&iWHGUDGH+RUWLFXOWXUD)$$816( *HQHUDOLGDGHV,PSRUWDQFLD=RQDVKRUWtFRODVGH$UJHQWLQD&ODVLILFDFLyQ +257,&8/785$<2/(5,&8/785$6LJQLILFDGR 6HGHILQH+257,&8/785$FRPRODGLVFLSOLQDTXHDEDUFDHOHVWXGLR\DSURYHFKDPLHQWRGH ODV SODQWDV KRUWtFRODV 6HJ~Q HO 'LFFLRQDULR GH OD 5HDO $FDGHPLD (VSDxROD HO WHUPLQR +257,&8/785$VHGHILQHFRPRHOFXOWLYRGHKXHUWDVyKXHUWRV\ODVKRUWDOL]DVFRPRODV YHUGXUDV \ GHPiV SODQWDV FRPHVWLEOHV TXH VH FXOWLYDQ HQ KXHUWRV 'H DFXHUGR D HVWR HVSHFLHV FRPR WRPDWH SLPLHQWR SDSD HWF HVWDUtDQ GHQWUR GH ODV GHPiV SODQWDV TXH VH FXOWLYDQHQODKXHUWD\QRWHQGUtDQXQDGHQRPLQDFLyQSURSLD 'XUDQWH DOJ~Q WLHPSR VH SHQVy UHHPSOD]DU HO WpUPLQR +RUWLFXOWXUD SRU HO GH 2OHULFXOWXUD WHUPLQRLQJOpVTXHWDPELpQWLHQHVXVUDtFHVHQHOODWtQ ROXVSODQWDSDUDODFRFLQDySDUDVHU FRFLQDGDSHURHVWHWpUPLQRQRSURVSHUySRUVHUDMHQRDODGHQRPLQDFLyQWUDGLFLRQDOGHORV SDtVHVGHKDEODKLVSDQDSDUWLFXODUPHQWHGHOD$UJHQWLQD 1RVRWURV SRGHPRV GHILQLHU +257,&8/785$ FRPR HO FRQMXQWR GH FRQRFLPLHQWRV DJURQyPLFRVDSOLFDGRVDODSURGXFFLyQGHKRUWDOL]DV < GHILQLUHPRV +RUWDOL]DV D XQD DJUXSDFLyQ FRQYHQFLRQDO GH SODQWDV KHUEiFHDV y VXEOHxRVDVTXHVHXWLOL]DQHQODDOLPHQWDFLyQKXPDQDVLQVXIULUSURIXQGRVSURFHVRVSUHYLRV GH WUDQVIRUPDFLyQ SHUR TXH SXHGHQ VHU LQGXVWULDOL]DGDV SDSDV IULWDV FKLSV FRQJHODGRV DUYHMDVHQODWDGDVSXUpGHWRPDWHVGXOFHVFRQVHUYDVHWF 8QDGHILQLFLyQPiVDSOLFDGDGH+257,&8/785$VHUtDHOHVWXGLR\PDQHMRGHODHPSUHVD SDUDSURGXFFLyQGHKRUWDOL]DVGHQWURGHOPDUFRVRFLDOTXHODURGHD\QRVyORWRPDPRVHQ FXHQWD HO FLFOR YHJHWDWLYR GH ODV HVSHFLHV VLQR DVSHFWRV TXH JUDYLWDQ DQWHV GH OD VLHPEUD RUJDQL]DFLyQLQIUDHVWUXFWXUDIDFWRUVRFLDOHWF\GHVSXpVGHODFRVHFKDFRPHUFLDOL]DFLyQ LQGXVWULDOL]DFLyQHWF ,03257$1&,$'(/$+257,&8/785$ /DVKRUWDOL]DVWLHQHQVXPDLPSRUWDQFLD HQODDOLPHQWDFLyQ SUHVHQWH\IXWXUDVREUHWRGRVL FRQVLGHUDPRVTXHODSREODFLyQPXQGLDOVHLQFUHPHQWDXQSRUDxRGXSOLFDVXQ~PHUR FDGDDxRVPLHQWUDVTXHODVWLHUUDVDSWDVSDUDORVFXOWLYRVVHUHGXFHQ /RV FLQFR SULQFLSLRV EiVLFRV GH OD DOLPHQWDFLyQ KXPDQD VRQ SURWHtQDV YLWDPLQDV VDOHV PLQHUDOHVKLGUDWRVGHFDUERQR\OtSLGRV 3URWHtQDV 6RQ FRPSXHVWRV HVWUXFWXUDOHV LQKHUHQWHV D OD FRQIRUPDFLyQ GH ORV RUJDQLVPRV UHTXLULpQGRVHXQPtQLPRGHJNJGHSHVRYLYRSRUGtD 6HJ~QODVHFXHQFLDGHDPLQRiFLGRVVHGHWHUPLQDODFDUDFWHUtVWLFDGHODSURWHtQD'HORV DPLQRiFLGRVHVFHQFLDOHVWULSWRIDQRFLVWLQDKLVWLGLQDIHQLODODQLQDOLVLQDWUHRQLQDPHWLRQLQD \ OHXFLQD ODV KRUWDOL]DV FRQWLHQHQ DOJXQRV SRU OR TXH OD GLHWD GLDULD TXH UHTXLHUH XQ GHFRQWHQLGRSURWHLFRGHEHVHUVXSOHPHQWDGDFRQSURWHtQDVGHRULJHQDQLPDOSRUOR PHQRVHQXQ(QWUHODVHVSHFLHVFRQPD\RUSRUFHQWDMHGHSURWHtQDVVHFLWDQSRURWR KDEDDUYHMDOHQWHMDJDUEDQ]R 9LWDPLQDV &RPSXHVWRV LPSUHVFLQGLEOHV HQ PtQLPDV FDQWLGDGHV FDWDOL]DQ WRGDV ODV UHDFFLRQHV TXtPLFDVGHORUJDQLVPR 9LWDPLQD$DEXQGDQWHHQ]DQDKRULDEDWDWDVDQDUDQMDGDVWRPDWH\YHUGXUDVGHKRMD &iWHGUDGH+RUWLFXOWXUD)$$816( *HQHUDOLGDGHV,PSRUWDQFLD=RQDVKRUWtFRODVGH$UJHQWLQD&ODVLILFDFLyQ % WLDPLQD HQ DUYHMD WLHUQD OHJXPEUHV VHFDV % ULERIODYLQD HQ ODV KRUWDOL]DV GH KRMD % iFLGR SDQWRWpQLFR HQ EUyFROL % iFLGR IyOLFR HQ KRUWDOL]DV GH