Está en la página 1de 48

&yPR,QLFLDUXQ3URFHVRGH&UHFLPLHQWR" R, UXQ3 FHVRGH& HFL

  ,1',&(

Pgina N

Introduccin....................................................3 Capitulo 1: Valores.............................................5 Capitulo 2: Procesos y eventos.................................10 Capitulo 3: Misin global......................................18 Capitulo 4: Razones para ser una iglesia de clulas............25 Capitulo 5: Cmo vamos a ser iglesia?.........................29 Capitulo 6: La clula..........................................34 Capitulo 7: La transicin......................................37 Capitulo 8: Gua prctica para iniciar clulas.................44


7HVWLPRQLR
  ,JOHVLDGHHMHPSOR  $f2,1,&,2$/7$6%$-$6727$/     

'HVSXpVGHDxRVGHPLQLVWHULRODOLVWDGHPLHPEURVGHODLJOHVLDGHHMHPSORHVLGpQWLFD

7DOYH]VXFDQWLGDGLQLFLDOHVRSRGHPRVPRGLILFDUORVDxRVSHUR

/DFRQFOXVLyQQROHUHVXOWDIDPLOLDU"

+DFHXQRVDxRVHVWDEDEXVFDQGRODVPLVPDVUHVSXHVWDVTXHXVWHGDpVWDUHDOLGDGTXHXVWHGHVWi EXVFDQGRDKRUD\HQHVHWLHPSRUHFLEtODLQYLWDFLyQDFRODERUDUHQODIXQFLyQGH3DVWRUHQOD,JOHVLD %DXWLVWD&RPXQLWDULDGH&LXGDG0DGHURVLWXDGDHQHOJUDQ%XHQRV$LUHVHQ$UJHQWLQD

(VWDLJOHVLDSRUDxRVKDEtDYLYLGRXQDH[SHULHQFLDSDUHFLGDDOHVWLORDUULEDPHQFLRQDGR\SHQVDPRV TXH'LRVQRVHVWDEDGDQGRODRSRUWXQLGDGGHLQWHQWDUURPSHUpVWDUHDOLGDGLQVWDODGDHQWUHWRGRVQRVRWURV GHVHULJOHVLDVLQFUHFHU

6LXVWHGHVWiEXVFDQGRUHVSXHVWDVFRPR\RODVEXVTXppVWHHVXQLQWHQWRSRUFRPSDUWLUFRPR'LRVQRV JXLyDXQDPDQHUDVLPSOHSHURHILFD]GHGHVDUUROODUHOSRWHQFLDOGH+HFKRVSDUDVXLJOHVLD

 

&XDQGRXVWHGYDWUDVXQORJURGHEHGHILQLUVXHVWUDWHJLD\QRVRWURVHOHJLPRVTXHODQXHVWUDVHUtD

9LYLUORVYDORUHVGH'LRV 0DWHR $PRUD'LRV ([SUHVDGRHQ  9LGDGHYRFLRQDO




$PRUDODVSHUVRQDV ([SUHVDGRHQ (YDQJHOL]DUDOSHUGLGR +DFHUGLVFtSXORV 

    

&pOXODV

0LVLyQ*OREDO+HFKRV

(QHVWHOLEURXVWHGGHVFXEULUiORVSULQFLSLRVDWUDYpVGHORVFXDOHV'LRVOOHYyDXQJUXSRVLPSOHGH SHUVRQDVD

  4XHEUDUGHILQLWLYDPHQWHODLQHUFLDGHVHUVLHPSUHORVPLVPRV   9HUUHJXODUPHQWHTXH'LRVHVILHOHQ'DUHO&UHFLPLHQWR UD&RULQWLRV    $SUHQGHUDUHDOL]DUODSDUWHGHOWUDEDMRGHOUHLQRGH'LRVTXHQRVFRUUHVSRQGH   &RQFUHWDUORVSDVRVTXH-HV~VSURPHWLyDVXLJOHVLDHQ+HFKRVGH D  &UHFHUORFDOPHQWH E  3ODQWDULJOHVLDVHQEDUULRVYHFLQRV F  (QYLDUPLVLRQHURVKDVWDOR~OWLPRGHODWLHUUD

 7LWR25REHUW 3DVWRU 

                
 

,JOHVLD%DXWLVWD&RPXQLWDULD

,QWURGXFFLyQ
 -HV~VGLMR+DJDQHOiUEROEXHQR\HOIUXWRVHUiEXHQR 0DWHR    /RVUHVXOWDGRV IUXWRV TXHREWHQHPRVFRPRLJOHVLDVRQXQD FRQVHFXHQFLDQDWXUDOGHOFDUiFWHUGHODVHPLOODTXHHVWDPRV VHPEUDQGR  7UDEDMDUHQIRFDGRVHQHYHQWRV\SURJUDPDVQRWUDHUi FUHFLPLHQWRKDVWDTXHQRVDQLPHPRVDOOHJDUDFXHVWLRQDUODV UDtFHVGHQXHVWURWUDEDMR
 &XHVWLRQDUQRVDQRVRWURVPLVPRVQXHVWURVYDORUHV QXHVWURVPRGHORV\QXHVWURVSURSyVLWRVHVHOSXQWRGH SDUWLGDSDUDLQLFLDUXQFDPLQRGLUHFWR KDFLDHOFUHFLPLHQWRGHQXHVWUDVLJOHVLDV  6LHOIUXWRTXHHVWDPRVYLHQGRQRHVHOTXHHVSHUiEDPRV HVHYLGHQWHTXHGHEHPRVUHYLVDUODVVHPLOODVTXHKHPRVVHPEUDGR

 -HV~VXWLOL]yODILJXUDGHOiUEROSDUDLOXVWUDUHOUHLQRGH'LRV 0DWHR  ,GHQWLILFDPRVWUHVHOHPHQWRVEiVLFRVTXHFRPSRQHQpVWDILJXUD/DFRSDFRQVXVIUXWRV UHVXOWDGRV HO WURQFR FRPRFDQDOGHODVDYLD \ODVUDtFHV FRPRIXQGDPHQWR   (OUHLQRGH'LRVIXHSHQVDGRSDUDFUHFHU\UHSURGXFLUVHFRPRXQiUERO 9DPRVDPHGLWDUHQDTXHOORVHOHPHQWRVGHOiUEROTXHVRQGHFLVLYRVSDUDVXYLGDVDQD\FUHFLHQWH OOHYDQGRHVWDVFRQFOXVLRQHVDDSOLFDFLRQHVSUiFWLFDVSDUDQXHVWUDVLJOHVLDVKHUUDPLHQWDHOHJLGDSRU'LRV SDUDTXHVXUHLQRVHH[WLHQGD  0LHQWUDVJHQHUDOPHQWHPDQWHQHPRVQXHVWUDPLUDGDHQODFRSDGHOiUERORVHDHQHOIUXWR ORV UHVXOWDGRV \HQRFDVLRQHVEDMDPRVDUHYLVDUHOWURQFR HOFDQDO PX\SRFDVYHFHVQRVDQLPDPRVD UHYLVDUODVUDtFHV
 )UXWRV5HVXOWDGRV

&UHFLPLHQWRHQFDOLGDG\FDQWLGDG 5HSURGXFFLyQGHPLHPEURVHLJOHVLDV (QYtRGHPLVLRQHURV  &RPHQ]DPRVGHVGHORVIUXWRVGHELGRDTXHJHQHUDOPHQWHHVGRQGHQRVHQIRFDPRVFXDQGRGHVHDPRV YHUHQQXHVWUDVLJOHVLDVFDOLGDG\FDQWLGDGGHPLHPEURVFRPRDVtWDPELpQUHSURGXFFLyQGHPLHPEURVH LJOHVLDV\DTXHORFRQWUDULRDUHSURGXFFLyQHVHVWHULOLGDG  $TXtHVGRQGHSURSRQHPRVLQLFLDUXQUHFRUULGRLQYHUVRDOPLUDUDODLJOHVLDGHELGRDTXHQXHVWURHQIRTXH HQORVIUXWRV\ODE~VTXHGDGHHOORVSRUGLIHUHQWHVPHGLRVQRQRVKDQGDGRHOUHVXOWDGRTXH HVSHUiEDPRV/DVHVWDGtVWLFDVPDUFDQTXHHOGHODVLJOHVLDVQRFUHFHQORTXHLQGLFDTXHOD E~VTXHGDGHIUXWRVQRKDGDGRORVUHVXOWDGRVGHVHDGRV  3DUDTXHHOIUXWROOHJXHDSURGXFLUVHHVQHFHVDULRTXHODVDYLDFRUUDSRUORVFDQDOHVDSURSLDGRV WURQFR 
 7URQFR(VWUXFWXUD

3URJUDPDVPpWRGRV\(VWUXFWXUDV 

 

$TXtGHVFHQGHPRVXQHVFDOyQHQQXHVWUDPLUDGD\GHVFXEULPRVODLPSRUWDQFLDGHODVHVWUXFWXUDV SURJUDPDV\PpWRGRVSHURHQIXQFLyQGHTXHHVWpQVLUYLHQGRFRPRXQFDQDODSURSLDGRSDUDTXHODVDYLD FRUUD 6LQHPEDUJRQXHVWUDWHQGHQFLDHVDHQGLRVDUORVPpWRGRVRHVWUXFWXUDV\QXQFDUHYLVDUORVODVSDUDYHU VLHVWiQFXPSOLHQGRFRQVXSURSyVLWRTXHHVVLPSOHPHQWHVHUXQDFDQDOSDUDTXHODVDYLDOOHJXHDORV H[WUHPRV\JHQHUHIUXWR 3RUORWDQWRGHEHPRVHQIRFDUQRVHQUHYLVDUODVUDtFHVGHQXHVWURWUDEDMR


 5DtFHV3ULQFLSLRV

9DORUHV3URFHVRV\3URSyVLWRV /OHJDPRVDOWHUFHUHVFDOyQTXHHVGRQGHVHHQFXHQWUDODYHUGDGGHQXHVWURVPLQLVWHULRV /DVUDtFHVTXHVHJHQHUDQSRUODVHPLOODTXHVHPEUDPRVHQQXHVWUDVLJOHVLDVGRPLQJRDGRPLQJRFRQ QXHVWUDVSDODEUDVSHURVREUHWRGRFRQQXHVWURVKHFKRVVRQGHWHUPLQDQWHVSDUDWRGRHOIXWXURGHOD LJOHVLD  /DIXQFLRQDOLGDGGHQXHVWUDVHVWUXFWXUDV\HOORJURGHYHUUHSURGXFFLyQGHPLHPEURVHLJOHVLDVQR GHSHQGHGHORTXHVXFHGHHQORVPRPHQWRVS~EOLFRVVLQRHQODVHPLOODGHPLQLVWHULRTXHVHPEUDPRV HQWUHODVSHUVRQDVDWUDYpVGHQXHVWUDVDFFLRQHVGLDULDV  /DVUDtFHVGHQXHVWURPLQLVWHULRHVWiQIRUPDGDVSRUQXHVWURVYDORUHVQXHVWUDIRUPDGHWUDEDMDU\ QXHVWURVSURSyVLWRV /DLPSRUWDQFLDGHHVWDVUDtFHV\FyPRDIHFWDQODYLGDGHOiUEROVRQODVVLJXLHQWHV
 9DORUHV&yPRYLYLPRVOD)H"

7RGRVQRVRWURVWHQHPRVYDORUHVLQWHULRUHVTXHGHWHUPLQDQFyPRXWLOL]DPRVQXHVWURWLHPSRQXHVWUD HQHUJtD\QXHVWURVUHFXUVRV(YLGHQWHPHQWHHVWDVSULRULGDGHVLQWHULRUHVGHWHUPLQDQFyPRYLYLPRV QXHVWUDIHSRUORWDQWRKDVWDTXHQRUHYLVHPRVFXDOHVVRQQXHVWURVYDORUHVSHUVRQDOHVQRYDPRVD SRGHUVRxDUFRQFDPELRVHQODYLGDGHQXHVWUDVLJOHVLDVSRUTXHODUHDOLGDGGHQXHVWUDVLJOHVLDVVH HQFXHQWUDEDVDGDHQODPDQHUDFyPRFDGDFULVWLDQRYLYHORVYDORUHVGH'LRV

3URFHVRV&yPRWUDEDMDPRV"

'LRVDWUDYpVGHVXSDODEUDQRVPXHVWUDFyPRIXQFLRQDVHGHVDUUROOD\FUHFHHOUHLQRGH'LRV 0DUFRV  'HPDQHUDVLPSOHpOQRVHVWDGLFLHQGRTXpGHEHPRVKDFHU\FyPRGHEHPRVWUDEDMDU (YLGHQWHPHQWHVLQRSUHVWDPRVDWHQFLyQDORVSULQFLSLRVTXH'LRVGLVHxySDUDTXHVXUHLQRFUH]FDQR SRGUHPRVYHUORVUHVXOWDGRVTXHpOTXLHUHGDUQRV

0LVLyQ*OREDO4XpTXLHUH'LRVTXHKDJDPRV"

1RVRWURVQRSRGHPRVDOFDQ]DUHOSURSyVLWRGH'LRVSDUDQXHVWUDVLJOHVLDVVLODJXLDPRVDUHDOL]DUODWDUHD VHJ~QQXHVWUDVLGHDV(Q+HFKRV-HV~VGHFODURFXDOHUDVXSURSyVLWRSDUDVXLJOHVLD&RQHVWDV SDODEUDVpOQRVGLFHFXDOHVHOSRWHQFLDOTXHpOVXHxDSDUDVXLJOHVLD\DGRQGHHVWDGHEHDSXQWDU  &RQODSOHQDFRQILDQ]DTXH'LRVVLJXHGHVHDQGRGDUQRVFUHFLPLHQWRQRVODQ]DPRVFRQKXPLOGDG\ HVSHUDQ]DDPLUDUXQDYH]PiVQXHVWUDUHDOLGDGFRPRLJOHVLD\DEXVFDU\HQFRQWUDUODUHVSXHVWDD QXHVWURVSUREOHPDVHLQTXLHWXGHV    7LWR25REHUW 3DVWRU  ,JOHVLD%DXWLVWD&RPXQLWDULD

 

&DSLWXOR9DORUHV
 ,QWURGXFFLyQ

'RVSHUVRQDVOOHJDQDODYHMH]&DGDXQDKDEtDHOHJLGRVXVYDORUHV 8QKRPEUHGLVWDQWH7RGDVXYLGDEXVFDQGRQXHYDVPDQHUDVGHKDFHUGLQHUR(OHVWiHQVXV~OWLPRV DxRV\YLYHPX\FyPRGDPHQWH SHUR FRQVWDQWHPHQWHKDEODQGRGHOGLQHURTXHKDEtDKHFKR (OHOLJLyFXDOHVHUDQVXVYDORUHV\ORVIXHFXOWLYDQGRGtDWUDVGtDGHPXFKDVPDQHUDVGLIHUHQWHVVXV YDORUHVGHILQLHURQVXVGHFLVLRQHV\ILQDOPHQWHpOVHYROYLyXQDSHUVRQDGHDFXHUGRDORVYDORUHVTXHKDEtD HOHJLGR 6XSDVLyQORFRQYLUWLyHQXQVHUFRGLFLRVRFXDQGRpOHOLJLyVXVYDORUHVHOLJLyTXHFODVHGHSHUVRQDVHUtD &XDQGRVXWLHPSRVHHPSH]yDWHUPLQDUpOHUDFRGLFLDSXUDDXQVLQPRYHUVHGHVXFDPDHQHOKRVSLWDOHO VHJXtDTXHULHQGRPiVSDUDpOPLVPR 8QDDEXHODpO~OWLPRUHFXHUGRGHHOODIXHYHUODVHQWDGDHQODPHVD\OHSHGLPRVTXHRUDUDHOODWRPy ODVPDQRVGHORVTXHHVWDEDQDVXODGRXQDVRQULVDDQFKDODPLUDGDDOFLHORRMRVFRQOiJULPDVOD EDUELOODOHWHPEODEDHOODKDEtDHOHJLGRTXHVXVYDORUHVVHUtDQDPDUD-HV~V\DPDUDODVSHUVRQDV (OODQRUHFRUGDEDORVQRPEUHVGHODVSHUVRQDVSHURVHDFHUFDEDDHOODV\OHVGDEDXQDSDOPDGDHQOD HVSDOGD&XDQGRVXWLHPSRVHHPSH]yDWHUPLQDUHOODHUDDPRUSXURDPRUD'LRV\DODVSHUVRQDV &XDQGRXQSDVWRUTXHUHFRUUtDHOKRVSLWDOVHDFHUFyDVXFDPD\OHGLMR\RYR\DRUDUSRUXVWHGHOODOH FRQWHVWy1R\RYR\DRUDUSRUXVWHG$XQVLQPRYHUVHGHVXFDPDHOODVHJXtDDPDQGRD'LRV\DODV SHUVRQDV
 &DGDXQDGHHVWDVSHUVRQDVVHKDEtDYXHOWRORTXHHOORVYDORUDEDQ

 7RGRVWHQHPRVYDORUHV-HV~VORGLMRHQ0DWHR'RQGHHVWpWXWHVRURDOOtHVWDUiWDPELpQWX FRUD]yQ  (QRWUDVSDODEUDVGRQGHHVWHORTXHXVWHGYDORUDDOOtVHYDDFRQFHQWUDUVXYLGD'HXQDPDQHUDXRWUD ORTXHYDORUDPRVYDJDQDQGRWHUUHQRHQQXHVWUDVDFFLRQHVOOHYiQGRQRVDGDUOHQXHVWURWLHPSRQXHVWUD HQWUHJDQXHVWURHVIXHU]RQXHVWUDVKDELOLGDGHV\QXHVWURGLQHUR  &XDOHVVRQQXHVWURVYDORUHV"$OJXQRVGHQXHVWURVYDORUHVVRQODIDPLOLDORVDPLJRVHOI~WEROHOWUDEDMR ODLJOHVLDORVHQWUHWHQLPLHQWRVHWF (VWRVGHPDQHUDFRQFLHQWHRQRVHYDQLPSRQLHQGRHQQXHVWURKRUDULRVHPDQDO  &XDQGRXQDSHUVRQDGHILQHVXVYDORUHVGHILQHVXVDFFLRQHVGHILQHVXSDVLyQ\GHILQHVXIRUPDGHYLGD /RPLVPRRFXUUHFRQXQDLJOHVLD/RVYDORUHVTXHHOHJLPRVGHWHUPLQDQORTXHYDPRVD+$&(5\HQ GHILQLWLYDORTXHYDPRVD6(5FRPRLJOHVLD 
4XpVRQORVYDORUHV"

/RVYDORUHVVRQODVSULRULGDGHVLQWHULRUHVTXHVHH[SUHVDQHQQXHVWUDVDFFLRQHV  &yPRGHVFXEULUQXHVWURVYDORUHV"3DUDVDEHUORQRSUHJXQWHDRWUDSHUVRQD&XiOHVVRQWXVYDORUHV" 0DVELHQSUHJ~QWHOH4XpKLFLVWHGXUDQWHOD~OWLPDVHPDQD"(QTXpXVDVWHWXWLHPSRWXHQHUJtD\WX GLQHURHQODVHPDQDSDVDGD" 


7RGRVQRVRWURVGHGLFDPRVQXHVWURWLHPSRQXHVWUDHQHUJtD\QXHVWURGLQHURDDTXHOODVFRVDV TXHYDORUDPRV/DVLJOHVLDVWDPELpQ

 $TXtDSDUHFHXQKHFKRLPSRUWDQWH\VLPSOH
 /RVYDORUHVTXHFUHHPRVQRVRQDPHQXGRORVYDORUHVTXHSUDFWLFDPRV



 

3UHJXQWHDVXFRQJUHJDFLyQ&XiQWRVGHXVWHGHVFUHHQHQKDFHU(9$1*(/,602"&XHQWHODVPDQRV DO]DGDV /XHJRSUHJ~QWHOHV4XLpQHVFRPSDUWLHURQHOHYDQJHOLRFRQRWUDSHUVRQDGXUDQWHpVWDVHPDQD"9XHOYDD FRQWDUODVPDQRVDO]DGDV'HVFXEULUiXQDGHODVUD]RQHVSRUODVFXDOHVQXHVWUDVLJOHVLDVQRFUHFHQ 3RUODHQRUPHFRQIXVLyQTXHORVFULVWLDQRVWHQHPRVDOFRQVLGHUDUTXHHVWDPRVYLYLHQGR\SUDFWLFDQGRORV YDORUHVTXHVRORFUHHPRVLQWHOHFWXDOPHQWH\DORVFXDOHVDVHQWLPRVHPRFLRQDOPHQWH  2WUDSUXHEDTXHQRGDUiWDQWRUHVXOWDGRFRPRODDQWHULRUHVODVLJXLHQWH 3UHJXQWHDVXFRQJUHJDFLyQ&XiQWRVGHXVWHGHVFUHHQHQKDFHU',6&,38/$'2"&XHQWHODVPDQRV DO]DGDV 2WUDYH]SUHJXQWHDVXFRQJUHJDFLyQ4XLHQHVGLVFLSXODURQDRWUDSHUVRQDHQHOFXUVRGHpVWDVHPDQD" 9XHOYDDFRQWDUODVPDQRVOHYDQWDGDV6HOOHYDUiXQDJUDQVRUSUHVD  (VWHHMHUFLFLRPXHVWUDODHQRUPHGLVWDQFLDTXHJHQHUDOPHQWHH[LVWHHQWUH&5((5<35$&7,&$5\ WHQJDPRVHQFXHQWDTXHHVWDPRVVRODPHQWHKDEODQGRGHORVYDORUHVEiVLFRVGHQXHVWUDIHFRPRORVRQ 35(',&$5<',6&,38/$5  /D3DODEUDGH'LRVGHFODUDTXHGHFLUTXHXQRFUHHQRHVVXILFLHQWH\TXHVRQQXHVWURVDFWRVORVTXH GHPXHVWUDQTXHQXHVWUDIHHVYHUGDGHUD 6DQWLDJR WDPELpQDILUPDTXHXQDFUHHQFLDTXHQR HVWiDFRPSDxDGDGHDFFLRQHVHVWiPXHUWD  ,PDJtQHVHTXHDOJXLHQYLRFRPRXVWHGXVyODVHPDQDFRPSOHWD$TXpFRQFOXVLRQHVKDEUiOOHJDGR REVHUYDQGRODVDFFLRQHVTXHSRQHQGHPDQLILHVWRORVYDORUHVTXHJRELHUQDQVXYLGD"  (OVLJXLHQWHHMHUFLFLROHD\XGDUiDGHVFXEULUFXDOHVVRQORVYDORUHVGHVXYLGD  &RPSOHWHHOVLJXLHQWHFXDGURFRQODVDFFLRQHVTXHXVWHGUHDOL]yGXUDQWHOD~OWLPDVHPDQD  +RUD                  $TXtWLHQHXVWHGXQFXDGURGHFXDOHVVRQORVYDORUHVGHVXYLGD6XVDFFLRQHVPXHVWUDQVXVYDORUHV  3DUDTXH&ULVWRVHDHOFHQWURGHQXHVWUDLJOHVLDGHEHPRVHPSH]DUDYDORUDUORTXHpOYDORUD\GHHVD PDQHUDYLYLUFRPRpOYLYH6LQRVRWURVYDPRVDYLYLUFRPRHOFXHUSRGH&ULVWRGHEHPRVLGHQWLILFDUORV YDORUHVTXHFDUDFWHUL]DQHOFRUD]yQGH'LRV\KDFHUORVQXHVWURVYDORUHVFRPRLJOHVLD  /XQHV                 0DUWHV                 0LpUFROHV                 -XHYHV                 9LHUQHV                 6iEDGR                 'RPLQJR                

 

&XiOHVVRQORVYDORUHVGH'LRV" -HV~VORVGHILQLyFRQH[DFWLWXGQRGHMyHVWHWHPDOLEUDGRDQXHVWUDHOHFFLyQ  (Q0DWHRpOGLFH$PDUiVDO6HxRUWX'LRVFRQWRGRWXFRUD]yQ\FRQWRGDWXDOPD\ 


FRQWRGDWXPHQWHeVWHHVHOSULPHUR\JUDQPDQGDPLHQWR<HOVHJXQGRHVSDUHFLGR$PDUiV DWXSUyMLPRFRPRDWLPLVPR

 /D3DODEUDGH'LRVGHFODUDORTXHpOYDORUDSDUDVXLJOHVLDSRUVREUHWRGDVODVFRVDV'HHVWDVSDODEUDV KHPRVGHULYDGRGRVYDORUHVHVHQFLDOHV\SRGHPRVLQWHQWDUDSOLFDUORVHQQXHVWUDVLJOHVLDVDWUDYpVGH WRGDVQXHVWUDVDFFLRQHV


 9DORU1 $PDUD'LRV  9DORU1 $PDUDODVSHUVRQDV

 (VWiQHVWRVYDORUHVSUHVHQWHVHQQXHVWUDVDFFLRQHVGHOD~OWLPDVHPDQD"  3DUDFRQWHVWDUFRUUHFWDPHQWHpVWDSUHJXQWDGHEHPRVSURIXQGL]DUVREUHTXpVLJQLILFDDPDUD'LRV\DODV SHUVRQDVSRUTXHVREUHHVWHSXQWRWDPELpQKD\XQDJUDQFRQIXVLyQ  /DSUHJXQWDTXHSXHGHD\XGDUQRVDDFODUDUHVWHDVXQWRHVODVLJXLHQWH &yPRGHPRVWUDPRVHODPRUD'LRV\DODVSHUVRQDV"  $WUDYpVGHQXHVWURVVHQWLPLHQWRV"([SUHVDUKDEODUFDQWDUDODEDUDGRUDUHWF  $WUDYpVGHQXHVWURVSHQVDPLHQWRV"3HQVDUUHIOH[LRQDUPHGLWDUHWF  $WUDYpVGHQXHVWUDVDFFLRQHV"2VHDDOUHVSRQGHUDFFLRQDUKHFKRVHWF  8QDYH]PiVpVWDSUHJXQWDKDVLGRFRQWHVWDGDSRU-HV~VHQ-XDQ(OGLFH/RVTXHPHDPDQ JXDUGDQPLVPDQGDPLHQWRV(VWRQRTXLHUHGHFLUTXHORVVHQWLPLHQWRVRORVSHQVDPLHQWRVQRVHDQSDUWH GHQXHVWURDPRUD'LRVORVRQSHURVLVRQVyORHVRQRDOFDQ]DQVXPi[LPDH[SUHVLyQTXHHV029(5 18(675$92/817$'3$5$+$&(5/$68<$  /DSDODEUDJXDUGDUVLJQLILFD




2EHGHFHU +DFHU 3UDFWLFDU

(VGHFLUSRGUtDPRVGHILQLUpVWDVSDODEUDVFRPR$&&,21(6  9HDPRVHQODSHUVRQDGH-HV~VXQJUDQHMHPSORGHFyPRIXQFLRQDHOFRPSOHWR\YHUGDGHURDPRU  (Q)LOLSHQVHVOD3DODEUDGH'LRVQRVDOLHQWDDTXHKD\DHQXVWHGHVHVWHVHQWLUTXHKXERHQ&ULVWR -HV~VORTXHLQGLFDTXHHOSODQRGHORVVHQWLPLHQWRVHVYLWDOSDUDXQDH[SHULHQFLDGHREHGLHQFLD  'HVSXpVVHQRVGLFHTXHpOQRHVWLPyHOVHULJXDOD'LRVFRPRFRVDDTXpDIHUUDUVHHVWLPDUHVXQ HMHUFLFLRGHQXHVWURSHQVDPLHQWRSRUHOFXDOHYDOXDPRVVLDOJRTXHKDUHPRVPHUHFHVHUUHDOL]DGRRQR\ HVWRQRVPDUFDODLPSRUWDQFLDGHODUHIOH[LyQHQHOSURFHVRGHREHGHFHU 3HURHVWDREHGLHQFLDTXHHUDXQDGHPRVWUDFLyQGHHODPRUGH-HV~VKDFLDVX3DGUH\KDFLDQRVRWURV FXOPLQDFRQODHQWUHJDGHVXYROXQWDGKDFLpQGRVHDVtPLVPRREHGLHQWHKDVWDODPXHUWH

 

(VWHDFWRGHVXYROXQWDGHVGHWHUPLQDQWHSDUDTXHKD\DREHGLHQFLD6L-HV~VQRKXELHUDDOFDQ]DGRHVH HVFDOyQHQVXREHGLHQFLDQRVRWURVKR\QRVHUtDPRVVDOYRV6XDPRUSRUQRVRWURVOOHJyDOQLYHOGHOD DFFLyQ\HVRHVORTXHpODILUPDEDFXDQGRGHFtDHOTXHPHDPDKDFHORTXH\ROHPDQGRRVHDDOFDQ]D HOSODQRGHODDFFLyQ  'HODPLVPDPDQHUDQXHVWURDPRUD'LRVQRGHEHTXHGDUOLPLWDGRDORVDVSHFWRVGHOVHQWLPLHQWRR SHQVDPLHQWRVLQRTXHGHEHDOFDQ]DUVXFOtPD[HQODDFFLyQ  /DVSDODEUDVGH-HV~VDVXVGLVFtSXORVIXHURQ6tJDQPH\pVWDH[SUHVLyQHVWiGLULJLGDDQXHVWUD YROXQWDG  4XpSDVRVGHEHPRVGDU"2EHGHFHUVXVPDQGDWRVVLPSOHVKDFLDpO\KDFLDODVSHUVRQDV


 $PRUD'LRV

/DH[SUHVLyQEiVLFDGHODPRUHVHOGLiORJRSRUTXHQRSRGHPRVDPDUDDOJXLHQVLSULPHURQRHVWDPRV GLVSXHVWRVDUHODFLRQDUQRVFRQpO ,PDJtQHVHTXHXVWHGOHGLJDDVXHVSRVD4XHULGDWHDPRSHURQRTXLHURHVFXFKDUWHRELHQHOODOH H[SUHVH4XHULGR\RWDPELpQWHDPRSHURQRSLHQVRKDEODUWH  /DDFWLWXGGHGHVHDUKDEODU\HVFXFKDUDDOJXLHQRVHDHOGHVHRGHPDQWHQHUXQIOXLGR\ULFRGLiORJRHVOD SULPHUDIRUPDGHDPDUD'LRV 3RUORWDQWRODVGRVSUHPLVDVEiVLFDVGHQXHVWURDPRUD'LRVQRSDVDQSRUQXHVWUDDGRUDFLyQDWUDYpVGH ODVFDQFLRQHVQLVLTXLHUDSRUORVHVIXHU]RVGHQXHVWURVHUYLFLRDpOVLQRSRUODGLVSRVLFLyQLQWHUQDGH    (VFXFKDUORTXHpOQRVTXLHUHGHFLUDWUDYpVGHVXSDODEUD\GHHVWRVHJ~QPDWHRGHSHQGH QXHVWUDYLGDHVSLULWXDO   +DEODUFRQpOSRUPHGLRGHODRUDFLyQ0DWHR  (VWHGLiORJRSHUPDQHQWHHVODGHPRVWUDFLyQGHQXHVWURDPRUKDFLDpO\GHOYDORUTXHVXSHUVRQDWLHQH SDUDQXHVWUDYLGD  $PDUD'LRVFRPRSULPHUYDORUQRVOOHYDDSRQHUORVYDORUHVGH'LRVHQSULPHUOXJDU  4XpHVORTXH'LRVPiVYDORUD"6LQGXGDDOJXQDODVSHUVRQDV
 $PRUDODVSHUVRQDV

 7RGRVQRVRWURVWHQHPRVDQXHVWURODGRGRVFODVHVGHSHUVRQDV D  $TXHOODVTXHHVWiQSHUGLGDVDMHQDVD'LRV\VLQ&ULVWR E  $TXHOODVTXHVRQVDOYDVUHFRQFLOLDGDVFRQ'LRV\YLYLHQGRHQ&ULVWR  $ODVSULPHUDV'LRVQRVPDQGDDPDUODVSUHGLFiQGROHVHOHYDQJHOLR 0DUFRV  $ODVVHJXQGDV'LRVQRVPDQGDDPDUODVDWUDYpVGHKDFHUGHHOODVGLVFtSXORVGH-HV~V 0DWHR   (VWDWDUHDP~OWLSOHQRVFRORFDIUHQWHDOKHFKRGHTXHVLHPSUHWHQGUHPRVODRSRUWXQLGDGGHDPDUDODV SHUVRQDV6LODSHUVRQDQRHVFULVWLDQDOHKDUHPRVXQDSUHVHQWDFLyQFODUDFRPSOHWD\DPRURVDGHO HYDQJHOLR\VLHVFULVWLDQDWHQGUHPRVODRSRUWXQLGDGGHFRQWLQXDUFRQVXIRUPDFLyQDWUDYpVGHOD HQVHxDQ]DSDUDTXHVHDXQPHMRUVHJXLGRUGH&ULVWR  3RUVXSXHVWRWRGDVHVWDVIRUPDVGHDPDUD'LRV\DODVSHUVRQDV~QLFDPHQWHSXHGHQVHUGHVDUUROODGDV HVWDQGRHQXQLGDGFRQ&ULVWR\VXLJOHVLD UD&RULQWLRV   )LQDOPHQWHSRGHPRVUHVXPLUDOJXQDVSUiFWLFDVTXHGHPXHVWUDQQXHVWURDPRUD'LRV\DODVSHUVRQDV

