&8562'(7e&1,&$69,68$/(6'((1'

 ,1752'8&&,Ï1

(OPpWRGR9LVXDOHVODWpFQLFDGH(QVD\RV1R'HVWUXFWLYRVPiVDQWLJXD\
HVSHFWDFXODU TXH H[LVWH 6X JUDQ SRGHU UDGLFD HQ OD VHQFLOOH] GH OD
LQWHUSUHWDFLyQ \D TXH OD LQIRUPDFLyQ VH QRV SUHVHQWD HQ IRUPD GH
LPiJHQHV TXH VRQ FXDGURV LQIRUPDWLYRV D ORV FXDOHV HO FHUHEUR QXHVWUR
HVWi DFRVWXPEUDGR GHVGH ORV SULPHURV GtDV GH LQIDQFLD 6XV DSOLFDFLRQHV
VRQLQILQLWDV\YDULDGDV

(Q RFDVLRQHV ORV RMRV GHO LQVSHFWRU VRQ HO ~QLFR HTXLSR D XVDU /D
LQVSHFFLyQ YLVXDO HV DSOLFDEOH YLUWXDOPHQWH D FXDOTXLHU PDWHULDO \D VHD
GXUDQWHHOSURFHVRGHIDEULFDFLyQRHQVHUYLFLR

 9(17$-$6

x /D LQWHUSUHWDFLyQ GH ODV LPiJHQHV HV UHODWLYDPHQWH VHQFLOOD \ ORV

UHVXOWDGRVIiFLOPHQWHFRPSDUWLEOHVFRQRWUDVSHUVRQDV
x /D WpFQLFD GH 9LVLyQ 'LUHFWD HV HO PpWRGR GH (1' PiV HFRQyPLFR
GHWRGRV
x /DWpFQLFDHVDEVROXWDPHQWHOLPSLD
x 6DOYR ODV SUHFDXFLRQHV TXH VH GHEHQ WHQHU FRQ ORV ODVHUV HO
HVSHFWUR YLVXDO HV WRWDOPHQWH LQRFXR SDUD ORV RMRV \ OD VDOXG GHO
RSHUDGRU

&8562'((16$<2612'(6758&7,926
9,68$/
 
 '(69(17$-$6

x (Q DOJXQRV FDVRV OD HYDOXDFLyQ GH ORV UHVXOWDGRV SXHGH VHU

GHPDVLDGRFXDOLWDWLYD
x *HQHUDOPHQWHODLQVSHFFLyQ9LVXDO'LUHFWDUHTXLHUHFRPSOHPHQWDUVH
FRQRWUDWpFQLFD1R'HVWUXFWLYD
x 0XFKDVGHODV~OWLPDVWpFQLFDVYLVXDOHVUHTXLHUHQHTXLSRVFRVWRVRV
\GHRSHUDFLyQVyORHQFRQGLFLRQHVGHODERUDWRULR

 )$&725(648($)(&7$181$,163(&&,219,68$/

/RVIDFWRUHVTXHDIHFWDQXQDLQVSHFFLyQYLVXDOVRQ/DVFRQGLFLRQHVItVLFDV
GHOPDWHULDODPELHQWHTXHURGHDODLQVSHFFLyQ\ORVDVSHFWRVILVLROyJLFRV

 &21',&,21(6)Ë6,&$6'(/(63e&,0(1(1358(%$

/DV FRQGLFLRQHV ItVLFDV TXH SXHGHQ DFWXDU FRPR IDFWRUHV OLPLWDQWHV HQ OD
LQVSHFFLyQ9LVXDOVRQ

4 &21',&,21
4 )250$
4 7$0$f2
4 7(03(5$785$

/RV IDFWRUHV GH OD FRQGLFLyQ GH OD VXSHUILFLH TXH DIHFWDQ OD LQVSHFFLyQ
YLVXDOVRQOLPSLH]DFRORUIRUPDWDPDxRWHPSHUDWXUDWH[WXUDHWF
8QDVXSHUILFLHOLEUHGHSROYRDFHLWHRJUDVDHYLWDODSRVLELOLGDGGHSHUGHU
XQDLQGLFDFLyQ

&8562'((16$<2612'(6758&7,926
9,68$/
 
)$&725(6$0%,(17$/(6

x $WPyVIHUD OLEUH GH QLYHOHV DOWRV GH UXLGR SROYR KXPR \ RWUDV
GLVWUDFFLRQHV
x /LPSLH]D GH OD SLH]D D LQVSHFFLRQDU \ GHO VLWLR DOUHGHGRU GRQGH VH
HQFXHQWUDODSLH]D
x /DSULPHUDIXHQWHGHFRQWDPLQDFLyQHQHODPELHQWHGHLQVSHFFLyQHV
HOPRYLPLHQWRGHSDUWHVGHXQOXJDUDRWUR
x +XPHGDG\WHPSHUDWXUD(VGLIHUHQWHODKDELOLGDGDODWROHUDQFLDGH
HVWRV IDFWRUHV HQ FDGD SHUVRQD $ PD\RU WHPSHUDWXUD FRUSRUDO
GLVPLQX\HODKDELOLGDGGHXQLQVSHFWRU
x (QFXDQWRDODVHJXULGDGVHGHEHQPLQLPL]DUORVULHVJRVRSHOLJURV
SRWHQFLDOHVHQODLQVSHFFLyQ(OLQVSHFWRUGHEHSRVHHUFRQRFLPLHQWR
GHODORFDOL]DFLyQGHOH[DPHQTXHYDDUHDOL]DUDVtFRPRODKRUDHO
DFFHVR\HTXLSRVGHSURWHFFLyQQHFHVDULRVSDUDUHDOL]DUVXWUDEDMR
GHLQVSHFFLyQYLVXDO

 )$&725(6),6,2/Ï*,&26

(VWRV IDFWRUHV TXH DIHFWDQ OD ,QVSHFFLyQ  VRQ OD FRPRGLGDG ItVLFD VDOXG
DFWLWXGPHQWDOIDWLJD\SRVLFLyQGHODSLH]DDLQVSHFFLRQDUFRQUHODFLyQDO
LQVSHFWRU

i &202','$' )Ë6,&$ GHSHQGH GH OD WROHUDQFLD GH FDGD SHUVRQD HQWUH
PiV FRPRGLGDG WHQJD HO LQVSHFWRU HQ HO VLWLR GH LQVSHFFLyQ PiV DWHQFLyQ
SRGUi SRQHU D ORV GHWDOOHV DOHMiQGRVH GH  ODV GLVWUDFFLRQHV H
LQFRPRGLGDGHV
i (IHFWXDU HO WUDEDMR HQ OD PLVPD SRVLFLyQ SRU ODUJR WLHPSR R HQ SRVLFLyQ
LQFyPRGDSXHGHFRQGXFLUDODSpUGLGDGHLQGLFDFLRQHV\HOLQVSHFWRUWLHQGH
DWHUPLQDUGHXQDPDQHUDUiSLGDODLQVSHFFLyQSDUDUHWRUQDUD XQDSRVLFLyQ
PiVFyPRGD

&8562'((16$<2612'(6758&7,926
9,68$/
 
i 6$/8' +D\ FRQGLFLRQHV ItVLFDV TXH SXHGHQ SURYRFDU IDOOD HQ OD YLVLyQ
3UREOHPDVGHSHUFHSFLyQSXHGHQVHURFDVLRQDGRVSRUHVWDGRVHPRFLRQDOHV
R GH FLUFXODFLyQ \ RWURV SXHGHQ GHWHULRUDU OD HVWUXFWXUD RFXODU FRPR
WXPRUHVFDWDUDWDVJODXFRPDRKHPRUUDJLDV

7DPELpQODUHVSXHVWDGHODYLVLyQVHYHDIHFWDGDSRUODHGDGGHOLQVSHFWRU
TXHVHOHGLILFXOWDHQIRFDUREMHWRVDFRUWDVGLVWDQFLDV

(OLQVSHFWRUUHTXLHUHH[DPHQYLVXDODQXDO

i $&7,78' 0(17$/ HO LQVSHFWRU SXHGH SUHFRQFHELU LPiJHQHV PHQWDOHV

DQWHVGHODLQVSHFFLyQHVWRSXHGHDOWHUDUODPDQHUDGHFyPRODLPDJHQUHDO
HQWUD SRU ORV RMRV FRPR VHD SHUFLELGD R LQWHUSUHWDGD DIHFWDQGR ORV
UHVXOWDGRVGHODLQVSHFFLyQ

/DYLVLyQHVXQVHQWLGRVHOHFWLYRTXHHVJXLDGRSRUHOREVHUYDGRUHQORTXH
HVSHUDYHU

x )$7,*$ /D IDWLJD QR VROR DIHFWD OD VHQVDFLyQ ItVLFD VLQR TXH WDPELpQ
UHGXFH OD HILFLHQFLD \ OD FRQILDELOLGDG GH OD LQWHUSUHWDFLyQ GH ORV GDWRV
YLVXDOHV/DIDWLJDGHORVP~VFXORVGHORMRFDXVDGDSRUSREUHLOXPLQDFLyQ
SRVLFLyQ LQFRPRGD GHO FXHUSR DXPHQWD OD RVFLODFLyQ GH ORV RMRV \ GHO
SDUSDGHRUHVXOWDQGRHQH[iPHQHVLQHILFDFHV

