.UCLEAR%SPA×A 2%6)34!$%,!3/#)%$!$.5#,%!2%30!/,! 1%LV6(37,(0%5( 2%5.).!.5!,$%,!3.% .UCLEAR%SPA×As.BISs3EPTIEMBRE 2%6)34!$%,!3/#)%$!$.5#,%!2%30!/,! !3/#)!#).$%,/302/&%3)/.!,%3$%,!%.%2'°!.5#,%!2 /ÊÊ1/Ê*2 #AMPOAMOR -!$2)$ 4ELS &AX SNE SNEES WWWSNEES 1Ò0(52%,66(37,(0%5( *5.4!$)2%#4)6! 0RESIDENTE*OSÏ%METERIO'54)²22%:%,3/ 6ICEPRESIDENTE,OLA-/2!,%3$/2!$/ 3ECRETARIO'ENERAL*OSÏ,UIS%,6)2/0%º! 4ESORERO*ULIO",!.#/:522/ 6OCALES*AVIER"2)-%'/.:«,%:,UIS$%,6!,(%2.«.$%: *OSÏ'!2#¶!!9#!24,UIS%NRIQUE(%22!.:05%",! -IGUEL«NGEL#/24²3#!"!º%2/*ESÞS3«.#(%:«,6!2%: #!-0!.!#ARMEN6!,,%*/$%36)!4Y!LFÓO6)$!,«,6!2%: /33/2)/ 02%3%.4!#)». /2'!.):!#)». 3!,5$/3 02/'2!-!'%.%2!, %80/3)#)». 3%3)/.%30,%.!2)!3 !#4/33/#)!,%3 02/'2!-!$%!#/-0!º!.4%3 3%3)/.%3-/./'2«&)#!3 3%3)/.%34²#.)#!3 3%3)/.%30»34%2 #523/3h!02%.$%-«3$%v #/-)3)».4²#.)#! 0RESIDENTE*UAN"2/34/22!3 6OCALES&RANCISCO"%.¶4%:«NGEL"%.)4/25")/2ODRIGO #5%34!-ARISA'/.:«,%:'/.:«,%:*ORGE*)-².%: 2/$2¶'5%:&RANCISCO-!24¶.&5%24%3(%2.«.$%:,UIS -!24¶.%:!.4».*UAN-5º/:",!3#/*AVIER2)6%2/,! '5225#(!'!,UIS5,,/!!,,/.%33ERGIO6)$!%#(%! -/.4%3Y*OSÏ6)#%.4%:52)!'!2/$2¶'5%: #/-)3)».$%02/'2!-!3 0RESIDENTE3YLVIA#(/)4(2!-!.)"%#%22! 6OCALES!LBERTO!"«.!$%36%,!3#/'UILLERMO#!,,%*! 2ODRIGO#5%34!0²2%:&RANCISCO$¶!:$%,!#25:*ESÞS '»-%:3!.4!-!2¶!!NTONIO'/.:«,%:*)-².%:«NGEL ,/0%2!3ANTIAGO,5#!3Y-ANUEL02)%4/52"!./ #/-)3)».$%2%$!##)».$%,!2%6)34! 0RESIDENTE*OSÏ,»0%:*)-².%: 6OCALES*OSÏ,UIS"542!'5%º/#!3!$/«NGELA#/24²3 -!24¶.$IANA#5%26/'»-%:$ANIEL$%,/2%.:/)SABEL '»-%:"%2.!,0EDRO,UIS'/.:«,%:!2*/.!'ONZALO *)-².%:6!2!3*OSÏ,UIS-!.3),,!,»0%:3!-!.)%'/,UIS 0!,!#)/33Á.)#/-ATILDE0%,%'2¶4/22%3*OSÏ2)"%2! -/2%./-IGUEL3«.#(%:,»0%:Y#ARMEN6!,,%*/$%36)!4 #/-)3)».$%#/-5.)#!#)». 0RESIDENTE%UGENI6)6%3,!&,/2 6OCALES)NÏS'!,,%'/3!342%*OSÏ,»0%:*)-².%:!NDRÏS -5º/:#%26!.4%30ILUCA.Áº%:Y-ATILDE0%,%'2¶4/22%3 #/-)3)».*»6%.%3.5#,%!2%3 ÃÌ>Ê«ÕLV>VÊiÃÌ?Ê>ÃV>`>Ê>Ê>Ê**]ʵÕiÊ>Ê ÃÕÊÛiâÊiÃÊiLÀÊ`iÊ**]Ê*ÊÞÊ "° 0RESIDENTE!LBERTO«,6!2%:,/:!./ 6ICEPRESIDENTEY4ESORERO!NDRÏS-5º/:#%26!.4%3 *UNTA$IRECTIVA'ERARDO$%,#!:%34%3/'ONZALO*)-².%: 6!2!3'ONZALO!2-%.'/,'!2#¶!*ESÞS"/4%-/2%./ *UAN!LBERTO'/.:«,%:'!22)$/,UIS9!'5%-5º/:-IGUEL 3«.#(%:,»0%:2AFAEL25")/-/.4!º!3ARA0²2%: -!24¶.Y3ILVIA/24%'!,%3 #/-)3)».$%4%2-)./,/'¶! %DITA6(1'$(',725,$/6$ $IRECTORA0$7,/'(3(/(*5Ì #ONSEJERODE2EDACCIØN&20,6,Ð1'(38%/,&$&,21(6'(/$61(4RADUCCIONES)NGLÏS6$5$/60,7+ $ISE×OY-AQUETA&/$5$75,*2\-26e5,%(5$!DMINISTRACIØNYSUSCRIPCIONES/2/$3$7,f2 C)SLADE3AIPÈN-!$2)$ 0HONEs&AXsEMAILNUCLEAR GRUPOSENDANET 3USCRIPCIØN%SPA×A)6!%UROPA/TROS )MPRIME ,0*5$)6/ $EPØSITOLEGAL-)33. 3/#)/3#/,%#4)6/3 !##%.452%3, !##)/.!).&2!%3425#452!33! !-!2!3! !00,53./2#/.42/,3,5 !2%6!.# !2%6!.0 !3/#.5#,%!2!3#/6!.$%,,/3)) #!.4!2%9'!-%3!%,%#42)#3!5 #%'%,%#3! ##..!,-!2!:42),,/!)% #%30!#/.4%. #)%-!4 #/,%')/).'%.)%2/3#!-)./3 905%24/3 #/,%')/.).'%.)%2/3)#!) #/0)3!).$5342)!,3! %-02%3!2)/3!'250!$/3!)% %.$%3!'%.%2!#)/.3! %.53!).$5342)!3!6!.:!$!33! %.7%3!/0%2!#)/.%33! %02) %15)0/3.5#,%!2%33! %5,%.3! %802%33425#+ &5.$!#)/.).!3-%4 '%()4!#().5#,%!2%.%2'9 ).4%2.!4)/.!, '%/#)3! ',/"!,%.%2'93%26)#%33)%-3! (%,'%3/.3#)%.4)&)#3%26)#% ()$2/%,%#42)#!$%,#!.4!"2)#/ )"%2$2/,!'%.%2!#)/. )"%2$2/,!).'%.)%2)!9 #/.3425##)/.3!5 ).'%#)"%23! ).'%.)%2)!)$/-).4%2.!#)/.!, ).)4%#.5#,%!23! ).903! ,/'¶34)#!9!#/.$)#)/.!-)%.4/3 ).$5342)!,%33!5 -!%33! -/.#/"2!3! .5#,%./2 02/).3! 02/3%'52 0293-)!.#!",%393)34%-!33, 2).'/6«,65,!33, 3%.%2).'%.)%2)!93)34%-!3 4%#.!3! 4%#.!4/-3! 4%#.)#!32%5.)$!33! 5.%3! 5.)/.&%./3!'%.%2!#)/. 6%#4/27%,,(%!$3%.').%%2).' 7%34).'(/53%%,%#42)#37%$%. 7%34).'(/53%4%#(./,/'93%26)#%3 .UCLEAR%SPA×ANOSEHACERESPONSABLEDELASOPINIONESVERTIDASPORLOSAUTORES .INGÞNARTÓCULOPUEDESERREPRODUCIDOSINAUTORIZACIØNEXPRESADELEDITOR 0RESIDENTE,UIS0!,!#)/33Á.)#/ 6OCALES!GUSTÓN!,/.3/3!.4/3,EOPOLDO!.4/,¶.«,6!2%: %UGENI"!2!.$!,,!#/22/.3-IGUEL"!22!#().!'»-%: *OSÏ#/")«.2/!Y2AMØN2%65%,4!,!0)15% #/-)3)».7). 0RESIDENTE)SABEL'»-%:"%2.!, 6ICEPRESIDENTA-,UISA'/.:«,%: 6OCALES#AROLINA!(.%24)',%3)!3)NÏS'!,,%'/-AGDALENA '«,6%:-/22/3-A4ERESA,»0%:#!2"/.%,,!URORA -!24¶.%:%30!2:!-ATILDE0%,%'2¶4/22%34RINIDAD 0²2%:!,#!º):-A,UISA0²2%:'2)&&/#/#(/-A,UZ 4%*%$!!22/9/Y#ONCEPCIØN4/#!'!22)$/ #/-)4²/2'!.):!$/22%5.)».!.5!, 0RESIDENTE0EDRO/24%'!02)%4/ 4ESORERO'ONZALO!2-%.'/,'!2#¶! 3ECRETARIO*ULIO"%,).#(».6%2'!2! 0RESIDENTA#OMITÏ4ÏCNICO-ARINA2/$2¶'5%:!,#!,« 6OCALES!MALIA"!,4!2'USTAVO"/,,).)-!2!'')&RANCISCO #5,%"2!3'!2#¶!,UIS2AMIRO$¶!:,»0%:*OSÏ,UIS%,6)2/ 0%º!-ANUEL&!*!2$/*)-%.!*ESÞS&/2.)%,%32%9%3 !NTONIO'/.:«,%:*)-².%:!NDRÏS-5º/:#%26!.4%3.URIA /.4/3/'!2#¶!-ATILDE0%,%'2¶4/22%3&RANCISCO*AVIER 6),,!26%2!Y%UGENI6)6%3,!&,/2 #/-)4²4²#.)#/2%5.)».!.5!, 0RESIDENTA-ARINA2/$2¶'5%:!,#!,« 6OCALES!LBERTO!"«.!$%36%,!3#/!LBERTO«,6!2%:%VA -#%,-!'».:«,%:.)#/,«3&RANCISCO#5,%"2!3'!2#¶! %LENA$%,!&5%.4%!2)!3,AURA'!,!$%,'!$/&ERNANDO '!2#¶!%3#!.$».6ICTOR-ANUEL'!2#¶!0²2%:!NDRÏS '»-%:.!6!22/-ARISA'/.:«,%:'/.:«,%:0ILAR,»0%: &%2.«.$%:%NRIQUE0!34/2#!,6/,OLA0!4)º/2!-/3 *UAN*OSÏ2%')$/2)0)º!2AFAEL25")/-/.4!º!Y-ARTA 6«:15%:#!"%:5$/ 5(81,Ð1$18$/'(/$61( *,- / $ , A3OCIEDAD.UCLEAR%SPA×OLACELEBRAEN3ANTIAGODE#OMPOSTELASU2EUNIØN!NUAL%NTRE LOSDÓASYDEOCTUBRELOSPROFESIONALESYLASORGANIZACIONESDELSECTORTENDRÈNENLACAPI TALGALLEGASUPUNTODEENCUENTROPARAANALIZARLASITUACIØNACTUALDELAENERGÓANUCLEARYSUS RETOSDEFUTURO 3ANTIAGODE#OMPOSTELAESUNLUGAREXCEPCIONALBELLEZAYATRACTIVO!LOLARGODELOSSIGLOSENESTA CIUDADENLAQUESEENCUETRAUNODELOSMÈSIMPORTANTESTEMPLOSDELACRISTIANDADYQUEHASIDOY ESUNODELOSPRINCIPALESREFERENTESDEPEREGRINACIØNMUNDIALALOLARGODELAHISTORIASEHAREUNI DOUNRICOPATRIMONIOCULTURALMONUMENTALLITERARIOYARTÓSTICOQUEPODEMOSADMIRARENSUSRÞAS PLAZASYEDIlCIOS $EESTAFORMAYDELAMANODELA3OCIEDAD.UCLEAR%SPA×OLACONOCEREMOSLA#ATEDRALYLA0LAZADEL /BRADOIROUNCONJUNTODEEDIlCIOSPALACIEGOSCONMÈSDEMILA×OSDEHISTORIADECLARADO0ATRIMONIO DELA(UMANIDAD 0ORSUPARTEEL(OSTALDELOS2EYES#ATØLICOSSERÈELLUGARDECELEBRACIØNDELCØCTELYCONCIERTODE "IENVENIDAYDELACENAOlCIALYEL0ALACIODE#ONGRESOSY%XPOSICIONESDE'ALICIASERÈELCENTRO NEURÈLGICODELAA2EUNIØN!NUALDELA3.% ,OSACTOSDEAPERTURAYCLAUSURACONSTITUIRÈNLOSPUNTOSDEREFERENCIAINSTITUCIONALDEESTA2EUNIØN ENLOSQUEPARTICIPARÈNDESTACADOSREPRESENTANTESDELA!DMINISTRACIØNYDELASINSTITUCIONESDEL SECTOR%STAEDICIØNCONTARÈCONLAPRESENCIADEL%XCMO!LCALDEDE3ANTIAGODE#OMPOSTELA8OSÏ !3ÈNCHEZ"UGALLO ,ASSESIONESPLENARIASAHONDARÈNENTEMASDEESPECIALRELEVANCIACOMOSONLOSDE@%NERGÓAYVEHÓCU LOELÏCTRICO%LPROGRAMANUCLEARLATINOAMERICANOO@0UBLICIDADDELA%NERGÓA.UCLEAR!SIMISMO EL0ROGRAMA4ÏCNICOINCLUYELACELEBRACIØNDELASSESIONESMONOGRÈlCASLOSCURSOS@!PRENDEMÈS DEENLOSQUESEACTUALIZARÈELCONOCIMIENTODEASPECTOSRELEVANTESDELSECTORNUCLEARPARALOS PROFESIONALESYLASPONENCIASTÏCNICAS²STASVERSARÈNSOBRETEMÈTICASTANDIVERSASCOMOCOMBUSTI BLECOMUNICACIØNDESMANTELAMIENTOFUSIØN)$MEDICINANUCLEARYOTRASAPLICACIONESETC ,A2EUNIØNSECOMPLETACONEL@#URSO"ÈSICODE#IENCIAY4ECNOLOGÓA.UCLEARQUEIMPARTIRÈNLOS*Ø VENES.UCLEARESYUNAMESAREDONDASOBREAHORROYElCIENCIAENERGÏTICAACARGODE7I.%SPA×A %N PARALELO AL PROGRAMA TÏCNICO EN EL MISMO 0ALACIO DE #ONGRESOS SE ORGANIZA UNA IMPORTANTE %XPOSICIØN#OMERCIAL %STEINTERESANTEPROGRAMATÏCNICOSECOMPLEMENTACONLASACTIVIDADESSOCIALESQUEPERMITIRÈNA LOSCONGRESISTASYSUSACOMPA×ANTESCONOCERLACULTURAELARTELAGASTRONOMÓAYLASCOSTUMBRESDE 'ALICIA %NTRELASACTIVIDADESSOCIALESNOPODÓAFALTARLAREALIZACIØNDEUNAETAPADEL#AMINODE3ANTIAGO #OMONOVEDADDISPONDREMOSDECONEXIØN7)&)GRATUITAADISPOSCIØNDECONGRESISTASYEXPOSITORES !DEMÈS ESTE A×O Y POR PRIMERA VEZ SE PUEDE CONSULTAR TODA LA INFORMACIØN REFERENTE A LA 2EUNIØN!NUALENSUNUEVAPÈGINAWEBWWWREUNIONANUALSNEESENLAQUELOSCONGRESISTRASDELA 3.%SEPUEDENDESCARGARTODASLASSINOPSISYPONENCIASQUEVANASERPRESENTADASYQUEAPARECEN ENLASSIGUIENTESPÈGINAS Ó 1 ,Ê-*!ÊÃi«ÌiLÀi-ÊÓä£ä 3URJUDPD\6LQRSVLVGHODV3RQHQFLDV ", < $ #/-)4²4²#.)#/ 0RESIDENTA-ARINA2/$2¶'5%:!,#!,« 6OCALES!LBERTO!"«.!$%36%,!3#/!LBERTO«,6!2%:%VA-#%,-!'/.:«,%:.)#/,«3%LENA$%,!&5%.4%!2)!3 ,AURA '!,! $%,'!$/ &ERNANDO '!2#¶! %3#!.$». 6ICTOR -ANUEL '!2#¶! 0²2%: !NDRÏS '»-%: .!6!22/ -ARISA '/.:«,%: '/.:«,%: 0ILAR ,»0%: &%2.«.$%: %NRIQUE 0!34/2 #!,6/ ,OLA 0!4)º/ 2!-/3 *UAN *OSÏ 2%')$/2 )0)º! #/-)4²/2'!.):!$/2 0RESIDENTE0EDRO/24%'!02)%4/ 4ESORERO'ONZALO!2-%.'/,'!2#¶! 3ECRETARIO*ULIO!"%,).#(».6%2'!2! 6OCALES !MALIA "!,4!2 'USTAVO "/,,).) -!2!'') &RANCISCO #5,%"2!3 '!2#¶! ,UIS 2AMIRO $¶!: ,»0%: *OSÏ ,UIS%,6)2/0%º!-ANUEL&!*!2$/*)-%.!*ESÞS&/2.)%,%32%9%3!NTONIO'/.:«,%:*)-².%:!NDRÏS-5º/: #%26!.4%3.URIA/.4/3/'!2#¶!-ATILDE0%,%'2¶4/22%3&RANCISCO*AVIER6),,!26%2!%UGENI6)6%3,!&,/2 Î 5(81,Ð1$18$/'(/$61( -1"- 8OSÏ!3ÈNCHEZ"UGALLO !LCALDEDE3ANTIAGODE#OMPOSTELA %NNOMBREDELACIUDADDE3ANTIAGODE#OMPOSTELAQUISIERADARLABIENVENIDA ALOSPARTICIPANTESENLA2EUNIØN!NUALDELA3OCIEDAD.UCLEAR%SPA×OLA3AN TIAGODE#OMPOSTELASESIENTEORGULLOSODEHABERSIDOELEGIDOCOMOMARCODE UNENCUENTRODEESTARELEVANCIA %NNUESTRACIUDADPRESUMIMOSDESERHOSPITALARIOSPUESTOQUEDESDEELSIGLO NUEVE HEMOS RECIBIDO PEREGRINOS VIAJEROS Y MÈS RECIENTEMENTE TURISTAS DE TODOELMUNDO'ENTESLLEGADASDETODOSLOSCONlNESCONUNIMPULSORELIGIOSO COMERCIALYCULTURALQUECONTRIBUYERONALDESARROLLODELACIUDADDELAECONO MÓADELARTEDELACULTURAYDELPENSAMIENTODETODA%UROPA'OETHEDEJABA CONSTANCIA DE ESTA IDEA CUANDO AlRMØ QUE h%UROPA SE HIZO PEREGRINANDO A #OMPOSTELAv #ON LA CELEBRACIØN EN ESTE DEL !×O 3ANTO #OMPOSTELANO 3ANTIAGO SE CONVIERTEMÈSQUENUNCAENMODELOSIMBØLICODELA%UROPADELOSPUEBLOS YPOREXTENSIØNENMODELODEUNMUNDOQUEAFRONTADEUNMODOGLOBALLOS RETOSDELFUTURO,ACOOPERACIØNDELOSDIFERENTES%STADOSENMATERIANUCLEAR HAPERMITIDOLLEVARACABOIMPORTANTESINICIATIVASYPROYECTOSQUENOSEPODRÓAN HABEREJECUTADOSINELEMPE×OYELTRABAJOENEQUIPO 3ANTIAGODE#OMPOSTELACOMOCAPITALDE'ALICIAYCENTRODECONCORDIAYCUL TURANACIDAPARARECIBIRACIUDADANOSDETODOELMUNDOOSAGRADECEVUESTRA ESTANCIAENLACIUDAD0ORQUEREUNIONESCOMAESTAAYUDANACONSTRUIRNUEVOS CAMINOSQUECOMOLAMILENARIARUTAA#OMPOSTELAHANDEUNIRNOSAÞNMÈSY MEJOR #ONUNCORDIALSALUDO 8OSÏ!3ÈNCHEZ"UGALLO !LCALDEDE3ANTIAGODE#OMPOSTELA { 1 ,Ê-*!ÊÃi«ÌiLÀi-ÊÓä£ä 3URJUDPD\6LQRSVLVGHODV3RQHQFLDV *,",Ê , H -ARTES H H 5(&2*,'$ '('2&80(17$&,Ð1 H H $3(5785$ '(/&21*5(62 < &21)(5(1&,$,1$8*85$/ H H *UEVES -IÏRCOLES &85626´$35(1'(0É6'(µ -JCFSBMJ[BDJØOEFHBTZFMFDUSJDJEBEFO&TQB×B ++//FO$IFSOPCZMWJWFODJBTFJNQSFTJPOFT (FTUJØOEFMBTNPEJGJDBDJPOFTEFEJTF×PFO VOB$FOUSBM/VDMFBS 6(6,21(67e&1,&$63$5$/(/$6 %FTNBOUFMBNJFOUP 'VTJØO** *OHFOJFSÓB** .BOUFOJNJFOUP** .FEJDJOB/VDMFBS 0SHBOJ[BDJØOZ'BDUPSFT)VNBOPT* 4FHVSJEBE/VDMFBS** &$)e 6IERNES 6(6,21(67e&1,&$63$5$/(/$6 $PNCVTUJCMF $PNVOJDBDJØO *%J*** *OHFOJFSJB*7 .BOUFOJNJFOUP*** /VFWPT3FBDUPSFT 0QFSBDJØO 6(6,21(63Ð67(5&$)e :20(1,118&/($5 H 6(6,Ð13/(1$5,$ H ,1$8*85$&,Ð1(;326,&,Ð1 H 6(6,Ð13/(1$5,$ &OFSHÓBZWFIÓDVMPFMÏDUSJDP 1SPHSBNB/VDMFBS-BUJOPBNFSJDBOP &/$8685$ H H &Ð&7(/'($3(5785$ &20,'$ H &Ð&7(/'(&/$8685$ H 6(6,21(67e&1,&$63$5$/(/$6 H 6(6,21(67e&1,&$63$5$/(/$6 'VTJØO *%J* *OHFOJFSÓB* .BOUFOJNJFOUP* 1SPUFDDJØO3BEJPMØHJDB* 3FTJEVPT3BEJBDUJWPT* 4FHVSJEBE/VDMFBS* H H H H H H H -Ð9(1(618&/($5(6 6(6,Ð13/(1$5,$ -251$'$ '( %,(19(1,'$ $PNCVTUJCMF* 'VTJØO*** *%J** *OHFOJFSÓB*** 0SHBOJ[BDJØOZ'BDUPSFT)VNBOPT** 1SPUFDDJØO3BEJPMØHJDB** 3FTJEVPT3BEJBDUJWPT** 6(6,21(60212*5É),&$6 *OJDJBUJWBTFVSPQFBTTPCSFFOFSHÓBOVDMFBS &M$&3/DJFODJBZEFTBSSPMMPUFDOPMØHJDP /VFWPTEFTBSSPMMPTFOMB5FDOPMPHÓBEF *OTQFDDJØOZ.BUFSJBMFT"QPSUBDJPOFTEF &13*ZFM4FDUPS/VDMFBS H 520(5Ì$*$//(*$ *UEVESHH 3ALA/BRADOIRO s#URSOBÈSICODECIENCIA YTECNOLOGÓANUCLEAR $IRIGIDOAESTUDIANTES PROFESORESYPROFESIONALESDEL SECTOR 7/-%.)..5#,%!27). 1VCMJDJEBEEFMB&OFSHÓB/VDMFBS {1PSRVÏOPFO&TQB×B 6IERNESH s#ONFERENCIA !HORROY%FICIENCIA%NERGÏTICA *OSÏ*AVIER'UERRA2OMÈN 2ESPONSABLEDE$ESARROLLODE 3ERVICIOSY%FICIENCIA%NERGÏTICA DE'AS.ATURAL&ENOSA H H H *»6%.%3.5#,%!2%3 2)5(1'$$/$3Ð672/< &(1$'(*$/$ H %NTREGADEPREMIOSDEL4ERCER#ONCURSO&OTOGRÈFICO!2%6! 1 ,Ê-*!ÊÃi«ÌiLÀi-ÊÓä£ä x 5(81,Ð1$18$/'(/$61( 8*"- $ Ê ", -$1 '*%+ .+"' "'7* 5(10( . #$)' $"*'/+, */ -$2 $'*+. )$. . /0- ($*+. *#$. *$-%6 .'* '#$$ -+*/$- . ($"/-+*'" !$-#-+( ) - !$-#-+( *%$*'$-6 2+*./-0""'7* *%$"'!$- $"* . *% '$) / $"*'!0. ),-$. -'+. %-0, #+. $./'*%&+0.$ -0,+ +)'*%0'. .)$ )$ $"* /+) )+'* -0,+*0. .. 0(/ 2./$)$. . *%$*'$-6 *#- £ ,6 ÓÊ Ó£ - ÓÈÊ ÓÊ -É Î£Ê " ", ÓnÊ /,9ÉÊ, "-É- ÈÊ / £xÊ /ÎÊ , £nÊ --1/Ê-9-/- È Îä , "Ê661-Ê , Ç -" " / 1- £È £Ç Óä -*, £Ó ,1*"Ê" 1£Î Î /" n Ê ,1*"Ê 1- £ä / - ££Ê ,," , ,,"Ê °Ê 9Ê " -/,1 $ ÓÓ Ê /," £{ , { *,-,"-Ê,1*"xÊ Óx ,Ê - £ - 1 ,Ê-*!ÊÃi«ÌiLÀi-ÊÓä£ä -Ê /1,Ê "- "*- ÓÇ / /" ÎÓÊ Ó{ / /"* 7-/ "1- ÓÎ ,Ê- Ê ," /,- (**,:6>0-0.(;9<0;6 7(;96*05(+6769 Programa y Sinopsis de las Ponencias SESIONES PLENARIAS sesión plenaria III APERTURA Miércoles 6 - Sala Obradoiro 11:00 h Presidente: Excmo. Sr. D. Xosé A. Sánchez Bugallo Alcalde de Santiago de Compostela Participantes: Cayetano López Martínez - Director General del CIEMAT Francisco González García - Vicerrector de Investigación e Innovación de la Universidad de Santiago de Compostela Luis Ramiro Díaz López - Delegado de Gas Natural Fenosa en Galicia José Emeterio Gutiérrez Elso - Presidente de la SNE Pedro Ortega Prieto - Presidente del Comité Organizador conferencia inaugural Miércoles 6 - Sala Obradoiro 12:00 h “El peregrino en Santiago. Actividades y devociones” Excmo. Sr. D. José Ignacio Carro Otero Presidente de la Real Academia de Medicina y Cirugía de Galicia SESIÓN PLENARIA I Miércoles 6 - Sala Obradoiro 17:45 h Viernes 8 - Sala Obradoiro 12:00 h “Energía y vehículo eléctrico” Presidente: Representante del INEGA Coordinadora: Pilar López Fernández - Comité Técnico - Grupo Gas Natural Participantes: - Visión del Operador del Sistema Susana Bañares - Responsable de Gestión de Demanda de REE - Perspectiva de la industria eléctrica Jon Ganuza - Subdirector de Inteligencia Estratégica Gas Natural Fenosa - Los desarrollos de la industria Pedro Sánchez Gutiérrez - Responsable Industrial Vida Serie de PSA- Peugeot Citröen - El vehículo eléctrico en Galicia Representante de INEGA clausura “Publicidad de la energía nuclear: ¿por qué no en España?” Viernes 8 - Sala Obradoiro Presidente: Santiago San Antonio - Director General de FORATOM Presidente: Javier Guerra Consejero de Economía e Industria de la Xunta de Galicia Participantes: Antonio Hernández García - Director General de Política Energética y Minas (MITyC) Coordinador: Alberto Álvarez Lozano - Jóvenes Nucleares Participantes: Diana Nikolic - Directora Técnica del Foro Nuclear de Bélgica Javier Farías - Jefe Dpto. Relaciones Institucionales Nucleoeléctrica Argentina S.A. Antonio de la Vega - Presidente de Newton 21 SESIÓN PLENARIA II 13:30 h Antonio Colino Martínez Consejero del CSN Alfonso Arias Cañete Director General de Energía Nuclear de Endesa “Programa nuclear iberoamericano” Rafael Villaseca Consejero Delegado de Gas Natural Fenosa Presidente: Juan Ortega - TECNATOM Diego Molina Orero Director de Generación Nuclear de Iberdrola Coordinador: Humberto Werdine - Iberdrola Ingeniería y Construcción José Emeterio Gutiérrez Elso Presidente de la SNE Coordinador Técnico: Juan José Regidor - TECNATOM Participantes: Jorge Sidelnik - Gerente General de Nucleoeléctrica Argentina S.A. Alfredo Tranjan Filho - Presidente Industrias Nucleares do Brasil (INB) Rafael Fernández de la Garza -Gerente de la Comisión Federal de Electricidad Central Nucleoeléctrica Laguna Verde - México Lola Morales Dorado Vicepresidenta de la SNE Jueves 7 - Sala Obradoiro 12:00 h NUCLEAR ESPAÑA septiembre-BIS 2010 7 36ª REUNIÓN ANUAL DE LA SNE ACTOS SOCIALES JORNADA DE BIENVENIDA OFRENDA AL APÓSTOL Y CENA DE GALA Martes 5 15:30 h Recorrido de una parte del Camino de Santiago, recepción del Alcalde de Santiago en el Palacio de Raxoi (limitada a los miembros de la organización). Concierto del Coro Madrigalia en el Hostal de los Reyes Católicos y cóctel posterior. Patrocinado por Gas Natural Fenosa Jueves 7 Cóctel patrocinado por Grupo Dominguis cóctel de clausura Viernes 8 CÓCTEL de apertura Miércoles 6 13:30 h En el Palacio de Congresos y Exposiciones de Galicia tendrá lugar el cóctel de apertura de la 36ª Reunión Anual Patrocinado por Westinghouse. Romería Gallega 20:30 h En el Pazo Villar de Ferreiros se celebrará una típica romería gallega con amplia degustación de productos de la gastronomía gallega y queimada incluida. La velada será amenizada por un grupo musical en el que no faltarán las cantareiras y los gaiteros. Patrocinada por Coapsa, Empresarios Agrupados, Enusa, IDOM y Tecnatom CONCURSO DE FOTOGRAFÍA Jueves 7 11:30 h Entrega de premios a los ganadores del III Concurso de Fotografía Areva en el Palacio de Congresos y Exposiciones de Galicia. Patrocinado por Areva. 8 NUCLEAR ESPAÑA septiembre-BIS 2010 14:30 h Cóctel de clausura en el Palacio de Congresos y Exposiciones de Galicia. Patrocinado por General Electric - Hitachi CAMPEONATO DE GOLF Sábado 9 Miércoles 6 18:50 h Misa con ofrenda de la SNE al apóstol Santiago en la Catedral. Cóctel en el Hostal Reyes Católicos. Cena de Gala en la Capilla Real del Hostal Reyes Católicos. 8:30 h El tradicional Campeonato de Golf de la SNE se celebrará en el Campo “Balneario de Mondariz” y tras él habrá una comida en el Hotel del Balneario donde tendrá lugar la entrega de premios en las distintas categorías. Patrocinado por Cespa y Grupo Aldesa excursión a las islas cíes Sábado 9 8:30 h Excursión en catamarán para conocer el Parque Nacional de las Islas Cíes, uno de los espacios naturales más bellos de Galicia que se encuentra en la entrada de la Ría de Vigo. Podremos observar unas vistas espectaculares de la ría, del propio archipiélago de Cíes y del archipiélago de Oms, que se encuentra a la entrada de la Ría de Pontevedra. Los más aguerridos tendrán la ocasión de hacer una excursión a la parte más alta de la isla de Montefaro. Traslado en el catamarán a Baiona para almorzar y hacer un recorrido por el castillo-fortaleza de Monterreal, regresando a Santiago de Compostela tras esta visita. Programa y Sinopsis de las Ponencias PROGRAMA CULTURAL PARA ACOMPAÑANTES VISITA A LA CATEDRAL DE SANTIAGO Y ALREDEDORES VISITA de santiago de compostela Miércoles 6 Viernes 8 15:00 h Visita guiada al interior de la catedral incluyendo el Pórtico de la Gloria. Posteriormente se recorrerán las plazas que la rodean, Obradorio, Platerías, Inmaculada y Quintana, observando sus diversas torres y fachadas y comentando su historia. Antes de regresar a los hoteles se visitará el patio y la biblioteca del Palacio de Fonseca. 15:00 h. Presentación el Programa de Acompañantes en un aula del Palacio de Congresos. 15:30 h. Salida de los autocares del Palacio de Congresos hacia la Catedral. 16:00 h. Visita guiada de la Catedral y alrededores. 18:00 h. Regreso de los autocares a los hoteles. EXCURSIÓN A LA RÍA DE AROUSA Jueves 7 09:00 h La jornada, en la Ría de Arousa, estará dedicada a conocer la relación de Galicia con el mar y el aprovechamiento de sus recursos. En las proximidades de O Grove, realizaremos una visita a una cetárea-depuradora, donde podremos ver, además, el proceso inicial de la cría de las ostras antes de pasarlas a las bateas de la Ría. Posteriormente se realizará una travesía en catamarán por la Ría, parando en las bateas para recibir unas explicaciones sobre la cría de los diferentes moluscos. El barco nos dejará nuevamente en O Grove, donde esos días tiene lugar la famosa “Fiesta del Marisco” donde degustaremos un aperitivo antes de almorzar en el Gran Hotel de la Isla de A Toja. 09:00 h. Salida de los autocares de los hoteles. 10:00 h. Llegada a O Grove. Visita de una cetárea-depuradora. 11:30 h. Recorrido en catamarán por la Ría de Arousa con explicación de la cría del molusco en las bateas. 13:00 h. Visita a la Fiesta del Marisco en O Grove. Degustación de Aperitivo. 14:30 h. Almuerzo en el Gran Hotel de A Toja. 16:00 h. Regreso a los hoteles. 09:30 h Realizaremos una visita guiada por las plazas y rúas de la parte alta del casco viejo de Santiago en la que podremos admirar su belleza, y conocer su valor como conjunto y las historias de la ciudad. Recorreremos las rúas do Franco, Vilar, Nova, Raiña y Troia, además de pasar por las plazas de San Martiño Pinario y Cervantes. La visita finalizará en el bonito Mercado de Abastos, donde se puede encontrar todo tipo de productos gallegos. Tras esta visita regresaremos al Palacio de Congresos para asistir a la conferencia WiN y a la sesión y cóctel de clausura. 09:30 h. Salida de los autocares desde los hoteles. 10:00 h. Visita guiada por la ciudad monumental. 11:00 h. Visita del Mercado de Abastos. 11:45 h. Regreso al Palacio de Congresos y Exposiciones de Galicia para asistir a la conferecia de WIN-España y a la clausura de la 36ª Reuníon Anual. NUCLEAR ESPAÑA septiembre-BIS 2010 9 6(6,21(60212*5É),&$6 6(6,21(60212*5È),&$6 3!,! *UEVESH ).)#)!4)6!3%52/0%!3 3/"2%%.%2'¶!.5#,%!2 02%3)$%.4%0ABLO4,EØN%.$%3!#//2$).!$/2%NRIQUE0ASTOR #/-)4²4²#.)#/ 0/.%.4%3"ERTA0ICAMAL&/2!4/- *ESÞS'ARCÓA-ARTÓN-IEMBRODEL!$6)3/29"/!2$DELA3.%40 (ODxRPDUFyXQDQWHV\XQGHVSXpVHQWHPDVUHODFLRQDGRVFRQHO DSR\RDODHQHUJtDQXFOHDUGHQWURGHODVLQVWLWXFLRQHVHXURSHDV(QHIHFWR VLJXLHQGR ODV FRQFOXVLRQHV GH OD 3UHVLGHQFLD GHO &RQVHMR (XURSHR GH %UXVHODVGHO\GHPDU]RGHTXHVXJHUtDQ³TXHORVUHVSHFWLYRVLQ WHUHVDGRVFHOHEUHQXQDPSOLRGHEDWHVREUHODVRSRUWXQLGDGHV\ORVULHVJRV GHODHQHUJtDQXFOHDU´VHHVWDEOHFLyHO(1())RUR(XURSHRGHOD(QHUJtD 1XFOHDUTXHGLYLGHVXWUDEDMRHQWUHVJUXSRVTXHDQDOL]DQODVRSRUWXQLGD GHVORVULHVJRV\ODVFXHVWLRQHVUHODWLYDVDODWUDQVSDUHQFLD\DODFRPXQL FDFLyQHQWHPDVQXFOHDUHV&DGDXQRGHORVJUXSRVGHWUDEDMRKDHVWDEOHFL GRVXEJUXSRVTXHVHHQFDUJDQGHGHVDUUROODUHVWUDWHJLDVHQPDWHULDVFRPR ODVHJXULGDGQXFOHDUODJHVWLyQGHUHVLGXRVUDGLRDFWLYRVODHGXFDFLyQ\OD IRUPDFLyQODQRSUROLIHUDFLyQHQWHPDVUHODFLRQDGRVFRQODFRPSHWLWLYL GDGGHODHQHUJtDQXFOHDUHOHVWDEOHFLPLHQWRGHXQPDUFRQRUPDWLYRSDUD HOGHVDUUROORGHODHQHUJtDQXFOHDUODILQDQFLDFLyQGHODHQHUJtDQXFOHDUR HQ~OWLPROXJDUYLQFXODGRVDODFRPXQLFDFLyQ\ODVEXHQDVSUiFWLFDV $VLPLVPROD&RPLVLyQ(XURSHDSURSXVRHQHQHURGH³ODFUHD FLyQ GH XQ *UXSR GH$OWR 1LYHO GH 6HJXULGDG \ 3URWHFFLyQ 1XFOHDU GHOD8(FRQHOPDQGDWRGHOOHJDUSURJUHVLYDPHQWHDXQFRQVHQVR\ILMDU QRUPDV HXURSHDV DGLFLRQDOHV HQ PDWHULD GH VHJXULGDG \ SURWHFFLyQ QX FOHDUHV´(VWH*UXSRGH$OWR1LYHO+/*SDVyDOODPDUVHSRVWHULRUPHQWH (165(*(O(165(*(XURSHDQ1XFOHDU6DIHW\5HJXODWRUV*URXSHV XQD LQVWDQFLD LQGHSHQGLHQWH FRPSXHVWD SRU PLHPEURV GH ODV DXWRULGDGHV QXFOHDUHVUHJXODGRUDVGHORV(VWDGRVPLHPEURVGHOD8QLyQDVtFRPR GHUHSUHVHQWDQWHVGHOD&RPLVLyQ(XURSHD(O(165(*WLHQHFRPRPLVLyQ HOHVWDEOHFLPLHQWRGHFRQGLFLRQHVSDUDOOHJDUDXQSXQWRGHYLVWDFRP~Q\ XQDPHMRUDFRQWLQXDGHODVHJXULGDGQXFOHDU\GHODJHVWLyQGHORVUHVLGXRV UDGLDFWLYRV 3!,! 61(73\(61,, (QVHSWLHPEUHGHVHHVWDEOHFLyOD3ODWDIRUPD7HFQROyJLFDVR EUH(QHUJtD1XFOHDU6RVWHQLEOH61(73FX\RVREMHWLYRVVHFHQWUDQ HQPDQWHQHU\IRUWDOHFHUHOOLGHUD]JRWHFQROyJLFRHXURSHRDVtFRPR HOGHODLQGXVWULDQXFOHDUPHGLDQWHODSXHVWDHQPDUFKDGHXQLPSRU WDQWH SURJUDPD GH ,' D ODUJR SOD]R (Q HVWH SURJUDPD VH LQFOX\HQ SUR\HFWRV UHODFLRQDGRV FRQ HO FLFOR GHO FRPEXVWLEOH \ ORV VLVWHPDV GH UHDFWRUHV GH GLVWLQWDV JHQHUDFLRQHV ,, ,,, \ ,9 /D 3ODWDIRUPD TXLHUH LQWHQVLILFDU HO OLGHUD]JR WHFQROyJLFR HXURSHR HQ FLHQFLD H LQ JHQLHUtD QXFOHDU PHGLDQWH OD SURPRFLyQ GH FXDOLGDGHV FLHQWtILFDV \ WpFQLFDV TXH SXHGDQ UHVSRQGHU HQWUH RWUDV FRVDV D ODV QHFHVLGDGHV WDQWRLQGXVWULDOHVFRPRGHLQYHVWLJDFLyQ\GHVDUUROOR 'HVGHHOODQ]DPLHQWRGHOD3ODWDIRUPD7HFQROyJLFDVHKDQGHVDUUR OODGR GLVWLQWRV SUR\HFWRV HQWUH ORV FXDOHV FDEH GHVWDFDU OD ,QLFLDWLYD ,QGXVWULDO (XURSHD VREUH (QHUJtD 1XFOHDU 6RVWHQLEOH (61,, (X URSHDQ 6XVWDLQDEOH 1XFOHDU ,QGXVWULDO ,QLWLDWLYH TXH FRQVWLWX\H XQ HOHPHQWRFODYHGHO6(73ODQ(VWD,QLFLDWLYD,QGXVWULDOVHFHQWUDUiHQ GHPRVWUDU OD QHFHVLGDG GH GHVDUUROODU UHDFWRUHV UiSLGRV GH *HQHUD FLyQ,92WUDVLQLFLDWLYDVLQGXVWULDOHVVHUiQFRQVLGHUDGDVHQHOIXWXUR HQ HO iUHD GH FRJHQHUDFLyQ R HQ OD RSHUDFLyQ D ODUJR SOD]R GH ORV UHDFWRUHV H[LVWHQWHV$GHPiV VH SRQGUiQ HQ PDUFKD RWURV SUR\HFWRV FRPR SXHGHQ VHU OD (7.0 (GXFDWLRQ 7UDLQLQJ DQG .QRZOHGJH 0DQDJHPHQW VREUH HGXFDFLyQ IRUPDFLyQ \ PDQWHQLPLHQWR GH ODV FDSDFLGDGHVHQFLHQFLDHLQJHQLHUtDQXFOHDUYLVWDVDFWXDOPHQWHFRPR ODSLHGUDDQJXODUSDUDHOGHVDUUROORGHODHQHUJtDQXFOHDUHQOD8QLyQ (XURSHD *UEVESH %,#%2.#)%.#)!9$%3!22/,,/ 4%#./,»')#/ 02%3)$%.4%%NRIQUE'ONZÈLEZ2OMERO#)%-!4#//2$).!$/2!LBERTO!BÈNADES#/-)4²4²#.)#/ 0/.%.4%3-ANUEL3ERRANO$ELEGADO#OMITÏDE&INANZASDEL#%2.*EFEDE$PTO2ETORNOSDE0ROGRAMAS#IENTÓFICOSE )NSTALACIONESn#$4) #ARLOS0AJARES$ELEGADOESPA×OLENEL#ONSEJOY#OMITÏ#IENTÓFICODEL#%2.5NIVDE3ANTIAGODE#OMPOSTELA (O &(51 HV XQD GH ODV PD\RUHV LQIUDHVWUXFWXUDV FLHQWtILFDV GHO PXQGR GHGLFDGD D OD E~VTXHGD GHO FRQRFLPLHQWR PiV SURIXQGR GH OD HVWUXFWXUD GH OD PDWHULD (VD ODERU LPSOLFD HO GHVDUUROOR GH Pi TXLQDV TXH VHDQ FDSDFHV GH JHQHUDU SDUWtFXODV FRQ XQD HQHUJtD FDGD YH]PD\RUTXHSHUPLWDPHGLDQWHFROLVLRQHVHQWUHHOODVGHVFXEULUOR £ä 1 ,Ê-*!ÊÃi«ÌiLÀi-ÊÓä£ä TXH HVFRQGHQ HQ VX LQWHULRU 3DUD HOOR VH IDEULFDQ DFHOHUDGRUHV FDGD YH] PiV SRWHQWHV TXH UHTXLHUHQ DYDQFHV WHFQROyJLFRV FDGD YH] PiV LPSRUWDQWHV TXH SHUPLWDQ SRU HMHPSOR IDEULFDU LPDQHV VXSHUFRQ GXFWRUHV FDSDFHV GH DFHOHUDU SDUWtFXODV KDVWD HQHUJtDV GHO RUGHQ GHO 7H9 TXH WLHQHQ TXH VHU GLULJLGDV FRQ WROHUDQFLDV GHO RUGHQ GH PP 3URJUDPD\6LQRSVLVGHODV3RQHQFLDV (VHLQJHQWHHVIXHU]RHQFDPLQDGRDOGHVDUUROORGHHVDVPiTXLQDVWUDH FRQVLJR DGHPiV GHO FRQRFLPLHQWR GH OD PDWHULD \ VX DSOLFDFLyQ D VHFWRUHVWHFQROyJLFRVFRPRODPHGLFLQDQXFOHDURODUDGLRSURWHFFLyQ ODIDEULFDFLyQGHDFHOHUDGRUHVRODFRPSXWDFLyQHOGHVDUUROORGHXQD LQGXVWULD WHFQROyJLFD TXH SXHGH DSOLFDU ORV SULQFLSLRV DSUHQGLGRV D RWURV VHFWRUHV UHODFLRQDGRV FRQ OD REUD FLYLO ILVLyQ QXFOHDU IXVLyQ QXFOHDUDFHOHUDGRUHVYDFtR\RWURVDSDUWLUGHFRQWUDWRVGHGHVDUUR OORVHVSHFtILFRV 3!,! (QHVWDPRQRJUiILFDVHUHDOL]DUiXQDSUHVHQWDFLyQDFDUJRGHOGHOHJD GRHVSDxROHQHOFRPLWpFLHQWtILFRGHO&(51TXHQRVDEULUiODPHQWHDO PXQGRFLHQWtILFRTXHVHGHVDUUROODHQWRUQRDHVHDQLOORGHNPHQWUHOD IURQWHUDGH6XL]D\)UDQFLD(VHGHVDUUROORFLHQWtILFRWUDHFRQVLJRXQGH VDUUROORWHFQROyJLFRHQHOVHFWRUSULYDGR\HPSUHVDULDOTXHVHUiLOXVWUDGR SRUHOGHOHJDGRGHFRPLWpGHILQDQ]DVGHO&(51HQHOTXHVHPRVWUDUiQ ODVSRVLELOLGDGHVGHUHWRUQRDODLQGXVWULDHVSDxRODGHODLQYHUVLyQTXHVH KDFHHQHVHJUDQFHQWURWHFQROyJLFR *UEVESH .5%6/3$%3!22/,,/3%.,!4%#./,/'¶! $%).30%##)».9-!4%2)!,%3!0/24!#)/.%3 $%%02)9%,3%#4/2.5#,%!2 02%3)$%.4%,ORENZO&RANCIA5.%3!#//2$).!$/2*OSÏ!NTONIO$ELGADO%02) 0/.%.4%3'REG3ELBY%02).$%#ENTER 'USTAVO"OLLINI4%#.!4/- (O 6HFWRU (OpFWULFR D WUDYpV GH 81(6$ PDQWLHQH XQ DFXHUGR GH SDUWLFLSDFLyQ FRPR PLHPEUR GH (35, GHVGH KDFH DOJXQRV DxRV 'X UDQWH HVH WLHPSR VH KD UHDOL]DGR XQD LPSRUWDQWH WUDQVIHUHQFLD GH VX WHFQRORJtD D ODV FHQWUDOHV QXFOHDUHV HVSDxRODV D WUDYpV GH ORV &HQWURV GH5HIHUHQFLDGHVLJQDGRVSRUHO6HFWRUSDUDWDOILQ(QHVWD6HVLyQVH SUHVHQWDQSRUSDUWHGH(35,1'(&HQWHUORVWHPDVDFWXDOHVPiVUHOH YDQWHV\ODVOtQHDVHVWUDWHJLDVSDUDORVSUy[LPRVDxRV3RURWURODGRVH SUHVHQWDQ SRU 7HFQDWRP FRPR &HQWUR GH 5HIHUHQFLD HQ ODV ÈUHDV GH ,'LGH7pFQLFDVGH,QVSHFFLyQ\GHPDWHULDOHVODVDFWLYLGDGHVPiV VLJQLILFDWLYDV (Q (VSDxD \ HQ HO PXQGR HQWHUR (35, GHVDUUROOD XQD LPSRUWDQWH DFWLYLGDG GH GHVDUUROOR H LPSXOVR GH QXHYDV WHFQRORJtDV (Q FRQFUHWR HQ HO 1'( &HQWHU VH GHVDUUROODQ DFWLYLGDGHV UHODFLRQDGDV FRQ OD LQV SHFFLyQ \ ORV PDWHULDOHV TXH D VX YH] LQWHUDFW~D FRQ ORV FHQWURV GH UHIHUHQFLDGHORVGLIHUHQWHVSDtVHV &RPR HMHPSOR GH OD DFWLYLGDG GH (35, *UHJ 6HOE\ SUHVHQWDUi HO FDVRFRQFUHWRGHODLQVSHFFLyQ\UHSDUDFLyQGHXQHGLILFLRGHFRQWHQ FLyQGDxDGRGHXQDFHQWUDO3:5 /RV HQVD\RV QR GHVWUXFWLYRV HQ OD LQGXVWULD GH JHQHUDFLyQ QXFOHDU VH LGHQWLILFD KDELWXDOPHQWH FRQ ORV FRPSRQHQWHV PHWiOLFRV 6LQ HP EDUJR GHELGR DO HQYHMHFLPLHQWR GH ODV FHQWUDOHV \ ODV SRVLELOLGDGHV GHH[WHQGHUODYLGD~WLOGHODVPLVPDVVHGHEHDXPHQWDUHODOFDQFHGH ODVLQVSHFFLRQHVFRPRJDUDQWtDGHVHJXULGDG\ILDELOLGDGGHRSHUDFLyQ DRWUDViUHDVFRPRODLQIUDHVWUXFWXUDGHKRUPLJyQTXHVHUiXQDSDUWH PX\LPSRUWDQWH5HFLHQWHPHQWHXQDFHQWUDO3:5GH(VWDGRV8QLGRV KDSURSRUFLRQDGRXQDRSRUWXQLGDGGHLQVSHFFLyQGHKRUPLJyQPHGLDQ WH HQVD\RV QR GHVWUXFWLYRV (1' HQ XQD VLWXDFLyQ PX\ FRPSUR PHWLGD &RPR SDUWH GH ORV WUDEDMRV GH VXVWLWXFLyQ GH ORV JHQHUDGRUHV GHYDSRUVHUHDOL]yXQDJXMHURGHPHWURVFXDGUDGRVHQODSDUHGGHO HGLILFLR GH FRQWHQFLyQ 6H GHVFXEULy OD H[LVWHQFLD GH XQ GHIHFWR WLSR JULHWDGHRULHQWDFLyQODPLQDUHQHOUHIXHU]RGHKRUPLJyQGHPHWUROD FXDOVHH[WHQGtDDORODUJRGHWRGRHOSHUtPHWURGHODJXMHURUHDOL]DGR 'HVGHODSURSLDFHQWUDOVHUHDOL]DURQGLIHUHQWHVHVIXHU]RVHQSDUDOHOR GHWHUPLQDFLyQ GH OD FDXVD UDt] GHO GHIHFWR SUHSDUDFLyQ GH OD UHSDUD FLyQUHDOL]DQGRXQDQiOLVLVGHVHJXULGDGGHODVFRQGLFLRQHVGHGLVSDUR \ODFRQGLFLyQGHODUHSDUDFLyQ\XWLOL]DFLyQGH(1'SDUDGHWHUPL QDUODH[WHQVLyQGHOGHIHFWR\GHWHUPLQDUVLH[LVWtDDOJ~QRWURGHIHFWR 'HVGH HVWD SUHVHQWDFLyQ VH GHVFULELUi OD HYROXFLyQ FRPSOHWD GH WRGR HOSURFHVRGHVGHHOGHVFXEULPLHQWRGHOGHIHFWRKDVWDHODUUDQTXHGHOD FHQWUDO6HHQIDWL]DUiVREUHHOSDSHOTXHORV(1'KDQMXJDGR\VREUH ORVGHWDOOHVGHODFRQILJXUDFLyQGHOGHIHFWR\VXIRUPDFLyQ &RQUHVSHFWRDODSUHVHQWDFLyQGH7HFQDWRPVHLQGLFDTXHHVPLHP EURGLUHFWRGHO(35,1'(&HQWHUGHVGHHODxR\TXHHVHO&HQ WURGH5HIHUHQFLDGH81(6$SDUD7pFQLFDVGH,QVSHFFLyQGHVGHHODxR (QWUH ODV DFWLYLGDGHV PiV UHOHYDQWHV TXH 7HFQDWRP UHDOL]D FRPR &HQWURGH5HIHUHQFLDHQ7pFQLFDVGH,QVSHFFLyQVHHQFXHQWUDQODVUH ODFLRQDGDVFRQHODQiOLVLVGHORVGRFXPHQWRVTXHJHQHUDHO(35,1'( &HQWHU OD DVLVWHQFLD D GLYHUVRV FRQJUHVRV LQWHUQDFLRQDOHV DVt FRPR ODDVLVWHQFLDDGLIHUHQWHVHYHQWRV\UHXQLRQHVFRPRVRQORV7HFKQLFDO $GYLVRU &RPPLWWHH \ HO ,QWHJUDWLRQ &RPPLWWHH /D LQIRUPDFLyQ SUR FHGHQWH GHO DQiOLVLV GH ORV GRFXPHQWRV \ GH ORV GLIHUHQWHV HYHQWRV VH HQYtD SHULyGLFDPHQWH D 81(6$ (Q HVWH LQIRUPH VH LQFOX\H DGHPiV GHORVUHV~PHQHVGHORVGRFXPHQWRVDVSHFWRVUHOHYDQWHVSDUDHOVHFWRU QXFOHDUHVSDxROFRPRVRQODVOtQHDVGHDFWXDFLyQTXHVHHVWiQGHVDUUR OODGRDQLYHOLQWHUQDFLRQDODVtFRPRODVUHFRPHQGDFLRQHVUHODFLRQDGDV FRQ7pFQLFDVGH,QVSHFFLyQ$GLFLRQDOPHQWHVHHVWiSRQLHQGRHQPDU FKDRWUDIRUPDPiVSHULyGLFDGHQRWLILFDUHVWDLQIRUPDFLyQSRUPHGLR GHOXVRGHEROHWLQHV 3RU RWUR ODGR HO &HQWUR GH 5HIHUHQFLD GH 0DWHULDOHV GH 81(6$ (35,053WLHQHSRUREMHWLYRHVHOGHKDFHUXQVHJXLPLHQWRGHWDOOD GRGHODVDFWLYLGDGHVGHO053HQFDPLQDGDVDLGHQWLILFDU\UHVROYHUORV SUREOHPDVH[LVWHQWHVRSRWHQFLDOHVTXHSRGUtDQDIHFWDUDORVPDWHULDOHV GHQWUR GH OD EDUUHUD GH SUHVLyQ GH ODV FHQWUDOHV 3:5 FRODERUDU HQ VXVDFWLYLGDGHVSDUWLFLSDQGRHQVXVJUXSRVGHWUDEDMRDVtFRPRHOGH GLIXQGLUVXVHVWXGLRV\FRQFOXVLRQHVDODVFHQWUDOHVQXFOHDUHVHVSDxR ODV$VLPLVPRWUDVODGDDO053DTXHOORVWHPDVGHODV&&11((TXH VHDQ GH LQWHUpV (O &HQWUR GH 5HIHUHQFLD WUDQVPLWH GLFKD LQIRUPDFLyQ PHGLDQWHODUHDOL]DFLyQGHEROHWLQHVHLQIRUPHVGHOHVWDGRGHODUWHORV FXDOHVVHSUHVHQWDQWDPELpQHQUHXQLRQHVSHULyGLFDV 1 ,Ê-*!ÊÃi«ÌiLÀi-ÊÓä£ä ££ 6(6,21(67e&1,&$6 6(6,21(67e&1,&$6 3!,! -IÏRCOLESH &53)».) 02%3)$%.4%«NGEL)BARRA #)%-!4 !.«,)3)3.%542».)#/$%5.!%.6/,452! 2%'%.%2!$/2!$/",%-%.4%2%&2)'%2!$!(%,)0" 0!2!5.2%!#4/2$%&53)».$%-/ *0#ATALÈN)0ALERMO'6EREDAS&/GANDO *-'ØMEZ2OS*3ANZ,3EDANO 81(' 6HHVWiGHVDUUROODQGRXQGLVHxRFRQFHSWXDOGHXQUHDFWRU'(02ED VDGRHQXQDHQYROWXUDUHJHQHUDGRUDGREOHPHQWHUHIULJHUDGDEDMRHOSUR JUDPDHVSDxROHQWHFQRORJtDGHHQYROWXUDUHJHQHUDGRUD7(&12B)86 (VWH GLVHxR FRQWLHQH XQD ]RQD UHJHQHUDGRUD GH WULWLR FRPSXHVWD GH 3E/LTXHDFW~DWDPELpQFRPRUHIULJHUDQWH\TXHFRQWLHQHDVX YH] +H SUHVXUL]DGR FRPR UHIULJHUDQWH SULPDULR /RV PDWHULDOHV HVWUXF WXUDOHV VRQ DFHURV IHUUtWLFRPDUWHQVtWLFRV (XURIHU \ (XURIHU2'6 (O GLVHxRXVD6L&HQODVLQVHUFLRQHVGHORVFDQDOHVGHPHWDOOtTXLGR (ODQiOLVLVWUDWDGHGHPRVWUDUODYLDELOLGDGGHHVWHFRQFHSWRGHVGHHO SXQWR GH YLVWD GH VX UHVSXHVWD QHXWUyQLFD 3DUD HOOR VH HVWXGLDQ ODV VL JXLHQWHVPDJQLWXGHV /DDPSOLILFDFLyQGHODHQHUJtDHQODHQYROWXUD\HQODFiPDUDGHYDFtR SDUDJDUDQWL]DUXQDSRVLEOHJDQDQFLDGHSRWHQFLDHQHOUHDFWRU &DSDFLGDGGHUHSURGXFFLyQ7ULWLRSDUDGHPRVWUDUVXDXWRVXILFLHQFLD (QHUJtDGHSRVLWDGDHQODVERELQDVVXSHUFRQGXFWRUDV 'DxRHQORVPDWHULDOHVGSDJDVSURGXFLGRFRQHOILQGHHVWLPDUOD YLGDGHORVFRPSRQHQWHVGHODLQVWDODFLyQ $FWLYDFLyQGHORVPDWHULDOHVHQIRFDGRDVXJHVWLyQFRPRUHVLGXRV /DV KHUUDPLHQWDV FRPSXWDFLRQDOHV XWLOL]DGDV KDQ VLGR 0&13; SDUD WUDQVSRUWH\$&$%SDUDODDFWLYDFLyQ !.«,)3)3.%542».)#/$%5.$)3%º/$%%.6/,452! 2%'%.%2!$/2!$%,)0"/2%&2)'%2!$/0/2(%,)/ 0!2!5.2%!#4/2$%&53)».$%-/ )0ALERMO*0#ATALÈN'6EREDAS*-'ØMEZ2OS &/GANDO03AUVAN*3ANZ,3EDANO &,(0$7 81(' /DQHFHVLGDGGHXQDJUDQFDQWLGDGGHEHULOLR%HHVXQRGHORVPD\R UHV LQFRQYHQLHQWHV TXH SXHGHQ DQWLFLSDUVH SDUD HO IXWXUR GHVSOLHJXH GH UHDFWRUHVGHIXVLyQEDVDGRVHQXQDHQYROWXUDUHJHQHUDGRUDGHXQPDWH ULDOFHUiPLFRVyOLGR £Ó 1 ,Ê-*!ÊÃi«ÌiLÀi-ÊÓä£ä #//2$).!$/2!!NA"ELÏNDEL#ERRO #$4) (O SOXPEDWR GH RFWDOLWLR HQULTXHFLGR FRQ /L /L3E22/3 SUH VHQWDFDUDFWHUtVWLFDVSDUDVHUXQEXHQPXOWLSOLFDGRUGHQHXWURQHV\UHJH QHUDGRU GH WULWLR 6X XWLOL]DFLyQ FRPR UHJHQHUDGRU SRGUtD PLQLPL]DU OD FDQWLGDGGH%HUHTXHULGDSDUDFRQVHJXLUODPXOWLSOLFDFLyQQHXWUyQLFDR LQFOXVRHYLWDUVXQHFHVLGDG (QHVWHWUDEDMRVHKDHVWXGLDGRXQPRGHORGHHQYROWXUDUHJHQHUDGRUD FRQVLGHUDQGRKHOLRFRPRUHIULJHUDQWH\2/3FRPRPDWHULDOUHJHQHUDGRU HQXQDHVWUXFWXUDGHDFHURIHUUtWLFRPDUWpQVLFREDMRODVFRQGLFLRQHVGH LUUDGLDFLyQFRUUHVSRQGLHQWHVDXQUHDFWRUGHIXVLyQ'(02/DHPLVLyQ QHXWUyQLFDGHOSODVPDVHKDVLPXODGRHQXQDJHRPHWUtD'FRQVLPHWUtD WRURLGDOXWLOL]DQGRXQDYHUVLyQPRGLILFDGDGHOFyGLJR0&13; 6HKDDQDOL]DGRODILDELOLGDG\HOIXQFLRQDPLHQWRGHGLFKDHQYROWXUD UHJHQHUDGRUD 2/3 HQ WpUPLQRV GH GLIHUHQWHV IXQFLRQHV GH UHVSXHVWD QHXWUyQLFDFRPRVRQIDFWRUHVGHEOLQGDMHGHODHQYROWXUD\ODVHV WUXFWXUDV FRUUHVSRQGLHQWHV D OD FiPDUD GH YDFtR SDUD HO EOLQGDMH GH ODV ERELQDVVXSHUFRQGXFWRUDVGHSRVLFLyQGHHQHUJtDHQODVHVWUXFWXUDV FRQ REMHWR GH DVHJXUDU OD DPSOLILFDFLyQ GH SRWHQFLD JOREDO WDVD GH UHJHQHUDFLyQGHWULWLR7%5UHVSXHVWDGHORVPDWHULDOHVGDxRGRVLV \SURGXFFLyQGHJDVGSDWDVDVGHGSD+GSD\+HGSDHQHOPDWHULDO FHUiPLFRSDUDHVWLPDUODYLGDRSHUDFLRQDO\DQDOL]DUODIXQFLRQDOLGDGGH ODHQYROWXUDUHJHQHUDGRUD 6HKDQLQYHVWLJDGRODWDVDGHUHJHQHUDFLyQGHWULWLR7%5\ODQHFHVL GDGGHFDQWLGDGHVDGLFLRQDOHVGHEHULOLRGHSHQGLHQGRGHODSRURVLGDG\ GHOHQULTXHFLPLHQWRHQ/LGHOPDWHULDOUHJHQHUDGRU2/3/RVUHVXOWDGRV REWHQLGRVDSR\DQODXWLOL]DFLyQGHpVWHFRPSXHVWRSDUDXQSRVLEOHGLVH xRGHHQYROWXUDUHJHQHUDGRUD (%,)5-.5#,%!4)/.!.