3ODQWHDPLHQWRVFUtWLFRV\DOWHUQDWLYRVHQ*HRJUDItD )LQLVWHUUD;;;,;SS 3/$17($0,(1726&5Ì7,&26<$/7(51$7,926 (1*(2*5$)Ì$ 3$=%(1,72'(/32=2 5HVXPHQ²(VWH WUDEDMR HV IUXWR GH OD UHÁH[LyQ TXH VREUH HO SHQVDPLHQWR JHRJUiÀFRFRQWHPSRUiQHRODDXWRUDGHELyUHDOL]DUFRPRPRWLYRGHODGHIHQVDGH VXSUR\HFWRGRFHQWHHQOD8QLYHUVLGDGGH/HyQ5HYLVDGR\DGDSWDGRSDUDVXSXEOL FDFLyQODYHUVLyQUHGXFLGDTXHDTXtVHRIUHFHDQDOL]DODFRQWULEXFLyQGHODVGHQR PLQDGDVJHRJUDItDVUDGLFDOHVRFUtWLFDVDODFRQVWUXFFLyQGHODJHRJUDItDKXPDQD DFWXDODVtFRPRRWURVSODQWHDPLHQWRVLQÁX\HQWHVGHULYDGRVGHODVOLPLWDFLRQHV\ GHOSURSLRGHVJDVWHGHOGLVFXUVRUDGLFDOFRQHVSHFLDODWHQFLyQDODJHRJUDItDKXPD QtVWLFD 3RU ~OWLPR VH HVER]DQ DOJXQRV SODQWHDPLHQWRV DOWHUQDWLYRV TXH WRPDQ FXHUSRHQHOPDUFRGHXQDJHRJUDItDFDGDYH]PiVSOXUDOHQWRUQRDORVFXDOHVVH DUWLFXODQORVQXHYRVKRUL]RQWHVGLVFLSOLQDUHV 3DODEUDV FODYH*HRJUDItD UDGLFDO JHRJUDItD KXPDQtVWLFD SHQVDPLHQWR JHRJUiÀFRJHRJUDItDKXPDQD 5HVXPR²326,d¯(6&5Ì7,&$6($/7(51$7,9$6(0*(2*5$),$(VWHWUDEDOKRpSUR GXWRGDUHÁH[mRVREUHRSHQVDPHQWRJHRJUiÀFRFRQWHPSRUkQHRTXHDDXWRUDWHYH GH UHDOL]DU SDUD D GHIHVD GR VHX SURMHFWR GH GRFrQFLD QD 8QLYHUVLGDGH GH /HyQ 5HYLVWRHDGDSWDGRSDUDSXEOLFDomRDYHUVmRUHGX]LGDTXHDTXLVHDSUHVHQWDDQDOLVD DFRQWULEXLomRGDVGHQRPLQDGDVJHRJUDÀDVUDGLFDLVRXFUtWLFDVSDUDDFRQVWUXomR GDJHRJUDÀDKXPDQDDFWXDODVVLPFRPRRXWUDVLQÁXrQFLDVGHULYDGDVGRGHVJDVWH GRGLVFXUVRUDGLFDOFRPHVSHFLDODWHQomRSDUDDJHRJUDÀDKXPDQLVWD3RU~OWLPR HVERoDPVHDOJXPDVSRVLo}HVDOWHUQDWLYDVQRVHLRGHXPDJHRJUDÀDFDGDYH]PDLV SOXUDOHPYROWDGRVTXDLVVHDUWLFXODPRVQRYRVKRUL]RQWHVGLVFLSOLQDUHV 3DODYUDVFKDYH*HRJUDÀD UDGLFDO JHRJUDÀD KXPDQLVWD SHQVDPHQWR JHR JUiÀFRJHRJUDÀDKXPDQD $EVWUDFW²&5,7,&$/ $1' $/7(51$7,9( 326,7,216 ,1*(2*5$3+<7KLVSDSHULVD SURGXFWRIWKHUHIOHFWLRQRQJHRJUDSKLFWKRXJKWFDUULHGRXWLQWKHGHIHQFHRIWKH DXWKRU·VWHDFKLQJPDWHULDODWWKH8QLYHUVLW\RI/HyQ6SDLQ5HYLHZHGDQGDGDSWHG IRU SXEOLFDWLRQ WKLV VXPPDULVHG YHUVLRQ DQDO\VHV WKH FRQWULEXWLRQ RI VRFDOOHG 3URIHVRUD7LWXODUGH*HRJUDItD+XPDQD8QLYHUVLGDGGH/HyQ(VSDx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pVXPp²$77,78'(6 &5,7,48(6 (7 $/7(51$7,9(6 (1 *e2*5$3+,(&HWDUWLFOHHVWOH IUXLW G·XQH UpÁH[LRQ VXU OD SHQVpH JpRJUDSKLTXH FRQWHPSRUDLQH TXH O·DXWHXU D UpDOLVpORUVGHODGpIHQVHGHVRQSURMHWG·HQVHLJQHPHQWjO·8QLYHUVLWpGH/HyQ/D YHUVLRQDFWXHOOHUHYXHHWDGDSWpHSRXUVDSXEOLFDWLRQDQDO\VHODFRQWULEXWLRQTXH OHV*pRJUDSKLHVGLWHVUDGLFDOHVHWFULWLTXHVRQWDSSRUWpjOD*pRJUDSKLHKXPDLQH DFWXHOOHDLQVLTXHOHVSRLQWVGHYXHUpVXOWDQWGHO·XVXUHGXGLVFRXUVUDGLFDOWRXW HQGRQQDQWXQHDWWHQWLRQSDUWLFXOLqUHjOD*pRJUDSKLHKXPDQLVWH2QpEDXFKHHQ FRQFOXVLRQTXHOTXHVSRLQWVGHYXHDOWHUQDWLIVGDQVOHFDGUHG·XQH*pRJUDSKLHTXL GHYLHQWSOXULHOOHHWDXWRXUGHODTXHOOHV·DUWLFXOHQWGHQRXYHOOHVSHUVSHFWLYHVGLVFL SOLQDLUHV 0RWVFOpV*pRJUDSKLHUDGLFDOH*pRJUDSKLHKXPDQLVWHSHQVpHJpRJUDSKLTXH *pRJUDSKLHKXPDLQH , ,1752'8&&,Ð1 /DFRQFHSFLyQTXHKR\VHWLHQHGHOD*HRJUDItDQRHVREYLDPHQWHODPLVPD TXHKDFHGRVVLJORV1LWDQVLTXLHUDODGHKDFHGRVRWUHVGpFDGDV'HKHFKRHVWD FLHQFLDVRFLDO\HOFRQMXQWRGHVDEHUHVTXHHQVXQRPEUHVHDSUHQGHQ\HQVHxDQ ORVFXDOHVFRQYHQLPRVHQFRQVLGHUDUFRPRGHÀQLWRULRVGHODGLVFLSOLQDJHRJUi ÀFDKDQFRQRFLGRIRUPXODFLRQHVPX\GLIHUHQWHV/D*HRJUDItDVXUJLyFRPRXQD FLHQFLDGHGLFDGDDODGHVFULSFLyQ\UHSUHVHQWDFLyQFDUWRJUiÀFDGHOD7LHUUDHQ XQDpSRFDHQTXHODH[SORUDFLyQGHOPXQGRFRQRFLGRORVGHVFXEULPLHQWRV\OD FRORQL]DFLyQPDUFDEDQORVGHVLJQLRVGHXQDVRFLHGDGSURIXQGDPHQWHXWLOLWDULVWD GHVGHOD$QWLJHGDGFOiVLFDKDVWDHOÀQDOGHOD(GDG0RGHUQD(VWDJHRJUDItD SUHFLHQWtÀFDIXHPDGXUDQGR\DSDUWLUGHOVLJOR;9,,,PDQLVIHVWDUiXQDSDXOD WLQDHVSHFLDOL]DFLyQTXHKDEUiGHFRQGXFLUDVXLGHQWLÀFDFLyQSURJUHVLYDFRQOD GHVFULSFLyQHQFLFORSpGLFDGHOPXQGR&$3(/ 3HURVHPHMDQWHIXQFLyQQRSHUPLWtDGDUUHVSXHVWDDORVPXOWLSOHV\GLYHUVRV LQWHUURJDQWHVTXHSODQWHDEDODFLHQFLDGHOPRPHQWRORTXHJHQHUyXQDVLWXDFLyQ GHFULVLVTXHGHVHPERFDUiHQODIRUPDFLyQGHODJHRJUDItDPRGHUQDFX\RSODQ WHDPLHQWR LUi RVFLODQGR JHQpULFDPHQWH HQWUH ORV JUDQGHV OtPLWHV TXH VHxDODQ HO SRVLWLYLVPR \ HO LGHDOLVPR FRRUGHQDGDV HQ ODV TXH FDEH VLWXDU HO RULJHQ \ ODHYROXFLyQGHODVHVFXHODVJHRJUiÀFDVGHVGHODVHJXQGDPLWDGGHOVLJOR;,; 'HVGHHOSXQWRGHYLVWDPHWRGROyJLFRWDPELpQVHDSUHFLDXQDELSRODUL]DFLyQHQWUH 3ODQWHDPLHQWRVFUtWLFRV\DOWHUQDWLYRVHQ*HRJUDItD LQGXFFLyQ\GHGXFFLyQODSULPHUDDVRFLDGDDXQDIRUPXODFLyQLGLRJUiÀFDGHOD GLVFLSOLQD\ODVHJXQGDDXQSODQWHDPLHQWRKLSRWpWLFRGHGXFWLYR6É1&+(= (Q OD pSRFD GHO HYROXFLRQLVPR \ HO GHWHUPLQLVPR GHFLPRQyQLFRV OD *HR JUDItDFRQRFLyVXSULPHULPSXOVRFRQFHELGDHQWRQFHVDOPRGRGHODVFLHQFLDV ItVLFDV(OHYROXFLRQLVPRVXPLQLVWUDUiXQLQVWUXPHQWDODQDOtWLFRHLQWHUSUHWDWLYR IXQGDPHQWDOSDUDH[SOLFDUODGLQiPLFDGHODVDFWXDFLRQHVKXPDQDV\VRFLDOHV HQ HO HVSDFLR JHRJUiÀFR DEULpQGRVH GRV SHUVSHFWLYDV PX\ GLIHUHQWHV HQWUH Vt DTXHOOD TXH FULVWDOL]D HQ OD HODERUDFLyQ UDW]HOLDQD \ TXH UHPLWH DO GDUYLQLVPR VRFLDOGHWHUPLQLVPRQDWXUDOLVWDXQLGRDXQDGLPHQVLyQRUJDQLFLVWD\DTXHOOD RWUDTXHVHDSR\DHQODFRQVLGHUDFLyQpWLFDGHODVUHODFLRQHVHQWUHQDWXUDOH]D \QDWXUDOH]DKXPDQDWDO\FRPRSURFODPDUiQ(/,6e5(&/Ô6\3,275.52327.,1 3RUVXSDUWHODWUDQVLFLyQDOVLJOR;;FRQOOHYDUiODFULVLVGHODPHQWDOLGDG SRVLWLYD\GHODUDFLRQDOLGDGFLHQWtÀFDHYROXFLRQLVWDFRQHOFRQVLJXLHQWHUHFKD]R GHODVVLVWHPDWL]DFLRQHVXQLYHUVDOLVWDVHLQWHJUDGRUDVGHOFRQRFLPLHQWRJHRJUi ÀFRTXHFHGHQDQWHHOLPSXOVRGHODJHRJUDItDFOiVLFDGRPLQDGDSRUORVSODQWHD PLHQWRVFRUROyJLFRVRUHJLRQDOHVGHIHQGLGRVSRUHOIUDQFpV9,'$/ '(/$%/$&+( \HODOHPiQ+(771(5(VWDJHRJUDItDGDUiDVLPLVPRSULRULGDGDODGHVFULSFLyQ GHORVKHFKRVSDUDORJUDUODH[SOLFDFLyQPHGLDQWHHOPpWRGRLQGXFWLYR%$,//< \ )(55$6 (Q OtQHDV JHQHUDOHV VHUi HVWD XQD HWDSD GH GLÀFXOWDGHV SDUD ODJHRJUDItDKXPDQDSXHVDSHVDUGHVXVLQGXGDEOHVORJURVSDUFLDOHVHOSHQVD PLHQWRFOiVLFRQRFRQVLJXLyDUWLFXODUHQVXFRQMXQWRXQSUR\HFWRGHFRQRFLPLHQWR JHRJUiÀFR HSLVWHPROyJLFDPHQWH FRQVLVWHQWH \ FLHQWtÀFDPHQWH VDWLVIDFWRULR &/$9$/ (QHOPDUFRGHODWHRUtDJHRJUiÀFDFRQWHPSRUiQHDODLUUXSFLyQHQORVDxRV GHORVSODQWHDPLHQWRVDQDOtWLFR\VLVWpPLFRUHSUHVHQWDXQDYHUGDGHUDUHQR YDFLyQGHOD*HRJUDItDWDQWRHQHOVHQWLGRGHUXSWXUDRFRUWHFRQORVSODQWHD PLHQWRVGHODVHVFXHODVIUDQFHVD\DOHPDQDFRPRSRUHOVXVWUDWRPLVPRGHVXV SRVWXODGRV)UHQWHDODWHQGHQFLDDQWHULRUHOGLVFXUVRJHRJUiÀFRVHXQLYHUVDOL]D \EXVFDVXDSR\RHQSULQFLSLRVWHyULFRV\PHWRGROyJLFRVPiVVLVWHPiWLFRV\FRKH UHQWHV/DUHYROXFLyQFXDQWLWDWLYD\ODÀORVRItDQHRSRVLWLYLVWDTXHVHLPSXVLHURQ GHVGHPHGLDGRVGHOVLJOR;;UHOHJDURQHOHVWXGLRGHORSDUWLFXODUDPHURLQVWUX PHQWRGHFRPSUREDFLyQGHODVOH\HVJHQHUDOHVREMHWLYRFLHQWtÀFRSULPRUGLDOGH HVWDQXHYD*HRJUDItDTXHVHDUWLFXOyHQWRUQRDWUHVHMHVEiVLFRVODDSOLFDFLyQ ULJXURVDGHOPpWRGRFLHQWtÀFRODLPSRUWDQFLDTXHVHRWRUJDDODWHRUtD\HOYDORU TXH VH FRQFHGH D OD DSOLFDFLyQ GH PRGHORV \ DO XVR GHO OHQJXDMH PDWHPiWLFR 6LQHPEDUJRORVOLPLWDGRVUHVXOWDGRVGHODJHRJUDItDWHRUpWLFDRFXDQWLWD WLYD SUHVXQWDPHQWH REMHWLYD \ OD QHFHVLGDG FUHFLHQWH GH GDU UHVSXHVWD D SUR EOHPDVFRQXQIXHUWHFRPSRQHQWHVRFLDORGHiPELWRORFDOLUiQFRQÀUPDQGROD YROXQWDGGHUHWRUQDUDXQDJHRJUDItDPiVFRPSUHQVLYDHLQWHUSUHWDWLYD6XUJH DVtODOODPDGDJHRJUDItDFUtWLFDTXHHQODGpFDGDGHORVDxRV\DORODUJRGH ORV VH SUHVHQWD UDPLÀFDGD HQ GLYHUVRV HQIRTXHV GHVGH OD JHRJUDItD GH OD SHUFHSFLyQ\HOFRPSRUWDPLHQWRRODVHODERUDFLRQHVUDGLFDOHVGHFRUWHPDU[LVWD KDVWDODSURSXHVWDKXPDQtVWLFD 3D]%HQLWRGHO3R]R $HVWRKD\TXHDxDGLUHQORVDxRVXQUHQRYDGRLQWHUpVSRUODVHVFDODV \ORVSURFHVRVORFDOHVGRQGHORLQGLYLGXDOORVFRQWUDVWHV\ODVWHQVLRQHVGLFRWy PLFDVWLHQHQXQVLWLRGHVWDFDGRSUXHEDHQRSLQLyQGHQXPHURVRVDXWRUHVGHOD PDGXUH]GHORVJHyJUDIRVTXHKHPRVDSUHQGLGRDFRQVLGHUDUHOHVSDFLRHQVXV UHODFLRQHVFRQODHFRQRPtD\ODVRFLHGDGKHPRVLQFRUSRUDGRODSUHRFXSDFLyQ SRUODGXDOLGDGGHVDUUROORVXEGHVDUUROORFRPRHOHPHQWRGLIHUHQFLDGRUDHVFDOD PXQGLDO/$&267(\KHPRVDSUHQGLGRDSHQVDUHQWpUPLQRVGHJOREDOLGDG\ GHVLVWHPDGHLQWHUUHODFLRQHV(67e%$1(=6$1726<WDPELpQSRGUtD DxDGLUVHKHPRVDSUHQGLGRDSHUIHFFLRQDUODH[SUHVLyQFDUWRJUiÀFD\VXDSOLFD FLyQDODQiOLVLVJHRJUiÀFRORVVLVWHPDVGHLQIRUPDFLyQJHRJUiÀFDRORVPpWRGRV \ WpFQLFDV FXDOLWDWLYDV *$5&Ì$ %$//(67(526 KHUUDPLHQWDV TXH SHUPLWHQ DÀQDUORVDQiOLVLV\PHMRUDUHOUHVXOWDGRÀQDOGHODLQYHVWLJDFLyQ ,, (/$/&$1&('(/26(1)248(65$',&$/(6 (OQDFLPLHQWR\GHVDUUROORGHODJHRJUDItDUDGLFDOVHHQPDUFDHQXQDVFRRU GHQDGDVÀORVyÀFRFLHQWtÀFDV\VRFLDOHVFRQFUHWDV&RQUHVSHFWRDHVWDV~OWLPDV GHVWDFDQ HO QXHYR RUGHQ LQWHUQDFLRQDO FUHDGR HQ 2FFLGHQWH WUDV OD FXOPLQD FLyQ GHOSURFHVR GH GHVFRORQL]DFLyQ HO VXUJLPLHQWR GHOPRYLPLHQWR GH SDtVHV QRDOLQHDGRVHOSUREOHPDGHOVXEGHVDUUROOR²LQWHUSUHWDGRFRPRH[SUHVLyQGHO LQWHUFDPELRGHVLJXDO\GHODGRPLQDFLyQFDSLWDOLVWD²RHOWULXQIRGHODVLGHDV UHYROXFLRQDULDVHQ&XED&KLQDR$UJHOLD$HVWRVHDxDGHHOGHVFRQWHQWRJHQH UDOL]DGRHQHOVHQRGHODVVRFLHGDGHVGHVDUUROODGDVSUHVDVGHVXVSURSLDVFRQ WUDGLFFLRQHV\YtFWLPDVGHXQPRGHORGHFUHFLPLHQWRTXHJHQHUDGHVLJXDOGDGHV VRFLDOHV \ WHUULWRULDOHV PLVHULD IUHQWH D RSXOHQFLD R JXHUUDV LQFRPSUHQVLEOHV /D FRQFLHQFLD GH FULVLV QR VyOR VH UHÀHUH DO VLVWHPD HFRQyPLFR \ VRFLDO GRPLQDQWHWDPELpQDIHFWyDORVSODQWHDPLHQWRVFLHQWtÀFRVHLQFOXVRVHSXVRHQ FXHVWLyQHOPRGRHQTXHHOVLVWHPDGHODFLHQFLDVHDSUR[LPDDOPXQGR\DOLQGL YLGXR&$3(/(QORVDOERUHVGHORVDxRV\DQRUHVXOWDWDQHYLGHQWHTXH ODFLHQFLD\ODLGHRORJtDWHQJDQTXHSUHVHQWDUVHFODUDPHQWHVHSDUDGDVGHLJXDO PRGRTXHVHFXHVWLRQDODGLYHUJHQFLDHQWUHWHRUtD\SUiFWLFD7DPSRFRSDUHFH SRVLEOHVRVWHQHUFRPRHQORVHQIRTXHVSUHFHGHQWHVTXHODFLHQFLDVHDQHXWUDO SXHVVHGHVHQYXHOYHHQXQFRQWH[WRVRFLDOHLGHROyJLFRTXHSRUIXHU]DLPSUHJQD VXVSRVWXODGRV3RU~OWLPRVHUHFKD]DODUHJXODULGDGHQORVSURFHVRVVRFLDOHV DQiORJRVDORVREVHUYDGRVHQODQDWXUDOH]D\FRQHOORODSRVLELOLGDGGHIRUPXODU OH\HVJHQHUDOHV\UHDOL]DUSUHGLFFLRQHV (QFRQVHFXHQFLDODFRUULHQWHFUtWLFDTXHWRPDFXHUSRHQHVWRVDxRVSRVWXOD ODLQWHJUDFLyQGHOFRQRFLPLHQWRSXUR\ODDFFLyQODWHRUtD\ODSUi[LVKXPDQD ORTXHSRQHGHUHOLHYHODLQÁXHQFLDGHODHVFXHODGH)UDQNIXUWIXHQWHGHLQVSL UDFLyQIXQGDPHQWDOGHOUDGLFDOLVPRHQODVFLHQFLDVVRFLDOHV/DLQWHJUDFLyQGH ODWHRUtDPDU[LVWDHQHOPXQGRDFDGpPLFRFRPRDOWHUQDWLYDDOQHRSRVLWLYLVPR \ FRQVHUYDGXULVPR LPSHUDQWHV VH SURGXMR SULPHUR HQ GLVFLSOLQDV FRPR OD (FRQRPtD\OD6RFLRORJtDPLHQWUDVTXHOD*HRJUDItDWDUGyDOJRPiVHQDVXPLU 3ODQWHDPLHQWRVFUtWLFRV\DOWHUQDWLYRVHQ*HRJUDItD HOFDPELRÀORVyÀFRWDQWRHQHOiPELWRDQJORVDMyQ²GHIXHUWHWUDGLFLyQSXULWDQD \DQWLFRPXQLVWD²FRPRHQHOHXURSHR6HUiHQXQR\RWURGRQGHDORODUJRGH ORV DxRV VH PDQLÀHVWHQ FRQ PiV LQWHQVLGDG ORV HQIRTXHV UDGLFDOHV *$5&Ì$ 5$0Ð1 'HQWUR GH OD JHRJUDItD DQJORVDMRQD HO JLUR KDFLD SRVWXUDV UDGLFDOHV HVWi HMHPSOLÀFDGRSRUODWUD\HFWRULDGHDOJXQRVGHORVPiVGHVWDFDGRVYDOHGRUHVGHO SDUDGLJPDFXDQWLWDWLYRHQWUHHOORV:,//,$0%81*('$9,'+$59(<\52%(573((7 TXH SURJUHVLYDPHQWH DO]DQ VXV YRFHV FRQWUD OD LQFDSDFLGDG GH ORV SRVWXODGRV SRVLWLYLVWDVSDUDGDUUHVSXHVWDVVDWLVIDFWRULDVDORVSUREOHPDVVRFLDOHVSODQWHD GRVHQHOVHQRGHODVRFLHGDGFDSLWDOLVWD*Ð0(=0(1'2=$08f2=257(*$ \VHGHVOL]DQKDFLDSRVWXUDVPiVFRPSURPHWLGDVTXHDUURSDQFRQIRUPXODFLRQHV WHyULFDV\HSLVWHPROyJLFDVGHPD\RUSURIXQGLGDG 'LFKRSURFHVRWLHQHWUHVKLWRVIXQGDPHQWDOHV0$77621HOSULPHUR HV HO PRYLPLHQWR H[SHGLFLRQDULR YLQFXODGR D OD 6RFLHGDG SDUD OD ([SORUDFLyQ +XPDQDFUHDGDHQ\FRQVXVSULPHUDVH[SHULHQFLDVHQ'HWURLWGHODPDQR GH:%81*((OREMHWLYRGHHVWDLQLFLDWLYDHUDDSOLFDUORVFRQRFLPLHQWRVJHRJUi ÀFRVDODUHDOLGDGVRFLDOEXVFDQGRODVROXFLyQGHORVSUREOHPDVGHODViUHDVPiV SREUHV\PDUJLQDOHVGHODFLXGDG(OVHJXQGRKLWRIXHODFUHDFLyQHQGHOD UHYLVWD$QWLSRGH$5DGLFDO-RXUQDORI*HRJUDSK\GLULJLGDSRU3((7\FRQYHUWLGD HQ HO SULQFLSDO YHKtFXOR GH H[SUHVLyQ GHO PRYLPLHQWR UDGLFDO KDVWD OD DFWXD OLGDG/DHYROXFLyQGHHVWDUHYLVWDHYLGHQFLDODUDGLFDOL]DFLyQSURJUHVLYDGHOD JHRJUDItDFUtWLFDDQJORVDMRQDTXHSDVDGHSRVLFLRQHVOLEHUDOHVFRPSURPHWLGDV DRSFLRQHVPDU[LVWDV&RPRWHUFHUSXQWRGHUHIHUHQFLDGHVWDFDODIXQGDFLyQHQ GHOD8QLyQGH*HyJUDIRV6RFLDOLVWDVSDUDSRWHQFLDUODSDUWLFLSDFLyQGHORV JHyJUDIRV HQ OD UHHVWUXFWXUDFLyQ GH OD VRFLHGDG GH DFXHUGR FRQ ORV SULQFLSLRV GHMXVWLFLDVRFLDO$OJXQRVGHORVPiVGHVWDFDGRVPLHPEURVGHODRUJDQL]DFLyQ IXHURQ%/$87%8&+$1$1%81*(+$59(<\3((7FX\DVREUDVVHFRQYHUWLUiQHQOD EDVHGHOUDGLFDOLVPRDQJORVDMyQ /DLGHDGHTXHHOSHQVDPLHQWRPDU[LVWDHPSLH]DSHURQRWHUPLQDHQ0$5; GHIHQGLGD SRU %/$87 IXH XQD GH ODV YtDV GH GHVDUUROOR GHO UDGLFDOLVPR DQJORVDMyQTXHSUHWHQGHFRQVWUXLUXQDJHRJUDItDPDU[LVWDDWUDYpVQRVyORGH ODDFHSWDFLyQGHORVFRQFHSWRV\GHOPpWRGRVLQRWDPELpQPHGLDQWHXQDQXHYD FDWHJRUL]DFLyQJHRJUiÀFDGHQWURGHODVFRRUGHQDGDVGHOPDWHULDOLVPRGLDOpFWLFR *Ð0(= 0(1'2=$ 08f2= 257(*$ 8QD JHRJUDItD TXH VHJ~Q 3((7 GHEH SULYLOHJLDU OD GLPHQVLyQ VRFLDO HQ HO VHQWLGR GH TXH ODV UHODFLRQHV HVSDFLDOHV GHEHQVHUHQWHQGLGDVFRPRPDQLIHVWDFLRQHVGHODVUHODFLRQHVGHFODVHVREUHHO HVSDFLRJHRJUiÀFRHVGHFLUHOHVSDFLRGHEHDSDUHFHUFRPRXQSURGXFWRVRFLDO *$5&Ì$%$//(67(526 (Q OD JHRJUDItD HXURSHD OD FRUULHQWH UDGLFDO SUHVHQWD XQD WUD\HFWRULD GLVWLQWD HV PiV KHWHURJpQHD HQ FXDQWR D ODV SRVLFLRQHV GHIHQGLGDV \ UHVXOWD PiVYDULRSLQWDHQODLQWHUSUHWDFLyQGHOSHQVDPLHQWRGH0$5;(Q$OHPDQLDORV HQIRTXHVUDGLFDOHVWLHQHQXQDQRWDEOHLPSODQWDFLyQ\WDPELpQHQ,WDOLDGRQGH GHVWDFDODÀJXUDGH0$66,0248$,1,GHIHQVRUGHXQDDXWpQWLFDWHRUtDGHOHVSDFLR HQODREUDGH0$5;3HURHV)UDQFLDHOSULQFLSDOIRFRGHODJHRJUDItDUDGLFDOTXH 3D]%HQLWRGHO3R]R QDFHHQIUHQWDGDDODHVFXHODWUDGLFLRQDOYLGDOLDQD&$3(/*$5&Ì$%$//(6 7(526 (QWDOVHQWLGRGHVWDFDQODVDSRUWDFLRQHVGH<9(6/$&267(PX\FUtWLFRFRQ HOGLVFXUVRJHRJUiÀFRYLGDOLDQRHQSDUWLFXODUFRQHOFRQFHSWRGHUHJLyQYHUGD GHURREVWiFXORVHJ~QpOSDUDHOGHVDUUROORGHXQDJHRJUDItDFRPSURPHWLGDFRQ ORVSUREOHPDVGHVXWLHPSR(QRSLQLyQGHORVJHyJUDIRVHVSDxROHVKDVWDDTXt FLWDGRVUHVXOWDVRUSUHQGHQWHHVWHHQIUHQWDPLHQWRSRUGRVUD]RQHVODH[LVWHQFLD GHXQDWUDGLFLyQPDU[LVWDHQODJHRJUDItDIUDQFHVD\HOFDUiFWHUKLVWRULFLVWDGH DPEDVFRUULHQWHV8QFDVRVLQJXODUHVWiUHSUHVHQWDGRSRU3,(55(*(25*(TXHHQ VXVREUDVGHJHRJUDItDVRFLDO\HFRQyPLFDLQFRUSRUDHODQiOLVLVGHODVUHODFLRQHV GHSURGXFFLyQ\ODOXFKDGHFODVHVSDUDFRPSUHQGHUODRUJDQL]DFLyQGHOHVSDFLR SHURFRPRVHxDOD/$&267(FLWDGRSRU*$5&Ì$%$//(67(526VXSHUSR QLpQGRORDXQGLVFXUVRJHRJUiÀFRFOiVLFR\VLQSODQWHDUODFRQVWUXFFLyQGHXQD JHRJUDItDPDU[LVWD 3RUVXSDUWHODDSDULFLyQGHODUHYLVWD+pURGRWHHVHOKLWRPiVVREUHVDOLHQWH HQHOGHVDUUROORGHODJHRJUDItDUDGLFDOJDOD&UHDGDHQ+pURGRWHSUHWHQGH GHWHFWDU ODV FDXVDV GH OD FULVLV SRU OD TXH DWUDYLHVD OD *HRJUDItD DO PHQRV OD JHRJUDItDGHORVSURIHVRUHVGHODTXHWUDWD/$&267(\EXVFDUDOWHUQDWLYDV FRQFHGH DWHQFLyQ D WHPDV GH DFWXDOLGDG \ EXVFD OD DUWLFXODFLyQ HQWUH WHRUtD \ SUiFWLFDSROtWLFDDOWLHPSRTXHVXEUD\DHOFDUiFWHUGHODJHRJUDItDFRPRGLVFXUVR LGHROyJLFR \ VDEHU HVWUDWpJLFR *$5&Ì$ %$//(67(526 (V SUHFLVDPHQWH HQ OD GLPHQVLyQ SROtWLFD GRQGH UDGLFD OD QRYHGDG GH +pURGRWH \ GRQGH SRGHPRV HQFRQWUDU HO SXQWR GH UXSWXUD FRQ OD JHRJUDItD IUDQFHVD WUDGLFLRQDO (Q RWURV DVSHFWRVHVFRQWLQXDGRUDGHODWUDGLFLyQYLGDOLDQDFRPRHQHOPpWRGRGHDQiOLVLV HQIRTXHKLVWRULFLVWDSUHRFXSDFLyQSRUODVtQWHVLVFDUiFWHULGHRJUiÀFRHLQGXF WLYR GH ORV WUDEDMRV R HQ OD WHPiWLFD LQVLVWHQFLD HQ OD XQLyQ HQWUH JHRJUDItD KXPDQD\ItVLFDLQWHUpVSRUHOHVWXGLRGHiUHDVJHRJUiÀFDVGHOLPLWDGDVRSRUHO DQiOLVLVGHOSDLVDMH 0iVDOOiGHOFDPELRVXVWDQFLDOTXHVXSRQHQSDUDODJHRJUDItDORVSODQWHD PLHQWRVUDGLFDOHVHQFXDQWRDODUHODFLyQFLHQFLDLGHRORJtDODGLPHQVLyQSROtWLFD GHORVWHPDVGHHVWXGLRORVQXHYRVFDPSRVGHLQYHVWLJDFLyQDELHUWRV\HOHQUL TXHFLPLHQWRGHOGHEDWHQRFDEHGXGDGHTXHODDSRUWDFLyQIXQGDPHQWDOGHOD JHRJUDItDUDGLFDOFRQVLVWHHQODLQWHUSUHWDFLyQGHOHVSDFLRFRPRSURGXFWRVRFLDO 6LQHQWUDUDTXtHQODSROpPLFDGHVLH[LVWHRQRHQODVREUDVGH0$5;XQDWHRUtD HVSDFLDO WRGRV ORV JHyJUDIRV GH HVWD FRUULHQWH FRLQFLGHQ HQ DFHSWDU ODV EDVHV HSLVWHPROyJLFDV\PHWRGROyJLFDVGHOPDWHULDOLVPRGLDOpFWLFRHQVXVYDULDGDVIRU PXODFLRQHV$VtIUHQWHDODFRQFHSFLyQDQDOtWLFDGHOHVSDFLRTXHEXVFDODH[SOL FDFLyQFDXVDOGHORUGHQHVSDFLDOVHRSRQHXQDWHRUtDJHRJUiÀFDTXHHQWLHQGH ODVUHODFLRQHVHVSDFLDOHVFRPRPDQLIHVWDFLyQGHODVUHODFLRQHVVRFLDOHVVREUHHO WHUULWRULR3((7 (VWD LGHD LQWURGXFH LPSRUWDQWHV FDPELRV \D TXH LPSOLFD QHJDU OD DXWR QRPtDGHOHVSDFLRYDULDEOHGHSHQGLHQWHTXHUHFLEHVXFRQWHQLGR\VLJQLÀFDFLyQ GHODVUHODFLRQHVVRFLDOHVYDULDEOHLQGHSHQGLHQWH(QHVWHVHQWLGRVLODRUJDQL ]DFLyQHVSDFLDOHVHOUHVXOWDGRRSURGXFWRGHODVRFLHGDGGHXQDVGHWHUPLQDGDV UHODFLRQHVGHFODVHSUR\HFWDGDVVREUHHOHVSDFLRVXHVWXGLRGHEHUiLUSUHFHGLGR 