Está en la página 1de 47

2%$%3#5"2)%.$/%30!#)/35.!


-)2!$!!,0!42)-/.)/&%22/6)!2)/
$%,!02/6).#)!$%!,"!#%4%

0LJXHO-LPpQH]9HJD\)UDQFLVFR3ROR0XULHO
)XQGDFLyQGHORV)HUURFDUULOHV(VSDxROHV\8QLYHUVLGDG$XWyQRPDGH0DGULG

 GHO*HQHUDO3ULPRGH5LYHUDVHSUR\HFWDUtDXQD
).42/$5##). OtQHD IHUURYLDULD GH FDUiFWHU WUDQVYHUVDO OD GHO
)HUURFDUULO%DH]D8WLHOTXHDWUDYHVDUtDWRGDOD
/DUHGIHUURYLDULDGHODSURYLQFLDGH$OEDFH SURYLQFLDGH$OEDFHWHGHVXUDQRUWH(VWDOtQHD
WHKDOHJDGRXQLPSRUWDQWHSDWULPRQLRDUTXLWHF IHUURYLDULDFRPHQ]DUtDDFRQVWUXLUVHGXUDQWHHO
WyQLFRIUXWRGHODGLODWDGDUHODFLyQTXHHVWHWH UHIHULGR'LUHFWRULR0LOLWDUSHURGLIHUHQWHVFLU
UULWRULRKDYHQLGRPDQWHQLHQGRFRQHVWHPHGLR FXQVWDQFLDV SROtWLFDV \ HFRQyPLFDV UHWUDVDURQ
GHWUDQVSRUWHGHVGHKDFHFLHQWRFLQFXHQWDDxRV ORVWUDEDMRVGHFRQVWUXFFLyQ *XHUUD&LYLO3RV
(ODxRKDVHUYLGRQRVyORSDUDFRQPHPR JXHUUD$XWDUTXtD 8QLQIRUPHGHO%DQFR,QWHU
UDU HO VLJOR \ PHGLR GH OD HQWUDGD HQ VHUYLFLR QDFLRQDOSDUDOD5HFRQVWUXFFLyQ\HO'HVDUUROOR
GHO WUDPR $OFi]DU GH 6DQ -XDQ$OEDFHWH VLQR %,5' UHDOL]DGRDFRPLHQ]RVGHODGpFDGDGH
WDPELpQSDUDUHFRUGDUTXHKDFHFLHQWRFXDUHQWD UHFRPHQGyDO*RELHUQR(VSDxROHODEDQ
DxRVVHOOHJyDFXOPLQDUWRGDODUHGIHUURYLDULD GRQRGHORVWUDEDMRVGHFRQVWUXFFLyQGHpVWD\
TXH QDOPHQWH HQWUDUtD HQ RSHUDFLyQ HQ GLFKD RWUDVOtQHDVFRHWiQHDVGLVHPLQDGDVSRUWRGRHO
SURYLQFLD3RVLEOHPHQWHVHDODSURYLQFLDGH$O WHUULWRULR GHO (VWDGR FXDQGR JUDQ SDUWH GH OD
EDFHWHODSULPHUDGH(VSDxDTXHFXOPLQyWRGR H[SODQDFLyQDOEDFHWHxDGHHVWDOtQHDWUDQVYHUVDO
HVHSURFHVRFRQVWUXFWLYR(YLGHQWHPHQWHVXSR VHHQFRQWUDEDSUiFWLFDPHQWHDFDEDGD/DVHVWD
VLFLyQHVWUDWpJLFDGDGRTXHSRUHVWDSURYLQFLD FLRQHVVHHQFRQWUDEDQDPHGLRKDFHUORVW~QH
GLVFXUULUtDQ ODV OtQHDV TXH HQOD]DEDQ 0DGULG OHVVHHQFRQWUDEDQSHUIRUDGRV\PXFKRVGHORV
FRQORVSXHUWRVGH$OLFDQWH9DOHQFLD\&DUWDJH SXHQWHV\YLDGXFWRVYRODEDQ\DSRUHQFLPDGH
QDOHIDYRUHFLySDUDWHQHUFRPSOHWDGDHQVyOR YDJXDGDV\FDXFHVGHUtRVHLQFOXVRFXDQGR\D
GLH]DxRVWRGDODUHGTXHQDOPHQWHVHSXVRHQ VHHQFRQWUDEDQWHQGLGRVORVUDtOHVGHVGHODFLX
H[SORWDFLyQ GDGGH$OEDFHWHKDVWDHOOtPLWHFRQODSURYLQFLD
GH-DpQ/DKXHOODGHHVWDLQIUDHVWUXFWXUDVLJXH
6H KDFH OD PDWL]DFLyQ GH UHG HQ H[SORWD YLYDHQHOWHUULWRULRDOEDFHWHxR\KR\HQGtDVH
FLyQSRUHOKHFKRGHTXHGXUDQWHOD'LFWDGXUD HQFXHQWUDQHQSURFHVRGHUHXWLOL]DFLyQHQFODYH
!/3$%&%22/#!22),%.!,"!#%4%  

-APA2EDFERROVIARIADELAPROVINCIADE!LBACETE
%LABORADOPOR&UNDACINDELOS&ERROCARRILES%SPAOLES

GH 9tD 9HUGH 6REUH HO SDWULPRQLR IHUURYLDULR $OEDFHWHVHFDUDFWHUL]DDGHPiVSRUVHUXQD


JHQHUDGRHQWRUQRDHVWDOtQHD\DORVIHUURFD GH ODV SURYLQFLDV TXH FRQVHUYD PiV SDWULPR
UULOHV PLQHURV GHO FRWR D]XIUHUR GH +HOOtQ QRV QLRDUTXLWHFWyQLFRYLQFXODGRDODFRPSDxtDGHO
GHWHQGUHPRV HQ XQR GH ORV HStJUDIHV GHO SUH )HUURFDUULO GH 0DGULG D =DUDJR]D \ $OLFDQWH
VHQWHWUDEDMR 0=$ 6LGHVFRQWDPRVORVFDVRVGH$OEDFHWH
FDSLWDOHQGRQGHVHFRQVWUX\yXQQXHYRUHFLQWR
*UDQSDUWHGHHVWHDUWtFXORVHKDSRGLGRGH IHUURYLDULRHQHODxR\GHOHGLFLRGHYLD
VDUUROODUDSDUWLUGHODUHDOL]DFLyQGHXQLQWHQVR MHURVGHODHVWDFLyQGH$OPDQVDTXHIXHFRQV
WUDEDMRGHFDPSRTXHVHHIHFWXyGXUDQWHHOPHV WUXLGRDQDOHVGHODGpFDGDGHHOUHVWRGH
GH MXOLR GH  HQ WRUQR D ODV OtQHDV IHUURYLD HGLFLRV IHUURYLDULRV SHUWHQHFHQ DO SHUtRGR GH
ULDV RSHUDWLYDV GH OD SURYLQFLD (VWD ODERU GH H[SORWDFLyQGH0=$
LGHQWLFDFLyQVREUHHOSDWULPRQLRDUTXLWHFWyQLFR
QRVKDSHUPLWLGRFRQRFHUHOHVWDGRDFWXDOGHORV 'HQWURGHOSHUtRGRGHH[SORWDFLyQGHGLFKD
WUHLQWD\GRVUHFLQWRVIHUURYLDULRVTXHVHSXVLHURQ FRPSDxtDTXHDEDUFyGHVGHKDVWDHODxR
HQIXQFLRQDPLHQWRHQODSURYLQFLDGH$OEDFHWH VHSXHGHQHQFRQWUDUWUHVHWDSDVFRQVWUXF
'HpVWRVGLH]GHHOORVKDQSHUGLGR\DWRGRVVXV WLYDV/DSULPHUDGHHOODVVHHQFXHQWUDDVRFLDGD
HGLFLRV HOGHOWRWDO PDQWHQLpQGRVHHQ DODVFRQVWUXFFLRQHVHULJLGDVGXUDQWHODSULPHUD
FDPELRXQDPXHVWUDLPSRUWDQWHGHORVPLVPRV IDVHGHH[SORWDFLyQIHUURYLDULD  'H
DXQTXH HQ PD\RU R PHQRU JUDGR GH FRQVHUYD HVWDSULPHUDIDVHHOPD\RUQ~PHURGHHMHPSORV
FLyQHQRWURVYHLQWLGyV HOGHOWRWDO  DUTXLWHFWyQLFRVVHHQFXHQWUDQGHQWURGHODOtQHD
 1RSRGHPRVGHMDUGHDJUDGHFHUD-RVp0DULDQR5RGUtJXH]0DUWtQH]ODODERUTXHGHVDUUROOySDUDODSUHVHQWDFLyQGHXQSULPHUDYDQFHGH
HVWHWUDEDMRHQHOPDUFRGHODV-RUQDGDVGH+LVWRULD)HUURYLDULDGH$OEDFHWH
-)'5%,*)-.%:6%'!Y&2!.#)3#/0/,/-52)%,

&KLQFKLOOD&DUWDJHQD ORV HGLFLRV GH YLDMHURV GHFDUJDDORVGHSyVLWRVGHPDWHULDOPyYLO\


GH ODV HVWDFLRQHV GH 3R]R &DxDGD 7REDUUD URWRQGDV VLHQGR$OEDFHWHFDSLWDO$OPDQVD\
+HOOtQ \$JUDPyQ FRQVWLWX\HQ SRU WDQWR XQD &KLQFKLOODORVHMHPSORVPiVUHSUHVHQWDWLYRV 
PXHVWUDQRWDEOH D ODV JU~DV MDV D ORV GHSyVLWRV GH DJXD GH
ORV TXH VH FRQVHUYDQ VLQJXODUHV HMHPSORV HQ
(OVHJXQGRSHUtRGRVHH[WLHQGHGHVGHODGp ODVHVWDFLRQHVGH9LOODUUREOHGR/D5RGD\$O
FDGDGHKDVWDHOLQLFLRGHOD'LFWDGXUDGHO SHUD DODVYLYLHQGDVIHUURYLDULDV &KLQFKLOOD
*HQHUDO 3ULPR GH 5LYHUD$ SDUWLU GH  VH \$JUDPyQVRQHMHPSORVFODURVGHSREODGRV\
SUR\HFWDURQ XQ EXHQ Q~PHUR GH DSDUWDGHURV \ DOGHDVSXUDPHQWHIHUURYLDULDVYHQLGDVKR\HQ
DSHDGHURVHQUHVSXHVWDDODVQHFHVLGDGHVGHULYD GtD D PHQRV SHUR FRQ XQ LPSRUWDQWH OHJDGR
GDVGHOSURJUHVLYRLQFUHPHQWRGHOWUiFRIHUUR SDWULPRQLDO SRU GHVFXEULU \ SRQHU HQ YDORU 
YLDULR\GHORVOyJLFRVUHTXHULPLHQWRVWpFQLFRV GRUPLWRULRV EiVFXODV \ JiOLERV FRQVWLWX\HQ
GHODH[SORWDFLyQ'HHVWHSHUtRGRVHFRQVHUYDQ XQD PXHVWUD UHSUHVHQWDWLYD GH OD DSDVLRQDQWH
HQWUHRWURVLQWHUHVDQWHVHMHPSORVFRPRVRQORV KLVWRULD IHUURYLDULD TXH HQFLHUUD HVWD SURYLQ
DSDUWDGHURVGH/RV+LWRV\0LQDWHGD<DHQOD FLD \ TXH VH HQFXHQWUD D OD HVSHUD GH VHU LQ
HWDSDQDOGHHVWHVHJXQGRSHUtRGRPHUHFHVHU YHVWLJDGD SDUD VX SXHVWD HQ YDORU 6REUH HVWH
GHVWDFDGR HO PDJQtFR HGLFLR GH OD HVWDFLyQ ~OWLPRFRQFHSWRUHH[LRQDPRVHQHOVLJXLHQWH
GH&KLQFKLOODDFWXDOPHQWHHQGHVXVR HStJUDIH

(O WHUFHU SHUtRGR TXH SRGHPRV VHJXLU YLQ


FXODQGR D OD HWDSD GH H[SORWDFLyQ GH 0=$ VH
GHVDUUROODUtDGXUDQWHOD'LFWDGXUDGH3ULPRGH 
5LYHUD'HHVWDHWDSDVHFRQVHUYDQEHOODVHVWD %,0!42)-/.)/()342)#/
FLRQHV FRPR ODV GH9LOODUUREOHGR 0LQD\D /D &%22/6)!2)/#/-/5.6!,/2
5RGD\/D*LQHWD
(OOHJDGRGHORVSDGUHVeVWDVHUtDODHWLPR
<D GHQWUR GHO SHULRGR GH H[SORWDFLyQ GH ORJtDPiVDSUR[LPDGDGHOWpUPLQRSDWULPRQLR
5(1)( FRPR KHPRV DQXQFLDGR DQWHULRUPHQ 1XHVWUDVRFLHGDGKDOOHJDGRDOVLJOR;;,DWHVR
WHWHQHPRVORVFDVRVGH$OEDFHWHFDSLWDO\GHO UDQGRHOULFROHJDGRGHOVDEHU\HOKDFHUGHPL
HGLFLR GH YLDMHURV GH$OPDQVD 1R REVWDQWH OHVGHJHQHUDFLRQHV/DYR]SRSXODUKDYHQLGR
$OEDFHWHFDSLWDOFRQVHUYDHQHODQWLJXRHPSOD VLWXDQGRHOFRQFHSWRSDWULPRQLRHQXQHQFXDGUH
]DPLHQWR IHUURYLDULR TXH VH XELFy HQ OR TXH PX\YLQFXODGRDODVFRQVWUXFFLRQHVUHOLJLRVDV
KR\HQGtDHVHODFWXDO3DVHRGHOD&XED DOJX PLOLWDUHVRFLYLOHVSURFHGHQWHVGHOSDVDGR3HUR
QRVHOHPHQWRVVLPEyOLFRVGHVXDQWHULRUSDVDGR DGHPiV GH HVWH HQFDMH WHPiWLFR HO FRQFHSWR
IHUURYLDULR FRPR HV HO DQWLJXR SDVR VXSHULRU SDWULPRQLDOUHPLWHKDELWXDOPHQWHDFLHUWRVSH
KR\ SUHVHUYDGR HQ XQD JORULHWD \ TXH GDWD GH ULRGRVWHPSRUDOHVTXHDOPHQRVGLVWDQDSUR[L
 DVt FRPR GLYHUVRV HOHPHQWRV GH H[SOR PDGDPHQWHXQVLJORGHDQWLJHGDGUHVSHFWRDO
WDFLyQIHUURYLDULDLQVWDODGRVFRPRRUQDWRGHOD SUHVHQWH(QHVWHFRQWH[WRKDVWDKDFHXQDVGp
YtDS~EOLFD FDGDVHUDFDVLWHPHUDULRKDEODUGHSDWULPRQLR
VDOLpQGRVHGHOFDPSRGHORVFDVWLOORVODVLJOH
$XQTXHHOHGLFLRGHYLDMHURVVHDTXL]iHO VLDVRORVSDODFLRVFUHDGRVFRPRPXFKRKDVWD
HOHPHQWR SDWULPRQLDO GH UHIHUHQFLD HQ FXDO QDOHVGHOVLJOR;,;
TXLHUUHFLQWRIHUURYLDULRQRVHKDGHSHUGHUGH
YLVWD HO LQJHQWH FRQMXQWR GH HGLFLRV DVRFLD <VLELHQHVFLHUWRTXHHVWHFDPSRSDWULPR
GRVDODH[SORWDFLyQ\TXHHQODPD\RUtDGHORV QLDOHVFODUR\HYLGHQWHQRHVPHQRVHYLGHQWH
FDVRVKDQTXHGDGRFRPSOHWDPHQWHHQGHVXVR TXHQXHVWUDVRFLHGDGHQORV~OWLPRVGRVVLJORV
HQ OD SURYLQFLD GH$OEDFHWH 1RV UHIHULPRV D DO KLOR GH OD 5HYROXFLyQ ,QGXVWULDO HO SDLVDMH
ORV DOPDFHQHV GH PHUFDQFtDV D ORV PXHOOHV GH FLXGDGHV GH ]RQDV SRUWXDULDV PLQHUDV GH
!/3$%&%22/#!22),%.!,"!#%4%  

PXFKDVULEHUDVXYLDOHVVHKDLGRWUDPDQGRGH GH OD RSLQLyQ S~EOLFD VHD YLDEOH VX SUHVHUYD


FRQVWUXFFLRQHV HQPXFKDVRFDVLRQHVGHJUDQ FLyQ
GHVGLPHQVLRQHV LQJHQLRVPHFiQLFRVIiEULFDV
D]XGHVFDPLQRVWHQGLGRVYtDVLQVWDODFLRQHV 2EYLDPHQWH HO IHUURFDUULO HQWHQGLHQGR
TXHKDQSRVLELOLWDGRHOGHVDUUROORGHXQDDFWLYL FRPRWDOXQFRPSOHMRVLVWHPDHQHOTXHVHLQ
GDGHFRQyPLFDLQWHQVLYDHQFDSLWDO\PDQRGH WHJUDQHVWDFLRQHVYtDVWUD]DGRVREUDVDQHMDV
REUD\FRQXQDHVSHFLDOFDSDFLGDGGHPRGHODU YLYLHQGDV YLDULRV GH DFFHVRV  HV XQD SLH]D
HOSDLVDMH\HOWHUULWRULR0XFKRVGHHVWRVHOH FODYHGHQXHVWURSDWULPRQLRLQGXVWULDO(VPiV
PHQWRVHQXQHVWDGRPX\SUy[LPRDORULJLQDO HOIHUURFDUULOIXHXQDGHODVFODYHVSDUDTXHOD
RFRQFLHUWRVFDPELRVVLJXHQHQXVRELHQSUHV 5HYROXFLyQ,QGXVWULDOIXHUDSRVLEOH\DTXHID
WDQGRODIXQFLyQSDUDODTXHIXHURQFRQFHELGRV FLOLWy HO PRYLPLHQWR GH ELHQHV \ SHUVRQDV OD
R ELHQ UHFRQYHUWLGRV SDUD QXHYRV XVRV 2WURV OOHJDGD GH PDWHULDV SULPDV \ OD VDOLGD GH ORV
HQ FDPELR WUDV VX REVROHVFHQFLD KDQ VLGR SURGXFWRV HQ XQRV SOD]RV GH WLHPSR \ D XQRV
DEDQGRQDGRVDVXVXHUWHGHVDSDUHFLHQGRSRUOD FRVWRV LQFUHtEOHPHQWH LQIHULRUHV D ORV TXH KD
SUHVLyQGHQXHYRVXVRVGHOWHUULWRULRRVLPSOH EtD KDVWD HQWRQFHV (VWD FUXFLDO SLH]D GH HVWH
PHQWHSHUGLpQGRVHSRUVLPSOHUXLQDFRQHOSDVR SURFHVR KLVWyULFR KD VHJXLGR HQ PDUFKD KDVWD
GHORVDxRV QXHVWURVGtDV&LHUWRHVTXHODVLQQRYDFLRQHVHQ
ODH[SORWDFLyQGHWUHQHVDVtFRPRODSpUGLGDGH
5HVWRVGHOSDVDGRUXLQDVRHVFRPEURVXQD FLHUWRV WUiFRV \ VHUYLFLRV KDQ KHFKR GHVDSD
QXHYD OHFWXUD FLHQWtFD GH WRGRV HVWRV WHVWL UHFHUDOJXQRVHOHPHQWRVSRUDEDQGRQRRELHQ
PRQLRV KD KHFKR TXH VH YXHOYD OD PLUDGD VR VH KDQ UHPRGHODGR GH WDO PDQHUD TXH KR\ HV
EUH HOORV UHGHVFXEULpQGRORV (VWD QXHYD PLUD FDVLLPSRVLEOHUHFRQRFHUORVFRPRHOHPHQWRVGH
GD KD FUHDGR XQD GLVFLSOLQD GHO FRQRFLPLHQWR XQ SDVDGR PiV R PHQRV UHPRWR 3HUR OR PiV
GHQRPLQDGD DUTXHRORJtD LQGXVWULDO TXH FRQ KDELWXDO HV TXH ODV VyOLGDV FRQVWUXFFLRQHV GHO
YDULDV SRVLEOHV SHUVSHFWLYDV \ HQIRTXHV YLHQH IHUURFDUULO SHUWHQHFLHQWHV D JUDQGHV HPSUH
DFHQWUDUVHHQHOHVWXGLRGHORVUHVWRVPDWHULD VDV HQXQSULQFLSLRSULYDGDV\SRVWHULRUPHQWH
OHV GH OD LQGXVWULD TXH HQ HO FDVR HVSDxRO VH S~EOLFDV  KD\DQ OOHJDGR D QXHVWURV GtDV HQ XQ
KD HQODGR KDFLD ORV JHQHUDGRV D SDUWLU GH OD HVWDGRGHFRQVHUYDFLyQPX\DSUR[LPDGRDOGH
5HYROXFLyQ,QGXVWULDO(ODQiOLVLVVHFHQWUDHQ VXHUHFFLyQ/DSHQXULDTXHDWUDYHVyHOVLVWHPD
ORVUHVWRVPDWHULDOHVGHODVDFWLYLGDGHVOLJDGDV IHUURYLDULRDSDUWLUGHODGpFDGDGHFRDUWy
DODSURGXFFLyQGLVWULEXFLyQRFRQVXPRGHORV ODVSRVLELOLGDGHVGHUHQRYDFLyQGHEXHQDSDUWH
ELHQHV )iEULFDV HVWDFLRQHV YLYLHQGDV LQ GHVXVLQVWDODFLRQHVORFXDOODVIRVLOL]yHQXQ
IUDHVWUXFWXUDVKDQVLGR\VRQREMHWRSRUWDQ GHWHUPLQDGRPRPHQWRKLVWyULFRDxDGLHQGRXQ
WRGHOPHQFLRQDGRDQiOLVLVGHHVWDGLVFLSOLQD\ YDORU SDWULPRQLDO DGLFLRQDO 'H KHFKR HV VLQ
GHVWLQDWDULRV GH OD HODERUDFLyQ GH LQYHQWDULRV JXODUPHQWH FXULRVR TXH HO KLWR IXQGDFLRQDO GH
TXHSHUPLWHQFRQRFHUTXpQRVKDOOHJDGR\HQ ODV FRUULHQWHV GH DUTXHRORJtD LQGXVWULDO IXH HO
TXpFRQGLFLRQHV GHUULER GH XQD HVWDFLyQ OD WHUPLQDO ORQGLQHQ
VH GH (XVWRQ 8QD IXHUWH FRUULHQWH SRSXODU GH
(VWDiUHDGHOFRQRFLPLHQWRQRVD\XGDDGHV RSRVLFLyQ D OD GHPROLFLyQ GH HVWD YLHMD WHUPL
FXEULUHVWRVUHVWRVDYDORUDUORVSHURDSDUWLUGH QDOIHUURYLDULDVHQWyODVEDVHVSDUDHOPRGHUQR
DTXtHQWUDPRVHQRWURiPELWRHOGHODJHVWLyQ UHGHVFXEULPLHQWR GHO SDWULPRQLR LQGXVWULDO HQ
GHO SDWULPRQLR LQGXVWULDO /D SUHVHUYDFLyQ OD HOFXDOHOIHUURFDUULODWHVRUDYDOLRVRVHOHPHQWRV
SXHVWD HQ YDORU OD LQWHUSUHWDFLyQ VRQ IDFHWDV SHUR TXH FRPR SRGUHPRV LU FRPSUREDQGR HQ
TXH HV LQHOXGLEOH DERUGDU SDUD TXH XQD YH] HVWH FRQFUHWR DQiOLVLV WHUULWRULDO VXIUH DOJXQRV
SXHVWRVHVWRVUHVWRVDUTXHROyJLFRVEDMRHOIRFR LPSRUWDQWHV HSLVRGLRV GH SpUGLGDV SDWULPRQLD

 $JXLODU&LYHUD  S


 'RQHW-  SS
-)'5%,*)-.%:6%'!Y&2!.#)3#/0/,/-52)%,

OHVODPHQWDEOHPHQWHDOJXQDVPX\UHFLHQWHV\ FRQODLUUXSFLyQGHOWUDQVSRUWHSRUFDUUHWHUD(Q
FRQXQRVULHVJRVPX\DOWRVGHTXHHVWRVSURFH PXFKRVFDVRVODVHVWDFLRQHVVHFRQYLUWLHURQHQ
VRVVLJDQSURGXFLpQGRVHVHDSRULQWHUYHQFLRQHV ORVPiVQREOHVHGLFLRVGHODVFLXGDGHVORVSD
HMHFXWLYDVRSRUHOVLPSOHDEDQGRQRGHODLQVWD ODFLRVGHODQXHYDEXUJXHVtD3XHEORV\FLXGDGHV
ODFLyQ FUHFLHURQKDFLDODVHVWDFLRQHVORVQXHYRVHVSD
FLRVGHRSRUWXQLGDG1XHYDVQHFHVLGDGHVIRU]D
/D KLVWRULD UHFLHQWH GH$OEDFHWH QRV UHYHOD URQODFRQVWUXFFLyQGHHGLFLRVHVSHFLDOL]DGRV
HOJUDQSHVRGHOVHFWRUSULPDULR$JULFXOWXUD\ TXH VXSXVLHURQ GHVDItRV SDUD OD DUTXLWHFWXUD \
JDQDGHUtDKDQPDUFDGRKDVWDIHFKDVQRPX\UH XQDHVSHFWDFXODUUHYROXFLyQHQHODJUDULRFDVH
PRWDVHOGHYHQLUGHHVWDSURYLQFLDPDQFKHJDOR UtRGHORVSXHEORVDOEDFHWHxRVPXHOOHVGHSyVL
FXDOVHWUDGXFHHQXQ HVFDVRGHVDUUROORLQGXV WRVGHDJXDWDOOHUHVDSDUHFLHURQIUHQWHDFDVDV
WULDO \ HQ FRQVHFXHQFLD XQ OLPLWDGR FRQMXQWR FRQFRUUDO\ERGHJDV/D5HYROXFLyQ,QGXVWULDO
GH HOHPHQWRV VXVFHSWLEOHV GH VHU FDWDORJDGRV HQHOiPELWRGHORVWUDQVSRUWHVOOHJyDOFDPSR
KR\GtDGHQWURGHXQSDWULPRQLRLQGXVWULDOSUR (OIHUURFDUULOQRVKDWUDQVPLWLGRKDVWDQXHVWURV
YLQFLDO&RPRFRPHQWD&DxL]DUHV5XL]HQ$O GtDV HVWD LQVWDQWiQHD GH DTXHO EUXWDO FDPELR
EDFHWHORV~QLFRVUHVWRVSURSLDPHQWHLQGXVWULD 6X FRQMXQWR GH HGLFLRV WUDGXFHQ SRU WDQWR HO
OHVVHUtDQORVGHOD5HDO)iEULFDGH0HWDOHVGH WHVWLPRQLRGHOFDPELRGHODQXHYDFXOWXUD6XV
5LySDU\ODVDJURLQGXVWULDVGH$OEDFHWH\9LOOD EDUULRVGHREUHURVIHUURYLDULRVFRQIRUPDURQXQ
UUREOHGRDORVTXHVLQGXGDDOJXQDKDEUtDTXH QXHYR WHMLGR XUEDQR VLQJXODUPHQWH GLIHUHQWH D
DxDGLUHQHVWDPLVPDFODYHORVHVFDVRVUHVWRV ORTXHKDEtDKDVWDHQWRQFHV$WRGRVHVWRVHGL
TXHWRGDYtDSXHGHQYHUVHGHODDFWLYLGDGPLQHUD FLRV H LQVWDODFLRQHV DQH[DV GHGLFDPRV HO VL
HQHOVXUGHOPXQLFLSLRGH+HOOtQ(QFDPELR JXLHQWHDQiOLVLV
VRUSUHQGH HVSHFLDOPHQWH TXH QL HVWD DXWRUD QL
WDPSRFR ORV OLVWDGRV GH ELHQHV SURWHJLGRV GHO
0LQLVWHULR GH &XOWXUD UHFRMDQ PHQFLyQ DOJXQD
DOSDWULPRQLRIHUURYLDULRSURYLQFLDO3RGUtDPRV 
DUPDUTXHHOFRQMXQWRGHOSDWULPRQLRIHUURYLD ,/3()4/3$%,0!42)-/.)/
ULRSURYLQFLDOHVTXL]iVHOFRQMXQWRPiVYDOLRVR &%22/6)!2)/,/#!,
GHWRGRHOSDWULPRQLRLQGXVWULDOSURYLQFLDO3LH
]D D SLH]D R FRQWHPSODGRV FRPR SDUWHV GH XQ
WRGR HQ$OEDFHWH VH DJUXSDQ XQ JUDQ Q~PHUR 
GHLQPXHEOHVFRQVWUXLGRVPXFKRVGHHOORVHQHO ,/3%$)&)#)/3$%6)!*%2/3
~OWLPRWHUFLRGHOVLJOR;,;\FRQLPSUHVLRQDQ
WHV HMHPSORV DUTXLWHFWyQLFRV GHO SULPHU WHUFLR (O SDWULPRQLR DUTXLWHFWyQLFR IHUURYLDULR
GHOVLJOR;;'HVGHGLVFUHWRVHGLFLRVGHHVWD WLHQHHQHOHGLFLRGHYLDMHURVODPHMRUUHSUH
FLRQHV KDVWD WHUPLQDOHV GH SULPHUD FDWHJRUtDV VHQWDFLyQGHXQGHWHUPLQDGRSHUtRGRKLVWyULFR
SDVDQGRSRUEDUULRVREUHURVHLQVWDODFLRQHVGH GHODH[SORWDFLyQGHHVWHPHGLRGHWUDQVSRUWH
DSR\RDODH[SORWDFLyQ7RGRHVWHEDJDMHGHHOH (OIHUURFDUULOGHVGHVXVLQLFLRVKDVWDQXHVWURV
PHQWRVDUPyQLFRELHQFRQVHUYDGRHQPXFKRV GtDVKDLGRSURJUHVDQGRKDFLDPD\RUHVQLYHOHV
FDVRVWHVWLPRQLDQ XQD FXOWXUD HPSUHVDULDO GHO GHHFLHQFLD\KDSURSLFLDGRTXHVXVHOHPHQWRV
VHFWRUWUDQVSRUWHVTXHTXLVRWUDGXFLUDOWHUULWR DQHVDODH[SORWDFLyQKD\DQKHFKRORSURSLR
ULRXQDSRWHQWHLPDJHQGHPDUFD/DUHYROXFLyQ FRQPD\RURPHQRUGLQDPLVPR6LQHPEDUJR
GHODPRYLOLGDGTXHVXSXVRHOIHUURFDUULOIXHXQ QRWRGDVODVLQVWDODFLRQHVIHUURYLDULDVKDQQH
DXWpQWLFRLFRQRGHOSURJUHVRHQODVRFLHGDGGHV FHVLWDGRGHFDPELRVSDUDDGDSWDUVHDODVQXH
GHVXVDOERUHVHQKDVWDVXSpUGLGDGHSDSHO YDVH[LJHQFLDVWHFQROyJLFDVLPSXHVWDVSRUORV