$)43)-0,)#!4)/.3/. 42)4)5-42!.30/24).4(%(#,,"2%%$).'",!.+%4 $%3)'. ,L"ATET*&RADERA%-ASDELES6ALLS,3EDANO 81,9(56,7$732/,7Ê&1,&$'(&$7$/81<$ +HOLXPDQGWULWLXPDUHSURGXFHGDWWKHVDPHUDWHLQOLTXLGPHWDO/0 EUHHGLQJ EODQNHWV RI '±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».%80%2)-%.4!,$%,!#/.34!.4%$% 3)%6%24396!,/2%3$%$)&53)».0!2!(9$%. ,)0"%54²#4)#/ .-ORAL0--ARTÓNEZ*-0ERLADO%7IRTH3-OREAU AND,!3EDANO 830&,(0$7 /D VROXELOLGDG GHO WULWLR FRQVWDQWH GH 6LHYHUW¶V HQ 3E/L HXWpFWLFR HV XQDPDJQLWXGFODYHSDUDPHGLU\FRQWURODUORVQLYHOHVGHWULWLRHQODHQYRO WXUDUHJHQHUDGRUD%UHHGLQJ%ODQNHW\SDUDHOGLVHxREDVHGHORVVLVWHPDV DX[LOLDUHV /RV GLVWLQWRV YDORUHV TXH VH SXHGHQ HQFRQWUDU HQ OD OLWHUDWXUD KDVWD HOGtDGHKR\VHHQFXHQWUDQHQXQUDQJRTXHYDUtDKDVWDGRVyUGHQHVGH PDJQLWXG(OYDORUWDQEDMRGHODVROXELOLGDGGHORVLVyWRSRVGHOKLGUyJHQR HQ3E/LHXWpFWLFRH[SOLFDODVGLILFXOWDGHVSDUDGHVDUUROODUXQDLQVWUXPHQ WDFLyQORVXILFLHQWHPHQWHVHQVLEOHFRPRSDUDGHWHUPLQDUGLFKRYDORUFRQ SUHFLVLyQ\WHUPLQDUDVtFRQODVGLVFUHSDQFLDVH[LVWHQWHVKDVWDDKRUD (QHVWDOtQHD\XVDQGRXQHTXLSRFRPHUFLDOGLVHxDGRSRU6(7$5$0 HO&,(0$7KDSURSXHVWRQXHYDVPHGLGDVGHDEVRUFLyQGHVRUFLyQFRQ+ \ ' SDUD WHPSHUDWXUDV FRPSUHQGLGDV HQWUH R& \ R& \ FRQ GRV PXHVWUDVGLIHUHQWHVGH3E/LXQDFRPHUFLDOSURSRUFLRQDGDSRU6WDFKRZ\ ODRWUDKHFKDSRUORVODERUDWRULRV,38//RVUHVXOWDGRVVRQFRPSDUDGRV\ GLVFXWLGRV<ORVHIHFWRVSDUiVLWRVHQFRQWUDGRVHQHVWDVPHGLGDVKDQVLGR LGHQWLILFDGRV\FRUUHJLGRV /RVHOHYDGRVYDORUHVREWHQLGRVSDUDODFRQVWDWHGH6LHYHUW¶V.VVHH[ SOLFDQSRUHOH[FHVRGH/LHQHO3E/LHXWpFWLFR\ORVHOHYDGRVYDORUHVGH ODGLIXVLYLGDGHQFRPSDUDFLyQFRQORVREWHQLGRVSRU5HLWHUVRQGHELGRVD ODFRQYHFFLyQGHOIOXLGRHQODPXHVWUD (VWRV QXHYRV YDORUHV H[SHULPHQWDOHV REWHQLGRV VH H[SRQHQ \ GLVFXWHQ DTXt 2%#%.4-($!#4)6)4)%3&/2",!.+%4!.!,93)3!4 50# ,"ATET%-ASDELES6ALLS*&RADERA,!3EDANO3"ADIA 20LANAS 81,9(56,7$732/,7Ê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ijIRUPXODWLRQ >@7KH WKLUG DOJRULWKP DOVR IROORZV WKH ij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ÈS#'ARCÓA2OSALES!-ORO×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ȝPVL]HKDYHEHHQXVHGDQG VLQWHULQJ ZDV SHUIRUPHG DW GLIIHUHQW WHPSHUDWXUHV UDQJLQJ IURP WR & 6DPSOHV ZHUH SURGXFHG ZLWK DQG ZLWKRXW VLQWHULQJ DGGL WLYHV )XUWKHUPRUH D GHQVH 6L& FRDWLQJ RQ WKH SRURXV 6L& KDYH EHHQ GHYHORSHGWRDYRLGWULWLXPSHUPHDWLRQ,QWKLVZRUNUHVXOWVRISRURVLW\ PLFURVWUXFWXUH PHFKDQLFDO SURSHUWLHV DQG WKHUPDO FRQGXFWLYLW\ XQGHU 1 ,Ê-*!ÊÃi«ÌiLÀi-ÊÓä£ä £Î 6(6,21(67e&1,&$6 GLIIHUHQWPDQXIDFWXULQJFRQGLWLRQVDUHSUHVHQWHG,QDGGLWLRQILUVWUHVXOWV RQWKHHOHFWULFDOFRQGXFWLYLW\RIVHOHFWHGVDPSOHVXQGHULRQLUUDGLDWLRQWR VLPXODWHWKHH[SHFWHGQHXWURQGDPDJHDUHVKRZQ 39.4(%3)3!.$#(!2!#4%2):!4)/./&#%2!-)#3 &/2(9$2/'%.3%.3/23 J!BELLË3#OLOMINAS03ERRET ,167,78748Ë0,&'(6$55,¬ 81,9(56,'$'5$021//8// 2QH RI WKH PDLQ TXHVWLRQV WKDW WKH VFLHQWLILF FRPPXQLW\ VKRXOG RYHUFRPH LQ WKH ,7(5 SURMHFW LV WKH WULWLXP JHQHUDWLRQ /LWKLXPOHDG HXWHFWLF LV RQH RI WKH FDQGLGDWHV WR EH XVHG IRU WULWLXP JHQHUDWLRQ DQG SULPDU\ FRRODQW LQ WKH EODQNHW ,W LV LPSRUWDQW WR QRWH WKDW OLWKLXPOHDG HXWHFWLFFDQSOD\WKHUROHRIDVKLHOGSUHYHQWLQJHVFDSHRIQHXWURQVDQGȖ UDGLDWLRQRXWVLGHWKHEODQNHW $FFXUDWH DQG UHOLDEOH WULWLXP PDQDJHPHQW LV RI EDVLF LPSRUWDQFH IRU WKH FRUUHFW RSHUDWLRQ FRQGLWLRQV RI WKH EODQNHW WULWLXP F\FOH$V D FRQVHTXHQFHWKHGHWHUPLQDWLRQRIWKHK\GURJHQLVRWRSHVFRQFHQWUDWLRQLQ WKHOLTXLGPHWDOLVRIKLJKLQWHUHVWIRUWKHEODQNHWFRUUHFWGHVLJQ 7KH (OHFWURFKHPLFDO 0HWKRGV /DE DW ,QVWLWXW 4XLPLF GH 6DUULD ,46 LV ZRUNLQJ LQ WKH GHVLJQ DQG GHYHORSPHQW RI K\GURJHQ VHQVRUV EDVHG RQ VROLG VWDWH HOHFWURO\WHV IRU PROWHQ OLWKLXPOHDG HXWHFWLF 7KH IROORZLQJ FRPSRXQGV KDYH EHHQ V\QWKHVL]HG LQ RUGHU WR EH XVHG DV VROLG VWDWH HOHFWURO\WHV LQ WKH K\GURJHQ VHQVRUV 6U&H < 2 Į 6U &D=U 7D 2 6U&H <E 2 Į&D=Q,Q2Į %D<&D1E2Į ,Q DGGLWLRQ SRWHQWLRPHWULF PHDVXUHPHQWV RI WKH FHUDPLFHOHPHQWVV\QWKHVL]HGKDYHEHHQSHUIRUPHGDWGLIIHUHQWK\GURJHQ FRQFHQWUDWLRQV 54),):!#)».$%#%,$!3$%%,%#42/&/2%3)3#/-/ 4²#.)#!0!2!%,%.2)15%#)-)%.4/$%,)%345$)/3 02%,)-).!2%3 -&ERNÈNDEZ!)"ARRADO%#ONDE!1UEJIDO *1UI×ONES,!3EDANO &,(0$7 'HXWHULR \ WULWLR VHUiQ HPSOHDGRV FRPR FRPEXVWLEOH HQ ORV IXWXURV UHDFWRUHV QXFOHDUHV GH IXVLyQ (O SULPHUR VH REWLHQH HQ DEXQGDQFLD D SDUWLU GHO DJXD GHO PDU PLHQWUDV TXH HO VHJXQGR QR VH SURGXFH HQ OD QDWXUDOH]DGHELGRDVXFRUWDYLGDPHGLDDxRV /D IXHQWH PiV SURPHWHGRUD GH WULWLR SDUHFH VHU VX JHQHUDFLyQ SRU ERPEDUGHR QHXWUyQLFR HQ EODQNHW HQYROWXUDV UHJHQHUDGRUDV VHJ~Q OD UHDFFLRQ Q/LA7+H /RV EODQNHW VRQ FRQVLGHUDGRV ³HQYROWXUDV UHJHQHUDGRUDV´ \ SDUD OD PD\RUtDGHORVVLVWHPDVFRQFHELGRVKDVWDKR\ODFDSDFLGDGGHUHJHQH UDFLyQ GHO WULWLR GHSHQGH HQ JUDQ PHGLGD GHO HQULTXHFLPLHQWR GH /L /RVUDQJRVGHHQULTXHFLPLHQWRGH/LVRQGHDSUR[LPDGDPHQWHHO SDUD HO PRGHOR /LTXLG %UHHGHU \ HQWUH SDUD HO PRGHOR 6ROLG %UHHGHU /DV QHFHVLGDGHV GH ODV IXWXUDV ³PiTXLQDV´ VH HVWLPDQ PDV R PHQRV HQ WRQHODGDV GH /L FDVR GH '(02 *:H DOHDFLyQ HXWpFWLFD3E/L £{ 1 ,Ê-*!ÊÃi«ÌiLÀi-ÊÓä£ä 3RU OR WDQWR HO GHVDUUROOR GH XQD WpFQLFD GH HQULTXHFLPLHQWR /L HQ WpUPLQRVGHILDELOLGDG\HVFDODELOLGDGSDUDOOHJDUDOIXWXURUHTXHULPLHQWR GH/LUHSUHVHQWDXQSDVRFODYHHQORVSURJUDPDVGHIXVLyQPXQGLDOHV (VWH UHVXPHQ SUHVHQWD OD WpFQLFD GH HOHFWURIRUHVLV HQ EDxR OtTXLGR FRPR XQR GH ORV PpWRGRV PiV SURPHWHGRUHV SDUD ORJUDU OD SURGXFFLyQ QHFHVDULDGH/LHQULTXHFLGR3DUDOOHYDUDFDERHOSURFHVRVHKDFRQFH ELGR XQD FHOGD SURWRWLSR FX\R GLVHxR SHUPLWH OD FRQH[LyQ HQ VHULH GH YDULDV XQLGDGHV D ILQ GH IRUPDU XQD FDVFDGD OLQHDO (Q HVWH HVWXGLR VH SUHVHQWDQDGHPiVORVPDWHULDOHVSRVLEOHVSDUDVXFRQVWUXFFLyQVRSRUWH \HOHFWURGRVDVtFRPRORVFRQGXFWRUHVGHLRQHVGHOLWLRTXHSXHGHQVHU XWLOL]DGRVFRPRPHPEUDQDVGHHOHFWURIRUHVLV %6!,5!#)/.$%,)-0!#4/-%$)/!-")%.4!,$% ,!$)30%23)/.$%42)4)/!0!24)2$%,4%2-)./ &5%.4%$%5.2%!#4/2$%&53)».3/"2%,!#5%.#! -%$)4%22!.%!/##)$%.4!, 0#ASTRO-6ELARDE,«3EDANO*!RDAO*-0ERLADO &,(0$7 (OLPSDFWRDPELHQWDOGHODHPLVLyQGHHIOXHQWHVGHWULWLRHQXQUHDFWRU GHWLSR,7(5VHSXHGHPHGLUDSDUWLUGHOFRQRFLPLHQWRGHODVFRQGLFLR QHV GH FRQWRUQR UHDOHV GH OD IDVH SULPDULD GHVSXpV GH OD GHVFDUJD GH WULWLRD OD FDSDOtPLWH\ D ORV QLYHOHVEDMRV \ PHGLRV GH OD DWPyVIHUD \ D OD VXSHUILFLH WHUUHVWUH (VD IDVH KD VLGR ³PRGHOL]DGD´ XVDQGR GDWRV PHWHRUROyJLFRV UHDOHV WDQWR HQ VXSHUILFLH FRPR HQ ORV QLYHOHV EDMRV \ PHGLRV +HPRV GHVDUUROODGR XQD KHUUDPLHQWD GH VLPXODFLyQ TXH WUDQV ILHUH ORV SURFHVRV VREUH OD EDVH GHO GLDJQyVWLFR FRQ 0RGHOR GH$OWD 5HVROXFLyQGHÈUHD/LPLWDGD+,5/$0\ODSUHGLFFLyQFRQHO6LVWHPD ,QWHJUDGR GH 3UHGLFFLyQ GHO &HQWUR (XURSHR GH 3UHGLFFLyQ D 0HGLR 3OD]R(&0:)$SDUWLUGHHVWRVGDWRVVHEXVFDXQDFRSODPLHQWRFRQ XQ FyGLJR GH GHVFDUJD GH7ULWLR HQ FRQGLFLRQHV QRUPDOHV GH RSHUDFLyQ \ WDPELpQ HQ FDVRV DFFLGHQWDOHV HQ SDUWLFXODU UHODWLYRV D OD 3ODQWD GH 7ULWLR DO 6LVWHPD GH 5HIULJHUDFLyQ$FWLYD GH OD &iPDUD GH YDFtR 99 $&6RDOD'%$ /RV GDWRV PHWHRUROyJLFRV UHDOHV LQFOX\HQ ORV SURGXFWRV GHULYDGRV GHOVDWpOLWH0HWHRVDWGH6HJXQGD*HQHUDFLyQGHORVFDQDOHVLQIUDUURMRV YLVLEOHV\GHYDSRUGHDJXDDVtFRPRHOSURGXFWRSDUDGHILQLFLyQGHPD VDVGHDLUHSURGXFWRVGHORVUDGDUHVUHJLRQDOHVGH%DUFHORQDGH3DOPD GH0DOORUFD\GH9DOHQFLD\GHODFRPSRVLFLyQQDFLRQDO3DUDKDFHUHVWH HMHUFLFLR \ DQDOL]DU ODV FRQVHFXHQFLDV KHPRV XWLOL]DGR DVt PLVPR XQD EDVHGHGDWRVGHREVHUYDFLRQHVFRQYHQFLRQDOHVHQOD&1GH9DQGHOOyV,, (VWRVGDWRVGHPHGLRDxRGDQLQGLFDFLRQHVVREUHORVFDPELRVGHYLHQWR KDFLDHOLQWHULRUGHODSHQtQVXOD,EpULFDSHGHELGRDXQDFLFORJpQHVLV 0HGLWHUUiQHDFRQYLHQWRVGHOVXURELHQGHVFDUJDQDO0HGLWHUUiQHRDO SDVRXQDRQGDFRQYLHQWRVGHOQRUWHDVRFLDGRV6HDQDOL]DQWUD\HFWRULDV UHWUyJUDGDVFRQHOPRGHORGHGLVSHUVLyQGHSDUWtFXODV)/(;3$57DFR SODGRDODSDVDGDGHO(&0:)\HMHFXWDGRSDUDSHULRGRVGHSUHGLFFLyQ GH \ KRUDV$Vt SRGHPRVWHQHU XQDLGHDSUHFLVDGHORUGHQGH PDJQLWXGGHODGHSRVLFLyQVHFD\GHODK~PHGDGH+7\+72\GHRWUDV HQOD]RQD\DOJXQRVLQGLFDGRUHVTXHVHUHILHUHQDOWULWLRUHHPLWLGRDOD DWPyVIHUD HQ VX IRUPD R[LGDGD /RV UHVXOWDGRV GH OD IDVH SULPDULD VH DMXVWDQ PXFKR D OD SUHFLVLyQ GH ORV FDPELRV PHWHRUROyJLFRV SULQFL SDOPHQWH SHUR QR VRODPHQWH GHELGR D ORV HYHQWRV R D ORV DFFLGHQWHV VLQR WDPELpQ D OD FRQFHQWUDFLyQ GHO WULWLR HPLWLGR D OD DWPyVIHUD HQ FRQGLFLRQHV GH RSHUDFLyQ QRUPDO (VWD PRGHOL]DFLyQ SUREDELOLVWD QRV SHUPLWHREWHQHUUHVXOWDGRVHQODIDVHVHFXQGDULDTXHVHSXHGHQHPSOHDU SDUDGHWHFWDUGRVLVHQODSREODFLyQSRULQKDODFLyQGHQWURGHORVOtPLWHV SHUPLWLGRV 3URJUDPD\6LQRSVLVGHODV3RQHQFLDV 3!,! -IÏRCOLESH )$I) 02%3)$%.4%$ANIELDE,ORENZO !2%6! !0,)#!#)/.%3$%26%.).'%.)%2¶!02/9%#4/ -!.56!2 %-&RUTOS)-ARCELLES 7(&1$720 (QODLQGXVWULDH[LVWHQXQDVHULHGHWUDEDMRVPDQXDOHVTXHUHTXLHUHQVHU UHDOL]DGRV SRU SHUVRQDO DOWDPHQWH HVSHFLDOL]DGR FXDOLILFDGR \ FRQ JUDQ H[SHULHQFLD 3RU VXV FDUDFWHUtVWLFDV HVWH WLSR GH WUDEDMRV QR SXHGHQ VHU DXWRPDWL]DGRVQLHQPXFKRVFDVRVH[WHUQDOL]DGRVSRUTXHSHUWHQHFHQDO Q~FOHRGHQHJRFLRGHODHPSUHVDGHELHQGRVHUVXSHUYLVDGRVSDUDDVHJXUDU VX FDOLGDG (VWR LPSOLFD HO XVR GH UHFXUVRV LPSRUWDQWHV HQ OD IRUPDFLyQ \ DGLHVWUDPLHQWR GH HVWRV WUDEDMDGRUHV$GHPiV HQ PXFKRV FDVRV HVWDV DFWLYLGDGHVVHUHDOL]DQHQiUHDVVRPHWLGDVDUDGLDFLyQ\HQDPELHQWHVQR FRQIRUWDEOHVTXHDIHFWDUtDWDQWRDOSHUVRQDOHQIRUPDFLyQFRPRDOGRFHQWH (OXVRGHQXHYDVWHFQRORJtDVFRPROD5HDOLGDG9LUWXDOFRPRVRSRUWH GHHVWHWLSRGHWUDEDMRVOHVDSRUWDXQJUDQYDORUDxDGLGRUHGXFLHQGRFRV WHV\VREUHWRGRLQFUHPHQWDQGRVXFDOLGDG (OSUR\HFWRHXURSHR0$189$5SHUWHQHFHDO9,,3URJUDPD0DUFRGH OD8QLyQ(XURSHDHQHOWySLFR³130%H\RQG/HDQ0DQXIDF WXULQJ±1HZ,QGXVWULDO0RGHOVIRU3URGXFWDQG3URFHVV/LIHF\FOH´\WLH QHFRPRREMHWLYRGHVDUUROODUXQDSODWDIRUPDWHFQROyJLFDLQQRYDGRUDEDVD GDHQHQWRUQRVYLUWXDOHVTXHSURSRUFLRQHVRSRUWHDORVWUDEDMRVPDQXDOHV GHDOWRYDORUDORODUJRGHOFLFORGHYLGDGHXQSURGXFWRFRQHOREMHWRGH LQFUHPHQWDUVXSURGXFWLYLGDG\FDOLGDG\UHGXFLHQGRHOFRVWH (OSUR\HFWRHVWiHVWUXFWXUDGRHQ&DVRVLQGXVWULDOHVHQGLIHUHQWHViUHDV HQWRGRHOFLFORGHYLGD7HFQDWRPSDUWLFLSDHQHOiUHDGH0DQWHQLPLHQWR HQ HO GHVDUUROOR GH XQ FRQMXQWR GH PpWRGRV \ SURFHVRV SDUD HO SHUVRQDO TXH LQVSHFFLRQD &HQWUDOHV GH (QHUJtD (OpFWULFD 6H KDQ FRQVLGHUDGR WUHV HVFHQDULRVGHXVRGHODDSOLFDFLyQ(QWUHQDPLHQWR3ODQLILFDFLyQGHWDUHDV \*HVWLyQGH,QVSHFFLRQHV (O DUWtFXOR LOXVWUD FRPR OD 5HDOLGDG9LUWXDO KD DOFDQ]DGR XQ QLYHO GH PDGXUH]VXILFLHQWHSDUDVHUXWLOL]DGDDPSOLDPHQWHHQPXFKDVDSOLFDFLRQHV LQGXVWULDOHV<FRPRHOXVRGHHVWHWLSRGHWHFQRORJtDVDGHPiVGHUHVXOWDU YLVXDOPHQWHDWUDFWLYDVSXHGHQPHMRUDUOD6HJXULGDG\GLVPLQXLUHOULHVJR GHORVWUDEDMDGRUHVH[SXHVWRV 3)34%-!).4%'2!$/$%'%34)».96)35!,):!#)».$% $!4/3$%0,!.4! -3IERRA-'ARCÓA,6IELVA 18&/(125 'HQWURGHODUHQRYDFLyQGHORVVLVWHPDVGHLQIRUPDFLyQGHSODQWDGHOD FHQWUDOGH6WD0DGH*DURxDGHVSXpVGHODVXVWLWXFLyQGHODVFDELQDVGH DGTXLVLFLyQGHGDWRVGH+RQH\ZHOOSRUHTXLSRVGHDGTXLVLFLyQGHGDWRVGH #//2$).!$/2,UIS2EBOLLO '!3.!452!,&%./3! 573OD~OWLPDIDVHKDFRQVLVWLGRHQODUHQRYDFLyQGHOVRIWZDUHTXHJHVWLR QD \ YLVXDOL]D ORV GDWRV (VWH VRIWZDUH TXH KHPRV GHQRPLQDGR 6LVWHPD GH,QIRUPDFLyQGH'DWRVGH3ODQWD6,'3WLHQHFRPRREMHWLYRSRQHUD GLVSRVLFLyQGHOSHUVRQDOGH1XFOHQRUODLQIRUPDFLyQUHODWLYDDORVGDWRVGH SODQWDTXHSURYLHQHQGHORVHTXLSRV573DGHPiVGHRWURVWLSRVGHHTXL SRVWDOHVFRPR3/&¶VUHJLVWUDGRUHVVHQVRUHVLQWHOLJHQWHVGHWHPSHUDWXUD KXPHGDGHWF(VWDLQIRUPDFLyQHVSUHVHQWDGDGHXQDIRUPDKRPRJpQHD SHUPLWLHQGRFRUUHODFLRQDULQIRUPDFLyQGHGHVWLQWDVIXHQWHVPD[LPL]DQGR ODXWLOLGDGILDELOLGDG\VHQFLOOH]GHDFFHVRDGLFKDLQIRUPDFLyQ $ILQGHFRQVHJXLUWDOREMHWLYRORVSXQWRVEiVLFRVHQTXHKDDSR\DGRHO GHVDUUROORGHHVWHVRIWZDUHKDQVLGR $OWDGLVSRQLELOLGDG3HUPLWLHQGRHOIXQFLRQDPLHQWRFRQWLQ~RGHODDSOL FDFLyQJDUDQWL]DQGRHOUHJLVWUR\PRQLWRUL]DFLyQGHODVYDULDEOHVFUtWLFDV HQFXDOTXLHUPRPHQWR )OH[LELOLGDGHQODFRQILJXUDFLyQSHUPLWLHQGRGHIRUPDVHQFLOODODPR GLILFDFLyQ\FRQILJXUDFLyQGHORVFRPSRQHQWHVTXHIRUPDQSDUWHGHOD DSOLFDFLyQWDOHVFRPRODUHDOL]DFLyQGHFiOFXORVLQFRUSRUDFLyQGHQXH YDVVHxDOHVRHQYtRGHLQIRUPDFLyQDRWURVVLVWHPDV\DOH[WHULRU )DFLOLGDGGHDFFHVRQRVRORHQFXDQWRDODFFHVRDODSURSLDLQIRUPDFLyQ DOPDFHQDGD GH GDWRV KLVWyULFRV VLQR D OD SRVLELOLGDG GH DFFHGHU D OD LQIRUPDFLyQ\DVHDQGDWRVHQWLHPSRUHDOKLVWyULFRVRJUiILFRVGHVGH FXDOTXLHUOXJDUSRUGLIHUHQWHVPpWRGRV !.«,)3)3$%3%.3)"),)$!$%.#»$)'/3$% 3)-5,!#)».#/.42!).#%.$)/3 3#ORDERO*0ECO &61 /D 3URWHFFLyQ &RQWUD ,QFHQGLRV 3&, HQ ODV FHQWUDOHV QXFOHDUHV HV SDxRODV VH KD YHQLGR UHJXODQGR KDVWD QR KDFH PXFKR WLHPSR SRU XQD QRUPDWLYDGHWHUPLQLVWD\GHVFULSWLYDVXMHWDDXQDVHULHGHXQRVPiUJHQHV FRQVHUYDGRUHV\SRFRIOH[LEOHV(QODDFWXDOLGDGWDQWRODLQGXVWULDFRPR ORV GLYHUVRV RUJDQLVPRV UHJXODGRUHV HVWiQ FRPHQ]DQGR D XWLOL]DU FyGL JRVFRPSXWDFLRQDOHVTXHSUHGLFHQHOFRPSRUWDPLHQWR\HYROXFLyQGHXQ LQFHQGLR SHUPLWLHQGR DVt PHMRUDU HO GLVHxR \ HO FRPSRUWDPLHQWR GH ORV FRPSRQHQWHVGH3&,GHODVLQVWDODFLRQHVQXFOHDUHV /RV FyGLJRV FRPSXWDFLRQDOHV TXH VH HVWiQ XWLOL]DQGR DFWXDOPHQWH VH SXHGHQGLYLGLUHQWUHVJUDQGHVEORTXHV &RUUHODFLRQHVHPStULFDV\FiOFXORVKHFKRVDPDQR 0RGHORV]RQDOHV 0RGHORVGHFDPSRRPRGHORVFRPSXWDFLRQDOHVGHGLQiPLFDGHIOXL GRV /DEDVHIXQGDPHQWDOGHORVPRGHORV&)'VRQODVHFXDFLRQHVGH1DYLHU 6WRNHVTXHVRQODVTXHGHILQHQHOIOXMRGHXQIOXLGRPRQRIDVH&RQHOORV VH SXHGH SUHGHFLU HO FRPSRUWDPLHQWR GHO LQFHQGLR HO PRYLPLHQWR GHO 1 ,Ê-*!ÊÃi«ÌiLÀi-ÊÓä£ä £x 6(6,21(67e&1,&$6 KXPRODWHPSHUDWXUDTXHDOFDQ]DQORVGLIHUHQWHVHOHPHQWRV\HVWUXFWXUDV GHOUHFLQWRTXHHVVLPXODGRHWF 'HVGHKDFHXQRVDxRVHO&61YLHQHWUDEDMDQGRHQGLIHUHQWHVSUR\HFWRV GH,'HQORVTXHVHKDLGRSURIXQGL]DQGRHQHOFRQRFLPLHQWR\DSOLFD FLyQGHO)LUH'\QDPLF6LPXODWRU)'6TXHHVXQPRGHORFRPSXWDFLRQDO GHGLQiPLFDGHIOXLGRV&)'TXHUHVXOWDVHUXQRGHORVPiVDGHFXDGRV PRGHORVSDUDODEDMDYHORFLGDGHOIOXMRWpUPLFR\HOWUDQVSRUWHGHOFDORU \HOKXPRSURGXFLGRVHQXQLQFHQGLR(VWHPRGHORHVWiGHVDUUROODGRSRU HO1DWLRQDO,QVWLWXWHRI6WDQGDUVDQG7HFKQRORJ\1,67\HVXQRGHORV TXHKDQVXSHUDQGRODVGLIHUHQWHVSUXHEDVGHYDOLGDFLyQ\YHULILFDFLyQGHO 185(* %DVDGRVHQORVUHVXOWDGRVREWHQLGRVGHXQRGHORVHQVD\RVDHVFDODUHDO TXHVHHVWiQUHDOL]DGRHQHOFRQWH[WRGHOSUR\HFWR35,60(GHOD2&'( HQHOTXHHO&61HVXQRGHORVPLHPEURVSDUWLFLSDQWHVGHVGHVXVLQLFLRV HQHODxRVHKDDQDOL]DGRODVHQVLELOLGDGGHORVUHVXOWDGRVREWHQLGRV SRUHO)'6FRQUHVSHFWRDORVSDUiPHWURVGHHQWUDGDPiVUHOHYDQWHVDOD KRUDGHUHDOL]DUXQDVLPXODFLyQ /DFRQFOXVLyQPiVUHOHYDQWHHVODREWHQLGDHQUHODFLyQODWDVDGHGHV SUHQGLPLHQWR GH FDORU +HDW 5HOHDVH 5DWH +55 FRQILUPDQGR TXH ODV SHTXHxDVLQFHUWLGXPEUHVRHUURUHVGHHVWH+55SURYRFDQLPSRUWDQWHVYD ULDFLRQHVHQORVUHVXOWDGRVILQDOHVREWHQLGRVHQFXDQWRDOFRPSRUWDPLHQWR GHOLQFHQGLR (OREMHWRGHHVWDSRQHQFLDHVPRVWUDUODLQIOXHQFLDGHSHTXHxDVYDULD FLRQHVHQORVSDUiPHWURVGHHQWUDGDPiVKDELWXDOHVDODKRUDGHUHDOL]DU XQDVLPXODFLyQODIUDFFLyQGHHQHUJtDUDGLDWLYDHOWDPDxRGHODFHOGDOD FRQGXFWLYLGDGFDSDFLGDGWpUPLFD\HPLVLYLGDGGHODSDUHG\ODYDULDFLyQ GHOIOXMRHQODYHQWLODFLyQHQORVUHVXOWDGRVKDELWXDOPHQWHREWHQLGRVGHO )'6 FRPR VRQ OD WHPSHUDWXUD JOREDO HQ DPEDV KDELWDFLRQHV GXUDQWH WRGR HO WLHPSR GH OD VLPXODFLyQ OD WHPSHUDWXUD PHGLD JOREDO HQWUH ORV \VHJXQGRVHOYDORUPtQLPRGHODIUDFFLyQPRODUGHR[tJHQR ODPi[LPDWHPSHUDWXUDGHODVSDUHGHVHQDPEDVKDELWDFLRQHVDVtFRPRHO IOXMRGHFDORUUDGLDWLYR\HOIOXMRWRWDO 7DPELpQVHUHDOL]DXQDFRPSDUDWLYDGHODVHQVLELOLGDGGHO)'6IUHQWHD RWURVFyGLJRVFRPRSRUHMHPSOR0$*,&6</9,$R&2&26<6 1XFOHDU\GHODHPSUHVDGHLQJHQLHUtD,'20,QWHUQDWLRQDO6$<ORKDFH HQWRGRVXDOFDQFHHQODVFLQFRiUHDVGHDFWLYLGDGTXHORFRPSRQHQ UHYLVLyQGHODVPHWRGRORJtDVGHSHOLJURVLGDGVtVPLFDFULWHULRVSDUDOD UHYDOXDFLyQGHODVHJXULGDGVtVPLFDDFWXDFLRQHVHQSODQWDHQFDVRGH RFXUUHQFLDGHXQWHUUHPRWRGHVDUUROORGHEDQFRVGHGDWRVHVSHFtILFRV SDUDFRPSDUWLULQIRUPDFLyQHVSHFLDOL]DGDOHFFLRQHVDSUHQGLGDVGHOD H[SHULHQFLDHQFHQWUDOHVTXH\DKDQVXIULGRWHUUHPRWRV 'HQWURGHOSUHVHQWHDxRHVWiSUHYLVWDODILQDOL]DFLyQGHDFWLYLGDGHVGHO SUR\HFWR\VRQPXFKRVORVDYDQFHVPHWRGROyJLFRVGHFULWHULRVGHDQiOLVLV \ GH DSOLFDFLRQHV SUiFWLFDV TXH VH KDQ LPSXOVDGR (QWUH HOORV GHVWDFD OD FUHDFLyQGHO³,QWHUQDWLRQDO6HLVPLF6DIHW\&HQWUH´,66&HQFXDGUDGRHQ HO RUJDQLJUDPD GHO 2,($ FX\R SURSyVLWR HV FRQWULEXLU DO UHIXHU]R GH OD VHJXULGDGVtVPLFD\GHWRGRVORVVXFHVRVH[WHUQRVHQODVLQVWDODFLRQHVQX FOHDUHVGHOPXQGRHQWHUR(QODSRQHQFLDVHSUHVHQWDXQDPSOLRUHVXPHQ GHOSUR\HFWR\GHORVUHVXOWDGRVREWHQLGRV %80%2)%.#)!%.%,%-0,%/$%-²4/$/3%34«4)#/3 $%6%2)&)#!#)».$%3/&47!2%%.3)34%-!3$% #/-0,%*)$!$2%$5#)$! &$E#EBALLOS*!#ARRASCO 81,9(56,'$''(&$17$%5,$ (O DQiOLVLV HVWiWLFR GH FyGLJR VXUJH FRPR UHVSXHVWD D ODV OLPLWDFLRQHV GHORVHQVD\RVGLQiPLFRVSDUDWRGRVDTXHOORVFDVRVHQORVTXHQRUHVXOWD IDFWLEOHFRQVHJXLUXQDFREHUWXUDFRPSOHWDGHWRGRVORVFDPLQRVGHFyGLJR \WRGRVORVYDORUHVGHYDULDEOHVSRVLEOHV $SHVDUGHVXVLQGXGDEOHVPpULWRVHVWDWpFQLFDWLHQHIDPDGHDUFDQD\ FRVWRVDQRUHFLELHQGRODDWHQFLyQTXHVHUtDGHVHDEOH (VWDSRQHQFLDFRPLHQ]DFRQXQDFODVLILFDFLyQGHODVRSFLRQHVGLVSRQL EOHV\ODKLVWRULDGHVXXVRHQHOFDPSRQXFOHDUSDVDQGRDFRQWLQXDFLyQDO DQiOLVLVGHVXHPSOHRHQXQVRIWZDUHSUHYLDPHQWHGHVDUUROODGRHQHOTXH QRVHKDVHJXLGRODQRUPDWLYDH[LJLEOHSDUDODLQVWDODFLyQGHVLVWHPDVHQ XQDFHQWUDOQXFOHDU !6!.#%3%.,!3%'52)$!$3¶3-)#!$%#%.42!,%3 .5#,%!2%3%./0%2!#)».2%35,4!$/3$%, 02/9%#4//)%!h3%)3-)#%"0v !*IMÏNEZ*'3ÈNCHEZ!-ORENO *#ORDØN"2IBES*6AZQUEZ &61 ,'20 (Q HO DxR VH LQLFLy XQ SUR\HFWR LQWHUQDFLRQDO SURPRYLGR SRU HO 2,($ VREUH ³6HJXULGDG VtVPLFD GH FHQWUDOHV QXFOHDUHV HQ RSHUDFLyQ´ 6HLVPLF6DIHW\RI([LVWLQJ133FRQXQDGXUDFLyQSUHYLVWDGHWUHVDxRV \HQHOTXHSDUWLFLSDQSDtVHVDWUDYpVGHLQVWLWXFLRQHVSURFHGHQWHVGH (XURSD$PpULFD\$VLD/RVREMHWLYRVGHHVWHSUR\HFWRVRQEiVLFDPHQWH ORVVLJXLHQWHV ,QYHVWLJDU PpWRGRV \ SUiFWLFDV SDUD UHVROYHU FXHVWLRQHV DFWXDOHV GH VH JXULGDG VtVPLFD HQ UHODFLyQ FRQ HO GLVHxR \ OD RSHUDFLyQ GH FHQWUDOHV QXFOHDUHV\DH[LVWHQWHV 3URSRUFLRQDUDVHVRUDPLHQWRSDUDODDSOLFDFLyQHVSHFtILFDGHORVUHVXOWD GRVHQORV(VWDGRV0LHPEURVSDUWLFLSDQWHVHQHOSUR\HFWR 6HUYLUGHVRSRUWHWpFQLFRSDUDODUHYLVLyQGHOPDUFRQRUPDWLYRGHO2,($ HQUHODFLyQFRQODVHJXULGDGVtVPLFD )RPHQWDUODFRODERUDFLyQLQWHUQDFLRQDOHLQWHJUDUH[SHULHQFLDV\RSLQLR QHVGHODVSDUWHVLQWHUHVDGDVUHJXODGRUHVH[SORWDGRUHVGLVHxDGRUHV (VSDxD SDUWLFLSD HQ HVWH SUR\HFWR D WUDYpV GHO &RQVHMR GH 6HJXULGDG £È 1 ,Ê-*!ÊÃi«ÌiLÀi-ÊÓä£ä 3%.3/2%3"!3!$/3%.'-230!2!,!$%4%##)». $%$%&%#4/335"350%2&)#)!,%3 7(&1$720 (O XVR GH VHQVRUHV PDJQHWR UHVLVWLYRV *05 FRPR UHFHSWRUHV HQ VRQGDV GH FRUULHQWHV LQGXFLGDV SUHVHQWD FLHUWDV YHQWDMDV IUHQWH DO XVR GH VHQVRUHVLQGXFWLYRVFRQYHQFLRQDOHVORTXHORVVLW~DFRPRXQDDOWHUQDWLYD HQODGHWHFFLyQGHGHIHFWRVVXEVXSHUILFLDOHVHQFRPSRQHQWHVGHPDWHULDOHV PHWiOLFRVFRQJUDQHVSHVRU /DIUHFXHQFLDGHODLQVSHFFLyQGHWHUPLQDODSURIXQGLGDGGHSHQHWUDFLyQ GHODVFRUULHQWHVLQGXFLGDVHQHOPDWHULDO$OGLVPLQXLUODIUHFXHQFLDXVDQ GRXQDERELQDFRPRUHFHSWRUVHSLHUGHVHQVLELOLGDG\DTXHVXVHxDOGH VDOLGD HV SURSRUFLRQDO D OD IUHFXHQFLD UHGXFLpQGRVH FRQVLGHUDEOHPHQWH OD UHODFLyQ VHxDO UXLGR HQ HO FDVR GH ORV *05 OD DOWD VHQVLELOLGDG TXH SUHVHQWDQIUHQWHDFDPELRVGHLQWHQVLGDGGHFDPSRPDJQpWLFRHVLQGHSHQ GLHQWHGHODIUHFXHQFLD 6HKDOOHYDGRDFDERXQHVWXGLRGHODVFDUDFWHUtVWLFDVPiVLPSRUWDQWHV GHHVWRVVHQVRUHVORFXDOKDSHUPLWLGRODIDEULFDFLyQGHYDULDVVRQGDVED VDGDVHQ*05(QHVWHDUWtFXORVHDQDOL]DQGLVWLQWDVFRQILJXUDFLRQHV\VH SUHVHQWDQORVUHVXOWDGRVGHODQiOLVLVHIHFWXDGRVREUHGLYHUVRVEORTXHVFRQ GHIHFWRVGHGLIHUHQWHVPDWHULDOHV 3URJUDPD\6LQRSVLVGHODV3RQHQFLDV %6!,5!#)».3¶3-)#!$%,!3%3425#452!3$%, %$)&)#)/$%,2%!#4/202/9%#4/+!2)3-!)!%!%"0 !-ORENO!&ERNANDEZ*)%ZEBERRY-'ARCÓA !-*IMÏNEZ*'3ÈNCHEZ ,'20 &61 (OGH-XOLRGHXQWHUUHPRWRGHPDJQLWXGDIHFWRDODFHQWUDO QXFOHDU GH .DVKLZDDNL.DULZD OD PiV JUDQGH GHO PXQGR HQ SRWHQFLD LQVWDODGD /D LQVWUXPHQWDFLyQ H[LVWHQWH IDFLOLWy XQD H[WHQVD UHFRSLODFLyQ GH UHJLVWURV VtVPLFRV (Q 0D\R GH OD 2,($ ODQ]R HO SUR\HFWR .$VKLZD]DNL.DULZD5HVHDUFK,QLFLDWLYHIRU6HLVPLF0DUJLQ$VVHVVPHQW 3UR\HFWR.$5,60$(VWHSUR\HFWRVHFRUUHVSRQGHFRQODVWDUHDVGHHYD OXDFLyQGHODUHVSXHVWDVtVPLFDHQFHQWUDOHVQXFOHDUHV/DSULPHUDIDVHGHO SUR\HFWRFRQVLVWHHQODHYDOXDFLyQGHODUHVSXHVWDGHODVHVWUXFWXUDVDQWH FDUJDVHVWiWLFDVDQiOLVLVPRGDODQiOLVLVGHODFROXPQDGHVXHOR\DQiOLVLV GHODLQWHUDFFLyQVXHORHVWUXFWXUD(QXQDVHJXQGDWDUHDVHHYDO~DHOFRP SRUWDPLHQWRGHOVLVWHPD5+5DQWHODVFDUJDVVtVPLFDV(VWDVGRVDFWLYLGD GHVFRQVWLWX\HQHOREMHWRGHODSUHVHQWHFRPXQLFDFLyQ (O REMHWR GH OD SULPHUD IDVH GHO SUR\HFWR HV OD GHWHUPLQDFLyQ GH ORV HVIXHU]RVLQGXFLGRVSRUHOWHUUHPRWRHQHO(GLILFLRGHO5HDFWRU(OPRGHOR QXPpULFRGHOHGLILFLRVHUHDOL]DFRQHOSURJUDPDFRPHUFLDO6$3XWL OL]DQGRHOHPHQWRVILQLWRVGHSODFDV\EDUUDVTXHSHUPLWHQODPRGHODFLyQ GHODVORVDVPXURVSLODUHV\YLJDVTXHFRPSRQHQORVGLIHUHQWHVQLYHOHVGH ODFHQWUDO/DFLPHQWDFLyQGHOHGLILFLRFRQVLVWHGHXQDORVDGHPHWURV GHFDQWR\HQXQSULPHUDQiOLVLVVHFRQVLGHUDHPSRWUDGDDOWHUUHQR&RQ HVWDFRQILJXUDFLyQVHUHDOL]DXQDQiOLVLVHVWiWLFR\XQDQiOLVLVPRGDOFRQ YHQFLRQDO (OHVWXGLRGHODFROXPQDGHVXHORVHHIHFW~DFRQHOSURJUDPD6+$.( FRQHOVLVPRUHJLVWUDGRHQVXSHUILFLH&RQHOVHREWLHQHHOLQSXWVtVPLFR HQODORVDGHOUHDFWRUFRQHOTXHVHHIHFW~DHOVLJXLHQWHDQiOLVLVTXHLQFOX\H HOVXHOR (ODQiOLVLVGHLQWHUDFFLyQVXHORHVWUXFWXUDVHUHDOL]DXWLOL]DQGRHOSURJUD PD:LQ66,(QHVWDHWDSDVHLQFRUSRUDQODVSURSLHGDGHVGHOWHUUHQRODV FDUDFWHUtVWLFDVGHODFLPHQWDFLyQ\GHOHGLILFLR\VHLQWURGXFHQORVDFHOHUR JUDPDVREWHQLGRVHQODFLPHQWDFLyQ(OUHVXOWDGRILQDOVRQKLVWRJUDPDVGH DFHOHUDFLRQHV\HVIXHU]RVHQGLIHUHQWHVSXQWRVHVSHFtILFRVGHODHVWUXFWXUD &RQHOILQGHYDOLGDUODLQWHJULGDGHVWUXFWXUDOGHORVVLVWHPDVVHKDGHVD UUROODGRODHYDOXDFLyQVtVPLFDGHOVLVWHPD5+53DUDHOORVHKDQXWLOL]DGR ORVUHJLVWURVVtVPLFRVH[LVWHQWHV\ODLQIRUPDFLyQGLVSRQLEOHGHOVLVWHPDHQ FXHVWLyQ6HKDQHIHFWXDGRFiOFXORVHVWiWLFRV\GLQiPLFRVFRQHO6RIWZDUH &DHVDU,,FRPSUREDQGRTXHHOGLVHxRVDWLVIDFHORVUHTXHULPLHQWRVGHOFy GLJRFRQXQDPSOLRPDUJHQWDQWRHQWHQVLRQHVFRPRHQGHVSOD]DPLHQWRV /RVUHVXOWDGRVLQGLFDQXQFRUUHFWRFRPSRUWDPLHQWRGHODVHVWUXFWXUDV\ GHORVVLVWHPDVFRQILUPDQGRORVHOHYDGRVPiUJHQHVGHODVPHWRGRORJtDV DFWXDOHVGHGLVHxR\GHODLQVWDODFLyQDIHFWDGDSRUHOVLVPR 2%#50%2!#)».9%345$)/$%-!4%2)!,%3$%,/3 ).4%2./3$%,!6!3)*!$%#.*# -0"ARREIRA0/RTEGA*"LANCO 62&2,1 *$61$785$/)(126$ (OGH$EULOGHODFHQWUDOQXFOHDU-RVp&DEUHUDFHVyGHILQLWLYD PHQWHVXH[SORWDFLyQWUDVDxRVGHRSHUDFLyQFRPHUFLDO(OHVWXGLRGHO HQYHMHFLPLHQWRGHORVPDWHULDOHVGHORVLQWHUQRVGHODYDVLMDGH&1-&KD ELHQGRHVWDGRVRPHWLGRVDLUUDGLDFLyQGXUDQWHXQODUJRSHUtRGRGHWLHPSR SRGUiVHUGHJUDQXWLOLGDGWDQWRSDUDODVSODQWDVHQRSHUDFLyQH[WHQVLyQGH YLGDOLFHQFLDPLHQWRFRPRSDUDHOGLVHxRGHQXHYRVUHDFWRUHV /DUHDOL]DFLyQGHHVWHHVWXGLRFRQVWDIXQGDPHQWDOPHQWHGHGRVIDVHV GHILQLFLyQ GH ODV ORFDOL]DFLRQHV GH PXHVWUHR \ FRUWH GH ORV PDWHULDOHV GH LQWHUpV LQFOX\HQGR WRGDV ODV DFWLYLGDGHV GH LQJHQLHUtD DVRFLDGDV \ HQVD\RVGHODERUDWRULRSDUDGHWHUPLQDUODVSURSLHGDGHVUHVLGXDOHVGHORV PDWHULDOHVWDVDGHFUHFLPLHQWRGHJULHWDUHVLVWHQFLDDODIUDFWXUDVXVFHSWL ELOLGDGD,$6&& (OHVWXGLRGHODGHJUDGDFLyQGHODVSURSLHGDGHVGHORVLQWHUQRV\ODRE WHQFLyQGHFRQFOXVLRQHVSUHFLVDFRPRDFWLYLGDGSUHYLDODUHFRSLODFLyQGH LQIRUPDFLyQVREUHODFRPSRVLFLyQFDUDFWHUtVWLFDV\SURSLHGDGHVRULJLQDOHV GHORVPDWHULDOHV\SRVWHULRUPHQWHHOFiOFXORGHGHWDOOHGHODVFRQGLFLR QHVRSHUDWLYDVGHLUUDGLDFLyQ\WHPSHUDWXUDDODVTXHKDQHVWDGRVRPHWLGRV GXUDQWHODYLGDRSHUDWLYDGHODSODQWD (O FRUWH GH ORV LQWHUQRV TXH VH UHDOL]DUi LQVLWX EDMR DJXD GXUDQWH OD IDVHGHGHVPDQWHODPLHQWRGHODSODQWDVHHMHFXWDUiFRQIRUPHDHVSHFLILFD FLRQHVWpFQLFDV\SURFHGLPLHQWRVGHFRUWHHLGHQWLILFDFLyQGHPXHVWUDVTXH VHUiQGHVDUUROODGRVDGKRFSDUDDILDQ]DUHOGHVDUUROORySWLPRGHODVDFWLYL GDGHV\JDUDQWL]DUODLGHQWLILFDFLyQLQHTXtYRFD\WUD]DELOLGDGGHORVPDWH ULDOHVGHVGHHOPRPHQWRGHOFRUWHKDVWDVXUHFHSFLyQHQORVODERUDWRULRV 8QD YH] FRUWDGDV ODV PXHVWUDV GH ORV LQWHUQRV GH &1-& pVWDV VHUiQ DFRQGLFLRQDGDVH[SHGLGDV\WUDQVSRUWDGDVGHVGHHOHPSOD]DPLHQWRKDVWD ORVODERUDWRULRVTXHFRUUHVSRQGDSDUDODUHDOL]DFLyQGHORVHQVD\RVSURJUD PDGRVTXHHVWiQHQPDUFDGRVGHQWURGHOD)DVHGHO3URJUDPDGH0DWH ULDOHVGHO,QWHUQDWLRQDO,$6&&$GYLVRU\&RPPLWWHH )-0,!.4!#)».$%,!4%#./,/'¶!$%-%4!,%3 ./",%3/.,).%/,.#0!2!,!-)4)'!#)».$%,! #/22/3)».).4%2'2!.5,!2%.,!#%.42!,.5#,%!2 $%#/&2%.4%3 *$3ÈNCHEZ2#AMPOS*"ELINCHØN4"ERASALUCE ,%(5'52/$*(1(5$&,Ï1 /DFRUURVLyQLQWHUJUDQXODUEDMRWHQVLRQHV,*6&&HVHOPHFDQLVPRGH GHJUDGDFLyQ PiV LPSRUWDQWH TXH DIHFWD D ORV PDWHULDOHV DXVWHQtWLFRV GHO VLVWHPDSULPDULRHQXQUHDFWRU%:5(QODDFWXDOLGDGODJUDQPD\RUtDGH ORVUHDFWRUHV%:5GHOPXQGRDSOLFDQDOJXQDWpFQLFDGHWLSRTXtPLFRSDUD HYLWDUODDSDULFLyQGHJULHWDVSRUHVWHIHQyPHQR\PLWLJDUVXSURSDJDFLyQ &1&RIUHQWHVYLHQHDSOLFDQGRSDUDHVWHILQGHVGHODGHQRPLQDGD 4XtPLFDGHO+LGUyJHQR+:&VLQHPEDUJRODLQGXVWULDKDGHVDUUROODGR GHVGHILQDOHVGHORVYDULDQWHVGHOD+:&EDVDGDVHQODVSURSLHGDGHV FDWDOtWLFDVGHORVPHWDOHVQREOHVTXHSUHVHQWDQGLYHUVDVYHQWDMDVIUHQWHD pVWD/DPRGDOLGDGPiVUHFLHQWHGHHVWDWHFQRORJtDHVODGHQRPLQDGDDSOL FDFLyQGH0HWDOHV1REOHV2Q/LQHSDWHQWDGDSRU*HQHUDO(OHFWULFFRPR 2/1& TXH SUHVHQWD QXPHURVDV YHQWDMDV WDQWR GHVGH HO SXQWR GH YLVWD HFRQyPLFR FRPR UDGLROyJLFR WDQWR IUHQWH D OD +:& FRPR D DQWHULRUHV YHUVLRQHVGHODVWHFQRORJtDVGH0HWDOHV1REOHV 'HQWUR GH VXV SODQHV GH PHMRUD GH OD SURWHFFLyQ GH PDWHULDOHV &1&RIUHQWHV KD YHQLGR HVWXGLDQGR ODV FDUDFWHUtVWLFDV \ H[SHULHQFLD GH HVWHPpWRGR\KDGHFLGLGRVXLPSODQWDFLyQHQHODxR/DSRQHQFLD TXHSUHVHQWDPRVGHVFULEHODVOtQHDVJHQHUDOHVGHHVWDWpFQLFDDQDOL]DODV YHQWDMDV GH OD PLVPD SDUD &1&RIUHQWHV H[SRQH ODV OtQHDV JHQHUDOHV GHO SUR\HFWR GH LPSODQWDFLyQ \ PXHVWUD ILQDOPHQWH ORV UHVXOWDGRV GH OD SULPHUDDSOLFDFLyQUHDOL]DGDHQ$EULOGH\ORVFDPELRVLPSRUWDQWHV SURGXFLGRVHQODTXtPLFDGHODSODQWDHQORVSULPHURVPHVHVGHRSHUDFLyQ WUDVODDSOLFDFLyQGHPHWDOHVQREOHV 1 ,Ê-*!ÊÃi«ÌiLÀi-ÊÓä£ä £Ç 6(6,21(67e&1,&$6 !.«,)3)3$%,!#!0!#)$!$$%%842!##)».$%, #!,/2%.#/-"534)",%3'!34!$/3$% $)34).4/32%&2)'%2!.4%3 &3ÈNCHEZ63ERRADELL3#ARLOS&0ELAYO2-ENDIZÈBAL )3OL 81,9(56,'$'32/,7e&1,&$'(9$/(1&,$ /RV HOHPHQWRV FRPEXVWLEOHV JDVWDGRV HQ ODV SLVFLQDV GH FRPEXVWLEOH GH ODV FHQWUDOHV QXFOHDUHV FRQVWLWX\HQ XQD IXHQWH GH FDORU DGLFLRQDO TXH GHEH VHU H[WUDtGD SDUD JDUDQWL]DU OD VHJXULGDG GH OD LQVWDODFLyQ$XQTXH ODHVWUDWHJLDPiVFRP~QHQ(VSDxDKDVWDHOPRPHQWRHVODUHIULJHUDFLyQ GHHVWRVHOHPHQWRVSRUDJXDHQODVSLVFLQDVGHFRPEXVWLEOHJDVWDGRH[LV WHQ RWUDV HVWUDWHJLDV SDUD HO DOPDFHQDPLHQWR VHJXUR GH HVWRV HOHPHQWRV FRPEXVWLEOHVFRPRSRUHMHPSORHOXVRGHDLUHRKHOLRSDUDHOLPLQDUGLFKR FDORUUHVLGXDO &RQ OD ILQDOLGDG GH DQDOL]DU OD FDSDFLGDG GH UHIULJHUDFLyQ GH GLVWLQWDV VXVWDQFLDVVHKDUHDOL]DGRXQPRGHORGHXQHOHPHQWRFRPEXVWLEOHGHXQD FHQWUDOGHDJXDDSUHVLyQGHGLVHxR:HVWLQJKRXVHSDUDHOFyGLJRWHUPR KLGUiXOLFR&2%5$(QFRQFUHWRVHKDXWLOL]DGRODYHUVLyQ&2%5$6)6 6SHQW)XHO6WRUDJHTXHHVWiHVSHFtILFDPHQWHGHVDUUROODGRSDUDHOHVWXGLR GHVLVWHPDVGHDOPDFHQDPLHQWRGHHOHPHQWRVFRPEXVWLEOHVJDVWDGRV$Vt VHKDREWHQLGRXQHVWDGRHVWDFLRQDULRGHOVLVWHPDHQHOTXHVHVXSRQHXQ FDXGDOGHWHUPLQDGRGHUHIULJHUDQWHSDUDGHVSXpVVLPXODUXQDSpUGLGDGHO PLVPR\FRPSUREDUORVWLHPSRVHQORVTXHHOHOHPHQWRFRPEXVWLEOHOOHJD DWHPSHUDWXUDVGHR[LGDFLyQ&DGDXQDGHODVVLPXODFLRQHVVHKDUHDOL]DGR VXSRQLHQGRFRPRUHIULJHUDQWHVDLUHKHOLR\DJXD(QHVWH~OWLPRFDVR\ SXHVWRTXHHOFyGLJR&2%5$6)6~QLFDPHQWHHVDSOLFDEOHHQVLWXDFLRQHV GH IOXMR PRQRIiVLFR ~QLFDPHQWH VH KD VLPXODGR HO WLHPSR KDVWD TXH HO UHIULJHUDQWHDOFDQ]DORVR&\DWPTXHHVODWHPSHUDWXUDOtPLWHTXHHO FyGLJRHVFDSD]GHVLPXODU'HVSXpVVHKDUHDOL]DGRHOPLVPRHVWXGLRSDUD XQFRQMXQWRGHHOHPHQWRVFRPEXVWLEOHV (VWHWUDEDMRVHHQPDUFDGHQWURGHXQSUR\HFWRGH,'HQWUHOD8QLYHU VLGDG 3ROLWpFQLFD GH9DOHQFLD \ HO &RQVHMR GH 6HJXULGDG 1XFOHDU HQ HO iPELWRGH6HJXULGDGHQFHQWUDOHVQXFOHDUHV %.&/15%02%34!#)/.!,).&/2-!$/0/2%,2)%3'/ 0/2-%$)/$%#»$)'/3#&$%345$)/$%).#%.$)/%. 5.!3!,!$%#!",%3 6!MEZCUA (035(6$5,26$*583$'26 1)3$³3HUIRUPDQFH%DVHG6WDQGDUGIRU)LUH3URWHFWLRQIRU/LJKW :DWHU 5HDFWRU (OHFWULF *HQHUDWLQJ 3ODQWV´ \ SUHYLVLEOHPHQWH ODV IXWX UDV *XtD GH 6HJXULGDG H ,QVWUXFFLyQ GHO &61 VREUH SURWHFFLyQ FRQWUD LQFHQGLRVHQFHQWUDOHVQXFOHDUHVSURSRQHODDSOLFDFLyQGHOHQIRTXHSUHV WDFLRQDODOGLVHxRGHORVVLVWHPDVGH3URWHFFLyQ&RQWUD,QFHQGLRV3&,GH FHQWUDOHVQXFOHDUHVFRPRDOWHUQDWLYDDOHQIRTXHGHWHUPLQLVWDTXHKDVLGR WUDGLFLRQDOPHQWH DSOLFDGR DO GLVHxR GHO VLVWHPDV GH 3&, HQ HVWH WLSR GH FHQWUDOHV'HQWURGHHVWHHQIRTXHVHHQFXDGUDODVLPXODFLyQGHLQFHQGLRV SRU PHGLR GH FyGLJRV &)' FyGLJRV FRPSXWDFLRQDOHV GH GLQiPLFD GH IOXLGRV /DGLQiPLFDGHORVLQFHQGLRV\ORVSURFHVRVItVLFRV\TXtPLFRVDVRFLD GRV DO SURFHVR GH FRPEXVWLyQ KDQ VLGR DPSOLDPHQWH HVWXGLDGRV GXUDQWH ODV ~OWLPDV GpFDGDV (O GHVDUUROOR GH ODV KHUUDPLHQWDV LQIRUPiWLFDV \ OD FUHDFLyQ GH DSOLFDFLRQHV HVSHFtILFDV GH PRGHOL]DFLyQ GH LQFHQGLRV KDQ VLGRIXQGDPHQWDOHVSDUDHOGHVDUUROORGHHVWDGLVFLSOLQD £n 1 ,Ê-*!ÊÃi«ÌiLÀi-ÊÓä£ä 3DUD OD LPSXOVLyQ GH OD LQYHVWLJDFLyQ HQ HVWD OtQHD VH KD VXVFULWR XQ ³&RQYHQLRGHFRODERUDFLyQHQWUHHO&RQVHMRGH6HJXULGDG1XFOHDU&61 \(PSUHVDULRV$JUXSDGRV($HQHOiUHDGHPRGHOL]DFLyQ\VLPXODFLyQ GH LQFHQGLRV HQ FHQWUDOHV QXFOHDUHV´ FX\R REMHWLYR HV HO GHVDUUROOR \ SURIXQGL]DFLyQHQODDSOLFDFLyQILDEOHGHORVPRGHORVGHVLPXODFLyQGH LQFHQGLRVHQHVFHQDULRVHVSHFtILFRVGHFHQWUDOHVQXFOHDUHV/RVWUDEDMRVGH VLPXODFLyQGHLQFHQGLRVHQVDODVGHFDEOHVTXHVHGHVFULEHQDFRQWLQXDFLyQ KDQVLGRGHVDUUROODGRVHQHOPDUFRGHGLFKRFRQYHQLR &RQVLGHUDQGR ORV PDWHULDOHV FRPEXVWLEOHV WtSLFRV GH VDODV GH FDEOHV VHKDQHVWXGLDGRORVIHQyPHQRVGHSURSDJDFLyQGHOLQFHQGLRVDORODUJR GH XQD EDQGHMD GH FDEOHV \ OD SURSDJDFLyQ D RWUDV EDQGHMDV FHUFDQDV GHWHUPLQDQGR OD HYROXFLyQ GH OD WDVD GH JHQHUDFLyQ GH FDORU +55 ODV WHPSHUDWXUDVGHJDVHV\WHPSHUDWXUDVVXSHUILFLDOHVJHQHUDGDVORVIOXMRVGH FDORUHQHOHPHQWRVDG\DFHQWHVHWF $VLPLVPRVHKDHVWXGLDGRHOHIHFWRGHODYHQWLODFLyQHQODHYROXFLyQ GHOLQFHQGLRVRIRFDFLyQSRUIDOWDGHR[tJHQRLQIOXHQFLDGHODVFRPSXHUWDV FRUWDIXHJRVLQIOXHQFLDGHODVRSHUDFLRQHVVREUHHOVLVWHPDGHYHQWLODFLyQ DUUDQTXHSDUDGDHWF7DPELpQVHKDDQDOL]DGRODLQIOXHQFLDGHODSRVL FLyQGHOIRFRGHLQFHQGLRUHVSHFWRDODVFRQGLFLRQHVGHFRQWRUQRFHUUD PLHQWRGHODVDODSRVLFLyQGHUHMLOODVGHYHQWLODFLyQSXHUWDV\HOHIHFWR DVRFLDGRDODDFWLYDFLyQGHVLVWHPDVILMRVGHH[WLQFLyQGHLQFHQGLRV ).30%##)/.!54/-!4)#!$%0!34),,!3$%3%'5.$! '%.%2!#)». *&'ALLARDO,ANCHO&!GUIRRE!2OMANO (186$ 8QR GH ORV DVSHFWRV FODYH GHO FRPSRUWDPLHQWR VLQ IDOORV GHO FRPEXV WLEOH HV JDUDQWL]DU XQD GHIHFWRORJtD PtQLPD HQ ODV SDVWLOOD GH R[LGR GH XUDQLR/DLQVSHFFLyQYLVXDOSDUDJDUDQWL]DUODGHWHFFLyQGHGHIHFWRVVX SHUILFLDOHVGHSDVWLOODVSHUPLWHPLQLPL]DUODFDUJDGHSDVWLOODVFRQGHIHFWRV HQEDUUDVFRPEXVWLEOH(QFRQFUHWRXQLQVSHFWRUYLVXDOGHSDVWLOODDQDOL]D HODFDEDGRVXSHUILFLDOGHFDGDSDVWLOODFRPSDUiQGRORFRQSDWURQHVYLVXDOHV GHGHIHFWRHOLPLQDQGRGHOSURFHVRDTXHOSURGXFWRTXHQRFXPSOHQFRQORV HVWiQGDUHVGHIDEULFDFLyQHVWDEOHFLGR6LQHPEDUJRHVWHWLSRGHLQVSHFFLyQ VXIUHGRVLPSRUWDQWHVOLPLWDFLRQHVODDFHSWDFLyQGHSDVWLOODVHVWiVXMHWD D OD HYDOXDFLyQ VXEMHWLYD GH XQ LQVSHFWRU \ OD ODERU GH LQVSHFFLyQ UH TXLHUHXQDFHUFDQtDDOSURGXFWRTXHFRQOOHYDGRVLVGHUDGLDFLyQHOHYDGDV 3DUDHOLPLQDUHVWDVOLPLWDFLRQHV(QXVDGHVDUUROOyKDFHDxRVXQURERW DXWRPiWLFREDVDGRHQODYLVLyQDUWLILFLDO\HQDOJRULWPRVGHUHFRQVWUXFFLyQ GHLPiJHQHVPX\GHVDUUROODGRVSDUDODLQWHUSUHWDFLyQGHGHIHFWRVVXSHUIL FLDOHVHQSDVWLOODV(VWHURERWDXWRPiWLFRGHSULPHUDJHQHUDFLyQDQDOL]DORV GHIHFWRVVXSHUILFLDOHVGHODVSDVWLOODVDWUDYpVGHODOJRULWPRGHLQYHUVLyQ\ XWLOL]D EUD]RV PHFiQLFRV SDUD OD H[WUDFFLyQ GH ODV SDVWLOODV LGHQWLILFDGDV FRPRGHIHFWXRVDV (QORV~OWLPRVDxRV(QXVDKDDERUGDGRHOGHVDUUROORGHXQDVHJXQGD JHQHUDFLyQ GH URERW SDUD OD LQVSHFFLyQ DXWRPiWLFD GH SDVWLOODV TXH LQ FRUSRUDQ ORV VLJXLHQWHV DYDQFHV VLVWHPDV GH YLVLyQ PiV DYDQ]DGRV TXH PHMRUDQODFDOLGDGGHLQVSHFFLyQGHOHTXLSRUHDOL]DFLyQGHODLQVSHFFLyQ HQOtQHDFRQODRSHUDFLyQGHUHFWLILFDGRPD\RUSURGXFWLYLGDGGHOSURFHVR GHLQVSHFFLyQDOQRVHUQHFHVDULDODDFXPXODFLyQHQEDQGHMDVGHSDVWLOODV\ XQOD\RXWGHOHTXLSRPDVUDFLRQDOORTXHSHUPLWHXQDOLPSLH]DGHOPLVPR PiVVHQFLOOD\UiSLGD(VWDPiTXLQDGHVHJXQGDJHQHUDFLyQIRUPDSDUWH\D GHORVHTXLSRVGHLQVSHFFLyQDXWRPiWLFDGHVDUUROODGRSRU(QXVD\FRQVWL WX\HXQHMHPSORGHOFRPSURPLVRFRQVWDQWHGH(QXVDKDFLDHOGHVDUUROOR\ ODLQQRYDFLyQHQODWHFQRORJtDQXFOHDU 3URJUDPD\6LQRSVLVGHODV3RQHQFLDV 3!,! -IÏRCOLESH ).'%.)%2¶!) 02%3)$%.4%0EDRO/RTEGO 3%!).'%.)%2¶! !.«,)3)32%!,):!$/$%,!-%*/2!0!2!,! 3%'52)$!$$%2)6!$!$%).#/20/2!2,! #/.3)$%2!#)».$%,2)%3'/$%4/2.!$/0/2 02)-%2!6%:%.5.!#%.42!,.5#,%!2%30!º/,! !0,)#!"),)$!$$%,!2'h$%3).'"!3)3 4/2.!$/!.$4/2.!$/-)33),%3&/2.5#,%!2 0/7%20,!.43v #//2$).!$/2*OSÏ-'ARCÓA/RELLANA )"%2$2/,!).'%.)%2¶!9#/.3425##)». UtDQODVHVWUXFWXUDVVLVWHPDV\FRPSRQHQWHVUHODFLRQDGRVFRQODVHJXULGDG GHODFHQWUDOEDMRORVHIHFWRVGHOWRUQDGRSURSXHVWR 8QD YH] LGHQWLILFDGRV ORV FRPSRQHQWHV SRWHQFLDOPHQWH YXOQHUDEOHV SRU HVWH SULPHU DQiOLVLV VH KD UHDOL]DGR FRQ XQ HQIRTXH SUREDELOLVWD OD HVWLPDFLyQ GHO WRUQDGR TXH SRGUtD SURGXFLUVH GH IRUPD UHDOLVWD HQ HO HPSOD]DPLHQWRGH&19DQGHOOyVVHJXLGRGHXQDHYDOXDFLyQHVSHFLILFD GHORVFRPSRQHQWHVH[WHULRUHVYXOQHUDEOHVIUHQWHDOULHVJRRULJLQDGRSRU GLFKRWRUQDGR 3)-5,!#)».$%,3)34%-!$%02/4%##)».#/.42! ).#%.$)/3$%#.6!.$%,,»3))#/.&!4(/- '*IMÏNEZ0(ERRERO((ERNÈNDEZ!-ACHADO ((ERNÈNDEZ0'ONZÈLEZ-!&ERNÈNDEZ $62&,$&,Ï118&/($5$6&Ï9$1'(//26 6*67(&126 )RUPDQGR SDUWH GHO SURFHVR GH DQiOLVLV GH 1RUPDWLYD GH$SOLFDFLyQ &RQGLFLRQDGDHQHOPDUFRGHOD5HQRYDFLyQGHOD$XWRUL]DFLyQGH([SOR WDFLyQGH&19$1'(//26VHKDUHTXHULGRHODQiOLVLVGHDSOLFDELOLGDGOD 5*³'(6,*1%$6,67251$'2$1'7251$'20,66,/(6 )2518&/($532:(53/$176´SDUDXQWRUQDGRGHWLSR)HQOD HVFDOD)XMLWD3HDUVRQ(OORKDVXSXHVWRODUHDOL]DFLyQGHXQHVWXGLRGHWD OODGRSDUDODHYDOXDFLyQGHOFXPSOLPLHQWRGHORVUHTXLVLWRVGHHVWD*XtD 5HJXODGRUD /RVWRUQDGRVVRQIHQyPHQRVLQXVXDOHVHQHOWHUULWRULR(VSDxRO\QRVH GLVSRQHGHPDSDGHFDUDFWHUL]DFLyQGHLQWHQVLGDGGHORVPLVPRVVLPLODUDO TXHVHGLVSRQHHQ(VWDGRV8QLGRV\TXHVHLQFOX\HHQOD*XtD5HJXODGRUD TXH SHUPLWD FDUDFWHUL]DU HO SRWHQFLDO WRUQDGR EDVH GH GLVHxR SDUD HOHPSOD]DPLHQWRGHXQDFHQWUDOQXFOHDUHVSDxROD(OGLVHxRRULJLQDOQR FRQVLGHUDSXHVHVWRVIHQyPHQRVSRUQRH[LVWLUDIHFKDGHODSXHVWDHQ PDUFKDDQWHFHGHQWHVGHORVPLVPRVHQHOHPSOD]DPLHQWR 1RREVWDQWHORDQWHULRUVHKDWHQLGRHQFXHQWDSDUDHOFDVRGH&19$1 '(//26 TXH HQ ORV ~OWLPRV WLHPSRV VH KDQ SURGXFLGR HQ HO WHUULWRULR QDFLRQDO DOJXQDV PDQLIHVWDFLRQHV GH IHQyPHQRV GH PDQJDV PDULQDV \ WRUQDGRVODPiVSUy[LPDDOD&HQWUDOHQO¶(VSOXJDGH)UDQFROtDXQRV .PDSUR[GHPX\EDMDLQWHQVLGDGHQUHODFLyQDFXDOTXLHUFRQVLGHUD FLyQFRQWHQLGDHQOD*XtD5HJXODGRUDFRPRWRUQDGREDVHGHGLVHxR ,QGHSHQGLHQWHPHQWH GH HOOR GHEH WHQHUVH HQ FXHQWD TXH OD FODVLILFDFLyQ GH)XMLWD±3HDUVRQXWLOL]DGDJUDG~DORVWRUQDGRVVHJ~QODGHVWUXFFLyQTXH SXGLHUHQRFDVLRQDU\QRHQIXQFLyQGHVXVFDUDFWHUtVWLFDVItVLFDV (OWRUQDGRWLSR)TXHVHKDFRQVLGHUDGRSDUDHODQiOLVLVHQ&19$1 '(//26HVDTXHOTXHSXHGHFDXVDUGDxRVFRQVLGHUDEOHVFRPROHYDQWD PLHQWR GH WHMDGRV DUUDVWUH \ GHVWUXFFLyQ GH FDPLRQHV \ DXWRFDUDYDQDV SXGLHQGRKDFHUGHVFDUULODUYDJRQHVGHIHUURFDUULO(/UDQJRGHYHORFLGDG GHYLHQWRSDUDHVWHWLSRDEDUFDHQGLFKDHVFDODHQWUH.PK\.PK (ODQiOLVLVUHDOL]DGRVHKDSODQWHDGRGHODVLJXLHQWHPDQHUD (QSULPHUOXJDUFRQXQHQIRTXHGHWHUPLQLVWDODDIHFWDFLyQTXHVXIUL :(67,1*+286((/(&75,&63$,1 $1$9 (QHODQiOLVLVGHLQXQGDFLRQHVLQWHUQDVGHO$36HVSUHFLVRGHWHUPLQDUHO FDXGDOGHORVIRFRVGHLQXQGDFLyQTXHHQVXPD\RUtDFRQVLVWHQHQURWXUDV GHWXEHUtDVGHGLYHUVRWDPDxRHQP~OWLSOHVXELFDFLRQHVGHODFHQWUDOSDUD OR TXH QRUPDOPHQWH VH UHFXUUH D DSUR[LPDFLRQHV FRQVHUYDGRUDV TXH VH DSR\DQHQORVSDUiPHWURVLQGLFDGRVHQORVGLDJUDPDVGHSURFHVRGHOVLV WHPDFRUUHVSRQGLHQWHGLDJUDPDVTXHHQJHQHUDOQRUHVSRQGHQDODVFRQGL FLRQHVGHIXQFLRQDPLHQWRTXHVHSUHVHQWDUiQDQWHXQDURWXUD 3DUD GHWHUPLQDU XQRV FDXGDOHV GH URWXUD PiV UHDOLVWDV TXH ORV TXH VH REWLHQHQFRQODVDSUR[LPDFLRQHVFRQVHUYDGRUDVHVSUHFLVRGHVDUUROODUXQ PRGHOR GHO VLVWHPD GH VXV ERPEDV WXEHUtDV DFFHVRULRV HWF TXH GHEH UHVROYHUVHSDUDFDGDXQDGHODVXELFDFLRQHV\WDPDxRFRQFUHWRGHURWXUD 8QRGHORVVLVWHPDVPiVUHOHYDQWHVFRPRIRFRGHLQXQGDFLyQHVHOGH DJXDGH3&,3URWHFFLyQ&RQWUD,QFHQGLRVVLVWHPD.