873/DERUDWRULRGH5HVLVWHQFLDGH0DWHULDOHV± *XtDGH/DERUDWRULR (ODERUDGDSRU*DEULHO&DOOH7UXMLOOR 75$&&,Ï1 (16$<2 '(7(50,1$&,Ï1'(/$63523,('$'(60(&È1,&$6'(/26 0$7(5,$/(6 2%-(7,92 '(/ (16$<2'HWHUPLQDU H[SHULPHQWDOPHQWH ODV SURSLHGDGHV PHFiQLFDV OtPLWHV GH SURSRUFLRQDOLGDG HODVWLFLGDG IOXHQFLD \ URWXUD SDUD WUHV PDWHULDOHV GH FRQVWUXFFLyQ GHPiTXLQDVSDUDHOFDVRGHVROLFLWDFLyQDWUDFFLyQ &216,'(5$&,21(67(Ï5,&$6*(1(5$/(6 6H GHQRPLQD WUDFFLyQ D[LDO HO FDVR GH VROLFLWDFLyQ GH XQ FXHUSR GRQGH ODV IXHU]DV H[WHULRUHV DFW~DQ D OR ODUJR GHO PLVPR (Q HVWH FDVR HQ ODV VHFFLRQHV WUDQVYHUVDOHV GHO FXHUSREDUUDDSDUHFHVyORXQDIXHU]DORQJLWXGLQDOWUDQVYHUVDO\ODVIXHU]DVWUDQVYHUVDOHV\ PRPHQWRV QR HVWiQ SUHVHQWHV (VWD IXHU]D WUDQVYHUVDO GH DFXHUGR DO PpWRGR GH ODV VHFFLRQHVHVLJXDODODVXPDDOJHEUDLFDGHODVIXHU]DVH[WHUQDVTXHDFW~DQGHXQODGRGHOD VHFFLyQ)LJ 1GLDJUDPD D W E D E W W 1 W W W )LJ'HWHUPLQDFLyQGHXQFDVRGHWUDFFLyQD[LDOSRUHOPpWRGRGHODVVHFFLRQHV 6H GHQRPLQD HVIXHU]R WHQVLyQ OD IXHU]D LQWHULRU HQ HVWH FDVR 1 FRUUHVSRQGLHQWH D OD XQLGDGGHVXSHUILFLHHQXQSXQWRGHXQVHFFLyQGDGD3DUDHOFDVRGHWUDFFLyQD[LDOTXHQRV RFXSDHOHVIXHU]RHVWiGHWHUPLQDGRSRUODHFXDFLyQ 1 V $ GRQGH V HVHOHVIXHU]RQRUPDO>1P@1HVODIXHU]DD[LDO>1@\$HVHOiUHDGHODVHFFLyQ>P@ 8QD YH] REWHQLGR SRU OD IyUPXOD HO HVIXHU]R HQ OD VHFFLyQ SHOLJURVD GH XQD EDUUD WUDFFLRQDGD HV SRVLEOH HYDOXDU OD UHVLVWHQFLD GH OD PLVPD SRU PHGLR GH OD OODPDGD FRQGLFLyQGHUHVLVWHQFLD 1 V d >V @ $ 873/DERUDWRULRGH5HVLVWHQFLDGH0DWHULDOHV± *XtDGH/DERUDWRULR (ODERUDGDSRU*DEULHO&DOOH7UXMLOOR GRQGH>V@HVHOHVIXHU]RSHUPLVLEOHTXHDVXYH]VHGHWHUPLQDSRUODUHODFLyQ V OtP >V @ Q GRQGHVOtP HVHOHVIXHU]ROtPLWHGHOPDWHULDO\Q HVHOFRHILFLHQWHGHVHJXULGDG (O HVIXHU]R OtPLWH VH GHWHUPLQD H[SHULPHQWDOPHQWH \ HV XQD SURSLHGDG GHO PDWHULDO 6H FRQVLGHUD FRPR HVIXHU]R OtPLWH HO OtPLWH GH UHVLVWHQFLD URWXUD HQ HO FDVR GH PDWHULDOHV IUiJLOHV\HOOtPLWHGHIOXHQFLDHQHOFDVRGHPDWHULDOHVSOiVWLFRV(OFRHILFLHQWHGHVHJXULGDG VH LQWURGXFH SDUD FRQVHJXLU XQ IXQFLRQDPLHQWR VHJXUR GH ODV HVWUXFWXUDV \ VXV SDUWHV D SHVDUGHODVSRVLEOHVGHVYLDFLRQHVGHVIDYRUDEOHVGHWUDEDMRHQFRPSDUDFLyQFRQODVTXHVH FRQVLGHUDQHOFiOFXORVHJ~QODIyUPXOD /RV HQVD\RV D WUDFFLyQ VH UHDOL]DQ SDUDREWHQHU ODVFDUDFWHUtVWLFDVPHFiQLFDVGHOPDWHULDO 0HGLDQWH HO HQVD\R VH WUD]D HO GLDJUDPD GH OD UHODFLyQ TXH H[LVWH HQWUH OD IXHU]D ) TXH HVWLUDODSUREHWD\HODODUJDPLHQWR'OGHpVWD3DUDTXHORVUHVXOWDGRVGHORVHQVD\RVTXH VH UHDOL]DQ FRQ SUREHWDV GHO PLVPR PDWHULDO SHUR GH GLVWLQWDV GLPHQVLRQHV VHDQ FRPSDUDEOHVHOGLDJUDPDGHWUDFFLyQVHOOHYDDRWURVLVWHPDGHFRRUGHQDGDV(QHO