 &DxL]DUHV5XL]  
 9pDVH+HUFH,QpV  
!/3$%&%22/#!22),%.!,"!#%4%  

QXHYRVFULWHULRVGHH[SORWDFLyQ/RVHGLFLRV GH+HOOtQ\HOGH$JUDPyQVHPDQWLHQHQSOHQD
GHYLDMHURVVRQEXHQDSUXHEDGHHOOR6XDSD PHQWHRSHUDWLYRV
ULHQFLDHVWpWLFDH[WHUQDKDSRGLGRPDQWHQHUVH
VLQ FDPELRV DSDUHQWHV GHVGH VX FRQVWUXFFLyQ (VWRV FXDWUR HGLFLRV VH FDUDFWHUL]DQ SRU
PLHQWUDV TXH VX FRQWHQLGR LQWHULRU KD WHQLGR VHU GH SODQWD UHFWDQJXODU SUHVHQWDU XQD VROD
REOLJDWRULDPHQWH TXH DGDSWDUVH D ODV GHPDQ DOWXUD\SRUFRQWDUFRQFXELHUWDDFXDWURDJXDV
GDVGHXQVLVWHPDGHH[SORWDFLyQFDGDYH]PiV /DVFXELHUWDVTXHKR\HQGtDVHFRQVHUYDQSUH
WHFQLFDGR3RUHOORQRHVSDUDQDGDVRUSUHQ VHQWDQ DFDEDGRV WDQWR HQ WHMD SODQD FRPR HQ
GHQWHYHUFyPRODSURYLQFLDGH$OEDFHWHDOEHU WHMDFXUYDVHJ~QKD\DVLGRHOJUDGRGHUHPR
JD XQ LPSRUWDQWH OHJDGR DUTXLWHFWyQLFR TXH GHODFLyQ TXH KD\DQ WHQLGR HVWRV HGLFLRV \
VH KD FRQVHUYDGR HQ PD\RU R PHQRU PHGLGD SDUHFHTXHKXELHUDQVLGRFRURQDGDVFRQXQUH
LQPXWDEOHGHVGHHOSHUtRGRGHH[SORWDFLyQGH PDWHRUQDPHQWDO TXHVyORVHFRQVHUYDKR\HQ
0=$6yORHQFRQWDGRVFDVRVSRGHPRVKDEODU GtD HQ HO HGLFLR GH 3R]R &DxDGD  TXH GHEtD
GHXQDDGDSWDFLyQtQWHJUDGHODDUTXLWHFWXUDD HVWDUXELFDGRSRUUHJODJHQHUDOHQFDGDXQRGH
ODV QXHYDV H[LJHQFLDV GH OD H[SORWDFLyQ QRV ORVGRVYpUWLFHVDSDUWLUGHORVFXDOHVDUUDQFDQ
UHIHULPRV DO HGLFLR GH YLDMHURV GH $OEDFHWH ODVYHUWLHQWHVGHDJXDVGHDPERVODWHUDOHV
\DODUHFRQVWUXFFLyQVHXGRUHJLRQDOLVWD PD
WL]TXHSRVWHULRUPHQWHVHUiFRQYHQLHQWHPHQWH (OUDVJRPiVFDUDFWHUtVWLFRGHWRGRVORVHGL
DFODUDGR GHOQXHYRHGLFLRGHYLDMHURVGHOD FLRVGHHVWHSULPHUSHUtRGRHVHOUHPDWHTXH
HVWDFLyQGH$OPDQVD HQ IRUPD GH DUFR GH PHGLR SXQWR SUHVHQWDQ
WRGRVORVYDQRVTXHVHGLVSRQHQHQDPEDVID
3RGHPRVDUPDUTXHODSURYLQFLDGH$OED FKDGDV/RVDUFRVGHPHGLRSXQWRGHORVHGL
FHWH FRQVHUYD HMHPSORV DUTXLWHFWyQLFRV GH ODV FLRVGH+HOOtQ7REDUUD\3R]R&DxDGDFXHQWDQ
GLVWLQWDVHWDSDVRSHUtRGRVVREUHORVTXHVHKD DGHPiV FRQ XQ DWULEXWR HVWpWLFR XQD PROGXUD
FRQVWUXLGR OD KLVWRULD IHUURYLDULD GH OD SURYLQ DPRGRGHFODYH+R\HQGtDDOJXQRVGHHVWRV
FLD7HQLHQGR HQ FXHQWD OD SHULRGL]DFLyQ DQWH YDQRVVHHQFXHQWUDQFHJDGRVSRUKDEHUFDtGRHQ
ULRUPHQWH H[SXHVWD UHFRUUHUHPRV OD SURYLQFLD GHVXVRODPD\RUtDGHODVGHSHQGHQFLDVTXHDO
GH$OEDFHWHMiQGRQRVHQORVHMHPSORVTXHVH EHUJDEDQHVWRVHGLFLRV2WURVKDQVLGRUHFRQ
FRQVHUYDQ GH FDGD XQD GH ODV HWDSDV HQ FXHV YHUWLGRVHQYHQWDQDVHQGRQGHVHKDQGLVSXHVWR
WLyQ UHMDV\SHUVLDQDVGHGLIHUHQWHVWLSRORJtDV6yOR
HOGH+HOOtQFXHQWDFRQWRGRVVXVYDQRVDELHUWRV
DODOX]FRQVHUYiQGRVHWDPELpQHQHOFDVRGH
+HOOtQXQDPXHVWUDGHODFDUSLQWHUtDH[WHULRUGH
 PDGHUD TXH IXH HQ VX GtD OD SUHGRPLQDQWH HQ
%$)&)#)/3$%6)!*%2/3 HVWHWLSRGHHGLFLRVDXQTXHQRREVWDQWHFRQ
$%,02)-%20%2/$/$% YLYHFRQRWURVWLSRVGHFHUUDPLHQWRVPHWiOLFRV
%80,/4!#).  PiV FRQWHPSRUiQHRV (VWD GLVRQDQFLD HVWpWLFD
QRHVOD~QLFD2WUDVGHVWDFDEOHVVRQODVLPSUR
/DSHUYLYHQFLDGHOPD\RUQ~PHURGHHGL YLVDGDVPDUTXHVLQDVGHFKDSDPHWiOLFDTXHVH
FLRVIHUURYLDULRVHQPDUFDGRVGHQWURGHOSULPHU KDQHVWDEOHFLGRHQORVHGLFLRVGH$JUDPyQ\
SHUtRGRGHH[SORWDFLyQIHUURYLDULDVHFRQVWDWDD GH 3R]R &DxDGD SDUD JHQHUDU ]RQDV GH VRP
ORODUJRGHODOtQHDHQWUH&KLQFKLOOD\&DUWDJH EUDHQHODFFHVRDORVUHVSHFWLYRVJDELQHWHVGH
QDFRQFUHWDPHQWHHQORVUHFLQWRVGH$JUDPyQ FLUFXODFLyQ$HVWDVPRGLFDFLRQHVGHODVSHFWR
+HOOtQ 3R]R &DxDGD \ 7REDUUD 'H HVWD FRUWD HVWpWLFR VH KDQ VXPDGR RWUDV FRPR OD LQVWDOD
UHODFLyQ VH GHVFROJy HO UHFLQWR IHUURYLDULR GH FLyQ GH FRPSUHVRUHV GH DLUHV DFRQGLFLRQDGRV
0LQDV FX\R HGLFLR GH YLDMHURV VH FRQVHUYy \ODGHVDSDULFLyQGHORVHOHPHQWRVGHUHORMHUtD
KDVWDTXHIXHGHPROLGRDPHGLDGRVGHODGpFDGD FRQVHUYiQGRVHWDQVyORHOUHORMGHGREOHHVIHUD
GH'HHVWRVFXDWURHGLFLRVVyORGRVHO GH+HOOtQ
-)'5%,*)-.%:6%'!Y&2!.#)3#/0/,/-52)%,

(GLFLRVGHYLDMHURVGH+HOOtQ L]TXLHUGD \GH3R]R&DxDGD GHUHFKD 


)RWRJUDItDV)XQGDFLyQGHORV)HUURFDUULOHV(VSDxROHV

'HORVFXDWURHGLFLRVTXHVHFRQVHUYDQHO FDGDYHQWDQDTXHSUHVHQWDXQDOLJHUDFXUYDWXUD
GH PiV JUDQGHV GLPHQVLRQHV HV HO GH +HOOtQ HQVXHMHFHQWUDO
(VWDHGLFDFLyQGHPGHODUJRSRU
PGHDQFKXUDFXHQWDHQVXVIURQWLVFRQTXLQFH /DSODQLPHWUtDPiVDQWLJXDTXHVHFRQVHUYD
YDQRV D FDGD ODGR HQWUH SXHUWDV GH DFFHVR DO GH HVWRV HGLFLRV FRUUHVSRQGH DO GH 7REDUUD
HGLFLRHQHOODGRGHODQGpQ\HQWUHYHQWDQDV\ (O SODQR GH OD SODQWD GH HVWH HGLFLR SHUPLWH
SXHUWDVGHDFFHVRDOHGLFLRGHVGHHOSDWLRGH FRQWUDVWDUFyPRHQHODxRWUHVDxRVGHV
YLDMHURV /DV GLPHQVLRQHV EiVLFDV GHO HGLFLR SXpVGHODLQDXJXUDFLyQGHHVWDOtQHDHOHGLFLR
VHPDQWLHQHQGHVGHODpSRFDGHODLQDXJXUDFLyQ WHQtDSUiFWLFDPHQWHODPLVPDIDFWXUDTXHSUH
GH OD OtQHD (O LQWHULRU GHO HGLFLR GH YLDMHURV VHQWDKR\HQGtD/DVGLPHQVLRQHVGHOSODQRQRV
GH+HOOtQVHJ~QODSODQLPHWUtDTXHVHFRQVHUYD SHUPLWHQFRQVWDWDUFyPRVHWUDWDEDGHXQHGL
GDWDGD HQ HO DxR  DOEHUJDED QR VyOR ORV FLRGHLQIHULRUFDWHJRUtDDOTXHVHFRQVHUYDHQ
VHUYLFLRV SURSLRV YLQFXODGRV D OD H[SORWDFLyQ +HOOtQ&RQODVPLVPDVFDUDFWHUtVWLFDVHVWpWLFDV
IHUURYLDULD GHVSDFKRGHOMHIHGHHVWDFLyQGHV HOHGLFLRGH7REDUUDWLHQHPGHODUJRSRU
SDFKRSDUDODYHQWDGHELOOHWHVJDELQHWHWHOHJUi  GH DQFKR /RV IURQWLV GHO HGLFLR WDQWR
FR\IDFWRUtDYHVWtEXORFRQVXFRUUHVSRQGLHQ SDUDHOODGRGHDQGHQHVFRPRSDUDHOGHDFFHVR
WH PRVWUDGRU SDUD OD IDFWXUDFLyQ GH HTXLSDMHV DO PLVPR FRQVWDQ GH VLHWH YDQRV (VWH Q~PH
VDODV GH HVSHUD GLIHUHQFLDGDV SDUD YLDMHURV GH URGHOXFHVWUHVGHHOODVXELFDGDVHQFHQWURGHO
SULPHUDVHJXQGD\WHUFHUDFODVHDUFKLYRDOPD HGLFLRFRLQFLGLHQGRFRQHOHVSDFLRGHVWLQDGR
FpQGHSHQGHQFLDVSDUDHOSHUVRQDOVXSOHPHQWD DODVDODGHHVSHUD\GRVPiVHQORVH[WUHPRV
ULR\SDUDODLQVSHFFLyQGHOJRELHUQR WDPELpQ GHO PLVPR OLPLWDQGR ORV HVSDFLRV GHVWLQDGRV
FRPRHUDFRP~QHQODPD\RUtDGHORVHGLFLRV SDUDHOJDELQHWHGHFLUFXODFLyQ\RWURVVHUYLFLRV
GHYLDMHURVDFRJtDODVYLYLHQGDVGHOMHIHGHHV GHH[SORWDFLyQVHUHSHWLUiWDPELpQHQORVHGL
WDFLyQ\GHGRVIDFWRUHVGHFLUFXODFLyQ$HVWH FLRVGH$JUDPyQ\GH3R]R&DxDGD
HGLFLRVHOHDxDGLUtDQDxRVGHVSXpVXQSDUGH
YHQWDQDVHQFDGDXQRGHVXVODWHUDOHV(ODFDED 'HQWUR GH HVWH SULPHU SHUtRGR GH H[SORWD
GRHVWpWLFRGHHVWDVQXHYDVOXFHV\DQRVHJXLUtD FLyQHQFRQWUDPRVXQWLSRGHHGLFLRGHYLDMHURV
ODPLVPDIDFWXUDTXHHQFRQWUDPRVHQORVYDQRV TXHQRUHVSRQGHDOFDQRQDUTXLWHFWyQLFRDQWH
GHODIDFKDGD6HWUDWDDKRUDGHXQDPROGXUDKR ULRUPHQWH GHVFULWR 1RV UHIHULPRV DO HGLFLR
UL]RQWDOGLVSXHVWDVyORHQODSDUWHVXSHULRUGH GH YLDMHURV GH OD HVWDFLyQ GH &DXGHWH TXH VH

 $+)%
 $+)%
 $+)%
!/3$%&%22/#!22),%.!,"!#%4%  

(GLFLRGHYLDMHURVGHODHVWDFLyQGH&DXGHWH)RWRJUDItD)XQGDFLyQGHORV)HUURFDUULOHV(VSDxROHV

HQFXDGUD GHQWUR GH RWUD WtSLFD WLSRORJtD DUTXL HOYHVWtEXORGHYLDMHURV\SRUODVGHSHQGHQFLDV


WHFWyQLFDTXHGHVDUUROOy0=$HQJUDQSDUWHGH GH FLUFXODFLyQ \ GH H[SHGLFLyQ GH ELOOHWHV ODV
VXVOtQHDV(MHPSORVVLPLODUHVDOGH&DXGHWHVH WUHVSXHUWDVGHDFFHVRDODQGpQSUHVHQWDQFDGD
SXHGHQ HQFRQWUDU HQ OD SURORQJDFLyQ GH HVWD XQDGHHOODVXQDFDEDGRHQDUFRGHPHGLRSXQ
PLVPDOtQHDKDFLD$OLFDQWHFRPRHVHOFDVRGH WRGHPD\RUGLiPHWURTXHHOTXHH[LVWHHQORV
OD HVWDFLyQ GH 1RYHOGD$VSH \ HQ OD OtQHD GHO HGLFLRV GH +HOOtQ$JUDPyQ 7REDUUD \ 3R]R
0DGULG&LXGDG5HDO\%DGDMR] &DxDGD(VWRVDUFRVGHPHGLRSXQWRFRQWLHQHQ
WDPELpQ XQ DWULEXWR RUQDPHQWDO XELFDGR HQ HO
(OHGLFLRGH&DXGHWHVHFDUDFWHUL]DSRUVXV HMHFHQWUDOGHODUFR(VWDWHUPLQDFLyQIRUPDOVH
WUHVFXHUSRV8QRGHHOORVFHQWUDOFRQGRVDOWX UHSLWHHQODIDFKDGDGHOHGLFLRTXHGDDOSDWLR
UDV\ORVRWURVGRVHQORVH[WUHPRVGHXQVROR GHYLDMHURVDXQTXHHOGLiPHWURGHFDGDXQRGH
QLYHO (O HGLFLR SUHVHQWD IDFKDGD HQIRVFDGD HVWRV ~OWLPRV DUFRV GH PHGLR SXQWR HV VHQVL
SLQWDGD HQ FRORU JUDQDWH \ WHUPLQDFLyQ GH OD EOHPHQWH LQIHULRU TXH SRU HO ODGR GH DQGHQHV
FXELHUWDHQWHMDiUDEHGLVSXHVWDDFXDWURDJXDV (QODIDFKDGDTXHGDDOSDWLRGHYLDMHURVH[LVWH
HQHOFXHUSRLQWHUPHGLRRFHQWUDO\DWUHVDJXDV VyORXQDSXHUWDGHDFFHVRXELFDGDHQHOFHQWUR
HQORVFXHUSRVODWHUDOHV/RV~QLFRVRUQDPHQWRV GHOHGLFLRTXHVHYHFRPSOHPHQWDGDSRUGRV
HVWpWLFRV TXH FRQWLHQH HO HGLFLR VH VLW~DQ HQ YHQWDQDV (Q FDPELR HQ HO QLYHO VXSHULRU GHO
ODV MDPEDV GH VXV YHQWDQDV \ SXHUWDV GH DFFH FXHUSR FHQWUDO RFXSDGR SRU OD YLYLHQGD GHVWL
VR eVWDV SUHVHQWDQ GRV WLSRV GH DFDEDGRV (Q QDGD DO MHIH GH HVWDFLyQ ODV WUHV YHQWDQDV TXH
HOQLYHOLQIHULRUGHOFXHUSRFHQWUDORFXSDGRSRU VHDEUHQDFDGDODGRGHOHGLFLRSUHVHQWDQXQD

 $SDULHQFLDHVWpWLFDUHVXOWDGRGHOJXDUQHFLGRFRQPRUWHURGHXQPXURRSDUDPHQWR
-)'5%,*)-.%:6%'!Y&2!.#)3#/0/,/-52)%,

WHUPLQDFLyQGHODPROGXUDGHODMDPEDGHWLSR UHFLQWRVIHUURYLDULRV'XUDQWHHVWHVHJXQGRSH
VHPLFXUYRUHPDWDGDVWRGDVHOODVHQVXVH[WUH UtRGRVHSUR\HFWDURQORVDSDUWDGHURV\DSHDGH
PRV \ HQ HO PLVPR FHQWUR GH OD YHQWDQD SRU URVGH/D/RVLOOD/RV+LWRV(OQJHO0LQDWH
SHTXHxRVVDOLHQWHVYRODGL]RVTXHURPSHQFRQOD GD+R\D*RQ]DOR&DVDVGHO&DPSLOOR3R]RGH
VREULHGDGTXHFDUDFWHUL]DQDHVWHHGLFLR/DV OD3HxD6DQWD0DUWD3LQLOOD1DYDMXHORV*DQ
YHQWDQDVGHODSDUWHVXSHULRUFRQWLHQHQDGHPiV JXHUDV3HUDOWD+R\DGHO3R]R\/DV7RUUHV
RWURRUQDPHQWRHVWpWLFR6HWUDWDGHXQHOHPHQWR
PHWiOLFRDFRSODGRDODSDUWHVXSHULRUGHODYHQ 'H WRGR HVWH SURFHVR GH FRQVWUXFFLyQ VH
WDQDTXHSUHVHQWDXQDOLJUDQDHQVXSDUWHLQIH FRQVHUYDQ YDULRV HMHPSORV TXH UHVSRQGHQ D
ULRU\TXHYLHQHDFRPSOHWDUDPRGRGHIURQWyQ GLIHUHQWHVWLSRORJtDVTXHLUHPRVSUHVHQWDQGRD
GHFRUDWLYRHOGLQWHOTXHSUHVHQWDQODVOXFHVGH FRQWLQXDFLyQ3RURWUDSDUWHGXUDQWHHVWHSHUtR
HVWDSODQWDVXSHULRU3RU~OWLPRORVGRVFXHUSRV GRVHSURGXMRXQLPSRUWDQWHSURFHVRGHUHQRYD
ODWHUDOHVSUHVHQWDQFDGDXQRGHHOORVXQDSXHUWD FLyQGHHGLFLRVGHHVWDFLRQHV\GHDSDUWDGHURV
FRQGLQWHOKRUL]RQWDOXELFDGDVyORSRUHOODGR TXH\DVHHQFRQWUDEDQDELHUWRVDODH[SORWDFLyQ
GHDQGHQHVSRUODTXHVHDFFHGHDHVWDQFLDVGH GHVGH HO SULPHU HVWDEOHFLPLHQWR GH ODV OtQHDV
FDUiFWHUDX[LOLDUDODH[SORWDFLyQIHUURYLDULD(O 6REUH ORV HGLFLRV GH$OEDFHWH$OSHUD9LOODU
HGLFLRGHYLDMHURVGH&DXGHWHSUHVHQWDXQHV GH &KLQFKLOOD &KLQFKLOOD \ GHO DSDUWDGHUR GH
WDGRGHFRQVHUYDFLyQySWLPRDXQTXHFXHQWDHQ 0DWDV9HUGHVLQFLGLUHPRVWDPELpQHQHVWHVH
ODDFWXDOLGDGFRQXQEDMRQLYHOGHDFWLYLGDG JXQGRDSDUWDGR

'HQWURGHHVWH~OWLPRJUXSRHOHGLFLRGH
YLDMHURVTXHFRQVWUX\HUD0=$HQODFLXGDGGH
 $OEDFHWHHVHO~QLFRGHOTXH\DQRTXHGDQLQ
%$)&)#)/3$%6)!*%2/3$%,3%'5.$/ J~Q YHVWLJLR PDWHULDO /D SULPLWLYD HVWDFLyQ
0%2/$/$%%80,/4!#).  GH$OEDFHWH FRQVWUXLGD HQ HO DxR  VHUtD
UHIRUPDGDDSDUWLUGHODxRGHQWURGHXQ
/DUHGIHUURYLDULDHQDFWLYRGHODSURYLQFLD SUR\HFWR JHQHUDO GH UHFRQYHUVLyQ \ FRQVWUXF
GH $OEDFHWH DXQTXH FRQJXUDGD \D GHVGH HO FLyQGHQXHYDVLQVWDODFLRQHVGHQWURGHOUHFLQWR
DxRFUHFHUtDHQLQVWDODFLRQHVDSDUWLUGH IHUURYLDULR GH$OEDFHWH (VWH UHPR]DGR HGL
ODGpFDGDGH(OFUHFLPLHQWRGHOWUiFRIH FLR GH YLDMHURV HVWXYR HQ DFWLYR KDVWD HO DxR
UURYLDULRVHUtDHODUJXPHQWRSULQFLSDOSDUDTXH  FXDQGR VH LQDXJXUy OD DFWXDO HVWDFLyQ
VHHVWXGLDUDQODVSRVLELOLGDGHVWpFQLFDVSDUDOD $SHVDUGHTXHHOSULPLWLYRHGLFLRGHYLDMH
HMHFXFLyQGHXQLPSRUWDQWHQ~PHURGHQXHYRV URVIXHQDOPHQWHGHPROLGRKDOOHJDGRKDVWD

)DFKDGDGHODQWLJXRHGLFLRGHYLDMHURVGH$OEDFHWHYLVWDGHVGHHOODGRGHDQGHQHVDxR$+)%
!/3$%&%22/#!22),%.!,"!#%4%  

(GLFLRGHYLDMHURVGH$OSHUD)RWRJUDItD)XQGDFLyQGHORV)HUURFDUULOHV(VSDxROHV

QXHVWURVGtDVXQDDEXQGDQWHGRFXPHQWDFLyQ $PERVHGLFLRVIXHURQSUR\HFWDGRV\HULJLGRV
GHO SURFHVR GH UHIRUPD LQLFLDGR D FRPLHQ]RV HQWUH ORV DxRV  \  \ ORV GRV YLQLH
GHOVLJOR;;PHGLDQWHODFXDOQRVHVSRVLEOH URQ D VXVWLWXLU D VHQGDV FRQVWUXFFLRQHV SHUWH
FRQRFHU ORV GHWDOOHV HVWpWLFRV GHO HGLFLR GH QHFLHQWHVDODSULPHUDHWDSDGHODH[SORWDFLyQ
YLDMHURV VXV GLPHQVLRQHV \ FRQWUDVWDU FyPR GHODOtQHD0DGULG$OLFDQWHTXHDODDOWXUDGHO
PXFKDV GH ODV FDUDFWHUtVWLFDV DUTXLWHFWyQLFDV SULPHUGHFHQLRGHOVLJOR;;VHJ~QVHFRQVWDWD
TXHLQFRUSRUDEDHVWHHGLFLRVHUHSHWLUtDQQXH SRUODGRFXPHQWDFLyQGHODpSRFDSUHVHQWDEDQ
YDPHQWHHQODVFRQVWUXFFLRQHVTXHHULJLy0=$ \D XQ GHFLHQWH HVWDGR GH FRQVHUYDFLyQ /RV
GXUDQWHWRGRHOSULPHUWHUFLRGHGLFKDFHQWXULD HGLFLRVVRQGHSODQWDUHFWDQJXODUGHP
'HOSULPLWLYRHGLFLRGHYLDMHURVGH$OEDFHWH GHODUJRSRUPGHDQFKRFRQVWDQGHGRV
VyOR VH FRQVHUYD XQ YHVWLJLR PDWHULDO VX DQ DOWXUDV \ SUHVHQWDQ FXELHUWD D GRV DJXDV (Q
WLJXDPDUTXHVLQDDFWXDOPHQWHLQVWDODGDHQHO FDPELRHQODWHUPLQDFLyQGHIDFKDGDGLHUHQ
HGLFLRGHYLDMHURVGHODHVWDFLyQGH&KLQFKL HQ HO HPSOHR GH PDWHULDOHV 6L OD HVWDFLyQ GH
OODHULJLGRGHQXHYDSODQWDDSDUWLUGHXQSUR $OSHUD FXHQWD FRQ XQD SODQWD EDMD GH VLOOHUtD
\HFWRGHODxR GHSLHGUD\ODSODQWDVXSHULRUVHHQFXHQWUDDFD
EDGDHQODGULOORYLVWRODGH9LOODUGH&KLQFKLOOD
/RVHGLFLRVGHYLDMHURVGHODVHVWDFLRQHV SUHVHQWDHQFDPELRXQDWHUPLQDFLyQFRPSOHWD
GH $OSHUD \ GH 9LOODU GH &KLQFKLOOD DPERV HQ ODGULOOR YLVWR TXH VyOR VH YH LQWHUUXPSLGD
HQODOtQHD0DGULG$OLFDQWHUHVSRQGHQDXQD SRUXQDPROGXUDGHJUDQLWRTXHFLUFXQGDWRGR
PLVPD WLSRORJtD DUTXLWHFWyQLFD TXH WDPELpQ HO YROXPHQ GHO HGLFLR SRU ODV PROGXUDV VH
VH GHVDUUROODUtD GXUDQWH HVWD VHJXQGD HWDSD PLFXUYDVTXHFRURQDQORVGLQWHOHVGHODVYHQ

 $+)%
 3DUDODHVWDFLyQGH$OSHUDYpDVH$+)&\SDUDODHVWDFLyQGH9LOODUGH&KLQFKLOODYpDVH$+)&
-)'5%,*)-.%:6%'!Y&2!.#)3#/0/,/-52)%,

$O]DGRV\SODQWDVGHODQWLJXRHGLFLRGHYLDMHURVGH&KLQFKLOODDxR$+)%

WDQDV\SXHUWDVGHDFFHVRDOHGLFLR\SRUORV FRVDV HO HGLFLR TXH QDOPHQWH VH FRQVWUX


GHWDOOHV GH SLHGUD FRORFDGRV DO WUDVGyV HQ ODV \yGXUDQWHODGpFDGDGHFXHQWDFRQXQD
DULVWDVGHDPERVHGLFLRV SODQWD UHFWDQJXODU GH  P GH ODUJR SRU
GHDQFKR(OLPSRQHQWHHGLFLRFRQVWD
2WURGHORVHGLFLRVGHYLDMHURVTXHIXH GHWUHVFXHUSRVXQRGHHOORVFHQWUDO\GHGRV
URQFRQVWUXLGRVGHQXHYDSODQWDGXUDQWHHVWH DOWXUDV \ ORV RWURV GRV HQ DPERV H[WUHPRV
VHJXQGR SHUtRGR IXH HO GH OD HVWDFLyQ GH GH XQ VROR QLYHO /DV FXELHUWDV GH ORV WUHV
&KLQFKLOOD(OKHFKRGHTXHHQHVWDHVWDFLyQ FXHUSRVSUHVHQWDQWHUPLQDFLRQHVDGRVDJXDV
WXYLHUDVXRULJHQODOtQHDKDFLD&DUWDJHQDIXH FRQWHMDSODQD\SUHVHQWDQHQHOYpUWLFHGHODV
PRWLYRPiVTXHVXFLHQWHSDUDTXHORVWpFQL PLVPDV ORV UHVWRV GH XQ UHPDWH GH FUHVWHUtD
FRVGH0=$VHSODQWHDUDQHQHODxR OD PHWiOLFDGHWDOOHTXHSUHVHQWDQWDPELpQRWUDV
QHFHVLGDG GH FRQVWUXLU XQ QXHYR HGLFLR GH WDQWDV HGLFDFLRQHV GH 0=$ GHO SULPHU SH
YLDMHURV TXH VXVWLWX\HUD DO HULJLGR HQ HO DxR UtRGRGHH[SORWDFLyQ

 (O QXHYR HGLFLR GH YLDMHURV SUR\HFWD
(OQXHYRHGLFLRVHSUR\HFWyFRQODVPL GR HQ  FRPSUHQGH HVWDQFLDV GHGLFDGDV
UDVSXHVWDVHQGRWDUDHVWDHVWDFLyQGHODVGH H[FOXVLYDPHQWH D OD H[SORWDFLyQ IHUURYLDULD
SHQGHQFLDVVXFLHQWHVSDUDDOEHUJDUWRGRVORV YDULRVHVSDFLRVSDUDORVWLHPSRVGHHVSHUDGH
VHUYLFLRVYLQFXODGRVFRQODH[SORWDFLyQ\FRQ ORVYLDMHURVODIRQGD TXHHQXQDHVWDFLyQGH
HOLPSRUWDQWHWUiFRGHYLDMHURVTXHOOHJDUtD HVWH SRUWH DGTXLUtD XQD JUDQ LPSRUWDQFLD SRU
DVRSRUWDUHVWHQXGRIHUURYLDULRGXUDQWHEXH HOWUiQVLWRFRQWLQXRGHYLDMHURV \ODVYLYLHQ
QDSDUWHGHVXSHUtRGRGHYLGDDFWLYD$VtODV GDVGHOMHIHGHHVWDFLyQ\GHOIDFWRUGHFLUFXOD

