*/2.!$!3$%()34/2)!&%22/6)!2)! !»/3$%&%22/#!22),%.!,"!#%4% */2.!$!3$%()34/2)!&%22/6)!2)! !»/3$%&%22/#!22),%.!,"!#%4% #OMPILADORDELAEDICIØN &RANCISCO0OLO-URIEL !UTORESPORORDENALFABÏTICO #ARMEN!YCART,UENGO$OMINGO#UÏLLAR6ILLAR &RANCISCO&ERNÉNDEZ3ANTAMARÓA#ARMEN'ARCÓA-ARTÓNEZ 4ELESFORO-(ERNÉNDEZ-IGUEL*IMÏNEZ6EGA ,UIS-IGUEL-ARTÓNEZ 'ØMEZ3IMØN -ARIANADE0ASCUAL,ØPEZ&RANCISCO0OLO-URIEL &RANCISCO*AVIER2ODRÓGUEZ,ÉZAROY,UIS3ANTOSY'ANGES %STAPUBLICACIØNHASIDOCOORDINADADESDEEL0ROGRAMADE(ISTORIA &ERROVIARIADELA&UNDACIØNDELOS&ERROCARRILES%SPA×OLES ¥DELOSTEXTOSLOSAUTORES ¥DELAPRESENTEEDICIØN%XCMO!YUNTAMIENTODE!LBACETE $EPØSITO,EGAL!" $ISE×OMAQUETACIØN EIMPRESIØN !3#2EPRODUCCIONES'RÉlCAS4ELF!LBACETE ·.$)#% 3UyORJR ,QWURGXFFLyQ )UDQFLVFR3ROR0XULHO&RPSLODGRUGHODHGLFLyQ (OIHUURFDUULOHQ(VSDxDXQDYLVLyQHQHOODUJRSOD]R 'RPLQJR&XpOODU9LOODU)XQGDFLyQGHORV)HUURFDUULOHV(VSDxROHV \8QLYHUVLGDG$XWyQRPDGH0DGULG /RVUDPDOHVGHSURORQJDFLyQGHOFRUUHGRUIHUURYLDULRGH&DVWLOOD/D0DQFKDDO 0HGLWHUUiQHRHQWUH\ULYDOLGDGHPSUHVDULDO\ULYDOLGDGFRPHUFLDO 7HOHVIRUR0+HUQiQGH]8QLYHUVLGDGGH9DOHQFLD )HUURFDUULO\WUDQVIRUPDFLRQHVVRFLRHFRQyPLFDVHQ$OEDFHWH &DUPHQ*DUFtD0DUWtQH]8QLYHUVLGDGGH&DVWLOOD/D0DQFKD )HUURFDUULO\HVWUXFWXUDXUEDQDDUJXPHQWRV\WUDVIRQGRGHOGHVYtRGHOD OtQHDIpUUHDHQ$OEDFHWHXQDVXQWRGHFHQWUDOLGDGXUEDQtVWLFD /XLV6DQWRV\*DQJHV8QLYHUVLGDGGH9DOODGROLG 7UDQVSRUWHS~EOLFRGHYLDMHURV\DFFHVLELOLGDGWHUULWRULDOHQODSURYLQFLDGH$OEDFHWH )UDQFLVFR)HUQiQGH]6DQWDPDUtD8QLYHUVLGDGGH&DVWLOOD/D0DQFKD /DVQXHYDVLQIUDHVWUXFWXUDVIHUURYLDULDVHQ&DVWLOOD/D0DQFKD \VXLQFLGHQFLDVREUHHOWHUULWRULR\ODPRYLOLGDG )UDQFLVFR-DYLHU5RGUtJXH]/i]DUR8QLYHUVLGDGGH&DVWLOOD/D0DQFKD 5HGHVFXEULHQGRHVSDFLRVXQDPLUDGDDOSDWULPRQLRIHUURYLDULRGHODSURYLQFLDGH$OEDFHWH 0LJXHO-LPpQH]9HJD\)UDQFLVFR3ROR0XULHO)XQGDFLyQGHORV)HUURFDUULOHV(VSDxROHV \8QLYHUVLGDG$XWyQRPDGH0DGULG (O3URJUDPD9tDV9HUGHV &DUPHQ$\FDUW/XHQJR)XQGDFLyQGHORV)HUURFDUULOHV(VSDxROHV (O)HUURFDUULO\OD&XFKLOOHUtDHQ$OEDFHWH 0DULDQDGH3DVFXDO/ySH]\/XLV0LJXHO0DUWtQH]*yPH]6LPyQ 0XVHR0XQLFLSDOGHOD&XFKLOOHUtDGH$OEDFHWH 02¼,/'/ 1RVGLFHHOKLVWRULDGRUDOEDFHWHxR)UDQFLVFR-DYLHU6iQFKH]7RUUHVUHVSHFWRGHOIHUURFDUULOTXHGHV GH ´TXHHQ(VSDxDVHSHQVyHQXQRTXHXQLHUDD0DGULGFRQODFRVWDGHO0HGLWHUUiQHRYHUVDQGRODV GLVFXVLRQHVVREUHHOSXQWRGHpVWHHQTXHGHEtDWHUPLQDUSULQFLSDOPHQWHHQWUH$OLFDQWH\&DUWDJHQD \DXQTXHHQORVYDULRVSHQVDPLHQWRVÀJXUDEDVLHPSUH$OEDFHWHHQORVWUD]DGRVQRGHMyQXHVWUD&RU SRUDFLyQPXQLFLSDOGHRFXSDUVHFRQLQWHUpVGHODVXQWRGHVGHHODxRKDVWDTXHSRU5HDOGHFUHWR GHGHGLFLHPEUHGHVHGLVSXVRODFRQVWUXFFLyQSRUFXHQWDGHO(VWDGRGHODOtQHD$UDQMXH]D $OPDQVDVREUHODEDVHGHODVSURSRVLFLRQHVTXHSUHVHQWDUDHOPDUTXpVGH6DODPDQFD«µ&XDWUR DxRVGHVSXpV$OEDFHWHUHFLELyHOSURJUHVRFRPXQLFiQGRVHSRUYtDIpUUHDFRQHOFHQWUR\HOOHYDQWH SHQLQVXODU (OGHPDU]RGHFRQPHPRUDPRVHODQLYHUVDULRGHODOOHJDGDGHO)HUURFDUULOD$OEDFH WH/DVRFLHGDGDOEDFHWHxDHYRFyDTXHOODIHFKDXQiQLPHPHQWH\HQHVSHFLDOORVDQWLJXRVWUDEDMDGRUHV DJOXWLQDGRVHQOD $VRFLDFLyQGH$PLJRVGHO)HUURFDUULOGH$OEDFHWH/D)XQGDFLyQGHORV)HUURFD UULOHV(VSDxROHVHO0XVHRGHO)HUURFDUULOHO$UFKLYR+LVWyULFR)HUURYLDULR\WDPELpQHO0XVHR 0XQLFLSDOGHOD&XFKLOOHUtD VXPDURQVXVHVIXHU]RVDORVGHOD8QLYHUVLGDGGH&DVWLOOD²OD0DQFKD\ ORVGHOSURSLR$\XQWDPLHQWRGH$OEDFHWHSDUDHVWDFHOHEUDFLyQFLHQWtÀFDVRFLDO\FXOWXUDO $SULQFLSLRVGHO´9LDMDPRVDOWUHQGHODKLVWRULDµHQXQDSULPHUDH[SRVLFLyQFRQWHPSOD PRVHQHO0XVHRGHO$OWR]DQRODPXHVWUDDQWROyJLFDGHIRWRJUDItD´&DPLQRVGH+LHUURµ´$TXHOORV KRPEUHVTXHYHQGtDQHQODHVWDFLyQµGHO0XVHR0XQLFLSDOGHOD&XFKLOOHUtDPRVWUyDOYHQGHGRUGH QDYDMDVHQ$OEDFHWH\HQODDQWLJXD(VWDFLyQ'HOLFLDVGH0DGULG(O$UFKLYR+LVWyULFR)HUURYLDULR HGLWy XQ VHJXQGR FXDGHUQR EDVDGR HQ LQYHVWLJDFLRQHV GH VXV SURSLRV IRQGRV VREUH$OEDFHWH \ HO )HUURFDUULO 3RU~OWLPRORVKLVWRULDGRUHVQRVLQVWUX\HURQHQODV´-RUQDGDVGH+LVWRULD)HUURYLDULDµFHOHEUDGDV ORVGtDV\GHQRYLHPEUHHQDTXHODxRGHFRQPHPRUDFLyQ3DUDWHVWLPRQLR\IXHQWHGHIXWXUDV LQYHVWLJDFLRQHVHO$\XQWDPLHQWRKDLPSXOVDGRVXSXEOLFDFLyQ\DTXHUHFRUGDUHOSDVDGRHVJHQHUDU HVSHUDQ]DGHIXWXUR\$OEDFHWHORKDWHQLGR\WLHQHHQORVFDPLQRVGHKLHUUR 0DQXHO3pUH]&DVWHOO $/&$/'('($/%$&(7( !»/3$%&%22/#!22),%.!,"!#%4% ).42/$5##)¼. )UDQFLVFR3ROR0XULHO &RPSLODGRUGHODHGLFLyQ 'XUDQWHHODxRGHODFLXGDGGH$OED FHWHFHOHEUyORVFLHQWRFLQFXHQWDDxRVGHODOOH JDGDGHOIHUURFDUULO/DLUUXSFLyQGHHVWHQXHYR PHGLR GH WUDQVSRUWH SRU OD XUEH DOEDFHWHxD GH PHGLDGRVGHOVLJR;,;VLJQLÀFDUtDHOLQLFLRGH XQDQXHYDHWDSDSDUDODFLXGDGTXHFRPHQ]DUtD DFUHFHUDQLPDGDSRUODVLGDV\YHQLGDVGHODV FLUFXODFLRQHVIHUURYLDULDV 'HVGHTXHVHWHQGLHUDGLFKDLQIUDHVWUXFWXUD \KDVWDQXHVWURVGtDVODUHODFLyQHQWUHODFLXGDG GH$OEDFHWH\HOIHUURFDUULOQRKDGHMDGRGHVHU LQWHQVD3RUWRGRVHVWRVPRWLYRVODFHOHEUDFLyQ GHODHIHPpULGHSRUSDUWHGHO$\XQWDPLHQWRGH $OEDFHWHHQFRODERUDFLyQFRQOD)XQGDFLyQGH ORV)HUURFDUULOHV(VSDxROHVHO0XVHR0XQLFL SDOGHOD&XFKLOOHUtD\FRQHOYROXQWDULRVRDSR \RGHOD$VRFLDFLyQGH$PLJRVGHO)HUURFDUULO GHGLFKDFDSLWDOSURYLQFLDOSUHWHQGLyUHQGLUXQ JHQHURVRWULEXWRDHVWHPHGLRGHWUDQVSRUWHTXH KDDFRPSDxDGRD ODSREODFLyQGH$OEDFHWHHQ VXFDPLQRKDFLDHOSURJUHVR\ODPRGHUQLGDGD ORODUJRGHHVWHVLJOR\PHGLRGHFRH[LVWHQFLD\ TXHFRQODQXHYDUHGIHUURYLDULDGHDOWDYHOR FLGDGVLJXHVLHQGRFODYHSDUDHOIXWXURGHHVWD FLXGDG 'LYHUVDVDFWLYLGDGHVFRQPHPRUDWLYDVVHSX VLHURQHQPDUFKDGXUDQWHHODxR(QSUL PHU OXJDU GXUDQWH ORV GtDV \ GH PDU]R GH HO PXQGR GHO IHUURFDUULO VH LQWURGXMR HQODVDODGHH[SRVLFLRQHVGHODQWLJXRD\XQWD PLHQWRFRQODSUHVHQWDFLyQGHODPXHVWUDLWLQH UDQWHGHO0XVHRGHO)HUURFDUULOGH0DGULGTXH FRQWy FRQ OD YDOLRVD FRODERUDFLyQ GH OD $VR FLDFLyQGH$PLJRVGHO)HUURFDUULOGH$OEDFHWH 0HVHVGHVSXpVFRQFUHWDPHQWHHQWUHHO\HO GH VHSWLHPEUH HO 0XVHR GHO$OWR]DQR YRO YLyDDEULUODVSXHUWDVDOWUHQSDUDTXHODREUD JUiÀFD SUHPLDGD SRU OD )XQGDFLyQ GH ORV )H UURFDUULOHV (VSDxROHV HQ ODV GLIHUHQWHV FRQYR FDWRULDVGHOFHUWDPHQIRWRJUiÀFR´&DPLQRVGH +LHUURµIXHVHYLVWDSRUORVFLXGDGDQRVGH$OED FHWH0HV\PHGLRPiVWDUGHGXUDQWHORVGtDV \GHQRYLHPEUHGHVHFHOHEUDUtDQODV -RUQDGDV GH +LVWRULD )HUURYLDULD DxRV GH )HUURFDUULOHQ$OEDFHWHHQODTXH VHSUHVHQWDURQGLYHUVDVSRQHQFLDVVREUHODPD WHULDDFDUJRGHKLVWRULDGRUHV\JHyJUDIRV/DV -RUQDGDVRUJDQL]DGDVSRUHO3URJUDPDGH+LV WRULD)HUURYLDULDGHOD)XQGDFLyQGHORV)HUUR FDUULOHV(VSDxROHVFRQWDURQQXHYDPHQWHFRQHO SDWURFLQLRGHO$\XQWDPLHQWRGH$OEDFHWH\FRQ !»/3$%&%22/#!22),%.!,"!#%4% ODFRODERUDFLyQGHOD)DFXOWDGGH+XPDQLGDGHV GHOD8QLYHUVLGDGGH&DVWLOOD/D0DQFKDHQ$O EDFHWH GH OD 2EUD 6RFLDO GH &DMD &DVWLOOD/D 0DQFKD\GHO0XVHR0XQLFLSDOGHOD&XFKLOOH UtDGH$OEDFHWH 'XUDQWHORVGRVGtDVGHFHOHEUDFLyQGHODV -RUQDGDVGH+LVWRULD)HUURYLDULDVHGHVDUUROOD UtDQGHIRUPDSDUDOHODGRVDFWRV(OSULPHURGH HOORV VH HQFRQWUDUtD GLUHFWDPHQWH UHODFLRQDGR FRQ XQD GH ODV SRQHQFLDV TXH VH SUHVHQWDURQ HQHOPDUFRGHODV-RUQDGDVQRVUHIHULPRVDOD H[SRVLFLyQVREUHORVYHQGHGRUHVGHFLQWRGHOD HVWDFLyQIHUURYLDULDDOEDFHWHxD/DPXHVWUDGH QRPLQDGD $TXHOORV KRPEUHV TXH YHQGtDQ HQ ODHVWDFLyQRUJDQL]DGDSRUHO0XVHR0XQLFL SDOGHOD&XFKLOOHUtDGH$OEDFHWHTXLVRUHFUHDU HVHQRVWiOJLFRSDVDGRGHODYLGDFRWLGLDQDGH OD FDSLWDO DOEDFHWHQVH \ SUHVHQWDU ORV IXHUWHV YtQFXORV TXH OD DFWLYLGDG FXFKLOOHUD WXYR FRQ HVWHPHGLRGHWUDQVSRUWHDORODUJRGHPiVGH FLHQDxRV (OVHJXQGRGHORVDFWRVVHUtDHOGHODSUHVHQ WDFLyQ SXEOLFD GHO &XDGHUQR GHO$UFKLYR +LV WyULFR)HUURYLDULRGHGLFDGRDO)HUURFDUULOHQOD FLXGDG\HQODSURYLQFLDGH$OEDFHWH0HGLDQWH HVWD SXEOLFDFLyQ VH TXLVR GHMDU FRQVWDQFLD GHO YDOLRVRSDWULPRQLRGRFXPHQWDOTXHVHSUHVHUYD HQORVIRQGRVGHO$UFKLYR+LVWyULFR)HUURYLDULR GHOD)XQGDFLyQGHORV)HUURFDUULOHV(VSDxROHV \ GH OD SRWHQFLDOLGDG TXH HVWD GRFXPHQWDFLyQ WLHQHSDUDVXLQYHVWLJDFLyQKLVWyULFD 3RUWRGRHOORSDUHFtDFRKHUHQWHFXOPLQDUGH IRUPD DGHFXDGD FRQ OD HIHPpULGH SXEOLFDQGR ODVSRQHQFLDVTXHIXHURQSUHVHQWDGDVGHQWURGHO PDUFRGHODV-RUQDGDVGH+LVWRULD)HUURYLDULD &RQ HOOR VH SUHWHQGH VHJXLU FRQWULEX\HQGR DO HVWXGLR GH OD KLVWRULD IHUURYLDULD HQ WRGDV VXV DFHSFLRQHV \ YHUWLHQWHV SRVLEOHV \ GHMDU FRQV WDQFLDGRFXPHQWDOGHORTXHHQGLFKDVMRUQDGDV VHH[SXVR /DFRGLUHFFLyQDFDGpPLFDGHODV-RUQDGDVGH +LVWRULD)HUURYLDULDFRUULyDFDUJRGHOSURIHVRU 0LJXHO 3DQDGHUR 0R\D GLUHFWRU GHO 'HSDUWD PHQWRGH*HRJUDItDGHOD8QLYHUVLGDGGH&DVWL OOD/D0DQFKDHQ$OEDFHWH\DODVD]yQ'HFD QRGHOD)DFXOWDGGH+XPDQLGDGHVGHO&DPSXV 8QLYHUVLWDULRGH$OEDFHWH\GH)UDQFLVFR3ROR 0XULHO-HIHGHO3URJUDPDGH+LVWRULD)HUURYLD ULDGHOD)XQGDFLyQGHORV)HUURFDUULOHV(VSDxR OHV \ SURIHVRU DVRFLDGR GH KLVWRULD HFRQyPLFD HQOD8QLYHUVLGDG$XWyQRPDGH0DGULG$FWXy FRPR6HFUHWDULDGHOD-RUQDGDVODSURIHVRUDWL WXODUGHOD8QLYHUVLGDGGH&DVWLOOD/D0DQFKD &DUPHQ*DUFtD0DUWtQH] /DV SRQHQFLDV SUHVHQWDGDV HQ ODV MRUQDGDV JLUDURQ SRU WDQWR HQ WRUQR D HVWD LQIUDHVWUXF WXUDGHWUDQVSRUWH\DVXVHIHFWRVVREUHODHFR QRPtDHOWHUULWRULRHOSDWULPRQLRLQGXVWULDO\OD VRFLHGDGHQJHQHUDO$FRQWLQXDFLyQSDVDUHPRV DSUHVHQWDUEUHYHPHQWHFDGDXQDGHHOODV /D SULPHUD GH ODV DSRUWDFLRQHV TXH VH HQ FRQWUDUiHOOHFWRUGHHVWDFRPSLODFLyQGHSRQHQ FLDVVHHQFXHQWUDÀUPDGDSRU'RPLQJR&XpOODU 9LOODU -HIH GH 3DWULPRQLR 'RFXPHQWDO GH OD ))( \ SURIHVRU DVRFLDGR GH KLVWRULD HFRQyPL FDHQOD8QLYHUVLGDG$XWyQRPDGH0DGULG6X WUDEDMRFRQHOWtWXOR (OIHUURFDUULOHQ(VSDxD XQDYLVLyQHQHOODUJRSOD]RYLHQH DSUHVHQWDUODVJUDQGHVHWDSDVGHOIHUURFDUULOHQ (VSDxDWUD]DQGRODVSULQFLSDOHVFDUDFWHUtVWLFDV GHFDGDSHUtRGRGHVGHVXVRUtJHQHVKDVWDODHQ WUDGDHQYLJRUHQGHOD/H\GHO6HFWRU)H UURYLDULR&XpOODU9LOODUDQDOL]DODVSULQFLSDOHV DSRUWDFLRQHV GH FDGD IDVH D OD PRGHUQL]DFLyQ HFRQyPLFD GH (VSDxD \ H[SRQH ODV GLIHUHQWHV LQWHUSUHWDFLRQHV UHDOL]DGDV GHVGH OD KLVWRULD HFRQyPLFD /D XELFDFLyQ GH HVWH DUWtFXOR DO FRPLHQ]RGHODREUDSHUPLWLUiTXHORVOHFWRUHV FXHQWHQFRQXQFRPSOHWRGLVFXUVRVREUHODWUD \HFWRULDHQFODYHKLVWyULFRHFRQyPLFDGHHVWH PHGLRGHWUDQVSRUWHHQ(VSDxD\VHUYLUiFRPR HOPDUFRLGyQHRSDUDFRQWH[WXDOL]DUDOUHVWRGH ORVDUWtFXORVTXHOHVXFHGHQ 7HOHVIRUR+HUQiQGH]6HPSHUHSURIHVRUWLWX ODUHQOD8QLYHUVLGDGGH9DOHQFLDHVHODXWRUGHO VLJXLHQWH DUWtFXOR TXH OOHYD SRU WtWXOR /RV UD PDOHVGHSURORQJDFLyQGHOFRUUHGRUIHUURYLDULR GH &DVWLOOD/D 0DQFKD DO 0HGLWHUUiQHR HQWUH \ULYDOLGDGHPSUHVDULDO\ULYDOLGDG ).42/$5##)¼. FRPHUFLDO (Q VX WUDEDMR +HUQiQGH] 6HPSHUH WUDWD GH GLOXFLGDU ORV SUHFHGHQWHV GHO FRUUHGRU IHUURYLDULRTXHUHFRUUHUtDHOWHUULWRULRGHODDF WXDO&DVWLOOD/D0DQFKDKDVWDGHVHPERFDUHQHO 0HGLWHUUiQHR\ORKDFHDWUDYpVGHORVSODQWHD PLHQWRVTXHKLFLHUDQORVGLVWLQWRVJDELQHWHVPL QLVWHULDOHVWDQWRHQODHWDSDSUHIHUURYLDULDFRPR HQODTXHVHDEULyDSDUWLUGHODLPSODQWDFLyQGH HVWH QXHYR PHGLR GH WUDQVSRUWH VREUH HO VXHOR SHQLQVXODU (O DXWRU HVWXGLD ORV LWLQHUDULRV SR VLEOHV\VXVFRQH[LRQHVGHQWURGHORVSUR\HFWRV GH/H\HV*HQHUDOHVGH)HUURFDUULOHV,JXDOPHQ WH DQDOL]D OD ULYDOLGDG HPSUHVDULDO HQWUH -RVp 6DODPDQFD SURPRWRU GH OD OtQHD IHUURYLDULD GHVGH 0DGULG DO 0HGLWHUUiQHR \ -RVp &DPSR SURPRWRUGHO)HUURFDUULO$OPDQVD9DOHQFLD\ 7DUUDJRQD\ODFRPHUFLDOHQWUHHOWUiÀFRSRU WXDULR\HOIHUURYLDULR (OWHUFHUDUWtFXORDFDUJRGH&DUPHQ*DUFtD 0DUWtQH] SURIHVRUD WLWXODU GH *HRJUDItD HQ OD 8&/0OOHYDSRUWtWXOR )HUURFDUULO\WUDQVIRU PDFLRQHVVRFLRHFRQyPLFDVHQ$OEDFHWH*DUFtD 0DUWtQH] QRV SUHVHQWD ODV FODYHV SDUD HO HVWX GLRGHOFDPELRVRFLRHFRQyPLFRDFDHFLGRHQOD FLXGDGGH$OEDFHWHHQHOODUJRSOD]RGHVGHTXH HOIHUURFDUULOFRPHQ]DUDDRIHUWDUVXVVHUYLFLRV GHWUDQVSRUWH\KDVWDFRPLHQ]RVGHOVLJOR;;, %DVDVXDUJXPHQWDFLyQHQODHYROXFLyQ\HODQi OLVLV GHPRJUiÀFR XUEDQtVWLFR \ HFRQyPLFR HQ WUHV JUDQGHV HWDSDV GHVGH PHGLDGRV GHO VLJOR ;,;KDVWDFRPLHQ]RVGHOVLJOR;;GHVGH KDVWD ÀQDOHV GH OD GpFDGD GH \ GHVGH OD GpFDGD GH KDVWD QXHVWURV GtDV &RQ HVWD HVWUXFWXUDFLyQ *DUFtD 0DUWtQH] QRV SUHVHQWD WRGRXQSURFHVRGHWUDQVIRUPDFLyQHQODTXHHO IHUURFDUULO QR KD GHMDGR GH VHU WHVWLJR \ DFWRU GHOPLVPR &RQWLQXDQGR FRQ HO FDVR DOEDFHWHxR /XLV 6DQWRV \ *DQJHV SURIHVRU GHO ,QVWLWXWR 8QL YHUVLWDULR GH 8UEDQtVWLFD GH OD 8QLYHUVLGDG GH 9DOODGROLG ÀUPD HO VLJXLHQWH DUWtFXOR TXH OOH YDSRUWtWXOR )HUURFDUULO\HVWUXFWXUDXUEDQD DUJXPHQWRV \ WUDVIRQGR GHO GHVYtR GH OD OtQHD IpUUHD HQ $OEDFHWH XQ DVXQWR GH FHQWUDOLGDG XUEDQtVWLFD6DQWRV\*DQJHVUHDOL]DXQDQiOLVLV VREUHHOFUHFLPLHQWRGHODWUDPDXUEDQDGH$O EDFHWH\ORKDFHDSDUWLUGHVXUHODFLyQFRQODV LQVWDODFLRQHV IHUURYLDULDV (O DXWRU H[SRQH VXV DUJXPHQWRVVREUHORVPRWLYRVTXHHPSXMDURQDO WUDVODGRDPHGLDGRVGHODGpFDGDGHGHO UHFLQWR IHUURYLDULR GH$OEDFHWH KDVWD VX DFWXDO HPSOD]DPLHQWR 6HJ~Q 6DQWRV \ *DQJHV HVWH SURFHVRGHH[SXOVLyQUHVSRQGLyDXQDFXHVWLyQ GH QXHYD FHQWUDOLGDG XUEDQD HV GHFLU SRU HO HPSXMHGHOKiELWDWEXUJXpVGHFLPRQyQLFR\GHO FHQWURFRPHUFLDO\GHQHJRFLRV /DUHODFLyQGHOIHUURFDUULOFRQRWURVPRGRV GH WUDQVSRUWH WHUUHVWUH WDPELpQ IXH RWUR GH ORV WHPDV TXH HVWXYLHURQ SUHVHQWHV HQ ODV -RUQD GDV 'H VX H[SRVLFLyQ VH HQFDUJy )UDQFLVFR )HUQiQGH]6DQWDPDUtD*HyJUDIR\SURIHVRUGH OD 8&/0 \ VX FRQWHQLGR OR SRGHPRV HQFRQ WUDUHQHOVLJXLHQWHDUWtFXORTXHOOHYDSRUWtWXOR 7UDQVSRUWHS~EOLFRGHYLDMHURV\DFFHVLELOLGDG WHUULWRULDOHQODSURYLQFLDGH$OEDFHWH)HUQiQ GH] 6DQWDPDUtD UHÁH[LRQD HQ HVWH WH[WR VREUH HO FRQFHSWR GH DFFHVLELOLGDG HQ HO WUDQVSRUWH S~EOLFRGHYLDMHURVHQODSURYLQFLDGH$OEDFHWH \QRVSUHVHQWDORVUHVXOWDGRVGHVXWHVLVGRFWR UDO FHQWUDGD HQ HO PRGR GH WUDQVSRUWH SRU FD UUHWHUDSRUVHUODLQIUDHVWUXFWXUDTXHKDWHQLGR XQD PD\RU SHQHWUDFLyQ WHUULWRULDO GHQWUR GH OD SURYLQFLDDOEDFHWHxD6XVUHIHUHQFLDVDOHVFDVR QLYHOGHLQWHUPRGDOLGDGHQWUHHOWUDQVSRUWHS~ EOLFRSRUFDUUHWHUD\SRUIHUURFDUULOQRVSHUPLWH UHÁH[LRQDUDFHUFDGHXQDGHODVJUDQGHVDVLJQD WXUDVSHQGLHQWHVTXHWLHQHHOWUDQVSRUWHS~EOLFR HQHVWDSURYLQFLD\TXHHVSHUIHFWDPHQWHH[WUD SRODEOHDRWURVFDVRVHQHOUHVWRGH(VSDxD /DV -RUQDGDV WDPELpQ WXYLHURQ HQ FXHQWD D ODV QXHYDV LQIUDHVWUXFWXUDV IHUURYLDULDV TXH VH KDQYHQLGRLQFRUSRUDQGRGHQWURGHORVOtPLWHV GHODUHJLyQFDVWHOODQRPDQFKHJD(VWD&RPX QLGDG $XWyQRPD KD VLGR SRU VX ORFDOL]DFLyQ WHUULWRULDOXQDGHODVUHJLRQHVTXHVHKDQYLVWR PiVEHQHÀFLDGDVSRUODFRQVWUXFFLyQGHODQXH YDUHGGHDOWDYHORFLGDG)UDQFLVFR-DYLHU5R GUtJXH]/i]DURSURIHVRUDVRFLDGRGHOD(VFXHOD 7pFQLFD 6XSHULRU GH ,QJHQLHURV GH &DPLQRV &DQDOHV\3XHUWRVGHOD8&/0HQ&LXGDG5HDO HVHODXWRUGHODUWtFXORWLWXODGR /DVQXHYDVLQ IUDHVWUXFWXUDVIHUURYLDULDVHQ&DVWLOOD/D0DQ !»/3$%&%22/#!22),%.!,"!#%4% FKD\VXLQFLGHQFLDVREUHHOWHUULWRULR\ODPR YLOLGDG5RGUtJXH]/i]DURDQDOL]DHQVXWUDEDMR ORVHIHFWRVXUEDQtVWLFRVWHUULWRULDOHV\ODVSDX WDVGHPRYLOLGDGHQODVFLXGDGHVGH&LXGDG5HDO \3XHUWROODQRTXHVRQODVGRVH[SHULHQFLDVTXH SHUPLWHQWUDQVFXUULGR\DXQSHUtRGRGHWLHPSR VXÀFLHQWHGHVGHVXHQWUDGDHQIXQFLRQDPLHQWR HVWXGLDU ODV FRQVHFXHQFLDV GH OD LPSODQWDFLyQ GH OD OtQHD IHUURYLDULD GH DOWD YHORFLGDG HQWUH 0DGULG\6HYLOODLQDXJXUDGDHQHODxR /RVWUHV~OWLPRVDUWtFXORVGHODREUDVHFHQ WUDQ\DHQDVSHFWRVYLQFXODGRVFRQHOSDWULPR QLRPDWHULDO\FXOWXUDO$UTXLWHFWXUDIHUURYLDULD DQWLJXDVLQIUDHVWUXFWXUDVKR\\DUHFRQYHUWLGDV RHQSURFHVRGHWUDQVIRUPDFLyQFRPR9tDV9HU GHV\HORÀFLRFXFKLOOHUR\VXUHODFLyQFRQHO IHUURFDUULOIXHURQWDPELpQPDWHULDGHHVWXGLR\ GHGLYXOJDFLyQGHQWURGHODV-RUQDGDVGH+LVWR ULD)HUURYLDULD 0LJXHO -LPpQH] 9HJD \ )UDQFLVFR 3ROR 0X ULHO GHO 3URJUDPD GH +LVWRULD )HUURYLDULD GH OD )XQGDFLyQ GH ORV )HUURFDUULOHV (VSDxROHV VRQ ORVDXWRUHVGHODUWtFXORWLWXODGR 5HGHVFXEULHQGR HVSDFLRV XQD PLUDGD DO SDWULPRQLR IHUURYLDULR GH OD SURYLQFLD GH$OEDFHWH (O WH[WR HODERUDGR DSDUWLUGHODUHDOL]DFLyQGHXQWUDEDMRGHFDPSR SUHYLRQRVSHUPLWHFRQWDUFRQXQDDSUR[LPDFLyQ EDVWDQWHFODUDVREUHHOHVWDGRDFWXDOGHOSDWULPR QLR DUTXLWHFWyQLFR IHUURYLDULR HQ OD SURYLQFLD GH $OEDFHWH (O DQiOLVLV TXH UHDOL]DQ ORV DXWRUHV VH HQFXHQWUDSOHQDPHQWHFRQWH[WXDOL]DGRGHQWURGHO SURFHVRGHHYROXFLyQKLVWyULFDGHOPHGLRIHUURYLD ULRHQHVWDSURYLQFLDSUHPLVDLQGLVSHQVDEOHSDUD HOFRQRFLPLHQWR\ODSXHVWDHQYDORUGHOPLVPR &DUPHQ$\FDUW /XHQJR 'LUHFWRUD GHO 3UR JUDPD9tDV9HUGHVGHOD))(ÀUPDHOVLJXLHQWH DUWtFXORVREUHHO3URJUDPDGH9tDV9HUGHV/D DXWRUDUHDOL]DXQ EDODQFHVREUH OD HYROXFLyQD QLYHOQDFLRQDOGHXQSURJUDPDGHLQWHUYHQFLR QHVTXHKDSHUPLWLGRTXHHQWUHORVDxRV\ VHKD\DQUHFRQYHUWLGRFRPR9tDV9HUGHV FHUFDGHPLOTXLQLHQWRVNLOyPHWURVGHDQWLJXDV OtQHDVIHUURYLDULDVHQGHVXVRGHQWURGHORVFXD OHV FDVL XQ FHQWHQDU GH GLFKRV NLOyPHWURV VH HQFXHQWUDQGHQWURGHORVOtPLWHVWHUULWRULDOHVGH &DVWLOOD/D0DQFKD 3RU~OWLPR0DULDQDGH3DVFXDO\/XLV0L JXHO 0DUWtQH] *yPH] GHO 0XVHR 0XQLFLSDO GHOD&XFKLOOHUtDGH$OEDFHWHVRQORVDXWRUHV GHODUWtFXORWLWXODGR (O)HUURFDUULO\OD&XFKL OOHUtDHQ$OEDFHWH(OWH[WRDERUGDHOSDSHOOOH YDGR D FDER SRU HO IHUURFDUULO FRPR YHKtFXOR SDUDODHQWUDGDGHPDWHULDVSULPDV\VXPLQLV WURVSDUDHVWDFDUDFWHUtVWLFDLQGXVWULDORFDODVt FRPRDJHQWHEiVLFRHQHOSURFHVRGHFRPHUFLD OL]DFLyQ GH VXV SURGXFWRV (O WUDEDMR H[SORUD DFHUFD GHO SHUÀO SURIHVLRQDO GHO QDYDMHUR GH FLQWRRÀFLRHPEOHPiWLFRGHODFLXGDGGH$O EDFHWH\VREUHWRGRGHOHQWRUQRGHVXHVWDFLyQ IHUURYLDULD )LQDOPHQWHVyORQRVTXHGDLQYLWDUDOOHFWRU D TXH VH DFHUTXH D WRGDV \ FDGD XQD GH HVWDV SRQHQFLDVTXHHQFRQWUDUiDFRQWLQXDFLyQ7RGDV HOODV VRQ IUXWR GHO HVIXHU]R TXH KDQ UHDOL]DGR VXVDXWRUHVSRUSUHVHQWDUQRVFXHVWLRQHVGHOSD VDGRSHURWDPELpQGHOSUHVHQWHHQODVTXHHOIH UURFDUULOQRKDGHMDGRQXQFDGHVHUVXSULQFLSDO SURWDJRQLVWD %,&%22/#!22),%.%30!»!3)',/38)8 9885.!6)3)¼.%.%,,!2'/0,!:/ 'RPLQJR&XpOODU9LOODU )XQGDFLyQGHORV)HUURFDUULOHV(VSDxROHV\ 8QLYHUVLGDG$XWyQRPDGH0DGULG ).42/$5##)¼. 0X\ SURQWR ORV HVWXGLRV VREUH KLVWRULD GH OD 5HYROXFLyQ ,QGXVWULDO FRQVLJQDURQ OD UHOH YDQFLD TXH WHQtD HO IHUURFDUULO HQ ORV FDPELRV \WUDQVIRUPDFLRQHVHPDQDGRVGHHVWHSURFHVR (VWD LPSRUWDQFLD KL]R TXH HQ WRGRV ORV SDtVHV LQGXVWULDOL]DGRVODLQYHVWLJDFLyQVREUHIHUURFD UULO WXYLHUD HO PLVPR LQWHUpV TXH HO HVWXGLR GH ORVOODPDGRVVHFWRUHVOtGHUHVFRPRODVLGHUXU JLDRHOWH[WLO/DWUDVFHQGHQFLDGHORVFDPELRV H LQQRYDFLRQHV UHDOL]DGDV GHVGH OD OOHJDGD GHO IHUURFDUULO KDQ VLGR UHODWDGDV \ DQDOL]DGDV SRU HVSHFLDOLVWDVTXHKDQWHQLGRHOGHELGRUHFRQRFL PLHQWR\IRUPDQSDUWHKR\HQGtDGHODKLVWRULR JUDItDPiVUHOHYDQWHGHFDGDSDtVHQOD+LVWRULD &RQWHPSRUiQHD6L&KDQGOHU)RJHO*RXUYLVK &DPHURQ&DURQ)HQRDOWHD\XQODUJRHWFpWHUD IRUPDQODEULOODQWHQyPLQDGHKLVWRULDGRUHVTXH KDQ LQYHVWLJDGR VREUH HO IHUURFDUULO HQ (XURSD \ (VWDGRV 8QLGRV HQ (VSDxD OD OLVWD GH QXHV WURVPiVUHOHYDQWHVLQYHVWLJDGRUHVWDPELpQHVWi FRQVWLWXLGDSRUXQHOHQFRGHPDHVWURVTXHKDQ GHVDUUROODGR DFHUWDGDPHQWH HO GHVSOLHJXH GHO IHUURFDUULOHQ(VSDxD7RUWHOOD1DGDO)RQWDQD $UWROD$QHV7HGGH&DSHO&DVDUHV0DWHRGHO 3HUDOR3DVFXDOFRQVWLWX\HQORVSULPHURVQRP EUHVGHXQDODUJDUHODFLyQGHHVWXGLRVRVTXHKDQ GHVPHQX]DGRHVWHWHPD\DORVTXHUHFXUULUpFRQ IUHFXHQFLDDORODUJRGHOWH[WR(QWpUPLQRVFXD OLWDWLYRV\FXDQWLWDWLYRVSRFRVWHPDVVXSHUDQDO IHUURFDUULO HQ QLYHO GH DWHQFLyQ \D VHD FRPR FXHVWLyQGHLQYHVWLJDFLyQSULQFLSDORFRPRUH IHUHQWHLQHYLWDEOHHQXQDQiOLVLVPiVJOREDO /RVHQIRTXHVKDQHVWDGRPiVRULHQWDGRVDO DQiOLVLV GH OD KLVWRULD HFRQyPLFD OD KLVWRULD (VWHWUDEDMRVHKDUHDOL]DGRHQHOVHQRGHO3URJUDPDGH+LVWRULD)HUURYLDULDGHOD'LUHFFLyQGH'RFXPHQWDFLyQ\$UFKLYR+LVWyULFR )HUURYLDULRGHOD)XQGDFLyQGHORV)HUURFDUULOHV(VSDxROHV0LVFRPSDxHURVGHO$UFKLYR+LVWyULFR)HUURYLDULR\GHOD%LEOLRWHFD)H UURYLDULD$QD&DEDQHV-RDTXtQ*DUFtD5D~O*RQ]iOH]5DTXHO/HWyQ9LFWRULD(5RSHUR\5DTXHO=DEDODKDQIDFLOLWDGRODODERUGH GRFXPHQWDFLyQ\E~VTXHGDGHLQIRUPDFLyQ(QHO3URJUDPDGH+LVWRULD)HUURYLDULD0LJXHO0XxR])UDQFLVFR3ROR\0LJXHO-LPpQH] KDQDSRUWDGRVXJHUHQWHVFRPHQWDULRVGHVGHVXOHFWXUDFUtWLFD$JUDGH]FRWDPELpQD5DIDHO%DUTXtQ*LO)UDQFLVFR&D\yQ*DUFtD7RPiV 0DUWtQH]9DUD\$QGUpV6iQFKH]3LFyQODVRSRUWXQDVFRQVLGHUDFLRQHV\DFHUWDGDVFRUUHFFLRQHVTXHKDQFRQWULEXLGRDPHMRUDUVXVWDQ FLDOPHQWHODYHUVLyQÀQDOGHHVWHWH[WR(YLGHQWHPHQWHORVDVSHFWRVLQVDWLVIDFWRULRVGHOWUDEDMRFRUUHVSRQGHQDODUHVSRQVDELOLGDGGHO DXWRU !»/3$%&%22/#!22),%.!,"!#%4% HPSUHVDULDO\ODLQQRYDFLyQWHFQROyJLFDVLQRO YLGDU ORV DFHUFDPLHQWRV D OD KLVWRULD VRFLDO HO DQiOLVLVWHUULWRULDOODVUHODFLRQHVSROtWLFDV\ORV DVSHFWRVFXOWXUDOHV/DSURIXQGLGDGGHOXQLYHU VRIHUURYLDULRKDFHTXHORVSXQWRVGHDQiOLVLV\ HVWXGLRVHDQP~OWLSOHV\HVWpQKR\HQGtDOHMRV GH VX DJRWDPLHQWR7RGR OR FRQWUDULR OD ODERU LQYHVWLJDGRUD LQLFLDGD HQ (VSDxD HQ ORV DxRV ÀQDOHVGHODGpFDGDGHTXHWXYRVXFRQWL QXLGDGHQODVGpFDGDVVLJXLHQWHVUHVXUJHHQOD DFWXDOLGDGFRQQXHYRVWHPDV\HQIRTXHVVLHQGR PX\GLItFLOSUHVHQWDUXQHVWDGRFRPSOHWRGHOD FXHVWLyQ HQ XQ HVSDFLR WDQ OLPLWDGR FRPR GHO TXHVHGLVSRQHSDUDHVWHWUDEDMR (OFDVRHVSDxROFRPRYHUHPRVHQHOWH[WR TXH VLJXH SUHVHQWD FRLQFLGHQFLDV \ GLYHUJHQ FLDV FRQ RWURV FDVRV QDFLRQDOHV \ FRQ HO FRQ MXQWR GH (XURSD TXH H[SOLFDQ OD LQWHQVD SUR GXFFLyQ LQYHVWLJDGRUD 1XHVWUR SDtV VH VXPy WDUGHDODH[SDQVLyQGHOIHUURFDUULOVREUHWRGR SRU HO UHWUDVR DFXPXODGR HQ HO FRQMXQWR GH OD HFRQRPtDHVSDxRODGHOSHULRGR\QRVyORSRUOD FLUFXQVWDQFLDGHTXHIRUPDOPHQWHOOHJDUDXQRV DxRVPiVWDUGHTXHRWURVSDtVHVHXURSHRV'L IHUHQWHV FLUFXQVWDQFLDV LQVWLWXFLRQDOHV HFRQy PLFDV\QDWXUDOHVKLFLHURQTXHHOGHVDUUROORGH QXHVWUDUHGHVWXYLHUDVXSHGLWDGRDODLQYHUVLyQ GHFDSLWDOHVH[WUDQMHURV\DODX[LOLRGHO(VWDGR /DV H[SHFWDWLYDV GHO QHJRFLR IHUURYLDULR IXH URQ VLPLODUHV D RWURV FDVRV DXQTXH SURQWR VH YLRTXHHOHVFDVRGHVDUUROORHFRQyPLFRODEDMD GHQVLGDG GHPRJUiÀFD \ HO OLPLWDGR GHVDUUROOR GHODUHGLPSHGLUtDQODH[SORWDFLyQH[LWRVDGHO IHUURFDUULO$HVWHSHULRGRSULYDGRGHOIHUURFD UULOVHJXLUtDFRPRHQRWURVSDtVHVHXURSHRVXQ SHULRGRS~EOLFRDXQTXHHQQXHVWURFDVRHQPDU FDGRGHQWURGHXQDODUJDGLFWDGXUDGHFDUiFWHU WRWDOLWDULR TXH FRQFLELy HO IHUURFDUULO FRPR XQ IDFWRUSURGXFWLYRDFRQWURODUPiVTXHFRPRXQ VHUYLFLRS~EOLFRTXHIRUWDOHFHU(OÀQDOGHOVL JOR ;; FRQ OD GHPRFUDFLD UHFXSHUDGD PXHV WUDIDVHVGHPD\RUFRLQFLGHQFLDFRQHOUHVWRGH (XURSDHQHOTXHHO(VWDGRVHPDQWLHQHFRPR JHVWRU\WLWXODUGHODLQIUDHVWUXFWXUDIHUURYLDULD \HOPHUFDGRGHRSHUDGRUHVIHUURYLDULRVVHOLEH UDOL]DGHQWURGHXQRVPtQLPRVHQORVTXHHVWp JDUDQWL]DGRHOVHUYLFLRS~EOLFR /D HODERUDFLyQ GH HVWH WH[WR VXUJH GH VHQ GDV FRQIHUHQFLDV LPSDUWLGDV FRQ PRWLYR GH OD FHOHEUDFLyQGHXQDVMRUQDGDVGHKLVWRULDIHUUR YLDULDRUJDQL]DGDVSRUOD)XQGDFLyQGHORV)H UURFDUULOHV (VSDxROHV HQ ODV FLXGDGHV GH$OFi ]DUGH6DQ-XDQ\$OEDFHWH/DV GLÀFXOWDGHVHLQFRQYHQLHQWHVSDUDDMXVWDUDXQ HVSDFLR UD]RQDEOH HO DPSOLR EDJDMH GHO GHVD UUROORGHOIHUURFDUULOHQ(VSDxDREOLJDQDKDFHU JHQHUDOL]DFLRQHV\SODQWHDUDTXHOODVFXHVWLRQHV TXHHODXWRUFRQVLGHUDPiVUHOHYDQWHV(VSRVL EOH TXH H[LVWDQ DXVHQFLDV VLJQLÀFDWLYDV TXH HO OHFWRUHFKHGHPHQRVSHURHVSHURTXHODVSUH VHQFLDVFXEUDQGHPRGRFHUWHURHVWDVFDUHQFLDV SDUDGDUDOWH[WRXQFXHUSRVXÀFLHQWHTXHVLUYD SDUD KDFHU XQD YDORUDFLyQ FRQMXQWD GHO GHVD UUROORGHOIHUURFDUULOHQ(VSDxD6HKDVHJXLGR XQDVHFXHQFLDFURQROyJLFDUHPDUFDQGRHQFDGD SHULRGRODVFXHVWLRQHV\GHEDWHVPiVLQWHUHVDQ WHV (VWD YLVLyQ VLQFUyQLFD SHUPLWH HVWDEOHFHU ORVSHULRGRVSULQFLSDOHVGHODHYROXFLyQ\FRQ ODDSRUWDFLyQELEOLRJUiÀFD\GHIXHQWHVTXHVH KDFHHQFDGDXQRGHHOORVRIUHFHDOLQWHUHVDGR ODSRVLELOLGDGGHSURIXQGL]DUHQORVWHPDVTXH FRQVLGHUHGHVXLQWHUpV $HVWDLQWURGXFFLyQVLJXHXQDSDUWDGRVR EUHHODUUDQTXHGHOIHUURFDUULOHQ(VSDxDHQHO TXH VH GHVJUDQDQ ORV DVSHFWRV PiV UHOHYDQWHV VREUHORVFRQGLFLRQDQWHVGHODWUDVRGHOIHUURFD UULOHQ(VSDxD\ORVGHEDWHVVREUHHODQFKRGH YtD\ODUDGLDOLGDGGHODUHG(OHStJUDIHHVWi GHGLFDGRDOHVWXGLRGHORVULWPRVGHFRQVWUXF FLyQGHODUHGIHUURYLDULDHQ(VSDxD\DORVSULQ FLSDOHVDUJXPHQWRVTXHUHODFLRQDQDOIHUURFDUULO FRQODHFRQRPtDHQORTXHORVHVSHFLDOLVWDVKDQ GDGR HQ OODPDU HIHFWRV GH DUUDVWUH KDFtD DWUiV \ KDFLD GHODQWH (O HStJUDIH KDFH XQ EDODQ FHGHODWUD\HFWRULDGHODVSULQFLSDOHVHPSUHVDV IHUURYLDULDV HVSDxRODV JUDQGHV \ PHGLDQDV FDUDFWHUL]DGDVSRUODIXHUWHDSRUWDFLyQGHFDSL /RVGRVEDODQFHVKLVWRULRJUiÀFRVPiVUHFLHQWHVVRQORVGH*yPH]0HQGR]D\0XxR]5XELR\9LGDO2OLYDUHV(QEXHQD SDUWHKDQTXHGDGRVREUHSDVDGRVSRUODH[WHQVDSURGXFFLyQUHDOL]DGDGHVGHHVD~OWLPDIHFKDHVSHFLDOPHQWHDSDUWLUGHODJHQHUDGDHQ ORVFRQJUHVRVGHKLVWRULDIHUURYLDULDFHOHEUDGRVHQ$UDQMXH]*LMyQ\0iODJDYpDVHKWWSZZZGRFXWUHQFRP $/-).'/#5³,,!26),,!2 WDOH[WUDQMHUR\ODWHQGHQFLDDODFRQFHQWUDFLyQ FRPRPRGRGHRSWLPL]DFLyQGHODH[SORWDFLyQ (VWHDSDUWDGRQRVDEUHFDPLQRDOHStJUDIHHQ HOTXHVHDQDOL]DXQPRPHQWRFODYHGHODKLVWR ULD IHUURYLDULD HQ QXHVWUR SDtV TXH VH FRQRFLy FRPR´SUREOHPDIHUURYLDULRµTXHOOHYDUtDDOD SURJUHVLYDLQWHUYHQFLyQGHO(VWDGRDQWHODFULVLV VLQUHWRUQRTXHH[SHULPHQWDEDQODVFRPSDxtDV (OHVWXGLRGHODHWDSDS~EOLFDFRQVWLWX\HHOHMH FHQWUDO GHO HStJUDIH HQ HO TXH VH FRQVWDWD HO SDVR GHO SHULRGR DQWHULRU GH KHJHPRQtD HQ HO VLVWHPDGHWUDQVSRUWHVWHUUHVWUHVDXQDVLWXDFLyQ GH PDUJLQDOLGDG TXH IXH HVSHFLDOPHQWH DJXGD HQHOFDVRHVSDxRO(OHStJUDIHDEDUFDWRGRHO SHULRGRGHPRFUiWLFRGRQGHVHFRQVROLGDHOIH UURFDUULOFRPRXQVHUYLFLRS~EOLFRJDUDQWL]DGR SRUHO(VWDGR\HQHOTXHVHSURGXFHHOFDPELR GHFLFORKDVWDODFR\XQWXUDDFWXDOGHOLEHUDOL]D FLyQGHOWUDQVSRUWHIHUURYLDULRHPDQDGRGHODV GLUHFWLYDVHXURSHDVVREUHHVWDPDWHULDTXHEXV FDQXQDDFWXDFLyQFRQMXQWDHQWRGRVORVSDtVHV GHOD8QLyQ(XURSHD8QDVEUHYHVFRQFOXVLRQHV SRQHQHStORJRDHVWHWUDEDMR %,!22!.15%$%,&%22/#!22), %.%30!»!$% ,!302)-%2!3#/.#%3)/.%3 !,!,%9$% (VFRQRFLGRTXHHOSULPHUIHUURFDUULOFRQV WUXLGRHQ(VSDxDVHUHDOL]yIXHUDGHOWHUULWRULR SHQLQVXODUFRUUHVSRQGLHQGRDODSRUHQWRQFHV FRORQLDHVSDxRODGH&XEDHVDPDUFD/DFRQV WUXFFLyQGHODOtQHDGH/D+DEDQDD*LQHVHQ OD LVOD FDULEHxD UHVSRQGLy D ORV LQWHUHVHV GH ODLQGXVWULDD]XFDUHUD\VHFRPSOHWyHQ (VWHKHFKRFRQYLUWLyD&XED\SRUORWDQWRD (VSDxDHQHOVpSWLPRSDtVGHOPXQGR\HOSUL PHUR GH /DWLQRDPpULFD HQ FRQWDU FRQ XQ IH UURFDUULO /DVSULPHUDVLQLFLDWLYDVSDUDODFRQVWUXFFLyQ GHXQIHUURFDUULOHQ(VSDxDVXUJHQDÀQDOHVGH ODGpFDGDGH\VHKDFHQHFRGHORVSULPH URVp[LWRVGHOIHUURFDUULOHQODV,VODV%ULWiQLFDV\ RWURVSXQWRVGH(XURSDFX\RSULPHUIHUURFDUULO DELHUWRDOVHUYLFLRS~EOLFRGDWDGHHQWUH /LYHUSRRO \ 0DQFKHVWHU (Q (VSDxD HO GH PDU]RGH0DUFHOLQR&DOHUR3RUWRFDUUHUR REWLHQHODSULPHUDFRQFHVLyQSDUDFRQVWUXLUXQ IHUURFDUULO GHVGH -HUH] GH OD )URQWHUD KDVWD HO 3XHUWR GH 6DQWD 0DUtD &HGLGD DxRV GHVSXpV WDPSRFRWHQGUtDp[LWR\FDGXFDUtDHQ7DP ELpQGHHVWHSHULRGRHVHOLQWHQWRGH)UDQFLVFR )DULRGHFRQVWUXLUXQIHUURFDUULOGH7DUUDJRQDD 5HXV<DHQODGpFDGDGHQXHYDVLQLFLDWL YDVOOHYDUtDQDORVGHVSDFKRVRÀFLDOHVHOLQWHUpV TXH KDEtD HQ OD FRQVWUXFFLyQ GH IHUURFDUULOHV 'HODVFRQFHVLRQHVUHDOL]DGDVHQHVHPRPHQWR EXHQDSDUWHGHHOODVFDGXFDUtDQREWHQLHQGRHO p[LWRGHFRQVWUXFFLyQVyORXQDVSRFDV ¢4XpPRWLYRVH[LVWHQSDUDHVWHIUDFDVRLQL FLDO" 7UDGLFLRQDOPHQWH VH KD DUJLGR HO SHVR TXHODVWUDEDVLQVWLWXFLRQDOHVLPSXVLHURQDOGH VDUUROOR GHO IHUURFDUULO HQ (VSDxD 7RUWHOOD UH FRUGDEDTXHORVSULPHURVJRELHUQRVLVDEHOLQRV HMHUFLHURQGHIUHQRFRQXQDQRUPDWLYDTXHSR VLELOLWDEDXQUiSLGRDFFHVRDODFRQFHVLyQSHUR QRREOLJDEDGHPRGRH[SOtFLWRDODSXHVWDHQH[ SORWDFLyQHQXQSHULRGRUD]RQDEOH(VWRSURYR FDUtDTXHVHRWRUJDUDQPXFKDVFRQFHVLRQHVFRQ HVFDVDJDUDQWtDGHUHDOL]DFLyQ7DPELpQKHPRV GHYDORUDUFRPRQHJDWLYRSDUDHOGHVDUUROORGH HVWDV LQLFLDWLYDV HO HSLVRGLR EpOLFR TXH VXSXVR OD 3ULPHUD *XHUUD &DUOLVWD LQLFLDGD HQ WUDVODPXHUWHGH)HUQDQGR9,,\FRQFOXLGDHQ TXH DFDUUHDUtD XQ FOLPD GH LQVHJXULGDG TXHQRSURSLFLDEDULHVJRVHPSUHVDULDOHVGHHVWH FDOLEUH3RU~OWLPRHOUHSHWLGRDUJXPHQWRGHO 6DQWDPDUtD*DUFtDS3DUDHOHVWXGLRGHORVIHUURFDUULOHVLEHURDPHULFDQRVYpDVH6DQ])HUQiQGH]&RRUG (QWUH\VHFRQFHGLHURQNLOyPHWURVGLVWULEXLGRVHQFRQFHVLRQHVGHORVTXHVyORVHFRQVWUX\HURQNLOyPHWURV TXHFRUUHVSRQGtDQDFRQFHVLRQHV$SHQDVHOSRUFLHQWRGHODVFRQFHVLRQHVRULJLQDOHV9pDVH0HPRULDGH2EUDV3~EOLFDVGH SS$SpQGLFHQ 7RUWHOODS (VWHDUJXPHQWRHVUHFRJLGRSRUOD0HPRULDGH2EUDV3~EOLFDVGHSDUDMXVWLÀFDUHOKHFKRGHTXHQRVHKXELHUDOOHYDGRDFDER QLQJ~QIHUURFDUULOHQHVWHSHULRGR !»/3$%&%22/#!22),%.!,"!#%4% HVFDVRGHVDUUROORHFRQyPLFRHVSDxROFRQIDOWD GHFDSLWDOHVHPSUHQGHGRUHV\UHGXFLGRPHUFD GRLQWHULRUVHUtDGHWHUPLQDQWHHQHOIUDFDVRGH HVWDVWHQWDWLYDV 6HD FRPR IXHUH DQWH OD IDOWD GH LQLFLDWLYDV FRQVLVWHQWHV HO *RELHUQR HQFDUJy D XQD FRPL VLyQ GH LQJHQLHURV XQ HVWXGLR TXH SURSXVLHUD HO VLVWHPD IHUURYLDULR PiV DSURSLDGR SDUD GH VDUUROODUHQ(VSDxD(VWDFRPLVLyQHQFDEH]DGD SRU-XDQ6XEHUFDVHHPLWLyVXH[WHQVRLQIRUPH HQHORWRxRGHFRQHOTXHVHSXVLHURQODV EDVHV GHO IXWXUR GHO IHUURFDUULO HQ (VSDxD 'H DTXtSDUWLUtDQEXHQDSDUWHGHODVGHFLVLRQHVTXH HQPDWHULDIHUURYLDULDVHWRPDUtDQHQDGHODQWH FRPRHOSODQHDPLHQWRGHODUHGQDFLRQDOHOVLV WHPDGHFRQFHVLRQHV\H[SORWDFLyQGHODVOtQHDV DELHUWDV DO WUiÀFR OD FUHDFLyQ GH XQ DQFKR GH YtDXQLIRUPHSDUDWRGRHOSDtV\RWUDVFXHVWLRQHV GHLQWHUpV /RV SULPHURV IHUURFDUULOHV HQ OD 3HQtQVXOD VHOOHYDUtDQDFDERHQORVDxRVVLJXLHQWHVDXQ TXHVXUHDOL]DFLyQIXHPX\OHQWDUHJLVWUiQGRVH GHVGHIHFKDGHODDSHUWXUDGHOSULPHURGH HOORVHQWUH%DUFHORQD\0DWDUy\VyOROD FRQVWUXFFLyQ GH NLOyPHWURV GH IHUURFDUULO FRQ XQD PHGLD GH NLOyPHWURV DO DxR &LIUD WRWDOPHQWHLQVXÀFLHQWHPX\DOHMDGDGHORVNLOy PHWURVFRQVWUXLGRVHQRWURVSDtVHVHXURSHRVHQ HVHSHULRGR6LQHPEDUJRDSDUWLUGHORVGDWRV UHFRJLGRVHQHO&XDGURSRGHPRVHVWDEOHFHU DOJXQDV UHÁH[LRQHV TXH PDWL]DQ HVWD SULPHUD DSUHFLDFLyQ $Vt HO IHUURFDUULO OOHJD D (VSDxD FRQXQUHWUDVRPHGLRFRQUHVSHFWRDORVSULQFL SDOHVSDtVHVHXURSHRVGHDxRVFLIUDTXH QR SDUHFH H[FHVLYD (VWH LQLFLDO UHWUDVR FRPR YHUHPRV PiV DGHODQWH HV VXSHUDGR FRQ FLHU WD UDSLGH] KDVWD OD GpFDGD GH FXDQGR OD UHGDOFDQ]DXQDPDGXUH]LQLFLDODOFRQVHJXLUOD PHWDGHORVFLQFRPLONLOyPHWURVH[WHQVLyQTXH ORJUD HQ XQ SOD]R GH DxRV 6yOR$OHPDQLD FRQVWUXLUiHQODGpFDGDGHFRQPiVUDSL GH]VXUHG(VWHSURFHVRGHQRUPDOL]DFLyQVHYH IUXVWUDGRFRQODFULVLVGH\(VSDxDGHEHUi HVSHUDU DO ÀQDO GH VLJOR SDUD DOFDQ]DU OD PHWD GHORVGLH]PLONLOyPHWURVDOJRTXHVyORIXHOR JUDGRSRUVLHWHSDtVHVHXURSHRVHQHOVLJOR;,; 1XHVWUD FDSDFLGDG DKt Vt IXH PDQLÀHVWDPHQWH LQIHULRU QHFHVLWDQGR FDVL PHGLR VLJOR SDUD OR JUDUOR6yOR,WDOLDHVFRPSDUDEOHDQXHVWURFDVR DXQTXH HQ HO VLJOR VLJXLHQWH HO SDtV WUDVDOSLQR DOFDQ]DUiORVYHLQWHPLONLOyPHWURVGHUHGFLIUD TXHQXHVWURSDtVQRORJUDUiQXQFD 5RQGR&DPHURQIXHHOSULPHURHQDQDOL]DU ORVPRWLYRVGHHVWDVDQRPDOtDVHQODFRQVWUXF FLyQGHIHUURFDUULOHVHQ(VSDxD6HJ~QHVWHDX #UADRO%LARRANQUEYDESARROLLODELAREDFERROVIARIAEUROPEA 3ULPHU )& *UDQ%UHWDxD )UDQFLD $OHPDQLD $XVWULD+XQJUtD 5XVLD ,WDOLD (VSDxD 3ULPHURV +DVWD +DVWD $xRVSDUD $xRVSDUD NP NP NP NP NP )XHQWH0LWFKHOO (VWHGRFXPHQWRFRQRFLGRFRPR,QIRUPH6XEHUFDVHIXHUHDOL]DGRSRUHOSURSLR-XDQ6XEHUFDVHVXKLMR-RVp\HOLQJHQLHUR&DOL[WR 6DQWD&UX]*DFHWDGH0DGULGGHHQHURGH9pDVHZZZGRFXWUHQFRP $/-).'/#5³,,!26),,!2 WRUODVFDXVDVIXQGDPHQWDOHVGHHVWDHYROXFLyQ UHVLGtDQHQODVGLÀFXOWDGHVRURJUiÀFDVHODWUD VR HFRQyPLFR GHO SDtV \ OD LQHVWDELOLGDG SROt WLFD /DV GRV SULPHUDV UD]RQHV LQFLGtDQ HQ ORV HOHYDGRVFRVWHVGHFRQVWUXFFLyQ\HQHOHVFDVR UHQGLPLHQWRGHODH[SORWDFLyQPLHQWUDVTXHOD ODUJDJXHUUDFDUOLVWD\ORVFDPELRVGHWLPyQGHO JRELHUQRSURYRFDURQTXHHOQHJRFLRVHGLVHxD UDPDOREOLJDQGRLQFOXVRDORVHPSUHVDULRVD DGPLWLU ´FRQGLFLRQHV TXH QRUPDOPHQWH QR KX ELHUDQDFHSWDGRµ/DVYDORUDFLRQHVLQLFLDOHVGH HVWHDXWRUIXHURQDPSOLDGDV\UHYLVDGDVSRU7RU WHOODTXHÀMDUtDHQVHLVORVPRWLYRVEiVLFRVSDUD FRPSUHQGHUHOGLItFLODUUDQTXHGHOIHUURFDUULOHQ (VSDxD &RPRUD]yQPiVUHOHYDQWH7RUWHOODVHxDOD HOGHVDFLHUWRHQODVSROtWLFDVGHORVGLIHUHQWHV JRELHUQRVPRGHUDGRV\SURJUHVLVWDV6HSDVy GH´XQDLQGLIHUHQFLDKRVWLOµDORVHVWtPXORVPDO HQFDPLQDGRV$VtORVJRELHUQRVPRGHUDGRVVH FDUDFWHUL]DURQ SRU XQD OHJLVODFLyQ UHVWULFWLYD PLHQWUDVORVSURJUHVLVWDVIXHURQH[FHVLYDPHQ WHSHUPLVLYRV\IRPHQWDURQODHVSHFXODFLyQ\ HO GHVFRQWURO (Q VHJXQGR OXJDU KDEUtD TXH DSXQWDU HO HVFDVR FRQRFLPLHQWR WpFQLFR GH QXHVWUR SHUVRQDO IDFXOWDWLYR \ HO EDMR Q~PH URGHLQJHQLHURVFLYLOHVGLVSRQLEOHVHQQXHVWUR SDtV HQ HO PRPHQWR GH LQLFLDUVH OD FRQVWUXF FLyQGHOIHUURFDUULOSHULRGRTXHDGHPiVFRLQ FLGtDFRQHOGHVDUUROORGHODUHGGHFDUUHWHUDV GHO(VWDGR(VWRVHMXVWLÀFDSRUHOUHWUDVRHYL GHQWH HQ OD DSHUWXUD HVWDEOH GH OD (VFXHOD GH ,QJHQLHURVGH&DPLQRVTXHVHGHPRUDUtDKDVWD ODPXHUWHGH)HUQDQGR9,,$VtHQWUH\ PRPHQWRTXHFRLQFLGHFRQODFRQVWUXF FLyQ GH ORV SULPHURV FLQFR PLO NLOyPHWURV GH UHG IHUURYLDULD \ RWURV GLH] PLO GH FDUUHWHUDV GHO (VWDGR HQ (VSDxD VH OLFHQFLDURQ HQ HVWH FROHJLRXQWRWDOGHLQJHQLHURVFDQWLGDG LQVXÀFLHQWH GDGR HO GHVWLQR HQ ODV MHIDWXUDV SURYLQFLDOHV GH PXFKRV GH HOORV DSUR[LPD GDPHQWHODPLWDGRWURVRSWDURQSRUODFDUUHUD SROtWLFDRFDUJRVGLUHFWLYRVTXHGDQGRVyORXQ UHGXFLGRQ~PHURSDUDODHPSUHVDSULYDGDHVWR HVSDUDODFRQVWUXFFLyQGHIHUURFDUULOHV(VWR MXQWRFRQODSUHVHQFLDSUHGRPLQDQWHGHFDSLWDO \ VRFLHGDGHV IRUiQHDV MXVWLÀFD OD DEXQGDQWH DSDULFLyQ GH IDFXOWDWLYRV H[WUDQMHURV VREUH WRGRIUDQFHVHVQRVyORHQODGLUHFFLyQGHODV HPSUHVDV VLQR WDPELpQ HQ OD FRQVWUXFFLyQ GH ODV OtQHDV GH IHUURFDUULO HQ (VSDxD GXUDQWH HO VLJOR;,; 8QWHUFHUDUJXPHQWRVHUtDODHVFDVH]GHFD SLWDO SULYDGR QDFLRQDO &RPR HV VDELGR D OR ODUJR GHO VLJOR ;,; HO (VWDGR VH YLR REOLJDGR DÀQDQFLDUVHHQHOH[WHULRU$VtODHPLVLyQGH 'HXGD3~EOLFDHQODVHJXQGDPLWDGGHHVHVLJOR FRQVWLWX\y XQD SDUWLGD UHDOPHQWH VLJQLÀFDWLYD SDUDFX\DDPRUWL]DFLyQHUDQQHFHVDULDVQXHYDV HPLVLRQHVTXHVXSXVLHURQHQWUHHO\HOSRU FLHQWRGHORVJDVWRVGHO(VWDGR(VWD'HXGDVH QHJRFLy VREUH WRGR HQ ORV PHUFDGRV H[WUDQMH URV PDQWHQLpQGRVH OD VLWXDFLyQ HQ XQ SULPHU PRPHQWRKDVWDODUHSDWULDFLyQGHFDSLWDOHVGH ODFULVLVGHO\ÀQDOPHQWHKDVWDODFR\XQWXUD GHFUHFLPLHQWRGHOD3ULPHUD*XHUUD0XQGLDO FXDQGRHOFDSLWDOQDFLRQDODVXPLyXQDSDUWHLP SRUWDQWH GH HVWD GHXGD \ HQWUy GHFLGLGDPHQWH HQODVJUDQGHVHPSUHVDV'HHVWDVLWXDFLyQHV SXHVOyJLFRHQWHQGHUTXHHOIHUURFDUULOSUHFLVD UDHQHVWDHWDSDLQLFLDOGHODLQYHUVLyQGHFDSL WDOHVH[WUDQMHURV (O PRWLYR GHO DWUDVR HFRQyPLFR JHQHUDO HVSDxRO HV HO FXDUWR FRQVLGHUDQGR UHVHxDGR SRU7RUWHOOD(VWDLGHD\DIXHDSXQWDGDSRUHO SURSLR 6WHSKHQVRQ TXLHQ HQ VX YLDMH H[SOR UDWRULR GH FRPLHQ]RV GH OD GpFDGD GH SUHFRQL]DED HO HVFDVR p[LWR TXH WHQGUtD OD FRQVWUXFFLyQ GH IHUURFDUULOHV HQ XQ SDtV WDQ HVFDVDPHQWH SREODGR GH QR PHGLDU JDUDQWtD HVWDWDO (V HYLGHQWH TXH HQ XQD HFRQRPtD &DPHURQSS 7RUWHOODSS 5HYLVWDGH2EUDV3~EOLFDV &RPtQ&RPtQSS\ &DPHURQS3DUDHOORFLWDODVUHIHUHQFLDVGH(&%ORXQW0HPRLUVRI6LU(GZDUG%ORXQW\5HSRUWRIWKH(QJLQHHUV WRWKH'LUHFWRUVRIWKH5R\DO1RUWKVR6SDLQ5DLOZD\ !»/3$%&%22/#!22),%.!,"!#%4% HVFDVDPHQWHGHVDUUROODGDODVOLPLWDFLRQHVGH FRQVXPR GHO PHUFDGR LQWHULRU \ HO SUHFDULR GHVDUUROORLQGXVWULDOQRWHQGUtDQXQDVXÀFLHQ WH FDSDFLGDG GH GHPDQGD GH WUDQVSRUWH SDUD HOIHUURFDUULO6LQHPEDUJRODVFDUHQFLDVGHO WUDQVSRUWH WUDGLFLRQDO FDUUHWHUR \ OD SUiFWLFD DXVHQFLD GH FDQDOHV GH QDYHJDFLyQ LQWHULRU SUHVHQWDEDQODVROXFLyQIHUURYLDULDFRPRIDF WLEOH /D TXLQWD UD]yQ HUD OD OLPLWDFLyQ LPSXHVWD SRU OD RURJUDItD GH OD 3HQtQVXOD ,EpULFD 8QD DOWLWXG PHGLD TXH VXSHUD ORV PHWURV VyOR LQIHULRUDODDOSLQD6XL]DXQDFRPSDUWLPHQWD FLyQ GHO UHOLHYH TXH FRQVWUX\H DOUHGHGRU GH OD 0HVHWDXQFRUGyQGHFDGHQDVGHGLItFLOWUiQVL WR \ XQD SHQXULD GH WLHUUDV OODQDV HQ FRQWLQXL GDGFRQVyORHOSRUFLHQWRGHOWHUULWRULRSRU GHEDMRGHORVPHWURVFXDQGRODPHGLDGH (XURSD URQGD HO SRU FLHQWR QHFHVDULDPHQ WHFRQWULEX\HURQDGLÀFXOWDUODFRQVWUXFFLyQGH ODUHGIHUURYLDULD7DQWRGHVGHHOSXQWRGHYLVWD WHFQROyJLFRFRQXQRVVLVWHPDVGHFRQVWUXFFLyQ WRGDYtD HVFDVDPHQWH GHVDUUROODGRV FRPR GHV GH HO SXQWR GH YLVWD HFRQyPLFR TXH HQFDUHFtD OD FRQVWUXFFLyQ IHUURYLDULD HQ EXHQD SDUWH GHO WHUULWRULRHOIHUURFDUULOWHQtDVHYHURVFRQGLFLR QDQWHVQDWXUDOHVSDUDVXUHDOL]DFLyQ(O*UiÀFR QRVH[SOLFLWDORDTXtDSXQWDGR (O ~OWLPR DSXQWH GH 7RUWHOOD PLQLPL]DGR SRUHOSURSLRDXWRUVHUtDODLQFLGHQFLDQHJDWLYD TXHORVFRQÁLFWRVEpOLFRVGHOD3ULPHUD*XHUUD &DUOLVWDWHQGUtDQHQODOOHJDGDGHO IHUURFDUULO OD FXDO VH UHWUDVy SRU OD RFXSDFLyQ SUHIHUHQWHTXHWHQtDQORVOLEHUDOHVSRUFRQVROL GDUVHHQHOSRGHU 7DPELpQTXHGDURQÀMDGDVHQHVWHPRPHQWR GRV FDUDFWHUtVWLFDV GH OD IXWXUD UHG IHUURYLDULD HVSDxROD TXH VHUtDQ REMHWR GH LQWHQVR GHEDWH SRVWHULRU (VWDV FXHVWLRQHV VHUtDQ HO GLVHxR GH XQDUHGGHFDUiFWHUUDGLDOTXHWHQtDFRPRSXQWR FHQWUDOODFDSLWDOGHO(VWDGR0DGULG\ODDGRS FLyQGHXQDQFKRGHYtDSURSLRSHURXQLIRUPH SDUDWRGRHOSDtVTXHGLIHUtDGHOTXHVHWHUPLQD UtDLPSRQLHQGRHQHOUHVWRGH(XURSD 6REUHHOFDUiFWHUUDGLDOGHQXHVWUDUHGIHUUR YLDULD KHPRV GH DSXQWDU GRV LQWHUSUHWDFLRQHV GLIHUHQWHV /D SULPHUD MXVWLÀFD VX UHDOL]DFLyQ FRPRODPiVOyJLFDSDUDXQSDtVGHJUDQGHVGL PHQVLRQHVPHGLRPLOOyQGHNLOyPHWURVFXDGUD GRV \ FRQ XQD IRUPD FXDGUDQJXODU TXH WHQtD HO KDQGLFDS GH OR HVFDVR GH VX SREODFLyQ \ VX GLVWULEXFLyQGLVSDUDORODUJRGHOWHUULWRULR(VWR SURYRFDUtDTXHORSULRULWDULRHQODFRQFHSFLyQGH HVWDUHGVHUtDODFRQH[LyQGH0DGULGFRQORVSR ORVHFRQyPLFRVGH&DWDOXxD9DOHQFLD$QGDOX FtDRODFRUQLVDFDQWiEULFDODV]RQDVLQWHUPHGLDV HUDQVyORHVSDFLRVGHWUiQVLWRVLQPD\RUFRQGL FLRQDQWHTXHHOPRGRGHWUD]DUORVSDVRVSRUODV GLÀFXOWDGHVRURJUiÀFDVLQWHUPHGLDV\HODFFHVR DODVFLXGDGHVPiVSUy[LPDV+RUDFLR&DSHO\D HQH[SXVRDSDUWLUGHXQHVWXGLRJHRJUiÀ FRTXHHVWHGLVHxRGHUHGHUDEDVWDQWHDFHUWDGR WHQLHQGRHQFXHQWDODVGLVWDQFLDVHQWUHODVSULQ FLSDOHV FLXGDGHV \ ORV QLYHOHV GH SREODPLHQWR H[LVWHQWHV$ SDUWLU GH HVWD UHJOD UDQJRWDPDxR QRVHFRQVLGHUDEDFRPRXQHUURUODFRQFHSFLyQ UDGLDOGHODUHGEiVLFDVLQRTXHORTXHVHSODQ WHDEDFRPRLQVXÀFLHQWHHUDODQRUHDOL]DFLyQGH ODUHGFRPSOHPHQWDULDELHQHQYtDDQFKDRHQYtD HVWUHFKDHQODVGpFDGDVVLJXLHQWHV 6LQHPEDUJRRWURVDXWRUHVKDQFXHVWLRQDGR ODFRQVWUXFFLyQUDGLDOGHOIHUURFDUULOHQ(VSDxD TXHLQWHQWyOOHYDUHOIHUURFDUULODWRGDVODVFDSL WDOHV GH SURYLQFLD FRQ XQ REMHWLYR FODUDPHQWH SROtWLFRWDO\FRPRUHFRUGDED'LHJR0DWHRGHO 3HUDOSDUDHOORFRQORVUHFXUVRVGLVSRQLEOHVOR PiVUDFLRQDOHUDPDQWHQHUHOVLVWHPDUDGLDOHQ SHUMXLFLRGHODFRQVWUXFFLyQGHOtQHDVWUDQVYHU VDOHV TXH WXYLHUDQ PiV VHQWLGR GHVGH HO SXQWR GHYLVWDHFRQyPLFR $VtDOJXQRVDXWRUHVUHFXHUGDQTXHHOHUURU HVWXYRHQFRQVWUXLUSRUGHODQWHGHODGHPDQGD UHDOTXHWHQtDODVRFLHGDGHVSDxRODHQHVHPR PHQWRKDFLHQGRGHXQDDFWLYLGDGHVHQFLDOPHQWH 6REUHODVFDUDFWHUtVWLFDVGHOVLVWHPDIHUURYLDULRHVSDxROYpDVH&RUGHUR\0HQpQGH] &DSHO 0DWHRGHO3HUDO $/-).'/#5³,,!26),,!2 'RÉlCO0ERlLLONGITUDINALDELALÓNEAFERROVIARIADE%STOCOLMOA!LGECIRAS )XHQWH)XQGDFLyQGHORV)HUURFDUULOHV(VSDxROHV(ODERUDFLyQGH0LJXHO-LPpQH]9HJD GHO3URJUDPDGH+LVWRULDGHOD)XQGDFLyQGHORV)HUURFDUULOHV(VSDxROHV HFRQyPLFDFRPRHOWUDQVSRUWHIHUURYLDULRXQD FXHVWLyQ GH (VWDGR (Q HVWH VHQWLGR 3ROODUG UHFRUGDEDTXHDTXHOORVSDtVHVTXHFRQVWUX\HURQ VXVIHUURFDUULOHVFRQXQDGHPDQGDFRQVROLGDGD FRPR*UDQ%UHWDxD)UDQFLDR$OHPDQLDREWX YLHURQEXHQRVUHVXOWDGRVHQODH[SORWDFLyQ\ODV DUFDV GHO (VWDGR QR GHELHURQ UHDOL]DU JUDQGHV GHVHPEROVRV3RUHOFRQWUDULRDTXHOORV(VWDGRV TXH GLVHxDURQ \ FRQVWUX\HURQ VX UHG IHUURYLD ULD SRU GHODQWH GH OD GHPDQGD FRPR ,WDOLD R (VSDxD VH YLHURQ REOLJDGRV D DSRUWDU JUDQGHV VXEYHQFLRQHVGHXQRVIRQGRVS~EOLFRVEDVWDQ WHH[LJXRVVRSRUWDQGRPiVDGHODQWHHOIUDFDVR HFRQyPLFRGHEXHQDSDUWHGHODVH[SORWDFLRQHV IHUURYLDULDV $PEDVLQWHUSUHWDFLRQHVQRVRQWDQRSXHVWDV FRPR SXGLHUD SDUHFHU \ HQFXHQWUDQ XQ SXQWR 7RUWHOOD\ 3ROODUG FRP~Q HQ OD LQVXÀFLHQWH HYROXFLyQ GH OD UHG FRPSOHPHQWDULD WDQWR OD SURSLDPHQWH IHUUR YLDULD GH YtD HVWUHFKD R GH VHFXQGDULRV FRPR OD FDPLQHUD FRQ OD FRQVWUXFFLyQ GH OD UHG GH &DUUHWHUDV GHO (VWDGR HQ OD TXH VH SULRUL]y OD UHDOL]DFLyQGHODVYtDVSULQFLSDOHVFDUUHWHUDVGH SULPHURUGHQVREUHODVVHFXQGDULDVFDUUHWHUDV GH VHJXQGR \ WHUFHU RUGHQ TXH FRQWDEDQ FRQ QXPHURVRVWUD]DGRVTXHWHQtDQRULJHQGHVWLQR RSDVRSRUHVWDFLRQHVGHIHUURFDUULOLQWHUPHGLDV /DUHGSULQFLSDOGHFDUUHWHUDVVHFRQFOX\yFRQ HVFDVDVH[FHSFLRQHVHQODVGpFDGDVGH\ PLHQWUDVODVFDUUHWHUDVGHVHJXQGR\WHU FHURUGHQQRVHFXOPLQDUtDQHQHOPHMRUGHORV FDVRV KDVWD ORV SULPHURV DxRV GHO VLJOR ;; (VWRVXSRQtDTXHGXUDQWHWRGRHOVLJOR;,;OD OOHJDGD\VDOLGDGHPHUFDQFtDV\YLDMHURVGHVGH \ KDFLD ODV HVWDFLRQHV GH IHUURFDUULO VH UHDOL]y !»/3$%&%22/#!22),%.!,"!#%4% DWUDYpVGHFDPLQRVWUDGLFLRQDOHVFDUUHWHURVR GHKHUUDGXUDFRQHOFRQVLJXLHQWHSHUMXLFLRSDUD LPSXOVDUORVWUiÀFRVIHUURYLDULRV 7DO\FRPRKDUHFRUGDGRUHFLHQWHPHQWH*y PH]0HQGR]DXQRGHORVSULQFLSDOHVSUREOHPDV TXHWXYRHOGHVDUUROORGHOIHUURFDUULOHQ(VSDxD IXHODHVFDVH]GHDSRUWDFLRQHVGHWUiÀFRVDFRUWD \PHGLDGLVWDQFLDDORODUJRGHVXVOtQHDV7DP SRFRKHPRVGHFRQVLGHUDUTXHODOOHJDGDGHOIH UURFDUULO VXSXVLHUD XQ UHWURFHVR VLJQLÀFDWLYR HQ ODLQWHQVLGDGGHOWUiÀFRFDUUHWHURQRVDSXQWDHVWH DXWRUDOFRQWUDULRODLPSODQWDFLyQGHOIHUURFDUULO FRLQFLGLyFRQXQDH[SDQVLyQQRWDEOHGHOWUiÀFR FDUUHWHULO FRPR \D DGYLUWLy 6DQWRV 0DGUD]R DO LJXDOTXHQRVXSXVRODGHVDSDULFLyQWRWDOGHOWUi ÀFR SRU FDERWDMH D OR ODUJR GH QXHVWUDV FRVWDV WDO \ FRPR VXJLULy 7RUWHOOD (VWR QRV SODQWHD ODQHFHVLGDGGHHVWXGLDUGHPRGRPiVVLVWHPi WLFRODHYROXFLyQGHHVWRVWUiÀFRVLQWHULRUHV\GH QDYHJDFLyQFRQWUDVWiQGRORVFRQODLQIRUPDFLyQ GLVSRQLEOHGHPRYLPLHQWRGHPHUFDQFtDVHQODV HVWDFLRQHVGHIHUURFDUULOFXHVWLRQHVVREUHODVTXH FDUHFHPRVGHLQYHVWLJDFLRQHVGHHQWLGDG 6L OD LQWHUSUHWDFLyQ VREUH OR DFHUWDGR R QR GHODUHGUDGLDOGHQXHVWURIHUURFDUULOHVWRGDYtD REMHWRGHGHEDWHWDPELpQWLHQHXQDLQWHUHVDQWH GLVFXVLyQHODQiOLVLVGHODVLPSOLFDFLRQHVUHDOHV TXH OD DGRSFLyQ GH XQ DQFKR GH YtD GLIHUHQWH HQQXHVWURSDtVVXSXVRSDUDHOGHVDUUROORGHORV WUiÀFRV\ORVFRVWHVDxDGLGRVTXHKXERTXHVR SRUWDU(ORULJHQGHODPHGLGDHVWiHQHO\DFL WDGR,QIRUPH6XEHUFDVHGHTXHFRQVLGH UyDSDUWLUGHODLQIRUPDFLyQGLVSRQLEOHHQHVH PRPHQWRODQHFHVLGDGGHXWLOL]DUHODQFKRGH PHWURV SDUD QXHVWURV IHUURFDUULOHV GLIH UHQWHGHOPiVFRP~QHQEXHQDSDUWHGH(XURSD GHPHWURV'RVDVSHFWRVVRQORVTXHQRV LQWHUHVDUHPDUFDUVREUHHVWHWHPDSRUXQODGR FRQFUHWDUODVUD]RQHVGHWDOGHFLVLyQ\SRURWUR ODGRYDORUDUODVFRQVHFXHQFLDVGHWDOPHGLGD 6REUHODVUD]RQHVGHODDGRSFLyQGHOOODPD GRDQFKRLEpULFRVHKDQSODQWHDGRGRVPRWLYRV EiVLFRVORVLQWHUHVHVHVWUDWpJLFRVRODGHFLVLyQ WpFQLFD6REUHODGHFLVLyQEDVDGDHQDUJXPHQ WRVUHODFLRQDGRVFRQODGHIHQVDGHOWHUULWRULRQD FLRQDOSDUHFHREYLRHOHVFDVRIXQGDPHQWRGHWDO YDORUDFLyQ$XQTXHHVHYLGHQWHTXHHOIHUURFD UULOGHVGHVXVRUtJHQHVWXYRXQHVSHFLDOLQWHUpV SDUDORVJRELHUQRV\DTXHDSRUWDEDXQSOXVGH HIHFWLYLGDG SDUD HO PRYLPLHQWR GH WURSDV WDQ WR SDUD JDUDQWL]DU HO RUGHQ LQWHUQR FRPR SDUD VROYHQWDUFRQÁLFWRVFRQRWURVSDtVHVQRSDUHFH MXVWLÀFDEOHGHVGHHVWHSXQWRGHYLVWDFRQVWUXLU XQ IHUURFDUULO FRQ XQ PD\RU DQFKR GH YtD TXH HOGHOSDtVSRUHOTXHVHSUHVXSRQtDTXHSRGUtD YHQLUODLQYDVLyQ(OPD\RUJiOLERGHOQXHVWUR QRLPSHGLUtDXQDFRQYHUVLyQUHODWLYDPHQWHiJLO GH VXV FRQYR\HV SDUD LQWURGXFLUVH HQ QXHVWUR WHUULWRULR 6LQ HPEDUJR Vt VHUtD LPSRVLEOH OD LQYDVLyQ GHVGH XQ SDtV FRQ XQ DQFKR GH YtD D RWURPHQRU\DTXHHOPHQRUJiOLERGHW~QHOHV SXHQWHV X RWUDV LQIUDHVWUXFWXUDV LPSHGLUtD OD FLUFXODFLyQ D~Q UHDOL]DQGR HO FDPELR GH HMHV $GHPiVWDO\FRPRUHFXHUGD0RUHQR)HUQiQ GH] QR H[LVWHQ GRFXPHQWRV TXH FRQÀUPHQ OD LQÁXHQFLDTXHWXYLHURQODVUD]RQHVHVWUDWpJLFDV HQODDGRSFLyQGHXQDQFKRGHYtDGLIHUHQWH\ VLKXELHUDQH[LVWLGRORUD]RQDEOHKXELHUDVLGR SURSRQHUXQDQFKRGHYtDPHQRU /DGHFLVLyQVXVWHQWDGDHQDUJXPHQWRVWpFQL FRVHVODTXHPiVDFHSWDFLyQKDWHQLGRSRUSDUWH GHORVLQYHVWLJDGRUHVTXHDSXQWDQODRSFLyQGH DXPHQWDUHODQFKRGHYtDGHQXHVWURIHUURFDUULO EDVDGDHQODQHFHVLGDGGHLQFUHPHQWDUHOWDPD xRGHODVFDOGHUDVGHODVORFRPRWRUDVGHYDSRU SDUDDVtREWHQHUPD\RUSRWHQFLD\SHUPLWLUXQD PD\RUHÀFLHQFLDHQODFRPSOLFDGDRURJUDItDGH QXHVWUR SDtV (VWH DUJXPHQWR WLHQH FRPR IXQ GDPHQWR TXH OD WHFQRORJtD IHUURYLDULD WRGDYtD QRKDEtDHYROXFLRQDGRORVXÀFLHQWH\DTXHOD FDOGHUDVHXELFDEDWRGDYtDHQWUHORVHMHVGHOD ORFRPRWRUD\HODXPHQWRGHODPLVPDVyORWH QtDGRVSRVLELOLGDGHVLQFUHPHQWDQGRHOWDPDxR GHODFDOGHUDKDFLDDUULEDORTXHSURYRFDEDXQD HOHYDFLyQGHOSXQWRGHJUDYHGDG\RFDVLRQDUtD SUREOHPDVGHHVWDELOLGDGDODORFRPRWRUDRDX &XpOODU9LOODU&DS,9 *yPH]0HQGR]D0DGUD]R\\7RUWHOOD 0RUHQR)HUQiQGH] $/-).'/#5³,,!26),,!2 PHQWDQGRODGLVWDQFLDHQWUHHMHVSDUDKDFHUDVt PiVJUDQGHDODFDOGHUDeVWDVHUtDODRSFLyQWR PDGDHQQXHVWURSDtV6XEHUFDVHHQVXLQIRUPH ORGHMDEDVWDQWHFODUR ´1RVRWURVKHPRVDGRSWDGRSLHVSRUTXH VLQDXPHQWDUFRQVLGHUDEOHPHQWHORVJDVWRV GHHVWDEOHFLPLHQWRGHOFDPLQRSHUPLWHOR FRPRWRUDVGHGLPHQVLRQHVVXÀFLHQWHVSDUD SURGXFLUHQXQWLHPSRGDGRODFDQWLGDGGH YDSRUEDVWDQWHSDUDREWHQHUFRQODPLVPD FDUJDXQDYHORFLGDGPD\RUTXHODTXHSR GUtDFRQVHJXLUVHFRQODVYtDVGHSLHV SURSXHVWDSRUXQDGHODVHPSUHVDVTXHKD KHFKRSURSRVLFLRQHVDO*RELHUQR\PD\RU WDPELpQ GH OD TXH SRGUtD HPSOHDUVH FRQ ODV GH SLHV TXH PiV IUHFXHQWHPHQWH VHKDQXVDGRKDVWDDKRUDFRQVLJXLpQGRVH DGHPiVTXHVLQGLVPLQXLUODHVWDELOLGDGVH SXHGHKDFHUPD\RUHOGLiPHWURGHODVUXH GDVORTXHWDPELpQFRQGXFHDDXPHQWDUOD YHORFLGDGµ 6LQHPEDUJRXQUHFLHQWHWUDEDMRGH0RUHQR )HUQiQGH]DxDGHQXHYDVYDORUDFLRQHVDHVWHDU JXPHQWRDSXQWDQGRGLUHFWDPHQWHD6XEHUFDVH FRPRUHVSRQVDEOHGHHVWDHUUyQHDGHFLVLyQSRU VXIDOWDGHFRQRFLPLHQWRGHOGHEDWHH[LVWHQWHHQ HVHPRPHQWRHQ(XURSDVREUHHODQFKRGHYtD (OH[KDXVWLYRWUDEDMRGH0RUHQR)HUQiQGH]QRV SRQHVREUHODSLVWDGHORVLQWHUHVHVTXHVHPR YtDQHQHVHPRPHQWRHQHOQHJRFLRIHUURYLDULR SDUDFRQVROLGDUHODQFKRGHYtDKDELWXDODSDUWLU GHODLQYHQFLyQGH6WHSKHQVRQHOGHPH WURVRSURSRQHUODDGRSFLyQGHXQDQFKRPD\RU TXHREWXYLHUDPHMRUHVUHQGLPLHQWRV'HPRGR UHVXPLGR DSXQWDUHPRV TXH HO RULJHQ GH HVWH DQFKRGHYtDSURFHGHGHORVSULPHURVSUR\HFWRV IHUURYLDULRVGH6WHSKHQVRQ'HDKtVHH[WHQGLy DOUHVWRGHSDtVHVTXHLQLFLDEDQODFRQVWUXFFLyQ GH VXV SULPHURV IHUURFDUULOHV FRPR (VWDGRV 8QLGRV )UDQFLD %pOJLFD$XVWULD R 3UXVLD 6L ODV SULPHUDV ORFRPRWRUDV TXH OOHJDURQ D HVWRV SDtVHVIXHURQGH*UDQ%UHWDxDGH6WHSKHQVRQ HVOyJLFRTXHWDPELpQDGRSWDUDQHOPLVPRDQ FKRGHYtD6LQHPEDUJRHQHVRVPRPHQWRVSRU GLIHUHQWHV PRWLYRV WDPELpQ VH GHVDUUROODEDQ DQFKRVGHYtDGLVWLQWRVHQRWURVSDtVHVLQFOXLGD OD SURSLD *UDQ %UHWDxD (Q 5XVLD HQ VH FRQVWUX\HHOSULPHUIHUURFDUULOFRQXQDQFKRGH ·PHWURVGHFLVLyQWRPDGDSRUXQDFRPLVLyQ SDUDPHMRUDUODWUDFFLyQ(Q(VFRFLDHQVH LQDXJXUy XQD OtQHD FRQ XQ DQFKR GH · PH WURVTXHWXYRXQDHVFDVDGXUDFLyQ2WUDVOtQHDV EULWiQLFDVDGRSWDUtDQWDPELpQHODQFKRVLQJXODU GH · PHWURV SHUR VH HVWUHFKDURQ HQ DODQFKRQRUPDO(Q,UODQGDVHGHVDUUROODUtDHO DQFKRGH·PHWURV(Q+RODQGDVHLQLFLyOD FRQVWUXFFLyQ GH IHUURFDUULOHV FRQ XQ DQFKR GH ·PHWURVTXHVHUtDHQWUH\HVWUH FKDGR DO DQFKR QRUPDO (Q (VWDGRV 8QLGRV OD FRQVWUXFFLyQGHIHUURFDUULOHVVHFDUDFWHUL]ySRU OD IDOWD GH XQLGDG HQ HO DQFKR XWLOL]DGR /RV LQJHQLHURV HOHJtDQ HO PiV DGHFXDGR HQ FDGD FDVR DWHQGLHQGR D GLYHUVDV FLUFXQVWDQFLDV 8Q DQFKRGHYtDVLQJXODUORFRQVWLWX\yHOGH· PHWURV GHVDUUROODGR SRU %UXQHO HQ VX SUR\HF WR GH SDUD OD OtQHD GH %ULVWRO D /RQGUHV SHUWHQHFLHQWHDODFRPSDxtD *UHDW:HVWHUQ/DV FDXVDVGHHVWDHOHFFLyQVHEDVDURQHQHOSHUÀO\ WUD]DGRIDYRUDEOHTXHLQFOLQDURQDOSUHVWLJLRVR LQJHQLHUREULWiQLFRDDPSOLDUHODQFKRSDUDSR GHULQFUHPHQWDUODYHORFLGDGGHORVWUHQHV (V HYLGHQWH TXH FXDQGR 6XEHUFDVH \ VXV FRPSDxHURVFRPLHQ]DQVXHVWXGLRVREUHHOIH UURFDUULOHQ(VSDxD\PiVFRQFUHWDPHQWHVREUH HOWLSRGHDQFKRGHYtDDDGRSWDUH[LVWHXQDP SOLRGHEDWHHQ(XURSD\(VWDGRV8QLGRVVREUH HVWDFXHVWLyQ(VPiVQRSDUHFHTXHORVSDtVHV HVWXYLHUDQGLVFXWLHQGRTXpWLSRGHDQFKRVHGH EtDDGRSWDUDQLYHOLQWHUQDFLRQDOVLQRFXiOHUD HOPiVDGHFXDGRSDUDVXSDtV3UHFLVDPHQWHHO 3DUODPHQWR%ULWiQLFRLQLFLyHQHVHPRPHQWRORV HVWXGLRVGHXQDFRPLVLyQTXHGLHUDVROXFLyQD OD GHQRPLQDGD ´JXHUUD GH ORV DQFKRVµ TXH VH GHVDUUROOyGHD(VWDVLWXDFLyQFRQ ÁLFWLYDHVWDEDSURSLFLDGDSRUORVLQWHQWRVGHH[ SDQVLyQ GH OD UHG GH YtD DQFKD \ OD RSRVLFLyQ GHODVFRPSDxtDVGHDQFKRQRUPDO/RVUHVXO 6REUHORVSULPHURVIHUURFDUULOHVHQ(VWDGRV8QLGRVYpDVH*HUVWQHU 0RUHQR)HUQiQGH]SS\ (QH[LVWtDQHQ*UDQ%UHWDxDNPGHYtDQRUPDO\GHYtDDQFKDHOPi[LPRGHODYtDDQFKDHQ*UDQ%UHWDxDOOHJDUtDHQ FRQFRQVWUXLGRVGHVDSDUHFLHQGRFRPSOHWDPHQWHHQ0RUHQR)HUQiQGH] !»/3$%&%22/#!22),%.!,"!#%4% WDGRVGHHVWDFRPLVLyQVRQEDVWDQWHHORFXHQWHV DFHUFDGHODHQFUXFLMDGDHQODTXHVHHQFRQWUD EDHQHVHPRPHQWRHOIHUURFDUULOVREUHODGHFL VLyQGHOIXWXURDQFKRGHYtDXQLÀFDGR$VtHQ ODVGHFODUDFLRQHVGHORVSULQFLSDOHVLQJHQLHURV EULWiQLFRVDODFRPLVLyQVHYLVOXPEUDHOKHFKR GHTXHODHOHFFLyQGHODQFKRGHYtDD·TXH Gy FRUWD \ TXH ORV IHUURFDUULOHV GHEHUtDQ WHQHU XQ DQFKR GH YtD PD\RU QR WDQWR FRPR HO TXH SURSRQtD%UXQHOGH·ODYtDDQFKDHQ*UDQ %UHWDxD\TXHGHEtDURQGDU·/RFNH· %RGPHU·%XU\·5REHUW·% &XELWW · *UD\ · 9LJQROHV \ · :&XELWW(QQLQJ~QPRPHQWRVHFXHVWLRQDED ODPHMRUHÀFLHQFLDGHOPD\RUDQFKRGHYtDVyOR VHSODQWHDEDFRPRLUUHVROXEOHHFRQyPLFDPHQ WHSRUORVFDPELRV\WUDVERUGRVTXHSUHFLVDED +HPRVGHUHFRUGDUTXHHVWDPRVHQPR PHQWRHQHOTXHHQ(VSDxDVHHVWDEDGHFLGLHQGR DSDUWLUGHOLQIRUPH6XEHUFDVHGHFXiOHUD HODQFKRGHYtDDSURSLDGRSDUDOD´FUHDFLyQµGH ODUHGIHUURYLDULDHVSDxROD$OJXQRVGHORVHVSH FLDOLVWDVHQWUHYLVWDGRVHQODFRPLVLyQGHO3DUOD PHQWR%ULWiQLFRDSXQWDQTXHVLOHHQFDUJDUDQHO SUR\HFWRGHXQDVHULHGHIHUURFDUULOHVHQXQSDtV GHVSURYLVWRGHORVPLVPRVVHOHFFLRQDUtDXQDQ FKRLQWHUPHGLRHQWUH·\·PHWURVeVWD VHUtDSUHFLVDPHQWHODRSFLyQGH6XEHUFDVHSDUD (VSDxDTXHFRQVWUXtDXQDUHGQXHYD/DGLVFX VLyQVREUHHODQFKRGHYtDQRHVWDUtDSXHVHQ FODYH WpFQLFD R PLOLWDU VLQR HQ FODYH SROtWLFD /RVJRELHUQRVQRFRQVWUXtDQVXUHGSHQVDQGRHQ ORVWUDQVSRUWHVLQWHUQDFLRQDOHVVLQRHQHOWUDQV SRUWHGHiPELWRQDFLRQDO 3HUR TXp YDORUDFLyQ SRGHPRV KDFHU GH VX LQFLGHQFLDHQODSHUVSHFWLYDGHODVHJXQGDPL WDGGHOVLJOR;,;(QXQDUHFLHQWHFRQIHUHQFLD HOSURIHVRU1DGDOUHFRUGDEDTXHODPD\RUtDGH ORV WUiÀFRV LQWHUQDFLRQDOHV TXH VH UHJLVWUDEDQ GHVGHRKDFLD(VSDxDQRSUHFLVDEDQGHOIHUUR FDUULO SDUD VX WUDQVSRUWH (UDQ SURGXFWRV TXH XWLOL]DEDQ SUHIHUHQWHPHQWH OD YtD PDUtWLPD VLHQGR SRU WDQWR PX\ OLPLWDGD OD LQFLGHQFLD PHGLDQWHLQFUHPHQWRVGHFRVWHVSRUUXSWXUDGH FDUJDTXHODGLIHUHQFLDGHDQFKRHQWUH(VSDxD \HOUHVWRGH(XURSDFDXVDEDDOWUDQVSRUWHIHUUR YLDULRLQWHUQDFLRQDO(VWRQRVKDUtDSHQVDUHQXQ SUREOHPDKHUHGDGRTXHWXYRPD\RULQFLGHQFLD HQ OD VHJXQGD PLWDG GHO VLJOR ;; TXHGDQGR SHQGLHQWH GH DQDOL]DU ORV WUiÀFRV LQWHUQDFLR QDOHVSRUIHUURFDUULOHQHVHPRPHQWR(QWRGR FDVRODYDORUDFLyQFUtWLFDGHWDOGHFLVLyQQRVH UtDGHWHUPLQDQWHHQHVHPRPHQWRVLQRXQVLJOR GHVSXpV FXDQGR ODV FR\XQWXUDV HFRQyPLFDV \ ODH[SDQVLyQGHODHFRQRPtDSODQWHDEDQQXHYDV QHFHVLGDGHV\DDXQDHVFDODLQWHUQDFLRQDO 2WUD FXHVWLyQ TXH VH KD SODQWHDGR VREUH HO GLIHUHQWHDQFKRGHYtDHVSDxROHVODFDXVDSRU ODTXHORVJRELHUQRVVXFHVLYRVQRFRQVLJXLHURQ KDFHUODUHGXFFLyQGHODQFKRGHYtDXQDYH]TXH VHFRQVROLGyHQHOUHVWRGH(XURSDHODQFKRGH ·PHWURV/DWHQWDWLYDPiVGRFXPHQWDGDHV GH(QHVHDxRODVGRVSULQFLSDOHVFRPSD xtDVIHUURYLDULDVHVSDxRODV 1RUWH \0=$UHDOL ]DURQVHQGRVHVWXGLRVVREUHHOFRVWHTXHWHQGUtD ODRSHUDFLyQ /RV LQIRUPHV GH DPEDV FRPSDxtDV FRLQ FLGtDQHQ OD QHFHVLGDGGH DIURQWDU HO HVWUHFKD PLHQWR tQWHJUR GH WRGD OD UHG QR VyOR GH ODV OtQHDVSULQFLSDOHVTXHFRQHFWDEDQFRQ)UDQFLD \DTXHHVWR~OWLPRKXELHUDFRQOOHYDGRSUREOH PDV LQVDOYDEOHV HQ HO WUiÀFR LQWHULRU IHUURYLD ULR 1RUWHFDOFXODEDHOFRVWHGHODWUDQVIRUPD FLyQGHVXVOtQHDVHQPLOORQHVGHSHVHWDV FRUUHVSRQGLHQGRXQSRUFLHQWRGHHVWHJDVWR DODVRSHUDFLRQHVHQODYtDXQSRUFLHQWRDOD DGDSWDFLyQGHOPDWHULDOPyYLO\XQSRUFLHQWR DODVREUDVFRUUHVSRQGLHQWHVDOPDWHULDODX[LOLDU 3RU VX SDUWH 0=$ FRQVLGHUDED XQ GHVHPEROVR WRWDOGHPLOORQHVGHSHVHWDVFDQWLGDGHQOD TXHLQFOXtDHOVREUHFRVWHGHXQRVPLOORQHVGH SHVHWDVGHULYDGRVGHODVLQVWDODFLRQHVQHFHVDULDV GXUDQWHHOSHULRGRGHWUDQVLFLyQGHOVLVWHPDTXH QR VHUtD LQIHULRU D XQ DxR (VWD FRPSDxtD FDO FXODED SDUD HO FRQMXQWR GH OD UHG HVSDxROD XQ 0RUHQR)HUQiQGH]SS ,9&RQJUHVRGH+LVWRULD)HUURYLDULD0iODJDGHVHSWLHPEUHGH&RQIHUHQFLDLQDXJXUDO $+):´(VWXGLRVREUHHOHVWUHFKDPLHQWRGHODYtDHVSDxRODSDUDFRQYHUWLUODDDQFKRQRUPDOGHPHWURVµGH0=$\ ´7UDQVIRUPDFLyQGHODQFKRGHYtDHVSDxRODDODQFKRGHYtDIUDQFHVDµGH1RUWH $/-).'/#5³,,!26),,!2 GHVHPEROVRGHPLOORQHVGHSHVHWDVFRQ XQFRVWHDSUR[LPDGRGHSHVHWDVSRUNL OyPHWURWUDQVIRUPDGR 6HPHMDQWHLQYHUVLyQHVWDEDOHMRVGHODVSR VLELOLGDGHV GH ODV FRPSDxtDV IHUURYLDULDV TXH FRPR YHUHPRV PiV DGHODQWH QR SUHVHQWDEDQ XQDV FXHQWDV GH H[SORWDFLyQ PX\ VDQHDGDV \ WDPSRFR HO (VWDGR HQ SHUPDQHQWH VLWXDFLyQ GH SHQXULD HFRQyPLFD FRQWDED FRQ UHFXUVRV VXÀFLHQWHV $GHPiV ORV EHQHÀFLRV SUHYLVWRV GHULYDGRV GH HVWD LQYHUVLyQ QR HUDQ VLJQLÀFD WLYRV1RUWHFRQVLGHUDEDXQEHQHÀFLRDQXDOGH SHVHWDVHQDKRUURGHWUDQVERUGRVSRUOD IURQWHUDGH,U~Q+HQGD\DGDGRTXHHOYROXPHQ GHLQWHUFDPELRVGHPHUFDQFtDVHQWUH)UDQFLD\ (VSDxDSRUIHUURFDUULOHUDGHOSRUFLHQWRGHO WUiÀFRWRWDOGHODFRPSDxtDGiQGRVHXQDVLWXD FLyQVLPLODUHQODIURQWHUDGH3RUWERX&qUEqUH SDUD0=$FRQVyORHOSRUFLHQWR/DVFRP SDxtDV FRQVLGHUDEDQ HO JDVWR GH PLO PLOORQHV GH SHVHWDV GHVSURSRUFLRQDGR \D TXH JUDYDUtDQ SHQRVDPHQWH ODV FXHQWDV GH ODV PLVPDV FRQ DSUR[LPDGDPHQWH PLOORQHV DO DxR SXGLpQ GRVHGHGLFDUHVDFDQWLGDGDODFRQVWUXFFLyQGH GREOHVYtDVDODUHIRUPDGHODVHVWDFLRQHVFRQ PiVWUiÀFR\DODFRQVWUXFFLyQGHQXHYDVOtQHDV DÁXHQWHVGHODVSULQFLSDOHV &%22/#!22),9$%3!22/,,/ %#/.¼-)#/%.%30!»! %6/,5#)¼.).4%202%4!#)/.%3 9#/.42/6%23)!3 /D OH\ IHUURYLDULD GH PDUFDUi HO LQLFLR GHXQDGpFDGDIHUURFDUULOHUDHQQXHVWURSDtVTXH OOHYDUiHONLORPHWUDMHGHUHGFRQVWUXLGRGHVGHORV NLOyPHWURVLQLFLDOHVDORVGHFRQ XQD FRQVWUXFFLyQ PHGLD DQXDO GH NLOyPH WURVFLIUDTXHPXOWLSOLFDSRUGLH]ORUHDOL]DGRHQ -APA2EDFERROVIARIAEXISTENTEEN%SPA×AEN )XHQWH)XQGDFLyQGHORV)HUURFDUULOHV(VSDxROHV(ODERUDFLyQGH0LJXHO-LPpQH]9HJD GHO3URJUDPDGH+LVWRULDGHOD)XQGDFLyQGHORV)HUURFDUULOHV(VSDxROHV !»/3$%&%22/#!22),%.!,"!#%4% HOSHULRGRDQWHULRU(VHOPRPHQWRHQHOTXHVH FRPSOHWDQ ORV JUDQGHV HMHV UDGLDOHV IHUURYLDULRV FRQSXQWRFHQWUDOHQ0DGULGKDFLDHOQRUWHDWUD YpVGH9DOODGROLG\%XUJRVKDVWD6DQ6HEDVWLiQ H,U~QKDFLDHOQRUGHVWHDWUDYpVGH=DUDJR]D\ /pULGDKDVWD%DUFHORQD\*HURQDKDFLDHOHVWHD WUDYpVGH$OFi]DUGH6DQ-XDQ\$OEDFHWHKDVWD 0XUFLD\&DUWDJHQDHQXQSULPHUDSpQGLFHKDVWD $OLFDQWH\KDVWD9DOHQFLD\&DVWHOOyQ6yORTXH GDQLQFRPSOHWRVORVHMHVVXUDWUDYpVGHOSDVRGH 'HVSHxDSHUURV KDVWD HO YDOOH GHO *XDGDOTXLYLU \WRGDOD%DMD$QGDOXFtD\DORHVWHDWUDYpVGH &LXGDG5HDOD%DGDMR]\ODIURQWHUDSRUWXJXHVD SHURHVWDEDQHQFRQGLFLRQHVGHDEULUVHDOVHUYL FLRHQORVDxRVVLJXLHQWHV$GHPiVVHKDQWUD]DGR \FDVLFRPSOHWDGRGRVHMHVWUDQVYHUVDOHVGHJUDQ GLQDPLVPRHFRQyPLFRHOGHOYDOOHGHO(EURTXH SRQtDHQFRPXQLFDFLyQODVGRVUHJLRQHVPiVLQ GXVWULDOL]DGDVGH(VSDxD&DWDOXxD\3DtV9DVFR \HOHMHOLWRUDOPHGLWHUUiQHRGHVGH9DOHQFLDD%DU FHORQDTXHWHQGUiVXFRQWLQXLGDGKDFLDHOQRUWHD ODIURQWHUDIUDQFHVDDWUDYpVGHOSDVRGH3RUWERX *DOLFLD$VWXULDVHOQRUWHGH([WUHPDGXUD\WRGR HO6XUHVWHDQGDOX]HUDQODV]RQDVTXHTXHGDQIXH UDQGHHVWHSULPHUHPSXMHIHUURYLDULRHQ(VSDxD $HVWHSHULRGRVXFHGHUiXQGHFHQLRUHFHVLYR FDUDFWHUL]DGR SRU OD FULVLV GHULYDGD GHO HVFDVR p[LWRHFRQyPLFRGHODVFRPSDxtDVIHUURYLDULDV TXH\DVHHQFRQWUDEDQHQH[SORWDFLyQ6yORVH FRQVWUXLUiDXQULWPRGHFLHQNLOyPHWURVDQXD OHVUHFREUiQGRVHQXHYDPHQWHHOLPSXOVRFRQV WUXFWLYRHQHO~OWLPRFXDUWRGHVLJORDSDUWLUGH ODVLQLFLDWLYDVJXEHUQDPHQWDOHVTXHIDFLOLWDEDQ OD FRQVWUXFFLyQ GH QXHYRV IHUURFDUULOHV FRQ HO FODUR REMHWLYR GH GRWDU DO PHQRV D WRGDV ODV SURYLQFLDV \ VXV FDSLWDOHV GH HVWH PHGLR GH WUDQVSRUWH$VtHQHOGHFHQLR\DHQ OD5HVWDXUDFLyQVHDEULHURQDOVHUYLFLRNL OyPHWURVGHPHGLDDQXDOSDUDXQWRWDOGHOSH ULRGRGHNLOyPHWURV+DVWDHVHPRPHQWR HO PDSD IHUURYLDULR HVSDxRO KDEtD VXIULGR HV FDVDV PRGLÀFDFLRQHV VyOR OD FRQVWUXFFLyQ GH ORVSULPHURVWUDPRVGHIHUURFDUULOHQ*DOLFLD\ $VWXULDV 6LQ HPEDUJR KDVWD HO ÀQDO GHO VLJOR VH SXVLHURQ HQ PDUFKD NLOyPHWURV PiV DXQULWPRGHDQXDOHVDOFDQ]iQGRVHHQHVH PHGLRVLJORGHIHUURFDUULOORVNLOyPHWURV GHIHUURFDUULOGHYtDDQFKDHQ(VSDxD(OPDSD IHUURYLDULR FDPELDUtD \D SRFR HQ HO VLJOR ;; GDGRTXHVyORVHDEULUtDQQXHYRVNLOyPH 'RÉlCO#ONSTRUCCIØNDEFERROCARRILESDEVÓAANCHAYDEVÓA ESTRECHAEN%SPA×APORDECENIOS )XHQWHKWWSZZZGRFXWUHQFRP $/-).'/#5³,,!26),,!2 WURVGHYtDDQFKDUHSDUWLGRVSURSRUFLRQDOPHQWH HQODVGRVPLWDGHVGHVLJOR 3RUVXSDUWHODYtDHVWUHFKDVyORKDEtDDELHU WR DO WUiÀFR GXUDQWH HO VLJOR ;,; NLOy PHWURV UHJLVWUiQGRVH XQ OXVWUR HVSHFLDOPHQWH SURGXFWLYRHQWUH\FRQPLONLOyPH WURVSXHVWRVHQVHUYLFLR(QHIHFWRWDO\FRPR DSXQWD 0XxR] 5XELR OD FRQVWUXFFLyQ GH IH UURFDUULOHVGHYtDHVWUHFKDQRVHYLRLPSXOVDGDD SDUWLUGHODVOH\HVJHQHUDOHVGHIHUURFDUULOHVGH \\DTXHKDVWDODSURPXOJDFLyQGHO 5HDO'HFUHWRGHVyORKDEtDQVLGRDELHUWRV DOVHUYLFLRNLOyPHWURVFDVLWRGRVDVRFLDGRV DDFWLYLGDGHVPLQHUDVHQODVTXHHOFRQFXUVRGH XQ PHGLR GH WUDQVSRUWH GH JUDQ FDSDFLGDG HUD LPSUHVFLQGLEOH1RVHSXHGHKDEODUHQQLQJ~Q FDVRGHUHGGHiPELWRQDFLRQDODORVXPROt QHDV R SHTXHxDV UHGHV GH WUiÀFRV UHJLRQDOHV TXHDÁXtDQDRWUDVOtQHDVGHYtDDQFKDRDOOL WRUDO(VWDYDORUDFLyQQRGHEHVHUHQWHQGLGDGH PRGRQHJDWLYRRGHVSUHFLDWLYRSXHVWRTXHHVWD IXQFLyQGHFRPSOHPHQWDULHGDGRGHVXVWLWXFLyQ GH\FRQODUHGGHYtDDQFKDIRUPDSDUWHGHOD LGLRVLQFUDVLDGHORVIHUURFDUULOHVGHYtDHVWUHFKD 6XUHGXFLGRDQFKRHQYtDPpWULFDRLQFOXVRLQ IHULRUODSUHVHQFLDPHQRUGHREUDVGHIiEULFD\ ODDGPLVLyQGHUDGLRVGHFXUYDSHTXHxRVOHRWRU JDEDXQDÁH[LELOLGDG\XQDKRUURGHFRVWHVTXH QRWHQtDHOIHUURFDUULOGHYtDDQFKD$GHPiVHQ HOFDVRGHORVWUiÀFRVPLQHURVHLQGXVWULDOHVHQ JHQHUDOODDGRSFLyQGHODYtDHVWUHFKDH[LPtDD ORVFRQFHVLRQDULRVGHODVOtQHDVGHXQDVHULHGH REOLJDFLRQHV WDULIDV LQFOXVLyQ GH VHUYLFLRV GH YLDMHURV HWF TXH UHGXFtDQ FRQVLGHUDEOHPHQWH ORVFRVWHVÀMRVGHH[SORWDFLyQ (VHYLGHQWHFRPR KHPRV DSXQWDGR TXH HO FLFORPLQHURGHO~OWLPRFXDUWRGHVLJORHQ(V SDxDDFHOHUDUiODFRQVWUXFFLyQGHQXHYDVOtQHDV HQ HVWRV SRORV PLQHURV FRPR OD FRUQLVD FDQ WiEULFDOD]RQDQRURHVWHFDVWHOODQROHRQHVDHO VXURHVWH \ VXUHVWH DQGDOX] HO YDOOH GHO (EUR &DWDOXxD6LHUUD0RUHQDHWFSHURWDPELpQHV WDUiQDVRFLDGRVDLQWHUFDPELRVDJUDULRV\DEDV WHFLPLHQWR GH FLXGDGHV HQ SOHQD H[SDQVLyQ HQ HVHPRPHQWR (VWH FUHFLPLHQWR GH OD UHG IHUURYLDULD HQ (VSDxD IXQGDPHQWDOPHQWH UHDOL]DGD GHVGH OD LQLFLDWLYD SULYDGD FRQ HO FRQFXUVR GRPLQDQWH GHFDSLWDOHVH[WUDQMHURV\ HODSR\RGHO(VWDGR D WUDYpV GH VXEYHQFLRQHV \ GLVSHQVDV ÀVFDOHV KDVLGRREMHWRGHHVWXGLR\DQiOLVLVSDUDGHWHU PLQDU VL VX UHDOL]DFLyQ HVWXYR DFRPSDVDGD DO FUHFLPLHQWR\GHVDUUROORHFRQyPLFRTXHWXYRHO SDtVHQHVHSHULRGR(VHYLGHQWHTXHWDOFXHVWLyQ SDUWHGHODVLWXDFLyQGHFULVLVTXHDIURQWDUiQODV FRPSDxtDVIHUURYLDULDVDSDUWLUGHOVHJXQGRGH FHQLRGHOVLJOR;;DJXGL]DGDWUDVODLUUXSFLyQ GHOWUDQVSRUWHPHFDQL]DGRSRUFDUUHWHUDTXHWHU PLQDUi FHUFHQDQGR VHULDPHQWH ORV \D H[LJXRV EHQHÀFLRVHFRQyPLFRVGHODVHPSUHVDVGHOIH UURFDUULO(OUD]RQDPLHQWRVHKDUHDOL]DGRGHVGH GLIHUHQWHVHQIRTXHV 3RU XQ ODGR ORV LQYHVWLJDGRUHV VH KDQ SUH JXQWDGR VL OD FRQVWUXFFLyQ GHO IHUURFDUULO IXH SRUGHODQWHGHODGHPDQGDRYtDGHH[FHVRGH FDSDFLGDGRELHQVHKL]RDSDUWLUGHXQDGHPDQ GDFRQVROLGDGDRYtDGHODLQVXÀFLHQFLD7RUWH OODHQVXFOiVLFRHVWXGLRVREUHORVRUtJHQHVGHO FDSLWDOLVPR HQ (VSDxD GHMDED ELHQ FODUR TXH ORVIHUURFDUULOHVHQ(VSDxDVHFRQVWUX\HURQVLQ TXH KXELHUD XQD GHPDQGD VXÀFLHQWH TXH MXVWL ÀFDUD OD UHDOL]DFLyQ GH WDQ JUDQGH Q~PHUR GH NLOyPHWURV/DIDOWDGHUHVSXHVWDGHODGHPDQ GDDOFUHFLPLHQWRTXHKDEtDWHQLGRODRIHUWDGH IHUURFDUULO FRQ OD SRVLELOLGDG GH LQFUHPHQWDU HOWUDQVSRUWHGHPHUFDQFtDV\GHSDVDMHURVIXH HYLGHQWH \ DXQTXH ODV FRPSDxtDV IHUURYLDULDV DEUtDQ QXHYRV WUDPRV DO VHUYLFLR DXPHQWDQGR DVtVXFDSDFLGDGGHDWHQGHUQXHYDVGHPDQGDV ORVUHVXOWDGRVHFRQyPLFRVPHGLGRVHQLQJUHVRV SRU NLOyPHWUR QR FUHFtDQ DO FRQWUDULR PRVWUD EDQXQDVLWXDFLyQGHHVWDQFDPLHQWRRLQFOXVR 0XxR]5XELRDS 3DUDHOFDVRGH1DYDUUD\HOYDOOHGHO(EUR0DFtDV0XxR]VREUH&DWDOXxD\HO/HYDQWH$OFDLGH*RQ]iOH]D\EVREUH &DVWLOOD\/HyQ2UW~xH]*RLFROHDVREUH0DGULG-LPpQH]9HJD\3ROR0XULHOÀQDOPHQWHSDUDORVFDVRVDQGDOXFHV &XpOODU9LOODU$GHPiVFRPRJUDQGHVHMHVWUDQVYHUVDOHVGHYtDHVWUHFKDDOVHUYLFLRGHLQWHUHVHVPLQHURVKD\TXHFLWDUORVFDVRV GH3HxDUUR\D'HORV&RERV$UWHDJD\GH/D5REOD)HUQiQGH]'tD]6DUDELD !»/3$%&%22/#!22),%.!,"!#%4% GHUHWURFHVR/DHVFDVH]GHSREODFLyQVXGHV LJXDO GLVWULEXFLyQ \ HO DWUDVR JHQHUDOL]DGR GHO SDtV GXUDQWH HO VLJOR ;,; VRQ ODV UD]RQHV H[ SXHVWDVSDUDMXVWLÀFDUWDOIUDFDVR 6LKHPRVGHYDORUDUTXpHIHFWRVWXYRHOIH UURFDUULO HQ OD HFRQRPtD HVSDxROD HQ SULPHU OXJDUUHFRUGDUHPRVODVFRQFOXVLRQHVGH*yPH] 0HQGR]DVREUHHODKRUURVRFLDODSRUWDGRSRUHO IHUURFDUULO (VWH FRQFHSWR WRPDGR GH ORV SLR QHURVWUDEDMRVGH5REHUW)RJHOSDUDHOFDVRGH (VWDGRV 8QLGRV YHQtD D SODQWHDU D PRGR GH FRQWUDIDFWXDOHOFiOFXORGHOFRVWHTXHVXSRQGUtD SDUDODUHQWDQDFLRQDOODDXVHQFLDGHIHUURFDUULO FRQVLGHUDQGRTXHORVVHUYLFLRVTXHpVWHSUHVWDED IXHUDQDVXPLGRVFRPSOHWDPHQWHSRURWURVPH GLRVDOWHUQDWLYRVGHWUDQVSRUWH(VWDGLIHUHQFLD HQWUHHOFRVWHGHOWUDQVSRUWHSRUIHUURFDUULO\GH RWURVPHGLRVGHWUDQVSRUWHVHFRQVLGHUDEDSDUD HO FDVR HVSDxRO TXH GHEtD UHVXOWDU HOHYDGD $ SULRUL ODV JUDQGHV GLVWDQFLDV D FXEULU HQWUH HO LQWHULRU\ODSHULIHULDODSUiFWLFDDXVHQFLDGHFD QDOHVGHQDYHJDFLyQHQQXHVWURSDtV\ODVOLPL WDFLRQHVGHOWUDQVSRUWHWUDGLFLRQDOSUHVXSRQtDQ TXHQXHVWURIHUURFDUULOGHEHUtDDOPHQRVKDEHU DSRUWDGRXQJUDQDKRUURVRFLDO (OFiOFXORLQLFLDOGH*yPH]0HQGR]DÀMDED HODKRUURPHGLDQWHHODEDUDWDPLHQWRGHOWUDQV SRUWH\DKRUURGHUHFXUVRVTXHVHSXGLHURQGHV WLQDUDODDJULFXOWXUDRDODLQGXVWULDHQWRUQR DOSRUFLHQWRGHODUHQWDQDFLRQDOSDUDHODxR PRPHQWR HQ HO TXH FRPR KHPRV YLVWR OD UHG HVSDxROD WHQtD WUD]DGRV VXV SULQFLSDOHV FRUUHGRUHV IHUURYLDULRV (VWD FLIUD HUD LQFOXVR LQFUHPHQWDGDSDUDHODxRKDVWDHOSRU FLHQWR7DO\FRPRUHFXHUGD%DUTXtQODIyUPXOD SDUDUHVROYHUODFXHVWLyQHVVLPSOHHODKRUURVR FLDOVHUtDLJXDODODGLIHUHQFLDGHFRVWHHQWUHPR YHUODVPHUFDQFtDVSRUIHUURFDUULO\KDFHUORSRU ODPHMRUFRPELQDFLyQGHPHGLRVDOWHUQDWLYRV\ WUDGLFLRQDOHV/RTXHQRUHVXOWDWDQVHQFLOORHV VXLQWHUSUHWDFLyQ\DTXHORVVXSXHVWRVHQUHGDQ 7RUWHOOD&DVDUHVSS *yPH]0HQGR]D %DUTXtQ +LUVFKPDQ *yPH]0HQGR]D\&RPtQ&RPtQ EDVWDQWHODUHVROXFLyQ(OSURSLR%DUTXtQKDUH EDMDGR HVWD SULPHUD FLIUD GH *yPH] 0HQGR]D HVWLPDQGRTXHSDUDHVHDxRHODKRUURVR FLDODSRUWDGRSRUHOIHUURFDUULOIXHGHWDQVyORHO SRUFLHQWRGHO3,%FLIUDTXHSRGHPRVFRQ VLGHUDUWDPELpQVXÀFLHQWHSDUDKDFHUUHQWDEOHV D ODV HPSUHVDV IHUURYLDULDV 6LQ HPEDUJR HVH SRUFHQWDMHVXSRQtDPLOORQHVGHFLIUD GH OD TXH QR DQGXYR PX\ OHMRV OD VXEYHQFLyQ HVWDWDOFRQFHGLGDHQHOTXLQTXHQLR TXHIXHGHPLOORQHVORTXHVtKDFHSUHJXQ WDUQRVDFHUFDGHOEHQHÀFLRUHDOGHOIHUURFDUULOD ODHFRQRPtDHVSDxRODDOPHQRVGHVGHODSHUV SHFWLYDGHODKRUURVRFLDO 2WUR PRGR GH DSUR[LPDUQRV D XQD YDORUD FLyQ VREUH ORV EHQHÀFLRV GHO IHUURFDUULO HQ OD HFRQRPtD HVSDxROD HV DQDOL]DU ORV HIHFWRV TXH pVWHFDXVyFRPRRIHUHQWH\FRPRGHPDQGDQWH GHDFWLYLGDGHFRQyPLFD$Vt+LUVFKPDQKDEOD EDGHHIHFWRVGHDUUDVWUHKDFLDDWUiVHQORVTXH HO IHUURFDUULO VH SRVLFLRQDED FRPR GHPDQGD D RWURV VHFWRUHV LQGXVWULDOHV \ HFRQyPLFRV \ GH HIHFWRV GH DUUDVWUH KDFLD DGHODQWH FXDQGR OD RIHUWDIHUURYLDULDDIHFWDEDDRWUDVDFWLYLGDGHV 3DUDHOHVWXGLRGHOIHUURFDUULOHQ(VSDxDHO SURSLR*yPH]0HQGR]D\&RPtQQRVKDQKH FKR YDORUDFLRQHV HQ HVWH VHQWLGR 'H PRGR VLQWpWLFR SRGHPRV FRQYHQLU TXH HO IHUURFDUULO WXYR HQ (VSDxD XQRV HIHFWRV GH DUUDVWUH KDFLD DWUiVPX\OLPLWDGRVSDUDODVLGHUXUJLD\ ODLQ GXVWULD GH FRQVWUXFFLyQ GH PDWHULDO IHUURYLD ULR$Vt HO IHUURFDUULO FRPR JUDQ FRQVXPLGRU GH KLHUURV \ DFHURV SDUD OD FRQVWUXFFLyQ GH OD LQIUDHVWUXFWXUDIHUURYLDULD\GHEXHQDSDUWHGHO PDWHULDOPyYLOTXHFLUFXOySRUVXVYtDVSUHFLVy DGTXLULU JUDQ FDQWLGDG GH SURGXFWRV VLGHU~UJL FRV6LQHPEDUJRHQHOFDVRHVSDxROQRIXHDVt \ODPD\RUSDUWHGHHVWRVPDWHULDOHVOOHJDURQD WUDYpV GH OD LPSRUWDFLyQ QR IDYRUHFLHQGR DO PHQRVGXUDQWHHOVLJOR;,;HOGHVDUUROORGHOD LQGXVWULDVLGHU~UJLFDHVSDxROD(ODWUDVRGHpVWD $/-).'/#5³,,!26),,!2 \ODSROtWLFDGHIUDQTXLFLDVKDFLDODLPSRUWDFLyQ GH HVWRV PDWHULDOHV HQ OD OHJLVODFLyQ HVSDxROD VRQORVDUJXPHQWRVXWLOL]DGRVSDUDMXVWLÀFDUWDO FLUFXQVWDQFLD/DFXHVWLyQHVWDUtDHQYDORUDUVL OD VLGHUXUJLD HVSDxROD HVWDED FDSDFLWDGD SDUD DIURQWDUXQYROXPHQGHGHPDQGDFRPRODTXH WXYRHOIHUURFDUULO3DUHFHHYLGHQWHTXHQRSHUR HO H[FHVLYR UHODMDPLHQWR GH ODV DGXDQDV IHUUR YLDULDVGXUDQWHEXHQDSDUWHGHOVLJOR;,;KL]R TXHQRKXELHUDQLVLTXLHUDRFDVLyQSDUDHOGHVD UUROORGHODLQGXVWULDQDFLRQDOeVWDFRQRFHUiVX RSRUWXQLGDGDSDUWLUGHODVPHGLGDVSURWHFFLR QLVWDV GHULYDGDV GHO DUDQFHO GH \ OD VXE VLJXLHQWHHWDSDQDFLRQDOLVWDHQODHFRQRPtDHV SDxROD/DVLQYHVWLJDFLRQHVUHDOL]DGDVVREUHHO FRQVXPRGHFDUULOHVSDUDODVFRPSDxtDVIHUUR YLDULDVHVSDxRODVPXHVWUDQTXHFDVLODWRWDOLGDG GHODVYtDVWHQGLGDVHQ(VSDxDGXUDQWHHOVLJOR ;,;ORKLFLHURQFRQDFHURVLPSRUWDGRVeVWRV FRQODIUDQTXLFLDGDGDDGLFKRVSURGXFWRVHUDQ PXFKRPiVEDUDWRVTXHORVQDFLRQDOHV\H[LVWtD JDUDQWtD GH VXPLQLVWUR$GHPiV FRQ ORV &RQ VHMRV GH $GPLQLVWUDFLyQ GH ODV FRPSDxtDV HQ PDQRVIRUiQHDVDSDUWHGHODGLYHUVLÀFDFLyQGH VXPLQLVWURV SHVDUtDQ ODV FRQH[LRQHV HPSUHVD ULDOHVFRQJUXSRVVLGHU~UJLFRVH[WUDQMHURVRGH FRQVWUXFFLyQGHPDWHULDOIHUURYLDULR 6LPLODU VLWXDFLyQ GH FRQGLFLRQDPLHQWR DQWH HODWUDVRLQGXVWULDO\ODÁH[LELOLGDGDGXDQHUDSR GHPRVUHIHULUHQORTXHUHVSHFWDDODLQGXVWULDHV SDxRODGHFRQVWUXFFLyQGHPDWHULDOIHUURYLDULR TXH VH PDQWXYR HQ SDxDOHV \ DMHQD D OD IXHUWH GHPDQGDGHODVFRPSDxtDVIHUURYLDULDVGXUDQWH EXHQDSDUWHGHOVLJOR;,;+DVWDODGpFDGDGH QR VH YDQ D UHJLVWUDU ODV SULPHUDV HQWUH JDV VLJQLÀFDWLYDV GH PDWHULDO D ODV FRPSDxtDV IHUURYLDULDV FRQ GRV ORFRPRWRUDV FRQVWUXLGDV HQSRUOD0DTXLQLVWD7HUUHVWUH\0DUtWLPD GH%DUFHORQDD0=$/RVGDWRVVRQEDVWDQWH H[SOtFLWRV (Q GH ODV ORFRPRWRUDV TXH FLUFXODEDQ SRU OD UHG GH YtD DQFKD HQ (V SDxDVyORRFKRPiTXLQDVGHYDSRUKDEtDQVLGR FRQVWUXLGDV HQ QXHVWUR SDtV 6LPLODU VLWXDFLyQ KDEtDHQORVFRFKHVGHYLDMHURVGHIDEULFD FLyQQDFLRQDOVREUHORVTXHFLUFXODEDQ\ ORVYDJRQHVGHPHUFDQFtDVQDFLRQDOHVSRU GHLPSRUWDFLyQ*OREDOPHQWHDSHQDVHO SRUFLHQWRGHOPDWHULDOPyYLOTXHFLUFXODED SRUODUHGKDEtDVLGRFRQVWUXLGRHQ(VSDxD (QHOFDVRGHOFDUEyQ\GHODPDGHUDDPERV GH JUDQ GHPDQGD SRU HO IHUURFDUULO ORV GDWRV PXHVWUDQODUHOHYDQFLDGHODSURGXFFLyQQDFLR QDO6HJ~Q&RPtQGHORVPLOORQHVGHWRQH ODGDVGHFDUERQHVFRQVXPLGRVSRUHOIHUURFDUULO HQWUH\HOSRUFLHQWRHUDQDFLRQDO SURFHGLHQGRHOUHVWRGHODLPSRUWDFLyQ'DGDOD WHQGHQFLDSURWHFFLRQLVWD\QDFLRQDOL]DGRUDGHOD HFRQRPtDHVSDxRODGHVGHORVSULPHURVDxRVGHO VLJOR;;ODSUHVHQFLDGHODVKXOODVH[WUDQMHUDV SUiFWLFDPHQWH GHVDSDUHFHUtD GH ORV FRQVXPRV GH ODV FRPSDxtDV IHUURYLDULDV 3RU OR TXH UHV SHFWDDODPDGHUDHOFRQVXPRSDUDHOIHUURFDUULO HVWDEDGHVWLQDGRVREUHWRGRSDUDWUDYLHVDVGH ODYtD\SDUDODFRQVWUXFFLyQGHYDJRQHV$XQ TXH HQ WpUPLQRV FRPSDUDWLYRV FRQ RWURV XVRV GDGRV D OD PDGHUD FRPR OD FRQVWUXFFLyQ R OD SLSHUtDTXHVXSRQHQFDVLHOSRUFLHQWRGHOD PDGHUDXWLOL]DGDHQHOSHULRGRHO IHUURFDUULO FRQVXPLy VyOR SDUD WUDYLHVDV HO SRUFLHQWRGHODPDGHUDQDFLRQDOTXHDGHPiV HUDHORULJHQPD\RULWDULR 6tFRQVLGHUDPRVTXHH[LVWLHURQQRWDEOHVEH QHÀFLRVSDUDODVLQGXVWULDVGHODFRQVWUXFFLyQ DXQTXH HVWH DVSHFWR SHUPDQHFH SUiFWLFDPHQWH LQpGLWRHQODLQYHVWLJDFLyQKLVWyULFD6yORDOJX QRVDSXQWHVGHLQYHVWLJDFLRQHVFRQRWURVREMHWL YRVQRVGHMDQGDWRVGHODSUHVHQFLDGHFRQWUDWLV WDVHVSDxROHV\HPSUHVDVGHSHTXHxD\PHGLDQD GLPHQVLyQ HQ OD FRQVWUXFFLyQ GH OD UHG IHUUR YLDULD $XQTXH HQ DOJ~Q FDVR DOJXQDV OtQHDV IXHURQ FRQVWUXLGDV SRU HPSUHVDV H[WUDQMHUDV DVRFLDGDV D ODV FRPSDxtDV FRQFHVLRQDULDV )L YHV/LOOHVHUtDXQDGHHOODVHVHYLGHQWHHOSDSHO TXHMXJyODHPSUHVDORFDO(OYROXPHQGHOJDVWR GHODVHPSUHVDVIHUURYLDULDVQRHVGHVGHxDEOH $QHVÉOYDUH]SS\*yPH]0HQGR]DSS &D\yQ*DUFtD\0XxR]5XELR *yPH]0HQGR]DS ,ULDUWH*RxL\$\XGD%RVTXH !»/3$%&%22/#!22),%.!,"!#%4% 6HJ~QOD~OWLPDHVWLPDFLyQGH+HUUDQ]/RQFiQ GXUDQWH HO VLJOR ;,; HO IHUURFDUULO UHDOL]y XQD LQYHUVLyQ EUXWD HQ IRUPDFLyQ GH FDSLWDO VRFLDO ÀMR GH PLOORQHV GH SHVHWDV LQFOX\HQGR ORVIHUURFDUULOHVGH YtD DQFKD GH YtD HVWUHFKD ORV LQGXVWULDOHV \ ORV SULPHURV WUDQYtDV (O SRU FLHQWR GH HVWD LQYHUVLyQ OD UHDOL]DURQ ODV FRPSDxtDVGHYtDDQFKD6LWHQHPRVHQFXHQWD TXH EXHQD SDUWH GHO VLVWHPD GH UHDOL]DFLyQ GH ODVREUDVVHKL]RSRUHOGHFRQWUDWD\TXHpVWH HVWLSXODED XQDV SDUWLGDV GHVWLQDGDV D GLYHUVRV FRQFHSWRVSRUFLHQWRGHEHQHÀFLRLQGXVWULDO SRUFLHQWRGHJDVWRVGHGLUHFFLyQ\XQSRU FLHQWRGHLPSUHYLVWRVSRGHPRVFRQVLGHUDUTXH HVWDV HPSUHVDV REWXYLHURQ XQ EHQHÀFLR JOREDO SUy[LPR D ORV PLOORQHV GH 6L ELHQ HVSRVLEOHTXHSDUWHGHHVWDFDQWLGDGVHUHGXMH UD GHELGR DO VLVWHPD FRPSHWLWLYR GH SXMD SDUD DFFHGHUDODFRQFHVLyQQRPHUPDODUHOHYDQFLD GHO DSRUWH TXH D HVWH VHFWRU KL]R HO IHUURFDUULO GXUDQWH VX FRQVWUXFFLyQ TXH VH YHUtD UHIRU]D GR\GDUtDFRQWLQXLGDGDHVWDDFWLYLGDGFRQORV VHUYLFLRVGHFRQVHUYDFLyQ\UHQRYDFLyQGHYtD\ FRQODFRQVWUXFFLyQGHODVFDUUHWHUDVGHO(VWDGR SDUDOHODVHQ VX UHDOL]DFLyQDO IHUURFDUULO\ TXH WDPELpQ DSRUWDURQ EHQHÀFLRV VLPLODUHV D HVWDV HPSUHVDVGHODFRQVWUXFFLyQ /DGHPDQGDGHHPSOHRWDQWRGLUHFWRFRPR LQGLUHFWR VHUtD WDPELpQ SDUWLFXODUPHQWH VLJQL ÀFDWLYD UHJLVWUiQGRVH DGHPiV GXUDQWH XQ ODU JRSHULRGRHQHOTXHHOIHUURFDUULOIXHWDPELpQ PX\ LQWHQVLYR HQ PDQR GH REUD /RV HIHFWRV GHDUUDVWUHHQODFUHDFLyQGHHPSOHRQRVyOROR IXHURQSRUHOQ~PHURGHWUDEDMDGRUHVRFXSDGRV VLQRTXHWDPELpQWXYLHURQXQDDPSOLDGLVWULEX FLyQ SRU WRGR HO WHUULWRULR QDFLRQDO GDGDV ODV FDUDFWHUtVWLFDV GH GLVSHUVLyQ ItVLFD GH OD DFWL YLGDG IHUURYLDULD$GHPiV HO IHUURFDUULO QHFH VLWy DEXQGDQWH PDQR GH REUD WDQWR GXUDQWH OD FRQVWUXFFLyQFRPRHQODSRVWHULRUH[SORWDFLyQ SRVLELOLWDQGRWDPELpQTXHRWUDVHPSUHVDVVX PLQLVWUDGRUDV R UHFHSWRUDV VH EHQHÀFLDUDQ \ IXHUDQDVXYH]QXHYRVGHPDQGDQWHVGHHPSOHR (VWHHPSOHRLQGLUHFWRUHVXOWDGLItFLOGHFDOFXODU DXQTXH VX PDJQLWXG FUHFHUtD SURJUHVLYDPHQWH 3DUDHVWH~OWLPRDVSHFWRYpDVH&XpOODU9LOODUS FRQODH[SDQVLyQGHOIHUURFDUULO'HOHPSOHRGL UHFWRVtWHQHPRVDOJXQRVGDWRVTXHQRVDFHUFDQ DODJUDQGHPDQGDTXHWXYLHURQODVFRPSDxtDV IHUURYLDULDV $Vt HQ ODV GpFDGDV GH ODV 0HPRULDVGH2EUDV3~EOLFDVUHÁHMDQXQDRFX SDFLyQGLDULDGHHQWUH\MRUQDOHURVHQ ORV WDMRV SDUD ODV P~OWLSOHV ODERUHV D UHDOL]DU (VWH PRPHQWR WDO \ FRPR KHPRV YLVWR DQWHV IXH HO PiV DFWLYR HQ OD FRQVWUXFFLyQ IHUURYLD ULD FRQ XQD PHGLD GH NLOyPHWURV DQXDOHV ORTXHQRVVXJLHUHXQDGHPDQGDSRUNLOyPHWUR GHMRUQDOHURVFRQRFXSDFLRQHVPHGLDVTXH LEDQ GH ORV VHLV PHVHV D ORV GRV DxRV GHSHQ GLHQGRGHODH[WHQVLyQGHODOtQHDDFRQVWUXLU\ GHOULWPRGHFRQVWUXFFLyQGHODPLVPD3DUDHO WRWDOGHNLOyPHWURVFRQVWUXLGRVGXUDQWHHOVLJOR ;,;XQRVGLH]PLOHVWDUtDPRVKDEODQGRGHXQ PLOOyQ\PHGLRGHMRUQDOHVDSUR[LPDGDPHQWH$ SHVDUGHORLPSUHFLVRGHHVWDVFLIUDVSRGHPRV HQWHQGHUSHUIHFWDPHQWHODLPSRUWDQFLDTXHWXYR ODFRQVWUXFFLyQGHOIHUURFDUULOSDUDXQDPDQRGH REUDTXHHQFRQWUDEDFDGDYH]PHQRVRSRUWXQL GDGHV GH RFXSDFLyQ HQ HO VHFWRU DJUtFROD PiV D~QGXUDQWHODFULVLVDJUtFRODGHO~OWLPRFXDUWR GHO VLJOR %LHQ HV FLHUWR TXH WHQHPRV UHIHUHQ FLDVGHTXHMDVSRUSDUWHGHODVFRPSDxtDVFRQV WUXFWRUDVQRUPDOPHQWHGLULJLGDVSRULQJHQLHURV H[WUDQMHURV TXH FULWLFDEDQ OD WHPSRUDOLGDG GH ODGHGLFDFLyQGHHVWRVMRUQDOHURVORVFXDOHVGHV DSDUHFtDQGHORVWDMRVIHUURYLDULRVHQORVSHULR GRVHQORVTXHODVIDHQDVDJUtFRODVFUHFtDQ6LQ HPEDUJRHQHO~OWLPRFXDUWRGHOVLJORODVEUL JDGDV \ JUXSRV GH WUDEDMDGRUHV TXH \D KDEtDQ SDUWLFLSDGR HQ OD FRQVWUXFFLyQ GH RWUDV OtQHDV IpUUHDV VH GHVSOD]DEDQ SRU HO WHUULWRULR QDFLR QDOKDVWDGRQGHVHUHDOL]DEDQREUDVHQQXHYDV OtQHDVHVSHFLDOPHQWHGHVGHFXDQGRVHUH WRPyQXHYDPHQWHFRQIXHU]DODFRQVWUXFFLyQGH IHUURFDUULOSDUDOOHJDUDORVSXQWRVKDVWDHOPR PHQWRDMHQRVDODH[SDQVLyQIHUURFDUULOHUD /DSXHVWDHQH[SORWDFLyQGHHVWRVIHUURFD UULOHVWUDMRQXHYDVQHFHVLGDGHVHVSHFLDOPHQ WHSDUDORVSXHVWRVPHQRVFXDOLÀFDGRV\PX FKRVGHHVWRVWUDEDMDGRUHVSDVDUtDQDIRUPDU SDUWHGHODVSODQWLOODVGHODVFRPSDxtDVIHUUR $/-).'/#5³,,!26),,!2 'RÉlCO%VOLUCIØNDELEMPLEOFERROVIARIOEN%SPA×A )XHQWH%DOOHVWHURV'RQFHO\0DUWtQH]9DUD YLDULDVDXQTXHHVWHDVSHFWRQHFHVLWDFRQFUH FLyQGHGDWRV/DDPSOLDFLyQGHODUHG\OD FRPSOHMLGDGGHOVLVWHPDIHUURYLDULRTXHWHQtD XQDPSOLRHVSHFWURGHRÀFLRVKLFLHURQTXHOD GHPDQGDGHHPSOHRQRFHVDUDSUiFWLFDPHQWH KDVWDODPLWDGGHOVLJOR;;/RVGDWRVRIUH FLGRV SRU HO$QXDULR GH )HUURFDUULOHV GH /D 7RUUHPXHVWUDQXQFUHFLPLHQWRFRQVWDQWHGHV GHORVWUDEDMDGRUHVGHDORVFHU FDGHGH\ORVGH TXHHVHOPi[LPRKLVWyULFRGHOIHUURFDUULOGH YtDDQFKDHQSHULRGR5(1)(7DPELpQVHLQ FUHPHQWy GH PRGR SURJUHVLYR HO Q~PHUR GH WUDEDMDGRUHVSRUNLOyPHWURHQH[SORWDFLyQGH ORVWUHVWUDEDMDGRUHVSRUNLOyPHWURGHO~OWLPR FXDUWRGHOVLJOR;,;DORVVLHWHWUDEDMDGRUHV GHODGpFDGDGHSDUDOOHJDUDORVRQFH HQ +DVWD HVH PRPHQWR OD HVFDVD WHF QLÀFDFLyQ \ HO FUHFLPLHQWR FRQVWDQWH GH OD GHPDQGD GH WUDQVSRUWH LPSLGLHURQ FRQMXQWD PHQWH OD UHGXFFLyQ GH OD UDWLR GH WUDEDMDGRU SRUNLOyPHWUR 7RUWHOODH[SXVRHQVXOLEURVREUHORVRUtJH QHVGHOFDSLWDOLVPRHQ(VSDxDODIXHUWHGHPDQ GD GH FDSLWDO TXH UHDOL]y HO IHUURFDUULO GHVGH VXV LQLFLRV )DYRUHFLGR SRU XQD OHJLVODFLyQ SHUPLVLYD\GLVHxDGD H[SURIHVRSDUDODVSRWHQ WHV FDVDV ÀQDQFLHUDV IUDQFHVDV HO SHULRGR TXH DUUDQFDHQFRQODQXHYDOH\GHIH UURFDUULOHV\FRQODOH\GH6RFLHGDGHVGH&UpGL WRDEULyODVSXHUWDVDXQDIXHUWHSUHVHQFLDGHO VHFWRU H[WHULRU HQ OD LQYHUVLyQ \ FRQVWUXFFLyQ GHOIHUURFDUULOHQ(VSDxDFRPR\DKHPRVDSXQ WDGR$OUHGHGRU GHO QHJRFLR IHUURYLDULR FRPR KD VLQWHWL]DGR &RPtQ VXUJLHURQ QXPHURVDV VRFLHGDGHV GH FUpGLWR \ GH EDQFRV GH HPLVLyQ TXHGLHURQXQJUDQLPSXOVRDOPHUFDGRÀQDQ FLHURHVSDxRO/RVKiELWRVGHOQHJRFLRIHUURYLD ULRFRQODFRQVWLWXFLyQGHVRFLHGDGHVDQyQLPDV \ODHPLVLyQGHREOLJDFLRQHVTXHFRWL]DEDQHQ EROVDLQWURGXMHURQQXHYDVIRUPDV\ÀQHVHQXQD EROVD PDGULOHxD TXH KDVWD HVH PRPHQWR VyOR QHJRFLDED FRQ ORV YDORUHV GH OD 'HXGD 3~EOL FD$SHVDUGHODFULVLVIHUURYLDULDGHTXH 6REUHODHYROXFLyQGHOHPSOHRIHUURYLDULRIXHQWHV\SUREOHPDVPHWRGROyJLFRVSDUDVXHVWLPDFLyQYpDVH%DOOHVWHURV'RQFHO\0DUWtQH] 9DUD$JUDGH]FRDHVWH~OWLPRDXWRUVXJHQHURVLGDGHQIDFLOLWDUPHLQIRUPDFLyQ\ORVGDWRVVREUHODHYROXFLyQGHOHPSOHRHQYtD DQFKD\YtDHVWUHFKDHQ(VSDxD 7RUWHOOD&DVDUHV &RPtQ&RPtQS !»/3$%&%22/#!22),%.!,"!