&8562'((16$<2612'(6758&7,926
9,68$/
 

 (VSHFWUR9LVXDO

'HODJUiILFDDQWHULRUVHREVHUYDTXHHOHVSHFWURYLVXDOHVHOPiVSHTXHxR
GHWRGRVORVGHOHVSHFWUR(OHFWURPDJQpWLFR\VLQHPEDUJRJUDFLDVDHVWHHO
KRPEUHSXHGHUHDOL]DUDFWLYLGDGHVWDQFRPSOHMDVFRPRODQDYHJDFLyQDpUHD
\PDUtWLPDFODVLILFDUREMHWRVHQWUHPXFKRVGHIRUPDPX\UiSLGDUHFRQRFHU
REMHWRVGHIRUPDFRPSOHMDDSXQWDUDREMHWLYRVDJUDQGLVWDQFLDVLQFURQL]DU
ORV PRYLPLHQWRV GH ODV PDQRV \ SLHV \ SRU ~OWLPR GLVWLQJXLU HQ REMHWRV GH

&8562'((16$<2612'(6758&7,926
9,68$/
 
JHRPHWUtDFRPSOHMD\HQFRQGLFLRQHVDGYHUVDVORVSRVLEOHVGHIHFWRVGHODV
iUHDVQRUPDOHV

 2-2+80$12<)250$&,Ï1'(/$,0$*(1

(ORMRKXPDQRFRQVWLWX\HXQRGHORVyUJDQRVPiVSHUIHFWRV\FRPSOHMRVHQVX
IXQFLRQDPLHQWR (O RMR HV XQD HVIHUD FDVL SHUIHFWD GH  &P GH GLiPHWUR
IRUPDGRSRUFDSDVFRQFpQWULFDV/DFyUQHDHOLULV\ODUHWLQD
/D OX] UHIOHMDGD SRU HO REMHWR REVHUYDGR SHQHWUD DO RMR D WUDYpV GH OD FRUQHD
TXHVHHQFDUJD GHHPSH]DUHOSURFHVRGHHQIRTXHGHODLPDJHQGLIUDFWDQGRHO
KD]GHOX]TXHYDSDVDQGRDWUDYpVGHHOOD
/XHJRHVWHKD]GHOX]SDVDSRUODSXSLODGHOLULVDOFULVWDOLQR

&8562'((16$<2612'(6758&7,926
9,68$/
 

/DSXSLODHVXQRULILFLRXELFDGRHQHOLULV\pVWHDVXYH]HVXQDPHPEUDQDTXH
VH HQFDUJD GH UHJXODU HO SDVR GH OD OX] DO RMR  PHGLDQWH OD FRQWUDFFLyQ R
GLODWDFLyQGHODSXSLOD
3RVWHULRUPHQWHHOKD]GHOX]SDVDDWUDYpVGHXQOHQWHOODPDGRFULVWDOLQRTXH
VHHQFDUJDGHHQIRFDUODLPDJHQVREUHODUHWLQD'LFKRHQIRTXHRFXUUHSRUVX
HQJURVDPLHQWR R DGHOJD]DPLHQWR FRQWUDULR D OR TXH RFXUUH FRQ ORV OHQWHV GH
ODV FiPDUDV TXH VRQ UtJLGDV \ SDUD ORJUDU HO HQIRTXH GHEHQ VHU GHVSOD]DGDV
KDFLDDGHODQWHRDWUiV

/DUHWLQDFRQVWLWX\HXQDSURORQJDFLyQGHOQHUYLRySWLFRTXHFRQHFWDDORMRFRQ
HO FHUHEUR
(Q OD UHWLQD KD\ FHUFD GH FLHQ PLOORQHV GH UHFHSWRUHV GH OX] TXH VH FRQRFHQ
FRPRORVFRQRVHQFDUJDGRVGHODYLVLyQDFRORU\ORVYiVWDJRVHQFDUJDGRVGH
ODYLVLyQHQEODQFR\QHJUR
(VWRVVHQVRUHVVHHQFDUJDQGHFRQYHUWLUODOX]HQSHTXHxRVSXOVRVHOpFWULFRV
TXHVRQWUDQVPLWLGRVKDVWDODSDUWHWUDVHUDGHOFHUHEURSRUHOQHUYLRySWLFR(Q
HO FHUHEUR HV UHDOPHQWH GRQGH VH IRUPD OD LPDJHQ GH OR TXH REVHUYDPRV D
WUDYpVGHORMR

&8562'((16$<2612'(6758&7,926
9,68$/
 
/D UHWLQD HV XQ PRVDLFR GH GRV WLSRV EiVLFRV GH IRWRUHFHSWRUHV YiVWDJRV \
FRQRV/RVYiVWDJRVVRQVHQVLEOHVDODOX]D]XOYHUGHFRQXQDVHQVLELOLGDGSLFR
DXQDORQJLWXGGHRQGDGHQP\VRQXVDGRVSDUDODYLVLyQHQFRQGLFLRQHV
GHRVFXULGDGRSRFDLOXPLQDFLyQ

+D\WLSRVGHFRQRVTXHQRVGDQQXHVWUDYLVLyQDFRORUEiVLFDTXHVRQ/RV
FRQRVSDUDHOURMRFRQXQDVHQVLELOLGDGSLFRGHQPORVFRQRV0SDUDHO
YHUGHFRQXQDVHQVLELOLGDGSLFRGHQP \ORVFRQRV6SDUDHOD]XOFRQXQD
VHQVLELOLGDGSLFRGHQP

/RV FRQRV HVWiQ DOWDPHQWH FRQFHQWUDGRV HQ OD UHJLyQ FHQWUDO GH OD UHWLQD
OODPDGD OD UHJLyQ )RYHD FRQ  DSUR[LPDGDPHQWH   SRU PP FXDGUDGR
GLVPLQX\HQGR UiSLGDPHQWH IXHUD GH pVWD KDVWD PHQRV GH  SRU PP
FXDGUDGR \ HQ HO SXQWR FLHJR FDXVDGR SRU HO QHUYLR ySWLFR QR KD\ IRWR
UHFHSWRUHV

$*8'(=$9,68$/

/DGHILQLFLyQHVWiQGDUGHDJXGH]DYLVXDOQRUPDOYLVLyQHVODKDELOLGDG

GHUHVROYHUXQSDWUyQHVSDFLDOVHSDUDGRSRUXQiQJXORYLVXDOGHXQDUFRGH
PLQXWR6LWHQHPRVHQFXHQWDTXHXQJUDGRFRQWLHQHPLQXWRVHQWRQFHVHO
iQJXORYLVXDOGHXQPLQXWRGHDUFRFRUUHVSRQGHDGHXQJUDGR

/DUHVROXFLyQOtPLWHHVSDFLDOHVWDEOHFHTXHXQJUDGRGHODHVFHQDREVHUYDGD
VHSUR\HFWDDWUDYpVGHPLFUyPHWURVGHODUHWLQDSRUHOOHQWHGHORMR

&8562'((16$<2612'(6758&7,926
9,68$/
 

(Q HVWD GLPHQVLyQ GH  PLFUyPHWURV KD\ HPSDFDGRV  FRQRV TXH
GHWHFWDQHOFRORU

$VtVLKD\PiVGH OtQHDVDOWHUQDGDVHQWUHEODQFR\QHJUR\DJUXSDGDV HQ

XQVRORJUDGRGHYLVLyQHQWRQFHVHVWDVDSDUHFHUiQFRPRXQDVLPSOHPDQFKD
JULVSDUDHORMRKXPDQR

&RQ XQ SRFR GH WULJRQRPHWUtD HV SRVLEOH FDOFXODU OD UHVROXFLyQ GHO RMR D XQD
GLVWDQFLDHVSHFtILFDGHOOHQWHGHORMR

3DUDHOFDVRGHXQDDJXGH]DYLVXDOQRUPDOHOiQJXORWKHWDHVGHJUDGR
%LVHFWDQGR HVWH iQJXOR WHQGUHPRV XQ WULiQJXOR UHFWiQJXOR FRQ iQJXOR GH
WKHWDRVHDGHJUDGR8VDQGRHVWRHVIiFLOFDOFXODUODGLVWDQFLD;SDUD
XQDGLVWDQFLDG GDGD

; GWDQ7KHWD

&XDQGR VH REVHUYD XQ GHIHFWR D XQD GLVWDQFLD FRQIRUWDEOH GH  &P 
SXOJDGDV OD DJXGH]D YLVXDO QRUPDO GHO RMR KXPDQR HV  PP 
SXOJDGDV OR TXH VLJQLILFD TXH VL WXYLpUDPRV OtQHDV EODQFDV \ QHJUDV
DOWHUQDGDV TXH HVWXYLHUDQ HPSDFDGDV HQ XQ DQFKR GH  PP 
&8562'((16$<2612'(6758&7,926
9,68$/
 
SXOJDGDVHQWRQFHVpVWDVDSDUHFHUiQSDUDODPD\RUtDGHODJHQWHFRPRXQD
PDQFKDJULV

 9LVLyQ)RWySLFD\(VFRWySLFD

5HVSXHVWDDODOX]GHORMR+XPDQR

/RV HVWXGLRV UHDOL]DGRV VREUH HO FRPSRUWDPLHQWR GH OD YLVWD D GLIHUHQWHV
WLSRV GH LOXPLQDFLyQ IXHURQ UHDOL]DGRV HQ  SRU /D &RPLVLyQ
,QWHUQDWLRQDOHGH(FODLUDJH

