Artículo completo en Formato PDF

(YROXFLyQGHOFRQWHQLGRGHHOHPHQWRVQXWULHQWHVHQVXHORVFXOWLYDGRV
FRQFHEROODGHEXOER
(YROXWLRQRIQXWULHQWVHOHPHQWFRQWHQWLQVRLOVGHGLFDWHGWRRQLRQFURS
1HOVRQ93LUDQHTXH*6RQLD($JXLUUH)-XDQ&0HQMLYDU)
5(&,%,'2$*2672$&(37$'2)(%5(52
,QJ$JU)DFXOWDGGH$JURQRPtD8QLYHUVLGDGGH7XQMDQSLUDQHTXH#SDOPLUDXQDOHGXFR
,QJ$JU06F)DFXOWDGGH$JURQRPtD8QLYHUVLGDGGH7XQMDVRQLD#XQDGHGXFR
,QJ$JU3K'8QLYHUVLGDG1DFLRQDOGH&RORPELD$$3DOPLUD9DOOH$XWRUSDUDFRUUHVSRQGHQFLDMFPHQMLYDUI#XQDOHGXFR
5(680(1
(OREMHWLYRGHOHVWXGLRIXHGHWHUPLQDUODHYROXFLyQGHOFRQWHQLGRGHQXWULHQWHVHQVXHORVGHVWLQDGRVDOFXOWLYRFRPHUFLDOGHFHEROODGHEXOER$OOLXP
FHSDHQHOPXQLFLSLRGH7LEDVRVD%R\DFi(QXQVXHORVXOÀFHQGRDTXHSWVVHHVWDEOHFLHURQWUHVWUDWDPLHQWRV6LQIHUWLOL]DFLyQ7FRQIHUWLOL]DFLyQ
FRQYHQFLRQDOGHOD]RQD7\IHUWLOL]DFLyQFRQEDVHHQHODQiOLVLVGHVXHORV76HUHFROHFWDURQPXHVWUDVSDUDDQiOLVLVGtDVDQWHVGHODVLHPEUD
\DORV\GtDVGHVSXpVGHODVLHPEUD''6/RVFRQWHQLGRVGHPDFURHOHPHQWRVVHSUHVHQWDURQHQHORUGHQ1!&D!.!0J!6!3\ORVGH
PLFURQXWULHQWHV0Q!)H!=Q!&X!%H[LVWLHQGRLQWHUDFFLRQHVSRVLWLYDVHQWUH1)H3.3&D30J.0J.60J6%=Q\&X0Q\QHJDWLYDV
HQWUH1.163)H.)H0J)H%)H6)H&X=Q\=Q0QDIHFWDQGRVXFRQFHQWUDFLyQ\GLVSRQLELOLGDG/RVDQiOLVLVSHUPLWLHURQLQGXFLUTXH
XQFRQWHQLGRDGHFXDGRGHQXWULHQWHVLQFUHPHQWDHOUHQGLPLHQWRHQOD]RQD
3DODEUDVFODYHV$OOLXPFHSD6XOÀFHQGRDTXHSWV)HUWLOLGDG
6800$5<
7R GHWHUPLQH WKH HYROXWLRQ RI QXWULHQW FRQWHQW LQ VRLOV GHGLFDWHG WR FRPPHUFLDO RQLRQ FURS $OOLXP FHSD LQ WKH PXQLFLSDOLW\ RI 7LEDVRVD
%R\DFi&RORPELDLQD6XOÀFHQGRDTXHSWVVRLOWKUHHWUHDWPHQWVHVWDEOLVKHG:LWKRXWIHUWLOL]DWLRQ7FRQYHQWLRQDOIHUWLOL]DWLRQXVHGLQWKHDUHD
7DQGIHUWLOL]DWLRQDFFRUGLQJWRDQDO\VLVRIVRLOV76DPSOHVZHUHFROOHFWHGIRUDQDO\VLVGD\VEHIRUHSODQWDWLRQDQGDQGGD\VDIWHU
VRZLQJ7KHRIFRQWHQWVPDFURHOHPHQWVVKRZHGWKHIROORZLQJRUGHU1!&D!.!0J!6!3DQGWKRVHRIPLFURQXWULHQWV0Q!)H!=Q!&X!%7KHUHZHUH
SRVLWLYHLQWHUDFWLRQVDPRQJ1)H3.3&D30J.0J.60J6%=QDQG&X0QDQGQHJDWLYHLQWHUDFWLRQVDPRQJ1.163)H.)H
0J)H%)H6)H&X=QDQG=Q0QDIIHFWLQJWKHLUFRQFHQWUDWLRQDQGDYDLODELOLW\7KHUHVXOWVHYLGHQFHWKDWDEDODQFHGFRQWHQWRIQXWULHQWVFDQ
LQFUHDVHWKH\LHOG
.H\ZRUGV$OOLXPFHSD6XOÀFHQGRDTXHSWV)HUWLOLW\
,1752'8&&,Ð1
/DLQWHQVLÀFDFLyQGHODDJULFXOWXUDQRKDHQWHQGLGR
OD LPSRUWDQFLD GHO PDQHMR HÀFLHQWH GH OD IHUWLOLGDG
GHOVXHOR\GHODQXWULFLyQYHJHWDOSDUDODVDOXG\OD
VREUHYLYHQFLD GH ODV HVSHFLHV %UDG\ \ :HLO +DYOLQHWDO(Q&RORPELDODVLQYHVWLJDFLRQHV
VREUH IHUWLOLGDG HQ HVSHFLHV KRUWtFRODV VRQ HVFDVDV
&DVWUR (O GHSDUWDPHQWR GH %R\DFi HV HO
SULQFLSDOSURGXFWRUGHFHEROODGHEXOER$OOLXPFHSD
HQHOSDtVGLVWLQJXLpQGRVHODVSURYLQFLDVGH5LFDXUWH
&HQWUR\HOGLVWULWRGHULHJRGHODOWR&KLFDPRFKDGRQGH
VH VLHPEUDQ DOUHGHGRU GH KD HQ PRQRFXOWLYR
R HQ URWDFLyQ 5LQFyQ *LVVDW *0%&
5DPtUH]HQVXHORVFRQIHUWLOLGDGOLPLWDGDSRUOD
SUHVHQFLDGHD]XIUHHLQDGHFXDGRPDQHMRFRQDOWRXVR
