81,9(56,'$'1$&,21$/$87120$'(0e;,&2

)DFXOWDGGH&LHQFLDV

3ODQGHHVWXGLRVGHOD/LFHQFLDWXUDHQ$FWXDUtD





&ODYH 6HPHVWUH &UpGLWRV UHD

   
&DPSRGH
6HJXURV
FRQRFLPLHQWR
(WDSD
%iVLFD

&XUVR;7DOOHU/DE6HP
0RGDOLGDG  7LSR 7;373

2EOLJDWRULR;2SWDWLYR
&DUiFWHU  +RUDV
2EOLJDWRULR(2SWDWLYR(
 6HPDQD 6HPHVWUH
 7HyULFDV 7HyULFDV
 3UiFWLFDV 3UiFWLFDV
 7RWDO 7RWDO

6HULDFLyQ

1LQJXQD
2EOLJDWRULD
$VLJQDWXUDDQWHFHGHQWH 

$VLJQDWXUDVXEVHFXHQWH 

,QGLFDWLYD;
$VLJQDWXUDDQWHFHGHQWH 1LQJXQD

$VLJQDWXUDVXEVHFXHQWH 0DWHPiWLFDV$FWXDULDOHVGHO6HJXURGH3HUVRQDV,
 0DWHPiWLFDV$FWXDULDOHVSDUD6HJXURGH'DxRV)LDQ]DV\
5HDVHJXUR

2EMHWLYRVJHQHUDOHV

x &RQRFHUODKLVWRULDGHODSURIHVLyQDFWXDULDODVtFRPRHOGHVDUUROORSURIHVLRQDOGHODFWXDULRHQ0p[LFR
\HQHOPXQGR
x &RPSUHQGHU\H[SOLFDUODQDWXUDOH]DGHORVGLVWLQWRVULHVJRVDORVTXHVHHQIUHQWDQORVLQGLYLGXRV\ODV
HPSUHVDV
x &RQRFHUORVGLVWLQWRVPHFDQLVPRVTXHH[LVWHQSDUDPDQHMDUORVULHVJRV\DSOLFDUORVHQODVROXFLyQGH
SUREOHPDVUHODFLRQDGRVFRQpVWRV
x 6HUFDSD]GHH[SOLFDUODVGLVWLQWDVIXQFLRQHVTXHHOVHJXURWLHQHFRPRPHFDQLVPRGHWUDQVIHUHQFLDGH
ORVULHVJRV
3ODQGH(VWXGLRVGHOD/LFHQFLDWXUDHQ$FWXDUtD
)DFXOWDGGH&LHQFLDV81$0

 x 'LVWLQJXLUORVGLVWLQWRVWLSRVGHVHJXURVTXHH[LVWHQ
x &RPSUHQGHUODQDWXUDOH]DODHVWUXFWXUD\ORVHOHPHQWRVSURSLRVGHORVGLVWLQWRVWLSRVGHDVHJXUDGRUDV
x &RQRFHU ODV UD]RQHV TXH VXVWHQWDQ ODV GLVWLQWDV UHJXODFLRQHV SDUD OD LQGXVWULD GH ORV VHJXURV OD
HVWUXFWXUD\ORVDVSHFWRVIXQGDPHQWDOHVGHODVOH\HVTXHUHJXODQHOPHUFDGRDVHJXUDGRUPH[LFDQR 
x &RPSUHQGHUODVIXQFLRQHV\SURFHGLPLHQWRVTXHVHUHDOL]DQGHQWURGHXQDHPSUHVDGHVHJXURV
x 6HUFDSD]GHH[SOLFDUODQDWXUDOH]DORVSULQFLSLRV\ODHVWUXFWXUDGHORVGLIHUHQWHVVHJXURVVREUHODV
SHUVRQDVTXHH[LVWHQ
x 6HUFDSD]GHH[SOLFDUODQDWXUDOH]DORVSULQFLSLRV\ODHVWUXFWXUDGHORVGLIHUHQWHVVHJXURVVREUHODV
FRVDV\ODVUHVSRQVDELOLGDGHVTXHH[LVWHQ
x 'LVWLQJXLU \ H[SOLFDU ODV VHPHMDQ]DV \ GLIHUHQFLDV TXH H[LVWHQ HQWUH ODV RSHUDFLRQHV GH VHJXURV \
ILDQ]DV

