UiQXODPDULSRVDRDJXMDQ~PHURDFRUGHDOFDOLEUHGHODYHQD
-HULQJDSDUDDJUHJDGR
7yUXODVGHDOJRGyQ\VROXFLyQDQWLVpSWLFD
5LxyQHVWpULO
'HSyVLWRSDUDPDWHULDOFRUWRSXQ]DQWH
%ROVDGHGHVHFKRV
7HODDGKHVLYDRWHJDGHUP
*DVDHVWpULO
7LMHUD
/LJDGXUD
6RSRUWHSRUWDVXHUR
/ODYHVGHSDVRV
-HULQJDFF OOHQDUOODYHSDVRV\SHUPHDELOLGDGGHODYtD 
$JUHJDGRV HOHFWUROLWRVYLWDPLQDVLQVXOLQDHWF 
%3URFHGLPLHQWR

/iYHVHODVPDQRV
5HXQLUPDWHULDO
5HYLVHSUROLMDPHQWHODLQGLFDFLyQPpGLFDWUDQVFULWDHQODWDUMHWDFRUURERUHYLJHQFLD\QRPEUHGHO
SDFLHQWH5(&25'$5/26&255(&726
9HULILTXHIHFKDGHOYHQFLPLHQWRGHOVXHUR\PHGLFDPHQWRVTXHVHDJUHJDQ
9ROYHUDODYDUVHODVPDQRV
/LPSLHHOJROOHWHGHOPDWUD]XVDQGRWyUXODVFRQDQWLVpSWLFRGHMHVHFDU\FRUWHFRQWLMHUD
GHVLQIHFWDGD
9DFLpPiVPHQRVFFGHODVROXFLyQ  DH[FHSFLyQGHPDWUDFHVWLSRYtDIOH[

 

6LGHEHDJUHJDUPHGLFDPHQWRVRHOHFWUROLWRVHVHOPRPHQWRGHKDFHUOR
$EUDHOHTXLSRGHIOHERFOLVLVHLQVHUWHHQHOH[WUHPRFRUUHVSRQGLHQWHHQHOPDWUD]\DVHJ~UHVHGH
TXHHVWHELHQDMXVWDGR
/OHQHHOFXHQWDJRWDKDVWDODPLWDGFRQODVROXFLyQOHYDQWHHOPDWUD]FRQ XQDPDQR\FRQODRWUD
EDMHHOH[WUHPRFRQHODGDSWDGRUGHODDJXMDFXLGDQGRGHQRFRQWDPLQDU+DJDHVFXUULUOtTXLGR
KDVWDTXHKDOODSDVDGRWRGRHODLUH
&RPSULPDIXHUWHPHQWHODJRPDGHODGDSWDGRUSDUDFRUWDUODHQWUDGDGHDLUHGHMHHOPDWUD]HQ
OD EDQGHMD\FLHUUHODOODYHGHSDVR
5RWXOHHOIUDVFRLQGLFDQGRGRVLVGHDJUHJDGRVQ~PHURGHJRWDVSRUPLQXWRSUHYLDPHQWH
FDOFXODGDVKRUDGHLQLFLR\WpUPLQRQRPEUHGHORSHUDGRU
7UDVODGHVXEDQGHMDDODXQLGDGGHOSDFLHQWH([SOLTXHHOSURFHGLPLHQWRDUHDOL]DUVLHVSRVLEOH
RFXSHYRFDEXODULRDFRUGHDVXQLYHOGHFRPSUHQVLyQ
&RORTXHHOVXHURHQHOVRSRUWH\DSUR[LPHDODFDPDGHOSDFLHQWH
3RQJDFyPRGRDOSDFLHQWH\RIUp]FDOHRULQDU
&RUWHWLUDVGHWHODDGKHVLYD3RQJDORVJXDQWHV
6LHOSDFLHQWHWLHQHLQVWDODGDYtDYHQRVDVDTXHODWDSDGHODYtDHLQVHUWHHOH[WUHPROLEUHGHO
HTXLSRGHIOHERFOLVLV&HUFLyUHVHGHTXHTXHGHELHQDMXVWDGR
 $EUDODOODYHGHSDVR\GHMHSDVDUODVROXFLyQUHJXOHHOJRWHRVHJ~QFDOFXORHIHFWXDGRILMHFRQ
WHODDGKHVLYDFRORFDQGRSUHYLDPHQWHXQDJDVDHVWpULORGHDFXHUGRDODVQRUPDVGHOVHUYLFLR
6LQRWLHQHODYtDYHQRVDFRORFDGDSURFHGDVHJ~QWpFQLFDVHLQVWDOHODIOHERFOLVLVFRPRVHLQGLFD
HQHOSXQWR\
,QPRYLOLFHODH[WUHPLGDGSXQFLRQDGDVLHVQHFHVDULR
'HMHFyPRGRDOSDFLHQWHYHULILTXHVLSUHVHQWDPROHVWLDVJHQHUDOHVGRORUDXPHQWRGHYROXPHQ
RUHDFFLRQHVDOPHGLFDPHQWRVLHVWRSURFHGH
2UGHQH\JXDUGHHOPDWHULDO
5HWLUHORVJXDQWHV\OiYHVHODVPDQRV
(IHFW~HHOUHJLVWURFRUUHVSRQGLHQWHHQKRMDGHHQIHUPHUtD
& 5HFRUGDU