GHDJURTXtPLFRV$JXLUUHHWDO
$QWH HVWD VLWXDFLyQ VH FRQVLGHUy RSRUWXQR
GHWHUPLQDU OD HYROXFLyQ GHO FRQWHQLGR GH QXWULHQWHV
HQ VXHORV GHVWLQDGRV DO FXOWLYR FRPHUFLDO GH FHEROOD
GHEXOERHQHOPXQLFLSLRGH7LEDVRVD%R\DFiLGHQ
WLÀFDQGR OD LQÁXHQFLD VREUH OD SURGXFFLyQ &RQ ORV
UHVXOWDGRV VH SUHWHQGH DSRUWDU KHUUDPLHQWDV TXH
$&7$$*521&2/20%,$92/S
FRQWULEX\DQ DO PDQHMR UDFLRQDO \ FRQVHUYDFLyQ GHO
VXHORHQOD]RQD
DOGHVFHQVRDPHGLGDTXHWUDQVFXUULyHOWLHPSRFRQHO
GHVFHQVRDXPHQWyODGLVSRQLELOLGDGGH)H%=Q0Q\
&X\GLVPLQX\yODGH13.&D0J6\%
/RVUHVXOWDGRVREWHQLGRVVRQHOSURGXFWRGHGLIH
UHQWHVUHDFFLRQHVTXHRULJLQDQLRQHV+TXHUHGXFHQHO
S+%UDG\\:HLO\SRURWURODGRH[LVWHQYDULRV
SURFHVRVTXtPLFRVTXHRFXUUHQHQODYHFLQGDGGHODV
UDtFHVTXHDIHFWDQODDEVRUFLyQGHQXWULPHQWRVSRUSDUWH
GHODVSODQWDV,JXDOPHQWHODSODQWDJHQHUDFRPSXHVWRV
YtDUL]RVIHUDKDFLDHOVXHOR\HVWLPXODHOFUHFLPLHQWR
GHPLFURRUJDQLVPRVDOJXQRVGHHOORVEHQpÀFRVFRPR
ORVKRQJRVPLFRUUt]LFRV\ODVEDFWHULDVÀMDGRUDVGH1
(VWRVH[XGDGRVRSURGXFWRVGHODUL]RGHSRVLFLyQSXHGHQ
JHQHUDU YDULDFLRQHV GH S+ \ HO SRWHQFLDO UHGR[ GHO
VXHORDIHFWDQGRODDEVRUFLyQGHQXWULHQWHV+LQVLQJHU
\-DLODUG0DUVFKQHU
(O FRQWHQLGR GH PDWHULD RUJiQLFD SUHVHQWy
GLIHUHQFLDV DOWDPHQWH VLJQLILFDWLYDV HQWUH pSRFDV
SUREDEOHPHQWH GHELGR D OD DOWD KHWHURJHQHLGDG
GHO WHUUHQR HQ WpUPLQRV JHQHUDOHV VH SUHVHQWDURQ
YDORUHVTXHRVFLODURQHQWUH\HQODSULPHUD
SURIXQGLGDG²FP\GHDHQODVHJXQGD
YDORUHVTXHLQFUHPHQWDQODVXSHUÀFLHHVSHFtÀFD\SRU
WDQWROD&,&GHORVVXHORV&DVWUR
(O QLWUyJHQR SUHVHQWy GLIHUHQFLDV DOWDPHQWH
VLJQLÀFDWLYDV HQWUH HO PXHVWUHR LQLFLDO \ ODV pSRFDV
\ ''6 /RV H[WUHPRV VH HQFRQWUDURQ HQ
NJKD\NJKDORV
0$7(5,$/(6<0e72'26
/RV GDWRV VREUH ORFDOL]DFLyQ GHO H[SHULPHQWR
SURSLHGDGHVItVLFDV\TXtPLFDVGHORVVXHORVPDQHMR
GHOVLVWHPDGLVHxRGHOH[SHULPHQWR\WUDWDPLHQWRVVH
HQXQFLDURQHQXQDUWtFXORSUHYLR$JXLUUHHWDO
&RQ OD LQIRUPDFLyQ REWHQLGD VH UHDOL]y DQiOLVLV GH
YDULDQ]D\SUXHEDGHDPSOLWXGHVP~OWLSOHVGH'XQFDQ
FRQHOiQLPRGHGHWHUPLQDUGLIHUHQFLDV\VLPLOLWXGHV
HQWUHORVWUDWDPLHQWRVHVWDGtVWLFDGHVFULSWLYDGHFDGD
YDULDEOHPHGLDFRHÀFLHQWHGHYDULDFLyQ«DQiOLVLV
GH FRUUHODFLyQ VLPSOH \ P~OWLSOH ,GHQWLILFDGR HO
WUDWDPLHQWR FRQ PD\RU UHQGLPLHQWR VH WDEXODURQ ORV
FRQWHQLGRV GH HOHPHQWRV QXWULHQWHV \ SRVWHULRUPHQWH
VHGHWHUPLQDURQODVUHODFLRQHVGHQXWULHQWHV\VXQLYHO
GHDVRFLDFLyQPHGLDQWHDQiOLVLVGHFRUUHODFLyQP~OWLSOH
GH3HDUVRQ
5(68/7$'26<',6&86,Ð1
$QiOLVLV GH OD HYROXFLyQ GH ODV SURSLHGDGHV GHO
VXHOR
(QFXDQWRDS+VHSUHVHQWDURQYDORUHVH[WUHPRVGH
S+HQWUH$OFDOLQR\H[WUHPDGDPHQWHiFLGR
FRQ GLIHUHQFLDV DOWDPHQWH VLJQLÀFDWLYDV HQWUH pSRFDV
7DEOD(QWpUPLQRVJHQHUDOHVVHREVHUYyWHQGHQFLD
7DEOD,QGLFDGRUHVHVWDGtVWLFRV\SUXHEDGHVLJQLÀFDQFLDSRUIXHQWHGHYDULDFLyQ
3U!)SRUIXHQWHGHYDULDFLyQ
9DULDEOH
8QLGDG
0i[LPR
0tQLPR
0HGLD
5
S+
8Q
02
JNJ
1
/RWH
7UDW
3URI
eSRFD
3
PJNJ
.