HMHGH ODVRUGHQDGDVVHFRORFDHOYDORUGHOHVIXHU]RQRUPDOTXHVXUJHHQODVHFFLyQWUDQVYHUVDOGH ) V $ GRQGH$HVHOiUHDLQLFLDOGHODVHFFLyQGHODSUREHWD\VREUHHOHMHGH ODSUREHWD 'O O GRQGH O HV OD ORQJLWXG LQLFLDO GH OD ODV DEVFLVDV ORV DODUJDPLHQWRV XQLWDULRV SUREHWD (VWH GLDJUDPD VH GHQRPLQD GLDJUDPD FRQYHQFLRQDO GH WUDFFLyQ GLDJUDPD GH HVIXHU]RV FRQYHQFLRQDOHV y GH LQJHQLHUtD SXHVWR TXH ORV HVIXHU]RV \ ORV DODUJDPLHQWRV XQLWDULRVVHFDOFXODQUHVSHFWLYDPHQWHUHIHUHQWHDOiUHDLQLFLDOGHODVHFFLyQ\DODORQJLWXG LQLFLDOGHODSUREHWD H )LJ'LDJUDPDHHV V SDUDXQDFHURGXOFH (QODILJXUDHVWiUHSUHVHQWDGRHQHOVLVWHPDGHFRRUGHQDGDVH VHOGLDJUDPDGHWUDFFLyQ GH XQD SUREHWD GH DFHUR GH EDMR FRQWHQLGR GH FDUERQR &RPR VH SXHGH REVHUYDU HQ HO WUDPR $ GHO GLDJUDPD ODV GHIRUPDFLRQHV FUHFHQ SURSRUFLRQDOPHQWH D ORV HVIXHU]RV FXDQGRpVWRVVRQLQIHULRUHVDFLHUWRYDORUVS OODPDGROtPLWHGHSURSRUFLRQDOLGDG$VtSXHV KDVWD HO OtPLWH GH SURSRUFLRQDOLGDG HV YiOLGD OD OH\ GH +RRNH (Q HO FDVR GHO DFHUR $,6, 873/DERUDWRULRGH5HVLVWHQFLDGH0DWHULDOHV± *XtDGH/DERUDWRULR (ODERUDGDSRU*DEULHO&DOOH7UXMLOOR HOOtPLWHGHSURSRUFLRQDOLGDGHVVS # NJIFP $O DXPHQWDU OD FDUJD HO GLDJUDPD UHVXOWD \D FXUYLOtQHR 6LQ HPEDUJR VL ORV HVIXHU]RV QR VRQVXSHULRUHVDFLHUWRYDORUVH GHQRPLQDGROtPLWHGHHODVWLFLGDGHOPDWHULDOFRQVHUYDVXV SURSLHGDGHVHOiVWLFDVHVGHFLUTXHDOGHVFDUJDUODSUREHWDpVWDUHFXSHUDVXGLPHQVLyQ\VX IRUPDLQLFLDOHV(OOtPLWHGHHODVWLFLGDGRHOiVWLFRGHODFHUR$,6,HVVH # NJFP (Q OD SUiFWLFD QR VH KDFH GLVWLQFLyQ HQWUH VS VH SXHVWR TXH ORV YDORUHV GH OtPLWH GH SURSRUFLRQDOLGDG\GHOOtPLWHGHHODVWLFLGDGVHGLIHUHQFLDQPX\SRFR $O VHJXLU DXPHQWDQGR OD FDUJD OOHJD XQ PRPHQWR SXQWR & FXDQGR ODV GHIRUPDFLRQHV FRPLHQ]DQ D DXPHQWDU VLQ XQ FRUUHVSRQGLHQWH FUHFLPLHQWR VHQVLEOH GH OD FDUJD (O WUDPR KRUL]RQWDO &' GHO GLDJUDPD VH GHQRPLQD HVFDOyQ GH IOXHQFLD (O HVIXHU]R TXH VH GHVDUUROOD HQ HVWH FDVR HV GHFLU FXDQGR WDV GHIRUPDFLRQHV FUHFHQ VLQ DXPHQWR GH OD FDUJDVHGHQRPLQDOtPLWHGHIOXHQFLD\VHGHVLJQDSRUVI (OOLPLWHGHIOXHQFLDGHODFHUR $,6,HVVI # NJFP (Q HO FDVR GH FLHUWRV PDWHULDOHV HO GLDJUDPD GH WUDFFLyQ QR WLHQH XQ HVFDOyQ GH IOXHQFLD ELHQ DFHQWXDGR 3DUD HVWRV PDWHULDOHV VH LQWURGXFH HO OODPDGR OtPLWH FRQYHQFLRQDO GH IOXHQFLD 6HGHQRPLQDOtPLWHFRQYHQFLRQDOGHIOXHQFLDHOHVIXHU]RFRUUHVSRQGLHQWHDXQD GHIRUPDFLyQUHVLGXDOGHO(VWHOtPLWHVHGHQRWDSRUV 'HVSXpV GH TXH OD SUREHWD UHFLEH FLHUWR DODUJDPLHQWR EDMR XQD FDUJD FRQVWDQWH HV GHFLU GHVSXpV GH SDVDU HO HVWDGR GH IOXHQFLD HO PDWHULDO GH QXHYR DGTXLHUH OD FDSDFLGDG GH