2EMHWLYRVHVSHFtILFRV

x &RQRFHUHOGHVDUUROORKLVWyULFRGHOD$FWXDUtDHOFRQFHSWRSUHFLVRGHORTXHHVXQ$FWXDULRDVtFRPR
VXSDSHOHQ0p[LFR\HQHOPXQGR
x ([SOLFDUHOFRQFHSWRGHULHVJR\VXLPSRUWDQFLDFRPRIXQGDPHQWRGHODFLHQFLD$FWXDULDO
x ,GHQWLILFDU DO VHJXUR FRPR HO PHFDQLVPR PiV LPSRUWDQWH SDUD WUDQVIHULU ULHVJRV GHVGH XQD
SHUVSHFWLYD KLVWyULFD \ HFRQyPLFD DVt FRPR DOJXQDV GH VXV FDUDFWHUtVWLFDV JHQHUDOHV PiV
LPSRUWDQWHV
x &RPSUHQGHUODVSULQFLSDOHVIXQFLRQHVTXHVHUHDOL]DQHQXQDHPSUHVDGHVHJXURV
x ([SOLFDU OD QHFHVLGDG GH XQD HVWUXFWXUD OHJDO TXH UHJXOH DO VHFWRU DVHJXUDGRU \ GLVWLQJXLU ODV
SULQFLSDOHVFDUDFWHUtVWLFDVGHODOHJLVODFLyQGHORVVHJXURVHQ0p[LFR
x 5HFRQRFHU ODV SULQFLSDOHV FDUDFWHUtVWLFDV GHO VHJXUR GH YLGD DVt FRPR VXV GLIHUHQWHV WLSRV \
HVWUXFWXUDV
x ([SOLFDUODQDWXUDOH]DGHORVGLVWLQWRVWLSRVGHVHJXURVGHDFFLGHQWHV\HQIHUPHGDGHV
x ([SOLFDU OD QDWXUDOH]D GH ORV GLIHUHQWHV WLSRV GH VHJXURV GH SURSLHGDGHV \ VX UHOHYDQFLD HQ HO
GHVDUUROORGHODDFWLYLGDGDVHJXUDGRUD
x &RPSUHQGHUORTXHHVXQDILDQ]DORVGLIHUHQWHVWLSRVGHILDQ]DVH[LVWHQWHV
x &RPSUHQGHUHQTXpFRQVLVWHQODVDFWLYLGDGHVDQiORJDV\FRQH[DVGHORVGLVWLQWRVWLSRVGHVHJXURV
x &RQRFHUORVGLIHUHQWHVWLSRVGHUHDVHJXURV\FRDVHJXURH[LVWHQWHV



QGLFHWHPiWLFR
+RUDV
7HPD VHPHVWUH

7HyULFDV 3UiFWLFDV
 (OSDSHOGHODFWXDULRDQLYHOPXQGLDO\HQ0p[LFR  
 (OULHVJR  
 (OVHJXUR  
 /DVFRPSDxtDVGHVHJXURV  
 0DUFROHJDOGHOVHJXUR  
 (OVHJXURGHYLGD  
 6HJXURVGHDFFLGHQWHV\HQIHUPHGDGHV  
 'HILQLFLyQ\FODVLILFDFLyQGHOVHJXURGHGDxRV  
 )LDQ]DV  
 6HUYLFLRVDQiORJRV\FRQH[RV  
 (OUHDVHJXUR\FRDVHJXUR  
7RWDO 

3ODQGH(VWXGLRVGHOD/LFHQFLDWXUDHQ$FWXDUtD
)DFXOWDGGH&LHQFLDV81$0

 &RQWHQLGR7HPiWLFR
 7HPD\VXEWHPDV
 (OSDSHOGHODFWXDULRDQLYHOPXQGLDO\HQ0p[LFR

 +LVWRULDGHODFLHQFLDDFWXDULDO
 +LVWRULDGHOVHJXUR
 +LVWRULDGHODILDQ]D
 +LVWRULDGHODFDUUHUDGH$FWXDUtDHQ0p[LFR
 )XQFLRQHVGHXQ$FWXDULRHQVXVGLIHUHQWHViPELWRVGHGHVDUUROOR
 (OHQWRUQRGHO$FWXDULRHQHO0p[LFRDFWXDO