FPRO
&D
0J
1D
NJ
%
6
&X
=Q
0Q
)H
&9
PJNJ
1(/6219,5*,/,23,5$1(48(*(92/8&,Ð1'(/&217(1,'2'((/(0(17261875,(17(6(168(/26
YDORUHV IXHURQ DOWRV VXSHULRU D HQ WRGRV ORV
WUDWDPLHQWRV ORWHV \ pSRFDV FRPSDUDGR FRQ HO YDORU
UHSRUWDGRGHGHPLQHUDOL]DFLyQGHOQLWUyJHQRHQ
FOLPDIUtR&DVWURTXHDIHFWDHQRUPHPHQWHVX
GLVSRQLELOLGDGSDUDODVSODQWDV/DGLVWULEXFLyQGHO1HQ
ODVXSHUÀFLHGHOVXHORYDGHODPDQRFRQFRQWHQLGRVGH
PDWHULDRUJiQLFD%UDG\\:HLO$VtHQORVORWHV
HQHVWXGLRDSHVDUGHORVDOWRVYDORUHVpVWRVSXHGHQHVWDU
FRPRPROpFXODVRUJiQLFDV\FHUFDGHOGHOPLVPR
QRGLVSRQLEOHSDUDODVSODQWDV7HQLHQGRHQFXHQWDOR
DQWHULRUHVQHFHVDULRHOVXPLQLVWURGH1FRQHOÀQGH
HYLWDUGHÀFLHQFLDVHQHOSHULRGRYHJHWDWLYRGHOFXOWLYR
(OIyVIRURSUHVHQWyGLIHUHQFLDVVLJQLÀFDWLYDVHQWUH
HO PXHVWUHR LQLFLDO \ ORV UHVWDQWHV 6H FRPSRUWy GH
PDQHUDVLPLODUDOS+ORVYDORUHVH[WUHPRVVHVLWXDURQ
HQWUHPJNJNJKD\PJNJ
NJKD\HOFRQWHQLGRHQWRGRVORVWUDWDPLHQWRV
ORWHV \ pSRFDV IXH PX\ DOWR VXSHULRU D PJ NJ
FRQFHQWUDFLRQHV TXH SXHGHQ SURYHQLU GH FRPSOHMRV
KLHUURIRVIDWRTXHHQFRQGLFLRQHVGHDFLGH]SUHFLSLWDQ
DIHFWDQGR OD GLVSRQLELOLGDG SDUD ODV SODQWDV GHELGR D
ODLQVROXELOLGDGGHOHOHPHQWR/DDFLGH]GHORVVXHORV
VXOIDWRiFLGRV FRQWULEX\H D OD GLVROXFLyQ GH y[LGRV H
KLGUy[LGRVGHKLHUURTXHDOSUHFLSLWDUWDSRQDQORVSRURV
GHOVXHOR*,66$7
(Q HVWRV VXHORV OD SUHVHQFLD GH DUFLOODV HQWUH
HOODVODFDROLQLWDSXHGHHVWDUÀMDQGRLRQHVIRVIDWRHQ
VX VXSHUÀFLH /D PD\RU SURSRUFLyQ GH IyVIRUR ÀMDGR
HQ VXHORV iFLGRV SUREDEOHPHQWH VH SUHVHQWD FXDQGR
ORV LRQHV +32 UHDFFLRQDQ R VRQ DGVRUELGRV D ODV
VXSHUÀFLHVGHy[LGRVLQVROXEOHVGHKLHUURDOXPLQLR\
PDQJDQHVRWDOHVFRPRJLEVLWD$O2+2\JRHWKLWD
)H2+ 2 TXH VH SUHVHQWDQ FRPR SDUWtFXODV
FULVWDOLQDV QR FULVWDOLQDV \ FRPR FXWDQHV VREUH OD
LQWHUOiPLQD\VXSHUÀFLHH[WHUQDGHODVDUFLOODV%UDG\\
:HLO'HDFXHUGRFRQORDQWHULRU\VLVHWLHQHQ
HQFXHQWDORVUHVXOWDGRVGHODQiOLVLVSHWURJUiÀFRHOFXDO
UHSRUWyFDROLQLWDJRHWKLWD\OLPRQLWDODGLVSRQLELOLGDG
GH IyVIRUR SDUD ODV SODQWDV SXHGH YHUVH DIHFWDGD SRU
ÀMDFLyQ\SUHFLSLWDFLyQGHOHOHPHQWR$VtPLVPRODVDOWDV
FRQFHQWUDFLRQHVGHOHOHPHQWRSXHGHQHVWDUDVRFLDGDVFRQ
IRUPDVRUJiQLFDVSUHGRPLQDQWHVHQHVWHWLSRGHVXHORV
SRUHORULJHQODFXVWUH
(OSRWDVLRPRVWUyGLIHUHQFLDVVLJQLÀFDWLYDVHQWUH
ORWHVFRQYDORUHVH[WUHPRVHQWUHFPRONJ
NJKD\FPRONJNJKDQLYHOHVHOHYDGRV
DVRFLDGRVFRQLOOLWDDUFLOODTXHÀMDJUDQGHVFDQWLGDGHV
GHSRWDVLRHQORVHVSDFLRVLQWUDODPLQDUHV&DVWUR
%UDG\\:HLO0DUVFKQHU&XDQGRVHUHGXFH
HOS+HOFRQWHQLGRGHSRWDVLRDXPHQWDHVWRVHSXHGH
H[SOLFDUGHVGHHOSXQWRGHYLVWDGHPD\RUFDQWLGDGGH
LRQHV+\RGHKLGUR[LDOXPLQLRTXHUHVWULQJHHODVRFLR
GHLRQHV.FRQODVVXSHUÀFLHVFRORLGDOHVGLVPLQX\HQGR
ODÀMDFLyQ/RVYDORUHVUHSRUWDGRVH[FHGLHURQORVOtPLWHV
VXSHULRUHVHQWRGRVORVWUDWDPLHQWRVDXQTXHVHSUHVHQWy
ÀMDFLyQ GHO HOHPHQWR H[LVWHQ VXÀFLHQWHV FDQWLGDGHV
GLVSRQLEOHVSDUDODVSODQWDV
'H FDOFLR VH UHJLVWUDURQ YDORUHV H[WUHPRV GH
FPRONJNJKD\FPRONJ
NJKDFRQGLIHUHQFLDVVLJQLÀFDWLYDVHQWUH
pSRFDV(VWHFDWLyQGRPLQyHQHOFRPSOHMRGHFDPELRGHO
VXHORRFXSDQGRODPD\RUtDGHORVVLWLRVGHLQWHUFDPELR
/RVYDORUHVUHSRUWDGRVVXSHUDURQORVQLYHOHVySWLPRV
GHOHOHPHQWRFPRONJHLQFOXVRSXHGHLQWHUIHULU
HQODGLVSRQLELOLGDGGH.\0J(O&DREHGHFHD
UHODFLRQHVGLUHFWDVFRQHOS+HQHVWHVXHOR/DDGLFLyQ
GHIHUWLOL]DQWHVFRQPDJQHVLRSXHGHHVWDUGHVSOD]DQGR
LRQHV&DDODVROXFLyQHVWRVSRUXQODGRVRQWRPDGRV
SRUODSODQWDSHURWDPELpQVHSUHVHQWDVDOLGDGHOFDWLyQ
GHO VLVWHPD VLWXDFLyQ TXH SXHGH H[SOLFDUVH SRU ODV
FRQGLFLRQHVGHKXPHGDGH[LVWHQWHVHQORVSULPHURV
GtDV(ODXPHQWRHQODKXPHGDGGHOVXHORSXHGHJHQHUDU
+TXHGHVSOD]DQFDWLRQHVGHORVVLWLRVGHLQWHUFDPELR
$OWRVYRO~PHQHVGHDJXDHQHOSHUÀOSXHGHQWUDGXFLUVH
HQPD\RUHVFDQWLGDGHVGHLRQHV+\SRUORWDQWRHOVXHOR
WLHQGHDDFLGLÀFDUVH+DYOLQHWDO(ODQiOLVLV
SUHOLPLQDUPRVWUyYDORUHVHOHYDGRVGH&DOFLR
NJKDORTXHKDFHVXSRQHUXQDODERUGHHQFDODGRQR
LQIRUPDGDSRUHOGXHxRGHOSUHGLR
/RVYDORUHVH[WUHPRVGHPDJQHVLRVHHQFRQWUDURQ
HQWUHFPRONJNJKD\FPRO
NJ NJ KD VLQ GLIHUHQFLDV VLJQLÀFDWLYDV HQ
ODVIXHQWHVGHYDULDFLyQ7DEOD/RVYDORUHVIXHURQ
HOHYDGRVVLQHPEDUJRODVFDQWLGDGHVGH&D\.