'XUDQWHWRGRHOSURFHGLPLHQWRXWLOLFHULJXURVDWpFQLFDDVpSWLFD
(OLMDFRQFDOPDODYHQDPiVDGHFXDGDGHDFXHUGRDXELFDFLyQ\JURVRU
&RQWUROHSHULyGLFDPHQWHHOJRWHR\]RQDSXQFLRQDGDHVWpDWHQWRDOWpUPLQRGHODVROXFLyQSDUD
UHDOL]DUFDPELRRSRUWXQR\HYLWDUTXHVHREVWUX\DODDJXMDFRQXQFRiJXOR
1RGHVFRPSULPLUHOPDWUD]SXQFLRQiQGRORSXHVWRTXHOOHYDLQIHFFLyQ
3HUIXVKDELWXDO0DFURJRWHR
FF JRWDV
0LFURJRWHR
FF PLFURJRWDV

 
,167$/$&,21'(621'$1$62*$675,&$

'HILQLFLyQ (V OD LQWURGXFFLyQ GH XQD VRQGD SRU OD IRVD QDVDO KDVWD HO HVWyPDJR FRQ ILQHV
GLDJQyVWLFRVRWHUDSpXWLFRV
2EMHWLYRV
$OLPHQWDUDOSDFLHQWHFXDQGRHVLQFDSD]GH KDFHUORSRUYtDRUDO
2EWHQHUPXHVWUDGHFRQWHQLGRJiVWULFRFRQILQHVGLDJQyVWLFRV
$OLYLDU\RSUHYHQLUODGLVWHQVLyQJiVWULFD
(IHFWXDUODYDGRJiVWULFRFRQILQHVWHUDSpXWLFRV LQWR[LFDFLyQ\KHPRUUDJLD 
9DFLDUHOFRQWHQLGRJiVWULFR HQREVWUXFFLRQHVJDVWURLQWHVWLQDOHVXRSHUDFLRQHVGHXUJHQFLD 
$GPLQLVWUDUPHGLFDPHQWRV
$ (TXLSR
%DQGHMDTXHFRQWHQJD
*XDQWHVGHSURFHGLPLHQWRV
6RQGDQ) /HYLQ6DOHP$QGHUVRQ 
/XEULFDQWHKLGURVROXEOH /LGRFDtQD6SUD\ 
7RDOODGHSDSHODEVRUEHQWH
MHULQJDyFF 3LYRWHILQRRDQFKR 
ULxyQ
7HODDGKHVLYD
%ROVDGHSDSHORUHFLSLHQWHSDUDGHVHFKRV
9DVRFRQDJXD
&RQH[LyQGHSROLHWLOHQR\EROVDSDUDUHFROHFFLyQ
&RSDJUDGXDGD VLVHYDDPHGLUODFDQWLGDGGHOFRQWHQLGRJiVWULFR 
&LQWDGH3+
7XERGHH[DPHQSDUDPXHVWUD
6LHOREMHWLYRORUHTXLHUHDJUHJDU
+LHOR
6ROXFLyQSDUDODYDGRJiVWULFR
-DUURJUDGXDGR
(TXLSRSDUDDOLPHQWDFLyQ

% 3URFHGLPLHQWR
/iYHVHODVPDQRV
3UHSDUHEDQGHMDFRQPDWHULDOQHFHVDULR
9HULILTXHODLQGLFDFLyQPpGLFDHLGHQWLILTXHDOSDFLHQWH
7UDVODGHHOHTXLSRDODXQLGDGGHOSDFLHQWH
 ([SOLTXHSURFHGLPLHQWR\VROLFLWHVXFRRSHUDFLyQ
 &RORTXHDOSDFLHQWHHQSRVLFLyQIRZOHUVLVXFRQGLFLyQORSHUPLWH(QFDVRFRQWUDULR
PDQWHQHUHQGHF~ELWRGRUVDOODWHUDOL]DQGRODFDEH]D
 &ROyTXHVHORVJXDQWHVGHSURFHGLPLHQWR