 

&RQVLGHUHHVWRVYDORUHV

9LGDGHYRFLRQDO 'LVFLSXODGRSHUVRQDO (YDQJHOLVPRSHUVRQDO 9LGDHQHOFXHUSR

/RVKHPRVSUDFWLFDGRpVWDVHPDQD"6LHVWiQODVDFFLRQHVHVSRUTXHHVWiQORVYDORUHVHQQXHVWUDVYLGDV VLQRHVWiQODVDFFLRQHVHVRVLJQLILFDTXHORVYDORUDVQRHVWiQJREHUQDQGRQXHVWUDYLGD  3RUTXH/RTXHKDFHPRV QRORTXHVHQWLPRVRSHQVDPRV PXHVWUDORTXHYDORUDPRV  &RPRFUH\HQWHVKDJiPRQRVODVVLJXLHQWHVSUHJXQWDV  (VWDPRVYLYLHQGRGHDFXHUGRDORVYDORUHVGH-HV~V" (VWi'LRVLQYLWiQGRQRVDUHYLVDUQXHVWURVYDORUHV" (VWiQLQFRUSRUDGRVDQXHVWUDYLGDORVPDQGDWRVTXH-HV~VQRVGHMy" 


(OFDPELRGHYDORUHVHQODLJOHVLD 

D  (OFDPELRGHYDORUHVHVSRVLEOH0LUHPRVD-HV~V\VXVGLVFtSXORVpOORJUyFDPELDUORVYDORUHV GHODYLGDGHHOORV3HGURSDVyGHHVWDUGHGLFDGRDODSHVFDGHSHFHVDSHVFDUKRPEUHV0DWHRGH HVWDURFXSDGRHQFREUDUORVLPSXHVWRVDRFXSDUVHGHORVDVXQWRVGHOUHLQR\DVtRFXUULyFRQFDGD XQRGHORVTXHVLJXLHURQD-HV~V E  &DPELDUYDORUHVOOHYDWLHPSR-HV~VGHGLFyDxRVDFDPELDUORVYDORUHVGHVXVGLVFtSXORV F 


&DPELDUORVYDORUHVFRPLHQ]DFRQFDGDXQRGHQRVRWURV'HEHPRVPLUDUQRVDQRVRWURV

PLVPRVHLQLFLDUXQFDPELRHQQXHVWUDSURSLDYLGD G  &DPELDUQXHVWURVYDORUHV SULRULGDGHVLQWHUQDV HVPiVGLItFLO\FRVWRVRTXHSUHSDUDU


UHXQLRQHVSURJUDPDV\HYHQWRV

 /R~QLFRTXH'LRVQHFHVLWDSDUDHGLILFDUXQDLJOHVLDTXHFUHFHHVXQJUXSRSHTXHxRGHSHUVRQDV 4XHGLVSXHVWDVDFDPELDUVXVYDORUHV\VXVDFFLRQHV&XDQGRVHFXPSOHpVWHUHTXLVLWRpOKDFHHOUHVWR  (QFRQWUDUi'LRVHVDVSHUVRQDVHQQXHVWUDLJOHVLD"  'HODUHVSXHVWDDpVWDSUHJXQWDGHSHQGHPXFKRGHOIXWXURGHQXHVWUDVLJOHVLDV (VXQDUHDOLGDGTXHODLJOHVLDHVWiIRUPDGDSRUSHUVRQDV\KDVWDTXHQRRFXUUHXQFDPELRUHDOHQOD IRUPDHQTXHpVWDVYLYHQVXIHHQUHDOLGDGQRHVWDPRVPRGLILFDQGRHQQDGDODHVHQFLDGHODLJOHVLD  $WRGRVQRVJXVWDUtDTXHODLJOHVLDHPSLHFHDFUHFHUVLQTXHQRVRWURVWHQJDPRVTXHUHDOL]DUQLQJ~Q FDPELRHQQXHVWUDVYLGDV\QXHVWUDVDJHQGDVSHURODUHDOLGDGHVTXHORVFDPELRVHQODLJOHVLDFRPLHQ]DQ VRODPHQWHFXDQGRQRVRWURVLQLFLDPRVXQFDPELRGHYDORUHVTXHVHUHIOHMHQHQQXHVWUDVDFFLRQHVHQHO XVRGHQXHVWURWLHPSRQXHVWUDVIXHU]DV\QXHVWURVUHFXUVRV  3RGHPRVYDULDUSURJUDPDVDFWLYLGDGHV\PpWRGRVSHURVRORYHUHPRVXQFDPELRHQODYLGDGHQXHVWUDV LJOHVLDVFXDQGRQRVRWURVVXVPLHPEURVLQLFLHPRVXQFDPELRSURIXQGRGHUDt]DFHUFDGHFyPRYLYLPRVOD IH  

 



 

&DSLWXOR3URFHVRV\HYHQWRV


8QDGHODVPDQHUDVPiVVLPSOHVGHLQWHQWDUURPSHUODLQHUFLD VHUVLHPSUHORVPLVPRV HQHOWULOODGR WHPDGHOFUHFLPLHQWRGHODVLJOHVLDVHVHQWUHJDUQRVDSDUWLFLSDUILHOPHQWH\GHPDQHUDFRQVWDQWHD DOJXQRVSURFHVRVTXHHO6HxRU-HV~VQRVRUGHQySUDFWLFDU  8QRVHLQFOLQDDSHQVDUTXHHOFUHFLPLHQWRHVWiOLJDGRDJUDQGHVDFFLRQHVPRPHQWRVFXPEUHV\ HQJRUURVRVJDVWRVVLQHPEDUJRODH[SHULHQFLDSURSLDQRVGHPRVWUyTXHpVWRQRVLHPSUHRFXUUH  'HVSXpVGHLQVLVWLUGXUDQWHXQDxRSDUDTXHQXHVWUDLJOHVLDVHGHGLTXHDSUDFWLFDUDOJXQRVVLPSOHV PDQGDWRVGH-HV~V\GHMHGHODGRHOUHVWRGHODVDFWLYLGDGHVKHPRVSRGLGRGHVFXEULUFRQVRUSUHVDTXHHO FUHFLPLHQWRHVWiOLJDGRDSHTXHxDVDFFLRQHVFRQVWDQWHVGRQGHSXHGHQRQRH[LVWLUPRPHQWRVFXPEUHV DXQTXHVLGHEHH[LVWLUHOPRPHQWRGHFRVHFKDUHOIUXWR \TXHQRHVQHFHVDULRHQGHXGDUVHSDUDORJUDUOR  /RVPDQGDWRVVLPSOHVTXH-HV~VQRVPDQGy\DORVFXDOHVOHVGLPRVSULRULGDGVRQ 

/DYLGDGHYRFLRQDO (OHYDQJHOLVPRSHUVRQDO (OGLVFLSXODGRSHUVRQDO /DVFpOXODV /DVPLVLRQHV

6HJXUDPHQWHpVWDVLGHDVVRQFRQRFLGDVSRUXVWHG\VXVPLHPEURVSHUROHSUHJXQWR$OJXQDYH]VX
LJOHVLDVHKDGHGLFDGRDSUDFWLFDUpVWRVVLPSOHVPDQGDWRVFDGDVHPDQD" 

1RVRWURVVtORKHPRVSUREDGRDXQTXHQRIXHIiFLOKDFHUORSRUTXHHVWiEDPRVDFRVWXPEUDGRVDRFXSDU QXHVWURWLHPSRHQUHXQLRQHVGHWRGRWLSRHQSODQLILFDFLRQHVHWHUQDVHQHQFXHQWURVGHFRPLVLRQHV LQILQLWDV\HQXQDVFXDQWDVFRVDVPiVTXH-HV~VQXQFDQRVPDQGyKDFHU 


0LUHORTXHSDVyFXDQGRQRVPRYLPRVDYLYLUODYLGDGHODLJOHVLDDVt

3DVDPRVGHVHUSHUVRQDVDEDXWL]DUQXHYRVPLHPEURV 3DVDPRVGHYHUSHUVRQDVGLVFLSXODQGRDYHUSHUVRQDVTXHGLVFLSXODQFDGDVHPDQD 3DVDPRVGHWHQHUEDXWLVPRVXQDYH]DODxRDWHQHUEDXWLVPRVFDGDGRVPHVHV 3DVDPRVDUHFLELUPiVGHPLHPEURVQXHYRVHQORV~OWLPRVWULPHVWUHVORTXHQRVGHPXHVWUD TXHHVSRVLEOHYLYLUHQXQULWPRGHFUHFLPLHQWRFRQVWDQWH QRHYHQWXDO  3DVDPRVDWHQHUXQJUXSRGHOtGHUHVFRPSURPHWLGRV 3DVDPRVGHQRWHQHUFpOXODVDWHQHUFpOXODV 3DVDPRVGHVHUXQDLJOHVLDHJRFpQWULFDDWUDEDMDUHQEDUULRVDWUDYpVGHODVFpOXODV 3DVDPRVDVHUXQDLJOHVLDTXHOOHJDKDVWDORXOWLPRGHODWLHUUDD\XGDQGRDVRVWHQHU SDUFLDOPHQWHWUHVPLVLRQHURVHQSXHEORVQRDOFDQ]DGRV 3DVDPRVDVHUPiVREHGLHQWHVDORVPDQGDWRVGHSUHGLFDU\KDFHUGLVFtSXORV

&RQFOXVLyQ/DFODYHGHWRGRHVWRVHHQFXHQWUDHQODVLPSOHREHGLHQFLDDORVPDQGDWRVGH-HV~V

-XVWRHQHVWHSXQWRSDUHFHUDGLFDUQXHVWURPD\RUSUREOHPD$TXtHVGRQGHODLJOHVLDVHGDFXHQWDGH TXHHOFUHFLPLHQWRQRWLHQHTXHYHUFRQFDPSDxDVUHXQLRQHVRGLQHURVLQRFRQDOJRTXHSDUD QRVRWURVHVPXFKRPiVFRVWRVR  1XHVWUDGLVSRQLELOLGDGSHUVRQDOSDUDREHGHFHUD-HV~V 

 

(VWRQRVHQIUHQWyDH[SHULPHQWDUXQFDPELRDVHUKXPLOGHVDVyORREHGHFHU\GHMDUDXQFRVWDGR QXHVWUDVPLODJURVDVLGHDV$FRQILDUHQHOVLPSOHKHFKRGHTXHVLREHGHFHPRVVXVPDQGDWRVpOVHUi ILHO\HQYLDUiHOFUHFLPLHQWRSURPHWLGR UD&RULQWLRV  


/HFRPSDUWRXQGDWRFXULRVR'HVGHTXHQRVRULHQWDPRVDVHUXQDLJOHVLDGHFpOXODV KDFHDxRV

\PHGLR \GLPRVDpVWRVSURFHVRVWRGDODSULRULGDGQRKHPRVWHQLGRXQDVRODFDPSDxDHYDQJHOtVWLFD QRKHPRVGHGLFDGRWLHPSRDHYHQWRVQLSURJUDPDVQRKHPRVIRUPDGRFRPLVLRQHVQLQRPEUDGR HQFDUJDGRVGHPLQLVWHULRV 6LQHPEDUJRKHPRVYLVWRODPD\RUFRVHFKDGHpVWDLJOHVLDHQDxRVGHYLGD  (VRQRHVWRGRFUHHPRVTXHORPHMRUHVWiSRUYHQLU6L-HV~VQRVGLRpVWRVPDQGDWRVHVSRUTXHORV SRGtDPRVFXPSOLUVLORVSRGHPRVFXPSOLUpOSURPHWHGDUFUHFLPLHQWR 


3RGUiODLJOHVLDSRUXQFRUWRWLHPSRGHMDUDXQFRVWDGRWRGRORTXHHVWiKDFLHQGR\ SUREDUVLREHGHFHUORVPDQGDWRVGH-HV~VHVHIHFWLYR"9DOHODSHQDLQWHQWDUOR

&yPRFUHFHHO5HLQRGH'LRV"
  /DVSODQWDVFUHFHQORVDQLPDOHVFUHFHQODVSHUVRQDVFUHFHQ6LWRGRORFUHDGRSRU'LRVFUHFHSRUTXp UD]yQODLJOHVLDQRFUHFH"/DLJOHVLDIXHFUHDGDSRU-HV~VFXDQGRpOGLMR<RHGLILFDUpPLLJOHVLD 4XpIHQyPHQRSDUWLFXODUDIHFWDUiDODLJOHVLDSDUDTXHQRFUH]FDQDWXUDOPHQWHFRPRHOUHVWRGHODV FUHDFLRQHVGH'LRV"  6LHPSUHODPHMRUUHVSXHVWDDQXHVWUDVSUHJXQWDVHVYROYHUDHVFXFKDUD'LRV\ORTXHpOQRVHQVHxyD WUDYpVGH-HVXFULVWR 3HQVHPRVSRUXQRVVHJXQGRVHQODH[SOLFDFLyQTXH-HV~VGLRVREUHFRPRFUHFHWRGRORTXHpOFUHR  (OQRVGLFHHQ0DWHR&RQVLGHUHQORVOLULRVFyPRFUHFHQ
&RQVLGHUHQ(VGHFLUQRVH[KRUWDDH[DPLQDUFRQH[DFWLWXGDSUHQGHUFXLGDGRVDPHQWHLQYHVWLJDUFRQ

GHGLFDFLyQ
/RVOLULRV(OORVHQFLHUUDQHOVHFUHWRGHODYLGDGDGDSRU'LRVHOKRPEUHQRKDFUHDGRQDGDFRQpVWDV

FDUDFWHUtVWLFDV
&yPRFUHFHQ&XDQGRVHSDPRV.O24.70.03ODVFRVDVTXH'LRVKDFUHDGRSRGUHPRVDSOLFDUHVH

FRQRFLPLHQWRDODLJOHVLDSXHVWRTXHODPLVPDHVWDPELpQXQDFUHDFLyQGH'LRV  (Q0DUFRV-HV~VDPSOtDHOWHPDGHOFUHFLPLHQWRGHOUHLQRGH'LRVSDUDPRVWUDUQRVFXDOHVOD SDUWHGHOKRPEUH\FXDOHVODSDUWHGH'LRV


 &XiOHVODWDUHDGHOKRPEUH"

 6HJ~QHVWHSDVDMHHOKRPEUHSXHGH\GHEH

(FKDUODVHPLOOD VHPEUDU &XDQGRHOKHFKRGHVHPEUDUUHJXODUPHQWHODVHPLOODGHOD3DODEUDGH 'LRVHQODVSHUVRQDVUHDOPHQWHVXFHGHSRGHPRVHPSH]DUDVRxDUFRQSDUWLFLSDUGHOWUDEDMRGHO UHLQRGH'LRV

'RUPLU GHVFDQVDU /DVHSDUDFLyQFODUDGHQXHVWURWLHPSRGHGHVFDQVRUHJXODUQRVEULQGDUDOD UHQRYDFLyQQDWXUDOTXHQXHVWURFXHUSRPHQWH\HVStULWXQHFHVLWDQSDUDUHDOL]DUXQWUDEDMRVHULR FRQVWDQWH\DODUJRSOD]R

/HYDQWDUVH VHUFRQVWDQWH 'HEHPRVDJUHJDUFRQVWDQFLDDQXHVWURVWUDEDMRV6LVHJXLPRV FDPELDQGRGHWDUHD\YLVLyQFRQWLQXDPHQWHQRSRGUHPRVDOFDQ]DUORVORJURVTXHYLHQHQSRU WUDEDMDUDODUJRSOD]R

0HWHUODKR] FRVHFKDU /DFRVHFKDPDUFDHOWLHPSRDGHFXDGRGRQGHVRQQHFHVDULDVIRUPDV GLUHFWDVGHUHFRJHUHOUHVXOWDGRGHWRGRHOWUDEDMRUHDOL]DGR

 

&XiOQRHVODWDUHDGHOKRPEUH"

 4XHODVHPLOODGHIUXWRHVXQUHVXOWDGRTXHOHFRQFLHUQHWRWDOPHQWHD'LRV UD&RULQWLRV  'HVX\R GHVtPLVPRDXWRPiWLFDPHQWH /OHYDIUXWR FUHFHODYLGDIXHUDGHQXHVWUDYLVWD  (VODFDSDFLGDGGHXQRUJDQLVPRRHVSHFLHGHPXOWLSOLFDUVH\UHSURGXFLUVHSRUVtPLVPR $HVWROROODPDPRVODREUDGH'LRV 7HQHPRVSXHVODVLHPEUDHOGHVFDQVRODFRQVWDQFLD\ODFRVHFKDFRPRHOHPHQWRVGHXQSURFHVRTXH VHJ~QODVSDODEUDVGH-HV~VHMHPSOLILFDQHOIXQFLRQDPLHQWRVLPSOH\QDWXUDOGHOUHLQRGH'LRV

(YHQWRV 
 7HQLHQGRGHODQWHQXHVWURXQPRGHORWDQVLPSOHDFHUFDGHFyPRHOUHLQRFUHFH
 (QTXpVHKDFRQFHQWUDGRODLJOHVLD"

 (QHYHQWRV&DPSDxDVSHOtFXODVUHFLWDOHVJUDQGHVHQFXHQWURVSURJUDPDV\UHXQLRQHVS~EOLFDV





(YHQWRHVXQVXFHVRHVSHFLILFRHQWLHPSR\OXJDU

&XiOHVVRQODVFDUDFWHUtVWLFDVGHORVHYHQWRV"

)HFKDVGHWHUPLQDGDV &RUWDGXUDFLyQ ([LJHQPXFKDSUHSDUDFLyQ *HQHUDQFRQWURYHUVLDV ,QYROXFUDQDSRFRV 1RJHQHUDQFUHFLPLHQWRQXPpULFR 1RJHQHUDQFUHFLPLHQWRHQFDOLGDG /ODPDQODDWHQFLyQ ([SRQHQQXHVWURHJR 1RGHVDUUROODQDFWLWXGHVSHUVRQDOHV 6RQSHUVRQDOLVWDV /DPD\RUtDHVHVSHFWDGRU 5XLGR (OHYHQWRDSXQWDDORYLVLEOH 1RUHSURGXFFLyQ

6LORVHYHQWRVIXHUDQXQDIRUPDSRUODFXDO'LRVGDFUHFLPLHQWRWRGDVODVLJOHVLDVHVWDUtDQFUHFLHQGR GHELGRDTXHHOKDQHOHJLGRpVWHHQIRTXH

'HILQLFLRQHV

 /RVSURJUDPDVDEVRUEHQODPD\RUtDGHOWLHPSRGHORVPLHPEURV  /RVSURJUDPDVKDFHQFUHHUDORVPLHPEURVTXHHVWiQWUDEDMDQGRFRQSHUVRQDV  /RVSURJUDPDVVHYXHOYHQPiVLPSRUWDQWHVTXHLUDEXVFDUDOSHUGLGR\KDFHUGLVFtSXORV  /RVSURJUDPDVGLVWUDHQDORVPLHPEURVGHODVSHUVRQDVTXHVRQHOPRWLYRSRUHOFXDO-HV~VPXULy  /RVSURJUDPDVQRKDQWUDtGRFUHFLPLHQWRDODLJOHVLD

3URFHVRV
3URFHVRHVXQFRQMXQWRGHDFWLYLGDGHVTXHVHUHDOL]DQRVXFHGHQFRQXQGHWHUPLQDGRILQ 

 

6RQGLDULRV\UHJXODUHV 6RQOHQWRV\SRUPRPHQWRVDEXUULGRV 1ROODPDQODDWHQFLyQ 6RQVLOHQFLRVRV (VWiQHQIRFDGRVHQORTXHQRVHYH 3RUVXVFDUDFWHUtVWLFDVQRVRULHQWDQDGHSHQGHUGH'LRV 5HTXLHUHQGLVFLSOLQDFRQVWDQFLD\UHVSRQVDELOLGDG /DPD\RUtDSXHGHVHUSURGXFWRU $\XGDQDGHVDUUROODUDVSHFWRVVDOXGDEOHVGHOFDUiFWHU $\XGDQDQRGHVDUUROODUDFWLWXGHVSHUVRQDOLVWDV 3XHGHQJHQHUDUFUHFLPLHQWRHQFDQWLGDG 3XHGHQJHQHUDUFUHFLPLHQWRHQFDOLGDG 6XVFDUDFWHUtVWLFDVQRUPDOHVVRQHOIUXWR\ODUHSURGXFFLyQ  &XULRVDPHQWHODVFDUDFWHUtVWLFDVGHORVSURFHVRVVRQORRSXHVWRDODVFDUDFWHUtVWLFDVGHORVHYHQWRV  (VLPSRUWDQWHGHFODUDUTXHORVHYHQWRVQRVRQPDORVSHURVLGHWUiVGHHOORVQRHVWiQIXQFLRQDQGRORV SURFHVRVTXH'LRVQRVLQYLWDDLPSOHPHQWDUGLItFLOPHQWHSRGDPRVYHUFUHFLPLHQWRHQVXUHLQR

3ULQFLSLRV
  (QWHQGHPRVFRPRSULQFLSLRDTXHOORTXHVHDFHSWDFRPRHVHQFLDRULJHQRIXQGDPHQWR  $VtFRPRWRGRVREHGHFHPRVHOSULQFLSLRGHJUDYHGDGHVWDEOHFLGRSRU'LRVSRUTXHVDEHPRVTXHQR REHGHFHUORQRVWUDHUiJUDYHVFRQVHFXHQFLDVGHODPLVPDPDQHUDODLJOHVLDQRSXHGHHOXGLUODV FRQVHFXHQFLDVFXDQGRQRWRPDHQFXHQWDORVSULQFLSLRVTXH'LRVKDHVWDEOHFLGRSDUDHOFUHFLPLHQWRGH WRGRDTXHOORTXHpOKDFUHDGR

&XDQGRQRVGHWHQHPRVDDQDOL]DUFDGDXQDGHODVFDUDFWHUtVWLFDVGHORVSURFHVRVSRGHPRVOOHJDUD HVWDEOHFHUGRVSULQFLSLRVVLPSOHVTXHGHWHUPLQDQHOFUHFLPLHQWRGHWRGDVODVFRVDVFUHDGDVSRU'LRV LQFOXtGDODLJOHVLD

35,1&,3,2,

(OFUHFLPLHQWRVHSURGXFHSRUORVSURFHVRVGLDULRV\QRSRUORHYHQWXDO
6LQRVRWURVGHVHDPRVYHUXQFDPELRHQHOFUHFLPLHQWRGHODLJOHVLDGHEHUHPRVHPSH]DUSRUHQIRFDUQRV HQSURFHVRVEDVDGRVHQORVPDQGDWRVGH-HV~VSDUDVXLJOHVLDORVFXDOHVLQWHQWDUHPRVHMHFXWDUGHOD PDQHUDPiVVLPSOHSRVLEOHDILQGHTXHWRGRVORVPLHPEURVVHSXHGDQLQYROXFUDU\TXHPDQWHQGUHPRVD WUDYpVGHOWLHPSRGHPDQHUDUHJXODU

35,1&,3,2,,

(OFUHFLPLHQWRGHWRGRVORVVHUHVYLYRVFUHDGRVSRU'LRVVHSURGXFHDWUDYpV GHSHTXHxDVXQLGDGHVGHPDWHULDYLYDOODPDGDVFpOXODV ODVFXDOHVVRQFDSDFHVGHUHDOL]DUWRGDVODVIXQFLRQHVTXHSHUPLWHQODYLGD DOLPHQWDUVHFUHFHU\UHSURGXFLUVH 




 

6LGHVHDPRVTXHHVWHSULQFLSLRVHLQFRUSRUHDODLJOHVLDGHEHUHPRVLQLFLDUXQDWUDQVLFLyQ DGHFXDGDSDUDLQFRUSRUDUORVJUXSRVSHTXHxRVFRPRXQDKHUUDPLHQWDTXHJHQHUHHQOD LJOHVLDHOPLVPRUHVXOWDGRTXHODVFpOXODVJHQHUDQHQHOFXHUSRKXPDQR

 (YHQWRV\SURJUDPDV9LVLEOHVDODFRQJUHJDFLyQ   3URFHVRV EDMRWLHUUD LQYLVLEOHVDORVRMRVGHWRGDODFRQJUHJDFLyQ 9LGD'HYRFLRQDO(YDQJHOLVPRSHUVRQDO'LVFLSXODGRSHUVRQDO&pOXODV0LVLRQHV


 /RTXHHOiUEROWLHQHGHIORULGRYLYHGHORTXHWLHQHVHSXOWDGR

3URFHVRVDLPSOHPHQWDU
  &XiOHVVRQORVSURFHVRVEiVLFRVTXHSRGHPRVLQFRUSRUDU" 
3URFHVR9LGD'HYRFLRQDO

%$6(%,%/,&$0DWHR\ '(6&5,3&,21(VWHSURFHVRLPSOLFDODLPSUHVFLQGLEOHUHODFLyQGLUHFWD\GLDULDFRQ'LRVFRPREDVHGH QXHVWUDGLUHFFLyQ\DOLPHQWDFLyQ 35(*817$'(&+(48(2+DWHQLGRXVWHGODVHPDQDSDVDGDHQFXHQWURVGLDULRVFRQ'LRVTXHLQFOX\DQOD RUDFLyQ\ODOHFWXUDGHOD%LEOLD" 


3URFHVR(YDQJHOLVPRSHUVRQDO

%$6(%,%/,&$0DUFRV '(6&5,3&,21(VWHSURFHVRLPSOLFDFRPSDUWLUFRQFODULGDGDPRU\GHPDQHUDFRPSOHWDHOPHQVDMHGHO HYDQJHOLRDORVTXHWRGDYtDQRFUHHQ 35(*817$'(&+(48(2+DFRPSDUWLGRHOHYDQJHOLRFRQDOJXQDSHUVRQDGXUDQWHOD~OWLPDVHPDQD"


3URFHVR'LVFLSXODGRSHUVRQDO

%$6(%,%/,&$0DWHR '(6&5,3&,21(VWHSURFHVRLPSOLFDVHJXLUHOHMHPSORGH-HV~VHQIRUPDUSHUVRQDOPHQWHGLVFtSXORV 35(*817$'(&+(48(2+DGLVFLSXODGRSHUVRQDOPHQWHDDOJXQDSHUVRQDOD~OWLPDVHPDQD" 


3URFHVR&pOXODV

%$6(%,%/,&$UD&RULQWLRV\(IHVLRV '(6&5,3&,21(VWHSURFHVRLPSOLFDFRORFDUDORVPLHPEURVHQXQVLWLRLQIRUPDOSHUVRQDO\SDUWLFLSDWLYR GRQGHHOORVHGLILTXHQHOFXHUSRGH&ULVWRDWUDYpVGHODDFWLYLGDGSURSLDGHFDGDXQRPLHQWUDVHVWiQ XQLGRVDOFXHUSR 35(*817$'(&+(48(27LHQHQVXVPLHPEURVXQVLWLRSHUVRQDOLQIRUPDO\SDUWLFLSDWLYRGRQGHYLYLUOD YLGDGHODLJOHVLDHQHOEDUULRGRQGHYLYHQ" 


3URFHVR0LVLRQHV

%$6(%,%/,&$+HFKRV '(6&5,3&,21(VWHSURFHVRLPSOLFDFRQFLHQWL]DUDORVPLHPEURVGHODOFDQFHPXQGLDOTXH-HV~VVRxySDUD VXLJOHVLDKDVWDJXLDUORVDXQFRPSURPLVRFRQFUHWR\UHJXODUGHVXVYLGDVSRUOD2EUD0LVLRQHUD0XQGLDO 35(*817$'(&+(48(2/RVPLHPEURVGHQXHVWUDLJOHVLDRUDQ\RIUHQGDQUHJXODUPHQWHSDUDHOVRVWpQ GHPLVLRQHURVTXHOOHJXHQKDVWDOR~OWLPRGHODWLHUUD" 




 

'HVGHDEDMR
+D\PXFKRVHMHPSORVTXHPXHVWUDQTXHHOFUHFLPLHQWRFRPLHQ]DGHVGHDEDMR <WDPELpQPXFKDVIRUPDVGHGHPRVWUDUTXHD'LRVOHDJUDGDQORVSURFHVRVOHQWRVSHURILUPHVTXHWUDHQ UHDOLGDGHV\TXHVXQRUPDHVWUDEDMDUGHpVWDPDQHUD  3RUVXSXHVWRTXH'LRVSXHGHPDQLIHVWDUVHHQRWUDVIRUPDVSRUODVFXDOHVHOKRPEUHLQWHQWDOOHYDU DGHODQWHHOHYDQJHOLR3HURWDQWRVHMHPSORV\VX3DODEUDHQ0DUFRVQRVLQGLFDQTXHODIRUPDGH WUDEDMDUGH'LRVHQVXUHLQRFRPLHQ]DGHVGHDEDMRGHVGHHOWUDEDMRGHVGHORFRWLGLDQRGHVGHXQR PLVPR  /DVOXFHV\EULOORVGHQXHVWURVHYHQWRV\SURJUDPDVQRSXHGHQRVFXUHFHUOD3DODEUDGDGDSRU'LRVTXH VLHPSUHHVSDUDTXLHQWHQJDRtGRVSDUDRtU 'HVGHDEDMRLPSOLFDUHFRQRFHUORVSHTXHxRVDSRUWHVORVGHFDGDPLHPEURORVGHFDGDDQFLDQRORVGH FDGDJUXSRSHTXHxRTXHFRQVWUX\HHQHODQRQLPDWRYLGDVGHIHTXHLQFOX\HQDFFLRQHVFRQFUHWDVKDFLD 'LRV\KDFLDHOSUyMLPRGHPRVWUDQGRDVtTXHVXIHHVWDYLYD 6DQWLDJR   'HVGHDEDMRVLJQLILFDHPSH]DUDUHFRQRFHUTXHHOUHLQRVyORVHH[WHQGHUiDWUDYpVGHODDFFLyQYROXQWDULD GHFDGDFULVWLDQR\QRDWUDYpVGHODVJUDQGHVUHXQLRQHVTXHUHDOLFHPRV (OPHGLRHOHJLGRSRU'LRVSDUDH[WHQGHUHOUHLQRHVHOFULVWLDQR\QDGDKDUiPDGXUDUPiVDQXHVWUR SXHEORHYDQJpOLFRTXHYROYHUDUHFRQRFHUHOKHFKRGHTXHIXLPRVVDOYDGRVSDUDDQXQFLDUUD3HGUR  'HVGHDEDMRVLJQLILFDHPSH]DUDFRQILDUHQFDGDPLHPEURGHODLJOHVLDFRPRHOPHGLRHOHJLGRSRU'LRV SDUDODUHDOL]DFLyQOHQWDSHURVHJXUDGHVXPLVLyQ8QDYH]PDV \YDQ ORVKRPEUHVTXHUHPRVKDFHU ODVFRVDVPDVUiSLGRTXH'LRVHLQLFLDPRVORVWUDEDMRVGHVGHDUULED HYHQWRV\SURJUDPDVHVSHFWDFXODUHV  TXHQRKDQSURGXFLGRFUHFLPLHQWRHQHOGHQXHVWUDVLJOHVLDV  'HVGHDEDMRVLJQLILFDTXHFRPR-HV~VFDGDXQRDSUHQGDDWUDEDMDUVLOHQFLRVDPHQWHDEDMRGHOS~OSLWR SDUDIRUPDUDKRPEUHV\PXMHUHVTXHFRQWLQ~HQODWDUHD  'HVGHDEDMRVLJQLILFDUHFRQRFHUTXHPXFKDVFRVDVDYDQ]DUiQFUHFHUiQ\VHIRUPDUiQVLQQXHVWURDSRUWH \HVRGHPRVWUDUiTXHQRHVXQDREUDGHKRPEUHV  $WRGRVQRVJXVWDYHUHOHGLILFLRWHUPLQDGRFRQVXVOXFHV\WRGRVORVGHWDOOHVSHURSRFRVHQFXHQWUDQHO YDORUGHWUDEDMDUSDUDFRORFDUXQDKLODGDGHODGULOORVDQyQLPDVLOHQFLRVDVDFULILFDGDPHQWH  3RGUHPRVORVSDVWRUHV\OtGHUHVYDORUDUHOWUDEDMRGHVGHDEDMR" 3RGUHPRVEDMDUQRVGHORVS~OSLWRV\FRQVWUXLUVLOHQFLRVDPHQWHODVYLGDVGHODVSHUVRQDVFRPRORKL]R -HV~V" 6HHQFXHQWUDXVWHGFDGDVHPDQDFRQXQDRPiVSHUVRQDVSDUDWUDQVPLWLUOHVORVYDORUHVGHOD3DODEUDGH 'LRV" 3RGUHPRVKDFHUTXHQXHVWURVPLHPEURVYHDQQXHVWURHMHPSORSHUVRQDOGH3UHGLFDU\+DFHU GLVFtSXORVRVRQHQQXHVWUDYLGDVyORSDODEUDVERQLWDV" 3RGUHPRVWUDEDMDUGHVGHDEDMR"

