Posición a 31.12.2011 y Estimación 2012

Anuncio
IINVERSIONES E XTERIORES
D IRECTAS
Posición
2011
(2012)
BOLETÍN
DE
I NVERSIONES E XTERIORES
GOBIERNO
DE ESPAÑA
MINISTERIO
DE ECONOMÍA
Y COMPETITIVIDAD
326,&,Ï1'(/$,19(56,Ï1(;7(5,25',5(&7$
(67,0$&,Ï1
',5(&&,Ï1*(1(5$/'(&20(5&,2(,19(56,21(6
Catálogo general de publicaciones oficiales
http://www.060.es
MINISTERIO
ECONOMÍA Y
COMPETITIVIDAD
Pº de la Castellana, 162. 28046 Madrid
ww.mineco.es
SECRETARÍA GENERAL TÉCNICA
SUBDIRECCIÓN GENERAL
DE ESTUDIOS, INFORMACIÓN Y
PUBLICACIONES
CENTRO DE PUBLICACIONES
D.L.:
NIPO:
Papel:
Exterior:
M-10213-2013
720-13-017-2
Estucado mate ecológico
(33.49/250)
Interior:
Offset ecológico
(21.30/100)
(Certificados EFC y FSC)
Impresión:
Gabinete de Reprografía y Diseño de la
Sec.ª de Estado de Comercio
Ë1',&(
35(6(17$&,Ï1«««««««««««««««««««««««««
,1752'8&&,Ï1«««««««««««««««««««««««««
,326,&,Ï1'(/$,19(56,Ï1(;75$1-(5$(1(63$f$«««««
'$726$*5(*$'26««««««««««««««««««««««««
3RVLFLyQGHOD,QYHUVLyQ([WUDQMHUDHQ(VSDxD&RPSRQHQWHV«««««
3RVLFLyQGHOD,QYHUVLyQ([WUDQMHUDHQ(VSDxD'DWRVHFRQyPLFRV««
'$72632575$026««««««««««««««««««««««««
'$7263253$Ë6««««««««««««««««««««««««««
3DtVGHO,QYHUVRULQPHGLDWR««««««««««««««««««««
3DtVGHO%HQHILFLDULR~OWLPR««««««««««««««««««««
'$7263256(&725««««««««««««««««««««««««
6HFWRUGH,QYHUVLyQ3RVLFLyQ«««««««««««««««««««
6HFWRUGH,QYHUVLyQ(PSOHR«««««««««««««««««««
(PSOHRSRU5DPDVGH$FWLYLGDG\(PSOHR«««««««««««««
'$726325&2081,'$'$87Ï120$«««««««««««««««
,QPRYLOL]DGR0DWHULDO«««««««««««««««««««««««
(PSOHR«««««««««««««««««««««««««««««
(035(6$6'(7(1(1&,$'(9$/25(6(;75$1-(526«««««««
'LVWULEXFLyQSRU3DtVGH2ULJHQ~OWLPRGHOLQYHUVRU««««««««««
'LVWULEXFLyQSRU6HFWRU««««««««««««««««««««««
,,326,&,Ï1'(/$,19(56,Ï1(63$f2/$(1(/(;7(5,25««««
'$726$*5(*$'26««««««««««««««««««««««««
3RVLFLyQGHOD,QYHUVLyQ(VSDxRODHQHO([WHULRU&RPSRQHQWHV«««««
3RVLFLyQGHOD,QYHUVLyQ(VSDxRODHQHO([WHULRU'DWRVHFRQyPLFRV«««
'$72632575$026«««««««««««««««««««««««
'$7263253$Ë6«««««««««««««««««««««««««
3DtVGHGHVWLQR3RVLFLyQ«««««««««««««««««««««
'$7263256(&725«««««««««««««««««««««««
6HFWRUGH,QYHUVLyQHQGHVWLQR3RVLFLyQ««««««««««««««
6HFWRUGH,QYHUVLyQHQRULJHQ3RVLFLyQ««««««««««««««
'$726325&2081,'$'$87Ï120$««««««««««««««««
(035(6$6'(7(1(1&,$'(9$/25(6(;75$1-(526««««««««
'LVWULEXFLyQSRU3DtVGH'HVWLQR««««««««««««««««
'LVWULEXFLyQSRU6HFWRU««««««««««««««««««««««
,,,35(9,6,21(6326,&,Ï1««««««««««««««««««««
,9127$62%5(0(72'2/2*Ë$87,/,=$'$«««««««««««««««
3UHVHQWDFLyQ
35(6(17$&,Ï1
6H DQDOL]DQ HQ HVWH %ROHWtQ ORV GDWRV GH SRVLFLyQ GH OD
,QYHUVLyQ ([WHULRU HQ VXV GRV YHUWLHQWHV ,QYHUVLyQ ([WUDQMHUD
HQ (VSDxD H ,QYHUVLyQ (VSDxROD HQ HO ([WHULRU D GH
GLFLHPEUHGHHQEDVHDODVGHFODUDFLRQHVSUHVHQWDGDVHQ
HO 5HJLVWUR GH ,QYHUVLRQHV ([WHULRUHV 5,( ,JXDOPHQWH VH
KDFHXQDHVWLPDFLyQHVWDGtVWLFDGHOD3RVLFLyQGH
7DPELpQVHSUHVHQWDQORVGDWRVHFRQyPLFRVUHODFLRQDGRVFRQ
OD LQYHUVLyQ H[WHULRU LQPRYLOL]DGR PDWHULDO HPSOHR FLIUD GH
QHJRFLR\UHVXOWDGRV
&RPRHVKDELWXDOVHH[SRQHQODVGLIHUHQWHVGLVWULEXFLRQHVGHOD
SRVLFLyQ HQ VX PD\RU SDUWH H[FOX\HQGR (79(V SRU SDtV GH
RULJHQ R GHVWLQR VHFWRU \ SRU FRPXQLGDG DXWyQRPD (Q HVWH
~OWLPR FDVR SDUD OD LQYHUVLyQ H[WUDQMHUD VH KDFH XQ DQiOLVLV
GH GLVWULEXFLyQ SRU LQPRYLOL]DGR PDWHULDO \ HPSOHR (Q HO FDVR
GH OD LQYHUVLyQ HVSDxROD VH KD HODERUDGR XQ FXDGUR GH
GLVWULEXFLyQ GH OD LQYHUVLyQ SRU VHGH GH OD VRFLHGDG HPLVRUD
VHJ~QFRPXQLGDGTXHYLHQHDFRPSOHWDUORVDQWHULRUHVGDWRV
DILQGHGDUXQDYLVLyQGHOLPSDFWRUHJLRQDOGHODLQYHUVLyQHQ
HOH[WHULRU
)LQDOPHQWH UHFRUGDU D ORV OHFWRUHV TXH OD LQIRUPDFLyQ TXH VH
SXEOLFDHQHVWHEROHWtQHVWDGLVSRQLEOHGHIRUPDLQWHUDFWLYDHQ
OD SDJLQD GH ,QWHUQHW GHO PLQLVWHULR GH (FRQRPtD \
&RPSHWLYLGDGHQORVHQODFHV KWWSGDWDLQYH[FRPHUFLRHV\WDPELpQ
HQKWWSZZZFRPHUFLRJREHVHV(6LQYHUVLRQHV
H[WHULRUHVHVWDGLVWLFDV3DJLQDVHVWDGLVWLFDVLQYHUVLRQHVH[WHULRUHV
GDWDLQYH[DVS[
,QWURGXFFLyQ
,1752'8&&,Ï1
'XUDQWH ORV PHUFDGRV ILQDQFLHURV \ HVSHFLDOPHQWH HO GH
GHXGD VREHUDQD HXURSHD FRQWLQXDURQ GRPLQDGRV SRU OD
LQFHUWLGXPEUHJHQHUDGDSRUODFULVLVGHGHXGDGHOiUHDHXUR\HQ
ODVHJXQGDPLWDGGHODxRODDFWLYLGDGHFRQyPLFDVHUDOHQWL]yHQ
XQFRQWH[WRILQDQFLHURLQHVWDEOH
6HJ~QOD81&7$'OD,QYHUVLyQ([WUDQMHUD'LUHFWDPXQGLDOVLJXLy
UHFXSHUiQGRVH HQ \ DOFDQ]y ORV ELOORQHV GH GyODUHV
VXSHUDQGR ORV QLYHOHV SUHYLRV D OD FULVLV PHGLGRV pVWRV SRU OD
PHGLD GHO WULHQLR ELOORQHV GH GyODUHV 1R
REVWDQWHVXHYROXFLyQIXHPX\GLIHUHQWHVHJ~QJUXSRGHSDtVHV
LQFUHPHQWiQGRVHHQODVHFRQRPtDVHQGHVDUUROOR\HQWUDQVLFLyQ
\GHFOLQDQGRHQORVSDtVHVGHVDUUROODGRV
(QXQDxRHQTXHHO3,%HVSDxROFUHFLyXQIUHQWHDOD
FDtGDHODxRGHXQORVIOXMRVGHLQYHUVLyQH[WUDQMHUD
HQ (VSDxD VREUH ODEDVH GH ODSDUWLFLSDFLyQ HQ HO FDSLWDO GH ODV
HPSUHVDV VHJ~Q ORV FDOFXOD HO 5HJLVWUR GH ,QYHUVLRQHV
([WHULRUHV FUHFLHURQ XQ PLHQWUDV OD LQYHUVLyQ HVSDxROD HQ
HOH[WHULRUTXHKDEtDFUHFLGRYLJRURVDPHQWHHQFD\y
XQHQ
(Q HO VWRFN GH LQYHUVLyQ HVSDxROD HQ HO H[WHULRU FRQ
PLOORQHV GH ¼ VXSHUy DO GH LQYHUVLyQ H[WUDQMHUD HQ
(VSDxDFRQPLOORQHVGH¼
/RVGDWRVGHSRVLFLyQGHLQYHUVLyQH[WUDQMHUDHQ(VSDxDHQ
VHKDQREWHQLGRGHPHPRULDVGHHPSUHVDVUHVLGHQWHVHQ
(VSDxD FRQ LQYHUVLyQ H[WUDQMHUD SUHVHQWDGDV DQWH HO 5,( XQ
PHQRVTXHHQUHFRJLHQGRLQYHUVLRQHVH[WUDQMHUDVHQ
HPSUHVDV UHVLGHQWHV GH SULPHU QLYHO GH
VHJXQGR\GHWHUFHUQLYHOFLIUDVOLJHUDPHQWHLQIHULRUHV
DODVGHXQDxRDQWHV
/D SRVLFLyQ GH LQYHUVLyQ HVSDxROD HQ HO H[WHULRU VH KD UHFRJLGR
GHPHPRULDVXQPiVTXHHQSUHVHQWDGDVSRU
HPSUHVDV UHVLGHQWHV FRQ LQYHUVLRQHV HQ HO H[WHULRU HQ
HPSUHVDVH[WUDQMHUDVGLIHUHQWHV
(Q HVWH EROHWtQ VH DFWXDOL]DQ WDPELpQ ORV GDWRV GH SRVLFLyQ
FRUUHVSRQGLHQWHVD
3RVLFLyQGHOD,QYHUVLyQ([WUDQMHUDHQ(VSDxD ,326,&,Ï1'(/$,19(56,Ï1(;75$1-(5$(1(63$f$
3RVLFLyQGHOD,QYHUVLyQ([WUDQMHUDHQ(VSDxD '$726$*5(*$'26
6HVHSDUDQHQHVWRVGRVFXDGURVORVFRPSRQHQWHVGHODSRVLFLyQGHORVGDWRV
HFRQyPLFRVUHODFLRQDGRVFRQHOOD
3RVLFLyQGHOD,QYHUVLyQ([WUDQMHUDHQ(VSDxD&RPSRQHQWHV
&XDGUR3RVLFLyQGHOD,QYHUVLyQ([WUDQMHUDHQ(VSDxD&RPSRQHQWHV
'$726'(326,&,Ï1
'DWRVD
'DWRVD
326,&,Ï1PLOORQHV¼
(79(
QR(79(
(79(
QR(79(
(Q(PSUHVDVQR&RWL]DGDV
(Q(PSUHVDV&RWL]DGDV
)21'263523,26PLOORQHV¼
),1$1&,$&,Ï1(;7(5,25'((035(6$6
'(/*5832PLOORQHV¼
(79(
QR(79(
)XHQWH5HJLVWURGH,QYHUVLRQHV([WHULRUHV
/DSRVLFLyQH[WUDQMHUDHQ(VSDxDHQVHHOHYyHQPLOORQHVGH¼
XQPHQRUTXHODSRVLFLyQGHTXHDKRUDHVGHIUHQWHDORV
PLOORQHV GH ¼ PHGLGRV XQ DxR DQWHV (O YDORU GHO VWRFN GH LQYHUVLyQ
H[WUDQMHUD HQ (VSDxD SUiFWLFDPHQWH VH PDQWLHQH LJXDO GHVSXpV GHO OLJHUR
GHVFHQVRGHOIUHQWHDOQLYHOREWHQLGRHQ8QGHHVD
FLIUDUHSUHVHQWDODSRVLFLyQLQYHUVRUDGHODV(PSUHVDVGH7HQHQFLDGH9DORUHV
([WUDQMHUDV (79( VRFLHGDGHV GH WLSR LQVWUXPHQWDO GH SHTXHxD UHSHUFXVLyQ
VREUH OD DFWLYLGDG \ HO HPSOHR SRUFHQWDMH HVH PX\ VLPLODU D OR TXH HVDV
VRFLHGDGHV UHSUHVHQWDEDQ XQ DxR DQWHV (Q FRQVHFXHQFLD HO GHODSRVLFLyQWRWDOHVORTXHVXSRQHHOYDORUGHOVWRFNGHODLQYHUVLyQH[WUDQMHUD
SURGXFWLYD
(O YDORU GH ORV IRQGRV SURSLRV GH HPSUHVDV UHVLGHQWHV HQ (VSDxD HQ PDQRV
H[WUDQMHUDV VH FLIUD HQ PLOORQHV GH HXURV XQ VXSHULRU DO GH XQ
DxR DQWHV PLOORQHV FRQFHQWUiQGRVH HVH DXPHQWR HQ ORV IRQGRV
SURSLRV GH ODV HPSUHVDV SURGXFWLYDV QR (79( /DV HPSUHVDV QR FRWL]DGDV
UHSUHVHQWDQ XQ GHO WRWDO \ D HOODV FRUUHVSRQGH HO LQFUHPHQWR GHO VWRFN
LQYHUVRUPLHQWUDVFDHHQODVFRWL]DGDVXQ
6L YDORUDPRV HO FRPSRQHQWH GH HPSUHVDV FRWL]DGDV SRU VX YDORU GH PHUFDGR
REVHUYDPRV TXH GXUDQWH HO DxR VH KD SURGXFLGR XQ DFHUFDPLHQWR GHO
YDORU FRQWDEOH DO YDORU HQ EROVD GH HVDV DFFLRQHV TXH KD SDVDGR GH HQ
D HQ (O UDWLR YDORU GH FRWL]DFLyQYDORU FRQWDEOH VLJXH
'LUHFFLyQ*HQHUDOGH&RPHUFLRH,QYHUVLRQHV UHGXFLpQGRVH FRPR \D OR KL]R HQ UHIOHMDQGR OD IXHUWH FRUUHFFLyQ TXH
H[SHULPHQWDURQ ODV FRWL]DFLRQHV GH ODV DFFLRQHV HQ ORV PHUFDGRV HVSDxROHV
GHVGHHOLQLFLRGHODFULVLV
3RU OR WDQWR HO GHVFHQVR GHO YDORU GHO VWRFN LQYHUVRU VH SURGXFH FRPR \D
VXFHGLHUDXQDxRDQWHVHQODPHQRUILQDQFLDFLyQQHWDUHFLELGDGHOH[WHULRUTXH
GLVPLQX\HXQDPLOORQHVGHHXURV(VWHVWRFNGHILQDQFLDFLyQKD
EDMDGRXQHQODV(79(\FDVLXQHQODVHPSUHVDVSURGXFWLYDV
3RVLFLyQGHOD,QYHUVLyQ([WUDQMHUDHQ(VSDxD'DWRVHFRQyPLFRV
&XDGUR3RVLFLyQGHOD,QYHUVLyQ([WUDQMHUDHQ(VSDxD'DWRVHFRQyPLFRV
'$726(&21Ï0,&26
,1029,/,=$'20$7(5,$/PLORQHV¼
(79(V
QR(79(V
(03/(2QžGHHPSOHDGRV
(79(V
QR(79(V
'$726$18$/(6
&,)5$'(1(*2&,2PLOORQHV¼
'DWRVD
'DWRVD
'DWRVD
'DWRVD
(79(
QR(79(
5(68/7$'26PLOORQHV¼
(79(
QR(79(
(035(6$61ž
1LYHO
1LYHO
1LYHO
)XHQWH5HJLVWURGH,QYHUVLRQHV([WHULRUHV
/D SDUWLFLSDFLyQ H[WUDQMHUD HQ HO LQPRYLOL]DGR PDWHULDO GH ODV HPSUHVDV
HVSDxRODV YDORUDGR D SURUUDWD GH VX SDUWLFLSDFLyQ HQ HO FDSLWDO DXPHQWy XQ
VREUH HO GH TXH VH KD FRUUHJLGR DO DO]D UHVSHFWR DO GH QXHVWUR
%ROHWtQGHSRVLFLyQ/yJLFDPHQWHHVWHLQPRYLOL]DGRVHFRQFHQWUDHQODV
HPSUHVDVQR(79(
(PSUHVDVFRWL]DGDV
9DORUFRQWDEOHPLOORQHV¼