 3LGDDOSDFLHQWHTXHOLPSLHVXQDUL]RKDJDOLPSLH]DGHHOODXWLOL]DQGRJDVDK~PHGD
 

 0LGDGHVGHHOOyEXORGHODRUHMDKDVWDODDOHW DQDVDO\GHVGHDOOtKDVWDHODSpQGLFH[LIRLGH0DUTXHHO
SXQWRGHWHUPLQDGR\OXEULTXHODSXQWDGHODVRQGD
 /HYDQWHODFDEH]DGHOSDFLHQWHHLQWURGX]FDVXDYHPHQWHODVRQGDSRUHORULILFLRQDVDO
&XDQGRODVRQGDOOHJDDODJDUJDQWD HOSDFLHQWHSUHVHQWD UiQDXVHDV EDMHODFDEH]DGHOSDFLHQWH\IDFLOLWH
YDVR FRQ DJXD GHSHQGLHQGR GHO REMHWLYR  GH OD FRORFDFLyQ GH OD VRQGD +DJD WUDJDU DJXD FDGD YH] TXH
LQWURGXFHODVRQGD
9HULILTXHHVSHFLDOPHQWHHQSDFLHQWHLQFRQVFLHQWHVLODVRQGDQRHVWiHQUROODGDH QODERFDXVDQGRXQEDMD
OHQJXDGHVHUDVtUHSLWDHOSURFHGLPLHQWR
6LJDLQWURGXFLHQGRKDVWDOOHJDUDOHVWyPDJR PHGLGDPDUFDGDDQWHULRUPHQWH 
9HULILTXHVLHVWiHQHOHVWyPDJRGHODVLJXLHQWHPDQHUD
 ,QWURGX]FD HO H[WUHPR EDMR DJXD \ REVHUYH EXUEXMDV VL ODV KD\ UHWLUH ,QWURGX]FD   FF GH DLUH \
VLPXOWiQHDPHQWHDXVFXOWHHQODUHJLyQHSLJiVWULFD
$VSLUHFRQWHQLGRJiVWULFRFRQMHULQJDGHFFVLQRREWLHQHFRQWHQLGRFRUULMDODSRVLFLyQGHODVRQGD
0HGLUHO3+JiVWULFRHOTXHGHEHV HUiFLGR
)LMHODVRQGDFRQWHODDGKHVLYDDODQDUL]HYLWDQGRFRPSULPLUODDOHWDQDVDO
5HDOLFHHOSURFHGLPLHQWRSRUHOFXDOFRORFyODVRQGDVLHVGUHQDMHDFDtGDOLEUHFRQHFWHHOH[WUHPRGLVWDO
GHODVRQGDFRQXQDODUJDGRUDXQIUDVFR
'HMHFyPRGRDOSDFLHQWHUHWLUHHOHTXLSR\RUGHQH
4XtWHVHORVJXDQWHV\OiYHVHODVPDQRV
 5HJLVWUH HO SURFHGLPLHQWR HQ OD KRMD GH HQIHUPHUtD LQGLFDQGR IHFKD KRUD FDOLGDG \ FDQWLGDG GHO
FRQWHQLGRJiVWULFRUHDFFLyQGHOSDFLHQWH\QRPEUHGHORSHUDGRU
5HWLURGHVRQGD
/OHYHHQVXEDQGHMDULxyQ\SDSHOKLJLpQLFR
6LODVRQGDGHEHVHUUHWLUDGDGHLQPHGLDWRDVSLUDU\RFOXLU
'HVSHJDUWHODDGKHVLYDVXDYHPHQWH
&RORFDUSDSHOKLJLpQLFRHQHOH[WUHPRGHODVRQGDTXHVDOHSRUODIRVDQDVDO
 &RQODPDQRGLHVWUDSURFHGHUDUHWLUDUODVRQGD\FRQODPDQRPHQRVGLHVWUDRFOX\DODIRVDQDVDOGRQGH
HVWDEDSXHVWDODVRQGDDPHGLGDTXHVHYDVDOLHQGR
'HMDUFyPRGRDOSDFLHQWHKDFHUTXHVHHQMXDJXHODERFD
5HWLUDUHOPDWHULDO\RUGHQH
5HWtUHVHORVJXDQWHV
/iYHVHODVPDQRV

& 5HFRUGDU
(QFDVRGHUHVLVWHQFLDDOLQWURGXFLUODVRQGDVHUHFRPLHQGDQRIRU]DUSDUDHYLWDUSRVLEOHVWUDXPDV,QWHQWH
LQWURGXFLUODVRQGDDODRWUDIRVDQDVDO
$VHRGHODFDYLGDGQDVDO\EXFDOFDGDKUV 
0DQWHQJDOXEULFDGDODIRVDQDVDO
9HULILTXHSRVLFLyQGHODVRQGDDQWHVGHLQWURGXFLUODGLHWDDJXDRPHGLFDPHQWR'HVSXpVGHDGPLQLVWUDU
HOPHGLFDPHQWRRDOLPHQWRLQVWLOHFFGpMHODSLQ]DGDRDELHUWDGHDFXHUGRDODLQGLFDFLyQ
2EVHUYHODDOHWDQDVDOHQEXVFDGHVLJQRVGHFRPSUHVLyQ
0RYLOLFHODVRQGDGLDULDPHQWHJLUiQGRODSDUDHYLWDUTXHVHDGKLHUDDODPXFRVDQDVDOVLHPSUHTXHHVWH
SHUPLWLGR
0LGDHOOtTXLGRGUHQDGR\REVHUYHVXVFDUDFWHUtVWLFDV

5HJLVWUH

 

,167$/$&,21'(621'$1$62<(<81$/
'HILQLFLyQ(VODLQWURGXFFLyQGHXQDVRQGDQDVR\H\XQDODWUDYpVGHODIRVDQDVDOKDVWDHOLQWHVWLQR
\H\XQR 
2EMHWLYRV
2EWHQHUPXHVWUDVFRQILQHVGLDJQyVWLFRV
$GPLQLVWUDUDOLPHQWRVSRUYtDHQWHUDO
$VSLUDUOtTXLGRVLQWHVWLQDOHV
,QVWLODUVROXFLRQHV