 3DUDHOSUR\HFWRGHQXHYRHGLFLRGHYLDMHURVGHODHVWDFLyQGH&KLQFKLOODYpDVH$+)%
!/3$%&%22/#!22),%.!,"!#%4%  

$O]DGRGHOQXHYRHGLFLRGHYLDMHURVGHODHVWDFLyQGH&KLQFKLOODSUR\HFWDGRHQHODxR$+)%

FLyQVLWXDGDVHQODSODQWDVXSHULRUGHOFXHUSR 0DWDV9HUGHV(VWDLQVWDODFLyQVHUtDREMHWRGH
FHQWUDO /DV IDFKDGDV GHO HGLFLR SUHVHQWDQ DPSOLDFLyQDQDOHVGHOVLJOR;,;(QHODxR
XQDFDEDGRHQIRVFDGR\HQOXFLGRTXHVHYH VHSUR\HFWyODDPSOLDFLyQGHOHGLFLR
FRPSOHPHQWDGR SRU XQ ]yFDOR GH SLHGUD TXH KDVWDHVHPRPHQWRGHSODQWDUHFWDQJXODU\GH
FLUFXQGDWRGRHOHGLFLR/DSLHGUDHVWiWDP GRVDOWXUDVFRQHOREMHWLYRGHTXHVHSXGLHUD
ELpQSUHVHQWHFRPRPRWLYRGHFRUDWLYRHQODV LQFUHPHQWDUODGRWDFLyQGHDJHQWHVDGVFULWRVD
DULVWDVGHOHGLFLR\HQXQDPROGXUDTXHVHSD HVWDLQVWDODFLyQXELFDGDHQSOHQRGHVSREODGR
UDODVSODQWDVKDELWDEOHVGHOD]RQDGHDUUDQ 6H RSWy SRU WDQWR SRU FRQVWUXLU GRV FXHUSRV
TXH GH ODV FXELHUWDV /DV MDPEDV GH SXHUWDV PiVTXHVHDGRVDUtDQDO\DH[LVWHQWHKDVWDHVH
\ YHQWDQDV SUHVHQWDQ WRGDV HOODV XQ UHFHUFD PRPHQWR\TXHGDUtDFRPRUHVXOWDGRQDOXQ
GRHQSLHGUDTXHUHFRUUHWRGRHOSHUtPHWURGH UHPR]DGRHGLFLRGHPGHODUJRSRUP
FDGD YDQR (VWRV UHFHUFDGRV FXHQWDQ FRQ HO GHIRQGR/DHVWpWLFDGHHVWHHGLFLRUHFXHUGD
VHOORFRUSRUDWLYRGHODHPSUHVD0=$VXDQD EDVWDQWHDODTXHSUHVHQWDHOGH&DXGHWHDXQ
JUDPDVLWXDGRDPRGRGHFODYHHQVXFHQWUR TXHVHREVHUYDQGLIHUHQFLDVDSUHFLDEOHVFRPR
VXSHULRU &RPR FRORIyQ D HVWH EUHYH FRPHQ OD HOLPLQDFLyQ GH ODV WHUPLQDFLRQHV HQ DUFRV
WDULRVREUHHOHGLFLRVHKDGHUHFRUGDUTXHOD GH PHGLR SXQWR \ HO Q~PHUR GH YDQRV TXH
PDUTXHVLQDTXHVHHQFXHQWUDLQVWDODGDSHUWH FRQWLHQHQORVGRVQXHYRVPyGXORVDJUHJDGRV
QHFLyDOHGLFLRGHYLDMHURVGHODDQWLJXDHVWD SDVDQGRGHXQYDQRGHOXFHVDGRVHQGLFKRV
FLyQGH$OEDFHWH(MHPSORVFRPRHVWHHGLFLR FXHUSRVH[WUHPRV
GH &KLQFKLOOD ORV HQFRQWUDPRV HQ HVWDFLRQHV
GHHVWDPLVPDOtQHDFRPRHVHOFDVRGHRWUD
HVWDFLyQGHHPSDOPHODGH&DVWLOOHMR$xRYHU
HQODSURYLQFLDGH0DGULG

(O HGLFLR GH YLDMHURV GH OD HVWDFLyQ GH


&KLQFKLOODGHVGHTXHDQDOHVGHODGpFDGDGH
VXVLQVWDODFLRQHVIXHUDQFHUUDGDVDOWUiFR
FRQYHQFLRQDOGHYLDMHURV\PHUFDQFtDV\DIDOWD
GH XQD UHFRQYHUVLyQ GHO LQPXHEOH KDFLD RWURV
XVRVKDFDtGRHQXQSURJUHVLYRHVWDGRGHGHWH
ULRURTXHVHDJUDYDDSDVRVDJLJDQWDGRVFRQHO
SDVRGHOWLHPSR

'HQWUR GH HVWH JUXSR GH HGLFLRV UHIRU 9LVWDGHOHGLFLRGHYLDMHURVGHODHVWDFLyQGH


PDGRV D OR ODUJR GH HVWD VHJXQGD HWDSD GH &KLQFKLOODGHVGHHOSDWLRGHYLDMHURV)RWRJUDItD
H[SORWDFLyQVHHQFXHQWUDHOGHODSDUWDGHURGH )XQGDFLyQGHORV)HUURFDUULOHV(VSDxROHV

 3DUDHOSUR\HFWRGHUHIRUPDYpDVH$+)%
-)'5%,*)-.%:6%'!Y&2!.#)3#/0/,/-52)%,

3ODQWDGHODUHIRUPDGHOHGLFLRGH0DWDV9HUGHVVHJ~QSUR\HFWRGH$+)%\YLVWDDFWXDOGHO
HGLFLRGH0DWDV9HUGHVGHVGHHOODGRGHYtDV)RWRJUDItD)XQGDFLyQGHORV)HUURFDUULOHV(VSDxROHV

(O PRGHOR DUTXLWHFWyQLFR TXH VH GHVDUUR ORV WHUUHQRV GH ODERU SUy[LPRV /RV RWURV WUHV
OOyHQ0DWDV9HUGHVVHUtDHODSOLFDGRWDPELpQ UHVWDQWHVSUHVHQWDQGLIHUHQWHVJUDGRVGHFRQVHU
HQRWURVWDQWRVHGLFLRVTXHVHSUR\HFWDURQ\ YDFLyQ GHVGH HO PiV GHWHULRUDGR 0DWDV 9HU
HMHFXWDURQGXUDQWHHVWHVHJXQGRSHUtRGR$GH GHV DOTXHSUHVHQWDXQDVSHFWRPiVDFHSWDEOH
PiVHVWRVHGLFLRVVHFRQVWUXLUiQPiVFRQXQ FRPRHVHOHGLFLRGH/RV+LWRV1RREVWDQWH
DIiQGHVHUYLUGHYLYLHQGDDORVHPSOHDGRVTXH ODIDOWDGHUHDSURYHFKDPLHQWRGHHVWRVDQWLJXRV
FRPRHVSDFLRVSDUDODH[SORWDFLyQSXUDPHQWH HVSDFLRV SDUD RWURV XVRV UHSHUFXWLUi FRQ WRGD
IHUURYLDULD 8QD GH ODV SULPHUDV PXHVWUDV GH VHJXULGDGHQXQDYDQFHSURJUHVLYRGHVXJUDGR
HVH SURFHVR GH HVWDQGDUL]DFLyQ GH WLSRORJtDV GHGHWHULRUR
OD HQFRQWUDPRV HQ HO SUR\HFWR GHO HGLFLR
DSDUWDGHURGH0LQDWHGDTXHYLHQHDWRPDUHO 3RU ~OWLPR HQ UHODFLyQ FRQ HVWD WLSRORJtD
FDQRQGH0DWDV9HUGHVDOPHQRVHQFXDQWRD PHUHFHVHUFRPHQWDGRHOSUDJPDWLVPRFRQHO
GLPHQVLRQHV\YRO~PHQHV/DVGLIHUHQFLDVHV TXH0=$DFRPHWLyDOJXQDGHHVWDVFRQVWUXF
WpWLFDV HQWUH HO HGLFLR GH 0LQDWHGD \ HO GH FLRQHVDFRPRGiQGRODVDODPRUIRORJtDGHOHV
0DWDV9HUGHVUDGLFDQHQHOKHFKRGHTXHHQHO SDFLRHQHOTXHQDOPHQWHVHDVHQWDUtD(OFDVR
~OWLPRVHXWLOL]yDXQTXH\DQRVHFRQVHUYHOD PiVVLQJXODUVHUiTXL]iHOGHOHGLFLRGH/RV
GULOORYLVWRSDUDHOUHPDWHGHORVUHFHUFDGRVGH +LWRV FLPHQWDGR VREUH XQ WDOXG \ UHIRU]DGR
ODVMDPEDVPLHQWUDVTXHHQHOGH0LQDWHGDHO SRUODFRQVWUXFFLyQGHXQPXURGHFRQWHQFLyQ
UHFHUFDGRHVGHSLHGUD\VHHQFXHQWUDHQUDVDGD (VWD VLWXDFLyQ UHSHUFXWLUtD HQ OD FUHDFLyQ GH
FRQODSURSLDIDFKDGD XQSULPHUQLYHODPRGRGHVyWDQRTXHRFXSD
WRGDODSODQWD\DOTXHVyORVHDFFHGHSRUODV
/RV HGLFLRV GH /RV +LWRV \ /D /RVLOOD WUDVHUDV GHO HGLFLR (VWD FLUFXQVWDQFLD WHQ
WDPELpQSUR\HFWDGRVGXUDQWHHVWHSHUtRGRUHV GUtD FRPR UHVXOWDGR TXH XQD YH] JDQDGR HVH
SRQGLHURQ HQ FDPELR D OD SULPHUD WLSRORJtD HVSDFLR PHGLDQWH OD H[FDYDFLyQ GHO WDOXG VH
TXHSUHVHQWyHOGH0DWDV9HUGHV(QHVWRVGRV JHQHUDUD XQD WHUFHUD SODQWD VyOR YLVLEOH SRU
HGLFLRV FRPR QRWD FDUDFWHUtVWLFD VH SXHGHQ SDUWHSRVWHULRUGHOHGLFLR\HQGRQGHVHIXH
REVHUYDUODFRPELQDFLyQGHSLHGUD\GHODGULOOR URQFRQVWUX\HQGRSRVWHULRUHVDPSOLDFLRQHVGHO
YLVWR(OXVRGHOODGULOORYLVWRVHSUHVHQWDHQORV HGLFLR (VWRV DxDGLGRV KDQ JHQHUDQGR LP
UHFHUFDGRVGHODVOXFHVGHOHGLFLRHQODGREOH SRUWDQWHVGLVRQDQFLDVDUTXLWHFWyQLFDVFRQUHV
IDMD SHULPHWUDO TXH UHFRUUH WRGR HO FXHUSR GHO SHFWR DO HGLFLR RULJLQDO (MHPSORV FODURV GH
PLVPR\HQVXVFXDWURDULVWDV'HHVWRVFXDWUR HVWRV WLSRV GH DGRVDPLHQWRV ORV HQFRQWUDPRV
HGLFLRVVyORHOGH/D/RVLOODWLHQHDOJ~QWLSR WDPELpQHQODHVWDFLyQGH0LQDWHGD
GHXVRIHUURYLDULRHVWDQGRDGHPiVHOUHFLQWRGH
HVWHDQWLJXRDSDUWDGHURSURWHJLGRSRUHOYDOOD  (O LQLFLR GHO VLJOR ;; WUDMR FRQVLJR OD
GR TXH VHSDUD OD LQIUDHVWUXFWXUD IHUURYLDULD GH FRQVWUXFFLyQ GH HGLFLRV GH QXHYD SODQWD TXH
!/3$%&%22/#!22),%.!,"!#%4%  

9LVWDVGHODVWUDVHUDVGHORVHGLFLRVGH
/RV+LWRV L]TXLHUGD \0LQDWHGD DEDMR 
)RWRJUDItDV)XQGDFLyQGHORV
)HUURFDUULOHV(VSDxROHV

UHVSRQGtDQDHVDQHFHVLGDGGHULYDGDGHOLQFUH ORV\HQODVDULVWDV\FRQXQDFDEDGRHVWULDGR
PHQWRGHOWUiFR\GHODH[SORWDFLyQ(QWUHORV VLPXODQGRSHTXHxRVVLOODUHVHQORVUHFHUFDGRV
HMHPSORV TXH VH OOHJDURQ D GHVDUUROODU \ TXH GH ODV YHQWDQDV \ SXHUWDV GH DFFHVR GH DPERV
KDQOOHJDGRFRQPD\RURPHQRULQWHJULGDGKDV HGLFLRV(VWRVGRVHGLFLRVHQWUDUtDQHQVHUYL
WD QXHVWURV GtDV HQFRQWUDPRV ORV GH ORV DSDU FLRHQORVDxRV 1DYDMXHORV \HQ (O
WDGHURV GH 1DYDMXHORV \ GH (O QJHO$PERV QJHO (OHGLFLRGH1DYDMXHORVVHHQFXHQWUD
UHVSRQGHQ D XQD PLVPD WLSRORJtD TXH HFORVLR HQSOHQRXVR\HQHOGH(OQJHOVyORVHFRQ
QDUiDSDUWLUGHOSHUtRGRGHDFWXDFLyQGHOD&DMD VHUYDQ ORV PXURV SHULPHWUDOHV 'HQWUR GH HVWH
)HUURYLDULDGHO(VWDGRGXUDQWHOD'LFWDGXUDGHO JUXSRWDPELpQVHHQFRQWUDUtDHOGHODSDUWDGHUR
*HQHUDO0LJXHO3ULPRGH5LYHUD GH(O0XJUyQKR\HQGtDGHVDSDUHFLGR\TXH
IXHSUR\HFWDGRKDFLDHODxR
/RVUDVJRVTXHLGHQWLFDQDHVWRVGRVHGL
FLRVGHSODQWDUHFWDQJXODU\FRQFXELHUWDDGRV 3DUDQDOL]DUFRQYLHQHLQGLFDU\GLVWLQJXLU
DJXDVVRQHOXVRJHQHUDOL]DGRGHODSLHGUDGH ODIXQFLyQTXHGHVHPSHxDURQHVWDVQXHYDVFRQV
WUD]RKH[DJRQDOHQORVPXURV PiVLUUHJXODUHQ WUXFFLRQHVTXHVHSUR\HFWDURQ\HMHFXWDURQDOR
HO FDVR GH (O QJHO  HQ VLOODUHV HQ ORV ]yFD ODUJRGHHVWHVHJXQGRSHUtRGR$VtORVDSDUWD
-)'5%,*)-.%:6%'!Y&2!.#)3#/0/,/-52)%,

GHURVVHDFRPHWLHURQ\VHSUR\HFWDURQFRQXQD 3RU~OWLPRUHVHxDUTXHGHQWURGHHVWDVHJXQ
GREOH QDOLGDG SUHVWDU FREHUWXUD WpFQLFD D OD GDHWDSDTXHKHPRVGHVFULWR\DQRVHFRQVHUYDQ
H[SORWDFLyQ\VHUYLUGHHVSDFLRGHDORMDPLHQWR ORV HGLFLRV GH ORV DSDUWDGHURV GH %RQHWH+L
DODGRWDFLyQGHHPSOHDGRV(QFDPELRHQORV JXHUXHOD +R\D *RQ]DOR &DVDV GHO &DPSLOOR
DSHDGHURVSHVyPiVODVHJXQGDIXQFLyQODGHO 3R]RGHOD3HxD\GH(O0XJUyQ DQWHULRUPHQWH
DORMDPLHQWRGHORVHPSOHDGRV1RVRQPXFKRV PHQFLRQDGR  \ GH ORV DSHDGHURV GH +R\D GHO
ORV HMHPSORV TXH KDQ OOHJDGR KDVWD QXHVWURV 3R]R\GH*DQJXHUDVWRGRVHOORVSUR\HFWDGRV\
GtDV7DQVyORVHFRQVHUYDQFRPRPXHVWUDVORV FRQVWUXLGRVHQHVWHSHUtRGRFRPSUHQGLGRHQWUH
GH6DQWD0DUWD\3HUDOWD&RQFUHWDPHQWHHQHO ODVGpFDGDVGH\HOLQLFLRGHOD'LFWDGXUD
GH 6DQWD 0DUWD HQ GRQGH \D QR VH FRQVHUYDQ GHO*HQHUDO3ULPRGH5LYHUD
ODV FXELHUWDV GHO HGLFLR VH SXHGH FRQVWDWDU
FODUDPHQWH HVD IXQFLyQ UHVLGHQFLDO 0iV ELHQ
VHSRGUtDKDEODUGHXQDGREOHYLYLHQGDDGRVDGD
TXH GH XQ HGLFLR YLQFXODGR D OD H[SORWDFLyQ 
IHUURYLDULD 'HO HGLFLR GH 6DQWD 0DUWD PHUH %$)&)#)/3$%6)!*%2/3$%,4%2#%2
FHGHVWDFDUODFRQVHUYDFLyQGHXQKRUQRGHFR 0%2/$/$%%80,/4!#). 
FHUSDQHQFDGDXQDGHODVYLYLHQGDVHMHPSOR
VLQWRPiWLFR GHO DLVODPLHQWR \ GHO QLYHO GH DX /DSURPXOJDFLyQHQHODxRGHO(VWDWXWR
WRDEDVWHFLPLHQWR DO TXH HVWDEDQ VRPHWLGDV ODV )HUURYLDULRODDGKHVLyQDOPLVPRSRUSDUWHGH
IDPLOLDVIHUURYLDULDVTXHWHQtDQHQHVWHSXQWRVX 0=$ \ OD FRQVWLWXFLyQ GH OD &DMD )HUURYLDULD
UHVLGHQFLD GHO (VWDGR SDUD HQWUH RWURV REMHWLYRV DFRPH

9LVWDGHOHGLFLRGH1DYDMXHORV)RWRJUDItD)XQGDFLyQGHORV)HUURFDUULOHV(VS
!/3$%&%22/#!22),%.!,"!#%4%  

9LVWDVGHORVHGLFLRVGH9LOODUUREOHGR L]TXLHUGD \/D5RGDGH$OEDFHWH


GHUHFKD )RWRJUDItDV)XQGDFLyQGHORV)HUURFDUULOHV(VSDxROHV

WHUFRQIRQGRVS~EOLFRVREUDVGHPRGHUQL]DFLyQ WRIHUURYLDULR(OQXHYRHGLFLRGHYLDMHURVVH
HQODVLQVWDODFLRQHVIHUURYLDULDVVHUiQORVDUJX HQFRQWUDED\DWHUPLQDGRHQHODxRVHJ~Q
PHQWRV TXH HQPDUTXHQ ODV DFWXDFLRQHV TXH VH FRQVWD HQ XQD GH ODV IDFKDGDV IURQWDOHV GH OD
OOHYDURQDFDERGXUDQWHHVWHQXHYRSHUtRGR(VWD FRQVWUXFFLyQ FRQFUHWDPHQWH HQ OD TXH OLQGD
WHUFHUD HWDSD GH H[SORWDFLyQ IHUURYLDULD VH HQ FRQHOSDWLRGHYLDMHURV
FXHQWUDPDUFDGDSRUODSUR\HFFLyQ\HMHFXFLyQ
GHFXDWURPDJQtFRVHGLFLRVUHHMRVFODURV\ (OHGLFLRGH9LOODUUREOHGRGHSODQWDUHF
HYLGHQWHVGHODSROtWLFDIHUURYLDULDTXHVHGHVD WDQJXODU WLHQH  P GH ODUJR SRU  P
UUROOy GXUDQWH OD 'LFWDGXUD GHO *HQHUDO 3ULPR GHDQFKR&XHQWDFRQGRVSODQWDV/DLQIHULRU
GH 5LYHUD 9LOODUUREOHGR /D 5RGD /D *LQHWD GHVWLQDGDDOWUiFRGHYLDMHURV\DODVLQVWDOD
\0LQD\D FLRQHVSURSLDVGHODFLUFXODFLyQ\ODVXSHULRU
UHVHUYDGDSDUDYLYLHQGDVGHOSHUVRQDODGVFULWR
/RV FXDWUR HGLFLRV GH YLDMHURV DQWHULRU D HVWD HVWDFLyQ $PEDV IDFKDGDV FXHQWDQ HQ
PHQWH PHQFLRQDGRV SUHVHQWDQ XQD FDUDFWHUtV DPEDVSODQWDVFRQQXHYHYDQRVGHOX]VHSD
WLFD FRP~Q WRGRV HOORV VH HQFXHQWUDQ YLQFX UDGDV HQ JUXSRV GH WUHV SRU XQD IDMD YHUWLFDO
ODGRV D SURFHVRV LQWHJUDOHV GH UHQRYDFLyQ GH UHPDWDGDDPRGRGHVLOODUHMRTXHUHFRUUHWRGD
UHFLQWRV IHUURYLDULRV (O HGLFLR GH 9LOODUUR OD IDFKDGD GHVGH OD FRUQLVD KDVWD HO ]yFDOR
EOHGR FRQVWLWX\H HO Q~FOHR SULQFLSDO GH XQD 7RGRV ORV YDQRV GH OX] GHO HGLFLR WDQWR ODV
GHHVWDVDFWXDFLRQHV$ODDOWXUDGHODxR YHQWDQDVGHODSODQWDVXSHULRUFRPRODVSXHU
FRPHQ]DURQDUHDOL]DUVHORVSULPHURVHVWXGLRV WDVGHODLQIHULRUVHHQFXHQWUDQFRURQDGRVSRU
SDUDOOHYDUDFDERODFRQVWUXFFLyQGHODVQXHYDV XQUHPDWHWULDQJXODUDPRGRGHIURQWyQKXHFR
LQVWDODFLRQHVIHUURYLDULDVHQHVWDORFDOLGDG(Q VLQQLQJXQDPXHVWUDGHFRUDWLYDHQVXLQWHULRU
HVWHSULPHULQWHQWRMXJDURQXQSDSHOUHOHYDQWH (VWHDWULEXWRHVWpWLFROHGRWDDOHGLFLRGHXQD
HO SURSLR$\XQWDPLHQWR GH 9LOODUUREOHGR ORV DSDULHQFLD SDODFLHJD 'H LJXDO IRUPD SUHVHQ
LQGXVWULDOHVORFDOHV\HOYHFLQGDULRTXHUHFOD WDQ HVWRV PLVPRV DFDEDGRV ODV YHQWDQDV GRV
PDURQDQWH0=$ODFRQVWUXFFLyQGHXQQXHYR SRUSODQWD TXHVHXELFDQHQORVODWHUDOHVGHO
HGLFLR GH YLDMHURV \ OD DPSOLDFLyQ GHO UHVWR HGLFLR(OSHUtPHWURLQIHULRUGHODFRQVWUXF
GHLQVWDODFLRQHV)LQDOPHQWHHQHODxR FLyQ VH HQFXHQWUD UHPDWDGR SRU XQ ]yFDOR GH
VHWHUPLQDUtDHOSUR\HFWRFRQVWUXFWLYRGHOQXH JUDQLWR\ODVFXDWURDULVWDVGHOHGLFLRSUHVHQ
YRHGLFLR\GHOUHVWRGHODVLQVWDODFLRQHVODV WDQ XQ UHPDWH GH PROGXUD WLSR VLOODUHMR GLV
FXDOHVVHXELFDUtDQDXQDVGHFHQDVGHPHWURV SXHVWDDOWUDVGyV\TXHVREUHVDOHFRQUHVSHFWR
VHQWLGR$OEDFHWHGHOSULPLWLYRHPSOD]DPLHQ DORVOLHQ]RVHQOXFLGRVGHODVIDFKDGDV\GHODV

 /DGRFXPHQWDFLyQGHHVWHSURFHVRDVtFRPRHOSUR\HFWRFRQVWUXFWLYRVHHQFXHQWUDQHQHO$+)&
-)'5%,*)-.%:6%'!Y&2!.#)3#/0/,/-52)%,

9LVWDVGHORVHGLFLRVGH/D*LQHWD L]TXLHUGD \0LQD\D GHUHFKD 


)RWRJUDItDV)XQGDFLyQGHORV)HUURFDUULOHV(VSDxROHV

SDUHGHVODWHUDOHV3RU~OWLPRODFXELHUWDSUH 3RUWDQWRORVHGLFLRVGH/D*LQHWD DFD


VHQWDXQDWHUPLQDFLyQDFXDWURDJXDVUHPDWDGD EDGR HQ   \ HO GH 0LQD\D DFDEDGR HQ
SRU XQD FUHVWHUtD GH KLHUUR (VWH DFDEDGR GH   SUHVHQWDQ FRPR FDUDFWHUtVWLFDV SULQFL
ODFXELHUWDDVtFRPRODVUHVSHFWLYDVFDtGDVGH SDOHVODVLOOHUtDODEUDGDHQHO]yFDORODPDP
DJXDVHHQFXHQWUDVHPLRFXOWRSRUXQUHFUHFLGR SRVWHUtDFDUHDGDHQHOHYDFLyQHOODGULOORYLV
GHORVSDUDPHQWRVGHODVIDFKDGDV(OPLVPR WRHQIDFKDGDGLVSXHVWRHQIDMDVKRUL]RQWDOHV
PRGHOR GH HGLFLR GH 9LOODUUREOHGR VH OOHJy UHPDWDQGRODVDULVWDVGHOHGLFLRGHFRUDQGR
LPSODQWDU HQ HO UHFLQWR GH OD HVWDFLyQ GH /D ODVMDPEDV\ORVGLQWHOHVGHODVSXHUWDV\YHQ
5RGDGH$OEDFHWH$PERVHGLFLRVVHHQFXHQ WDQDV\ORV]yFDORVGHHVWDV~OWLPDVDVtFRPR
WUDQFRPSOHPHQWDGRVSRUVHQGDVPDUTXHVLQDV WDELTXHV GH SDQGHUHWH \ FDUSLQWHUtD GH WDOOHU
XELFDGDVHQODIDFKDGDTXHOLQGDQFRQHODQGpQ HQ SXHUWDV \ YHQWDQDV H[WHULRUHV /D ~QLFD
SULQFLSDO GLIHUHQFLD HVWpWLFD TXH H[LVWH HQWUH DPERV
HGLFLRVVHGDHQHOGH/D*LQHWDTXHSUHVHQ
(O HGLFLR GH /D *LQHWD WDPELpQ VH HQ WDXQDPDUTXHVLQDDGRVDGDDODIDFKDGDSRUHO
FXHQWUD YLQFXODGR D XQ SUR\HFWR GH UHIRUPD ODGR GH DQGHQHV$ SHVDU GH TXH DPERV HGL
LQWHJUDO GH ODV LQVWDODFLRQHV IHUURYLDULDV GH FLRVSUHVHQWDQXQEXHQHVWDGRGHFRQVHUYD
HVWD ORFDOLGDG (Q HVWH FDVR OD PHPRULD GHO FLyQHVHOGH0LQD\DHO~QLFRGHORVGRVTXH
SUR\HFWR IHFKDGR HQ HO DxR  PHQFLRQD KD VLGR VRPHWLGR D XQ SURFHVR GH OLPSLH]D
FODUDPHQWHHOPRWLYRTXHLPSXOVyHVWDQXHYD LQWHJUDOGHVXIDFKDGD1RREVWDQWHHVHOGH
FRQVWUXFFLyQTXHQRIXHRWUDTXHODHMHFXFLyQ /D*LQHWDHOTXHSUHVHUYDD~QHVDFDUSLQWHUtD
GHODVREUDVGHDFRQGLFLRQDPLHQWRGHODGREOH GH WDOOHU WDQWR HQ SXHUWDV FRPR HQ YHQWDQDV
YtDHQWUH$OFi]DUGH6DQ-XDQ\$OLFDQWH3DUD H[WHULRUHV
OD FRQVWUXFFLyQ GH HVWH QXHYR HGLFLR 0=$
WXYRTXHDGTXLULUORVWHUUHQRVQHFHVDULRVHQHO  3RU ~OWLPR GHQWUR GH HVWH SHUtRGR VH
DxR/DWLSRORJtDGHOHGLFLRUHVSRQGtDD SUR\HFWy \ FRQVWUX\y HO DSDUWDGHUR GH +L
OD\DGHVDUUROODGDHQODHVWDFLyQGH3LQWR\TXH JXHUXHODKR\HQGtD\DGHVSDUHFLGR/DIDF
WDPELpQVHOOHYDUtDDFDERHQRWUDVHVWDFLRQHV WXUD HVWpWLFD GH HVWH HGLILFLR HUD LGpQWLFD D
GH OD DFWXDO &RPXQLGDG GH 0DGULG FRPR HV OD TXH HQFRQWUDPRV HQ HMHPSORV GHVDUUROOD
HO FDVR GH ORV HGLFLRV GH YLDMHURV GH &LHP GRVGXUDQWHHOSHUtRGRDQWHULRU\TXHD~QVH
SR]XHORV \ GH 9DOGHPRUR \ HQ OD DOEDFHWHxD FRQVHUYDQ FRPR HV HO FDVR GHO HGLILFLR GH
HVWDFLyQGH0LQD\D 1DYDMXHORV

 /D*LQHWD$+)&\0LQD\D$+)&
!/3$%&%22/#!22),%.!,"!#%4%  

'RVYLVWDVGHOHGLFLRGHYLDMHURV
GHODHVWDFLyQGH$OEDFHWHGHVGH
HOSDWLRGHYLDMHURV L]TXLHUGD \
GHVGHHOODGRGHDQGHQHV GHUHFKD 
)RWRJUDItDV)XQGDFLyQGHORV
)HUURFDUULOHV(VSDxROHV

 ODV KRVWLOLGDGHV GLR SDVR D XQ SHUtRGR GH UH


%$)&)#)/3$%6)!*%2/3 FRQVWUXFFLyQGHODUHGIHUURYLDULDIXHUWHPHQWH
$%,#5!24/0%2/$/$% GDxDGDGXUDQWHHOSHUtRGREpOLFR(QODSURYLQ
%80,/4!#). $%3$%,! FLD GH$OEDFHWH DO PDUJHQ GH ODV UHFRQVWUXF
#/.34)45#).$%2%.&% FLRQHVTXHVHKLFLHURQGXUDQWHODSRVJXHUUDSRU
(!34!.5%342/3$!3 ORV GDxRV EpOLFRV OR PiV VLJQLFDWLYR GH HVWH
~OWLPRSHUtRGRVHUtDQODVFRQVWUXFFLRQHVGHORV
(VWH FXDUWR \ ~OWLPR SHUtRGR VH HQFXHQWUD QXHYRVHGLFLRVGHYLDMHURVGHODVHVWDFLRQHVGH
HQPDUFDGR SRU HO QXHYR SHUtRGR TXH VH DEULy $OEDFHWH\GH$OPDQVDHULJLGRVGXUDQWHODVGp
HQODKLVWRULDIHUURYLDULDGH(VSDxDWUDVODFRQ FDGDVGH\
FOXVLyQ GH OD *XHUUD &LYLO \ OD FRQVWLWXFLyQ D
SDUWLUGHODxRGHOD5HG1DFLRQDOGHORV (OQXHYRHGLFLRGH$OEDFHWHIRUPDSDUWH
)HUURFDUULOHV (VSDxROHV 5(1)(  (O QDO GH GHODJUDQDFWXDFLyQIHUURYLDULDTXHVHOOHYD
-)'5%,*)-.%:6%'!Y&2!.#)3#/0/,/-52)%,

(GLFLRVGHYLDMHURVGHODHVWDFLyQGH$OPDQVD$FRPLHQ]RVGHOVLJOR;; L]TXLHUGD )RWRJUDItD0XVHR


GHO)HUURFDUULO\HQHODxR GHUHFKD )RWRJUDItD)XQGDFLyQGHORV)HUURFDUULOHV(VSDxROHV

UtD D FDER D PHGLDGRV GH OD GpFDGD GH  FHQVRGHVGHODPD\RUDOWXUDGHOSDUDPHQWRGH


\TXHWHQGUtDFRPRUHVXOWDGRODFRQVWUXFFLyQ ODYLGULHUDKDVWDHOODGRGHDQGHQHV(OHGLFLR
GH XQ QXHYR UHFLQWR IHUURYLDULR YLQFXODGR D HVWpWLFDPHQWH HVWi DFDEDGR tQWHJUDPHQWH HQ
XQD ROHDGD SUR\HFWLVWD GH QXHYDV HVWDFLR ODGULOORGHFDUDYLVWD\ODVYHQWDQDV\SXHUWDV
QHVFHQWURGHPHUFDQFtDV\IUXWRSRUWDQWR H[WHULRUHV VRQ PHWiOLFDV (Q HO ODGR GH DQGH
GHORVSODQHVGHPRGHUQL]DFLyQGHODUHGIH QHV ODV FDUDFWHUtVWLFDV PiV DSUHFLDEOHV VHUtDQ
UURYLDULD GLVHxDGRV GXUDQWH HO GHVDUUROOLVPR ORV FXDWUR JUXSRV GH PDUTXHVLQDV GH KRUPL
IUDQTXLVWD JyQDUPDGRTXHVHGLVWULEX\HQGHVGHHODQGpQ
SULQFLSDOKDVWDTXHFRQFOX\HQORVWUHVDQGHQHV
(O DFWXDO HGLFLR GH YLDMHURV GH $OEDFHWH LQWHUPHGLRV TXH GLVSRQH HVWH HVSDFLR IHUUR
UHVSRQGH D ORV FULWHULRV IXQFLRQDOHV GHO PR YLDULR'HODVFXDWURPDUTXHVLQDVODGHPD\RU
PHQWRGHVXFRQVWUXFFLyQ\SXHVWDHQVHUYLFLR HQYHUJDGXUDHVODTXHDUUDQFDGHVGHHOPLVPR
HQ HO DxR  (O HGLFLR VH FDUDFWHUL]D SRU HGLFLRGHYLDMHURV\FXEUHWRGRODDQFKXUDGHO
QRFRQWDUFRQQLQJXQDPXHVWUDKLVWRULFLVWDHQ DQGpQSULQFLSDO
VXVDFDEDGRV(O~QLFRDWULEXWRHVWpWLFRGHVWD
FDEOHVHUtDODJUDQYLGULHUDSROtFURPDGHIDF  (O UHFLQWR IHUURYLDULR GH $OPDQVD IXH HO
WXUD PX\ UDFLRQDOLVWD FRPSXHVWD SRU SROtJR RWURHVSDFLRTXHFRQRFHUtDGXUDQWHHVWDHWDSD
QRVUHFWDQJXODUHVTXHFRPSDUWLPHQWDQWRGRHO ODFRQVWUXFFLyQGHXQQXHYRHGLFLRGHYLDMH
HVSDFLRYtWUHR(VWDYLGULHUDPXOWLFRORUSUHVLGH URVHOFXDOYHQGUtDDVXVWLWXLUDODQWLJXRHGL
HOHVSDFLRFHQWUDOSRUHOTXHVHDFFHGHDOHGL FLRGHVWUXLGRSRUXQLQFHQGLRDFDHFLGRDFR
FLR\TXHOLQGDDVXYH]FRQHOiUHDGHDSDU PLHQ]RVGH(VWHLQFLGHQWHQRKDVLGRHO
FDPLHQWRTXHVHDEUHKDFLDHOYLDULRXUEDQRGH ~QLFRTXHKDUHJLVWUDGRODHVWDFLyQGH$OPDQVD
ODFLXGDG(OHGLFLRHVGHSODQWDUHFWDQJXODU DORODUJRGHVXKLVWRULD$QDOHVGHDxR
GHWUHVFXHUSRVGRVODWHUDOHVGHGRVDOWXUDVHQ HOHGLFLRGHYLDMHURV\DVXIULyXQSULPHULQ
GRQGH WLHQHQ FDELGD ODV GHSHQGHQFLDV GH H[ FHQGLRTXHREOLJyDLQWURGXFLUPRGLFDFLRQHV
SORWDFLyQ IHUURYLDULD ODV RFLQDV \ OD FDIHWH \ UHIRUPDV HQ HO PLVPR GHELGR D ORV GDxRV
UtD\XQRFHQWUDORFXSDGRSRUHOYHVWtEXORGH RFDVLRQDGRV
DFFHVRDOHGLFLR\DORVDQGHQHV'HFXELHUWD
SODQD HQ VXV FXHUSRV ODWHUDOHV VyOR SUHVHQWD (O QXHYR HGLFLR GH YLDMHURV GH$OPDQVD
YDULDQWHVHQHOFXHUSRFHQWUDORFXSDGRSRUOD GH SODQWD UHFWDQJXODU SUHVHQWD WUHV FXHUSRV
JUDQ YLGULHUD (Q HVWH HVSDFLR GHO HGLFLR OD HO FHQWUDO GH GRV SODQWDV \ GRV ODWHUDOHV GH
FXELHUWDSUHVHQWDXQDFDEDGRSODQR\HQGHV XQ VROR QLYHO /D FXELHUWD HV GH FDtGD D FXD

 $+)&
!/3$%&%22/#!22),%.!,"!#%4%  

WURDJXDVHQHOFXHUSRFHQWUDO\GHFDtGDDWUHV HGLFLRVWpFQLFRVYLQFXODGRVH[FOXVLYDPHQWHDO
DJXDV HQ ORV FXHUSRV ODWHUDOHV (Q OD GLVSRVL VHJXLPLHQWRGHODFLUFXODFLyQ\TXHQRWLHQHQOD
FLyQ IRUPDO GH HVWRV WUHV FXHUSRV HVWH QXHYR HQWLGDG GH HGLFLRV GH YLDMHURV FRPR VRQ ODV
HGLFLR HYRFD JXDUGDQGR ODV GLVWDQFLDV D QXHYDVLQVWDODFLRQHVGH%RQHWH\GH&KLQFKLOOD
RWUDV FRQVWUXFFLRQHV IHUURYLDULDV SUHWpULWDV LQVHUWDV GHQWUR GH ODV QXHYDV YDULDQWHV TXH VH
H[LVWHQWHV HQ OD SURYLQFLD GH $OEDFHWH WDOHV KDQDELHUWRDODH[SORWDFLyQHQHVWDSURYLQFLD
FRPR OD GH &DXGHWH 0LQDWHGD \ 0DWDV 9HU
GHV3HURORTXHGDVLQJXODULGDGDHVWHQXHYR
HGLFLRVRQORVGHWDOOHVVHXGRUHJLRQDOLVWDVGH
FDUiFWHULPSRUWDGRTXHSUHVHQWD 
,/3-5%,,%3$%-%2#!.#!3
8QR GH HVRV GHWDOOHV OR HQFRQWUDPRV HQ HO
SyUWLFRFRUULGRTXHVHXELFDHQHOODGRGHODQ (QHOIHUURFDUULODFWXDOHOFOiVLFRPXHOOHGH
GpQSULQFLSDO\TXHYLHQHDVHUYLUGHPDUTXHVL PHUFDQFtDV SUHVHQWH HQ SUiFWLFDPHQWH WRGDV
QD(VWHSyUWLFRFRUULGRLQWHUUXPSLGRWDQVyOR ODVHVWDFLRQHVGHODUHGHVXQHOHPHQWRTXHKD
SRUHODYDQFHTXHSUHVHQWDVREUHHODQGpQHOJD SHUGLGRVXIXQFLRQDOLGDGRULJLQDO3UHVHQWDPRV
ELQHWHGHFLUFXODFLyQVHHQFXHQWUDDSR\DGRHQ HQ SULPHU OXJDU HVWD FLUFXQVWDQFLD SRUTXH QRV
FROXPQDV GH PDGHUD FLPHQWDGDV VREUH SLODUHV SDUHFHHVSHFLDOPHQWHLQWHUHVDQWHUHVDOWDUODYXO
GH KRUPLJyQ DUPDGR (VWH HVSDFLR SRUWLFDGR QHUDELOLGDGGHHVWRVLQPXHEOHVGHQWURGHORVUH
SUHVHQWDXQUHYHVWLGRLQWHULRUDFDEDGRWDPELpQ FLQWRVIHUURYLDULRV
HQPDGHUDGHWDOOHTXHDFHQW~DD~QPiVHVHGH
WDOOHGHDUTXLWHFWXUDWUDGLFLRQDO(ODFDEDGRGH (Q ORV DOERUHV GHO IHUURFDUULO HO PXHOOH HUD
ODV YHQWDQDV GH OD SODQWD VXSHULRU GHVWLQDGD D XQDSDUWHFUXFLDOGHODHVWDFLyQHQPXFKRVFDVRV
YLYLHQGD UHVDOWD D~Q PiV HVH PDWL] VHXGR UH WDQWRRPiVTXHODFRQFHUQLHQWHDOiPELWRGHORV
JLRQDOLVWD'HVGHODVGLPHQVLRQHVGHODVOXFHV YLDMHURV(OIHUURFDUULOHUDODSXHUWDGHHQWUDGD
GH PHQRU DOWXUD KDVWD ODV FRQWUDYHQWDQDV TXH SDUDODVPHUFDQFtDVTXHKDFtDQYLDEOHXQDFLX
LQFRUSRUDQHYRFDQHQGHQLWLYDGHWDOOHVRUQD GDGRXQDFRPDUFDDOWLHPSRTXHSRVLELOLWDED
PHQWDOHVPiVSURSLRVGHHGLFLRVXELFDGRVHQ ODHFD]\VHJXUDVDOLGDGHVXVSURGXFWRVKDFLD
ODFRUQLVDFDQWiEULFDTXHHQHVWD]RQDGHOHVWH PHUFDGRVH[WHULRUHV(VWHSXQWRGHLQWHUFDPELR
SHQLQVXODU2WUDGHODVFDUDFWHUtVWLFDVTXHSUH PRGDOGHVGHODFDUUHWHUDKDFLDHOUDLO\YLFHYHU
VHQWDHVWDQXHYDFRQVWUXFFLyQHVFyPRVHKDUH VDWHQtDXQDDFWLYLGDGVRVWHQLGDGXUDQWHWRGRHO
VXHOWRHOGHVQLYHOH[LVWHQWHHQWUHODSODWDIRUPD WLHPSRPiVDOOiGHOGLUHFWDPHQWHYLQFXODGRDO
IHUURYLDULD\HOYLDULRXUEDQR6LHQHODQWLJXR SDVRGHFLUFXODFLRQHVSRUODHVWDFLyQ/DODERU
HGLFLR VH VROYHQWDED PHGLDQWH OD GLVSRVLFLyQ GHIDFWXUDFLyQGHDOPDFHQDPLHQWRGHORVSUR
GHXQDHVFDOHUDSRUODTXHVHDFFHGtDDODV]RQDV GXFWRVDGHPiVGHODFDUJD\GHVFDUJDKDFLDXQR
GHH[SORWDFLyQGH0=$\GH1RUWH UHFRUGHPRV XRWURODGRGHOPXHOOHPDQWHQtDQVLHPSUHYLYR
TXHHQHVWDHVWDFLyQWHQtDVXRULJHQODOtQHDGHO HVWHHVSDFLRGHODVHVWDFLRQHV/DFRPSHWHQFLD
)HUURFDUULOGH$OPDQVDD9DOHQFLD\7DUUDJRQD GH OD FDUUHWHUD KL]R TXH DTXHOOD XQLYHUVDOLGDG
LQFRUSRUDGRHQDOD&RPSDxtDGHO1RUWH HQHOWUDQVSRUWHTXHVXSRQtDHOIHUURFDUULOIXHUD
\ODH[LVWHQFLDGHXQDSODQWDVyWDQRGHDFFHVR SHUGLHQGRGtDDGtDSURWDJRQLVPR)LQDOPHQWH
SRUHOSDWLRGHYLDMHURVHQHVWDQXHYDFRQVWUXF DQDOHVGHOVLJOR;;HOIHUURFDUULOWLUyODWRD
FLyQHVDFRPSOHMLGDGVHUHVROYLyPHGLDQWHHOUH OOD HQ FLHUWR WLSR GH WUiFRV \D GH SRFD HQWL
OOHQRGHOGHVQLYHO\ODJHQHUDFLyQGHXQDUDPSD GDG /D DJLOLGDG GHO FDPLyQ KDFtD LQYLDEOH HO
UHPDWDGDHQSOD]DXUEDQDSRUODTXHVHDFFHGH VRVWHQLPLHQWRGHODPLUtDGDGHSXQWRVGHFDUJDV
DOQXHYRHGLFLR GLVSHUVRV SRU OD UHG /D FRPSOHMLGDG ORJtVWLFD
GH ODV RSHUDFLRQHV GH IRUPDFLyQ GH WUHQHV HQ
)LQDOPHQWHPHUHFHODSHQDDSXQWDUHOKHFKR HVWDFLRQHV SHTXHxDV KDFtD UXLQRVR PDQWHQHU
GHTXHHVHVWRV~OWLPRVDxRVVHKDQFRQVWUXLGR HVWD HVWUXFWXUD FRPHUFLDO TXH UHGXFLGD D PX\
-)'5%,*)-.%:6%'!Y&2!.#)3#/0/,/-52)%,

SRFRV SXQWRV D QDOHV GH OD GpFDGD GH  HQODVRSHUDFLRQHVGHWUDQVERUGR(QORVPXH


SUiFWLFDPHQWH GHVDSDUHFHUi FRQ OD VXSUHVLyQ OOHVGHVFXELHUWRVSRGUtDKDEHUXQDJU~D PDQXDO
GHVX~OWLPDH[SUHVLyQFRPHUFLDOGHQRPLQDGD RPRWRUL]DGD SDUDIDFLOLWDUHOPDQHMRGHFDUJDV
3DTXH[SUpV GH JUDQ SHVR (VWRV YRODGL]RV VH KDQ SHUGLGR
HQHOODGRYtDHQWRGDVODVHVWDFLRQHVFRQYtD
3HUGLGDVXIXQFLRQDOLGDGORVPXHOOHVKDQWH HOHFWULFDGDGDGRTXHpVWRVLPSHGtDQODLQVWD
QLGR GLYHUVD VXHUWH (Q HO PHMRU GH ORV FDVRV ODFLyQGHOKLORGHFRQWDFWR
KDQ VLGR UHKDELOLWDGRV SDUD QXHYRV QHV \D
IXHUDQ YLQFXODGRV D OD DFWLYLGDG IHUURYLDULD R (Q OD SURYLQFLD GH$OEDFHWH HQWUH ORV HOH
PHGLDQWHDUUHQGDPLHQWRRFHVLyQFRPRPDUFR PHQWRVTXHKDQOOHJDGRDQXHVWURVGtDVSRGH
GHRWUDVDFWLYLGDGHVHFRQyPLFDVRVRFLDOHV(Q PRV HQFRQWUDUQRV FRQ GLYHUVDV WLSRORJtDV GH
RWURV FDVRV KDQ GHVDSDUHFLGR ELHQ SRU VLPSOH HVWRVLQPXHEOHV(QDOJXQRVFDVRVHVUHODWLYD
UXLQDGHUULEDGRVSDUDHYLWDFLyQGHDFFLGHQWHV PHQWH IiFLO SRGHU GDWDU VX FRQVWUXFFLyQ SHUR
RELHQHQHOPDUFRGHUHIRUPDVXUEDQtVWLFDVGH HQRWURVHVXQDHPSUHVDUHDOPHQWHFRPSOHMD D
UHPRGHODFLyQGHORVHVSDFLRVGHRSHUDFLyQIH YHFHV LQFOXVR LPSRVLEOH  \D TXH ORV DUFKLYRV
UURYLDULD ODPHQWDEOHPHQWH QR FRQVHUYDQ H[SHGLHQWHV R
SODQRVTXHSXHGDQDTXLODWDUFRPRTXLVLpUDPRV
/RV PXHOOHV SXHGHQ FRQVWDU GH WUHV iPEL HVWRVGDWRV
WRVHOPXHOOHFHUUDGR QDYHWHFKDGDGLiIDQD\
FRQ SDUHGHV  HO FXELHUWR R DELHUWR WHFKDGR \ (QWUH ODV WLSRORJtDV PiV IiFLOPHQWH UHFR
GLiIDQRSHURVLQSDUHGHV \HOGHVFXELHUWR/D QRFLEOHVWHQHPRVXQPRGHORGHJUDQYDORUHV
PHUFDQFtDHQIXQFLyQGHVXYDORU\QDWXUDOH]D WpWLFR&RUUHVSRQGHUtDDORVFDVRVGHORVPXH
VHXELFDUtDHQXQRXRWURiPELWR(QHOHVSDFLR OOHVGH&DXGHWH0LQD\D\3R]R&DxDGD$TXt
FHUUDGR VROtD UHVHUYDUVH XQ VHFWRU WDELFDGR R QRV HQFRQWUDPRV FRQ XQ PXHOOH FHUUDGR GH
QRSDUDRFLQDGHOHPSOHDGRHQFDUJDGRGHOD SRUPHWURVFRQFXELHUWDDGRVDJXDVFX
IDFWXUDFLyQ /RV YDJRQHV GH PHUFDQFtDV DFFH \RV PXURV HVWiQ UHDOL]DGRV HQ ODGULOOR YLVWR
GtDQSRUXQODGRPLHQWUDVTXHORVYHKtFXORVGH VLQ UHYHVWLU GLVSXHVWR D VRJD GLYLGLGRV HQ
FDUUHWHUDORKDFtDQSRUHOFRQWUDULRH[LVWLHQGR YDULRV SDxRV TXH VH DUWLFXODQ PHGLDQWH SLOD
DGHPiV XQD UDPSD TXH HQOD]DED HO QLYHO GHO UHV\SHUOHVPHWiOLFRV/RVSLODUHVVHSURORQ
VXHORFRQHOGHOPXHOOHSDUDHODFFHVRGHYHKt JDQ HQ VX FRURQDFLyQ HQ XQRV WLUDQWHV KDFLD
FXORVPRWRUL]DGRVDODSDUWHDOWD/RVODWHUDOHV HO H[WHULRU TXH VRVWLHQHQ ORV YRODGL]RV GH OD
VROtDQ HVWDU SURWHJLGRV SRU XQRV YRODGL]RV GH FXELHUWD /RV OLHQ]RV GH ODV IDFKDGDV ODUJDV
PD\RURPHQRUSRUWHTXHSURWHJtDQODVFDUJDV VHUHPDWDQHQXQDYLJDGHFHORVtDFDODGDTXH

0XHOOHVGHODVHVWDFLRQHVGH3R]R&DxDGD\&DXGHWH)RWRJUDItDV)XQGDFLyQGHORV)HUURFDUULOHV(VSDxROHV
!/3$%&%22/#!22),%.!,"!#%4%  

0XHOOHVFXELHUWR\FHUUDGRGHODHVWDFLyQGH+HOOtQ)RWRJUDItDV)XQGDFLyQGHORV)HUURFDUULOHV(VSDxROHV

GDOLJHUH]DDOFRQMXQWRDOWLHPSRTXHSHUPLWH DLVODGRV Vt HUDQ PiV IUHFXHQWHV HQ JUDQGHV


XQD HFD] DLUHDFLyQ GHO LQWHULRU GH OD QDYH HVWDFLRQHV HVSHFLDOPHQWH GH FODVLFDFLyQ 
/DVIDFKDGDVHVWUHFKDVWLHQHQXQDFDEDGRVL GRQGH SRGUtDQ DSDUHFHU YDULRV GH HOORV (O
PLODUDODVRWUDVHQVXSDUWHEDMDUHPDWDQGR PXHOOHFHUUDGRHVXQVREHUELRLQPXHEOHLP
OD ]RQD GH FUXMtDV FRQ XQ OLHQ]R GH ODGULOOR SHFDEOHPHQWHFRQVHUYDGRGHPGHORQJL
GLVSXHVWRDWDEOD&XHQWDQFRQGRVSXHUWDV WXGFRQSRUWRQHVFRUUHGHURVDFDGDODGR(O
FRUUHGHUDVSRUFDGDODGR\HQHOODGRFDOOH PXHOOH FXELHUWR HV IUXWR GH XQ SUR\HFWR GD
WLHQHQXQDQGpQPX\DPSOLRSDUDIDFLOLWDUOD WDGRHQ FRUUHVSRQGLHQWHDVXYH]DXQ
FDUJDPLHQWUDVTXHHQHOODGRYtDHVSUiF PiVYDVWRSODQTXHSUHYHtDODFRQVWUXFFLyQGH
WLFDPHQWH LQH[LVWHQWH (O PXHOOH GH &DXGHWH XQ GRUPLWRULR GH DJHQWHV  (VWH FRQMXQWR GH
VHFRQVHUYDHQSHUIHFWRHVWDGRGHGLFDGRDDO LQVWDODFLRQHVVHFRQVHUYDHQEXHQHVWDGR
JXQDDFWLYLGDGFRPHUFLDOPLHQWUDVTXHHOGH
3R]R&DxDGDWLHQHEDVWDQWHDIHFWDGRVVXVPX (VWDWLSRORJtDVLPSOLFDGDVHUHSLWHHQHO
URV\FHUUDPLHQWRVTXHGDQGRHQXQHVWDGRGH PXHOOHGH7REDUUD(QHVWHFDVRODFUXFLDOGLIH
FRQVHUYDFLyQLQWHUPHGLRHOGH0LQD\D(VWRV UHQFLD DGHPiVGHODVGLPHQVLRQHV7REDUUDHV
HGLFLRVVRQSRVWHULRUHVDODFRQVWUXFFLyQGH PXFKRPiVSHTXHxR HVTXHDPERVPXHOOHVHO
ODOtQHDDXQTXHQRHVSRVLEOHDIDOWDGHXQD FHUUDGR\HOFXELHUWR PiVHOGHVFXELHUWR HV
LQYHVWLJDFLyQ PiV SURIXQGD GHWHUPLQDU XQD WiQ DGRVDGRV (VWH FRQMXQWR SURFHGH WDPELpQ
IHFKDPiVSUHFLVD GH XQ SUR\HFWR VLPLODU DO GH +HOOtQ IHFKDGR
HQ  /D HVWUXFWXUD PHWiOLFD GHO FXELHUWR
'RQGHVtSRGHPRVKDFHUXQDMXVWHGHGD HV VLPLODU HQ DPERV FDVRV \ HQ HO FHUUDGR OD
WRV HV HQ HO FRQMXQWR GH PXHOOHV GH +HOOtQ GLIHUHQFLDPiVYLVLEOHHVTXHORVSRUWRQHVSUH
XQRGHORVPiVFRPSOHMRV\VLQJXODUHVGHWRGD VHQWDQXQDUFRUHEDMDGR\ODFLUFXODFLyQGHODV
ODSURYLQFLD(VWDLPSRUWDQWHHVWDFLyQFXHQWD FRUUHGHUDVHVSRUHOLQWHULRUGHOPXHOOHHQ7R
FRQXQFDVRFLHUWDPHQWHUDURHQQXHVWURVIH EDUUD IUHQWH D OD H[WHULRU GH +HOOtQ$GHPiV
UURFDUULOHV6HWUDWDGHGRVPXHOOHVFROLQGDQ HQ HO FDVR GH +HOOtQ KD\ XQ SHTXHxR DQGpQ
WHV SHUR LQGHSHQGLHQWHV (VWR QR HV GHO WRGR HQHOH[WHULRUGHOPXHOOHIUHQWHDODVIDFKDGDV
H[WUDxRSHURVtORHVPiVHOTXHXQRGHHOORV OLVDV GHO FDVR GH7REDUUD (Q HVWD HVWDFLyQ HO
VHDXQPXHOOHFHUUDGR\HORWURXQPXHOOHFX FRQMXQWRGHLQVWDODFLRQHVVHFRQVHUYDWDPELpQ
ELHUWR FRQ VX DQHMR GHVFXELHUWR D FRQWLQXD HQEXHQHVWDGR
FLyQ  (O FXELHUWR GH JUDQGHV SURSRUFLRQHV
[P VRVWLHQHVXWHMDGRSRUXQRVHVEHO (Q OD DQWLJXD HVWDFLyQ GH &KLQFKLOOD VRU
WRVSLODUHVPHWiOLFRVTXHIDFLOLWDEDQHOPDQH SUHQGHQWHPHQWHODVLQVWDODFLRQHVGHFDUJDVRQ
MRGHORVPDWHULDOHV(VWRVPXHOOHVFXELHUWRV PX\PRGHVWDV(VWRWLHQHXQDIiFLOH[SOLFDFLyQ
-)'5%,*)-.%:6%'!Y&2!.#)3#/0/,/-52)%,

DOWRGHOPXHOOH3DUHFHFRUUHVSRQGHUPiVDXQD
SUHFDULDVROXFLyQDSOLFDGDFRQSRFRFULWHULRHQ
DOJ~Q PRPHQWR OR FXDO WDPELpQ OR FRQUPDQ
ORV SODQRV GHO DxR  TXH LQIRUPDQ GH OD
SUHVHQFLDGHOPXHOOHFHUUDGR\GHOGHVFXELHUWR
FRQGLPHQVLRQHVVLPLODUHV8QHGLFLRVLPLODU
DOGH&KLQFKLOODVHUtDQORVGH9LOODUGH&KLQFKL
OOD\$OSHUDDXQTXHFRQGLPHQVLRQHVUHDOPHQWH
PRGHVWDV P (QDPERVFDVRVHVWiQDEDQ
GRQDGRV\FRQVtQWRPDVGHLQFLSLHQWHUXLQDHV
SHFLDOPHQWHHQHOFDVRGH(O9LOODU

(QHOWUDPRPiVYHWHUDQRGHORVIHUURFDUULOHV
DOEDFHWHxRVHOTXHXQH$OEDFHWHFRQODSURYLQ
FLDGH&LXGDG5HDO DGHPiVGHO\DFLWDGRPXH
OOHGH0LQD\D HQFRQWUDPRVDOJXQRVPXHOOHVGH
H[FHSFLRQDOIDFWXUD/ODPDQODDWHQFLyQSRUVXV
GLPHQVLRQHVORVGH/D5RGD\9LOODUUREOHGR(O
SULPHURWLHQHXQDORQJLWXGGHP\HOVHJXQGR
GHP$OPDUJHQGHODVGLPHQVLRQHVHOHVWLOR
FRQVWUXFWLYRHVPX\VLPLODUDOFDVRGH7REDUUD
(O GH /D 5RGD VH FRQVHUYD DSDUHQWHPHQWH HQ
0XHOOHVGH/D*LQHWDUHFXSHUDGR
PX\EXHQHVWDGR(OGH9LOODUUREOHGRWLHQHDO
FRPRPXVHR\GH/D5RGD
)RWRJUDItDV)XQGDFLyQGHORV)HUURFDUULOHV(VSDxROHV JXQRVVtQWRPDVGHGHWHULRURHQODVFXELHUWDV\
DGLIHUHQFLDGHRWURVFDVRVWLHQHXQHOHJDQWHUH
PDWHGHIRUMDHQODGLYLVRULDGHDJXDV(QHVWH
ODLPSRUWDQFLDGHHVWDWHUPLQDOHVWDEDYLQFXODGD VHFWRUWHQHPRVHOFDVRGHOPXHOOHGH/D*LQH
DOWUiFRGHYLDMHURVQRDODVFDUJDVTXHDHOOD WD (Q HVWH FDVR HO HVWLOR FRQVWUXFWLYR HV PX\
VHSXGLHUDQGHULYDU\DTXHHVWDEDPX\DOHMDGD VLPLODU DO GH ORV FDVRV DQWHULRUHV DXQTXH VXV
GHQ~FOHRVXUEDQRVLPSRUWDQWHV(Q&KLQFKLOOD GLPHQVLRQHVVRQVHQVLEOHPHQWHPiVUHGXFLGDV
WHQHPRVHOFRQMXQWRGHGRVPXHOOHVDGRVDGRV (VSRURWUDSDUWHHO~QLFRFDVRGHPXHOOHUHXWL
HO FHUUDGR \ HO FXELHUWR /ODPD OD DWHQFLyQ HO OL]DGR \ UHKDELOLWDGR HQ HVWD RFDVLyQ SDUD XQ
TXHQRH[LVWDPXHOOHGHVFXELHUWRORFXDOLQYLWD PXVHRHWQRJUiFR$WDOQVHKDQVXVWLWXLGRODV
DFRQVLGHUDUTXHODSDUWHFXELHUWDIXHXQGHVD SXHUWDVFRUUHGHUDVGHOODGRGHODYtDSRUPXURV
UUROORSRVWHULRUFXEULHQGRORTXHDQWDxRIXHUD GHYLGULRWUDVO~FLGR\VHKDFHUUDGRFRQUHMHUtD
XQVLPSOHPXHOOHGHVFXELHUWR(VWRVHMXVWLFD HOPXHOOHGHVFXELHUWR
DGHPiVGH SRU OD SUHFDULDFXEULFLyQFRQ SODQ
FKDVGHXUDOLWD IUHQWHDORVPiVQREOHVDFDED $O PDUJHQ GH HVWRV HGLFLRV WRGRV DQWH
GRVHQWHMD SRUHOSHFXOLDUVLVWHPDGHFLHUUHGHO ULRUHVDODFUHDFLyQGH5(1)(KD\TXHFLWDUHO
IURQWDOGHHVWHPXHOOH(QFRQWUDGHORKDELWXDO FDVRGHORVQXHYRV\HVSHFWDFXODUHVPXHOOHVGH
HQ ORV PXHOOHV FXELHUWRV XQ IUHQWH FRPSOHWD ODHVWDFLyQGH$OEDFHWH&RQVWUXLGRVDOKLORGH
PHQWHDELHUWRHQ&KLQFKLOODpVWHHVWiUHPDWDGR ODQXHYDHVWDFLyQDQDOHVGHORVDxRVVHVHQWD
FRQXQVyOLGRPXURFRQXQD~QLFDSXHUWDGHDF FRUUHVSRQGHQ D XQD WLSRORJtD \ GLPHQVLRQHV
FHVRGHVGHODUDPSD$GHPiVGHVHUXQDUDUH]D UDGLFDOPHQWHGLIHUHQWHV(OPXHOOHGH$OEDFH
HVDOJRXQWDQWRLOyJLFR\DTXHOLPLWDHODFFHVR WH PLGH [ P \ HVWi FRQFHELGR EDMR ODV
GHYHKtFXORVFDVLGHFXDOTXLHUGLPHQVLyQDOR SUHPLVDV GH ODV HVWDFLRQHVFHQWUR GH PHU