RSRQHUVHDODODUJDPLHQWRHOPDWHULDOVHHQGXUHFH\HOGLDJUDPDXQDYH]UHEDVDGRHOSXQWR ' DVFLHQGH DXQTXH FRQ PHQRV LQWHQVLGDG TXH DQWHV )LJ (O SXQWR ( GHO GLDJUDPD FRUUHVSRQGH DO HVIXHU]R FRQYHQFLRQDO Pi[LPR TXH VH GHQRPLQD OtPLWH GH UHVLVWHQFLD R UHVLVWHQFLDWHPSRUDO(QHOFDVRGHODFHUR $,6, HOOtPLWHGHUHVLVWHQFLDHVVU NJFP VH HPSOHD WDPELpQ OD QRWDFLyQ VX (Q ORV DFHURV GH DOWD UHVLVWHQFLD HO OtPLWH GH UHVLVWHQFLD OOHJD D VHU NJFP DFHUR WLSR \ RWURV (O OtPLWH GH UHVLVWHQFLDDODWUDFFLyQVHGHVLJQDSRUVUW \HOGHUHVLVWHQFLDDODFRPSUHVLyQSRUVUW &XDQGRHOHVIXHU]RVHLJXDODDOOtPLWHGHUHVLVWHQFLDHQODSUREHWDVHREVHUYDXQDUHGXFFLyQ EUXVFD \ ORFDO GH OD VHFFLyQ HQ IRUPD GH FXHOOR (O iUHD GH OD VHFFLyQ GLVPLQX\H V~ELWDPHQWHHQHOOXJDUGHOFXHOOR\FRPRFRQVHFXHQFLDVHUHGXFHODIXHU]D\HOHVIXHU]R FRQYHQFLRQDO/DURWXUDGHODSUREHWDRFXUUHSRUODVHFFLyQPHQRUGHOFXHOOR 352&(',0,(172 3DUDREWHQHUODVSURSLHGDGHVPHFiQLFDVGHORVPDWHULDOHVGHODVSUREHWDVVHGHEHVRPHWHU pVWDVDWUDFFLyQD[LDOPHGLU ODVYDULDEOHVIXHU]D)\DODUJDPLHQWR'OyGDLQFUHPHQWRV FRQRFLGRVGHIXHU]DRGHIRUPDFLyQ&RQORVGDWRVREWHQLGRVFRQVWUXLUORVJUiILFRV) G\ H V < SRU ~OWLPR UHDOL]DU XQ WUDWDPLHQWR JUiILFR GH pVWRV SDUD REWHQHU ORV SDUiPHWURV EXVFDGRVVS VH V VU 873/DERUDWRULRGH5HVLVWHQFLDGH0DWHULDOHV± *XtDGH/DERUDWRULR (ODERUDGDSRU*DEULHO&DOOH7UXMLOOR 0$48,1$5,$0$7(5,$/(6(,167580(1726'(0(','$ 3UREHWDV 6H XVDUiQ WUHV SUREHWDV GH LJXDOHV GLPHQVLRQHV 6LQ HPEDUJR HV DFRQVHMDEOH SUHFLVDUHOGLiPHWURGHWUDEDMRPPDOUHDOL]DUHOHQVD\RGHFDGDSUREHWD )LJ'LPHQVLRQHVSULQFLSDOHVGHODVSUREHWDVPHGLGDVHQPP 1yWHVH WDPELpQ TXH ODV SUREHWDV XVDGDV HQ QXHVWUR /DERUDWRULR QR FRLQFLGHQ FRQ ODV UHFRPHQGDGDV HQ HO HVWiQGDU $670 ( FRQV~OWHVH GLFKR HVWiQGDU ZZZDVWPRUJ /RV PDWHULDOHVGHIDEULFDFLyQGHODVSUREHWDVVRQ$FHURGHEDMRFDUERQR/DWyQ\$OHDFLyQ GH$OXPLQLR 0È48,1$81,9(56$/'((16$<2:30=' /DLQVWDODFLyQGHHQVD\RVHFRPSRQHGH 0iTXLQDGHHQVD\RHQVttWHP)LJ 3DQHOGHFRQWURO /D PiTXLQD \ HO SDQHO GH FRQWURO HVWiQ XQLGRV HQWUHVtSRUOtQHDVKLGUiXOLFDV\HOpFWULFDV /DPiTXLQDGHHQVD\RFRQVWDGH %DVHD 0DUFRVXVSHQGLGRFRQODVSODFDV \XQLGDVVROLGDULDPHQWH SRUGRVFROXPQDVD 3ODFDGHDOWXUDDMXVWDEOHD 3ODFDGHJXtD 5HJOHWD\RWURVGLVSRVLWLYRV GHPHGLGD 'LVSRVLWLYRVGHVXMHFLyQ\DJDUUH \ )LJ9LVWDJHQHUDOGHODPiTXLQDGHHQVD\RV (OSDQHOGHFRQWUROFRQVWD 6LVWHPDKLGUiXOLFRGHDSOLFDFLyQGH FDUJD 'LQDPyPHWURGLVSRVLWLYRGHPHGLFLyQ GHODFDUJDFRQFDUiWXOD 7DEOHURGHFRQWURO 873/DERUDWRULRGH5HVLVWHQFLDGH0DWHULDOHV± *XtDGH/DERUDWRULR (ODERUDGDSRU*DEULHO&DOOH7UXMLOOR 6HXVDODPiTXLQDXQLYHUVDOGHHQVD\R:30='HQODFXDOVHSXHGHQUHDOL]DUHQVD\RV