$ (TXLSR
%DQGHMDTXHFRQWHQJD
*XDQWHVGHSURFHGLPLHQWRV
6RQGDQDVR\H\XQDO
/XEULFDQWHKLGURVROXEOH
3DSHODEVRUEHQWH
-HULQJDGHDFF
5LxyQ
7HODDGKHVLYD
'LVSRVLWLYRVSDUDGHVHFKRV
9DVRFRQDJXD
6LHOREMHWLYRORUHTXLHUH
(TXLSRGHIOHERFOLVLV
6XHURJOXFRVDGRRVROXFLyQDDGPLQLVWUDU

% 3URFHGLPLHQWR
3URFHGDVHJ~QODWpFQLFDFRORFDFLyQVRQGDQDVRJiVWULFD\FRQWLQXpGHODVLJXLHQWHPDQHUD
9HULILTXH VLODVRQGDVHHQFXHQWUDHQHOHVWRPDJRFRPRORKDFHSDUDODVRQGDQDVRJiVWULFD
&RORTXHDOSDFLHQWHHQ GHF~ELWRODWHUDOGHUHFKRHLQWURGX]FDODVRQGDDFPPiV
9HULILTXHSRVLFLyQDVSLUDQGR\PLGLHQGR3+ GHEHVHUVXSHULRUDDOFDOLQR \FRORUELOLRVR 
&RQWUROHUDGLROyJLFDPHQWHODXELFDFLyQ6LODVRQGDQRKDOOHJDGRDOLQWHVWLQRGHMHDOSDFLHQWH
GHF~ELWRODWHUDOSRUKUV6LQUHWLUDUODJXtD\VLQILMDUSDVDGRHVWHWLHPSRFRPSUXHEHQXHYDPHQWH
HQUD\RV
6LODVRQGDHVWDHQHOLQWHVWLQRUHWLUHHOJXtD\ILMHODVRQGDVLQFRPSULPLUODDOHWDQDVDO
'HMHFRPRDOSDFLHQWHUHWLUHHOHTXLSR\TXtWHVHORVJXDQWHV
5HJLVWUHHOSURFHGLPLHQWRHQKRMDGHHQIHUPHUtDIHFKDKRUDSURFHGLPLHQWR\REVHUYDFLRQHV

 

,167$/$&,1'(621'$9(6,&$/ )2/(<1(/$721

2EMHWLYR
x 0HGLUGLXUHVLV
x 9DFLDUYHMLJDHQFDVRGHUHWHQFLyQXULQDULD
x 2EWHQHUPXHVWUDVGHRULQD
x )DFLOLWDUODHOLPLQDFLyQGHRULQDHQDTXHOORVSDFLHQWHVFRQLQFRQWLQHQFLDXULQDULD
x ,QGLFDFLyQSUHRSHUDWRULDHQFDVRVGHWHUPLQDGRV

$ (TXLSR
%DQGHMDTXHFRQWHQJD
0DWHULDOSDUDDVHRJHQLWDO
(TXLSRGHVRQGHRYHVLFDO SDxRFOtQLFRSHUIRUDGRXQULxyQWyUXODVMHULQJDGHPO 
SDUGHJXDQWHVHVWpULOHV
6RQGDYHVLFDOHOFDOLEUHGHSHQGHUiGHOVH[R\FRQGLFLRQHVGHOSDFLHQWH
6RQGD1pODWRQ
/XEULFDQWHHVWpULO VXHURILVLROyJLFR 
'HSyVLWRSDUDGHVHFKRV
&RSDJUDGXDGD
6XHURILVLROyJLFRRDPSROODVGHDJXDGHVWLODGDPO
5HFROHFWRUGHRULQD
7HODDGKHVLYD

%3URFHGLPLHQWR
,GHQWLILTXHDOSDFLHQWH\YHULILTXHODLQGLFDFLyQPpGLFD
5HDOLFHODYDGRGHPDQRVFOtQLFR
3UHSDUHHOPDWHULDOQHFHVDULRSDUDHOSURFHGLPLHQWROOpYHORDODXQLGDGGHOSDFLHQWH
([SOLTXHDOSDFLHQWHHOSURFHGLPLHQWRDVHUUHDOL]DGR
5HDOLFHFDPDSDUWLGD\FRORTXHDOSDFLHQWHHQSRVLFLyQDGHFXDGDSRVLFLyQJLQHFROyJLFDVLHV
PXMHU\VXSLQDVLHVKRPEUH
5HDOLFHDVHRJHQLWDOVHJ~QSURFHGLPLHQWR
/iYHVHODVPDQRV ODYDGRFOtQLFR 
&ROyTXHVHJXDQWHVHVWpULOHV
(OD\XGDQWHGHEHDEULUHOHTXLSRGHFDWHWHULVPRYHVLFDOFRQVHUYDQGRULJXURVDWpFQLFDDVpSWLFD
GHEHUiSUHVHQWDUORDODHQIHUPHUD
2UJDQL]DUPDWHULDOGHOHTXLSRVREUHHOFDPSRFRQD\XGDGHODSLQ]DDX[LOLDU
&RORTXHHOSDxRSHUIRUDGRHVWpULOVREUHHOiUHDJHQLWDO
&RORTXHHOULxyQHVWpULOEDMRORVJHQLWDOHVVREUHHOFDPSRHVWpULO
(OD\XGDQWHGHEHUiDEULUHOHQYDVHGHODVRQGDYHVLFDOFRQVHUYDQGRULJXURVDWpFQLFDDVpSWLFD
3UXHEHODLQGHPQLGDGGHOEDOyQGHODVRQGD)ROH\FRQDLUH OXHJRUHWLUHHODLUH 
/XEULTXHODVRQGD HQWRUQRGHFPGHSUR[LPDODGLVWDO 