 (OULHVJR

 (OFRQFHSWRGHULHVJR
 /RVHIHFWRVGHOULHVJR
 $FWLWXGHVIUHQWHDOULHVJR
 /DQDWXUDOH]DGHORVULHVJRV\VXVIRUPDVGHPHGLFLyQ
 (OSURFHVRGHODDGPLQLVWUDFLyQGHULHVJRV

 (OVHJXUR

 'HILQLFLyQGHOVHJXUR
 /DQDWXUDOH]D\ODVIXQFLRQHVGHOVHJXUR\GHOUHDVHJXUR
 /DFRQWULEXFLyQGHOVHJXURDODHFRQRPtD
 /RVHOHPHQWRVGHOULHVJRDVHJXUDEOH

 /DVFRPSDxtDVGHVHJXURV

 2EMHWLYRVGHODVDVHJXUDGRUDV
 7LSRVGHFRPSDxtDVGHVHJXURV
 &ODVLILFDFLyQGHORVDVHJXUDGRUHVHQHOPHUFDGRPH[LFDQR

 0DUFROHJDOGHOVHJXUR

 &DXVDV\PRWLYRVGHODUHJXODFLyQGHORVVHJXURV
 (OPDUFRQRUPDWLYRGHOVHJXURHQ0p[LFR

 (OVHJXURGHYLGD

 7LSRVGHVHJXURVGHYLGDVHJ~QIRUPDGHRSHUDFLyQ
 (OVHJXURLQGLYLGXDO
 (OVHJXURFROHFWLYR
 (OVHJXURGHJUXSR
 (OVHJXURYHQWDPDVLYD
 7LSRVGH6HJXURVGH9LGDVHJ~QWHPSRUDOLGDG

3ODQGH(VWXGLRVGHOD/LFHQFLDWXUDHQ$FWXDUtD
)DFXOWDGGH&LHQFLDV81$0

  6HJXURV7HPSRUDOHVDFRUWRSOD]R
 6HJXURV7HPSRUDOHVDODUJRSOD]R
 7LSRVGH6HJXURVGH9LGDVHJ~QULHVJRDVHJXUDGR
 6HJXURVGHPXHUWH
6HJXUR2UGLQDULRGH9LGD
6HJXUR7HPSRUDODDxRV
 6HJXURVGHVXSHUYLYHQFLD
6HJXURGRWDOSXUR
6HJXURGRWDOPL[WR
6HJXURGHUHQWDVRSHQVLRQHVSULYDGDV
 6HJXURVGHYLGDVP~OWLSOHV
6HJXURVPDQFRPXQDGRVGRVFDEH]DV
6HJXURVSRURUGHQGHIDOOHFLPLHQWR
6HJXURGHYLGDVFRQMXQWDV
6HJXURVSRURUIDQGDG
6HJXURVSRUYLXGHGDG
 2WURVWLSRVGHVHJXURV\FODVLILFDFLRQHV
6HJXURVIOH[LEOHV
6HJXURVSRUJDVWRVIXQHUDULRV
6HJXURVSRUPXHUWHDFFLGHQWDO
 6HJXURV SDUD FROHFWLYLGDGHV HVSHFLDOHV PLQHURV SROLFtDV
GHSRUWLVWDV
6HJXURVGLIHUHQFLDGRVSRUIXPDGRUHV\QRIXPDGRUHV
6HJXURVGLIHUHQFLDGRVSRUVH[RKRPEUHPXMHUHV
6HJXURVFRQGLYLGHQGRV\VLQGLYLGHQGRV
6HJXURVFRQUHVFDWH\VLQUHVFDWH
 6HJXURV LQGH[DGRV D OD LQIODFLyQ DO GyODU \ VHJXURV QR
LQGH[DGRV
0LFURVHJXURV
6HJXURVGHGHXGRUHV
6HJXURVHVFRODUHV
6HJXURVSDUDGLVFDSDFLWDGRV
6HJXURVGHHQIHUPHGDGHVJUDYHV
6HJXURVGHSpUGLGDVRUJiQLFDV
6HJXURVGHPXHUWHSRUFiQFHU
6HJXURGHKRPEUHFODYH
6HJXURGHVRFLRV
 /RVEHQHILFLRVDGLFLRQDOHVGHORVVHJXURVGHYLGD
 'REOHLQGHPQL]DFLyQSRUPXHUWHDFFLGHQWDO
 ([HQFLyQGHOSDJRGHSULPDVSRULQYDOLGH]
 5HQWDSRULQYDOLGH]WRWDORSDUFLDO
 3DJRGHODVXPDDVHJXUDGDSRULQYDOLGH]
 'HVHPSOHR
 /DWULSOHLQGHPQL]DFLyQSRUPXHUWHDFFLGHQWDOFROHFWLYD
 /RVYDORUHVJDUDQWL]DGRVGHORVVHJXURVGHYLGD
 (OFRQFHSWRGHYDORUGHUHVFDWH
 (OFRQFHSWRGHVHJXURVDOGDGR
3ODQGH(VWXGLRVGHOD/LFHQFLDWXUDHQ$FWXDUtD
)DFXOWDGGH&LHQFLDV81$0