9DORUFRWL]DFLyQPLOORQHV¼
5HODFLyQYDORUFRWL]DFLyQYDORUFRQWDEOH
3RVLFLyQGHOD,QYHUVLyQ([WUDQMHUDHQ(VSDxD ,JXDOPHQWHORVGDWRVGHHPSOHRFLIUDGHQHJRFLRV\UHVXOWDGRVVHFDOFXODQHQ
SURSRUFLyQ GH OD SDUWLFLSDFLyQ H[WUDQMHUD HQ HO FDSLWDO GH ODV VRFLHGDGHV
HVSDxRODV SDUWLFLSDGDV (O HPSOHR FUHDGR SRU HVD LQYHUVLyQ H[WUDQMHUD KD
GLVPLQXLGRXQUHVSHFWRGHOSHUtRGRDQWHULRU/DFLIUDGHQHJRFLRVWDPELpQ
KD GHVFHQGLGR PLHQWUDV TXH ORV UHVXOWDGRV KDQ PHMRUDGR DO FRQFHQWUDUVH
EHQHILFLRV HQ ODV (79( TXH FRPSHQVDQ OD OLJHUD FDtGD GH ORV EHQHILFLRV HQ
DFWLYLGDGHV SURGXFWLYDV (VWDV FLIUDV UHIOHMDQ XQ FRPSOLFDGR HQWRUQR
HFRQyPLFR
3RU HO FRQWUDULR D OR RFXUULGR HQ HVWH DxR HO Q~PHUR GH PHPRULDV
UHFLELGDVKDGLVPLQXLGRVREUHWRGRHQHPSUHVDVGHSULPHUQLYHO(OORSXHGHVHU
GHELGR ELHQ D TXH ORV IRQGRV SURSLRV KD\DQ GLVPLQXLGR SRU GHEDMR GH OD
FDQWLGDGTXHREOLJDDGHFODUDURDTXHKD\DFHVDGRODDFWLYLGDGHPSUHVDULDO
'LUHFFLyQ*HQHUDOGH&RPHUFLRH,QYHUVLRQHV '$72632575$026
&XDGUR'LVWULEXFLyQGHYDULDEOHVSRUWUDPRV
326,&,Ï1
*UXSRHPSUHVDULDO
Qž
7UDPRVPLOORQHVGH¼
0HQRU
0D\RU
727$/
325&(17$-('(3$57,&,3$&,Ï1(;75$1-(5$
7UDPRV
D
D
D
D
727$/
0HQRU
0D\RU
727$/
5HVXOWDGRV
PLOORQHV¼
WRWDO
(03/(2
$f2'(,1,&,2'($&7,9,'$'
7UDPRV
$QWHULRUD
727$/
)XHQWH5HJLVWURGH,QYHUVLRQHV([WHULRUHV
Qž
(PSOHR
WRWDO
3RVLFLyQ
PLOORQHV¼
,QPRYLOL]DGRPDW
PLOORQHV¼
WRWDO
*UXSRHPSUHVDULDO
Qž
7UDPRV
*UXSRHPSUHVDULDO
Qž
*UXSRHPSUHVDULDO
Qž
0D\RU
727$/
3RVLFLyQ
PLOORQHV¼
WRWDO
,1029,/,=$'20$7(5,$/
7UDPRVPLOORQHVGH¼
*UXSRHPSUHVDULDO
Qž
5(68/7$'26
7UDPRVPLOORQHVGH¼
0D\RU
727$/
3RVLFLyQ
PLOORQHV¼
WRWDO
WRWDO
3RVLFLyQGHOD,QYHUVLyQ([WUDQMHUDHQ(VSDxD /D GLVWULEXFLyQ SRU WUDPRV TXH ILJXUD HQ HO FXDWUR DGMXQWR VH KD HVWDEOHFLGR
SDUDFDGDYDULDEOHHQIXQFLyQGHVXUDQJR/RVGDWRVVHKDQFRQVROLGDGRSRU
JUXSR GH HPSUHVD DVLJQDQGR D OD FDEHFHUD HPSUHVDV GH QLYHO ORV
FRUUHVSRQGLHQWHV D VXV ILOLDOHV GH VHJXQGR \ WHUFHU QLYHO ÒQLFDPHQWH VH KDQ
FRQVLGHUDGR JUXSRV GH HPSUHVDV QR (79( H[FHSWR HQ HO FXDGUR GH DxR GH
LQLFLRGHODDFWLYLGDG3RUORWDQWRHODQiOLVLVVHUHDOL]DVREUHODVHPSUHVDVGH
SULPHUQLYHOH[FOX\HQGRODV(79(VRFLHGDGHV
(O YDORU GH OD SRVLFLyQ WLHQH XQ DOWR tQGLFH GH FRQFHQWUDFLyQ HQ XQDV SRFDV
HPSUHVDV JUDQGHV 8Q GHO VWRFN WRWDO FRUUHVSRQGH D HPSUHVDV FRQ
YDORU GH PiV GH PLO PLOORQHV TXH VXSRQHQ X GHO WRWDO GH ODV
FRPSDxtDV FRQ LQYHUVLyQ GLUHFWD QR (79( PLHQWUDV TXH XQ WLHQHQ
SRVLFLRQHV PHQRUHV GH PLO PLOORQHV FRQ VROR XQ GHO WRWDO )XHUWH
DWRPL]DFLyQ GH OD LQYHUVLyQ H[WUDQMHUD \D TXH HO GH ODV HPSUHVDV
HVSDxRODV FRQ LQYHUVLyQ GLUHFWD WLHQH XQD SRVLFLyQ H[WUDQMHUD WRWDO GH PLOORQHVXQGHWRWDO
/DSDUWLFLSDFLyQH[WUDQMHUDHQHOFDSLWDOGHODVHPSUHVDVUHVLGHQWHVHQ(VSDxD
FRQWUROD OD HPSUHVD GRQGH LQYLHUWH (O GH ODV HPSUHVDV GH LQYHUVLyQ
GLUHFWD HQ (VSDxD WLHQHQ PiV GHO GH VX FDSLWDO HQ PDQRV H[WUDQMHUDV
UHSUHVHQWDQGRDGHPiVHOGHOYDORUGHODSRVLFLyQWRWDO
/RVUHVXOWDGRVGHODVHPSUHVDVFRQLQYHUVLyQH[WUDQMHUDIXHURQPX\VLPLODUHVD
ORV GHO HMHUFLFLR DQWHULRU /D FRQFHQWUDFLyQ GH EHQHILFLRV GH HQWUH HOODV VH
DFHQWXyHQHVWHSHULRGRHQWUHODVHPSUHVDVGHOWRWDOTXHREWXYLHURQ
ORVPHMRUHVUHVXOWDGRV
(OLQPRYLOL]DGRPDWHULDOVHHOHYyDPLOORQHVGHHXURVFRQFHQWUiQGRVH
HQODVHPSUHVDVFRQPD\RUVWRFNLQYHUVRUVRFLHGDGHVTXHFXHQWDQFRQXQ
LQPRYLOL]DGRVXSHULRUDPLOORQHVGHHXURVUHSUHVHQWDQVyORHOGHOWRWDO
GHHPSUHVDVGHLQYHUVLyQGLUHFWDGHWHQWDQGRHOGHOLQPRYLOL]DGRPDWHULDO
WRWDO (Q HO RWUR H[WUHPR FDVL XQ GH HPSUHVDV FXHQWDQ FRQ VyOR HO GHOLQPRYLOL]DGR
(O HPSOHR TXH FRUUHVSRQGH D ODV HPSUHVDV FRQ VWRFN GH LQYHUVLyQ H[WUDQMHUD
VH FLIUD HQ SHUVRQDV XQ PHQRU TXH HO FRUUHVSRQGLHQWH DO DxR
HPSUHVDVXQGHWRWDOJHQHUDQXQHPSOHRVXSHULRUDO
5HIHUHQWH DO DxR GH LQLFLR GH VX DFWLYLGDG XQ GH OD SRVLFLyQ D GH
GLFLHPEUH GH VH LQFRUSRUy GHVSXpV GH QXHVWUD HQWUDGD HQ OD 8QLyQ
(XURSHDDXQTXHHOPD\RUQ~PHURORKDFHHQORVDxRVPiVUHFLHQWHV
'LUHFFLyQ*HQHUDOGH&RPHUFLRH,QYHUVLRQHV '$7263253$Ë6'(/,19(5625
3DtVGHO,QYHUVRU,QPHGLDWR
&XDGUR3DtVGHOLQYHUVRULQPHGLDWR)RQGRV3URSLRV)LQDQFLDFLyQ([WHULRU\3RVLFLyQ
([FOXLGDV(79(V
3$Ë6'(/,19(5625
,10(',$72
3RVLFLyQ
PLOORQHV¼
)RQGRV
)LQDQFLDFLyQ
3URSLRV
3RVLFLyQ
7RWDO
([WHULRU
PLOORQHV¼
PLOORQHV
PLOORQHV¼
¼
3$,6(6%$-26
,7$/,$
/8;(0%85*2
)5$1&,$
$/(0$1,$
5(,1281,'2
32578*$/
(67$'2681,'26'($0(5,&$
68,=$
(0,5$726$5$%(681,'26
%(/*,&$
68(&,$
',1$0$5&$
-$321
,5/$1'$
%5$6,/
$8675,$
0(;,&2
&25($'(/685
$5*(/,$
20$1
5(6723$,6(6
727$/3$Ë6(6
$GGHQGXP
2&'(
8(
8(
3$5$,626),6&$/(6
/$7,12$0e5,&$
)XHQWH5HJLVWURGH,QYHUVLRQHV([WHULRUHV
3DtVHV%DMRV,WDOLD/X[HPEXUJR\)UDQFLDHQFDEH]DQHOUDQNLQJGHRULJHQGHO
LQYHUVRU LQPHGLDWR SRU SRVLFLyQ 3DtVHV %DMRV FRQFHQWUD XQ LPSRUWDQWH
SRUFHQWDMH \ MXQWR FRQ /X[HPEXUJR VRQ SDtVHV KDELWXDOHV GH WUiQVLWR GH OD
LQYHUVLyQDOUDGLFDUHQHOORVSRUUD]RQHVILVFDOHV\GHLQJHQLHUtDILQDQFLHUDXQ
LPSRUWDQWHQ~PHURGH+ROGLQJVTXHORVXWLOL]DQGHSXHQWHSDUDOXHJRLQYHUWLUHQ
WHUFHURVSDtVHV
$OWUDWDUVHGHXQDFODVLILFDFLyQSRUYDORUGHVWRFNLQYHUVRUODSRVLFLyQHQWUHORV
SULQFLSDOHV SDtVHV YDUtD PX\ SRFR UHVSHFWR DO DxR DQWHULRU (Q HVWH FDVR
/X[HPEXUJR JDQD XQD SRVLFLyQ UHVSHFWR D )UDQFLD \ (PLUDWRV ÈUDEHV ± TXH
LQFUHPHQWD XQ VX VWRFN LQYHUVRU GRV SRVLFLRQHV IUHQWH D %pOJLFD \
3RVLFLyQGHOD,QYHUVLyQ([WUDQMHUDHQ(VSDxD 6XHFLD $ GHVWDFDU HO LQFUHPHQWR GH %UDVLO \ &RUHD GHO 6XU \ OD DSDULFLyQ GH
2PiQ
3DtVGHO%HQHILFLDULRÒOWLPR
&XDGUR3DtVGHO%HQHILFLDULRÒOWLPR'LVWULEXFLyQGH)RQGRV3URSLRV)LQDQFLDFLyQ([WHULRU
\3RVLFLyQ([FOXLGDV(79(V
3$Ë6'(/%(1(),&,$5,2
Ò/7,02
3RVLFLyQ
PLOORQHV¼
)RQGRV )LQDQFLDFLyQ
3URSLRV
([WHULRU
PLOORQHV¼ PLOORQHV¼
3RVLFLyQ
PLOORQHV¼
7RWDO
,7$/,$
(67$'2681,'26'($0(5,&$
)5$1&,$
5(,1281,'2
$/(0$1,$
0(;,&2
32578*$/
(63$f$
3$,6(6%$-26
/8;(0%85*2
68,=$
(0,5$726$5$%(681,'26
68(&,$
-$321
&$1$'$
%(/*,&$
%5$6,/
,65$(/
,5/$1'$
',1$0$5&$
$5$%,$6$8',7$
$8675,$
1258(*$
*8(516(<
$5*(/,$
5(6723$,6(6
727$/3$,6(6
$GGHQGXP
2&'(
8(
8(
3$5$,626),6&$/(6
/$7,12$0e5,&$
)XHQWH5HJLVWURGH,QYHUVLRQHV([WHULRUHV
(VWH FXDGUR SUHVHQWD XQD GLVWULEXFLyQ JHRJUiILFD GH OD SRVLFLyQ PXFKR PiV
UHDO\DFRUGHFRQVXVLJQLILFDGRHFRQyPLFRTXHHODQWHULRU\DTXHQRVPXHVWUD
TXpSDtVHVRVWHQWDQHQ~OWLPRWpUPLQRODWLWXODULGDGGHODVLQYHUVLRQHV
,WDOLD(VWDGRV8QLGRV)UDQFLD\HO5HLQR8QLGRVXSHUDQPiVGHOGHOYDORU
GHO VWRFN GH LQYHUVLyQ H[WUDQMHUD UHSUHVHQWDQGR XQ GHO WRWDO ,WDOLD HV HO
TXH WLHQH HO PD\RU VWRFN GH ILQDQFLDFLyQ GH HPSUHVDV UHVLGHQWHV HQ (VSDxD
PLHQWUDVTXH)UDQFLDRFXSDHOSULPHUOXJDUHQHOYDORUGHODSRVLFLyQHQIRQGRV
'LUHFFLyQ*HQHUDOGH&RPHUFLRH,QYHUVLRQHV SURSLRV&RQSRUFHQWDMHVVXSHULRUHVDOILJXUDQ$OHPDQLD0p[LFR3RUWXJDO\
(VSDxD/DDSDULFLyQGHQXHVWURSDtVHQHVWHFXDGURGHRULJHQ~OWLPRVHGHEH
D TXH JUXSRV HVSDxROHV UHDOL]DURQ LQYHUVLRQHV HQ (VSDxD D WUDYpV GH VXV
ILOLDOHVH[WUDQMHUDVLQYHUVLyQGHLGD\YXHOWDURXQGWULSLQYHVWPHQW
$ GHVWDFDU OD SURJUHVLyQ GH (PLUDWRV ÈUDEHV 8QLGRV 1RUXHJD %pOJLFD \
6XHFLD
3RU iUHDV /DWLQRDPpULFD VLJXH UHIRU]DQGR VX SRVLFLyQ TXH SDVy GHO HQ
DO HQ \ DKRUD PDUFD XQ 6L FRPSDUDPRV ODV FLIUDV GH
/DWLQRDPpULFD FRQ HO FXDGUR DQWHULRU GHGXFLPRV TXH OD PD\RU SDUWH GH OD
LQYHUVLyQSURFHGHQWHVREUHWRGRGH0p[LFR\%UDVLOHQWUDHQ(VSDxDDWUDYpV
GHXQWHUFHUSDtV
3RVLFLyQGHOD,QYHUVLyQ([WUDQMHUDHQ(VSDxD '$7263256(&725
6HFWRUGH,QYHUVLyQ'LVWULEXFLyQGHOD3RVLFLyQ
&XDGUR6HFWRUGH,QYHUVLyQ'LVWULEXFLyQGHOD3RVLFLyQ([FOXLGDV(79(V
&1$(
6(&725
$/ $JULFXOWXUDJDQDGHUtDVLOYLFXOWXUD\SHVFD
$/ ,QGXVWULDVH[WUDFWLYDV
$/ ,QGXVWULDPDQXIDFWXUHUD
3RVLFLyQ
PLOORQHV¼
)DEGHYHKtFXORVGHPRWRUUHPROTXHV\VHPLUUHPROTXHV
,QGXVWULDTXtPLFD
)DEULFDFLyQGHSURGXFWRVIDUPDFpXWLFRV
6XPGHHQHUJtDHOpFWULFDJDVYDSRU\DLUHDFRQG
$/ &RPHUFLRPD\RU\PHQRUUHSQYHKPRWRU\PRWRF
9HQWD\UHSDUDFLyQGHYHKtFXORVGHPRWRU\PRWRFLFOHWDV
&RPPD\RULQWHUPHFRPHUFLRH[FHS9HKPRWRU\PRWRF
&RPHUFLRSRUPHQRUH[FGHYHKPRWRU\PRWRFLFOHWDV
$/ 7UDQVSRUWH\DOPDFHQDPLHQWR
$/ +RVWHOHUtD
$/ ,QIRUPDFLyQ\FRPXQLFDFLRQHV
$/ $FWLYLGDGHVILQDQFLHUDV\GHVHJXURV
$FWLYLGDGHVLQPRELOLDULDV
$/ $FWLYLGDGHVSURIHVLRQDOHVFLHQWtILFDV\WpFQLFDV
$/ $FWLYLGDGHVDGPLQLVWUDWLYDV\VHUYLFLRVDX[OLDUHV
$FWLYLGDGHVGHDOTXLOHU
$FWLYLGDGHVGHVHJXULGDGHLQYHVWLJDFLyQ
$FWLY$GPGHRILFLQD\RWUDVDX[LOLDUHVDHPSUHVDV
$GP3~EOLFD\GHIHQVD6HJXULGDG6RFLDOREOLJDWRULD
(GXFDFLyQ
$/ $FWLYLGDGHVVDQLWDULDV\GHVHUYLFLRVVRFLDOHV
$/ $FWLYDUWtVWLFDVUHFUHDWLYDV\GHHQWUHQLPLHQWR
$/ 2WURVVHUYLFLRV
$/ $FWKRJDUHPSVSHUVGRPHVWRSELHQHVVHUY
$FWLYGHRUJDQL]DFLRQHV\RUJDQLVPRVH[WUDW
727$/
)XHQWH5HJLVWURGH,QYHUVLRQHV([WHULRUHV
3URWHFFLyQFLYLO
$/ &RQVWUXFFLyQ
7RWDO
0HWDOXUJLDIDESURGXFWRVKLHUURDFHUR\IHUURDOHDFLRQHV
$/ 6XPDJXDDFWLVDQJHVWLyQUHVLGXRVGHVFRQW
3RVLFLyQ
PLOORQHV¼
)DEULFDFLyQGHRWURVSURGXFWRVPLQHUDOHVQRPHWiOLFRV
,QGXVWULDGHODDOLPHQWDFLyQ
1&
1&
+HPRVPHMRUDGRODLQIRUPDFLyQFRQWHQLGDHQODGLVWULEXFLyQSRUVHFWRUHVGHOD
SRVLFLyQGHQXHVWUR~OWLPR%ROHWtQGHSRVLFLyQFRQHOGHVJORVHDFXDWURGtJLWRV