#%4% RFDVLRQyQXPHURVDVUXLQDVHOPRGHUDGRUHODQ ]DPLHQWR GH OD FRQVWUXFFLyQ IHUURYLDULD HQ ODV GpFDGDV ÀQDOHV GHO VLJOR YROYLy D LPSXOVDU HO GHVDUUROORGHOPHUFDGRÀQDQFLHUR &RPtQHV WLPDHQPLOORQHVGHSHVHWDVGHODpSRFD OD LQYHUVLyQ UHDOL]DGD HQ HO IHUURFDUULO HVSDxRO HQWUH\FXDQGRVHFRQVWUX\HFDVLOD WRWDOLGDGGHODUHGHVSDxROD8QSRUFLHQWRGH HVWDLQYHUVLyQSURFHGHUtDGHOH[WHULRUXQSRU FLHQWRFRUUHVSRQGHUtDDODVVXEYHQFLRQHVHVWD WDOHV\HOSRUFLHQWRUHVWDQWHVHUtDDSRUWDGR SRU ORV LQYHUVRUHV QDFLRQDOHV (Q HVWD YDORUD FLyQ KHPRV GH WHQHU HQ FXHQWD ODV SXQWXDOL]D FLRQHVGH3HGUR7HGGHVREUHODVHYLGHQFLDVGH DOJXQRVLQYHUVRUHVGHIHUURFDUULOHVHVSDxROHVHQ ORVPHUFDGRVIUDQFHVHVIXHUDQFLXGDGDQRVHVSD xROHVSHURVXHVWLPDFLyQVHKDFHGLItFLO (O SXQWR \ VHJXLGR D HVWH FUHFLPLHQWR GHO VHFWRUÀQDQFLHURDSDUWLUGHOIHUURFDUULOYHQGUtD HQ ODV GpFDGDV VLJXLHQWHV FXDQGR OD SURJUHVL YDHVSDxROL]DFLyQGHODVHPSUHVDVXELFDGDVHQ QXHVWUR SDtV \ HQWUH HOODV ODV IHUURYLDULDV OOH YDUtDDRVWHQWDUXQSHVRUHOHYDQWHHQHOFDSLWDO VRFLDOGHEXHQDSDUWHGHHOODVDORVSULQFLSDOHV EDQFRVQDFLRQDOHVFRPRHO%DQFRGH%LOEDRHO %DQFR+LVSDQR$PHULFDQRRHO%DQFR(VSDxRO GH&UpGLWR 'HO PLVPR PRGR TXH HO IHUURFDUULO FRPR KHPRVYLVWRHMHUFLyXQDIXHUWHGHPDQGDGHDFWL YLGDGVREUHRWURVVHFWRUHVHFRQyPLFRVWDPELpQ IDYRUHFLyODH[SDQVLyQ\PHMRUDVGHRWUDVDFWL YLGDGHVGHVGHHOSXQWRGHYLVWDGHOFUHFLPLHQWR \ODPHMRUDGHODRIHUWDIHUURYLDULD(QWUHHVWRV HIHFWRVGHDUUDVWUHKDFLDGHODQWHGHVWDFDODFUHD FLyQGHOPHUFDGRQDFLRQDO(VWRHVDSDUWLUGHOD OOHJDGDGHOIHUURFDUULOHVFXDQGRVHFRQVWDWDHQ (VSDxDXQDFODUDWHQGHQFLDDODFRQYHUJHQFLDGH SUHFLRVGHORVSURGXFWRVGHFRQVXPRKDELWXDO SDUWLFXODUPHQWHGHOWULJR\XQDGLYHUVLÀFDFLyQ GH HVWRV SURSLRV SURGXFWRV TXH OOHJDEDQ PiV EDUDWRVHQPD\RUFDQWLGDG\PD\RUYDULHGDGD ORVPHUFDGRVGHFRQVXPRGHWRGRHOSDtV(VWD DÀUPDFLyQGHEHVHUQRREVWDQWHPDWL]DGD\D TXHVHJ~QKDPRVWUDGR5DIDHO%DUTXtQODLQWH JUDFLyQGHOPHUFDGRQDFLRQDOGHFHUHDOHVKDEtD PRVWUDGRVLJQRVHYLGHQWHVGHKRPRJHQL]DFLyQ DQWHVGHOLQWHUPHGLRGHOVLJOR;,;DSR\DGDHQ XQDIDVHHFRQyPLFDH[SDQVLYDHQODUHVWULFFLyQ GHODHQWUDGDGHFHUHDOHVGHOH[WHULRU\XQDPH MRUDGHORVVLVWHPDVGHWUDQVSRUWHWUDGLFLRQDOHV (VPiVODDSDULFLyQGHOIHUURFDUULOFDXVyFLHUWD GHVLQWHJUDFLyQGHOPHUFDGRORTXHOHSHUPLWHD %DUTXtQDÀUPDUTXHHQHVRVSULPHURVDxRVHO IHUURFDUULO QR FRQWULEX\y D OD FRQVWUXFFLyQ GH XQ PHUFDGR QDFLRQDO GHO WULJR DUJXPHQWDQGR FRPR SULQFLSDO PRWLYR OD UXSWXUD GH ODV UHOD FLRQHVFRPHUFLDOHVWUDGLFLRQDOHVSDUDIDYRUHFHU WUD\HFWRV PX\ FRQFUHWRV KDFLD 0DGULG \ %DU FHORQDD~QDFRVWDGHHQFDUHFHUHOWUDQVSRUWH 6LQHPEDUJRORVFiOFXORVGH*DUUDERX\6DQ] )HUQiQGH] PRVWUDEDQ XQD FUHFLHQWH UHGXFFLyQ GHO FRHÀFLHQWH GH YDULDFLyQ GH ORV SUHFLRV GHO LQWHULRU\ODSHULIHULDTXHVLELHQKDEtDLQLFLDGR VXLQWHJUDFLyQHQODVGpFDGDVGH\ FXOPLQDUiHQODVGpFDGDVÀQDOHVGHOVLJORFXDQ GR OD UHG IHUURYLDULD \D HVWDED FRPSOHWDPHQWH GHVDUUROODGD*UiÀFR(VWDUHJXODULGDG\OD WHQGHQFLD DO DEDUDWDPLHQWR GH ORV WUDQVSRUWHV FHUHDOtFRODV D ODV ]RQDV GH FRQVXPR LQFLGLUtD SRVLWLYDPHQWH HQ OD FRPSHWHQFLD HQWUH ODV GL IHUHQWHV UHJLRQHV WULJXHUDV \ FRQWULEXLUtD D VX HVSHFLDOL]DFLyQ 'HOPLVPRPRGRHOVHFWRUJDQDGHURFRQWD UtDFRQXQQXHYRDOLDGRHQVXSURFHVRGHWUDQV IRUPDFLyQGHVGHODWUDVKXPDQFLDDODHVWDEXOD FLyQIDYRUHFLHQGRHOWUDQVSRUWHGHORVSURGXFWRV JDQDGHURVFRPRODOHFKHRODFDUQH\JHQHUDUtD XQD QXHYD H[SDQVLyQ GHO PRYLPLHQWR JDQDGH UR D WUDYpV GH ODV YtDV IpUUHDV /RV WUiÀFRV VH 3DVFXDO'RPqQHFKRIUHFHXQDDFHUWDGDYLVLyQGHOPHUFDGRÀQDQFLHURFDWDOiQHQODVHJXQGDPLWDGGHOVLJOR;,; $UWRODHVWLPyKDVWDTXHODVVXEYHQFLRQHVRWRUJDGDVSRUHO(VWDGRDODVFRPSDxtDVDVFHQGtDQDPLOORQHVGHSHVHWDVFRQFDUiF WHURUGLQDULR\RWURVGHFDUiFWHUDGLFLRQDORPHGLDQWHDX[LOLRVGLUHFWRV$UWRODS 7HGGH/RUFDS %DUTXtQ *DUUDERX\6DQ])HUQiQGH] &RPtQ&RPtQS $/-).'/#5³,,!26),,!2 'RÉlCO%VOLUCIØNDELOSPRECIOSDELTRIGOENVARIOSMERCADOSESPA×OLES -EDIASQUINQUENALESENPESETASPORHECTOLITRO )XHQWH*DUUDERX\6DQ])HUQiQGH]$SpQGLFHV\ JHQHUDUtDQ GHVGH ODV ]RQDV SURGXFWRUDV KDFLD ORV PHUFDGRV GH FRQVXPR 3DUD HO FDVR GH ODV OtQHDV GH 1RUWH OD SURFHGHQFLD GHO JDQDGR HUD GH *DOLFLD HO 3DtV 9DVFR ([WUHPDGXUD \ FR PDUFDVFDVWHOODQDVGH6DODPDQFD\=DPRUDKD FLDODVFLXGDGHVGH0DGULG9DOODGROLG%LOEDR \6DQWDQGHU(QHOFDVRGHODVOtQHDVGH0=$ HO RULJHQ GH OD SURGXFFLyQ VH FHQWUDED HQ ([ WUHPDGXUD/D0DQFKD$QGDOXFtD\HO&DPSR GH &DUWDJHQD VLHQGR ORV SULQFLSDOHV GHVWLQRV ODV JUDQGHV FLXGDGHV FRPR 0DGULG 9DOHQFLD =DUDJR]D\%DUFHORQD(QHOFDVRGHODVOtQHDV GH$97 VH UHDOL]DED VREUH WRGR XQD ODERU GH UHGLVWULEXFLyQGHFDEH]DVSURFHGHQWHVGHRWUDV OtQHDVTXHWHQtDQFRPRGHVWLQRORVPHUFDGRVGH OD FDSLWDO YDOHQFLDQD7DPELpQ VH UHDOL]DED XQ LQWHQVRWUiÀFRHQODVOtQHDVGH7%)DXQTXHSUR YHQLHQWHGHPHUFDGRVH[WHULRUHVFRPRHOFDVR GHOJDQDGRODQDU\FDEUtRTXHSURFHGtDGH$Q GDOXFtD/D0DQFKD([WUHPDGXUD\ODFRPDUFD GH=DPRUDPLHQWUDVTXHHOYDFXQRSURFHGtDGH 'DWRVHVWDGtVWLFRV )UDQFLD \ DOJXQRV SDtVHV GHO QRUWH GH ÉIULFD 3RU~OWLPRKD\TXHUHVHxDUHOWUiÀFRFUHFLHQWH GHODVOtQHDVGH0&3XELFDGDVHQXQWHUULWRULR SURGXFWRU \ TXH GLVWULEXtD VXV PHUFDQFtDV KD FLD0DGULGXQSRUFLHQWR\KDFLD$QGDOXFtD XQSRUFLHQWR 2WURVPHUFDGRVUHODFLRQDGRVFRQODVLQGXV WULDV DJURDOLPHQWDULDV FRPR HO YLQR HO DFHLWH GHROLYDODVKDULQDVRHOD]~FDUWDPELpQVHYLH URQIDYRUHFLGRVSRUODH[SDQVLyQGHOIHUURFDUULO (QHVWRVFDVRVHVD~QPiVPDQLÀHVWDODHVSHFLD OL]DFLyQSRU]RQDVRUHJLRQHVDFRPRGDGDVDORV SXQWRVHQORVTXHODSURGXFFLyQGHODVPDWHULDV SULPDVHUDPiVSURSLFLD 5HVXOWD WDPELpQ UHOHYDQWH OD HVWUHFKD UHOD FLyQ H[LVWHQWH HQWUH HO GHVDUUROOR IHUURYLDULR \ ODH[SDQVLyQPLQHUDHVSHFLDOPHQWHODPHWiOLFD KLHUUR SLULWDV SORPR TXH SUHFLVDED GHO FRQ FXUVRGHXQVLVWHPDGHWUDQVSRUWHGHJUDQFDSD !»/3$%&%22/#!22),%.!,"!#%4% FLGDGTXHSHUPLWLHUDDEDUDWDUORVFRVWHVORVX ÀFLHQWHSDUDUHQWDELOL]DUODH[WUDFFLyQGHHVWDV PHQDV(OGHVWLQRH[SRUWDGRUGHEXHQDSDUWHGH HVWDSURGXFFLyQ\ODFRQVWUXFFLyQGHQXPHURVDV OtQHDVIHUURYLDULDVHQ(VSDxDTXHWHQtDQXQDGL UHFFLyQGHOLQWHULRUDODFRVWDIDFLOLWDEDQHVWRV WUDQVSRUWHVTXHVHHPEDUFDEDQHQHOOLWRUDOKD FLDORVFHQWURVVLGHU~UJLFRV\GHIXQGLFLyQGHOD (XURSDLQGXVWULDOL]DGD(QHVWHVHQWLGRHVFR QRFLGDODGHSHQGHQFLDGHOWUDQVSRUWHGHPLQHUDO TXHWXYLHURQDOJXQDVFRPSDxtDVIHUURYLDULDVGH UDQJRPHGLR\SHTXHxRFRPRODVXELFDGDVHQ ODV]RQDVSURGXFWRUDVDQGDOX]DV=DIUD+XHOYD *UHDW6RXWKHUQR6XUGH(VSDxD\HQODFRUQLVD FDQWiEULFDDPpQGHQXPHURVDVOtQHDVGHIHUUR FDUULOHVGHYtDHVWUHFKD7DPELpQFRQUHVSHFWRD RWURVSURGXFWRVPLQHURVFRPRHOSORPRSURFH GHQWHGHODVFRPDUFDVGH/LQDUHV\/D&DUROLQD H[LVWLyXQDLQWHQVDGLVSXWDSRUORVWUiÀFRVSRU SDUWH GH ODV FRPSDxtDV GH$QGDOXFHV \ 0=$ WDO \ FRPR QRV PRVWUy 3HGUR 7HGGH 3RU ~OWL PRKD\TXHDSXQWDUODUHOHYDQFLDGHOWUiÀFRGH FDUERQHV TXH IRUPDED SDUWH GH ORV LQSXWV QH FHVDULRVSDUDHOIXQFLRQDPLHQWRGHOIHUURFDUULO \ TXH WDPELpQ HUD GLVWULEXLGR SRU pVWH SDUD HO GHVDUUROOR GH ODV DFWLYLGDGHV LQGXVWULDOHV /RV WUiÀFRVVHJHQHUDEDQGHVGHORVSXQWRVGHSUR GXFFLyQFRPR$VWXULDV6LHUUD0RUHQDR3LUL QHRVRULHQWDOHVSHURWDPELpQKDEtDXQLQWHQVR WUiÀFRGHVGHORVSXHUWRVKDFLDHOLQWHULRUSDUD HOFDUEyQOOHJDGRGHOH[WHULRU 'H WRGRV HV FRQRFLGD OD LPSRUWDQFLD TXH WXYR OD LPSODQWDFLyQ GHO VLVWHPD IHUURYLDULR SDUDODPHMRUDGHODVFRPXQLFDFLRQHV\GHORV HIHFWRV SRVLWLYRV TXH WXYR SDUD HO LQFUHPHQWR GHOWUiÀFRSRVWDO/RVWUDEDMRVUHDOL]DGRVVREUH HVWDFXHVWLyQDUURMDQXQFUHFLPLHQWRSDUDOHORGH ORVHQYtRVSRVWDOHV\GHODVFRPXQLFDFLRQHVWH OHJUiÀFDVFRQIRUPHVHYHULÀFyHOLQFUHPHQWRGH ODUHGIHUURYLDULD$GHPiVGHODDFFLyQHVWLPX ODGRUDGHOIHUURFDUULOHVLQGXGDEOHTXHODFRQ FHSFLyQTXHWXYLHURQORVOLEHUDOHVGHRWRUJDUOHV HOFDUiFWHUGHVHUYLFLRS~EOLFRSHUPLWLyHOFUHFL 'RÉlCO4RÉlCODEVINOSYAGUARDIENTESPORFERROCARRILENLASLÓNEASDE.ORTEY-:! %NMILESDETONELADAS )XHQWHKWWSZZZGRFXWUHQFRP $/-).'/#5³,,!26),,!2 'RÉlCO0RODUCCIØNYEXPORTACIØNDEMINERALDEHIERROEN%SPA×A %NMILESDETONELADAS )XHQWH&DUUHUDV&XDGUR PLHQWRGHHVWHVHUYLFLRTXHVHYLRWDPELpQIDYR UHFLGRSRUXQSURJUHVLYRDEDUDWDPLHQWR'HVGH ODGpFDGDGHVHDWHQGLyDODSULRULGDGGH ODV FRPXQLFDFLRQHV FRQ HO H[WHULRU )UDQFLD \ 3RUWXJDO \ FRQ H[LVWHQFLD GH XQD UHODFLyQ HV WDEOH HQWUH OD FDSLWDO GHO (VWDGR 0DGULG FRQ WRGDVODVSURYLQFLDVHVSDxRODV 3RUVXSDUWHHOYLDMHIHUURYLDULRHVWRHVHO WUDQVSRUWH GH YLDMHURV VXIULy XQD HVSHFWDFXODU WUDQVIRUPDFLyQQRVyORHQODFDQWLGDGGHYLD MHURVTXHIXHFDSD]GHPRYLOL]DUHOIHUURFDUULO FRPR YHUHPRV PiV DEDMR VLQR WDPELpQ HQ OD FDOLGDG GHO PLVPR$Vt HQ HO WUiQVLWR GHO VLV WHPD GH WUDQVSRUWHV WUDGLFLRQDO GH GLOLJHQFLDV R JDOHUDV DO PRGHUQR WUDQVSRUWH IHUURYLDULR VH H[SHULPHQWyXQDUHGXFFLyQFRQVLGHUDEOHHQORV WLHPSRVGHYLDMHTXHSDVDURQGHFRQWDELOL]DUVH SRU GtDV D KRUDV FRQ XQRV DKRUURV VXSHULRUHV DO SRU FLHQWR GH PHGLD ,JXDOPHQWH VH SUR GXMRXQDFRQVLGHUDEOHPHUPDHQORVFRVWHVGH HVWRV YLDMHV HQ WRUQR DO SRU FLHQWR OR TXH 0XxR]5XELR\2UW~xH]*RLFROHDSS SHUPLWLUtDDFFHGHUDXQDFRQVLGHUDEOHFDQWLGDG GHSREODFLyQDOGHVSOD]DPLHQWRDRWURVSXQWRV GHOSDtVELHQIXHUDSRUPRWLYRVODERUDOHVRLQ FOXVRLQWURGXFLUXQFRQFHSWRPiVJHQHUDOL]DGR GHOYLDMHSRURFLR (VWRVFDPELRVLQFLGLUtDQQRWDEOHPHQWHHQOD PRYLOLGDG GHO IDFWRU WUDEDMR IDFLOLWDQGR D ORV WUDEDMDGRUHVHOGHVSOD]DPLHQWRGHVGHHOFDPSR KDFLDODFLXGDGRKDFLDODHPLJUDFLyQH[WHULRU &RPR SRGHPRV FRPSUREDU HQ HO &XDGUR HO WUiÀFRGHYLDMHURVHQODUHGIHUURYLDULDHVSDxROD HQWUHHO~OWLPRFXDUWRGHOVLJOR;,;\HOSULPHU WHUFLR GHO ;; VH LQFUHPHQWy SRU GLH] VLHQGR D~Q PiV FUHFLHQWH HQ ODV GpFDGDV LQLFLDOHV GHO VLJORSDVDGRFXDQGRHOSURFHVRGHXUEDQL]DFLyQ \ODPLJUDFLyQFDPSRFLXGDGIXHPiVLQWHQVD 7RGDYtDQRVHKDEtDGHVDUUROODGRORVXÀFLHQWHHO LQFLSLHQWHWUDQVSRUWHPHFDQL]DGRSRUFDUUHWHUD SRUORTXHEXHQDSDUWHGHOSURWDJRQLVPRGHHVWD WUDQVIRUPDFLyQ FRUUHVSRQGLy DO IHUURFDUULO 1R GLVSRQHPRV GH HVWXGLRV HVSHFtÀFRV VREUH HVWH !»/3$%&%22/#!22),%.!,"!#%4% #UADRO-EJORADELASCOMUNICACIONESAPORTADAPORELFERROCARRIL %VOLUCIØNDETIEMPOSDEVIAJEYDECOSTESENTRE-ADRIDYOTRASCIUDADESESPA×OLASENHORAS 'LOLJHQFLD )HUURFDUULO )HUURFDUULO 'H0DGULGD ÉYLOD 9DOODGROLG 3DOHQFLD %XUJRV 6DQ6HEDVWLiQ $OLFDQWH =DUDJR]D %DUFHORQD 6HYLOOD &iGL] 0iODJD $KRUUR $KRUUR $KRUUR %VOLUCIØNDECOSTESDETRANSPORTEENTRE-ADRIDYOTRASCIUDADESESPA×OLASENPESETASCORRIENTES 'LOLJHQFLD )HUURFDUULO )HUURFDUULO 'H0DGULGD ÉYLOD 9DOODGROLG 3DOHQFLD %XUJRV 6DQ6HEDVWLiQ $OLFDQWH =DUDJR]D %DUFHORQD 6HYLOOD &iGL] 0iODJD $KRUUR $KRUUR $KRUUR )XHQWH*yPH]0HQGR]DS+RUDULRGH7UHQHV\HODERUDFLyQSURSLD $/-).'/#5³,,!26),,!2 SURFHVR SHUR HV LQGXGDEOH TXH ORV WUiÀFRV GH YLDMHURVGH\KDFLDODVFLXGDGHVHVSDxRODVIRU PDEDQHOJUXHVRGHODVH[SHGLFLRQHVUHJLVWUDGDV SRUODVFRPSDxtDVIHUURYLDULDV #UADRO%VOLUCIØNDELTRÉlCODEVIAJEROS PORFERROCARRILEN%SPA×A 9LDMHURV PLOHV ÌQGLFH FRD~QFDUHFHPRVGHPRQRJUDItDVH[KDXVWLYDV GHHVWDVFRPSDxtDV 7RUWHOODQRVVXJHUtDODHVWUHFKDUHODFLyQTXH VH HVWDEOHFLy HQWUH ODV SULPHUDV VRFLHGDGHV GH FUpGLWRIUDQFHVDVHQ(VSDxD\VXSDUWLFLSDFLyQ HQ ORV QHJRFLRV IHUURYLDULRV (VWH LQLFLR GHO FDSLWDOLVPR HVSDxRO TXH YHQGUtD GH OD PDQR GH GRV OH\HV SURSLFLDWRULDV FRPR OD GH )HUUR FDUULOHVGH\GH6RFLHGDGHVGH&UpGLWRGH WHQGUtDFRPRFDUDFWHUtVWLFDHOLQWHUpVSUH IHUHQWHGHORVLQYHUVRUHVSRUHOIHUURFDUULOFX \DVH[SHFWDWLYDVGHQHJRFLRKDUtDQDOHQWHQGHU GHQXPHURVRVLQYHVWLJDGRUHVGHWUDHUFDSLWDOGH RWURVVHFWRUHVFRPRODLQGXVWULDDIDYRUGHOIH UURFDUULO(OIHUURFDUULOÀQDOPHQWHQRUHVSRQGH UtD D ODV H[SHFWDWLYDV JHQHUDGDV \ OD LQGXVWULD WHQGUtDTXHHVSHUDUKDVWDHOÀQDOGHOVLJOR;,; SDUDPRVWUDUVtQWRPDVGHGHVDUUROORHIHFWLYR #!0)4!,%3%-02%3!39 .%'/#)/&%22/6)!2)/%. %30!»!,/302/4!'/.)34!3 7DO\FRPRPRVWUy&DPHURQHOFDSLWDOIUDQ FpV IXH SURWDJRQLVWD GHO GHVDUUROOR HFRQyPLFR HXURSHRGXUDQWHHOVLJOR;,;\EXHQDSDUWHGHO VLJOR ;; HVSHFLDOPHQWH HQ IHUURFDUULOHV$Vt ORVFDSLWDOHVIUDQFHVHVOOHJDURQDFDVLWRGRVORV SDtVHV GHO FRQWLQHQWH HXURSHR (Q (VSDxD VH SURGXFLUtD DGHPiV XQD FRQFHQWUDFLyQ GH ORV DFWLYRVIHUURYLDULRVHQLQWHUHVHVIUDQFHVHVPX\ VLJQLÀFDWLYD\VHWUDVODGDUtDODULYDOLGDGGHGRV JUDQGHVÀUPDV3pUHLUH\5RWKVFKLOGTXHSXMD UtDQSRUHOFRQWUROGHOQHJRFLRIHUURYLDULR ´/DVFRPSDxtDVIHUURYLDULDVVRQODVJUDQGHV SURWDJRQLVWDV GH OD KLVWRULD GHO IHUURFDUULO HQ (VSDxDµ(VWDDÀUPDFLyQQRVVLW~DHQXQRGH ORVFDPSRVGHLQYHVWLJDFLyQTXHPiVLQWHUpVKD GHVSHUWDGRSRUSDUWHGHORVLQYHVWLJDGRUHV(VWD YRFDFLyQVHKDYLVWRDFRPSDxDGDSRUXQDFHU YR GRFXPHQWDO VLJQLÀFDWLYR WUDQVPLWLGR GH OD SURSLDJHVWLyQHPSUHVDULDOTXHKDSRVLELOLWDGR TXHKR\HQGtDGLVSRQJDPRVGHXQDYLVLyQEDV WDQWHFRPSOHWDGHODHYROXFLyQGHODVHPSUHVDV IHUURYLDULDVHQ(VSDxDDXQTXHHQWpUPLQRVGH YDORUDFLyQKLVWRULRJUiÀFD\GHPRGRSDUDGyML /D 6RFLHWp *HQpUDOH GH &UpGLW 0RELOLHU &UpGLW 0RELOLHU VH KDEtD FUHDGR HQ 3DUtV HQ EDMRHOLPSXOVRGHORVKHUPDQRV3HUpLUH (ODIiQH[SDQVLYRGHHVWRVÀQDQFLHURVTXHHQ VXVRUtJHQHVKDEtDQWUDEDMDGRSDUDHOJUXSR5R WKVFKLOGOHOOHYyDLPSODQWDUXQDVHULHGHLQVWL WXFLRQHVGHFDUiFWHUQDFLRQDOHQORVGLIHUHQWHV SDtVHVHQORVTXH&UpGLW0RELOLHUFRORFDEDVXV LQYHUVLRQHV(VWDSLRQHUDYLVLyQPXOWLQDFLRQDO HQ SDODEUDV GH %URGHU LED D SURYRFDU XQ FD WDFOLVPR HQ HO VLVWHPD ÀQDQFLHUR HXURSHR TXH DUUDVWUDUtD D RWURV LQYHUVRUHV HQ SULQFLSLR QR )XHQWH(ODERUDFLyQSURSLDDSDUWLUGH *yPH]0HQGR]D\6DQ5RPiQ $UWROD*DOOHJRYROS 7RUWHOODSS &DPHURQ !»/3$%&%22/#!22),%.!,"!#%4% WDQDPELFLRVRVHQVXDIiQSRUQRTXHGDUIXHUD GHORVQHJRFLRVIHUURYLDULRVTXHVHGHVDUUROOD EDQHQRWURVSDtVHV (QVHFUHDODÀOLDOHVSDxROD6RFLHGDG *HQHUDOGH&UpGLWR0RELOLDULR(VSDxROO &UpGLWR 0RELOLDULR(VSDxROFRQXQFDSLWDOQRPLQDOGH PLOORQHVGHSHVHWDVFXDWURYHFHVPD\RUTXH HOTXHUHJLVWUDEDHO%DQFRGH(VSDxDSRUHQWRQ FHVHOSULPHURGHQXHVWURSDtV(VHPLVPRDxR VHUHDOL]yODFRQVWLWXFLyQGHOD&RPSDxtDGHORV &DPLQRVGH+LHUURGHO1RUWHGH(VSDxD1RUWH FRQXQFDSLWDOGHPLOORQHVGHSHVHWDVGLYLGL GDVHQDFFLRQHV7DO\FRPRUHFRJH7RU WHOODORV3pUHLUHDWUDYpVGHVXVVRFLHGDGHV\GH HOORVPLVPRVVHDVHJXUDURQHOSRUFLHQWRGH ODVDFFLRQHV&UpGLWR0RELOLDULR(VSDxRO DFFLRQHV&UpGLW0RELOLHU(PLOHH,VDDF 3pUHLUH'XTXHGH*DOOLHUD%D UyQGH6HLOOLqUHV(OUHVWRVHGLVWULEX\y HQWUH OD 6RFLpWp *pQpUDOH GH %HOJLTXH DFFLRQHVOD%DQTXHGH%HOJLTXH \XQ JUXSRYDULDGRGHLQYHUVRUHVH[WUDQMHURV\HVSD xROHV(QWUHpVWRVÀJXUDEDQDOJXQRVEDQTXHURV 8ULEDUUHQ DFFLRQHV 2·6KHD GL UHFWLYRVGH&UpGLWR0RELOLDULR(VSDxRO&DOGHUyQ DFFLRQHV2VPD\2OHD DULVWyFUDWDVFRPRHO'XTXHGH$OED\SR OtWLFRVFRPR*RQ]iOH]%UDER 6DEHPRV TXH ORV LQWHUHVHV IHUURYLDULRV GH ORV3pUHLUHEXVFDEDQODUHDOL]DFLyQGHXQDJUDQ OtQHDGHVGHODIURQWHUDIUDQFHVDGRQGHHQOD]DUtD FRQ VXV GRPLQLRV HQ HO 0LGL KDFLD 0DGULG \ &iGL] ,QFOXVR &DPHURQ UHFRJH OD SRVLELOLGDG GHTXHODFRQVWLWXFLyQGHODFRPSDxtDGHO1RU WH VH UHWUDVDUD SDUD SRGHU LQFOXLU OD UHG PHUL GLRQDO(VWDSRVLELOLGDGQRVHOOHYDUtDDFDER \ FRPR YHUHPRV OD UHG IHUURYLDULD FHQWURVXU VHUtDJHVWLRQDGDSRUVXVJUDQGHVFRPSHWLGRUHV ORV5RWKVFKLOG 3UHYLDPHQWH &UpGLWR 0RELOLDULR (VSDxRO WXYRTXHHVSHUDUODFDGXFLGDGGHORVGLIHUHQWHV WUDPRVTXHVHLQFOXtDQGHQWURGHODOtQHDSULQ FLSDO GH 0DGULG D ,U~Q 8QD YH] FRQVHJXLGR HVWRVHSXGRLQLFLDUODFRQVWUXFFLyQGLYLGLHQGR ODFRQFHVLyQHQGLIHUHQWHVWUR]RVGH0DGULGD 9DOODGROLGGH9DOODGROLGD%XUJRV\GH%XUJRV D OD IURQWHUD 'HVGH HVWH PRPHQWR FRPHQ]y XQSURFHVRGHH[SDQVLyQGHVWLQDGRDFRQVHJXLU ODDGTXLVLFLyQGHOtQHDVTXHHQOD]DEDQFRQODV VX\DV SURSLDV (Q SULPHU OXJDU VH DGTXLULy OD GH$ODUGHO5H\D6DQWDQGHUTXHOHSHUPLWtDHO DFFHVRDO&DQWiEULFR(QVHKL]RFRQODGH $OVDVXDD%DUFHORQDTXHSHUWHQHFtDDOD6RFLH GDGGHO)HUURFDUULOGH=DUDJR]DD3DPSORQD\ %DUFHORQD$pVWDVXPDUtDODDEVRUFLyQGHO)H UURFDUULOGH%LOEDRD7XGHODFRQHOTXHFRPSOH WDEDHOGRPLQLRVREUHHOHMHWUDQVYHUVDOGHOYDOOH GHO (EUR (Q OD GpFDGD GH OD DPSOLDFLyQ IXHPD\RUGHVGHHOSXQWRGHYLVWDWHUULWRULDO\D TXH SXGR HQ HVH PRPHQWR GRPLQDU FDVL WRGDV ODVUHGHVGHOQRUWHGH(VSDxD(QFRPSUy HO)HUURFDUULOGH/pULGDD5HXV\7DUUDJRQD\XQ DxRGHVSXpVHO)HUURFDUULOGHOD&RPSDxtDGHO 1RURHVWHTXHDJUXSDEDODVOtQHDVHQFRQVWUXF FLyQGH$VWXULDV*DOLFLD\/HyQ(QHO~OWLPR GHFHQLRGHOVLJORFRPSUyRWURVHMHVHVWUDWpJLFRV FRPR HO )HUURFDUULO GH $OPDQVD D 9DOHQFLD \ 7DUUDJRQD TXH KDEtD SHUWHQHFLGR DO EDQTXHUR -RVp&DPSRHO)HUURFDUULOGH9DOHQFLDD8WLHO TXHWHQtDVXFRQWLQXLGDGKDVWD$UDQMXH]SRUXQD FRQFHVLyQTXHWHUPLQDUtDHQPDQRVGH0=$\ HO LPSRUWDQWH UDPDO TXH OOHJDED GHVGH %DUFH ORQDKDVWD6DQ-XDQGHODV$EDGHVDVGRQGHVH XELFDED XQ LPSRUWDQWH \DFLPLHQWR GH FDUEyQ 3RU ~OWLPR HQ VH KDEtD KHFKR FRQ ORV GHUHFKRVGHOIHUURFDUULOGH+XHVFDD&DQIUDQF OtQHD TXH SURSRQtD XQD DSHUWXUD IHUURYLDULD HQ HOFHQWURGHORV3LULQHRV7HGGHGH/RUFDDSXQ WDTXHHOLQWHUpVGH1RUWHVHFHQWUyHQFRSDUOD H[SORWDFLyQ GH ODV OtQHDV VHSWHQWULRQDOHV GH OD 3HQtQVXODFRQWURODQGRHODFFHVRDO&DQWiEULFR \SRQLHQGRHQFRPXQLFDFLyQIHUURYLDULDDpVWH FRQ HO 0HGLWHUUiQHR D WUDYpV GHO FRUUHGRU GHO (EURHQOD]DQGRDVtSRUYtDIpUUHDODVGRVUH JLRQHVPiVGLQiPLFDVGH(VSDxD$GHPiVSRU %URGHU 7RUWHOODS\7HGGHGH/RUFDS &DPHURQS &RPtQ&RPtQ0DUWtQ$FHxD0XxR]5XELR\9LGDO2OLYDUHVYROS $/-).'/#5³,,!26),,!2 VXSXHVWRGHJDUDQWL]DUVHXQDFFHVRLPSRUWDQWH D 0DGULG OD FDSLWDO GHO (VWDGR \ HO SULQFLSDO PHUFDGRHVSDxRO/D~QLFDH[FHSFLyQDHVWDOy JLFDH[SDQVLYDGHODFRPSDxtDVHUtDODDGTXLVL FLyQHQGHODOtQHDGH$OPDQVDD9DOHQFLD \7DUUDJRQDXELFDGDHQOD]RQDHVWHGHOD3HQtQ VXODTXHTXHGDUtDVLQSRVLELOLGDGGHFRQH[LyQ FRQ0DGULGDWUDYpVGH8WLHO\$UDQMXH]FX\D UHDOL]DFLyQOHKXELHUDSHUPLWLGRGRPLQDUD1RU WHHOFHQWUROD]RQDVHSWHQWULRQDO\WRGRHODUFR QRURULHQWDOHVSDxROMXQWRDO0HGLWHUUiQHR /D &RPSDxtD GH ORV )HUURFDUULOHV GH 0D GULGD=DUDJR]D\$OLFDQWH 0=$IXHODRWUD JUDQFRPSDxtDIHUURYLDULDTXHGRPLQyXQDP SOLRWHUULWRULRHVSDxROGLVWULEXLGRHQWUHHOFHQ WURVXUFRQLPSRUWDQWHVUDPLÀFDFLRQHVDOHVWH \RHVWHGHOD]RQDPHULGLRQDOGHOD3HQtQVXOD(O RULJHQÀQDQFLHURGHHVWHQHJRFLRHVWXYRHQOD IDPLOLD5RWKVFKLOGTXHDSDUWLUGHODH[SDQVLyQ GHVXVFRPSHWLGRUHVORV3pUHLUHFRQVWLWX\yHQ HQHURGHXQDVRFLHGDGJHPHODGHQRPLQD GD 6RFLHGDG (VSDxROD 0HUFDQWLO H ,QGXVWULDO 6(0, DXQTXH VHJ~Q DSXQWD /ySH] 0RUHOO DXQTXH OD 6(0, QR IXH FUHDGD SDUD ÀQDQFLDU QLQJ~Q SUR\HFWR LQGXVWULDO ÀQDQFLHUR R IHUUR YLDULR SUHFRQFHELGR WHUPLQDUtD UHDOL]DQGR OD H[SDQVLyQIHUURYLDULDGHORV5RVWKVFKLOGHQ(V SDxDDWUDYpVGH0=$ /D6(0,VHFRQVWLWX\yFRQXQFDSLWDOGH PLOORQHV GH SHVHWDV FODUDPHQWH LQIHULRU DO GH VX FRPSHWLGRUD HQFRQWUiQGRVH HQ VX &RQVHMR GH $GPLQLVWUDFLyQ QRPEUHV WDQ SUHVWLJLRVRV FRPRORVGHO&UpGLWR0RELOLDULR(VSDxRO&LQ FRGHHOORVWDPELpQÀJXUDEDQHQHOGHO%DQFR GH(VSDxD$OHMDQGUR0RQPLQLVWURGH+DFLHQ GDHQGLIHUHQWHVRFDVLRQHVIXHHOSUHVLGHQWHGHO &RQVHMRGH$GPLQLVWUDFLyQDGHPiVGH LQFOXLU EDQTXHURVPDGULOHxRVFRPRHO'XTXHGH6HYL OODQRR-RVp0DQXHO&ROODGRHVWDEDQSUHVHQWHV 'DQLHO:HLVZHLOHUH,JQDFLR%DXHUDJHQWHVGH ORV5RWKVFKLOGHQ(VSDxD 0=$HOSULQFLSDO\FDVLH[FOXVLYRQHJRFLR GH OD 6(0, HQ (VSDxD VH FUHy HO GH HQH UR GH WUDV XQD SULPHUD FRQVWLWXFLyQ HQ GLFLHPEUHGHGHOD&RPSDxtDGH0DGULG D=DUDJR]D\HO0HGLWHUUiQHRTXHGLRSDVRD 0=$/DQXHYDVRFLHGDGQDFLyFRQXQFDSLWDO GHPLOORQHVGHIUDQFRVGLYLGLGRHQ DFFLRQHVGHODVTXHORV5RWKVFKLOGDFDSDUDURQ \OD6(0,ORTXHVXSRQtDSDUD ORV EDQTXHURV IUDQFHVHV HO SRU FLHQWR GHO WRWDO(OUHVWRDFFLRQHVVHUHSDUWLHURQ HQWUH ORV VRFLRV GHO *UDQG &HQWUDO GH )UDQFH HQWUH ORV TXH ÀJXUDEDQ HO &RQGH GH 0RUQ\ &KDWHOXV*XVWDYH'HODQWH\HO&RQGH/HRSRO GR /H+RQ &XDQGR VH FRQVWLWX\H OD HPSUHVD ODV WUHV FXDUWDV SDUWHV GH OD OtQHD GH 0DGULG D $OLFDQWH\DHVWDEDQFRQVWUXLGDVDXQTXHHOHMH GH0DGULGD=DUDJR]DHVWDEDWRGDYtDHQVXVFR PLHQ]RV /DOyJLFDH[SDQVLYDGH0=$HQODVHJXQGD PLWDGGHOVLJOR;,;VHEDVyHQHODFFHVRXWLOL ]DQGRD0DGULGFRPRSODWDIRUPDFHQWUDODORV ULFRVYDOOHVDJUtFRODVGHO(EUR\HO*XDGDOTXL YLUHVWDEOHFLHQGRWUHVSXQWRVWHUPLQDOHVHQODV ]RQDV GH OLWRUDO HO 0HGLWHUUiQHR VHSWHQWULRQDO HVSDxRO HQ %DUFHORQD \ VX SURORQJDFLyQ D OD IURQWHUD IUDQFHVD HO 0HGLWHUUiQHR PHULGLRQDO HQ$OLFDQWH\&DUWDJHQD\HODFFHVRDO$WOiQ WLFRDQGDOX]HQ6HYLOOD\+XHOYD$GHPiVFR QHFWDUtDFRQ3RUWXJDODWUDYpVGHODIURQWHUDGH %DGDMR] $ODVOtQHDVSURSLDVGHODVFRQFHVLRQHVRE WHQLGDV0=$VXPDUtDGHVGHQXHYDVDG TXLVLFLRQHVTXHFRPSOHWDUDQVXVDIDQHVH[SDQ VLYRV (Q REWXYR OD OtQHD GH &yUGRED D 6HYLOOD \ SHUPLWtD VX HQWUDGD HQ HO FHQWUR GHO YDOOH GHO *XDGDOTXLYLU 'RV DxRV GHVSXpV VH KL]R FRQ OD FRQFHVLyQ GH OD OtQHD GH 6HYLOOD D +XHOYD(VWROHSHUPLWLUtDDODVRFLHGDGVXPDU ORVGRVUHFRUULGRVPiVFRUWRVGH0DGULGKDVWD HO0HGLWHUUiQHRHQ$OLFDQWHNLOyPHWURV\ 7HGGHGH/RUFDSS /ySH]0RUHOOS 7RUWHOODSS/D&DVD5RWKVFKLOGVXVQHJRFLRVHLQWHUHVHVKDVLGRUHFLHQWHPHQWHHVWXGLDGDHQ/ySH]0RUHOO /ySH]0RUHOOS\VV 7HGGHGH/RUFDS !»/3$%&%22/#!22),%.!,"!#%4% KDVWDHO$WOiQWLFRHQ+XHOYDNLOyPHWURV (QVHKL]RFRQODOtQHDGH&LXGDG5HDOD %DGDMR]\DDELHUWDDOWUiÀFRTXHHQOD]DEDFRQ ODFRQFHVLyQSURSLDGH0DGULGD&LXGDG5HDO DGHPiVGHWHQHUGRVUDPDOHVGHLQWHUpVHOTXH GHVGH $OMXFpQ FHUFD GH 0pULGD VXEtD KDVWD &iFHUHV\HOGH%HOPH]TXHGHVGH$OPRUFKyQ SHUPLWtDDFFHGHUDODVPLQDVGHFDUEyQGHO$OWR *XDGLDWR8QDxRGHVSXpVVHKL]RFRQODFRQ FHVLyQGH6HYLOODKDVWD0pULGDORFXDOSHUPLWtD FHUUDUWRGDOD]RQDVXURFFLGHQWDOEDMRVXGRPL QLR\OHSRQtDHQFRPXQLFDFLyQIHUURYLDULDFRQ ODVLPSRUWDQWHVPLQDVGHFDUEyQGH/D5HXQLyQ /DDGTXLVLFLyQHQGHODOtQHDGH$UDQMXH] D&XHQFDSRGUtDKDEHUIDFLOLWDGRDODFRPSDxtD XQDFFHVRPiVGLUHFWRD9DOHQFLDSHURODFRP SUDFRPRKHPRVYLVWRGH1RUWHGHOWUDPRTXH FRQWLQXDEDGHVGH8WLHOKDVWDODFDSLWDOGHO7XULD IUXVWUyODHVWUDWHJLD $ SDUWLU GH HVH PRPHQWR OD H[SDQVLyQ DO VXUDWUDYpVGHOUHVWRGHOtQHDVDQGDOX]DVTXH GyIUXVWUDGDSRUODFRQVROLGDFLyQGHOD &RPSD xtDGHORV)HUURFDUULOHV$QGDOXFHV TXHGHVGH FRPRYHUHPRVDFRQWLQXDFLyQUHDOL]DED VXH[SDQVLyQHQWRGRHOFHQWUR\RHVWHGH$Q GDOXFtD \ FRQWURODED HO DFFHVR IHUURYLDULR DO 0HGLWHUUiQHRDQGDOX](VWRKL]RTXHORVDIDQHV H[SDQVLYRVGH0=$VHGLULJLHUDQKDFLDORVWUi ÀFRVGHOD0HVHWD\ODFRQH[LyQGHVGH=DUDJR]D FRQ&DWDOXxD\VXSOD]DGH%DUFHORQD$VtHQ HO FDVR FDVWHOODQR VH KL]R FRQ OD FRQFHVLyQ \ FRQVWUX\yXQDOtQHDWUDQVYHUVDOGHVGH9DOODGR OLGWHUULWRULRGH1RUWHKDVWD$UL]DHQODOtQHD GH=DUDJR]DORTXHSRVLELOLWDEDDODFRPSDxtD GHORV5RWKVFKLOGHODFFHVRDORVWUiÀFRVGHFH UHDOHVFDVWHOODQRV3RURWUDSDUWHGHVGH=DUDJR ]DVHSURORQJyODFRQVWUXFFLyQKDVWD%DUFHORQD XWLOL]DQGRXQDFFHVRVXUYtD5HXVGLIHUHQWHGHO DFFHVRQRUWHSRU/pULGDTXHFRQWURODED1RUWH /DOtQHDGH=DUDJR]DD%DUFHORQDYtD5HXVSHU WHQHFtDDOD &RPSDxtDGHORV)HUURFDUULOHVGH 7DUUDJRQDD%DUFHORQD\)UDQFLD7%)SHUR pVWD QR HVWDED HQ GLVSRVLFLyQ GH FRQVWUXLUOD \ 0=$DWUDYpVGHXQFRQYHQLRÀUPDGRHQ 7HGGHGH/RUFDS 7HGGHGH/RUFDS DSRUWyODÀQDQFLDFLyQQHFHVDULD(OIUDFDVRHFR QyPLFRGH7%)VHPDWHULDOL]yHQFRQOD VXVSHQVLyQGHSDJRVPRPHQWRTXHDSURYHFKy 0=$ SULQFLSDO DFUHHGRU SDUD KDFHUVH FRQ HO FRQWUROGHODVOtQHDVGH7%)FRQVWLWX\HQGRDVt OD GHQRPLQDGD ´5HG &DWDODQD GH 0=$µ TXH PDQWHQGUtDXQDLGHQWLGDGVHSDUDGDKDVWDÀQDOHV GH OD GpFDGD GH PRPHQWR HQ HO TXH VH UHDOL]yODLQWHJUDFLyQGHÀQLWLYD 8QD WHUFHUD HPSUHVD IHUURYLDULD DXQTXH D JUDQGLVWDQFLDGHODVDQWHULRUHVVHFRODUtDHQOD KHJHPRQtDGH 1RUWH\0=$OD&RPSDxtDGH ORV )HUURFDUULOHV $QGDOXFHV (VWD FRPSDxtD DQDOL]DGDHQSURIXQGLGDGSRU3HGUR7HGGHIXH FRQVWLWXLGDHOGHPD\RGHDSDUWLUGH OD LQLFLDWLYD GH XQ JUXSR GH HPSUHVDULRV DQ GDOXFHV HO VHYLOODQR PDUTXpV GH OD *iQGDUD -RDTXtQ GH OD *iQGDUD 1DYDUUR \ HO PDOD JXHxRPDUTXpVGH&DVD/RULQJ-RUJH/RULQJ 2\DU]iEDO eVWH ~OWLPR KDEtD LPSXOVDGR DQ WHULRUPHQWH MXQWR D ORV WDPELpQ HPSUHVDULRV PDODJXHxRV7RPiV+HUHGLD\0DQXHO/DULRV OD&RPSDxtDGHORV)HUURFDUULOHVGH&yUGREDD 0iODJD(OLQWHUpVGH/RULQJ\VXVVRFLRVHVWD EDHQFRQVROLGDUDSDUWLUGHQXPHURVDVOtQHDV ORFDOHVXQDUHGGHiPELWRUHJLRQDOTXHLQFOX \HUD OD PD\RU SDUWH GH ORV IHUURFDUULOHV H[LV WHQWHV R HQ FRQGLFLRQHV GH FRQVWUXLUVH HQ HO VXUGHOD3HQtQVXOD /DV OtQHDV SULQFLSDOHV GHO VLVWHPD IHUURYLD ULRGH $QGDOXFHV HUDQORVHMHVGH6HYLOODD-HUH] \&iGL]GHNLOyPHWURV\HO&yUGREDD0i ODJDTXHVHSURORQJDEDDOQRUWHKDVWDODVPLQDV GH%HOPH]\DOHVWHKDFLDODFLXGDGGH*UDQDGD FRQNLOyPHWURVHQWRWDO(QPHGLRVHFRQ ÀJXUDEDXQDOtQHDWUDQVYHUVDOGHVGH8WUHUDHQ ODOtQHDGH&iGL]D2VXQD\/D5RGDGH$QGD OXFtDHQODOtQHDGH0iODJDFRQXQWRWDOGH NLOyPHWURV/DUHGVHFRPSOHWDEDFRQODOtQHD GH-HUH]D6DQO~FDU\%RQDQ]DGHNLOyPH WURV\ODGH0DUFKHQDDeFLMDGHNLOyPHWURV (VWRGDEDDODUHGGH$QGDOXFHVXQDH[WHQVLyQ GHNLOyPHWURVHQHODxRFDVLHOSRU $/-).'/#5³,,!26),,!2 #UADRO+ILØMETROSDEFERROCARRILYPORCENTAJESDELASTRESGRANDESCOMPA×ÓAS $xRV 7RWDO5HG 1RUWH 0=$ $QGDOXFHV )XHQWHV7HGGHGH/RUFD&XDGUR FLHQWR GH ORV IHUURFDUULOHV SXHVWRV HQ H[SORWD FLyQHQ(VSDxD &RPRKHPRVLQGLFDGRORVLPSXOVRUHVÀQDQ FLHURVGHOSUR\HFWRIXHURQXQJUXSRGHHPSUH VDULRVDQGDOXFHV6LQHPEDUJRSDUDFRPSOHWDU ODLQYHUVLyQWRWDOGHODQXHYDHPSUHVDVHUHFX UULyFRPRHQRWURVFDVRVDFDSLWDOH[WUDQMHUR 6L ORV 3pUHLUH KDEtDQ ÀQDQFLDGR D 1RUWH \ ORV 5RWKVFKLOG D 0=$$QGDOXFHV FRQWDUi FRQ OD IDPLOLD&DPRQGRXQDGHODVPiVDFDXGDODGDV GH3DUtV(QHVWDRFDVLyQWDO\FRPRUHFXHUGD 3HGUR7HGGHDSDUWLUGHORVGDWRVGH%URGHUOD LQYHUVLyQGHORV&DPRQGRIXHQRWDEOHPHQWHLQ IHULRUDODGHVXVFRPSDWULRWDVIUDQFHVHVHQORV FDVRVFLWDGRV(OFDSLWDOVRFLDOGHODQXHYDHP SUHVDHUDGHPLOORQHVGHSHVHWDVGHORVTXH ODPLWDGFRUUHVSRQGtDQDODVDSRUWDFLRQHVGHORV VRFLRV HVSDxROHV D WUDYpV GH ODV OtQHDV TXH VH LQFRUSRUDEDQDODQXHYDFRPSDxtDVLHQGRHO SRUFLHQWRUHVWDQWHODDSRUWDFLyQHIHFWLYDGHORV LQYHUVRUHVIUDQFHVHV $ SDUWLU GH HVWH LPSXOVR LQLFLDO$QGDOXFHV SURVHJXLUiVXSURFHVRH[SDQVLYRHQOD]RQDFRQ OD DEVRUFLyQ GH ODV OtQHDV GH $OJHFLUDV D %R EDGLOOD SHUWHQHFLHQWH D OD FRPSDxtD$OJHFLUDV 5DLOZD\HQGHO3XHUWRGH6DQWD0DUtDD 6DQO~FDUGH%DUUDPHGDSURSLHGDGGHOD&RP 7HGGHGH/RUFDQRWD\FXDGUR SDxtD %HOJD GH ORV )HUURFDUULOHV 9HFLQDOHV GH $QGDOXFtDHQ\GH/LQDUHVD$OPHUtD\ 0RUHGDD*UDQDGDH[SORWDGDSRUOD&RPSDxtD GHORV&DPLQRVGH+LHUURGHO6XUGH(VSDxDHQ $GHPiV DVXPLy OD FRQVWUXFFLyQ GH GRV QXHYDVOtQHDVODGH$OLFDQWHD0XUFLDHQ TXHVHFRQVWLWXLUtDHQOD~QLFDWUDVJUHVLyQGHVX LGHQWLGDGFRQHOWHUULWRULRDQGDOX]\ODGH/LQD UHVD3XHQWH*HQLOLQDXJXUDGDHQFRQOD TXHFRPSOHWDEDXQWUD]DGRDOWHUQDWLYRSDUDOHOR DOYDOOHGHO*XDGDOTXLYLUDODUHGH[SORWDGDSRU 0=$ GHVGH /LQDUHV D 6HYLOOD (Q WRWDO OD UHG GH$QGDOXFHVDOFDQ]DUtDHQORVNLOy PHWURVHQH[SORWDFLyQHOSRUFLHQWRGHODUHG HVSDxRODGHYtDDQFKD /DVUD]RQHVH[SDQVLYDVGHODVJUDQGHVFRP SDxtDVIHUURYLDULDVTXHGXUDQWHHOVLJOR;,;\ HOSULPHUWHUFLRGHOVLJOR;;SDVDURQDH[SOR WDUODVWUHVFXDUWDVSDUWHVGHODUHGQDFLRQDOYHU &XDGURVHSXHGHQH[SOLFDUGHVGHDUJXPHQWRV HFRQyPLFRVSROtWLFRVRHVWUDWpJLFRV6REUHORV SULPHURV7HGGHSODQWHDODVRSRUWXQLGDGHVTXH RIUHFtDHOPHUFDGRHQFLHUWRVPRPHQWRVSDUDOD DGTXLVLFLyQ GH FRPSDxtDV TXH VH HQFRQWUDEDQ HQXQDVLWXDFLyQÀQDQFLHUDGHOLFDGD(VWHPRWL YRWHQGUtDOXJDUHQORVSULPHURVDxRVGHSXHVWD HQH[SORWDFLyQGHXQDQXHYDOtQHDFX\RVUHVXO WDGRV QR IXHUDQ ORV HVSHUDGRV \ HQ XQD VLWXD !»/3$%&%22/#!22),%.!,"!#%4% FLyQGHGHELOLGDGGHORVSURSLHWDULRVORVFXDOHV KDEtDQDVXPLGRHOHYDGRVFRVWHVSDUDLQLFLDUHO QHJRFLR\VHDEUtDDQWHHOORVXQIXWXURLQFLHUWR (VWDFR\XQWXUDHUDDSURYHFKDGDSRUODHPSUHVD PD\RUTXHDPSOLDEDDVtGHPRGRUHODWLYDPHQWH IiFLOVXSURSLRQHJRFLR7DPELpQFRUUHVSRQGtD D OD OyJLFD HFRQyPLFD OD E~VTXHGD GH QXHYDV OtQHDVHQH[SORWDFLyQSDUDIDYRUHFHUODVHFRQR PtDVGHHVFDOD(VWRHVFRQHOFUHFLPLHQWRGH ODUHG\GHORVVHUYLFLRVVHSRGtDQGLVWULEXLUGH PRGR PiV UHQWDEOH ORV JDVWRV ÀMRV QHFHVDULRV HQ WRGR WLSR GH H[SORWDFLyQ IHUURYLDULD FRPR WDOOHUHV PDWHULDO PyYLO HVWDFLRQHV R VHUYLFLRV DGPLQLVWUDWLYRV (Q FRPELQDFLyQ FRQ ORV PRWLYRV HFRQyPL FRVHVWDUtDQWDPELpQORVPRWLYRVHVWUDWpJLFRV PXFKRPiVGLItFLOHVGHYDORUDUSHURHYLGHQWHV (Q HVWH DSDUWDGR VLWXDUtDPRV ODV H[SDQVLRQHV SURGXFLGDVSRUODFRPSHWHQFLDGHVHUYLFLRVGH RWUDVFRPSDxtDVVHDFXDOVHDVXWDPDxR$VtOD H[SDQVLyQGH0=$HQ&DWDOXxDHQODVGpFDGDV ÀQDOHVGHOVLJOR;,;HQGXUDFRPSHWHQFLDFRQ 1RUWHRODGH$QGDOXFHVHQWRUQRDOYDOOHGHO *XDGDOTXLYLUWDPELpQHQHVHSHULRGRHQRSRVL FLyQDOGRPLQLRHMHUFLGRVREUHHVHFRUUHGRUSRU 0=$IRUPDQSDUWHGHHVDHVWUDWHJLDHQODTXH QRVLHPSUHODVUD]RQHVHFRQyPLFDVWHQtDQOD~O WLPDSDODEUDHQODGHFLVLyQGHDGTXLULUQXHYDV OtQHDV$TXtVHHQWUHOD]DEDQORVPRWLYRVHVWUD WpJLFRVFRPRKHPRVDSXQWDGRRLQFOXVRORVGH SUHVWLJLR 'HVGHXQHQIRTXHWHPSRUDOSRGHPRVFRP SUREDUTXHODH[SDQVLyQGHODVJUDQGHVFRPSD xtDVÀQDOL]DFRQHOVLJOR;,;$Vt1RUWHFRP SOHWDVXH[SDQVLyQHQFRQODDGTXLVLFLyQ GH ODV OtQHDV GH OD &RPSDxtD GHO )HUURFDUULO GH$OPDQVDD9DOHQFLD\7DUUDJRQD$97GH NPUHDOL]DGDHQ$ODxRVLJXLHQWHVH KDUtDFRQODFRQFHVLyQGHODOtQHDGH9DOHQFLDD 8WLHO/DXOWHULRUDPSOLDFLyQGHVXUHGHQ VHGHELyDODÀQDOL]DFLyQGHODVREUDVGHFRQV WUXFFLyQGHODOtQHDGH-DFDD&DQIUDQFDXQTXH VX FRQFHVLyQ GDWDED WDPELpQ GH 3RU VX SDUWH0=$FRQFOX\yVXSURFHVRGHFUHFLPLHQWR 3DUDHVWRVDUJXPHQWRVYpDVH7HGGH/RUFDSS HQFRQODDGTXLVLFLyQGHODUHGGHOD1XHYD &RPSDxtDGHORV)HUURFDUULOHVGH7DUUDJRQDD %DUFHORQD\)UDQFLD 7%)GHNPTXHORV DxRVSUHFHGHQWHVKDEtDDEVRUELGRDVXYH]RWUDV OtQHDV \ HPSUHVDV TXH RSHUDEDQ HQ HO iPELWR FDWDOiQ7DPELpQKD\TXHDSXQWDUODDSHUWXUDDO VHUYLFLR GH OD OtQHD GH FRQVWUXFFLyQ SURSLD GH 9DOODGROLG D$UL]D UHDOL]DGD HQ GH .P (VWDVSDXWDVWHPSRUDOHVGHODH[SDQVLyQGH ODV JUDQGHV FRPSDxtDV WLHQHQ VX OyJLFD HQ HO KHFKR GH OD PD\RU SDUWH GH OD UHG IHUURYLDULD HVSDxROD\DHVWDEDFRQVWUXLGDDÀQDOHVGHOVL JOR ;,;$GHPiV ORV UHVXOWDGRV GH H[SORWD FLyQ VHJXtDQ VLQ VHU IDYRUDEOHV \ ODV FRPSD xtDV FRPHQ]DURQ D PRVWUDU VXV GXGDV VREUH ODQHFHVLGDGGHKDFHUQXHYDVDGTXLVLFLRQHVD SHVDU GH ODV SUHVLRQHV JXEHUQDPHQWDOHV TXH YHtDQ HQ OD FRQFHQWUDFLyQ XQD SRVLEOH PDQH UDGHVROXFLRQDUORVSUREOHPDVHFRQyPLFRVGH HVWDVHPSUHVDV 6LQ HPEDUJR OD WHUFHUD FRPSDxtD IHUURYLD ULD HQ LPSRUWDQFLD $QGDOXFHV QR PDQWHQGUtD HVDSRVWXUDGHSUXGHQFLD\FRQWLQXDUtDFRQVXV RSHUDFLRQHVH[SDQVLYDVGXUDQWHHOSULPHUWHUFLR GHOVLJOR;;$VtFRPRKHPRVDSXQWDGRDQWH ULRUPHQWHGHVGHODFRQVWUXFFLyQGHVXOtQHDGH 3XHQWH*HQLOD/LQDUHVHQHQFRLQFLGHQFLD FRQRWUDVH[SDQVLRQHVGH1RUWH\0=$VXPy QXHYRV NLOyPHWURV TXH LQFUHPHQWDEDQ HQ XQSRUFLHQWRVXUHGDQWHULRU/DVUD]RQHVGH HVWD DFWXDFLyQ VRQ GLVFXWLEOHV \D TXH DXQTXH OD DGTXLVLFLyQ GH OD OtQHD GHO 3XHUWR GH 6DQWD 0DUtDD6DQO~FDUGHNPUHDOL]DGDHQ D OD &RPSDxtD %HOJD GH ORV )HUURFDUULOHV 9H FLQDOHVGH$QGDOXFtDIXHXQDEXHQDRSHUDFLyQ GHVGHHOSXQWRGHYLVWDÀQDQFLHURQRH[LVWHOD PLVPDYDORUDFLyQVREUHODFRPSUDGHODVOtQHDV GH$OJHFLUDV\GH$OPHUtD(VSHFLDOPHQWHHVWD ~OWLPDYHULÀFDGDHQGHVSXpVGHXQODUJR SHULRGRGHDUULHQGRGHVGHSHQDOL]yVHYH UDPHQWH OD HFRQRPtD GH OD HPSUHVD \ VyOR VH MXVWLÀFDSRUODSUHVHQFLDUHOHYDQWHGHODFRPSD xtDPDODJXHxDHQHOSDVLYRGHODHPSUHVDGH,YR $/-).'/#5³,,!26),,!2 #UADRO%MPRESASDEFERROCARRILESPA×OLASDEMEDIANOTAMA×O &RPSDxtDV 0&32 6( 0=29 )&$ )6) =+ /%$ .P )HFKD FRQFHVLyQ )HFKDV FRQVWUXFFLyQ 1DFLRQDOL]DFLyQ R$EVRUFLyQ 2HVWH $QGDOXFHV 2HVWH 2HVWH )XHQWH(ODERUDFLyQSURSLD3DUDVLJODVYHUWH[WR %RVFK6yORHOWHPRUDXQDRSHUDFLyQGHDEVRU FLyQSRUXQDFRPSDxtDPD\RUMXVWLÀFDUtDHVWDV HUUyQHDV GHFLVLRQHV DXQTXH HQ HVH PRPHQWR HUD\DHO(VWDGRHOTXHKDEtDLQLFLDGRXQDSROt WLFDGHFLGLGDGHLQWHUYHQFLyQHQODVFRPSDxtDV IHUURYLDULDVFRPRGHPXHVWUDHOKHFKRGHODQD FLRQDOL]DFLyQGHODVUHGHVIHUURYLDULDVHQHORHV WHGH(VSDxDTXHWUDVVXFHVLYDVTXLHEUDVKDEtDQ VLGRLQFDXWDGDVEDMROD&RPSDxtD1DFLRQDOGH ORV)HUURFDUULOHVGHO2HVWHGH(VSDxD2HVWH\ TXHWDPELpQVHUtDHOGHVWLQRÀQDOGH $QGDOXFHV HQ $GHPiVGHODWUD\HFWRULDGHHVWDVWUHVJUDQ GHV HPSUHVDV HO SDQRUDPD GHO IHUURFDUULO GH YtD DQFKD HQ (VSDxD SUHVHQWDED XQ JUXSR GH PHGLDQDV HPSUHVDV TXH PDQWXYLHURQ VX LQ GHSHQGHQFLD KDVWD ODV GpFDGDV GH H LQ FOXVRKDVWDODQDFLRQDOL]DFLyQGH(VWDV HPSUHVDV GLVSRQtDQ GH UHGHV HQ H[SORWDFLyQ LQIHULRU D ORV PLO NLOyPHWURV \ VXSHULRU D ORV FLHQ\IXQFLRQDURQGHPRGRVLPLODUDODVJUDQ GHV FRPSDxtDV WDQWR HQ OR FRQFHUQLHQWH D OD OHJLVODFLyQVLVWHPDVGHÀQDQFLDFLyQ\PRGRV GHJHVWLyQODVSULQFLSDOHVGLIHUHQFLDVHVWULEDQ HQVXVHVFDODVWHUULWRULDOHVPHQRUHV\ODFRQFX UUHQFLDGHODSXHVWDHQPDUFKDGHPXFKDVGH HVWDVHPSUHVDVHQORVGRV~OWLPRVGHFHQLRVGHO VLJOR;,;YHU&XDGUR /DVFRPSDxtDVLQWHJUDGDVHQHVWHJUXSRVH UtDQODVVLJXLHQWHV &RPSDxtD GH ORV )HUURFDUULOHV GH 0DGULG D &iFHUHV \ 3RUWXJDO \ 2HVWH GH (VSDxD 0&327HQtDVXRULJHQHQODVFRQFHVLRQHV GH0DGULGD0DOSDUWLGDGH3ODVHQFLD\GH&i FHUHVDODIURQWHUDSRUWXJXHVDTXHGLHURQRUL JHQDVHQGDVFRPSDxtDV )HUURFDUULOGHO7DMR \ )HUURFDUULOHVGH&iFHUHVD0DOSDU WLGD\DODIURQWHUDGH3RUWXJDO&RQ O ODFRQVWUXFFLyQGHODVOtQHDVSUiFWLFDPHQWHÀ QDOL]DGDVHFUHyHQXQDQXHYDHPSUHVD &RPSDxtDGHORV)HUURFDUULOHVGH0DGULGD &iFHUHV\3RUWXJDOO 0&3TXHTXHGyOHJDO PHQWHFRQVWLWXLGDHQGLFLHPEUHGH/RV LQWHQWRV GH DPSOLDFLyQ GH UHG VH OOHYDURQ D FDERHQFXDQGRFRQVLJXHODFRQFHVLyQ GHODOtQHDHQFRQVWUXFFLyQGH0DOSDUWLGDGH 3ODVHQFLDD$VWRUJDWUDPRQRUWHGHOHMHKLV WyULFRGHQRPLQDGR9tDGHOD3ODWD/RVSUR EOHPDVHFRQyPLFRVUHWUDVDURQODÀQDOL]DFLyQ GHODOtQHD\FDXVDURQODVXVSHQVLyQGHSDJRV GHODVFRPSDxtDVLPSOLFDGDVODSURSLD0&3 OD &RPSDxtD5HDOGHORV&DPLQRVGH+LHUUR 3RUWXJXHVHV\)HUURFDUULOHVGHO2HVWHGH(V SDxDTXHKDFtDGHLQWHUPHGLDULD(QVH FUHyODQXHYDVRFLHGDGTXHOOHYDUtDODH[SOR WDFLyQGHODVOtQHDVGH0&3\ODGH$VWRUJD TXHVHFRQFOX\yHQ(Q0&32VH LQWHJUDUtDHQ 2HVWH &RPSDxtDGHORV&DPLQRVGH+LHUURGHO6XU GH(VSDxD6((VWDHPSUHVDVHFRQVWLWX\y HQDSDUWLUGHODFRQFHVLyQGHODOtQHD !»/3$%&%22/#!22),%.!,"!#%4% GH/LQDUHVD$OPHUtDTXHKDEtDUHFDtGRHQHO LQGXVWULDO FDWDOiQ ,YR %RVFK SUHVLGHQWH GH &UpGLW0RELOLHUU \GHO%DQFRGH0DGULGVR FLHGDGHVTXHDYDODEDQODRSHUDFLyQ/DYLGD HPSUHVDULDO GH OD VRFLHGDG VH SXHGH GLYLGLU HQGRVSHULRGRVXQSULPHUROLJDGRDVXLP SXOVRU,YR%RVFKTXHOOHJDUtDKDVWDVXIDOOH FLPLHQWRHQ\XQDVHJXQGDHWDSDTXH WHQGUtDFRPRUHIHUHQFLDODWXWHODGH$QGDOX FHVTXHUHDOL]DEDHODUULHQGRGHODH[SORWD FLyQ \ HUD SRVHHGRUD GH OD PD\RU SDUWH GHO FDSLWDOGHODFRPSDxtD(QWUDVKDEHU VXSHUDGR ODV WUDEDV LQVWLWXFLRQDOHV SDUD VX DGPLVLyQHQHO5pJLPHQ)HUURYLDULRODHP SUHVDVHLQWHJUyHQ $QGDOXFHV &RPSDxtDGHO)HUURFDUULOGH0HGLQDGHO&DP SR D =DPRUD \ GH 2UHQVH D 9LJR 0=29 'RPLFLOLDGD VRFLDOPHQWH HQ %DUFHORQD HVWD FRPSDxtDVHKL]RFRQODFRQFHVLyQGHODOtQHD GH 0HGLQD GHO &DPSR D =DPRUD UHDOL]DQGR ODFRQVWUXFFLyQGHPDQHUDUiSLGDHQWUH\ $SDUWLUGHHVWD~OWLPDIHFKDFDPELyVX QRPEUHSRUHOGH&RPSDxtDGHORV)HUURFDUUL OHVGH0HGLQDGHO&DPSRD=DPRUD\2UHQVHD 9LJR0=29\IRUPDUiSDUWHGHOFRQMXQWRGH OtQHDVTXHVHLQWHJUDURQHQ2HVWHHQ &RPSDxtD GHO )HUURFDUULO &HQWUDO GH $UD JyQ )&$ &UHDGD HQ SRU XQ JUXSR GH FDSLWDOLVWDV EHOJDV SDUD H[SORWDU OD OtQHD GH&DODWD\XGD6DJXQWR\*UDRGH9DOHQFLD (QDGTXLHUHODOtQHDGHYtDHVWUHFKDGH OD &RPSDxtDGHO)HUURFDUULOGH&DULxHQDD =DUDJR]D UHDGDSWDQGR HO WUD]DGR D YtD DQ FKDHQHOWUDPRGH&DPLQUHDOD=DUDJR]D(Q HVFRPSUDGDSRU1RUWHDXQTXHPDQWX YRVXH[SORWDFLyQLQGHSHQGLHQWH(QVH LQWHJUDHQ5(1)( &RPSDxtD GHO )HUURFDUULO GH 6DODPDQFD D OD )URQWHUD )6) (VWD FRPSDxtD H[SORWy GRVFRQH[LRQHVRFFLGHQWDOHVGH&DVWLOODFRQ 3RUWXJDODWUDYpVGHWLHUUDVVDOPDQWLQDVODV OtQHDVGH6DODPDQFDD)XHQWHVGH2xRURSRU &LXGDG5RGULJR\HOUDPDOGHpVWDHQ)XHQ WHGH6DQ(VWHEDQDOD)UHJHQHGD&RPRHQ RWURVFDVRVGHIHUURFDUULOHVWUDQVIURQWHUL]RV KXER DSRUWDFLyQ GH FDSLWDOHV HVSDxROHV \ SRUWXJXHVHVDXQTXHQRSDUHFHTXHODVUHOD FLRQHVIXHVHQHVSHFLDOPHQWHÁXLGDV/DFRQV WUXFFLyQGHODVOtQHDVVHFRQFOX\yHQ\ UHVSHFWLYDPHQWH\ VX H[SORWDFLyQUH VXOWy FODUDPHQWH GHÀFLHQWH SUHVHQWDQGR XQ QLYHO GH LQJUHVRV UHDOPHQWH UHGXFLGR PX\ SRUGHEDMRGHODPHGLDGHRWUDVFRPSDxtDVGH WDPDxRVLPLODU(QSDVyDIRUPDUSDUWH GHODFRPSDxtDHVWDWDO2HVWH )HUURFDUULO GH =DIUD D +XHOYD =+ (VWD FRPSDxtDIRUPDSDUWHGHOJUXSRTXHSRGHPRV LGHQWLÀFDU FRQ OD XQLyQ GH LQWHUHVHV PLQHURV \ FDSLWDO EULWiQLFR *XLOOHUPR 6XQGKHLP VH UtDVXSUHFXUVRUTXLHQHQWUDVSDVDUtDOD FRQFHVLyQ D XQD VRFLHGDG EULWiQLFD &RPSD xtDGHO)HUURFDUULOGH=DIUDD+XHOYD =+ /DFRQVWUXFFLyQGHODOtQHDVHSURORQJDKDVWD LQLFLDQGRDSDUWLUGHHVHPRPHQWRXQD H[SORWDFLyQ RULHQWDGD DO WUiÀFR GH SLULWDV GH KLHUURGHVGHORVFRWRVRQXEHQVHVDOOLWRUDO6XV UHVXOWDGRVHFRQyPLFRVIXHURQPX\PRGHVWRV DXQTXH PDQWXYR VX DXWRQRPtD HPSUHVDULDO KDVWDODQDFLRQDOL]DFLyQGH &RPSDxtDGHO)HUURFDUULOGH/RUFDD%D]D \ ÉJXLODV 7KH *UHDW 6RXWKHUQ RI 6SDLQ 5DLOZD\/%$/DFUHDFLyQGHHVWDFRP SDxtD UHVSRQGH DO PDQLÀHVWR LQWHUpV TXH WHQtD XQ JUXSR GH LQYHUVRUHV EULWiQLFRV HQ OD H[SORWDFLyQ GH ORV \DFLPLHQWRV IpUULFRV GHODVVLHUUDVGHO6XUHVWHHVSDxROGHIXHUWH GHPDQGD HQ HVH PRPHQWR SRU OD LQGXVWULD VLGHU~UJLFD EULWiQLFD /D HPSUHVD VH FRQV WLWX\y HQ /RQGUHV HQ LQLFLDQGR UiSL GDPHQWH ORV WUDEDMRV GH FRQVWUXFFLyQ GH OD OtQHDTXHHQJOREDEDLQLFLDOPHQWHODFRQFH VLyQGHVGH/RUFDKDVWD*UDQDGD\HOUDPDO GH$OPHQGULFRVDÉJXLODV6LQHPEDUJRXQD YH]OOHYDGDODOtQHDKDVWD%D]DHQORVOtPL WHVGHODVLHUUDGHORV)LODEUHVODFRPSDxtD VHGHVSUHQGLyGHOUHVWRGHODFRQFHVLyQTXH OOHJDUtDDPDQRVGH,YR%RVFK\VHOLPLWyD H[SORWDUHOWUiÀFRGHPLQHUDOGHKLHUURDOR ODUJR GH WRGR HO YDOOH GHO$OPDQ]RUD KDVWD HOSXHUWRPXUFLDQR/DFRPSDxtDSDVDUtDD IRUPDUSDUWHGH5(1)(HQ $/-).'/#5³,,!26),,!2 #UADRO%MPRESASDEFERROCARRILESPA×OLASDEMEDIANOTAMA×O2EDY#APITALEN +ILØMETROSENEXPLOTACIØNENYDISTRIBUCIØNDELCAPITALSOCIALENMILLONESDEPESETAS 0&32 6( 0=29 )&$ )6) =+ /%$ .P $FFLRQHV 2EOLJDFLRQHV 6XEYHQFLRQHV )XHQWH(ODERUDFLyQSURSLDDSDUWLUGH0LQLVWHULRGH2EUDV3~EOLFDV7RPR ,,3DUD6(\/%$&XpOODU9LOODU\SDUD)6)0HPRULDV (ODQiOLVLVFRQMXQWRGHORVSULQFLSDOHVUH VXOWDGRVGHODH[SORWDFLyQIHUURYLDULDGHHVWDV PHGLDQDVFRPSDxtDV&XDGURQRVSHUPLWH FRQÀUPDU HO DUJXPHQWR HVJULPLGR SRU QX PHURVRV DXWRUHV TXH SRQH GH PDQLÀHVWR OD UHOHYDQFLD TXH WXYLHURQ HQ OD FRPSRVLFLyQ GHO FDSLWDO VRFLDO GH ODV FRPSDxtDV OD ÀQDQ FLDFLyQ D WUDYpV GH OD HPLVLyQ GH REOLJDFLR QHV \ OD DSRUWDFLyQ VLJQLÀFDWLYD GHO (VWDGR GH PRGR GLUHFWR YtD SDJR GH VXEYHQFLRQHV (QQLQJXQRGHORVFDVRVHVWXGLDGRVHOFDSLWDO DSRUWDGR SRU ORV SURSLHWDULRV GH ODV FRPSD xtDV ORV DFFLRQLVWDV VXSHUy HO SRU FLHQ WRVLHQGRHQDOJXQRVFDVRVLQIHULRUDOSRU FLHQWR(VWDVSULPDVGHO(VWDGRHQWUHJDGDVD IRQGRSHUGLGRVREUHNLOyPHWURVGHIHUURFDUULO SXHVWRVHQH[SORWDFLyQFXEULHURQHQDOJXQRV DSDUWDGRVXQDSRUFLyQVLJQLÀFDWLYDGHOFRVWH GH SULPHU HVWDEOHFLPLHQWR VLHQGR ORV HMHP SORV GHO &HQWUDO GH$UDJyQ \ GH 6XU GH (V SDxD HVSHFLDOPHQWH OODPDWLYRV DWHQGLpQGR VHFRQHVWDSDUWLGDHQWRUQRDOSRUFLHQWR GHODLQYHUVLyQWRWDO/RVHOHYDGRVFRVWHVGH FRQVWUXFFLyQSDUDHVWDVOtQHDVTXHWHQtDQTXH VDOYDUODVFRPSOLFDGDVRURJUDItDVGHO6LVWHPD ,EpULFR\GHOD3HQLEpWLFDMXVWLÀFDQVLQGXGD HVWDFXHVWLyQ\DTXHORVLQYHUVRUHVWHQtDQQX PHURVDV GXGDV VREUH OD UHQWDELOLGDG ÀQDO GH HVWDV OtQHDV 3HUR HO DVLHQWR PiV LPSRUWDQWH HQFDVLWRGRVORVFDVRVHVHOGHREOLJDFLRQHV (VFRQRFLGRTXHHVWHUHFXUVRFUHGLWLFLRRIUHFH OLTXLGH]LQPHGLDWDSHURSHQDOL]DODH[SORWD FLyQSRVWHULRUGHELGRDOSDJRGHORVLQWHUHVHV \DPRUWL]DFLyQGHHVWDVREOLJDFLRQHVSDUDORV VLJXLHQWHVDxRV/DVFRPSDxtDVLQFDSDFHVGH DWHQGHUDODVFDUJDVÀQDQFLHUDVGHHVWRVSUpV WDPRVVHYLHURQREOLJDGDVGHPRGRJHQHUDOL ]DGRDUHQHJRFLDUHVWDGHXGDTXHDGHPiVVH KDEtDYLVWRQRWDEOHPHQWHLQFUHPHQWDGDSRUOD GHSUHFLDFLyQGHODSHVHWDIUHQWHDODVPRQHGDV HXURSHDVGDGRTXHODPD\RUSDUWHGHHVWRVWt WXORVVHVXVFULELyHQODVEROVDVH[WUDQMHUDV /D SXHVWD HQ H[SORWDFLyQ GH ODV OtQHDV QR RIUHFLy UHVXOWDGRV HVSHFLDOPHQWH SRVLWLYRV TXH VROXFLRQDUDQ HVWRV SUREOHPDV GH ÀQDQ FLDFLyQ\HVWDVFRPSDxtDVIHUURYLDULDVVHYH UtDQ DERFDGDV D XQRV UHVXOWDGRV PHGLRFUHV FXDQGR QR FODUDPHQWH GHÀFLWDULRV &XDGUR /DUHODFLyQGHLQJUHVRV\JDVWRVDSHQDVVL HUDVXÀFLHQWHSDUDDWHQGHUHOSDJRGHREOLJD FLRQHV OLPLWiQGRVH OD HQWUHJD GH GLYLGHQGRV D ORV DFFLRQLVWDV D PRPHQWRV PX\ FRQFUHWRV \ HVFDVRV 'HO DQiOLVLV GH GDWRV VyOR 0&32 \ HVSHFLDOPHQWH &HQWUDO GH $UDJyQ DUURMD URQ EHQHÀFLRV D VXV LQYHUVRUHV TXHGDQGR HO UHVWR GH ODV FRPSDxtDV HQ XQD VLWXDFLyQ GH GpÀFLW FUyQLFR 6XU GH (VSDxD VHUtD HO PHMRU H[SRQHQWHGHORLQGLFDGRFRQXQDFXHQWDDFX PXODGD GH Q~PHURV URMRV TXH FRQVWLWX\H XQ !»/3$%&%22/#!22),%.!,"!#%4% #UADRO2ESULTADOSECONØMICOSDEEMPRESASDEFERROCARRIL ESPA×OLASDEMEDIANOTAMA×O %NMILLONESDEPESETAS 0HGLD$QXDO 0HGLD$QXDO 0HGLD$QXDO 3URGXFWRV%UXWRV *DVWRV7RWDOHV &DUJDV)LQDQFLHUDV 0&32 6( 0=29 )&$ )6) =+ /%$ /tTXLGR $FXPXODGR 'LYLGHQGR 5HSDUWLGR )XHQWH(ODERUDFLyQSURSLDDSDUWLUGH0LQLVWHULRGH2EUDV3~EOLFDV7RPR ,,3DUD6(\/%$&XpOODU9LOODU\SDUD)6)0HPRULDV DXWpQWLFRUpFRUGQHJDWLYRHQODKLVWRULDGHOD HPSUHVDIHUURYLDULDHQ(VSDxD 6LODHGLFLyQGHPRQRJUDItDVVREUHODKLV WRULDGHODVJUDQGHVHPSUHVDVIHUURYLDULDVHQ (VSDxD WRGDYtD HVWi SRU UHDOL]DU D SHVDU GH FRQWDU FRQ DOJXQDV SXEOLFDFLRQHV TXH WUD]DQ ODVOtQHDVEiVLFDVGHODHYROXFLyQGHHVWDVHP SUHVDV HO FRQRFLPLHQWR GH ODV SHTXHxDV \ PHGLDQDVHPSUHVDVGHOIHUURFDUULOHQ(VSDxD HV WRGDYtD PHQRU $XQTXH VH KDQ UHDOL]DGR DOJXQRV WUDEDMRV TXH QRV DFHUFDQ DO RULJHQ \ HYROXFLyQ GH HVWDV HPSUHVDV FDUHFHPRV GH HVWXGLRV HQ SURIXQGLGDG TXH VLVWHPDWLFHQ \ DQDOLFHQ HO SDSHO TXH MXJDURQ HVWDV VRFLH GDGHVHQHOPDUFRGHODUHYROXFLyQLQGXVWULDO HVSDxROD ,!#2)3)3$%,&%22/#!22),%. %30!»!%,#!-)./ (!#)!,!.!#)/.!,):!#)¼. (O WpUPLQR ´SUREOHPD IHUURYLDULRµ FRPHQ ]y D DFXxDUVH HQ OD OLWHUDWXUD HVSHFLDOL]DGD GH ODpSRFDHQODVHJXQGDGpFDGDGHOVLJOR;;\ VXUJHDUDt]GHODLQVXÀFLHQFLDGHUHFXUVRVHFR QyPLFRVTXHWHQtDQODVFRPSDxtDVIHUURYLDULDV SDUD DWHQGHU QXHYDV LQYHUVLRQHV HQ LQVWDODFLR QHVPDWHULDORJDVWRVVDODULDUHV3RURWURODGR HQODFR\XQWXUDGHOD3ULPHUD*XHUUD0XQGLDO HVWDVHPSUHVDVHUDQLQFDSDFHVGHDWHQGHUHODX PHQWRGHODGHPDQGDGHWUDQVSRUWHIHUURYLDULR JHQHUDGRHQHVHPRPHQWR$ODSURSLDULJLGH] GHO VLVWHPD IHUURYLDULR VH VXPDED HO HVFDVR 'HPRGRVLQWpWLFRGLUHPRVTXHORVLQLFLDOHVWUDEDMRVGH&DPHURQ\7RUWHOODQRVDSUR[LPDURQDORVRUtJHQHVÀQDQFLHURV GH1RUWH\0=$3RUVXSDUWH7HGGHWUD]yODHYROXFLyQGH$QGDOXFHVGXUDQWHHOSHULRGRGHOD5HVWDXUDFLyQ0iVUHFLHQWHPHQWH &RPtQ&RPtQ0DUWtQ$FHxD0XxR]5XELR\9LGDO2OLYDUHVKLFLHURQDQiOLVLVGHODVJUDQGHVFRPSDxtDVHQHOFRQWH[WRGHOD HYROXFLyQGHOIHUURFDUULOHQ(VSDxD2UW~xH]*RLFROHDUHFRJLyHQVXWHVLVGRFWRUDOODHYROXFLyQGH1RUWH\0=$GHVGHHOLQLFLR GHOD3ULPHUD*XHUUD0XQGLDOKDVWDODFUHDFLyQGH5(1)(3RU~OWLPR/ySH]0RUHOODSRUWDXQGHWDOODGRHVWXGLRGHORV5RWV FKLOG\VXSDSHOHQ0=$ 6REUH0&3\0&32FRQWDPRVFRQORVWUDEDMRVLQLFLDOHVGH/L]DQD5LYDV\ORVDQiOLVLVGHH[SORWDFLyQGH&HQGDO%~UGDOR 'H6XUGH(VSDxDSRGHPRVUHIHUHQFLDUODWHVLQDGH1DYDUURGH2xD\ODWHVLVGRFWRUDO\OLEURGH&XpOODU9LOODU\ 'H/%$SRGHPRVFLWDUWDPELpQWUHVWUDEDMRVGHLQWHUpVVREUHODKLVWRULDGHHVWDHPSUHVD0DUWtQH]/ySH]*ULV0DUWtQH] \&XpOODU9LOODU\'HSHTXHxDVHPSUHVDVIHUURYLDULDVGHYtDDQFKDVyORSRGHPRVDSRUWDUORVHVWXGLRVGH&HQGDO %~UGDORVREUH&RPSDxtDGHO)HUURFDUULOGH0HGLQDGHO&DPSRD6DODPDQFD*yPH]0DUWtQH]VREUHHOIHUURFDUULOGH $OFDQWDULOODD/RUFD\GH&XpOODU9LOODUVREUHOD&RPSDxtDGHORV&DPLQRVGH+LHUURGH*UDQDGD%D]D*XDGL[(OHVWXGLRGHO UHVWRGHHPSUHVDVGHSHTXHxR\PHGLDQRWDPDxRHVWiD~QSRUUHDOL]DUWDQWRGHVGHHOSXQWRGHYLVWDPRQRJUiÀFRFRPRFRQMXQWR $/-).'/#5³,,!26),,!2 PDQWHQLPLHQWR\DFWXDOL]DFLyQGHSULPHUHVWD EOHFLPLHQWRTXHKDEtDQUHDOL]DGRODVFRPSDxtDV IHUURYLDULDV(QHVWDRSRUWXQLGDGGHGHPDQGDLOL PLWDGDQLWHQtDQXQSDUTXHGHORFRPRWRUDVVXÀ FLHQWHQLODYtDVHHQFRQWUDEDHQHVWDGRySWLPR DVtFRPRWDPSRFRHOVLVWHPDGHFLUFXODFLyQIH UURYLDULRHVWDEDSUHSDUDGRSDUDXQDXPHQWRWDO HQHOWUiÀFR3HUHOPDQKDDSXQWDGRSDUDHOFDVR GHODVHPSUHVDVIHUURYLDULDVDPHULFDQDVFyPR pVWDVDWHQGLHURQSUHIHUHQWHPHQWHODUHDOL]DFLyQ GHEHQHÀFLRVLQPHGLDWRVPHGLDQWHHOUHSDUWRGH GLYLGHQGRVVLQKDFHUUHVHUYDVDGHFXDGDVQLUH YDORUL]DFLyQGHHVWDEOHFLPLHQWR6HJ~QHVWHDX WRUHVWDSROtWLFDGHSUHGDGRUDSDVDUtDIDFWXUDHQ HOIXWXURDODVHPSUHVDVTXHDFWXDURQDVt/D DFWXDFLyQGHODVHPSUHVDVIHUURYLDULDVHXURSHDV \HVSDxRODVHQHVWHVHQWLGRVHUtDVLPLODU *yPH]0HQGR]DDÀUPDTXHODVFRPSDxtDV IHUURYLDULDV Vt KDEtDQ LQLFLDGR XQ SURFHVR GH PHMRUDHQVXVLQVWDODFLRQHVWDQWRHQORFRQFHU QLHQWHDODLQIUDHVWUXFWXUDFRQODUHQRYDFLyQGH FDUULOHVGHPD\RUUHVLVWHQFLDFRPRHQHOPDWH ULDOPyYLOHVSHFLDOPHQWHFRQODDGTXLVLFLyQGH ORFRPRWRUDVPiVYHORFHV\SRWHQWHV(VWDDÀU PDFLyQ HV FRUURERUDGD SRU 2UW~xH] *RLFROHD TXHWUDQVPLWHODRSLQLyQGHODVFRPSDxtDVODV FXDOHVUHVDOWDEDQORLQHVSHUDGRGHOFUHFLPLHQWR GHOWUDQVSRUWHHQHVWHSHULRGRHVSHFLDOPHQWHD SDUWLUGHDSRUWDQGRFRPRSUXHEDHOFUH FLPLHQWRGHOSDUTXHPyYLOGHHVWDVFRPSDxtDV $Vt1RUWHFRQWDEDDOLQLFLDUODJXHUUDFRQ ORFRPRWRUDVFRFKHVGHYLDMHURV\ IXUJRQHV\YDJRQHVSDUDODVPHUFDQFtDV3RUVX SDUWH0=$GLVSRQtDGHORFRPRWRUDV FRFKHV \ IXUJRQHV \ YDJRQHV 6L HVWRV GDWRVORVFRPSDUDPRVFRQODHYROXFLyQDQWHULRU \SRVWHULRUGHOSDUTXHPyYLOGHODVFRPSDxtDV HQFRQWUDPRVHQORFRQFHUQLHQWHDOSDUTXHPR WRUTXHGXUDQWHHOSHULRGRHOULWPR DQXDOGHDGTXLVLFLyQGHORFRPRWRUDVKDEtDDX PHQWDGRHQXQSRUFLHQWRDQXDOSDVDQGRGH ODVDODV<DHQHOVLJOR;;GH DODVHPSUHVDVVXPDURQORFRPRWRUDV PiV HV GHFLU XQ LQFUHPHQWR PHGLR DQXDO GHO 3HUHOPDQSS *yPH]0HQGR]DSS &D\yQ*DUFtD\0XxR]5XELR SRUFLHQWR0LHQWUDVTXHGHVGHHOLQLFLRGH OD*XHUUD0XQGLDOKDVWDVHLQFRUSRUDURQ ORFRPRWRUDV QXHYDV DFXPXODQGR HQ HVWH FDVRXQFUHFLPLHQWRGHOSRUFLHQWRDQXDO (VWRV GDWRV GHELHUDQ VHU FRQWUDVWDGRV FRQ OD GLVSRQLELOLGDGUHDOGHORFRPRWRUDV\DTXHXQD SDUWHGHOSDUTXHVHHQFRQWUDEDFRQXQPDUJHQ GHRSHUDWLYLGDGOLPLWDGRDPDQLREUDVRSHTXH xRVUHFRUULGRVFLUFXQVWDQFLDTXHVHYHtDDJUD YDGDSRUHOXVRGHFDUERQHVQDFLRQDOHVGHSHRU FDOLGDG \ SRU OD IDOWD GH PDQWHQLPLHQWR SDUD DWHQGHUODGHPDQGDGHOWUiÀFR (QHOHStJUDIHFRQFHUQLHQWHDOPDQWHQLPLHQ WR GH OD LQIUDHVWUXFWXUD D SHVDU GH OR DSXQWD GR PiV DUULED ORV FiOFXORV UHDOL]DGRV UHFLHQ WHPHQWH SRU +HUUDQ] /RQFiQ QRV PXHVWUDQ XQ PDQWHQLPLHQWR FXDQGR QR XQD OLJHUD SpUGLGD GHO YDORU GHO VWRFN GH FDSLWDO ÀMR IHUURYLDULR (VWRDSRUWDGXGDVVREUHODSRVLEOHPHMRUDGHOD LQIUDHVWUXFWXUD IHUURYLDULD HQ ORV GRV SULPHURV GHFHQLRVGHOVLJOR;;\DTXHVHJ~QSRGHPRV FRPSUREDUHQHO*UiÀFRHOYDORUGHHVWHDFWL YRHQQRVHUHFXSHUDUtDKDVWDPRV WUDQGRXQDFDtGDSUy[LPDDOSRUFLHQWRHQORV PRPHQWRVLQLFLDOHVGHODJXHUUD (QORFRQFHUQLHQWHDODHYROXFLyQGHWUiÀFR IHUURYLDULRORVGDWRVGHPRYLPLHQWRGHWRQHOD GDVHQ3HTXHxD9HORFLGDG\GHQ~PHURGHYLD MHURVPXHVWUDQXQFUHFLPLHQWRGHOSRUFLHQWR HQODVPHUFDQFtDV\GHXQSRUFLHQWRHQORV YLDMHURVHQWUH\6LQHPEDUJRHOFUH FLPLHQWRH[SHULPHQWDGRGHVGHHOLQLFLRGHOVLJOR PXHVWUDFUHFLPLHQWRVSDUDODVPHUFDQFtDVGHO SRUFLHQWR\SDUDORVYLDMHURVGHOSRUFLHQWR 3DUD HO SHULRGR SRVWHULRU D OD JXHUUD GH DHOFUHFLPLHQWRUHVSHFWLYRIXHGHO\ GHOSRUFLHQWR&XDGUR(VWRQRVPXHVWUD XQ SDQRUDPD TXH UHODWLYL]D HO FUHFLPLHQWR GHO WUDQVSRUWHIHUURYLDULRGXUDQWHHOSHULRGREpOLFR HVSHFLDOPHQWHHQHOWUiÀFRGHPHUFDQFtDVSUH FLVDPHQWHHQXQSHULRGRTXHGHEtDKDEHUVHYLVWR IDYRUHFLGRSRUODGLVPLQXFLyQGHORVWUiÀFRVGH FDERWDMHPiVDIHFWDGRVSRUODFULVLVEpOLFDTXH !»/3$%&%22/#!22),%.!,"!#%4% 'RÉlCO%VOLUCIØNDELSTOCKNETODEINFRAESTRUCTURASFERROVIARIASEN%SPA×A %NMILLONESDEPESETASDE )XHQWH+HUUDQ]/RQFiQ&XDGUR$ HOWUDQVSRUWHWHUUHVWUH/DHYROXFLyQGHOWUiÀFR GHYLDMHURVPXHVWUDSRURWURODGRHOFDPELRGH FLFORHQHOTXHHOIHUURFDUULOFRPLHQ]DDFRQRFHU OD FRPSHWHQFLD GHO WUDQVSRUWH PHFDQL]DGR SRU FDUUHWHUDDSDUWLUGHODSXHVWDHQH[SORWDFLyQGH QXPHURVDVOtQHDVSUHIHUHQWHPHQWHGHYLDMHURV TXHFRPHQ]DUDQDUREDUFXRWDGHWUDQVSRUWHDO IHUURFDUULOUHDOLGDGTXHVHFRQÀUPDUiHQODVH JXQGD PLWDG GHO VLJOR ;; eVWDV WHQGUiQ FOD UDVYHQWDMDVFRPSHWLWLYDVFRQHOIHUURFDUULO\D TXHODFUHDFLyQGHXQDHPSUHVDGHHVWHWLSRQR QHFHVLWDEDXQDJUDQLQYHUVLyQWHQtDXQDHVFDVD SUHVLyQÀVFDO\HUDPXFKRPiVÁH[LEOHTXHHO IHUURFDUULO SDUD DGDSWDUVH D ORV FDPELRV GH OD GHPDQGD /RV SUREOHPDV HFRQyPLFRV GH ODV FRPSD xtDV HUDQ QR REVWDQWH ORV PiV HYLGHQWHV \ VX RULJHQHVWDEDHQHOGHVHTXLOLEULRHQWUHODVSDU WLGDV GH LQJUHVRV \ ODV GH JDVWRV$TXpOODV VH 6REUHHVWDFXHVWLyQYpDVH&XpOODU9LOODU #UADRO%VOLUCIØNDELTRÉlCODE VIAJEROSYDEMERCANCÓASDURANTE ELPRIMERTERCIODELSIGLO88 4ONELADASYVIAJEROS.ÞMEROSÓNDICE 0HUFDQFtDV 9LDMHURV )XHQWH(ODERUDFLyQSURSLDDSDUWLUGH *yPH]0HQGR]D\6DQ5RPiQ HVWDQFDEDQ FXDQGR QR PHQJXDEDQ \ pVWDV QR KDFtDQ VLQR FUHFHU$Vt GH VLPSOH /D H[SORWD FLyQ IHUURYLDULD QR KDEtD VLGR QXQFD XQ JUDQ QHJRFLR FRPR KHPRV YLVWR VLQ HPEDUJR HQ HVWRVPRPHQWRVFDPLQDEDKDFLDODLQYLDELOLGDG HFRQyPLFDORFXDOREOLJDUtDDVXFLHUUH\GHV PDQWHODPLHQWR3HURHOIHUURFDUULOVHKDEtDFRQ $/-).'/#5³,,!26),,!2 #UADRO0ORCENTAJEDELAS#ARGAS&INANCIERASSOBREEL0RODUCTO.ETODELASCOMPA×ÓAS 1RUWH 0=$ $QGDOXFHV 1RUWH 0=$ $QGDOXFHV )XHQWH(ODERUDFLyQSURSLDDSDUWLUGH0LQLVWHULRGH)RPHQWR\0LQLVWHULRGH2EUDV3~EOLFDV YHUWLGR \D HQ XQ VHUYLFLR S~EOLFR LQVXVWLWXLEOH \ODUHWLUDGDGHODHPSUHVDSULYDGDHUDFXELHUWD UiSLGDPHQWHFRQHO(VWDGRTXHVHFRQVWLWXtDHQ JDUDQWHGHOVHUYLFLR /DV SDUWLGDV GH LQJUHVRV GH ODV FRPSDxtDV IHUURYLDULDV VH KDEtDQ YLVWR SHUMXGLFDGDV SRU OD LQÁDFLyQ TXH KDEtD SURYRFDGR XQ HVWDQFD PLHQWR UHODWLYR GH ORV PLVPRV SDUFLDOPHQWH UHVXHOWR FRQ HO LQFUHPHQWR GHO SRU FLHQWR GHFUHWDGR SRU HO JRELHUQR HQ (O LQFUH PHQWRGHORVJDVWRVVLQHPEDUJRHUDFRQVWDQ WH \ ODV HPSUHVDV GHEtDQ DVXPLU XQDV SHVDGDV FDUJDVÀQDQFLHUDVSDUDGHYROYHUORVHPSUpVWLWRV GHODVGpFDGDVDQWHULRUHV(VWDFXHVWLyQ\DIXH DGYHUWLGD FXDQGR VH DQDOL]y OD SULPHUD HWDSD GHO IHUURFDUULO HQ (VSDxD \D TXH OD JUDQ PD \RUtDGHODVHPSUHVDVRSWDURQSRUUHIXJLDUVHHQ OD HPLVLyQ GH REOLJDFLRQHV SDUD DVt JDUDQWL]DU ÀQDQFLDFLyQVXÀFLHQWHSDUDODFRQVWUXFFLyQGH VXVOtQHDV<DHQHOVLJOR;;HVWDGHSHQGHQFLD VHJXtDSUHVHQWHFRPRYHPRVHQHO&XDGUR\ ODV FRPSDxtDV VHJXtDQ UHFXUULHQGR D HVWD IRU PDGHFUpGLWR(OLQFUHPHQWRJHQHUDOGHSUHFLRV SURGXFLGRGHVGHHOLQLFLRGHODJXHUUDWDPELpQ FDVWLJDUiVHULDPHQWHDODVFRPSDxtDVIHUURYLD ULDVTXHYHUiQLQFUHPHQWDUJUDYHPHQWHVXVFRV WHVGHFRQVXPRHQLQSXWVIXQGDPHQWDOHVSDUDOD DFWLYLGDG IHUURYLDULD FRPR HO FDUEyQ HO DFHUR RODPDGHUDFRPRKDPRVWUDGR0DUWtQH]9DUD SDUDORVFDVRVGH1RUWH\0=$(VWRSURYRFDUtD XQVHYHURGHVHTXLOLEULRHQODVFXHQWDVGHHVWDV HPSUHVDV 3RU ~OWLPR OD DSOLFDFLyQ SURJUHVL YDGHODMRUQDGDPi[LPDGHRFKRKRUDVGLDULDV \ ORV LQFUHPHQWRV VDODULDOHV GHFUHWDGRV SRU HO *RELHUQR LQFLGLUiQ D~Q PiV HQ HO SUREOHPD $XQTXH HV FLHUWR TXH ODV HPSUHVDV UHFLELHURQ DQWLFLSRVVDODULDOHVJXEHUQDPHQWDOHVSDUDHVWRV FRQFHSWRVODPRGLÀFDFLyQGHMRUQDGDREOLJyD UHFOXWDUPiVWUDEDMDGRUHVDGHPiVGHDWHQGHUOD !»/3$%&%22/#!22),%.!,"!#%4% FRQVROLGDFLyQGHODVXELGDVDODULDO\DFXEULUORV FRVWHVGHOSHUVRQDOMXELODGR (VHYLGHQWHTXHHQHVWDVLWXDFLyQSODQHDED GHPRGRFUHFLHQWHODQHFHVLGDGGHLQWHUYHQFLyQ GHO(VWDGR/DGXGDHVWDEDHQGLOXFLGDUFyPR $XQTXH HV FRQRFLGR GH WRGRV TXH HO (VWDWX WR)HUURYLDULRGHHQHOQDFLPLHQWRGHOD GLFWDGXUDGHOJHQHUDO3ULPRGH5LYHUDIXHHO PRGRÀQDOSDUDODLQWHUYHQFLyQGHOVHFWRUS~ EOLFRHQHOIHUURFDUULOQRKD\TXHROYLGDUTXH GHVGHODLQFRUSRUDFLyQGH&DPEyDOPLQLVWHULR GH)RPHQWRVHVXFHGLHURQHVWXGLRV\PHGLGDV SDUD DIURQWDU OD UHVROXFLyQ GHO SUREOHPD$Vt HO SURSLR &DPEy H[SRQGUi XQD IyUPXOD TXH FRPELQDEDODWLWXODULGDGS~EOLFDGHODVHPSUH VDV FRQ XQD HQWUHJD SRVWHULRU HQ UpJLPHQ GH DUUHQGDPLHQWRGHODH[SORWDFLyQDODVFRPSD xtDVSULYDGDV(Q'HOD&LHUYDSURSR QtDHOHVWDEOHFLPLHQWRGHXQFRQVRUFLRHQWUHHO (VWDGR\ODVFRPSDxtDVSDUDODH[SORWDFLyQGH ODUHGTXHVHVXSHUYLVDUtDSRUSDUWHGHO&RQVH MR6XSHULRUGH)HUURFDUULOHVGHUHFLHQWHFUHD FLyQ TXH EXVFDUtD OD ÀQDQFLDFLyQ HQ OD &DMD (VSHFLDO GH 9DORUHV )HUURYLDULRV 3RU ~OWLPR WDPELpQHQHOJRELHUQRGH0DXUDHQHO TXHVHHQFRQWUDEDQ&DPEy\'HOD&LHUYDSUH VHQWDEDXQHVWXGLRPiVDYDQ]DGRGHODIyUPXOD GHOUHVFDWH\FRQVROLGDEDODSUHVHQFLDGHO&RQ VHMR 6XSHULRU GH )HUURFDUULOHV (VWH SUR\HFWR IXHUHGDFWDGRDWUDYpVGHXQFRPLWpGHVDELRV SRUHOHFRQRPLVWD)ORUHVGH/HPXV (QODVGpFDGDVGH\VHFRQVROL GDHVWDWHQGHQFLDKDFLDODQDFLRQDOL]DFLyQGHO IHUURFDUULOHQFRQVRQDQFLDFRQRWURVFDVRVQD FLRQDOHV HQ (XURSD 0XxR] 5XELR UHFRJH ODV LQLFLDWLYDV PiV UHOHYDQWHV HQ WUHV PRPHQWRV HO5HDO'HFUHWRGHGHMXOLRGHTXHFUHD EDOD-HIDWXUDGHOD([SORWDFLyQGHORV)HUUR FDUULOHVSRUHO(VWDGR()(TXHVHFRQYHUWLUi HQODHPSUHVDS~EOLFDHQFDUJDGDGHJHVWLRQDU ORV IHUURFDUULOHV WDQWR GH YtD DQFKD FRPR GH YtD HVWUHFKD TXH WHQtDQ GLÀFXOWDGHV HFRQy PLFDV SDUD VX FRQWLQXLGDG <D HQ SHULRGR GH OD6HJXQGD5HS~EOLFDOD/H\GHGHPD\R GHSODQWHDEDODUHQXQFLDGHO(VWDGRDOD UHVSRQVDELOLGDGGHULYDGDGHODOH\GHHQ ODTXHORS~EOLFRVHFRPSURPHWtDDPDQWHQHU HQ H[SORWDFLyQ XQD FRQFHVLyQ DEDQGRQDGD (O SURSLR 0XxR] 5XELR SUHVXSRQH TXH HVWD PHGLGD HUD GH FDUiFWHU SUHQDFLRQDOL]DGRU \D TXHDXQTXHVHRSRQtDDODYtDGHOUHVFDWHSDUD QDFLRQDOL]DU ORV IHUURFDUULOHV Vt FRQWHPSODED FRPR~QLFDYtDODFDGXFLGDGVLQFRVWHSDUDHO (VWDGR3RU~OWLPROD/H\GHGHVHSWLHPEUH GHSURSRQtDODFUHDFLyQGHXQDLQWHUYHQ FLyQSHUPDQHQWHGHO(VWDGRHQODH[SORWDFLyQ GH IHUURFDUULOHV WRGDYtD HQ FRQVRUFLR FRQ OD HPSUHVD SULYDGD SURSLHWDULD GH OD FRQFHVLyQ (ODUJXPHQWRSDUDOOHYDUDFDERHVWDLQWHUYHQ FLyQ HQ ODV HPSUHVDV H[SORWDGRUDV GH IHUUR FDUULOHV HUD HO GH WHQHU FRQWURO HVWDWDO GLUHFWR GHOFDSLWDODSRUWDGRDODVGLIHUHQWHVFRPSDxtDV TXH\DHUDFDSLWDOS~EOLFRIHUURYLDULRIRUPDED SDUWH GHO SDWULPRQLR GHO (VWDGR 6H KDFtD OD LQWHUYHQFLyQ HQ OD GREOH OtQHD GH OD H[SORWD FLyQ\ODVFXHVWLRQHVÀQDQFLHUDV 'XUDQWH HVWH SHULRGR VH SURGXMHURQ YDULDV RFDVLRQHVGHLQWHUYHQFLyQSRUSDUWHGHO(VWDGR PHGLDQWH OD LQFDXWDFLyQ R OD DVXQFLyQ GHO VHU YLFLRS~EOLFR(QHOFDVRGHODYtDHVWUHFKDVH KDSXHVWRUHFLHQWHPHQWHGHPDQLÀHVWRODLPSRU WDQFLDGHHVWDVDFWXDFLRQHVSHURORVFDVRVPiV UHOHYDQWHVGHWUDVSDVRDODJHVWLyQS~EOLFDSRU ODH[WHQVLyQGHVXVUHGHVIXHURQORVGH0&32 0=29)6)\)06TXHVHLQWHJUDUtDQDSDUWLU GHHQODFUHDFLyQGHOD &RPSDxtD1DFLR QDO GH ORV )HUURFDUULOHV GHO 2HVWH GH (VSDxD 2HVWHDODTXHSDVDURQDIRUPDUSDUWHODVOt QHDVGH0&30=29)6))06&RPSRVWHOD QR\ÉYLODD6DODPDQFD\HOGHOD&RPSDxtD GH ORV )HUURFDUULOHV $QGDOXFHV TXH SDVDUtD D IRUPDUSDUWHHQGHODDQWHULRUFRPSDxtD FRQODQXHYDUHIHUHQFLDGH2HVWH$QGDOXFHVVL 0DUWtQH]9DUD\ 0LQLVWHULRGH)RPHQWR )HUQiQGH]3pUH]8QDUHFRSLODFLyQGHWRGDVHVWDVSURSXHVWDVHQ0LQLVWHULRGH2EUDV3~EOLFDV9RO,,,,/DWHVLVGRFWRUDO GH2UW~xH]*RLFROHDUHDOL]DWDPELpQXQH[KDXVWLYRDQiOLVLVGHWRGRHOSURFHVR 0XxR]5XELRSS 0XxR]5XELR'LU $/-).'/#5³,,!26),,!2 ELHQPDQWXYRH[SORWDFLyQGLIHUHQFLDGDKDVWDVX LQFRUSRUDFLyQD5(1)(6LQOXJDUDGXGDVpVWH HVHOSURFHVRPiVLPSRUWDQWHGHWUDVSDVRGHUH GHVIHUURYLDULDVGHYtDDQFKDGHJHVWLyQSULYDGD DOVHFWRUS~EOLFRDQWHVGH'HORV NLOyPHWURVGHYtDDQFKDTXHHVWDEDQHQH[SOR WDFLyQHQ(VSDxDHQHVHPRPHQWRSRUSDUWHGH FRPSDxtDV SULYDGDV VH LQWHJUDURQ HQ 2HVWH $QGDOXFHV XQ WRWDO NLOyPHWURV HO SRUFLHQWRGHODUHGWRWDO(OUHVWRVHJXtDEDMR JHVWLyQSULYDGDODVGRVJUDQGHV 1RUWH NPSRUFLHQWRGHOWRWDO\0=$NP SRUFLHQWRPiVRWUDVFDWRUFHFRPSDxtDVTXH VXPDEDQNLOyPHWURVHOSRUFLHQWRGH OD UHG TXH VH UHSDUWtDQ HQ DOJXQDV FRPSDxtDV PHGLDQDV &HQWUDO GH $UDJyQ HUD OD UHG PiV JUDQGHFRQNLOyPHWURV\XQEXHQQ~PHUR GHSHTXHxDVVRFLHGDGHVFRPR7ULDQRTXHVyOR H[SORWDEDNLOyPHWURV 7UDVHOLQLFLRGHOD*XHUUD&LYLO\ODFRQVL JXLHQWHGLYLVLyQGHOWHUULWRULRQDFLRQDOGXUDQ WH XQ ODUJR WLHPSR VH SURGXMR OD LQFDXWDFLyQ GHODVFRPSDxtDVIHUURYLDULDVGHQWURGHODOy JLFD GH OD HFRQRPtD GH JXHUUD TXH SUHWHQGtD JHVWLRQDU \ FRQWURODU WRGRV ORV UHFXUVRV SDUD SRQHUORVDGLVSRVLFLyQGHOÀQ~OWLPRJDQDUOD JXHUUD (O JRELHUQR GH OD 6HJXQGD 5HS~EOLFD SURFHGHUtDDWUDYpVGHO'HFUHWRGHOGHDJRV WRGHDKDFHUVHFDUJRGHODH[SORWDFLyQ GH ODV FRPSDxtDV GH 1RUWH 0=$ 2HVWH$Q GDOXFHV\ &HQWUDOGH$UDJyQXQLÀFiQGRODVHQ XQDVRODUHGGLULJLGDSRUXQ&RPLWpGH([SOR WDFLyQTXHVXVWLWXtDDORVDQWLJXRV&RQVHMRVGH $GPLQLVWUDFLyQ TXH TXHGDEDQ HQ VXVSHQVR 3RUVXSDUWHORVVXEOHYDGRVSXVLHURQDORVIH UURFDUULOHVEDMRODWXWHODGHOD-XQWDGH'HIHQVD 1DFLRQDOSHURPDQWHQLHQGRtQWHJUDODDQWHULRU RUJDQL]DFLyQ GH ODV HPSUHVDV SULYDGDV TXH FRQVLGHUDEDQPiVDGHFXDGRSDUDODHÀFLHQFLD GHOVHUYLFLR &D\yQ *DUFtD \ 0XxR] 5XELR UHJLVWUDQ HO ~OWLPRLQWHQWRGHFUHDUXQDHPSUHVDIHUURYLDULD GHFDUiFWHUQDFLRQDOSRUSDUWHGHOJRELHUQRUH SXEOLFDQRDWUDYpVGHO'HFUHWRGHGHRFWXEUH GH /D QXHYD HPSUHVD S~EOLFD KDEUtD GH OODPDUVH 5HG 1DFLRQDO GH )HUURFDUULOHV \ H[ SORWDUtDWRGDVODVOtQHDVIHUURYLDULDVHVSDxRODV GHFXDOTXLHUDQFKRTXHHO(VWDGRKDEtDFRPHQ ]DGR D H[SORWDU GHVGH HO GHFUHWR GH (Q VHLQFRUSRUDUtDDHVWDUHGORV )HUURFDUUL OHV 0HWURSROLWDQRV GH 0DGULG HO *UDQ 0HWUR GH%DUFHORQD\HO0HWURSROLWDQR7UDQVYHUVDOGH %DUFHORQD %,0%2)/$/0Â",)#/$%, &%22/#!22),%.%30!»! ,!3).35&)#)%.#)!3 $%,2³')-%.&2!.15)34! /D 5HG 1DFLRQDO GH ORV )HUURFDUULOHV (V SDxROHV5(1)(IXHFUHDGDDSDUWLUGHOD/H\ GH %DVHV GH 2UGHQDFLyQ )HUURYLDULD \ GH ORV 7UDQVSRUWHV SRU &DUUHWHUD GH GH HQHUR GH (VWD QXHYD HPSUHVD S~EOLFD VH KDFtD FDUJRGHODH[SORWDFLyQGHORVIHUURFDUULOHVGH YtD DQFKD HQ (VSDxD TXHGDQGR IXHUD GH HVWD PHGLGDORVIHUURFDUULOHVGHYtDHVWUHFKDWDQWR DTXHOORVTXHHVWDEDQ\DEDMRODH[SORWDFLyQGHO (VWDGRDWUDYpVGH()(FRPRORVTXHWHQtDQ WLWXODULGDGSULYDGD/DVLQYHVWLJDFLRQHVGRFWR UDOHVGH0XxR]5XELR\GH2UW~xH]*RLFROHD VHKDQSUHJXQWDGRDFHUFDGHORVPRWLYRV\UD ]RQHVGHHVWHFDPELRLQVWLWXFLRQDO0RWLYRV HFRQyPLFRVMXUtGLFRV\SROtWLFRVHVWiQGHWUiV GH HVWD GHFLVLyQ /RV SULPHURV QRV DFHUFDQ D OD VLWXDFLyQ GH FULVLV IHUURYLDULD HO 3UREOHPD )HUURYLDULRTXHDUUDQFyFRQHOLQLFLRGHOD3UL PHUD *XHUUD 0XQGLDO \ TXH OOHYy DO VLVWHPD 6REUHODQDFLRQDOL]DFLyQGHODVFRPSDxtDVTXHVHLQWHJUDURQHQ2HVWH\ODLQFDXWDFLyQGH$QGDOXFHVYpDVH2UW~xH]*RLFROHD SS\SSUHVSHFWLYDPHQWH +DVWDHO(VWDGRVyORKDEtDFRQVWUXLGRRDVXPLGRODH[SORWDFLyQGHNPGHIHUURFDUULOHVGHYtDDQFKDVyORHOSRUFLHQWRGH ODUHGWRWDO9pDVH0XxR]5XELRS 0iVGDWRVHQ&D\yQ*DUFtD\0XxR]5XELRS\VV &D\yQ*DUFtD\0XxR]5XELRSS 0XxR]5XELRSS\2UW~xH]*RLFROHDSS\ !»/3$%&%22/#!22),%.!,"!#%4% -APA2EDFERROVIARIAESPA×OLAEN )XHQWH)XQGDFLyQGHORV)HUURFDUULOHV(VSDxROHV(ODERUDFLyQGH0LJXHO-LPpQH]9HJD GHO3URJUDPDGH+LVWRULDGHOD)XQGDFLyQGHORV)HUURFDUULOHV(VSDxROHV IHUURYLDULRHVSDxRODXQFDOOHMyQVLQVDOLGDHQ HOTXHODYLDELOLGDGHFRQyPLFDGHODVFRPSD xtDV SULYDGDV VyOR IXH SRVLEOH FRQ OD DSRUWD FLyQ GH D\XGDV VXEYHQFLRQHV \ DQWLFLSRV GHO (VWDGR (O QHJRFLR IHUURYLDULR FRPR KHPRV YLVWR HQ ODV SiJLQDV DQWHULRUHV HVWXYR VLHP SUH OLPLWDGR SRU OD HVFDVH] GH EHQHÀFLRV VLQ HPEDUJRGHVGHKDEtDHQWUDGRHQXQDGL QiPLFD GH SpUGLGDV D OD TXH QR VH YHtD ÀQDO 3DUDGyMLFDPHQWH HO FUHFLPLHQWR GHO WUiÀFR \ ODUHOHYDQFLDGHOIHUURFDUULOORKDEtDQFRQYHUWL GRHQSDUWHHVWUXFWXUDOGHODHFRQRPtD 3RU RWUR ODGR WDPELpQ H[LVWtDQ PRWLYRV GH FDUiFWHUMXUtGLFRTXHDUUDQFDEDQHQORVGHIHFWRV \FDUHQFLDVTXHWHQtDODOHJLVODFLyQIHUURYLDULD HVSDxRODGHVGHODVSULPHUDVOH\HVGHOVLJOR;,; KDVWDHO(VWDWXWRGHTXHKDEtDFDPELDGR EXHQDSDUWHGHDTXHOODVGLVSRVLFLRQHV\TXHHUD HOFyGLJRTXHPHGtDORVGHUHFKRV\REOLJDFLRQHV GHODVFRPSDxtDVSULYDGDV\ODSURSLDFDSDFLGDG GHO(VWDGRSDUDLQWHUYHQLUHQODDFWLYLGDG /D H[SUHVLyQ EHQHÀFLR VRFLDO VH LPSRQtD SURJUHVLYDPHQWHDORVGLFWDGRVGHOPHUFDGR\ HO(VWDGRFRPRKHPRVYLVWRGHEtDJDUDQWL]DU HOVHUYLFLRS~EOLFR$PERVVHFWRUHVHOSULYDGR \ HO S~EOLFR FRQRFtDQ VX SDSHO LQPHGLDWR HO SULPHUREXVFDUXQDVDOLGDGHOQHJRFLR\HOVH (Q ~OWLPR OXJDU DXQTXH QR SRU HVWH RUGHQ GHLPSRUWDQFLDHVWDEDQORVDUJXPHQWRVSROtWL FRVHLGHROyJLFRV7DO\FRPRDFLHUWDDUHFRUGDU 0XxR] 5XELR HO SURJUDPD GH FDUL] IDVFLVWD GHO UpJLPHQ LPSXHVWR SRU )UDQFR D UDt] GH VX YLFWRULDPLOLWDUWHQtDFRPRGLUHFWUL]SULQFLSDOHO *DUFtD3pUH]\%HUPHMR9HUD JXQGRLQWHUYHQLUSDUDREWHQHUODJHVWLyQFRP SOHWDGHOVLVWHPDIHUURYLDULR $/-).'/#5³,,!26),,!2 LQWHUYHQFLRQLVPRHFRQyPLFRFRPR´LQVWUXPHQ WR SDUD OOHYDU D FDER XQD SROtWLFD QDFLRQDOL]D GRUDGHODVPDWHULDVSULPDV\GHOFDSLWDO\XQD SROtWLFD GH IRPHQWR \ DSR\R GH OD SURGXFFLyQ LQGXVWULDOµ 3DUD HOOR QHFHVLWDEDQ FRQWURODU WR GRVORVUHFXUVRVGLVSRQLEOHV\HOIHUURFDUULOHUD VLQQLQJXQDGXGDXQDGHVXVPHMRUHVED]DV6X QDFLRQDOL]DFLyQVHSXHGHLQVFULELUSXHVHQSD UDOHORFRQODFUHDFLyQGHO,QVWLWXWR1DFLRQDOGH ,QGXVWULD,1,HQHVHPLVPRDxR 7DPSRFR KHPRV GH ROYLGDU OD WUD\HFWRULD TXH KDEtDQ VHJXLGR RWURV IHUURFDUULOHV HQ (X URSDDXQTXHFRPRELHQVDEHPRV(VSDxDYLYL UtDHQHVRVPRPHQWRV\GXUDQWHEXHQDSDUWHGH ODVHJXQGDGPLWDGGHOVLJOR;;GHHVSDOGDVD QXHVWURVYHFLQRV(VWHDUJXPHQWRGHRWRUJDUXQ UDQJR HXURSHR D OD PHGLGD GH QDFLRQDOL]DFLyQ GHO IHUURFDUULO HQ (VSDxD HQ WLHQH FRPR YHUHPRV FRLQFLGHQFLDV HQ HO WLHPSR DXQTXH GHVSXpVGHORDSXQWDGRPiVDUULEDSDUHFHTXH IXHVyORHVRXQDPHUDHYHQWXDOLGDG(QHOFDVR GH,WDOLDHOSDtVPiVSDUHFLGRDQRVRWURVGHV SXpVGHXQSHULRGRLQLFLDOGHJHVWLyQ\H[SOR WDFLyQ GH ODV FRPSDxtDV SULYDGDV ÀQDQFLDGDV FRPRHQ(VSDxDFRQXQDLPSRUWDQWHDSRUWDFLyQ GH FDSLWDO IUDQFpV VH LQLFLy GHVGH XQD FUHFLHQWHLQWHUYHQFLyQGHO(VWDGRTXHFXOPLQD UtDHQFRQODQDFLRQDOL]DFLyQGHWRGDODUHG IHUURYLDULD )HUURYLH GHOOR 6WDWR )6 )UDQFLD SRUVXSDUWHSDVyGHOSHULRGRGHODVFRPSDxtDV SULYDGDVDORVSULPHURVSURFHVRVGHUHJXODFLyQ HQ\DODFUHDFLyQHQGHXQFRQVRU FLR PL[WR HQWUH ODV FRPSDxtDV SULYDGDV \ XQD QXHYDHPSUHVDS~EOLFDQDFLGDHQHVHSURFHVROD 6RFLpWp1DWLRQDOHGHV&KHPLQVGH)HU)UDQoDLV 61&)TXHGHVGHVHKDUtDFDUJRGHOVHU YLFLR IHUURYLDULR HQ HO YHFLQR SDtV (Q HO FDVR GH *UDQ %UHWDxD ODV SULPHUDV PHGLGDV S~EOL FDVDUUDQFDQGHOSHULRGRGHOD3ULPHUD*XHUUD 0XQGLDO\OOHYDUtDDODQDFLRQDOL]DFLyQGHOIH UURFDUULOEULWiQLFRHQFRQODFUHDFLyQGH %ULWLVK5DLOZD\ %5TXHWHQGUtDXQDVHJXQGD HWDSDHQFRQODFRQVWLWXFLyQGHOD%ULWLVK 5DLOZD\%RDUG&RPRSRGHPRVFRQVWDWDUORV SDUDOHOLVPRVVRQHYLGHQWHVH[LVWLHQGRHQWRGRV ORV FDVRV XQD DFWXDFLyQ SUHYLD GHO (VWDGR HQ FRODERUDFLyQFRQODVHPSUHVDVSULYDGDVTXHVH ÀMDHQHOSULPHUWHUFLRGHOVLJOR;;SDUDDYDQ ]DUDODFRPSOHWDQDFLRQDOL]DFLyQHQODPLWDGGH VLJOR 6LQ HPEDUJR KD\ XQ PDWL] SROtWLFR TXH FRQVLGHUR RSRUWXQR UHVDOWDU ORV HMHPSORV HX URSHRVFRUUHVSRQGHQDSDtVHVFRQVLVWHPDVGH PRFUiWLFRVLPSODQWDGRVHQGHFLVLRQHVWRPDGDV SRU JRELHUQRV VRFLDOLVWDV R VRFLDOGHPyFUDWDV TXH FRQVLGHUDEDQ HVWDV PHGLGDV FRPR SURJUH VLVWDVTXHDYDQ]DEDQHQODFUHDFLyQGHO(VWDGR GHO ELHQHVWDU PLHQWUDV TXH HQ HO FDVR HVSDxRO IXH XQD PHGLGD WRPDGD SRU XQ JRELHUQR WRWD OLWDULRHQHOTXHIRUPDEDSDUWHGHVXLGHRORJtD ODDVXQFLyQGHOFRQWUROGHORVUHFXUVRVGHSUR GXFFLyQ(QUHDOLGDGHUDODFXOPLQDFLyQGHXQD FRUULHQWH GH QDFLRQDOLVPR HFRQyPLFR HVSDxRO TXHKDEtDVLGRDVXPLGDSRUHOIDVFLVPRORFDOOD )DODQJH\TXHDERPLQDEDDGHPiVGHOFRQWURO TXHHOFDSLWDOH[WUDQMHURGHWHQWDEDVREUHGHWHU PLQDGRVUHFXUVRVSURGXFWLYRVFRPRODPLQHUtD RHOIHUURFDUULO(QWRGRFDVRKHPRVGHFRQVL GHUDUTXHHOKLSRWpWLFRWULXQIRGHOD5HS~EOLFD WDPELpQ KXELHUD OOHYDGR D OD QDFLRQDOL]DFLyQ GHOIHUURFDUULOHQ(VSDxDFRPRKHPRVDSXQWD GRDQWHULRUPHQWH (Q (VSDxD OD IRUPD OHJDO SDUD FRQVHJXLU HVWH WUDVSDVR GH FRPSHWHQFLDV HUD OD GH OD UH YHUVLyQDQWLFLSDGDGHODVFRQFHVLRQHVRWRUJDGDV DODVGLIHUHQWHVFRPSDxtDVIHUURYLDULDVSULYDGDV D OR ODUJR GHO VLJOR ;,; 5HFRUGHPRV TXH GH PRGR JHQHUDO \ FRQ HVFDVDV H[FHSFLRQHV VH RWRUJDEDDODVHPSUHVDVXQDFRQFHVLyQSRU DxRVPRPHQWRHQHOFXDOODH[SORWDFLyQSDVDUtD DO(VWDGR(QODVFRPSDxtDVSULYDGDVHQ DFWLYRKDEtDQDJRWDGREXHQDSDUWHGHHVHSOD]R GH FRQFHVLyQ SHUR D~Q HVWDEDQ OHMRV GH FXP SOLUOR6HJ~Q0XxR]5XELRHQWUHODVPiVDQWL JXDV 1RUWH WRGDYtDGLVSRQtDGHDxRV0=$ 0XxR]5XELRSS &DPHURQ 2UW~xH]*RLFROHDSS\(QXQDSHUVSHFWLYDTXHOOHJDKDVWDODDFWXDOLGDG5DPRV0HOHUR 7DPELpQUHVXOWDQLQWHUHVDQWHVODVVLJXLHQWHVUHIHUHQFLDV*RXUYLVKSDUDHOFDVREULWiQLFR0HUJHUSDUDHOIUDQFpV\ *LXQWLQLSDUDHOLWDOLDQR !»/3$%&%22/#!22),%.!,"!#%4% #UADRO6ALORACIONESDEL2ESCATEREALIZADASPORDIFERENTESORGANISMOSDEL%STADO %NMILESDEPESETAS -XQWD 6XSHULRUGH ÌQGLFH )HUURFDUULOHV 1RUWH 0=$ $QGDOXFHV 2HVWH &HQWUDOGH$UDJyQ =DIUD+XHOYD /RUFDD%D]D\ÉJXLODV 7RUUDOEDD6RULD $OFDQWDULOODD/RUFD %D]DD*XDGL[ 9DOHQFLDD$UDJyQ 6LOODD&XOOHUD 9LOODFDxDVD4XLQWDQDU $UJDPDVLOODD7RPHOORVR %LOEDRD3RUWXJDOHWH 7ULDQR 9LOODOXHQJDD9LOODVHFD 0LQLVWHULR GH2EUDV 3~EOLFDV ÌQGLFH $QXDOLGDG )LQDO ÌQGLFH )XHQWH0XxR]5XELR&XDGUR GHRHOIHUURFDUULOGH7ULDQRGH(OUHVWR VXSHUDED HVWRV SOD]RV FRQWDQGR SRU GHODQWH FRQPHGLRVLJORGHH[SORWDFLyQ3RUORWDQWR ODIRUPDOHJDOGHFRQVHJXLUHOWUDVSDVRDOVHFWRU S~EOLFRGHHVWDVFRQFHVLRQHVHUDODGHOUHVFDWH VLVWHPDTXHSURSRQtDHODERQRDOFRQFHVLRQDULR SRU SDUWH GHO (VWDGR GH XQD FDQWLGDG HQ FRQ FHSWR GH LQGHPQL]DFLyQ FDOFXODGD D SDUWLU GHO HVWDGR GH OD H[SORWDFLyQ GH ORV UHQGLPLHQWRV PHGLRVREWHQLGRV\GHORVDxRVSHQGLHQWHVWR GDYtDGHH[SORWDFLyQSULYDGD $ SDUWLU GH HVWH PRPHQWR VH LQLFLy XQ ODU JRSURFHVRGHWLUD\DÁRMDHQWUHHO(VWDGR\ODV FRPSDxtDVIHUURYLDULDV$TXpOEXVFDEDXQMXV WLSUHFLRTXHPDUFDUDODLQGHPQL]DFLyQDSDJDU DODVFRPSDxtDVIHUURYLDULDV/yJLFDPHQWHLQ WHQWDEDTXHODVLQGHPQL]DFLRQHVIXHUDQORPiV UHGXFLGDVSRVLEOHV\ KDFtDKLQFDSLpHQORVQH JDWLYRVUHVXOWDGRVGHODH[SORWDFLyQGHORVDxRV SUHFHGHQWHVORVFXDOHVQRSUHVXSRQtDQSHUVSHF WLYDV GH UHQWDELOLGDG SDUD ORV DxRV YHQLGHURV 'HLJXDOPDQHUDFRQWDELOL]DEDHOHVWDGRUHDOGHO HVWDEOHFLPLHQWR GH OD H[SORWDFLyQ PHGLDQWH OD ÀJXUDGHOGHPpULWRFRQHOTXHSUHWHQGtDFRQWD ELOL]DUODVFDQWLGDGHVTXHODVFRPSDxtDVKDEtDQ GHMDGRGHLQYHUWLUHQODDFWXDOL]DFLyQGHODVOt QHDV GH IHUURFDUULO \ DKRUD HO (VWDGR XQD YH] DVXPLGD OD SURSLHGDG QHFHVLWDED UHDOL]DU SDUD FRQVHJXLUVDFDUDGHODQWHODH[SORWDFLyQ /DV FRPSDxtDV IHUURYLDULDV SRU VX SDUWH SHUVHJXtDQ XQD YDORUDFLyQ OR PiV DOWD SRVLEOH FRQODTXHFRPSHQVDUODUJRVDxRVGHEHQHÀFLRV 0XxR]5XELR&XDGUR /RVGHWDOOHVVREUHHOFiOFXORGHOUHVFDWHHQ0XxR]5XELRSS\&RPtQ&RPtQ0DUWtQ$FHxD0XxR]5XELR\9LGDO 2OLYDUHVYROSS $/-).'/#5³,,!26),,!2 HVFDVRV3DUDHOORUHFODPDUtDQODVYDORUDFLRQHV EDVDGDVHQHOHVWDEOHFLPLHQWR\QRHQORVUHVXO WDGRVGHODH[SORWDFLyQRTXHDOPHQRVpVWRV UHFRJLHUDQORVPRPHQWRVGHPD\RUERQDQ]DHO SULPHUGHFHQLRGHOVLJOR;;\QRORV~OWLPRV DxRVGpFDGDVGH\TXHODVFRPSD xtDV FRQVLGHUDEDQ TXH QR UHVSRQGtDQ DO YDORU UHDOGHORVIHUURFDUULOHVTXHHOORVH[SORWDEDQ /RV GDWRV PDQHMDGRV QRV VXJLHUHQ OD UHD OLGDGGHTXHHO(VWDGRQRLQWHQWyFXPSOLUFRP SOHWDPHQWH FRQ VX PLVLyQ GH VDOYDJXDUGDU HO LQWHUpVS~EOLFR\DSDUWLUGHXQDSULPHUDYDORUD FLyQSRUSDUWHGHOD-XQWD6XSHULRUGH)HUURFD UULOHVVHSURGXMRDSHWLFLyQGHODVFRPSDxtDV XQD QXHYD YDORUDFLyQ PiV JHQHURVD SRU SDUWH GHO0LQLVWHULRGH2EUDV3~EOLFDV)LQDOPHQWH\ WUDVODDSOLFDFLyQGHOGHQRPLQDGRGHPpULWRHO SDJRÀQDOPHUPyFRQVLGHUDEOHPHQWHODVSUHYL VLRQHVGHDOJXQDVFRPSDxtDVDXQTXHRWUDVYLH URQFODUDPHQWHVXSHUDGDODFLIUDLQLFLDO&XDGUR ,QFOXVRODVUHWLFHQFLDVGHDOJXQDVFRPSD xtDVDDFHSWDUODVFDQWLGDGHVRIUHFLGDVWXYLHURQ TXH VHU LPSXHVWDV D WUDYpV GH OD 2UGHQ GH GHQRYLHPEUHGHTXHUHFRUGDEDODIyUPXOD FDQMHGHOYDORUÀQDOGHODYDORUDFLyQSRUWtWXORV GH'HXGD3~EOLFDSDUDHVWDVVRFLHGDGHV $ SDUWLU GH HVWH PRPHQWR VH LQLFLD HO ODU JR FLFOR GHO IHUURFDUULO S~EOLFR GH YtD DQFKD HQ (VSDxD TXH OOHJDUi KDVWD HQHUR GH (QODHWDSD5(1)(GLVWLQJXLPRVDOPHQRVWUHV SHULRGRV HO DXWiUTXLFR HO GHVD UUROOLVWD\HOGHPRFUiWLFR GHOTXHQRVRFXSDUHPRVHQHOVLJXLHQWH HStJUDIH /DQXHYDOHJLVODFLyQDJUXSDEDORVUHFXUVRV RUJDQL]DWLYRVGHOIHUURFDUULOGHYtDDQFKDHQWRU QRD5(1)(TXHGDQGRFRQVWLWXLGDpVWDFRPR XQ(QWH3~EOLFRFRQLGHQWLGDGMXUtGLFDLQGHSHQ GLHQWH D OD GHO (VWDGR \ FRQ SOHQD DXWRQRPtD HQVXIXQFLRQDPLHQWRDGPLQLVWUDWLYR6XPLVLyQ HUD OD GH RUJDQL]DU HO VLVWHPD IHUURYLDULR 6LQ HPEDUJRODUHDOLGDGVHUtDGLIHUHQWH\ODHPSUH VDS~EOLFDHVWDUtDVRPHWLGDHQWRGRPRPHQWRD GHFLVLyQ\FRQWUROGLUHFWRGHODSUHVLGHQFLDGH *RELHUQR$Vt HQ HVWRV SULPHURV DxRV FXDWUR RUJDQLVPRVGHQXHYDFUHDFLyQVHUiQORVHQFDU JDGRVGHVRFDYDUODVDWULEXFLRQHVGH5(1)( /D-XQWD6XSHULRUGH)HUURFDUULOHV\7UDQV SRUWHVSRU&DUUHWHUDWHQtDFRPRPLVLyQODUHJX ODFLyQFRQWURO\FRRUGLQDFLyQGHORVGLIHUHQWHV WUDQVSRUWHV WHUUHVWUHV HQ (VSDxD 3RU VX SDUWH OD ,QVSHFFLyQ7pFQLFD \$GPLQLVWUDWLYD GH ORV )HUURFDUULOHV HUD XQ RUJDQLVPR GHSHQGLHQWH GHO 0LQLVWHULR GH 2EUDV 3~EOLFDV HQFDUJDGR GHVXSHUYLVDUD5(1)(\RWURVIHUURFDUULOHVHQ H[SORWDFLyQ0iVGRORURVDVHUtDODFUHDFLyQGH OD&RPLVDUtDGH0DWHULDO)HUURYLDULRHQPDU]R GHGHSHQGLHQGRGLUHFWDPHQWHGH3UHVLGHQ FLDGH*RELHUQRDXQTXHLQFOXLGDHQORVSUHVX SXHVWRVGHODHPSUHVDIHUURYLDULD3RU~OWLPROD 'HOHJDFLyQGH2UGHQDFLyQGHO7UDQVSRUWHWDP ELpQGHODPLVPDIHFKD\FRQODPLVPDGHSHQ GHQFLDWHQtDSRUREMHWRODUHJXODFLyQGHOWUiÀFR \DEDVWHFLPLHQWRDORVPHUFDGRVGHORVSURGXF WRV EiVLFRV 7DO \ FRPR KD UHFRUGDGR 0XxR] 5XELRHVWDDFWXDFLyQEXVFDEDHOUtJLGRFRQWURO GHODSURGXFFLyQ\GHOPHUFDGRHQSURGHXQD HVWUDWHJLD LQGXVWULDOL]DGRUD /D -XQWD 6XSHULRU GHEtD HOLPLQDU FXDOTXLHU WLSR GH FRPSHWHQFLD EXVFDQGRHOFRQFLHUWRHQHOVLVWHPDGHWUDQVSRU WH OD ,QVSHFFLyQ 7pFQLFD LQFLGtD QRWDEOHPHQ WH HQ OD H[SORWDFLyQ IHUURYLDULD OD &RPLVDUtD DVXPtDHOFRQWUROGHODSURGXFFLyQGHPDWHULDO IHUURYLDULRTXHGHEtDVXUWLUD5(1)(\SRU~O WLPROD'HOHJDFLyQJDUDQWL]DEDODGLVWULEXFLyQ FXHVWLyQIXQGDPHQWDOHQFXDOTXLHUHFRQRPtD\ PiVD~QHQXQDLQWHUYHQLGDHQODTXHODVIXHU]DV QDWXUDOHVGHOPHUFDGRQRDFWXDEDQ 0XxR]5XELR&RPtQ&RPtQ0DUWtQ$FHxD0XxR]5XELR\9LGDO2OLYDUHV2UW~xH]*RLFROHD\&XpOODU9LOODU (VWDVFRPSDxtDVIXHURQODVGH$UJDPDVLOODD7RPHOORVRGH%D]DD*XDGL[GHO2HVWHGH(VSDxDGH9LOODFDxDVD4XLQWDQDUGHOD2UGHQ GH$OFDQWDULOODD/RUFD\GH6RULDD1DYDUUD%2(7DPELpQHQHVWHFDVRHVWDUtDOD&RPSDxtDGHORV)HUURFDUULOHVGH/RUFD D%D]D\ÉJXLODVGHFDSLWDOEULWiQLFRTXHDFHSWyHOSDJRSURSXHVWRDWUDYpVGHXQFRPXQLFDGRDVXVDFFLRQLVWDVHQPDU]RGH UHDOL]DQGRGHLQPHGLDWRODGLVROXFLyQGHODVRFLHGDG&XpOODU9LOODUS\ 3XEOLF5HFRUG2IÀFH%7YRO 0XxR]5XELRSS\&RPtQ&RPtQ0DUWtQ$FHxD0XxR]5XELR\9LGDO2OLYDUHVSS !»/3$%&%22/#!22),%.!,"!#%4% /RVUHVXOWDGRVGHHVWHSHULRGRQRSXHGHQVHU PiVQHJDWLYRVSDUDHOIHUURFDUULOSRUXQODGROD FXRWD GH PHUFDGR HQ HO WUDQVSRUWH GH YLDMHURV \GHPHUFDQFtDVKDEtDFDtGRGHVGHHOSRU FLHQWR \ HO SRU FLHQWR TXH WHQtD HQ KDVWDHOSRUFLHQWRHQSRURWURODGR HOVWRFNGHFDSLWDOIHUURYLDULRQRKDEtDFHVDGR GH PHQJXDU GHVGH HO ÀQDO GH OD *XHUUD &LYLO FD\HQGR XQ SRU FLHQWR VREUH HO YDORU H[LV WHQWHHQ&RQVLGHURHYLGHQWHODUHODFLyQ HQWUHDPERVSDUiPHWURV\DTXHODH[SDQVLyQGHO WUDQVSRUWHSRUFDUUHWHUDVHYLRIRUWDOHFLGDHQHO FDVRHVSDxROSRUHODEDQGRQRDOTXHVHYLRVR PHWLGRHOIHUURFDUULOHQHVWHSHULRGRFX\DREVR OHVFHQFLDWHFQROyJLFDDJXGL]yODUHDOLGDGGHXQ VLVWHPD GH WUDQVSRUWHV IHUURYLDULR FODUDPHQWH GHÀFLHQWH 'HVGH \ HQ FRKHUHQFLD FRQ ODV QXH YDV OtQHDV WUD]DGDV SRU HO 3ODQ GH (VWDELOL]D FLyQ VH SURGXMHURQ UHOHYDQWHV FDPELRV HQ OD HVWUXFWXUDRUJDQL]DWLYD\GHJHVWLyQGH5(1)( (VWHSURFHVRGHFDPELRVHLQLFLyHQFRQ ODVXSUHVLyQGHORVRUJDQLVPRVLQWHUYHQWRUHV\D FLWDGRV HQ 5(1)( \ FXOPLQDUi HQ FRQ ODSURPXOJDFLyQGHO(VWDWXWRGHODHPSUHVDTXH RWRUJDEDXQPD\RUJUDGRGHDXWRQRPtDSDUDOD JHVWLyQ GHO VHUYLFLR S~EOLFR GH WUDQVSRUWH \ OD UHDOL]DFLyQGHRWUDVDFWLYLGDGHVHFRQyPLFDVUH ODFLRQDGDVFRQVXDFWLYLGDGSULQFLSDO (Q OD OtQHD GH HVWH SURFHVR DSHUWXULVWD VH HQFXHQWUD OD DSUREDFLyQ GHO 3ODQ 'HFHQDO GH 0RGHUQL]DFLyQ 3'0 TXH UHÁH MDED EXHQD SDUWH GH ODV FRQFOXVLRQHV GHO ,Q IRUPHGHO%DQFR0XQGLDOHODERUDGRHQ FRPRSDVRSUHYLRDODFFHVRGHD\XGDVHFRQy PLFDV LQWHUQDFLRQDOHV SDUD HO UpJLPHQ IUDQ TXLVWD (VWH LQIRUPH HQ PDWHULD IHUURYLDULD UHFRQRFtD HO DWUDVR GHO VLVWHPD IHUURYLDULR HQ (VSDxDSURSRQLHQGRODSURJUHVLYDVXVWLWXFLyQ GHODWUDFFLyQYDSRUSRUGLHVHOPiVHFRQyPLFD \HIHFWLYDLQFOXVRTXHODHOpFWULFDTXHQHFHVL WDED GH FRVWRVDV LQYHUVLRQHV \ OD UHQRYDFLyQ GHO SDUTXH GH PDWHULDO PyYLO ,JXDOPHQWH VH KDFtD KLQFDSLp HQ OD QHFHVLGDG GH RSWLPL]DU OD UHG H[LVWHQWH UHFRPHQGDQGR OD QR FRQFOX VLyQ GH ODV OtQHDV IHUURYLDULDV TXH \D HVWDEDQ HQ FRQVWUXFFLyQ (O GLFWDPHQ GHO LQIRUPH VX SXVRODSDUDOL]DFLyQGHÀQLWLYDGHODVREUDVHQ ORVDxRVVLJXLHQWHVHQODVOtQHDVTXHHVWDEDQHQ FRQVWUXFFLyQ GHVGH OD GpFDGD GH (VWDV OtQHDVHUDQODVGH$UFRVGHOD)URQWHUDD2OYH UD TXH SRQtD HQ FRPXQLFDFLyQ IHUURYLDULD HO OLWRUDO DWOiQWLFR DQGDOX] FRQ HO PHGLWHUUiQHR OD GH7DODYHUD GH OD 5HLQD &DOHUD\ &KR]DV D 9LOODQXHYD GH OD 6HUHQD TXH WUDQVLWDED HQ WUHODVOtQHDVGH0DGULGD&iFHUHV\GH0pUL GD D 6HYLOOD OD GH 3XHUWROODQR D 0DUPROHMR TXH DEUHYLDED HO DFFHVR GHO IHUURFDUULO GHVGH /D 0DQFKD D$QGDOXFtD ODV OtQHDV GHO &DP SR GH &DUWDJHQD GH7RWDQD D /D 3LQLOOD \ GH ÉJXLODV D &DUWDJHQD OD GH $OFR\ D 6DQ 9L FHQWHGH5DVSHLJ$JRVWFRPSOHWDEDODOtQHD SRU HO LQWHULRU HQ OD SURYLQFLD GH$OLFDQWH HO JUDQHMHWUDQVYHUVDOGHVGH/LQDUHV%DH]DKDVWD 6DQW*LURQVHQHO3LULQHRFHQWUDODWUDYpVGH $OEDFHWH 8WLHO /pULGD \ /D 3REOD GH 6HJXU \ OD OtQHD GH 6DQWDQGHU D &LGDG 'RVDQWH TXH KXELHUDFRPSOHWDGRHOHMHWUDQVYHUVDOGHVGHOD FLXGDGFiQWDEUDKDVWDHOPDU0HGLWHUUiQHRHQ 6DJXQWR 'H ODV OtQHDV HQ FRQVWUXFFLyQ VyOR VHWHUPLQDUtDHQODGH0DGULGD%XUJRV &RPR VH SXHGH FRPSUREDU HQ OD PD\RUtD GH ORVFDVRVVHWUDWDEDGHOtQHDVWUDQVYHUVDOHVTXH FRPSOHWDEDQYDFtRVIHUURYLDULRVTXHHOLQIRUPH FRQVLGHUDEDTXHWHQGUtDQHVFDVDUHQWDELOLGDG\ TXHDGHPiVSHUMXGLFDUtDQODH[SORWDFLyQGHODV OtQHDV\DHQFRQVWUXFFLyQHMHUFLHQGRXQDFRP SHWHQFLDQRGHVHDGD/DSDUDOL]DFLyQGHHVWDV REUDVHQXQDYDQ]DGRHVWDGRGHUHDOL]DFLyQVX SXVRXQDGHFLVLyQSROpPLFDTXHIXHGLVFXWLGD 0XxR]5XELRS /DFDtGDHQSRUFHQWDMHHUDVLPLODUDODTXHVHKDEtDSURGXFLGRHQODGHSUHFLDFLyQGHORVDFWLYRVIHUURYLDULRVDFDXVDGHOFRQÁLFWREpOLFR 'DWRVGH)XQGDFLyQ%%9 /D&RPLVDUtDGH0DWHULDO)HUURYLDULRVHUtDVXSULPLGDSRU'HFUHWRGHGHQRYLHPEUHGHOD'HOHJDFLyQSDUDOD2UGHQDFLyQGHO 7UDQVSRUWH7HUUHVWUHORVHUtDSRU'HFUHWRGHGHGLFLHPEUHGH\OD,QVSHFFLyQ7pFQLFD\$GPLQLVWUDWLYDGH)HUURFDUULOHVVHUtD GLVXHOWDHQ 6REUHORVWUD]RVEiVLFRVGHODSROtWLFDIHUURYLDULDHQHVWHSHULRGR0XxR]5XELRSS %DQFR,QWHUQDFLRQDOGH5HFRQVWUXFFLyQ\)RPHQWR $/-).'/#5³,,!26),,!2 LQFOXVRGHQWURGHOSURSLR0LQLVWHULRGH2EUDV 3~EOLFDV (QHOSODQRRUJDQL]DWLYRVHFULWLFDEDODH[FH VLYDGHSHQGHQFLDHQODJHVWLyQGHO0LQLVWHULRGH 2EUDV3~EOLFDV\VHUHFODPDEDSDUDODHPSUHVD XQDPD\RUDXWRULGDGHQODWRPDGHDOJXQDVGH FLVLRQHV(O,QIRUPH$UPDQGWDPELpQHPLWLGR HQHVHPRPHQWRFRUURERUDEDHVDYLVLyQQHJDWL YDGHOVLVWHPDRUJDQL]DWLYRGHODHPSUHVD ,QIRUPH GHO %DQFR 0XQGLDO (VWDWXWR GH 5(1)(\3ODQ'HFHQDOGH0RGHUQL]DFLyQVRQ SXHV ODV KHUUDPLHQWDV GHO FDPELR GH UXPER DQXQFLDGR6LQHPEDUJRQLORVFDPELRVIXHURQ WDQ SURIXQGRV FRPR VH DQXQFLDEDQ QL WDPSR FR VX HIHFWLYLGDG IXH SUHFLVDPHQWH HMHPSODU (QHOSODQRRUJDQL]DWLYRDXQTXHVHHOLPLQDED EXHQDSDUWHGHORVRUJDQLVPRVUHJXODGRUHVTXH KDEtDQGHVSURYLVWRGHFDSDFLGDGDODHPSUHVD ODGHSHQGHQFLDGHO0LQLVWHULRGH2EUDV3~EOL FDVVLJXLyVLHQGRLPSRUWDQWH(QWRGRFDVRQRV HQFRQWUDPRVFRQXQDHPSUHVDPiVSUHVLGHQFLD OLVWD \ XQD HVWUXFWXUD GH JHVWLyQ PiV GHÀQLGD 6H LQLFLy HQ HVWH PRPHQWR XQ HYLGHQWH FUHFL PLHQWR HQ OD LQYHUVLyQ WDQWR HQ LQIUDHVWUXFWX UDFRPRHQPDWHULDOPyYLO\VHDSRVWySRUXQD PHMRUD HQ OD SURGXFWLYLGDG 6LQ HPEDUJR ORV UHVXOWDGRV RIUHFLHURQ OD SDUDGRMD HQ SDODEUDV GH0XxR]5XELRGHTXHFXiQWRVPiVUHFXUVRV UHFLEtDODHPSUHVDSDUDVXPRGHUQL]DFLyQPiV VH DFHOHUDED VX SURFHVR GH PDUJLQDOLGDG \ HQ WpUPLQRVFRPSDUDWLYRVORVUHVXOWDGRVHUDQPiV QHJDWLYRV(VWHDXWRUUHFRJHWUHVFRQVHFXHQFLDV QHJDWLYDVSDUDHOIHUURFDUULOHQHVHPRPHQWROD SURJUHVLYD\DODUPDQWHSpUGLGDGHODVFXRWDVGH WUDQVSRUWHWHUUHVWUHODFRQVROLGDFLyQGHXQGpÀ FLWFUyQLFR\ODIXHUWHFDtGDGHOHPSOHR (O &XDGUR QRV PXHVWUD OD HYROXFLyQ GH ORVSULQFLSDOHVGDWRVGHODHPSUHVDIHUURYLDULD TXHUHVXOWDLQWHUHVDQWHFRQWUDVWDUFRQORDÀUPD GR DQWHULRUPHQWH (O DSDUWDGR GH LQYHUVLRQHV QRV PXHVWUD XQD SULPHUD HWDSD UHFHVLYD HQ OD $XWDUTXtDSDUDLQLFLDUXQSURFHVRGHLQFUHPHQ WRSURJUHVLYRGHODVLQYHUVLRQHVUHDOL]DGDVHQOD PHMRUDGHODLQIUDHVWUXFWXUDIHUURYLDULD\HQOD UHQRYDFLyQGHOPDWHULDOPyYLO7DPELpQFDHHQ HVHSHULRGRDXWiUTXLFRODSURGXFWLYLGDGODERUDO FRQXQDSODQWLOODWRGDYtDGHPDVLDGRDPSOLDGH ELGRDODHVFDVDPRGHUQL]DFLyQGHODH[SORWDFLyQ IHUURYLDULD (VSHFLDOPHQWH D SDUWLU GH VH FRQVWDWDXQDPHMRUDGHHVWHLQGLFDGRUPRPHQ WRHQHOTXHHOQ~PHURGHWUDEDMDGRUHVFDHSRU GHEDMRGHORVFLHQPLOOOHJDQGRHQDSRFR PiV GH (O FRPSRUWDPLHQWR GHO WUiÀFR GHYLDMHURV\PHUFDQFtDVHVFODUDPHQWHLQGHFL VRGHQWURGHXQDWHQGHQFLDFUHFLHQWHSHURPX\ PRGHUDGD(VWHLQGLFDGRUHQXQPRPHQWRHQHO TXHODHFRQRPtDHVSDxRODFUHFtDDXQULWPRPX\ UiSLGRPXHVWUDODVFDUHQFLDVGHOVLVWHPDIHUUR YLDULR(OFUHFLPLHQWRGHORVLQJUHVRVSRUWUiÀ FRHVWRGDYtDPiVSDUFR\HQYDORUHVFRQVWDQWHV DSHQDVVLOOHJDDGREODUVHHQWUHVGpFDGDV3RU ~OWLPRHOGDWRGHODHYROXFLyQGHOGpÀFLWÀQDO FRUURERUDFRPRHOFUHFLPLHQWRGHOJDVWRQRHV FRPSHQVDGRDGHFXDGDPHQWHSRUXQFUHFLPLHQ WRGHORVLQJUHVRVORTXHWHUPLQDUiVLHQGRXQD VHxDGHLGHQWLGDGQHJDWLYDGH5(1)( 'HVGHHOSXQWRGHYLVWDGHORVHIHFWRVLQGXFL GRVVREUHODHFRQRPtDQDFLRQDO0XxR]5XELR KD HVWLPDGR TXH HQ HVWH SHULRGR HO IHUURFDUULO SUHVHQWyHQ(VSDxDXQRVUHVXOWDGRVFRQWUDGLF WRULRV /RV HIHFWRV GH DUUDVWUH KDFLD DWUiV DF WXDQGRGHVGHODGHPDQGDIXHURQSRVLWLYRVWDQWR HQODJHQHUDFLyQGHHPSOHRGLUHFWRHLQGXFLGR SDUD OD LQGXVWULD GH PDWHULDO GH FRQVWUXFFLyQ SDUDHOVHFWRUHQHUJpWLFRRSDUDHOVLGHU~UJLFR 3RU HO FRQWUDULR ORV HIHFWRV GH DUUDVWUH KDFLD GHODQWH DFWXDQGR GHVGH OD RIHUWD QR VyOR QR FUHFLHURQFRQUHVSHFWRDOSHULRGRDQWHULRUVLQR 3DUDHOFDVRGHODOtQHDGH%DH]DD8WLHOYpDVHHOLQIRUPHWpFQLFRGH&DUORV(VSLQRVDGHORV0RQWHURVHQHOTXHSDUWLFLSDURQ5DIDHO ,]TXLHUGR-HV~V/DVDOD\9LFHQWH/DIXHQWH0LQLVWHULRGH2EUDV3~EOLFDV\%2(\GHIHEUHURGH8QDYDORUDFLyQ JOREDOVREUHHO,QIRUPHGHO%DQFR0XQGLDOHQ&RPtQ&RPtQ0DUWtQ$FHxD0XxR]5XELR\9LGDO2OLYDUHV9RO,,SS %DQFR,QWHUQDFLRQDOGH5HFRQVWUXFFLyQ\)RPHQWRS/RXLV$UPDQGIXHSUHVLGHQWHGH61&)\GXUDQWHODGpFDGDGH DVHVRUHQPDWHULDIHUURYLDULDGHO*RELHUQRGH)UDQFR 0XxR]5XELRSS !»/3$%&%22/#!22),%.!,"!#%4% #UADRO0RINCIPALESDATOSECONØMICOSDELAEXPLOTACIØNDE2%.&% .P ,QYHUVLRQHV 8QLGDGHVGH 9LDMHURVSRU 7RQHODGDVSRU ,QJUHVRVGH 'pÀFLW)LQDO PLOORQHVGH 7UiÀFRSRU .P .P 7UiÀFR PLOORQHVGH SWVGH 7UDEDMDGRU HQPLOORQHV HQPLOORQHV PLOORQHVGH SWVGH SWVGH )XHQWH(ODERUDFLyQSURSLDDSDUWLUGHKWWSZZZGRFXWUHQFRP $/-).'