3ODQWHDPLHQWRVFUtWLFRV\DOWHUQDWLYRVHQ*HRJUDItD SRUHODQiOLVLVGHODHVWUXFWXUD\IXQFLRQDPLHQWRGHODFRUUHVSRQGLHQWHIRUPD FLyQVRFLDO&RPRDÀUPD-($1%(51$5'5$&,1(HOHVSDFLRQRH[LVWHLQGH SHQGLHQWHPHQWH GH ODV SUiFWLFDV VRFLDOHV HV HO HVSDFLR GH OD UHSURGXFFLyQ GH ODVUHODFLRQHVGHSURGXFFLyQ'HHVWHPRGRODDSUR[LPDFLyQDOHVWXGLRHVSDFLDO GHEHUHDOL]DUVHDWUDYpVGHODQiOLVLVKLVWyULFRGHODVEDVHVGHORVPRGRVGHSUR GXFFLyQGHODIRUPDFLyQVRFLDOTXHORKDSURGXFLGR3((7 6LORVSURFHVRVGHFUHDFLyQGHOHVSDFLRVRQLQVHSDUDEOHVGHOPRGRGHSUR GXFFLyQ0,/7216$1726DVXPH\VREUHSDVDHOFRQFHSWRGHHVSDFLRFRPR SURGXFWRVRFLDOSDUDFRQVLGHUDUHOHVSDFLRFRPRFRQGLFLyQHÀFD]\DFWLYDHQOD UHDOL]DFLyQFRQFUHWDGHORVPRGRVGHSURGXFFLyQHOHVSDFLRVHUHSURGXFHHQHO LQWHULRUGHODWRWDOLGDGFXDQGRHYROXFLRQDHQIXQFLyQGHOPRGRGHSURGXFFLyQ \ GH VXV PRPHQWRV VXFHVLYRV 6LQ HPEDUJR HO HVSDFLR LQÁXHQFLD WDPELpQ OD HYROXFLyQGHRWUDVHVWUXFWXUDV\SRUHOORVHWRUQDXQFRPSRQHQWHIXQGDPHQWDO GHODWRWDOLGDGVRFLDO\VXVPRYLPLHQWRV (OSODQWHDPLHQWRHVER]DGRSRQHGHPDQLÀHVWRKDVWDTXpSXQWROD*HRJUD ItDGHEHODVPiVGHODVYHFHVEXVFDUVXVH[SOLFDFLRQHVHQOD+LVWRULD\SRUWDQWR KDVWDTXpSXQWRVHHQWLHQGHODJHRJUDItDFRPRODKLVWRULDGHODFRQTXLVWDFRQV FLHQWH\GHODHODERUDFLyQUHJLRQDOGHODWLHUUDHQIXQFLyQGHFyPRVHKDRUJDQL]DGR ODVRFLHGDG*$0%, ,,, /$$3257$&,Ð1'(/$&255,(17(+80$1Ì67,&$ /DFRUULHQWHKXPDQtVWLFDVXUJHWDPELpQFRPRXQDSURSXHVWDFUtWLFD\WLHQH FRPRREMHWLYRRIUHFHUXQDVFRRUGHQDGDVGHSHQVDPLHQWRJHRJUiÀFRDOWHUQDWLYDV DO QHRSRVLWLYLVPR <D HQ 5(/3+ DERJDED SRU OD DGRSFLyQ GH OD IHQRPH QRORJtD SRU ORV JHyJUDIRV SXHV FRQVLGHUD TXH OD PLVPD SXHGH LQIRUPDU XQD DOWHUQDWLYDYiOLGDDOQHRSRVLWLYLVPRFDSD]GHXQLÀFDUHOHVWXGLRGHOLQGLYLGXR RHOJUXSRKXPDQR\VXPHGLRKDFLHQGRSRVLEOHHOUHWRUQRDODHYLGHQFLDD ORVKHFKRVWDO\FRPRVRQGDGRV/DQRFLyQGHLQWHQFLRQDOLGDG\HOSULQFLSLRGH UHGXFFLyQVRQIXQGDPHQWDOHVSDUDDOFDQ]DUGLFKRREMHWLYRWDO\FRPRVHSRQH GH PDQLÀHVWR HQ HO WUDEDMR SLRQHUR GH $11( %877,0(5 \ HQ HO GH RWURV JHyJUDIRVGHOiPELWRDQJORVDMyQ/(<06$08(/65(/3+GRQGHHVWDFRUULHQWH QDFH\DGTXLHUHPD\RUIXHU]D $VLPLVPRORVIXQGDPHQWRVGHODJHRJUDItDKXPDQtVWLFDVHQXWUHQGHOH[LV WHQFLDOLVPR\GHODÀORVRItDLGHDOLVWD&RPRVHxDOD5(/3+HVWDGLVFLSOLQD WLHQH XQ FXHUSR IRUPDO GH FRQRFLPLHQWRV TXH SUHVXSRQHQ QXHVWUDV H[SHULHQ FLDVGHOPXQGRHVGHFLUWLHQHXQDEDVHH[SHULHQFLDO/RVFRQFHSWRVGHHVSDFLR SDLVDMHRUHJLyQWLHQHQXQVLJQLÀFDGRFRQFUHWRSRUTXHORVUHIHULPRVDQXHVWUD H[SHULHQFLDGLUHFWDGHGLFKRVIHQyPHQRV$HVWDSHUVSHFWLYDHOLGHDOLVPRDSRUWD ODFRQYLFFLyQGHTXHODDFWLYLGDGGHODPHQWHHVHOIXQGDPHQWRGHODH[LVWHQFLD KXPDQD\GHOSURSLRFRQRFLPLHQWRORTXHUHIXHU]DHOFDUiFWHUVXEMHWLYRGHpVWH 7DOHQIRTXHOOHYDLPSOtFLWRDVXYH]HOUHFKD]RDODLGHDGHXQDFLHQFLDXQLÀFDGD 3D]%HQLWRGHO3R]R \DÀUPDODH[LVWHQFLDGHXQDFLHQFLDVRFLDODXWyQRPDFRQVXVSURSLRVHQIRTXHV \PpWRGRV (Q RSLQLyQ GH &$3(/ OD JHRJUDItD KXPDQtVWLFD HV XQ GHVDUUROOR OyJLFRGHOGHVFXEULPLHQWRGHODGLPHQVLyQVXEMHWLYD\GHODH[SHULHQFLDSHUVRQDO UHDOL]DGR SRU OD JHRJUDItD GH OD SHUFHSFLyQ \ GHO FRPSRUWDPLHQWR DXQTXH VH GLVWDQFLDGHpVWDHQODPHGLGDHQTXHQRUHFRQRFHODH[LVWHQFLDGHXQPXQGR REMHWLYRDOTXHSXHGDOOHJDUVHPHGLDQWHXQPpWRGRGHFRQRFLPLHQWRFLHQWtÀFR 3DUD-2$112*8eDGLIHUHQFLDGHOD*HRJUDItDUDGLFDORGHOD*HRJUDItD GH ODSHUFHSFLyQ\GHOFRPSRUWDPLHQWR OD *HRJUDItD KXPDQtVWLFDUHFKD]DWDQWR OD WHRUtD FRPR ORV PpWRGRV SRVLWLYLVWDV « TXHGDQGR FRQÀJXUDGD FRPR XQD SHUVSHFWLYDDQWURSRFpQWULFDKROtVWLFD\KHUPHQpXWLFDGHOD*HRJUDItD /DSULQFLSDODSRUWDFLyQWHyULFD\FRQFHSWXDOGHODJHRJUDItDKXPDQtVWLFD HV VLQ GXGD OD QRFLyQ GH OXJDU TXH SDVD D VHU HO FHQWUR \ HO REMHWLYR IXQGD PHQWDOGHOFRQRFLPLHQWRJHRJUiÀFR(OOXJDUVHUHÀHUHDXQiUHDOLPLWDGDDXQD SRUFLyQGHHVSDFLRFRQFUHWDFDUDFWHUL]DGDSRUXQDHVWUXFWXUDLQWHUQDGLVWLQWLYD \DODTXHVHDWULEX\HXQDVLJQLÀFDFLyQTXHHYRFDVLHPSUHXQDUHVSXHVWDDIHF WLYD/RVOXJDUHVWLHQHQXQDGLPHQVLyQH[LVWHQFLDOGDQFDUiFWHUDOHVSDFLROR KXPDQL]DQ (QHVWUHFKDUHODFLyQFRQHOOXJDUHOSDLVDMHDSDUHFHWDPELpQFRPRXQFRQ FHSWR FODYH 6H WUDWD GH XQ SDLVDMH H[SHULHQFLDO DVRFLDGR DO SURSLR FRQFHSWR GHOXJDUSXHVFRPRVHxDOD12*8eHOSDLVDMHHVXQOXJDUODFDVDOD SOD]DHOSXHEORXQDFRPDUFDRUHJLyQSXHGHQVHUOXJDUHVSXHVWRTXHWRGRVHOORV SXHGHQ FRQYHUWLUVH HQ VtPERORV GH QXHVWUDV DVSLUDFLRQHV HPRFLRQHV \ H[SHULHQ FLDVSDVDGDV\SUHVHQWHV5(/3+FRQFLEHODQDWXUDOH]DGHOOXJDUFRPRXQD H[SHULHQFLD\FRQFOX\HTXHHOQ~FOHRH[SHULHQFLDOHVHQFLDOGHOOXJDUHVODLQWHULR ULGDGH[LVWHQFLDOHVGHFLUHOJUDGRGHUHODFLyQ\GHDVRFLDFLyQGHXQDSHUVRQDDO OXJDU3RUHOFRQWUDULRODH[WHULRULGDGH[LVWHQFLDOHVXQDH[SHULHQFLDHQODFXDOOD SHUVRQDVHVLHQWHVHSDUDGDGHOOXJDU(OFRQFHSWRGHH[SHULHQFLDHVSXHVEiVLFR HQODREUDGHORVJHyJUDIRVGHHVWDFRUULHQWH\SRUHOORDSOLFDEOHDOHVWXGLRGHO SDLVDMHFRQFHELGRFRPRH[SHULHQFLDGHOOXJDU\FRPRKLVWRULD (Q HVWD OtQHD OD SHUVSHFWLYD JHRJUiÀFD KXPDQtVWLFD UHFXSHUD HO PpWRGR LQGXFWLYR DSR\DGR HQ OD REVHUYDFLyQ OD UHÁH[LyQ \ OD H[SHULHQFLD (O XVR GHO PDSD\HOHPSOHRGHWpFQLFDVFXDOLWDWLYDVFRPRODHQWUHYLVWDGLUHFWDRHOUHFXUVR DIXHQWHVOLWHUDULDVVHFRQYLHUWHQHQUDVJRVGHÀQLWRULRVGHHVWDFRUULHQWH(QHO SURFHVRGHLQYHVWLJDFLyQHVIXQGDPHQWDODVLPLVPRHOWUDEDMRGHFDPSRVHJXLGR GHODLQWHUSUHWDFLyQFRPSUHQVLYDTXHDWLHQGHWDQWRDORVDVSHFWRVGHODH[SH ULHQFLDFRPRGHOOHQJXDMH,QFOXVRORVVHQWLPLHQWRVHVWpWLFRVHQJHQGUDGRVSRUHO SDLVDMHFRQVWLWX\HQXQDOtQHDGHLQYHVWLJDFLyQ\DQiOLVLVIHQRPHQROyJLFR $SHVDUGHODVQRWDEOHVDSRUWDFLRQHVGHHVWDFRUULHQWHHQWUHODVTXHGHVWDFD ODSRVLELOLGDGGHHVWXGLDUHOSDLVDMHGHVGHXQDySWLFDLQQRYDGRUDODVYRFHVFUt