KRMD % SLULGR[LQD KRUWDOL]DVGHKRMD 9LWDPLQD & iFLGR DVFyUELFR HQ FDVL WRGDV ODV KRUWDOL]DV (Q JUDQ FDQWLGDG HQ SLPLHQWR WDPELpQHQFUXFtIHUDVUHSROOREUyFROLFROLIORUWRPDWHHWF 6DOHVPLQHUDOHV ,PSUHVFLQGLEOHV SDUD XQD VHULH GH PHFDQLVPRV ItVLFRTXtPLFRV UHJXODFLyQ iFLGREDVH SUHVLyQRVPyWLFDLRQHVWUDQVPLVRUHVGHOLPSXOVRQHXURPXVFXODU\HODJXDFRPRVROYHQWH GHODVVXVWDQFLDVTXHVHHQFXHQWUDQHQORVWHMLGRVYLYRV (VSHFLHVULFDVHQVDOHVHVSLQDFDPHOyQ]DSDOORDSLREDWDWDEUyFROL(QDJXDYHUGXUDV GHKRMDOHFKXJDHVSLQDFDUHSROOR\GHIUXWRWRPDWHVDQGtDPHOyQ +LGUDWRVGHFDUERQR $]~FDUHV \ DOPLGRQHV FX\D IXQFLyQ HV HVSHFtILFDPHQWH HQHUJpWLFD SRU SURFHVRV GH R[LGDFLyQSURYHHQHQHUJtDSDUDHOUHVWRGHODVIXQFLRQHVELROyJLFDV 6RQ ULFDV HQ D]~FDUHV IUXWLOOD PDt] GXOFH HQ DOPLGyQ SDSD EDWDWD xDPH EHUHQMHQD ]DSDOORV /tSLGRV /DVKRUWDOL]DVVRQSREUHVHQJUDVDVyDFHLWHVTXHDSDUWHGHVXVIXQFLRQHVHQHUJpWLFDV\ HVWUXFWXUDOHVFRQVWLWX\HQODVVXVWDQFLDVGHUHVHUYDGHORUJDQLVPR )LEUDyFHOXORVD (OHPHQWRV LPSRUWDQWHV TXH LQIOX\HQ HQ OD GLJHVWLyQ (M UHSROOR FROHV HQ JHQHUDO HVSiUUDJRDOFDXFLOHVSiUUDJR $FHLWHVHVFHQFLDOHV &RPSXHVWRV TXH OHV GDQ DURPD \ VDERU D ODV FRPLGDV /RV SRVHHQ DMR FHEROOD KLQRMR SHUHMLODSLR /DFRPSRVLFLyQTXtPLFDGHODVKRUWDOL]DVQRHVFRQVWDQWHSUHVHQWDQGRYDULDFLRQHVFRQHO FXOWLYDU pSRFD GH FRVHFKD yUJDQR GH FRQVXPR IRUPD GH FRQVXPR FUXGD y FRFLGD 3RU HMHPSOR (Q ]DSDOOR HO FRQWHQLGR GH YLWDPLQD & YDUtD HQWUH ORV FXOWLYDUHV (O FY %XWWHUQXW SRVHH PJJPLHQWUDVTXHHOFY+XEEDUGWLHQHPJJ\HO&Y3LQNEDQDQDSRVHH PJJ (OSLPLHQWRDOHVWDGRYHUGHSRVHHHOGH9LWDPLQD$\HOGHYLWDPLQD&TXHHQ HOHVWDGRURMRPDGXUR /DFHEROODPDGXUDWLHQH8,GH9LWDPLQD$PLHQWUDVTXHVLFRQVLGHUDPRVDODGHYHUGHR HVWDGRYHJHWDWLYRLQPDGXURFRQKRMDVLQFOXLGDVSRVHH8,GH9LWDPLQD$ /D FRFFLyQ FDPELD OD FRPSRVLFLyQ LQWHUQD ORV DOPLGRQHV SDVDQ D D]~FDUHV PDV GLJHVWLEOHV ODV YLWDPLQDV $ \ % VH UHGXFHQ FRQVLGHUDEOHPHQWH PLHQWUDV TXH OD & VH GHVWUX\HFDVLSRUFRPSOHWR /DVOHJXPEUHVYDUtDQPDUFDGDPHQWHHQVXFRQWHQLGRVHJ~QVHFRQVXPDQDOHVWDGRVHFR yYHUGH(QJHQHUDOODVOHJXPEUHVVHFDVVRQPiVULFDVHQSURWHtQDVJUDVDVHKLGUDWRVGH FDUERQR &iWHGUDGH+RUWLFXOWXUD)$$816( *HQHUDOLGDGHV,PSRUWDQFLD=RQDVKRUWtFRODVGH$UJHQWLQD&ODVLILFDFLyQ (QHOPXQGRVHSUHVHQWDQGRVWLSRVGH KRUWLFXOWXUDVFRQFDUDFWHUHVELHQGLIHUHQFLDGRV +RUWLFXOWXUD GH ODV UHJLRQHV WURSLFDOHV FRQ HVSHFLHV ULFDV HQ DOPLGyQ U~VWLFDV FRPR PDQGLRFDEDWDWDxDPHDOJRGHVRMD\SRURWRVTXHQRVLHPSUHFRPSOHWDQODVQHFHVLGDGHV SURWHLFDV +RUWLFXOWXUDGHODVUHJLRQHVWHPSODGDV ODPD\RUtDGHODVKRUWtFRODVVHDGDSWDQPHMRUD HVWDVFRQGLFLRQHVHFROyJLFDVKD\YDULHGDGGHHVSHFLHVULFDVHQSURWHtQDVYLWDPLQDVVDOHV PLQHUDOHVHKLGUDWRVGHFDUERQRTXHJHQHUDQXQDDOLPHQWDFLyQPiVYDULDGD\HTXLOLEUDGD /D SURGXFFLyQ DJUtFROD PXQGLDO HVWiIRUPDGD EiVLFDPHQWH SRU FHUHDOHV \ ROHDJLQRVDV OD SDSDVHHQFXHQWUDHQWUHORVFXDWURSULQFLSDOHVDQLYHOPXQGLDOOXHJRGHPDt]WULJR\DUUR] $QLYHOSDtVSRGHPRVDQDOL]DUYDULRVDVSHFWRV 'LHWpWLFR GHO TXH \D KHPRV KDEODGR (O DUJHQWLQR FRQVXPH HQ SURPHGLR NJ KDELWDQWHDxRGHORVFXDOHVODPLWDGFRUUHVSRQGHDODSDSDORTXHKDEODGHODLPSRUWDQFLD GHODVKRUWDOL]DVHQODGLHWDGHODSREODFLyQ $JURQyPLFR 6H FXOWLYDQ FRPHUFLDOPHQWH DOUHGHGRU GH HVSHFLHV FRQ VXV IRUPDV \ YDULHGDGHV GH DOUHGHGRUGHIDPLOLDVERWiQLFDV$TXtFRQVLGHUDPRVODFRPSOHMLGDGTXHLPSOLFDHOPDQHMR GH FXOWLYRV GLVWLQWRV GHVGH HO SXQWR GH YLVWD FXOWXUDO VDQLWDULR GH FRQVHUYDFLyQ FRPHUFLDOL]DFLyQHWF 3RURWURODGRVHSURGXFHKRUWDOL]DVDORODUJRGH$UJHQWLQDFRQXQDDPSOLDGLYHUVLGDGGH FOLPDV OR TXH LPSOLFD SUiFWLFDV HVSHFtILFDV GH PDQHMR SDUD DGHFXDU ORV UHTXHULPLHQWRV GH ODVHVSHFLHVDODVGLVWLQWDVFRQGLFLRQHV (FRQyPLFR 'HDSUR[LPDGDPHQWHPLOORQHVGHKHFWiUHDVRFXSDGDVFRQDJULFXOWXUDVHGHVWLQDQDOD KRUWLFXOWXUDPLOTXHJHQHUDQXQYROXPHQGHSURGXFFLyQGHDSUR[LPDGDPHQWHPLOORQHV GHWRQHODGDV 6LFRPSDUDPRVHVWDVFLIUDVFRQODVTXHJHQHUDQORVFHUHDOHVJLUDVRO\OLQRODVKRUWDOL]DV RFXSDQYHFHVPHQRVVXSHUILFLHSHURVXSURGXFWLYLGDGHVYHFHVPD\RU /DSDUWLFLSDFLyQGHODVOHJXPEUHV\KRUWDOL]DVHQHO3URGXFWR%UXWR$JUtFRODHVGHO FRQXQDWHQGHQFLDGHFUHFLHQWHHQORV~OWLPRVDxRVUHVXOWDQWHGHODFDtGDGHORVQLYHOHVGH VDODULRUHDO\GHOHVWDQFDPLHQWRUHODWLYRGHOVHFWRUFRQUHODFLyQDRWURVFRPRHOGHFHUHDOHV\ ROHDJLQRVDVIXQGDPHQWDOPHQWHVRMD6LQHPEDUJRHO9DORUGHOD3URGXFFLyQFRQVLGHUDGR FRPRHOSUHFLRPHGLRTXHVHSDJDDOSURGXFWRUHVXQRGHORVPiVDOWRVGHOVHFWRUDJUtFROD 8QGHOYROXPHQSURGXFLGRVHH[SRUWDVLHQGRODV PiV LPSRUWDQWHV ODV H[SRUWDFLRQHV GH SRURWR VHFR DMR FHEROOD \ HVSiUUDJR IUHVFR (Q ORV ~OWLPRV DxRV VH LQFUHPHQWDURQ ODV H[SRUWDFLRQHVHQYDULRVUXEURVKRUWtFRODVSHURGHHVFDVDVLJQLILFDFLyQ /DSURGXFFLyQGHKRUWDOL]DVVHGHVDUUROODHQODPD\RUtDGHODVSURYLQFLDVGHOSDtV\SRUOD VLWXDFLyQJHRJUiILFDGHHOODVODRIHUWDGHORVSULQFLSDOHVSURGXFWRVHVSHUPDQHQWHDORODUJR GHODxRH[LVWHXQDEDVWHFLPLHQWRWRWDOGHOFRQVXPRQDFLRQDO 6RFLDO &RQVLGHUDQGRTXHHQWUHORVGLVWLQWRVWLSRVGHH[SORWDFLRQHVKRUWtFRODVRFXSDQXQSURPHGLR GHSHUVRQDVKDH[LVWLUtDQPLOSHUVRQDVWUDEDMDQGRHQHOVHFWRU &iWHGUDGH+RUWLFXOWXUD)$$816( *HQHUDOLGDGHV,PSRUWDQFLD=RQDVKRUWtFRODVGH$UJHQWLQD&ODVLILFDFLyQ 6L VXPDPRV HO SHUVRQDO TXH JLUD DOUHGHGRU GH ODV FDGHQDV GH FRPHUFLDOL]DFLyQ LQWHUPHGLDULRV PD\RULVWDV PLQRULVWDV IHULDQWHV WUDQVSRUWLVWDV FKDQJDGRUHV \ GH LQGXVWULDOL]DFLyQHVWDDFWLYLGDGRFXSDHQ$UJHQWLQDDOUHGHGRUGHPLOORQHVGHSHUVRQDV /D GLVWULEXFLyQ GH OD DFWLYLGDG KRUWtFROD D OR ODUJR GHO SDtV JUDYLWD DGHPiV HQ IRUPD LPSRUWDQWHHQODVHFRQRPtDVUHJLRQDOHV 5(*,21(6+257,&2/$6$5*(17,1$6 /D DPSOLD GLYHUVLGDG FOLPiWLFDTXHUHJLVWUD HO SDtV SRVLELOLWDTXH ORV SURGXFWRV KRUWtFRODV WHQJDQXQDSUHVHQFLDFDVLFRQVWDQWHHQHOPHUFDGRGXUDQWHWRGRHODxR (OPHMRUDPLHQWRGHODVUXWDV\GHPHGLRVGHWUDQVSRUWHHQORV~OWLPRVDxRVSHUPLWHTXHODV KRUWDOL]DVDUULEHQDORVPHUFDGRVHQSRFDVKRUDVGHVGHSXQWRVGLVWDQWHVGHOWHUULWRULR (Q FDVL WRGDV ODV SURYLQFLDV H[LVWH XQD SURGXFFLyQ KRUWtFROD SDUD HO PHUFDGR ORFDO y GH HVWDFLyQ \y SDUD HQYLDU D ORV JUDQGHV FHQWURV FRQVXPLGRUHV GHO SDtV FRPR VRQ &DSLWDO )HGHUDOPLOORQHVGHKDELWDQWHV\DOUHGHGRUHV5RVDULR&yUGRED0HQGR]DTXHDVXYH] DFW~DQFRPRFHQWURVGHGLVWULEXFLyQHQVXiUHDGHLQIOXHQFLD 6REUH OD EDVH GH VX ORFDOL]DFLyQ JHRJUiILFD \ D ODV FDUDFWHUtVWLFDV SURGXFWLYDV SRGHPRV FODVLILFDUODVVLJXLHQWHV5HJLRQHV+RUWtFRODV 