 $+)%
!/3$%&%22/#!22),%.!,"!#%4%  

FDQFtDVGHVDUUROODGDVVREUHWRGRHQODGpFDGD PHQRVLPSRUWDQWHVSDUDODRSHUDFLyQIHUURYLD
GH ULD (QWUH HOORV HVWDED HO WHPD GHO DORMDPLHQWR
GHORVREUHURV(VWHDVXQWRHUDPHQRVLPSRUWDQ
(QUHVXPHQFRPRVHDSXQWDEDDOSULQFLSLR WHHQODVHVWDFLRQHVVLWXDGDVHQ]RQDVKDELWDGDV
HOPXHOOHHVXQHOHPHQWRSUHVHQWHHQEXHQDSDU GRQGH VyOR VROtD DWHQGHUVH HO DORMDPLHQWR GH
WHGHODVHVWDFLRQHVDOEDFHWHxDV(OHPHQWRKDEL SHUVRQDOGHPiVFDWHJRUtDSURIHVLRQDO(QFDP
WXDOPHQWHSRFRYDORUDGRGHQWURGHORVUHFLQWRV ELRHQODVHVWDFLRQHVVLWDVHQGHVSREODGRVHUD
IHUURYLDULRV WLHQH XQD VHULH GH FDUDFWHUtVWLFDV XQDFXHVWLyQSHUHQWRULDUHVROYHUHODORMDPLHQWR
IRUPDOHV IXQFLRQDOHV H KLVWyULFDV TXH OH KDFH GH ORV HPSOHDGRV Pi[LPH VL HQ HVWH HQFODYH
DFUHHGRU GH XQ HVWXGLR PiV GHWDOODGR GH FDGD VH VLWXDED DOJXQD DFWLYLGDG FRQ H[LJHQFLDV HQ
XQRGHVXVHMHPSORV)LQDOPHQWHHVXQLQPXH PDQRGHREUD(VWRGDUtDOXJDUDSREODGRVIH
EOHTXHSRUVXVHVSHFLDOHVFDUDFWHUtVWLFDVWLHQH UURYLDULRVWHPD\DTXHKDVLGRWUDWDGRHQDOJX
XQDDOWtVLPDSRWHQFLDOLGDGSDUDVXUHXWLOL]DFLyQ QRVWUDEDMRVGHORVFXDOHVHQODSURYLQFLDGH
SDUD QXHYRV XVRV (VWD RSRUWXQLGDG KD\ TXH $OEDFHWHWHQHPRVGRVFDVRV&KLQFKLOOD\$JUD
DSURYHFKDUODHYLWDQGRDOWLHPSRTXHODVQXHYDV PyQ$pVWRVSRGUtDVXPiUVHOHHOFDVRGH0LQDV
LQWHUYHQFLRQHVVREUHORVHGLFLRVOHVKDJDQSHU GH +HOOtQ SHUR VX DGVFULSFLyQ D ODV WLSRORJtDV
GHUVXVLQWUtQVHFRVYDORUHVIRUPDOHV HVWDQGDUL]DGDVGHSREODGRVH[LJLUtDXQDQiOLVLV
PiVGHWDOODGRTXHHVFDSDDHVWHHVWXGLR

(QORVSREODGRVSRGHPRVHQFRQWUDUDOJXQDV
 WLSRORJtDV DUTXLWHFWyQLFDV PX\ FDUDFWHUtVWLFDV
6)6)%.$!39/42/3 (QORVGRVFDVRVDOEDFHWHxRVODVYLYLHQGDVFR
).-5%",%3-%./2%3 UUHVSRQGHQDOPRGHORGHWUHQHVGHFDVDVEDMDV
DGRVDGDV GH XQD VROD DOWXUD FRQ XQ SDWLR HQ
$ORODUJRGHOWH[WRHVWDPRVLQWHQWDQGRSUH VXSDUWHWUDVHUD(VWDWLSRORJtDPX\FRUULHQWH
VHQWDUFXiOHVVRQORVHOHPHQWRVTXHGHQHQHO HQWUHRWUDVHQ0=$WLHQHWRGDYtDUHSUHVHQWD
SDWULPRQLRIHUURYLDULRSURYLQFLDO(QHOiPELWR FLyQHQORVGRVSREODGRVDXQTXHHQDPERVKD\
DUTXLWHFWyQLFR ORV HGLFLRV GH YLDMHURV WLHQHQ VHULRVSUREOHPDVGHVXSHUYLYHQFLD7RGDVHOODV
XQ HVSHFLDO SURWDJRQLVPR 3HUR IUHQWH D HVWRV HVWiQDEDQGRQDGDVHQODDFWXDOLGDGSUHVHQWDQ
HGLFLRV HVWHODUHV HQ ORV UHFLQWRV IHUURYLDULRV GRDVSHFWRVHPLUUXLQRVR3HURDGHPiVKD\TXH
VHDFRJHQRWURVTXHVLELHQVRQPiVGLVFUHWRV VHxDODUTXHODVTXHKR\SRGHPRVFRQWHPSODUHQ
HQWDPDxRRIXQFLyQQRVRQPHQRVLQWHUHVDQWHV XQHVWDGRSUHWHUPLQDOVRQODVVXSHUYLYLHQWHVGH
DODKRUDGHHQWHQGHUHVWRVHVSDFLRVFRPRSDUWH XQ SDUTXH LQPRELOLDULR PiV DPSOLR YLYLHQGDV
GHXQWRGRFRPRHOHPHQWRVGHiPELWRVDUWLFX TXHSRUGLYHUVDVUD]RQHVKDQLGRVLHQGRGHPR
ODGRV GRQGH FDGD SLH]D MXHJD VX SDSHO +DUH OLGDVHQODV~OWLPDVGpFDGDV
PRV XQ EUHYH UHODWR GH TXp HOHPHQWRV KD\ HQ
HVWHiPELWRWHUULWRULDO\FXiOHVVRQVXVYDORUHV $O PDUJHQ GH HVWRV FDVRV KD\ TXH VHxDODU
\GHELOLGDGHV ODSUHVHQFLDGHDOJXQDVRWUDVYLYLHQGDVTXHHQ
PHQRUQ~PHURVHGLVSRQHQHQDOJXQRVUHFLQWRV
$EULPRVHOWHPDFRQODVYLYLHQGDV/DVHP IHUURYLDULRVGHODSURYLQFLD&LWDUtDPRVHOFDVR
SUHVDV IHUURYLDULDV DGHPiV GH KDELOLWDU WRGRV GHOWUHQGHYLYLHQGDVGH+HOOtQVLWXDGDVIUHQ
ORVPHGLRVSDUDIDFLOLWDUHOWUDQVSRUWH FUHDFLyQ WHDOHGLFLRGHYLDMHURVD~QHQXVR\ELHQFRQ
GHYtDVHGLFLRVGHWUDVLHJRGHSHUVRQDV\FDU VHUYDGDV 2WUR SHTXHxR JUXSR GH YLYLHQGDV OR
JDV PDWHULDO PyYLO HOHPHQWRV GH DSR\R D OD SRGHPRVHQFRQWUDUHQODHVWDFLyQGH$OPDQVD
H[SORWDFLyQ GHEtDQUHVROYHUDOJXQRVSUREOH eVWDVVHGLVSRQHQHQHOH[WUHPRHVWHGHOKD]GH
PDVPHQRVWUDVFHQGHQWHVSDUDHOFOLHQWHSHURQR YtDVORFDO\FRPRQRVUHYHODODSODQLPHWUtDGH

 &XpOODU9LOODU-LPpQH]9HJD\3ROR0XULHO  


-)'5%,*)-.%:6%'!Y&2!.#)3#/0/,/-52)%,

9LYLHQGDVHQODHVWDFLyQGH+HOOtQ)RWRJUDItD)XQGDFLyQGHORV)HUURFDUULOHV(VSDxROHV

0=$ GHO DxR  HVWDEDQ UHVHUYDGDV SDUD DJXDGD \ VX PDTXLQDULD GH LPSXOVLyQ DXQTXH
ORV MHIHV GH PDQWHQLPLHQWR GH YtD GH OD ]RQD HVWHGDWRHVXQDGHGXFFLyQGHODSODQLPHWUtD
FRQWDQGRLQFOXVRFRQXQDPSOLRMDUGtQTXHVHSD QRKD\FRQVWDQFLDGRFXPHQWDODOUHVSHFWR6RQ
UDEDVXVFDVDVGHODVYtDV3RVWHULRUPHQWHVHLQ WUHV YLYLHQGDV GHO SULPHU SUR\HFWR KDELpQGR
FRUSRUDURQRWUDVYLYLHQGDVHQHVWHSHTXHxRHQ VHUHFRQYHUWLGRDSDUHQWHPHQWHHQYLYLHQGDOD
FODYHUHVLGHQFLDOSHUGLHQGROD]RQDDMDUGLQDGD GHSHQGHQFLD RULJLQDOPHQWH GHVWLQDGD DO DORMD
SRUXQFUHFLPLHQWRGHOD]RQDGHLQVWDODFLRQHV PLHQWR GH OD PiTXLQD GH LPSXOVLyQ GHO DJXD
IHUURYLDULDV6RQFDVDVGHPD\RUHVGLPHQVLRQHV /DVFDVDVWHQtDQXQSDWLRWUDVHURTXHKDVXIULGR
TXHODVGHORVREUHURVSHURTXHDGLIHUHQFLDGH JUDQGHVPRGLFDFLRQHVFRQHOSDVRGHOWLHPSR
RWUDVQRWLHQHQSDWLR(QXQDGHHOODVDGHPiV
VHGLVSRQtDHQHOPyGXORGHODYLYLHQGDHODOPD 'HQWURGHXQDSDUWDGRGHFRQVWUXFFLRQHVGH
FpQGHYtDV\REUDVGHOD]RQD GXGRVD DGVFULSFLyQ WHQHPRV ORV HGLFLRV TXH
TXHGDQHQSLHHQHODSDUWDGHURGH(O0XJUyQ
(QODHVWDFLyQGH/D5RGDHQFRQWUDPRVRWUR (O RULJLQDO HGLFLR GH YLDMHURV IXH GHUULEDGR
SHFXOLDU Q~FOHR GH YLYLHQGDV 6H WUDWD GH WUHV KDFH SRFR WLHPSR \ DFWXDOPHQWH HQ OD ]RQD
FDVDVVLWXDGDVHQXQUHFLQWRFHUUDGRHQWRUQRDO VyORVREUHYLYHQODVUXLQDVGHXQDVFDVLOODVVL
JUXSRGHDJXDGDV&DEHLQIHULUGDGDVXXELFD WXDGDV HQ HO ERUGH GH OD H[SODQDFLyQ GHO$G
FLyQTXHHVWDVYLYLHQGDVFRUUHVSRQGLHUDQDORV PLQLVWUDGRU GH ,QIUDHVWUXFWXUDV )HUURYLDULDV
HPSOHDGRV UHVSRQVDEOHV GH OD RSHUDFLyQ GH OD $',) (VWDVFDVDVVLWDVHQVXHORIHUURYLDULR

 $+)%
 $+)%
!/3$%&%22/#!22),%.!,"!#%4%  

9LYLHQGDVGHO&DQWyQGH/DUJR5HFRUULGRHQ3R]R&DxDGD)RWRJUDItD)XQGDFLyQGHORV)HUURFDUULOHV(VSDxROHV

VRQGHIiEULFDPX\U~VWLFD\QRHVWiFODURTXH SHQVDUHQTXHIXHUDXQDFRFLQD/DGRFXPHQ
IXHUDQ YLYLHQGDV IHUURYLDULDV 'DGD VX XELFD WDFLyQGHO$+)QRDSRUWDQLQJ~QGDWRDOUHV
FLyQHQVXHORIHUURYLDULRHVSRVLEOHTXHIXHUDQ SHFWRGHHVWDVFDVDV
GHSHQGHQFLDVDXWRFRQVWUXLGDVSRUORVSURSLRV
HPSOHDGRVGHOIHUURFDUULOSDUDDPSOLDUHOHVSD $OPDUJHQGHRWURVFRQMXQWRVGHYLYLHQGDV
FLRGHHVWDQFLD(QXQDVHDSUHFLDXQSHTXHxR IHUURYLDULDV KR\ FRPSOHWDPHQWH GHVDSDUHFL
KRUQR HQ XQD GH VXV SDUHGHV OR TXH DQLPD D GDV SRUHMHPSORODVGH/DV0LQDV HO~OWLPR
HMHPSORTXHTXHUHPRVPRVWUDUHVHOEORTXHGH
YLYLHQGDV GH 3R]R &DxDGD 'DGD VX UHODWLYD
PRGHUQLGDG GpFDGD GH  SRGUtD SDUHFHU
TXHTXHGDOHMRVGHOFRQFHSWRGHSDWULPRQLRIH
UURYLDULRSHURHVWDPELpQXQDPXHVWUDVLQJXODU
TXL]iVGHODV~OWLPDVGHHGLFLRVGHYLYLHQGDV
SURPRYLGRVGLUHFWDPHQWHSRU5(1)(SDUDVXV
WUDEDMDGRUHV$UTXLWHFWyQLFDPHQWH HV SHUIHFWD
PHQWHDVLPLODEOHDFXDOTXLHUYLYLHQGDGHWLSR
ORJtDXUEDQDHQDOWXUD(OEORTXHGHGRVDOWXUDV
\ SODQWD EDMD WLHQH VHLV YLYLHQGDV \ XQD ]RQD
GH WDOOHU (VWXYR GHVWLQDGR DO DORMDPLHQWR GH
ORV WUDEDMDGRUHV GH YtDV \ REUDV GHQRPLQiQ
%DUUDFyQFRQVWUXLGRDEDVHGHWUDYLHVDV\XELFDGR
HQHOUHFLQWRIHUURYLDULRGHODHVWDFLyQGH$JUDPyQ GRVHSRSXODUPHQWHFRPR9LYLHQGDVGHO&/5
)RWRJUDItD)XQGDFLyQGHORV)HUURFDUULOHV(VSDxROHV &DQWyQGH/DUJR5HFRUULGR \DFWXDOPHQWHHVWi
-)'5%,*)-.%:6%'!Y&2!.#)3#/0/,/-52)%,

DEDQGRQDGR\FRQHYLGHQWHVVHxDOHVGHYDQGD ([WUDFWDPRVGHODSDUWDGRGHODVFDVLOODVHO
OL]DFLyQ FDVR GH$OPDQVD 1RV UHIHULPRV D ODV FDVLOODV
GHVWLQDGDV DO FDOHQWDPLHQWR GH ORV FDORUtIHURV
$GHPiV GH ODV YLYLHQGDV HQ YDULDV HVWD (VWH SULPHU VLVWHPD GH FDOHIDFFLyQ GH FRFKHV
FLRQHVVHFRQVHUYDQWDPELpQSHTXHxDVFDVLOODV SUHFLVDED VXVWLWXLU XQRV WHUPRV ORV FDORUt
SDUDHOUHVJXDUGRGHPDWHULDOGHWUDEDMR6XHOHQ IHURV HQ DOJXQDV HVWDFLRQHV SDUD PDQWHQHU
WHQHU FDUDFWHUtVWLFDV FRQVWUXFWLYDV VLPLODUHV D FDOGHDGRV ORV GHSDUWDPHQWRV (Q HVWDV GHSHQ
ODVGHOHGLFLRGHYLDMHURV\PX\SHTXHxDVGL GHQFLDVXQDFDOGHUDFDOHQWDEDHODJXDSDUDHV
PHQVLRQHV(MHPSORVGHHVWRVLQPXHEOHVORVWH WRVHOHPHQWRV(Q$OEDFHWHD~QVHFRQVHUYDHQ
QHPRVHQ7REDUUD+HOOtQ&KLQFKLOOD$OPDQVD DFHSWDEOH HVWDGR OD FDVLOOD GH$OPDQVD 5HDOL
9LOODUUREOHGR'HWRGDVPDQHUDVQRHQWRGRV ]DGDWRGDHOODHQODGULOORFRQVHUYDHOUyWXORHQ
ORV FDVRV HVWDV FDVLOODV JXDUGDQ FRQFRUGDQFLD SLHGUDODEUDGDTXHLQGLFDVXGHVWLQR
FRQORVHGLFLRVGHYLDMHURV\DTXHSXHGHQGDU
VHFDVRVGHDVLQFURQtDTXHVRQFODUDPHQWHHYL 2WURSHTXHxRHGLFLRFDUDFWHUtVWLFRGHODV
GHQWHV0iVPRGHUQDV\JUDQGHVVRQODVFDVDV HVWDFLRQHV VRQ ORV XULQDULRV 6L ELHQ HQ ORV
GHYtDV\REUDVGH$OPDQVD\9LOODUUREOHGRODV PRGHUQRV HGLFLRV HVWD GHSHQGHQFLD HVWi LQ
FXDOHVFXHQWDQFRQJUDQGHVSRUWRQHVHLQFOXVR WHJUDGDHQHOHGLFLRGHGHYLDMHURVHQHOVL
HQHOFDVRGH$OPDQVDGHXQFRFKHUyQSURED JOR ;,; H LQFOXVR HO ;; ORV XULQDULRV VROtDQ
EOHPHQWHGHVWLQDGRDOUHVJXDUGRGHXQDGUHVLQD XELFDUVH HQ XQ PyGXOR LQGHSHQGLHQWH VLWR HQ
GHWUDEDMRVHQYtD5HVDOWDUHPRVSRUVXVLQJX HODQGpQ'LYLGLGRHQGRVHVSDFLRVSDUDKRP
ODULGDG H[FHSFLRQDO HO JDOSyQ OHYDQWDGR HQ HO EUHV\PXMHUHVHQODSURYLQFLDGH$OEDFHWHWH
SREODGRGH$JUDPyQUHDOL]DGRtQWHJUDPHQWHD QHPRVGRVWLSRVEiVLFRVGHXULQDULRV/RVPiV
EDVHGHWUDYLHVDVWDQWRHQSDUHGHVFRPRHQFX DQWLJXRVVXHOHQFRUUHVSRQGHUVHDXQSHTXHxR
ELHUWD6HPHMDQWHXVRGHHVWHPDWHULDOUHVSRQGH LQPXHEOHGHVHLVSRUWUHVPHWURVFRQFXELHUWD
REYLDPHQWHDODDQWLJXDH[LVWHQFLDHQHVWDHVWD D GRV DJXDV GH WHMD SODQD  \ DFFHVR SRU VXV
FLyQGHXQDSODQWDGHFUHRVRWDGRGHWUDYLHVDVOR FXDWUR ODGRV /D IDFKDGD ODGR DQGpQ DSDUHFH
FXDOH[SOLFDUtDODDEXQGDQFLDGHHVWDVPDGHUDV SURWHJLGD FXDQGR VH FRQVHUYD  SRU XQD SH
HQ HVWH OXJDU \ VX UHODWLYD GLVSRQLELOLGDG SDUD TXHxD PDPSDUD IRUPDGD SRU XQ HQWDEODGR
WDQH[yWLFRXVR GH OLVWRQHV TXH JXDUGD XQD FLHUWD LQWLPLGDG D

8ULQDULRVGH$OSHUD\GH0LQD\D)RWRJUDItDV)XQGDFLyQGHORV)HUURFDUULOHV(VSDxROHV
!/3$%&%22/#!22),%.!,"!#%4%  

OOR\HOIURQWDOWLHQHXQIURQWyQTXHGHVERUGD
ODV GLPHQVLRQHV GH WDELTXHV \ FXELHUWD (Q
HVWRVFDVRVOODPDODDWHQFLyQODHOHJDQFLDGHO
UyWXOR TXH VHxDOD HO WLSR GH EDxRV FDEDOOH
URV\VHxRUDV UHDOL]DGRHQUHOLHYHHQSLHGUD
/DPHQWDEOHPHQWH KD\ TXH VHxDODU OD EXUGD
WDFKDGXUD GH ORV UyWXORV GH 0LQD\D DQX
ODGRV FRQ XQD FDSD GH FHPHQWR HQ XQD GHV
DIRUWXQDGDLQWHUYHQFLyQGHQWURGHOUHFLQWRGH
ODHVWDFLyQ8Q~OWLPRFDVRGLIHUHQWHDWRGRV
ORVGHPiVHVHOGHODHVWDFLyQGH&KLQFKLOOD
6XEHVWDFLyQGH0LQD\D XQPyGXORF~ELFRGHSODQWDFXDGUDGDFXELHU
)RWRJUDItD)XQGDFLyQGHORV)HUURFDUULOHV(VSDxROHV WD D FXDWUR DJXDV VLQ DSHQDV FRQFHVLyQ D OD
HVWpWLFD

HVWH HVSDFLR GHVGH ORV DQGHQHV 5HDOL]DGR HQ $O PDUJHQ GH HVWRV YHWHUDQRV HGLFLRV OD
ODGULOOR\VLOOHUtDUHDO]DQGRODVMDPEDV\FDQ OtQHDIpUUHDTXHGHVGH$OFi]DUGH6DQ-XDQVH
WRVWLHQHXQUHPDWHHQFHORVtDGHPDGHUDHQOD GLULJH KDFLD9DOHQFLD \$OLFDQWH HPSH]y D VHU
SDUWHVXSHULRUGHODVSDUHGHVHOHPHQWRHVWpWL HOHFWULFDGD D QDOHV GH OD GpFDGD GH 
FR TXH D VX YH] IDYRUHFH DOJR WDQ QHFHVDULR /D HOHFWULFDFLyQ DGHPiV GHO WHQGLGR GH ORV
FRPR OD YHQWLODFLyQ GH HVWRV UHFLQWRV 7RGRV FDEOHVVREUHODVYtDVVHDFRPSDxDGHODFRQV
HVWRV LQPXHEOHV HVWiQ IXHUD GH XVR HQ OD DF WUXFFLyQ GH XQD VHULH GH VXEHVWDFLRQHV GLVWUL
WXDOLGDG FRQVHUYiQGRVH HQ PX\ EXHQ HVWDGR EXLGDVGHPDQHUDUHJXODUDORODUJRGHOWUD]DGR
ORVGH$OSHUD/D5RGD9LOODUUREOHGR\7RED IHUURYLDULR KDFLD ODV FXDOHV DX\HQ ODV OtQHDV
UUD(VWH~OWLPRQRWLHQHDFFHVRVHQVXVODGRV GHDOWDWHQVLyQ\GHVGHODVFXDOHVVHDOLPHQWDQ
DQJRVWRV(QHOFDVRGH9LOODUUREOHGRWLHQHXQ ORVWUDPRVGHUHGDXQDWHQVLyQGHWHUPLQDGDHQ
FXHUSRDGLFLRQDOFHUUDGR\FRQXQDFKLPHQHD HVWHFDVR9HQFRUULHQWHFRQWLQXD(VWDV
TXH SUREDEOHPHQWH DORMDUD XQD GHSHQGHQFLD VXEHVWDFLRQHVVHXELFDQHQXQUHFLQWRUHFWDQJX
SDUDFDORUtIHURV(QHOFDVRGH/D5RGDORVUH ODUHQXQDGHFX\DVSDUWHVKD\XQJUXSRGHLQ
PDWHVGHFDQWHUtDGHMDPEDVVHDOWHUQDQFRQHO WHPSHULHGHWUDQVIRUPDGRUHV\VHFFLRQDGRUHV
ODGULOORFUHDQGRXQDWUDFWLYRHIHFWRFURPiWLFR \XQHGLFLRGRQGHVHDORMDQORVUHFWLFDGRUHV
(VWRV GRV ~OWLPRV FDVRV UHPDWDQ OD FXPEUHUD GHFRUULHQWHDOWHUQDDFRQWLQXDDVtFRPRHTXL
GH OD FXELHUWD FRQ XQD OLJUDQD PHWiOLFD GH SRVGHFRQWURO\RWUDVLQVWDODFLRQHVPiVYXOQH
JUDQHOHJDQFLD(QODVHVWDFLRQHVGH/RV+LWRV UDEOHV D OD LQWHPSHULH (Q HVWD OtQHD WRGRV ORV
\ 0LQDWHGD VH FRQVHUYDQ RWURV GRV XULQDULRV HGLFLRVVRQLJXDOHVGH[P\FRQVWDQGH
HQHVWDGRGHLQFLSLHQWHUXLQD\SRU~OWLPRHQ GRVDOWXUDV&XHQWDQFRQXQDYtDSDUDXQHYHQ
ODHVWDFLyQGH+LJXHUXHODVHFRQVHUYDRWURHQ WXDODFFHVRGHHTXLSRVGHJUDQYROXPHQ(QOD
PX\PDOHVWDGRTXHVRUSUHQGHQWHPHQWHHVHO SURYLQFLDGH$OEDFHWHKD\VXEHVWDFLRQHVHQORV
~QLFRLQPXHEOHVXSHUYLYLHQWHGHDTXHODQWLJXR UHFLQWRVIHUURYLDULRVGH$OPDQVD$OSHUD9LOODU
UHFLQWRIHUURYLDULR GH &KLQFKLOOD &KLQFKLOOD$OEDFHWH 0LQD\D \
/D5RGD
)UHQWH D HVWD WLSRORJtD GH XULQDULRV GRV
JUDQGHV HVWDFLRQHV GHO SULPHU WUDPR GH OD 7HUPLQDPRVHVWDUHYLVLyQGHRWURVHOHPHQ
SURYLQFLD ODV GH 0LQD\D \ /D *LQHWD SUH WRV FRQVWUXLGRV HQ HVWD SURYLQFLD FRQ ORV PiV
VHQWDQRWUDPRUIRORJtDGHLQPXHEOHV(QHVWH SHTXHxRVORVSR]RV([LVWHQWHVHQODPD\RUtD
FDVRODIDFKDGDWLHQHSDxRVTXHDOWHUQDSLHGUD GH ODV HVWDFLRQHV VyOR TXHUHPRV UHVDOWDU XQR
\ODGULOORFUHDQGRXQHIHFWRPX\VLQJXODU/D TXHFUHHPRVWLHQHQXQLQWHUpVVLQJXODU6HWUDWD
YHQWLODFLyQVHUHDOL]DSRUXQDFHORVtDGHODGUL GHOGHODHVWDFLyQGH(O9LOODUGH&KLQFKLOOD6L
-)'5%,*)-.%:6%'!Y&2!.#)3#/0/,/-52)%,

WXDGRMXQWRDODDQWLJXDDJXDGD KR\GHVDSDUH /RV GHSyVLWRV PiV IDPLOLDUHV VRQ DTXHOORV


FLGD VXEURFDOGHVHFFLyQFXDGUDGDVHFRURQD TXH WLHQHQ XQD QDYH HQ IRUPD GH VHFFLyQ GH
FRQ XQD SURWHFFLyQ TXH D PRGR GH WHPSOHWH DUFR PiVRPHQRVFRPSOHWRHQIXQFLyQGHVX
SURWHJHHODJXDGHVXFLHGDGHV(VWHFXHUSRGH LPSRUWDQFLD  %DMR VXV FXELHUWDV VH GLVSRQtDQ
SURWHFFLyQ HVWi UHDOL]DGR tQWHJUDPHQWH HQ OD HQ HVWUHOOD XQD VHULH GH YtDV PXFKDV GH HOODV
GULOOR\VHFRURQDFRQXQDFXELHUWDDGRVDJXDV R LQFOXVR WRGDV  FRQ IRVR GH PDQWHQLPLHQWR
GHWHMDSODQD$OSLHKD\XQDUFyQPHWiOLFRTXH \ FRQHFWDGDV D OD UHG SRU XQ SXHQWH JLUDWRULR
SURWHJHXQDERPEDGHHOHYDFLyQGHDJXD TXH DO WLHPSR GH IDFLOLWDU HO DFFHVR SHUPLWtD
HOJLURFRPSOHWRGHODVORFRPRWRUDVSDUDDIURQ
WDUHOYLDMHHQXQVHQWLGRXRWUR3HURIUHQWHD
pVWRVKXERRWURVPRGHORVPHQRVHOHJDQWHVQD
 YHVGHSODQWDUHFWDQJXODUGRQGHVHDFRJtDQHQ
,/3$%03)4/3 SDUDOHORODVORFRPRWRUDVFRQDOJXQDVYDULDQWHV
VREUHHVWHSDWUyQ(VWDVQDYHVGHODVORFRPRWR
+HPRVTXHULGRKDFHUXQDEUHYHSDUDGDSDUD UDVVROtDQDFRPSDxDUVHGHDQH[RVSDUDJXDUGDU
PRVWUDUDOOHFWRURWURGHORVPiVFUXFLDOHVHOH KHUUDPLHQWDVYHVWXDULRVRFLQDVHLQFOXVRGRU
PHQWRVLPSUHVFLQGLEOHVSDUDODH[SORWDFLyQGHO PLWRULRVGHPDTXLQLVWDV
IHUURFDUULOORVGHSyVLWRV1RKD\TXHFRQIXQGLU
HVWDVLQVWDODFLRQHVFRQDOPDFHQHVSDUDiULGRVR (QODSURYLQFLDGH$OEDFHWHWHQHPRVXQFOD
DJXD(QHOIHUURFDUULOHOWpUPLQRGHSyVLWRVXH URQXGRIHUURYLDULR&KLQFKLOODORFXDOQRVLQ
OH KDFHU UHIHUHQFLD D XQDV GHSHQGHQFLDV DFRQ YLWDDSHQVDUHQODSUHVHQFLDGHHVWDLQVWDODFLyQ
GLFLRQDGDV SDUD HO UHVJXDUGR \ PDQWHQLPLHQWR )UHQWH DO HGLFLR GH YLDMHURV WHQHPRV XQD GH
KDELWXDOPHQWH PHQRU FRWLGLDQR  GHO PDWHULDO HOODVSHUROODPDODDWHQFLyQODPRGHVWLDGHHVWH
GH WUDFFLyQ GH ODV ORFRPRWRUDV (VWDV LQVWDOD HOHPHQWR HQ XQD HVWDFLyQ GH VHPHMDQWH SRUWH
FLRQHVVXHOHQHVWDUORFDOL]DGDVHQODVFDEHFHUDV /D H[SOLFDFLyQ HV ELHQ VHQFLOOD 0=$ DXQTXH
GHODVOtQHDVORVSXQWRVGRQGHKDELWXDOPHQWHVH DSRVWy SRU OD FUHDFLyQ GH HVWH QXGR WXYR TXH
IRUPDQORVWUHQHVSHURQRVLHPSUHHVDVt(QORV PDQWHQHU ODV GHSHQGHQFLDV GH PDQWHQLPLHQWR
QXGRVGHODUHGGRQGHWLHPSRDWUiVHUDKDELWXDO GHWUHQHVHQODYHFLQDHVWDFLyQGH$OEDFHWHOD
HO IUDFFLRQDPLHQWR GH FRQYR\HV QR HUD QDGD FXDODVXPLyFDVLGHVGHHOSULQFLSLRHVWDVWDUHDV
UDUR HQFRQWUDU HVWDV LQVWDODFLRQHV $VLPLVPR (Q&KLQFKLOODVyORVHFRQVHUYDHQSUHFDULRHV
HQRFDVLRQHVHQSXQWRVGHUHIXHU]RGHWUDFFLyQ WDGR XQD SHTXHxD QDYH UHFWDQJXODU GH [
SLHV GH UDPSD  SRGUtD KDEHU LQVWDODFLRQHV GH PHWURV FRQ GRV YtDV SDVDQWHV GH ODGR D ODGR
HVWDFDWHJRUtDODVFXDOHVHQIXQFLyQGHVXSRU &RQFXELHUWDDGRVDJXDVWLHQHXQDGHSHQGHQFLD
WHSRGUtDQOODPDUVHGHVGHGHSyVLWRVDUHVHUYDV DQH[DSDUDHOWDOOHU\HQODVSUR[LPLGDGHVKXER
RD~QPiVVLPSOHHOFRFKHUyQ FDVDVSDUDORVHPSOHDGRV(VXQDGHSHQGHQFLD
WDQ PRGHVWD TXH VROR FDEH GHQRPLQDUOD \ DVt
(VWDVLQVWDODFLRQHVHUDQPXFKRPiVIUHFXHQ ODUHFRQRFHQORVSODQRVFRPRFRFKHUDSDUDOR
WHVHQODpSRFDGHDSRJHRGHODWUDFFLyQYDSRU FRPRWRUDV%DMRVXGREOHDUTXHUtDVHGLVSRQtDQ
/D WHFQRORJtD GH HVWDV ORFRPRWRUDV LPSOLFDED GRVYtDVFRQVXVUHVSHFWLYRVIRVRV/DFXELHUWD
XQ VLVWHPD GH H[SORWDFLyQ PX\ LQWHQVLYR /RV WLHQHODFUXMtDFHQWUDOVREUHHOHYDGDGHMDQGRXQ
UHFRUULGRVQRHUDQGHPDVLDGRODUJRVVLHQGRKD HVSDFLRDELHUWRSDUDIDFLOLWDUODVDOLGDGHKXPRV
ELWXDO HO UHOHYR GH PiTXLQDV HQ LWLQHUDULRV GH GHODVPiTXLQDVDOOtHVWDFLRQDGDV
FLHUWDHQWLGDG(VWRVUHOHYRVREOLJDEDQDPXOWL
SOLFDUORVSXQWRVGHDSR\RDHVWDVPDTXLQDV/D  (Q$OPDQVD HQFRQWUDPRV XQ GHSyVLWR GH
OOHJDGDGHODWUDFFLyQGLHVHO\HOpFWULFDVLPSOL PD\RUHV SURSRUFLRQHV 'H QXHYR SXHGH OOD
FyHQRUPHPHQWHHVWRVWUDEDMRVGHWDOPDQHUD PDUDVRUSUHVDHVWHKHFKR&yPRHQ$OPDQVD
TXHORVGHSyVLWRVIXHURQFHUUDQGRXQRWUDVRWUR KD\XQGHSyVLWRQRVLHQGRQXGRQLRULJHQGH
VREUHYLYLHQGRPX\SRFRVHQODDFWXDOLGDG OtQHD" &LHUWR HV TXH KR\ QR HV PiV TXH XQD
!/3$%&%22/#!22),%.!,"!#%4%  