6H FRQFOX\y TXH HO RMR KXPDQR UHVSRQGH D OD OX] GtD FRQ ORV FRQRV GHOD
UHWLQD SXGLHQGR DGHPiV GLVWLQJXLU ORVFRORUHV(VWHWLSRGHREVHUYDFLyQVH
OODPDIRWySLFD

&8562'((16$<2612'(6758&7,926
9,68$/
 
(QFRQGLFLRQHVGHRVFXULGDGHORMRKXPDQRUHVSRQGHFRQORVYiVWDJRVGHOD
UHWLQD'HELGRDODEDMDVHQVLELOLGDGGHHVWRVDORVGLIHUHQWHVFRORUHVHORMR
KXPDQR QR SXHGH GLVWLQJXLU ELHQ ORV FRORUHV HQ FRQGLFLRQHV GH EDMD
LOXPLQDFLyQ(VWHWLSRGHREVHUYDFLyQVHOODPDHVFRWySLFD

%DMRFRQGLFLRQHVGHOX]GtDHORMRUHVSRQGHPHMRUDORVWRQRVDPDULOORYHUGH
TXHDOURMR\DOD]XO\VXUHVSXHVWDSLFRVHSUHVHQWDDXQDORQJLWXGGHRQGD
GHQDQRPHWURV$HVWDORQJLWXGGHRQGDXQ9DWLRGHHQHUJtDUDGLDQWHHV
HTXLYDOHQWHDOXPHQV

%DMR FRQGLFLRQHV GH RVFXULGDG HO RMR UHVSRQGH PHMRU D ORV FRORUHV D]XO
YHUGHTXHWLHQHQVXORQJLWXGGHRQGDSLFRDQP

 /8=

$ 2ULJHQGHODOX]VRODU

(O VRO HV OD PD\RU IXHQWH GH OX] \ YLGD HQ OD WLHUUD +DFH SDUWH GH OD 9tD
/iFWHDODFXDOFRQVLVWHGHHOHYDGRDODHVWUHOODV

/RV SURFHVRV WHUPRQXFOHDUHV GHQWUR GHO VRO TXH HVWi FRPSXHVWR

SULQFLSDOPHQWH HQ XQ  SRU KLGUyJHQR \  GH KHOLR VH SURGXFHQ D
PLOORQHV GH JUDGRV GH WHPSHUDWXUD HQ VX LQWHULRU \ HQ OD VXSHUILFLH OD
WHPSHUDWXUDSURPHGLRHVGHJUDGRV.HOYLQ

(VWD VXSHUILFLH HPLWH UDGLDFLyQ HOHFWURPDJQpWLFD GH OD FXDO HO  HV
UDGLDFLyQYLVLEOHFRQXQDORQJLWXGGHRQGDHQWUHORVQP\QP
HV LQIUDUURMD FRQ XQD ORQJLWXG GH RQGD PD\RU D ORV  QP \ HO  8OWUD
YLROHWDFRQXQDORQJLWXGGHRQGDPHQRUDQP

/D FRQVWDQWH VRODU HV OD FDQWLGDG GH HQHUJtD UHFLELGD GHVGH HO VRO VREUH OD
XQLGDG GH iUHD H[SXHVWD HQ IRUPDO QRUPDO D ORV UD\RV GHO VRO D OD GLVWDQFLD
&8562'((16$<2612'(6758&7,926
9,68$/
 
SURPHGLR HQWUH HO VRO \ OD WLHUUD HQ DXVHQFLD GH VX DWPyVIHUD (VWH YDORU HQ
SURPHGLRHVGH:Pð

% /X]DUWLILFLDO

(Q OD VXSHUILFLH D LQVSHFFLRQDU HV QHFHVDULR XQD DSURSLDGD LOXPLQDFLyQ  SDUD
XQD DGHFXDGD LQWHUSUHWDFLyQ GH LQGLFDFLRQHV IUHFXHQWHPHQWH OD LOXPLQDFLyQ
JHQHUDO HV DGHFXDGD SDUD UHDOL]DUODV LQVSHFFLRQHV YLVXDOHV VLQ HPEDUJR ORV
FyGLJRVRHVSHFLILFDFLRQHVGHWHUPLQDUiQHOQLYHOGHLOXPLQDFLyQUHTXHULGR

&XDQGR OD LOXPLQDFLyQ HQ OD VXSHUILFLH HV LQDGHFXDGD VH GHEH EXVFDU OD
PDQHUD GH VDWLVIDFHU OD LOXPLQDFLyQ UHTXHULGD FRQ D\XGDV VXSOHPHQWDULDV
FRPR

4 /,17(51$
4 /8&(63257È7,/(6
4 /$03$5$6'($/7$'(16,'$'

'H VHU SRVLEOH RWUD DOWHUQDWLYD HV PRYHU OD SLH]D D LQVSHFFLRQDU D RWUD iUHD
TXHFXPSODFRQORVUHTXLVLWRVGHLOXPLQDFLyQ

$GHPiVGHODLQWHQVLGDGGHODLOXPLQDFLyQHOFRORUGHODPLVPDMXHJDXQSDSHO
LPSRUWDQWHHQHOFRQWUDVWHGHOiUHDGHLQVSHFFLyQ

/DV VXSHUILFLHV \ OD GHWHFWDELOLGDG GH LQGLFDFLRQHV SXHGHQ YDULDU EDVWDQWH

GHELGRDODVFDUDFWHUtVWLFDVGHODIXHQWHGHOX]

&XDQGRVHHVFRMDXQDIXHQWHGHLOXPLQDFLyQVHGHEHWHQHUHQ FXHQWDWDPELpQ
VX ORFDOL]DFLyQ  GLVWDQFLD GH OD IXHQWH GH OX] D OD SLH]D D H[DPLQDU SRVLFLyQ
DQJXODUGHODSLH]DUHVSHFWRDODOX]7HQLHQGRHQFXHQWDORDQWHULRUVHSXHGH
GHWHUPLQDUODLQWHQVLGDGGHOX]FDQWLGDGRDXVHQFLDGHGHVWHOORV

&8562'((16$<2612'(6758&7,926
9,68$/
 
& )8(17(6'(,/80,1$&,Ï1

/RV WLSRV DUWLILFLDOHV SDUD IXHQWHV GH LOXPLQDFLyQ VRQ OX] LQFDQGHVFHQWH OX]
IOXRUHVFHQWH\OX]SRUGHVFDUJDHOpFWULFDDUFR

/D OX] LQFDQGHVFHQWH VH ORJUD PHGLDQWH HO FDOHQWDPLHQWR GH XQ ILODPHQWR GH
WXQJVWHQRHQXQDPELHQWHDOYDFtR

/D OiPSDUD +DOyJHQD HV XQD YHUVLyQ PHMRUDGD GH OD LQFDQGHVFHQWH HVWR HV
PHGLDQWHXQJDVLQHUWHFRQXQDFRPSRQHQWHGHKDOyJHQRDFWLYRFRPRFXELHUWD
HQUHHPSOD]RGHOYDFtR

/DOX]IOXRUHVFHQWHHVSURGXFLGDSRUXQJDVHQXQDFXELHUWDGHYLGULRTXHKDFH
IOXRUHVFHQFLD FXDQGR HV H[FLWDGR SRU OD GHVFDUJD GH XQ HOHFWUyQ ORV
HOHFWURQHV VRQ HPLWLGRV SRU ILODPHQWRV HQ XQR R DPERV H[WUHPRV \ VX
LQWHUDFFLyQ FRQ ORV iWRPRV GHO JDV HPLWHQ UDGLDFLyQ HQ IUHFXHQFLD ,QIUDUURMD
9LVLEOH\8OWUDYLROHWD(OUHFXEULPLHQWRHQSROYRHQODVXSHUILFLHLQWHULRUGHOWXER
GHYLGULRHPLWHODOX]YLVLEOH

,/80,1$&,Ï1 325 '(6&$5*$ (/(&75,&$ VH REWLHQH OX] SRU PHGLR GH
GHVFDUJDVHOpFWULFDVHVWHWLSRGHOX]VHHPSOHDHQORVVLVWHPDVGHLPDJHQSRU
YLGHRVRQGDVFRPRIXHQWHGHLOXPLQDFLyQGHDOWDLQWHQVLGDG

' ,17(16,'$''(/$/8=

,OXPLQDFLyQ OD HQHUJtD TXH HVWLPXOD OD UHFHSFLyQ GH LQIRUPDFLyQ HQ HO RMR
KXPDQRJHQHUDOPHQWHHVWiGHILQLGDFRPRODHQHUJtDHQHOUDQJRGHORQJLWXG
GHRQGDHQWUHDQP
/D PHGLFLyQ GH OD LQWHQVLGDG GH OX] SRU HO IRWyPHWUR HV XQ PHGLR GH
FXDQWLILFDUODHQHUJtDUDGLDQWHGHODOX]YLVLEOH

&8562'((16$<2612'(6758&7,926
9,68$/
 
(O IRWyPHWUR FRQYLHUWH OD HQHUJtD UDGLDQWH GH OD OX] HQ XQD VHxDO HOpFWULFD
PHGLEOHHQSLHVFDQGHODVROXPHQVSRUPHWURFXDGUDGR OX[
3DUD PHGLU HO SRGHU UDGLDQWH GH FXDOTXLHU RQGD GHO HVSHFWUR
HOHFWURPDJQpWLFR VH HPSOHD HO UDGLyPHWUR 9DWLRV < VX LQWHQVLGDG HQ
YDWLRVVREUHPHWURFXDGUDGR
8QDFDQGHODHVGHILQLGDFRPRODLQWHQVLGDGOXPLQRVDSURGXFLGDSRUXQIOXMR
GHOX]GHXQOXPHQSRUXQLGDGGHiQJXORVyOLGR 6WHUDGLDQ