GH OD LQIRUPDFLyQ FRQWHQLGD HQ OD &ODVLILFDFLyQ GH $FWLYLGDGHV (FRQyPLFDV D
GRV GtJLWRV SDUD DOJXQDV FDWHJRUtDV FRQ REMHWR GH GHWHUPLQDU GH IRUPD PiV
FRQFUHWD ORV VHFWRUHV GRQGH OD SRVLFLyQ GH LQYHUVLyQ H[WUDQMHUD HV PiV
GHVWDFDGD $Vt GHQWUR GH OD ,QGXVWULD PDQXIDFWXUHUD GRQGH VH FRQFHQWUD HO
GHOVWRFNGHLQYHUVLyQH[WUDQMHUDGHVWDFDQODIDEULFDFLyQGHSURGXFWRV
PLQHUDOHVQRPHWiOLFRVODPHWDOXUJLDODIDEULFDFLyQGHYHKtFXORVDPRWRU\OD
LQGXVWULDTXtPLFD(OVXPLQLVWURGHHQHUJtDHOpFWULFDHOFRPHUFLRDOSRUPD\RU\
OD LQWHUPHGLDFLyQ FRPHUFLDO ODV DFWLYLGDGHV ILQDQFLHUDV \ OD LQIRUPDFLyQ \
FRPXQLFDFLRQHV FRQFHQWUDQ MXQWR FRQ HO DQWHULRUPHQWH PHQFLRQDGR PiV GHO
GHODSRVLFLyQGHLQYHUVLyQH[WUDQMHUDGHODxR
'LUHFFLyQ*HQHUDOGH&RPHUFLRH,QYHUVLRQHV 6HFWRUGH,QYHUVLyQ(PSOHR
&XDGUR6HFWRUGH,QYHUVLyQ'LVWULEXFLyQGHO(PSOHR([FOXLGDV(79(V
(03/(2
&1$(
6(&725
1žGH
SHUVRQDV
1žGH
SHUVRQDV
WRWDO
$/ $JULFXOWXUDJDQDGHUtDVLOYLFXOWXUD\SHVFD
$/ ,QGXVWULDVH[WUDFWLYDV
$/ ,QGXVWULDPDQXIDFWXUHUD
)DEGHYHKtFXORVGHPRWRUUHPROTXHV\VHPLUUHP
)DEULFDFLyQGHSURGXFWRVGHFDXFKR\SOiVWLFRV
,QGXVWULDGHODDOLPHQWDFLyQ
,QGXVWULDTXtPLFD
)DEULFDFLyQGHSURGXFWRVIDUPDFpXWLFRV
$/ 6XPDJXDDFWLVDQHDPJHVWLyQUHVLGXRVGHVF
$/ &RQVWUXFFLyQ
$/ &RPHUFLRPD\RUPHQRUUHSYHKPRWRU\PRWRF
6XPHQHUJtDHOpFWULFDJDVYDSRU\DLUHDFRQG
9HQWD\UHSGHYHKtFXORVGHPRWRU\PRWRF
&RPHUPD\RUHLQWHUPHFRPHUFLRH[FYPRWRU\PRWRF
&RPHUFLRSRUPHQRUH[FYHKtFXORVGHPRWRU\PRWRF
$/ 7UDQVSRUWH\DOPDFHQDPLHQWR
$/ +RVWHOHUtD
$/ ,QIRUPDFLyQ\FRPXQLFDFLRQHV
$/ $FWLYLGDGHVILQDQFLHUDV\GHVHJXURV
$FWLYLGDGHVLQPRELOLDULDV
$/ $FWLYLGDGHVSURIHVLRQDOHVFLHQWtILFDV\WpFQLFDV
$/ $FWLYLGDGHVDGPLQLVWUDWLYDV\VHUYLFLRVDX[OLDUHV
$FWLYLGDGHVUHODFLRQDGDVFRQHOHPSOHR
$FWLYLGDGHVGHVHJXULGDGHLQYHVWLJDFLyQ
6HUYLFLRVDHGLILFLRV\DFWLYLGDGHVGHMDUGLQHUtD
$FWLYLGDGHVDGPLQLVWUDWLYDVGHRILFLQD\RWUDVDX[LOLDUHVDHP
$FWLYLDJHQFLDVYLDMHRSWXUtVWUHVHUYDV\DFWLUHO
$GP3~EOLFD\GHIHQVD6HJXULGDG6RFLDORE
3URWHFFLyQFLYLO
(GXFDFLyQ
$/ $FWLYLGDGHVVDQLWDULDV\GHVHUYLFLRVVRFLDOHV
$FWLYLGDGHVVDQLWDULDV
$VLVWHQFLDHQHVWDEOHFLPLHQWRVUHVLGHQFLDOHV
$/ $FWLYDUWtVWLFDVUHFUHDWLYDV\GHHQWUHQLPLHQWR
$/ 2WURVVHUYLFLRV
$/ $FWKRJDUHPSOHDGRUHVSHUVGRPHVWRSURGXFELHQHV 1&
$FWLYLGDGHVGHRUJDQ\RUJDQLVPRVH[WUDW
1&
727$/
5HSHWLPRV DTXt HO GHVJORVH DQWHULRU SHUR FRQFUHWDQGR ORV VHFWRUHV PiV
JHQHUDGRUHVGHHPSOHRTXHQRFRLQFLGHQQHFHVDULDPHQWHFRQORVTXHRVWHQWD
XQ PD\RU VWRFN LQYHUVRU GHO H[WHULRU $ OD FDEH]D D FXDWUR GtJLWRV ILJXUD HO
VHFWRUGHOFRPHUFLRDOSRUPHQRUTXHJHQHUDFDVLHOGHOWRWDOGHHPSOHRHO
FRPHUFLRDOSRUPD\RUFRQHOODIDEULFDFLyQGHYHKtFXORVGHPRWRUGHQWUR
GHO VHFWRU PDQXIDFWXUHUR FRQ XQ \ D GRV GtJLWRV HO FRQMXQWRGH
DFWLYLGDGHV DGPLQLVWUDWLYDV \ GH VHUYLFLRV FRQ HO OD KRVWHOHUtD \ OD
)XHQWH5HJLVWURGH,QYHUVLRQHV([WHULRUHV
3RVLFLyQGHOD,QYHUVLyQ([WUDQMHUDHQ(VSDxD LQIRUPDFLyQ\FRPXQLFDFLRQHVFRQFDGDXQRVRQWDPELpQVHFWRUHVGRQGH
ODLQYHUVLyQH[WUDQMHUDHVJHQHUDGRUDGHVWDFDGDGHSXHVWRVGHWUDEDMR
(PSOHRSRU5DPDVGH$FWLYLGDG\(PSOHR
&XDGUR(PSOHRSRUUDPDVGHDFWLYLGDGHPSUHVDVFRQFDSLWDOH[WUDQMHUR\HPSOHRWRWDO
([FOXLGDV(79(V
&21-81721$&,21$/
5$0$6'($&7,9,'$'
1žGHSHUVRQDV
6(&72535,0$5,2
,1'8675,$
&216758&&,21
(035(6$6&21&$3,7$/
(;75$1-(52
1žGHSHUVRQDV
WRWDO
WRWDO
6(59,&,26
727$/
)XHQWH,QVWLWXWR1DFLRQDOGH(VWDGLVWLFD(QFXHVWDGH3REODFLyQ$FWLYD\5HJLVWURGH,QYHUVLRQHV([WHULRUHV
(VWHFXDGURPXHVWUDODFRPSDUDFLyQGHODGLVWULEXFLyQGHOHPSOHRQDFLRQDOSRU
JUDQGHVUDPDVGHDFWLYLGDGFRQODGLVWULEXFLyQGHOPLVPRHQODVHPSUHVDVFRQ
LQYHUVLyQ GLUHFWD H[WUDMHUD $ QLYHO QDFLRQDO HO VHFWRU VHUYLFLRV SUHVHQWD OD
PD\RU FRQFHQWUDFLyQ GH HPSOHR FRQ XQ HVH SRUFHQWDMH GLVPLQX\H DO
FXDQGR VH FRQVLGHUDQ VyOR ODV HPSUHVDV UHVLGHQWHV HQ (VSDxD FRQ
SDUWLFLSDFLyQH[WUDQMHUD3RUHOFRQWUDULRHQODLQGXVWULDHOSRUFHQWDMHGHHPSOHR
VREUH HO WRWDO FUHDGRSRU HPSUHVDV GH LQYHUVLyQ GLUHFWD H[WUDQMHUD VH HOHYD DO
PLHQWUDVDQLYHOQDFLRQDOVyORVXSRQHHO(OSRUFHQWDMHGHHPSOHR
SRU LQYHUVLyQ H[WUDQMHUD HQ HO VHFWRU FRQVWUXFFLyQ VXSRQH PHQRV GH OD PLWDG
TXHHOJHQHUDGRDQLYHOQDFLRQDO
'$726325&2081,'$'$87Ï120$
9DPRVDREYLDUHQHVWH%ROHWtQODSUHVHQWDFLyQGHOFXDGURGHODGLVWULEXFLyQ
GHODSRVLFLyQSRU&RPXQLGDG$XWyQRPDTXHKLFLPRVHQODSUHVHQWDFLyQGHOD
SRVLFLyQ SRU FRQVLGHUDUOR PX\ SRFR VLJQLILFDWLYR \D TXH VH HODERUD VyOR
WHQLHQGRHQFXHQWDODVHGHGHODVHPSUHVDVHVSDxRODVUHFHSWRUDVGHLQYHUVLyQ
H[WUDQMHUD (O UHVXOWDGR HV TXH VHVJD OD FRQFHQWUDFLyQ GH OD SRVLFLyQ HQ ODV
&RPXQLGDGHVDXWyQRPDVGH0DGULG\&DWDOXxD
9DPRVSRUWDQWRDH[DPLQDUODGLVWULEXFLyQGHOLQPRYLOL]DGRPDWHULDO\HPSOHR
VHJ~Q DSDUHFH HQ ODV PHPRULDV GH LQYHUVLyQ HQ VRFLHGDGHV HVSDxRODV
GHFODUDGDV SRU ODV HPSUHVDV UHVLGHQWHV HQ (VSDxD UHFHSWRUDV GH LQYHUVLyQ
GLUHFWDTXHGDQXQDLPDJHQPXFKRPiVUHDOLVWDVREUHODGLVWULEXFLyQGHOVWRFN
GHLQYHUVLyQH[WUDQMHUDSRU&RPXQLGDGHV
'LUHFFLyQ*HQHUDOGH&RPHUFLRH,QYHUVLRQHV ,QPRYLOL]DGR0DWHULDO
&XDGUR&RPXQLGDGHV$XWyQRPDV'LVWULEXFLyQGHO,QPRYLOL]DGR0DWHULDO
([FOXLGDV(79(V
,1029,/,=$'20$7(5,$/
&2081,'$'$87Ï120$
PLOORQHV¼
&$7$/8f$
PLOORQHV¼
WRWDO
&2081,'$''(0$'5,'
$1'$/8&,$
&2081,'$'9$/(1&,$1$
$5$*21
&$67,//$</(21
,6/$6&$1$5,$6
35,1&,3$'2'($6785,$6
*$/,&,$
,6/$6%$/($5(6
3$,69$6&2
&$67,//$/$0$1&+$
5(*,21'(085&,$
1$9$55$
&$17$%5,$
(;75(0$'85$
/$5,2-$
&(87$<0(/,//$
727$/
)XHQWH5HJLVWURGH,QYHUVLRQHV([WHULRUHV
(VHFXDGURQRVGDXQDLGHDGHOD&RPXQLGDG$XWyQRPDGRQGHHVWiLQVWDODGD
OD FDSDFLGDG SURGXFWLYD LQGHSHQGLHQWHPHQWH GH OD VHGH GH OD VRFLHGDG
UHVLGHQWH UHFHSWRUD (O UHVXOWDGR HV XQ GLVWULEXFLyQ HQWUH &&$$ PXFKR PiV
GLYHUVLILFDGDTXHVLWHQHPRVHQFXHQWDHOOXJDUGRQGHUDGLFDQ
/DFRUUHFFLyQGHOGDWRGHLQPRYLOL]DGRGHXQDJUDQHPSUHVDTXHWLHQHVXVHGH
SULQFLSDOPHQWH HQ OD &RPXQLGDG GH &DWDOXxD OOHYD D XQ FDPELR HQ OD
FODVLILFDFLyQSUHVHQWDGDHQGHIRUPDTXHHVWDFRPXQLGDGSDVD\DHQHVH
DxR D RFXSDU HO SULPHU OXJDU 3DUD &DWDOXxD \ 0DGULG FRQ HO \
VHJXLGDVGH$QGDOXFtDFRQHOVXSRQHQHQWUHHOODVPiVGHO
GHOLQPRYLOL]DGR
3RVLFLyQGHOD,QYHUVLyQ([WUDQMHUDHQ(VSDxD (PSOHR
&XDGUR&RPXQLGDGHV$XWyQRPDV'LVWULEXFLyQGHO(PSOHR([FOXLGDV(79(V
(03/(2
&2081,'$'$87Ï120$
1žGH
SHUVRQDV
1žGH
SHUVRQDV
7RWDO
&2081,'$''(0$'5,'
&$7$/8f$
$1'$/8&,$
&2081,'$'9$/(1&,$1$
3$,69$6&2
&$67,//$</(21
*$/,&,$
$5$*21
1$9$55$
,6/$6&$1$5,$6
&$67,//$/$0$1&+$
35,1&,3$'2'($6785,$6
5(*,21'(085&,$
,6/$6%$/($5(6
&$17$%5,$
(;75(0$'85$
/$5,2-$
&(87$<0(/,//$
727$/
)XHQWH5HJLVWURGH,QYHUVLRQHV([WHULRUHV
/DGLVWULEXFLyQGHOHPSOHRDIHFWRDODLQYHUVLyQH[WUDQMHUDSRUFRPXQLGDGHVHVWi
EDVWDQWH FRUUHODFLRQDGD FRQ OD GLVWULEXFLyQ GHO LQPRYLOL]DGR FRQ DOJXQDV
H[FHSFLRQHV /D &RPXQLGDG GH 0DGULG TXH DKRUD SDVD DO SULPHU OXJDU
&DWDOXxD $QGDOXFtD \ &RPXQLGDG 9DOHQFLDQD RFXSDQ ORV SULPHURV SXHVWRV
UHSUHVHQWDQGRHOGHOHPSOHRWRWDO
(O HPSOHR WRWDO GHULYDGR GH OD LQYHUVLyQ H[WUDQMHUD FRPR \D VHxDOiEDPRV KD
FRQWLQXDGR GLVPLQX\HQGR HVWH DxR \ HQ ODV RFKR SULPHUDV &RPXQLGDGHV VH
UHJLVWUDQ GHFUHPHQWRV QR FRPSHQVDGRV SRU ORV DXPHQWRV HQ 1DYDUUD \
3ULQFLSDGRGH$VWXULDV
'LUHFFLyQ*HQHUDOGH&RPHUFLRH,QYHUVLRQHV &XDGUR'LVWULEXFLyQSRU&RPXQLGDGHV$XWyQRPDV(PSOHR(PSUHVDVGH&DSLWDO
([WUDQMHUR\(PSOHR7RWDO([FOXLGDV(79(V
&2081,'$'$87Ï120$
$1'$/8&,$
(03/(2'(/$6(035(6$6
&21&$3,7$/(;75$1-(52
(03/(2'(/&21-8172
1$&,21$/
1žGHSHUVRQDV
1žGHSHUVRQDV
WRWDO
WRWDO
$5$*21
&$17$%5,$
&$67,//$</(21
&$67,//$/$0$1&+$
&$7$/8f$
&2081,'$''(0$'5,'
*$/,&,$
,6/$6%$/($5(6
,6/$6&$1$5,$6
&2081,'$'9$/(1&,$1$
(;75(0$'85$
/$5,2-$
1$9$55$
3$,69$6&2
35,1&,3$'2'($6785,$6
5(*,21'(085&,$
&(87$<0(/,//$
727$/
)XHQWH,QVWLWXWR1DFLRQDOGH(VWDGLVWLFD(QFXHVWDGH3REODFLyQ$FWLYD\5HJLVWURGH,QYHUVLRQHV([WHULRUHV
(VH FXDGUR FRPSDUD HO HPSOHR WRWDO GH FDGD FRPXQLGDG DXWyQRPD \ HO
DWULEXLEOHDODLQYHUVLyQH[WUDMHUD
/DV FRPXQLGDGHV GH 0DGULG \ &DWDOXxD JHQHUDQ PiV HPSOHR GHULYDGR GH OD
LQYHUVLyQH[WUDQMHUDGHORTXHORKDFHQDQLYHOQDFLRQDOXQIUHQWHDXQ
&DVRFRQWUDULRDOGH$QGDOXFtD\&RPXQLGDG9DOHQFLDQDDQLYHO
QDFLRQDOIUHQWHDGHODLQYHUVLyQH[WUDMHUD
3RVLFLyQGHOD,QYHUVLyQ([WUDQMHUDHQ(VSDxD (035(6$6'(7(1(1&,$'(9$/25(6(;75$1-(526
'LVWULEXFLyQSRU3DtVGH2ULJHQ~OWLPRGHOLQYHUVRU
&XDGUR3DtVGH2ULJHQGH(79(V3RVLFLyQ
3$,6'(25,*(1
3RVLFLyQ
PLOORQHV¼
3RVLFLyQ
PLOORQHV¼
7RWDO
/8;(0%85*2
%5$6,/
&2/20%,$
5(,1281,'2
0(;,&2
$/(0$1,$
&$1$'$
)5$1&,$
(63$f$
5(6723$Ë6(6
727$/3$Ë6(6
(67$'2681,'26'($0(5,&$
3$,6(6%$-26
$GGHQGXP
2&'(
8(
8(
/$7,12$0(5,&$
)XHQWH5HJLVWURGHLQYHUVLRQHV([WHULRUHV
/DV (PSUHVDV GH 7HQHQFLD GH 9DORUHV ([WUDQMHURV VRQ VRFLHGDGHV KROGLQJ
FX\DVILOLDOHVVHHVWDEOHFHQHQHOH[WUDQMHURHQSDtVHVGLVWLQWRVGHODHPSUHVD
PDWUL] \ TXH HVWiQ GRWDGDV GH SDUWLFLSDFLRQHV GH VRFLHGDGHV HVWDEOHFLGDV HQ
WHUFHURV SDtVHV (O REMHWLYR GH VX FUHDFLyQ SXHGH VHU PX\ YDULDGR GHVGH OD
E~VTXHGD GH XQ WUDWDPLHQWR ILVFDO IDYRUDEOH D ORV GLYLGHQGRV KDVWD OD
SURWHFFLyQRVHJXULGDGMXUtGLFDTXHVXFUHDFLyQHQXQGHWHUPLQDGRSDtVSXHGD