5(*,21'(/1252(67( $EDUFDODVSURYLQFLDVGH-XMX\ 6DOWD7XFXPiQ \ 6DQWLDJR GHO (VWHUR (Q HVWD UHJLyQ VH SURGXFHQFXOWLYRVGHSULPLFLDOHJXPLQRVDVSDUDJUDQRVHFR\FXOWLYRVGHHVWDFLyQ =21$7(035$1$ &RPSUHQGH HO QRUWH GH 6DOWD \ VXGHVWH GH -XMX\ )LWRJHRJUiILFDPHQWH FRUUHVSRQGH D OD VHOYD7XFXPDQR%ROLYLDQDFRQXQQHWRFOLPDVXEWURSLFDOWHPSHUDWXUDVPHGLDVDQXDOHVGH D&HVFDVDVKHODGDVVXDYHVD&GHFRUWDGXUDFLyQ\PLFURFOLPDVSURWHJLGRV GRQGH QRUPDOPHQWH QR RFXUUHQ KHODGDV HO UpJLPHQ GH OOXYLDV HV SULPDYHUR HVWLYDO D PP SRU OR TXH ORV FXOWLYRV SULPLFLD FRQ FRVHFKDV HQWUH 0DU]R \ 6HWLHPEUH VH UHDOL]DQEDMRULHJR(VODSULQFLSDO]RQDSURGXFWRUDGHSULPLFLDVGHOSDtV 6RQLPSRUWDQWHVODVORFDOLGDGHVXELFDGDVHQHOUDPDO*HPHV2UiQ6DQ3HGUR&RORQLD 6DQWD &ODUD &DOLOHJXD <XWR 3HULFR )UDLOH 3LQWDGR -XMX\ \ 8UXQGHO &RORQLD 6WD 5RVD 6DX]DOLWR(PEDUFDFLyQ3LFKDQDO2UiQ6DOWD6HFXOWLYDQSULQFLSDOPHQWHWRPDWHSLPLHQWR EHUHQMHQD]DSDOOLWRSDSDDUYHMDSDUDIUHVFRSRURWRFKDXFKDSHSLQRHWF(VWDVXE]RQDVH KDGHVDUUROODGRLQWHQVDPHQWHHQORV~OWLPRVDxRVLQFRUSRUDQGRWHFQRORJtDVREUHODEDVH GH FDUSDV SOiVWLFDV FXOWLYDUHV KtEULGRV PHMRU XVR GH ULHJR \ IHUWLOL]DQWHV 6H XVDQ HQ JHQHUDOVXSHUILFLHVGHDKD (QWUDGDDO0HUFDGR1DFLRQDOGHVGH PDU]RDEULO KDVWDVHWLHPEUHRFWXEUH =21$6(0,7(035$1$ &RPSUHQGH HO VXU GH 6DOWD 9DOOHV &DOFKDTXtHV 1( GH &DWDPDUFD 6DQWD 0DUtD \ 7XFXPiQ (Q 6DOWD \ &DWDPDUFD VH SURGXFH SLPLHQWR SDUD SLPHQWyQ GH OD SURGXFFLyQ QDFLRQDOHVXQDUHJLyQGHHVFDVDVSUHFLSLWDFLRQHVPP\KHODGDVLQWHQVDV$OWRV 9DOOHV6HFXOWLYDHQSULPDYHUDYHUDQRFRQULHJR &iWHGUDGH+RUWLFXOWXUD)$$816( *HQHUDOLGDGHV,PSRUWDQFLD=RQDVKRUWtFRODVGH$UJHQWLQD&ODVLILFDFLyQ (Q 7XFXPiQ VH SXHGH GLIHUHQFLDU UHJLRQHV DO 2HVWH OD ]RQD GHO 9DOOH GH 7UDQFDV HV VHPLOOHUD WUDGLFLRQDO GH DUYHMD OHFKXJD \ SRURWR \ VH FXOWLYD WRPDWH SLPLHQWR ]DQDKRULD SDSD HQ ORV DOWRV YDOOHV GH7DIt \ $PDLFKD VH SURGXFH KRUWDOL]DV GXUDQWH HO YHUDQR \ 7DIt SURGXFH SDSD SDUD VHPLOOD \ HQ 6DQ -DYLHU \ 5DFR VH SURGXFH HQ SULPDYHUD YHUDQR KRUWDOL]DVGHKRMD\UDt]OHFKXJD\]DQDKRULDSDUDHOPHUFDGRORFDO $O FHQWUR XQD ]RQD VXEWURSLFDO /XOHV %HOOD 9LVWD )DPDLOOi 0RQWHURV $JXLODUHV 9LOOD $OEHUGL VH SURGXFH DUYHMD SDUD IUHVFR GH OD 31 SRURWR FKDXFKD GH OD 31 SDSDWRPDWHSLPLHQWREHUHQMHQD]DSDOOLWRGHWURQFRIUXWLOODDOFDXFLOVHFXOWLYDQGXUDQWHHO RWRxR LQYLHUQR \ SULPDYHUD FRQ FRVHFKDV KDVWD ILQHV GH QRYLHPEUH FRQ GHVWLQR ORFDO \ QDFLRQDO $OHVWHOD]RQDGHOODQXUDFRQKHODGDVLQWHQVDVD&SUHFLSLWDFLRQHVGHD PP GH ( D 2 /RV FXOWLYRV SULQFLSDOHV VRQ EDWDWD ]DSDOOR VDQGtD PHOyQ PDt] GXOFH FHEROODDMR\SRURWRSDUDJUDQRVHFR6HSURGXFHGXUDQWHYHUDQR\RWRxR =21$7$5',$ &RPSUHQGHHOFHQWURVXUGH6DOWD\1GH6JRGHO(VWHUR\FHQWURRHVWHGH6DQWLDJRGHO (VWHUR /D SULPHUD 5RVDULR GH OD )URQWHUD 0HWiQ -RDTXtQ 9 *RQ]DOHV *DRQD (O *DOSyQ 4XHEUDFKDO HQ 6DOWD \ 3HOOHJULQL HQ 6JR HV HO FHQWUR SURGXFWRU GH OHJXPEUHV VHFDV PiV LPSRUWDQWHGHOSDtVVHFXOWLYDQOHJXPLQRVDVSDUDJUDQRVHFRSRURWRHOGHOD31HQ YHUDQR\RWRxRJDUEDQ]RHQ$QWD\0HWiQHOGHOD31HQRWRxRLQYLHUQR\SULPDYHUD FRQULHJRDUYHMDVRMD\HQORV~OWLPRVDxRVKD\XQDIXHUWHH[SDQVLyQGHOHQWHMD\KDED (Q HO $UHD GH 5LHJR GH 6JR GHO (VWHUR XELFDGD HQ HO 3DUTXH &KDTXHxR FRQ WHPSHUDWXUDV PHGLDV DQXDOHV HQWUH \ & \ Pi[LPDV \ PtQLPDV DEVROXWDV GH D & UHVSHFWLYDPHQWH VH FXOWLYDQ KRUWDOL]DV SDUD IUHVFR H LQGXVWULD WRPDWH PDt] GXOFH EDWDWD ]DSDOORV PHOyQ VDQGtD OHFKXJD WHPSUDQD HQYtRV GH PD\R D MXOLR FHEROOD WHPSUDQD VDOLGD HQ VHWLHPEUH QRYLHPEUH ]DQDKRULD DUYHMD SRURWR FKDXFKD HWF EDMR ULHJR 5(*,21'(/125(67( /D]RQDTXHFRPSUHQGHHO(GH)RUPRVD&ORULQGD)RUPRVD&\(GH&KDFR5RTXH 6DHQ] 3HxD 9LOOD $QJHOD 5HVLVWHQFLD %DUUDQTXHUDV 1 \ 2 GH 6DQWD )p 5HFRQTXLVWD 9HUDTXHVHUtDODUHJLyQGHO3DUTXH&KDTXHxRFRQWHPSHUDWXUDVPHGLDVDQXDOHVGHD & Pi[LPDV \ PtQLPDV DEVROXWDV GH \ & UHVSHFWLYDPHQWH KHODGDV GH PD\R D VHWLHPEUH OOXYLDV GH D PPDxR HQ SULPDYHUD D RWRxR 6H FXOWLYD ]DSDOOR EDWDWD PDQGLRFDFHEROOD\DMR $EDUFDHO6\2GH0LVLRQHV,JXD]~(O'RUDGR2EHUi3RVDGDV$SyVWROHV&\2 GH&RUULHQWHV&RUULHQWHV%HOOD9LVWD*R\D0HUFHGHV&XUX]~&XDWLiHVWDFRPSUHQGHDO 3DUTXH0HVRSRWiPLFRFRQHVFDVDVKHODGDVWHPSHUDWXUDPHGLDGHD&Pi[LPDV\ PtQLPDVDEVROXWDVGH\&FRQFXOWLYRVHVWLYDOHVGHVHFDQRHLQYHUQDOHVFRQULHJR (Q ODV FHUFDQtDV GHO 3DUDQi VH FRQFHQWUDQ ORV FXOWLYRV SULPLFLD WRPDWH SLPLHQWR EHUHQMHQD SRURWR FKDXFKD HQ SOHQD FRPSHWHQFLD FRQ 7XFXPiQ +D\ XQD LPSRUWDQWH SUHVHQFLDGHFDUSDVSOiVWLFDV\FXOWLYRVGHIUXWLOODFRQDOWDWHFQRORJtD 5(*,21$1',1$ &iWHGUDGH+RUWLFXOWXUD)$$816( *HQHUDOLGDGHV,PSRUWDQFLD=RQDVKRUWtFRODVGH$UJHQWLQD&ODVLILFDFLyQ $EDUFD ORV 9DOOHV GH &DWDPDUFD /D 5LRMD 6DQ -XDQ \ 0HQGR]D 8ELFDGD HQ HO 0RQWH 2FFLGHQWDO HV XQD UHJLyQ WHPSODGRFiOLGD \ VHFD FRQ KRUWLFXOWXUD EDMR ULHJR /DV WHPSHUDWXUDVPHGLDVDQXDOHVYDUtDQHQWUH\&\VHUHJLVWUDQPtQLPDVDEVROXWDVGH D &FRQKHODGDVWHPSUDQDVGHVGHPHGLDGRVGHPDU]R\WDUGtDVKDVWDPHGLDGRV GH RFWXEUH /DV SUHFLSLWDFLRQHV QR VXSHUDQ ORV PP DQXDOHV 6H HQFXHQWUDQ ODV VLJXLHQWH ]RQDV =21$7(035$1$ $EDUFDHO&(\12GH&DWDPDUFD$QGDOJDOi$PEDWR3RPiQ3DFOtQ(VTXL~9DOOH6DQ )HUQDQGR /DV (VWDQFLDV \ &1 GH /D 5LRMD$LPRJDVWD )DPDWLQD &KLOHFLWR /D 5LRMD (Q ORV YDOOHV FRQ ULHJR VH FXOWLYD SLPLHQWR SDUD SLPHQWyQ WRPDWH SDUD IUHVFR SDSD SDUD FRQVXPR\VHPLOODHQ/DV(VWDQFLDV\RWUDVKRUWDOL]DVVyORSDUDFRQVXPRORFDO/DHVFDVD SUHFLSLWDFLyQ \ EDMD KXPHGDG DPELHQWH SHUPLWHQ HO FXOWLYR GH KRUWDOL]DV SDUD VHPLOOD \ HVSHFLHVFRQGLPHQWLFLDV\DURPiWLFDV6DQ)HUQDQGRGHO9DOOHGH&DWDPDUFD =21$,17(50(',$ &RPSUHQGHHO&\6GH6DQ-XDQ-DFKDO9DOOH)pUWLO9LOOD.UDXVH&DXFHWH\$EHUDVWDLQ \&1\(GH0HQGR]D*UDO/DYDOOH/DV+HUDV*RGR\&UX]*XD\PDOOHQ 0DLS~ -XQtQ 5LYDGDYLD6WD5RVD/D3D] (V XQD UHJLyQ DOWDPHQWH WHFQLILFDGD FRQ XQ EXHQ PDQHMR GHO ULHJR FRQ FXOWLYRV HVSHFLDOL]DGRV GH WRPDWH SLPLHQWR FHEROOD DMR PHOyQ DUYHMD \ KRUWDOL]DV HQ JHQHUDO GHVWLQDGDVDODLQGXVWULDGHOGHVKLGUDWDGRHQFXUWLGR\HQYDVDGRDOQDWXUDO 6H SURGXFH FRQ PX\ EXHQRV UHQGLPLHQWRV DSLR DOFDXFLO HVSiUUDJR VDQGtD PHOyQ ]DSDOORSDSDVHPLWHPSUDQDGHPX\EXHQDFDOLGDG\SRURWR =21$7$5',$ (VWiQ LQFOXLGRV HO 2 GH 6DQ -XDQ 5RGHR ,JOHVLDV &DOLQJDVWD 2 \ 6( GH 0HQGR]D /XMiQ6DQ&DUORV7XQX\iQ7XSXQJDWR6DQ5DIDHO*UDO$OYHDU $EDUFDXQDVXSHUILFLHGHKDGHO