  (OFRQFHSWRGHVHJXURSURUURJDGR

 6HJXURVGHDFFLGHQWHV\HQIHUPHGDGHV

 6HJXURGHDFFLGHQWHVSHUVRQDOHV
 &RQFHSWRGHPXHUWHDFFLGHQWDO
 3pUGLGDVRUJiQLFDV
 ,QGHPQL]DFLyQGLDULDSRUDFFLGHQWH
 5HHPEROVRGHJDVWRVPpGLFRVSRUDFFLGHQWH
 6HJXURGHDFFLGHQWHVSHUVRQDOHVGHFRUWRSOD]R
 6HJXURVGHDFFLGHQWHVSHUVRQDOHVHVFRODUHV
 6HJXURGHDFFLGHQWHVSHUVRQDOHVHQYLDMHDpUHR\RWHUUHVWUH
 6HJXURGHJDVWRVPpGLFRV
 6HJXURVGHVDOXG
 6HJXURVGHLQYDOLGH]RLQFDSDFLGDG

 'HILQLFLyQ\FODVLILFDFLyQGHOVHJXURGHGDxRV

 7LSRVGHFREHUWXUD7RGRULHVJR\ULHVJRVQRPEUDGRV
 6HJXURGH5HVSRQVDELOLGDG&LYLO\5LHVJRV3URIHVLRQDOHV
 &RQFHSWRGHUHVSRQVDELOLGDGREMHWLYD\VXEMHWLYD
 /RVWLSRVGHVHJXURVGHUHVSRQVDELOLGDGFLYLO\RDFWLYLGDGHV
SURIHVLRQDOHV
5HVSRQVDELOLGDG&LYLO*HQHUDO
3URGXFWRVSRUVHFWRURDFWLYLGDGH[SOLFDUi5&DYLRQHV5&
EDUFRV 5& FRPHUFLR 5& FRQVWUXFWRUHV 5& KRWHOHV 5&
SURGXFWRV5&ULHVJRVSURIHVLRQDOHV5&YLDMHUR5&LQGXVWULD
5&KRVSLWDOHV
&REHUWXUDVDGLFLRQDOHVGHDFXHUGRDOVHFWRURDFWLYLGDG
3ULQFLSLRVRFFXUUHQFH\FODLPVPDGH
 6HJXURPDUtWLPR\WUDQVSRUWHV
 6HJXURGHFDUJD
7LSRVGH3yOL]DDSURQyVWLFRDGHFODUDFLyQHVSHFtILFDSRU9LDMH
7LSRVGHFREHUWXUDV
9 5LHVJRVRUGLQDULRVGHWUiQVLWR527EiVLFD
9 5RERWRWDO
9 5RERSDUFLDO
9 5RERGHEXOWRSRUHQWHUR
9 0RMDGXUD
9 2[LGDFLyQ
9 0DQFKDV
9 &RQWDPLQDFLyQSRUFRQWDFWRFRQRWUDVFDUJDV
9 5RWXUDRUDMDGXUDDEROODGXUD\GREODGXUD
9 'HUUDPHV\RPHUPDV
9 %DUDWHUtD
3ODQGH(VWXGLRVGHOD/LFHQFLDWXUDHQ$FWXDUtD
)DFXOWDGGH&LHQFLDV81$0