VXSRQHU SDUD LQYHUVLRQHV HQ SDtVHV FRQ DOWR ULHVJR GH H[SURSLDFLyQ \ HVFDVD
SURWHFFLyQ LQYHUVRUD H[WUDQMHUD 'XUDQWH HO VWRFN GH HVWH WLSR GH
LQYHUVLRQHV VH PDQWXYR UHVSHFWR GHO DxR DQWHULRU FRQ XQD PX\ SHTXHxD
GLVPLQXFLyQ
(VWDGRVXQLGRVFRQJUDQGHVPXOWLQDFLRQDOHVSRUWRGRHOPXQGRHVHOSULQFLSDO
LQYHUVRU HQ HVWH WLSR GH VRFLHGDGHV HQ (VSDxD FRQ XQ GH WRWDO SHUR
FD\HQGR UHVSHFWR DO SHUtRGR SUHFHGHQWH /X[HPEXUJR HV HO VHJXQGR SDtV \
DSDUHFHQYDULRVSDtVHVGH/DWLQRDPpULFDJDQDQGRSRVLFLRQHV%UDVLO\0p[LFR
DSDUHFLHQGRSRUSULPHUDYH]&RORPELDFRQXQLQFUHPHQWRHVSHFWDFXODU
$VtSRUiUHDVHFRQyPLFDV/DWLQRDPpULFDVXSRQH\DXQGHOWRWDOPLHQWUDV
ORVSDtVHV2&'(FRQWURODQHOGHODLQYHUVLyQHQ(79(
'LUHFFLyQ*HQHUDOGH&RPHUFLRH,QYHUVLRQHV 'LVWULEXFLyQSRU6HFWRU
&XDGUR6HFWRUHVGH'HVWLQRGH(79(V3RVLFLyQ
&1$(
6(&725
3RVLFLyQ
PLOORQHV¼
3RVLFLyQ
PLOORQHV¼
7RWDO
$/
$JULFXOWXUDJDQDGHUtDVLOYLFXOWXUD\SHVFD
$/
,QGXVWULDVH[WUDFWLYDV
$/
,QGXVWULDPDQXIDFWXUHUD
1&
6XPGHHQHUJtDHOpFWULFDJDVYDSRU\DLUHDFRQG
$/
6XPDJXDDFWL6DQHDPJHVWLyQUHVLGXRVGHVFRQW
$/
&RQVWUXFFLyQ
$/
&RPPD\RU\PHQRUUHSDUDFLyQYHKPRWRU\PRWRF
$/
7UDQVSRUWH\DOPDFHQDPLHQWR
$/
+RVWHOHUtD
$/
,QIRUPDFLyQ\FRPXQLFDFLRQHV
$/
$FWLYLGDGHVILQDQFLHUDV\GHVHJXURV
$FWLYLGDGHVLQPRELOLDULDV
$/
$FWLYLGDGHVSURIHVLRQDOHVFLHQWtILFDV\WpFQLFDV
$/
$FWLYLGDGHVDGPLQLVWUDWLYDV\VHUYLFLRVDX[OLDUHV
$GP3~EOLFD\GHIHQVD6HJXULGDG6RFLDOREOLJDWRULD
1&
(GXFDFLyQ
$/
$FWLYLGDGHVVDQLWDULDV\GHVHUYLFLRVVRFLDOHV
$/
$FWLYLGDGHVDUWtVWLFDVUHFUHDWLYDV\GHHQWUHQLPLHQWR
$/
2WURVVHUYLFLRV
$FWKRJDUHPSSHUVGRPRSURGXFELHQHVVHUY
1&
$FWLYRUJDQL]DFLRQHV\RUJDQLVPRVH[WUDWHUULWRULDOHV
1&
$/
727$/6(&725(6
(OVHFWRUGHGHVWLQRGHODV(79(HVDTXHOGRQGHUDGLFDQODVHPSUHVDVFX\DV
DFFLRQHVGHWHQWDQ/DLQGXVWULDPDQXIDFWXUHUD\HOFRPHUFLRVXSRQHQXQ
GHO WRWDO D FRQWLQXDFLyQ \ FRQ FUHFLPLHQWR LPSRUWDQWH HQ HO ODV
DFWLYLGDGHV ILQDQFLHUDV \ GH VHJXURV SRU GHODQWH GH ODV LQGXVWULDV H[WUDFWLYDV
FRQXQ
)XHQWH5HJLVWURGH,QYHUVLRQHV([WHULRUHV
3RVLFLyQGHOD,QYHUVLyQHVSDxRODHQHOH[WHULRU
,,326,&,Ï1'(/$,19(56,Ï1(63$f2/$(1(/(;7(5,25
3RVLFLyQGHOD,QYHUVLyQHVSDxRODHQHOH[WHULRU
'$726$*5(*$'26
&RPR HQ HO FDVR GHO VWRFN SRVLFLyQ GH LQYHUVLyQ H[WUDQMHUD HQ (VSDxD ORV
GDWRVDKRUDGHOVWRFNGHLQYHUVLyQHVSDxRODHQHOH[WHULRUYDUtDQSRFRHQ
UHODFLyQ FRQ ORV REWHQLGRV XQ DxR DQWHV PLOORQHV GH ¼ IUHQWH D
PLOORQHV UHIOHMDGRV HQ QXHVWUR EROHWtQ SRVLFLyQ 3RU OR WDQWR
SRFDVPHPRULDVQXHYDVFRUUHVSRQGLHQWHVDOSHUtRGRVHKDQDxDGLGRHQ
pVWH
3RVLFLyQGHOD,QYHUVLyQ(VSDxRODHQHO([WHULRU&RPSRQHQWHV
&XDGUR3RVLFLyQGHOD,QYHUVLyQ(VSDxRODHQHO([WHULRU&RPSRQHQWHV
'$726'(326,&,Ï1
326,&,Ï1*/2%$/PLOORQHVGH¼
(79(
QR(79(
)21'263523,26PLOORQHVGH¼
(79(
'DWRVD
'DWRVD
QR(79(
(Q(PSUHVDVQR&RWL]DGDV
(Q(PSUHVDV&RWL]DGDV
),1$1&,$&,Ï1$(035(6$6(1(/
(;7(5,25PLOORQHVGH¼
(79(
QR(79(
)XHQWH5HJLVWURGH,QYHUVLRQHV([WHULRUHV
(O YDORU GH OD SRVLFLyQ GH LQYHUVLyQ HVSDxROD HQ HO H[WHULRU D VH
HVWLPDHQPLOORQHVGH¼FRQXQLQFUHPHQWRGHXQUHSDUWLGRHQXQD
FDtGDGHHQSRVLFLyQ(79(\XQDXPHQWRGHXQHQODSRVLFLyQGH
LQYHUVLyQSURGXFWLYDQR(79(&RPSRQHQWHGHODSRVLFLyQJOREDOHOYDORUGHO
VWRFN LQYHUVRU GH ORV UHVLGHQWHV HQ (VSDxD HQ IRQGRV SURSLRV UHJLVWUD XQD
SURJUHVLyQ GH FRQ DXPHQWR HVSHFLDOPHQWH HQ ODV HPSUHVDV FRWL]DGDV
TXHVXSRQHQVyORXQGHOWRWDO
3RUHOFRQWUDULRODILQDQFLDFLyQDHPSUHVDVGHOJUXSRHQHOH[WHULRUPXHVWUDXQD
FDtGD QHWD GHO VREUH ORV YDORUHV \D DOWDPHQWH QHJDWLYRV GHO TXH
LQGLFDTXHODVHPSUHVDVLQYHUVRUDVUHVLGHQWHVHQ(VSDxDDFXGHQDILQDQFLDUVH
FUHFLHQWHPHQWH GH VXV ILOLDOHV \ VXFXUVDOHV HQ HO H[WUDQMHUR HQ OXJDU GH
ILQDQFLDUODV FRPR HV HO FDVR GH ORV LQYHUVRUHV UHVLGHQWHV HQ HO H[WHULRU
UHVSHFWR D ODV HPSUHVDV GH LQYHUVLyQ GLUHFWD HVSDxRODV DXQTXH HQ FLIUDV
GHFUHFLHQWHV/DVFLIUDVGHILQDQFLDFLyQGHOH[WHULRUVHFRQFHQWUDQHQHPSUHVDV
SURGXFWLYDV PLHQWUDV TXH ODV (79( PXHVWUDQ WRGDYtD ILQDQFLDFLyQ SRVLWLYD
KDFLDHOH[WHULRU
'LUHFFLyQ*HQHUDOGH&RPHUFLRH,QYHUVLRQHV
3RVLFLyQGHOD,QYHUVLyQ(VSDxRODHQHO([WHULRU'DWRVHFRQyPLFRV
&XDGUR3RVLFLyQGHOD,QYHUVLyQ(VSDxRODHQHO([WHULRU'DWRVHFRQyPLFRV
'$726$18$/(6
(03/(21~PHURGHHPSOHDGRV
(79(
QR(79(
&,)5$'(1(*2&,2PLOORQHVGH¼
(79(
QR(79(
5(68/7$'26PLOORQHVGH¼
'DWRVD
'DWRVD
(79(
QR(79(
(035(6$6Qž
1LYHO
1LYHO
)XHQWH5HJLVWURGH,QYHUVLRQHV([WHULRUHV
/RVGDWRVHFRQyPLFRVTXHILJXUDQHQHVWHFXDGURVLELHQQRIRUPDQSDUWHGHOD
SRVLFLyQ SURSLDPHQWH GLFKD RIUHFHQ XQ LQIRUPDFLyQ FRPSOHPHQWDULD VREUH HO
GHVDUUROORGHODLQYHUVLyQGLUHFWDHIHFWXDGDSRUQXHVWURVJUXSRVLQYHUVRUHVHQ
HOH[WUDQMHURWDQWRSRUORTXHVHUHILHUHDOHPSOHRJHQHUDGRHQHOH[WHULRUFRPR
DODIDFWXUDFLyQ\UHVXOWDGRVREWHQLGRVSRUODVHPSUHVDVHVSDxRODVDWUDYpVGH
VXVILOLDOHVH[WUDQMHUDV
(O HPSOHR JHQHUDGR SRU OD LQYHUVLyQ HVSDxROD HQ HO H[WHULRU VH KD
LQFUHPHQWDGRXQFRQFHQWUDGRHQLQYHUVLyQQR(79(IUHQWHDXQGH
DXPHQWRHODxRDQWHULRU
/D FLIUD GH QHJRFLRV VH KD LQFUHPHQWDGR XQ PLHQWUDV ORV UHVXOWDGRV
EHQHILFLRV QHWRV GH ODV HPSUHVDV H[WUDQMHUDV LQYHUWLGDV SRU UHVLGHQWHV
HVSDxROHV KDQ GLVPLQXLGR XQ 1R REVWDQWH ORV UHVXOWDGRV GHVSXpV GH
LPSXHVWRVVHPDQWLHQHQHQFLIUDDOWDGHVSXpVGHOLQFUHPHQWRHVSHFWDFXODUGHO
GH XQ (O GH HVD FLIUD PLOORQHV FRUUHVSRQGH D
HPSUHVDV GH LQYHUVRUHV HVSDxROHV QR (79( TXH FUHFHQ XQ HQ UHODFLyQ D
)LQDOPHQWH DSDUHFH HO Q~PHUR GH HPSUHVDV H[WUDQMHUDV FRQWHQLGDV HQ ODV
PHPRULDVGHLQYHUVLyQHVSDxRODHQHOH[WHULRUSUHVHQWDGDVTXHDIHFWDQ
DHPSUHVDVH[WUDQMHUDVGHQLYHO\DHPSUHVDVGHQLYHOSDUDXQ
WRWDOGH XQ PiV TXH HQ GH ODV FXDOHV VRQ HPSUHVDV
H[WUDQMHUDVGLVWLQWDVXQPiVTXHODVUHFRJLGDVXQDxRDQWHV
3RVLFLyQGHOD,QYHUVLyQHVSDxRODHQHOH[WHULRU
'$72632575$026
&XDGUR'LVWULEXFLyQGHYDULDEOHVSRUWUDPRV([FOXLGDV(79(V
326,&,Ï1
7UDPRV PLOORQHV
GH¼
(PSUHVDV
Qž
3RVLFLyQ
PLOORQHV¼
WRWDO
0D\RU
727$/
&,)5$'(1(*2&,2
7UDPRV PLOORQHV
GH¼
(PSUHVDV
Qž
&LIUDGHQHJRFLR
PLOORQHV¼
WRWDO
0D\RU
727$/
5(68/7$'26
7UDPRV PLOORQHV
GH¼
(PSUHVDV
Qž
5HVXOWDGRV
PLOORQHV¼
WRWDO
0HQRU
0D\RU
727$/
)XHQWH5HJLVWURGH,QYHUVLRQHV([WHULRUHV
HVHOQ~PHURGHHPSUHVDVH[WUDQMHUDVQR(79(TXHWLHQHQSRVLFLyQGH
LQYHUVLyQ GH UHVLGHQWHV HQ (VSDxD 6REUH HVD EDVH YHPRV HQ HVWH FXDGUR HO
JUDGR GH FRQFHQWUDFLyQ GH ODV YDULDEOHV SRVLFLyQ FLIUD GH QHJRFLR \
UHVXOWDGRV (VWDEOHFHPRV SXHV WUDPRV VHxDODQGR HO Q~PHUR GH HPSUHVDV
FRPSUHQGLGDVHQHOODV([SUHVDPRVYDORUDEVROXWR\UHODWLYRGHFDGDYDULDEOH
DVtFRPRHOQ~PHURGHHPSUHVDV\VXSRUFHQWDMHVREUHHOWRWDO2EWHQHPRVDVt
XQDSDQRUiPLFDVREUHODGLVWULEXFLyQGHODLQYHUVLyQHVSDxROD
(OYDORUGHOVWRFNSRVLFLyQGHODLQYHUVLyQHVSDxRODFRQFHQWUDFDVLHOGH
VX YDORU VREUH HPSUHVDV H[WUDQMHUDV TXH UHSUHVHQWDQ VyOR HO GH OD
PXHVWUD HPSUHVDV H[WUDQMHUDV WLHQHQ XQ YDORU GH SRVLFLyQ
QHJDWLYR /RV SRUFHQWDMHV YDUtDQ HVFDVDPHQWH IUHQWH D OD GLVWULEXFLyQ GHO DxR
DQWHULRU
'LUHFFLyQ*HQHUDOGH&RPHUFLRH,QYHUVLRQHV
/DFLIUDGHQHJRFLRVPXHVWUDXQDGLVWULEXFLyQDOJRPiVGLYHUVLILFDGD\
GHODVHPSUHVDVH[WUDQMHUDVFRQFLIUDGHQHJRFLRVVXSHULRUDPLOORQHVGH¼
UHSUHVHQWDQHOGHOWRWDO
/R UHVXOWDGRV VH GLVWULEX\HQ WDPELpQ GHIRUPD DVLPpWULFD HQWUH ODV HPSUHVDV
H[WUDQMHUDV FRQ SRVLFLyQ GH LQYHUVLyQ GH UHVLGHQWHV HQ (VSDxD $Vt HPSUHVDV H[WUDQMHUDV FRQ EHQHILFLRV VXSHULRUHV D PLOORQHV GH ¼ VyOR HO
GHO WRWDO DFXPXODQ XQRV UHVXOWDGRV TXH VXSRQHQ HO GH ORV
REWHQLGRV HQ HO SHUtRGR VRFLHGDGHV UHVLGHQWHV HQ HO H[WHULRU KDQ
REWHQLGRSpUGLGDVGHPLOORQHVGH¼
&XDGUR&DSLWDOH[WUDQMHURGHOLQYHUVRUHVSDxRO
(035(6$5(6,'(17(
,QYHUVRUGLUHFWR
3RUFHQWDMHGHFDSLWDOH[WUDQMHUR
727$/
326,&,Ï1
'DWRVD
V7RWDO
'DWRVD
V7RWDO
D
D
D
D
)XHQWH5HJLVWURGH,QYHUVLRQHV([WHULRUHV
9HDPRV HQ HVWH FXDGUR LQFOX\HQGR WDPELpQ ODV (79( OD GLVWULEXFLyQ SRU
WUDPRVVHJ~QODSDUWLFLSDFLyQGHFDSLWDOH[WUDQMHURHQODVHPSUHVDVHVSDxRODV
WLWXODUHVGHLQYHUVLyQH[WHULRUGLUHFWD
/DVHPSUHVDVUHVLGHQWHVHQ(VSDxDFRQWURODGDVSRUFDSLWDOQDFLRQDOHVGHFLU
FRQ SDUWLFLSDFLyQ GH FDSLWDO H[WUDQMHUR PHQRU GHO VXSRQHQ HQ HO
GH OD SRVLFLyQ H[WHULRU IUHQWH D XQ TXH VXSRQtDQ XQ DxR DQWHV
PLOORQHV GHO YDORU GH OD SRVLFLyQ H[WHULRU FRUUHVSRQGH D
HPSUHVDVHQTXHODSDUWLFLSDFLyQGHFDSLWDOH[WUDQMHURHVPHQRUDO
(Q HO RWUR H[WUHPR ODV HPSUHVDV HVSDxRODV FRQ SDUWLFLSDFLyQ GH FDSLWDO
H[WUDQMHURVXSHULRUDOVRQDKRUDUHVSRQVDEOHVGHOGHOYDORUWRWDOGHO
VWRFNHQHOH[WHULRUHQHOHMHUFLFLRDQWHULRUFDVLXQ'HQWURGHHVWHJUXSR
VH HQFXHQWUDQ ODV (79( TXH FRPR VH REVHUYD HQ HO FXDGR HQ DOFDQ]DURQXQDFLIUDGHPLOORQHVGH¼XQGHOWRWDO
6HGHWHFWDSRUWDQWRHQHVWHSHUtRGRXQDFLHUWDWHQGHQFLDDODGLVPLQXFLyQGHOD
SDUWLFLSDFLyQGHFDSLWDOH[WUDQMHURHQHOFDSLWDOGHODVHPSUHVDVUHVLGHQWHVHQ
(VSDxDFRQVWRFNGHLQYHUVLyQHQHOH[WHULRU
3RVLFLyQGHOD,QYHUVLyQHVSDxRODHQHOH[WHULRU
'$7263253$Ë6
3DtVGHGHVWLQR3RVLFLyQ
&XDGUR3DtVGHVWLQRGHODLQYHUVLyQ3RVLFLyQ([FOXLGDV(79(V
3$Ë6(6
%5$6,/
3RVLFLyQ
PLOORQHV¼
3RVLFLyQ
PLOORQHV¼
V727$/
5(,1281,'2
(67$'2681,'26'($0(5,&$
0(;,&2
32578*$/
3$,6(6%$-26
$/(0$1,$
)5$1&,$
/8;(0%85*2
&+,/(
68,=$
$5*(17,1$
&2/20%,$
&+,1$
%(/*,&$
,7$/,$
,6/$6&$,0$1
32/21,$
78548,$
3(58
,5/$1'$