GHWUDFFLyQFRPSUHVLyQ\IOH[LyQFRQHOREMHWRGHGHWHUPLQDUODVSURSLHGDGHVGH PXFKRV PDWHULDOHV/DPiTXLQDWUDEDMDKLGUiXOLFDPHQWH\HVDFFLRQDGDSRUXQPRWRUHOpFWULFRHVWR SDUD OD SDUWH HQFDUJDGD GH OD DSOLFDFLyQ GH OD FDUJD D ODV SUREHWDV SDUD OD SDUWH GH PHGLFLyQODPiTXLQDGHHQVD\RVHVWiHTXLSDGDGHXQGLQDPyPHWURFRQEDUUDDWRUVLyQGH EDMDLQHUFLD <D TXH HO VLVWHPD KLGUiXOLFR YHU HVTXHPD )LJ SRVHH XQ FLOLQGUR GH VLPSOH HIHFWR DO DSOLFDUSUHVLyQKLGUiXOLFDODSODFD³VXEH´UHDOL]DQGRXQDDFFLyQGHFRPSUHVLyQFRQWUDOD SODFD DMXVWDEOH D 3DUD SRGHU UHDOL]DU XQD DFFLyQ GH WUDFFLyQ OD PiTXLQD SRVHH XQ ³LQYHUVRU´4XHFRQVWDGHODVSODFDV\XQLGDVVROLGDULDPHQWHSRUODVFROXPQDVD (OIXQFLRQDPLHQWRGHGLFKRGLVSRVLWLYRVHPXHVWUDHQOD)LJ )LJ,QYHUVRUGHXQDPiTXLQDXQLYHUVDOGHHQVD\RV (O VLVWHPD KLGUiXOLFR FRQVWD GH GRV SDUWHVVLVWHPDGHSRWHQFLD\VLVWHPDGHPHGLFLyQ$ FRQWLQXDFLyQVHPXHVWUDHOVLVWHPDKLGUiXOLFRGHODPiTXLQD)LJFDEHDGYHUWLUTXHHVWH HVTXHPDQRSUHWHQGHFRUUHVSRQGHUDODVLPERORJtD,62 )LJ(VTXHPDKLGUiXOLFRJHQHUDOGHODPiTXLQDXQLYHUVDO:30=' 873/DERUDWRULRGH5HVLVWHQFLDGH0DWHULDOHV± *XtDGH/DERUDWRULR (ODERUDGDSRU*DEULHO&DOOH7UXMLOOR /DERPEDGHDOWDSUHVLyQVXFFLRQDHODFHLWHGHOGHSyVLWR\ORHQYtDSRUODOtQHDGH DOWD SUHVLyQ KDFLD HO FLOLQGUR GH WUDEDMR HO SLVWyQ GHO FXDO HPSLH]D D OHYDQWDUVH 6L GXUDQWHHVWHPRYLPLHQWRHOSLVWyQHQFXHQWUDDOJXQDUHVLVWHQFLDSRUHMHPSORODSUREHWDHVWi LQVWDODGDHQWUHODVSODFDVODSUHVLyQHQHOFLOLQGURGHWUDEDMRVXELUiKDFLHQGRTXHHOSLVWyQ HMHU]DXQDIXHU]DFUHFLHQWHDSOLFDGDDODSUREHWDKDVWDFDXVDUODURWXUDGHODPLVPDRKDVWD ODIXHU]DTXHVHDQHFHVDULDHQHOHQVD\R(QODOtQHDVHFXQGDULDGHODOtQHDGHDOWDSUHVLyQVH HQFXHQWUD OD YiOYXOD GH DSOLFDFLyQ GH OD FDUJD y VRVWHQLPLHQWR HVWD YiOYXOD WUDEDMD FRPR XQD YiOYXOD GH GHVFDUJD GH VREUHIOXMR HV GHFLU DO VXSHUDU OD SUHVLyQ HQ OD OtQHD OD SUHVLyQSDUDODTXHpVWDHVWiUHJXODGDHODFHLWHGHVFDUJDDOGHSyVLWR/DUHJXODFLyQGHHVWD YiOYXOD VH UHDOL]D PDQXDOPHQWH DQWHULRUPHQWH HUD SRVLEOH DFFLRQDUOD SRU PHGLR GH XQ PRWRUGHYHORFLGDGYDULDEOHSDUDDXPHQWDU DYROXQWDGRVRVWHQHUODIXHU]DUHDOL]DGDVREUH ODSUREHWD/DYiOYXODHVXQDYiOYXODGHGHVFDUJDTXHDFW~DFRPRYiOYXODGHVHJXULGDG /RVHVFDSHVGHDFHLWHHQWUHHOSLVWyQ\HOFLOLQGURGHWUDEDMRVRQFROHFWDGRVSRUODERPED DX[LOLDU\UHWRUQDGRVDOGHSyVLWR 3DUD ODPHGLFLyQGHODIXHU]DHMHUFLGDDODSUREHWDODPiTXLQDSRVHHXQGLQDPyPHWURGH EDUUDGHWRUVLyQHVWHGLQDPyPHWURFRQVWDGHGRVSDUWHVKLGUiXOLFD\PHFiQLFD /DSDUWHKLGUiXOLFDSXHGHREVHUYDUVHHQOD)LJ/DSUHVLyQGHWUDEDMRHQHOFLOLQGURHV FRQGXFLGD DO VHOHFWRU GH UDQJR GH FDUJD YiOYXOD GLVWULEXLGRUD GH SRVLFLRQHV FRUUHVSRQGLHQWHVD\WRQHODGDVPi[LPDVGHFDUJD\GHDOOtDOFLOLQGURGHPHGLFLyQ DSURSLDGRSDUDDFWXDUVREUHODEDUUDGHWRUVLyQGHOGLQDPyPHWUR (Q OD )LJ VH PXHVWUD XQ HVTXHPD GH IXQFLRQDPLHQWR GHO GLQDPyPHWUR /D EDUUD GH WRUVLyQSRVHHXQH[WUHPRILMR6REUHHOVHJXQGRH[WUHPRSRUPHGLRGHODSDODQFD SHUSHQGLFXODUVHDSOLFDXQDIXHU]DSURSRUFLRQDODODSUHVLyQGHOOtTXLGRHQHOFLOLQGURGH WUDEDMRGHODPiTXLQD)LJ/DXQLyQHQWUHHOFLOLQGUR\HOGLQDPyPHWURVHUHDOL]DFRQ D\XGD GH FLOLQGURV DGLFLRQDOHV GH pPERORVP ORVPLVPRV GHOD)LJ/RVFXDOHVVH FRQHFWDQ GH DFXHUGR D OD SRVLFLyQ GH OD YiOYXOD VHOHFWRUD OD PLVPD GH OD )LJ DGHFXDGDDPHGLFLRQHVHQGLVWLQWDVJDPDVGHIXHU]D )LJ(VTXHPDGHGLQDPyPHWURWRUVLRQDO 873/DERUDWRULRGH5HVLVWHQFLDGH0DWHULDOHV± *XtDGH/DERUDWRULR (ODERUDGDSRU*DEULHO&DOOH7UXMLOOR &XDQWRPiVGLVWDQWHHVWiHOFLOLQGURGHODEDUUDGHWRUVLyQWDQWRPD\RUHVHOEUD]RGHOD SDODQFD \ D PD\RU iQJXOR VH SXHGH JLUDU ³WRUVLRQDU´ OD EDUUD (VWD ~OWLPD HVWi XQLGD DO LQGLFDGRU GH FDUiWXOD SRU PHGLR GH XQD WUDQVPLVLyQ GH UXHGD GHQWDGD \ FUHPDOOHUD(OUHJLVWUDGRUVHHQFXHQWUDIXHUDGHVHUYLFLRHQQXHVWUDPiTXLQD (Q FRQFOXVLyQ OD PHGLFLyQ GH OD YDULDEOH IXHU]D VH UHDOL]D GLUHFWDPHQWH HQ HO GLDO GH OD PiTXLQDXQLYHUVDO(VWDPHGLFLyQHVWDGDGDHQNJI ,167580(1726&219(1&,21$/(6'(0(','$ 3DUD OD PHGLFLyQ GH ODV GLPHQVLRQHV LQGLFDGDV HQ OD )LJ VH XVDQ LQVWUXPHQWRV FRQYHQFLRQDOHVGHPHGLFLyQ(OFDOLEUDGRU9HUQLHU)LJ\HOPLFUyPHWUR)LJ )LJ&DOLEUDGRU9HUQLHU )LJ0LFUyPHWUR (OFDOLEUDGRUVHXVDSDUDODPHGLFLyQGHGLPHQVLRQHVLQWHULRUHVH[WHULRUHV\SURIXQGLGDGHV FRQSUHFLVLyQGHPP(OPLFUyPHWURVHXVDSDUDODPHGLFLyQGHGLPHQVLRQHVH[WHULRUHV FRQSUHFLVLyQGHPP /DPHGLFLyQGHORVDODUJDPLHQWRVGHIRUPDFLyQWRWDOGGHODSUREHWDVHHIHFW~DPLGLHQGR HOGHVSOD]DPLHQWRGHODVFROXPQDVD)LJGHOLQYHUVRUFRQUHVSHFWRDODSODFDDMXVWDEOH D)LJTXHGXUDQWHHOHQVD\RVHPDQWLHQHILMD(VWDPHGLFLyQVHUHDOL]DSRUPHGLRGH XQFRPSDUDGRUGHFDUiWXOD)LJHOFXDOSHUPLWHUHDOL]DUPHGLFLRQHVGHGHVSOD]DPLHQWRV FRQSUHFLVLyQGHPP )LJ&RPSDUDGRUGHFDUiWXOD 873/DERUDWRULRGH5HVLVWHQFLDGH0DWHULDOHV± *XtDGH/DERUDWRULR (ODERUDGDSRU*DEULHO&DOOH7UXMLOOR (O FRPSDUDGRU GH FDUiWXOD VH ILMD D XQD GH ODV FROXPQDV GHO LQYHUVRU SRU PHGLR GH XQD EDUUD\XQPDJQHWR6XSXQWDSDOSDGRUDGHEHHVWDUFRQWUDtGDFDVLHQVXWRWDOLGDG\WRFDQGR ODFDUDVXSHULRUGHODSODFDDMXVWDEOHD)LJ0iTXLQDXQLYHUVDOGHHQVD\RV$OXVDU HVWH HVTXHPD GH PHGLFLyQ )LJ HO LQVWUXPHQWR WUDEDMDUi D WUDFFLyQ VH GHEH SRQHU PXFKDDWHQFLyQ\DTXHODOHFWXUDGHOLQVWUXPHQWRVHKDUiHQVHQWLGRFRQWUDULRDODKDELWXDO $OJXQRVGHORVFRPSDUDGRUHVSRVHHQXQDHVFDODHQVHQWLGRFRQWUDULRGHQRWDGDSRUFLIUDVGH PHQRUWDPDxR )LJ(VTXHPDGHPHGLFLyQGHODVGHIRUPDFLRQHVGHODSUREHWD (QFRQFOXVLyQODPHGLFLyQGHODYDULDEOHGHIRUPDFLyQVHUHDOL]DFRQD\XGDGHOFRPSDUDGRU