(OUHVXOWDGRGHORVSURFHVRV)UXWR
  7RGRORTXHWLHQHYLGDHQODFUHDFLyQGH'LRVVHFDUDFWHUL]DSRUOOHYDUIUXWRGHDOJXQDPDQHUD (VHIUXWRFRQWULEX\HDODUHSURGXFFLyQGHHVDHVSHFLH'RQGHQRVHDSRUWDIUXWRODYLGDTXHGDFRQGHQDGD DODH[WLQFLyQ-HV~VHQVHxDTXHWRGRORFUHDGRSRU'LRV\WLHQHYLGDHVWDRULHQWDGRDOOHYDUIUXWR\ GRQGHpVWHQRVHGDVHSXHGHGHFLUTXHDOJRQRHVWiELHQ-XDQGLFH/RVSXVHSDUD


4XpIUXWRWLHQHHQVXVPDQRVDOFRQVLGHUDUVXYLGDVXFpOXODVXLJOHVLDRVXPLQLVWHULR"


 

'LRVHVWiEXVFDQGRSHUVRQDVGLVSXHVWDVDHQWUHJDUVHDVXVSURFHVRV DILQGHYHUHQVXLJOHVLDHOFUHFLPLHQWRTXHpOSURPHWH

 7UDEDMDUHQSURFHVRVQRVFRORFDIUHQWHDOGHVDItRGHOHMHPSORSHUVRQDODSODQLILFDFLyQDDVXPLU



UHVSRQVDELOLGDGHVDSUDFWLFDUODFRQVWDQFLD\ODGHSHQGHQFLDGH'LRV



9HDPRVDOJXQRVHMHPSORV

 

&RPRFULVWLDQR



0HHVPiVIiFLODVLVWLUDHYHQWRVTXHLQYROXFUDUPHHQWUDEDMDUHQXQSURFHVRVLOHQFLRVR\DQyQLPRFRPR ORHVXQDYLGDGHYRFLRQDOVHULD

0HFXHVWDHOSURFHVRGHUHODFLRQDUPHUHJXODUPHQWHFRQFDGDYHFLQRFRQHOREMHWLYRGHHYDQJHOL]DUOR SHURPHHQFDQWDDVLVWLUDORVUHFLWDOHV



0HFXHVWDWUDEDMDUVHPDQDWUDVVHPDQDFRQXQGLVFtSXOR\HQVHxDUOHTXHJXDUGHORTXH-HV~VQRV PDQGySHURPHPXHURSRUHVFXFKDUXQEXHQSUHGLFDGRU



0HFXHVWDLQYROXFUDUPHHQXQJUXSRSHTXHxRGRQGHFDGDYH]PHFRQRFHQPiV\HVWiQGHVFXEULHQGR FRPRVR\HQUHDOLGDGSHURSDVRGHVDSHUFLELGRHQWUHODPXOWLWXG



6L-HV~VPHLQYLWDDWUDEDMDUHQSURFHVRVGLDULRVRVHPDQDOHVWDOHVFRPRODYLGDGHYRFLRQDOHO GLVFLSXODGRHOHYDQJHOLVPRRH[SHULPHQWDUODGLQiPLFDGHXQJUXSRSHTXHxRHVSRUTXHGHWUiVGHHVRV



SURFHVRVGHVFDQVDQORVUHVXOWDGRVTXHGHVHDPRV



&RPR&pOXODVH,JOHVLDV



(QIUHQWDPRVHOGHVDItRGHQRFDHUHQVXPDUUHXQLRQHV\DFWLYLGDGHVVLQRHQJXLDUDQXHVWURVPLHPEURV DLQYROXFUDUVHHQORVSURFHVRVYLWDOHVTXH-HV~VQRVPDQGy"&XiQWDVSHUVRQDVGHPLJUXSRVHKDQ LQYROXFUDGRHQORVSURFHVRVYLWDOHV YLGDGHYRFLRQDOGLVFLSXODGRHYDQJHOLVPRFpOXODV "(VWHGDWRHVHO TXHPHLQGLFDHOJUDGRGHFRPSURPLVRGHQXHVWUDJHQWHFRQVX6HxRUTXLpQQRVPDQGDFRQJUHJDUQRV FRPRXQPHGLRSDUDORJUDUXQILQ\QRFRPRXQILQHQVtPLVPR



6R\FRPRSDVWRUROtGHUGHFpOXODXQHMHPSORGHDOJXLHQFRPR-HV~VTXHHVWDEDFRPSURPHWLGRFRQ SURFHVRVYLWDOHVHQVXYLGDSHUVRQDO\TXHLPSDFWDEDDORVTXHORVHJXtDQ"&XiQOHMRVTXHGy-HV~VGH VHUFRPRXQFULVWLDQRTXHDVLVWHDHYHQWRV\FXiQFHUFDGHVHUXQOtGHUTXHWUDEDMyHQSURFHVRV UHJXODUHV"



&UHRTXHQXHVWURVPLHPEURVHVWiQHVSHUDQGRTXHEDMHPRVGHOS~OSLWR\OHVPRVWUHPRVFRPRVHKDFHQ ODVFRVDV HYDQJHOL]DU\GLVFLSXODU \FXDQGRQRVYHDQLQYROXFUDGRVHQHVWRVSURFHVRVHOORVHPSH]DUiQ DFUHHUTXHYDOHODSHQDHQWUHJDUVHDHOORV 



&RPRPLQLVWHULRV





1HFHVLWDPRVDJUHJDUDQXHVWUDVDFWLYLGDGHVODWDUHDH[WUDGHDFRPSDxDUDTXLHQHVVHUYLPRVPiVGH FHUFD\SRUPiVWLHPSR(OGHVDItRGHFDGDPLQLVWHULRHVQRTXHGDUVHHQHOHYHQWRRODDFWLYLGDG UHDOL]DGDSDUDVHUYLUDODLJOHVLDVLQRSRGHUJDVWDUWLHPSRHQDFRPSDxDU\D\XGDUDUHVROYHUORVSUREOHPDV TXHVHSUHVHQWDQFXDQGRWHUPLQDPRVODWDUHD1RHVUHVSRQVDEOHGHMDUVRORVDORVTXHVHUYLPRVSDUDTXH HOORVHQIUHQWHQVRORVODVUHVSRQVDELOLGDGHVTXHQXHVWURPLQLVWHULRJHQHUy



1RTXLHURGHFLUTXHVHSXHGDDWHQGHUDWRGRVGHFHUFDSHURVtSRGHPRVHQIRFDUQRVHQDTXHOORVTXHGDQ PXHVWUDVGHUHVSXHVWDUHVSRQVDEOH\DFRPSDxDUORVHQHOSURFHVRGHFRQVROLGDUORTXHHOPLQLVWHULR LQWHQWyWUDQVPLWLU



6LFDGDPLQLVWHULRPLHQWUDVFRQWLQ~DFRQVXVDFWLYLGDGHVQRUPDOHVSXHGHDFHUFDUVHDXQQXPHURGH LJOHVLDVRSDVWRUHVHLQYROXFUDUVHHQXQSURFHVRGHD\XGD\DFRPSDxDPLHQWRUHJXODUVHJXUDPHQWH



SRGUtDPRVYHUQXHYRV\PHMRUHVUHVXOWDGRV



'HORFRQWUDULRQRHVWDPRVOHMRVGHHOSHQVDPLHQWRPiJLFRRGHVXSRQHUTXHODREUDHVVHPHMDQWHDXQD PDTXLQDGHFDIpLQVWDQWiQHRGRQGHXQGtD\DGHWHUPLQDGDKRUDFRORFRXQDPRQHGD\VDOHPLFDIp SUHSDUDGR(OUHLQRQRIXQFLRQDGHHVWDPDQHUDDOPHQRVWRGRORTXH'LRVFUHySODQWDVDQLPDOHV\ SHUVRQDVKDQFUHFLGR\VLJXHQFUHFLHQGRSRUPHGLRGHSURFHVRVUHJXODUHV






 

&RPRJHQHUDGRUHVGHHYHQWRV



/DPD\RUtDGHORVHYHQWRVVHSURPRFLRQDQKDVWDTXHVHUHDOL]DQ\OXHJRDSDUHFHHOVLOHQFLR   3RGUtDPRVDJUHJDUDFDGDHYHQWRHODFWRUHVSRQVDEOHGHSUHSDUDUDORVTXHKDUiQHOVHJXLPLHQWRGH ORVIUXWRV



 3RGUtDPRVJDVWDUODPLWDGGHORVUHFXUVRVHQHOHYHQWR\ODRWUDPLWDGHQSURPRYHUDSR\DU\ DFRPSDxDUSURFHVRVUHJXODUHVSRVWHULRUHVDOHYHQWRTXHSHUPLWDQFRQVROLGDUORVUHVXOWDGRV



 3RGUtDPRVIRUPDUDFDGDJUXSRRLQWHJUDQWHGHOHYHQWRD\XGiQGRORDLQFRUSRUDUODUHDOLGDGGHTXHVLQ

 &RQFOXVLyQ


SURFHVRVUHJXODUHVSRVWHULRUHVFRPRORGLFHOD%LEOLDODUDt]HVGHFRUWDGXUDFLyQ 0DWHR 



(OSODQGHWUDEDMDUHQSURFHVRVUHJXODUHVHVWiGHODQWHGHQRVRWURVHVPHQRVDWUDFWLYRTXHXQHYHQWR



SHURVHJ~QOD%LEOLDSURGXFHDFLHQWRSRUXQR



(VHOGHVDItRTXHFDGDVHPEUDGRUDFHSWDFDGDPDxDQDFXDQGRQRQHJRFLDHOWUDEDMRDQyQLPRHVIRU]DGR VLOHQFLRVRFRQVWDQWH\UHVSRQVDEOHSRUHODWUDFWLYRGHORLQVWDQWiQHR\SXEOLFLWDULR






(OVHPEUDGRUYLYHFRQODFRQYLFFLyQGHTXHVXHQWUHJDDOWUDEDMRGLDULR\ODEHQGLFLyQGH'LRVYDQGHOD PDQRKDFHPXFKRVDxRVTXHDVtYDUHFRJLHQGRIUXWRTXHWUDHJORULDDVXQRPEUH



3RGUiODLJOHVLD48,7$5'(/&(1752VXVSURJUDPDV\HYHQWRV\HQWUHJDUVHFDGDPLHPEURDWUDEDMDU VLOHQFLRVDPHQWHHQORVSURFHVRVGH'LRV"(QGHILQLWLYDQRVHVWDPRVSUHJXQWDQGR


            


3RGUiODLJOHVLDFDPELDU"

 

&DSLWXOR0LVLyQ*OREDO


(O6HxRU-HV~VLQFOX\yODSDODEUDPXQGRHQVXVPDQGDWRVGHSUHGLFDU\KDFHUGLVFtSXORVLQGLFDQGRGH pVWDPDQHUDFXDOHUDHOREMHWLYRKDFLDGRQGHVXVHJXLGRUHVGHEHUtDQHQIRFDUODWDUHD%DMDUODPLUDGDGHO PXQGRHQWHURHTXLYDOHDGHMDUGHPLUDUGRQGH-HV~VTXLHUHTXHVXLJOHVLDPLUH 9HPRVKDELWXDOPHQWHTXH+HFKRVHVXQRGHORVYHUVtFXORVPiVDFHSWDGRVPiVUHFRQRFLGRVFRPR FODUR\PiVLQVSLUDGRUHVSDUDSUR\HFWDUQRVHQXQDYLVLyQPXQGLDOSHURSDUDOHODPHQWHHVXQWH[WRTXH


QRVHSUDFWLFDHQODPD\RUtDGHODVLJOHVLDVGHOSDtV

 -HV~VHQ+HFKRVKL]RXQDGHFODUDFLyQTXHGHILQLyODPLVLyQSDUDHOJUXSRGHSHUVRQDVTXHpO OLGHUDED 0LHQWUDVSRUXQODGRHOPXQGRVHFXODUUHFRQRFHFDGDYH]PiVD-HV~VFRPRXQHMHPSORGHOLGHUD]JR HMHPSODUHQQXHVWUDVLJOHVLDVQRVLHPSUHVHOHGDHVWHUHFRQRFLPLHQWR(VWRVHYHFODUDPHQWHFXDQGR FRPROtGHUHVDGRSWDPRVRWUDVSULRULGDGHVLQFOXtPRVQXHVWURVSURSLRVGHVHRV\ORTXHHVPiVJUDYH SRQHPRVDXQFRVWDGRODGHFODUDFLyQGHPLVLyQ\HVWUDWHJLDTXH-HV~VQRVGHMyHQHVWHSDVDMH  6LWRPDPRVpVWDRUGHQFODUDGHQXHVWURMHIHGHPDQHUDSDUFLDOVHSURGXFLUiQKHFKRVTXHQRSRGHPRV HYLWDU  6RPRVLQJHQXRVHQHVSHUDUFXPSOLUODWRWDOLGDGGHVXRUGHQ  1RHVWDPRVLQWHQWDQGRKDFHUORTXHpOQRVPDQGR HVWRHVIDOWDGHIH   +HPRVGHFLGLGRPRGLILFDUVXHVWUDWHJLDGHSURSyVLWR\GHDOFDQFHSRURWUD KXPDQD   1RKD\REHGLHQFLDOLVD\OODQDDVXVSDODEUDV  1RVRPRVHOSULPHUHTXLSRGHWUDEDMRTXHVHGHVRULHQWDFXDQGRFRQVLGHUDFXDOHVYHUGDGHUDPHQWHVX SURSyVLWRHQODREUD3HURWDOGHVFRQFLHUWRWHQGUtDTXHVHUYLUQRVSDUDSHQVDUSRUTXpPXFKDVYHFHV VHQWLPRV\H[SHULPHQWDPRVTXHQRDOFDQ]DPRVDGHVDUUROODUHOSRWHQFLDOTXH'LRVHVSHUDGHQRVRWURV FRPRVXHTXLSRDTXtHQODWLHUUD7DOFRQVLGHUDFLyQSRGUtDD\XGDUQRVDHQGHUH]DUQXHVWUR EDUFR\FRORFDUORHQHOUXPERFRUUHFWRTXHOOHYDDOSXHUWRTXH-HV~VQRVVHxDOy  -HV~VGHOLQHyHQ+HFKRVODPLVLyQGHODLJOHVLDGHWDOPDQHUDTXHHOHYDQJHOLRVHSXHGDH[WHQGHU GHVGHHOSXQWRGRQGHVHHQFXHQWUDFDGDLJOHVLDKDVWDOR~OWLPRGHODWLHUUD -HV~VGHFODUDTXHVXLJOHVLD FDGDXQDGHODVTXHHVWDPRVSDVWRUHDQGR WHQGUtDXQDOFDQFHPXQGLDO  /DFDXVDVSRUODVFXDOHVODPD\RUtDGHQRVRWURVHVTXLYDPRVUHDOL]DUODPLVLyQWDOFRPR-HV~VQRVLQGLFy HQ+HFKRVSXHGHQVHUODIDOWDGHIHHOHJRtVPRRSRUTXHSULRUL]DPRVODWDUHDORFDODQWHVTXHOD REHGLHQFLDDORTXHpOQRVPDQGyDKDFHU 7RGDLJOHVLDTXHHOLJHSHQVDUSULPHURHQHOOD\GHVSXpVHQODPLVLyQTXH-HV~VQRVGLRSRGUiVHQWLUVH DYDODGDSRUHOVHQWLGRFRP~QDOSHQVDUDVtSHURQRVHGDFXHQWDTXHKDHPSH]DGRDGDUORVSULPHURV SDVRVHQHOFDPLQRGHOHJRtVPR (OHJRtVPREDVDVXIXQFLRQDPLHQWRHQXQDSUHPLVDEiVLFDTXHGLFHSULPHUR\R\GHVSXpVORVGHPiV 6L-HV~VKXELHUDSHQVDGRGHHVDPDQHUDQRVRWURVKR\QRVHUtDPRVVDOYRVSRUORWDQWRWDOSUHPLVD HJRtVWDQRHVFRPSDWLEOHFRQXQVHJXLGRUGH&ULVWR  (OFULVWLDQRFRP~QGHWHUPLQDUiVXHVWLORGHYLGDGHDFXHUGRDODLGHDTXHpOWHQJDGHFXDOHVVXPLVLyQ HQODWLHUUDFDGDJUXSRGHODLJOHVLD FpOXODVXRWURV GHFLGLUiQVXVDFFLRQHVGHDFXHUGRDODLPDJHQTXH WHQJDQGHODPLVLyQODVFRPLVLRQHV\DFWLYLGDGHVXWLOL]DUiQUHFXUVRV\WRPDUiQGHFLVLRQHVWHQLHQGRHQ FXHQWDODLPSRUWDQFLDGHODPLVLyQ\ODLJOHVLDHQWHUDVHYDDGLULJLUFRQFLHQWHRLQFRQVFLHQWHPHQWHD FRORFDUWRGDVVXVIXHU]DVUHFXUVRVKXPDQRV\PDWHULDOHVWLHPSRHWFHQDTXHOORTXHVXJHQWHVLHQWD SDOSH\FUHDTXHHVODPLVLyQTXH-HV~VQRVGHMy

'HILQLFLRQHVVREUH0LVLyQ*OREDO


 

+D\DOJXQDVLGHDVTXHSXHGHQD\XGDUQRVDLQWHQWDUWUDEDMDUGHDFXHUGRDODPLVLyQTXH-HV~VQRV HQFRPHQGy 


/D0LVLyQIXHUHDOL]DGD/DLJOHVLDSULPLWLYD YHUHOOLEURGH+HFKRV FRQFUHWyHQVXWLHPSRODPLVLyQ

(QRFDVLRQHVWUDEDMyLQWHQFLRQDOPHQWH +HFKRV HQRWUDV'LRVODWXYRPRYHU +HFKRV  7RGRVVDEHPRVTXHORVUHVXOWDGRVIXHURQDVRPEURVRV6XHMHPSORGHEHUtDJXLDUQRVDSRUORPHQRV LQWHQWDUOR 


/D0LVLyQHVSRVLEOH0XFKDVLJOHVLDV SHTXHxDV\JUDQGHV HVWiQGHPRVWUDQGRHQHOSUHVHQWHTXH'LRV

KDGDGRDODLJOHVLDHOSRWHQFLDOQHFHVDULRSDUDUHDOL]DUHVWDPLVLyQ 'LRVHVWiOHYDQWDQGRLJOHVLDVTXHVLUYHQGHHMHPSORFUHFHQORFDOPHQWHSODQWDQLJOHVLDVVRVWLHQHQ\ HQYtDQPLVLRQHURVKDVWDOR~OWLPRGHOD7LHUUD /DLJOHVLDVRVWLHQHWRGRWLSRGHPLVLRQHV UHFLWDOHVDVDGRVYLDMHVFDPSDPHQWRVUHWLURV SHURVHGHFODUD LPSRWHQWHMXVWRSDUDODPLVLyQTXH-HV~VOHRUGHQy 3DUDUVHHQHOH[WUHPRTXHDILUPDQRSRGHPRVDOFDQ]DUSDUDMXVWLILFDUQXHVWUDVSRVLFLRQHVSXHGHVHU KLSRFUHVtDRIDOWDGHVHULHGDG (OHTXLOLEULRFRQVLVWHHQLQFOXLUHQODPHGLGDGHQXHVWUDUHDOLGDGDTXHOORVDVSHFWRVGHODPLVLyQTXH -HV~VQRVHQFDUJy 2EUDORFDOSODQWDU,JOHVLDV\(QYLDUPLVLRQHURV  &XDQGRHVWRVDVSHFWRV HQREHGLHQFLDD-HV~V HVWiQLQFOXLGRVPiVDOOiGHOJUDGRGHDSRUWHTXH KDJDPRVFRPHQ]DUHPRVDGHVFXEULUTXH+HFKRVHVSRVLEOH\UHDOKR\HQQXHVWUDVLJOHVLDV 
/D0LVLyQHVVLPXOWiQHD/DLJOHVLDGH-HVXFULVWRIXHGLVHxDGDSRU-HV~VPLVPRSDUDWUDEDMDU

VLPXOWiQHDPHQWHHQVXOXJDUORFDOORVEDUULRVGHDOUHGHGRUEDUULRVPiVDOHMDGRV\KDVWDOR~OWLPRGHOD WLHUUD 'RVDUJXPHQWRVVLPSOHVGHPXHVWUDQTXH+HFKRVHVXQDWDUHDTXHODLJOHVLDHVWiFDSDFLWDGDSDUD GHVDUUROODUVXPLQLVWHULRVLPXOWiQHDPHQWH  /DSULPHUDLJOHVLDORKL]R  0XFKDVLJOHVLDVORSUDFWLFDQ 6LHPSUHHVSRVLEOHHVWDUKDFLHQGRDOJRVLPXOWiQHDPHQWHFRPRLJOHVLDHQODVGLIHUHQWHV]RQDVTXH-HV~V GHILQLy D (OFUHFLPLHQWRGHODLJOHVLDORFDO E 3ODQWDUQXHYDVLJOHVLDV F (QYLDUPLVLRQHURVKDVWDOR~OWLPRGHODWLHUUD  /DYLVLyQTXHpOQRVGHMyGHILQHFODUDPHQWHQXHVWURIXWXURFRPRLJOHVLDHQYDULRVDVSHFWRV
 (QQXHVWUREDUULR1XHVWURWHVWLPRQLR VHUWHVWLJRV GHEHVHUFODUR\FUHFLHQWHHQQXHVWUROXJDU

QXHVWUD-HUXVDOpQ  /DVFpOXODVIXHUDGHOHGLILFLR KRJDUHV VRQODKHUUDPLHQWDDGHFXDGDSDUDUHODFLRQDUQRVFRQFDGDYHFLQR\ DWUDYpVGHOHYDQJHOLVPRSHUVRQDODOFDQ]DUORVSDUD&ULVWR /RVPHGLRVTXHXWLOL]DUHPRVSDUDFRQVHUYDUORVUHVXOWDGRVVRQ (OGLVFLSXODGRSHUVRQDO\HOFXLGDGRGHXQRVDRWURVHQJUXSRVSHTXHxRV 


5HVXOWDGR&UHFLPLHQWRORFDODWUDYpVGHODVFpOXODV


(QORVEDUULRVDQXHVWURDOUHGHGRU1XHVWURWHVWLPRQLRQDWXUDOPHQWHLUiDOFDQ]DQGRSHUVRQDVIXHUD

GHORVOtPLWHVGHQXHVWUD]RQDHQEDUULRVGRQGHQRKD\XQDLJOHVLDFULVWLDQD(OKHFKRGHGDUWHVWLPRQLR VHUWHVWLJRV FRQWLQXDPHQWHQRVOOHYDUi DYHFHVLQWHQFLRQDOPHQWHRWUDVYHFHVQR DSRQHUQRVHQ FRQWDFWRFRQSHUVRQDVTXHYLYHQOHMRVGHQXHVWUDLJOHVLD(VWHSURFHGHUHVWiGHQWURGHOSODQQDWXUDOTXH -HV~VLGHySDUDH[WHQGHUVXREUD 7DOYH]ORTXHQRVIDOWDHVUHFRQRFHUTXHpVWHHVXQPHGLRSRUHOFXDO'LRVSHUPLWHTXHVXREUD SHQHWUHHQRWURVVHFWRUHVGHEHPRVDVXPLUQXHVWUDUHVSRQVDELOLGDGSRUFRQVHUYDUHVRVUHVXOWDGRVH

 

LQYHUWLUOtGHUHVGHFpOXODTXHVHPXHYDQDLQLFLDUFpOXODVHQHVRVQXHYRVOXJDUHVKDVWDIRUPDUJUXSRV

EDVHGHRDGXOWRV\SODQWDULJOHVLDVORFDOHV  $HVWROHOODPDPRVSODQWDULJOHVLDVGHPDQHUDQDWXUDODWUDYpVGHOFUHFLPLHQWRGHODVFpOXODV (VWDUHPRVHQHVWHSXQWRORJUDQGRORTXH-HV~VHVSHUDEDGHQRVRWURVFXDQGRGLMR(Q-XGHD\6DPDULD


 5HVXOWDGR3ODQWDFLyQQDWXUDOGHLJOHVLDVDWUDYpVGHODVFpOXODV


+DVWDOR~OWLPRGHODWLHUUD0XFKDVLJOHVLDVVHHVWiQVXPDQGRGtDDGtDDOPDQGDWRGH-HV~VGH,U

KDVWDOR~OWLPRGHODWLHUUD1RVyORHVSRVLEOHVLQRTXHHVHOFDPLQRTXHFDGDLJOHVLDSXHGHVHJXLUSDUD KDFHUVXDSRUWHREHGLHQWHDODPLVLyQHQHVWDHWDSD 3DUDDOFDQ]DUpVWDHWDSDVHQHFHVLWDYLVLyQREHGLHQFLD\GHWHUPLQDFLyQ &DGDSDVWRUROtGHUHVUHVSRQVDEOHGHQRUHFRUWDUODPLVLyQTXH-HV~VGHMySDUDVXLJOHVLD (ODUJXPHQWRGHTXHpVWDHWDSDHVQXHVWUDUHVSRQVDELOLGDGUHFLpQFXDQGRKD\DPRVFRPSOHWDGRODV DQWHULRUHVHVXQHQJDxRGH6DWDQiVSDUDPDQWHQHUDOPD\RUSRUFHQWDMHGHLJOHVLDVGHQXHVWURSDtVFRQOD PLUDGDSXHVWDHQVXSURSLRRPEOLJR &XDOTXLHULJOHVLDTXHVHGHVDItHDVLPLVPDDREHGHFHUD-HV~V\KDFHUUHDOLGDGHVWDWHUFHUDHWDSD GHVFXEULUiTXH'LRVHVILHODDTXHOORVTXHVRQILHOHVDOD0LVLyQ*OREDOTXH-HVXFULVWRHVWDEOHFLy


 5HVXOWDGR(QYtRGHPLVLRQHURVGHVGHODLJOHVLDORFDOKDFLD/R~OWLPRGHODWLHUUD

&yPRJXLDUDQXHVWUDLJOHVLDDXQD0LVLyQ*OREDO"
 
 &RQFLHQWL]DFLyQ  9LVLyQ  (VWUDWHJLD  $FFLyQ


 &RQFLHQWL]DFLyQ

4XpKDEOy\TXpKL]R\HQVHxR-HV~VDVXVGLVFtSXORVGXUDQWHORV~OWLPRVFXDUHQWDGtDVTXHFRPSDUWLy FRQHOORV" &XiOIXHHOWHPDTXHOOHQyVXFRUD]yQ",QGXGDEOHPHQWHIXHOD*UDQ&RPLVLyQ&RQHOODGHILQLy FODUDPHQWHFXDOVHULDHOHQIRTXHFHQWUDOTXHWHQGUtDQVXVVHJXLGRUHV\FRPROOHYDUORDODSUiFWLFD 6LHOORVKXELHUDQIDOODGRHQHOHQIRTXHQRVRWURVQRHVWDUtDPRVKR\KDEODQGRGH-HV~V 7DOYH]SRGUtDQIDOODUHQPXFKDVRWUDVFRVDVSHURQRHQORTXHHUDSULRULWDULRHLQGLVSHQVDEOHSDUDTXHOD REUDVHUHDOL]DUD -HV~VGHGLFypVWHWLHPSRTXHHUDFUXFLDOHQODYLGD\PHQWHGHVXVVHJXLGRUHVSDUDGHMDUHQFODURFXDO HUDODPLVLyQTXHHOORVGHEtDQFXPSOLU 1RVRWURVGHEHPRVGHGLFDUQRVUHJXODUPHQWHDFRQFLHQWL]DUQXHVWUDVLJOHVLDVVREUHODUHVSRQVDELOLGDGTXH GHVFDQVDVREUHHOODV\GHVDILDUODVDWRPDUDFFLRQHVFRQFUHWDVSDUDTXHHVDFRQFLHQWL]DFLyQVHFULVWDOLFHHQ REHGLHQFLDDOD*UDQ&RPLVLyQ 
 9LVLyQ

/DYLVLyQFRUUHFWDGHXQDLJOHVLDHVWiGHWHUPLQDGDSRUVXUHVSXHVWDDORVPDQGDWRVTXH-HV~VQRVGHMy /RVPDQGDWRVGH0DUFRV\0DWHRVHOHYDQWDQFRPREiVLFRVVLTXHUHPRVFRQWLQXDUVX WDUHDGHUHVFDWDUDORVSHUGLGRV\HGLILFDUVXLJOHVLD (ORWURDVSHFWRGLVWLQWLYRGHODYLVLyQGH-HV~VVHHQFXHQWUDHQVXPLUDGDDPSOLDTXHLQFOX\HKDVWDOR ~OWLPRGHODWLHUUD 1RSRGHPRVGHFLUTXHVHJXLPRVVXVyUGHQHVVLQXHVWUDPLUDGDFRPRLJOHVLDH[FOX\HORTXHpOLQFOX\y +HFKRVHVWDQVLPSOH\FODURTXHKDVWDXQQLxRSXHGHFRPSUHQGHUOR 


 (VWUDWHJLD

/DHVWUDWHJLDGH-HV~VVHGHOLQHDHQWUHVSDODEUDVVLPSOHV2UDU,U\'DU

 


2UDU0DWHR

/DRUDFLyQHVHOPRWRUGHWRGRQXHVWURDFFLRQDUVLGHVHDPRVOOHYDUDQXHVWUDVLJOHVLDVDKDFHUODREUDGH DFXHUGRFRQVXVLQVWUXFFLRQHV7DPELpQQRVVLUYHFRPRHQODFHFRQDTXHOTXHTXLHUHGDUQRVGLUHFFLyQ DFWXDOL]DGDVREUHFRPRDYDQ]DU$GHPiVHVHOPHGLRSDUDSHGLU\UHFLELUORVUHFXUVRVTXHQHFHVLWDPRV SDUDUHDOL]DUODSXHV'LRVHOHVHOJUDQ'DGRU\UHVSRQVDEOHGHODPLVPD 


,U/XFDV-XDQ

/DPRYLOL]DFLyQQRSXHGHVHUUHHPSOD]DGDSRUQDGD(QFXDOTXLHUDGHORVWUHVSODQRVGHODHYDQJHOL]DFLyQ \DVHDORFDODEDUULRVDOHMDGRVRKDVWDORXOWLPRGHODWLHUUDQHFHVLWDUHPRVGHSHUVRQDVGLVSXHVWDVD LU*UDQSDUWHGHORTXHSRGDPRVDOFDQ]DUFRPRLJOHVLDGHSHQGHUiGHODIRUPDFLyQGHSHUVRQDVTXH WHQJDQHVWDGLVSRVLFLyQ 


'DU-XDQ(IHVLRV

3DUDTXHDOJXQRVSXHGDQLUPXFKRVGHEHUiQHVWDUGLVSXHVWRVDGDUFRPRILHOHVPD\RUGRPRV SDUDHOVRVWpQGHORVPLVLRQHURVTXHVDOGUiQ 
 $FFLyQ

3DUDDFFLRQDUVREUHHOWHPDPLVLRQHVFRQYLHQHXVDUKHUUDPLHQWDV~WLOHVTXH\DKDQGDGRUHVXOWDGRHQ PXFKDVLJOHVLDV$YHFHVVHSLHUGHXQWLHPSRSUHFLRVRWUDWDQGRGHGHVFXEULUFRPRDYDQ]DUHQSDVRV UHDOHVSDUDFXPSOLUODPLVLyQJOREDOLJQRUDQGRTXHPXFKDVLJOHVLDVOOHYDQDxRVXWLOL]DQGRFRQp[LWR KHUUDPLHQWDVHILFDFHVFX\RXVRKDQGDGRORVPHMRUHVUHVXOWDGRV  /DKHUUDPLHQWDPiVXWLOL]DGD\HILFLHQWHSDUDOOHYDUDXQDLJOHVLDDODDFFLyQPLVLRQHUDHV 