SXHGHQDIHFWDUODGLVSRQLELOLGDG\DTXHODUHGXFFLyQ
HQ ODV FRQFHQWUDFLRQHV GH &D FRQFRUGy FRQ HO
LQFUHPHQWR GH 0J HVSHFLDOPHQWH HQ ORV SHULRGRV
²''6HQHOORWH3\OXHJRGHORV''6HQHO
ORWH$/DDSOLFDFLyQGHIHUWLOL]DQWHVTXHFRQWLHQHQ0J
PHMRUDURQODVUHODFLRQHVFRQ&D\./DDEVRUFLyQ
GHHVWHHOHPHQWRSRUSDUWHGHODVSODQWDVGHSHQGHGHO
SRUFHQWDMHGHQWURGHOD&,&\GHO0JLQWHUFDPELDEOH
+DYOLQHWDO'XUDQWHHOHQVD\RHOSRUFHQWDMHGH
VDWXUDFLyQGH0JIXHPHQRUGHOVXJLULHQGRXQD
OLPLWDFLyQSDUDODSODQWD/RVPLVPRVDXWRUHVDQRWDQ
TXHHVWHHOHPHQWRVHHQFXHQWUDSUHVHQWHHQPLQHUDOHV
DUFLOORVRVWLSR,OOLWDGRPLQDQWHHQHVWHVXHOR
(Q D]XIUH VH SUHVHQWDURQ GLIHUHQFLDV DOWDPHQWH
VLJQLÀFDWLYDV HQWUH pSRFDV FRQ YDORUHV H[WUHPRV HQWUH
PJNJNJKD\PJNJNJKD
(O FRPSRUWDPLHQWR GHO HOHPHQWR SUHVHQWy UHODFLyQ
LQYHUVD FRQ HO S+ (O S+ EDMR FRLQFLGLy FRQ DOWDV
FRQFHQWUDFLRQHV GH 6 FRQGLFLyQ QRUPDO HQ VXHORV
VXOIDWRiFLGRV/DDGVRUFLyQGHOLyQVXOIDWRHVPHQRUD
PD\RUS+\DXPHQWDHQODPHGLGDHQTXHGRPLQDQODV
DUFLOODVHKLGUy[LGRVGHKLHUUR\DOXPLQLR+DYOLQ
HWDO%UDG\\:HLO'HSHQGLHQGRGHOWLSR
$&7$$*521&2/20%,$92/S
GHDUFLOODFXDQGRVHVDWXUDQFRQLyQ+ODDGVRUFLyQ
VLJXHHOVLJXLHQWHRUGHQFDROLQLWD!LOOLWD!EHQWRQLWD/D
R[LGDFLyQGHO6\GHO+6DVtFRPRODR[LGDFLyQGHO
QLWUyJHQR HV XQ SURFHVR GH DFLGLÀFDFLyQ 3RU YDULRV
iWRPRVGHD]XIUHR[LGDGRVHIRUPDQGRVLRQHV+
(OFRQWHQLGRGHOHOHPHQWRHVDOWR!PJNJ
FRQFHQWUDFLyQSURYHQLHQWHGHORVPDWHULDOHVRULJLQDULRV
ODWRSRJUDItDSODQRFyQFDYR\GHÀFLHQWHGUHQDMHOR
TXHFRQWULEX\HHQODIRUPDFLyQGHFRPSXHVWRVGHEDMD
VROXELOLGDG\HQODR[LGDFLyQGHRWURVULFRVHQD]XIUH
FRPR OD SLULWD HQ ODV pSRFDV VHFDV 5LQFyQ OR TXH VH PDQLIHVWy HQ PD\RUHV FRQFHQWUDFLRQHV GHO
HOHPHQWR DO ÀQDO GHO HQVD\R (O GUHQDMH HÀFLHQWH GH
VXHORVFRQDOWRVFRQWHQLGRVGHD]XIUHSXHGHWUDGXFLUVH
HQ PD\RU GLVSRQLELOLGDG GHO HOHPHQWR +DYOLQ HW DO
HVSHFLDOPHQWHSDUDORVUHTXHULPLHQWRVGHDMR\
FHEROOD%ROFN/RVFRPSXHVWRVD]XIUDGRVWLSR
WLROV\VXOIy[LGRVGLVXOIXURGHGLDOLO\GLQGLVXOIXUR
SURSLO HQWUH RWURV HVWLPXODQ OD JHUPLQDFLyQ GH 6
FHSLYRUXP &ROH\6PLWK SDWyJHQR TXH OLPLWD
ORVUHQGLPLHQWRVGHODHVSHFLHHQOD]RQD(ORULJHQGHO
D]XIUHHQIRUPDRUJiQLFDHQHVWHWLSRGHVXHORVSXHGH
DWULEXLUVH D OD PLQHUDOL]DFLyQ DQDHUyELFD R DHUyELFD
GH OD PDWHULD RUJiQLFD FRQ SURGXFFLyQ GH VXOIDWRV R
VXOIXURV%UDG\\:HLO
/RVYDORUHVH[WUHPRVGHERURVHVLWXDURQHQWUH
PJNJKD\PJNJNJKDFRQ
GLIHUHQFLDVVLJQLÀFDWLYDVHQWUHWUDWDPLHQWRV\DOWDPHQWH
VLJQLÀFDWLYDV HQWUH pSRFDV (Q WpUPLQRV JHQHUDOHV HO
FRQWHQLGRGHERURHQWRGDVODVpSRFDVIXHHOHYDGR!