(VWLPXOHODUHODMDFLyQGHOSDFLHQWHLQGXFLpQGRORDUHVSLUDUSURIXQGDPHQWHGXUDQWHOD
LQWURGXFFLyQGHODVRQGD
 

,QWURGX]FDODVRQGDVHJ~Q
x 6H[RIHPHQLQR6HSDUHORVODELRVPD\RUHV\PHQRUHVFRQORVGHGRVtQGLFH\SXOJDUGHODPDQR
L]TXLHUGDOXEULTXHODVRQGD\WyPHODFRQODPDQRGHUHFKDGHPRGRTXHTXHGHHQUROODGDHQOD
SDOPDGHODPDQRVLHQGRH[SXHVWDVyORODSDUWHDVHULQWURGXFLGDHQODXUHWUDYLVXDOLFHHO
PHDWRXULQDULRHLQWURGX]FDODVRQGDVXDYHPHQWHKDVWDTXHIOX\DODRULQD DSUR[LPDGDPHQWH
DFP &RORTXHODH[WUHPLGDGVXHOWDGHODVRQGDVREUHORVERUGHVGHOULxyQHVWpULO
x /RVWDPDxRVGHVRQGDPiVXWLOL]DGRVHQODSUiFWLFD\)
x 6H[RPDVFXOLQRUHWUDHUSUHSXFLRFRQODPDQRL]TXLHUGDPDQWHQLHQGRHOSHQHSHUSHQGLFXODUDO
FXHUSRGHOSDFLHQWH iQJXORGH /XEULTXHODVRQGD\WyPHODFRQODPDQRGHUHFKDGHPRGR
TXHTXHGHHQUROODGDHQODSDOPDGHODPDQRVLHQGRH[SXHVWDVRODPHQWHODSDUWHDVHU
LQWURGXFLGDHQODXUHWUD,QWURGX]FDODVRQGDHQHOPHDWRXULQDULR DSUR[LPDGDPHQWHGHD
FP FXDQGRHQFXHQWUHUHVLVWHQFLDGLVPLQX\DHOiQJXORGHOSHQHFRQHOFXHUSRD\
FRQWLQXpLQWURGXFLHQGRODVRQGD&RORTXHODH[WUHPLGDGOLEUHGHODVRQGDVREUHORVERUGHVGHO
ULxyQ
x 7DPDxRVGHVRQGDPiVXWLOL]DGRVHQODSUiFWLFD\)
,QIOHHOEDOyQFRQVROXFLyQILVLROyJLFDRDJXDGHVWLODGD GHDFXHUGRDODFDQWLGDGLQGLFDGDSRUHO
IDEULFDQWH
7UDFFLRQHODVRQGDVXDYHPHQWHKDVWDVHQWLUUHVLVWHQFLD
&RQHFWHODVRQGDYHVLFDODOUHFROHFWRU
)LMHODVRQGDYHVLFDOFRQWHODDGKHVLYDHYLWDQGRWUDFFLRQDU
9HULILTXHSHUPHDELOLGDGGHOVLVWHPD
'HMHDOSDFLHQWHFyPRGR
0LGDODFDQWLGDGGHRULQDGUHQDGDGHOSDFLHQWHFRQODFRSDJUDGXDGD\REVHUYHODV
FDUDFWHUtVWLFDVGHODRULQD
5HWtUHVHORVJXDQWHV\OiYHVHODVPDQRV
5HJLVWUHSURFHGLPLHQWRUHDOL]DGR 1GHVRQGDWLSR&$),QFLGHQWHVHWF \FDUDFWHUtVWLFDVGH
ODRULQD
1RWD HQFDVRGHWRPDGHH[DPHQGHXURFXOWLYRGHMHFDHUHOSULPHUFKRUURGHRULQDOXHJRHO
VHJXQGRGHSRVtWHORHQHOWXERHVWpULOTXHWUDHHOHTXLSR
& 5HWLURGHFDWpWHUYHVLFDO
%DQGHMDTXHFRQWHQJD
*XDQWHVGHSURFHGLPLHQWR
&RSDJUDGXDGD
%ROVDGHGHVHFKR
-HULQJDGHyPO

 