9LVWDGHORVFRFKHURQHVGH$OPDQVD\
&KLQFKLOOD)RWRJUDItDV)XQGDFLyQ
GHORV)HUURFDUULOHV(VSDxROHV

LPSRUWDQWHHVWDFLyQGHSDVRSHURHQ
VXV RUtJHQHV$OPDQVD YLYLy OD SDUD
GRMD GH VHU HO DUUDQTXH GH OD OtQHD
GH $OPDQVD 9DOHQFLD \ 7DUUDJRQD
$971RUWH  TXH WHQtD FRQ OD OtQHD
GH 0=$ XQ WUDPR FRP~Q KDVWD /D
(QFLQD 6LHQGR RULJHQ GH OtQHD HV FRKHUHQWH HVWDPRV UHULHQGR DO GH OD FDSLWDO SURYLQFLDO
ODSUHVHQFLDGHXQLPSRUWDQWHGHSyVLWRGHPD (VWH GHSyVLWR HV KHUHGHUR GH ORV TXH KXER HQ
WHULDO PyYLO )UHQWH D OD PRGHVWD FRFKHUD GH ODDQWLJXDHVWDFLyQGHO3DVHRGHOD&XED0=$
&KLQFKLOODHQ$OPDQVDHQFRQWUDPRVGRVJUDQ LQVWDOyXQSHTXHxRGHSyVLWRTXHIXHDPSOLDGR
GHV QDYHV SDUDOHODV FRQ FDSDFLGDG WRWDO SDUD VHJ~QXQSUR\HFWRGHODxRHOFXDOFRQ
FLQFRYtDVHQVXV[PGHFXELHUWDVDORV WDEDFRQURWRQGDSODFDJLUDWRULDSDUDYtDV
FXDOHV VH VXPDEDQ XQDV GHSHQGHQFLDV DQH[DV GHHOODVEDMRQDYH\XQWDOOHUHQXQDQDYHDQH[D
GHYLYLHQGDV\DOPDFHQHV3RUVXSDUWH0=$ FRQGRVYtDV
GLVSRQtD HQ HO ODGR FRQWUDULR GHO KD] GH YtDV
GHRWUDSHTXHxDFRFKHUD\XQDSODFDJLUDWRULD 7RGRHVWHFRQMXQWRGHLQVWDODFLRQHVGHVDSD
SDUDDWHQGHUUHOHYRVGHWUDFFLyQHQHVWHSXQWR UHFLyFRQODFRQVWUXFFLyQGHODQXHYDHVWDFLyQ
/DV LQVWDODFLRQHV GH 0=$ KDQ GHVDSDUHFLGR HQ  /D QXHYD WHUPLQDO VH GRWy GH QXHYR
SRU FRPSOHWR SHUR ODV GH 1RUWH VH FRQVHUYDQ GH XQD LPSUHVLRQDQWH FRFKHUD SUHSDUDGD SDUD
HQUHODWLYREXHQHVWDGRDXQTXH\DKDQSHUGLGR VHUYLUWDPELpQDOQDOPHQWHIDOOLGR)HUURFDUULO
FRPSOHWDPHQWHVXIXQFLyQRULJLQDO %DH]D8WLHO(VWDLQVWDODFLyQWRGDYtDHQVHUYL
FLR PX\SRUGHEDMRGHVXVSRVLELOLGDGHV WLHQH
$HVWRVYHWHUDQRVGHSyVLWRVVHXQHHO~QLFR YtDVEDMRFXELHUWDXQFRQMXQWRGHPGH
TXHHQSUHFDULRWRGDYtDVLJXHHQVHUYLFLR1RV GLiPHWUR7RGDHOODUHVSRQGHDORVPRGHORVGH

 $+)%
-)'5%,*)-.%:6%'!Y&2!.#)3#/0/,/-52)%,

*U~DVGH/D5RGD\GH0LQD\D)RWRJUDItDV)XQGDFLyQGHORV)HUURFDUULOHV(VSDxROHV

GHSyVLWRVHULJLGRVHQODGpFDGDGHFRQFX GHOGHVWLQRKDQOOHJDGRKDVWDQXHVWURVGtDVHQ
ELHUWDVSODQDVGHKRUPLJyQFRQXQDHVWUXFWXUD DOJXQRVFDVRVHQH[FHOHQWHHVWDGRGHFRQVHUYD
GHOLQWHUQRQHVTXHSHUPLWHQLOXPLQDU\YHQWLODU FLyQ
HOLQWHULRUGHODQDYH
1RV HVWDPRV UHULHQGR VREUH WRGR D HOH
PHQWRV YLQFXODGRV HQ RULJHQ DO PDQHMR GH ODV
PHUFDQFtDV TXH WUDVHJDEDQ SRU OD HVWDFLyQ
 *U~DVEiVFXODV\JiOLERVVRQWUHVWLSRVGHKH
/42/3%,%-%.4/3$% UUDPLHQWDVTXHKR\KDQSHUGLGRVXIXQFLRQDOL
,!%80,/4!#). GDGDOGHVDSDUHFHUORVWUiFRVTXHODVMXVWLFD
URQ-XQWRDHOORV\WRGDYtDIXQFLRQDOHV DXQTXH
HVSUHYLVLEOHTXHSRUPX\SRFRWLHPSR HQORV
(QODVHVWDFLRQHVGHIHUURFDUULOORVJUDQGHV DQGHQHV TXHGDQ DOJXQRV SHFXOLDUHV HOHPHQWRV
HGLFLRV DUWLFXODQ FRQ URWXQGLGDG XQ HVSDFLR GH PDQHMR GH ORV HQFODYDPLHQWRV GH FDPELRV
TXHHQSODQWDHVWiRUJDQL]DGRSRUODPDOODGH GH YtD \ VHxDOHV VHULDPHQWH DPHQD]DGRV WUDV
YtDV5DtOHVHLQPXHEOHVFRQIRUPDQXQRGHORV VXSUHYLVLEOHSpUGLGDGHIXQFLRQDOLGDG\TXHHV
PiV SHFXOLDUHV FRQMXQWRV XUEDQRV GH PXFKRV SUHFLVRFRQRFHU\SUHVHUYDU
SXHEORV\FLXGDGHV3HURHQHVWRVHVSDFLRVHV
FRQGLGRVHQULQFRQHVSHJDGRVDSDUHGHVRDOD (QHOSULPHUJUXSRGHHOHPHQWRVORVGHVWLQD
VRPEUDGHPDUTXHVLQDVVHHQFXHQWUDQDOJXQRV GRVDODVPHUFDQFtDVH[SRQGUHPRVODVLWXDFLyQ
HOHPHQWRV\DUWLOXJLRVPiVRPHQRVLPSRUWDQ GHODVJU~DVGHHVWDFLRQHV(VWDVPiTXLQDVWDP
WHV SDUD OD H[SORWDFLyQ IHUURYLDULD TXH WLHQHQ ELpQOODPDGDVFDEUHVWDQWHVVHUYtDQSDUDIDFLOLWDU
FLHUWR YDORU 6RQ DXWpQWLFRV VXSHUYLYLHQWHV HQ HOWUDVLHJRGHEXOWRVGHJUDQSHVRGHVGHORVYD
XQHQWRUQRHQHOFXDOSHUGLHURQVXXWLOLGDGSUL JRQHVKDFLDORVPXHOOHVRYHKtFXORVGHFDUUHWHUD
PLJHQLDPXFKRVDxRVDWUiV\TXHSRUXQD]DU \YLFHYHUVD(Q$OEDFHWHVyORVHFRQVHUYDQWUHV
!/3$%&%22/#!22),%.!,"!#%4%  

HVWiQ KR\ IXHUD GH


VHUYLFLRSHURHQUH
ODWLYR EXHQ HVWDGR
VREUHWRGRHVWD~OWL
PDGH/D5RGD

2WUR HOHPHQWR
FRUULHQWHHQOD]RQD
GH PXHOOHV HUDQ ODV
EiVFXODV(VWDVLQV
WDODFLRQHVWLSREiV
FXODSXHQWH HVWiQ
IRUPDGDV SRU GRV
HOHPHQWRV EiVLFRV
XQWUDPRGHYtDGLV
SXHVWDVREUHXQSH
TXHxRIRVR(VWDYtD
%iVFXODGHODHVWDFLyQGH&DXGHWH)RWRJUDItD GHVFDQVDEDVREUHXQ
)XQGDFLyQGHORV)HUURFDUULOHV(VSDxROHV
VLVWHPD DUWLFXODGR
TXH PHGLDQWH XQDV
GHHVWRVHOHPHQWRVUHVWRVGHXQDGRWDFLyQTXH WUDQVPLVLRQHVKDFtDPRYHUXQVLVWHPDGHPHGL
VXSRQHPRVHQWLHPSRVPiVDEXQGDQWHV'RVGH FLyQGLVSXHVWRHQODVHJXQGDSDUWHGHHVWHFRQ
HOODVODVGH0LQD\D\9LOODUUREOHGRUHVSRQGHQ MXQWR(VWD]RQDGHPHGLGDVHVWDEDLQVFULWDHQ
DXQDWLSRORJtDPX\VHQFLOODDEDVHGHXQWRUQR XQFDMyQPHWiOLFRTXHSURWHJtDHVWDVUHJODVGH
PDQXDO GH GREOH SDODQFD GH WUDFFLyQ HQ FX\R PHGLGD\VXVFRQWUDSHVRVGHODLQWHPSHULH(V
FLOLQGURVHHQUROODHOFDEOHGHDUUDVWUH8QSLODU WDVLQVWDODFLRQHVVXHOHQHVWDUGLVSXHVWDVFRPR
FHQWUDOSLYRWDQWHFRURQDGRSRUXQDJUDQSROHD HV OyJLFR MXQWR D ORV PXHOOHV GH PHUFDQFtDV
FRQVWLWX\HHOHOHPHQWRFHQWUDO(QpOVHDSR\DQ DFRJLpQGRVHHQRFDVLRQHVHODSDUDWRGHPHGLGDV
HOWRUQRFRQVXVSDODQFDV\SRUHORWURODGRXQD HQXQUHWUDQTXHRGHOPXHOOHGHVFXELHUWRFRQXQ
YLJDHQDUFRGHVGHFX\RH[WUHPR\DSR\DGRVR DFFHVRSRUHVFDOHUDVGHVGHpVWH
EUHXQDSROHDYXHODHOFDEOHGHOTXHFXHOJDQODV
FDUJDV-XQWRDHVWDVJU~DVWHQHPRVHOFDVRGHOD 7RGDV ODV LQVWDODFLRQHV GH HVWH WLSR VX
GHODHVWDFLyQGH/D5RGDeVWDWDPELpQHVPD SHUYLYLHQWHV HQ OD SURYLQFLD GH $OEDFHWH HQ
QXDOSHURDTXtHOVLVWHPDGHHOHYDFLyQHVPX WRWDO VHLV XQLGDGHV HVWiQ IXHUD GH VHUYLFLR \
FKRPiVFRPSOHMR&RQFHELGDSDUDFDUJDVPX GHHOODVWDQVyORGRVODGH&DXGHWH\PX\HQ
FKRPiVSHVDGDVHOFDEOHKDVLGRVXVWLWXLGRSRU SUHFDULRODGH&KLQFKLOODHVWiQWRGDYtDFRQHF
XQDFRQWXQGHQWHFDGHQDDUWLFXODGDFRQJUDQGHV WDGDVDODVYtDVGHODHVWDFLyQ(QORVUHVWDQWHV
HVODERQHV(OEUD]RGHYXHORGHODJU~DHVXQD FDVRVHVGHFLU$OSHUD3R]R&DxDGD7REDUUD
VyOLGDYLJDGHVHFFLyQUHFWDQJXODUVRVWHQLGDSRU \9LOODU GH &KLQFKLOOD ORV FDMRQHV GH SURWHF
WUHV WLUDQWHV PHWiOLFRV FRQMXQWR TXH SHUPLWtD FLyQD~QVHFRQVHUYDQDVtFRPRODVEDUUDVGH
HOHYDUODVFDUJDVDJUDQDOWXUD3DUDSHUPLWLUHO PHGLGDSHURHOQLYHOGHGHWHULRURHVFUHFLHQWH
YXHORGHPHUFDQFtDVGHJUDQVXSHUFLH\SHVR \ OD SRVLELOLGDG GH SpUGLGD PX\ DOWD -XQWR D
FXHQWDFRQXQUHPDWHGHPRQWDMHRSFLRQDOIRU HVWDV LQVWDODFLRQHV HV IUHFXHQWH HQFRQWUDU DU
PDGRSRUGRVYLJDVGLVSXHVWDVHQIRUPDGHFUX] FRVGHJiOLER(VWDVLPSOHLQVWDODFLyQFRQVLVWH
TXHSHUPLWHQPXOWLSOLFDUORVSXQWRVGHDQFODMH HQXQDUFRPHWiOLFRVXVSHQGLGRGHOFXDOFXHO
3DUDOHYDQWDUHVWRVJUDQGHVSHVRVFXHQWDFRQXQ JDQXQDVOLJHUDVEDUUDVPHWiOLFDV(OSHUtPHWUR
MXHJR GH FRURQDV GHQWDGDV SDUD PXOWLSOLFDU OD PDUFDGRSRUHVWRVHOHPHQWRVGHQHODVHFFLyQ
SRWHQFLDGHWUDFFLyQ7RGDVHVWDVLQVWDODFLRQHV GHYtDTXHQLQJXQDFDUJDSRGUtDVXSHUDU/RV
-)'5%,*)-.%:6%'!Y&2!.#)3#/0/,/-52)%,

YDJRQHVDELHUWRVGHEtDQSDVDUSRUHVWRVDUFRV OD QHFHVLGDG GH VXPLQLVWUDU DJXD GH OD PHMRU


SDUDFRPSUREDUTXHHOFRQWRUQRFXPSOLHUDODV FDOLGDG SRVLEOH D ODV ORFRPRWRUDV GH YDSRU
PHGLGDV GH VHJXULGDG 3HUGLGR HO WUiFR TXH 6XSUHVHQFLDYHQtDDMXVWDGDDGLVSRQLELOLGDGHV
MXVWLFDED HVWRV SHTXHxRV HOHPHQWRV \D KDQ GHDJXDHQVXHQWRUQRDODVFDUDFWHUtVWLFDVGHO
GHVDSDUHFLGR PXFKRV GH HOORV \ PXFKRV GH WUD]DGR HVSHFLDOPHQWHSHQGLHQWHV \ODH[LVWHQ
ORV TXH KDQ VREUHYLYLGR KDQ SHUGLGR DOJXQRV FLD GH LQVWDODFLRQHV TXH OR GHPDQGDUDQ EiVL
GHVXVHOHPHQWRV FDPHQWH WDOOHUHV \ GHSyVLWRV  (Q OD SURYLQFLD
GH$OEDFHWHGDGDODHVSHFLDOQDWXUDOH]DFDOL]D
(Q OD SURYLQFLD GH $OEDFHWH VH FRQVHUYDQ GH VX VXVWUDWR JHROyJLFR ODV LQVWDODFLRQHV GH
YDULRVGHHVWRVJiOLERVFRUUHVSRQGLHQWHVDGRV ODV DJXDGDV IXHURQ GRWDGDV HQ DOJXQRV FDVRV
WLSRORJtDV3RUXQODGRHVWDUtDQORVGHODpSRFD GHFRPSOHMRVVLVWHPDVGHWUDWDPLHQWRV GHFDQ
YDSRUGLHVHOeVWRVHUDQFRPSOHWRVFRQXQDUFR WDFLyQRGHVFDOFLFDFLyQ SDUDDWHQXDUODDJUH
FHUUDGRSRUVXSDUWHVXSHULRU3RURWURODGRHV VLYLGDGGHHVWDVDJXDVKDFLDODVFDOGHUDVGHODV
WDUtDQORVGHODHOHFWULFDFLyQ(QHVWRVFDVRV ORFRPRWRUDV
HQYH]GHXQVRSRUWH~QLFRSDUDXQDUFRFROJDQ
WHVHXWLOL]DQGRVSRVWHVODWHUDOHVGHORVFXDOHV (Q HO H[WUHPR VXU RULHQWDO GH OD UHG SUR
FXHOJDQODVEDUUDVGHMDQGRODSDUWHFHQWUDOOLEUH YLQFLDOWHQHPRVODRWURUDLPSRUWDQWHHVWDFLyQ
SDUDHOSDVRGHSDQWyJUDIRV'HHVWRVVHFRQVHU GH$JUDPyQ (VWD FXHQWD FRQ XQ DOWR GHSy
YDQ SRU HMHPSOR ORV GH$OSHUD 0LQD\D \ /D VLWR PHWiOLFR GH VHFFLyQ FLOtQGULFD DSR\DGR
*LQHWD'HODpSRFDDQWLJXDVHFRQVHUYDQORVGH VREUHXQFXHUSRWDPELpQFLOtQGULFRGHLGpQ
$JUDPyQ \ 7REDUUD FRPSOHWRV  \ HO GH 3R]R WLFDVHFFLyQ&RQVHUYDODHVFDOHUDH[WHULRUGH
&DxDGD VyORHOSRVWHVLQDUFRV  PDQWHQLPLHQWR\SDUFLDOPHQWHORVLQGLFDGR
UHVGHYROXPHQHPEDOVDGR6HKDSHUGLGRHO
$OPDUJHQGHHVWDVGRWDFLRQHVYLQFXODGDVDO PyGXORDQH[R GHWUDWDPLHQWRRVLPSOHHOHYD
WUiFR PHUFDQWH WHQHPRV XQDV HVSHFLDOPHQWH FLyQ TXHVtDSDUHFtDUHHMDGRHQSODQLPHWUtD
YLQFXODGDVDODWUDFFLyQYDSRUODVDJXDGDVeV KLVWyULFD\GHOFXDOVHFRQVHUYDQPDUFDVGHVX
WDVFRQVWLWX\HQXQRGHORVHOHPHQWRVPiVFODUD SUHVHQFLDVREUHHOWHUUHQR(OGHSyVLWRPHWi
PHQWH UHOHJDGRV HQ OD H[SORWDFLyQ IHUURYLDULD OLFRFRQVHUYDUHVWRVGHOQRPEUHGHODHVWDFLyQ
6XH[LVWHQFLDVHMXVWLFDEDH[FOXVLYDPHQWHSRU URWXODGRDJUDQWDPDxR

*iOLERWUDGLFLRQDOGH7REDUUD\GHYtDHOHFWULFDGDHQ0LQD\D)RWRJUDItD)XQGDFLyQGHORV)HUURFDUULOHV(VSDxROHV
!/3$%&%22/#!22),%.!,"!#%4%  

UUHVPHWiOLFDVPiVDQJRVWDV\GHPD\RUDOWX
UDYLQFXODGDVDOWUDWDPLHQWRGHODVDJXDV(VWH
FRPSOHMRVHVLWXDEDHQXQUHFLQWRFHUUDGRVH
SDUDGRGHOUHVWRGHOUHFLQWRIHUURYLDULRSRUXQ
DOWR PXUR 'HQWUR GH HVWH SHFXOLDU FRPSOHMR
VHXELFDQWUHVYLYLHQGDVSDUDHPSOHDGRV DGH
PiV GH XQ SHTXHxR HGLFLR SDUD ODV ERPEDV
GH LPSXOVLyQ  TXH SUHYLVLEOHPHQWH HVWXYLH
URQ GHVWLQDGDV D ORV HPSOHDGRV HQFDUJDGRV
GHO PDQWHQLPLHQWR GH OD DJXDGD (O FRQMXQWR
VHFRQVHUYDDSDUHQWHPHQWHHQEXHQHVWDGR\
HVWRGRXQKLWRGHOSDLVDMHIHUURYLDULRHQHVWD
]RQD

'H XQD IDFWXUD PX\ SDUHFLGD DO FDVR GH


/D5RGDWHQHPRVHOFRQMXQWRGHODDJXDGDGH
9LOODUUREOHGR (Q HVWH FDVR ORV FXDWUR GHSyVL
WRVVRQPX\HVWLOL]DGRV\DOWRVVRSRUWDGRVSRU
XQRVFLOLQGURVGHODGULOORVGHJUDQDOWXUD-XQWR
DHOORVVHXELFDQODVLQVWDODFLRQHVGHWUDWDPLHQ
WR GHO DJXD GH VHPHMDQWH DOWXUD /DV FDVLOODV
1RULDGH7HOGHFKHHQ$JUDPyQ
$UFKLYR0XVHRGHO)HUURFDUULO
TXHDORMDEDQORVDUWLOXJLRVGHERPEHRKDQGHV
DSDUHFLGR\DOLJXDOTXHVXFHGtDHQ/D5RGDVX
SUHVHQFLD UHVDOWD HVSHFLDOPHQWH HQ XQ HQWRUQR
/RTXHVLVHFRQVHUYDHQODDFWXDOLGDGHVOD GH SDLVDMHV SUHGRPLQDQWHPHQWH OODQRV (Q$O
JUDQQRULDTXHHOHYDEDHODJXDKDVWDXQDEDO SHUD FRQVHUYDPRV RWUD DJXDGD TXH UHVSRQGH D
VD GRQGH DUUDQFDED OD WUDtGD GH DJXDV D HVWH XQPRGHORPX\UHSHWLGRSRUODUHG'HQXHYR
FRPSOHMR IHUURYLDULR &RQRFLGD DFWXDOPHQWH WHQHPRVHOFLOLQGURFRQFXEDPHWiOLFDDSR\DGD
FRPROD1RULDGH7HOGHFKHVHKDFRQYHUWLGR VREUHFXERGHREUD(QHVWHFDVRVHLQFRUSRUD
HQ XQ DXWpQWLFR KLWR FRPDUFDO GH WDO IRUPD XQDSDUULOODGHDSR\RIRUPDGDSRUYLJDVPH
TXHKDVLGRUHSURGXFLGDHOPHQWHHQHOFDVFR WiOLFDVGHGLVSRVLFLyQUDGLDO-XQWRDODWRUUHVH
XUEDQRGH+HOOtQ(VXQDJUDQQRULDGHFDQJL FRQVHUYDODFDVLOODGRQGHHVWXYRODERPEDSDUD
ORQHVTXHHOHYDHODJXDGHVGHXQFDQDOKDVWD HOHYDUHODJXDKDVWDODFXED(OFRQMXQWRVHFRQ
XQDEDOVDGHVGHODFXDOVDOtDXQDFRQGXFFLyQ VHUYDHQEXHQHVWDGR
GH  NPV GH ORQJLWXG KDVWD HO GHSyVLWR (Q
HO $UFKLYR +LVWyULFR )HUURYLDULR VH FRQVHU 8QR GH ORV FRQMXQWRV PiV SHFXOLDUHV \ GL
YD XQD ULFD GRFXPHQWDFLyQ GHO SUR\HFWR GH IHUHQWHV GH OD SURYLQFLD HV OD PRGHVWD DJXDGD
DPSOLDFLyQGHHVWDWUDtGDGHDJXDVYLQFXODGR GH+HOOtQ(VWDLPSRUWDQWHHVWDFLyQVHGRWyGH
DO QXHYR GHSyVLWR TXH QDOPHQWH QXQFD VH XQSHTXHxRGHSyVLWRVHQVLEOHPHQWHPHQRUTXH
FRQVWUX\y ORVFLWDGRVKDVWDDKRUDTXHDGLIHUHQFLDGHORV
GHPiV QR VH DSR\DED VREUH XQD HVWUXFWXUD GH
-XQWRDHVWDYHWHUDQD\VLQJXODULQVWDODFLyQ REUDVLQRVREUHXQFDVWLOOHWHPHWiOLFRDSR\DGR
WHQHPRVHOHVSHFWDFXODUFRPSOHMRGH/D5RGD DVXYH]VREUHFXDWURSLODUHVGHKRUPLJyQ$VX
(QHVWHOXJDUKD\WUHVDOWRVGHSyVLWRVFLOtQGUL SLHVHHOHYDODSHTXHxDFDVLOODGHVWLQDGDDDFR
FRVeVWRVVHDSR\DQVREUHVHQGRVFXHUSRVGH JHUHOERPEHR(Q7REDUUDVHQRVSUHVHQWDRWUD
PDPSRVWHUtD -XQWR D HOORV VH HOHYDQ GRV WR VLQJXODU WLSRORJtD GH HVWDV LQVWDODFLRQHV (Q

 $+)&
-)'5%,*)-.%:6%'!Y&2!.#)3#/0/,/-52)%,

$JXDGDVGH/D5RGD\9LOODUUREOHGR(Q
HOSULPHUFDVRVHYHQODVYLYLHQGDVTXH
HQFLHUUDQHOUHFLQWRGHODDJXDGD
)RWRJUDItDV)XQGDFLyQGHORV)HUURFDUULOHV(VSDxROHV

HVWH FDVR WHQHPRV XQD GREOH


FXEDPHWiOLFDTXHVHDSR\DHQ
XQ ~QLFR FXHUSR GH IiEULFD GH
VHFFLyQ WLSR KLSyGURPR (Q
ODSDUWHFHQWUDOGHHVWHFXHUSR
GHDSR\RHQOD]RQDOLEUHGHOD
FDUJD GH ODV FXEDV VH DORMD HO
JUXSR GH HOHYDFLyQ GH DJXDV
(VXQFRQMXQWRGHJUDQHOHJDQ
FLDGHIRUPDVQRHVSHFLDOPHQ
WH DOWR FRQ UHVSHFWR D RWURV HMHPSORV SHUR GH PLVPRPX\GLIHUHQWHVDOHQWRUQRHQHOTXHVH
JUDQ SUHVHQFLD (Q FRQMXQWR VDOYR ODV PiTXL LQVFULEHQ 6RQ HOHPHQWRV FRQ XQ HQRUPH SR
QDV GH ERPEHR WRGR HVWi HQ DFHSWDEOH HVWDGR WHQFLDO LQWHUSUHWDWLYR $XQTXH GLVSHUVRV SRU
GHFRQVHUYDFLyQ HOWHUULWRULRSURYLQFLDOKD\TXHDSRVWDUSRUVX
FRQVHUYDFLyQ\DTXHODVWHQVLRQHV\GLQiPLFDV
%iVFXODV JiOLERV DJXDGDV 7RGRV HVWRV TXH KD\ HQ WRUQR D ORV HVSDFLRV IHUURYLDULRV
HOHPHQWRV VRQ TXL]iV ORV PiV YXOQHUDEOHV HQ ORVKDFHQHVSHFLDOPHQWHSURFOLYHVDVXSpUGLGD
XQUHFLQWRIHUURYLDULRDFWXDOSRUVXHYLGHQWHLQ LUUHPLVLEOH$OJXQRV \D HVWiQ PX\ GHWHULRUD
XWLOLGDGSUiFWLFD3HURWRGRVHOORVVRQDVXYH] GRV\KDVWDVRUSUHQGHTXHKD\DQOOHJDGRKDVWD
XQWHVWLPRQLRFODURGHXQDIRUPDGHWUDEDMRHQ QXHVWURVGtDV2WURVHQFDPELROXFHQXQDHV
HOSDVDGRGHXQDVDFWLYLGDGHVGHWUDQVSRUWHHQ WDPSDPX\SDUHFLGDDODGHVXVPHMRUHVpSR
EXHQDSDUWHSHUGLGDVGHXQDWHFQRORJtDVXSH FDVGHVHUYLFLR(QFXDOTXLHUFDVRXQRV\RWURV
UDGDSHURFODYHSDUDH[SOLFDUEXHQDSDUWHGH KDQOOHJDGRKDVWDQXHVWURVGtDVHVDVXHUWHKD
QXHVWUDUHFLHQWHKLVWRULD6RQPX\YXOQHUDEOHV KDELGR\QRKD\TXHGHVSHUGLFLDUODVLQRPiV
SHURDODYH]VRQPX\IiFLOHVGHSURWHJHUUH ELHQDSURYHFKDUODVSDUDDXPHQWDUODFDOLGDG\
FXSHUDU\SRQHUHQYDORU6XVRODSUHVHQFLDGD GLYHUVLGDGGHOSDWULPRQLRKLVWyULFRIHUURYLDULR
XQHVSHFLDOFDUiFWHUDXQRVHVSDFLRV\DSRUVL SURYLQFLDO
!/3$%&%22/#!22),%.!,"!#%4%  