/#5³,,!26),,!2 TXHSUiFWLFDPHQWHWRGRVORVLQGLFDGRUHVVXIULH URQXQUHWURFHVRTXHQRVUHWURWUDHDODGpFDGD GH6XGHVFULSFLyQGHOVLVWHPDIHUURYLDULR HVSDxROHVFRQFOX\HQWH´GXUDQWHHVWRVDxRV DXWiUTXLFRV VHxDODQ FRPR EHQHÀFLDULRV ~QL FRVDOFDUEyQQDFLRQDO\VREUHWRGRDOVHFWRU FRQVWUXFWRUGHPDWHULDOPyYLO$VtSXHVHQHO FRQWH[WR GH XQD HVWUXFWXUD HFRQyPLFD PXFKR PiVVLPSOHTXHODDFWXDOODVRFLHGDGHVSDxROD VHYLRREOLJDGDDVXIULUXQVHUYLFLRGHWUDQVSRU WH IHUURYLDULR TXH QR VH GHEH ROYLGDU TXH IXH GXUDQWH EXHQD SDUWH GH HVWRV DxRV OD SULQFLSDO DOWHUQDWLYD DEVROXWDPHQWH GHÀFLHQWH HV GHFLU LQVHJXUROHQWRHLQFyPRGRµ %,&%22/#!22),%.$%-/#2!#)! 5.!"2%6%2%&,%8)¼. 3/"2%,!.5%6!#/95.452! &RPRKHPRVYLVWRQLOD$XWDUTXtDLQWHUYHQ FLRQLVWDQLHOSHULRGRGHOLEHUDOL]DFLyQSRVWHULRU FRQVLJXLHURQHYLWDUODFULVLVGHOIHUURFDUULOTXH OOHJD D OD GHPRFUDFLD HQ OD SHRU FR\XQWXUD GH VX KLVWRULD /RV SULQFLSDOHV LQGLFDGRUHV GHO IHUURFDUULO HQ HVWD HWDSD PXHVWUDQ XQD FRQWL QXDFLyQGHODWHQGHQFLDQHJDWLYDDOPHQRVHQ ORVSULPHURVDxRVGHODWUDQVLFLyQSROtWLFD(Q ORTXHVHUHÀHUHDODDSRUWDFLyQGHFDSLWDODOIH UURFDUULOVyORODVJUDQGHVLQYHUVLRQHVGHULYDGDV GHODFRQVWUXFFLyQGHODVSULPHUDVOtQHDVGHDOWD YHORFLGDGHQ(VSDxDLQYLHUWHQODWHQGHQFLDDOD EDMD(QRSRVLFLyQDHVWRHOFUHFLPLHQWRGHOD SURGXFWLYLGDGHVHYLGHQWHDXQTXHpVWHQRVyOR VHYHFRQGLFLRQDGRSRUODPHMRUDGHODHÀFLHQ FLD\ODUHGXFFLyQGHODSODQWLOODGHWUDEDMDGRUHV VLQR WDPELpQ SRU OD UHGXFFLyQ GH ORV WUiÀFRV eVWRVSUHVHQWDQXQDWHQGHQFLDGLYHUJHQWHSDUD ORVYLDMHURVFRQXQFUHFLPLHQWRPX\PRGHVWR D OR ODUJR GHO SHULRGR \ ODV PHUFDQFtDV FX\D FDtGDGHWUiÀFRVSDUHFHQRHQFRQWUDUÀQDOKD FLHQGRHVSHFLDOPHQWHJUDYHODSpUGLGDGHFXRWD HQHOFRQMXQWRGHOWUDQVSRUWHFRQXQRGHORVLQ 0XxR]5XELRES 0XxR]5XELRS 0LQLVWHULRGH7UDQVSRUWHV\&RPXQLFDFLRQHV GLFDGRUHVPiVEDMRVGHWRGD(XURSD(VWRVGD WRVDSRUWDQSRUORWDQWRXQDFDtGDSURJUHVLYD GH ORV LQJUHVRV FX\D UHSHUFXVLyQ HQ HO GpÀFLW \D KLVWyULFR GH OD HPSUHVD VyOR KD SRGLGR VHU FRPSHQVDGDOLJHUDPHQWHHQODSDUWLGDGHJDVWRV GHVGH DO DxR VLJXLHQWH GH DOFDQ]DUVH XQ Pi[LPRKLVWyULFRHQODVSpUGLGDVGHODFRPSD xtDYHU&XDGUR (Q HVWH PDUFR GH FRQWLQXDFLyQ GH ORV SUR EOHPDV HFRQyPLFRV \ GH JHVWLyQ GHO VLVWHPD IHUURYLDULRQRREVWDQWHKD\TXHUHVHxDUHOGL QDPLVPRGHODVWUDQVIRUPDFLRQHVUHDOL]DGDVHQ ODE~VTXHGDGHXQDVROXFLyQDHVWHQXHYRSUR EOHPDIHUURYLDULRGHÀQDOHVGHOVLJOR;;TXH DXJXUDED OR SHRU /D LQWHJUDFLyQ HQ (XURSD \ HOGHEDWHGHPRFUiWLFRKDQDSRUWDGRQXHYDVYtDV TXH QR H[HQWDV GH SROpPLFD KDQ FRQWULEXLGR DTXHHQODDFWXDOLGDGFDVLQDGLHFRQFLEDHOIH UURFDUULO FRPR XQ VHFWRU GHPDVLDGR FRVWRVR H LUULWDEOHPHQWHLQRSHUDQWH (Q VH SUHVHQWy HO /LEUR %ODQFR GHO 7UDQVSRUWHSXQWRGHDUUDQTXHGHODQXHYDSROt WLFDIHUURYLDULDHQODTXHVHSUHFRQL]DEDODOLEHU WDGGHFRQFXUUHQFLDODHVSHFLDOL]DFLyQGHFDGD PRGDOLGDG GH WUDQVSRUWH HQ ORV VHJPHQWRV GH PHUFDGRVFRQPHMRUHVYHQWDMDVFRPSDUDWLYDVOD QHXWUDOLGDGÀVFDOODVXEYHQFLyQH[FOXVLYDFRQ FDUJRDORV3UHVXSXHVWRV*HQHUDOHVGHO(VWDGR SDUDORVWUDQVSRUWHVGHVHUYLFLRVS~EOLFRVODXWL OL]DFLyQSUHIHUHQWHGHOIHUURFDUULOHQHOVHUYLFLR GHYLDMHURVGHFHUFDQtDV\HQORVFRUUHGRUHVGH ORVQ~FOHRVXUEDQRVPiVGHQVDPHQWHSREODGRV HLJXDOPHQWHHQHOVHUYLFLRGHPHUFDQFtDVSDUD JUDQGHVYRO~PHQHVHQODVODUJDVGLVWDQFLDV (O3ULPHU&RQWUDWR3URJUDPDHQWUH5(1)(\ HO(VWDGRVHÀUPyHQFRPSURPHWLpQGRVH ODFRPSDxtDDHOHYDUODFDOLGDGGHODH[SORWDFLyQ RIUHFLHQGR PHMRUHV UHVXOWDGRV PLHQWUDV TXH HO (VWDGR GHEtD VXIUDJDU GHWHUPLQDGDV LQYHUVLR QHVGHLQIUDHVWUXFWXUD\RWURVFRVWHVLPSXWDEOHV DOD5HG$XQTXHORVUHVXOWDGRVQRIXHURQWRGR OREXHQRVTXHVHSUHYHtDVtVHSXHGHFRQVLGHUDU !»/3$%&%22/#!22),%.!,"!#%4% #UADRO0RINCIPALESDATOSECONØMICOSDELAEXPLOTACIØNDE2%.&% .P ,QYHUVLRQHV 8QLGDGHVGH 9LDMHURVSRU 7RQHODGDVSRU ,QJUHVRVGH 'pÀFLW)LQDO PLOORQHVGH 7UiÀFRSRU .P .P 7UiÀFR PLOORQHVGH SWVGH 7UDEDMDGRU HQPLOORQHV HQPLOORQHV PLOORQHVGH SWVGH SWVGH )XHQWH(ODERUDFLyQSURSLDDSDUWLUGHKWWSZZZGRFXWUHQFRP HVWHPRPHQWRFRPRXQSXQWRGHLQÁH[LyQHQHO TXHVHGHWLHQHHOGHWHULRURTXHHOIHUURFDUULOYH QtDH[SHULPHQWDQGRGHVGHYDULDVGpFDGDVDQWHV 1XHYRV DFXHUGRV HQWUH OD HPSUHVD S~EOLFD \ HO (VWDGRVHUHIUHQGDURQHQORVFRQWUDWRVSURJUDPD GH\/DFRQ FHUWDFLyQVRFLDOODUHGXFFLyQGHOGpÀFLWODPHMR UDJHQHUDOGHOVHUYLFLRIHUURYLDULRHOLQFUHPHQWR GHODVLQYHUVLRQHVHQLQIUDHVWUXFWXUD\PDWHULDO\ ODDSDULFLyQGHORVSULPHURVVDOGRVSRVLWLYRVVRQ ORVUHVXOWDGRVGHWRGRHVWHSURFHVR (Q VH UHIUHQGy HO QXHYR (VWDWXWR GH 5(1)( TXH YHQtD D VXVWLWXLU HO \D YLHMR GH (OQXHYRHVWDWXWRVXSXVRXQDUHRUJDQL ]DFLyQFRPSOHWDGHODHPSUHVD\VHOHGRWDD pVWD GH WUHV IXQFLRQHV HVSHFtÀFDV FRPR RSH UDGRU GH WUDQVSRUWH FRPR SURYHHGRU GH ELH QHV\VHUYLFLRV\FRPRPDQWHQHGRUGHODLQ IUDHVWUXFWXUD3DUDVXSULPHUDPLVLyQ5(1)( UHDOL]D XQD QXHYD DUWLFXODFLyQ GH VX VLVWHPD SURGXFWLYR FRQ OD FUHDFLyQ GH ODV 8QLGDGHV GH 1HJRFLR 81 GHVWLQDGDV D ORV VHUYLFLRV GH YLDMHURV /DUJR 5HFRUULGR 5HJLRQDOHV $OWD9HORFLGDG \ &HUFDQtDV \ GH PHUFDQFtDV &DUJDV &RPSOHWDV \ &DUJDV )UDFFLRQDGDV /DV81HQFDUJDGDVGHODSURYLVLyQGHELHQHV\ VHUYLFLRVVHGLVWULEXLUiQHQ7UDFFLyQ0DWHULDO $/-).'/#5³,,!26),,!2 5RGDQWH\(VWDFLRQHVPLHQWUDVTXHHQHODSDU WDGRGHPDQWHQLPLHQWRGHOD5HGVHFUHDUiQODV 81GH&LUFXODFLyQ\GH0DQWHQLPLHQWRGHOD ,QIUDHVWUXFWXUD 6L HO IHUURFDUULO IUDQTXLVWD KDEtD VLGR XQD SDOSDEOHPXHVWUDGHDWUDVRHLQRSHUDQFLDHOIH UURFDUULO HQ GHPRFUDFLD KD GDGR PXHVWUDV HYL GHQWHV GH UHFXSHUDFLyQ \ H[SDQVLyQ (V FLHUWR TXH VX DSRUWDFLyQ D ORV VHFWRUHV HFRQyPLFRV WUDGLFLRQDOHV FRPR OD LQGXVWULD GH FRQVWUXF FLyQRHOHPSOHRKDVLGRPRGHVWDSHURLQPHUVR FRPRHVWiHQXQFLFORGHDGDSWDFLyQ\FDPELR VXFRQWULEXFLyQDOGHVDUUROORGHRWUDVDFWLYLGD GHVKDVLGRHYLGHQWH/DPHMRUDQRWDEOHGHVXV SDUiPHWURVGHVHJXULGDGYHORFLGDG\FRPRGL GDGKDSHUPLWLGRHQWUHORVKHFKRVPiVUHVHxD EOHVHOGHVDUUROORGHORVVHUYLFLRVGHFHUFDQtDV HQODV]RQDVXUEDQDVPiVGHQVDPHQWHSREODGDV RGDQGRXQVDOWRFXDOLWDWLYRKDFLDODDOWDYHORFL GDGTXHSUHVXPHFRQODHVSHFLDOL]DFLyQGHORV WUiÀFRVGHPHUFDQFtDVXQDYXHOWDDXQHVFHQD ULRGHUHOHYDQFLDSDUD OD HFRQRPtD\ VRFLHGDG HVSDxRODGHOIXWXURLQPHGLDWR /D DSUREDFLyQ HQ RFWXEUH GH GH OD QXHYD ´/H\ GHO 6HFWRU )HUURYLDULRµ HV HO ~O WLPRHVODEyQHQ HOFDPELRGHO IHUURFDUULO HV SDxRO \ HXURSHR KDFLD OD OLEHUDOL]DFLyQ GHO PHUFDGRIHUURYLDULR(QFXDGUDGRGHQWURGHOR TXH VH FRQRFH FRPR ´3ULPHU 3DTXHWH )HUUR YLDULRµODOH\GHVXSRQHODLPSODQWD FLyQGHXQQXHYRPRGHORRUJDQL]DWLYRSDUDHO IHUURFDUULOHQ(VSDxDHQHOTXHVHVHSDUDQHQ GRVHPSUHVDVORVVHUYLFLRVGHRSHUDFLRQHVGH WUHQHV \ ORV GH PDQWHQLPLHQWR GH OD LQIUDHV WUXFWXUD ÀQDOL]DQGR FRQ HO PRQRSROLR HMHU FLGR SRU 5(1)( GHVGH VX FUHDFLyQ HQ 'HVXDSOLFDFLyQVXUJHQGRVQXHYDVHPSUHVDV S~EOLFDV HO $GPLQLVWUDGRU GH ,QIUDHVWUXFWX UDV )HUURYLDULDV $',) \ 5HQIH 2SHUDGRUD OD FXDO WLHQH FRPR REMHWLYR OD SUHVWDFLyQ GH VHUYLFLRVGHWUDQVSRUWH #/.#,53)/.%3 $O ÀQDO GH HVWH LQWHQVR YLDMH KHPRV GH FRQYHQLU OD UHOHYDQFLD GHO IHUURFDUULO FRPR XQ KHFKRKLVWyULFRTXHWUDVFLHQGHDVtPLVPR/D WUDQVIRUPDFLyQ GHO PXQGR FRQWHPSRUiQHR KD WHQLGRFRPRSURWDJRQLVWD\WHVWLJRHVWHODUDOD H[SDQVLyQGHODVUHGHVIHUURYLDULDVSRUWRGRHO PXQGR VXUJLGDV D SDUWLU GH XQ LQYHQWR QDFLGR HQHO~OWLPRWUDPRGHOVLJOR;9,,,\ORVSULPH URVDxRVGHOVLJOR;,;7UHYLWKLFN\6WH SKHQVRQIXHURQORVTXHGHVDUUROODUtDQGH PRGR DFHUWDGR ORV SULPHURV PRGHORV GH ORFR PRWRUDV TXH FLUFXODURQ SRU UDtOHV 'HVSXpV \ FDVL VLQ UHVSLUR HO IHUURFDUULO QR KD GHMDGR GH FUHFHU\HYROXFLRQDU\WRGDYtDKR\HQGtDIRU PDSDUWHGHODYDQJXDUGLDWHFQROyJLFD $ODKRUDGHKDFHUEDODQFHUHVXOWDRSRUWXQR SODQWHDUDOJXQDVFXHVWLRQHVUHODWLYDVDODLQYHV WLJDFLyQ VREUH KLVWRULD GHO IHUURFDUULO &RPR VH KD SRGLGR FRQVWDWDU D OR ODUJR GH ODV SiJL QDV SUHFHGHQWHV ORV HVWXGLRV VREUH HO VLVWHPD IHUURYLDULR HQ (VSDxD FXHQWDQ FRQ XQD VyOLGD FRQVLVWHQFLDDXQTXHWRGDYtDQRVTXHGDXQODU JR WUHFKR SRU UHFRUUHU 'H HVWH PRGR WRGDYtD QRGLVSRQHPRVGHPRQRJUDItDVVREUHODVFRP SDxtDVIHUURYLDULDVHQ(VSDxD(VWDFXHVWLyQHV SDUWLFXODUPHQWHOODPDWLYDHQXQFRQWH[WRDFWXDO GH OD KLVWRULRJUDItD HVSDxROD HQ HO TXH VH HVWi SUHVWDQGRHVSHFLDODWHQFLyQDODVKLVWRULDVGHODV HPSUHVDV ,JXDOPHQWH ORV HVWXGLRV \ DQiOLVLV VREUHHOLPSDFWRUHDOGHOIHUURFDUULOHQODHFR QRPtDHVSDxRODHVWiQOHMRVGHFRQFOXLUVH\DSH QDVVLWHQHPRVUHIHUHQFLDVJHQHUDOHVTXHGDQGR WRGDYtDSRUH[SORUDUXQDDPSOLDGRFXPHQWDFLyQ UHODWLYDDORVWUiÀFRVIHUURYLDULRVGHVGHODVHV WDGtVWLFDV RÀFLDOHV GH ODV SURSLDV FRPSDxtDV KDVWDHOPXFKRPiVMXJRVRIRQGRGHORVH[SH GLHQWHVGHORVGHSDUWDPHQWRVFRPHUFLDOHVGHODV DQWLJXDVFRPSDxtDV'HHVWHPRGRQRVyORSR GUHPRVFRQRFHUHOYROXPHQ\ODVUHODFLRQHVGH 0XxR]5XELRSS 0XxR]5XELRES 6REUHODVSROtWLFDVIHUURYLDULDVGHOD8QLyQ(XURSHDYpDVH5DPRV0HOHUR !»/3$%&%22/#!22),%.!,"!#%4% ORV SULQFLSDOHV WUiÀFRV VLQR WDPELpQ HVWXGLDU ODV HVWUDWHJLDV FRPHUFLDOHV GHVDUUROODGDV SRU HVWDVHPSUHVDVODVSDXWDV\FRQGLFLRQDQWHVGH FDGDXQRGHORVWUiÀFRVSULQFLSDOHVREWHQLHQGR HQVXPDXQDUDGLRJUDItDSUHFLVDGHORVPHUFD GRV\HOFRQVXPRHQ(VSDxDDWUDYpVGHORVWUi ÀFRVIHUURYLDULRV(OFDStWXORGHODVUHODFLRQHV ODERUDOHV HQ HO IHUURFDUULO WDQWR HQ HO SHULRGR SULYDGRFRPRHQHOS~EOLFRHVWiSUiFWLFDPHQWH LQpGLWR\pVWHHVXQDSDUWDGRTXHFXHQWDFRQXQD UHOHYDQFLD QRYHGRVD HQ ORV SODQHV GH HVWXGLR GH OD 8QLYHUVLGDG HVSDxROD VLQ TXH WHQJDPRV KDVWD HO PRPHQWR XQ DQiOLVLV DGHFXDGR GH VX HYROXFLyQ HQ XQD GH ODV DFWLYLGDGHV HFRQyPL FDVPiVLPSRUWDQWHV2WURDSDUWDGRTXHPHUHFH PiVDWHQFLyQSRUSDUWHGHORVLQYHVWLJDGRUHVHV HOHVWXGLRFRQMXQWRGHODHYROXFLyQGHVHUYLFLRV \ WUiÀFRV GH OD FDUUHWHUD WDQWR GHO WUDQVSRU WH WUDGLFLRQDO FRPR GHO PHFDQL]DGR \ GHO IH UURFDUULO SXQWR FODYH GH ODV GLVFXVLRQHV VREUH FRPSHWHQFLD \ FRPSOHPHQWDULHGDG FRQ RWURV PHGLRV GH WUDQVSRUWH 3RU ~OWLPR GHO SHULRGR 5(1)(IDOWDUtDXQDQHFHVDULDLQYHVWLJDFLyQVR EUHORVPRGRVGHJHVWLyQHODQiOLVLVGHWDOODGR GHORVWUiÀFRVIHUURYLDULRV\HOGHVDUUROORGHOD FRQÁLFWLYLGDGVRFLDOHQHOIHUURFDUULOGXUDQWHOD 'LFWDGXUDGH)UDQFR\HQHOPiVUHFLHQWHSHULR GRGHPRFUiWLFR ")",)/'2!&·! $/&$,'( *21=É/(= 5DIDHO D ´/D YtD HVWUHFKD HQ &DWDOXxD LQGXVWULD RFLR \ VHUYLFLR S~EOLFRµ HQ 0XxR] 5XELR 'LU +LVWRULDGHORV)HUURFDUULOHVGH9tD(VWUH FKD HQ (VSDxD 9RO SS )XQ GDFLyQGHORV)HUURFDUULOHV(VSDxROHV0D GULG $/&$,'(*21=É/(=5DIDHOE´)H UURFDUULOHVGHYtDHVWUHFKDHQHO/HYDQWHHV SDxROXQDUHGLQDFDEDGDµHQ0XxR]5XELR 'LU+LVWRULDGHORV)HUURFDUULOHVGH9tD (VWUHFKD HQ (VSDxD 9RO SS )XQGDFLyQ GH ORV )HUURFDUULOHV (VSDxROHV 0DGULG $1(6É/9$5(=5DIDHO´5HODFLRQHV HQWUHHOIHUURFDUULO\ODHFRQRPtDµHQ$UWR OD*DOOHJRGLU /RVIHUURFDUULOHVHQ(VSD xDYROSS%DQFR GH(VSDxD0DGULG $572/$ *$//(*2 0LJXHO ´/D DFFLyQGHO(VWDGRµ$UWROD*DOOHJRGLU /RV IHUURFDUULOHV HQ (VSDxD YRO SS %DQFR GH (VSDxD 0DGULG $572/$ *$//(*2 0LJXHO 'LU /RVIHUURFDUULOHVHQ(VSDxD YRO%DQFRGH(VSDxD0DGULG %$//(67(526 '21&(/ (VPHUDOGD \ 0$57Ì1(= 9$5$ 7RPiV ´/D HYROXFLyQGHOHPSOHRHQHOVHFWRUIHUURYLD ULRHVSDxROµ 5HYLVWDGH+LVWR ULD (FRQyPLFD DxR ;,; RWRxRLQYLHUQR QSS %$548Ì1*,/5DIDHO´7UDQVSRUWH\ SUHFLR GHO WULJR HQ HO VLJOR ;,; FUHDFLyQ \ UHRUGHQDFLyQ GH XQ PHUFDGR QDFLRQDOµ 5HYLVWD GH +LVWRULD (FRQyPLFD DxR ;9 ,QYLHUQRQSS %$548Ì1*,/5DIDHO´(ODKRUURVR FLDOXQDSHUVSHFWLYDGLQiPLFDµHQ0XxR] 5XELR 6DQ] )HUQiQGH] \ 9LGDO 2OLYDUHV (GV 6LJOR\PHGLRGHIHUURFDUULOHQ(V SDxD (FRQRPtD LQGXVWULD \ VRFLHGDG SS )XQGDFLyQ GH ORV )HUURFDUULOHV(VSDxROHV0DGULG %(50(-29(5$-RVp 5pJLPHQMXUt GLFRGHOIHUURFDUULOHQ(VSDxD (VWXGLR HVSHFtÀFR GH 5HQIH 7HFQRV 0D GULG %$1&2,17(51$1&,21$/'(5(&216 758&&,Ð1<)20(172(OGH VDUUROORHFRQyPLFRGH(VSDxD,QIRUPHGHO %DQFR ,QWHUQDFLRQDO GH 5HFRQVWUXFFLyQ \ )RPHQWR 2ÀFLQD GH &RRUGLQDFLyQ \ 3UR JUDPDFLyQ(FRQyPLFD0DGULG $/-).'/#5³,,!26),,!2 %52'(5$OEHUW /H UROH GHV LQWHUHWV HWUDQJHUV GDQV OD FURLVVDQFH HFRQRPLTXH GH O·(VSDJQH 7KHVH SRXU OH 'RFWRUDWG·(WDW3DULV &$0(521 5RQGR ( )UDQFLD \ HO GHVDUUROORHFRQyPLFRGH(XURSD(GLWRULDO 7HFQRV0DGULG &$3(/ 6$(= +RUDFLR ´6LPXODFLyQ GHXQDUHGGHWUDQVSRUWHVHOFDVRGHORVIH UURFDUULOHV HVSDxROHVµ 5HYLVWD GH *HRJUD ItDYRO9,QRSS &20Ì1 &20Ì1 )UDQFLVFR +LVWRULD GH OD +DFLHQGD S~EOLFD ,, &UtWLFD%DUFHORQD &20Ì1&20Ì1)UDQFLVFR´/RVHIHF WRVHFRQyPLFRVGHOIHUURFDUULOVREUHODHFR QRPtD HVSDxROD HQ 0XxR] 5XELR 6DQ] )HUQiQGH] \ 9LGDO 2OLYDUHV (GV6LJOR\PHGLRGHIHUURFDUULOHQ(V SDxD (FRQRPtD LQGXVWULD \ VRFLHGDG SS )XQGDFLyQ GH ORV )HUURFDUULOHV(VSDxROHV0DGULG &$55(5$6 2'5,2=2/$ $OEHUW ´,QGXVWULDµ HQ &DUUHUDV \ 7DIXQHOO &R RUGV (VWDGtVWLFDV +LVWyULFDV GH (VSDxD VLJORV ;,; \ ;; YROXPHQ SS )XQGDFLyQ%%9$0DGULG &20Ì1 &20Ì1 )UDQFLVFR 0$57Ì1 $&( f$3DEOR08f2=58%,20LJXHO\9, '$/2/,9$5(6-DYLHUDxRV GHKLVWRULDGHORVIHUURFDUULOHVHVSDxROHV YRO)XQGDFLyQGHORV)HUURFDUULOHV(VSDxR OHV(GLWRULDO$QD\D0DGULG &$<Ð1*$5&Ì$)UDQFLVFR\08f2=58 %,20LJXHO´7UDQVSRUWHV\FRPX QLFDFLRQHVµ HQ 0DUWtQ $FHxD \ 0DUWtQH] 5XL](GV/DHFRQRPtDHQOD*XHUUD&L YLOSS0DUFLDO3RQV0DGULG &25'(525DPyQ\0(1e1'(=)HUQDQGR ´(O VLVWHPD IHUURYLDULR HVSDxROµ HQ$UWROD*DOOHJR'LU/RVIHUURFDUULOHV HQ(VSDxDYROSS %DQFRGH(VSDxD0DGULG &$<Ð1*$5&Ì$)UDQFLVFR\08f2=58 %,20LJXHO´£4XpIDEULTXHQHOORV /DIDEULFDFLyQGHORFRPRWRUDVGHYDSRUHQ (VSDxD¢XQDRFDVLyQSHUGLGDSDUDODLQGXV WULD"µHQ3DVFXDO3\)HUQiQGH]3 'HOPHWDODOPRWRU(OGHVDUUROORGHODVLQ GXVWULDV GH WUDQVIRUPDGRV PHWiOLFRV PD TXLQDULD\HTXLSRGHWUDQVSRUWHHQ(VSDxD VLJORV;,;\;;)XQGDFLyQ%%9$ &8e//$59,//$5'RPLQJR7UDQV SRUWHV \ GHVDUUROOR HQ HO 6XUHVWH DQGDOX] +LVWRULD HFRQyPLFD HPSUH VDULDO\WHUULWRULDO7HVLVGRFWRUDO8QLYHU VLGDGGH$OPHUtD &(1'$/ %Ô5'$/2 -XDQ -RVp ´&RPSDxtD GH H[SORWDFLyQ GH ORV IHUURFD UULOHVGH0DGULGD&iFHUHV\3RUWXJDO\GHO 2HVWH GH (VSDxDµ 'RFXPHQWR GH WUDEDMR Q )XQGDFLyQ (PSUHVD 3~EOLFD3UR JUDPDGH+LVWRULD(FRQyPLFD0DGULG &(1'$/ %Ô5'$/2 -XDQ -RVp ´&RPSDxtD GH 0HGLQD GHO &DPSR D 6DOD PDQFDµ $FWDVGHO,,&RQJUHVR GH +LVWRULD )HUURYLDULD )XQGDFLyQ GH ORV )HUURFDUULOHV(VSDxROHV$UDQMXH] &8e//$5 9,//$5 'RPLQJR /RV WUDQVSRUWHV HQ HO 6XUHVWH DQGDOX] (FRQRPtD (PSUHVDV \ 7HUULWRULR )XQGDFLyQ GH ORV )HUURFDUULOHV (VSDxROHV 0DGULG &8e//$59,//$5'RPLQJR´/DYtD HVWUHFKDHQ$QGDOXFtDGHORVFLFORVPLQHURV DOGHVDUUROORXUEDQRµHQ0XxR]5XELR'LU +LVWRULDGHORV)HUURFDUULOHVGH9tD(VWUHFKD HQ(VSDxD9ROSS)XQGDFLyQGH ORV)HUURFDUULOHV(VSDxROHV0DGULG &8e//$59,//$5'RPLQJR´(OIHUUR FDUULOGH%D]DD*XDGL[µ 5HYLVWD GH+LVWRULD)HUURYLDULDQRSS !»/3$%&%22/#!22),%.!,"!#%4% '$726(67$'Ì67,&26'DWRV(VWD GtVWLFRV IDFLOLWDGRV SRU ODV FRPSDxtDV GH IHUURFDUULOHVDODFRPLVLyQSDUDHOHVWXGLR GHOD&ULVLV$JUtFROD\3HFXDULD6XFHVRUHV GH5LYDGHQH\UD0DGULG 5XELR 6DQ] )HUQiQGH] \ 9LGDO 2OLYDUHV (GV 6LJOR\PHGLRGHIHUURFDUULOHQ(V SDxD (FRQRPtD LQGXVWULD \ VRFLHGDGSS)XQGDFLyQGHORV)H UURFDUULOHV(VSDxROHV0DGULG '(/26&2%26$57($*$)UDQFLVFR ´3HxDUUR\D8QIHUURFDUULOFRORQLDOHQHO6X URHVWHHVSDxROµHQ0XxR]5XELR'LU +LV WRULDGHORV)HUURFDUULOHVGH9tD(VWUHFKDHQ (VSDxD9RO SS )XQGDFLyQ GH ORV)HUURFDUULOHV(VSDxROHV0DGULG *Ð0(= 0$57Ì1(= -RVp $QWRQLR ´(OIHUURFDUULOGH$OFDQWDULOODD/RUFDµ 5H YLVWDGH+LVWRULD)HUURYLDULDQ\ *Ð0(=0(1'2=$$QWRQLR )HUUR FDUULOHV \ FDPELR HFRQyPLFR HQ (VSDxD $OLDQ]D(GLWRULDO0DGULG )(51É1'(='Ì$=6$5$%,$3HGUR ´(OIHUURFDUULOGH/D5REODµHQ0XxR]5XELR 'LU+LVWRULDGHORV)HUURFDUULOHVGH9tD(V WUHFKDHQ(VSDxD9ROSS)XQGD FLyQGHORV)HUURFDUULOHV(VSDxROHV0DGULG *Ð0(=0(1'2=$$QWRQLR )HUUR FDUULO\PHUFDGRLQWHULRUHQ(VSDxD 9RO &HUHDOHV KDULQDV \ YLQRV %DQFRGH(VSDxD0DGULG )(51É1'(= 3e5(= -RVp 0LJXHO ´/D SRVWXUD GH )ORUHV GH /HPXV DQWH HO SUREOHPDIHUURYLDULRHO,QIRUPHGHORV6D ELRVµ ,QIRUPDFLyQ&RPHUFLDO(VSDxRODQR DEULOSS *Ð0(=0(1'2=$$QWRQLR )HUUR FDUULO\PHUFDGRLQWHULRUHQ(VSDxD 9RO ,, 0DQXIDFWXUDV WH[WLOHV PD WHULDV WH[WLOHV PLQHUDOHV FRPEXVWLEOHV \ PHWDOHV%DQFRGH(VSDxD0DGULG )81'$&,Ð1 %%9 (O VWRFN GH FDSL WDOIHUURYLDULRHQ(VSDxD\VXVSURYLQFLDV )XQGDFLyQ%%90DGULG *Ð0(=0(1'2=$$QWRQLR )HUUR FDUULOLQGXVWULD\PHUFDGRHQODLQGXVWULD OL]DFLyQGH(VSDxD(VSDVD&DOSH0DGULG *$5&Ì$ 3e5(= -XDQ 5pJLPHQ MXUt GLFRGHOWUDQVSRUWHSRUIHUURFDUULO)XQGD FLyQGHORV)HUURFDUULOHV(VSDxROHV\0DU FLDO3RQV0DGULG *Ð0(=0(1'2=$$QWRQLR´$ORQJ EURDG OLQHV WKH HFRQRPLF KLVWRU\ RI 6SD QLVK5DLOZD\Vµ 7KH-RXUQDORI 7UDQVSRUW+LVWRU\SS *$55$%285DPyQ\6$1=)(51É1'(= -HV~V´/DDJULFXOWXUDHVSDxRODGXUDQ WH HO VLJOR ;,; ¢LQPRYLOLVPR R FDPELR"µ HQ*DUUDERX\6DQ])HUQiQGH](GV+LV WRULDDJUDULDGHOD(VSDxDFRQWHPSRUiQHD ([SDQVLyQ\FULVLV(GLWRULDO &UtWLFD%DUFHORQDSS *Ð0(=0(1'2=$$QWRQLR´&DED OORGHVDQJUHFDEDOORGHYDSRUHQHOWUDQV SRUWHGHÀQHVGHOVLJOR;,;µHQ&DUUHUDV 3DVFXDO5HKHU\6XGULj(GV'RFWRU-RU GL1DGDOODLQGXVWULDOL]DFLyQ\HOGHVDUUR OOR HFRQyPLFR HQ (VSDxD YRO SS 8QLYHUVLWDWGH%DUFHORQD%DUFHORQD *(5671(5)UDQ]$QWRQ (DUO\$PH ULFDQ5DLOURDGV6WDQIRUG8QLYHUVLW\3UHVV 6WDQIRUG *Ð0(= 0(1'2=$ $QWRQLR \ 6$1 52 0É1(OHQD´7UDQVSRUWHV\&RPX QLFDFLRQHVµ HQ &DUUHUDV \ 7DIXQHOO &R RUGV (VWDGtVWLFDV +LVWyULFDV GH (VSDxD VLJORV ;,; \ ;; YROXPHQ SS )XQGDFLyQ%%9$0DGULG *,817,1,$QGUHD´(OIHUURFDUULOLWD OLDQR GH VXV RUtJHQHV D KR\µ HQ 0XxR] $/-).'/#5³,,!26),,!2 *5,60$57Ì1(=-RDTXtQ 7KH*UHDW 6RXWKHUQRI6SDLQ5DLOZD\&RPSDQ\/LPL WHG G $VRFLDFLyQGH$PLJRVGHO )HUURFDUULO ´(O /DEUDGRUFLFR GH ÉJXLODVµ ÉJXLODV *2859,6+ 7HUU\ ´/RV IHUURFDUULOHV FRPRPHGLRGHWUDQVSRUWHHQ*UDQ%UHWDxD µ HQ 0XxR] 5XELR 6DQ] )HU QiQGH]\9LGDO2OLYDUHV(GV6LJOR\PH GLR GH IHUURFDUULO HQ (VSDxD (FRQRPtDLQGXVWULD\VRFLHGDGSS )XQGDFLyQ GH ORV )HUURFDUULOHV (VSDxROHV 0DGULG +(55$1=/21&É1$OIRQVR/DGR WDFLyQGHLQIUDHVWUXFWXUDVHQ(VSDxD %DQFRGH(VSDxD0DGULG +,56&+0$1$OEHUW2 /DHVWUDWHJLD GHOGHVDUUROORHFRQyPLFR)RQGRGH&XOWX UD(FRQyPLFD0p[LFR ,5,$57( *2f, ,xDNL \ $<8'$ %2648( 0DUtD ,VDEHO ´8QD HVWLPDFLyQ GHO FRQVXPRGHPDGHUDHQ(VSDxDHQWUH \ µ 'RFXPHQWRV GH 7UDEDMR $(+( -,0e1(=9(*$0LJXHO\32/2085,(/ )UDQFLVFR´9tDVSDUDODFRQVWUXF FLyQ HO DEDVWHFLPLHQWR \ HO RFLR PDGUL OHxR ORV IHUURFDUULOHV VHFXQGDULRV GH 0DGULG µ HQ 0XxR] 5XELR 'LU +LVWRULD GH ORV )HUURFDUULOHV GH 9tD(VWUHFKDHQ(VSDxD9ROSS )XQGDFLyQGHORV)HUURFDUULOHV(VSD xROHV0DGULG /,=$1$ 5,9$6 (QFDUQDFLyQ (O IH UURFDUULO0DGULG&iFHUHV3RUWXJDO0&3 \ VX LQFLGHQFLD WHUULWRULDO 7HVLV 'RFWRUDO 8QLYHUVLGDG &RPSOXWHQVH GH 0DGULG 0D GULG /Ð3(=025(//0LJXHOÉQJHO /RV 5RWKVFKLOG HQ (VSDxD 0DUFLDO 3RQV 0D GULG 0$&Ì$608f2=2OJD´/RVIHUURFD UULOHVGHYtDHVWUHFKDHQ1DYDUUD\HOYDOOH GHO(EURµHQ0XxR]5XELR'LU +LVWRULD GHORV)HUURFDUULOHVGH9tD(VWUHFKDHQ(V SDxD9ROSS)XQGDFLyQGHORV )HUURFDUULOHV(VSDxROHV0DGULG 0$'5$=2 0$'5$=2 6DQWRV (O VLVWHPD GH WUDQVSRUWHV HQ (VSDxD YRO(GLFLRQHV7XUQHU0DGULG 0$'5$=2 0$'5$=2 6DQWRV /D HGDGGHRURGHODVGLOLJHQFLDV0DGULG\HO WUiÀFRGHYLDMHURVHQ(VSDxDDQWHVGHOIH UURFDUULO(GLWRULDO1HUHD0DGULG 0$57Ì1(=/Ð3(='DYLG´(OIHUUR FDUULOGH*UDQDGDD0XUFLDFDSLWDOIRUiQHR HVSHFXODFLyQ\FRORQL]DFLyQHFRQyPLFDHQ $QGDOXFtDµ $QXDULR GH +LVWRULD &RQWHP SRUiQHDQSS 0$57Ì1(=9$5$7RPiV´(PSOHR\ JDVWRGHSHUVRQDOHQODFRPSDxtDIHUURYLDULD 1RUWH8QDUHÁH[LyQVREUHODREUDGH0DU TXLQDµHQ (VWXGLRVGH+LVWRULD\GH3HQVD PLHQWR (FRQyPLFR +RPHQDMH DO 3URIHVRU )UDQFLVFR%XVWHOR*DUFtDGHO5HDO(GLWR ULDO&RPSOXWHQVH0DGULGSS 0$57Ì1(= 9$5$ 7RPiV ´/DERXU FRVW LQ D OHDGLQJ 6SDQLVK FRPSDQ\ 0=$ 5DLOZD\ &RPSDQ\ µ -RXUQDO 7UDQVSRUW+LVWRU\9ROQRSS 0$7(2'(/3(5$/'LHJR´/RVRUt JHQHV GH OD SROtWLFD IHUURYLDULD HQ (VSDxD µ HQ $UWROD *DOOHJR GLU /RV IHUURFDUULOHVHQ(VSDxDYRO SS%DQFRGH(VSDxD0DGULG 0(5*(5 0LFKqOH ´/RV IHUURFDUUL OHVIUDQFHVHVGHVGHVXVRUtJHQHVDQXHVWURV GtDVHYROXFLyQGHOPDUFRMXUtGLFRHLQVWLWX FLRQDOµHQ0XxR]5XELR6DQ])HUQiQGH] \9LGDO 2OLYDUHV (GV 6LJOR \ PHGLR GH IHUURFDUULO HQ (VSDxD (FRQR PtDLQGXVWULD\VRFLHGDGSS)XQ !»/3$%&%22/#!22),%.!,"!#%4% GDFLyQGHORV)HUURFDUULOHV(VSDxROHV0D GULG 0,1,67(5,2'()20(172 (OHPHQ WRVSDUDHOHVWXGLRGHOSUREOHPDIHUURYLDULR HQ (VSDxD YRO 0LQLVWHULR GH )RPHQWR 0DGULG 0,1,67(5,2'(2%5$63Ô%/,&$6 $QWHFHGHQWHV \ GDWRV SDUD HO HVWXGLR GHO SUREOHPD IHUURYLDULR YRO 0LQLVWHULR GH 2EUDV3~EOLFDV0DGULG 0,1,67(5,2'(2%5$63Ô%/,&$6 (VWXGLRHFRQyPLFR\WpFQLFRVREUHHOIHUUR FDUULO%DH]D8WLHO6HFUHWDUtD*HQHUDO7pF QLFD0DGULG 0,1,67(5,2'(75$163257(6<&208 1,&$&,21(6 /LEUR EODQFR GHO WUDQVSRUWH 'LUHFWULFHVSDUDXQDQXHYDSR OtWLFD GH WUDQVSRUWHV 0LQLVWHULR GH 7UDQV SRUWHV\&RPXQLFDFLRQHV0DGULG 0,7&+(// %ULDQ 5 ,QWHUQDWLRQDO +LVWRULFDO 6WDWLVWLFV (XURSH 6WRFNWRQ3UHVV1HZ<RUN 025(12)(51É1'(=-HV~V(ODQ FKR GH YtD HQ ORV IHUURFDUULOHV HVSDxROHV 'H(VSDUWHURD$OIRQVR;,,,7RUDO7HFKQL FDO7UDGH0DGULG 08f2= 58%,2 0LJXHO 5(1)( 0HGLRVLJORGHIHUURFDUULOS~ EOLFR(GLFLRQHV/XQD0DGULG 08f2= 58%,2 0LJXHO ´(O (VWDGR FRPR HPSUHVDULR IHUURYLDULRµ HQ 0XxR] 5XELR 6DQ] )HUQiQGH] \ 9LGDO 2OLYDUHV (GV6LJOR\PHGLRGHIHUURFDUULOHQ(V SDxD (FRQRPtD LQGXVWULD \ VRFLHGDG SS )XQGDFLyQ GH ORV )HUURFDUULOHV(VSDxROHV0DGULG 08f2=58%,20LJXHOD´/RVIHUUR FDUULOHVGHYtDHVWUHFKDXQDYLVLyQGHFRQ MXQWRµHQ0XxR]5XELR'LU+LVWRULDGH ORV)HUURFDUULOHVGH9tD(VWUHFKDHQ(VSD xD9ROSS)XQGDFLyQGHORV)HUUR FDUULOHV(VSDxROHV0DGULG 08f2=58%,20LJXHOE´/DFRQWUL EXFLyQGH5(1)(DODHFRQRPtDHVSDxROD GXUDQWHODVHJXQGDPLWDGGHOVLJOR;;XQD SULPHUDHVWLPDFLyQµ 5HYLVWD767QSS 7 08f2=58%,20LJXHO'LU+LVWR ULD GH ORV IHUURFDUULOHV GH YtD HVWUHFKD HQ (VSDxDYRO)XQGDFLyQGHORV)HUURFDUUL OHV(VSDxROHV0DGULG 08f2= 58%,2 0LJXHO \ 257Ôf(= *2, &2/($ 3HGUR 3DEOR ´/RV WUDQV SRUWHV \ ODV FRPXQLFDFLRQHV HQ OD (VSDxD GH OD SULPHUD PRGHUQLGDGµ HQ *RQ]iOH] (QFLVR\0DWpV%ODQFR&RRUGV+LVWRULD (FRQyPLFDGH(VSDxDSS$ULHO %DUFHORQD 08f2= 58%,2 0LJXHO \ 9,'$/ 2/,9$ 5(6 -DYLHU ´/RV IHUURFDUULOHV HQ ODKLVWRULRJUDItDIHUURYLDULDµ 5HYLVWD767 QSS 1$9$552 '( 2f$ &RQVWDQ]D (O IHUURFDUULO /LQDUHV$OPHUtD &DMDO$OPHUtD 257Ôf(=*2,&2/($3HGUR3DEOR(O SURFHVRGHQDFLRQDOL]DFLyQGHORVIHUURFDUUL OHVHQ(VSDxD+LVWRULDGHODVJUDQGHVFRP SDxtDVIHUURYLDULDV7HVLVGRFWR UDO8QLYHUVLGDGGH9DOODGROLG9DOODGROLG 257Ôf(= *2,&2/($ 3HGUR 3DEOR ´9tDHVWUHFKDHQ&DVWLOOD\/HyQGHVXQH FHVLGDG DO DEDQGRQR \ OD QRVWDOJLD µHQ0XxR]5XELR'LU +LVWRULDGH ORV)HUURFDUULOHVGH9tD(VWUHFKDHQ(VSD xD 9RO SS )XQGDFLyQ GH ORV )HUURFDUULOHV(VSDxROHV0DGULG 3$6&8$/'20Ë1(&+3HUH/RVFD PLQRVGHODHUDLQGXVWULDO /DFRQVWUXFFLyQ $/-).'/#5³,,!26),,!2 \ÀQDQFLDFLyQGHODUHGIHUURYLDULDFDWDOD QD 8QLYHUVLWDW GH %DUFHORQD %DUFHORQD 3(5(/0$10LFKDHO(OÀQGHODHFR QRPtD$ULHO%DUFHORQD 32//$5'6LGQH\/DFRQTXLVWDSDFt ÀFD/DLQGXVWULDOL]DFLyQHQ(XURSD 8QLYHUVLGDGGH=DUDJR]D=DUDJR]D 5$0260(/(525RGROIR 5HIRUPDV \ SROtWLFDV OLEHUDOL]DGRUDV GHO IHUURFDUULO HO QXHYR HVFHQDULR HQ OD 8QLyQ (XURSHD )XQGDFLyQ GH ORV )HUURFDUULOHV (VSDxROHV 0DGULG 5(9,67$ '( 2%5$6 3Ô%/,&$6 ´5HODFLyQQRPLQDOGHLQJHQLHURVGH&DPL QRVTXHWHUPLQDURQVXVHVWXGLRVHQORVDxRV GHDµ5HYLVWDGH2EUDV3~EOL FDV 6$17$0$5Ì$*$5&Ì$$QWRQLR´(O IHUURFDUULOHQODV$QWLOODVHVSDxRODV&XED 3XHUWR 5LFR \ 5HS~EOLFD 'RPLQLFDQD µ HQ 6DQ] )HUQiQGH] &RRUG +LVWRULDGHORVIHUURFDUULOHVGH,EHURDPpUL FDSS0LQLVWHULRGH )RPHQWR0DGULG HQ (VSDxD YRO SS %DQFRGH(VSDxD0DGULG 7(''( '( /25&$ 3HGUR ´/D &RPSDxtD GH ORV )HUURFDUULOHV $QGDOXFHV XQDHPSUHVDGHWUDQVSRUWHHQ OD (VSDxD GH OD 5HVWDXUDFLyQµ 5HYLVWD GH ,QYHVWLJDFLRQHV (FRQyPLFDV Q PD\R DJRVWRSS 7(''('(/25&$3HGUR´/DH[SDQ VLyQGHODVJUDQGHVFRPSDxtDVIHUURYLDULDV HVSDxRODV1RUWH0=$\$QGDOXFHV µ HQ &RPtQ &RPtQ \ 0DUWtQ$FHxD 'LUV/D(PSUHVDHQOD+LVWRULDGH(VSD xDSS&LYLWDV0DGULG 7257(//$ &$6$5(6 *DEULHO (O GHVDUUROOR GH OD (VSDxD &RQWHPSRUiQHD +LVWRULDHFRQyPLFDGHORVVLJORV;,;\;; $OLDQ]D(GLWRULDO0DGULG 7257(//$ &$6$5(6 *DEULHO /RV RUtJHQHVGHO&DSLWDOLVPRHQ(VSDxD%DQ FD,QGXVWULD\IHUURFDUULOHVHQHOVLJOR;,; DHGLFLyQ7HFQRV0DGULG 6$1= )(51É1'(= -HV~V &RRUG +LVWRULD GH ORV IHUURFDUULOHV GH ,EHURDPp ULFD 0LQLVWHULR GH )RPHQWR 0DGULG 7257(//$ &$6$5(6 *DEULHO ´,Q WURGXFFLyQ OD SDUDGRMD GHO IHUURFDUULO HV SDxROµ HQ 0XxR] 5XELR 6DQ] )HUQiQGH] \9LGDO 2OLYDUHV (GV 6LJOR \ PHGLR GH IHUURFDUULO HQ (VSDxD (FR QRPtD LQGXVWULD \ VRFLHGDG SS )XQGDFLyQ GH ORV )HUURFDUULOHV (VSDxROHV 0DGULG 7(''('(/25&$3HGUR´/DVFRP SDxtDVIHUURYLDULDVHQ(VSDxDµ HQ $UWROD *DOOHJR GLU /RV IHUURFDUULOHV 9,'$/ 2/,9$5(6 -DYLHU 7UDQVSRU WHV\PHUFDGRHQHO3DtV9DOHQFLDQR $OIRQVHO0DJQDQLP9DOHQFLD ,/32!-!,%3$%02/,/.'!#)¼.$%, #/22%$/2&%22/6)!2)/$%#!34),,!,! -!.#(!!,-%$)4%22­.%/%.42%9 2)6!,)$!$%-02%3!2)!,92)6!,)$!$#/-%2#)!, 7HOHVIRUR0+HUQiQGH] 8QLYHUVLGDGGH9DOHQFLD /D UHYROXFLyQ LQGXVWULDO HQ ORV SDtVHV PiV DYDQ]DGRV GH (XURSD IDYRUHFLy VLQ GXGD OD H[WHQVLyQGHODUHGGHFDUUHWHUDVSDYLPHQWDGDV SURSLFLyHOXVRLQWHQVLYRGHORVFDQDOHVGHQD YHJDFLyQSRUYtDVÁXYLDOHV\VREUHWRGRFUHy HOSULQFLSDOPHGLRGHWUDQVSRUWHGHODpSRFDHO IHUURFDUULO(VWH~OWLPRIDFLOLWyXQPHMRU\PiV UiSLGRVLVWHPDGHLQWHUFDPELRHQWUHORVFHQWURV GHSURGXFFLyQ\ORVGHFRQVXPR(Q,QJODWHUUD IXH SURGXFWR GHO FUHFLPLHQWR HFRQyPLFR \ GH XQWUiÀFRGHPHUFDQFtDVSUHH[LVWHQWH6LQHP EDUJRHQ%pOJLFDSULPHUR\HQ)UDQFLDGHV SXpVFRDG\XYyDOFUHFLPLHQWRDXVSLFLDQGRXQD GHPDQGDGHELHQHVGXUDGHURV\GHFDSLWDOHVTXH IRUWDOHFLyODVUHVSHFWLYDVHFRQRPtDVQDFLRQDOHV FRQDQWHULRULGDGD (Q(VSDxDHODWUDVRHFRQyPLFRHQODSULPH UDPLWDGGHOVLJOR;,;VROtDHVWDUDVRFLDGRDORV HVFDVRVPHGLRVGHFRPXQLFDFLyQH[LVWHQWHVHQ HOSDtV3RUUHJODJHQHUDOHO*RELHUQRHQFXHQ WUDVXH[SOLFDFLyQHQFDXVDVDMHQDVDODHFRQR PtD$Vt XQD 0HPRULD DXVSLFLDGD SRU 7RUUHV 6RODQRW PLQLVWUR GH OD *REHUQDFLyQ HQ H[SRQH (ODEDQGRQRTXHSRUPXFKRVDxRVKDQ SHUPDQHFLGRODVFDUUHWHUDVJHQHUDOHVSRUHIHF WRGHODJXHUUDFLYLOQRHQWUDQGRHQFRQVLGH UDFLRQHV HVWUXFWXUDOHV GH tQGROH LQGXVWULDO TXH KXELHUDVLGRORPiVFRUUHFWR3HVHDHOORVHUH FRQRFH ODSHQXULDGHO7HVRURSDUDIRPHQWDUODV REUDVS~EOLFDV\ODLPSRUWDQFLDGHUHXQLUJUDQ GHVFDSLWDOHVLQGLVSHQVDEOHVSDUDGDUDQXHV WUDV FRPXQLFDFLRQHV LQWHULRUHV HO LPSXOVR TXH QHFHVLWDQ (VWRV DUJXPHQWRV VXE\DFHQ GHVGH OXHJRHQXQSHULRGRGHGHVDItRVDORVFDPELRV TXH HO OLEHUDOLVPR UHYROXFLRQDULR SUHWHQGH VL ELHQ HQ OD OXFKD GH SDUWLGRV FRQVWLWXFLRQDOHV KD\ SXQWRV HQ FRP~Q DFHUFD GH ODV UHIRUPDV PDWHULDOHVTXHHOSDtVQHFHVLWD8QDGHHOODVOD PiV GLVFXWLEOH FRPR HV OD GHVDPRUWL]DFLyQ GH ELHQHVGHOFOHURKDEtDSURSLFLDGRODIRUPDFLyQ GH XQD EXUJXHVtD HVSHFXODGRUD TXH SURQWR LED DGLULJLUVXPLUDGDKDFLDHOIHUURFDUULOQRVyOR SRUVXSRWHQFLDOLGDGFRPRPHGLRGHWUDQVSRUWH PRGHUQRFRQYLUWLpQGRORHQXQLQVWUXPHQWRGHO GHVDUUROORWDPELpQSRUDSUHFLDUHQpOODSRVLEL *RXUYLVFK75+DUWZHOO506\GQH\3ROODUGS\&DURQ) 7RUUHV\6RODQRW0SS\ !»/3$%&%22/#!22),%.!,"!#%4% OLGDGGHUHDOL]DUXQQHJRFLRUHQWDEOH\OXFUDWL YREDVDGRHQVXFRQVWUXFFLyQ/D0HPRULDGHO PLQLVWURQRREVWDQWHVHPXHVWUDDPELJXDHQOD IRUPDGHGDUSDVRDODLQLFLDWLYDSULYDGDWRGD YH]TXHHUDFRQFDUJRDORVSUHVXSXHVWRVJHQH UDOHV GHO (VWDGR FRPR VH HVWDEDQ UHSDUDQGR R HMHFXWDQGRODVSULQFLSDOHVFDUUHWHUDVGHOSDtV ,/302%#%$%.4%3%,0,!. #/-").!$/$%#!22%4%2!3 9#!.!,%3$% /RTXHVtHVFRQYHQLHQWHDFODUDUVRQORVSUH FHGHQWHVTXHQRVVLWXDUtDQDQWHODSUREOHPiWLFD GHORVLWLQHUDULRV\GHODUHGGHFRPXQLFDFLRQHV WHUUHVWUHVHQ(VSDxD<DGHVGHORVDxRVGHO7ULH QLR /LEHUDO VH YHQtD SODQWHDQGR ODQHFHVLGDGGHLPSXOVDUGHVGHHO*RELHUQRXQ SODQFRPELQDGRGHFDQDOHVGHQDYHJDFLyQ\GH FDUUHWHUDVFRPRXQSULPHUSDVRSDUDIRUMDUXQD UHGQDFLRQDOGHFRPXQLFDFLRQHVLQWHULRUHVTXH XQLÀFDUi HO PHUFDGR (O REMHWLYR SUHÀJXUD OR TXHPiVDGHODQWHOOHYDUiQDFDERORVJRELHUQRV PRGHUDGR\SURJUHVLVWDFRQORVIHUURFDUULOHV(V GHFLUFRPRVHLQGLFDGHIRUPDPHWDIyULFDHQOD 3URSXHVWDGH/H\TXHVHKDFHDODV&RUWHVFRQ YHUWLU OLWRUDO WRGR OR LQWHULRU FHQWUDOL]DQGR HQWRQFHVHOWUiÀFRÁXYLDO\WHUUHVWUHHQ0DGULG ([LVWtDODFRQYLFFLyQGHTXHOD&DSLWDOHUDXQD GHODVPiVGHVDEDVWHFLGDVGH(XURSD/DFRPL VLyQQRPEUDGDSRU5'GHSUHVLGL GDSRU$JXVWtQ$UJHOOHVSHQVDEDQRVLQFLHUWD LQJHQXLGDGGHVDUUROOLVWDGHTXHHOPHURKHFKR GHFXEULUHOWHUULWRULRGHFDQDOHV\GHFDUUHWHUDV SURSRUFLRQDUtD ORV LQSXWV QHFHVDULRV SDUD HVWL PXODUHOFRPHUFLR\ODLQGXVWULDQDFHUtDODLQ GXVWULDSURSLDGHODVSURGXFFLRQHVHtQGROHGH ORVQDWXUDOHV /RVFDQDOHVH[SOD\DGRVHQHOSODQFRPELQD GR VH EDVDQ HQ OD 0HPRULD HODERUDGD SRU ORV LQJHQLHURV-RVp$JXVWtQGH/DUUDPHQGL)HOLSH %DX]i \ $QWRQLR *XWLpUUH] HQWUH RWURV $Vt SDUDXQLUOD&RUWHDO0HGLWHUUiQHR2FFLGHQWDO WUD]DQHQSULPHUOXJDUXQJUDQFDQDOGHQDYH JDFLyQ GHQRPLQDGR GH 0HGLRGtD IXQGDPHQ WDGR D WUDYpV GH YDULRV FDXFHV ÁXYLDOHV WUDQV YHUVDOHVGHVGHHO*XDGDOTXLYLU\HO*XDGLDQD\ FRQWLQXDQGRHOFDQDOGH0DQ]DQDUHVDOFHQWUR GH OD 0DQFKD VLUYLHQGR GH HQODFH HO UtR -~ FDUORPiVLPSRUWDQWHSDUHFHVHUtDGLULJLUOR DOSXQWRGHODFRVWDPiVFHUFDQRSDUDIDFLOLWDU ODFRPXQLFDFLyQGLUHFWDGH0DGULGFRQHOPDU (VWDFXHVWLyQWUDVFHQGHQWHVHYROYHUiDSODQWHDU FXDQGRVHSUR\HFWHODUHGGHIHUURFDUULOHVFRPR H[SOLFDUHPRV PiV DGHODQWH$KRUD ELHQ HQ OD 0HPRULDORVWpFQLFRVFXHVWLRQDQODLGRQHLGDG GHORVSXHUWRVPDUtWLPRVHQIXQFLyQGHVXFD SDFLGDG\HVWDGRQDWXUDO HOPiVSUy[LPRHV9D OHQFLD\VHUtDPX\GHGHVHDUIXHVHSUDFWLFDEOH FRQ $OLFDQWH SRU VHU HO SXHUWR PiV FyPRGR \ FHUFDQRDODFDSLWDO 5HVSHFWRDODVFDUUHWHUDVpVWDVVHGLYLGHQHQ JHQHUDOHV\WUDQVYHUVDOHV$ODSULPHUDSHUWHQH FHQ ODGH9DOHQFLDSRUHOFDPLQROODPDGRFRUWR RGHODV&DEULOODVODGH$OLFDQWHVHSDUiQGRVH GH 9DOHQFLD FHUFD GH $OPDQVD OD GH 0XUFLD \&DUWDJHQD'HODVWUDQVYHUVDOHVVHVXEUD\DQ WUHVUXWDVGHO3XHUWRGHOD&DGHQDHQWUH0XU FLD\&DUWDJHQDGH2ULKXHODKDFLD$OLFDQWH\ )XHQWHGHOD+LJXHUDDEXVFDUODFDUUHWHUDGH 9DOHQFLD\GHHVWD~OWLPDFLXGDGD=DUDJR]D (V GHFLU GH XQD IRUPD KHWHURJpQHD \ VLQ XQ DFRPSDxDPLHQWR GH WLSR HVWDGtVWLFR R SUHVX SXHVWDULRVHGHVFULEHQORVSULQFLSDOHVSXQWRVGH FRQH[LyQGHOLQWHULRUFDVWHOODQRPDQFKHJRFRQ HOOLWRUDO0HGLWHUUiQHRSDUDSURSLFLDULQWHUFDP ELRVFRPHUFLDOHV(OSURSyVLWRHVFODURIDFLOLWDU ODLQWURGXFFLyQGHLPSRUWDFLRQHVGHPHUFDQFtDV GHPDQGDGDV SRU HO FRQVXPR DJUtFROD R IDEULO KDFLHQGRHQWUDUHQFRPSHWHQFLDDODVFDUUHWHUDV FRQORVFDQDOHVÁXYLDOHVDÀQGHUHGXFLUODVWDUL IDVGHOWUiÀFRH[FHVLYDPHQWHFDUDVSRUODVWDVDV DGXDQHUDV\ORVUHFDUJRVGHOWUDQVSRUWHWHUUHVWUH 3HURWDPELpQVHSLHQVDHVSHFLDOPHQWHHQGDU VDOLGD D ORV FHUHDOHV SXHV HVD DQFKD &DVWLOOD HVWDDKRJiQGRVHHQVXVSURSLRVSURGXFWRV'H +HUQiQGH]70SS+HUQiQGH]70\9LGDO2OLYDUHV-SS 4%,%3&/2/-(%2.­.$%: HVH PRGR GHQWUR GH OD SROtWLFD SURWHFFLRQLVWD TXH SUDFWLFDQ ORV OLEHUDOHV GHO7ULHQLR VH HYL WDUtDODVDOLGDGHQXPHUDULRSDUDHOSDJRGHXQ DUWtFXORGHSULPHUDQHFHVLGDGWRGDYH]TXHQR VHDOWHUDUtDQORVSUHFLRVGHODViUHDVGHFRQVXPR UHVSHFWR GHO TXH WXYLHUD DOJXQR GH ORV SyVLWRV GH/D0DQFKDFRPRHOGH6DQ&OHPHQWH$Vt SXHVSDOLDUHOGpÀFLWGHODEDODQ]DFRPHUFLDO\ UHGXFLUORVFRVWHVGHDFDUUHRGHORVH[FHGHQWHV DJUDULRVHVWiHQODEDVHGHOSUR\HFWR 2WUR DVSHFWR D GHVWDFDU HQ HVWH FDVR SRU SDUWHGHOD&RPLVLyQSDUODPHQWDULDHVODLQYR FDFLyQ DO HVStULWX GH DVRFLDFLyQ LQVSLUiQGRVH HQORVSURJUHVRVHFRQyPLFRVGH,QJODWHUUDRGH )UDQFLD(ORJLDEDQODFUHDWLYLGDGGHpVWRVSDt VHV\DGPLUDEDQODSROtWLFDGHOFDSLWDOLVPRLQ GXVWULDODODKRUDGHSURPRYHUHPSUHVDVGHXWL OLGDGS~EOLFDVDEHGRUHVGHODVGLIHUHQFLDVTXH QRVVHSDUDEDQGHOD(XURSD2FFLGHQWDO3HURHQ QXHVWURFDVRVRQFRQVFLHQWHVGHOSUREOHPDPiV DFXFLDQWH QRVHSXHGHGHVFRQRFHUTXHODHVFD VH]GHFDSLWDOHVQRSHUPLWHTXHVHSXHGDFRQ WDU PXFKR SRU DKRUD FRQ HVWH PpWRGR GH UHD OL]DUODV (YLGHQWHPHQWH OD IDOWD GH LQLFLDWLYDV VRFLHWDULDVHQ(VSDxDLPSHGtDHOUHODQ]DPLHQWR GHOSODQFRPELQDGRGHFDQDOHV\FDUUHWHUDVSXHV QRSRGtDFDHUWRGRHOSHVRÀQDQFLHURHQPDQRV GHO(VWDGR3RUHVDUD]yQOD&RPLVLyQGHMyOD SXHUWDDELHUWDDXQDVROXFLyQPL[WDHOJRELHU QRWHQGUiTXHSURSRQHUDODGHODV&RUWHVORV PHGLRVTXHMX]JXHRSRUWXQRVSDUDHPSUHQGHU ODVVLQTXHSRUHVWRGHMHQGHDGPLWLUVHODVSUR SXHVWDV TXH KDJDQ ORV SDUWLFXODUHV R FXHUSRV DOHIHFWR (VWRVSUR\HFWRVVLQHPEDUJRQXQFDIXHURQ SXHVWRVHQSUiFWLFDHQVXWRWDOLGDG(OFDXGDO GH ORV UtRV QR SHUPLWtD H[WHQGHU ORV FDQDOHV SRU OD JHRJUDItD SHQLQVXODU \ ODV FLUFXQVWDQ FLDVHFRQyPLFDVWDPSRFRLQFLWDEDQDFRQVWUXLU FDUUHWHUDV$GHPiVODUHDFFLyQDEVROXWLVWDGHO GHVHSWLHPEUHGHDERUWyFXDOTXLHUWHQ WDWLYDÀQDQFLHUDGHFDSWDUDKRUURRFDQDOL]DU 3URSXHVWDGH/H\TXHKDFH60DODV&RUWHV 3URSXHVWDGH/H\TXHKDFH60DODV&RUWHV -)RQWDQDSS +HUQiQGH]70 OR KDFLD OD FUHDFLyQ GH VRFLHGDGHV DQyQLPDV /RV HPSUpVWLWRV TXH SRVLEOHPHQWH KXELHUDQ LQVXÁDGR OLTXLGH] D OD HFRQRPtD QDFLRQDO \ DO7HVRURTXHGDURQFRODSVDGRVSRUODIDOWDGH UHFRQRFLPLHQWRGHODGHXGDH[WUDQMHUDSRUSDU WH GHO JRELHUQR DEVROXWLVWD &RQ WRGR HQ OD 'pFDGD 2PLQRVD KXER LQWHQWRV GH SURPRYHU FDQDOHV GH QDYHJDFLyQ FRPR HO GH7DPDULWHSHURVLQp[LWR0iVIRUWXQDWXYLH URQ ODV FDUUHWHUDV (Q LQLFLDQ ODV REUDV HQHODQWLJXR FDPLQRGHKHUUDGXUD GHODV&D EULOODVTXHFRQHFWDED0DGULGFRQ9DOHQFLDSRU OD SURYLQFLD GH &XHQFD VL ELHQ LEDQ D GXUDU XQRVYHLQWHDxRV$VLPLVPRHQIHFKDLPSUH FLVD FRPLHQ]DQ ODV GHO WUDPR GH $OPDQVD D $OLFDQWH DFDEiQGRODV KDFLD < HV SUH FLVDPHQWHHQHVWHSHULRGRFXDQGRYDFDODQGR ODLGHDGHLQVWDODUFDPLQRVGHKLHUURHQ(VSD xD IUDJXiQGRVH DOJ~Q HQVD\R VRFLHWDULR SDUD SURPRFLRQDUWUD\HFWRVFRUWRVFRPRHQ-HUH]\ HQ5HXV7DPELpQ\QRGHEHPRVSDVDUORSRU DOWRFXDMDDOJXQDTXHRWUDSROpPLFDDFHUFDGH ODYLDELOLGDGGHOQXHYRPHGLRGHORFRPRFLyQ 3RU HMHPSOR *UHJRULR *RQ]iOH] $]DROD DO WUDGXFLU HO WUDWDGR &DPLQRV GH KLHUUR GHOLQJHQLHURLQJOHV7KRPDV7UHGJROGGHÀHQ GH ODV SRVLELOLGDGHV WHFQROyJLFDV GHO LQYHQWR IUHQWH D ORV FDQDOHV GH QDYHJDFLyQ FLWDQGR HQWUHRWUDVOtQHDVIpUUHDVFRQEXHQDVSHUVSHF WLYDV GH H[SORWDFLyQ OD GH 9DOHQFLD DO *UDR 'HDGRSWDUOR HYLWDUUtDFXDQWLRVRVJDVWRVHQ QXHVWURVFDQDOHVKHFKRV\SRUKDFHURHQOD]DU HVWRV DOJ~Q GtD XQRV FRQ RWURV FRQ JUDQGHV YHQWDMDV /D KLSyWHVLV VL HPEDUJR IXH GLVFX WLGDSRU)UDQFLVFR-DYLHU%DUUD(VWHDXWRUVLQ GHVFDUWDUODVYHQWDMDVFRPSDUDWLYDVGHORVFD PLQRVGHKLHUURHQUHODFLyQDORVWUDGLFLRQDOHV VLVWHPDVGHOWUDQVSRUWHLQVLVWHHQTXHDQWHVGH DXWRUL]DU FXDOTXLHU FRQFHVLyQ GH OtQHD IpUUHD FDEHUHDOL]DUHVWXGLRVGHPHUFDGR\HVSHFLÀFDU VXFRVWRSDUDQRHUUDUHQODDOWHUQDWLYD$EXQ GDQGR HQ VX DUJXPHQWDFLyQ UHFKD]D ODV WHVLV GHVDUUROOLVWDV LPSOtFLWDV IXQGDPHQWDOPHQWH HQ HO FXHUSR GH ,QJHQLHURV GH &DPLQRV ORV !»/3$%&%22/#!22),%.!,"!#%4% JUDQGHV PHGLRV GH FRPXQLFDFLyQ ²GLFH QR VRQVRORVORVTXHKDFHQÁRUHFHUODLQGXVWULD HOODFXDQGRHVWiHQHVWDGRORVH[LMHORVEXV FD\ORVFUHD ,/30,!.%3$%,!2%$ &%22/6)!2)!%30!»/,! %.353).)#)/3,!,·.%! $%,-%$)4%22­.%/ /DQDYHJDFLyQLQWHULRUVHGHVFDUWyÀQDOPHQ WHFXDQGRVXUHQWDELOLGDGIXHREMHWRGHIXHUWHV GLVFUHSDQFLDVHQORViPELWRVHFRQyPLFRV\GH SRGHU WRGD YH] OD HVFDVD GLVSRQLELOLGDG WRSR JUiÀFDGHOWHUULWRULRVDOYRH[FHSFLRQHVFRPR HOFDQDOGH&DPSRVHQ&DVWLOODRHOGHO(EUR (QVXVWLWXFLyQGHOVLVWHPDGHWUDQVSRUWHÁXYLDO WRGDVODVPLUDGDVVHYXHOFDQKDFLDORVFDPLQRV GHKLHUURYDORUDGRVWDPELpQFRPRHOHPHQWRV GLQDPL]DGRUHVGHODLQIUDHVWUXFWXUDYLDULD1R REVWDQWHVHKDQGHVHQWDUODVEDVHVSDUDDFDEDU FRQ ODV WUDEDV TXH LPSHGtDQ DO PHUFDGR LQWH ULRU UHJXODU OD RIHUWD DVLPLVPR UHRUJDQL]DU OD $GPLQLVWUDFLyQ HQ OR FRQFHUQLHQWH D ODV REUDV S~EOLFDV$VtFRQODYXHOWDGHORVOLEHUDOHVGHO H[LOLR YDULRV GHFUHWRV SRQHQ ORV FLPLHQWRV GHO LPSXOVRTXHKDGHWRPDUODDFWLYLGDGPHUFDQ WLOXQLGDDORVFRQRFLPLHQWRVWpFQLFRVSODQLÀ FDGRUHVSUHH[LVWHQWHV(Q\XQD VHULHGHPHGLGDVLQWHQWDQSURPRYHUODOLEHUWDG GHFLUFXODFLyQGHPHUFDQFtDVHQWRGRHOWHUULWR ULRHVSDxRO\HOVHFUHDHO&XHUSRGH ,QJHQLHURV&LYLOHV0DVDGHODQWHHO FRQSRVWHULRULGDGDODGHVDPRUWL]DFLyQGHELH QHVGHOFOHURVHSURPXOJDOD/H\GHH[SURSLD FLyQIRU]RVDGHODSURSLHGDGSULYDGDSDUDREUDV GH XWLOLGDG S~EOLFD DPSOLDQGR ORV HIHFWRV GHO QXHYR PRGHOR GH GHVDUUROOR HFRQyPLFR \ VR FLDOTXHKDGHJHQHUDUXQELHQHVWDUDOSDtV$O PLVPRWLHPSRHOSRGHUHPSLH]DDSUHVWDUXQD PD\RU DWHQFLyQ HQ ORV SUHVXSXHVWRV JHQHUDOHV GHO (VWDGR D ODV YtDV GH FRPXQLFDFLyQ 3HUR ODV DFWXDFLRQHV JXEHUQDPHQWDOHV UHTXHUtDQ GH XQDFRQFHSFLyQXQLWDULDGHO(VWDGROLEHUDOWUDV ODGDGDDOHVSDFLRJHRJUiÀFRFRPRGHKHFKRVH KL]RGXUDQWHHO7ULHQLR/LEHUDOFRQYLUWLpQGRVH HQHOIXQGDPHQWRGHORVLWLQHUDULRVTXHVHLP SRQGUiQ HQ ORV IHUURFDUULOHV /D *XHUUD &DU OLVWD QR REVWDQWH QR VyOR GHVYLy UHFXUVRVGHO7HVRURVLQRWDPELpQUDOHQWL]yODV UHIRUPDV PDWHULDOHV \ ORV SUR\HFWRV +D\ TXH HVSHUDUQRREVWDQWHDODOOHJDGDGHORVPRGHUD GRVDO*RELHUQRSDUDTXHODVFXHVWLRQHV SHQGLHQWHV YD\DQ PDGXUDQGR GHÀQLWLYDPHQWH SRQLHQGRWRGRHOpQIDVLVDKRUDHQGDUXQGHFL GLGR LPSXOVR D ODV LQIUDHVWUXFWXUDV WHUUHVWUHV (Q HVH VHQWLGR VH HQWUHOD]DQ GRV VLWXDFLRQHV DODSUHVLyQGHORVHPSUHQGHGRUHV FDSLWDOLVWDV VROLFLWDQGRFRQFHVLRQHVGHWUDPRVIHUURYLDULRV FRQFUHWRV DSURYHFKDQGR XQD FR\XQWXUD HFR QyPLFD SURSLFLD SDUD OD LQYHUVLyQ GH FDSLWDOHV HQWUH\\EODH[LJHQFLDGHVXMHWDU ODVDXQRUGHQGHSULRULGDGHVHQXQSUR\HFWRGH LQWHUYHQFLyQ SODQLÀFDGRUD SRU SDUWH GH OD$G PLQLVWUDFLyQ 5HODFLRQDGR FRQ HO SULPHU SXQWR ODV SHWL FLRQHV TXH PiV QRV LQWHUHVDQ VXEUD\DU SRU OR TXHDWDxHDODOtQHDGHO0HGLWHUUiQHRVRQODTXH KDFHUHIHUHQFLDDOFDPLQRGHKLHUURGH0DGULG D$UDQMXH]RWRUJDGDD3HGUR/DUDFRQ OD LQWHQFLyQ GH SURORQJDUOD KDVWD$OLFDQWH SRU $OPDQVD 3HUR WUDQVIHULGD GHVSXpV D -RVp GH 6DODPDQFDHO*RELHUQROHDXWRUL]y D FRQVWUXLU VyOR HO WUDPR GH$UDQMXH] SXHV OD QRSUHVHQWDFLyQGHSODQRVQLSUHVXSXHVWRVTXH SXGLHUDQ GDU XQD H[DFWLWXG GH ORV FRVWHV GH OD LQYHUVLyQGHWRGDODOtQHDOHUHVWyFUHGLELOLGDG SDUD XQD FRQFHVLyQ HQ WRGD UHJOD ,JXDOPHQWH VXFHGH FRQ OD OtQHD GH 0DGULG D 9DOHQFLD (Q HVWH FDVR HV 3UyVSHUR9ROQH\ DF WXDQGRFRPRWHVWDIHUURGHXQJUXSRHPSUHVDULDO DQJORHVSDxRO HO FXDO RIUHFH HQFDUJDUVH GH OD )UDQFLVFR-DYLHUGH%DUUD &RPLQ)0DUWtQ$FHxD30XxR]09LGDO-SS,QIRUPH56$3 (OPRPHQWRGHLQÁH[LyQORVLWXDPRVHQFXDQGRHOPLQLVWUR5H\QRVRSODQWHyTXHODQDYHJDFLyQLQWHULRUHUDLQYLDEOHSRUTXHQR UHVROYtDOD FXHVWLyQGHWLHPSRQLODFXHVWLyQGHGLUHFFLyQ DOVHULPSRVLEOHFRLQFLGLUHQHOFHQWURGHODPRQDUTXtDODVFRPXQLFDFLRQHV WHUUHVWUHV 3UR\HFWRGH/H\&RPSUHQVLYRGHXQQXHYR6LVWHPD*HQHUDOO 52FLUFXODUGH6DQWRV0DGUD]R9RO,SS 4%,%3&/2/-(%2.­.$%: HMHFXFLyQGHFXDWURJUDQGHVOtQHDVHQWUHHOODVOD GH0DGULGD9DOHQFLDVHOHDGPLWH~QLFDPHQWH pVWDDSDUWLUGHORFXDOVHIRUPyXQFRQVRUFLR TXHGLRSDVRDO 0DGULGDQG9DOHQFLD5DLOZD\ &RPSDQ\ /D -XQWD 'LUHFWLYD D WHQRU GHO 6LVWHPD *HQHUDO GH FRPXQLFDFLRQHV TXH FRPR YHUHPRV 6XEHUFDVH SURSXVR SLGLy DXWRUL]DFLyQSDUDGLVHxDUXQLWLQHUDULRVLJXLHQ GRODUXWDKDFLD$OEDFHWHDWUDYHVDQGRHO7DMR SDVDQGRSRUODVLQPHGLDFLRQHVGH4XLQWDQDUGH /D 2UGHQ 0RWD GHO &XHUYR /D 5RGD &RUUDO 5XELR\$OPDQVD/OHJDGRDHVWHSXQWRSHQVDED VRUWHDUOD0HVHWDGHVFHQGLHQGRSRUHO9DOOHGH 0RJHQWHSDUDLUD-iWLYD$OFLUD\9DOHQFLD(UD XQWUD\HFWRTXHFRSLDEDHOWUD]DGRGHODFDUUH WHUDSHURQRVHDMXVWDEDDSODQRDOJXQR3RUHVD UD]yQOD'LUHFFLyQ*HQHUDOGH2EUDV3~EOLFDV '*23VHPRVWUyUHDFLDDDSUREDUORVLELHQHV WDEDGHDFXHUGRHQTXH ODGHWHUPLQDFLyQGHORV SXQWRVSULQFLSDOHVGHVXWUDPRHVWDQQHFHVDULD TXH QR GHEHUtD KDFHUVH FRQFHVLyQ DOJXQD VLQ TXHODSUHVHQWDUDQHQVXVSURSXHVWDVORVTXHSL GHQDXWRUL]DFLRQHVGHQRWHQHUVHSUHVHQWHHVWD FLUFXQVWDQFLD VH VLJXHQ GHVSXpV GLÀFXOWDGHV \ FRPSOLFDFLRQHVHPEDUD]RVDVSDUDJUDGXDUODV SRVLELOLGDGHV GH TXH VH HVWDEOH]FDQ RWUDV Ot QHDVVLQTXHPXWXDPHQWHVHSHUMXGLTXHQ3HUR OHFRQWUDULDEDODWHQGHQFLDPRQRSROL]DGRUDGHO FRQVRUFLR ORV TXH KDQ REWHQLGR XQD GH HVWDV DXWRUL]DFLRQHVVHFUHHQDVLVWLGRVGHXQGHUHFKR SUHIHUHQWHSDUDRSRQHUVHDWRGDRWUDOtQHDTXH FUHHQSXHGHSHUMXGLFDUOHV(ORUJDQLVPRDGYHU WtDDO*RELHUQRHOSHOLJURGHFHUUDUHOSDVRDOD FRPSHWHQFLDGHXQDKLSRWpWLFDOtQHDKDFLD$OL FDQWHSRUHOORQRVHSURQXQFLyWD[DWLYDPHQWH D IDYRU GHO LWLQHUDULR WDQ VROR LQGLFy WHQHUOR SUHVHQWH $ SDUWLU GH HVH SODQWHDPLHQWR FDEH HQWHQGHUHOUHFKD]RGHOD$GPLQLVWUDFLyQDRWUD RIHUWDODGHODVHQWLVWDGHYtYHUHV9LFHQWH%HU WUiQGH/LV\5LEHV(VWHSUHWHQGtD SURPRFLRQDUXQIHUURFDUULO GHVGH9DOHQFLDSRU $OFLUD\-iWLYDDXQDOHJXDGH9LOOHQDDXQLUVH DO FDPLQR GH KLHUUR SUR\HFWDGR GHVGH$OLFDQ WHDHVWDFRUWHFX\RFRVWHORHYDOXDEDHQ PLOORQHV GH UHDOHV 'H HVWRV HMHPSORV VH GH GXFHQGRVFRVDVXQDODSUXGHQFLDGHOD$GPL QLVWUDFLyQDODKRUDGHHODERUDUVXVGLFWiPHQHV VREUHORVIHUURFDUULOHV\RWUDHOLQWHUpVGHORV HPSUHQGHGRUHVSRUOD/tQHDGHO0HGLWHUUiQHR <ODFR\XQWXUDHVSURSLFLDSRUTXHDVHJXUDGDOD PRQDUTXtDFRQVWLWXFLRQDOWUDVODJXHUUDFDUOLVWD VHHVWiQGDQGRORVSULPHURVSDVRVSDUDDVHQWDU HOFDSLWDOLVPR\FRQHOORODHVSHFXODFLyQ&RPR VHLQGLFDHQOD0HPRULDGHGHIRUPDUH WURVSHFWLYD SDUHFtDQDWXUDOTXHORVFDSLWDOLVWDV TXH GXUDQWH OD JXHUUD KDEtDQ FRQVDJUDGR VXV IRQGRV FRQ HVFDVR SURYHFKR D VXPLQLVWURV \ RWUDVRSHUDFLRQHVGHHVWHJpQHURFDPELDQGRHO GHVWLQRTXH\DQRSRGtDQGDUOHVORVGHGLFDVHQ DRWUDVHVSHFXODFLRQHVTXHDOSDVRTXHOHVUH SRUWDVHQ XQ EHQHÀFLR VL ELHQ QR WDQ FUHFLGR HVWXYLHVHQPHQRVVXMHWDVDOD]DU\IXHVHQPiV ~WLOHVDOSDtV 3HURPiVLQWHUHVDQWHHVODUHDFFLyQGHOJR ELHUQR(QHIHFWRDQWHODDYDODQFKDGHSHWLFLR QHVHOPLQLVWURGHOD*REHUQDFLyQ3LGDORUGH QyDXQD&RPLVLyQGH,QJHQLHURVGLULJLGDSRU -XDQ6XEHUFDVHTXHSUHSDUDUDXQ,QIRUPHTXH GLR D OX] HO \ TXH KD VLGR FDUDFWH UL]DGR LPSURSLDPHQWH FRPR HO SULPHU GRFX PHQWRHVSDxROVREUHORVIHUURFDUULOHV/RTXH VtHVFLHUWRHVTXHDUHQJOyQVHJXLGRVHGLFWy OD52GHODSULPHUDGLVSRVLFLyQ TXHDSUREyHOSOLHJRGHFRQGLFLRQHVJHQHUDOHV SDUD OD FRQFHVLyQ GH IHUURFDUULOHV (VWD ~OWL PDKDVLGRYLWXSHUDGD\FHQVXUDGDQRVyORSRU ORVKLVWRULDGRUHVHFRQyPLFRVDFWXDOHVWDPELpQ ORIXHHQHOSDUODPHQWRFRQFUHWDPHQWHHQODV &RUWHV&RQVWLWX\HQWHVGHTXHDSUREDURQOD /H\*HQHUDOGH)HUURFDUULOHV(QWUHODVPXFKDV FUtWLFDVTXHUHFLELyGHVWDFDPRVGRVD'HMDED 0HPRULDGH23S$*$23&DMDH[S'HERHVWHH[SHGLHQWHDPLFROHJDHOSURIHVRU-DYLHU9LGDO%HUWUiQGH /LVVLQHPEDUJRREWXYRHOODFRQFHVLyQGHOWUDPRGH6DPDGH/DQJUHRD*LMyQ\9LOODYLFLRVD 0HPRULDGH23 S 0DWHRGHO3HUDO'S&RQDQWHULRULGDGHO-RVp$JXVWtQGH/DUUDPHQGLHPLWLyXQ,QIRUPHVREUHFDPLQRVGH KLHUUR TXHGHVFXEUtHQORVDUFKLYRVGHO0LQLVWHULRGH2EUDV3~EOLFDVFXDQGRJXDUGDEDODGRFXPHQWDFLyQHQVXVGHSyVLWRV6LELHQQR WLHQHQLODFDOLGDGGHOGH6XEHUFDVHQLGLFWDEDORVFULWHULRVDVHJXLUSRUOD$GPLQLVWUDFLyQUHVSHFWRDODVFRQFHVLRQHV+HUQiQGH]70 S &DVDUHV$SS !»/3$%&%22/#!22),%.!,"!#%4% DODUELWULRGHXQPLQLVWURTXHODVHPSUHVDVGHFL GLHVHQDFHUFDGHODGLUHFFLyQRLWLQHUDULRTXHKD GHHPSUHQGHUXQIHUURFDUULOSXHVHODUW,, SHUPLWtD OD SUHVHQWDFLyQ GH XQ SODQ JHQHUDO D SRVWHULRUL GHVFULELHQGR HO WUD]DGR FRLQFLGLHQ GRQRUPDOPHQWHFRQORVLQWHUHVHVGHORVFRQ FHVLRQDULRV ODV OtQHDV PiV FRQYHQLHQWHV D VX HVSHFXODFLyQ(OORSRVLELOLWDEDDORVSURPRWR UHV D FDPELDU R PRGLÀFDU WUD\HFWRV DFRUGDGRV VHQWy OD FRPLVLyQ IRUPDGD SRU ORV LQJHQLHURV -XDQ 6XEHUFDVH -RVp GH$]DV \ -HUyQLPR GHO &DPSRVHSURSRQHXQVLVWHPDGHFRPXQLFDFLR QHV SRU IHUURFDUULO FHQWUDOL]DGR HQ 0DGULG HO FXDOVHGLVHxyHQIXQFLyQGHODVSHWLFLRQHVVROL FLWDGDV\FRQFHGLGDV/DOtQHDGHO0HGLWHUUiQHR TXHFUX]DED&DVWLOOD/D0DQFKDSRUHOVXUHVWH GH OD SHQtQVXOD VH FRQÀJXUDED GH OD VLJXLHQWH PDQHUD #UADRO),ALÓNEADEL-EDITERRÉNEO 7URQFRSULQFLSDO 5DPDO7UDQVYHUVDO 5DPDOHVGHSURORQJDFLyQ 0DGULGD%DUFHORQD SRU=DUDJR]D =DUDJR]DD9DOHQFLD 7DUUDJRQDD5HXV =DUDJR]DSRU6DJXQWR7RUWRVD $OLFDQWHD&LXGDG5HDO $OEDFHWHD0XUFLD\&DUWDJHQD $OEDFHWHD$OPDQVD\$OLFDQWH 6LOOD6ROODQD6XHFD\*DQGtD 0DGULGD%DUFHORQD SRU9DOHQFLD&DVWHOOyQ \7DUUDJRQD )XHQWH70+HUQiQGH]S GHDQWHPDQRDODE~VTXHGDHVSHFLDOPHQWHGH XQ LWLQHUDULR FRQYHQLHQWH SDUD PRQRSROL]DGRU HOWUDQVSRUWH<F/DLQWHUSUHWDFLyQTXHVHGD DODUW,,,GHOD52HVDWRGDVOXFHVOD[D\SUR SHQVDDRWRUJDUFRQFHVLRQHVDDPLJRVSROtWLFRV GHOJRELHUQR&XDQGRVHDOXGHSRUHMHPSORHQ HO SiUUDIR D IDYRUHFHU HO VXVFULWRU GH OD SUR SXHVWDGHFDPLQRVGHKLHUURVHDVXMHWRGHFRQR FLGRDUUDLJR\RIUH]FDJDUDQWtDVTXHHO*RELHU QRHVWLPHVXÀFLHQWHVHVWDSRVLELOLWDQGRFLHUWRV DPDxRV HVSHFXODWLYRV HQ FRQQLYHQFLD FRQ ORV PLQLVWURVGHWXUQR 6HD FRPR IXHUH WRPDGD OD GHFLVLyQ GH ID FLOLWDU R DFHOHUDU OD FRQVWUXFFLyQ GH ORV IHUUR FDUULOHVDWUDYpVGHXQDHPSUHVDSDUWLFXODUVLQ UHFLELUDSR\RDOJXQRGHO7HVRUROD52GH TXLVRDUUHJODUORTXHSDUHFtDXQGHVDWL QR$VtVHGLVSRQHTXHOD-XQWD&RQVXOWLYDGH &DPLQRV HVWDEOH]FD HO VLVWHPD JHQHUDO VREUH FX\DVGLIHUHQWHVOtQHDVVHSRGUiQHQORVXFHVLYR DGPLWLUSURSXHVWDV(QHOGRFXPHQWRTXHSUH 5H\QRVR00S&DVDUHV$S 0DWHRGHO3HUDO,SS (V GHFLU ORV LQJHQLHURV HQ HO FDVR GH ORV UDPDOHV GH SURORQJDFLyQ GH OD OtQHD GHO 0H GLWHUUiQHR TXH FRPLHQ]D HQ 0DGULG \ FRQ WLQ~D SRU 9DOHQFLD FRQ GHVWLQR D %DUFHORQD VH DWLHQHQ D ODV FRQFHVLRQHV DGPLWLGDV SRU HO JRELHUQRSHURFRQGLFLRQDQGRHOIXWXURGHODV FRQH[LRQHV SRUWXDULDV &RQVLGHUDQ HQ HIHFWR TXHHVWHFRUUHGRUIHUURYLDULRHVGHORVPiVIi FLOHVGHHMHFXWDUSRUORPHQRVKDVWD9DOHQFLD\ &DVWHOOyQDXQTXHGHEHUiSDVDUSRU$OEDFHWH \$OPDQVDRFHUFDGHHVWRVSXHEORV(VGHFLU DSOLFDQFULWHULRVGHDEDUDWDPLHQWRGHFRVWRVHQ OD FRQVWUXFFLyQ LQWHJUDQGR HQ XQ HMH FRP~Q YDULRV WUDPRV GH IHUURFDUULOHV \ FRQÀJXUDQGR HQ XQ WULiQJXOR FRQ XQ SXQWR GH FRQH[LyQ HQ $OPDQVDORVWUHVEUD]RVD9DOHQFLD$OLFDQWH\ &DUWDJHQD6HVXMHWDQSXHVDXQDVUHJODVWR SRJUiÀFDV VHQFLOODV FRQVLVWHQWHV HQ OLJDU ORV SXQWRV H[WUHPRV GHO VLVWHPD UDGLDO FHQWUD GR HQ 0DGULG HQ XQ WUD]DGR FXDVL UHFWLOtQHR DSURYHFKDQGR OD H[WHQVD OODQXUD GHO WHUULWRULR GH &DVWLOODOD 0DQFKD KDVWD ORV FRQÀQHV GHO 4%,%3&/2/-(%2.­.$%: HVFDOyQ GH OD 0HVHWD SDUD GHVHPERFDU HQ ORV WUHV SXHUWRV GHO 0HGLWHUUiQHR (OOR QRV KDFH UHFRUGDUHOHVTXHPDLGHDGRHQHOSODQFRPEL QDGRGHFDQDOHV\GHFDUUHWHUDVH[SXHVWRDQ WHULRUPHQWH$GHPiVSRUHOGLVHxRVHGHGXFH TXHHQHVWRVPRPHQWRVHO WURQFRSULQFLSDOHO TXHPRQRSROL]DHOWUiÀFRGH&DVWLOOD/D0DQ FKD YD D WHUPLQDU R SDVDU SRU 9DOHQFLD SDUD VHJXLU SRU OD FRVWD OLWRUDO KDFLD HO QRUWH GH OD SHQtQVXODDOHQFXHQWURHQ&DWDOXxDFRQUDPD OHV IHUURYLDULRV TXH FRQGX]FDQ ORV SURGXFWRV GHOSDVDMHDODIURQWHUDIUDQFHVD6HFRQYHUWLUtD DVtHQOD FDEHFHUDGHODOtQHDSULQFLSDOFXHV WLyQ HVHQFLDO SDUD UHFLELU XQ SRVLEOH VXEVLGLR GHO*RELHUQRHQXQIXWXUR(OWUD]DGRSRURWUR ODGRHVSDUDOHORDODDQWLJXD FDUUHWHUDUHDOO TXH GHVGH$OPDQVDDWUDYHVDEDOD5LEHUD$OWD\OD +XHUWD GH 9DOHQFLD OD ]RQD PiV IpUWLO GHVGH HOSXQWRGHYLVWDDJUtFRODGHO3DtV9DOHQFLDQR /DPDQRGH-XDQ6XEHUFDVHVHDGLYLQDHQHVWD UHVROXFLyQQRHQEDOGHHVWDEDLQWHUHVDGRHQOD &RPSDxtDDQJORHVSDxRODTXHVHKDEtDIRUPD GRDOUHVSHFWRVLHQGRQRPEUDGR&RQVHMHUR< XQKHFKRGHVWDFDEOHHOWUD\HFWRPiVFRUWRGH 0DGULGD9DOHQFLDTXHHUDODOtQHDSRU&XHQFD VROLFLWDGRSRU)HOLSH)HUQiQGH]GH&DVWURLQ WHJUDQWHGHOFRQVRUFLRDSR\DGRSRUODVLQVWLWX FLRQHVYDOHQFLDQDVIXHGHVHFKDGR1LVLTXLHUD DSDUHFHHQHOVLVWHPDGHFRPXQLFDFLRQHVSUR \HFWDGR7DPSRFRVHDFODUDGyQGHKDQGHHV WDUVLWXDGDVODVHVWDFLRQHVTXHKDQGHFDQDOL]DU HOWUiÀFRGHODViUHDVLQWHULRUHVGHODSHQtQVXOD DVSHFWRpVWHTXHFRPRYHUHPRVRULJLQDUiPX FKRVTXHEUDGHURVDORVLQJHQLHURVGHFDPLQRV \ULYDOLGDGHPSUHVDULDOHQWUHODVGLVWLQWDVFRP SDxtDVFRQFHVLRQDULDV&XHVWLyQTXHOD'*23 DGYLUWLy FRPR KHPRV DGHODQWDGR DUULED /RV LQJHQLHURV LQWX\HQ SRU RWUR ODGR RWUD VLWXD FLyQLQVLGLRVDTXHGDUiOXJDUDODULYDOLGDGFR PHUFLDOQRVRODPHQWHLQWHUVRFLHWDULDWDPELpQ SRUWXDULD\SURYLQFLDO$VtORH[SRQHQ 0iV VL HVWDV OtQHDV YDQ D WHUPLQDUVH HQ GLVWLQWRV SXHUWRV GH OD PLVPD FRVWD HV HYLGHQWHTXHODVHJXQGDOtQHDSHUMXGLFD Ui D OD SULPHUD GHVWUX\HQGR OD HVSHFLH GHPRQRSROLRVREUHODLPSRUWDFLyQ\H[ SRUWDFLyQ TXH VX SUHVHQFLD HVWDEOHFLHUD PRPHQWiQHDPHQWH HQ IDYRU GHO SXHUWR GRQGH VH WHUPLQD 3HUR ELHQ VH YH TXH VHUtDXQDEVXUGRSULYDUDXQSXHUWR\D WRGRVORVSXHEORVVLWXDGRVHQODOtQHDTXH DpOVHGLULJHGHORVEHQHÀFLRVGHXQIH UURFDUULO (VGHFLUVRVSHFKDQTXHORVSXHUWRVGHPDU YDQ D SDGHFHU XQD FRPSHWHQFLD EDVDGD HQ ORV LQWHUFDPELRV FRPHUFLDOHV TXH FRQ PD\RU R PHQRUYHQWDMDXQRXRWURUHFLEDQVHJ~QODGLV WDQFLDHQWUHORVPLVPRV'HWRGRVPRGRVFRQ XQDEDODQ]DFRPHUFLDOGHÀFLWDULDSURSLDGHXQ SDtV DWUDVDGR FRPR (VSDxD ODV LPSRUWDFLRQHV EXVFDUDQORVSXQWRVPiVFHUFDQRVDORVJUDQGHV FHQWURVGHFRQVXPR\ODVYtDVIHUURYLDULDVTXH FRQWUROHQHOPHUFDGRLQWHULRU 'HVGH OXHJR HO VLVWHPD JHQHUDO GH FRPX QLFDFLRQHV SRU IHUURFDUULO DGROHFH GH FiOFXORV HFRQyPLFRV\HVWDGtVWLFRVVREUHODH[SORWDFLyQ GHODVOtQHDV1RVHYDORUDVXXWLOLGDGHQFRQ WUDVWHFRQODVFDUUHWHUDVWHQLHQGRHQFXHQWDTXH ODSODQLÀFDFLyQGHOVLVWHPDIHUURYLDULRVHIXQ GDPHQWyVLQGXGDHQODUHGGHFDUUHWHUDVHVWD WDOHV'HDKtTXHODEDVHGHOHVTXHPDSODQWHDGR JLUHDOUHGHGRUGHORVSRUWD]JRVFX\RVGDWRVQX PpULFRVIDFLOLWDXQDRULHQWDFLyQSDUDWUD]DUORV LWLQHUDULRVPiVUHQWDEOHV 6t REVHUYDPRV DWHQWDPHQWH HO FXDGUR Q SRGHPRV DGYHUWLU TXH HQWUH \ KD\ XQ QRWDEOH DXPHQWR GHO WUiÀFR SRU ODV FXDWUR FDUUHWHUDVTXHGHVGH0DGULGYDQDWHUPLQDUHQ HO0HGLWHUUiQHR(YLGHQWHPHQWHVLFRQWHPSOD PRV ODV FLIUDV HQ Q~PHURV DEVROXWRV ORV PD $09/RQMD&DMD([S)HOLSH)HUQiQGH]GH&DVWURHQFDUWDGHH[SRQHTXHHOFDPLQRGHKLHUURTXHVHSRGtDUHDOL]DU FRQPiVYHQWDMDHVHOTXHGHVGH0DGULGD9DOHQFLDSDVDSRUGLFKDSURYLQFLDGH&XHQFD\GHVHPERFDUWDOYH]HQOD5LEHUD3UHWHQGH UHFDEDUXQDSURWHFFLyQGHOJRELHUQRUHFRPHQGiQGRORDODVDXWRULGDGHVSURYLQFLDOHV\DORVGLSXWDGRVGHO&RQJUHVRSDUDTXHSUHVLRQHQ DO*RELHUQRDxDGLHQGRTXHHOSUR\HFWRGHVGH0DGULGD$OLFDQWHHUDLUUHDOL]DEOHSRUORVPXFKRVREVWiFXORVTXHH[LVWHQHQHOGHVFHQVR GHOD0HVHWDSRU$OPDQVD/DSURSXHVWDWXYRHFRHQ9DOHQFLD\VHFHOHEUyXQDUHXQLyQHQWUHORVGLSXWDGRVGH&XHQFD&DVWHOOyQ\ 9DOHQFLD(ODQXQFLRGHODFRQFHVLyQD39ROQH\GHOIHUURFDUULOGH0DGULGD9DOHQFLDSRU$OEDFHWHD$OPDQVD\-iWLYDHO DQXODURQODVJHVWLRQHVTXHLEDQDUHDOL]DU +HUQiQGH]70S !»/3$%&%22/#!22),%.!,"!#%4% #UADRO2ENDIMIENTODELOSPORTAZGOSREALESDEVELLØN $xRV &DEULOODV ,QGLFH 0%DU$OE ,QGLFH $OE0XU&DU ,QGLFH $OP$OLFD ,QGLFH )XHQWH6DQWRV0DGUD]R9RO,,SS\-9LGDOSS\ \RUHVUHQGLPLHQWRVVHREWLHQHQSRUODFDUUHWHUD GH0DGULGD%DUFHORQDSRU$OEDFHWH\9DOHQFLD 0%DU$OE FX\R WUD]DGR SUHFLVDPHQWH VH JXLUiODOtQHDGHIHUURFDUULOTXHVHSRVWXODFRPR FDEHFHUDSULQFLSDO3HURHOSRUFHQWDMHPiVDOWR XQ FRUUHVSRQGH D ORV SRUWD]JRV VLWXDGRV HQ ODV &DEULOODV iUHD FDPLQHUD UHIRUPDGD TXH VHTXHGDIXHUDGHWRGDFRQVLGHUDFLyQSDUDFRP SHWLUFRQODORFRPRWRUD$FRQWLQXDFLyQOHVL JXH OD FDUUHWHUD GH$OPDQVD D$OLFDQWH $OP $OLF3HURSURQWRYHUHPRVGLVSXWDUDOIHUURFD UULO GH HVWH WUDPR OD SULPDFtD GHO GH9DOHQFLD <PX\DOHMDGDGHORVUHVWDQWHVHQWpUPLQRVGH SRUFHQWDMHVHVWDHOWUD\HFWRGH$OEDFHWH0XU FLD \ &DUWDJHQD $OE0XU&DU (V GHFLU ORV LQJHQLHURVSODQWHDQODUHQWDELOLGDGGHOIHUURFD UULO YLQFXODQGR SXHUWRV FHUFDQRV FRPR VH KD GLFKRVLJXLHQGRORVLWLQHUDULRVWUDGLFLRQDOHVVLQ DOWHUDUODGLUHFFLyQGHORVWUiÀFRVSRUODFDUUH WHUDGDQGRSULRULGDGPLQLPL]DQGRORVFRVWHV GHFRQVWUXFFLyQVREUHORVFRVWHVGHH[SORWDFLyQ \ DEDUFDQGR HQ XQ PLVPR HMH GH URWDFLyQ ORV UDPDOHVGHSURORQJDFLyQSDUDIDYRUHFHUODFHQ WUDOLGDGGHODUHG DOHMDGDV DKRUD GH ORV SODQWHDPLHQWRV TXH DTXt KDFHPRV /RV DxRV GH D QRV OOHYDUtDQ D SODQWHDUODUHSHUFXVLyQGHOIHUURFDUULOGHOD/t QHDGHO0HGLWHUUiQHRXQDYH]LQVWDODGDVREUH ORV SRUWD]JRV 7DPELpQ DQDOL]DU HO SROR GH ´DWUDFFLyQµGHODVPHUFDQFtDVKDFLDHOPHGLRGH FRPXQLFDFLyQPiVYHQWDMRVRPHUPDQGRHOWUi ÀFRSRUODFDUUHWHUDFRVDTXHVXFHGHHVSHFLDO PHQWHHQORVSRUWD]JRVGH$OPDQVDD$OLFDQWH SHURQRHQWUDPRVGHOOHQRHQHVWDVUHÁH[LRQHV 'LHJR 0DWHR GHO 3HUDO HQ VX HVWXGLR VREUH /RV RUtJHQHVKL]R KLQFDSLp DFHUWDGDPHQWH HQ HO GDxR TXH VXSXVR OD WDUGDQ]D HQ DSUREDU ODV&RUWHVXQD/H\*HQHUDOGH)HUURFDUULOHV(Q HIHFWRHVDGHPRUDKL]RTXHORVGLVWLQWRVJDEL QHWHV GH ORV PRGHUDGRV QR WXYLHUDQ FODUR TXp GLUHFWULFHV LPSRQHU UHVSHFWR D ORV LWLQHUDULRV \VREUHWRGRDFHUFDGHODVIRUPDVLGyQHDVGH DSR\DUODVLQLFLDWLYDVGHORVSURPRWRUHV'HVGH /RV LQJHQLHURV SRU ~OWLPR PRVWUDURQ XQD DFWLWXGGHWROHUDQFLDFRQORVSURPRWRUHVGHIH UURFDUULOHVSDUDHVWLPXODUODLQYHUVLyQGHFDSLWD OHVORFXDOSRGUtDGDUOXJDUDHTXtYRFRVHQUHOD FLyQDODLQIUDFFLyQTXHHVWRVSXGLHUDQFRPHWHU DODKRUDGHFXPSOLUFRQORVSOLHJRVJHQHUDOHV\ SDUWLFXODUHV GH ODV FRQFHVLRQHV 'H HVD PDQH UDSXHGHLQWHUSUHWDUVHFXDQGRLQGLFDQGHIRUPD FRQFOX\HQWH \D TXH QR SXHGHQ VHU FRVWHDGRV SRUHOJRELHUQRORTXHVHUtDPX\SUHIHULEOHOD &RPLVLyQRSLQDTXHGHEHGDUVHWRGDODOLEHUWDG SRVLEOHDODHVSHFXODFLyQVLQSHUMXLFLRGHVDFDU HQORVFRQWUDWRVWRGRHOSDUWLGRSRVLEOHHQEH QHÀFLyS~EOLFR ).#%24)$5-"2%3/"2%%, 2!-!,02).#)0!,$%,! ,·.%!$%,-%$)4%22­.%/ &RUGHUR5\0HQpQGH])S -9LGDOS&RPLQ)0DUWtQ$FHxD30XxR]09LGDO-S /DDQWLJXDVLJQDWXUDGHO ,QIRUPHGH6XEHUFDVH HV$*023/HJDMR,,,Q 4%,%3&/2/-(%2.­.$%: OXHJRDSDUWLUGHODHQWUDGDGH%UDYR0XULOOR SULPHUR FRPR PLQLVWUR GH 2EUDV 3~EOLFDV \ GHVSXpV FRPR PLQLVWUR GH +DFLHQGD \ 3UHVL GHQWHGHO&RQVHMRGH0LQLVWURVVHHPSLH]DQD JHVWDUWRGDXQDVHULHGHGHVDMXVWHVHLQGHÀQLFLR QHVTXHDIHFWDURQDOD/tQHDGHO0HGLWHUUiQHR $VtHOSROtWLFRH[WUHPHxRSUHVHQWyXQSUR\HFWR GH/H\*HQHUDODÀQHVGHGRQGHVHSUR SRQtDHOHVWXGLRGHFXDWURJUDQGHVOtQHDVIHUUR YLDULDV GHVGH 0DGULG XQD GH ODV FXDOHV GHEtD HQOD]DUFRQXQRGHORVSXHUWRVPiVSUy[LPRVGH ODFRVWDGHO0HGLWHUUiQHRGHVLJQDQGRD&iGL] 3HURQRVHGLVFXWLyHQ&RUWHV(QHQHURGH 6HLMDV/R]DQRPLQLVWURGH2EUDV3~EOLFDVGLR XQLPSXOVRDRWURSUR\HFWRGH/H\TXHHVWDYH] WXYRPiVHFRHQHOSDUODPHQWRSXHVVHIRUPy XQD &RPLVLyQ TXH GLFWDPLQy DO UHVSHFWR (Q JHQHUDO KXER FRQVHQVR HQ SODQWHDU XQD /tQHD GHO0HGLWHUUiQHRGHVGH0DGULGD&DUWDJHQDFRQ UDPDOHVD9DOHQFLD\$OLFDQWH(O&RQVHMRGH 0LQLVWURVSUHVLGLGRSRU1DUYiH]SDUWLFLSyGHO PLVPRSDUHFHU5D]RQHVHVWUDWpJLFDVGHtQGROH PLOLWDUVHLPSRQtDQSDUDGHFODUDUFDEHFHUDSULQ FLSDODODFLXGDGGH&DUWDJHQDGRQGHUDGLFDED XQDUVHQDOGHODPDULQD\XQSDUTXHGHDUWLOOH UtDGH QROOHYDUVHHOIHUURFDUULODGLFKRSXHUWR ²GHFtDHOPLQLVWURQRVH[SRQGUtDPRVDIDWDOHV FRQVHFXHQFLDV \ D OD DPDUJD \ D OD SDU TXH MXVWD FHQVXUD GH SURSLRV \ H[WUDxRV /D GH FLVLyQVXPDPHQWHSROtWLFDLQYHUWtDHORUGHQGH ORVUDPDOHVGHSURORQJDFLyQTXHKDEtDSODQWHD GRHO6LVWHPD*HQHUDOGH6XEHUFDVH1RREVWDQ WHOD&RPLVLyQUHFRPHQGyDOJRELHUQRTXHXQD GH ORV WUDPRV SULRULWDULRV HUD HO GH$OEDFHWH D $OPDQVD OXHJRVHFRQWLQXDUiKDVWDGRQGHFRQ YHQJDYLVWRVORVUHVXOWDGRVGHODH[SHULHQFLD DXQTXH VH LQFOLQy WDPELpQ SRU &DUWDJHQD &RPR FRQVHFXHQFLD GHO DFXHUGR PLQLVWHULDO \ SDUODPHQWDULRVHRWRUJyODFRQFHVLyQGHOIHUUR FDUULOGH$UDQMXH]D&DUWDJHQDNPD&DU ORV (VWHEDQ ,EULV LQJHQLHUR IUDQFpV SHUR pVWH QR SUHVHQWy ORV DYDOHV QHFHVDULRV SDUD LQLFLDU ODFRQVWUXFFLyQ\FDGXFy7RSyDGHPiVFRQ ORVLQWHUHVHVGH-RVpGH6DODPDQFDHOFXDODO UHJUHVDUGHVXH[LOLRUHFXSHUyODFRQFHVLyQGHO IHUURFDUULOGH0DGULGD$UDQMXH],JXDOPHQWH FRQWyFRQODUHVLVWHQFLDGHODVFLXGDGHVSHUMXGL FDGDV(Q$OLFDQWH\HQ9DOHQFLDSRUHMHPSOR DOJXQDVGLDWULEDVHQODSUHQVD\SUHVLRQHVGHODV LQVWLWXFLRQHVORFDOHVDODVDXWRULGDGHVGHODQD FLyQSRQtDQHQHQWUHGLFKRHOGLFWDPHQDIDYRU GH&DUWDJHQD (OSUR\HFWRGH6HLMDV/R]DQRLEDDLUDFRP SDxDGRSRUOD/H\GHRWRUJDQGRXQ LQWHUpV GHO DO FDSLWDO LQYHUWLGR GXUDQWH HO WLHPSRTXHGXUDVHQODVREUDV\HOGHDPRU WL]DFLyQKDVWDODH[WLQFLyQGHOFDSLWDO\ FRQVL JXLHQWHDGTXLVLFLyQSRUHO(VWDGRHQORVIHUUR FDUULOHVTXHHVWiQFRQVWUX\pQGRVHDFWXDOPHQWH R TXH VH FRQVWUX\DQ HQ DGHODQWH 8QD DUJXFLD TXHYHQtDDWDSDUHODSR\RÀQDQFLHURSUHVWDGR SRUHO*RELHUQRDOIHUURFDUULOGH/DQJUHRD*L MyQHOFXDOSRUXQD/H\HVSHFLDOGH KDEtD REWHQLGR LGpQWLFR SULYLOHJLR 6HD FRPR IXHUH HYLGHQWHPHQWH HO LQFHQWLYR HUD QHFHVD ULRSDUDODSURPRFLyQGHODVHPSUHVDVIHUURYLD ULDV< D UDt] GH OD ,QIRUPDFLyQ SDUODPHQWDULD GH \ GHO VXEVLGLR DSUREDGR VH HPLWLy OD 52 GH GHFODUDQGR 'HELHQGR VHU )XHPLQLVWURGH2EUDV3~EOLFDVGRVYHFHV\GH+DFLHQGDFRQ1DUYiH]5HSLWHFRPR 3UHVLGHQWH\PLQLVWURGH+DFLHQGDGHQXHYRHQ\(Q8UTXLMR*RLWLD-5 6HLMDVFODVLÀFyHQGRVFDWHJRUtDVDORVIHUURFDUULOHVGHVHUYLFLRJHQHUDO\GHVHUYLFLRSDUWLFXODU&RPLQ)0DUWtQ$FHxD30XxR] 09LGDO-S 0DWHRGHO3HUDOSS<&RPLVLyQTXHGLVFXWHHOSUR\HFWRGHXQIHUURFDUULODO0HGLWHUUiQHR(QHOKDEHU HFRQyPLFRGH&DUWDJHQDVHPDQHMDQWDPELpQODVPLQDVGHSORPRFRPRSURGXFWRH[SRUWDEOH\XQKLQWHUODQGPXUFLDQRULFRHQSUR G GXFFLRQHVDJUtFRODVWDQWRRPiVTXH9DOHQFLD(QFRQWUDGH$OLFDQWHVHHVJULPHHOTXHVXFRPHUFLRHVGHWUiQVLWRSUHGRPLQDQGRODV LPSRUWDFLRQHVKDFLDHOLQWHULRUVREUHODVH[SRUWDFLRQHV6HFRQVLGHUDEDSXHVXQIHUURFDUULOLPSURGXFWLYRKDVWD$OEDFHWH3HURVHJ~Q HOFXDGURQRVREUHHOUHQGLPLHQWRGHORVSRUWD]JRVORVGDWRVVREUH&DUWDJHQDQROHVGDODUD]yQ 'LDULRGH6HVLRQHVGHO&RQJUHVRGH'LSXWDGRV /D&RPLVLyQLQVLVWtDHQODQHFHVLGDGGHUHDOL]DUHVWXGLRVWRSRJUiÀFRVHQODEDMDGDGH$OPDQVDDQWHVGHWRPDUFXDOTXLHUGHFLVLyQDO UHVSHFWRGHFDQWiQGRVHSRU&DUWDJHQDSRUTXHDSDUWHGHODVUD]RQHVPLOLWDUHVWHQtDPHMRUIRQGHDGHURTXHHOSXHUWRGH$OLFDQWH\VREUH WRGRPXFKDPiVVHJXULGDGTXHHOGH9DOHQFLDGHVSURYLVWRGHXQDEXHQDUDGD LQXQGDGRSRUODVDUHQDVTXHDUUDVWUDHOJROIR\TXH DUUR\DHO7XULD'LDULRGH6HVLRQHVGHO&RQJUHVRGH'LSXWDGRV 0HPRULDGH23 S(O*RELHUQRHVWXYRWHQWDGRHQJDUDQWL]DUODFRQVWUXFFLyQSRUXQFDSLWDOPi[LPRFDOFXODGRHQPLOOR QHVGHUHDOHVSRU.P5H\QRVR00S /ySH]0RUHOO0$SS\ !»/3$%&%22/#!22),%.!,"!#%4% HO)HUURFDUULOGH0DGULGD$UDQMXH]FDEH]DGH YDULDVOtQHDVGHOVXUGHODSHQtQVXOD\SURED EOHPHQWH GH OD GH 3RUWXJDO SRU ([WUHPDGXUD VHGHFODUDFRPSUHQGLGRHQODOH\GHGHIH EUHUR~OWLPRµ (VWDGHFLVLyQGH6HLMDV/R]D QRIDYRUHFtDD-RVpGH6DODPDQFDSURSLHWDULR GHOWUDPR$GHPiVOHFDWDSXOWDEDDFRQYHUWLUVH HQGXHxR\VHxRUGHODVSRVWHULRUHVGHWHUPLQD FLRQHVVREUHORVSXQWRVH[WUHPRV (OVXEVLGLRGHODJDUDQWtDGHOGHLQWHUpV DOFDSLWDOLQYHUWLGRHQODFRQVWUXFFLyQDQLPyD OD SURPRFLyQ GH ORV UDPDOHV HQ9DOHQFLD \ HQ $OLFDQWHFX\DFRQFHVLyQFRPRKHPRVH[SOLFD GR PiV DUULED KDEtD FDGXFDGR 'HVGH OXHJR 3UyVSHUR9ROQH\RSWyGHQXHYRDOSULPHURUH SUHVHQWDQGRD5XÀQR*DUFtD&DUUDVFRDQWLJXR GLUHFWLYRGHODIHQHFLGD&RPSDxtDDQJORHVSD xRODTXHFRQVHUYDEDORVGHUHFKRVVREUHORVSOD QRVGH OD VHFFLyQ GHO IHUURFDUULOGH9DOHQFLDD -iWLYD&XDQGRVROLFLWyHOSHUPLVR KL]RKLQFDSLpTXHHUDGHVGHHOSXHUWRGH9DOHQ FLDKDVWDOD&LXGDGGH6DQ)HOLSHGH-iWLYDFRQ IDFXOWDGGHXQLUGLFKDOtQHDFRQODTXHYD\DHQ VX GtD GHVGH 0DGULG DO 0HGLWHUUiQHR VHD SRU &DUWDJHQDRSRU$OLFDQWH(VGHFLU9ROQH\VH SOHJDED DO SUR\HFWR GH /H\ GH 6HLMDV /R]DQR UHFRQRFLHQGRTXHHOUDPDOYDOHQFLDQRGHEtDHV WDUVXSHGLWDGRDFXDOTXLHUDGHORVRWURVGRVHV SHFLDOPHQWHDOGH&DUWDJHQDGHVLJQDGRFRPR SULQFLSDO3RUHVDUD]yQOD'*23QRWXYRLQ FRQYHQLHQWHHQRWRUJiUVHODSXHV HVFODUDODXWLOLGDGGHGLFKRUDPDOSDUDODSUR YLQFLDGH9DOHQFLDTXHWHPHKX\DGHVXSXHUWR GHO*UDR ODPD\RU SDUWHGHVX FRPHUFLRVL VH KDFHODOtQHDGH&DUWDJHQDPLHQWUDVTXHFRQ HOUDPDOWHQGUiVLHPSUHODPLVPDLPSRUWDQFLD VLQSHUMXGLFDUQRWDEOHPHQWHDORWURSXQWR1R REVWDQWHHOGHSyVLWRGHJDUDQWtDFRQVLVWHQWHHQ UHDOHVLQJUHVDQGRHQHO%DQFR(VSDxRO GH6DQ)HUQDQGRXQPRQWDQWHGHPLOORQHV GH UHDOHV HQ WtWXORV GHO HUD SURSLHGDG GH -RVp&DPSRGLUHFWLYRGHOD6RFLHGDG9DOHQFLD QDGH)RPHQWR\GLSXWDGRD&RUWHV(ODYLVSDGR EDQTXHURSHUVHJXtDKDFtDWLHPSRODLGHDGHSUR PRYHUHOIHUURFDUULOMXQWRDODVREUDVGHOSXHUWR GH9DOHQFLD1RSXGRFRQVHJXLUHOSXHUWR²FRQ WUDWDGRSRU1&DUUDTXLUL\WUDVQHJRFLDUFRQ 9ROQH\ XQD FRPSOHMD WUDQVIHUHQFLD pVWH OH FH GLyODFRQFHVLyQ0iVWDUGHHO0LQLVWHULR ODDSUREyDXWRUL]iQGROHDFRQVWUXLUHO IHUURFDUULOGHO*UDRGH9DOHQFLDD-iWLYD 3HUR OD $GPLQLVWUDFLyQ QR OH GLR IDFLOLGD GHVGHEtDFRPHQ]DUODVREUDVVLQVXEVLGLRVGHO (VWDGRSRUFRQVLGHUDUDOUDPDOWDQVRORGHLQ WHUpVORFDO(VWDVLWXDFLyQOHMRVGHDPLODQDUD &DPSR OH GLR DODV SDUD LQJHQLDU OD IRUPD GH SURSRUFLRQDU JDUDQWtDV D OD 6RFLHGDG IHUURYLD ULDUHFLpQFUHDGD3RUHOORLQWURGXMRHQORVHV WDWXWRV OD SRVLELOLGDG GH UHFLELU XQD KLSRWpWLFD VXEYHQFLyQ GHO GH LQWHUpV D ORV FDSLWDOHV LQYHUWLGRVDGHODQWDQGRGLQHURGHVXSURSLRSH FXOLR SDUD ODV REUDV< VREUH WRGR XWLOL]DQGR UHFXUVRV PRELOLDULRV LQpGLWRV HQ 9DOHQFLD SD JDUpVDODRUGHQREOLJDFLRQHVHWFHQÁDJUDQWH YLRODFLyQ GH OD /H\ GH 6RFLHGDGHV $QyQLPDV GH$VtSXGRHPSH]DUODLQVWDODFLyQGHO WHQGLGR IpUUHR H[SURSLDQGR WHUUHQRV SDUD XQD VRODYtDDSDUWLUGHOSXHUWRGHO*UDRSRUGRQGH LEDDLQWURGXFLUORVPDWHULDOHVGHODH[SORWDFLyQ H[HQWRVGHWDVDVDGXDQHUDVVHJ~QOD52GH DEDUDWDQGR GH HVH PRGR ORV FRVWRV 5HFLELy DGHPiV HO DSR\R SURSDJDQGtVWLFR GH ODSUHQVD(O 'LDULR0HUFDQWLOGH9DOHQFLDSRU HMHPSORVHSXVRDVXGLVSRVLFLyQ VLQHOFDPLQR GH KLHUUR HO SXHUWR QXQFD VHUtD OR TXH FRQ pO SXHGHVHU\YDDVHUHOSXQWRSUHIHULGRGHO0H GLWHUUiQHRSDUDFDUJD\GHVFDUJDSDUDODH[ SRUWDFLyQHLPSRUWDFLyQGHOFRPHUFLRHVSDxRO\ H[WUDQMHUR3RUVXSDUWHOD-XQWDGH&RPHUFLR GHVDWy VXV LQÁXHQFLDV SROtWLFDV SUHVLRQDQGR D ORVGLSXWDGRVPRGHUDGRVDWUDYpVGHXQDLQWHQVD FRUUHVSRQGHQFLD &RQYHQtD D OD SURYLQFLD TXH 5H\QRVR00S (VWHGDWRDSRUWDXQDH[SOLFDFLyQDORVLQWHUURJDQWHVGH/ySH]0RUHOOSSXHVODFRQFHVLyQGHODJDUDQWtDGHLQWHUpVD6DOD PDQFDH[SOLFDTXHUHLQLFLDUDODREUDVGHOIHUURFDUULOGH0DGULGD$UDQMXH]\ODVWHUPLQDUD +HUQiQGH]70SS /D/H\DUWQRSHUPLWtDHPLWLUQLQJXQDFODVHGHREOLJDFLyQKDVWDQRHIHFWXDUHOGHVHPEROVRDOPHQRVGHXQDPLWDGGHOFDSLWDO VXVFULWR 'LDULR0HUFDQWLOGH9DOHQFLD 4%,%3&/2/-(%2.­.$%: PHGLDUDQ FHUFD GHO *RELHUQR FXDQGR VH SODQ WHDUDODH[WHQVLyQGHODOtQHDGH$UDQMXH]KDV WD XQR GH ORV SXHUWRV GHO 0HGLWHUUiQHR TXH IXHVH 9DOHQFLD OD SUHIHULGD HQ HVWD HOHFFLyQ 7DPELpQH[FLWyODLQWHUYHQFLyQGHO*REHUQDGRU &LYLO)UDQFLVFR&DUERQHOO\GH-XDQ6XEHUFD VH'LUHFWRUJHQHUDOGH2EUDV3~EOLFDV(OLQJH QLHURSUHFLVDPHQWHUHVSRQGLyDOD-XQWDKDUp WRGRHOELHQTXHPHVHDSRVLEOHSRUHVHKHUPRVR SDtVGRQGHKHQDFLGRGRQGHKHSDVDGRWRGDPL MXYHQWXG \ HQ FX\D 8QLYHUVLGDG KH KHFKR ORV HVWXGLRV 1R REVWDQWH PDWL]y RMDOi WXYLHUD \R EDVWDQWHLQÁXHQFLD\UHSUHVHQWDFLyQSDUDSRGHU YHQFHUFRQPiVVHJXULGDGODVSUHRFXSDFLRQHVH LQWHUHVHVSDUWLFXODUHVTXHOHKDFHQVRUGDPHQWH ODJXHUUD (QWUHWDQWR HO *RELHUQR DSURYHFKDQGR HO FDPELRGHPLQLVWURHQODFDUWHUDGH2EUDV3~ EOLFDVQRPEUDQGRD)HUPLQ$UWHWD SODVPyHQXQSUR\HFWRGH/H\ODSRVLELOLGDGGH FRQVWUXLU HO IHUURFDUULO GH$UDQMXH] D$OPDQVD SRU FXHQWD GHO (VWDGR (UD HVWD XQD VROXFLyQ LQpGLWD FRQWHPSODGD FRPR SRVLEOH GHVGH TXH HO ,QIRUPH GH 6XEHUFDVH HPLWLHUD VX RSLQLyQ DXQTXHODIDOWDGHXQD/H\*HQHUDOFXHVWLRQDED XQDGHFLVLyQGHWDOQDWXUDOH]D(QOD6RFLHGDG GHO *UDR GH9DOHQFLD D -iWLYD QR REVWDQWH VH DEULyXQDSXHUWDDODHVSHUDQ]D'HODVWUHVSUR YLQFLDVLPSOLFDGDVHQORVUDPDOHVHUDOD~QLFD TXHKDEtDLQLFLDGRODVREUDVGHOIHUURFDUULOVyOR IDOWDEDXQSDVRPiVKDFLD$OPDQVD\FRQHOORVH SRGUtDDVSLUDUDOGRPLQLRGHODOtQHDVtODVJHV WLRQHV GH ORV GLSXWDGRV R GHO PLQLVWUR %HUWUiQ GH /LV HUDQ FDSDFHV GH PRGLÀFDU ORV FULWHULRV VREUHODOtQHDSULQFLSDO3HURHQXQDFDUWDGHO GLSXWDGR-DYLHU3DXOLQRKL]RKLQFDSLpHQTXHQR VyOR EDVWDEDQ VHPHMDQWHV PDQLREUDV VH QHFH VLWDEDWDPELpQSRGHUHFRQyPLFRSURYLQFLDO\ HPSUHVDULRVDUULHVJDGRVSDUDOOHYDUORDHIHFWR FRQIRUPH \D HO JRELHUQR HQ H[WHQGHU OD OtQHD VLQKDEHUVHÀMDGRHQHOSXQWRGHVXWHUPLQDFLyQ KDLQÁXLGRXQLOXVWUHSDLVDQRQXHVWURHQTXHOD OtQHDTXHVHKDJDSRUFXHQWDGHO*RELHUQRVHD KDVWD$OPDQVD\TXHGHVGHDOOtDOOLWRUDOVHYHD VtSRGUtDFRQFOXLUVHSRUHPSUHVDSDUWLFXODUGH YDOHQFLDQRVRDOLFDQWLQRV\ORVTXHPiVYDORU WHQJDQRPiVGLQHURVHUiQORVPiVGLFKRVRV VL FUHHQ 9GV TXH FRQ VROR EXHQDV SDODEUDV \ V~SOLFDV HO *RELHUQR KD GH SUHIHULU 9DOHQFLD VHHTXLYRFDQSRUTXHH[LVWHXQDSUHYHQFLyQWDQ DUUDLJDGD FRQWUD OD SRVLELOLGDG GH XQ EXHQ SXHUWRHQHVWDTXHSRUWRGDVSDUWHVKDOODPRV WURSLH]RV &RQ WRGR HQ OD WUDVWLHQGD VH PR YtD-RVpGH6DODPDQFD(OEDQTXHURPDODJXHxR SODQWHDEDSURSXHVWDVDO*RELHUQRSDUDFRQVWUXLU HOIHUURFDUULOGH$UDQMXH]D$OPDQVD SRUXQWDQ WRSRUOHJXDH[LJLHQGRDFDPELRYDORUHVGHOD GHXGDGHOGHLQWHUpVORFXDOHQWUDEDHQFRQ WUDGLFFLyQFRQHOWLSRGHJDUDQWtDSUHVFULWDSRU OD/H\GH $UWHWD GXUy SRFR HQ HO PLQLVWHULR SXHV GL PLWLy(OQXHYRWLWXODUGHODFDUWHUDGH)RPHQWR 0DULDQR 0LJXHO 5H\QRVR TXLVR LPSULPLU XQ PD\RU LPSXOVR D ORV IHUURFDUUL OHV SUHVHQWDQGR D ODV &RUWHV XQ 3UR\HFWRGH/H\HOWHUFHURGHODHUDGH%UDYR 0XULOOR FRQ OD SUHWHQVLyQ GH LQFLGLU HQ FXD WUR LWLQHUDULRV SUHIHUHQWHV KDFLHQGR KLQFDSLp HQODQHFHVLGDGGHSURIXQGL]DUHQORVHVWXGLRV WpFQLFRV'HHQWUDGDFRQFLEHXQVLVWHPDUDGLDO GHFRPXQLFDFLRQHVDSDUWLUGH0DGULGFRQGRV WUD]DGRVFRQFpQWULFRVXQRLQWHULRUFRQHFWDGRD ORVFHQWURVSURGXFWRUHVGH&DVWLOODGHVLJQDQGR FRQHOORDODVOtQHDVGHSULPHUDFODVH\RWURH[ WHULRUGRQGH QDFHQODVFRUULHQWHVGHOPRYLPLHQ WRGHLPSRUWDFLyQ\PXHUHQODVGHOPRYLPLHQ WR GH H[SRUWDFLyQ DOXGLHQGR D ODV GH VHJXQGD FODVH HQFXDGUDQGR HQ HOODV D ORV UDPDOHV /D SUHWHQVLyQ GH XQLU ORV GRV PDUHV $WOiQWLFR \ 0HGLWHUUiQHRSRUHOQRUWH\SRUHOVXUHVWiHQ ODEDVHGHOSUR\HFWR$ODOXGLUDODVFDUUHWHUDV VLQHPEDUJRQROHVFRQFHGHODLPSRUWDQFLDTXH $09/RQMD&DMD([S&DUWDVGHOD-XQWDGH&RPHUFLRD-DYLHU3DXOLQR/XLV0D\DQV\D0DQXHO %HUWUiQGH/LVPLQLVWURGH(VWDGR(VWRVGRV~OWLPRVPLHPEURVWDPELpQGHOD6RFLHGDGIHUURYLDULD &DUWD GH-XDQ6XEHUFDVH0DGULGDOD-XQWDGH&RPHUFLR$09/RQMD&DMD([S 0DWHRGHO3HUDO'SS+HUQiQGH]70SS &DUWD GH-DYLHU3DXOLQR0DGULGDOD-XQWDGH&RPHUFLR$09/RQMD&DMD([S(OSDLVDQRLQÁX\HQWHHUD6XEHU FDVHHOHYDGRDOSXHVWRGH'LUHFWRU*HQHUDOSRU)HUQiQGH]1HJUHWHPLQLVWURGH2EUDV3~EOLFDV +HUQiQGH]70S&DUWDGH-DYLHU3DXOLQR$09/RQMD&DMD([S !»/3$%&%22/#!22),%.!,"!#%4% PHUHFHQ 2EYLDPHQWH OD FRQVWUXFFLyQ GHO WURQFR SULQFLSDO GH OD /tQHD GHO 0HGLWHUUiQHR TXHVHJ~QSODQWHD5H\QRVRFRQIRUPDVXSDVR SRUOD0DQFKDDSXQWDQGRFRQHOORDOIHUURFD UULOGH$UDQMXH]D$OPDQVDHUDSULRULWDULD<VL HUDSRVLEOHSRUFXHQWDGHO(VWDGR/RVUDPDOHV D ORV GLIHUHQWHV SXHUWRV TXHGDEDQ D H[SHQVDV GHODVLQLFLDWLYDVSULYDGDV\DORTXHODFLHQFLD UHFRPLHQGHGHFODUDQGRVXEVLVWHQWHHQQXHVWUR FDVR OD FRQFHVLyQ 9DOHQFLD D -iWLYD SHUR VLQ DFODUDUVtWHQtDGHUHFKRDVXEVLGLRDOJXQR 3HUR-RVp&DPSRFRQVFLHQWHGHORVDSR\RV SROtWLFRV FRQ TXH FRQWDED HQ HO JDELQHWH GH %UDYR0XULOORUHFODPyODJDUDQ WtD GH LQWHUpV D ORV FDSLWDOHV LQYHUWLGRV PLHQ WUDVGXUHQODVREUDVGHOIHUURFDUULOGH9DOHQFLD D-iWLYDSXHVVHHQFRQWUDED HQFLUFXQVWDQFLDV DQiORJDV DO GH $UDQMXH] HO FXDO GLVIUXWDED FRPR VH GLMR PiV DUULED GH GLFKR SULYLOHJLR 2EYLDPHQWH6XEHUFDVHFRPR'LUHFWRU*HQHUDO GH2EUDV3~EOLFDVSUHVWyVXFRQIRUPLGDG DSHVDUGHQRHVWDUGHFLGLGRHOSXQWRGH ODFRVWDGRQGHKDGHWHUPLQDUVHHOIHUURFDUULO (Q HIHFWR VHJ~Q HO LQJHQLHUR YDOHQFLDQR ODV FLUFXQVWDQFLDV KDEtDQ YDULDGR HQ UHODFLyQ DO WLHPSRHQTXHVHFRQFHGLyOLFHQFLDSDUDFRQV WUXLUSXHVGLHURQFRPLHQ]RDODVREUDV \FRPRWHQtDTXHLQWHJUDUVHHQVXPR PHQWRHQHO WURQFRSULQFLSDOSRGtDGHFODUDUVH DHVWHIHUURFDUULOGH LQWHUpVJHQHUDO(VJULPtD DGHPiV RWURV SRUPHQRUHV SRVLWLYRV GH ODUJR DOFDQFHDQRH[LVWtDQJUDYHVSUREOHPDVHQHO GHVFHQVRGHODPHVHWDSRU$OPDQVDLQIRUPHV WpFQLFRVSUHVFULEtDQGRVVROXFLRQHVEHOSUR \HFWRGHOSXHUWRGH9DOHQFLDVHKDOODEDHQFLHU QHVOLVWRSDUDVXHMHFXFLyQ\FHOIHUURFDUULO FRQWDEDFRQXQJUDQUHVSDOGRGHODEXUJXHVtD FRPHUFLDO<FRQFOX\HVDFDQGRDFRODFLyQ OD LPSRUWDQFLDVXPDFRPRWHUPLQDFLyQSULPHUD TXHKDGHVHU\ODPiVHFRQyPLFDGHODJUDQ OtQHDGH0DGULGDO0HGLWHUUiQHR(O&RQVHMR GH0LQLVWURVGHEDWLyHODVXQWRHQGRVSOHQRV 5H\QRVRHUDSDUWLGDULRHQSULQFLSLRGHQHJDU ODJDUDQWtD3HURODVPiVTXHSUREDEOHPHGLD FLyQGH0DQXHO%HUWUiQGH/LVPLQLVWURGHOD *REHUQDFLyQHQWRQFHVDFDEDURQFRQYHQFLpQ GROHGLFWDQGRODRUGHQGHTXH QR VHHQWLHQGDSRUHVWRSUHMX]JDGDQLPHQRVGH FLGLGDDIDYRUGH9DOHQFLDODHOHFFLyQGHUDPDO GHVGH$OPDQVDDO0HGLWHUUiQHRSUHVFULELHQGR HODX[LOLRQRVyORGXUDQWHODFRQVWUXFFLyQWDP ELpQGXUDQWHORVDxRVGHH[SORWDFLyQ6HKDFH XQDLQWHUSUHWDFLyQDELHUWDGHOD/H\GH YXOQHUDQGRVXFRQWHQLGR 'HWRGDVIRUPDVHO*RELHUQRHVWDEDÀUPH PHQWHGHFLGLGRDTXHODVOtQHDVGHSULPHUDFODVH VH UHDOL]DUDQ R HVWXYLHUDQ D FDUJR GHO (VWDGR ELHQ SRU DGPLQLVWUDFLyQ R PHGLDQWH FRQWUDWD 8QD 52 GH HVWDEOHFtD ODV UHJODV \ SULRULGDGHVDWDOHIHFWRDXQTXHQRVHUHFKD]DEDQ RWUDV IyUPXODV GH DX[LOLR$MXVWiQGRVH D HVRV REMHWLYRV5H\QRVRFRPSUySUHYLR SDJRD-RVpGH6DODPDQFDGHPLOORQHVGH UHDOHVHOIHUURFDUULOGH0DGULGD$UDQMXH]TXH HVWDED\DHQH[SORWDFLyQ<FRQDQWHULRULGDG DOD52VDFyDVXEDVWDODFRQVWUXFFLyQGHOIH UURFDUULOGH$UDQMXH]D$OPDQVD ÀMDQGRFRPRWLSRODFDQWLGDGGHPLOORQHV GH UHDOHV 'HVGH OXHJR D OD SXMD GHO WURQFRSULQFLSDO²WDFKDGDGHVLPXODFURSRU O ORVGHWUDFWRUHVGHODSROtWLFDGHO*RELHUQRVH SUHVHQWDURQFXDWURSRVWRUHVGHORVFXDOHV-RVp GH6DODPDQFD\-RVp&DPSRHUDQORVPiVVHxD ODGRVSRUGHIHQGHUFDGDXQRLQWHUHVHVRSXHVWRV YLQFXODGRVDORVIHUURFDUULOHVFRQFHGLGRV3HUR ODDGMXGLFDFLyQÀQDOPHQWHIXHDSDUDUDPDQRV GHOHPSUHVDULRPDODJXHxRSRUPLOORQHVGH UHDOHVSDJDGHURVSRUVXYDORUQRPLQDOHQDFFLR 5H\QRVR00\S0DWHRGHO3HUDO'SS /RVUDPDOHVTXHSURSRQHGHODOtQHDGH0DGULGD$OPDQVDVRQ7ROHGR&XHQFD\&LXGDG5HDO&RQVLGHUDDORVGH$OPDQVDD-iWLYD\ $OLFDQWHGH VHFXQGDULDVHLQVLJQLÀFDQWHV5H\QRVR00SS\ /RVSOHQRVVHFHOHEUDURQHO\UHVSHFWLYDPHQWH+HUQiQGH]70S 3DJDGHURVODPLWDGPLOOHQDFFLRQHVGHIHUURFDUULOHVDOGHLQWHUpV\RWUDPLWDGHQDFFLRQHVGHFDUUHWHUDVDOPLVPRGH LQWHUpVDPERVWtWXORVHQVXYDORUQRPLQDOWHQLHQGRHQFXHQWDTXH6DODPDQFD\DKDEtDUHFLELGRHQWUHDEULOGH\DJRVWRGH PLOORQHVGHUHDOHVGHODJDUDQWtDDORVFDSLWDOHVLQYHUWLGRVSRUODVREUDVUHDOL]DGDVHQHOIHUURFDUULOGH0DGULGD$UDQMXH]DWUDYpVGH OD/H\GH5H\QRVR00SS\8QDGHFLVLyQPX\GXUDPHQWHFULWLFDGDSRUODRSRVLFLyQ3ULPHURSRUHO VHQDGRSXEOLFDQGRXQDV &RQVLGHUDFLRQHV \GHVSXpVSRU&ODXGLR0R\DQR 4%,%3&/2/-(%2.­.$%: QHVGHIHUURFDUULOHVDOGHLQWHUpV(VWDVL WXDFLyQDGYHUVDSDUD&DPSRFHUUDUiFXDOTXLHU HYHQWXDOLGDGGHFRQYHUWLUHQXQIXWXURHOUDPDO GH 9DOHQFLD HQ FDEHFHUD SULQFLSDOO GH OD OtQHD DO 0HGLWHUUiQHR &RPR YHUHPRV OD ULYDOLGDG HQWUH ORV GRV HPSUHVDULRV QR WHUPLQDUtD DTXt ,QFOXVLYHVHDFUHFHQWDUiDSURSyVLWRGHOSXQWR GHXQLyQGHORVIHUURFDUULOHVHQ$OPDQVD$~Q FRQ WRGR LPLWDQGR HO HMHPSOR GH 6DODPDQFD -RVp &DPSR SURSXVR DO *RELHUQR TXH OD SURORQJDFLyQ GHO IHUURFDUULO GH -iWLYD D $OPDQVDVHKLFLHUDDFDUJRGHORVSUHVXSXHVWRV GHO (VWDGR SRU PHGLR GH FRQWUDWD EDMR HO VLV WHPDGHVXEDVWDS~EOLFD(OUHPDWDQWHUHFLELUtD REOLJDFLRQHVGHIHUURFDUULOHVDOGHLQWHUpV\ GHDPRUWL]DFLyQ/DHQYHUJDGXUDGHOFRVWH GHELGRDODVREUDVGHIiEULFDGHOWUDPR\HOKH FKRGHTXHHVWHSUR\HFWRDVHJXUDODXQLyQGHO 2FpDQR FRQ HO 0HGLWHUUiQHR SRU PHGLR GH OD JUDQYtDGH6DQWDQGHUD9DOHQFLDSURPHWtDQXQ JORULRVRUHVXOWDGR(OJRELHUQRGH%UDYR0X ULOORQRDSUREyVHPHMDQWHIyUPXODTXHKXELHUD SXHVWRHQSLHGHJXHUUDDODV&RUWHVFDXVDQGR PiV KHULGDV HQ HO GLYLGLGR SDUWLGR PRGHUDGR 6LQHPEDUJRDPSDUiQGRVHHQXQ5HDO'HFUHWR GHVHRWRUJyD&DPSRODFRQFHVLyQ GHODOtQHDSRUHOPpWRGRGHHPSUHVDJDUDQWL ]DQGRHOFDSLWDOLQYHUWLGRSRUOD/H\GH SHURHVWDYH]VyORGXUDQWHHOWLHPSRTXHGXUD VHQODVREUDV /D FLXGDG GH $OLFDQWH VHJXtD GH FHUFD ORV DYDWDUHVIHUURYLDULRVSXHVVXLQWHJUDFLyQHQORV SODQHVJHQHUDOHVHUDXQKHFKRFODULYLGHQWH<D ORLQWHQWyHQGDQGRLPSXOVRDOWHQGLGRGH XQFDPLQRGHKLHUUR ODVLWXDFLyQYHQWDMRVDGH $OLFDQWH FRPR SXQWR FpQWULFR GHO OLWRUDO PH GLWHUUiQHRGHQXHVWUDFRVWDIDYRUHFHQDWXUDO PHQWHODIDFLOLGDGGHORVPHMRUHVUHVXOWDGRVGHO SUR\HFWRDOPLVPRWLHPSRTXHVXEDKtDWRPD UtD XQ LQFUHPHQWR PHUFDQWLO KDVWD HO H[WUHPR LQGXGDEOHGHFRORFDUVHHQODFODVHGHSXHUWRV GH SULPHU RUGHQ SHUR OD (PSUHVD GHO )HUUR FDUULO GH 0DUtD &ULVWLQD QR UHVSRQGLy D ODV H[SHFWDWLYDV FUHDGDV 'HVGH HQWRQFHV FRPR KHPRVYLVWRORVGLVWLQWRVJDELQHWHVPLQLVWHULD OHV FRQWHPSODEDQ DO UDPDO GH$OLFDQWH HQ XQD SHUVSHFWLYDGHIXWXUR,QFOXVLYHVHFWRUHVGHOD RSLQLyQS~EOLFDGH0DGULGSROtWLFRV\SUHQVD HUDQSDUWLGDULRVGHFRQYHUWLUORHQ FDEHFHUD GH OD/tQHDGHO0HGLWHUUiQHR3HURORVGHIHQVR UHV GH ODV FRQH[LRQHV FRQ &DUWDJHQD WDPSRFR TXHGDEDQDOPDUJHQGHODSROpPLFD(VWXGLRV\ PHPRULDVLPSUHVDVDOHQWDGDVSRUHO*RELHUQR GH%UDYR0XULOORSUHWHQGLHURQGH PRVWUDUFRQGDWRVDOHDWRULRVTXHHOLWLQHUDULRGH $OEDFHWHD&DUWDJHQDHUDHOPiVUHQWDEOHSDUD HO(VWDGRDWHQGLHQGRDORVFRVWHV\DORVLQJUH VRVGHODH[SORWDFLyQ6HDFRPRIXHUHHO5' GHPHQFLRQDGRDQWHVTXHUHWRFDED OD ULJLGH] GH OD 52 GH SUHSDUy ODV FRQGLFLRQHVSDUDODIRUPDFLyQGHXQDVRFLHGDG DQyQLPDHQ$OLFDQWHTXHLEDDOOHYDUDFDERHO HQODFH FRQ$OEDFHWH (Q OD -XQWD 3URYLVLRQDO GH*RELHUQRÀJXUDEDQGHVWDFDGRVPLHPEURVGH ODEXUJXHVtDDOLFDQWLQDFX\RSUHVLGHQWHHOPDU TXpVGH5LR)ORULGRFXPSOLyWRGRVORVWUiPLWHV FRQ HO 0LQLVWHULR GH )RPHQWR SDUD REWHQHU OD FRQFHVLyQ&RQODJDUDQWtDGHLQWH UpVHQODPDQRFRQIRUPHDOD/H\GHVH SURSLFLy OD LQYHUVLyQ GH FDSLWDOHV HQ $OLFDQWH 0DGULG\%DUFHORQDSDUDLQLFLDUODFRQVWUXFFLyQ /DVREUDVYHQtDQDSDOLDUSRURWURODGRODVGH VDVWURVDVFRQVHFXHQFLDVGHXQDODUJDVHTXtDTXH KDEtD SURYRFDGR XQD FULVLV DJUDULD GH YDVWDV SURSRUFLRQHV \ TXH KDEtD OOHYDGR D ORV MRUQD ´+DVWDORVPLOORQHVKDOXFKDGRHO6HxRU&DPSRGHVSXpVGHKDEHUVHUHWLUDGRODFRPSDxtDLQJOHVDµ 'LDULR0HUFDQWLOGH9DOHQFLD /DVDFFLRQHVGHIHUURFDUULOHVHVWDEDQSUHYLVWDVHQHO3UR\HFWRGH/H\GH5H\QRVRDUW5H\QRVR00 SS\+HUQiQGH]70SS\ /DFXDQWtDHQYDORUQRPLQDOTXHH[LJHHVGHUHDOHVSRUOHJXDVLVHGLULJHSRU)XHQWHOD+LJXHUD\UHDOHVVLHQGRFRQ SODQRLQFOLQDGRFRQODDGLFFLyQGHUHDOHVHQORVW~QHOHV\GHVPRQWHVHQODURFD 5H\QRVR00/RDXWRUL]yODV&RUWHV FUH\HQGRVHUHTXLWDWLYRVHQFRPSDUDFLyQFRQRWUDVHPSUHVDVSS\ +HUQiQGH]70SS'tD]0DUWtQ3SS 'tD]0DUWtQ3,ELGHP $QyQLPR$OPD]iQ-$ODUFyQ\0DUHQJR(\&RHOOR)(VWHDXWRUHQODOtQHDGH6DJDVWDTXHGHIHQGLy D&DUWDJHQDHQHOGHEDWHGHVREUHOD/H\*HQHUDO\ODVVXEYHQFLRQHVIHUURYLDULDV 'LDULRGH6HVLRQHVGHO&RQJUHVR (QHO5'GHDSDUWHGHRWRUJDUD&DPSRODFRQFHVLyQDOXGLGDHO*RELHUQRRIUHFLyODJDUDQWtDGHLQWHUpVDORVFDSLWDOHV LQYHUWLGRVGXUDQWHODFRQVWUXFFLyQGHFXDOTXLHUDGHORVUDPDOHVTXHIXHUDQDGHVHPERFDUHQHO0HGLWHUUiQHRSUHYLRFRQVHQWLPLHQWRGH ODV&RUWHVFRPRVHKDGLFKR !»/3$%&%22/#!22),%.!,"!#%4% OHURVHQSDURDHPLJUDUD$UJHOLD1RREVWDQWH HO WHUUHQR JDQDGR SRU OD 6RFLHGDG IHUURYLDULD GHO*UDRGH9DOHQFLDD-iWLYDJHQHUyXQDIXHU WHULYDOLGDGSURYLQFLDOPDQLIHVWDGDDWUDYpVGH ODSUHQVDORFDO\WUDVODGDGDDORVGHVSDFKRVGHO 0LQLVWHULRGH)RPHQWR6HWUDWDEDGHSRQHUpQ IDVLVHQODERQDQ]DGHOSXHUWRDOLFDQWLQRIUHQWH DOGHVDEULJDGRGHOYDOHQFLDQRDÀQGHOODPDUOD DWHQFLyQ VREUH OD GLUHFFLyQ IHUURYLDULD FRQYH QLHQWHDTXHOODTXHGHEtDVHUGHFODUDGDGHLQWH UpVJHQHUDO UHQWH$VtHQODOtQHDGHO0HGLWHUUiQHRVHGH FDQWDED HVWD YH] SRU HO WUD\HFWR GH 0DGULG D &DUWDJHQDVLWXiQGRODHQHOVH[WROXJDUHQWUHODV OtQHDVGHSULPHURUGHQSUHYLVWDV9DOHQFLD\$OL FDQWHSDVDEDQDKRUDDVHUGHVHJXQGRRUGHQ 'H WRGDV IRUPDV HVWD VLWXDFLyQ QR LED DOWHUDU JUDQ FRVD OD SROtWLFD HPSUHVDULDO HPSUHQGLGD SRUORVJHVWRUHVGHODVVRFLHGDGHVIHUURYLDULDV (O IHUURFDUULO GH $OLFDQWH D $OPDQVD HVWD ED SUHVXSXHVWDGR HQ PLOORQHV GH UHDOHV XQ PHQRV GHO FDSLWDO VRFLDO UHSUHVHQWDGR HQOD6RFLHGDGTXHHUDGHPLOORQHV&RQXQ SRFRPiVGHXQGHOFDSLWDOGHVHPEROVDGR VHLQDXJXUDURQORVWUDEDMRVHQHO/ODQRGHO(V SDUWDO VLQ UHDOL]DU OD 6RFLHGDG HO SUHFHSWLYRGHSyVLWRGHJDUDQWtDORFXDOREOLJy DOD'*23DVXVSHQGHUORV/DLQWHUYHQFLyQGH -RVp GH 6DODPDQFD VDFy GH DSX URVDOD-XQWD'LUHFWLYDHQWUHJDQGRPLOORQHV GHUHDOHVYDORUQRPLQDOGHYDORUHVHQVXSR GHU D OD &DMD *HQHUDO GH 'HSyVLWRV 3HUR HO DYLVSDGRQHJRFLDQWHWHQtDVXYLVWDSXHVWDHQOD FRQWUDWDGHREUDV\HQKDFHUVHGXHxRGHODFRQ FHVLyQGHOUDPDOGHSURORQJDFLyQ<HQHIHFWR VH FRPSURPHWLy FRQ OD 6RFLHGDG IHUURYLDULD D HMHFXWDUODVLQFOX\HQGRHOPDWHULDOPyYLOSRUOD FDQWLGDGSUHVXSXHVWDGDDFDPELRGHOVXEVLGLR TXHORJDUDQWL]DEDSHURHORSWLPLVPRFRQTXH IXHUHFLELGRHODFXHUGRQRUHVSRQGHDODUHDOL GDGGHORVKHFKRVSRUTXHPRGLÀFDFLRQHVHQHO SUR\HFWRKLFLHURQVXELUHOFRVWHDPLOORQHV GHUHDOHV (QWUHWDQWR XQ QXHYR SUR\HFWR GH /H\ GH )HUURFDUULOHV SUHVHQWDGR HQ ODV &RUWHV HO SRU(VWHEDQ&ROODQWHVPLQLVWURGH)R PHQWRGHO*DELQHWH6DUWRULXVYROYLyDSRQHUHQ HQWUHGLFKRODSROtWLFDDGRSWDGDDQWHULRUPHQWH SRU5H\QRVRGHLPSDUFLDOLGDGKDFLDFXDOTXLHUD GHORVUDPDOHVHQUHODFLyQDODGLUHFFLyQSUHIH ,!2)6!,)$!$%-02%3!2)!,*/3³ 3!,!-!.#!6%2353*/3³#!