4 /H\GHO,QYHUVRGHOFXDGUDGR

/D LQWHQVLGDG GH OD OX] D PHGLGD TXH QRV DOHMDPRV GH HVWD YDUtD
LQYHUVDPHQWHSURSRUFLRQDODOFXDGUDGRGHODGLVWDQFLD

( ,'ðVLHQGR(LOXPLQDFLyQ,LQWHQVLGDGOXPLQRVDHQODIXHQWH'GLVWDQFLD
HQWUHODIXHQWHGHOX]\ODVXSHUILFLHEDMRSUXHED

3RUHMHPSOR/DLOXPLQDFLyQ(HVGH/PPHGLGDDXQSLHGHGLVWDQFLD
GHODIXHQWH
$GRVSLHVGHGLVWDQFLDVHUiGH/P

&8562'((16$<2612'(6758&7,926
9,68$/
 

4 /H\GHO&RVHQRGH/DPEHUW

/DOH\GHOFRVHQRGH/DPEHUWHVWDEOHFHTXHODLOXPLQDFLyQHQXQDVXSHUILFLH
YDUtDFRQHOFRVHQRGHOiQJXORGHLQFLGHQFLDGHODOX]
( ,&RV
6LHQGR(LOXPLQDFLyQHQODVXSHUILFLH,LOXPLQDFLyQGHODIXHQWHHOiQJXOR
GHLQFLGHQFLDGHODOX]


( 1$785$/(=$21'8/$725,$'(/$/8=

(Q HO H[SHULPHQWR GH GLIUDFFLyQ GH OD OX] TXH SDVD SRU GRV UHQGLMDV
VHSDUDGDV HQWUH VL XQD SHTXHxD GLVWDQFLD ORV SDWURQHV GH LQWHUIHUHQFLD
REWHQLGRV PHGLDQWH OtQHDV EODQFDV \ RVFXUDV FRPSUXHEDQ OD QDWXUDOH]D
RQGXODWRULDGHODOX]
&8562'((16$<2612'(6758&7,926
9,68$/
 

(QHODxRGH0D[3ODQFNUHYROXFLRQyDOPXQGRFRQVXVLGHDVDFHUFD
GH OD QDWXUDOH]D GH OD OX] (O GLMR TXH OD OX] HVWi FRPSXHVWD GH SHTXHxRV
SDTXHWHVGHHQHUJtDTXHVHOODPDQTXDQWXPVGHHQHUJtDRIRWRQHV

/DHQHUJtDGHXQIRWyQHVLJXDOD

&8562'((16$<2612'(6758&7,926
9,68$/
 

( K I
K  [   - 6

K &RQVWDQWHGH3ODQFN

/DLQWURGXFFLyQGHHVWHFRQFHSWRSHUPLWLyH[SOLFDUSRUTXHODOX]VHSURSDJD
HQHOYDFtR

) 1$785$/(=$&25386&8/$5'(/$/8=

'H RWUR ODGR OD OX] VH FRPSRUWD FRPR XQD VHULH GH SDUWtFXODV TXH SXHGHQ
FROLVLRQDUFRQORVHOHFWURQHVGHORViWRPRV\SURGXFLUHOHIHFWRIRWRHOpFWULFRTXH
VyOR(LQVWHLQVXSRH[SOLFDUHQVXPRPHQWR

&8562'((16$<2612'(6758&7,926
9,68$/
 

(/ :  (.
: /D IXQFLyQ GH WUDEDMR R OD %DUUHUD GH HQHUJtD SRWHQFLDO TXH WLHQH TXH
VXSHUDUHOHOHFWUyQSDUDOLEHUDUVHGHOiWRPR

(N /DHQHUJtDFLQpWLFDGHOHOHFWUyQOLEHUDGR

* 5(/$&,Ï1(175(/26'26&203257$0,(1726

(OItVLFRIUDQFpV'H%URJOLHVXJLULyTXHODRQGDVSRGtDQWHQHUPRPHQWRS$O
DFHSWDU HVWR VH DGPLWH TXH OD OX] VH FRPSRUWD FRPR XQ FKRUUR GH SDUWtFXODV
TXHWLHQHQPDVD\YHORFLGDG

K
O
S
S PY

&8562'((16$<2612'(6758&7,926
9,68$/
 
(VWDH[SUHVLyQUHODFLRQDHQWRQFHVODVSURSLHGDGHVRQGXODWRULDVGHODOX]HV
GHFLUODFRQVWDQWHGH3ODQFNKFRQODVSURSLHGDGHVFRUSXVFXODUHVGHODOX]
RVHDHOPRPHQWRS

+7(;785$

/DVXSHUILFLHGHOPDWHULDOHQSUXHEDWDPELpQHVLPSRUWDQWHHQUHODFLyQDOD
FDQWLGDG \ FDOLGDG GH OD OX] UHIOHMDGD KDFLD ORV RMRV GHO H[DPLQDGRU 8QD
VXSHUILFLH HVSHFXODU UHIOHFWLYD  SURGXFH GHVWHOORV LQGHVHDEOHV TXH GHEHQ
HOLPLQDUVHDVt

/RV GHVWHOORV SXHGHQ UHGXFLUVH DXPHQWDQGR HO iQJXOR HQWUH OD IXHQWH GHO
GHVWHOOR\ODOtQHDGHYLVWDRDWHQXDQGRODIXHQWHGHOX]

&RQWUDULDPHQWH  XQD VXSHUILFLH UXJRVD SXHGH UHTXHULU XQD LOXPLQDFLyQ

HVSHFLDO VXILFLHQWH SDUD HYLWDU VH HQPDVFDUHQ ODV LQGLFDFLRQHV
'LVPLQX\HQGR HO iQJXOR HQWUH OD IXHQWH GH OX] \ OD OtQHD GH YLVWD HV ~WLO
FXDQGR VH H[DPLQD VXSHUILFLHV UXJRVDV SRUTXH GLVPLQX\H HO HIHFWR GH
VRPEUDVSRUODVLUUHJXODULGDGHVGHODVXSHUILFLH

&2/25

(OFRORUGHODOX]LQFLGHQWHUHODWLYRDOFRORUGHODSLH]DHQLQVSHFFLyQMXHJD
XQ SDSHO LPSRUWDQWH HQ OD GHWHFFLyQ GH GLVFRQWLQXLGDGHV (O FRORU SXHGH
DXPHQWDUHOFRQWUDVWHRGLVPLQXLUFLHUWRVFRORUHV

&2175$67(
(O FRQWUDVWH GH XQ REMHWR FRQ UHVSHFWR DO WRQR GH IRQGR GHWHUPLQD ODV
FRQGLFLRQHVGHYLVLELOLGDG2EVHUYDELOLGDGGHOLQVSHFWRU
(O FRQWUDVWH HTXLYDOH D OD PRGXODFLyQ TXH SURGXFH XQD HVFHQD 2EMHWR \
IRQGRVREUHODOX]LQFLGHQWH

&8562'((16$<2612'(6758&7,926
9,68$/
 

D ,PD[
,PLQ

/DPRGXODFLyQRHOFRQWUDVWHHVLJXDOD

ª , PD[  , PLQ  º
D «  »  , PLQ
¬ ¼
E , PD[  D
E
0
D

&XDOTXLHUVLVWHPDySWLFRLQFOX\HQGRODYLVWDSXHGHVHU HYDOXDGRPHGLDQWHHO
FRQFHSWRGHIXQFLyQGHOD7UDQVIHUHQFLDGH0RGXODFLyQ

2EMHWR ,PDJHQ

,QVWUXPHQWRySWLFR

(QODJUiILFDVXSHULRUVHREVHUYDFRPRYDUtDODDPSOLWXGGHODVHxDOUHFLELGD
GLUHFWDPHQWHGHOREMHWR\ODGHODLPDJHQREWHQLGDDWUDYpVGHOLQVWUXPHQWR
ySWLFR

&8562'((16$<2612'(6758&7,926
9,68$/
 
/D IXQFLyQ TXH UHODFLRQD ODV GRV VHxDOHV VH OODPD OD 7UDQVIHUHQFLD GH
0RGXODFLyQ

0 ,P DJHQ
)70
0 2EMHWR

)81&,21'(75$16)(5(1&,$'(02'8/$&,21

)70


 8PEUDOGHYLVLELOLGDG

   T [

T)UHFXHQFLDHVSDFLDO
[ 6HSDUDFLyQGHXQSDWUyQHVSDFLDOGHXQSDUGHOtQHDV
(O GLDJUDPD GH )RXULHU QRV SHUPLWH HYDOXDU OD )70 GH OD YLVWD D XQD
GHWHUPLQDGDGLVWDQFLD

&8562'((16$<2612'(6758&7,926
9,68$/
 
',$*5$0$'()285,(5

(O FRQWUDVWH R PRGXODFLyQ GH XQD LPDJHQ FRQ XQD )70 PHQRU D  QR
SHUPLWLUiYHUFODUDPHQWHHOREMHWRGHLQWHUpVGHOIRQGRGHODHVFHQDHVGHFLU
VHPLPHWL]DUi