PJNJYDULDQGRHQWUHORVWUDWDPLHQWRVSRVLEOHPHQWH
SRUODDSOLFDFLyQGHDJURTXtPLFRVTXHORFRQWHQtDQ(O
7SUHVHQWyHOPD\RUSURPHGLRFRQNJKDVHJXLGR
GHO7FRQNJKD/RDQWHULRUUHSHUFXWHHQODPD\RU
FRQFHQWUDFLyQGHOHOHPHQWRNJKDTXHVHSUHVHQWy
DO ÀQDO GHO HQVD\R /DV SODQWDV SXHGHQ WROHUDU DOWDV
FDQWLGDGHVGH%HQHOVXHORFXDQGRVHSUHVHQWDQDOWRV
FRQWHQLGRVGHFDOFLR+DYOLQHWDO
/RVYDORUHVH[WUHPRVGHKLHUURVHHQFRQWUDURQHQ
WUHPJNJNJKD\PJNJ
NJKDVLQGLIHUHQFLDVHVWDGtVWLFDVVLJQLÀFDWLYDVHQODV
IXHQWHVGHYDULDFLyQ/DSUHVHQFLDGHPLQHUDOHVFRPR
JRHWKLWD\OLPRQLWDULFRVHQKLHUURSXHGHH[SOLFDUORV
FRQWHQLGRVHQHOVXHOR/DUHGXFFLyQJUDGXDOGHOS+\
ODVFRQGLFLRQHVItVLFDVKDFHQSRVLEOHODVROXELOLGDGGH
HVWHHOHPHQWR\SRUFRQVLJXLHQWHODGLVSRQLELOLGDGSDUD
ODVSODQWDV
6H SUHVHQWDURQ YDORUHV H[WUHPRV GH FREUH HQWUH
PJNJNJKD\PJNJNJ
KDVLQGLIHUHQFLDVVLJQLÀFDWLYDVHQWUHORWHV\DOWDPHQWH
VLJQLÀFDWLYDVHQSURIXQGLGDG\pSRFD(QODpSRFDGH
OOXYLDDXPHQWyODDSOLFDFLyQGHSURGXFWRVÀWRVDQLWDULRV
HQWUHHOORVORVTXHFRQWLHQHQ&XORTXHSXHGHH[SOLFDU
ODVDOWDVFRQFHQWUDFLRQHVGHOHOHPHQWRSULQFLSDOPHQWH
HQORVSULPHURVFHQWtPHWURVGXUDQWHHOSULPHUSHULRGR
GH FUHFLPLHQWR GH OD SODQWD ,JXDOPHQWH OD SUXHED
P~OWLSOHGHFRPSDUDFLyQGHPHGLDVGH'XQFDQPRVWUy
PD\RUFRQFHQWUDFLyQGHOHOHPHQWRHQVXSHUÀFLHNJ
KD/DVPD\RUHVFRQFHQWUDFLRQHVGH&XVHSUHVHQWDQ
KDFLDORV''6pSRFDGRQGHHOS+RVFLOyHQWUH\
HQWRGRVORVWUDWDPLHQWRV(O7SUHVHQWyHOPD\RU
SURPHGLRFRQNJKDPLHQWUDVTXHHO7UHSRUWy
ORVPHQRUHVFRQNJKD/DFRQFHQWUDFLyQGH
&X GHFUHFH FRQ HO LQFUHPHQWR GHO S+ GHELGR D TXH
GLVPLQX\HODVROXELOLGDG\VHLQFUHPHQWDODDGVRUFLyQHQ
ODVXSHUÀFLHGHODVDUFLOODVPDWHULDRUJiQLFD\Xy[LGRV
GHKLHUURDOXPLQLRRPDQJDQHVR+DYOLQHWDO
/RVQLYHOHVGHFREUHDXPHQWDURQKDFLDORV''6\
GHFUHFLHURQFRQHOWLHPSR\DSDUWLUGHORV''6IXHURQ
GHÀFLHQWHVHQHOVXHORPJNJ
(Q]LQFVHSUHVHQWDURQGLIHUHQFLDVVLJQLÀFDWLYDV
HQWUH WUDWDPLHQWRV \ DOWDPHQWH VLJQLILFDWLYDV HQWUH
pSRFDV FRQ YDORUHV H[WUHPRV HQWUH PJ NJ
NJ KD \ PJ NJ NJ KD (O
HQFKDUFDPLHQWRHVXQRGHORVIDFWRUHVTXHDIHFWDQOD
GLVSRQLELOLGDGGHOHOHPHQWR+DYOLQHWDO(Q
VXHORViFLGRVHQFRQGLFLRQHVUHGXFWRUDVHOGHVFHQVRGH
ODFRQFHQWUDFLyQGH]LQFFRLQFLGLyFRQHODXPHQWRHQHO
S+(OFRPSRUWDPLHQWRLQYHUVRGHO]LQF\GHOIyVIRUR
VHHYLGHQFLDFRQFODULGDGDOÀQDOGHOHQVD\R
/RVYDORUHVH[WUHPRVGHPDQJDQHVRVHHQFRQWUD
URQHQWUHPJNJNJKD\PJNJ
NJKDFRQGLIHUHQFLDVDOWDPHQWHVLJQLÀFDWLYDV
SDUDORWHVSURIXQGLGDG\pSRFD/DVFRQFHQWUDFLRQHV
HQ WRGRV ORV FDVRV WUDWDPLHQWRV ORWHV \ pSRFDV
H[FHGLHURQORVOtPLWHVVXSHULRUHV!PJNJSHUR
ORV DOWRV FRQWHQLGRV GH KLHUUR FREUH \ =Q SXHGHQ
HVWDU UHVWULQJLHQGR OD DEVRUFLyQ GHO 0Q 'H PDQHUD
VLPLODU TXH HO KLHUUR \ HO FREUH HO 0Q GHSHQGLy GHO
S+ HQ OD pSRFD GH PD\RU KXPHGDG GHVFHQGLy OD
FRQFHQWUDFLyQ SRVLEOHPHQWH GHELGR DO FRQVXPR SRU
ODSODQWDRSRUTXHSDUWHGHpVWHVDOHGHOVLVWHPD/DV
PD\RUHVFRQFHQWUDFLRQHVGHOHOHPHQWRVHSUHVHQWDURQ
D OD SURIXQGLGDG FP VXJLULHQGR FRQWHQLGRV
LPSRUWDQWHV HQ OD PDWHULD RUJiQLFD \ ORV y[LGRV GH
KLHUUR/DFRQFHQWUDFLyQGH0QHQHOORWH$GHVSXpVGH
ORV''6LQGLFyDSRUWHLPSRUWDQWHGHOVXEVXHOR
$QLYHOHGiÀFRORVFRQWHQLGRVGHPDFURHOHPHQWRV
VH SUHVHQWDURQ HQ HO RUGHQ 1!&D!.!0J!6!3 \ ORV
GH PLFURQXWULHQWHV DVt 0Q!)H!=Q!&X!% GRQGH HO
PD\RUUHQGLPLHQWRORUHSRUWyHOWUDWDPLHQWRGHOORWH3
7DEODFRQYDORUHVSURPHGLRVXSHULRUHV\GLIHUHQWHV
DORVUHSRUWDGRVSRU*XHUUHUR&DVWUR\
2VRULR
1(/6219,5*,/,23,5$1(48(*(92/8&,Ð1'(/&217(1,'2'((/(0(17261875,(17(6(168(/26
7DEOD(YROXFLyQGHOFRQWHQLGRGHQXWULHQWHVHQORVORWHVGHPD\RUUHQGLPLHQWR7ORWH3GXUDQWHWUHVpSRFDVGHPXHVWUHR
3URI
FP
S+
''6
02
1
JNJ
8Q
3
.