-0/ 6DODPDQFD \ &DPSR UHSUHVHQWDQ D XQD JH QHUDFLyQGHLQWUpSLGRVQHJRFLDQWHVHQODHUDGHO FDSLWDOLVPR LQGXVWULDO VL ELHQ D HOORV HVWULF WDPHQWH VH OHV SXHGH WLOGDU GH FRPHUFLDQWHV EDQTXHURV R EDQTXHURV FDSLWDOLVWDV7DQWR XQR FRPR RWUR VX SURWDJRQLVPR HPSLH]D FXDQGR ODUHYROXFLyQOLEHUDOHQ(VSDxDKDWULXQIDGR\ FRQVROLGDGRODPRQDUTXtDFRQVWLWXFLRQDO1RHV XQDFDVXDOLGDGTXHORVGRVHVWpQLQÁXHQFLDGRV SRUHOVDQWLPRQLVPRSUiFWLFRHQORFRQFHUQLHQWH DODXWLOL]DFLyQTXHKDFHQGHORVDYDOHVEDQFD ULRV \ DO WLSR GH JDUDQWtDV TXH VXHOHQ HPSOHDU D OD KRUD GH HVWLPXODU VXV HPSUHVDV SXHV FR QRFHQORVDGHODQWRVÀQDQFLHURVGH)UDQFLD'H DKtTXHHQVXVFRQVWDQWHVFRPELQDFLRQHVFUH GLWLFLDV WHUPLQHQ FRQIXQGLHQGR ORV LQWHUHVHV SULYDGRV FRQ ORV S~EOLFRV 4XL]i SDUD DOJ~Q KLVWRULDGRU HFRQyPLFR OD IRUPD GH DFWXDU GH HVWRVSHUVRQDMHVVHDSURSLDGHOEXVFDGRUGHUHQ WDVSHURFRQYLHQHYDORUDURWURVDVSHFWRVFRPR HO DWUDVR HFRQyPLFR HVSDxRO TXH REOLJy D VD FDU DGHODQWH HQWLGDGHV EDQFDULDV R VRFLHGDGHV GHFUpGLWRSDUDLQVXÁDUOLTXLGH]DODHFRQRPtD FXDQGRQRKDEtDPRGRGHHVSROHDUODLQYHUVLyQ (QUHODFLyQD-RVp&DPSRODHWDSDTXHHVWDPRV DQDOL]DQGRFXDGUDPiV VX FRQGXFWDFRQ ODGHO HPSUHVDULRVKXPSHWHULDQRLPDJLQDWLYR\FUHD GRUGHULTXH]DTXHFRQODGHOWtSLFREXVFDGRU GHUHQWDVGHSUHGDGRU\HJRtVWDVLQHPSHxRDO 'tD]0DUWtQ3S (QWUHJyWUHLQWDFDUSHWDVGHDFFLRQHVGHO )HUURFDUULOO GH0DGULGD$UDQMXH]\UHDOHVHQDFFLRQHVGHFDPLQRVGHODHPLVLyQGH $*023/HJDMR ([SHGLHQWHGHO)HUURFDUULOGH$OPDQVDD$OLFDQWH 0DWHRGHO3HUDO'SS 4%,%3&/2/-(%2.­.$%: JXQR SRU WUDQVIRUPDU VHFWRUHV GH OD DFWLYLGDG PHUFDQWLO 1RSRGHPRVYLVOXPEUDUSXHVXQDHQHPLVWDG SHUVRQDOHQWUHDPERV/DULYDOLGDGHPSUHVDULDO VHIRUMDRQDFHDSDUWLUGHORVLQWHUHVHVSURYLQ FLDOHVTXHFDGDXQRUHSUHVHQWDHQORVIHUURFDUUL OHVGH$OLFDQWH\GH9DOHQFLD3UR\HFWDGRVORV GLVHxRV HQ XQ HVSDFLR JHRJUiÀFR FRQYHUJHQWH SRU GHFLVLRQHV WpFQLFDV \ SROtWLFDV VXFFLRQDQ FRUULHQWHVGHOWUiÀFRSDUHFLGDVHQORWRFDQWHDO FRPHUFLRH[WHULRUHLQWHULRUSHURHOiUHDGHOD KXHUWD YDOHQFLDQD SURSRUFLRQD XQRV UHFXUVRV HQIRUPDGHH[FHGHQWHVDJUDULRVTXHSHUPLWHQ SRWHQFLDUHOWUDQVSRUWHWHUUHVWUHFRQXQDPD\RU JDUDQWtDDODKRUDGHDVHJXUDUORVLQJUHVRVGHOD H[SORWDFLyQ IHUURYLDULD /D FXHVWLyQ HVWULEDED SXHVHQFXiOGHODVGRVHPSUHVDVLEDDSRGHU PRQRSROL]DU HO WUiÀFR GH LPSRUWDFLyQ ([LVWH SRU WDQWR XQD ULYDOLGDG HPSUHVDULDO SURGXFWR GH OD ULYDOLGDG FRPHUFLDO TXH SURYLHQH GH ORV UHVSHFWLYRVSXHUWRVGHPDU$ODDOWXUDGH GRV FXHVWLRQHV YDQ D DYLYDU SUHFLVDPHQWH HO HQIUHQWDPLHQWR TXH WLHQH FRPR WUDVIRQGR ORV DUJXPHQWRV TXH DFDEDPRV GH H[SRQHU 3RU XQ ODGRVHSRQHHQFXHVWLyQHOWLSRGHDX[LOLRVTXH ORVUDPDOHVGHSURORQJDFLyQKDEtDQREWHQLGR< SRURWURHOWUD]DGRGHODVOtQHDVFRQÁX\HQGRHQ $OPDQVDWHUPLQyVLHQGRREMHWRGHGLVSXWD\GH PDORVHQWHQGLGRV (Q HIHFWR D UDt] GH XQD UHFODPDFLyQ GH OD 6RFLHGDGGHO)HUURFDUULOGH$OLFDQWHD$OPDQ VD DO *RELHUQR GH 6DUWRULXV PRV WUiQGROHODQHFHVLGDGGHFRQYHUWLUODJDUDQWtDGH LQWHUpV DO FDSLWDO LQYHUWLGR FRQIRUPH D OD /H\ GHHQXQDVXEYHQFLyQGHPLOORQHVGH UHDOHVHQDFFLRQHVGHIHUURFDUULOHVVHDJXGL]D URQODVWHQVLRQHVSURYLQFLDOHV(OHVFULWRDOHJD DVXIDYRUODLPSRUWDQFLDGHOUDPDO SRQHGHVGH OXHJR HQ LQPHGLDWD FRPXQLFDFLyQ D OD &RUWH FRQHO0HGLWHUUiQHRSXHGHPiVWDUGHDSUR[L PDUQRV DO 3LULQHR DEULHQGR DO PLVPR WLHPSR HOVHQRGH(VSDxDDODVSURYLQFLDVIURQWHUL]DV GHO$IULFDIUDQFHVDXELFDGRDVtVHJ~QOD-XQWD 'LUHFWLYD SRUODVDELGXUtDGHO*RELHUQRHQWUH ODV OtQHDV JHQHUDOHV GH SULPHU RUGHQ 3HUR OR PiVVRUSUHQGHQWHHVODFLWDDOUDPDOGH9DOHQ FLD FRQVWDWDQGR OD GLVFULPLQDFLyQ TXH VXIUtD $OLFDQWHSRUTXHVHVHxDOyXQVXEVLGLRSDUDFXD WURDxRVHQWDQWRTXHODSULPHUDVHFFLyQGHOIH UURFDUULOGHO*UDRHUDSRUWRGRHOWLHPSRGHOD FRQVWUXFFLyQ\D~QGHODH[SORWDFLyQ$GHPiV FRQWLHQHXQDYHODGDDPHQD]D QRGHEHSHUPLWLU VHTXHORVWUHQHVSURFHGHQWHVGHOD&RUWHTXH GHQGHWHQLGRVHQ$OPDQVDDQWHVGHHVWDUFRQ FOXLGRHOUDPDOGH$OLFDQWH/DSHWLFLyQYHQtD UHVSDOGDGD SRU FDUWDV GH ORV D\XQWDPLHQWRV GH $OLFDQWH2ULKXHOD3HJR-LMRQDHWF(QWRGDV HOODV LQVLQ~DQ ORV HIHFWRV QRFLYRV GH OD FULVLV DJUDULD \ ORV FRQGLFLRQDPLHQWRV HFRQyPLFRV TXHSDGHFtDQDODKRUDGHSUHVWDUFRODERUDFLyQ HQODLQYHUVLyQ(OSURSLR*REHUQDGRU&LYLOVH KL]RHFRGHODVTXHMDVSODQWHDQGRDO*RELHUQR TXHQRSRGtDKDFHUGLVWLQFLRQHVHQPDWHULDVWDQ GHOLFDGDV GDGR TXH ORV IHUURFDUULOHV GH$ODU D 6DQWDQGHURHOGH0iODJDD$OPRGyYDUIXHURQ DWHQGLGRVVLQSUREOHPDV/D'*23YDORUyORV DUJXPHQWRVSRVLWLYDPHQWH HQHOFDVRHQTXHVH HQFXHQWUDODFRQVWUXFFLyQGHODOtQHDGH0DGULG D$OPDQVDLQGXGDEOHPHQWHHO*RELHUQRKDUtD XQJUDQEHQHÀFLRDOSDtVIDYRUHFLHQGRODSURQ WDWHUPLQDFLyQGHODGHHVWHSXQWRD$OLFDQWH SXHVHQOD]DGDHVWD&RUWHFRQHO0HGLWHUUiQHR VHUtDQPX\FRQVLGHUDEOHVORVELHQHVTXHDTXHO UHSRUWDUtDDOSDVRTXHORVSURGXFWRVGHODSUL PHUD OtQHD SHUWHQHFLHQWH DO (VWDGR 0DGULG D $OPDQVDUHFLELUtDQXQDXPHQWRTXHQRSXHGH FDOFXODUVH HQ HVWH PRPHQWR 1R FRVWy SXHV PXFKRDUUDQFDUDO*RELHUQRXQ5' GH PDQGDQGRHQVXVWLWXFLyQGHODJDUDQWtDGH LQWHUpVXQDVXEYHQFLyQDO]DGDSRULPSRUWHGH ORVPLOORQHVGHUHDOHVHQDFFLRQHVGHIHUUR FDUULOHVFRPRODHPSUHVDVROLFLWy(VPiVSRU RWUD 52 GH VH DGHODQWy XQD SDUWH GHODFDQWLGDGHQWUHJDQGRPLOORQHVGHUHDOHV HQFDUSHWDVSURYLVLRQDOHVTXHIXHURQDSDUDUD ORVEROVLOORVGHOFRQVWUXFWRU-RVpGH6DODPDQFD SDUDOHYDQWDUHOFUpGLWRTXHOHSHUPLWDWHUPL QDUODVREUDV 7RUWHOOD*SS7RUUHV(SS/ySH]0RUHOO0$SS<&DUUHUDV$7DIXQHOO;\7RUUHV ( !»/3$%&%22/#!22),%.!,"!#%4% $WHQRUGHHVWRVKHFKRVVXUJHQPRYLPLHQWRV GHSURWHVWDHQ9DOHQFLDSRUSDUWHGHODVLQVWLWX FLRQHVORFDOHVVDOLHQGRHQGHIHQVDGHXQHVFULWR GH-RVp&DPSRH[LJLHQGRXQVXE VLGLRDQiORJRDOGH$OLFDQWHSDUDHOIHUURFDUULO GH-iWLYDD$OPDQVD(VLQWHUHVDQWHUHSURGXFLU VX UD]RQDPLHQWR DPERV IHUURFDUULOHV WLHQHQ TXHFRPSHWLUSDUDHOWUDQVSRUWHGHFLHUWRVDU WtFXORV /RV SURGXFWRV DJUtFRODV TXH GHVGH HO LQWHULRUGHOUHLQRGHEHQGLULJLUVHDOSXHUWRGHO 0HGLWHUUiQHRSDUDVHUH[SRUWDGRVORVTXHGHO H[WUDQMHUR VH LQWURGX]FDQ SRU HVWD FRVWD SDUD HOFRQVXPRGHODFRUWHDÁXLUiQDDTXHOGHORV GRVFDPLQRVTXHPiVIDFLOLGDG\FRQYHQLHQFLDV OHV RIUH]FDQ 1R VH HTXLYRFy DO H[SRQHU ODV FRQVHFXHQFLDVGHOGLVODWHFRPHWLGRSRUHOJDEL QHWH6DUWRULXVORVXEUD\DFODUDPHQWH VLHO(V WDGRIDYRUHFHXQDGHHOODVFRQXQVXEVLGLRVLQ RWRUJDULJXDODX[LOLRDODRWUDODVFRQGLFLRQHV SDUDODFRPSHWHQFLDFDPELDQUDGLFDOPHQWHOD OtQHDIDYRUHFLGDSRGUiUHEDMDUODVWDULIDV\DE VRUEHUiJUDQSDUWHGHOWUDQVSRUWH/D-XQWDGH &RPHUFLRVHWRPyHQVHULRHODVXQWR\SRUFRQ GXFWRGHO*REHUQDGRU&LYLOHQYLy DXQFRPLVLRQDGRD0DGULG)DXVWR0LUDQGDD HQWUHYLVWDUVH FRQ (VWHEDQ &ROODQWHV PLQLVWUR GH)RPHQWR3HURQRGLRXQUHVXOWDGRVDWLVIDF WRULRSXHVHOJRELHUQRQRVHFRQIRUPDEDFRQHO RWRUJDPLHQWRGHODJUDFLDDGLFKRFRQFHVLRQD ULR &DPSRSRUTXHQRSRGtDKDFHUORIDYRUH FLHQGRHOLQWHUpVGHXQSDUWLFXODU(OPLQLVWHULR VLQHPEDUJRSXVRGRVFRQGLFLRQHVWUDVSDVDUOD FRQFHVLyQGHOUDPDOGH$OPDQVDDOD6RFLHGDG GHO*UDRGH9DOHQFLDD-iWLYD\XQFRPSURPL VRGHDFDEDUODVREUDVHQXQWLHPSRGHÀQLGR &DPSRHPSXMDGRSRUODVFLUFXQVWDQFLDVFXP SOLy FRQ HO SULPHU UHTXLVLWR SXQWXDOL]DQGR HQ XQDFOiXVXODTXHHOWUDVSDVRQRWHQGUtDHIHFWR VLHO*RELHUQRQRFHGtDDVXVSUHWHQVLRQHV5HV SHFWRDOVHJXQGRWHQtDTXHUHVROYHUODFXHVWLyQ GHOWUD]DGRHOLJLHQGRXQDGHODVGRVVROXFLRQHV RSRUHO9DOOHGH$OEDLGDRSRUHOGH0RQWHVD SDUD SRGHU DSDODEUDU XQD IHFKD GH HQWUHJD GHO IHUURFDUULOFRQVWUXLGR /DUHYROXFLyQGHMXOLRGHSURGXMRXQ YXHOFRDODVLWXDFLyQ/DVFLUFXQVWDQFLDVDFRQ VHMDEDQUHYLVDUWRGDODSROtWLFDIHUURYLDULDGH ORV JDELQHWHV DQWHULRUHV$Vt HO JRELHUQR GH (VSDUWHURSXVRWRGRHOHPSHxRSDUDFHQVXUDU ODVFRQWUDWDVFRQ6DODPDQFD'HFUHWySULPH URVXVSHQGHUODVXEYHQFLyQGHPLOORQHVGH UHDOHVFRQFHGLGDVSRUHO*RELHUQR6DUWRULXV DOIHUURFDUULOGH$OLFDQWHUHFODPiQGROHORV PLOORQHV DQWLFLSDGRV < VHJXQGR SUHVHQWy XQSUR\HFWRGH/H\REOLJDQGR DOHPSUHVDULRPDODJXHxRDGHYROYHUORV PLOORQHV GH UHDOHV GHO DERQR TXH VH OH KL]R HQ DFFLRQHV GH IHUURFDUULOHV \ FDUUHWHUDV SRU OD FRPSUD GHO IHUURFDUULO GH 0DGULG D$UDQ MXH]\PLOORQHVGHUHDOHVLJXDOPHQWH D FXHQWD GH ODV REUDV KHFKDV HQ OD OtQHD GH $OPDQVD OR TXH KDFH XQ WRWDO GH PL OORQHV GH UHDOHV ÀMiQGROH XQ SOD]R GH VLHWH DQXDOLGDGHV D SDUD UHLQWHJUDU ORV5HVSHFWRDOWURQFRSULQFLSDOGHODOtQHD HO SUHiPEXOR GHO 3UR\HFWR GH /H\ GHFtD (O (VWDGRKDLQYHUWLGR\DXQFDSLWDOFUHFLGtVLPR HQ HO FDPLQR GH $OPDQVD HO FDPLQR SXHGH WHUPLQDUVH PX\ SURQWR SRU OR PHQRV KDVWD $OEDFHWH3RUODXUJHQFLDHQDFDEDUODVREUDV \SRUHQWHQGHUTXHKDQGHHVWDUODVGRVOtQHDV EDMRXQDVRODHPSUHVDHO*RELHUQRGHFLGHÀ QDOPHQWHTXHUHYLHUWDQDVXSULPLWLYRFRQFH VLRQDULR\FRQVWUXFWRU6DODPDQFDDFHSWyODV FRQGLFLRQHVTXHIXHURQHOHYDGDVDOUDQJRGH /H\DX[LOLiQGROHFRQXQVXEVLGLR GHPLOORQHVGHUHDOHVSRUHO0DGULG D$UDQMXH]\SRUHO$UDQMXH]$OPDQVD 1RVHOHGHVFRQWDURQORVLQWHUHVHVSHUFLELGRV SRUHOGLVIUXWHGHODJDUDQWtDGHOD/H\GH \GHODVDFFLRQHVGHIHUURFDUULOHV\FDUUHWHUDV GH FX\R LPSRUWH WRWDO DVFHQGtD D PLOORQHV GH UHDOHV (Q OR TXH FRLQFL GLPRV FRQ $UWROD HV TXH SRVLEOHPHQWH ODV GLÀFXOWDGHVTXHKDOOy6DODPDQFDOHIRU]DURQ DWUDVSDVDUHOIHUURFDUULOGH0DGULGD$OPDQ VDMXQWRDOGH$OLFDQWHDOJUXSRIUDQFpVGHO *UDQG&HQWUDO $09/RQMDFDMD([S ([WUDFWRGHODFWDGHOD-XQWDGH&RPHUFLRGH9DOHQFLD 5H\QRVRSS$UWROD3(VWHDXWRULQGLFDTXHGHOVXEVLGLRVHOHGHVFRQWDEDXQ GHLQWHUHVHVSRUODGHXGDTXHDVXPtDIUHQWHDO(VWDGRFRQORFXDO6DODPDQFDUHFLEHPLOORQHVGHUHDOHV $UWRODS+HUQiQGH]70SS\/ySH]0RUHOO0$SS 4%,%3&/2/-(%2.­.$%: &RQWRGRHQHOGLFWDPHQTXHPDQHMyOD&R PLVLyQ GHO &RQJUHVR DFHUFD GH OD IXVLyQ GH ODV GRV FRQFHVLRQHV HQ XQD VROD VH SURSXVRFHUFHQDUDODVVHFFLRQHVGH$OLFDQWH\ -iWLYDODVHFFLyQGH$OPDQVDD9HQWDGH/D(Q FLQDNPDGMXGLFiQGRVHODHQSURSLHGDGDO )HUURFDUULOGH0DGULGD$OPDQVD(UDXQLQWHQ WRGH]DQMDUXQDVLWXDFLyQHPEDUD]RVDLQLFLDGD SRU OD HPSUHVD GH -iWLYD FXDQGR RUGHQy D ORV RSHUDULRV OD H[SODQDFLyQ \ GHVPRQWH SDUD ODV YtDVHQ9HQWDGHOD(QFLQDLQYDGLHQGRWHUUHQRV H[SURSLDGRVSRUODOtQHDGH$OLFDQWH\FUX]iQ GRVHFRQHOODSRUYDULRVSXQWRV/D GHQXQFLD GH OD HPSUHVD GH $OLFDQWH KL]R TXH XQ LQJHQLHUR LQVSHFWRU SUHFLVDPHQWH YLVLWDUD OD ]RQD H[SRQLHQGR /RV GRV WUD]DGRV SDUWHQ GHXQPLVPRODGRGHODSREODFLyQGH$OPDQVD GHSXQWRVPX\SUy[LPRVHQWUHVLSXHVQDWXUDO PHQWHKDQGHHVWDUORDODHVWDFLyQH[WUHPDGH ODOtQHDDHVD&RUWHPDUFKDQDEXVFDUODHV WUHFKDJDUJDQWDTXHIRUPDQHQHOVLWLRGHOYHQ WRUULOORODVORPDVGHORV3ULVLRQHURV\FHUURGH ODVÉQLPDVSXQWRSUHFLVRGHSDVRSDUDDPERV \VLJXHQFDVLXQLGRVKDVWDFHUFDGHOD9HQWDGH /D(QFLQDGRQGHGHXQDYH]VHVHSDUDQHQVXV UHVSHFWLYDV GLUHFFLRQHV (VWD FRLQFLGHQFLD TXH GDEDSLHDJUDYHVLQWHUIHUHQFLDVHQWUHORVRSHUD ULRVFRQSRVLEOHVDOWHUFDGRVHQWUHHOORVWXYRVX RULJHQHQODIRUPDGHSUHVHQWDUORVSODQRVSRU VHSDUDGRXQD\RWUDHPSUHVDVLQTXHOD'*23 XQLÀFDUD ORV FULWHULRV GHO HQWURQTXH HQWUH ORV GRVUDPDOHV3HURHOLQJHQLHURDxDGtD ODULYD OLGDGGHODVHPSUHVDVQRKDSHUPLWLGRDHVWDV HQWHQGHUVH\KDFHUORSUHVHQWH 'HVGH OXHJR HO GLFWDPHQ HUD FLHUWDPHQWH SHUMXGLFLDO SDUD HO UDPDO YDOHQFLDQR 3RU HVD UD]yQVHDO]DURQYRFHVGHUHFKD]RODPiVVRQD GDSDUWHGHOD'LSXWDFLyQ3URYLQFLDO(QXQ0D QLÀHVWRDODV&RUWHV&RQVWLWX\HQWHV UHSURGXFH DUJXPHQWRV FRQRFLGRV H[SXHVWRV GHVGH HO SXQWR GH YLVWD GHO PHUFDGR LQWHULRU DUUHPHWLHQGRHVWDYH]FRQWUD-RVpGH6DODPDQFD VLQQRPEUDUOR ¢4XpVHUtDXQFDPLQRGHKLHUUR DUUDQFDGRGHO*UDR\WHUPLQDQGRHQ9HQWDGH OD(QFLQDHVWRHVXQGHVLHUWR"<WUDQVIRUPDGD $OPDQVD HQ YDVWR DOPDFpQ GH JpQHURV \ PHU FDQFtDVGHYDULDVSURYLQFLDV\VLHQGRHOFRQFH VLRQDULRGHODOtQHDGH0DGULGKDVWDOD(QFLQD HO TXH WLHQH SULQFLSDOtVLPR LQWHUpV HQ OD OtQHD GH$OLFDQWH ¢D FXiO GH ORV SXHUWRV DO GH HVWD SURYLQFLD R DO GH 9DOHQFLD VHUtDQ WUDQVSRUWD GRV" )iFLOPHQWH OR FRPSUHQGHUiQ ODV &RU WHV/DVLQWHQVDVQHJRFLDFLRQHVSRURWURODGR PDQWHQLGDVHQWUHORVGLSXWDGRVGHO&RQJUHVRGH XQD\RWUDSURYLQFLD\FRQHO*RELHUQRKLFLHURQ TXH VH UHWLUDUD HO SiUUDIR UHODWLYR DO WUR]R GHO IHUURFDUULO GH$OPDQVD D9HQWD GH OD (QFLQD /D OH\ GH GHFODUDQGR VXEVLVWHQWHV ORVIHUURFDUULOHVGH$OPDQVDD$OLFDQWH\HOGH $OPDQVDD-iWLYDDSDUWHGHGHWHUPLQDUOHVXQD VXEYHQFLyQ GH \ PLOORQHV GH UHDOHV UHVSHFWLYDPHQWH HQ DFFLRQHV GH IHUURFDUULOHV SUHVFULEHXQ UHSDUWRHTXLWDWLYRGHOJDVWRGHOD FRQVWUXFFLyQ HQ HO WUD\HFWR D9HQWD OD (QFLQD KDUiQODVGRVHPSUHVDVXQDVRODYtDFRQODH[ SODQDFLyQ VXÀFLHQWH SDUD GRV 3HUR OD /H\ QR GLMRQDGDUHVSHFWRDODIRUPDGHHYLWDUHOWUDV ERUGRGHPHUFDQFtDVGHXQRVFRQYR\HVDRWURV FDGD HPSUHVD FRORFDUi HQ HVWD H[SODQDFLyQ XQD GH ODV GRV YtDV FRQ VXV FRUUHVSRQGLHQWHV DSDUWDGHURV \ GHPiV FRQGLFLRQHV QHFHVDULDV SDUD TXH HO VHUYLFLR SXHGD KDFHUVH FRQ DEVR OXWDLQGHSHQGHQFLDXQDGHRWUD(VWDVGLVSR VLFLRQHVQRREVWDQWHUHTXHUtDQXQDFHUFDPLHQ WRGHSRVWXUDVHQWUH6DODPDQFD\-RVp&DPSR SXHVDGHPiVOD'*23SRUVXSDUWHRUGHQyTXH OD HPSUHVD GH$OLFDQWH DSURYHFKDVH ODV REUDV UHDOL]DGDVSRU ODGH9DOHQFLDHQ ORV SXQWRV GH FUX]DPLHQWR(OORH[LJLyD6DODPDQFDSDJDUXQ SUHFLRRYDORUGHWDVDFLyQGHODVPLVPDV$Vt HQHIHFWRXQFRQYHQLRHQWUHDPERVGHOFXDOWH QHPRVXQDLQIRUPDFLyQVHVJDGDDFRUGyTXHD FDUJRGHODHPSUHVDGH9DOHQFLDVHHMHFXWDUDHO WUD\HFWRGH9HQWDOD(QFLQDDWHQLpQGRVHDORV SODQRV \ PRGLÀFDFLRQHV SURSXHVWRV (Q HVH $09/RQMDFDMD([S*DVSDU'RWUHVGHVGH0DGULGGLMRQRVSUHVHQWDPRVDOD&RPLVLyQGHO&RQJUHVRKDFLpQGROH YHUORVJUDYHVSHUMXLFLRVTXHGHDGRSWDUVHVHRULJLQDUtDQDODSURYLQFLD /D0HPRULDGH$97GHVXEUD\DTXHKD\TXHHYLWDUHOWUDVERUGRGHPHUFDQFtDVHQ$OPDQVDTXHWDQWRVSHUMXLFLRVRFDVLRQD DOS~EOLFR\DODVHPSUHVDV*&+ &RHOOR)S$*023([SHGLHQWHGHOIHUURFDUULOGH$OPDQVDD$OLFDQWH !»/3$%&%22/#!22),%.!,"!#%4% -APA2ED&ERROVIARIAENEL,EVANTEESPA×OLA×O &DUWRJUDItD)XQGDFLyQGHORV)HUURFDUULOHV(VSDxROHV3URJUDPDGH+LVWRULD)HUURYLDULD FRQWH[WR FRQFLOLDGRU QR H[HQWR GH WHQVLRQHV HQWUH ODV GRV HPSUHVDV SRU ODV WDULIDV GLIHUHQ FLDOHV VH IUDJXy HO FRPSURPLVR GH REYLDU ORV WUDVERUGRVFRQVWUX\HQGRXQQXHYRHPSDOPHHQ 9HQWD GH OD (QFLQD HQ HVWDEOHFLHQGR XQ VHUYLFLRGHWUHQHVGLUHFWRVHQWUH9DOHQFLD\$OL FDQWH\FRPELQDGRVHQWUH0DGULG\9DOHQFLD 'HVGH OXHJR HO VXEVLGLR FRQFHGLGR DO UD PDOGH$OPDQVDD-iWLYD\ODPRGLÀFDFLyQGHO WUD]DGRHQ9HQWDGHOD(QFLQDOHKLFLHURQUHFD SDFLWDUD&DPSRSRVLEOHPHQWHVREUHFXiOHUD ODPHMRUVROXFLyQSDUDDIURQWDUHOGHVFHQVRGH OD0HVHWD3ODQWHDGRHQSULQFLSLRSRUHO9DOOH GH$OEDLGD HQ XQ LQWHQWR GH DSUR[LPDFLyQ D ORVFHQWURVGHSURGXFFLyQGHWH[WLOHVGHOD]RQD GH$OFR\WHUPLQyGHFDQWiQGRVHSRUOOHYDUODV REUDVGHH[SODQDFLyQSRUHO9DOOHGH0RJHQWH $FRUWDEDODGLVWDQFLDFRQ$OPDQVDHQNP 0HPRULDGH$97*&+ \ UHGXFtD HO SUHVXSXHVWR HQ PLOORQHV GH UHDOHV$GHPiVVHDMXVWDEDDODVFRQGLFLRQHV LQGLVSHQVDEOHV TXH H[LJtD HO *RELHUQR SDUD FRQFHGHU OD VXEYHQFLyQ FDOFXODGD VREUH OD WHUFHUDSDUWHGHOSUHVXSXHVWR/RVDFFLRQLVWDV \ ODV LQVWLWXFLRQHV ORFDOHV OH DSR\DEDQ SXHV FRPRDUJXPHQWDEDOD-XQWDGH&RPHUFLR SRQHU HQ FRPXQLFDFLyQ UiSLGD OD FRUWHGH(VSDxDFRQXQSXHUWRGHO0HGLWHUUi QHR FRQVWLWX\H OD HVHQFLD GHO QHJRFLR \ ODV FRQVLGHUDFLRQHVUHODWLYDVDODGLUHFFLyQGHOD YtD GHEHQ VXERUGLQDUVH D HVWH SXQWR GH YLVWD FRPRHOTXHHQFLHUUDHOPD\RULQWHUpV3HURHQ HOEDQGRFRQWUDULRVHVLWXDURQODVSREODFLRQHV TXHVHYLHURQGHVSRVHtGDVGHOWUDQVSRUWHIHUUR YLDULR8QHVFULWRGHOD\XQWDPLHQWRGH$OEDL GD GLR D HQWHQGHU TXH ORV PRWL YRVHUDQDMHQRVDOWUD]DGRGHODOtQHD<HOGH 2QWHQLHQWH DSXQWDED DO SRGHUtR 4%,%3&/2/-(%2.­.$%: GH6DODPDQFD ODPLVPDPDQRLQÁX\HDKRUD SDUDDOHMDUGHHVWDOtQHDDPXFKRVSXHEORV SDUD TXH DXPHQWDVHQ FRQ VX PRYLPLHQWR OD GH$OLFDQWH'HQDGDVLUYLHURQODVTXHMDV(Q XQ ODUJR GHEDWH SDUODPHQWDULR HQ ODV &RUWHV ORVGHIHQVRUHVGHOWUD]DGRSRUHO 9DOOHGH0RJHQWHVHLPSXVLHURQDSUREDQGRHO GLFWDPHQGHOD&RPLVLyQGDQGRSDVRDODFR UUHVSRQGLHQWH/H\GHHMHFXFLyQ (QGHÀQLWLYDHOFHQWUDOLVPRGHODUHGIHUUR YLDULDLQKHUHQWHHQOD/tQHDGHO0HGLWHUUiQHR VHFRQVDJUyHQOD/H\*HQHUDOGH)HUURFDUULOHV GHFODUDQGRDHVWHFRUUHGRUHPSOD ]DGRHQ&DVWLOOD/D0DQFKDGHVHUYLFLRJHQH UDO\FODVLÀFiQGRORGHSULPHURUGHQLQFOXVLYH ORVUDPDOHVGHSURORQJDFLyQ3HURVyORHQDSD ULHQFLDSRUTXHHQODSUiFWLFDODFDEHFHUDSULQ FLSDO UDGLFyHQHOUDPDOGH$OLFDQWHSRUVHUHO PHQRV GLVWDQWH GH 0DGULG \ DO TXH VH XQLUi &DUWDJHQD 8QD PLVPD &RPSDxtD OD 0=$ OR IRUWDOHFLy DO FRQWURODU ODV FR UULHQWHVGHOWUiÀFRSRUWXDULR\ODVGHOPHUFDGR LQWHULRU DUULQFRQDQGR DO UDPDO GH 9DOHQFLD /DV FRQVHFXHQFLDV QHJDWLYDV GH HVH GRPLQLR SDUD HO FRPHUFLR GH WUiQVLWR SRU OD SURYLQFLD GH9DOHQFLDVHQRWDUiQDPHGLRSOD]RFRPRYH UHPRVDFRQWLQXDFLyQ ,!2)6!,)$!$#/-%2#)!, 42­&)#/0/245!2)/9 42!.30/24%0/2&%22/#!22), /RVGDWRVHVWDGtVWLFRVTXHRIUHFHPRVUHÁH MDGRVHQORVVLJXLHQWHVJUiÀFRVVRQHORFXHQWHV SDUDHQWUHYHUODULYDOLGDGFRPHUFLDO\HPSUHVD ULDO'RVIXHQWHVQRVKDQSHUPLWLGRHODQiOLVLV D/RV 5DSSRUWHWPpPRLUHFRPHUFLDOGHOFRQVX O ODGRGH)UDQFLDHQ9DOHQFLD\$OLFDQWH\EODV 0HPRULDV GHODV&RPSDxtDV0=$\$97(O SHULRGRHOHJLGRQRKDVLGRDOD]DU &RLQFLGHFRQORVSUR\HFWRVVLHPSUHIDOOLGRVGH SODQLÀFDFLyQGHODUHGIHUURYLDULDDVLPLVPRHO FRPLHQ]RGHODFRQVWUXFFLyQ\H[SORWDFLyQGHOD /tQHDGHO0HGLWHUUiQHR 'RÉlCO)MPORTACIØNYEXPORTACIØNPORLOSPUERTOSDE6ALENCIAY!LICANTEENFRANCOS )XHQWH5DSSRUWHWPpPRLUHFRPPHUFLDO0$($'&RQVXODWGH)UDQFH !»/3$%&%22/#!22),%.!,"!#%4% (QSULPHUOXJDUHQHO*UiÀFRVHFRPSDUDQ ORVYDORUHVGHODVPHUFDQFtDVLPSRUWDGDVSRUORV SXHUWRVGH9DOHQFLD\$OLFDQWH\GLIHUHQFLDPRV WUHVSHULRGRVDOHQWRDXPHQWRGH ODV HQWUDGDV SRU 9DOHQFLD \ HVWDQFDPLHQWR HQ $OLFDQWHEUHPRQWDGDSRUHOGH9D OHQFLDVXSHUDQGRDOGH$OLFDQWH6RQORVDxRV GHDSHUWXUDGHODVVHFFLRQHVGHOIHUURFDUULOGHO *UDRGH9DOHQFLDD-iWLYD\GH$OPDQVD ODVPHUFDQFtDVGHWUiQVLWRJpQHURVWH[ WLOHVPDTXLQDULDHWFEXVFDQODFRPRGLGDGGHO QXHYR WUDQVSRUWH KDFLD HO PHUFDGR LQWHULRU F VHLPSRQHXQDFR\XQWXUDRSXHVWDD ODVGRVDQWHULRUHV(OFRPHUFLRSRUHOSXHUWRGH $OLFDQWH UHEDVD DO GH9DOHQFLD GLVWDQFLiQGRVH LQFOXVLYH GH IRUPD XQ WDQWR DODUPDQWH$KRUD HOFRPHUFLRGHWUiQVLWRHQFXHQWUDPHMRUHVFRQ GLFLRQHV SDUD YLDMDU DO PHUFDGR LQWHULRUSRU OD UXWDTXHRIUHFHOD&RPSDxtD0=$DSDUWLUGHOD LQDXJXUDFLyQGHODHVWDFLyQGH$OLFDQWHHQ 5HVSHFWR D ODV FDXVDV GH VHPHMDQWH FDPELR HO FyQVXO IUDQFpV DOHJD GRV UD]RQHV XQ DYLVR GH FyOHUDHQTXHDOHMyPRPHQWiQHDPHQWHD ORVQDYtRVGHO*UDRGH9DOHQFLD\VREUHWRGR ODLPSODQWDFLyQGHODVWDULIDVGLIHUHQFLDOHVSRU SDUWHGHOD0=$JUDYDQGRHQHOHPSDOPHGH 9HQWDGH/D(QFLQDODVPHUFDQFtDVSURFHGHQWHV GHOUDPDOYDOHQFLDQR HWVHVFRQVHTXHQFHVVHIH URQW PDOKHUHXVVHPHQW VHQWLU DXVVL ORQJ WHPSV TXŮHOOHVVXEVLVWLUD(OFyQVXODxDGHRWURIDFWRU LQGLUHFWRTXHUHIXHU]DORVLQWHQWRVGHPRQRSR OL]DUHOWUiÀFRSRUSDUWHGHOD0=$XQDVXE YHQFLyQDOD&RPSDxtDGHYDSRUHV0HQVDMHUtDV ,PSHULDOHV SDUD UHDOL]DU YLDMHV GH 0DUVHOOD D $OLFDQWHFRQHVFDODHQ%DUFHORQDFRQHOSURSy VLWRGHDWUDHUHOWUiÀFRKDFLDHOSXHUWRDOLFDQWLQR \GHVYLDUORGHOGH9DOHQFLD(QVHUiUHHP SOD]DGDSRUOD&RPSDxtD/ySH]7RGRHOORSUR YRFySXHVXQDVHJUHJDFLyQGHODVLPSRUWDFLR QHV\VXFRQFHQWUDFLyQHQHOSXHUWRGH$OLFDQWH DORIUHFHUPiVVHJXULGDG\XQWUDQVSRUWHSRUIH UURFDUULOTXHDFRUWDEDODGLVWDQFLDFRQHOLQWHULRU SHQLQVXODU+D\TXHWHQHUHQFXHQWDTXHHQORV GDWRVGHOFyQVXOIDFLOLWDGRVSRUODVUHVSHFWLYDV DGXDQDVHOYDORUGHOPDWHULDOIHUURYLDULRQRVH FRPSXWDDOHVWDUH[HQWRGHODWDULIDÀVFDOFRQOR FXDOODHYROXFLyQGHOLPSRUWHUHDOGHODVHULHHV PXFKRPD\RU (O PRYLPLHQWR GH H[SRUWDFLyQ IRUPDGR SRUIUXWRVQDWXUDOHVGHOSDtVOLFRUHV\VHGDV HOFRPHUFLRSRUHOSXHUWRGH9DOHQFLDVDOYR \ VXSHUD VLHPSUH DO GH$OLFDQWH TXHPXHVWUDVtQWRPDVGHHVWDQFDPLHQWRDSH VDU GH ORV SORPRV HVSDUWR \ D]DIUiQ GH VXV UHPHVDV(QORVDxRVLQGLFDGRVODFULVLVVHUL FtFROD\DJUDULDDIHFWyHQPiVGHGRVPLOORQHV GHIUDQFRVODEDODQ]DGHSDJRV\JHQHUyGHV HPSOHRGHRSHUDULRVGHODVHGDHQORVWDOOHUHV GH9DOHQFLD (O VLJXLHQWH JUiÀFR Q DSRUWD RWUDSHUVSHFWLYD 6LJXLHQGRHOPDUFKDPRGHOSURJUHVRFRPHU FLDOTXHFRQOOHYDODH[SORWDFLyQGHORVIHUURFD UULOHVHQHO3DtV9DOHQFLDQRHQHOJUiÀFRQ QRVHPDQLÀHVWDWDQWRORVFRQWUDVWHVHQWUHXQR\ RWURSXHUWR(OWRQHODMHGHODVPHUFDQFtDVHQVX FRQMXQWRXQLHQGRODVLPSRUWDFLRQHV\H[SRUWD FLRQHVHVVXSHULRUHQ9DOHQFLDTXHHQ$OLFDQWH DXQTXHHVWH~OWLPRVHDFHUFDGHIRUPDSDXODWLQD HQODPHGLGDTXHORVHIHFWRVGHDWUDFFLyQGHOD YtDIHUURYLDULDVREUHODVLPSRUWDFLRQHVVRQFDGD YH]PiVHÀFDFHVSHURQROOHJDDVREUHSDVDUOH (OOR HV GHELGR D OD LPSRUWDQFLD TXH WLHQH ORV SURGXFWRVH[SRUWDGRVSRUHOSXHUWRGH9DOHQFLD FX\RYDORUHQORVLQWHUFDPELRVVLQHPEDUJRHV LQIHULRUDORVJpQHURVWH[WLOHV\VLGHURPHWDO~U JLFRV LPSRUWDGRV GHO H[WUDQMHUR DIHFWDGRV HV WRVSRUXQRVDUDQFHOHVPiVDOWRV1RREVWDQWH HQYROYHPRVDGHWHFWDUXQDGLVPLQXFLyQ GHO FRPHUFLRD FDXVD GH OD ULYDOLGDGHPSUHVD ULDO HQWUH ODV GRV FRPSDxtDV IHUURYLDULDV (Q WRGRFDVRORVH[FHGHQWHVDJUDULRVGHODKXHUWD GH9DOHQFLDDPRUWLJXDURQHQFLHUWDIRUPDHOGp ÀFLWGHODEDODQ]DFRPHUFLDO\HOGHFOLYHGHODV LPSRUWDFLRQHV (VSRVLEOHTXHHOLPSXHVWRGHFDUJD\GHVFDUJD\HOGHIRQGHDGHURVHVXPHDORVJUDYiPHQHVSRUWXDULRVSHURGHVFRQR]FRDFXiOGHORV GRVSXHUWRVDIHFWyPiV3RURWURODGRODVVHULHVGHOFyQVXORIUHFHQDOJXQDVODJXQDVDFKDFDEOHVFRPRpOH[SOLFDDODLQIRUPDFLyQTXH OHSURSRUFLRQDQORVDJHQWHVDGXDQHURV3RUHMHPSORPHQFLRQDHOFRQWUDEDQGRFRPRXQDODFUDTXHGLVWRUVLRQDORVGDWRVRHOKHFKRGH TXHORVQDYtRVSDJXHQODVWDVDVDGXDQHUDVHQORVSXHUWRVGHHVFDODGHVHPEDUFDQGRHQRFDVLRQHVVLQHPEDUJRORVEXOWRVHQXQRGHORV SXHUWRVGHODFRVWDYDOHQFLDQDHQFX\RFDVRQRVHUHTXLHUHHOUHJLVWUR 4%,%3&/2/-(%2.­.$%: 'RÉlCO4ONELAJEDEMERCANCÓASDELOSPUERTOSDE6ALENCIAY!LICANTE )XHQWH5DSSRUWHWPpPRLUHFRPPHUFLDO0$($'&RQVXODWGH)UDQFH (OVLJXLHQWHJUiÀFRQRSODQWHDXQDFXHVWLyQ TXHQRVXHOHFRQWHPSODUVHHQODUHODFLyQGHOWUDQV SRUWHIHUURYLDULRFRQHOFRPHUFLRPDUtWLPRGHDO WXUDFXDOHVODFRPSHWHQFLDHQWUHORVSDtVHVHXUR SHRVLQGXVWULDOL]DGRV+HPRVGHVWDFDGRD)UDQFLD H,QJODWHUUDSRUH[LVWLUHQWUHHOORVXQDSXJQDHQOD FRVWDPHGLWHUUiQHDDODKRUDGHVLWXDUVXVSURGXF WRVHQODViUHDVGHH[SDQVLyQFDSLWDOLVWD 'RÉlCO)MPORTACIØN&RANCIAE)NGLATERRA0UERTOSDE6ALENCIAY!LICANTEVALORESENFR )XHQWH5DSSRUWHWPpPRLUHFRPPHUFLDO0$($'&RQVXODWGH)UDQFH !»/3$%&%22/#!22),%.!,"!#%4% <DKHPRVFRPHQWDGRTXHHVSUHFLVDPHQWH HQ ORV YDORUHV GH ODV LPSRUWDFLRQHV GRQGH VH RULJLQDQORVFRQWUDVWHVHQWUHORVSXHUWRVGH9D OHQFLD\$OLFDQWH(QHOJUiÀFRQYROYHPRVD HQFRQWUDUQRVFRQODPLVPDVLWXDFLyQ7HQGHQFLD DO DXPHQWR GHO FRPHUFLR SRU9DOHQFLD D SDUWLU GH VXSHUDQGR )UDQFLD D ,QJODWHUUD KDVWD HQ TXH GHFOLQD ORV YDORUHV GH ORV SURGXFWRVLQWURGXFLGRVSRUDPERVSDtVHV3RUHO SXHUWRGH$OLFDQWHODDSHUWXUDGHOIHUURFDUULOHQ UHSUHVHQWDXQGHVDItRSDUD)UDQFLDSXHVKD GHYHQFHUHOUHSXQWHPHUFDQWLOGH,QJODWHUUDFRQ ODOOHJDGDGHEDFDODRWH[WLOHVKXOOD\SHVHDQR FRQWDELOL]DUVHPDWHULDOIHUURYLDULR6tREVHUYD PRVHOJUiÀFRQ)UDQFLDORFRQVLJXHDSDUWLU GH FRPR FRQVHFXHQFLD GH OD GHVYLDFLyQ GHOWUiÀFRKDFLDHOSXHUWRGH$OLFDQWHGHELGRD OD SROtWLFD PRQRSROtVWLFD GH OD 0=$ 3RU OR WDQWRWUDWiQGRVHGHXQD&RPSDxtDFX\RFDSLWDO VRFLDOUHVLGHEXHQDSDUWHHQHOSDtVJDORSRGH PRVSUHVXPLUTXHVXHVWUDWHJLDFRQWUDHOUDPDO GH 9DOHQFLD HQWUD GHQWUR GH XQ SODQWHDPLHQWR HFRQyPLFRTXHYDPiVDOOiGHODREWHQFLyQGH PD[LPL]DU XQRV LQJUHVRV GH OD H[SORWDFLyQ GH OD /tQHD GHO 0HGLWHUUiQHR LQWHUHVD WDPELpQ SRWHQFLDU ORV ORJURV GH OD LQGXVWULDOL]DFLyQ HQ )UDQFLD FRORFDQGR LQSXWV FRQ JUDQ YHQWDMD HQ (VSDxD WUDQVSODQWDQGR LQFOXVLYH XQ PRGHOR HPSUHVDULDO3RURWURODGRHOUDPDOGH&DUWD JHQDHQPDQRVGHOD0=$FDEHYLVOXPEUDUOR FRPR XQD DSUR[LPDFLyQ D OD FRORQLD IUDQFHVD GH$UJHOLDIDFLOLWDQGRQRVRORORVLQWHUFDPELRV FRPHUFLDOHV DEULHQGR OD SRVLELOLGDG GH HQYLDU PDWHULDO GH JXHUUD \ WURSDV SRU YtD WHUUHVWUH \ PDUtWLPDDWUDYpVGHFRQYHQLRVFRQOD&RPSD xtD1RUWH\HO*RELHUQRHVSDxRO (O*UiÀFRYLHQHDFRQÀUPDUORVSUREOHPDV TXHDWUDYHVyOD6RFLHGDGGHO*UDRGH9DOHQFLD D-iWLYDGXUDQWHODVREUDVGHSURORQJDFLyQKDV WD$OPDQVD\9HQWDGH/D(QFLQD/DDSHUWXUD HQSXGRVXSRQHUXQDOLYLRFRQXQDFLHUWD 'RÉlCO0RODUCTOLÓQUIDOPOR+M-:!Y!64 )XHQWH0HPRULDVGHODV&RPSDxtDV0=$\$97 (OHMHPSORORWRPDPRVGHOD&RPSDxtD1RUWH9LGDO- 4%,%3&/2/-(%2.­.$%: HOHYDFLyQGHOSURGXFWROtTXLGRSRU.PFRUWD GRHQ\FRQWLQXDQGRHQXQHVWDGRGHHV WDQFDPLHQWR \ FULVLV D SDUWLU GH /R TXH LQWHUHVDDTXtGHVWDFDUVRQFXDWURKHFKRVDXQR FRQVWDWDGRHQORVJUiÀFRV\HOHIHFWRQHJD WLYRGHODV WDULIDVGLIHUHQFLDOHVHQHOUDPDOYD OHQFLDQREHOFRQYHQLRTXHHVWDEDGLVSXHVWRD ÀUPDU-RVp&DPSRFRQ5RWKVFKLOGSDUDYHQGHU HOUDPDOGH9DOHQFLDD$OPDQVDDOD&RPSDxtD 0=$ TXH QR IUDJXy F HO VHJXQGR LQWHQWR HQGHSURPRYHUXQIHUURFDUULOGH0DGULG D &XHQFD OR TXH KXELHUD SRVLELOLWDGR URPSHU HO FHUFR D TXH HVWDED VRPHWLGR GLFKR UDPDO SHUR IUDFDVy \ G HPSUHQGHU OD ~QLFD VDOLGD SRVLEOH FRQVWUXLU OD OtQHD GH7DUUDJRQD FRPR HQ HIHFWR DVt VH KL]R 1R REVWDQWH HVWD FODUR TXH KD\ TXH HVSHUDU XQ ODUJR WUHFKR SDUD TXH ODV FRVDV YROYLHUDQ D VX VLWLR HQ HO VHQWLGR GH UHFXSHUDUHOWUiÀFRXQRVQLYHOHVDFHSWDEOHVSDUD XQD 6RFLHGDG GH ORV IHUURFDUULOHV GH$OPDQVD D9DOHQFLD\7DUUDJRQDTXHVLQSRGHUDOFDQ]DU QXQFDHOSRGHUtRGHOD0DGULGD=DUDJR]D\$OL FDQWHFRQWLQXyVXDQGDGXUDKDVWDVXIXVLyQFRQ OD1RUWHHQ(QUHDOLGDGVXGHVWLQRHVWDED \DSUHGHWHUPLQDGRSRUODSROtWLFDIHUURYLDULDGHO *RELHUQRDQWHVGHOD/H\*HQHUDOGH &5%.4%39")",)/'2!&·! !2#()6/3 $*023 $UFKLYR*HQHUDOGHO0LQLVWHULRGH 2EUDV3~EOLFDV $*$ $UFKLYR*HQHUDOGHOD$GPLQLVWUDFLyQ HQ$OFDOiGH+HQDUpV $09 $UFKLYR0XQLFLSDOGH9DOHQFLD $' 0LQLVWqUHGHV$IIDLUHVeWUDQJqUHV3DULV $UFKLYHVGLSORPDWLTXHV&RQVXODWGH)UDQ FH GDQV OH 5R\DXPH GH 9DOHQFH 9DOHQFLD \$OLFDQWH &RUUHVSRQGDQFH FRPPHUFLDOH !"2%6)!452!3 '*23 'LUHFFLyQ*HQHUDOGH2EUDV3~EOLFDV *&+ *DFHWDGHORV&DPLQRVGH+LHUUR 5' 5HDO'HFUHWR 52 5HDO2UGHQ &5%.4%3)-02%3!39 ")",)/'2!&·!$%,3)',/8)8 $/0$=É1-0HPRULDVREUHHOSUR\HF WR GHO IHUURFDUULO GH $OEDFHWH D &DUWDJHQD PDQGDGRHVWXGLDUSRU52GHGHDJRVWRGH 0DGULG,PS0LQLVWHULRGH)RPHQWR $/0$=É1- 0HPRULDVREUHHOSUR \HFWRGHIHUURFDUULOGH$OEDFHWHD&DUWDJH QD 0DGULG ,PS )XQGLFLyQ \ /LEUHUtD GH '(XVHELR$JXDGR $/$5&Ð1\0$5(1*2(0HPRULD VREUHORVSUR\HFWRVGHFRQVWUXFFLyQGHIHUUR FDUULOHV HQ (VSDxD FRQVLGHUDQGR HVSHFLDO PHQWHODOtQHDGHO0HGLWHUUiQHR0DGULG $1Ð1,02 (O )HUURFDUULO GH 0DGULG DO0HGLWHUUiQHRQRGHEHSDVDUGH$OEDFHWH +HUQiQGH]70SS/ySH]0RUHOO0$SS (OVHFUHyXQD&RPLVLyQHVSHFLDOTXHSUHVHQWyXQDPHPRULDVREUHXQDQWHSUR\HFWRSDUDXQSODQGHIHUURFDUULOHVVHJ~QOD /H\GH6HPRVWUySDUWLGDULDGHLPSXOVDUXQWUD]DGRGLUHFWRGH&XHQFDD9DOHQFLDDUUDQFDQGRGH$UDQMXH]SDVDQGRSRU /DQGHWH\7HUXHO/D-XQWD&RQVXOWLYDDOFRQWUDULRSURSXVRXQDOtQHDWUDQVYHUVDOSDUWLHQGRGH4XLQWDQDUD&XHQFD\7HUXHOD&DVWHOOyQ (OSROtWLFRSURJUHVLVWD)HUPtQ&DEDOOHURGHQXQFLyTXHOD&RPLVLyQEDVyVXFULWHULRHQIDYRUHFHUODVQHFHVLGDGHVGHO3DtVPLHQWUDVTXH OD-XQWD&RQVXOWLYDEXVFDEDQRFDXVDUSHUMXLFLRDODVFRPSDxtDV\DHVWDEOHFLGDV'DDHQWHQGHUTXHpVWD~OWLPDSURWHJHORVLQWHUHVHVGH OD0=$\SRVLEOHPHQWHOD$97,QIRUPH GH&DEDOOHUR0DWHRGHO3HUDOSS /DVUHIHUHQFLDVGRFXPHQWDOHVTXHPDQHMDPRVDTXtFRUUHVSRQGHQDODQWLJXR$UFKLYRVLWXDGRHQHO3DVHRGHOD&DVWHOODQDHQ0DGULG FX\RVIRQGRVVHHQFXHQWUDQKR\HQ$OFDOi !»/3$%&%22/#!22),%.!,"!#%4% KDVWDTXHVHKDJDQORVHVWXGLRVDFRUGDGRV SRUHO*RELHUQRLQFRQYHQLHQWHVGHSURORQ JDUORKDVWD$OPDQVDVtVXWpUPLQRKDGHVHU &DUWDJHQD0DGULG(VWDEOHFLPLHQWRGH' 5DPyQ5RGUtJXH]GH5LYHUD %$55$ )- &RPSDUDFLyQ HQWUH ORV FDPLQRVRUGLQDULRVORVFDPLQRVGHKLHUUR \ ORV FDQDOHV GH QDYHJDFLyQ KHFKD SRU 063*LUDUGWUDGXFLGDDOFDVWHOODQR0D GULG,PSUHQWDGH'RQ0LJXHOGH%XUJRV &2(//2) 3UR\HFWRGHODVOtQHDVJH QHUDOHVGHQDYHJDFLyQ\GHIHUURFDUULOHVHQ OD SHQtQVXOD HVSDxROD 0DGULG ( 1~xH] $PRU &20,6,Ð1 TXH GLVFXWH HO SUR\HFWR GH XQ IH UURFDUULODO0HGLWHUUiQHRQRPEUDGDSRUHO &RQJUHVRGH'LSXWDGRVHO'LDULR GH6HVLRQHVGHO&RQJUHVRGH'LSXWDGRV &216,'(5$&,21(6 VREUH OD OHJLVODFLyQ YL JHQWH\HOSUR\HFWRGH/H\GHIHUURFDUULOHV SUHVHQWDGRDO6HQDGRHQOD~OWLPDOHJLVOD WXUD0DGULG,PSTXHIXHGH2SHUD ULRViFDUJRGH')5GHO&DVWLOOR ',6&86,Ð1VREUHHOSUR\HFWRGH/H\FRQFHU QLHQWHDOIHUURFDUULOGH0DGULGD$UDQMXH] D$OPDQVD\9HQWDGH/D(QFLQD'LDULRGH 6HVLRQHVGHO&RQJUHVRGH *8,0(5É9 %UHYHVFRQVLGHUDFLRQHV DFHUFDGHOSUR\HFWRGH/H\VREUHHOIHUURFD UULOGH$UDQMXH]D$OPDQVD ,1)250( GHO ([FHOHQWtVLPR 6U ' )HUPtQ &DEDOOHUR VREUH OD OtQHD GHO (VWH GHO SODQ JHQHUDO GH IHUURFDUULOHV \ UHVSXHVWD D OD SUHJXQWD FXDUWD SRU ' 3HGUR 6LHUUD LQ JHQLHUR-HIHGH2EUDV3~EOLFDV$FHSWDGRV SRU OD 'LSXWDFLyQ \ -XQWD GH $JULFXOWXUD ,QGXVWULD \ &RPHUFLR GH OD SURYLQFLD GH &XHQFD&XHQFD ,1)250(GHOD5HDO6RFLHGDG$UDJRQHVDGH $PLJRV GHO 3DtV VREUH HO DQWHSUR\HFWR GH )& GH OD 3HQtQVXOD FRQWHVWDQGR DO LQWH UURJDWRULRUHGDFWDGRSRU52SDUDOOHYDUD HIHFWRORGLVSXHVWRHQOD/H\GH =DUDJR]D 0(025,$ VREUHHOHVWDGRGHODV2EUDV3~EOL FDVHQ(VSDxD0DGULG 0(025,$6 SUHVHQWDGDV SRU ORV &RQVHMRV GH $GPLQLVWUDFLyQ D ODV -XQWDV GH DFFLRQLV WDV GH OD &RPSDxtD 0=$ 0DGULG D ´0(025,$6SUHVHQWDGDVDODV-XQWDVGH$F FLRQLVWDVGHOD6RFLHGDGGHORVIHUURFDUULOHV GH$OPDQVDD9DOHQFLD\7DUUDJRQDµ*DFH WDVGHORV&DPLQRVGH+LHUUR0DGULG D 0(025,$ GHO 0LQLVWHULR GH OD *REHUQDFLyQ GHOD3HQtQVXODGXUDQWHODDGPLQLVWUDFLyQ GH '0DULDQR 7RUUHV \ 6RODQRW 0DGULG (QOD,PSUHQWD1DFLRQDO 35238(67$GH/H\TXHKDFH60DODV&RU WHV VREUH FDPLQRV \ FDQDOHV GHO UHLQR \ MXQWDPHQWH OD 0HPRULD GH OD FRPLVLyQ GH FDPLQRV\FDQDOHV0DGULG,PSUHQWD TXHIXHGH*DUFtD 5($/2UGHQFLUFXODUGHGHHQHURGH GDQGRLQVWUXFFLRQHVDORVJREHUQDGRUHVGH SURYLQFLD SDUD HO IRPHQWR GH ORV LQWHUHVHV GHODVPLVPDV 02<$12& 0HPRULDVREUHODVFRQ FHVLRQHVKHFKDVGHIHUURFDUULOHVSUHVHQWDGD D60HQ&RQVHMRGH0LQLVWURV0DGULG 5(<1262 00 3UR\HFWR GH /H\ FRPSUHQVLYR GH XQ QXHYR VLVWHPD JHQHUDO SDUDODFRQVWUXFFLyQGHIHUURFDUULOHVOHtGR SRUHO6U0LQLVWURGH)RPHQWRHQODVHVLyQ GHO&RQJUHVRGHOGtD0DGULG 5(<126200 3ROtWLFDDGPLQLVWUD WLYDGHO*DELQHWH%UDYR0XULOORHQHOUDPR GH)RPHQWR0DGULG,PSUHQWDGH7HMDGR 4%,%3&/2/-(%2.­.$%: 75('*2/'7K &DPLQRV GH KLHUUR 7UDWDGR SUiFWLFR GHO LQJHQLHUR LQJOpV 0U 7UHGJROGSXHVWRHQFDVWHOODQRSRU'*UH JRULR *RQ]iOH] $]DROD 0DGULG )HGHULFR 0RUHQR ")",)/'2!&·!%30%#)!,):!$! $572/$0´/DDFFLyQGHO(VWDGRµ (Q$572/$ 0 GLU /RV )HUURFDUULOHV HQ (VSDxD 0DGULG 6HUYLFLR GHHVWXGLRVGHO%DQFRGH(VSDxDSS &$521 ) +LVWRLUH GHV &KHPLQV GH IHUHQ)UDQFH3DULV)D\DUG &$55(5$6$7$)81(//;7255(6 ( ´/D +LVWRULD HPSUHVDULDO HQ (VSDxDµ(Q(552&GLUHF +LVWRULD HPSUHVDULDO3DVDGRSUHVHQWH\UHWRVGH IXWXUR %DUFHORQD $ULHO SS &25'(525\0(1e1'(=)´(O VLVWHPDIHUURYLDULRHVSDxROµ(Q$572/$ 0 GLU /RV )HUURFDUULOHV HQ (VSDxD 0DGULG6HUYLFLRGHHVWXGLRV GHO%DQFRGH(VSDxDSS &$6$5(6$(VWXGLR+LVWyULFR(FR QyPLFR GH ODV FRQVWUXFFLRQHV IHUURYLDULDV HVSDxRODVHQHOVLJOR;,;0DGULG(VWXGLRV GHO,QVWLWXWR ,EHURDPHULFDQRGH 'HVDUUROOR (FRQyPLFR &20,1 ) 0$57Ì1$&(f$ 3 08f2= 09,'$/-´/DHUDGHODVFRQ FHVLRQHVDODVFRPSDxtDVSULYDGDVµ(Q DxRVGH+LVWRULDGHORVIHUURFDUULOHV(VSD xROHV0DGULG$QD\D*UDQGHV2EUDV 'Ì$=0$5Ì13 'HVSXpVGHODUHYR OXFLyQ&HQWUDOLVPR\EXUJXHVtDHQ$OLFDQ WH$OLFDQWH*HQHUDOLWDW9DOHQ FLDQD &RQVHOOHULD ' Ů(GXFDFLy L &LqQFLD ,QVWLWXWGH&XOWXUD´-XDQ*LO$OEHUWµ )217$1$ - +DFLHQGD \ (VWDGR HQ ODFULVLVÀQDOGHO$QWLJXR5pJLPHQHVSDxRO 0DGULG ,QVWLWXWR GH (VWXGLRV )LVFDOHV *859,6&+755DLOZD\VDQGWKH%UL WLVK(FRQRP\/RQGUHV0DF0L OODQ +$57:(//50´(OIHUURFDUULO\HO FUHFLPLHQWR HFRQyPLFR HQ *UDQ %UHWDxDµ /RVIHUURFDUULOHV\HOGHVDUUROORHFRQyPLFR GH(XURSD2FFLGHQWDOGXUDQWHHOVLJOR;,; 0DGULG*DELQHWHGHLQIRUPDFLyQ\UHODFLR QHVH[WHUQDVGH5(1)(8QLGDGGH3XEOL FDFLRQHVSS +(51É1'(= 70 ´/RV LQLFLRV GH ODV FRQFHVLRQHV IHUURYLDULDV HQ (VSDxDµ +RPHQDMHDO'U'-XDQ5HJOi&DPSLVWRO 9DOHQFLD8QLYHUVLGDGGH9DOHQFLD9RO,, SS +(51É1'(= 70 \ 9,'$O - ´,Q IUDHVWUXFWXUD YLDULD \ IHUURFDUULOHV HQ OD DUWLFXODFLyQ GHO HVSDFLR HFRQyPLFR YDOHQ FLDQRµ +LVSDQLD/,QRSS +(51É1'(= 70 )HUURFDUULOHV \ FDSLWDOLVPR HQ HO 3DtV 9DOHQFLDQR 9DOHQFLD$\XQWDPLHQWRGH9DOHQFLD +(51É1'(= 70 ´/D 6RFLHGDG GH ORVIHUURFDUULOHVGH$OPDQVDD9DOHQFLD\7D UUDJRQDHOUHWRUQRDODQRUPDOLGDGÀQDQFLH UD $*8,/$5 , \ 9,'$/ - FRUG DxRVGHIHUURFDUULOHQOD&RPXQL GDG9DOHQFLDQD9DOqQFLD*HQH UDOLWDW9DOHQFLDQD&RQVHOOHULDGŮ2EUHV3~EOL TXHV8UEDQLVPHL7UDQVSRUWVSS /Ð3(= 025(// 0$ ´6DODPDQFD \ OD FRQVWUXFFLyQ GHO IHUURFDUULO GH $UDQ MXH]µ(Q%(1(*$600$7,//$0- 32/2)GLUV )HUURFDUULO\0DGULG+LV WRULDGHXQSURJUHVR0DGULG0LQLVWHULRGH )RPHQWRSS !»/3$%&%22/#!22),%.!,"!#%4% /Ð3(=025(//0$/DFDVD5RWV FKLOGHQ(VSDxD0DGULG0DUFLDO3RQV 0$'5$=2 6DQWRV (O VLVWHPD GH WUDQVSRUWHVHQ(VSDxD0DGULG &ROHJLRGH,QJHQLHURGH&DPLQRV&DQDOHV \3XHUWRV(GLFLRQHV7XUQHU9RO 0$7(2 '(/ 3(5$/ ' ´/RV RUt JHQHV GH OD SROtWLFD IHUURYLDULD HQ (VSDxD µ(Q$572/$0GLU/RV )HUURFDUULOHVHQ(VSDxD0D GULG6HUYLFLRGHHVWXGLRVGHO%DQFRGH(V SDxDSS \ 9$/'$/,62 - HGV ¢4XH LQYHQWHQ HOORV" 7HFQRORJtD HPSUHVD \ FDPELR HFR QyPLFR HQOD(VSDxD&RQWHPSRUiQHD0D GULG$OLDQ]D(GLWRULDOSS 7257(//$*´/DLQLFLDWLYDHPSUH VDULDOIDFWRUHVFDVRHQOD(VSDxDFRQWHPSR UiQHDµ(Q&20Ì1)\0$57Ì1$&(f$ 3 /D HPSUHVD HQ OD +LVWRULD GH (VSDxD 0DGULG(GLWRULDO&LYLWDV 8548,-2*2,7,$-5*RELHUQRV\PL QLVWURVHVSDxROHV0DGULG&RQ VHMR6XSHULRUGH,QYHVWLJDFLRQHV&LHQWtÀFDV 32//$5'6\GQH\/DFRQTXLVWDSDFt ÀFD/D,QGXVWULDOL]DFLyQGH(XURSD =DUDJR]D8QLYHUVLGDGGH=DUDJR]D 9,'$/ - 7UDQVSRUWHV \ PHUFDGR HQ HO 3DtV 9DOHQFLDQR $OLFDQWH (GLFLRQV$OIRQVHO0DJjQLP9DOqQFLD 75(1$6- )HUPLQ$UWHWD0LQLVWURGH ,VDEHO,,/DDQWLFLSDFLyQGHXQWHFQyFUDWD 0DGULG*XDGDUUDPD 9,'$/-´/DHVWUXFWXUDGHODSURSLH GDGGHODRUJDQL]DFLyQ\ODJHVWLyQGHXQD JUDQ HPSUHVD IHUURYLDULD OD &RPSDxtD GH ORV&DPLQRVGH+LHUURGHO1RUWHGH(VSDxD µ5HYLVWDGH+LVWRULD(FRQyPL FDQSS 7255(6 ( ´)XQFLRQHV HPSUHVDULD OHV\GHVDUUROORHFRQyPLFRµ(Q/Ð3(=6 &%22/#!22),942!.3&/2-!#)/.%3 3/#)/%#/.¼-)#!3%.!,"!#%4% &DUPHQ*DUFtD0DUWtQH] 8QLYHUVLGDGGH&DVWLOOD/D0DQFKD (O REMHWLYR GH HVWD FRPXQLFDFLyQ HV SUH VHQWDUHOSDQRUDPDGHODVWUDQVIRUPDFLRQHVVR FLRHFRQyPLFDVGHODFLXGDGGH$OEDFHWHHQORV DxRVTXHKDQWUDQVFXUULGRGHVGHODOOHJDGD GHOIHUURFDUULO3DUDHOORVHKDUiUHIHUHQFLDDWUHV GHODVPDQLIHVWDFLRQHVGHHVWRVFDPELRVODVFD UDFWHUtVWLFDVGHPRJUiÀFDVHOGHVDUUROORXUEDQR \ODHYROXFLyQHFRQyPLFDDQDOL]DGDDWUDYpVGH ODSREODFLyQDFWLYD $ÀQGHVLPSOLÀFDUODSUHVHQWDFLyQVHKDQ HVWDEOHFLGRWUHVJUDQGHVHWDSDVTXHDVXYH] SXHGHQ VXEGLYLGLUVH HQ RWURV SHUtRGRV D OD VHJXQGD PLWDG GHO VLJOR ;,; E GH D IDVHHQODTXHVHSXHGHQGLVWLQJXLUGRV SDUWHV ELHQ GHÀQLGDV OD SULPHUD KDVWD \ODVHJXQGDTXHLQFOX\HODFULVLVGHODJXHUUD FLYLO\ODSRVJXHUUDFGHVGHDOPRPHQWR DFWXDOHQHVWDHWDSDVHGLVWLQJXHQORVDxRVTXH YDQGHD\SRU~OWLPRHOSHUtRGR TXH VH LQLFLD HQ \ OOHJD KDVWD QXHVWURV GtDV ,!3%'5.$!-)4!$$%, 3)',/8)8 'HVGH FRQ OD QXHYD GLYLVLyQ DGPL QLVWUDWLYD$OEDFHWHKDEtDHPSH]DGRXQDQXHYD HWDSD DO FRQYHUWLUVH HQ FDSLWDO SURYLQFLDO /RV OtPLWHV GH OD SURYLQFLD IXHURQ SHUÀOiQGRVH D WUDYpVGHGLYHUVDVGLVSRVLFLRQHVDORODUJRGHOD SULPHUDSDUWHGHOVLJORSDUDWHQHUHQHOPRPHQ WRGHODOOHJDGDGHOQXHYRPHGLRGHWUDQVSRUWH HQ OD PLVPD FRQÀJXUDFLyQ TXH FRQRFH PRVDFWXDOPHQWH (Q HO SULPHU WHUFLR GHO VLJOR ;,; FXDQGR DGTXLHUH OD FDSLWDOLGDG$OEDFHWH HV XQD YLOOD GHGLFDGD EiVLFDPHQWH D OD DJULFXOWXUD FRQ DO JXQDV WUDGLFLRQHV DUWHVDQDV \ VyOR FRQ PX\ SRFDVDFWLYLGDGHVGHVHUYLFLRV8QDGHHOODVHV ODFHOHEUDFLyQDQXDOGHVGHHOVLJOR;9,,GHOD IHULDPHUFDGRHQWRUQRDXQDHUPLWDVLWXDGDHQ VXVSUR[LPLGDGHV(VWDDFWLYLGDGDGTXLULyPiV /DYLOODGH$OEDFHWHSDVyDWHQHUHOWtWXORGHFLXGDGSRU5HDO'HFUHWRGH,VDEHO,,HQ !»/3$%&%22/#!22),%.!,"!#%4% UHDOFHFXDQGRDSDUWLUGHVHWUDVODGyGHÀ QLWLYDPHQWHDODFLXGDGFRQODFRQVWUXFFLyQGHO UHFLQWRTXHPRGLÀFDGRSRVWHULRUPHQWHKDOOH JDGRKDVWDQXHVWURVGtDV !5.!3)45!#)¼.$%%.#25#)*!$! 8QR GH ORV HOHPHQWRV PiV GHVWDFDGRV HQ ODVHOHFFLyQGHODFLXGDGFRPRFDSLWDOIXHVX VLWXDFLyQ GH HQFUXFLMDGD HQWUH OD 0HVHWD \ OD FRVWDPHGLWHUUiQHD\HQHOSDVRGHVGH/HYDQWH KDFLD OD$QGDOXFtD LQWHULRU (Q OD KLVWRULD GH ODHYROXFLyQGHORVWUDQVSRUWHVHQODSURYLQFLD TXHGDFODURTXHORVQ~FOHRVTXHVHEHQHÀFLDURQ GH ODV YtDV GH FRPXQLFDFLyQ GH SULPHU RUGHQ VRQDTXHOORVVLWXDGRVHQHOHMHTXHFRPXQLFD ED0DGULGFRQ/HYDQWH(VWRVHUiWDQWRSDUD OD FDSLWDO FRPR SDUD ORV RWURV DVHQWDPLHQWRV IDYRUHFLGRVSRUHOWUD]DGRGHODVFRPXQLFDFLR QHVXQHOHPHQWRFODYHSDUDVXIXWXURGHVDUUR OORSRVWHULRU &XDQGROOHJDHOIHUURFDUULOODSURYLQFLDHVWi UHFRUULGDSRUXQDPDOODGHFDPLQRV\SRUXQRV SRFRVNLOyPHWURVGHFDUUHWHUDVGHSULPHURUGHQ 'HKHFKRHQODUHGSURYLQFLDOHVWDEDIRU PDGDSRUNLOyPHWURVGHYtDVGHSULPHU RUGHQODFDUUHWHUDGH2FDxD$OLFDQWHVLJXLHQ GRHOWUD\HFWR0LQD\D/D5RGD$OEDFHWH$O PDQVD \$OEDFHWH&DUWDJHQD TXH VDOtD GH OD FLXGDG\VHGLULJtDD0XUFLDSDVDQGRSRU7RED UUD\+HOOtQ $OEDFHWH VH FRQYLHUWH HQ OXJDU GH SDVR GHO IHUURFDUULO DO VLWXDUVH HQ HO HMH UDGLDO TXH FR PXQLFDED 0DGULG FRQ OD FRVWD PHGLWHUUiQHD (O WUD]DGR GH OD SULPHUD OtQHD TXH VH FRQVWUX \H DWUDYHVDED OD SURYLQFLD VLJXLHQGR OD GLUHF FLyQ 1:6( SDUDOHOR D OD FDUUHWHUD H[LVWHQWH GH2FDxD$OLFDQWH(QWUDEDHQODSURYLQFLDSRU 9LOODUUREOHGR\0LQD\D\OOHJDEDKDVWD$OEDFH WH(QVHFRPSOHWyHOWUDPR$OEDFHWH$O PDQVD\HQHOGH$OPDQVD$OLFDQWH\$O PDQVD9DOHQFLD(QVHDxDGHODOtQHDTXH GHVGH&KLQFKLOODVLJXHKDFLDHO6XUHQGLUHFFLyQ D0XUFLD\&DUWDJHQD7DPELpQVXGLVHxRFRQ WLQ~DUHIRU]DQGRHOHMHTXHDWUDYLHVDODSURYLQ FLD GH 1: D 6( \ HV SDUDOHOR D ODV FDUUHWHUDV LPSRUWDQWHV3RUHOFRQWUDULRORVLQWHQWRVSDUD XQLU$QGDOXFtDFRQ/HYDQWHSRU$OEDFHWHFRQ OtQHDV GH IHUURFDUULO FRQ GLUHFFLyQ 6:1( VH TXHGDURQHQSUR\HFWRVVLQUHDOL]DU "5.!3/#)%$!$02%42!.3)#)/.!, 'HVGHHOSXQWRGHYLVWDGHPRJUiÀFRHQHO PRPHQWRGHODOOHJDGDGHOIHUURFDUULO$OEDFHWH HVXQSHTXHxRQ~FOHRFDSLWDOGHXQDSURYLQFLD SRFRSREODGD6HJ~QHOFURQLVWDORFDO6iQFKH] 7RUUHV HQ YLYtDQ HQ$OEDFHWH KD ELWDQWHVGHORVTXHVHORFDOL]DEDQHQHO FDPSR\ODVSHGDQtDVORTXHGDXQWRWDOLQIHULRU DSHUVRQDVHQHOQ~FOHR 7RGRHOFRQMXQWRGHODSURYLQFLDGXUDQWHHO VLJOR;,;WXYRXQOHQWRFUHFLPLHQWRGHPRJUi ÀFRSRUGHEDMRGHODPHGLDGHOSDtV(VWHULWPR IXH DOJR PD\RU GXUDQWH OD VHJXQGD PLWDG GHO VLJORFXDQGRVHDOFDQ]DURQYDORUHVPiVSUy[L PRVDORVQDFLRQDOHVDXQTXHVLHPSUHFRQFLIUDV LQIHULRUHVDHOORV (QHOSHUtRGRGHDVHSURGXMRXQD HWDSD GH DXJH GHPRJUiÀFR HQ OD PD\RU SDU WHGHORVPXQLFLSLRVH[FHSWRHQOD]RQDGHOD VHUUDQtD(Q$OEDFHWHFDSLWDOHVWHFUHFLPLHQWR IXHVXSHULRUDOGHODSURYLQFLD\HQSDUWHVHH[ SOLFDSRUODLQÁXHQFLDTXHWXYLHURQODVREUDVGH FRQVWUXFFLyQGHOIHUURFDUULOODOOHJDGDGHMRUQD OHURV\ODH[SDQVLyQGHORVGLVWLQWRVVHUYLFLRV DGPLQLVWUDWLYRV DXPHQWDQ ORV IXQFLRQDULRV \ HO FRPHUFLR (Q ORV DxRV VLJXLHQWHV GH /XHJRVHFRQVWUXLUiQDORODUJRGHOVLJORRWURVWUDPRVFRPRHOVLWXDGRHQWUHODFDSLWDO\%DOD]RWHHQODUXWDGH$OEDFHWHD-DpQ\RWUR HQWUH$OEDFHWWH\&DVDV,EixH]HQODFDUUHWHUDGH&XHQFD 9pDVH3DQDGHUR&DUORV /DWDVDGHFUHFLPLHQWRDQXDODOFDQ]DHQODFDSLWDOHOPLHQWUDVTXHHQODSURYLQFLDHUDGH'HDODVWDVDVGHV FHQGLHURQDOHQODFLXGDG\DQXDOHQODSURYLQFLD9pDVH3DQDGHUR&DUORV #!2-%.'!2#·!-!24·.%: D GLVPLQX\H HO GLQDPLVPR GHPRJUiÀFR DXQTXHODFLXGDGVLJXLyFUHFLHQGRPiVTXHPX FKDVRWUDV]RQDVGHODSURYLQFLD/DHYROXFLyQ GHODSREODFLyQHQHVWDIDVHVHHQFXHQWUDPX\ OLJDGDDORVDYDQFHVRFULVLVTXHH[SHULPHQWDHO VHFWRUDJUDULRGRPLQDQWH (OSDQRUDPDGHPRJUiÀFRGH$OEDFHWHHVHO SURSLRGHXQDHWDSDSUHWUDQVLFLRQDOFRQHVFDVR FUHFLPLHQWR\FRQÁXFWXDFLRQHVHQORVGLYHUVRV LQGLFDGRUHV GHPRJUiÀFRV /DV WDVDV GH QDWD OLGDG VRQ HOHYDGDV HQ JHQHUDO OD FDSLWDO WLHQH WDVDVGHQDWDOLGDG\PRUWDOLGDGPiVEDMDVTXH ODPHGLDSURYLQFLDODXQTXHKD\H[FHSFLRQHV (OGpELOFUHFLPLHQWRVHGHEHDODDOWDPRUWDOL GDGRFDVLRQDGDSRUODVGHÀFLHQWHVFRQGLFLRQHV KLJLpQLFRVDQLWDULDVODIDOWDGHGLIXVLyQGHORV DYDQFHV PpGLFRV \ ODV SREUHV FRQGLFLRQHV GH YLGD HQ JHQHUDO /DV HSLGHPLDV WXYLHURQ LQFL GHQFLDHQWRGDODSURYLQFLD\WDPELpQHQHOQ~ FOHRXUEDQRHOFyOHUDDIHFWyYDULDVYHFHVHQWUH RWUDVHQ\$HOORVHXQH ODVOODPDGDVFULVLVGHVXEVLVWHQFLDVSURYRFDGDV SRUODHVFDVH]GHDOLPHQWRVTXHFRPRHOFyOHUD IXHURQREVWiFXORVSDUDHOFUHFLPLHQWRGHODSR EODFLyQ(QFXDQWRDODVPLJUDFLRQHVODFLXGDG \DIXQFLRQDFRPRFHQWURUHFHSWRUORTXHPDUFD HOLQLFLRGHXQSURFHVRTXHLUiDFHQWXiQGRVHHQ ODV HWDSDV VLJXLHQWHV \ OOHYDUi D OD SURJUHVLYD FRQFHQWUDFLyQGHODSREODFLyQHQHOQ~FOHR #,!3!#4)6)$!$%3%#/.¼-)#!3%, 02%$/-).)/$%,!!'2)#5,452! (QODVHJXQGDSDUWHGHOVLJOR;,;ODDFWL YLGDG HFRQyPLFD GRPLQDQWH HUD OD DFWLYLGDG DJUDULD FDUDFWHUL]DGD SRU XQRV UDVJRV PX\ WUDGLFLRQDOHV (O PXQLFLSLR GH $OEDFHWH HUD PD\RULWDULDPHQWH GH VHFDQR FRPR OD PD\RU SDUWHGHODSURYLQFLD\ORVFXOWLYRVPiVLPSRU WDQWHVHUDQORVFHUHDOHVWULJRFHEDGD\PDt] 3RU VX FDUiFWHU FRPSOHPHQWDULR GHVWDFDED HO D]DIUiQ\DTXHHQHOWpUPLQRPXQLFLSDOVHHQ FRQWUDEDQDOJXQDVGHODVPD\RUHVH[WHQVLRQHV GHHVWHFXOWLYR /DDJULFXOWXUDHVWDEDSRFRWHFQLÀFDGDDOQR HVWDUGLIXQGLGDVODVPRGHUQDVPDTXLQDULDV\HQ FRQVHFXHQFLD ORV UHQGLPLHQWRV DJUtFRODV HUDQ EDVWDQWHGHÀFLHQWHV7DQWRODDJULFXOWXUDFRPR ODJDQDGHUtDVHFDUDFWHUL]DEDQSRUVXYXOQHUDEL OLGDG\VXIULHURQGLVWLQWRVYDLYHQHVDORODUJRGH ODVHJXQGDHWDSDGHOVLJORGRQGHVHVXFHGLHURQ IDVHV H[SDQVLYDV R GH FUHFLPLHQWR \ RWUDV GH FULVLV 7UDV VX LPSODQWDFLyQ HO IHUURFDUULO VH FRQ YLUWLy HQ HO PHGLR TXH SHUPLWtD GLVWULEXLU ODV SURGXFFLRQHV DJUDULDV KDFLD /HYDQWH \D TXH HQORVPRPHQWRVH[SDQVLYRVGHVGHODFDSLWDOVH H[SRUWDEDQFHUHDOHV\D]DIUiQKDFLD9DOHQFLD\ GHDOOtVHLPSRUWDEDDUUR] (Q$OEDFHWHHODUUDQTXHGHOSURFHVRGHLQ GXVWULDOL]DFLyQIXHPiVWDUGtRTXHHQRWUDV]R QDVGH(VSDxD(VVyORHQODVHJXQGDSDUWHGHO VLJORDSDUWLUGHFXDQGRHPSLH]DDWRPDU LPSXOVR HQ UHODFLyQ FRQ ODV KLGURHOpFWULFDV /D LQIRUPDFLyQ TXH SURSRUFLRQD &DUORV 3DQD GHURVREUHORVVHFWRUHVLQGXVWULDOHVSUHVHQWHVD PLWDGGHVLJORHQODFLXGDGUHFRJHHOQ~PHURGH PDWUtFXODVGHFRQWULEX\HQWHVSDUDHOSDJRGHOD FRQWULEXFLyQLQGXVWULDO\GHFRPHUFLRHQ 6HJ~QHVWDIXHQWHHOSULPHUVHFWRUHQODFLXGDG HVODDOLPHQWDFLyQWLHQHFDVLHOGHWRGDV ODVPDWUtFXODVGRQGHGHVWDFDODIDEULFDFLyQGH SDQ\RWURVDUWtFXORV'HVSXpVHQFRQVRQDQFLD FRQHOWLSRGHHFRQRPtDGRPLQDQWHVLJXHQORV WDOOHUHVGHGLFDGRVDODFRQVWUXFFLyQ\UHSDUDFLyQ GHDSHURVGHODEUDQ]D\FDUURV$GHPiV HQ OD FDSLWDO \D GHVSXQWD HO VHFWRU FXFKLOOHUR ~QLFRHQODSURYLQFLDHQFRQMXQWRHOVHFWRUGH PHWDOXUJLDTXHLQFOX\HWDPELpQODFDOGHUHUtD\ HO WUDEDMR GH ORV KHUUHURV DEDUFD RWUR GH ODV OLFHQFLDV WRWDOHV 2WUDV LQGXVWULDV PiV GL YHUVLÀFDGDV TXH WDPELpQ HVWiQ UHSUHVHQWDGDV VRQORVFXUWLGRVODVDVWUHUtDODPDGHUD\FRQV WUXFFLyQ /DFDUDFWHUL]DFLyQGHODVRFLHGDG\ODHFRQRPtDGHODFLXGDGDÀQDOHVGHVLJORKDVLGRHVWXGLDGDSRU3DQDGHUR&DUORVSS 9pDVH3DQDGHUR&DUORV !»/3$%&%22/#!22),%.!,"!#%4% (QFXDQWRDOFRPHUFLRORPiVVREUHVDOLHQWH HV HO SHVR GH ODV WLHQGDV GH WH[WLOHV HQ OD HV WUXFWXUDFRPHUFLDOGHODFXRWDGHFRQWUL EXFLyQ+D\TXHUHFRUGDUTXHODLQGXVWULDWH[ WLO FDWDODQD VH KDEtD LQWURGXFLGR HQ$OEDFHWH DTXtOOHJDEDQVXVSURGXFWRVSDUDVHUGLVWULEXL GRVDOUHVWRGHODSURYLQFLD(QVHJXQGROXJDU DSDUHFHQORVFRPHUFLDQWHVGHJUDQRVGH OD FXRWD WRWDO VHJXLGRV GH ORV FRPHUFLRV GH FRPHVWLEOHV \ GH ORV WUDWDQWHV GH JD QDGRGHOWRWDOORTXHFRQÀJXUDHOSDQR UDPD GH ORV SULQFLSDOHV VHFWRUHV FRPHUFLDOHV HQ /DHVWUXFWXUDVRFLRSURIHVLRQDOYLHQHDFRP SOHWDUODLPDJHQGHO$OEDFHWHGHPHGLDGRVGHO VLJOR;,;\DGHMDUGHPDQLÀHVWRODGHELOLGDG GHVXLQGXVWULDOL]DFLyQ$SHVDUGHHOORHQDTXHO PRPHQWR OD FDSLWDO FRQFHQWUD HO GH ORV REUHURV X MRUQDOHURV IDEULOHV FHQVDGRV HQ WRGD ODSURYLQFLD/DPD\RUSDUWHWUDEDMDEDQHQSH TXHxRVWDOOHUHVGHGLFDGRVDFXEULUODVQHFHVLGD GHVGHODSREODFLyQ$GHPiVODSHUYLYHQFLDGH OD DUWHVDQtD FRUURERUD OD UHGXFLGD LPSRUWDQFLD GHODVWUDQVIRUPDFLRQHVLQGXVWULDOHV $,!3-%*/2!352"!.!3 (QHOSHUtRGRTXHYDGHDODFLX GDGFRQVROLGDVXSDSHOGHFDEHFHUDGHODRUJD QL]DFLyQDGPLQLVWUDWLYDWHUULWRULDO\DPSOtDVX GRWDFLyQ \ VXV HTXLSDPLHQWRV XUEDQRV FRQ OD PHMRUD GH VXV VHUYLFLRV S~EOLFRV VH LQVWDOD HO DOXPEUDGRS~EOLFRHQVHLQLFLDODLPSODQ WDFLyQ GHO WHOpIRQR D ÀQDOHV GH VLJOR 2WUR LQGLFDGRU GH VX PD\RU FHQWUDOLGDG HV OD DSHU WXUDGHODVXFXUVDOGHO%DQFRGH(VSDxD \ODGHODDGPLQLVWUDFLyQSULQFLSDOGH&RUUHRV $GHPiV DSDUHFHQ GLYHUVRV SHULyGLFRV \VHFUHDQDVRFLDFLRQHVHLQVWLWXFLRQHVTXHDX PHQWDQODRIHUWDGHDFWLYLGDGHVFXOWXUDOHV\GH RFLR7HDWUR&LUFRHQ 5HTXHQD0S ,!02)-%2!0!24%$%, 3)',/88 5.0%2·/$/$%02/'2%3/ %.,!()34/2)!$%,! #)5$!$$%! !%,#2%#)-)%.4/$%-/'2­&)#/ $%")$/!,!).-)'2!#)¼. (Q HO SULPHU WHUFLR GH VLJOR VH SURGXFH HO PD\RUFUHFLPLHQWRGHGHPRJUiÀFRGH$OEDFH WH\DTXHVHLQLFLDODWUDQVLFLyQGHPRJUiÀFDHV GHFLUFRPLHQ]DDGLVPLQXLUODPRUWDOLGDG(VWR VHSURGXFHSRUODJHQHUDOL]DFLyQGHORVSURJUH VRVHQODVFRQGLFLRQHVGHYLGDTXHVHPDQLÀHV WDQ HQ ODV PHMRUDV HQ OD DOLPHQWDFLyQ \ OD KL JLHQHDVtFRPRSRUORVDYDQFHVHQODDVLVWHQFLD PpGLFD7DPELpQHPSLH]DDFRQWURODUVHODPRU WDOLGDGHSLGpPLFDDXQTXHD~QWLHQHLQFLGHQFLD FRPRHQRWURVOXJDUHVODHSLGHPLDGHJULSHGH 0LHQWUDV WDQWR OD QDWDOLGDG HVWDED DOWD ORTXH GDEDOXJDUDXQ FUHFLPLHQWRYHJHWDWLYR PRGHUDGDPHQWHHOHYDGRSRUHQFLPDGHOVH J~Q5HTXHQD$HVWDGLQiPLFDLQWHUQDVHVXPD ORVLPSRUWDQWHVÁXMRVPLJUDWRULRVTXHUHFLEHOD FDSLWDO SURFHGHQWHV HQ JUDQ PHGLGD GH RWURV OXJDUHVGHODSURYLQFLDTXHVHUiQUHVSRQVDEOHV GHODVDOWDVWDVDVGHFUHFLPLHQWRGHHVWDHWDSD (QORVDxRVWUHLQWDVHSURGXFHODPD\RULQPL JUDFLyQGHOSHUtRGR\HQ$OEDFHWHVHFRQWDELOL]D XQDHQWUDGDGHSHUVRQDVHOGHVX SREODFLyQHQ ",!-/$%2.):!#)¼.%#/.¼-)#! $OEDFHWHHQWUDHQHOQXHYRVLJORFRQLPSRU WDQWHVWUDQVIRUPDFLRQHVHQORVVHFWRUHVHFRQy PLFRVORTXHGDOXJDUDXQDHWDSDGHJUDQGL QDPLVPR #!2-%.'!2#·!-!24·.%: 3RUXQODGRVHSURGXFHQFDPELRVHQODDJUL FXOWXUD UHODFLRQDGRV HQWUH RWUDV FRVDV FRQ HO HPSOHRGHODPDTXLQDULDDJUtFROD\FRQODDP SOLDFLyQ GH ODV WLHUUDV FXOWLYDEOHV 3HUR TXL]i OR PiV VLJQLÀFDWLYR VHD HO LPSXOVR LQGXVWULDO FRPHUFLDO\ÀQDQFLHURTXHH[SHULPHQWDODFLX GDG \ TXH SURGXMR HQ SRFR WLHPSR HIHFWRV EDVWDQWH UiSLGRV SHUFLELGRV FODUDPHQWH SRU OD SREODFLyQ /D PRGHUQL]DFLyQ LQGXVWULDO OOHJy JUDFLDV DO GHVDUUROOR GH OD HOHFWULFLGDG FRPR IXHQWH GH HQHUJtD$OEDFHWH IXH XQD GH ODV SULPHUDV FLXGDGHV HQ HPSOHDU OD HOHFWULFLGDG HQ OD YLGD XUEDQD$GHPiVHQHVDpSRFDKDEtDPXFKDVSH TXHxDVHPSUHVDVGHGLFDGDVDHVWDSURGXFFLyQD OR ODUJR GH OD SURYLQFLD$ SULQFLSLRV GH VLJOR HQHOPXQLFLSLRFDSLWDOVHFRQWDELOL]DURQFXDWUR IiEULFDVGHHOHFWULFLGDG/DSRVLELOLGDGGHDEDV WHFLPLHQWRHQHUJpWLFRSHUPLWLySRQHUHQPDUFKD LQGXVWULDVUHODFLRQDGDVFRQODDJULFXOWXUDHOD ERUDFLyQ GH KDULQDV SDVWDV \ FKRFRODWH /DV IiEULFDV GH SURGXFWRV DOLPHQWLFLRV \ RWURV DU WtFXORVGHWUDQVIRUPDFLyQFXFKLOOHUtDFDO]DGR IXHURQODVPiVGHVWDFDGDVHQORVSULPHURVDxRV GHOVLJORHQORVTXHWXYLHURQXQSDSHOVREUHVD OLHQWHODVLQGXVWULDVKDULQHUDV 2WURVHFWRUGHVWDFDEOHHUDODLQGXVWULDFXFKL OOHUD(QODFDSLWDOH[LVWtDQPiVGHFLQFXHQWDIi EULFDV\WDOOHUHVGHGLFDGRVDHVWDDFWLYLGDGTXH HQVXPD\RUtDHUDQGHSHTXHxDVSURSRUFLRQHV \HPSH]DEDQSRFRDSRFRDPHFDQL]DUVH+DFLD ODV LQGXVWULDV FXFKLOOHUDV KDEtDQ FUHFLGR HQ WDPDxR VX SURGXFFLyQ VH KDEtD LQFUHPHQ WDGR\GLYHUVLÀFDGRDOLQFOXLUODIDEULFDFLyQGH WLMHUDV\QDYDMDVGHDIHLWDU 7DPELpQDSULQFLSLRVGHVLJORHOGLQDPLVPR HPSUHVDULDO H LQVWLWXFLRQDO KDFH TXH DXPHQ WH \ VH GLYHUVLÀTXH HO VHFWRU WHUFLDULR 8QD GH VXVPDQLIHVWDFLRQHVHVODFUHDFLyQGHODEDQFD ORFDOFRPRODSULPHUD&DMDGH$KRUURVGH$O EDFHWHTXHDSDUHFHHQRHO%DQFRGH$O EDFHWHTXHLQLFLyVXIXQFLRQDPLHQWRHQ (OIRUWDOHFLPLHQWRGHODDFWLYLGDGÀQDQFLHUDVH UHODFLRQDWDPELpQFRQODLQVWDODFLyQHQODFLX GDGGHEDQFRVGHiPELWRQDFLRQDO (Q FXDQWR DO FRPHUFLR$OEDFHWH \D HV XQD FDSLWDOFRPHUFLDOFRPRGHPXHVWUDODGLYHUVLÀ FDFLyQGHOFRPHUFLRPLQRULVWD\ODLQVWDODFLyQ GHYDULDGRVHVWDEOHFLPLHQWRVPD\RULVWDVHQWUH ORV TXH GHVWDFDQ ORV GHGLFDGRV D OD DOLPHQWD FLyQ \ HO PHWDO HVWRV ~OWLPRV FHQWUDGRV HQ HO DEDVWHFLPLHQWR GH PDTXLQDULDV H LQVWUXPHQWRV SDUDODVH[SORWDFLRQHVDJUtFRODV (Q HO VHFWRU GHO WUDQVSRUWH OD SURYLQFLD VL JXHRUJDQL]iQGRVHFRQODPLVPDUHGGHIHUUR FDUULOTXHKDEtDVLGR FRQVWUXLGDHQODVHJXQGD PLWDGGHO;,;NLOyPHWURV'HORVGLVWLQ WRVSUR\HFWRVGLVHxDGRVHO~QLFRTXHVHLQLFLy IXHHO%DH]D8WLHO3HUPLWtDHQOD]DU$QGDOXFtD FRQ/HYDQWH\VXEVDQDUODVGHÀFLHQFLDVGHODV ]RQDVSHRUFRPXQLFDGDVGHODSURYLQFLDHO1( \HO6:(QFRQWUDVWHFRQHVWRVHDSUHFLDXQ JUDQLPSXOVRDODFRQVWUXFFLyQGHFDUUHWHUDVOR TXHSHUPLWLyPDWL]DUHVWDVGLIHUHQFLDVDXQTXH VHJXtD PDQWHQLpQGRVH HO GHVHTXLOLEULR D IDYRU GHOHMH1:6( #,!#/.3/,)$!#)¼.52"!.! !02).#)0)/3$%,3)',/88 (QODSULPHUDSDUWHGHOVLJORVHSURGXFHOR TXH DOJXQRV KDQ OODPDGR FRPR FRQVROLGDFLyQ XUEDQD/DFLXGDGVHGRWDGHHOHPHQWRVTXHPH 5HTXHQD0 3DQDGHUR&DUORV (VWHFUHFLyEDVWDQWHGXUDQWHODpSRFDGHOD,*XHUUD0XQGLDOSHURORVDxRVSRVWHULRUHVDODFRQWLHQGDIXHURQGLItFLOHV\HQGHV DSDUHFLyDEVRUELGRSRUHO%DQFR&HQWUDO 3DUGR 3DQDGHUR0LJXHOS 5HTXHQD0S <DVHHPSLH]DDKDEODUGHHVWHSUR\HFWRGHVGH(QHPSH]DURQODVREUDVGHVXFRQVWUXFFLyQTXHVHDEDQGRQDURQGHÀQLWLYD PHQWHHQ !»/3$%&%22/#!22),%.!,"!#%4% MRUDQ\PRGHUQL]DQODYLGDGHVXVFLXGDGDQRV ORTXHODGLVWLQJXHGHRWURVQ~FOHRVGHFDUiFWHU UXUDO$VtDSULQFLSLRVGHVLJORVHPHMRUDODHVWD FLyQIHUURYLDULDVHLQDXJXUDHODEDVWHFLPLHQWR GHDJXDSRWDEOH\VHUHDOL]DQREUDVGHDO FDQWDULOODGR7DPELpQVHFRQVWUX\HQHGL ÀFLRVS~EOLFRVFRPRHOPHUFDGRRHOPDWDGHUR \VHLQDXJXUDQLQIUDHVWUXFWXUDVS~EOLFDVDHUy GURPRGH/RV/ODQRVRHO'HSyVLWRGHDJXDGH ODFDOOHGHO6RO $OEDFHWH FUHFH \ DPSOtD VX SHUtPHWUR XUED QR PLHQWUDV TXH HQ HO LQWHULRU HQ ODV FDOOHV SULQFLSDOHV VH FRQVWUX\HQ DOJXQRV GH ORV HGL ÀFLRV PiV VLJQLÀFDWLYRV GH OD FLXGDG FRPR HO FKDOHW)RQWHFKDRHO3DVDMH/RGDUHV/DQHFHVL GDGGHUHJXODUHVWDHYROXFLyQXUEDQDGDOXJDUD ODGHÀQLFLyQGHORVSULPHURVGRFXPHQWRVGHSOD QHDPLHQWR3ODQGH$OLQHDFLRQHVGH\PiV DGHODQWHDGLVHxDUXQSUR\HFWRGHHQVDQFKH3ODQ GH(QVDQFKHGHSDUDRUGHQDUODH[SDQVLyQ GHODFLXGDG/D*XHUUD&LYLOWUXQFDWRGRHOSUR FHVR\\DKDVWDODGpFDGDGHORVVHVHQWDODFLXGDG QRYROYHUiDUHFXSHUDUHOULWPR\HOGLQDPLVPR GHORVDxRVDQWHULRUHVDODJXHUUD ,!%4!0!42!3,!#2)3)3 $%,!'5%22! /DJXHUUDHVXQSHUtRGRGHFULVLVTXHVHPD QLÀHVWDHQWRGRVORVFDPSRV/DSRVJXHUUDIXH WDPELpQPX\GLItFLO'HVGHODWHUPLQDFLyQGHOD JXHUUDKDVWDORVDxRVFLQFXHQWDVHGHVDUUROODOD HWDSDGHODDXWDUTXtDFDUDFWHUL]DGDSRUHOHVWDQ FDPLHQWR HFRQyPLFR /XHJR OD GpFDGD GH ORV FLQFXHQWDHVHOPRPHQWRGHODUHFXSHUDFLyQ\ GHODWUDQVLFLyQDODIDVHVLJXLHQWHTXHVHLQLFLD WUDVHODxRFXDQGRVHSRQHHQPDUFKDHO OODPDGR3ODQGH(VWDELOL]DFLyQ 'HVGH HO SXQWR GH YLVWD GHPRJUiÀFR VH FRPSUXHEDTXHHQODFDSLWDOGHODSURYLQFLDVH 0DJiQ- 3DQDGHUR0LJXHO 3DQDGHUR0LJXHO PDQWLHQHHOFUHFLPLHQWRDXQTXHQRFRQJUDQGHV WDVDV(QUHDOLGDGGXUDQWHODDXWDUTXtDVHSURGX FHHQODFLXGDGXQFLHUWRHVWDQFDPLHQWRGHPR JUiÀFR(QHOUHVWRGHODSURYLQFLDODVLWXDFLyQ HV PiV JUDYH VREUH WRGR D SDUWLU GH \D TXHHVWHFHQVRPDUFDHOFRPLHQ]RGHXQFDPELR GHWHQGHQFLDSURGXFLGRSRUHOp[RGRUXUDOTXH VHPDQLÀHVWDHQODSpUGLGDGHXQDSDUWHLPSRU WDQWHGHODSREODFLyQSURYLQFLDO /DQDWDOLGDGKDEtDLQLFLDGRXQGHVFHQVRGHV GHORVDxRVYHLQWHDXQTXHDSDUWLUGHKD\ XQDUHODWLYDHVWDELOL]DFLyQeVWRFRQMXJDGRFRQ ODEDMDGDGHODPRUWDOLGDGGDUiOXJDUDXQFUHFL PLHQWRQDWXUDOLPSRUWDQWH(Q$OEDFHWHFDSLWDO HVWHFUHFLPLHQWRIXHPD\RUTXHHQODSURYLQFLD GRQGH WDPELpQ VH YH XQD HYROXFLyQ GHO VDOGR QDWXUDOPiVSRVLWLYDD~QTXHHQ(VSDxDSRUTXH ODQDWDOLGDGGLVPLQXtDGHVSDFLR\ODPRUWDOLGDG WDPELpQ HUD PiV EDMD TXH OD QDFLRQDO DO FRQ WUDULR GH OR TXH RFXUULy KDVWD OD JXHUUD FLYLO (VWDGLQiPLFDQDWXUDOSURGXFHXQDSUHVLyQGH PRJUiÀFD HQ XQ PRPHQWR GH WUDQVIRUPDFLyQ VRFLRHFRQyPLFD \ HV XQ HOHPHQWR LPSRUWDQ WH SDUD H[SOLFDU HO SURFHVR HPLJUDWRULR TXH VH GHVHQFDGHQD HQ OD SURYLQFLD /D DFWLYLGDG DJUDULD \D QR SXHGH SURSRUFLRQDU VXÀFLHQWH HPSOHR QL UHQWDV D HVWD SREODFLyQ \ HO H[FH GHQWHGHSREODFLyQDJUtFRODVHFRPSHQVDFRQOD HPLJUDFLyQHQEXVFDGHRSRUWXQLGDGHVHQRWUDV SURYLQFLDVPiVLQGXVWULDOL]DGDV (QHVWDHWDSDVHSURGXFHQFDPELRVVRFLRHFR QyPLFRVVLJQLÀFDWLYRVGHWHUPLQDGRVSRUODSpU GLGDGHLPSRUWDQFLDGHOVHFWRUDJUDULRIUHQWHD ODLQGXVWULD\HOWHUFLDULR(QWRGDODSURYLQFLDVH DSUHFLDODWUDQVIHUHQFLDGHSREODFLyQDFWLYDGHV GHODDJULFXOWXUDDORVVHUYLFLRVPLHQWUDVTXHHQ RWURV OXJDUHV GH (VSDxD WDPELpQ GLVPLQX\H OD DJULFXOWXUDSHURODSREODFLyQVHGHVSOD]DKDFLD ODVDFWLYLGDGHVVHFXQGDULDV(VGHFLUODLQGXV WULDTXHQRKDEtDOOHJDGRDGHVDUUROODUVHPXFKR DQWHVGHODJXHUUDWDPSRFRVHYHUiLPSXOVDGD HQ HVWH PRPHQWR FRQ OR TXH VH YD TXHGDQGR UH]DJDGDFRQUHVSHFWRDRWURVOXJDUHV #!2-%.'!2#·!-!24·.%: (QODFDSLWDOODVDFWLYLGDGHVWHUFLDULDVVHYH UiQDIHFWDGDVGHGLYHUVDPDQHUDGXUDQWHODSRV JXHUUD6HDSUHFLDXQIXHUWHUHWURFHVRHQDOJX QDVUDPDVFRPRHOFRPHUFLRODKRVWHOHUtD\OD UHVWDXUDFLyQ XQ HVWDQFDPLHQWR HQ WUDQVSRUWHV FRPXQLFDFLRQHV\ÀQDQ]DV\XQDFLHUWDH[SDQ VLyQGHORVVHUYLFLRVS~EOLFRVODHGXFDFLyQ\OD VDQLGDG #2%#)-)%.4/52"!./ 942!.3&/2-!#)/.%3 %#/.¼-)#!3$%3$% -/$%2.):!#)¼.9 #2%#)-)%.4/$%! (QHVWDIDVHVHSURGXFHODPRGHUQL]DFLyQGH ODVRFLHGDG\ODHFRQRPtDGH$OEDFHWHWDOFRPR VHPDQLÀHVWDHQORVWUHVFRPSRQHQWHVDQDOL]D GRV6HSXHGHQGLVWLQJXLUGRVFODUDVHWDSDVHQ HVWHSHUtRGR/DSULPHUDSDUWHGHD HV OD HWDSD GHVDUUROOLVWD TXH YLQR VHJXLGD GH XQDIDVHGHUHFHVLyQFRPRFRQVHFXHQFLDGHOD FULVLVHQHUJpWLFDHLQGXVWULDODUDt]GHODVXELGD GHORVSUHFLRVGHOSHWUyOHRGH6LQHPEDU JRQRKDUHPRVLQFLGHQFLDHQORVUDVJRVSHFXOLD UHVGHFDGDXQRGHHVWRVVXESHUtRGRVVLQRTXH PHQFLRQDUHPRVODVFDUDFWHUtVWLFDVJHQHUDOHVGH ORVDxRVTXHWUDQVFXUUHQHQWH\ !,!$)&%2%.#)!#)¼.$%,!%6/,5#)¼. $%-/'2­&)#!$%,!#!0)4!, 3DUD OD FLXGDG GH$OEDFHWH HVWH SHUtRGR VH FDUDFWHUL]D SRU HO FUHFLPLHQWR GHPRJUiÀFR \ SRUODPDUFDGDGLIHUHQFLDFLyQGHVXHYROXFLyQ FRQUHVSHFWRDODGHOUHVWRGHODSURYLQFLD+DVWD VHKDEtDPDQLIHVWDGRXQFUHFLPLHQWRVRV WHQLGRHQDPEDV]RQDVDXQTXHHQODFDSLWDOVH 3DUGRS *DUFtD& DSUHFLDED XQD PD\RU YLWDOLGDG 6LQ HPEDUJR D SDUWLUGHORVFLQFXHQWDODWUD\HFWRULDGHOWpUPLQR GH $OEDFHWH VHJXLUi VLHQGR SRVLWLYD PLHQWUDV TXH HQ OD SURYLQFLD HV QHJDWLYD FRPR FRQVH FXHQFLDGHODHPLJUDFLyQIXHHVWHHOIHQyPHQR PiVLPSRUWDQWHGHHVWDHWDSDVREUHWRGRGHVGH D /D FDSLWDO DO FRQWUDULR IXH FUH FLHQGRHQSDUWHDH[SHQVDVGHOUHVWRGHODSUR YLQFLD (Q HO FDVR GH OD FLXGDG VX HYROXFLyQ VH FRPSDUD FRQ OD QDFLRQDO SRUTXH WLHQH OD PLV PDWHQGHQFLDGHFUHFLPLHQWRVLQSDXVDLQFOXVR FRQ WDVDV PiV DOWDV TXH D QLYHO QDFLRQDO HQ HO SHUtRGRTXHYDGHD$OEDFHWHHVWi FUHFLHQGR \ DPSOtD VX VXHOR HGLÀFDGR DOWHUD VXPRUIRORJtD\WLSRORJtDVFRQVWUXFWLYDVKDVWD HQWRQFHV WRGDYtD FDUDFWHUL]DGDV SRU HOHPHQWRV UXUDOHV (Q GHÀQLWLYD HPSLH]D D DGTXLULU XQ DVSHFWR PiV XUEDQR \ WDPELpQ VH DSUHFLD OD PD\RUFRPSOHMLGDG\HVSHFLDOL]DFLyQLQWHUQDHQ HOQ~FOHR8QHMHPSORGHHOORHVODPD\RUFRQ FHQWUDFLyQGHDFWLYRVGHGLFDGRVDORVVHUYLFLRV HQHOFHQWURPLHQWUDVTXHDOJXQRVEDUULRVPiV SHULIpULFRVHVWiQHVSHFLDOL]DGRVHQDFWLYLGDGLQ GXVWULDOFRPRHOEDUULRGHOD,QGXVWULD(QOD SURYLQFLDSRUHOFRQWUDULRVHDSUHFLDHOp[RGR UXUDO \ HO HQYHMHFLPLHQWR TXH SURYRFy HQ WpU PLQRVJHQHUDOHVDXQTXHDOJXQDV]RQDVPDQWX YLHURQXQDVLWXDFLyQPiVIDYRUDEOHODGLDJRQDO 1:6(GH9LOODUUREOHGRD+HOOtQ\ODGH1: (KDFLD$OPDQVDSDVDQGRSRU$OEDFHWH /D QDWDOLGDG GLVPLQX\H FRPR HQ WRGD OD SREODFLyQHVSDxRODSHURODVWDVDVGHQDWDOLGDG EDMDQPHQRVHQHOFDVRGHODFDSLWDOTXHHQOD SURYLQFLDGRQGHVHGHMDVHQWLUPXFKRORVHIHF WRVGHODHPLJUDFLyQ(QFXDQWRDODPRUWDOLGDG HQ OD FLXGDG VH PDQWLHQH FRQ YDORUHV EDVWDQWH HVWDEOHV \ PRGHUDGRV \ VH DPSOtD OD HVSHUDQ ]DGHYLGDSRUHQFLPDGHORVDxRVPLHQWUDV TXHHQODSURYLQFLDYDQDXPHQWDQGRODVWDVDVGH PRUWDOLGDG SRU HO HQYHMHFLPLHQWR (Q FRQVH FXHQFLDHOFUHFLPLHQWRQDWXUDOHVDOWRHVSHFLDO PHQWHHQHOSHUtRGRGHOGHVDUUROOLVPRORVDxRV !»/3$%&%22/#!22),%.!,"!#%4% 4ASADECRECIMIENTOANUALDELAPOBLACIØN ENELMUNICIPIODE!LBACETE 3REODFLyQ 7&DQXDO )XHQWH,1((ODERUDFLyQSURSLD VHVHQWDFRPRFRQVHFXHQFLDGHODEDMDGDGHOD PRUWDOLGDGDXQTXHTXHGyDOJRPDWL]DGRSRUOD HPLJUDFLyQ "#!2!#4%2·34)#!3%#/.¼-)#!3 ,!%80!.3)¼.$%,/3 3%26)#)/39,!).$5342)! /RV DxRV GHO GHVDUUROOLVPR KDVWD VH FDUDFWHUL]DURQHQWRGRHOSDtVSRUHOFUHFLPLHQWR HFRQyPLFRTXHWDPELpQVHPDQLIHVWyHQQXHVWUD FLXGDGGRQGHDOWLHPSRTXHVHSURGXFHXQJUDQ DXPHQWR GHPRJUiÀFR VH REVHUYD XQD QRWDEOH H[SDQVLyQGHORVVHUYLFLRVFDSLWDOLQRVDVtFRPR GH ODV DFWLYLGDGHV LQGXVWULDOHV 6LQ HPEDUJR WRGDYtDKDVWDODGpFDGDGHORVVHWHQWDXQDSDU WHLPSRUWDQWHGHODSREODFLyQVHRFXSDEDHQOD DJULFXOWXUD PiV GH OD PLWDG GH ORV DFWLYRV HQ ODSURYLQFLD\HQWRUQRDOHQODFLXGDGGH $OEDFHWH HQ FLIUD TXH EDMy DO GLH] DxRV PiV WDUGH 3RU HO FRQWUDULR OD LQGXVWULD HVWDEDSRUGHEDMRGHODPHGLDQDFLRQDO\DTXH PLHQWUDVTXHHOSURFHVRLQGXVWULDOL]DGRUVHKD EtDDFHOHUDGRHQ(VSDxDGHVGHDHQ 3DQDGHUR0LJXHOS *DUFtD& 3DUGR0S $OEDFHWHVHVHJXtDFRQVWDWDQGRHODWUDVRGHHV WDVDFWLYLGDGHV7RGDODSURYLQFLDSUHVHQWDEDXQ GpÀFLWGHHTXLSDPLHQWRLQGXVWULDO(QODFDSLWDO OD SREODFLyQ DFWLYD GHGLFDGD D OD LQGXVWULD HQ HUD HO GHO WRWDO SHUR KD\ TXH UH FRUGDUTXHORVSRUFHQWDMHVHQHOVHFWRUVHFXQGD ULRHVFRQGHQODLPSRUWDQFLDGHODFRQVWUXFFLyQ HQ6LGHVFRQWDPRVODFRQVWUXF FLyQ ORV YDORUHV GHO VHFXQGDULR GLVPLQX\HQ FRQVLGHUDEOHPHQWH 8QKLWRHQODKLVWRULDGHODGLQDPL]DFLyQLQ GXVWULDOGH$OEDFHWHHVODLQLFLDWLYDGH&DPSR OODQR TXH VH SURGXFH HQ XQ PRPHQWR HQ TXH FRQÁX\HQ GLVWLQWRV IDFWRUHV IDYRUDEOHV HQ HVWD HWDSD GH GHVDUUROOR HFRQyPLFR JHQHUDOL]DGR FDPELR GH PHQWDOLGDGHV DFHOHUDFLyQ GHO SUR FHVRGHXUEDQL]DFLyQTXHGHPDQGDQXHYRVHP SOHRV QR SULPDULRV PHMRUD GH OD UHG GH WUDQV SRUWHVEXHQDRIHUWDGHVHUYLFLRV /DLGHDGHDFRQGLFLRQDUSDUDODLQGXVWULDXQ iUHD GH VXHOR U~VWLFR DO H[WHULRU GH OD FLXGDG HVGHÀQDOHVGHORVVHVHQWD(QVHFRQV WLWX\H OD$VRFLDFLyQ 0L[WD GH &RPSHQVDFLyQ FRPSXHVWD SRU YDULDV LQVWLWXFLRQHV FRPR HO $\XQWDPLHQWR OD *HUHQFLD GH 8UEDQLVPR GHO 0LQLVWHULR GH OD 9LYLHQGD \ OD $JUXSDFLyQ 6LQGLFDO GH 3URSLHWDULRV (O VXHOR LQGXVWULDO SUHYLVWRHUDQ+DV$SHVDUGHODVGLÀFXO WDGHV LQLFLDOHV HQ \D VH GHFODUD SRU ÀQ FRPR ]RQD GH SUHIHUHQWH ORFDOL]DFLyQ LQGXV WULDO 3DUD 3DUGR HO 3ROtJRQR &DPSROODQR IXH XQHOHPHQWRIXQGDPHQWDOHQODPRGHUQL]DFLyQ GHOWHUFLDULRGHODFDSLWDO$QWHVGHpOQRVHSR GtDKDEODUGH´WHUFLDUL]DFLyQGHODLQGXVWULDR LQGXVWULDOL]DFLyQGHORVVHUYLFLRVHQODFLXGDG GH$OEDFHWHµ $ORODUJRGHHVWDHWDSDVHDSUHFLDXQDQR WDEOHWUDQVIRUPDFLyQYLVLEOHHQHODXPHQWRGH ODV DFWLYLGDGHV WHUFLDULDV TXH FDGD YH] RFXSDQ PiV SHUVRQDV $ SDUWLU GH ORV DxRV VHWHQWD VH FRQYLHUWH HQ HO VHFWRU PiV LPSRUWDQWH \D TXH HQPiVGHOGHODSREODFLyQDFWLYDGH #!2-%.'!2#·!-!24·.%: ODFLXGDGVHGHGLFDDDFWLYLGDGHVWHUFLDULDV(Q HVWHDVSHFWRWDPELpQVHDSUHFLDXQDGLIHUHQFLD QRWDEOHFRQHOUHVWRGHODSURYLQFLDTXHLEDPiV DWUDVDGDHQHVWHSURFHVR (OFUHFLPLHQWRGHODSREODFLyQPX\LQÁXLGR SRUODLQPLJUDFLyQDVtFRPRHODXPHQWRGHODV UHQWDV WDPELpQ HQ OD SURYLQFLD VRQ ORV IDFWR UHVTXHH[SOLFDQHOGLQDPLVPRGHOWHUFLDULRGH ODFLXGDG$VXYH]ODLQGXVWULDFRODERUyHQOD H[SDQVLyQ GH ODV DFWLYLGDGHV GH VHUYLFLRV 3RU XQODGRSRUTXHHOGHVDUUROORLQGXVWULDOFRQWUL EX\yDHOHYDUODUHQWDSHUFiSLWDGHODFDSLWDO SRURWURSRUTXHODPRGHUQL]DFLyQGHODVLQGXV WULDV UHTXHUtD HO FUHFLPLHQWR \ GLYHUVLÀFDFLyQ GHORVVHUYLFLRVÀQDQFLHURV\QRÀQDQFLHURV WRGDYtDPHQRVGHVDUUROODGRVTXHHQRWUDV]RQDV GH(VSDxD6LQHPEDUJRD~QQRSXHGHFRQVLGH UDUVHTXH$OEDFHWHVHDXQDPRGHUQDFLXGDGGH VHUYLFLRV 8QRGHORVKHFKRVTXHUHÁHMDQODHYROXFLyQ WRGDYtD OHQWD GH OD DFWLYLGDG FRPHUFLDO HV OD LPSODQWDFLyQ GH ORV SULPHURV JUDQGHV DOPDFH QHV)RQWHFKD\&DQR6LPDJR(QGHÀQLWLYD HQHVWRVPRPHQWRV$OEDFHWHFRQVROLGDXQDH[ WHQVD iUHD GH PHUFDGR TXH VXSHUD HO iPELWR SURYLQFLDOSHURFRQXQDOLPLWDGDSRWHQFLDOLGDG GHFRQVXPRDODYH]TXHRUJDQL]DEDHODOPD FHQDMH \ OD FRPHUFLDOL]DFLyQ GH OD SURGXFFLyQ DJURSHFXDULDSURYLQFLDO(OFUHFLPLHQWRGHODV OLFHQFLDV FRPHUFLDOHV GHVGH ORV VHVHQWD D PH GLDGRVGHORVRFKHQWDH[SUHVDELHQODVLWXDFLyQ \DTXHHOLQFUHPHQWRHVPD\RUHQODFDSLWDOTXH HOTXHVHSURGXFHDQLYHOQDFLRQDO\SRUVXSXHV WR SURYLQFLDO SRU GHEDMR GH ODV FLIUDV PHGLDV GHOSDtVHQFODUDFRQVRQDQFLDFRQHODXPHQWR GHVXSREODFLyQ 2WURDVSHFWRGHOLQLFLRGHODPRGHUQL]DFLyQ GHOWHUFLDULRVHPDQLÀHVWDHQODH[SDQVLyQTXH H[SHULPHQWDQ ODV HQWLGDGHV ÀQDQFLHUDV FRQ OD DSDULFLyQ GH DOJXQDV HQWLGDGHV DXWyFWRQDV FUHDFLyQGHOD&DMDGH$KRUURVGH$OEDFHWHHQ \GHOD&DMD5XUDO3URYLQFLDO\HODVHQWD PLHQWRGHGLVWLQWRVEDQFRVGHiPELWRQDFLRQDO (VWRKDFHTXHHQHOSHUtRGRVHSURGX]FDXQDX PHQWRPX\VLJQLÀFDWLYRGHRÀFLQDVEDQFDULDV TXHGHVGHXQDORFDOL]DFLyQWRWDOPHQWHFRQFHQ WUDGD D PHGLDGRV GH ORV VHVHQWD HQ HO FHQWUR XUEDQR SDVDQ D H[WHQGHUVH SRU WRGR HVSDFLR XUEDQR HVSHFLDOPHQWH HQ HO FDVR GH ODV FDMDV GHDKRUURFX\DVSDXWDVGHORFDOL]DFLyQVRQPiV GLVSHUVDVTXHODVGHORVEDQFRV /D FULVLV HFRQyPLFD TXH VH GHVHQFDGHQD WUDV HVWD HWDSD GH FUHFLPLHQWR WLHQH XQ DOFDQ FH JHQHUDO \ FRLQFLGH FRQ OD ´WUDQVLFLyQ D OD PRGHUQLGDGµ/RVDxRVHQWUH\VH FDUDFWHUL]DQ HQ (VSDxD SRU HO FDPELR SROtWLFR \ OD WUDQVLFLyQ D OD GHPRFUDFLD \ SRU OD JUD YHFULVLVHFRQyPLFDLQWHUQDFLRQDOHQHUJpWLFD\ HQFRQVHFXHQFLDLQGXVWULDO(OHPSOHRDJUDULR GLVPLQX\HGUiVWLFDPHQWHHOVHFXQGDULRVHFRQ WUDH PLHQWUDV TXH HO WHUFLDULR VH FRQYLHUWH HQ HOVHFWRUUHIXJLR(OHVWDQFDPLHQWRHFRQyPLFR WDPELpQ VH UHÁHMy HQ OD FLXGDG SHUR OD FULVLV LQGXVWULDOWXYRPHQRVLPSDFWRHQ$OEDFHWHSRU GLYHUVRVPRWLYRVHQWUHORVTXHGHVWDFDODDWR PL]DFLyQ GHO VHFWRU FDUDFWHUL]DGR SRU HPSUH VDVSHTXHxRWDPDxR\FDUiFWHUIDPLOLDU #%80!.3)¼.9$)&%2%.#)!#)¼. $%,!#)5$!$ (VWDHWDSDVHFDUDFWHUL]DSRUHOFUHFLPLHQWR XUEDQR /D FLXGDG VH H[WLHQGH SRU HO HVSDFLR \VHWUDQVIRUPDDGTXLULHQGRXQDVSHFWR´PiV XUEDQRµ (O UHVXOWDGR GH OD LQWHQVD DFWLYLGDG HGLÀFDWRULD GH HVWRV DxRV VH DSUHFLD HQ OD DSDULFLyQ GH EORTXHV GH YLYLHQGDV HQ DOWXUD GH WLSRORJtDV PiV PRGHUQDV 'HVGH ORV DxRV 3DUGR0S 3DQDGHUR0LJXHOS 'HKHFKRHQODWDVDGHHTXLSDPLHQWRQ~PHURGHOLFHQFLDVFRPHUFLDOHVSRUPLOKDELWDQWHVHUDPX\SDUHFLGDHQ(VSDxD\HQ ODFDSLWDO\DTXHODSREODFLyQFUHFLyDEXHQULWPRPLHQWUDVTXHODVOLFHQFLDVFRPHUFLDOHVORKLFLHURQPiVGHVSDFLR9pDVH*DUFtD& S *DUFtD& 3DUGR0 !»/3$%&%22/#!22),%.!,"!#%4% VHWHQWD VH DSUHFLD \D XQD FLHUWD VHJUHJDFLyQ VRFLRHVSDFLDO \ OD DSDULFLyQ GH XQD SHULIHULD XUEDQD PiV DOOi GHO FDVFR FRQVROLGDGR GRQ GHVHLQVWDODODSREODFLyQFRQPHQRVUHFXUVRV ELHQHQSROtJRQRVGHYLYLHQGDVS~EOLFDVRELHQ HQXQWHMLGRXUEDQRVXUJLGRGHIRUPDHVSRQWi QHD$OPLVPRWLHPSRHOLQWHULRUGHOQ~FOHR SDVD SRU DOJXQRV SURFHVRV GH UHQRYDFLyQ XU EDQD PiV R PHQRV DIRUWXQDGRV FRQVWUXFFLyQ GH 9LOODFHUUDGD (QWUH ODV PHMRUDV XUEDQDV VREUHVDOH HO FXEULPLHQWR GHO &DQDO GH 0DUtD &ULVWLQDRODSXHVWDHQPDUFKDGHODHVWDFLyQ GHSXUDGRUDGHDJXDV /D FLXGDG H[SHULPHQWD DYDQFHV HQ HO VHF WRUGHWUDQVSRUWHV\FRPXQLFDFLRQHV$VtGHV WDFD OD FRQVWUXFFLyQ GH OD QXHYD HVWDFLyQ GH IHUURFDUULO FX\R WUDVODGR HQ GDUi OXJDU DXQDQXHYDiUHDGHH[SDQVLyQXUEDQDODLQ DXJXUDFLyQGHODHVWDFLyQGHDXWREXVHVODLP SODQWDFLyQGHOVHUYLFLRLQWHUFLW\HQWUH0DGULG $OEDFHWH \ 9DOHQFLD OD PHMRUD GH ODV FRPX QLFDFLRQHV WHOHIyQLFDV OD SHQHWUDFLyQ GH ODV HPLVRUDVGHUDGLR (QFXDQWRDORVVHUYLFLRVS~EOLFRVGHVWDFD HO DXPHQWR \ GLYHUVLÀFDFLyQ GH DOJXQRV UHOD FLRQDGRV FRQ OD HGXFDFLyQ $Vt VH SURGXFHQ DYDQFHV VXVWDQFLDOHV HQ ODV HQVHxDQ]DV PH GLDV \ VXSHULRUHV FRQ OD DSHUWXUD GH QXHYRV LQVWLWXWRVODFUHDFLyQGHO&HQWUR5HJLRQDOGH OD81('HQRODDSDULFLyQGHVGH GH GLYHUVDV (VFXHODV GHSHQGLHQWHV GH OD 8QL YHUVLGDGGH0XUFLD6LQHPEDUJRHOSDVRGH ÀQLWLYR VH SURGXFLUi D SDUWLU GH FXDQGR VH FUHD SRU OH\ OD 8QLYHUVLGDG GH &DVWLOOD/D 0DQFKD TXH HPSLH]D D IXQFLRQDU HQ \ TXHVHUiXQHOHPHQWRIXQGDPHQWDOHQODHWDSD VLJXLHQWH 2WURVVHUYLFLRVFXOWXUDOHV\GHSRUWLYRVWDP ELpQUHQDFHQORTXHVHPDQLÀHVWDHQODPHMRUD GHHTXLSDPLHQWRVGHSRUWLYRV&DUORV%HOPRQ WH OD DSDULFLyQ GH ELEOLRWHFDV R GH UHYLVWDV HVSHFLDOL]DGDVHQWHPDVORFDOHV$O%DVLW *DUFtD&S 3DUGR0 3DUGR0 $%!,-/-%.4/!#45!, !,"!#%4%#/.4%-0/2­.%/ /D HWDSD DFWXDO VH LQLFLD HQ HO DxR PRPHQWRHQTXHVH SURGXFHODFRQÁXHQFLDGH GLVWLQWRV KHFKRV GH LPSRUWDQWHV UHSHUFXVLRQHV SDUDFDPELDUHOFRQWH[WRVRFLRSROtWLFRJHQHUDO \ORFDO(VWHDxRVXSRQHHOFLHUUHGHXQDHWDSD SDUDWRGRHOFRQMXQWRQDFLRQDOSRUTXHVHSURGX FHODLQWHJUDFLyQHQODV&RPXQLGDGHV(XURSHDV DKRUDOD8QLyQ(XURSHD$GHPiVVHSRQHHQ PDUFKDOD&RPXQLGDG$XWyQRPDGH&DVWLOOD/D 0DQFKDORTXHVXSRQHXQQXHYRPDUFRSROtWLFR DGPLQLVWUDWLYR 6L ELHQ OD FDSLWDO UHJLRQDO HVWi HQ 7ROHGR OD DGPLQLVWUDFLyQ UHJLRQDO LUi FUH FLHQGR\GHVFHQWUDOL]iQGRVHFRQHOWUDVODGRGH IXQFLRQHVDODV'HOHJDFLRQHV3URYLQFLDOHVTXH HVWiQHQGLVWLQWDVFDSLWDOHV 2WUR KHFKR VLJQLÀFDWLYR HV OD FRQVWUXFFLyQ \ GHVDUUROOR GHO &DPSXV GH $OEDFHWH GH OD 8&/0'HVGHHQWRQFHVKDFUHFLGRHQQ~PHUR GHHVWXGLDQWHVSURIHVRUHV\GLVFLSOLQDVLPSDU WLGDV+DLQÁXLGRHQTXHPHMRUH\VHDPSOtHOD RIHUWDWHUFLDULDGHODFDSLWDOGDQGRLPSXOVRDOD DFWLYLGDGFRPHUFLDOUHFUHDWLYD\FXOWXUDOGHOD FLXGDG /DV UHODFLRQHVFRQ ODV HPSUHVDV \ OD FUHFLHQWHHVSHFLDOL]DFLyQKDFHQTXHVHFRQYLHU WDHQXQIDFWRUGHGHVDUUROOR !5.!$%-/'2!&·!0/342!.3)#)/.!, /DHWDSDDFWXDOVHFDUDFWHUL]DSRUSUHVHQWDU XQDGHPRJUDItDSRVWUDQVLFLRQDO(OFDPELRGH PRJUiÀFRLQLFLDGR\DDSULQFLSLRVGHVLJORVH FXOPLQDHQODGpFDGDGHORVQRYHQWDPRPHQWR DSDUWLUGHOFXDOORVUDVJRVGHPRJUiÀFRVGH$O EDFHWH VRQ VLPLODUHV D ORV GH RWUDV VRFLHGDGHV GHVDUUROODGDV 6H WUDWD GH XQD HWDSD GH HVFDVR FUHFLPLHQWR(OVDOGRQDWXUDOHVPtQLPRFRPR FRQVHFXHQFLDGHOGHVFHQVRDQLYHOHVtQÀPRVGH ODQDWDOLGDG\IHFXQGLGDGDVtFRPRGHOFRQWURO #!2-%.'!2#·!-!24·.%: .ÞCLEOSDEPOBLACIØNYREDDETRANSPORTESEN!LBACETE )XHQWH,1((ODERUDFLyQSURSLD GHODPRUWDOLGDG\HODODUJDPLHQWRGHODHVSHUDQ ]DGHYLGDDHGDGHVFDGDYH]PiVWDUGtDV(VWR VH WUDGXFH HQ XQD WHQGHQFLD DO HQYHMHFLPLHQWR GHODSREODFLyQPX\YLVLEOHHQODV]RQDVUXUD OHVGHODSURYLQFLDDIHFWDGDVSRUODHPLJUDFLyQ (QODFDSLWDOVLELHQD~QQRHVWDQPDQLÀHVWRVt HVSUHYLVLEOHTXHHQORVSUy[LPRVDxRVVHDFH OHUHFXDQGRYD\DHQWUDQGRHQHGDGHVFDGDYH] PiVPDGXUDVODSREODFLyQTXHQDFLyKDVWDPH GLDGRVGHORVVHWHQWD(OSDQRUDPDVHFRPSOHWD FRQODDSDULFLyQGHXQHOHPHQWRQXHYRFRP~Q DO UHVWR GHO SDtV TXH D SDUWLU GH PHGLDGRV GH ORVRFKHQWDFDPELDHOVLJQRPLJUDWRULRTXHOR KDEtDFDUDFWHUL]DGRHQODKLVWRULDUHFLHQWHSDUD FRQYHUWLUVH HQ XQ SDtV GH LQPLJUDFLyQ (VWH SURFHVR VH DFHOHUD GHVGH PHGLDGRV GH ORV QR YHQWDFXDQGRODSREODFLyQH[WUDQMHUDHPSLH]D DOOHJDUPiVPDVLYDPHQWH\VHH[WLHQGHSRUGL YHUVRVOXJDUHVPiVDOOiGHODV]RQDVFRVWHUDVR ODVSULQFLSDOHVFLXGDGHVFRQORTXHWDPELpQODV ]RQDV LQWHULRUHV HPSLH]DQ D UHFLELU LQPLJUDQ WHV/DFLXGDGVHFRQYLHUWHHQOXJDUGHDFRJLGD GHXQDSREODFLyQMRYHQHQHGDGHVSURGXFWLYDV HQVXPD\RUtDHQWUH\DxRVSURFHGHQWHV GH GLVWLQWRV OXJDUHV $PpULFD GHO 6XU (XURSD 2ULHQWDOSDtVHVDIULFDQRV6XLQFLGHQFLDHQOD HFRQRPtD \ HQ OD GHPRJUDItD ORFDO VH YHUi HQ ORVSUy[LPRVDxRVSHURVtSXHGHKDEODUVH\DGH ODQHFHVLGDGGHDGDSWDUQRVDXQDQXHYDVRFLH GDGLQWHUFXOWXUDOGHPD\RUFRPSOHMLGDG "#!2!#4%2·34)#!3 3/#)%#/.¼-)#!3,!!-0,)!#)¼.9 $)6%23)&)#!#)¼.$%,/33%26)#)/3 $ODQDOL]DUODFRPSRVLFLyQGHODSREODFLyQ DFWLYDHQODHWDSDFRQWHPSRUiQHD\DQRTXHGD GXGDGHTXHODFLXGDGHVEiVLFDPHQWHXQDFLX GDGGHVHUYLFLRV\GHTXHVHKDFRQVROLGDGROD WHQGHQFLDLQLFLDGDHQHOSHUtRGRDQWHULRU\WHU !»/3$%&%22/#!22),%.!,"!#%4% PLQDGRHOSDVRGHXQDVRFLHGDGDJUDULDDRWUD GH VHUYLFLRV HQ FRQVRQDQFLD FRQ OD HYROXFLyQ JHQHUDODQLYHOQDFLRQDO /RVFDPELRVHQODSREODFLyQDFWLYDVRQVLJ QLÀFDWLYRV'HKHFKRODYDULDFLyQGHODRULHQ WDFLyQ SURGXFWLYD HV XQR GH ORV DVSHFWRV PiV VLJQLÀFDWLYRV GHQWUR GH WRGD OD UHG XUEDQD UH JLRQDO\TXHPiVFRQVHFXHQFLDVKDWHQLGR(Q HO FDVR GH$OEDFHWH KD SDVDGR GH WHQHU HO GHSREODFLyQDJUDULDHQDXQHQ XQDFLIUDPiVHQFRQVRQDQFLDFRQORVUDVJRVVR FLRHFRQyPLFRVPRGHUQRV (Q FXDQWR D OD LQGXVWULD HO SRUFHQWDMH SDVD FDVLGHOHQORTXHLQFOX\HDFWLYLGD GHVLQGXVWULDOHVSURSLDPHQWHGLFKDV\WDPELpQ ODFRQVWUXFFLyQDYDORUHVGHOYHLQWHDxRV PiVWDUGHGHHVWDFLIUDODSREODFLyQDFWLYDTXH WUDEDMDHQODLQGXVWULDHQVHQWLGRHVWULFWRHVXQ /RV DFWLYRV LQGXVWULDOHV YLHQHQ GHVFHQ GLHQGRGHVGHORVDxRVVHWHQWD$SHVDUGHHOOR HOSDSHOLQGXVWULDOGHODFDSLWDOVHPDQWLHQHVR EUHWRGRVLVHFRPSDUDFRQRWUDVFDSLWDOHVUHJLR QDOHVGRQGHODHVSHFLDOL]DFLyQWHUFLDULDD~QHV PD\RU\ODSUHVHQFLDGHODVDFWLYLGDGHVVHFXQ GDULDVPiVUHGXFLGD /DVFODYHVGHSURFHVRGHWHUFLDUL]DFLyQGHOD FLXGDGGH$OEDFHWHVRQODFDSLWDOLGDGTXHKDFH TXHVHORFDOLFHQHQHOODGHWHUPLQDGRVWLSRVGH DFWLYLGDGHVHFRQyPLFDV\TXHVHFRQFHQWUHXQ YROXPHQLPSRUWDQWHGHODSREODFLyQ\HOVHFWRU S~EOLFRHQSDUWHWDPELpQHQUHODFLyQFRQVXSR VLFLyQFRPRFDSLWDO 'HVGHHOSXQWRGHYLVWDFRPHUFLDOHOFRPHU FLRGHODFLXGDGVHKDWUDQVIRUPDGR\PRGHUQL ]DGRFRQODDSHUWXUDGHODVJUDQGHVVXSHUÀFLHV HOSULPHUKLSHUPHUFDGRVHLQDXJXUDHQORVDxRV QRYHQWD\ODDGDSWDFLyQGHOFRPHUFLRPLQRULV WDDODVQXHYDVIyUPXODVFRPHUFLDOHVDXWRVHU YLFLR7RGDYtDDPHGLDGRVGHOD~OWLPDGpFDGD GHOVLJOR;;ODHVWUXFWXUDGHODFLXGDGHUDFODUD 3DQDGHUR0*DUFtD&\&DxL]DUHV0& *DUFtD& 3DUGR0S PHQWHGXDOSRUODSHUVLVWHQFLDHVWDEOHFLPLHQWRV FRPHUFLDOHV WUDGLFLRQDOHV \ GH RWURV PiV PR GHUQRV(QORVDxRVWUDQVFXUULGRVGHVGHHQWRQ FHVODVLWXDFLyQKDFDPELDGRPXFKR /D RIHUWD KRWHOHUD \ GH UHVWDXUDFLyQ KD DX PHQWDGRHQFRQVRQDQFLDFRQHOFUHFLPLHQWRGHOD FLXGDGDXQTXHOLPLWDGDSRUHOKHFKRGHGHELOL GDGGHOVHFWRUWXUtVWLFRGH$OEDFHWHORTXHLPSOL FDTXHODGHPDQGDGHHVWRVHVWDEOHFLPLHQWRVVHD PX\FR\XQWXUDO\UHODFLRQDGDFRQHYHQWRVHVSR UiGLFRVIHULDDFRQWHFLPLHQWRVGHSRUWLYRV 7DPELpQ FRQWLQ~D HO GLQDPLVPR GHO VHFWRU ÀQDQFLHUROD&DMDGH&DVWLOOD/D0DQFKDVXUJH HQGHODIXVLyQGHWRGDVODVFDMDVGHDKR UURV GH OD UHJLyQ H[FHSWR OD GH *XDGDODMDUD \ VH KDQ VHJXLGR H[SDQVLRQDQGR ORV VHUYLFLRV S~EOLFRV$OJXQRVGHORVVHUYLFLRVGHSHQGLHQWHV GHODDGPLQLVWUDFLyQORFDOFRPRORVUHODFLRQD GRV FRQ OD FXOWXUD R HO GHSRUWH KDQ PHMRUDGR QRWDEOHPHQWH OR TXH WLHQH VX UHÁHMR HQ OD GL YHUVLGDG\FDOLGDGGHODRIHUWDGHDFWLYLGDGHVGH HVWHWLSRTXHVHHQFXHQWUDHQODFLXGDGRHQHO IXQFLRQDPLHQWRGH&XOWXUDO$OEDFHWH (ODQiOLVLVGHODFRQFHQWUDFLyQGHVHUYLFLRV HQODFDSLWDOUHDOL]DGRSRU3DUGRFRQFOX\HTXH ODVDFWLYLGDGHVWHUFLDULDVPiVSRODUL]DGDVHQOD FDSLWDOVRQHQJHQHUDODTXHOODVGHPD\RUQLYHO \HVSHFLDOL]DFLyQ$VtGHVWDFDQODVDFWLYLGDGHV GHUHFXSHUDFLyQHOFRPHUFLRPD\RULVWDH[FHS WR HQ PDWHULDV SULPDV \ DOLPHQWRV \ HQ FXHUR \FDO]DGRHOFRPHUFLRPLQRULVWDHVSHFLDOL]DGR SHUIXPHUtD YHQWD YHKtFXORV JUDQGHV VXSHUÀ FLHVORVVHUYLFLRVDQH[RVDOWUDQVSRUWH\FRPX QLFDFLRQHVFRPRDJHQFLDVGHYLDMHDOTXLOHUGH YHKtFXORV \ ORV LQWHUPHGLDULRV ÀQDQFLHURV VHJXURV (Q HGXFDFLyQ \ VHUYLFLRV VDQLWD ULRVUHFUHDWLYRV\FXOWXUDOHVVHREVHUYDODPLV PDWHQGHQFLD 'HVGH HO SXQWR GH YLVWD GH ORV WUDQVSRU WHV OD FRQYHUVLyQ GH DOJXQDV GH ODV FDUUHWHUDV #!2-%.'!2#·!-!24·.%: SULQFLSDOHV HQ DXWRYtDV KD PHMRUDGR OD UHG GH FLUFXODFLyQDXQTXHVLHPSUHGHQWURGHOPLVPR HVTXHPD GHÀQLGR KDFH VLJOR \ PHGLR 6H KDQ IDFLOLWDGR ODV FRQH[LRQHV \ DFFHVRV GHO Q~FOHR XUEDQR FRQ HVD UHG GH FDUUHWHUDV JUDFLDV D ODV YDULDQWHVFRQVWUXLGDVUHFLHQWHPHQWH(QFXDQWR DOIHUURFDUULOHQORV~OWLPRVDxRVVyORGHVWDFD ODYDULDFLyQTXHHOQXHYRWUD]DGRGHO$9(KDFLD /HYDQWHLQWURGXFLUiSDUDODFLXGDGSXHVWRTXH DXQTXHKDVLGRLQFOXLGDHQHOQXHYRGLVHxR\D QR TXHGD HQ HO HMH GHO WUD]DGR SULQFLSDO KDFLD 9DOHQFLD/D~OWLPDQRYHGDGODKDLQWURGXFLGR HOLQLFLRGHOIXQFLRQDPLHQWRGHOWUDQVSRUWHDp UHRGHYLDMHURVFRQODFUHDFLyQGHXQDWHUPLQDO FLYLOHQHODHURSXHUWRGH/RV/ODQRV #%,#2%#)-)%.4/52"!./0,!.)&)#!$/ (QVHDSUREyGHÀQLWLYDPHQWHXQQXHYR 3ODQ *HQHUDO GH 2UGHQDFLyQ 8UEDQD GHVSXpV GH FLQFR DxRV GH WUDEDMRV (Q OD HYROXFLyQ GH OD FLXGDG PDUFD XQ PRPHQWR FODYH \D TXH D SDUWLU GH OD FLXGDG H[LVWHQWH TXLHUH RUGHQDU HO FUHFLPLHQWRXUEDQRKDFLDHO6XUDVtFRPRLQWH JUDUORVEDUULRV\DVHQWDPLHQWRVTXHHVWDEDQ\D HVWDEOHFLGRVPiVDOOiGHODFDUUHWHUDGHFLUFXQ YDODFLyQ/DXELFDFLyQHQHVWD]RQDPHULGLRQDO GHHTXLSDPLHQWRVGHVHUYLFLRVFRPROD]RQDGHO &DPSXV8QLYHUVLWDULRRODLQVWDODFLyQGH]RQDV FRPHUFLDOHV\HOFUHFLPLHQWRUHVLGHQFLDOHQIRU PDGHXQLIDPLOLDUHVKDQPDUFDGRODHYROXFLyQ UHFLHQWHGHHVWD]RQDGHH[SDQVLyQXUEDQDFX\D ÀVRQRPtDKDFDPELDGRQRWDEOHPHQWHHQORV~O WLPRV YHLQWH DxRV$ SDUWLU GH XQ QXHYR GRFXPHQWRXUEDQtVWLFRSHUPLWLUiKDFHUIUHQWHD ORVUHWRVGHRUGHQDFLyQGHVXFUHFLPLHQWR 2WURV HOHPHQWRV D WHQHU HQ FXHQWD VRQ ODV PHMRUDV HQ HTXLSDPLHQWRV GH VHUYLFLRV VDQL WDULRVFRQODDSHUWXUDGHOKRVSLWDOJHQHUDOKR\ KRVSLWDOXQLYHUVLWDULRJHQHUDO\HGXFDWLYRVFRQ ODFRQVWUXFFLyQGHO&DPSXVGHVGH/DLQ WURGXFFLyQGHODQXHYDVWHFQRORJtDVHQODFRPX QLFDFLyQ\ODLQIRUPDFLyQDWUDYpVGHOFDEOHOD GLIXVLyQGH,QWHUQHWVRQWDPELpQLQGLFDGRUHV GHPRGHUQLGDG 3RURWUDSDUWHWUDVGLYHUVDVHWDSDVHQODVTXH QRVHKDQYDORUDGRORVHOHPHQWRVKLVWyULFRVGH ODFLXGDGTXHHQHOPRPHQWRDFWXDOVHYHFDVL GHVSURYLVWDGHHOORVVHDEUHXQSHUtRGRTXHYH ODUHFXSHUDFLyQ\UHKDELOLWDFLyQGHDOJXQRVHGL ÀFLRV VLJQLÀFDWLYRV SDUD OD YLGD ORFDO 7HDWUR &LUFR)iEULFDGHKDULQDVRPiVUHFLHQWHPHQWH ODDGHFXDFLyQGHODFDVDGH+RUWHODQRSDUD0X VHRGHOD&XFKLOOHUtDGDQGROXJDUDXQHMHUFL FLRGHUHFXSHUDFLyQGHODPHPRULDKLVWyULFD $!,'5./3$%,/32%4/3$%,!#)5$!$ /D FLXGDG KD HYROXFLRQDGR PXFKR GHVGH TXHHQHO0DUTXpVGH6DODPDQFDLQDXJX UyODSULPHUDOtQHDGHIHUURFDUULO+DSDVDGRGH VHUXQSHTXHxRQ~FOHRGHSRFRPiVGH YHFLQRVDXQDFDSLWDOGHPiVGHKDEL WDQWHVTXHFDGDYH]VHH[WLHQGHPiVSRUHOWH UULWRULR'XUDQWHHVWHWLHPSRVHKDSURGXFLGROD WUDQVIRUPDFLyQGHVGHXQDVRFLHGDGDJUDULDDWUD VDGD D RWUD PiV PRGHUQD \ SOXUDO FODUDPHQWH WHUFLDUL]DGD (VWD KD VLGR OD HYROXFLyQ FRP~Q DOFRQMXQWRGHODVRFLHGDGHVSDxROD'HKHFKR HO UHFRQRFLPLHQWR GH ODV WUDQVIRUPDFLRQHV H[ SHULPHQWDGDV QR SXHGH KDFHUQRV ROYLGDU TXH WRGDYtD SXHGH DSUHFLDUVH XQ FLHUWR DWUDVR FRQ UHVSHFWRDRWUDVFLXGDGHVHVSDxRODVGHVLPLODUHV FDUDFWHUtVWLFDV(QHOPRPHQWRDFWXDOVHSXHGHQ LGHQWLÀFDU DOJXQRV GH ORV UHWRV GHPRJUiÀFRV XUEDQtVWLFRV\HFRQyPLFRVDORVTXHVHHQIUHQWD ODFLXGDGSDUDHOIXWXUR 'HVGHHOSXQWRGHYLVWDGHPRJUiÀFRVXVL WXDFLyQHVSDUHFLGDDODGHRWUDViUHDVXUEDQDV HQ OD (VSDxD LQWHULRU$OEDFHWH WLHQH XQD SR EODFLyQPRGHUQDGHPRJUiÀFDPHQWHKDEODQGR ORTXHVXSRQHTXHHOGpELOFUHFLPLHQWR\HOHQ YHMHFLPLHQWR VLJQR LQHTXtYRFR GH GHVDUUROOR \ GH PHMRUHV FRQGLFLRQHV GH YLGD PDUFDUiQ ORV DxRV IXWXURV /D OOHJDGD GH MRYHQ SREOD FLyQH[WUDQMHUDLQPLJUDQWHWHQGUiVXLQÁXHQFLD HQHOPXQGRODERUDO\VRFLDO\HOUHWRHVWiHQ GHVDUUROODUXQDVRFLHGDGLQWHUFXOWXUDOTXHQRV SHUPLWDXQDFRQYLYHQFLDDUPyQLFD\HQULTXH FHGRUD !»/3$%&%22/#!22),%.!,"!#%4% (Q FXDQWR DO DVSHFWR XUEDQR OD FLXGDG VH SHUFLEH FRPR XQ Q~FOHR FRQJHVWLRQDGR FRQ VHULRVSUREOHPDVHQODFDOLGDGDPELHQWDOGHVX HVSDFLR XUEDQR SUREOHPDV GH WUiÀFR UXLGR LQVXÀFLHQFLD GH ]RQDV YHUGHV 'HVSURYLVWD GHHOHPHQWRVDUWtVWLFRVVLJQLÀFDWLYRVDORODU JRGHVXKLVWRULDVHKDDSUHFLDGRXQDIDOWDGH VHQVLELOLGDGHQFXDQWRDODVDOYDJXDUGDGHVX SDWULPRQLRKLVWyULFR/DLQWHQVDDFWLYLGDGHGL ÀFDWRULDTXHVHREVHUYDDSULQFLSLRVGHOVLJOR ;;,SXHGHYHUVHFRPRDOJRSRVLWLYRDXQTXH HQ RFDVLRQHV QR SDUHFH TXH YD\D D PHMRUDU OD LPDJHQ \ OD YLGD XUEDQD (O UHWR GH IXWXUR HVWULED HQ FUHDU ODV FRQGLFLRQHV XUEDQtVWLFDV DSURSLDGDV SDUD SDVDU GH VHU XQ HVSDFLR GHV SHUVRQDOL]DGR\GHQVRDXQDFLXGDGPRGHUQD FRQWRGDVODVYHQWDMDVTXHHOORWUDHDVRFLDGR HQPHGLRGHODOODQXUDDELHUWDVLQOtPLWHTXH ODDFRJH $OEDFHWH TXH DKRUD SDUHFH FDUHQWH GH XQ PRGHORGHÀQLGRGHIXQFLyQGHQWURGHOVLVWHPD XUEDQR HVSDxRO SHUWHQHFH DO FRQMXQWR GH ODV FLXGDGHVPHGLDVSRUVXWDPDxR\GHEHSODQ WHDUVHVXFDSDFLGDGSDUDUHDOL]DUXQDIXQFLyQ GHLQWHUPHGLDFLyQ(VGHFLUSDUDGHVHPSHxDU XQSDSHOLQWHUPHGLDULRHQWUHVXHQWRUQR\ORV VLJXLHQWHVHVFDORQHVGHODMHUDUTXtDXUEDQD\ SDUD SURPRYHU \ GLIXQGLU HO FUHFLPLHQWR HQ HVWHHQWRUQR3DUDHOORSUHFLVDGLVSRQHUGHVX ÀFLHQWHV HOHPHQWRV DWUDFWLYRV HQ FXDQWR D VX RIHUWD HFRQyPLFD LQGXVWULDO R GH VHUYLFLRV (OPRGHORDFWXDOHVWiPX\FRQGLFLRQDGRSRU HOFUHFLPLHQWRGHVHFWRUHVSXQWHURVWDQWRLQ GXVWULDOHV FRPR GH VHUYLFLRV DYDQ]DGRV SRU ODUHODFLyQFRQRWUDViUHDVXUEDQDVJUDQGHV\ SRUODSRVLFLyQHQODQXHYDUHGGHFRPXQLFD FLRQHV(OUHWRSDUDODFLXGDGSXHGHFRQVLVWLU HQURPSHUFRQODLQHUFLDGHPDQWHQHUXQDHV SHFLDOL]DFLyQWHUFLDULDEDVDGDHQODSHUVLVWHQ FLDGHVHUYLFLRVWUDGLFLRQDOHVEiVLFRVFHQWUD GRVHQHODEDVWHFLPLHQWRGHVXiUHDFRPHUFLDO \ SUHJXQWDUVH SRU ORV VHFWRUHV TXH FXHQWDQ FRQ PiV JDUDQWtDV GH GHVDUUROOR IXWXUR (Q HVWHVHQWLGRGHVWDFDQORVVHUYLFLRVDYDQ]DGRV H LQQRYDGRUHV ODV DFWLYLGDGHV GH LUUDGLDFLyQ FXOWXUDO GH FRPXQLFDFLyQ H LQIRUPDFLyQ GH LQYHVWLJDFLyQ (YLGHQWHPHQWH ODV LGHDV HVER]DGDV UHTXLH UHQ GH DQiOLVLV PiV SURIXQGR 6H KD DYDQ]DGR PXFKR \ HV MXVWR UHFRQRFHU ORV HVIXHU]RV UHD OL]DGRV(QHOPRPHQWRDFWXDOFRQXQDVFRQGL FLRQHVGHPD\RUGHVDUUROORHFRQyPLFR\FRQOD SUHVHQFLDGHUHFXUVRVKXPDQRVPiVSUHSDUDGRV VHGDQXQDVHULHGHFLUFXQVWDQFLDVTXHSXHGHQ VHUDSURYHFKDGDVSDUDTXH$OEDFHWHOOHJXHDVHU XQDFLXGDGPiVPRGHUQDGLQiPLFDGHDOWRQL YHOGHYLGD\TXHRIUH]FDXQHQWRUQRGHFDOLGDG SDUDVXSREODFLyQ ")",)/'2!