WLFDV HQFXHQWUDQ HQ HOOD LQVXÀFLHQFLDV PHWRGROyJLFDV \ FRQVLGHUDQ LPSRVLEOH TXHSXHGDVXSHUDUODIDVHGHVFULSWLYD6LQHPEDUJRHOHQIRTXHKXPDQtVWLFRHVWi HQ OD EDVH GH OD UHQRYDFLyQ GH OD GLVFLSOLQD HQ VX FRQMXQWR HQOD]DQGR FRQ OD UHFXSHUDFLyQGHORLQGLYLGXDO\VXEMHWLYR\FRQXQHQIRTXHIHQRPHQROyJLFRTXH 3ODQWHDPLHQWRVFUtWLFRV\DOWHUQDWLYRVHQ*HRJUDItD SHUPLWHHQRSLQLyQGH0,/7216$1726SDVDUGHORXQLYHUVDODORSDUWL FXODUVLQFDHUHQXQDLQWHUSUHWDFLyQHPSLULFLVWD\HQGRPiVDOOiGHODFRVDGHO REMHWRGHODPDWHULDOLGDGGHOREMHWR\HQVXPDVXSHUDUODGLFRWRPtDHQWUHREMH WLYLGDG\VXEMHWLYLGDG ,9 /2618(926+25,=217(6<$/7(51$7,9$6',6&,3/,1$5(6 (O UDVJR TXH PHMRU FDUDFWHUL]D OD VLWXDFLyQ DFWXDO GH OD *HRJUDItD HV OD FRQYLYHQFLDGHXQDSOXUDOLGDGGHHQIRTXHV\WHQGHQFLDVGHPpWRGRV\WpFQLFDV WHPiWLFDV\RULHQWDFLRQHVTXHSRQHQGHPDQLÀHVWRODFUHFLHQWHGLYHUVLÀFDFLyQ GHODGLVFLSOLQD\XQFLHUWRHFOHFWLFLVPRÀORVyÀFRTXHODDOHMDGHORVHQIRTXHV PiVGRJPiWLFRVHLQWUDQVLJHQWHV(QHVWHFRQWH[WRDORODUJRGHODGpFDGDGH ORVVHKDUHFXSHUDGRHQ(VSDxDHOGHEDWHVREUHHOHQIRTXHUHJLRQDOVLQHQWUDU HQ SXJQD QL SRQHU HQ FXHVWLyQ HO DÀDQ]DPLHQWR GH OD JHRJUDItD JHQHUDO \ HQ SDUWLFXODUGHODJHRJUDItDKXPDQDFLHUWDPHQWHHQXQPRPHQWRGHH[SDQVLyQ QRH[HQWRGHFRPSURPLVRDWUDYpVGHSUR\HFWRVFRPRODJHRJUDItDGHOJpQHURR GHOGHVDUUROORGHQXHYRVFDPSRVFRPRODJHRJUDItDVRFLDO6$%$7e\RWURV %$</,1$ 'LFKD WHQGHQFLD VH PDQLÀHVWD HQ GRV IHQyPHQRV VHxDODGRV SRU 0 %(7+ SRUXQODGRHOUHWRUQRDORVSODQWHDPLHQWRVFRUROyJLFRVWUDGLFLRQDOHV DOPpWRGRHPStULFRLQGXFWLYRDORVWUDEDMRVGHVtQWHVLV\DOGLVFXUVRGHVFULSWLYR FRPR OD IRUPD PiV HOHYDGD GHO DUWH JHRJUiÀFR \ TXH WLHQH HQ 3$8/ + /(:,6 D XQR GH VXV PiV GHVWDFDGRV VHJXLGRUHV SRU RWUR ODGR OD SURSHQVLyQ D UHFRQV WUXLUODJHRJUDItDUHJLRQDOGHVGHQXHYDVEDVHV\HQUHODFLyQHVWUHFKDFRQRWUDV FLHQFLDV²(FRQRPtD &LHQFLDV 3ROtWLFDV 6RFLRORJtD²TXH PDQLÀHVWDQ XQ FRP SDUWLGRLQWHUpVSRUODVQRFLRQHVGHHVSDFLR\WLHPSRHQODFRQIRUPDFLyQGHORV SURFHVRVVRFLDOHVLQTXLHWXGTXHLPSUHJQDWDPELpQDODJHRJUDItDKXPDQD&+( 9$/,(5 (QHIHFWRHQORV~OWLPRVDxRVORVVRFLyORJRVHQSDUWLFXODUORVYLQFXODGRVDO HVWUXFWXUDOLVPRVHKDQLQWHUHVDGRFRPRQXQFDORKDEtDQKHFKRSRUHOSDSHOGH ODYDULDEOHHVSDFLRGDQGRRULJHQDXQQXHYRFRUSXVWHyULFRFHQWUDGRHQODLGHD GHTXHODVUHODFLRQHVVRFLDOHVVHHVWUXFWXUDQHQXQWLHPSR\HQXQOXJDUFRQFUH WRVORTXHKDVXVFLWDGRXQIUXFWtIHURGHEDWHHQWUHOD6RFLRORJtD\OD*HRJUDItD UHFRJLGRSRU'(5(.*5(*25<\855<)XH*5(*25<SUHFLVDPHQWHXQRGH ORVSULPHURVHQPDQLIHVWDUODLQVDWLVIDFFLyQTXHOHSURGXFtDQORVVXSXHVWRVVHJ~Q ORVFXDOHVODVWHRUtDVHVSDFLDOHVH[SUHVDUtDQWDQVyORWHRUtDVVRFLDOHV\ODVHVWUXF WXUDVHVSDFLDOHVVHUtDQVLPSOHPHQWHODPDWHULDOL]DFLyQGHHVWUXFWXUDVVRFLDOHV 3DUDHVWHDXWRUODHVWUXFWXUDHVSDFLDOQRHVXQDVLPSOHDUHQDGRQGHVHH[SUHVDQ ORVFRQÁLFWRVGHFODVH\VXVFRQFHSWRVKDQGHWHQHUXQOXJDUHQODFRQVWUXFFLyQ GHORVFRQFHSWRVGHGHWHUPLQDGDVIRUPDFLRQHVVRFLDOHV*5(*25< /RVJHyJUDIRVFRQRFHGRUHVGHODQXHYDFHQWUDOLGDGGHOHVSDFLRHQHOSHQVD PLHQWRVRFLDODEULUiQXQGREOHGHEDWHVREUHODHVSDFLDOL]DFLyQGHODWHRUtDVRFLDO \ODGLPHQVLyQVRFLDOGHOD*HRJUDItD&+(9$/,(5JHQHUDQGRFRQHOORHO 3D]%HQLWRGHO3R]R GHQRPLQDGRGLVFXUVRGHOSRVWPRGHUQLVPR'HVWDFDHQHVWDOtQHDODDSRUWDFLyQ GH'25((10$66(<TXHLQVLVWHHQODQHFHVLGDGGHFRUUHJLUORVH[FHVRVGH ODUHDFFLyQDQWLFLHQFLDHVSDFLDOGHORVDxRVFXDQGRVHSDVyGHXQDJHRJUDItD TXHGLVFXUUtDHQWpUPLQRVH[FOXVLYDPHQWHHVSDFLDOHVDXQDJHRJUDItDTXHQHJDED FRQURWXQGLGDGODH[LVWHQFLDGHWDOHVSURFHVRVTXHGDQGRHOHVSDFLRUHGXFLGRD XQD DPRUID VXSHUÀFLH VREUH OD TXH VH GLVWULEXtDQ ORV SURFHVRV VRFLDOHV 'LFKD DXWRUDVHUHDÀUPDHQHOFRQYHQFLPLHQWRGHTXHKD\TXHUHYDORUL]DUHOFRQWH[WR HVSDFLDOSXHVD*HRJUDItDHQVHQWLGRDPSOLRQRVyORLPSOLFDGLVWDQFLDHVSDFLDO VLQRWDPELpQGLIHUHQFLDFLyQItVLFDGHWHUUHQRYHJHWDFLyQFOLPD(VWRVHOHPHQWRV \YDULDFLRQHVItVLFDVVRQLPSRUWDQWHV6XLPSDFWRXVR\VLJQLÀFDGRVHFRQVWUXLUiQ VRFLDOPHQWHSHURVHFRQVWUXLUiQVREUHDOJR $VLVPLVPR XQD FXHVWLyQ PX\ SUHVHQWH HQ OD JHRJUDItD DFWXDO UHPLWH DO OHJDGRGHOHQIRTXHKXPDQtVWLFRFHQWUDGRHQGDUUHVSXHVWDDOSRUTXpORVVHUHV KXPDQRV FUHDQ OXJDUHV HQ HO HVSDFLR \ FyPR OHV LPEX\HQ GH VLJQLÀFDGR /RV FRQFHSWRVGHHVSDFLR\GHOXJDUWDO\FRPRKHPRVYLVWRTXHHUDQIRUPXODGRVSRU ORVKXPDQtVWLFRVWLHQHQXQDQRWDEOHLQÁXHQFLDHQFyPRVHWUDWDQHQ*HRJUDItD ORVWHPDVGHODFRQFLHQFLDGHLGHQWLGDGQDFLRQDORORFDOGHQWURGHODVFRRUGH QDGDVGHODJOREDOL]DFLyQSURFHVRGRPLQDQWHTXHJHQHUDDSDUHQWHVSDUDGRMDV FRPRODWHQGHQFLDFUHFLHQWHDODLQWHJUDFLyQUHJLRQDOHOLPSXOVRGHFLHUWRVLQWH JULVPRVUHOLJLRVRVRHODXJHGHORVQDFLRQDOLVPRVIHQyPHQRVDORVTXHVHEXVFD XQDUHVSXHVWDGHVGHODJHRJUDItDSROtWLFDIXQGDPHQWDOPHQWH 2WUDGHODVYtDVDSDUWLUGHODFXDOHOSDSHOGHOHVSDFLRDGTXLHUHUHOHYDQFLD HV HO HQIRTXH UHDOLVWD UHSUHVHQWDGR SRU $1'5(: 6$<(5 TXH FRQFLEH ORV KHFKRVVRFLDOHV\HVSDFLDOHVFRPRVLVWHPDVDELHUWRV3HURPD\RULQWHUpVWLHQHDTXt HOFRQFHSWRLQWURGXFLGRSRUHVWDFRUULHQWHGHORFDOLW\'HPDQHUDSDUWLFXODUORV ORFDOLW\VWXGLHVWUDVFLHQGHQHOPDUFRGHODWHRUtDVRFLDO855<SDUDVXPLU FULWHULRVLQWHUGLVFLSOLQDUHVTXHLQFOX\HQDOD*HRJUDItD\TXHSRQHQGHUHOLHYHOD UHODFLyQLQWHUDFWLYDHQWUHORVFDPELRVHFRQyPLFRV\VRFLDOHVTXHDFRQWHFHQHQ FDGDOXJDUORFDOLW\FRQORVSURFHVRVPiVDPSOLRVTXHRSHUDQDHVFDODQDFLRQDO HLQWHUQDFLRQDO(VWDUHODFLyQUHFtSURFDHLQWHUDFWLYDHQWUHORJOREDO\ORORFDO VHUiFUXFLDOSDUDUHFRQGXFLUHOGLVFXUVRJHRJUiÀFREDMRHOLQÁXMRGHOGLVFXUVR SRVWPRGHUQRTXHLQYRFDHOUHODWLYLVPRGHOFRQRFLPLHQWR\SURFODPDHOWULXQIR