0,0(7,=$&,21

&8562'((16$<2612'(6758&7,926
9,68$/
 
6,17(7,=$&,Ï1'(&2/25(6

0HGLDQWHODFRPELQDFLyQGHORVFRORUHVSULPDULRV9HUGHD]XO\URMRVHSXHGHQ
REWHQHUORVP~OWLSOHVFRORUHVGHVGHHOEODQFRKDVWDHOQHJUR

721$/,'$'(6'(*5,6(6

(ORMRKXPDQRHVFDSD]GHGHWHFWDUKDVWDWRQRVGHJULVHV

&8562'((16$<2612'(6758&7,926
9,68$/
 
,17(5$&&,21'(/$/8=&21/$0$7(5,$
$ 5HIOH[LyQ

/DUHIOH[LyQGHODOX]SRUSDUWHGHWRGRVORVREMHWRVTXHQRVURGHDQHVODTXH
QRV SHUPLWH REVHUYDU ORV FRORUHV TXH FDUDFWHUL]DQ D FDGD XQR GH HOORV  (O
YHUGHGHOFpVSHGHOD]XOGHOFLHOR\GHOPDUHOEODQFRGHODQLHYHHODPDULOOR
GHODVDUHQDVGHOGHVLHUWRHWF'XUDQWHODPiJLFDLQWHUDFFLyQGHODOX]FRQ
ODVXSHUILFLHGHORVREMHWRVHVWRVDEVRUEHQFLHUWDHQHUJtDUHSUHVHQWDGDSRU
ODVORQJLWXGHVGHRQGDGHORVFRORUHVTXHVHRSDFDQDOTXHGDUDWUDSDGRVSRU
OD HVWUXFWXUD VXSHUILFLDO GH HVWRV REMHWRV WUDQVIRUPiQGRVH HQ FDORU \ VyOR
DTXHOODHQHUJtDGHODOX]LQFLGHQWHTXHHVUHIOHMDGDHVODTXHQXHVWUDYLVLyQ
DSUHFLD FRQ XQD ORQJLWXG GH RQGD FDUDFWHUtVWLFD GHO FRORU TXH HVWDPRV
DSUHFLDQGR

&8562'((16$<2612'(6758&7,926
9,68$/
 

% 5()5$&&,Ï1

&XDQGR D OX] SDVD D WUDYpV GH GLIHUHQWHV PHGLRV WUDQVSDUHQWHV R VHPL

WUDQVSDUHQWHV WLHQH OXJDU OD UHIUDFFLyQ GH HVWD OD FXDO GHSHQGH GH OD
YHORFLGDG GH SURSDJDFLyQ GH OD OX] HQ ORV GLIHUHQWHV PHGLRV 6HJ~Q OD /H\
GH6QHOO

VLQ L Y
Q
VLQ U Y

L $QJXORGHLQFLGHQFLDGHODOX]
U $QJXORGHUHIUDFFLyQGHODOX]

&8562'((16$<2612'(6758&7,926
9,68$/
 

,167580(1726(1/$,163(&&,219,68$/

+D\ YDULRV LQVWUXPHQWRV XWLOL]DGRV FRPR D\XGD HQ OD LQVSHFFLyQ YLVXDO
0HGLDQWHHVWRVLQVWUXPHQWRVVHSXHGHQPHGLUODORQJLWXGGLiPHWURDOWXUD
WH[WXUD GH VXSHUILFLH LQFOLQDFLyQ GH ODV URVFDV \ PXFKDV RWUDV
FDUDFWHUtVWLFDVTXHQRVRQFXDQWLILFDEOHVSRUHORMR VyOR

'HQWURGHODVKHUUDPLHQWDVXVDGDVVHHQFXHQWUDQ/DUHJODPHWiOLFDHOSLH
GH UH\ QRQLR R YHUQLHU HO FDOLEUDGRU ORV PHGLGRUHV PHFiQLFRVHOPHGLGRU
GH SURIXQGLGDG HO PHGLGRU HQ VROGDGXUDV HO PHGLGRU GH VROGDGXUD
&DPGULGJH\HOPHGLGRUGHSLFDGXUDV

5HJODVPHWiOLFDV

(VWH HV HO LQVWUXPHQWRPDVVLPSOHSDUDODPHGLFLyQOLQHDOPiVFRP~QGH

KDVWDVHLVSXOJDGDV/DH[DFWLWXGWDPELpQHVLQKHUHQWHDODVPDUFDFLRQHV
TXHSRVHDODUHJOD

&XDQGR VH UHDOLFHQ PHGLFLRQHV OD UHJOD GHEH HVWDU DOLQHDGD

SHUSHQGLFXODUPHQWH D OD SLH]D HQ SUXHED WDO TXH ODV JUDGXDFLRQHV HVWpQ
&8562'((16$<2612'(6758&7,926
9,68$/
 
WDQFHUFDFRPRVHDSRVLEOHDOiUHDDPHGLU(VWDDOLQHDFLyQWDPELpQHOLPLQD
HOHUURUGHSDUDODMH

$ &$/,%5$'25(6

/RV FDOLEUDGRUHV VRQ XVDGRV SDUD REWHQHU PHGLFLRQHV OLQHDOHV FRQ

H[DFWLWXG 9LHQHQ HQ XQDDPSOLDJDPDGHWDPDxRV\FRQILJXUDFLRQHVSDUD
PHGLUORQJLWXGDQFKRDOWRGLiPHWURV\SURIXQGLGDG3XHGHQVHUGHOHFWXUD
GLUHFWDRLQGLUHFWD

/RVFDOLEUDGRUHVGHOHFWXUDLQGLUHFWDVHXVDQSDUDWUDQVIHULUODGLPHQVLyQGH
XQ DUWtFXOR D XQD UHJOD PHWiOLFD 3RU HMHPSOR OD PHGLFLyQ GH XQ GLiPHWUR
H[WHUQR VH KDFH DMXVWDQGR HO FDOLEUDGRU WDO TXH DPEDV SLHUQDV WRTXHQ
ILUPHPHQWH OD SRUFLyQ PDV DQFKD GH OD SLH]D HVWD GLVWDQFLD OXHJR HV
WUDQVIHULGDDODUHJODGHDFHURSDUDREWHQHUODPHGLFLyQFRQXQDH[DFWLWXG
GHSXOJDGD

/RV FDOLEUDGRUHV GH OHFWXUD GLUHFWD VRQ GH YDULRV WLSRV 'HVGH XQD VLPSOH
UHJOD FRQ TXLMDGDV SDUD PHGLFLRQHV GH EDMD H[DFWLWXG PHGLFLRQHV
JUXHVDV R  FRQ XQ GLDO R 9HUQLHU GH OHFWXUD GLJLWDO TXH VRQ XVDGRV SDUD
PHGLFLRQHVGHPD\RUH[DFWLWXG

7RGRV ORV FDOLEUDGRUHV GH PHGLFLyQ GLUHFWD HVWiQ FRPSXHVWRV GH XQD
TXLMDGDILMDHQXQH[WUHPR\RWUDTXLMDGDVREUHHOHMHSHURPyYLOGHVOL]DEOH
/D PHGLFLyQ VH KDFH WRPDQGR OD SLH]D HQWUH ODV TXLMDGDV GHO LQVWUXPHQWR
&8562'((16$<2612'(6758&7,926
9,68$/
 
/RV FDOLEUDGRUHV GH GLDO \ HOHFWUyQLFRV VRQ GH XVR \ OHFWXUD VLPSOH /RV
HOHFWUyQLFRV VRQ ORV PiV VHQFLOORV \D TXH VX OHFWXUD VH SXHGH OHHU
GLUHFWDPHQWH HQ HO WDEOHUR GLJLWDO (O FDOLEUDGRU GH GLDO UHTXLHUH DOJXQD
LQWHUSUHWDFLyQ HQWUH OD HVFDOD TXH HVWD GLYLGLGD HQ JUDGXDFLRQHV GH 
SXOJDGD \ HQ HO LQGLFDGRU URWDWLYR TXH UHSUHVHQWD  SXOJDGDV SRU FDGD
UHYROXFLyQ\HVWDGLYLGLGRHQVHJPHQWRVFDGDXQRUHSUHVHQWDHQWRQFHV
SXOJ

/RV FDOLEUDGRUHV GH 9HUQLHU VRQ PiV GLItFLOHV GH XVDU SRUTXH OD HVFDOD
HPSOHDGDUHTXLHUHPDVFXLGDGRHQODLQWHUSUHWDFLyQ(O9HUQLHUFRQVLVWHHQ
XQD HVFDOD SULQFLSDO ILMD \ OD RWUD HVFDOD HQ OD UHJOLOOD FRQ OD TXLMDGD PyYLO
&DGDSXOJDGDHQODHVFDODSULQFLSDOHVWDGLYLGLGDHQVHJPHQWRVLJXDOHV
ORVTXHVRQGLYLVLRQHVHQFXDUWRVGHSXOJDGD\UHSUHVHQWDQSXOJ/D
HVFDODGHVOL]DQWHGHO9HUQLHUVREUHODUHJOLOODHVWiGLYLGLGDHQGLYLVLRQHV
TXH H[SDQGHQ HQ  GLYLVLRQHV OD HVFDOD SULQFLSDO (VWR KDFH TXH OD
GLIHUHQFLDHQWUHODVGLYLVLRQHVGHFDGDHVFDODVHDGH ODGLYLVLyQGHOD
HVFDOD SULQFLSDO 3RU OR WDQWR \D TXH OD HVFDOD SULQFLSDO WLHQH GLYLVLRQHV GH
 SXOJDGD  \ OD GLYLVLyQ GH OD HVFDOD GHO 9HUQLHU HV  GH OD HVFDOD