3DtVHV2&'(
8(
5HVWRSDLVHV
727$/
$GGHQGXP
8(
/$7,12$0(5,&$
$0e5,&$'(/1257(
$6,$<2&($1,$
$)5,&$
/DSRVLFLyQHVSDxRODHQHOH[WHULRUVHFRQFHQWUDHQORVSDtVHVGHOD2&'(FRQ
HO GHO WRWDO HQ FDVL SXQWRV SRUFHQWXDOHV PHQRV TXH HO DxR
DQWHULRU /DV SULQFLSDOHV iUHDV HQ ODV TXH VH ORFDOL]D VLJXHQ VLHQGR (XURSD
)XHQWH5HJLVWURGH,QYHUVLRQHV([WHULRUHV
'LUHFFLyQ*HQHUDOGH&RPHUFLRH,QYHUVLRQHV
HVSHFLDOPHQWH8(FRQHOGHOWRWDO\/DWLQRDPpULFDFRQHO
6LQ HPEDUJR VL FRPSDUDPRV HVWDV FLIUDV FRQ ODV GH HMHUFLFLRV DQWHULRUHV
REVHUYDPRVTXHHOFRPSRUWDPLHQWRGHODSRVLFLyQVLJXHWHQGHQFLDVRSXHVWDV
FRQFDtGDVGHOHQHOSULPHUFDVR\FUHFLPLHQWRGHOHQHOVHJXQGR
VXVYDORUHVUHODWLYRVVLJXHQDFRUWDQGRGLVWDQFLDVGHVGHORVPiVGHSXQWRV
SRUFHQWXDOHVTXHOHVVHSDUDEDQHQDORVTXHOHVGLVWDQFLDQKR\
/RV GLH] SULPHURV SDtVHV GH HVWH UDQNLQJ FRQ FXRWDV GH SDUWLFLSDFLyQ
VXSHULRUHVDOUHFLEHQHOGHODSRVLFLyQHVSDxROD6RORWUHVSDtVHV
WLHQHQFXRWDVVXSHULRUHVDO%UDVLO5HLQR8QLGR\(VWDGRV
8QLGRV FRPR HQ HO HMHUFLFLR DQWHULRU \ PDQWLHQHQ HVWRV SULPHURV
SXHVWRV SHUR HQ GLVWLQWR RUGHQ \D TXH PLHQWUDV FUHFLy HQ %UDVLO \ (VWDGRV
8QLGRVXQ\UHVSHFWLYDPHQWHHQHO5HLQR8QLGRVHUHGXMRXQ
HQWDVDLQWHUDQXDO
(Q FXDQWRDO FRPSRUWDPLHQWRGH OD SRVLFLyQ HVSDxRODHQ ORV UHVWDQWHVSDtVHV
HXURSHRV FDEH GHVWDFDU HO FUHFLPLHQWR HQ ORV 3DtVHV %DMRV TXH OH
SHUPLWHDVFHQGHUSXHVWRVHQHVWHUDQNLQJDOFRQWUDULRTXH6XL]DTXHFRQ
XQDFDtGDGHSXQWRVSRUFHQWXDOHVGHVFLHQGHKDVWDHOSXHVWRQ~PHUR
2WURVSDtVHVHQORVTXHKDFUHFLGRVLJQLILFDWLYDPHQWHODSRVLFLyQHVSDxRODVRQ
7XUTXtD &KLQD 3RORQLD \ 3HU~ SHUR VX SHVR
UHODWLYRHQHOFRQMXQWRHVD~QPX\UHGXFLGR
&XDGUR3RVLFLyQSRUiUHDVJHRJUiILFDV\HVWUXFWXUDGHOFDSLWDOGHODHPSUHVDLQYHUVRUD
$5($
(035(6$6
727$/(035(6$6
&21752/$'$6325
,19(5625$6PLOORQHV 7RWDO
&$3,7$/(;75$1-(52 7RWDO
¼
PLOORQHV¼
(035(6$6
&21752/$'$6325
&$3,7$/,17(512
PLOORQHV¼
7RWDO
8(
/$7,12$0(5,&$
5(672
727$/
)XHQWH5HJLVWURGH,QYHUVLRQHV([WHULRUHV
RPiVGHFDSLWDOH[WUDQMHUR
(Q HVWH FXDGUR VH GHVJORVD OD SRVLFLyQ HVSDxROD HQ IXQFLyQ GHO FRQWURO GHO
FDSLWDO GH ODV HPSUHVDV LQYHUVRUDV SRU UHVLGHQWHV R QR UHVLGHQWHV \ GH ODV
iUHDVJHRJUiILFDVHQODVTXHVHORFDOL]D
/DVHPSUHVDV HVSDxRODV FRQWURODGDV SRU FDSLWDO LQWHUQR KD VLGR HO JUXSRPiV
GLQiPLFR GHO FRQMXQWR LQFUHPHQWDQGR VX SRVLFLyQ HQ HO H[WHULRU GH PLOORQHVGHHXURVHQDPLOORQHVHQHOHMHUFLFLRDFWXDO$HOODVVH
GHEHHOGHODSRVLFLyQWRWDOSXQWRVPiVTXHHO\ODViUHDV
SULQFLSDOHV GH ORFDOL]DFLyQ IXHURQ OD 8( SULQFLSDO GHVWLQR FRQ HO VHJXLGD GH /DWLQRDPpULFD FRQ XQD FXRWD GHO GDWRV VLPLODUHV D ORV GH
DXQTXHFDEHGHVWDFDUTXHHQFRPSDUDFLyQFRQORVDQWHULRUHVHMHUFLFLRV
ODSULPHUDSLHUGHPiVGHSXQWRVSRUFHQWXDOHVDQXDOHVTXHHODxRSDVDGRVH
VXPDURQDODVHJXQGDPLHQWUDVTXHHQVHDxDGHQDOUHVWRGHOPXQGR
3RVLFLyQGHOD,QYHUVLyQHVSDxRODHQHOH[WHULRU
/DVHPSUHVDVHVSDxRODVFRQWURODGDVSRUFDSLWDOIRUiQHRSRUHOFRQWUDULRKDQ
SHUGLGR YDORU DEVROXWR \ UHODWLYR HQ OD SRVLFLyQ WRWDO SDVDQGR GH PLOORQHVGHHXURVHQDPLOORQHVHQ\GHODO
HQWpUPLQRVUHODWLYRV6HFRQFHQWUDHQHOiUHD8(FRQHOGHOWRWDOD
SHVDUGHTXHVXSHVRUHODWLYRVLJXHUHWURFHGLHQGRGHVGHHQEHQHILFLRGH
ODV RWUDV iUHDV OR TXH KD SHUPLWLGR D /DWLQRDPpULFD DOFDQ]DU HO GH
FXRWDHQHVWHHMHUFLFLR
'$7263256(&725
(O DQiOLVLV VHFWRULDO GH OD SRVLFLyQ HVSDxRODHQ HOH[WHULRU VH DQDOL]D GHVGH OD
GREOHSHUVSHFWLYDGHOVHFWRUHFRQyPLFRGHODHPSUHVDH[WUDQMHUDGHVWLQRGHOD
LQYHUVLyQ \ HO VHFWRU HFRQyPLFR GH OD HPSUHVD HVSDxROD LQYHUVRUD VHFWRU GH
RULJHQGHODLQYHUVLyQ
6HFWRUGH,QYHUVLyQHQGHVWLQR3RVLFLyQ
&XDGUR6HFWRUGH,QYHUVLyQHQ'HVWLQR3RVLFLyQ([FOXLGDV(79(V
326,&,Ï1
&1$(
6(&725
3RVLFLyQ
PLOORQHV¼
3RVLFLyQ
PLOORQHV¼
WRWDO
$/
$JULFXOWXUDJDQDGHUtDVLOYLFXOWXUD\SHVFD
$/
,QGXVWULDVH[WUDFWLYDV
,QGXVWULDPDQXIDFWXUHUD
6XPHQHUJtDHOpFWULFDJDVYDSRU\DLUHDFRQG
$/
6XPDJXDDFWL6DQHDPJHVWLyQUHVGHVFRQW
$/
&RQVWUXFFLyQ
$/
&RPHUFLRPD\RUPHQRUUHS9HKPRWRU\PRWRF
$/
$/
7UDQVSRUWH\DOPDFHQDPLHQWR
$/
+RVWHOHUtD
$/
,QIRUPDFLyQ\FRPXQLFDFLRQHV
$/
$FWLYLGDGHVILQDQFLHUDV\GHVHJXURV
$FWLYLGDGHVLQPRELOLDULDV
$/
$FWLYLGDGHVSURIHVLRQDOHVFLHQWtILFDV\WpFQLFDV
$/
$FWLYLGDGHVDGPLQLVWUDWLYDV\VHUYLFLRVDX[OLDUHV
$GP3~EOLFD\GHIHQVD6HJ6RFLDOREOLJDWRULD
(GXFDFLyQ
$/
$FWLYLGDGHVVDQLWDULDV\GHVHUYLFLRVVRFLDOHV
$/
$FWLYDUWtVWLFDVUHFUHDWLYDV\GHHQWUHQLPLHQWR
$/
2WURVVHUYLFLRV
$/
$FWKRJDUHPSSHUVGRPRSFELHQHVVHUY
$FWLYGHRUJDQ\RUJDQLVPRVH[WUDWHUULWRULDOHV
727$/
1&
1&
1&
)XHQWH5HJLVWURGH,QYHUVLRQHV([WHULRUHV
7UHV JUDQGHV VHFWRUHV FRQFHQWUDQ HO GH OD SRVLFLyQ FRQ FXRWDV
VXSHULRUHV DO DXQTXH HO SULPHUR $FWLYLGDGHV )LQDQFLHUDV \ GH 6HJXURV
SULQFLSDOPHQWH LPSXOVDGR SRU OD EDQFD GXSOLFD OD FXRWD GH
SDUWLFLSDFLyQGHORVVHFWRUHVVLJXLHQWHV,QGXVWULD0DQXIDFWXUHUDFRQHO
'LUHFFLyQ*HQHUDOGH&RPHUFLRH,QYHUVLRQHV
\ HO 6HFWRU GH ,QIRUPDFLyQ \ &RPXQLFDFLRQHV FRQ ODV
7HOHFRPXQLFDFLRQHVFRPRSULQFLSDODFWLYLGDG
6L DxDGLPRV ORV WUHV VHFWRUHV VLJXLHQWHV FRQ FXRWDV SRU HQFLPD HO 6XPLQLVWURGH(QHUJtD*DV\9DSRU&RPHUFLR\&RQVWUXFFLyQFRQ
HOKDEUHPRVGLVWULEXLGRHOGHODSRVLFLyQHVSDxRODHQHOH[WHULRU
(Q FXDQWR D OD HYROXFLyQ GH HVWRV VHFWRUHV VL H[FHSWXDPRV OD ,QGXVWULD
0DQXIDFWXUHUD FRQ XQD FDtGD GHO HQ WDVD LQWHUDQXDO WRGRV ORV GHPiV
KDQ FUHFLGR WUHV GH HOORV FRQ WDVDV SUy[LPDV D SXQWRV SRUFHQWXDOHV \ HQ
ORVH[WUHPRVHO6HFWRUGHOD(QHUJtDFRQSXQWRV\$FWLYLGDGHV)LQDQFLHUDV
\GH6HJXURVFRQ
6HFWRUGH,QYHUVLyQHQ2ULJHQ3RVLFLyQ
&XDGUR6HFWRUGH,QYHUVLyQHQ2ULJHQ3RVLFLyQ([FOXLGDV(79(V
326,&,Ï1
&1$(
6(&725
3RVLFLyQ
PLOORQHV¼
3HUVRQD)tVLFD
$/
$JULFXOWXUDJDQDGHUtDVLOYLFXOWXUD\SHVFD
$/
,QGXVWULDVH[WUDFWLYDV
$/
,QGXVWULDPDQXIDFWXUHUD
3RVLFLyQ
PLOORQHV¼
WRWDO
6XPHQHUJtDHOpFWULFDJDVYDSRU\DLUHDFRQG
$/
6XPLQLVWURDJXDDFWLVDQHDPLHQWRJHVWLyQUHVLGXRVGHVFR
$/
&RQVWUXFFLyQ
$/
&RP0D\RUPHQRUUHSDYHKtFXORVPRWRU\PRWRF
$/
7UDQVSRUWH\DOPDFHQDPLHQWR
$/
+RVWHOHUtD
$/
,QIRUPDFLyQ\FRPXQLFDFLRQHV
$FWLYLGDGHVLQPRELOLDULDV
$/
$FWLYLGDGHVSURIHVLRQDOHVFLHQWtILFDV\WpFQLFDV
$/
$FWLYLGDGHVDGPLQLVWUDWLYDV\VHUYLFLRVDX[OLDUHV
$/
$FWLYLGDGHVILQDQFLHUDV\GHVHJXURV
$GP3~EOLFD\GHIHQVD6HJXULGDG6RFLDOREOLJDWRULD
1&
(GXFDFLyQ
$/
$FWLYLGDGHVVDQLWDULDV\GHVHUYLFLRVVRFLDOHV
$/
$FWLYDUWtVWLFDVUHFUHDWLYDV\GHHQWUHQLPLHQWR
$/
2WURVVHUYLFLRV
$/
$FWKRJDUHPSSHUVGRPRSURGXFELHQHVVHUY
1&
$FWLYGHRUJDQL]DFLRQHV\RUJDQH[WUDWHUULWRULDOHV
1&
727$/
)XHQWH5HJLVWURGHLQYHUVLRQHV([WHULRUHV
/DGLVWULEXFLyQVHFWRULDOHQRULJHQGHODSRVLFLyQHVSDxRODHQHOH[WHULRURIUHFH
XQDFRQFHQWUDFLyQD~QPD\RUTXHODGLVWULEXFLyQHQGHVWLQR'HVWDFDHO6HFWRU
)LQDQFLHUR\GH6HJXURVFRQODEDQFDFRPRSULQFLSDODFWLYLGDGFRQHO
GHOWRWDOGRVSXQWRVPiVTXHHODxRDQWHULRU
(OVHJXQGRVHFWRUHQLPSRUWDQFLDHVOD,QGXVWULD0DQXIDFWXUHUDFRQXQDFXRWD
GHOTXHFRQXQDFDtGDGHOHQWDVDLQWHUDQXDOKDUHGXFLGRHVWH
DxRVXSHVRUHODWLYRHQHOFRQMXQWRHQFDVLSXQWRVSRUFHQWXDOHV
3RVLFLyQGHOD,QYHUVLyQHVSDxRODHQHOH[WHULRU
(Q FXDQWR DO UHVWR GH VHFWRUHV GHVWDFD HO PD\RU GLQDPLVPR GHO VHFWRU GH
,QIRUPDFLyQ \ &RPXQLFDFLRQHV 6HUYLFLRV GH 7HOHFRPXQLFDFLRQHV FRQ XQ
FUHFLPLHQWR GHO \ HO 6HFWRU GH OD (QHUJtD FRQ XQ FUHFLPLHQWR GHO
SHURVXVFXRWDVGHSDUWLFLSDFLyQVLJXHQVLHQGRUHGXFLGDV\
UHVSHFWLYDPHQWH
/D SRVLFLyQ HQ HO H[WHULRU GH SHUVRQDV ItVLFDV UHVLGHQWHV HQ (VSDxD VH
UHGXMRHQXQHQHVWHHMHUFLFLRSHURVXSHVRUHODWLYRVHPDQWXYRHQ
HOSRVLFLyQPX\VLPLODUDODGHODxRDQWHULRU
'$726325&2081,'$'$87Ï120$
&XDGUR&RPXQLGDG$XWyQRPDGH2ULJHQ3RVLFLyQ([FOXLGDV(79(V
326,&,Ï1
&2081,'$'$87Ï120$
3RVLFLyQ
PLOORQHV¼
&2081,'$''(0$'5,'
3RVLFLyQ
PLOORQHV¼
7RWDO
&$17$%5,$
&$7$/8f$
3$,69$6&2
*$/,&,$
&2081,'$'9$/(1&,$1$
$1'$/8&,$
35,1&,3$'2'($6785,$6
,6/$6%$/($5(6
$5$*21
1$9$55$
&$67,//$</(21
5(*,21'(085&,$
&$67,//$/$0$1&+$
,6/$6&$1$5,$6
/$5,2-$
(;75(0$'85$
&(87$<0(/,//$
727$/
)XHQWH5HJLVWURGHLQYHUVLRQHV([WHULRUHV
/D GLVWULEXFLyQ SRU &RPXQLGDGHV $XWyQRPDV TXH VH HODERUD HQ IXQFLyQ GHO
GRPLFLOLRGHODVSHUVRQDVItVLFDV\MXUtGLFDVLQYHUVRUDVHQHOH[WHULRUVLJXHOD
PLVPD WHQGHQFLD TXH HQ DxRV DQWHULRUHV DFHQWXDQGR SRU WDQWR OD
FRQFHQWUDFLyQ &XDWUR &RPXQLGDGHV VRQ UHVSRQVDEOHV GHO GH OD
SRVLFLyQ HQ HO H[WHULRU \ OD SULPHUD 0DGULG FRQ HO FRQVROLGD VX
OLGHUD]JRFRPRHQHMHUFLFLRVDQWHULRUHV
$ FRQWLQXDFLyQ FRQ FXRWDV GH SDUWLFLSDFLyQ VXSHULRUHV DO OH VLJXHQ
&DQWDEULD &DWDOXxD \ 3DtV 9DVFR FRPR HQ DxRV DQWHULRUHV DXQTXH SRU OD
'LUHFFLyQ*HQHUDOGH&RPHUFLRH,QYHUVLRQHV
GLIHUHQWHHYROXFLyQGHODVGRV~OWLPDVVHKDQLQWHUFDPELDGRHQHVWHUDQNLQJORV
SXHVWRVTXHRFXSDEDQHODxRDQWHULRU
(035(6$6'(7(1(1&,$'(9$/25(6(;75$1-(526
'LVWULEXFLyQSRU3DtVGH'HVWLQR
&XDGUR3DtVGH'HVWLQRGH(79(V3RVLFLyQ
326,&,Ï1
3$Ë6(6
3RVLFLyQ
PLOORQHV¼
3RVLFLyQ
PLOORQHV¼
7RWDO
5(6723$Ë6(6
727$/
/8;(0%85*2
3$,6(6%$-26
$5*(17,1$
68,=$
%(/*,&$
$/(0$1,$
,5/$1'$
&$1$'$
%5$6,/
32578*$/
9(1(=8(/$
0(;,&2
(67$'2681,'26'($0(5,&$
858*8$<
)5$1&,$
3(58
5(,1281,'2
78548,$
&2/20%,$
$GGHQGXP
3DtVHV2&'(
8(
8(
/$7,12$0(5,&$
$0e5,&$'(/1257(
$6,$<2&($1,$
$)5,&$
)XHQWH5HJLVWURGH,QYHUVLRQHV([WHULRUHV