&HQ&19DQGHOOyV ,,TXHGLVSRQHGHWUHVERPEDVSULQFLSDOHVHQSDUDOHORTXHDFW~DQHVFDOR QDGDPHQWHHQIXQFLyQGHODFDtGDGHSUHVLyQHQHOVLVWHPD &RQREMHWRGHGHWHUPLQDUXQRVFDXGDOHVGHURWXUDPiVUHDOLVWDVTXHORV XWLOL]DGRVDQWHULRUPHQWHVHKDGHVDUUROODGRXQPRGHORH[WHQVR\GHWDOOD GRGHOVLVWHPD.&LPSOHPHQWDGRHQHOFyGLJRGHVLPXODFLyQ)$7+20 VLHQGRHOREMHWRGHHVWDSRQHQFLDGHVFULELUODPHWRGRORJtDGHFUHDFLyQGHO PRGHORDSDUWLUGHORVGDWRVGHOVLVWHPD\ODVGLIHUHQWHVKLSyWHVLVFRQVLGH UDGDV 3)-5,!#)».$%,!342!9%#4/2)!3$%,/3-)3),%3 '%.%2!$/30/25.4/2.!$/ &0RATS!0ITARCH :(67,1*+286((/(&75,&63$,1 1 ,Ê-*!ÊÃi«ÌiLÀi-ÊÓä£ä £ 6(6,21(67e&1,&$6 /DUHYLVLyQGHOD5HJXODWRU\*XLGHGH0DU]RGHHVWDEOHFH ORVFULWHULRVSDUDHYDOXDUODVSODQWDVQXFOHDUHVIUHQWHDORVHIHFWRVDGYHU VRVGHXQWRUQDGR%iVLFDPHQWHHVWRVHIHFWRVSXHGHQUHVXPLUVHHQWUHV HIHFWRGHODYHORFLGDGGHOYLHQWRHIHFWRGHODGHSUHVLyQLQWHUQDGHOWRU QDGR\HIHFWRGHORVPLVLOHVJHQHUDGRVSRUHOWRUQDGR(VWH~OWLPRHIHFWR HVHOTXHVHYDDFRQVLGHUDUHQHVWDSRQHQFLD /RV PLVLOHV JHQHUDGRV SRU HO WRUQDGR VH WLSLILFDQ HQ WUHV FDWHJRUtDV WUR]RGHWXEHUtDDXWRPRYLO\XQDHVIHUDVyOLGD3DUDODFRUUHFWDHYDOXD FLyQGHOHIHFWRGHHVWRVPLVLOHVVREUHODVHVWUXFWXUDV\FRPSRQHQWHVGHOD SODQWDHVLPSRUWDQWHFRQRFHUFyPRVHPXHYHQHVWRVREMHWRVDOSDVRGHO WRUQDGRGHGLVHxRHVGHFLUVXVWUD\HFWRULDV/D5*QRHVWDEOHFHGLFKDV WUD\HFWRULDV VLQR FRWDV VXSHULRUHV UD]RQDEOHV GH ODV PLVPDV DVt SRU HMHPSORHVWDEOHFHXQDDOWXUDPi[LPDGHPHWURVFRPRDOWXUDLPSDF WDEOHSRUXQDXWRPRYLO6LQHPEDUJRQRHVWDEOHFHSDUDTXpWRUQDGRGH GLVHxRVHFXPSOHWDOFRWD /D PDQHUD GH FRQWHVWDU D HVWD FXHVWLyQ HV UHDOL]DQGR XQD VLPXODFLyQ GHODVWUD\HFWRULDVGHHVWRVPLVLOHVSRVWXODGRVSDUDODVGLVWLQWDVFDWHJR UtDVGHORVWRUQDGRVGHGLVHxR %30%3/2$%#(!0!2%15%2)$/0!2!,!02/4%##)/. #/.42!%,)-0!#4/$%5.-)3),'%.%2!$/0/25. 4/2.!$/ &0RATS-#&ERNÈNDEZ0RIETO :(67,1*+286((/(&75,&63$,1 /DUHYLVLyQGHOD5HJXODWRU\*XLGHGH0DU]RGHHVWD EOHFHORVFULWHULRVSDUDHYDOXDUODVSODQWDVQXFOHDUHVIUHQWHDORVHIHFWRV DGYHUVRV GH XQ WRUQDGR %iVLFDPHQWH HVWRV HIHFWRV SXHGHQ UHVXPLUVH HQWUHVHIHFWRGHODYHORFLGDGGHOYLHQWRHIHFWRGHODGHSUHVLyQLQWHUQD GHOWRUQDGR\HIHFWRGHORVPLVLOHVJHQHUDGRVSRUHOWRUQDGR(VWH~OWL PRHIHFWRHVHOTXHVHYDDFRQVLGHUDUHQHVWDSRQHQFLDHQSDUDOHORFRQ RWUDUHIHUHQWHDODVWUD\HFWRUtDVGHORVPLVLOHV /RVPLVLOHVJHQHUDGRVSRUHOWRUQDGRVHWLSLILFDQHQWUHVFDWHJRUtDV WUR]R GH WXEHUtD DXWRPRYLO \ XQD HVIHUD VyOLGD (VWRV PLVLOHV SXHGHQ LPSDFWDU HQ ODV HVWUXFWXUDV FODVH GH iUHDV H[WHULRUHV GH OD SODQWD SXHGLHQGR FDXVDU GDxR &RQFUHWDPHQWH SXHGHQ SHUIRUDU ORV WDQTXHV FODVHVLWXDGRVDVXDOFDQFH\SHUGLHQGRODLQWHJULGDGUHTXHULGDGHHVWDV HVWUXFWXUDV3RUHOORHQHVWDSRQHQFLDVHUHYLVLWDHOWHPDGHREWHQHUHO HVSHVRUUHTXHULGRSDUDJDUDQWL]DUTXHQRVHSLHUGHODLQWHJULGDGGHORV WDQTXHV/DSRQHQFLDVHFHQWUDHQODHYDOXDFLyQGHOHVSHVRUUHTXHULGR GHFKDSDVGHDFHURDXQTXHVHUHSDVDUiODIRUPXODFLyQSDUDHVSHVRUHV UHTXHULGRVGHKRUPLJyQDUPDGR 2%6)3)».$%,!.«,)3)33¶3-)#/0%24%.%#)%.4%!, 02/9%#4/)0%!03$%#.6!.$%,,»3)) *%NCABO-2OCH&"ELTRÈN9!LCAIDE !6AZ2OMERO((ERNÈNDEZ ,1*(1,(5Ë$,'20,17(51$&,21$/6$ $1$9 (O SUHVHQWH WUDEDMR UHVSRQGH D OD UHYLVLyQ VtVPLFD GHO ,3((( GH &1 9DQGHOOyV,,VHJ~Q185(*XWLOL]DQGRHOPpWRGRGHORVPiUJHQHV VtVPLFRVGHOD15&(ODOFDQFHGHOHVWXGLRHVHOTXHHQODUHIHUHQFLDFLWDGD VHGHILQHFRPR³IXOOVFRSH´SDUDXQDDFHOHUDFLyQGHSLFRGHVXHORGHJ Óä 1 ,Ê-*!ÊÃi«ÌiLÀi-ÊÓä£ä VLVPRGHUHYLVLyQ5/(GHDFXHUGRFRQHOGRFXPHQWR³,3(((6HLVPLF +D]DUG6WXG\IRU&19DQGHOOyV,,´ (OREMHWLYRJHQHUDOHVGHWHUPLQDUHOPDUJHQVtVPLFRGH&19DQGH OOyV,,DVtFRPRLGHQWLILFDUSRWHQFLDOHVSXQWRVYXOQHUDEOHVR³HVODERQHV GpELOHV´GHODLQVWDODFLyQFRQFX\DPHMRUDSXGLHUDLQFUHPHQWDUVHVLJQL ILFDWLYDPHQWH OD VHJXULGDG GH OD FHQWUDO SRU HQFLPD GH ODV FRQGLFLRQHV GHGLVHxR (QODSUHVHQWHHGLFLyQVHDFWXDOL]DHODOFDQFHGHODHYDOXDFLyQVtVPLFD GHHTXLSRVFRPSRQHQWHV\HVWUXFWXUDVLQWHJUDQGRHQGLFKRDOFDQFHWR GRVDTXHOORVHTXLSRVQXHYRVGHULYDGRVGHODVPRGLILFDFLRQHVGHGLVHxR UHDOL]DGDV GHVGH OD HGLFLyQ DQWHULRU \ KDVWD HO DxR (Q SDUWLFXODU VHLQFRUSRUDQORVFDPELRVHQODFHQWUDOGHULYDGRVGHODLPSODQWDFLyQGHO 6LVWHPD GH$JXD GH 6DOYDJXDUGLDV7HFQROyJLFDV (- \ OD GHVFODVLILFD FLyQGHO6LVWHPDGH$JXDGH6HUYLFLRV(VHQFLDOHV()(OHVWXGLRHYD O~D WDPELpQ DTXHOORV HTXLSRV \D LQFOXLGRV HQ HO DOFDQFH GH OD UHYLVLyQ DQWHULRU YHULILFDQGR TXH KDQ PDQWHQLGR VX FRQILJXUDFLyQ HQ OD FHQWUDO PDUFDPRGHORPRQWDMHHWF /RVWUDEDMRVSDUDODUHYLVLyQGHO,3(((VtVPLFRVHKDQUHDOL]DGRGHV GH IHEUHUR KDVWD VHSWLHPEUH GH eVWRV KDQ VLGR GHVDUUROODGRV SRU XQHTXLSRPXOWLGLVFLSOLQDUFRQFRQRFLPLHQWRGHOSUR\HFWRVtVPLFRGHOD FHQWUDO\IRUPDGRSRUHVSHFLDOLVWDVHQFXDOLILFDFLyQVtVPLFDGHHTXLSRV IXQFLRQDPLHQWRGHVLVWHPDVDQiOLVLVSUREDELOLVWDGHVHJXULGDG\DQiOLVLV HVWUXFWXUDO 7%,$/6%2,!93%.,!34/"%2!3$%,02%3)/.!$/2 #.!3#/9#.6!.$%,,/3)) "'ARCÓA-2EICHENBACH $1$9 :(67,1*+286( /DH[SHULHQFLDRSHUDWLYDLQWHUQDFLRQDOKDSXHVWRGHPDQLILHVWRTXH HO DJULHWDPLHQWR GHO PDWHULDO GH VROGDGXUD (51L&U \ (QL&U)H FX\DGHQRPLQDFLyQFRPHUFLDOPiVFRQRFLGDHV,QFRQHOHQODV XQLRQHVWREHUDVDIHHQGGHORVSUHVLRQDGRUHVHVXQSUREOHPDJHQpULFR /RVHQVD\RVQRGHVWUXFWLYRVUHDOL]DGRVWDQWRHQ&1$VFyFRPR&1 9DQGHOOzV,,QRGHWHFWDURQLQGLFDFLRQHVGHGHIHFWRHQHVWDVVROGDGXUDV SHURWUDVHODQiOLVLVGHODFREHUWXUDXOWUDVyQLFDHQHVWDViUHDVVHFRQILU PyODOLPLWDFLyQGHODVWpFQLFDVDFWXDOHVGHLQVSHFFLyQSDUDFXEULUWRGR HOYROXPHQGHLQWHUpV3RUHOOR\WUDVODHYDOXDFLyQGHODVH[SHULHQFLDV RSHUDWLYDV 7VXUXJD \ HVSHFLDOPHQWH OD GH :ROI &UHHN HQ RFWXEUH GH $1$9WRPyODGHFLVLyQFRQVHUYDGRUD\SURDFWLYDGHHPSOHDUHO ZHOGRYHUOD\FRPRWpFQLFDGHPLWLJDFLyQHQODVVHLVWREHUDVGHORVSUH VLRQDGRUHVGH&1$VFy\&19DQGHOOzV,,7DQWRHOGLVHxRFRPROD HMHFXFLyQIXHUHDOL]DGDSRU:HVWLQJKRXVHHQQRYLHPEUHGH$VFy QRYLHPEUH $VFy \ HQ MXOLR GH 9DQGHOOzV ,, FRQ UHVXOWDGRVPX\VDWLVIDFWRULRVWDQWRGHFDOLGDGGHODVVROGDGXUDVFRPR GH H[SRVLFLyQ D OD UDGLDFLyQ GH ORV WUDEDMDGRUHV GDGD OD ORFDOL]DFLyQ GHOiUHDGHWUDEDMR /D SULQFLSDO YHQWDMD GH HVWD WpFQLFD IUHQWH D RWUDV GH PLWLJDFLyQ HV TXHHVHQVtWDPELpQXQDWpFQLFDGHUHSDUDFLyQPHMRUDODLQVSHFFLR QDELOLGDG GH ODV VROGDGXUDV \ ODV WHQVLRQHV UHVLGXDOHV HQ OD VXSHUILFLH LQWHUQDILQDOHVVRQGHFRPSUHVLyQSRUORTXHSUHYLHQHHOLQLFLR\FUH FLPLHQWRGHJULHWDVSRU3:6&& 3XHVWR TXH SDUD HO GLVHxR KD VLGR QHFHVDULR HPSOHDU DOWHUQDWLYDV D ORVFDVRVGHOFyGLJR$60(;,$1$9HODERUyXQLQIRUPHVRSRUWHDO OLFHQFLDPLHQWRTXHREWXYRODUHVROXFLyQIDYRUDEOHGHO&61 (QODSRQHQFLDVHH[SRQGUiQORVUHVXOWDGRVPiVUHOHYDQWHVGHOSUR \HFWRWDQWRGHVXIDVHGHGLVHxRFRPRGHHMHFXFLyQ 3URJUDPD\6LQRSVLVGHODV3RQHQFLDV %6!,5!#)».$%65,.%2!"),)$!$$%#.6!.$%,,»3 ))!.4%4/2.!$/ «&ERNÈNDEZ*%NCABO!6AZ2OMERO-!-ORÈN -2OCH((ERNÈNDEZ."ARRERA ,'20 $1$9 WHULD´6&6HJ~QHOYDORUTXHWRPHHO6&VHFDOFXODUiHOWDPDxRFUtWLFR VLJXLHQGRXQRGHORVPpWRGRVGHDQiOLVLVDQWHULRUPHQWHFLWDGRV &RQYLVWDVDODHODERUDFLyQGHORV0DQXDOHVGH(YDOXDFLyQGH,QGLFD FLRQHV VH PRGLILFD OLJHUDPHQWH HO PpWRGR GH FiOFXOR GHO$SpQGLFH & \D TXH pVWH HVWi RULHQWDGR D HYDOXDU OD DFHSWDELOLGDG GH XQ GHWHUPLQDGR GHIHFWRPLHQWUDVTXHHOPpWRGRGHVDUUROODGRGHWHUPLQDVLHPSUHHOWDPDxR Pi[LPRDGPLVLEOHSDUDXQDVFRQGLFLRQHVGHRSHUDFLyQ\SURSLHGDGHVGHO PDWHULDOGDGDV (OREMHWRGHOSUHVHQWHWUDEDMRKDVLGRHOHVWXGLRGHYXOQHUDELOLGDGDQWH HOHYHQWRGHWRUQDGRGH&19DQGHOOyV,,3DUDHOORVHKDQHYDOXDGRODWR WDOLGDGGHODVHVWUXFWXUDVHGLILFLRVVLVWHPDV\FRPSRQHQWHVGHVHJXULGDG GHODLQVWDODFLyQDQWHODVVROLFLWDFLRQHVGHYLHQWRGHSUHVLyQHLPSDFWRGH SUR\HFWLOHVJHQHUDGDVSRUXQWRUQDGRHQHOHPSOD]DPLHQWR /D HYDOXDFLyQ SDUWH LQLFLDOPHQWH GH OD MXVWLILFDFLyQ GH FXPSOLPLHQWR FRQORVUHTXLVLWRVLPSXHVWRVSRUOD*XtD5HJXODGRUDHQVXUHYLVLyQ 3RUFRQVLGHUDUVHGLFKRVUHTXHULPLHQWRVH[FHVLYDPHQWHFRQVHUYDGRUHVSDUD ODORFDOL]DFLyQGH&19DQGHOOyV,,HQFXDQWRDODLQWHQVLGDGGHOWRUQDGR VHHVWLPDGHIRUPDSUREDELOLVWDDSDUWLUGHGDWRVREWHQLGRVHQOD3HQtQVXOD \%DOHDUHVXQWRUQDGRPiVUHDOLVWDSDUDHVWDiUHDJHRJUiILFDFRQHOTXH UHHYDOXDUODSODQWD (OHVWXGLRGHYXOQHUDELOLGDGGHODSODQWDDQWHODVROLFLWDFLyQSURGXFLGD SRUHOYLHQWRHQHGLILFLRV\FRPSRQHQWHVH[WHULRUHVGHVHJXULGDGVHKDUHD OL]DGRGHIRUPDGHWHUPLQLVWD(QHOFDVRGHODGHSUHVLyQHOWUDEDMRVHKD FHQWUDGRHQORVVLVWHPDVGHYHQWLODFLyQFDOHIDFFLyQ\DLUHDFRQGLFLRQDGR \ KD VLGR OOHYDGR D FDER SRU PpWRGRV GHWHUPLQVLWDV 3DUD OD HYDOXDFLyQ GHO LPSDFWR GH SUR\HFWLOHV VREUH HGLILFLRV \ FRPSRQHQWHV H[WHULRUHV GH VHJXULGDGVHKDQXWLOL]DGRWDQWRPpWRGRVSUREDELOLVWDVFRPRUHFRUULGRVHQ SODQWD\VXVPHGLGDVGHKRXVHNHHSLQJDVRFLDGDV$VLPLVPR\FXDQGRDVt KDVLGRUHTXHULGRVHKDQUHDOL]DGRDQiOLVLVFRQFUHWRVGHHOHPHQWRVILQLWRV FRQHOVRIWZDUHHVSHFtILFR$EDTXV([SOLFLWYHUVLyQ 'H ORV UHVXOWDGRV REWHQLGRV WUDV HVWD HYDOXDFLyQ VH SRGUiQ HVWDEOHFHU FXiOHVVRQODVSRVLEOHVYXOQHUDELOLGDGHVGHOHPSOD]DPLHQWRGH&19DQ GHOOyV,,DQWHXQVXFHVRGHWRUQDGR\ODVPHGLGDVDSRQHUHQSUiFWLFDSDUD PLQLPL]DUODV %6!,5!#)».!.!,¶4)#!$%).$)#!#)/.%3%.45"%2¶!3 &%22¶4)#!3 ##UETO&ELGUEROSO&*#AMPA×A**2ODRÓGUEZ 7(&1$720 /D6HFFLyQ;,GHO&yGLJR$60(DGHPiVGHHVWDEOHFHUODVLQVSHFFLRQHV HQVHUYLFLRGHORVFRPSRQHQWHV\WXEHUtDVFRQWLHQHORVFULWHULRVGHDFHS WDFLyQ\ORVPpWRGRVGHDQiOLVLVGHODVSRVLEOHVLQGLFDFLRQHVTXHSXHGDQ GHWHFWDUVH(QHOFDVRGHODVWXEHUtDVGHPDWHULDOIHUUtWLFRDFHURVDOFDU ERQRRGHEDMDDOHDFLyQGLFKDPHWRGRORJtDHVWiFRQWHQLGDHQHODUWtFXOR ,:%\HO$SpQGLFH&GHOD6HFFLyQ;, 8QDFDUDFWHUtVWLFDGHORVPDWHULDOHVGHODVWXEHUtDVIHUUtWLFDVHVTXHSUH VHQWDQXQDJUDQYDULDELOLGDGHQODWROHUDQFLDDORVGHIHFWRVRWHQDFLGDGDOD IUDFWXUDSDUDHOLQWHUYDORGHODVWHPSHUDWXUDVGHRSHUDFLyQGHODVFHQWUDOHV 3:5 \ %:5 3RU GLFKD UD]yQ HO$SpQGLFH & LQFOX\H GLIHUHQWHV PpWR GRVGHDQiOLVLVSDUDORVGLVWLQWRVPRGRVGHIDOORVHFFLyQQHWDGHFRODSVR SOiVWLFRSDUDORVPDWHULDOHVGHPD\RUWHQDFLGDGDODIUDFWXUDDVtFRPRORV PRGRVGHGHVJDUURG~FWLO\GHH[WHQVLyQQRG~FWLOGHOGHIHFWRUHVSHFWLYD PHQWH SDUD ORV VLJXLHQWHV QLYHOHV GH WHQDFLGDG D OD IUDFWXUD GHO PDWHULDO 'LFKR$SpQGLFHLQFOX\HWDPELpQXQPpWRGRSDUDGHWHUPLQDUHOPRGRGH IDOORDSOLFDEOHSDUDXQPDWHULDOWDPDxRGHOGHIHFWR\VROLFLWDFLRQHVGHWHU PLQDGRV 3DUD HOOR VH GHILQH XQ SDUiPHWUR GHQRPLQDGR ³6FUHHQLQJ &UL $%3'!34%0,!#!345"/3'5¶!"!22!3$%#/.42/, ).4%2./350%2)/26!3)*!$%,2%!#4/2#. 6!.$%,,¾3)) #-U×OZ-2EICHENBACH $1$9 :(67,1*+286( /RV WXERV JXtD GH ODV EDUUDV GH FRQWURO IRUPDQ SDUWH GH ORV LQWHUQRV VXSHULRUHVGHODYDVLMDGHOUHDFWRU6XIXQFLyQHVJXLDUODVEDUUDVGHFRQWURO SDUDSHUPLWLUVXLQVHUFLyQHQHOQ~FOHRGHOUHDFWRU6HHQFXHQWUDQVXVSHQ GLGRVGHODSODFDVRSRUWHVXSHULRUDODTXHVHILMDQPHGLDQWHSHUQRV\VH H[WLHQGHQKDVWDODSODFDVXSHULRUGHOQ~FOHRGRQGHVHVXMHWDQPHGLDQWHORV EXORQHVGHVXMHFLyQ³VSOLWSLQ´DILQGHHYLWDUHOGHVSOD]DPLHQWRODWHUDO GHORVWXERVJXtDSHUPLWLHQGRDVXYH]ODGLODWDFLyQD[LDO (OWXERJXtDGH9DQGHOOyV,,HVGHGLVHxR[$66HGLYLGHHQGRV SDUWHVSULQFLSDOHV(O7XER*XtD6XSHULRU8*7HQGRQGHVHGLVWLQJXHQ FXDWURSODFDV\HO7XER*XtD,QIHULRU/*7TXHFRQVLVWHHQXQDVHFFLyQ FRQWLQXD\HQXQD]RQDFHQWUDOHQGRQGHVHGLVWLQJXHQVHLVSODFDV 6HKDREVHUYDGRXQGHVJDVWH\XQDWDVDGHGHVJDVWHVLJQLILFDWLYRVHQOD LQVSHFFLyQUHDOL]DGDHQODUHFDUJDGH0D\RGHODVSODFDVGHORVWXERV JXtD&RPRFDXVDGHOGHVJDVWHVHDSXQWDSUHOLPLQDUPHQWHHOPRYLPLHQWR YLEUDWRULRUDGLDOGHODVYDULOODVGHODVEDUUDVGHFRQWUROFDXVDGRSRUODYH ORFLGDGGHOIOXMRGHOUHIULJHUDQWHGHOUHDFWRUDODWUDYHVDUODYDVLMD 'HVGH XQ SXQWR GH YLVWD GH ,QJHQLHUtD VH HVWi HYDOXDQGR ORV IDFWRUHV TXHKDQFRQWULEXLGRDHVWDWDVDGHGHVJDVWH\VLGHELGRDOGHVJDVWHVLJQLIL FDWLYRHQFRQWUDGRVHSXHGHQSUHVHQWDUORVVLJXLHQWHVULHVJRV 3RVLELOLGDGGHTXHXQDEDUUDGHFRQWUROSXHGDTXHGDUDWDVFDGDHQHOWXER JXtD(VWRSRGUtDGDUOXJDUDXQLQFUHPHQWRHQWLHPSRGHFDtGDGHEDUUDV\ HYHQWXDOPHQWHDXQTXHVHFRQVLGHUDGHPX\EDMDSUREDELOLGDGDOIDOORDOD LQVHUFLyQGHXQDRPiVEDUUDVGHFRQWUROHQFDVRGHGLVSDURGHOUHDFWRU (QODSRQHQFLDVHH[SRQGUiQORVUHVXOWDGRVPiVUHOHYDQWHVGHOSUR\HFWR DVtFRPRORVHVWXGLRVDGLFLRQDOHVTXHVHHVWiQUHDOL]DQGR !.«,)3)3$%,)-0!#4/$%5.4/2.!$/%. 5.!#%.42!,.5#,%!2 *-ELENDRO ,%(5'52/$,1*(1,(5,$<&216758&&,Ï16$ &DGDYH]ORVUHTXHULPLHQWRVGHVHJXULGDGGHODVFHQWUDOHVQXFOHDUHV VRQ PD\RUHV \ FXDQGR VXUJHQ QXHYRV UHTXHULPLHQWRV SXHGHQ WHQHU DSOLFDFLyQ VREUH FHQWUDOHV FRQVWUXLGDV TXH QR IXHURQ GLVHxDGDV SDUD HVR,QFOXVRHPSLH]DQDFRQVLGHUDUVHUHTXHULPLHQWRVHQOXJDUHVGRQGH VX RFXUUHQFLD HV EDVWDQWH LPSUREDEOH SRUTXH KDQ VXFHGLGR HQ RWURV OXJDUHVGHOSODQHWDWVXQDPLVWRUQDGRVWLIRQHV 7DOHVHOFDVRGHOUHTXLVLWRGHO&61H[LJLGRDODV&&11HVSDxR ODV PHGLDQWH FDUWD &1&2)&2)6* GH IHFKD GH 1 ,Ê-*!ÊÃi«ÌiLÀi-ÊÓä£ä Ó£ 6(6,21(67e&1,&$6 DSOLFDFLyQ GH OD 5HJXODWRU\ *XLGH 'HVLJQ%DVLV 7RPDGR DQG 7RPDGR 0LVVLOHV IRU 1XFOHDU 3RZHU 3ODQWV \ GH HVWD IRUPD UHTXHULU ODDGHFXDFLyQGHXQDFHQWUDOQXFOHDUIXWXUDR\DH[LVWHQWHDQWHHOLP SDFWRGHXQWRUQDGR (QODSRQHQFLDVHH[SRQGUiQORVLJXLHQWH 6HH[SOLFDUiHQTXpFRQVLVWHXQWRUQDGRFyPRVHIRUPD\]RQDVGHO SODQHWDGRQGHVHGDQFRQPD\RUIUHFXHQFLD /RVHIHFWRVGHXQWRUQDGRVRQSULQFLSDOPHQWHODSUHVLyQRVXFFLyQ\ WDPELpQHOLPSDFWRGHREMHWRVSUR\HFWLOHV 1R KD\ QRUPDWLYD HXURSHD HVSHFtILFD VREUH WRUQDGRV SHUR Vt DPH ULFDQD ¢&yPR VH DSOLFD OD QRUPDWLYD DPHULFDQD HQ (XURSD" ¢4Xp KLSyWHVLV KD\ TXH WRPDU" 6H H[SOLFDUi HQ GHWDOOH ORV HIHFWRV GH XQ WRUQDGRVHJ~QOD5* 6HH[SOLFDUiDTXpHVWUXFWXUDVVLVWHPDV\FRPSRQHQWHVGHXQDFHQ WUDO OHV DSOLFDUtD HO DQiOLVLV GHO WRUQDGR UHDOL]DQGR XQD DQDORJtD FRQODFODVLILFDFLyQVtVPLFD(QUHVXPHQVHDSOLFDUiVREUHDTXHOORV HOHPHQWRVTXHGHEHQPDQWHQHUVXIXQFLRQDOLGDGGXUDQWHXQWRUQDGR SDUDSHUPLWLUODSDUDGDVHJXUDGHOUHDFWRU 6H H[SOLFDUiQ ODV FRQVHFXHQFLDV VREUH XQD FHQWUDO H[LVWHQWH \ ODV PHGLGDV D UHDOL]DU SDUD HYLWDU GHVWUR]RV HQ HVWUXFWXUDV \ HTXLSRV GHWHUPLQDGRV UHIXHU]R GH HVWUXFWXUDV VXMHFLyQ GH HOHPHQWRV SUR \HFWLOHV SRWHQFLDOHV HVWUXFWXUDV GH SURWHFFLyQ GH HOHPHQWRV D OD LQWHPSHULH ).34!,!#)/.$%7%,$/6%2,!9%.,!34/"%2!3$%, 02%3)/.!$/2$%#.!,-!2!:)))9#.!.'2!) #"OSCH*(ERNANDO00IRIZ2-ATTSON.%NG.*ENKINS ,%(5'52/$,1*(1,(5,$<&216758&&,Ï16$ ,EHUGUROD ,QJHQLHUtD \ &RQVWUXFFLyQ KD UHDOL]DGR XQ PDQWHQLPLHQWR SUHYHQWLYR HQ ODV VHLV WREHUDV GH ORV 3UHVLRQDGRUHV GH ODV &HQWUDOHV GH $OPDUD] 8QLGDGHV , \ ,, \ HVWi SUHYLVWD VX LQVWDODFLyQ HQ OD 8QLGDG , GH OD &HQWUDO GH$1*5$ 3DUD HVWRV WUDEDMRV ,EHUGUROD ,QJHQLHUtD \ &RQVWUXFFLyQ KD FRQWDGR FRQ OD SDUWLFLSDFLyQ GH GRV GH ODV HPSUHVDV ÓÓ 1 ,Ê-*!ÊÃi«ÌiLÀi-ÊÓä£ä OLGHUHV HQ HO VHFWRU :HOGLQJ 6HUYLFHV ,QF :6, \ 6WUXFWXUDO ,QWH JULW\$VVRFLDWHV ,QF 6, (VWH WLSR GH PDQWHQLPLHQWR HV VLPLODU DO XWLOL]DGRHQPXFKDVSODQWDVGHGLVHxR:HVWLQJKRXVHHQORV(VWDGRV 8QLGRV\KDVWDODIHFKD:6,KDUHDOL]DGRXQQ~PHURLPSRUWDQWHGH LQWHUYHQFLRQHV VLQ LQGLFDFLRQHV QR DFHSWDEOHV TXH KD\DQ UHTXHULGR UHVROGDGXUD /DPLWLJDFLyQSRUPHGLR:HOG2YHUOD\HVWDGLVHxDGDFRPRXQ³IXOO 6WUXFWXUDO 2YHUOD\´ OR TXH VXSRQH TXH DVXPLHQGR XQD JULHWD SDVDQWH \ QR GDQGR FUpGLWR DO HVSHVRU RULJLQDO GH SDUHG FXPSOH FRQ WRGRVORVPiUJHQHVGHGLVHxRDVtFRPRFRQORVFyGLJRVDSOLFDEOHV (ODOFDQFHGHORVWUDEDMRVKDLQFOXLGRVRSRUWHGHOLFHQFLDIUHQWHDO RUJDQLVPR UHJXODGRU GLVHxR H LPSOHPHQWDFLyQ (O VRSRUWH GH OLFHQ FLD KD VXSXHVWR OD JHQHUDFLyQ XQ ³UHOLHI UHTXHVW´ SDUD HO RUJDQLVPR 5HJXODGRU DVt FRPR OD UHVROXFLyQ GH WRGD OD LQIRUPDFLyQ DGLFLRQDO UHTXHULGDSRUORVPLVPRV/DVWDUHDVGHGLVHxRLQFOX\HQHOGLPHQVLR QDGRGHO:HOG2YHUOD\DQiOLVLVUHTXHULGRVSRU$60(,,,DQiOLVLVGH WHQVLRQHV UHVLGXDOHV PHFiQLFD GH OD IUDFWXUD GH JULWDV SRVWXODGDV \ HYDOXDFLyQ/%%VLDSOLFD (O REMHWLYR GH OD PLWLJDFLyQ HV SUHYHQLU ORV SUREOHPDV DVRFLDGRV D OD DSDULFLyQ GH 3:6&& HQ ODV VROGDGXUDV GLVLPLODUHV FRQWHQLHQGR $OOR\/DPLWLJDFLyQVHFRQVLJXHPHGLDQWHODH[LVWHQFLDGHXQ HVWDGRGHWHQVLRQHVUHVLGXDOHVIDYRUDEOHWUDVODDSOLFDFLyQGHO:2/ DVtFRPRSRUODPHMRUDGHODLQVSHFLRQDELOLGDGGHODVROGDGXUD /RVEHQHILFLRVREWHQLGRVSRUODLQVWDODFLyQGHXQ:HOG2YHUOD\VRQ 5HVWDXUDUORVPiUJHQHVHVWUXFWXUDOHVUHTXHULGRVSRUODVHFFLyQ;, GHOFyGLJR$60(SDUDVROGDGXUDVDJULHWDGDV ,QVWDODFLyQGHXQPDWHULDOUHVLVWHQWHDO6&& 7HQVLRQHVUHVLGXDOHVGHFRPSUHVLyQHQOD]RQDVXVFHSWLEOHDO6&& GHODSDUHGRULJLQDOiUHDLQWHULRU 0HMRUDGHORVUHTXLVLWRVGHLQVSHFFLyQ\GHLQVSHFLRQDELOLGDG /DLQVSHFFLyQGHODVROGDGXUDPLWLJDGDHVPiVIiFLOGHFXDOLILFDU\ UHDOL]DUTXHODVROGDGXUDGLVLPLODURULJLQDO /DPLWLJDFLyQSHUPLWHUHWRUQDUDORVLQWHUYDORVGHLQVSHFFLyQGHOD VHFFLyQ;,GHOFyGLJR$60( (VWD SRQHQFLD GHVFULEH ODV GLIHUHQWHV HWDSDV GH OD UHSDUDFLyQ OL FHQFLDGLVHxR\HMHFXFLyQGHO:HOG2YHUOD\DVtFRPRORVUHVXOWDGRV REWHQLGRV 3URJUDPD\6LQRSVLVGHODV3RQHQFLDV 3!,! -IÏRCOLESH -!.4%.)-)%.4/) 02%3)$%.4%*OSÏ-"ERNALDODE1UIRØS #%.42!,.5#,%!2$%!,-!2!: #//2$).!$/2*OSÏ-IGUEL.AVALØN #%.42!,.5#,%!2$%#/&2%.4%3 #5!,)&)#!#)/.%.%02)$%,!34%#.)#!3$% ).30%##)/.54$%,!30%.%42!#)/.%3$%,!4!0! $%,!6!3)*! --ÏNDEZ#A×ETE 7(&1$720 /DLQVSHFFLyQGHODVSHQHWUDFLRQHVSDUDORVDFFLRQDPLHQWRVGHODVEDUUDV GHFRQWURO&5'0HQ7DSDVGH9DVLMDWLSR3:5YLHQHVLHQGRXQUHTXHUL PLHQWRSRUSDUWHGHORVRUJDQLVPRVUHJXODGRUHVGHWRGRHOPXQGRGHELGR DODGHIHFWRORJtDDSDUHFLGDHQHVWHFRPSRQHQWHGHVGHORVDxRV /D15&QRUWHDPHULFDQDKDOLGHUDGRDQLYHOPXQGLDOORVUHTXHULPLHQWRV GHLQVSHFFLyQDWUDYpVGHGLYHUVRVEROHWLQHV\yUGHQHVHQORVTXHVHUHJX ODEDQWDQWRODVIUHFXHQFLDVGHLQVSHFFLyQFRPRORVDOFDQFHV\WpFQLFDVD HPSOHDU (OGHHQHURGHHQWUyHQYLJRUODQXHYDQRUPDWLYDGHOD15&ED VDGDHQHO$60(&RGH&DVH1\HOFyGLJRIHGHUDO&)5D SXEOLFDGRHOGH6HSWLHPEUHGH (VWDQXHYDQRUPDWLYDDQXODODDQWHULRU1&52UGHU($HLQFRU SRUD XQ UHTXHULPLHQWR GH FXDOLILFDFLyQ WDQWR GH ORV SURFHGLPLHQWRV HP SOHDGRVHQODVLQVSHFFLRQHVGHORV&5'0FRPRGHOSHUVRQDOTXHUHDOLFH ODHYDOXDFLyQGHORVGDWRVGHODLQVSHFFLyQ(OUHTXHULPLHQWRDSOLFDH[FOX VLYDPHQWHDODVWpFQLFDVGHLQVSHFFLyQXOWUDVyQLFDVHLQFOX\HWDPELpQOD GHPRVWUDFLyQGHODWpFQLFDSDUDODYDORUDFLyQGHO/HDN3DWK (OSURJUDPDGHFXDOLILFDFLyQKDVLGRGHVDUUROODGRSRU(35,\FRQVLVWH HQ OD DGTXLVLFLyQ GH GDWRV \ SRVWHULRU GHWHFFLyQ \ GLPHQVLRQDPLHQWR GH GHIHFWRV GH GLVWLQWDV RULHQWDFLRQHV \ SURIXQGLGDGHV WDQWR LQWHUQRV FRPR H[WHUQRVHQODSDUHGGHOWXER/RVEORTXHVGHFXDOLILFDFLyQVRQFRQVLGH UDGRV FLHJRV \ H[LVWH XQ FULWHULR HVWDGtVWLFR GH ³SDVDQR SDVD´ DSOLFDEOH WDQWRDORVSURFHGLPLHQWRVFRPRDOSHUVRQDOGHDQiOLVLV 7HFQDWRPSDUWLFLSDHQHVWHSURJUDPDSDUDODFXDOLILFDFLyQGHVXVWpFQL FDVGHLQVSHFFLyQWDQWRFRQVRQGDVVDEOHSDUDSHQHWUDFLRQHVFRQPDQJXLWR WpUPLFR FRPR FRQ VRQGDV RSHQKRXVLQJ SDUD SHQHWUDFLRQHV DELHUWDV (O REMHWLYR HV SRQHU DO VHUYLFLR GH DTXHOORV FOLHQWHV TXH OR GHPDQGHQ XQ VLVWHPDGHLQVSHFFLyQGHSHQHWUDFLRQHVGHWDSDGHYDVLMDFXDOLILFDGR\KR PRORJDGRSRUODDFWXDOQRUPDWLYD15& .5%6!4!0!$%,!6!3)*!$%,2%!#4/20!2! #.6!.$%,,»3))6%2)&)#!#)».$%$)3%º/$%,! -/$)&)#!#)». -,AMU×O "'ARCÓA 3!RENZANA -2EICHENBACH 6HJ~Q OD H[SHULHQFLD RSHUDFLRQDO LQWHUQDFLRQDO ODV iUHDV GH OD EDUUHUD GHSUHVLyQGHFHQWUDOHVQXFOHDUHV3:5FRQ,QFRQHODVtFRPR,QFRQHO \FRPRPDWHULDOGHDSRUWDFLyQHQODVVROGDGXUDVKDQSUHVHQWDGR SUREOHPDVGHDJULHWDPLHQWRSRU3:6&&3ULPDU\:DWHU6WUHVV&RUURVLRQ &UDFNLQJHQJHQHUDGRUHVGH9DSRUGHVGHORVDxRV\HQODVWDSDVGHODV YDVLMDVGHUHDFWRUHVGHVGHORV :HVWLQJKRXVHKDUHDOL]DGRXQHVWXGLRSDUD&&11GH$VFy\9DQGHOOyV GHVXVFHSWLELOLGDGGHPDWHULDO,QFRQHOHQGLYHUVRVHTXLSRVGRQGHVH UHFRPLHQGDWRPDUFLHUWDVPHGLGDVSDUDPLWLJDUHOIHQyPHQRGH3:6&& /DWDSDGHODYDVLMDGHOUHDFWRUGH&19DQGHOOyV,,IXHIDEULFDGDFRQ HVWRVPDWHULDOHVVXVFHSWLEOHVDO3:6&&,QFRQHOSDUDORVWXERVGHODV SHQHWUDFLRQHVGHOPHFDQLVPRGHDFWXDFLyQGHODVEDUUDVGHFRQWURO\SDUD ODVOtQHDVGHYHQWHR,QFRQHO\HQODVVROGDGXUDVHQ-H,QFRQHO HQODVVROGDGXUDVGHSHQHWUDFLyQWRWDOHQWUHODVSHQHWUDFLRQHV\ODVEULGDV GHLQR[LGDEOH(QODVLQVSHFFLRQHVVXFHVLYDVUHDOL]DGDVHQ&19DQGHOOyV ,, QXQFD VH KDQ HQFRQWUDGR SUREOHPDV GH DJULHWDPLHQWR QR REVWDQWH VHRSWDFRPRPHGLGDSUHYHQWLYDODVXVWLWXFLyQGHODWDSDGHODYDVLMDGHO UHDFWRU /DQXHYDWDSDGHODYDVLMDGLVHxDGDSDUD&19DQGHOOyV,,UHHPSOD]DUi HOPDWHULDO,QFRQHOSRU,QFRQHO\ODVDOHDFLRQHVSDUDODVVROGDGX UDV,QFRQHO\SRU,QFRQHO0\0'LFKRVPDWHULDOHVSUHVHQ WDQJUDQUHVLVWHQFLDIUHQWHDOIHQyPHQRGHGHJUDGDFLyQ3:6&& $GHPiVGHOFDPELRGHPDWHULDOODQXHYDWDSDSUHVHQWDRWUDVYDULDFLRQHV UHVSHFWRDODWDSDDFWXDOGLVPLQXFLyQGHOYROXPHQGHODVVROGDGXUDVGHODV SHQHWUDFLRQHV D OD WDSD VROGDGXUD - HOLPLQDFLyQ GH OD VROGDGXUD EULGD FDVTXHWH UHGXFFLyQ GHO Q~PHUR GH SHQHWUDFLRQHV GHMDQGR GH UHVHUYD DQXODFLyQGHORVPDQJXLWRVWpUPLFRVFRQWXERVGHH[WHQVLyQGHODVSHQH WUDFLRQHV\QXHYRWUD]DGRGHWXEHUtDSDUDHO59/,66LVWHPDGH0HGLFLyQ GH1LYHOGHOD9DVLMDGHO5HDFWRU 'HQWURGHODPSOLRDOFDQFHGHHVWHSUR\HFWRVHHVWDEOHFHXQSURJUDPD GHDFWLYLGDGHVDOJXQDVGHODVFXDOHVGDQOXJDUDPRGLILFDFLRQHVGHGLVHxR (QHVWDSRQHQFLDVHGHVFULEHQDTXHOORVDVSHFWRV\FRQVLGHUDFLRQHVTXH VH WLHQHQ HQ FXHQWD HQ ORV DQiOLVLV GH YHULILFDFLyQ GH GLVHxR DVRFLDGRV D DOJXQDV GH HVWDV PRGLILFDFLRQHV GHULYDGDV (O REMHWLYR GH HVWRV DQiOLVLV HV FRPSUREDU TXH FRQ GLFKDV PRGLILFDFLRQHV VH VLJXH PDQWHQLHQGR OD GLVSRQLELOLGDGILDELOLGDG\ODVFDSDFLGDGHVIXQFLRQDOHVGHODVHVWUXFWXUDV VLVWHPDV\FRPSRQHQWHVTXHVRQUHTXHULGRVSDUDODRSHUDFLyQVHJXUDGHOD 3ODQWD -²4/$/3)-0,)&)#!$/0!2!%,%345$)/$% 6)"2!#)/.%3%.,¶.%!3$%45"%2¶! *--ORCILLO :(67,1*+286((/(&75,&63$,1 :(67,1*+286((/(&75,&63$,16$8 $1$9 1 ,Ê-*!ÊÃi«ÌiLÀi-ÊÓä£ä ÓÎ 6(6,21(67e&1,&$6 $UDt]GHXQDFRQVHFXFLyQGHIDOORVDFDHFLGRVHQP~OWLSOHVYiOYXODV GHOVLVWHPD9DSRUGH&LHUUHVGH7XUELQDVHVRVSHFKDTXHORVWUDPRVGH WXEHUtDLQYROXFUDGRVSXHGHQVHUREMHWRGHYLEUDFLRQHVH[FHVLYDV (O FOLHQWH H[SUHVD VX SUHIHUHQFLD SRU OD HYDOXDFLyQ SRU SDUWH GH LQJHQLHUtDGHOIHQyPHQRGHVFULWRDQWHVGHSURFHGHUDODPRGLILFDFLyQ ItVLFDGHODVOtQHDVDIHFWDGDVLQFUHPHQWDUODULJLGH]GHOFRQMXQWRWXEH UtDVRSRUWHVVXHOHVHUHOPpWRGRPDVFRP~QSDUDFRPEDWLUODDSDULFLyQ GHYLEUDFLRQHVLQGHVHDGDV &RPRGDWRGHSDUWLGDSDUDODHYDOXDFLyQVHGLVSRQHGHORVSLFRVHV SHFWUDOHVWRPDGRVHQSODQWDSRU0DQWHQLPLHQWRYHORFLGDGIUHFXHQFLD $ IDOWD GH XQD KHUUDPLHQWD LQIRUPiWLFD SDUD FRQYHUWLU GLFKR LQSXW HQ WHQVLRQHV HQ OtQHDV \ FDUJDV HQ UHVWULFFLRQHV VH GHVDUUROOD XQ PpWRGR VLPSOHSDUDODHYDOXDFLyQHQYROYHQWHGHOHIHFWRGHYLEUDFLRQHVDSDUWLU GHODLQIRUPDFLyQGLVSRQLEOH (OPpWRGRWLHQHFRPRREMHWRHQFRQWUDUXQYDORUGHDFHOHUDFLyQTXH HQYXHOYD D WRGRV ORV UHJLVWURV GH YHORFLGDGIUHFXHQFLD VXPLQLVWUDGRV SRU PDQWHQLPLHQWR 'LFKD DFHOHUDFLyQ SRGUi SRVWHULRUPHQWH LQWURGX FLUVHHQHOSURJUDPDGHFiOFXORGHVWUHVVHQWXEHUtDVVLHQGRSRUWDQWR FDSDFHV GH FXDQWLILFDU VX LQIOXHQFLD HQ HO FRPSRUWDPLHQWR GH OtQHDV VRSRUWHV\ERTXLOODV /DSRQHQFLDSURSXHVWDSUHWHQGHGHVFULELUHOPpWRGRGHVFULWR\GLVFX WLUVXSRVLEOHDSOLFDELOLGDGHQFDVRVDQiORJRV 2%#/-%.$!#)/.%3$%,-20).30%##)».$% 3/,$!$52!3$)3)-),!2%3%.6!3)*!3$%2%!#4/2 %.%30!º! *2'ADEA**2EGIDOR0'ØMEZ'ONZALEZ&'ODÓNEZ 7(&1$720 /DVUHFRPHQGDFLRQHVGHODJXtD053SDUDLQVSHFFLRQHVGHVROGD GXUDVGLVLPLODUHVKDQVLGRUHFLHQWHPHQWHLPSOHPHQWDGDVHQ86$$XQ TXH HVDV UHFRPHQGDFLRQHV QR VRQ PDQGDWRULDV DFWXDOPHQWH HQ (VSDxD VHHVSHUDTXHORVHDQDFRUWRSOD]RGHELGRDHVWRODVFHQWUDOHVQXFOHDUHV HVWiQSODQLILFDQGRODLPSOHPHQWDFLyQGHHVWHWLSRGHLQVSHFFLRQHVHQODV VROGDGXUDVDIHFWDGDVGHODVWREHUDVGHO5HDFWRU &RPR HVWH WLSR GH LQVSHFFLRQHV SXHGHQ LPSDFWDU HQ OD GXUDFLyQ GHO FDPLQR FUtWLFR GH OD SDUDGD OD SRVLELOLGDG GH XVDU ORV HTXLSRV GH LQV SHFFLyQ GH YDVLMD HVWiQGDU HV LQDFHSWDEOH 6H KDFH QHFHVDULR HO XVR GH HTXLSRVFDSDFHVGHH[DPLQDUODVVROGDGXUDVDIHFWDGDVGHODVWREHUDVRFX SDQGRODYDVLMDHOPHQRUWLHPSRSRVLEOHXWLOL]DQGRWpFQLFDVFXDOLILFDGDV \FRQUHTXHULPLHQWRVPtQLPRVHQODSODWDIRUPDGHUHFDUJD (Q HO DxR 7HFQDWRP \D GHVDUUROOy XQ HTXLSR SDUD LQVSHFFLRQDU ODVWREHUDVGHOUHDFWRUDFFHVLEOHVFRQORVLQWHUQRVLQIHULRUHVLQVLWXUD PDVFDOLHQWHV(VWHHTXLSROODPDGR7(1,6KDVLGRXWLOL]DGRSDUDUHDOL ]DUODLQVSHFFLyQGHODVVROGDGXUDVGLVLPLODUHVGHODVWREHUDVGHO5HDFWRU GHODFHQWUDOQXFOHDUGH$VFy /DVWpFQLFDVGHLQVSHFFLyQIXHURVFXDOLILFDGDVDWUDYpVGHODRUJDQL]D FLyQ*589$/ (OHTXLSRPHFiQLFRIXHSXHVWRDOGtDFRQHOILQGHLQFRUSRUDUPD\RU Q~PHUR GH VRQGDV GH LQVSHFFLyQ \ FiPDUDV SDUD LQVSHFFLyQ YLVXDO \ PRQLWRUL]DUODLQVSHFFLyQXOWUDVyQLFD2WUDVSDUWHVGHOHTXLSRPHFiQLFR IXHURQPRGLILFDGDVSDUDPLQLPL]DUODVQHFHVLGDGHVHQODSODWDIRUPDGH UHFDUJD (Q FRQMXQFLyQ FRQ HO HTXLSR PHFiQLFR VH XVy XQ VXEPDULQR SDUD PRQLWRUL]DU \ D\XGDU D ORV WUDVODGRV GHO HTXLSR GH LQVSHFFLyQ GH XQDWREHUDDODVRWUDV'RVPHVHVDQWHVGHODLQVSHFFLyQVHUHDOL]DURQ SUXHEDV GH WRGR HO VLVWHPD GH LQVSHFFLyQ VREUH XQD PDTXHWD GH WREHUD VLWXDGD HQ XQD SLVFLQD D PHWURV GH SURIXQGLGDG HVWD LQVWDODFLyQ IXH XVDGD LJXDOPHQWH SDUD HQWUHQDPLHQWR GHO SHUVRQDO SDUWLFLSDQWH HQ OD LQVSHFFLyQ Ó{ 1 ,Ê-*!ÊÃi«ÌiLÀi-ÊÓä£ä /RVREMHWLYRVGHODLQVSHFFLyQIXHURQFRQVHJXLGRVXVRGHWpFQLFDVFXD OLILFDGDV\PtQLPRLPSDFWRHQODVDFWLYLGDGHVGHUHFDUJDGHOD&HQWUDO (QHVWDSUHVHQWDFLyQVHGHVFULEHQORVHTXLSRV\WpFQLFDVXWLOL]DGRVDVt FRPRORVGHWDOOHVGHODLQVSHFFLyQUHDOL]DGD %80%2)%.#)!3%.#!-0/%.-/.)4/2):!#)».$% $%3#!2'!30!2#)!,%3%.-«15).!32/4!4)6!3 *##ANO%0ÏREZ)"LOKHINTSEV 7(&1$720 ($72186$ /DSDVDGDGpFDGDKDYLVWRXQDJUDQUHYROXFLyQHQHOPDQWHQLPLHQ WR GH 0iTXLQDV (OpFWULFDV 5RWDWLYDV SULQFLSDOPHQWH HQ HO FDPSR GH PRQLWRUL]DFLyQ GHO DLVODPLHQWR +DFH GLH] DxRV OD PRQLWRUL]DFLyQ GHODVPiTXLQDVHUDSURKLELWLYRSDUDODPD\RUtDGHHPSUHVDV\SRFDV PiTXLQDV XWLOL]DEDQ HVWD WHFQRORJtD +R\ HQ GtD OD PRQLWRUL]DFLyQ GH GHVFDUJDV SDUFLDOHV HVWi DPSOLDPHQWH H[WHQGLGD \ OD H[SHULHQFLD GH SURSLHWDULRV \ FRPSDxtDV GH PDQWHQLPLHQWR HVWi FUHFLHQGR /D PRQLWRUL]DFLyQ GH GHVFDUJDV SDUFLDOHV HV KR\ XQD WpFQLFD DFHSWDGD (QHVWDSRQHQFLDDQDOL]DPRVYDULRVFDVRVHQORVFXDOHVODPRQLWRUL]D FLyQGHGHVFDUJDVSDUFLDOHVKDVLGR~WLOSDUDODGHWHFFLyQGHGHIHFWRV LQFLSLHQWHVTXHHQRWURFDVRSRGUtDQKDEHUGDGROXJDUDIDOORVJUDYHV (QFDGDFDVRVHDQDOL]DODVGLIHUHQWHVFRQILJXUDFLRQHVGHOHTXLSRGH PHGLGD\VHFRPHQWDQORVUHVXOWDGRVREWHQLGRV 0,!.$%!#45!#)».$%,!#.34!-!$%'!2/º! !.4%,!02%3%.#)!%.%,%-"!,3%$%3/"2».$% ,!%30%#)%).6!3/2!-%*),,».#%"2!$2%)33%.! 0/,9-/20(! 2(ORTIGàELA2'ONZÈLEZ-IGUÏLEZ 18&/(125 (O 0HMLOOyQ &HEUD 'UHLVVHQD 3ROLPRUSKD HV XQ PROXVFR ELYDOYR GHDJXDGXOFHSURFHGHQWHGHOPDU&DVSLR\TXHGHVGHILQDOHVGH KDELWDHQHOHFRVLVWHPDGHOHPEDOVHGH6REUyQ(VXQDHVSHFLHPX\ WHPLGDSRUVXVFRQVHFXHQFLDVHQORVHFRVLVWHPDVQDWXUDOHVDIHFWDGRV DVt FRPR HQ ODV LQVWDODFLRQHV TXH SUHFLVDQ GH FDSWDFLyQ GH DJXD GH ORVPLVPRVSDQWDQRVUtRVHWF\DTXHHQVXIDVHEHQWyQLFDFXDQ GRFRPLHQ]DDIRUPDUVXFRQFKDIRUPDGHQVDVFRORQLDVTXHSXHGHQ SURYRFDUREWXUDFLRQHVHQHOLQWHULRUGHWXEHUtDV\RWURVFRPSRQHQWHV KLGUiXOLFRV$GHPiV SRVHH XQD JUDQ FDSDFLGDG GH UHSURGXFFLyQ \ DGDSWDFLyQDOPHGLRORFXDOVLJQLILFDTXHXQDYH]FRORQL]DXQDFXHQ FDVXFRQWURO\HUUDGLFDFLyQHVSUiFWLFDPHQWHLPSRVLEOH 8QDYH]FRQILUPDGRVORVSULPHURVLQGLFLRVGHODSUHVHQFLDGHOPH MLOOyQFHEUDHQHOHPEDOVHGH6REUyQ1XFOHQRUGHFLGLyDQWLFLSDUVHDO SRVLEOHLPSDFWRTXHODSUHVHQFLDGHHVWDHVSHFLHSXGLHUDRFDVLRQDUHQ ODVLQVWDODFLRQHVGHOD&HQWUDO1XFOHDUGH*DURxD3DUDHOORVHFUHy XQHTXLSRPXOWLGLVFLSOLQDU6HDQDOL]DURQWRGRVORVVLVWHPDVVHQVLEOHV D OD SUHVHQFLD GH HVWH PROXVFR \ VH IXHURQ DGRSWDQGR PHGLGDV SUH YHQWLYDVGLVWLQWDVHQIXQFLyQGHGLVWLQWDVYDULDEOHVFRPRSRUHMHPSOR ODXELFDFLyQGHOHTXLSRODYHORFLGDGGHSDVRGHDJXDWHPSHUDWXUDV HVWDFLyQGHODxRHWF\VLHPSUHWHQLHQGRPX\SUHVHQWHODVFDUDFWHUtV WLFDVELyWLFDVGHOPHMLOOyQFHEUD )UXWRGHHVWHWUDEDMRVHKDFRQVHJXLGRTXHHOLPSDFWRGHOPHMLOOyQ FHEUD KD\D TXHGDGR PLWLJDGR HQ JUDQ SDUWH PDQWHQLpQGRVH GXUDQWH WRGR HVWH WLHPSR OD RSHUDELOLGDG GH DTXHOORV VLVWHPDV GH OD SODQWD VXVFHSWLEOHVGHVHUDIHFWDGRVSRUHOPHMLOOyQFHEUD 3URJUDPD\6LQRSVLVGHODV3RQHQFLDV $%4%##)».$%"52"5*!3$%'«3-%$)!.4% 5,42!3/.)$/3 (VWHFRQMXQWRGHPXHVWUDVIXHURQVRPHWLGDVDHQVD\RVGHHQYHMHFL PLHQWRWpUPLFR\GHLUUDGLDFLyQFRQREMHWRGHVLPXODUGLIHUHQWHVHVFD ORQHVGHHQYHMHFLPLHQWR\DxRV (OSURFHVRGHHQVD\RVOOHYDGRDFDERKDVLGRHOVLJXLHQWH *!0ELÈEZ)-ACH#ESTERO!0ONTES*2'ADEA ± 0HGLGDV LQLFLDOHV VREUH FDEOH VLQ HQYHMHFHU GH PyGXOR ³LQGHQWHU´ 2,702,737*$($%76'XUH]D 7(&1$720 &1$6&Ï &1$/0$5$= 'HVGH/DSXEOLFDFLyQSRUOD15&GHOD*HQHULF/HWWHU³0DQD JLQJJDVDFFXPXODWLRQLQ(PHUJHQF\&RUH&RROLQJ'HFD\+HDW5HPRYDO DQG&RQWDLQPHQW6SUD\6\VWHPV´ODLQGXVWULDQXFOHDUKDWHQLGRTXHGHVD UUROODUPpWRGRVSDUDHYDOXDUHOYROXPHQGHODVEXUEXMDVGHJDV/DWpFQLFD PiV HPSOHDGD KDQ VLGR ORV XOWUDVRQLGRV FRQ GLYHUVDV YtDV GH LQYHVWLJD FLyQSXOVRHFRRQGDVJXLDGDVHWF $SHWLFLyQGH&1$VFR9DQGHOORV\&1$OPDUD]7HFQDWRPVD KDGHVDUUROODGRXQSURFHGLPLHQWRGHGHWHFFLyQ\HVWLPDFLyQGHOYROXPHQ GHEXUEXMDVGHJDVPHGLDQWHXOWUDVRQLGRV(VWHSURFHGLPLHQWRVHEDVDHQ ODWpFQLFDGHSXOVRHFRFRQH[SORUDFLyQSRUHOH[WHULRUGHODWXEHUtD\HVWD FRPSOHPHQWDGRSRUXQD-XVWLILFDFLyQ7pFQLFDGRQGHVHDQDOL]DQWRGDVODV YDULDEOHVHVHQFLDOHVGHODLQVSHFFLyQ (OGHVDUUROORGHODVSUXHEDVSDUDODGHWHUPLQDFLyQGHORVFULWHULRVGHFD OLEUDFLyQVHOHFFLyQGHSDOSDGRUHVFULWHULRVGHUHJLVWUR\FiOFXORVGHOYR OXPHQVHKDQXWLOL]DGRGLYHUVRVGRFXPHQWRVSXEOLFDGRVSRURUJDQLVPRV HLQVWLWXWRVLQWHUQDFLRQDOHVODH[SHULHQFLDHQWUDEDMRVVLPLODUHV\GLYHUVDV PDTXHWDVTXHUHSURGXFHQODViUHDVDLQVSHFFLRQDU 6HKDUHDOL]DGRXQDGHPRVWUDFLyQGHOSURFHGLPLHQWRDQWHODVFHQWUDOHV PHQFLRQDGDVDQWHULRUPHQWHXQDYH]UHYLVDGR\DSUREDGRSRUODVPLVPDV VHLPSOHPHQWDUDHQLQVSHFFLyQGXUDQWHHODxR ± (QYHMHFLPLHQWR WpUPLFR DFHOHUDGR GH FDEOHV QXHYRV D \ DxRV 0HGLGDHQFDEOHVHQYHMHFLGRVWpUPLFDPHQWHD\DxRVGHO PyGXOR³LQGHQWHU´2,702,737*$($%76'XUH]D ±(QYHMHFLPLHQWRSRULUUDGLDFLyQGHFDEOHVQXHYRVD\DxRV 0HGLGDHQFDEOHVHQYHMHFLGRVSRULUUDGLDFLyQD\DxRV GHOPyGXOR³LQGHQWHU´2,702,737*$($%76'XUH]D ± (QYHMHFLPLHQWR FRPELQDGR SRU LUUDGLDFLyQ GH FDEOHV WpUPLFDPHQWH HQYHMHFLGRVD\DxRV 0HGLGDHQFDEOHVFRQHQYHMHFLPLHQWRFRPELQDGRD\ DxRVGHOPyGXOR³LQGHQWHU´2,702,737*$($%76'XUH]D )LQDOPHQWHVHDSOLFDURQODVWpFQLFDVHVWXGLDGDV0yGXOR³LQGHQWHU´ 2,702,73 7*$ ($%76 'XUH]D VREUH FDEOHV HQYHMHFLGRV GHPDQHUDQDWXUDOHQVHUYLFLRHQSODQWD &RQODUHDOL]DFLyQGHODVSUXHEDV\HODQiOLVLVGHORVUHVXOWDGRV\GH OD DSOLFDELOLGDG GH ODV WpFQLFDV HVWXGLDGDV VH FXEULHURQ VDWLVIDFWRULD PHQWHORVREMHWLYRVSUHYLVWRVGHOSUR\HFWR ',/"!,.$%"%3402!#4)#%&/24%#(./,/'9 )-02/6%-%.4/54!'%-!.!'%-%.4&/2%)'. -!4%2)!,%8#,53)/.!.$$/3%#/.42/, 37'LASS&-OHR 2%35,4!$/&).!,$%,02/9%#4/h!0,)#!#)».$% 4²#.)#!3!6!.:!$!3$%$)!'./3)3$%#!",%3 %,²#42)#/3$%#%.42!,%3.5#,%!2%3%30!º/,!3v 33ARANDESES*-&ERNÈNDEZ#ERNUDA-&ERNÈNDEZ ,&RANCIA4,ØPEZ6ERGARA**'ONZALEZ.IETO-"ALADÓA *3ALA22OJAS06ALDIVIESO (035(6$5,26$*583$'26 /D SUHVHQWH SRQHQFLD GHVFULEH HO FRQMXQWR GH DFWLYLGDGHV GHVDUUR OODGDV D OR ODUJR GHO SUR\HFWR ³$SOLFDFLyQ GH 7pFQLFDV GH 'LDJQRVLV VREUH &DEOHV (OpFWULFRV´ FRQ REMHWR GH ORJUDU XQD SXHVWD D SXQWR \ DSOLFDFLyQ GH GLIHUHQWHV WpFQLFDV GH YLJLODQFLD GH FDUiFWHU QR GHVWUXF WLYR SDUD OD GHWHUPLQDFLyQ GHO HVWDGR GH ORV FDEOHV GH ODV FHQWUDOHV QXFOHDUHVHVSDxRODV (QHVWHSURFHVRVHKDQHVWXGLDGRODVVLJXLHQWHVWpFQLFDVGHGLDJQRVLV ± 0yGXOR ³LQGHQWHU´ 2[LGDFLyQ LQGXFLGD 2,702,73 $QiOLVLV WHUPRJUDYLPpWULFR7*$SURFHGLpQGRVHDXQSURFHVRGHYDOLGDFLyQ GHODVPLVPDVPHGLDQWHODUHDOL]DFLyQGHHQVD\RVGHFDUDFWHUL]DFLyQ FRQORVHQVD\RVGH ± (ORQJDFLyQ \ FDUJD GH URWXUD ($% 76 DGLFLRQDOPHQWH \ FRPR FRPSOHPHQWR SDUD HO FRQWURO GH PDQHUD VHQFLOOD GHO HVWDGR GH ORV FDEOHVGHVSXpVGHFDGDIDVHGHDFRQGLFLRQDPLHQWRVHGHFLGLyDSOLFDU HOHQVD\RGHGXUH]D 3DUD OD UHDOL]DFLyQ GH HVWH SURFHVR VH VHOHFFLRQDURQ HQ IXQFLyQ GH ODVFDUDFWHUtVWLFDVGHORVFDEOHVWLSRPDWHULDOIDEULFDQWHFDEOHV QXHYRVUHSUHVHQWDWLYRVGHORVH[LVWHQWHVHQODVFHQWUDOHVQXFOHDUHVHV SDxRODV $5(9$ 1'(62/87,216 1RQ 'HVWUXFWLYH ([DPLQDWLRQ 1'( LV D FULWLFDO HOHPHQW RI ERWK %RLOLQJ:DWHU DQG 3UHVVXUL]HG:DWHU 5HDFWRU RXWDJHV )UHTXHQWO\ WKLV LQFOXGHVFULWLFDOSDWKDFWLYLW\VRERWKWKHXWLOLW\DQGWKHLQVSHFWLRQYHQ GRUDUHXQGHULQWHQVHSUHVVXUHWRSHUIRUPWKHZRUNTXLFNO\&RQFXUUHQW ZLWK$5(9$¶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¶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¶VH[SHULHQFHZLWKERWKWHFKQLFDO DQGPDQDJHPHQWEHVWSUDFWLFHV 1 ,Ê-*!ÊÃi«ÌiLÀi-ÊÓä£ä Óx 6(6,21(67e&1,&$6 &!#4/2%3$%)-0/24!.#)!!,!(/2!$%!3%'52!2 5.#/22%#4/3%,,!$/%.5.)/.%3%-"2)$!$!3 !-0,)!#)».2%$$%,!"/2!4/2)/3$%#!,)&)#!#)». $%%15)0/3 !,ØPEZ(ERNÈNDEZ&,ØPEZ!!RGàELLO -),ØPEZ#RIADO*,"RAVO*!0ÏREZ06ALDIVIESO -!3ANZ!6ALLADOLID'-ORENO (035(6$5,26$*583$'26$,( (QFXDOTXLHUWLSRGHLQVWDODFLyQLQGXVWULDOHVLPSRUWDQWHHOVHOODGR GH ORV IOXLGRV TXH IRUPDQ SDUWH GHO SURFHVR GH OD FHQWUDO (VSHFLDO PHQWHHQXQDFHQWUDOQXFOHDUXQDIXJDHQXQDWXEHUtDGHDOWDHQHUJtD R HQ XQD OtQHD FRQ SURGXFWRV UDGLDFWLYRV SXHGH VXSRQHU XQ SHOLJUR ItVLFR SRU ODV SHUVRQDV TXH WUDEDMDQ SRU OD ]RQD R GH LQWHJULGDG GH ODPLVPDSODQWD\SRUHOORXQEXHQGLVHxRLQWHQWDUiPLQLPL]DUHVWH WLSR GH XQLRQHV DXQTXH SRU GLVWLQWRV PRWLYRV OD PD\RU SDUWH SRU FXHVWLRQHVGHPDQWHQLPLHQWRVHUiQLQHYLWDEOHV 8QD FRUUHFWD HOHFFLyQ GH ORV PDWHULDOHV GH ODV MXQWDV GHO PRQWDMH GH ODV XQLRQHV \ GHO PDQWHQLPLHQWR GH ODV PLVPDV HV IXQGDPHQWDO SDUD PLQLPL]DU ODV IXJDV GH XQDV XQLRQHV GH SRFD LPSRUWDQFLD SHUR TXH SXHGHQ GHULYDU D ODUJR SOD]R HQ SUREOHPDV GH PDQWHQLPLHQWR \ WHQHU FRVWHV GH WLHPSR \ GLQHUR SRU QR KDEHU UHDOL]DGR XQ SHTXHxR DQiOLVLVDWLHPSR &XDQGR VH WLHQH XQD IXJD HQ XQD MXQWD OD VROXFLyQ PiV UiSLGD HV DSUHWDU PiV ORV SHUQRV VXSRQLHQGR TXH OD IXJD VH GHEH D XQ DSULHWH GHPDVLDGRSHTXHxRQRREVWDQWHODMXQWDSXHGHQRVHUODPiVDGHFXD GDSDUDODDSOLFDFLyQ\FRQHVWHDSULHWHQRVHFRQVLJDUHGXFLUODIXJD VLQRIRU]DUPiVODMXQWDODEULGD\ORVSHUQRV 3RU HOOR HV FRQYHQLHQWH WHQHU XQ DQiOLVLV GH ODV MXQWDV QRUPDOL ]DGDV \ KDFHU XQ DQiOLVLV LQGLYLGXDOL]DGR GH FDGD WLSR GH EULGD QR QRUPDOL]DGDFRQXQFiOFXORTXHGHWHUPLQHHOSDUGHDSULHWHGHFDGD FDVRDVHJXUDQGRXQSUHWHQVDGRGHORVSHUQRVXQDYH]UHDOL]DGRHVWH DQiOLVLV HV QHFHVDULR HVWXGLDU OD MXQWD XWLOL]DGD \ FRPSUREDU VX LGR QHLGDG SDUD ODV FRQGLFLRQHV GH GLVHxR \ SRU ~OWLPR FRPSUREDU TXH ODEULGD\ORVHOHPHQWRVDIHFWDGRVQRVHYHDQWHQVLRQDGRVHQH[FHVR (Q FRQFOXVLyQ D OD KRUD GH GHWHUPLQDU HO SDU GH DSULHWH GH XQD XQLyQHPEULGDGDVHGHEHWHQHUHQFXHQWDP~OWLSOHVIDFWRUHV\GHWHU PLQDUFRQD\XGDWDPELpQGHODH[SHULHQFLDXQRVPiUJHQHVTXHSHU PLWDQDVHJXUDUXQDHVWDQTXHLGDGDGPLVLEOHSDUDFDGDDSOLFDFLyQ ÓÈ 1 ,Ê-*!