&·! &$6$'2)\*21=É/(=-´5H YLVLyQ GH ORV SUR\HFWRV GH IHUURFDUULO QR UHDOL]DGRVHQODSURYLQFLDGH$OEDFHWHµHQ &RQJUHVRGH+LVWRULDGH$OEDFHWH9RO9, (GDG FRQWHPSRUiQHD $OEDFHWH SS *$5&Ì$& /DSHULIHULDGHODFLXGDGGH $OEDFHWH,QVWLWXWRGH(VWXGLRV$OEDFHWHQVHV &6,&&RQIHGHUDFLyQ(VSDxRODGH&HQWURVGH (VWXGLRV/RFDOHV$OEDFHWH *$5&Ì$&´/DVDFWLYLGDGHVÀQDQFLHUDV HQHOHVSDFLRXUEDQRµ $O%DVLWSS *$5&Ì$ & $FWLYLGDG FRPHUFLDO \ HV SDFLRXUEDQR/DRUJDQL]DFLyQHVSDFLDOGHO FRPHUFLRPLQRULVWD HQ OD FLXGDGGH$OEDFH WH&XHQFD6HUYLFLRGH3XEOLFDFLRQHVGHOD 8&/0 *$5&Ì$ & \ 520(52 0 & /DV WUDQVIRUPDFLRQHV GH OD LQGXVWULD HQ OD SUR YLQFLDGH$OEDFHWHGHQWURGHOFRQWH[WRGHOD UHHVWUXFWXUDFLyQ HFRQyPLFD HVSDxROD ,($ $OEDFHWH ,1( &HQVRVGHSREODFLyQ HQZZZLQHHV 0$*É1-0 (OGHVDUUROORXUEDQtV WLFR GH OD FLXGDG GH $OEDFHWH ,($$OED FHWH #!2-%.'!2#·!-!24·.%: 3$1$'(52 & ´$OEDFHWH HQ HO VL JOR;,;µHQ99$$+LVWRULDGH$OEDFHWH \VX&DMDGH$KRUURV&DMDGH $KRUURV GH $OEDFHWH $OEDFHWH SS 3$1$'(520/DFLXGDGGH$OEDFH WH&DMDGH$KRUURV3URYLQFLDOGH$OEDFHWH $OEDFHWH 3$1$'(52 0 ´$OEDFHWH HQ HO SH UtRGR µ HQ 99$$ +LVWRULD GH $OEDFHWH\VX&DMDGH$KRUURV &DMDGH$KRUURVGH$OEDFHWH$OEDFHWHSS 3$1$'(52 0 ´/D HVWUXFWXUD HFRQyPLFD \ VRFLDO GH $OEDFHWH µ HQ 99$$ +LVWRULD GH $OEDFHWH \VX&DMDGH$KRUURV&DMDGH $KRUURV GH$OEDFHWH$OEDFHWH SS 3$1$'(52 0 *$5&Ì$ & \ &$f,=$ 5(6&´&RQWLQXLGDG\FDPELRHQ ODHVWUXFWXUDVRFLRHFRQyPLFDGHODVFLXGD GHV GH &DVWLOOD/D 0DQFKD µ HQ 99$$ 3URIHVRU -RDQ 9LOj 9DOHQWt (O VHX PHVWUDWJH HQ OD *HRJUDÀD XQLYHUVLWD ULD 8QLYHUVLGDG GH %DUFHORQD %DUFHORQD SS 3$5'205´(ODXJHGHORVVHUYL FLRVµ HQ 6HOYD$ FRRUG ;;9 DxRV GH KLVWRULD VRFLDO \ HFRQyPLFD HQ $OEDFHWH ,($´'RQ-XDQ0DQXHOµ$OED FHWHSS 5(48(1$0´$OEDFHWHHQHOSHUtRGR µHQ99$$+LVWRULDGH$OEDFH WH\VX&DMDGH$KRUURV&DMDGH $KRUURVGH$OEDFHWH$OEDFHWHSS 6É1&+(= 7255(6 ) - $SXQWHV SDUDODKLVWRULDGH$OEDFHWH$OEDFHWH &%22/#!22),9%3425#452!52"!.! !2'5-%.4/3942!3&/.$/$%,$%36·/ $%,!,·.%!&³22%!%.!,"!#%4%5. !35.4/$%#%.42!,)$!$52"!.·34)#! /XLV6DQWRV\*DQJHV 8QLYHUVLGDGGH9DOODGROLG ).42/$5##)¼. (VWHDUWtFXORWLHQHSRUREMHWRHQHOPDUFRGH ODFHOHEUDFLyQGHOVHVTXLFHQWHQDULRGHOIHUURFD UULOHQ$OEDFHWHH[SRQHUORVKHFKRVKLVWyULFRV HLQWHUSUHWDUXUEDQtVWLFDPHQWHHOSURFHVRSRUHO TXHVHOOHJyGXUDQWHHOSDVDGRVLJORDODFRQV WUXFFLyQGHODVDFWXDOHVLQVWDODFLRQHVIHUURYLD ULDV\DOFRQVLJXLHQWHOHYDQWDPLHQWRGHODVSUH FHGHQWHVTXH\DWHQtDQXQVLJORGHKLVWRULD < GRV VRQ ORV DVXQWRV FRQFUHWRV TXH PiV LQWHUHVDQ D SULRUL D TXLHQ D XVWHGHV VH GLULJH IXQGDPHQWDOPHQWHSRUVXFDUiFWHUHMHPSOLÀFD GRUHQGRVLQWHUHVDQWHVWHPDVWHyULFRVXQRGH HOORV OD FHQWUDOLGDG XUEDQtVWLFD HQ VX UHODFLyQ FRQODHVWDFLyQ\HORWURODDUJXPHQWDFLyQSDUD MXVWLÀFDUODGHVYLDFLyQIHUURYLDULD3UHFLVDPHQ WHDYDQFHPRV\DFRQVLGHUDPRVTXHHVODFHQ WUDOLGDG XUEDQD \ VX DPSOLDFLyQ HVSDFLDO TXH VH GHQRPLQy GXUDQWH GpFDGDV ´HQVDQFKHµ HO WUDVIRQGRODWHQWHHQODH[LJHQFLDPXQLFLSDOGH GHVSOD]DUODVYtDV\ODHVWDFLyQLQGHSHQGLHQWH 6DQWRV\*DQJHV/XLV PHQWHGHODVMXVWLÀFDFLRQHVIRUPDOHVTXHIXHVHQ XVDGDV'HDKtTXHHQHOWtWXORGHHVWDSRQHQFLD DSDUH]FDODH[SUHVLyQ´DUJXPHQWRV\WUDVIRQGR GHOGHVYtRµ (VWXGLpHOFDVRGHODGHVYLDFLyQIHUURYLDULD HQ$OEDFHWHHQPLWHVLVGRFWRUDO EDMRHOH[SUH VLYR HStJUDIH ´'HVYtR \ H[SXOVLyQ GH OD HVWD FLyQ$OEDFHWH´&RUUHVSRQGHDKRUD QRWDQWRUHSHWLUODVDSRUWDFLRQHVDOOtGHIHQGLGDV HQFLHUWRPRGRDOJRLQHYLWDEOHVLQRPiVELHQ HQSURIXQGL]DUHQHOWUDVIRQGRLGHROyJLFR\HQ OD PHQWDOLGDG TXH VXE\DFtD DSUR[LPDGDPHQWH HQ HO VHJXQGR WHUFLR GHO VLJOR ;; FXDQGR VH GLULPH\VXVWDQFLDHOGHVSOD]DPLHQWRGHODHVWD FLyQVX´H[SXOVLyQµGHODFLXGDG$XQTXHHOOR FRQOOHYD FLHUWD OLEHUWDG LQWHUSUHWDWLYD GH TXLHQ QRHVXQFRQRFHGRUH[KDXVWLYRGHHVWDFLXGDG VLQR PiV ELHQ XQ HVWXGLRVR GH ORV IHQyPHQRV XUEDQtVWLFRIHUURYLDULRV/DKLSyWHVLVGHWUDED MRSXHVFRQVLVWHOODQDPHQWHHQORVLJXLHQWH (O WHPSUDQR IHUURFDUULO GHFLPRQyQLFR VH HPSOD]y WDQJHQFLDOPHQWH D OD FLXGDG SRU HO !»/3$%&%22/#!22),%.!,"!#%4% ERUGHQRURULHQWDOXELFDQGRODHVWDFLyQHQXQ HVWUDWpJLFR OXJDU D PRGR GH FLHUUH GH OR TXH LEDDVHUHOQXHYRFHQWURGHODFLXGDGFRQWHP SRUiQHDHVGHFLUHOHVSDFLREXUJXpVTXHVHUtD GHVGHHQWRQFHVHOSULRULWDULRHQODVLQYHUVLRQHV S~EOLFDV 'XUDQWHGpFDGDVODHVWDFLyQIXHXQHOHPHQWR GH SUHVWLJLR \ GH PRGHUQLGDG HQ OD FLXGDG HQ WUDQVIRUPDFLyQXQIRFRXUEDQRODWHUDOHQODJH QHUDFLyQGHODFHQWUDOLGDGXUEDQD3HURFXDQGR HVWH QXHYR ´FHQWUR XUEDQRµ HVWi \D FRQVROLGD GRDOOiSRUODVSULPHUDVGpFDGDVGHOVLJOR;; HO PRGR IHUURYLDULR KD DOFDQ]DGR VX Pi[LPR 3UHFLVDPHQWHGHVGHHQWRQFHVHODXWRPyYLOPDU FDHOPRGHORGHODPRGHUQLGDG\SRFRDSRFR HO IHUURFDUULO HQ VX GHFOLYH VRFLRFXOWXUDO YD D VHUYDORUDGRFRPRSLH]DLQGXVWULDOFLHUWDPHQWH IXQFLRQDOSHURSRFRXUEDQDHVGHFLUGHDOJXQD PDQHUDLQFRPSDWLEOHFRQORVXVRVUHVLGHQFLDOHV \WHUFLDULRVPiV´QREOHVµ /DWHQGHQFLDDOHQVDQFKHGHOFHQWURXUEDQR HQHOVLJOR;;DODDPSOLDFLyQVHOHFWLYDGHOD FHQWUDOLGDG WHQGUtD DVt D OD HVWDFLyQ FRPR XQ UDGLFDO IUHQR 8QD HVWDFLyQ TXH DGHPiV KDEtD VLGRSDXODWLQDPHQWHHQVDQFKDGDFRQODDPSOLD FLyQGHODSOD\DGHYtDVODVLQVWDODFLRQHVGHYtD \REUDVODFRQVWUXFFLyQGHXQQXHYRGHSyVLWR \XQRVQXHYRVWDOOHUHV\ODGXSOLFDFLyQGHYtD GHODOtQHD<HVTXHHOFHQWURXUEDQRGHO$OED FHWH GH HO FHQWUR GH QHJRFLRV HO FHQWUR DGPLQLVWUDWLYRHOKiELWDWEXUJXpVQRFRLQFLGH QLFRQHOFHQWURJHRPpWULFRQLFRQORVHVSDFLRV FRQVROLGDGRVGHODFLXGDGWUDGLFLRQDOGHO$QWL JXR 5pJLPHQ VLQR TXH HV DOJR H[FpQWULFR OR TXHVHHYLGHQFLDPiVD~QVLVHREVHUYDQODVOR FDOL]DFLRQHVSHULIpULFDVGHODHVWDFLyQGHOWUHQ GHOUHFLQWRIHULDOGHFLPRQyQLFR\GHOSDUTXHGH &DQDOHMDV /DFLXGDGKDWHQLGRGXUDQWHWRGRHOVLJOR;; VXÀFLHQWHHVSDFLRSDUDVXFUHFLPLHQWRSHURQR SRGHUH[SDQGLUHOVXHORXUEDQRKDFLDHO1RUGHV WHYHQtDDVXSRQHUHOFLHUUHGHOFHQWURXUEDQR HVGHFLUVXDLVODPLHQWRUHVSHFWRGHXQSRVLEOH HQVDQFKH SDUD ODV FODVHV SULYLOHJLDGDV GH DOWR \PHGLRSRGHUDGTXLVLWLYR(QVDQFKDUHOFHQWUR H[LJtD R ELHQ UHIRUPDU GHUULER \ UHFRQVWUXF FLyQORVEDUULRVKLVWyULFRVPiVRPHQRVGHJUD GDGRVGHVXHQWRUQRRELHQDOHMDUODHVWDFLyQ\ ODVYtDVIpUUHDV7DQWRXQDFRPRRWUDVROXFLyQ HUDQ LQHYLWDEOHPHQWH FDUDV SRU OR TXH OD UHL YLQGLFDFLyQ VLQ QLQJXQD GXGD HOLWLVWD SRGtD VXVWDQFLDUVH QR VyOR RSWDQGR SRU OD H[SXOVLyQ GHOIHUURFDUULOVLQRDGHPiVSRUVXÀQDQFLDFLyQ DFRVWDGHODDGPLQLVWUDFLyQHVWDWDO /RVDUJXPHQWRVSRGtDQHVWDUHQHOHIHFWRGH EDUUHUD RULJLQDGR SRU ORV SUREOHPDV DO FUXFH WUDQVYHUVDOHQODVPROHVWLDVSRUKXPRV\UXLGRV FDXVDGDVSRUODVPDQLREUDV\HOGHSyVLWRHQORV PRYLPLHQWRVGHPHUFDQFtDVRLQFOXVRHQHOFD UL] REUHURLQGXVWULDO TXH LQWURGXFtD HO HVSDFLR IHUURYLDULR GH DOJXQD PDQHUD \D FRQVLGHUDGR FRPR LQPRELOLDULDPHQWH LQFRPSDWLEOH FRQ ORV XVRVXUEDQRVPiVSUHVWLJLDGRVDXQTXHOD´QH FHVLGDGµGHDPSOLDFLyQXUEDQDVHUtDXQRGHORV DUJXPHQWRVPiVUHFXUUHQWHV <FRPRYHUHPRVHOGLVFXUVRORFDOIXHSHU VLVWHQWHDQWHORTXHODDGPLQLVWUDFLyQGH2EUDV 3~EOLFDV WXYR YDLYHQHV \ GXGDV VLQ QHJDU OD PD\RU DOJR TXH Vt KLFLHURQ ODV FRPSDxtDV IH UURYLDULDV7UDVPiVGHWUHVGpFDGDVGHSHWLFLR QHVTXHMDVSUR\HFWRV\IUHQD]RVODYLHMDH[FX VDIHUURYLDULDODUHWDUGDGDFRQVWUXFFLyQGHO)& %DH]D D 8WLHO VH YLR GHÀQLWLYDPHQWH DEDWLGD SHUR VXUJLHQGR DO PLVPR WLHPSR XQ QXHYR DU JXPHQWRODFUHDFLyQGHXQPRGHUQRFRPSOHMR IHUURYLDULR<HVDVtFRPRXQDDVSLUDFLyQORFDO ORJUDVXVREMHWLYRVSRUH[LVWLUXQDRSRUWXQLGDG GHHVFDODHVWDWDO ,!%34!#)¼.#/-/&/#/$% #%.42!,)$!$9,!#/.3/,)$!#)¼. $%,#%.42/52"!./!,/ ,!2'/$%,3)',/8)8 6DEHPRVTXH$OEDFHWHHVXQDGHODVFLXGD GHV TXH DQWHV FRQWy FRQ IHUURFDUULO HQ (VSDxD $OFi]DU$OEDFHWHHQ\$OEDFHWH$OPDQ VDHQDOVHUOXJDUGHSDVRGHODWHPSUDQD ,5)33!.4/39'!.'%3 )LUSTRACIØN0LANODE!LBACETEA×O )XHQWH3ODQRGH$OEDFHWHGH)UDQFLVFR&RHOOR$O2HVWH\DH[LVWtDQODSOD]DGHWRURV\OD)HULDDXQTXH ORVXÀFLHQWHPHQWHDOHMDGDVFRPRSDUDTXHQRIXHUDQUHÁHMDGDVHQHOSODQR2EVpUYHQVHDGHPiVHOYLDO SHULPHWUDOKHUHQFLDGHODPXUDOODPLHQWR\HOFDUiFWHUOODQRGHOVHFWRUHQWUHODSOD]DGHO$OWR]DQR\ODYtD OtQHDGH0DGULGD$OLFDQWHeVWDVHGLVSXVRHQ ODVDIXHUDVGHODFLXGDGWUDGLFLRQDOSRUHO1R UHVWHHQWUD]DGHGLUHFFLyQ126(\SUiFWLFD PHQWHERUGHDQGRODPXUDOODTXHKDEUtDGHVHU GHUULEDGD (Q ORV ~OWLPRV GRV WHUFLRV GHO ;,; VREUH WRGR FRQ HO IHUURFDUULO FRPR XQ LQGXGDEOH UH IHUHQWHHVSDFLDOHOSRORGHDWUDFFLyQGHODHVWD FLyQ\HOERUGHOtPLWHGHODYtDIpUUHDVHSHU JHxyORTXHKDEUtDGHVHUHOiUHDXUEDQDGHODV FODVHVGLULJHQWHVGHO1XHYR5pJLPHQDEULpQGR VH QXHYRV YLDOHV SDVHRV GH$OIRQVR ;,, \ /D &XED FDOOHV GH 6DODPDQFD 0XHOOH &DUFHOpQ ,VDDF 3HUDO \ FRQVWUX\pQGRVH QXHYRV HGLÀ FLRVVLJQLÀFDWLYRV&DVLQR$UWtVWLFR,QGXVWULDO QXHYD&DVD&RQVLVWRULDO3DODFLRGHOD'LSXWD FLyQ3URYLQFLDO !»/3$%&%22/#!22),%.!,"!#%4% )LUSTRACIØN,AESTACIØNDE!LBACETEYELOTROLADODELAVÓA )XHQWH(ODERUDFLyQSURSLDVREUHXQGHWDOOHGHOSODQRGH$OEDFHWHVLQIHFKDSUREDEOHPHQWHGHODVGpFDGDV LQWHUVHFXODUHVUHFRJLGRHQOD(QFLFORSHGLD8QLYHUVDOGH(VSDVD&DOSHGH2EVpUYHVHTXHHOFRUUHGRUIHUURYLDULR VHFRPSRUWyGXUDQWHODUJRWLHPSRFRPRXQOtPLWHGHODFLXGDGXQERUGHKDFLDHOTXHFUHFHUFRPRÀQGHODFLXGDG FRQODSDUWLFXODULGDGGHGLVSRQHUGHXQDURQGDTXHWDPELpQHUDWUDYHVtDFDUUHWHUD\SDVHRSDUDOHORDOIHUURFDUULO )LUSTRACIØN0LANODE!LBACETEAPRINCIPIOSDELSIGLO88CONSUSENSANCHESPROYECTADOS )XHQWH3ODQRGH$OEDFHWHVLQIHFKDGHOVLJOR;;SHURDQWHULRUDÀUPDGRSRU$&RORPHU HQHO7RPR,GH(VSDxD5HJLRQDOGHO(VWDEOHFLPLHQWR(GLWRULDO$OEHUWR0DUWtQ7RGDXQDVHULHGH UHWtFXODVGLVSXHVWDVHQWUHORVVHFWRUHVIRUPDGRVSRUORVYLDOHVUHOHYDQWHV\ODVFDUUHWHUDVIRUPDEDQHO SUR\HFWRGHHQVDQFKHGHODSREODFLyQTXHHYLGHQFLDEDXQDSUHYLVLyQH[DJHUDGDGHFUHFLPLHQWR ,5)33!.4/39'!.'%3 (O SODQR GH $OEDFHWH HODERUDGR HQ EDMR OD GLUHFFLyQ GH )UDQFLVFR &RHOOR PXHVWUD FODUDPHQWHFyPRHOFUHFLPLHQWRHVSDFLDOGHOD FLXGDG GHFLPRQyQLFD DO QRUWH GH OD SOD]D GHO $OWR]DQRVHIRUPDOL]DPHGLDQWHXQDHVWUXFWXUD YLDOUHJXODUDXQTXHQRH[DFWDPHQWHRUWRJRQDO FRQODUHIHUHQFLDSUHYLDGHFDOOHVFRPRODVGH 6DQ$QWyQ6DQ-XOLiQR6DQ$JXVWtQ6HDEULy KDFLDODFDOOHGHOUtRR3URJUHVR\\DHQ XQDYH]FRQVWUXLGRHOIHUURFDUULOWDPELpQ VXVSDUDOHODVODFDOOHGH6DODPDQFDHQKRQRU GH-RVpGH6DODPDQFDHOSURPRWRUGHO0DGULG $OLFDQWHSRUGLULJLUVHHVWDFDOOHKDFLDHOHGLÀFLR GHYLDMHURVGHODHVWDFLyQ\ODFDOOHGHO0XHOOH TXHHQÀODEDKDFLDHOPXHOOHGHPHUFDQFtDVGH ODHVWDFLyQ(OOXJDUPiVYDORUDGRGHHVWDSDUWH GHODFLXGDGIXHPX\SURQWRHOYLDOTXHSDUWtD GHODSOD]DGHO$OWR]DQRKDFLDHO1RUWHODFDOOH 3URJUHVRTXHVHUtDPiVDGHODQWHHQVDQFKDGD\ FRQYHUWLGDHQXQEXOHYDUFHQWUDOUHSUHVHQWDWLYR GHO1XHYR5pJLPHQHOSDVHRGH$OIRQVR;,, HO HMH XUEDQR FHQWUDO GH ODV RSHUDFLRQHV GHFL PRQyQLFDVGHWUDQVIRUPDFLyQHQGLUHFFLyQDOD YtDIpUUHD /DYtDGH0=$HUDXQOtPLWHXQERUGHXU EDQR KDFLD HO TXH OD FLXGDG FUHFHUtD KDVWD UH OOHQDU HO HVSDFLR VREUH WRGR SRU HO 1RUWH (Q GHÀQLWLYDODVYtDVDSHQDVVHFRPSRUWDURQFRPR XQDEDUUHUDRXQREVWiFXORXUEDQRHQODPHGLGD HQTXHQRKDEtDFLXGDGDORWURODGRQLWDPSRFR FDUUHWHUDV GH SULPHU RUGHQ< SXHGH DÀUPDUVH TXH DSHQDV KXER VDOWRV HQ HO SULPHU VLJOR GH H[LVWHQFLDGHOIHUURFDUULOWDOFRPRSXHGHDSUH FLDUVHHQHOSODQRHGLWDGRSRU(VSDVD&DOSHKD FLD 6DOYR HO FHPHQWHULR \ VX HUPLWD DO RWURODGRGHOIHUURFDUULOWDQVyORKXERWHUUD]JR DORODUJRGHOVLJOR;,;(VGHFLUGXUDQWHGp FDGDVQRVHUHJLVWUyXVRXUEDQRPiVDOOiGHODV YtDV\WDUGDUtDQHQLQVWDODUVHDOJ~QDOPDFpQIi EULFDRODSURSLDFiUFHO$GHPiVODFRQYHUVLyQ GHO DPXUDOODPLHQWR HQ SDVHRV VXSXVR SRU OR TXHUHVSHFWDDOIHUURFDUULOGLVSRQHUGHDPSOLRV YLDOHVSDUDOHORVDODYtDDOJRXUEDQtVWLFDPHQWH PX\FRQYHQLHQWH <DHQHOVLJOR;;ORVSUR\HFWRVGHDOLQHD FLRQHVGHSULQFLSLRVGHVLJORTXHWDPELpQFRQ WHQtDQHQVDQFKHVDVtFRPRHOSODQXUEDQRGH TXHSUR\HFWDEDODH[WHQVLyQJHQHUDOL]D GDGHODFLXGDGPHGLDQWHHQVDQFKHVUHWLFXODUHV HQVHFWRUHVRULHQWDGRVSRUYLDOHVUDGLDOHVKH UHGHURV GH OD FDPLQHUtD \ FDUUHWHUtD WUDGLFLR QDOHVIXHURQUHDOPHQWHSUR\HFWRVS~EOLFRVGH HQVDQFKHJHQHUDOL]DGRTXHQRSRQtDQHQGXGD OD FRQVROLGDGD GLVSRVLFLyQ GHO VLVWHPD IHUUR YLDULR\TXHVLQHPEDUJRGLEXMDEDQH[WHQVRV VXHORV SDUD OD H[SDQVLyQ XUEDQD KDFLD WRGRV ORVSXQWRVFDUGLQDOHV9DULRVJUDQGHVHMHVXU EDQRVSRGtDQFDQDOL]DUXQFUHFLPLHQWRRUGHQD GR\DWUDFWLYRHQWUHORVTXHGHVWDFDPRVWUHV KDFLDHO2HVWHODFDUUHWHUDGH0DGULGKDFLDHO 6XURHVWH HO SDVHR GH OD )HULD \ KDFLD HO 6XU HOSDVHRGHOD&RQÀDQ]D'HKHFKRWDOFRPR SXHGHDSUHFLDUVHHQHOSODQRGHOHGLWRU$OEHU WR0DUWtQKDFLDHOFUHFLPLHQWRKDFLDOD )HULD GHFLPRQyQLFD \ OD SURSLD FRQVWUXFFLyQ GHOSDUTXHGH&DQDOHMDVDOVXUGHODFLXGDGVRQ IHQyPHQRV GH ODV SULPHUDV GpFDGDV GHO VLJOR ;;3HURQRGHMDEDGHVHUXQFUHFLPLHQWRHV SDFLDO TXH HVER]DED FLHUWD H[FHQWULFLGDG GHO FHQWUR XUEDQR EXUJXpV URGHDGR SRU EDUULRV KLVWyULFRV\OLPLWDGRSRUODVYtDV &RQWRGRHOIHUURFDUULOIXHKDVWDDSUR[LPD GDPHQWHORV DxRV YHLQWHXQ HYLGHQWHIDFWRUGH FUHFLPLHQWR HFRQyPLFR \ XQ PHGLR GH WUDQV SRUWH TXH GHIHQGHU DQWH ODV DXWRULGDGHV /D FLXGDG ´PLPDEDµ DO IHUURFDUULO D SHVDU GH ODV GLÀFXOWDGHV LQKHUHQWHV DO WUDWR FRQ XQD GH ODV JUDQGHV HPSUHVDV GHO SDtV (O $\XQWDPLHQWR VH SUHRFXSDED SRU OD PHMRU IXQFLRQDOLGDG GHO VLVWHPDIHUURYLDULR\VXVLQKHUHQWHVEHQHÀFLRV ORFDOHVYDOJDQFRPRHMHPSORVHODSR\RDOSUR \HFWR GH UHIRUPD \ DPSOLDFLyQ GH OD HVWDFLyQ \ D OD FRQVWUXFFLyQ HQ SLHGUD GHO SDVR VXSHULRU GHQRPLQDGR SXHQWH GH PDGHUD OD VROLFLWXG GH SDUD HVWDEOHFHU OD GREOHYtDHQWUH$OEDFHWH\&KLQFKLOODRODSHWL FLyQGHSDUDTXHVHFRQVWUX\HVHXQDQXHYD HVWDFLyQ 9pDQVHORVQXPHURVRVH[SHGLHQWHVH[LVWHQWHVHQHO$UFKLYR+LVWyULFR)HUURYLDULRGHOD)XQGDFLyQGHORV)HUURFDUULOHV(VSDxROHV$+) VREUHWRGR&'\' !»/3$%&%22/#!22),%.!,"!#%4% )LUSTRACIØN,ASINSTALACIONESFERROVIARIASDELAESTACIØNDE!LBACETEEN )XHQWH$UFKLYR+LVWyULFR)HUURYLDULR$+)VLJQ%SODQRDHVFDODGHO´3UR\HFWRGH DPSOLDFLyQGHYtDVSDUDHOGHSyVLWRGHFDUEyQµ(VWDFLyQGH$OEDFHWH/tQHDGH0DGULGD$OPDQVD&RPSDxtD GHORV)HUURFDUULOHVGH0DGULGD=DUDJR]D\D$OLFDQWHDxRGH6HWUDWDGHODHVWDFLyQGH0=$ HQSOHQRDSRJHRFRQVXVLQVWDODFLRQHVGH9tD\2EUDV0DWHULDO)LMR9LYLHQGDVSDUDREUHURV'HSyVLWR 7DOOHUHV\9LYHURVGHOODGRH[WHULRUGHODHVWDFLyQ\FRQHO5HFRUULGRODV2ÀFLQDVOD&DVDGHHPSOHDGRV HO(GLÀFLRGH9LDMHURV&RUUHRVOD)DFWRUtDGH3HTXHxD9HORFLGDG\ORVDOPDFHQHVPXHOOHV\SDWLRGH 0HUFDQFtDVGHOODGRGHODFLXGDG$GHPiVGHORWURODGRGHODVYtDV\DKD\QXHYRVXVRVQRIHUURYLDULRVHO $VLORGH6DQ$QWyQ\XQDOPDFpQGHDERQRVMXQWRDOSDVRDQLYHOGH/RV<HVDUHVDPHWURVGHOHMHGHO HGLÀFLRGHYLDMHURVDVtFRPROD)iEULFD\$OPDFHQHVGH+*XLOORWFRQHFWDGDFRQODSOD\DGHYtDV ,!/0/245.)$!$$%, &%22/#!22),$%"!%:!! 54)%,9,!02/05%34!$%5.! %34!#)¼.#/-Â.,!0/,³-)#! 3/"2%35!,%*!-)%.4/ (QHO'LUHFWRULRFLYLOGHOJHQHUDO3UL PRGH5LYHUDGLFWDEDHQHOPDUFRGHXQDDP ELFLRVDSROtWLFDGHLQYHUVLyQHQREUDVS~EOLFDV HO5HDO'HFUHWR/H\GHGHPDU]RDSUREDQGR HO3ODQ3UHIHUHQWHGH8UJHQWH&RQVWUXFFLyQGH )HUURFDUULOHVR3ODQ3UHIHUHQWHGH)HUURFDUUL OHV GH 8UJHQWH &RQVWUXFFLyQ FRQRFLGR KDEL WXDOPHQWH FRPR 3ODQ *XDGDOKRUFH SRU VHU VX SULQFLSDO DUWtÀFH HO PLQLVWUR GH )RPHQWR GH HQWRQFHVHOLOXVWUHLQJHQLHURGHFDPLQRV5D IDHO %HQMXPHD %XUtQ FRQGH GH *XDGDOKRUFH 7LHQHDTXtVXDUUDQTXHODpSRFDGHORVIHUURFD UULOHVGLUHFWRV\GHODVOtQHDVWUDQVYHUVDOHVGH PDOODGRGHODUHGGHDQFKRQRUPDOGHLQLFLD WLYDHVWDWDO 3XHV ELHQ HO SODQWHDPLHQWR GH XQD QXHYD OtQHDIpUUHDGH%DH]DD8WLHOSRU$OEDFHWHHUD XQDGHHVDVJUDQGHVWUDQVYHUVDOHV\DIHFWDEDGH OOHQRDODSURYLQFLDGH$OEDFHWHDOGLVFXUULUSRU $OFDUD]$OEDFHWH\&DVDV,EixH](O'HFUHWR /H\GHGHPDU]RGHGLFWDEDODFRQVWUXF FLyQ GHO WUDPR %DH]D$OEDFHWH \ HO 'HFUHWR /H\GHGHIHEUHURGHKDFtDORSURSLRFRQ HOWUDPR$OEDFHWH8WLHO(VGHFLUODHVWDFLyQGH $OEDFHWHDGTXLULUtDPD\RUUHOHYDQFLDHQVXFD OLGDGGHQXHYRQXGRIHUURYLDULR $OEDFHWHQRKDEtDSRGLGRVHUQXGRIHUURYLD ULR DQWHULRUPHQWH SRUTXH OD ELIXUFDFLyQ GH ODV OtQHDVGH$OLFDQWH\ GH &DUWDJHQDIXH XELFDGD SRU0=$HQ&KLQFKLOODGHIHQGLHQGRVXVLQWH UHVHVGHHQWLGDGFRQVWUXFWRUDFRQWUDODRSLQLyQ PXQLFLSDOHLQFOXVRFRQWUDODFRQFHVLyQDGPL QLVWUDWLYD /D FRPSDxtD KDEtD ORJUDGR VDOLUVH FRQODVX\DHQDTXHOODRFDVLyQ3HURHOSUR\HFWR S~EOLFR GHO %DH]D8WLHO SDUHFtD TXH LQGLVFXWL EOHPHQWHGHEtDFRQYHUWLUD$OEDFHWHHQXQDX ,5)33!.4/39'!.'%3 WpQWLFRQXGRFRQODVRSRUWXQLGDGHVGHGHVDUUR OORTXHHOORVXSRQtD )XH HQ DEULO GH FXDQGR VH FRQVWLWX\y ODSULPHUDFRPLVLyQPL[WDSDUDHOHVWXGLRGHOD QXHYD HVWDFLyQ GH $OEDFHWH 'HEtD HVWXGLDUVH XQ SUR\HFWR GH HVWDFLyQ SDUD ORV VHUYLFLRV GH 0=$\GHO(VWDGRORTXHHQWRQFHVVHYHQtD D GHQRPLQDU ´HVWDFLyQ FRP~Qµ TXH HQ $OED FHWHVHOODPy´HVWDFLyQGHFRQMXQWRµ'HVGHHO SXQWRGHYLVWDIXQFLRQDOVHSHQVDEDTXHHUDXQD FXHVWLyQGHRSRUWXQLGDGIHUURYLDULDSRUORTXH GHEtDGHWUDWDUVHGHXQDHVWDFLyQFRP~QGLPHQ VLRQDGD SDUD DFRJHU GLYHUVDV LQVWDODFLRQHV GH VHUYLFLR$Vt \D HQ VH FRQFLELy XQ SUR \HFWR TXH FRQVLVWtD HQ DPSOLDU \ SHUIHFFLRQDU ODVLQVWDODFLRQHVH[LVWHQWHV $ÀQDOHVGHORVDxRVYHLQWHVLQHPEDUJR\D QRHUDHOIHUURFDUULODSHVDUGHVXSUHVWLJLRGH GpFDGDVHOPRGRHVWUHOODDQWHHOTXHVHULQGHOD DOWD VRFLHGDG (O DXWRPyYLO YHQtD YLVOXPEUDQ GRVXFUHFLHQWHHVSOHQGRUGHVGHSULQFLSLRVGHO VLJOR\SUHFLVDPHQWHHQVHLQDXJXUDEDHO )LUSTRACIØN,OSDIVERSOSPROYECTOSFERROVIARIOS )XHQWHHODERUDFLyQSURSLDVREUHXQGLEXMRREWHQLGRGH)XHQVDQWD&DVDGR\-DFLQWR*RQ]iOH](QDQFKDOtQHD FRQWLQXDORVIHUURFDUULOHVHQVHUYLFLR\HQDQFKDOtQHDGLVFRQWLQXDHO%DH]D8WLHOTXHIXHSDUFLDOPHQWHFRQVWUXLGR (OUHVWRGHOtQHDVUHSUHVHQWDQDSURSXHVWDV\SUR\HFWRVGHIHUURFDUULOHVTXHIXHURQHQVXGtDSUHVHQWDGRVRGHIHQGLGRV !»/3$%&%22/#!22),%.!,"!#%4% DHUyGURPRFLYLOGH/RV/ODQRV/DHVWDFLyQHUD FDGDYH]PiVXQ´HTXLSDPLHQWRLQGXVWULDOµFRQ HOTXHGHEtDFRQWDUVHSHURTXHQRGHEtDLQWHU IHULU FRQ HO GHVDUUROOR XUEDQR R PHMRU FRQ OD FHQWUDOLGDGXUEDQDHVGHFLUHOFHQWUR\VXHQ VDQFKH 'HDKtTXHHVWDRSRUWXQLGDGSDUDSUR\HFWDU XQDQXHYDOtQHD\XQDHVWDFLyQFRP~QTXHOR HUDPiVSDUDHOGLQDPLVPRHFRQyPLFRGHORVWH UULWRULRV\Q~FOHRVDWUDYHVDGRVTXHSDUDODSUR SLDUHGIpUUHDQRIXHUDVXÀFLHQWHPHQWHYDORUDGD GHVGH OD HOLWH ORFDO 2 Vt OR IXH SHUR VXSHGLWy HVH´LQWHUpVJHQHUDOµSRURWUR´LQWHUpVJHQHUDOµ GLVWLQWRHOGHODEXUJXHVtDSURSLHWDULDTXHSUH WHQGtD FRQGLFLRQDU XQD JUDQ LQYHUVLyQ HVWDWDO SDUD TXH UHVROYLHUD XQ DVXQWR SULPRUGLDOPHQ WHGHHVWUXFWXUDXUEDQDDVHJXUDUODFHQWUDOLGDG JHRPpWULFDDOD\DFRQVROLGDGDFHQWUDOLGDGXU EDQtVWLFD\DSURSLDUVHGHOHVSDFLROLEHUDGRSDUD XQIXWXURHQVDQFKHPRGHUQR\IXQFLRQDO $Vt SUHFLVDPHQWH SRUTXH OD OLJHUD DPSOLD FLyQGHODHVWDFLyQSUHH[LVWHQWHYHQtDDLQWHUIH ULUFRQHO´SODQµGHHQVDQFKHTXHHO&RQVLVWRULR GH$OEDFHWH KDEtD IRUPDGR HO DOFDOGH VROLFLWy LQFOXLU PRGLÀFDFLRQHV (O $\XQWDPLHQWR VRV WHQGUtD GHVGH HQWRQFHV TXH ODV QHFHVLGDGHV GH XQDHVWDFLyQFRP~Q´KDUtDQPiVSHVDGDODFDU JDGHWHQHUWDQFHUFDGHODFLXGDGKLVWyULFDµD ODV LQVWDODFLRQHV IHUURYLDULDV FX\D DPSOLDFLyQ DJUDYDUtDORVSUREOHPDVGHEDUUHUD\PROHVWLDV GHULYDGDVGHODFLUFXODFLyQGHDKtTXHODVROX FLyQHVWDEDHQGHVSOD]DUODHVWDFLyQ1yWHVHTXH QRVHGLVFXWtDQWDQWRORVWUD]DGRVFRPRODSUR SLDHVWDFLyQSXHVVHHVWDEDFRQYLUWLHQGRpVWDHQ XQDPROHVWLDSDUDHOFHQWURXUEDQRTXHQRHUD WDQ KLVWyULFR VLQR GHO VLJOR ;,;$XQTXH SRU RWURODGRHVMXVWRVHxDODUTXHHOFUHFLPLHQWRGH PRJUiÀFRGH$OEDFHWHSRUDTXHOODVGpFDGDVHUD UHODWLYDPHQWHLQWHQVR\ODQHFHVLGDGGHYLYLHQ GDHUDVHQWLGDHQWUHORVSROtWLFRVORFDOHV (QMXQLRGHVHFHOHEUyXQDFWRFRQYR FDGRSRUHODOFDOGHGH$OEDFHWHHQHOTXHSDUWL $+)& $*$6HFFLyQ2EUDV3~EOLFDV,'''RF0HPRULD FLSDURQ´VHxRUHV\UHSUHVHQWDFLRQHVGHIXHU]DV YLYDVGHODSREODFLyQµHVGHFLUFRQFHMDOHVGL SXWDGRVSURYLQFLDOHV\RWURVSROtWLFRVWpFQLFRV GH GLYHUVD tQGROH SURSLHWDULRV LQGXVWULDOHV \ UHSUHVHQWDQWHV GH OD &iPDUD GH &RPHUFLR GH OD&iPDUDGHOD3URSLHGDG8UEDQDGHO$WHQHR GHO&DVLQR$UWtVWLFRHWFSDUDWUDWDU´GHTXHOD QXHYD HVWDFLyQ SUR\HFWDGD GH FRQMXQWR GH ODV OtQHDV GH ORV IHUURFDUULOHV GH 0=$ \ %DH]D D8WLHOVHDGLVWDQFLDGDGHOHPSOD]DPLHQWRTXH WLHQH OD TXH DFWXDOPHQWH H[LVWHµ FRQ HO ÀQ GH UHVROYHUORVSUREOHPDVJHQHUDGRVSRUVX´H[FH VLYDSUR[LPLGDGµTXHQRHUDQVLQRHOFDUiFWHU GH EDUUHUD LQIUDQTXHDEOH SDUD OD H[SDQVLyQ GH ODFLXGDGHQHVWRVDxRVHOWpUPLQR¶HQVDQFKH· KDEtD SHUGLGR IXHU]D IUHQWH DO WpUPLQR ¶H[WHQ VLyQ·\HOSHOLJUR\ODGLÀFXOWDGSDUDODFLUFXOD FLyQTXHUHSUHVHQWDEDHOSDVRDQLYHOH[LVWHQWH HQWUHODSREODFLyQ\HOFHPHQWHULR<SDUHFLHUD FDVXDOLGDG TXH OD SURSXHVWD GHO DOFDOGH IXHVH DFODPDGD SRU ORV SUHVHQWHV D SHWLFLyQ SUHFLVD PHQWHGHOSUHVLGHQWHGHOD&iPDUDGHOD3URSLH GDG8UEDQDFRQODFRQFOX\HQWHSHWLFLyQGHTXH ´VH KDJD XQ HVWXGLR GH QXHYDV VROXFLRQHV TXH VDWLVIDJDQODVFRQGLFLRQHVH[SXHVWDVµ 'XUDQWHORVDxRVGHOD5HS~EOLFDVHHVWXGLD URQ WRGDV ODV RSFLRQHV 6HJ~Q ORV H[SHGLHQWHV FRQVXOWDGRVHQHO$UFKLYR*HQHUDOGHOD$GPL QLVWUDFLyQ$*$SDUHFHVHUTXHHQRFWXEUHGH IXHURQIRUPDGRVGRVDQWHSUR\HFWRVGLVWLQ WRVXQRGHDPSOLDFLyQGHODHVWDFLyQH[LVWHQWH \RWURGHGHVSOD]DPLHQWRGHODHVWDFLyQ<WUDV ODSROpPLFDXQD2UGHQ0LQLVWHULDOGHGHGL FLHPEUHGHGLFWDPLQDEDODUHGDFFLyQGHO SUR\HFWRGHDFXHUGRFRQODVHJXQGDVROXFLyQHO ´GLVWDQFLDPLHQWRµ'HVFRQRFHPRVFyPRVHOOH JyDHVDGHFLVLyQSHURQRSDUHFHTXHVHFHUUD UDHOFRUUHVSRQGLHQWHSUR\HFWRKDVWDGLH]DxRV GHVSXpV'HKHFKRVDEHPRVLQGLUHFWDPHQWHGH ODH[LVWHQFLDGHXQSUR\HFWRGHHVWDFLyQGHVYLD GDGHIHFKDGHDEULOGH8QDGHVYLDFLyQ KDFLD HO 1RURHVWH TXH DOHMDED OD HVWDFLyQ VHLV FHQWHQDUHVGHPHWURVUHVSHFWRGHODH[LVWHQWH ,5)33!.4/39'!.'%3 /RVDUJXPHQWRVLQFOXLGRVHQHOSUR\HFWRGH TXH WHQGtDQ D MXVWLÀFDU RÀFLDOPHQWH HVWH GHVYtR HUDQ HO JUDQ FUHFLPLHQWR GHPRJUiÀFR GHODFLXGDGTXHH[LJHVXDPSOLDFLyQHVSDFLDO \ODHVFDVDSUHVHQFLDGHORVUHFRUULGRVUHJLRQD OHV\ORFDOHVDORVXVXDULRVGHOODUJRUHFRUULGR FRQXQRVWLHPSRVGHWUDQVSRUWHHOHYDGRV\XQD IUHFXHQFLD EDMD GH XVR HQ SRFR OH SHUMXGLFD UtDHVWHDOHMDPLHQWR'RVVLPSOHVH[FXVDVTXH DSHQDV HVFRQGtDQ OD LGHD GH TXH HO IHUURFDUULO PROHVWDED\ODVROXFLyQHUDTXLWiUVHORGHHQPH GLR DOHMDUOR 3RU XQ ODGR HO JUDQ FUHFLPLHQWR GH$OEDFHWHHQWpUPLQRVGHPRJUiÀFRVGXUDQWH HOVLJOR;;VHSURGXMRHQWUHHODUUDQTXHGHOD FHQWXULD \ OD *XHUUD &LYLO SHUR ODV VLJXLHQWHV GpFDGDVIXHURQGHXQFUHFLPLHQWRQRWRULDPHQWH PiVOHQWRDOPHQRVKDVWDODLQGXVWULDOL]DFLyQGH ORVDxRVVHVHQWD\SRVWHULRUHV3RURWURODGROD LGHDGHTXHDOHMDUODHVWDFLyQQRFRQOOHYDEDSHU MXLFLRVDORVXVXDULRVGHOWUHQHUDFXDQGRPHQRV SHUHJULQD(VGHFLUSRGtDKDEHUWDOYH]PXFKDV UD]RQHVSDUDHOGHVYtRSHURHUDQGHHVFDODORFDO QRIHUURYLDULD\QRVHH[SUHVDEDQFODUDPHQWH /D UHFLpQ FUHDGD 5HQIH GHIHQGLy HQWRQFHV VXVLQWHUHVHVGHFRPSDxtDRSHUDGRUDPDQLIHVWy ODLQQHFHVDULHGDGGHOWUDVODGR\HOVREUHGLPHQ VLRQDGR GH ODV LQVWDODFLRQHV SURSXHVWDV < OD 'LYLVLyQ,QVSHFWRUDGH)HUURFDUULOHVDÀUPyHQ TXH HQFDUHFtD OD PRYLOLGDG \ TXH VXSR QtDXQIXQHVWRSUHFHGHQWHDORTXHDxDGLyXQD DVHYHUDFLyQTXHFUHHPRVPX\LPSRUWDQWH\DP SOLDEOH D RWURV FDVRV ´HV SHUIHFWDPHQWH FRP SDWLEOH HO HQJUDQGHFLPLHQWR GH OD SREODFLyQ FRQODH[LVWHQFLDFpQWULFDGHOIHUURFDUULOµ8Q DVHUWRTXHWRGDYtDHVKR\YLJHQWHRORHVPiV TXH QXQFD D SHVDU GH WDQWRV HMHPSORV FRQWUD GLFWRULRV 'H HVWD PDQHUD OD SROpPLFD VH HVWDEOHFtD HQWUHODVROXFLyQGHEDVDGDHQXQDSHTXH xDDPSOLDFLyQGHODHVWDFLyQH[LVWHQWH\ODGH EDVDGDHQXQFODURDOHMDPLHQWRGHOVLVWH PDIHUURYLDULR6HSODQWHDHQWRQFHVODSRVLELOL GDGGHXQDVROXFLyQLQWHUPHGLDXQDOHMDPLHQWR PHQRU $OJR TXH HVER]D OD SURSLD 'LUHFFLyQ *HQHUDO GH )HUURFDUULOHV HQ < WRGR HOOR VLQROYLGDUTXHHOGHVHQFDGHQDQWHHUDODFRQV WUXFFLyQGHO%DH]D8WLHOODWHQVLyQHUDHOIXHUWH FUHFLPLHQWRXUEDQR\HOWUDVIRQGRXQDVXQWRGH FHQWUDOLGDG 6yOR DVt SXHGH HQWHQGHUVH TXH XQ SUR\HFWRGHHVWDFLyQFRP~QVHHVWXYLHUDSODQ WHDQGRFRPRXQDYDULDQWHIHUURYLDULD < HQ ORV DUJXPHQWRV PXQLFLSDOHV GH FDUD DO GHVYtR IHUURYLDULR HVWiQ PiV H[SOLFLWD GRV OD HVWDFLyQ FRQOOHYD SHOLJURV \ PROHVWLDV VXXELFDFLyQHV´SHUMXGLFLDOSDUDXQGHVDUUROOR QRUPDOGHODSREODFLyQµ\VXDPSOLDFLyQDJUD YDUtD ORV ´SHUMXLFLRV XUEDQtVWLFRVµ 3HUR ¢TXp GHEHHQWHQGHUVHSRUXQGHVDUUROORQRUPDORSRU XQSHUMXLFLRXUEDQtVWLFRFXDQGRpVWRVQRVHSHU ÀODQ"¢1RODWHHQHVWDVH[SUHVLRQHVHOUHFKD]R DOIHUURFDUULO" (Q HVWRV DxRV 0DGULG WLHQH \D VX ÁDPDQWH 3ODQ*HQHUDOGH8UEDQL]DFLyQ\HO$\XQWDPLHQ WR GH$OEDFHWH VH SRQH PDQRV D OD REUD HQ HO PLVPRVHQWLGR6HUiHQDQWHVGHODSULPH UD/H\GHUpJLPHQGHOVXHORGHFXDQGRVH DSUXHEHHOFRUUHVSRQGLHQWHSODQGHRUGHQDFLyQ GH$OEDFHWH GRQGH ODV H[FHVLYDV SUHYLVLRQHV GHVXHOR\HO]RQLQJVRFLRHFRQyPLFR\IXQFLR QDO VH DOLDEDQ FRQ OD GHFLVLyQ SUHPHGLWDGD GH GHVYLDUHOIHUURFDUULOXQRVPHWURVKDFLDHO 1RUHVWHVREUHXQRVWHUUHQRVHQFKDUFDGL]RV(UD XQWRXUGHIRUFH HQODDSXHVWDSRUXQHQVDQFKH GHOFHQWUR (QORVDxRVFLQFXHQWDHO0LQLVWHULRGH2EUDV 3~EOLFDVQRWRPDQLQJXQDGHFLVLyQDOUHVSHFWR <HQHOFRPLHQ]RGHODVLJXLHQWHGpFDGDOOHJDOD GHFLVLyQJXEHUQDPHQWDOGHDEDQGRQDUODOHQWtVL PDFRQVWUXFFLyQGHO%DH]D8WLHOVLJXLHQGRODV UHFRPHQGDFLRQHVGHOIDPRVRLQIRUPHGH VREUH HO GHVDUUROOR HFRQyPLFR HQ (VSDxD HOD ERUDGRSRUHO%DQFR,QWHUQDFLRQDOGH5HFRQV WUXFFLyQ\'HVDUUROOR(VGHFLU\DQRKDFtDIDOWD /DSREODFLyQFHQVDOGHKHFKRGHOPXQLFLSLRGH$OEDFHWHHYROXFLRQyDVtKDELWDQWHVHQHQHQ HQHQHQHQ\HQ $*$23,'''RF0HPRULD *DUFtD0DUWtQH]S !»/3$%&%22/#!22),%.!,"!#%4% XQDHVWDFLyQFRP~Q\VH GHVPRQWDEDODUD]yQ IXQFLRQDOGHOSUR\HFWR6yORTXHGDEDQORVDUJX PHQWRVPXQLFLSDOHVGHDOFDQFHORFDO #¼-/3%,,%'!!$%#)$)2 9#/.3425)2,!.5%6! %34!#)¼.%,0,!.$%#%.!,$% -/$%2.):!#)¼.$%2%.&% (Q OD RSRUWXQLGDG GHO %DH]D8WLHO KDEtD SDVDGR D FRQYHUWLUVH HQ XQ IDQWDVPD< WRGR SRGtD TXHGDUVH FRPR HVWDED$GHPiV OD FLXGDGGH$OEDFHWHQRÀJXUDEDHQODVOLVWDVGH Q~FOHRV GH FUHFLPLHQWR TXH HO *RELHUQR HVWD ED HODERUDQGR 'H KHFKR HO HQRUPH SHVR GH 0DGULG FRQGLFLRQDED TXH QLQJXQD RWUD FLXGDG GH &DVWLOOD OD 1XHYD IXHVH SROR GH GHVDUUROOR LQGXVWULDO QL SROR GH SURPRFLyQ LQGXVWULDO \ VyORVHDSUREDUtDQSROtJRQRVGHGHVFRQJHVWLyQ SDUD*XDGDODMDUD7ROHGR$OFi]DUGH6DQ-XDQ \0DQ]DQDUHV &RQ WRGR OD LQGXVWULDOL]DFLyQ GH OD FLX GDGOOHJDUtDHQODPLVPDpSRFDTXHODVGHPiV FLXGDGHV PHGLDQDV HVSDxRODV (QWUH RWUDV PXFKDVUD]RQHVSRUTXHWDPELpQHQOD 5HQIHDSUREDEDVX3ODQ'HFHQDOGH0RGHUQL ]DFLyQ3'0HQHOTXHSODQLÀFD EDVXUHRUJDQL]DFLyQ\VXVLQYHUVLRQHVDODUJR SOD]R DXQTXH VXMHWDV DO 3ODQ GH 'HVDUUROOR (FRQyPLFR \ 6RFLDO SDUD HO SHUtRGR 3XHVELHQHO3'0SUHYLyODLQVWDODFLyQ HQ$OEDFHWH GH XQR GH ORV SRFRV FHQWURV GH FODVLÀFDFLyQGHWUHQHVGHPHUFDQFtDVIUHQWHD ODRSFLyQGHKDFHUORHQ$OFi]DUGH6DQ-XDQ <HVWDEDSHQGLHQWHGHGHFLVLyQODUHRUJDQL]D FLyQGHOVLVWHPDGHGHSyVLWRV\UHVHUYDVWRGD YH]TXHHUDODpSRFDGHODGLHVHOL]DFLyQ\OD HOHFWULÀFDFLyQORTXHSRGtDPDWHULDOL]DUVHHQ IRUPD GH PRGHUQRV WDOOHUHV GH PDWHULDO /R PLVPR FDEtD GHFLU GH ODV HVWDFLRQHVFHQWUR HVGHFLUODVLQVWDODFLRQHVHVSHFtÀFDVSDUDOD SDTXHWHUtD \ HO WUDQVSRUWH GH PHUFDQFtDV DO GHWDOOH 'HHVWDIRUPD$OEDFHWHDGTXLUtDHQHO3'0 XQ YDORU HVWUDWpJLFR TXH DQWHV QR WHQtD< WDQ FXULRVDFRPRH[WUDxD\UiSLGDPHQWHHVDRSRU WXQLGDGGHYHULÀFyHQUHDOLGDGSDOSDEOHHQPX\ SRFR WLHPSR SXHV HQ OD VHJXQGD PLWDG GH ORV DxRV VHVHQWD VH FRQVWUX\HURQ OD PD\RU SDUWH GHODVLQVWDODFLRQHVIHUURYLDULDVTXHKR\HQGtD H[LVWHQLQFOXVRDQWHVGHTXHOOHJDUDODHOHFWUL ÀFDFLyQ /DQXHYDHVWDFLyQGH$OEDFHWHIXHLQDXJXUD GDHOGHQRYLHPEUHGHSRUHOPLQLVWUR GH2EUDV3~EOLFDV6HFRQVWUX\yDXQDGLVWDQFLD DSUR[LPDGD GH PHWURV GH OD SUHH[LVWHQWH SRU GHEDMR GH OD KRUTXLOOD GH PHWURV TXH HO $\XQWDPLHQWR HVWXYR GXUDQWH GpFDGDV GHPDQGDQGRSHURVXÀFLHQWHPHQWHDOHMDGD 3XGRDVtSURGXFLUVHODGHVDIHFFLyQ\YHQWDGH ORVWHUUHQRVGXUDQWHXQVLJORIHUURYLDULRVPiV GHKHFWiUHDVTXHGHEtDQVHULQFRUSRUDGDVD ODFLXGDGSDUDORVXVRVTXHVHHVWLPDVHQSHUWL QHQWHV/DFHVLyQEDMRSUHFLRGHHVWRVWHUUHQRV REOLJDEDD5HQIHVHJ~QODQRUPDWLYDHQWRQFHV HQYLJRUDHPSOHDUHVWDFDQWLGDGHQODVLQYHU VLRQHVIHUURYLDULDVDXQTXHQRUHSUHVHQWDVHJUDQ FRVDIUHQWHDOFRQMXQWRGHQXHYDVFRQVWUXFFLR QHVTXHFRQVWLWXtDQXQDXWpQWLFRFRPSOHMRIH UURFDUULOHURIXHUDGHODFLXGDGGHVYLDFLyQGHOD OtQHDHVWDFLyQGHYLDMHURVHVWDFLyQGHGHWDOOH GHSyVLWRWDOOHUHV\HVWDFLyQGHFODVLÀFDFLyQ &RQFOX\HQGR\DHVWDSRQHQFLDFDEHVHxDODU TXHFRUUHVSRQGHVREUHWRGRDORVDxRVVHWHQWD \ RFKHQWD GHO VLJOR SDVDGR OD IRUPDOL]DFLyQ \ RFXSDFLyQGHOHVSDFLRH[LVWHQWHHQWUHODFLXGDG FRQVROLGDGD \ HO QXHYR FRUUHGRU IHUURYLDULR (O DUJXPHQWR PXQLFLSDO GHO GHVYtR HUD OD VH ULHGHPROHVWLDVTXHHOIHUURFDUULOFDXVDEDHQOD FLXGDGSHURPX\SURQWRIXHFODVLÀFDGRFRPR XUEDQL]DEOH HO VXHOR FROLQGDQWH PRVWUiQGRVH OD LQYDOLGH] GHO UD]RQDPLHQWR 3RU XQ ODGR HO 1yWHVHTXHHQODHVWDFLyQDFWXDOD~QH[LVWHQDIRUWXQDGDPHQWHODVDJXDGDVWHVWLPRQLRGHODpSRFDGHOYDSRUTXHD~QSHUYLYtDFXDQGR VHSUR\HFWy\FRQVWUX\yHOQXHYRFRPSOHMRGH$OEDFHWH $+)6HULH(QODFHV)HUURYLDULRVFDUSHWDVREUH$OEDFHWH´,QIRUPHVREUHWHUUHQRVGH5HQIHDxRµ ,5)33!.4/39'!.'%3 )LUSTRACIØN,AESTACIØNDEYSUENTORNOENLAACTUALIDAD )XHQWHLPDJHQGHO6,*0XQLFLSDO$\XQWDPLHQWRGH$OEDFHWHKWWSZZZDOEDFHWHFRP DQWLJXRFRUUHGRUGHKLHUURGHEtDFRQYHUWLUVHHQ XQ´HMHFtYLFRµQRPEUHGHPRGDHQWUHORVXU EDQLVWDVGHORVDxRVVHWHQWD<SRURWURODGROD FLXGDGYROYtDDFUHFHUKDFLDODHVWDFLyQFRQXQ QXHYRHMHGLUHFWRUODDYHQLGDGHOD(VWDFLyQ(O GHQRPLQDGR SODQ SDUFLDO GHO SROtJRQR GH 6DQ $QWyQTXHQRIXHGHVDUUROODGRGHIRUPDGHÀQL WLYDKDVWDODVHJXQGDPLWDGGHORVVHWHQWDGHOD PDQRGHO,QVWLWXWR1DFLRQDOGH8UEDQL]DFLyQ VXSXVRÀQDOPHQWHODFUHDFLyQGHXQSDUTXHOL QHDO\XQDVDPSOLDVDYHQLGDVVREUHHODQWLJXR FRUUHGRUIpUUHRDVtFRPRXQJUDQSROtJRQRUHVL GHQFLDODEDVHGHWRUUHV\DODPDQHUDIXQFLRQD OLVWDGHOPRPHQWRSDUDXQDGHPDQGDGHSRGHU DGTXLVLWLYRPHGLR\DOWR2VHDQRSDUHFHTXH ÀQDOPHQWHODFHQWUDOLGDGHQVHQWLGRHVWULFWRVH DPSOLDUDKDFLDHO1RUHVWHGDGRHOSHUÀOVXVWDQ FLDOPHQWHUHVLGHQFLDOGHORVVXHORVHQWUHODYLH MD\ODQXHYDHVWDFLyQSHURDOPHQRVHOFHQWUR FRPHUFLDO\GHVHUYLFLRV\DHVHOFHQWURJHRPp WULFR (Q GHÀQLWLYD VH DSUHFLDQ SDUDOHOLVPRV OD DYHQLGD GH OD (VWDFLyQ FRPR SURORQJDFLyQ FRQWHPSRUiQHD GHO SDVHR GH $OIRQVR ;,, KR\ GH OD /LEHUWDG \ HO QXHYR HVSDFLR XUED QRFRPRHQVDQFKDPLHQWRGHOFHQWURDOPHQRV GHVGH HO SXQWR GH YLVWD UHVLGHQFLDO 6yOR FDEH HVSHUDUTXHGHVDSDUH]FDHQODLQVWDQFLDORFDOHO GHVDSHJRDOWUHQDODVQHFHVLGDGHV\H[LJHQFLDV GHO IHUURFDUULO \ VH SODQWHHQ GLVFXUVRV XUED QtVWLFRV GH LQWHJUDFLyQ IHUURFDUULOFLXGDG SDUD TXHORVLQWHUHVHVGHXQRV\RWURVFRQÁX\DQ\ VHGHFLGDQDFFLRQHVHÀFLHQWHV\FRQYHQLHQWHV SDUDWRGRVSDUDHOLQWHUpVJHQHUDOVLHPSUHWDQ PROGHDEOH 0DJiQ3HUDOHVSS 3DUDFXDQGRVHFRQVWUX\HUDHO3ROtJRQRGH6DQ$QWyQHOHQVDQFKHGHODFHQWUDOLGDGHQXQFRQWH[WRGHFUHFLPLHQWRGHPRJUiÀFR\DP SOLDFLyQXUEDQDVHKDEtDYHULÀFDGRKDFLDHO2HVWH\HO6XURHVWHGHUULEDQGR\UHFRQVWUX\HQGRORVEDUULRVKLVWyULFRVGHJUDGDGRVHQXQD IHUR]GLQiPLFDGHVXVWLWXFLyQ !»/3$%&%22/#!22),%.!,"!#%4% ")",)/'2!&·! $5&+,92 *(1(5$/ '( /$ $'0,1,6 75$&,Ð1$*$H[SHGLHQWHVYDULRVGH 2EUDV3~EOLFDVVREUHWRGR,'' ´3UR\HFWR GH HVWDFLyQ GH$OEDFHWH FRP~Q D ODV OtQHDV GH 0DGULG D$OLFDQWH \ %DH]D D 8WLHOµ 6HJXQGD -HIDWXUD GH (VWXGLRV \ &RQVWUXFFLyQGH)HUURFDUULOHVGHHQHUR GH'RF0HPRULD $5&+,92 +,67Ð5,&2 )(5529,$5,2 ² $+)GHOD)XQGDFLyQGHORV)HUURFDUULOHV (VSDxROHV))(H[SHGLHQWHVYDULRVGHOD 6HULHV(QODFHV)HUURYLDULRV,QIUDHVWUXFWXUD \9tD\2EUDV3ODQRV\&RPHUFLDO $<817$0,(172'($/%$&(7($O EDFHWH FLXGDG SULPHU FHQWHQDULR GH QR YLHPEUHGH$\XQWDPLHQWRGH$OEDFHWH %/É148(=3e5(=-XDQ-RVp\RWURV $OEDFHWH HQ VX KLVWRULD $\XQWDPLHQWR GH $OEDFHWH &$6$'2025$*Ð10)XHQVDQWD\*21 =É/(=*Ð0(=-DFLQWR´5HYLVLyQ GHORVSUR\HFWRVGHIHUURFDUULOQRUHDOL]DGRV HQODSURYLQFLDGH$OEDFHWHµSiJV HQ &RQJUHVR GH +LVWRULD GH $OEDFHWH ,9 (GDG&RQWHPSRUiQHD,QVWLWXWRGH(VWXGLRV $OEDFHWHQVHVGHOD([FPD'LSXWDFLyQ3UR YLQFLDO GH $OEDFHWH &6,& &RQIHGHUDFLyQ (VSDxRODGH&HQWURVGH(VWXGLRV/RFDOHV 'Ì$=*$5&Ì$$QWRQLR /D'HVDPRU WL]DFLyQHQODSURYLQFLDGH$OEDFHWH ,QVWLWXWR GH (VWXGLRV $OEDFHWHQVHV ´'RQ -XDQ 0DQXHOµ GH OD ([FPD 'LSXWD FLyQ3URYLQFLDOGH$OEDFHWH$OEDFHWH (1&,&/23(',$ 81,9(56$/ ,/8675$ '$ (8523(2$0(5,&$1$ (GLWRULDO (VSDVD&DOSH7RPR,9SULPHUDHGLFLyQHQ 0DGULG *$5&Ì$0$57Ì1(=&DUPHQ /DSH ULIHULDGHODFLXGDGGH$OEDFHWH,QVWLWXWRGH (VWXGLRV$OEDFHWHQVHV6HULH(VWXGLRVQ~P $OEDFHWH *8(55$0$57Ì1(=$QD0DUtD (O QDFLPLHQWR GHO $OEDFHWH FRQWHPSRUiQHR 8QLYHUVLGDGGH0XUFLD0XU FLD ,167,7872 '( (678',26 $/%$&(7(1 6(6 ,,&RQJUHVRGH+LVWRULDGH$O EDFHWH,9(GDG&RQWHPSRUiQHD,QVWLWXWR GH (VWXGLRV $OEDFHWHQVHV ´'RQ -XDQ 0D QXHOµ$FWDVGHO&RQJUHVRFHOHEUDGRGHO DOGHQRYLHPEUHGH$OEDFHWH 0$*É13(5$/(6-RVp0DUtD (OGH VDUUROORXUEDQtVWLFRGHODFLXGDGGH$OED FHWH,QVWLWXWRGH(VWXGLRV$OEDFHWHQVHVGH OD'LSXWDFLyQ3URYLQFLDOGH$OEDFHWH6HULH ,(VWXGLRVQ~P$OEDFHWH 3$1$'(5202<$&DUORV/DpSRFD GHOD5HVWDXUDFLyQHQ$OEDFHWH 7HVLV'RFWRUDOHQOD8QLYHUVLGDG&RPSOX WHQVHGH0DGULG0DGULG 3$1$'(5202<$&DUORV 7UDGLFLyQ \ FDPELR HFRQyPLFR HQ OD 5HVWDXUDFLyQ $OEDFHWHÀQGHVLJOR,QVWLWXWRGH(VWXGLRV $OEDFHWHQVHV 6HULH (VWXGLRV Q~P $O EDFHWH 3$1$'(52 02<$ 0LJXHO /D FLX GDG GH $OEDFHWH &DMD GH$KRUURV 3URYLQ FLDOGH$OEDFHWH$OEDFHWH 3$1$'(5202<$0LJXHO6REUHOD HVWUXFWXUDVRFLDOGH$OEDFHWHHQWLHPSRGH OD5HVWDXUDFLyQ,QVWLWXWRGH(VWXGLRV$OED FHWHQVHV$OEDFHWH 3$1$'(5202<$0LJXHO´$OEDFHWH HQHOSHULRGR/DHVWUXFWXUDHFR QyPLFD\VRFLDOGH$OEDFHWH/DV DFWLYLGDGHV HFRQyPLFDV µ SS HQ 99$$ +LVWRULD GH $OEDFHWH \ VX &DMD GH $KRUURV &DMD GH $KRUURV3URYLQFLDOGH$OEDFHWH$OEDFHWH ,5)33!.4/39'!.'%3 3$1$'(5202<$0LJXHO (OHVSD FLR JHRJUiÀFR DOEDFHWHQVH $VSHFWRV VR FLRHFRQyPLFRV,QVWLWXWRGH(VWXGLRV$OED FHWHQVHV&(&(/&6,&$OEDFHWH 3$1$'(52 02<$ 0LJXHO ´(O GH VDUUROORXUEDQRGH$OEDFHWHµSSHQ $xLO &XDGHUQRV GH &DVWLOOD/D 0DQFKD 0DGULG 5(1)(/tQHDVGHOWUHQQ~P0D GULGMXQLRGH 52&$)257 &HIHULQR '$/0$8 &DVLPL UR¢" (VSDxD5HJLRQDO7UHVWRPRV HOSULPHURGHHOORVFRQQXPHURVRVSODQRV (VWDEOHFLPLHQWR (GLWRULDO $OEHUWR 0DUWtQ %DUFHORQD 6$1726\*$1*(6/XLV(OIHUUR FDUULOHQODFLXGDGHVWXGLRGHODVFLXGD GHV PHGLDV HVSDxRODV7HVLV GRFWRUDO GHO 3URJUDPD ´$UTXLWHFWXUD \ FLXGDG PD WHULDOHV SDUD HO DQiOLVLV DUTXLWHFWyQLFR \ XUEDQRµ GHO 'HSDUWDPHQWR GH$QiOLVLV H ,QVWUXPHQWRVGH,QWHUYHQFLyQ$UTXLWHFWy QLFD\8UEDQD(VFXHOD7pFQLFD6XSHULRU GH$UTXLWHFWXUD8QLYHUVLGDGGH9DOODGR OLG =2512=$6É1&+(=%HUQDUGR´(O IHUURFDUULO HQ $OEDFHWHµ SS HQ 0XVHR GH $OEDFHWH $OEDFHWH HQ VX KLV WRULD$\XQWDPLHQWRGH$OEDFHWH-XQWDGH &RPXQLGDGHV GH &DVWLOOD /D 0DQFKD H ,QVWLWXWR GH (VWXGLRV $OEDFHWHQVHV $OED FHWH 42!.30/24%0Â",)#/$%6)!*%2/3 9!##%3)"),)$!$4%22)4/2)!,%. ,!02/6).#)!$%!,"!#%4% )UDQFLVFR)HUQiQGH]6DQWDPDUtD 8QLYHUVLGDGGH&DVWLOOD/D0DQFKD ,!!##%3)"),)$!$$%,4%22)4/2)/ (Q HO FRQWH[WR GH HVWDV -RUQDGDV IHUURYLD ULDV OD SUHVHQWH FRPXQLFDFLyQ SUHWHQGH DERU GDU HO WHPD GH OD DFFHVLELOLGDG HQ WUDQVSRUWH S~EOLFRGHVGHXQDSHUVSHFWLYDPiVDPSOLDTXH OD HVWUXFWXUD \ IXQFLRQDPLHQWR GH ORV SURSLRV VHUYLFLRVIHUURYLDULRV(QQXHVWURFDVRVHWUDWD GH DQDOL]DU OD PRYLOLGDG GH OD SREODFLyQ PH GLDQWHHOXVRGHPHGLRVS~EOLFRVHQHOiPELWR SURYLQFLDO /D FXHVWLyQ VH SODQWHD GHVGH GRV FRQFHSWRVFODYHFRPRVRQHOGHDFFHVLELOLGDG \HQVHJXQGROXJDUHOGHLQWHUPRGDOLGDG (QSULPHUOXJDUKD\TXHSUHFLVDUSRUWDQ WR TXp HQWHQGHPRV SRU DFFHVLELOLGDG (V HVWH XQFRQFHSWRQHWDPHQWHJHRJUiÀFR\FRPRWDO SRGHPRVHQFRQWUDUHQHVWDGLVFLSOLQDGLIHUHQWHV VHQWLGRVSDUDHVWHWpUPLQR /DDFFHVLELOLGDGHVHQSULPHUOXJDUXQDFD UDFWHUtVWLFD GHO HVSDFLR GH WDO PRGR TXH XQD ORFDOL]DFLyQGHWHUPLQDGDSXHGHVHUPiVRPH 6PLWK0'S QRVDFFHVLEOHFRQUHVSHFWRDVXSRVLFLyQUHODWLYD HQXQDUHGGHLQIUDHVWUXFWXUDVGHFRPXQLFDFLyQ FDUUHWHUDV R IHUURFDUULOHV HWF 'H HVWH KHFKR VHGHULYDQSRUXQDSDUWHYHQWDMDVFRPSDUDWLYDV GH XQRV HPSOD]DPLHQWRV IUHQWH D RWURV \ SRU RWUDHOKHFKRGHTXHFXDOTXLHUPRGLÀFDFLyQHQ GLFKDV UHGHV UHSHUFXWH HQ ODV PLVPDV OR FXDO SXHGHOOHJDUDSODQWHDUDOJXQRVFRQÁLFWRVSRU HMHPSOR HO WUD]DGR GH QXHYDV LQIUDHVWUXFWXUDV FRPRDXWRYtDVOtQHDVIHUURYLDULDVGHDOWDYHOR FLGDG(QHVWHVHQWLGRKD\XQDVORFDOL]DFLR QHVPiVIDYRUDEOHVTXHRWUDV 8QD VHJXQGD DFHSFLyQ GHO WpUPLQR DFFHVL ELOLGDGWLHQHPiVTXHYHUFRQODIRUPDHQTXH ODVSHUVRQDVYLYLPRVHOHVSDFLRLQFRUSRUDQGRD ODLGHDDQWHULRUDOJXQRVPDWLFHVVXEMHWLYRV/D IRUPDHQTXHSHUFLELPRVORVGHVSOD]DPLHQWRV DWUDYpVGHORTXHVHKDGHQRPLQDGR´UHVLVWHQ FLD DO YLDMHµ HQ OD TXH WLHQHQ PXFKR TXH YHU ODVFRQGLFLRQHVHQODVTXHHOPLVPRVHUHDOL]D FRPRGLGDG IUHFXHQFLD SXQWXDOLGDG FRQV WLWX\HQ XQ IDFWRU GHFLVLYR HQ OD JHQHUDFLyQ GH YLDMHVHLQFLGHQQRWDEOHPHQWHHQODGHPDQGDGH !»/3$%&%22/#!22),%.!,"!#%4% WUDQVSRUWH\HQ~OWLPDLQVWDQFLDHQODHOHFFLyQ GHXQPRGRXRWURSRUHMHPSORODRSFLyQS~ EOLFRRSULYDGR /D WHUFHUD DFHSFLyQ DERUGD OD FXHVWLyQ GHV GH XQ SXQWR GH YLVWD PiV VRFLDO SHUR WDPELpQ PX\ JHRJUiÀFR \ GH DOJXQD PDQHUD HVWDEOHFH XQDVtQWHVLVHQWUHODVGHÀQLFLRQHVDQWHULRUHV$O J~QDXWRUKDGHÀQLGRODDFFHVLELOLGDGFRPR´OD FDSDFLGDG GH OD JHQWH SDUD VXSHUDU OD IULFFLyQ UHVLVWHQFLD LPSXHVWD SRU OD GLVWDQFLD \µ GHV SOD]DUVH SRU GLIHUHQWHV PHGLRV SDUD ´XWLOL]DU VHUYLFLRVVLWXDGRVHQSXQWRVÀMRVGHOHVSDFLRµ 'HVGH HVWD SHUVSHFWLYD OD DFFHVLELOLGDG SXH GHFRQVLGHUDUVH´FRPRXQUHFXUVRHVFDVRµTXH SXHGH UHGLVWULEXLUVH PHGLDQWH XQ SURFHVR GH SODQLÀFDFLyQ (VSRUWDQWRXQPRGRGHDERUGDUJOREDOPHQ WHODSUREOHPiWLFDGHOWUDQVSRUWHGHYLDMHURV\D TXH FRQWHPSOD QR VyOR OD H[LVWHQFLD GH LQIUD HVWUXFWXUDV GH WUDQVSRUWH SXHVWR TXH VX PHUD H[LVWHQFLD QR HV JDUDQWtD GH PRYLOLGDG VLQR WDPELpQ OD H[LVWHQFLD GH VHUYLFLRV TXH KDQ GH VHU SUHVWDGRV HQ FRQGLFLRQHV DFHSWDEOHV \ DVL PLVPR ODV QHFHVLGDGHV GH GHVSOD]DPLHQWR GH OD SREODFLyQ (Q GHÀQLWLYD ORV HOHPHQWRV TXH LQWHUDFW~DQHQXQVLVWHPDGHWUDQVSRUWH 'HHVWHPRGRODDFFHVLELOLGDGVHSXHGHFRQ VLGHUDUFRPRHOUHQGLPLHQWRJHRJUiÀFRGHHVH VLVWHPD GH WUDQVSRUWH DO PLVPR QLYHO TXH HO UHQGLPLHQWRWpFQLFR\HFRQyPLFRGHMDQGRYHU VXPHMRURSHRUIXQFLRQDPLHQWR (OVLVWHPDGHWUDQVSRUWHS~EOLFRGHYLDMHURV TXHHQGHÀQLWLYDVHWUDWDGHDQDOL]DUDTXtRSH UDHQXQHQWRUQRJHRJUiÀFRVRFLRHFRQyPLFR\ SROtWLFR TXH JHQHUD QHFHVLGDGHV GH GHVSOD]D PLHQWR SRU VX SURSLD HVWUXFWXUD WHUULWRULDO \ DVLJQDUHFXUVRVYDULDEOHVSDUDODVDWLVIDFFLyQGH HVWDVQHFHVLGDGHV (V SUHFLVDPHQWH HQ HVH HQWRUQR ²HQ QXHV WUR FDVR OD SURYLQFLD GH $OEDFHWH² GRQGH VH 5HLFKPDQ6 /HDO0DOGRQDGRS KDQSURGXFLGRHQORV~OWLPRVGHFHQLRVDOJXQDV WUDQVIRUPDFLRQHV LPSRUWDQWHV 'HVGH HO SXQWR GHYLVWDTXHDTXtQRVLQWHUHVDHOIHQyPHQRPiV LPSRUWDQWHKDVLGRODUHGLVWULEXFLyQGHODSREOD FLyQHQHOHVSDFLRSURYLQFLDOSRUXQDSDUWHOD SpUGLGDFRQWLQXDGDGHHIHFWLYRVGHPRJUiÀFRV TXHWLHQHFRPRHIHFWRXQDGLVPLQXFLyQDFXVD GDGHODVGHQVLGDGHVGHSREODFLyQHQHOPHGLR UXUDO\GDOXJDUDSURFHVRVPX\DFXVDGRVGHHQ YHMHFLPLHQWR /D FRQWUDSDUWLGD HV OD FRQFHQWUDFLyQ GH OD SREODFLyQHQODFDSLWDOSURYLQFLDO\RWURVSRFRV Q~FOHRVGHFLHUWRGLQDPLVPR&RPRHMHPSORGH HVWRVSURFHVRVGHGHVSREODPLHQWRVHSXHGHQFL WDU EUHYHPHQWH DOJXQRV GDWRV TXH OR LOXVWUDQ VXÀFLHQWHPHQWH $Vt OD VXSHUÀFLH SURYLQFLDO FRQ GHQVLGDGHV GH SREODFLyQ LQIHULRUHV D KDENPVyORUHSUHVHQWDEDHOGHODPLV PDHQHO~OWLPRFHQVRUHSUHVHQWDPiVGHO GH OD SURYLQFLD ,JXDOPHQWH VLJQLÀFDWLYR HV HO KHFKRGHTXHHQORVQ~FOHRVGHPHQRVGH KDELWDQWHVVXSRQtDQHOGHWRGRVORVGH ODSURYLQFLDPLHQWUDVTXHHQHOPRPHQWRDFWXDO UHSUHVHQWDQPiVGHODFXDUWDSDUWH $PERVSURFHVRVVXSRQHQXQDFRQFHQWUDFLyQ GHORVVHUYLFLRV\GHORVHTXLSDPLHQWRVGHWRGR WLSR FRQ OD FRQVLJXLHQWH GHVDSDULFLyQ GH ORV PLVPRVGHEXHQDSDUWHGHOWHUULWRULR (QHVWHVHQWLGRVLFRQVLGHUDPRVODVIRUPDV GHLQWHUYHQFLyQGHOD$GPLQLVWUDFLyQHQORTXH VH UHÀHUH D OD GLVWULEXFLyQ GH HTXLSDPLHQWR \ ELHQHVGHFRQVXPRFROHFWLYRVREUHHOWHUULWRULR DSDUWLUGHXQDFRQFHSFLyQHVSDFLDOGLIHUHQFLD GD FRPR VXJLHUH /HDO 0DOGRQDGR VH SXHGH FRQFOXLU TXH VyOR DTXHOORV HTXLSDPLHQWRV TXH VRQ FRQVLGHUDGRV LPSUHVFLQGLEOHV VH GLVWULEX \HQ GH IRUPD SUiFWLFDPHQWH KRPRJpQHD HQ HO HVSDFLRHVWRHVDGDSWDGDDODGHPDQGDVLQFRQ VLGHUDUHOYROXPHQGHpVWD3RUORTXHVHUHÀHUH DRWURVHTXLSDPLHQWRV\GRWDFLRQHVDSDUHFHXQD FRQFHSFLyQGHFDUiFWHUUHWLFXODUDSDUWLUGHOHV WDEOHFLPLHQWRGHXQRVHVWiQGDUHVGHSREODFLyQ &2!.#)3#/&%2.­.$%:3!.4!-!2·! RGLVWDQFLDRELHQXQDFRQFHSFLyQMHUiUTXLFD FHQWUDGD HQ ORV Q~FOHRV GH PD\RU SHVR GHPR JUiÀFRTXHRULHQWDODLQYHUVLyQS~EOLFDHQELH QHVGHFRQVXPRFROHFWLYR (VWD VLWXDFLyQ LPSOLFD XQ DXPHQWR GH ODV QHFHVLGDGHVGHGHVSOD]DPLHQWRGHODSREODFLyQ SDUDHODFFHVRDORVELHQHV\VHUYLFLRVFX\DLP SRUWDQFLD QR UHVLGH QHFHVDULDPHQWH HQ VX YHU WLHQWHFXDQWLWDWLYDVLWHQHPRVHQFXHQWDHOHVFD VRYROXPHQGHPRJUiÀFRGHPXFKDViUHDV'H DOJXQD PDQHUD HVDV QHFHVLGDGHV GH GHVSOD]D PLHQWRKDQVLGRSURJUHVLYDPHQWHGHVDWHQGLGDV SRUORVVHUYLFLRVS~EOLFRVFRQORFXDOODGHPDQ GDVHKDFXELHUWRJUDFLDVDOWUDQVSRUWHSULYDGR R D ORV VHUYLFLRV HVSHFLDOHV WUDQVSRUWH VDQLWD ULRHVFRODUGLVFUHFLRQDOWD[LTXHGHWUDHQXQD JUDQ SDUWH GH XVXDULRV GHO VHUYLFLR S~EOLFR GH XVRJHQHUDO(VWHHVHORULJHQGHXQFtUFXORYL FLRVRHOFUHFLPLHQWRGHORVVHUYLFLRVHVSHFLDOHV \YHKtFXORVSULYDGRVKDFHFDHUODGHPDQGDSDUD HOVHUYLFLRUHJXODU/DEDMDGHPDQGDSURYRFD\ XQDUHGXFFLyQGHODRIHUWD\XQDSpUGLGDGHFDOL GDGHQODPLVPDGHODTXHÀQDOPHQWHVHGHULYD XQD GLVPLQXFLyQ GH OD DFFHVLELOLGDG \ XQ DX PHQWRGHOUHFXUVRDORVVHUYLFLRVPHQFLRQDGRV DQWHULRUPHQWH ODDFFHVLELOLGDGGHORVQRGRVDPHGLGDTXHQRV DOHMDPRVGHOSXQWRFHQWUDOODSURSLDFDSLWDOKD FLDODSHULIHULDSURYLQFLDO 3RUORTXHUHVSHFWDDOWUD]DGRGHOIHUURFDUULO KD\TXHVHxDODUFRPRUDVJRFDUDFWHUtVWLFRTXH HVWHDIHFWDDXQDSDUWHPX\UHGXFLGDGHOWHUULWR ULRSURYLQFLDODXQTXHpVWDHVSUHFLVDPHQWHOD PiVGHQVDPHQWHSREODGD'HHVWHPRGRODVLQ IUDHVWUXFWXUDV IHUURYLDULDV UHIXHU]DQ HO WUD]DGR GH ORV SULQFLSDOHV HMHV GH OD UHG GH FDUUHWHUDV FRQÀJXUDQGRXQiUHDPXFKRPHMRUGRWDGDTXH HO UHVWR GHO HVSDFLR SURYLQFLDO (Q FRQWUDVWH H[LVWHQDOJXQRV´KXHFRVµHQODPDOODIHUURYLD ULD VLHQGR HO PiV VLJQLÀFDWLYR OD LQH[LVWHQFLD GHXQHMHQRUHVWHVXURHVWHTXHSHUPLWLUtDFRP SOHWDUODHVWUXFWXUDUDGLDO1RREVWDQWHKD\TXH GHVWDFDU TXH HQ HO FDVR GH ODV LQIUDHVWUXFWXUDV IHUURYLDULDVODVLPSOHSUHVHQFLDGHODVPLVPDV QR JDUDQWL]D XQD PHMRU DFFHVLELOLGDG \D TXH HQ PXFKRV FDVRV ODV QHFHVLGDGHV GHO VHUYLFLR DODUJDVGLVWDQFLDVKDFLDHOTXHVHRULHQWDHVWH PRGRGHWUDQVSRUWHHVLQFRPSDWLEOHFRQHOVHU YLFLRORFDO 3DUDFRQRFHUFXiOHVODVLWXDFLyQTXHVHSODQ WHDYDPRVDUHYLVDUEUHYHPHQWHDOJXQRVSDUi PHWURV TXH QRV SHUPLWDQ FDUDFWHUL]DU OD RIHUWD GH WUDQVSRUWH S~EOLFR GH YLDMHURV HQ QXHVWUD SURYLQFLDSDUDDQDOL]DUDFRQWLQXDFLyQODIXQ FLRQDOLGDGGHGLFKRVLVWHPD /D FRQÀJXUDFLyQ GH ODV LQIUDHVWUXFWXUDV FRQÀHUHXQDDFFHVLELOLGDGPX\GHVLJXDODOHV SDFLR SURYLQFLDO 3DUD HO DQiOLVLV GH OD UHG GH FDUUHWHUDVVHKDQXWLOL]DGRDOJXQRVLQGLFDGRUHV WRSROyJLFRV TXH SHUPLWHQ LGHQWLÀFDU DOJXQDV FDUDFWHUtVWLFDVGHODPLVPDDSDUWLUGHVXVLP SOLÀFDFLyQ (Q FRQFUHWR HO tQGLFH GH 6KLPEHO PLGHODGLVWDQFLDWRSROyJLFDTXHHVSUHFLVRUH FRUUHUGHVGHFDGDQRGRDWRGRVORVGHPiVGHOD UHG&RPRHVHYLGHQWHORVYDORUHVPiVHOHYDGRV GHOtQGLFHUHSUHVHQWDQXQDSHRUDFFHVLELOLGDG$ SHVDUGHVXDEVWUDFFLyQHVXQDPHGLGDEDVWDQWH H[SUHVLYDFRPRVHKDSRGLGRFRPSUREDULQWUR GXFLHQGRGDWRVUHDOHVFRPRODGLVWDQFLDHQWUH SDUHVGHQRGRVHQNLOyPHWURVRWLHPSR (Q SULPHU OXJDU HO H[DPHQ GH ODV LQIUDHV WUXFWXUDV GH WUDQVSRUWH GH OD SURYLQFLD GH $O EDFHWHSRQHGHPDQLÀHVWRTXHODUHGGHFDUUH WHUDVRIUHFHXQDDFFHVLELOLGDGPX\GHVLJXDODO HVSDFLRSURYLQFLDO(VWDVGLIHUHQFLDVREHGHFHQ IXQGDPHQWDOPHQWH D OD SURSLD HVWUXFWXUD GH OD UHG PDUFDGDPHQWH UDGLDO TXH KDFH GLVPLQXLU &RPR SXHGH DSUHFLDUVH HQ HO PDSD FRUUHV SRQGLHQWHHOFRQWUDVWHIXQGDPHQWDOVHHVWDEOHFH HQWUHXQRVFRUUHGRUHVFHQWUDOHVGRWDGRVGHEXHQD DFFHVLELOLGDGQRVyORHQHOiPELWRSURYLQFLDOVLQR WDPELpQ LQWHUSURYLQFLDO PLHQWUDV TXH ODV iUHDV GHODSURYLQFLDPiVDOHMDGDVGHOSXQWRFHQWUDOGH OD UHG SUHVHQWDQ XQRV YDORUHV PiV HOHYDGRV HQ ,!/&%24!$%3%26)#)/3$% 42!.30/24%0Â",)#/ !»/3$%&%22/#!22),%.!,"!#%4% -APA!CCESIBILIDADDELAREDDECARRETERAS·NDICEDE3HIMBEL (ODERUDFLyQSURSLD ORVtQGLFHPHQFLRQDGRVORTXHH[SUHVDXQDSHR UHVFRQGLFLRQHVGHDFFHVLELOLGDG (QVtQWHVLVSXHGHQHVWDEOHFHUVHWUHVFRURQDV GLIHUHQFLDGDVHOVHFWRUPiVSULYLOHJLDGRYLHQH GHWHUPLQDGR SRU XQD FRURQD GH XQRV NLOy PHWURVGHUDGLRHQWRUQRDODFDSLWDOXQiUHDGH WUDQVLFLyQGHDFFHVLELOLGDGPHGLDSXHGHHVWD EOHFHUVHHQWUHORVNLOyPHWURVSRUHQFLPD GHHVWHOtPLWHODVFRQGLFLRQHVGHDFFHVLELOLGDG GLVPLQX\HQFRQVLGHUDEOHPHQWH(QFXDQWRDORV VHUYLFLRVGHWUDQVSRUWHS~EOLFRTXHXWLOL]DQHVWDV LQIUDHVWUXFWXUDVGHEHPRVGLIHUHQFLDUFRQFODUL GDGHOSDSHOGHVHPSHxDQGRSRUORVVHUYLFLRVGH DXWRE~V\HOIHUURFDUULOUHVSHFWLYDPHQWH /RV SULPHURV FRQVWLWX\HQ HO JUXHVR GH OD RIHUWDSRUVXPD\RUSHQHWUDFLyQWHUULWRULDODSR \DGDHQODUHGGHFDUUHWHUDV\VRQORVTXHJD UDQWL]DQHOVHUYLFLREiVLFRDODSUiFWLFDWRWDOLGDG GHODVFDEHFHUDVPXQLFLSDOHVGHODSURYLQFLDDVt FRPRDXQJUDQQ~PHURGHHQWLGDGHVPHQRUHV 3DUD FDUDFWHUL]DU OD RIHUWD GH VHUYLFLRV GH WUDQVSRUWHS~EOLFRHQODSURYLQFLDGH$OEDFHWH HV SUHFLVR UHYLVDU EUHYHPHQWH DOJXQRV SDUi PHWURVFRPRHORULJHQ\GHVWLQRGHODVOtQHDV OD ORQJLWXG GH ODV PLVPDV TXH UHSUHVHQWDQ VX HVWUXFWXUDWHUULWRULDOODYHORFLGDG\IUHFXHQFLD GHVHUYLFLRSDUDFRQRFHUODFDOLGDGGHOPLVPR \ODUDWLRKDELWDQWHVSRUNLOyPHWURGHUHFRUULGR HVWH~OWLPRYDORUQRV DSUR[LPDDODGHPDQGD SRWHQFLDO (Q HO SULPHU DVSHFWR KD\ TXH VHxDODU TXH PiVGHODPLWDGGHODVOtQHDVWLHQHXQFDUiFWHU HVWULFWDPHQWHSURYLQFLDOHOWUD\HFWRVHGHVDUUR OODtQWHJUDPHQWHHQWUHGRVQ~FOHRVGHODSURYLQ FLD (O GHVWLQR FRQ PiV SHVR HVSHFtÀFR HV OD FDSLWDOSURYLQFLDOGDGRTXHGHMDQGRDOPDUJHQ ODVOtQHDVLQWHUUHJLRQDOHVXQGHODVOtQHDV WLHQHVXGHVWLQRHQODFDSLWDOORTXHUHYHODFOD UDPHQWH OD IXQFLRQDOLGDG GH HVWRV VHUYLFLRV /RVGHVWLQRVFRPDUFDOHVWLHQHQXQDPHQRULP SRUWDQFLD\VyORGHVWDFDQ+HOOtQ\$OPDQVDHQ &2!.#)3#/&%2.­.$%:3!.4!-!2·! PHQRUPHGLGD9LOODUUREOHGR&DXGHWH\<HVWH +D\ TXH WHQHU HQ FXHQWD TXH PXFKRV GH ORV WUD\HFWRV LQWHUSURYLQFLDOHV WLHQHQ XQD IXQFLR QDOLGDG TXH ORV DSUR[LPD D ORV VHUYLFLRV SUR YLQFLDOHV \D TXH WLHQHQ VX RULJHQ HQ Q~FOHRV SUy[LPRVGHSURYLQFLDVOLPtWURIHV\GHVWLQRHQ $OEDFHWHFDSLWDO /DV OtQHDV LQWHUUHJLRQDOHV VRQ PXFKR PiV UHGXFLGDVHQQ~PHUR\VXVFDUDFWHUtVWLFDV\IXQ FLRQDOLGDGODVDSUR[LPDQPiVDOWUDQVSRUWHIH UURYLDULRFRQHOTXHHQWUDQHQFRPSHWHQFLD /DORQJLWXGGHODVOtQHDVWDPELpQUHYHODFOD UDPHQWHODIXQFLyQGHFRQH[LyQLQWUDSURYLQFLDO \DTXHFDVLHOGHODVPLVPDVWLHQHXQUHFR UULGRLQIHULRUDNPVXQDFLUFXQIHUHQFLDGH UDGLR NPV DEDUFD OD SUiFWLFD WRWDOLGDG GHO WHUULWRULR SURYLQFLDO \ SDUWH GH ODV SURYLQFLDV OLPtWURIHV /DIUHFXHQFLDVHPDQDOXQRGHORVDVSHFWRV EiVLFRVGHODFDOLGDGGHVHUYLFLRHVHQJHQHUDO EDVWDQWH UHGXFLGD HO GH ODV OtQHDV WLHQH XQDIUHFXHQFLDLJXDORLQIHULRUDVHUYLFLRVVH PDQDOHVORTXHHTXLYDOHDXQ~QLFRWUD\HFWRGH LGD\YXHOWDGHOXQHVDYLHUQHVRELHQGHOXQHV DViEDGR(QWRUQRDOGHODVOtQHDVSUHV WDQPiVGHVHUYLFLRVVHPDQDOHVVHLQFOX\HQ HQHVWHJUXSRVODVOtQHDVTXHHQOD]DQODVSULQFL SDOHVFDEHFHUDVFRPDUFDOHVFRQODFDSLWDO9L OODUUREOHGR +HOOtQ$OPDQVD HWF \ ODV OtQHDV LQWHUUHJLRQDOHVGHODUJRUHFRUULGR &RPR GDWRV VLJQLÀFDWLYRV GH OD GLIHUHQWH RULHQWDFLyQ \ IXQFLRQDOLGDG GH ORV VHUYLFLRV SRU FDUUHWHUD \ IHUURYLDULRV VH SXHGHQ PHQ FLRQDUORVVLJXLHQWHV/DGLVWDQFLDPHGLDHQWUH SDUDGDV HV GH XQRV NLOyPHWURV SDUD VHUYL FLRVGHDXWRE~VIUHQWHDXQDPHGLDGHPiVGH SDUDHOIHUURFDUULOGHODUJRUHFRUULGRORTXH H[SUHVD XQD PX\ GLIHUHQWH FDSDFLGDG GH SH QHWUDFLyQ WHUULWRULDO HQ FDGD FDVR$VLPLVPR ODYHORFLGDGGHVHUYLFLRDUURMDXQVDOGRIDYR UDEOH D ORV VHUYLFLRV IHUURYLDULRV PiV GH NPVKRUDLQFOXLGRVWUHQHVUHJLRQDOHVIUHQWHD XQD PHGLD GH NPVKRUD SDUD ORV VHUYLFLRV UHJXODUHVSRUFDUUHWHUD 3RUORTXHUHVSHFWDDODGHPDQGDSRWHQFLDO XQDSDUWHPX\LPSRUWDQWHGHODVOtQHDVGDVHU YLFLRDiUHDVFRQEDMDVRPX\EDMDVGHQVLGDGHV GHSREODFLyQ0iVGHOGHODVOtQHDVWLHQHQ XQ SURPHGLR LQIHULRU D KDELWDQWHV.P GH UHFRUULGR&RQMXQWDPHQWHODVOtQHDVFRQXQYD ORULQIHULRUDKDE.PVXPDQPiVGHO GHOWRWDOPLHQWUDVTXHVLFRQVLGHUDPRVVHSD UDGDPHQWHODVOtQHDVSURYLQFLDOHVPiVGHO SUHVHQWDQ YDORUHV LQIHULRUHV D KDE.P 3DUDLQWHUSUHWDUHVWRVGDWRVFRUUHFWDPHQWHKD\ TXHWHQHUHQFXHQWDTXHHOXPEUDOTXHVHFRQ VLGHUDFUtWLFRSDUDJDUDQWL]DUODUHQWDELOLGDGGH XQVHUYLFLRGHWUDQVSRUWHS~EOLFRGHYLDMHURVVH VLW~DHQKDENPGHUHFRUULGR (Q UHVXPHQ HO VHUYLFLR GH WUDQVSRUWH S~ EOLFR SRU FDUUHWHUD SXHGH FDUDFWHUL]DUVH SRU ORVVLJXLHQWHVUDVJRV6HWUDWDGHXQDUHGPX\ FHQWUDOL]DGDHQODFDSLWDOSURYLQFLDO\DTXHGH DOJXQDPDQHUDpVWDHVODIXQFLyQEiVLFDGHHVWH WLSRGHWUDQVSRUWHFRPRUHYHODWDPELpQODGH ELOLGDGGHODVFRQH[LRQHVFRPDUFDOHVHVGHFLU GH ORV GLIHUHQWHV Q~FOHRV FRQ VX FDEHFHUD FR PDUFDO3RURWUDSDUWHODSpUGLGDFRQWLQXDGDGH XVXDULRV \ OD GpELO GHPDQGD SRWHQFLDO GDGDV ODV EDMDV GHQVLGDGHV GHPRJUiÀFDV GH PXFKDV iUHDVFRQGLFLRQDQXQEDMRQLYHOGHVHUYLFLRHQ SDUWLFXODU SRU OR TXH VH UHÀHUH D OD IUHFXHQFLD GHORVYLDMHV$HVWRKD\TXHVXPDUSDUDWHUPL QDUGHFDUDFWHUL]DUHOSDQRUDPDODDWRPL]DFLyQ HPSUHVDULDO GHO VHFWRU \ OD EDMD RFXSDFLyQ GH ORVVHUYLFLRVTXHOyJLFDPHQWHVHWUDGXFHHQXQD SpUGLGDGHUHQWDELOLGDG(QHVWHVHQWLGRXQRGH ORV SUREOHPDV HV OD FRPSHWHQFLD GH ORV VHUYL FLRVGLVFUHFLRQDOHV\WUDQVSRUWHVHVSHFLDOHV (VWDVFDUHQFLDVQRVRQVLQHPEDUJRXQSUR EOHPD HVSHFtÀFR GH QXHVWUR HQWRUQR VLQR TXH DIHFWDFRQFDUiFWHUJHQHUDODPXFKDViUHDVUX UDOHVGHEDMDGHQVLGDGFRPRVHGHVSUHQGHGHO GLDJQyVWLFR GHO 0LQLVWHULR GH )RPHQWR TXH VLUYHGHEDVHDOSODQ3/$7$(QHO PLVPRMXQWRDODVGHÀFLHQFLDVGHFDOLGDG\HO EDMRQLYHOGHRFXSDFLyQVHGHVWDFDQFRPRGH ELOLGDGHVGHOVLVWHPDODHVFDVDLPSODQWDFLyQGH QXHYDVWHFQRORJtDV\ODLPDJHQSRFRDWUDFWLYD GHOVHFWRUHQHOFRQMXQWRGHODVRFLHGDGTXHLQ !»/3$%&%22/#!22),%.!,"!#%4% ÁX\HHQODFDSWDFLyQGHFOLHQWHVORTXHSODQWHD ODDPHQD]DGHULYDGDGHOLQFUHPHQWRGHODPRYL OLGDGHQYHKtFXORSULYDGR /DRIHUWDGHWUDQVSRUWHIHUURYLDULRHVPXFKR PiV OLPLWDGD SRU OR TXH UHVSHFWD D ODV FRPX QLFDFLRQHV SURYLQFLDOHV QR VROR SRU VX PHQRU H[WHQVLyQWHUULWRULDOVLQRWDPELpQSRUODSURSLD RULHQWDFLyQGHORVVHUYLFLRV(QHIHFWRODPD\RU SDUWHGHORVWUHQHVGHODUJRUHFRUULGRQRWLHQHQ SDUDGDHQXQJUDQQ~PHURGHHVWDFLRQHVPLHQ WUDV TXH ORV VHUYLFLRV UHJLRQDOHV TXH VRQ ORV TXHFXEUHQHQWHRUtDHOVHUYLFLRORFDOUHVXOWDQ LQDGHFXDGRVHQPXFKDVRFDVLRQHVSRUFXHVWLR QHVKRUDULDV GHHYDOXDUODVSRVLELOLGDGHVGHDFFHVRHQWUDQV SRUWH S~EOLFR SRU FDUUHWHUD D GLIHUHQWHV DFWLYL GDGHV WUDEDMR VHUYLFLRV \ RFLR HQ GLVWLQWRV OXJDUHVIXQFLRQDOHVFDSLWDOSURYLQFLDO\FDEH FHUDVFRPDUFDOHV\HQFRQGLFLRQHVDGHFXDGDV GHWHUPLQDGDVSRUHOKRUDULRGHORVVHUYLFLRVVX YHORFLGDG\VXIUHFXHQFLD /RV UHVXOWDGRV DSDUHFHQ FDUWRJUDÀDGRV HQ HOPDSD(QWpUPLQRVJHQHUDOHVODDFFHVLEL OLGDGSURSRUFLRQDGDSRUHOVLVWHPDHVOLPLWDGD \D TXH VyOR DSDUHFH XQ PXQLFLSLR GRWDGR GH DFFHVLELOLGDGDOWD+HOOtQ&RQXQDDFFHVLELOL GDGPHGLDDOWDHQFRQWUDPRVXQWRWDOGHQ~ FOHRVTXHFRPRSXHGHYHUVHHQPDSDVHGLVSR QHQGHIRUPDFRQFpQWULFDHQWRUQRDODFDSLWDO VREUHODVSULQFLSDOHVYtDVGHFRPXQLFDFLyQRHQ VXVSUR[LPLGDGHV ,!-%$)$!$%,!!##%3)"),)$!$ 3DUDFRQRFHUFXiOHVHOUHQGLPLHQWRGHOVLV WHPDGHWUDQVSRUWHS~EOLFRHVSUHFLVRHVWDEOH FHUXQPRGRGHPHGLUODDFFHVLELOLGDGSURSRU FLRQDGDSRUHOPLVPRDODSREODFLyQ(VWHGHEH SHUPLWLUQRV FRQRFHU HQ TXp PHGLGD ORV VHUYL FLRVRIUHFHQXQDPD\RURPHQRUIDFLOLGDGSDUD DFFHGHUDELHQHV\VHUYLFLRVGHWRGRWLSR (QWpUPLQRVJHQHUDOHVODDFFHVLELOLGDGSXH GH PHGLUVH HQ IXQFLyQ GH WUHV SDUiPHWURV HO PHGLRGHWUDQVSRUWHHPSOHDGRODXELFDFLyQGH ORVLQGLYLGXRVHQHOHVSDFLR\HOWLHPSRQHFH VDULR SDUD UHDOL]DU HO GHVSOD]DPLHQWR 3RU WDQ WR ORV FRPSRQHQWHV HVHQFLDOHV TXH KDEUtD GH LQFRUSRUDUWRGRtQGLFHGHDFFHVLELOLGDGVHUtDQ OD GLVWDQFLD HQWUH GRV SXQWRV OD UHODFLyQ D XQ VLVWHPDGHFRPXQLFDFLRQHVTXHSHUPLWDVDOYDU OD GLVWDQFLD HQWUH HOORV HO HVIXHU]R UHTXHULGR HQWLHPSRRFRVWH\SRU~OWLPRODUHODFLyQGHO GHVSOD]DPLHQWRFRQDOJXQDDFWLYLGDGHQODTXH HOLQGLYLGXRSUHWHQGHWRPDUSDUWH 'H DFXHUGR FRQ HVWH SODQWHDPLHQWR VH KD HODERUDGR XQ tQGLFH GH DFFHVLELOLGDG TXH WUDWD 8QWRWDOGHFDEHFHUDVPXQLFLSDOHV GHOWRWDOWLHQHQXQDDFFHVLELOLGDGPHGLDEDMDR EDMD /DV FRQGLFLRQHV GH DFFHVLELOLGDG PHGLD EDMD DIHFWDQ SRWHQFLDOPHQWH DO GH OD SR EODFLyQSURYLQFLDOHQWDQWRTXHODVFRQGLFLRQHV SHRUHV DFFHVLELOLGDG EDMD VH GDQ HQ XQ GHORVQ~FOHRVGHODSURYLQFLDDXQTXHDOVHUGH SHTXHxR WDPDxR VX SREODFLyQ VXSRQH DSUR[L PDGDPHQWHXQGHOWRWDOSURYLQFLDO 'H WRGRV PRGRV KD\ TXH WHQHU HQ FXHQWD SDUD LQWHUSUHWDU DGHFXDGDPHQWH HO tQGLFH TXH KDEODPRVGHXQRVYDORUHVPX\UHODWLYRV\DTXH HODFFHVRDODFDSLWDOTXHGDUHGXFLGRHQODPD \RUSDUWHGHORVFDVRVDODXWLOL]DFLyQGHVHUYL FLRVFRPHUFLDOHVDGPLQLVWUDWLYRVVDQLWDULRV SXHVWR TXH HODFFHVRD DFWLYLGDGHVODERUDOHVR GHRFLRHQWUDQVSRUWHS~EOLFRHVPX\OLPLWDGR\ GHEHHIHFWXDUVHSRURWURVPHGLRV 3DUD PDWL]DU ORV UHVXOWDGRV VH KD LQWURGX FLGR FRPR IDFWRU GH SRQGHUDFLyQ OD UHODFLyQ GLVWDQFLDWLHPSRTXHH[SUHVDHQEXHQDPHGLGD ODVFRQGLFLRQHVHQTXHVHUHDOL]DHOPLVPR/D LQWHUSUHWDFLyQ GH HVWH VHJXQGR tQGLFH HV OD VL JXLHQWHVLODYHORFLGDGGHVHUYLFLRGHXQDOtQHD ,]TXLHUGR5\0RQ]yQ$S /DGHVFULSFLyQGHWDOODGDGHHVWRVtQGLFHVSXHGHFRQVXOWDUVHHQ)HUQiQGH]6DQWDPDUtD) &2!.#)3#/&%2.­.$%:3!.4!-!2·! -APA!CCESIBILIDADALACAPITALPROVINCIALENTRANSPORTEPÞBLICOPORCARRETERA (ODERUDFLyQSURSLD -APA)SOCRONASDEDESPLAZAMIENTOALACAPITALENTRANSPORTEPÞBLICOPORCARRETERA (ODERUDFLyQSURSLD !»/3$%&%22/#!22),%.!,"!#%4% -APA·NDICEDEACCESIBILIDADPONDERADOALACAPITAL (ODERUDFLyQSURSLD HVLQIHULRUDODPHGLDGHOFRQMXQWRNPVKRUD HOYDORUGHOtQGLFHGLVPLQX\DHQFDVRFRQWUDULR DXPHQWD (QHOPDSDVLJXLHQWHSXHGHQYHUVHODVLVy FURQDV FRUUHVSRQGLHQWHV DO WLHPSR GH GHVSOD ]DPLHQWR KDVWD OD FDSLWDO SURYLQFLDO XWLOL]DQGR ORV VHUYLFLRV GH WUDQVSRUWH S~EOLFR 6H DSUHFLD FODUDPHQWH HO HIHFWR GH ODV LQIUDHVWUXFWXUDV GH PD\RU FDOLGDG \ FDSDFLGDG HQ HO DFRUWDPLHQWR GHODVLVRFURQDV\ODLQÁXHQFLDGHORVREVWiFXORV RURJUiÀFRV HQ HO DODUJDPLHQWR GH ODV PLVPDV HQ SDUWLFXODU HQ HO VHFWRU VXURFFLGHQWDO GH OD SURYLQFLD ,QWURGXFLHQGRHVWHHOHPHQWRGHSRQGHUDFLyQ DOJXQRV Q~FOHRV PHMRUDQ VXV FRQGLFLRQHV GHDFFHVLELOLGDGELHQHQWHQGLGRTXHQRVHWUD WDGHPiVSRVLELOLGDGHVGHDFFHVRVLQRGHTXH pVWDVVHUHDOL]DQHQPHMRUHVFRQGLFLRQHV(QHO H[WUHPRFRQWUDULRVHLQFUHPHQWDVLJQLÀFDWLYD PHQWH HO Q~PHUR GH ORFDOLGDGHV TXH SDVDQ GH WHQHU XQD DFFHVLELOLGDG PHGLDEDMD D EDMD /D GLVSRVLFLyQ GH ORV Q~FOHRV HQ HO PDSD UHÁHMD FODUDPHQWHODLQFLGHQFLDGHODVLQIUDHVWUXFWXUDV HQHOYDORUGHHVWHtQGLFHSRQGHUDGR 6LQWHWL]DQGR ORV YDORUHV SRU FRPDUFDV ODV PHMRUHVFRQGLFLRQHVVHGDQHQODGH+HOOtQVH JXLGDGHODVGH9LOODUUREOHGR$OPDQVD\$OED FHWH/RVYDORUHVGLVPLQX\HQFRQVLGHUDEOHPHQ WHHQODFRPDUFDGH&DVDV,EixH]HQHO1(GH ODSURYLQFLD\VREUHWRGRHQODVFRPDUFDVGHODV VLHUUDVGH$OFDUD]\6HJXUD (Q UHVXPHQ OD DFFHVLELOLGDG SURSRUFLR QDGD SRU HO VLVWHPD GH WUDQVSRUWH S~EOLFR SRU FDUUHWHUDHVPX\OLPLWDGDSDUDJUDQSDUWHGHOD SREODFLyQSURYLQFLDO(QODPD\RUSDUWHGHORV FDVRVODXWLOL]DFLyQGHHVWHPHGLRVyORSHUPLWH HODFFHVRDORVVHUYLFLRVHQODFDSLWDOSURYLQFLDO FRQ PD\RU R PHQRU ÁH[LELOLGDG KRUDULD VHJ~Q ORVFDVRV/DDFFHVLELOLGDGPtQLPDVHOLPLWDD XQ~QLFRYLDMHGLDULRDODFDSLWDOHQWUHOXQHV\ YLHUQHVRLQFOXVRPHQRVFRQKRUDULRVUtJLGRV \OLPLWDGRV/DVSRVLELOLGDGHVGHDFFHVRDRWUDV DFWLYLGDGHV VRQ PX\ UHGXFLGDV R HQ OD PD\RU SDUWHGHORVFDVRVLQH[LVWHQWHV &2!.#)3#/&%2.­.$%:3!.4!-!2·! /DDFFHVLELOLGDGDODVFDEHFHUDVFRPDUFDOHV FRQGLFLRQDGDSRUODSURSLDHVWUXFWXUDGHODUHG YLDULD OD SRODUL]DFLyQ HQ WRUQR D OD FDSLWDO GH ORVVHUYLFLRVGHWUDQVSRUWHS~EOLFRRHOHVFDVR SHVRGHDOJXQDVGHHVWDVFDEHFHUDVHVD~QPiV OLPLWDGD ,!).4%2-/$!,)$!$5.! #5%34)¼../2%35%,4! 'DGDODOLPLWDGDIXQFLRQDOLGDGGHORVVHUYL FLRV GH WUDQVSRUWH S~EOLFR GH YLDMHURV SRU FD UUHWHUD HV HYLGHQWH VX HVFDVD FDSDFLGDG SDUD IDFLOLWDUHODFFHVRDRWURVPRGRVGHWUDQVSRUWH SULQFLSDOPHQWHHOIHUURFDUULO\HQPHQRUPHGL GD HO DYLyQ 'H FDUD DO IXWXUR VH KD OODPDGR OD DWHQFLyQ GHVGH GLIHUHQWHV iPELWRV VREUH OD QHFHVLGDG GH FRRUGLQDU ORV GLIHUHQWHV PRGRV GH WUDQVSRUWH QR VyOR SRU UD]RQHV GH SROtWLFD WHUULWRULDOVLQRWDPELpQSRUODSURSLDVRVWHQLEL OLGDGGHOVLVWHPD'HVGHHVWDySWLFDODLQWHUPR GDOLGDG VH SXHGH GHÀQLU FRPR ´XQD HVWUDWHJLD GHVGHODTXHHQFDUDUODDFFHVLELOLGDGWHUULWRULDO HQVXFRQMXQWRPHGLDQWHHOGLVHxRGHXQVLVWH PDMHUDUTXL]DGRGHUHGHV\QRGRVµ/DFRQVL GHUDFLyQ GHO WUDQVSRUWH GH SDVDMHURV FRPR XQ HOHPHQWR FODYH HQ ODV SROtWLFDV GH RUGHQDFLyQ WHUULWRULDO UHTXLHUH XQD LQWHJUDFLyQ GH ORV VHU YLFLRV ´TXH SHUPLWD XQ WUDQVSRUWH GH SXHUWD D SXHUWDHÀFD]\PiVEDUDWRLQGHSHQGLHQWHPHQWH GHOQ~PHURGHWUDQVERUGRVRGHODVGLVWDQFLDVGH TXHVHWUDWHµ 3RUWDQWRODFXHVWLyQTXHVHSODQWHDHVVLHO DFWXDOVLVWHPDGHWUDQVSRUWHS~EOLFRSRUFDUUHWH UDVHUiFDSD]GHDGDSWDUVHFRQÁH[LELOLGDGDORV FDPELRV HQ ODV QHFHVLGDGHV GH GHVSOD]DPLHQ WR HQ XQ IXWXUR PiV R PHQRV LQPHGLDWR GDGR TXHHQHOPRPHQWRDFWXDORSHUDHQXQHQWRUQR VRFLRHFRQyPLFR\JHRJUiÀFRPX\GLIHUHQWHDO TXHH[LVWtDFXDQGRIXHFUHDGR6LQHPEDUJROD HVWUXFWXUDGHODVFRQFHVLRQHV\GHORVVHUYLFLRV DSHQDVKDVXIULGRPRGLÀFDFLRQHVPiVDOOiGHO FLHUUH GH DOJXQDV OtQHDV \ OD VXSUHVLyQ GH WUD \HFWRVSRUIDOWDGHGHPDQGD (VWDQHFHVLGDGGHFDPELRHVSDUWLFXODUPHQ WH LPSRUWDQWH HQ UHODFLyQ FRQ ODV QXHYDV LQ IUDHVWUXFWXUDV SUR\HFWDGDV /D UHÁH[LyQ SXHGH SODQWHDUVH D SDUWLU GH GRV QRWLFLDV DSDUHFLGDV UHFLHQWHPHQWH HQ OD SUHQVD ORFDO /D SULPHUD GHHOODVKDFHUHIHUHQFLDDODFUHDFLyQGHQXHYDV LQIUDHVWUXFWXUDVGHWUDQVSRUWHTXHHVWiSUHYLVWR FUHDUHQODUHJLyQ$VtVHVHxDODTXHFRQHOODV ´XQGHODSREODFLyQGHODUHJLyQWHQGUiFR QH[LyQGLUHFWDSRUDXWRSLVWD\DXWRYtD\XQ HVWDUi D PHQRV GH TXLQFH PLQXWRV GH DOJXQD PLHQWUDVTXHXQGHORVKDELWDQWHVFRQWDUi FRQDFFHVRDOtQHDVGHDOWDYHORFLGDGIHUURYLD ULDV\XQHVWDUiDPHQRVGHWUHLQWDPLQXWRV GHHVDUHGµ 6LQHPEDUJRGHMDQGRDOPDUJHQODVSROpPL FDVVXVFLWDGDVSRUODDOWDYHORFLGDGVLQXQDUHG HÀFLHQWHGHWUDQVSRUWHS~EOLFRFRQXQDDGHFXD GDFRRUGLQDFLyQLQWHUPRGDOHODFFHVRGHODSR EODFLyQDHVWRVQXHYRVVHUYLFLRV\SRVLELOLGDGHV SXHGHYHUVHPHUPDGR /DVHJXQGDKDFHUHIHUHQFLDDODQXHYDHV WDFLyQIHUURYLDULDGH$OEDFHWH\GLFHDVt´HO QXHYR DSHDGHUR QR GHMDUi GH VHU SXHV \D OR HV ©LQWHUPRGDOª 6yOR TXH HQ OXJDU GH SD VDU DO DLUH OLEUH GHO SULPHUR DO WHUFHU PXQGR TXLHURGHFLUGHO$9(DODXWRE~V\YLFHYHU VDORKDUiXVWHGDWUDYpVGHSDOSLWDQWHSRULQ VHJXURW~QHOVXEWHUUiQHR'HHVWHPRGRFUHR TXHVHH[SUHVDPX\JUiÀFDPHQWHODVLWXDFLyQ TXHSXHGHFUHDUVHHQHOIXWXURSUy[LPRGHXQ WUDQVSRUWHS~EOLFRDGRVYHORFLGDGHV3DUDHOOR VHUHTXLHUHQVROXFLRQHVQRYHGRVDVTXHSDUWDQ 0LQLVWHULRGH)RPHQWR6HFUHWDULDGH(VWDGRGH,QIUDHVWUXFWXUDV\3ODQLÀFDFLyQ &RPXQLFDFLyQGHOD&RPLVLyQDO&RQVHMRDO3DUODPHQWR(XURSHRDO&RPLWpGHODV5HJLRQHV\DO&RPLWp(FRQyPLFR\6RFLDO©'H VDUUROODUODUHGGHFLXGDGDQRV,PSRUWDQFLDGHXQWUDQVSRUWHGHSDVDMHURVUHJLRQDO\ORFDOGHFDOLGDG\FRQWULEXFLyQGHOD&RPLVLyQDO UHVSHFWRª 'LDULR/D9HUGDGGH$OEDFHWH $UQDX$PR- !»/3$%&%22/#!22),%.!,"!#%4% GH XQ FRQRFLPLHQWR SURIXQGR GH ODV QXHYDV GHPDQGDV GH PRYLOLGDG \ VH RULHQWHQ D XQD RUJDQL]DFLyQ]RQDOGHORVVHUYLFLRVS~EOLFRV VXSHUDQGR OD RUJDQL]DFLyQ OLQHDO TXH DKRUD PLVPRSUHVHQWDQ ")",)/'2!&·! $51$8$02 - ´$QyQLPRV GH UH QRPEUHµ 'LDULR/D9HUGDGGH$OEDFHWH GHVHSWLHPEUH ',$5,2 /$ 9(5'$' '( $/%$&(7( GHRFWXEUH )(51É1'(= 6$17$0$5Ì$ )UDQFLVFR 7UDQVSRUWHS~EOLFRGHYLDMHURV\DF FHVLELOLGDGHQODSURYLQFLDGH$OEDFHWH8QL YHUVLGDGGH&DVWLOOD/D0DQFKD&XHQFD ,=48,(5'2 5 021=Ð1$ ´/D DFFHVLELOLGDGDODVUHGHVGHWUDQVSRUWHFRPR LQVWUXPHQWR GH HYDOXDFLyQ GH OD FRKHVLyQ HFRQyPLFD \ VRFLDOµ 5HYLVWD 77& Q SS /($/ 0$/'21$'2 - ´/D GL QiPLFD GHO FRQVXPR FROHFWLYR GHO WHUUL WRULRµ (VWXGLRV 7HUULWRULDOHV Q SS 0,1,67(5,2'()20(1726(&5(7$5,$ '((67$'2'(,1)5$(6758&785$6 <3/$1,),&$&,Ð1 3ODQ(VWUDWp JLFRGH,QIUDHVWUXFWXUDVGH7UDQVSRUWH 5(,&+0$16 /HVWUDQVSRUWVVHUYL WXGHRXOLEHUWp" 3DUtV38) 60,7+ 0 ' *HRJUDItD +XPDQD %DUFHORQD2LNRV7DX ,!3.5%6!3).&2!%3425#452!3&%22/6)!2)!3 %.#!34),,!,!-!.#(!935).#)$%.#)! 3/"2%%,4%22)4/2)/9,!-/6),)$!$ )UDQFLVFR-DYLHU5RGUtJXH]/i]DUR 8QLYHUVLGDGGH&DVWLOOD/D0DQFKD 'HVGHVXFUHDFLyQHQHODxRHO*UXSRGH 7UDQVSRUWH\7HUULWRULRGHOD(76GH,QJHQLHURV GH &DPLQRV &DQDOHV \ 3XHUWRV GH OD 8QLYHUVL GDGGH&DVWLOOD/D0DQFKDPDQWLHQHDELHUWDXQD OtQHDGHLQYHVWLJDFLyQRULHQWDGDDODQiOLVLVGHORV HIHFWRVGHODDOWDYHORFLGDGIHUURYLDULDHQFLXGD GHVPHGLDV\SHTXHxDVSUHVWDQGRHVSHFLDODWHQ FLyQDORVFDVRVGH&LXGDG5HDO\3XHUWROODQR /RVHVWXGLRVUHDOL]DGRVKDVWDODIHFKDVHUH ÀHUHQDDVSHFWRVWDOHVFRPRODFDUDFWHUL]DFLyQ GHODPRYLOLGDG\ORVQXHYRVSDWURQHVGHYLDMH SURSLFLDGRVSRUODDOWDYHORFLGDGODGLQiPLFD GHOPHUFDGRLQPRELOLDULRGHODVFLXGDGHV\OD HYROXFLyQ GH ORV DVHQWDPLHQWRV \ DFWLYLGDGHV HQORVQ~FOHRV\VXVHQWRUQRVUHJLRQDOHVODSR VLEOHSUHYLVLyQ\DSURYHFKDPLHQWRGHORVHIHF WRVGHODDOWDYHORFLGDGPHGLDQWHHVWUDWHJLDVGH SODQHDPLHQWRODLQFLGHQFLDGHODORFDOL]DFLyQ GHODHVWDFLyQGHDOWDYHORFLGDGHQODVGLQiPL FDVXUEDQDV\UHJLRQDOHVORVQXHYRVPRGRVGH LQWHJUDFLyQ PHWURSROLWDQD YLQFXODGRV D OD DOWD YHORFLGDG\HODQiOLVLVGHORVLPSDFWRVSURGX FLGRVHQRWUDVFLXGDGHVPHGLDVHXURSHDV (OPpWRGRGHLQYHVWLJDFLyQKDVLGRGLYHUVR\ FRPSOHPHQWDULRHQORVGLIHUHQWHVHVWXGLRV\VH KDEDVDGRHQHQWUHYLVWDVDH[SHUWRVHQFXHVWDVD YLDMHURV DQiOLVLV PRUIROyJLFRV FRPSDUDGRV GH GLYHUVDVFLXGDGHVHXURSHDV\VHJXLPLHQWRVGH OD HYROXFLyQ GH ODV ÀJXUDV GH SODQHDPLHQWR \ DSDULFLyQGHPRGLÀFDFLRQHVHQODVWUDPDVXUED QDV\ORVHQWRUQRVWHUULWRULDOHVGHODVFLXGDGHV DIHFWDGDVSRUODDOWDYHORFLGDGIHUURYLDULD (OWH[WRTXHDKRUDVHSUHVHQWDKDVLGRHODERUDGRDSDUWLUGHXQDUWtFXORDQWHULRUSXEOLFDGRSRUHO*UXSRGH7UDQVSRUWH\7HUULWRULRGHOD (76,GH&DPLQRV&DQDOHV\3XHUWRVGHOD8QLYHUVLGDGGH&DVWLOOD/D0DQFKD9pDVH5LEDOD\JXDHWDO 0HQpQGH]&RURQDGR\5LYDV0HQpQGH]&RURQDGR\5LYDV\5LYDV\&RURQDGR 8UHxD5LEDOD\JXDHWDO\5LEDOD\JXDE 5LEDOD\JXDHWDO5LEDOD\JXD5LEDOD\JXDD\5LEDOD\JXD 0HQpQGH]HWDO0HQpQGH]HWDO\5LEDOD\JXD 5LEDOD\JXDHWDO8UHxD\5LEDOD\JXD\8UHxDHWDO 0HQpQGH]HWDO5RGUtJXH]5LEDOD\JXD\*XLUDR5LEDOD\JXD\5RGUtJXH]5LEDOD\JXD\5LEDOD\JXD D (OHVWXGLRGLULJLGRSRU-RVp0DUtDGH8UHxDHQ8UHxDHWDODSRUWD\DEXHQDSDUWHGHORVGDWRVPDQHMDGRVHQODHODERUDFLyQ GHHVWHWUDEDMR !»/3$%&%22/#!22),%.!,"!#%4% /DVSiJLQDVTXHVLJXHQLQFLGHQVREUHDOJX QRV GH ORV UHVXOWDGRV GH GLFKRV HVWXGLRV HQ OR TXHUHVSHFWDDODVQXHYDVLQIUDHVWUXFWXUDVIHUUR YLDULDVHQ&DVWLOOD/D0DQFKD ORVQRGRVGHGLFKRFRUUHGRUGHWHUPLQDQWDQWR FRPRODVFDUDFWHUtVWLFDVGHORVQ~FOHRVDIHFWD GRVSRUHOQXHYRVHUYLFLRODDSDULFLyQ\HQWLGDG GHORVGLYHUVRVLPSDFWRV$VtORVHIHFWRVGHOD DOWDYHORFLGDGVREUH&LXGDG5HDO\3XHUWROODQR GHSHQGHQHQJUDQPHGLGDGHODUHODFLyQHQWUH DPERVQ~FOHRV\GHDPERVQ~FOHRVFRQHOÉUHD 0HWURSROLWDQDGH0DGULG ).42/$5##)¼. $O PDUJHQ GH ODV H[SHFWDWLYDV LQPHGLDWDV TXHVXLPSODQWDFLyQVXHOHJHQHUDU\GHODVSUH YLVLRQHV TXH SXHGDQ HIHFWXDUVH GHVGH HO SOD QHDPLHQWR ORV LPSDFWRV GH OD DOWD YHORFLGDG IHUURYLDULDVREUHODVFLXGDGHV\VXVHQWRUQRVQR FRPLHQ]DQ D GHWHFWDUVH FRQ FODULGDG KDVWD YD ULRVDxRVGHVSXpVGHODDSHUWXUDGHODLQIUDHV WUXFWXUDDOWUiÀFR (Q OR TXH UHVSHFWD D &DVWLOOD/D 0DQFKD UHVXOWD WRGDYtD SUHPDWXUR FDUDFWHUL]DU ORV HIHF WRVFLHUWRVGHODDOWDYHORFLGDGHQ*XDGDODMDUD\ 7ROHGRTXHFXHQWDQFRQVHUYLFLRGHVGH\ R HQ FLXGDGHV TXH FRPR$OFi]DU GH 6DQ -XDQ7DODYHUD GH OD 5HLQD &XHQFD R$OEDFHWH GLVSRQGUiQGHHVWDFLyQGHDOWDYHORFLGDGHQIH FKDPiVRPHQRVSUy[LPD&DEHDORVXPRH[ WUDSRODUDGLFKRVQ~FOHRVORVHIHFWRVRFXUULGRVHQ RWUDVFLXGDGHVHQFODYDGDVHQFRUUHGRUHVGHVLPL ODUHVFDUDFWHUtVWLFDVWUDVDxRVGHH[SORWDFLyQ 'LVWLQWRHVHOFDVRGH&LXGDG5HDO\3XHU WROODQR Q~FOHRV XUEDQRV LQWHUPHGLRV TXH GLV SRQHQ GH OtQHD GH DOWD YHORFLGDG GHVGH FX\R DQiOLVLV SHUPLWH HPSH]DU D FDUDFWHUL]DU DGHFXDGDPHQWHORVHIHFWRVGHODDOWDYHORFLGDG IHUURYLDULDVREUHODPRYLOLGDG\HOWHUULWRULRHQ DPEDVFLXGDGHV\VXVHQWRUQRV &RPR HQ HO FDVR GH FXDOTXLHU RWUD FLXGDG TXHGLVSRQJDGHVHUYLFLRGHDOWDYHORFLGDGQR HVSRVLEOHH[SOLFDUWDOHVHIHFWRVDOPDUJHQGHOD SRVLFLyQTXHWDOHVQ~FOHRVRFXSDQHQHOFRUUH GRUGHOTXHIRUPDQSDUWHSXHVWRTXHHOUHVWRGH /RV PHGLRV GH WUDQVSRUWH KDQ SDUWLFLSDGR KLVWyULFDPHQWHHQODFRQÀJXUDFLyQGHFLXGDGHV \WHUULWRULRV6LHOWUDQYtDSRVLELOLWyODFUHDFLyQ GH EDUULRV DOHMDGRV GH ORV FHQWURV XUEDQRV HO IHUURFDUULO ODV UHODFLRQHV PHWURSROLWDQDV HQWUH ODVFLXGDGHV\HOWHUULWRULRFLUFXQGDQWH\HODX WRPyYLOODGLVSHUVLyQ\DSDULFLyQGHVXEXUELRV FDGDYH]PiVOHMDQRVHOIHUURFDUULOGHDOWDYH ORFLGDGHVWiVLHQGRHOUHVSRQVDEOHGHTXHHVRV SURFHVRV GH LQWHJUDFLyQ PHWURSROLWDQD VH H[ WLHQGDQ D GLVWDQFLDV GH KDVWD NLOyPHWURV FUHDQGRiUHDVPHWURSROLWDQDVGLVFRQWLQXDVFRQ JUDQGHVYDFtRVLQWHUPHGLRVÀJXUD(VWHSUR FHVRTXHHQ(VSDxD\KDVWDHOPRPHQWRVyOR VHHVWiSURGXFLHQGRHQ&LXGDG5HDO\3XHUWR OODQR VH HQFXHQWUD WRGDYtD HQ VXV SULPHUDV HWDSDV VL ELHQ HO WLHPSR WUDQVFXUULGR GHVGH OD LQDXJXUDFLyQGHODOtQHDGHDOWDYHORFLGDG0D GULG6HYLOODHPSLH]DDVHUVXÀFLHQWHFRPRSDUD TXHVHPDQLÀHVWHQFLHUWRVHIHFWRV (OWLSRGHLQWHJUDFLyQPHWURSROLWDQDDODTXH VHKDFHUHIHUHQFLDHVWiHYLGHQWHPHQWHFRQGLFLR QDGRSRUODVFDUDFWHUtVWLFDVGHOYtQFXORHQHVWH FDVRHOVHUYLFLRGHDOWDYHORFLGDGTXHODKDFH SRVLEOH(VWHVHUYLFLRTXHVXSRQHXQFRVWHLP SRUWDQWHQRWDQWRHQWLHPSRFRPRHQGLQHURHVWi OLPLWDGRSRUXQDVIUHFXHQFLDVUHODWLYDPHQWHED MDVHQFRPSDUDFLyQFRQXQVHUYLFLRGHFHUFDQtDV FRQYHQFLRQDO\VyORHV~WLOSDUDHOWUDQVSRUWHGH YLDMHURV /D LQWHJUDFLyQ PHWURSROLWDQD VHUi HQ FRQVHFXHQFLDLPSHUIHFWDOLPLWDGDDDOJXQDVDF WLYLGDGHVSULQFLSDOPHQWHFRPHUFLDOHV\GHVHU YLFLRV\GLIHUHQWHHQ&LXGDG5HDO\3XHUWROODQR (Q8UHxDVHRIUHFHXQDUHÁH[LyQVREUHODVRSRUWXQLGDGHVTXHODDOWDYHORFLGDGSXHGHJHQHUDUHQFLXGDGHVFRPR*XDGDODMDUD 7ROHGR\6HJRYLDDWHQGLHQGRDORVWLHPSRVGHGHVSOD]DPLHQWRD0DGULGPHGLDQWHHOQXHYRVHUYLFLR &LXGDG5HDO\3XHUWROODQRVHHQFXHQWUDQD\NPGH0DGULGSRUODOtQHDGHDOWDYHORFLGDG(OWLHPSRLQYHUWLGRHQHOWUD\HFWR 0DGULG&LXGDG5HDOHVGHPLQXWRV\HOLQYHUWLGRHQHOWUD\HFWR0DGULG3XHUWROODQRPLQXWRV &2!.#)3#/*!6)%22/$2·'5%:,­:!2/ HQIXQFLyQGHODVFDUDFWHUtVWLFDVGHORVQ~FOHRV \GHVXVLWXDFLyQHQODOtQHD $GHPiV\DOVHUODVHVWDFLRQHVGHDOWDYHOR FLGDG SXHUWDV GH DFFHVR D HQWLGDGHV WHUULWRULD OHV VXSHULRUHV ORV Q~FOHRV FRQ SDUDGD FREUDQ VLQJXODULPSRUWDQFLDSURGXFLpQGRVHDVXYH] RWUR SURFHVR GH LQWHJUDFLyQ D SHTXHxD HVFDOD \DXPHQWDQGRODGHSHQGHQFLDGHOWHUULWRULRTXH FLUFXQGD HVWRV QXHYRV SRORV GH DFFHVLELOLGDG SULYLOHJLDGDÀJXUD 6HxDOiEDPRV DO LQLFLR GH HVWD LQWURGXF FLyQ TXH ORV HIHFWRV GH OD DOWD YHORFLGDG QR VH PDQLÀHVWDQ FRQ FODULGDG KDVWD TXH WUDQV FXUUHQ YDULRV DxRV GHVGH OD LPSODQWDFLyQ GHO QXHYRVHUYLFLR\VHPHMDQWHDÀUPDFLyQH[LJH XQD PDWL]DFLyQ TXH GHEHUi FRQVLGHUDUVH HQ FXDOTXLHUDQiOLVLVIUHQWHDORVFDPELRVYLQFX ODGRVDODPRYLOLGDGTXHWDUGDQPHQRVWLHPSR HQVHUFRQVWDWDGRV\VRQDGHPiVORVPiVIi FLOPHQWH FXDQWLÀFDEOHV ORV HIHFWRV VREUH ODV HVWUXFWXUDVWHUULWRULDOHVQHFHVLWDQXQSOD]RGH &IGURA,AALTAVELOCIDADGENERAÉREASMETROPOLITANASDISCONTINUASYGRANDESVACÓOSTERRITORIALES &RENTEALFERROCARRILCONVENCIONALALAIZQUIERDALOSEFECTOSSOBREELTERRITORIOYLAMOVILIDAD SECONCENTRANENLOSESCASOSNÞCLEOSCONPARADAYSUSENTORNOSELABORACIØNPROPIA 3RU ~OWLPR OD SDUWLFXODULGDG GHO VHUYLFLR H[LVWHQWHHQWUH&LXGDG5HDO\3XHUWROODQRHVWi SURGXFLHQGR DVLPLVPR XQ SURFHVR GH LQWHJUD FLyQ GH DPERV Q~FOHRV 6H WUDWD WDPELpQ GH XQD LQWHJUDFLyQ GLVFRQWLQXD \ IXQFLRQDOPHQWH HVSHFLDOL]DGD GH OD TXH FRPR VH H[SRQGUi &LXGDG5HDOSDUHFHVHUODJUDQEHQHÀFLDGDGH ELGRDOWLSRGHSUR\HFWRVTXHHPSLH]DQDGHVD UUROODUVHHQVXWHUULWRULR WLHPSRPD\RUSDUDPDQLIHVWDUVHGHELGRDTXH VH WUDWD GH SURFHVRV OHQWRV LQÁXLGRV DGHPiV SRUQXPHURVRVIDFWRUHVFR\XQWXUDOHV/RVQXH YRVSUR\HFWRVXUEDQRV\WHUULWRULDOHV\ODVSUH YLVLRQHVHQHOSODQHDPLHQWRVRQORVGRV~QL FRVLQGLFDGRUHVGHORVHIHFWRVWHUULWRULDOHVTXH SRGHPRV GDU SRU YiOLGRV D SRFR PiV GH GLH] DxRVYLVWDGHODSXHVWDHQVHUYLFLRGHODQXHYD LQIUDHVWUXFWXUD !»/3$%&%22/#!22),%.!,"!#%4% &IGURA#ONEXIONESFERROVIARIASYPORCARRETERAENTRE0UERTOLLANO#IUDAD 2EALY-ADRIDENLADÏCADADELOSA×OSSESENTAELABORACIØNPROPIA #)5$!$2%!,905%24/,,!./ %.42%,/3!»/33%4%.4!9 ,!!#45!,)$!$$).­-)#!3 ).4%2.!392%,!#)/.%3 FRQVROLGyODH[SDQVLyQGHOQ~FOHR&LXGDG5HDO SRU VX SDUWH HUD XQD FLXGDG OLPLWDGD DO VHFWRU WHUFLDULR FRQ FRPHUFLR WUDGLFLRQDO IDPLOLDU VLQ DSHQDVDFWLYLGDGLQGXVWULDOTXHFLUFXQVFULEtDVX VXEVLVWHQFLDDVXFRQGLFLyQGHFDSLWDOSURYLQFLDO (QVyORHOGHODSREODFLyQGHODSUR YLQFLDUHVLGtDHQ&LXGDG5HDO\VXHQWRUQR 3)45!#)¼.$%0!24)$! 3DUD HQWHQGHU ORV HIHFWRV GH OD DOWD YHORFL GDGIHUURYLDULDHQ&LXGDG5HDO\3XHUWROODQRHV QHFHVDULRDQDOL]DUODVGLQiPLFDVHQTXHHVWDEDQ LQPHUVDVDPEDVFLXGDGHVHQHOPRPHQWRGHVX DSDULFLyQ3XHUWROODQRTXHQRVXSHUDEDORV KDELWDQWHVFXDQGRHQVHSXVLHURQHQH[SOR WDFLyQODVPLQDVGHFDUEyQFUHFLyGXUDQWHFDVLXQ VLJORKDVWDDOFDQ]DUVXPi[LPRKLVWyULFR KDELWDQWHVHQ$XQTXHHQWRQFHVODPLQHUtD HVWDED HQ UHFHVLyQ OD GHFLVLyQ GHO JRELHUQR GH )UDQFRGHFRQVWUXLUHQODORFDOLGDGXQDGHVWLOHUtD GH SL]DUUDV ELWXPLQRVDV SULPHUR \ XQD UHÀQH UtDOD(PSUHVD1DFLRQDO&DOYR6RWHORGHVSXpV $SULQFLSLRVGHORVDxRVVHWHQWDODVGLIHUHQ FLDV HQWUH DPEDV FLXGDGHV HUDQ VLJQLÀFDWLYDV 3XHUWROODQRHUDXQQ~FOHROLJHUDPHQWHPiVJUDQ GHKDELWDQWHVIUHQWHDHQ FRQXQFRPHUFLRSRWHQWHTXHFRQWDEDFRQXQRV JUDQGHV DOPDFHQHV 6LPDJR DGHPiV GHO HFR QRPDWR GH OD &DOYR 6RWHOR HPSUHVD TXH SRU RWUD SDUWH WHQtD XQD LPSRUWDQWtVLPD SUHVHQFLD HQODFLXGDG\DVHJXUDEDVXHOGRVUHODWLYDPHQWH DOWRVDVXVWpFQLFRV $PEDV FLXGDGHV HVWDEDQ VLWXDGDV IXHUD GH ORVHMHVSULQFLSDOHVGHWUDQVSRUWH0DGULG$QGD OXFtD/D1DFLRQDO,9\HOIHUURFDUULO0DGULG6H &2!.#)3#/*!6)%22/$2·'5%:,­:!2/ YLOODSDVDEDQDNPDORHVWHSRU9DOGHSHxDV (OIHUURFDUULOVyORODVFRPXQLFDEDFRQ0DGULG \ ([WUHPDGXUD \ OD FDUUHWHUD GHVGH &LXGDG 5HDO D 3XHUWR /iSLFH SXQWR GH FRQH[LyQ FRQ OD 1DFLRQDO ,9 HUD SRFR PiV TXH XQ FDPLQR GHÀFLHQWHPHQWHSDYLPHQWDGROOHQRGHEDFKHV\ WUDYHVtDVÀJXUD(QDTXHOPRPHQWR\SHVH D WDO VLWXDFLyQ DPEDV FLXGDGHV WHQtDQ FLHUWD GHSHQGHQFLD IXQFLRQDO FRQ 0DGULG SDUD HO DF FHVRDGHWHUPLQDGRVHTXLSDPLHQWRVDOFRPHU FLR HVSHFLDOL]DGR D WUDWDPLHQWRV KRVSLWDODULRV HVSHFLDOHV \ D GHWHUPLQDGDV UHODFLRQHV FRQ OD DGPLQLVWUDFLyQ 3RUORGHPiVODVGRVFLXGDGHVHUDQDPHGLD GRVGHORVDxRVVHWHQWDUHODWLYDPHQWHLQGHSHQ GLHQWHV/RVKDELWDQWHVGH&LXGDG5HDODFXGtDQ HVSRUiGLFDPHQWH D 3XHUWROODQR SDUD LU GH FRP SUDVRDVLVWLUDODVIHULDV\ÀHVWDVPLHQWUDVTXH ORVKDELWDQWHVGH3XHUWROODQRGHEtDQGHVSOD]DUVH RFDVLRQDOPHQWHDODFDSLWDOSDUDUHVROYHUDVXQWRV FRQODDGPLQLVWUDFLyQ1RKDEtDDSHQDVLQWHUFDP ELRVGHQHJRFLRV\DTXHORVVHFWRUHVHFRQyPLFRV GHDPEDVFLXGDGHVHUDQGLIHUHQWHV\DXQTXHHUD SRVLEOHWUDEDMDUHQXQVLWLR\YLYLUHQHORWURHOOR QRWHQtDPXFKRVHQWLGRSRUODPDODFDOLGDGGHOD FDUUHWHUDDIHFWDGDSRUXQLPSRUWDQWHWUiÀFRGH PHUFDQFtDVSHOLJURVDV\SRUTXHDPEDVFLXGDGHV RIUHFtDQVHUYLFLRV\HTXLSDPLHQWRVVLPLODUHV #!-")/3%.,!2%,!#)¼.%.42% #)5$!$2%!,905%24/,,!./ %.,/3Â,4)-/3!»/3 (QORV~OWLPRVWUHLQWDDxRV3XHUWROODQRKD VXIULGR XQD OLJHUD UHFHVLyQ \ HVWDQFDPLHQWR GHPRJUiÀFR PLHQWUDV TXH &LXGDG 5HDO \ VX HQWRUQR KDQ FUHFLGR \ VLJXHQ FUHFLHQGR FRQ GHFLVLyQ &RPR YHUHPRV HO HIHFWR GH OD DOWD YHORFLGDGHQDPEDVFLXGDGHVKDVLGRPX\GL IHUHQWHDXQTXHWDPELpQKDQLQÁXLGRRWURVPX FKRVIDFWRUHV (QVHFHUUDURQGHÀQLWLYDPHQWHODVPLQDV GHFDUEyQGH3XHUWROODQR\DXQTXHXQDxRGHV SXpVFRPHQ]yVXH[SORWDFLyQDFLHORDELHUWRHVWD DFWLYLGDGJHQHUyHYLGHQWHPHQWHPXFKRPHQRV HPSOHR$ HVWD FULVLV GH OD PLQHUtD VH XQLy HQ HOFLHUUHGHODHPSUHVDTXtPLFD(O3DXODU <DHQODOLEHUDOL]DFLyQGHOVHFWRUGHOSHWUy OHRWUDHUtDFRQVLJRODFUHDFLyQGHOJUXSR5HSVRO UHVSRQVDEOH GH OD UHÀQHUtD GH 3XHUWROODQR LQL FLiQGRVHXQSURFHVRGHH[SDQVLyQTXHHQWRGR FDVR QR VH WUDGXMR HQ XQ DXPHQWR GHO HPSOHR SRUFRLQFLGLUFRQPHGLGDVGHDXWRPDWL]DFLyQGH SODQWDV\RSWLPL]DFLyQGHSURFHVRV (QVHKDEtDFUHDGROD$XWRQRPtDGH&DV WLOOD/D 0DQFKD LQLFLiQGRVH XQ LQFUHPHQWR GHO Q~PHURGHIXQFLRQDULRV\VHUYLFLRVGLVSRQLEOHVHQ &LXGDG5HDOTXHKDLGRFRPSOHWiQGRVHHQHVWRV ~OWLPRVYHLQWHDxRVDPHGLGDTXHKDQDXPHQWDGR ODVWUDQVIHUHQFLDV(QVHLQLFLyODSXHVWDHQ PDUFKDHIHFWLYDGHOD8QLYHUVLGDGGH&DVWLOOD/D 0DQFKDVLWXiQGRVHHQ&LXGDG5HDOXQRGHVXV FDPSXV\HO5HFWRUDGRKHFKRTXHKDSURYRFDGR HOFUHFLPLHQWRFRQWLQXRGHOQ~PHURGHDOXPQRV SURIHVRUHV\SHUVRQDOGHOD8QLYHUVLGDG &RPR HV VDELGR HQ DEULO GH VH LQDX JXUyODOtQHDGHDOWDYHORFLGDG0DGULG6HYLOOD FRQSDUDGDHQ&LXGDG5HDO3XHUWROODQR\&yU GRED(QHOFDVRGH&LXGDG5HDOODOOHJDGDGH ODDOWDYHORFLGDGWUDMRDVRFLDGDVJUDQFDQWLGDG GHH[SHFWDWLYDV \IDYRUHFLyHOGHVDUUROORGHOD FLXGDGDSDUHFLHQGRQXHYDVGLQiPLFDV\FRQVR OLGiQGRVHRWUDVHQPDUFKD$Vt\SUiFWLFDPHQWH HQFRLQFLGHQFLDFRQODLQDXJXUDFLyQGHOVHUYL FLRGHDOWDYHORFLGDGVHDEULHURQDOS~EOLFRGRV JUDQGHVVXSHUÀFLHV(URVNLTXHIXHHQWRQFHVHO SULPHUFHQWURLQDXJXUDGRIXHUDGHO3DtV9DVFR \3DQGH$]~FDUKR\(/HFOHUFDWUDtGDVSRUODV H[SHFWDWLYDVGHVSHUWDGDVSRUODDOWDYHORFLGDG (VHOFDVRGHOD8QLYHUVLGDG (VHOFDVRGHOD6DQLGDGWUDQVIHULGDHQ (QODDFWXDOLGDGHO&DPSXVGH&LXGDG5HDOFXHQWDFRQXQRVDOXPQRVSURIHVRUHV\RWURVWUDEDMDGRUHVYLQFXODGRVD OD8QLYHUVLGDG /OHJyDSUHYHUVHXQDSREODFLyQGHKDELWDQWHVHQHODxR9pDVH´(O$\XQWDPLHQWRDSUXHEDHO3ODQ3DUFLDO0DGULGTXH DPSOtDHOVXHORLQGXVWULDOµHQGLDULR/DQ]DGHMXOLRGHS !»/3$%&%22/#!22),%.!,"!#%4% /DFLXGDG\FRQHOODHOYHFLQRWpUPLQRPX QLFLSDO GH 0LJXHOWXUUD HPSH]DURQ HQWRQFHV D FUHFHU \ UHQRYDUVH9DULDV HPSUHVDV GH SURPR FLyQLQPRELOLDULDGHiPELWRQDFLRQDOHQWUHRWUDV 9DOOHKHUPRVR \ *HGHFR FRPHQ]DURQ D RSHUDU HQ &LXGDG 5HDO \ *HGHFR SXVR HQ PDUFKD XQ SUR\HFWRtQWLPDPHQWHYLQFXODGRFRQHOVHUYLFLR GHDOWDYHORFLGDGHO5HLQRGH'RQ4XLMRWHTXH SODQWHDEDXQFRPSOHMRGHYLYLHQGD\RFLRFRQXQ SDUTXHWHPiWLFRDOUHGHGRUGHODÀJXUDGHO4XL MRWH7DPELpQLQFRQFHELEOHVLQODDOWDYHORFLGDG HVHOSUR\HFWRGHFRQVWUXFFLyQGHXQ$HURSXHUWR ,QWHUQDFLRQDOSULYDGRVLWXDGRFRQFRQH[LyQGL UHFWDDODOtQHDGHDOWDYHORFLGDGNPDOVXUGH &LXGDG5HDO\DOQRUWHGH3XHUWROODQR3RUOR TXHUHVSHFWDDODRIHUWDLQPRELOLDULDEDVWHVHxD ODUTXHHOGHORVHGLÀFLRVGH&LXGDG5HDO WLHQHHQODDFWXDOLGDGPHQRVGHYHLQWHDxRV (QUHODFLyQFRQOD8QLYHUVLGDGTXHHVHQOD DFWXDOLGDGHOSULPHUHPSOHDGRUGHODFLXGDGGHEH DGYHUWLUVHVREUHODGLÀFXOWDGTXHHQWUDxDVHJUH JDUORVHIHFWRVSURGXFLGRVSRUpVWD\ORVGHELGRV DO VHUYLFLR GH DOWD YHORFLGDG 6L OD 8QLYHUVLGDG KD FRQWULEXLGR SRU Vt PLVPD D OD GLQDPL]DFLyQ GHODFDSLWDOGHODSURYLQFLDQRHVPHQRVFLHUWR TXHHOVHUYLFLRGHDOWDYHORFLGDGKDIDYRUHFLGRHO GHVDUUROOR GHO &DPSXV GH &LXGDG 5HDO TXH KD SRGLGRHVSHFLDOL]DUVHHQHQVHxDQ]DVWpFQLFDV 3RUVXSDUWHHQ3XHUWROODQRVHSXVRHQIXQ FLRQDPLHQWR HQ XQD LQQRYDGRUD FHQWUDO HOpFWULFDGHFLFORFRPELQDGR(OFRJDVDXQTXH VXHIHFWRHQODFLXGDGKDVLGROLPLWDGRGHELGR DTXHJUDFLDVDOWUHQGHDOWDYHORFLGDGPXFKRV GHVXVHPSOHDGRVPiVFXDOLÀFDGRVVHGHVSOD]DQ DGLDULRGHVGH0DGULG 7DPELpQ FRPR LQLFLDWLYDV YLQFXODGDV D ODV SRVLELOLGDGHVRIUHFLGDVSRUHOWUHQGHDOWDYHORFL GDG\OD8QLYHUVLGDGVHKDQLGRHVWDEOHFLHQGR HQ&LXGDG5HDODSDUWLUGHPHGLDGRVGHORVDxRV QRYHQWD YDULDV HPSUHVDV GH LQIRUPiWLFD 6X VXHUWHKDVLGRGLYHUVD\HQWDQWRTXH6ROXFLRQD HPSUHVD GHO *UXSR )HQRVD VH KD FRQVROLGDGR FRQODFRQVWUXFFLyQGHXQFHQWURPL[WR8QLYHUVL GDG(PSUHVDODPXOWLQDFLRQDOKRODQGHVD*HWUR QLFVTXHVHLQVWDOyHQHQ&LXGDG5HDODQWH ODSRVLELOLGDGGHFRQWDUFRQSHUVRQDOFXDOLÀFDGR IRUPDGRHQOD8QLYHUVLGDGDXQFRVWHPiVFRP SHWLWLYRTXHHQ0DGULGFHUUySRVWHULRUPHQWHVXV RÀFLQDVGHODFDSLWDOPDQFKHJD 3RUORGHPiVODDPHQD]DGHODRIHUWDFRPHU FLDOGH0DGULGREOLJyHQVXGtDDXQDPRGHUQL]D FLyQGHODGH&LXGDG5HDOKHFKRTXHKDDPSOLDGR VXUDGLRGHDWUDFFLyQDJUDQSDUWHGHODSURYLQFLD (QODDFWXDOLGDGODSUHVHQFLDGHOD8QLYHUVL GDGGHXQFRPHUFLRPRGHUQR\GHODVGHOHJDFLR QHVGHODDGPLQLVWUDFLyQDXWRQyPLFDTXHFDGDYH] FXHQWDFRQPiVFRPSHWHQFLDVKDFHQTXH&LXGDG 5HDOVHDXQDFLXGDGPiVDWUDFWLYDSDUDYLYLU ,/3%&%#4/33/"2%,! -/6),)$!$).#2%-%.4/$% ,!-/6),)$!$9!0!2)#)¼.$% .5%6/30!42/.%3$%6)!*% 7DQWRODQRWDEOHUHGXFFLyQGHORVWLHPSRVGH YLDMHTXHKDQSDVDGRGHODVPiVGHGRVKRUDVQH FHVDULDV SDUD WUDVODGDUVH SRU FDUUHWHUD R IHUURFD UULOFRQYHQFLRQDOGHVGH0DGULGD&LXGDG5HDO\ 3XHUWROODQRDORV\PLQXWRVTXHVXSRQHHO PLVPRWUD\HFWRXWLOL]DQGRHOVHUYLFLRGHDOWDYHOR FLGDGFRPRODVSDUWLFXODULGDGHVGHODH[SORWDFLyQ GHODOtQHDKDQWUDtGRFRQVLJRXQFDPELRVLJQLÀ FDWLYRHQODVSDXWDVGHPRYLOLGDGHQHOFRUUHGRU 3RUXQDSDUWHVHKDSURGXFLGRXQLQFUHPHQWR GHOQ~PHURGHYLDMHVPXOWLSOLFiQGRVHSRUFXDWUR ORVGHVSOD]DPLHQWRVHIHFWXDGRVPHGLDQWHIHUUR FDUULOHQHOFRUUHGRU0DGULG&LXGDG5HDO3XHU WROODQRGHVGHODSXHVWDHQVHUYLFLRGHOWUHQGHDOWD YHORFLGDG(OORVHGHEHWDQWRDORVIHQyPHQRV GH GHPDQGD LQGXFLGD FRPR DO QRWDEOH WUDVYDVH TXHGHVGHODFDUUHWHUDWDQWRSRUORTXHUHVSHFWD 3ULQFLSDOPHQWHODV(VFXHODVGH,QIRUPiWLFD,QGXVWULDOHV\&DPLQRV (Q*HWURQLFVOOHJyDFRQWDUFRQHPSOHDGRVHQ&LXGDG5HDO 9pDVH5LYDV\&RURQDGR &2!.