GHOSOXUDOLVPRHFOpFWLFRGHQWURGHODGLVFLSOLQD5$&,1( (QODPHGLGDTXHHOHVSDFLRHVGHDFXHUGRFRQODPRGHUQDWHRUtDVRFLDO $17+21<*,''(16$/$,17285$,1(0$18(/&$67(//6ODH[SUHVLyQGHODVRFLHGDG ODV WUDQVIRUPDFLRQHV TXH DFRPSDxDQ DO SURFHVR FUHFLHQWH GH JOREDOL]DFLyQ JHQHUDQ OD PXQGLDOL]DFLyQ GHO HVSDFLR JHRJUiÀFR TXH DGTXLHUH DVt XQ FRQWH QLGR FLHQWtÀFR WpFQLFR H LQIRUPDFLRQDO 6$1726 &$67(//6 (V XQ HVSDFLRGLQiPLFR\XQLWDULRTXHUH~QHPDWHULDOLGDG\DFFLyQKXPDQD(QHVWDV FRRUGHQDGDVHOHVSDFLRJHRJUiÀFRVHGRWDGHXQDQXHYDFDUDFWHUL]DFLyQ\VXUJH XQ FRQFHSWR QXHYR ORV HVSDFLRV JOREDOHV TXH VHJ~Q 6$1726 UHVSRQGHQ IXQGDPHQWDOPHQWHDORVLQWHUHVHVGHORVDFWRUHVKHJHPyQLFRVGHODHFRQRPtD\ GHODVRFLHGDG\VRQGHHVWDPDQHUDLQFRUSRUDGRVSOHQDPHQWHDODVFRUULHQWHV GHJOREDOL]DFLyQ(VPiVFRPRUHVXOWDGRRHIHFWRGHODJOREDOL]DFLyQHOHVSDFLR 3ODQWHDPLHQWRVFUtWLFRV\DOWHUQDWLYRVHQ*HRJUDItD VH FRQYLHUWH HQ XQ GDWR GH OD UHJXODFLyQ \D VHD SRU HO SURFHVR GLUHFWR GH OD SURGXFFLyQRSRUODYHUVDWLOLGDGGHORVSURFHVRVGHFLUFXODFLyQ (QODHUDGHODLQIRUPDFLyQ\HQHOPDUFRGHODVRFLHGDGUHG&$67(//6 HOOXJDU\ODVHVFDODVGHORORFDOFREUDQFRPR\DVHKDDSXQWDGRXQQXHYRSUR WDJRQLVPRHQUD]yQGHXQKHFKRGHFLVLYRVLELHQODVUHODFLRQHVHLQWHUFDPELRV VHUHDOL]DQDHVFDODPXQGLDORJOREDO\SULPDODOyJLFDGHOHVSDFLRGHORVÁXMRV ODVLGHQWLGDGHVVRQORFDOHV\HQHOQLYHOGHQXHVWUDH[SHULHQFLDVHLPSRQHRWUD OyJLFDODGHOHVSDFLRGHORVOXJDUHVSXHVODLQPHQVDPD\RUtDGHODJHQWHWDQWRHQ ODVVRFLHGDGHVDYDQ]DGDVFRPRHQODVWUDGLFLRQDOHVYLYHHQOXJDUHV\SRUORWDQWR SHUFLEHVXHVSDFLRHQYLUWXGGHHOORV&$67(//62VHJ~Q0,/7216$1726 KR\FDGDYH]PiVORVOXJDUHVVRQFRQGLFLyQ\VRSRUWHGHUHODFLRQHVJOREDOHVTXH VLQHOORVQRVHUHDOL]DUtDQ(QHVWHPRPHQWRQLQJ~QVXEHVSDFLRSXHGHHVFDSDUDO SURFHVRFRQMXQWRGHJOREDOL]DFLyQ\IUDJPHQWDFLyQHVGHFLULQGLYLGXDOL]DFLyQ\ UHJLRQDOL]DFLyQ'HDKtTXHODVUHODFLRQHVHVSDFLDOHVVHSODQWHHQGH PDQHUDFUHFLHQWHHQWpUPLQRVJOREDOORFDO(67e%$1(= 6HJ~QDSXQWDQ$/%(7 ,0$6\-2$112*8eHQHOFRQWH[WRDFWXDOGH JOREDOL]DFLyQ GH ORV IHQyPHQRV VRFLDOHV FXOWXUDOHV SROtWLFRV \ HFRQyPLFRV OD JHRJUDItDFXOWXUDOUHSUHVHQWDXQFDPSRGHVXPRLQWHUpV\GLQDPLVPRKDELGD FXHQWDGHODUHQRYDFLyQGHTXHKDQVLGRREMHWRODVSURSXHVWDVGH&$5/6$8(5\GH ODHVFXHODGH%HUNHOH\DWUDYpVGHXQDQiOLVLVPDWHULDOLVWD\FXOWXUDOGHOHVSDFLR XUEDQR\DWUDYpVGHODQiOLVLVGHODSURGXFFLyQPDWHULDOGHOPHGLRDPELHQWHR GHOHVWXGLRGHOSDLVDMHDODOX]GHODVWHRUtDVOLWHUDULDVODVHPLyWLFDHOGLVFXUVR (QGLFKDOtQHDUHQRYDGDGHODJHRJUDItDFXOWXUDOGHVWDFDODDSRUWDFLyQGH3(7(5 -$&.621 TXH GHILHQGH OD SRVLELOLGDG GH WUDVFHQGHU ORV OtPLWHV HQWUH OR HFRQyPLFR\ORFXOWXUDODWUDYpVGHODVJHRJUDItDVGHOFRQVXPR\GHODPHUFDQWL OL]DFLyQDQWHODHYLGHQFLDGHTXHODHFRQRPtDHVWiFDGDYH]PiVPRGXODGDFXOWX UDOPHQWH\ODFXOWXUDPiVPRGXODGDHFRQyPLFDPHQWHLGHP 8QD SRVLFLyQ GLIHUHQWH HV OD GH 2/,9,(5 .5$0&6&+ TXH VXJLHUH XQD FLHUWD UHHPHUJHQFLD GH ODV SUHRFXSDFLRQHV WUDGLFLRQDOHV GH OD HVFXHOD GH %HUNHOH\DXQTXHQREDMRVXVFRQGLFLRQHVRULJLQDOHVHQHOFRQWH[WRGHORVGUDPi WLFRVFDPELRVTXHKDVXIULGRHOPXQGRHQODV~OWLPDVGRVGpFDGDVSXHGHVHUTXH ODJHRJUDItDFXOWXUDODQJORVDMRQDWDO\FRPRODIRUMy6D\HU\DQRH[LVWD«SXHV DKRUDDSDUHFHPiVDWHQWDTXHQXQFDDODVSDUDGRMDVDVRFLDGDVDODVSUHWHQVLRQHV XQLYHUVDOHVGHVXVWHRUtDVFUtWLFDV\DVHDQDSOLFDGDVDODGHFRQVWUXFFLyQGHLGHQ WLGDGHV LQGLYLGXDOHV FROHFWLYDV \ QDFLRQDOHV DO GLVHxR GH UHVSXHVWDV SROtWLFDV DGHFXDGDVD OD SUHJXQWD ¢4Xp KD\ TXH KDFHU" R D OD FRQIRUPDFLyQ PLVPD GHO VXMHWRLQWHOHFWXDOSURJUHVLVWDLGHP (QRWUDSHUVSHFWLYDGHVGHOD$QWURSRORJtD\GHODPDQRGH%5812/$7285 VHLQWURGXFHHQ*HRJUDItDHOFRQFHSWRGHKLEULGH]%$5526\=860$1 6$1726XQDKHUUDPLHQWDSDUDHODQiOLVLVGHUHDOLGDGHVGRQGHVH\X[WD SRQHQGLIHUHQWHVHVSDFLRVWLHPSRV\SUiFWLFDVGHVXMHWRVGLYHUVRV/DVJHRJUDItDV KtEULGDVQRHVWiQLQWHUHVDGDVHQORVHVSDFLRVDEVWUDFWRVVLQRHQDTXHOORVHVSDFLRV YLYLGRVFRQÀJXUDGRVSRUODLQWHUDFFLyQGHQXPHURVRVDJHQWHVLQWHUUHODFLRQDGRV VHDQHVWRVELROyJLFRVRPHFiQLFRVSRUODVFDSDFLGDGHVFROHFWLYDVRODVSURSLH 3D]%HQLWRGHO3R]R GDGHVKDELWXDOHVGHQWURGHORVFXDOHVGLIHUHQWHVVXMHWRVVHDUWLFXODQGHIRUPD SOXUDO\GLIHUHQFLDODODYH]&RPRLQGLFD6$1726HVSUHIHULEOHSDUWLUGH FRQFHSWRVKtEULGRV\QRGHFRQFHSWRVSXURVORTXHQRVSHUPLWLUiDERUGDUWRGR VLVWHPD\WRGDHVWUXFWXUDFRPRXQDUHDOLGDGPL[WDKHFKDGHREMHWRV\DFFLRQHV LQVHSDUDEOHV6HPHMDQWHFRQFHSFLyQLPSOLFDHOWUDWDPLHQWRDQDOtWLFRGHOHVSDFLR FRPR XQ FRQMXQWR LQVHSDUDEOH GH VLVWHPDV \ REMHWRV \ VLVWHPDV GH DFFLRQHV &RQVLGHUDGDODJHRJUDItDKXPDQDHQVXFRQMXQWRODJHRJUDItDVRFLDOSXHGH VHUXQDDOWHUQDWLYDJOREDODpVWDHQWDQWRHQFXDQGRVHIRUPXODFRPRXQLQWHQWR GH VXVWLWXLU OD IUDJPHQWDULD \X[WDSRVLFLyQ GH SDUFHODV TXH FRQIRUPDQ DTXHOOD SRU XQD LQWHUSUHWDFLyQ FRKHUHQWH GH OD PLVPD DVHQWDGD HQ XQ PDUFR WHyULFR FRQFUHWR257(*$9$/&É5&(/(VWDDVSLUDFLyQVHFRUUHVSRQGHUtDFRQGRV SURSXHVWDVGLIHUHQWHVODGHOD*HRJUDItDVRFLDODOHPDQD\ODGHODQXHYDJHRJUD ItDVRFLDOIUDQFHVDODSULPHUDFRQVROLGDGDHQHOGHFHQLRGH\ODVHJXQGDHQ ODGpFDGDGHORV0LHQWUDVTXHODJHRJUDItDVRFLDODOHPDQDWLHQHXQFDUiFWHU IXQFLRQDOLVWD\H[LVWHQFLDOLVWD\VHSUHVHQWDFRPRXQDFLHQFLDGHODRUJDQL]DFLyQ HVSDFLDOGHODYLGDVRFLDOODIUDQFHVDVHLQVSLUDHQÀORVRItDVGHUDt]PDU[LVWD\ GHWLSRIHQRPHQROyJLFR$PEDVFRQYHUJHQHQHQWHQGHUOD*HRJUDItDFRPRXQD GLVFLSOLQDHQODTXHORVKHFKRVVRFLDOHVSULPDQVREUHORVHVSDFLDOHVKDFLHQGR KLQFDSLpHQTXHODVRUJDQL]DFLRQHVHVSDFLDOHVVRQXQDSUR\HFFLyQ\XQSURGXFWR GHODVRFLHGDGORTXHLPSOLFDTXHHOHVSDFLRWLHQHXQDQDWXUDOH]DVRFLDO(VWH HQIRTXH SHUPLWLUtD VHJ~Q HO DXWRU FLWDGR GHOLPLWDU XQ FDPSR JHRJUiÀFR TXH