/DVLQYHUVLRQHVHIHFWXDGDVSRU(PSUHVDVGH7HQHQFLDGH9DORUHV([WUDQMHURV
TXH UHVSRQGHQ D ODV YHQWDMDV ILVFDOHV TXH RIUHFHQ KDQ EXVFDGR DGHPiV
FRPRSULQFLSDOGHVWLQRJHRJUiILFRSDtVHVGHEDMDILVFDOLGDG
3RVLFLyQGHOD,QYHUVLyQHVSDxRODHQHOH[WHULRU
/X[HPEXUJRKDVLGRVLHPSUHHOSULPHUSDtVGHGHVWLQRFRQFXRWDVVXSHULRUHV
DO GHO WRWDOGH ODSRVLFLyQ DXQTXH HVWH DxR FRQ XQD FDtGD GH HQ
WDVDLQWHUDQXDOVHKDUHGXFLGRDO
2WURV SDtVHV WUDGLFLRQDOPHQWH UHFHSWRUHV GH OD LQYHUVLyQ (79( VRQ FRQ
FXRWDVVXSHULRUHVDO3DtVHV%DMRV\$UJHQWLQDDVtFRPR6XL]D\%pOJLFD
DXQTXH OD SDUWLFLSDFLyQ GH pVWRV ~OWLPRV QR OOHJD DO &RQ FUHFLPLHQWR GHO
\\FXRWDVSUy[LPDVDOVHHQFXHQWUDQ$OHPDQLD\&DQDGi
'LVWULEXFLyQSRU6HFWRU
&XDGUR6HFWRUGH,QYHUVLyQGH(79(V3RVLFLyQ
326,&,Ï1
&1$(
6(&725
3RVLFLyQ
PLOORQHV¼
3RVLFLyQ
PLOORQHV¼
7RWDO
$/
$JULFXOWXUDJDQDGHUtDVLOYLFXOWXUD\SHVFD
$/
,QGXVWULDVH[WUDFWLYDV
$/
,QGXVWULDPDQXIDFWXUHUD
6XPHQHUJtDHOpFWULFDJDVYDSRU\DLUHDFRQG
$/
6XPDJXDDFWL6DQHDPJHVWLyQUHVGHVFRQW
$/
&RQVWUXFFLyQ
$/
&RPHUFLRPD\RU\PHQRUUHSDUDFLyQYHKtFXORVPRWRU
$/
7UDQVSRUWH\DOPDFHQDPLHQWR
$/
+RVWHOHUtD
$/
,QIRUPDFLyQ\FRPXQLFDFLRQHV
$FWLYLGDGHVILQDQFLHUDV\GHVHJXURV
$/
$FWLYLGDGHVLQPRELOLDULDV
$/
$FWLYLGDGHVSURIHVLRQDOHVFLHQWtILFDV\WpFQLFDV
$/
$FWLYLGDGHVDGPLQLVWUDWLYDV\VHUYLFLRVDX[
$GP3~EOLFD\GHIHQVD6HJ6RFLDOREOLJDWRULD
1&
(GXFDFLyQ
$/
$FWLYLGDGHVVDQLWDULDV\GHVHUYLFLRVVRFLDOHV
$/
$FWLYDUWtVWLFDVUHFUHDWLYDV\GHHQWUHQLPLHQWR
$/
2WURVVHUYLFLRV
$/
$FWKRJDUHPSSHUVGRPHVWRSELHQHVVHUY
1&
$FWLYRUJDQL]DFLRQHV\RUJDQH[WUDWHUULWRULDOHV
1&
727$/
)XHQWH5HJLVWURGH,QYHUVLRQHV([WHULRUHV
6HRIUHFHHQHVWHFXDGURODGLVWULEXFLyQGHODSRVLFLyQHVSDxRODHQHOH[WHULRU
HQ IXQFLyQ GHO VHFWRU GH DFWLYLGDG HFRQyPLFD GH ODV VRFLHGDGHV H[WUDQMHUDV
FRQWURODGDVSRUHPSUHVDV(79(
&XDWURVHFWRUHVFRQFHQWUDQHOGHODSRVLFLyQHQFDEH]DQGRODOLVWDHO
6HFWRU 0DQXIDFWXUHUR TXH WUDV VXIULU XQD FRQWUDFFLyQ GHO HQ WDVD
LQWHUDQXDO UHSUHVHQWD HO GHO FRQMXQWR SXQWRV PHQRV TXH HQ HO
HMHUFLFLRDQWHULRU
'LUHFFLyQ*HQHUDOGH&RPHUFLRH,QYHUVLRQHV
$ FRQWLQXDFLyQ VROR WUHV VHFWRUHV DOFDQ]DQ FXRWDV VXSHULRUHV DO (O
&RPHUFLR FRQ ODV $FWLYLGDGHV 3URIHVLRQDOHV &LHQWtILFDV \ 7pFQLFDV
\ORV6HUYLFLRV)LQDQFLHURV\GH6HJXURVFRQXQ
6H REVHUYD XQ LPSRUWDQWH FUHFLPLHQWR GH OD SRVLFLyQ HQ HO 6HFWRU GH ODV
,QGXVWULDV ([WUDFWLYDV HQ WDVD LQWHUDQXDO TXH OH KD VLWXDGR HQ HO ž
SXHVWRFRQXQDFXRWDGHSDUWLFLSDFLyQGHOGHOWRWDO
3UHYLVLRQHV3RVLFLyQ
,,,35(9,6,21(6326,&,Ï1
3UHYLVLRQHV3RVLFLyQ
35(9,6,21
35(9,6,21326,&,Ï1
,19(56,Ï1
(;75$1-(5$
,19(56,Ï1
(63$f2/$
326,&,Ï1PLOORQHV¼
)21'263523,26PLOORQHV¼
)/8-21(72PLOORQHV¼
),1$1&,$&,Ï1(;7(5,25'((035(6$6'(/*5832PLOORQHV¼
)/8-2),1$1&,$&,Ï1(;7(5,25'((035(6$6'(/*5832PLOORQHV¼
(Q OD LQYHUVLyQ H[WUDQMHUD SDUWLPRV GHO YDORU GH ORV IRQGRV SURSLRV D GH
GLFLHPEUHGHTXHHVGHPLOORQHVGH¼\OHVXPDPRVHOYDORUGHO
IOXMRGHLQYHUVLyQQHWDHQGHQXHVWUR5HJLVWURGHSXUDGDGHORVYDORUHVGH
PHUFDGR FRQWHQLGRV HQ ORV IOXMRV GH LQYHUVLyQ TXH QR VRQ SDUWH GHO YDORU
FRQWDEOHGHORVIRQGRVSURSLRV$HVWDFDQWLGDGOHVXPDPRVODHVWLPDFLyQTXH
HO%DQFRGH(VSDxDKDFHGHORVEHQHILFLRVQRGLVWULEXLGRVHQ\DTXHHQ
ORVIOXMRVQRFRQWDELOL]DPRVHVDFDQWLGDGTXHGHEHILJXUDUHQHOYDORUFRQWDEOH
GHORVIRQGRVSURSLRVGHODSRVLFLyQ2EWHQHPRVDVtODFLIUDGHIOXMRVQHWD
HQYDORUHVFRQWDEOHVGHGHPLOORQHVGH¼\HQFRQVHFXHQFLDODFLIUD
HVWLPDGDGHIRQGRVSURSLRVHQHVGHPLOORQHVGH¼
3DUD HVWLPDU OD ILQDQFLDFLyQ VREUH OD EDVH GHO YDORU GH ILQDQFLDFLyQ GH
HPSUHVDV GHO JUXSR GH PLOORQHV GH ¼ GH OH VXPDPRV DKRUD HO
LQFUHPHQWR GH YDORU GHO VWRFN R SRVLFLyQ GH ILQDQFLDFLyQ HQWUHILQDO GH \
ILQDOGHTXHLQGLFDHO%(TXHHVPLOORQHVGH¼7HQHPRVDVtXQD
FLIUDGHVWRFNGHILQDQFLDFLyQGHPLOORQHVGH¼\XQDSUHYLVLyQSDUDOD
SRVLFLyQ WRWDO GH PLOORQHV GH ¼ TXH VXSRQH XQ GHFUHPHQWR GHO VREUHODSRVLFLyQ
5HIHUHQWH D OD SRVLFLyQ GH LQYHUVLyQ HVSDxROD HQ HO H[WHULRU SDUWLHQGR GH
PLOORQHV GH ¼ HQ IRQGRV SURSLRV D GH GLFLHPEUH GH GHSXUDPRVHVDFLIUDGHOHIHFWRGHOWLSRGHFDPELRHVWLPDQGRHVHYDORUDOWLSR
GHFDPELRGHILQDOGHODxRUHVXOWDQGRHQODFLIUDGHPLOORQHVGH
¼ 7RPDPRV DKRUD ORV IOXMRV GH LQYHUVLyQ QHWD UHJLVWUDGD HQ VHJ~Q ORV
GDWRV GHO 5,( \ GHSXUDGD GH VXV YDORUHV GH PHUFDGR \ WLSR GH FDPELR \ OH
DxDGLPRV OD FDQWLGDG GH ORV EHQHILFLRV UHLQYHUWLGRV TXH HVWLPD HO %( SDUD HO
2EWHQHPRVDVtODFLIUDGHIOXMRQHWRGHPLOORQHVGH¼3RUORWDQWR
ODSUHYLVLyQGHIRQGRVSURSLRVSDUDHVGHPLOORQHVGH¼
3DVDPRV DKRUD D FDOFXODU HO YDORU GH OD SRVLFLyQ GH ILQDQFLDFLyQ 3DUD HOOR
VXPDPRVDOVWRFNGHILQDQFLDFLyQQHJDWLYRDMXVWDGRDOWLSRGHFDPELR
PLOORQHVGH¼ODGLIHUHQFLDHQWUHHOVWRFNGHILQDQFLDFLyQGHILQDOHVGH
\HOVWRFNGHILQDOHVGHTXHHVWLPDHO%(HQPLOORQHVGH¼(O
)XHQWH5HJLVWURGH,QYHUVLRQHV([WHULRUHV\%DQFRGH(VSDxD
'LUHFFLyQ*HQHUDOGH&RPHUFLRH,QYHUVLRQHV
UHVXOWDGRHVODFLIUDGHPLOORQHVGH¼3RU~OWLPRODHVWLPDFLyQSUHYLVWD
GH SRVLFLyQ WRWDO GHO VWRFN GH LQYHUVLyQ HVSDxROD HV GH XQ
GHVFHQVRVREUHODSRVLFLyQGH
(O HMHUFLFLR GH SUHYLVLyQ GHO VWRFN SRVLFLyQ GHO DxR VLJXLHQWH TXH UHDOL]DPRV
FRQVLVWH EiVLFDPHQWHHQ DMXVWDU ORV YDORUHV GH PHUFDGR GHOIOXMRGH LQYHUVLyQ
QHWDGHSXUiQGRODDYDORUHVHQOLEUREDVHGHHVWLPDFLyQGHODSRVLFLyQGHODxR
VLJXLHQWH$KRUDELHQODSRVLFLyQYDUtDWDPELpQFRQORVUHVXOWDGRVGHOHMHUFLFLR
SpUGLGDV\JDQDQFLDVGHIRUPDLQGHSHQGLHQWHGHOIOXMRLQYHUVRU(VWRFDPELRV
QR ORV UHFRJHPRV HQ HO DQiOLVLV SXHV ORV GHVFRQRFHPRV DKRUD \ SXHGHQ
FRQVWLWXLUXQDFDXVDLPSRUWDQWHGHGLVFUHSDQFLDHQWUHODSUHYLVLyQ\ODUHDOLGDG
127$62%5(0(72'2/2*Ë$87,/,=$'$
,9127$62%5(0(72'2/2*Ë$87,/,=$'$
127$62%5(0(72'2/2*Ë$87,/,=$'$
&21&(3726
,QYHUVLyQ([WHULRU'LUHFWD
'H DFXHUGR FRQ ODV UHFRPHQGDFLRQHV LQWHUQDFLRQDOHV VH FDOLILFDQ FRPR LQYHUVLyQ H[WHULRU
GLUHFWDDTXHOODVRSHUDFLRQHVPHGLDQWHODVFXDOHVXQLQYHUVRUGLUHFWRDGTXLHUHRDXPHQWDVX
SDUWLFLSDFLyQHQXQDHPSUHVDUHVLGHQWHHQRWURSDtVHPSUHVDUHFHSWRUDGHLQYHUVLyQGLUHFWDR
HQ DGHODQWH HPSUHVD FRQ LQYHUVLyQ GLUHFWD GH IRUPD TXH SXHGH HMHUFHU XQD LQIOXHQFLD
HIHFWLYDHQODJHVWLyQGHODPLVPD(QODSUiFWLFDVHFRQVLGHUDTXHHOLQYHUVRUWLHQHFDSDFLGDG
GHLQIOXHQFLDHQODJHVWLyQGHXQDHPSUHVDFXDQGRSRVHHDOPHQRVHOGHOFDSLWDORGHORV
GHUHFKRVGHYRWR
0DUFRGHODV5HODFLRQHVGH,QYHUVLyQ'LUHFWD
&RQYLHQH HVWDEOHFHU HO 0DUFR GH ODV 5HODFLRQHV GH ,QYHUVLyQ 'LUHFWD )UDPHZRUN 'LUHFW
,QYHVWPHQW 5HODWLRQVKLS )',5 FRQ HO REMHWLYR GH LGHQWLILFDU WRGDV ODV HPSUHVDV VREUH ODV
FXDOHVHOLQYHUVRUGLUHFWRWLHQHXQDLQIOXHQFLDVLJQLILFDWLYD
3DUDHOORGHILQLUHPRVFRPRVXEVLGLDULD VXEVLGLDU\GHXQDHPSUHVDLQYHUVRUDGLUHFWDDTXHOOD
VREUHODTXHpVWDSRVHHXQRPiVGHVXFDSLWDORGHORVGHUHFKRVGHYRWRPLHQWUDVTXH
VHUiDVRFLDGDDVVRFLDWHFXDQGRWHQJDHQWUHXQ\XQ
(QWHQGHPRV TXH OD LQIOXHQFLD GHO LQYHUVRU VREUH OD VXEVLGLDULD HV FRQWURODGRUD \ VREUH OD
DVRFLDGDHVQRFRQWURODGRUD
(QFRQVHFXHQFLDSDUWLHQGRGHOLQYHUVRUGLUHFWRHQXQDUHODFLyQGH
VXEVLGLDULDVXEVLGLDULD OD HPSUHVD GH VHJXQGR QLYHO VHUi VXEVLGLDULD GHO LQYHUVRU
GLUHFWR
VXEVLGLDULDDVRFLDGD R DVRFLDGDVXEVLGLDULD OD HPSUHVD GH VHJXQGR QLYHO VHUi
DVRFLDGDGHOLQYHUVRU
DVRFLDGDDVRFLDGDODHPSUHVDGHVHJXQGRQLYHOVHFRQVLGHUDTXHQRHVWiLQIOXHQFLDGD
SRUHOLQYHUVRUGLUHFWR\VHH[FOX\HGHO)',5
3RVLFLyQ,QYHUVRUD
/DSRVLFLyQLQYHUVRUDUHSUHVHQWDHOYDORUGHORVDFWLYRVTXHORVLQYHUVRUHVGLUHFWRVPDQWLHQHQ
HQ HPSUHVDV UHVLGHQWHV HQ SDtVHV GLVWLQWRV DO VX\R FRQ LQYHUVLyQ GLUHFWD /RV GDWRV GH
SRVLFLyQVH HVWDEOHFHQGHVGHODSHUVSHFWLYD GHOSDtVTXHORV SUHVHQWDUHSRUWLQJFRXQWU\ (Q
QXHVWUR FDVR OD SRVLFLyQ GH OD LQYHUVLyQ H[WUDQMHUD HQ (VSDxD VHUtD HO YDORU GH ODV
SDUWLFLSDFLRQHVGH LQYHUVRUHVQRUHVLGHQWHVHQHPSUHVDVGRPLFLOLDGDVHQ(VSDxD(QHOFDVR
GHODLQYHUVLyQHVSDxRODHQHOH[WHULRUHOYDORUGHODVSDUWLFLSDFLRQHVGHLQYHUVRUHVUHVLGHQWHV
HQHPSUHVDVVLWXDGDVHQHOH[WHULRU
/DVSDUWLFLSDFLRQHVVHYDORUDQVREUHODEDVHGHOYDORUFRQWDEOHGHORVIRQGRVSURSLRVGHOD
HPSUHVD GH LQYHUVLyQ GLUHFWD (Q HO FDVR GH VRFLHGDGHV FRWL]DGDV SRGUtDPRV WRPDU SXHVWR
TXH OR FRQRFHPRV HO YDORU GH PHUFDGR TXH VHUtD HO YDORU GH VX FDSLWDOL]DFLyQ EXUViWLO 3HUR
KHPRV RSWDGR SRU WRPDU XQ SDUiPHWUR FRP~Q D WRGDV HOODV VHDQ R QR FRWL]DGDV VX YDORU
FRQWDEOH $GLFLRQDOPHQWH VH LQFOX\H HQ OD SRVLFLyQ OD ILQDQFLDFLyQ HQWUH HPSUHVDV
UHODFLRQDGDV
/DSRVLFLyQHVXQDYDULDEOHVWRFNFX\RYDORUVHHVWDEOHFHHQXQPRPHQWRGHWHUPLQDGR(QORV
GDWRV DTXt SXEOLFDGRV VH KD WRPDGR HO ILQ GHO DxR QDWXUDO (Q HO FDVR GH HPSUHVDV FX\R
HMHUFLFLR FRQWDEOH QR FRLQFLGH FRQ HO DxR QDWXUDO ORV GDWRV GH SRVLFLyQ VH LPSXWDQ DO DxR
QDWXUDO TXHFRUUHVSRQGD DOPD\RUQ~PHURGHPHVHVGHOHMHUFLFLRFRQWDEOHFRQVLGHUDGR R DO
0DQXDOGH%DODQ]DGH3DJRV(GLFLyQ)RQGR0RQHWDULR,QWHUQDFLRQDO%HQFKPDUN'HILQLWLRQRQ
)RUHLJQ'LUHFW,QYHVWPHQW2&'(
8WLOL]DPRVHOWHUPLQRVXEVLGLDULDHQOXJDUGHILOLDOSDUDGLVWLQJXLUORGHODVILOLDOHVGHJUXSRGHODVTXH
OXHJRKDEODUHPRV
'LUHFFLyQ*HQHUDOGH&RPHUFLRH,QYHUVLRQHV
DxRHQFXUVRFXDQGRHOQ~PHURGHPHVHVFRLQFLGDLHVLHOHMHUFLFLRFRQWDEOHILQDOL]DHOGH
MXQLR GHO ORV GDWRV FRQWDEOHV VH LPSXWDQ D OD SRVLFLyQ FRUUHVSRQGLHQWH D GLFLHPEUH