/D&RQIHUHQFLD0LVLRQHUD$QXDO


4XpHVOD&RQIHUHQFLD0LVLRQHUD"/D&RQIHUHQFLD0LVLRQHUDHV8QDVHULHGHUHXQLRQHVHQODVTXH 
 6HFRQVLGHUDQORVWHPDVFODYHVGHOD2EUDPLVLRQHUD  6HGHVDItDDODLJOHVLDDFRPSURPHWHUVHDRUDU\RIUHQGDUPHQVXDOPHQWHSDUDPLVLRQHV

6XVUDtFHVVRQODRUDFLyQODSUHGLFDFLyQODHQVHxDQ]DODLQIRUPDFLyQ\ODFRQFLHQWL]DFLyQSRUWRGRVORV PHGLRVSRVLEOHV6XSDUWHYLVLEOHRWURQFRHVODUHDOL]DFLyQGHODFRQIHUHQFLDHQVtPLVPD /RVIUXWRVVRQRIUHQGDVPLVLRQHUDVPHQVXDOHVSDUDHOVRVWpQGHPLVLRQHURVYLVLyQDGTXLULGDSRUODLJOHVLD FRPSURPLVRUHDOFRQODPLVLyQTXH-HV~VQRVPDQGySURPHVDVGHIHGHFLVLRQHVSHUVRQDVOODPDGDVDOD REUDPLVLRQHUDSODQWDFLyQGHLJOHVLDVOOHJDUDSXHEORVLQDOFDQ]DGRV\REHGLHQFLDDODJUDQFRPLVLyQ 


4XHSRGHPRVKDFHU"

72'27DOFRVDHVLPSRVLEOH1LQJXQDLJOHVLDHVWiHQFRQGLFLRQHVGHUHDOL]DUHOODVRODWRGDODWDUHD LQFRQFOXVD  1$'$(VWRVHULDGHVREHGHFHUXQPDQGDWRFODURGHO6HxRU-HV~V  $/*2'LRVQRVOODPDDFDGDXQRDVHUILHOFRQORTXHWLHQHKR\HQVXVPDQRV  3RGHPRVSURPRYHUODREUDPLVLRQHUDHQQXHVWUDLJOHVLD\DSRUWDUORTXH'LRVQRVSURYHDFRPRUHVXOWDGR 

3DUDUHFRUUHUXQDGLVWDQFLDVHQHFHVLWDGDUHOSULPHUSDVR

 4XHXQDLJOHVLDVHPXHYDGHQRRIUHQGDUQDGDDRIUHQGDUORTXHSXHGHHVHOSULPHUSDVRSDUDVHUXQD LJOHVLDPLVLRQHUD




 

([SHULHQFLDSURSLDHQOD0LVLyQJOREDO
 &XDQGRQRVRWURVpUDPRVD~QPLHPEURVDVXVWDGRVSRUHOGHVDItRGHFUHFHUHOSDVWRU3HGUR6ODFKWDQRV YLVLWyXQGtDQRVGLMRTXHORTXHYHtDPRVHUDVyORHOFRQWRUQRGHODREUDGH'LRV\QRVGHVDILyDFUHHU TXH'LRVQRVSRGtDPRVWUDUPXFKRPiVGHHVHFXDGURVLPLUiEDPRVODREUDWDOFXDO-HV~VQRVODPDQGy <OHKLFLPRVFDVR  +R\GHVSXpVGHDxRV'LRVQRVKDPXOWLSOLFDGRSRUVHLVQRVH[WHQGLyDWUDYpVGHODVFpOXODVDEDUULRV GLIHUHQWHVKHPRVGLVIUXWDGRGHODH[SHULHQFLDGHSODQWDUQXHVWUDSULPHULJOHVLDKLMDHQQXHVWUD-XGHD\ TXHSHUPLWHSURYHHUPHQVXDOPHQWHHOVRVWpQSDUFLDOGHFXDWURPLVLRQHURVTXHYDQKDVWDORXOWLPRGHOD WLHUUD  'HVGHORPiVSURIXQGRGHPLFRUD]yQFUHRSHUVRQDOPHQWHTXHODGHFLVLyQFUXFLDOGHXQDLJOHVLDHVTXp YDDKDFHUFRQ+HFKRV"3RUTXHpVWRGHILQHVLHVWiVGHWUiVGHWXVSURSLRVVXHxRVRGHDTXHOORTXH -HV~VVRxy'HWUiVGHpVWDGHFLVLyQTXHGDUHIOHMDGRVLOHFUHHPRVRQRD'LRV  (QQXHVWUDH[SHULHQFLDFRPRLJOHVLDFXDQGRQRVHQURODPRVHQ+HFKRV HOSRWHQFLDOTXH-HV~VVRxy  GHVFXEULPRVFRPRpOGHVSOLHJDWRGRVXSRGHU\VDELGXUtDSDUDTXHVXLJOHVLDUHDOLFHVXPLVLyQ 3HQVDPRVTXHHVGLItFLOVRxDUFDPLQRVGHFUHFLPLHQWRSDUDQXHVWUDVLJOHVLDVVLQRVRPRVVXPLVRVDODV GLUHFWLYDVGH-HV~V0LUHPRV+HFKRVRWUDYH]QREXVTXHPRVPHQRVSDUDQXHVWUDLJOHVLD VHJXUDPHQWHQRWHQGUHPRVTXHDUUHSHQWLUQRVGHpVWDGHFLVLyQ

/D~OWLPDFRQIXVLyQ
  (OPLHPEURFRP~QTXHPHMRUHYDQJHOL]DSHUVRQDOPHQWHHQODLJOHVLD\PHQVXDOPHQWHJDQDSHUVRQDV

SDUD&ULVWRSRUPHVHVXQ0(',2HILFD]SDUDFXPSOLUODPLVLyQHQWRQFHVVHORFRORFDFRPR'LUHFWRUGH HYDQJHOLVPRGHODLJOHVLD\SDVDDXVDUVXWLHPSRHQUHXQLRQHVWDUHDVDGPLQLVWUDWLYDVRUJDQL]DU FDPSDxDVHWF 6XWUDEDMRDKRUDQRHVXQ0(',2HVXQ),1HQVtPLVPRHVWiWDQDWDUHDGRHVWiFRQWRGDVVXVQXHYDV UHVSRQVDELOLGDGHVTXH\DQRJDQDSHUVRQDVSDUD&ULVWRFDGDPHV6LQGDUVHFXHQWDpVWHPLHPEURKD


SXHVWRDXQFRVWDGRODPLVLyQGH-HV~V


/DFpOXODTXHVHDEUHFRQHOSURSyVLWRGHFRPSDUWLUHOHYDQJHOLRDOSHUGLGRHVXQ0(',2HILFD]SDUD

FXPSOLUODPLVLyQSHURODFRPXQLyQHVWDQOLQGDQRVKDFHVHQWLUWDQELHQHVWDPRVWDQFyPRGRVXQRV FRQRWURVTXHODFpOXODVHYXHOYHXQ),1VHQWLPRVTXHDVtHVWDPRVELHQ/DSDVDPRVWDQELHQTXH TXHSDVDQORVPHVHVVLQTXHQLQJ~QSHUGLGRFRQR]FDD&ULVWR6LQGDUVHFXHQWDORVPLHPEURVGHOD


FpOXODKDQSXHVWRODPLVLyQGH-HV~VDXQFRVWDGR


/DLJOHVLDFRPLHQ]DDXWLOL]DUGLYHUVRV0(',26 PXFKDP~VLFDGLYHUVDVIRUPDVGHDGRUDUVHUYLFLRV

FRPXQLWDULRVDFWLYLGDGHVUHFUHDWLYDVHYHQWRVQXHYDVHQVHxDQ]DVHWF FRPRSDUWHGHVXYLGDDILQGH DFHUFDUDOSHUGLGRDODVDOYDFLyQHWHUQD3HURHQXQVXWLOSHURILUPHPRYLPLHQWRFRPLHQ]DDFRORFDUHVWRV 0(',26FRPR),1(63523,26GHVXVFRQJUHJDFLRQHV&XDQGRXQRSUHJXQWDVLHVRV0(',26HVWiQ GHVSXpVGHXQDHYDOXDFLyQ D\XGDQGRDFXPSOLUODPLVLyQVHGHVFXEUHTXHQRKD\HYDOXDFLyQ\HQ PXFKRVFDVRVQRVHDOFDQ]DDOSHUGLGR3HURPLVWHULRVDPHQWHpVWRV0(',26KDQSDVDGRDRFXSDUJUDQ SDUWHGHODYLGDORVUHFXUVRVHOWLHPSR\ODVIXHU]DVGHORVPLHPEURVGHODLJOHVLD(VPiVKDVWDDOJXQRV YHQFRPRIXHUDGHPRGDDDTXHOORVTXHQRDFHSWDQHVWRVQXHYRVPHGLRV$HOORVFRQWRGRDPRUGHER GHFLUOHVTXHODPRGDGH-HV~VHUD%86&$5<6$/9$5$/3(5','2 /XFDV \+$&(5 ',6&,38/26 0DWHR \HO~QLFRTXHHVWDIXHUDGHPRGDHVHOTXHQRHVWiYLYLHQGRHVWRV YDORUHVGLDULDPHQWH6LQGDUVHFXHQWDODLJOHVLDKDSXHVWRODPLVLyQGH-HV~VDXQFRVWDGR 
(OPLQLVWHULRSDUDHFOHVLiVWLFRTXHVHLQLFLDFRPRXQ0(',2SDUDUHDOL]DUXQDSRUWHDODPLVLyQ\TXH

GHVSXpVGHYDULRVDxRVGHVFXEUHTXHHVWiJDVWDQGRODPD\RUtDGHVXWLHPSRHQHUJtD\UHFXUVRVHQ PDQWHQHU HFRQyPLFDPHQWH HVHPLQLVWHULRSRUTXHHQPXFKRVFDVRVVHKDYXHOWR18(67526267(1+D

 

WUDQVIRUPDGRHO0(',2HQXQ),16LQGDUVHFXHQWDHOPLQLVWHULRSDUDHFOHVLiVWLFRKDSXHVWROD
PLVLyQGH-HV~VDXQFRVWDGR

 3RGUtDPRVVHJXLUYLHQGRFRPRRUJDQL]DFLRQHVHYHQWRVHGLILFLRVHWFVHKDQYXHOWR),1(6(16,0,6026 \KDQGHMDGRGHVHU0(',26SDUDFXPSOLUODPLVLyQ  'DPRVJUDFLDVD'LRVSRUWRGRVORVPLHPEURVFpOXODVLJOHVLDV\PLQLVWHULRVSDUDHFOHVLiVWLFRVTXHVH PDQWLHQHQVLHQGR0(',26SDUDFXPSOLUODPLVLyQDQWHHOORVGHEHPRVVDFDUQRVHOVRPEUHUR\DTXHVRQ ORVTXHVHPDQWLHQHQILHOHVDORTXH-HV~VQRVRUGHQyKDFHU7DOYH]VHDSRUpVWHJUDYHSHOLJURTXH-HV~V PLVPROHVUHSHWtDDVXVVHJXLGRUHV FUHRTXHWDPELpQVHORUHSHWtDDpOPLVPRFRPROtGHU FXDOHUDOD PLVLyQ<DVDEHPRVTXHXQRGHORVPRWLYRVPDVFRPXQHVTXHKDQOOHYDGRDODLJOHVLDDIDOODUHV FRQIXQGLUORVREMHWLYRVFRQORVPHGLRVTXHVHSXHGHQXVDUSDUDORJUDUORV  8QOtGHUGHEHUHFRUGDUFRQWLQXDPHQWHFXDOHVODPLVLyQGHOJUXSRTXHOLGHUDGHORFRQWUDULRVLQGDUVH FXHQWD\KDVWDFRQEXHQDLQWHQFLyQSXHGHHVWDUWHUJLYHUVDQGRODYHUGDGTXHSURFODPDFRQIXQGLHQGRD VXVVHJXLGRUHV\JXLDQGRDVXVJUXSRVDFDPELDUVXVSULRULGDGHV\REMHWLYRV 'HEHPRVFRPR-HV~VUHSHWLU\UHSHWLUQRVDQRVRWURVPLVPRV3RUTXHSDUDpVWRKHYHQLGR0DUFRV  0DVGHYHFHV-HV~VGHFODUyFXDOHUDVXPLVLyQDTXtHQODWLHUUD/DFODULGDGTXHWXYRVREUHpVWH REMHWLYROHVLUYLySDUDFRQVWUXLUODLJOHVLDPiVJUDQGHGHOPXQGR6LQRVRWURVTXHUHPRVFRQWLQXDU HGLILFDQGRVXLJOHVLDGHEHUHPRV   (PSDSDUQRVGHVXFODULGDG   3RQHU(168/8*$5DDTXHOORTXHKDXVXUSDGRHQQXHVWUDYLGDQXHVWUDFpOXODRLJOHVLDHOOXJDU GHODPLVLyQ   9LYLUODPLVLyQGLDULDPHQWH6LDVtVHJXLPRVHOHMHPSORGH-HV~VVHJXUDPHQWHVHFXPSOLUiQHQ QXHVWUDVYLGDVHQQXHVWUDVFpOXODV\HQQXHVWUDVLJOHVLDVODVSDODEUDVTXHpOQRVGHMy(OTXHHQ

 'RFHSDODEUDV

PtFUHHODVREUDVTXH\RKDJRpOODVKDUiWDPELpQ\D~QPD\RUHVTXHpVWDVKDUi-XDQ

6LHPSUHDGPLUpD-HV~VSRUVXFODULGDGVXDPSOLWXGGVXYLVLyQ\VXFDSDFLGDGGHVtQWHVLV0HDVRPEUD FRPRpOGHILQtDHQSRFDVSDODEUDVDOJXQRVWHPDVTXHDQRVRWURVQRVKDQKHFKRJDVWDUHQRUPHV FDQWLGDGHVGHKRUDVSDSHO\VDOLYD0DVGHXQDYH]KHPRVFRPSOLFDGRODVSDODEUDVGH-HV~VDXQTXHOD YHUGDGHVTXHVXVSDODEUDVVRQVLPSOHVPDQGDWRV\ORVPDQGDWRV KDVWDXQQLxRORVDEH QRVRQHQ SULPHUOXJDUSDUDUD]RQDUORVVLQRSDUDREHGHFHUORV7DOYH]KHPRVHVWDGRFD\HQGRHQDOJXQDWUDPSDTXH QRVKDOOHYDGRDGHGLFDUQRVDKDFHUWHRORJtDFRQSDODEUDVTXH-HV~VHQYH]GHVLPSOHPHQWHSRQHUODV HQSUiFWLFD (QFLHUWDRFDVLyQ-HV~VUHVXPLySDUDVXVVHJXLGRUHV SDUDDTXHOORVTXHTXLHUHQREHGHFHUPiV\KDEODU PHQRV HOSURSyVLWRGHVXLJOHVLDHQGRFHSDODEUDV(VDVSDODEUDVHQFLHUUDQHOUHPHGLRDPXFKDVGHODV HQIHUPHGDGHVGHODLJOHVLDGHKR\  (Q0DUFRVpOGLMR,GSRUWRGRHOPXQGR\SUHGLFDGHOHYDQJHOLRDWRGDFULDWXUD 
,'5HPHGLRDODLQDFFLyQ\ODDSDWtD 32572'2(/081'25HPHGLRDOHJRFHQWULVPR\DDWHQGHUQRVDQRVRWURVPLVPRV <35(',&$'5HPHGLRDODIDOWDGHREMHWLYRVGHQXHVWUDPLVLyQ (/(9$1*(/,25HPHGLRDHUUDUODWHPiWLFD $72'$&5,$785$5HPHGLRDODGLVFULPLQDFLyQ

 &XiOHVKDQVLGRODVDFWLWXGHVRUHVSXHVWDVGHODLJOHVLDDFDGDXQDGHpVWDVSDODEUDVGH-HV~V"  (QYH]GH,5(63(5$026,UHVODVLPSOHDFFLyQGHPRYLOL]DUVHKDVWDHOOXJDUGRQGHHVWiODRWUD SHUVRQD,UWDPELpQHVXQDDFWLWXGTXHHOHJLPRVHQWHQGLHQGRTXHODUHVSRQVDELOLGDGHVWiGHQXHVWURODGR ,UUHTXLHUHVDOLUGHXQOXJDUGRQGHKR\HVWR\ PLVSHQVDPLHQWRVPLFRPRGLGDGPLYLGDPLKRJDUPL

 

WHPSORPLEDUULRHWF SDUDDFHUFDUPHDODQHFHVLGDGGHORWUR$KRUDKDJDXQDOLVWDGHWRGDVODV DFWLYLGDGHVGHVXLJOHVLD\ItMHVHHQFXiQWDVGHHOODVODLJOHVLDYDKDFLDODVSHUVRQDV\HQFXiQWDVHVSHUD TXHODVSHUVRQDVYHQJDQ(VWDVLPSOHOLVWDVLUYHSDUDHYDOXDUVLVRPRVXQDLJOHVLDTXHFXPSOHpVWD SULPHUD\VLPSOHRUGHQGH-HV~V  (QYH]GH0,5$572'2(/081'20,5$02618(675$,*/(6,$3DUDIUDVHDQGRD5RQDOG$OOHQHQ VXOLEUR/D([SDQVLyQ(VSRQWiQHDGHODLJOHVLDODLJOHVLDTXHGHVGHXQSULQFLSLRQRPLUDKDFLDDIXHUD RWURVEDUULRVRWURVSDtVHVHOPXQGR KDHPSH]DGRDFDPLQDUHOSHOLJURVRFDPLQRGHOHJRtVWD  6HJ~Q)HGHULFR%HUWX]]LHQVXOLEUR(OGHVSHUWDUGHODVPLVLRQHVH[LVWHQ,JOHVLDVSDUDDOFDQ]DUD FDGDSXHEORTXHKR\QRWLHQHHOHYDQJHOLR6LWDQVyORPiVLJOHVLDVREHGHFLHUDQD-HV~VHLQFOX\HUDQDO PXQGRHQVXPLVLyQVHJXUDPHQWHHOGHVHRGH'LRVGHTXHHOHYDQJHOLRVHDSUHGLFDGRKDVWDOR~OWLPR \DHVWDUtDFXPSOLGR1XQFDHVWDUGHSDUDHQVHxDUOHDXQKLMRORVSHOLJURVGHOHJRtVPR\ODVEHQGLFLRQHVGH FRPSDUWLU&RPLHQFHKR\DJXLDUDVXLJOHVLDDVRVWHQHUPLVLRQHURVTXHOOHYHQHOHYDQJHOLRDWRGRHO PXQGR  (QYH]GH35(',&$5%86&$02623&,21(6 $<8'$5(16(f$525$5 4XHTXHGHFODURTXHD\XGDU HQVHxDU\RUDUVRQYDORUHVFODUDPHQWH%tEOLFRV\PDQGDWRVGH-HV~VSDUDQRVRWURVHOHUURUVHFRPHWH FXDQGRUHHPSOD]DQODVWDUHDVGHSUHGLFDFLyQGHVDOLUGHKDEODUGHLUDODJHQWH1RSRUQDGD-HV~V UHFDOFyODDFWLYLGDGGHSUHGLFDU(VTXHFRQPXFKDIDFLOLGDGODUHHPSOD]DPRVSRURWUDVDFWLYLGDGHV YLJLOLDVUHFLWDOHVDGRUDFLyQFDPLQDWDVHWF TXHQRWLHQHQQDGDGHPDORSHURTXHQRSXHGHQRFXSDU
HOXJDUGHODDFFLyQFODUD\GLUHFWDGHH[SRQHUHOHYDQJHOLRDRWUDVSHUVRQDV(OREMHWLYRFHQWUDO

GH-HV~V3HGUR\3DEORHUDSUHGLFDU\HQVHxDUHOHYDQJHOLR\DVXDOUHGHGRUJLUDEDQHOUHVWRGHODV DFWLYLGDGHVHOORVWHQtDQXQDFODULGDGGHREMHWLYRVTXHORVOOHYyDVHUHIHFWLYRV  (QYH]GH+$%/$5'(/(9$1*(/,2+$%/$026'(7(0$6'(02'$(OHYDQJHOLRHVODEXHQDQRWLFLD TXHGHEHPRVFRPXQLFDUQLQJXQDRWUDFRVDYDDVDWLVIDFHUHOKDPEUHHVSLULWXDOGHODVSHUVRQDV(UUDUHQ HOWHPDTXHGHEHPRVFRPXQLFDUQRVWUDHUiGRORUHVGHFDEH]D3RGHPRVUHFRQRFHUTXHH[LVWHQ DFWXDOPHQWHKHUUDPLHQWDVTXHSXHGHQD\XGDUDOVHUKXPDQRHQVXVSUREOHPDVGHFRQGXFWDSHURVHUtD EXHQRUHFRQRFHUTXHQRVHQRVKDGDGRSHUPLVRSDUDPH]FODUODVFRQHOHYDQJHOLR(QWRGRFDVROODPHPRV FDGDFRVDSRUVXQRPEUH\HVWDUHPRVFRQIXQGLHQGRPHQRVDODJHQWH\PDQWHQLHQGRQXHVWUDILGHOLGDGDO PHQVDMHTXH-HV~VTXLVRTXHGHPRV  (QYH]GHLUD72'$&5,$785$',6&5,0,1$026(/(9$1*(/,2</$63(5621$66HJ~QHVWDV SDODEUDVODLGHDGH-HV~VHUDTXHQDGLHGHEHUtDTXHGDUSRUQLQJ~QPRWLYRIXHUDGHODOFDQFHGHOSURSyVLWR GHVXLJOHVLD(VWiVXLJOHVLDPLUDQGRDVXEDUULRORVEDUULRVYHFLQRVFyPRVRVWHQHUPLVLRQHURVHQRWURV SDtVHVHWF"(VWDPRVGLVSXHVWRVDPLUDUODREUDGHODLJOHVLDFRQODSHUVSHFWLYDGH-HV~V"(VWDPRV GLVSXHVWRVDREHGHFHUVLPSOHPHQWHVXVyUGHQHV"2WDOYH]QRVVHQWLPRVPiVFyPRGRVHQHOOXJDUGH DQDOL]DUVXVSDODEUDV"  'HEHPRVDEUD]DUHOVLPSOHSURSyVLWRGH-HV~VSDUDVXLJOHVLD\DOREHGHFHUORYHULILFDUTXHFXDQGRVXV
PDQGDWRVVHYXHOYHQQXHVWUDVSUiFWLFDVWRGRHVPiVVLPSOHGHORTXHSDUHFtD

,QWHQWHPRVVLHPSUHVHJXLUHOFRQVHMRGHOD3DODEUDGH'LRV UD7LPRWHR GHFRQIRUPDUQRVDODV


VDQDVSDODEUDVGHQXHVWUR6HxRU-HVXFULVWR  4XpSXHGHORJUDUVXLJOHVLD"

9HUFUHFLPLHQWRORFDOHQFDOLGDG\FDQWLGDG 3ODQWDULJOHVLDVHQEDUULRVFHUFDQRV\DOHMDGRV 6RVWHQHUPLVLRQHURVHQSXHEORVQRDOFDQ]DGRV

6LORLQWHQWDPRVHVWDUHPRVPHQRVH[SXHVWRVDODFRQVWDQWHSUHJXQWDTXHpOQRVKDFHHQ/XFDV 3RUTXpPHOODPDQ6HxRUVLQRKDFHQORTXH\ROHVGLJR"-HV~VKDGHFODUDGRTXHWXLJOHVLDWHQGUtDXQ DOFDQFHPXQGLDO(VWLHPSRGHTXHHPSHFHPRVDFUHHUOH4XpKDUiV"

 

&DSLWXOR5D]RQHVSDUDVHUXQDLJOHVLDG H &pOXODV
  (QHOWHPDGHORVSURFHVRVGHVFXEULPRVODUHOHYDQFLDTXHWLHQHHOIXQFLRQDPLHQWRGHODVFpOXODVHQHO FUHFLPLHQWRGHODVFUHDFLRQHVGH'LRV  9HDPRVWUHVWLSRVGHUD]RQHVSDUDPRYHUQRVDVHUXQDLJOHVLDGHFpOXODV  1XHVWUDVLJOHVLDVQHFHVLWDQ\PHUHFHQLGHQWLILFDUODVUD]RQHVGHHVWHPRYLPLHQWR\UHODFLRQDUOR DGHFXDGDPHQWHFRQEDVHVEtEOLFDVKLVWyULFDV\WHROyJLFDVTXHIXQGDPHQWHQXQIXWXURFDPELRHQVX IRUPDGHYLYLUODIH

5D]RQHV%tEOLFDV
 
(OHMHPSORGH0RLVpV

%DVH%tEOLFDe[RGR1~PHURV'HXWHURQRPLR (QpVWHSDVDMH'LRVGDXQPRGHORVLPSOHSDUDTXHFDGDPLHPEURGHOSXHEORGH'LRVVHDDWHQGLGR SHUVRQDOPHQWH0RLVpVFDPELDVXPDQHUDGHDWHQGHUDOSXHEOR\GHKDFHUVXPLQLVWHULR  /RVSULQFLSDOHVDVSHFWRVGHpVWHFDPELRVRQ  (OMX]JDUDVXQWRVSHTXHxRV\GHFODUDUORTXH'LRVTXLHUHGHOSXHEORGHMDGHVHUXQHMHUFLFLRSHUVRQDOGH 0RLVpVSDUDVHUODWDUHDGHXQJUXSRGHVLHUYRVHOHJLGRVGHHQWUHHOSXHEOR Y   $FHSWDUTXHSXHGHKDEHUIRUPDVPiVHILFLHQWHVGHUHDOL]DUHOWUDEDMRTXHKDFHPRVSDUD'LRV Y   &RQWLQXDUFRQHVWHPRGHORLPSOLFDEDYDULRVULHVJRV Y  

'HVIDOOHFHUiVGHOWRGR4XH0RLVpVVHLEDDGHELOLWDUWRWDOPHQWH\QRSRGUtDFRQWLQXDUFRQHO

WUDEDMRTXH'LRVOHLQGLFyTXHUHDOL]DUD
(OSXHEORTXHHVWDFRQWLJRGHVIDOOHFHUi4XHHOSXHEORWDPELpQLEDDGHVIDOOHFHUFRPR

FRQVHFXHQFLDGHODPDODDWHQFLyQSHUVRQDOTXHUHFLEtD
HOWUDEDMRHVGHPDVLDGRSHVDGRSDUDWt4XHHOWUDEDMRVHUtDGHPDVLDGRSHVDGR 6WUHVV

TXHJHQHUDFRQVHFXHQFLDVItVLFDVSVLFROyJLFDVHPRFLRQDOHV\SVtTXLFDVHQTXLHQORSDGHFH (VWD HVXQDGHODVFDXVDVPiVFRPXQHVSRUODVFXDOHVODVSHUVRQDVDEDQGRQDQHOPLQLVWHULR

1RSRGUiVKDFHUORW~VROR1RSRGHUUHDOL]DUHOWUDEDMRTXH'LRVOHPDQGy

(VHYLGHQWHTXHHOPRGHORTXHHVWDEDQXWLOL]DQGRKDFtDSHOLJUDUWRGDODREUDTXH'LRVTXHUtDUHDOL]DUFRQ VXSXHEOR3DVDQGRSRUODVDOXGGHVXOtGHUODGHOSXHEORODUHDOL]DFLyQGHODREUD\ODHILFLHQFLDHQOD WDUHDWRGRHVWRHVWDEDHQSHOLJURFRPRFRQVHFXHQFLDGHOPRGHORTXHHVWDEDQXWLOL]DQGR  (Q1~PHURVYHPRVTXHODLGHDGHGHOHJDUWDUHDVYLHQHGH'LRVPLVPR Y\   (VWHSDVDMHWDPELpQQRVGDODVSDXWDVDFHUFDGHFyPRGHEHPRVGHOHJDU 


 'HEHPRVIRUPDUDDTXHOORVHQTXLHQHVYDPRVDGHOHJDU 

D (QVHxDUOHVODVRUGHQDQ]DV\ODVOH\HV &RQRFLPLHQWRGHORTXHKD\TXHKDFHU  E 0RVWUDUHOFDPLQRSRUGRQGHGHEHQDQGDU 'LUHFWLYDVFODUDVDFHUFDGHOWUDEDMRTXHVHHVSHUDGH HOORV  F 0RVWUDUORTXHKDQGHKDFHU 0RGHODUSDUDHOORVFyPRVHKDFHHOWUDEDMR 

 

  'HEHPRVVHOHFFLRQDUGHDFXHUGRDUHTXLVLWRVSUHYLRVTXHFRQVLGHUDPRVYLWDOHV

HVFRJHWXGHHQWUHWRGRHOSXHEOR Y  
 $VLJQDUOHDFDGDXQRGHHOORVUHVSRQVDELOLGDGVREUHXQJUXSRGHSHUVRQDV

\SRQORVVREUHHOSXHEOR Y  
 'HEHPRVLQVWDODUODUHQGLFLyQGHFXHQWDVVREUHDVXQWRVLPSRUWDQWHV

7RGRDVXQWRLPSRUWDQWHORWUDHUiQDWL Y   /RVUHVXOWDGRVGHHVWHPRGHORVRQ 

$OLYLDUiVWXFDUJD Y  (OORVODOOHYDUiQFRQWLJR Y /LGHUD]JRTXHVLHQWHYDORUDGRSRUTXHFRQItDQHQVX UHVSRQVDELOLGDGGHQWURGHOD2EUDGH'LRV 7~SRGUiVVRVWHQHUWH Y  (OSXHEORLUiHQSD]DVXOXJDU Y 

$WUDYpVGHpVWHUHODWROD3DODEUDGH'LRVQRVPXHVWUDFyPRODLQFRUSRUDFLyQGHJUXSRVSHTXHxRVHVXQ PRGHORVLPSOHTXHKDFHSRVLEOHTXHWRGRHOSXHEORGH'LRV OtGHUHV\PLHPEURV FDPLQHKDFLDHOREMHWLYR TXH'LRVKDVRxDGRSDUDHOORV 




(OHMHPSORGH-HV~V

%DVH%tEOLFD0DUFRV (VLQFUHtEOHSHQVDUTXH-HV~VHOLJLyXQDHVWUDWHJLDWDQVLPSOHSDUDLQLFLDUHOUHLQRPiVSRGHURVR\ QXPHURVRGHHVWHPXQGR(VHVSHUDQ]DGRUSDUDFDGDREUHURFULVWLDQRVDEHUTXHODIRUPDHQTXH-HV~V LQLFLyVXPLQLVWHULRHVWiDODOFDQFHGHFXDOTXLHUDTXHGHVHHVHUYLUD'LRV (OSODQGH-HV~VSDUDFRQTXLVWDUDOPXQGRFRPHQ]yFRQXQJUXSRSHTXHxR&RQODHOHFFLyQGHGRFH KRPEUHVFRQTXLHQHV-HV~VVHFRPSURPHWLyDHVWDU\DHQYLDU 6XSODQFRQVLVWLyHQPRGHODUSDUDHOORVODIRUPDGHUHDOL]DUHOPLQLVWHULRTXHEiVLFDPHQWHLPSOLFDEDYLYLU ORVYDORUHVGH'LRV $PDUD'LRV\DODVSHUVRQDVVHUtDQVXVHMHV9HPRVD-HV~VLQYROXFUDGRSHUVRQDOPHQWHHQORVSURFHVRV UHJXODUHVGH

8QDYLGDGHYRFLRQDOHVWDEOH 0DUFRV  /DSUHGLFDFLyQGHOHYDQJHOLRWDQWRS~EOLFD 0DUFRV FRPRSHUVRQDO -XDQ\  /DIRUPDFLyQGHGLVFtSXORVSRUPHGLRGHVXHMHPSOR -XDQ  /DIRUPDFLyQGHXQJUXSRSHTXHxR 0DUFRV TXHFXPSOtDORVREMHWLYRVSULPDULRVGH (67$5-81726 TXHHVWXYLHVHQFRQ(O \GH0,6,1 SDUDHQYLDUORVDSUHGLFDU  /DFRQFLHQWL]DFLyQPLVLRQHUDSRUDOFDQ]DUORVOXJDUHVQRDOFDQ]DGRVDILQFXPSOLUVXSURSyVLWR PXQGLDOSRUTXHSDUDHVWRKHYHQLGR 0DUFRV 