3URFHGLPLHQWR
,GHQWLILTXHHOSDFLHQWH\YHULILTXHODLQGLFDFLyQPpGLFD
5HDOLFHODYDGRGHPDQRVFOtQLFR
3UHSDUHHOPDWHULDOQHFHVDULRSDUDHOSURFHGLPLHQWROOpYHORDODXQLGDGGHOSDFLHQWH
([SOLTXHDOSDFLHQWHHOSURFHGLPLHQWRDVHUUHDOL]DGR
5HDOLFHFDPDSDUWLGD\FRORTXHDOSDFLHQWHHQSRVLFLyQDGHFXDGDJLQHFROyJLFDVLHVPXMHU\
VXSLQDVLHVKRPEUH
3yQJDVHORVJXDQWHVGHSURFHGLPLHQWR
5HWLUHODILMDFLyQGHODVRQGD
5HWLUHHOFRQWHQLGRGHOEDOyQ VXHURILVLROyJLFRRDJXDGHVWLODGD FRQODMHULQJD
7UDFFLRQHODVRQGDVXDYHPHQWHKDVWDUHWLUDUODHQVXWRWDOLGDG
2EVHUYHODSUHVHQFLDGHVHFUHFLyQHQHOH[WUHPRSUR[LPDOGHODVRQGD
'HMHDOSDFLHQWHFyPRGR
0LGDODFDQWLGDGGHRULQDGUHQDGDGHOSDFLHQWHFRQODFRSDJUDGXDGD\REVHUYHODV
FDUDFWHUtVWLFDVGHODRULQD
5HWLUHHOPDWHULDOXWLOL]DGR
5HWtUHVHORVJXDQWHV\OiYHVHODVPDQRV
5HJLVWUHHOSURFHGLPLHQWRUHDOL]DGR\FDUDFWHUtVWLFDVGHODRULQD

' 2EVHUYDFLRQHV
 $OUHDOL]DUFDPELRGHVRQGDYHVLFDO VRQGD)ROH\  VHGHEHUiUHPSOD]DUSRUXQQ~PHURLJXDOR
VXSHULRUDGLVSRVLWLYRSDUDPDWHULDOXVDGR
 &XDQGRODILQDOLGDGGHOFDWHWHULVPRYHVLFDOHVGUHQDUODRULQDHQIRUPDLQWHUPLWHQWHVHXVDUi
VRQGDQHODWRQODFXDOVHUHWLUDUiGHVSXpVGHUHDOL]DUHOSURFHGLPLHQWR
 5HWLUHHOPDWHULDOXWLOL]DGR\JXDUGH

 
/$9$'2,17(67,1$/<)/((7(1(0$

2EMHWLYR
$\XGDUDODH[SXOVLyQGHJDVHV\PDWHULDIHFDO
(TXLSR
%DQGHMDTXHFRQWHQJD

 ,UULJDGRUFRQJRPDGHFRQH[LyQ
 6RQGDUHFWDO1 
 5LxyQ
 3LQ]D.HOO\
 -DOHDOXEULFDQWHRYDVHOLQDOtTXLGD
 $JXDWLELD DFF
 +XOH
 %ROVDGHSDSHORGLVSRVLWLYRSDUDPDWHULDOXVDGR
 &KDWD
 *XDQWHVGHSURFHGLPLHQWR

% 3URFHGLPLHQWR
,QIyUPHVHGHODLQGLFDFLyQGHOODYDGRLQWHVWLQDO3DUDHVWRYHULILTXHODSUHVFULSFLyQPpGLFDHQOD
ILFKDFOtQLFDFRUUHVSRQGLHQWH
,GHQWLILTXHDOSDFLHQWH\SUHSiUHORSVtTXLFDPHQWHSDUDODDWHQFLyQTXHVHOHYDDSURSRUFLRQDU
H[SOLFiQGROHFODUDPHQWHORTXHVHOHYDDUHDOL]DU
/iYHVHODVPDQRV\SUHSDUHHOHTXLSR(VWHGHEHOOHYDUWRGRVORVHOHPHQWRVTXHXVWHG\DFRQRFH
WRGRHOHTXLSRDXVDUGHEHHVWDUOLPSLR&RPR\DVHFRQRFHDOSDFLHQWHVHHOLJHODVRQGDUHFWDO
DSURSLDGDVHJ~QVXFRQGLFLyQHVWDVHGHMDUiHQHOULxyQ&RQHFWHHOWXERGHJRPDDORULILFLRGH
VDOLGDGHOLUULJDGRU\HOH[WUHPRGHOWXERDODVRQGDUHFWDOOXHJRRFOX\DODVRQGDFRQODSLQ]D
.HOO\SDUDDVtSRGHUYDFLDUHOOtTXLGRDOLUULJDGRU
5HXQLGRWRGRHOHTXLSRVHFRORFDHODJXDWLELDHQHOLUULJDGRUGHDFFVLHVODYDGR
LQWHVWLQDO VLHVXQHQHPDVHFRORFDGHDFF GHDJXDWLELDOD7GHODJXDGHEHVHUGHD
GHSHQGLHQGRGHODWROHUDQFLDGHOSDFLHQWH
6HVXHOWDODSLQ]D.HOO\SDUDVDFDUHODLUHGHODVFRQH[LRQHVKDFLHQGRSDVDUXQDFRUULHQWHGH
DJXDOXHJRVHSLQ]D
/OHYH HOHTXLSRSUHSDUDGRDODXQLGDGGHOSDFLHQWHXELFiQGRORHQHOYHODGRURPHVD
$EULUODFDPDHQGRV SDUWLGD DVtVHIDFLOLWDODUHDOL]DFLyQGHODWpFQLFD\VHGHMDSURWHJLGRDO
SDFLHQWH
&RORTXHHOELRPERVLVHYDDUHDOL]DUHOSURFHGLPLHQWRHQOD XQLGDGGHOSDFLHQWHGHORFRQWUDULR
OOHYHDODVDODGHSURFHGLPLHQWRVGHOVHUYLFLR
 3URWHJHUODFDPDXELFDQGRHOKXOHFRQODVDEDQLOODHQHOWHUFLRPHGLRFRQHVWRHYLWDUiTXHOD
FDPDSXHGDPRMDUVH\GDUiWUDQTXLOLGDGDOSDFLHQWH