)RQGRV3URSLRV
6H VLJXH OD GHILQLFLyQ GHO 3ODQ *HQHUDO GH &RQWDELOLGDG DXQTXH DKRUD HO 3DWULPRQLR QHWR HV
LJXDODORV)RQGRV3URSLRVPiVODVVXEYHQFLRQHVPiVORVDMXVWHVGHYDORU/RV)RQGRVSURSLRV
LQFOX\HQ FDSLWDO UHVHUYDV \ EHQHILFLRV QR GLVWULEXLGRV 3DUD FDOFXODU HO VWRFN GH SDUWLFLSDFLyQ
H[WUDQMHUDGHOLQYHUVRUH[WUDQMHURHQHPSUHVDVGHLQYHUVLyQGLUHFWDUHVLGHQWHVHQ(VSDxD\GHO
LQYHUVRUHVSDxROHQHPSUHVDVFRQLQYHUVLyQGLUHFWDHQHOH[WUDQMHURVHDSOLFDHOSRUFHQWDMHGH
SDUWLFLSDFLyQ UHVSHFWLYR VREUH HO YDORU FRQWDEOH GH ORV IRQGRV SURSLRV WDQWR HQ HPSUHVDV QR
FRWL]DGDV FRPR HQ HPSUHVDV FRWL]DGDV (Q HO FDVR GH TXH H[LVWDQ HPSUHVDV GH VHJXQGR \
WHUFHUQLYHOODYDORUDFLyQVHUHDOL]DVHJ~QORVFULWHULRVTXHH[SOLFDUHPRVHQHOSXQWR
)LQDQFLDFLyQ([WHULRUGH(PSUHVDV5HODFLRQDGDV
(QHOFDVRGHODLQYHUVLyQH[WUDQMHUDHQ(VSDxDFRPSUHQGHODVRSHUDFLRQHVGHILQDQFLDFLyQ
GH FXDOTXLHU QDWXUDOH]D H LQVWUXPHQWDFLyQ FRQFHGLGD D OD HPSUHVD HVSDxROD GHFODUDQWH SRU
HPSUHVDV QR UHVLGHQWHV SHUWHQHFLHQWHV DO JUXSR WDQWR GH ODV HPSUHVDV LQYHUVRUHV GLUHFWRV
FRPRGHRWUDVHPSUHVDVGHOJUXSRPHQRVODILQDQFLDFLyQTXHSXHGDFRQFHGHUODHPSUHVDGH
LQYHUVLyQ GLUHFWD GHFODUDQWH D VRFLHGDGHV QR UHVLGHQWHV GH LQYHUVLyQ GLUHFWD R PiV GHO
FDSLWDO\DRWUDVHPSUHVDVGHOJUXSRGLVWLQWDVGHDTXHOODV
(Q HOFDVR GH ODLQYHUVLyQHVSDxRODHQHOH[WHULRUUHFRJHPRVDTXtORVSUpVWDPRVGHVGHOD
FDVD PDWUL] HQ (VSDxD KDFLD HPSUHVDV FRQ LQYHUVLyQ GLUHFWD GH SULPHU QLYHO PiV ORV
SUpVWDPRV D HPSUHVDV GH VHJXQGR QLYHO PHQRV ORV SUpVWDPRV GH WRGDV HVWDV HPSUHVDV DO
LQYHUVRUHVSDxRO
1RVHLQFOX\HODILQDQFLDFLyQH[WHULRUFXDQGRVHWUDWDGHLQYHUVLRQHVLQWUDVHFWRUILQDQFLHUR
(QWLGDGHVGH7HQHQFLDGH9DORUHV([WUDQMHURV(79(V
/DV (QWLGDGHV GH 7HQHQFLD GH 9DORUHV ([WUDQMHURV (79(¶V VRQ VRFLHGDGHV HVWDEOHFLGDV HQ
(VSDxD FX\R SULQFLSDO REMHWR HV OD WHQHQFLD GH DFFLRQHV GH VRFLHGDGHV H[WUDQMHUDV (VWiQ
UHJXODGDV SRU HO DUWtFXOR GH OD /H\ GH GH GLFLHPEUH SRU OD TXH VH DSUXHEDQ
PHGLGDV ILVFDOHV XUJHQWHV GH HVWtPXOR DO DKRUUR IDPLOLDU \ D OD SHTXHxD \ PHGLDQD HPSUHVD
%2( GLFLHPEUH TXH PRGLILFy OD /H\ GH GH GLFLHPEUH GHO ,PSXHVWR VREUH
6RFLHGDGHV%2(GLFLHPEUH
/DV LQYHUVLRQHV FRQVLVWHQWHV HQ HO HVWDEOHFLPLHQWR \ DPSOLDFLyQ GH (79(¶V SRU LQYHUVRUHV QR
UHVLGHQWHV \ ILQDQFLDGDV PHGLDQWH OD DSRUWDFLyQ GH DFFLRQHV GH VRFLHGDGHV H[WUDQMHUDV GHO
JUXSRFRPSRUWDQVLPXOWiQHDPHQWHXQDGHFODUDFLyQGHLQYHUVLyQH[WUDQMHUDHQ(VSDxDSRUOD
WLWXODULGDGGHOFDSLWDOGHOD(79(HVSDxRODSRUQRUHVLGHQWHV \ XQDGHFODUDFLyQGHLQYHUVLyQ
HVSDxRODHQHOH[WHULRUSRUORVWtWXORVGHHPSUHVDVGRPLFLOLDGDVHQHOH[WHULRUPDQWHQLGRVHQOD
FDUWHUD GH OD (79( TXH HV UHVLGHQWH HQ (VSDxD /D GLIHUHQFLD HQ YDORU GH IRQGRV SURSLRV
HQWUH DPEDVGLUHFFLRQHVGHODLQYHUVLyQHQ(79(VVHGHEH DTXH HQ HOFDVRGHODLQYHUVLyQ
HVSDxROD HVWD UHVXOWD PD\RU SRUTXH VH DFXPXODQ HQ ORV IRQGRV SURSLRV GHO SULPHU QLYHO ORV
IRQGRVGHORVQLYHOHVFRUUHVSRQGLHQWHVDODVILOLDOHV\DODVILOLDOHVGHpVWDVPLHQWUDVTXHHQOD
H[WUDQMHUDVRORILJXUDQORVIRQGRVSURSLRVGHSULPHUQLYHO
8QD(79(VHFDUDFWHUL]DSRUWHQHUXQHOHYDGRYROXPHQGHIRQGRVSURSLRVFX\DFRQWUDSDUWLGD
HQ HO DFWLYR HV XQ LQPRYLOL]DGR ILQDQFLHUR UHSUHVHQWDGR SRU SDUWLFLSDFLRQHV GHO LQYHUVRU
H[WUDQMHUR HQ XQ WHUFHU SDtV 6XHOHQ VHU HPSUHVDV LQVWUXPHQWDOHV HVWDEOHFLGDV SRU
FRQYHQLHQFLDILVFDOTXHJHQHUDQHVFDVRHPSOHRGLUHFWRRLQYHUVLyQHQDFWLYRVILMRVHQHOSDtV
GRQGHUDGLFDQ3RUHVWDUD]yQVHWUDWDQSRUVHSDUDGRODVLQYHUVLRQHVHQRGHVGHVRFLHGDGHV
GLVWLQWDVGHODV(79(¶V\ODVLQYHUVLRQHVHQRGHVGH(79(¶V
$ HIHFWRV GHO SUHVHQWH HVWXGLR VH FDOLILFDQ FRPR (79(V VRODPHQWH DTXHOODV HPSUHVDV FX\D
DFWLYLGDGHVWiPD\RULWDULDPHQWHOLPLWDGDDODWHQHQFLDGHYDORUHVH[WUDQMHURV
127$62%5(0(72'2/2*Ë$87,/,=$'$
3DtVHV\6HFWRUHV
(QODLQYHUVLyQH[WUDQMHUDHQ(VSDxDVHGLIHUHQFLDHQWUH³SDtVGHOLQYHUVRULQPHGLDWR´\³SDtV
GHOEHQHILFLDULR~OWLPR´
(O³SDtVGHOLQYHUVRULQPHGLDWR´FRUUHVSRQGHDOSDtVHVGHUHVLGHQFLDGHODSHUVRQDItVLFDR
MXUtGLFDTXHILJXUHFRPRWLWXODUGHODLQYHUVLyQH[WUDQMHUDHQ(VSDxD
(O ³SDtV GHO EHQHILFLDULR ~OWLPR´ 3%8 HVVRQ DTXHOORV HQ HO TXH VH DJRWD OD FDGHQD GH
WLWXODULGDGGHODLQYHUVLyQKDVWDOOHJDUDVXEHQHILFLDULRVGHRULJHQ~OWLPR
(VWD GLIHUHQFLDFLyQ SHUPLWH YDULDU HQ JUDQ PHGLGD OD LQYHUVLyQ GHVGH SDtVHV GH WUiQVLWR R
FRQYHQLHQFLD³SULQFLSDOPHQWHILVFDO´SDUDUHIOHMDUHOGHORVDFFLRQLVWDVHQ~OWLPRWpUPLQRGHODV
HPSUHVDVHVSDxRODVFRQFDSLWDOH[WUDQMHUR
$TXtSRGHPRVGLVWLQJXLUHQWUH3%8\SDtVGHOFRQWURODGRU~OWLPR3&8TXHVRORVHUtDXQR
DTXHOHQHOTXHUHVLGDODHPSUHVDTXHHQ~OWLPRWHUPLQRWHQJDPiVGHOGHOFDSLWDOGHOD
HPSUHVD GH LQYHUVLyQ GLUHFWD LQPHGLDWD D HVWH SDtV VH OH DVLJQDUtD WRGD OD FDQWLGDG GH
LQYHUVLyQ LQLFLDOPHQWH UHJLVWUDGD SDUD LQYHUVRUHV LQPHGLDWRV 1RVRWURV SUHIHULPRV XWLOL]DU HO
FULWHULRGHO3%8 \DVLJQDUODFDQWLGDGGHLQYHUVLyQHQWUHORVSDtVHV~OWLPRVDOOtGRQGHUDGLFDQ
HPSUHVDV TXH WLHQHQ XQD UHODFLyQ GH LQYHUVLyQ GLUHFWD PiV GHO \ HQ SURSRUFLyQ D VXV
SRUFHQWDMHVGHSDUWLFLSDFLyQ\VLHPSUHTXHVHFXPSODHO)',5
(Q OD LQYHUVLyQ HVSDxROD HQ HO H[WHULRU VH IDFLOLWDQ GDWRV VREUH SDtV GH GHVWLQR GH OD
LQYHUVLyQ (VWRV GDWRV UHSUHVHQWDQ HO SDtV GH LQYHUVLyQ FRUUHVSRQGLHQWH D OD HPSUHVD
GLUHFWDPHQWH SDUWLFLSDGD GHVGH (VSDxD \ HO GH VXV ILOLDOHV KDVWD XQ VHJXQGR QLYHO 6L XQD
HPSUHVDHVSDxRODFRQVWLWX\H XQDILOLDOHQ+RODQGDSULPHUQLYHOTXHDVX YH]FRQVWLWX\HXQD
ILOLDO HQ $UJHQWLQD VHJXQGR QLYHO DPERV SDtVHV ILJXUDUiQ FRPR GHVWLQR GH OD LQYHUVLyQ HQ
SURSRUFLyQDORVIRQGRVSURSLRVGHODVHPSUHVDVHVWDEOHFLGDVHQFDGDSDtV
/DV LQYHUVLRQHV HQ FDEHFHUDV GH JUXSR R ³KROGLQJV´ HPSUHVDULDOHV VH KDQ UHSDUWLGR HQ OD
PHGLGD GH OR SRVLEOH D VX VHFWRU GH GHVWLQR ILQDO ,JXDOPHQWH SDUD OD GHWHUPLQDFLyQ GH ORV
VHFWRUHVGHRULJHQVHKDWUDWDGRGHDVLJQDUFDGDJUXSRDVXSULQFLSDOVHFWRUGHDFWLYLGDG
&RPXQLGDGHV$XWyQRPDV
6HUHFRJHQGDWRVVREUHODV&&$$GHRULJHQGHODSRVLFLyQGHLQYHUVLyQHVSDxRODHQHOH[WHULRU
EDVDGRV HQ HO GRPLFLOLR GHFODUDGR SRU ORV LQYHUVRUHV (Q HO FDVR GH OD SRVLFLyQ GH LQYHUVLyQ
H[WUDQMHUD HQ (VSDxD OD &RPXQLGDG $XWyQRPD GHO GRPLFLOLR VRFLDO GH OD HPSUHVD SXHGH QR
FRLQFLGLU FRQ DTXHOOD HQ OD TXH VH HQFXHQWUDQ ORV DFWLYRV SURGXFWLYRV GH OD HPSUHVD \ HO
HPSOHR &RPR HQ ODV PHPRULDV GH HVWD LQYHUVLyQ ' WHQHPRV GDWRV VREUH HVWRV UHSDUWRV
KHPRVREYLDGRHQHVWHFDVRHOUHSDUWRGHODSRVLFLyQGHLQYHUVLyQH[WUDQMHUDSRU&RPXQLGDG
TXHDFHQW~DODFRQFHQWUDFLyQGHYDORUHVHQODV&RPXQLGDGHVVHGHGHODVHPSUHVDVUHFHSWRUDV
GHLQYHUVLyQGLUHFWD
&$5$&7(5,67,&$6'(/26'$726
/RVGDWRVVHKDQH[WUDtGRGHODVPHPRULDVDQXDOHVVREUHLQYHUVLyQH[WHULRUGLUHFWDTXHGHEHQ
VHUSUHVHQWDGDVDO5HJLVWURGH,QYHUVLRQHV (Q HO FDVR GH ODV LQYHUVLRQHV H[WUDQMHUDV HQ (VSDxD HVWiQ REOLJDGDV D SUHVHQWDU GLFKD
PHPRULDODVVLJXLHQWHVHPSUHVDVUHFHSWRUDV
/DVVXFXUVDOHVGHHPSUHVDVH[WUDQMHUDV
/DVVRFLHGDGHVHVSDxRODVFDEHFHUDVGHXQJUXSRHQ(VSDxDFXDQGRODSDUWLFLSDFLyQ
HQ VX FDSLWDO GH QR UHVLGHQWHV VHD LJXDO R VXSHULRU D R OD SDUWLFLSDFLyQ GH XQ
LQYHUVRU QR UHVLGHQWH VHD VXSHULRU DO GHO FDSLWDO R GHO WRWDO GH ORV GHUHFKRV GH
YRWR
2UGHQGHGHPD\RGH%2(GHGHMXQLRGH
'LUHFFLyQ*HQHUDOGH&RPHUFLRH,QYHUVLRQHV
/DV VRFLHGDGHV HVSDxRODV FRQ SDUWLFLSDFLyQ GH LQYHUVRUHV QR UHVLGHQWHV HQ ORV
WpUPLQRV GHO DSDUWDGR DQWHULRU \ FX\R FDSLWDO R IRQGRV SURSLRV VHDQ VXSHULRUHV D
HXURV
/DV HPSUHVDV UHVLGHQWHV QLYHO GHEHUiQ DSRUWDU GDWRV GH ILOLDOHV HQ (VSDxD QLYHO \ GH
ILOLDOHVpVWDV~OWLPDVQLYHOFXDQGRODVSDUWLFLSDFLRQHVVXSHUHQHO
(QHOFDVRGHODVLQYHUVLRQHVHVSDxRODVHQHO H[WHULRUORVWLWXODUHVGH OD LQYHUVLyQGHEHUiQ
SUHVHQWDUPHPRULDDQXDOHQORVVLJXLHQWHVFDVRV
,QYHUVLyQHQVXFXUVDOHVHVWDEOHFLGDVHQHOH[WHULRU
,QYHUVLyQHQHPSUHVDVQRUHVLGHQWHVSDUWLFLSDGDVFDEHFHUDVGHXQJUXSRH[WHULRU
,QYHUVLyQHQHPSUHVDVQRUHVLGHQWHVSDUWLFLSDGDVHQHOH[WHULRUFRQPiVGHXQ\
FRQXQYROXPHQGHIRQGRVSURSLRVVXSHULRUDHXURV
/DVHPSUHVDVHQHOH[WHULRUHPSUHVDVQLYHOGHEHQDSRUWDUGDWRVVREUHDTXHOODVILOLDOHVHQ
ODVTXHSDUWLFLSDHQPiVGHXQHPSUHVDVQLYHO
&5,7(5,26'(9$/25$&,Ï1
&iOFXORGH)RQGRV3URSLRV
/D GHILQLFLyQ GH IRQGRV SURSLRV XWLOL]DGD HV OD GHO 3ODQ *HQHUDO GH &RQWDELOLGDG $Vt FRPR OD
QRUPDWLYDGHFRQVROLGDFLyQ
&XDQGR XQD HPSUHVD FDEHFHUD GH JUXSR QR SUHVHQWD GDWRV FRQVROLGDGRV ORV IRQGRV SURSLRV
VHGLVWULEX\HQVLJXLHQGRORVFULWHULRVVLJXLHQWHV
D
,QYHUVLyQH[WUDQMHUDHQ(VSDxD
/RVIRQGRVSURSLRVVHFRQVLJQDQDODFDEHFHUDGHOJUXSRWRPDQGRODPD\RUGHODVGRVFLIUDV
VLJXLHQWHV IRQGRV SURSLRV GH OD FDEHFHUD R VXPD GH ORV IRQGRV SURSLRV GH ODV HPSUHVDV GH
VHJXQGRQLYHOTXHHQWUHQHQHO)',5SRQGHUDGRVSRUORVSRUFHQWDMHVGHSDUWLFLSDFLyQTXHOD
HPSUHVDGHSULPHUQLYHOWLHQHHQODVHPSUHVDVGHVHJXQGR QLYHO(OPLVPRSURFHGLPLHQWRVH
DSOLFDHQWUHHPSUHVDVGHVHJXQGRQLYHO\GHWHUFHUQLYHO
E
,QYHUVLyQHVSDxRODHQHOH[WHULRU
6L ORV )RQGRV SURSLRV GH OD FDEHFHUD VRQ VXSHULRUHV D OD VXPD GH ORV IRQGRV SURSLRV
SRQGHUDGRV GH ODV ILOLDOHV TXH HQWUHQ HQ HO )',5 VH DVLJQD D OD FDEHFHUD QLYHO OD
GLIHUHQFLD HQWUH ORV IRQGRV SURSLRV GHFODUDGRV SRU HOOD \ OD VXPD GH ORV IRQGRV SURSLRV