&D
0J
1D
%
6
)H
PJNJ
FPRONJ
&X
=Q
0Q
PJNJ
'tDVGHVSXpVGHODVLHPEUD
5HODFLRQHVGHQXWULHQWHV
(ODQiOLVLVGHODVLQWHUDFFLRQHVHQWUHORVGLIHUHQWHV
QXWULHQWHVHVWDEOHFHFODUDPHQWHLQWHUDFFLRQHVSRVLWLYDV
HQWUH1)H3.3&D30J.0J.60J6%=Q
\ &X0Q 3RU RWUR ODGR VH SUHVHQWDURQ LQWHUDFFLRQHV
QHJDWLYDVHQWUH1.163)H.)H0J)H%)H
6)H&X=Q\=Q0Q7DEODYDORUHVTXHSHUPLWHQ
HVWDEOHFHUTXHHQHOPRYLPLHQWR\RGLQiPLFDGHORV
HOHPHQWRV LQÁX\HQ QR VROR HVWDV LQWHUDFFLRQHV VLQR
HOS+HOFRQWHQLGRGHPDWHULDRUJiQLFD\ODKXPHGDG
+LQVLQJHU\-DLODUG
7DEOD5HODFLRQHVVLJQLÀFDWLYDVHQWUHHOHPHQWRVREWHQLGRVSRUHOWUDWDPLHQWRGHPD\RUUHQGLPLHQWR37HQWUHVpSRFDVGH
PXHVWUHR
''6
([SUHVLyQ
13
$6
''6
U
6LJQLI
16
([SUHVLyQ
&D0J
$6
U
6LJQLI
16
16
1.
&D%
1&D
16
&D6
16
10J
1%
16
16
&D)H
&D&X
16
16
16
1)H
&D=Q
&D0Q
16
16
1&X
1=Q
10Q
3.
3&D
30J
3%
36
3)H
3&X
3=Q
30Q
.&D
.0J
.%
.6
.)H
.&X
.=Q
.0Q
16
16
16
16
16
16
16
16
16
16
16
16
16
0J%
0J6
0J)H
0J&X
0J=Q
0J0Q
%6
%)H
%&X
%=Q
%0Q
6)H
6&X
6=Q
60Q
)H&X
)H=Q
)H0Q
&X=Q
&X0Q
=Q0Q
16
16
16
16
16
16
16
16
16
16
16
16
16
13.&D0J\6HQJNJ%)H0Q&X\=QHQPJNJ
$6$QWHVGHODVLHPEUD6LJQLÀFDWLYR$OWDPHQWHVLJQLÀFDWLYR161RVLJQLÀFDWLYRUFRHÀFLHQWHGHFRUUHODFLyQ
$&7$$*521&2/20%,$92/S
$XQTXH H[LVWHQ HQ HO SDtV SUXHEDV GH IHUWLOLGDG
HQ FXOWLYRV KRUWtFRODV PXFKDV GH HOODV QR FRQGXFHQ
DFHUWDGDPHQWHDUHFRPHQGDFLRQHVGHIXHQWHVGRVLV\
pSRFDVGHDSOLFDFLyQGHIHUWLOL]DQWHV/DPD\RUtDGHWUD
EDMRVGHLQYHVWLJDFLyQVREUHIHUWLOLGDGSDUDHODOWLSODQR
&XQGLER\DFHQVHVRQDPELJXRVHLQFRQVLVWHQWHV&DVWUR
/RVGDWRVREWHQLGRVVRQSLRQHURV\QRVHFRQRFHQ
RWURVTXHRWRUJXHQFRQÀDELOLGDG\DSOLFDELOLGDGSDUDORV
VXHORVGHOGHSDUWDPHQWRGH%R\DFiFODVLÀFDGRVFRPR
6XOÀF HQGRDTXHSWV FRQ FRQGLFLRQHV GH IRUPDFLyQ \
FOLPiWLFDVSURSLDVGHOD]RQDGHLQÁXHQFLDGHO'LVWULWR
GH5LHJRGHO$OWR&KLFDPRFKD&DVWUR\*yPH]
&DVWURHWDO*yPH]HWDO
&21&/86,21(6
/DV FRQFHQWUDFLRQHV GH PDFURHOHPHQWRV VH
SUHVHQWDURQ HQ HO RUGHQ 1!&D!.!0J!6!3 \ ORV
GH PLFURQXWULHQWHV 0Q!)H!=Q!&X!% H[LVWLHQGR
LQWHUDFFLRQHVSRVLWLYDVHQWUH1)H3.3&D30J
.0J.60J6%=Q\&X0Q\QHJDWLYDVHQWUH
1.163)H.)H0J)H%)H6)H&X=Q\
=Q0QDIHFWDQGRVXFRQFHQWUDFLyQ\GLVSRQLELOLGDG
$*5$'(&,0,(1726
$JUDGHFHPRV D ODV SHUVRQDV TXH DSR\DURQ OD
UHDOL]DFLyQGHHVWHHVWXGLRHQHVSHFLDOD+XJR)DELR
$YHOODSURGXFWRUGHOD]RQDDOD8QLYHUVLGDG1DFLRQDO
GH &RORPELD D 2FWDYLR 0RVTXHUD -HV~V *iOYL] \