&8562'((16$<2612'(6758&7,926
9,68$/
 
SULQFLSDOHOFDOLEUDGRUWLHQHODFDSDFLGDGGHOHHUSXOJGH
HVLJXDODR

3DUDWRPDUXQDPHGLFLyQFRQHOFDOLEUDGRUDEUDODVTXLMDGDVXQSRFRPiV
JUDQGH GH OD Pi[LPD GLPHQVLyQ GHO DUWtFXOR D PHGLU  6XDYHPHQWH DMXVWH
ODVTXLMDGDVKDVWDTXHVHWHQJDFRQWDFWRFRQODSLH]DDPHGLU

/DVPLOpVLPDVDGLFLRQDOHV VHREWLHQHQREVHUYDQGRODVJUDGXDFLRQHVGHOD
HVFDODGHO9HUQLHUTXHFRLQFLGHFRQXQDJUDGXDFLyQGHODHVFDODSULQFLSDO\
DJUHJXHHVWDOHFWXUDDODVGpFLPDVREWHQLGDV

% 0(','25(6

$OJXQRVPHGLGRUHVFRP~QPHQWHXVDGRVHQOD,QVSHFFLyQ9LVXDOLQFOX\HQ
ORV PHGLGRUHV PHFiQLFRV PHGLGRUHV SDUD VROGDGXUDV \ PHGLGRUHV
&DPEULGJH

&RQ ORV PHGLGRUHV PHFiQLFRV 0,&520(7526 VH SXHGH ORJUDU JUDQ

H[DFWLWXGHQODVPHGLFLRQHVGHGLPHQVLRQHVOLQHDOHV

/RV PHGLGRUHV PHFiQLFRV HVWiQ GLVSRQLEOHV HQ XQD JUDQ YDULHGDG GH
FRQILJXUDFLRQHV SDUD PHGLFLRQHV LQWHULRUHV R H[WHULRUHV GH IRQGR SODQR R
FXUYRHQURVFDGDVRFLOtQGULFDV

3DUDHQWHQGHUPHMRUODRSHUDFLyQGHOPHGLGRUPHFiQLFRHV~WLOFRQRFHUORV
FRPSRQHQWHVGHOLQVWUXPHQWRHOPDUFRHO\XQTXHYDULOODDMXVWDEOHEDUULO
GHGDOWRUQLOORUDWFKHW\DURGHVXMHFLyQ

/DVPHGLFLRQHVFRQHOPHGLGRUPHFiQLFRVHUHDOL]DQHQWUHHO\XQTXH\OD
YDULOODGHDMXVWH(OWRUQLOORGHOGHGDOWLHQHXQUHFRUULGRGHKLORVGHURVFD
SRUSXOJDGDDVtTXHXQDUHYROXFLyQGHOWRUQLOORHTXLYDOHDSXOJ

&8562'((16$<2612'(6758&7,926
9,68$/
 
(O GHGDO HVWi GLYLGLGRDOUHGHGRUHQJUDGXDFLRQHVDVtTXHGHXQD
UHYROXFLyQHVXQDPLOpVLPDGHSXOJDGD

7DQVRORVHUHTXLHUHXQSRFRGHSUHVLyQSDUDKDFHUXQDPHGLFLyQH[DFWD
'HPDVLDGD SUHVLyQ GLVWRUVLRQD HO PDUFR UHGXFLHQGR OD H[DFWLWXG \ PX\
SRFD SUHVLyQ GDUtD XQ FRQWDFWR LQDGHFXDGR FRQ OD SLH]D GDQGR OHFWXUDV
LQH[DFWDV

/DVJUDGXDFLRQHVHQHOEDUULOVHUHYHODQSRUHOYLDMHH[WHULRUGHOGHGDO3DUD
OHHU OD GLPHQVLyQ DQRWH OD PD\RU GLYLVLyQ GHVFXELHUWD OD PHGLFLyQ PiV
FHUFDQD DO GHGDO \ OD GLYLVLyQ GHO GHGDO TXH VH DOLQHD FRQ OD OtQHD GH
UHIHUHQFLDGHOEDUULO

& 0(','253$5$62/'$'85$

(V XQD KHUUDPLHQWD XVDGD HQ HO H[DPHQ YLVXDO GH VROGDGXUDV (VWH
HOHPHQWR IiFLO GH XVDU PLGH ORQJLWXGHV GH EUD]RV \ GHWHUPLQD VL KD\
VXILFLHQWH JDUJDQWD HQ OD VROGDGXUD (VWH PHGLGRU HV EiVLFDPHQWH XQ
FRPSDUDGRU

(VWH WLSR GH PHGLGRUHV RIUHFH XQ PHGLR UiSLGR \ SUHFLVR GH PHGLU
VROGDGXUDVFyQFDYDVRFRQYH[DVGHVGH´KDVWDSXOJDGD

(OPHGLGRUGHVROGDGXUD3DOPJUHQVHSXHGHXVDUSDUDPHGLUHOFRUGyQGH
VROGDGXUDHOWDPDxRGHODJDUJDQWDFyQFDYDRFRQYH[D

&8562'((16$<2612'(6758&7,926
9,68$/
 

2WUR HOHPHQWR PiV YHUViWLO XVDGR SDUD LQVSHFFLRQHV HQ VROGDGXUDV HV HO
PHGLGRUGHVROGDGXUDFRQRFLGRFRPRPHGLGRU&DPEULGJHGHVDUUROODGRSRU
HO,QVWLWXWRGHVROGDGXUDGH&DPEULGJH,QJODWHUUD&RQHVWHHOHPHQWRVH
PLGH HO iQJXOR GH SUHSDUDFLyQ GH OD XQLyQ GHVDOLQHDFLyQ GH OD XQLyQ
WDPDxRGHODFDPDGHVROGDGXUD\PHGLFLyQGHSURIXQGLGDG

&8562'((16$<2612'(6758&7,926
9,68$/
 

&/$6,),&$&,Ï1'(/260e72'269,68$/(6

9LVXDO'LUHFWD
/D LQVSHFFLyQ YLVXDO GLUHFWD VH UHDOL]D FRPR FRPSOHPHQWR D FXDOTXLHU
LQVSHFFLyQ 1R'HVWUXFWLYD &RQ XQD LQVSHFFLyQ YLVXDO SUHOLPLQDU VH SRGUi
PXFKDVYHFHVGHVFXEULUODViUHDVFRQSUREDEOHSUHVHQFLDGHGHIHFWRVSDUD
OXHJR VHU FRPSUREDGDV PHGLDQWH HO HPSOHR GH DOJXQD WpFQLFD VXSHUILFLDO
FRPR ODV 7LQWDV 3HQHWUDQWHV 3DUWtFXODV 0DJQpWLFDV &RUULHQWHV ,QGXFLGDV
HWF
*HQHUDOPHQWH OD LQVSHFFLyQ YLVXDO HVWi DFRPSDxDGD GH OLQWHUQDV SDUD
RSWLPL]DUODVFRQGLFLRQHVGHLOXPLQDFLyQ\GHOXSDVGHYDULRVDXPHQWRVSDUD
GHWDOODUORVREMHWRVLQVSHFFLRQDGRV

9LVXDO5HPRWD

&XDQGRVHKDFHGLItFLOHODFFHVRDOiUHDGHLQVSHFFLyQVHHPSOHDQHTXLSRV
GHYLVLyQUHPRWDTXHVHFODVLILFDQDVt

%2526&23,2
6LVWHPD GH 9LVLyQ 5HPRWD GRWDGR GH HVSHMRV  TXH SXHGH VHU GH YLVLyQ
IURQWDORODWHUDO

&8562'((16$<2612'(6758&7,926
9,68$/
 

&8562'((16$<2612'(6758&7,926
9,68$/
 

)/(;26&23,2
6LVWHPDGH9LVLyQ5HPRWDIOH[LEOHEDVDGRHQHOSULQFLSLRGHODILEUDySWLFD

&8562'((16$<2612'(6758&7,926
9,68$/
 
$1*8/2&5,7,&2'(5()5$&&,21
(PSOHDQGR OD OH\ GH 6QHOO SDUD XQ KD] GH OX] TXH VH SURSDJD HQ HO YLGULR \
OXHJRVDOHDODLUH

6HQL  
6HQ U  Q

6LHOtQGLFHGHUHIUDFFLyQGHOYLGULRHV
$PHGLGDTXHHOiQJXORGHLQFLGHQFLDDXPHQWDVHSXHGHREVHUYDUHOFDPELR
GH GLUHFFLyQ GHO KD] GH OX] UHIUDFWDGR KDVWD OOHJDU D GHVSOD]DUVH
SDUDOHODPHQWHDODLQWHUIDVHGHOYLGULR\HODLUH
&XDQGR HVWR RFXUUH U   JUDGRV (QWRQFHV HO iQJXOR GH LQFLGHQFLD L TXH
FRUUHVSRQGHDU JUDGRVVHOODPDHOiQJXORFUtWLFR