HV GH 0HQGR]D FXOWLYDGDV FRQ WRPDWH SLPLHQWR DUYHMD SDUD LQGXVWULD DMR FHEROOD SDSD VHPLWDUGtD ]DSDOOR EDWDWD \ PHOyQ (V LPSRUWDQWHODSURGXFFLyQGHDMRSDUDFRQVXPRQDFLRQDO\H[SRUWDFLyQ 6H GHVWDFD OD DOWD WHFQRORJtD XWLOL]DGD HVSHFLDOPHQWH OD PHFDQL]DFLyQ GH VLHPEUD \ FRVHFKD HO XVR GH IHUWLOL]DQWHV HO PDQHMR GHO ULHJR FRQWURO GH SODJDV \ HQIHUPHGDGHV \ GHVDUUROORGHODVLQGXVWULDV (VWDHVXQD]RQDGHSURGXFFLyQGHVHPLOODVKRUWtFRODVOHFKXJDHQ,JOHVLDVFHEROODHQ/D &RQVXOWD\SDSDVHPLOODHQ0DODUJXH 5(*,21/,725$/ (VXQDH[WHQVDIUDQMDGHVGH6DQWD)pKDVWDHOSDUWLGR3DWDJRQHVHQHOVXUGH%V$V =21$%8(126$,5(61257( &RPSUHQGHODVPiUJHQHVGHO5tR3DUDQiGHVGH6DQ-DYLHU6DQWD)HKDVWD5DPDOOR%V $V&RQWHPSHUDWXUDVPHGLDVDQXDOHVGHD&Pi[LPDV\PtQLPDVDEVROXWDVGH \&KHODGDVGHVGHDEULODVHWLHPEUHOOXYLDVGHDPPSULQFLSDOPHQWH HQSULPDYHUD\RWRxR 6HGHVWDFDQOD]RQDKRUWtFRODGHODFRVWD +HOYHFLD&D\DVWi6DQWD5RVDFRQHOFXOWLYRGH ]DQDKRULD XQD GH ODV SULQFLSDOHV IXHQWHV GH LQJUHVR SDUD SURGXFWRUHV \ HQ PHQRU PHGLGD &iWHGUDGH+RUWLFXOWXUD)$$816( *HQHUDOLGDGHV,PSRUWDQFLD=RQDVKRUWtFRODVGH$UJHQWLQD&ODVLILFDFLyQ EHUHQMHQDFKRFORWRPDWH]DSDOOLWRHO FLQWXUyQYHUGHGHODFLXGDGGH6DQWD)p 0RQWHYHUD 5HFUHR6DQWD)p6DQWR7RPpFRQSURGXFWRVSULPDYHUDOHVFRPRWRPDWH]DSDOOLWR\SRURWR FKDXFKDGHOD SURGXFFLyQ DO 0HUFDGR 1DFLRQDO \ KRUWDOL]DV GH KRMD GXUDQWHWRGR HO DxR FRQ GHVWLQR ORFDO ]RQD GH &RURQGD &RURQGD $URFHQD 'HVYtR $ULMyQ FX\D SULQFLSDO SURGXFFLyQHVIUXWLOOD5RVDULRTXHDEDUFDWRGRHO6(GH6DQWD)p\HO1GH%XHQRV$LUHV SURGXFHSDSDVHPLWHPSUDQD\WDUGtDDUYHMDDOFDXFLOODVXSHUILFLHPiVLPSRUWDQWHOXHJRGH /D 3ODWD HVSiUUDJR OHFKXJD FKRFORWRPDWH DSLR UHPRODFKD UHSROOR SHUHMLO EDWDWD SDUD GXOFH\FRQVXPRIUHVFR(QHOWDFRGHODERWDVDQWDIHVLQDVHGHVWDFDDUYHMDGREOHSURSyVLWR \OHQWHMD\HVHOFHQWURGHSURGXFFLyQPiVLPSRUWDQWH HQHVHUXEUR =21$%8(126$,5(6&(1752 (V OD UHJLyQ TXH DEDUFD WDQWR HO FLQWXUyQ YHUGH GH &DSLWDO )HGHUDO \ /D 3ODWD 6DUDQGt %HUD]DWHJXL %HULVVR )ORUHQFLR 9DUHOD /RERV 0HUOR 4XLOPHV $YHOODQHGD 3LODU /XMiQ FRPRODVXELFDGDVHQOD5XWD0HUFHGHV6XLSDFKD&KLYLOFR\$OEHUWL%UDJDGRGH-XOLR 3UHFLSLWDFLRQHV GH PP DQXDOHV ELHQ GLVWULEXLGDV \ WHPSHUDWXUDV PHGLDV DQXDOHV GH\& /D OLVWD GH FXOWLYRV HV DPSOLD \ DEDVWHFHQ SULQFLSDOPHQWH DO FRQJORPHUDGR GH OD &DSLWDO )HGHUDO8WLOL]DQGRVLVWHPDVGHULHJRPHGLDQWHSHUIRUDFLRQHVVHSURGXFHWRPDWHSLPLHQWR EHUHQMHQDKRUWDOL]DVGHKRMDDOFDXFLOHVSiUUDJRDUYHMDSHSLQRSDSDDSLRHWF =21$%8(126$,5(6685 )LWRJHRJUiILFDPHQWHHVWiXELFDGDHQODHVWHSDSDPSHDQDFRQWHPSHUDWXUDVPHGLDVGH D & KHODGDV LQWHQVDV GH & GHVGH PD\R D VHWLHPEUH FRQ OOXYLDV GH PP DQXDOHV GLVWULEXLGDV XQLIRUPHPHQWH (V HO FHQWUR GH SURGXFFLyQ GH SDSD VHPLWDUGtD FRQ FHQWUR HQ ODV ORFDOLGDGHV GH %DOFDUFH 1HFRFKHD 7DQGLO 0DU GHO 3ODWD (V XQR GH ORV SURGXFWRUHV GH SDSD PiV LPSRUWDQWH DXQTXH OD VXSHUILFLH HVGH XQ ORV DOWRV ULQGHV SRU KHFWiUHD OR VLJXHQ XELFDQGR HQ XQ OXJDU GH SUHSRQGHUDQFLD FRQ WHFQRORJtD GH PD\RU QLYHO HQ SDSD 6H GHVWDFDQ RWURV FXOWLYRV FRPR ]DQDKRULD KRUWDOL]DV GH KRMD ]DSDOOR EHUHQMHQD $O VXU HQ HO iUHD GH ULHJR GHO 5tR &RORUDGR 