 
&RORFDUDOSDFLHQWHHQSRVLFLyQ6,06(VWRVLJQLILFDVROLFLWDUDOSDFLHQWHTXHVHDFXHVWHVREUH
HOODGRL]TXLHUGR
 /DSLHUQDGHUHFKDIOHFWDGDVREUHODL]TXLHUGDODFXDODVXYH]HVWDOLJHUDPHQWHIOHFWDGD
 /RVEUD]RVQRHVWDUiQDSR\DGRVHQFLPDGHODEGRPHQSDUDTXHQRLPSLGDQODH[SDQVLyQGHO
LQWHVWLQRFXDQGRVHLQWURGXFHHODJXDHOSDFLHQWHXELFDUiVXVEUD]RVHQODIRUPDFRPROHVHDPiV
FyPRGD
&ROyTXHVHJXDQWHVGHSURFHGLPLHQWR
/XEULFDUHOH[WUHPRGHODVRQGDXVDQGRXQWUR]RGHSDSHOKLJLpQLFRLPSUHJQDGRHQODMDOHD
OXEULFDQWHRODYDVHOLQDOtTXLGD
&RORTXHHOULxyQFRQODVRQGDOXEULFDGDHQODFDPDGHOSDFLHQWHFHUFDQRDODUHJLyQDQDO
9LVXDOL]DUHORULILFLRDQDOOHYDQWDQGRHOJO~WHRFRQHOSXOJDUL]TXLHUGRHLQWURGX]FDODVRQGDD
WUDYpVGHODQRVXDYHPHQWHPiVRPHQRVFPFRQPRYLPLHQWRURWDWRULRHQGLUHFFLyQDORPEOLJR
GHOSDFLHQWH&RORTXHHOULxyQEDMRODVRQGDSRUVLHVFXUULHUDDJXD6ROWDUSLQ]D.HOO\SDUDTXH
EDMHDJXD
(OLUULJDGRUHVWDFRORFDGRHQHOYHODGRURHQ ODPHVDGHOSDFLHQWH(OLUULJDGRUQRGHEHHVWDUD
PiVGHFPVGHDOWXUDSRUHQFLPDGHODFDPDPLHQWUDVPiVDOWDVHWHQJDODVROXFLyQPD\RUVHUi
ODSUHVLyQ\ODYHORFLGDGGHOOtTXLGRDOHQWUDUDOLQWHVWLQRSURYRFDQGRXQDGLVWHQVLyQEUXVFDGHO
LQWHVWLQR JUXHVRGRORULUULWDFLyQGHODPXFRVD6HQVDFLyQGHHYDFXDFLyQYLROHQWD(VLPSRUWDQWH
UHFRUGDUTXHGXUDQWHHOSDVRGHOOtTXLGRVHGHEHSHGLUDOSDFLHQWHTXHUHVSLUHSURIXQGRSDUDD\XGDU
DUHWHQHUOtTXLGRREVHUYDUODUHDFFLyQGHOSDFLHQWHGXUDQWHWRGRHOSURFHVR\DFWXDUIUHQWHDHOODV
GLVPLQX\HQGRODYHORFLGDGGHOOtTXLGRGHWHQLHQGRWUDQVLWRULDPHQWHHOSDVDMHRELHQ
VXVSHQGLpQGROR
8QDYH]TXHKDSDVDGRHOOtTXLGRSLQ]DU GHMDUSHTXHxDFDQWLGDGGHOtTXLGRHQHOIRQGRGHO
LUULJDGRUSDUDHYLWDUHOSDVRGHDLUHDOLQWHVWLQR HLQVLVWLUDOSDFLHQWHTXHUHWHQJDHOOtTXLGRVLHV
SRVLEOHSRUDPLQXWRV
5HWLUDUODVRQGDUHFWDOVXDYHPHQWHVXMHWiQGRODFRQXQWUR]RGHSDSHOKLJLpQLFRVLQ
GHVFRQHFWDUODGHOLUULJDGRUVHGHMDHQHOULxyQ\VHGHVFRQHFWD
&RORFDUHOULxyQHQODEDQGHMDHLQWURGXFLUHOWXERGHJRPDGHQWURGHOLUULJDGRU
6LHOSDFLHQWHORGHVHDFRORFDUODFKDWDGHORFRQWUDULRFXDQGRpOORVROLFLWH6LHOSDFLHQWHHVWi
HQFRQGLFLRQHVGHOHYDQWDUVHSXHGHLUDOEDxRD\XGiQGRORVLHVQHFHVDULR
8QDYH]TXHHOSDFLHQWHKDREUDGRHQODFKDWDSURFHGHUDKDFHUDVHRSHULQHDO
5HWLUDUODFKDWDFXELHUWDREVHUYDQGRSUHYLDPHQWHHODVSHFWR\FDQWLGDGGHODVGHSRVLFLRQHV
5HWLUDUWRGRHOHTXLSRGHODXQLGDG
/DYDUHOHTXLSRFRQDJXDIUtD\MDEyQOXHJRHQMXDJDUFRQDJXDFDOLHQWH+DFHUSDVDUXQD
FRUULHQWHGHDJXDDWUDYpVGHODFRQH[LyQ\JXDUGDUOR
6DFDUVHORVJXDQWHVGHSURFHGLPLHQWR\ODYDUVHPX\ELHQODVPDQRV
$UUHJODUODFDPDGHOSDFLHQWHGHMiQGRORFyPRGR
5HJLVWUDUHQODKRMDGHHQIHUPHUtDHOODYDGRLQWHVWLQDODQRWDQGRIHFKD\KRUDFDQWLGDGGHO
OtTXLGRTXHSDVRUHVXOWDGRVLHVSRVLWLYRRQHJDWLYRDVSHFWRRFDQWLGDGGHODGHSRVLFLyQ
UHDFFLRQHVGHOSDFLHQWHVLVRQGHLQWHUpV