1RSRGHPRVGHMDUGHPHQFLRQDUTXHSRUVHU-HV~VPLVPRTXLHQHVHOSURWDJRQLVWDGHHVWHWLSRGH PLQLVWHULR\VLHQGRpOHO+LMRGH'LRV\OOHQRGHVDELGXUtDHYLGHQWHPHQWHHVWDIRUPDGHYLYLUHOPLQLVWHULR SXHGHSURYHHUQRVUHVXOWDGRVVLPLODUHV\VREUHWRGRFRKHUHQFLDREHGLHQFLD\GHSHQGHQFLDGHpOSDUD KDFHUVX2EUD




(OHMHPSORGHODSULPHUDLJOHVLD 

 (OQXHYRWHVWDPHQWRQRVSUHVHQWDQXPHURVRHMHPSORVGHLJOHVLDVIXQFLRQDQGRHQKRJDUHV +HFKRV5RPDQRVUD&RULQWLRV&RORVHQVHV)LOHPyQHWF  (VHYLGHQWHTXHODSUiFWLFDQDWXUDOGHHVDpSRFDHUDXWLOL]DUHOKRJDUFRPRPHGLRGHUHODFLRQDUVHFRQ QXHVWURVVHPHMDQWHVDILQGHFRPSDUWLUOHVHOHYDQJHOLR

 

(OKRJDUVLJXHVLHQGRDFWXDOPHQWHHOPHGLRPiVQDWXUDOSDUDUHODFLRQDUQRVFRQQXHVWURVVHPHMDQWHV /DLJOHVLDSXHGH\GHEHYROYHUDYHUDORVKRJDUHVFRPRHOPHGLRDSURSLDGRSDUDUHODFLRQDUQRV\JXLDUD ODIHDQXHVWURVIDPLOLDUHVDPLJRV\YHFLQRV


 

(OHMHPSORGH3DEOR

%DVH%tEOLFD+HFKRV3~EOLFDPHQWH\SRUODVFDVDV  (ODSyVWRO3DEORTXLHQWDOYH]HVODSHUVRQDTXHLQWHUSUHWyPiVFODUDPHQWHHOFRUD]yQGH'LRVSDUDFRQOD KXPDQLGDG\DTXH'LRVOHGLRHOSULYLOHJLRGHVHUDXWRUGHXQDPSOLRSRUFHQWDMHGHOFRQWHQLGRGHO1XHYR 7HVWDPHQWRGHMyXQFODURHMHPSORGHPLQLVWHULRIXQGDPHQWDGRHQJUXSRVSHTXHxRVXWLOL]DQGRODVFDVDV HYLGHQWHPHQWHUHFLELyHVWHHMHPSORGHODSULPHUDLJOHVLD FRPRODKHUUDPLHQWDEiVLFDGHVXWUDEDMR PLQLVWHULDO$XQDOOOHJDUDOILQDOGHVXVGtDVHOVHJXtDXWLOL]DQGRODPRGDOLGDGGHJUXSRVSHTXHxRVHQVX FDVDSDUDVHJXLUVHPEUDQGRHMHPSORSDUDORVTXHYHQtDQGHWUiV +HFKRV 

5D]RQHVKLVWyULFDV


 'XUDQWHORVSULPHURVDxRVODLJOHVLDPDQWXYRXQHTXLOLEULRHQWUHHOWUDEDMRS~EOLFR (QHOWHPSOR \ HOWUDEDMRHQORVKRJDUHV SRUODVFDVDV (VWHHTXLOLEULRHQWUHORJUXSDO\ORSHUVRQDOGLRXQUHVXOWDGR DVRPEURVR&XiOIXHHOUHVXOWDGRGHHVWHPLQLVWHULREDODQFHDGR"&UHFLPLHQWRHQ&$/,'$'\&$17,'$' +HFKRVGLFHTXH$VtTXHODVLJOHVLDVHUDQFRQILUPDGDVHQODIH\DXPHQWDEDQHQQ~PHURFDGDGtD (QHODxRVHSURGXFHXQFDPELRSROtWLFRTXHDIHFWDUtDDODLJOHVLDKDVWDHOGtDGHKR\ &RQVWDQWLQRVXEHDOSRGHU\DGRSWDXQDSRVLFLyQTXHOROOHYDDLQWHQWDUIDYRUHFHUDORVFULVWLDQRV7RGDOD YLGDGHODLJOHVLDGHEHDKRUDYROFDUVHHQORVHGLILFLRV/RVVDFHUGRWHVVRQDKRUDORVTXHGDQODSDODEUD QR ORVFULVWLDQRV VHLQVWDXUDQODVYHVWLPHQWDVSDUDGLIHUHQFLDUDORVPLHPEURVGHORVVDFHUGRWHVODV UHXQLRQHVHQORVKRJDUHVVHUHHPSOD]DQSRUFXOWRVRUJDQL]DGRVODHQVHxDQ]D\DQRHVSHUVRQDD SHUVRQDVLQRGHORVPDHVWURVDORVDOXPQRV/DFHQDGHMDGHVHUXQHQFXHQWURtQWLPRHQXQKRJDUSDUD VHUXQDFHUHPRQLD\KXERRWURVFDPELRVTXHOHTXLWDURQVXSURWDJRQLVPRDORVPLHPEURVGHODLJOHVLD  &XiOIXHHOUHVXOWDGRGHHVWHPLQLVWHULR"  /DVSHUVRQDVYDQDXQOXJDU HGLILFLR  HQXQGtDHVSHFLDOGHODVHPDQD GRPLQJR  \DOJXLHQ VDFHUGRWHRPLQLVWUR  KDFHDOJRSRUHOORV 3UHGLFDRHQVHxD  SRUXQSUHFLR GLH]PRV\RIUHQGDV  (VWRHVVHULJOHVLD"  +R\ORVSDVWRUHVWHQHPRVODUHVSRQVDELOLGDG\RSRUWXQLGDGGHGHYROYHUOHDORVPLHPEURVHOSURWDJRQLVPR /RVPLHPEURVWHQHPRVHOGHVDItRGHUHFXSHUDUHVHSURWDJRQLVPRTXHORVSULPHURVFULVWLDQRVWXYLHURQ  6HDQLPDUiQORVPLHPEURVDYROYHUDORV+RJDUHV" 
/RVPLHPEURV (QHOHGLILFLR (QORVKRJDUHV

5HFLEHQ (VSHUDQ &RQVXPLGRUHV 3DVLYRV (VSHFWDGRUHV $MHQRV 

'DQ 9DQ 3URGXFWRUHV $FWLYRV 3URWDJRQLVWDV 5HVSRQVDEOHV

(VEXHQRDFODUDUTXHHOKRJDUQRSURGXFHQLQJ~QUHVXOWDGRPiJLFRHQORVPLHPEURVSDUDTXHFRPLHQFHQ

 

DIXQFLRQDUFRQHVWDVFDUDFWHUtVWLFDVSHURORVPLHPEURVTXHHVWiQGLVSXHVWRVDYLYLUGHDFXHUGRDORV YDORUHVGH'LRVHQFRQWUDUiQHQHOiPELWRGHOKRJDUXQHVSDFLRPiVDSURSLDGRSDUDKDFHUORTXHHQHO iPELWRGHQXHVWURHGLILFLR 

5D]RQHV7HROyJLFDV
  /DLGHDGHWUDEDMDUHQJUXSRVSHTXHxRVHQFXHQWUDVXVEDVHVWHROyJLFDVHQGRVLGHDVPX\VLPSOHV (Q*pQHVLVHQFRQWUDPRVODSDODEUD+$*$026ODFXDO'LRVPLVPRXWLOL]DSDUDUHIHULUVHDpOPLVPR QRFRPRXQDLQGLYLGXDOLGDGVLQRFRPRXQJUXSRGHWUHVSHUVRQDVTXHWUDEDMDQMXQWDVSDUDXQILQ (Q-XDQ-HV~VUHSLWHODLGHDDOUHIHULUVHDVXWUDEDMRHQQXHVWUDVYLGDVXWLOL]DQGRODSDODEUD 9(1'5(026PRVWUDQGRQXHYDPHQWHTXHHVWDHVODIRUPDHQTXHOD7ULQLGDGKDHOHJLGRIXQFLRQDU (VWHIXQFLRQDPLHQWRHQJUXSRHQHOTXHFRQYLYHQODXQLGDG\ODGLYHUVLGDGSRWHQFLDQGRWDQWROD LQGLYLGXDOLGDGGHFDSDSDUWLFLSDQWHFRPRDVtWDPELpQODHILFDFLDGHOJUXSRHYLGHQWHPHQWHHVWiHQOD HVHQFLDGH'LRVPLVPR /RVJUXSRVSHTXHxRVHVWiQHOFRUD]yQGH'LRV\GHEHUtDQHVWDUHQHOFRUD]yQGHVXLJOHVLD (Q,VDtDVGHVFXEULPRVODQDWXUDOH]DGH'LRVPLVPR (QHVWHSDVDMH(OVHPXHVWUDFRPRXQ'LRV  7UDVFHQGHQWH&HUFDQR  $OWR3UHVHQWH 6XEOLPH3HUVRQDO (WHUQR,QWLPR 6DQWR9LYR  &XDQGR'LRVVHPDQLILHVWDDHVWHPXQGRWDPELpQTXLHUHKDFHUORGHHVWDVGRVPDQHUDVSRUTXHDPEDV PXHVWUDQVXQDWXUDOH]D*HQHUDOPHQWHQXHVWUDVLJOHVLDPXHVWUDQHODVSHFWRGHVXWUDVFHQGHQFLDDWUDYpV GHO&XOWRGRQGHFHOHEUDPRVDHVH'LRV2PQLSRWHQWH2PQLSUHVHQWH\2PQLVFLHQWH /DLJOHVLDSXHGHDWUDYpVGHORVJUXSRVSHTXHxRVPRVWUDUHORWURDVSHFWRHQHOFXDO'LRVHVFHUFDQRQRV WRFDHVSHUVRQDOSRQHVXPDQRHQQXHVWURKRPEUR\QRVYLYLILFD  7UDVFHQGHQWH&HUFDQR            &XOWR&pOXODV  
/DLJOHVLDGHEHVHUORPiVJUDQGHSRVLEOHSDUDDIHFWDUDVXFRPXQLGDG \ORPiVSHTXHxDSRVLEOHSDUDDWHQGHUFDUDDFDUDDFDGDSHUVRQD

  6HDQLPDUiODLJOHVLDDVHUFRPR'LRVHV" 

 

&DSLWXOR&yPRYDPRVDVHULJOHVLD"
 0LHQWUDVODPD\RUtDGHORVHVIXHU]RVTXHUHDOL]DPRVHVWiQFHQWUDGRVHQODHYDQJHOL]DFLyQORVGDWRVGH QXPHURVRVHVWXGLRVVREUHHOFUHFLPLHQWRGHODLJOHVLDGHPXHVWUDQTXHWRGDVODVLJOHVLDVHVWDUtDQFUHFLHQGR VLSXGLHUDQUHWHQHUDODVSHUVRQDVTXHJDQDQHQODIH 7RGDVODVLJOHVLDVUHFLEHQDQXDOPHQWHODFDQWLGDGGHSHUVRQDVVXILFLHQWHVSDUDFUHFHU\PXOWLSOLFDUVHSHUR PX\SRFDVSXHGHQLQWHJUDUDORVQXHYRVDODYLGDHVWDEOHGHODLJOHVLD &XiOHVXQRGHORVSUREOHPDVTXHKD\TXHUHVROYHUSDUDTXHODLJOHVLDFUH]FD"/DSXHUWDGHDWUiV  'HILQDPRVHOSUREOHPD

/DLQWHJUDFLyQHVWDEOHGHODVSHUVRQDVTXHLQJUHVDQ
  0LHQWUDVORVHYHQWRVHYDQJHOtVWLFRVVHVXFHGHQXQRWUDVRWURQRPLUDPRVFRQODPLVPDDWHQFLyQ\ VHULHGDGHOSURFHVROHQWR\WUDEDMRVRGHIRUPDUFXLGDU\FULDUDORVQXHYRVQDFLGRVHQ&ULVWR 7DPSRFRYHPRVODPLVPDYLWDOLGDGHQWUHJDGHHQHUJtD\HQWXVLDVPRHQODVSHUVRQDVFXDQGROHV LQYLWDPRVDFHOHEUDUXQDDFWLYLGDGHYDQJHOtVWLFDTXHFXDQGROHSUHVHQWDPRVODSRVLELOLGDGGH DQyQLPDPHQWH YLVLWDUVHPDQDOPHQWHDXQUHFLpQFRQYHUWLGRTXHQHFHVLWDVHUHQVHxDGRGXUDQWHYDULRV PHVHVKDVWDYROYHUVHXQFULVWLDQRILUPH 1RVSUHJXQWDPRV1RHVWDUHPRVVyORKDFLHQGRODSDUWHTXHQRVJXVWD\VDWLVIDFHQXHVWURHJR" 1RHVWDUHPRVGHMDQGRDXQFRVWDGRHOFODURPDQGDWRGH+DFHUGLVFtSXORVHQVHxiQGROHVTXHJXDUGHQ WRGRORTXHpOPDQGySRUTXHQRHVXQDWDUHDS~EOLFDFRQFDUWHOHV\OXFHV" /RFLHUWRHVTXHVLQRPLUDPRVFRQKRQHVWLGDGFRPRVROXFLRQDUHVWHSUREOHPDVHJXLUHPRVHPEHELGRVGH SURJUDPDVYLHQGRSRFRRQLQJ~QIUXWRSHUPDQHQWH6LDQWHVGHHYDQJHOL]DUQRKHPRVWRPDGRODGLItFLO GHFLVLyQGHDIURQWDUFRQUHVSRQVDELOLGDGODVQXHYDVYLGDVHQJHQGUDGDVHQ&ULVWRHVWDUHPRVOOHQDQGR HVWHPXQGRGHKXpUIDQRVHVSLULWXDOHV6LHVWRRFXUUHODHYDQJHOL]DFLyQHVWDUtDSURGXFLHQGRHOUHVXOWDGR LQYHUVRTXHVHGHVHDDOFDQ]DU(QYH]GHJHQHUDUXQDPDVDGHSHUVRQDVVDOXGDEOHVHQ&ULVWRHVWDPRV JHQHUDQGRXQDPDVDGHSHUVRQDVUHVHQWLGDVFRQ&ULVWR\VXLJOHVLDSRUODIDOWDGHDWHQFLyQ 




3RGHPRVOOHJDUDODFRQFOXVLyQGHTXH

/DLJOHVLDQRHVWiSUHSDUDGDQLHVWUXFWXUDGDSDUDUHFLELU\FRQWHQHUQXHYDVSHUVRQDV

(OGHVDItRVHUtDGDUOHDFDGDQXHYRFULVWLDQRODVPLVPDVRSRUWXQLGDGHVTXH'LRVQRVGLRDQRVRWURVHOGtD TXHQDFLPRV(VHQHOSXQWRGHFyPRHVWDPRVFXLGDQGRDODVSHUVRQDVTXHLQJUHVDQGRQGH GHEHPRVLQLFLDUFDPELRVVLGHVHDPRVYHUUHVXOWDGRVGLIHUHQWHV %XVTXHPRVXWLOL]DUODVDELGXUtDGH'LRVSDUDUHVROYHUHVWHDSDUHQWHSUREOHPD  48e&5(2',263$5$&8,'$5$/$63(5621$6"  (QSULPHUOXJDU'LRVFUHyODILJXUDGHORV3DGUHV\HQXQVHQWLGRPDVDPSOLRODILJXUDGHOD)DPLOLD 7HQHPRVHQWRQFHVDTXtGRVHOHPHQWRVTXHGHEHPRVLQFRUSRUDUDODYLGDGHODLJOHVLD /DIXQFLyQGHORV3DGUHVHVHQVHxDUDVXVKLMRVGXUDQWHHOGHVDUUROOR\KDVWDODPDGXUH]SRUORTXH SRGHPRVUHODFLRQDUDGHFXDGDPHQWHDHVWDIXQFLyQGHVHUSDGUHVDODWDUHDGHOGLVFLSXODGR $VtFRPRXQ3DGUHHQVHxDQ]DDVXKLMRDFRPHUKDEODUFDPLQDUGDUHWF(O3DGUHHVSLULWXDOHQVHxDUiD VXKLMRHVSLULWXDODDOLPHQWDUVHGHODSDODEUDGH'LRVDRUDUDREHGHFHU\DWHVWLILFDU (QVHJXQGROXJDUWHQHPRVODIXQFLyQGHODIDPLOLDFRPRHVSDFLRQDWXUDO\VDQRSDUDHOFUHFLPLHQWRGH WRGRVHUKXPDQR  $VtFRPRXQDIDPLOLDGHEHEULQGDUDVXVKLMRVFXLGDGRGLiORJRLQWLPLGDGYDORUHVSDUWLFLSDFLyQ UHVSRQVDELOLGDG\FRQWDFWRSHUVRQDOODLJOHVLDGHEHEULQGDUXQVLWLRVHPHMDQWHGRQGHORVFULVWLDQRV UHFLEDQWRGRVHVWRVHOHPHQWRV

 

(VDTXtGRQGHODVFpOXODVRFXSDQXQOXJDUWUDVFHQGHQWDOHQODYLGDGHODLJOHVLD\DTXHSURYHHQ MXVWDPHQWHGHHVWHHVSDFLRLPSUHVFLQGLEOHSDUDTXHFDGDFULVWLDQRSXHGDGHVDUUROODUVHKDFLDODPDGXUH]  6L'LRVFUHyHVWDVGRVIXQFLRQHVSDUDFXLGDUDODVSHUVRQDVKR\QRVRWURVGHEHPRVLQFRUSRUDUODVFRPR FXLGDGREiVLFRGHDTXHOORVTXHLQJUHVDQDODLJOHVLDDILQGHYHUORVLQWHJUDGRVFUHFLHQGR\PDGXUDQGR HVSLULWXDOPHQWH  3DGUHV)DPLOLDV        'LVFLSXODGR3HUVRQDO&pOXODV   (VWDLGHDFRQFXHUGDH[DFWDPHQWHFRQORTXH-HV~VKL]RSDUDIRUPDUODLJOHVLDPiVJUDQGHGHOPXQGR  -HV~VFRORFyDODVSHUVRQDVHQXQJUXSR 

3HTXHxR ,QIRUPDO 3DUWLFLSDWLYR &DVHUR 3HUVRQDO  4XHSDVDUtDVLODLJOHVLDFRORFDDVXVPLHPEURVHQJUXSRVSHTXHxRV" 

7RGRVORVSUREOHPDVKLVWyULFRVGHODLJOHVLDVHYHQDIHFWDGRVFXDQGRSHQVDPRVHQGLULJLUQRVDIXQFLRQDU HQJUXSRVSHTXHxRV &pOXODV   9HDPRVDOJXQRVHMHPSORV 


/RV5HJDORVHVSLULWXDOHV

+R\ 3~EOLFRV $UULEDKDFLDDEDMR /LPLWDGRV  

(Q&pOXODV 8QRVDRWURV &DGDXQR0LQLVWUH 7RGRVSXHGHQHMHUFHUORV

(YDQJHOLVPR

+R\ 7UDHUSHUVRQDV 7HQHUUHXQLRQHV 5HVSRQVDELOLGDGGHORVHYDQJHOLVWDV 

(Q&pOXODV ,UKDFLDODVSHUVRQDV 7HQHUUHODFLRQHVSHUVRQDOHV 5HVSRQVDELOLGDGGH7RGRV

&XLGDGRGHORVPLHPEURV

+R\ 7UDEDMRGHO3DVWRU 

(Q&pOXODV 7UDEDMRGHWRGRVORVPLHPEURV

 

(QIRTXHGHODLJOHVLD

+R\ 3URJUDPDV\HYHQWRV 

(Q&pOXODV 3HUVRQDV

2UDFLyQ

+R\ 5HXQLyQGH2UDFLyQ 

(Q&pOXODV 7RGRVORVPLHPEURVRUDQGR

(VWXGLRGHOD%LEOLD

+R\ 0DHVWUR )RUPDO &ODVHV 7HRUtD 

(Q&pOXODV 8QRVDRWURV ,QIRUPDO *UXSRV 3UDFWLFD

+DFHUOD2EUD

+R\ 3HUVRQDV3DJDV 3HUVRQDVFRQFRQRFLPLHQWR  

(Q&pOXODV /RVVDQWRVSDUDHGLILFDFLyQ (ODPRUHGLILFD

'LVFLSXODGR

+R\ 0DHVWURV &ODVHV 7LHQHTXHYHQLU (QHOHGLILFLR 

(Q&pOXODV $PLJRV 5HODFLRQHV 7HQHPRVTXHLU (QORVKRJDUHV

/LGHUD]JR

+R\ /LPLWDGR &RQRFLPLHQWR 'HGLFDGRDSURJUDPDV  

(Q&pOXODV ,OLPLWDGR 6HUYLFLR 'HGLFDGRDSHUVRQDV

5HWHQFLyQGHIUXWR

+R\ 7UDEDMRGHSRFRV 

(Q&pOXODV &DGDJUXSRHVUHVSRQVDEOH

0LVLyQ*OREDO

+R\ 1RHVWDLPSOHPHQWDGD 'LItFLO 9LVWDFRPRSHUGLGD 0LVLyQDQXHVWUDPDQHUD 

(Q&pOXODV 3RVLEOH\QDWXUDO 3RVLEOH 9LVWDFRPRJDQDQFLD 3ODQWDFLyQGHLJOHVLDV\(QYtRGHPLVLRQHURV

(181*58323(48(f2&$'$$63(&72'(/$9,'$'(/$,*/(6,$6(38('(9,9,5'(81$ 0$1(5$3$57,&,3$7,9$3(5621$/,1)250$/<5(63216$%/(  0LUDUIUDQFDPHQWHORVSUREOHPDVGHQXHVWUDVLJOHVLDV\UHVROYHUORVHVXQDGHODVIRUPDVPiVUiSLGDVGH HPSH]DUDFUHFHU (QQXHVWUDFRQJUHJDFLyQSXGLPRVLGHQWLILFDUDOJXQRVSUREOHPDVTXHWDOYH]DXVWHGOHUHVXOWHQIDPLOLDUHV

 

 $<(51RWHQtDPRVWLHPSRSDUDEXVFDUDORVSHUGLGRV\KDFHUQRVDPLJRVGHHOORV

1RSXGLPRVKDFHUXQDOLVWDGHDPLJRVQRFULVWLDQRV 6HDQLPDDKDFHUODVX\D"  &XiQWRWLHPSRGHGLFDPRVOD~OWLPDVHPDQDFRQSHUVRQDVQRFULVWLDQDVDILQGHUHODFLRQDUQRVFRQHOORV\ FRPSDUWLUHOPHQVDMH" 6LHPSUHQRVSDVDEDTXHKDEtDDOJRPiVLPSRUWDQWHXUJHQWHRPiVHVSLULWXDOTXHLU\JDVWDU QXHVWURWLHPSRHQIRUPDUUHODFLRQHVFRQQRFULVWLDQRV <DVXPyODFDQWLGDGGHUHODFLRQHVQXHYDVTXH-HV~VKL]RFRQQRFULVWLDQRVHQVXPLQLVWHULR"


9DORU%tEOLFRTXHKDEtDPRVSHUGLGR(OSHUGLGRHVHOPRWLYRSRUHOTXH&ULVWRYLQR/XFDV +R\3ODQLILFDPRVQXHVWUDVHPDQDFRORFDQGRTXpWLHPSRXVDUHPRVSDUDLUDOQRFULVWLDQR   $<(5/DSULQFLSDODFWLYLGDGGHORVPLHPEURVGHODLJOHVLDHUDDVLVWLUDOFXOWR

(OFXOWRQRHVXQDDFWLYLGDGGRQGHJHQHUDOPHQWHDSXQWHPRVDODVSHUVRQDVHO&XOWRHVXQDDFWLYLGDG GLULJLGDKDFLD'LRV4XpHVORTXHKDFHPRVSRUODVSHUVRQDV"(OPLHPEURTXHQRVHPRYLOL]DSDUDLUDO HQFXHQWURGHRWUDSHUVRQDQRSXHGHREHGHFHUHOVHJXQGRPDQGDPLHQWR


9DORU%tEOLFRTXHKDEtDPRVSHUGLGR(ODPRUD'LRVGHPRVWUDGRHQODREHGLHQFLDDVXVPDQGDWRVGH

SUHGLFDU\KDFHUGLVFtSXORV\HODPRUDOSUyMLPRHQDFFLyQHQQXHVWUDYLGDGLDULD 0DWHR-XDQ0DWHR0DUFRV
+2<1XHVWUDVDFWLYLGDGHVFHQWUDOHV HYDQJHOLVPRSHUVRQDOGLVFLSXODGRSHUVRQDO\FpOXODV VRQFDQDOHV

DELHUWRVSDUDTXHWRGRVORVPLHPEURVSXHGDQKDFHUDOJRSRUODVSHUVRQDV 
 $<(51RKDEtDRSRUWXQLGDGHVSDUDTXH72'26XWLOLFHQVXVGRQHV

1RSRGHPRVHGLILFDUQRVXQRVDRWURVDWUDYpVGHORVGRQHVGHO(VStULWXGXUDQWHHOFXOWRGHOGRPLQJR VRODPHQWH &XiQWRVPDHVWURVSRGHPRVWHQHUHQOD(VFXHODGRPLQLFDO"&XiQWRVSXHGHQGLULJLUORVFXOWRV"&yPR SRGHPRVXVDUQXHVWURVGRQHVIXHUDGHODLJOHVLD"


9DORU%tEOLFRTXHKDEtDPRVSHUGLGR/DHGLILFDFLyQGHOFXHUSRGH&ULVWRDWUDYpVGHODD\XGDPXWXD

\ODDFWLYLGDGSURSLDGHFDGDPLHPEUR(IHVLRV
+2</DVFpOXODVGDQHOHVSDFLRDSURSLDGRSDUDTXHFDGDPLHPEURXVHVXVGRQHVORVGHVDUUROOHDVXPD

UHVSRQVDELOLGDGHV\WUDEDMHFRQOLEHUWDGGHVSOHJDQGRVXVKDELOLGDGHV 2WURVSUREOHPDVUHVXHOWRV
  $<(51RWHQtDPRVXQPRPHQWRDSDUWDGRSDUDYLYLUODIHGHXQDPDQHUDtQWLPD LQIRUPDOSDUWLFLSDWLYD\PiVFHUFDQDDQXHVWURVYHFLQRVQRFULVWLDQRV

/DVUHXQLRQHVHUDQPiVLPSRUWDQWHVTXHODVUHODFLRQHV\RFXSDEDQQXHVWURWLHPSR$KRUDGHMDPRVVROR KRUDVHO'RPLQJRSDUDUHXQLUQRV\DVtGDUOHVWLHPSRDODVIDPLOLDVSDUDIRUWDOHFHUVH\IRUPDUUHODFLRQHV FRQVXVYHFLQRVQRFULVWLDQRV


9DORU%tEOLFRTXHKDEtDPRVSHUGLGR/DSDUWLFLSDFLyQGHFDGDXQR\GHWRGRVHVYLWDOSDUDHO

GHVDUUROORGHFDGDPLHPEUR\GHOJUXSR GHVFXEUDODVSDODEUDV7RGRV\FDGDXQRHQODUHXQLyQGH LJOHVLDGHVFULSWDHQUD&RULQWLRV 


+2</DVFpOXODVQRVGDQHOHVSDFLRDGHFXDGRSDUDTXHWRGRV\FDGDXQR XQRVDRWURVYHFHV

FLWDGRHQHO17 SDUWLFLSHQSDUDODPXWXDHGLILFDFLyQ 
 $<(5(VWiEDPRVFRQFHQWUDGRVHQHOHGLILFLR\HVWHIXQFLRQDEDFRPRQXHVWURHMH

(UDPX\GLItFLOSHQVDUTXHDOJRTXHKDFtDODLJOHVLDSXGLHUDSDVDUIXHUDGHOHGLILFLR
9DORU%tEOLFRTXHKDEtDPRVSHUGLGR'LRVGHVSOLHJDVXREUDHQHVWHHQHVWHPXQGRDWUDYpVGHVX

FXHUSRTXHHVODLJOHVLD JUXSRGHSHUVRQDV +HFKRVGD&UyQLFDV


+2</R~QLFRTXHKDTXHGDGRGHQWURGHOHGLILFLRHVQXHVWUDUHXQLyQGHOGRPLQJR(OUHVWRVH

GHVFHQWUDOL]DHQORVKRJDUHVDWUDYpVGHOWUDEDMRGHFDGDPLHPEUR 
 $<(51RVFRQFHQWUiEDPRVHQORVSURJUDPDV\QRHQODVSHUVRQDV

(UDXQDKHUHMtDVXVSHQGHUXQDUHXQLyQFRPRVLGHHOORGHSHQGLHUDODYLGDGHODLJOHVLDSHURGHMiEDPRVD ODVSHUVRQDVVLQDWHQGHUFXDQGRGHHVWRVtGHSHQGtDODYLGDGHODLJOHVLD

 

+R\HOHQIRTXHSDVDSRUSHQVDUHQSHUVRQDVDTXLHQHVSUHGLFDU\GLVFLSXODUSHUVRQDOPHQWHDWUDYpVGH FDGDPLHPEUR
9DORU%tEOLFRTXHKDEtDPRVSHUGLGR/DVSHUVRQDVVRQORPiVLPSRUWDQWHSDUD'LRV-XDQ +2<1RH[LVWHQWDUHDVPiVUHOHYDQWHVTXHGLVFLSXODUXQPLHPEURRSUHGLFDUDOQRFULVWLDQR

6LD~QHVWiHQGXGDUHSDVHORVHYDQJHOLRV\UHVSRQGD4XpYDORUDEDPiV-HV~V" ,UDOHQFXHQWURGHODVSHUVRQDVRGHGLFDUVHDSUHSDUDUSURJUDPDV"  &RQFOXVLyQ&RORFDUORVYDORUHVTXH-HV~VQRVPDQGyYLYLUSRUHQFLPDGHQXHVWURVSURJUDPDV\HYHQWRV QRVKDJXLDGRDXQDYLGDFULVWLDQDPDVQDWXUDOLQIRUPDO\HIHFWLYD      

                  

 

&DSLWXOR/D&pOXOD


/DFpOXODHVHOOXJDUXWLOL]DGRSRU'LRVSDUDJHQHUDUFUHFLPLHQWRHQHOFXHUSR/DYLGDGHOFXHUSR GHSHQGHGHOFUHFLPLHQWRGHODVFpOXODV/DGHILQLFLyQEtEOLFDGHXQDFpOXODODHQFRQWUDPRVHQ0DWHR 'RQGHKD\GRVRWUHVUHXQLGRVHQPLQRPEUH\RHVWR\HQPHGLRGHHOORV -HV~V  8QDGHILQLFLyQPiVHVSHFLILFDVHULD8QDFpOXODHVXQJUXSRGHKDVWDSHUVRQDVTXHVHUH~QHQHQXQ OXJDUSDUDYLYLUWRGRVORVDVSHFWRVHVHQFLDOHVGHODYLGDGHODLJOHVLDFRPXQLyQDGRUDFLyQHQVHxDQ]D HYDQJHOLVPRGLVFLSXODGR\VHUYLFLRGHXQDPDQHUDLQIRUPDOSHUVRQDOSDUWLFLSDWLYD\UHVSRQVDEOH H[SHULPHQWDQGRHQPHGLRGHHOORVODSUHVHQFLDHOSRGHU\HOSURSyVLWRGH-HV~VFRQODPHWDGHGDUDOX] XQDQXHYDFpOXODHQXQSOD]RGHWHUPLQDGR

&yPRHVXQDFpOXOD"
 

3HTXHxD 3DUWLFLSDWLYD $ELHUWD &RQODPHWDGHGXSOLFDUVH 0LQLVWHULRWRWDO

3HTXHxD

8QDFpOXODSXHGHWHQHUKDVWDSHUVRQDV IOH[LELOLGDG DVLVWLHQGRUHJXODUPHQWHVLHVWHQ~PHUR VHVREUHSDVDUHJXODUPHQWHODFpOXODGHEHPXOWLSOLFDUVHDILQGHPDQWHQHUODSDUWLFLSDFLyQGH 72'26ORVDVLVWHQWHVHQODRUDFLyQHQODGLVFXVLyQGHOD3DODEUDGH'LRVHQODSUHVHQWDFLyQGH QHFHVLGDGHV\HQODDWHQFLyQSHUVRQDO