 WHQtDXQUHFRUULGRPX\FRUWRORFXDOWDPELpQOL
,/3/42/3&%22/#!22),%3 PLWyVXVSRVLELOLGDGHVGHOHJDUQRVXQDKXHOOD
SDWULPRQLDO 3DUD FRQRFHU OD SHFXOLDU KLVWRULD
&RPRVHKDH[SOLFDGRHQHStJUDIHVDQWHULR GHDPERVIHUURFDUULOHVUHFRPHQGDPRVDFXGLUDO
UHV OD UHG IHUURYLDULD DOEDFHWHxD HVWi IRUPDGD DUWtFXOR SXEOLFDGR SRU -RVp$QWRQLR *yPH] \
SRUHVDVGRVJUDQGHVOtQHDVGHFDUiFWHUQDFLRQDO -RVp9LFHQWH&RYHV \SDUDDQDOL]DUHOGHFXU
TXHGLEXMDQXQD<EDVFXODGDKDFLDHOVXUHVWH VR HPSUHVDULDO TXH ODV PRWLYy ORV WUDEDMRV GH
9LOODUUREOHGR&KLQFKLOOD$OPDQVD\/DV0LQDV )UDQFLVFRGHORV&RERVGDQVXFLHQWHVGDWRV
GH+HOOtQSHUODQ JURVVRPRGR ORVJUDQGHVWUD SDUDFRPSUHQGHUORV(QHVWDVOtQHDVWDQVyORGD
]RVGHOUDLOSURYLQFLDO3HURMXQWRDHVWDVOtQHDV UHPRVXQDVEUHYHVSLQFHODGDVVREUHDPEDV
VHWHQGLHURQRWUDVTXHHQFLHUWDPHGLGDVRQUH
HMRGHODVFDUDVPiVWULVWHVGHOIHUURFDUULOOD /D SULPHUD GH ODV OtQHDV SUHWHQGLy XQLU OD
GHODVOtQHDVGHVDSDUHFLGDV\ODGHORVIUDFDVRV ]RQDPLQHUDGH-XPLOODHQHOSDUDMHGH/D&H
IHUURYLDULRV/DSULPHUDVHFRUUHVSRQGHFRQODV OLDFRQODWHUPLQDOIHUURYLDULDHQVHUYLFLRPiV
OtQHDVPLQHUDVFDXWLYDVGHXQPHUFDGRFRQFUH SUy[LPD (Q HVWH FDVR VH WUDWDED GH OD OtQHD
WR\TXHQRKDQOOHJDGRDQXHVWURVGtDV0XFKR &KLQFKLOOD&DUWDJHQDTXHRIUHFtDXQEXHQSXQ
PiVDPELFLRVRIXHHOSUR\HFWRGHHVDJUDQOtQHD WRGHHQODFHHQHOSDUDMHGH0LQDWHGD(QHVWH
WUDQVYHUVDOQRUWHVXUTXHUHFRUUtDWRGDODGRUVDO SXQWRVHSURSXVRD0=$SRUSDUWHGHOD6RFLH
RULHQWDOSHQLQVXODUGHVGH)UDQFLDKDVWD$QGDOX GDG$QyQLPDGH0LQDVGH$SDWLWDVGH-XPLOOD
FtDXQJUDQIUDFDVRTXHWUDVLQJHQWHVLQYHUVLR OD LQVWDODFLyQ GH XQ SXQWR GH HPEDUTXH \ HQ
QHVQROOHJyDYHUODOX]7RGRVHVWRVSUR\HFWRV HVWH PLVPR OXJDU OD HPSUHVD PLQHUD LQVWDODUtD
QRVKDQOHJDGRXQSDWULPRQLRGHREUDFLYLOGH XQD SODQWD GH SULPHU WUDWDPLHQWR GHO PLQHUDO
FDUiFWHUVHQVLEOHPHQWHGLIHUHQWHDORTXH0=$ /RVUHWUDVRVHQFRPHQ]DUODVREUDVIXHURQP~O
SURGXMRHQVXUHGDWUDYpVGH$OEDFHWH WLSOHV \ QDOPHQWH 0=$ GHFLGLy FUHDU HVWD
QXHYDHVWDFLyQDLPSXOVRSURSLRSDUDIDFLOLWDU
HOFUX]DPLHQWRGHORVWUHQHVHQHOODUJRWUDPR
TXHKDEtDHQWUHODVHVWDFLRQHVGH+HOOtQ\$JUD
 PyQ/DHVWDFLyQVHFRQFOX\yHQHODxR
,/3&%22/#!22),%3-).%2/3 (Q HVWD IHFKD HO IHUURFDUULOTXH WHQtD XQRV 
NPVGHORQJLWXG\FPGHDQFKXUD\DKDEtD
$OEDFHWH OOHJy D FRQWDU FRQ GRV OtQHDV PL VLGR RFLDOPHQWH LQDXJXUDGR (VWR VXFHGLy HQ
QHUDVGHD]DURVDH[LVWHQFLDXQDTXHLEDGHVGH HODxRWUDVHOUHFRQRFLPLHQWRVDWLVIDFWRULR
ODHVWDFLyQGH0LQDWHGDDODVPLQDVGH/D&H SRUSDUWHGHOD-HIDWXUDGH)HUURFDUULOHV
OLD HQ -XPLOOD 0XUFLD  \ RWUD OD TXH XQLy HO
&RWR$]XIUHURGH+HOOtQFRQODHVWDFLyQGH/DV /RFLHUWRHVTXHODVRFLHGDGPLQHUDVHGLVRO
0LQDV'DGRTXHVXSURSLDFRQGLFLyQGHIHUUR YLyDODxRVLJXLHQWH\SDUHFHVHUTXHHQUHDOLGDG
FDUULOHV LQGXVWULDOHV LPSOLFDED XQD FRQFHSFLyQ HOIHUURFDUULOQXQFDOOHJyDHQWUDUHQVHUYLFLR'H
PX\DMXVWDGDGHVXLQIUDHVWUXFWXUDHLQVWDODFLR VXHItPHUDSUHVHQFLDDQXHVWURVGtDVQRKDOOHJD
QHVVXOHJDGRSDWULPRQLDOIRU]RVDPHQWHUHVXOWy GRSUiFWLFDPHQWHQDGDUHOHYDQWH6yORODSURSLD
VHUPX\PRGHVWR$GHPiVXQDGHODVOtQHDV OD H[SODQDFLyQIHUURYLDULDHVGLYLVDEOHHQHOWUDPR
TXH XQLy 0LQDWHGD FRQ ODV PLQDV GH -XPLOOD  HQTXHpVWDGLVFXUUHDOSLHGHODV]RQDVTXHEUD
HQUHDOLGDGQROOHJyDIXQFLRQDUUHVXOWDGRGH GDVGHODPLWDGPiVSUy[LPDD/D&HOLD(VXQ
XQDVFRHPSUHVDULDOGHOFXDOVXOHJDGRSDWUL WUDPRGHGLVHxRPX\HFRQyPLFRVLQPiVREUDV
PRQLDOVREUHWRGRHQORFRQFHUQLHQWHDOWHUULWR GH IiEULFD TXH DOJXQDV WDMHDV \ SRQWRQHV DGH
ULRDOEDFHWHxRIXHPiVELHQSDUFR/DVHJXQGD PiVGHYDULRVWHUUDSOHQHV\WULQFKHUDV(O~QLFR

 &RYHV1DYDUUR\*yPH]0DUWtQH]  


 &RERV$UWHDJD  
-)'5%,*)-.%:6%'!Y&2!.#)3#/0/,/-52)%,

3ODQRFRQORVHOHPHQWRVTXHDUWLFXODQHOWHUULWRULRHQWRUQRDODHVWDFLyQGH/DV0LQDVGH+HOOtQ
(ODERUDGRSRU)XQGDFLyQGHORV)HUURFDUULOHV(VSDxROHV

KLWRUHOHYDQWHIXHODIiEULFDGHDERQRVVLWXDGDHQ DQFKD KLFLHURQ TXH OD WUD]D GH HVWH IHUURFDUULO


0LQDWHGD'HHOODKR\QRTXHGDQDGD\ORVDU WXYLHUDXQDSUHVHQFLDPiVIHKDFLHQWHHQHOSDL
FKLYRVWHVWLFDQHODFKDWDUUDPLHQWRGHORVUHVWRV VDMH(QHOWUDPRQDOVHORFDOL]DQORVLPSRUWDQ
PHWiOLFRVGHGLFKDSODQWDTXHFXOPLQDURQKDFLD WHVHVWULERV\SLODUHVGHOSXHQWHPHWiOLFRVREUH
HODxR HO0XQGRREUDGHXQRVPGHORQJLWXG/D
HVWUXFWXUDPHWiOLFDGHVDSDUHFLyFRQODVYtDV$
3RUVXSDUWHHOIHUURFDUULOPLQHURGHO&RWR SRFRVPHWURVVHORFDOL]DRWURLPSRUWDQWHUHVWR
$]XIUHURGH+HOOtQQRVKDOHJDGRXQWHVWLPRQLR IHUURYLDULRXQW~QHOGHXQRVPGHORQJLWXG
PXFKRPiVVXJHUHQWH(VWDOtQHDWXYRXQDORQ FRQ XQD FKLPHQHD FHQWUDO GH YHQWLODFLyQ TXH
JLWXGPXFKRPiVFRUWDTXHVXYHFLQDGHOQRUWH HVTXLYDEDXQHVFDUSHGHOWHUUHQRHQODFRQXHQ
6XVNPVGHUHFRUULGRFRQHFWDEDQHOSREODGR FLDGHO0XQGR\HO6HJXUD$OJXQRVRWURVSRQ
PLQHURGH/DV0LQDVFRQODHVWDFLyQGH0=$ WRQHV MDORQDEDQ HO UHFRUULGR KDFLD /DV 0LQDV
GHO PLVPR QRPEUH (Q OD ]RQD PLQHUD HO IH HQWUH ORV FXDOHV VH LQWHUFDODED XQ HVSHFWDFXODU
UURFDUULOSURORQJDEDVXVYtDVPHGLDQWHUDPDOHV YLDGXFWRTXHGHVDSDUHFLySRUXQDYDULDQWHDQWHV
KDFLD GLYHUVDV GHSHQGHQFLDV GHO FRPSOHMR PL GHOQGHODH[SORWDFLyQIHUURYLDULD
QHURERFDPLQDV\IiEULFDV3XHVWRHQVHUYLFLR
HQ  VX FLHUUH DSDUHFH GDWDGR GH PDQHUD  (Q WRGR FDVR VL ELHQ WRGDYtD KD\ DOJXQRV
LPSUHFLVD KDFLD  /D RURJUDItD GHO WHUUH UHVWRVGHODH[SORWDFLyQIHUURYLDULDORYHUGDGH
QR \ OD SUHVHQFLD GHO FDXFH GHO FDXGDORVR UtR UDPHQWH LQWHUHVDQWH GHO HQWRUQR GH HVWH IHUUR
0XQGRHQWUHOD]RQDPLQHUD\ODHVWDFLyQGHYtD FDUULOVRQORVQ~FOHRVGHSREODFLyQFUHDGRVHQ

 $+),
!/3$%&%22/#!22),%.!,"!#%4%  

5HVWRVGHOSXHQWHGHOIHUURFDUULOPLQHURVREUHHO
UtR0XQGR\GHORVDOPDFHQHVGHHVSDUWRHQHO
EDUULRGHODHVWDFLyQGH/DV0LQDV)RWRJUDItDV
)XQGDFLyQGHORV)HUURFDUULOHV(VSDxROHV

VXVH[WUHPRV(QHOODGRGHODPLQDGHD]XIUH GRHQHOPLVPRiPELWRWHUULWRULDOHVWDUtDHOSR
FUHFLyODSREODFLyQGH/DV0LQDV)XHXQWtSLFR EODGRGHOD(VWDFLyQGH/DV0LQDV/DULTXH]DHQ
SREODGRPLQHURFRQYLYLHQGDVGHWUDEDMDGRUHV HVSDUWRGHHVWDVWLHUUDVVXPDGRDODFDUHQFLDGH
GHODJHUHQFLDVHUYLFLRVSDUDORVSREODGRUHV\ YLYLHQGDV SDUD ORV PLQHURV GH ODV FHUFDQDV H[
XQDIiEULFDGRQGHVHUHDOL]DEDXQSULPHUWUDWD SORWDFLRQHVSURSLFLyODFUHDFLyQGHXQVLQJXODU
PLHQWRGHODSURGXFFLyQGHORVSR]RVYHFLQRV SREODGRHQWUHODVRULOODVGHOUtR0XQGR\ODVYtDV
$FDEDGD OD IDVH PLQHUD D QDOHV GH OD GpFDGD GH0=$(OSREODGRWXYRXQDSDUWHtQWLPDPHQ
GH  SHULRGR DO TXH FRUUHVSRQGH XQ VRU WHOLJDGDDOIHUURFDUULOGHYtDDQFKDIRUPDGDSRU
SUHQGHQWHEORTXHGHYLYLHQGDVHQDOWXUDGHID] ODVHGLFDFLRQHVGHODSURSLDHVWDFLyQ\ORTXH
LQHTXtYRFDPHQWH XUEDQD HO SREODGR LQLFLy XQ HVPiVLQWHUHVDQWHDHVWRVHIHFWRVODVYLYLHQGDV
EUXWDOGHVSREODPLHQWRTXHKDOHJDGRXQRV IHUURYLDULDVVLWXDGDVHQXQDFRWDPiVDOWDVREUH
KDELWDQWHVFHQVDGRVHQODDFWXDOLGDG FLIUDTXH ODVYtDV-XQWRDHVWRVHGLFLRVGHPDWUL]SXUD
D OD YLVWD GHO FDVHUtR HV XQ WDQWR HQJDxRVD  PHQWHIHUURYLDULDKD\TXHVHxDODUODSUHVHQFLDGH
'HDTXHOHVSOHQGRUPLQHURTXHGDKR\XQUHVWR XQFLHUWRQ~PHURGHQDYHV\YLYLHQGDVHQODVTXH
GHVJXUDGR\DUUXLQDGRSHURTXHHQFXDOTXLHU YLYLHURQWUDEDMDGRUHVYLQFXODGRVDODH[SORWDFLyQ
FDVR WLHQH XQ HVSHFLDO YDORU SRU VX UDUH]D HQ GH ORV HVSDUWDOHV TXH KDEtD SRU WRGRV HVWRV FH
HVWH HQWRUQR JHRJUiFR /D LPSRUWDQWH ODERU UURV/DFRPDUFDGHO&DPSRGH+HOOtQKDWHQLGR
PLQHUDWDQYLQFXODGD\GHSHQGLHQWHGHOIHUUR XQVLQJXODUSURWDJRQLVPRHQODUHFRJLGDGHHVWD
FDUULO KD JHQHUDGR XQ SDLVDMH TXH PHUHFH OD SODQWD\ODHVWDFLyQGH/DV0LQDVLQVFULWDHQXQ
SHQDVHUUHGHVFXELHUWR\UHYDORUL]DGREDMRXQDV HQWRUQR \HVtIHUR HVSHFLDOPHQWH DGHFXDGR SDUD
QXHYDVFRRUGHQDGDVGHLQWHUSUHWDFLyQGHQXHV HOGHVDUUROORGHHVWDVSODQWDVIXHXQLPSRUWDQWH
WURSDVDGRLQGXVWULDO SXQWRGHDFRSLR\GLVWULEXFLyQGHODSURGXFFLyQ
KDFLDHOUHVWRGHO(VWDGR$OPDFHQHV\YLYLHQGDV
(ORWURSXQWRTXHDOPDUJHQGHODDFWLYLGDG HQYROYLHURQODVYtDVSHURORTXHIXHPXFKRPiV
JHQHUDGDSRUHOIHUURFDUULOPLQHURSHURORFDOL]D VLQJXODUIXHODFUHDFLyQGHXQSHFXOLDUEDUULRGH
-)'5%,*)-.%:6%'!Y&2!.#)3#/0/,/-52)%,

0DSD7UD]DGRGHO)HUURFDUULO%DH]D8WLHODVXSDVRSRU$OEDFHWH
(ODERUDGRSRU)XQGDFLyQGHORV)HUURFDUULOHV(VSDxROHV

FDVDVFXHYDTXHDSURYHFKDURQHOHVFDUSH\HVtIH SDtVGHXQDSODQLFDFLyQPDOFRQFHELGDGHXQD
URSDUDFRQVWUXLUVXVYLYLHQGDV6HJ~QWHVWLPR HMHFXFLyQGLODWDGtVLPDHQHOWLHPSR\GHXQDGH
QLRVUHFRJLGRVHQOD]RQDHQHVWDVFXHYDVPRUD FLVLyQGHDEDQGRQRGHREUDVTXHHQHOPHMRUGH
URQWDQWRORVHVSDUWHURVFRPRORVPLQHURVTXHQR ORVFDVRV\SDUDHOWUDPRTXHXQH$OEDFHWHFRQ
HQFRQWUDURQDFRPRGRHQHOSURSLRSXHEORGH/DV %DH]DTXL]iVKDEUtDTXHKDEHUVHSODQWHDGRFRQ
0LQDV(VWHFRQMXQWRGHYLYLHQGDVFRQVWLWX\HXQ PiVFDOPD
HQFODYHGHVLQJXODUYDORUHWQRJUiFR\DOLJXDO
TXHHOSURSLRSREODGRPLQHURVXFRQRFLPLHQWR (VWH )HUURFDUULO SODQWHDED D JUDQGHV WUD
\FRUUHFWDLQWHUSUHWDFLyQVRQGRVFXHVWLRQHVTXH ]RVODFUHDFLyQGHXQQXHYRHMHQRUWHVXUSRUOD
QRKD\TXHGHVFXLGDUSDUDTXHHVWHWHVWLPRQLRGH GRUVDOHVWHGHODSHQtQVXOD/DQXHYDOtQHDVHUtD
YLGD\WUDEDMRGHRFXSDFLyQGHOWHUULWRULRSXHGD XQDDOWHUQDWLYDDODTXH\DH[LVWtDSRUODIDFKD
VHUFRQRFLGRSRUODVVXFHVLYDVJHQHUDFLRQHV GD OHYDQWLQD \ DGHPiV GH SHUPLWLU XQD QXHYD
FRQH[LyQ IHUURYLDULD FRQ )UDQFLD IDFLOLWDED OD
FUHDFLyQ GH XQ QXHYR HMH GH PDOODGR HQ XQD
]RQD FRQ VHYHUDV FDUHQFLDV GH UHG IHUURYLDULD
 SHQDOL]DGD HQ VXV SRVLELOLGDGHV GH GHVDUUROOR
%,&%22/#!22),"!%:! 54)%, SRUHOGLVHxRUDGLDOGHODUHGHVSDxROD/DVREUDV
VHLQLFLDURQDODEULJRGHO3ODQ*XDGDOKRUFHHQ
6LORVIHUURFDUULOHVPLQHURVDOEDFHWHxRVVRQ ODGpFDGDGH6XIULHURQODSDUDOL]DFLyQGH
WHVWLPRQLRV GH IHUURFDUULOHV GHVDSDUHFLGRV HO OD*XHUUD&LYLO\ODUHFHVLyQGHODSRVJXHUUD\
FDVR GHO )HUURFDUULO %DH]D8WLHO WDQWR HQ VX D SHVDU GHO IXHUWH LPSXOVR GHVDUUROODGR HQ OD
WUDPR MLHQQHQVH FRPR HQ VX UHFRUULGR DOEDFH GpFDGDGHODVREUDVIXHURQDEDQGRQDGDV
WHxR HV HO HMHPSOR PiV IHKDFLHQWH HQ QXHVWUR HQXQDOWtVLPRQLYHOGHHMHFXFLyQ SDUDHOWUDPR

 /DJpQHVLV\HYROXFLyQGHHVWHIHUURFDUULOHVWiQSODQWHDGRVFRQJUDQGHWDOOHHQODREUDGH3ULHWRL7XU\(QJXL[L3HLUy  


!/3$%&%22/#!22),%.!,"!#%4%  

$OEDFHWH%DH]D  HQ  VLJXLHQGR ODV LQGL &RPR DSXQWiEDPRV PiV DUULED HVWH IHUUR
FDFLRQHVGHOLQIRUPHGHO%,5'/DVREUDVIXH FDUULOOOHJyDFRQWDUHQODSURYLQFLDGH$OEDFHWH
URQ IRUPDOPHQWH SDUDOL]DGDV GXUDQWH  DxRV FRQGRVWUDPRVFODUDPHQWHGLIHUHQWHV(OWUDPR
VLHQGRGHQLWLYDPHQWHDEDQGRQDGDVDWRGRVORV QRUWH GHVGH OD FDSLWDO KDVWD OD +RFHV GHO &D
HIHFWRVHQHODxR EULHOVRORWXYRPDWHULDOL]DFLyQGHREUDVDSDUWLU
GHOFUXFHGHO-~FDU'HVGH$OEDFHWHHOSUR\HFWR
(VWDIDOOLGDOtQHDWXYRHQ$OEDFHWHXQHVSH IHUURYLDULRSODQWHyNPGHYtDVGHODVFXDOHV
FLDOGHVDUUROOR<VLELHQHOWUDPRQRUWHGHVGH VH HMHFXWDURQ GRV WHUFHUDV SDUWHV DXQTXH FRQ
$OEDFHWH KDVWD HO OtPLWH SURYLQFLDO FRQ9DOHQ XQ QLYHO PX\ GLVFRQWLQXR GH FRQVWUXFFLyQ GH
FLD WXYR XQ QLYHO GH WUDEDMRV PiV PRGHUDGR H[SODQDFLRQHV VLQ HUHFFLyQ GH HGLFLRV \ FRQ
FRQJUDQGHVVHFWRUHVVLQREUDDOJXQDHOWUDPR QXPHURVRVYLDGXFWRV\W~QHOHVLQFRQFOXVRV(O
VXU GHVGH OD FDSLWDO SURYLQFLDO KDVWD HO OtPLWH WUDPRVXUVtTXHDOFDQ]yXQQLYHOFDVLFRPSOHWR
FRQ-DpQDOFDQ]yXQDOWtVLPRQLYHOGHREUDWHU GH WUDEDMRV &RQ ORV FDUULOHV GLVSXHVWRV WDQWR
PLQDGD /DV REUDV VH SDUDOL]DURQ FXDQGR VyOR HQWUDPRVGHSOHQDYtDFRPRHQHVWDFLRQHVVyOR
VHHVWDEDDIDOWDGHOPRQWDMHGHODVHxDOL]DFLyQ IDOWDED WHQGHU ODV VHxDOHV SDUD SHUPLWLU OD H[
FRQWRGDODLQIUDHVWUXFWXUD\HOUHVWRGHODVXSHU SORWDFLyQ GHO WUDPR 2EYLR HV GHFLU TXH WRGRV
HVWUXFWXUDWHUPLQDGD ORVHGLFLRVGHH[SORWDFLyQHVWDEDQUHPDWDGRV
\OLVWRVSDUDHQWUDUHQVHUYLFLR
7DQ DOWR QLYHO GH HMHFXFLyQ GH REUD QRV KD
OHJDGR XQ YDVWR FRQMXQWR GH LQVWDODFLRQHV \D
IXHUDQHGLFLRVGHH[SORWDFLyQXREUDVGHLQIUD
HVWUXFWXUDTXHWUDVFXDWURGpFDGDVGHDEDQGRQR 
DEVROXWRWLHQHQXQFLHUWRQLYHOGHGHWHULRURVR %$)&)#)/3
EUHWRGRHQORTXHFRQFLHUQHDOSDUTXHGHHGL
FLRV'HVGHHVWHQLYHOGHODPHQWDEOHDEDQGRQR (QXQFLDUHPRVDKRUDODVWLSRORJtDVPiVIUH
VHDSXQWDXQDLQWHUHVDQWHSHUVSHFWLYDGHUHFXSH FXHQWHV GH HGLFLRV GH HVWH IHUURFDUULO 7RGRV
UDFLyQPHUFHGDORVSUR\HFWRVHQHMHFXFLyQGH ORVGDWRVGHHVWHDSDUWDGRKDQVLGRREWHQLGRVD
UHFXSHUDFLyQ GH HVWD LQIUDHVWUXFWXUD FRPR9tD WUDYpVGHXQLQWHQVLYRWUDEDMRGHFDPSR\FRQ
9HUGHFRQODGHQRPLQDFLyQGHOD9tD9HUGHGH D\XGDGHIRWRJUDPHWUtDDpUHDORFXDOSODQWHDXQ
OD6LHUUDGH$OFDUD] FLHUWR PDUJHQ GH HUURU HQ ODV GLPHQVLRQHV GH

(VWDFLyQGH6DQ-RUJH)RWRJUDItD'LSXWDFLyQGH$OEDFHWH
-)'5%,*)-.%:6%'!Y&2!.#)3#/0/,/-52)%,

ORVLQPXHEOHV(QFXDOTXLHUFDVRHVWRVHUURUHV PD\RUSDUDHOSRUFKHGHODIDFKDGDSULQFLSDO
DHVWRVHIHFWRVVRQGHVSUHFLDEOHV\DTXHORTXH VRVWHQLGR HQ HVWH FDVR SRU SLODUHV GH ODGULOOR
LQWHUHVDHVGHQLUWLSRORJtDV\YRO~PHQHVEiVL PiVHVWLOL]DGRV(VWHPRGHORFRUUHVSRQGHUtDD
FRV 8Q QHFHVDULR WUDEDMR GH DUFKLYR DGHPiV ODVHVWDFLRQHVGH(O5REOHGR(O6DOLQHUR9L
GH MDU QXPHURVRV GDWRV HVWLPDGRV DTXt SHU OODSDODFLRV\%LHQVHUYLGD
PLWLUtDLQWHUSUHWDUFRQFODULGDGHOSRUTXpGHORV
GLIHUHQWHVPRGRVFRQVWUXFWLYRVTXHVLQDSDUHQ 8QD YDULDFLyQ GH HVWH PRGHOR HOLPLQDEDHO
WHFULWHULRVHUHSDUWHQDORODUJRGHOWUD]DGRGH SRUFKHGHOPyGXORFHQWUDOVLWXiQGRORHQXQOD
HVWDOtQHDIpUUHD WHUDOGHODIDFKDGD&RQWDEDFRQXQDIDOVDPDU
TXHVLQDVREUHHODQGpQ\RWURSHTXHxRSRUFKH
(QJHQHUDOWRGDVODVHVWDFLRQHVGHHVWDOtQHD VLWXDGRHQODHVTXLQDFRQWUDULD(VWHWLSRGHHGL
WHQtDQODPLVPDGRWDFLyQHGLFLRVGHYLDMHURV FLRV WLHQH XQD ORQJLWXG GH  P \ PDQWLHQH
PXHOOH FHUUDGR \ GHVFXELHUWR  \ PyGXORV GH HOHVTXHPDGHWUHVFXHUSRV$HVWDWLSRORJtDVHU
YLYLHQGDVREUHUDV$HVWRVLQPXHEOHVHQRFDVLR DFRJHUtDQ ODV HVWDFLRQHV GH %DOD]RWH 6DQ 3H
QHV VH DxDGtDQ FDUJDGHURV GH JDQDGR PXHOOHV GUR(O-DUGtQ\5HROLG
FXELHUWRV\XULQDULRVH[HQWRV
(OWHUFHU\~OWLPRPRGHORGHHVWDFLyQGHO
/DV HVWDFLRQHV SRGtDQ VHU FRQ FXELHUWD D WUDPRDOEDFHWHxRGHHVWHIHUURFDUULOVHGDVyOR
GRVDJXDV\WHMDiUDEHRUHPDWDGDVSRUXQDWH HQXQFDVRODHVWDFLyQGH$OFDUD](VXQDYD
UUD]D SODQD HVWD WLSRORJtD SDUD ORV HGLFLRV ULDFLyQGHOPRGHORGHSRUFKHFHQWUDOVLHQGR
GHYLDMHURVVyORVHGLRHQHOWUDPRMLHQHQVHGHO OD~QLFDGLIHUHQFLDHOPD\RUWDPDxRGHOHGL
IHUURFDUULO  (VWD WLSRORJtD GH FXELHUWDV SRGtD FLR  P GH IDFKDGD (VWH PD\RU WDPDxR
UHSHWLUVH R QR HQ ORV HGLFLRV GHO PXHOOH (Q FRUUHVSRQGH FRQ OD PD\RU LPSRUWDQFLD GH OD
ORVFDVRVGHHGLFLRVFRQFXELHUWDDGRVDJXDV HVWDFLyQDFRUGHDODSREODFLyQTXHGDEDVHU
KDEtDYDULDVWLSRORJtDVHVWDEOHFLGDV(QODPiV YLFLR OD PD\RU GH WRGR HO WUDPR DOEDFHWHxR
VHQFLOOD GH [ P pVWRV VROtDQ WHQHU XQD GHO IHUURFDUULO D H[FHSFLyQ REYLDPHQWH GH
GLVWULEXFLyQ HQ WUHV FXHUSRV GH VLPLODU ORQJL OD FDSLWDO SURYLQFLDO  (VWD LPSRUWDQFLD GHO
WXGVLHQGRGHXQDDOWXUDORVGRVH[WUHPRV\GH WDPDxR GHO HGLFLR GH YLDMHURV WLHQH VX FR
GRV SLVRV HO FHQWUDO (Q OD IDFKDGD ODGR FDOOH UUHODWRFRQHOGHOUHVWRGHORVHGLFLRVGHHVWH
WHQtDQ XQ DSXQWH GH PDUTXHVLQD SURWHJLHQGR FRPSOHMRIHUURYLDULR
SUHFDULDPHQWHHODFFHVRSULQFLSDODOYHVWtEXOR
GH YLDMHURV 3RU HO ODGR GH ODV YtDV OD IDFKD /RVPXHOOHVORVHGLFLRVHLQVWDODFLRQHVGH
GDVHURPStDHQHOFXHUSRFHQWUDOFUHDQGRXQ GLFDGRVDOLQWHUFDPELRGHPHUFDQFtDVHQWUHYD
SRUFKHFXELHUWRSDUDODSURWHFFLyQGHORVYLD JRQHV\RWURVYHKtFXORVQRIHUURYLDULRVWXYLHURQ
MHURVFRQXQUHWUDQTXHRGHODOtQHDGHIDFKDGD GRVWLSRORJtDVEiVLFDV8QDPX\FRQYHQFLRQDO
VRVWHQLGRSRUGRVSLODUHVGHVHFFLyQPX\DQ VHFRUUHVSRQGHFRQODGHOPXHOOHFHUUDGRFRQ
FKD/DVLJXLHQWHUXSWXUDGHODOLQHDOLGDGGHOD FXELHUWDDGRVDJXDV\DOHURVVREUHYtDV\FDUUH
IDFKDGDODSURSRUFLRQDHOJDELQHWHGHFLUFXOD WHUDTXHVHSURORQJDHQXQODGRFRQXQPXHOOH
FLyQHOHPHQWRHQUHVDOWHGRQGHVHVLWXDUtDQOD GHVFXELHUWRDFDEDGRHQUDPSDTXHHQUDVDFRQHO
PHVDGHFRQFHQWUDFLyQGHSDODQFDVGHOHQFOD WHUUHQR(VWDWLSRORJtDODSRGHPRVHQFRQWUDUHQ
YDPLHQWR(QHVWHHGLFLRVHDORMDEDQGHSHQ ODVHVWDFLRQHVGH6DQ-RUJH/DV6DQWDQDV%D
GHQFLDVGHH[SORWDFLyQDVtFRPRYLYLHQGDVGH OD]RWH6DQ3HGUR(O-DUGtQ\5HROLG'HQWURGH
IHUURYLDULRV $ HVWH PRGHOR UHVSRQGHUtDQ ODV HVWD WLSRORJtD WHQHPRV HGLFLRV GH  PHWURV
HVWDFLRQHV GH 6DQ -RUJH \ /DV 6DQWDQDV 6R \PHWURVGHORQJLWXG3RURWUDSDUWHHVWDUtDQ
EUHHVWHPLVPRPRGHORKDEtDXQGHVDUUROORGH ORVPXHOOHVGHID]PXFKRPiVPRGHUQDGHFX
PiVORQJLWXGPHQHOTXHVHLQFRUSRUDED ELHUWD SODQD UHPDWDGD HQ WHUUD]D HVWpWLFD TXH
RWURSRUFKHGHPHQRUHVGLPHQVLRQHVHQXQRGH QR IXQFLRQDO  (Q DOJXQRV FDVRV ORV PXHOOHV
ORVH[WUHPRVGHOHGLFLRDVtFRPRXQWDPDxR FHUUDGRVVHSURORQJDEDQFRQXQPXHOOHFXELHUWR
!/3$%&%22/#!22),%.!,"!#%4%  