WUDVFLHQGDODVIUDFWXUDVGHODJHRJUDItDKXPDQDWDO\FRPRpVWDVHKDGHVDUUR OODGR\HYROXFLRQDGRDORODUJRGHOVLJOR;; $VLPLVPR OD JHRJUDItD GHO JpQHUR UHSUHVHQWD XQ GHVDItR D ORV HQIRTXHV YLJHQWHV KDVWD DKRUD HQ HO SHQVDPLHQWR JHRJUiÀFR SXHV REOLJD D UHSHQVDU \ YROYHUDSODQWHDUGHVGHEDVHVTXHWRPDQFRPRUHIHUHQFLDHOJpQHURHVGHFLUORV GLIHUHQWHVUROHVPDVFXOLQR\IHPHQLQRHQODVRFLHGDGHODQiOLVLVGHOFRQMXQWRGH IDFWRUHV\SURFHVRVVRFLRHFRQyPLFRVSROtWLFRV\DPELHQWDOHVTXHGHWHUPLQDQODV HVWUXFWXUDVWHUULWRULDOHVRODVIRUPDVHVSDFLDOHV (VWDJHRJUDItDGHUDt]IHPLQLVWDQDFLGDHQORVDxRVDOFDORUGHXQQXHYR HQIRTXHGHODVUHODFLRQHVGHJpQHURSULPHURHQHO5HLQR8QLGR\HQORV(VWDGRV 8QLGRV\PiVWDUGHH[WHQGLGDSRU(XURSDUHVSRQGHDXQLQWHQWRGHKDFHUGH ODGLIHUHQFLDFLyQVRFLDOGHORVVH[RVXQPDUFRWHyULFRHQHODQiOLVLVVRFLDO\XQ LQVWUXPHQWRSDUDODDFFLyQSROtWLFDLGHQWLÀFDGRFRQHOIHPLQLVPR6XUDVJRPiV GHVWDFDGRHVODH[FHSFLRQDOGLPHQVLyQWHyULFD\HSLVWHPROyJLFDTXHKDDGTXLULGR ODUDPDIHPLQLVWDKDVREUHSDVDGRHQSRFRVDxRVHOFRQWHQLGRWHPiWLFRDVLPLODEOH DXQD*HRJUDItDVRFLDORFXOWXUDOSDUDSUHVHQWDUVHFRPRRWUDIRUPDGHHQWHQGHU \ FRQVWUXLU HO SHQVDPLHQWR JHRJUiÀFR FRPR XQD YHUGDGHUD JHRJUDItD WUDQV YHUVDO R DOWHUQDWLYD VHJ~Q OD LQWHUSUHWDFLyQ GH -26e 257(*$ 9$/&É5&(/ (Q(VSDxDODVSULPHUDVUHIHUHQFLDVDORVHQIRTXHVGHJpQHURVXUJHQHQORV DxRV\HVDÀQDOHVGHOGHFHQLRFXDQGRGRVJHyJUDIDV$1$6$%$7e\0'2/25(6 *$5&Ì$ 5$0Ð1 OODPDQ OD DWHQFLyQ VREUH VX SRWHQFLDO WHyULFR \ VX FDUiFWHU GH DOWHUQDWLYDFRQFHSWXDOORTXHGDUiOXJDUDQXPHURVRVHVWXGLRVDFDGpPLFRVTXH DVXPHQORVSODQWHDPLHQWRVGHJpQHURFRPRSULQFLSDOSHUVSHFWLYDDQDOtWLFD(Q 3ODQWHDPLHQWRVFUtWLFRV\DOWHUQDWLYRVHQ*HRJUDItD GHÀQLWLYDORTXHHPSH]yFRPRXQDJHRJUDItDGHODVPXMHUHVVHFRQÀJXUDKR\ FRPRXQDJHRJUDItDDOWHUQDWLYDDFX\RLQÁXMRQLVLTXLHUDVHVXVWUDHQORVFROHJDV PDVFXOLQRV VL ELHQ HV SUHFLVR KDFHU QRWDU TXH HQ DOJXQRV FDVRV HVD LGHQWLÀ FDFLyQ VH SURGXFH SRU XQD PDO HQWHQGLGD VROLGDULGDG FRQ OD RWUD PLWDG GH OD VRFLHGDG VLQ HIHFWRV UHDOHV VREUH VX HQWHQGLPLHQWR \ SUiFWLFD GH OD GLVFLSOLQD ¢KLSRFUHVtDIRUPDO" 3RU~OWLPRHVWDVXFLQWDDSUR[LPDFLyQGHODVWHQGHQFLDV\HQIRTXHVDOWHUQD WLYRVHQ*HRJUDItDQRHVWDUtDFRPSOHWDVLQODPHQFLyQDXQDFRUULHQWHQXHYD\ SROpPLFDTXHVXUJHHQHOVHQRGHODJHRJUDItDIUDQFHVDHQORVDxRV\DGTXLHUH GLIXVLyQHQODGpFDGDGHORVODFRUHPiWLFDSUR\HFWRWHyULFRLPSXOVDGRSRU 52*(5 %581(7 6X HVHQFLD GHULYD GH OD LGHD JHQHUDO GH TXH HO HVSDFLR JHRJUiÀFRHVWiHVWUXFWXUDGR\GLIHUHQFLDGRHQGLVWLQWRVQLYHOHVGHFRPSOHMLGDG \TXHVXVHVWUXFWXUDVSXHGHQVHUDSUHKHQGLGDVFRQFHSWXDOPHQWH\UHSUHVHQWDGDV JUiÀFDPHQWH VLJXLHQGR FLHUWDV UHJODV GH PRGHOL]DFLyQ 7DO SURSXHVWD WHyULFD TXHHQOD]DFRQORVSODQWHDPLHQWRVGHODQXHYD*HRJUDItDGHFRUWHFXDQWLWDWLYR KDVLGRFRQWHVWDGDFRQGXUH]DSRUORVUDGLFDOHVGHVWDFDQGRODFUtWLFDODQ]DGD SRU<9(6/$&267(GHVGHODUHYLVWD+pURGRWHTXHODFRQVLGHUDXQDDPHQD]DSDUD OD*HRJUDItD\VRVWLHQHTXHHVSUHFLVRFRPEDWLUODGHQXQFLDQGRODLOXVLyQFLHQWt ÀFDVREUHODFXDOVHIXQGD 9 &21&/86,21(6 'HVGH VX FRQÀJXUDFLyQ FRPR FLHQFLD GH VtQWHVLV \ FODUDPHQWH LQWHUGLVFL SOLQDU OD *HRJUDItD GH SULQFLSLRV GH VLJOR RIUHFH SXHV XQ FXDGUR GRPLQDGR SRUHOHVIXHU]RUHÁH[LYRGHLQWHJUDFLyQODFRPELQDFLyQGHHOHPHQWRVGLYHUVRV \HOSOXUDOLVPRPHWRGROyJLFR¢6HUipVWHHOFRPLHQ]RGHOÀQGHORVSDUDGLJPDV HQ *HRJUDItD" (VWi IXHUD GHO REMHWLYR GH HVWDV SiJLQDV HQWUDU HQ YDORUDFLRQHV DFHUFDGHKDFLDGRQGHFDPLQDQXHVWUDFLHQFLDPiVDOOiGHOPDUFRTXHVHDFDED GHHVER]DU6LQHPEDUJRSXHGHVHU~WLOUHFRUGDUTXHHOFRQRFLPLHQWRFLHQWtÀFR VyORDYDQ]DDLPSXOVRVGHOGHEDWHSHUPDQHQWHFRQVWUXFWLYR\DELHUWRSOXUDO\ FUtWLFR $VLPLVPRODKLVWRULDUHFLHQWHGHOSHQVDPLHQWRJHRJUiÀFR\GHODVGLVWLQWDV SURSXHVWDVGHHQIRTXHHLQWHUSUHWDFLyQGHORTXHHV\RGHEHGHVHUOD*HRJUDItD WUDVOXFHXQDFRQFHSFLyQGHWLQWHVDFDGpPLFRV\HQFLHUWRVHQWLGRUtJLGDGHOD GLVFLSOLQD(VGRPLQDQWHHOSODQWHDPLHQWRGHTXHHOVDEHUJHRJUiÀFRHVVREUH WRGRFLHQWtÀFR\FXOWXUDODGHFXDGRSRUWDQWRSDUDVHUHQVHxDGRHQXQLYHUVL GDGHV\RWURVFHQWURVVXSHULRUHV/DYHUWLHQWHDFDGpPLFDVHGHVDUUROODFRQIXHU]D SHURHVFDVHDQRVRQPHQRVYLVLEOHVODVSURSXHVWDVHQFDPLQDGDVDODDFFLyQD XQDLQWHUYHQFLyQGHFLGLGDGHOJHyJUDIRHQHOWHUULWRULR (OFRPSURPLVRGHOD*HRJUDItD\VXVSURIHVLRQDOHVFRQORVSUREOHPDVGHO PXQGR GH OD VRFLHGDG H[SUHVDGRV GH GLVWLQWD PDQHUD \ D WRGDV ODV HVFDODV XUEDQDUHJLRQDOQDFLRQDOSODQHWDULDVHLUiIRUPDOL]DQGRGHPDQHUDWtPLGD\ WRPDUiQFXHUSRSURSXHVWDVDOWHUQDWLYDVDODJHRJUDItDDFDGpPLFDODJHRJUDItD 3D]%HQLWRGHO3R]R DFWLYDODJHRJUDItDDSOLFDGDTXHFRQVLGHUDQVHULDPHQWHODQHFHVLGDGGHVXSHU SRQHUODDFFLyQ\ODLQWHUYHQFLyQHQHOWHUULWRULRDODVHQVHxDQ]DV\UHÁH[LRQHV GHFRUWHWHyULFR1RVHWUDWDGHKDFHUGHOD*HRJUDItDXQDKHUUDPLHQWDWpFQLFD QL H[FOXVLYDPHQWH DSOLFDGD SXHGH VHJXLU VLHQGR XQD FLHQFLD EiVLFD TXH WLHQH FRPRREMHWRHOWHUULWRULRSHURVLQGHVFXLGDUVXLPSOLFDFLyQHQODE~VTXHGDGH VROXFLRQHVDORVSUREOHPDVFRQFUHWRVTXHSODQWHDHOHVSDFLRJHRJUiÀFRHQWDQWR HVSDFLRVRFLDOHVSDFLRGHYLGDRHVSDFLRGHFRPSURPLVR %,%/,2*5$)Ì$ $/%(7,0$6$²(OGHEDWHHQWUH*HRJUDItDUDGLFDO\*HRJUDItDKXPDQtVWLFDHOHVWXGLR GHOOXJDU$FWDV9&RORTXLR,EpULFRGH*HRJUDItD8QLYHUVLGDGGH/HyQ/pRQ $/%(7 ,0$6$²*HRJUDItDSRVWPRGHUQLVPH*HRJUDItD3RVWPRGHUQDDSRUWDFLRQVDO GHEDW'RFXPHQWVG·$QjOLVLV*HRJUjÀFD $/%(7 , 0$6 $ 12*8e - ²3UHVHQWDFLyQ 'RFXPHQWV G·$QjOLVL *HRJUjÀFD %$,//<$)(55$65²(OpPHQWVG·pSLVWpPRORJLHGHODJpRJUDSKLH&ROLQ3DULV %$5526&=860$13²/DJHRJUDItDHQODE~VTXHGDGHFRQFHSWRVKtEULGRV%ROHWtQGH OD$VRFLDFLyQGH*HyJUDIRV(VSDxROHV %$</,1$ 0 ²0HWRGRORJtD