 3DUWLFLSDWLYD

(OJUXSRSHTXHxRHVHOOXJDUGRQGHODLJOHVLDHVFDSD]GHFXLGDUVHHQWUHVt\VDWLVIDFHUODVQHFHVLGDGHV SHUVRQDOHV/RVPLHPEURVLUiQDSUHQGLHQGRORTXHVLJQLILFDDPDUQRVXQRVDRWURV &RPRPLHPEURVGHOJUXSRFRQILDPRVSRGHUFUHFHUHQODGHPRVWUDFLyQGHDPRU\FXLGDGRXQRVDRWURV /DSDUWLFLSDFLyQGHFDGDPLHPEURGHODFpOXODGHXQDPDQHUDDFWLYDSURYHHDOJUXSRODSRVLELOLGDGGH HGLILFDUVHXQRVDRWURVGDQGROXJDUDO(VStULWX6DQWRSDUDODHGLILFDFLyQGHORVPLHPEURVDWUDYpVGHORV GLIHUHQWHVGRQHVTXHpOKDGDGR


 $ELHUWD

/DFpOXODGHEHHVWDUDELHUWDDFXDOTXLHUSHUVRQDTXHSXHGDOOHJDUHQFXDOTXLHUPRPHQWR (YDQJHOL]DFLyQHVODSULRULGDGGHODLJOHVLD\HOJUXSRSHTXHxRHVXQYHKtFXORH[FHOHQWHDWUDYpV GHOFXDOODHYDQJHOL]DFLyQWHQGUiOXJDU /DFpOXODHVHOOXJDUSDUDLQYLWDUDWRGDVDTXHOODVSHUVRQDVFRQODVTXHHVWDPRVUHODFLRQDGRV8QD VLOODYDFtDSXHVWDHQHOFtUFXORGHOJUXSRFDGDUHXQLyQHVXQUHFRUGDWRULRFRQVWDQWHTXHHOJUXSR HVWiDELHUWR\WUDEDMDQGRSDUDTXHHVHOXJDUVHDRFXSDGRSRUDOJXLHQTXHQRFRQRFHD-HV~V


 &RQXQDPHWD'XSOLFDUVH

/DYLGDGHOFXHUSRGHSHQGHGHODPXOWLSOLFDFLyQGHODVFpOXODVODFpOXODWLHQHGRVFDPLQRVRVH PXOWLSOLFDRPXHUH(VWRHVLQGLVSHQVDEOHSRUTXHODPXOWLSOLFDFLyQSHUPLWHDORVJUXSRV SHUPDQHFHUSHTXHxRVGRQGHVHSXHGHQDWHQGHUODVQHFHVLGDGHVGHXQDPDQHUDSHUVRQDOHtQWLPD\ PDQWHQHUODSDUWLFLSDFLyQGHWRGRV/DPXOWLSOLFDFLyQSUHSDUDHOHVSDFLRQHFHVDULRSDUDODV SHUVRQDVQXHYDVSDUDTXHHOODVKDJDQHMHUFLFLRGHVXVGRQHVSDUDQXHYRVOtGHUHV\SDUDTXHORV PLHPEURVDVXPDQUHVSRQVDELOLGDGHV(OSURFHVRGHODPXOWLSOLFDFLyQH[LJHTXHFDGDFpOXOD FRPLHQFHFRQXQOtGHU\XQDSUHQGL](ODSUHQGL]HVODOODYHTXHSHUPLWHDXQJUXSRPXOWLSOLFDUVH (QXQVHQWLGRUHDOQRVRWURVHVWDPRVPXOWLSOLFDQGRFpOXODVSHURWDPELpQHVWDPRVPXOWLSOLFDQGR OtGHUHV1XHVWURHQIRTXHSULPDULRGHRUDFLyQGHEHVHUSHGLUREUHURVSDUDODREUD/DPHWDGHOD FpOXODHVGXSOLFDUVHGDQGRDVtFUHFLPLHQWR\YLGDDOFXHUSR

 

0LQLVWHULRWRWDO

/RVPLQLVWHULRVRSHUDQVLPXOWiQHDPHQWHHQODFpOXODHYDQJHOL]DFLyQGLVFLSXODGRFXOWRDODEDQ]D FXLGDGRSDVWRUDORUDFLyQVHUYLFLRFRPXQLyQHWF(VWRSHUPLWHDOQXHYRFULVWLDQRVHUGLVFLSXODGR HQXQDPELHQWHFRQRFLGR\IDPLOLDUYLYLHQGRGHQWURGHOJUXSRDSUHQGHUiDHYDQJHOL]DUVLQHFHVLWD GHFXLGDGR\DWHQFLyQWHQGUiKHUPDQRVDTXLHQHVUHFXUULU/DFpOXODVHUYLUiGHHMHPSORFODURD DTXHOORVTXHTXLHUDQDSUHQGHUDOLGHUDUXQDFpOXODRVHDTXHHVWDUHPRVHTXLSDQGRSDUDHO PLQLVWHULRGHODLJOHVLDDPHGLGDTXHWUDEDMDPRV/DVFpOXODVVRQLJOHVLDVHQPLQLDWXUDHVSDUFLGDV DILQGHDOFDQ]DUDORVTXHQHFHVLWDQD&ULVWR

,QJUHGLHQWHVGHXQDFpOXOD
 

&RPSDUWLU  $ODEDU 2UDU 'LVFXVLyQ\DSOLFDFLyQGHOD%LEOLD 0LVLyQ

&RPSDUWLU

6XFHGHFXDQGRFRPSDUWLPRVQHFHVLGDGHVFRQIHVDPRVQXHVWURVSHFDGRVFRQWDPRVQXHVWUDV YLFWRULDV\IUDFDVRV\QRVDQLPDPRVXQRVDRWURV(OFRPSDUWLUGHQXHVWUDVYLGDVHVXQD KHUUDPLHQWDSRGHURVDSRUFRQVWUXLUUHODFLRQHVIXHUWHVGHFRPSDxHULVPRTXHIRUPDUiQXQJUXSR XQLGR(VPX\EXHQRFXDQGRODVSHUVRQDVGHXQJUXSRVHDEUHQDFRPSDUWLUVXVH[SHULHQFLDV\ SUREOHPDVSHUVRQDOHV/DVUHODFLRQHVSHUVRQDOHV\GHJUXSRVHGHVDUUROODQ\VHSURIXQGL]DQ FXDQGRORVPLHPEURVFXHQWDQVXVSURSLDVKLVWRULDVDEULHQGRVXVFRUD]RQHVDOJUXSR 


$ODEDU

(VHOHOHPHQWRTXHIOX\HGHQXHVWURFRQRFLPLHQWRGH'LRVSDUDDGRUDUOH\KRQUDUOHSRUTXLHQHV\ H[SUHVDUOHQXHVWURDPRU6HSXHGHH[SUHVDUODDGRUDFLyQFRQFDQFLRQHVRUDFLyQOH\HQGRVDOPRV \YHUVRVDSURSLDGRVGHODSDODEUDHWF(VHVHQFLDOTXHVHHVWDEOH]FDODUHODFLyQHQWUHODFDEH]D -HV~V \ HOFXHUSR


 2UDU

/DRUDFLyQSRUODVQHFHVLGDGHVHVSHFtILFDVGHORVPLHPEURVGHOJUXSRSRUODLJOHVLDFRPRFXHUSR\ SRUODVSHUVRQDVTXHHVWiQLQWHQWDQGRDOFDQ]DUVHYXHOYHXQPRPHQWRYLWDOHQODYLGDGHODFpOXOD /DRUDFLyQXQRVSRURWURVFRQVWUX\HOD]RVGHXQLyQLQTXHEUDQWDEOHV /DVQHFHVLGDGHVHVSHFtILFDVGHODVSHUVRQDVQXHYDVVHSUHVHQWDQD'LRV\HVWRHVXQDJUDQ RFDVLyQGHWHVWLPRQLRSDUDTXHHOODVYHDQORTXH'LRVSXHGHKDFHU


 'LVFXVLyQ\DSOLFDFLyQGHOD%LEOLD

/RVJUXSRVGLVFXWHQOD%LEOLDSDUDFUHFHUSDUWLFLSDQGRDFWLYDPHQWHFRQVXVLGHDVGXGDV\SUHJXQWDV LQWHQWDQGRDSOLFDUORDSUHQGLGRDODH[SHULHQFLDGHWRGRVORVGtDV/DPHWDQRHVFRPSOHWDUOHFFLRQHVVLQR HQFRQWUDUD\XGDSDUDQXHVWURVSUREOHPDVGLDULRV 'HEHKDEHUGHYRFLyQDODSDODEUDGH'LRVSDUDUHFLELUHODOLPHQWRHVSLULWXDOQHFHVDULRSDUDWHQHU XQVDOXGDEOHFUHFLPLHQWRFULVWLDQR +HFKRV\(IHVLRV  /DHGLILFDFLyQ(OHQIRTXHDTXtHVPRVWUDUD'LRVFRPRTXLHQDWLHQGHODVQHFHVLGDGHVGHORVTXHHVWiQ SUHVHQWHV 


0LVLyQ

(VHOHOHPHQWRGHVHUYLFLRHQHOJUXSR&RPRFXHUSRGH&ULVWRVRPRVLQVWUXPHQWRVGHVXDPRU\ SRGHUSDUDWUDQVIRUPDUSHUVRQDV\ODVRFLHGDG&RPSDUWLUODYLVLyQFRQHOJUXSRFDGDUHXQLyQ $TXtVHGHFODUDODUD]yQGHWHQHUXQJUXSR$OFDQ]DUDORVTXHQRFRQRFHQD-HV~V  &RQFOXVLyQ&DGDJUXSRGHEHWHQHUWRGRVORVLQJUHGLHQWHVVLQHPEDUJRFRPRKD\XQDGLYHUVLGDGGH

 

GRQHVHQODLJOHVLDFDGDJUXSRWHQGUiVXpQIDVLVSDUWLFXODUDVtVHYHUiQORVLQJUHGLHQWHVHQ JUDGRVGLIHUHQWHV  /RLPSRUWDQWHHVPH]FODUFRUUHFWDPHQWHWRGRVORVLQJUHGLHQWHV ORTXHWUDHFRPRUHVXOWDGRGHVDUUROODUXQJUXSRHTXLOLEUDGRHQORVFLQFRLQJUHGLHQWHV  /RVREMHWLYRVGHODFpOXODVRQ  &XLGDUDORVPLHPEURVGHODLJOHVLD(IHVLRVUD7HVDORQLFHQVHV  $OFDQ]DUDORVTXHQRFRQRFHQD-HV~V+HFKRV+HFKRV  4XpKDFHTXHXQDFpOXODVHDHIHFWLYD"  0DWHR (VODSUHVHQFLDGH-HV~VHQPHGLRGHOJUXSR 

 

 

&DSLWXOR/$7UDQVLFLyQ


/RLQYLWRDTXHSLHQVHHQODWUDQVLFLyQFRPRVLIXHUDXQSXHQWHTXHOHIDFLOLWDUDLUGHVGHHOOXJDUGRQGHXVWHGHVWiKR\ FRQVXFRQJUHJDFLyQKDVWDHOVLWLRGRQGHTXLHUHOOHJDU (QHVWDHWDSDVHVLHPEUDODVHPLOODGHOIXQFLRQDPLHQWRFRUUHFWRGHXQDLJOHVLDFHOXODU 7RPHFRQSDFLHQFLDHOWLHPSRSDUDVDEHUH[DFWDPHQWHTXHHVWiSODQWDQGRDOPRYHUDVXJHQWHDIXQFLRQDUHQ FpOXODVQRYD\DDVHUTXHFXDQGRODVHPLOODGHVXIUXWRDKtGRQGHXVWHGSURPHWLyURVDVDSDUH]FDQ]DSDOORV 


7UDQVLFLyQDTXp"

/DSULPHUDGHFLVLyQLPSRUWDQWHDWRPDUHQXQDHWDSDGHWUDQVLFLyQHVVLXVWHGYDDJXLDUDVXJHQWHDVHUXQD
LJOHVLDGHFpOXODVRXQDLJOHVLDFRQFpOXODV/DGLIHUHQFLDHVVLPSOHXQDLJOHVLDFRQFpOXODVWLHQHDODVFpOXODV

FRPRXQSURJUDPDPiV\HQXQDLJOHVLDGHFpOXODVODVFpOXODVVRQODFROXPQDYHUWHEUDOGHODLJOHVLD\QRKD\ SURJUDPDVTXHFRPSLWHQFRQHOODV /RVPLQLVWHULRV GLVFLSXODGRHYDQJHOLVPRRUDFLyQVHUYLFLRFRPXQLyQFXLGDGRSDVWRUDOPLVLRQHVHWF SDVDQD IXQFLRQDUHQODVFpOXODV3RGHPRVOOHJDUDUHODFLRQDUWRGRVORVDVSHFWRVGHOPLQLVWHULRFRQHOWUDEDMRGHODVFpOXODV LQFOXVRODSODQWDFLyQGHQXHYDVLJOHVLDV\ODFRQFLHQWL]DFLyQ\FRPSURPLVRPLVLRQHUR /RPHMRUTXHSXHGHKDFHUHVVHUVLQFHURFRQVXJHQWH\KDEODUFODURGHFLUOHKDFLDGRQGHTXLHUHGLULJLUVHQRKD\SHRU FRVDTXHXQDWUDQVLFLyQRFXOWDGRQGHXVWHGTXLHUHOOHYDUDVXJHQWHGRQGHHOORVQRTXLHUHQLU 6LXVWHGVHHVWiGHFLGLHQGRSRUXQDLJOHVLDFRQFpOXODVQRYDDWHQHUPD\RUHVSUREOHPDVSRUTXHVHYHUiQDODVFpOXODV FRPRXQSURJUDPDPiVTXHVHUYLUiHOWLHPSRTXH'LRVORGLVSRQJD /RTXHGHEHVDEHUHVTXHQRGHEHHVSHUDUWRGRVORVEHQHILFLRVQLUHVXOWDGRVTXHODVFpOXODVSXHGHQEULQGDU VLPSOHPHQWHSRUTXHODVFpOXODVQRVRQXQSURJUDPDVLQRXQDIRUPDGHYLYLUODLJOHVLD\FRPRWRGDIRUPDGHYLGD OD~QLFDPDQHUDGHH[SHULPHQWDUODHVYLYLUODDSOHQR


4XpHVODWUDQVLFLyQ"(VHOSURFHVRGHFDPELRGHYDORUHVGHXQDLJOHVLD(VHOPRYLPLHQWRGHFDGDPLHPEURGHOD LJOHVLDGH&5((59$/25(6D35$&7,&$59$/25(6 
(OFDPELRIXQGDPHQWDOHQODYLGDGHXQD,JOHVLDVHGDFXDQGRXQJUXSRGHPLHPEURVVLPSOHPHQWH HPSLH]DQDSUDFWLFDUORTXHGLFHQTXHFUHHQ

 /DSUHJXQWDSDUDGHVFXEULUORVYDORUHVGHQXHVWUDLJOHVLDHV4XpKLFLPRVODVHPDQDSDVDGD" 8QDVLPSOHHQFXHVWDIRUPDORLQIRUPDOQRVUHYHODUtDORVYDORUHVTXHRFXSDQHOWLHPSRGHQXHVWURVPLHPEURV 4XLpQHVHOSULPHURTXHWLHQHTXHFDPELDUVXVYDORUHV" 


/DWUDQVLFLyQFRPLHQ]DFRQHOSDVWRU


3$5$75$160,7,5/248((681$&(/8/$867('0,602'(%('$5(/(-(03/2

 &XDQGRXVWHGVHUH~QDFRQVXVSULPHURVOtGHUHVSDUDLQLFLDUVXVSULPHUDVFpOXODVXVWHGWHQGUtDTXHKDEHUYLYLGR ODVH[SHULHQFLDVGH   ,QLFLDU68&(/8/$ 8VWHGPDVGRVRWUHVSHUVRQDV   $SUHQGHUDGLULJLU68&(/8/$ 9LYLUODH[SHULHQFLDGHODUHXQLyQGHFpOXODFRPSDUWLUVXYLGDHGLILFDUVHXQRV DRWURVGHVDILDUVHVDFDUVHODVFDUHWDVDOHQWDUVHHVFXFKDUHWF   /OHYDUD68&(/8/$DOFUHFLPLHQWR YLYLUWRGDVODVHWDSDVSRUODVTXHSDVDXQDFpOXOD DOJXQDVPX\GXUDV  KDVWDOOHJDUDGDUDOX]DRWUDFpOXOD RVHDGXSOLFDUVH SRUPHGLRGHOHYDQJHOLVPR\GLVFLSXODGR   6LVHILMRELHQHVWXYHSRQLHQGRHQPD\~VFXOD68&(/8/$pVWHHVHOFDPLQRPiVODUJR GXSOLFDUVXFpOXODOH SXHGHOOHYDUPHVHV /ODPDPRV'XSOLFDUXQDFpOXODDOWUDEDMRGHLQLFLDUXQJUXSRFRQSHUVRQDV\JXLDUORKDVWD OOHJDUDVHUXQJUXSRGHFULVWLDQRVFRPSURPHWLGRVTXHVHUH~QHQHQIRUPDUHJXODUSHURHVDODYH]HOFDPLQRPiV FRUWRSDUDPRVWUDUOHDVXFRQJUHJDFLyQSRUTXpPRYHUVHDVHUXQDLJOHVLDGHFpOXODV  7HQJDHQFXHQWDTXHVyORHVWHSURFHVROHGDUiDXVWHGODFRQILDQ]D\ODH[SHULHQFLDSDUDJXLDUDVXV
OtGHUHVDKDFHUORPLVPR

 3RU~OWLPRQRVHUtDKRQHVWRGHVXSDUWHHVWDUGLULJLHQGRDVXFRQJUHJDFLyQDXQWUDEDMRTXHXVWHGQRVDEHVLHV HIHFWLYRSRVLEOH\VLJQLILFDWLYR1DGDHQVHxDPiVVREUHODVFpOXODVTXHHVWDUHQHOODV\YLYLUODVHVTXLYDUHOFDPLQR

 

GHGDUHOHMHPSORDVXLJOHVLDSXHGHVHUPX\FRVWRVRH[SHULPHQWDUHOFDPLQRGHHQIUHQWDUFDGDXQDGHODVGLILFXOWDGHV GHODYLGDGHODFpOXOD\GLVIUXWDUFDGDXQRGHVXVORJURVHVODPHMRUHOHFFLyQVLXVWHGTXLHUHHPSH]DUFRUUHFWDPHQWH  *HQHUDOPHQWHGDUHOHMHPSORHVHOFDPLQRHVTXLYDGRSRUORVSDVWRUHV\OtGHUHV  6LOHSDUHFHTXHDHVWHSHQVDPLHQWROHHVWiIDOWDQGREDVHEtEOLFDSLHQVHHQTXH-HV~VSDUDHPSH]DUDHGLILFDUVX LJOHVLDWRPyGRFHKRPEUHV\VHGHGLFRWUHVDxRV\PHGLR FRQVXHMHPSOR DPRGLILFDUVXVYDORUHVSHUVRQDOHV\ FXDQGRHOORVHVWXYLHURQOLVWRVVXLJOHVLDGHVSHJy3RUVLHVWRIXHUDSRFRQRVGHMyGLFKR(MHPSORRVKHGDGR 1RVHDVXVWHRUHDO6HxRUEXVTXHFXDWURRFLQFRPLHPEURVTXH'LRVFRORTXHHQVXFRUD]yQXQKRJDUGLVSXHVWRD DEULUVHFDGDVHPDQD\FRPLHQFHKDEUiGDGRHOSULPHUSDVRHQVHULRHQHOFDPLQRDGHFXDGR 1L-HV~VPLVPRVLHQGRHOKLMRGH'LRVVHH[FOX\yGHODUHVSRQVDELOLGDGGHPRGHODUHOPLQLVWHULRSDUDVXVVHJXLGRUHV 7RGRSDVWRUTXHVHDXWRH[FOX\HGHPRGHODUORVYDORUHVGHHYDQJHOL]DU\GLVFLSXODUSHUVRQDOPHQWHSDUDVXVPLHPEURV GHVDWDGRVDFWLWXGHVTXHGHWHUPLQDQODUHVSXHVWDGHVXVPLHPEURV (QSULPHUOXJDUDXWRUL]DDWRGRVVXVPLHPEURVDDXWRH[FOXLUVHDOHJDQGRFDGDXQRGHHOORVGLIHUHQWHVIXQFLRQHVTXH GHEHQDWHQGHUGHQWURGHOFXHUSRGH&ULVWRDVtFRPRHOSDVWRUHVWDGHFODUDQGRTXHVXIXQFLyQHVSDVWRUHDU (QVHJXQGROXJDUVXVPLHPEURVQRSXHGHYHUHOPRGHORHQODSUiFWLFDSRUORWDQWRHOUHVXOWDGRVHUiTXHHOORVQROR SUDFWLFDUiQ 6XUJHODSUHJXQWD6LGHVGHHOSDVWRUKDFLDDEDMRFDGDXQRGHQRVRWURVSRGHPRVH[FOXLUQRVGHHYDQJHOL]DU\GLVFLSXODU DOHJDQGRTXHQXHVWUDVIXQFLRQHVHQHOFXHUSRGH&ULVWRVRQRWUDV  3DUDTXLHQHVODRUGHQGHHYDQJHOL]DU\GLVFLSXODU"  1XHVWUDFRQIXVLyQRHOHQJDxRGHOHQHPLJRDOFDQ]DQVXPi[LPDH[SUHVLyQFXDQGRQRVGDPRVFXHQWDTXHMXVWDPHQWH TXHGDQVLQUHDOL]DUVHHQQXHVWUDVLJOHVLDVDTXHOODVSUHPLVDVTXHHUDQSULPRUGLDOHVSDUD-HV~V 

3RUTXpQRUHSHWLPRVHOPLQLVWHULRGH-HV~V"

(OIXHOODPDGRSRU'LRVSDUDUHVFDWDUKRPEUHVGHOSHFDGR

(OMXQWRKRPEUHVSDUDIRUPDUORV\DVtSHUSHWXDUVXWUDEDMR

(OYLYLyHOPLQLVWHULRMXQWRDVXVGLVFtSXORVSDUDTXHHOORVDSUHQGDQHQODSUiFWLFD 2UyIXHKDFLDORVSHUGLGRV DWHQGLySUHGLFy\HQVHxy 

7RGRHQSUHVHQFLDGHVXVGLVFtSXORVpVWDIXHXQDGHODVFDUDFWHUtVWLFDVTXHSHUPLWLyPXOWLSOLFDUVXPLQLVWHULR 

  

&XiQWDVYHFHVUHDOL]DPRVQXHVWUDVWDUHDVSDVWRUDOHV RUDUHQVHxDUSUHGLFDUGLVFLSXODUYLVLWDUHWF FRQXQPLHPEUR DQXHVWURODGRSDUDTXHHODSUHQGD"$YHFHVSHQVDPRVTXHORVPLHPEURVQRTXLHUHQWUDEDMDUSHURHVWR\FRQYHQFLGR

TXHDPXFKRVGHHOORVTXLHUHQYHUQRVWUDEDMDUVDEHUFRPRVHKDFHHOWUDEDMR\HPSH]DUDUHDOL]DUORHOORVWDPELpQ /D%LEOLDQRVGLFHTXHVHUHJLVWUDURQODVFRVDVTXH-HV~VFRPHQ]yDKDFHU\DHQVHxDU +HFKRV \ORKL]RDOD YLVWDGHVXVGLVFtSXORV(QSULPHUOXJDUYHUTXHVXRUGHQJHQHUDOPHQWHIXHSULPHURKDFHU PRVWUDUFRQVXHMHPSOR  SDUDOXHJRHQVHxDUFRVDTXHQRVRWURVLQYHUWLPRVFRQPDJURVUHVXOWDGRV

(QVHxDPRVPXFKR\YHPRVDPX\SRFRVPLHPEURVKDFHUSHURSRGHPRVGHVSHUWDUHOGHVHRGHSDUWLFLSDUHQHOORVVL HOORVSULPHURYHQFRPRORKDFHPRV 

 

(OSULQFLSLRVLPSOHSRGUtDVHUDVt 





  

'HEHPRVYLYLUDODYLVWDGHQXHVWURVGLVFtSXORVORTXHOHTXHUHPRVHQVHxDU

(VWRVHDSOLFDWDQWRDODYLGDGHYRFLRQDOFRPROHHUOD%LEOLDRUDUGLVFLSXODUHYDQJHOL]DUYLVLWDUHWF

7HQJDPRVHQFXHQWDTXHHOH[FHOHQWHPLQLVWHULRGH-HV~VWXYRHVWRVLQJUHGLHQWHV\FRPSDUHPRVFRQHOQXHVWURSDUD DSUHQGHU 

-HV~VWXYRXQDYLGDSULYDGDGHGHYRFLyQD'LRVTXHVXVGLVFtSXORVSXGLHURQYHURFDVLRQDOPHQWH/XFDV -HV~VIRUPyGLVFtSXORVGHPDQHUDILMD\SUHGHWHUPLQDGD 0DUFRV\ DODYLVWDGHRWURVGLVFtSXORV -HV~VFRPSDUWLyHOHYDQJHOLRDODYLVWDGHVXVGLVFtSXORV

 

-HV~VGHVDUUROOyXQJUXSRSHTXHxRGHSHUVRQDVFRQXQVHQWLGRGHHTXLSR\IDPLOLDDODYLVWDGHVXVGLVFtSXORV

4XLpQKDEUiVLGRODSHUVRQDPiVDFHUWDGDDOGHILQLUODVDFFLRQHVGHVXPLQLVWHULR"$OJXLHQVXSRQHTXHSXHGH VXSHUDUD-HV~VHQGHWHUPLQDUFXDOHVVRQODVDFFLRQHVPiVUHOHYDQWHVGHXQPLQLVWHULRTXHGHEHH[WHQGHUHOUHLQRGH 'LRVHQODWLHUUD"4XLpQGHEHUtDVHUQXHVWURPRGHORSDUDGHWHUPLQDUHQTXHDFFLRQHVJDVWDUHPRVHOSUHFLRVRWLHPSR TXH'LRVQRVGLRSDUDDGPLQLVWUDU"

-HV~VGLMRHQ0DUFRVTXHSRGHPRVLQYDOLGDUOD3DODEUDGH'LRVFRQODVWUDGLFLRQHVTXHWUDQVPLWLPRVHVWRRFXUUH FXDQGRKDFHPRVHOPLQLVWHULRUHDOL]DQGRPXFKDVFRVDVVXSHUIOXDVTXHQRWLHQHQVXRULJHQHQQLQJ~QPDQGDWRGH

 

-HV~V\GHMDPRVHQVHJXQGROXJDUORVFODURVPDQGDWRVTXHpOQRVRORWHQtDFRPRSULRULGDGVLQRTXHPRGHORSDUDTXH QRVRWURVVLJXLpUDPRVVXHMHPSOR

/RVGLVFtSXORVTXHpOSUHSDUyHUDQSHUVRQDVTXHSRGtDQGHFLUGHVXPDHVWURQRVRWURVKHPRVYLVWR\RtGR

6LQXHVWURVPLHPEURVSXHGHQGHFLUHVWRGHQRVRWURVVXVSDVWRUHV\OLGHUHVVHJXUDPHQWHODH[WHQVLyQGHOUHLQRVH DFHOHUDUi\H[SORWDUiFRPRKDFHXQRVDxRVRFXUULyFRQHOPLQLVWHULRGHQXHVWUR6HxRU-HV~V






(PSH]DUDWUDEDMDUDODYLVWDGHQXHVWURVPLHPEURVHVHOGHVDItRGHOOLGHUD]JR


(OSDVWRUWUDVODGDDORVOtGHUHV

&XDQGRHOSDVWRUHVWiPRGHODQGRSDUDVXVOtGHUHVXQHMHPSORVLPSOH\HIHFWLYRHOORVSXHGHQPXOWLSOLFDUHVHHMHPSORD WUDYpVGHVXVYLGDV\DOFDQ]DUXQDFRVHFKDPD\RU 
/RVOtGHUHVWUDVODGDQDORVPLHPEURV

$TXtHVGRQGHVHSXHGHGHVDWDUHOFUHFLPLHQWRGHXQDPDQHUDTXHQRVHSXHGDFRQWURODU&XDQGRXQJUXSRGHOtGHUHV DOFDQ]DHOQLYHOGHSRGHUPRGHODUKDFLDWRGRVORVPLHPEURVGHODLJOHVLD  (VWDFDGHQDHVWiEDVDGDHQXQSULQFLSLRVLPSOH 

6yORTXLHQYLYHORVYDORUHVORVSXHGHWUDQVPLWLU

 3RGHPRVVHxDODUWUHVFDPELRVHVHQFLDOHVTXHXQDLJOHVLDGHEHUHDOL]DUSDUDKDFHUXQDVDQDWUDQVLFLyQKDFLDXQDLJOHVLD GHFpOXODV 

&DPELRGHHQIRTXH &DPELRGHFRQGXFWD &DPELRGHHVFHQDULR

&DPELRGHHQIRTXH

'HODVUHXQLRQHVDODVUHODFLRQHV(OSULPHUFDPELRUDGLFDOFRQVLVWHHQSDVDUGHSHQVDUHQQXHVWUDV

UHXQLRQHVGHLJOHVLDDSHQVDUHQQXHVWUDVUHODFLRQHVFRQODVSHUVRQDV(PSH]DUDXWLOL]DUQXHVWURWLHPSR\ UHFXUVRVHQODFRQVWUXFFLyQGHUHODFLRQHVILUPHVFRQSHUVRQDVHVHOSULPHUSDVR-XVWDPHQWHXQRGHORV PD\RUHVREVWiFXORVDODHYDQJHOL]DFLyQGHQXHVWURVFRQRFLGRV\YHFLQRVKDVLGRODIDOWDGHWLHPSRTXH WHQHPRVSDUDGHGLFDUOHDHOORVDXQFXDQGRHVWiFRPSUREDGRTXHHOGHODVSHUVRQDVTXHVHLQWHJUDQD XQDLJOHVLDORKDFHQDWUDYpVGHOOD]RDIHFWLYRGHORVDPLJRV'HEHPRVOLEHUDUGHWLHPSRDQXHVWURVPLHPEURV SDUDTXHSXHGDQUHODFLRQDUVHFRQODVSHUVRQDV\DUPDUSXHQWHVTXHSHUPLWDQHQDOJ~QPRPHQWRSUHVHQWDUOHV DOHYDQJHOLRRLQYLWDUORVDXQDFpOXOD 

'HORVHYHQWRVDORVSURFHVRV$TXtHOFDPELRUDGLFDHQODFRQWLQXLGDGGHODVDFFLRQHVSRUODVSHUVRQDVD

TXLHQHVTXHUHPRVDIHFWDU,QFRUSRUDUODUHJXODULGDGHQQXHVWUDVWDUHDVGHHYDQJHOLVPR\GLVFLSXODGRSHUVRQDO HVHOPD\RUGHVDItRSDUDXQDLJOHVLDTXHODVKDUHOHJDGRDSURJUDPDV\HYHQWRV6RODPHQWHODVHULHGDGTXH LQGLFDODFRQVWDQFLDSXHGHQDFHUFDUQRVDXQFDPELRVLJQLILFDWLYRTXHUHGXQGHHQUHVXOWDGRVQXHYRV\ SHUGXUDEOHVSDUDODLJOHVLD




'HORVSURJUDPDVDODVSHUVRQDV$TXtHOpQIDVLVHVWiSXHVWRHQHOOLGHUD]JRTXHRFXSDXQJUDQ

SRUFHQWDMHGHVXWLHPSRDSUHSDUDUSURJUDPDV\HYHQWRVGHVFXLGDQGRHOKHFKRGHTXHKDQVLGROODPDGRVSDUD DWHQGHUDODVSHUVRQDV/DLJOHVLDGHEHLQWHQWDUFHQWUDUVHHQODVSHUVRQDV/DRUJDQL]DFLyQGHSURJUDPDVTXH GHQVROXFLyQDODVQHFHVLGDGHVGHODVSHUVRQDVQRVKDOOHYDGRDSRQHUORVSURJUDPDVHQSULPHUOXJDU\UHOHJDU DODVSHUVRQDVDOVHJXQGR/DGLIHUHQFLDIXQGDPHQWDOHVTXHODHVWUXFWXUDGHJUXSRTXHGHEHPRVLQWHQWDU DUPDUVHFRQVWUXLUiDOUHGHGRUGHODVSHUVRQDV\UHODFLRQHVQRGHORVSURJUDPDV 3RQGUHPRVORPHMRUGHQXHVWURVUHFXUVRVSDUDDWHQGHUDODVSHUVRQDV9ROFDUHPRVWRGDVQXHVWUDVLQWHQFLRQHV HQODVSHUVRQDVGLUHFWDPHQWH\QRHQXQSURJUDPDTXHODVDWLHQGD&DGDJUXSRSHTXHxRLQWHQWDUiFXEULUODV QHFHVLGDGHVGHORVPLHPEURVDWUDYpVGHODVIDPLOLDVGHVXFpOXODDWHQGLHQGRDVtODVQHFHVLGDGHVFRQFUHWDVGH VXJUXSRGHSHUVRQDV\JDQiQGRVHDVtHOGHUHFKRGHFRPSDUWLUD&ULVWRFRQHOORV$XVWHGOHFRVWDUiFUHHUTXH HVWRVHDDVtHQXQD,JOHVLDSHURHVSRVLEOHDFWXDOPHQWHQXHVWUD,JOHVLDFRQVROR+RUDVGHUHXQLyQ VHPDQDOHV &XOWR(QWUHQDPLHQWRGH/LGHUHV\&pOXODV HOUHVWRGHOWLHPSRKDVLGROLEHUDGRGHLUDUHXQLRQHV RSURJUDPDV\WDPELpQGHSUHSDUDUORV/DPD\RUtDGHORVPLHPEURVXWLOL]DHVWHWLHPSROLEUHSDUDWUDEDMDU GLUHFWDPHQWHFRQODVSHUVRQDVFXDQGRKD\XQDSHUVRQDLQWHUHVDGDHOPD\RUORJURSDUDQRVRWURVQRHVWUDHUOD