ÊÃi«ÌiLÀi-ÊÓä£ä 7(&1$720 9,5/$% &,(0$7 ,17$ /&2( $33/86 (QORV~OWLPRVDxRVODUHGGHODERUDWRULRVGH&DOLILFDFLyQGH(TXLSRV TXHJHVWLRQD7HFQDWRPVHKDYLVWRFRPSOHPHQWDGDFRQODSDUWLFLSDFLyQGH IRUPDHVWDEOHGHGLYHUVRVODERUDWRULRVQDFLRQDOHV 7HFQDWRPFXHQWDFRQDxRVGHH[SHULHQFLDHQ&DOLILFDFLyQGH(TXLSRV FODVHQXFOHDUDODVWDUHDVGHLQJHQLHUtDVHXQLHURQODVDFWLYLGDGHVGHHQVD \RVFRQWDQGRGHVGHVXFRPLHQ]RFRQDOLDQ]DVVyOLGDVFRQORVODERUDWRULRV HVSDxROHVGHLUUDGLDFLyQ&,(0$7\GHYLEUDFLyQ9,5/$%TXHMXQWR D VXV ODERUDWRULRV GH FDOLEUDFLyQ HOpFWULFRV HQYHMHFLPLHQWRV WpUPLFR \ RSHUDFLRQDO \ GH HQVD\R GH VLPXODFLyQ GH DFFLGHQWH WHUPRGLQiPLFR KDQ SHUPLWLGR GDU XQ VHUYLFLR D ODV SODQWDV HVSDxRODV \ GLYHUVRV FOLHQWHV QXFOHDUHVFRQIRUPHDORVFULWHULRVHVWDEOHFLGRVHQODQRUPDWLYDDPHULFDQD ,(((,((( /DUHDFWLYDFLyQGHOPHUFDGRQXFOHDUPiVDOOiGHOiPELWRGHLQIOXHQFLD DPHULFDQD\ODILUPDHQGHXQDFXHUGRPDUFRFRQ(G)SDUDODUHDOL]D FLyQGHFDPSDxDVGHFDOLILFDFLyQFRQIRUPHDODQRUPDWLYDIUDQFHVD5&&( KDPRWLYDGRODDPSOLDFLyQGHODUHGGHODERUDWRULRVGHFDOLILFDFLyQ (QODDFWXDOLGDGVHGLVSRQHGHDFXHUGRVGHFRODERUDFLyQFRQGLYHUVRV ODERUDWRULRV\RUJDQLVPRVQDFLRQDOHVFRQUHFRQRFLGRSUHVWLJLR&,(0$7 9,5/$% /&2( ,17$$33/86 TXH SHUPLWHQ UHDOL]DU HQVD\RV FXP SOLHQGRFRQORVUHTXLVLWRVHVWDEOHFLGRVHQOD5&&( /DFRODERUDFLyQFRQ/&2(/DERUDWRULR&HQWUDOGHHOHFWURWHFQLDSHUPLWH OOHYDUDFDERHQVD\RVHOpFWULFRV\GHFRPSDWLELOLGDGHOHFWURPDJQpWLFDVREUH PXOWLWXGGHHTXLSRVFRQ,17$,QVWLWXWR1DFLRQDOGH7pFQLFD$HURHVSDFLDO VHFRODERUDHQODUHDOL]DFLyQGHHQVD\RVFOLPiWLFRVHOpFWULFRVFRPELQDGRV\ GHFDOLEUDFLyQHODFXHUGRFRQ$33/86/*$,FRPSOHWDODRIHUWDGHHQVD \RVGHFRPSDWLELOLGDGHOHFWURPDJQpWLFDHOpFWULFRV\RYLEUDWRULRV (VWHVHUYLFLRFHQWUDOL]DGRHQ7HFQDWRPRIUHFHDOFOLHQWHILQDOODDFWXD FLyQFRQXQ~QLFRLQWHUORFXWRUHQWRGRHOSURFHVRGHHQVD\RVGHFDOLILFDFLyQ 3URJUDPD\6LQRSVLVGHODV3RQHQFLDV 3!,! -IÏRCOLESH 02/4%##)».2!$)/,»')#!) 02%3)$%.4%%DUARDO3OLLET3A×UDO #%.42!,.5#,%!2$%#/&2%.4%3 )-0!#4/2!$)/,»')#/!3/#)!$/!,42!.30/24% 0/2#!22%4%2!$%2%3)$5/32!$)!#4)6/3$%!,4! !#4)6)$!$%.%30!º! *!#ALLEJA&'UTIÏRREZ-ARTÓN 7(&1$720 81,9(56,'$'32/,7e&1,&$'(0$'5,' /DVFXHVWLRQHVUHODFLRQDGDVFRQHOWUDQVSRUWHGHUHVLGXRVUDGLDFWLYRV GHDOWDDFWLYLGDG5$$DOSUHYLVWRDOPDFpQWHPSRUDOFHQWUDOL]DGR$7& FRQVWLWX\HQ XQ REMHWR GH UHQRYDGD DFWXDOLGDG SRU OD PRYLOLGDG TXH VH HVSHUDHQXQIXWXURSUy[LPRHOFRPSURPLVRFUHFLHQWHGHHVWDVDFWLYLGD GHVFRQHOPHGLRDPELHQWHODVHJXULGDG\SURWHFFLyQGHODVSHUVRQDVDVt FRPRHODFWXDOPDUFROHJDO &DEHSUHJXQWDUVH¢&XiOHVVHUiQODVUXWDVPiVDFWLYDV"¢4XpLPSDFWR UDGLROyJLFRVHJHQHUDUiHQHOPHGLRRHQLQGLYLGXRVWLSRORVRFXSDQWHV GHXQYHKtFXORSDUWLFXODURLQGXVWULDOHOS~EOLFRHQJHQHUDO" (Q OD HODERUDFLyQ GH HVWH WUDEDMR VH KDQ WHQLGR HQ FXHQWD LQIRUPD FLRQHV UHOHYDQWHV FRPR FDUDFWHUL]DFLRQHV UDGLROyJLFDV GH UHVLGXRV SUXHEDV\HQVD\RVGHFRQWHQHGRUHVHWFVXPLQLVWUDGDVSRUORVGLVWLQWRV RUJDQLVPRVUHODFLRQDGRVFRQHODVXQWRFHQWUDOHVQXFOHDUHVHPSUHVDVGH WUDQVSRUWHVHPSUHVDVGHLQVSHFFLyQ\FRQWUROHWF &RPR DSRUWDFLyQ PiV LQWHUHVDQWH SURSRQHPRV XQD DSOLFDFLyQ LQIRU PiWLFDSDUDHOWUDWDPLHQWRGHORVGDWRVHVWXGLDGRVODFXDOSHUPLWHDYDQ ]DUHQHOHVWXGLRGHHVWHWLSRGHLPSDFWRV\SXHGHVHUGHXWLOLGDGFRPR GRFXPHQWDFLyQ FRPSOHPHQWDULD D OD OHJDO$Vt FRQRFLHQGR HO QLYHO GH UDGLDFLyQ D XQ PHWUR GHO WUDQVSRUWH \ HOLJLHQGR XQD UXWD REWHQGUHPRV ORVHIHFWRVDVRFLDGRVWDOHVFRPRODVSREODFLRQHVDIHFWDGDVODGRVLVUH FLELGDSRUHOLQGLYLGXRPiVH[SXHVWRHOLPSDFWRUDGLROyJLFRJOREDOODV DSRUWDFLRQHVDODSREODFLyQWUD\HFWR\QDFLRQDO\HOSRVLEOHGHWULPHQWR GHODVDOXG &RPR FRQFOXVLyQ PiV LPSRUWDQWH VH REVHUYD TXH HO LPSDFWR UDGLR OyJLFR DQXDO VHJ~Q HO WUDVLHJR SUHYLVWR GH HVWH WLSR GH WUDQVSRUWHV HV PX\UHGXFLGR\ODVHPLVLRQHVGHUDGLDFLRQHVLRQL]DQWHVSURFHGHQWHVGHO WUDQVSRUWHGHUHVLGXRVGHDOWDDFWLYLGDGSRUFDUUHWHUDHQ(VSDxDHQFRQ GLFLRQHVQRUPDOHVQRUHVXOWDQVLJQLILFDWLYDVDODKRUDGHJHQHUDUFRQVH FXHQFLDVDGYHUVDVHQODVDOXGKXPDQD #//2$).!$/2!0ALOMA-ARCHENA'ONZÈLEZ 4%#.!4/- (QHOPDUFRGHO&(,'(13ODWDIRUPD7HFQROyJLFDGH,'VREUHHQHU JtDQXFOHDUGHILVLyQHO&RQVHMR5HFWRUDFRUGyODFUHDFLyQGHXQ*UXSR GH3URWHFFLyQ5DGLROyJLFD\5HVLGXRVSDUDDQDOL]DUODVFDSDFLGDGHVGHO SDtV HQ PDWHULD GH GRVLPHWUtD LQWHUQD SRU PHGLGDV LQGLUHFWDV GHELGR D TXHDFWXDOPHQWHHVWRVVHUYLFLRV~QLFDPHQWHVHYHQtDQSUHVWDQGRHQ(V SDxDSRUHO&LHPDW (VWH JUXSR GH WUDEDMR FRQVWLWXLGR SRU ODV GLYHUVDV RUJDQL]DFLRQHV LPSOLFDGDV HO &RQVHMR GH 6HJXULGDG 1XFOHDU (QUHVD &LHPDW 8QHVD (QXVD6ROX]LRQD,EHULQFR\7HFQDWRPLGHQWLILFyODQHFHVLGDGGHLQFUH PHQWDU ODV FDSDFLGDGHV QDFLRQDOHV HVSHFLILFDV SDUD VXSOLU HVWD FDUHQFLD QDFLRQDOHQGRVLPHWUtDLQWHUQDSRUELRHOLPLQDFLyQLQYLWUR (OFRPLHQ]RGHDFWLYLGDGHVGHGHVPDQWHODPLHQWRGHLQVWDODFLRQHVQX FOHDUHVDQLYHOLQGXVWULDO\RWUDVFRQGLFLRQHVQDFLRQDOHVGHFRQWH[WRKDQ VXSXHVWRXQLQFUHPHQWRPX\QRWDEOHGHODVQHFHVLGDGHVGHWDOHVVHUYL FLRVTXHKDQTXHGDGRSUiFWLFDPHQWHGHVERUGDGDVSRUODGHPDQGD 3DUDGDUXQDVDOLGDDHVWDVLWXDFLyQ7HFQDWRPGHFLGLySRVWXODUVHFRPR XQQXHYRVHUYLFLRGHGRVLPHWUtDLQWHUQDGHPHGLGDVLQGLUHFWDVTXHFRP SOHPHQWDVHVXVUHFRQRFLGDVFDSDFLGDGHVGHPHGLGDVGLUHFWDV3DUDOOHYDU DFDERHVWDWDUHD7HFQDWRPKDILUPDGRXQDFXHUGRGHFRODERUDFLyQFRQ HO /DERUDWRULR GH 5DGLRTXtPLFD GH *HRFLVD WRGR HOOR FRQ HO REMHWLYR IXQGDPHQWDOGHODFDUDFWHUL]DFLyQGHODFRQWDPLQDFLyQSRUHPLVRUHVDOID REHWDPHGLDQWHGLIHUHQWHVWpFQLFDVDQDOtWLFDV 7HFQDWRP KD FRPHQ]DGR HO SURFHVR GH DXWRUL]DFLyQ SDUD HVWH WLSR GH PHGLGDV FRQ REMHWR GH SUHVWDU GLFKR VHUYLFLR D (QUHVD GXUDQWH ORV WUDEDMRV GH GHVPDQWHODPLHQWR GH OD &1 -RVp &DEUHUD /DV PHGLGDV GH ELRHOLPLQDFLyQVRQQHFHVDULDVSDUDOOHYDUDFDERORVFRQWUROHVOHJDOPHQ WHUHTXHULGRVSDUDORVWUDEDMDGRUHVTXHKDQGHGHVDUUROODUVXVWDUHDVFRQ ULHVJRGHFRQWDPLQDFLyQSRUHPLVRUHVDOIDREHWDHQODVTXHHVFDUDFWH UtVWLFDODSUHVHQFLDGHDFWtQLGRVLVyWRSRVGH83X$PHQWUHRWURV\SRU ORWDQWRVHSUHFLVDGHFDSDFLGDGHVQDFLRQDOHVSDUDVXHYDOXDFLyQ $GLFLRQDOPHQWH\WUDVPiVGHYHLQWHDxRVGHVHUYLFLROD8QLGDG0y YLO,GH7HFQDWRPFRUUHVSRQGLHQWHDO&RQWDGRUGH5DGLDFWLYLGDG&RUSR UDOWLSR4XLFN\YDDVHUVXVWLWXLGDDORODUJRGHHVWHDxRSRUXQD QXHYD 8QLGDG 0yYLO PiV PRGHUQD\ GRWDGDGH ORV PHGLRV QHFHVDULRV SDUDFRQWLQXDUSUHVWDQGRORVVHUYLFLRVFRQODPLVPDFDOLGDGTXHVHKDQ YHQLGRSUHVWDQGRKDVWDDKRUD ./6%$!$%3$%).4%2²3%.,!&5452!$)2%#4)6! %52/0%!$%02/4%##)».2!$)/,»')#! !#45!,):!#)».$%,3%26)#)/$%$/3)-%42¶! 0%23/.!,).4%2.!$%4%#.!4/- $#ANCIO ""RAVO0-ARCHENA!!LONSO%VA.AVARRO 7(&1$720 *(2&,6$ &,(0$7 (QODSRQHQFLDVHGHVDUUROODQORVDVSHFWRVPiVLPSRUWDQWHVGHODIXWXUD'LUHF WLYDDSUREDGDDILQDOHVGH)HEUHURSRUHO*UXSRGH([SHUWRVDVHVRUGHOD&RPL VLyQ(XURSHDHQ3URWHFFLyQ5DGLROyJLFD$UWtFXOR7UDWDGR(85$720 1 ,Ê-*!ÊÃi«ÌiLÀi-ÊÓä£ä ÓÇ 6(6,21(67e&1,&$6 (Q QXHYD UHYLVLyQ VH KDQ UHIXQGLGR ODV FLQFR 'LUHFWLYDV DQWHULRUHV TXH\DH[LVWtDQVREUHHOWHPD\VHLQFRUSRUDWDPELpQODSURWHFFLyQFRQ UHVSHFWRDOJDVUDGyQVREUHODFXDOVyORH[LVWtDDQWHULRUPHQWHXQDUHFR PHQGDFLyQ /RVDVSHFWRVGHPD\RULQWHUpVVRQORVVLJXLHQWHV 6H GDQ QXHYDV UHFRPHQGDFLRQHV UHODFLRQDGDV FRQ OD SODQLILFDFLyQ GH ODV HPHUJHQFLDV \ VH WUDVODGD HO QXHYR FRQFHSWR GH ,&53 VREUH ORV 1LYHOHVGH5HIHUHQFLD\ODRSWLPL]DFLyQHQHVDVVLWXDFLRQHV /RVOtPLWHVGHGRVLVRFXSDFLRQDOHV\GHOS~EOLFRVHPDQWLHQHQSHURVLQ QHFHVLGDGGHSURPHGLDUHQDxRV1RREVWDQWHGHMDIOH[LELOLGDGDORV UHJXODGRUHVSDUDDOJXQDVVLWXDFLRQHV 6H DGRSWD HO QXHYR PDUFR GHO VLVWHPD GH SURWHFFLyQ EDVDGR DKRUD HQ WRGRVORVWLSRVGHVLWXDFLRQHVSODQLILFDGDVH[LVWHQWHV\GHHPHUJHQ FLDV 6HDGRSWDHOFULWHULRUHJXODGRUGH³DSUR[LPDFLyQJUDGXDO´WHQLHQGRHQ FXHQWDHOULHVJRGHODVVLWXDFLRQHVTXHVHTXLHUHQFRQWURODU /RVDVSHFWRVHVSHFtILFRVGHLQGXVWULDVTXHSURFHVDQPDWHULDOHVUDGLDF WLYRVQDWXUDOHV1250HVWiQLQWHJUDGRVWRWDOPHQWHHQHOVLVWHPDGH SURWHFFLyQ 6HKDLQFOXLGRXQDUHYLVLyQLPSRUWDQWHGHODSURWHFFLyQHQODVDSOLFD FLRQHV PpGLFDV LQFOXVR DPSOLDQGR OR TXH VH HVWDEOHFtD HQ OD DFWXDO 'LUHFWLYDVREUHHOWHPD 6H WUDWDQ ORV DVSHFWRV HVSHFtILFRV SDUD OD REWHQFLyQ GH LPiJHQHV SRU PRWLYRVQRPpGLFRV 1XHYRVUHTXHULPLHQWRVFRQUHVSHFWRDOUDGyQHQYLYLHQGDV\OXJDUHVGH WUDEDMR 1XHYRVUHTXHULPLHQWRVSDUDPDWHULDOHVGHFRQVWUXFFLyQGHYLYLHQGDV 3RU SULPHUD YH] VH LQFRUSRUD XQ7tWXOR VREUH ³3URWHFFLyQ GHO 0HGLR $PELHQWH´DPSOLDQGRHOVLVWHPDGHSURWHFFLyQTXHVHFHQWUDEDH[FOXVL YDPHQWHHQODVSHUVRQDV /D'LUHFWLYDSURSXHVWDLQFOX\HGLH]7tWXORVFRQPiVGH$UWtFXORV \$QH[RVFRQLQIRUPDFLyQPiVGHWDOODGD -%$)$!$%,!%&)#)%.#)!$%5.$/3)-%42/$% .%542/.%39$%,!,"%$/$%,35%,/$%,!3!,!$% #!,)"2!#)/. *"LÈZQUEZ &,(0$7 /D*DUDQWtDGH&DOLGDGREOLJDDUHYLVDUODFDOLEUDFLyQGHORVGRVtPH WURV GH QHXWURQHV 8QD IRUPD GH JDUDQWL]DU OD FDOLEUDFLyQ HV OD PHGLGD GHODHILFLHQFLDGHGHWHFFLyQ3DUDHOORVHGLVSRQHGHXQDIXHQWHGHQHX WURQHVGH$P%HGHLQWHQVLGDGFRQRFLGD6LVLWXDPRVHOGRVtPHWURDXQD FLHUWD GLVWDQFLD GH OD IXHQWH HQFRQWUDPRV TXH HO IOXMR WHyULFR GHEH VHU FRUUHJLGRSRUHOHIHFWRGHODVSDUHGHV\HOVXHORGHOD6DODGH&DOLEUD FLyQ$OHMiQGRVHGHODVSDUHGHVVHSXHGHKDFHUGHVSUHFLDEOHHVWDFRQWUL EXFLyQ SHUR OD FRUUHFFLyQ SRU ORV QHXWURQHV GLVSHUVDGRV HQ HO VXHOR HV LQHYLWDEOHFXDQGROD6DODQRHVPX\JUDQGH\GHPDVLDGRFDUDVLOD6DOD HVWDQJUDQGHSDUDTXHVHSXHGDGHVSUHFLDUHVWDFRUUHFFLyQ /DFRUUHFFLyQHVHQJRUURVDVLVHGHVHDGHWHUPLQDUODHILFLHQFLDFRQLQ FHUWLGXPEUHVPX\EDMDVSHURSDUDLQFHUWLGXPEUHVGHORUGHQGHOOD WpFQLFDGHODµIXHQWHLPDJHQ¶GH(LQVHQKDXHUVXPLQLVWUDXQDFRUUHFFLyQ DQDOtWLFDIiFLOGHDSOLFDU(QHOGLVHxRGHODPHGLGDGHEHDVHJXUDUVHTXH VHFXPSOHQODVKLSyWHVLVGHODFRUUHFFLyQHQSDUWLFXODUTXHHOVXHORHV XQUHIOHFWRUµ/DPEHUW¶HVWRHVTXHHOIOXMRGHORVQHXWURQHVUHIOHMDGRVHV LVRWUySLFRSDUDFXDOTXLHUGLUHFFLyQLQFLGHQWH (Q HVWH WUDEDMR VH KD DSOLFDGR HO PpWRGR GH OD IXHQWH LPDJHQ SDUD PHGLUODHILFLHQFLDGHGHWHFFLyQGHXQGRVtPHWUR6WXGVYLN'XVDQ Ón 1 ,Ê-*!ÊÃi«ÌiLÀi-ÊÓä£ä GR XQD IXHQWH GH QHXWURQHV GH$P%H GH LQWHQVLGDG FRQRFLGD 6H KD FRPSUREDGR H[SHULPHQWDOPHQWH TXH VH FXPSOHQ ODV FRQGLFLRQHV SDUD ODFRUUHFFLyQ\VHKDHVWLPDGRHODOEHGRGHODVDODGHPHGLGD'DGRTXH ODFRUUHFFLyQQRGHSHQGHGHOGRVtPHWURHOUHVXOWDGRVLUYHSDUDPHGLUOD HILFLHQFLDGHRWURVWLSRVGHFRQWDGRUHVGHQHXWURQHV !0,)#!#)».$%,!-%4/$/,/'¶!$%#!,#5,/$% $/3)3!).$5342)!3./.5#,%!2%3./2- "2OBLES*#-ORA*!#ORBACHO &,(0$7 /DV LQGXVWULDV 1250 GHO LQJOpV 1DWXUDOO\ 2FFXUULQJ 5DGLRDFWLYH 0DWHULDOVVRQDTXHOODVTXHXWLOL]DQPDWHULDVSULPDVTXHFRQWLHQHQUDGLR QXFOHLGRVQDWXUDOHV(QVXVSURFHVRVSURGXFWLYRVVHSXHGHLQFUHPHQWDUOD FRQFHQWUDFLyQ GH GLFKRV UDGLRQXFOHLGRV HQ GHWHUPLQDGRV FRPSRQHQWHV HOHPHQWRV \ iUHDV GH OD LQVWDODFLyQ DVt FRPR HQ ORV SURGXFWRV VXESUR GXFWRV \ ODV VXVWDQFLDV GH GHVHFKR JHQHUDGDV (VWDV VLWXDFLRQHV SXHGHQ LQFUHPHQWDU OD H[SRVLFLyQ UDGLROyJLFD GH ORV WUDEDMDGRUHV$VLPLVPR ORV YHUWLGRV UXWLQDULRV GH HVWDV LQGXVWULDV \ OD JHVWLyQ GH DOJXQRV GH VXV VXESURGXFWRV SXHGHQ LQFUHPHQWDU WDPELpQ OD H[SRVLFLyQ D ORV PLHPEURV GHO S~EOLFR$ SHVDU GH TXH ODV LQGXVWULDV 1250 QR VRQ LQVWDODFLRQHV QXFOHDUHVQLUDGLDFWLYDV\SRUORWDQWRQRHVWiQUHJXODGDVFRPRWDOHVHVWH SRWHQFLDO DXPHQWR GH OD H[SRVLFLyQ D ORV WUDEDMDGRUHV \ DO S~EOLFR HVWiQ FRQWHPSODGRVHQHO7tWXOR9,,GHO5HJODPHQWRVREUHSURWHFFLyQVDQLWDULR FRQWUDODVUDGLDFLRQHVLRQL]DQWHV5'\VHUHTXLHUHTXHVHUHDOL FHQHVWXGLRVHQFDPLQDGRVDHYDOXDUVXLPSDFWRUDGLROyJLFR /DDSUR[LPDFLyQGHFiOFXORGHGRVLVUHDOLVWDVQRUPDOPHQWHVHKDDSOLFD GRDODVHYDOXDFLRQHVTXHVHUHDOL]DQSDUDFRQRFHUHOLPSDFWRUDGLROyJLFR GH ODV LQVWDODFLRQHV QXFOHDUHV \ UDGLDFWLYDV HQ RSHUDFLyQ QRUPDO (Q HO FDVRGHODVLQGXVWULDV1250VHKDQOOHYDGRDFDERXQDVHULHGHHVWXGLRV SLORWR TXH XWLOL]DQGR ORV PLVPRV SULQFLSLRV \ KHUUDPLHQWDV WLHQHQ SRU REMHWLYRGHWHUPLQDUVLH[LVWHRQRXQLQFUHPHQWRVLJQLILFDWLYRGHODH[SRVL FLyQDORVWUDEDMDGRUHV\DOS~EOLFR(VOyJLFRTXHHVWRVHVWXGLRVGHELHUDQ HVWDUEDVDGRVHQORVPLVPRVFULWHULRVTXHODVHYDOXDFLRQHVUHDOL]DGDVSDUD ODVSUiFWLFDVUHJXODGDVPHQFLRQDGDV (OSUHVHQWHWUDEDMRDQDOL]DGHTXpIRUPDVHKDDSOLFDGRODPHWRGRORJtD GH HYDOXDFLyQ GH GRVLV DO FDVR SDUWLFXODU GH ODV LQGXVWULDV 1250 DVt FRPRODVSHFXOLDULGDGHVHLPSOLFDFLRQHVTXHKDVXSXHVWR&RPRHMHPSOR VHSUHVHQWDODDSOLFDFLyQDODV&HQWUDOHVWpUPLFDVGHFDUEyQ !30%#4/3!#/.3)$%2!2%.,!02/4%##)». 2!$)/,»')#!!0,)#!$!!,!&5%.4%$%%30!,!#)». %52/0%! #4RUEBA"2OBLES*#-ORA &,(0$7 /DIXHQWHGHQHXWURQHVSRUHVSDODFLyQHVXQDJUDQLQVWDODFLyQFLHQWtILFD TXH VHJ~Q OD OHJLVODFLyQ HVSDxROD 5HDO 'HFUHWR TXH HQPLHQGD HO 5HDO 'HFUHWR TXH UHJXOD ODV LQVWDODFLRQHV QXFOHDUHV \ UD GLDFWLYDVVHUtDXQDLQVWDODFLyQUDGLDFWLYDGHSULPHUDFDWHJRUtD\DTXHHQ HOOD VH PDQHMDUtDQ LQYHQWDULRV PX\ HOHYDGRV GH VXVWDQFLDV UDGLDFWLYDV R VHSURGXFLUtDQKDFHVGHUDGLDFLyQGHPX\HOHYDGDIOXHQFLDGHHQHUJtDGH PDQHUD TXH HO SRWHQFLDO LPSDFWR UDGLROyJLFR GH OD LQVWDODFLyQ SRGUtD VHU VLJQLILFDWLYR (OEODQFRGHHVSDODFLyQIRUPDGRSRUXQPDWHULDOGHSHVRDWyPLFRDOWR JHQHUD DOWRV IOXMRV SXOVDGRV GH QHXWURQHV FXDQGR HV ERPEDUGHDGR SRU 3URJUDPD\6LQRSVLVGHODV3RQHQFLDV SURWRQHVGHDOWDHQHUJtDJHQHUDQGRGHIRUPDVHFXQGDULDRWURVUDGLRQXFOHL GRV(VWRVHKDSXHVWRGHPDQLILHVWRHQHO3UR\HFWR(XURSHRGHO6pSWLPR 3URJUDPD0DUFR³7KH(XURSHDQ6SDOODWLRQ6RXUFH´GRQGHVHKDQUHDOL ]DGRFiOFXORVGHLQYHQWDULRGHUDGLRQXFOHLGRVSDUDWUHVWLSRVGHEODQFRV +J:\3E%L(QHVWHFRQWH[WR\WHQLHQGRHQFXHQWDTXHQRKD\GLVHxR GHILQLWLYRGHODLQVWDODFLyQ\SRUWDQWRQRVHFRQRFHHOWpUPLQRIXHQWHTXH SRGUtDVHUOLEHUDGRDOPHGLRDPELHQWHVHKDSDUWLFLSDGRHQODHYDOXDFLyQ GHOSRWHQFLDOLPSDFWRUDGLROyJLFRDPELHQWDOTXHSRGUtDRULJLQDUVHGHFDGD EODQFR(QHODQiOLVLVGHFDGDLQYHQWDULRVHREVHUYyTXHDOJXQRVUDGLRQX FOHLGRVVRQGHYLGDPX\FRUWDXQRVSRFRVVHJXQGRVSRUORTXHGHVGHHO SXQWRGHYLVWDGHODSURWHFFLyQUDGLROyJLFDQRVRQVLJQLILFDWLYRV6LQHP EDUJRKD\XQQ~PHURHOHYDGRGHUDGLRQXFOHLGRVTXHQRUPDOPHQWHQRVH JHQHUDQHQODVLQVWDODFLRQHVQXFOHDUHV\UDGLDFWLYDVH[LVWHQWHVSRUORTXH QRVHFRQRFHUHDOPHQWHFyPRHVVXWUDQVSRUWHDORODUJRGHODVYtDVGHH[ SRVLFLyQDOS~EOLFRQLORVFRUUHVSRQGLHQWHVIDFWRUHVGHFRQYHUVLyQDGRVLV (Q OD SUHVHQWH SRQHQFLD VH UHVXPH OD SDUWLFLSDFLyQ HQ HVWH SUR\HFWR HXURSHR \ VH DSXQWDQ ORV IXWXURV GHVDUUROORV QHFHVDULRV SDUD HO OLFHQFLD PLHQWRRSHUDFLyQ\GHVPDQWHODPLHQWRGHHVWHWLSRGHLQVWDODFLRQHVGHVGH HOSXQWRGHYLVWDGHODSURWHFFLyQUDGLROyJLFD )-0!#4/2!$)/,»')#/!-")%.4!,$%,!4)$%,!#. */3²#!"2%2! *%-ARTÓN'ARCÓA-%'IMENO&'ARCÓA!COSTA 62&2,1 *$61$785$/)(126$ 'XUDQWHORVPHVHVGHHQHURDVHSWLHPEUHGH\IRUPDQGRSDUWHGH ODVDFWLYLGDGHVSUHYLDVDOGHVPDQWHODPLHQWRGH&1-RVp&DEUHUDVHKDUHD OL]DGRODFDUJD\DOPDFHQDPLHQWRGHOFRPEXVWLEOHJDVWDGRHQHO$OPDFpQ 7HPSRUDO,QGLYLGXDOL]DGR$7,FRQVWUXLGRHQVXSURSLRHPSOD]DPLHQWR (OVLVWHPDGHDOPDFHQDPLHQWRHQVHFRHOHJLGRFRUUHVSRQGHDOGHQRPL QDGR+,67250=VXPLQLVWUDGRSRUODHPSUHVDDPHULFDQD+2/7(& LQWHUQDFLRQDO (O LPSDFWR UDGLROyJLFR DPELHQWDO GH FXDOTXLHU LQVWDODFLyQ R VLVWHPD SXHGHYHQLURSRUORVHIOXHQWHVTXHHPLWDRSRUODUDGLDFLyQH[WHUQD'H ELGRDODVFDUDFWHUtVWLFDVGHOGLVHxRGHOVLVWHPDGHDOPDFHQDPLHQWRQRVH GDFUpGLWRDODOLEHUDFLyQGHPDWHULDOUDGLDFWLYRHQQLQJXQDFLUFXQVWDQFLD SRUORTXHHO3URJUDPDGH9LJLODQFLD5DGLROyJLFD$PELHQWDOVyORLQFOX\H PHGLGDVGHUDGLDFLyQGLUHFWD 6H KD UHDOL]DGR XQ VHJXLPLHQWR GHO LPSDFWR UDGLROyJLFR GH OD LQVWDOD FLyQGHDOPDFHQDPLHQWRUHDOL]DQGRPHGLGDVDQWHVGXUDQWH\GHVSXpVGH ODFDUJDGHORVFRQWHQHGRUHV6HSUHVHQWDQORVUHVXOWDGRVHVWDGtVWLFRVGHO VHJXLPLHQWRFRQFOX\HQGRTXHHOLPSDFWRUDGLROyJLFRHQODVFHUFDQtDVGHO $7,HVLQDSUHFLDEOHTXHGDQGRHQPDVFDUDGRSRUODVSURSLDVYDULDFLRQHVGH ODUDGLDFLyQGHIRQGRGRQGHVHHQFXHQWUDODLQVWDODFLyQ #!2!#4%2):!#)».$%,/3#!-0/3$%2!$)!#)». .%542».)#!$%5.,!"/2!4/2)/$%#!,)"2!#)». #/.&5%.4%3)3/4»0)#!3$%.%542/.%3 )02UBIO (76,,830 (O REMHWR GHO SUR\HFWR HV OD FDUDFWHUL]DFLyQ WHyULFD GH ORV FDPSRV GH UDGLDFLyQQHXWUyQLFDEDViQGRVHHQHOFyGLJRGH0RQWH&DUOR0&13GH GRVLQVWDODFLRQHVH[SHULPHQWDOHVGHO/DERUDWRULRGH0HGLGDV1HXWUyQLFDV GHO'HSDUWDPHQWRGH,QJHQLHUtD1XFOHDU830 ±&XEDPRGHUDGRUDGHDJXD 6HKDUHDOL]DGRXQPRGHORTXHUHSURGXFHODGLVWULEXFLyQGHIOXMRQHX WUyQLFRGHXQDIXHQWHSXQWXDOHQODFXEDPRGHUDGRUDLQFOX\pQGRVHHPED ODMHPRGHUDGRUDJXDIXHQWH\GHWHFWRU &RQHVWHPRGHORVHKDGHWHUPLQDGRODFRPSRVLFLyQ\GLPHQVLRQHVGH ODHQYROWXUDGHOGHWHFWRUXWLOL]DGRSDUDPHGLUODGLVWULEXFLyQUDGLDOGHORV QHXWURQHV HQ HO DJXD FRPSDUDQGR ORV UHVXOWDGRV H[SHULPHQWDOHV FRQ ORV REWHQLGRVSRUPpWRGRVGH0RQWH&DUOR ±%DQFDGDGHLUUDGLDFLyQFRQIXHQWHVGHQHXWURQHVGH$P%H 6HKDHODERUDGRXQQXHYRPRGHORQXPpULFRGHOODERUDWRULRSDUDDQD OL]DU ORV FDPELRV TXH KD VXSXHVWR OD LQVWDODFLyQ GH XQD QXHYD EDQFDGD GH LUUDGLDFLyQ GHVWLQDGD D OD FDOLEUDFLyQ GH PRQLWRUHV \ GRVtPHWURV GH QHXWURQHV 6H KD HVWXGLDGR OD IOXHQFLD QHXWUyQLFD VX GLVWULEXFLyQ HVSHFWUDO HQ HQHUJtDV\ODGRVLVHTXLYDOHQWHDPELHQWDOHQORVSXQWRVGHUHIHUHQFLDGHOD EDQFDGDGHLUUDGLDFLyQFRPSDUiQGRVHORVUHVXOWDGRVFRQORVGHDQWHULRUHV HVWXGLRVSDUDDQDOL]DUODLQIOXHQFLDGHODQXHYDEDQFDGD $GHPiVVHKDFDUDFWHUL]DGRODGRVLVHQODSODQWDVXSHULRUGHOODERUDWR ULRSHUWHQHFLHQWHDO,QVWLWXWRGH)XVLyQ1XFOHDUGRQGHQRVHUHVWULQJHHO DFFHVR &RPR DQiOLVLV FRPSOHPHQWDULR VH KD DQDOL]DGR OD FRQWULEXFLyQ DO HV SHFWURQHXWUyQLFR\DODGRVLVHTXLYDOHQWHDPELHQWDOGHODUDGLDFLyQGLUHFWD \GLVSHUVDGDSRUODVHVWUXFWXUDVTXHURGHDQDODIXHQWHHODLUHODVSDUHGHV VXHOR\WHFKRGHOODERUDWRULR 3DUD FRPSUREDU OD YDOLGH] GHO PRGHOR VH KDQ FRPSDUDGR ORV UHVXOWD GRVREWHQLGRVSRUPpWRGRVGH0RQWH&DUORFRQODVGHWHUPLQDFLRQHVH[ SHULPHQWDOHVFRQFOX\pQGRVHTXHVHGLVSRQHGHXQPRGHORUHDOLVWDSDUDHO FyGLJR 0&13 TXH SHUPLWH FDUDFWHUL]DU UDGLROyJLFDPHQWH HO ODERUDWRULR FRQUD]RQDEOHSUHFLVLyQ #«,#5,/3$%$/3)3!,0Á",)#/%.#!3/$% !##)$%.4%02).#)0!,%3$)&%2%.#)!3%.42% ./2-!4)6!3!-%2)#!.!39!,%-!.!3% ).&,5%.#)!3/"2%,/32%35,4!$/3 2"RUCKER!-U×OZ (035(6$5,26$*583$'26 (OYDORUGHODGRVLVUHFLELGDSRUHOS~EOLFRGHELGDDODOLEHUDFLyQGH DFWLYLGDG GXUDQWH XQ GHWHUPLQDGR DFFLGHQWH HV XQR GH ORV SDUiPHWURV IXQGDPHQWDOHVDODKRUDGHOLFHQFLDUXQDFHQWUDOQXFOHDU6LQHPEDUJROD GRVLVHIHFWLYDQRHVXQFRQFHSWRDEVROXWR/DHVWLPDFLyQGHGLFKDGRVLV GHSHQGHGHPXFKRVSDUiPHWURVVLHQGRORVPiVLPSRUWDQWHVODVKLSyWH VLVHPSOHDGDVSDUDPRGHOL]DUHODFFLGHQWHODVYtDVGHH[SRVLFLyQ\ORV FRHILFLHQWHVGHFRQYHUVLyQGHDFWLYLGDGDGRVLV7RGRVHVWRVSDUiPHWURV HVWiQHVSHFLILFDGRVHQODQRUPDWLYDGHFDGDSDtV\HQDOJXQRVFDVRVYD UtDQQRWDEOHPHQWHHQWUHXQDQRUPDWLYD\RWUD&RPRFRQVHFXHQFLDSDUD HOPLVPRDFFLGHQWHHOFiOFXORGHODGRVLVHIHFWLYDDOS~EOLFRSXHGHGDU YDORUHVPX\GLVWLQWRVVHJ~QODQRUPDWLYDTXHVHKDVHJXLGRSDUDUHDOL]DU GLFKRFiOFXOR (VWHIHQyPHQRWLHQHXQDHVSHFLDOLPSRUWDQFLDHQHOFDVRGHORVUHDFWR UHVHQIDVHGHGLVHxRFXDQGRWRGDYtDQRVHFRQRFHODQRUPDWLYDDDSOLFDU \DTXHHOUHDFWRUHVVXVFHSWLEOHGHVHUOLFHQFLDGRHQYDULRVSDtVHV3DUD DSUREDU XQ GHWHUPLQDGR GLVHxR HV KDELWXDO UHDOL]DU HVWLPDFLRQHV SUHOL PLQDUHVGHODGRVLVHIHFWLYDOLEHUDGDDOS~EOLFRSDUDFDGDDFFLGHQWHEDVH GHGLVHxR1RREVWDQWHGLFKDHVWLPDFLyQHVPX\GLItFLOGHKDFHUGHELGR D OD GLVSDULGDG HQWUH ORV PpWRGRV GH FiOFXOR GH GRVLV GH ODV GLIHUHQWHV QRUPDWLYDV8QDFFLGHQWHSXHGHVHUSUREOHPiWLFRSDUDXQDGHWHUPLQDGD QRUPDWLYD\SHUIHFWDPHQWHDFHSWDEOHSRURWUD(VHSUREOHPDVXUJLySRU 1 ,Ê-*!ÊÃi«ÌiLÀi-ÊÓä£ä Ó 6(6,21(67e&1,&$6 HMHPSORHQHOSUR\HFWR(XURWUDQVFXDQGRVHUHDOL]yXQFiOFXORSUHOLPL QDUGHGRVLVGHDFXHUGRFRQODVQRUPDWLYDVDPHULFDQDV\DOHPDQDV (VWD SRQHQFLD SUHVHQWDUi EUHYHPHQWH HO PDUFR OHJDO QDFLRQDO H LQ WHUQDFLRQDO GH OD QRUPDWLYD DSOLFDEOH D ODV GRVLV OLEHUDGDV HQ FDVR GH DFFLGHQWH6HH[SOLFDUiDFRQWLQXDFLyQHOFDVRGH(VSDxDGRQGHH[LVWHQ &&11 HQ ODV TXH VH DSOLFD OD QRUPDWLYD DOHPDQD \ RWUDV HQ ODV TXH VH VLJXH OD QRUPDWLYD DPHULFDQD /XHJR VH LOXVWUDUiQ ODV SULQFLSDOHV GLIHUHQFLDVHQWUHODVQRUPDWLYDVDPHULFDQDV\DOHPDQDVHQFXDQWRDORV FiOFXORVGHGRVLVHQFDVRGHDFFLGHQWH\FXDOHVHOLPSDFWRTXHWLHQHQ HVWDVGLIHUHQFLDVVREUHORVUHVXOWDGRV6HFRJHUiHOHMHPSORGHODFFLGHQWH GHO/2&$ '%34)».%&)#!:$%,%-0,!:!-)%.4/$%*/3² #!"2%2!$52!.4%,/3!º/3$%%80,/4!#)». 0/20!24%$%'!3.!452!,&%./3! *%-ARTÓN'ARCÓA&'ARCÓA!COSTA 62&2,1 *$61$785$/)(126$ /D FHQWUDO 1XFOHDU -RVp &DEUHUD =RULWD IXH OD SULPHUD LQVWDODFLyQ HVSDxRODHQXWLOL]DUODHQHUJtDQXFOHDUSDUDODJHQHUDFLyQGHHOHFWULFLGDG /D FHQWUDO GH =RULWD KD PDQWHQLGR OD FRQGLFLyQ LQQRYDGRUD HQ HO iUHD Îä 1 ,Ê-*!ÊÃi«ÌiLÀi-ÊÓä£ä QXFOHDU \ KD VLGR HO JHUPHQ HQ OD IRUPDFLyQ GH WpFQLFRV \ FLHQWtILFRV =RULWDKDVLGRODFHQWUDOSLRQHUDFRQWULEX\HQGRDOGHVDUUROORWHFQROyJLFR GHODLQGXVWULDQXFOHDUHVSDxROD *DV 1DWXUDO )HQRVD KD VLGR UHVSRQVDEOH GH OD H[SORWDFLyQ HILFD] GH ODPLVPD\GHODLQWHJUDFLyQGHODLQVWDODFLyQHQHOHVSDFLRJHRJUiILFR DPELHQWDO\KXPDQRHQTXHHVWiHQFODYDGRWHQLHQGRVLHPSUHHQFXHQWD XQH[TXLVLWRFXLGDGRFRQHOPHGLRDPELHQWH (QODSRQHQFLDVHSUHVHQWDXQUHVXPHQGHOD9LJLODQFLD$PELHQWDO\ GHORVFiOFXORVGHGRVLVDOH[WHULRUHVWLPDGRVHQORVDxRVGHH[SOR WDFLyQGHODLQVWDODFLyQSRUSDUWHGH*DV1DWXUDO)HQRVD(VWDYLJLODQFLD KD VHUYLGR SDUD PLQLPL]DU ORV SRVLEOHV LPSDFWRV DO PHGLR DPELHQWH KXHOODHFROyJLFDTXH*DV1DWXUDO)HQRVDKDGHMDGRHQHOHQWRUQR(Q OD SRQHQFLD VH PXHVWUDQ GDWRV UHODFLRQDGRV FRQ HO 3URJUDPD GH 9LJL ODQFLD5DGLROyJLFD$PELHQWDOGRQGHVHLQGLFDQFDQWLGDGHVGHPXHVWUDV UHFRJLGDVDORODUJRGHORVDxRVDVtFRPRODHYROXFLyQGHDOJXQRVUD GLRQXFOHLGRVHQPXHVWUDVUHSUHVHQWDWLYDV7DPELpQVHSUHVHQWDQGDWRVGH GRVLVHVWLPDGDVDODSREODFLyQGHELGRDORVHIOXHQWHVHPLWLGRVGHVGHHO FRPLHQ]R(QODVJUiILFDVVHSXHGHREVHUYDUFRPRODVGRVLVKDQLGRGLV PLQX\HQGRSDXODWLQDPHQWHVHJ~QVHKDQDSOLFDGRSROtWLFDVGHUHGXFFLyQ GHHIOXHQWHV 3RU ~OWLPR VH KDFH XQ HMHUFLFLR GH DEVWUDFFLyQ \ VH SUHVHQWD FXDO KXELHUDVLGROD³KXHOODHFROyJLFD´SURGXFLGDSRURWURWLSRGHLQVWDODFLyQ FHQWUDOGHFDUEyQSDUTXHHyOLFRRFHQWUDOVRODUTXHKXELHVHSURGXFLGR ODPLVPDFDQWLGDGGHHOHFWULFLGDGTXH*DV1DWXUDO)HQRVDKDSURGXFLGR *ZKGXUDQWHORVDxRVGHH[SORWDFLyQGHODLQVWDODFLyQ 3URJUDPD\6LQRSVLVGHODV3RQHQFLDV 3!,! -IÏRCOLESH 2%3)$5/32!$)!#4)6/3) 02%3)$%.4%0ABLO$ÓEZ '!3.!452!,&%./3! '%34)».4²#.)#!$/#5-%.4!,9$%)-0!#4/ 2!$)/,»')#/%.42!.30/24%30/2#!22%4%2!%. %30!º!$%2%3)$5/32!$)!#4)6/3 *!#ALLEJA&'UTIÏRREZ-ARTÓN##OLØN 7(&1$720 81,9(56,'$'32/,7e&1,&$'(0$'5,' /RVSURFHVRVUHODFLRQDGRVFRQHOWUDQVSRUWHGHUHVLGXRVUDGLDFWLYRVDVX OXJDUGHGHVWLQRUHVLGXRVGHPHGLDDFWLYLGDG50$KDFLD(O&DEULORHQ XQIXWXURORVGHDOWDDFWLYLGDG5$$KDFLDHODOPDFpQWHPSRUDOFHQWUDOL ]DGR$7&HVWiQGHDFWXDOLGDGSRUODPRYLOLGDGSUHVHQWH\HOFUHFLHQWH LQFUHPHQWRTXHVHHVSHUDHQXQIXWXURSUy[LPRHOFRPSURPLVRDGTXLULGR GHHVWDVDFWLYLGDGHVFRQHOPHGLRDPELHQWHODVHJXULGDG\SURWHFFLyQGH ODVSHUVRQDVDVtFRPRVXUHJXODFLyQOHJDO 3DUDDERUGDUHVWHWUDEDMRVHKDQWHQLGRHQFXHQWDLQIRUPDFLRQHVUHOHYDQ WHVVXPLQLVWUDGDVSRUORVGLVWLQWRVRUJDQLVPRVUHODFLRQDGRVFRQHODVXQWR FHQWUDOHVQXFOHDUHVHPSUHVDVGHWUDQVSRUWHVHWF &DEHSUHJXQWDUVH¢&yPRVHJHVWLRQDWpFQLFD\GRFXPHQWDOPHQWHHVWH WLSRGHWUDQVSRUWHV"¢&XiOHVVRQODVUXWDVPiVDFWLYDVTXHVHVLJXHQ"¢4Xp LPSDFWRUDGLROyJLFRVHJHQHUDUiHQHOPHGLRRHQLQGLYLGXRVWLSRORVRFX SDQWHVGHXQYHKtFXORSDUWLFXODURLQGXVWULDOHOS~EOLFRHQJHQHUDO" &RPR DYDQFH PiV LPSRUWDQWH DGHPiV GH LGHQWLILFDU \ UHVROYHU ODV DFFLRQHVUHTXHULGDVSRUSUHFHSWRVOHJDOHVGHUHTXLVLWRVH[LJLGRVDOWUDQV SRUWH FDUDFWHUL]DFLyQ UDGLROyJLFD VHxDOL]DFLyQ FDUWD GH SRUWH LQVWUXF FLRQHV GH HPHUJHQFLD HWF SURSRQHPRV XQD DSOLFDFLyQ LQIRUPiWLFD SDUD HOWUDWDPLHQWRGHORVGDWRVGHHPLVLRQHVHVWXGLDGRVTXHSHUPLWHDYDQ]DU HQHOHVWXGLRGHHVWHWLSRGHHYHQWRV$VtFRQRFLHQGRHOQLYHOGHUDGLDFLyQ D XQ PHWUR GHO WUDQVSRUWH \ HOLJLHQGR XQD UXWD REWHQGUHPRV ORV HIHFWRV DVRFLDGRV WDOHV FRPR ODV SREODFLRQHV DIHFWDGDV OD GRVLV UHFLELGD SRU HO LQGLYLGXRPiVH[SXHVWRHOLPSDFWRUDGLROyJLFRJOREDOODVDSRUWDFLRQHVD ODSREODFLyQWUD\HFWR\QDFLRQDO\HOSRVLEOHGHWULPHQWRGHODVDOXG 6HREVHUYDTXHDXQTXHODJHVWLyQGHOWUDQVSRUWHHVFRPSOHMD\ODERULR VDVHUHDOL]DEDMRODPDVHVWULFWDOHJDOLGDGVLHQGRHOLPSDFWRUDGLROyJLFR PX\ UHGXFLGR \ ODV HPLVLRQHV GH UDGLDFLRQHV LRQL]DQWHV SURFHGHQWHV GHO WUDQVSRUWHGHUHVLGXRVUDGLDFWLYRVSRUFDUUHWHUDHQ(VSDxDHQFRQGLFLRQHV QRUPDOHVQRVRQVLJQLILFDWLYDVDODKRUDGHJHQHUDUHIHFWRVDGYHUVRVHQOD VDOXG KXPDQD VLHQGR LQFOXVR PiV EDMD HQ ORV UHVLGXRV GH DOWD DFWLYLGDG TXHHQORVGHPHGLD ).&,5%.#)!$%,15%-!$/%.,!&,5%.#)!-%#«.)#! $52!.4%%,!,-!#%.!-)%.4/%.3%#/ &&ERIA,%(ERRANZ &,(0$7 #//2$).!$/2!3ARA0ÏREZ #)%-!4 (O DOPDFHQDPLHQWR HQ VHFR HV XQD YtD DOWHUQDWLYD GH ³HQIULDPLHQWR´ GHOFRPEXVWLEOHGXUDQWHODVSULPHUDVGpFDGDVWUDVVXSDVRSRUHOUHDFWRU 3RUWDQWRKDGHFXPSOLUORVFULWHULRVGHVHJXULGDGHVWDEOHFLGRVDWDOHIHF WR GRVLV GH UDGLDFLyQ LQIHULRUHV D ORV XPEUDOHV GLFWDGRV VXEFULWLFLGDG FRQILQDPLHQWR \ UHFXSHUDELOLGDG 6X VDWLVIDFFLyQ UHTXLHUH QHFHVDULD PHQWHHOPDQWHQLPLHQWRGHODFRQILJXUDFLyQGHOFRPEXVWLEOHRHQRWUDV SDODEUDVHODVHJXUDPLHQWRGHODLQWHJULGDGGHODYDLQD 'RV VLWXDFLRQHV VH SRVWXODQ FRPR DPHQD]DV SRWHQFLDOHV SDUD HO DGH FXDGRFRPSRUWDPLHQWRGHODYDLQDGHVGHHOSXQWRGHYLVWDPHFiQLFRVX GHIRUPDFLyQ \ HYHQWXDO URWXUD SRU IOXHQFLD \ VX SpUGLGD GH LQWHJULGDG GHELGDDPHFDQLVPRVWDOHVFRPRODIUDJLOL]DFLyQSRUIRUPDFLyQWDUGtDGH KLGUXURVEDMRWHQVLyQ'+&'HOD\HG+\GULGH&UDFNLQJ$SHVDUGHVX EDMD SUREDELOLGDG GH RFXUUHQFLD HQ ODV FRQGLFLRQHV HVSHUDGDV HQ DOPD FHQDPLHQWRHQVHFRHOPHFDQLVPRGHIDOORPiVSUREDEOHHVHODVRFLDGR FRQODIOXHQFLDPHFiQLFD (VWH WUDEDMR SUHVHQWD \ GLVFXWH HO HIHFWR GHO TXHPDGR DOFDQ]DGR DO ILQDOGHYLGDGHODEDUUDFRPEXVWLEOHHQUHDFWRUVREUHODGHIRUPDFLyQGH ODYDLQDSRUIOXHQFLDPHFiQLFDGXUDQWHORVSULPHURVDxRVGHDOPDFHQD PLHQWRHQVHFR3DUDHOORVHHPSOHDODQXHYDYHUVLyQGHOFyGLJR)5$3 &21)5$3&21DGDSWDGDDDOPDFHQDPLHQWRHQVHFRPHGLDQWHXQD OH\GHIOXHQFLDPHFiQLFDYiOLGDHQGLFKDVFRQGLFLRQHV/DVLPXODFLyQVH UHDOL]DUiVREUHHVFHQDULRVSRVWXODGRVGHEDUUDVGHFRPEXVWLEOHLUUDGLDGDV DGLIHUHQWHVTXHPDGRV (OSUHVHQWHWUDEDMRVHKDUHDOL]DGRHQHOPDUFRGHODFXHUGR$,&$67 $QiOLVLVGHOD,QWHJULGDGGHO&RPEXVWLEOHHQ$OPDFHQDPLHQWRHQ6HFR \7UDQVSRUWHHQWUH(15(6$\&,(0$7 !.«,)3)3$%-%$)$!3$%).()")#)».$%,!2%#/')$! $%!'5!%.%3425#452!3$%!,-!#%.!-)%.4/$% 2%3)$5/32"-! !2'ONZÈLEZ-73AALTINK-/RDØ×EZ),ØPEZ$ÓEZ :(67,1*+286( 81,932/,7e&1,&$'(&$7$/8f$ (15(6$ (QHVWUXFWXUDVGHDOPDFHQDPLHQWRGHKRUPLJyQFHUUDGDVHQODVTXHVH XELFDQFRQWHQHGRUHVGHKRUPLJyQVHSDUDGRVGHODVSDUHGHVGHORVPXURV SRUXQDFiPDUDGHDLUHVHSURGXFHGHIRUPDSHULyGLFDUHFRJLGDGHDJXD HQODUHGGHFRQWUROGHLQILOWUDFLRQHVGHODVPLVPDV 'LFKRIHQyPHQRHVWiSURYRFDGRSRUHOFRPSRUWDPLHQWRFRPRDLVODQWH WpUPLFRGHODFLWDGDFiPDUDGHDLUHTXHRULJLQDJUDGLHQWHVGHWHPSHUDWX UDHQWUHSDUHGHVGHKRUPLJyQHQIUHQWDGDVPXURV\FRQWHQHGRUHVIOXMR GLIXVLYRGHYDSRUGHDJXD\SURFHVRVGHHYDSRUDFLyQFRQGHQVDFLyQHQHO KRUPLJyQ 1 ,Ê-*!ÊÃi«ÌiLÀi-ÊÓä£ä Σ 6(6,21(67e&1,&$6 &RPR FRQWLQXDFLyQ GH ODV DFWXDFLRQHV LQLFLDOHV RULHQWDGDV D LGHQWL ILFDU OD FDXVD GHO FRPSRUWDPLHQWR REVHUYDGR HQ GLFKDV HVWUXFWXUDV OD 8QLYHUVLGDG 3ROLWpFQLFD GH &DWDOXxD 'HSDUWDPHQWR GH ,QJHQLHUtD GHO 7HUUHQR&DUWRJUDItD\*HRItVLFD:HVWLQJKRXVH(OHFWULF6SDLQ\(QUHVD KDQGHVDUUROODGR\DSOLFDGRPRGHORVSDUDDQDOL]DUHOHIHFWRGHODDSOLFD FLyQGHSRWHQFLDOHVPHGLGDVGHLQKLELFLyQGHODUHFRJLGDGHDJXDWDOHV FRPRHOSLQWDGRGHODVFDUDVLQWHULRUHVGHORVPXURVGHODVFHOGDVGHDO PDFHQDPLHQWR\GHORVFRQWHQHGRUHV\HOUHOOHQRFRQDUHQDGHORVKXHFRV FiPDUDGHDLUHHQWUHODVFHOGDV\ORVFRQWHQHGRUHV $VLPLVPRVHKDPRGHOL]DGRHOHIHFWRGHFRORFDUODFREHUWXUDGHILQLWL YD\DSUHYLVWRHQHOSUR\HFWRRULJLQDOVREUHODVHVWUXFWXUDVGHDOPDFH QDPLHQWR 7RGDV HVWDV PHGLGDV PLWLJDQ R DQXODQ OD UHFRJLGD GH DJXD GH FRQ GHQVDFLyQDOLQKLELUXQDRYDULRVGHORVSURFHVRVGHOPHFDQLVPRTXHOR SURYRFD /DV VLPXODFLRQHV HQ GRV GLPHQVLRQHV ' VH KDQ UHDOL]DGR FRQ HO FyGLJR&2'(%5,*+7GHVDUUROODGRSRUOD8QLYHUVLGDG3ROLWpFQLFDGH &DWDOXxDTXHDVLPLVPRKDGHVDUUROODGRHOPRGHOREDVHWHUPRKLGUiXOLFR GHFRPSRUWDPLHQWRGHOVLVWHPD (QHVWDSRQHQFLDVHGHVFULEHQORVPRGHORV'XWLOL]DGRVODVVLPXOD FLRQHV\UHVXOWDGRVREWHQLGRV %345$)/$%,!#!0!#)$!$$%3/2#)».$%,/3 2!$)/.5#,%)$/3#353%9#/%. (/2-)'».9-/24%2/ -DEL(2OJO-'ARCÓA'UTIÏRREZ4-ISSANA--INGARRO Á!LONSO*-OREJØN0'IL4,ØPEZ &,(0$7 (O KRUPLJyQ \ HO PRUWHUR VRQ PDWHULDOHV FRP~QPHQWH XWLOL]DGRV HQ ODV LQVWDODFLRQHV GHVWLQDGDV D OD LQPRYLOL]DFLyQ GH UHVLGXRV UDGLDFWLYRV GHPHGLDEDMD\PX\EDMDDFWLYLGDG(QGLFKDVLQVWDODFLRQHVORVUHVL GXRVVHDFRQGLFLRQDQHQHOLQWHULRUGHELGRQHVORVFXDOHVVHUHOOHQDQFRQ PRUWHUR$ FRQWLQXDFLyQ ORV ELGRQHV VRQ LQWURGXFLGRV HQ FRQWHQHGRUHV GHKRUPLJyQUHOOHQiQGRVHWDPELpQORVKXHFRVFRQPRUWHUR)LQDOPHQWH ORVFRQWHQHGRUHVVHGLVSRQHQHQODVFHOGDVGHDOPDFHQDPLHQWRWDPELpQ FRQVWUXLGDV FRQ KRUPLJyQ 'DGR HO XVR JHQHUDO GH HVWRV PDWHULDOHV HQ ORV DOPDFHQDPLHQWRV GH UHVLGXRV UDGLDFWLYRV HV LPSRUWDQWH HVWXGLDU VX FDSDFLGDGGHVRUFLyQyUHWHQFLyQGHUDGLRQXFOHLGRV(OREMHWLYRGHHVWH HVWXGLR KD VLGR FXDQWLILFDU OD FDSDFLGDG TXH SUHVHQWDQ KRUPLJRQHV \ PRUWHURVFRQXQDFRPSRVLFLyQVLPLODUDODGHORVTXHVHXWLOL]DQHQHO $OPDFHQDPLHQWR GH 5HVLGXRV 5DGLDFWLYRV GH 0HGLD \ %DMD$FWLYLGDG GH(O&DEULO&yUGREDSDUDUHWHQHUUDGLRQXFOHLGRV/RVUDGLRQXFOHLGRV VHOHFFLRQDGRVKDQVLGR &V 6H 8\ &R(OHVWXGLRH[SHULPHQWDO VHKDOOHYDGRDFDERGHWHUPLQDQGRHOFRHILFLHQWHGHGLVWULEXFLyQ.GGH GLFKRVUDGLRQXFOHLGRVVLJXLHQGRHOPpWRGREDWFK6HHVWXGLyODFLQpWLFD GH VRUFLyQ \ VH DQDOL]y H[SHULPHQWDOPHQWH HO HIHFWR TXH OD FRQFHQWUD FLyQGHOUDGLRQXFOHLGRSUHVHQWDVREUHODVRUFLyQPHGLDQWHODREWHQFLyQ GHLVRWHUPDVGHVRUFLyQ7RGRVORVH[SHULPHQWRVKDQVLGRUHDOL]DGRVHQ HOLQWHULRUGHXQDFDMDGHJXDQWHVFRQDWPyVIHUDFRQWURODGD %34!"),)$!$$%,!345$4)4!&2%.4%!,!02%3%.#)! $%#!-0/3$%2!$)!#)».9,!4%-0%2!452! %6/,5#)».$%,!350%2&)#)%2%!#4)6! #0ALOMO%)GLESIAS.2ODRIGUEZ*.IETO*1UI×ONES &,(0$7 ÎÓ 1 ,Ê-*!ÊÃi«ÌiLÀi-ÊÓä£ä (QORVHVWXGLRVGHHYDOXDFLyQGHVHJXULGDGGHXQDOPDFpQGHILQLWLYRHV QHFHVDULRFRQRFHUFRPRVHSURGXFHODDOWHUDFLyQGHOFRPEXVWLEOHQXFOHDU LUUDGLDGR HQ ODV FRQGLFLRQHV GH DOPDFHQDPLHQWR \ DVt SRGHU GHWHUPLQDU OD WDVD GH OLEHUDFLyQ GH ORV UDGLRQXFOHLGRV FRQWHQLGRV HQ HO FRPEXVWLEOH LUUDGLDGR3DUDHOORHVQHFHVDULRFRQRFHUFRPRVHSURGXFHHOSURFHVRGH R[LGDFLyQ \ SRVWHULRU GLVROXFLyQ \ FXDQGR VH DOFDQFH HO YDORU GH VROXEL OLGDGGH8HQHOOL[LYLDGRDJXDVXEWHUUiQHDTXHIDVHSUHFLSLWD\VLHVWD IDVHVHFXQGDUtDSUHFLSLWDGDVREUHODVXSHUILFLHGHODPDWUL]HVHVWDEOHHQODV FRQGLFLRQHVGHOUHSRVLWRULR (Q HVWXGLRV H[SHULPHQWDOHV DQWHULRUHV UHDOL]DGRV SRU DOJXQRV GH ORV DXWRUHV H[SHULPHQWRV GH OL[LYLDFLyQ GH FRPEXVWLEOH LUUDGLDGR PDWHULDO GRSDGR\RWURVDQiORJRVGHOFRPEXVWLEOHVHKDGHPRVWUDGRTXHHQFLHUWDV FRQGLFLRQHV VH SURGXFH OD SUHFLSLWDFLyQ GH VWXGWLWD VREUH OD PDWUL] 3DUD TXHVHSURGX]FDODSUHFLSLWDFLyQGHHVWDIDVHHVQHFHVDULDODSUHVHQFLDGH FDPSRVGHUDGLDFLyQ_TXHJHQHUDQHVSHFLHVR[LGDQWHVHQHOPHGLR (VWHWUDEDMRVHSODQWHyHOHVWXGLRGHODLQIOXHQFLDGHFDPSRVGHUDGLD FLyQa\GHODWHPSHUDWXUDSUHVHQWHVHQFRQGLFLRQHVGHDOPDFpQHQODHV WDELOLGDGGHODVWXGWLWD$GHPiV\SDUDSRGHUHYDOXDUHOHIHFWRSURWHFWRUGH ODIDVHVHFXQGDULDVHGHWHUPLQDUiFXiOHVODHYROXFLyQGHOiUHDVXSHUILFLDO HVSHFtILFD%(73DUDHOHVWXGLRGHFDUDFWHUL]DFLyQPLFURHVWUXFWXUDOVHKD HPSOHDGR;5'FRQ\VLQSODWLQDFDOLHQWH /RV UHVXOWDGRV H[SHULPHQWDOHV REWHQLGRV KDQ SHUPLWLGR GHWHUPLQDU ORV LQWHUYDORV GH HVWDELOLGDG GH OD VWXGWLWD FRQ OD WHPSHUDWXUD \ OD UDGLDFLyQ /RVUHVXOWDGRVH[SHULPHQWDOHVGHPXHVWUDQTXHODSUHVHQFLDGHFDPSRVGH UDGLDFLyQSURGXFHODDPRUIL]DFLyQGHHVWDIDVHHQHOFDVRGHPHGLR$*% SDUDYDORUHV!N*\KHFKRTXHLPSOLFDUiXQLQFUHPHQWRHQODVROXELOL GDG\XQPHQRUHIHFWRSURWHFWRU (VWHWUDEDMRKDVLGRUHDOL]DGRGHQWURGHO3ODQ1DFLRQDOFRQWtWXOR0R YLOLGDGGH$FWtQLGRV\3URGXFWRVGH)LVLyQHQ6LVWHPDV1DWXUDOHV$SOLFD FLyQGH7pFQLFDVGH0LFURVFRSLD\(VSHFWURVFRSLD020,(6 3)34%-!$%42!4!-)%.4/$%2%3)$5/32!$)!#4)6/3 -%$)!.4%).#).%2!#)».%.:!0/2/:(9%5#2!.)! ,!RESTI!'ONZÈLEZ&ERNÈNDEZ#ONDE ,%(5'52/$,1*(1,(5,$<&216758&&,Ï1 /D FHQWUDO QXFOHDU GH =DSRUR]K\H FRPHQ]y VX RSHUDFLyQ HQ (VWi IRUPDGD SRU UHDFWRUHV WLSR 99(5 GH GLVHxR VRYLpWLFR$ SULQFLSLRGH,EHUGUROD,QJHQLHUtD\&RQVWUXFFLyQFRPROtGHUGHXQ FRQVRUFLR IRUPDGR SRU (19,.5$)7$6 'LQDPDUFD \ %(/*2352 &(66 19 %pOJLFD ILUPy XQ FRQWUDWR OODYH HQ PDQR FRQ (QHUJRDWRP SDUDODLQVWDODFLyQHQODFHQWUDOGHXQVLVWHPDGHWUDWDPLHQWRGHUHVLGXRV UDGLDFWLYRVVyOLGRV\OtTXLGRVGHEDMD\PHGLDDFWLYLGDGPHGLDQWHLQFLQH UDFLyQ(VWHSUR\HFWRHQPDUFDGRGHQWURGHOSURJUDPD7$&,6GHOD8( WLHQHORVVLJXLHQWHVREMHWLYRV 0HMRUDU OD HILFLHQFLD HQ ORV SURFHVRV GH WUDWDPLHQWR WpUPLFR GH UHVL GXRVH[LVWHQWHVHQ=133 0HMRUDU OD HILFLHQFLD HQ HO SURFHVR GH WUDWDPLHQWR HIOXHQWHV JDVHRVRV JHQHUDGRVSRUODLQFLQHUDFLyQ 5HGXFLUHOYROXPHQGHORVUHVLGXRVDFXPXODGRVHQORVDOPDFHQHVGH =133 PHGLDQWH VX FRPEXVWLyQ FRPSOHWD KDVWD VX FRQYHUVLyQ HQ FH QL]DV 0LQLPL]DU OD FDQWLGDG GH UHVLGXR SRU WUDWDPLHQWR WpUPLFR REWHQLHQGR XQSURGXFWRILQDOTXHFXPSOHFRQORVFULWHULRVUHFRPHQGDGRVSDUDOD VHJXULGDG\DOPDFHQDPLHQWR (ODOFDQFHGHOSUR\HFWRGHXQDGXUDFLyQDSUR[LPDGDGHDxRVLQFOX\H HOGLVHxRHVSHFtILFR\IDEULFDFLyQGHORVHTXLSRVODHODERUDFLyQGHODGR FXPHQWDFLyQGHOLFHQFLD\VRSRUWHDOFOLHQWHHQHOSURFHVRGHOLFHQFLDGHOD LQVWDODFLyQFHUWLILFDFLyQGHDFXHUGRFRQODUHJXODFLyQXFUDQLDQDDSR\RHQ 3URJUDPD\6LQRSVLVGHODV3RQHQFLDV ODLQVWDODFLyQSUXHEDVGHDFHSWDFLyQ\SXHVWDHQPDUFKDIRUPDFLyQHQOD RSHUDFLyQ\PDQWHQLPLHQWRGHORVHTXLSRV\VXPLQLVWURGHUHSXHVWRV /DFDSDFLGDGGHODLQFLQHUDGRUDHVGHNJKSDUDORVUHVLGXRVVyOLGRV \ NJK SDUD ORV UHVLGXRV OtTXLGRV 6H UHGXFLUi HO YROXPHQ GH UHVLGXR PHGLDQWHVXFRPEXVWLyQFRPSOHWDHVWLPiQGRVHXQRVIDFWRUHVGHUHGXFFLyQ GHYROXPHQGHSDUDORVUHVLGXRVVyOLGRV\SDUDORVOtTXLGRV 02/#%3/$%,)#%.#)!-)%.4/$%,!).34!,!#)».$% 42!4!-)%.4/$%2%3)$5/32!$)!#4)6/3-%$)!.4% ,!4%#./,/'¶!$%,0,!3-!%.,!#.$%+/:,/$59 "5,'!2)! FpQ7HPSRUDO&HQWUDOL]DGRTXHDOEHUJDUiFRQWHQHGRUHVGHUHVLGXRVGH &1 -RVp &DEUHUD \ &1$VFy DVt FRPR ORV UHVLGXRV YLWULILFDGRV TXH UHWRUQHQGHVGH)UDQFLDDGHPiVGHVHUYLUGHDOPDFHQDPLHQWRWUDQVLWRULR GHRWURVWLSRVGHFRQWHQHGRUHV(16$'37+,75$&HWF\TXHFXP SOLUiODIXQFLyQGHVXDOPDFHQDPLHQWRVHJXURDODUJRSOD]R (OSURSyVLWRHVHVWXGLDUODYLDELOLGDGGHODLQVWDODFLyQGHVGHHOSXQWR GHYLVWDWpUPLFRPHGLDQWHXQPRGHORWHUPRKLGUiXOLFREDVDGRHQHOFy GLJR*27+,&HYDOXDQGRODVFRQGLFLRQHVDPELHQWDOHVTXHVHGDUiQHQ HOHGLILFLRDOPDFpQ (O PRGHOR WLHQHQ HQ FXHQWD ODV FDUDFWHUtVWLFDV JHRPpWULFDV GHO HGLIL FLRFX\RYROXPHQLQWHULRUVHGLVFUHWL]DFRQXQPDOODGRWULGLPHQVLRQDO PRGHORVLPSOLILFDGRGHORVFRQWHQHGRUHV\VXFRPSRUWDPLHQWRWpUPLFR\ FRQGLFLRQHVDPELHQWDOHVH[WHULRUHV6HSUHVHQWDQHQHVWDSRQHQFLDKLSy WHVLVPRGHORGH*27+,&\UHVXOWDGRVGHORVDQiOLVLV 3'UTIÏRREZ-ARTÓNEZ%3ALAS ,%(5'52/$,1*(1,(5,$<&216758&&,Ï1 $SULQFLSLRVGHO,%(5'52/$,QJHQLHUtD\&RQVWUXFFLyQFRPR OtGHU GHO &RQVRUFLR FRQ OD HPSUHVD %HOJD GH WUDWDPLHQWRV GH UHVLGXRV %HOJRSURFHVVVHDGMXGLFyXQFRQWUDWRSDUDVXPLQLVWUDUXQDLQVWDODFLyQGH WUDWDPLHQWRGHUHVLGXRVUDGLDFWLYRVGHEDMD\PHGLDDFWLYLGDGPHGLDQWHOD WHFQRORJtDGHOSODVPDFRQREMHWRGHUHGXFLUHOYROXPHQGHUHVLGXRVSURFH GHQWHVGHODFHQWUDOQXFOHDUGH.R]ORGX\%XOJDULD 8QR GH ORV DVSHFWRV IXQGDPHQWDOHV GHO SUR\HFWR HV HO OLFHQFLDPLHQWR GHODLQVWDODFLyQ(O&OLHQWH.133WLHQHODUHVSRQVDELOLGDGOHJDOGHVX OLFHQFLDPLHQWRSHURODLGHQWLILFDFLyQ\GHVDUUROORGHWRGRVORVGRFXPHQWRV UHTXHULGRVSDUDREWHQHUODVOLFHQFLDV\FHUWLILFDGRVWLHQHQTXHVHUSURSRU FLRQDGRVSRUHO&RQVRUFLR (Q %XOJDULD H[LVWHQ WUHV RUJDQLVPRV SULQFLSDOHV FRQ FRPSHWHQFLDV HQ ORVDVSHFWRVUHODWLYRVDHVWHSUR\HFWR %XOJDULDQ1XFOHDU5HJXODWRU\(QHUJ\%15$ 0LQLVWU\RI(QYLURQPHQWDQG:DWHUV0(: 0LQLVWU\RI5HJLRQDO'HYHORSPHQWDQG3XEOLF:RUNV05'3: 6HJ~QHOPDUFROHJDOHQYLJRUHQ%XOJDULDSDUDHOSUR\HFWR.133WLHQH TXHOLFHQFLDUXQDQXHYDLQVWDODFLyQQXFOHDUHQXQHPSOD]DPLHQWRH[LVWHQWH \DOLFHQFLDGR3DUDHOORORVWUHVRUJDQLVPRVDQWHULRUPHQWHFLWDGRVWLHQHQ TXHRWRUJDUXQDVHULHFRQVHFXWLYDGHSHUPLVRVTXHYDQGHVGHHOSHUPLVR GHGLVHxRKDVWDHOSHUPLVRGHRSHUDFLyQ 8QRGHORVDVSHFWRVPiVFUtWLFRVGHOSUR\HFWRHVODGHPRVWUDFLyQGHTXH HOVLVWHPDGHWUDWDPLHQWRGHJDVHV2IIJDVHVFDSD]GHDVHJXUDUTXHVH PDQWLHQHQORVOtPLWHVGHHPLVLRQHVHVWDEOHFLGRVWDQWRHQOD1RUPDWLYD/R FDOFRPRHQODV'LUHFWLYDV&RPXQLWDULDV(OVLVWHPDSURSXHVWRHVWiEDVDGR HQ OD H[SHULHQFLD GH OD LQVWDODFLyQ GHO &,/9$ LQFLQHUDGRU GH UHVLGXRV UDGLDFWLYRVSURSLHGDGGH%HOJRSURFHVV6XGLVHxRDPSOLDPHQWHSUREDGR KDWHQLGRHQFXHQWDDOWRVHVWiQGDUHVGHFDOLGDGDOWDILDELOLGDG\EDMRVFRV WHVGHPDQWHQLPLHQWR /DH[SHULHQFLDHQXQSURFHVRGHOLFHQFLDVLPLODUGH=ZLODJVXEFRQWUD WLVWDGHO&RQVRUFLRVXSRQHXQUHVSDOGRPX\LPSRUWDQWHIUHQWHDORVRUJD QLVPRVUHJXODGRUHVE~OJDURVTXHSXHGHQWHQHUFRPRUHIHUHQFLDHOSURFHVR VHJXLGRHQ6XL]D %345$)/#/-0,%-%.4!2)/3/"2%%,02/9%#4/ '%.