LQVWDODGR HQWUH HO SXHQWH \ OD FROXPQD (VWD PHGLFLyQ HVWDUi GDGD HQ FHQWpVLPDV GH PLOtPHWUR 5($/,=$&,Ï1'(/(16$<2 &RPR HO HQVD\R VH UHDOL]D EDMR OD HVWULFWD VXSHUYLVLyQ \ GLUHFFLyQ GHO SURIHVRU \ PRQLWRUVyORVHGDUiQDTXtDOJXQDVUHFRPHQGDFLRQHVDGLFLRQDOHV &RPRVHSXHGHYHUHQOD)LJHOSHVRGHOLQYHUVRUHVVRSRUWDGRSRUHOFLOLQGURGH WUDEDMR (VWD IXHU]D GHEH VHU ³H[FOXLGD´ GH OD PHGLFLyQ UHDOL]DGD SRU HO GLQDPyPHWUR 3RU HVWR HV LPSRUWDQWH UHDOL]DU FRQ VXPR FXLGDGR HO DMXVWH GH FHUR GHOGLQDPyPHWURFDGDYH]TXHVHUHDOL]DXQFDPELRGHUDQJRGHFDUJD (O FRPSDUDGRU GHEH VHU UHWLUDGR SUHVWDPHQWH FXDQGR ODV GHIRUPDFLRQHV GH ODV SUREHWDVVHDQH[DJHUDGDV6HGHEHWHQHUFXLGDGRGHQRGHVSOD]DUHOSXHQWHGHDOWXUD DMXVWDEOHFXDQGRHOFRPSDUDGRUHVWpLQVWDODGR 3DUDODHVFRJHQFLDGHOUDQJRGHFDUJDSRVLFLyQGHOD SDODQFD)LJVHGHEHQ KDFHUXQRVFiOFXORVDSUR[LPDGRVSUHOLPLQDUHVXVDQGRODIyUPXODFRQHOREMHWR GHGHWHUPLQDUODSUREDEOHFDUJDGHURWXUDSDUDFDGDSUREHWDHVGHFLU 3DUDODSUREHWDGHDFHUR S )U V U $ # NJ I WRPDQGR HO VU NJIFP FRPR HVIXHU]R GH URWXUD GHO DFHUR GH EDMR FDUERQR6WLRSLQ 3DUDODSUREHWDGHODWyQ )U 873/DERUDWRULRGH5HVLVWHQFLDGH0DWHULDOHV± *XtDGH/DERUDWRULR (ODERUDGDSRU*DEULHO&DOOH7UXMLOOR V U $ 3DUDODSUREHWDGHDOHDFLyQGHDOXPLQLR S # NJ I S # NJ I (Q FRQFOXVLyQ SDUD ODV GRV SULPHUDV SUREHWDV XWLOL]DUHPRV HO UDQJR GH FDUJDV GH WRQHODGDV3DUDODWHUFHUDSUREHWD$OHDFLyQGH$OXPLQLRXWLOL]DUHPRVHOUDQJRGHFDUJDGH WRQHODGDV5HJLVWUDUHPRVORVGDWRVGHGHIRUPDFLyQFDGDNJI )U VU $ 3DUDODWRPDGHGDWRVHVFRQYHQLHQWHSUHSDUDU ODVLJXLHQWHWDEODSDUDFDGDXQDGH ODVSUREHWDV 7DEOD 0DWHULDOGHODSUREHWDBBBBBBBBBBBBBBBBBBBB 'LiPHWURGHODVHFFLyQBBBBBBBBBBBBPP &DUJD) >NJI@ 'HIRUPDFLyQG >FHQWpVLPDVGHPP@ )XHU]DGHURWXUDBBBBBBBBBNJI 3DUD OD VXMHFLyQ GH ODV SUREHWDV VH XVDQ WXHUFDV GH VXSHUILFLH HVIpULFD HVWDV VH DSR\DQHQODVVXSHUILFLHVLQWHULRUHVGHORVDJDUUHV)LJ/RVWUDEDMRVGHPRQWDMH VHKDUiQEDMRODVLQGLFDFLRQHVGHOPRQLWRU\HOSURIHVRU 873/DERUDWRULRGH5HVLVWHQFLDGH0DWHULDOHV± *XtDGH/DERUDWRULR (ODERUDGDSRU*DEULHO&DOOH7UXMLOOR )LJ'LVSRVLWLYRGHVXMHFLyQGHXQDSUREHWDURVFDGD 75$7$0,(172(,17(535(7$&,Ï1'(/26'$726 /RVGDWRVFRQVLJQDGRVHQODWDEODVHWUDVODGDQDXQDKRMDHOHFWUyQLFDGHFiOFXOR([FHO SRU HMHPSOR SDUD UHDOL]DU ORV FiOFXORV GH HVIXHU]R \ GHIRUPDFLyQ XQLWDULD FRQYHQFLRQDO YHUHMHPSORWDEODHVWRVFiOFXORVSXHGHQVHUWDPELpQUHDOL]DGRVDPDQR 7DEOD 0DWHULDOGHODSUREHWDBBB$FHURBBBBB &DUJD ) >NJI@ 'HIRUPDFLyQ G >FHQWpVLPDVGH PP@ (VIXHU]R FRQYHQFLRQDO V >NIJFP@ 'HIRUPDFLyQ XQLWDULD FRQYHQFLRQDO H >PPPP@ ( ( 6HGHEHVHUFXLGDGRVRFRQHOWUDWDPLHQWRGHODVXQLGDGHVSRUHMHPSORSDUDHOFiOFXORGHORV