§ 6HQU  ·
L&ULWLFR 6HQ  ¨ ¸
© Q ¹
LFUtWLFR JUDGRV
&XDQGRHOiQJXORGHLQFLGHQFLDHVPD\RUDOFUtWLFRODLQWHUIDVHHQWUHHOYLGULR\
HO DLUH VH FRPSRUWD FRPR XQ HVSHMR SHUIHFWR \ HQWRQFHV WLHQH OXJDU VROR OD
UHIOH[LyQ (VWH HV HO SULQFLSLR FRQ HO FXDO IXQFLRQDQ ODV ILEUDV ySWLFDV \ VH OH
GHQRPLQD5HIOH[LyQ7RWDO

&8562'((16$<2612'(6758&7,926
9,68$/
 
),%5$237,&$

'XUDQWHPXFKRVDxRVHOKRPEUHVHKDFRPXQLFDGRSRUVHxDVDWUDYpVGHODOX]
GHOIXHJRIDURVOLQWHUQDVHWFSHURVyORKDVWDORVDxRVVHORJUyPDVLILFDU
HOHPSOHRGHODILEUDGHYLGULRFRPRXQDDOWHUQDWLYDDORVPHGLRVGHWUDQVPLVLyQ
GHODLQIRUPDFLyQGHHQWRQFHV/RVFDEOHVFRD[LDOHV\ODVPLFURRQGDV

/DVSULPHUDVILEUDVGHYLGULRWHQtDQXQDDWHQXDFLyQGHG%SRU.PKR\HQ
GtD HVWH YDORU HV GH VyOR  G% SRU .P /R DQWHULRU KD SHUPLWLGR FRORFDU ODV
UHSHWLGRUDVDGLVWDQFLDVGHKDVWD.PKDFLHQGRSRVLEOHODVFRPXQLFDFLRQHV
LQWHUFRQWLQHQWDOHVFRPRODTXHKD\HQWUHORV(VWDGRV8QLGRV\HO5HLQR8QLGR
GH PiV GH  .P 6H HVWLPD TXH DFWXDOPHQWH HO  GH ODV
FRPXQLFDFLRQHVHQWUH$PpULFD\(XURSDSDVDQSRUHVWDILEUDWUDQVDWOiQWLFD

/DJUDQYHQWDMDGHODILEUDGHYLGULRVREUHORVGHPiVPHGLRVGHFRPXQLFDFLyQ
HVVXJUDQFDSDFLGDGSDUDWUDVPLWLUGDWRVGHELGRDVXPX\DOWRDQFKRGHEDQGD
TXH SRWHQFLDOPHQWH SRGUtD OOHJDU D  R  *+] &RPSDUDGR FRQ HO
FDEOHFRD[LDOTXHSRUHQFLPDGH*+]VXIUHEDVWDQWHDWHQXDFLyQ\ODVPLFUR
RQGDVQRVRQXVDGDVDPiVGH*+]

/DVRWUDVYHQWDMDVGHODILEUDGHYLGULRVRQVXSRFDDWHQXDFLyQHQODORQJLWXG\
GLPHQVLRQHVGHVHFFLyQPXFKRPiVSHTXHxDVTXHHOFDEOHFRD[LDO

/D~QLFDGHVYHQWDMDGHODILEUDGHYLGULRHVVXDOWRFRVWRDXQTXHHQORV~OWLPRV
DxRVVXPDVLILFDFLyQKDKHFKRTXHVXVSUHFLRVEDMHQ

/DILEUDGHYLGULRSRVHHXQDUHODFLyQWDOGHtQGLFHGHUHIUDFFLyQFRQUHVSHFWRDO
DLUH TXH HPSOHDQGR OD WpFQLFD GH OD UHIOH[LyQ WRWDO LQWHUQD SRGHPRV WUDQVPLWLU
LQIRUPDFLyQFRQODOX]PRGXODGDKDVWDPiVGH.PVLQPD\RUDWHQXDFLyQ

&8562'((16$<2612'(6758&7,926
9,68$/
 

&XDQGR VH HPSDFDQ YDULDV ILEUDV HQ XQD VROD JXtD GH OX] SRGUtD WHQHU OXJDU
TXHDOFRQWDFWRGHODVILEUDVHOtQGLFHGHUHIUDFFLyQHQWUHXQD\RWUDQRYDUtH\
FRPR FRQVHFXHQFLD QR KDEUi UHIOH[LyQ WRWDO VLQR TXH HO KD] GH OX] VH
WUDQVPLWLUiGHXQDILEUDDRWUD\ILQDOPHQWHODVHxDOVHSHUGHUi

3DUDHYLWDUORDQWHULRUODVILEUDVGHEHQWHQHUXQUHFXEULPLHQWRFRQXQtQGLFHGH
UHIUDFFLyQPiVEDMRHQVXSDUWHH[WHULRU

&8562'((16$<2612'(6758&7,926
9,68$/
 
(VWHUHFXEULPLHQWRSXHGHVHUGHGRVWLSRV'HFDPELRGHtQGLFHGHUHIUDFFLyQ
V~ELWRRJUDGXDO

),%5$6&21&$0%,2'(U68%,72

3DUD HVWH WLSR GH ILEUDV OD SURJUHVLyQ UDGLDO GHVGH HO FHQWUR KDVWD HO
UHFXEULPLHQWR HV DEUXSWD \ HO UHFXEULPLHQWR PLVPR WLHQH XQ FRHILFLHQWH GH
UHIUDFFLyQFRQVWDQWH
(VWDVILEUDVSXHGHQVHUGHWLSRV

1~FOHRGHYLGULRFRQXQLGHFRQXQUHFXEULPLHQWRGHYLGULRFRQXQLGH


 1~FOHR GH YLGULR FRQ UHFXEULPLHQWR SOiVWLFR (VWD ILEUD UHTXLHUH XQD
GLIHUHQFLD PD\RU HQ HO tQGLFH GH UHIUDFFLyQ SRU OR TXH JHQHUDOPHQWH WLHQH
PD\RUDWHQXDFLyQTXHODILEUDGHVyORYLGULR

ILEUDVFRPSOHWDPHQWHGHSOiVWLFRFRQSpUGLGDVPX\JUDQGHVGHWUDQVPLVLyQ
3RUHVRVRQHPSOHDGDVHQGLVWDQFLDVPX\FRUWDV

&8562'((16$<2612'(6758&7,926
9,68$/
 

&$0%,2'(),%5$6&21U*5$'8$/

(VWH WLSRGHILEUDWLHQHXQPDWHULDOGHOQ~FOHRHVSHFLDOHQHOFXDOHOtQGLFHGH
UHIUDFFLyQYDGLVPLQX\HQGRSDXODWLQDPHQWHDPHGLGDTXHVHDOHMDGHOHMHGHOD
ILEUD 'H HVWD PDQHUD HO KD] VH YD UHIUDFWDQGR SDXODWLQDPHQWH KDVWD VHU
UHIOHMDGRKDFLDODSDUHGRSXHVWDHQGRQGHRFXUUHORPLVPR(QWRGDVODVILEUDV
DPHGLGDTXHHVWDVVHGREODQSUHVHQWDQPD\RUFDQWLGDGGHSpUGLGDV

$3(5785$180(5,&$

/D $SHUWXUD 1XPpULFD HV OD PHGLGD GH XQ VLVWHPD ySWLFR SDUD DFHSWDU OD OX]
VREUHXQDJDPDDPSOLDGHiQJXORV

&8562'((16$<2612'(6758&7,926
9,68$/
 
1RWRGRVORVUD\RVLQFLGHQWHVHQODILEUDSRGUiQVHUDSURYHFKDGRV

$OUHGXFLUHOiQJXORGHHQWUDGDSHUPLWLUiTXHHOUD\RSXHGDVHUHPSOHDGRDOR
ODUJR GH OD ILEUD SDUD WUDQVPLWLU LQIRUPDFLyQ \D TXH HVWH UHERWD HQ HO
UHFXEULPLHQWRFRQXQiQJXORPD\RUDOFUtWLFR(VWHiQJXORLVHOODPDHOiQJXOR
GHDFHSWDFLyQ

1$ VHQT L
Q VHQT L QL VHQ  T F 
Q VHQT L QL FRV T F

QR ,QGLFHGHUHIUDFFLyQGHODLUH
,F $QJXOR&UtWLFRHQODLQWHUIDVHHQWUHHOQ~FOHR\HOUHFXEULPLHQWR

VHQT L Q


 Q



 7pFQLFDVGH,QWHUIHURPHWUtD

,QWHUIHUHQFLDODLQWHUIHUHQFLDVHSUHVHQWDFXDQGRGRVRPiVRQGDVGHOX]
FRQ GLIHUHQWHV IDVHV VH FRPELQDQ \ GDQ FRPR UHVXOWDGR XQD FDQFHODFLyQ
WRWDORSDUFLDOGHHVWDV&XDQGRORVSLFRVFRLQFLGHQODVRQGDVVHUHIXHU]DQ\
DOFRQWUDULRFXDQGRORVSLFRVVHRSRQHQVHFDQFHODQ

&8562'((16$<2612'(6758&7,926
9,68$/
 
'HHVWDPDQHUDFXDQGRGRVRQGDVGHOX]TXH KDFHQLQWHUIHUHQFLDLOXPLQDQ
XQDSDQWDOODHQpVWDDSDUHFHUiQOtQHDVFODUDV\RVFXUDVTXHUHSUHVHQWDQHO
FXDGURGHLQWHUIHUHQFLDHQWUHODVGRVRQGDV/DVOtQHDVEODQFDVUHVXOWDQGH
OD LQWHUIHUHQFLD HQ IDVH GH ODV RQGDV < ODV OtQHDV RVFXUDV UHVXOWDQ GH OD
LQWHUIHUHQFLDHQDQWLIDVHGHODVRQGDV