#)3#/*!6)%22/$2·'5%:,­:!2/ DODXWRE~VFRPRHQUHODFLyQFRQHOYHKtFXORSUL YDGRVHKDSURGXFLGRKDFLDHOIHUURFDUULOGHDOWD YHORFLGDG /DV HQFXHVWDV UHDOL]DGDV TXH PXHV WUDQXQOyJLFRGHVHTXLOLEULRHQWUHORVPRWLYRVGH YLDMHHQXQVHQWLGR\HQRWURUHYHODQODIXQFLyQ GHVHPSHxDGD SRU FDGD Q~FOHR HQ WpUPLQRV GH RIHUWD \ GHPDQGD HQ HO FRQMXQWR GHO FRUUHGRU 'DWRVFRPRTXHHOGHORVYLDMHURVVHGHV SODFHQ GH 0DGULG D &LXGDG 5HDO SRU PRWLYRV IDPLOLDUHVIUHQWHDXQHQVHQWLGRFRQWUDULR RTXHVyORXQORKDJDSRUPRWLYRVPpGLFRV IUHQWHDXQHQVHQWLGRFRQWUDULRGDQFXHQWD GHVHPHMDQWHGHVHTXLOLEULR /DDOWDYHORFLGDG KDSURSLFLDGR WDPELpQ OD DSDULFLyQ GH XQ QXHYR WLSR GH XVXDULRV GHQR PLQDGRV FRPPXWHUVRYLDMHURVSHQGXODUHVTXH XWLOL]DQ GLDULDPHQWH HO VHUYLFLR GH DOWD YHORFL GDGSDUDGHVSOD]DUVHGHVGHVXORFDOLGDGGHUHVL GHQFLDDODGHWUDEDMR/DDSDULFLyQGHYLDMHURV SHQGXODUHV R FRPPXWHUV VH FRQVROLGy FRQ OD SXHVWD HQ PDUFKD GH ORV VHUYLFLRV GH ODQ]DGH UDTXHVHJUHJDURQGHVGHRFWXEUHGHODV UHODFLRQHV 0DGULG&LXGDG 5HDO3XHUWROODQR \ 0DGULG&yUGRED6HYLOOD3DUDTXHHOORRFXUULH UDIXHYLWDOODVXPDGHODSREODFLyQGH&LXGDG 5HDO\3XHUWROODQRGHPRGRTXHGHQRKDEHU SDUDGDHQXQDODRWUDQRKXELHUDFRQWDGRFRQ WDQWRV VHUYLFLRV GLDULRV \ YLFHYHUVD *UDFLDV D HVWRVVHUYLFLRVVHSURGXMRXQIXHUWHDXPHQWRGH ODPRYLOLGDG\GHODVUHODFLRQHVWDQWRFRQ0D GULGFRPRHQWUHDPEDVFLXGDGHV 7DQWRHOLQFUHPHQWRGHODPRYLOLGDGFRPROD DSDULFLyQGHQXHYRVSDWURQHVGHYLDMHKDQVXSXHV WRXQFDPELRVXVWDQFLDOHQODVUHODFLRQHVTXHVH SURGXFHQHQWUHODVFLXGDGHVGHOFRUUHGRU\FRQV WLWX\HQHQJUDQPHGLGDHORULJHQGHODVQXHYDV GLQiPLFDVGHLQWHJUDFLyQPHWURSROLWDQDTXHHVWiQ GHVDUUROOiQGRVHHQWUHHVWDVSREODFLRQHV &RPRVHKDVHxDODGRHOHIHFWRTXHVREUHOD PRYLOLGDGKDJHQHUDGRODDOWDYHORFLGDGHQ&LX GDG5HDO\3XHUWROODQRVHKDYLVWRIDYRUHFLGRSRU HO VHUYLFLR GH WUHQHV ODQ]DGHUD \ HQ SDUWLFXODU SRUODVFDUDFWHUtVWLFDVGHODH[SORWDFLyQIHUURYLD ULDGHOFRUUHGRU3RUXQDSDUWHODVIUHFXHQFLDVGH YLDMHVRQPX\HOHYDGDVKD\ODQ]DGHUDVGLDULDV HQFDGDVHQWLGRHQWRWDOTXHVHHOHYDQD ORVYLHUQHV\XQWRWDOGHVHUYLFLRVGLDULRVVLVH VXPDQDODVODQ]DGHUDVORV$9(GHODUJRUH FRUULGR\ORV7$/*2FRQSDUDGDHQ&LXGDG 5HDO\3XHUWROODQR3RURWUDHOVHUYLFLRUHVXOWD DGHFXDGR D ODV QHFHVLGDGHV GH ORV FRPPXWHUV TXH SXHGHQ DMXVWDU WDQWR OD KRUD GH OOHJDGD DO SXHVWRGHWUDEDMRSRUODPDxDQDFRPRHOUHJUHVR DVXOXJDUGHUHVLGHQFLDSRUODWDUGH$GHPiVOD SROtWLFD WDULIDULD GH$9( 5HQIH RIUHFH WDPELpQ YHQWDMDVSDUDORV FRPPXWHUVSXHVWRTXHODVODQ ]DGHUDVVXSRQHQXQFRVWHGHHXURVNPIUHQ WHDORVHXURVNPGHORVVHUYLFLRVPHGLDQWH $9( GH ODUJR UHFRUULGR \ 7$/*2 \ SXHGHQDGTXLULUDERQRVPHQVXDOHVTXHDEDUDWDQ PiVHOFRVWHGHOELOOHWH (QORTXHWRFDDODVUHODFLRQHVFRQ0DGULG \DSHVDUGHTXHDPEDVFLXGDGHVWLHQHQXQWD PDxRVLPLODU\FXHQWDQFRQHOPLVPRVHUYLFLR GHDOWDYHORFLGDGHOLPSDFWRSURGXFLGRHQ&LX GDG5HDOHVVLJQLÀFDWLYDPHQWHVXSHULRUDOTXH VHGHWHFWDHQ3XHUWROODQR(OQ~PHURGHXVXD ULRVGHOVHUYLFLRGHDOWDYHORFLGDGHQODUHODFLyQ 0DGULG&LXGDG5HDOVHHOHYyHQHODxRD VLHQGRHVWDPLVPDFLIUDGH XVXDULRV HQ OD UHODFLyQ 0DGULG3XHUWROODQR $GHPiVORVFRPPXWHUV HQWUH0DGULG\&LXGDG 5HDOVXSHUDQORVHQWDQWRTXHHQWUH0DGULG \3XHUWROODQRDSHQDVDOFDQ]DQORV /RV IDFWRUHV TXH GHWHUPLQDQ HVWDV GLIHUHQ FLDV \ HQ FRQFUHWR HO FRQWUDVWH HQ HO Q~PHUR GH FRPPXWHUVVRQSULQFLSDOPHQWHGRVHOLQFUH PHQWRGHOSUHFLRGHODWDULID\HOWLHPSRGHYLDMH KDVWD3XHUWROODQR\HOWLSRGHWHMLGRHFRQyPL FRGHHVWDVGRVORFDOLGDGHVWHUFLDULRHQHOFDVR GH&LXGDG5HDO\HPLQHQWHPHQWHLQGXVWULDOHQ 3XHUWROODQR6L&LXGDG5HDORIUHFHXQPD\RU\ PiVGLYHUVLÀFDGRQ~PHURGHSXHVWRVGHWUDEDMR IXQGDPHQWDOPHQWH HQ OD 8QLYHUVLGDG \ HQ ORV GLVWLQWRVFHQWURVGHOD$GPLQLVWUDFLyQFHQWUDO\ DXWRQyPLFDHQLQVWLWXWRVHQFROHJLRV\HQKRV 9pDVH0DQQRQHSDUDXQDQiOLVLVDQiORJRHQHOSULPHUFRUUHGRUIUDQFpV !»/3$%&%22/#!22),%.!,"!#%4% SLWDOHV3XHUWROODQRFRQVWLWX\HXQIRFRGHWUDED MRPX\HVSHFtÀFRFHQWUDGRHQODLQGXVWULD GHVXQDIXQFLyQVLPLODUDODTXHHIHFW~DHOPHWUR HQWUHORVGLIHUHQWHVEDUULRVGHXQDJUDQFLXGDG &RPR FRQVHFXHQFLD \ PiV GH GLH] DxRV GHVSXpVGHVXSXHVWDHQVHUYLFLRHOWUHQGHDOWD YHORFLGDGH[SOLFDODHVWUHFKDUHODFLyQTXHPDQ WLHQHQ&LXGDG5HDO\0DGULGVLELHQHOVHQWL GRGHWDOUHODFLyQVHKDFRQFUHWDGRHQWpUPLQRV PX\GLIHUHQWHVDORVTXHODH[SOLFDEDQFRQDQ WHULRULGDG(OYtQFXORPiVIXHUWHVHHVWDEOHFHD WUDYpVGHORV FRPPXWHUV\DTXHHQ&LXGDG5HDO WUDEDMDQ D GLDULR SURIHVLRQDOHV DOWDPHQWH FXD OLÀFDGRV TXH UHVLGHQ HQ 0DGULG PLHQWUDV TXH ORVUHVLGHQWHVHQ&LXGDG5HDOWLHQHQDFFHVRDO DPSOLR DEDQLFR GH SRVLELOLGDGHV ODERUDOHV TXH RIUHFH0DGULGVLQYHUVHREOLJDGRVDDEDQGRQDU VXUHVLGHQFLD3RUHOFRQWUDULR3XHUWROODQRSUH VHQWDXQDRIHUWDGHWUDEDMRFODUDPHQWHOLPLWDGD \ORVUHVLGHQWHVHQHVWDFLXGDGWLHQHQXQDPH QRUDFFHVLELOLGDGDOPHUFDGRODERUDOGH0DGULG GHELGRDOLQFUHPHQWRGHOWLHPSRGHYLDMH\GHO SUHFLRGHODERQR7RGRHOORVHWUDGXFHHQXQQ~ PHURFODUDPHQWHLQIHULRUGHFRPPXWHUVUHVSHF WRDOH[LVWHQWHHQ&LXGDG5HDO\HQFRQVHFXHQ FLDHQXQDPHQRUYLQFXODFLyQFRQ0DGULG /D DOWD YHORFLGDG HQ OD UHODFLyQ &LXGDG 5HDO3XHUWROODQR HV WDPELpQ XWLOL]DGD SRU WUD EDMDGRUHVFRQXQSHUÀOFODUDPHQWHGLIHUHQWHHQ IXQFLyQGHOVHQWLGRHQHOTXHVHHVWDEOHFHGLFKD UHODFLyQ/RV FRPPXWHUV TXHUHVLGHQHQ&LXGDG 5HDO\WUDEDMDQHQ3XHUWROODQRRFXSDQSXHVWRV GH UHVSRQVDELOLGDG VXPDQGR ORV GLUHFWLYRV DOWRVFDUJRV\HPSUHVDULRVHOGHOWRWDOGH DERQDGRV3RUHOFRQWUDULRVyORHOGHORV FRPPXWHUV UHVLGHQWHV HQ 3XHUWROODQR WUDEDMDQ HQHVWRVPLVPRVSXHVWRVHQ&LXGDG5HDOVLHQ GR OD KRVWHOHUtD \ ORV GLVWLQWRV FHQWURV FRPHU FLDOHVVXVSULQFLSDOHVDFWLYLGDGHV (QORTXHUHVSHFWDDODUHODFLyQHQWUHDPERV Q~FOHRVHOVHUYLFLRRIUHFLGRHQWUH&LXGDG5HDO \3XHUWROODQRFRQVWLWX\HXQFDVRH[FHSFLRQDOHQ HOFRQMXQWRGHODUHGHXURSHDGHDOWDYHORFLGDG DOWUDWDUVHGHSDUDGDVPX\SUy[LPDVHQWUHVt\ FRQXQDIUHFXHQFLDHOHYDGDGHWUHQHVDSHVDUGH ODEDMDSREODFLyQGHDPERVQ~FOHRV/DQXHYD LQIUDHVWUXFWXUDKDUHIRU]DGRIXHUWHPHQWHHOYtQ FXORTXH\DH[LVWtDHQWUHHVWDVGRVORFDOLGDGHV DÀDQ]iQGRVHODSRVLFLyQGHODFDSLWDOGHODSUR YLQFLDIUHQWHD3XHUWROODQR 6LDQWHVGHODSXHVWDHQVHUYLFLRGHODDOWDYH ORFLGDG HO Q~PHUR GH YLDMHURV SHQGXODUHV HQWUH HVWDVGRVSREODFLRQHVHUDSRFRVLJQLÀFDWLYRPiV GHSHUVRQDVHQVXPD\RUSDUWHUHVLGHQWHVHQ 3XHUWROODQR YLDMDQ DFWXDOPHQWH D GLDULR HQ ORV WUHQHVODQ]DGHUD6HWUDWDIXQGDPHQWDOPHQWHGH HVWXGLDQWHVTXHVHGHVSOD]DQFDGDGtDDORVGLIH UHQWHV FHQWURV XQLYHUVLWDULRV GH &LXGDG 5HDO \ FRQVWLWX\HQXQWLSRGHYLDMHURSDUDHOTXHORVWUH QHVODQ]DGHUDUHDOL]DQHQWUHHVWDVGRVORFDOLGD (ODQiOLVLVGHOPRWLYRGHYLDMHHQODUHODFLyQ &LXGDG5HDO3XHUWROODQRSDUDHOFDVRGHORVYLD MHURVTXHQRVRQ FRPPXWHUV FRQÀUPDODYLQFXOD FLyQHQWUHODVGRVFLXGDGHV\UHÁHMDODUHODFLyQ GHGHSHQGHQFLDH[LVWHQWHHQWUHDPEDV'DWRVWDQ UHYHODGRUHVFRPRTXHHOGHORVUHVLGHQWHVHQ 3XHUWROODQRVHGHVSODFHQD&LXGDG5HDOSDUDDFX GLUDFRQVXOWDVPpGLFDVIUHQWHDOHQHOVHQWLGR RSXHVWRTXHHOGHOWRWDOGHYLDMHURVGH3XHU WROODQRVHGLULMDQD&LXGDG5HDOSRUPRWLYRVGH WUDEDMRRSURIHVLRQDOHVIUHQWHDOHQVHQWLGR FRQWUDULRRTXHHOYD\DQDODFDSLWDOGHODSUR YLQFLDDUHDOL]DUFRPSUDVIUHQWHDOHQVHQWL GRRSXHVWRSRQHQGHPDQLÀHVWRODSULPDFtDTXH IRPHQWDGDGXUDQWHHVWRV~OWLPRVGLH]DxRVSRUHO VHUYLFLRGHDOWDYHORFLGDGPDQWLHQH&LXGDG5HDO IUHQWHD3XHUWROODQRHQHVWRVPRPHQWRV $Vt DPEDV FLXGDGHV SUiFWLFDPHQWH LQGH SHQGLHQWHVHQODGpFDGDGHORVDxRVVHWHQWDVH LQWHJUDQKR\HQWUHVt\FRQ0DGULGGHPDQHUD HVSHFLDOL]DGDHQDWHQFLyQDXQDVHULHGHDFWLYL GDGHVIDYRUHFLGDVSRUHOVHUYLFLRGHDOWDYHOR FLGDG LQWHUFDPELRV FRPHUFLDOHV GH VHUYLFLRV ODERUDOHV HWF TXH FRPR VH KD H[SXHVWR VH FRQFHQWUDQVREUHWRGRHQ&LXGDG5HDO 3RUORGHPiVWDQWRODIXWXUDDXWRYtD/LVERD /HYDQWHGHODTXHVHHQFXHQWUD\DHQVHUYLFLRHO WUDPR GH &LXGDG 5HDO D 0DQ]DQDUHV FRPR OD IXWXUD DXWRSLVWD7ROHGR&yUGRED FRQWULEXLUiQ D &2!.#)3#/*!6)%22/$2·'5%:,­:!2/ VXEVDQDU HO GpÀFLW KLVWyULFR TXH DUUDVWUD OD SUR YLQFLD HQ OR TXH UHVSHFWD D ODV FRPXQLFDFLRQHV SRUFDUUHWHUDÀJXUD$PEDVFRQH[LRQHVIDFL OLWDUiQD~QPiVODLQWHJUDFLyQGH&LXGDG5HDO\ 3XHUWROODQR HQ ODV GLQiPLFDV GH 0DGULG PHMR UDQGRDVLPLVPRODFRQH[LyQGHDOJXQDV]RQDVGH ODSURYLQFLDFRQ&LXGDG5HDOTXHFRQVROLGDUiGH HVWH PRGR VX IXQFLyQ GH FDSLWDOLGDG SURYLQFLDO 7DOIXQFLyQVHYHUiUHIRU]DGDFRQHOQXHYRKRV SLWDO GH UHIHUHQFLD HQ &LXGDG 5HDO LQDXJXUDGR UHFLHQWHPHQWH(VWDQXHYDLQIUDHVWUXFWXUDVDQLWD ULDSRVLELOLWDUiODUHGXFFLyQGHOQ~PHURGHGHV SOD]DPLHQWRVSRUFDXVDVPpGLFDVKDFLDODFDSLWDO GH(VSDxDTXHHVXQRGHORVPRWLYRVTXHOOHYDQD ORVXVXDULRVDXWLOL]DUHOWUHQODQ]DGHUDD0DGULG ,/3%&%#4/33/"2%%, 4%22)4/2)/%,0,!.%!-)%.4/ 52"!.·34)#/9,!!0!2)#)¼. $%.5%6/302/9%#4/3$% %3#!,!4%22)4/2)!, /RV HIHFWRV GH OD QXHYD LQIUDHVWUXFWXUD VR EUH HO WHUULWRULR WDUGDUiQ DO PHQRV YHLQWH DxRV HQFRQVWDWDUVH\ORVFDPELRVFLHUWRVVREUHODV HVWUXFWXUDV GH iPELWR WHUULWRULDO QR SRGUiQ VHU DQDOL]DGRVFRQFLHUWDSHUVSHFWLYDKDVWDTXHSDVH DOPHQRVPHGLRVLJOR$VtVXFHGLyUHVSHFWRD ODFRPSUHQVLyQGHORVHIHFWRVWHUULWRULDOHVGHUL YDGRVGHODORFDOL]DFLyQGHODVHVWDFLRQHVIHUUR YLDULDVGHFLPRQyQLFDV (Q FXDOTXLHU FDVR WDQWR HQ &LXGDG 5HDO FRPRHQ3XHUWROODQRHPSLH]DQDSHUFLELUVHDO JXQRV FDPELRV TXH SHUPLWHQ HVWDEOHFHU SUHYL VLRQHVVREUHHOWLSRGHHIHFWRVWHUULWRULDOHVTXH VH GHULYDUiQ GH OD LPSODQWDFLyQ GH OD QXHYD LQIUDHVWUXFWXUD 7DOHV FDPELRV VH UHÀHUHQ SRU XQDSDUWHDODVPRGLÀFDFLRQHVHQODSUHYLVLyQ GH VXHOR GH ORV SODQHDPLHQWRV ORFDOHV \ SRU RWUDDODDSDULFLyQGHSUR\HFWRVGHJUDQHVFD OD TXH PRGLÀFDUiQ QRWDEOHPHQWH OD HVWUXFWXUD WHUULWRULDODFWXDO(ODQiOLVLVGHDPERVDVSHFWRV SHUPLWH DYHQWXUDU DOJXQDV KLSyWHVLV VREUH ORV HVFHQDULRV IXWXURV \ HO KHFKR GH TXH VH SUR GX]FDQSXHGHHQWHQGHUVHFRPRXQLQGLFDGRUGH ODVHQVLELOLGDGGHFLHUWRVVHFWRUHVRWHMLGRVHFR QyPLFRVDODDSDULFLyQGHORVHIHFWRVGHODDOWD YHORFLGDG\DVXFDSDFLGDGSDUDIDYRUHFHURQR GHWHUPLQDGRVLPSDFWRV %&%#4/33/"2%%,0,!.%!-)%.4/ %.#)5$!$2%!,905%24/,,!./ /RVHIHFWRVVREUHHOSODQHDPLHQWRKDQVLGR ELHQGLVWLQWRVHQFDGDXQRGHHVWRVQ~FOHRV&LX GDG5HDOUHYLVyVX3ODQGH\DSUREyXQR QXHYR HQ \ 0LJXHOWXUUD PXQLFLSLR GH KDELWDQWHVVLWXDGRDNPGHODFDSLWDO HLQWHJUDGRHFRQyPLFD\VRFLDOPHQWHHQODPLV PDDSUREyHQODUHYLVLyQGHVXV1RUPDV 6XEVLGLDULDV GH 3XHUWROODQR HQ FDPELR LQLFLyODUHYLVLyQGHVXSODQHDPLHQWRJHQHUDOHQ GLHFLRFKRDxRVGHVSXpVGHO3ODQGH \GLH]PiVWDUGHGHODOOHJDGDGHOWUHQGHDOWD YHORFLGDG %,0,!.%!-)%.4/$%#)5$!$ 2%!,9-)'5%,4522! (O3ODQGHHVWDEOHFHXQHVSDFLRXUED QRTXHPXOWLSOLFDSRUWUHVHOSUHYLVWRHQ &RPELQD HVSDFLRV GHQVRV \ HVSDFLRV GH PX\ EDMD GHQVLGDG KDELpQGRVH JHQHUDGR WUHV JUDQ GHViUHDVFODUDPHQWHGLIHUHQFLDGDVDXQTXHPiV R PHQRV SUy[LPDV 6H WUDWD GH ORV Q~FOHRV GH &LXGDG5HDO\0LJXHOWXUUD\HO'HVWLQR7XUtVWL FR5HLQRGH'RQ4XLMRWHGHOTXHVHKDEODUiHQ HODSDUWDGRVLJXLHQWH\TXHDODSUREDUVHFRPR 3UR\HFWR GH 6LQJXODU ,QWHUpV KD LQFRUSRUDGR VXRUGHQDFLyQDOSODQHDPLHQWRGH&LXGDG5HDO 3ODVVDUG 36,,QVWUXPHQWRVXSUDPXQLFLSDOUHFRJLGRSRUOD/H\5HJLRQDOGH2UGHQDFLyQGHO7HUULWRULR/27$8 !»/3$%&%22/#!22),%.!,"!#%4% &IGURA#IUDAD2EAL0RINCIPALESACCESOSPEATONALESYRODADOS DESDEYHACIALAESTACIØNFERROVIARIAYCONEXIØNDELAESTACIØNDEALTA VELOCIDADCONLAESTACIØNDEAUTOBUSESELABORACIØNPROPIA (QVtQWHVLVHOWUD]DGRGHOWUHQGHDOWDYHOR FLGDGTXHGDUiÁDQTXHDGRSRUHVSDFLRVXUEDQRV SUHYLVWRVHQHOSODQHDPLHQWRDORODUJRGHXQRV NPGHVGHHO5HLQRGH'RQ4XLMRWHDOQRUWH KDVWD 0LJXHOWXUUD DO VXU VL ELHQ OD PLWDG GH GLFKDORQJLWXGGLVFXUULUiSRUHVSDFLRVSUHYLVWRV SDUDSHTXHxDVGHQVLGDGHV 'HVGH OD HVFDOD WHUULWRULDO ORV SXQWRV PiV GpELOHV GHO SODQHDPLHQWR DIHFWDQ DO WUDWDPLHQ WR GH ODV LQIUDHVWUXFWXUDV GH WUDQVSRUWH \ D VX UHODFLyQ FRQ ORV YDFtRV XUEDQRV LQWHUPHGLRV 3RUXQDSDUWHQRVHKDSODQWHDGRXQDFFHVRGL UHFWRDODHVWDFLyQGHVGHODVIXWXUDVDXWRSLVWDV /LVERD/HYDQWH\7ROHGR&yUGREDDFFHVRTXH SRGUtD SRWHQFLDU HO SDSHO GH OD WHUPLQDO IHUUR YLDULDFRPRLQWHUFDPELDGRUGHXQWHUULWRULRPiV DPSOLR3RURWUD\DOQRKDEHUVHUHFXUULGRDHV WUDWHJLDVGHSODQHDPLHQWRVXSUDPXQLFLSDOWDQWR HOWUD]DGRGHOWUHQGHDOWDYHORFLGDGFRPRHOGH 7DOIHQyPHQRVHYHUiUHIRU]DGRVLVHVLJXHHOPRGHORGHFUHFLPLHQWRXUEDQRSODQWHDGRFRQHO6XHORQR8UEDQL]DEOHUHVHUYDGRSDUDHO 'HVDUUROOR8UEDQRWHUFHUDFRURQDDOUHGHGRUGHOFDVFRXUEDQR 1RVUHIHULPRVDO6XHORQR8UEDQL]DEOH'LVSHUVRGHO3ODQGH&LXGDG5HDOGHGLFDGRDXVRUHVLGHQFLDOGLVHPLQDGRHVSDFLRGHPX\ EDMDGHQVLGDGFRQVLVWHQWHHQYLYLHQGDVXQLIDPLOLDUHVVREUHJUDQGHVSDUFHODVDJUtFRODV\FRQXQDXUEDQL]DFLyQPtQLPD7DPELpQDODV YLYLHQGDVDLVODGDVHQSDUFHODGHO5HLQRGH'RQ4XLMRWH &2!.#)3#/*!6)%22/$2·'5%:,­:!2/ DPEDV DXWRSLVWDV KDQ GHMDGR DOJXQRV HVSDFLRV LQWHUVWLFLDOHV TXH VL ELHQ DFDEDUiQ WUDQVIRU PiQGRVHHQVXHORXUEDQRWHQGUiQXQDIRUPD\ DFFHVLELOLGDGFRPSOLFDGD\DODODUJDJHQHUDUiQ SUREOHPDV <DHQXQDQiOLVLVHVWULFWDPHQWHXUEDQR)D ULxD/DPtTXL]\3R]XHWDFRQFOX\HQTXHODLQ ÁXHQFLDGHOWUHQGHDOWDYHORFLGDGVREUHODSOD QLÀFDFLyQGHODFLXGDGKDVLGRPX\LPSRUWDQWH SHURQRSRUVXSXHVWDHQIXQFLRQDPLHQWRVLQR SRU ORV FDPELRV TXH IXH QHFHVDULR UHDOL]DU HQ OD LQIUDHVWUXFWXUD IHUURYLDULD SDUD SRVLELOLWDU ORV QXHYRV WUD]DGRV 6LQ HPEDUJR OD WLSROR JtDHGLÀFDWRULDORVXVRVGHOVXHOR\ODRUGHQD FLyQHVWDEOHFLGRVHQHOSODQHDPLHQWRGH&LXGDG 5HDO QR KDQ DSURYHFKDGR ORV SRVLEOHV HIHFWRV TXHSXGLHUDQKDEHUVHJHQHUDGRHQWUHODFLXGDG H[LVWHQWH\ODQXHYDHVWDFLyQ(O3ODQSUHYpHO HQWURQTXHGHODHVWDFLyQFRQODFLXGDGDWUDYpV GH OD QXHYD URQGD SHUR QR UHVXHOYH HO DFFHVR GLUHFWRDOFDVFRXUEDQR\GHMDSHQGLHQWHVGLYHU VDVEDUUHUDVHQWUHODFLXGDG\ODHVWDFLyQFRPR ODDQWLJXDFiUFHORHO3DUTXHGHO3LODU3RURWUD SDUWHQRSODQWHDQLQJXQDDFWXDFLyQQXHYDHQVX HQWRUQRDH[FHSFLyQGHOVXHORSDUDDFWLYLGDGHV LQGXVWULDOHV \ HPSUHVDULDOHV DYDQ]DGDV DO HVWH GH OD QXHYD HVWDFLyQ \ DSHQDV HVWDEOHFH XVRV GHOVXHORGLVWLQWRVDOUHVLGHQFLDOGHEDMDGHQVL GDG TXH DSURYHFKHQ OD FDSDFLGDG GH DWUDFFLyQ GHODHVWDFLyQHQVXHQWRUQRSUy[LPRSDUDRWURV XVRVÀJXUD %,0,!.%!-)%.4/%.05%24/,,!./ /D~QLFDPRGLÀFDFLyQVLJQLÀFDWLYDYLQFXOD GDDODOOHJDGDGHODDOWDYHORFLGDGVHSURGXMR HQ \ FRQVLVWH HQ OD DSHUWXUD GH XQ YLDO HQWUHOD3OD]DGH5DPyQ\&DMDOODQXHYDHVWD FLyQ\HO3DVHRGH6DQ*UHJRULRHMHSULQFLSDO GHODFLXGDG(VWHYLDOHVWiHQSDUWHUHDOL]DGR TXHGDQGRSHQGLHQWHODFRQH[LyQHQWUHODQXHYD HVWDFLyQ\HO3DVHRGH6DQ*UHJRULRTXHHVWR GDYtDXQDFDOOHGHGLPHQVLRQHVPX\UHGXFLGDV \WUD]DGRLUUHJXODUÀJXUD &IGURA#ALLEDEL-UELLEEN0UERTOLLANOQUECONECTAEL 0ASEODE3AN'REGORIOCONLAESTACIØNFERROVIARIA 9pDVH)DULxD/DPtTXL]\3R]XHWD 6HWUDWDGHO3ROtJRQR,QGXVWULDO$YDQ]DGRGH&DVWLOOD/D0DQFKDDOTXHVHKDFHUHIHUHQFLDPiVDGHODQWH !»/3$%&%22/#!22),%.!,"!#%4% (O 3ODQ GH 3XHUWROODQR SHUPLWH XQD IXHUWH GHQVLÀFDFLyQGHOVXHORXUEDQRSRUORTXHJUDQ SDUWHGHODVRSHUDFLRQHVLQPRELOLDULDVVHOOHYDQ D FDER VLQ QHFHVLGDG GH SODQHV SDUFLDOHV TXH UHVXOWDQSRUWDQWRPX\HVFDVRV (OSULPHU3ODQ3DUFLDODSUREDGRHQ3XHUWR OODQRHVGHRFKRDxRVPiVWDUGHGHLQLFLDU VHODUHGDFFLyQGHO3ODQ\FLQFRDxRVGHVSXpVGH VX DSUREDFLyQ GHÀQLWLYD$GHPiV ~QLFDPHQWH KDQ WHQLGR p[LWR DTXHOORV SODQHV SDUFLDOHV UH VLGHQFLDOHV XELFDGRV DO QRUWH GHO Q~FOHR XUED QR HVWR HV HQ HO HVSDFLR PHQRV DIHFWDGR SRU HOFRPSOHMRSHWURTXtPLFR\HOHVSDFLRPLQHUR <VHKDQGHVDUUROODGRVyORSDUFLDOPHQWHORTXH LQGLFDXQDOLPLWDGDGHPDQGDGHYLYLHQGD&DEH VHxDODUSRU~OWLPRTXHORVSODQHVSDUFLDOHVGH LQLFLDWLYDS~EOLFDKDQWHQLGRXQUHVXOWDGRLUUH JXODUORTXHLQGLFDHOHVIXHU]RGHOVHFWRUS~EOL FR SRU FRQVWLWXLUVH HQ PRWRU GHO GHVDUUROOR GH 3XHUWROODQR\VXJUDGRGHp[LWR\IUDFDVR !0!2)#)¼.$%02/9%#4/3 $%%3#!,!4%22)4/2)!, /D DSDULFLyQ GH WUHV LPSRUWDQWHV SUR\HFWRV UHODFLRQDGRV FRQ OD H[LVWHQFLD GHO WUHQ GH DOWD YHORFLGDG FRQVWDWD HO HIHFWR GLQDPL]DGRU GHO QXHYRPHGLRGHWUDQVSRUWHHQ&LXGDG5HDO6LQ HPEDUJRVHUtDLQJHQXRHQWHQGHUODDOWDYHORFL GDGFRPR~QLFRUHVSRQVDEOHGHWDOHVLQLFLDWLYDV SXHVWRTXHVHJ~QVHKDH[SOLFDGRRWURVIHQy PHQRVTXHKDQFRQWULEXLGRDODWUDQVIRUPDFLyQ GH OD FLXGDG HQWUH ORV TXH GHVWDFDQ WDQWR OD 8QLYHUVLGDG FRPR HO SUR\HFWR \ FRQVWUXFFLyQ GH RWUDV LQIUDHVWUXFWXUDV GH WUDQVSRUWH VH KDQ SURGXFLGR HQ SDUDOHOR D OD OOHJDGD GHO WUHQ GH DOWDYHORFLGDG 'RVGHWDOHVLQLFLDWLYDVKDQVLGRFRQFHELGDV FRQXQFODURHQIRTXHVXSUDPXQLFLSDOÀJXUD VLHQGRODWHUFHUDXQSUR\HFWRORFDOFRQSUR\HF FLyQUHJLRQDO 9pDVH7$83ODQLÀFDFLyQ7HUULWRULDO %,!%2/05%24/).4%2.!#)/.!, h$/.15)*/4%v /DVREUDVGHO$HURSXHUWR,QWHUQDFLRQDO´'RQ 4XLMRWHµGHFODUDGR3ODQGH6LQJXODU,QWHUpVSRU SDUWHGHOD-XQWDGH&RPXQLGDGHVGH&DVWLOOD /D0DQFKDHOGHMXOLRGHVHLQLFLDURQ HQDEULOGHÀJXUD&RPRHVVDELGRVX FRQVWUXFFLyQTXHGyLQWHUUXPSLGDDSHWLFLyQGH OD 8QLyQ (XURSHD SRU SUREOHPDV UHODWLYRV DO SURFHVR GH HYDOXDFLyQ GH LPSDFWR DPELHQWDO SHURODVREUDVKDQSRGLGRUHDQXGDUVHUHFLHQWH PHQWHXQDYH]ÀUPDGDODTXHHUDWHUFHUDGHFOD UDFLyQGHLPSDFWRDPELHQWDOGHOSUR\HFWR\VH SUHYpTXHHODHURSXHUWRLQLFLHVXH[SORWDFLyQHQ DEULOGH /D FRQVWUXFFLyQ GHO DHURSXHUWR HO SULPHUR GHFDUiFWHUSULYDGRHQ(VSDxDWLHQHVXRULJHQ HQXQDLQLFLDWLYDGHOD&iPDUDGH&RPHUFLRGH &LXGDG5HDO\FXHQWDFRQODDSRUWDFLyQGHYD ULDVHQWLGDGHVHLQYHUVRUHVSULYDGRV\HOUHVSDO GRH[SOtFLWRGHOD-XQWDGH&RPXQLGDGHV6LWXD GRHQWUH&LXGDG5HDO\3XHUWROODQRFXHQWDFRQ XQDVXSHUÀFLHGHKHFWiUHDVDPSOLDEOHHQ XQIXWXUR\FRQWHPSODHOGHVDUUROORGHXQHVSD FLRHPSUHVDULDOGHKHFWiUHDV (ODHURSXHUWRWLHQHSUHYLVWRXQDPSOLRPHU FDGRSRWHQFLDO3RUXQDSDUWHODGLVSRQLELOLGDG GHVXHORSHUPLWLUiODFRQVWUXFFLyQGHLQVWDODFLR QHV TXH JDUDQWLFHQ HO VHUYLFLR GH FDUJD \ DWH UUL]DMHGHDYLRQHVGHJUDQSRUWHDVtFRPRXQD VXSHUÀFLHLPSRUWDQWHSDUDODVODERUHVGHDOPD FHQDMH \ EDVH GH RSHUDFLRQHV GHPDQGDGDV SRU ODVFRPSDxtDVDpUHDV 3RU RWUD \ XQD YH] SODQWHDGD OD FRQVWUXF FLyQ GH XQD WHUPLQDO IHUURYLDULD HQ HO SURSLR DHURSXHUWRVXXELFDFLyQVREUHODOtQHDGHDOWD YHORFLGDG SHUPLWLUi RIUHFHU D ORV YLDMHURV XQ UiSLGR DFFHVR WDQWR D 0DGULG FRPR DO VXU GH (VSDxD 'LFKD HVWDFLyQ TXHGDUi WDPELpQ FR QHFWDGDFRQODIXWXUDDXWRYtD/LVERD9DOHQFLD \ VH SODQWHD OD SRVLELOLGDG GH FRQHFWDU HO DH &2!.#)3#/*!6)%22/$2·'5%:,­:!2/ &IGURA#OMUNICACIONESACTUALESYPREVISTASENTRE#IUDAD2EALY0UERTOLLANOY DESDEAMBOSNÞCLEOSHACIA-ADRID%MPLAZAMIENTODEL!EROPUERTO)NTERNACIONALh$ON 1UIJOTEvYELDESARROLLOURBANÓSTICOh2EINODE$ON1UIJOTEvELABORACIØNPROPIA URSXHUWR FRQ HO IHUURFDUULO FRQYHQFLRQDO TXH GLVFXUUHSDUDOHORDOWUD]DGRGHODOtQHDGHDOWD YHORFLGDGÀJXUD %,$%3!22/,,/52"!.·34)#/ h2%)./$%$/.15)*/4%v DxRVPiVWDUGHVHDPSOLyODVXSHUÀFLHGHYLYLHQ GDVHQXQDxDGLHQGRVXHORUHVHUYDGRHQHO HQWRUQRFHUFDQR\SURSRQLHQGRVXVJHVWRUHVDO $\XQWDPLHQWRXQDRIHUWDWXUtVWLFDTXHLQFOXLUtD ]RQDV KRWHOHUDV XQ SDUTXH WHPiWLFR XQ FDP SRGHJROI\QXHYDVYLYLHQGDV(QIHFKD UHFLHQWH\HQYLUWXGGHXQSROpPLFRFRQYHQLR FRQ HO$\XQWDPLHQWR HO Q~PHUR GH YLYLHQGDV SUHYLVWRVHKDHOHYDGRVXVWDQFLDOPHQWH (VWH VXHOR UHVLGHQFLDO SODQWHDGR HQ FRPRFLXGDGYLQFXODGDDORFLR\HOWXULVPRVH VLW~DDXQRVNLOyPHWURVDOQRUWHGHODFLXGDG ÀJXUD 4XHGy SDUFLDOPHQWH SUHYLVWR FRPR WDOHQHOSODQHDPLHQWRORFDOGH\VyORGRV 6H WUDWD GH XQD RSHUDFLyQ LQPRELOLDULD TXH DPSOtD GH PDQHUD VLJQLÀFDWLYD HO VXHOR UHVL GHQFLDOGH&LXGDG5HDO\TXHGHFRQVROLGDUVH PRGLÀFDUi IXHUWHPHQWH VX HVWUXFWXUD XUEDQD /D]RQDRFXSDXQDVXSHUÀFLHGHPiVGH !»/3$%&%22/#!22),%.!,"!#%4% &IGURA!SPECTODELASOBRASDEL!EROPUERTO)NTERNACIONALh$ON1UIJOTEv )XHQWH$$99 KHFWiUHDV PD\RU TXH OD GHO Q~FOHR GH &LXGDG 5HDO \ TXHGD DWUDYHVDGD SRU OD OtQHD GH DOWD YHORFLGDG (Q UHODFLyQ FRQ ODV FRPXQLFDFLR QHV\HQWUHRWUDVSURSXHVWDVVHKDSODQWHDGROD FRQVWUXFFLyQGH XQD OtQHDSDUDWUHQOLJHURTXH FRQHFWH HO ´5HLQR GH 'RQ 4XLMRWHµ FRQ OD HV WDFLyQGHIHUURFDUULOGH&LXGDG5HDO\HOIXWXUR DHURSXHUWR %,0/,·'/./).$5342)!,!6!.:!$/ (O 3ROtJRQR ,QGXVWULDO $YDQ]DGR GH &DVWL OOD/D0DQFKDSUy[LPRDODQXHYDHVWDFLyQHV OD RSHUDFLyQ LQPRELOLDULD ORFDO TXH PiV FODUD PHQWHSHUPLWHSHQVDUHQXQDYLQFXODFLyQGLUHF WDFRQODOOHJDGDGHODDOWDYHORFLGDGD&LXGDG 5HDOÀJXUD (QRFWXEUHGHFXDQGR\DVHFRQRFtD ODXELFDFLyQGHODQXHYDHVWDFLyQIXHURQDSUR EDGDVDOJXQDVPRGLÀFDFLRQHVDOSODQGH FDOLÀFiQGRVHKHFWiUHDVSDUDSDUTXHHPSUH VDULDO \ DFWLYLGDGHV LQGXVWULDOHV HQ HO WHUUHQR FROLQGDQWH SRU HO (VWH FRQ OD HVWDFLyQ MXQWR DOHVSDFLRGHLQGXVWULDHVFDSDUDWH\DH[LVWHQWH 3HUR HO QXHYR SROtJRQR VH SURSRQH FRPR XQ HVSDFLR FX\RV XVRV \ GHVDUUROOR TXHGHQ PiV YLQFXODGRV DO FHUFDQR &DPSXV 8QLYHUVLWDULR TXH D OD RIHUWD LQGXVWULDO WUDGLFLRQDO DFWXDO (QIRFDGR D HPSUHVDV TXH TXLHUDQ GHVDUUROODU QXHYDV WHFQRORJtDV \ VHUYLFLRV HVWH SDUTXH EXVFD OD DGDSWDFLyQ D XQ QXHYR PHUFDGR \ D ODV YHQWDMDV TXH VX SULYLOHJLDGD DFFHVLELOLGDG SXHGHRIUHFHU /DXUEDQL]DFLyQ\DOJXQRVGHORVSULPHURV HGLÀFLRV GHO 3ROtJRQR HVWiQ \D WHUPLQDGRV +DFRQWDGRFRQHOVRSRUWH\ODDFWXDFLyQPX QLFLSDO DVt FRPR FRQ HO DSR\R ÀQDQFLHUR GH OD 8QLyQ (XURSHD DSR\R FRQFHGLGR SUHFLVD PHQWHSRUVXSUR[LPLGDGDODHVWDFLyQGHDOWD YHORFLGDG\SRUHOYDORURWRUJDGRDODVQXHYDV WHFQRORJtDV &2!.#)3#/*!6)%22/$2·'5%:,­:!2/ /42!3).)#)!4)6!3 $GHPiV GH OD DSDULFLyQ GH HVWRV JUDQGHV SUR\HFWRV WHUULWRULDOHV HV VLJQLÀFDWLYD OD LQV WDODFLyQ GH QXHYDV HPSUHVDV YLQFXODGDV HQ VX PD\RU SDUWH DO VHFWRU LQIRUPiWLFR HQ &LX GDG5HDO(VWHWLSRGHHPSUHVDVKDVXSXHVWRXQ LPSRUWDQWHLPSXOVRHQODDFWLYLGDGSURIHVLRQDO &IGURA0OLÓGONO)NDUSTRIAL!VANZADO DE#IUDAD2EALALESTEDELASEGUNDA RONDAYLAESTACIØNFERROVIARIA \HFWRV 3XHUWROODQR SRGUtD EHQHÀFLDUVH D PiV ODUJR SOD]R GH HIHFWRV SRVLWLYRV GHULYDGRV GH ORVPLVPRV'HKHFKRODUHSHUFXVLyQLQGLUHFWD GHORVQXHYRVSUR\HFWRVHPSLH]DDYHUVHHQHO Q~FOHRLQGXVWULDOFRQODFUHDFLyQGHXQDHVFXH ODGHIRUPDFLyQSURIHVLRQDOUHODFLRQDGDFRQOD PHFiQLFDGHDHURQDYHV #/.#,53)/.%3 (O DQiOLVLV GH ODV DFWXDOHV UHODFLRQHV HQWUH 0DGULG\HOiUHDFRQVWLWXLGDSRU&LXGDG5HDO\ 3XHUWROODQR LQGLFD TXH OD DOWD YHORFLGDG IHUUR YLDULDHVWiSURSLFLDQGRSURFHVRVGHLQWHJUDFLyQ WHUULWRULDOTXHVHH[WLHQGHQDGLVWDQFLDVVXSHULR UHVDNPJHQHUiQGRVHiUHDVPHWURSROLWDQDV GLVFRQWLQXDV FRQ JUDQGHV YDFtRV LQWHUPHGLRV 3RUVXSDUWHHOVHUYLFLRGHDOWDYHORFLGDGHQWUH &LXGDG5HDO\3XHUWROODQRKDIDYRUHFLGRODLQ WHJUDFLyQWDPELpQGLVFRQWLQXD\IXQFLRQDOPHQ WHHVSHFLDOL]DGDHQWUHDPERVQ~FOHRV )XHQWH3*28GH&LXGDG5HDO ORFDO YLQFXODGD D OD H[LVWHQFLD GH XQD (VFXH OD7pFQLFD6XSHULRUGH,QJHQLHUtD,QIRUPiWLFD (QORTXHWRFDDODXELFDFLyQGHWDOHVHPSUHVDV VXVGLUHFWLYRVVHUHÀHUHQDOVHUHQWUHYLVWDGRVD ODIDFLOLGDGGHFRPXQLFDFLyQFRQODFDSLWDODO IDFWRU HFRQyPLFR \ D OD H[LVWHQFLD GH QXHYRV SUR\HFWRVTXHSXHGHQVLJQLÀFDUXQDLPSRUWDQWH GHPDQGDGHVHUYLFLRVLQIRUPiWLFRVFRPRHIHF WR VHFXQGDULR GHULYDGR GHO IHUURFDUULO GH DOWD YHORFLGDG (VWH HIHFWR LQGLUHFWR SXHGH WDUGDU PiV WLHPSR HQ H[WHQGHUVH SHUR UHVXOWDUi GHFLVLYR HQ HO GHVDUUROOR GH Q~FOHRV PHQRUHV FRPR ORV TXH URGHDQ D ODV GRV QXHYDV LPSODQWDFLRQHV DUULED VHxDODGDV \ VREUH WRGR HQ 3XHUWROODQR 6L FRQ OD OOHJDGD GHO WUHQ GH DOWD YHORFLGDG OD SURYLQFLDGH&LXGDG5HDO\PiVGLUHFWDPHQWH ORV PXQLFLSLRV GH &LXGDG 5HDO \ 0LJXHOWXUUD KDQDFRJLGRHVWRVWUHVLPSRUWDQWHVQXHYRVSUR 7HQLHQGRHQFXHQWDTXHHOIHUURFDUULOGHDOWD YHORFLGDGHVFDSD]GHGLQDPL]DU\DFHOHUDUSUR FHVRV \D LQLFLDGRV R SODQWHDGRV SRFR GHVSXpV GHVXSXHVWDHQVHUYLFLRSHURQRGHDSRUWDUSRU Vt VROR FDPELRV GH WHQGHQFLD UHOHYDQWHV ORV HIHFWRV FRQFUHWRV GH OD DOWD YHORFLGDG HQ &LX GDG 5HDO \ 3XHUWROODQR GHEHQ FRQVLGHUDUVH HQ DWHQFLyQDVXVFDUDFWHUtVWLFDVVRFLRHFRQyPLFDV GHSDUWLGD\DODVLQLFLDWLYDVSXHVWDVHQPDUFKD HQFDGDXQRGHDPERVQ~FOHRV (QORTXHWRFDDORVHIHFWRVVREUHODPRYLOL GDGVHKDSURGXFLGRXQQRWDEOHDXPHQWRHQHO Q~PHURGHYLDMHVHQODWRWDOLGDGGHOFRUUHGRUFRQ XQQRWDEOHWUDVYDVHGHVGHODFDUUHWHUDDOIHUURFD UULOGHDOWDYHORFLGDG$VLPLVPRVHKDFRQVROLGD GRXQQXHYRWLSRGHXVXDULRHOYLDMHURSHQGXODUR FRPPXWHUTXHVHWUDVODGDDGLDULRHQWUHVXOXJDU GHUHVLGHQFLD\VXOXJDUGHWUDEDMRHPSOHDQGRORV VHUYLFLRVGHODQ]DGHUD7DQWRHOQ~PHURGH FRP PXWHUVFRPRHOWRWDOGHYLDMHURVHVPD\RUHQHO FDVRGHODUHODFLyQ0DGULG&LXGDG5HDOTXHHQOD UHODFLyQ0DGULG3XHUWROODQR\HOORVHGHEHWDQWR !»/3$%&%22/#!22),%.!,"!#%4% DODVFDUDFWHUtVWLFDVGHOVHUYLFLRHQWpUPLQRVGH WLHPSR\GLQHURFRPRDOWHMLGRVRFLRHFRQyPLFR GHFDGDQ~FOHR&LXGDG5HDOQ~FOHRWHUFLDULR\ FDSLWDOSURYLQFLDORIUHFHXQPD\RU\PiVGLYHU VLÀFDGR Q~PHUR GH SXHVWRV GH WUDEDMR FRQVWL WX\HQGR3XHUWROODQRXQIRFRODERUDOPX\HVSH FtÀFRSUiFWLFDPHQWHFLUFXQVFULWRDODLQGXVWULD /DVPLVPDVUD]RQHVH[SOLFDQHOKHFKRGHTXHOD UHODFLyQ &LXGDG 5HDO3XHUWROODQR UHVXOWH PX\ IDYRUDEOHSDUDODFDSLWDOGHODSURYLQFLD (VWDVQXHYDVSDXWDVGHPRYLOLGDGKDQWUDQV IRUPDGRHOWLSRGHUHODFLyQTXHVHSURGXFHHQWUH ORVQ~FOHRVGHOFRUUHGRU\VXSRQHQWDQWRODUH MHUDUTXL]DFLyQGHODVFLXGDGHVLQWHUPHGLDVFRQ VLGHUDGDVFRPRHORULJHQGHQXHYDVGLQiPLFDV GHLQWHJUDFLyQPHWURSROLWDQD (QUHODFLyQFRQORVHIHFWRVWHUULWRULDOHV\SRU ORTXHUHVSHFWDD&LXGDG5HDO\VXiPELWRSUy[L PRODLQFLGHQFLDGHODDOWDYHORFLGDGVREUHHOSOD QHDPLHQWRDSHQDVVHKDPDQLIHVWDGRHQODWUDQV IRUPDFLyQLQWHUQDGHODFLXGDG\VtORKDKHFKR HQVXVH[SHFWDWLYDVGHH[SDQVLyQHQODSURYLVLyQ GHVXHORGHGLFDGRDDFWLYLGDGHVHFRQyPLFDV\HQ ODDSDULFLyQGHQXHYRVSUR\HFWRVWHUULWRULDOHVDO JXQRVQRFLUFXQVFULWRVDODFLXGDGHVHOFDVRGHO 5HLQRGH'RQ4XLMRWH\HO$HURSXHUWRLQWHUQDFLR QDO\RWURVUHODFLRQDGRVFRQODH[SDQVLyQGHVX SHULIHULDFRPRHOFUHFLPLHQWRSODQWHDGRSRUODV 1RUPDVGH0LJXHOWXUUD6LQHPEDUJRHQHOFDVR GH3XHUWROODQR\$UJDPDVLOODGH&DODWUDYDODDOWD YHORFLGDG IHUURYLDULD QR KD LQFLGLGR GH PDQHUD VXVWDQFLDO HQ HO SODQHDPLHQWR PDQWHQLpQGRVH EiVLFDPHQWH ORV PRGHORV WHUULWRULDOHV FRQVLGH UDGRVDGHFXDGRVFRQDQWHULRULGDGDODSXHVWDHQ VHUYLFLRGHODQXHYDLQIUDHVWUXFWXUDQRKDKDEL GRFDPELRVVXVWDQFLDOHVGHPRGHORXUEDQRQRVH KDQSODQWHDGRSUR\HFWRVGHIXWXUR\ODGLQiPLFD XUEDQtVWLFDKDVLGRHVFDVD 3RUORGHPiVODDSDULFLyQGHSUR\HFWRVWHUUL WRULDOHVFRPRORVFLWDGRVSXHGHHQWHQGHUVHHQ FXDQWRWDOFRPRXQLQGLFDGRUGHODVHQVLELOLGDG GHFLHUWRVVHFWRUHV\DFWLYLGDGHVHFRQyPLFDVD ODDSDULFLyQGHORVHIHFWRVGHODDOWDYHORFLGDG\ DVXFDSDFLGDGSDUDIDYRUHFHURQRGHWHUPLQD GRVLPSDFWRV ")",)/'2!&·! $$992EUDVS~EOLFDVHQ&DVWLOOD/D 0DQFKD 0LQLVWHULR GH )RPHQWR-XQWD GH &RPXQLGDGHVGH&DVWLOOD/D0DQFKD0D GULG )$5,f$-RVp/$0Ì48,=)UDQFLVFR\32 =8(7$-XOLR (IHFWRVWHUULWRULDOHV GH ODV LQIUDHVWUXFWXUDV GH 7UDQVSRUWH GH DFFHVRFRQWURODGR&XDGHUQRVGH,QYHVWLJD FLyQ8UEDQtVWLFD,QVWLWXWR-XDQGH+HUUHUD 0DGULG *8,5$2 %HJRxD (O FiOFXOR GHO WUi ÀFRLQGXFLGRFRPRKHUUDPLHQWDHQODSOD QLÀFDFLyQGHODVLQIUDHVWUXFWXUDVGHWUDQV SRUWH$SOLFDFLyQDODSXHVWDHQVHUYLFLRGH ODV QXHYDV OtQHDV IHUURYLDULDV GH $OWD 9H ORFLGDGHQ(VSDxD7HVLV'RFWRUDOLQpGLWD 8300DGULG 0$1121( 9DOpULH /ŮLPSDFW UpJLR QDOGX7*96XG(VW7HVLV'RFWRUDOLQpGLWD 8QLYHUVLWpGH3URYHQFH$,;0DUVHLOOH 0(1e1'(=-RVp0DUtD&2521$'2-RVp 0DUtD \ 5,9$6$QD (O $9( HQ &LXGDG 5HDO \ 3XHUWROODQR 1RWDV VREUH VXLQFLGHQFLDHQODPRYLOLGDG\HOWHUULWR ULR&XDGHUQRVGH,QJHQLHUtD\7HUULWRULR (76,&DPLQRV&DQDOHV\3XHUWRV8QL YHUVLGDG GH &DVWLOOD/D 0DQFKD &LXGDG 5HDO 0(1e1'(=-RVp0DUtDHWDO(VWD FLRQHVGHLQWHUFDPELRPRGDOSDUDYLDMHURV FRQHVODEyQGHDOWDYHORFLGDG(VWXGLRGHO GLVHxRGLPHQVLyQySWLPD\HPSOD]DPLHQWR GH HVWDFLRQHV HQ FLXGDGHV GH WDPDxR SH TXHxR 'RFXPHQWR LQpGLWR HODERUDGR SDUD HO0LQLVWHULRGH)RPHQWR8&/0&LXGDG 5HDO 0(1e1'(=-RVp0DUtDHWDO´1HZ KLJKVSHHGUDLOOLQHVDQGVPDOOFLWLHVORFD WLQJWKHVWDWLRQµHQ%UHEELD&$0DUWtQ 'XTXH-)\:DGKZD/&HGV7KH6XV &2!.#)3#/*!6)%22/$2·'5%:,­:!2/ WDLQDEOH &LW\ ,, 8UEDQ 5HJHQHUDWLRQ DQG 6XVWDLQDELOLW\ :,7 3UHVV 6RXWKDPSWRQ SS 0(1e1'(=-RVp0DUtD5,9$6$QD\*8, 5$2 %HJRxD (YDOXDFLyQ GH ORV IDFWRUHV GHWHUPLQDQWHV GHO LQFUHPHQWR GH PRYLOLGDG FRPR UHVXOWDGR GH OD SXHVWD HQ VHUYLFLRGHHVWDFLRQHVGHDOWDYHORFLGDGHQ FLXGDGHV GH WDPDxR SHTXHxR 'RFXPHQWR LQpGLWRHODERUDGRSDUDOD)XQGDFLyQGHORV )HUURFDUULOHV (VSDxROHV*,) 8&/0 &LX GDG5HDO 0(1e1'(= -RVp 0DUtD &2521$'2 -RVp 0DUtD\5,9$6$QD´/HVHIIHWVGHV 1DYHWWHV 7*9 VXU OHV YLOOHV PR\HQQHV /H &DVGH&LXGDG5HDOHW3XHUWROODQRHQ(VSDJ QHµ7UDQVSRUWVXUEDLQVSS 3/$66$5')UDQoRLVHWDO´7*9HW DPpQDJHPHQW GH WHUULWRLUHµ /H &UHXVRW GHRFWXEUHGH$VVRFLDWLRQ9L OOHVHW7*97(13DUtV 5,%$/$<*8$ &HFLOLD \ 52'5Ì*8(= )UDQFLVFR-DYLHU´$OWDYHORFLGDG\ FLXGDG FRQVROLGDGD FRQÁLFWRV \ RSRUWXQL GDGHVµ(Q,EHDV$\'tD]-0HGV $FWDV GHO9&RQJUHVRGH,QJHQLHUtDGHO7UDQVSRU WH6DQWDQGHUYROSS 5,%$/$<*8$&HFLOLDHWDO´(IHFWRV WHUULWRULDOHVGHODDOWDYHORFLGDGIHUURYLDULD (VWUDWHJLDVSDUD HO SODQHDPLHQWRVXSUDPX QLFLSDOµ 23 ,QJHQLHUtD \ 7HUULWRULR SS 5,%$/$<*8$ &HFLOLD (YROXFLyQGH ODVHVWUDWHJLDVGHLQFRUSRUDFLyQGHODDOWD YHORFLGDGIHUURYLDULD\VXVHIHFWRVXUEDQtV WLFRVHQFLXGDGHVPHGLDVIUDQFHVDV$SOLFD FLyQ D ORV FDVRV HVSDxROHV 7HVLV GRFWRUDO LQpGLWD(76GH$UTXLWHFWXUDGHOD8QLYHU VLGDG3ROLWpFQLFDGH0DGULG 5,%$/$<*8$ &HFLOLD HW DO ´$OWD YHORFLGDGLQWHJUDFLyQPHWURSROLWDQD\SUR \HFWRVWHUULWRULDOHV(OFDVRGH&LXGDG5HDO \3XHUWROODQRµ 8UEDQSS 5,%$/$<*8$&HFLOLDD´(VWUDWHJLDVGH ODVSHTXHxDVFLXGDGHVSDUDDFRJHUHO$9(µ ,QJHQLHUtD\7HUULWRULRSS 5,%$/$<*8$ &HFLOLD E $OWD YHORFL GDG\FLXGDGHVWUDWHJLDVGHLQFRUSRUDFLyQ GH ODV QXHYDV HVWDFLRQHV SHULIpULFDV IUDQ FHVDV \ HVSDxRODV &XDGHUQRV GH ,QYHVWL JDFLyQ8UEDQtVWLFDQ,QVWLWXWR-XDQGH +HUUHUD0DGULG 5,%$/$<*8$ &HFLOLD 1XHYDV HVWD FLRQHV SHULIpULFDV GH DOWD YHORFLGDG IHUUR YLDULD HVWUDWHJLDV SDUD VX LQFRUSRUDFLyQ DODVFLXGDGHVHVSDxRODV&XDGHUQRVGH,Q JHQLHUtD \ 7HUULWRULR Q 8QLYHUVLGDG GH &DVWLOOD/D0DQFKD&LXGDG5HDO 5,9$6 $QD \ &2521$'2 -RVp 0DUtD ´/DPRYLOLGDGGHDOWDYHORFLGDGHQ HVWDFLRQHVVLWXDGDVHQFLXGDGHVGHWDPDxR SHTXHxR(OFRUUHGRU0DGULG&LXGDG5HDO 3XHUWROODQRµ ,QJHQLHUtD \ 7HUULWRULR SS 52'5Ì*8(= )UDQFLVFR -DYLHU 5,%$/$ <*8$ &HFLOLD \ *8,5$2 %HJRxD ´&LXGDGHVLQWHUPHGLDV\DOWDYHOR FLGDGIHUURYLDULD/DH[SHULHQFLDHXURSHDµ (Q,EHDV$\'tD]-0HGV$FWDVGHO9 &RQJUHVR GH ,QJHQLHUtD GHO 7UDQVSRUWH 6DQWDQGHUYROSS 7$8 3ODQLÀFDFLyQ 7HUULWRULDO (IHFWRV XUEDQtVWLFRV\WHUULWRULDOHVGHO7UHQGH$OWD 9HORFLGDG VREUH ODV FLXGDGHV GH &LXGDG 5HDO\3XHUWROODQR'RFXPHQWRLQpGLWRHOD ERUDGR SDUD HO 0LQLVWHULR GH 2EUDV 3~EOL FDV0DGULG 85(f$ -RVp 0DUtD GH ´,QIUDVWUXFWX UHVDQG6SDWLDO6WUXFWXUHRI$FFXPXODWLRQµ ,QVWLWXWHRI8UEDQDQG5HJLRQDO5HVHDUFK 8QLYHUVLW\ RI &DOLIRUQLD DW %HUNHOH\:RU NLQJ3DSHUQ !»/3$%&%22/#!22),%.!,"!#%4% 85(f$-RVp0DUtDGH´(YDOXDFLyQGH ORVHIHFWRVWHUULWRULDOHVGHODVLQIUDHVWUXFWX UDVµ(Q$$998QD8QLYHUVLGDGSDUDOD VRFLHGDG 8QLYHUVLGDG GH &DQWDEULD 6DQ WDQGHUSS 85(f$-RVp0DUtDGH\5,%$/$<*8$&H FLOLD´/HUpVHDXIHUURYLDLUHDJUDQGH YLWHVVH HVSDJQRO pWDW DFWXHO G·DYDQFHPHQW HW DSSURSULDWLRQ SDU OHV YLOOHV GHVVHUYLHVµ 7UDQVSRUWV8UEDLQVSS 85(f$-RVp0DUtDGH´(IHFWRVGHOD DOWD YHORFLGDG IHUURYLDULD HQ ODV FLXGDGHV LQWHUPHGLDV GHO FRUUHGRU 0DGULG6HYLOODµ (FRQRPtD $UDJRQHVD Q~PHUR GH GLFLHP EUHSS 85(f$-RVp0DUtDGHHWDO´$OWDYH ORFLGDGIHUURYLDULDHLQWHJUDFLyQPHWURSROL WDQD HQ (VSDxD HO FDVR GH &LXGDG 5HDO \ 3XHUWROODQRµ (XUHSS 85(f$-RVp0DUtDGHHWDO (VWXGLR GHORVHIHFWRVGHODOtQHDGH$OWD9HORFLGDG 0DGULG6HYLOODVREUHODPRYLOLGDGHOVLVWH PDWHUULWRULDO\HOGHVDUUROORUHJLRQDO'R FXPHQWRLQpGLWRHODERUDGRSDUDHO0LQLVWH ULRGH)RPHQWR8&/0&LXGDG5HDO 85(f$ -RVp 0DUtD GH ´$OWD 9HORFL GDG)HUURYLDULD$9)\QXHYDVDFWLYLGDGHV HQWUHVVLWXDFLRQHVWHUULWRULDOHVµ ,QJHQLHUtD \7HUULWRULRSS 2%$%3#5"2)%.$/%30!#)/35.! -)2!$!!,0!42)-/.)/&%22/6)!2)/ $%,!02/6).#)!$%!,"!#%4% 0LJXHO-LPpQH]9HJD\)UDQFLVFR3ROR0XULHO )XQGDFLyQGHORV)HUURFDUULOHV(VSDxROHV\8QLYHUVLGDG$XWyQRPDGH0DGULG ).42/$5##)¼. /DUHGIHUURYLDULDGHODSURYLQFLDGH$OEDFH WHKDOHJDGRXQLPSRUWDQWHSDWULPRQLRDUTXLWHF WyQLFRIUXWRGHODGLODWDGDUHODFLyQTXHHVWHWH UULWRULRKDYHQLGRPDQWHQLHQGRFRQHVWHPHGLR GHWUDQVSRUWHGHVGHKDFHFLHQWRFLQFXHQWDDxRV (ODxRKDVHUYLGRQRVyORSDUDFRQPHPR UDU HO VLJOR \ PHGLR GH OD HQWUDGD HQ VHUYLFLR GHO WUDPR $OFi]DU GH 6DQ -XDQ$OEDFHWH VLQR WDPELpQSDUDUHFRUGDUTXHKDFHFLHQWRFXDUHQWD DxRVVHOOHJyDFXOPLQDUWRGDODUHGIHUURYLDULD TXH ÀQDOPHQWH HQWUDUtD HQ RSHUDFLyQ HQ GLFKD SURYLQFLD3RVLEOHPHQWHVHDODSURYLQFLDGH$O EDFHWHODSULPHUDGH(VSDxDTXHFXOPLQyWRGR HVHSURFHVRFRQVWUXFWLYR(YLGHQWHPHQWHVXSR VLFLyQHVWUDWpJLFDGDGRTXHSRUHVWDSURYLQFLD GLVFXUULUtDQ ODV OtQHDV TXH HQOD]DEDQ 0DGULG FRQORVSXHUWRVGH$OLFDQWH9DOHQFLD\&DUWDJH QDOHIDYRUHFLySDUDWHQHUFRPSOHWDGDHQVyOR GLH]DxRVWRGDODUHGTXHÀQDOPHQWHVHSXVRHQ H[SORWDFLyQ 6H KDFH OD PDWL]DFLyQ GH UHG HQ H[SORWD FLyQSRUHOKHFKRGHTXHGXUDQWHOD'LFWDGXUD GHO*HQHUDO3ULPRGH5LYHUDVHSUR\HFWDUtDXQD OtQHD IHUURYLDULD GH FDUiFWHU WUDQVYHUVDO OD GHO )HUURFDUULO%DH]D8WLHOTXHDWUDYHVDUtDWRGDOD SURYLQFLDGH$OEDFHWHGHVXUDQRUWH(VWDOtQHD IHUURYLDULDFRPHQ]DUtDDFRQVWUXLUVHGXUDQWHHO UHIHULGR'LUHFWRULR0LOLWDUSHURGLIHUHQWHVFLU FXQVWDQFLDV SROtWLFDV \ HFRQyPLFDV UHWUDVDURQ ORVWUDEDMRVGHFRQVWUXFFLyQ*XHUUD&LYLO3RV JXHUUD$XWDUTXtD8QLQIRUPHGHO%DQFR,QWHU QDFLRQDOSDUDOD5HFRQVWUXFFLyQ\HO'HVDUUROOR %,5'UHDOL]DGRDFRPLHQ]RVGHODGpFDGDGH UHFRPHQGyDO*RELHUQR(VSDxROHODEDQ GRQRGHORVWUDEDMRVGHFRQVWUXFFLyQGHpVWD\ RWUDVOtQHDVFRHWiQHDVGLVHPLQDGDVSRUWRGRHO WHUULWRULR GHO (VWDGR FXDQGR JUDQ SDUWH GH OD H[SODQDFLyQDOEDFHWHxDGHHVWDOtQHDWUDQVYHUVDO VHHQFRQWUDEDSUiFWLFDPHQWHDFDEDGD/DVHVWD FLRQHVVHHQFRQWUDEDQDPHGLRKDFHUORVW~QH OHVVHHQFRQWUDEDQSHUIRUDGRV\PXFKRVGHORV SXHQWHV\YLDGXFWRVYRODEDQ\DSRUHQFLPDGH YDJXDGDV\FDXFHVGHUtRVHLQFOXVRFXDQGR\D VHHQFRQWUDEDQWHQGLGRVORVUDtOHVGHVGHODFLX GDGGH$OEDFHWHKDVWDHOOtPLWHFRQODSURYLQFLD GH-DpQ/DKXHOODGHHVWDLQIUDHVWUXFWXUDVLJXH YLYDHQHOWHUULWRULRDOEDFHWHxR\KR\HQGtDVH HQFXHQWUDQHQSURFHVRGHUHXWLOL]DFLyQHQFODYH !»/3$%&%22/#!22),%.!,"!#%4% -APA2EDFERROVIARIADELAPROVINCIADE!LBACETE %LABORADOPOR&UNDACIØNDELOS&ERROCARRILES%SPA×OLES GH 9tD 9HUGH 6REUH HO SDWULPRQLR IHUURYLDULR JHQHUDGRHQWRUQRDHVWDOtQHD\DORVIHUURFD UULOHV PLQHURV GHO FRWR D]XIUHUR GH +HOOtQ QRV GHWHQGUHPRV HQ XQR GH ORV HStJUDIHV GHO SUH VHQWHWUDEDMR *UDQSDUWHGHHVWHDUWtFXORVHKDSRGLGRGH VDUUROODUDSDUWLUGHODUHDOL]DFLyQGHXQLQWHQVR WUDEDMRGHFDPSRTXHVHHIHFWXyGXUDQWHHOPHV GH MXOLR GH HQ WRUQR D ODV OtQHDV IHUURYLD ULDV RSHUDWLYDV GH OD SURYLQFLD (VWD ODERU GH LGHQWLÀFDFLyQVREUHHOSDWULPRQLRDUTXLWHFWyQLFR QRVKDSHUPLWLGRFRQRFHUHOHVWDGRDFWXDOGHORV WUHLQWD\GRVUHFLQWRVIHUURYLDULRVTXHVHSXVLHURQ HQIXQFLRQDPLHQWRHQODSURYLQFLDGH$OEDFHWH 'HpVWRVGLH]GHHOORVKDQSHUGLGR\DWRGRVVXV HGLÀFLRVHOGHOWRWDOPDQWHQLpQGRVHHQ FDPELRXQDPXHVWUDLPSRUWDQWHGHORVPLVPRV DXQTXH HQ PD\RU R PHQRU JUDGR GH FRQVHUYD FLyQHQRWURVYHLQWLGyVHOGHOWRWDO $OEDFHWHVHFDUDFWHUL]DDGHPiVSRUVHUXQD GH ODV SURYLQFLDV TXH FRQVHUYD PiV SDWULPR QLRDUTXLWHFWyQLFRYLQFXODGRDODFRPSDxtDGHO )HUURFDUULO GH 0DGULG D =DUDJR]D \ $OLFDQWH 0=$6LGHVFRQWDPRVORVFDVRVGH$OEDFHWH FDSLWDOHQGRQGHVHFRQVWUX\yXQQXHYRUHFLQWR IHUURYLDULRHQHODxR\GHOHGLÀFLRGHYLD MHURVGHODHVWDFLyQGH$OPDQVDTXHIXHFRQV WUXLGRDÀQDOHVGHODGpFDGDGHHOUHVWRGH HGLÀFLRV IHUURYLDULRV SHUWHQHFHQ DO SHUtRGR GH H[SORWDFLyQGH0=$ 'HQWURGHOSHUtRGRGHH[SORWDFLyQGHGLFKD FRPSDxtDTXHDEDUFyGHVGHKDVWDHODxR VHSXHGHQHQFRQWUDUWUHVHWDSDVFRQVWUXF WLYDV/DSULPHUDGHHOODVVHHQFXHQWUDDVRFLDGD DODVFRQVWUXFFLRQHVHULJLGDVGXUDQWHODSULPHUD IDVHGHH[SORWDFLyQIHUURYLDULD'H HVWDSULPHUDIDVHHOPD\RUQ~PHURGHHMHPSORV DUTXLWHFWyQLFRVVHHQFXHQWUDQGHQWURGHODOtQHD 1RSRGHPRVGHMDUGHDJUDGHFHUD-RVp0DULDQR5RGUtJXH]0DUWtQH]ODODERUTXHGHVDUUROOySDUDODSUHVHQWDFLyQGHXQSULPHUDYDQFHGH HVWHWUDEDMRHQHOPDUFRGHODV-RUQDGDVGH+LVWRULD)HUURYLDULDGH$OEDFHWH -)'5%,*)-³.%:6%'!Y&2!.#)3#/0/,/-52)%, &KLQFKLOOD&DUWDJHQD ORV HGLÀFLRV GH YLDMHURV GH ODV HVWDFLRQHV GH 3R]R &DxDGD 7REDUUD +HOOtQ \$JUDPyQ FRQVWLWX\HQ SRU WDQWR XQD PXHVWUDQRWDEOH (OVHJXQGRSHUtRGRVHH[WLHQGHGHVGHODGp FDGDGHKDVWDHOLQLFLRGHOD'LFWDGXUDGHO *HQHUDO 3ULPR GH 5LYHUD$ SDUWLU GH VH SUR\HFWDURQ XQ EXHQ Q~PHUR GH DSDUWDGHURV \ DSHDGHURVHQUHVSXHVWDDODVQHFHVLGDGHVGHULYD GDVGHOSURJUHVLYRLQFUHPHQWRGHOWUiÀFRIHUUR YLDULR\GHORVOyJLFRVUHTXHULPLHQWRVWpFQLFRV GHODH[SORWDFLyQ'HHVWHSHUtRGRVHFRQVHUYDQ HQWUHRWURVLQWHUHVDQWHVHMHPSORVFRPRVRQORV DSDUWDGHURVGH/RV+LWRV\0LQDWHGD<DHQOD HWDSDÀQDOGHHVWHVHJXQGRSHUtRGRPHUHFHVHU GHVWDFDGR HO PDJQtÀFR HGLÀFLR GH OD HVWDFLyQ GH&KLQFKLOODDFWXDOPHQWHHQGHVXVR (O WHUFHU SHUtRGR TXH SRGHPRV VHJXLU YLQ FXODQGR D OD HWDSD GH H[SORWDFLyQ GH 0=$ VH GHVDUUROODUtDGXUDQWHOD'LFWDGXUDGH3ULPRGH 5LYHUD'HHVWDHWDSDVHFRQVHUYDQEHOODVHVWD FLRQHV FRPR ODV GH9LOODUUREOHGR 0LQD\D /D 5RGD\/D*LQHWD <D GHQWUR GHO SHULRGR GH H[SORWDFLyQ GH 5(1)( FRPR KHPRV DQXQFLDGR DQWHULRUPHQ WHWHQHPRVORVFDVRVGH$OEDFHWHFDSLWDO\GHO HGLÀFLR GH YLDMHURV GH$OPDQVD 1R REVWDQWH $OEDFHWHFDSLWDOFRQVHUYDHQHODQWLJXRHPSOD ]DPLHQWR IHUURYLDULR TXH VH XELFy HQ OR TXH KR\HQGtDHVHODFWXDO3DVHRGHOD&XEDDOJX QRVHOHPHQWRVVLPEyOLFRVGHVXDQWHULRUSDVDGR IHUURYLDULR FRPR HV HO DQWLJXR SDVR VXSHULRU KR\ SUHVHUYDGR HQ XQD JORULHWD \ TXH GDWD GH DVt FRPR GLYHUVRV HOHPHQWRV GH H[SOR WDFLyQIHUURYLDULDLQVWDODGRVFRPRRUQDWRGHOD YtDS~EOLFD $XQTXHHOHGLÀFLRGHYLDMHURVVHDTXL]iHO HOHPHQWR SDWULPRQLDO GH UHIHUHQFLD HQ FXDO TXLHUUHFLQWRIHUURYLDULRQRVHKDGHSHUGHUGH YLVWD HO LQJHQWH FRQMXQWR GH HGLÀFLRV DVRFLD GRVDODH[SORWDFLyQ\TXHHQODPD\RUtDGHORV FDVRVKDQTXHGDGRFRPSOHWDPHQWHHQGHVXVR HQ OD SURYLQFLD GH$OEDFHWH 1RV UHIHULPRV D ORV DOPDFHQHV GH PHUFDQFtDV D ORV PXHOOHV GHFDUJDDORVGHSyVLWRVGHPDWHULDOPyYLO\ URWRQGDVVLHQGR$OEDFHWHFDSLWDO$OPDQVD\ &KLQFKLOODORVHMHPSORVPiVUHSUHVHQWDWLYRV D ODV JU~DV ÀMDV D ORV GHSyVLWRV GH DJXD GH ORV TXH VH FRQVHUYDQ VLQJXODUHV HMHPSORV HQ ODVHVWDFLRQHVGH9LOODUUREOHGR/D5RGD\$O SHUDDODVYLYLHQGDVIHUURYLDULDV&KLQFKLOOD \$JUDPyQVRQHMHPSORVFODURVGHSREODGRV\ DOGHDVSXUDPHQWHIHUURYLDULDVYHQLGDVKR\HQ GtD D PHQRV SHUR FRQ XQ LPSRUWDQWH OHJDGR SDWULPRQLDO SRU GHVFXEULU \ SRQHU HQ YDORU GRUPLWRULRV EiVFXODV \ JiOLERV FRQVWLWX\HQ XQD PXHVWUD UHSUHVHQWDWLYD GH OD DSDVLRQDQWH KLVWRULD IHUURYLDULD TXH HQFLHUUD HVWD SURYLQ FLD \ TXH VH HQFXHQWUD D OD HVSHUD GH VHU LQ YHVWLJDGD SDUD VX SXHVWD HQ YDORU 6REUH HVWH ~OWLPRFRQFHSWRUHÁH[LRQDPRVHQHOVLJXLHQWH HStJUDIH %,0!42)-/.)/()34¼2)#/ &%22/6)!2)/#/-/5.6!,/2 (OOHJDGRGHORVSDGUHVeVWDVHUtDODHWLPR ORJtDPiVDSUR[LPDGDGHOWpUPLQRSDWULPRQLR 1XHVWUDVRFLHGDGKDOOHJDGRDOVLJOR;;,DWHVR UDQGRHOULFROHJDGRGHOVDEHU\HOKDFHUGHPL OHVGHJHQHUDFLRQHV/DYR]SRSXODUKDYHQLGR VLWXDQGRHOFRQFHSWRSDWULPRQLRHQXQHQFXDGUH PX\YLQFXODGRDODVFRQVWUXFFLRQHVUHOLJLRVDV PLOLWDUHVRFLYLOHVSURFHGHQWHVGHOSDVDGR3HUR DGHPiV GH HVWH HQFDMH WHPiWLFR HO FRQFHSWR SDWULPRQLDOUHPLWHKDELWXDOPHQWHDFLHUWRVSH ULRGRVWHPSRUDOHVTXHDOPHQRVGLVWDQDSUR[L PDGDPHQWHXQVLJORGHDQWLJHGDGUHVSHFWRDO SUHVHQWH(QHVWHFRQWH[WRKDVWDKDFHXQDVGp FDGDVHUDFDVLWHPHUDULRKDEODUGHSDWULPRQLR VDOLpQGRVHGHOFDPSRGHORVFDVWLOORVODVLJOH VLDVRORVSDODFLRVFUHDGRVFRPRPXFKRKDVWD ÀQDOHVGHOVLJOR;,; <VLELHQHVFLHUWRTXHHVWHFDPSRSDWULPR QLDOHVFODUR\HYLGHQWHQRHVPHQRVHYLGHQWH TXHQXHVWUDVRFLHGDGHQORV~OWLPRVGRVVLJORV DO KLOR GH OD 5HYROXFLyQ ,QGXVWULDO HO SDLVDMH GH FLXGDGHV GH ]RQDV SRUWXDULDV PLQHUDV GH !»/3$%&%22/#!22),%.!,"!#%4% PXFKDVULEHUDVÁXYLDOHVVHKDLGRWUDPDQGRGH FRQVWUXFFLRQHVHQPXFKDVRFDVLRQHVGHJUDQ GHVGLPHQVLRQHVLQJHQLRVPHFiQLFRVIiEULFDV D]XGHVFDPLQRVWHQGLGRVYtDVLQVWDODFLRQHV TXHKDQSRVLELOLWDGRHOGHVDUUROORGHXQDDFWLYL GDGHFRQyPLFDLQWHQVLYDHQFDSLWDO\PDQRGH REUD\FRQXQDHVSHFLDOFDSDFLGDGGHPRGHODU HOSDLVDMH\HOWHUULWRULR0XFKRVGHHVWRVHOH PHQWRVHQXQHVWDGRPX\SUy[LPRDORULJLQDO RFRQFLHUWRVFDPELRVVLJXHQHQXVRELHQSUHV WDQGRODIXQFLyQSDUDODTXHIXHURQFRQFHELGRV R ELHQ UHFRQYHUWLGRV SDUD QXHYRV XVRV 2WURV HQ FDPELR WUDV VX REVROHVFHQFLD KDQ VLGR DEDQGRQDGRVDVXVXHUWHGHVDSDUHFLHQGRSRUOD SUHVLyQGHQXHYRVXVRVGHOWHUULWRULRRVLPSOH PHQWHSHUGLpQGRVHSRUVLPSOHUXLQDFRQHOSDVR GHORVDxRV 5HVWRVGHOSDVDGRUXLQDVRHVFRPEURVXQD QXHYD OHFWXUD FLHQWtÀFD GH WRGRV HVWRV WHVWL PRQLRV KD KHFKR TXH VH YXHOYD OD PLUDGD VR EUH HOORV UHGHVFXEULpQGRORV (VWD QXHYD PLUD GD KD FUHDGR XQD GLVFLSOLQD GHO FRQRFLPLHQWR GHQRPLQDGD ´DUTXHRORJtD LQGXVWULDOµ TXH FRQ YDULDV SRVLEOHV SHUVSHFWLYDV \ HQIRTXHV YLHQH DFHQWUDUVHHQHOHVWXGLRGHORVUHVWRVPDWHULD OHV GH OD LQGXVWULD TXH HQ HO FDVR HVSDxRO VH KD HQÀODGR KDFLD ORV JHQHUDGRV D SDUWLU GH OD 5HYROXFLyQ,QGXVWULDO´(ODQiOLVLVVHFHQWUDHQ ORVUHVWRVPDWHULDOHVGHODVDFWLYLGDGHVOLJDGDV DODSURGXFFLyQGLVWULEXFLyQRFRQVXPRGHORV ELHQHVµ )iEULFDV HVWDFLRQHV YLYLHQGDV LQ IUDHVWUXFWXUDVKDQVLGR\VRQREMHWRSRUWDQ WRGHOPHQFLRQDGRDQiOLVLVGHHVWDGLVFLSOLQD\ GHVWLQDWDULRV GH OD HODERUDFLyQ GH LQYHQWDULRV TXHSHUPLWHQFRQRFHUTXpQRVKDOOHJDGR\HQ TXpFRQGLFLRQHV (VWDiUHDGHOFRQRFLPLHQWRQRVD\XGDDGHV FXEULUHVWRVUHVWRVDYDORUDUORVSHURDSDUWLUGH DTXtHQWUDPRVHQRWURiPELWRHOGHODJHVWLyQ GHO SDWULPRQLR LQGXVWULDO /D SUHVHUYDFLyQ OD SXHVWD HQ YDORU OD LQWHUSUHWDFLyQ VRQ IDFHWDV TXH HV LQHOXGLEOH DERUGDU SDUD TXH XQD YH] SXHVWRVHVWRVUHVWRVDUTXHROyJLFRVEDMRHOIRFR $JXLODU&LYHUDS 'RQHW-SS GH OD RSLQLyQ S~EOLFD VHD YLDEOH VX SUHVHUYD FLyQ 2EYLDPHQWH HO IHUURFDUULO HQWHQGLHQGR FRPRWDOXQFRPSOHMRVLVWHPDHQHOTXHVHLQ WHJUDQHVWDFLRQHVYtDVWUD]DGRVREUDVDQHMDV YLYLHQGDV YLDULRV GH DFFHVRV HV XQD SLH]D FODYHGHQXHVWURSDWULPRQLRLQGXVWULDO(VPiV HOIHUURFDUULOIXHXQDGHODVFODYHVSDUDTXHOD 5HYROXFLyQ,QGXVWULDOIXHUDSRVLEOH\DTXHID FLOLWy HO PRYLPLHQWR GH ELHQHV \ SHUVRQDV OD OOHJDGD GH PDWHULDV SULPDV \ OD VDOLGD GH ORV SURGXFWRV HQ XQRV SOD]RV GH WLHPSR \ D XQRV FRVWRV LQFUHtEOHPHQWH LQIHULRUHV D ORV TXH KD EtD KDVWD HQWRQFHV (VWD FUXFLDO SLH]D GH HVWH SURFHVR KLVWyULFR KD VHJXLGR HQ PDUFKD KDVWD QXHVWURVGtDV&LHUWRHVTXHODVLQQRYDFLRQHVHQ ODH[SORWDFLyQGHWUHQHVDVtFRPRODSpUGLGDGH FLHUWRV WUiÀFRV \ VHUYLFLRV KDQ KHFKR GHVDSD UHFHUDOJXQRVHOHPHQWRVSRUDEDQGRQRRELHQ VH KDQ UHPRGHODGR GH WDO PDQHUD TXH KR\ HV FDVLLPSRVLEOHUHFRQRFHUORVFRPRHOHPHQWRVGH XQ SDVDGR PiV R PHQRV UHPRWR 3HUR OR PiV KDELWXDO HV TXH ODV VyOLGDV FRQVWUXFFLRQHV GHO IHUURFDUULO SHUWHQHFLHQWHV D JUDQGHV HPSUH VDVHQXQSULQFLSLRSULYDGDV\SRVWHULRUPHQWH S~EOLFDV KD\DQ OOHJDGR D QXHVWURV GtDV HQ XQ HVWDGRGHFRQVHUYDFLyQPX\DSUR[LPDGRDOGH VXHUHFFLyQ/DSHQXULDTXHDWUDYHVyHOVLVWHPD IHUURYLDULRDSDUWLUGHODGpFDGDGHFRDUWy ODVSRVLELOLGDGHVGHUHQRYDFLyQGHEXHQDSDUWH GHVXVLQVWDODFLRQHVORFXDOODV´IRVLOL]yµHQXQ GHWHUPLQDGRPRPHQWRKLVWyULFRDxDGLHQGRXQ YDORU SDWULPRQLDO DGLFLRQDO 'H KHFKR HV VLQ JXODUPHQWH FXULRVR TXH HO KLWR IXQGDFLRQDO GH ODV FRUULHQWHV GH DUTXHRORJtD LQGXVWULDO IXH HO GHUULER GH XQD HVWDFLyQ OD WHUPLQDO ORQGLQHQ VH GH (XVWRQ 8QD IXHUWH FRUULHQWH SRSXODU GH RSRVLFLyQ D OD GHPROLFLyQ GH HVWD YLHMD WHUPL QDOIHUURYLDULDVHQWyODVEDVHVSDUDHOPRGHUQR UHGHVFXEULPLHQWR GHO SDWULPRQLR LQGXVWULDO HQ HOFXDOHOIHUURFDUULODWHVRUDYDOLRVRVHOHPHQWRV SHUR TXH FRPR SRGUHPRV LU FRPSUREDQGR HQ HVWH FRQFUHWR DQiOLVLV WHUULWRULDO VXIUH DOJXQRV LPSRUWDQWHV HSLVRGLRV GH SpUGLGDV SDWULPRQLD -)'5%,*)-³.%:6%'!Y&2!.#)3#/0/,/-52)%, OHVODPHQWDEOHPHQWHDOJXQDVPX\UHFLHQWHV\ FRQXQRVULHVJRVPX\DOWRVGHTXHHVWRVSURFH VRVVLJDQSURGXFLpQGRVHVHDSRULQWHUYHQFLRQHV HMHFXWLYDVRSRUHOVLPSOHDEDQGRQRGHODLQVWD ODFLyQ /D KLVWRULD UHFLHQWH GH$OEDFHWH QRV UHYHOD HOJUDQSHVRGHOVHFWRUSULPDULR$JULFXOWXUD\ JDQDGHUtDKDQPDUFDGRKDVWDIHFKDVQRPX\UH PRWDVHOGHYHQLUGHHVWDSURYLQFLDPDQFKHJDOR FXDOVHWUDGXFHHQXQ HVFDVRGHVDUUROORLQGXV WULDO \ HQ FRQVHFXHQFLD XQ OLPLWDGR FRQMXQWR GH HOHPHQWRV VXVFHSWLEOHV GH VHU FDWDORJDGRV KR\GtDGHQWURGHXQSDWULPRQLRLQGXVWULDOSUR YLQFLDO&RPRFRPHQWD&DxL]DUHV5XL]HQ$O EDFHWHORV~QLFRVUHVWRVSURSLDPHQWHLQGXVWULD OHVVHUtDQORVGHOD5HDO)iEULFDGH0HWDOHVGH 5LySDU\ODVDJURLQGXVWULDVGH$OEDFHWH\9LOOD UUREOHGRDORVTXHVLQGXGDDOJXQDKDEUtDTXH DxDGLUHQHVWDPLVPDFODYHORVHVFDVRVUHVWRV TXHWRGDYtDSXHGHQYHUVHGHODDFWLYLGDGPLQHUD HQHOVXUGHOPXQLFLSLRGH+HOOtQ(QFDPELR VRUSUHQGH HVSHFLDOPHQWH TXH QL HVWD DXWRUD QL WDPSRFR ORV OLVWDGRV GH ELHQHV SURWHJLGRV GHO 0LQLVWHULR GH &XOWXUD UHFRMDQ PHQFLyQ DOJXQD DOSDWULPRQLRIHUURYLDULRSURYLQFLDO3RGUtDPRV DÀUPDUTXHHOFRQMXQWRGHOSDWULPRQLRIHUURYLD ULRSURYLQFLDOHVTXL]iVHOFRQMXQWRPiVYDOLRVR GHWRGRHOSDWULPRQLRLQGXVWULDOSURYLQFLDO3LH ]D D SLH]D R FRQWHPSODGRV FRPR SDUWHV GH XQ WRGR HQ$OEDFHWH VH DJUXSDQ XQ JUDQ Q~PHUR GHLQPXHEOHVFRQVWUXLGRVPXFKRVGHHOORVHQHO ~OWLPRWHUFLRGHOVLJOR;,;\FRQLPSUHVLRQDQ WHV HMHPSORV DUTXLWHFWyQLFRV GHO SULPHU WHUFLR GHOVLJOR;;'HVGHGLVFUHWRVHGLÀFLRVGHHVWD FLRQHV KDVWD WHUPLQDOHV GH SULPHUD FDWHJRUtDV SDVDQGRSRUEDUULRVREUHURVHLQVWDODFLRQHVGH DSR\RDODH[SORWDFLyQ7RGRHVWHEDJDMHGHHOH PHQWRVDUPyQLFRELHQFRQVHUYDGRHQPXFKRV FDVRVWHVWLPRQLDQ XQD FXOWXUD HPSUHVDULDO GHO VHFWRUWUDQVSRUWHVTXHTXLVRWUDGXFLUDOWHUULWR ULRXQDSRWHQWHLPDJHQGHPDUFD/DUHYROXFLyQ GHODPRYLOLGDGTXHVXSXVRHOIHUURFDUULOIXHXQ DXWpQWLFRLFRQRGHOSURJUHVRHQODVRFLHGDGGHV GHVXVDOERUHVHQKDVWDVXSpUGLGDGHSDSHO &DxL]DUHV5XL] 9pDVH+HUFH,QpV FRQODLUUXSFLyQGHOWUDQVSRUWHSRUFDUUHWHUD(Q PXFKRVFDVRVODVHVWDFLRQHVVHFRQYLUWLHURQHQ ORVPiVQREOHVHGLÀFLRVGHODVFLXGDGHVORVSD ODFLRVGHODQXHYDEXUJXHVtD3XHEORV\FLXGDGHV FUHFLHURQKDFLDODVHVWDFLRQHVORVQXHYRVHVSD FLRVGHRSRUWXQLGDG1XHYDVQHFHVLGDGHVIRU]D URQODFRQVWUXFFLyQGHHGLÀFLRVHVSHFLDOL]DGRV TXH VXSXVLHURQ GHVDItRV SDUD OD DUTXLWHFWXUD \ XQDHVSHFWDFXODUUHYROXFLyQHQHODJUDULRFDVH UtRGHORVSXHEORVDOEDFHWHxRVPXHOOHVGHSyVL WRVGHDJXDWDOOHUHVDSDUHFLHURQIUHQWHDFDVDV FRQFRUUDO\ERGHJDV/D5HYROXFLyQ,QGXVWULDO HQHOiPELWRGHORVWUDQVSRUWHVOOHJyDOFDPSR (OIHUURFDUULOQRVKDWUDQVPLWLGRKDVWDQXHVWURV GtDV HVWD LQVWDQWiQHD GH DTXHO EUXWDO FDPELR 6X FRQMXQWR GH HGLÀFLRV WUDGXFHQ SRU WDQWR HO WHVWLPRQLRGHOFDPELRGHODQXHYDFXOWXUD6XV EDUULRVGHREUHURVIHUURYLDULRVFRQIRUPDURQXQ QXHYR WHMLGR XUEDQR VLQJXODUPHQWH GLIHUHQWH D ORTXHKDEtDKDVWDHQWRQFHV$WRGRVHVWRVHGL ÀFLRV H LQVWDODFLRQHV DQH[DV GHGLFDPRV HO VL JXLHQWHDQiOLVLV ,/3()4/3$%,0!42)-/.)/ &%22/6)!2)/,/#!, ,/3%$)&)#)/3$%6)!*%2/3 (O SDWULPRQLR DUTXLWHFWyQLFR IHUURYLDULR WLHQHHQHOHGLÀFLRGHYLDMHURVODPHMRUUHSUH VHQWDFLyQGHXQGHWHUPLQDGRSHUtRGRKLVWyULFR GHODH[SORWDFLyQGHHVWHPHGLRGHWUDQVSRUWH (OIHUURFDUULOGHVGHVXVLQLFLRVKDVWDQXHVWURV GtDVKDLGRSURJUHVDQGRKDFLDPD\RUHVQLYHOHV GHHÀFLHQFLD\KDSURSLFLDGRTXHVXVHOHPHQWRV DÀQHVDODH[SORWDFLyQKD\DQKHFKRORSURSLR FRQPD\RURPHQRUGLQDPLVPR6LQHPEDUJR QRWRGDVODVLQVWDODFLRQHVIHUURYLDULDVKDQQH FHVLWDGRGHFDPELRVSDUDDGDSWDUVHDODVQXH YDVH[LJHQFLDVWHFQROyJLFDVLPSXHVWDVSRUORV !»/3$%&%22/#!22),%.!,"!#%4% QXHYRVFULWHULRVGHH[SORWDFLyQ/RVHGLÀFLRV GHYLDMHURVVRQEXHQDSUXHEDGHHOOR6XDSD ULHQFLDHVWpWLFDH[WHUQDKDSRGLGRPDQWHQHUVH VLQ FDPELRV DSDUHQWHV GHVGH VX FRQVWUXFFLyQ PLHQWUDV TXH VX FRQWHQLGR LQWHULRU KD WHQLGR REOLJDWRULDPHQWH TXH DGDSWDUVH D ODV GHPDQ GDVGHXQVLVWHPDGHH[SORWDFLyQFDGDYH]PiV WHFQLÀFDGR3RUHOORQRHVSDUDQDGDVRUSUHQ GHQWHYHUFyPRODSURYLQFLDGH$OEDFHWHDOEHU JD XQ LPSRUWDQWH OHJDGR DUTXLWHFWyQLFR TXH VH KD FRQVHUYDGR HQ PD\RU R PHQRU PHGLGD LQPXWDEOHGHVGHHOSHUtRGRGHH[SORWDFLyQGH 0=$6yORHQFRQWDGRVFDVRVSRGHPRVKDEODU GHXQDDGDSWDFLyQtQWHJUDGHODDUTXLWHFWXUDD ODV QXHYDV H[LJHQFLDV GH OD H[SORWDFLyQ QRV UHIHULPRV DO HGLÀFLR GH YLDMHURV GH $OEDFHWH \DODUHFRQVWUXFFLyQVHXGRUHJLRQDOLVWDPD WL]TXHSRVWHULRUPHQWHVHUiFRQYHQLHQWHPHQWH DFODUDGRGHOQXHYRHGLÀFLRGHYLDMHURVGHOD HVWDFLyQGH$OPDQVD 3RGHPRVDÀUPDUTXHODSURYLQFLDGH$OED FHWH FRQVHUYD HMHPSORV DUTXLWHFWyQLFRV GH ODV GLVWLQWDVHWDSDVRSHUtRGRVVREUHORVTXHVHKD FRQVWUXLGR OD KLVWRULD IHUURYLDULD GH OD SURYLQ FLD7HQLHQGR HQ FXHQWD OD SHULRGL]DFLyQ DQWH ULRUPHQWH H[SXHVWD UHFRUUHUHPRV OD SURYLQFLD GH$OEDFHWHÀMiQGRQRVHQORVHMHPSORVTXHVH FRQVHUYDQ GH FDGD XQD GH ODV HWDSDV HQ FXHV WLyQ %$)&)#)/3$%6)!*%2/3 $%,02)-%20%2·/$/$% %80,/4!#)¼. /DSHUYLYHQFLDGHOPD\RUQ~PHURGHHGLÀ FLRVIHUURYLDULRVHQPDUFDGRVGHQWURGHOSULPHU SHUtRGRGHH[SORWDFLyQIHUURYLDULDVHFRQVWDWDD ORODUJRGHODOtQHDHQWUH&KLQFKLOOD\&DUWDJH QDFRQFUHWDPHQWHHQORVUHFLQWRVGH$JUDPyQ +HOOtQ 3R]R &DxDGD \ 7REDUUD 'H HVWD FRUWD UHODFLyQ VH GHVFROJy HO UHFLQWR IHUURYLDULR GH 0LQDV FX\R HGLÀFLR GH YLDMHURV VH FRQVHUYy KDVWDTXHIXHGHPROLGRDPHGLDGRVGHODGpFDGD GH'HHVWRVFXDWURHGLÀFLRVVyORGRVHO GH+HOOtQ\HOGH$JUDPyQVHPDQWLHQHQSOHQD PHQWHRSHUDWLYRV (VWRV FXDWUR HGLÀFLRV VH FDUDFWHUL]DQ SRU VHU GH SODQWD UHFWDQJXODU SUHVHQWDU XQD VROD DOWXUD\SRUFRQWDUFRQFXELHUWDDFXDWURDJXDV /DVFXELHUWDVTXHKR\HQGtDVHFRQVHUYDQSUH VHQWDQ DFDEDGRV WDQWR HQ WHMD SODQD FRPR HQ WHMDFXUYDVHJ~QKD\DVLGRHOJUDGRGHUHPR GHODFLyQ TXH KD\DQ WHQLGR HVWRV HGLÀFLRV \ SDUHFHTXHKXELHUDQVLGRFRURQDGDVFRQXQUH PDWHRUQDPHQWDOTXHVyORVHFRQVHUYDKR\HQ GtD HQ HO HGLÀFLR GH 3R]R &DxDGD TXH GHEtD HVWDUXELFDGRSRUUHJODJHQHUDOHQFDGDXQRGH ORVGRVYpUWLFHVDSDUWLUGHORVFXDOHVDUUDQFDQ ODVYHUWLHQWHVGHDJXDVGHDPERVODWHUDOHV (OUDVJRPiVFDUDFWHUtVWLFRGHWRGRVORVHGL ÀFLRVGHHVWHSULPHUSHUtRGRHVHOUHPDWHTXH HQ IRUPD GH DUFR GH PHGLR SXQWR SUHVHQWDQ WRGRVORVYDQRVTXHVHGLVSRQHQHQDPEDVID FKDGDV/RVDUFRVGHPHGLRSXQWRGHORVHGLÀ FLRVGH+HOOtQ7REDUUD\3R]R&DxDGDFXHQWDQ DGHPiV FRQ XQ DWULEXWR HVWpWLFR XQD PROGXUD DPRGRGHFODYH+R\HQGtDDOJXQRVGHHVWRV YDQRVVHHQFXHQWUDQFHJDGRVSRUKDEHUFDtGRHQ GHVXVRODPD\RUtDGHODVGHSHQGHQFLDVTXHDO EHUJDEDQHVWRVHGLÀFLRV2WURVKDQVLGRUHFRQ YHUWLGRVHQYHQWDQDVHQGRQGHVHKDQGLVSXHVWR UHMDV\SHUVLDQDVGHGLIHUHQWHVWLSRORJtDV6yOR HOGH+HOOtQFXHQWDFRQWRGRVVXVYDQRVDELHUWRV DODOX]FRQVHUYiQGRVHWDPELpQHQHOFDVRGH +HOOtQXQDPXHVWUDGHODFDUSLQWHUtDH[WHULRUGH PDGHUD TXH IXH HQ VX GtD OD SUHGRPLQDQWH HQ HVWHWLSRGHHGLÀFLRVDXQTXHQRREVWDQWHFRQ YLYHFRQRWURVWLSRVGHFHUUDPLHQWRVPHWiOLFRV PiV FRQWHPSRUiQHRV (VWD GLVRQDQFLD HVWpWLFD QRHVOD~QLFD2WUDVGHVWDFDEOHVVRQODVLPSUR YLVDGDVPDUTXHVLQDVGHFKDSDPHWiOLFDTXHVH KDQHVWDEOHFLGRHQORVHGLÀFLRVGH$JUDPyQ\ GH 3R]R &DxDGD SDUD JHQHUDU ]RQDV GH VRP EUDHQHODFFHVRDORVUHVSHFWLYRVJDELQHWHVGH FLUFXODFLyQ$HVWDVPRGLÀFDFLRQHVGHODVSHFWR HVWpWLFR VH KDQ VXPDGR RWUDV FRPR OD LQVWDOD FLyQ GH FRPSUHVRUHV GH DLUHV DFRQGLFLRQDGRV \ODGHVDSDULFLyQGHORVHOHPHQWRVGHUHORMHUtD FRQVHUYiQGRVHWDQVyORHOUHORMGHGREOHHVIHUD GH+HOOtQ -)'5%,*)-³.%:6%'!Y&2!.#)3#/0/,/-52)%, (GLÀFLRVGHYLDMHURVGH+HOOtQL]TXLHUGD\GH3R]R&DxDGDGHUHFKD )RWRJUDItDV)XQGDFLyQGHORV)HUURFDUULOHV(VSDxROHV 'HORVFXDWURHGLÀFLRVTXHVHFRQVHUYDQHO GH PiV JUDQGHV GLPHQVLRQHV HV HO GH +HOOtQ (VWDHGLÀFDFLyQGHPGHODUJRSRU PGHDQFKXUDFXHQWDHQVXVIURQWLVFRQTXLQFH YDQRV D FDGD ODGR HQWUH SXHUWDV GH DFFHVR DO HGLÀFLRHQHOODGRGHODQGpQ\HQWUHYHQWDQDV\ SXHUWDVGHDFFHVRDOHGLÀFLRGHVGHHOSDWLRGH YLDMHURV /DV GLPHQVLRQHV EiVLFDV GHO HGLÀFLR VHPDQWLHQHQGHVGHODpSRFDGHODLQDXJXUDFLyQ GH OD OtQHD (O LQWHULRU GHO HGLÀFLR GH YLDMHURV GH+HOOtQVHJ~QODSODQLPHWUtDTXHVHFRQVHUYD GDWDGD HQ HO DxR DOEHUJDED QR VyOR ORV VHUYLFLRV SURSLRV YLQFXODGRV D OD H[SORWDFLyQ IHUURYLDULDGHVSDFKRGHOMHIHGHHVWDFLyQGHV SDFKRSDUDODYHQWDGHELOOHWHVJDELQHWHWHOHJUi ÀFR\IDFWRUtDYHVWtEXORFRQVXFRUUHVSRQGLHQ WH PRVWUDGRU SDUD OD IDFWXUDFLyQ GH HTXLSDMHV VDODV GH HVSHUD GLIHUHQFLDGDV SDUD YLDMHURV GH SULPHUDVHJXQGD\WHUFHUDFODVHDUFKLYRDOPD FpQGHSHQGHQFLDVSDUDHOSHUVRQDOVXSOHPHQWD ULR\SDUDODLQVSHFFLyQGHOJRELHUQRWDPELpQ FRPRHUDFRP~QHQODPD\RUtDGHORVHGLÀFLRV GHYLDMHURVDFRJtDODVYLYLHQGDVGHOMHIHGHHV WDFLyQ\GHGRVIDFWRUHVGHFLUFXODFLyQ$HVWH HGLÀFLRVHOHDxDGLUtDQDxRVGHVSXpVXQSDUGH YHQWDQDVHQFDGDXQRGHVXVODWHUDOHV(ODFDED GRHVWpWLFRGHHVWDVQXHYDVOXFHV\DQRVHJXLUtD ODPLVPDIDFWXUDTXHHQFRQWUDPRVHQORVYDQRV GHODIDFKDGD6HWUDWDDKRUDGHXQDPROGXUDKR UL]RQWDOGLVSXHVWDVyORHQODSDUWHVXSHULRUGH $+)% $+)% $+)% FDGDYHQWDQDTXHSUHVHQWDXQDOLJHUDFXUYDWXUD HQVXHMHFHQWUDO /DSODQLPHWUtDPiVDQWLJXDTXHVHFRQVHUYD GH HVWRV HGLÀFLRV FRUUHVSRQGH DO GH 7REDUUD (O SODQR GH OD SODQWD GH HVWH HGLÀFLR SHUPLWH FRQWUDVWDUFyPRHQHODxRWUHVDxRVGHV SXpVGHODLQDXJXUDFLyQGHHVWDOtQHDHOHGLÀFLR WHQtDSUiFWLFDPHQWHODPLVPDIDFWXUDTXHSUH VHQWDKR\HQGtD/DVGLPHQVLRQHVGHOSODQRQRV SHUPLWHQFRQVWDWDUFyPRVHWUDWDEDGHXQHGLÀ FLRGHLQIHULRUFDWHJRUtDDOTXHVHFRQVHUYDHQ +HOOtQ&RQODVPLVPDVFDUDFWHUtVWLFDVHVWpWLFDV HOHGLÀFLRGH7REDUUDWLHQHPGHODUJRSRU GH DQFKR /RV IURQWLV GHO HGLÀFLR WDQWR SDUDHOODGRGHDQGHQHVFRPRSDUDHOGHDFFHVR DO PLVPR FRQVWDQ GH VLHWH YDQRV (VWH Q~PH URGHOXFHVWUHVGHHOODVXELFDGDVHQFHQWURGHO HGLÀFLRFRLQFLGLHQGRFRQHOHVSDFLRGHVWLQDGR DODVDODGHHVSHUD\GRVPiVHQORVH[WUHPRV GHO PLVPR OLPLWDQGR ORV HVSDFLRV GHVWLQDGRV SDUDHOJDELQHWHGHFLUFXODFLyQ\RWURVVHUYLFLRV GHH[SORWDFLyQVHUHSHWLUiWDPELpQHQORVHGLÀ FLRVGH$JUDPyQ\GH3R]R&DxDGD 'HQWUR GH HVWH SULPHU SHUtRGR GH H[SORWD FLyQHQFRQWUDPRVXQWLSRGHHGLÀFLRGHYLDMHURV TXHQRUHVSRQGHDOFDQRQDUTXLWHFWyQLFRDQWH ULRUPHQWH GHVFULWR 1RV UHIHULPRV DO HGLÀFLR GH YLDMHURV GH OD HVWDFLyQ GH &DXGHWH TXH VH !»/3$%&%22/#!22),%.!,"!#%4% (GLÀFLRGHYLDMHURVGHODHVWDFLyQGH&DXGHWH)RWRJUDItD)XQGDFLyQGHORV)HUURFDUULOHV(VSDxROHV HQFXDGUD GHQWUR GH RWUD WtSLFD WLSRORJtD DUTXL WHFWyQLFDTXHGHVDUUROOy0=$HQJUDQSDUWHGH VXVOtQHDV(MHPSORVVLPLODUHVDOGH&DXGHWHVH SXHGHQ HQFRQWUDU HQ OD SURORQJDFLyQ GH HVWD PLVPDOtQHDKDFLD$OLFDQWHFRPRHVHOFDVRGH OD HVWDFLyQ GH 1RYHOGD$VSH \ HQ OD OtQHD GHO 0DGULG&LXGDG5HDO\%DGDMR] (OHGLÀFLRGH&DXGHWHVHFDUDFWHUL]DSRUVXV WUHVFXHUSRV8QRGHHOORVFHQWUDOFRQGRVDOWX UDV\ORVRWURVGRVHQORVH[WUHPRVGHXQVROR QLYHO (O HGLÀFLR SUHVHQWD IDFKDGD HQIRVFDGD SLQWDGD HQ FRORU JUDQDWH \ WHUPLQDFLyQ GH OD FXELHUWDHQWHMDiUDEHGLVSXHVWDDFXDWURDJXDV HQHOFXHUSRLQWHUPHGLRRFHQWUDO\DWUHVDJXDV HQORVFXHUSRVODWHUDOHV/RV~QLFRVRUQDPHQWRV HVWpWLFRV TXH FRQWLHQH HO HGLÀFLR VH VLW~DQ HQ ODV MDPEDV GH VXV YHQWDQDV \ SXHUWDV GH DFFH VR eVWDV SUHVHQWDQ GRV WLSRV GH DFDEDGRV (Q HOQLYHOLQIHULRUGHOFXHUSRFHQWUDORFXSDGRSRU HOYHVWtEXORGHYLDMHURV\SRUODVGHSHQGHQFLDV GH FLUFXODFLyQ \ GH H[SHGLFLyQ GH ELOOHWHV ODV WUHVSXHUWDVGHDFFHVRDODQGpQSUHVHQWDQFDGD XQDGHHOODVXQDFDEDGRHQDUFRGHPHGLRSXQ WRGHPD\RUGLiPHWURTXHHOTXHH[LVWHHQORV HGLÀFLRV GH +HOOtQ$JUDPyQ 7REDUUD \ 3R]R &DxDGD(VWRVDUFRVGHPHGLRSXQWRFRQWLHQHQ WDPELpQ XQ DWULEXWR RUQDPHQWDO XELFDGR HQ HO HMHFHQWUDOGHODUFR(VWDWHUPLQDFLyQIRUPDOVH UHSLWHHQODIDFKDGDGHOHGLÀFLRTXHGDDOSDWLR GHYLDMHURVDXQTXHHOGLiPHWURGHFDGDXQRGH HVWRV ~OWLPRV DUFRV GH PHGLR SXQWR HV VHQVL EOHPHQWH LQIHULRU TXH SRU HO ODGR GH DQGHQHV (QODIDFKDGDTXHGDDOSDWLRGHYLDMHURVH[LVWH VyORXQDSXHUWDGHDFFHVRXELFDGDHQHOFHQWUR GHOHGLÀFLRTXHVHYHFRPSOHPHQWDGDSRUGRV YHQWDQDV (Q FDPELR HQ HO QLYHO VXSHULRU GHO FXHUSR FHQWUDO RFXSDGR SRU OD YLYLHQGD GHVWL QDGD DO MHIH GH HVWDFLyQ ODV WUHV YHQWDQDV TXH VHDEUHQDFDGDODGRGHOHGLÀFLRSUHVHQWDQXQD $SDULHQFLDHVWpWLFDUHVXOWDGRGHOJXDUQHFLGRFRQPRUWHURGHXQPXURRSDUDPHQWR -)'5%,*)-³.%:6%'!Y&2!.#)3#/0/,/-52)%, WHUPLQDFLyQGHODPROGXUDGHODMDPEDGHWLSR VHPLFXUYRUHPDWDGDVWRGDVHOODVHQVXVH[WUH PRV \ HQ HO PLVPR FHQWUR GH OD YHQWDQD SRU SHTXHxRVVDOLHQWHVYRODGL]RVTXHURPSHQFRQOD VREULHGDGTXHFDUDFWHUL]DQDHVWHHGLÀFLR/DV YHQWDQDVGHODSDUWHVXSHULRUFRQWLHQHQDGHPiV RWURRUQDPHQWRHVWpWLFR6HWUDWDGHXQHOHPHQWR PHWiOLFRDFRSODGRDODSDUWHVXSHULRUGHODYHQ WDQDTXHSUHVHQWDXQDÀOLJUDQDHQVXSDUWHLQIH ULRU\TXHYLHQHDFRPSOHWDUDPRGRGHIURQWyQ GHFRUDWLYRHOGLQWHOTXHSUHVHQWDQODVOXFHVGH HVWDSODQWDVXSHULRU3RU~OWLPRORVGRVFXHUSRV ODWHUDOHVSUHVHQWDQFDGDXQRGHHOORVXQDSXHUWD FRQGLQWHOKRUL]RQWDOXELFDGDVyORSRUHOODGR GHDQGHQHVSRUODTXHVHDFFHGHDHVWDQFLDVGH FDUiFWHUDX[LOLDUDODH[SORWDFLyQIHUURYLDULD(O HGLÀFLRGHYLDMHURVGH&DXGHWHSUHVHQWDXQHV WDGRGHFRQVHUYDFLyQySWLPRDXQTXHFXHQWDHQ ODDFWXDOLGDGFRQXQEDMRQLYHOGHDFWLYLGDG %$)&)#)/3$%6)!*%2/3$%,3%'5.$/ 0%2·/$/$%%80,/4!#)¼. /DUHGIHUURYLDULDHQDFWLYRGHODSURYLQFLD GH $OEDFHWH DXQTXH FRQÀJXUDGD \D GHVGH HO DxRFUHFHUtDHQLQVWDODFLRQHVDSDUWLUGH ODGpFDGDGH(OFUHFLPLHQWRGHOWUiÀFRIH UURYLDULRVHUtDHODUJXPHQWRSULQFLSDOSDUDTXH VHHVWXGLDUDQODVSRVLELOLGDGHVWpFQLFDVSDUDOD HMHFXFLyQGHXQLPSRUWDQWHQ~PHURGHQXHYRV UHFLQWRVIHUURYLDULRV'XUDQWHHVWHVHJXQGRSH UtRGRVHSUR\HFWDURQORVDSDUWDGHURV\DSHDGH URVGH/D/RVLOOD/RV+LWRV(OÉQJHO0LQDWH GD+R\D*RQ]DOR&DVDVGHO&DPSLOOR3R]RGH OD3HxD6DQWD0DUWD3LQLOOD1DYDMXHORV*DQ JXHUDV3HUDOWD+R\DGHO3R]R\/DV7RUUHV 'H WRGR HVWH SURFHVR GH FRQVWUXFFLyQ VH FRQVHUYDQ YDULRV HMHPSORV TXH UHVSRQGHQ D GLIHUHQWHVWLSRORJtDVTXHLUHPRVSUHVHQWDQGRD FRQWLQXDFLyQ3RURWUDSDUWHGXUDQWHHVWHSHUtR GRVHSURGXMRXQLPSRUWDQWHSURFHVRGHUHQRYD FLyQGHHGLÀFLRVGHHVWDFLRQHV\GHDSDUWDGHURV TXH\DVHHQFRQWUDEDQDELHUWRVDODH[SORWDFLyQ GHVGH HO SULPHU HVWDEOHFLPLHQWR GH ODV OtQHDV 6REUH ORV HGLÀFLRV GH$OEDFHWH$OSHUD9LOODU GH &KLQFKLOOD &KLQFKLOOD \ GHO DSDUWDGHUR GH 0DWDV9HUGHVLQFLGLUHPRVWDPELpQHQHVWHVH JXQGRDSDUWDGR 'HQWURGHHVWH~OWLPRJUXSRHOHGLÀFLRGH YLDMHURVTXHFRQVWUX\HUD0=$HQODFLXGDGGH $OEDFHWHHVHO~QLFRGHOTXH\DQRTXHGDQLQ J~Q YHVWLJLR PDWHULDO /D SULPLWLYD HVWDFLyQ GH$OEDFHWH FRQVWUXLGD HQ HO DxR VHUtD UHIRUPDGDDSDUWLUGHODxRGHQWURGHXQ SUR\HFWR JHQHUDO GH UHFRQYHUVLyQ \ FRQVWUXF FLyQGHQXHYDVLQVWDODFLRQHVGHQWURGHOUHFLQWR IHUURYLDULR GH$OEDFHWH (VWH UHPR]DGR HGLÀ FLR GH YLDMHURV HVWXYR HQ DFWLYR KDVWD HO DxR FXDQGR VH LQDXJXUy OD DFWXDO HVWDFLyQ $SHVDUGHTXHHOSULPLWLYRHGLÀFLRGHYLDMH URVIXHÀQDOPHQWHGHPROLGRKDOOHJDGRKDVWD )DFKDGDGHODQWLJXRHGLÀFLRGHYLDMHURVGH$OEDFHWHYLVWDGHVGHHOODGRGHDQGHQHVDxR$+)% !»/3$%&%22/#!22),%.!,"!#%4% (GLÀFLRGHYLDMHURVGH$OSHUD)RWRJUDItD)XQGDFLyQGHORV)HUURFDUULOHV(VSDxROHV QXHVWURVGtDVXQDDEXQGDQWHGRFXPHQWDFLyQ GHO SURFHVR GH UHIRUPD LQLFLDGR D FRPLHQ]RV GHOVLJOR;;PHGLDQWHODFXDOQRVHVSRVLEOH FRQRFHU ORV GHWDOOHV HVWpWLFRV GHO HGLÀFLR GH YLDMHURV VXV GLPHQVLRQHV \ FRQWUDVWDU FyPR PXFKDV GH ODV FDUDFWHUtVWLFDV DUTXLWHFWyQLFDV TXHLQFRUSRUDEDHVWHHGLÀFLRVHUHSHWLUtDQQXH YDPHQWHHQODVFRQVWUXFFLRQHVTXHHULJLy0=$ GXUDQWHWRGRHOSULPHUWHUFLRGHGLFKDFHQWXULD 'HOSULPLWLYRHGLÀFLRGHYLDMHURVGH$OEDFHWH VyOR VH FRQVHUYD XQ YHVWLJLR PDWHULDO VX DQ WLJXDPDUTXHVLQDDFWXDOPHQWHLQVWDODGDHQHO HGLÀFLRGHYLDMHURVGHODHVWDFLyQGH&KLQFKL OODHULJLGRGHQXHYDSODQWDDSDUWLUGHXQSUR \HFWRGHODxR /RVHGLÀFLRVGHYLDMHURVGHODVHVWDFLRQHV GH $OSHUD \ GH 9LOODU GH &KLQFKLOOD DPERV HQODOtQHD0DGULG$OLFDQWHUHVSRQGHQDXQD PLVPD WLSRORJtD DUTXLWHFWyQLFD TXH WDPELpQ VH GHVDUUROODUtD GXUDQWH HVWD VHJXQGD HWDSD $PERVHGLÀFLRVIXHURQSUR\HFWDGRV\HULJLGRV HQWUH ORV DxRV \ \ ORV GRV YLQLH URQ D VXVWLWXLU D VHQGDV FRQVWUXFFLRQHV SHUWH QHFLHQWHVDODSULPHUDHWDSDGHODH[SORWDFLyQ GHODOtQHD0DGULG$OLFDQWHTXHDODDOWXUDGHO SULPHUGHFHQLRGHOVLJOR;;VHJ~QVHFRQVWDWD SRUODGRFXPHQWDFLyQGHODpSRFDSUHVHQWDEDQ \D XQ GHÀFLHQWH HVWDGR GH FRQVHUYDFLyQ /RV HGLÀFLRVVRQGHSODQWDUHFWDQJXODUGHP GHODUJRSRUPGHDQFKRFRQVWDQGHGRV DOWXUDV \ SUHVHQWDQ FXELHUWD D GRV DJXDV (Q FDPELRHQODWHUPLQDFLyQGHIDFKDGDGLÀHUHQ HQ HO HPSOHR GH PDWHULDOHV 6L OD HVWDFLyQ GH $OSHUD FXHQWD FRQ XQD SODQWD EDMD GH VLOOHUtD GHSLHGUD\ODSODQWDVXSHULRUVHHQFXHQWUDDFD EDGDHQODGULOORYLVWRODGH9LOODUGH&KLQFKLOOD SUHVHQWDHQFDPELRXQDWHUPLQDFLyQFRPSOHWD HQ ODGULOOR YLVWR TXH VyOR VH YH LQWHUUXPSLGD SRUXQDPROGXUDGHJUDQLWRTXHFLUFXQGDWRGR HO YROXPHQ GHO HGLÀFLR SRU ODV PROGXUDV VH PLFXUYDVTXHFRURQDQORVGLQWHOHVGHODVYHQ $+)% 3DUDODHVWDFLyQGH$OSHUDYpDVH$+)&\SDUDODHVWDFLyQGH9LOODUGH&KLQFKLOODYpDVH$+)& -)'5%,*)-³.%:6%'!Y&2!.#)3#/0/,/-52)%, $O]DGRV\SODQWDVGHODQWLJXRHGLÀFLRGHYLDMHURVGH&KLQFKLOODDxR$+)% WDQDV\SXHUWDVGHDFFHVRDOHGLÀFLR\SRUORV GHWDOOHV GH SLHGUD FRORFDGRV DO WUDVGyV HQ ODV DULVWDVGHDPERVHGLÀFLRV 2WURGHORVHGLÀFLRVGHYLDMHURVTXHIXH URQFRQVWUXLGRVGHQXHYDSODQWDGXUDQWHHVWH VHJXQGR SHUtRGR IXH HO GH OD HVWDFLyQ GH &KLQFKLOOD(OKHFKRGHTXHHQHVWDHVWDFLyQ WXYLHUDVXRULJHQODOtQHDKDFLD&DUWDJHQDIXH PRWLYRPiVTXHVXÀFLHQWHSDUDTXHORVWpFQL FRVGH0=$VHSODQWHDUDQHQHODxR OD QHFHVLGDG GH FRQVWUXLU XQ QXHYR HGLÀFLR GH YLDMHURV TXH VXVWLWX\HUD DO HULJLGR HQ HO DxR (OQXHYRHGLÀFLRVHSUR\HFWyFRQODVPL UDVSXHVWDVHQGRWDUDHVWDHVWDFLyQGHODVGH SHQGHQFLDVVXÀFLHQWHVSDUDDOEHUJDUWRGRVORV VHUYLFLRVYLQFXODGRVFRQODH[SORWDFLyQ\FRQ HOLPSRUWDQWHWUiÀFRGHYLDMHURVTXHOOHJDUtD DVRSRUWDUHVWHQXGRIHUURYLDULRGXUDQWHEXH QDSDUWHGHVXSHUtRGRGHYLGDDFWLYD$VtODV FRVDV HO HGLÀFLR TXH ÀQDOPHQWH VH FRQVWUX \yGXUDQWHODGpFDGDGHFXHQWDFRQXQD SODQWD UHFWDQJXODU GH P GH ODUJR SRU GHDQFKR(OLPSRQHQWHHGLÀFLRFRQVWD GHWUHVFXHUSRVXQRGHHOORVFHQWUDO\GHGRV DOWXUDV \ ORV RWURV GRV HQ DPERV H[WUHPRV GH XQ VROR QLYHO /DV FXELHUWDV GH ORV WUHV FXHUSRVSUHVHQWDQWHUPLQDFLRQHVDGRVDJXDV FRQWHMDSODQD\SUHVHQWDQHQHOYpUWLFHGHODV PLVPDV ORV UHVWRV GH XQ UHPDWH GH FUHVWHUtD PHWiOLFDGHWDOOHTXHSUHVHQWDQWDPELpQRWUDV WDQWDV HGLÀFDFLRQHV GH 0=$ GHO SULPHU SH UtRGRGHH[SORWDFLyQ (O QXHYR HGLÀFLR GH YLDMHURV SUR\HFWD GR HQ FRPSUHQGH HVWDQFLDV GHGLFDGDV H[FOXVLYDPHQWH D OD H[SORWDFLyQ IHUURYLDULD YDULRVHVSDFLRVSDUDORVWLHPSRVGHHVSHUDGH ORVYLDMHURVODIRQGDTXHHQXQDHVWDFLyQGH HVWH SRUWH DGTXLUtD XQD JUDQ LPSRUWDQFLD SRU HOWUiQVLWRFRQWLQXRGHYLDMHURV\ODVYLYLHQ GDVGHOMHIHGHHVWDFLyQ\GHOIDFWRUGHFLUFXOD 3DUDHOSUR\HFWRGHQXHYRHGLÀFLRGHYLDMHURVGHODHVWDFLyQGH&KLQFKLOODYpDVH$+)% !»/3$%&%22/#!22),%.!,"!#%4% $O]DGRGHOQXHYRHGLÀFLRGHYLDMHURVGHODHVWDFLyQGH&KLQFKLOODSUR\HFWDGRHQHODxR$+)% FLyQVLWXDGDVHQODSODQWDVXSHULRUGHOFXHUSR FHQWUDO /DV IDFKDGDV GHO HGLÀFLR SUHVHQWDQ XQDFDEDGRHQIRVFDGR\HQOXFLGRTXHVHYH FRPSOHPHQWDGR SRU XQ ]yFDOR GH SLHGUD TXH FLUFXQGDWRGRHOHGLÀFLR/DSLHGUDHVWiWDP ELpQSUHVHQWHFRPRPRWLYRGHFRUDWLYRHQODV DULVWDVGHOHGLÀFLR\HQXQDPROGXUDTXHVHSD UDODVSODQWDVKDELWDEOHVGHOD]RQDGHDUUDQ TXH GH ODV FXELHUWDV /DV MDPEDV GH SXHUWDV \ YHQWDQDV SUHVHQWDQ WRGDV HOODV XQ UHFHUFD GRHQSLHGUDTXHUHFRUUHWRGRHOSHUtPHWURGH FDGD YDQR (VWRV UHFHUFDGRV FXHQWDQ FRQ HO VHOORFRUSRUDWLYRGHODHPSUHVD0=$VXDQD JUDPDVLWXDGRDPRGRGHFODYHHQVXFHQWUR VXSHULRU &RPR FRORIyQ D HVWH EUHYH FRPHQ WDULRVREUHHOHGLÀFLRVHKDGHUHFRUGDUTXHOD PDUTXHVLQDTXHVHHQFXHQWUDLQVWDODGDSHUWH QHFLyDOHGLÀFLRGHYLDMHURVGHODDQWLJXDHVWD FLyQGH$OEDFHWH(MHPSORVFRPRHVWHHGLÀFLR GH &KLQFKLOOD ORV HQFRQWUDPRV HQ HVWDFLRQHV GHHVWDPLVPDOtQHDFRPRHVHOFDVRGHRWUD HVWDFLyQGHHPSDOPHODGH&DVWLOOHMR$xRYHU HQODSURYLQFLDGH0DGULG 0DWDV9HUGHV(VWDLQVWDODFLyQVHUtDREMHWRGH DPSOLDFLyQDÀQDOHVGHOVLJOR;,;(QHODxR VHSUR\HFWyODDPSOLDFLyQGHOHGLÀFLR KDVWDHVHPRPHQWRGHSODQWDUHFWDQJXODU\GH GRVDOWXUDVFRQHOREMHWLYRGHTXHVHSXGLHUD LQFUHPHQWDUODGRWDFLyQGHDJHQWHVDGVFULWRVD HVWDLQVWDODFLyQXELFDGDHQSOHQRGHVSREODGR 6H RSWy SRU WDQWR SRU FRQVWUXLU GRV FXHUSRV PiVTXHVHDGRVDUtDQDO\DH[LVWHQWHKDVWDHVH PRPHQWR\TXHGDUtDFRPRUHVXOWDGRÀQDOXQ UHPR]DGRHGLÀFLRGHPGHODUJRSRUP GHIRQGR/DHVWpWLFDGHHVWHHGLÀFLRUHFXHUGD EDVWDQWHDODTXHSUHVHQWDHOGH&DXGHWHDXQ TXHVHREVHUYDQGLIHUHQFLDVDSUHFLDEOHVFRPR OD HOLPLQDFLyQ GH ODV WHUPLQDFLRQHV HQ DUFRV GH PHGLR SXQWR \ HO Q~PHUR GH YDQRV TXH FRQWLHQHQORVGRVQXHYRVPyGXORVDJUHJDGRV SDVDQGRGHXQYDQRGHOXFHVDGRVHQGLFKRV FXHUSRVH[WUHPRV (O HGLÀFLR GH YLDMHURV GH OD HVWDFLyQ GH &KLQFKLOODGHVGHTXHDÀQDOHVGHODGpFDGDGH VXVLQVWDODFLRQHVIXHUDQFHUUDGDVDOWUiÀFR FRQYHQFLRQDOGHYLDMHURV\PHUFDQFtDV\DIDOWD GH XQD UHFRQYHUVLyQ GHO LQPXHEOH KDFLD RWURV XVRVKDFDtGRHQXQSURJUHVLYRHVWDGRGHGHWH ULRURTXHVHDJUDYDDSDVRVDJLJDQWDGRVFRQHO SDVRGHOWLHPSR 'HQWUR GH HVWH JUXSR GH HGLÀFLRV UHIRU PDGRV D OR ODUJR GH HVWD VHJXQGD HWDSD GH H[SORWDFLyQVHHQFXHQWUDHOGHODSDUWDGHURGH 3DUDHOSUR\HFWRGHUHIRUPDYpDVH$+)% 9LVWDGHOHGLÀFLRGHYLDMHURVGHODHVWDFLyQGH &KLQFKLOODGHVGHHOSDWLRGHYLDMHURV)RWRJUDItD )XQGDFLyQGHORV)HUURFDUULOHV(VSDxROHV -)'5%,*)-³.%:6%'!Y&2!.#)3#/0/,/-52)%, 3ODQWDGHODUHIRUPDGHOHGLÀFLRGH0DWDV9HUGHVVHJ~QSUR\HFWRGH$+)%\YLVWDDFWXDOGHO HGLÀFLRGH0DWDV9HUGHVGHVGHHOODGRGHYtDV)RWRJUDItD)XQGDFLyQGHORV)HUURFDUULOHV(VSDxROHV (O PRGHOR DUTXLWHFWyQLFR TXH VH GHVDUUR OOyHQ0DWDV9HUGHVVHUtDHODSOLFDGRWDPELpQ HQRWURVWDQWRVHGLÀFLRVTXHVHSUR\HFWDURQ\ HMHFXWDURQGXUDQWHHVWHVHJXQGRSHUtRGR$GH PiVHVWRVHGLÀFLRVVHFRQVWUXLUiQPiVFRQXQ DIiQGHVHUYLUGHYLYLHQGDDORVHPSOHDGRVTXH FRPRHVSDFLRVSDUDODH[SORWDFLyQSXUDPHQWH IHUURYLDULD 8QD GH ODV SULPHUDV PXHVWUDV GH HVH SURFHVR GH HVWDQGDUL]DFLyQ GH WLSRORJtDV OD HQFRQWUDPRV HQ HO SUR\HFWR GHO HGLÀFLR DSDUWDGHURGH0LQDWHGDTXHYLHQHDWRPDUHO FDQRQGH0DWDV9HUGHVDOPHQRVHQFXDQWRD GLPHQVLRQHV\YRO~PHQHV/DVGLIHUHQFLDVHV WpWLFDV HQWUH HO HGLÀFLR GH 0LQDWHGD \ HO GH 0DWDV9HUGHVUDGLFDQHQHOKHFKRGHTXHHQHO ~OWLPRVHXWLOL]yDXQTXH\DQRVHFRQVHUYHOD GULOORYLVWRSDUDHOUHPDWHGHORVUHFHUFDGRVGH ODVMDPEDVPLHQWUDVTXHHQHOGH0LQDWHGDHO UHFHUFDGRHVGHSLHGUD\VHHQFXHQWUDHQUDVDGD FRQODSURSLDIDFKDGD /RV HGLÀFLRV GH /RV +LWRV \ /D /RVLOOD WDPELpQSUR\HFWDGRVGXUDQWHHVWHSHUtRGRUHV SRQGLHURQ HQ FDPELR D OD SULPHUD WLSRORJtD TXHSUHVHQWyHOGH0DWDV9HUGHV(QHVWRVGRV HGLÀFLRV FRPR QRWD FDUDFWHUtVWLFD VH SXHGHQ REVHUYDUODFRPELQDFLyQGHSLHGUD\GHODGULOOR YLVWR(OXVRGHOODGULOORYLVWRVHSUHVHQWDHQORV UHFHUFDGRVGHODVOXFHVGHOHGLÀFLRHQODGREOH IDMD SHULPHWUDO TXH UHFRUUH WRGR HO FXHUSR GHO PLVPR\HQVXVFXDWURDULVWDV'HHVWRVFXDWUR HGLÀFLRVVyORHOGH/D/RVLOODWLHQHDOJ~QWLSR GHXVRIHUURYLDULRHVWDQGRDGHPiVHOUHFLQWRGH HVWHDQWLJXRDSDUWDGHURSURWHJLGRSRUHOYDOOD GR TXH VHSDUD OD LQIUDHVWUXFWXUD IHUURYLDULD GH ORV WHUUHQRV GH ODERU SUy[LPRV /RV RWURV WUHV UHVWDQWHVSUHVHQWDQGLIHUHQWHVJUDGRVGHFRQVHU YDFLyQ GHVGH HO PiV GHWHULRUDGR 0DWDV 9HU GHVDOTXHSUHVHQWDXQDVSHFWRPiVDFHSWDEOH FRPRHVHOHGLÀFLRGH/RV+LWRV1RREVWDQWH ODIDOWDGHUHDSURYHFKDPLHQWRGHHVWRVDQWLJXRV HVSDFLRV SDUD RWURV XVRV UHSHUFXWLUi FRQ WRGD VHJXULGDGHQXQDYDQFHSURJUHVLYRGHVXJUDGR GHGHWHULRUR 3RU ~OWLPR HQ UHODFLyQ FRQ HVWD WLSRORJtD PHUHFHVHUFRPHQWDGRHOSUDJPDWLVPRFRQHO TXH0=$DFRPHWLyDOJXQDGHHVWDVFRQVWUXF FLRQHVDFRPRGiQGRODVDODPRUIRORJtDGHOHV SDFLRHQHOTXHÀQDOPHQWHVHDVHQWDUtD(OFDVR PiVVLQJXODUVHUiTXL]iHOGHOHGLÀFLRGH/RV +LWRV FLPHQWDGR VREUH XQ WDOXG \ UHIRU]DGR SRUODFRQVWUXFFLyQGHXQPXURGHFRQWHQFLyQ (VWD VLWXDFLyQ UHSHUFXWLUtD HQ OD FUHDFLyQ GH XQSULPHUQLYHODPRGRGHVyWDQRTXHRFXSD WRGDODSODQWD\DOTXHVyORVHDFFHGHSRUODV WUDVHUDV GHO HGLÀFLR (VWD FLUFXQVWDQFLD WHQ GUtD FRPR UHVXOWDGR TXH XQD YH] JDQDGR HVH HVSDFLR PHGLDQWH OD H[FDYDFLyQ GHO WDOXG VH JHQHUDUD XQD WHUFHUD SODQWD VyOR YLVLEOH SRU SDUWHSRVWHULRUGHOHGLÀFLR\HQGRQGHVHIXH URQFRQVWUX\HQGRSRVWHULRUHVDPSOLDFLRQHVGHO HGLÀFLR (VWRV DxDGLGRV KDQ JHQHUDQGR LP SRUWDQWHVGLVRQDQFLDVDUTXLWHFWyQLFDVFRQUHV SHFWR DO HGLÀFLR RULJLQDO (MHPSORV FODURV GH HVWRV WLSRV GH DGRVDPLHQWRV ORV HQFRQWUDPRV WDPELpQHQODHVWDFLyQGH0LQDWHGD (O LQLFLR GHO VLJOR ;; WUDMR FRQVLJR OD FRQVWUXFFLyQ GH HGLÀFLRV GH QXHYD SODQWD TXH !»/3$%&%22/#!22),%.!,"!#%4% 9LVWDVGHODVWUDVHUDVGHORVHGLÀFLRVGH /RV+LWRVL]TXLHUGD\0LQDWHGDDEDMR )RWRJUDItDV)XQGDFLyQGHORV )HUURFDUULOHV(VSDxROHV UHVSRQGtDQDHVDQHFHVLGDGGHULYDGDGHOLQFUH PHQWRGHOWUiÀFR\GHODH[SORWDFLyQ(QWUHORV HMHPSORV TXH VH OOHJDURQ D GHVDUUROODU \ TXH KDQOOHJDGRFRQPD\RURPHQRULQWHJULGDGKDV WD QXHVWURV GtDV HQFRQWUDPRV ORV GH ORV DSDU WDGHURV GH 1DYDMXHORV \ GH (O ÉQJHO$PERV UHVSRQGHQ D XQD PLVPD WLSRORJtD TXH HFORVLR QDUiDSDUWLUGHOSHUtRGRGHDFWXDFLyQGHOD&DMD )HUURYLDULDGHO(VWDGRGXUDQWHOD'LFWDGXUDGHO *HQHUDO0LJXHO3ULPRGH5LYHUD /RVUDVJRVTXHLGHQWLÀFDQDHVWRVGRVHGLÀ FLRVGHSODQWDUHFWDQJXODU\FRQFXELHUWDDGRV DJXDVVRQHOXVRJHQHUDOL]DGRGHODSLHGUDGH WUD]RKH[DJRQDOHQORVPXURVPiVLUUHJXODUHQ HO FDVR GH (O ÉQJHO HQ VLOODUHV HQ ORV ]yFD ORV\HQODVDULVWDV\FRQXQDFDEDGRHVWULDGR VLPXODQGRSHTXHxRVVLOODUHVHQORVUHFHUFDGRV GH ODV YHQWDQDV \ SXHUWDV GH DFFHVR GH DPERV HGLÀFLRV(VWRVGRVHGLÀFLRVHQWUDUtDQHQVHUYL FLRHQORVDxRV1DYDMXHORV\HQ(O ÉQJHO(OHGLÀFLRGH1DYDMXHORVVHHQFXHQWUD HQSOHQRXVR\HQHOGH(OÉQJHOVyORVHFRQ VHUYDQ ORV PXURV SHULPHWUDOHV 'HQWUR GH HVWH JUXSRWDPELpQVHHQFRQWUDUtDHOGHODSDUWDGHUR GH(O0XJUyQKR\HQGtDGHVDSDUHFLGR\TXH IXHSUR\HFWDGRKDFLDHODxR 3DUDÀQDOL]DUFRQYLHQHLQGLFDU\GLVWLQJXLU ODIXQFLyQTXHGHVHPSHxDURQHVWDVQXHYDVFRQV WUXFFLRQHVTXHVHSUR\HFWDURQ\HMHFXWDURQDOR ODUJRGHHVWHVHJXQGRSHUtRGR$VtORVDSDUWD -)'5%,*)-³.%:6%'!Y&2!.#)3#/0/,/-52)%, GHURVVHDFRPHWLHURQ\VHSUR\HFWDURQFRQXQD GREOH ÀQDOLGDG SUHVWDU FREHUWXUD WpFQLFD D OD H[SORWDFLyQ\VHUYLUGHHVSDFLRGHDORMDPLHQWR DODGRWDFLyQGHHPSOHDGRV(QFDPELRHQORV DSHDGHURVSHVyPiVODVHJXQGDIXQFLyQODGHO DORMDPLHQWRGHORVHPSOHDGRV1RVRQPXFKRV ORV HMHPSORV TXH KDQ OOHJDGR KDVWD QXHVWURV GtDV7DQVyORVHFRQVHUYDQFRPRPXHVWUDVORV GH6DQWD0DUWD\3HUDOWD&RQFUHWDPHQWHHQHO GH 6DQWD 0DUWD HQ GRQGH \D QR VH FRQVHUYDQ ODV FXELHUWDV GHO HGLÀFLR VH SXHGH FRQVWDWDU FODUDPHQWH HVD IXQFLyQ UHVLGHQFLDO 0iV ELHQ VHSRGUtDKDEODUGHXQDGREOHYLYLHQGDDGRVDGD TXH GH XQ HGLÀFLR YLQFXODGR D OD H[SORWDFLyQ IHUURYLDULD 'HO HGLÀFLR GH 6DQWD 0DUWD PHUH FHGHVWDFDUODFRQVHUYDFLyQGHXQKRUQRGHFR FHUSDQHQFDGDXQDGHODVYLYLHQGDVHMHPSOR VLQWRPiWLFR GHO DLVODPLHQWR \ GHO QLYHO GH DX WRDEDVWHFLPLHQWR DO TXH HVWDEDQ VRPHWLGDV ODV IDPLOLDVIHUURYLDULDVTXHWHQtDQHQHVWHSXQWRVX UHVLGHQFLD 3RU~OWLPRUHVHxDUTXHGHQWURGHHVWDVHJXQ GDHWDSDTXHKHPRVGHVFULWR\DQRVHFRQVHUYDQ ORV HGLÀFLRV GH ORV DSDUWDGHURV GH %RQHWH+L JXHUXHOD +R\D *RQ]DOR &DVDV GHO &DPSLOOR 3R]RGHOD3HxD\GH(O0XJUyQDQWHULRUPHQWH PHQFLRQDGR \ GH ORV DSHDGHURV GH +R\D GHO 3R]R\GH*DQJXHUDVWRGRVHOORVSUR\HFWDGRV\ FRQVWUXLGRVHQHVWHSHUtRGRFRPSUHQGLGRHQWUH ODVGpFDGDVGH\HOLQLFLRGHOD'LFWDGXUD GHO*HQHUDO3ULPRGH5LYHUD %$)&)#)/3$%6)!*%2/3$%,4%2#%2 0%2·/$/$%%80,/4!#)¼. /DSURPXOJDFLyQHQHODxRGHO(VWDWXWR )HUURYLDULRODDGKHVLyQDOPLVPRSRUSDUWHGH 0=$ \ OD FRQVWLWXFLyQ GH OD &DMD )HUURYLDULD GHO (VWDGR SDUD HQWUH RWURV REMHWLYRV DFRPH 9LVWDGHOHGLÀFLRGH1DYDMXHORV)RWRJUDItD)XQGDFLyQGHORV)HUURFDUULOHV(VS !»/3$%&%22/#!22),%.!,"!#%4% 9LVWDVGHORVHGLÀFLRVGH9LOODUUREOHGRL]TXLHUGD\/D5RGDGH$OEDFHWH GHUHFKD)RWRJUDItDV)XQGDFLyQGHORV)HUURFDUULOHV(VSDxROHV WHUFRQIRQGRVS~EOLFRVREUDVGHPRGHUQL]DFLyQ HQODVLQVWDODFLRQHVIHUURYLDULDVVHUiQORVDUJX PHQWRV TXH HQPDUTXHQ ODV DFWXDFLRQHV TXH VH OOHYDURQDFDERGXUDQWHHVWHQXHYRSHUtRGR(VWD WHUFHUD HWDSD GH H[SORWDFLyQ IHUURYLDULD VH HQ FXHQWUDPDUFDGDSRUODSUR\HFFLyQ\HMHFXFLyQ GHFXDWURPDJQtÀFRVHGLÀFLRVUHÁHMRVFODURV\ HYLGHQWHVGHODSROtWLFDIHUURYLDULDTXHVHGHVD UUROOy GXUDQWH OD 'LFWDGXUD GHO *HQHUDO 3ULPR GH 5LYHUD 9LOODUUREOHGR /D 5RGD /D *LQHWD \0LQD\D /RV FXDWUR HGLÀFLRV GH YLDMHURV DQWHULRU PHQWH PHQFLRQDGRV SUHVHQWDQ XQD FDUDFWHUtV WLFD FRP~Q WRGRV HOORV VH HQFXHQWUDQ YLQFX ODGRV D SURFHVRV LQWHJUDOHV GH UHQRYDFLyQ GH UHFLQWRV IHUURYLDULRV (O HGLÀFLR GH 9LOODUUR EOHGR FRQVWLWX\H HO Q~FOHR SULQFLSDO GH XQD GHHVWDVDFWXDFLRQHV$ODDOWXUDGHODxR FRPHQ]DURQDUHDOL]DUVHORVSULPHURVHVWXGLRV SDUDOOHYDUDFDERODFRQVWUXFFLyQGHODVQXHYDV LQVWDODFLRQHVIHUURYLDULDVHQHVWDORFDOLGDG(Q HVWHSULPHULQWHQWRMXJDURQXQSDSHOUHOHYDQWH HO SURSLR$\XQWDPLHQWR GH 9LOODUUREOHGR ORV LQGXVWULDOHVORFDOHV\HOYHFLQGDULRTXHUHFOD PDURQDQWH0=$ODFRQVWUXFFLyQGHXQQXHYR HGLÀFLR GH YLDMHURV \ OD DPSOLDFLyQ GHO UHVWR GHLQVWDODFLRQHV)LQDOPHQWHHQHODxR VHWHUPLQDUtDHOSUR\HFWRFRQVWUXFWLYRGHOQXH YRHGLÀFLR\GHOUHVWRGHODVLQVWDODFLRQHVODV FXDOHVVHXELFDUtDQDXQDVGHFHQDVGHPHWURV VHQWLGR$OEDFHWHGHOSULPLWLYRHPSOD]DPLHQ WRIHUURYLDULR(OQXHYRHGLÀFLRGHYLDMHURVVH HQFRQWUDED\DWHUPLQDGRHQHODxRVHJ~Q FRQVWD HQ XQD GH ODV IDFKDGDV IURQWDOHV GH OD FRQVWUXFFLyQ FRQFUHWDPHQWH HQ OD TXH OLQGD FRQHOSDWLRGHYLDMHURV (OHGLÀFLRGH9LOODUUREOHGRGHSODQWDUHF WDQJXODU WLHQH P GH ODUJR SRU P GHDQFKR&XHQWDFRQGRVSODQWDV/DLQIHULRU GHVWLQDGDDOWUiÀFRGHYLDMHURV\DODVLQVWDOD FLRQHVSURSLDVGHODFLUFXODFLyQ\ODVXSHULRU UHVHUYDGDSDUDYLYLHQGDVGHOSHUVRQDODGVFULWR D HVWD HVWDFLyQ $PEDV IDFKDGDV FXHQWDQ HQ DPEDVSODQWDVFRQQXHYHYDQRVGHOX]VHSD UDGDV HQ JUXSRV GH WUHV SRU XQD IDMD YHUWLFDO UHPDWDGDDPRGRGHVLOODUHMRTXHUHFRUUHWRGD OD IDFKDGD GHVGH OD FRUQLVD KDVWD HO ]yFDOR 7RGRV ORV YDQRV GH OX] GHO HGLÀFLR WDQWR ODV YHQWDQDVGHODSODQWDVXSHULRUFRPRODVSXHU WDVGHODLQIHULRUVHHQFXHQWUDQFRURQDGRVSRU XQUHPDWHWULDQJXODUDPRGRGHIURQWyQKXHFR VLQQLQJXQDPXHVWUDGHFRUDWLYDHQVXLQWHULRU (VWHDWULEXWRHVWpWLFROHGRWDDOHGLÀFLRGHXQD DSDULHQFLD SDODFLHJD 'H LJXDO IRUPD SUHVHQ WDQ HVWRV PLVPRV DFDEDGRV ODV YHQWDQDV GRV SRUSODQWDTXHVHXELFDQHQORVODWHUDOHVGHO HGLÀFLR(OSHUtPHWURLQIHULRUGHODFRQVWUXF FLyQ VH HQFXHQWUD UHPDWDGR SRU XQ ]yFDOR GH JUDQLWR\ODVFXDWURDULVWDVGHOHGLÀFLRSUHVHQ WDQ XQ UHPDWH GH PROGXUD WLSR VLOODUHMR GLV SXHVWDDOWUDVGyV\TXHVREUHVDOHFRQUHVSHFWR DORVOLHQ]RVHQOXFLGRVGHODVIDFKDGDV\GHODV /DGRFXPHQWDFLyQGHHVWHSURFHVRDVtFRPRHOSUR\HFWRFRQVWUXFWLYRVHHQFXHQWUDQHQHO$+)& -)'5%,*)-³.%:6%'!Y&2!.#)3#/0/,/-52)%, 9LVWDVGHORVHGLÀFLRVGH/D*LQHWDL]TXLHUGD\0LQD\DGHUHFKD )RWRJUDItDV)XQGDFLyQGHORV)HUURFDUULOHV(VSDxROHV SDUHGHVODWHUDOHV3RU~OWLPRODFXELHUWDSUH VHQWDXQDWHUPLQDFLyQDFXDWURDJXDVUHPDWDGD SRU XQD FUHVWHUtD GH KLHUUR (VWH DFDEDGR GH ODFXELHUWDDVtFRPRODVUHVSHFWLYDVFDtGDVGH DJXDVHHQFXHQWUDVHPLRFXOWRSRUXQUHFUHFLGR GHORVSDUDPHQWRVGHODVIDFKDGDV(OPLVPR PRGHOR GH HGLÀFLR GH 9LOODUUREOHGR VH OOHJy LPSODQWDU HQ HO UHFLQWR GH OD HVWDFLyQ GH /D 5RGDGH$OEDFHWH$PERVHGLÀFLRVVHHQFXHQ WUDQFRPSOHPHQWDGRVSRUVHQGDVPDUTXHVLQDV XELFDGDVHQODIDFKDGDTXHOLQGDQFRQHODQGpQ SULQFLSDO (O HGLÀFLR GH /D *LQHWD WDPELpQ VH HQ FXHQWUD YLQFXODGR D XQ SUR\HFWR GH UHIRUPD LQWHJUDO GH ODV LQVWDODFLRQHV IHUURYLDULDV GH HVWD ORFDOLGDG (Q HVWH FDVR OD PHPRULD GHO SUR\HFWR IHFKDGR HQ HO DxR PHQFLRQD FODUDPHQWHHOPRWLYRTXHLPSXOVyHVWDQXHYD FRQVWUXFFLyQTXHQRIXHRWUDTXHODHMHFXFLyQ GHODVREUDVGHDFRQGLFLRQDPLHQWRGHODGREOH YtDHQWUH$OFi]DUGH6DQ-XDQ\$OLFDQWH3DUD OD FRQVWUXFFLyQ GH HVWH QXHYR HGLÀFLR 0=$ WXYRTXHDGTXLULUORVWHUUHQRVQHFHVDULRVHQHO DxR/DWLSRORJtDGHOHGLÀFLRUHVSRQGtDD OD\DGHVDUUROODGDHQODHVWDFLyQGH3LQWR\TXH WDPELpQVHOOHYDUtDDFDERHQRWUDVHVWDFLRQHV GH OD DFWXDO &RPXQLGDG GH 0DGULG FRPR HV HO FDVR GH ORV HGLÀFLRV GH YLDMHURV GH &LHP SR]XHORV \ GH 9DOGHPRUR \ HQ OD DOEDFHWHxD HVWDFLyQGH0LQD\D /D*LQHWD$+)&\0LQD\D$+)& 3RUWDQWRORVHGLÀFLRVGH/D*LQHWDDFD EDGR HQ \ HO GH 0LQD\D DFDEDGR HQ SUHVHQWDQ FRPR FDUDFWHUtVWLFDV SULQFL SDOHVODVLOOHUtDODEUDGDHQHO]yFDORODPDP SRVWHUtDFDUHDGDHQHOHYDFLyQHOODGULOORYLV WRHQIDFKDGDGLVSXHVWRHQIDMDVKRUL]RQWDOHV UHPDWDQGRODVDULVWDVGHOHGLÀFLRGHFRUDQGR ODVMDPEDV\ORVGLQWHOHVGHODVSXHUWDV\YHQ WDQDV\ORV]yFDORVGHHVWDV~OWLPDVDVtFRPR WDELTXHV GH SDQGHUHWH \ FDUSLQWHUtD GH WDOOHU HQ SXHUWDV \ YHQWDQDV H[WHULRUHV /D ~QLFD GLIHUHQFLD HVWpWLFD TXH H[LVWH HQWUH DPERV HGLÀFLRVVHGDHQHOGH/D*LQHWDTXHSUHVHQ WDXQDPDUTXHVLQDDGRVDGDDODIDFKDGDSRUHO ODGR GH DQGHQHV$ SHVDU GH TXH DPERV HGL ÀFLRVSUHVHQWDQXQEXHQHVWDGRGHFRQVHUYD FLyQHVHOGH0LQD\DHO~QLFRGHORVGRVTXH KD VLGR VRPHWLGR D XQ SURFHVR GH OLPSLH]D LQWHJUDOGHVXIDFKDGD1RREVWDQWHHVHOGH /D*LQHWDHOTXHSUHVHUYDD~QHVDFDUSLQWHUtD GH WDOOHU WDQWR HQ SXHUWDV FRPR HQ YHQWDQDV H[WHULRUHV 3RU ~OWLPR GHQWUR GH HVWH SHUtRGR VH SUR\HFWy \ FRQVWUX\y HO DSDUWDGHUR GH +L JXHUXHODKR\HQGtD\DGHVSDUHFLGR/DIDF WXUD HVWpWLFD GH HVWH HGLILFLR HUD LGpQWLFD D OD TXH HQFRQWUDPRV HQ HMHPSORV GHVDUUROOD GRVGXUDQWHHOSHUtRGRDQWHULRU\TXHD~QVH FRQVHUYDQ FRPR HV HO FDVR GHO HGLILFLR GH 1DYDMXHORV !»/3$%&%22/#!22),%.!,"!