$UQXOIR5RGUtJXH]GHO&,$7
%,%/,2*5$)Ì$
$JXLUUH60HQMLYDU-3LUDQHTXH15HODFLyQHQWUHODQX
WULFLyQPLQHUDO\ODVHYHULGDGGHOGDxRRFDVLRQDGRSRUSXGULFLyQ
EODQFDHQFHEROODGHEXOER$FWD$JURQyPLFD
%ROFN ( 4XtPLFD GHO$MR \ OD &HEROOD &LHQF H ,QYHVW
%UDG\1:HLO57KHQDWXUHDQGSURSHUWLHVRIVRLOVWK
HG1HZ-HUVH\3UHQWLFH+DOOS
&DVWUR+3URGXFFLyQ\IHUWLOL]DFLyQGHKRUWDOL]DVHQ&R
ORPELD (Q )HUWLOL]DFLyQ GH &XOWLYRV GH &OLPD )UtR %RJRWi
0RQyPHURV&RORPER9HQH]RODQRVS
&DVWUR + *yPH] 0 &DUDFWHUL]DFLyQ ÀVLFRTXtPLFD GH
DJXDV IUHiWLFDV VXSHUÀFLDOHV \ VX UHODFLyQ FRQ OD JpQHVLV GH
66$'LVWULWRGH5LHJRGHO$OWR&KLFDPRFKD,QIRUPH3UR\HFWR
837&S
&DVWUR=RQLÀFDFLyQSUHOLPLQDUGH66$GHO'LVWULWRGH5LHJR
GHO$OWR&KLFDPRFKDDSDUWLUGHODVWHQGHQFLDVUHSRUWDGDVHQ
VXV FDUDFWHUtVWLFDV ÀVLFRTXtPLFDV PHGLDQWH EDVH GH GDWRV GHO
ODERUDWRULRGHVXHORV837&,QIRUPHSUR\HFWR837&S
&ROH\6PLWK-5/RQJWHUPVXUYLYDORIVFOHURWLDRI6FOH
URWLXP FHSLYRUXP DQG 6WURPDWLQLD JODGLROL 3ODQW 3DWKRO ²
*UXSR ,QWHULQVWLWXFLRQDO GH ,QYHVWLJDFLyQ HQ 6XHORV 6XOIDWDGRV
ÉFLGRV 7URSLFDOHV &DUDFWHUL]DFLyQ GH OD 3UREOHPiWLFD
GH6XHORV6XOIDWDGRVÉFLGRV,PSURGXFWLYRV\(YDOXDFLyQGHO
PDQHMRSDUDVXUHKDELOLWDFLyQDJUtFROD'LVWULWRGH5LHJRGHO$OWR
&KLFDPRFKD²%R\DFi3UR\HFWR&ROFLHQFLDV²837&
*UXSR0DQHMR%LROyJLFRGH&XOWLYRV,QYHVWLJDFLyQSDUWLFL
SDWLYDHQHOPDQHMRHFROyJLFRGHODFHEROODGHEXOERHQ%R\DFi
8QLYHUVLGDG 3HGDJyJLFD \ 7HFQROyJLFD GH &RORPELD7XQMD
3UR\HFWR&ROFLHQFLDV837&
*yPH] 0 /RFDOL]DFLyQ FDUDFWHUL]DFLyQ H LGHQWLÀFDFLyQ
GHXQ66$HQiUHDGHO'LVWULWRGH5LHJRGHO$OWR&KLFDPRFKD
%R\DFi6XHORV(FXDW
*XHUUHUR5)HUWLOL]DFLyQGHFXOWLYRVGHFOLPDIUtR0RQy
PHURV&RORPERYHQH]RODQRV
+DYOLQ/%HDWRQ-7LVGDOH61HOVRQ:6RLO)HUWLOLW\
DQGIHUWLOL]HUVDQ,QWURGXFWLRQWRQXWULHQW0DQDJHPHQWWKHG
1HZ-HUVH\3UHQWLFH+DOO
+LQVLQJHU3-DLODUG%5RRWLQGXFHGUHOHDVHRILQWHUOD\HU
SRWDVVLXP DQG YHUPLFXOLWL]DWLRQ RI SKORJRSLWH DV UHODWHG WR
SRWDVVLXP GHSOHWLRQ LQ WKH UKL]RVSKHUH RI U\HJUDVV 6RLO 6FL
0DUVFKQHU+0LQHUDO1XWULWLRQRI+LJKHU3ODQWVQGHG
/RQGRQ$FDGHPLFS
2VRULR-*HQHUDOLGDGHVGHODSURGXFFLyQGHKRUWDOL]DVHQ
&RORPELD(Q,&$&XUVRQDFLRQDOGHKRUWDOL]DVGHFOLPDIUtR
7LEDLWDWiS
5LQFyQ$+&DUDFWHUL]DFLyQItVLFDGHVXHORVVXOIDWDGRV
iFLGRVLPSURGXFWLYRVHQHOGLVWULWRGHULHJRGHODOWRFKLFDPRFKD
%R\DFi7UDEDMRGHJUDGR,QJ$JUyQ8QLYHUVLGDG3HGDJyJLFD
\7HFQROyJLFDGH&RORPELDS