DODUHXQLyQVLQRSRGHUHPSH]DUDWUDEDMDUFRQODSHUVRQDFDUDDFDUDUHJXODUPHQWH /RTXHEXVFDPRVQRHVSRGHUGHFLU9LQRDODUHXQLyQVLQRSRGHUGHFLU,QLFLpXQGLVFLSXODGR(VWDSHUVRQD

 

DFHSWRTXHODYLVLWHVHPDQDOPHQWH(PSH]DPRVDHVWXGLDUOD%LEOLDMXQWRV3XGHSUHVHQWDUOHHOHYDQJHOLR 3RUTXHHVWHHVHOORJURPD\RU"6LPSOHPHQWHSRUTXH-HV~VYLQRDVDOYDUSHUVRQDV8QRGHORVHMHUFLFLRV UHJXODUHVHQHOHQWUHQDPLHQWRGH/LGHUHVGH&pOXODVFRQVLVWHHQFKHTXHDUFRPRFDGDOtGHUHVWiXWLOL]DQGRVX WLHPSR(VWRHVSDUDHMHUFHUFRQWURO"7RGRORFRQWUDULRHVSDUDD\XGDUOHDTXHVHPDQWHQJDHQIRFDGR


HQHOWUDEDMRFRQODVSHUVRQDV\QRHQRWUDVWDUHDV1RH[LVWHQ\DKRUDVGHGLFDGDVDJUDQGHV

SUHSDUDFLRQHVGHSURJUDPDVHYHQWRVRFDPSDxDV+HPRVSXHVWRDXQFRVWDGRWRWDOPHQWHHVWDVDFWLYLGDGHV SRUDOJXQDVUD]RQHVVLPSOHV(VXQFDPELRSRVLEOHHQODLJOHVLDGH&ULVWRTXHVXVVHJXLGRUHVXQGtDGLJDQ 3DUHQORVSURJUDPDV\VHSUHJXQWHQVLGHVSXpVGH\KDVWDDxRVGHWUDEDMR(VWDIRUPDGH


WUDEDMDUGHFUHDUXQSURJUDPDWUDVRWUR\XVDUORFRPRPHGLRSDUDOOHJDUDODVSHUVRQDVKDGDGR FUHFLPLHQWRDODLJOHVLD"8VWHGGLUi\TXHRWUDFRVDKDFHU"/RTXH-HV~VKDFtDLUGLUHFWDPHQWHDO HQFXHQWURGHODVSHUVRQDV6LQRVRWURVPLUDPRVD-HV~VHOQRSUHSDUySURJUDPDVDORVFXDOHVODVSHUVRQDV

WHQtDQTXHYHQLUFXDQGRHOHQYLyDVXVGLVFtSXORVIXHSDUDTXHHOORVYD\DQGLUHFWDPHQWHDOHQFXHQWURGHODV SHUVRQDVFXDQGRODSULPHUDLJOHVLDJDQRODFDOOH +HFKRV HOSHUVRQDDSHUVRQDLPSDFWyODVRFLHGDG FXDQGR3DEORLQLFLyVXPLQLVWHULRHOLEDDOHQFXHQWURGHODJHQWH1LQJXQRGHHOORVSHUGLyHOHQIRTXHQLHO SURSyVLWRSDUDHOFXDOKDEtDVLGROODPDGR1LQJXQRGHHOORVFRORFyXQPHGLR SURJUDPDV SDUDVHUGH EHQGLFLyQDODVSHUVRQDV$HVWDDOWXUDHVEXHQRDFODUDUTXHORVSURJUDPDVQRVRQPDORV QRVHFRQIXQGD  SHURVLORVSURJUDPDV\HYHQWRV \VXSUHSDUDFLyQ HVWiQDEVRUELHQGRQXHVWURWLHPSRQXHVWUR
HVIXHU]R\QXHVWURGLQHURFXDQGRHVWRVHOHPHQWRV WLHPSRHVIXHU]R\GLQHUR SRGUtDQHVWDU HQIRFDGRVGLUHFWDPHQWHHQODVSHUVRQDVGHEHPRVGHWHQHUQRVDUHIOH[LRQDU

 7DOYH]VLQGDUQRVFXHQWDKHPRVDFRVWXPEUDGRDORVPLHPEURVDTXHHQWUHODLJOHVLD\ODVSHUVRQDVHOOD]RTXH ORVXQHHVXQSURJUDPDGHWHUPLQDGR(OGHVDItRGHJXLDUDXQDFRQJUHJDFLyQDHQIRFDUVHHQODVSHUVRQDV SDUDSUHGLFDUOHV\HQVHxDUOHVFDUDDFDUDLQWURGXFHDODLJOHVLDHQRWUDIRUPDGHYLGD    (VWDIRUPDGHYLGDGHODLJOHVLDOLEHUDDWRGRVORVPLHPEURVSDUDSUDFWLFDUORVPDQGDWRVGH-HV~V 0DUFRVSUHGLFDU0DWHRKDFHUGLVFtSXORV     (VWDIRUPDGHYLGDGHODLJOHVLDJHQHUDUHVSRQVDELOLGDGSHUVRQDOHQORVPLHPEURVGHODLJOHVLD \D QRKD\XQSURJUDPDSDUDVDWLVIDFHUDODJHQWH DKRUDODUHVSRQVDELOLGDGGHKDFHUDOJR SUHGLFDUR HQVHxDU DODVSHUVRQDVHVWiHQPDQRVGHORVPLHPEURV/DPD\RUtDGHORVPLHPEURVGHODVLJOHVLDVVH VLHQWHQPLVWHULRVDPHQWHOLEUHVGHODVUHVSRQVDELOLGDGHVGHSUHGLFDU\KDFHUGLVFtSXORVSRUTXHODLJOHVLD KDRUJDQL]DGRXQSURJUDPDSDUDHVWRVILQHV(OUHVXOWDGRGHHVWHSHQVDPLHQWRHVTXHHOGH
ORVPLHPEURVGHXQDLJOHVLDQXQFDKDQJDQDGRXQDSHUVRQDSDUD&ULVWRQLKDQGLVFLSXODGRD QDGLHSHUVRQDOPHQWH

   (VWDIRUPDGHYLGDGHODLJOHVLDKDFHTXHODLJOHVLDVHYXHOYDSHUVRQDOSDUDORVTXHVHFRQWDFWDQ
FRQHOOD /DLJOHVLD\DQRRIUHFHSURJUDPDVVLQRFRQWDFWRSHUVRQDOUHODFLyQFDUDDFDUDXQRtGRSDUD

HVFXFKDU     (VWDIRUPDGHYLGDGHODLJOHVLDWUDHFUHFLPLHQWR/RKHPRVYLVWRHQORV~OWLPRVDxRVHQXHVWUD FRQJUHJDFLyQ$FWXDOPHQWHPiVGHSHUVRQDVVDOHQFDGDVHPDQDDHQFRQWUDUVHFDUDDFDUDFRQRWUDV SHUVRQDV DOJXQDVSDUDHYDQJHOL]DU\RWUDVSDUDGLVFLSXODU 6DEHORTXHHVRVLJQLILFD"4XHFDGDVHPDQD UHJXODUPHQWHPXFKDVSHUVRQDVHVWiQHVFXFKDQGRHOHYDQJHOLRGHXQDPDQHUDSHUVRQDO(OUHVXOWDGRHV TXHFDGDVHPDQDKD\IUXWRKD\FRQYHUVLRQHVKD\QXHYRVGLVFLSXODGRV\FDGDELPHVWUHHVWDPRVYLHQGR SHUVRQDVLQJUHVDUDODLJOHVLDFRPRPLHPEURV/DVSHUVRQDVYLHQHQEXVFDQGRXQDUHODFLyQ\


QRVRWURVOHRIUHFHPRVXQSURJUDPDYLHQHQEXVFDQGRXQDPDQRHQHOKRPEUR\OHRIUHFHPRV UHXQLRQHVQRHVUDURTXHODPD\RUtDQRYXHOYDQ

 /DLJOHVLDGHEHFDPELDUVLTXLHUHVHUHIHFWLYDODLJOHVLDGHEHUHHQIRFDUVHHQODVSHUVRQDVVRORSRUHOODV&ULVWR PXULyLUKDFLDHOODVFRQHOSRWHQFLDOGHFDGDXQRGHQXHVWURVPLHPEURVHVHOPDQGDWRTXH-HV~VQRVGHMy 3RGUiODLJOHVLDPRYHUVHKDFLDODVSHUVRQDV"  (VWHFDPELRGHHQIRTXHHVWDEDVDGRHQHOPLQLVWHULRGH-HV~VPLVPR'HVFXEULPRVTXHDFWXDOPHQWHQXHVWUD IRUPDQDWXUDOGHIXQFLRQDUHVFUHDUXQSURJUDPDSDUDDWHQGHUXQDGHWHUPLQDGDQHFHVLGDGHVWRQRVKD OOHYDGRDTXHVLHPSUHHQWUHQRVRWURV\ODVSHUVRQDVGHEHDSDUHFHUXQSURJUDPDDGHFXDGR*HQHUDOPHQWHHO SURJUDPDWHUPLQDVLHQGRXQILQHQVuPLVPR\VyORDOJXQDVYHFHVODVSHUVRQDVTXHHUDQHOILQWHUPLQDQ VLHQGREHQHILFLDGDV   

 

 12627526352*5$0$6/$63(5621$6         -(66352*5$0$6/$63(5621$6    -HV~VQRVGDVXHMHPSORDOVDOWHDUODSUHSDUDFLyQGHSURJUDPDVHLUDDWHQGHUGLUHFWDPHQWHDODVSHUVRQDV (VWDDFFLyQSURYRFyHQVXVVHJXLGRUHVODFRQYLFFLyQGHTXHHOORVWDPELpQSRGtDQUHDOL]DUODWDUHDTXH-HV~VKDFLD  


&DPELRGH&RQGXFWD


(OFDPELRIXQGDPHQWDOHQODYLGDGHXQDLJOHVLDVHGDFXDQGRXQJUXSRGHPLHPEURVVLPSOHPHQWH HPSLH]DQDSUDFWLFDUORTXHGLFHQTXHFUHHQ&UHRTXHQRHVQHFHVDULRYROFDUSDVDMHVEtEOLFRVTXHPXHVWUDQTXH

ORTXH-HV~VPDQGyHVSDUDVHUREHGHFLGR VLIXHUDQHFHVDULRDOFDQDFRQ6DQWLDJR 0LHQWUDVVHXVHQORV PDQGDPLHQWRVGH-HV~VVyORFRPRXQDIRUPDGHSHQVDURWURVSDUDHPRFLRQDUVH\DOJXQRVSDUDKDFHUWHRORJtD 'LRVVHJXLUiEXVFDQGRJHQWHVLPSOHTXHKDJDFRQHVRVPDQGDWRVORTXHpOHVSHUD48(6(/2635$&7,48(  /DVLJOHVLDVSRGHPRVKDEODUGHUHQRYDFLyQRQRSRGHPRVLQFOXLUQRVRH[FOXLUQRVGHHOODORFLHUWRHVTXHPLHQWUDV FDGDXQRGHQRVRWURVQRSUDFWLTXHPRVGHXQDPDQHUDSHUVRQDOQDWXUDO\UHJXODUORVVLPSOHVPDQGDWRVTXH-HV~VQRV GHMy SUHGLFDU\KDFHUGLVFtSXORV SRGHPRVVHJXLURUJDQL]DQGRHYHQWRVFXOWRVGHDODEDQ]D\PHJDUHXQLRQHVSHURQR HVFDSDUHPRVGHODFRQFOXVLyQTXH6DQWLDJRGD
 6LQRSUDFWLFDPRVVXVPDQGDPLHQWRVQRVHQJDxDPRVDQRVRWURVPLVPRV6DQWLDJR

 (OORJURPiVGLItFLOGHDOFDQ]DUHQXQDLJOHVLDHVTXHVXVPLHPEURVSUDFWLTXHQORVPDQGDPLHQWRVGH-HV~V  /RVFDPELRVUHDOHVHQXQDLJOHVLDFRPLHQ]DQFXDQGRXQRGRVRPLHPEURVHPSLH]DQDYLYLUORVYDORUHVGH9LGD GHYRFLRQDOSUHGLFDUKDFHUGLVFtSXORVYLGDGHFpOXODHWF(VWRVyORVLQQLQJXQDHVWUXFWXUDTXHORVRVWHQJD\D WUDHFUHFLPLHQWRDODLJOHVLD\SHUPLWHHPSH]DUDYHUIUXWR SHUVRQDV (QUHDOLGDGHVWHPRYLPLHQWRHVHOFDPELR


UHDOGHIRQGRTXHVRVWLHQHHOFUHFLPLHQWRGHXQDLJOHVLD&XDQGRHVWHPRYLPLHQWRVHFRQFUHWDHQWUHORV

PLHPEURVGHXQDLJOHVLDQRTXHGDRWURKRUL]RQWHTXHFRPHQ]DUDFUHFHU /RLQYLWRDPLUDUDODLJOHVLDSULPLWLYDHQ+HFKRV\GHVFXEULUiTXHVLQGLQHURVLQPDWHULDOHVVLQQXHVWURVUHFXUVRV DFWXDOHVVLQDGMXGLFDUVHUHQRYDFLyQDOJXQD\VLQWHQHUWDQWRVSURJUDPDVHYHQWRV\UHXQLRQHVHOORVD~QKR\QRV HQVHxDQFXDOHVHOFDPLQRGHOFUHFLPLHQWRFRQVWDQWH3UDFWLFDUORVPDQGDPLHQWRVGH-HV~V 7RGRVORVGtDV HOORVORKDFtDQUHJXODUPHQWH HQHOWHPSOR\SRUODVFDVDV HOORVLEDQGRQGHHVWDEDQODVSHUVRQDV  QRFHVDEDQ SHUVHYHUDEDQHQODPLVPDSUDFWLFD GHHQVHxDUGH-HV~V GLVFLSXODGRSHUVRQDOHQKRJDUHV 0DWHR GHSUHGLFDUGH-HV~V HYDQJHOLVPRSHUVRQDOHQKRJDUHV 0DUFRV+HFKRV (VWDVVRQDOJXQDVSUHJXQWDVTXHVLHPSUHPHLQTXLHWDURQ3RUTXpDODLJOHVLDOHFXHVWDWDQWRKDFHUDOJRWDQVLPSOH" 3RUTXpODLJOHVLDKDFHWDQWDVFRVDVTXH-HV~VQRPDQGy"3RUTXpQRSRGHPRVSUDFWLFDUORTXHGHFLPRVYDORUDU" +R\D~QEXVFRUHVSXHVWDVFRPRPXFKRVGHXVWHGHVSHURKD\XQDTXHFRPLHQ]DDDILUPDUVHHQPLFRUD]yQ0H SDUHFHTXHWRGRVHVWRVSRUTXpWLHQHQXQDPLVPD\JUDQUHVSXHVWD &UHRTXHHOGtDTXHODLJOHVLDGHMHGHLQYHQWDUIRUPDVGHDYDQ]DU\REHGH]FDORVVLPSOHVPDQGDWRVGH-HV~V
FRPHQ]DUiDFUHFHU&UHRTXHHOGtDTXHODLJOHVLDVHDQLPHDSUHJXQWDUVH(VWRTXHKDFHPRVHVORTXH-HV~VQRV

PDQGR"YDDUHFDSDFLWDU+DVWDWDOYH]VHDWUHYDDSRQHUDXQFRVWDGRWDQWDVFRVDVTXHKR\RFXSDQVXWLHPSR GLQHUR\HQHUJtD\HPSLHFHDWUDYpVGHVXVPLHPEURVDSUDFWLFDUORVYDORUHVGH-HV~VHVHGtDFRPHQ]DUiDFUHFHU &UHRTXHHOGtDTXHXQVRORPLHPEURVHPXHYDGH&UHHUYDORUHVD3UDFWLFDUYDORUHVODLJOHVLDFRPHQ]DUiD


FUHFHU  (OGtDTXHODLJOHVLDKDJDORTXH-HV~VQRVPDQGyDKDFHUVLPSOHPHQWHFUHFHUi

 

$QtPHVHPXpYDVHXVWHGPLVPRGHFUHHUDSUDFWLFDUGHVDItHDVXJHQWHDPRYHUVHGHFUHHUDSUDFWLFDU\ GHVFXEULUiODGLIHUHQFLDSDUDXVWHG\SDUDVXLJOHVLD /DSULPHUDVHxDOSRVLWLYDHVFXDQGRYHPRVTXHORVPLHPEURVSDVDQGHHVSHUDUTXHODVSHUVRQDVYHQJDQDLUKDFLDODV SHUVRQDV/RVGRVJUDQGHVPDQGDWRVGH-HV~VGH3UHGLFDU PDUFRV\+DFHUGLVFtSXORV PDWHR LQFOX\HQ HVWDDFWLWXGGH,5ODFXDOHVEiVLFDSDUDSRGHUFXPSOLUORVPDQGDWRV\UHIOHMDXQPRYLPLHQWRGHOFULVWLDQRKDFLDVX SUyMLPRTXHUHYHODTXHVXVYDORUHVHVWiQHQSURFHVRGHFDPELR 'HVSXpV GH HVWR VH SXHGHQ GHVHQFDGHQDU RWURV FDPELRV TXH GHPRVWUDUDQ TXH OD LJOHVLD D HQWUDGR HQ XQ SURFHVR HO WUDQVLFLyQ  'H 1RWHQHUYLGDGHYRFLRQDOUHJXODUDWHQHUYLGDGHYRFLRQDOUHJXODU 1RKDFHUGLVFtSXORVDKDFHUGLVFtSXORVUHJXODUPHQWH 1RHYDQJHOL]DUDHYDQJHOL]DUUHJXODUPHQWH 1RYLYLUXQDYLGDHQHO&XHUSRDYLYLUXQLGRVDOFXHUSR 1RSDUWLFLSDUGHODPLVLyQJOREDODSDUWLFLSDUUHJXODUPHQWHGHODPLVLyQJOREDO 
&DPELRGHHVFHQDULR

)LQDOPHQWHOOHJDHOFDPELRGHOHGLILFLRDORVKRJDUHV 
'H)XQFLRQDUHQXQHGLILFLRD)XQFLRQDUHQORVKRJDUHV(OUHJUHVRGHODLJOHVLD JUXSRGHSHUVRQDV D

IXQFLRQDUHQORVKRJDUHVSXHGHVHUYLVWRGHVGHWUHVDVSHFWRVGLIHUHQWHV  (OSULPHUDVSHFWRHVWiUHODFLRQDGRFRQORJHRJUiILFRRItVLFR(O+RJDUFRPRVLWLRGRQGHYROYHPRVDHQIRFDUHO PLQLVWHULRHOOXJDUQDWXUDOGRQGHHVWDPRVDFWXDPRV\YLYLPRVQXHVWUDIHFRQWRGDVODVDFFLRQHVTXHHVWDLPSOLFD(O VHxRU-HV~VQRVGHMyVXHMHPSORDOHQVHxDUKDFHUPLODJURVVDQDURIUHFHUSHUGyQSUHGLFDUFRPHUEHQGHFLUWHQHU FRPXQLyQFRQVXVGLVFtSXORV\FHOHEUDUOD&HQDGHO6HxRUHQORVKRJDUHV/DSULPHUDLJOHVLD GHWDQWRYHUD-HV~V GH PRGRQDWXUDODFW~DHQHOPLVPRWHUULWRULRRUDQGRSHUVHYHUDQGRHQODGRFWULQDSUHGLFDQGRYLVLWDQGRHQVHxDQGRHWF HQORVKRJDUHV)LQDOPHQWHHODSyVWRO3DEORFRQWLQ~DHQ+HFKRV\VXVFDUWDVPRVWUDQGRTXHpOWDPELpQOOHYyDFDEROD PD\RUSDUWHGHVXPLQLVWHULRHQORVKRJDUHV-HV~VODSULPHUDLJOHVLD\3DEORQRVGDQSUHFLVDHYLGHQFLDGHTXHHO KRJDUIXHHOOXJDUXWLOL]DGRSRUHOORVSDUDTXHODLJOHVLDGHVDUUROOHVXPLQLVWHULRGHXQDPDQHUDLQIRUPDOSHUVRQDO QDWXUDO\SDUWLFLSDWLYD  (OVHJXQGRDVSHFWRHVWiUHODFLRQDGRFRQHOVHQWLGRRVLJQLILFDGRGHOKRJDUFRPROXJDUGRQGHYLYLPRVODVGLVWLQWDV DFFLRQHVTXHLQYROXFUDQDODLJOHVLD(OKRJDUHVHOOXJDUGRQGHYLYHXQDIDPLOLDVHUiLPSRVLEOHJHQHUDUHQXQKRJDUHO VHQWLGRGHODUHXQLyQRUJDQL]DGDGHXQDLQVWLWXFLyQHQHOKRJDUVHUHVSLUDHOFOLPDIDPLOLDUHOQLYHOGHUHODMDFLyQTXH VHORJUDHQXQKRJDUQRSXHGHVHUFRPSDUDGRFRQODDFWLWXGGHIHQVLYDGHXQDSHUVRQDTXHLQJUHVDDXQHGLILFLRSRU SULPHUDYH](OKRJDULQFOX\HODLQIRUPDOLGDGORFRP~QORGLDULRHOLPSUHYLVWRODFHUFDQtDHOKRPEURFRQKRPEUR\ PXFKRVDVSHFWRVPiVTXHFRQWULEX\HQDTXHODVSHUVRQDVGLVIUXWHQGHRWURVHQWLU$EULUQXHVWURKRJDURLUKDFLDHO KRJDUGHXQDSHUVRQDLQFOX\HGHSDUWHQXHVWUDRGHODRWUDSHUVRQDXQDDSHUWXUDGHQRVRWURVPLVPRVTXHVHSHUFLEH TXHQRVXQH\QRVOLEHUD&XDQGRXQRWUDVSDVDODSXHUWDGHXQKRJDUVHOHHVWiSHUPLWLHQGRHOLQJUHVRDODYLGDPLVPD GHXQDIDPLOLDFXDQGRHORWURLQJUHVDHQQXHVWURKRJDUpOVDEHTXHQRVHVWDPRVDEULHQGRKDFLDpOLQFOX\HQGRQXHVWUD YLGD3DUDQLQJXQRGHQRVRWURV\SDUDORVQRFULVWLDQRVHVSHFLDOPHQWHHVPX\GLIHUHQWHTXHOHDEUDPRVODSXHUWDGH XQHGLILFLRDTXHOHDEUDPRVODSXHUWDGHQXHVWURKRJDU7UDQVPLWLUQXHVWURVYDORUHV\VHULJOHVLDGHVGHHOFDORUIDPLOLDU GHQXHVWURVKRJDUHVLPSDFWDGHVGHHOPRPHQWRGHODDSHUWXUDKDVWDHOPRPHQWRGHODGHVSHGLGD3RFDVSHUVRQDV SXHGHQPDQWHQHUVHIUtDVDQWHDOJXLHQTXHOHDEUHVXVSXHUWDVGHSDUHQSDU\FRPSDUWHODLQWLPLGDGGHVXKRJDUFRQ RWUDVSHUVRQDVDILQGHVHUOHVGHD\XGD  (OWHUFHUDVSHFWRHVWiUHODFLRQDGRFRQQXHVWUDUHVSRQVDELOLGDGGH,56LPLUDPRVD-HV~VGXUDQWHVXVGtDVDTXtHQ ODWLHUUDYHPRVTXHHOHUDGH,5KDFLDODVSHUVRQDV&XDQGRpOVHYD\QRVGHMDVXVGRVPDQGDWRVPiVFODURV SUHGLFDU 0DUFRV \KDFHUGLVFtSXORV 0DWHR pOVHHQFDUJDGHFRORFDUDGHODQWHGHFDGDXQRGH HOORVODSDODEULWD,'(VDVGRVSHTXHxDVOHWUDVPDWDQODDFWLWXGDFWXDOGHPXFKRVGHQRVRWURV-HV~VHVWDED SRQLpQGROHUHPHGLRDODSDVLYLGDGGHVXLJOHVLD&XDQGRQDFHODSULPHUDLJOHVLDHOORVWDPELpQGLFHTXHSUHGLFDEDQ\ HQVHxDEDQ +HFKRV QRVyORHQWHPSOR ORTXHLJXDOLPSOLFDED,5SRUTXHHVHQRHUDVXWHPSOR VLQRWDPELpQHQ ODVFDVDV$TXHOODHUDXQDLJOHVLDPRYLOL]DGDSRUWRGDODFLXGDGHQXQ,5FRQWLQXR\GLDULR3DEORPLVPRDGRSWDHVWD DFWLWXGGH,5FRQVWDQWHPHQWHDORVKRJDUHVFRPRIRUPDQDWXUDOGHH[WHQGHUVXPLQLVWHULR  /RVKRJDUHVVRQODSRVLELOLGDGGHODLJOHVLDGHWHUPLQDUFRQHO9(1*$1$18(6752(',),&,2\SRQHUHQSUiFWLFDHO ,5KDFLDODVSHUVRQDV(QQXHVWUDH[SHULHQFLDWRGRVORVDVSHFWRV DGRUDFLyQHYDQJHOLVPRGLVFLSXODGRFRQVHMHUtD HQVHxDQ]DRUDFLyQFHQDGHO6HxRUHWF GHODLJOHVLDVHYLYHQGHPDQHUDPXFKRPiVULFDHQHOFRQWH[WRGHXQKRJDU TXHHQHOGHXQHGLILFLR*DQDPRVHQSDUWLFLSDFLyQLQIRUPDOLGDGFRQWDFWRSHUVRQDO\FRQILDQ]D$HVWROHVXPDPRV

 

TXHHVWDPRVVLHQGROX]DKtGRQGHHVQHFHVDULDHQPHGLRGHODVSHUVRQDVGHQXHVWUREDUULRVLQGDUQRVFXHQWD H[WHQGHPRVHOHYDQJHOLRDRWURVEDUULRV\HQWUDPRVHQHOFRQFHSWRGH0LVLyQJOREDOTXH-HV~VQRVGHMyHQ+HFKRV 1XHVWUREDUULRORVGHDOODGRORVPjVDOHMDGRV\KDVWDOR~OWLPR6LXVWHG\DFXHQWDHQVXLJOHVLDFRQXQJUXSR SHTXHxRGHSHUVRQDVTXHKDGDGRHOSULPHUSDVR\VHKDPRYLGRGHFUHHUYDORUHVDYLYLUYDORUHVDKRUDDQtPHVH\ GqHOVHJXQGRSDVR&RORTXHIUHQWHDHOORVHOGHVDItRGHGHMDUGHKDFHUWRGRORTXHKDFHQHQHOHGLILFLR\VHPXHYDQ DUHDOL]DUORHQORVKRJDUHV6yORKDFLpQGRORXVWHGFRQRFHUiODGLIHUHQFLD  (VWHFDPELRVyORWHQGUiVHQWLGR\WUDHUiUHVXOWDGRVHQODPHGLGDTXHORVFDPELRVGHHQIRTXH\FRQGXFWDVHKD\DQ UHDOL]DGRGHORFRQWUDULROR~QLFRTXHHVWDUHPRVORJUDQGRHVPRYHUDQXHVWURVPLHPEURVGHOXJDUItVLFRDRWUR  (OVLJXLHQWHJUiILFRSXHGHVHUYLUQRVSDUDFRPSUHQGHUTXHQRVRWURVSRGHPRVH[WHUQDPHQWHUHDOL]DUPXFKDVDFFLRQHV TXHQRVSXHGHQKDFHUFUHHUTXHWHQHPRVXQDLJOHVLDEDVDGDHQFpOXODVSHURHOSULQFLSDOFRPSRQHQWHGHXQDLJOHVLD GHFpOXODVHVTXHHQHOFHQWURGHODYLGDGHVXVPLHPEURVH[LVWHXQDSUiFWLFDUHJXODUGHORVYDORUHVGH'LRV\HVWRHV ORTXHKDFHODGLIHUHQFLDHQORVUHVXOWDGRVTXHVHDOFDQ]DQ   (;7(512,17(512               6RODPHQWHFXDQGRODLJOHVLDH[SHULPHQWDXQFDPELRGHHQIRTXH\DHVWRVHVXPDXQFDPELRGHFRQGXFWD\ DJUHJDPRVHOFRQGLPHQWRGHOFDPELRGHHVFHQDULRSRGHPRVOOHJDUDYHUXQFDPELRHQORVUHVXOWDGRVTXHDOFDQ]DPRV  8QDJUDQSRVLELOLGDGGHFDPELRHVWDGHODQWHVX\R\GHVXLJOHVLD(VWDUiQXVWHGHVGLVSXHVWRV"                           5HXQLyQGH&pOXOD 

)RUPDFLyQ5HXQLyQ 'H/LGHUHV3XEOLFD

3UDFWLFD 6HPDQDO /tGHUHV GH  9DORUHV 2UJDQL]DFLyQ0DWHULDOHV GH'LRV

 

&DSLWXOR*XtDSUiFWLFDSDUD,QLFLDUFpOXODV

$FODUDFLRQHV (UURUHVPDVFRPXQHV *XtDSDUDLQLFLDUFpOXODV 0DWHULDOHV



$ILQGHWUD]DUXQHMHPSORIOH[LEOHTXHQRVVLUYDGHJXtDSDUDPRYHUQRVDXQPRGHORFHOXODUWRPDUHPRVHQFXHQWDORV VLJXLHQWHVDVSHFWRV 

 $FODUDFLRQHV


/RSULPHURTXHGHEHPRVKDFHUHVDSUHQGHUGHODH[SHULHQFLDGHRWUDVLJOHVLDVTXH\DKDQLQWHQWDGRLQLFLDUFpOXODVDILQ GHQRFRPHWHUORVHUURUHVPDVFRPXQHVTXHVHFRQRFHQHQHVWHSURFHVR8QRGHORVDVSHFWRVTXHGHVSLHUWD PDVDVRPEURHQFXDQWRDOWUDEDMRFHOXODUHVODGLVWDQFLDHQRUPHTXHH[LVWHHQWUHWRGDVODVLJOHVLDVTXHLPSOHPHQWDQ FpOXODV\ORVGLIHUHQWHVPRGHORVTXHVHGHVDUUROODQ0LHQWUDVWRGRVORVTXHKHPRVLQLFLDGRFpOXODVGHFLPRVWHQHUODV FXDQGRFDGDXQRGHWDOODORTXHHVWiKDFLHQGRGHVFXEULPRVTXHKDFHPRVFRVDVGLIHUHQWHVGDPRVLPSRUWDQFLDD DVSHFWRVGLIHUHQWHV\DSXQWDPRVDREMHWLYRVGLIHUHQWHV(VKRUDGHSUHJXQWDUQRVFRQVLQFHULGDG7HQHPRVFpOXODV "RWHQHPRVORTXHFDGDXQRGHQRVRWURVKDGHILQLGRFRPRFpOXODV$HVWDDOWXUDYDOHDFODUDUTXH'LRVSXHGHXVDU FXDOTXLHUPpWRGRpWLFDPHQWHFULVWLDQRSDUDTXHVXREUDFUH]FDSRUORWDQWRVL'LRVHVWiGDQGRUHJXODUPHQWH FUHFLPLHQWRHQVX,JOHVLD\VXVSUDFWLFDVVRQVDQDVVLJDXVWHGDGHODQWHHVWDHVXQDFODUDVHxDOEtEOLFDGHTXH'LRV HVWDWUDEDMDQGRDWUDYpVGHVXJHQWH UD&RULQWLRV 