SRQGHUDGRVGHODVILOLDOHV6HDVLJQDDFDGDILOLDOQLYHOVXVFRUUHVSRQGLHQWHVIRQGRVSURSLRV
SRQGHUDGRV (VWH VLVWHPD SHUPLWH GLVFULPLQDU OD LQYHUVLyQ SRU SDtVHV \ VHFWRUHV GH DFXHUGR
FRQ HO SDtVVHFWRU GRQGH RSHUH FDGD HPSUHVD 6L ORV IRQGRV SURSLRV GH OD FDEHFHUD IXHUDQ
LQIHULRUHVDODVXPDGHORVIRQGRVSURSLRVSRQGHUDGRVGHODVILOLDOHVVHLPSXWDUtDXQYDORUFHUR
DODFDEHFHUD\DODVILOLDOHVODFLIUDGHIRQGRVSURSLRVTXHKDQGHFODUDGR
&iOFXORGHOD3RVLFLyQ
$ WUDYpV GH OD 5HVROXFLyQ GH GH DEULO GH \ FRUUHFFLyQ GH HUURUHV GH %2( GH GH
PD\R OD 5HVROXFLyQ GH GH 0DU]R TXH DGDSWD ORV PRGHORV LPSUHVRV GH
GHFODUDFLyQ D OD QXHYD &ODVLILFDFLyQ 1DFLRQDO GH $FWLYLGDGHV (FRQyPLFDV &1$( \
ILQDOPHQWH OD 5HVROXFLyQ GH GH MXQLR TXH DPSOtD OD LQIRUPDFLyQ DSRUWDGD HQ ODV
PLVPDVKHPRVLGRSURFHGLHQGRDODPRGLILFDFLyQVXFHVLYDVGHORVLPSUHVRVGHPHPRULDV'
\'
/D ILQDOLGDG SULQFLSDO GH HVH FDPELR HUD DPSOLDU \ UDFLRQDOL]DU OD LQIRUPDFLyQ TXH VH VROLFLWD
REMHWLYR TXH VH UHIXHU]D SRU OD QHFHVLGDG GH DGDSWDU QXHVWUDV HVWDGtVWLFDV D ODV
UHFRPHQGDFLRQHV GH OD 2&'( \ )0, VREUH HVWDGtVWLFDV GH LQYHUVLyQ GLUHFWD (VWRV FDPELRV
KDQ VXSXHVWR HQWUH RWUDV FRVDV OD LQWURGXFFLyQ GH ODV HPSUHVDV ILOLDOHV SHUWHQHFLHQWHV DO
PLVPRJUXSRHPSUHVDULDOFRQVXVSDUWLFLSDFLRQHVHQFDSLWDO\ILQDQFLDFLRQHVFRUUHVSRQGLHQWHV
\ODFRQVLGHUDFLyQGHODLQYHUVLyQLQYHUVDHVGHFLUODTXHSXHGDH[LVWLUHQWUHODHPSUHVDFRQ
LQYHUVLyQGLUHFWD\ODHPSUHVDLQYHUVRUDWDQWRHQSDUWLFLSDFLyQHQFDSLWDOFRPRHQILQDQFLDFLyQ
127$62%5(0(72'2/2*Ë$87,/,=$'$
$KRUD HO FiOFXOR GHO YDORU GH OD SRVLFLyQ ILQDO GH XQ LQYHUVRU HQ XQD HPSUHVD FRQ LQYHUVLyQ
GLUHFWDVHFRPSOLFDSHURFRQHVWRVFDPELRVVHDMXVWDPiVDODUHDOLGDG
8QD YH] FRQRFLGR FRQ ORV FULWHULRV DQWHULRUHV HO FiOFXOR GH ORV )RQGRV 3URSLRV HO )RQGR
3URSLR GH UHIHUHQFLD )35 LQFRUSRUDPRV ODV ILOLDOHV HPSUHVDV GHO JUXSR FRQ SDUWLFLSDFLyQ
PHQRUGHO\ODLQYHUVLyQLQYHUVD
9DORUDPRV ODV SRVLFLRQHV HQ OD LQYHUVLyQ H[WUDQMHUD SRQGHUDQGR HO )35 SRU HO SRUFHQWDMH
GH SDUWLFLSDFLyQ GH FDGD LQYHUVRU GLUHFWR PiV HVH PLVPR )35 SRU ORV SRUFHQWDMHV GH
SDUWLFLSDFLyQGHRWUDVHPSUHVDVGHOJUXSRHQHOH[WUDQMHURFRQSDUWLFLSDFLyQLQIHULRUDOHQ
OD HPSUHVD FRQ LQYHUVLyQ GLUHFWD \ GHGXFLHQGR OD LQYHUVLyQ LQYHUVD IRUPDGD SRU ORV )3 GHO
LQYHUVRU GLUHFWR SRQGHUDGRV SRU HO SRUFHQWDMH GH SDUWLFLSDFLyQ GH OD HPSUHVD GH LQYHUVLyQ
GLUHFWDHQHOLQYHUVRUGLUHFWRPiVODSDUWLFLSDFLyQGHODHPSUHVDFRQLQYHUVLyQGLUHFWDHQRWUDV
HPSUHVDV GHO JUXSR SRU VXV )3 UHVSHFWLYRV 6H DSOLFD HO WLSR GH FDPELR QHFHVDULR VHJ~Q HO
SDtVSDUDREWHQHUVXFRQWUDYDORUHQHXURV$HVWHYDORUTXHPHGLUtDHOYDORUGHODSDUWLFLSDFLyQ
OHDxDGLPRVHOYDORUGHODILQDQFLDFLyQQHWDHQHXURVDWRGRVORVQLYHOHVTXHHQWUHQVHJ~QHO
FULWHULRGH)',5
(Q OD LQYHUVLyQ HVSDxROD YDORUDPRV OD SRVLFLyQ SRQGHUDQGR HO )53 GH FDGD HPSUHVD
H[WUDQMHUD LQGHSHQGLHQWHPHQWH GHO QLYHO HQ TXH VH HQFXHQWUH SRU HO SRUFHQWDMH GH
SDUWLFLSDFLyQGHOLQYHUVRUHVSDxROGLUHFWRHQHOFDVRGHODVILOLDOHVGHQLYHOODSRQGHUDFLyQHV
GREOH GHO LQYHUVRU HQ OD HPSUHVD GH QLYHO \ GH HVWD HQ OD GH QLYHO PHQRV OD LQYHUVLyQ
LQYHUVDSRUFHQWDMHGHSDUWLFLSDFLyQGHODHPSUHVDFRQLQYHUVLyQGLUHFWDHQHOLQYHUVRUGLUHFWR
SRUORV)3GHHVWHPiVODILQDQFLDFLyQQHWD
2EVpUYHVHTXHKHPRVWRPDGRHOYDORUFRPSOHWRGHWRGDVODVILQDQFLDFLRQHVQHWDVTXHKHPRV
VXPDGRSDUDFDOFXODUODSRVLFLyQWRWDO
7pQJDVH HQ FXHQWD TXH HQ WRGRV ORV FDVRV FDOFXODPRV HO YDORU GH OD SRVLFLyQ TXH
FRUUHVSRQGH DO LQYHUVRU R LQYHUVRUHV WLWXODUHV HV GHFLU VROR GH DTXHOORV TXH WLHQHQ XQD
UHODFLyQ GH LQYHUVLyQ GLUHFWD 3RU OR WDQWR DXQTXH ODV UHODFLRQHV FRQ ODV ILOLDOHV DIHFWDQ HO
YDORU GH OD SRVLFLyQ ILQDO GH ORV WLWXODUHV VROR VH DVLJQDQ YDORUHV D HVWRV VLQ WHQHU HQ FXHQWD
RWUDVHPSUHVDVGHOJUXSRQRWLWXODUHV
&LIUDGH1HJRFLR
/D FLIUD GH QHJRFLR VH KD FDOFXODGR FRPR OD VXPD GH ODV GH ODV ILOLDOHV SRQGHUDGDV SRU VXV
UHVSHFWLYRVSRUFHQWDMHVGHSDUWLFLSDFLyQ
5HVXOWDGRV
/RVUHVXOWDGRVGHOHMHUFLFLRTXHVHSXEOLFDQVRQUHVXOWDGRVGHVSXpVGHLPSXHVWRV7DQWRODFLIUD
GH SRVLFLyQ GH LQYHUVLyQ H[WUDQMHUD HQ (VSDxD FRPR OD GH LQYHUVLyQ HVSDxROD HQ HO H[WHULRU
LQFOX\HORVUHVXOWDGRVGHVSXpVGHLPSXHVWRVGHOHMHUFLFLRHQORVGDWRVGHIRQGRVSURSLRV
3DUD ODV HPSUHVDV FRQ ILOLDOHV GH SULPHU VHJXQGR R WHUFHU QLYHO VH KDQ WRPDGR ORV GDWRV
FRQVROLGDGRVGHOJUXSR(QDXVHQFLDGHpVWRVORVUHVXOWDGRVVHKDQDJUHJDGRSRUVXPDGHORV
UHVXOWDGRV GH ODV ILOLDOHV SRQGHUDGRV SRU OD SDUWLFLSDFLyQ HQ VX FDSLWDO GH VXV UHVSHFWLYDV
PDWULFHV 6XFXUVDOHV
(QLQYHUVLyQH[WUDQMHUDHQ(VSDxDORVIRQGRVSURSLRVGHODVXFXUVDOVRQORVGHFODUDGRVSRUOD
PLVPD FRPR GRWDFLyQ GH FDSLWDO \ ODV UHVHUYDV VRQ ORV UHVXOWDGRV QR GLVWULEXLGRV D OD FDVD
PDWUL]
(QDOJ~QFDVRH[FHSFLRQDOGHSDUWLFLSDFLRQHVHQFDVFDGDHVWHVLVWHPDSXHGHOOHYDUDXQDGREOHFRQWDELOL]DFLyQGHUHVXOWDGRV(QHOFDVR
GHSpUGLGDVSRUODFRQWDELOL]DFLyQGHODSpUGLGDHQVt\SRUODSURYLVLyQTXHODFDEHFHUDKDGHELGRUHDOL]DUFXiQGRpVWDGHEDSRUHMHPSOR
DPRUWL]DUXQIRQGRGHFRPHUFLRHVWDSURYLVLyQPHUPDOyJLFDPHQWHHOUHVXOWDGRGHODFDEHFHUD(QHOFDVRGHEHQHILFLRVFXDQGRXQD
FDEHFHUDJUXSRKDUHFLELGRXQGLYLGHQGRDFXHQWDGHXQDHPSUHVDGHVHJXQGRQLYHOSRUTXHGLFKRGLYLGHQGRQXWUHWDQWRHOUHVXOWDGRGHOD
FDEHFHUD FRPR HO GH OD ILOLDO HQ HO PLVPR HMHUFLFLR $GHPiV KD\ XQ HIHFWR GH VREUHYDORUDFLyQ VLVWHPiWLFD GH ORV EHQHILFLRV SRU OD
GLVWULEXFLyQGHGLYLGHQGRVGHODVILOLDOHVDODVPDWULFHVTXHKDFHTXHHOPLVPREHQHILFLRILJXUHXQDxRHQHOEDODQFHGHODHPSUHVDILOLDO
DODxRVLJXLHQWHHQHOGHVXPDWUL]\DVtVXFHVLYDPHQWH
'LUHFFLyQ*HQHUDOGH&RPHUFLRH,QYHUVLRQHV
(Q LQYHUVLyQ HVSDxROD HQ HO H[WHULRU VH KD LQFOXLGR HQ HO YDORU GH ORV IRQGRV SURSLRV GH ODV
VXFXUVDOHV HO VDOGR SRVLWLYR GH OD FXHQWD FRQ OD PDWUL] HVSDxROD FXDQGR HO HVWDGR FRQWDEOH
FRUUHVSRQGLHQWH FRQWHPSODED GLFKD SDUWLGD GLIHUHQFLDGD \ QR LQFOXLGD HQ HO FDStWXOR ³)RQGRV
SURSLRV´
0RQHGD
(QLQYHUVLyQHVSDxRODHQHOH[WHULRUORVGDWRVVHGHFODUDQHQODPRQHGDGHGHQRPLQDFLyQGHO
EDODQFH GH FDGD HPSUHVD H[WUDQMHUD /D FRQYHUVLyQ D HXURV VH KD UHDOL]DGR DSOLFDQGR HO
FDPELR YLJHQWH D GH GLFLHPEUH GH SDUD FDGD PRQHGD ,JXDOPHQWH HQ OD LQYHUVLyQ
H[WUDQMHUDHQ(VSDxDSDUDFDOFXODUODLQYHUVLyQLQYHUVDGHEHPRVH[SUHVDUHQHXURVORVIRQGRV
SURSLRVGHOLQYHUVRU\GHOUHVWRGHHPSUHVDVGHOJUXSR
',)(5(1&,$6 (175( /26 '$726 38%/,&$'26 325 (/ 5(*,6752 '(
,19(56,21(6(;7(5,25(6</$%$/$1=$'(3$*26'(/%$1&2'((63$f$
/RV GDWRV VREUH SRVLFLyQ GH LQYHUVLyQ H[WHULRU GLUHFWD TXH VH RIUHFHQ HQ HVWH %ROHWtQ \ ORV
GDWRV VREUH 3RVLFLyQ GH ,QYHUVLyQ ,QWHUQDFLRQDO 'LUHFWD SXEOLFDGRV SRU HO %DQFR GH (VSDxD
GLILHUHQHQLPSRUWHGHELGRDODGLVWLQWDPHWRGRORJtDHQVXHODERUDFLyQ
(O 5HJLVWUR GH ,QYHUVLRQHV KD FRPSLODGR ORV GDWRV FRQWDEOHV GHFODUDGRV GLUHFWDPHQWH DO
5HJLVWUR SRU ODV HPSUHVDV GHFODUDQWHV FRQ DUUHJOR D OD OHJLVODFLyQ YLJHQWH 3RU VX SDUWH HO
%DQFRGH(VSDxDYLHQHRIUHFLHQGRDQXDOPHQWHORVGDWRVGHSRVLFLyQGHLQYHUVLyQLQWHUQDFLRQDO
SRU LQYHUVLRQHV GLUHFWDV HODERUDGRV SRU DJUHJDFLyQ GH IOXMRV QHWRV GH LQYHUVLyQ GLUHFWD \ WUDV
SUDFWLFDUDOJXQRVDMXVWHVGHYDORUDFLyQ
$SDUWLUGHGLFLHPEUHGHHO%DQFRGH(VSDxDUHYLVDVXVGDWRVGH3RVLFLyQGH,QYHUVLyQ
,QWHUQDFLRQDOHQODU~EULFDGH³SDUWLFLSDFLRQHVHQHOFDSLWDO´GHODVHPSUHVDVQRILQDQFLHUDVTXH
VHFDOFXODQXWLOL]DQGRODLQIRUPDFLyQGHODVPHPRULDVTXHHQYtDQODVHPSUHVDVDO5HJLVWURGH
,QYHUVLRQHV ([WHULRUHV $ HVWD FLIUD HO %DQFR DxDGH OD SRVLFLyQ HQ LQPXHEOHV \ OD SRVLFLyQ
LQYHUVRUDGHOVHFWRUFUHGLWLFLR
1R REVWDQWH QR FRQYLHQH ROYLGDU TXH ORV GDWRV GH ODV PHPRULDV GHO 5HJLVWUR WLHQHQ XQD
SHULRGLFLGDG DQXDO \ HVWiQ GLVSRQLEOHV FRQ XQ UHWUDVR VXSHULRU D XQ DxR &RPR HO %DQFR GH
(VSDxD GHEH HVWLPDU GDWRV WULPHVWUDOHV \ FRQ GDWRV WDQ UHFLHQWHV FRPR ORV GHO DxR HQ FXUVR
GHEHVHJXLUXWLOL]DQGRDHVWRVHIHFWRVODDJUHJDFLyQGHIOXMRVQHWRVGHLQYHUVLyQGLUHFWDHQVX
VHULHTXHOXHJRLUDFRUULJLHQGRVHJ~QLQGLFDPRV
3529,6,21$/,'$''(/26'$726
7RGRV ORV GDWRV TXH DTXt VH RIUHFHQ WLHQHQ FDUiFWHU SURYLVLRQDO \ SRU OR WDQWR H[SHULPHQWDQ
PRGLILFDFLRQHVFRPRUHVXOWDGRGHOSHUPDQHQWHSURFHVRGHGHSXUDFLyQ\GHODLQFRUSRUDFLyQGH
QXHYDLQIRUPDFLyQFRQWHQLGDHQPHPRULDVTXHVHKDQUHFLELGRFRQUHWUDVR
,1)250$&,Ï1(1,17(51(7
$ WUDYpV GH OD SiJLQD ZHE GH OD 6HFUHWDUtD GH (VWDGR GH &RPHUFLR GHO 0LQLVWHULR GH
(FRQRPtD \ &RPSHWLWLYLGDG HV SRVLEOH DFFHGHU D ORV GDWRV WDQWR KLVWyULFRV FRPR
DFWXDOL]DGRVVREUHLQYHUVLRQHVH[WHULRUHVGHVGH
/DGLUHFFLyQ85/FRPSOHWDSDUDODFRQVXOWDGHGLFKRVGDWRVHV
KWWSZZZFRPHUFLRHVHV(6LQYHUVLRQHVH[WHULRUHVHVWDGLVWLFDV3DJLQDVHVWDGLVWLFDV
LQYHUVLRQHVH[WHULRUHVGDWDLQYH[DVS[
7DQWR ORV GDWRV TXH DTXt VH SUHVHQWDQ FRPR ORV LQFOXLGRV HQ OD SiJLQD ZZZPLQHFRHV VRQ
GLQiPLFRV WLHQHQ FDUiFWHU SURYLVLRQDO \ HVWiQ VXMHWRV D PRGLILFDFLRQHV VHJ~Q LQGLFDPRVPiV
DUULED
SECRETARÍA DE ESTADO
DE COMERCIO
GOBIERNO
DE ESPAÑA
MINISTERIO
DE ECONOMÍA
Y COMPETITIVIDAD
DIRECCIÓN GENERAL
DE COMERCIO E INVERSIONES
SUBDIRECCIÓN GENERAL
DE COMERCIO INTERNACIONAL
DE SERVICIOS E INVERSIONES
Descargar