6HDQGRVRQGDV
$ FRVZW  I 
$ FRVZW  I  
$OPH]FODUODVGRVRQGDVVHWHQGUi

$>FRVZW  I   FRVZW  I  @
$PSOLDQGRODDQWHULRUH[SUHVLyQ

ª  º 
 $ FRV «ZW  I  I  » FRV I  I  
¬  ¼ 

/,1($6'(02,5(

/DV /tQHDV GH 0RLUH VRQ SURGXFLGDV SRU OD LQWHUIHUHQFLD GH XQD WUDPD GH
OtQHDV FODUDV \ RVFXUDV FRQ OD VRPEUD GH HVWDV VREUH HO REMHWR D
LQVSHFFLRQDU /D WUDPD GH OtQHDV FODUDV RVFXUDV SXHGH VHU GH GLIHUHQWHV
IRUPDV

x $FHWDWR FRQ XQD WUDPD GH OtQHDV QHJUDV VHSDUDGDV HQWUH Vt SRU
XQDGLVWDQFLD HTXLYDOHQWHDOHVSHVRUGHODOtQHDQHJUDIUDFFLRQHV
GHPLOtPHWUR

x 7UDPD FRQ Q\ORQ R KLOR WHPSODGR VHSDUDGR HQWUH Vt SRU XQD
GLVWDQFLDHTXLYDOHQWHDOGLiPHWURGHOKLOR

&8562'((16$<2612'(6758&7,926
9,68$/
 

&8562'((16$<2612'(6758&7,926
9,68$/
 

&XDQGR HO REMHWR LQVSHFFLRQDGR QR HYLGHQFLD GHIRUPDFLRQHV QL

GLVFRQWLQXLGDGHV HO FXDGUR GH LQWHUIHURPHWUtD REWHQLGR HV VLPpWULFR \
KRPRJpQHR 3RU HO FRQWUDULR FXDQGR HO REMHWR HV GHIRUPDGR R SUHVHQWD XQ

&8562'((16$<2612'(6758&7,926
9,68$/
 
GHIHFWRHQVXLQWHULRUODLPDJHQREWHQLGDSUHVHQWDDQLOORVFRQFpQWULFRVTXHVH
DJORPHUDQDOUHGHGRUGHOiUHDDIHFWDGD

(VWD WpFQLFDGH0RLUHSHUPLWHGHPDQHUDVHQFLOOD\HFRQyPLFDGHWHUPLQDUODV
iUHDVTXHSUHVHQWDQGLVFRQWLQXLGDGHVHQHOREMHWRLQVSHFFLRQDGR
3DUD HYDOXDU ODV GHIRUPDFLRQHV GH XQ REMHWR TXH HVWD VLHQGR VRPHWLGR D
HVIXHU]RVVHXWLOL]DQGRVWUDPDV8QDTXHVHDGKLHUHDODVXSHUILFLHGHOREMHWR
\VHGHIRUPDMXQWRFRQHVWH\RWUDTXHVHVREUHSRQHDODDQWHULRUGHPDQHUD
OLEUH
/DGHIRUPDFLyQVHSXHGHFRUUHODFLRQDUFRQODVOtQHDVGH0RLUHDVt

3DUD ORV REMHWRV TXH HVWiQ VLHQGR VRPHWLGRV D HVIXHU]RV VH SXHGH
FRUUHODFLRQDUODVOtQHDVGH0RLUHFRQODGHIRUPDFLyQDVt

D D  H 

'RQGHD HVHOSDVRGHODUHGVLQGHIRUPDFLyQ
D  3DVRGHODUHGGHIRUPDGD

D
H
6 D
6 Q  D
D
Q
D  D

&8562'((16$<2612'(6758&7,926
9,68$/
 
/$6(5
(O/DVHUHVXQKD]GHRQGDVGHOHVSHFWURHOHFWURPDJQpWLFRPX\FRKHUHQWHTXH
UHVXOWDGHODHPLVLyQHVWLPXODGDGHiWRPRVHQXQHVWDGRPHWDVWDEOH
3DUD PXFKDV DSOLFDFLRQHV FRPR OD KRORJUDItD DSOLFDGD D ORV (QVD\RV 1R
'HVWUXFWLYRVVHHPSOHDHOHVSHFWURYLVXDO

+2/2*5$),$
/D+RORJUDItDHVODFLHQFLDTXHSHUPLWHUHJLVWUDUXQDHVFHQDWULGLPHQVLRQDOHQ
XQPHGLRGHUHJLVWURELGLPHQVLRQDO

(QODIRWRJUDItDFRQYHQFLRQDOHOUHJLVWURGHODHVFHQDVHKDFHVRORPHGLDQWHOD
GLVWULEXFLyQ GH ODV GLIHUHQWHV LQWHQVLGDGHV GH OX] UHIOHMDGD SRU HO REMHWR
PLHQWUDVTXHHQOD+RORJUDItD VHUHJLVWUDWDQWRODDPSOLWXGGHODVHxDOFRPRVX
&8562'((16$<2612'(6758&7,926
9,68$/
 
IDVH/DFRPELQDFLyQGHHVWRVSDUiPHWURVWLHQHODSURSLHGDGGHUHSURGXFLUOD
PLVPD HVFHQD WULGLPHQVLRQDO FRQ XQ HIHFWR VRUSUHQGHQWH GH SURIXQGLGDG GH
FDPSR\SDUD[LDOLVPR

&8562'((16$<2612'(6758&7,926
9,68$/
 

+2/2*5$),$'('2%/( (;326,&,21

/D +RORJUDItD GH GREOH H[SRVLFLyQ HV XQD WpFQLFD TXH QRV SHUPLWH UHJLVWUDU
SHUPDQHQWHPHQWH HO FXDGUR GH LQWHUIHURPHWUtD REWHQLGR GH XQ REMHWR TXH KD
VLGR VRPHWLGR D XQ SURFHVR GH FDPELR SRU OD DFFLyQ GH XQ DJHQWH H[WHUQR
FRPRHVIXHU]RVWHPSHUDWXUDSUHVLyQHWF

3DUD ORJUDU HO LQWHUIHURJUDPD VH UHDOL]D SULPHUR XQ KRORJUDPD GHO REMHWR D
LQVSHFFLRQDU VLQ OD LQIOXHQFLD GH QLQJ~Q DJHQWH H[WHUQR /XHJR VH WRPD XQ
KRORJUDPDGHHVWHPLVPRREMHWR\DEDMRODDFFLyQGHODJHQWHPRGLILFDGRU/D

&8562'((16$<2612'(6758&7,926
9,68$/
 
FRPELQDFLyQ GH ORV GRV KRORJUDPDV HQ HO PHGLR GH UHJLVWUR FUHD XQD WUDPD
VLPLODU D ODV OtQHDV GH 0RLUH SHUR FRQ XQD UHVROXFLyQ HVSDFLDO PXFKR PiV
SHTXHxD TXH SHUPLWH DSUHFLDU OD PiV SHTXHxD IDOWD GH KRPRJHQHLGDG HQ HO
PDWHULDO

&8562'((16$<2612'(6758&7,926
9,68$/
 

(67e5(29,6,Ï1<$1$*/,)26

&8562'((16$<2612'(6758&7,926
9,68$/
 
+R\HQGtDH[LVWHQYDULRVLQVWUXPHQWRVySWLFRVTXHHPSOHDQHVWDVWpFQLFDV/D
ILQDOLGDG GH HVWDV HV EULQGDU XQ FXDGUR LQIRUPDWLYR HQ WUHV GLPHQVLRQHV TXH
SHUPLWDHYDOXDUPiVH[DFWDPHQWHODVGLPHQVLRQHVGHXQGHIHFWR
/D HVWpUHRYLVLyQ HVWi EDVDGD HQ OD IXVLyQ GH GRV LPiJHQHV HQ HO FHUHEUR
6LHQGR FDGD LPDJHQ HO UHJLVWUR GH OD PLVPD HVFHQD SHUR FRQ GLIHUHQWHV
iQJXORVGHHQIRTXH

(67(5(29,6,21

,PDJHQ,]TXLHUGD ,PDJHQ'HUHFKD



)XVLyQGHLPiJHQHV

&8562'((16$<2612'(6758&7,926
9,68$/
 
/RVDQDJOLIRVVHREWLHQHQGHPDQHUDVLPLODUSHURILOWUDQGRFRQXQFRORU
GHWHUPLQDGRFDGDHVFHQD3RUHMHPSORODLPDJHQL]TXLHUGDFRQXQILOWURD]XO\
ODGHUHFKDFRQXQILOWURURMR

$1$*/,)26

,PDJHQ ,PDJHQ
RULJLQDO RULJLQDO
L]TXLHUGD GHUHFKD

)LOWUR )LOWUR
L]TXLHUGR GHUHFKR

,PDJHQ ,PDJHQ
GHUHFKD L]TXLHUGD
ILOWUDGD ILOWUDGD

)XVLyQ
GH
LPiJHQHV

&8562'((16$<2612'(6758&7,926
9,68$/
 

&8562'((16$<2612'(6758&7,926
9,68$/