 9 (FKD]yQREDUUHGXUD
9 0DQLREUDVGHFDUJD\GHVFDUJD
9 (VWDGtD
 6HJXURGHDHURQDYHV
 6HJXURGHHPEDUFDFLRQHV
 6HJXURGHLQFHQGLR
 &REHUWXUDVGHHGLILFLR\FRQWHQLGRV
 3pUGLGDVFRQVHFXHQFLDOHV
 &REHUWXUDDGLFLRQDOGHUHPRFLyQGHHVFRPEURV
6HJXURDJUtFROD\GHDQLPDOHV
 6HJXURDJUtFROD
 6HJXURGHDQLPDOHV
 6HJXURGHDXWRPyYLOHV
 3URGXFWRV
 $XWRVSDUWLFXODUHV
 6HUYLFLR3~EOLFR
 &DPLRQHV
 (VWDQGDUL]DGR
 7XULVWDV
 6HJXURGHFUpGLWR
 ([SRUWDFLyQ
 ,QWHUQR
 0L[WR
 6HJXURGHFUpGLWRDODYLYLHQGD
 6HJXURGHJDUDQWtDILQDQFLHUD
 'LYHUVRV
 0LVFHOiQHRV
$QXQFLRVOXPLQRVRV
&ULVWDOHV
2EMHWRVSHUVRQDOHV
5RERGHFDVDKDELWDFLyQ
5RERGHPHUFDQFtDV
'LQHUR\YDORUHV
 5DPRVWpFQLFRV
&DOGHUDV\UHFLSLHQWHVVXMHWRVDSUHVLyQ
(TXLSRHOHFWUyQLFR
(TXLSRGHFRQWUDWLVWDV
5RWXUDGHPDTXLQDULD
0RQWDMH
2EUDFLYLO
 6HJXURGHULHVJRVFDWDVWUyILFRVRGHODQDWXUDOH]D
 6HJXURGHWHUUHPRWR\HUXSFLyQYROFiQLFD
 6HJXURGHIHQyPHQRVKLGURPHWHRUROyJLFRV

 )LDQ]DV

3ODQGH(VWXGLRVGHOD/LFHQFLDWXUDHQ$FWXDUtD
)DFXOWDGGH&LHQFLDV81$0

 
 'HILQLFLyQ
 &ODVLILFDFLyQ
 'HILGHOLGDG
 'HFUpGLWR
 'HFXPSOLPLHQWR
 -XGLFLDOHV

 6HUYLFLRVDQiORJRV\FRQH[RV

 $GPLQLVWUDFLyQGHIRQGRV
 $GPLQLVWUDFLyQGHSpUGLGDV
 6HUYLFLRVGHDVLVWHQFLDHQYLDMH
 5HSDWULDFLyQGHUHVWRVPRUWDOHV
 3pUGLGDGHHTXLSDMH
 2ULHQWDFLyQPpGLFD
 2ULHQWDFLyQOHJDO
 6HUYLFLRVIXQHUDULRV
 6HUYLFLRVGHQWDOHV
 6HUYLFLRVySWLFRV

 (OUHDVHJXUR\FRDVHJXUR

 5HDVHJXURSURSRUFLRQDO
 $XWRPiWLFR
 )DFXOWDWLYR
 5HDVHJXURQRSURSRUFLRQDO
 $XWRPiWLFRV
 )DFXOWDWLYRV
 5HDVHJXURILQLWR
 &RDVHJXUR