HVIXHU]RVFRQYHQFLRQDOHVLQWURGXFLUHOYDORUGHOiUHDLQLFLDOGHODVHFFLyQGHODSUREHWDHQ >FP@ 873/DERUDWRULRGH5HVLVWHQFLDGH0DWHULDOHV± *XtDGH/DERUDWRULR (ODERUDGDSRU*DEULHO&DOOH7UXMLOOR /XHJRVHFRQVWUX\HQORVJUiILFRV) G \H V \DVHDHQ([FHOHTXLYDOHQWHRDPDQRHQ SDSHOPLOLPHWUDGR3DUDODGHWHUPLQDFLyQGHORVSDUiPHWURVH[LJLGRVHQORVREMHWLYRVGHO HQVD\RVHUHDOL]DXQWUDWDPLHQWRJUiILFRGHODVUHODFLRQHVREWHQLGDV /tPLWHGHSURSRUFLRQDOLGDG (OYDORUDSUR[LPDGRGH)S IXHU]DOtPLWHGHSURSRUFLRQDOLGDGVHSXHGHGHWHUPLQDUSRUHO SXQWR GRQGH FRPLHQ]D OD GLYHUJHQFLD HQWUH OD FXUYD GH WUDFFLyQ \ OD FRQWLQXDFLyQ GHO VHJPHQWR UHFWLOtQHR YHU )LJ 6H FRQVLGHUD FRPR )S HO YDORU HQ FX\D SUHVHQFLD OD GHVYLDFLyQ GH OD GHSHQGHQFLD OLQHDO HQWUH OD FDUJD \ HO DODUJDPLHQWR DOFDQ]D FLHUWD PDJQLWXG )LJ 'HWHUPLQDFLyQJUiILFDGH)S *HQHUDOPHQWH OD WROHUDQFLD SHUPLWLGD HQ OD GHWHUPLQDFLyQ GH )S HV GDGD SRU XQD GLVPLQXFLyQGHODWDQJHQWHGHOiQJXORGHLQFOLQDFLyQIRUPDGRSRUODOtQHDWDQJHQFLDO\OD FXUYDGHWUDFFLyQHQHOSXQWR3 FRQHOHMHGHGHIRUPDFLyQHQFRPSDUDFLyQFRQODWDQJHQWH HQHOWUDPRLQLFLDOHOiVWLFR/DPDJQLWXGGHODWROHUDQFLDQRUPDOL]DGDHVGHXQ &XDQGRODHVFDODGHOGLDJUDPDGHWUDFFLyQ) G HVVXILFLHQWHPHQWHJUDQGHODPDJQLWXG GHOOtPLWHGHSURSRUFLRQDOLGDGVHSXHGHGHWHUPLQDUHQIRUPDJUiILFDGLUHFWDPHQWHHQHVWH GLDJUDPD)LJ (Q SULPHU WpUPLQR VH SURORQJD HO WUDPR UHFWLOtQHR KDVWD VX LQWHUVHFFLyQ FRQ HO HMH GH ODV GHIRUPDFLRQHV HQ HO SXQWR 2 HO FXDO HV WRPDGR FRPR XQ QXHYR RULJHQ GH FRRUGHQDGDV H[FOX\HQGR GH HVWD PDQHUD DOJXQD DOWHUDFLyQ TXH SXHGD SURGXFLUVH GHELGR D XQD LQVXILFLHQWHULJLGH]GHODPiTXLQDHQHOSULPHUWUDPRGHOGLDJUDPD/XHJRVHSXHGHXVDUHO VLJXLHQWH SURFHGLPLHQWR (Q XQD DOWXUD DUELWUDULD HQ ORV OtPLWHV GHO GRPLQLR HOiVWLFR VH WUD]D XQDKRUL]RQWDO$% SHUSHQGLFXODUDOHMHGHODVFDUJDVYpDVHOD)LJOXHJRVHWUD]D HQHOODHOVHJPHQWR%& $%\HQVHJXLGDVHWUD]DODOtQHD2&(QHVWDVFRQGLFLRQHV WDQ D¶ WDQ D 6L GHVSXpV GH HVWR VH WUD]D XQD WDQJHQWH D OD FXUYD GH WUDFFLyQ TXH VHD SDUDOHOD D && HQWRQFHVHOSXQWRGHWDQJHQFLD3 GHWHUPLQDUiODPDJQLWXGGHODFDUJDEXVFDGD)SYpDVHOD )LJ(OYDORUGHVS VHGHWHUPLQD 873/DERUDWRULRGH5HVLVWHQFLDGH0DWHULDOHV± *XtDGH/DERUDWRULR (ODERUDGDSRU*DEULHO&DOOH7UXMLOOR VS )S $ OXHJRHVWHYDORUGHEHVHULGHQWLILFDGR\GHQRWDGRHQODJUiILFDH V /tPLWHGHHODVWLFLGDG (OVLJXLHQWHSXQWRFDUDFWHUtVWLFRHQHOGLDJUDPDGHWUDFFLyQFRUUHVSRQGHDXQDFDUJDSRUOD FXDO VH FDOFXOD HO OtPLWH GH HODVWLFLGDG FRQYHQFLRQDOHV GHFLU HO HVIXHU]R FRQ TXH HO DODUJDPLHQWRUHVLGXDO DOFDQ]DXQD PDJQLWXGSUHILMDGDTXHJHQHUDOPHQWHHVGHXQ VLHQGR D YHFHV PHQRU KDVWD GH XQ 'H HVWD PDQHUD