0XHOOHGHFDUJDGH(O-DUGtQ)RWRJUDItD'LSXWDFLyQGH$OEDFHWH

VHJXLGRGHRWURGHVFXELHUWR/DVHVWDFLRQHVTXH HVWHIHUURFDUULOFRPRFDVLHQWRGRVVXVHOHPHQ
WHQtDQHVWHWLSRGHPXHOOHVHUDQODVGH5REOHGR WRVFRQVWUXFWLYRVSRGHPRVDSUHFLDUGRVWLSROR
6DOLQHUR$OFDUD]9LOODSDODFLRV\%LHQVHUYLGD JtDVEiVLFDV
/DGLPHQVLyQKDELWXDOHUDGHXQPXHOOHFHUUDGR
GHPXQRFXELHUWRGHP\XQRGHVFXELHUWR /D SULPHUD GH HOODV PiV DQWLJXD VH DMXVWD
GH XQRV  P (Q HO FDVR GH$OFDUD] GH QXH DXQSDWUyQPX\KDELWXDOHQODVFRPSDxtDVIH
YRODVGLPHQVLRQHVHUDQPD\RUHV\ UURYLDULDV EDWHUtD GH YLYLHQGDV DGRVDGDV FRQ
PHWURV UHVSHFWLYDPHQWH $FWXDOPHQWH HQ ORV FXELHUWD D GRV DJXDV FRQ SDWLRV WUDVHURV /D
PXHOOHVGH5REOHGR\(O6DOLQHURVHKDQWDEL GLVWULEXFLyQ GH YDQRV HQ IDFKDGD HV UHJXODU \
FDGR ORV PXHOOHV FXELHUWRV FUHDQGR XQD ~QLFD ODVDOLQHDFLRQHVVRQUHFWDVHQWRGRVVXVDQFRV
VXSHUFLHFHUUDGD (VWHWLSRGHYLYLHQGDVSRGHPRVHQFRQWUDUODVHQ
ODVHVWDFLRQHVGH%DOD]RWH6DQ3HGUR\5HROLG
-XQWRDHVWRVPXHOOHVGHFDUJDFRQYHQFLRQDO ORV HGLFLRV GH (O -DUGtQ KR\ GHVSDUHFLGRV
KD\ TXH VHxDODU ORV FDVRV GH 5REOHGR \$OFD DSDUHQWHPHQWH VH DMXVWDEDQ D HVWD WLSRORJtD
UD]ORVFXDOHVFRQWDEDQFRQXQHPEDUFDGHURGH FRQVWUXFWLYD (Q6DQ3HGURHOJUXSRWHQtDWUHV
FDUJDGHJDQDGRDWUHVDOWXUDVFRQVXVFRUUDOHV YLYLHQGDV PLHQWUDV TXH HQ ODV RWUDV GRV HUDQ
SDUDHOPDQHMRGHORVUHEDxRV FXDWUR ODV FRQVWUXLGDV /D VXSHUFLH HUD GH HQ
WRUQRDPHWURVFXDGUDGRV)UHQWHDHVWHPR
(O FRQMXQWR GH LQPXHEOHV IHUURYLDULRV GH GHORHQODVUHVWDQWHVHVWDFLRQHVVHGLVSXVLHURQ
ORVUHFLQWRVGHHVWDFLRQHVVH UHPDWDEDFRQORV JUXSRV GH GRV YLYLHQGDV TXH VH XELFDEDQ HQ
PyGXORVGHYLYLHQGDVGHHPSOHDGRV&RPR\D VHQGRV H[WUHPRV GH XQ UHFLQWR TXH DFRJtD SD
VH KD FRPHQWDGR DUULED WRGRV ORV HGLFLRV GH WLRV \ DOPDFHQHV \ HVWDEORV SDUD VXV PRUDGR
YLDMHURVFRQWDEDQFRQDOJXQDVYLYLHQGDVKDEL UHV(OFRQMXQWRSRGUtDWHQHUXQDIRUPDPiVR
WXDOPHQWH DVLJQDGDV DO SHUVRQDO GH PD\RU FD PHQRVUHFWDQJXODURMXJDUFRQDEUXSWRVUHWUDQ
WHJRUtD GH OD HVWDFLyQ 3HUR DGHPiV GH pVWDV TXHRVHQWUHYLYLHQGDV\SDWLRV(VWDVFDVDVGH
VROtDQGLVSRQHUVHXQDVEDWHUtDVGHYLYLHQGDVGH FRQFHSFLyQPXFKRPiVPRGHUQDWLHQHQXQSH
XQDVRODDOWXUDKDELWXDOPHQWHFRQXQSDWLR(Q TXHxRSRUFKHHQODSXHUWDGHDFFHVR
-)'5%,*)-.%:6%'!Y&2!.#)3#/0/,/-52)%,

*UXSRGHYLYLHQGDVGH6DQ
-RUJH\FDVLOODGHREUHURVWLSR
PRGHUQRHQ(O-DUGtQ
)RWRJUDItDV'LSXWDFLyQ
GH$OEDFHWH

7RGRVHVWRVHOHPHQWRVDUWLFXODEDQHOHVSD pVWDVUHVSRQGtDQDGRVWLSRORJtDVXQDPiVFOi
FLR GH ODV RQFH HVWDFLRQHV FRQVWUXLGDV GH HVWH VLFD \ RWUD PiV PRGHUQD /D FOiVLFD FRUUHV
IHUURFDUULO &XULRVDPHQWH \ D GLIHUHQFLD GH OR SRQGtD D XQ HGLFLR GH IRUPD F~ELFD FRQ FX
TXHVXFHGHHQODPD\RUtDGHQXHVWURVIHUURFDUUL ELHUWDDGRVDJXDV\GHGRVDOWXUDV&RQSODQWD
OHVDEVROXWDPHQWHWRGDVODVLQVWDODFLRQHVHVWiQ GH  PHWURV FXDGUDGRV VROtDQ FRQWDU FRQ XQ
GLVSXHVWDVVLHPSUHHQXQVRORODGRGHOKD]GH SR]R HQ VXV LQPHGLDFLRQHV SDUD HO DEDVWHFL
YtDVTXHDGHPiVVDOYRHQORVFDVRVGH(O6D PLHQWRGHVXVPRUDGRUHV/DVFDVDVGHIDFWXUD
OLQHUR\%DOD]RWHVLHPSUHHVHQHOODGRVXUGH PiVPRGHUQDVRQODVFDUDFWHUtVWLFDVGHODOtQHD
ODOtQHD 7LHQHQ XQD SODQWD PiV PRYLGD FRQ XQ SRU
FKH GH DFFHVR H[HQWR VREUH HO EORTXH GH DOR
)XHUD GH ORV UHFLQWRV GH ODV HVWDFLRQHV HO MDPLHQWRFRQGRVDOWXUDVGHFXELHUWDHQHOTXH
IHUURFDUULOFRQWDEDFRQXQDVHULHGHFDVLOODVHQ VH LQWHJUD WDPELpQ XQD HVWDQFLD GH OD YLYLHQ
ODVTXHVHDORMDUtDQORVHPSOHDGRVUHVSRQVDEOHV GD 7LHQHQ XQD VROD DOWXUD FRQ FXELHUWD D GRV
GHO PDQWHQLPLHQWR GH XQ WUDPR GH YtD &RPR DJXDV\XQSDWLRWUDVHUR/DSODQWDGHOD]RQDGH
HQ WRGR HO SDUTXH LQPRELOLDULR GHO IHUURFDUULO HVWDQFLDWLHQHXQRVPHWURVFXDGUDGRV
!/3$%&%22/#!22),%.!,"!#%4%  

9LDGXFWRVGH/D6RODQLOOD\GHO&DEULHO)RWRJUDItDV'LSXWDFLyQGH$OEDFHWH

(QHOVHFWRUQRUWHGHHVWHIHUURFDUULOVyOROOH 
JDURQDFRQVWUXLUVHDOJXQDVFDVLOODVGHREUHURV %,%-%.4/3$%).&2!%3425#452!
GH YtDV (Q HVWH FDVR VROtDQ SUHVHQWDUVH HQ XQ
PyGXORGHGRVYLYLHQGDVGHIRUPDUHFWDQJXODU 3DUDHO)HUURFDUULO%DH]D8WLHOHQVXWUDPR
FXELHUWDDGRVDJXDV\SDWLRWUDVHUR$PEDVYL SRUODSURYLQFLDGH$OEDFHWHIXHURQH[SODQDGRV
YLHQGDVFRPSOHWDEDQXQRVPHWURVFXDGUD FLHQWRFLQFXHQWD\QXHYHNLOyPHWURVDSUR[LPD
GRVFRQVWUXLGRV GDPHQWH'HHOORVFLHQWRVHLVFRUUHVSRQGtDQDO
-)'5%,*)-.%:6%'!Y&2!.#)3#/0/,/-52)%,

WUDPR GHVGH OD FDSLWDO KDVWD OD UD\D FRQ -DpQ VLQ FRQFOXLU HQ OD EDMDGD GHVGH &DVDV ,EixH]
/RV FLQFXHQWD \ WUHV NLOyPHWURV UHVWDQWHV VH KDVWDHO5tR&DEULHO(OYLDGXFWRGHOD5DPEOD
GLVWULEX\HQ GH PDQHUD GLVFRQWLQXD GHVGH HO GHO7ROOR7RUWXJDFRQVXVDUFRVUHPDWDGRVSHUR
UtR -~FDU HQ ODV SUR[LPLGDGHV GH OD ORFDOLGDG VLQFRQFOXLUHOWDEOHURHVWRGDXQDOHFFLyQYLYD
GH9DOGHJDQJDKDVWDHOSDUDMHGH/RV&iUFHOHV GHLQJHQLHUtDGHSXHQWHV&DVRVLPLODUDXQTXH
HQODVRULOODVGHO&DEULHOOtPLWHQDWXUDOFRQOD FRQ SURSRUFLRQHV DOJR PiV PRGHVWDV \ PHQRV
&RPXQLGDG 9DOHQFLDQD 'HVGH DTXt ODV REUDV HVSHFWDFXODUVHUtDHOFDVRGHOYLDGXFWRGHO&D
FRQ DOWR QLYHO GH GLVFRQWLQXLGDG VH SURORQJD EULHO /RV YLDGXFWRV GH 9DOGHPHPEUD \ &DU
EDQRWURVYHLQWL~QNLOyPHWURVKDVWDODORFDOLGDG GLDO VREUH YDVWDV UDPEODV HQ SOHQD OODQDGD GH
GH9HQWDGHO0RUR /D 0DQFKXHOD VRQ WDPELpQ EXHQRV HMHPSORV
GHFRPELQDFLyQGHDUFRV\WUDPRVUHFWRVHQHV
(VWDJUDQH[SODQDFLyQDIURQWDDOJXQRVWUD WUXFWXUDVLPSRQHQWHVGHFLHQ\FLHQWRWUHLQWD\
PRVGHVHYHUDGLFXOWDGRURJUiFD(OSDVRGH FLQFRPHWURVUHVSHFWLYDPHQWH
ODVKRFHVGHO&DEULHOHVXQDDEUXSWDEDMDGDHQ
ODFXDOHOIHUURFDUULOHPSOHDFDVLWUHFHNLOyPH 'HQWURGHHVWHFDStWXORGHREUDVVLQJXODUHV
WURVSDUDEDMDURWURVFXDWURGHXQWHyULFRWUD]D PHUHFH OD SHQD FLWDU HO FDVR GHO SXHQWH SDUD
GRHQOtQHDUHFWD(VWHLQFUHPHQWRGHUHFRUULGR DUUR\DGDV XQD SHFXOLDU HVWUXFWXUD TXH FDQDOL
GDFXHQWDGHODJUDQGLIHUHQFLDGHSHQGLHQWH\ ]DUtDODHVFRUUHQWtDGHXQDYDJXDGDLPSLGLHQGR
VXJLHUHHOH[FHSFLRQDOQ~PHURGHREUDVTXHGH VX FDtGD KDFLD XQD ODUJD WULQFKHUD 6LWXDGD HQ
ELHURQFRQVWUXLUVHSDUDIUDQTXHDUHOSDVRDORV XQWUDPRHQWUHODVHVWDFLRQHVGH6DQ3HGUR\(O
WUHQHV /DPHQWDEOHPHQWH OD PD\RUtD GH HOODV -DUGtQHOSURSLRSDVRGHDJXDVHFRPSOHPHQWD
DSHQDV VH LQLFLDURQ TXHGDQGR LQFRQFOXVDV R FRQXQRVODUJRVPXURVTXHDJXDVDUULEDKDFHQ
DSHQDVDSXQWDGRVODPD\RUSDUWHGHORVW~QHOHV ODVYHFHVGHSHFXOLDUHVDWDJXtDVSDUDHQFDX]DU
RYLDGXFWRV$JUDQGHVUDVJRVVHFRPSOHWDURQ WRGDODHVFRUUHQWtDGHXQDDQFKDYDJXDGD
RTXHGDURQHQXQDOWRQLYHOGHHMHFXFLyQFXDWUR
YLDGXFWRV\RFKRW~QHOHV(QHORWURVHFWRUGHO $ PRGR GH FRQFOXVLyQ HQ HVWRV IHUURFDUUL
IHUURFDUULO OD YtD WLHQH TXH DIURQWDU HO SDVR GH OHVVREUHWRGRHQHOFDVRGHO%DH]D8WLHOQRV
OD6LHUUDGH$OFDUD]ORFXDOIRU]yODFRQVWUXF HQFRQWUDPRVDQWHXQDLPSUHVLRQDQWHFROHFFLyQ
FLyQGHXQEXHQQ~PHURGHJDOHUtDV\YLDGXFWRV GH HGLFLRV \ REUDV GH IiEULFDV OLJDGDV SRU HO
2QFHYLDGXFWRV\YHLQWLFXDWURW~QHOHV LPSUHVLRQDQWHFRUGyQGHODYtDIpUUHD6RQWHV
WLPRQLRGHXQHVIXHU]RFDVLpSLFRGHPLOHVGH
(QWRGDVHVWDVREUDVHMHFXWDGDVDSDUWLUGHOD WUDEDMDGRUHVDORODUJRGHFDVLDxRVWHVWLJR
GpFDGDGHHVSDWHQWHHOXVRLQWHQVLYRGHO GH ODV LOXVLRQHV GH JHQHUDFLRQHV GH KDELWDQWHV
KRUPLJyQSDUDHOWHQGLGRGHYLDGXFWRV\HOUH GHSXHEORVTXHYLHURQHQHOIHUURFDUULOXQDHV
YHVWLPLHQWRGHW~QHOHV(QORVSXHQWHVPiVVHQ SHUDQ]D GH GHVDUUROOR /RV HGLFLRV VRQ XQD
FLOORVVHUHFXUUHDVROXFLRQHVIiFLOHVHVWULERV\ H[FHSFLRQDOPXHVWUDGHDUTXLWHFWXUDVHULDGDGH
YLJDVSODQDV(QRWURVPXFKRVFDVRVVHUHFXUUH WLSRLQGXVWULDOTXHWLHQHXQDH[FHSFLRQDOSRWHQ
DO XVR GHO DUFR +D\ DOJXQRV SXHQWHV GH PX\ FLDOLGDGGHUHFXSHUDFLyQSDUDQXHYRVXVRV/DV
HOHJDQWH IDFWXUD \ VROXFLRQHV WpFQLFDV QR PX\ LQFLSLHQWHVYtDVYHUGHVTXHVHHVWiQGHVDUUROODQ
KDELWXDOHV(QWUHHOORVHVWDUtDHOYLDGXFWRGH/D GRVREUHHVWRVWUD]DGRVDXQTXHSRUHOPRPHQWR
6RODQLOOD,,HQHOFXDOHOLQJHQLHURDSOLFyXQD QRVHKD\DFRQWHPSODGRLQWHUYHQLUVREUHHVWRV
GREOHDUFDGDHQHOVHFWRUFHQWUDOGHOSXHQWHSDUD LQPXHEOHVKDFHQFRQFHELUIXQGDGDVHVSHUDQ]DV
PDQWHQHUODDOWXUDGHSLODVFRQVWDQWHDORODUJR GHUHVWDXUDFLyQGHVSXpVGHGpFDGDVGHDEDQGR
GH WRGD OD REUD 2WURV LQWHUHVDQWHV \ DUULHVJD QR/DUXLQD\HOH[SROLRKDQDIHFWDGRDHVWRV
GRV YLDGXFWRV IXHURQ ORV TXH VH FRQVWUX\HURQ LQPXHEOHV

 9pDQVH*DUFtD0DWHR-LPpQH]9HJD\&XpOODU9LOODU  0HOLV0D\QDU-LPpQH]9HJD\&XpOODU9LOODU  


!/3$%&%22/#!22),%.!,"!#%4%  

 WRVSHURQRPHQRVYDOLRVRVVRQORVSHTXHxRVR
#/.#,53)/.%3 JUDQGHV HOHPHQWRV GH OD H[SORWDFLyQ IHUURYLD
ULD TXH SRGHPRV HQFRQWUDU HQ WDQWRV OXJDUHV
$ OR ODUJR GH ODV DQWHULRUHV SiJLQDV KHPRV EiVFXODV HQFODYDPLHQWRV DJXDGDV GHSyVLWRV
SRGLGR PRVWUDU OD H[LVWHQFLD GHQWUR GH OD SUR GHDJXD7RGRVHOORVGDQIHGHORVSURJUHVRVGH
YLQFLDGH$OEDFHWHGHXQSDWULPRQLRIHUURYLDULR ODWpFQLFDTXHHQHOIHUURFDUULOKDHQFRQWUDGR
YDOLRVRHQVXVIRUPDV\HQVXVVLJQLFDGRVDP VLHPSUHXQULFRQLFKRGHLQQRYDFLyQ
SXWDGRGHPXFKRVGHVXVHOHPHQWRV\DPHQD]D
GRHQRWURVWDQWRV(VIRU]DGRDIURQWDUSRUWDQWR /RV SURSLRV WUD]DGRV GHO IHUURFDUULO VRQ
XQSODQGHFRQRFLPLHQWRGHHVWRVUHFXUVRVTXH RWUR OHJDGR SDWULPRQLDO TXH PXFKDV YHFHV VH
HQHVWDVSiJLQDVVyORKHPRVSRGLGRDSXQWDU&R LJQRUD /RV SXHQWHV \ W~QHOHV GHO IHUURFDUULO
QRFHUORHVXQDSULPHUDIDVHSDUDSRGHUDYDQ]DU VXVJUDQGHVWHUUDSOHQHV\WULQFKHUDV7RGDHVWD
HQODSUHVHUYDFLyQGHVXVSLH]DVPiVYDOLRVDV\ KXHOODOLQHDOGHOIHUURFDUULOFRQVWLWX\HXQDSLH
DOWLHPSRKDFHUYHUDORVUHVSRQVDEOHVSROtWLFRV GUDDQJXODUGHQXHVWURSDWULPRQLRIHUURYLDULR
VXVJHVWRUHVGLUHFWRV\DOVHFWRUHPSUHVDULDOODV TXHHQFLHUUDPXFKRVDVSHFWRVDHVWXGLDU\YD
RSRUWXQLGDGHVTXHHVWRVLQPXHEOHVWLHQHQSDUD ORUDU \ HQ QR SRFRV FDVRV D UHFXSHUDU SDUD
HOGHVDUUROORGHQXHYDVDFWLYLGDGHV QXHYRVXVRV<QRSRGHPRVROYLGDUDXQRGH
ORVPiVKDELWXDOPHQWHPiVROYLGDGRVDVSHFWRV
'HFtDPRV DO FRPLHQ]R TXH KDFH  DxRV GH QXHVWUR DFHUYR SDWULPRQLDO IHUURYLDULR HO
OOHJyHOSULPHUFRQYR\IHUURYLDULRD$OEDFHWH OHJDGRGRFXPHQWDO0=$\5(1)(KDQSUR
'LH]DxRVGHVSXpVWRGDODUHGIHUURYLDULDSULQ WDJRQL]DGR OD KLVWRULD IHUURYLDULD DOEDFHWHxD
FLSDOHVWDEDFRPSOHWDGDDxDGLpQGRVHWDQVyOR HVFULWDVREUHHOWHUULWRULRSHURWDPELpQFRQXQ
HQHVWRVFLHQWRFXDUHQWDDxRVDOJXQRVWUD]DGRV ULFRHVSHMRHQORVDUFKLYRVGHDPEDVHPSUHVDV
GH IHUURFDUULOHV PLQHURV TXH \D KDQ GHVDSD ORVFXDOHVVHFRQYLHUWHQHQXQDHFDFtVLPDKH
UHFLGR R DOJXQRV YDVWRV SUR\HFWRV GH QXHYDV UUDPLHQWD SDUD LQWHUSUHWDU QR VyOR OD KLVWRULD
OtQHDVTXHDSHVDUGHKDEHUOOHJDGRDXQDOWR GHOIHUURFDUULOVLQRWDPELpQODKLVWRULDGHODV
QLYHOGHHMHFXFLyQGHREUDVQXQFDOOHJDURQD FLXGDGHVGHVXVFLXGDGDQRVGHORVFRQLFWRV
HQWUDU HQ VHUYLFLR \ QDOPHQWH IXHURQ DEDQ TXH D OR ODUJR GH ODV GpFDGDV KDQ DJLWDGR OD
GRQDGDV YLGDGHHVWDWLHUUD

(VWHVLJOR\PHGLRGHKLVWRULDIHUURYLDULDKD 1RTXHUHPRVQLGHEHPRVWDPSRFRROYLGDU
OHJDGRDODVRFLHGDGGHOVLJOR;;,XQULFR\YD QDOPHQWHHOOHJDGRPiVLQPDWHULDOGHWRGRV
ULDGR OHJDGR SDWULPRQLDO WHVWLPRQLR GHO VDEHU HOWHVWLPRQLRGLUHFWRGHODVSHUVRQDVTXHKDQ
GH JHQHUDFLRQHV GH LQJHQLHURV DUTXLWHFWRV \ KHFKR OD KLVWRULD /D YR] \ OD SDODEUD GH ORV
IHUURYLDULRV/DKLVWRULDGH$OEDFHWHTXL]iVQR IHUURYLDULRVTXHKDQYLYLGRHOGtDDGtDGHODV
VHUtDODPLVPDVLQHOHFD]FRPSOHPHQWRGHXQD HVWDFLRQHVGHORVWUHQHVTXHKDQVXUFDGRHVWRV
UHGGHUDtOHVTXHYLHQHWUDPDQGRHVWDSURYLQFLD UDtOHV FDVWHOODQRPDQFKHJRV \ GH ORV YLDMHURV
DOLPHQWDQGRVXVIiEULFDVGHVSOD]DQGRVXVFLX TXHORVKDQXVDGR5HFRJHUVXPHPRULDHVXQ
GDGDQRV\WUDQVSRUWDQGRVXVSURGXFWRVDRWURV GHEHULQHOXGLEOHSRUTXHHQHOODVHDWHVRUDQGD
WHUULWRULRV(VWHSDWULPRQLRGHOIHUURFDUULOQRVKD WRV\DVSHFWRVTXHQRKDQVLGRUHFRJLGRVSRUOD
GHMDGRXQDULFDFROHFFLyQGHHGLFLRVLQWHJUD KLVWRULDRFLDO\TXHSXHGHQDSRUWDUPXFKD
GRVHQODVHVWDFLRQHVTXHVHHQFXHQWUDQGLVSHU OX] SDUD SRGHU LQWHUSUHWDU MXVWDPHQWH HO IXWX
VDVSRUODSURYLQFLD3HURHVWHYLVWRVRSDWULPR UR
QLRLQPRELOLDULRGHODVWHUPLQDOHVGHYLDMHURVQR
ORHVWRGR-XQWRDHOODVVHXELFDEDQFRQMXQWRV 7RGR HVWH SDWULPRQLR KD VXIULGR D OR ODUJR
WDQ VLQJXODUHV FRPR ORV GHSyVLWRV GH PDWHULDO GHHVWHVLJOR\PHGLRPXFKRVDWHQWDGRV(OSUR
PyYLOORVPXHOOHVGHPHUFDQFtDVODVYLYLHQGDV JUHVRQRVXHOHPLUDUKDFLDDWUiVHQVXDYDQFH
REUHUDV\ORVHGLFLRVGHVHUYLFLR0iVGLVFUH \ VH OOHYD SRU GHODQWH PXFKRV YDOLRVRV WHVWL
-)'5%,*)-.%:6%'!Y&2!.#)3#/0/,/-52)%,

PRQLRV3HURQRHVKRUDGHODPHQWDUORTXHVH &29(6 1$9$552 -RVp 9LFHQWH \ *0(=


KDSHUGLGRSRUPXFKRTXHKD\DVLGR1XHVWUD 0$571(=-RVp$QWRQLR  )HUUR
WDUHDGHEHUVHUDKRUDKDFHUXQSXQWR\DSDUWH FDUULOHV0LQHURVHQ$OEDFHWHHQ&DUULOQ
'HEHPRVMDUXQHVWDGRFHURGHODFXHVWLyQ SiJV
GRFXPHQWDUWRGRHOSDWULPRQLRVREUHYLYLHQWH\
GDU SDVRV GHFLGLGRV SDUD HYLWDU VX SpUGLGD (O &8e//$5 9,//$5 'RPLQJR -,0e1(=
SURJUHVRPDOHQWHQGLGRVLJXHDUUDVDQGRQXHVWUR 9(*$ 0LJXHO \ 32/2 085,(/ )UDQ
SDVDGRSHURFDVLWDQSHOLJURVRHVFXDQGRHVWH FLVFR   +LVWRULD GH ORV 3REODGRV
SURFHVR GH SpUGLGD GH QXHVWUR SDWULPRQLR HQ )HUURYLDULRV HQ (VSDxD )XQGDFLyQ GH ORV
HVWHFDVRHOIHUURYLDULRHVIUXWRVLPSOHPHQWHGH )HUURFDUULOHV(VSDxROHV0DGULG
OD GHVLGLD HO DEDQGRQR HO ROYLGR 8Q H[SROLR
OHQWRSHURFRQWLQXRDPHQD]DYDOLRVRVHGLFLRV '21(7 -   )RUPDFLyQ \ (GXFDFLyQ
WUD]DGRVDEDQGRQDGRVPDWHULDOGHH[SORWDFLyQ HQ$UTXHRORJtD,QGXVWULDO\3DWULPRQLR,Q
RFLUFXODQWHGRFXPHQWRVUHFXHUGRV9DORUDUOR GXVWULDOHQ*UDQ%UHWDxD\(VWDGRV8QLGRV
MXVWDPHQWHDERUWDUORVSURFHVRVGHGHWHULRUR\ SiJVHQ 'LGiFWLFDH,QWHUSUHWDFLyQ
EXVFDUQXHYRVXVRVSDUDQXHVWURSDWULPRQLRIH GHO 3DWULPRQLR ,QGXVWULDO ,1&81$ *L
UURYLDULRGHEHVHUODSDXWDTXHPDUTXHQXHVWUR MyQ
WUDEDMRGHDKRUDHQDGHODQWH6yORDVtVHSRGUi
OHJDUDODVJHQHUDFLRQHVYHQLGHUDVODPHPRULD *$5&$ 0$7(2 -RVp /XLV -,0e1(=
ULFD\YLYDGHXQSDVDGRTXHWDQWRSXHGHDSRU 9(*$ 0LJXHO \ &8e//$5 9,//$5
WDUQRVWDPELpQGHDKRUDHQDGHODQWH 'RPLQJR   ,QYHQWDULR GH 3XHQWHV
)HUURYLDULRV GH (VSDxD )XQGDFLyQ GH ORV
)HUURFDUULOHV (VSDxROHV \ (GLWRULDO 'RFH
&DOOHV6/0DGULG
")",)/'2!&!
+(5&(,1e6-$   $SXQWHVVREUHDU
$*8,/$5 &,9(5$ ,QPDFXODGD   $U TXLWHFWXUDLQGXVWULDO\IHUURYLDULDHQ&DVWL
TXLWHFWXUD LQGXVWULDO &RQFHSWR PpWRGR \ OOD/D0DQFKD&ROHJLR2FLDO
IXHQWHV &ROHFFLyQ $UTXHRORJtD ,QGXVWULDO GH$UTXLWHFWRVGH&DVWLOOD/D0DQFKD7R
0XVHRG(WQRORJLDGHOD'LSXWDFLyGH9D OHGR
OpQFLD9DOHQFLD
0(/,60$<1$50DQXHO-,0e1(=9(*$
&$f,=$5(6 58,= 0 &DUPHQ   7H 0LJXHO \ &8e//$5 9,//$5 'RPLQJR
UULWRULR\3DWULPRQLR0LQHUR,QGXVWULDOHQ   ,QYHQWDULRGH7~QHOHV)HUURYLDULRV
&DVWLOOD/D 0DQFKD (GLFLRQHV GH OD 8QL GH (VSDxD )XQGDFLyQ GH ORV )HUURFDUULOHV
YHUVLGDGGH&DVWLOOD/D0DQFKD&XHQFD (VSDxROHV \ (GLWRULDO 'RFH &DOOHV 6/
0DGULG
&2%26$57($*$ )UDQFLVFR GH ORV  
/RV&DPLQRVGHO$]XIUH7UDQVSRUWH\QH 35,(72 L 785 /OXLV \ (1*8,; L 3(,5
JRFLRVGHORV26KHDHQ+HOOtQHQ6WXGLD -RDQ &DUOHV   (O 7UDQVSLUHQDLFR GHO
$FDGHPLFD Q  SiJV  81(' 1RJXHUD3DOODUHVD \ HO IHUURFDUULO %DH]D
&XHQFD 8WLHO(G/OXLV3ULHWR%DUFHORQD

También podría gustarte