FXDOLWDWLYD \ HVWXGLRV GH JHRJUDItD \ JpQHUR 'RFXPHQWV G·$QjOLVL*HRJUjÀFD %(1,72$55$1=-²(OVHPEODQWHKXPDQLVWDGHOD*HRJUDItD+XPDQD(VSDFLR\7LHPSR %(5'28/$<9²3OXUDOLWpGHVGLVFRXUVHWSRVWPRGHUQLVPH(VSDFHV7HPSV %/$87-0²$5DGLFDO&ULWLTXHRI&XOWXUDO*HRJUDSK\$QWLSRGH %2648(0$85(/-²/DUHIOH[LyQPDU[LVWDHQODVSXEOLFDFLRQHVSHULyGLFDVJHRJUiILFDV ,Q*$5&Ì$%$//(67(526$FRRUG²*HRJUDItD\PDU[LVPR8QLYHUVLGDGH&RPSOX WHQVH0DGULG %2:/%<6²*HRJUDItDIHPLQLVWDHQ*UDQ%UHWDxDXQDGpFDGDGHFDPELR'RFXPHQWV G·$QiOLVL*HRJUiÀFD %2<(5 - & ²+pURGRWH GL[ DQV O·kJH GH UDLVRQ" /·(VSDFH *pRJUDSKLTXH ;9 %52:1(+FRPS²*HRJUDItDSDVDGR\IXWXUR)RQGRGH&XOWXUD(FRQyPLFR0p[LFR %581(75²/DJpRJUDSKLHVFLHQFHGHVWHUULWRLUHVHWGHVUHVHDX[&DKLHUVGH*pRJUDSKLH GX4XpEHF %581(75²/HVVHQWLHUVGHODJpRJUDSKLHXQSHXG·DLUDXFRLQGXERLV/·(VSDFLH*pR JUDSKLTXH %81*(:²7KHRULFDO*HRJUDSK\7KH5R\DO8QLYHUVLW\RI/XQG/XQG %877,0(5 $ ²9DOXHV LQ *HRJUDSK\ :DVKLQJWRQ 5HVRXUFH 3DSHU $VVRFLDWLRQ RI $PHULFDQ*HRJUDSKHUV &$3(/ + ²)LORVRItD \ FLHQFLD HQ OD JHRJUDItD FRQWHPSRUiQHD %DUFDQRYD %DUFHORQD &$67(//60²/DHUDGHODLQIRUPDFLyQ(FRQRPtDVRFLHGDG\FXOWXUDYROV$OLDQ]D (GLWRULDO0DGULG 3ODQWHDPLHQWRVFUtWLFRV\DOWHUQDWLYRVHQ*HRJUDItD &/$9$/3²(YROXFLyQGHOD*HRJUDItD+XPDQD2LNRV7DX%DUFHORQD &/$9$/3²4XHOTXHVRULHQWDWLRQVDFWXHOOHVGHODUHIOH[LRQHSLVWHPRORJLTXHHQ*HRJUD SKLH6\VWqPHVVWUXFWXUHVHWPpWDSKRUHV3DUDOHOR &/,&.7)²+LVWRU\DQGSKLORVRSK\RIJHRJUDSK\3URJUHVVLQ+XPDQ*HRJUDSK\ &26*529( ' ²2UGHUV DQG D QHZ ZRUOG FXOWXUDO JHRJUDSK\ 3URJUHVV LQ +XPDQ*HRJUDSK\ &+(9$/,(50²/HVGpEXWVG·XQHGLVFLSOLQH/DVRFLRORJLHGHODJpRJUDSKLH$QQDOHVGH *pRJUDSKLH &+25/(<5-+$**(773HGV²1XHYDVWHQGHQFLDVHQJHRJUDItD,QVWLWXWRGH(VWXGLRV GH$GPLQLVWUDFLyQ/RFDO0DGULG (67e%$1(=-D²7HQGHQFLDV\SUREOHPiWLFDDFWXDOGHODJHRJUDItD&LQFHO0DGULG (67e%$1(=-E²/D*HRJUDItD+XPDQtVWLFD$QDOHVGH*HRJUDItDGHOD8QLYHUVLGDG&RP SOXWHQVH (67e%$1(=-²*OREDOL]DFLyQHVSDFLR\*HRJUDItD3ROtJRQRV )2/.(6²3RUTXpXQDJHRJUDItDUDGLFDOGHEHVHUPDU[LVWD*HR&UtWLFD *$0%,/²8QDJHRJUDÀDSHUODVWRULD&LWLQ*Ð0(=0(1'2=$\RWURV *$5&Ì$ %$//(67(526 $ FRRUG ²*HRJUDItD \ PDU[LVPR 8QLYHUVLGDG &RPSOXWHQVH 0DGULG *$5&Ì$%$//(67(526$HG²*HRJUDItD\+XPDQLVPR2LNRV7DX%DUFHORQD *$5&Ì$ %$//(67(526 $ FRRUG ²0pWRGRV \ WpFQLFDV FXDOLWDWLYDV HQ JHRJUDItD VRFLDO 2LNRV7DX%DUFHORQD *$5&Ì$5$0Ð10'HG²/D*HRJUDItDUDGLFDODQJORVDMRQD6HUYLFLRGH3XEOLFDFLRQHV GHOD8QLYHUVLGDG$XWyQRPD%DUFHORQD *$5&Ì$ 5$0Ð1 0 ' ²/D JHRJUDItD FRPR FRPSURPLVR VRFLDO XQ UHFRUULGR GHVGH OD JHRJUDItDVRFLDODODJHRJUDItDGHOJpQHUR,Q(VSDFLRVUXUDOHV\XUEDQRVHQiUHDVLQGXV WULDOL]DGDV,,&RQJUHVR0XQGLDO9DVFR2LNRV7DX%DUFHORQD *$51,(5-3²(VSDFHPDU[LVWHHVSDFHPDU[LHQ/·(VSDFH*pRJUDSKLTXH *(25*(3²4X·HVWFHTXHODJpRJUDSKLH"$QQDOHVGH*pRJUDSKLH *Ð0(=0(1'2=$-08f2=-,0e1(=-257(*$&$17(521²(OSHQVDPLHQWRJHRJUiÀFR $OLDQ]D(GLWRULDO0DGULG *5(*25<'²,GHRORJtDFLHQFLD\JHRJUDItDKXPDQD2LNRV7DX%DUFHORQD *5(*25<'855<-HGV²6RFLDO5HODWLRQVDQG6SDWLDO6WUXFWXUHV6W0DUWLQ·V3UHVV 1HZ<RUN *8(/.( / ²$Q ,GHDOLVW $OWHUQDWLYH LQ +XPDQ *HRJUDSK\ $QQDOV RI $VVRFLDWLRQ RI $PHULFDQ*HRJUDSKHUV +$59(<'²7HRUtDUHYROXFLRQDULD\FRQWUDUUHYROXFLRQDULDHQJHRJUDItD\HOSUREOHPD GHODIRUPDFLyQGHOJHWR*HR&UtWLFD -$&.6213²¢1XHYDVJHRJUDItDVFXOWXUDOHV"'RFXPHQWVG·$QjOLVL*HRJUjÀFD -2+16721 5 - &/$9$/ 3 HGV ²/D *HRJUDItD DFWXDO JHyJUDIRV \ WHQGHQFLDV $ULHO %DUFHORQD 3D]%HQLWRGHO3R]R .5$06&+2²(OKRUL]RQWHGHODQXHYDJHRJUDItDFXOWXUDO'RFXPHQWVG·$QjOLVL*HRJUj ÀFD /$&267(<²¢3RUTXp+pURGRWH"&ULVLVGHOD*HRJUDItD\*HRJUDItDGHODFULVLV,Q257(*$ &$17(521HG²*HRJUDItDVLGHRORJtDVHVWUDWHJLDVHVSDFLDOHV'pGDOR0DGULG /$&267(<²/DJHRJUDItDXQDUPDSDUDODJXHUUD$QDJUDPD%DUFHORQD /$&267(<²*HRJUDItDGHOVXEGHVDUUROORHG$ULHO%DUFHORQD /$7285 % ²1RXV Q·DYRQV MDPDLV pWp PRGHUQHV (VVDL G·DQWKURSRORJLH V\PpWULTXH /D 'pFRXYHUWH3RFKH3DULV /(<'²&XOWXUDO+XPDQLVWLF*HRJUDSK\3URJUHVVLQ+XPDQ*HRJUDSK\ 0$56721 6 ²$QWH HO GHVDItR SRVWPRGHUQR /D LPSRUWDQFLD GHO OHQJXDMH SDUD XQD *HRJUDItDUHFRQVWUXLGD%ROHWtQGHOD$VRFLDFLyQGH*HyJUDIRV(VSDxROHV 0$66(<'²6SDWLDOGLYLVLRQVRIODERXU0F0LOODQ/RQGRQ 0$77621.²8QDLQWURGXFFLyQDOD*HRJUDItD5DGLFDO*HR&UtWLFD 0(5&,(5*²/·XWLOLWpVRFLDOHGHOD*pRJUDSKLH&DKLHUVGH*pRJUDSKLHGX4XHEHF 12*8e,)217-²*HRJUDItD+XPDQLVWD\SDLVDMH$QDOHVGH*HRJUDItDGHOD8QLYHUVLGDG &RPSOXWHQVH 257(*$ 9$/&É5&(/ - ²/RV QXHYRV KRUL]RQWHV GH OD *HRJUDItD 7HRUtD GH OD *HRJUDItD $ULHO%DUFHORQD 3((75²5DGLFDO*HRJUDSK\0HWKXHQ/RQGRQ 48$,1,0²0DU[LVPR\JHRJUDItD2LNRV7DX%DUFHORQD 5$&,1(-%²'LVFXUVRJHRJUiILFR\GLVFXUVRLGHROyJLFRSHUVSHFWLYDVHSLVWHPROyJLFDV *HR&UtWLFD 5$&,1(-%²3RXUXQHJpRJUDSKLHFRPELQDWRLUH/·(VSDFH*pRJUDSKLTXH 5(/3+ ( ²+XPDQLVP SKHQRPHQRORJ\ DQG JHRJUDSK\ $QQDOV RI WKH $VVRFLDWLRQ RI $PHULFDQ*HRJUDSKHUV 6É1&+(=-(²/DJHRJUDItD\HOHVSDFLRVRFLDOGHOSRGHU/LEURVGHOD)URQWHUD%DUFHORQD 6É1&+(=-(²(VSDFLRHFRQRPtD\VRFLHGDG6LJOR;;,0DGULG 6$17260²'HODWRWDOLGDGDOOXJDU2LNRV7DX%DUFHORQD 6$17260²/DQDWXUDOH]DGHOHVSDFLR$ULHO%DUFHORQD 6$<(5 $ ²5HDOLVP 6SDFH DQG 6RFLDO 7KHRU\ $ 5HSO\ WR :DUGH $QWLSRGH 60,7+1²+LVWRU\DQGSKLORVRSK\RIJHRJUDSK\UHDOZDUVWKHRU\ZDUV 3URJUHVVLQ +XPDQ*HRJUDSK\ 62-$(:²3RVWPRGHUQ*HRJUDSKLHVWKH5HDVVHUWLRQRI6SDFHLQ&ULWLFDO6RFLDO7KHRU\ 9HUVR/RQGRQ 78$1<,)8²+XPDQLVWLF*HRJUDSK\$QQDOVRIWKH$VVRFLDWLRQRI$PHULFDQ*HRJUDSKHUV 855< 7 ²/RFDOLWLHV UHJLRQV DQG VRFLDO FODVV ,QWHUQDWLRQDO -RXUQDO RI 8UEDQ DQG 5HJLRQDO5HVHDUFK