3HURVLXVWHGYHTXHODVFRVDVQRKDQFDPELDGRPXFKRGHVSXpVGHXQWLHPSRDGHFXDGRRHVWDLQWHUHVDGRHQ RSWLPL]DUVXDFWXDOWUDEDMRHQFpOXODVORLQYLWRDTXHUHYLVHPRVMXQWRVVLODVDFFLRQHVTXHKHPRVDGRSWDGRKDQ UHVSHWDGRODVOtQHDVEiVLFDVGHORTXHOODPDPRV8QDLJOHVLDGHFpOXODV6HUtDLQFRUUHFWRHVWDUHVSHUDQGRORVPLVPRV UHVXOWDGRVGHFUHFLPLHQWRVLKHPRVGHMDGRGHODGRODVUHFRPHQGDFLRQHVSULPDULDVSDUDLQVWUXPHQWDUFpOXODVHQ QXHVWUDLJOHVLD7RGRVHVWRVLQLFLRVGHPXHVWUDQTXHODVLQWHQFLRQHVVRQFRUUHFWDVSHURQRVHKDDYDQ]DGRHQ FRPSUHQGHUQRVRORHOFRQFHSWRGHXQD,JOHVLDGHFpOXODVVLQRWDPSRFRORVFRPSRQHQWHVHVHQFLDOHVGHODPLVPD

&RQJUHJDFLyQ6H$EUHQFpOXODVHQKRJDUHV\WRGDVVRQOLGHUDGDVSRUHOSDVWRU
&RUUHFFLyQ/DEDVHGHXQD,JOHVLDGHFpOXODVHVWDIRUPDGDSRUORVOtGHUHVGHFpOXOD

 &RQJUHJDFLyQ6HDEUHQFpOXODVTXHIXQFLRQDQHQHOHGLILFLRGHOD,JOHVLD
&RUUHFFLyQ/DVFpOXODVIXQFLRQDQHQORVKRJDUHVFRPRSXHQWHVKDFLDODFRPXQLGDG

 &RQJUHJDFLyQ6HLQIRUPDTXHODVFODVHVGHOD(VFXHOD'RPLQLFDODKRUDVRQFpOXODVSHURVXIXQFLRQDPLHQWR LQWHUQRVLJXHVLHQGRHOPLVPR
&RUUHFFLyQ/DVFpOXODVIXQFLRQDQEDMRODGLQiPLFDGHXQRVDRWURVQRKD\XQPDHVWURVLQRXQOtGHUIDFLOLWDGRU\

TXHVLUYHGHPRGHORDORVPLHPEURVGHODFpOXOD  &RQJUHJDFLyQ6HDEUHQFpOXODVHQKRJDUHVGRQGHFDGDOtGHUGHVDUUROODXQH[FHOHQWH(VWXGLR%tEOLFR XQLGLUHFFLRQDO


&RUUHFFLyQ/DVFpOXODVIXQFLRQDQFRQODSOHQDSDUWLFLSDFLyQGHWRGRVORVPLHPEURV

 &RQJUHJDFLyQ6HDEUHQFpOXODVSDUDTXHORVPLHPEURVVHFXLGHQXQRVDRWURVFRPRREMHWLYRSULQFLSDO
&RUUHFFLyQ/DVFpOXODVWLHQHQHOREMHWLYRSULQFLSDOGHSHQHWUDUODFRPXQLGDGQRFULVWLDQD\FUHFHUKDVWDGDUDOX]

RWUDFpOXOD6XPLVLyQHVDOFDQ]DUDOSHUGLGR  &RQJUHJDFLyQ6HWLHQHQFpOXODVTXHWLHQHQXQSURPHGLRGHDVLVWHQWHV
&RUUHFFLyQ/DVFpOXODVVRQJUXSRVSHTXHxRV Pi[LPR DILQGHSHUPLWLUODSDUWLFLSDFLyQODDWHQFLyQSHUVRQDO

\ODFRQVWDQWHPXOWLSOLFDFLyQGHOtGHUHV\FpOXODV

7RGRVHVWRVLQLFLRVGHPXHVWUDQTXHODVLQWHQFLRQHVVRQFRUUHFWDVSHURQRVHKDDYDQ]DGRHQFRPSUHQGHUQRVRORHO FRQFHSWRGHXQD,JOHVLDGHFpOXODVVLQRWDPSRFRORVFRPSRQHQWHVHVHQFLDOHVGHODPLVPD


 

(UURUHVPDVFRPXQHV

6HDJUHJDQFpOXODVDXQKRUDULROOHQRGHDFWLYLGDG8QRGHORVSDVRVGHIRQGRTXHGHEHPRVUHDOL]DU

FRPSUHQGHHOOLEHUDUHQWLHPSRDQXHVWURVPLHPEURVSDUDTXHHVWRVSXHGDQSUDFWLFDUORVYDORUHVGH'LRVHQ VXVYLGDVGLDULDV6HULDPRVLQMXVWRVVLHVSHUDPRVTXHQXHVWURVPLHPEURVLQLFLHQUHODFLRQHVFRQVXVYHFLQRV\ IDPLOLDUHVHYDQJHOLFHQ\KDJDQGLVFtSXORVDODSDUTXHGHEHQDVLVWLU\SDUWLFLSDUGHXQKRUDULRFDUJDGRGH UHXQLRQHV\DFWLYLGDGHV6LGHVHDKDFHUXQDHYDOXDFLyQVHULDGHOWUDEDMRHQFpOXODVGHEHLQFOXLUODVHQXQ FRQWH[WRGHOLEHUWDGKRUDULDGRQGHVXVPLHPEURVSXHGDQJDVWDUVXVKRUDVGLUHFWDPHQWHFRQODVSHUVRQDV 

6HDJUHJDQFpOXODVVLQVXILFLHQWHSUHSDUDFLyQ,QLFLDUHOWUDEDMRFRQFpOXODVFRUUHFWDPHQWHLQFOX\H

SUHSDUDUVHXVWHGFRPRSDVWRUSUHSDUDUDODLJOHVLD\SUHSDUDUDORVOLGHUHV(QJHQHUDOODVFpOXODVVHDGRSWDQ FRPRXQSURJUDPDPDVRFRPRXQDPRGD\VHODVLQWURGXFHVLQODSUHSDUDFLyQDGHFXDGD(VWDIDOWDGH UHVSRQVDELOLGDGSRUSDUWHGHOOLGHUD]JRKDWUDtGRPXFKDVKHULGDVLQFOXVRXQFRQFHSWRHUUyQHRGHORTXHHVXQD LJOHVLDFHOXODU/DLJOHVLDGHEHVHUSUHSDUDGDSRUORPHQRVXQDxRDQWHVDILQGHLQWURGXFLUHOFDPELRGHXQD PDQHUDQRWUDXPiWLFD5HFRUGHPRVTXHHOHOHPHQWRHVHQFLDOHVHOFDPELRGHYDORUHVGHORVPLHPEURV\HVWH QRHVXQUHVXOWDGRTXHVHORJUDGHPDQHUDPiJLFD 

6HDJUHJDQFpOXODVHVSHUDQGRUHVXOWDGRVLQVWDQWiQHRV(VWHHUURUUDGLFDHQHODQWHULRU/LGHUHVTXH

EXVFDQVROXFLRQHVPiJLFDVSDUDVXVLJOHVLDV\LQWURGXFHQODVFpOXODVEDVDGRVHQORVUHVXOWDGRVTXHHVWDVKDQ GDGRHQRWURVOXJDUHV\SURPHWLHQGRORPLVPRSDUDVXVFRQJUHJDFLRQHV/RTXHQXQFDVHDFODUDHVTXHHO GHORVFDVRVGHLJOHVLDVFHOXODUHVHQFUHFLPLHQWRHVWHVHSURGXMRFRPRUHVXOWDGRGHXQSURFHVRGHPDVGH DxRV5HVXOWDVLPSiWLFRSHQVDUTXH-HV~VWDUGyWUHVDxRV\PHGLRHQIRUPDUORVSULPHURVOtGHUHV\ OLEHUDUORVPLHQWUDVQRVRWURVHQSRFRWLHPSRFUHHPRVKDEHUIRUPDGRXQJUXSRGHOtGHUHVDSWRVSDUDLQLFLDU JUXSRVSHTXHxRVFRQVHULHGDG\HVWDELOLGDG/DHVWDELOLGDGSURSyVLWR\IXQFLRQDPLHQWRGHODVFpOXODVTXH DEULPRVGLFHPXFKRDFHUFDGHQXHVWUDVHULHGDGSODQLILFDFLyQ\SDFLHQFLDSDUDLPSOHPHQWDUODV 

6HDJUHJDQFpOXODVVLQTXHODVSHUVRQDVKD\DQPRGLILFDGRVXVYDORUHV+DVWDTXHXQSRUFHQWDMH

LPSRUWDQWHGHODFRQJUHJDFLyQQRKD\DUHDOL]DGRHQFDPELRGHYDORUHVUHIOHMDGRVHQODSUDFWLFDHV FRQWUDSURGXFHQWHLQFRUSRUDUFpOXODVHQODLJOHVLD(VLPSRUWDQWHWHQHUHQFODURTXHLQLFLDUFpOXODVVLQTXHODV SHUVRQDVKD\DQPRGLILFDGRVXVYDORUHVQRHVPDVTXHFDPELDUHOOXJDUGHUHXQLyQVLELHQDOSULQFLSLRODV SHUVRQDVGLVIUXWDUDQGHXQDH[SHULHQFLDQXHYDFRQHOWLHPSRHOJUXSRVHHVWDQFDUi/RSULPHURTXHOOHJDDOD PDQRGHORVSDVWRUHVVRQPDWHULDOHVWpFQLFDVGHWUDEDMRSURPRFLRQHV\IRUPDVGHPRWLYDUDORVPLHPEURV KDFLDODVFpOXODV(VEXHQRGHWHQHUVHHOWLHPSRQHFHVDULR DxR KDVWDYHUTXHXQJUXSRGHSHUVRQDVD


LQFRUSRUDGRORVYDORUHVEiVLFRVGHODFpOXODDVXVYLGDV'HORFRQWUDULRFXDQGRODVSHUVRQDVDEUDQVXV

KRJDUHVVHGDUiQFXHQWDGHTXHOHVIDOWDQORVHOHPHQWRVQHFHVDULRVSDUDTXHHVWDVVHDQHIHFWLYDVHVWRWUDHUi GHViQLPR\SXHGHHQWRUSHFHUHOFXUVRGHLPSOHPHQWDFLyQGHFpOXODV 

,QWHQWDUODWUDQVLFLyQGHODFRQJUHJDFLyQHQWHUD,QWHQWDUOOHYDUDXQJUXSRJUDQGHDFDPELDUVXV

YDORUHVHVDOJRTXHQLVLTXLHUD-HV~VLQWHQWy(OHMHPSORGH-HV~VGHELHUDEDVWDUQRVSDUDFRPSUHQGHUTXH GHEHPRVLQLFLDUODWUDQVLFLyQIRUPDQGRXQDFpOXOD\YHULILFDQGRHQFDUQHSURSLDTXHODVFpOXODVVRQXQD KHUUDPLHQWDDGHFXDGD\HIHFWLYD6LQRSRGHPRVWUDQVPLWLUODLGHDDXQJUXSRSHTXHxR&yPRORORJUDUHPRV FRQXQJUXSRJUDQGH"&RPHQFHPRVH[DFWDPHQWHHQHOSXQWRGRQGH-HV~VORKL]R(VWRQRVGDUDOD H[SHULHQFLD\ODFRQILDQ]DSDUDGDUSDVRVPD\RUHV 

/DDXVHQFLDGHXQ3ODQGHWUDEDMRUHDOLVWD1RHQFXDGUDUODLPSOHPHQWDFLyQGHFpOXODVHQXQSUR\HFWR

VHULRSODQLILFDGR\FRPSURPHWLGRSXHGHWUDHUPiVSUREOHPDVTXHVROXFLRQHV7RPDUHOWLHPSRQHFHVDULRSDUD
GHILQLUXQ3ODQGHWUDEDMRFRQREMHWLYRVHVWUDWHJLDVUHFXUVRVSODQHVGHDFFLyQ\HYDOXDFLyQVHUiXQD

H[FHOHQWHLQYHUVLyQSDUDTXHQRVHEXVTXHHQODVFpOXODVXQ6DOYDGRUDWRGRVORVPDOHVGHOD,JOHVLD

1XHVWUDH[SHULHQFLDHVTXHQRVKDFRVWDGRPXFKRLUOHQWRSHURKHPRVDSUHQGLGRDQRVDOWHDUHWDSDV\KR\ GHVSXpVGHWUHVDxRV\PHGLRGHWUDEDMRHVWDPRVYLHQGRUHVXOWDGRVKHUPRVRVHQFDOLGDG\FDQWLGDG

*XtDSDUDLQLFLDUFpOXODV

(QVHxDQ]DGH9DORUHV(QHVWDHWDSDGHEHPRVWUDQVPLWLUPHGLDQWHWRGRVORVPHGLRVSRVLEOHVORVYDORUHVTXH

'LRVHVSHUDTXHSUDFWLTXHPRV /DPHMRUPDQHUDGHWUDQVPLWLUYDORUHVHVTXHHO3DVWRU\ORVOLGHUHVHVWpQGDQGRVXHMHPSORSHUVRQDODORVPLHPEURV 

 

&XDQGRODLJOHVLDYHDVXSDVWRU\DVXVOLGHUHVJDVWDUWLHPSRHQPRGHODUHOHYDQJHOLVPR\HOGLVFLSXODGRSHUVRQDOSDUD TXHHOORVDSUHQGDQQRVRORVHVLHQWHQYDORUDGRVVLQRTXHWDOYH]SRUSULPHUDYH]YHDQFRPRVHKDFH\SXHGDQHOORV UHVSRQGHUDOGHVDItRGHSUDFWLFDUORV  2WURVPHGLRVTXHSRGHPRVXWLOL]DUSDUDWUDQVPLWLUODLGHDHLPSOHPHQWDUHOWHPDVRQ 0HQVDMHV %ROHWLQHVVHPDQDOHV 3HUVRQDDSHUVRQD 'LVFLSXODGRV ,QFOXLUODLGHDGHODSUDFWLFDGHYDORUHVHQHOGLVFLSXODGRLQLFLDOGHQXHVWURVPLHPEURV  /LEURV HWF  'HEHPRVWUDEDMDUFRQSDFLHQFLDKDVWDTXHHVWHWHPDVHLQVWDOHHQHOFRUD]yQGHORVPLHPEURV\VHWUDQVIRUPHHQ DFFLRQHV  (QPHDFHUTXHD-RHO&RPLVNH\\OHSUHJXQWpFXDOHUDVXFRQVHMRSDUDXQSDVWRUODLFRMRYHQFRPR\RTXHTXHUtD FRPHQ]DUXQD,JOHVLD&HOXODU\pOPHGLMR'HGLFDXQDxRHQWHURDKDEODUVREUHORVYDORUHV 3DUDPLIXHXQDERIHWDGD\RTXHUtDDEULUFpOXODV\DFUHtDTXHORLPSRUWDQWHHUDHPSH]DUODVUHXQLRQHV\OLVWR 'HVSXpVGHWRGR'LRVHVSRGHURVRHVWDSRUVREUHWRGDVODVFRVDVREUDDSHVDUGHQRVRWURV\QRVHFXDQWDV IUDVHVPDVTXHHQUHDOLGDGHVFRQGtDQPLIDOWDGHVHULHGDG\SODQLILFDFLyQ +R\KHPRVDSUHQGLGRTXH'LRVHVSRGHURVRHVWDSRUVREUHWRGDVODVFRVDV\REUDDSHVDUGHQRVRWURVSHURTXH OHDJUDGDTXHWUDEDMHPRVFRQSDFLHQFLD\QRQRVDSXUHPRVSRUHVWDUDODPRGDREXVFDUORJURVWLSRFDIp LQVWDQWiQHR 6LHPSUHYR\DHVWDUDJUDGHFLGRD-RHOSRUVXKRQHVWLGDGSRUTXHPHGLMRORTXHQRTXHUtDHVFXFKDUSHURKR\YHRORV UHVXOWDGRVGHKDEHUGHGLFDGRXQDxRHQWHURDWUDQVPLWLUORVYDORUHV+DEODUVREUHORVYDORUHVHQUHODFLyQDOD,JOHVLD VLJQLILFDWUDQVPLWLUODVLPSOHHQVHxDQ]DGHTXHDPDUD'LRV *XDUGDUVXVPDQGDPLHQWRV \DPDUDODVSHUVRQDV LPSOLFDDFFLRQHVVLPSOHV\FRQFUHWDV3UHGLTXHXQDxRVREUHHVDVDFFLRQHV\PLUHORVUHVXOWDGRVSUHJXQWHKDJDXQD HQFXHVWDWRPHXQFDIHFRQHOPLHPEUR\GHVFXEUDVXVDFFLRQHV8QD\RWUDYH]PXHVWUHDWUDYpVGHOD%LEOLDFRPRORV SHUVRQDMHVYLYtDQHVWRVYDORUHVGHDPDUD'LRV\DODVSHUVRQDVDWUDYpVGHODVDFFLRQHV\GHVDItHDVXJHQWHD SRQHUORVHQSUDFWLFD&XDQGRXVWHGYHDTXHODPLWDGGHVXVPLHPEURVKDQFDPELDGRVXVDFFLRQHVHVSRUTXHKDQ PRGLILFDGRVXVYDORUHV$QWHVQRWHQtDQYLGDGHYRFLRQDO\DKRUDODWLHQHQGLDULDPHQWH$QWHVQRVDOtDQGHVXVFDVDV SDUDYLVLWDU\DKRUDORKDFHQUHJXODUPHQWH$QWHVQRHQVHxDEDQGHOD%LEOLDDQDGLH\DKRUDORKDFHQFDGDVHPDQD $QWHVQRSUHVHQWDEDQHOHYDQJHOLRDQDGLH\DKRUDORSUDFWLFDQGHOXQHVDViEDGR$QWHVQRUHDOL]DEDQQLQJ~QDFWRGH VHUYLFLR\DKRUDORSUDFWLFDQDGLDULR&XDQGRXVWHGWLHQHXQJUXSRGHJHQWHTXHYLYH VXVDFFLRQHV ORVYDORUHVTXH -HV~VQRVHQVHxyVHPDQDOPHQWHXVWHGHVWDOLVWRSDUDDEULUFpOXODV/DUD]yQGHHVWRHVTXHHVHJUXSRIXQFLRQDUiGH PRWRUSDUDHOUHVWRGHOJUXSR\JXLDUiHQXQSURFHVROHQWRSHURVHJXURDRWUDVSHUVRQDVDLQFRUSRUDUORVPLVPRV YDORUHV(OSULPHUSDVRSDUDOOHYDUDXQDLJOHVLDDIXQFLRQDUHQFpOXODVHVWUDQVPLWLU\JXLDUDOD,JOHVLDD
YLYLUDGLDULRORVYDORUHVTXH-HV~VQRVPDQGy


,QFRUSRUDFLyQ\FKHTXHRGH9DORUHV,QFRUSRUDUODSUiFWLFDGHHVWRVYDORUHV HVSHFLDOPHQWHSUHGLFDU\

GLVFLSXODU HVXQUHVXOWDGRTXHVHSXHGHORJUDUVLQRVPDQWHQHPRVFRQVWDQWHVHQWUDQVPLWLUODLGHD\GDUHOHMHPSOR 
(OVHJXQGRSDVRHVWHQHUXQDPDQHUDVLPSOHGHHYDOXDUVLHVRVYDORUHVVHSUDFWLFDQ8VWHGSXHGHWHQHU

PDQHUDVLQIRUPDOHVGHHYDOXDU FKDUODUFRQORVPLHPEURVGLDORJRGHORVOLGHUHVFRQVXVPLHPEURV RIRUPDOHV &DGD SHUVRQDTXHSUDFWLFDXQYDORUKDFLDRWUDSHUVRQD 9LVLWDKDFHGLVFLSXODGRRWHVWLILFD ORLQIRUPDVHPDQDOPHQWHD WUDYpVGHXQSDSHOTXHGHSRVLWDHQXQEX]yQ 1RVRWURVXWLOL]DPRVDPERVPpWRGRVSDUDGHVFXEULUODVSHUVRQDVTXH VHUiQWHQLGDVHQFXHQWDSDUDHOPLQLVWHULRGHFpOXODV6LXVWHGKDGDGRORVGRVSULPHURVSDVRV\\DYHXQJUXSRGH SHUVRQDVTXHUHVSRQGHQDYLYLUGHHVWDPDQHUDXVWHGSXHGHLUSHQVDQGRHQODHWDSDGHUHXQLUHVDVSHUVRQDV\ SUHSDUDUODVSDUDLQLFLDUFpOXODV\DTXHHVWDVSHUVRQDVWLHQHQHOHOHPHQWRHVHQFLDO9LYHQORVYDORUHVGH-HV~VFDGD
VHPDQD\VRORHOTXHORVYLYHORVSXHGHWUDQVPLWLU

 1RVRWURVSRGHPRVWHQHUDODPLWDGGHODFRQJUHJDFLyQYLYLHQGRHVWRVYDORUHV\QRVDEHUORSRUHVRHVEXHQRLQVWDODU DOJXQDIRUPDGHUHQGLFLyQGHFXHQWDSDUDDTXHOORVTXHGHVHDQSDUWLFLSDUGHHVWHSURFHVRFRPRXQHTXLSR\TXHHVWR QRVSHUPLWDFRQRFHUORVUHVXOWDGRVGHOSURFHVR  (VWDUHQGLFLyQGHFXHQWDVFXPSOHODIXQFLyQGHSRQHUOHRMRVDOSURFHVRSDUDYHUVLQXHVWURVPLHPEURVVHHVWiQ PRYLHQGRKDFLDODSUDFWLFDGHORVYDORUHV$ODYH]HVWHVLPSOHHMHUFLFLRQRVVHUYLUiFRPRYHUHPRVPDVDGHODQWHSDUD GHWHFWDUSRWHQFLDOHVOLGHUHVGHFpOXOD 

 

(QVHxDQ]DGH%DVH%tEOLFDGHFpOXODV(QVHxDUDWRGDODLJOHVLDGHPDQHUDFODUDOD%DVH%tEOLFDGHODVFpOXODV

0RVWUDUFRPR-HV~VODSULPHUDLJOHVLD\3DEORXWLOL]DEDQORVKRJDUHV&RQWHVWDUODVSUHJXQWDV3DUDTXHWHQHU FpOXODV"3RUTXHWHQHUFpOXODV"&RPRHVXQDFpOXOD"4XHVHSXHGHORJUDUFRQFpOXODV" VRQDOJXQRVWHPDVTXHVH GHEHQHQVHxDUSUHYLDPHQWH  /DLPSRUWDQFLDGHHVWHSDVRFRQVLVWHHQTXHLJOHVLDFRPSUHQGD 

/DPRWLYDFLyQGHOFDPELR (OSURSyVLWRGHOFDPELR &RPRVHUHDOL]DUDHOFDPELR

$QLQJXQRGHQRVRWURVQRVJXVWDTXHQRVOOHYHQDGRQGHQRTXHUHPRVLUSRUORWDQWRSDUWHGHQXHVWURUHVSHWRSRUOD LJOHVLDFRQVLVWHHQH[SOLFDUFRQWLHPSRFXDOHVVRQODVUD]RQHVSDUDHOFDPELRTXHHVWDPRVHPSUHQGLHQGR 


3HGLGRGH+RJDUHV'DURSRUWXQLGDGDORVPLHPEURVGHRIUHFHUVXV+RJDUHVSDUDUHXQLRQHVGHFpOXODV(VEXHQR

DFODUDUTXHQRWRGRVORVKRJDUHVVHDEULUiQ(VWHHVHOPRPHQWRGRQGHFRPHQ]DPRVDEXVFDUSHUVRQDVTXHHVWiQ GLVSXHVWDVDDEULUVXVKRJDUHVSRUTXHSULPHURKDQDELHUWRVXFRUD]yQ/DDSHUWXUDGHORVKRJDUHVGHSHQGHUiGHODV FRQGLFLRQHVTXHODLJOHVLDGLVSRQJDHQVXSUR\HFWRGHWUDEDMR 


6HOHFFLyQGH/tGHUHV\DSUHQGLFHV6HOHFFLRQDUDDTXHOODVSHUVRQDVTXHSUDFWLFDQORVYDORUHV (VSHFLDOPHQWH

SUHGLFDU\GLVFLSXODU FRQUHJXODULGDGHLQIRUPDQDODLJOHVLD$TXtQRVVHUi~WLOWHQHULQVWDODGRXQVLVWHPDGHLQIRUPHV GHODVWDUHDVGHHYDQJHOLVPRRGLVFLSXODGRSHUVRQDO 9HUSXQWR  (VWRQRVPRVWUDUDFRQFODULGDGTXHSHUVRQDVHVWiQHVWDEOHVHQODSUDFWLFDGHORVYDORUHV\HVWiVVRQODVTXHSRGUiQ HVWDUPRGHODQGRSDUDORVPLHPEURVGHODFpOXOD$HVWDVSHUVRQDVODVLQYLWDUHPRVDSUHSDUDUVHFRPROLGHUHVGHFpOXOD 


&DSDFLWDFLyQGH/LGHUHV\DSUHQGLFHV5HDOL]DUXQDFDSDFLWDFLyQFRQODVSHUVRQDVVHOHFFLRQDGDVSDUDOXHJR

GDUOHVODRSRUWXQLGDGGHDFHSWDURQRVHUOLGHUHVGHFpOXOD6HUHFRPLHQGDXQDFDSDFLWDFLyQTXHFRQWHVWHHOGH ODVSUHJXQWDVTXHXQOtGHUGHFpOXODVHKDFHDQWHVGHHPSH]DUDWUDEDMDU(VEXHQRSHUPLWLUDODVSHUVRQDVWRPDU YROXQWDULDPHQWHODGHFLVLyQGHVHUOLGHUHVGHFpOXOD(QXQWUDEDMRDODUJRSOD]RTXHHVWDGHFLVLyQVHDOLEUH\QR IRU]DGDQRVOLEUDUDGHPXFKRVLQFRQYHQLHQWHV 


$SHUWXUDGHFpOXODVRILFLDOHV(QHVWHPRPHQWRXVWHGWLHQHYDULRVHOHPHQWRVOLVWRV




+DPRYLOL]DGRDVXVPLHPEURVDSUDFWLFDUYDORUHV +DSUHSDUDGRDVXFRQJUHJDFLyQ +DVHOHFFLRQDGRKRJDUHV +DVHOHFFLRQDGR\FDSDFLWDGRDVXVOLGHUHV\DSUHQGLFHV

&RQHVWRVHOHPHQWRVHQODPDQRXVWHGSXHGHDUPDUVXVFpOXODVHQEDVHDJHRJUDItDKRPRJHQHLGDGRHOFULWHULRTXH PHMRUVHDGDSWHDVXFRQJUHJDFLyQ 3XHGHXQLUDXQOtGHUFRQXQDSUHQGL]FRQXQKRJDU\VXPDUOHXQQ~FOHRGHPLHPEURVORLGHDOHVTXHFRPLHQFHQFRQ RSHUVRQDVFRQODPHWDGHGXSOLFDUVHDR  (VEXHQRWHQHUXQDUHXQLyQGHODQ]DPLHQWRGHODVFpOXODVGRQGHORVJUXSRVVHMXQWHQ\RUHQSRUHOWUDEDMRTXHLQLFLDQ 8VHODFUHDWLYLGDGSDUDTXHHVWHVHDXQPRPHQWRTXHPDUTXHDVXJHQWH 7DPELpQSXHGHFRORFDUHQVXFDUWHOHUDXQ DILFKHELHQJUDQGHGHODVFpOXODVTXHVHDEUHQFRQVXGtDKRUDGLUHFFLyQOtGHU\DQILWULRQHV6LVHDQLPDSXHGHSRQHU FDGDVHPDQDODDVLVWHQFLDSDUDGHVDILDUDFDGDFpOXOD\PRVWUDUDWRGDODLJOHVLDHOFUHFLPLHQWRGHFDGDXQD  (VFODYHFRORFDUODVPHWDVELPHVWUDOHV\DQXDOHVTXHFDGDFpOXODLQWHQWDDOFDQ]DU(VWDVSHUPLWHQPRQLWRUHDU\HYDOXDU HOSURFHVR 
(QWUHQDPLHQWRVHPDQDOGH/LGHUHV\DSUHQGLFHV(VLPSUHVFLQGLEOHHVWDEOHFHUXQGtDGHHQWUHQDPLHQWR

VHPDQDOGRQGHHOSDVWRU\ORVOLGHUHVGHFpOXODVHUH~QHQFRQHVWRVILQHVHYDOXDFLyQFRUUHFFLyQGLiORJRDOLHQWR\ YLVLyQ(VWRVSDVRVQRVRORVRQ~WLOHVHQODWUDQVLFLyQVLQRTXHQRVKDQVHUYLGRGHJXtDFRQWLQXDHQQXHVWURWUDEDMR SDUDVHJXLUFUHFLHQGR/RVRFKRSDVRVIRUPDQXQSURFHVRVLPSOHEDVDGRHQHOWUDEDMRSHUVRQDOGHFDGDPLHPEUR (VWHSURFHVRSRQHDWRGRVORVPLHPEURVFRQODVPLVPDVRSRUWXQLGDGHVGHVHUYLU\WUDEDMDUSDUDHO6HxRU 0LGHVHRHVTXH'LRVOHSHUPLWDDQGDUHOWLHPSRGHWUDQVLFLyQFRQODFRQILDQ]DSXHVWDHQ6HxRUTXHGLFH0LVRMRV HVWiQSXHVWRVHQWL<RWHGDUpLQVWUXFFLRQHVWHGDUpFRQVHMRVWHHQVHxDUHHOFDPLQRTXHGHEHVVHJXLU 6DOPRV   

 

0DWHULDOHV
 (VWRVPDWHULDOHVHVWiQDVXGLVSRVLFLyQSDUDD\XGDUOHHQODVGLIHUHQWHVHWDSDVGHHVWDJXtD 

(WDSD
(QVHxDQ]DGH9DORUHV (QVHxDQ]DGH9DORUHV 'LVFLSXODGRSHUVRQDO  (QVHxDQ]DGH9DORUHV 'LVFLSXODGRSHUVRQDO  (QVHxDQ]DGH9DORUHV (YDQJHOLVPRSHUVRQDO  (QVHxDQ]DGH%DVH%tEOLFDGHFpOXODV (QVHxDQ]DGH%DVH%tEOLFDGHFpOXODV &DSDFLWDFLyQGH/LGHUHV\DSUHQGLFHV $SHUWXUDGHFpOXODVRILFLDOHV (QWUHQDPLHQWRVHPDQDOGH/LGHUHV\DSUHQGLFHV 1XHYRV3DVRV 7HPDVGHOD%LEOLD

0DWHULDO
&RPRGHVDUUROODUYDORUHV

%RVTXHMRGH(YDQJHOLVPR([SORVLYR /HFFLRQHVSDUDODWUDQVLFLyQ 7DOOHU,JOHVLD&HOXODU 0DQXDOGHOLGHUHVGH&pOXOD *XtDVGHUHXQLRQHVSDUDFpOXODV &DSDFLWDFLyQGH/LGHUD]JRFHOXODU

 0DWHULDOHVGLVSRQLEOHVJUDWXLWDPHQWHHQZZZPLQLVWHULRFUHFHURUJ 

 

&RQFOXVLyQ)LQDO



+HLQWHQWDGRPRVWUDUWHTXHHOFUHFLPLHQWRGHODLJOHVLDHVWDDODOFDQFHGHQXHVWUDGLVSRVLFLyQSHUVRQDOVLHPSUH\ FXDQGROHFUHDPRVDpOGHSHQGDPRVGHpO\OHREHGH]FDPRV  0LGHVHR\RUDFLyQHVTXHQDGDWHGHWHQJDTXH'LRVJXtHWXVSDVRV\WHXVHSDUDGLULJLUDWXLJOHVLDDFUHFHU ORFDOPHQWHDSODQWDULJOHVLDV\DHQYLDUPLVLRQHURVKDVWDOR~OWLPRGHODWLHUUDVLDVtORKDFHVGHVFXEULUiVTXHORTXH -HV~VSURPHWLySDUDVXLJOHVLDQRHUDXQVXHxR\UHFLELUiVGHHOKRQUDSRUTXHHOGLFHHQVXSDODEUD<RKRQURDORV TXHPHKRQUDQ  4XHGRDVXVRUGHQHVSDUDVHUYLUOH 725REHUW 3DVWRUGHOD,JOHVLD%DXWLVWD&RPXQLWDULD 'LUHFWRUGHO0LQLVWHULR&UHFHU   

 

También podría gustarte