²2)#/$%,!4#!.«,)3)34²2-)#/ -'ARCÓA'ONZÈLEZ)#A×ADAS'3ERRANO (035(6$5,26$*583$'26 (15(6$ (OWUDEDMRSUHVHQWDGRHQHVWDSRQHQFLDIRUPDSDUWHGHORVHVWXGLRVUHD OL]DGRVDSHWLFLyQGH(15(6$(PSUHVD1DFLRQDOGH5HVLGXRVSDUDHO DQiOLVLVGHODYLDELOLGDGGHODLQVWDODFLyQFRPSOHPHQWDULDDO$7&$OPD &5.$)#)».$%#!,%.4!$/2%3$%#.#/&2%.4%3%. ,!3).34!,!#)/.%3$%345$36)+ 2/RIVE*,$E$IEGO*DE$3ÈNCHEZ:APATA0-ATA -.AVARRO%6ICO-1UIRØS ,%(5'52/$*(1(5$&,Ï16$ (15(6$ 'HQWURGHOPDUFRGHODRSHUDFLyQGHOD&1GH&RIUHQWHVFRQYLYHQHQ ORVSODQHVGHPDQWHQLPLHQWRHOFRPSURPLVRFRQODVHJXULGDG\ODRSWLPL ]DFLyQGHODILDELOLGDG\GLVSRQLELOLGDGGHORVHTXLSRV(VWDSODQLILFDFLyQ VXSRQH HO DQiOLVLV GH ODV IXQFLRQHV TXH GHVHPSHxDQ HQ OD SODQWD VXV PHFDQLVPRV GH IDOOR \ HVWDEOHFH FULWHULRV \ SHULRGLFLGDGHV GH UHYLVLyQ \ GHYLJLODQFLDLQFOX\HQGRHQDOJXQRVFDVRVODVXVWLWXFLyQGHDOJXQRGHORV FLWDGRVHTXLSRV +DVWD OD IHFKD &1 &RIUHQWHV KD VXVWLWXLGR ORV FDOHQWDGRUHV GHO VLV WHPD GH DJXD GH DOLPHQWDFLyQ 1%$ 1%% \ 1%$ SURFHGLHQGR D VX DOPDFHQDPLHQWR HQ OD H[SODQDGD H[WHULRU GHO$OPDFpQ GH 3LH]DV GH %DMD$FWLYLGDG $3%$ FXPSOLHQGR WRGRV ORV UHTXLVLWRV UDGLROyJLFRVHVWDEOHFLGRVHQVXPDQXDOGHIXQFLRQDPLHQWR 3DUD OD JHVWLyQ GH ORV FLWDGRV HTXLSRV VH KD SODQWHDGR HQ HO VHQR GHO *UXSR$G+RF 0L[WR (15(6$81(6$ VREUH 5HGXFFLyQ GH9ROXPHQ XQ SUR\HFWR SLORWR SDUD HO WUDQVSRUWH \ WUDWDPLHQWR SRU IXQGLFLyQ GH ORV LQGLFDGRV FDOHQWDGRUHV HQ ODV LQVWDODFLRQHV GH 6WXGVYLN 6XHFLD FRQ HO FRQVLJXLHQWH UHWRUQR GH ORV UHVLGXRV VHFXQGDULRV JHQHUDGRV GXUDQWH HO SURFHVR/DUHGXFFLyQGHYROXPHQHVSHUDGDHQWpUPLQRVGHUHVLGXRDFRQ GLFLRQDGRHVXQIDFWRU (VWHSUR\HFWRHVWiSODQLILFDGRSDUDGHVDUUROODUVHGXUDQWHORVDxRV HQJOREDQGRVXDOFDQFHODVDFWLYLGDGHVTXHVHOLVWDQDFRQWLQXDFLyQ +LWR$SUREDFLyQ3UR\HFWRGH5HGXFFLyQGH9ROXPHQ )DVH , 'HILQLFLyQ DQWHSUR\HFWR (VSHFLILFDFLyQ7pFQLFD 6HUYLFLR /L FLWDFLyQ(QHVWDIDVHVHLQFOX\HOD&DUDFWHUL]DFLyQ5DGLROyJLFDGHORV &DOHQWDGRUHV +LWR)LUPD$FXHUGR5HGXFFLyQGH9ROXPHQ(15(6$,%(5'52/$ )DVH,,$GMXGLFDFLyQGHOSHGLGR\3UHSDUDFLyQH[SHGLFLyQWUDQVSRUWH +LWR([SHGLFLyQGHORV&DOHQWDGRUHV )DVH ,,,$ )XQGLFLyQ GH &DOHQWDGRUHV (Q HVWD IDVH D UHDOL]DU tQWHJUD PHQWHHQODVLQVWDODFLRQHVGH6WXGVYLNHQ6XHFLDVHLQFOX\HQ &DUDFWHUL]DFLyQ UDGLROyJLFD GH ORV FRPSRQHQWHV SUHYLD D VX WUDWD PLHQWRSDUDGHWHUPLQDUVLHVQHFHVDULRXQFKRUUHDGRDEUDVLYRGHODV VXSHUILFLHVDFFHVLEOHV 'HVFRQWDPLQDFLyQVLDSOLFDFRUWH\IXQGLFLyQGHORVWUHVFDOHQWDGRUHV &DUDFWHUL]DFLyQ UDGLROyJLFD GH ORV OLQJRWHV GH IXQGLFLyQ SURGXFLGRV HQ HO WUDWDPLHQWR SURSXHVWR \ MXVWLILFDFLyQ GH OD YLDELOLGDG GH VX GHVFODVLILFDFLyQVHJ~QODQRUPDWLYDVXHFD 1 ,Ê-*!ÊÃi«ÌiLÀi-ÊÓä£ä ÎÎ 6(6,21(67e&1,&$6 +LWR&HUWLILFDFLyQGHGHVFODVLILFDFLyQGHORVOLQJRWHVPHWiOLFRVJHQH UDGRV )DVH,,,%$FRQGLFLRQDPLHQWRUHWRUQR\JHVWLyQUHVLGXRVVHFXQGDULRV (QHVWDIDVHVHLQFOX\HQ $FRQGLFLRQDPLHQWRGHORVUHVLGXRVVHFXQGDULRVJHQHUDGRV 3UHSDUDFLyQ GHO WUDQVSRUWH GH UHWRUQR GH ORV UHVLGXRV VHFXQGDULRV D (VSDxD +LWR5HWRUQRGHUHVLGXRVGHSURFHVRD(VSDxD 0%2#%0#)».$%,/3%30!º/,%3&2%.4%!,/3 2%3)$5/32!$)!#4)6/3 -!2ODRÓGUEZ'ØMEZ-'ONZÈLEZ#RESPO 62&2,1 81(6$ 8QWHUFLRGHODHQHUJtDJHQHUDGDHQOD8QLyQ(XURSHDSURFHGHGHOD HQHUJtDQXFOHDU\GHORVHVWDGRVPLHPEURVGLVSRQHQGHFHQWUDOHV QXFOHDUHV HQ RSHUDFLyQ HV SRU WDQWR GH LQWHUpV FRQRFHU OD RSLQLyQ GH ORVFLXGDGDQRVDOUHVSHFWRGHODHQHUJtDQXFOHDU (QHODxROD'LUHFFLyQ*HQHUDOSDUDOD(QHUJtD\7UDQVSRUWHGH OD &RPLVLyQ (XURSHD HQFDUJy XQ HVWXGLR FRQVLVWHQWH HQ OD UHDOL]DFLyQ GHHQFXHVWDVDFLXGDGDQRVGHOD8(VREUHVXSHUFHSFLyQVREUH ODHQHUJtDQXFOHDU\ORVUHVLGXRVUDGLDFWLYRV(VWDVHQFXHVWDVVRQFRQWL QXDFLyQGHODVUHDOL]DGDVHQ\\VRQFRQRFLGDVFRPR (XUREDUyPHWUR (OREMHWRGHOHVWXGLRHVDQDOL]DU /DSHUFHSFLyQGHORVFLXGDGDQRVIUHQWHDODHQHUJtDQXFOHDU\HQFRQ FUHWRORVUHVLGXRVUDGLDFWLYRV /DLPSOLFDFLyQGHORVFLXGDGDQRVHQODWRPDGHGHFLVLRQHVVREUHOD JHVWLyQGHORVUHVLGXRV (OSDSHOGHOD8(HQODJHVWLyQGHORVUHVLGXRV &RPRVHVLHQWHQGHLQIRUPDGRVORVFLXGDGDQRVVREUHORVUHVLGXRV (OFRQRFLPLHQWRGHORVFLXGDGDQRVVREUHORVUHVLGXRV\VXJHVWLyQ /DVIXHQWHVGHFRQILDQ]DTXHLQIRUPDQVREUHUHVLGXRV (Q HVWD SRQHQFLD VH PXHVWUDQ ORV UHVXOWDGRV REWHQLGDV HQ (VSDxD IUHQWHDODPHGLDGHOD8( /D SULPHUD FRQFOXVLyQ HV TXH HO DSR\R D OD HQHUJtD QXFOHDU KD FUH FLGRHQXQHQOD8(\HQXQHQ(VSDxDUHVSHFWRDO1R REVWDQWH(VSDxDHVMXQWRFRQ5XPDQLDHO~QLFRSDtVFRQHQHUJtDQX FOHDUTXHHVWiSRUGHEDMRGHODPHGLDGHOD8(DIDYRUHQ(VSDxD IUHQWHDHQOD8( Î{ 1 ,Ê-*!ÊÃi«ÌiLÀi-ÊÓä£ä /DRWUDJUDQFRQFOXVLyQHVHOGHVFRQRFLPLHQWRTXHH[LVWHHQ(VSDxD VREUHHOWHPDWHQLHQGRXQRVSRUFHQWDMHVGH³QRVDEHQRFRQWHVWD´VX SHULRUHVDODPHGLDGHOD8(HQWRGDVODVFXHVWLRQHVSODQWHDGDV 2%6)3)».$%,).6%.4!2)/$%2!$)/.5#,%)$/3$%, !#%,#!"2), !&ENOY-!2ODRÓGUEZ2OSA'ONZALEZ'ANDAL%6ICO *,,EGANES 62&2,1 (15(6$ (OREMHWLYRGHHVWHSUR\HFWRHVUHDOL]DUXQDHVWLPDFLyQGHORVUDGLR QXFOHLGRVDFRQVLGHUDUHQHO$&(O&DEULOHVWDEOHFLHQGRORVFULWHULRV GHVHOHFFLyQFRUUHVSRQGLHQWHVWDQWRSDUDUHVLGXRVGHRSHUDFLyQGHORV GHGHVPDQWHODPLHQWR &RPR VHJXQGR REMHWLYR \ D SDUWLU ORV UHVXOWDGRV REWHQLGRV VH KDQ HVWDEOHFLGR ORV LVyWRSRV GH LQWHUpV D WHQHU HQ FXHQWD HQ OD JHVWLyQ GH UHVLGXRVGHPX\EDMDDFWLYLGDG 3DUDHVWLPDUHOLQYHQWDULRUDGLROyJLFRGHORVUHVLGXRVSURFHGHQWHVGH ODRSHUDFLyQGHODVFHQWUDOHVQXFOHDUHVVHKDQLGHQWLILFDGRORVUDGLRQX FOHLGRVTXHSXHGHQWUDQVIHULUVHKDVWDORVUHVLGXRVFRPRORVTXH VHJHQHUDQHQORVSURFHVRVGHILVLyQGHOFRPEXVWLEOHDOVHULUUDGLDGR \TXHSXHGHQVHUOLEHUDGRVKDVWDHOUHIULJHUDQWH VHSURGXFHQSRUDFWLYDFLyQQHXWUyQLFDGHORVSURGXFWRVGHFRUURVLyQ GHSRVLWDGRVVREUHODVXSHUILFLHGHOFRPEXVWLEOH\TXHVRQILQDOPHQWH OLEHUDGRVDOUHIULJHUDQWH VRQ OLEHUDGRV GH ORV HOHPHQWRV GH FRPEXVWLEOH DOPDFHQDGRV HQ OD SLVFLQDGHFRPEXVWLEOHJDVWDGR /DPRGHOL]DFLyQGHOGLVHxRGHOQ~FOHRHQFDGDFHQWUDOVHKDUHDOL]D GRXWLOL]DQGRHOFyGLJR25,*(1 3DUD OD HVWLPDFLyQ GHO LQYHQWDULR GH UDGLRQXFOHLGRV GH GHVPDQWHOD PLHQWRVHKDWHQLGRHQFXHQWD 0DWHULDOHV DFWLYDGRV SURFHGHQWHV GH OD DFWLYDFLyQ GH ORV FRPSR QHQWHV HQ HO Q~FOHR H LQPHGLDFLRQHV GHO PLVPR VRPHWLGDV D IOXMR QHXWUyQLFR 0DWHULDOHVFRQWDPLQDGRVSURFHGHQWHVGHODGHSRVLFLyQHQODVVXSHU ILFLHV GH ORV VLVWHPDV GH SURGXFWRV GH ILVLyQ \ SURGXFWRV GH FRUUR VLyQDFWLYDGRV (VWHLQYHQWDULRVHKDREWHQLGRPHGLDQWHODPRGHOL]DFLyQFRQHOFy GLJR61$3\GDWRVELEOLRJUiILFRV 3URJUDPD\6LQRSVLVGHODV3RQHQFLDV 3!,! -IÏRCOLESH 3%'52)$!$.5#,%!2) 02%3)$%.4%,UIS'ARCÓA$ELGADO )"%2$2/,! #//2$).!$/2*ESÞS"OTE-ORENO #%.42!,.5#,%!2$%!,-!2!: %6/,5#)».$%,/33)34%-!3$%6)'),!.#)! 3¶3-)#!$%,!3))..-%*/2!3).42/$5#)$!39 !0,)#!#)/.%302«#4)#!3 *'3ÈNCHEZ#ABA×ERO!*IMÏNEZ*UAN &216(-2'(6(*85,'$'18&/($5 +DFHXQRVGLH]DxRVVHLQLFLyODVXVWLWXFLyQGHORVVLVWHPDVGHYLJLODQ FLDVtVPLFDH[LVWHQWHVHQODV&&11(VSDxRODVSRUHTXLSRVGLJLWDOHV (OSURFHVRGHVXVWLWXFLyQVHKDFRPSOHWDGRVXSRQLHQGRXQDPHMRUDVXV WDQFLDOSDUDUHDOL]DUGHIRUPDUiSLGD\SUiFWLFDODIXQFLyQGHYLJLODQFLD\ ODFRQVHFXHQWHWRPDGHGHFLVLRQHVHQFDVRGHWHUUHPRWR'HIRUPDSDUD OHODVHKDQGHVDUUROODGRSURFHGLPLHQWRVGHDFWXDFLyQDQWHODRFXUUHQFLD GHXQWHUUHPRWR\ODQXHYDLQVWUXPHQWDFLyQKDSHUPLWLGRHVWDEOHFHUFUL WHULRVGHH[FHGHQFLDGHO7HUUHPRWR%iVLFRGH2SHUDFLyQ2%(8QDYH] GHFODUDGDODH[FHGHQFLDGHO2%(HVWiGHILQLGDODHQWUDGDDORVSODQHVGH HPHUJHQFLDLQWHULRU\ODSDUDGDRUGHQDGDGHODSODQWDVHJ~QLQGLTXHQODV (VSHFLILFDFLRQHV7pFQLFDVGH)XQFLRQDPLHQWRGHILQLGDVDGKRF3RURWUD SDUWHHORFXUULyXQWHUUHPRWRGHPDJQLWXGEDMDPEOJ HQHOFDPSRFHUFDQRGHOD&1-RVp&DEUHUDFRQHSLFHQWURHQ(VFRSHWH *XDGDODMDUD\IXHUHJLVWUDGRSRUHOVLVWHPDGHYLJLODQFLDVtVPLFDGHHVWD SODQWDTXHKDEtDFHVDGRVXH[SORWDFLyQHO3RUYH]SULPHUD VHDSOLFDURQGHIRUPDSUiFWLFDORVSURFHGLPLHQWRVGHDFWXDFLyQHQFDVR GHWHUUHPRWR\ODHYDOXDFLyQGHODH[FHGHQFLDGHO2%(VHJ~QORVFULWH ULRV HVWDEOHFLGRV UHVXOWDGR HQ HVWH FDVR TXH QR KXER H[FHGHQFLD GH OD EDVHGHGLVHxR2%(GHODFHQWUDO 2//-(%!450!.!,93)37)4('/4()##/$% '*IMÏ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yV,,133 7KLVSUHVHQWDWLRQVKRZVWKHGLIIHUHQWDVVXPSWLRQVWDNHQFUHDWLQJWKH PRGHOVDQGWKHDQDO\VLVPDGHIURPWKHUHVXOWV,WLVVKRZQDOVRWKHGL IIHUHQWXVHRIWKHPRGHOVWKDWFDQEHGRQHGXHWRWKHFDSDELOLWLHVRI*2 7+,& OLNH +\GURJHQ GLVWULEXWLRQ LQ EDWWHU\ URRPV RU XVLQJ WKH PRGHO IRU35$'HWHUPLQLVWLF)ORRGLQJ$QDO\VLV #!-")/-%4/$/,»')#/%.%,!03$%).5.$!#)/.%3 $%,!#%.42!,.5#,%!2$%6!.$%,,»3)) *!RENAS0(ERRERO((ERNÈNDEZ!-ACHADO :(67,1*+286((/(&75,&63$,1 $62&18&/($5$6&Ï9$1'(//Ï6,, (ODQiOLVLVGHLQXQGDFLRQHVLQWHUQDVGHO$36$QiOLVLV3UREDELOLVWDGH 6HJXULGDGGH&19DQGHOOyV,,KDVLGRUHYLVDGRLQFRUSRUDQGRODVPR GLILFDFLRQHVLPSODQWDGDVHQODFHQWUDO\HQHO$36GHVXFHVRVLQWHUQRVD SRWHQFLDHQHOTXHVHEDVD6HKDQHIHFWXDGRP~OWLSOHVFDPELRVUHVSHFWR DODHGLFLyQDQWHULRUGHODQiOLVLVFDPELRVTXHYDQGHVGHODXWLOL]DFLyQGH KHUUDPLHQWDVLQIRUPiWLFDVDFWXDOHVSDUDODGHWHUPLQDFLyQGHORVFDXGDOHV Pi[LPRVGHURWXUDGHWXEHUtDVKDVWDODDSOLFDFLyQGHXQDQXHYDPHWRGR ORJtDGHHVWLPDFLyQGHODVIUHFXHQFLDVGHLQXQGDFLyQGHDFXHUGRDOGRFX PHQWR³3LSH5XSWXUH)UHTXHQFLHVIRU,QWHUQDO)ORRGLQJ35$V´5HYLVLRQ (35,3DOR$OWR&$ /D PHWRGRORJtD XWLOL]DGD HQ OD HGLFLyQ DQWHULRU FRQVLVWtD HQ OD GHWHU PLQDFLyQGHODIUHFXHQFLDGHURWXUDGHWXEHUtDVXWLOL]DQGRODHFXDFLyQGH 7KRPDV+07KRPDV5ROOV5R\FH$VVRFLDWHV/WG³3LSHDQG9HV VHO)DLOXUH3UREDELOLW\´5HOLDELOLW\(QJLQHHULQJ\HQ ODHVWLPDFLyQGHORVFDXGDOHVGHWUHVWLSRVRWDPDxRVGHURWXUDSHTXHxD PHGLDQD\JUDQGH &RQODPHWRGRORJtDGH(35,QRVHHVWLPDQIUHFXHQFLDVGHURWXUDGH WXEHUtDV VLQR IUHFXHQFLDV GH WUHV WLSRV GH HVFHQDULRV GH LQXQGDFLyQ 6SUD\ KDVWD JSP )ORRG JSP \ 0DMRU )ORRG PiV GH JSP SDUD OR TXH WDPELpQ HV SUHFLVR GHWHUPLQDU HO Pi[LPR 1 ,Ê-*!ÊÃi«ÌiLÀi-ÊÓä£ä Îx 6(6,21(67e&1,&$6 FDXGDOTXHVHUtDFDSD]GHYHUWHUODURWXUDGHXQDGHWHUPLQDGDWXEHUtD RVLVWHPD $XQTXH DPEDV PHWRGRORJtDV SXHGHQ SDUHFHU VLPLODUHV H[LVWH XQD VXWLOGLIHUHQFLDTXHSXHGHWHQHUXQLPSDFWRDSUHFLDEOHHQORVUHVXOWDGRV DGHPiVGHORVGLVWLQWRVYDORUHVDEVROXWRVGHODVIUHFXHQFLDVTXHVHREWLH QHQPHGLDQWHODDSOLFDFLyQGHFDGDXQDGHHOODV (OREMHWRGHODSUHVHQWHSRQHQFLDHVHIHFWXDUXQDQiOLVLVFRPSDUDWLYR GHDPEDVPHWRGRORJtDVDSOLFDGRDOFDVRFRQFUHWRGHOVLVWHPDGHDJXDGH SURWHFFLyQFRQWUDLQFHQGLRVGH&19DQGHOOyV,, 3/&47!2%$%'%34)/.).4%'2!,$%&)#(!3$% !#45!#)».%.#!3/$%).#%.$)/ &'IMENO /$,16$6(59,&,26&2175$,1&(1',266$ (OWLHPSRGHUHVSXHVWDHVXQIDFWRUGHWHUPLQDQWHHQODJHVWLyQGHODV HPHUJHQFLDV,JXDOPHQWHHOWLHPSRGHGLFDGRDODJHVWLyQGHODHPHUJHQ FLD\ODWRPDGHGHFLVLRQHVDXPHQWDVLQRVHGLVSRQHQGHKHUUDPLHQWDV DGHFXDGDVTXHQRVD\XGHQHQODGLUHFFLyQGHODVDFWXDFLRQHVSUHYLVWDV /DVKHUUDPLHQWDVTXHVHGLVHxHQFRQHVWHREMHWLYRWHQGUiQWDPELpQOD SRVLELOLGDGGHXWLOL]DUVHHQDFFLRQHVIRUPDWLYDVHVSHFtILFDVGHOD,QVWD ODFLyQ (OSXQWRGHSDUWLGDVHUiODGLVSRQLELOLGDGGHXQDVILFKDVGHDFWXDFLyQHQ FDVRGHLQFHQGLRTXH\DFXPSOHQFRQORVREMHWLYRVGHUHGXFLUORVWLHPSRV GHUHVSXHVWD\GHD\XGDHQODJHVWLyQGHODGLUHFFLyQGHODHPHUJHQFLD 3DUDFRQWLQXDULPSOHPHQWDQGRHVRVREMHWLYRV/$,16$6(59,&,26 &2175$,1&(1',26 6$ KD GLVHxDGR \ GHVDUUROODGR XQ VRIWZDUH FX\RSULQFLSDOREMHWLYRHVVHUXQDD\XGDHILFD]HQODJHVWLyQGHODVHPHU JHQFLDVGHELGDVDLQFHQGLRHQFXDOTXLHULQVWDODFLyQQXFOHDU /DVSULQFLSDOHVYHQWDMDVHQWUHRWUDVGHHVWHVRIWZDUHVRQ &HQWUDOL]DFLyQGHLQIRUPDFLyQHQHO3XHVWRGH0DQGR 5DSLGH]HQHODFFHVRDGDWRV\SODQRV $FWXDOL]DFLyQDXWRPiWLFDGHODLQIRUPDFLyQ 9LVXDOL]DFLyQHLPSUHVLyQGHGDWRVFRQH[FHOHQWHFDOLGDG ,QWHUFRQH[LyQFRQEDVHVGHGDWRVGHHTXLSRV +HUUDPLHQWDSDUDODIRUPDFLyQGHHTXLSRVGHHPHUJHQFLD (O XVXDULR GH HVWH VRIWZDUH WUDEDMD VREUH XQD LQWHUID] VHQFLOOD \ GH IiFLOPDQHMR3XHGHHOHJLU\FDPELDUGHHGLILFLRVHFWRU\HOHYDFLyQFRQ GRVWLSRVGHQDYHJDFLyQGLIHUHQFLDGDVVLHQGRODSULQFLSDOFRQHOUDWyQ DWUDYpVGHXQDYHQWDQDGHVHOHFFLyQGHOHGLILFLRFRQJLURGHRTXH SHUPLWHYLVXDOL]DUWRGDODLQVWDODFLyQ/DQDYHJDFLyQFRQWLQ~DKDVWDTXH VHYLVXDOL]DVREUDSODQRHOOXJDUDIHFWDGRSXGLHQGRLGHQWLILFDUWRGRVORV HOHPHQWRV\HTXLSRVQHFHVDULRVSDUDODJHVWLyQGHODHPHUJHQFLD(O~OWL PRSDVRFRQVLVWHHQDFFHGHU\QDYHJDUSRUODILFKDGHDFWXDFLyQHQFDVR GHLQFHQGLRGLVHxDGDSDUDHVD]RQD 0LHQWUDVQRH[LVWDQHPHUJHQFLDVHOVRIWZDUHSHUPLWHODJHVWLyQGHODV EDVHV GH WRGRV ORV GDWRV GH SURWHFFLyQ FRQWUD LQFHQGLRV TXH GHVHHPRV PDQWHQLPLHQWRGHHTXLSRVVLPXODGRUGHSDQHOHVGHDODUPDHWF 2%6)3)».$%,)0%%%$%h/42/3v35#%3/3%84%2./3 $%#.6!.$%,,»3)) !!LEMÈN((ERNÈNDEZ-3ALVAT$0IFARRÏ &#ANADELL $62&18&/($5$6&Ï9$1'(//Ï6,, ,'20 ÎÈ 1 ,Ê-*!ÊÃi«ÌiLÀi-ÊÓä£ä 'HQWUR GHO SURFHVR GH PDQWHQLPLHQWR \ DFWXDOL]DFLyQ GH ORV DQiOLVLV GHULHVJRVGH&19DQGHOOzV,,VHKDUHDOL]DGRODUHYLVLyQGHOHVWXGLR GH YXOQHUDELOLGDG GH OD SODQWD IUHQWH D DFFLGHQWHV VHYHURV SURGXFLGRV SRUVXFHVRVH[WHUQRV,QGLYLGXDO3ODQW([DPLQDWLRQRQ([WHUQDO(YHQWV ,3((( /DQRUPDWLYDGHUHIHUHQFLDHQHVWHWLSRGHHVWXGLRVHO185(* H[LJHODFRQVLGHUDFLyQGHDOPHQRVFLQFRWLSRVGHVXFHVRVH[WHUQRV VLVPRV LQFHQGLRV LQWHUQRV YLHQWRV IXHUWHV \ WRUQDGRV LQXQGDFLRQHV H[WHUQDV\DFFLGHQWHVHQLQVWDODFLRQHVLQGXVWULDOHV\UXWDVGHWUDQVSRUWH SUy[LPDV 'HQWURGHOSUR\HFWR,3($36GH&19DQGHOOzV,,VHKDQDFWXDOL]DGR GHIRUPDSDUDOHODORVVXFHVRVH[WHUQRVFRUUHVSRQGLHQWHVDLQFHQGLRVLQ WHUQRV\VLVPRVREMHWRGHLQIRUPHVVHSDUDGRV (ODOFDQFHGHORVWUDEDMRVUHFRJLGRVHQHODQiOLVLVGH³RWURV´VXFHVRV H[WHUQRVKDLQFOXLGRSRUWDQWR ±$FFLGHQWHVHQLQVWDODFLRQHVSUy[LPDV\DTXHOORVUHODFLRQDGRVFRQPH GLRVGHWUDQVSRUWH ±/LEHUDFLyQGHSURGXFWRVSHOLJURVRVHQHOHPSOD]DPLHQWR ±,QXQGDFLRQHVH[WHUQDV ±,PSDFWRGH5D\RVHQHOTXHVHKDOOHYDGRDFDERKDVWDGRQGHDOFDQ]D QXHVWURFRQRFLPLHQWRHOSULPHUFULEDGRGHHVWHVXFHVRH[WHUQREDMROD ySWLFDGHOD81(UHDOL]DGRHQ(VSDxD ±9LHQWRV IXHUWHV \ WRUQDGRV TXH LQFOX\H KDVWD GRQGH DOFDQ]D QXHVWUR FRQRFLPLHQWRHOSULPHUFiOFXORGHODFXUYDDSHOLJURVLGDGDWRUQDGRV UHDOL]DGRHQ(VSDxDFRQHVSHFLDODWHQFLyQDOD]RQDGHODUFRPHGLWH UUiQHR -/$%,,).'/2'!.)#)/$)$%2%,%!3%&2/-0!).4%$ #/.4!).-%.4352&!#%35.$%23%6%2%!##)$%.4 #/.$)4)/.3 ,%(ERRANZ-2ODRÓGUEZ &,(0$7 7KH SRWHQWLDO UDGLRORJLFDO LPSDFW RI LRGLQH LQ FDVH RI D SRVWXOD WHG VHYHUH DFFLGHQW PDNHV LRGLQH YRODWLOLW\ EHFRPH RQH RI WKH PRVW LPSRUWDQW FRQFHUQV LQ WKHVH VFHQDULRV 9RODWLOH LRGLQH VSHFLHV FDQ EH IRUPHG ZLWKLQ WKH FRQWDLQPHQW ERWK RI DQ LQRUJDQLF QDWXUH , DQG RIDQRUJDQLFRQH2UJ,6RPHRIWKH3+(%86)3H[SHULPHQWVLQGL FDWHGWKDWLQWKHORQJUXQLQFRQWDLQPHQWJDVHRXVLRGLQHFRQFHQWUDWLRQ FRXOGEHGRPLQDWHGE\2UJ,7KHUHDUHDIHZSRVVLEOHVRXUFHVRIWKHVH FRPSRXQGV LQEXON VXPS DQG LQDWPRVSKHUH UHDFWLRQV DQG LRGLQH LQWHUDFWLRQV ZLWK SDLQWHG VXUIDFHV FRQWDFWLQJ HLWKHU WKH FRQWDLQPHQW VXPSRUWKHJDVDWPRVSKHUH7KHLQWHUQDWLRQDO2(&'%,3SURMHFWKDV EHHQH[SORULQJWKHODVWYLDDQGPRUHWKDQVPDOOVFDOHH[SHULPHQWV KDYHEHHQFRQGXFWHG 7KLVSDSHUVXPPDUL]HVDQDWWHPSWWRZDUGVWKHPRGHOOLQJRIWKHYR ODWLOH 2UJ, UHOHDVH IURP JDVHRXV SDLQWHG VXUIDFHV7KLV ZRUN LV EDVHG RQ WKH GDWH JDWKHUHG ZLWKLQ WKH 2(&'%,3 SURMHFW %\ IROORZLQJ D SVHXGRHPSLULFDO DSSURDFK D JHQHUDO NLQHWLF HTXDWLRQ LV SURSRVHG LQ ZKLFKWKHSDUDPHWHUVDUHGHULYHGDVDIXQFWLRQRIWKHPDMRUYDULDEOHV H[SORUHG H[SHULPHQWDOO\ LQLWLDO LRGLQH ORDGLQJ RQ WKH SDLQWHG VXUIDFH DQG GRVH UDWH 2WKHU YDULDEOHV VXFK DV UHODWLYH KXPLGLW\ DQG WHPSH UDWXUH DUH NQRZQ WR DIIHFW WKLV NLQHWLFV EXW WKH GDWD DYDLODEOH GR QRW DOORZ JHWWLQJ LQVLJKWV LQWR WKHLU VSHFLILF HIIHFW 7KLV PRGHOOLQJ VWDWHV WKDWERWKWLPHGHSHQGHQWDQGLQGHSHQGHQWSURFHVVHVDUHLQYROYHGWKH ODWWHUZLWKWZRGLIIHUHQWUHVSRQVHVWRWLPHRQHFKDUDFWHUL]HGE\DUDWH JURZLQJOLQHDUO\ZLWKWLPHDQGWKHRWKHUFKDUDFWHUL]HGE\DUDWHORJD ULWKPLFDOO\ GHFUHDVLQJ ZLWK WLPH ,Q DGGLWLRQ WKH SDSHU FRPSDUHV WKH UHVXOWVREWDLQHGZLWKRWKHUSURSRVHGPRGHOVLQWKHOLWHUDWXUH 3URJUDPD\6LQRSVLVGHODV3RQHQFLDV &1$OPDUD] GHFLGLy HQ UHDOL]DU OD WUDQVLFLyQ D OD 1)3$ SUHVHQWDQGRXQDFDUWDGHLQWHQFLRQHVDO&61HQ0D\RGH$7$ &61 FRPR DOWHUQDWLYD D ODV EDVHV GH OLFHQFLD DFWXDOHV GH SUR WHFFLyQFRQWUDLQFHQGLRV6LHQGRDSUREDGRSRUHO&61HQ-XOLRGH &61$7$ &RPRSDUWHGHOSURFHVRGHWUDQVLFLyQVHUHTXLHUHODUHDOL]DFLyQHQWUH RWUDVGH ±8QDQiOLVLVGHWHUPLQLVWDGHLQFHQGLRV ±8QDQiOLVLVSUREDELOLVWDGHLQFHQGLRV /D SRQHQFLD SUHVHQWD OD PHWRGRORJtD \ DSRUWD XQ FDVR GH DSOLFDFLyQ HMHPSOR VREUH HO FiOFXOR GH PiUJHQHV GH VHJXULGDG SDUD VHFXHQFLDV GHO$36 /D PHWRGRORJtD FRQVLGHUD OD SUHVHQFLD GH LQFHUWLGXPEUHV HQ PRGHORV \ GDWRV WHUPRKLGUiXOLFRV \ SUREDELOLVWDV (O SURFHGLPLHQWR GH FXDQWLILFDFLyQ VH EDVD HQ HO XVR GH ORV HVWDGtVWLFRV GH RUGHQ VREUH ORV UHVXOWDGRVVXPLQLVWUDGRVSRUORVFyGLJRVWHUPRKLGUiXOLFRVGHVLPXODFLyQ ³%HVW(VWLPDWH´\ORVPRGHORV\GDWRVGHO$36LQFRUSRUDQGRHQDPERV HOHIHFWRGHODVLQFHUWLGXPEUHV/DQXHYDSURSXHVWDPHWRGROyJLFDVHHQ PDUFDHQHOFRQWH[WRGHWRPDGHGHFLVLRQHVVREUHPiUJHQHVGHVHJXULGDG SDUDVHFXHQFLDVGH$36XWLOL]DQGRODLQIRUPDFLyQVREUHHOULHVJRHQSUH VHQFLD GH LQFHUWLGXPEUHV GH GLIHUHQWH QDWXUDOH]D (O FDVR GH DSOLFDFLyQ FRQVLGHUDXQ/%/2&$HQXQUHDFWRU³W\SLFDO3:5´/DSRQHQFLDIRUPD SDUWHGHOWUDEDMRGHFRODERUDFLyQHQPDUFDGRHQHOSUR\HFWRGHLQYHVWLJD FLyQ671ILQDQFLDGRSRUHO&RQVHMRGH6HJXULGDG1XFOHDU $1$/,6,6'(7(50,1,67$'(3$5$'$6(*85$ (O DQiOLVLV GHWHUPLQLVWD GH SDUDGD VHJXUD GHVSXpV GH LQFHQGLR VH KD UHDQDOL]DGRGHDFXHUGRFRQORVFULWHULRVUHFRJLGRVHQHOGRFXPHQWR1(, 5HY³*XLGDQFHIRU3RVW)LUH6DIH6KXWGRZQ&LUFXLWDQiOLVLV´ \VLQWRPDUFUpGLWRGHODVH[HQFLRQHVH[LVWHQWHVDFWXDOPHQWH /RVFULWHULRVJHQHUDOHVGHODQiOLVLVUHVSRQGHQDORVUHFRJLGRVHQGLFKR GRFXPHQWR DVt FRPR ORV FULWHULRV GH DFHSWDFLyQ GH ORV GDxRV TXH VRQ EiVLFDPHQWHVLPLODUHVDORVUHFRJLGRVHQHO$SHQGLFH5DO&)5 (Q HO GHVDUUROOR GHO DQiOLVLV VH KD WHQLGR HQ FXHQWD OD SRVLELOLGDG GH DFWXDFLRQHVHVSXULDVGHHTXLSRVRLQVWUXPHQWRVFRPRFRQVHFXHQFLDGHO LQFHQGLR \ SRVLEOHV FRPELQDFLRQHV GH DFWXDFLRQHV HVSXULDV P~OWLSOHV TXHVHKDQLQFOXLGRH[SOtFLWDPHQWHHQHODQiOLVLVUHDOL]DGR 6HKDUHDOL]DGRXQDFRPSUREDFLyQGHODVLWXDFLyQGH&1$OPDUD]UHV SHFWRGHORVFLUFXLWRVDVRFLDGRVFRQODFRQFOXVLyQGHTXHORVPLVPRVKDQ VLGRFRQVLGHUDGRVDGHFXDGDPHQWHHQHOGLVHxRHQFXDQWRDSURWHFFLRQHV HOpFWULFDVGHORVFLUFXLWRV\ODDSOLFDFLyQGHORVFULWHULRVGHVHSDUDFLyQ #5!.4)&)#!#)».$%-«2'%.%3$%3%'52)$!$0!2! 3%#5%.#)!3$%!03 3-ARTORELL*&6ILLANUEVA3#ARLOS!3ÈNCHEZ -6ILLAMIZAR63ERRADELL2-ENDIZABAL&0ELAYO)3OL 81,932/,7e&1,&$'(9$/(1&,$ &216(-2'(6(*85,'$'18&/($5 $62&18&/($5$6&Ï9$1'(//Ï6,, !0,)#!#)».$%,/3-²4/$/30,390#!!,!.«,)3)3 $%2%35,4!$/3$%3)-5,!#)/.%3$%42!.3)4/2)/3 4%2-/()$2«5,)#/3 -06ILLAMIZAR3-ARTORELL*&6ILLANUEVA3#ARLOS! 3ÈNCHEZ63ERRADEL) 81,932/,7e&1,&$'(9$/(1&,$ (VWH WUDEDMR SUHVHQWD OD DSOLFDFLyQ GH OD UHJUHVLyQ 3/6 SDUWLDO OHDVW VTXDUHVUHODFLRQDGDFRQODUHJUHVLyQGHFRPSRQHQWHVSULQFLSDOHV3&5 ³SULQFLSDOFRPSRQHQWVUHJUHVVLRQ´FRPRDQiOLVLVHVWDGtVWLFRSRVWHULRU GHORVUHVXOWDGRVREWHQLGRVHQODVLPXODFLyQGHWUDQVLWRULRVWHUPRKLGUiX OLFRV PHGLDQWH XQ FyGLJR ³%HVW (VWLPDWH´ HQ SDUWLFXODU HO FRUUHVSRQ GLHQWHDXQHVFHQDULR/%/2&$HQXQ3:5FRQVLGHUDQGRHOHIHFWRGH ODV LQFHUWLGXPEUHV (O REMHWLYR HV PHGLU OD LPSRUWDQFLD GH ODV GLVWLQWDV YDULDEOHV WHUPRKLGUDXOLFDV FX\D LQFHUWLGXPEUH HV WHQLGD HQ FXHQWD HQ ODPRGHOL]DFLyQGHXQ/%/2&$VLHQGRpVWDVODVYDULDEOHVH[SOLFDWLYDV VREUHXQDYDULDEOHGHSHQGLHQWHHQHVWHFDVROD3&73HDN&ODGGLQJ7HP SHUDWXUH (O DQiOLVLV SHUPLWH HVWDEOHFHU XQ PRGHOR PXOWLYDULDEOH FDSD] GHSUHGHFLUUHVXOWDGRVGHQXHYDVPXHVWUDVHVGHFLUREWHQHUHVWLPDFLRQHV GHOD3&7VLQQHFHVLGDGGHOOHYDUDFDERQXHYDVVLPXODFLRQHV(OPpWRGR HVDSURSLDGRSDUDDSOLFDFLRQHVWDOHVFRPRODHVWLPDFLyQGHORVPiUJHQHV GHVHJXULGDG\DTXHDSRUWDHTXLOLEULRDGHFXDGRHQWUHSUHFLVLyQ\HVIXHU ]RFRPSXWDFLRQDO !.!,)3)3$%).#%.$)/30!2!#.!,-!2!:#/-/ 0!24%$%,02/#%3/$%42!.3)#)/.!,!.&0! 0&ERNÈNDEZ2AMOS)&UENTE!'ARCÓA2OMERO 3'ARCÓA-ORENO (035(6$5,26$*583$'26 &(175$/(618&/($5(6$/0$5$=75,//2 $1$/,6,6352%$%,/,67$'(,1&(1',26 3DUDODUHDOL]DFLyQGHODQiOLVLVSUREDELOLVWDGHLQFHQGLRVGH&1$OPD UD]VHKDWRPDGRFRPREDVHGHUHIHUHQFLDODPHWRGRORJtDGHVFULWDHQHO 185(*&5 (VWHGRFXPHQWRSUHVHQWDXQDGHVFULSFLyQGHXQPpWRGRGHDQiOLVLVH LQIRUPDFLyQ\GDWRVDVRFLDGRVTXHVHFRQVLGHUDTXHHVDGHFXDGDSDUDOD UHDOL]DFLyQ GH XQ DQiOLVLV GH LQFHQGLRV TXH VHD DFHSWDEOH SRU SDUWH ORV HYDOXDGRUHVGHORUJDQLVPRUHJXODGRU &RPRSDUWHGHODQiOLVLVSUREDELOLVWDVHKDQUHDOL]DGRXQQ~PHURLP SRUWDQWHGHFiOFXORVGHFUHFLPLHQWR\SURSDJDFLyQGHOLQFHQGLRWRPDQGR FRPRUHIHUHQFLDHO185(*\ODVHFXDFLRQHVGHFiOFXORDVRFLDGDV DOPLVPR(OREMHWLYRGHORVFiOFXORVHVGHWHUPLQDUHOWLHPSRGLVSRQLEOH SDUDODH[WLQFLyQGHOLQFHQGLR /RV PRGHORV DVRFLDGRV DO DQiOLVLV SUREDELLVWD GH LQFHQGLRV VH KDQ GHVDUUROODGRHQHOPLVPRSUR\HFWRGH5LVNVSHFWUXPHQHOTXHVHHQFXHQ WUDQOHOUHVWRGHDQiOLVLVSUREDELOLVWDVGH&1$OPDUD]GHPDQHUDTXHVH GLVSRQHGHXQPRGHORLQWHJUDGRTXHIDFLOLWDHOSURFHVRGHFXDQWLILFDFLyQ DVtFRPRGHUHYLVLRQHVSRVWHULRUHV -!.5!,$%02/4%##)».#/.42!).5.$!#)/.%3 ).4%2.!3#.!,-!2!: --ARTÓNEZ"ARRIOS&0ÏREZ-ARTÓN)02UBIO/VIEDO )&UENTE (035(6$5,26$*583$'26 &(175$/(618&/($5(6$/0$5$=75,//2 8QD GH ODV ,QVWUXFFLRQHV 7pFQLFDV &RPSOHPHQWDULDV D OD$XWRUL]D FLyQGH([SORWDFLyQGH&1$OPDUD]HVODUHDOL]DFLyQGHXQ0DQXDOGH 3URWHFFLyQ&RQWUD,QXQGDFLRQHV,QWHUQDV(OREMHWLYRGHHVWHPDQXDOHV GLVSRQHUGHXQDQiOLVLVH[KDXVWLYRGHWRGDVODV]RQDVGHODFHQWUDOHQODV TXHXQDLQXQGDFLyQSXGLHUDDIHFWDUDODVHJXULGDGGHODPLVPD3DUDHOOR VH UHTXLHUH HO DQiOLVLV WDQWR GHVGH HO SXQWR GH YLVWD GHWHUPLQLVWD FRPR SUREDELOLVWD 1 ,Ê-*!ÊÃi«ÌiLÀi-ÊÓä£ä ÎÇ 6(6,21(67e&1,&$6 /RV DQiOLVLV GHWHUPLQLVWD \ SUREDELOLVWD VH KDQ UHDOL]DGR GH IRUPD LQGHSHQGLHQWH HQ XQD SULPHUD IDVH \ SRVWHULRUPHQWH VH KDQ FRPSDUDGR ODVKLSyWHVLV\UHVXOWDGRVGHDPERVDQiOLVLVSDUDFRQILUPDUTXHORVPLV PRVVRQFRQJUXHQWHV6HKDQDQDOL]DGRWRGDVODV]RQDVGHORVHGLILFLRV UHODFLRQDGRVFRQODVHJXULGDGGHODFHQWUDOLGHQWLILFDQGRSDUDFDGDXQD GHHOODVORVSRVLEOHVIRFRVGHLQXQGDFLyQODVYtDVGHFRPXQLFDFLyQORV HTXLSRVUHODFLRQDGRVFRQODVHJXULGDGVXVFRWDVFUtWLFDV\ODVPHGLGDV GHSURWHFFLyQFRQWUDLQXQGDFLRQHV 'HQWURGHODQiOLVLVGHFDGD]RQDGHLQXQGDFLyQVHSUHVWDHVSHFLDODWHQ FLyQDODVPHGLGDVH[LVWHQWHVGHSURWHFFLyQFRQWUDLQXQGDFLRQHVWDQWRD QLYHOGHOD]RQDFRPRDQLYHOGHSRVLEOHVIRFRVFRQFUHWRVGHLQXQGDFLyQ GHQWURGHODPLVPDDVtFRPRDODVSUXHEDV\YHULILFDFLRQHVTXHJDUDQWL ]DQTXHGLFKDVPHGLGDVGHSURWHFFLyQHVWiQGLVSRQLEOHV\SRUORWDQWR ODVKLSyWHVLVGHORVDQiOLVLVGHWHUPLQLVWDV\SUREDELOLVWDVVRQYiOLGDV )LQDOPHQWH VH KD XQLILFDGR WRGD OD LQIRUPDFLyQ UHFRJLGD HQ DPERV HVWXGLRVSUREDELOLVWD\GHWHUPLQLVWDHQXQ~QLFRGRFXPHQWRHQHOTXH KDQTXHGDGRUHIOHMDGRVXQDVHULHGHUHVXOWDGRVPX\~WLOHVTXHD\XGDUiQ DPHMRUDUODVHJXULGDGHQODFHQWUDO(VXQPDQXDOGHIiFLOPDQHMRTXH UHVXPHODLQIRUPDFLyQFODYHSDUDODSURWHFFLyQFRQWUDLQXQGDFLRQHVHQ ODSODQWD 42!.3)#)».!,!.&0!9#!-")/$%"!3%3$% ,)#%.#)!#.!,-!2!: *2OMANO)&UENTE (035(6$5,26$*583$'26 &&11$/0$5$=75,//2$,( (OGH-XOLRGHOD15&PRGLILFyHO&)5³)LUH3UR WHFWLRQ´LQFRUSRUDQGRXQQXHYRDSDUWDGR&)5FTXHHVWDEOH FHXQFDPLQRDOWHUQDWLYRSDUDGDUFXPSOLPLHQWRDORVUHTXLVLWRVGHSUR WHFFLyQ FRQWUD LQFHQGLRV (VWH QXHYR DSDUWDGR SHUPLWH XWLOL]DU WpFQLFDV LQIRUPDGDVSRUHOULHVJR\EDVDGDVHQHOFRPSRUWDPLHQWR În 1 ,Ê-*!ÊÃi«ÌiLÀi-ÊÓä£ä (O&)5FHQGRVDFRQH[FHSFLRQHVODHGLFLyQGHGHOD QRUPD1)3$³3HUIRUPDQFH%DVHG6WDQGDUGIRU)LUH3URWHFWLRQIRU /LJKW:DWHU 5HDFWRU (OHFWULF *HQHUDWLQJ 3ODQWV´ FRPR XQD DOWHUQDWLYD SDUDGHPRVWUDUHOFXPSOLPLHQWRFRQHO&)5E$SpQGLFH5 /DDGRSFLyQGHHVWDDOWHUQDWLYDHVYROXQWDULD\SXHGHXWLOL]DUVHFRPR XQ PpWRGR DFHSWDEOH GH FXPSOLPLHQWR FRQ HO &)5 E HQ ODV SODQWDVOLFHQFLDGDVDQWHVGHOGHHQHURGHRGHODVFRQGLFLRQHVGH ODOLFHQFLDHQUHODFLyQFRQODSURWHFFLyQFRQWUDLQFHQGLRVHQODVSODQWDV OLFHQFLDGDVGHVSXpVGHOGHHQHURGH 3DUD D\XGDU D ODV FHQWUDOHV D UHDOL]DU OD WUDQVLFLyQ GHVGH VXV EDVHV GH OLFHQFLDDFWXDOHVDRWUDVQXHYDVEDVDGDVHQOD1)3$1(,GHVDUUROOy HOGRFXPHQWR1(,³*XLGDQFHIRU,PSOHPHQWLQJD5LVN,QIRUPHG 3HUIRUPDQFH%DVHG)LUH3URWHFWLRQ3URJUDP´(QPD\RGHOD15& HGLWyOD*XtD5HJXODGRUD³5LVN,QIRUPHG3HUIRUPDQFH%DVHG)LUH 3URWHFWLRQIRU([LVWLQJ/LJKW:DWHU1XFOHDU3RZHU3ODQWV´HQGRViQGROR 'DGD OD LPSRUWDQFLD GHO FDPELR GH EDVHV GH OLFHQFLD OD 15& FR PHQ]yDWUDEDMDUFRQGRVSODQWDVSLORWR6KHDURQ+DUULV\2FRQHHFRQ REMHWRGHSXOLU\SHUIHFFLRQDUODPHWRGRORJtDGHO1(,\IDFLOLWDUHO SURFHVRGHWUDQVLFLyQ(VWHSURFHVRGHWUDQVLFLyQSLORWRVHKDWUDGXFLGR HQODHGLFLyQGHXQ/$5³/LFHQVH$PHQGPHQW5HTXHVW´SRUSDUWHGH FDGDFHQWUDOFRQXQtQGLFHSUHHVWDEOHFLGRTXHFRQWHPSODHODQiOLVLV\R HYDOXDFLyQGHOFXPSOLPLHQWRFRQORVUHTXLVLWRVGHOD1)3$ &1$OPDUD] GHFLGLy HQ UHDOL]DU OD WUDQVLFLyQ D OD 1)3$ FRPR DOWHUQDWLYD D VXV EDVHV GH OLFHQFLD DFWXDOHV GH SURWHFFLyQ FRQWUD LQFHQGLRV (Q PD\R GH FRPXQLFy RILFLDOPHQWH DO &61 HVWD LQWHQFLyQ LQ GLFDQGR XQD SUHYLVLyQ GH ODV DFWLYLGDGHV SDUD UHDOL]DU OD WUDQVLFLyQ DVt FRPRODVIHFKDVGHILQDOL]DFLyQHVWLPDGDV$7$&61 (OGHMXOLRGHHO&61FRQVLGHUyDFHSWDEOHVODSUHYLVLyQ\SOD QLILFDFLyQGHDFWLYLGDGHVSURSXHVWDV&61$7$ 6LJXLHQGRHOFRQWHQLGRGHORV/$5GHODVFHQWUDOHVSLORWRDPHULFDQDV DXQTXHWHQLHQGRHQFXHQWDODVSDUWLFXODULGDGHVGHORVSURFHVRVGHOLFHQ FLDPLHQWRHQ(VSDxDHQMXQLRGH&1$OPDUD]SUHVHQWyDO&61 ODUHYLVLyQGHO,QIRUPHGH/LFHQFLDPLHQWRSDUDHOFDPELRGHEDVHVGH OLFHQFLDDO&)5F(QGLFLHPEUHGHVHSUHVHQWyODUHYL VLyQ 3URJUDPD\6LQRSVLVGHODV3RQHQFLDV 3!,! *UEVESH $%3-!.4%,!-)%.4/ 02%3)$%.4%!LEJANDRO2ODRÓGUEZ %.2%3! $/%:/2#»$)'/0!2!%6!,5!2,!3#/.3%#5%.#)!3 2!$)/,»')#!3$%%-)3)».$%%&,5%.4%3$52!.4% %,$%3-!.4%,!-)%.4/$%#.*/3²#!"2%2! *%-ARTÓN'ARCÓA-%'IMENO#!'ØMEZ.-ARTÓN 62&2,1 (15(6$ /D WUDQVIHUHQFLD GH WLWXODULGDG GH OD FHQWUDO 1XFOHDU -RVp &DEUHUD &1-& D (QUHVD SDUD VX GHVPDQWHODPLHQWR VH UHDOL]y HQ HO PHV GH )HEUHUR GH 7RGRV ORV GRFXPHQWRV GH OLFHQFLD \ SURFHGLPLHQWRV RSHUDWLYRVTXHORVGHVDUUROODQKDQVLGRDGDSWDGRVDODQXHYDIDVHGHGHV PDQWHODPLHQWRDVtFRPRORVSURJUDPDVGHFiOFXORDVRFLDGRV (OREMHWRGHOSURJUDPD'2(=25HVGDUVRSRUWHDOFiOFXORGHODVGRVLV SURGXFLGDVHQHOH[WHULRUGHOD&1-RVp&DEUHUDGHELGDVDODOLEHUDFLyQ GHHIOXHQWHVUDGLDFWLYRVOtTXLGRV\JDVHRVRVSDUDORTXHXWLOL]DODPHWR GRORJtDGHO0DQXDOGH&iOFXORGH'RVLVDO([WHULRU /DQXHYDYHUVLyQGHOSURJUDPD'2(=25DGDSWDGDSDUDHOGHVPDQWH ODPLHQWRGH&1-&SUHVHQWDODVVLJXLHQWHVPRGLILFDFLRQHVFRQUHVSHFWRD ODTXHVHDSOLFDEDFXDQGRODFHQWUDOHVWDEDHQRSHUDFLyQ &DPELRHQODVYtDVGHHPLVLyQGHHIOXHQWHV $GDSWDFLyQGHORVUDGLRQXFOHLGRVFRQVLGHUDGRVDORVGHOOLVWDGRGHLQWH UpVSDUDHOGHVPDQWHODPLHQWR 1RVHWLHQHHQFXHQWDODH[SRVLFLyQDQXEH\DTXHQRVHSRVWXODODHPL VLyQGHJDVHVQREOHV 6HKDPHMRUDGRODLQWHUIDVHFRQHOXVXDULR $VLPLVPRVHKDQLPSOHPHQWDGRQXHYRVPHQ~VGHIRUPDTXHHOFyGLJR SXHGDVHUHMHFXWDGRSRUGRVWLSRVGHXVXDULRV8VXDULR1RUPDO\8VXDULR ([SHUWR(O³8VXDULRQRUPDO´VRODPHQWHLQWURGXFHORVGDWRVPHQVXDOHV GHHPLVLyQQHFHVDULRVSDUDORVFiOFXORV\REWLHQHFRPRUHVXOWDGRLQIRU PHVHQIRUPDWR:RUG(O³8VXDULR([SHUWR´WLHQHPiVSRVLELOLGDGHV\D TXH SXHGH YDULDU ORV SDUiPHWURV GHO FyGLJR SDUD KDFHU HVWLPDFLRQHV \ DQiOLVLVGHVHQVLELOLGDGGHSDUiPHWURVFRQVXOWDUUHVXOWDGRVLQWHUPHGLRV REWHQHUUHVXOWDGRVGHIRUPDJUiILFDHWF (O FyGLJR VH SXHGH DSOLFDU SDUD KDFHU FiOFXORV GH GRVLV WDQWR SURV SHFWLYRVFRPRUHWURVSHFWLYRV(QODSRQHQFLDVHGDQYDULRVHMHPSORVGH DSOLFDFLRQHV TXH VH KDQ KHFKR \ IXQFLRQDOLGDGHV GHO FyGLJR$O VHU XQ FyGLJRPRGXODUSRGUtDWHQHUIiFLODSOLFDFLyQDRWURWLSRGHLQVWDODFLyQ #//2$).!$/2*OSÏ%NRIQUE-ARTÓN'ARCÓA 3/#/). !.«,)3)3$%!0,)#!"),)$!$9$%3#!2'/3$% 3)34%-!30!2!%,$%3-!.4%,!-)%.4/$%#.*/3% #!"2%2! #!'ØMEZ2ODRÓGUEZ.-ARTÓN0ALOMO*)!LONSO 62&2,1 (15(6$ (035(6$5,26$*583$'26 (QWUHODVWDUHDVSUHYLDVDOLQLFLRGHXQSURFHVRGHGHVPDQWHODPLHQWRGH XQDFHQWUDOQXFOHDUHVQHFHVDULROOHYDUDFDERHODQiOLVLVGHORVVLVWHPDV \ FRPSRQHQWHV TXH RSHUDEDQ HQ OD PLVPD \ HYDOXDU VX SRVLEOH DSOLFD ELOLGDG DO QXHYR SURFHVR 8QD SDUWH LPSRUWDQWH GH VLVWHPDV DX[LOLDUHV DEDVWHFLPLHQWRGHDJXDYHQWLODFLyQ3&,WUDWDPLHQWRGHUHVLGXRVFRPX QLFDFLRQHVVLVWHPDVHOpFWULFRVHWFSRGUiQVHUUHXWLOL]DGRVtQWHJUDPHQWH HMHUFLHQGRVXVPLVPDVIXQFLRQHVRSRGUiQPRGLILFDUVHSDUDDGDSWDUORV\ GLPHQVLRQDUORVDOQXHYRSURFHVR3RURWUDSDUWHXQJUDQQ~PHURGHVLVWH PDVUHODFLRQDGRVGLUHFWDPHQWHFRQODRSHUDFLyQQRUPDOGHODLQVWDODFLyQ VHUiQLQQHFHVDULRVSXGLHQGRSRQHUVHIXHUDGHVHUYLFLRGHPDQHUDFRQWUR ODGD\VHJXUDGHVFDUJRGHILQLWLYR 7DQWRODDSOLFDELOLGDGGHORVVLVWHPDVFRPRVXGHVFDUJRGHILQLWLYRSDU FLDORWRWDOWHQGUiQDGHPiVXQDGHSHQGHQFLDWHPSRUDOHQIXQFLyQGHOD VHFXHQFLDGHORVSURFHVRVRGHORVKLWRVSUHYLVWRV$VtVLVWHPDVTXHSXH GHQVHUQHFHVDULRVHQODVSULPHUDVIDVHVGHXQGHVPDQWHODPLHQWRSRGUiQ SRQHUVHHQGHVFDUJRGHILQLWLYRHQHOPRPHQWRHQTXHGHMHGHVHUUHTXHULGD VXIXQFLyQ (QODSRQHQFLDVHSUHVHQWDUiODPHWRGRORJtDHPSOHDGDSDUDORVDQiOLVLV GHDSOLFDELOLGDGGHVLVWHPDVHQHOGHVPDQWHODPLHQWRGH&1-RVp&DEUHUD DVt FRPR OD HVWUDWHJLD WHPSRUDO GH GHVFDUJRV GHILQLWLYRV HVWDEOHFLGD DF WXDOPHQWHHQHMHFXFLyQ 0,!.)&)#!#)».&)!",%93%'5)-)%.4/$%, $%3-!.4%,!-)%.4/-%$)!.4%(%22!-)%.4!3 $)-!'%.&/4/'2«&)#!$%!,4!2%3/,5#)».9 3)34%-!3$%'%34)».$/#5-%.4!,!0,)#!#)».$%, 3)34%-!-%$3 &6ELA &7,1*(1,(5Ë$ 1 ,Ê-*!ÊÃi«ÌiLÀi-ÊÓä£ä Î 6(6,21(67e&1,&$6 /DVRSHUDFLRQHVGHGHVPDQWHODPLHQWRGHLQVWDODFLRQHV\HVSHFLDOPHQWH ODVTXHVHUHDOL]DQHQ]RQDVFRQWDPLQDGDVVHDERUGDQGHVGHGLVWLQWDVSHUV SHFWLYDVLQJHQLHUtDSODQLILFDFLyQSURWHFFLyQUDGLROyJLFDGLVSRQLHQGR KDELWXDOPHQWHFDGDXQDGHGRFXPHQWDFLyQHVSHFtILFDWDQWRSUHYLDFRPR QXHYD /DVQXHYDVKHUUDPLHQWDVGHREWHQFLyQ\JHVWLyQGHLQIRUPDFLyQ'GH DOWR UHQGLPLHQWR XQLGDV D ODV LPiJHQHV GLJLWDOHV GH DOWD UHVROXFLyQ \ D ORVVLVWHPDVGHJHVWLyQGRFXPHQWDOSURSRUFLRQDQQXHYDVFDSDFLGDGHVHQ OD SODQLILFDFLyQ \ VHJXLPLHQWR GH ODV RSHUDFLRQHV GH GHVPDQWHODPLHQWR XWLOL]DEOHSRUWRGDVODVGLVFLSOLQDVLPSOLFDGDVHQHOSUR\HFWRGHXQDIRUPD UiSLGDHFRQyPLFD\VHQFLOODGHXWLOL]DU /DGLVSRQLELOLGDGSDUDWRGRHOSHUVRQDOLQYROXFUDGRHQHOSUR\HFWRGH XQ VLVWHPD GH LQIRUPDFLyQ TXH LQWHJUH LQIRUPDFLyQ GRFXPHQWDO R EDVHV GHGDWRVH[LVWHQWHVLQIRUPDFLyQ'DFWXDOL]DGDHLPiJHQHVUHDOHVGHDOWD UHVROXFLyQ VXSRQH DKRUUR GH WLHPSR \ FRVWHV WDQWR GH WUDEDMR FRPR GH GHVSOD]DPLHQWRV (QHVWDSRQHQFLDVHSUHVHQWDQHQGHWDOOHHVWDVFDSDFLGDGHV\KHUUDPLHQ WDVDSOLFDGDVDORVSUR\HFWRVGHGHVPDQWHODPLHQWR !0,)#!#)/.%3).&/2-«4)#!3#/-/3/0/24%$%,!3 !#4)6)$!$%3$%$%3-!.4%,!-)%.4/$%#.*/3² #!"2%2! -%'IMENO#!'ØMEZ2ODRÓGUEZ.-ARTÓN0ALOMO 62&2,1 (15(6$ (OGHVPDQWHODPLHQWRGHXQDFHQWUDOQXFOHDUHVXQSURFHVRGLQiPLFR\ PXOWLGLVFLSOLQDUTXHFRPSUHQGHXQDVHULHGHDFWLYLGDGHVHQWUHODVTXHVH HQFXHQWUDQ ODFDUDFWHUL]DFLyQUDGLROyJLFD HOGLVHxRGHQXHYDVLQVWDODFLRQHV\VLVWHPDVRODDGDSWDFLyQGHORVH[LV WHQWHV ORVGHVPRQWDMHVGHHTXLSRV\SURFHVRVGHGHVFRQWDPLQDFLyQ ODUHVWDXUDFLyQItVLFD\UDGLROyJLFDGHOHPSOD]DPLHQWR ODJHVWLyQGHPDWHULDOHVUHVLGXDOHV (QUHVDKDGHVDUUROODGRXQFRQMXQWRLQWHJUDGRGHDSOLFDFLRQHVLQIRUPi WLFDVFRQHOILQGHRSWLPL]DUHOSURFHVRGHGHVPDQWHODPLHQWRGHODFHQWUDO QXFOHDU-RVp&DEUHUD /DV DFWLYLGDGHV GH FDUDFWHUL]DFLyQ VRQ XQD SDUWH IXQGDPHQWDO GH ORV SUR\HFWRVGHGHVPDQWHODPLHQWR7RGRVORVGDWRVItVLFRV\UDGLROyJLFRVVH SXHGHQDOPDFHQDUHQXQDEDVHGHGDWRVHOHFWUyQLFDORTXHSHUPLWHXQIiFLO SHURFRQWURODGRDFFHVRDORVGDWRVSDUDVXUHYLVLyQ\DQiOLVLV(VWDEDVHGH GDWRVIDFLOLWDHOSUREOHPDGHDOPDFHQDU\DFWXDOL]DUODLQIRUPDFLyQQHFH VDULDSDUDODVDFWLYLGDGHVGHGHVPDQWHODPLHQWR /DPDTXHWDGHODLQVWDODFLyQLQWHJUDWRGDODLQIRUPDFLyQItVLFDUDGLR OyJLFD \ JUiILFD GLVSRQLEOH HQ XQD SHUVSHFWLYD WULGLPHQVLRQDO FRQ P~O WLSOHVDSOLFDFLRQHVHQWUHODVTXHVHGHVWDFDHOGLVHxREiVLFRGHVLVWHPDV H LQVWDODFLRQHV OD SODQLILFDFLyQ GH DFWLYLGDGHV OD IDPLOLDUL]DFLyQ FRQ OD LQVWDODFLyQ\ODGLYXOJDFLyQGHOSUR\HFWR (OGHVDUUROORGHODEDVHGHGDWRV\GHOPRGHORWULGLPHQVLRQDOVHUHDOL]y HQXQDIDVHLQLFLDOGHOSUR\HFWR\VHKDFRPSOHWDGRFRQRWUDVDSOLFDFLRQHV SDUD HVWLPDU ORV IDFWRUHV GH HVFDOD ODV GRVLV RSHUDFLRQDOHV \ ODV FRQVH FXHQFLDVUDGLROyJLFDVGHODHPLVLyQGHHIOXHQWHVHQRSHUDFLyQQRUPDO /DDSOLFDFLyQGHORVFyGLJRVDQWHULRUHVSHUPLWHRSWLPL]DUODSODQLILFD FLyQ\HOGHVDUUROORGHODVHVWUDWHJLDVGHGHVPDQWHODPLHQWRSDUDODFHQWUDO QXFOHDU-RVp&DEUHUD {ä 1 ,Ê-*!ÊÃi«ÌiLÀi-ÊÓä£ä 0!./2«-)#!$%,02/9%#4/0)-)# $%3-!.4%,!-)%.4/ 6.ARANJO'-EDINILLA36IDAECHEA (15(6$ :(67,1*+286((/(&75,&63$,1 2FKRDxRVGHVSXpVGHOHQYtRGHODSULPHUDYHUVLyQGHODGRFXPHQWDFLyQ SUHFHSWLYD \ GHVSXpV GH FXDWUR DxRV GH HMHFXFLyQ HO 3UR\HFWR 3,0,& 'HVPDQWHODPLHQWRHQFDUDVXV~OWLPDVIDVHV/DPHMRUPDQHUDGHYDORUDU HOWUDEDMRUHDOL]DGRKDVWDDKRUDHVHOH[DPHQGHSDUiPHWURVWDOHVFRPRORV VLJXLHQWHV 9ROXPHQGHPDWHULDOHVUHVLGXDOHVSURGXFLGRV\JHVWLRQDGRV $FWLYLGDGGHORVUHVLGXRVUDGLDFWLYRVJHQHUDGRV 'RVLVDORVWUDEDMDGRUHV (PLVLRQHVGHHIOXHQWHVUDGLDFWLYRV 'RVLVDOS~EOLFR 1~PHURGHWUDEDMDGRUHVHQHOHPSOD]DPLHQWR1~PHURGHFRQWUDWDV 1~PHURGH6$7V 1~PHURGHDGMXGLFDFLRQHV 1~PHURGHPRGLILFDFLRQHVGHGLVHxR 3OD]RVGHOLFHQFLDPLHQWR 1~PHURGHDFWLYLGDGHVGHOLFHQFLDPLHQWRLQVSHFFLRQHVDSUREDFLRQHV LQIRUPHVHPLWLGRVHWF (QHVWDSRQHQFLDVHSUHVHQWDUiQYDORUHVGHHVWRVSDUiPHWURVDVtFRPR VHPHQFLRQDUiQRWUDVDFWLYLGDGHVOOHYDGDVDFDERDSR\RVD&,(0$7HQ RWUDViUHDVSUR\HFWRVGH,'HWF (QORVFDVRVHQTXHVHDSRVLEOHVHHIHFWXDUiXQDFRPSDUDFLyQGHORV YDORUHV GH ORV SDUiPHWURV DQWHV FLWDGRV FRQ ODV SUHYLVLRQHV LQLFLDOHV GH IRUPD TXH VH SXHGDQ H[WUDHU FRQFOXVLRQHV ~WLOHV SDUD IXWXURV SUR\HFWRV $VLPLVPRVHWUDWDUiGHGDUXQDHVWLPDFLyQGHORTXHUHVWDKDVWDODILQDOL ]DFLyQGHOSUR\HFWR $%3#/.4!-).!#)».9$%3-!.4%,!-)%.4/ $%,,!"/2!4/2)/$%3/,5#)/.%3$%52!.)/ %.2)15%#)$/)2B !'ARCÓA$ÓAZ0$ÓAZ!ROCAS#'ARRIDO*3AMA &,(0$7 'XUDQWHHOSHULRGRGHDGHIXQFLRQDPLHQWRGHODDQWLJXD-(1 DFWXDO&,(0$7VHFRQVWUX\HURQ\HVWXYLHURQHQRSHUDFLyQGLYHUVDVLQV WDODFLRQHVQXFOHDUHV\UDGLDFWLYDVFRQVWUXLGDVSDUDHOGHVDUUROORGHOFLFOR GHOFRPEXVWLEOHQXFOHDUHQ(VSDxDDVtFRPRODERUDWRULRVUDGLRTXtPLFRV DVRFLDGRVDGLFKDVLQVWDODFLRQHV &RPR FRQVHFXHQFLD GHO FDPELR HQ OD SROtWLFD HQHUJpWLFD RFXUULGR HQ ODGpFDGDGHORVORVREMHWLYRVGHOFHQWURVHDEULHURQDRWUDVIXHQWHVGH HQHUJtD (VWH KHFKR MXQWR FRQ OD REVROHVFHQFLD GH DOJXQDV LQVWDODFLRQHV FRQOOHYy DO GHVDUUROOR GH XQ SURJUDPD GH GHVPDQWHODPLHQWR SURJUHVLYR GH ODV PLVPDV (Q HO DxR VH SXVR HQ PDUFKD HO GHQRPLQDGR 3ODQ ,QWHJUDGRSDUDOD0HMRUDGHODV,QVWDODFLRQHVGHO&,(0$73,0,&TXH OOHYDDFDERDFWXDOPHQWHODVDFWXDFLRQHVGHGHVFRQWDPLQDFLyQ\GHVPDQ WHODPLHQWRGHHVWDV (OODERUDWRULR,5E³/DERUDWRULRGHVROXFLRQHVGHXUDQLRHQULTXHFL GR´DGVFULWRDOD,QVWDODFLyQ5DGLDFWLYD,5GHO&,(0$7VHGHGLFDED DODQiOLVLVGHPDWHULDOHVPHGLDQWHGLYHUVDVWpFQLFDV\PpWRGRVDQDOtWLFRV 6XGHVWLQRGHVGHVXFUHDFLyQIXHHOWUDWDPLHQWR\SUHSDUDFLyQGHPXHVWUDV 3URJUDPD\6LQRSVLVGHODV3RQHQFLDV GHXUDQLRHQGLIHUHQWHVIRUPDVTXtPLFDVDVtFRPRGLVROXFLRQHVGHXUDQLR HQULTXHFLGR(QVHFRPXQLFyVXSDUDGDGHELGRDODREVROHVFHQFLDGH VXVHTXLSRVTXHGDQGRLQFOXLGRHQHO3UR\HFWR3,0,&5HKDELOLWDFLyQHQ (Q VH HIHFWXy OD FDUDFWHUL]DFLyQ UDGLROyJLFD LQLFLDO GHVFRQ WDPLQiQGRVH DOJXQD ]RQD FRQFUHWD \ TXHGDQGR SHQGLHQWH VX GHVPDQWHOD PLHQWRHVWRHVODVDFWXDFLRQHVVREUHHOVLVWHPDGHYHQWLODFLyQGHODYLWULQD GHJDVHVODVSLOHWDVGHVXLQWHULRU\ORVGHVDJHVDVtFRPRDOJXQRVSDUD PHQWRV\VROHUDVTXHVHDFRPHWLHURQHQWUHIHEUHUR\PDU]RGH 7RGDVODVDFWXDFLRQHVVHUHDOL]DURQFRQHOVHJXLPLHQWRFRQWLQXRGHO6HU YLFLRGH3URWHFFLyQ5DGLROyJLFD635GHO&,(0$7 )LQDOL]DGDVODVDFWXDFLRQHVGHGHVFRQWDPLQDFLyQ\GHVPDQWHODPLHQWRVH OOHYyDFDERSRUHO635GHO&,(0$7HOFRQWUROUDGLROyJLFRILQDOGHGLFKR ODERUDWRULR $SDUWLUGHODGRFXPHQWDFLyQJHQHUDGDVHSURFHGLyDODVROLFLWXGGHPR GLILFDFLyQGHOD,QVWDODFLyQ,5SRUFODXVXUDGHVXODERUDWRULR,5E 2%34!52!