#%4% 'RVYLVWDVGHOHGLÀFLRGHYLDMHURV GHODHVWDFLyQGH$OEDFHWHGHVGH HOSDWLRGHYLDMHURVL]TXLHUGD\ GHVGHHOODGRGHDQGHQHVGHUHFKD )RWRJUDItDV)XQGDFLyQGHORV )HUURFDUULOHV(VSDxROHV %$)&)#)/3$%6)!*%2/3 $%,#5!24/0%2·/$/$% %80,/4!#)¼.$%3$%,! #/.34)45#)¼.$%2%.&% (!34!.5%342/3$·!3 (VWH FXDUWR \ ~OWLPR SHUtRGR VH HQFXHQWUD HQPDUFDGR SRU HO QXHYR SHUtRGR TXH VH DEULy HQODKLVWRULDIHUURYLDULDGH(VSDxDWUDVODFRQ FOXVLyQ GH OD *XHUUD &LYLO \ OD FRQVWLWXFLyQ D SDUWLUGHODxRGHOD5HG1DFLRQDOGHORV )HUURFDUULOHV (VSDxROHV 5(1)( (O ÀQDO GH ODV KRVWLOLGDGHV GLR SDVR D XQ SHUtRGR GH UH FRQVWUXFFLyQGHODUHGIHUURYLDULDIXHUWHPHQWH GDxDGDGXUDQWHHOSHUtRGREpOLFR(QODSURYLQ FLD GH$OEDFHWH DO PDUJHQ GH ODV UHFRQVWUXF FLRQHVTXHVHKLFLHURQGXUDQWHODSRVJXHUUDSRU ORV GDxRV EpOLFRV OR PiV VLJQLÀFDWLYR GH HVWH ~OWLPRSHUtRGRVHUtDQODVFRQVWUXFFLRQHVGHORV QXHYRVHGLÀFLRVGHYLDMHURVGHODVHVWDFLRQHVGH $OEDFHWH\GH$OPDQVDHULJLGRVGXUDQWHODVGp FDGDVGH\ (OQXHYRHGLÀFLRGH$OEDFHWHIRUPDSDUWH GHODJUDQDFWXDFLyQIHUURYLDULDTXHVHOOHYD -)'5%,*)-³.%:6%'!Y&2!.#)3#/0/,/-52)%, (GLÀFLRVGHYLDMHURVGHODHVWDFLyQGH$OPDQVD$FRPLHQ]RVGHOVLJOR;;L]TXLHUGD)RWRJUDItD0XVHR GHO)HUURFDUULO\HQHODxRGHUHFKD)RWRJUDItD)XQGDFLyQGHORV)HUURFDUULOHV(VSDxROHV UtD D FDER D PHGLDGRV GH OD GpFDGD GH \TXHWHQGUtDFRPRUHVXOWDGRODFRQVWUXFFLyQ GH XQ QXHYR UHFLQWR IHUURYLDULR YLQFXODGR D XQD ROHDGD SUR\HFWLVWD GH QXHYDV ´HVWDFLR QHVFHQWURµGHPHUFDQFtDV\IUXWRSRUWDQWR GHORVSODQHVGHPRGHUQL]DFLyQGHODUHGIH UURYLDULD GLVHxDGRV GXUDQWH HO GHVDUUROOLVPR IUDQTXLVWD (O DFWXDO HGLÀFLR GH YLDMHURV GH $OEDFHWH UHVSRQGH D ORV FULWHULRV IXQFLRQDOHV GHO PR PHQWRGHVXFRQVWUXFFLyQ\SXHVWDHQVHUYLFLR HQ HO DxR (O HGLÀFLR VH FDUDFWHUL]D SRU QRFRQWDUFRQQLQJXQDPXHVWUDKLVWRULFLVWDHQ VXVDFDEDGRV(O~QLFRDWULEXWRHVWpWLFRGHVWD FDEOHVHUtDODJUDQYLGULHUDSROtFURPDGHIDF WXUD PX\ UDFLRQDOLVWD FRPSXHVWD SRU SROtJR QRVUHFWDQJXODUHVTXHFRPSDUWLPHQWDQWRGRHO HVSDFLRYtWUHR(VWDYLGULHUDPXOWLFRORUSUHVLGH HOHVSDFLRFHQWUDOSRUHOTXHVHDFFHGHDOHGL ÀFLR\TXHOLQGDDVXYH]FRQHOiUHDGHDSDU FDPLHQWRTXHVHDEUHKDFLDHOYLDULRXUEDQRGH ODFLXGDG(OHGLÀFLRHVGHSODQWDUHFWDQJXODU GHWUHVFXHUSRVGRVODWHUDOHVGHGRVDOWXUDVHQ GRQGH WLHQHQ FDELGD ODV GHSHQGHQFLDV GH H[ SORWDFLyQ IHUURYLDULD ODV RÀFLQDV \ OD FDIHWH UtD\XQRFHQWUDORFXSDGRSRUHOYHVWtEXORGH DFFHVRDOHGLÀFLR\DORVDQGHQHV'HFXELHUWD SODQD HQ VXV FXHUSRV ODWHUDOHV VyOR SUHVHQWD YDULDQWHVHQHOFXHUSRFHQWUDORFXSDGRSRUOD JUDQ YLGULHUD (Q HVWH HVSDFLR GHO HGLÀFLR OD FXELHUWDSUHVHQWDXQDFDEDGRSODQR\HQGHV $+)& FHQVRGHVGHODPD\RUDOWXUDGHOSDUDPHQWRGH ODYLGULHUDKDVWDHOODGRGHDQGHQHV(OHGLÀFLR HVWpWLFDPHQWH HVWi DFDEDGR tQWHJUDPHQWH HQ ODGULOORGHFDUDYLVWD\ODVYHQWDQDV\SXHUWDV H[WHULRUHV VRQ PHWiOLFDV (Q HO ODGR GH DQGH QHV ODV FDUDFWHUtVWLFDV PiV DSUHFLDEOHV VHUtDQ ORV FXDWUR JUXSRV GH PDUTXHVLQDV GH KRUPL JyQDUPDGRTXHVHGLVWULEX\HQGHVGHHODQGpQ SULQFLSDOKDVWDTXHFRQFOX\HQORVWUHVDQGHQHV LQWHUPHGLRV TXH GLVSRQH HVWH HVSDFLR IHUUR YLDULR'HODVFXDWURPDUTXHVLQDVODGHPD\RU HQYHUJDGXUDHVODTXHDUUDQFDGHVGHHOPLVPR HGLÀFLRGHYLDMHURV\FXEUHWRGRODDQFKXUDGHO DQGpQSULQFLSDO (O UHFLQWR IHUURYLDULR GH $OPDQVD IXH HO RWURHVSDFLRTXHFRQRFHUtDGXUDQWHHVWDHWDSD ODFRQVWUXFFLyQGHXQQXHYRHGLÀFLRGHYLDMH URVHOFXDOYHQGUtDDVXVWLWXLUDODQWLJXRHGL ÀFLRGHVWUXLGRSRUXQLQFHQGLRDFDHFLGRDFR PLHQ]RVGH(VWHLQFLGHQWHQRKDVLGRHO ~QLFRTXHKDUHJLVWUDGRODHVWDFLyQGH$OPDQVD DORODUJRGHVXKLVWRULD$ÀQDOHVGHDxR HOHGLÀFLRGHYLDMHURV\DVXIULyXQSULPHULQ FHQGLRTXHREOLJyDLQWURGXFLUPRGLÀFDFLRQHV \ UHIRUPDV HQ HO PLVPR GHELGR D ORV GDxRV RFDVLRQDGRV (O QXHYR HGLÀFLR GH YLDMHURV GH$OPDQVD GH SODQWD UHFWDQJXODU SUHVHQWD WUHV FXHUSRV HO FHQWUDO GH GRV SODQWDV \ GRV ODWHUDOHV GH XQ VROR QLYHO /D FXELHUWD HV GH FDtGD D FXD !»/3$%&%22/#!22),%.!,"!#%4% WURDJXDVHQHOFXHUSRFHQWUDO\GHFDtGDDWUHV DJXDV HQ ORV FXHUSRV ODWHUDOHV (Q OD GLVSRVL FLyQ IRUPDO GH HVWRV WUHV FXHUSRV HVWH QXHYR HGLÀFLR HYRFD JXDUGDQGR ODV GLVWDQFLDV D RWUDV FRQVWUXFFLRQHV IHUURYLDULDV SUHWpULWDV H[LVWHQWHV HQ OD SURYLQFLD GH $OEDFHWH WDOHV FRPR OD GH &DXGHWH 0LQDWHGD \ 0DWDV 9HU GHV3HURORTXHGDVLQJXODULGDGDHVWHQXHYR HGLÀFLRVRQORVGHWDOOHVVHXGRUHJLRQDOLVWDVGH FDUiFWHULPSRUWDGRTXHSUHVHQWD HGLÀFLRVWpFQLFRVYLQFXODGRVH[FOXVLYDPHQWHDO VHJXLPLHQWRGHODFLUFXODFLyQ\TXHQRWLHQHQOD HQWLGDG GH HGLÀFLRV GH YLDMHURV FRPR VRQ ODV QXHYDVLQVWDODFLRQHVGH%RQHWH\GH&KLQFKLOOD LQVHUWDV GHQWUR GH ODV QXHYDV YDULDQWHV TXH VH KDQDELHUWRDODH[SORWDFLyQHQHVWDSURYLQFLD ,/3-5%,,%3$%-%2#!.#·!3 8QR GH HVRV GHWDOOHV OR HQFRQWUDPRV HQ HO SyUWLFRFRUULGRTXHVHXELFDHQHOODGRGHODQ GpQSULQFLSDO\TXHYLHQHDVHUYLUGHPDUTXHVL QD(VWHSyUWLFRFRUULGRLQWHUUXPSLGRWDQVyOR SRUHODYDQFHTXHSUHVHQWDVREUHHODQGpQHOJD ELQHWHGHFLUFXODFLyQVHHQFXHQWUDDSR\DGRHQ FROXPQDV GH PDGHUD FLPHQWDGDV VREUH SLODUHV GH KRUPLJyQ DUPDGR (VWH HVSDFLR SRUWLFDGR SUHVHQWDXQUHYHVWLGRLQWHULRUDFDEDGRWDPELpQ HQPDGHUDGHWDOOHTXHDFHQW~DD~QPiVHVHGH WDOOHGHDUTXLWHFWXUDWUDGLFLRQDO(ODFDEDGRGH ODV YHQWDQDV GH OD SODQWD VXSHULRU GHVWLQDGD D YLYLHQGD UHVDOWD D~Q PiV HVH PDWL] VHXGR UH JLRQDOLVWD'HVGHODVGLPHQVLRQHVGHODVOXFHV GH PHQRU DOWXUD KDVWD ODV FRQWUDYHQWDQDV TXH LQFRUSRUDQHYRFDQHQGHÀQLWLYDGHWDOOHVRUQD PHQWDOHVPiVSURSLRVGHHGLÀFLRVXELFDGRVHQ ODFRUQLVDFDQWiEULFDTXHHQHVWD]RQDGHOHVWH SHQLQVXODU2WUDGHODVFDUDFWHUtVWLFDVTXHSUH VHQWDHVWDQXHYDFRQVWUXFFLyQHVFyPRVHKDUH VXHOWRHOGHVQLYHOH[LVWHQWHHQWUHODSODWDIRUPD IHUURYLDULD\HOYLDULRXUEDQR6LHQHODQWLJXR HGLÀFLR VH VROYHQWDED PHGLDQWH OD GLVSRVLFLyQ GHXQDHVFDOHUDSRUODTXHVHDFFHGtDDODV]RQDV GHH[SORWDFLyQGH0=$\GH1RUWHUHFRUGHPRV TXHHQHVWDHVWDFLyQWHQtDVXRULJHQODOtQHDGHO )HUURFDUULOGH$OPDQVDD9DOHQFLD\7DUUDJRQD LQFRUSRUDGRHQDOD&RPSDxtDGHO1RUWH \ODH[LVWHQFLDGHXQDSODQWDVyWDQRGHDFFHVR SRUHOSDWLRGHYLDMHURVHQHVWDQXHYDFRQVWUXF FLyQHVDFRPSOHMLGDGVHUHVROYLyPHGLDQWHHOUH OOHQRGHOGHVQLYHO\ODJHQHUDFLyQGHXQDUDPSD UHPDWDGDHQSOD]DXUEDQDSRUODTXHVHDFFHGH DOQXHYRHGLÀFLR )LQDOPHQWHPHUHFHODSHQDDSXQWDUHOKHFKR GHTXHHVHVWRV~OWLPRVDxRVVHKDQFRQVWUXLGR (QHOIHUURFDUULODFWXDOHOFOiVLFRPXHOOHGH PHUFDQFtDV SUHVHQWH HQ SUiFWLFDPHQWH WRGDV ODVHVWDFLRQHVGHODUHGHVXQHOHPHQWRTXHKD SHUGLGRVXIXQFLRQDOLGDGRULJLQDO3UHVHQWDPRV HQ SULPHU OXJDU HVWD FLUFXQVWDQFLD SRUTXH QRV SDUHFHHVSHFLDOPHQWHLQWHUHVDQWHUHVDOWDUODYXO QHUDELOLGDGGHHVWRVLQPXHEOHVGHQWURGHORVUH FLQWRVIHUURYLDULRV (Q ORV DOERUHV GHO IHUURFDUULO HO PXHOOH HUD XQDSDUWHFUXFLDOGHODHVWDFLyQHQPXFKRVFDVRV WDQWRRPiVTXHODFRQFHUQLHQWHDOiPELWRGHORV YLDMHURV(OIHUURFDUULOHUDODSXHUWDGHHQWUDGD SDUDODVPHUFDQFtDVTXHKDFtDQYLDEOHXQDFLX GDGRXQDFRPDUFDDOWLHPSRTXHSRVLELOLWDED ODHÀFD]\VHJXUDVDOLGDGHVXVSURGXFWRVKDFLD PHUFDGRVH[WHULRUHV(VWHSXQWRGHLQWHUFDPELR PRGDOGHVGHODFDUUHWHUDKDFLDHOUDLO\YLFHYHU VDWHQtDXQDDFWLYLGDGVRVWHQLGDGXUDQWHWRGRHO WLHPSRPiVDOOiGHOGLUHFWDPHQWHYLQFXODGRDO SDVRGHFLUFXODFLRQHVSRUODHVWDFLyQ/DODERU GHIDFWXUDFLyQGHDOPDFHQDPLHQWRGHORVSUR GXFWRVDGHPiVGHODFDUJD\GHVFDUJDKDFLDXQR XRWURODGRGHOPXHOOHPDQWHQtDQVLHPSUHYLYR HVWHHVSDFLRGHODVHVWDFLRQHV/DFRPSHWHQFLD GH OD FDUUHWHUD KL]R TXH DTXHOOD XQLYHUVDOLGDG HQHOWUDQVSRUWHTXHVXSRQtDHOIHUURFDUULOIXHUD SHUGLHQGRGtDDGtDSURWDJRQLVPR)LQDOPHQWH DÀQDOHVGHOVLJOR;;HOIHUURFDUULO´WLUyODWRD OODµ HQ FLHUWR WLSR GH WUiÀFRV \D GH SRFD HQWL GDG /D DJLOLGDG GHO FDPLyQ KDFtD LQYLDEOH HO VRVWHQLPLHQWRGHODPLUtDGDGHSXQWRVGHFDUJDV GLVSHUVRV SRU OD UHG /D FRPSOHMLGDG ORJtVWLFD GH ODV RSHUDFLRQHV GH IRUPDFLyQ GH WUHQHV HQ HVWDFLRQHV SHTXHxDV KDFtD UXLQRVR PDQWHQHU HVWD HVWUXFWXUD FRPHUFLDO TXH UHGXFLGD D PX\ -)'5%,*)-³.%:6%'!Y&2!.#)3#/0/,/-52)%, SRFRV SXQWRV D ÀQDOHV GH OD GpFDGD GH SUiFWLFDPHQWH GHVDSDUHFHUi FRQ OD VXSUHVLyQ GHVX~OWLPDH[SUHVLyQFRPHUFLDOGHQRPLQDGD ´3DTXH[SUpVµ 3HUGLGDVXIXQFLRQDOLGDGORVPXHOOHVKDQWH QLGR GLYHUVD VXHUWH (Q HO PHMRU GH ORV FDVRV KDQ VLGR UHKDELOLWDGRV SDUD QXHYRV ÀQHV \D IXHUDQ YLQFXODGRV D OD DFWLYLGDG IHUURYLDULD R PHGLDQWHDUUHQGDPLHQWRRFHVLyQFRPRPDUFR GHRWUDVDFWLYLGDGHVHFRQyPLFDVRVRFLDOHV(Q RWURV FDVRV KDQ GHVDSDUHFLGR ELHQ SRU VLPSOH UXLQDGHUULEDGRVSDUDHYLWDFLyQGHDFFLGHQWHV RELHQHQHOPDUFRGHUHIRUPDVXUEDQtVWLFDVGH UHPRGHODFLyQGHORVHVSDFLRVGHRSHUDFLyQIH UURYLDULD /RV PXHOOHV SXHGHQ FRQVWDU GH WUHV iPEL WRVHOPXHOOHFHUUDGRQDYHWHFKDGDGLiIDQD\ FRQ SDUHGHV HO FXELHUWR R DELHUWR WHFKDGR \ GLiIDQRSHURVLQSDUHGHV\HOGHVFXELHUWR/D PHUFDQFtDHQIXQFLyQGHVXYDORU\QDWXUDOH]D VHXELFDUtDHQXQRXRWURiPELWR(QHOHVSDFLR FHUUDGR VROtD UHVHUYDUVH XQ VHFWRU WDELFDGR R QRSDUDRÀFLQDGHOHPSOHDGRHQFDUJDGRGHOD IDFWXUDFLyQ /RV YDJRQHV GH PHUFDQFtDV DFFH GtDQSRUXQODGRPLHQWUDVTXHORVYHKtFXORVGH FDUUHWHUDORKDFtDQSRUHOFRQWUDULRH[LVWLHQGR DGHPiV XQD UDPSD TXH HQOD]DED HO QLYHO GHO VXHORFRQHOGHOPXHOOHSDUDHODFFHVRGHYHKt FXORVPRWRUL]DGRVDODSDUWHDOWD/RVODWHUDOHV VROtDQ HVWDU SURWHJLGRV SRU XQRV YRODGL]RV GH PD\RURPHQRUSRUWHTXHSURWHJtDQODVFDUJDV HQODVRSHUDFLRQHVGHWUDQVERUGR(QORVPXH OOHVGHVFXELHUWRVSRGUtDKDEHUXQDJU~DPDQXDO RPRWRUL]DGDSDUDIDFLOLWDUHOPDQHMRGHFDUJDV GH JUDQ SHVR (VWRV YRODGL]RV VH KDQ SHUGLGR HQHO´ODGRYtDµHQWRGDVODVHVWDFLRQHVFRQYtD HOHFWULÀFDGDGDGRTXHpVWRVLPSHGtDQODLQVWD ODFLyQGHOKLORGHFRQWDFWR (Q OD SURYLQFLD GH$OEDFHWH HQWUH ORV HOH PHQWRVTXHKDQOOHJDGRDQXHVWURVGtDVSRGH PRV HQFRQWUDUQRV FRQ GLYHUVDV WLSRORJtDV GH HVWRVLQPXHEOHV(QDOJXQRVFDVRVHVUHODWLYD PHQWH IiFLO SRGHU GDWDU VX FRQVWUXFFLyQ SHUR HQRWURVHVXQDHPSUHVDUHDOPHQWHFRPSOHMDD YHFHV LQFOXVR LPSRVLEOH \D TXH ORV DUFKLYRV ODPHQWDEOHPHQWH QR FRQVHUYDQ H[SHGLHQWHV R SODQRVTXHSXHGDQDTXLODWDUFRPRTXLVLpUDPRV HVWRVGDWRV (QWUH ODV WLSRORJtDV PiV IiFLOPHQWH UHFR QRFLEOHVWHQHPRVXQPRGHORGHJUDQYDORUHV WpWLFR&RUUHVSRQGHUtDDORVFDVRVGHORVPXH OOHVGH&DXGHWH0LQD\D\3R]R&DxDGD$TXt QRV HQFRQWUDPRV FRQ XQ PXHOOH FHUUDGR GH SRUPHWURVFRQFXELHUWDDGRVDJXDVFX \RV PXURV HVWiQ UHDOL]DGRV HQ ODGULOOR YLVWR VLQ UHYHVWLU GLVSXHVWR ´D VRJDµ GLYLGLGRV HQ YDULRV SDxRV TXH VH DUWLFXODQ PHGLDQWH SLOD UHV\SHUÀOHVPHWiOLFRV/RVSLODUHVVHSURORQ JDQ HQ VX FRURQDFLyQ HQ XQRV WLUDQWHV KDFLD HO H[WHULRU TXH VRVWLHQHQ ORV YRODGL]RV GH OD FXELHUWD /RV OLHQ]RV GH ODV IDFKDGDV ODUJDV VHUHPDWDQHQXQDYLJDGHFHORVtDFDODGDTXH 0XHOOHVGHODVHVWDFLRQHVGH3R]R&DxDGD\&DXGHWH)RWRJUDItDV)XQGDFLyQGHORV)HUURFDUULOHV(VSDxROHV !»/3$%&%22/#!22),%.!,"!#%4% 0XHOOHVFXELHUWR\FHUUDGRGHODHVWDFLyQGH+HOOtQ)RWRJUDItDV)XQGDFLyQGHORV)HUURFDUULOHV(VSDxROHV GDOLJHUH]DDOFRQMXQWRDOWLHPSRTXHSHUPLWH XQD HÀFD] DLUHDFLyQ GHO LQWHULRU GH OD QDYH /DVIDFKDGDVHVWUHFKDVWLHQHQXQDFDEDGRVL PLODUDODVRWUDVHQVXSDUWHEDMDUHPDWDQGR OD ]RQD GH FUXMtDV FRQ XQ OLHQ]R GH ODGULOOR GLVSXHVWR´DWDEODµ&XHQWDQFRQGRVSXHUWDV FRUUHGHUDVSRUFDGDODGR\HQHO´ODGRFDOOHµ WLHQHQXQDQGpQPX\DPSOLRSDUDIDFLOLWDUOD FDUJDPLHQWUDVTXHHQHO´ODGRYtDµHVSUiF WLFDPHQWH LQH[LVWHQWH (O PXHOOH GH &DXGHWH VHFRQVHUYDHQSHUIHFWRHVWDGRGHGLFDGRDDO JXQDDFWLYLGDGFRPHUFLDOPLHQWUDVTXHHOGH 3R]R&DxDGDWLHQHEDVWDQWHDIHFWDGRVVXVPX URV\FHUUDPLHQWRVTXHGDQGRHQXQHVWDGRGH FRQVHUYDFLyQLQWHUPHGLRHOGH0LQD\D(VWRV HGLÀFLRVVRQSRVWHULRUHVDODFRQVWUXFFLyQGH ODOtQHDDXQTXHQRHVSRVLEOHDIDOWDGHXQD LQYHVWLJDFLyQ PiV SURIXQGD GHWHUPLQDU XQD IHFKDPiVSUHFLVD 'RQGHVtSRGHPRVKDFHUXQDMXVWHGHGD WRV HV HQ HO FRQMXQWR GH PXHOOHV GH +HOOtQ XQRGHORVPiVFRPSOHMRV\VLQJXODUHVGHWRGD ODSURYLQFLD(VWDLPSRUWDQWHHVWDFLyQFXHQWD FRQXQFDVRFLHUWDPHQWHUDURHQQXHVWURVIH UURFDUULOHV6HWUDWDGHGRVPXHOOHVFROLQGDQ WHV SHUR LQGHSHQGLHQWHV (VWR QR HV GHO WRGR H[WUDxRSHURVtORHVPiVHOTXHXQRGHHOORV VHDXQPXHOOHFHUUDGR\HORWURXQPXHOOHFX ELHUWR FRQ VX DQHMR GHVFXELHUWR D FRQWLQXD FLyQ (O FXELHUWR GH JUDQGHV SURSRUFLRQHV [PVRVWLHQHVXWHMDGRSRUXQRVHVEHO WRVSLODUHVPHWiOLFRVTXHIDFLOLWDEDQHOPDQH MRGHORVPDWHULDOHV(VWRVPXHOOHVFXELHUWRV DLVODGRV Vt HUDQ PiV IUHFXHQWHV HQ JUDQGHV HVWDFLRQHV HVSHFLDOPHQWH GH FODVLÀFDFLyQ GRQGH SRGUtDQ DSDUHFHU YDULRV GH HOORV (O PXHOOHFHUUDGRHVXQVREHUELRLQPXHEOHLP SHFDEOHPHQWHFRQVHUYDGRGHPGHORQJL WXGFRQSRUWRQHVFRUUHGHURVDFDGDODGR(O PXHOOH FXELHUWR HV IUXWR GH XQ SUR\HFWR GD WDGRHQFRUUHVSRQGLHQWHDVXYH]DXQ PiVYDVWRSODQTXHSUHYHtDODFRQVWUXFFLyQGH XQ GRUPLWRULR GH DJHQWHV (VWH FRQMXQWR GH LQVWDODFLRQHVVHFRQVHUYDHQEXHQHVWDGR (VWDWLSRORJtDVLPSOLÀFDGDVHUHSLWHHQHO PXHOOHGH7REDUUD(QHVWHFDVRODFUXFLDOGLIH UHQFLDDGHPiVGHODVGLPHQVLRQHV7REDUUDHV PXFKRPiVSHTXHxRHVTXHDPERVPXHOOHVHO FHUUDGR\HOFXELHUWRPiVHOGHVFXELHUWRHV WiQ DGRVDGRV (VWH FRQMXQWR SURFHGH WDPELpQ GH XQ SUR\HFWR VLPLODU DO GH +HOOtQ IHFKDGR HQ /D HVWUXFWXUD PHWiOLFD GHO FXELHUWR HV VLPLODU HQ DPERV FDVRV \ HQ HO FHUUDGR OD GLIHUHQFLDPiVYLVLEOHHVTXHORVSRUWRQHVSUH VHQWDQXQDUFRUHEDMDGR\ODFLUFXODFLyQGHODV FRUUHGHUDVHVSRUHOLQWHULRUGHOPXHOOHHQ7R EDUUD IUHQWH D OD H[WHULRU GH +HOOtQ$GHPiV HQ HO FDVR GH +HOOtQ KD\ XQ SHTXHxR DQGpQ HQHOH[WHULRUGHOPXHOOHIUHQWHDODVIDFKDGDV OLVDV GHO FDVR GH7REDUUD (Q HVWD HVWDFLyQ HO FRQMXQWRGHLQVWDODFLRQHVVHFRQVHUYDWDPELpQ HQEXHQHVWDGR (Q OD DQWLJXD HVWDFLyQ GH &KLQFKLOOD VRU SUHQGHQWHPHQWHODVLQVWDODFLRQHVGHFDUJDVRQ PX\PRGHVWDV(VWRWLHQHXQDIiFLOH[SOLFDFLyQ -)'5%,*)-³.%:6%'!Y&2!.#)3#/0/,/-52)%, DOWRGHOPXHOOH3DUHFHFRUUHVSRQGHUPiVDXQD SUHFDULDVROXFLyQDSOLFDGDFRQSRFRFULWHULRHQ DOJ~Q PRPHQWR OR FXDO WDPELpQ OR FRQÀUPDQ ORV SODQRV GHO DxR TXH LQIRUPDQ GH OD SUHVHQFLDGHOPXHOOHFHUUDGR\GHOGHVFXELHUWR FRQGLPHQVLRQHVVLPLODUHV8QHGLÀFLRVLPLODU DOGH&KLQFKLOODVHUtDQORVGH9LOODUGH&KLQFKL OOD\$OSHUDDXQTXHFRQGLPHQVLRQHVUHDOPHQWH PRGHVWDVP(QDPERVFDVRVHVWiQDEDQ GRQDGRV\FRQVtQWRPDVGHLQFLSLHQWHUXLQDHV SHFLDOPHQWHHQHOFDVRGH(O9LOODU 0XHOOHVGH/D*LQHWDUHFXSHUDGR FRPRPXVHR\GH/D5RGD )RWRJUDItDV)XQGDFLyQGHORV)HUURFDUULOHV(VSDxROHV ODLPSRUWDQFLDGHHVWDWHUPLQDOHVWDEDYLQFXODGD DOWUiÀFRGHYLDMHURVQRDODVFDUJDVTXHDHOOD VHSXGLHUDQGHULYDU\DTXHHVWDEDPX\DOHMDGD GHQ~FOHRVXUEDQRVLPSRUWDQWHV(Q&KLQFKLOOD WHQHPRVHOFRQMXQWRGHGRVPXHOOHVDGRVDGRV HO FHUUDGR \ HO FXELHUWR /ODPD OD DWHQFLyQ HO TXHQRH[LVWDPXHOOHGHVFXELHUWRORFXDOLQYLWD DFRQVLGHUDUTXHODSDUWHFXELHUWDIXHXQGHVD UUROORSRVWHULRUFXEULHQGRORTXHDQWDxRIXHUD XQVLPSOHPXHOOHGHVFXELHUWR(VWRVHMXVWLÀFD DGHPiVGH SRU OD SUHFDULDFXEULFLyQFRQ SODQ FKDVGHXUDOLWDIUHQWHDORVPiVQREOHVDFDED GRVHQWHMDSRUHOSHFXOLDUVLVWHPDGHFLHUUHGHO IURQWDOGHHVWHPXHOOH(QFRQWUDGHORKDELWXDO HQ ORV PXHOOHV FXELHUWRV XQ IUHQWH FRPSOHWD PHQWHDELHUWRHQ&KLQFKLOODpVWHHVWiUHPDWDGR FRQXQVyOLGRPXURFRQXQD~QLFDSXHUWDGHDF FHVRGHVGHODUDPSD$GHPiVGHVHUXQDUDUH]D HVDOJRXQWDQWRLOyJLFR\DTXHOLPLWDHODFFHVR GHYHKtFXORVFDVLGHFXDOTXLHUGLPHQVLyQDOR $+)% (QHOWUDPRPiVYHWHUDQRGHORVIHUURFDUULOHV DOEDFHWHxRVHOTXHXQH$OEDFHWHFRQODSURYLQ FLDGH&LXGDG5HDODGHPiVGHO\DFLWDGRPXH OOHGH0LQD\DHQFRQWUDPRVDOJXQRVPXHOOHVGH H[FHSFLRQDOIDFWXUD/ODPDQODDWHQFLyQSRUVXV GLPHQVLRQHVORVGH/D5RGD\9LOODUUREOHGR(O SULPHURWLHQHXQDORQJLWXGGHP\HOVHJXQGR GHP$OPDUJHQGHODVGLPHQVLRQHVHOHVWLOR FRQVWUXFWLYRHVPX\VLPLODUDOFDVRGH7REDUUD (O GH /D 5RGD VH FRQVHUYD DSDUHQWHPHQWH HQ PX\EXHQHVWDGR(OGH9LOODUUREOHGRWLHQHDO JXQRVVtQWRPDVGHGHWHULRURHQODVFXELHUWDV\ DGLIHUHQFLDGHRWURVFDVRVWLHQHXQHOHJDQWHUH PDWHGHIRUMDHQODGLYLVRULDGHDJXDV(QHVWH VHFWRUWHQHPRVHOFDVRGHOPXHOOHGH/D*LQH WD (Q HVWH FDVR HO HVWLOR FRQVWUXFWLYR HV PX\ VLPLODU DO GH ORV FDVRV DQWHULRUHV DXQTXH VXV GLPHQVLRQHVVRQVHQVLEOHPHQWHPiVUHGXFLGDV (VSRURWUDSDUWHHO~QLFRFDVRGHPXHOOHUHXWL OL]DGR \ UHKDELOLWDGR HQ HVWD RFDVLyQ SDUD XQ PXVHRHWQRJUiÀFR$WDOÀQVHKDQVXVWLWXLGRODV SXHUWDVFRUUHGHUDVGHOODGRGHODYtDSRUPXURV GHYLGULRWUDVO~FLGR\VHKDFHUUDGRFRQUHMHUtD HOPXHOOHGHVFXELHUWR $O PDUJHQ GH HVWRV HGLÀFLRV WRGRV DQWH ULRUHVDODFUHDFLyQGH5(1)(KD\TXHFLWDUHO FDVRGHORVQXHYRV\HVSHFWDFXODUHVPXHOOHVGH ODHVWDFLyQGH$OEDFHWH&RQVWUXLGRVDOKLORGH ODQXHYDHVWDFLyQDÀQDOHVGHORVDxRVVHVHQWD FRUUHVSRQGHQ D XQD WLSRORJtD \ GLPHQVLRQHV UDGLFDOPHQWHGLIHUHQWHV(OPXHOOHGH$OEDFH WH PLGH [ P \ HVWi FRQFHELGR EDMR ODV SUHPLVDV GH ODV ´HVWDFLRQHVFHQWURµ GH PHU !»/3$%&%22/#!22),%.!,"!#%4% FDQFtDVGHVDUUROODGDVVREUHWRGRHQODGpFDGD GH (QUHVXPHQFRPRVHDSXQWDEDDOSULQFLSLR HOPXHOOHHVXQHOHPHQWRSUHVHQWHHQEXHQDSDU WHGHODVHVWDFLRQHVDOEDFHWHxDV(OHPHQWRKDEL WXDOPHQWHSRFRYDORUDGRGHQWURGHORVUHFLQWRV IHUURYLDULRV WLHQH XQD VHULH GH FDUDFWHUtVWLFDV IRUPDOHV IXQFLRQDOHV H KLVWyULFDV TXH OH KDFH DFUHHGRU GH XQ HVWXGLR PiV GHWDOODGR GH FDGD XQRGHVXVHMHPSORV)LQDOPHQWHHVXQLQPXH EOHTXHSRUVXVHVSHFLDOHVFDUDFWHUtVWLFDVWLHQH XQDDOWtVLPDSRWHQFLDOLGDGSDUDVXUHXWLOL]DFLyQ SDUD QXHYRV XVRV (VWD RSRUWXQLGDG KD\ TXH DSURYHFKDUODHYLWDQGRDOWLHPSRTXHODVQXHYDV LQWHUYHQFLRQHVVREUHORVHGLÀFLRVOHVKDJDQSHU GHUVXVLQWUtQVHFRVYDORUHVIRUPDOHV 6)6)%.$!39/42/3 ).-5%",%3-%./2%3 $ORODUJRGHOWH[WRHVWDPRVLQWHQWDQGRSUH VHQWDUFXiOHVVRQORVHOHPHQWRVTXHGHÀQHQHO SDWULPRQLRIHUURYLDULRSURYLQFLDO(QHOiPELWR DUTXLWHFWyQLFR ORV HGLÀFLRV GH YLDMHURV WLHQHQ XQ HVSHFLDO SURWDJRQLVPR 3HUR IUHQWH D HVWRV HGLÀFLRV HVWHODUHV HQ ORV UHFLQWRV IHUURYLDULRV VHDFRJHQRWURVTXHVLELHQVRQPiVGLVFUHWRV HQWDPDxRRIXQFLyQQRVRQPHQRVLQWHUHVDQWHV DODKRUDGHHQWHQGHUHVWRVHVSDFLRVFRPRSDUWH GHXQWRGRFRPRHOHPHQWRVGHiPELWRVDUWLFX ODGRV GRQGH FDGD SLH]D MXHJD VX SDSHO +DUH PRV XQ EUHYH UHODWR GH TXp HOHPHQWRV KD\ HQ HVWHiPELWRWHUULWRULDO\FXiOHVVRQVXVYDORUHV \GHELOLGDGHV $EULPRVHOWHPDFRQODVYLYLHQGDV/DVHP SUHVDV IHUURYLDULDV DGHPiV GH KDELOLWDU WRGRV ORVPHGLRVSDUDIDFLOLWDUHOWUDQVSRUWHFUHDFLyQ GHYtDVHGLÀFLRVGHWUDVLHJRGHSHUVRQDV\FDU JDV PDWHULDO PyYLO HOHPHQWRV GH DSR\R D OD H[SORWDFLyQGHEtDQUHVROYHUDOJXQRVSUREOH PDVPHQRVWUDVFHQGHQWHVSDUDHOFOLHQWHSHURQR &XpOODU9LOODU-LPpQH]9HJD\3ROR0XULHO PHQRVLPSRUWDQWHVSDUDODRSHUDFLyQIHUURYLD ULD (QWUH HOORV HVWDED HO WHPD GHO DORMDPLHQWR GHORVREUHURV(VWHDVXQWRHUDPHQRVLPSRUWDQ WHHQODVHVWDFLRQHVVLWXDGDVHQ]RQDVKDELWDGDV GRQGH VyOR VROtD DWHQGHUVH HO DORMDPLHQWR GH SHUVRQDOGHPiVFDWHJRUtDSURIHVLRQDO(QFDP ELRHQODVHVWDFLRQHVVLWDVHQGHVSREODGRVHUD XQDFXHVWLyQSHUHQWRULDUHVROYHUHODORMDPLHQWR GH ORV HPSOHDGRV Pi[LPH VL HQ HVWH HQFODYH VH VLWXDED DOJXQD DFWLYLGDG FRQ H[LJHQFLDV HQ PDQRGHREUD(VWRGDUtDOXJDUDSREODGRVIH UURYLDULRVWHPD\DTXHKDVLGRWUDWDGRHQDOJX QRVWUDEDMRVGHORVFXDOHVHQODSURYLQFLDGH $OEDFHWHWHQHPRVGRVFDVRV&KLQFKLOOD\$JUD PyQ$pVWRVSRGUtDVXPiUVHOHHOFDVRGH0LQDV GH +HOOtQ SHUR VX DGVFULSFLyQ D ODV WLSRORJtDV HVWDQGDUL]DGDVGHSREODGRVH[LJLUtDXQDQiOLVLV PiVGHWDOODGRTXHHVFDSDDHVWHHVWXGLR (QORVSREODGRVSRGHPRVHQFRQWUDUDOJXQDV WLSRORJtDV DUTXLWHFWyQLFDV PX\ FDUDFWHUtVWLFDV (QORVGRVFDVRVDOEDFHWHxRVODVYLYLHQGDVFR UUHVSRQGHQDOPRGHORGH´WUHQHVµGHFDVDVEDMDV DGRVDGDV GH XQD VROD DOWXUD FRQ XQ SDWLR HQ VXSDUWHWUDVHUD(VWDWLSRORJtDPX\FRUULHQWH HQWUHRWUDVHQ0=$WLHQHWRGDYtDUHSUHVHQWD FLyQHQORVGRVSREODGRVDXQTXHHQDPERVKD\ VHULRVSUREOHPDVGHVXSHUYLYHQFLD7RGDVHOODV HVWiQDEDQGRQDGDVHQODDFWXDOLGDGSUHVHQWDQ GRDVSHFWRVHPLUUXLQRVR3HURDGHPiVKD\TXH VHxDODUTXHODVTXHKR\SRGHPRVFRQWHPSODUHQ XQHVWDGRSUHWHUPLQDOVRQODVVXSHUYLYLHQWHVGH XQ SDUTXH LQPRELOLDULR PiV DPSOLR YLYLHQGDV TXHSRUGLYHUVDVUD]RQHVKDQLGRVLHQGRGHPR OLGDVHQODV~OWLPDVGpFDGDV $O PDUJHQ GH HVWRV FDVRV KD\ TXH VHxDODU ODSUHVHQFLDGHDOJXQDVRWUDVYLYLHQGDVTXHHQ PHQRUQ~PHURVHGLVSRQHQHQDOJXQRVUHFLQWRV IHUURYLDULRVGHODSURYLQFLD&LWDUtDPRVHOFDVR GHO´WUHQµGHYLYLHQGDVGH+HOOtQVLWXDGDVIUHQ WHDOHGLÀFLRGHYLDMHURVD~QHQXVR\ELHQFRQ VHUYDGDV 2WUR SHTXHxR JUXSR GH YLYLHQGDV OR SRGHPRVHQFRQWUDUHQODHVWDFLyQGH$OPDQVD eVWDVVHGLVSRQHQHQHOH[WUHPRHVWHGHOKD]GH YtDVORFDO\FRPRQRVUHYHODODSODQLPHWUtDGH -)'5%,*)-³.%:6%'!Y&2!.#)3#/0/,/-52)%, 9LYLHQGDVHQODHVWDFLyQGH+HOOtQ)RWRJUDItD)XQGDFLyQGHORV)HUURFDUULOHV(VSDxROHV 0=$ GHO DxR HVWDEDQ UHVHUYDGDV SDUD ORV MHIHV GH PDQWHQLPLHQWR GH YtD GH OD ]RQD FRQWDQGRLQFOXVRFRQXQDPSOLRMDUGtQTXHVHSD UDEDVXVFDVDVGHODVYtDV3RVWHULRUPHQWHVHLQ FRUSRUDURQRWUDVYLYLHQGDVHQHVWHSHTXHxRHQ FODYHUHVLGHQFLDOSHUGLHQGROD]RQDDMDUGLQDGD SRUXQFUHFLPLHQWRGHOD]RQDGHLQVWDODFLRQHV IHUURYLDULDV6RQFDVDVGHPD\RUHVGLPHQVLRQHV TXHODVGHORVREUHURVSHURTXHDGLIHUHQFLDGH RWUDVQRWLHQHQSDWLR(QXQDGHHOODVDGHPiV VHGLVSRQtDHQHOPyGXORGHODYLYLHQGDHODOPD FpQGHYtDV\REUDVGHOD]RQD (QODHVWDFLyQGH/D5RGDHQFRQWUDPRVRWUR SHFXOLDU Q~FOHR GH YLYLHQGDV 6H WUDWD GH WUHV FDVDVVLWXDGDVHQXQUHFLQWRFHUUDGRHQWRUQRDO JUXSRGHDJXDGDV&DEHLQIHULUGDGDVXXELFD FLyQTXHHVWDVYLYLHQGDVFRUUHVSRQGLHUDQDORV HPSOHDGRV UHVSRQVDEOHV GH OD RSHUDFLyQ GH OD $+)% $+)% DJXDGD \ VX PDTXLQDULD GH LPSXOVLyQ DXQTXH HVWHGDWRHVXQDGHGXFFLyQGHODSODQLPHWUtD QRKD\FRQVWDQFLDGRFXPHQWDODOUHVSHFWR6RQ WUHV YLYLHQGDV GHO SULPHU SUR\HFWR KDELpQGR VHUHFRQYHUWLGRDSDUHQWHPHQWHHQYLYLHQGDOD GHSHQGHQFLD RULJLQDOPHQWH GHVWLQDGD DO DORMD PLHQWR GH OD PiTXLQD GH LPSXOVLyQ GHO DJXD /DVFDVDVWHQtDQXQSDWLRWUDVHURTXHKDVXIULGR JUDQGHVPRGLÀFDFLRQHVFRQHOSDVRGHOWLHPSR 'HQWURGHXQDSDUWDGRGHFRQVWUXFFLRQHVGH GXGRVD DGVFULSFLyQ WHQHPRV ORV HGLÀFLRV TXH TXHGDQHQSLHHQHODSDUWDGHURGH(O0XJUyQ (O RULJLQDO HGLÀFLR GH YLDMHURV IXH GHUULEDGR KDFH SRFR WLHPSR \ DFWXDOPHQWH HQ OD ]RQD VyORVREUHYLYHQODVUXLQDVGHXQDVFDVLOODVVL WXDGDV HQ HO ERUGH GH OD H[SODQDFLyQ GHO$G PLQLVWUDGRU GH ,QIUDHVWUXFWXUDV )HUURYLDULDV $',)(VWDVFDVDVVLWDVHQVXHORIHUURYLDULR !»/3$%&%22/#!22),%.!,"!#%4% 9LYLHQGDVGHO&DQWyQGH/DUJR5HFRUULGRHQ3R]R&DxDGD)RWRJUDItD)XQGDFLyQGHORV)HUURFDUULOHV(VSDxROHV VRQGHIiEULFDPX\U~VWLFD\QRHVWiFODURTXH IXHUDQ YLYLHQGDV IHUURYLDULDV 'DGD VX XELFD FLyQHQVXHORIHUURYLDULRHVSRVLEOHTXHIXHUDQ GHSHQGHQFLDVDXWRFRQVWUXLGDVSRUORVSURSLRV HPSOHDGRVGHOIHUURFDUULOSDUDDPSOLDUHOHVSD FLRGHHVWDQFLD(QXQDVHDSUHFLDXQSHTXHxR KRUQR HQ XQD GH VXV SDUHGHV OR TXH DQLPD D %DUUDFyQFRQVWUXLGRDEDVHGHWUDYLHVDV\XELFDGR HQHOUHFLQWRIHUURYLDULRGHODHVWDFLyQGH$JUDPyQ )RWRJUDItD)XQGDFLyQGHORV)HUURFDUULOHV(VSDxROHV SHQVDUHQTXHIXHUDXQDFRFLQD/DGRFXPHQ WDFLyQGHO$+)QRDSRUWDQLQJ~QGDWRDOUHV SHFWRGHHVWDVFDVDV $OPDUJHQGHRWURVFRQMXQWRVGHYLYLHQGDV IHUURYLDULDV KR\ FRPSOHWDPHQWH GHVDSDUHFL GDVSRUHMHPSORODVGH/DV0LQDVHO~OWLPR HMHPSORTXHTXHUHPRVPRVWUDUHVHOEORTXHGH YLYLHQGDV GH 3R]R &DxDGD 'DGD VX UHODWLYD PRGHUQLGDG GpFDGD GH SRGUtD SDUHFHU TXHTXHGDOHMRVGHOFRQFHSWRGHSDWULPRQLRIH UURYLDULRSHURHVWDPELpQXQDPXHVWUDVLQJXODU TXL]iVGHODV~OWLPDVGHHGLÀFLRVGHYLYLHQGDV SURPRYLGRVGLUHFWDPHQWHSRU5(1)(SDUDVXV WUDEDMDGRUHV$UTXLWHFWyQLFDPHQWH HV SHUIHFWD PHQWHDVLPLODEOHDFXDOTXLHUYLYLHQGDGHWLSR ORJtDXUEDQDHQDOWXUD(OEORTXHGHGRVDOWXUDV \ SODQWD EDMD WLHQH VHLV YLYLHQGDV \ XQD ]RQD GH WDOOHU (VWXYR GHVWLQDGR DO DORMDPLHQWR GH ORV WUDEDMDGRUHV GH YtDV \ REUDV GHQRPLQiQ GRVHSRSXODUPHQWHFRPR´9LYLHQGDVGHO&/5µ &DQWyQGH/DUJR5HFRUULGR\DFWXDOPHQWHHVWi -)'5%,*)-³.%:6%'!Y&2!.#)3#/0/,/-52)%, DEDQGRQDGR\FRQHYLGHQWHVVHxDOHVGHYDQGD OL]DFLyQ $GHPiV GH ODV YLYLHQGDV HQ YDULDV HVWD FLRQHVVHFRQVHUYDQWDPELpQSHTXHxDVFDVLOODV SDUDHOUHVJXDUGRGHPDWHULDOGHWUDEDMR6XHOHQ WHQHU FDUDFWHUtVWLFDV FRQVWUXFWLYDV VLPLODUHV D ODVGHOHGLÀFLRGHYLDMHURV\PX\SHTXHxDVGL PHQVLRQHV(MHPSORVGHHVWRVLQPXHEOHVORVWH QHPRVHQ7REDUUD+HOOtQ&KLQFKLOOD$OPDQVD 9LOODUUREOHGR'HWRGDVPDQHUDVQRHQWRGRV ORV FDVRV HVWDV FDVLOODV JXDUGDQ FRQFRUGDQFLD FRQORVHGLÀFLRVGHYLDMHURV\DTXHSXHGHQGDU VHFDVRVGHDVLQFURQtDTXHVRQFODUDPHQWHHYL GHQWHV0iVPRGHUQDV\JUDQGHVVRQODVFDVDV GHYtDV\REUDVGH$OPDQVD\9LOODUUREOHGRODV FXDOHVFXHQWDQFRQJUDQGHVSRUWRQHVHLQFOXVR HQHOFDVRGH$OPDQVDGHXQFRFKHUyQSURED EOHPHQWHGHVWLQDGRDOUHVJXDUGRGHXQDGUHVLQD GHWUDEDMRVHQYtD5HVDOWDUHPRVSRUVXVLQJX ODULGDG H[FHSFLRQDO HO JDOSyQ OHYDQWDGR HQ HO SREODGRGH$JUDPyQUHDOL]DGRtQWHJUDPHQWHD EDVHGHWUDYLHVDVWDQWRHQSDUHGHVFRPRHQFX ELHUWD6HPHMDQWHXVRGHHVWHPDWHULDOUHVSRQGH REYLDPHQWHDODDQWLJXDH[LVWHQFLDHQHVWDHVWD FLyQGHXQDSODQWDGHFUHRVRWDGRGHWUDYLHVDVOR FXDOH[SOLFDUtDODDEXQGDQFLDGHHVWDVPDGHUDV HQ HVWH OXJDU \ VX UHODWLYD GLVSRQLELOLGDG SDUD WDQH[yWLFRXVR ([WUDFWDPRVGHODSDUWDGRGHODVFDVLOODVHO FDVR GH$OPDQVD 1RV UHIHULPRV D ODV FDVLOODV GHVWLQDGDV DO FDOHQWDPLHQWR GH ORV FDORUtIHURV (VWH SULPHU VLVWHPD GH FDOHIDFFLyQ GH FRFKHV SUHFLVDED VXVWLWXLU XQRV WHUPRV ORV ´FDORUt IHURVµ HQ DOJXQDV HVWDFLRQHV SDUD PDQWHQHU FDOGHDGRV ORV GHSDUWDPHQWRV (Q HVWDV GHSHQ GHQFLDVXQDFDOGHUDFDOHQWDEDHODJXDSDUDHV WRVHOHPHQWRV(Q$OEDFHWHD~QVHFRQVHUYDHQ DFHSWDEOH HVWDGR OD FDVLOOD GH$OPDQVD 5HDOL ]DGDWRGDHOODHQODGULOORFRQVHUYDHOUyWXORHQ SLHGUDODEUDGDTXHLQGLFDVXGHVWLQR 2WURSHTXHxRHGLÀFLRFDUDFWHUtVWLFRGHODV HVWDFLRQHV VRQ ORV XULQDULRV 6L ELHQ HQ ORV PRGHUQRV HGLÀFLRV HVWD GHSHQGHQFLD HVWi LQ WHJUDGDHQHOHGLÀFLRGHGHYLDMHURVHQHOVL JOR ;,; H LQFOXVR HO ;; ORV XULQDULRV VROtDQ XELFDUVH HQ XQ PyGXOR LQGHSHQGLHQWH VLWR HQ HODQGpQ'LYLGLGRHQGRVHVSDFLRVSDUDKRP EUHV\PXMHUHVHQODSURYLQFLDGH$OEDFHWHWH QHPRVGRVWLSRVEiVLFRVGHXULQDULRV/RVPiV DQWLJXRVVXHOHQFRUUHVSRQGHUVHDXQSHTXHxR LQPXHEOHGHVHLVSRUWUHVPHWURVFRQFXELHUWD D GRV DJXDV GH WHMD SODQD \ DFFHVR SRU VXV FXDWUR ODGRV /D IDFKDGD ODGR DQGpQ DSDUHFH SURWHJLGD FXDQGR VH FRQVHUYD SRU XQD SH TXHxD ´PDPSDUDµ IRUPDGD SRU XQ HQWDEODGR GH OLVWRQHV TXH JXDUGD XQD FLHUWD LQWLPLGDG D 8ULQDULRVGH$OSHUD\GH0LQD\D)RWRJUDItDV)XQGDFLyQGHORV)HUURFDUULOHV(VSDxROHV !»/3$%&%22/#!22),%.!,"!#%4% 6XEHVWDFLyQGH0LQD\D )RWRJUDItD)XQGDFLyQGHORV)HUURFDUULOHV(VSDxROHV HVWH HVSDFLR GHVGH ORV DQGHQHV 5HDOL]DGR HQ ODGULOOR\VLOOHUtDUHDO]DQGRODVMDPEDV\FDQ WRVWLHQHXQUHPDWHHQFHORVtDGHPDGHUDHQOD SDUWHVXSHULRUGHODVSDUHGHVHOHPHQWRHVWpWL FR TXH D VX YH] IDYRUHFH DOJR WDQ QHFHVDULR FRPR OD YHQWLODFLyQ GH HVWRV UHFLQWRV 7RGRV HVWRV LQPXHEOHV HVWiQ IXHUD GH XVR HQ OD DF WXDOLGDG FRQVHUYiQGRVH HQ PX\ EXHQ HVWDGR ORVGH$OSHUD/D5RGD9LOODUUREOHGR\7RED UUD(VWH~OWLPRQRWLHQHDFFHVRVHQVXVODGRV DQJRVWRV(QHOFDVRGH9LOODUUREOHGRWLHQHXQ FXHUSRDGLFLRQDOFHUUDGR\FRQXQDFKLPHQHD TXH SUREDEOHPHQWH DORMDUD XQD GHSHQGHQFLD SDUDFDORUtIHURV(QHOFDVRGH/D5RGDORVUH PDWHVGHFDQWHUtDGHMDPEDVVHDOWHUQDQFRQHO ODGULOORFUHDQGRXQDWUDFWLYRHIHFWRFURPiWLFR (VWRV GRV ~OWLPRV FDVRV UHPDWDQ OD FXPEUHUD GH OD FXELHUWD FRQ XQD ÀOLJUDQD PHWiOLFD GH JUDQHOHJDQFLD(QODVHVWDFLRQHVGH/RV+LWRV \ 0LQDWHGD VH FRQVHUYDQ RWURV GRV XULQDULRV HQHVWDGRGHLQFLSLHQWHUXLQD\SRU~OWLPRHQ ODHVWDFLyQGH+LJXHUXHODVHFRQVHUYDRWURHQ PX\PDOHVWDGRTXHVRUSUHQGHQWHPHQWHHVHO ~QLFRLQPXHEOHVXSHUYLYLHQWHGHDTXHODQWLJXR UHFLQWRIHUURYLDULR )UHQWH D HVWD WLSRORJtD GH XULQDULRV GRV JUDQGHV HVWDFLRQHV GHO SULPHU WUDPR GH OD SURYLQFLD ODV GH 0LQD\D \ /D *LQHWD SUH VHQWDQRWUDPRUIRORJtDGHLQPXHEOHV(QHVWH FDVRODIDFKDGDWLHQHSDxRVTXHDOWHUQDSLHGUD \ODGULOORFUHDQGRXQHIHFWRPX\VLQJXODU/D YHQWLODFLyQVHUHDOL]DSRUXQDFHORVtDGHODGUL OOR\HOIURQWDOWLHQHXQIURQWyQTXHGHVERUGD ODV GLPHQVLRQHV GH WDELTXHV \ FXELHUWD (Q HVWRVFDVRVOODPDODDWHQFLyQODHOHJDQFLDGHO UyWXOR TXH VHxDOD HO WLSR GH EDxRV FDEDOOH URV\VHxRUDVUHDOL]DGRHQUHOLHYHHQSLHGUD /DPHQWDEOHPHQWH KD\ TXH VHxDODU OD EXUGD ´WDFKDGXUDµ GH ORV UyWXORV GH 0LQD\D DQX ODGRV FRQ XQD FDSD GH FHPHQWR HQ XQD GHV DIRUWXQDGDLQWHUYHQFLyQGHQWURGHOUHFLQWRGH ODHVWDFLyQ8Q~OWLPRFDVRGLIHUHQWHDWRGRV ORVGHPiVHVHOGHODHVWDFLyQGH&KLQFKLOOD XQPyGXORF~ELFRGHSODQWDFXDGUDGDFXELHU WD D FXDWUR DJXDV VLQ DSHQDV FRQFHVLyQ D OD HVWpWLFD $O PDUJHQ GH HVWRV YHWHUDQRV HGLÀFLRV OD OtQHDIpUUHDTXHGHVGH$OFi]DUGH6DQ-XDQVH GLULJH KDFLD9DOHQFLD \$OLFDQWH HPSH]y D VHU HOHFWULÀFDGD D ÀQDOHV GH OD GpFDGD GH /D HOHFWULÀFDFLyQ DGHPiV GHO WHQGLGR GH ORV FDEOHVVREUHODVYtDVVHDFRPSDxDGHODFRQV WUXFFLyQ GH XQD VHULH GH VXEHVWDFLRQHV GLVWUL EXLGDVGHPDQHUDUHJXODUDORODUJRGHOWUD]DGR IHUURYLDULR KDFLD ODV FXDOHV DÁX\HQ ODV OtQHDV GHDOWDWHQVLyQ\GHVGHODVFXDOHVVHDOLPHQWDQ ORVWUDPRVGHUHGDXQDWHQVLyQGHWHUPLQDGDHQ HVWHFDVR9HQFRUULHQWHFRQWLQXD(VWDV VXEHVWDFLRQHVVHXELFDQHQXQUHFLQWRUHFWDQJX ODUHQXQDGHFX\DVSDUWHVKD\XQJUXSRGHLQ WHPSHULHGHWUDQVIRUPDGRUHV\VHFFLRQDGRUHV \XQHGLÀFLRGRQGHVHDORMDQORVUHFWLÀFDGRUHV GHFRUULHQWHDOWHUQDDFRQWLQXDDVtFRPRHTXL SRVGHFRQWURO\RWUDVLQVWDODFLRQHVPiVYXOQH UDEOHV D OD LQWHPSHULH (Q HVWD OtQHD WRGRV ORV HGLÀFLRVVRQLJXDOHVGH[P\FRQVWDQGH GRVDOWXUDV&XHQWDQFRQXQDYtDSDUDXQHYHQ WXDODFFHVRGHHTXLSRVGHJUDQYROXPHQ(QOD SURYLQFLDGH$OEDFHWHKD\VXEHVWDFLRQHVHQORV UHFLQWRVIHUURYLDULRVGH$OPDQVD$OSHUD9LOODU GH &KLQFKLOOD &KLQFKLOOD$OEDFHWH 0LQD\D \ /D5RGD 7HUPLQDPRVHVWDUHYLVLyQGHRWURVHOHPHQ WRV FRQVWUXLGRV HQ HVWD SURYLQFLD FRQ ORV PiV SHTXHxRVORVSR]RV([LVWHQWHVHQODPD\RUtD GH ODV HVWDFLRQHV VyOR TXHUHPRV UHVDOWDU XQR TXHFUHHPRVWLHQHQXQLQWHUpVVLQJXODU6HWUDWD GHOGHODHVWDFLyQGH(O9LOODUGH&KLQFKLOOD6L -)'5%,*)-³.%:6%'!Y&2!.#)3#/0/,/-52)%, WXDGRMXQWRDODDQWLJXDDJXDGDKR\GHVDSDUH FLGDVXEURFDOGHVHFFLyQFXDGUDGDVHFRURQD FRQ XQD SURWHFFLyQ TXH D PRGR GH WHPSOHWH SURWHJHHODJXDGHVXFLHGDGHV(VWHFXHUSRGH SURWHFFLyQ HVWi UHDOL]DGR tQWHJUDPHQWH HQ OD GULOOR\VHFRURQDFRQXQDFXELHUWDDGRVDJXDV GHWHMDSODQD$OSLHKD\XQDUFyQPHWiOLFRTXH SURWHJHXQDERPEDGHHOHYDFLyQGHDJXD ,/3$%0¼3)4/3 +HPRVTXHULGRKDFHUXQDEUHYHSDUDGDSDUD PRVWUDUDOOHFWRURWURGHORVPiVFUXFLDOHVHOH PHQWRVLPSUHVFLQGLEOHVSDUDODH[SORWDFLyQGHO IHUURFDUULOORVGHSyVLWRV1RKD\TXHFRQIXQGLU HVWDVLQVWDODFLRQHVFRQDOPDFHQHVSDUDiULGRVR DJXD(QHOIHUURFDUULOHOWpUPLQRGHSyVLWRVXH OH KDFHU UHIHUHQFLD D XQDV GHSHQGHQFLDV DFRQ GLFLRQDGDV SDUD HO UHVJXDUGR \ PDQWHQLPLHQWR KDELWXDOPHQWH PHQRU FRWLGLDQR GHO PDWHULDO GH WUDFFLyQ GH ODV ORFRPRWRUDV (VWDV LQVWDOD FLRQHVVXHOHQHVWDUORFDOL]DGDVHQODVFDEHFHUDV GHODVOtQHDVORVSXQWRVGRQGHKDELWXDOPHQWHVH IRUPDQORVWUHQHVSHURQRVLHPSUHHVDVt(QORV QXGRVGHODUHGGRQGHWLHPSRDWUiVHUDKDELWXDO HO IUDFFLRQDPLHQWR GH FRQYR\HV QR HUD QDGD UDUR HQFRQWUDU HVWDV LQVWDODFLRQHV $VLPLVPR HQRFDVLRQHVHQSXQWRVGHUHIXHU]RGHWUDFFLyQ SLHV GH UDPSD SRGUtD KDEHU LQVWDODFLRQHV GH HVWDFDWHJRUtDODVFXDOHVHQIXQFLyQGHVXSRU WHSRGUtDQOODPDUVHGHVGHGHSyVLWRVDUHVHUYDV RD~QPiVVLPSOHHOFRFKHUyQ (VWDVLQVWDODFLRQHVHUDQPXFKRPiVIUHFXHQ WHVHQODpSRFDGHDSRJHRGHODWUDFFLyQYDSRU /D WHFQRORJtD GH HVWDV ORFRPRWRUDV LPSOLFDED XQ VLVWHPD GH H[SORWDFLyQ PX\ LQWHQVLYR /RV UHFRUULGRVQRHUDQGHPDVLDGRODUJRVVLHQGRKD ELWXDO HO UHOHYR GH PiTXLQDV HQ LWLQHUDULRV GH FLHUWDHQWLGDG(VWRVUHOHYRVREOLJDEDQDPXOWL SOLFDUORVSXQWRVGHDSR\RDHVWDVPDTXLQDV/D OOHJDGDGHODWUDFFLyQGLHVHO\HOpFWULFDVLPSOL ÀFyHQRUPHPHQWHHVWRVWUDEDMRVGHWDOPDQHUD TXHORVGHSyVLWRVIXHURQFHUUDQGRXQRWUDVRWUR VREUHYLYLHQGRPX\SRFRVHQODDFWXDOLGDG /RV GHSyVLWRV PiV IDPLOLDUHV VRQ DTXHOORV TXH WLHQHQ XQD QDYH HQ IRUPD GH VHFFLyQ GH DUFRPiVRPHQRVFRPSOHWRHQIXQFLyQGHVX LPSRUWDQFLD %DMR VXV FXELHUWDV VH GLVSRQtDQ HQ HVWUHOOD XQD VHULH GH YtDV PXFKDV GH HOODV R LQFOXVR WRGDV FRQ IRVR GH PDQWHQLPLHQWR \ FRQHFWDGDV D OD UHG SRU XQ SXHQWH JLUDWRULR TXH DO WLHPSR GH IDFLOLWDU HO DFFHVR SHUPLWtD HOJLURFRPSOHWRGHODVORFRPRWRUDVSDUDDIURQ WDUHOYLDMHHQXQVHQWLGRXRWUR3HURIUHQWHD pVWRVKXERRWURVPRGHORVPHQRVHOHJDQWHVQD YHVGHSODQWDUHFWDQJXODUGRQGHVHDFRJtDQHQ SDUDOHORODVORFRPRWRUDVFRQDOJXQDVYDULDQWHV VREUHHVWHSDWUyQ(VWDVQDYHVGHODVORFRPRWR UDVVROtDQDFRPSDxDUVHGHDQH[RVSDUDJXDUGDU KHUUDPLHQWDVYHVWXDULRVRÀFLQDVHLQFOXVRGRU PLWRULRVGHPDTXLQLVWDV (QODSURYLQFLDGH$OEDFHWHWHQHPRVXQFOD URQXGRIHUURYLDULR&KLQFKLOODORFXDOQRVLQ YLWDDSHQVDUHQODSUHVHQFLDGHHVWDLQVWDODFLyQ )UHQWH DO HGLÀFLR GH YLDMHURV WHQHPRV XQD GH HOODVSHUROODPDODDWHQFLyQODPRGHVWLDGHHVWH HOHPHQWR HQ XQD HVWDFLyQ GH VHPHMDQWH SRUWH /D H[SOLFDFLyQ HV ELHQ VHQFLOOD 0=$ DXQTXH DSRVWy SRU OD FUHDFLyQ GH HVWH QXGR WXYR TXH PDQWHQHU ODV GHSHQGHQFLDV GH PDQWHQLPLHQWR GHWUHQHVHQODYHFLQDHVWDFLyQGH$OEDFHWHOD FXDODVXPLyFDVLGHVGHHOSULQFLSLRHVWDVWDUHDV (Q&KLQFKLOODVyORVHFRQVHUYDHQSUHFDULRHV WDGR XQD SHTXHxD QDYH UHFWDQJXODU GH [ PHWURV FRQ GRV YtDV SDVDQWHV GH ODGR D ODGR &RQFXELHUWDDGRVDJXDVWLHQHXQDGHSHQGHQFLD DQH[DSDUDHOWDOOHU\HQODVSUR[LPLGDGHVKXER FDVDVSDUDORVHPSOHDGRV(VXQDGHSHQGHQFLD WDQ PRGHVWD TXH VROR FDEH GHQRPLQDUOD \ DVt ODUHFRQRFHQORVSODQRVFRPRFRFKHUDSDUDOR FRPRWRUDV%DMRVXGREOHDUTXHUtDVHGLVSRQtDQ GRVYtDVFRQVXVUHVSHFWLYRVIRVRV/DFXELHUWD WLHQHODFUXMtDFHQWUDOVREUHHOHYDGDGHMDQGRXQ HVSDFLRDELHUWRSDUDIDFLOLWDUODVDOLGDGHKXPRV GHODVPiTXLQDVDOOtHVWDFLRQDGDV (Q$OPDQVD HQFRQWUDPRV XQ GHSyVLWR GH PD\RUHV SURSRUFLRQHV 'H QXHYR SXHGH OOD PDUDVRUSUHVDHVWHKHFKR¢&yPRHQ$OPDQVD KD\XQGHSyVLWRQRVLHQGRQXGRQLRULJHQGH OtQHD" &LHUWR HV TXH KR\ QR HV PiV TXH XQD !»/3$%&%22/#!22),%.!,"!#%4% 9LVWDGHORVFRFKHURQHVGH$OPDQVD\ &KLQFKLOOD)RWRJUDItDV)XQGDFLyQ GHORV)HUURFDUULOHV(VSDxROHV LPSRUWDQWHHVWDFLyQGHSDVRSHURHQ VXV RUtJHQHV$OPDQVD YLYLy OD SDUD GRMD GH VHU HO DUUDQTXH GH OD OtQHD GH $OPDQVD 9DOHQFLD \ 7DUUDJRQD $971RUWH TXH WHQtD FRQ OD OtQHD GH 0=$ XQ WUDPR FRP~Q KDVWD /D (QFLQD 6LHQGR RULJHQ GH OtQHD HV FRKHUHQWH ODSUHVHQFLDGHXQLPSRUWDQWHGHSyVLWRGHPD WHULDO PyYLO )UHQWH D OD PRGHVWD FRFKHUD GH &KLQFKLOODHQ$OPDQVDHQFRQWUDPRVGRVJUDQ GHV QDYHV SDUDOHODV FRQ FDSDFLGDG WRWDO SDUD FLQFRYtDVHQVXV[PGHFXELHUWDVDORV FXDOHV VH VXPDEDQ XQDV GHSHQGHQFLDV DQH[DV GHYLYLHQGDV\DOPDFHQHV3RUVXSDUWH0=$ GLVSRQtD HQ HO ODGR FRQWUDULR GHO KD] GH YtDV GHRWUDSHTXHxDFRFKHUD\XQDSODFDJLUDWRULD SDUDDWHQGHUUHOHYRVGHWUDFFLyQHQHVWHSXQWR /DV LQVWDODFLRQHV GH 0=$ KDQ GHVDSDUHFLGR SRU FRPSOHWR SHUR ODV GH 1RUWH VH FRQVHUYDQ HQUHODWLYREXHQHVWDGRDXQTXH\DKDQSHUGLGR FRPSOHWDPHQWHVXIXQFLyQRULJLQDO $HVWRVYHWHUDQRVGHSyVLWRVVHXQHHO~QLFR TXHHQSUHFDULRWRGDYtDVLJXHHQVHUYLFLR1RV $+)% HVWDPRV UHÀULHQGR DO GH OD FDSLWDO SURYLQFLDO (VWH GHSyVLWR HV KHUHGHUR GH ORV TXH KXER HQ ODDQWLJXDHVWDFLyQGHO3DVHRGHOD&XED0=$ LQVWDOyXQSHTXHxRGHSyVLWRTXHIXHDPSOLDGR VHJ~QXQSUR\HFWRGHODxRHOFXDOFRQ WDEDFRQURWRQGDSODFDJLUDWRULDSDUDYtDV GHHOODVEDMRQDYH\XQWDOOHUHQXQDQDYHDQH[D FRQGRVYtDV 7RGRHVWHFRQMXQWRGHLQVWDODFLRQHVGHVDSD UHFLyFRQODFRQVWUXFFLyQGHODQXHYDHVWDFLyQ HQ /D QXHYD WHUPLQDO VH GRWy GH QXHYR GH XQD LPSUHVLRQDQWH FRFKHUD SUHSDUDGD SDUD VHUYLUWDPELpQDOÀQDOPHQWHIDOOLGR)HUURFDUULO %DH]D8WLHO(VWDLQVWDODFLyQWRGDYtDHQVHUYL FLRPX\SRUGHEDMRGHVXVSRVLELOLGDGHVWLHQH YtDVEDMRFXELHUWDXQFRQMXQWRGHPGH GLiPHWUR7RGDHOODUHVSRQGHDORVPRGHORVGH -)'5%,*)-³.%:6%'!Y&2!.#)3#/0/,/-52)%, *U~DVGH/D5RGD\GH0LQD\D)RWRJUDItDV)XQGDFLyQGHORV)HUURFDUULOHV(VSDxROHV GHSyVLWRVHULJLGRVHQODGpFDGDGHFRQFX ELHUWDVSODQDVGHKRUPLJyQFRQXQDHVWUXFWXUD GHOLQWHUQRQHVTXHSHUPLWHQLOXPLQDU\YHQWLODU HOLQWHULRUGHODQDYH /42/3%,%-%.4/3$% ,!%80,/4!#)¼. (QODVHVWDFLRQHVGHIHUURFDUULOORVJUDQGHV HGLÀFLRV DUWLFXODQ FRQ URWXQGLGDG XQ HVSDFLR TXHHQSODQWDHVWiRUJDQL]DGRSRUODPDOODGH YtDV5DtOHVHLQPXHEOHVFRQIRUPDQXQRGHORV PiV SHFXOLDUHV FRQMXQWRV XUEDQRV GH PXFKRV SXHEORV\FLXGDGHV3HURHQHVWRVHVSDFLRVHV FRQGLGRVHQULQFRQHVSHJDGRVDSDUHGHVRDOD VRPEUDGHPDUTXHVLQDVVHHQFXHQWUDQDOJXQRV HOHPHQWRV\DUWLOXJLRVPiVRPHQRVLPSRUWDQ WHV SDUD OD H[SORWDFLyQ IHUURYLDULD TXH WLHQHQ FLHUWR YDORU 6RQ DXWpQWLFRV VXSHUYLYLHQWHV HQ XQHQWRUQRHQHOFXDOSHUGLHURQVXXWLOLGDGSUL PLJHQLDPXFKRVDxRVDWUiV\TXHSRUXQD]DU GHOGHVWLQRKDQOOHJDGRKDVWDQXHVWURVGtDVHQ DOJXQRVFDVRVHQH[FHOHQWHHVWDGRGHFRQVHUYD FLyQ 1RV HVWDPRV UHÀULHQGR VREUH WRGR D HOH PHQWRV YLQFXODGRV HQ RULJHQ DO PDQHMR GH ODV PHUFDQFtDV TXH WUDVHJDEDQ SRU OD HVWDFLyQ *U~DVEiVFXODV\JiOLERVVRQWUHVWLSRVGHKH UUDPLHQWDVTXHKR\KDQSHUGLGRVXIXQFLRQDOL GDGDOGHVDSDUHFHUORVWUiÀFRVTXHODVMXVWLÀFD URQ-XQWRDHOORV\WRGDYtDIXQFLRQDOHVDXQTXH HVSUHYLVLEOHTXHSRUPX\SRFRWLHPSRHQORV DQGHQHV TXHGDQ DOJXQRV SHFXOLDUHV HOHPHQWRV GH PDQHMR GH ORV HQFODYDPLHQWRV GH FDPELRV GH YtD \ VHxDOHV VHULDPHQWH DPHQD]DGRV WUDV VXSUHYLVLEOHSpUGLGDGHIXQFLRQDOLGDG\TXHHV SUHFLVRFRQRFHU\SUHVHUYDU (QHOSULPHUJUXSRGHHOHPHQWRVORVGHVWLQD GRVDODVPHUFDQFtDVH[SRQGUHPRVODVLWXDFLyQ GHODVJU~DVGHHVWDFLRQHV(VWDVPiTXLQDVWDP ELpQOODPDGDVFDEUHVWDQWHVVHUYtDQSDUDIDFLOLWDU HOWUDVLHJRGHEXOWRVGHJUDQSHVRGHVGHORVYD JRQHVKDFLDORVPXHOOHVRYHKtFXORVGHFDUUHWHUD \YLFHYHUVD(Q$OEDFHWHVyORVHFRQVHUYDQWUHV !»/3$%&%22/#!22),%.!,"!#%4% HVWiQ KR\ IXHUD GH VHUYLFLRSHURHQUH ODWLYR EXHQ HVWDGR VREUHWRGRHVWD~OWL PDGH/D5RGD 2WUR HOHPHQWR FRUULHQWHHQOD]RQD GH PXHOOHV HUDQ ODV EiVFXODV(VWDVLQV WDODFLRQHVWLSREiV FXODSXHQWH HVWiQ IRUPDGDV SRU GRV HOHPHQWRV EiVLFRV XQWUDPRGHYtDGLV SXHVWDVREUHXQSH TXHxRIRVR(VWDYtD %iVFXODGHODHVWDFLyQGH&DXGHWH)RWRJUDItD GHVFDQVDEDVREUHXQ )XQGDFLyQGHORV)HUURFDUULOHV(VSDxROHV VLVWHPD DUWLFXODGR TXH PHGLDQWH XQDV GHHVWRVHOHPHQWRVUHVWRVGHXQDGRWDFLyQTXH WUDQVPLVLRQHVKDFtDPRYHUXQVLVWHPDGHPHGL VXSRQHPRVHQWLHPSRVPiVDEXQGDQWHV'RVGH FLyQGLVSXHVWRHQODVHJXQGDSDUWHGHHVWHFRQ HOODVODVGH0LQD\D\9LOODUUREOHGRUHVSRQGHQ MXQWR(VWD]RQDGHPHGLGDVHVWDEDLQVFULWDHQ DXQDWLSRORJtDPX\VHQFLOODDEDVHGHXQWRUQR XQFDMyQPHWiOLFRTXHSURWHJtDHVWDVUHJODVGH PDQXDO GH GREOH SDODQFD GH WUDFFLyQ HQ FX\R PHGLGD\VXVFRQWUDSHVRVGHODLQWHPSHULH(V FLOLQGURVHHQUROODHOFDEOHGHDUUDVWUH8QSLODU WDVLQVWDODFLRQHVVXHOHQHVWDUGLVSXHVWDVFRPR FHQWUDOSLYRWDQWHFRURQDGRSRUXQDJUDQSROHD HV OyJLFR MXQWR D ORV PXHOOHV GH PHUFDQFtDV DFRJLpQGRVHHQRFDVLRQHVHODSDUDWRGHPHGLGDV FRQVWLWX\HHOHOHPHQWRFHQWUDO(QpOVHDSR\DQ HOWRUQRFRQVXVSDODQFDV\SRUHORWURODGRXQD HQXQUHWUDQTXHRGHOPXHOOHGHVFXELHUWRFRQXQ DFFHVRSRUHVFDOHUDVGHVGHpVWH YLJDHQDUFRGHVGHFX\RH[WUHPR\DSR\DGRVR EUHXQDSROHDYXHODHOFDEOHGHOTXHFXHOJDQODV FDUJDV-XQWRDHVWDVJU~DVWHQHPRVHOFDVRGHOD 7RGDV ODV LQVWDODFLRQHV GH HVWH WLSR VX GHODHVWDFLyQGH/D5RGDeVWDWDPELpQHVPD SHUYLYLHQWHV HQ OD SURYLQFLD GH $OEDFHWH HQ QXDOSHURDTXtHOVLVWHPDGHHOHYDFLyQHVPX WRWDO VHLV XQLGDGHV HVWiQ IXHUD GH VHUYLFLR \ GHHOODVWDQVyORGRVODGH&DXGHWH\PX\HQ FKRPiVFRPSOHMR&RQFHELGDSDUDFDUJDVPX SUHFDULRODGH&KLQFKLOODHVWiQWRGDYtDFRQHF FKRPiVSHVDGDVHOFDEOHKDVLGRVXVWLWXLGRSRU XQDFRQWXQGHQWHFDGHQDDUWLFXODGDFRQJUDQGHV WDGDVDODVYtDVGHODHVWDFLyQ(QORVUHVWDQWHV HVODERQHV(OEUD]RGHYXHORGHODJU~DHVXQD FDVRVHVGHFLU$OSHUD3R]R&DxDGD7REDUUD VyOLGDYLJDGHVHFFLyQUHFWDQJXODUVRVWHQLGDSRU \9LOODU GH &KLQFKLOOD ORV FDMRQHV GH SURWHF WUHV WLUDQWHV PHWiOLFRV FRQMXQWR TXH SHUPLWtD FLyQD~QVHFRQVHUYDQDVtFRPRODVEDUUDVGH HOHYDUODVFDUJDVDJUDQDOWXUD3DUDSHUPLWLUHO PHGLGDSHURHOQLYHOGHGHWHULRURHVFUHFLHQWH YXHORGHPHUFDQFtDVGHJUDQVXSHUÀFLH\SHVR \ OD SRVLELOLGDG GH SpUGLGD PX\ DOWD -XQWR D FXHQWDFRQXQUHPDWHGHPRQWDMHRSFLRQDOIRU HVWDV LQVWDODFLRQHV HV IUHFXHQWH HQFRQWUDU DU PDGRSRUGRVYLJDVGLVSXHVWDVHQIRUPDGHFUX] FRVGHJiOLER(VWDVLPSOHLQVWDODFLyQFRQVLVWH TXHSHUPLWHQPXOWLSOLFDUORVSXQWRVGHDQFODMH HQXQDUFRPHWiOLFRVXVSHQGLGRGHOFXDOFXHO 3DUDOHYDQWDUHVWRVJUDQGHVSHVRVFXHQWDFRQXQ JDQXQDVOLJHUDVEDUUDVPHWiOLFDV(OSHUtPHWUR MXHJR GH FRURQDV GHQWDGDV SDUD PXOWLSOLFDU OD PDUFDGRSRUHVWRVHOHPHQWRVGHÀQHODVHFFLyQ SRWHQFLDGHWUDFFLyQ7RGDVHVWDVLQVWDODFLRQHV GHYtDTXHQLQJXQDFDUJDSRGUtDVXSHUDU/RV -)'5%,*)-³.%:6%'!Y&2!.#)3#/0/,/-52)%, YDJRQHVDELHUWRVGHEtDQSDVDUSRUHVWRVDUFRV SDUDFRPSUREDUTXHHOFRQWRUQRFXPSOLHUDODV PHGLGDV GH VHJXULGDG 3HUGLGR HO WUiÀFR TXH MXVWLÀFDED HVWRV SHTXHxRV HOHPHQWRV \D KDQ GHVDSDUHFLGR PXFKRV GH HOORV \ PXFKRV GH ORV TXH KDQ VREUHYLYLGR KDQ SHUGLGR DOJXQRV GHVXVHOHPHQWRV (Q OD SURYLQFLD GH $OEDFHWH VH FRQVHUYDQ YDULRVGHHVWRVJiOLERVFRUUHVSRQGLHQWHVDGRV WLSRORJtDV3RUXQODGRHVWDUtDQORVGHODpSRFD YDSRUGLHVHOeVWRVHUDQFRPSOHWRVFRQXQDUFR FHUUDGRSRUVXSDUWHVXSHULRU3RURWURODGRHV WDUtDQORVGHODHOHFWULÀFDFLyQ(QHVWRVFDVRV HQYH]GHXQVRSRUWH~QLFRSDUDXQDUFRFROJDQ WHVHXWLOL]DQGRVSRVWHVODWHUDOHVGHORVFXDOHV FXHOJDQODVEDUUDVGHMDQGRODSDUWHFHQWUDOOLEUH SDUDHOSDVRGHSDQWyJUDIRV'HHVWRVVHFRQVHU YDQ SRU HMHPSOR ORV GH$OSHUD 0LQD\D \ /D *LQHWD'HODpSRFDDQWLJXDVHFRQVHUYDQORVGH $JUDPyQ \ 7REDUUD FRPSOHWRV \ HO GH 3R]R &DxDGDVyORHOSRVWHVLQDUFRV $OPDUJHQGHHVWDVGRWDFLRQHVYLQFXODGDVDO WUiÀFR PHUFDQWH WHQHPRV XQDV HVSHFLDOPHQWH YLQFXODGDVDODWUDFFLyQYDSRUODVDJXDGDVeV WDVFRQVWLWX\HQXQRGHORVHOHPHQWRVPiVFODUD PHQWH UHOHJDGRV HQ OD H[SORWDFLyQ IHUURYLDULD 6XH[LVWHQFLDVHMXVWLÀFDEDH[FOXVLYDPHQWHSRU OD QHFHVLGDG GH VXPLQLVWUDU DJXD GH OD PHMRU FDOLGDG SRVLEOH D ODV ORFRPRWRUDV GH YDSRU 6XSUHVHQFLDYHQtDDMXVWDGDDGLVSRQLELOLGDGHV GHDJXDHQVXHQWRUQRDODVFDUDFWHUtVWLFDVGHO WUD]DGRHVSHFLDOPHQWHSHQGLHQWHV\ODH[LVWHQ FLD GH LQVWDODFLRQHV TXH OR GHPDQGDUDQ EiVL FDPHQWH WDOOHUHV \ GHSyVLWRV (Q OD SURYLQFLD GH$OEDFHWHGDGDODHVSHFLDOQDWXUDOH]DFDOL]D GH VX VXVWUDWR JHROyJLFR ODV LQVWDODFLRQHV GH ODV DJXDGDV IXHURQ GRWDGDV HQ DOJXQRV FDVRV GHFRPSOHMRVVLVWHPDVGHWUDWDPLHQWRVGHFDQ WDFLyQRGHVFDOFLÀFDFLyQSDUDDWHQXDUODDJUH VLYLGDGGHHVWDVDJXDVKDFLDODVFDOGHUDVGHODV ORFRPRWRUDV (Q HO H[WUHPR VXU RULHQWDO GH OD UHG SUR YLQFLDOWHQHPRVODRWURUDLPSRUWDQWHHVWDFLyQ GH$JUDPyQ (VWD FXHQWD FRQ XQ DOWR GHSy VLWR PHWiOLFR GH VHFFLyQ FLOtQGULFD DSR\DGR VREUHXQFXHUSRWDPELpQFLOtQGULFRGHLGpQ WLFDVHFFLyQ&RQVHUYDODHVFDOHUDH[WHULRUGH PDQWHQLPLHQWR\SDUFLDOPHQWHORVLQGLFDGR UHVGHYROXPHQHPEDOVDGR6HKDSHUGLGRHO PyGXORDQH[RGHWUDWDPLHQWRRVLPSOHHOHYD FLyQTXHVtDSDUHFtDUHÁHMDGRHQSODQLPHWUtD KLVWyULFD\GHOFXDOVHFRQVHUYDQPDUFDVGHVX SUHVHQFLDVREUHHOWHUUHQR(OGHSyVLWRPHWi OLFRFRQVHUYDUHVWRVGHOQRPEUHGHODHVWDFLyQ URWXODGRDJUDQWDPDxR *iOLERWUDGLFLRQDOGH7REDUUD\GHYtDHOHFWULÀFDGDHQ0LQD\D)RWRJUDItD)XQGDFLyQGHORV)HUURFDUULOHV(VSDxROHV !»/3$%&%22/#!22),%.!,"!#%4% UUHVPHWiOLFDVPiVDQJRVWDV\GHPD\RUDOWX UDYLQFXODGDVDOWUDWDPLHQWRGHODVDJXDV(VWH FRPSOHMRVHVLWXDEDHQXQUHFLQWRFHUUDGRVH SDUDGRGHOUHVWRGHOUHFLQWRIHUURYLDULRSRUXQ DOWR PXUR 'HQWUR GH HVWH SHFXOLDU FRPSOHMR VHXELFDQWUHVYLYLHQGDVSDUDHPSOHDGRVDGH PiV GH XQ SHTXHxR HGLÀFLR SDUD ODV ERPEDV GH LPSXOVLyQ TXH SUHYLVLEOHPHQWH HVWXYLH URQ GHVWLQDGDV D ORV HPSOHDGRV HQFDUJDGRV GHO PDQWHQLPLHQWR GH OD DJXDGD (O FRQMXQWR VHFRQVHUYDDSDUHQWHPHQWHHQEXHQHVWDGR\ HVWRGRXQKLWRGHOSDLVDMHIHUURYLDULRHQHVWD ]RQD 1RULDGH7HOGHFKHHQ$JUDPyQ $UFKLYR0XVHRGHO)HUURFDUULO /RTXHVLVHFRQVHUYDHQODDFWXDOLGDGHVOD JUDQQRULDTXHHOHYDEDHODJXDKDVWDXQDEDO VD GRQGH DUUDQFDED OD WUDtGD GH DJXDV D HVWH FRPSOHMR IHUURYLDULR &RQRFLGD DFWXDOPHQWH FRPROD´1RULDGH7HOGHFKHµVHKDFRQYHUWLGR HQ XQ DXWpQWLFR KLWR FRPDUFDO GH WDO IRUPD TXHKDVLGRUHSURGXFLGDÀHOPHQWHHQHOFDVFR XUEDQRGH+HOOtQ(VXQDJUDQQRULDGHFDQJL ORQHVTXHHOHYDHODJXDGHVGHXQFDQDOKDVWD XQDEDOVDGHVGHODFXDOVDOtDXQDFRQGXFFLyQ GH NPV GH ORQJLWXG KDVWD HO GHSyVLWR (Q HO $UFKLYR +LVWyULFR )HUURYLDULR VH FRQVHU YD XQD ULFD GRFXPHQWDFLyQ GHO SUR\HFWR GH DPSOLDFLyQGHHVWDWUDtGDGHDJXDVYLQFXODGR DO QXHYR GHSyVLWR TXH ÀQDOPHQWH QXQFD VH FRQVWUX\y -XQWRDHVWDYHWHUDQD\VLQJXODULQVWDODFLyQ WHQHPRVHOHVSHFWDFXODUFRPSOHMRGH/D5RGD (QHVWHOXJDUKD\WUHVDOWRVGHSyVLWRVFLOtQGUL FRVeVWRVVHDSR\DQVREUHVHQGRVFXHUSRVGH PDPSRVWHUtD -XQWR D HOORV VH HOHYDQ GRV WR $+)& 'H XQD IDFWXUD PX\ SDUHFLGD DO FDVR GH /D5RGDWHQHPRVHOFRQMXQWRGHODDJXDGDGH 9LOODUUREOHGR (Q HVWH FDVR ORV FXDWUR GHSyVL WRVVRQPX\HVWLOL]DGRV\DOWRVVRSRUWDGRVSRU XQRVFLOLQGURVGHODGULOORVGHJUDQDOWXUD-XQWR DHOORVVHXELFDQODVLQVWDODFLRQHVGHWUDWDPLHQ WR GHO DJXD GH VHPHMDQWH DOWXUD /DV FDVLOODV TXHDORMDEDQORVDUWLOXJLRVGHERPEHRKDQGHV DSDUHFLGR\DOLJXDOTXHVXFHGtDHQ/D5RGDVX SUHVHQFLD UHVDOWD HVSHFLDOPHQWH HQ XQ HQWRUQR GH SDLVDMHV SUHGRPLQDQWHPHQWH OODQRV (Q$O SHUD FRQVHUYDPRV RWUD DJXDGD TXH UHVSRQGH D XQPRGHORPX\UHSHWLGRSRUODUHG'HQXHYR WHQHPRVHOFLOLQGURFRQFXEDPHWiOLFDDSR\DGD VREUHFXERGHREUD(QHVWHFDVRVHLQFRUSRUD XQD´SDUULOODµGHDSR\RIRUPDGDSRUYLJDVPH WiOLFDVGHGLVSRVLFLyQUDGLDO-XQWRDODWRUUHVH FRQVHUYDODFDVLOODGRQGHHVWXYRODERPEDSDUD HOHYDUHODJXDKDVWDODFXED(OFRQMXQWRVHFRQ VHUYDHQEXHQHVWDGR 8QR GH ORV FRQMXQWRV PiV SHFXOLDUHV \ GL IHUHQWHV GH OD SURYLQFLD HV OD PRGHVWD DJXDGD GH+HOOtQ(VWDLPSRUWDQWHHVWDFLyQVHGRWyGH XQSHTXHxRGHSyVLWRVHQVLEOHPHQWHPHQRUTXH ORVFLWDGRVKDVWDDKRUDTXHDGLIHUHQFLDGHORV GHPiV QR VH DSR\DED VREUH XQD HVWUXFWXUD GH REUDVLQRVREUHXQFDVWLOOHWHPHWiOLFRDSR\DGR DVXYH]VREUHFXDWURSLODUHVGHKRUPLJyQ$VX SLHVHHOHYDODSHTXHxDFDVLOODGHVWLQDGDDDFR JHUHOERPEHR(Q7REDUUDVHQRVSUHVHQWDRWUD VLQJXODU WLSRORJtD GH HVWDV LQVWDODFLRQHV (Q -)'5%,*)-³.%:6%'!Y&2!.#)3#/0/,/-52)%, $JXDGDVGH/D5RGD\9LOODUUREOHGR(Q HOSULPHUFDVRVHYHQODVYLYLHQGDVTXH HQFLHUUDQHOUHFLQWRGHODDJXDGD )RWRJUDItDV)XQGDFLyQGHORV)HUURFDUULOHV(VSDxROHV HVWH FDVR WHQHPRV XQD GREOH FXEDPHWiOLFDTXHVHDSR\DHQ XQ ~QLFR FXHUSR GH IiEULFD GH VHFFLyQ WLSR ´KLSyGURPRµ (Q ODSDUWHFHQWUDOGHHVWHFXHUSR GHDSR\RHQOD]RQDOLEUHGHOD FDUJD GH ODV FXEDV VH DORMD HO JUXSR GH HOHYDFLyQ GH DJXDV (VXQFRQMXQWRGHJUDQHOHJDQ FLDGHIRUPDVQRHVSHFLDOPHQ WH DOWR FRQ UHVSHFWR D RWURV HMHPSORV SHUR GH JUDQ SUHVHQFLD (Q FRQMXQWR VDOYR ODV PiTXL QDV GH ERPEHR WRGR HVWi HQ DFHSWDEOH HVWDGR GHFRQVHUYDFLyQ %iVFXODV JiOLERV DJXDGDV 7RGRV HVWRV HOHPHQWRV VRQ TXL]iV ORV PiV YXOQHUDEOHV HQ XQUHFLQWRIHUURYLDULRDFWXDOSRUVXHYLGHQWHLQ XWLOLGDGSUiFWLFD3HURWRGRVHOORVVRQDVXYH] XQWHVWLPRQLRFODURGHXQDIRUPDGHWUDEDMRHQ HOSDVDGRGHXQDVDFWLYLGDGHVGHWUDQVSRUWHHQ EXHQDSDUWHSHUGLGDVGHXQDWHFQRORJtDVXSH UDGDSHURFODYHSDUDH[SOLFDUEXHQDSDUWHGH QXHVWUDUHFLHQWHKLVWRULD6RQPX\YXOQHUDEOHV SHURDODYH]VRQPX\IiFLOHVGHSURWHJHUUH FXSHUDU\SRQHUHQYDORU6XVRODSUHVHQFLDGD XQHVSHFLDOFDUiFWHUDXQRVHVSDFLRV\DSRUVL PLVPRPX\GLIHUHQWHVDOHQWRUQRHQHOTXHVH LQVFULEHQ 6RQ HOHPHQWRV FRQ XQ HQRUPH SR WHQFLDO LQWHUSUHWDWLYR $XQTXH GLVSHUVRV SRU HOWHUULWRULRSURYLQFLDOKD\TXHDSRVWDUSRUVX FRQVHUYDFLyQ\DTXHODVWHQVLRQHV\GLQiPLFDV TXH KD\ HQ WRUQR D ORV HVSDFLRV IHUURYLDULRV ORVKDFHQHVSHFLDOPHQWHSURFOLYHVDVXSpUGLGD LUUHPLVLEOH$OJXQRV \D HVWiQ PX\ GHWHULRUD GRV\KDVWDVRUSUHQGHTXHKD\DQOOHJDGRKDVWD QXHVWURVGtDV2WURVHQFDPELROXFHQXQDHV WDPSDPX\SDUHFLGDDODGHVXVPHMRUHVpSR FDVGHVHUYLFLR(QFXDOTXLHUFDVRXQRV\RWURV KDQOOHJDGRKDVWDQXHVWURVGtDVHVDVXHUWHKD KDELGR\QRKD\TXHGHVSHUGLFLDUODVLQRPiV ELHQDSURYHFKDUODVSDUDDXPHQWDUODFDOLGDG\ GLYHUVLGDGGHOSDWULPRQLRKLVWyULFRIHUURYLDULR SURYLQFLDO !»/3$%&%22/#!22),%.!,"!#%4% ,/3/42/3&%22/#!22),%3 &RPRVHKDH[SOLFDGRHQHStJUDIHVDQWHULR UHV OD UHG IHUURYLDULD DOEDFHWHxD HVWi IRUPDGD SRUHVDVGRVJUDQGHVOtQHDVGHFDUiFWHUQDFLRQDO TXHGLEXMDQXQD´<µEDVFXODGDKDFLDHOVXUHVWH 9LOODUUREOHGR&KLQFKLOOD$OPDQVD\/DV0LQDV GH+HOOtQSHUÀODQ JURVVRPRGR ORVJUDQGHVWUD ]RVGHOUDLOSURYLQFLDO3HURMXQWRDHVWDVOtQHDV VHWHQGLHURQRWUDVTXHHQFLHUWDPHGLGDVRQUH ÁHMRGHODVFDUDVPiVWULVWHVGHOIHUURFDUULOOD GHODVOtQHDVGHVDSDUHFLGDV\ODGHORVIUDFDVRV IHUURYLDULRV/DSULPHUDVHFRUUHVSRQGHFRQODV OtQHDVPLQHUDVFDXWLYDVGHXQPHUFDGRFRQFUH WR\TXHQRKDQOOHJDGRDQXHVWURVGtDV0XFKR PiVDPELFLRVRIXHHOSUR\HFWRGHHVDJUDQOtQHD WUDQVYHUVDOQRUWHVXUTXHUHFRUUtDWRGDODGRUVDO RULHQWDOSHQLQVXODUGHVGH)UDQFLDKDVWD$QGDOX FtDXQJUDQIUDFDVRTXHWUDVLQJHQWHVLQYHUVLR QHVQROOHJyDYHUODOX]7RGRVHVWRVSUR\HFWRV QRVKDQOHJDGRXQSDWULPRQLRGHREUDFLYLOGH FDUiFWHUVHQVLEOHPHQWHGLIHUHQWHDORTXH0=$ SURGXMRHQVXUHGDWUDYpVGH$OEDFHWH ,/3&%22/#!22),%3-).%2/3 $OEDFHWH OOHJy D FRQWDU FRQ GRV OtQHDV PL QHUDVGHD]DURVDH[LVWHQFLDXQDTXHLEDGHVGH ODHVWDFLyQGH0LQDWHGDDODVPLQDVGH/D&H OLD HQ -XPLOOD 0XUFLD \ RWUD OD TXH XQLy HO &RWR$]XIUHURGH+HOOtQFRQODHVWDFLyQGH/DV 0LQDV'DGRTXHVXSURSLDFRQGLFLyQGHIHUUR FDUULOHV LQGXVWULDOHV LPSOLFDED XQD FRQFHSFLyQ PX\DMXVWDGDGHVXLQIUDHVWUXFWXUDHLQVWDODFLR QHVVXOHJDGRSDWULPRQLDOIRU]RVDPHQWHUHVXOWy VHUPX\PRGHVWR$GHPiVXQDGHODVOtQHDVOD TXH XQLy 0LQDWHGD FRQ ODV PLQDV GH -XPLOOD HQUHDOLGDGQROOHJyDIXQFLRQDUUHVXOWDGRGH XQÀDVFRHPSUHVDULDOGHOFXDOVXOHJDGRSDWUL PRQLDOVREUHWRGRHQORFRQFHUQLHQWHDOWHUULWR ULRDOEDFHWHxRIXHPiVELHQSDUFR/DVHJXQGD &RYHV1DYDUUR\*yPH]0DUWtQH] &RERV$UWHDJD WHQtDXQUHFRUULGRPX\FRUWRORFXDOWDPELpQOL PLWyVXVSRVLELOLGDGHVGHOHJDUQRVXQD´KXHOODµ SDWULPRQLDO 3DUD FRQRFHU OD SHFXOLDU KLVWRULD GHDPERVIHUURFDUULOHVUHFRPHQGDPRVDFXGLUDO DUWtFXOR SXEOLFDGR SRU -RVp$QWRQLR *yPH] \ -RVp9LFHQWH&RYHV \SDUDDQDOL]DUHOGHFXU VR HPSUHVDULDO TXH ODV PRWLYy ORV WUDEDMRV GH )UDQFLVFRGHORV&RERVGDQVXÀFLHQWHVGDWRV SDUDFRPSUHQGHUORV(QHVWDVOtQHDVWDQVyORGD UHPRVXQDVEUHYHVSLQFHODGDVVREUHDPEDV /D SULPHUD GH ODV OtQHDV SUHWHQGLy XQLU OD ]RQDPLQHUDGH-XPLOODHQHOSDUDMHGH/D&H OLDFRQODWHUPLQDOIHUURYLDULDHQVHUYLFLRPiV SUy[LPD (Q HVWH FDVR VH WUDWDED GH OD OtQHD &KLQFKLOOD&DUWDJHQDTXHRIUHFtDXQEXHQSXQ WRGHHQODFHHQHOSDUDMHGH0LQDWHGD(QHVWH SXQWRVHSURSXVRD0=$SRUSDUWHGHOD6RFLH GDG$QyQLPDGH0LQDVGH$SDWLWDVGH-XPLOOD OD LQVWDODFLyQ GH XQ SXQWR GH HPEDUTXH \ HQ HVWH PLVPR OXJDU OD HPSUHVD PLQHUD LQVWDODUtD XQD SODQWD GH SULPHU WUDWDPLHQWR GHO PLQHUDO /RVUHWUDVRVHQFRPHQ]DUODVREUDVIXHURQP~O WLSOHV \ ÀQDOPHQWH 0=$ GHFLGLy FUHDU HVWD QXHYDHVWDFLyQDLPSXOVRSURSLRSDUDIDFLOLWDU HOFUX]DPLHQWRGHORVWUHQHVHQHOODUJRWUDPR TXHKDEtDHQWUHODVHVWDFLRQHVGH+HOOtQ\$JUD PyQ/DHVWDFLyQVHFRQFOX\yHQHODxR (Q HVWD IHFKD HO IHUURFDUULOTXH WHQtD XQRV NPVGHORQJLWXG\FPGHDQFKXUD\DKDEtD VLGR RÀFLDOPHQWH LQDXJXUDGR (VWR VXFHGLy HQ HODxRWUDVHOUHFRQRFLPLHQWRVDWLVIDFWRULR SRUSDUWHGHOD-HIDWXUDGH)HUURFDUULOHV /RFLHUWRHVTXHODVRFLHGDGPLQHUDVHGLVRO YLyDODxRVLJXLHQWH\SDUHFHVHUTXHHQUHDOLGDG HOIHUURFDUULOQXQFDOOHJyDHQWUDUHQVHUYLFLR'H VXHItPHUDSUHVHQFLDDQXHVWURVGtDVQRKDOOHJD GRSUiFWLFDPHQWHQDGDUHOHYDQWH6yORODSURSLD H[SODQDFLyQIHUURYLDULDHVGLYLVDEOHHQHOWUDPR HQTXHpVWDGLVFXUUHDOSLHGHODV]RQDVTXHEUD GDVGHODPLWDGPiVSUy[LPDD/D&HOLD(VXQ WUDPRGHGLVHxRPX\HFRQyPLFRVLQPiVREUDV GH IiEULFD TXH DOJXQDV WDMHDV \ SRQWRQHV DGH PiVGHYDULRVWHUUDSOHQHV\WULQFKHUDV(O~QLFR -)'5%,*)-³.%:6%'!Y&2!.#)3#/0/,/-52)%, 3ODQRFRQORVHOHPHQWRVTXHDUWLFXODQHOWHUULWRULRHQWRUQRDODHVWDFLyQGH/DV0LQDVGH+HOOtQ (ODERUDGRSRU)XQGDFLyQGHORV)HUURFDUULOHV(VSDxROHV KLWRUHOHYDQWHIXHODIiEULFDGHDERQRVVLWXDGDHQ 0LQDWHGD'HHOODKR\QRTXHGDQDGD\ORVDU FKLYRVWHVWLÀFDQHODFKDWDUUDPLHQWRGHORVUHVWRV PHWiOLFRVGHGLFKDSODQWDTXHFXOPLQDURQKDFLD HODxR 3RUVXSDUWHHOIHUURFDUULOPLQHURGHO&RWR $]XIUHURGH+HOOtQQRVKDOHJDGRXQWHVWLPRQLR PXFKRPiVVXJHUHQWH(VWDOtQHDWXYRXQDORQ JLWXGPXFKRPiVFRUWDTXHVXYHFLQDGHOQRUWH 6XVNPVGHUHFRUULGRFRQHFWDEDQHOSREODGR PLQHURGH/DV0LQDVFRQODHVWDFLyQGH0=$ GHO PLVPR QRPEUH (Q OD ]RQD PLQHUD HO IH UURFDUULOSURORQJDEDVXVYtDVPHGLDQWHUDPDOHV KDFLD GLYHUVDV GHSHQGHQFLDV GHO FRPSOHMR PL QHURERFDPLQDV\IiEULFDV3XHVWRHQVHUYLFLR HQ VX FLHUUH DSDUHFH GDWDGR GH PDQHUD LPSUHFLVD KDFLD /D RURJUDItD GHO WHUUH QR \ OD SUHVHQFLD GHO FDXFH GHO FDXGDORVR UtR 0XQGRHQWUHOD]RQDPLQHUD\ODHVWDFLyQGHYtD $+), DQFKD KLFLHURQ TXH OD WUD]D GH HVWH IHUURFDUULO WXYLHUDXQDSUHVHQFLDPiVIHKDFLHQWHHQHOSDL VDMH(QHOWUDPRÀQDOVHORFDOL]DQORVLPSRUWDQ WHVHVWULERV\SLODUHVGHOSXHQWHPHWiOLFRVREUH HO0XQGRREUDGHXQRVPGHORQJLWXG/D HVWUXFWXUDPHWiOLFDGHVDSDUHFLyFRQODVYtDV$ SRFRVPHWURVVHORFDOL]DRWURLPSRUWDQWHUHVWR IHUURYLDULRXQW~QHOGHXQRVPGHORQJLWXG FRQ XQD FKLPHQHD FHQWUDO GH YHQWLODFLyQ TXH HVTXLYDEDXQHVFDUSHGHOWHUUHQRHQODFRQÁXHQ FLDGHO0XQGR\HO6HJXUD$OJXQRVRWURVSRQ WRQHV MDORQDEDQ HO UHFRUULGR KDFLD /DV 0LQDV HQWUH ORV FXDOHV VH LQWHUFDODED XQ HVSHFWDFXODU YLDGXFWRTXHGHVDSDUHFLySRUXQDYDULDQWHDQWHV GHOÀQGHODH[SORWDFLyQIHUURYLDULD (Q WRGR FDVR VL ELHQ WRGDYtD KD\ DOJXQRV UHVWRVGHODH[SORWDFLyQIHUURYLDULDORYHUGDGH UDPHQWH LQWHUHVDQWH GHO HQWRUQR GH HVWH IHUUR FDUULOVRQORVQ~FOHRVGHSREODFLyQFUHDGRVHQ !»/3$%&%22/#!22),%.!,"!#%4% 5HVWRVGHOSXHQWHGHOIHUURFDUULOPLQHURVREUHHO UtR0XQGR\GHORVDOPDFHQHVGHHVSDUWRHQHO EDUULRGHODHVWDFLyQGH/DV0LQDV)RWRJUDItDV )XQGDFLyQGHORV)HUURFDUULOHV(VSDxROHV VXVH[WUHPRV(QHOODGRGHODPLQDGHD]XIUH FUHFLyODSREODFLyQGH/DV0LQDV)XHXQWtSLFR SREODGRPLQHURFRQYLYLHQGDVGHWUDEDMDGRUHV GHODJHUHQFLDVHUYLFLRVSDUDORVSREODGRUHV\ XQDIiEULFDGRQGHVHUHDOL]DEDXQSULPHUWUDWD PLHQWRGHODSURGXFFLyQGHORVSR]RVYHFLQRV $FDEDGD OD IDVH PLQHUD D ÀQDOHV GH OD GpFDGD GH SHULRGR DO TXH FRUUHVSRQGH XQ VRU SUHQGHQWHEORTXHGHYLYLHQGDVHQDOWXUDGHID] LQHTXtYRFDPHQWH XUEDQD HO SREODGR LQLFLy XQ EUXWDOGHVSREODPLHQWRTXHKDOHJDGRXQRV KDELWDQWHVFHQVDGRVHQODDFWXDOLGDGFLIUDTXH D OD YLVWD GHO FDVHUtR HV XQ WDQWR HQJDxRVD 'HDTXHOHVSOHQGRUPLQHURTXHGDKR\XQUHVWR GHVÀJXUDGR\DUUXLQDGRSHURTXHHQFXDOTXLHU FDVR WLHQH XQ HVSHFLDO YDORU SRU VX UDUH]D HQ HVWH HQWRUQR JHRJUiÀFR /D LPSRUWDQWH ODERU PLQHUDWDQYLQFXODGD\GHSHQGLHQWHGHOIHUUR FDUULO KD JHQHUDGR XQ SDLVDMH TXH PHUHFH OD SHQDVHUUHGHVFXELHUWR\UHYDORUL]DGREDMRXQDV QXHYDVFRRUGHQDGDVGHLQWHUSUHWDFLyQGHQXHV WURSDVDGRLQGXVWULDO (ORWURSXQWRTXHDOPDUJHQGHODDFWLYLGDG JHQHUDGDSRUHOIHUURFDUULOPLQHURSHURORFDOL]D GRHQHOPLVPRiPELWRWHUULWRULDOHVWDUtDHOSR EODGRGHOD(VWDFLyQGH/DV0LQDV/DULTXH]DHQ HVSDUWRGHHVWDVWLHUUDVVXPDGRDODFDUHQFLDGH YLYLHQGDV SDUD ORV PLQHURV GH ODV FHUFDQDV H[ SORWDFLRQHVSURSLFLyODFUHDFLyQGHXQVLQJXODU SREODGRHQWUHODVRULOODVGHOUtR0XQGR\ODVYtDV GH0=$(OSREODGRWXYRXQDSDUWHtQWLPDPHQ WHOLJDGDDOIHUURFDUULOGHYtDDQFKDIRUPDGDSRU ODVHGLÀFDFLRQHVGHODSURSLDHVWDFLyQ\ORTXH HVPiVLQWHUHVDQWHDHVWRVHIHFWRVODVYLYLHQGDV IHUURYLDULDVVLWXDGDVHQXQDFRWDPiVDOWDVREUH ODVYtDV-XQWRDHVWRVHGLÀFLRVGHPDWUL]SXUD PHQWHIHUURYLDULDKD\TXHVHxDODUODSUHVHQFLDGH XQFLHUWRQ~PHURGHQDYHV\YLYLHQGDVHQODVTXH YLYLHURQWUDEDMDGRUHVYLQFXODGRVDODH[SORWDFLyQ GH ORV HVSDUWDOHV TXH KDEtD SRU WRGRV HVWRV FH UURV/DFRPDUFDGHO&DPSRGH+HOOtQKDWHQLGR XQVLQJXODUSURWDJRQLVPRHQODUHFRJLGDGHHVWD SODQWD\ODHVWDFLyQGH/DV0LQDVLQVFULWDHQXQ HQWRUQR \HVtIHUR HVSHFLDOPHQWH DGHFXDGR SDUD HOGHVDUUROORGHHVWDVSODQWDVIXHXQLPSRUWDQWH SXQWRGHDFRSLR\GLVWULEXFLyQGHODSURGXFFLyQ KDFLDHOUHVWRGHO(VWDGR$OPDFHQHV\YLYLHQGDV HQYROYLHURQODVYtDVSHURORTXHIXHPXFKRPiV VLQJXODUIXHODFUHDFLyQGHXQSHFXOLDUEDUULRGH -)'5%,*)-³.%:6%'!Y&2!.#)3#/0/,/-52)%, 0DSD7UD]DGRGHO)HUURFDUULO%DH]D8WLHODVXSDVRSRU$OEDFHWH (ODERUDGRSRU)XQGDFLyQGHORV)HUURFDUULOHV(VSDxROHV FDVDVFXHYDTXHDSURYHFKDURQHOHVFDUSH\HVtIH URSDUDFRQVWUXLUVXVYLYLHQGDV6HJ~QWHVWLPR QLRVUHFRJLGRVHQOD]RQDHQHVWDVFXHYDVPRUD URQWDQWRORVHVSDUWHURVFRPRORVPLQHURVTXHQR HQFRQWUDURQDFRPRGRHQHOSURSLRSXHEORGH/DV 0LQDV(VWHFRQMXQWRGHYLYLHQGDVFRQVWLWX\HXQ HQFODYHGHVLQJXODUYDORUHWQRJUiÀFR\DOLJXDO TXHHOSURSLRSREODGRPLQHURVXFRQRFLPLHQWR \FRUUHFWDLQWHUSUHWDFLyQVRQGRVFXHVWLRQHVTXH QRKD\TXHGHVFXLGDUSDUDTXHHVWHWHVWLPRQLRGH YLGD\WUDEDMRGHRFXSDFLyQGHOWHUULWRULRSXHGD VHUFRQRFLGRSRUODVVXFHVLYDVJHQHUDFLRQHV %,&%22/#!22),"!%:!54)%, 6LORVIHUURFDUULOHVPLQHURVDOEDFHWHxRVVRQ WHVWLPRQLRV GH IHUURFDUULOHV GHVDSDUHFLGRV HO FDVR GHO )HUURFDUULO %DH]D8WLHO WDQWR HQ VX WUDPR MLHQQHQVH FRPR HQ VX UHFRUULGR DOEDFH WHxR HV HO HMHPSOR PiV IHKDFLHQWH HQ QXHVWUR SDtVGHXQDSODQLÀFDFLyQPDOFRQFHELGDGHXQD HMHFXFLyQGLODWDGtVLPDHQHOWLHPSR\GHXQDGH FLVLyQGHDEDQGRQRGHREUDVTXHHQHOPHMRUGH ORVFDVRV\SDUDHOWUDPRTXHXQH$OEDFHWHFRQ %DH]DTXL]iVKDEUtDTXHKDEHUVHSODQWHDGRFRQ PiVFDOPD (VWH )HUURFDUULO SODQWHDED D JUDQGHV WUD ]RVODFUHDFLyQGHXQQXHYRHMHQRUWHVXUSRUOD GRUVDOHVWHGHODSHQtQVXOD/DQXHYDOtQHDVHUtD XQDDOWHUQDWLYDDODTXH\DH[LVWtDSRUODIDFKD GD OHYDQWLQD \ DGHPiV GH SHUPLWLU XQD QXHYD FRQH[LyQ IHUURYLDULD FRQ )UDQFLD IDFLOLWDED OD FUHDFLyQ GH XQ QXHYR HMH GH PDOODGR HQ XQD ]RQD FRQ VHYHUDV FDUHQFLDV GH UHG IHUURYLDULD SHQDOL]DGD HQ VXV SRVLELOLGDGHV GH GHVDUUROOR SRUHOGLVHxRUDGLDOGHODUHGHVSDxROD/DVREUDV VHLQLFLDURQDODEULJRGHO3ODQ*XDGDOKRUFHHQ ODGpFDGDGH6XIULHURQODSDUDOL]DFLyQGH OD*XHUUD&LYLO\ODUHFHVLyQGHODSRVJXHUUD\ D SHVDU GHO IXHUWH LPSXOVR GHVDUUROODGR HQ OD GpFDGDGHODVREUDVIXHURQDEDQGRQDGDV HQXQDOWtVLPRQLYHOGHHMHFXFLyQSDUDHOWUDPR /DJpQHVLV\HYROXFLyQGHHVWHIHUURFDUULOHVWiQSODQWHDGRVFRQJUDQGHWDOOHHQODREUDGH3ULHWRL7XU\(QJXL[L3HLUy !»/3$%&%22/#!22),%.!,"!#%4% $OEDFHWH%DH]D HQ VLJXLHQGR ODV LQGL FDFLRQHVGHOLQIRUPHGHO%,5'/DVREUDVIXH URQ IRUPDOPHQWH SDUDOL]DGDV GXUDQWH DxRV VLHQGRGHÀQLWLYDPHQWHDEDQGRQDGDVDWRGRVORV HIHFWRVHQHODxR (VWDIDOOLGDOtQHDWXYRHQ$OEDFHWHXQHVSH FLDOGHVDUUROOR<VLELHQHOWUDPRQRUWHGHVGH $OEDFHWH KDVWD HO OtPLWH SURYLQFLDO FRQ9DOHQ FLD WXYR XQ QLYHO GH WUDEDMRV PiV PRGHUDGR FRQJUDQGHVVHFWRUHVVLQREUDDOJXQDHOWUDPR VXU GHVGH OD FDSLWDO SURYLQFLDO KDVWD HO OtPLWH FRQ-DpQDOFDQ]yXQDOWtVLPRQLYHOGHREUDWHU PLQDGD /DV REUDV VH SDUDOL]DURQ FXDQGR VyOR VHHVWDEDDIDOWDGHOPRQWDMHGHODVHxDOL]DFLyQ FRQWRGDODLQIUDHVWUXFWXUD\HOUHVWRGHODVXSHU HVWUXFWXUDWHUPLQDGD 7DQ DOWR QLYHO GH HMHFXFLyQ GH REUD QRV KD OHJDGR XQ YDVWR FRQMXQWR GH LQVWDODFLRQHV \D IXHUDQHGLÀFLRVGHH[SORWDFLyQXREUDVGHLQIUD HVWUXFWXUDTXHWUDVFXDWURGpFDGDVGHDEDQGRQR DEVROXWRWLHQHQXQFLHUWRQLYHOGHGHWHULRURVR EUHWRGRHQORTXHFRQFLHUQHDOSDUTXHGHHGLÀ FLRV'HVGHHVWHQLYHOGHODPHQWDEOHDEDQGRQR VHDSXQWDXQDLQWHUHVDQWHSHUVSHFWLYDGHUHFXSH UDFLyQPHUFHGDORVSUR\HFWRVHQHMHFXFLyQGH UHFXSHUDFLyQ GH HVWD LQIUDHVWUXFWXUD FRPR9tD 9HUGHFRQODGHQRPLQDFLyQGHOD9tD9HUGHGH OD6LHUUDGH$OFDUD] &RPR DSXQWiEDPRV PiV DUULED HVWH IHUUR FDUULOOOHJyDFRQWDUHQODSURYLQFLDGH$OEDFHWH FRQGRVWUDPRVFODUDPHQWHGLIHUHQWHV(OWUDPR QRUWH GHVGH OD FDSLWDO KDVWD OD +RFHV GHO &D EULHOVRORWXYRPDWHULDOL]DFLyQGHREUDVDSDUWLU GHOFUXFHGHO-~FDU'HVGH$OEDFHWHHOSUR\HFWR IHUURYLDULRSODQWHyNPGHYtDVGHODVFXDOHV VH HMHFXWDURQ GRV WHUFHUDV SDUWHV DXQTXH FRQ XQ QLYHO PX\ GLVFRQWLQXR GH FRQVWUXFFLyQ GH H[SODQDFLRQHV VLQ HUHFFLyQ GH HGLÀFLRV \ FRQ QXPHURVRVYLDGXFWRV\W~QHOHVLQFRQFOXVRV(O WUDPRVXUVtTXHDOFDQ]yXQQLYHOFDVLFRPSOHWR GH WUDEDMRV &RQ ORV FDUULOHV GLVSXHVWRV WDQWR HQWUDPRVGHSOHQDYtDFRPRHQHVWDFLRQHVVyOR IDOWDED WHQGHU ODV VHxDOHV SDUD SHUPLWLU OD H[ SORWDFLyQ GHO WUDPR 2EYLR HV GHFLU TXH WRGRV ORVHGLÀFLRVGHH[SORWDFLyQHVWDEDQUHPDWDGRV \OLVWRVSDUDHQWUDUHQVHUYLFLR %$)&)#)/3 (QXQFLDUHPRVDKRUDODVWLSRORJtDVPiVIUH FXHQWHV GH HGLÀFLRV GH HVWH IHUURFDUULO 7RGRV ORVGDWRVGHHVWHDSDUWDGRKDQVLGRREWHQLGRVD WUDYpVGHXQLQWHQVLYRWUDEDMRGHFDPSR\FRQ D\XGDGHIRWRJUDPHWUtDDpUHDORFXDOSODQWHDXQ FLHUWR PDUJHQ GH HUURU HQ ODV GLPHQVLRQHV GH (VWDFLyQGH6DQ-RUJH)RWRJUDItD'LSXWDFLyQGH$OEDFHWH -)'5%,*)-³.%:6%'!Y&2!.#)3#/0/,/-52)%, ORVLQPXHEOHV(QFXDOTXLHUFDVRHVWRVHUURUHV DHVWRVHIHFWRVVRQGHVSUHFLDEOHV\DTXHORTXH LQWHUHVDHVGHÀQLUWLSRORJtDV\YRO~PHQHVEiVL FRV 8Q QHFHVDULR WUDEDMR GH DUFKLYR DGHPiV GH ÀMDU QXPHURVRV GDWRV HVWLPDGRV DTXt SHU PLWLUtDLQWHUSUHWDUFRQFODULGDGHOSRUTXpGHORV GLIHUHQWHVPRGRVFRQVWUXFWLYRVTXHVLQDSDUHQ WHFULWHULRVHUHSDUWHQDORODUJRGHOWUD]DGRGH HVWDOtQHDIpUUHD (QJHQHUDOWRGDVODVHVWDFLRQHVGHHVWDOtQHD WHQtDQODPLVPDGRWDFLyQHGLÀFLRVGHYLDMHURV PXHOOH FHUUDGR \ GHVFXELHUWR \ PyGXORV GH YLYLHQGDVREUHUDV$HVWRVLQPXHEOHVHQRFDVLR QHV VH DxDGtDQ FDUJDGHURV GH JDQDGR PXHOOHV FXELHUWRV\XULQDULRVH[HQWRV /DV HVWDFLRQHV SRGtDQ VHU FRQ FXELHUWD D GRVDJXDV\WHMDiUDEHRUHPDWDGDVSRUXQDWH UUD]D SODQD HVWD WLSRORJtD SDUD ORV HGLÀFLRV GHYLDMHURVVyORVHGLRHQHOWUDPRMLHQHQVHGHO IHUURFDUULO (VWD WLSRORJtD GH FXELHUWDV SRGtD UHSHWLUVH R QR HQ ORV HGLÀFLRV GHO PXHOOH (Q ORVFDVRVGHHGLÀFLRVFRQFXELHUWDDGRVDJXDV KDEtDYDULDVWLSRORJtDVHVWDEOHFLGDV(QODPiV VHQFLOOD GH [ P pVWRV VROtDQ WHQHU XQD GLVWULEXFLyQ HQ WUHV FXHUSRV GH VLPLODU ORQJL WXGVLHQGRGHXQDDOWXUDORVGRVH[WUHPRV\GH GRV SLVRV HO FHQWUDO (Q OD IDFKDGD ODGR FDOOH WHQtDQ XQ DSXQWH GH PDUTXHVLQD SURWHJLHQGR SUHFDULDPHQWHHODFFHVRSULQFLSDODOYHVWtEXOR GH YLDMHURV 3RU HO ODGR GH ODV YtDV OD IDFKD GDVHURPStDHQHOFXHUSRFHQWUDOFUHDQGRXQ SRUFKHFXELHUWRSDUDODSURWHFFLyQGHORVYLD MHURVFRQXQUHWUDQTXHRGHODOtQHDGHIDFKDGD VRVWHQLGRSRUGRVSLODUHVGHVHFFLyQPX\DQ FKD/DVLJXLHQWHUXSWXUDGHODOLQHDOLGDGGHOD IDFKDGDODSURSRUFLRQDHOJDELQHWHGHFLUFXOD FLyQHOHPHQWRHQUHVDOWHGRQGHVHVLWXDUtDQOD PHVDGHFRQFHQWUDFLyQGHSDODQFDVGHOHQFOD YDPLHQWR(QHVWHHGLÀFLRVHDORMDEDQGHSHQ GHQFLDVGHH[SORWDFLyQDVtFRPRYLYLHQGDVGH IHUURYLDULRV $ HVWH PRGHOR UHVSRQGHUtDQ ODV HVWDFLRQHV GH 6DQ -RUJH \ /DV 6DQWDQDV 6R EUHHVWHPLVPRPRGHORKDEtDXQGHVDUUROORGH PiVORQJLWXGPHQHOTXHVHLQFRUSRUDED RWURSRUFKHGHPHQRUHVGLPHQVLRQHVHQXQRGH ORVH[WUHPRVGHOHGLÀFLRDVtFRPRXQWDPDxR PD\RUSDUDHOSRUFKHGHODIDFKDGDSULQFLSDO VRVWHQLGR HQ HVWH FDVR SRU SLODUHV GH ODGULOOR PiVHVWLOL]DGRV(VWHPRGHORFRUUHVSRQGHUtDD ODVHVWDFLRQHVGH(O5REOHGR(O6DOLQHUR9L OODSDODFLRV\%LHQVHUYLGD 8QD YDULDFLyQ GH HVWH PRGHOR HOLPLQDEDHO SRUFKHGHOPyGXORFHQWUDOVLWXiQGRORHQXQOD WHUDOGHODIDFKDGD&RQWDEDFRQXQDIDOVDPDU TXHVLQDVREUHHODQGpQ\RWURSHTXHxRSRUFKH VLWXDGRHQODHVTXLQDFRQWUDULD(VWHWLSRGHHGL ÀFLRV WLHQH XQD ORQJLWXG GH P \ PDQWLHQH HOHVTXHPDGHWUHVFXHUSRV$HVWDWLSRORJtDVHU DFRJHUtDQ ODV HVWDFLRQHV GH %DOD]RWH 6DQ 3H GUR(O-DUGtQ\5HROLG (OWHUFHU\~OWLPRPRGHORGHHVWDFLyQGHO WUDPRDOEDFHWHxRGHHVWHIHUURFDUULOVHGDVyOR HQXQFDVRODHVWDFLyQGH$OFDUD](VXQDYD ULDFLyQGHOPRGHORGHSRUFKHFHQWUDOVLHQGR OD~QLFDGLIHUHQFLDHOPD\RUWDPDxRGHOHGL ÀFLR P GH IDFKDGD (VWH PD\RU WDPDxR FRUUHVSRQGH FRQ OD PD\RU LPSRUWDQFLD GH OD HVWDFLyQDFRUGHDODSREODFLyQTXHGDEDVHU YLFLR OD PD\RU GH WRGR HO WUDPR DOEDFHWHxR GHO IHUURFDUULO D H[FHSFLyQ REYLDPHQWH GH OD FDSLWDO SURYLQFLDO (VWD LPSRUWDQFLD GHO WDPDxR GHO HGLÀFLR GH YLDMHURV WLHQH VX FR UUHODWRFRQHOGHOUHVWRGHORVHGLÀFLRVGHHVWH FRPSOHMRIHUURYLDULR /RVPXHOOHVORVHGLÀFLRVHLQVWDODFLRQHVGH GLFDGRVDOLQWHUFDPELRGHPHUFDQFtDVHQWUHYD JRQHV\RWURVYHKtFXORVQRIHUURYLDULRVWXYLHURQ GRVWLSRORJtDVEiVLFDV8QDPX\FRQYHQFLRQDO VHFRUUHVSRQGHFRQODGHOPXHOOHFHUUDGRFRQ FXELHUWDDGRVDJXDV\DOHURVVREUHYtDV\FDUUH WHUDTXHVHSURORQJDHQXQODGRFRQXQPXHOOH GHVFXELHUWRDFDEDGRHQUDPSDTXHHQUDVDFRQHO WHUUHQR(VWDWLSRORJtDODSRGHPRVHQFRQWUDUHQ ODVHVWDFLRQHVGH6DQ-RUJH/DV6DQWDQDV%D OD]RWH6DQ3HGUR(O-DUGtQ\5HROLG'HQWURGH HVWD WLSRORJtD WHQHPRV HGLÀFLRV GH PHWURV \PHWURVGHORQJLWXG3RURWUDSDUWHHVWDUtDQ ORVPXHOOHVGHID]PXFKRPiVPRGHUQDGHFX ELHUWD SODQD UHPDWDGD HQ WHUUD]D HVWpWLFD TXH QR IXQFLRQDO (Q DOJXQRV FDVRV ORV PXHOOHV FHUUDGRVVHSURORQJDEDQFRQXQPXHOOHFXELHUWR !»/3$%&%22/#!22),%.!,"!#%4% 0XHOOHGHFDUJDGH(O-DUGtQ)RWRJUDItD'LSXWDFLyQGH$OEDFHWH VHJXLGRGHRWURGHVFXELHUWR/DVHVWDFLRQHVTXH WHQtDQHVWHWLSRGHPXHOOHVHUDQODVGH5REOHGR 6DOLQHUR$OFDUD]9LOODSDODFLRV\%LHQVHUYLGD /DGLPHQVLyQKDELWXDOHUDGHXQPXHOOHFHUUDGR GHPXQRFXELHUWRGHP\XQRGHVFXELHUWR GH XQRV P (Q HO FDVR GH$OFDUD] GH QXH YRODVGLPHQVLRQHVHUDQPD\RUHV\ PHWURV UHVSHFWLYDPHQWH $FWXDOPHQWH HQ ORV PXHOOHVGH5REOHGR\(O6DOLQHURVHKDQWDEL FDGR ORV PXHOOHV FXELHUWRV FUHDQGR XQD ~QLFD VXSHUÀFLHFHUUDGD -XQWRDHVWRVPXHOOHVGHFDUJDFRQYHQFLRQDO KD\ TXH VHxDODU ORV FDVRV GH 5REOHGR \$OFD UD]ORVFXDOHVFRQWDEDQFRQXQHPEDUFDGHURGH FDUJDGHJDQDGRDWUHVDOWXUDVFRQVXVFRUUDOHV SDUDHOPDQHMRGHORVUHEDxRV (O FRQMXQWR GH LQPXHEOHV IHUURYLDULRV GH ORVUHFLQWRVGHHVWDFLRQHVVH UHPDWDEDFRQORV PyGXORVGHYLYLHQGDVGHHPSOHDGRV&RPR\D VH KD FRPHQWDGR DUULED WRGRV ORV HGLÀFLRV GH YLDMHURVFRQWDEDQFRQDOJXQDVYLYLHQGDVKDEL WXDOPHQWH DVLJQDGDV DO SHUVRQDO GH PD\RU FD WHJRUtD GH OD HVWDFLyQ 3HUR DGHPiV GH pVWDV VROtDQGLVSRQHUVHXQDVEDWHUtDVGHYLYLHQGDVGH XQDVRODDOWXUDKDELWXDOPHQWHFRQXQSDWLR(Q HVWHIHUURFDUULOFRPRFDVLHQWRGRVVXVHOHPHQ WRVFRQVWUXFWLYRVSRGHPRVDSUHFLDUGRVWLSROR JtDVEiVLFDV /D SULPHUD GH HOODV PiV DQWLJXD VH DMXVWD DXQSDWUyQPX\KDELWXDOHQODVFRPSDxtDVIH UURYLDULDV EDWHUtD GH YLYLHQGDV DGRVDGDV FRQ FXELHUWD D GRV DJXDV FRQ SDWLRV WUDVHURV /D GLVWULEXFLyQ GH YDQRV HQ IDFKDGD HV UHJXODU \ ODVDOLQHDFLRQHVVRQUHFWDVHQWRGRVVXVÁDQFRV (VWHWLSRGHYLYLHQGDVSRGHPRVHQFRQWUDUODVHQ ODVHVWDFLRQHVGH%DOD]RWH6DQ3HGUR\5HROLG ORV HGLÀFLRV GH (O -DUGtQ KR\ GHVSDUHFLGRV DSDUHQWHPHQWH VH DMXVWDEDQ D HVWD WLSRORJtD FRQVWUXFWLYD(Q6DQ3HGURHOJUXSRWHQtDWUHV YLYLHQGDV PLHQWUDV TXH HQ ODV RWUDV GRV HUDQ FXDWUR ODV FRQVWUXLGDV /D VXSHUÀFLH HUD GH HQ WRUQRDPHWURVFXDGUDGRV)UHQWHDHVWHPR GHORHQODVUHVWDQWHVHVWDFLRQHVVHGLVSXVLHURQ JUXSRV GH GRV YLYLHQGDV TXH VH XELFDEDQ HQ VHQGRV H[WUHPRV GH XQ UHFLQWR TXH DFRJtD SD WLRV \ DOPDFHQHV \ HVWDEORV SDUD VXV PRUDGR UHV(OFRQMXQWRSRGUtDWHQHUXQDIRUPDPiVR PHQRVUHFWDQJXODURMXJDUFRQDEUXSWRVUHWUDQ TXHRVHQWUHYLYLHQGDV\SDWLRV(VWDVFDVDVGH FRQFHSFLyQPXFKRPiVPRGHUQDWLHQHQXQSH TXHxRSRUFKHHQODSXHUWDGHDFFHVR -)'5%,*)-³.%:6%'!Y&2!.#)3#/0/,/-52)%, *UXSRGHYLYLHQGDVGH6DQ -RUJH\FDVLOODGHREUHURVWLSR ´PRGHUQRµHQ(O-DUGtQ )RWRJUDItDV'LSXWDFLyQ GH$OEDFHWH 7RGRVHVWRVHOHPHQWRVDUWLFXODEDQHOHVSD FLR GH ODV RQFH HVWDFLRQHV FRQVWUXLGDV GH HVWH IHUURFDUULO &XULRVDPHQWH \ D GLIHUHQFLD GH OR TXHVXFHGHHQODPD\RUtDGHQXHVWURVIHUURFDUUL OHVDEVROXWDPHQWHWRGDVODVLQVWDODFLRQHVHVWiQ GLVSXHVWDVVLHPSUHHQXQVRORODGRGHOKD]GH YtDVTXHDGHPiVVDOYRHQORVFDVRVGH(O6D OLQHUR\%DOD]RWHVLHPSUHHVHQHOODGRVXUGH ODOtQHD )XHUD GH ORV UHFLQWRV GH ODV HVWDFLRQHV HO IHUURFDUULOFRQWDEDFRQXQDVHULHGHFDVLOODVHQ ODVTXHVHDORMDUtDQORVHPSOHDGRVUHVSRQVDEOHV GHO PDQWHQLPLHQWR GH XQ WUDPR GH YtD &RPR HQ WRGR HO SDUTXH LQPRELOLDULR GHO IHUURFDUULO pVWDVUHVSRQGtDQDGRVWLSRORJtDVXQDPiVFOi VLFD \ RWUD PiV PRGHUQD /D ´FOiVLFDµ FRUUHV SRQGtD D XQ HGLÀFLR GH IRUPD F~ELFD FRQ FX ELHUWDDGRVDJXDV\GHGRVDOWXUDV&RQSODQWD GH PHWURV FXDGUDGRV VROtDQ FRQWDU FRQ XQ SR]R HQ VXV LQPHGLDFLRQHV SDUD HO DEDVWHFL PLHQWRGHVXVPRUDGRUHV/DVFDVDVGHIDFWXUD PiVPRGHUQDVRQODVFDUDFWHUtVWLFDVGHODOtQHD 7LHQHQ XQD SODQWD PiV PRYLGD FRQ XQ SRU FKH GH DFFHVR H[HQWR VREUH HO EORTXH GH DOR MDPLHQWRFRQGRVDOWXUDVGHFXELHUWDHQHOTXH VH LQWHJUD WDPELpQ XQD HVWDQFLD GH OD YLYLHQ GD 7LHQHQ XQD VROD DOWXUD FRQ FXELHUWD D GRV DJXDV\XQSDWLRWUDVHUR/DSODQWDGHOD]RQDGH HVWDQFLDWLHQHXQRVPHWURVFXDGUDGRV !»/3$%&%22/#!22),%.!,"!#%4% 9LDGXFWRVGH/D6RODQLOOD\GHO&DEULHO)RWRJUDItDV'LSXWDFLyQGH$OEDFHWH (QHOVHFWRUQRUWHGHHVWHIHUURFDUULOVyOROOH JDURQDFRQVWUXLUVHDOJXQDVFDVLOODVGHREUHURV GH YtDV (Q HVWH FDVR VROtDQ SUHVHQWDUVH HQ XQ PyGXORGHGRVYLYLHQGDVGHIRUPDUHFWDQJXODU FXELHUWDDGRVDJXDV\SDWLRWUDVHUR$PEDVYL YLHQGDVFRPSOHWDEDQXQRVPHWURVFXDGUD GRVFRQVWUXLGRV %,%-%.4/3$%).&2!%3425#452! 3DUDHO)HUURFDUULO%DH]D8WLHOHQVXWUDPR SRUODSURYLQFLDGH$OEDFHWHIXHURQH[SODQDGRV FLHQWRFLQFXHQWD\QXHYHNLOyPHWURVDSUR[LPD GDPHQWH'HHOORVFLHQWRVHLVFRUUHVSRQGtDQDO -)'5%,*)-³.%:6%'!Y&2!.#)3#/0/,/-52)%, WUDPR GHVGH OD FDSLWDO KDVWD OD UD\D FRQ -DpQ /RV FLQFXHQWD \ WUHV NLOyPHWURV UHVWDQWHV VH GLVWULEX\HQ GH PDQHUD GLVFRQWLQXD GHVGH HO UtR -~FDU HQ ODV SUR[LPLGDGHV GH OD ORFDOLGDG GH9DOGHJDQJDKDVWDHOSDUDMHGH/RV&iUFHOHV HQODVRULOODVGHO&DEULHOOtPLWHQDWXUDOFRQOD &RPXQLGDG 9DOHQFLDQD 'HVGH DTXt ODV REUDV FRQ DOWR QLYHO GH GLVFRQWLQXLGDG VH SURORQJD EDQRWURVYHLQWL~QNLOyPHWURVKDVWDODORFDOLGDG GH9HQWDGHO0RUR (VWDJUDQH[SODQDFLyQDIURQWDDOJXQRVWUD PRVGHVHYHUDGLÀFXOWDGRURJUiÀFD(OSDVRGH ODVKRFHVGHO&DEULHOHVXQDDEUXSWDEDMDGDHQ ODFXDOHOIHUURFDUULOHPSOHDFDVLWUHFHNLOyPH WURVSDUDEDMDURWURVFXDWURGHXQWHyULFRWUD]D GRHQOtQHDUHFWD(VWHLQFUHPHQWRGHUHFRUULGR GDFXHQWDGHODJUDQGLIHUHQFLDGHSHQGLHQWH\ VXJLHUHHOH[FHSFLRQDOQ~PHURGHREUDVTXHGH ELHURQFRQVWUXLUVHSDUDIUDQTXHDUHOSDVRDORV WUHQHV /DPHQWDEOHPHQWH OD PD\RUtD GH HOODV DSHQDV VH LQLFLDURQ TXHGDQGR LQFRQFOXVDV R DSHQDVDSXQWDGRVODPD\RUSDUWHGHORVW~QHOHV RYLDGXFWRV$JUDQGHVUDVJRVVHFRPSOHWDURQ RTXHGDURQHQXQDOWRQLYHOGHHMHFXFLyQFXDWUR YLDGXFWRV\RFKRW~QHOHV(QHORWURVHFWRUGHO IHUURFDUULO OD YtD WLHQH TXH DIURQWDU HO SDVR GH OD6LHUUDGH$OFDUD]ORFXDOIRU]yODFRQVWUXF FLyQGHXQEXHQQ~PHURGHJDOHUtDV\YLDGXFWRV 2QFHYLDGXFWRV\YHLQWLFXDWURW~QHOHV (QWRGDVHVWDVREUDVHMHFXWDGDVDSDUWLUGHOD GpFDGDGHHVSDWHQWHHOXVRLQWHQVLYRGHO KRUPLJyQSDUDHOWHQGLGRGHYLDGXFWRV\HOUH YHVWLPLHQWRGHW~QHOHV(QORVSXHQWHVPiVVHQ FLOORVVHUHFXUUHDVROXFLRQHVIiFLOHVHVWULERV\ YLJDVSODQDV(QRWURVPXFKRVFDVRVVHUHFXUUH DO XVR GHO DUFR +D\ DOJXQRV SXHQWHV GH PX\ HOHJDQWH IDFWXUD \ VROXFLRQHV WpFQLFDV QR PX\ KDELWXDOHV(QWUHHOORVHVWDUtDHOYLDGXFWRGH/D 6RODQLOOD,,HQHOFXDOHOLQJHQLHURDSOLFyXQD GREOHDUFDGDHQHOVHFWRUFHQWUDOGHOSXHQWHSDUD PDQWHQHUODDOWXUDGHSLODVFRQVWDQWHDORODUJR GH WRGD OD REUD 2WURV LQWHUHVDQWHV \ DUULHVJD GRV YLDGXFWRV IXHURQ ORV TXH VH FRQVWUX\HURQ VLQ FRQFOXLU HQ OD EDMDGD GHVGH &DVDV ,EixH] KDVWDHO5tR&DEULHO(OYLDGXFWRGHOD5DPEOD GHO7ROOR7RUWXJDFRQVXVDUFRVUHPDWDGRVSHUR VLQFRQFOXLUHOWDEOHURHVWRGDXQDOHFFLyQYLYD GHLQJHQLHUtDGHSXHQWHV&DVRVLPLODUDXQTXH FRQ SURSRUFLRQHV DOJR PiV PRGHVWDV \ PHQRV HVSHFWDFXODUVHUtDHOFDVRGHOYLDGXFWRGHO&D EULHO /RV YLDGXFWRV GH 9DOGHPHPEUD \ &DU GLDO VREUH YDVWDV UDPEODV HQ SOHQD OODQDGD GH /D 0DQFKXHOD VRQ WDPELpQ EXHQRV HMHPSORV GHFRPELQDFLyQGHDUFRV\WUDPRVUHFWRVHQHV WUXFWXUDVLPSRQHQWHVGHFLHQ\FLHQWRWUHLQWD\ FLQFRPHWURVUHVSHFWLYDPHQWH 'HQWURGHHVWHFDStWXORGHREUDVVLQJXODUHV PHUHFH OD SHQD FLWDU HO FDVR GHO SXHQWH SDUD DUUR\DGDV XQD SHFXOLDU HVWUXFWXUD TXH FDQDOL ]DUtDODHVFRUUHQWtDGHXQDYDJXDGDLPSLGLHQGR VX FDtGD KDFLD XQD ODUJD WULQFKHUD 6LWXDGD HQ XQWUDPRHQWUHODVHVWDFLRQHVGH6DQ3HGUR\(O -DUGtQHOSURSLRSDVRGHDJXDVHFRPSOHPHQWD FRQXQRVODUJRVPXURVTXHDJXDVDUULEDKDFHQ ODVYHFHVGHSHFXOLDUHVDWDJXtDVSDUDHQFDX]DU WRGDODHVFRUUHQWtDGHXQDDQFKDYDJXDGD $ PRGR GH FRQFOXVLyQ HQ HVWRV IHUURFDUUL OHVVREUHWRGRHQHOFDVRGHO%DH]D8WLHOQRV HQFRQWUDPRVDQWHXQDLPSUHVLRQDQWHFROHFFLyQ GH HGLÀFLRV \ REUDV GH IiEULFDV OLJDGDV SRU HO LPSUHVLRQDQWHFRUGyQGHODYtDIpUUHD6RQWHV WLPRQLRGHXQHVIXHU]RFDVLpSLFRGHPLOHVGH WUDEDMDGRUHVDORODUJRGHFDVLDxRVWHVWLJR GH ODV LOXVLRQHV GH JHQHUDFLRQHV GH KDELWDQWHV GHSXHEORVTXHYLHURQHQHOIHUURFDUULOXQDHV SHUDQ]D GH GHVDUUROOR /RV HGLÀFLRV VRQ XQD H[FHSFLRQDOPXHVWUDGHDUTXLWHFWXUDVHULDGDGH WLSRLQGXVWULDOTXHWLHQHXQDH[FHSFLRQDOSRWHQ FLDOLGDGGHUHFXSHUDFLyQSDUDQXHYRVXVRV/DV LQFLSLHQWHVYtDVYHUGHVTXHVHHVWiQGHVDUUROODQ GRVREUHHVWRVWUD]DGRVDXQTXHSRUHOPRPHQWR QRVHKD\DFRQWHPSODGRLQWHUYHQLUVREUHHVWRV LQPXHEOHVKDFHQFRQFHELUIXQGDGDVHVSHUDQ]DV GHUHVWDXUDFLyQGHVSXpVGHGpFDGDVGHDEDQGR QR/DUXLQD\HOH[SROLRKDQDIHFWDGRDHVWRV LQPXHEOHV 9pDQVH*DUFtD0DWHR-LPpQH]9HJD\&XpOODU9LOODU0HOLV0D\QDU-LPpQH]9HJD\&XpOODU9LOODU !»/3$%&%22/#!22),%.!,"!#%4% #/.#,53)/.%3 $ OR ODUJR GH ODV DQWHULRUHV SiJLQDV KHPRV SRGLGR PRVWUDU OD H[LVWHQFLD GHQWUR GH OD SUR YLQFLDGH$OEDFHWHGHXQSDWULPRQLRIHUURYLDULR YDOLRVRHQVXVIRUPDV\HQVXVVLJQLÀFDGRVDP SXWDGRGHPXFKRVGHVXVHOHPHQWRV\DPHQD]D GRHQRWURVWDQWRV(VIRU]DGRDIURQWDUSRUWDQWR XQSODQGHFRQRFLPLHQWRGHHVWRVUHFXUVRVTXH HQHVWDVSiJLQDVVyORKHPRVSRGLGRDSXQWDU&R QRFHUORHVXQDSULPHUDIDVHSDUDSRGHUDYDQ]DU HQODSUHVHUYDFLyQGHVXVSLH]DVPiVYDOLRVDV\ DOWLHPSRKDFHUYHUDORVUHVSRQVDEOHVSROtWLFRV VXVJHVWRUHVGLUHFWRV\DOVHFWRUHPSUHVDULDOODV RSRUWXQLGDGHVTXHHVWRVLQPXHEOHVWLHQHQSDUD HOGHVDUUROORGHQXHYDVDFWLYLGDGHV 'HFtDPRV DO FRPLHQ]R TXH KDFH DxRV OOHJyHOSULPHUFRQYR\IHUURYLDULRD$OEDFHWH 'LH]DxRVGHVSXpVWRGDODUHGIHUURYLDULDSULQ FLSDOHVWDEDFRPSOHWDGDDxDGLpQGRVHWDQVyOR HQHVWRVFLHQWRFXDUHQWDDxRVDOJXQRVWUD]DGRV GH IHUURFDUULOHV PLQHURV TXH \D KDQ GHVDSD UHFLGR R DOJXQRV YDVWRV SUR\HFWRV GH QXHYDV OtQHDVTXHDSHVDUGHKDEHUOOHJDGRDXQDOWR QLYHOGHHMHFXFLyQGHREUDVQXQFDOOHJDURQD HQWUDU HQ VHUYLFLR \ ÀQDOPHQWH IXHURQ DEDQ GRQDGDV (VWHVLJOR\PHGLRGHKLVWRULDIHUURYLDULDKD OHJDGRDODVRFLHGDGGHOVLJOR;;,XQULFR\YD ULDGR OHJDGR SDWULPRQLDO WHVWLPRQLR GHO VDEHU GH JHQHUDFLRQHV GH LQJHQLHURV DUTXLWHFWRV \ IHUURYLDULRV/DKLVWRULDGH$OEDFHWHTXL]iVQR VHUtDODPLVPDVLQHOHÀFD]FRPSOHPHQWRGHXQD UHGGHUDtOHVTXHYLHQHWUDPDQGRHVWDSURYLQFLD DOLPHQWDQGRVXVIiEULFDVGHVSOD]DQGRVXVFLX GDGDQRV\WUDQVSRUWDQGRVXVSURGXFWRVDRWURV WHUULWRULRV(VWHSDWULPRQLRGHOIHUURFDUULOQRVKD GHMDGRXQDULFDFROHFFLyQGHHGLÀFLRVLQWHJUD GRVHQODVHVWDFLRQHVTXHVHHQFXHQWUDQGLVSHU VDVSRUODSURYLQFLD3HURHVWHYLVWRVRSDWULPR QLRLQPRELOLDULRGHODVWHUPLQDOHVGHYLDMHURVQR ORHVWRGR-XQWRDHOODVVHXELFDEDQFRQMXQWRV WDQ VLQJXODUHV FRPR ORV GHSyVLWRV GH PDWHULDO PyYLOORVPXHOOHVGHPHUFDQFtDVODVYLYLHQGDV REUHUDV\ORVHGLÀFLRVGHVHUYLFLR0iVGLVFUH WRVSHURQRPHQRVYDOLRVRVVRQORVSHTXHxRVR JUDQGHV HOHPHQWRV GH OD H[SORWDFLyQ IHUURYLD ULD TXH SRGHPRV HQFRQWUDU HQ WDQWRV OXJDUHV EiVFXODV HQFODYDPLHQWRV DJXDGDV GHSyVLWRV GHDJXD7RGRVHOORVGDQIHGHORVSURJUHVRVGH ODWpFQLFDTXHHQHOIHUURFDUULOKDHQFRQWUDGR VLHPSUHXQULFRQLFKRGHLQQRYDFLyQ /RV SURSLRV WUD]DGRV GHO IHUURFDUULO VRQ RWUR OHJDGR SDWULPRQLDO TXH PXFKDV YHFHV VH LJQRUD /RV SXHQWHV \ W~QHOHV GHO IHUURFDUULO VXVJUDQGHVWHUUDSOHQHV\WULQFKHUDV7RGDHVWD KXHOODOLQHDOGHOIHUURFDUULOFRQVWLWX\HXQDSLH GUDDQJXODUGHQXHVWURSDWULPRQLRIHUURYLDULR TXHHQFLHUUDPXFKRVDVSHFWRVDHVWXGLDU\YD ORUDU \ HQ QR SRFRV FDVRV D UHFXSHUDU SDUD QXHYRVXVRV<QRSRGHPRVROYLGDUDXQRGH ORVPiVKDELWXDOPHQWHPiVROYLGDGRVDVSHFWRV GH QXHVWUR DFHUYR SDWULPRQLDO IHUURYLDULR HO OHJDGRGRFXPHQWDO0=$\5(1)(KDQSUR WDJRQL]DGR OD KLVWRULD IHUURYLDULD DOEDFHWHxD HVFULWDVREUHHOWHUULWRULRSHURWDPELpQFRQXQ ULFRHVSHMRHQORVDUFKLYRVGHDPEDVHPSUHVDV ORVFXDOHVVHFRQYLHUWHQHQXQDHÀFDFtVLPDKH UUDPLHQWD SDUD LQWHUSUHWDU QR VyOR OD KLVWRULD GHOIHUURFDUULOVLQRWDPELpQODKLVWRULDGHODV FLXGDGHVGHVXVFLXGDGDQRVGHORVFRQÁLFWRV TXH D OR ODUJR GH ODV GpFDGDV KDQ DJLWDGR OD YLGDGHHVWDWLHUUD 1RTXHUHPRVQLGHEHPRVWDPSRFRROYLGDU ÀQDOPHQWHHOOHJDGRPiVLQPDWHULDOGHWRGRV HOWHVWLPRQLRGLUHFWRGHODVSHUVRQDVTXHKDQ KHFKR OD KLVWRULD /D YR] \ OD SDODEUD GH ORV IHUURYLDULRVTXHKDQYLYLGRHOGtDDGtDGHODV HVWDFLRQHVGHORVWUHQHVTXHKDQVXUFDGRHVWRV UDtOHV FDVWHOODQRPDQFKHJRV \ GH ORV YLDMHURV TXHORVKDQXVDGR5HFRJHUVXPHPRULDHVXQ GHEHULQHOXGLEOHSRUTXHHQHOODVHDWHVRUDQGD WRV\DVSHFWRVTXHQRKDQVLGRUHFRJLGRVSRUOD ´KLVWRULDRÀFLDOµ\TXHSXHGHQDSRUWDUPXFKD OX] SDUD SRGHU LQWHUSUHWDU MXVWDPHQWH HO IXWX UR 7RGR HVWH SDWULPRQLR KD VXIULGR D OR ODUJR GHHVWHVLJOR\PHGLRPXFKRVDWHQWDGRV(OSUR JUHVRQRVXHOHPLUDUKDFLDDWUiVHQVXDYDQFH \ VH OOHYD SRU GHODQWH PXFKRV YDOLRVRV WHVWL -)'5%,*)-³.%:6%'!Y&2!.#)3#/0/,/-52)%, PRQLRV3HURQRHVKRUDGHODPHQWDUORTXHVH KDSHUGLGRSRUPXFKRTXHKD\DVLGR1XHVWUD WDUHDGHEHUVHUDKRUDKDFHUXQSXQWR\DSDUWH 'HEHPRVÀMDUXQ´HVWDGRFHURµGHODFXHVWLyQ GRFXPHQWDUWRGRHOSDWULPRQLRVREUHYLYLHQWH\ GDU SDVRV GHFLGLGRV SDUD HYLWDU VX SpUGLGD (O SURJUHVRPDOHQWHQGLGRVLJXHDUUDVDQGRQXHVWUR SDVDGRSHURFDVLWDQSHOLJURVRHVFXDQGRHVWH SURFHVR GH SpUGLGD GH QXHVWUR SDWULPRQLR HQ HVWHFDVRHOIHUURYLDULRHVIUXWRVLPSOHPHQWHGH OD GHVLGLD HO DEDQGRQR HO ROYLGR 8Q H[SROLR OHQWRSHURFRQWLQXRDPHQD]DYDOLRVRVHGLÀFLRV WUD]DGRVDEDQGRQDGRVPDWHULDOGHH[SORWDFLyQ RFLUFXODQWHGRFXPHQWRVUHFXHUGRV9DORUDUOR MXVWDPHQWHDERUWDUORVSURFHVRVGHGHWHULRUR\ EXVFDUQXHYRVXVRVSDUDQXHVWURSDWULPRQLRIH UURYLDULRGHEHVHUODSDXWDTXHPDUTXHQXHVWUR WUDEDMRGHDKRUDHQDGHODQWH6yORDVtVHSRGUi OHJDUDODVJHQHUDFLRQHVYHQLGHUDVODPHPRULD ULFD\YLYDGHXQSDVDGRTXHWDQWRSXHGHDSRU WDUQRVWDPELpQGHDKRUDHQDGHODQWH &29(6 1$9$552 -RVp 9LFHQWH \ *Ð0(= 0$57Ì1(=-RVp$QWRQLR´)HUUR FDUULOHV0LQHURVHQ$OEDFHWHµHQ&DUULOQ SiJV &8e//$5 9,//$5 'RPLQJR -,0e1(= 9(*$ 0LJXHO \ 32/2 085,(/ )UDQ FLVFR +LVWRULD GH ORV 3REODGRV )HUURYLDULRV HQ (VSDxD )XQGDFLyQ GH ORV )HUURFDUULOHV(VSDxROHV0DGULG '21(7 - ´)RUPDFLyQ \ (GXFDFLyQ HQ$UTXHRORJtD,QGXVWULDO\3DWULPRQLR,Q GXVWULDOHQ*UDQ%UHWDxD\(VWDGRV8QLGRVµ SiJVHQ 'LGiFWLFDH,QWHUSUHWDFLyQ GHO 3DWULPRQLR ,QGXVWULDO ,1&81$ *L MyQ *$5&Ì$ 0$7(2 -RVp /XLV -,0e1(= 9(*$ 0LJXHO \ &8e//$5 9,//$5 'RPLQJR ,QYHQWDULR GH 3XHQWHV )HUURYLDULRV GH (VSDxD )XQGDFLyQ GH ORV )HUURFDUULOHV (VSDxROHV \ (GLWRULDO 'RFH &DOOHV6/0DGULG ")",)/'2!