 

&XDQGRVHDGPLQLVWUDQORVHQHPDVFRPHUFLDOHVHOSURFHGLPLHQWRHVPXFKRPiVIiFLO(VWRVGLVSRVLWLYRV
FRQWLHQHQ SUHSDUDGD OD VROXFLyQ D FRORFDU \ DGHPiV YLHQHQ FRQ XQD FiQXOD OXEULFDGD \ FXELHUWD  (O
SURFHGLPLHQWRIXHLJXDODOGHVFULWRDQWHULRUPHQWHVHSRQHDOSDFLHQWHH QODSRVLFLyQLQGLFDGDVHVDFDHO
SURWHFWRUGHODFiQXOD\HVWDVHLQWURGXFHHQHODQRFRQPRYLPLHQWRVURWDWRULRVFRQGLUHFFLyQKDFLDHO
RPEOLJRGHOSDFLHQWHKDVWDHOWRSH6HFRPSULPHHOGLVSRVLWLYRKDVWDYDFLDUORFRPSOHWDPHQWHVHUHWLUDR
HOLPLQD6HOHSLGH DOSDFLHQWHTXHORUHWHQJDHOPD\RUWLHPSR SRVLEOH$FXGHDOEDxRRVHOHSDVDOD
FKDWD GH DFXHUGR D VX HVWDGR JHQHUDO 6H UHWLUD HO PDWHULDO \ VH JXDUGD VH UHJLVWUD HQ OD KRMD GH
HQIHUPHUtD

& 5HFRUGDU

8WLOL]DUJXDQWHVGHSURFHGLPLHQWR
 1RUHDOL]DUHOSURFHGLPLHQWRHQKRUDVFRLQFLGHQWHVFRQODVFRPLGDV
$VHJ~UHVHGHTXHODVRQGDHVWHSHUPHDEOH6LHOSDFLHQWHSUHVHQWDGRORURGHVHRLQWHQVRGHGHIHFDU
GLVPLQX\DODDOWXUDGHOLUULJDGRURVXVSHQGDWUDQVLWRULDPHQWHHOSDVRGHODJXD
6LWLHQHGLILFXOWDGSDUDLQWURGXFLUODVRQGDSRUHODQRKDJDSXMDUDOSDFLHQWHSDUDGLODWDU\YLVXDOL]DUHO
RULILFLRLQWURGXFLpQGRODVXDYHPHQWH
(YLWHLQWURGXFLUDLUHDOLQWHVWLQR
2%-(7,926

$KRUUDUWLHPSR\HQHUJtD

0DQWHQHUODHVWpWLFD\HORUGHQ

)DFLOLWDUHOWUDVODGRGHPDWHULDOHVSDUDODDWHQFLyQGHHQIHUPHUtD

&$5$&7(5,67,&$648('(%(7(1(5/$%$1'(-$

/DYDEOH

&RQUHYHVWLPLHQWRVQRSRURVD

/LYLDQD

1RR[LGDEOH

1RGHVSUHQGLEOH
/LVD

7DPDxRVXILFLHQWHSDUDTXHSXHGDVHUXVDGDHQHOYHODGRURPHVD

0$1(-2'(/$%$1'(-$

/DVEDQGHMDVGHEHQPDQWHQHUVHHQOXJDUOLPSLR\VHFR

/DEDQGHMDGHEHRUJDQL]DUVHVLHPSUHPDQWHQLHQGRXQiUHDOLPSLD\XQiUHDVXFLD

8QDYH]XVDGDGHEHQUHJUHVDUDOiUHDVXFLDGHODFOtQLFDOXHJRODYDUODHQMXDJDUOD\VHFDUOD

&XDQGRWUDVODGHODEDQGHMDDODXQLGDGGHOHQIHUPRGHEHOLPSLDUODXQLGDGGRQGHODGHSRVLWDUiRDLVODUOD
FRQXQSDSHO

 

También podría gustarte