0pGDQRV 3HGUR /XUR +LODULR $VFDVXEL %XUDWRYLFKVHGHVWDFDQORVFXOWLYRVGHDMRSDSDVHPLOOD\FHEROOD 5(*,21&(175$/ $EDUFDHO12\&GH&yUGRED\12GH6DQ/XLV8ELFDGDHQHO3DUTXH&KDTXHxRWLHQH WHPSHUDWXUDV PHGLDV DQXDOHV GH D & Pi[LPDV \ PLQLPDV DEVROXWDV GH & \ & \ KHODGDV WHPSUDQDV D SDUWLU GH PHGLDGRV GH DEULO \ WDUGtDV KDVWD PHGLDGRV GH VHWLHPEUH//XYLDVDQXDOHVGHPPGHVGHRFWXEUHDPD\R (Q &yUGRED DOUHGHGRUHV GH OD FDSLWDO &UX] GHO (MH 9LOOD 'RORUHV &RORQLDV &DUR\D \ 7LUROHVD 5tR 3ULPHUR SUHGRPLQDQ ORV FXOWLYRV GH SDSD EDWDWD DMR FHEROOD KRUWDOL]DV GH KRMD FXFXUELWiFHDV JDUEDQ]R (Q HO FXOWLYR GH SDSD &yUGRED KD H[SHULPHQWDGR XQ FUHFLPLHQWRPX\LPSRUWDQWH$FWXDOPHQWHWLHQHHOGHODVXSHUILFLHVHPEUDGDHQHOSDtV DWUDYpVGHGRVSODQWDFLRQHVDQXDOHVVHPLWHPSUDQDMXOLRDJRVWR\WDUGtDIHEUHUR (Q 6DQ /XLV &DQGHODULD 0HUOR 6DQWD 5RVD &RQFDUiQ /D 7RPD 9LOOD 0HUFHGHV ORV FXOWLYRVVRQPHQRVLPSRUWDQWHVSDUDHODEDVWHFLPLHQWRQDFLRQDO +D\ FRORQLDV EDMR ULHJR HQ WRGDV ODV SURYLQFLDV SDUD OD SURGXFFLyQ KRUWtFROD DXQTXH VH HQFXHQWUDQ]RQDVGHVHFDQRSDUDSRURWRVHFRHQODSURYLQFLDGH&yUGRED'HVSHxDGHURV &iWHGUDGH+RUWLFXOWXUD)$$816( *HQHUDOLGDGHV,PSRUWDQFLD=RQDVKRUWtFRODVGH$UJHQWLQD&ODVLILFDFLyQ 5(*,213$03($1$ &RPSUHQGHHO1\(GH/D3DPSD\1GH5tR1HJUR =21$/$3$03$ 8ELFDGD ILWRJHRJUiILFDPHQWH HQ OD (VWHSD 3DPSHDQD FRQ WHPSHUDWXUDV PHGLDV DQXDOHV \&\Pi[LPDV\PtQLPDVDEVROXWDVGH&\D&FRQKHODGDVWHPSUDQDV GHVGHILQHVGHPDU]R\WDUGtDVKDVWDILQHVGH6HWLHPEUH/OXYLDVGHDPPTXHVH UHJLVWUDQHQSULPDYHUD\RWRxR(VWDVXEUHJLyQSURGXFHVRORSDUDHODEDVWHFLPLHQWRORFDO SULQFLSDOPHQWH]DSDOORSDSDFHEROODDMR\KRUWDOL]DVGHKRMD =21$5,21(*52 &RPSUHQGH HO 1 GH 5tR 1HJUR \ 62 GH /D 3DPSD &RORQLD GH 0D\R ,QFOXLGD HQ HO 0RQWH 2FFLGHQWDO FRQ WHPSHUDWXUDV PHGLDV DQXDOHV \ & \ Pi[LPDV \ PtQLPDV DEVROXWDVGH&\&FRQKHODGDVWHPSUDQDVGHVGHPHGLDGRVGHPDU]R\WDUGtDV KDVWDILQHVGHQRYLHPEUHSRUORTXHHOSHUtRGROLEUHGHKHODGDVHVPX\FRUWR/OXHYHD PPGXUDQWHHOYHUDQR\HORWRxRSRUORTXHORVFXOWLYRVUHTXLHUHQULHJR$ODVPiUJHQHV GHO5tR1HJURHQHOYDOOHVXSHULRU&LQFR6DOWRV&LSROHWWL$OOHQ9LOOD5HJLD&KRHOH&KRHO *UDO 5RFD ,QJ +XHUJR 9LOOD 5HJLQD \ HQ HO YDOOH LQIHULRU 9LHGPD VH FXOWLYDQ WRPDWH \ SLPLHQWRSDUDLQGXVWULD\IUHVFRSDSDVHPLWDUGtDDMR]DQDKRULDKRUWDOL]DVGHKRMD]DSDOOLWR HWF/DSDSDWRPDWH\DMRVHHQYtDQDPHUFDGRVFRQVXPLGRUHVIXHUDGHODUHJLyQ 5(*,213$7$*21,&$ &RPSUHQGH FHQWURV SHTXHxRV \ DLVODGRV XELFDGRV DO VXU GH 5tR 1HJUR GRQGH VH HQFXHQWUDQ-XQtQ\6DQ0DUWtQGH/RV$QGHV1HXTXpQ%DULORFKH(O%REDU\9DOFKHWD5tR 1HJUR(VTXHO7UHOHZ&KXEXW\&DxDGD/HyQ6WD&UX] (VWD UHJLyQ HV GH HVFDVD LPSRUWDQFLD HQ HO SDQRUDPD KRUWtFROD QDFLRQDO (QWUH OD SURGXFFLyQ SDUD HO FRQVXPR ORFDO VH FLWDQ SDSD SRURWR VHFR KRUWDOL]DV GH KRMD FHEROOD ]DQDKRULDUHPRODFKDDUYHMDHWF 'DGD ODV FDUDFWHUtVWLFDV GH DOJXQRV PLFURFOLPDV VH KDQ UHJLVWUDGR HQ DOJXQDV HVSHFLHV DOWRVUHQGLPLHQWRVGHELGRDODDPSOLWXGIRWRSHULyGLFDTXHVHUHJLVWUDHQYHUDQR &iWHGUDGH+RUWLFXOWXUD)$$816( *HQHUDOLGDGHV,PSRUWDQFLD=RQDVKRUWtFRODVGH$UJHQWLQD&ODVLILFDFLyQ &/$6,),&$&,21'(/$6+257$/,=$6 6HJ~QODGXUDFLyQGHODSODQWD $QXDOHV /DSODQWDFRPSOHWDVXFLFORYHJHWDWLYR\UHSURGXFWLYRHQHOPLVPRDxRGHODVLHPEUD(M PDt]GXOFHSRURWRHWF %LHQDOHV /DSODQWDHQVXSULPHUFLFORGHVDUUROODVXVLVWHPDYHJHWDWLYR\HQXQVHJXQGRDxRHPLWH VXVLVWHPDUHSURGXFWLYR(MFHEROOD]DQDKRULDHWF (Q FOLPDV WHPSODGRV FRQ LQYLHUQRV VXDYHV GHVDUUROOD VX VLVWHPD YHJHWDWLYR \ UHSURGXFWLYRHOPLVPRDxR 3HUHQQHV 'HVDUUROODQ VX VLVWHPD YHJHWDWLYR \ UHSURGXFWLYR HQ HO PLVPR DxR SHUR GHELGR D TXH FXHQWDQ FRQ yUJDQRV GH UHVHUYD VXEWHUUiQHRV DXQTXH VX VLVWHPD DpUHR GHFDH OD SODQWD YXHOYHDYHJHWDUHQDxRVVXFHVLYRV(MSDSDHVSiUUDJR 9LYDFHV 3ODQWDV FX\R VLVWHPD YHJHWDWLYR \ U HSURGXFWLYR SHUPDQHFHQ YLYRV GXUDQWH DxRV VDOYR TXHWHPSHUDWXUDVH[WUHPDVyHQIHUPHGDGHVODVHOLPLQHQ(MIUXWLOOD &LHUWDV HVSHFLHV FRPR SRURWR WRPDWH SLPLHQWR EHUHQMHQD HWF SXHGHQ FRPSRUWDUVH FRPRSHUHQQHVFXDQGRFXOWLYDUHVGHFUHFLPLHQWRLQGHWHUPLQDGRVHGHVDUUROODQHQFOLPDVVLQ KHODGDV HV GHFLU TXH ODV SODQWDV FRQWLQ~DQ LQLQWHUUXPSLGDPHQWH VX FUHFLPLHQWR SRU YDULRV DxRV 3RUVXIRUPDGHUHSURGXFFLyQ 'H DFXHUGR D ORV yUJDQRV FRP~QPHQWH XVDGRV SDUD VX UHSURGXFFLyQ SXHGHQ HQFRQWUDUVHORVVLJXLHQWHVFDVRV 3RUVHPLOOD OHJXPEUHVWRPDWHEHUHQMHQDSLPLHQWRPHOyQVDQGtDFHEROODYHUGXUDV GHKRMDSXHUUR]DQDKRULDHVSiUUDJR 3RUEXOERVDMRGLHQWHVFKDORWD 3RUUL]RPDVHVSiUUDJRWDUR 3RUWXEpUFXORV SDSD 3RUUDtFHVWXEHURVDV EDWDWD 3RUSODQWLQHV IUXWLOODEDWDWD 3RUFXOWLYRGHWHMLGRVyPHULVWHPDV 0pWRGR GH SURSDJDFLyQ SDUD REWHQHU PDWHULDOHV OLEUHV GH HQIHUPHGDGHV KRQJRV YLUXV 7HFQRORJtD GHVDUUROODGD SDUD DVHJXUDU PDWHULDO GH DOWD XQLIRUPLGDG \ VDQLGDG HQ GLYHUVDV HVSHFLHVFRPRSDSDEDWDWDIUXWLOODHWF 6HJ~QVXFRPSRUWDPLHQWRDWHPSHUDWXUDDPELHQWH &iWHGUDGH+RUWLFXOWXUD)$$816( *HQHUDOLGDGHV,PSRUWDQFLD=RQDVKRUWtFRODVGH$UJHQWLQD&ODVLILFDFLyQ 6HQVLEOHVDOIUtR 6RQHVSHFLHVFX\RGHVDUUROORYHJHWDWLYR\UHSURGXFWLYRUHTXLHUHQWHPSHUDWXUDVPHGLDV HQWUH \ & HV GHFLU TXH QR VH GHVDUUROODQ FRQ WHPSHUDWXUDV EDMDV & TXHGDQGR HOLPLQDGDV SRU KHODGDV GH FRUWD GXUDFLyQ (M WRPDWH SLPLHQWR EHUHQMHQD PDt] GXOFH]DSDOORVPHOyQVDQGtDSRURWRFKDXFKDEDWDWDHWF 0HGLDQDPHQWHUHVLVWHQWHVDOIUtR (VSHFLHVTXHVHGHVDUUROODQ ELHQ FRQ WHPSHUDWXUDVPHGLDV HQWUH \ & \ QR VRQ HOLPLQDGDVSRUKHODGDV VXDYHV D & \ FRUWDGXUDFLyQ (M OHFKXJD DUYHMD HVSLQDFD UHSROORUHSROOLWRGHEUXVHODVFROLIORUDSLRDMRFHEROODHVSLQDFD]DQDKRULD &DEHDFODUDUTXHKHODGDVGHD&GHFLHUWDGXUDFLyQPiVGHKVDIHFWDUiQODV IORUHV\YDLQDVWLHUQDVGHFXOWLYRVFRPRIUXWLOODDUYHMDQRDVtVXVKRMDVyWDOORV &ODVLILFDFLyQERWiQLFD 6HFXOWLYDQDSUR[LPDGDPHQWHHVSHFLHVFRQVXVIRUPDV\ YDULHGDGHVGHDOUHGHGRUGH IDPLOLDVERWiQLFDV(QHOFXDGURVHHQFXHQWUDQDOJXQDVGHHOODVFRQHOQRPEUHYXOJDU\ FLHQWtILFRGHODHVSHFLHERWiQLFD 6HJ~QHOyUJDQRFRPHVWLEOH 'HKRMD OHFKXJDDFHOJDHVSLQDFDDFKLFRULDUHSROORDSLR 'HUDt]FDUQRVD ]DQDKRULDEDWDWDQDER 7XEpUFXORSDSD 'HEXOER FHEROODDMR 'HSHFtROR DSLRKLQRMR 'HEURWHVMyYHQHVy\HPDVD[LODUHVHVSiUUDJRUHSROOLWRGH%UXVHODV 'H,QIORUHVFHQFLDV FROLIORUDOFDXFLOEUyFROL 'HIUXWR ED\D WRPDWHSLPLHQWREHUHQMHQD SHSyQLGH PHOyQVDQGtD]DSDOOR]DSDOOLWRGHWURQFRSHSLQR OHJXPEUH SRURWRFKDXFKD FDULRSVH PDt]GXOFH IUXWRP~OWLSOH IUXWLOOD