#)».$%4%22%./3#/.4!-).!$/3%.%, 02/9%#4/0)-)#$%3-!.4%,!-)%.4/%,#!3/$%,! h,%.4%*!v 6.ARANJO'-EDINILLA36IDAECHEA (15(6$ :(67,1*+286((/(&75,&63$,1 'XUDQWH OD HMHFXFLyQ GHO 3UR\HFWR 3,0,& 'HVPDQWHODPLHQWR HQ HO &,(0$7VHKDGHWHFWDGRODH[LVWHQFLDGHWHUUHQRVFRQWDPLQDGRVHQDOJX QRVSXQWRVGHOiUHDDIHFWDGDSRUHVWHSUR\HFWR/DLQFOXVLyQGHQWURGHO DOFDQFHGHHVWHSUR\HFWRGHVXGHVFRQWDPLQDFLyQLPSOLFDKDFHUIUHQWH DDOJXQDVGLILFXOWDGHVHVSHFtILFDVUHVSHFWRGHORTXHVRQODVDFWLYLGDGHV GHGHVPDQWHODPLHQWRGHVLVWHPDV\HTXLSRVFRQWDPLQDGRVHQHGLILFLRV 7DOHVVRQ /DQHFHVLGDGGHHVWDEOHFHUDSULRULORVQLYHOHVGHOLPSLH]DDDOFDQ]DU TXHVRQHVSHFtILFRVGHFDGDHPSOD]DPLHQWR\TXHKDQGHVHUDSURED GRVSRUHO&61 (O JUDQ YROXPHQ GH UHVLGXRV SXHVWR HQ MXHJR DXQTXH SXHGDQ VHU GH DFWLYLGDG HVSHFtILFD UHODWLYDPHQWH EDMD HQ FRPSDUDFLyQ FRQ ORV TXH VHVXHOHQJHQHUDUHQHOGHVPDQWHODPLHQWRGHVLVWHPDV\HTXLSRVRHQ ODGHVFRQWDPLQDFLyQGHHGLILFLRVORTXHWLHQHHQRUPHVLPSOLFDFLRQHV DODKRUDGHSUHYHUORVPHGLRVGHPDQHMRDOPDFHQDPLHQWR\FDUDFWH UL]DFLyQGHPDWHULDOHV /DLQFHUWLGXPEUHHQODVHVWLPDFLRQHVGHYROXPHQTXHHVPXFKRPD\RU TXHHQHOFDVRGHHTXLSRVRVLVWHPDVGDGRTXHVXHOHVHUGLItFLOHVWD EOHFHUORVOtPLWHVGHODFRQWDPLQDFLyQHQSURIXQGLGDG\H[WHQVLyQ /DGLILFXOWDGGHFRQILQDUHVSDFLRVUHODWLYDPHQWHJUDQGHVHQFRPSDUD FLyQ FRQ ORV TXH VXHOH VHU QHFHVDULR FRQILQDU HQ HO LQWHULRU GH HGLIL FLRV /DGLILFXOWDGGHFDUDFWHUL]DUUDGLROyJLFDPHQWHORVPDWHULDOHVFRQWDPL QDGRV\GHHVWDEOHFHUHVSHFWURVSRUODKHWHURJHQHLGDGGHOPHGLR\ORV HIHFWRVGHODLQWHUDFFLyQHQWUHORVFRQWDPLQDQWHVHODJXD\HOWHUUHQR < SRU ~OWLPR ORV DVSHFWRV JHRWpFQLFRV DVRFLDGRV D OD SURSLD H[FDYD FLyQ FRQWHQFLyQ GHO WHUUHQR LQILOWUDFLRQHV GH DJXD XWLOL]DFLyQ GH PDTXLQDULDSHVDGDHWF &RPRFDVRSDUDGLJPiWLFRGHWRGRVHVWRVDVSHFWRVHOFDVRGHOD³OHQ WHMD´iUHDGHWHUUHQRFRQWDPLQDGDHQ\FX\DOLPSLH]DHVWiHQHVWH PRPHQWR HQ PDUFKD LOXVWUDUi FRQ VXV FDUDFWHUtVWLFDV UHDOHV WRGRV ORV DVSHFWRVDQWHVGHVFULWRV 1 ,Ê-*!ÊÃi«ÌiLÀi-ÊÓä£ä {£ 6(6,21(67e&1,&$6 3!,! *UEVESH &53)».)) 02%3)$%.4%-ANUEL0ERLADO 5.)6%23)$!$0/,)4²#.)#!$%-!$2)$ #)#,/3$%"2!94/.#/.(%,)/0!2!,!02/$5##)». $%%,%#42)#)$!$!0!24)2$%2%!#4/2%3$%&)3)». *),INARES"9-ORATILLA,%(ERRANZ)03ERRANO 81,9(56,'$'3217,),&,$'(&20,//$6 (O SUR\HFWR7(&12B)86 GHQWUR GHO SURJUDPD GHO JRELHUQR HVSDxRO &2162/,'(5 ±,1*(1,2 &6'B SHUVLJXH ORJUDU GH VDUUROORV WHFQROyJLFRV DOUHGHGRU GHO FRQFHSWR GH HQYROWXUD UHJHQHUDGRUD FRQGREOHUHIULJHUDQWH+H3E/LXQRGHORVPiVDYDQ]DGRVGHQWURGHORV HVWXGLRVFRQFHSWXDOHVHXURSHRVDODUJRSOD]RSDUDODHQHUJtDGHIXVLyQ(Q HVWHFRQFHSWRODHQYROWXUDVHUHIULJHUDWDQWRFRQKHOLRHQVXSDUWHHVWUXFWX UDOFRPRFRQPHWDOOtTXLGRUHFRJLHQGRpVWHXQGHOFDORUOLEHUDGR PLHQWUDVTXHHOGLYHUWRUVHUHIULJHUDtQWHJUDPHQWHFRQKHOLR/DVGLIHUHQWHV WHPSHUDWXUDVGHODVIXHQWHVWpUPLFDVVRQXQDGHODVFODYHVSDUDODLQWHJUD FLyQGHOVLVWHPDGHFRQYHUVLyQWHUPRHOpFWULFDGHODHQHUJtD 8QDGHODVRSFLRQHVDQDOL]DGDVSDUDHVWRVVLVWHPDVKDVLGRHOHPSOHRGH FLFORVGH%UD\WRQFRQKHOLR&RQFRQILJXUDFLRQHVFOiVLFDVVHKDVXSHUDGR HOGHUHQGLPLHQWRSDVDQGRGHOLQWHJUDQGRXQFLFORGH5DQNLQH RUJiQLFR 5HFXUULHQGR D FLFORV GXDOHV HV GHFLU XQ FLFOR GH %UD\WRQ FRQ KHOLR SDUD WRGDV ODV IXHQWHV WpUPLFDV H[FOXLGD OD UHIULJHUDFLyQ GH OD HV WUXFWXUD\XQRGH5DQNLQHFRQDJXDSDUDp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{Ó 1 ,Ê-*!ÊÃi«ÌiLÀi-ÊÓä£ä #//2$).!$/2!NDRÏS-U×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È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È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Ê-*!ÊÃi«ÌiLÀi-ÊÓä£ä {Î 6(6,21(67e&1,&$6 %345$)/3$%3%'52)$!$$%)4%205%34!%. -!2#(!$%,0,!.$%#!,)$!$$%,#»$)'/!).! $)3%º/$%5.2%!#4/2$%&53)».0!2!!,%!#)/.%3 %54²#4)#!30",) *$IES*#2IVAS0-ORA%"ARGALLO *1UI×ONES-A)"ARRENA!3ORIA*-A'ØMEZDE3ALAZAR ,3ERRANO3$URÈN%#ONDE!)"ARRADO-&ERNÈNDEZ ,3EDANO 81,9(56,'$'32/,7e&1,&$'(&$7$/8f$ (Q HVWD FRQWULEXFLyQ VH FRPHQWD OD SXHVWD HQ PDUFKD GHO 3ODQ GH &DOLGDGGHO&yGLJR$,1$(OWUDEDMRKDDIHFWDGRDDVSHFWRVFRPR HOPRGHORGHFLFORGHYLGDHOSODQGHFRQILDELOLGDGVRIWZDUHHOGLVHxR GHO HTXLSR R ODV KHUUDPLHQWDV GH VRIWZDUH D XWLOL]DU \ ILQDOPHQWH KD SURGXFLGRXQFyGLJRQXHYR (O FyGLJR$,1$>@ HV XQ VLPXODGRU LQWHJUDO GH OD YDVLMD GH ,7(5 TXH LQFOX\H XQ PRGHOR GH GLQiPLFD GHO SODVPD FHURGLPHQVLRQDO DXQTXHWRPDQGRHQFXHQWDORVSHUILOHVUDGLDOHVGHGHQVLGDG\WHPSH UDWXUDRGHEDODQFHJOREDO\XQDQiOLVLVWpUPLFRHQVHQWLGRUDGLDO\ SRORLGDOGHODVHFFLyQWRURLGDOGHORVFRPSRQHQWHVLQWHUQRVGHODYDVL MD FRQVLGHUDQGR VHSDUDGDPHQWH ORV GLVWLQWRV PyGXORV TXH FRPSRQHQ HOGLYHUWRU\ODSULPHUDSDUHG\UHDOL]DQGRSDUDFDGDXQRGHHOORVXQ DQiOLVLVWpUPLFRHQHOVHQWLGRUDGLDO$,1$HVXQDHYROXFLyQGHOFyGLJR 6$)$/<>@ TXH IXH LQLFLDOPHQWH XWLOL]DGR SDUD HYDOXDU HYHQWRV GH VHJXULGDGGHOSODVPDGXUDQWHHOSHULRGR,7(5('$>@\VXSURSyVLWR HVODLQYHVWLJDFLyQFXDQWLWDWLYDGHHYHQWRVGHOSODVPDHQUHDFWRUHVGH IXVLyQQXFOHDUFRPR,7(5 (O1XHYRFyGLJR$,1$KDVLGRSUREDGRFRQWUDODYHUVLyQDQWH ULRU$,1$ TXH IXH XWLOL]DGR SDUD HVWXGLRV GH YDULRV WUDQVLWRULRV GHOSODVPDTXHIXHURQLQFOXLGRVHQOD~OWLPDYHUVLyQGHO*665>@/RV UHVXOWDGRVPXHVWUDQGLYHUJHQFLDVPtQLPDVHQWUHORVUHVXOWDGRVGHDP ERVFyGLJRVORTXHGDFRQILDQ]DDxDGLGDHQORVUHVXOWDGRVDQWHULRUHV WHQLHQGRHQFXHQWDTXHODQXHYDYHUVLyQVHKDFRGLILFDGRHQXQQXHYR OHQJXDMH 1R REVWDQWH XQ DQiOLVLV GH VHQVLELOLGDG GH ORV HIHFWRV GH ORVGLIHUHQWHVPRGHORVTXHFRQWLHQHHOFyGLJRVREUHORVUHVXOWDGRVGHO HTXLOLEULR SODVPDSDUHG VHxDOD TXH DOJXQRV GH ORV UHVXOWDGRV GHEHQ VHU LQWHUSUHWDGRV FRQ FXLGDGR (V QHFHVDULR FRQWLQXDU HO WUDEDMR GH GHVDUUROORSDUDPHMRUDUODYDOLGH]\UREXVWH]GHODVVROXFLRQHVSURSRU FLRQDGDVSRUHOFyGLJR (O JUXSR GH LQYHVWLJDFLyQ )((/83& KD HVWDGR GHVDUUROODQGR HO FyGLJR$,1$ GHVGH >@ /DV PHMRUDV KDQ VLGR FRQWLQXDV HQHVWHSHULRGRFRPRQXHYRVPRGHORVGHLQWHUDFFLyQSODVPDSDUHGGH DQiOLVLVWpUPLFRGHODSDUHG\GHOERUGH\Q~FOHRGHOSODVPD 3DUDHOGHVDUUROORGHODQXHYDYHUVLyQHOHTXLSRGHGHVDUUROORGH $,1$ KD DGTXLULGR QXHYDV FDSDFLGDGHV TXH SHUPLWLUiQ PHMRUDU WDQWR VXUHQGLPLHQWRFRPRVXFDUJDGHWUDEDMRHQHOFRUWRSOD]R(OFyGLJR $,1$KDPHMRUDGRVXFRQILDELOLGDGORTXHVHWUDGXFLUiHQUHVXOWD GRVPiVILDEOHVSDUDVHUXVDGRVHQORV(VWXGLRVGH6HJXULGDGGH,7(5 >@-'LHVHWDO³$,1$VDIHW\FRGHY´5HVHDUFK5HSRUW-XO\ S >@7+RQGDHWDO-1XFO6FL7HFKQROYROQRSS >@,7(5-&7³,7(5*HQHULF6LWH6DIHW\5HSRUW9ROXPH9,,$QDO\VLVRI 5HIHUHQFH(YHQWV´ >@,7(5-&7³,7(5*HQHULF6LWH6DIHW\5HSRUW9ROXPH9,,$QDO\VLVRI 5HIHUHQFH(YHQWV´ >@-'LHV-,]TXLHUGRHWDOQG(36&RQIHUHQFHRQ3ODVPD3K\VLFV 7DUUDJRQD6SDLQ-XQH >@ - 'LHV -& 5LYDV HW DO ³3DVVLYH SODVPD WHUPLQDWLRQ IRU %HU\OOLXP HYDSRUDWLRQ LQ /2&$ WUDQVLHQWV LQ ,7(5´ 5HVHDUFK 5HSRUW )HEUXDU\ S {{ 1 ,Ê-*!ÊÃi«ÌiLÀi-ÊÓä£ä &,(0$7 'DGR HO LQWHUpV TXH WLHQHQ ODV DOHDFLRQHV 3E/L HXWHFpWLFDV HQ HO FDPSRGHODSURGXFFLyQGHWULWLRGHVWLQDGRDREWHQHUHQHUJtDPHGLDQWH SURFHVRVGHIXVLyQDWyPLFD(QHOSUHVHQWHWUDEDMRVHSUHVHQWDHOGLVH xRFRQVWUXFFLyQ\SXHVWDDSXQWRGHXQUHDFWRUGHIXVLyQGHODVDOHD FLRQHV 3E/L HXWpFWLFD DVt FRPR ODV FRQGLFLRQHV ySWLPDV GH SURFHVR SDUDREWHQHUHVWDVDOHDFLRQHV (QHOHVWXGLRGHVDUUROODGRVHKDQWHQLGRHQFXHQWDYDULDEOHVGHSUR FHVRFRPRVRQFRQGLFLRQHVDPELHQWDOHVJDVHVGHSURWHFFLyQWHPSH UDWXUDGHIXVLyQ R&± R&,JXDOPHQWHVHKDQWHQLGRHQFXHQWD ODSRVLELOLGDGGHXWLOL]DUIXQGHQWHVPH]FODHXWpFWLFD/L&O.&O /DVDOHDFLRQHVREWHQLGDVIXHURQFDUDFWHUL]DGDVWDQWRGHVGHXQSXQWR GHYLVWDDQDOtWLFRFRPRPLFURHVWUXOFWXDO(QGRQGHVHKDQGHWHUPLQDGR ODVYDULDFLRQHVFRPSRVLFLRQDOHVGH/LHQORVOLQJRWHVODVIDVHVSUHVHQ WHVDVtFRPRODVSRVLEOHVPLFURVHJUHJDFLRQHV /DVWpFQLFDVXWLOL]DGDVKDQVLGRGLIUDFFLyQGHUD\RV;PLFURVFRStD HOHFWUyQLFDGHEDUULGR\GHDQiOLVLVTXtPLFRPHGLDQWH,&306 'H HVWRV HVWXGLRV SRGHPRV VHxDODU TXH HO UHDFWRU GLVHxDGR SDUD OD REWHQFLyQGHOLQJRWHVGH3E/LGHFRPSRVLFLyQHXWpFWLFDSHUPLWHRE WHQHUOLQJRWHVGHJUDQKRPRJHQHLGDG 02/9%#4/$%!0/9/!).'%.)%2¶!$%3)34%-!3$% 0,!.4!0!2!%,)4%2 0,ØPEZ&ERNÈNDEZ*!(ERRERA*-A'ARCÓA"ERNARDO 62&2,1 (Q62&2,1HQFRQVRUFLRFRQHPSUHVDVQDFLRQDOHVHLQWHU QDFLRQDOHV\HO&,(0$7IXHDGMXGLFDWDULDGHXQFRQWUDWRPDUFRSDUD ODSURYLVLyQGHVHUYLFLRVGHDSR\RDLQJHQLHUtDGHVLVWHPDVGHSODQWD /DGXUDFLyQGHOFRQWUDWRHVGHDDxRV(OiPELWRGHDSOLFDFLyQGHO SUR\HFWRLQFOX\HHODSR\RDLQJHQLHUtDHQODVVLJXLHQWHViUHDV 6LVWHPDVGHUHIULJHUDFLyQGHDJXD 6LVWHPDVGHYHQWLODFLyQDLUHDFRQGLFLRQDGR\FDOHIDFFLyQ &ULRSODQWD\FULRGLVWULEXFLyQ 6LVWHPDVGHYDFtR 6LVWHPDVHOpFWULFRV 6LVWHPDVGHVHUYLFLRV ,&&2'$& 6RSRUWH D PRQWDMH LQVWDODFLyQ \ SXHVWD HQ PDUFKD GH VLVWHPDV HOpFWULFRV 6RSRUWHGXUDQWHODIDEULFDFLyQ\SUXHEDVGHHTXLSRV\VLVWHPDV 3ODQLILFDFLyQ\FRVWHVSDUDODLQVWDODFLyQ ,QWHJUDFLyQGHVLVWHPDV (QODSRQHQFLDVHDERUGDUiQGRVDVSHFWRVGHOSUR\HFWR ([SHULHQFLD GH 62&2,1 HQ OD JHVWLyQ GH ORV SUR\HFWRV SDUD HO ,7(5DWUDYpVGH)(TXHHVODRUJDQL]DFLyQTXHVHHQFDUJDGHODJHV WLyQGHODFRQWULEXFLyQHXURSHDDOSUR\HFWR,7(5 3URJUDPD\6LQRSVLVGHODV3RQHQFLDV /DVDFWLYLGDGHVFRQFUHWDVUHDOL]DGDVKDVWDODIHFKDGHQWURGHOSUR \HFWRTXHVHFHQWUDQHQODViUHDVGHFULRJHQLDUHIULJHUDFLyQHLQVWUX PHQWDFLyQ\FRQWURO $)3%º/#/.#%045!,$%5.!).34!,!#)».$% $%-/342!#)».$%,!#!0!#)$!$$%-!.)05,!#)». 2%-/4!$%,4%34",!.+%43934%-%.)4%2 )&ERNÈNDEZ"ERCERUELO,-2ÓOS $62&,$&,Ï1(85$720&,(0$7 /D GHPRVWUDFLyQ SUHYLD GH ODV FDSDFLGDGHV GH LQWHJUDFLyQ \ PDQ WHQLPLHQWR UHPRWR GH ORV 0yGXORV GH (QVD\R GH OD (QYROWXUD 5H JHQHUDGRUD GH ,7(5 7HVW %ODQNHW 0RGXOHV 7%0 \ VXV VLVWHPDV DVRFLDGRV HV XQ UHTXLVLWR H[LJLGR D ORV VRFLRV TXH SUHYpQ LQVWDODU VXV SURWRWLSRV HQ ORV SXHUWRV HFXDWRULDOHV GHO WRNDPDN GHVWLQDGRV D WDO ILQ (Q SDUWLFXODU VH HVSHUD TXH OD$JHQFLD (XURSHD GH )XVLyQ )XVLRQ)RU(QHUJ\)(ODQFHSUy[LPDPHQWHXQDFRQYRFDWRULDSDUD UHDOL]DU HO HVWXGLR FRQFHSWXDO GH XQD LQVWDODFLyQ GH GHPRVWUDFLyQ LQWHJUDO GH PDQLSXODFLyQ UHPRWD GH ORV 7%0 HXURSHRV \ VXV VXE VLVWHPDV FRPR SDVR SUHOLPLQDU SDUD VX SRVWHULRU FRQVWUXFFLyQ (VWD OODPDGDUHSUHVHQWDXQDJUDQRSRUWXQLGDGSDUDTXH(VSDxDFRQVLJDVX SULPHUDWHVWIDFLOLW\OLJDGDDOSUR\HFWR,7(5 /DSRQHQFLDSUHVHQWDXQDSURSXHVWDGHGLVHxRFRQFHSWXDOGHODLQV WDODFLyQHODERUDGDFRQHOREMHWLYRGHUHVSDOGDUODSRVLFLyQHVSDxROD GHQWUR GHO &RQVRUFLR (8 7%0 &($ (1($ .,7 15, .)., \ &,(0$7/DH[SRVLFLyQLQFOX\HDPRGRGHHMHPSORODVLPXODFLyQ GHXQRGHORVSURFHVRVGHPDQLSXODFLyQUHPRWDTXHVHSUHWHQGHQGH PRVWUDUHQODLQVWDODFLyQ 1 ,Ê-*!ÊÃi«ÌiLÀi-ÊÓä£ä {x 6(6,21(67e&1,&$6 3!,! *UEVESH ).'%.)%2¶!)) 02%3)$%.4%2OBERTO'ONZÈLEZ6ILLEGAS %.53!).$5342)!3!6!.:!$!3 .5%6!34²#.)#!3$%3)-5,!#)».9'%.%2!#)». $%$/#5-%.4!#)».4²#.)#!$%/0%2!#)/.%39 -!.)/"2!3%.02/9%#4/3$%!#45!,):!#)».$% #%.42!,%3.5#,%!2%3 *'ARRIDO &7,1*(1,(5Ë$ (QORV~OWLPRVDxRVKDSUROLIHUDGRGHIRUPDLPSDUDEOHHOXVRGHPR GHORV'GHODVSODQWDVVLHQGRHVSHFLDOPHQWH~WLOHQORVSUR\HFWRVTXH VXSRQHQDIURQWDUFDPELRVVLJQLILFDWLYRVHQORVTXHKD\PRYLPLHQWRVGH HTXLSRV\RLQVWDODFLyQGHQXHYRVVLVWHPDV /D QHFHVLGDG GH UHDOL]DU HVWRV FDPELRV HQ HO PHQRU WLHPSR SRVLEOH DSURYHFKDQGR ODV SDUDGDV SRU UHFDUJD HQ OD PD\RUtD GH ODV RFDVLRQHV KDFHTXHODSODQLILFDFLyQRUJDQL]DFLyQ\H[SOLFDFLyQGHORVWUDEDMRVGH IRUPDGHWDOODGDDORVUHVSRQVDEOHVGHOWUDEDMRGHFDPSRVHDIXQGDPHQ WDO /DV KHUUDPLHQWDV LQIRUPiWLFDV GLVSRQLEOHV SDUD HO WUDEDMR FRQ HVWRV PRGHORVVRQSULQFLSDOPHQWHGHGRVWLSRVODVGHGLVHxR3'63'06 &DWLD\ODVGHPHSHUPLWROODPDUPDUNHWLQJ'6WXGLR /DV SULPHUDV GLVHxR VRQ KHUUDPLHQWDV GLVHxDGDV SDUD OD LQJHQLHUtD SHUPLWHQ H[WUDHU SODQRV \ GRFXPHQWDFLyQ WpFQLFD SHUR QR SHUPLWHQ GH IRUPDGLUHFWDODVLPXODFLyQGHPRYLPLHQWRV /DVVHJXQGDVPDUNHWLQJVRQKHUUDPLHQWDVGHJUDQFDOLGDGYLVXDOTXH SHUPLWHQODUHDOL]DFLyQGHPRYLPLHQWRV\DQLPDFLRQHVSHURQRSHUPLWHQ ODREWHQFLyQGHSODQRV\GRFXPHQWDFLyQWpFQLFD $FWXDOPHQWH\DH[LVWHQKHUUDPLHQWDVLQIRUPiWLFDVTXHQRVRIUHFHQOD XQLyQGHODVFDSDFLGDGHVGHDPEDVGLVSRQLHQGRDVtGHODSRVLELOLGDGGH GLVHxDUODVPDQLREUDVHQXQHQWRUQR'GHOTXHSRGUHPRVREWHQHUWDQWR SODQRV\GRFXPHQWDFLyQWpFQLFDFRPRDQLPDFLRQHVGHDOWDFDOLGDG 0/3)",%3).&,5%.#)!3$%,.5%6/#»$)'/!3-%"% %.).34!,!#)/.%3%./0%2!#)». --ÏNDEZ-3ARTI &7,1*(1,(5Ë$ /D FUHFLHQWH SUHRFXSDFLyQ VRFLDO SRU ORV HIHFWRV GH ORV VLVPRV KD OOHYDGRDOFyGLJR$60(DODSXEOLFDFLyQGHOHVWiQGDU%(TXHHVWi WHQLHQGR HVSHFLDO UHOHYDQFLD HQ ORV QXHYRV SUR\HFWRV GH SODQWDV LQGXV WULDOHVDVtFRPRHQODUHHYDOXDFLyQGHODVLQVWDODFLRQHVH[LVWHQWHVHQODV TXHQRVHFRQVLGHUyHOHIHFWRGHOVLVPRRVHKL]RGHIRUPDVLPSOLILFDGD (VWHHVWiQGDUKDWRPDGRFRPRUHIHUHQFLDEXHQDSDUWHGHORVFULWHULRV XWLOL]DGRVFRPRSUiFWLFDKDELWXDOHQHOVHFWRUQXFOHDUORTXHQRLPSOLFD {È 1 ,Ê-*!ÊÃi«ÌiLÀi-ÊÓä£ä #//2$).!$/2'UMERSINDO6ERDÞ 5.)6%23)$!$0/,)4²#.)#!$%6!,%.#)! TXHODVFLHUWRVHTXLSRVHVWUXFWXUDVVLVWHPDVGHWXEHUtDV\FRPSRQHQWHV GHODVFHQWUDOHVQXFOHDUHVGLVHxDGRVEDMRHOFyGLJR%R$3,QR GHEDQ VHU UHYLVDGRV SDUD FRPSUREDU VX DGHFXDFLyQ DO QXHYR HVWiQGDU VLHQGRHVWHDVSHFWRSRWHVWDGGHORVSURSLHWDULRVGHODVSODQWDV &/2-!,):!#)».$%02/'2!-!3$%'%34)».$%, %.6%*%#)-)%.4/0'%$%,!3##..!,-!2!:9 42),,/ '%STEBAN-"ALADÓA2'ARCÓA)GLESIAS ,'20,1*(1,(5Ë$<&2168/725Ë$ &&11$/0$5$=75,//2 (QODIDVHLQLFLDOGHORVWUDEDMRVUHDOL]DGRVSRU,'20SDUD&&11 $OPDUD]7ULOOR$,(&1$7HQ\VHLGHQWLILFDURQODVSUiF WLFDV GH LQVSHFFLyQ \ PDQWHQLPLHQWR TXH VH GHVDUUROODQ HQ &1$ \ HQ &17DORVTXHVHSXHGDGDUFUpGLWRHQODV5HYLVLRQHVGH*HVWLyQGH(Q YHMHFLPLHQWR5*(\VHDJUXSDURQHQ3URJUDPDVGH*HVWLyQGHO(QYH MHFLPLHQWR3*(GHDFXHUGRFRQORVSURJUDPDVPRGHORGHORVFDStWXORV ;\;,GHOLQIRUPH*$//185(* &RPRUHVXOWDGRGHGLFKDDFWLYLGDGVHREWXYRXQFDWiORJRGH3*(KR PRORJDEOHVFRQHOLQIRUPH*$//HOFXDOHUDXWLOL]DGRSDUDODJHVWLyQGH ORVHIHFWRVGHHQYHMHFLPLHQWRLGHQWLILFDGRVFRPRDSOLFDEOHVHQODWDUHD GH5*(3DUDFDGDSURJUDPDVHGHVDUUROOyXQ'RFXPHQWRGH%DVHVGH 3URJUDPD'%3FRQHOFRQWHQLGRGHILQLGRHQODVJXtDVWpFQLFDV*7D\ *7EFRUUHVSRQGLHQWHVD&1$\D&17UHVSHFWLYDPHQWH 7DPELpQ VH REWXYR XQD OLVWD GH SURSXHVWDV GH PHMRUD JHQHUDOHV QH FHVDULDVSDUDKRPRORJDUODVSUiFWLFDVGHLQVSHFFLyQ\PDQWHQLPLHQWRD ORV3*(PRGHORTXHILJXUDQHQHOLQIRUPH*$//(VWDVSURSXHVWDVGH PHMRUDHVWiQVLHQGRGHVDUUROODGDVHLPSODQWDGDVSRU&1$7SRUORTXH DOJXQDV GH HOODV HVWiQ FHUUDGDV \D DFWXDOPHQWH 6HJ~Q VH YDQ IRUPDOL ]DQGR3*(VGHVDUUROODQGRPDQXDOHVYDQVXUJLHQGRQXHYDVSURSXHVWDV GHPHMRUDTXHVRQUHVXHOWDVELHQDWUDYpVGHODHGLFLyQGHQXHYRVSUR FHGLPLHQWRVELHQPHGLDQWHODPRGLILFDFLyQRDFWXDOL]DFLyQGHSURFHGL PLHQWRVH[LVWHQWHV /D )RUPDOL]DFLyQ GH XQ 3*( FRQVLVWH HQ HO GHVDUUROOR GH VX FRUUHV SRQGLHQWH 0DQXDO 03*( GRFXPHQWR GH SULPHU QLYHO GHO 3*( (VWH GRFXPHQWR HVWi SHQVDGR SDUD VHUYLU GH UHIHUHQFLD SULQFLSDO HQ OD FRP SDUDFLyQGHO3*(FRQHOSURJUDPDPRGHORGHO185(*(OtQGLFH GHO03*(HVHOGHILQLGRHQODJXtDWpFQLFD*7$ODYH]VHDFWXDOL]DHO '%3 GHO SURJUDPD WHQLHQGR HQ FXHQWD OD DFWXDOL]DFLyQ GH DFWLYLGDGHV GHOSURJUDPD (VWDWDUHDVHOOHYDDFDERPHGLDQWHDQiOLVLVGRFXPHQWDO\HQWUHYLVWDV FRQORVUHVSRQVDEOHVGHFDGDDFWLYLGDGGHLQVSHFFLyQRPDQWHQLPLHQWR FRQREMHWRGHGHWHUPLQDUHOFRQWHQLGRFRQFUHWR\ODH[SHULHQFLDRSHUDWL YDDVRFLDGDDODVPLVPDV 3URJUDPD\6LQRSVLVGHODV3RQHQFLDV +DVWDHOPRPHQWR,'20KDGHVDUUROODGRORVPDQXDOHVGH3*(V WDQWR GH &1$ FRPR GH &17 (Q ORV VLJXLHQWHV DxRV FRQWLQXDUi FRQ OD IRUPDOL]DFLyQGHOUHVWRGHSURJUDPDVFRQXQDSODQLILFDFLyQSUHYLVWDGH 3*(VSRUDxRKDVWDHQ&1$\SRUDxRKDVWDHQ&17 0,!.$%'%34)».$%6)$!$%,!3##..!,-!2!:9 42),,/ 2'ARCÓA)GLESIAS-"ALADÓA'%STEBAN ,'20,1*(1,(5Ë$<&2168/725Ë$ &&11$/0$5$=75,//2$,( (O REMHWLYR GH ORV WUDEDMRV UHDOL]DGRV SRU ,'20 SDUD &&11$O PDUD]7ULOOR$,( &1$7 HV JHVWLRQDU \ GHVDUUROODU WRGDV ODV WDUHDV UHODFLRQDGDVFRQHO3ODQGH*HVWLyQGH9LGD3*9GHODVFHQWUDOHVGH $OPDUD] &1$ \7ULOOR &17 GH DFXHUGR D OD ,6 GHO &RQVHMR GH 6HJXULGDG1XFOHDU&61\RULHQWDGRDODUHDOL]DFLyQGHXQIXWXUR3,( *(SDUDORVFRPSRQHQWHV,PSRUWDQWHVSDUDOD6HJXULGDG,6HVGHFLU ORVFRPSRQHQWHVTXHFXPSOHQORVFULWHULRVGHO&)5³5HTXLUHPHQWV IRU5HQHZDORI2SHUDWLQJ/LFHQVHVIRU1XFOHDU3RZHU3ODQWV´ /DVSULQFLSDOHVDFWLYLGDGHVTXHFRQIRUPDQHO3*9FX\DPHWRGRORJtD VH GHVFULEH HQ JXtDV WpFQLFDV HVSHFtILFDV GHO SUR\HFWR *7 D *7 VRQODVVLJXLHQWHV $OFDQFH \ 6HOHFFLyQ ,GHQWLILFDFLyQ GH ORV FRPSRQHQWHV ,6 GH FDGD FHQWUDOFRQVXVPDWHULDOHV\DPELHQWHVDORVTXHHVWiQVRPHWLGRV 5HYLVLyQ GH *HVWLyQ GH (QYHMHFLPLHQWR 5*( (YDOXDFLyQ GH ORV HIHFWRV GH HQYHMHFLPLHQWR DSOLFDEOHV D FDGD FRPSRQHQWH LQFOXLGR HQ HODOFDQFH 3URJUDPDV GH *HVWLyQ GH (QYHMHFLPLHQWR 3*( 'HILQLFLyQ \ GHVD UUROORGHORVSURJUDPDVHPSOHDGRVSDUDJHVWLRQDUORVHIHFWRVLGHQWLIL FDGRVHQODWDUHDGH5*( 5HYLVLyQVLVWHPiWLFDGH([SHULHQFLD2SHUDWLYD,GHQWLILFDFLyQ\HYD OXDFLyQGHODH[SHULHQFLDRSHUDWLYDWDQWRLQWHUQDFRPRH[WHUQDSDUD ODFRQILUPDFLyQGHODHYDOXDFLyQUHDOL]DGDHQODWDUHDGH5*( (GLFLyQGHO,QIRUPH$QXDOGH*HVWLyQGH9LGD$QXDOPHQWHVHUHPLWH DO&61XQLQIRUPHFRQHOHVWDGR\GHVDUUROORGHODVWDUHDVGHO3*9 /DPHWRGRORJtDHPSOHDGDSDUDHOGHVDUUROORGHGLFKDVWDUHDVHVWiED VDGDHQHO&)51(,,QGXVWU\*XLGHOLQH)RU,PSOHPHQWLQJ 7KH 5HTXLUHPHQWV 2I &)5 3DUW ± 7KH /LFHQVH 5HQHZDO 5XOH 185(*6WDQGDUG5HYLHZ3ODQIRUWKH5HYLHZ/LFHQVH5HQHZDO $SSOLFDWLRQVIRU1XFOHDU3RZHU3ODQWV\185(**HQHULF$JLQJ /HVVRQV /HDUQHG *$// 5HSRUW DVt FRPR HQ RWUDV UHIHUHQFLDV TXH UHFRJHQ OD H[SHULHQFLD RSHUDWLYD GH OD LQGXVWULD DPHULFDQD (35, \ OD H[SHULHQFLDGH,'20HQODSUHSDUDFLyQGHODGRFXPHQWDFLyQGH5HQR YDFLyQGH/LFHQFLDGHOD&16DQWD0DUtDGH*DURxD !6!.#%3#/-054!#)/.!,%3%.%,$)3%º/9 !.«,)3)3$%3/0/24%30!2!(6!#93)34%-!3 %,²#42)#/3!58),)!2%3%.,!30,!.4!3.5#,%!2%3 ,.AVARRO ,1*(&,%(56$ (O GLVHxR GH XQD SODQWD QXFOHDU GHVGH HO SXQWR GH YLVWD GH OD LQJH QLHUtDFLYLOWLHQHPXFKRVSUREOHPDVFUtWLFRV\FRPSOHMRVTXHGHEHQVHU HVWXGLDGRV8QRGHHOORVHVODFRQILJXUDFLyQGHORVVRSRUWHVDSURSLDGRV SDUD+9$&\VLVWHPDVHOpFWULFRVDX[LOLDUHV'LFKRVVRSRUWHVVHFRORFDQ HQORVGLIHUHQWHVHGLILFLRVGHODSODQWDHLQWHUDFW~DQHQWUHHOORVFXDQGRVH SUHVHQWDQFDUJDVGLQiPLFDV /RVWLSRVGHDQiOLVLVHIHFWXDGRVHQHVWRVVLVWHPDVSDUDVXGLVHxRVRQ XQOHJDGRGHODVFHQWUDOHVFRQVWUXLGDVHQODV~OWLPDVGpFDGDV(QHVWRV PpWRGRV GH DQiOLVLV GH ORV VRSRUWHV GH IRUPD LQGLYLGXDO R SRU WUDPRV FRUWRV HO LQJHQLHUR WLHQGH D GLPHQLRQDU DSR\RV PD\RUHV GH ORV TXH UHDOPHQWHVHQHFHVLWDQDXPHQWDQGRHOFRVWHGHODSODQWD\KDFLHQGRTXH LQFOXVRVXUHVSXHVWDDDFFLRQHVVtVPLFDVVHDSHRUDODXPHQWDUVXULJLGH] (VWD SUHVHQWDFLyQ SUHWHQGH PRVWUDU XQD DOWHUQDWLYD HILFD] D HVWH WLSR GH DQiOLVLV LQGLYLGXDOHV FRPELQDQGR HO GLVHxR UiSLGR GH ORV DQiOLVLV DFWXDOHV FRQ HO SRGHU GH OD ,QJHQLHUtD$VLVWLGD SRU 2UGHQDUGRU &$( GLVSRQLEOHKR\HQGtD6HSUHWHQGHFRQVLGHUDUODLQWHUDFFLyQGHWRGRVORV VRSRUWHVFRPRVtGH~QLFDHVWUXFWXUDVHWUDWDUD\VHDQDOL]DSRUWDQWRVX UHVSXHVWDUHDODODVFDUJDVGLQiPLFDV\WpUPLFDVQRVyORORVUHVXOWDGRV HVWUXFWXUDOHVVLQRWDPELpQODYLDELOLGDGGHOGLVHxRVHJ~QFyGLJRV\QRU PDVGHOVHFWRU ,!./2-!,):!#)».%.%30!º!93532%,!#)/.%3 ).4%2.!#)/.!,%3 &,EGARDA$-ASSØ*,%LVIRO 81,9(56,'$''(/3$,69$6&2 8QDQRUPDHVXQGRFXPHQWRGHDSOLFDFLyQYROXQWDULDTXHFRQWLHQHHV SHFLILFDFLRQHVWpFQLFDVEDVDGDVHQORVUHVXOWDGRVGHODH[SHULHQFLD\GHO GHVDUUROORWHFQROyJLFRTXHVHHODERUDSRUFRQVHQVRHQWUHWRGDVODVSDUWHV LQWHUHVDGDVHLQYROXFUDGDVHQODDFWLYLGDGREMHWRGHODPLVPD\TXHGHEH VHUDSUREDGDSRUXQ2UJDQLVPRGH1RUPDOL]DFLyQUHFRQRFLGR2UJDQLV PRTXHHQ(VSDxDHV$(125 /DVQRUPDVFRQVWLWX\HQXQDEDVHSDUDPHMRUDUODFDOLGDGHQODJHVWLyQ GHODVHPSUHVDVHQHOGLVHxR\IDEULFDFLyQGHSURGXFWRVHQODSUHVWDFLyQ GHVHUYLFLRVHWFDXPHQWDQGRODFRPSHWLWLYLGDGHQORVPHUFDGRVQDFLR QDOHVHLQWHUQDFLRQDOHV\VRQSRUWDQWRODKHUUDPLHQWDIXQGDPHQWDOSDUD HOGHVDUUROORLQGXVWULDO\FRPHUFLDOGHXQSDtV /DVQRUPDVHVSDxRODV81(VRQHODERUDGDVSRUORV&RPLWpV7pFQL FRVGH1RUPDOL]DFLyQ&71GH$(125 &DGD &RPLWp VH HQFDUJD GH XQ iUHD FRQFUHWD GHO FRQRFLPLHQWR R OD SURGXFFLyQTXHHQHOFDVRTXHQRVDWDxHHQHVWD5HXQLRQ$QXDOHVHO iUHDGHOD,QGXVWULD1XFOHDU\HO&RPLWpHQFDUJDGRHVHO&RPLWp7pFQLFR GH1RUPDOL]DFLyQ (VWH &RPLWp VH HQFDUJD FRQ FDUiFWHU JHQHUDO GHO iUHD GHQRPLQDGD ,QGXVWULD 1XFOHDU \ VX FDPSR GH DFWLYLGDG HV OD QRUPDOL]DFLyQ GH OD LQGXVWULDQXFOHDUHQVXVDSOLFDFLRQHVSDFtILFDVLQFOX\HQGRFRPEXVWLEOHV GLVHxRFRQVWUXFFLyQ\H[SORWDFLyQGHODVLQVWDODFLRQHV 0DQWLHQH UHODFLRQHV D QLYHO LQWHUQDFLRQDO FRQ &RPLWp 7pFQLFR 7& GH OD ,QWHUQDWLRQDO 2UJDQL]DWLRQ IRU 6WDQGDUGL]DWLRQ ,62 GHGLFDGR DOD(QHUJtD1XFOHDU\FRQHO&RPLWp7pFQLFR7&GHOD,QWHUQDWLR QDO (OHFWURWHFKQLFDO &RPPLVVLRQ ,(& GHGLFDGR D OD ,QVWUXPHQWDFLyQ 1XFOHDUORTXHSURSRUFLRQDXQHQODFHLQPHMRUDEOHSDUDSDUWLFLSDUHQHO GHVDUUROORGHQRUPDVTXHHQXQIXWXURKDEUiQGHVHULPSOHPHQWDGDV %80%2)%.#)!3!$15)2)$!3%.%,$)3%º/$% -/$)&)#!#)/.%3-%$)!.4%4²#.)#!3"!3!$!3%. -/$%,/3$%.#.%./0%2!#)». '(ERNANZ-ÓNGUEZ6-U×OZ0ORTELA (035(6$5,26$*583$'26$,( 1 ,Ê-*!ÊÃi«ÌiLÀi-ÊÓä£ä {Ç 6(6,21(67e&1,&$6 (O HVWXGLR \ GHVDUUROOR GH PRGLILFDFLRQHV GH GLVHxR HQ XQD FHQWUDO QXFOHDU HQ RSHUDFLyQ VLHPSUH KD VLGR XQD ODERU FRPSOHMD GRQGH OD GR FXPHQWDFLyQ GH RULJHQ SURFHGH GH SODQRV SURGXFLGRV PDQXDOPHQWH HQ SDSHO\QRVLHPSUHUHIOHMDQODUHDOLGDGGHODSODQWD &RQHOGHVDUUROORGHSRWHQWHVKHUUDPLHQWDVLQIRUPiWLFDVSDUDHOGLVHxR EDVDGRVHQODFUHDFLyQGHPRGHORV'VHJHQHUDQPRGHORVRPDTXHWDV WULGLPHQVLRQDOHVFRQORVHOHPHQWRVGHOHQWRUQRWXEHUtDVEDQGHMDVREUD FLYLOHWFGRQGHVHLQFRUSRUDODPRGLILFDFLyQREMHWRGHHVWXGLR (OPRGHORDVtFUHDGRSHUPLWHUHDOL]DUPRGLILFDFLRQHVGHGLVHxRDXVHQ WHVGHLQWHUIHUHQFLDV\VLQLQFRQJUXHQFLDV3HUPLWHWDPELpQXQDSUHORFD OL]DFLyQGHVRSRUWHV\VXUHVHUYDGHHVSDFLRREWHQHULVRPpWULFRVGHDQi OLVLVIDEULFDFLyQ\VSRROGHPRQWDMHDVtFRPRXQDOLVWDGHPDWHULDOHVGH IRUPDDXWRPiWLFD$VtPLVPRHVPX\~WLOHQDQiOLVLVGHPRQWDELOLGDG\ HVWXGLRGHUXWDVFUtWLFDVHQGHVSOD]DPLHQWRVGHHTXLSRVSRUODSODQWDHWF /DSUHVHQWHSRQHQFLDWLHQHFRPRREMHWRH[SRQHU\DQDOL]DUODVH[SH ULHQFLDVDGTXLULGDVHQHOGHVDUUROORGHJUDQGHVPRGLILFDFLRQHVGHGLVHxR HQFHQWUDOHVQXFOHDUHVHQRSHUDFLyQEDVDGDVHQPRGHORV'TXHVXSR QHQ XQ SURFHVR LQQRYDGRU \ FRQ DPSOLDV SRVLELOLGDGHV HQ HVWH WLSR GH LQVWDODFLRQHV !.«,)3)3$%,!3)45!#)».$%,!).$%0%.$%.#)! &¶3)#!$%,/3%15)0/39#)2#5)4/3%,²#42)#/3$% 3%'52)$!$$%#.!,-!2!:2%30%#4/!,!2' 2%6 33EIJAS (035(6$5,26$*583$'26$,( (OGLVHxRGHORVHTXLSRVFLUFXLWRV\FRQGXFFLRQHVHOpFWULFDVGHVHJX ULGDGGHODFHQWUDOQXFOHDUGH$OPDUD]VHKDUHDOL]DGRFRQODQRUPDWLYD DSOLFDEOHHQODpSRFDGHVXFRQVWUXFFLyQ\OLFHQFLD 1R REVWDQWH GHQWUR GHO SURFHVR GH UHQRYDFLyQ GHO SHUPLVR GH H[ SORWDFLyQHO&61UHTXLHUHTXHODVFHQWUDOHVUHDOLFHQXQDQiOLVLVGHOD HYROXFLyQGHODUHJXODFLyQ\QRUPDWLYD(QHVWHPDUFRHO&RQVHMRGH 6HJXULGDG1XFOHDUKDVROLFLWDGRD&1$OPDUD]UHDOL]DUXQDQiOLVLVGH OD LQVWDODFLyQ DFWXDO FRQ ORV UHTXLVLWRV GH LQGHSHQGHQFLD HVWDEOHFLGRV HQOD*XtD5HJXODGRUD5*UHY /D *XtD 5HJXODGRUD 5* ³&ULWHULD IRU ,QGHSHQGHQFH RI (OHF WULFDO6DIHW\6\VWHPV´UHILHUHDODQRUPD,(((³&5,7(5,$ )25 ,1'(3(1'(1&( 2) &/$66 ( (48,30(17$1' &,5 &8,76´SDUDHVWDEOHFHUORVUHTXLVLWRVGHLQGHSHQGHQFLD (VWDQRUPDGHVFULEH\HVWDEOHFHORVUHTXLVLWRVGHLQGHSHQGHQFLDGH ORVFLUFXLWRV\HTXLSRVGHORVVLVWHPDVGHVHJXULGDG&ODVH(RUHOD FLRQDGRVFRQODVHJXULGDGHVWUXFWXUiQGRORHQ &ULWHULRV*HQHUDOHVGH,QGHSHQGHQFLD &ULWHULRV(VSHFtILFRVGH6HSDUDFLyQ)tVLFD &ULWHULRV(VSHFtILFRVGH6HSDUDFLyQ(OpFWULFD (O REMHWLYR GH OD SUHVHQWH SRQHQFLD FRQVLVWH HQ H[SRQHU HO WUDEDMR UHDOL]DGRHQHODQiOLVLVGHOD6HSDUDFLyQ)tVLFDGHORVHTXLSRVHOpFWUL FRVGHVHJXULGDGUHGXQGDQWHVJHQHUDGRUHVGLHVHOGHHPHUJHQFLDFDEL QDVHOpFWULFDVGHPHGLDWHQVLyQFFPғVEDUUDVGH9FFFDUJDGRUHV LQYHUVRUHVHWFDVtFRPROD6HSDUDFLyQ)tVLFDGHORVFLUFXLWRVSHQHWUD FLRQQHV\FRQGXFFLRQHVHOHFWULFDV 6H H[SRQGUDQ ORV UHTXLVLWRV DSOLFDEOHV ODV KLSyWHVLV FRQVLGHUDGDV ODVKHUUDPLHQWDVLQIRUPiWLFDV\SURFHGLPLHQWRVDVtFRPRODVVROXFLR QHVSODQWHDGDV {n 1 ,Ê-*!ÊÃi«ÌiLÀi-ÊÓä£ä 3URJUDPD\6LQRSVLVGHODV3RQHQFLDV 3!,! *UEVESH -!.4%.)-)%.4/)) 02%3)$%.4%4OMÈS,OZANO #%.42!,.5#,%!2$%#/&2%.4%3 $)30/3)4)6/30!2!#/.&).!-)%.4/$%,! #/.4!-).!#)».%-0,%!$/3%.,!).30%##)».$% '%.%2!$/2%3$%6!0/2 «'ARCÓA"UENO0,ARGO 7(&1$720 &&11$/0$5$=75,//2 #//2$).!$/2*OSÏ-ARÓA!RTAL #%.42!,.5#,%!2$%42),,/ /RV QXHYRV VLVWHPDV GH REWHQFLyQ GH LQIRUPDFLyQ DVEXLOW KDELWXDO PHQWH XWLOL]DGRV SDUD OD REWHQFLyQ GH LQIRUPDFLyQ GH ]RQDV DPSOLDV FRQVWLWX\HQHQFRQMXQWRFRQKHUUDPLHQWDVGHVRIWZDUHHVSHFLDOL]DGDV\HO PDQHMRSRUSHUVRQDOHVSHFLDOL]DGRXQDKHUUDPLHQWDHQRUPHPHQWHHILFD] SDUD REWHQHU LQIRUPDFLyQ HQ XQ WLHPSR H[WUHPDGDPHQWH FRUWR \ FRQ XQ QLYHOGHILDELOLGDGGHO (QHVWDSRQHQFLDVHGHVFULEHQODVFDSDFLGDGHV\PHWRGRORJtDVGHWUDED MRTXHKDFHQSRVLEOHHVWR /DLQVSHFFLyQSRUFRUULHQWHVLQGXFLGDVGHORVWXERVGHORVJHQHUDGRUHV GHYDSRUHVXQDGHODVWtSLFDVLQVSHFFLRQHVSURJUDPDGDVHQFDGDXQDGH ODVSDUDGDVSDUDUHFDUJDGHODVFHQWUDOHVQXFOHDUHVGHDJXDDSUHVLyQ /D FRPSOHMLGDG GHO WUDEDMR GXUDQWH HO SURFHVR GH DGTXLVLFLyQ GH GD WRVKDSUHVHQWDGRKLVWyULFDPHQWHXQDQRWDEOHSUREOHPiWLFDHQFXDQWRD GRVLVDOSHUVRQDO\JHQHUDFLyQGHFRQWDPLQDFLyQWUDQVLWRULDDVtFRPRVX GLItFLOFRQWURO\FRQILQDPLHQWRORTXHRFDVLRQDIUHFXHQWHPHQWHFDVRVGH FRQWDPLQDFLRQHVHQYHVWXDULR\HQ]RQDVGHWUDEDMR\HVSRUiGLFDPHQWH FRQWDPLQDFLRQHVH[WHUQDVSHUVRQDOHV /DV OHFFLRQHV DSUHQGLGDV HQ ODV ~OWLPDV LQVSHFFLRQHV UHDOL]DGDV HQ ODV TXH SRU GLYHUVDV UD]RQHV VH LQFUHPHQWDURQ VLJQLILFDWLYDPHQWH ORV SURJUDPDV GH LQVSHFFLyQ SXVLHURQ GH PDQLILHVWR OD FRQYHQLHQFLD GH PHMRUDU ORV HTXLSRV \ ORV VLVWHPDV FRPSOHPHQWDULRV GH LQVSHFFLyQ HQ HOVHQWLGRGHHOLPLQDU\FRQILQDUODFRQWDPLQDFLyQSURYRFDGDGXUDQWHHO SURFHVRGHLQVSHFFLyQ /DSRQHQFLDH[SRQHODV PHMRUDVFRQVHJXLGDV WUDV ODLPSOHPHQWDFLyQ GHORVGLIHUHQWHVGLVSRVLWLYRVHPSOHDGRV /"4%.#)».5,42!2«0)$!$%).&/2-!#)». !3"5),4%.:/.!3$%!,4!2!$)!#)».0!2!%, !0/9/!,!4/-!$%$%#)3)/.%3%./0%2!#)/.%3 $%-!.4%.)-)%.4/ &3ARTI &7,1*(1,(5Ë$ 8QR GH ORV SUREOHPDV TXH VH SODQWHDQ FXDQGR VH HVWXGLD SODQLILFD \ YDORUD XQD GHWHUPLQDGD RSHUDFLyQ GH PDQWHQLPLHQWR TXH WLHQH TXH VHU UHDOL]DGDHQ]RQDVFRQXQDGRVLVGHUDGLDFLyQHOHYDGDHVODGHWHUPLQDFLyQ GHOQLYHOGHILDELOLGDGGHODLQIRUPDFLyQGHSDUWLGDGHODTXHVHGLVSRQH (VWRXQLGRDODLPSRVLELOLGDGGHDFFHGHUDGHWHUPLQDGDV]RQDVFRQOD SODQWDHQIXQFLRQDPLHQWRKDFHTXHVHWHQJDQTXHDERUGDUODVRSHUDFLRQHV FRQXQGHWHUPLQDGRQLYHOGHLQFHUWLGXPEUHUHVSHFWRDORVWLHPSRV\FRVWHV TXHSXHGHQVXSRQHU '%34)».%&)#)%.4%$%#%.42!,%3.5#,%!2%3 -%$)!.4%,!6)245!,):!#)».$%353!#4)6/3 3)34%-!3902/#%3/3#/.,!33/,5#)/.%3$% $!33!5,43934µ-%3 *2#OMPANY '$66$8/76<67Ê0(6 (OFLFORGHYLGDGHXQDFHQWUDOQXFOHDUHVPX\ODUJR\WRGDYtDSRGUtD VHUORPiVVLSXGLpUDPRVJHVWLRQDUGHIRUPDPiVHILFLHQWHWRGRVORVSUR FHVRVQHFHVDULRVSDUDVXySWLPDH[SORWDFLyQ\PDQWHQLPLHQWR'DVVDXOW 6\VWqPHV OtGHU HQ HO GHVDUUROOR GH VROXFLRQHV 3/0 D QLYHO PXQGLDO SRQH D GLVSRVLFLyQ GH ODV HPSUHVDV GHO VHFWRU (QHUJtD VX H[WHQVR SRU WIROLR GH VROXFLRQHV SDUD JHVWLRQDU GH IRUPD HILFLHQWH HO FLFOR GH YLGD GHXQD&HQWUDO(QHUJpWLFD(QSDUWLFXODUHQHOVHFWRU1XFOHDUGRQGHORV UHTXHULPLHQWRVHQPDWHULDGHVHJXULGDGVRQPX\HVWULFWRV'DVVDXOW6\V WqPHV KD GHVDUUROODGR VROXFLRQHV TXH SHUPLWHQ GHVDUUROODU JHVWLRQDU \ VLPXODUWRGRVORVVLVWHPDV\SURFHVRVGHXQDFHQWUDOQXFOHDUEDMRORVPiV HVWULFWRVFRQWUROHVTXHJDUDQWLFHQHOFXPSOLPLHQWRGHWRGDVODGLUHFWLYDV GHVHJXULGDGQXFOHDU /DV VROXFLRQHV VHFWRULDOHV GH 'DVVDXOW 6\VWqPHV SHUPLWHQ YLUWXDOL]DU ORVDFWLYRVORVVLVWHPDV\ORVSURFHVRVGHXQDFHQWUDOQXFOHDUFRQHORE MHWLYRGHVHUPiVSUHFLVRVHQODSODQLILFDFLyQ\VLPXODFLyQGHORVSURFH VRVQHFHVDULRVSDUDPDQWHQHUOD&HQWUDORSHUDWLYDWRGRHOWLHPSRSRVLEOH 3HUPLWHHYDOXDUGHIRUPDSUHFLVDORVWLHPSRVFRVWHV\ULHVJRVGHULYDGRV GHODVRSHUDFLRQHVGHPDQWHQLPLHQWR6LPXODUHOIXQFLRQDPLHQWRGHORV VLVWHPDV\VXVFRQWURODGRUHVSDUDHYDOXDUHVFHQDULRVGHIDOOR\RSHUDFLyQ DQWHVGHTXHHVWRVVHSURGX]FDQGLVHxDQGRGHHVWDPDQHUDORVSURWRFRORV GHDFWXDFLyQPiVHILFLHQWHV < SRU ~OWLPR FRQ HVWDV PLVPDV VROXFLRQHV SRGHPRV SODQLILFDU \ VLPXODUWRGRVORVSURFHVRVGHGHVPDQWHODPLHQWRGHXQDFHQWUDOQXFOHDU SDUDUHGXFLUGHIRUPDFRQVLGHUDEOHORVWLHPSRVFRVWHV\ULHVJRVUHODFLR QDGRVFRQHVWRVSURFHVRVGHVGHSURFHVRVSXURVGHLQJHQLHUtDDFRPSOH MRVSURFHVRVORJtVWLFRV 1 ,Ê-*!ÊÃi«ÌiLÀi-ÊÓä£ä { 6(6,21(67e&1,&$6 !3/#)!#)»..5#,%!2!3#»6!.$%,,/3< 7%34).'(/53%%,%#42)##/-0!.9#34!,,)!.#% 30!2%0!24/"3/,%3#%.#%"5,,%4). --ILLÈN00ARRA&!COSTA&&IGUEROLA&!RCARONS 66ERDÞ*"A×OS73TILWELL :(67,1*+286((/(&75,&63$,16$8 $IWHU PRUH WKDQ \HDUV RI RSHUDWLRQ$VFy , ,, DQG 9DQGHOOy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ÓAZ!"'ARCÓA-*%STEBAN **-U×OZ 'HDFXHUGRFRQORDQWHULRU\GDGRTXHDPERVSURJUDPDVWUDWDQSUREOH PDVGHHTXLSRVGHSODQWD\KXPDQRVFRPXQHVODJHVWLyQGHOD5HJODGH 0DQWHQLPLHQWR SDVD SRU XQD HVWUHFKD FRODERUDFLyQ FRQ OD JHVWLyQ GH OD ([SHULHQFLD2SHUDWLYDHQVXVGRVYHUWLHQWHV(O$QiOLVLVGHOD([SHULHQFLD 2SHUDWLYD3URSLD\HO$QiOLVLVGHOD([SHULHQFLD2SHUDWLYD([WHUQD /D5HJODGH0DQWHQLPLHQWRVHKDFRQYHUWLGRHQORV~OWLPRVDxRVHQXQD SDUWHLPSRUWDQWHGHQWURGHODSROtWLFDGHVHJXULGDGGHODFHQWUDOFRPRPH GLRSDUDHYDOXDUHOFRPSRUWDPLHQWRGHODV(VWUXFWXUDV6LVWHPDV\&RP SRQHQWHV(6&V\SRUPHGLRGHHVWDHYDOXDFLyQPHMRUDUFRQWLQXDPHQWH OD HIHFWLYLGDG GHO PDQWHQLPLHQWR 6LQ HPEDUJR HV D WUDYpV GHO DQiOLVLV H[KDXVWLYR GH ORV VXFHVRV WDQWR LQWHUQRV FRPR DMHQRV D OD SODQWD FRPR VH GHWHUPLQDQ ODV DFFLRQHV DSURSLDGDV D LPSODQWDU HQ OD SURSLD SODQWD SDUDHYLWDUODUHSHWLFLyQGHORVVXFHVRV\ODGHWHUPLQDFLyQGHODVDFFLRQHV DGHFXDGDV QHFHVDULDPHQWH SDVD SRU HO HVWDEOHFLPLHQWR GH ODV FDXVDV TXH RULJLQDURQHOVXFHVRDDQDOL]DU 'HQWUR GH HVWRV SURJUDPDV VH HQFXHQWUD IUHFXHQWHPHQWH LQYROXFUDGR SHUVRQDO H[SHUWR HQ OD JHVWLyQ GH VX SURJUDPD SHUR TXH GHVFRQRFH ODV QHFHVLGDGHVGHORVJHVWRUHVGHORWURSURJUDPD3RUWDQWRVHKDFHQHFHVDULD XQDFRODERUDFLyQFDGDYH]PDVHVWUHFKDHQWUHHOSHUVRQDOGHOD5HJODGH 0DQWHQLPLHQWR \ HO GH ([SHULHQFLD 2SHUDWLYD GH IRUPD TXH WRGRV VHDQ FRQVFLHQWHVGHTXHDPERVSURJUDPDVGHEHQIXQFLRQDUGHPDQHUDLQWHJUD GDFRPRSDUWHGHODFXOWXUDGHODRUJDQL]DFLyQGHODSODQWD 6H GHEHUtD HVWDEOHFHU KDFHU FRQRFHU \ FRPSUREDU TXH VRQ DVLPLODGDV SRU WRGD OD RUJDQL]DFLyQ ODV H[SHFWDWLYDV UHVSHFWR D ORV SURJUDPDV GH OD 5HJOD GH 0DQWHQLPLHQWR \ GH ([SHULHQFLD 2SHUDWLYD SURPRYHU OD HVWUHFKD FRODERUDFLyQ HQWUH ODV GLVWLQWDV RUJDQL]DFLRQHV TXH JHVWLRQDQ GLFKRVSURJUDPDVSRQHUORVPHGLRVSDUDTXHODH[SHULHQFLDRSHUDWLYDGH OD LQGXVWULD VHD IiFLOPHQWH DFFHVLEOH \ VH DQDOLFH RSRUWXQDPHQWH FRPR PHGLRSDUDJDUDQWL]DUODILDELOLGDG\GLVSRQLELOLGDGGHORV(6&VDVtFRPR OD VHJXULGDG GH OD SODQWD HQ FRQMXQFLy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yQFRQWLQXDGHOFRPSRUWDPLHQWRKDFLHQGRXQ VHJXLPLHQWR GH ORV IDOORV IXQFLRQDOHV H LQGLVSRQLELOLGDGHV GH ODV (6&V \ GHORVVXFHVRVDQLYHOGHSODQWDGHVXDQiOLVLV\GHODGHWHUPLQDFLyQGHVXV FDXVDVSDUDHYLWDUODUHSHWLFLyQ (OREMHWLYRGHOSURJUDPDGH([SHULHQFLD2SHUDWLYDHVHOXVRHIHFWLYR\ HILFLHQWHGHODVOHFFLRQHVDSUHQGLGDVGHODSODQWD\GHODLQGXVWULDSDUDPHMR UDUODVHJXULGDG\ILDELOLGDGGHODSODQWD 3DUDTXHHOXVRGHOD([SHULHQFLD2SHUDWLYDVHDHIHFWLYRVHGHEHLQFOXLU WDQWRHODQiOLVLVGHODH[SHULHQFLDRSHUDWLYDGHODSODQWDFRPRHOGHODGH ODLQGXVWULDSDUDLGHQWLILFDUODVGHELOLGDGHVIXQGDPHQWDOHV\GHWHUPLQDUODV DFFLRQHVDSURSLDGDVHVSHFtILFDVSDUDODSURSLDSODQWDHQFDPLQDGDVDPLQL PL]DUODSUREDELOLGDGRUHGXFLUODVFRQVHFXHQFLDVGHVXFHVRVVLPLODUHVDORV DQDOL]DGRV 7UDQVFXUULGRVDxRVGHVGHODSXEOLFDFLyQGHO&)5SRUOD15& \HVWDQGRGHILQLGRVHODOFDQFHORVFULWHULRVGHFRPSRUWDPLHQWRGHOORV(6&V \ODPHFiQLFDGHWUDEDMRVHGHWHFWDTXHORVIDOORVHLQGLVSRQLELOLGDGHVGHORV HTXLSRVVHJXLGRVVRQORVTXHHQPXFKRVFDVRVKDQSURGXFLGRXQVXFHVRHQ ODSODQWD\TXHHVWHVXFHVRVHDQDOL]DXWLOL]DQGRPHWRGRORJtDVGHDQiOLVLVGH FDXVDUDt]SDUDGHWHUPLQDUODVFDXVDV\REWHQHUOHFFLRQHVDSUHQGLGDV xä 1 ,Ê-*!ÊÃi«ÌiLÀi-ÊÓä£ä .5%6!4²#.)#!5,42!3».)#!0!2!,!).30%##)». $%"!22!3$%#/.42/, &*&ERNÈNDEZ-U×OZ-«*IMÏNEZ2ODRÓGUEZ!'ARCÓA'ARCÓA 7(&1$720 /DVEDUUDVGHFRQWUROGHODV&HQWUDOHV1XFOHDUHV3:5VRQFRPSRQHQWHV VRPHWLGRVDLQVSHFFLRQHVSHULyGLFDVGXUDQWHVXVHUYLFLRDILQGHHYDOXDUVX HVWDGR\DVHJXUDUVXUHQGLPLHQWR(VWRVHOHPHQWRVWLHQHQFRPRPLVLyQHO FRQWUROGHSRWHQFLDGHOUHDFWRU /D LQWHJULGDG GH ODV EDUUDV GXUDQWH OD RSHUDFLyQ GH OD SODQWD VH YH DIHFWDGDGHELGRIXQGDPHQWDOPHQWHDGRVIDFWRUHV (OGHVJDVWHRSpUGLGDGHPDWHULDOSURGXFLGRSRUODIULFFLyQHQWUHOD VXSHUILFLHH[WHULRUGHODEDUUD\ODSODFDJXtD < OD GHIRUPDFLyQ TXH SXHGH SURYRFDU HQ OD YDLQD HO KLQFKDPLHQWR GHOPDWHULDODEVRUEHQWHSRULUUDGLDFLyQ 'HVGH7HFQDWRPYLHQHUHDOL]DQGRODLQVSHFFLyQGHODVEDUUDV GHFRQWUROHQYDULDVFHQWUDOHVSRUPHGLRGHOHQVD\RGHFRUULHQWHVGH FRUULHQWHVLQGXFLGDV $FWXDOPHQWH 7HFQDWRP KD GHVDUUROODGR WpFQLFDV GH LQVSHFFLyQ XO WUDVyQLFDFDSDFHVGHUHDOL]DUODVPHGLGDVGHOHVSHVRUUHPDQHQWHGHOD SDUHG\GHOGLiPHWURH[WHULRUGHODYDLQD0HGLDQWHHVWHVLVWHPDGRWD GRGHXQFDEH]DOPXOWLSDOSDGRUSDUDFDGDEDUUDHVSRVLEOHUHDOL]DUOD LQVSHFFLyQFRPSOHWDHYLWDQGRODURWDFLyQPHFiQLFDGHDOUHGHGRU GHODPLVPD (Q HVWH DUWtFXOR VH SUHVHQWDQ ODV WpFQLFDV GH LQVSHFFLyQ XOWUDVyQLFD GHVDUUROODGDVSDUDUHDOL]DUODLQVSHFFLyQGHODVEDUUDVGHFRQWURO 3URJUDPD\6LQRSVLVGHODV3RQHQFLDV .5%6!6)3)».$%,/3/2'!.)3-/3$%#/.42/,%. ,!3%'52)$!$).$5342)!,9-!.4%.)-)%.4/%. "!3%!,.5%6/%.&/15%$%%15)0/3!02%3)». !"ERNÈRDEZ'ARCÓA $33/86125&21752/6/8 (O5HDO'HFUHWRGHVDUUROOyHO5HJODPHQWRGHOD,QIUDHVWUXF WXUDSDUDOD&DOLGDG\OD6HJXULGDG,QGXVWULDOHQHOTXHVHPHQFLRQDEDOD QHFHVLGDGGHDGDSWDUODUHJXODFLyQGHODDFWLYLGDGLQGXVWULDOHQ(VSDxDD ODGHULYDGDGHOD8QLyQ(XURSHD(QGLFKRUHJODPHQWRVHHVWDEOHFtDQORV UHTXLVLWRVTXHGHEtDQFXPSOLUORV2UJDQLVPRVGH&RQWUROHQFDUJDGRVGHOD UHDOL]DFLyQGHDFWLYLGDGHVGHFHUWLILFDFLyQHQVD\RLQVSHFFLyQ\DXGLWRUtD (O5'VXSRQHXQQXHYRHQIRTXHHQFXDQWRDODVLWXDFLyQGHORV 2UJDQLVPRVGH&RQWUROGHELGRDTXHSDVDDFRQVLGHUDUGLFKRVRUJDQLVPRV FRPRSHUVRQDVQDWXUDOHVDGHPiVGHSHUVRQDVMXUtGLFDVDSDUWHGHDEULUHO iPELWRDOHVSDFLRHXURSHRSHUPLWLHQGRDFXDOTXLHURUJDQLVPRDFUHGLWDGR HQ FXDOTXLHU HVWDGR PLHPEUR GH OD 8QLyQ (XURSHD FUHDU VXFXUVDOHV HQ QXHVWUR SDtV /DV RWUDV GRV SULQFLSDOHV QRYHGDGHV VRQ OD VXSUHVLyQ GHO UHTXLVLWR TXH REOLJDED D WHQHU LPSODQWDGR XQ VLVWHPD SDUD GHPRVWUDU OD VROYHQFLD ILQDQFLHUD GHO RUJDQLVPR \ OD VXSUHVLyQ GH RWUR UHTXLVLWR TXH REOLJDEDDWHQHUORVPHGLRVSDUDODLQVSHFFLyQGHDOPHQRVHOGHODV LQVWDODFLRQHVGHODFRPXQLGDGDXWyQRPDGRQGHVHVROLFLWDEDODDFWXDFLyQ HQXQiPELWRUHJODPHQWDULRGHWHUPLQDGRORTXHVXSRQHXQDMXVWHPiVHIL FLHQWHGHODFDSDFLGDGGHORVRUJDQLVPRVGHFRQWUROHQXQIXWXUR (QFXDQWRDOVHFWRUQXFOHDUHODQWLJXR5HJODPHQWRGH$SDUDWRVD3UH VLyQ5'FRPSUHQGtDODVDFWLYLGDGHVGH'LVHxR)DEULFDFLyQ 5HSDUDFLyQ0RGLILFDFLyQH,QVSHFFLRQHVSHULyGLFDVTXHFRQHOQXHYR5H JODPHQWRGH(TXLSRVD3UHVLyQ5'VRQGHDSOLFDFLyQHQODV FHQWUDOHVQXFOHDUHVGHQWURGHVX]RQD³1R&RQWURODGD´'LFKRUHJODPHQWR FRQWLHQH XQD SDUWH JHQHUDO \ VHLV LQVWUXFFLRQHV WpFQLFDV HVSHFtILFDV TXH SXHGHQVHUGHDSOLFDFLyQHQLQVWDODFLRQHVQXFOHDUHV &RQODPRGLILFDFLyQGHO5HJODPHQWRGH,QIUDHVWUXFWXUDSDUDODFDOLGDG \ OD VHJXULGDG LQGXVWULDO HO PDQWHQLPLHQWR HQ FXDQWR D LQVSHFFLRQHV UH JODPHQWDULDVFRPRODVLQGLFDGDVSRUHO5'SXHGHDIHFWDUDOD SROtWLFDGHFRQWUDWDFLyQGHORVRUJDQLVPRVGHFRQWUROQHFHVDULRV 1 ,Ê-*!