HO OtPLWH GH HODVWLFLGDG FDUDFWHUL]D HO HVIXHU]R FRQ OD FXDO VXUJHQ ODV SULPHUDV VHxDOHV GH OD GHIRUPDFLyQ PDFURSOiVWLFD'HELGRDODSHTXHxDWROHUDQFLDSHUPLWLGDHQFXDQWRDODODUJDPLHQWRUHVLGXDO HV PX\ GLItFLO GHWHUPLQDU VH FRQ OD VXILFLHQWH H[DFWLWXG SRU HO GLDJUDPD SULPDULR GH WUDFFLyQ 3RU HVR HQ ORV FDVRV HQ TXH QR VH H[LJH XQD HOHYDGD H[DFWLWXG HO OtPLWH GH HODVWLFLGDGVHWRPDLJXDODOOtPLWHGHSURSRUFLRQDOLGDG /tPLWHGHIOXHQFLD (QFDVRGHDXVHQFLDHQHOGLDJUDPDGHWUDFFLyQGHO³HVFDOyQ´GHIOXHQFLDFRPRHVQXHVWUR FDVR VH FDOFXOD HO OtPLWH GH IOXHQFLD FRQYHQFLRQDO R VHD HO HVIXHU]R FRQ HO FXDO HO DODUJDPLHQWR UHVLGXDO DOFDQ]D XQD PDJQLWXG GDGD JHQHUDOPHQWH GH (VWH OtPLWH GH IOXHQFLDVHGHQRWDFRPRV 3RUFXDQWRODWROHUDQFLDDODODUJDPLHQWRSDUDHOFiOFXORGHOOLPLWHGHIOXHQFLDFRQYHQFLRQDO HVUHODWLYDPHQWHJUDQGHVHGHWHUPLQDJHQHUDOPHQWHHQIRUPDJUiILFDPHGLDQWHHOGLDJUDPD GHWUDFFLyQ3DUDHVWRHQHOHMHGHORVDODUJDPLHQWRVGHVGHHORULJHQGHODVFRRUGHQDGDVVH PLGHXQVHJPHQWR O 2. )LJ'HWHUPLQDFLyQJUiILFDGH) GRQGHO HVODORQJLWXGLQLFLDOGHODSUREHWDYHU)LJ\DWUDYpVGHOSXQWR.VHWUD]DXQD OtQHDUHFWDTXHHVSDUDOHODDOVHJPHQWRUHFWLOtQHRGHOGLDJUDPD)LJ/DRUGHQDGDGHO SXQWRYDDFRUUHVSRQGHUDODPDJQLWXGGHODFDUJD) TXHGHWHUPLQDHOOLPLWHGHIOXHQFLD 873/DERUDWRULRGH5HVLVWHQFLDGH0DWHULDOHV± *XtDGH/DERUDWRULR (ODERUDGDSRU*DEULHO&DOOH7UXMLOOR FRQYHQFLRQDO V ) $ OXHJRHVWHYDORUGHEHVHULGHQWLILFDGR\GHQRWDGRHQODJUiILFDH V /tPLWHGHUHVLVWHQFLD (O OtPLWH GH UHVLVWHQFLD VHFDOFXODDSDUWLUGHODIXHU]DPi[LPDFRQVLJQDGDHQODDJXMDGH IXHU]D Pi[LPD GH OD FDUiWXOD GHO GLQDPyPHWUR (VWH GDWR GHEH VHU DSXQWDGR OXHJR GH OD UHDOL]DFLyQGHFDGDHQVD\R )U VU $ OXHJRHVWHYDORUGHEHVHULGHQWLILFDGR\GHQRWDGRHQODJUiILFDH V ,1)250( 'H PDQHUD SDUWLFXODU HO LQIRUPH VREUH HO HQVD\R '(7(50,1$&,Ï1 '( /$6 3523,('$'(60(&È1,&$6'(/260$7(5,$/(6GHEHFRQWHQHU 2EMHWLYR &RQVLGHUDFLRQHV WHyULFDV JHQHUDOHV 'HILQLFLyQ GH ORV OtPLWHV GH SURSRUFLRQDOLGDG HODVWLFLGDGIOXHQFLD\UHVLVWHQFLD 0DTXLQDULD(VTXHPDKLGUiXOLFRGHODPiTXLQD:30=')LJ,GHQWLILFDUORV FRPSRQHQWHV 3UREHWDV'LEXMR GHODVPLVPDV)LJFRPSDUDFLyQFRQODSUREHWD$670 ,QVWUXPHQWRVGH0HGLGD(VTXHPDGHOGLQDPyPHWUR)LJ(VTXHPDGHPHGLFLyQ GHODVGHIRUPDFLRQHV)LJ1RPEUDU\VDEHUUHFRQRFHUORVRWURVLQVWUXPHQWRV GHPHGLGDXVDGRV *UiILFD ) G SDUD FDGD SUREHWD FRQ HO WUDWDPLHQWR JUiILFR UHDOL]DGR SDUD OD REWHQFLyQGHORVUHVXOWDGRV *UiILFD H V SDUD FDGD SUREHWD FRQ ORV UHVXOWDGRV GH ORV HVIXHU]RV OtPLWHV GHQRWDGRVHQODPLVPD 7DEODGHUHVXOWDGRV VS >NJIFP @y>03D@ H[S OLW $FHUR /DWyQ $OHDFLyQ$O VI V >NJIFP@y>03D@ H[S OLW VU >NJIFP @y>03D@ H[S OLW &RQFOXVLyQ