(VWUDWHJLDVGLGiFWLFDV (YDOXDFLyQGHODSUHQGL]DMH
([SRVLFLyQ; ([iPHQHVSDUFLDOHV  ;
7UDEDMRHQHTXLSR; ([DPHQILQDO   ;
/HFWXUDV; 7UDEDMRV\WDUHDV  ;
7UDEDMRGHLQYHVWLJDFLyQ; 3UHVHQWDFLyQGHWHPD  
3UiFWLFDVWDOOHURODERUDWRULR 3DUWLFLSDFLyQHQFODVH ;
3UiFWLFDVGHFDPSR $VLVWHQFLD
$SUHQGL]DMHSRUSUR\HFWRV; 5~EULFDV
$SUHQGL]DMHEDVDGRHQSUREOHPDV 3RUWDIROLRV
&DVRVGHHQVHxDQ]D; /LVWDVGHFRWHMR
2WUDVHVSHFLILFDU 2WUDVHVSHFLILFDU
6HUHFRPLHQGDQWDUHDVSRUWHPDHQODVFXDOHVHO 
DOXPQRDSOLTXHHOPDWHULDOYLVWRHQFODVH\HVWp
REOLJDGRDUHYLVDUGLYHUVDVIXHQWHVELEOLRJUiILFDV
SDUDTXHDPSOtHVXVFRQRFLPLHQWRV\FRQR]FD
3ODQGH(VWXGLRVGHOD/LFHQFLDWXUDHQ$FWXDUtD
)DFXOWDGGH&LHQFLDV81$0

 GLIHUHQWHVHQIRTXHVGHOPDWHULDOGHOFXUVR$Vt
PLVPRVHVXJLHUHHODQiOLVLV\UHVROXFLyQGHFDVRV
SUiFWLFRV


3HUILOSURIHVLRJUiILFR
7tWXORRJUDGR (JUHVDGRSUHIHUHQWHPHQWHGHODOLFHQFLDWXUDHQ$FWXDUtDRDOJXQDDItQ
([SHULHQFLDGRFHQWH &RQH[SHULHQFLDGRFHQWH
2WUDFDUDFWHUtVWLFD ([SHULHQFLD SURIHVLRQDO HQ HO iUHD FRQ FRQRFLPLHQWRV WHyULFRV \ SUiFWLFRV
DFHUFDGHOPDQHMR\HQWRUQRGHOULHVJR\GHORVVHJXURV

%LEOLRJUDItDEiVLFD

x &RQVRUWL0LQ]RQL$&UyQLFDGHDxRVGHO6HJXURHQ0p[LFR&16)
x 'HO&DVWLOOR-06HJXURVSRUTXp"SDUDTXp"0DGULG0DSIUH
x +DEHUPDQ66LEEHWW7UHYRU$7KH+LVWRU\RI$FWXDULDO6FLHQFH:LOOLDP3LFNHULQJ
x +XHUWD/5H\QDXG&/D$FWXDUtDHQ0p[LFR0p[LFR&21$&
x +XUWDGR - 0 $UFKLOOD 3 4XLQWDV 0 HW DO  6HJXURV GH 9LGD $FFLGHQWHV 6DOXG \
3ODQHVGH3HQVLRQHV0DGULG0DSIUH
x /HZLQ&7KHFUHDWLRQRIDFWXDULDOVFLHQFH/RQGRQ6SULQJHU
x 0DWUiQ&DVWHOR-'LFFLRQDULR0DSIUHGH6HJXURV0DGULG0DSIUH
x 0ROLQD%HOOR0/D)LDQ]DFyPRJDUDQWL]DUVXVREOLJDFLRQHVFRQWHUFHURV0p[LFR0F
*UDZ+LOO
x 5HQGyQ(-1RUPDV\3ROtWLFDVGHO6HJXURVGH9LGD0p[LFR
x 5LHJHO50LOOHU*HURPH66HJXURV*HQHUDOHVSULQFLSLRV\SUiFWLFD6(&6$





3ODQGH(VWXGLRVGHOD/LFHQFLDWXUDHQ$FWXDUtD
)DFXOWDGGH&LHQFLDV81$0