ÊÃi«ÌiLÀi-ÊÓä£ä x£ 6(6,21(67e&1,&$6 3!,! *UEVESH -%$)#).!.5#,%!2 02%3)$%.4%&ERNANDO'ARCÓA%SCANDØN 5.%3! %34)-!#)».$%$/3)3-%$)!.4%$/3)-%42¶! ")/,»')#!%345$)/3$%0/",!#)». 2(ERRANZ--ORENO-*0RIETO +263,7$/*(1(5$/81,9(56,7$5,2 *5(*25,20$5$fÏ1 3DUDUHDOL]DUHVWLPDFLRQHVGHGRVLVHVLQGLVSHQVDEOHGLVSRQHUGHHVWX GLRV GH IUHFXHQFLD EDVDO GHWHUPLQDQGRORV SUHYLDPHQWH HQ GHWHUPLQDGRV JUXSRVGHSREODFLyQ (QHO/DERUDWRULRGH'RVLPHWUtD%LROyJLFDGHO&HQWURGH5DGLRSDWR ORJtDGHO+RVSLWDO*HQHUDO8QLYHUVLWDULR*UHJRULR0DUDxyQ1LYHO,,GH 0DGULGVHKDQUHDOL]DGRORVVLJXLHQWHVHVWXGLRVGHSREODFLyQ (VWXGLRGHIUHFXHQFLDEDVDOGHDOWHUDFLRQHVFURPRVyPLFDVHQXQDSR EODFLyQGHOiUHDGHOD&RPXQLGDGGH0DGULG (VWXGLRGHIUHFXHQFLDEDVDOHQLQGLYLGXRVSURIHVLRQDOPHQWHH[SXHV WRVDEDMDVGRVLVGHUDGLDFLRQHVLRQL]DQWHV (VWXGLR GH DOWHUDFLRQHV FURPRVyPLFDV HVWDEOHV HQ XQD PXHVWUD GH WULSXODQWHVGHYXHORHQDOWXUDVVXSHULRUHVDPHWURV\GHVXSR EODFLyQFRQWURO 6HH[SRQHQORVSURFHGLPLHQWRVXWLOL]DGRVHQHO/DERUDWRULRGH'RVL PHWUtD %LROyJLFD ODV IUHFXHQFLDV EDViOHV REWHQLGDV \ ORV UHVXOWDGRV GHO WHUFHU HVWXGLR MXQWR FRQ VX DQiOLVLV HVWDGtVWLFR HIHFWXDGR HQ OD +HDOWK 3URWHFWLRQ$JHQF\+3$0LOWRQ'LGFRW2[IRUG8. -%$)#).!$%,42!"!*/%6/,5#)».$%,! %6!,5!#)». -'ÈMEZ/-ARTÓNEZ#ABALEIRO ,%(5'52/$6$ &RQODSXEOLFDFLyQ\HOFRQVLJXLHQWHFXPSOLPLHQWRGHOD/H\GH3UH YHQFLyQ GH 5LHVJRV /DERUDOHV GH GHMDPRV DWUiV XQ WUR]R GH PH PRULDKLVWyULFDHQHVWHFDVRUHIHUHQWHDODPHGLFLQDGHOWUDEDMRODTXH GHVGHKDHVWDGRPDUFDQGRGHDOJXQDPDQHUDGHVGHODUHSDUDFLyQ GHOGDxR\SUHYHQFLyQGHOPLVPRKDVWDORVULHVJRVKLJLpQLFRVSURGXFWR UHVGHODHQIHUPHGDGSURIHVLRQDOGDxRHQUHODFLyQFRQHOWUDEDMR7RGRV HVWRVHOHPHQWRVKDQHVWDGRSUHVHQWHVKDVWDPRPHQWRVDQWHVGHODLQVWDX UDFLyQGHODPHQFLRQDGDOH\ 3DUDQXHVWUDKLVWRULDSDUWLUHPRVGHVGHHOLQLFLRGHODHQWUDGDHQYLJRU GHOD/H\GH3UHYHQFLyQGH5LHVJRV/DERUDOHV\HOGHVDUUROORGHVXFR UUHVSRQGLHQWH5HJODPHQWRGHO6HUYLFLRGH3UHYHQFLyQ $SDUWLUGHODSXEOLFDFLyQGHODPHQFLRQDGD/H\VHHVWDEOHFHQSRUYH] SULPHUD ORV FULWHULRV TXH GHEHQ PDUFDU XQR GH ORV DVSHFWRV SULPRUGLD OHV GH OD &RQVWLWXFLyQ FXDO HV WUDEDMR D FDPELR GH VDODULR SHUR QR FRQ PHUPD R GHWULPHQWR GH OD VDOXG HV GHFLU FXLGHPRV WRGRV ORV DVSHFWRV xÓ 1 ,Ê-*!ÊÃi«ÌiLÀi-ÊÓä£ä #//2$).!$/2!LFREDO"RUN*AÏN %.2%3! TXHSXHGHQJHQHUDUULHVJRSDUDODVDOXGGHODVSHUVRQDV\DSDUWLUGHDKt HOLPLQHPRV R PLQLPLFHPRV HO PLVPR SDUD TXH OD FRQVHFXFLyQ GH XQ ELHQSURGXFWLYRGHPDQGDGRSRUODVRFLHGDGVHDUHDOL]DGRFRQHOPtQL PRULHVJR /DPHQFLRQDGD1RUPDWLYDVHFUHDGHVGHHOFRQMXQWRGHFXDWURQHFHVL GDGHVEiVLFDVWUHVGHtQGROHSUHYHQWLYD\XQDGHFDUiFWHUYHULILFDGRUGHO FRUUHFWRFXPSOLPLHQWRGHODVWUHVDQWHULRUHV3RUWDQWR\SDUDORPHQFLR QDGRHQHOSiUUDIRDQWHULRUVHHVWDEOHFHQQHFHVLGDGHVGHHYDOXDFLyQHQHO DVSHFWR GH VHJXULGDG KLJLHQH HUJRQRPtD \ SVLFRVRFLRORJtD \ OD FXDUWD \~OWLPDHQHOREMHWRGHODOH\TXHHVODSHUVRQDVHULDODFRPSUREDFLyQ GHOHVWDGRGHVDOXGFRQOD9LJLODQFLDGHODPLVPDFRQRFLGDVODVHYDOXD FLRQHV\YDORUDFLRQHVDQWHULRUHV ,%3)/.%302/$5#)$!30/2-/3#!.%'2!%.%, %.4/2./$%,!#%.42!,.5#,%!2!3#» !$URÈN-#ASTELLË-!!MIGØ&2AMÓREZ,AFITA $62&,$&,Ï118&/($5$6&Ï9$1'(//Ï6,, /DPRVFDQHJUDHVXQLQVHFWRYRODGRUGHORUGHQGHORVGtSWHURVIDPL OLDGHVLP~OLGRV7LHQHXQWDPDxRSHTXHxRTXHRVFLODHQWUH\PP (VGHFRORURVFXURQHJURJULViFHR(QWUHODVHVSHFLHVPiVDJUHVLYDV\ FRPXQHVHQ&DWDOXxDGHVWDFDQHOVLPXOLXPLQWHUPHGLXP\HOVLPXOLXP RUQDWXP (O KiELWDW GHO LQVHFWR DGXOWR VH ORFDOL]D HQ OD YHJHWDFLyQ FHUFDQD D UtRV\WRUUHQWHV6XGLVWULEXFLyQJHRJUiILFDDEDUFDSUiFWLFDPHQWHWRGRHO SODQHWD6RQLQVHFWRVGHDFWLYLGDGGLXUQD\GHFRPSRUWDPLHQWRKHPDWy IDJRVLHQGRVXSUHVHQFLDPiVDFXVDGDHQORVPHVHVGHHVWtR 6XSLFDGXUDSURGXFHXQDOHVLyQHGHPDWRVDFRQXQSXQWRFHQWUDOVDQ JUDQWH$OFDERGHXQDVKRUDVVHRULJLQDXQDVHQVDFLyQSUXULJLQRVDRGH TXHPD]yQFRQHULWHPDHLQGXUDFLyQ(QDOJXQRVFDVRVSXHGHQGHVDUUR OODUVHDPSROODVHLQFOXVRUHDFFLRQHVJHQHUDOL]DGDV (O WUDWDPLHQWR HV KDELWXDOPHQWH VLQWRPiWLFR FRQ DQWLKLVWDPtQLFRV R FRUWLFRVWHURLGHV/DSUHYHQFLyQGHODVSLFDGXUDVFRQWHPSODDFWXDFLRQHV VREUHHOPHGLRDPELHQWHDFFLRQHVORFDOHVVREUHHOHQWRUQRGRPpVWLFR R ODERUDO H LQGLYLGXDOHV XWLOL]DFLyQ GH URSD DGHFXDGD \ UHSHOHQWHV GH LQVHFWRV (Q QXHVWUR HVWXGLR SUHVHQWDPRV FDVRV GH SLFDGXUDV SRU PRVFD QHJUDSURGXFLGDVHQHOHQWRUQRGHQXHVWURFHQWURGHWUDEDMRGH$VFy(O GHODVSLFDGXUDVVHSURGXMHURQDOILQDOGHODSULPDYHUDHLQLFLRGHO YHUDQRVLHQGRHOPHVGH-XQLRHOTXHSUHVHQWyODPD\RULQFLGHQFLDGH FDVRV /DVSLFDGXUDVVHSURGXMHURQSULQFLSDOPHQWHDSULPHUDKRUDGHODPD xDQD\DOILQDOGHODWDUGH /DV SDUWHV GHO FXHUSR PiV DIHFWDGDV FRUUHVSRQGLHURQ D PLHPEURV VXSHULRUHV SULQFLSDOPHQWH ORV DQWHEUD]RV PLHPEURV LQIHULRUHV \FDEH]D\FXHOOR 3URJUDPD\6LQRSVLVGHODV3RQHQFLDV (QHOGHORVFDVRVHOWUDWDPLHQWRUHTXHULGRIXHVLQWRPiWLFRFRQ FULRWHUDSLDLQLFLDOSDUDFDOPDUHOGRORUDQWLKLVWDPtQLFRV\FRUWLFRVWHURL GHVWySLFRV8QGHORVFDVRVUHTXLULyWHUDSLDHVWHURLGHDVLVWpPLFD1R HYLGHQFLDPRVQLQJ~QFDVRGHDQDILOD[LDJHQHUDOL]DGD 'DGR HO LPSDFWRHQ QXHVWUD SREODFLyQ VH SODQWHDQGLYHUVDV PHGLGDV SUHYHQWLYDVSDVDQGRGHVHUXQSUREOHPDGHVDOXGS~EOLFDDSUREOHPDGH VDOXGODERUDO\RUJDQL]DWLYRSRUWUDWDUVHGHXQHQWRUQRQXFOHDUGRQGHOD VHJXULGDGHVXQYDORULQWUtQVHFR 42!4!-)%.4/!#45!,$%,!$%3#/.4!-).!#)». ).4%2.! &*!LCAZAR ,%(5'52/$6$ $ IHFKD GHO GLD GH KR\ H[LVWHQ FHQWUDOHV HQ IXQFLRQDPLHQWR HQ HO PXQGR HQ SDtVHV \ RWURV QXHYRV UHDFWRUHV VH HQFXHQWUDQ HQ FRQVWUXFFLyQHQSDtVHV(OXUDQLRPXHVWUDXQDVUHVHUYDVPXQGLDOHVOL PLWDGDVORTXHKDFHSHQVDUHQQXHYRVFRPEXVWLEOHQXFOHDUHV7K02; 3X\QXHYRVGLVHxRVTXHDSURYHFKHQPHMRUODVPDWHULDVSULPDV\WHQJDQ PD\RUGXUDFLyQPD\RUUHQGLPLHQWR\PD\RUVHJXULGDG(35$3 $%:5(6%:5HWF (QEDVHDHVWRVQXHYRVDYDQFHVWHFQROyJLFRVVHUHDOL]DXQDUHYLVLyQ GH ORV SULQFLSLRV JHQHUDOHV \ PpWRGRV GH GLDJQRVWLFR \ WUDWDPLHQWR GH XUJHQFLDHQFDVRGHFRQWDPLQDFLyQLQWHUQDLQGHSHQGLHQWHPHQWHGHODYtD GHLQFRUSRUDFLyQDVLFRPRHQHOJUDGRGHHILFDFLDGHORVPLVPRV 'HWHQLpQGRQRVFRQPDVGHWDOOHHQHOHVWXGLRGHDTXHOORVQXHYRVHOH PHQWRVSURGXFLGRVSRUODILVLyQDFWLYDFLyQ\WUDQVXUiQLFRVFRQVHFXHQFLD GHOGHVDUUROORGHODVQXHYDVWHFQRORJtDV9DORUDQGRVXVFDUDFWHUtVWLFDVIL VLFRTXtPLFDVyUJDQRGHGHSyVLWR\WLSRGHUDGLDFLyQHPLWLGD$OPLVPR WLHPSRTXHVHGHVFULEHQODVSULQFLSDOHVFRPSOLFDFLRQHV\HIHFWRVVHFXQ GDULRVGHODPHGLFDFLyQXWLOL]DGD %80%2)%.#)!$%,('5'2%'/2)/-!2!º».%.%, #«,#5,/$%$/3)3%.Á4%2/9%34)-!#)».$%, 2)%3'/2!$)/,»')#/ 0'AGO!(URTADO3'ØMEZ#ORES&3IERRA2(ERRANZ +263,7$/*(1(5$/81,9(56,7$5,2 *5(*25,20$5$fÏ1 ([LVWHXQDFUHFLHQWHSUHRFXSDFLyQVREUHORVULHVJRVDVRFLDGRVDOXVR GH UDGLDFLRQHV LRQL]DQWHV HQ HO iPELWR KRVSLWDODULR (Q HO FDVR GH PX MHUHV JHVWDQWHV VHJ~Q HO 5HDO 'HFUHWR GH GH GLFLHPEUH HQ HO TXH VH HVWDEOHFHQ ORV FULWHULRV GH FDOLGDG HQ UDGLRGLDJQyVWLFR HV SUHFHSWLYDODHVWLPDFLyQGHODGRVLVUHFLELGDHQ~WHURWUDVKDEHUVLGRVR PHWLGDVDSUXHEDVGLDJQyVWLFDVTXHLQYROXFUHQUD\RV; (Q HO +RVSLWDO *HQHUDO 8QLYHUVLWDULR *UHJRULR 0DUDxyQ HVWi HV WDEOHFLGR XQ SURWRFROR VHJ~Q HO FXDO VH UHDOL]DQ HVWDV HVWLPDFLRQHV HPSOHDQGRORVSDUiPHWURVTXHFDUDFWHUL]DQODH[SORUDFLyQGLiPHWURGH ODSDFLHQWHWpFQLFDUDGLRJUiILFDHWFEDViQGRQRVHQORVIDFWRUHVSXEOL FDGRVSRUOD,&53,QWHUQDFLRQDO&RPLVVLRQRQ5DGLRORJLFDO3URWHFWLRQ HQVXLQIRUPHQ~PHURDVtFRPRORVGHOD153%1DWLRQDO5DGLROR JLFDO3URWHFWLRQ%RDUGHQVXSXEOLFDFLyQ65\HOJUXSR,P3$&7(O LQIRUPHFRQODHVWLPDFLyQGHGRVLVVHUHPLWHDOIDFXOWDWLYRUHVSRQVDEOH GH OD H[SORUDFLyQ \ DO &HQWUR GH 5DGLRSDWRORJtD SDUD OD HYDOXDFLyQ GH ULHVJRWHUDWRJpQLFRVLSURFHGLHUD (OREMHWRGHHVWHWUDEDMRHVPRVWUDUXQDQiOLVLV\SRVWHULRUGLVFXVLyQ GH ORV GDWRV VREUH HVWLPDFLRQHV GH GRVLV HQ ~WHUR UHFRSLODGRV GHVGH HO DxRKDVWDODDFWXDOLGDGSRUHO6HUYLFLRGH'RVLPHWUtD\5DGLRSUR WHFFLyQ GHO +RVSLWDO *HQHUDO 8QLYHUVLWDULR *UHJRULR 0DUDxyQ (VWDV GRVLV YDUtDQ GHVGH FHQWpVLPDV GH ȝ*\ KDVWD XQDV GHFHQDV GH P*\ HQ IXQFLyQGHODH[SORUDFLyQGHODTXHVHWUDWH\HVSUHFLVDPHQWHHVWHDP SOLRUDQJRGHYDORUHVORTXHKDFHQHFHVDULRHOFiOFXORGHODGRVLVSDUD XQD FRUUHFWD GHILQLFLyQ GHO ULHVJR DVRFLDGR eVWH GHSHQGH GH OD GRVLV UHFLELGD \ GHO SHULRGR JHVWDFLRQDO GH OD SDFLHQWH HQ HO PRPHQWR GH OD UHDOL]DFLyQGHODVSUXHEDV (%22!-)%.4!!54/-«4)#!0!2!%,!.«,)3)3 $%,!#/.34!.#)!$%)-!'%.$%%15)0/3$% 2!$)/$)!'.»34)#/ 0-AYO&2ØDENAS"-ARÓN*-#AMPAYO'6ERDÞ 7,7$1,$6(59,&,267(&12/Ï*,&266/ 81,932/,7e&1,&$'(9$/(1&,$ /$,16$ (Q HO FRQWURO GH FDOLGDG GH ORV HTXLSRV GH UDGLRGLDJQyVWLFR HO XVR GH PDQLTXtHVUDGLRJUiILFRVSHUPLWHHOHVWXGLRGHODFDOLGDGGHODLPDJHQREWH QLGDSRUHOHTXLSRUDGLRJUiILFRGHIRUPDREMHWLYD(QHTXLSRVUDGLRJUiILFRV GLJLWDOHVHODQiOLVLVGHODLPDJHQSXHGHVHUDXWRPDWL]DGDSXHVHVSRVLEOHOD DGTXLVLFLyQGHODPLVPDWDQWRHQORVHTXLSRVGHUDGLRJUDItDGLJLWDOLQGLUHFWD RFRPSXWHUL]DGDFRPRHQORVGLJLWDOHVGLUHFWRVRGHVHQVRU(QHOFDVRGH HTXLSRVDQDOyJLFRVGHSDQWDOODSHOtFXODHVWHDQiOLVLVWDPELpQSXHGHVHUDSOL FDEOHGLJLWDOL]DQGRODLPDJHQSUHYLDPHQWHHQXQHVFiQHUSURIHVLRQDO (Q HVWH WUDEDMR VH SUHVHQWD XQD KHUUDPLHQWD JOREDO TXH SHUPLWH XQ VH JXLPLHQWRGHFRQVWDQFLDGHODFDOLGDGGHLPDJHQDXWRPiWLFR\IOH[LEOHHQ XQHQWRUQRJUiILFRLQWHJUDGDSRUXQPDQLTXtHVSHFtILFRGLVHxDGR5$&21 FRQGLYHUVDV]RQDVGHWHVWMXQWRFRQXQVRIWZDUH6RIW5$&21SDUDODHYD OXDFLyQDXWRPiWLFDGHODVLPiJHQHVGHOPDQLTXtEDVDGRHQDOJRULWPRVGH SURFHVDPLHQWRGLJLWDOGHLPDJHQ(OORSHUPLWHREWHQHUSDUiPHWURVFXDQWLWD WLYRVGHODFDOLGDGGHODLPDJHQHQFXDQWRDODUHVROXFLyQFRQWUDVWHGHWDOOH ODXQLIRUPLGDGGHODLPDJHQHOUDQJRGHFRQWUDVWHHWF\ODYHULILFDFLyQGH SDUiPHWURVJHRPpWULFRVUHVSHFWRDOKD]GHUDGLDFLyQKD]OXPLQRVR\UHFHS WRUGHLPDJHQ$GHPiVHOVRIWZDUHFXHQWDFRQXQDEDVHGHGDWRVTXHIDFLOLWD DOXVXDULRUHDOL]DUFRQVXOWDVVREUHODVLPiJHQHVDQDOL]DGDV\VXVLQIRUPHV JHQHUDGRV D PRGR GH KLVWyULFR YHU VXV WROHUDQFLDV \ YDORUHV PtQLPRV GH DFHSWDELOLGDGREWHQLHQGRLQIRUPDFLyQUiSLGD\HIHFWLYDSDUDXQEXHQVHJXL PLHQWRGHODFDGHQDGHLPDJHQGHOHTXLSRUDGLRJUiILFR /DYDOLGDFLyQGHHVWDKHUUDPLHQWDODKDQOOHYDGRDFDERYDULRVKRVSL WDOHVGHUHIHUHQFLDHQODLPSODQWDFLyQGHSURFHGLPLHQWRVGHDQiOLVLVORV FXDOHVODHVWiQXWLOL]DQGRDFWXDOPHQWHSRUORVEXHQRVUHVXOWDGRVREWHQL GRV$VtPLVPRWDPELpQHVWiVLHQGRXWLOL]DGDSRUOD8735GH/$,16$ PHGLDQWHODSUHVWDFLyQGHVXVVHUYLFLRVGHFRQWUROGHFDOLGDGHQXQLGDGHV GHUDGLRGLDJQyVWLFR 2%#/.3425##)».$%%30%#42/3%.%15)0/3 $%-!-/'2!&¶!-%$)!.4%,!34²#.)#!3$% 2%#/.3425##)».-436$94)+(/./6 !1UEROL3'ALLARDO*2ØDENAS'6ERDÞ 81,9(56,'$'32/,7e&1,&$'(9$/(1&,$ /RVPpWRGRVGHGHWHUPLQDFLyQGHOHVSHFWURGHORVHTXLSRVGHUD\RV; UHSUHVHQWDQXQDSRWHQWHKHUUDPLHQWDGHQWURGHORVFRQWUROHVGHFDOLGDG 1 ,Ê-*!ÊÃi«ÌiLÀi-ÊÓä£ä xÎ 6(6,21(67e&1,&$6 GHGLFKRVHTXLSRV(QWUDEDMRVDQWHULRUHVVHKDSUHVHQWDGRXQDPHWRGR ORJtDSDUDREWHQHUH[SHULPHQWDOPHQWHHOHVSHFWURSULPDULRXWLOL]DQGRXQ HVSHFWUyPHWUR&RPSWRQHQHOLQWHUYDORGHHQHUJtDVGHUDGLRGLDJQyVWLFR (QHVWHWUDEDMRFRQODILQDOLGDGGHFDUDFWHUL]DUORVHVSHFWURVSULPDULRV GHXQHTXLSRGHPDPRJUDItDVHSURSRQHXQPRGHORGHVLPXODFLyQUHD OL]DGRFRQHOFyGLJR0&13EDVDGRHQHOPpWRGRGH0RQWH&DUORTXH LQFOX\HXQHVSHFWUyPHWUR&RPSWRQ\XQGHWHFWRUGHVLOLFLR&RPRODHIL FLHQFLDGHOGHWHFWRUGHVLOLFLRGLVPLQX\HUiSLGDPHQWHSDUDHQHUJtDVVXSH ULRUHVDNH9FRQFUHWDPHQWHHVGHOHQWUH\NH9HLQIHULRUDO SDUDNH9VHSXHGHXWLOL]DUSDUDHOLQWHUYDORGHHQHUJtDVSURSLDV GHXQHTXLSRGHPDPRJUDItDKDVWDNH9(OFyGLJR0&13EDVDGR HQ HO PpWRGR 0RQWH &DUOR VH KD XWLOL]DGR SDUD VLPXODU ORV SURFHVRV ItVLFRV UHDOHV \ SDUD OD DGTXLVLFLyQ GH HVSHFWURV XWLOL]DQGR HO GHWHFWRU GH VLOLFLR \ HO HVSHFWUyPHWUR &RPSWRQ (O PRGHOR GH 0&13 SHUPLWH DVLPLVPRGHWHUPLQDUODPDWUL]GHUHVSXHVWDGHOVLVWHPDIRFRHVSHFWUy PHWURGHWHFWRU6LQHPEDUJRHVWDPDWUL]HVWiPDOFRQGLFLRQDGDSRUOR TXHQRVHSXHGHREWHQHUVXLQYHUVDGLUHFWDPHQWHVLQRTXHVHUHTXLHUHQ PpWRGRVPDWHPiWLFRVGHUHFRQVWUXFFLyQ(QHVWHWUDEDMRVHDQDOL]DQGRV PpWRGRVSDUDUHDOL]DUODUHFRQVWUXFFLyQDSDUWLUGHODDOWXUDGHLPSXOVRV UHJLVWUDGDHQHOGHWHFWRUXWLOL]DQGRODPDWUL]GHUHVSXHVWD(VWRVPpWRGRV VRQ 0769' \ 7LNKRQRY 8QD YH] REWHQLGRV ORV HVSHFWURV UHFRQVWUXL GRVpVWRVVHFRPSDUDQFRQORVWHyULFRVTXHSURSRUFLRQDHOFDWDORJRGH HVSHFWURV ,3(0 (VWD FRPSDUDFLyQ HQWUH HO HVSHFWUR WHyULFR \ HO UHFRQVWUXLGRVLUYHSDUDGHWHUPLQDUVLORVPpWRGRVGHUHFRQVWUXFFLyQXWL OL]DGRVVRQDSWRVSDUDFDUDFWHUL]DUORVHVSHFWURVSULPDULRVGHXQHTXLSR GHUD\RV; .5%6/3$%3!22/,,/3%.)-!'%.-/,%#5,!2 4/-/'2!&¶!0/2%-)3)».$%0/3)42/.%3#/. 4)%-0/$%65%,/4/&0%4 #,OIS0!GUIAR!)GLESIAS"#OUCE 81,9(5'(6$17,$*2'(&203267(/$ /D7RPRJUDItDSRU(PLVLyQGH3RVLWURQHV3(7MXHJDXQSDSHOFDGD YH] PiV LPSRUWDQWH HQ HO GLDJQyVWLFR \ HVWDGLDMH GH HQIHUPHGDGHV RQ FROyJLFDV \ HQ OD PRQLWRUL]DFLyQ GH OD UHVSXHVWD D OD WHUDSLD$YDQFHV UHFLHQWHV KDQ FRQYHUWLGR D HVWD KHUUDPLHQWD HQ XQD WpFQLFD GLDJQyVWLFD GHUHIHUHQFLDHQRQFRORJtD/D~OWLPDPHMRUDLQWURGXFLGDHQORVVLVWHPDV 3(7 HV OD LQFRUSRUDFLyQ GH LQIRUPDFLyQ GH WLHPSR GH YXHOR 72) HV GHFLU GH OD GLIHUHQFLD HQWUH ORV WLHPSRV GH OOHJDGD GH FDGD XQR GH ORV IRWRQHV GHO SDU SURGXFLGR HQ OD DQLTXLODFLyQ GHO SRVLWUyQ (VWR SHUPLWH PHMRUDUHOSURFHVRGHUHFRQVWUXFFLyQWRPRJUiILFD\SRUWDQWRDXPHQWDU x{ 1 ,Ê-*!ÊÃi«ÌiLÀi-ÊÓä£ä HOFRQWUDVWH\HOFRFLHQWHVHxDOUXLGR615GHODLPDJHQILQDO(QHVWH WUDEDMRVHH[SOLFDUiHOSULQFLSLRGHIXQFLRQDPLHQWRGH3(7\VHGLVFX WLUiQ ORV ~OWLPRV DYDQFHV \ ODV WHQGHQFLDV HQ HO FDPSR WDOHV FRPR OD FRPELQDFLyQ GH LQIRUPDFLyQ DQDWyPLFD \ IXQFLRQDO HQ ORV HVFiQHUHV 3(77$& \ 3(705, 6H LQWURGXFLUiQ ORV IXQGDPHQWRV GH OD WpFQLFD 3(7 FRQ WLHPSR GH YXHOR 72)3(7 \ VH GLVFXWLUi OD JDQDQFLD TXH SURGXFHHQHO615\VXVLPSOLFDFLRQHVSUiFWLFDVHQODFOtQLFD)LQDOPHQ WH VH LOXVWUDUi HVWD PHMRUD FRQ LPiJHQHV FOtQLFDV TXH PXHVWUHQ FyPR 72)3(7DXPHQWDODGHWHFWDELOLGDGGHOHVLRQHVSHTXHxDVVREUHWRGRHQ SDFLHQWHVFRQDOWRtQGLFHGHPDVDFRUSRUDO 2%#/.3425##)».$%,%30%#42/"2%-3342!(,5.' %-)4)$/0/25.!#%,%2!$/2,).%!,-²$)#/! 0!24)2$%,'2!$)%.4%$%,!3#526!3$%$/3)3%. 02/&5.$)$!$%.5.!#5"!$%!'5! "*USTE2-IRØ'6ERDÞ3$ÓEZ*-#AMPAYO 81,9(532/,7e&1,&$'(9$/(1&,$ /DGHWHUPLQDFLyQGHODGLVWULEXFLyQHVSHFWUDOGHORVKDFHVGHIRWRQHV HPLWLGRV SRU DFHOHUDGRUHV OLQHDOHV PpGLFRV XWLOL]DGRV HQ WUDWDPLHQWRV GHUDGLRWHUDSLDHV H[WUHPDGDPHQWHLPSRUWDQWHWDQWRSDUDODUHDOL]DFLyQ GHFiOFXORVGRVLPpWULFRVFRPRSDUDHOFiOFXORGHPDQHUDH[DFWDGHODV GLVWULEXFLRQHV GH GRVLV WHUDSpXWLFDV 3XHVWR TXH PHGLU GLUHFWDPHQWH HO HVSHFWUR HV PX\ FRPSOLFDGR HQ HVWH WUDEDMR VH SUHVHQWD XQD WpFQLFD LQGLUHFWD SDUD FDOFXODU FRQ SUHFLVLyQ ORV HVSHFWURV GH IRWRQHV %UHPVV WUDKOXQJHPLWLGRVSRUOLQDFV(VWDWpFQLFDHVWiEDVDGDHQXQDUHFRQVWUXF FLyQQXPpULFDTXHXWLOL]DPHWRGRORJtDVLQYHUVDVDSDUWLUGHODGRVLVHQ SURIXQGLGDGPHGLGDHQHOHMHFHQWUDOGHXQDFXEDGHDJXD\ODVFXUYDV GHGRVLVREWHQLGDVPHGLDQWHODVLPXODFLyQGHKDFHVPRQRHQHUJpWLFRV/D LGHDEiVLFDGHHVWDWpFQLFDFRQVLGHUDTXHODFXUYDGHGRVLVHQSURIXQGL GDGVHSXHGHH[SUHVDUFRPRXQDVXSHUSRVLFLyQSRQGHUDGDGHODVFXUYDV GHKDFHVPRQRHQHUJpWLFRV0LHQWUDVTXHORVHQIRTXHVWUDGLFLRQDOHVXWL OL]DQGLUHFWDPHQWHODVFXUYDVGHGRVLVHQSURIXQGLGDGHQHVWHWUDEDMRVH PXHVWUDODPHMRUDHQORVUHVXOWDGRVREWHQLGRVXWLOL]DQGRHOJUDGLHQWHGH HVWRVGDWRVSDUDODUHFRQVWUXFFLyQ\DTXHHOSUREOHPDLQYHUVRHQWpUPL QRVGHJUDGLHQWHVUHVXOWDHVWDUQRWDEOHPHQWHPHMRUFRQGLFLRQDGRTXHHO KDELWXDOSUREOHPDLQYHUVR(QFDGDFDVRVHLQWURGXFHXQDUHJXODUL]DFLyQ GH7LNKRQRYSDUDPLQLPL]DUORVHIHFWRVGHOUXLGRGHELGRDODPHGLFLyQ \DOFiOFXOR,OXVWUDPRVHVWDWHRUtDSDUDFDOFXODUXQKD]GHIRWRQHVGH 0H9GHXQDXQLGDGGHUDGLRWHUDSLD(OHNWD3UHFLVHXWLOL]DQGRHOJUDGLHQ WHGHPHGLFLRQHVGHODGRVLVGHSURIXQGLGDGHQXQDFXEDGHDJXD 3URJUDPD\6LQRSVLVGHODV3RQHQFLDV 3!,! *UEVESH /2'!.):!#)».9&!#4/2%3(5-!./3 02%3)$%.4%*ESÞS(ORCAJO %.2%3! (%22!-)%.4!3$%02%6%.#)».$%,%22/2/42!3 %342!4%')!3$%$)65,'!#)». #$ELA#AL!-ELO &&11$/0$5$=75,//2 /D DSOLFDFLyQ GH KHUUDPLHQWDV GH SUHYHQFLyQ GHO HUURU SRU SDUWH GHO SHUVRQDOTXHWUDEDMDHQODVFHQWUDOHVQXFOHDUHVHVEiVLFDGHFDUDDUHGXFLU HOHUURUKXPDQR\ORVLQFLGHQWHVGHULYDGRVGHORVPLVPRV (Q&1$7HVWiQHVWDEOHFLGDVKHUUDPLHQWDVGHSUHYHQFLyQGHOHUURU KXPDQRDFRUGHVFRQODVPHMRUHVSUiFWLFDVLQWHUQDFLRQDOHV 3DUD SRWHQFLDU VX XVR DGLFLRQDOPHQWH D ODV DFFLRQHV KDELWXDOHV HQ &1$7VHKDOOHYDGRDFDERXQDFDPSDxDGHGLIXVLyQGHHVWDVKHUUDPLHQ WDV\GHVXXVRPDVGHVHQIDGDGD\EDVDGDHQXQRVSHUVRQDMHVDQLPDGRV TXHGDQFXHUSR\FRQWLQXLGDGDODVGLVWLQWDVDFFLRQHVGHODFDPSDxD\ PXHVWUDQHOFRUUHFWRXVRGHODVKHUUDPLHQWDV /D FDPSDxD VH KD DSR\DGR HQ GLVWLQWDV WpFQLFDV GH FRPXQLFDFLyQ HQWUHODTXHVHHQFXHQWUDQ ,QFOXVLyQGHYLxHWDVFRQORVSHUVRQDMHVGHQWURGHOFDOHQGDULRDQXDOGH &1$7FRQXQDYLxHWDPHQVXDO (GLFLyQ GH XQ OLEULWR GH EROVLOOR FRQ ODV GLVWLQWDV KHUUDPLHQWDV FRQ GLIXVLyQJHQHUDOL]DGD (ODERUDFLyQGHYLGHRFOLSVTXHGHIRUPDDPHQDUHSUHVHQWDQDORVSHU VRQDMHV XVDQGR FDGD XQD GH ODV KHUUDPLHQWDV GLVWULEXLGR PHGLDQWH FRUUHRHOHFWUyQLFR\HOSRUWDOGHODLQWUDQHW 7RGRHOPDWHULDOJHQHUDGRVHKDSXHVWRDGLVSRVLFLyQGHWRGRHOSHU VRQDO SDUD VX XVR ELHQ VHD FRPR UHFRUGDWRULR R SDUD VX XWLOL]DFLyQ HQ DFFLRQHVIRUPDWLYDV $OWHUPLQDUODFDPSDxDVHKDUHDOL]DGRXQDHQFXHVWDSDUDYHUHOJUDGR GHDFHSWDFLyQGHODPLVPDSRUSDUWHGHOSHUVRQDO !0,)#!#)».$%(5-!.0%2&/2-!.#%%.,!/&)#).! '!RMENGOL#'IL :(67,1*+286((/(&75,&63$,16$8 (OSURJUDPDGH+XPDQ3HUIRUPDQFHGH:HVWLQJKRXVHWLHQHFRPRRE MHWLYRPLQLPL]DUODIUHFXHQFLD\VHYHULGDGGHORVHYHQWRVFDXVDGRVSRUOD DFWXDFLyQKXPDQDSDUDORJUDUXQDHMHFXFLyQLPSHFDEOHGHSUR\HFWRV /DDSOLFDFLyQGHHVWHSURJUDPDHQHOHQWRUQRGHODRILFLQDGHLQJHQLH UtDHVGLIHUHQWHGHVXDSOLFDFLyQDORVVHUYLFLRVHQFDPSRRHQXQHQWRUQR GHIDEULFDFLyQ3RUODQDWXUDOH]DGHVXWUDEDMRORVSURIHVLRQDOHVGHXQD HPSUHVD GH VHUYLFLRV GH LQJHQLHUtD WUDEDMDQ FRQ FRQFHSWRV \ FRPHWHQ HUURUHV TXH SXHGHQ SHUPDQHFHU ODWHQWHV GXUDQWH DxRV HQ ORV GRFXPHQ WRV TXH JHQHUDQ 8WLOL]DQ SURFHGLPLHQWRV TXH OHV VLUYHQ GH JXtD HQ VX #//2$).!$/2!-ARISA'ONZÈLEZ'ONZÈLEZ !00,53 WUDEDMR HQ OXJDU GH HMHFXWDU WDUHDV SURFHGLPHQWDGDV SDVR D SDVR \ ORV FRPSRUWDPLHQWRVTXHOHVFRQGXFHQDUHDOL]DUXQWUDEDMRVLQHUURUHVVRQ GLItFLOPHQWHREVHUYDEOHV 0LHQWUDVTXHHOSURJUDPDGH+XPDQ3HUIRUPDQFHSDUDHOSURIHVLRQDO HQ FDPSR FRQVLVWH HQ ODV KDELOLGDGHV KHUUDPLHQWDV \ WpFQLFDV TXH OH SHUPLWHQUHDOL]DUDFDGDLQGLYLGXRVXWUDEDMRVLQHUURUHV+XPDQ3HUIRU PDQFH SDUD HO SURIHVLRQDO GH RILFLQD FRPSUHQGH ORV FRPSRUWDPLHQWRV TXHXWLOL]DQHOFRQRFLPLHQWRODVKDELOLGDGHVODIRUPDFLyQODH[SHULHQ FLD ORV SURFHVRV \ XQD DFWLWXG FUtWLFD VDOXGDEOH D ILQ GH LGHQWLILFDU \ JHVWLRQDUORVULHVJRVSDUDSUHYHQLUHYHQWRV (QHVWDSRQHQFLDVHFRPHQWDQODVKHUUDPLHQWDVORVPRGHORVODJHV WLyQ GHO ULHVJR \ OD REVHUYDFLyQ GH OD DFWXDFLyQ GH ORV SURIHVLRQDOHV WpFQLFRVXWLOL]DGRVHQXQHQWRUQRGHRILFLQD 3%-«&/2/$%#.!,-!2!: *"OTE!--ONTES*##ASTILLO&-ARTÓN'ARCIA "&ERNANDEZ*,AIRADODE0RADA.'UILLEN-),ØPEZ 4AMARIT*-0ERÏZ,ØPEZ#$ÓAZ!RROYO92OMAN &(175$/(618&/($5(6$/0$5$=75,//2 /DV FHQWUDOHV QXFOHDUHV R FXDOTXLHU RUJDQL]DFLyQ GH DOWD HILFLHQFLD GHEHQSHUVHJXLUODPHMRUDFRQWLQXDHQWRGRVVXVSURFHVRVFRPRJDUDQWtD GHVHJXULGDGDWUDYpVGHXQSURFHVRGHE~VTXHGDGHODH[FHOHQFLD(VWi FRQVWDWDGR TXH SDUD TXH XQD 2UJDQL]DFLyQ DYDQFH \ PHMRUH QHFHVLWD LGHQWLILFDU\DSUHQGHUGHVXVSURSLRVHUURUHV 3DUD HOOR HO SULPHUR SDVR HV LGHQWLILFDU \ DQDOL]DU WRGRV LQFLGHQWHV EXVFDQGR ODV SRVLEOHV OHFFLRQHV (O VLJXLHQWH SDVR \ QR PHQRV LPSRU WDQWH HV FRPSDUWLU HVWD LQIRUPDFLyQ FRQ WRGR HO SHUVRQDO UHODFLRQD GRLPSOLFDGRSDUDFRQVHJXLUTXHHOPLVPRFDVRRVLPLODUHVQRYXHOYDQ R RFXUULU 3DUD DOFDQ]DU HO REMHWLYR GH HVWH VHJXQGR SDVR KD\ GLIHUHQWH FDQDOHV~WLOHVWRGRVHOORVFRQORVTXHSRGHUWUDQVPLWLUHVWDLQIRUPDFLyQ DODRUJDQL]DFLyQSHURPXFKDVYHFHVVRQXWLOL]DGRVGHPDQHUDOLPLWDGD RIRFDOL]DGDQRFRQVLJXLHQGRDGHPiVHOHIHFWRVHQVLELOL]DGRUVREUHHO UHVWRGHODRUJDQL]DFLyQ &RQ HVWD LQWHQFLyQ &1$OPDUD] KD GHVDUUROODGR H LPSODQWDGR HO ³6HPiIRUR GH &1$OPDUD]´ FRQ HO REMHWLYR GH SURSRUFLRQDU XQ FDQDO DOWHUQDWLYRGHFRPXQLFDFLyQVREUHHOHVWDGRGHODSODQWDHQVXFRQMXQWR FRQHOTXHSRGHUOOHJDUDWRGDODRUJDQL]DFLyQ$OJXQRVGHORVREMHWLYRV FRPSOHPHQWDULRVTXHVHSUHWHQGHQDOFDQ]DUVRQ ,QIRUPDU D WRGD OD RUJDQL]DFLyQ VREUH DTXHOORV LQFLGHQWHV R KHFKRV UHSUHVHQWDWLYRVGHLQWHUpVJHQHUDO (VWDEOHFHU RSRUWXQLGDGHV SDUD FRPSDUWLU H[SHULHQFLDV OHFFLRQHV DSUHQGLGDVKLWRVHWFHQWHPDVGHLQWHUpVSDUDODSODQWD 5HJLVWUDUHOQ~PHURGHLQFLGHQWHVGHLPSRUWDQFLDSDUDODSODQWD\HO WLHPSRWUDQVFXUULGRHQWUHHOORV 1 ,Ê-*!ÊÃi«ÌiLÀi-ÊÓä£ä xx 6(6,21(67e&1,&$6 ,GHQWLILFDUSRWHQFLDOHVPHMRUDVHQHOiUHDGHOIDFWRUKXPDQRDVtFRPR HQHOXVRGHWpFQLFDVGHSUHYHQFLyQGHHUURUEXHQDVSUiFWLFDVGHWUD EDMRHWF 3URSRUFLRQDUXQLQGLFDGRUHQWLHPSRUHDOGHODHILFLHQFLDGHOIDFWRU KXPDQRGHDFXHUGRDORVLQFLGHQWHVUHJLVWUDGRVHQ&1$OPDUD] 6HQVLELOL]DU D OD RUJDQL]DFLyQ FRQ ORV KHFKRV PiV UHOHYDQWHV \ GH LQWHUpVSDUDODSODQWD &5.$!-%.4/30!2!,)$%2!2%,#!-")/#5,452!, %-0ELLITERO-A4/TERO--ARQUARDT 7(&1$7206$ (O DUWtFXOR LOXVWUD XQD SDUWH HVHQFLDO GHO 3ODQ GH 5HIXHU]R 2UJDQL]D WLYR&XOWXUDO\7pFQLFRTXHVHHVWDOOHYDQGRDFDERHQ$1$9HOWDOOHU ³)XQGDPHQWRV SDUD OLGHUDU HO FDPELR FXOWXUDO´ )XQGDPHQWDOV RI /HD GLQJ&XOWXUH&KDQJH±)/&&FX\RREMHWLYRHVGHVDUUROODUODVFRPSH WHQFLDVQHFHVDULDVSDUDGLULJLUFRQp[LWRODRUJDQL]DFLyQKDFLDODPHMRUD GHORVUHVXOWDGRVPHGLDQWHXQFDPELRHVWUDWpJLFRGHFXOWXUD 7UDEDMDQGR FRQ KHUUDPLHQWDV GH PHGLGD GH OD FXOWXUD VLJXLHQGR HO PRGHOR GH +XPDQ 6\QHUJLVWLFV \ HVWLORV GH OLGHUD]JR VH FRQVLJXH XQ PHMRUFRQRFLPLHQWR\FRPSUHQVLyQGHODFXOWXUDDFWXDO\VXLPSDFWRHQ ORVUHVXOWDGRVGHODRUJDQL]DFLyQDVtFRPRFUHDUXQDLPDJHQFODUD\WDQ JLEOHGHODFXOWXUDLGHDO &RQODUHDOL]DFLyQGHHMHUFLFLRVSUiFWLFRVORVSDUWLFLSDQWHVH[SHULPHQ WDQORVFRQFHSWRV\FRPSHWHQFLDVREMHWLYRGHOWDOOHUOOHJDQGRDDVXPLU OD QHFHVLGDG GH FDPELR \ HQWHQGHU VX DSRUWDFLyQ DO SODQ GH DFWXDFLyQ SDUDHOFDPELRSXHVWRTXHORVOtGHUHVFRQVWLWX\HQODSDODQFDIXQGDPHQ WDO SDUD JDUDQWL]DU TXH HO FDPELR FXOWXUDO VH OOHYH D FDER GH XQ PRGR HIHFWLYR\VHLPSODQWHGHIRUPDDXWRVRVWHQLEOHHQHOWLHPSR 'XUDQWH ODV VHVLRQHV VH SUDFWLFDQ WpFQLFDV FRPR HO GLiORJR LQGDJD FLyQDSUHFLDWLYDHVFDOHUDGHLQIHUHQFLD\IHHGEDFN\VHUHDOL]DQODERUHV GH³IDFLOLWDFLyQJUiILFD´WpFQLFDEDVDGDHQOD31/3URFHGHQWHGH,WDOLD HVWi WHQLHQGR DFWXDOPHQWH JUDQ DFHSWDFLyQ HQ ((88 \ VX GHPDQGD HV SHUIHFWDPHQWH HQWHQGLEOH D OD YLVWD GH ORV UHVXOWDGRV REWHQLGRV HQ ORV WDOOHUHVHQORVTXHVHKDXVDGRIDFLOLWDFLyQJUiILFD2WUDKHUUDPLHQWDTXH DSRUWDXQDLQGLVFXWLEOHHIHFWLYLGDGDOWDOOHUHVHO³'LDULR3HUVRQDO´GLVH xDGRSDUDUHJLVWUDUHOVHJXLPLHQWRGHOLPSDFWRGHOWDOOHUHQORVOtGHUHV\ GHODDSOLFDFLyQGHORVFRPSURPLVRVDGTXLULGRVHQVXVWDUHDVGLDULDVGH HVWHPRGRHOGLDULRVHFRQYLHUWHHQXQPDWHULDOEiVLFRXWLOL]DGRHQSRV WHULRUHVVHVLRQHVGHVHJXLPLHQWRGHQRPLQDGDV³)ROORZ8S´ -/$%2.):!#)».$%,!).4%2&!:(/-"2%-«15).! $%5.!3!,!$%#/.42/, ,&ERNÈNDEZ)LLOBRE#6ALDIVIA&/RTEGA 7(&1$7206$ 8QDVSHFWRPX\LPSRUWDQWHUHODFLRQDGRFRQODVPRGHUQL]DFLRQHVGH ORVVLVWHPDVGH,QVWUXPHQWDFLyQ\&RQWURO,&TXHVHHVWiQUHDOL]DQGR HQJUDQQ~PHURGH3ODQWDV1XFOHDUHVHQ2SHUDFLyQHVODPRGHUQL]DFLyQ GHOD,QWHUID]+RPEUH0iTXLQD,+0GHOD6DODGH&RQWURO6&XWLOL ]DGDSRUHOSHUVRQDOGH2SHUDFLyQ /D LQVWDODFLyQ GH QXHYRV VLVWHPDV GLJLWDOHV SXHGH PHMRUDU OD DFWXD FLyQ GHO SHUVRQDO HQ 6DOD GH &RQWURO \ HO IXQFLRQDPLHQWR GH OD 3ODQWD 1R REVWDQWH HV LPSRUWDQWH FRQVLGHUDU TXH XQD ,+0 PDO GLVHxDGD H LPSODQWDGDSXHGHDXPHQWDUORVHUURUHV\UHGXFLUODILDELOLGDGKXPDQDHQ GHWULPHQWRGHODVHJXULGDG\SURGXFFLyQ/DDSOLFDFLyQGHOD,QJHQLHUtD GH )DFWRUHV +XPDQRV ,)+ HV QHFHVDULD SDUD DVHJXUDU TXH ORV EHQH ILFLRV GH ODV QXHYDV WHFQRORJtDV XWLOL]DGDV HQ OD PRGHUQL]DFLyQ VH KDQ xÈ 1 ,Ê-*!ÊÃi«ÌiLÀi-ÊÓä£ä FRQVLGHUDGRDVtFRPRORVSUREOHPDVUHODFLRQDGRVFRQVXLPSODQWDFLyQ VHKDQPLQLPL]DGR (QHVWDSRQHQFLDVHGHVFULEHHO3UR\HFWRGH,)+TXHVHYDDUHDOL]DU SDUDODV6DODVGH&RQWUROGH&1$VFy\&19DQGHOOyVSDUDODJHQHUDFLyQ GHODV(VWUDWHJLDVGH0RGHUQL]DFLyQGHVXV,+0DVRFLDGDVDODPRGHUQL ]DFLRQHVGHVXVVLVWHPDVGH,&SUHYLVWDVHQORVSUy[LPRVFLQFRDxRV (QGLFKDV(VWUDWHJLDVVHFRQWHPSODQDVSHFWRVFRPROD'HILQLFLyQGH OD,+0GHOD6&TXHVHGHVHDWHQHUGHVSXpVGHODPRGHUQL]DFLyQ\TXH SHUPLWLUiJXLDUORVFDPELRVDUHDOL]DUHQOD,+07DPELpQVHFRQWHPSOD OD'HILQLFLyQGHO&RQFHSWRGH2SHUDFLyQGHOD6&PRGHUQL]DGDTXHSHU PLWLUiFRQRFHUVX2SHUDFLyQHQFXDOTXLHUFRQGLFLyQGH3ODQWDLQFOXLGR HOIDOORRGHJUDGDFLyQGHOD,+02WURDVSHFWRGHOD(VWUDWHJLDHVOD'H ILQLFLyQGHO&DPLQRGH0LJUDFLyQTXHJXLDUiORVSDVRVDUHDOL]DUKDVWD REWHQHUOD,+0GHVHDGDLQFOXLGDOD'HILQLFLyQGHXQ3URJUDPDGH,)+ TXHJDUDQWLFHXQDPRGHUQL]DFLyQGHOD,+0VHJ~QODQRUPDWLYD ,!-%$)#)».$%,!#5,452!02%6%.4)6!#/-/5. %,%-%.4/$%-%*/2!%.02%6%.#)».$%2)%3'/3 ,!"/2!,%3 *#"AJO $33/86 'HVGH ORV DQiOLVLV UHDOL]DGRV HQ ORV DxRV SRU +: +HLQULFK VX SHULQWHQGHQWHGHOD'LYLVLyQGH,QJHQLHUtDGH7UDYHOHUV,QVXUDQFH&RP SDQ\TXHGHPRVWUDEDQTXHODPD\RUtDGHORVDFFLGHQWHVHLQFLGHQWHVVH SURGXFtDQ SRU FDXVDV KXPDQDV R ORV GHQRPLQDGRV DFWRV LQVHJXURV VH KDYHQLGRWUDEDMDQGRHQGLIHUHQWHVPHWRGRORJtDVSDUDHOLPLQDUORV3RU RWUD SDUWH VH KD YHQLGR REVHUYDQGR TXH HO VXEVLVWHPD KXPDQRV HV XQ FRPSRQHQWHEiVLFRHQODHOLPLQDFLyQGHORVULHVJRVOVHUURUHV\HQFRQ VHFXHQFLDORVDFFLGHQWHV (VWRV DVSHFWRV VH KDQ YLVWR WRWDOPHQWH UHODFLRQDGRV FRQ HO FRQFHSWR GH ³FXOWXUD GH SUHYHQFLyQ´ VREUH HO FXDO VH KDQ PDQLIHVWDGR PXFKDV RSLQLRQHVTXHDQLYHOLQWHUQRGHODVRUJDQL]DFLRQHVVHKDSODVPDGRHQ HOFRQFHSWRGH³IDOWDGHFXOWXUDGHVHJXULGDG´6LQHPEDUJRGDGRTXHHO FRQFHSWRGHFXOWXUDSUHYHQWLYDVHKDPDQHMDGRFRQXQFRQFHSWRIXQGD PHQWDOPHQWH³ILORVyILFR´QRVHKDSRGLGRFUHDUVLVWHPDVGHPHMRUDTXH SHUPLWDQSODQLILFDUODVDFWXDFLRQHV &RPR LQGLFDED7RP 6HWWHU ³OR TXH QR VH SXHGH PHGLU QR VH SXHGH PHMRUDU´HVQHFHVDULRHVWDEOHFHUXQDPHWRGRORJtDTXHSHUPLWD (VWDEOHFHUXQFRQFHSWRFODURGHFXOWXUDGHSUHYHQFLyQ (VWDEOHFHUORVSDUiPHWURVDPHGLUSDUDYDORUDUHOQLYHOFXOWXUDOGHXQD RUJDQL]DFLyQ\SRGHUFRPSDUDUORFRQHOLGHDOGHFXOWXUDSUHYHQWLYD (VWDEOHFHUORVFULWHULRVGHDFWXDFLyQHQEDVHDORVUHVXOWDGRVGHODPH GLFLyQ 3RGHUFRPSDUDUVHODVRUJDQL]DFLRQHV\GHILQLUFXDOHVVRQODVSUiFWLFDV TXHKDQGDGRPHMRUHVUHVXOWDGRV\GLIXQGLUODV $ORODUJRGHODSRQHQFLDVHDQDOL]DUiQHVWRVFRQFHSWRV\VHSUHVHQ WDUi OD PHWRGRORJtD ³FXDQWLILFDEOH´ 0(&33/86 SDUD OD PHGLFLyQ \ YDORUDFLyQGHODFXOWXUDSUHYHQWLYDGHXQDRUJDQL]DFLyQ\ODVSRVWHULRUHV SRVLEOHV PHGLGDV D DGRSWDU FRQ HO ILQ GH LQLFLDU XQ SURFHVR GH PHMRUD FRQWLQXD -%*/2!$%#/-0/24!-)%.4/3%.5.3)-5,!$/2$% &!#4/2%3(5-!./3 &*'ONZÈLEZ«×EZ*#IRERA 7(&1$7206$ 3URJUDPD\6LQRSVLVGHODV3RQHQFLDV &RQ HVWH SUR\HFWR VH FUHDUiQ XQDV LQVWDODFLRQHV GH IRUPDFLyQ SDUD PHMRUDU ORV SURFHVRV GH FDSDFLWDFLyQ GHO SHUVRQDO GH ODV FHQWUDOHV QX FOHDUHV GH$VFy \ 9DQGHOOyV ,, /D DSDULFLyQ GH QXHYD QRUPDWLYD \ HO LPSXOVR GDGR SDUD DOFDQ]DU HVWiQGDUHV GH H[FHOHQFLD WRPDQGR FRPR UHIHUHQFLD PRGHORV LQWHUQDFLRQDOHV UHTXLHUHQ GRWDFLRQHV GH UHFXUVRV \PHGLRVSDUDPHMRUDUODFRPSHWHQFLDVGHORVWUDEDMDGRUHVHQDVSHFWRV WDQWRSUiFWLFRVFRPRGHFRPSRUWDPLHQWRWHPDVQRWUDWDGRVKDVWDDKRUD (OSUR\HFWRFRQVLVWHHQHOGLVHxRDGTXLVLFLyQLQVWDODFLyQGHHTXLSD PLHQWR FDSDFLWDFLyQ GH LQVWUXFWRUHV \ GHVDUUROOR GH PHGLRV GLGiFWLFRV TXHVRSRUWHQSURJUDPDVIRUPDWLYRVFRQXQFRQWHQLGRSUiFWLFR\RULHQWD GRDODPHMRUDGHODDFWXDFLyQKXPDQD 6H SUHWHQGH GLVSRQHU GH HQWRUQRV \ KHUUDPLHQWDV GH IRUPDFLyQ SDUD FXEULUWUHVREMHWLYRV ± 5HIRU]DU FRPSRUWDPLHQWRV VHJXURV \ HO XVR GH KHUUDPLHQWDV GH SUH YHQFLyQGHOHUURUKXPDQRPHGLDQWHODHMHFXFLyQGHWDUHDVHQHVFHQD ULRVVLPLODUHVDORVH[LVWHQWHVHQODVSODQWDV ± 5HDOL]DU OD IRUPDFLyQ DVRFLDGD D ORV SURJUDPDV WpFQLFRV HVSHFLDO PHQWH SDUD HO SHUVRQDO GH PDQWHQLPLHQWR H LQJHQLHUtD HQ ODV iUHDV PHFiQLFDHOpFWULFDH,& ± &RPSOHPHQWDUODIRUPDFLyQLQLFLDOGHOSHUVRQDOGHQXHYDLQFRUSRUD FLyQFRQXQFRQWHQLGRSUiFWLFRHQIXQGDPHQWRVGHVFULSFLyQGHHTXL SRV\IDFWRUHVKXPDQRV /RVREMHWLYRVGHDSUHQGL]DMHGHOSHUVRQDOGHEHQFRPELQDUODDGTXLVL FLyQ GH FRPSHWHQFLDV WpFQLFDV FRQRFLPLHQWRV \ DGTXLVLFLyQ GH GHVWUH ]DV DVt FRPR OD UHDOL]DFLyQ GH DFWLYLGDGHV PHGLDQWH FRPSRUWDPLHQWRV VHJXURVUHIRU]DQGRODVH[SHFWDWLYDVGHDFWXDFLyQWDOHVFRPRODFXOWXUD GHVHJXULGDGVHJXLPLHQWRGHSURFHGLPLHQWRVRUGHQ\OLPSLH]DSUHYHQ FLyQGHOHUURURUHIXHU]RSRVLWLYR(OGLVHxRGHODVDFFLRQHVIRUPDWLYDV HQHVWDVQXHYDVLQVWDODFLRQHVHVWDUiFODUDPHQWHRULHQWDGRDODHMHFXFLyQ GH ODV WDUHDV HQ FRQGLFLRQHV OR PiV SDUHFLGDV D ODV UHDOHV UHIRU]DQGR WRGRVHVWRVDVSHFWRV #/.$)#)/.!.4%3$%,&!#4/2(5-!./ -!'ARCÓA-ENÏNDEZ 7RGR ³SURFHVR SURGXFWLYR´ QDFH FRQ ³UHFXUVRV OLPLWDGRV´ FRQ XQ GHWHUPLQDGRJUDGRWHFQROyJLFR\XQDHVWUXFWXUDRUJDQL]DWLYDGDGD1RU PDOPHQWHORVTXHJHVWLRQDQHVWH³QDFLPLHQWR´VRQWpFQLFRVH[SHUWRVHQ HO ³SURFHVR SURGXFWLYR´ \ GDGR TXH ORV UHFXUVRV VRQ HVFDVRV DTXHOORV iPELWRV QR UHODFLRQDGRV FRQ ODV VLQJXODULGDGHV GHO SURFHVR VH FRSLDQ GHRWUDVRUJDQL]DFLRQHVDYHFHVVHUHFXUUHDFRQVXOWRUHVHQDFWLYLGDGHV FRQFUHWDV HQ RFDVLRQHV VH LQLFLD OD DFWLYLGDG HQ SUHFDULR VLQ GHILQLU GLVHxRVRSURFHVRVHVWUXFWXUDOHVHVHORULJHQ\HOREMHWLYRTXHODRUJD QL]DFLyQLQLFLHVXDQGDGXUD 3HURWRGDRUJDQL]DFLyQHVGLQiPLFDLQFOXVRODVRUJDQL]DFLRQHV³PD GXUDV´VHYDQFRPSOHML]DQGR\VXVGLUHFWLYRVQRLQWHUSUHWDQVXVFDP ELRVSRUTXHHVWiQDEVRUWRVHQHOSURFHVRSURGXFWLYRHQHODSDJDIXHJR GLDULR\QRWDQWRHQODHYROXFLyQHVWUXFWXUDO\VXLQIOXHQFLDHQHOIDFWRU KXPDQRFRPRWDPSRFRHQQXHYDVSUiFWLFDVGHFRQRFLPLHQWRUHODFLRQD GDVQRH[LVWHSODQLILFDFLyQHVWUDWpJLFDHQODRUJDQL]DFLyQTXHODRULHQWH GH PRGR TXH HQ GHWHUPLQDGDV iPELWRV VH YD TXHGDQGR REVROHWD D OD ³GHULYD´ (Q HVWH FRQWH[WR VH LPSODQWDQ FXOWXUDV GH FDOLGDG GH VHJXULGDG TXH DIHFWDQ EiVLFDPHQWH DO IDFWRU KXPDQR \ VLQ WHQHU HQ FXHQWD XQD YLVLyQ KROLVWD D YHFHV VRQ PRGHORV FRSLDGRV GH RWUDV RUJDQL]DFLRQHV LQFRKHUHQWHV \ FRQGHQDGDV DO IUDFDVR SHUFLELpQGRVH OD QHFHVLGDG GH FDPELRV HVWUXFWXUDOHV FRQ SURSyVLWRV GHILQLGRV HQ IXQFLyQ GH FiOFXORV UDFLRQDOHVTXHSHUPLWDQUHRULHQWDUODRUJDQL]DFLyQ\HOIDFWRUKXPDQR (OREMHWLYRTXHVHSURSRQHHQHVWDVLQRSVLVHVDQDOL]DUFRQSODQWHD PLHQWRVSUiFWLFRVODHYROXFLyQ\UHRULHQWDUFRQGLFLRQDQWHVHVWUXFWXUDOHV TXH LQIOX\HQ HQ HO IDFWRU KXPDQR UHIOH[LRQDQGR DFHUFD GH IDFWRUHV FRPR VLQJXODULGDG GH OD RUJDQL]DFLyQ FXOWXUD DXQTXH QR KD\ VLGR HVWUDWpJLFDPHQWHFUHDGDH[LVWHHPSOHDGRVVHJXULGDG\VRFLHGDGGHOD TXHIRUPDSDUWHSURSRQLHQGRXQPRGHORTXHHVWUXFWXUDVXVSDUWHVHQXQ WRGRFRKHUHQWHHLPEULFDGRHQXQDFXOWXUDLQWHUQDTXHDFW~HFRPRVHQGD SRUODTXHODVSHUVRQDVJXLDUiQVXVDFWXDFLRQHV ).&,5%.#)!$%,!#5,452!$%3%'52)$!$3/"2% ,!3#/.$5#4!3$%3%'52)$!$$%,/3%-0,%!$/3 --ARTÓNEZ#ØRCOLES&'RACIA)4OMÈS*-0EIRØ 81,9(56,'$''(9$/(1&,$ (V VDELGD OD GLUHFWD \ SRWHQWH LQIOXHQFLD TXH OD FXOWXUD GH VHJXULGDG SRVHH VREUH ODV FRQGXFWDV GH VHJXULGDG GH ORV HPSOHDGRV HQ ODV 2UJD QL]DFLRQHV GH$OWD )LDELOLGDG 6LQ HPEDUJR SUiFWLFDPHQWH QLQJXQD LQ YHVWLJDFLyQHQHOVHFWRU1XFOHDUKDGDGRFRQXQPRGHORTXHH[DPLQHHO FDPLQRTXHUHFRUUHGLFKDLQIOXHQFLDSDUDWUDQVIRUPDUVHILQDOPHQWHHQXQ FRPSRUWDPLHQWRVHJXURRLQVHJXUR(OREMHWLYRGHOSUHVHQWHHVWXGLRIXH GHVFXEULUHOPHFDQLVPRSRUHOFXDOODFXOWXUDGHVHJXULGDGJHQHUDFRQ GXFWDVVHJXUDV\FyPRHVWHSURFHVRFUHDVHQWLPLHQWRVGHVDWLVIDFFLyQR GHVDJUDGRFRQODVHJXULGDGSRUSDUWHGHORVHPSOHDGRV&RQFUHWDPHQWH SXVLPRVDSUXHEDGRVKLSyWHVLV/DFXOWXUDGHVHJXULGDGLQIOXLUiHQODV FRQGXFWDVGHVHJXULGDGSRUPHGLRGHOFOLPDGHVHJXULGDG/DVDWLVIDF FLyQFRQODVHJXULGDGTXHSRVHDQORVHPSOHDGRVGHSHQGHUiGHODFXOWXUD GHVHJXULGDGGHOFOLPDGHVHJXULGDG\GHODVFRQGXFWDVGHVHJXULGDG 6H XWLOL]y XQD PXHVWUD GH WUDEDMDGRUHV GH XQD &HQWUDO 1XFOHDU (VSDxROD &XDWUR YDULDEOHV FXOWXUD GH VHJXULGDG FOLPD GH VHJXULGDG VDWLVIDFFLyQFRQODVHJXULGDG\FRQGXFWDVGHVHJXULGDGIXHURQRSHUDFLR QDOL]DGDVSRUPHGLRGHFXDWURFXHVWLRQDULRVFRQILDELOLGDG\YDOLGH]PX\ HOHYDGDV DOSKD! 6H URGDURQ FXDWUR DQiOLVLV FRQILUPDWRULRV SDUD DVHJXUDUODHVWUXFWXUDIDFWRULDOGHODVHVFDODV\SRVWHULRUPHQWHVHOOHYyD FDERXQDQiOLVLVGHHFXDFLRQHVHVWUXFWXUDOHVFRQHOSURJUDPD/LVUHO SDUDSRQHUDSUXHEDODVKLSyWHVLV /RVUHVXOWDGRVDSR\DURQODVGRVKLSyWHVLVLQLFLDOPHQWHSODQWHDGDVORV FRHILFLHQWHV IXHURQ HVWDGtVWLFDPHQWH VLJQLILFDWLYRV &XDQGR H[LVWH XQD IXHUWHFXOWXUDGHVHJXULGDGRUJDQL]DFLRQDOORVHPSOHDGRVVHFRPSRUWDQ GH IRUPD PiV VHJXUD D SDUWLU GH VXV SHUFHSFLRQHV FRPSDUWLGDV DFHUFD GHODJHVWLyQGHODVHJXULGDGHQODFHQWUDOFOLPDGHVHJXULGDG/RVHP SOHDGRVHVWiQPiVVDWLVIHFKRVFRQODVHJXULGDGFXDQGRH[LVWHXQDFXOWXUD GHVHJXULGDGPD\RUFXDQGRVXVSHUFHSFLRQHVDFHUFDGHTXHODVHJXULGDG VHJHVWLRQDDGHFXDGDPHQWHVRQFRPSDUWLGDV\FXDQGRVHFRPSRUWDQGH IRUPDVHJXUD ,/3!.!,)3)3$%#!53!!0!2%.4%$%3$%&!#4/2%3 (5-!./3 "&ERNÈNDEZ-ADRID3,ØPEZ#HIVRALL $62&,$&,Ï118&/($5$6&29$1'(//26,, ¢(V LPSUHVFLQGLEOH XQ HVWXGLR VLVWHPiWLFR \ JHQHUDOL]DGR GH ODV FDXVDVTXHGDQOXJDUDVLWXDFLRQHVRDVSHFWRVTXHQRVRQFRQIRUPHV HQODJHVWLyQGHODVFHQWUDOHVQXFOHDUHV"/DUHVSXHVWDDILUPDWLYDIXH REYLDGHVGHHOSULQFLSLR\DTXHVHREVHUYyFODUDPHQWHTXHHVHFRQR FLPLHQWRVHUtDFUXFLDOSDUDDQWLFLSDU\HYLWDUIXWXURVSUREOHPDV (VH HVWXGLR FRPLHQ]D FRQ HO DGHFXDGR FRQWURO GH ODV QR FRQIRU PLGDGHV IUXWR GH ODV LQFLGHQFLDV GHWHFWDGDV HQ ODV FHQWUDOHV \ TXH JHVWLRQDPRV VHJ~Q XQ SURJUDPD TXH GHQRPLQDPRV 3$& 3URJUDPD 1 ,Ê-*!ÊÃi«ÌiLÀi-ÊÓä£ä xÇ 6(6,21(67e&1,&$6 GH$FFLRQHV &RUUHFWLYDV 'XUDQWH VX SURFHVDPLHQWR VH DJUXSDQ HQ FXDWURFDWHJRUtDV$%&\'TXHLQGLFDGHPD\RU$DPHQRU' HOLPSDFWRTXHWLHQHQHQODVHJXULGDG\SRUWDQWRHOQLYHO\SURIXQ GLGDGGHVXDQiOLVLVYDGHFUHFLHQGRGHOD$DOD' /DV LQFLGHQFLDV UHODFLRQDGDV R FDXVDGDV SRU IDFWRUHV KXPDQRV X RUJDQL]DWLYRVFDWHJRUtDV$\%VHHVWXGLDQFRQWpFQLFDVGHDQiOLVLVGH FDXVD UDt] $&5 FRPSOHMDV FRPR SRU HMHPSOR 0257 \ +3(6 \ ODV'DWUDYpVGHVXVWHQGHQFLDV3HURHOQ~PHURGH$\%\HOGHVXV DQiOLVLVHVSHTXHxR>UHVSHFWRDOWRWDOGHODVFDXVDGDVSRUIDFWRUHV KXPDQRV HQ @ PLHQWUDV TXH ODV & VXSRQHQ XQ \ VH HIHFW~D xn 1 ,Ê-*!ÊÃi«ÌiLÀi-ÊÓä£ä XQ$&5 HQ XQ <D TXH ODV FDXVDV TXH GHVHQFDGHQDQ SHTXHxDV LQFLGHQFLDV VRQ ODV PLVPDV TXH ODV TXH JHQHUDQ LQFLGHQWHV VHULRV VHUtD PX\ GHVHDEOH WHQHU HO Pi[LPR FRQRFLPLHQWR GH GLFKDV FDXVDV PHGLDQWHODJHQHUDOL]DFLyQGHHVWRVDQiOLVLVHQODVGLVFRQIRUPLGDGHV WLSR& 3URSRQHPRVXQWLSRGHDQiOLVLVVLPLODUDXQ$&5SDUDODVGLVFRQ IRUPLGDGHVFDWHJRUtD&TXHQRVDSRUWDUtDXQVXSHULRUFRQRFLPLHQWR HQFDQWLGDG\HQGHWDOOHDODEDUFDUXQPD\RUQ~PHURGHLQFLGHQFLDV HVHQFLDOSDUDFRQRFHUTXpQRVOOHYDDFRPHWHUHUURUHV\SRUWDQWR IDFLOLWDUVXSUHYHQFLyQ 3URJUDPD\6LQRSVLVGHODV3RQHQFLDV 3!,! *UEVESH 3%'52)$!$.5#,%!2)) 02%3)$%.4%$IEGO%NCINAS #/.3%*/$%3%'52)$!$.5#,%!2 2).'(!,3#/--/.#!53%&!),52%!.!,93%3 '*IMÏNEZ6ARAS"$EGEYE :(67,1*+286( ,Q6ZHGHQQHZVDIHW\UHJXODWLRQVZHUHLVVXHGLQLQWKHUHJXOD WLRQIUDPHZRUNFDOOHG6.,)6QRZ660)6ZKLFKQHHGV WREHDGGUHVVHGIRU5LQJKDOV1XFOHDU3RZHU3ODQWV,QSDUWLFXODURI WKH660¶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ÞS2OMANO'ØMEZ %-02%3!2)/3!'250!