&·! $*8,/$5 &,9(5$ ,QPDFXODGD $U TXLWHFWXUD LQGXVWULDO &RQFHSWR PpWRGR \ IXHQWHV &ROHFFLyQ $UTXHRORJtD ,QGXVWULDO 0XVHRG·(WQRORJLDGHOD'LSXWDFLyGH9D OpQFLD9DOHQFLD &$f,=$5(6 58,= 0 &DUPHQ 7H UULWRULR\3DWULPRQLR0LQHUR,QGXVWULDOHQ &DVWLOOD/D 0DQFKD (GLFLRQHV GH OD 8QL YHUVLGDGGH&DVWLOOD/D0DQFKD&XHQFD &2%26$57($*$ )UDQFLVFR GH ORV ´/RV&DPLQRVGHO$]XIUH7UDQVSRUWH\QH JRFLRVGHORV2·6KHDHQ+HOOtQµHQ6WXGLD $FDGHPLFD Q SiJV 81(' &XHQFD +(5&(,1e6-$ $SXQWHVVREUHDU TXLWHFWXUDLQGXVWULDO\IHUURYLDULDHQ&DVWL OOD/D0DQFKD&ROHJLR2ÀFLDO GH$UTXLWHFWRVGH&DVWLOOD/D0DQFKD7R OHGR 0(/,60$<1$50DQXHO-,0e1(=9(*$ 0LJXHO \ &8e//$5 9,//$5 'RPLQJR ,QYHQWDULRGH7~QHOHV)HUURYLDULRV GH (VSDxD )XQGDFLyQ GH ORV )HUURFDUULOHV (VSDxROHV \ (GLWRULDO 'RFH &DOOHV 6/ 0DGULG 35,(72 L 785 /OXLV \ (1*8,; L 3(,5Ð -RDQ &DUOHV (O 7UDQVSLUHQDLFR GHO 1RJXHUD3DOODUHVD \ HO IHUURFDUULO %DH]D 8WLHO(G/OXLV3ULHWR%DUFHORQD %,02/'2!-!6·!36%2$%3 &DUPHQ$\FDUW/XHQJR )XQGDFLyQGHORV)HUURFDUULOHV(VSDxROHV (QFRPHQ]DPRVDWUDEDMDUHQOD)XQ GDFLyQGHORV)HUURFDUULOHV(VSDxROHVHQHOGH VDUUROORGHO3URJUDPD9tDV9HUGHV(OREMHWLYR HUD\VXVWDQFLDOPHQWHHVPX\VLPSOHUHXWL OL]DUORVWUD]DGRVIHUURYLDULRVTXHKDEtDQFDtGR HQ GHVXVR FRPR LQIUDHVWUXFWXUDV QR PRWRUL]D GDVTXHSXGLHUDQVHUUHFRUULGDVHQFRQGLFLRQHV GHPi[LPDDFFHVLELOLGDGVHJXULGDG\IDFLOLGDG (O9LDGXFWRGHO$]XWiQYXHODVREUHHOUtR7DMRHQOD9tD9HUGHGH/D-DUD )RWR)XQGDFLyQGHOORV)HUURFDUULOHV(VSDxROHV !»/3$%&%22/#!22),%.!,"!#%4% 6LJXLHQGRHOEDUUDQFRGHO,QÀHUQROD9tD9HUGHGHO6HUSLVVHLQWHUQDHQSDUDMHVLQVyOLWRVGHODV SURYLQFLDVGH$OLFDQWH\9DOHQFLD)RWR)XQGDFLyQGHORV)HUURFDUULOHV(VSDxROHV SRUFDPLQDQWHVFLFOLVWDVSDWLQDGRUHV/DLGHD HQVtQRHUDQRYHGRVDVHYHQtDDSOLFDQGRFRQ p[LWRHQGLYHUVRVSDtVHVRFFLGHQWDOHVFRQ(VWD GRV8QLGRV&DQDGi\5HLQR8QLGRDODFDEH]D \HOORSHUPLWtDTXHHQ(VSDxDGRQGHSDUWtDPRV SUiFWLFDPHQWHGHFHURFRQWiVHPRVFRQODJUDQ YHQWDMD GH SRGHU DSUHQGHU GH ODV H[SHULHQFLDV TXH RWURV DQWHV KDEtDQ SXHVWR HQ SUiFWLFD$Vt TXHXQHTXLSRGHYDULDVSHUVRQDV²DOJXQRVGH ORVFXDOHVQRVKHPRVPDQWHQLGRGHVGHHQWRQFHV WUDEDMDQGRVLHPSUHHQWRUQRDODV9tDV9HUGHV QRVDUURMDPRVDGLVHxDU\FRQVWUXLU9tDV9HU GHV FRQ PXFKR GHVFRQRFLPLHQWR VREUH HVWRV DVXQWRV SHUR WDPELpQ FRQ YHUGDGHUD SDVLyQ SRUDSUHQGHU\FRQODLOXVLyQGHKDFHUUHDOLGDG QXHVWURVXHxR (Q DTXHO PRPHQWR HQ QRV SDUHFtD WRGDYtDPX\OHMDQDODSRVLELOLGDGGHFRQVHJXLU TXHGHQXHYRORVYLDMHURVUHFRUULHVHQORVPLOHV GHNLOyPHWURVGHFDPLQRVGHKLHUURTXHVDEtD PRV ELHQ ² SRU KDEHUORV LQYHVWLJDGR GXUDQWH PHVHV FRQ GHWDOOH HVWDEDQ HQ HVWDGR GH SUR JUHVLYRDEDQGRQRXQDYH]FHVDGDVXDFWLYLGDG SDUDHOVHUYLFLRIHUURYLDULR %,0!42)-/.)/&%22/6)!2)/ %30!»/,%.$%353/9,!36·!3 6%2$%3.5%6!6)$!0!2!,!36·!3 'HVGHTXHDOOiSRUHQWUDVHHQRSHUD FLyQQXHVWUDSULPHUDOtQHDIHUURYLDULDHOSUR FHVR GH H[SDQVLyQ GH OD UHG IHUURYLDULD HVSD xRODKDEtDDYDQ]DGRFRQEXHQULWPRVXPDQGR SUR\HFWRVH[LWRVRVDRWURVTXHVXFXPELHURQHQ HOLQWHQWRKDVWDFRQVHJXLUDFRPLHQ]RVGHOVL JOR;;FRQWDUFRQXQDORQJLWXGVXSHULRUDORV NLOyPHWURV 6XSHUDGDV ODV FRQÁLFWLYDV GpFDGDVGHODSULPHUDPLWDGGHOVLJORHVWDUHG DOFDQ]y KDFLD VX Pi[LPD ORQJLWXG SRU HQFLPDGHORVNLOyPHWURVLQLFLiQGRVHD SDUWLUGHHVDIHFKDXQOHQWRSURFHVRUHJUHVLYR HQJUDQPHGLGDIUXWRGHODFUHFLHQWHFRPSHWHQ #!2-%.!9#!24,5%.'/ FLDGHOWUDQVSRUWHSRUFDUUHWHUD\HQVHJXQGR SODQRDpUHR(VWHSURFHVRVHLQWHQVLÀFyQRWD EOHPHQWHHQODGpFDGDGHGDQGROXJDUD TXH QXHVWUR WHUULWRULR DSDUHFLHUD VXUFDGR SRU PLOHVGHNLOyPHWURVGHFDPLQRVGHKLHUURVLQ VHUYLFLRTXHFRQÀJXUDEDQXQYDOLRVtVLPRSD WULPRQLR LQGXVWULDO OD PD\RU SDUWH GH WLWXOD ULGDG S~EOLFD \ TXH SUHVHQWDED XQ SRWHQFLDO H[WUDRUGLQDULR SDUD VHU UHXWLOL]DGR SRU OD VR FLHGDGFRQQXHYRVÀQHV WUDGLFLRQDORIHUWDGHVRO\SOD\D(VWDFR\XQWXUD KD SURSLFLDGR TXH ODV LQLFLDWLYDV GH 9tDV 9HU GHVVHKD\DQPXOWLSOLFDGRSRUWRGDODJHRJUDItD HVSDxROD\VHKD\DLGRFRQVROLGDQGRVXXWLOL]D FLyQSRUSDUWHGHORVFLXGDGDQRVWDQWRORFDOHV FRPRYLVLWDQWHV $OWLHPSR TXH VH LQWHQVLÀFDED OD UHJUHVLyQ GHODUHGIHUURYLDULDHVSDxRODQXHVWUDVRFLHGDG IXH HYROXFLRQDQGR GHVDUUROODQGR VX LQWHUpV SRU SUHVHUYDU \ PHMRUDU HO SDWULPRQLR QDWXUDO \ FXOWXUDO DFHUFiQGRVH D pO GH XQD IRUPD DF WLYD\SDUWLFLSDWLYDSRUPHGLRVDOWHUQDWLYRVDO PRWRUL]DGRVHDFDPLQDQGRRHQELFLFOHWD$Vt VHHQWLHQGHHODXJHTXHHOVHQGHULVPR\HOFL FORWXULVPRHVWiQH[SHULPHQWDQGR~OWLPDPHQWH \ODH[SDQVLyQTXHHVWiQFRQRFLHQGRODVIyUPX ODVGHWXULVPRUXUDO\HFROyJLFRDOWHUQDWLYDVDOD %,!"/2!#)¼.$%,).6%.4!2)/ $%,·.%!3&%22/6)!2)!3 %.$%353/ /D SODQLÀFDFLyQ ySWLPD GH XQ SURJUDPD GH UHFRQYHUVLyQ GHO SDWULPRQLR IHUURYLDULR HV SDxRO TXH VH HQFRQWUDED HQ GHVXVR R LQIUDXWL OL]DGR SODQWHy OD FRQYHQLHQFLD GH UHDOL]DU XQ ,QYHQWDULR GH /tQHDV )HUURYLDULDV HQ 'HVXVR /RVRUJDQLVPRVLPSOLFDGRVGLUHFWDPHQWHHQHO GHVDUUROORLQLFLDOGHO3URJUDPD9tDV9HUGHVHO /D9tD9HUGHGHOD6LHUUDXQDGHODVSLRQHUDVGHO3URJUDPD9tDV9HUGHVFXHQWD\DFRQ YDULDVHVWDFLRQHVUHFXSHUDGDV)RWR)XQGDFLyQGHORV)HUURFDUULOHV(VSDxROHV !»/3$%&%22/#!22),%.!,"!#%4% HQWRQFHV0LQLVWHULRGH2EUDV 3~EOLFDV7UDQV SRUWHV\0HGLR$PELHQWH02370$5HQIH\ )HYHGHFLGLHURQHQFDUJDUORDOD)XQGDFLyQGH ORV)HUURFDUULOHV(VSDxROHV)XHHODERUDGRGX UDQWHFRQXQSUHVXSXHVWRJOREDOGHPL OORQHVGHSHVHWDVSRUXQHTXLSRPXOWLGLVFLSOL QDUGHWpFQLFRVTXHUHFRJLHURQGDWRVWDQWRVREUH ODLQIUDHVWUXFWXUDIHUURYLDULD\ORVLQPXHEOHVVX VLWXDFLyQSDWULPRQLDO\HVWDGRGHFRQVHUYDFLyQ FRPRUHVSHFWRDOHQWRUQRVRFLDOQDWXUDO\FXO WXUDOGHORVPXQLFLSLRVDWUDYHVDGRV/DLQYHVWL JDFLyQSHUPLWLyDGHPiVHVWDEOHFHUXQSULPHU FRQWDFWRFRQPiVGHXQPLOODUGHD\XQWDPLHQ WRVDORVTXHVHVROLFLWyLQIRUPDFLyQVREUHHOHV WDGRGHFRQVHUYDFLyQGHOSDWULPRQLRIHUURYLDULR REMHWRGHHVWXGLRHQVXPXQLFLSLR\VREUHVXV SUR\HFWRVGHUHFXSHUDFLyQ 6HLGHQWLÀFDURQ\DQDOL]DURQHQGHWDOOH OtQHDV IHUURYLDULDV TXH GHSHQGtDQ GH ORV WUHV HQWHV TXH HQFDUJDURQ HO LQYHQWDULR \ TXH VX PDEDQXQDORQJLWXGWRWDOGHNPVLQFOX \HQGR XQ LPSUHVLRQDQWH SDWULPRQLR GH REUDV GH IiEULFD \ GH LQPXHEOHV HVWDFLRQHV W~QHOHV \ SXHQWHV \ YLDGXFWRV 6H LQFOX\HURQWDPELpQDOJXQDVOtQHDVTXHD~QQR KDEtDQ VLGR RÀFLDOPHQWH FHUUDGDV DO WUiÀFR SHUR TXH SUHVWDEDQ XQ VHUYLFLR PX\ GpELO GH PHUFDQFtDVFRQHVFDVDSUR\HFFLyQGHIXWXUR 9HUFXDGUR $GLFLRQDOPHQWH HQ HO WUDQVFXUVR GH OD LQ YHVWLJDFLyQGHO,QYHQWDULRVHUHFRSLODURQGDWRV UHODWLYRVDRWUDVOtQHDVIHUURYLDULDVGHFDUiF WHUPLQHURHLQGXVWULDO\DDEDQGRQDGDVTXHQR GHSHQGtDQGHQLQJ~QRUJDQLVPRS~EOLFR\TXH WRWDOL]DEDQNPV (QGHÀQLWLYDVHLGHQWLÀFDURQPiVGH NPGHOtQHDVFHUUDGDVDOWUiÀFRIHUURYLDULRSRU GLYHUVDVFLUFXQVWDQFLDV\DYDWDUHVGHODVFRPDU FDVDWUDYHVDGDV0XFKDVGHHOODVHVWXYLHURQYLQ FXODGDV D H[SORWDFLRQHV PLQHUDV H LQGXVWULDOHV TXH KDEtDQ FHVDGR VX SURGXFFLyQ 2WUDV HUDQ OtQHDVGHVHUYLFLRS~EOLFRTXHSRUVXEDMDUHQWD ELOLGDGVXFXPELHURQDQWHODFRPSHWHQFLDGHOD FDUUHWHUD 8QD GHFHQD GH OtQHDV TXH VXPDEDQ FDVL XQ PLOODU GH NPV FRUUHVSRQGtDQ D SODWD #UADRO$ISTRIBUCIØNPOR#OMUNIDADES !UTØNOMASDELASLÓNEASFERROVIARIASEN DESUSOOCONDÏBILTRÉlCO!×O &RPXQLGDG /RQJLWXG NP $XWyQRPD $QGDOXFtD $UDJyQ $VWXULDV %DOHDUHV &DQWDEULD &DVWLOOD²/D0DQFKD &DVWLOOD/HyQ &DWDOXxD &RPXQLGDG9DOHQFLDQD ([WUHPDGXUD *DOLFLD /D5LRMD 0DGULG 0XUFLD 1DYDUUD 3DtV9DVFR 727$/ GHOWRWDO )XHQWH)XQGDFLyQGHORV)HUURFDUULOHV(VSDxROHV (ODERUDFLyQ3URSLDDSDUWLUGHO,QYHQWDULR GH/tQHDV)HUURYLDULDVHQ'HVXVR IRUPDVIHUURYLDULDVFX\DVREUDVGHFRQVWUXFFLyQ FHVDURQVLQKDEHUVLGRFRQFOXLGDV (VWD LPSUHVLRQDQWH PDOOD GH IHUURFDUULOHV DEDQGRQDGRV £FDVL NLOyPHWURV TXH WH MtDQ HO WHUULWRULR SHUPDQHFtDQ VLQ XVR DOJXQR SRUORTXHSDXODWLQDPHQWHVXVWUD]DVVHKDEtDQ LGRSHUGLHQGRLQYDGLGDVSRUODYHJHWDFLyQDWH UUDGDV VXV WULQFKHUDV \ KXQGLGRV VXV W~QHOHV PXFKRV YLDGXFWRV DOJXQRV YHUGDGHUDV REUDV GH DUWHGHODLQJHQLHUtDGHFLPRQyQLFDGHO KLH UUR KDEtDQ VLGR GHVPDQWHODGRV \ YHQGLGRV FRPR FKDWDUUD PLHQWUDV ORV HGLÀFLRV GH ODV HVWDFLRQHVVHFRQYHUWtDQHQUXLQDVURGHDGDVGH HVFRPEURV$Vt ORV WUD]DGRV IHUURYLDULRV LEDQ SHUGLHQGRVXFRQWLQXLGDGItVLFDVXFDUiFWHUGH FRUUHGRU R SDVLOOR GH FRPXQLFDFLyQ VLWXDFLyQ DJUDYDGD SRU OD DIHFFLyQ GH QXHYDV REUDV GH #!2-%.!9#!24,5%.'/ /D9tD9HUGHGH2MRV1HJURVUHFRUUHNLOyPHWURVHQODSURYLQFLDGH&DVWHOOyQDWUDYpVGH XQDQWLJXRIHUURFDUULOPLQHUR)RWR)XQGDFLyQGHORV)HUURFDUULOHV(VSDxROHV 9LDGXFWRGHDVSHFWRURPDQRHQWUH+RUWDGH6DQW-RDQ\%RWHQOD9tD9HUGHGH OD7HUUD$OWD)RWR)XQGDFLyQGHORV)HUURFDUULOHV(VSDxROHV !»/3$%&%22/#!22),%.!,"!#%4% /D9tD9HUGHGHO$FHLWH\VXVLPSRQHQWHVYLDGXFWRVSHUPLWHQDWUDYHVDUHO3DUTXH1DWXUDOGHOD6XEEpWLFD )RWR)XQGDFLyQGHORV)HUURFDUULOHV(VSDxROHV LQJHQLHUtDFDUUHWHUDVHPEDOVHV\GHODVH[ SDQVLRQHV XUEDQtVWLFDV GH ORV Q~FOHRV XUEDQRV FRQVWUXFFLyQGHQXHYRVYLDOHVXUEDQRVSROtJR QRVLQGXVWULDOHV 3RUWRGRHOORVHKDFtDHYLGHQWHTXHODUHXWL OL]DFLyQGHHVWHYDOLRVRSDWULPRQLRIHUURYLDULR FRQ QXHYRV ÀQHV VRFLDOHV DOWHUQDWLYRV DO XVR RULJLQDULRHUDHODUJXPHQWRPiVHÀFD]\FRQ WXQGHQWH SDUD HYLWDU VX GHWHULRUR SRU HO SDVR GHOWLHPSR \ SRUODDFFLyQGHODQDWXUDOH]D\ FyPRQRSDUDIUHQDUODXVXUSDFLyQGHHVWRV WHUUHQRVHLQPXHEOHVSRUSDUWHGHDTXHOORVFLX GDGDQRVDPLJRVGHDGXHxDUVHLPSXQHPHQWHGH ORS~EOLFR ,!#2%!#)¼.$%, 02/'2!-!6·!36%2$%3 $ORODUJRGHVHIXHJHVWDQGRHOQDFL PLHQWR HQ (VSDxD GHO 3URJUDPD 9tDV 9HUGHV TXHIXHFRQWHPSODGRSRUHOHQWRQFHV02370$ HQVX3ODQ'LUHFWRUGH,QIUDHVWUXFWXUDV HQHOPDUFRGHO3ODQ7HMLGR9HUGH'HV GHDTXHOODVIHFKDVVHKDYHQLGRGHVDUUROODQGR HVWH 3URJUDPD LPSXOVDGR SRU HO 0LQLVWHULR GH 0HGLR$PELHQWH D SDUWLU GHO PRPHQWR GH VXFUHDFLyQVLHPSUHHQHVWUHFKDFRODERUDFLyQ FRQ 5HQIH )HYH &RPXQLGDGHV $XWyQRPDV GLSXWDFLRQHV \ D\XQWDPLHQWRV /D )XQGDFLyQ GHORV)HUURFDUULOHV(VSDxROHVGHVHPSHxDGHV GH HQWRQFHV ODV IXQFLRQHV GH FRRUGLQDFLyQ DQLPDFLyQ \ SURPRFLyQ GHO 3URJUDPD D QLYHO QDFLRQDO\\DHQORV~OWLPRVDxRVWDPELpQLQ WHUQDFLRQDO (O3URJUDPD9tDV9HUGHVHQVtQWHVLVWLHQH SRUREMHWLYRODUHXWLOL]DFLyQGHWUD]DGRVIHUUR YLDULRVHQGHVXVRFRPRLWLQHUDULRVQRPRWRUL]D GRVTXHFRQHFWHQODVSREODFLRQHVORVHVSDFLRV QDWXUDOHV \ ORV SXQWRV GH LQWHUpV KLVWyULFRDU WtVWLFR DFHUFDQGR D HOORV GH IRUPD VRVWHQLEOH DOFLXGDGDQR/DVH[WUDRUGLQDULDVYHQWDMDVTXH RIUHFHQODV9tDV9HUGHVSRUVXRULJLQDOXVRIH UURYLDULRODVFRQYLHUWHQHQORVHMHVYHUWHEUDGR UHV GH UHGHV GH WUDQVSRUWH QR PRWRUL]DGR TXH VHSXHGHQFRQÀJXUDUPHGLDQWHODXWLOL]DFLyQGH YLDOHV GH FRQH[LyQ HQWUH HOODV YtDV SHFXDULDV FDPLQRVWUDGLFLRQDOHVHWF #!2-%.!9#!24,5%.'/ 9tD9HUGHGHO$FHLWHGRQGHVHKDQFRQVWUXLGRVHJXUDVSDVDUHODVVREUHODVFDUUHWHUDV )RWR)XQGDFLyQGHORV)HUURFDUULOHV(VSDxROHV 02).#)0)/3"­3)#/3$%, 02/'2!-!6·!36%2$%3 (OGLVHxR\ODLPSODQWDFLyQGHODV9tDV9HU GHV SRWHQFLDQ \ RSWLPL]D OD HVSHFLÀFLGDG GH ORVWUD]DGRVIHUURYLDULRVVREUHORVTXHVHGHVD UUROODQ \ TXH ODV KDFH GLIHUHQWHV UHVSHFWR GHO UHVWRGHFDPLQRVUXUDOHVYtDVSHFXDULDVRUXWDV FLFOLVWDV /DV H[LJHQFLDV FRQVWUXFWLYDV GHO SUL PLWLYRXVRIHUURYLDULRFRQVXDYHVSHQGLHQWHV\ FXUYDVDELHUWDVGHWHUPLQDQTXHSXHGDQDSRUWDU FRQGLFLRQHV PX\ VLQJXODUHV GH DFFHVLELOLGDG WUDGXFLGR HQ XQLYHUVDOLGDG GH XVXDULRV \ HQ Pi[LPRJUDGRGHIDFLOLGDG\FRPRGLGDGHQVX UHFRUULGR ([LVWHQ RWUDV DQWLJXDV LQIUDHVWUXFWXUDV OL QHDOHVGHFRPXQLFDFLyQTXHJXDUGDQVLPLODUHV FRQGLFLRQHVGHWUD]DGRORVFDPLQRVGHVLUJDR GHVHUYLFLRGHORVFDQDOHVTXHWDPELpQKDQVLGR FRQVLGHUDGDVFRPR9tDV9HUGHVHQHOH[WUDQMHUR \SRUH[WHQVLyQHQ(VSDxD /DV9tDV9HUGHVSURSLFLDQGHELGRDODIDFL OLGDG\VXDYLGDGGHVXVWUD]DGRVODLQWHJUDFLyQ GHSHUVRQDVFRQPRYLOLGDGUHGXFLGDPLQXVYi OLGRV DQFLDQRV QLxRV HWF FROHFWLYRV FLXGD GDQRVJHQHUDOPHQWHDOHMDGRVGHOGHSRUWH\GHO RFLRDODLUHOLEUH3HUPLWHQSRUWDQWRODXQLYHU VDOLGDGGHXVXDULRVFRQYLUWLpQGRVHHQSXQWRGH HQFXHQWURGHSHUVRQDVSURFHGHQWHVGHFXDOTXLHU VHFWRU GH OD SREODFLyQ VLQ GLVFULPLQDFLyQ GH QLQJXQRGHHOORVSRUPRWLYRVGHHGDGRGHDSWL WXGHVItVLFDV6XGLVFXUULUDOHMDGRGHODVFDUUHWH UDV\ODSURKLELFLyQGHODFLUFXODFLyQFRQYHKt FXORVDPRWRUODVFRQYLHUWHDGHPiVHQHMHVGH PRYLOLGDGOLJHUDGHSDVHR\GHFRPXQLFDFLyQ GRWDGRVGHXQHOHYDGRQLYHOGHVHJXULGDG 3RURWURODGRDSURYHFKDQXQSDWULPRQLRS~ EOLFRHQODPD\RUtDGHODVOtQHDVFRPRHTXLSD PLHQWRYHUGHFRPRSXOPyQSDUDODVFLXGDGHV \ DOWHUQDWLYD GH RFLR DO DLUH OLEUH \ GH FRQYL YHQFLD/DV9tDV9HUGHVVHFRQYLHUWHQHQLQVWUX PHQWRVLPSXOVRUHVGHODVHVWUDWHJLDVGHPHMRUD GHODFDOLGDGGHODLUHHQODVFLXGDGHV !»/3$%&%22/#!22),%.!,"!#%4% +LWRNLORPpWULFRHQOD9tD9HUGHGHO3OD]DROD )RWR)XQGDFLyQGHORV)HUURFDUULOHV(VSDxROHV 8Q DVSHFWR PX\ UHOHYDQWH \ TXH FRORFD DO3URJUDPDHVSDxROGH9tDV9HUGHVFRPRXQ UHIHUHQWH D QLYHO LQWHUQDFLRQDO ² HV HO KHFKR GH TXH H[LVWH XQ SODQ GH DFWXDFLyQ GH LQFL GHQFLD QDFLRQDO TXH FRQÀHUH XQD LPDJHQ JOREDO \ KRPRJpQHD D FDGD 9tD 9HUGH $Vt VHSURGXFHXQDYHQWDMDLQGXFLGDDOFUHDUXQ SURGXFWR~QLFR\GHFDOLGDGFX\DSURPRFLyQ DQLYHOLQGLYLGXDOHQFXDOTXLHUOXJDUGHOSDtV UHSHUFXWH GH IRUPD SRVLWLYD HQ ODV UHVWDQWHV LQLFLDWLYDV /D LGHQWLGDG JUiÀFD GHO 3URJUD PD TXHGD UHFRJLGD HQ GLYHUVRV DVSHFWRV GHO GLVHxRGHODV9tDV9HUGHVDVtFRPRHQODVH xDOL]DFLyQ VLHPSUH EDMR OD FREHUWXUD GH XQ ORJRWLSR~QLFR\JHQHUDO /D VHxDOL]DFLyQ FUHDGD H[SUHVDPHQWH SDUD ODV9tDV9HUGHVFRQVWLWX\HXQRGHORVLQVWUXPHQ WRVEiVLFRVSDUDJDUDQWL]DUVXHOHYDGRJUDGRGH VHJXULGDGHLQIRUPDFLyQDODYH]TXHUHIXHU]D HVWHFRQFHSWRGHLGHQWLGDGQDFLRQDOFRPRSUR GXFWRGLIHUHQFLDGR\GHFDOLGDG/DVVHxDOHVDVt FRPRORVHTXLSDPLHQWRVGHSURWHFFLyQEDUDQ GLOODV SULQFLSDOPHQWH SUHWHQGHQ DXQDU HQ VX GLVHxR HO FDUiFWHU IHUURYLDULR \ PHGLRDPELHQ WDO TXH GHÀQHQ D ODV9tDV9HUGHV HPSOHiQGR VHPDWHULDOHVSURSLRVGHOIHUURFDUULOWUDYLHVDV FDUULOHV (O 3URJUDPD 9tDV 9HUGHV SUH WHQGH TXH HO GHVDUUROOR GH HVWDV UXWDVGHHFRWXULVPRUHDFWLYHVRFLDO \ HFRQyPLFDPHQWH OD UHJLyQ DIHF WDGD LQFHQWLYH ODV LQYHUVLRQHV HQ LQIUDHVWUXFWXUD WXUtVWLFD \ IRPHQ WH HQ GHÀQLWLYD HO HPSOHR ORFDO 3DUDHOORHVSUHFLVRFRPSOHPHQWDU OD RIHUWD HVHQFLDO GH OD 9tD 9HUGH FRQ RWURV VHUYLFLRV DORMDPLHQWR UHVWDXUDFLyQ FHQWURV GH DOTXLOHU GHELFLFOHWDV\FDEDOORVFHQWURVGH HGXFDFLyQDPELHQWDO\HWQRJUiÀFD SXQWRVGHYHQWDGHODSURGXFFLyQ\ DUWHVDQtDORFDOHWF(VWRVVHUYLFLRV VHXELFDQVLHPSUHTXHHVSRVLEOHHQ ORVLQPXHEOHVGHRULJHQIHUURYLDULR DQHMRVDODWUD]DUHFXSHUDGRVDHVWH HIHFWR /D UHKDELOLWDFLyQ GH ODV YLHMDV HVWDFLRQHV SDUDDORMDUHVWRVQXHYRVVHUYLFLRVKDSHUPLWLGR OD FRQVHUYDFLyQ GH XQ YDOLRVR SDWULPRQLR DU TXLWHFWyQLFRDOWLHPSRTXHKDSURYRFDGRTXH PXFKDV HVWDFLRQHV \ DSHDGHURV DEDQGRQDGRV UHFXSHUDVHQ HO SURWDJRQLVPR HQ OD YLGD FRWL GLDQDVRFLDO\HFRQyPLFDGHQXHVWURVSXHEORV TXHGXUDQWHGpFDGDVGLVIUXWDURQ(VXQDVSHFWR PX\LPSRUWDQWHGDGRHOJUDQSRGHUHYRFDGRU \VHQWLPHQWDOTXHWLHQHHOPXQGRGHOIHUURFD UULOHQODPHPRULDKLVWyULFDGHORVFLXGDGDQRV /DSXHVWDHQPDUFKD\ODJHVWLyQGHORVVHUYL FLRVHFRWXUtVWLFRVYLQFXODGRVDODV9tDV9HUGHV SXHGHQ HVWDU SURPRYLGRV GHVGH OD LQLFLDWLYD S~EOLFD R SULYDGD OD IyUPXOD LGHDO FRQMXJD DPEDVOtQHDV (V XQ KHFKR FRQVWDWDGR TXH HO p[LWR GH XQD9tD9HUGH HVWi GHWHUPLQDGR SRU HO JUDGR GHSDUWLFLSDFLyQ\FRQVHQVRDOFDQ]DGRSRUWR GRVORVVHFWRUHVTXHLQWHUYLHQHQHQVXGLVHxR FUHDFLyQÀQDQFLDFLyQJHVWLyQ\FyPRQRHQ VXGLVIUXWH(VIXQGDPHQWDOSURSLFLDUHLPSXO VDU HO FRQWDFWR HQWUH WRGDV ODV LQVWLWXFLRQHV \ FROHFWLYRVTXHGHDOJXQDIRUPDVHYHQDIHF WDGDV SRU OD FUHDFLyQ GH XQD 9tD 9HUGH GHV GHODVIDVHVLQLFLDOHVGHVXJHVWDFLyQVHKDGH LQWHQWDU PD[LPL]DU OD LPSOLFDFLyQ FLXGDGDQD #!2-%.!9#!24,5%.'/ (QOD&RPXQLGDGGH0DGULGOD9tD9HUGHGHO7DMXxDHVXQH[FHOHQWHUHFXUVRSDUDODVDFWLYLGDGHVDODLUHOLEUH )RWR)XQGDFLyQGHORV)HUURFDUULOHV(VSDxROHV 9tD9HUGHGH3REOHWHXQHMHPSORGHXQFRUUHGRUUHIRUHVWDGRHQODVOODQXUDVGH&LXGDG5HDO )RWR)XQGDFLyQGHORV)HUURFDUULOHV(VSDxROHV !»/3$%&%22/#!22),%.!,"!#%4% /RV7~QHOHVGHOD9tD9HUGHGHOD6HQGD GHO2VRDWUDYLHVDQHVSHFWDFXODUHV PRQWDxDVGHOSDLVDMHDVWXULDQR )RWR)XQGDFLyQGHORV)HUURFDUULOHV(VSDxROHV $VtOD9tD9HUGHVHFRQYLHUWHHQXQSUR\HFWR GHODFRPXQLGDGHQXQHVSDFLRHQHOTXHORV FLXGDGDQRVGHWRGDVODVHGDGHVTXL]iVHVSH FLDOPHQWH QLxRV MyYHQHV \ SHUVRQDV GH HGDG DYDQ]DGD SXHGHQ FRODERUDU HQ VX GLVHxR FRQVWUXFFLyQ\PDQWHQLPLHQWR !#45!#)/.%30!2!%, !#/.$)#)/.!-)%.4/ $%6·!36%2$%3 (O,QYHQWDULRGH/tQHDV)HUURYLDULDVHQ'HV XVRHODERUDGRHQVLUYHWRGDYtDFRPRLQV WUXPHQWREiVLFRGHWUDEDMRSDUDDERUGDUODWUDQV IRUPDFLyQGHXQIHUURFDUULODEDQGRQDGRHQ9tD 9HUGH 1R REVWDQWH DQWHV GH SDVDU D UHGDFWDU XQ SUR\HFWR FRQVWUXFWLYR HV PX\ FRQYHQLHQWH DWUDYHVDUXQDIDVHVXSHULRUGHWUDEDMRTXHVH UtDODHODERUDFLyQGHXQ(VWXGLRGH)DFWLELOLGDG TXH GLDJQRVWLTXH OD FRQYHQLHQFLD \ YLDELOLGDG GHGHVDUUROODUOD9tD9HUGH (VWHHVWXGLRSHUVLJXHYDULRVREMHWLYRVDQD OL]DU\JDUDQWL]DUODGLVSRQLELOLGDGSDWULPRQLDO\ MXUtGLFDGHORVWHUUHQRVVREUHORVTXHVHDFWXDUi LGHQWLÀFDU\UHVROYHUORVSXQWRVGHGLVFRQWLQXL GDG ItVLFD \ ORJUDU HO Pi[LPR FRQVHQVR ORFDO VREUHHOGLVHxR\IXWXURyUJDQRJHVWRUGHOD9tD 9HUGH$GHPiVPDUFDODVGLUHFWULFHVDVHJXLUHQ ODUHGDFFLyQGHXQ3UR\HFWR&RQVWUXFWLYRTXH GHÀQLUi HQ GHWDOOH ODV REUDV D HMHFXWDU \ TXH HQ JHQHUDO QR SUHFLVDQ GH HVWXGLR GH LPSDFWR DPELHQWDOHVSHFtÀFRSRUWUDWDUVHGHODDGHFXD FLyQGHLQIUDHVWUXFWXUDVSUHH[LVWHQWHV6HVLJXH HO SULQFLSLR GH EXVFDU OD Pi[LPD HÀFDFLD FRQ ODPtQLPDLQYHUVLyQHPSOHDQGRPDWHULDOHVOR FDOHVDGRSWDQGRWLSRORJtDVFRQVWUXFWLYDVVHQFL OODV\PLQLPL]DQGRHOYROXPHQGHREUDVDUHD OL]DU/DVREUDVGHEHQJDUDQWL]DUORVSULQFLSLRV EiVLFRV GHO 3URJUDPD 9tDV 9HUGHV Pi[LPD DFFHVLELOLGDGFRPRGLGDG\VHJXULGDGSDUDOR FXDO HV UHFRPHQGDEOH TXH HO ÀUPH VXSHUÀFLDO RIUH]FDVXÀFLHQWHFDOLGDGGHURGDGXUD8QDVR OXFLyQFX\DLGRQHLGDGKDVLGRFRQWUDVWDGDHQOD SUiFWLFDFRQVLVWHHQXQWUDWDPLHQWRPL[WRFRQ XQDIUDQMDODWHUDOGHDFDEDGRDVIiOWLFRSDUDUR GDGXUDELFLFOHWDVVLOODVGH UXHGDV HWF\ RWUD IUDQMDFRQVXSHUÀFLHHQWLHUUDFRPSDFWDGDSDUD FDPLQDQWHV $GHPiV HO SUR\HFWR DVHJXUD OD FRQVWUXF FLyQGHGUHQDMHORQJLWXGLQDO\WUDQVYHUVDODVt FRPR GH REUDV FRPSOHPHQWDULDV UHFRQVWUXF FLyQGHREUDVGHIiEULFDSHUGLGDVRGHWHULRUD GDVPXURVGHFRQWHQFLyQSDVRVDGLVWLQWRQL YHO(QODVREUDVGHQXHYDSODQWDSDVDUHODVVH SURFXUD DGRSWDU WLSRORJtDV VLPLODUHV D ODV GHO IHUURFDUULORULJLQDO6HSUHVWDHVSHFLDODWHQFLyQ D ODV LQWHUVHFFLRQHV FRQ LQIUDHVWUXFWXUDV PR WRUL]DGDV FRORFDQGR VHxDOL]DFLyQ SUHYHQWLYD H LQIRUPDWLYD DVt FRPR HOHPHQWRV TXH LPSL GDQ HO DFFHVR LQGLVFULPLQDGR GH YHKtFXORV D PRWRU SLYRWHV DEDWLEOHV WUDYLHVDV KLQFDGDV 7DPELpQVHSUR\HFWDQODVDFWXDFLRQHVGHUHYH JHWDFLyQFRQHVSHFLHVDXWyFWRQDVELHQHQORV PiUJHQHVGHOD9tD9HUGHELHQHQODViUHDVGH VHUYLFLRDFFHVRVPLUDGRUHViUHDVGHGHVFDQ VR\VHLQFOX\HODFRORFDFLyQGHHOHPHQWRVGH SURWHFFLyQSUHIHULEOHPHQWHFRQYLHMDVWUDYLH VDVGHPDGHUD 3RU RWUR ODGR ORV W~QHOHV TXH QR RIUH]FDQ YLVLELOLGDG LQWHULRU VXÀFLHQWH VRQ GRWDGRV GH XQ VLVWHPD GH LOXPLQDFLyQ SUHÀULpQGRVH ODV LQVWDODFLRQHV VRODUHV FRPR IXHQWH GH HQHUJtD LQFOX\HQGR OD LQVWDODFLyQ GH GHWHFWRUHV SDUD HOHQFHQGLGRDXWRPiWLFRGHODOXPEUDGRFRQHO #!2-%.!9#!24,5%.'/ 6ÓAS6ERDESYTRAZADOSFERROVIARIOSTRANSITABLESSINACONDICIONAR )XHQWH)XQGDFLyQGHORV)HUURFDUULOHV(VSDxROHV SDVRGHXVXDULRVDVtFRPRSXOVDGRUHVLQWHULR UHVSDUDHPHUJHQFLDV ,!36·!36%2$%3!6!.:!. !"5%.2)4-/ /DV 9tDV 9HUGHV VRQ \D XQD UHDOLGDG WDQJL EOHSDUDORVFLXGDGDQRVTXHVHFRQVROLGDDULW PRYHUWLJLQRVR(QHOFXDGURVHUHODFLRQDQODV 9tDV 9HUGHV TXH VH HQFXHQWUDQ DFWXDOPHQWH HQ RSHUDFLyQRHQHMHFXFLyQGHREUDVWDQWRIUXWRGH ODV DFWXDFLRQHV GHO DFWXDO 0LQLVWHULR GH 0HGLR $PELHQWH\GHODQWHULRU02370$FRPRGHOD $GPLQLVWUDFLyQ/RFDO\GHODV&RPXQLGDGHV$X WyQRPDV(QWRWDODSDUHFHQ9tDV9HUGHVTXH VXPDQXQDORQJLWXGJOREDOGHNPVFX\R DFRQGLFLRQDPLHQWR KD UHTXHULGR XQD LQYHUVLyQ VXSHULRU D ORV 0LOORQHV GH HXURV (V LPSRU WDQWHGHVWDFDUTXHQRVHKDQVXPDGRHQHVWDFLIUD ODVFXDQWLRVDVLQYHUVLRQHVUHDOL]DGDVHQHOGHVD UUROORGHVHUYLFLRV\HTXLSDPLHQWRVHFRWXUtVWLFRV \GHSRUWLYRVUHKDELOLWDFLyQGHHVWDFLRQHVHWF (QHOPDSDVHUHÁHMDODVLWXDFLyQGHODV9tDV 9HUGHVTXHKDQVLGRDFRQGLFLRQDGDVFRPRWDOHV KDVWDÀQDOHVGHODxRDVtFRPRORVWUD]D GRVIHUURYLDULRVTXHVLQKDEHUVLGRUHKDELOLWD GRVD~QSDUDVXXVRQRPRWRUL]DGRVHHQFXHQ WUDQWUDQVLWDEOHVSDUDVHUUHFRUULGRVSRUFLFOLVWDV \FDPLQDQWHV (QWUH ORV UHFRQRFLPLHQWRV LQWHUQDFLRQDOHV TXH KD FRQVHJXLGR HO 3URJUDPD 9tDV 9HUGHV HVSDxRO HV SUHFLVR GHVWDFDU OD FRQFHVLyQ HQ HO DxRGHOSUHVWLJLRVR3UHPLR,QWHUQDFLRQDO GH%XHQDV3UiFWLFDVGHO3URJUDPD+iELWDWGHOD 218'RVDxRVPiVWDUGHVVHUHFLELyXQJDODU GyQTXHUHFRQRFtDHOJUDQSRWHQFLDOTXHHQWUD xDQ ODV9tDV9HUGHV HQ HO iPELWR GHO WXULVPR HO3UHPLRGHOD:RUOG7UDYHO0DUNHWDO7XULV PRVRVWHQLEOH<HQOD)XQGDFLyQGHORV )HUURFDUULOHV(VSDxROHVKDREWHQLGRXQRGHORV PiVSUHVWLJLRVRVJDODUGRQHVHO3UHPLR(XURSD 1RVWUD D OD &RQVHUYDFLyQ GHO 3DWULPRQLR SRU VXGHGLFDFLyQDODUHFRQYHUVLyQGHORVDQWLJXRV WUD]DGRVIHUURYLDULRVHQ9tDV9HUGHV !»/3$%&%22/#!22),%.!,"!#%4% #UADRO6ÓAS6ERDES!CONDICIONADAS 9Ì$69(5'(6'($1'$/8&,$ 3URYLQFLD 9tD9HUGHGH/D6LHUUD &iGL]²6HYLOOD 9tD9HUGH6LHUUD1RUWHGH6HYLOOD 6HYLOOD 9tD9HUGHGH&DPDV 6HYLOOD 9tD9HUGHGHOD&DPSLxD,,\,,, 6HYLOOD 9tD9HUGHGHOD&DPSLxD, &yUGRED 9tD9HUGHGHOD6XEEpWLFD &yUGRED 9tD9HUGHGHO$FHLWH -DpQ 9tD9HUGHGH/LQDUHV -DpQ 9tD9HUGHGHO/LWRUDO +XHOYD 9tD9HUGHGHO*XDGLDQD +XHOYD 9tD9HUGH0ROLQRVGHO$JXD +XHOYD 9tD9HUGHGH2OXOD $OPHUtD 727$/ 9Ì$69(5'(6'(085&,$ 3URYLQFLD 9tD9HUGHGHO1RURHVWH 0XUFLD 9Ì$69(5'(6'(/$&2081,'$'9$/(1&,$1$ 3URYLQFLD 9tD9HUGHGH2MRV1HJURV, &DVWHOOyQ9DOHQFLD 9tD9HUGH;XUUD 9DOHQFLD 9tD9HUGHGH/D6DIRU 9DOHQFLD 9tD9HUGH0DLJPy $OLFDQWH 9tD9HUGHGH$OFRL $OLFDQWH 9tD9HUGHGH/DV6DOLQDV $OLFDQWH 9tD9HUGHGHO;L[DUUD $OLFDQWH 727$/ 9Ì$69(5'(6'(&$67,//$/$0$1&+$ 3URYLQFLD 9tD9HUGHGH/D-DUD 7ROHGR 9tD9HUGHGH3REOHWH &LXGDG5HDO 9tD9HUGHGHOD6LHUUDGH$OFDUD] $OEDFHWH 727$/ 9Ì$69(5'(6'(0$'5,' 3URYLQFLD 9tD9HUGHGHO7DMXxD 0DGULG 9tD9HUGHGHO7UHQGHORV'tDV 0DGULG 727$/ 9Ì$69(5'(6'(&$67,//$</(Ð1 3URYLQFLD 9tD9HUGHGHOD6LHUUDGHOD'HPDQGD %XUJRV 9tD9HUGH6DQWDQGHU²0HGLWHUUiQHR %XUJRV 9tD9HUGHGHO(VOD /HyQ 9tD9HUGHGH9LOODEOLQR /HyQ 9tD9HUGH7LHUUDGH&DPSRV 9DOODGROLG 727$/ 9,$69(5'(6'($5$*Ð1 9tD9HUGHGH2MRV1HJURV,, 7HUXHO 9tD9HUGHGHOD9DOGH=DIiQ, 7HUXHO 727$/ /RQJLWXGNP /RQJLWXGNP /RQJLWXGNP /RQJLWXGNP /RQJLWXGNP /RQJLWXGNP /RQJLWXGNP #!2-%.!9#!24,5%.'/ 9Ì$69(5'(6(1(;75(0$'85$ 3URYLQFLD 9tD9HUGHGHODV9HJDVGHO*XDGLDQD\ODV9LOOXHUFDV &iFHUHV%DGDMR] 9,$69(5'(6'(/$5,2-$ 3URYLQFLD 9tD9HUGHGHOUtR2MD /D5LRMD 9tD9HUGHGHO&LGDFRV /D5LRMD 9tD9HUGHGH3UpMDQR /D5LRMD 727$/ 9Ì$69(5'(6'(&$7$/8f$ 3URYLQFLD 9tD9HUGHGHO&DUULOHW2ORW*LURQD *LURQD 9tD9HUGHGHO&DUULOHW*LURQD&RVWD%UDYD *LURQD 9tD9HUGHGHO)HUURLGHO&DUEy *LURQD 9tD9HUGHGH7HUUD$OWD 7DUUDJRQD 9tD9HUGHGHO%DL[(EUH 7DUUDJRQD 727$/ 9Ì$69(5'(6'($6785,$6 3URYLQFLD 9tD9HUGHGHOD6HQGDGHO2VR $VWXULDV 9tD9HUGHGH9DOGHPXULR $VWXULDV 9tD9HUGHGH7XxyQD)XVR $VWXULDV 9tD9HUGHGH)XVR/D5HLQD2YLHGR $VWXULDV 9tD9HUGHGH/D&DPRFKD $VWXULDV 9tD9HUGHGHO7UDQTXHUX $VWXULDV 9tD9HUGHGHO9DOOHGH7XUyQ $VWXULDV 727$/ 9Ì$69(5'(6'(&$17$%5,$ 3URYLQFLD 9tD9HUGHGHO3DV &DQWDEULD 9tD9HUGHUDPDOGH&DEiUFHQR &DQWDEULD 9tD9HUGH3LTXLOOR&REDUyQ&DVWUR8UGLDOHV &DQWDEULD 727$/ 9Ì$69(5'(6'(/3$Ì69$6&2 3URYLQFLD 9tD9HUGHGH*DOGDPHV 9L]FD\D 9tD9HUGHGHO8UROD 9L]FD\D 9tD9HUGHGH0DH]WX $ODYD 9tD9HUGHGHO=DGRUUD $ODYD 9tD9HUGHGH$UGLWXUUL *XLSX]NRD 9tD9HUGHGH$UUD]ROD *XLSX]NRD 9tD9HUGHGH$W[XUL *XLSX]NRD 9tD9HUGHGHOIHUURFDUULO9DVFR1DYDUUR, $ODYD1DYDUUD 727$/ 9Ì$69(5'(6'(1$9$55$ 3URYLQFLD 9tD9HUGHGHOIHUURFDUULO9DVFR1DYDUUR,, 1DYDUUD$ODYD 9tD9HUGHGHO3OD]DROD 1DYDUUD²*XLSX]NRD 9tD9HUGHGHO7DUD]RQLFD 1DYDUUD=DUDJR]D 727$/ /RQJLWXGNP /RQJLWXGNP /RQJLWXGNP /RQJLWXGNP /RQJLWXGNP /RQJLWXGNP /RQJLWXGNP 9tD9HUGHHQ2EUDVRHQSURORQJDFLyQ )XHQWH)XQGDFLyQGHORV)HUURFDUULOHV(VSDxROHV(ODERUDFLyQ3URSLD !»/3$%&%22/#!22),%.!,"!#%4% #/-5.)#!#)¼.$)65,'!#)¼. 902/-/#)¼. /D)XQGDFLyQGHORV)HUURFDUULOHV(VSDxROHV GHVHPSHxDXQDLQWHQVDODERUGHLQIRUPDFLyQ\ DVHVRUtDWpFQLFDUHIHUHQWHDOGHVDUUROORGHHVWDV LQLFLDWLYDV WDQWR D OD SURSLD $GPLQLVWUDFLyQ FRPRDPHGLRVGHFRPXQLFDFLyQ\DFROHFWLYRV FLXGDGDQRVLQWHUHVDGRV&RQHVWRVÀQHVKDRU JDQL]DGR GLYHUVRV FRQJUHVRV \ MRUQDGDV WpFQL FDVUHODWLYDVDODJHVWLyQPDQWHQLPLHQWR\SUR PRFLyQGH9tDV9HUGHV /D )XQGDFLyQ KD JHQHUDGR ORV SULQFLSDOHV PHGLRV GH GLIXVLyQ TXH H[LVWHQ VREUH ODV 9tDV 9HUGHVHQSXEOLFyFRQODHGLWRULDO$QD\D 7RXULQJ&OXEHOYROXPHQGHXQD*XtDGH9tDV 9HUGHVFRQODGHVFULSFLyQGHLWLQHUDULRVVX PDQHQWRWDOPiVGHNPGHORQJLWXGVREUH WUD]DGRVIHUURYLDULRV$IHFKDGH\DH[LVWH XQYROXPHQGHHVWD*XtDTXHRIUHFHLQIRUPD FLyQGHRWURVNPVDGLFLRQDOHVGHLWLQHUDULRV KDELHQGRVLGRUHHGLWDGRVDPERVYRO~PHQHVHQ GLYHUVDVRFDVLRQHV$VtPLVPRVHKDSDUWLFLSDGR HQYDULDVFDPSDxDVSURPRFLRQDOHVGHSHULyGLFRV GLVWULEX\HQGRXQDHGLFLyQHVSHFLDOGHOD*XtDGH 9tDV 9HUGHV FRQ XQD VHOHFFLyQ GH VyOR UX WDV FRQ HO 'LDULR$%& VH ODQ]y XQD WLUDGD GH HMHPSODUHVGHHVWD*XtD &DEHGHVWDFDUTXHGHVGHHO0DSDGH &DUUHWHUDVTXHHGLWDHO0LQLVWHULRGH)RPHQWR HMHPSODUHVDxR FRQVWLWX\H RWUR GH ORV SULQFLSDOHV YHKtFXORV GLYXOJDWLYRV GH ODV 9tDV9HUGHVHVSDxRODVDODVFXDOHVLQFOX\HHQ VXFDUWRJUDItDDOPLVPRQLYHOGHUHSUHVHQWDFLyQ JUiÀFDTXHORVYLDOHVPRWRUL]DGRVVLELHQLQGL FDQGR FRQ SLFWRJUDPDV ORV XVXDULRV D ORV TXH HVWiQGHVWLQDGRVFDPLQDQWHVFLFOLVWDVMLQHWHV (VWHKHFKRHVVXPDPHQWHUHOHYDQWHHQVtPLVPR GHODLPSRUWDQFLDUHDOTXHODV9tDV9HUGHVHVWiQ DOFDQ]DQGRHQVXFDOLGDGGHLQIUDHVWUXFWXUDVGH WUDQVSRUWHVRVWHQLEOH ,JXDOPHQWHODSiJLQDZHEZZZYLDVYHUGHV FRPGHOD)XQGDFLyQRIUHFHDEXQGDQWH\DFWXD OL]DGDLQIRUPDFLyQVREUHORVREMHWLYRV\DYDQ FHV GHO 3URJUDPD DFWLYLGDGHV FRQYRFDWRULDV QRWLFLDV SXEOLFDFLRQHV DVt FRPR XQD GHVFULS FLyQXQD´JXtDGHYLDMHµGHGLYHUVDVUXWDVFRQ HQODFHVDSiJLQDVH[WUDQMHUDV$GHPiVVHUHPL WH XQ EROHWtQ HOHFWUyQLFR PHQVXDO \ JUDWXLWR D PiVGHVXVFULSWRUHV 9LDGXFWRGHOVLJOR;,;HQOD9tD9HUGHGHO$FHLWH UHKDELOLWDGRDUDHOSDVRGHFLFOLVWDV\FDPLQDQWHV )RWR)XQGDFLyQGHORV)HUURFDUULOHV(VSDxROHV (V LPSUHVLRQDQWH HO LQWHUpV \ DSR\R PRV WUDGRSRUORVPHGLRVGHFRPXQLFDFLyQWDQWRGH OD SUHQVD SHULyGLFD FRPR GH UHYLVWDV HVSHFLD OL]DGDV HQ ODV iUHDV PiV GLYHUVDV PHGLR DP ELHQWHWXULVPRFLFOLVPR\GHSRUWHDODLUHOLEUH LQJHQLHUtDSDWULPRQLRHQFROHFWLYRVGHSHUVR QDVFRQPRYLOLGDGUHGXFLGDQLxRV\GHWHUFHUD HGDGHQODV$VRFLDFLRQHVGH$PLJRVGHO)HUUR FDUULO\XQODUJRHWFpWHUD,JXDOPHQWHODV9tDV 9HUGHVKDQDOFDQ]DGRXQJUDQSURWDJRQLVPRHQ ODUDGLROOHJDQGRDFRQWDUFRQVHFFLRQHVÀMDVHQ DOJXQRVSURJUDPDVGHJUDQGLIXVLyQ\KDDSDUH FLGRHVSRUiGLFDPHQWHHQODWHOHYLVLyQ #!2-%.!9#!24,5%.'/ +DVLGRHQFXDQGRVHKDSUR GXFLGRXQLPSRUWDQWHVDOWRFXDOLWDWLYR HQHOODQ]DPLHQWRSXEOLFLWDULRGHODV 9tDV9HUGHV\DTXHODFDGHQD/DGH 7HOHYLVLyQ(VSDxRODHPLWLyHQVXSD UULOODGHPi[LPDDXGLHQFLDOD6HULHGH 7HOHYLVLyQ VREUH 9tDV 9HUGHV ´9LYH OD 9tDµ FX\D UHDOL]DFLyQ KD FRRUGL QDGR OD )XQGDFLyQ FRQ HO DSR\R GH QXPHURVRVSDWURFLQDGRUHV6LQGXGD ODHPLVLyQGHHVWDVHULHGHFDStWX ORV GH PHGLD KRUD GH GXUDFLyQ FDGD XQRKDFRQVWLWXLGRXQYHUGDGHURKLWR GLYXOJDWLYR ORJUiQGRVH DXGLHQFLDV GH PiV GH XQ PLOOyQ GH WHOHVSHFWD GRUHV HQ PXFKRV FDStWXORV$GHPiV 7HOHYLVLyQ (VSDxROD KD GLIXQGLGR WDPELpQODVHULHHQVX&DQDO,QWHUQDFLRQDO\HQ RWURVFDQDOHVSURSLRV(QHOYHUDQRGHIXH QXHYDPHQWH HPLWLGD OD VHULH ´9LYH OD 9tDµ HQ /DGH7HOHYLVLyQ(VSDxROD\\DVHWUDEDMDHQ OD SUHSDUDFLyQ GH OD )DVH ,, GH HVWD VHULH FRQ QXHYRVFDStWXORV 3RU RWUR ODGR RFXSD XQ OXJDU GHVWDFDGR OD FHOHEUDFLyQ GHVGH GHO 'tD 1DFLRQDO GH ODV9tDV9HUGHVVHJXQGRVGRPLQJRVGHPD\R QXPHURVDV 9tDV 9HUGHV RUJDQL]DQ PDUFKDV FRPLGDV SRSXODUHV \ WRGR WLSR GH DFWLYLGDGHV IHVWLYDVHQODVTXHSDUWLFLSDQPLOHVGHFLXGDGD /DViUHDVGHGHVFDQVRSXHEODQHOUHFRUULGRGHOD IURQGRVD9tD9HUGHGHOD6LHUUDGHOD'HPDQGD )RWR)XQGDFLyQGHORV)HUURFDUULOHV(VSDxROHV QRVFRQVLJXLHQGRXQDJUDQUHSHUFXVLyQHQORV PHGLRV ,JXDOPHQWH UHVHxDEOH HV OD FHOHEUDFLyQ GHO 7RXU 0iJLFR SRU ODV 9tDV 9HUGHV (VSDxRODV TXH OD )XQGDFLyQ RUJDQL]DED LQLFLDOPHQWH FRQ 7XUHVSDxDSDUDPRVWUDUDSHULRGLVWDV\WXURSH UDGRUHVVREUHWRGRH[WUDQMHURVHOJUDQSRWHQ FLDO HFRWXUtVWLFR GH ODV9tDV9HUGHV \ TXH DF WXDOPHQWHRIUHFHSDUDSDUWLFXODUHV(VXQYLDMH RUJDQL]DGRSDUDUHFRUUHU9tDV9HUGHVGLVWUL EXLGDV SRU WRGR HO SDtV GXUDQWH GRV VHPDQDV DXQTXHKD\RSFLRQHVGHPHQRUGXUDFLyQ ,!$)-%.3)¼. ).4%2.!#)/.!,$% ,!36·!36%2$%3%, 02/9%#4/2%6%2 9tD9HUGHGHO7DUD]RQLFDXQUHFRUULGRVHJXURHQWUH ODVPRQXPHQWDOHVFLXGDGHVGH7XGHOD\7DUD]RQD )RWR)XQGDFLyQGHORV)HUURFDUULOHV(VSDxROHV (Q ODV ~OWLPDV GpFDGDV ODV 9tDV 9HUGHVHVWiQDOFDQ]DQGRXQDLPSRU WDQWHUHSHUFXVLyQLQWHUQDFLRQDOFRQ (VWDGRV 8QLGRV &DQDGi \ 5HLQR 8QLGRDODFDEH]D²\H[WHQGLpQGRVH D ULWPR DFHOHUDGR SRU WRGD (XURSD (Q IXH FRQVWLWXLGD HQ 1DPXU %pOJLFD OD $VRFLDFLyQ (XURSHD GH 9tDV 9HUGHV $(99 (*:$ HQ LQ !»/3$%&%22/#!22),%.!,"!#%4% JOpV FX\D SUHVLGHQFLD UHFD\y KDVWD HQ OD )XQGDFLyQ GH ORV )HUURFDUULOHV (VSDxROHV PLHPEURIXQGDGRU(VWD$VRFLDFLyQSURPXHYH ODFUHDFLyQGH9tDV9HUGHVODFRRUGLQDFLyQ\HO LQWHUFDPELRGHLQIRUPDFLyQHQWUHORVGLIHUHQWHV RUJDQLVPRVTXHOOHYDQDFDERHVWDVLQLFLDWLYDV HQ(XURSD\ODGLYXOJDFLyQGHODVPLVPDVDORV SRWHQFLDOHVXVXDULRV /D $(99 KD GHVDUUROODGR GHVGH VLHPSUH SUR\HFWRV GH FDUiFWHU LQWHUQDFLRQDO FRQWDQ GR FRQ XQ UHVSDOGR PX\ DFWLYR GH ODV 'LUHF FLRQHV *HQHUDOHV GH 0HGLR $PELHQWH \ GH 7UDQVSRUWHVGHOD&RPLVLyQ(XURSHDDVtFRPR GH OD$JHQFLD (XURSHD GHO 0HGLR$PELHQWH *UDQ UHSHUFXVLyQ HVWi DOFDQ]DQGR HO 3UR\HF WR5(9(55HG9HUGH(XURSHDFUHDGRSRUOD $(99FRQHOREMHWLYRGHLPSXOVDUHOGHVDUUR OORGHXQDUHGGHYtDVGHFRPXQLFDFLyQQRPR WRUL]DGDV TXH DWUDYLHVH HO WHUULWRULR (XURSHR IRUPDGDSRU9tDV9HUGHVFRPRQ~FOHREiVLFR \SRURWUDVLQIUDHVWUXFWXUDVTXHSHUPLWDQODFR QH[LyQHQWUHHOODVYtDVSHFXDULDVFDUULOHVELFL FDPLQRVUXUDOHVHWF %,&%22/#!22), 9,!#5#(),,%2·!%.!,"!#%4% 0DULDQDGH3DVFXDO/ySH] /XLV0LJXHO0DUWtQH]*yPH]6LPyQ 0XVHR0XQLFLSDOGHOD&XFKLOOHUtDGH$OEDFHWH $WHQGLHQGR DO HQXQFLDGR GH OD SUHVHQWH FR PXQLFDFLyQ\HQXQDSULPHUDDSUR[LPDFLyQDVX FRQWHQLGRSRGUtDSDUHFHUTXHODUHODFLyQHQWUHHO IHUURFDUULO\ODDUWHVDQtDHLQGXVWULDFXFKLOOHUDGH ODFLXGDGGH$OEDFHWHVHOLPLWDDHVDHVWDPSDUR PiQWLFDGHVDERUDxHMRTXHUHSUHVHQWDEDDOYHQ GHGRUGHFLQWRHQORVDOHGDxRVGHODYtDGHOWUHQ SUHJRQDQGRVXVPHUFDQFtDVDORODUJRGHODQGpQ FRQORVYLDMHURVGHORVFRQYR\HVFRPRGHVWLQD WDULRVDQyQLPRVGHVXDQKHODGDWUDQVDFFLyQFR PHUFLDO6LQHPEDUJRDSRFRTXHSURIXQGLFHPRV FRPSUREDUHPRVTXHODH[LVWHQFLDGHODHVWDFLyQ \ODVLWXDFLyQGHSULYLOHJLRGHODFLXGDGGH$OED FHWHFRPRQXGRIHUURYLDULRKDQGHWHUPLQDGRHQ JUDQPHGLGDODYLGDFRWLGLDQDGHORVVHFWRUHVGH GLFDGRVDODFXFKLOOHUtD\ODH[SDQVLyQPLVPDGH VXLQGXVWULD,QFOXVRGHVGHXQDySWLFDGHRUGHQ S~EOLFRYHUHPRVFyPRHODVDOWRDORVWUHQHVSUR WDJRQL]DGRSRUQLxRVFRQHOREMHWLYRGHKXUWDUHO FDUEyQWDQQHFHVDULRSDUDDOLPHQWDUODVIUDJXDV VXSRQGUiGXUDQWHDOJXQRVOXVWURVHOWLSRGHOLFWLYR PiV LPSRUWDQWH GH ODV HVWDGtVWLFDV GHO7ULEXQDO 7XWHODUGH0HQRUHVGH$OEDFHWH 'HHVWDPDQHUDORTXHLEDDVHUXQDFRPX QLFDFLyQ SHQVDGD SDUD GHVDUUROODU ~QLFDPHQWH ODVH[SHULHQFLDVGHORVYHQGHGRUHVGHFLQWRVH FRQÀJXUDUiFRPRXQDDXWpQWLFDPLVFHOiQHDGH DQpFGRWDVHLQIRUPDFLRQHVGHWRGRWLSRFDUDF WHUL]DGDVSRUHVHQH[RFRP~QTXHKDFHTXHHO IHUURFDUULO FRQVWLWX\D XQD UHIHUHQFLD REOLJDGD HQHOGHVDUUROORGHODLQGXVWULDFXFKLOOHUD %,&%22/#!22),#/-/-%$)/$% 42!.30/24%$%-!4%2)!302)-!3 935-).)342/30!2!,!).$5342)! ,/#!,9!6%#%3).6/,5.4!2)/ 02/6%%$/2$%,!3-)3-!3 (QSULPHUOXJDUGHEHPRVGHVWDFDUODLPSRU WDQFLDGHOIHUURFDUULOFRPRPHGLRGHWUDQVSRUWH GHODVPHUFDQFtDV\PDWHULDVSULPDVQHFHVDULDV SDUDODLQGXVWULD\DUWHVDQtDFXFKLOOHUDV'HORV GRFXPHQWRVH[LVWHQWHVGHVJUDFLDGDPHQWHHVFD VRV\FRQVWLWXLGRVHQHVHQFLDSRUORVOLEURVGH FRSLDGRUHVGHFDUWDVGHFRUUHVSRQGHQFLDFRPHU FLDOGHODIiEULFD *yPH] XQDGHODVPiVQRWD EOHVDORODUJRGHOVLJOR;;\YDOLRVDIXHQWHGH GRFXPHQWDFLyQGHOSHULRGRFRPSUHQGLGRHQWUH !»/3$%&%22/#!22),%.!,"!#%4% \ VH GHVSUHQGH TXH HO IHUURFDUULO FRQVWLWX\yHOPHGLRGHWUDQVSRUWHPiVXWLOL]DGR SDUD HO VXPLQLVWUR GH ODV PDWHULDV SULPDV TXH QR VH KDOODEDQ GLVSRQLEOHV HQ HO HQWRUQR PiV SUy[LPR (Q PXFKRV FDVRV HVWRV PDWHULDOHV UHDOL]D EDQ PX\ ODUJDV WUDYHVtDV$Vt ORV SHGLGRV GH FHOXORLGHFX\RSXQWRGHRULJHQHUD$OHPDQLD VROtDQWDUGDUWUHVPHVHVHQOOHJDUDGHVWLQR6H WUDWDEDGHXQPDWHULDOSOiVWLFRTXHUHYROXFLRQy ODSURGXFFLyQ\TXHHPSH]yDVHUXWLOL]DGRFRQ FLHUWD LPSRUWDQFLD HQ ORV DOERUHV GH OD GpFDGD GHORVDxRVYHLQWHFRQÀULHQGRDODHODERUDFLyQ GHODQDYDMDXQDGLPHQVLyQPiVLQGXVWULDO 8QRGHORVPD\RUHVIRFRVGHSHQHWUDFLyQGH HVDVPDWHULDVSULPDVIXHOD]RQDGH/HYDQWH\ SRUHOORVLQJXODUDWHQFLyQPHUHFHODDJHQFLDGH DGXDQDVGHO*UDRGH9DOHQFLDGHVGHODTXHHP EDUFDEDQ HQ ORV WUHQHV FRQ GHVWLQR D$OEDFHWH ORVDFHURVSURFHGHQWHVGHODFDVD+DOH%URWKHUV GH 6KHIÀHOG ,QJODWHUUD 0iV DGHODQWH IXH OD &RPSDxtD$QyQLPD%DVFRQLDGH%LOEDRODTXH FRPHQ]yDVXPLQLVWUDUDFHURDODLQGXVWULDOR FDO H[SUHVDQGR OD WUDQVDFFLyQ HFRQyPLFD \ HO YDORU GHO PDWHULDO FRQ OD LQGLFDFLyQ GH WDQWRV FpQWLPRV´HONLORVREUHYDJyQµ -XQWRDLQJHQWHVFDQWLGDGHVGHDFHURHOIH UURFDUULOWUDMRWDPELpQGHVGH%LOEDRODVJUDQGHV FKDSDVGHDOSDFDPDWHULDOEiVLFRSDUDYLURODV\ UHEDMRVTXHHQORVDxRVWUHLQWDIXHVXVWLWXLGRSRU ODFKDSDHVWDxDGD 3HURHOIHUURFDUULOQRVyORFRQVWLWX\yXQPH GLR GH WUDQVSRUWH GH PDWHULDOHV LQGLVSHQVDEOH 'XUDQWHORVDxRVGHSRVJXHUUDODVLQPHGLDFLR QHV GH ODV OtQHDV VH FRQYLUWLHURQ HQ OXJDU GH SHUHJULQDMH GH PRGHVWRV DUWHVDQRV TXH LEDQ D EXVFDUDOOtUHVWRV GH PHWDOHVSDUDHODERUDUVXV SLH]DVDFX\RÀQHPSOHDEDQWDPELpQODVFKD SDVGHORVELGRQHVGHDOTXLWUiQRODVFDUURFHUtDV GHVJXD]DGDVGHORVFRFKHV(OFRQWDFWRGHPX FKRVGHHOORVFRQODHVWDFLyQDFDXVDGHVXDF WLYLGDGFRPRYHQGHGRUHVGHFLQWRIDFLOLWyVXV UHODFLRQHVFRQRSHUDULRVGHOD5HQIHORVFXDOHV OHV VXPLQLVWUDEDQ DFHURV GH XQD IRUPD VHPL -RVp$UWLJDRHQVXWDOOHU$xR 0XVHRGHOD&XFKLOOHUtD FODQGHVWLQDHOVHUYLFLRGHVHxRUDVHUDHOOXJDU FRQYHQLGRHQGRQGHHOHPSOHDGRGHOIHUURFDUULO GHSRVLWDEDHOPDWHULDOSDUDTXHSRVWHULRUPHQWH HOFXFKLOOHURORUHWLUDVH 3RURWUDSDUWHODVLWXDFLyQHFRQyPLFDGHOD pSRFD IDYRUHFLy OD DSDULFLyQ GH RWUDV FRQGXF WDV GH PD\RU UHSURFKH SHQDO UHODFLRQDGDV FRQ HOIHUURFDUULO\TXHWHQtDQHQpVWHHOREMHWRGHO LOtFLWR FRPHWLGR$Vt ORV KXUWRV GH FDUEyQ HQ ODVGpFDGDVGHORVDxRV\\VXSUHYLVLEOH XWLOL]DFLyQ SDUD ODV IUDJXDV HQWUH RWUDV ÀQDOL GDGHVRFXSDURQODPD\RUtDGHORVH[SHGLHQWHV LQFRDGRVSRUHO7ULEXQDO7XWHODUGH0HQRUHVGH $OEDFHWHSXHVORVDXWRUHVGHGLFKDVFRQGXFWDV HUDQSRUORJHQHUDOQLxRV %XHQDSDUWHGHOFRGLFLDGRERWtQVHGHVWLQD EDVLQGXGDDOWHPSOHGHODFHURHQODVIUDJXDV GHORVWDOOHUHVXELFDGRVHQ]RQDVSUy[LPDVDOD OtQHDIHUURYLDULDFRPRORVEDUULRVGH/D(VWUH OOD)HUQiQGH]\*RQ]iOH]RGHOD3XHUWDGH9D OHQFLDHQWUHRWURV (Q HVWH SXQWR LQWHUHVD GHVWDFDU TXH GH ORV RQFH H[SHGLHQWHV FRPSOHWRV TXH VH FRQVHUYDQ GHGHOLWRVFRPHWLGRVSRUPHQRUHVHQWUHORV \ORVDxRVGHHGDGHQODGpFDGDGHORVFXD UHQWDRFKRWXYLHURQDOIHUURFDUULOFRPRSURWD JRQLVWD (VWRV H[SHGLHQWHV VH LQFRDURQ SRU ODV FDXVDVVLJXLHQWHV 5RERGHPHUFDQFtDVHQYDJRQHVGH5HQIH 5RERGHFDUEyQHQYDJRQHVGH5HQIH 5RERGHFDUEyQHQWUHQHV -!2)!.!$%0!3#5!,,¼0%:Y,5)3-)'5%,-!24·.%:'¼-%:3)-¼. +XUWRGHFDUEyQ 5RERGHKDULQDHQYDJyQGHIHUURFDUULO +XUWRGHPDWHULDOIHUURYLDULRPXHOOHV\SD UDFKRTXHV +XUWRGHUXHGDVGHYDJRQHWDVHQODVPLQDV GH+HOOtQ 5RERGHPDTXLQDULDHQXQWUHQ &RPR FDVR SDUDGLJPiWLFR GH HVWRV H[SH GLHQWHV UHSURGXFLPRV D FRQWLQXDFLyQ SDUWH GHO FRQWHQLGR GH XQR GH HOORV HQ FRQFUHWR OD GH FODUDFLyQGHXQPHQRUGHDxRVLPSXWDGRSRU URER GH FDUEyQ GHSXHVWD DQWH ODV DXWRULGDGHV GHO7ULEXQDOGH0HQRUHV ´0DQLIHVWDFLyQGH$BBB3UHJXQWDGRHQ IRUPD GLFH OODPDUVH FRPR TXHGD GLFKR GHTXLQFHDxRVGHHGDGKLMRGH6BBB\GH 'BBBGHSURIHVLyQPDOHDQWHQDWXUDOGH $OEDFHWH\YHFLQRHQODFDOOH&BBBGHHVWD FDSLWDO7DPELpQPDQLÀHVWDTXHHOGtDTXH VXSDGUHQRVHHQFXHQWUDHQVXFDVDEDMD D OD YtD FRQ HO ÀQ GH GHVSUHFLQWDU ODV YHQWDQDVGHORVYDJRQHV\ODVSXHUWDVGH ORVPLVPRVSDUDVXVWUDHUFDUEyQPLQHUDO RELHQYHJHWDORODPHUFDQFtDTXHVHD\ TXHVLORVHPSOHDGRVGHOWUHQVHRSRQHQD HOORORVDSHGUHDQFRQHOÀQGHTXHHVWRV VHDFREDUGHQ\VHPHWDQGHQWURGHODVJD ULWDVPLHQWUDVUHFRJHQODPHUFDQFtDTXH KDQVXVWUDtGR\DUURMDGRDWLHUUD4XHHO FDUEyQTXHKXUWDQORYHQGHQDOSUHFLRGH FXDWURSHVHWDVODDUURED4XHODVRSH UDFLRQHV GH DVDOWR D ORV WUHQHV ODV KDFH HQ XQLyQ GHO ¶*RUGLWR· GHO ¶&DJDUUD· HO ¶&KXQL·HO¶1RQR·HO¶/LOD·HO¶9DOHULD· \HO¶$JXDQWD·4XHHOMHIHGHODSDUWLGD SDUDPDQGDUGDUHODVDOWRDORVYDJRQHV HVHO¶/LOD·4XHQRWLHQHPiVTXHPDQL IHVWDU VREUH ODV SUHJXQWDV TXH VH KDFHQ FRQUHIHUHQFLDDODVUDWHUtDVTXHGLDULD PHQWHYLHQHQKDFLHQGR«µ eVWD GHEtD VHU SRU FRQVLJXLHQWH OD LQYR OXQWDULD DSRUWDFLyQ GHO IHUURFDUULO DO QHFHVDULR FRPEXVWLEOHSDUDODVIUDJXDV3HURWDPELpQHQ ORWRFDQWHDODKHUUDPLHQWDGHWUDEDMRGHOFXFKL OOHURHOWUHQVHFRQYLUWLyHQHVSRQWiQHRSURYHH GRU$VtORDWHVWLJXDQ$PDGRU&DUFHOpQ\-RVp $UWLJDR 1LHWR 6HJ~Q HVWH ~OWLPR XQ IRUMDGRU 0DUWtQH]*yPH]6LPyQ/XLV0LJXHO DUWHVDQRQDFLGRHQHODxRORVFXSRQHVGH FDUULO GH OD YtD FRQVWLWXtDQ XQ LPSURYLVDGR \ DWtSLFR \XQTXH R ELJRUQLD SDUD ORV FXFKLOOHURV PiVKXPLOGHVXQRVFXSRQHVGHFDUULOXWLOL]DGRV HQODIRUMDGHORVPXHOOHVHQXQDRSHUDFLyQQR H[HQWDGHGLÀFXOWDG %,&%22/#!22),#/-/!'%.4% "­3)#/%.%,02/#%3/ $%#/-%2#)!,):!#)¼. 6)!*!.4%39-%2#!$/3 6LHQGR LPSRUWDQWHV ORV DVSHFWRV FLWDGRV VLQ GXGD HO IDFWRU PiV GHVWDFDGR GH OD LQFLGHQFLD GHO IHUURFDUULO HQ HO GHVDUUROOR GH OD FXFKLOOHUtD HVWiFRQVWLWXLGRSRUODFRQGLFLyQGHOWUHQFRPR YHKtFXOR GH SHUVRQDV \ PHUFDQFtDV HODERUDGDV &DEHSHQVDUTXHVHWUDWDOyJLFDPHQWHGHOPHGLR GH WUDQVSRUWH PiV XWLOL]DGR SRU ORV FXFKLOOHURV TXHYLDMDEDQSDUDOOHYDUODUHSUHVHQWDFLyQGHVXV DUWtFXORV'RFXPHQWRV\NLORPpWULFRVGHORVDxRV YHLQWH OR SRQHQ GH PDQLÀHVWR &DGD FDVD WHQtD VXVYLDMDQWHV\HVRVNLORPpWULFRVSULPHURGHOD &RPSDxtD 0=$ 0DGULG=DUDJR]D$OLFDQWH \OXHJRGH5HQIHVHXWLOL]DURQFRQUHODWLYDIUH FXHQFLD1RSRGHPRVREYLDUTXHHQJHQHUDOORV HVFDVRV UHFXUVRV GH ODV IDPLOLDV FXFKLOOHUDV QR SHUPLWtDQHOXVRGHOYHKtFXORSULYDGRFRPRWUDQV SRUWH\DXQTXHDVtIXHUDODFRPRGLGDGGHOWUDVOD GRIDYRUHFtDODXWLOL]DFLyQGHOIHUURFDUULO1RHV H[WUDxRSRUHOORPLVPRTXHHVWDFLUFXQVWDQFLD GHWHUPLQDUDHOGHVDUUROORGHORVPHUFDGRV 3RUWDQWRODFRQGLFLyQGHOWUHQFRPRPHGLR FDVL H[FOXVLYR GH ORFRPRFLyQ GH ORV YLDMDQWHV GHODVIiEULFDVGHFXFKLOOHUtDRULJLQyODH[SDQ VLyQGHHVDLQGXVWULDSRUORVPHUFDGRVVLWXDGRV HQHOWUD]DGRGHODVOtQHDVIHUURYLDULDV$VtGH ORVDQWHVFLWDGRVGDWRVVXPLQLVWUDGRVSRUORVFR SLDGRUHV GH FDUWDV GH FRUUHVSRQGHQFLD FRPHU FLDOGHODIiEULFD *yPH]VHGHVSUHQGHTXHODV SOD]DVGHYHQWDVPiVLPSRUWDQWHVHQHOSHULRGR HVWXGLDGRGHORVDxRVDWXYLHURQXQD !»/3$%&%22/#!22),%.!,"!#%4% GHVWLQRFDVLHQVXWRWDOLGDGSRUHVWHPHGLR3RU RWUDSDUWHUHVXOWDLQQHFHVDULRVLJQLÀFDUTXHOD FLUFXQVWDQFLDGHTXH$OEDFHWHIXHUDXQH[FHOHQ WHQXGRGHFRPXQLFDFLyQIHUURYLDULDGHWHUPLQy TXHHOWUDQVSRUWHGHORVSHGLGRVSRUWUHQVHFRQ YLUWLHUDHQHOVLVWHPDSUHIHUHQWHSDUDHOHQYtRGH PHUFDQFtDV 'XUDQWH YDULRV OXVWURV OD SURSLD HVWUXFWXUD IHUURYLDULDIDYRUHFLyTXH/HYDQWH\$QGDOXFtD FRQJUHJDUDQODVSOD]DVPiVLPSRUWDQWHVHQORV PHUFDGRV(VWRVXSXVRTXHFRQHOHVWDOOLGRGH OD*XHUUD&LYLOVHDEDQGRQDUDQEXHQDSDUWHGH ORVPLVPRVFRPRORSRQHGHPDQLÀHVWRODGR FXPHQWDFLyQGHODpSRFD0RWLYRSRUHOTXHHO LQGXVWULDOFXFKLOOHUR)UDQFLVFR0DUWtQH]*yPH] ODQ]yVXSURSXHVWDGHIDEULFDFLyQGHODQDYDMD GHO)UHQWH3RSXODU -HV~V6iH]&DQR$xR &HVLyQ9LFHQWH6iH]*RQ]iOH] FRQH[LyQIHUURYLDULDFDVLGLUHFWDFRQODFLXGDG GH$OEDFHWH (QHVHVHQWLGRH[LVWLHURQFOLHQWHVGHODDQ WHGLFKDÀUPDHQODVORFDOLGDGHVGH/D(QFLQD 7DUDQFyQ&LXGDG5HDO4XLQWDQDUGHOD2UGHQ +XHWH3HxDÀHO$UDQMXH]&XHQFD/HyQ9DOOD GROLG6HJRYLD&ROPHQDU6DODPDQFD0HGLQD GHO&DPSR&yUGRED)XHQWH2EHMXQD/OHUHQD =DIUD 0pULGD$OPHQGUDOHMR +XHOYD 6HYLOOD *UDQDGD $OPDJUR 3ODVHQFLD $OFi]DU GH 6DQ -XDQ&DUWDJHQD$OPDQVDR9LOODFDxDV3RUHO FRQWUDULRWDQVyORDSDUHFHQFOLHQWHVGHGRVOR FDOLGDGHVVLQFRQH[LyQSRUIHUURFDUULO7RUGHVL OODV\0DUDFHQD /DHQWUDGDHQHVFHQDGHUHSUHVHQWDQWHVYLQ FXOy D pVWRV FRQ JUDQGHV FLXGDGHV GRWDGDV GH IHUURFDUULOHV 9DOHQFLD 0DGULG 0iODJD R 9D OODGROLG \ ORV SHGLGRV TXH HOORV WUDPLWDEDQ HUDQHPEDODGRVHQSDTXHWHVTXHVHHQYLDEDQD 2WURGDWRTXHSRQHGHPDQLÀHVWRODLQWHUGH SHQGHQFLDHQWUHHOWUHQ\ODYLGDFRWLGLDQDGHORV FXFKLOOHURVORHQFRQWUDPRVHQHOKHFKRGHTXH FRQ IUHFXHQFLD OD FRQIHFFLyQ GH ODV PDOHWDV GHPDGHUD\FDUSHWDVXVDGDVSRUORVUHSUHVHQ WDQWHVSDUDDORMDUORVPXHVWUDULRV\WUDQVSRUWDU ODV QDYDMDV \ FXFKLOORV D ODV IHULDV VH UHDOL]D EDQWHQLHQGRHQFXHQWDODVGLPHQVLRQHVGHORV DVLHQWRVGHORVYDJRQHV\ORVHVSDFLRVTXHTXH GDEDQOLEUHVHQVXSDUWHLQIHULRU$VtORUHÀHUH 9LFHQWH6iH]*RQ]iOH]PLHPEURGHXQDGHODV IDPLOLDV FXFKLOOHUDV PiV DQWLJXDV YLQFXODGD D HVWDDFWLYLGDGDUWHVDQDOGHVGHHOVLJOR;9,,,\ DGHPiVGHVFHQGLHQWHGHXQRGHORVPiVDIDPD GRV FXFKLOOHURV GH FLQWR GH OD ORFDOLGDG -HV~V 6iH]&DQRFX\DLPDJHQRIUHFLHQGRXQDQDYDMD HVXQDGHODVPiVFRQRFLGDVHQODLFRQRJUDItDGH HVWRVVLQJXODUHVQDYDMHURV 9LFHQWH 6iH] *RQ]iOH] KLMR QLHWR ELVQLH WR\WDWDUDQLHWRGHQDYDMHURVUHODWDFyPRHQOD WUDGLFLyQRUDOGHODIDPLOLDVHDOXGtDDODH[FHVL YDLPSRUWDQFLDFRQFHGLGDDORVFDPELRVHQORV DVLHQWRV GH ORV YDJRQHV \ ODV PHGLFLRQHV TXH GH pVWRV HIHFWXDEDQ VXV PD\RUHV FRQ OD LQWHQ FLyQ GH HQFDUJDU D ORV FDUSLQWHURV ODV PDOHWDV DGHFXDGDVSDUDTXHODVSLH]DVFXFKLOORV\QD YDMDVIXHUDQWUDQVSRUWDGDVHQODVPHMRUHVFRQ GLFLRQHV -!2)!.!$%0!3#5!,,¼0%:Y,5)3-)'5%,-!24·.%:'¼-%:3)-¼. 9HQGHGRUHVHQ$OPDQVD$xR &HVLyQ9LFHQWH6iH]* 3RU ~OWLPR RWUR HOHPHQWR GLQDPL]DGRU GHO FRPHUFLRQDYDMHUR\SRUHQGHGHODFXFKLOOHUtD 4XLRVFRGH-RVp=DIULOOD$xR &HVLyQ-/XLV=DIULOOD3pUH] IXHODXELFDFLyQGHODSURSLDHVWDFLyQGHIHUUR FDUULOHVFX\RHQFODYHSUy[LPRDODVVHGHVGHO $\XQWDPLHQWR \ GH OD 'LSXWDFLyQ \ HQ GHÀQL WLYDDOD]RQDFHQWUR\DOPLVPRFRUD]yQGHOD FLXGDGRULJLQyHOGHVDUUROORGHOFRPHUFLRVLWXD GRDVXDOUHGHGRU(QHVWHVHQWLGRHVSDUWLFXODU PHQWHLQWHUHVDQWHODHYROXFLyQFRPHUFLDOGHOD IDPLOLDGHOIDEULFDQWHORFDO-RVp=DIULOODKLMRGH XQRGHORVSULPHURVYHQGHGRUHVGHFLQWRFX\D YLXGDUHJHQWyXQDOPDFpQGHFXFKLOOHUtD\TXH HQHOLQLFLRGHORVDxRVWUHLQWDLQVWDOyXQDWLHQ GDGHYHQWDGHQDYDMDVDHVFDVRVPHWURVGHOD HVWDFLyQHQODFDOOHGHOPDUTXpVGH6DODPDQFD +D\TXHGHFLUTXHFRQDQWHULRULGDGVHSRSXOD UL]yXQTXLRVFRGHQDYDMDVGHODPLVPDIDPLOLD HQ HO LQLFLR GHO SDVHR PX\ FHUFD GH ODV YtDV \TXHGXUDQWHPXFKRWLHPSRSHUPDQHFLyFRPR XQD GH ODV LPiJHQHV GH OD FLXGDG TXH GDED OD ELHQYHQLGDDOYLDMHUR (O GHVSHJXH FRPHUFLDO \ HO GHVDUUROOR GH HVWDHPSUHVDGHSHQGLHURQHQEXHQDPHGLGDGH VX HVWUDWpJLFD VLWXDFLyQ /RV WHVWLPRQLRV GH OD IDPLOLDHVWiQSODJDGRVGHDQpFGRWDVHQODVTXH UHÀHUHQHQWUHRWUDVFyPRORVSURSLRVPR]RVGH 5HQIHHMHUFtDQGHLPSURYLVDGRVDJHQWHVFRPHU FLDOHVRULHQWDQGRDORVSDVDMHURVTXHEDMDEDQD !»/3$%&%22/#!22),%.!,"!#%4% HVWLUDU ODV SLHUQDV HQ ODV SDUDGDV SURORQJDGDV SDUDTXHVHDFHUFDVHQDODWLHQGDWDUHDTXHHUD UHFRPSHQVDGD D FDPELR GH XQDV SURSLQDV 2 ELHQFyPRODVJUDQGHVÀJXUDVGHODIDUiQGXOD TXHLEDQDUHSUHVHQWDUDOJXQDREUDDOSUy[LPR 7HDWUR &LUFR HUDQ DFRPSDxDGDV SRU VXV DQÀ WULRQHVSRUORJHQHUDODQWHVGHVXGHVSHGLGDHQ HOWUHQSDUDDGTXLULUHOUHFXHUGRREOLJDGRGHVX SDVRSRUQXHVWUDFLXGDGXQDQDYDMDGHOHVWDEOH FLPLHQWRGH=DIULOOD %,.!6!*%2/$%#).4/ 3HURVLQQLQJXQDGXGDHOPDULGDMHPiVVR EUHVDOLHQWHTXHHQFRQWUDPRVHQWUHODFXFKLOOHUtD GH$OEDFHWH\HOIHUURFDUULOYLHQHGHODLPDJHQ DFXxDGDGHDQWLJXRGHOQDYDMHURYHQGLHQGRHQ ODHVWDFLyQRIUHFLHQGRVXPHUFDQFtDDOSDVRGH ORVWUHQHV (Q OOHJy HO IHUURFDUULO D OD FLXGDG GH $OEDFHWH\WDQVyORGLH]DxRVGHVSXpV\DHVWD EDGRFXPHQWDGDODYHQWDHQORVDQGHQHVGHODV QDYDMDVFXFKLOORV\SXxDOHVUHDOL]DGRVSRUORV DUWHVDQRV FXFKLOOHURV /D LPDJHQ GHO QDYDMHUR GHFLQWRFDPLQyGHVGHHQWRQFHVXQLGDDOHQWRU QRGHODHVWDFLyQGH$OEDFHWHKDVWDELHQHQWUDGR HO~OWLPRFXDUWRGHOVLJOR;; (OSULPHUYHQGHGRUGHQDYDMDVHQHODQGpQ GHOTXHVHWLHQHQRWLFLDVHV*DEULHO6DUULyQQD FLGRHQ\TXHWHQtDVXSHTXHxRWDOOHUDUWH VDQRHQODFDOOHGHO3XHQWH+D\TXHGHFLUTXH VDOYR H[FHSFLRQHV ORV YHQGHGRUHV DPEXODQWHV GHFLQWRHUDQWRGRVFXFKLOOHURV\HQJHQHUDOFRQ WDOOHUHVPX\SUy[LPRVDODVYtDVGHOWUHQFRPR OD FLWDGD FDOOH GHO 3XHQWH HO 3DVHR GHO ,VWPR \ PiV DGHODQWH ORV EDUULRV GH OD &iUFHO \ OD (VWUHOOD 3RU WDQWR HO KHFKR GH TXH HO SULPHU YHQGHGRU FRQRFLGR WXYLHUD VLWXDGR HO WDOOHU HQ ODFDOOHTXHSUHFLVDPHQWHUHFLEtDVXQRPEUHSRU XELFDUVHMXQWRDXQRGHORVSXHQWHVVREUHODYtD FRQVWLWX\HXQGDWRGHLQWHUpV\UHYHODGRUGHOD SURFHGHQFLDGHHVWRVVLQJXODUHV\DODYH]HQWUD xDEOHVSHUVRQDMHV 'LEXMRGH1DYDMHURGH&LQWR*XtDGH$%$xR $UFKLYR$\XQWDPLHQWRGH$OEDFHWH (O SULPHU FRQWUDWR TXH VH FRQVHUYD HV GH DEULO GH VL ELHQ HQ RWURV HVFULWRV GH OD PLVPD IHFKD \D VH LQGLFDED TXH HVWD SHUVRQD HVWDED DXWRUL]DGD ´GHVGH KDFH EDVWDQWH WLHP -!2)!.!$%0!3#5!,,¼0%:Y,5)3-)'5%,-!24·.%:'¼-%:3)-¼. SRµ PLHQWUDV TXH HO FRQWHQLGR REOLJDFLRQDO GHO GRFXPHQWR VXVFULWR SRU HVWH DUWHVDQR \ OD &RPSDxtD GH ORV )HUURFDUULOHV GH 0DGULG=D UDJR]D$OLFDQWH0=$HVWDEOHFtDHQWUHRWUDV ODVVLJXLHQWHVSUHYHQFLRQHVHQUHODFLyQDOYHQ GHGRUVRPHWHUVHDODVUHJODVTXHOHLQGLFDVHHO MHIHGHHVWDFLyQUHDOL]DUODYHQWDSRUVtPLVPR RD\XGDGRHQWRGRFDVRSRUVXVKLMRVXRWURVID PLOLDUHVVLHPSUHTXHWXYLHVHQPiVGHDxRV VLWXDUVH HQ HO DQGpQ SRU GRQGH VXEtDQ \ EDMD EDQ ORV YLDMHURV SURKLELpQGROH H[SUHVDPHQWH TXHORKLFLHVHHQODVHQWUHYtDVRDWUDYHVDVHODV YtDVFXDQGRKXELHUDWUHQHVSUy[LPRVDQXQFLDU ODYHQWDGHORVREMHWRVVLQDOERURWDU\HYLWDUOD GLVFXVLyQFRQORVYLDMHURV/DFDQWLGDGPHQVXDO TXH HO QDYDMHUR VH FRPSURPHWtD D VDWLVIDFHU D ODFRPSDxtDSRUHVDFRQFHVLyQHUDGHUHDOHV PHQVXDOHVSDJDGHURVSRUDGHODQWDGR /DSUHVFULSFLyQGHDXWRUL]DUDVXVIDPLOLDUHV \ HQ HVSHFLDO D VXV GHVFHQGLHQWHV LQPHGLDWRV IXHSRVLEOHPHQWHODFDXVDGHTXH\DHQWRQFHVVH LQLFLDUDODSUiFWLFDGHSDVDUHOFLQWRGHSDGUHVD KLMRVFRPRDVt OR SRQHQ GH PDQLÀHVWR ODV VD JDVGHORV6iH]ORV3LFDWRUUHVORV5DFRVRORV 3DMHURV1RROYLGHPRVDGHPiVTXHHOHQWRUQR FXFKLOOHURGHOWDOOHUHUDEiVLFDPHQWHIDPLOLDU\ TXHHQVXDFHUYRHOFLQWRFRQVWLWXtDXQXWHQVLOLR EiVLFR6LQHPEDUJRHUDELHQFRQRFLGDODHVFOD YLWXGGHHVWDWDUHD\HOORKDFtDTXHORVPLVPRV SURJHQLWRUHVLQWHQWDUDQHYLWDUHVWDVHUYLGXPEUH DVXVGHVFHQGLHQWHV &RQ IHFKD GH GH DEULO GHO PLVPR DxR RWURV WUHV FXFKLOOHURV GHPDQGDURQ OD DXWRUL]D FLyQSUHFHSWLYDSDUDYHQGHUHQODVPLVPDVFRQ GLFLRQHV TXH 6DUULyQ HO LQIRUPH QHJDWLYR GHO MHIHGHPRYLPLHQWRGHOD&RPSDxtD0=$IXH GHWHUPLQDQWHSDUDODGHQHJDFLyQGHODVROLFLWXG IRUPXODGDSRU$QWRQLR=DIULOOD)UDQFLVFR$UFRV \$QWRQLR6iQFKH]6LQHPEDUJRODH[LVWHQFLD GHXQDFRPXQLFDFLyQGHODpSRFDUHIHULGDDXQD FRQFHVLyQ D *DEULHO 6DUULyQ \ WUHV FXFKLOOHURV PiVQRVSHUPLWHDÀUPDUTXHPX\SRVLEOHPHQWH REWXYLHURQODDXWRUL]DFLyQSRFRGHVSXpV(VWRV $+): $+): $+): WUHVFXFKLOOHURVSHUWHQHFLHURQDIDPLOLDVGHVWD FDGDVGHODKLVWRULDGHODFXFKLOOHUtDGH$OEDFH WH$QWRQLR=DIULOOD&HSHGDTXHHQWRQFHVWHQtD DxRVVHUiHOSDGUHGHORVKHUPDQRV5LFDUGR -RVp\-RDTXtQTXHHQHOXPEUDOGHOVLJOR;; FRQVWLWXLUiQXQDGHODVIiEULFDVPiVLPSRUWDQWHV GHO VHFWRU RFXSDUiQ XQ OLGHUD]JR FRPSDUWLGR FRQODVIiEULFDVGH(O6ROGHORVKHUPDQRV6iQ FKH]\ (OÉJXLOD\PDQWHQGUiQXQDSUHVHQFLD GH YDQJXDUGLD D OR ODUJR GH HVWH VLJOR 3RU VX SDUWH HO DSHOOLGR$UFRV YLQFXODGR D OD FXFKL OOHUtDGHVGHHOVLJOR;9,,,VHUiXQUHIHUHQWHHQ GpFDGDVSRVWHULRUHV\SULPHUDÀUPDFXFKLOOHUD HQODDFWXDOLGDG 6ROLFLWXGGHFXFKLOOHURVSDUDYHQWD$xR $UFKLYR+LVWyULFR)HUURYLDULR : 'H FXDOTXLHU PRGR GXUDQWH XQ SHULRGR GH YHLQWHDxRVIXH~QLFDPHQWH*DEULHO6DUULyQHOTXH RVWHQWyGHPDQHUDSDFtÀFDHQYLUWXGGHDTXHOOD SULPLWLYDFRQFHVLyQHOGHUHFKRGHDFFHGHUDORV DQGHQHVFRQVXPHUFDQFtDGHQDYDMDV\SXxDOHV 6LQHPEDUJRHVWHSULYLOHJLR´PX\FRGLFLDGRSRU WRGRVVXVFRPSDxHURVGHRÀFLRµVHFXHVWLRQyHQ HODxRSXHVDUDt]GHOH[WUDYtRGHOFRQWUDWR GHDTXHOODQXHYDGLUHFFLyQGHOVHUYLFLRGHPR YLPLHQWRGHODFRPSDxtDORVXVSHQGLy\UHWLUyDO QDYDMHURHQHOHMHUFLFLRGHVXDFWLYLGDGFRQIHFKD GH GH VHSWLHPEUH GH HVH DxR )UHQWH D HVWD GHFLVLyQHOGHPDU]RGHVXKLMR+LJLQLR YROYLyDVROLFLWDUODFRQFHVLyQ !»/3$%&%22/#!22),%.!,"!#%4% ´+DELHQGR UHWLUDGR D PL TXHULGR SDGUH XQ SHUPLVR TXH WHQtD KDFH \D PXFKRV DxRVKRVHDGHVGHTXHKD\IHUURFDUULOSR GtDSDVDUDHODQGHQKDFHUVXYHQWD \ VLQ KDEHU IDOWDGR DO GHEHU \ KDELHQGR KHFKR ORV SDJRV FRUULHQWHV \ HVSHUR GH OD ERQGDG GHO H[FPR 6HxRU VLUYD GH LQ IUHFXHQFLDSDUDTXHOHGHQRWUDYH]DPL TXHULGR SDGUH *DEULHO 6DUULyQ GLFKD FRQFHVLyQµVLF /D SHWLFLyQ YHQtD SRU OR GHPiV DYDODGD SRU XQD VLQJXODU DGKHVLyQ TXH HQ IRUPD GH FDUWDHOJREHUQDGRUFLYLOGH%DUFHORQDGLULJLy DOD0=$\HQODTXHDSR\DEDDHVWHQDYDMH UR6LQHPEDUJRODIDPLOLD6DUULyQQRVyORQR YLRVDWLVIHFKDVXGHPDQGDVLQRTXHODSRVLFLyQ FRQWUDULD PDQLIHVWDGD SRU OD FRPSDxtD VLUYLy GH SUHFHGHQWH SDUD QHJDU DVLPLVPR VROLFLWX GHV VLPLODUHV IRUPXODGDV PHVHV PiV WDUGH \ HQ HVSHFLDO OD GH $QWRQLR 3RUWHUR XQ QDYD MHURGH$OEDFHWHDÀQFDGRHQODYHFLQD&LXGDG 5HDO TXH GHVHDED YHQGHU HQ ORV DQGHQHV GH ODHVWDFLyQGHHVWDFLXGDGVXVPHUFDQFtDV(V RSRUWXQRLQGLFDUTXHODYHQWDGHQDYDMDVHQORV DQGHQHVWDPELpQVHGHVDUUROOyHQRWUDVORFDOL GDGHVWDQWRGH$OEDFHWHFRPRGHODSURYLQFLD YHFLQDFRPRVXFDSLWDO$OFi]DUGH6DQ-XDQR 6DQWD&UX]GH0XGHOD 1RREVWDQWHHVWDSRVLFLyQSURKLELFLRQLVWDHO KHFKR FLHUWR HV TXH ORV QDYDMHURV YROYLHURQ D SDVDUDORVDQGHQHVDUHDOL]DUVXVYHQWDV3DUD HOORVDFDEDQHOFRUUHVSRQGLHQWHELOOHWHEXVFDQGR VLHPSUHODIRUPDGHRIUHFHUVXPHUFDQFtDDORV YLDMHURV\EXUODUODYLJLODQFLDGHORVDJHQWHVGH OD0=$/DUHDOLGDGGHHVWDVLWXDFLyQWDPELpQ ODSRQHGHPDQLÀHVWRXQDFDUWDGH$QWRQLR=D IULOOD&HSHGDTXHHQUHSUHVHQWDFLyQGHOJUHPLR GLULJLyDOGLUHFWRUJHQHUDOGH0=$HQGLFLHPEUH GHPRWLYDGDSRUXQDQXHYDLQVWUXFFLyQGH OD FRPSDxtD ´ HQ OR FRQFHUQLHQWH D OD SUR KLELFLyQGHVHJXLUHQWUDQGRORVUHFODPDQWHVHQ HODQGpQGHHVWDHVWDFLyQVLHPSUHTXHKD\DGH $+): $+): $+): $+): FRPHUFLDUVHODYHQWDGHDUPDVEODQFDVSURFH GHQWHVGHQXHVWUDVIiEULFDVµ 'HORH[SXHVWRVHGHVSUHQGHTXHQLHOHP SHFLQDPLHQWR GHO QXHYR UHVSRQVDEOH GH PR YLPLHQWR GH OD 0=$ QL ODV RSLQLRQHV GHO VXEGLUHFWRU GH 6HUYLFLRV 7pFQLFRV HQ OD OtQHD SURKLELWLYDGHODQWHULRUPHUPDURQODSHUVLVWHQ FLDGHORVQDYDMHURVTXHMXQWRDODVDXWRULGDGHV FLYLOHVGHODSURYLQFLDFRQVLJXLHURQÀQDOPHQ WHTXHODFRPSDxtDWROHUDUDHQPD\RURPHQRU PHGLGDHVDSUiFWLFD<HOORFRQHOÀQGHHYLWDU HQORSRVLEOHSUREOHPDVGHRUGHQS~EOLFRSXHV ORVQDYDMHURVHVWDEDQGHFLGLGRVDDFFHGHUDORV YLDMHURVSRUFXDOTXLHUSXQWRGHODYtDSXHVGH ODGRFXPHQWDFLyQGHO$UFKLYR+LVWyULFR)HUUR YLDULR$+)VHGHVSUHQGHTXHORVFXFKLOOHURV FXDQGRQRSRGtDQHQWUDUDODQGpQSRUODSXHUWD DVDOWDEDQODHVWDFLyQSRUODHPSDOL]DGD\PXUR GHFHUUDPLHQWR (VRV DVDOWRV VH UHDOL]DEDQ FRQ GLÀFXOWDG SXHVSRUHQWRQFHVORVQDYDMHURVOOHYDEDQ\DVXV PHUFDQFtDV GLVSXHVWDV HQ HVDV IDMDV R JUDQGHV SDxXHORVHQUROODGRVDVXFLQWXUDDOPRGRTXH VH QRV PXHVWUD HQ OD LFRQRJUDItD TXH VH FRQ VHUYDGHODpSRFD&RQHOWLHPSRODIDMDVHIXH WUDQVIRUPDQGRKDVWDDGRSWDUODIRUPD\FDUDF WHUtVWLFDVGHOWUDGLFLRQDOFLQWRRFLQFKRGHOTXH QRV RFXSDUHPRV PiV DGHODQWH ÀHO \ PLPDGR FRPSDxHURGHOYHQGHGRU 'XUDQWH XQRV DxRV OD EHQHYROHQFLD GH ORV LQVSHFWRUHVGHPRYLPLHQWR\GHOSURSLRMHIHGH HVWDFLyQTXHKDFtDODYLVWDJRUGDSDUDHYLWDUVH FRQÁLFWRVIDFLOLWDURQODYHQWD6LQHPEDUJROD OOHJDGDGHXQDQXHYDDXWRULGDGDO*RELHUQRGH ODSURYLQFLDVXSXVRRWURLQWHQWRGHUHFRQGXFLU ODSURKLELFLyQ\DVtORH[SUHVyDODVDXWRULGDGHV GHOD0=$HQPDU]RGH´ORVFXFKLOOHURV GHHVWDFDSLWDOKDQGHMDGRGHSDVDUDODQGpQGH ODHVWDFLyQDYHQGHUVXPHUFDQFtDDORV YLDMH URV HQFXPSOLPLHQWRGHyUGHQHVWHUPLQDQWHV\ -!2)!.!$%0!3#5!,,¼0%:Y,5)3-)'5%,-!24·.%:'¼-%:3)-¼. WDTXHSURYRFyODDGKHVLyQGHODPi[LPDDX WRULGDG SURYLQFLDO GLULJLGD DO GLUHFWRU GH ORV )HUURFDUULOHV GH 0=$ IXH ÀUPDGD SRU -RVp 3pUH] ,QLHVWD FRQ GRPLFLOLR HQ OD FDOOH GHO 2UR 3HGUR 0RUHQR 1LHYD YHFLQR GH OD FD OOHGHO3XHQWHSRVLEOHPHQWH)HUQDQGR1~xH] 0HGUDQRGRPLFLOLDGRHQODFDOOHGH0DU]R\ -XDQ0LJXHO/ySH]TXHVHFRQYLUWLyHQSRFRV DxRVHQXQRGHORVLQGXVWULDOHVPiVUHOHYDQWHV DOIUHQWHGHODIiEULFDGH (OÉJXLOD VLWXDGDHQ ODSOD]DGH/D9HOHWD 9HQGHGRUGH&LQWR5HYLVWD/HFWXUDV $xRVYHLQWH0XVHRGHOD&XFKLOOHUtD FDWHJyULFDVGDGDVSRUPLGLJQRDQWHFHVRU yUGHQHVTXH\RKHUHLWHUDGRµ 1RVLQSHVDUGHELyDGRSWDUHOJREHUQDGRUFLYLO HVD GHFLVLyQ \D TXH VHPDQDV DWUiV KDEtD DSR\D GRHQFDUWDGLULJLGDDOD0=$ODVSUHWHQVLRQHVGHO VHFWRU8QDVUHLYLQGLFDFLRQHVTXHVHJ~QpO ´REH GHFHQDXQSULQFLSLRGHMXVWLFLDPRUDOSXHVORV SREUHVFXFKLOOHURVGHpVWDDWUDYLHVDQFULVLVKRQGD \ SHQRVD UHODFLRQDGD FRQ OD JHQHUDO GHO 3DtV \ OHVGLVSHQVDUtD9XQEHQHÀFLRVHxDODGtVLPRDFFH GLHQGRDVXUXHJRFRQHOTXHFRLQFLGHHOTXHFRQ HVWHPRWLYRDQWLFLSiQGROHJUDFLDVVHRIUHFHD9 FRQWRGDFRQVLGHUDFLyQ\UHVSHWRµ 'HQXHYRORVQDYDMHURVKDEtDQYXHOWRDVR OLFLWDU OD PDJQDQLPLGDG GH ORV UHVSRQVDEOHV IHUURYLDULRV \ HO DPSDUR GHO JREHUQDGRU FLYLO TXH WXYR D ELHQ HODERUDU HVD PLVLYD /D FDU $+): $+): $+): $+): $SHVDUGHODVUHLWHUDGDVSURKLELFLRQHVORV FXFKLOOHURVVLJXLHURQHMHUFLHQGRODYHQWDGHXQD IRUPDPiVRPHQRVFODQGHVWLQD ´HVWDOODLQ VLVWHQFLD \ WDQWRV ORV DUGLGHV GH TXH VH YDOHQ ORV QDYDMHURV TXH EXUODQ OD YLJLODQFLD GH ORV DJHQWHVGHODDXWRULGDG\ORVHPSOHDGRVGHOD FRPSDxtDµ H LQFOXVR FRQ JUDYH ULHVJR SDUD VXLQWHJULGDG\DTXHSDVDEDQGHXQRVFRFKHVD RWURV HQ PDUFKD PDQWHQLHQGR KDELWXDOHV FRQ ÁLFWRV FRQ ORV UHYLVRUHV TXH OHV KDFtDQ SDJDU ELOOHWHGREOHVHJ~QORHVWDEOHFLGRHQHODUWtFXOR GHO5HJODPHQWRGH3ROLFtDGH)HUURFDUULOHV 7RGRVHVWRVDYDWDUHVQRKLFLHURQVLQRIRUWDOHFHU ODSRVLFLyQGHOJUHPLRGHYHQGHGRUHV 'XUDQWH DxRV HVWD VLWXDFLyQ GH VRWHUUDGR HQ IUHQWDPLHQWRIXHUHFXUUHQWHKDVWDTXHÀQDOPHQWH OD0=$GHFLGLyWUDQVLJLUDQWHODWHQDFLGDGGHORV QDYDMHURVWHUPLQDQGRDVtFRQXQIRFRGHFRQÁLFWR TXHKDEtDDFDEDGRSRUDEXUULUDVXVJHVWRUHV$Vt ORSRQHGHPDQLÀHVWRODFDUWDTXHHOGLUHFWRUJHQH UDOGHOD0=$GLULJLyD$XUHOLDQR$EHQ]DYHFLQR GH$OLFDQWH HQ FRQWHVWDFLyQ D VX TXHMD VREUH OD FRQGXFWDGHORVQDYDMHURVTXH ´DODVKRUDVWDQ IUtDVGHODPDGUXJDGDDVDOWDQDGRFHQDVORVYD JRQHVDVDOWDQGRDORVYLDMHURV\GHMDQGRDELHUWDV ODVSXHUWDVVLHQGRWDOHOQ~PHURGHQDYDMHURV TXHVXEHQTXHQLFDEHQHQORVGHSDUWDPHQWRVµ (VWDFDUWDYLHQHDUHFRQRFHUODUHDOLGDGGHXQPp WRGRGHYHQWDVTXH\DYDDVHUGHDOJXQDPDQHUD SDFtÀFRGXUDQWHWRGRHOVLJOR;; !»/3$%&%22/#!22),%.!,"!#%4% GDV RFXSDQGR HO OXJDU TXH DQWHV KDEtD VLGR HO GHXQDJRUULQHUDRXQDFXDGUD/DVXSHUÀFLHQR DOFDQ]DEDPiVDOOiGHXQRVYHLQWHPHWURVFXD GUDGRV\FRQWDEDQFRQXQDPiTXLQDGHWDODGUDU PDQXDO PX\ FDUDFWHUtVWLFD OODPDGD ERPED XQ EDQFRXQWRUQRRWRUQLOORXQ\XQTXH\XQDIUD JXD/DOOHJDGDGHODHOHFWULFLGDGLQFLGLyHQHO SURFHVRGHPHFDQL]DFLyQGHHVRVHQWRUQRV\HQ ODVHJXQGDGpFDGDGHOVLJOR;;FDVLWRGRVHOORV LQFRUSRUDURQXQPRWRUTXHDFFLRQDEDORVWRUQRV GHDÀODU\SXOLU &DUWDGHO'LUHFWRU*HQHUDOGHOD0=$$xR $UFKLYR+LVWyULFR)HUURYLDULR : (VWH QXHYR HVWDGR GH UHODWLYD SHUPLVLYLGDG SURYRFy HO LQFUHPHQWR GHO Q~PHUR GH YHQGH GRUHVQDYDMHURV1RREVWDQWHHQWUHDOJXQRVDU WHVDQRVQRHVWDEDELHQYLVWDODSUiFWLFDGHLUD ODHVWDFLyQDYHQGHUSRUORTXHSRGtDVXSRQHU GHH[SRVLFLyQS~EOLFDGHVXQHFHVLGDGDXQTXH OR FLHUWR HV TXH XQ EXHQ Q~PHUR GH SHTXHxRV WDOOHUHVIDPLOLDUHVVHPDQWXYLHURQHQHOSULPHU FXDUWRGHOVLJOR;;FRQHOIUXWRGHVXFRPHUFLR HQORVDQGHQHV3RURWUDSDUWHHVWRVHVIRU]DGRV DUWHVDQRV GHVFXEULHURQ TXH OD JDQDQFLD H[LV WHQWHHQODYHQWDGLUHFWDGHXQDGRFHQDGHVXV QDYDMDVHQHVHOXJDUHUDHTXLYDOHQWHDYDULDVWD UHDVUHDOL]DGDVSDUDODVIiEULFDVTXHHPHUJtDQ\ TXHGHSHQGHU~QLFDPHQWHGHpVWDVFRPSURPHWtD JUDYHPHQWHODVXSHUYLYHQFLDGHOWDOOHU3RUHOOR QRHVGHH[WUDxDUTXHORVDUWHVDQRVGHSHTXHxRV WDOOHUHVVHKLFLHUDQDVLGXRVGHODYHQWDGHFLQWR TXHVLPXOWDQHDEDQFRQODIDEULFDFLyQ (VWRVWDOOHUHVGHPX\UHGXFLGDVGLPHQVLRQHV \TXHDOEHUJDEDQDOSURSLRDUWHVDQRFRQDOJ~Q DSUHQGL]FDVLVLHPSUHXQYHFLQRRIDPLOLDUVH KDOODEDQSRUORJHQHUDOHQODVSURSLDVYLYLHQ (VHPRPHQWRFRLQFLGLyFRQXQDPD\RUSUR GXFFLyQFX\RVGHVWLQDWDULRVIXHURQODVJUDQGHV IiEULFDV \ DOJ~Q DOPDFHQLVWD TXH HPSH]DED D VXUJLU6LQHPEDUJRFRPRDUULEDLQGLFDPRVHO EHQHÀFLRSDUDHODUWHVDQRHUDHVFDVR\QRSRGtD GHMDUGHPLUDUDODYHQWDGLUHFWDHQHVSHFLDOHQ ORVDOHGDxRVGHODHVWDFLyQ(VWHWLSRGHYHQWDVH YLRDVLPLVPRIDYRUHFLGDHQODVpSRFDVGHFULVLV FXDQGRODVIiEULFDVGLVPLQX\HURQVXVYHQWDV\ SRU FRQVLJXLHQWH OLPLWDURQ ORV HQFDUJRV DO FX FKLOOHUR (OWUDEDMRVLQXQKRUDULRÀMRIXHXQDFDUDF WHUtVWLFDFRP~QDORVGRVHQWRUQRVODERUDOHVGHO DUWHVDQRODYHQWDHQODHVWDFLyQ\HQKRUDVOL EUHVHOPRQWDMHGHQDYDMDVHQHOWDOOHU/DFHU FDQtDGHOWDOOHUSHUPLWtDDOQDYDMHURDSURYHFKDU HOWLHPSRHQWUHHOSDVRGHORVWUHQHVSDUDUREDU DSHQDVWUHLQWDPLQXWRVHQHOWRUQRHLQFUHPHQ WDU VX SURGXFFLyQ7DO \ FRPR SRGHPRV FRQV WDWDUHQHO~OWLPRWHUFLRGHO;,;\SULPHURGHO ;;ORVWDOOHUHVSUy[LPRVDODYtDFRQWLQXDURQ VLHQGRHOHYDGRVHQQ~PHUR\HOORIDFLOLWDEDTXH FXDOTXLHU PRPHQWR GHO GtD R GH OD QRFKH SX GLHUDVHUEXHQRWDQWRSDUDHVWDUIUHQWHDOWRUQR FRPR SDUD RUGHxDU ORV H[SUHVRV \ FRUUHRV /D FXULRVD H[SUHVLyQ GH RUGHxDU HO WUHQ KL]R IRU WXQDHQWUHHOVHFWRUSXHVKDEtDVLGRDFXxDGDGH DQWLJXRSRUORVQDYDMHURVGHFLQWR(UDXQDIUD VHKHFKDXVDGDSDUDLQGLFDUTXHSUiFWLFDPHQWH WRGRVORVYLDMHURVKDEtDQVLGRDERUGDGRVSRUHO YHQGHGRU WHQLHQGR OD RSRUWXQLGDG GH DGTXLULU VXVPHUFDQFtDV 3RU HVWD pSRFD \D VH KDEtD H[WHQGLGR HQWUH ORVQDYDMHURVHOXVRGHORVSRSXODUHVFLQWRVTXH -!2)!.!$%0!3#5!,,¼0%:Y,5)3-)'5%,-!24·.%:'¼-%:3)-¼. &XFKLOOHURVGH&LQWR$xR $XWRU/XLV(VFREDU&HVLyQ/XLV(VFREDU8UHxD 3ODQRGHWDOOHU$xR $UFKLYR$\XQWDPLHQWRGH$OEDFHWH HQWUDURQHQHVFHQDHQORVSULPHURVDxRVGHOVL JOR;;6HWUDWDEDGHXQJUDQFLQWXUyQHODERUD GRFRQFXHUR\ORQDTXHSUHVHQWDEDGLIHUHQWHV FRPSDUWLPHQWRV DOLQHDGRV ORQJLWXGLQDOPHQWH HQ ÀODV HQWUH GRV \ FLQFR WDPELpQ GH GLVWLQ WRVWDPDxRV(QHOORVVHDORMDEDQODVQDYDMDV\ ORVFXFKLOORVGHDFXHUGRFRQVXVGLPHQVLRQHV 3RVLEOHPHQWH VX DSDULFLyQ HVWXYR XQLGD D ODV SULPHUDV GLVSRVLFLRQHV UHVWULFWLYDV GHO XVR \ IDEULFDFLyQGHSXxDOHV\QDYDMDVHQWUHHOODVOD 2UGHQGH\DTXHODVQRUPDVIDYRUHFLHURQ HO SURFHVR GH IDEULFDFLyQ GH SLH]DV GH PHQRU WDPDxRTXHODVXVXDOHVGHÀQDOHVGHO;,;$O PLVPRWLHPSRHOHPHUJHQWHSURFHVRGHLQGXV WULDOL]DFLyQKL]RTXHORVWDPDxRVVHDGDSWDUDQD QXHYDVGHPDQGDV\TXHODGLYLVLyQHQFRPSDUWL PHQWRVSDUDOOHYDUODYDULDGD\PHQXGDPHUFDQ FtDIXHVHPiVIXQFLRQDO /DVSULPHUDVIRWRJUDItDVGHYHQGHGRUHVFRQ HOFLQWRODVSRGHPRVGDWDUHQHODxR\ODV SLH]DVTXHFRQWHQtDQHUDQFRQFDUiFWHUJHQHUDO \ MXQWR D ORV FXFKLOORV ODV QDYDMDV WtSLFDV GH PXHOOHGHWHMD\FDFKDVGHDVWDGHWRUR&RQODV DQWHGLFKDVSURKLELFLRQHVORVSXxDOHVWHQGLHURQ D GHVDSDUHFHU /RV FLQWRV FRQIHFFLRQDGRV SRU ORVDUWHVDQRVGHOFXHURGHODFLXGDGGHQRPLQD GRV FRUULRQHURVSRGtDQSUHVHQWDUHQXQDPLVPD !»/3$%&%22/#!22),%.!,"!#%4% HVWUXFWXUDGLIHUHQWHVYDULDQWHVVREUHWRGRHQOR TXHVHUHIHUtDDVXVDGRUQRVHQHVSHFLDOVXVWD FKXHODV\UHPDFKHV3RUORGHPiVVROtDQLUHQ YXHOWRVSRUJUDQGHVSDxRVTXHSHUVHJXtDQXQD WULSOHÀQDOLGDGFXEULUODPHUFDQFtDSDUDSURWH JHUOD GH OD VXFLHGDG DMXVWDU HO FLQWR SDUD XQD PHMRUVXMHFLyQ\IDFLOLWDUVXWUDQVSRUWHFXDQGR QROROOHYDEDQSXHVWR 9HQGHGRU$xR &HVLyQ$PyV1~xH]-XDQ -XQWR DO FRQWHQLGR FLWDGR FRQIRUPDGR HQ DTXHOORV SULPHURV DxRV GHO ;; HQ HVHQFLD SRU HVDV QDYDMDV GH WHMD \ SRU YDULDGRV FXFKLOORV GHVGH ORV DxRV YHLQWH VH LQFRUSRUDURQ SDUD VX YHQWDSLH]DVPiVSHTXHxDVFRQRFLGDVFRPR FD UUDTXLFDVPDFKHWLWRV \UHGXFLGRVHVWLOHWHV/DV SULPHUDVVRQODVPLVPDVQDYDMDVWtSLFDVGHWHMD FRQGLHQWHVHQODKRMDSRSXODUL]DGDVFRPRFD UUDFDV TXHHQVXVGLIHUHQWHVWDPDxRVOOHJDURQ HQGLVPLQXFLyQKDVWDORVWUHVFHQWtPHWURV(V WDVSLH]DVODVOOHYDEDQHQFDMLWDVPHWiOLFDVTXH &LQWRGHGHOFXFKLOOHUR0DUWtQ01LHWR 'RQDFLyQ-RVp$ORQVR0DUWtQH]50XVHRGHOD&XFKLOOHUtD -!2)!.!$%0!3#5!,,¼0%:Y,5)3-)'5%,-!24·.%:'¼-%:3)-¼. FRORFDEDQHQORVH[WUHPRVGHOFLQWR\HQORVERO VLOORV$SDUHFLHURQWDPELpQDOJXQDVSLH]DVGHORV QXHYRVPDWHULDOHVFRPRHOFHOXORLGH$xRVPiV WDUGHVHDxDGLHURQORVOODYHURVTXHSUHQGtDQHQOD ORQDFRQUXGLPHQWDULRVLPSHUGLEOHV 3RURWUDSDUWHODVGpFDGDVGHORVDxRVYHLQWH \WUHLQWDIXHURQGHDOJXQDPDQHUDWUDQTXLODVHQ DTXHOODVLWXDFLyQGHFRQÁLFWRODWHQWHHQWUHYHQ GHGRUHV\DXWRULGDGHVIHUURYLDULDV&RQHOÀQDO GHOD*XHUUD&LYLOOD&RPSDxtD0=$GLFWyXQD ~OWLPDLQVWUXFFLyQUHODWLYDDODUHJXODFLyQGHHVDV YHQWDV\TXHVHFRQWLHQHHQHOLQIRUPHHPLWLGR SRUHOLQJHQLHURHQFDUJDGRGHVXGLYLVLyQDG PLQLVWUDWLYD HQ HO PHV GH IHEUHUR GH 6H WUDWDEDGHXQFRQMXQWRGHLQGLFDFLRQHVDVXPLGDV SRUODFRPSDxtDTXHPX\SRVLEOHPHQWHQROOH JDURQDDSOLFDUVHHQVXVWpUPLQRVSHURTXHVLQ GXGDGHWHUPLQDURQHQHOIXWXURODRUJDQL]DFLyQ GHODYHQWDGHORVQDYDMHURVGHFLQWR<HOORIXH DVtSRUTXHPXFKDVGHHVDVSUHYHQFLRQHVPDQWX YLHURQVXYLJHQFLDHQGpFDGDVSRVWHULRUHV ´(O LQJHQLHUR TXH VXVFULEH WHQLHQGR HQ FXHQWDHOLQWHUpVGHODLQGXVWULD\ODWUD GLFLyQ \ FRQ HO ÀQ GH TXH VH SXHGD GDU WUDEDMR D ORV LQGLYLGXRV GHO JUHPLR TXH SRUVXHGDGRLQYDOLGH]VHYHDQLPSRVL ELOLWDGRVGHKDFHUORGHRWUDIRUPD\DOD YLVWDGHOLQIRUPHIDYRUDEOHGHOD&RPSD xtDGH0=$SURSRQHD96VHDFRQFHGLGD ODDXWRUL]DFLyQFRQODVVLJXLHQWHVFRQGL FLRQHV/RVEHQHÀFLDULRVWHQGUiQTXH SHUWHQHFHU DO DXWpQWLFR JUHPLR GH FX FKLOOHUtD GH $OEDFHWH VHU YLHMRV R HVWDU LQYiOLGRVSDUDHOWUDEDMRRUGLQDULR\VHU FRPSOHWDPHQWH DIHFWRV DO 0RYLPLHQWR 1DFLRQDO6HHVWDEOHFHUiQGRVWXUQRV GHVHPSHxDQGRHOGHQRFKHORVPiVMyYH QHVGHQWURGHODHGDGRLQYDOLGH]FLWDGD \HOGHGtDORVPiVYLHMRVHLPSRVLELOLWD GRV1RSRGUiQQLHQXQWXUQRQLHQ RWUR VXELU D ORV FRFKHV QL RFDVLRQDU OD PHQRUPROHVWLDDORVVHxRUHVYLDMHURV VHOLPLWDUiDRFKRHOQ~PHURGHYHQGHGR UHV\VHH[WLQJXLUiQODVSOD]DVFRQIRUPH YD\DQTXHGDQGRYDFDQWHV&DGDYHQ GHGRUVHSURYHHUiSDUDVXSDVRDODQGpQ GHXQDWDUMHWDSUHYLRDERQRGHVXLPSRU WHTXHVHUiGHSHVHWDVDQXDOHVµ $+): 'HVGHHVHPRPHQWRODVIXHQWHVWHVWLPRQLD OHVYLHQHQDVXVWLWXLUDODVGRFXPHQWDOHV\DVtGH ODVPDQLIHVWDFLRQHVGHORVGRV~OWLPRVQDYDMH URVTXHHMHUFLHURQODYHQWDHQODHVWDFLyQVHGHV SUHQGHTXHHQQLQJ~QFDVRHOQ~PHURGHYHQ GHGRUHVVHOLPLWyDHVRVRFKR(VPiVHQWUHODV GpFDGDVGHORVFXDUHQWD\FLQFXHQWDODHVWDFLyQ GHIHUURFDUULOGH$OEDFHWHYLYLyXQPRPHQWRGH WDOVDWXUDFLyQGHYHQGHGRUHVDPEXODQWHVGHQD YDMDV \ FXFKLOORV TXH SUiFWLFDPHQWH QR FDEtDQ HQ ORV DQGHQHV (UDQ WLHPSRV GH FULVLV HQ ORV TXHVHDxDGLHURQDOJUHPLRDOJXQRVYHQGHGRUHV TXHQRHUDQFXFKLOOHURVHQSDUWLFXODUREUHURVGH ODFRQVWUXFFLyQ\FXULRVDPHQWHDOJ~QHPSOHDGR GH5HQIHTXHFXDQGROLEUDEDVHFROJDEDHOFLQ WR (VWD FLUFXQVWDQFLD KL]R TXH SRU VX Q~PHUR VHYLHUDQREOLJDGRVDODUHDOL]DFLyQGHDTXHOORV WXUQRVDSXQWDGRVHQHOLQIRUPHGHOD0=$ /DRUJDQL]DFLyQLQWHUQDGHODTXHVHGRWDURQ ORV QDYDMHURV HVWDEOHFLy XQ VLVWHPD URWDWRULR TXHIXQFLRQyFRQHÀFDFLDGXUDQWHXQWLHPSR\ TXHWHQtDHQFXHQWDODFLUFXQVWDQFLDGHODHGDG SDUDODDGVFULSFLyQDWXUQRGHGtDRGHQRFKH VLHQGRORVPiVMyYHQHVORVTXHSUHIHUHQWHPHQWH UHDOL]DEDQ HVWH ~OWLPR GHMDQGR D ORV PiV PD \RUHVHOGtD3RURWUDSDUWHpVWRVDFDXVDGHVX HGDG KDEtDQ LGR GHMDQGR OD IDEULFDFLyQ PLHQ WUDVTXHORVMyYHQHVSUHVWDEDQVXVVHUYLFLRVHQ DOJXQDIiEULFDGHFXFKLOOHUtDHQVXMRUQDGDGLXU QDRWUDEDMDEDQHQVXVSURSLRVWDOOHUHV (O FRQRFLPLHQWR GH ORV KRUDULRV GH WUHQHV HUDXQDSUHPLVDEiVLFDHQHOWUDEDMR\ODH[SHF WDFLyQDQWHODOOHJDGDGHORVUiSLGRVHO 6KDQJDL GH9DOHQFLDHOPDODJXHxRRHO VHYLOODQR VXEtD OD DGUHQDOLQD GHO PiV ÁHPiWLFR /DV QRFKHV HUDQSDUWLFXODUPHQWHLQJUDWDV\ODYHQWDHQORV SULPHURVWUHQHVPDUFDEDODSDXWDGHORTXHLEDD VHUHOUHVWRGHODMRUQDGD(QRFDVLRQHVORVUHWUD VRVGHORV~OWLPRVFRUUHRVDJRWDEDQODSDFLHQFLD GHOPiVDEQHJDGR\DTXHHUDQOD~OWLPDHVSH UDQ]DGHOOHYDUDOJRGHGLQHURDFDVD\HOWLHPSR GHGHPRUDVXSRQtDTXHHVDQRFKHODVKRUDVHQOD FDPDLEDQDVHULQH[LVWHQWHV/RVWHVWLPRQLRVGH ORV~OWLPRVDxRVFXDUHQWDUHYHODQHVDUHDOLGDG !»/3$%&%22/#!22),%.!,"!#%4% (O*D]SDFKR(O5DFR\7UDELOODV$xR $XWRU/5RLVLQ,QVWLWXWRGH(VWXGLRV)RWRJUiÀFRVGH&DWDOXxD YHQGLHQGR HQ ORV DQGHQHV ORV ERFDGLOORV TXH OOHYDEDQHQVXFHVWD2WURVIDPLOLDUHVSDJDEDQ WDPELpQHOWULEXWRGHOWUDEDMRGHOFDEH]DGHID PLOLD$VtORVEDQFRVGHODQGpQVHFRQYHUWtDQ HQLPSURYLVDGRVOXJDUHVGRQGHHOQDYDMHURSR GtDGHMDUDVXVKLMRVSHTXHxRVYLJLOiQGRORVFRQ HOUDELOORGHORMR -RVp$)HUQiQGH]6iH]3RFKH$xR $XWRU%HOGD,QVWLWXWRGH(VWXGLRV$OEDFHWHQVHV 8QD UHDOLGDG FRPSDUWLGD HQ RFDVLRQHV SRU VXV HVSRVDV TXH D\XGDEDQ D OD HFRQRPtD IDPLOLDU $XQTXH OR KDELWXDO HUD TXH OD WUDQVDFFLyQ VHGHVDUUROODUDHQHODQGpQSDUDORJUDUPD\R UHV YHQWDV ORV QDYDMHURV VH VROtDQ FRODU HQ ODV XQLGDGHV 1R REVWDQWH OD EHOLJHUDQFLD GH ORV LQWHUYHQWRUHVOOHYyÀQDOPHQWHDTXHVDFDVHQHO FRUUHVSRQGLHQWHELOOHWH\SURYLVWRVGHpVWHLEDQ YHQGLHQGRSRUORVYDJRQHVSDVDQGRGHFRFKHHQ FRFKHKDVWDOOHJDUDORFDOLGDGHVSUy[LPDVFRPR &KLQFKLOOD R /D 5RGD (VWD SUiFWLFD TXH UH FRUGDEDORVPRWLYRVGHFRQÁLFWRGHOVLJOR;,; FRQODVDXWRULGDGHVGHOD0=$IXHFD\HQGRHQ GHVXVRXQDVYHFHVSRUODSRFDUHQWDELOLGDGGHO QHJRFLR DO WHQHU TXH SDJDU HO ELOOHWH \ RWUDV SRUODVGLÀFXOWDGHVTXHSRQtDQORVPLVPRVLQ WHUYHQWRUHV GH 5HQIH D FDXVD GH ODV VXSXHVWDV PROHVWLDVRFDVLRQDGDVDORVSDVDMHURV3RURWUD SDUWH HQ DOJXQD ORFDOLGDG FRPR &KLQFKLOOD -!2)!.!$%0!3#5!,,¼0%:Y,5)3-)'5%,-!24·.%:'¼-%:3)-¼. H[LVWtD VX SODQWLOOD SURSLD FRQIRUPDGD KDVWD SRU WUHV YHQGHGRUHV TXH QR YHtDQ FRQ EXHQRV RMRV HVD FRP SHWHQFLD 2WUR HOHPHQWR VH DxD GtD D ODV GLÀFXOWDGHV DQ WHULRUHV \ HUD HO H[FHVLYR YROXPHQ TXH FRQ HO SDVR GH ORV DxRV DGTXLULy HO FLQWR \ ODV LQFRPRGLGD GHV SDUD XQD iJLO PRYLOL GDG 6L ELHQ SRGtD KDEHU DOJ~Q YHQGHGRU TXH WDQ VyOR OOHYDUD DOJXQDV GR (QHOFHQWURODVQDYDMDVGHFDPSDxD&DWiORJRGH9LFHQWH0XxR] FHQDV OD YDULHGDG HQ OD $xR&HVLyQ$QWRQLR5DPtUH]&DUERQHUDV SURGXFFLyQ \ ORV QXHYRV PpWRGRV GH IDEULFDFLyQ ODVQDYDMDVLQFRUSRUDURQORVIRUURVREOLJDURQ TXH VH GLULJtDQ D VXV GHVWLQRV R ORV VROGDGRV DLQFUHPHQWDUHOYROXPHQ\HUDIUHFXHQWHTXH TXH LEDQ D ODV PDQLREUDV 8QRV \ RWURV HUDQ VHDOFDQ]DUDQKDVWDORVRNLORV&RQVH FRQIUHFXHQFLDHOREMHWRGHODVGLVWLQWDVDQpF PHMDQWHSHVRHOLQJHQLRGHORVYHQGHGRUHVVH GRWDV TXH ORV FXFKLOOHURV FRQWDEDQ PLHQWUDV GHVSHUWy\FRQREMHWRGHKDFHUPiVOLYLDQDOD HQWUHWHQtDQ HO ODSVR HQWUH ORV GLVWLQWRV WUHQHV WDUHD XQR GH HOORV 0LJXHO 9HUGHMR LGHy XQ HQDOJXQRGHORVHVWDEOHFLPLHQWRVGHKRVWHOHUtD QXHYRVLVWHPDGHFRUUHDVTXHDGHPiVGHDMXV SUy[LPRV WDUVHDOFXHOORVHDMXVWDEDQWDPELpQDODHVSDO GD\TXHHMHUFLyXQDLQÁXHQFLDGHFLVLYDHQOD (V ELHQ FRQRFLGD OD LPSRUWDQFLD TXH HQWUH ORV QDYDMHURV WHQtDQ HVWRV EDUHV R WDVFDV XEL PHMRUDGHVXVFRQGLFLRQHVODERUDOHV\DTXHOHV SHUPLWLy UHSDUWLU PHMRU OD SHVDGD PHUFDQFtD FDGRV HQ ODV LQPHGLDFLRQHV GH OD YtD \ TXH 8Q FRUULRQHUR GH OD SOD]D GH &DUUHWDV IXH HO FRQVWLWXtDQHOOXJDUGHUHXQLyQ\GHHVSHUDGHO TXH SXVR HQ SUiFWLFD HO GLVHxR GH 9HUGHMR \ WUHQ VLJXLHQWH D OD YH] TXH RIUHFtDQ XQ HVSD GHVGH HVH PRPHQWR ORV GLVWLQWRV FXFKLOOHURV FLR DGHFXDGR SDUD HO IXJD] GHVFDQVR GHO YHQ IXHURQDGDSWDQGRORVFLQWRVDXQVLVWHPDTXH GHGRUGHWXUQRGHQRFKHTXHDFXGtDDDTXHOEDU OHVSURWHJtDGHIXWXUDVFLIRVLVDOSHUPLWLUHOLQ TXH VH DQLPDED D DEULU KDVWD DOWDV KRUDV GH OD FUHPHQWRGHFRUUHDMHFDPLQDUPiVHUJXLGRV PDGUXJDGD HQ EXVFD GH UHIXJLR \ FDORU (Q HO UHFXHUGR GH HVWRV WUDEDMDGRUHV SHUPDQHFLHURQ <HVTXHYDOtDODSHQDGLVSRQHUGHXQFLQWR VLQGXGDVXVHQFXHQWURVGXUDQWHHVRVUDWRVTXH TXHDODYH]TXHELHQVXUWLGRIXHUDLJXDOPHQ SDVDURQFRQFHQWUDGRVHQDTXHOORVEDUHVSULPH WH ELHQ UHSOHWR \ HQ HO TXH WXYLHUD DFRPRGR URHO-DUGtQOXHJRHO5LDOWRPiVWDUGHHO5H[ HOPD\RUQ~PHURGHSLH]DVHVSHFLDOPHQWHHQ 3HURIXHURQOD&RSDGH2URHQODHVTXLQDGHOD ODVpSRFDVPiVIUXFWtIHUDVSDUDODYHQWDFRPR FDOOHGHO0XHOOHFRQODFDOOHGH$OFDOGH&RQDQ ODV GH OD FRVHFKD /RV VHJDGRUHV FRQVWLWX\H JOD\ODYHFLQD&DVDGH)LUPDVORVOXJDUHVGH UHXQLyQSUHIHULGRVHQORVTXHVHLQYLWDEDDORV URQHQWRQFHVORVFOLHQWHVPiVFRGLFLDGRV\ODV SUHVHQWHVDMXJDUDOWUXTXHFRQXQDXVWHURDSH QDYDMDV FRQRFLGDV FRPR GH FDPSDxD HPEOH PD GH WRGD XQD pSRFD ODV PiV GHPDQGDGDV ULWLYRGHDOWUDPXFHVDFHLWXQDV\PHGLDERWHOOD SRUpVWRV2WURVFOLHQWHVÀHOHVHUDQORVJUXSRV GHYLQR5HIHUHQFLDREOLJDGDSRURWUDSDUWHHQ ODVFRSOLOODVSRSXODUHVGHODpSRFD7DPELpQORV GH PLOLWDUHV HQ HVSHFLDO ORV MyYHQHV UHFOXWDV !»/3$%&%22/#!22),%.!,"!#%4% &XFKLOOHURV$xR &HVLyQ0DUtD,]TXLHUGR0 WUHVTXLRVFRVMXQWRDODHVWDFLyQVLUYLHURQHQORV YHUDQRVSDUDWDOÀQ 6L ELHQ DTXHOOD RUJDQL]DFLyQ D OD TXH DOX GtDPRVPiVDUULED\HOUpJLPHQGHWXUQRVHV WDEOHFLGRSDOLDURQHQEXHQDPHGLGDHODVSHFWR FDyWLFRTXHHQRFDVLRQHVORVDQGHQHVSUHVHQ WDEDQ ODV DXWRULGDGHV FRQWLQXDURQ FRQVLGH UDQGRXQDDFWLYLGDGLQFyPRGDODYHQWDHQORV PLVPRV VREUH WRGR SRU HO H[FHVLYR Q~PHUR GH FXFKLOOHURV GHGLFDGRV D pVWD $ PHGLDGRV GH OD GpFDGD GH ORV FLQFXHQWD XQ Q~PHUR GH KDVWD WUHLQWD \ FXDWUR GH HVRV YHQGHGRUHV VH UHSDUWtDQSRUODVLQPHGLDFLRQHVGHODHVWDFLyQ 5HQIHLQWHQWyFRQSRFRp[LWROLPLWDUODSDXOD WLQDPHQWHSDUDÀQDOPHQWHRSWDUSRUUHJXOD UL]DUODGHDOJ~QPRGRRWRUJDQGRXQDVDXWRUL ]DFLRQHV D ORV QDYDMHURV 5D]RQHV DPSDUDGDV HQFXHVWLRQHVGHRUGHQS~EOLFRGHELGDVWDQWRD ODH[FHVLYDSUROLIHUDFLyQGHYHQGHGRUHVFRPR DODVKLSRWpWLFDVPROHVWLDVTXHSXGLHUDQSODQ WHDU D ORV YLDMHURV IXHURQ FLUFXQVWDQFLDV TXH ODV DXWRULGDGHV IHUURYLDULDV WXYLHURQ PX\ HQ FXHQWDSDUDDFRPHWHUHVDUHJXODFLyQHQHODxR (QHVWHVHQWLGRHVWDEOHFLHURQXQDVDXWR UL]DFLRQHVQRPLQDWLYDVHQODVTXHVHSUHYHQtDQ DOJXQDVREOLJDFLRQHV 1R VXELU D ORV FRFKHV QL D VXV HVWULERV QLHQWRUSHFHUHQQLQJ~QVHQWLGRHOPRYL PLHQWR GH YLDMHURV \ GHO SHUVRQDO IHUUR YLDULR 1RSUHJRQDUODPHUFDQFtDQLVRVWHQHUGLV FXVLRQHVFRQORVYLDMHURVQLPROHVWDUHQ QLQJ~QVHQWLGR /LPLWDUVH ~QLFDPHQWH D SDVDU GHODQWH GH ODV YHQWDQLOODV \ DWHQGHU D TXLHQ OHV OOD PH &XPSOLUODVLQGLFDFLRQHVTXHVHOHVKDJDQ SRU HO SHUVRQDO DXWRUL]DGR GH OD 5HG HQ GLFKDHVWDFLyQ /DSULPHUDSUHYHQFLyQHVWDEDHQDTXHOPR PHQWR GH DFWXDOLGDG QR VyOR SRU OD SUiFWLFD TXHDÁRUDGHQXHYRGHYROYHUDVXELUDORVFR FKHVVLQRSRUTXHHQRFDVLRQHVODYHQWDYHQtD DGHWHUPLQDUGHDOJ~QPRGRWDPELpQHOWUiÀFR IHUURYLDULR\DTXHODVDOLGDGHOWUHQSRGtDGH SHQGHU GH OD DTXLHVFHQFLD GH ORV YHQGHGRUHV TXHKDEtDQFREUDGR\DODVPHUFDQFtDVYHQGLGDV FRQVWDWDQGR TXH QR TXHGDED QLQJ~Q SDVDMHUR SRUVDWLVIDFHUHOLPSRUWHGHVXFRPSUD\DVtVH -!2)!.!$%0!3#5!,,¼0%:Y,5)3-)'5%,-!24·.%:'¼-%:3)-¼. ORKDFtDQVDEHUDPDTXLQLVWDVRIDFWRUHVDPLJRV TXHVyORHQWRQFHVGDEDQODVHxDOGHVDOLGD1R ROYLGHPRV TXH DOJ~Q IDFWRU FRPR 7UDELOODV VH KDEtDGHGLFDGRWDPELpQDODYHQWDFRQHOFLQWR FXDQGRHVWDEDOLEUHGHVHUYLFLR (VWDFLUFXQVWDQFLDIXHSDUDOHODDODGHVDSDULFLyQ GHPXFKRVGHORVYHQGHGRUHVGHFLQWRHQXQRV FDVRVSRUXQDVUD]RQHVHVWULFWDPHQWHELROyJLFDV \D TXH QR VH KDEtD LGR UHQRYDQGR OD SODQWLOOD GHVGHODOOHJDGDHQGH-RVp+HUUiH]9HU GHMRSULPHURDSRGDGR HO1HQH\OXHJR)DWL(Q RWURVFDVRVSRUTXHHOEXHQPRPHQWRHFRQyPL FR GH OD VHJXQGD PLWDG GH OD GpFDGD SHUPLWLy DOFXFKLOOHURGHOSHTXHxRWDOOHUVXEVLVWLUVLQOD D\XGDGHODYHQWDHQORVDQGHQHV\DXQTXHWR GDYtD HQ HVWD HWDSD OD HVWDFLyQ SURSRUFLRQDED XQRVEXHQRVLQJUHVRVpVWRVQRFRPSHQVDEDQHO H[WUDRUGLQDULRVDFULÀFLRTXHVXSRQtDODSUHVHQ FLDGXUDQWHWDQWDVKRUDVHQHODQGpQHQHVSHFLDO DO FXFKLOOHUR GH SURIHVLyQ TXH HQWRQFHV WHQtD PiVWUDEDMR 3RURWUDSDUWHRWURKHFKRLQFLGLyHQODGLV PLQXFLyQGHOQ~PHURGHYHQGHGRUHVUHODFLRQD GRFRQHOFDPELRGHFRVWXPEUHV\HOGHVDUUROOR DVXYH]GHOSURSLRWUiÀFRORVWUHQHVOLPLWDURQ VX WLHPSR GH SDUDGD \ HVWH IDFWRU DOLDGR GHO /LFHQFLDSDUDYHQGHU$xR &HVLyQ-RVp+HUUiH]9HUGHMR (Q FXDQWR D OD VHJXQGD UHVXOWD PiV TXH HYLGHQWHTXHDSHVDUGHODSURKLELFLyQGHSUH JRQDUODPHUFDQFtDWRGDYtDVHHVFXFKDUiQGX UDQWH DOJXQRV OXVWURV PiV ODV FDQWLQHODV GHO YHQGHGRUDQXQFLDQGRODVQDYDMDVGH$OEDFHWH (VDYR]GHOQDYDMHURVHGHMDUiRtUHQFXDOTXLHU PRPHQWRGHOGtDKDVWDELHQHQWUDGDODGpFDGD GH ORV VHWHQWD 3RU OR GHPiV HV ELHQ VDELGR TXHJUDFLDVDHVDVFDQWLQHODVTXHVHSHUFLEtDQ GHPDQHUDHVSHFLDOHQHOVLOHQFLRGHODVPDGUX JDGDVORVSDVDMHURVLGHQWLÀFDEDQVLQQLQJXQD OD FLXGDG D OD TXH DFDEDED GH OOHJDU HO WUHQ $OEDFHWH (OLQLFLRGHORVDxRVVHVHQWDVXSXVRSDUDHO VHFWRU FXFKLOOHUR XQ SHULRGR GH UHODWLYR GHVD UUROOR D OD YH] TXH SDUDGyMLFDPHQWH DOJXQRV DUWHVDQRV HPSUHQGLHURQ XQD VLQJXODU GLiVSRUD D ORFDOLGDGHV FXFKLOOHUDV GH OD YHFLQD )UDQFLD 'LDULRORFDOVHxDODQGRODGHVDSDULFLyQ GHYHQGHGRUHVGHFLQWR %LEOLRWHFD3~EOLFD3URYLQFLDOGH$OEDFHWH !»/3$%&%22/#!22),%.!,"!#%4% DSRFRORV~OWLPRVYHQGHGRUHVKDVWDTXHGDUÀ QDOPHQWHWDQVyORGRV$PDGRU&DUFHOpQ&RUUH GRU%RFKD\-RVp+HUUiH]9HUGHMR )DWLeVWHIXH XQRPiVGHORVGHVHQFXHQWURVTXHORVQDYDMHURV YLYLHURQFRQODVGLVWLQWDVDGPLQLVWUDFLRQHV'X UDQWH FDVL XQD GpFDGD %RFKD \ )DWL IXHURQ ORV ~QLFRV TXH SUHJRQDURQ VX PHUFDQFtD HQ OD HV WDFLyQGH$OEDFHWH(OSULPHURGHMyGHYLVLWDUOD KDELWXDOPHQWHSDUDKDFHUORFDGDYH]PiVHVSR UiGLFDPHQWH3RUVXSDUWH)DWLVHYLRREOLJDGRD GHMDUODYHQWDHQHOLQLFLRGHORVQRYHQWD &RQ HOORV VH IXHURQ SDUD VLHPSUH ORV QD YDMHURVGHFLQWR\HVDJHQXLQDLPSURQWDTXH FRQIHUtDDQXHVWUDHVWDFLyQXQVLQJXODUDWUDF WLYR 6X URPiQWLFD LPDJHQ HQ HO DQGpQ SUH JRQDQGR ´£1DYDMDV GH $OEDFHWH £&XFKLOORV \OODYHULWRVµSDVyDIRUPDUSDUWHGHQXHVWUD KLVWRULD $PDGRU&DUFHOpQ%RFKD$xR 0XVHRGHOD&XFKLOOHUtD YHQGHGRU VH UHGXMR SURJUHVLYDPHQWH /RV QD YDMHURVFRPHQ]DURQDHFKDUGHPHQRVDTXHOORV WUHQHV TXH VH GHWH QtDQRIUHFLHQGRDORV YLDMHURV XQ WLHPSR PiV TXH VXÀFLHQWH SDUD VDOLU D HVWLUDU ODV SLHUQDV HQ XQRV PRPHQWRV TXH HUDQ DSURYHFKDGRV SDUD FRPSUDUFRQWUDQTXL OLGDGDORVGLIHUHQWHV YHQGHGRUHV SXGLHQ GR DGHPiV FRPSDUDU VXVPHUFDQFtDV (Q HO DxR FRPR FRQVHFXHQFLD GHOQXHYRUHJODPHQWR GH DUPDV VH UHVWULQ JLy XQD YH] PiV OD YHQWDHQORVDQGHQHV GHVDSDUHFLHQGR SRFR (O)DWL\HO%RFKDTXHWDQWRKDQFRODERUD GRHQODHODERUDFLyQGHHVWHWUDEDMRIXHURQSRU WDQWR ORV ~OWLPRV GH XQD HVWLUSH GH QDYDMHURV TXH D\XGDURQ D VX HFRQRPtD FRQ ORV HVFDVRV LQJUHVRV SURFHGHQWHV GH XQRV YLDMHURV iYLGRV SRU GHWHQHUVH HQ QXHVWUD FLXGDG SDUD DGTXLULU HVDSLH]DTXHVLQGXGDPRVWUDUtDQFRQRUJXOOR -RVp+HUUiH])DWLHQHOSDWLRGHVXWDOOHU $xR0XVHRGHOD&XFKLOOHUtD -!2)!.!$%0!3#5!,,¼0%:Y,5)3-)'5%,-!24·.%:'¼-%:3)-¼. DOUHVWRGHSDVDMHURV\TXHOHVDFRPSDxDUtDPiV DOOiGHOÀQDOGHWUD\HFWR -XQWR D HOORV HV GH MXVWLFLD UHFRUGDU D WDQWRV RWURV TXH FRQÀJXUDURQ OD KLVWRULD GHO FLQWR$Q WRQLR 3HLQDGR (VFREDU 0DUWtQ 0DUWtQH] 1LHWR 'URYHJDUORVKHUPDQRV*DUFtD5RQFHUR ORV3H VHWD7LWRODVVDJDVGHORV3LFDWRUUHVORV5DFRV ORV3DMHURV\ORV6iH]3DVFXDO 6DQWHUR7UDELOODV $QWyQ -RVp 0LJXHO H ,VLGUR9HUGHMR *LRUGDQR 0RUHQRHO0DQFR-XDQLQD3RFKHHO&KDWR3R UUDV)pOL[HO0DHVWULOOR0HGUDQR&KXFKXPHQR -XDQLFR HO &DUOLVWD 5HKXPD 6DJDWR 3DWDOHWD 0HGLRPHWUR0RQLQD7DUWDMD5DPRQFLFR&KDWR 0HQJDMR2UWHJD HO5RMR &DUWXFKR&KLPEROHUR HO%RWDV3DVFXDO0DUWtQH]-XDQ5HDO&HIHULQR *RQ]DOH]3HULFRGHO0RQJR-RVp&DUSLR&XFKL OOHWDV*DVSDU0DUWtQH]-RVp&DUFHOpQ &RPRKRPHQDMHDWRGRVHOORVHQHODxR VHHULJLyXQDHVFXOWXUDHQODSOD]DGHO$OWR]DQR GHODFLXGDGGH$OEDFHWH\HQVXUHFXHUGRXQR GH ORV FLQWRV PiV DQWLJXRV TXH VH FRQVHUYDQ GDWDGRHQSURSLHGDGGH0DUWtQ0DUWtQH] 1LHWRFRQVWLWX\HXQRGHORVREMHWRVPiVVLQJX ODUHVGHO0XVHR0XQLFLSDOGHOD&XFKLOOHUtDGH $OEDFHWH ")",)/'2!&·! $5&+,92 +,67Ð5,&2 )(5529,$5,2 $+) GH OD )XQGDFLyQ GH ORV )HUURFD UULOHV (VSDxROHV H[SHGLHQWHV FLWDGRV SHU WHQHFLHQWHV DO )RQGR )UDQFLVFR :DLV 6DQ 0DUWtQ 0$57Ì1(= *Ð0(=6,0Ð1 /XLV 0LJXHO /DV,QVWLWXFLRQHVGH$WHQFLyQ6RFLDO DOPHQRUHQODFLXGDGGH$OEDFHWH,QVWLWXWR GH(VWXGLRV$OEDFHWHQVHV$OEDFHWH (VFXOWXUDHQKRPHQDMHDORVFXFKLOOHURVVLWXDGD HQOD3OD]DGHO$OWR]DQRGH$OEDFHWH