$/3 TXHVHSXVRHQIXQFLRQDPLHQWRKDFHYDULRVDxRVHQHO&HQWURGH$SR\R 7pFQLFR&$7GH&1$OPDUD]XWLOL]iQGRVHHQHOUHHQWUHQDPLHQWRGH GLFKRSHUVRQDO\HQODUHDOL]DFLyQGHORVVLPXODFURVDQXDOHVGHHPHUJHQ FLD6$&$7**$6WLHQHFRPRREMHWLYRODD\XGDDGLFKRSHUVRQDOHQHO VHJXLPLHQWRGHODV*XtDVGH*HVWLyQGH$FFLGHQWHV6HYHURV**$6 3DUD FRQVHJXLUOR DGHPiV GH ODV SDQWDOODV PRVWUDQGR ORV SULQFLSDOHV SDUiPHWURV RSHUDFLRQDOHV PHGLGDV GH PRQLWRUHV GH UDGLDFLyQ \ HVWL PDFLyQ GHO LPSDFWR UDGLROyJLFR HQ HO H[WHULRU RIUHFH HQWUH RWUDV ODV VLJXLHQWHVFDSDFLGDGHV PXHVWUDXQDHVWUXFWXUD³HQiUERO´GHWRGDVODVJXtDVSDUDIDFLOLWDUVX OHFWXUD\VHJXLPLHQWR SHUPLWHYLVXDOL]DU\DFWXDOL]DUGHIRUPDDJUXSDGD\HQWRGRPRPHQ WR HO HVWDGR \ OD GLVSRQLELOLGDG GH ORV HTXLSRV VHxDOHV \ UHTXLVLWRV TXHIRUPDQSDUWHGHODVFHUFDGHHVWUDWHJLDVFRQWHPSODGDVHQODV **$6 PDQWLHQHDFWXDOL]DGDODGLVSRQLELOLGDGGHWRGDVODVHVWUDWHJLDVHQIXQ FLyQGHODGLVSRQLELOLGDGGHORVHTXLSRVVHxDOHV\UHTXLVLWRVTXHODV LQWHJUDQ SRVLELOLWDLQWURGXFLULQIRUPDFLyQ~WLOGHEDVHHQWLHPSRGHGLVHxR\ DQRWDFLRQHV HQ WLHPSR GH HMHFXFLyQ D WRGRV ORV HTXLSRV VHxDOHV \ UHTXLVLWRV SHUPLWHFRQRFHUHOHVWDGRUHTXHULGRGHFDGDXQRGHORVHTXLSRVSDUD FDGDXQDGHODVHVWUDWHJLDVHQODVTXHSDUWLFLSD RIUHFHODSRVLELOLGDGGHREWHQHUGLUHFWDPHQWHGHORUGHQDGRUGHSODQWD ORVGDWRVFRUUHVSRQGLHQWHVDXQDJUDQSDUWHGHORVHTXLSRV\VHxDOHV SRVLELOLWD HO LQWHUFDPELR GH LQIRUPDFLyQ HQWUH XVXDULRV \D TXH WDQWR ODVDQRWDFLRQHVUHDOL]DGDVFRPRFXDOTXLHUFDPELRHQODVFRQGLFLRQHV GHORVHTXLSRVHVWiQGLVSRQLEOHVSDUDWRGRV /DVSULQFLSDOHVFRQFOXVLRQHVREWHQLGDVVRQODVVLJXLHQWHV HQWUHQDPLHQWRPiVGLQiPLFR\HIHFWLYRGHOSHUVRQDOLPSOLFDGRHQOD JHVWLyQGHODHPHUJHQFLD FRQRFLPLHQWRPiVGHWDOODGRGHOHVWDGRGHODSODQWDGXUDQWHXQDHPHU JHQFLD PHMRUDHQHOSURFHVRGH³WRPDGHGHFLVLRQHV´SDUDKDFHUIUHQWHDHVWDV VLWXDFLRQHV 3!#!4''!35.!(%22!-)%.4!$%!95$!!,#!4 %.,!'%34)».$%!##)$%.4%33%6%2/3 %80%2)%.#)!!#5-5,!$!%.,/3!#45!,%3,72 15%).&,5)2«%.%,$)3%º/9,!/0%2!#)».$%,/3 ,72!6!.:!$/3$%3$%%,05.4/$%6)34!$%, !.«,)3)3$%3%'52)$!$ "0RIETO2-ARTÓNEZ-«#ATENA*-'ØMEZ'ONZÈLEZ *"ARRERA*2IVEROLA-#ORISCO 7(&1$720 &(175$/18&/($5$/0$5$= /DKHUUDPLHQWDLQIRUPiWLFD6$&$7**$6FRQVWLWX\HXQDYDQFHLP SRUWDQWHVREUHHOGHVDUUROORRULJLQDO6$&$76LVWHPDGH$\XGDDO&$7 (186$ /RV UHDFWRUHV GH DJXD OLJHUD DFWXDOHV /:5 TXH OOHYDQ RSHUDQGR GHVGH ORV DxRV FRQ XQ FRPSRUWDPLHQWR H[FHOHQWH HQ FXDQWR D OD VHJXULGDGVHUHILHUHVRQODEDVHSDUDHOGLVHxRGHQXHYRVUHDFWRUHV(Q 1 ,Ê-*!ÊÃi«ÌiLÀi-ÊÓä£ä x 6(6,21(67e&1,&$6 HVWHWLHPSRODLQGXVWULDKDDFXPXODGRXQDJUDQH[SHULHQFLDHQRSHUDFLyQ FRPSRUWDPLHQWRGHOFRPEXVWLEOH\HYDOXDFLyQGHODVHJXULGDGGHUHDFWRUHV &RPRFRQVHFXHQFLDGHHOORORVOtPLWHVGHRSHUDFLyQGHORVUHDFWRUHV\GH ORVHOHPHQWRVGHFRPEXVWLEOHDFWXDOHVHQWpUPLQRVGHIRUWDOH]DV\GHELOL GDGHVVRQELHQFRQRFLGRV$HVWRKDFRQWULEXLGRHQJUDQPHGLGDHO$QiOLVLV GH6HJXULGDGFRQORVGHVDUUROORVGHPHWRGRORJtDV\FyGLJRVDVtFRPRORV SURJUDPDVGHLQYHVWLJDFLyQSDUDHOGHVDUUROORGHQXHYRVPDWHULDOHV (VWRV UHDFWRUHV VHUiQ JUDGXDOPHQWH UHHPSOD]DGRV SRU UHDFWRUHV PiV DYDQ]DGRV,,,,,,\,9JHQHUDFLyQ/RVGLVHxRVGHODVJHQHUDFLRQHV,,, \,,,VRQODUHVSXHVWDHVWUDWpJLFDSDUDLQFRUSRUDUPHMRUDVHQODVHJXULGDG GDQGR FRPR UHVXOWDGR XQD UHGXFFLyQ GH WUHV yUGHQHV GH PDJQLWXG HQ OD SUREDELOLGDG GH GDxR VHYHUR DO Q~FOHR \ OLEHUDFLyQ GH UDGLDFWLYLGDG FRQ UHVSHFWR D ORV GLVHxRV DFWXDOHV /RV UHDFWRUHV GH ,9 JHQHUDFLyQ VLJXHQ HVWDQGR HQ IDVH FRQFHSWXDO FRQ PDUJHQ SDUD JUDQGHV PRGLILFDFLRQHV \ PHMRUDVVLUYLpQGRVHGHORVEHQHILFLRVGHODVYLHMDV\QXHYDVLGHDVFRQHO REMHWLYRGHDOFDQ]DUPD\RUHILFLHQFLDWpUPLFD\XQPHMRUDSURYHFKDPLHQWR GHOFRPEXVWLEOH (ODQiOLVLVGHVHJXULGDGFRPRPDUFRGHWUDEDMR\FRQRFLPLHQWRVHJXL UiSUHVWDQGRXQLPSRUWDQWHDSR\RDODRSHUDFLyQ\DOGLVHxRGHORV/:5 DYDQ]DGRV 3DUD SRGHU DIURQWDU HO UHWR GH ORV DQiOLVLV HQ ODV SUy[LPDV JHQHUDFLRQHVVHUiQQHFHVDULRVFyGLJRVPRGHORV\PpWRGRVFRQPD\RUFD SDFLGDGGHGHWDOOHDSHVDUGHVHJXLUEDVDGRVHQORVDFWXDOHV$GHPiVORV GLVHxRVGHFRPEXVWLEOHGHKR\VHUiQYiOLGRVSDUDORVUHDFWRUHVGHSUy[LPD GpFDGDLQFRUSRUDQGRGHVDUUROORVHQORVPDWHULDOHV\HQODJHRPHWUtDTXH VRQ QR VyOR IUXWR GH OD LQYHVWLJDFLyQ VLQR WDPELpQ GH OD H[SHULHQFLD \D DFXPXODGD 3)34%-!$%3)-5,!#)».$%#»$)'/30!2!5. !.«,)3)3).4%'2!$/$%3%'52)$!$3#!)3 3-URCIA*-)ZQUIERDO*(ORTAL-3ÈNCHEZ% -ELÏNDEZ*'IL)&ERNÈNDEZ3-URCIA*'OMEZ (-ARRÍO#1UERAL'2ODRÓGUEZ,)BA×EZ ,1',=(17(&+12/2*,(66/ &216(-2'(6(*85,'$'18&/($5 (76,0,1$681,9(56,'$' 32/,7e&1,&$'(0$'5,' /D SUHVHQWH SRQHQFLD DQDOL]D HO HVWDGR DFWXDO GH 6&$,6 HQWRUQR GH VLPXODFLyQGHVDUUROODGRGHQWURGHODDFWXDOFRODERUDFLyQHQWUHHO&RQVH MRGH6HJXULGDG1XFOHDU,QGL]HQ7HFKQRORJLHV\OD8QLYHUVLGDG3ROLWpF QLFDGH0DGULGFRQHOILQGHHVWDEOHFHUXQDPHWRGRORJtDSDUDHO$QiOLVLV ,QWHJUDGRGH6HJXULGDG,6$\GRWDUVHGHODVKHUUDPLHQWDVDGHFXDGDV /DSULQFLSDOPRWLYDFLyQSDUDHOGHVDUUROORGHHVWHVRIWZDUHHVLQWHJUDU ORVGLIHUHQWHVPpWRGRVGHDQiOLVLVGHULHVJRVHQXQD~QLFDPHWRGRORJtD TXH FXEUD ORV HVWXGLRV UHODWLYRV D OD SURWHFFLyQ \ OD VHJXULGDG GH XQD FHQWUDO QXFOHDU SDUD YHULILFDU LQGHSHQGLHQWHPHQWH OD YDOLGH] \ FRQ VLVWHQFLD GH ODV VXSRVLFLRQHV UHDOL]DGDV SDUD HO OLFHQFLDPLHQWR GH ODV FHQWUDOHVQXFOHDUHV 6&$,6LPSOHPHQWDQRYHGRVRVPpWRGRV\WpFQLFDVGHILDELOLGDGGLQi PLFDFRPRFRPSOHPHQWRDORVFOiVLFRV$36\DRWUDVKHUUDPLHQWDVGH WHUPLQLVWDV(OREMHWLYREXVFDGRHVODGHOLQHDFLyQGLQiPLFDGHOiUEROGH VXFHVRVGHXQDVHFXHQFLDGHDFFLGHQWHSDUWLHQGRGHXQHYHQWRLQLFLDGRU DPSOLDQGRHOFRQYHQFLRQDOHQIRTXHFXDVLHVWiWLFRGHORV$36 6HKDGHILQLGRXQDPHWRGRORJtDGHFRQH[LyQXQHVWiQGDUGHIOXMRGH FiOFXOR\VHKDQLPSOHPHQWDGRWpFQLFDVGHSDUDOHOL]DFLyQTXHSHUPLWHQ OD FRQH[LyQ \ HO DFRSODPLHQWR GLQiPLFR HQWUH GLIHUHQWHV FyGLJRV /D SDUDOHOL]DFLyQ\HOXVRGHUHVWDUWVUHGXQGDHQXQLPSRUWDQWHDKRUURGH WLHPSRGHFRPSXWDFLyQ Èä 1 ,Ê-*!ÊÃi«ÌiLÀi-ÊÓä£ä 6&$,6JHVWLRQDODVLPXODFLyQGLQiPLFDGHODVVHFXHQFLDVGHODFFLGHQ WHFRQWURODODDSHUWXUDGHODVGLIHUHQWHVVHFXHQFLDVFRRUGLQDORVSURFH VRV\ODREWHQFLyQGHGDWRVTXHWLHQHQOXJDUHQODJHQHUDFLyQGHOiUERO GLQiPLFRGHVXFHVRV(OPyGXORJHVWRUVHHQFDUJDGHODDSHUWXUDGHODV QXHYDVVHFXHQFLDVVLHPSUHTXHXQFDEHFHURVLVWHPDGHVHJXULGDGJUXSR GHVLVWHPDVGHVHJXULGDGRDFFLyQKXPDQDDOFDQFHFLHUWDVFRQGLFLRQHV\ ILQDOL]DUiODVLPXODFLyQGHXQDVHFXHQFLDVLVHVREUHSDVDDOJ~QOtPLWHGH VHJXULGDGRFULWHULRGHDFHSWDFLyQ 6HSUHVHQWDODDSOLFDFLyQGHOVLVWHPD6&$,60$$3HQODVLPXODFLyQ GHXQ0%/2&$SDUDXQDFHQWUDO3:5(QHOiUEROREWHQLGRVHPXHVWUD TXHVHFXHQFLDVFRQGXFHQDGDxRDOQ~FOHR\FXDOHVQRVXSHUDQHOFULWHULR GHDFHSWDFLyQ !.«,)3)30/344%34$%,%80%2)-%.4/0+,' -%$)!.4%42!#% *&6ILLANUEVA0&ORCADA3-ARTORELL*6,AHUERTA 63ERRADELL3#ARLOS 81,9(56,'$'32/,7e&1,&$'(9$/(1&,$ 7UDGLFLRQDOPHQWHSDUDHOHVWXGLRGHORV3:5HOFyGLJRXWLOL]DGRKD VLGR5(/$3PLHQWUDVTXHSDUDHODQiOLVLVGHORV%:5VHHPSOHDEDHO 75$&&RQHOREMHWRGHXQLILFDUFyGLJRVWHUPRKLGUiXOLFRVVHGHVDUUROOy HO FyGLJR 75$&( TXH SUHWHQGH KDFHU XVR GH ODV FDUDFWHUtVWLFDV PiV DGHFXDGDVGHORVFyGLJRVPHQFLRQDGRV\VHU~WLOWDQWRSDUDWHFQRORJtDV 3:5FRPRSDUD%:5 'HVGH HO SXQWR GH YLVWD GH OD VHJXULGDG GH XQD FHQWUDO HV QHFHVDULR HYDOXDU \ HVWXGLDU VX FRPSRUWDPLHQWR DQWH HVFHQDULRV DFFLGHQWDOHV VLPXODGRV FRQ FyGLJRV WHUPRKLGUD~OLFRV &RPR FRQVHFXHQFLD FREUDQ HVSHFLDO LPSRUWDQFLD ODV LQVWDODFLRQHV H[SHULPHQWDOHV \D TXH SHUPLWHQ YDOLGDUORVFyGLJRVWHUPRKLGUiXOLFRVFRQORVTXHVHWUDEDMD\HVWXGLDUOD IHQRPHQRORJtD WLHPSRV WHPSHUDWXUDV SUHVLRQHV UHFLUFXODFLRQHV UH IOXMRVHWFDQWHGHWHUPLQDGRVVXFHVRVLQLFLDGRUHVURWXUDVSpUGLGDVGHO 5+5 HWF SDUD H[WUDSRODU ORV UHVXOWDGRV D SODQWDV FRPHUFLDOHV FRQ OD ILQDOLGDGGHYHULILFDUODVPHGLGDVGHVHJXULGDGTXHFDGDFHQWUDODSOLFD /D 2&'( KD RUJDQL]DGR GLYHUVRV SURJUDPDV XWLOL]DQGR GLIHUHQWHV LQVWDODFLRQHV H[SHULPHQWDOHV FRQ OD ILQDOLGDG GH PHMRUDU HO FRQRFL PLHQWRVREUHODVHJXULGDGGHODVSODQWDV'HQWURGHOSURJUDPD3./,,VH HODERUyXQDSURSXHVWDGHH[SHULPHQWRVHQODLQVWDODFLyQ3./HQORVTXH (VSDxDSDUWLFLSDDWUDYpVGHO&RQVHMRGH6HJXULGDG1XFOHDU\GLIHUHQWHV JUXSRVGHLQYHVWLJDFLyQ(QFRQFUHWROD8QLYHUVLGDG3ROLWpFQLFDGH9D OHQFLDKDSDUWLFLSDGRHQODVLPXODFLyQGHOWUDQVLWRULR*HQHOTXHVH SRVWXODXQHQIULDPLHQWRUiSLGRGHELGRDXQDURWXUDHQODOtQHDGHYDSRU SULQFLSDO (VWH H[SHULPHQWR WLHQH SRU REMHWLYR SULQFLSDOPHQWH HYDOXDU ORV UHVXOWDGRV WHUPRKLGUiXOLFRV HQ FXDQWR D OD HYDFXDFLyQ GHO FDORU D WUDYpVGHODURWXUDGHODOtQHDGHYDSRUSULQFLSDO\DODWUDQVIHUHQFLDGH FDORUHQWUHHOSULPDULR\HOVHFXQGDULRWDQWRHQHOOD]RDIHFWDGRFRPR HQ ORV LQWDFWRV /D SRQHQFLD SUHVHQWD ORV UHVXOWDGRV REWHQLGRV HQ OD VLPXODFLyQGHGLFKRWUDQVLWRULRXWLOL]DQGRHOFyGLJRWHUPRKLGUiXOLFRGH HVWLPDFLyQySWLPD75$&( #/-0!2!#)».42!#%2%,!0%.,!3)-5,!#)».$% 3)45!#)/.%3!##)$%.4!,%3"!*/#/.$)#)/.%3$% 0!2!$!"!*/$)&%2%.4%3#/.&)'52!#)/.%3$% 0,!.4! !,ÈZARO*&6ILLANUEVA&0ELAYO3#ARLOS2-ENDIZABAL 3-ARTORELL)3OL63ERRADELL 81,9(56,'$'32/,7e&1,&$'(9$/(1&,$ 3URJUDPD\6LQRSVLVGHODV3RQHQFLDV $ SDUWLU GH ORV UHVXOWDGRV SURSRUFLRQDGRV SRU ORV HVWXGLRV GHO DQi OLVLV SUREDELOLVWD GH VHJXULGDG $36 GH ODV SODQWDV QXFOHDUHV VH KDQ LGHQWLILFDGR GLIHUHQWHV HVFHQDULRV DFFLGHQWDOHV FRQ OD SODQWD IXQFLR QDQGRHQFRQGLFLRQHVGHEDMDSRWHQFLD\SDUDGDFX\DFRQWULEXFLyQDO ULHVJRGHODSODQWDQRHVGHVSUHFLDEOH(QFRQFUHWRORVULHVJRVGHGDxR DOQ~FOHRPiVHOHYDGRVVHKDOODQHQFRQGLFLRQHVGHPHGLROD]R\HVFH QDULRVGHSpUGLGDGHOVLVWHPDGHH[WUDFFLyQGHOFDORUUHVLGXDO5+5 (V SRU HOOR SRU OR TXH HVWD SRQHQFLD VH FHQWUD HQ HO DQiOLVLV GH ORV HVFHQDULRVDFFLGHQWDOHVFX\RLQLFLDGRUHVXQDSpUGLGDGHOVLVWHPD5+5 GHXQUHDFWRUGHDJXDDSUHVLyQXWLOL]DQGRODLQIRUPDFLyQVXPLQLVWUDGD SRUHO$36GHODSODQWD$QWHHVWHLQLFLDGRUVHHVWDEOHFHQXQDVFRQGL FLRQHVOtPLWHGHRSHUDFLyQLPSXHVWDVSRUODVHVSHFLILFDFLRQHVWpFQLFDV GHODSODQWDTXHDVHJXUHQODHYDFXDFLyQGHOFDORUUHVLGXDOTXHVHHVWi JHQHUDQGRHQHOQ~FOHR5HDOL]DQGRODVVLPXODFLRQHVWHUPRKLGUiXOLFDV SDUDGLIHUHQWHVFRQGLFLRQHVLQLFLDOHVGHODSODQWDHQJOREDGDVSRUGLFKDV HVSHFLILFDFLRQHV WpFQLFDV VH FRQVWDWD TXH SDUD DOJXQDV VLWXDFLRQHV HV SRVLEOHGLVSRQHUGHYtDVDOWHUQDWLYDVSDUDODHYDFXDFLyQGHOFDORU (Q FRQFUHWR VH FRPSDUDQ ODV VLPXODFLRQHV HMHFXWDGDV PHGLDQWH ORV FyGLJRV 5(/$3 < 75$&( (Q HVWH ~OWLPR VH LQFOX\H DGHPiV OD PRGHOL]DFLyQ GH OD YDVLMD HQ ' OR TXH SHUPLWH GHWHUPLQDU OD VHQVLELOLGDG GH OD VLPXODFLyQ DQWH IHQyPHQRV TXH FRQ OD YDVLMD ' QRWHQtDQODSRVLELOLGDGGHVHUVLPXODGRV(QWUHHVWRVPHFDQLVPRVVH LQFOX\HQ³IHHGDQGEOHHG´RHOGHQRPLQDGRUHIOXMRGHFRQGHQVDFLyQ TXH FRQVLVWH HQ DSURYHFKDU OD FDSDFLGDG GH UHIULJHUDFLyQ GH ORV JH QHUDGRUHVGHYDSRUFRQORVTXHFXHQWHODSODQWDHQHVHPRPHQWR(Q HVWD ~OWLPD HO YDSRU HQWUD HQ ORV WXERV HQ 8 GH ORV JHQHUDGRUHV GH YDSRU GRQGH FRQGHQVD \ UHJUHVD D OD YDVLMD SRU ODV UDPDV FDOLHQWHV /DHILFLHQFLDGHHVWHPHFDQLVPRGHSHQGHIXHUWHPHQWHGHODFRQILJX UDFLyQGHSODQWDXWLOL]DGD (OREMHWLYRGHHVWDSRQHQFLDHVDQDOL]DUODLQIOXHQFLDGHFDGDXQR GH ODV GLVWLQWDV FRQILJXUDFLRQHV GH SODQWD HQ OD FDSDFLGDG GH UHIUL JHUDFLyQ GHO Q~FOHR SRU HVWH PHFDQLVPR$GHPiV VH UHDOL]DUi XQD FRPSDUDFLyQHQWUHODVVLPXODFLRQHVUHDOL]DGDVFRQ5(/$3\75$&( SDUD FRPSUREDU ODV FDSDFLGDGHV GH DPERV FyGLJRV HQ HO FiOFXOR GH WUDQVLWRULRVHQHVWDVFRQGLFLRQHVGHIXQFLRQDPLHQWR 42!4!-)%.4/$%,!3).#%24)$5-"2%3%.%, !.«,)3)302/"!"),)34!$%#!-")/3$%34) 3-ARTORELL-6ILLAMIZAR*&6ILLANUEVA3#ARLOS !3ÈNCHEZ63ERRADELL 81,9(56,'$'32/,7e&1,&$'(9$/(1&,$ /DSRQHQFLDSUHVHQWDODPHWRGRORJtD\DSRUWDXQFDVRGHDSOLFDFLyQ GHHMHPSORSDUDHOWUDWDPLHQWRGHODVLQFHUWLGXPEUHVHQHODQiOLVLVGH FDPELRVHQUHTXLVLWRVGHYLJLODQFLDHQFRQFUHWRHQORVLQWHUYDORVHQWUH SUXHEDV SURJUDPDGDV 67, PHGLDQWH HO XVR GHO$QiOLVLV 3UREDELOLVWD GH 6HJXULGDG HQPDUFDGR HQ HO FRQWH[WR GH WRPD GH GHFLVLRQHV VREUH DFHSWDELOLGDGGHOFDPELRXWLOL]DQGRODLQIRUPDFLyQVREUHHOULHVJRHQ SUHVHQFLD GH LQFHUWLGXPEUHV GH GLIHUHQWH QDWXUDOH]D (Q OD SRQHQFLD VHUHYLVDHOHVTXHPDPHWRGROyJLFRODVPpWULFDVGHULHVJRTXHVHKDQ GHXWLOL]DU\VXFXDQWLILFDFLyQFRQHO$36ODVFDUDFWHUtVWLFDVH[LJLEOHV DGLFKR$36\ODVIXHQWHVGHLQFHUWLGXPEUHDVRFLDGDVWDQWRDO$36GH EDVH FRPR D ORV GDWRV SDUWLFXODUHV SDUD VX DSOLFDFLyQ HQ HO SUHVHQWH FRQWH[WR \ SRU ~OWLPR VH GLVFXWHQ ORV FULWHULRV GH DFHSWDFLyQ GHO FDPELRDSDUWLUGHODFXDQWLILFDFLyQGHOULHVJRDQDOL]DQGRHOHIHFWR\OD VLJQLILFDFLyQGHODVLQFHUWLGXPEUHV(OFDVRGHDSOLFDFLyQVHFHQWUHHQ HODQiOLVLVGHXQFDPELRHQHO67,GHORVLQWHUUXSWRUHVGHGLVSDURGHO 6LVWHPDGH3URWHFFLyQGHO5HDFWRU !.!,)3)302/"!"),)34!$%).#%.$)/3 0!2!#.6!.$%,,»3)) 0&ERNÈNDEZ2AMOS03AENZDE4EJADA%0ÏREZ,OBO 46ILLAR!-ACHADO (035(6$5,26$*583$'26 $62&18&$6&Ï9$1'(//Ï6,, $1$/,6,6352%$%,/,67$'(,1&(1',26 /DUHDOL]DFLyQGHODQiOLVLVSUREDELOLVWDGHLQFHQGLRVGH&19DQGHOORV VHKDUHDOL]DGRWRPDQGRFRPREDVHGHUHIHUHQFLDODPHWRGRORJtDGHV FULWDHQHO185(*&5 (VWHGRFXPHQWRSUHVHQWDXQDGHVFULSFLyQGHXQPpWRGRGHDQiOLVLVH LQIRUPDFLyQ\GDWRVDVRFLDGRVTXHVHFRQVLGHUDTXHHVDGHFXDGDSDUDOD UHDOL]DFLyQ GH XQ DQiOLVLV GH LQFHQGLRV TXH VHD DFHSWDEOH SRU SDUWH ORV HYDOXDGRUHVGHORUJDQLVPRUHJXODGRU +D\TXHGHVWDFDUTXHODPHWRGRORJtDGHDQiOLVLVVHKDHQFRQWUDGRHQ SURFHVR GH DVHQWDPLHQWRGXUDQWHHO SURFHVR GH UHDOL]DFLyQGHO DQiOLVLV /RTXHVHKDSODVPDGRHQXQFRQMXQWRGH)$4V)UHTXHQW$VNHG4XHV WLRQVFX\RSURFHVRHQPXFKRVFDVRVQRKDSHUPLWLGRLQFOXLUODVUHVROX FLRQHVHQHODQiOLVLV &RPR SDUWH GHO DQiOLVLV SUREDELOLVWD VH KDQ UHDOL]DGR XQ Q~PHUR LPSRUWDQWH GH FiOFXORV GH FUHFLPLHQWR \ SURSDJDFLyQ GHO LQFHQGLR WRPDQGRFRPRUHIHUHQFLDHO185(*\ODVHFXDFLRQHVGHFiOFXOR DVRFLDGDVDOPLVPR(OREMHWLYRGHORVFiOFXORVHVGHWHUPLQDUHOWLHPSR GLVSRQLEOHSDUDODH[WLQFLyQGHOLQFHQGLR /RVPRGHORVDVRFLDGRVDODQiOLVLVSUREDELLVWDGHLQFHQGLRVVHKDQGH VDUUROODGRHQHOSURJUDPD5LVNVSHFWUXP %$6('('$726'(/$1$/,6,6'(,1&(1',26 /D%DVHGH'DWRVGH,QFHQGLRVVHKDFUHDGRFRPRVRSRUWHSDUDODUHD OL]DFLyQ GH ORV DQiOLVLV GH LQFHQGLRV GH &1 9DQGHOOyV 'HQWUR GH OD EDVH GH GDWRV VH KDQ LQFOXLGR ODV WDEODV FRQ OD VHOHFFLyQ GH HTXLSRV UHTXHULGRV SDUD HO DQiOLVLV SUREDELOLVWDV ODV WDEODV FRQ ORV FDEOHV DVR FLDGRV D GLFKRV HTXLSRV VHOHFFLRQDGRV \ ODV WDEODV GH LGHQWLILFDFLyQGH FRQGXFFLRQHV\iUHDVGHIXHJR (QHOGHVDUUROORGHODQiOLVLVVHKDWHQLGRHQFXHQWDODSRVLELOLGDGGH DFWXDFLRQHVHVSXULDVGHHTXLSRVRLQVWUXPHQWRVFRPRFRQVHFXHQFLDGHO LQFHQGLRLQFOX\HQGRODSRVLELOLGDGGHDFWXDFLRQHVHVSXULDVPXOWLSOHV (O 1(, SUHVHQWD WDPELHQ HO FRQFHSWR GH FLUFXLWRV DVRFLDGRV FX\DGHILQLFLyQVHEDVDHQOD*/6HKDUHDOL]DGRXQDFRPSURED FLyQGHODVLWXDFLyQGH&19DQGHOORVUHVSHFWRGHORVFLUFXLWRVDVRFLD GRVFRQODFRQFOXVLyQGHTXHORVPLVPRVKDQVLGRFRQVLGHUDGRVDGHFXD GDPHQWHHQHOGLVHxRHQFXDQWRDSURWHFFLRQHVHOHFWULFDVGHORVFLUFXLWRV \ OD DSOLFDFLyQ GH ORV FULWHULRV GH VHSDUDFLyQ /DV DFWXDFLRQHV HVSXUtDV GHHTXLSRVVHKDQLQFOXLGRH[SOLFLWDPPHQWHHQHODQiOLVLVUHDOL]DGR &RQHOREMHWRGHGLVSRQHUGHXQDLQIRUPDFLyQORPiVILDEOH\SUHFLVD SRVLEOHVHKDUHDOL]DGRXQDFRPSUREDFLyQVLVWHPDWLFDGHORVUHFRUULGRV SRUUHFLQWRV\]RQDVGHIXHJRGHODVFRQGXFFLRQHVEDQGHMDVFRQGXLWV HWFDVRFLDGRVDORVFDEOHVLGHQWLILFDGRV %52/0%!.#,%!2).'(/53%&/2.00/0%2!4)/.!, %80%2)%.#% --ARTÓN2AMOS-.ÚEL (8523($1&200,66,21,167,787()25 (1(5*<±-2,175(6($5&+&(175( 1 ,Ê-*!ÊÃi«ÌiLÀi-ÊÓä£ä È£ 6(6,21(67e&1,&$6 (Q \ D SHWLFLyQ GH ORV RUJDQLVPRV UHJXODGRUHV GH DOJXQRV SDtVHV PLHPEURV GH OD 8QLyQ (XURSHD VH HVWDEOHFLy XQD UHG HXURSHD GHLQWHUFDPELRGHH[SHULHQFLDRSHUDWLYDHQFHQWUDOHVQXFOHDUHV(XUR SHDQ&OHDULQJKRXVHRQRSHUDWLRQDOH[SHULHQFHIHHGEDFNFX\DRILFLQD UHJLRQDOFHQWUDOL]DGDVHHQFXHQWUDHQHO,QVWLWXWRGHOD(QHUJtD&HQWUR &RP~Q GH ,QYHVWLJDFLyQ GH OD &RPLVLyQ (XURSHD GH 3HWWHQ HQ ORV 3DtVHV%DMRV6XREMHWLYRSULQFLSDOHVHOGHPHMRUDUODFRPXQLFDFLyQ\ HOLQWHUFDPELRGHH[SHULHQFLDRSHUDWLYDHQWUHORVSDtVHVPLHPEURVGHOD UHGGHH[SHULHQFLDRSHUWLYDSURPRYHUODFRODERUDFLyQDQLYHOUHJLRQDO HQHODQiOLVLVGHH[SHULHQFLDRSHUDWLYD\ODGLYXOJDFLyQGHORVUHVXOWD GRVGHHVWRVDQiOLVLV$FWXDOPHQWHGHVGHVXUHODQ]DPLHQWRHQDEULOGH VRQ PLHPEURV GH OD UHG ORV UHJXODGRUHV GH )LQODQGLD +XQJUtD /LWXDQLD 3DtVHV %DMRV 5XPDQLD (VORYHQLD 6XL]D (VSDxD )UDQFLD $OHPDQLD %XOJDULD \ HO 5HLQR 8QLGR HVWRV FLQFR ~OWLPRV FRPR RE ÈÓ 1 ,Ê-*!ÊÃi«ÌiLÀi-ÊÓä£ä VHUYDGRUHV 7DQWR OD$JHQFLD GH OD (QHUJtD 1XFOHDU GH OD 2&'( OD 2UJDQL]DFLyQ ,QWHUQDFLRQDO GH OD (QHUJtD$WyPLFD \ ODV 'LUHFFLRQHV *HQHUDOHVGHO&HQWUR&RP~QGH,QYHVWLJDFLyQ\GH7UDQVSRUWH\(QHU JtDGHOD&RPLVLyQ(XURSHDIRUPDQSDUWHGHODUHG\UHFLHQWHPHQWHVH KDLQLFLDGRODFRODERUDFLyQFRQDOJXQDVGHODVRUJDQL]DFLRQHVWpFQLFDV VRSRUWH762HXURSHDVHQSDUWLFXODUHO,561\HO*56(QHVWDSR QHQFLD VH H[SOLFD FRQ PiV GHWDOOH OD RUJDQL]DFLyQ \ REMHWLYRV GH HVWD RILFLQDUHJLRQDOFHQWUDOL]DGDDVtFRPRVXVDFWLYLGDGHVPiVUHOHYDQWHV HQWUHODVTXHGHVWDFDQWUDEDMRVGHLQYHVWLJDFLyQDQiOLVLVGHWHQGHQFLDV GH VXFHVRV HQ FHQWUDOHV QXFOHDUHV DQiOLVLV PRQRJUiILFRV GH WLSRV GH VXFHVRVGHLQWHUpVGLYXOJDFLyQGHUHVXOWDGRVUHFRSLODFLyQSHULyGLFD\ GLYXOJDFLyQGHH[SHULHQFLDRSHUDWLYDPXQGLDODFFHVLEOHS~EOLFDPHQWH \VRSRUWHHQWDUHDVGHH[SHULHQFLDRSHUDWLYDDORVSDtVHVPLHPEURVGH ODUHG 3URJUDPD\6LQRSVLVGHODV3RQHQFLDV 3!,! *UEVESH #/-"534)",%) 02%3)$%.4%*OSÏ'ARCÓA!YCART '%.%2!,%,%#42)# #//2$).!$/2%DUARDODE,ESTE %.53!).$5342)!3!6!.:!$!3 SDUDJDUDQWL]DU\DPSOLDUODVHJXULGDGHQODRSH UDFLyQGHODVFHQWUDOHVHVSDxRODV\GHOPXQGR #/,!"/2!#)».%30!º/,!%.%,(!,$%.2%!#4/2 02/*%#4$%,/#$%%.).6%34)'!#)».%3$% #/-"534)",%3#/.'!$/,).)/ -)(ORVATH #-U×OZ2EJA 44VERBERG +*ENSSEN 3)-5,!#)»..5-²2)#!$%,!3-%$)$!3)3/4»0)#!3 $%,%80%2)-%.4/!2)!.% --ORALES0/RTEGO 6($,1*(1,(5Ë$<$1È/,6,6'(%/,1'$-(66/ /DVHJXULGDG\ILDELOLGDGHQODRSHUDFLyQGHODVFHQWUDOHVQXFOHDUHVVH EHQHILFLDQGHORVDYDQFHVHQLQYHVWLJDFLyQ\GHVDUUROOR\HQVROXFLRQHV WpFQLFDV UHODFLRQDGDV 8QD SODWDIRUPD GH LQYHVWLJDFLyQ HV HO ³+DOGHQ 5HDFWRU 3URMHFW´ +53 GHO 2&'( +53 HV XQD FRRSHUDFLyQ HQWUH RUJDQL]DFLRQHV QDFLRQDOHV GH SDtVHV TXH SDWURFLQDQ FRQMXQWDPHQWH XQ SURJUDPD ILQDQFLDGR FRQ OD GLUHFFLyQ GH 2&'( 1XFOHDU (QHUJ\ $JHQF\1($ &RPRHVWDGRPLHPEUR(VSDxDSDUWLFLSDHQORVSURJUDPDVGHLQYHVWLJD FLyQGH+53FRQ(186$FRPRVRFLRHQORVSURJUDPDVGHFRPEXVWLEOH 3DUD PHMRUDU OD RSHUDFLyQ GH ODV FHQWUDOHV QXFOHDUHV ORV FLFORV GH FRPEXVWLEOHVHKDQGLVHxDGRSDUDDXPHQWDUHOTXHPDGRGHOFRPEXVWLEOH 8Q FRPEXVWLEOH FRQ PD\RU TXHPDGR UHGXFH OD FDQWLGDG GH HOHPHQWRV FRPEXVWLEOHVJDVWDGRVDVtFRPRORVFRVWHVGHFRPEXVWLEOHVIUHVFR\ORV FRVWHVGHDOPDFHQDPLHQWR8QPD\RUTXHPDGRGHFRPEXVWLEOHVHSXH GHDOFDQ]DUELHQSURORQJDQGRORVFLFORVRELHQDXPHQWDQGRHOQXPHURGH FLFORVTXHRSHUDHOFRPEXVWLEOHHQHOUHDFWRU$PEDVRSFLRQHVSUHFLVDQ GHFDUDFWHUtVWLFDVFRPSOHPHQWDULDVSDUDHOFRPEXVWLEOHHQUHODFLyQFRQ HO HQULTXHFLPLHQWR \ ORV DEVRUEHQWHV QHXWUyQLFRV DxDGLGRV FRPR DGLWL YRVFRQVXPLEOHVDVtFRPRPHMRUDVHQORVPDWHULDOHVGHODYDLQDUHVSHFWR DOWUDWDPLHQWRPHFiQLFR\ODFRPSRVLFLyQTXtPLFDGHODVDOHDFLRQHV 3RU HVWRV LQWHUHVHV \ QHFHVLGDGHV (186$ FRODERUD HQ SURJUDPDV GH LQYHVWLJDFLyQ GH DOWR TXHPDGR GH FRPEXVWLEOH FRQ JDGROLQR \ HQ HO FRPSRUWDPLHQWRGH YDLQDV LUUDGLDGDV9DULRV H[SHULPHQWRV ,)$V VH KDQ GHVDUUROODGR VXPLQLVWUDQGR WDPELpQ PDWHULDOHV (186$ FRODERUD FRQ +53 HQ YDULRV H[SHULPHQWRV LQYHVWLJDQGR OD GHQVLILFDFLyQ \ KLQ FKDPLHQWR GH FRPEXVWLEOH OD OLEHUDFLyQ GH JDVHV GH ILVLyQ ORV OtPLWHV GH SUHVLyQ LQWHUQD GH EDUUD FRPEXVWLEOH SDUD FRPEXVWLEOHV GH 82 \ 8*G2 ,)$ OD IOXHQFLD OD UHDSHUWXUD GHO KXHOJR HQWUD SDVWLOOD \ YDLQD OD FRUURVLyQ \ DEVRUFLyQ GH KLGUXURV HQ GLIHUHQWHVPDWHULDOHVGHODYDLQD,)$HQLQVWUXPHQ WDFLyQ SDUD H[SHULPHQWRV HVSHFLDOPHQWH FRQ PDWHULDOHV SUHLUUDGLDGRV ,)$ (VWRV H[SHULPHQWRV VH FRPELQDQ FRQ PRGHORV GH FiOFXOR SDUDPHMRUDUODVSUHGLFFLRQHVDDOWRTXHPDGR\PDQWHQHUORVPiUJHQHV GH VHJXULGDG ,)$ $GHPiV HVWRV H[SHULPHQWRV HQ UHDFWRUVHUHDOL]DURQWDPELpQHQFHOGDVFDOLHQWHV3,(SDUDFRPSOHWDU ORVHVWXGLRV,)$ $SUR[LPDGDPHQWH DxRV GH FRODERUDFLyQ H[LWRVD HQWUH +53 \ (186$ FRQWLQ~D FRQ SUR\HFWRV \ UHVXOWDGRV SURPHWHGRUHV ,)$ (QHOSURJUDPD$5,$1(VHOOHYyDFDERHODQiOLVLVLVRWySLFRGHHOH PHQWRVFRPEXVWLEOHGH82\GHy[LGRVPL[WRVLUUDGLDGRVHQGLIHUHQWHV Q~FOHRV 3:5 \ %:5 UHDFWRUHV %H]QDX 'RGHZDUG *|VJHQ (VWH H[SHULPHQWRVHUHDOL]yHQORVDxRV\ /D VLPXODFLyQ FRQ HO FyGLJR 0&13 DSRUWD HO HVSHFWUR QHXWUyQLFR HQXQD]RQDGHXQDJHRPHWUtDTXHFRQWLHQHXQPDWHULDOHVSHFtILFR3RU WDQWR VLPXODQGR HO UHDFWRU FRQ GHWDOOH VXILFLHQWH HO FyGLJR FDOFXOD HO HVSHFWUR HQ ORV GLIHUHQWHV VHJPHQWRV GHO Q~FOHR D DQDOL]DU LQFOX\HQGR ORVWUR]RVGHEDUUDTXHUHSUHVHQWDQORVVHJPHQWRVDQDOL]DGRVHQHOSUR JUDPD$5,$1(&RQHVWHHVSHFWURQHXWUyQLFR\FRQRFLHQGRHOPDWHULDO LQLFLDO GH OD LUUDGLDFLyQ HQ FDGD FDVR FRQ HO XVR GH RWURV FyGLJRV GH VLPXODFLyQGHTXHPDGRFRPR0217(%8516R$&$%VHUHSURGXFH HOTXHPDGRGHOFDGDVHJPHQWRGHWDOODGRHQWUHHOORVORVDQDOL]DGRVH[SH ULPHQWDOPHQWHHQHOSURJUDPD6HREWLHQHDVtODFRPSRVLFLyQGHOQXHYR PDWHULDOGHVSXpVGHXQSDVRGHRSHUDFLyQ&RQHVWDQXHYDFRQVWLWXFLyQ GHOQ~FOHRDOILQDOGHOSDVRGHRSHUDFLyQ\YROYLHQGRGHQXHYRDOFyGLJR PRQWHFDUOR VH REWLHQH XQ QXHYR HVSHFWUR QHXWUyQLFR SDUD XQ VHJXQGR SDVRGHRSHUDFLyQ'HHVWDIRUPDSRGHPRVUHSURGXFLUWRGDODYLGDGHO FRPEXVWLEOH HVWXGLDGR HQ HO SUR\HFWR REWHQLHQGR HO PDWHULDO ILQDO GHO VHJPHQWRGHEDUULWDHVWXGLDGRLQFOX\HQGRORVDFWtQLGRV\ORVSURGXFWRV GHILVLyQJHQHUDGRV (VWHWUDEDMRFRQVWLWX\HXQSUR\HFWRGHLQYHVWLJDFLyQHQODPRGHODFLyQ GHODHYROXFLyQLVRWySLFDGHOFRPEXVWLEOHUHDOL]DGRSRU6($,QJHQLHUtD \DSR\DGRILQDQFLHUDPHQWHSRUHOSODQGH,'GHO&RQVHMRGH 6HJXULGDG1XFOHDU (186$,1'8675,$6$9$1=$'$66$ 2(&'+$/'(15($&725352-(&7+53 3)-5,!#)».02%4%34$%,%80%2)-%.4/#)0$%, 02/9%#4/#!"2),!:/$%!'5!#/.,/3#»$)'/3 &2!0#/.9&2!042!. )6ALLEJO!(UGHET,%(ERRANZ &,(0$7 (O SURJUDPD LQWHUQDFLRQDO &$%5, ODQ]DGR SRU HO ,561 IUDQFpV HQ FRODERUDFLyQFRQ(')UHDOL]yYDULDVVHULHVGHH[SHULPHQWRVSDUDLQYHV WLJDUHOFRPSRUWDPLHQWRGHOFRPEXVWLEOHGHDOWRTXHPDGRHQVLWXDFLRQHV 1 ,Ê-*!ÊÃi«ÌiLÀi-ÊÓä£ä ÈÎ 6(6,21(67e&1,&$6 5,$ (QWUH ORV H[SHULPHQWRV HMHFXWDGRV HQ OD]R GH VRGLR HO GHVLJQDGR FRPR&,3VHUHDOL]yDILQDOHVGHODxRFRQXQDEDUUDFRPEXVWL EOHLUUDGLDGDHQ9DQGHOOyVKDVWDXQTXHPDGRSURPHGLRSUy[LPRD *:GW8\YDLQDGH=,5/2 (OUHDFWRUH[SHULPHQWDO&$%5,KDVXIULGRSURIXQGDVWUDQVIRUPDFLR QHVSDUDFDPELDUHOOD]RGHUHIULJHUDFLyQGHVRGLRSRURWUROD]RGHDJXD FRQHOREMHWRGHHVWXGLDUFRQGLFLRQHVUHSUHVHQWDWLYDVGHUHDFWRUHV3:5 (O SULPHU H[SHULPHQWR GH FXDOLILFDFLyQ GHO OD]R HVWi SUHYLVWR SDUD HO SUy[LPRDxR(OVHJXQGRH[SHULPHQWRGHVLJQDGRFRPR&,3VH UHDOL]DUiVREUHHOVSDQGHXQDEDUUDLUUDGLDGDHQ9DQGHOOyVJHPHODGH ODXWLOL]DGDHQHOH[SHULPHQWR&,3(OTXHPDGRPi[LPRGHOVHJPHQ WRXWLOL]DGRSDUD&,3HVSUy[LPRD*:GW8 (QHVWHWUDEDMRVHSUHVHQWDQORVUHVXOWDGRVREWHQLGRVHQODVLPXODFLyQ SUHWHVW GHO H[SHULPHQWR &,3 FRQ HO FyGLJR )5$3&21 SDUD OD IDVHGHLUUDGLDFLyQEDVHHQFRQGLFLRQHVGHHVWDGRHVWDFLRQDULR\FRQHO FyGLJR )5$375$1 SDUD OD IDVH GHO H[SHULPHQWR 5,$ 6H UHDOL]DQ ODVFRPSDUDFLRQHVFRQODVPHGLGDVH[SHULPHQWDOHVHQIXQFLyQGHORVGD WRVGLVSRQLEOHVUHODWLYRVDORVDQiOLVLVUHDOL]DGRVWUDVODLUUDGLDFLyQEDVH GHODEDUUDPDGUH\GHOVHJPHQWRUHIDEULFDGR (OFyGLJR)5$3&21HQVX~OWLPDYHUVLyQLQFOX\HYDULDVPR GLILFDFLRQHVUHVSHFWRDODYHUVLyQDQWHULRUHQWUHODVTXHGHVWDFDQLQFRU SRUDFLyQGHXQQXHYRPRGHORGHGHIRUPDFLyQGHYDLQDPHGLDQWHDQiOLVLV GH HOHPHQWRV ILQLWRV DFWXDOL]DFLyQ GH ORV PRGHORV GH FUHFLPLHQWR \ IOXHQFLD GH YDLQD HWF$VLPLVPR )5$375$1 LQFOX\H WDPELpQ DFWXDOL]DFLRQHVGHOPRGHORGHIDOORGHYDLQDDEDMDWHPSHUDWXUDGXUDQWH HOWUDQVLWRULR5,$GHORVPRGHORVGHWUDQVIHUHQFLDGHFDORUYDLQDUHIUL JHUDQWHHQWUHRWURV (VWHWUDEDMRHVWiHQPDUFDGRGHQWURGHODFXHUGRGHFRODERUDFLyQHQWUH &61\&,(0$7VREUHHO³&RPSRUWDPLHQWR7HUPRPHFiQLFRGH&RPEXV WLEOHGH$OWR4XHPDGR´ %80%2)%.#)!3$%,$)3%º/.5#,%!2$%,#)#,/$% #.#/&2%.4%3 -4,ØPEZ#ARBONELL!'ALICIA*-$EY ,%(5'52/$*(1(5$&,Ï1 ,%(5'52/$,1*(1,(5Ë$<&216758&&,Ï1 &1&RIUHQWHV UHDFWRU %:5 FRQ XQ Q~FOHR GH HOHPHQWRV VH HQFXHQWUD DFWXDOPHQWH HQ VX &LFOR GH RSHUDFLyQ FRQ XQD GXUDFLyQ SUHYLVWD GH PHVHV (Q HVWH FLFOR VH KDQ FDUJDGR HOHPHQWRV IUHVFRV GH WLSR *1) GH *(186$ \ GH WLSR 2SWLPD GH :HVWLQJKRXVH 6HxDODU TXH OD FRPSRVLFLyQ DFWXDO GH HOHPHQWRV HQ HO Q~FOHRHV~QLFDHQHOPXQGR 6HUHVXPHQHQODSRQHQFLDODVGLVWLQWDVIDVHVGHOGLVHxRGHOSUHVHQWH FLFORTXHGDGDVODVQRYHGDGHVTXHLQFRUSRUDED\ORVLPSUHYLVWRVRFX UULGRVKDQKHFKRGHOPLVPRXQRGHORVPiVFRPSOLFDGRVHLQWHUHVDQWHV HQODYLGDGHODFHQWUDO6XGLVHxRKDFRQVWLWXLGRXQDXWpQWLFRGHVDItR SDUDHOSHUVRQDOLQYROXFUDGRHQHOPLVPR 6RQGHGHVWDFDUFRPRQRYHGDGHVODFDUJDSRUSULPHUDYH]HQHOQ~ FOHRGHORVQXHYRVFRPEXVWLEOHV*1)GH*(186$FXDUWDUHFDUJDGH HVWHWLSRHQHOPXQGR\ODLQFRUSRUDFLyQWDPELpQSRUSULPHUDYH]HQ &1&RIUHQWHVGHODVEDUUDV0DUDWKRQGH*( &RPRLPSUHYLVWRVRFXUULGRVHVWiQ HOFDPELRHQODIHFKDGHSDUDGDSUHYLVWDGHOFLFORDQWHULRU&LFOR FXDQGR \D HVWDEDQ GLVHxDGRV ORV HOHPHQWRV IUHVFRV &RPR FRQVH FXHQFLD WXYLHURQ TXH VHU UHGLVHxDGRV XQD SDUWH GH ORV PLVPRV SDUD SRGHU DFRPRGDU OD QXHYD VLWXDFLyQ \ REWHQHU OD PLVPD HQHUJtD GHO &LFORFRQHOHPHQWRVUHVLGHQWHVPiVTXHPDGRVGHORSUHYLVWRRUL JLQDOPHQWH È{ 1 ,Ê-*!ÊÃi«ÌiLÀi-ÊÓä£ä HOFDPELRGHPDSDUHVSHFWRDOGHOLFHQFLD(VWXGLRGH6HJXULGDGGH OD5HFDUJDSDUDHYLWDUORVSRWHQFLDOHVSUREOHPDVGHDERPEDPLHQWR GHFDQDOHV HOFDPELRGHPDSDUHVSHFWRDODQWHULRUSRUODFDtGDGHXQHOHPHQWR FRPEXVWLEOH GXUDQWH OD UHFDUJD (VWH HOHPHQWR TXH HVWDED VLHQGR LQVSHFFLRQDGRIRUPDEDSDUWHGHOQ~FOHRORTXHREOLJRDXQUHGLVH xRGHOHVTXHPDGHFDUJDVLQTXHHOORVXSXVLHUDQLQJ~QUHWUDVRHQOD IHFKDSUHYLVWDSDUDHODUUDQTXH $GLFLRQDOPHQWHVHSUHVHQWDQHQHVWDSRQHQFLDORVUHVXOWDGRVREWHQL GRVHQWpUPLQRVGHSUHGLFFLyQGHFULWLFLGDG '%34)».$%,#/-"534)",%)22!$)!$/$%,! #%.42!,.5#,%!2*/3²#!"2%2! !,AVARA#$OMINGO*%"LANCO-'ARCÓA#OSTILLA *%-ARTÓNEZ!BAD*!#AMPOS 62&2,1,1*(1,(5Ë$<&216758&&,Ï1 ,1'8675,$/6/8 *$61$785$/)(126$ (15(6$ &RPR FRQVHFXHQFLD GHO FHVH GH H[SORWDFLyQ GHILQLWLYR GH OD &HQWUDO 1XFOHDU-RVp&DEUHUDHVWDEOHFLGRSDUDHOGHDEULOGHVHJ~Q2UGHQ 0LQLVWHULDO (&2 GH GH 2FWXEUH %2( GH GH QRYLHPEUH GHVHLQLFLDURQXQDVHULHGHDFWLYLGDGHVQHFHVDULDVSDUDDFRPHWHUHO IXWXURGHVPDQWHODPLHQWR\FODXVXUDGHHVWDLQVWDODFLyQHQWUHODVTXHGHV WDFDQDTXHOODVUHODFLRQDGDVFRQODJHVWLyQGHOFRPEXVWLEOHLUUDGLDGR 3DUD GDU FXPSOLPLHQWR DO DUWtFXOR GHO 5HJODPHQWR GH ,QVWDODFLR QHV 1XFOHDUHV \ 5DGLDFWLYDV VH GHWHUPLQy TXH HO FRPEXVWLEOH LUUDGLDGR LQLFLDOPHQWH XELFDGR HQ OD SLVFLQD GH DOPDFHQDPLHQWR VH GHVFDUJDUD WUDVODGDUD\DOPDFHQDUDHQVHFRHQXQDOPDFHQDPLHQWRWHPSRUDODODLQ WHPSHULHGHQRPLQDGR$OPDFHQDPLHQWR7HPSRUDO,QGLYLGXDOL]DGR$7, XELFDGR GHQWUR GHO SURSLR HPSOD]DPLHQWR KDVWD VX VLJXLHQWH HWDSD GH JHVWLyQTXHVHJ~QHO3ODQGH*HVWLyQGH5HVLGXRVUDGLDFWLYRVYLJHQWHHV HODOPDFHQDPLHQWRHQHO$OPDFpQ7HPSRUDO&HQWUDOL]DGR$7& *DV 1DWXUDO )HQRVD FRPR SURSLHWDULD GH OD &1 -RVp &DEUHUD HQ FRRUGLQDFLyQ FRQ (15(6$ VH HQFDUJy GHO OLFHQFLDPLHQWR FRQVWUXFFLyQ \ SRVWHULRU RSHUDFLyQ GHO$7, KDVWD HO PRPHQWR GH OD WUDQVIHUHQFLD GH WLWXODULGDGGHODLQVWDODFLyQSDUDVXGHVPDQWHODPLHQWR (O WUDVODGR GHO FRPEXVWLEOH LUUDGLDGR GHVGH VX XELFDFLyQ LQLFLDO HQ OD SLVFLQD KDVWD OD QXHYD LQVWDODFLyQ GH DOPDFHQDPLHQWR WHPSRUDO \ HO SRVWHULRU DOPDFHQDPLHQWR HQ HO PLVPR VH UHDOL]y PHGLDQWH HO HPSOHR GHO6LVWHPDGH$OPDFHQDPLHQWRHQ6HFR+,67250=VHOHFFLRQDGR SRU (15(6$ \ GLVHxDGR SRU +2/7(& ,17(51$7,21$/ VLJXLHQGR XQD RSHUDWLYD SUH HVWDEOHFLGD /D XWLOL]DFLyQ GH HVWH VLVWHPD UHTXLULy DGLFLRQDOPHQWHODUHDOL]DFLyQGHXQDFROHFFLyQPX\VLJQLILFDWLYDGHPR GLILFDFLRQHV\PHMRUDVWDQWRHQOD&HQWUDOFRPRHQHOSURSLR6LVWHPDGH $OPDFHQDPLHQWR 'HHVWDPDQHUDHQXQSOD]RDOJRVXSHULRUDWUHVDxRVGHVGHVXSDUDGD GHILQLWLYDODFHQWUDOOLEHUyODSLVFLQDGHOFRPEXVWLEOHDQWHULRUPHQWHDOPD FHQDGRHQHOODFXPSOLHQGRHOKLWRWpFQLFRSULQFLSDOSDUDSRGHUWUDQVIHULU ODLQVWDODFLyQD(15(6$\FRPHQ]DUVXGHVPDQWHODPLHQWR (QHVWDSRQHQFLDVHSUHVHQWDXQUHVXPHQGHORVDVSHFWRVPiVUHOHYDQWHV UHODFLRQDGRV FRQ HO SUR\HFWR GH JHVWLyQ GHO FRPEXVWLEOH LUUDGLDGR GH OD &HQWUDO 1XFOHDU -RVp &DEUHUD GHVGH ODV FDUDFWHUtVWLFDV SULQFLSDOHV GHO $7,\GHO6LVWHPDGH$OPDFHQDPLHQWRHQVHFRHOHJLGRSDUDWDOILQKDVWD ODV UHODFLRQDGDV FRQ VX LPSODQWDFLyQ HQ OD &HQWUDO PRVWUDQGR TXH ODV RSHUDFLRQHV GH H[WUDFFLyQ GHO FRPEXVWLEOH LUUDGLDGR VX PRYLPLHQWR SRU OD&HQWUDO\VXSRVWHULRUDOPDFHQDPLHQWRHQHO$7,VHUHDOL]DURQGHXQD IRUPDHILFLHQWH\VHJXUD 3URJUDPD\6LQRSVLVGHODV3RQHQFLDV #/-0!2!#)».$%2%!#4)6)$!$9$)342)"5#)».$% 0/4%.#)!%.42%#!3-/9-#.00!2!#/-"534)",% '.& 6!,)$!4)/./&4(%"52.50#/$%%6/,#/$% 7)4(07230%.4&5%,#/-0/3)4)/. !'ALICIA0-ATA0/RTEGO &,(0$7 ,%(5'52/$*(1(5$&,Ï1 6($,1*(1,(5Ë$ /D PHWRGRORJtD *,5$/'$ XWLOL]DGD SDUD HO OLFHQFLDPLHQWR GH ODV UHFDUJDV GH OD &1 GH &RIUHQWHV H[LJH UHDOL]DU FRPSDUDFLRQHV GH UHDFWLYLGDG \ GLVWULEXFLyQ GH SRWHQFLD HQWUH HO FyGLJR GH FiOFXOR XWLOL]DGR SRU HO VXPLQLVWUDGRU \ RWUR FyGLJR LQGHSHQGLHQWH SDUD FDGD QXHYRGLVHxRGHHOHPHQWRFRPEXVWLEOHLQVHUWDGRHQHOQ~FOHR(QFRQ VHFXHQFLD \ SDUD OD LQWURGXFFLyQ GHO HOHPHQWR FRPEXVWLEOH *1) VX PLQLVWUDGRSRU*(186$HLQWURGXFLGRSRUSULPHUDYH]HQHO&LFOR VHKDQUHDOL]DGRFRPSDUDFLRQHVHQWUHHOFyGLJRGHWUDQVSRUWH&$602 XWLOL]DGRHQ*,5$/'$\HOFyGLJR0RQWH&DUOR0&13GH/$1/ 6H SUHVHQWDQ ORV UHVXOWDGRV REWHQLGRV HQ UHDFWLYLGDG \ GLVWULEX FLyQ GH SRWHQFLD SRU EDUULWD HQ GLIHUHQWHV HVWDGRV GH RSHUDFLyQ GHO HOHPHQWRWDQWRDSOHQDSRWHQFLDFRQGLIHUHQWHVIUDFFLRQHVGHKXHFRV FRPRHQSDUDGDFDOLHQWH\HQIUtRFRQ\VLQLQVHUFLyQGHODEDUUDGH FRQWURO &«LVAREZ&-'ONZÈ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Ê-*!ÊÃi«ÌiLÀi-ÊÓä£ä Èx 6(6,21(67e&1,&$6 3!,! *UEVESH &53)».))) 02%3)$%.4%2OQUE0EREZAGUA,ØPEZ %-02%3!2)/3!'250!$/3 !.«,)3)3$%!#4)6!#)».9.%542».)#!$%,! ).34!,!#)».()0%2 2*UÈREZ*3ANZ'OZALO&/GNISSANTO*-0ERLADO 81(' 81,9(532/,7e&1,&$'(0$'5,' (OSUR\HFWR+L3(5HVXQDLQVWDODFLyQFRQFHELGDSDUDLQYHVWLJDUODHQHUJtD SRUIXVLRQLQHUFLDO6HHVSHUDTXHRSHUHFRQXQDDOWDWDVDGHUHSHWLFLyQKDVWD GHWRQDFLRQHVSRUVHJXQGR+]/RVUHQGLPLHQWRVSXHGHQVHUGHKDVWD 0-GHQHXWURQHVGHIXVLyQSRUGHWRQDFLyQFRQKDVWDGHWRQDFLRQHV SRUUiIDJD\XQDUiIDJDDOPHV&RQHOFyGLJRGHWUDQVSRUWH0&13;\HO FyGLJRGHLQYHQWDULR$&$%\ODOLEUHUtDGHVHFFLRQHVHILFDFHVGHDFWLYDFLyQ ($)VHKDUHDOL]DGRODFDUDFWHUL]DFLyQUDGLROyJLFDGHODLQVWDODFLyQ /DSODWDIRUPDGHGLVSDURHVHOHVSDFLRGHGLFDGRDODOEHUJDUODFiPDUDGH UHDFFLyQ6HDVXPHXQDFiPDUDGHUHDFFLyQGHPHWURVGHUDGLRGHFP GHHVSHVRU\KHFKDGHDFHURLQR[LGDEOH6HVXSRQHQHQWRUQRDSHQHWUD FLRQHV FRQ OHQWHV GHVHFKDEOHV IUHQWH D ODV SHQHWUDFLRQHV D XQRV PHWURV GHOFHQWURGHODFiPDUDGHUHDFFLyQ/DySWLFDILQDOVHVLW~DDPHWURVGHO FHQWURGHODFiPDUD\VHEOLQGDFRQWUDODUDGLDFLyQ (QHVWHHVWXGLRVHSURSRQHQXQEOLQGDMHSDUDODFiPDUDEOLQGDMHSDUDOD ySWLFD ILQDO \ EOLQGDMH GH OD SODWDIRUPD GH GLVSDUR DO H[WHULRU 6H GHGLFDQ iUHDVHVSHFLDOPHQWHEOLQGDGDVFRQWUDODUDGLDFLyQSDUDDOEHUJDUODHOHFWUyQL FDQHFHVDULD5HVSHFWRDOGDxRSRUUDGLDFLyQVHHVWXGLDQODVFRQVHFXHQFLDV GHODRSHUDFLyQSDUDODFiPDUDHOEOLQGDMHODVOHQWHVGHVHFKDEOHV\ODySWLFD ILQDO 6H VXJLHUHQ SRVLEOH FDOHQGDULRV \ SURFHGLPLHQWRV GH PDQWHQLPLHQWR PDQXDORUHPRWRWHQLHQGRHQFXHQWDODVGLIHUHQWHVWDVDVGHGRVLVGHULYDGDV GHODRSHUDFLyQGHODLQVWDODFLyQ3RU~OWLPRVHDQDOL]DODJHVWLyQGHUHVL GXRVWUDVDxRVGHRSHUDFLyQFRQVLGHUDQGRtQGLFHVGHGHVFODVLILFDFLyQ\ HQWHUUDPLHQWRVXSHUILFLDO\UHFLFODGRPDQXDORUHPRWR /DVIXQFLRQHVUHVSXHVWDTXHVHHVWXGLDQVRQDFWLYDFLyQGHORVPDWHULDOHV SURGXFFLyQGHJDV+LGUyJHQR\+HOLRGHVSOD]DPLHQWRSRUiWRPRHQHUJtD GHSRVLWDGDWDVDVGHGRVLVLQPHGLDWDUHVLGXDO\GHFRQWDFWRFDORUGHGHFDL PLHQWRHtQGLFHVGHGHVFODVLILFDFLyQ\GHHQWHUUDPLHQWRVXSHUILFLDO (VWH HVWXGLR SXHGH VHU ~WLO SDUD WRPDU GHFLVLRQHV VREUH HO GLVHxR GH OD LQVWDODFLyQODUREyWLFD\ODHOHFWUyQLFDQHFHVDULDORVUHTXHULPLHQWRVGHORV PDWHULDOHVGHODySWLFD\GHODSODWDIRUPDGHGLVSDUR\SRVLEOHVHVFHQDULRV GHLUUDGLDFLyQ $)3%º/$%,",).$!*%$%,"%!-$5-0$%, !#%,%2!$/2)&-)&%6%$! -'ARCÓA#AMACHO&/GANDO0/RTEGO#4ÚRE$,ØPEZ *-!RROYO""RA×AS03AUVAN!-AYORAL*3ANZ 81(' ÈÈ 1 ,Ê-*!ÊÃi«ÌiLÀi-ÊÓä£ä #//2$).!$/2,UIS3EDANO #)%-!4 (O3UR\HFWR,)0,)VXSRQHHOGHVDUUROORGHXQDIXHQWHQHXWUyQLFDGHDOWD LQWHQVLGDGSDUDSUREDUPDWHULDOHVFDQGLGDWRVDIRUPDUSDUWHGHODVHVWUXFWX UDVGHORVIXWXURVUHDFWRUHVGHIXVLyQ$QWHVGHODFRQVWUXFFLyQGH,)0,)OD IDVH(9('$LPSOLFDODFRQVWUXFFLyQGHXQDFHOHUDGRUGHGHXWHURQHV P$&:0H9\XQEODQFRGHIUHQDGRGHOKD]%' /DSLH]DTXHVHHQFDUJDGHGHWHQHUHOKD]GHGHXWHURQHVGH0H9HVXQ FRQRGHFREUHGHFPGHORQJLWXG\FPGHGLiPHWURGHDSHUWXUD(O LPSDFWR GH ORV GHXWHURQHV FRQ OD VXSHUILFLH LQWHUQD GHO FRQR SURGXFH XQD WDVDGHQHXWURQHVGHDSUR[LPDGDPHQWHQV (VWHWUDEDMRGHVFULEHODRSWLPL]DFLyQGHOGLVHxRGHOEOLQGDMHORFDOGHO%' DILQGHFXPSOLUFRQORVOtPLWHVGHGRVLVHQHOHQWRUQRGHODVDODGHODFHOH UDGRU\GHODLQVWDODFLyQ3DUDHOORVHKDQHYDOXDGRGLIHUHQWHVJHRPHWUtDV \FRPELQDFLRQHVGHPDWHULDOHVWHQLHQGRHQFXHQWDHORULJHQGHODVGRVLVOD LQWHUDFFLyQGHODVUDGLDFLRQHVH[LVWHQWHVFRQODVSDUHGHVGHODVDODGHODFH OHUDGRU\HO%'\ODVUHVWULFFLRQHVGHHVSDFLRH[LVWHQWHV/DLGHDLQLFLDOGH EOLQGDUHOFRQRFRQXQWDQTXHGHDJXDQRFXPSOHFRQORVUHTXHULPLHQWRVGH GRVLVSRUORTXHVHKDHOHJLGRILQDOPHQWHXQDFRPELQDFLyQGHPDWHULDOHVOL JHURV\SHVDGRVDJXDFRQKLHUUREiVLFDPHQWH(VWHEOLQGDMHGHO%'RSWLPL ]DGRFXPSOHFRQORVOtPLWHVGHGRVLVHQODIDVHGHIXQFLRQDPLHQWR\SHUPLWH XQ PDQWHQLPLHQWR PDQXDO GHO PLVPR WUDV XQ WLHPSR GH HVSHUD UD]RQDEOH WUDVODSDUDGDGHODFHOHUDGRU 3DUDORVFiOFXORVGHWUDQVSRUWHVHKDXWLOL]DGRHOFyGLJR0&13FRQXQD HVSHFLDOGHGLFDFLyQHQODIXHQWHGHUDGLDFLyQSURGXFLGDSRUODLQWHUDFFLyQ GHORVGHXWHURQHVFRQHOFRQRGHFREUH/RVFiOFXORVGHDFWLYDFLyQVHKDQ UHDOL]DGRFRQHOFyGLJR$&$% 3)-5,!#)».$%,4!2'%4$%,)4)/$%4%#(./&53)/. 8!RI×O##OLOMER-3ALVAT!!LEMÈM ,'20 /RVDQiOLVLVHVSHFtILFRVREMHWRGHORVDQiOLVLV&)'\PHFiQLFRVGHOWDUJHW GHOLWLRGH7(&+12)86,21SUHWHQGHQFRUURERUDUODYLDELOLGDGWpFQLFD\ H[SHULPHQWDOGHODFRSODPLHQWRGHDOJXQRGHORVDFHOHUDGRUHVGHSDUWtFXODV GLVSRQLEOHV HQ ORV ODERUDWRULRV GH LQYHVWLJDFLyQ GHO FRPSOHMR GH7(&+ 12)86,21 $SDUWLUGHODVFRQGLFLRQHVGHIXQFLRQDPLHQWR\RSHUDFLyQILMDGDVHQOD SULPHUD SDUWH GHO SUR\HFWR VH UHDOL]D XQD DSUR[LPDFLyQ LQLFLDO DO PRGHOR FRQODLQWHQFLyQGHGDUUHVSXHVWDDDOJXQDVGHODVVLJXLHQWHVFXHVWLRQHV 6LPXODFLyQ GHO FRPSRUWDPLHQWR GHO IOXLGR OLWLR OtTXLGR D VX SDVR SRU OD ]RQD GH GHSRVLFLyQ GHO DFHOHUDGRU GH SDUWtFXODV PHGLDQWH$16<6 )/8(17REWHQFLyQGHOFDPSRGHSDUiPHWURVIOXLGRGLQiPLFRVHQHO HQWRUQR GHO EODQFR GH OLWLR WDOHV FRPR WHPSHUDWXUD YHORFLGDG IUDFFLyQ PiVLFDRSUHVLyQ 9DOLGDFLyQ GHO SHUILO GH WHPSHUDWXUDV HVFRJLGR HO WLSR GH SDUWtFXODV TXH LQFLGLUiQVREUHODFRUWLQDGHPHWDOOtTXLGRXQRGHORVREMHWLYRVGHODVL 3URJUDPD\6LQRSVLVGHODV3RQHQFLDV PXODFLyQHVODFDUDFWHUL]DFLyQWHUPRKLGUiXOLFDGHODLQFLGHQFLDGHOKD]GH SDUWtFXODVVREUHHOOLWLR 0HMRUDVVREUHHOGLVHxRPHFiQLFRGHOEODQFRWRGDVODVFRQFOXVLRQHVRE WHQLGDVGHODVVLPXODFLRQHVIOXLGRGLQiPLFDVSHUPLWHQXQDPHMRUDHQOD GHILQLFLyQPHFiQLFDGHOEODQFR &DSDFLGDGHV\GHILFLHQFLDVGHOFyGLJRFRPHUFLDOXWLOL]DGRDORODUJRGHO DQiOLVLVVHKDQGHWHFWDGRORVSXQWRVIXHUWHV\GpELOHVGHORVUHVXOWDGRV\ FDSDFLGDGHVGHORVFyGLJRVXWLOL]DGRV ).4%2!##)».%.42%,/3#»$)'/3-#.0-#.089 !.393&,5%.4© !-ÈRQUEZ-3ALVAT!!LEMÈN ,'20 /DXWLOLGDGGHFyGLJRVFRPSXWDFLRQDOHVWHUPRKLGUD~OLFRVFRPR)/8(17 HQ HO GHVDUUROOR GH WHFQRORJtDV UHODFLRQDGDV FRQ OD )XVLyQ HV LQGLVFXWLEOH 3RURWURODGRORVFyGLJRVGHWUDQVSRUWHGHSDUWtFXODVEDVDGRVHQHOPpWRGR 0RQWH&DUORFX\RSDUDGLJPDPiVH[WHQGLGRHV0&130&13;VRQGHVGH KDFHWLHPSRXQDKHUUDPLHQWDQHFHVDULDHQHOGHVDUUROORGHHVWDVWHFQRORJtDV ,'20 KD GHVDUUROODGR XQD KHUUDPLHQWD GH LQWHJUDFLyQ HQWUH HVWRV GRV FyGLJRV)/8(170&13TXHSHUPLWHLQWURGXFLUFRPRIXHQWHGHFDORUHQ )/8(17ODGHSRVLFLyQWpUPLFDRULJLQDGDSRUFXDOTXLHUIOXMRGHSDUWtFXODV VREUHXQDFRUULHQWHGHIOXLGRTXHVHREWLHQHPHGLDQWH0&130&13; (OHVTXHPDGHLQWHJUDFLyQFRQVWDGHODVVLJXLHQWHVHWDSDV 2EWHQFLyQGHODUFKLYRGHVDOLGDGH0&13PHGLDQWHODHMHFXFLyQGHOPR GHORFRUUHVSRQGLHQWH /HFWXUDGHORVYDORUHVGHGHSRVLFLyQHQHUJpWLFDVREUHFDGDHOHPHQWRGH PDOODFRQIRUPDUHJXODURULJLQDGDSRU0&130&13; 7UDQVSRVLFLyQ GH OD PDOOD 0&13 D VX FRUUHVSRQGLHQWH HQ )/8(17 PHGLDQWHHOFiOFXORGHYDORUHVPHGLRVHQHOFHQWURLGHGHFDGDPDOODGH )/8(17FRQIRUPDVPiVLUUHJXODUHV ,QWURGXFFLyQHQ)OXHQWGHHVWRVYDORUHVFRPRIXHQWHVGHFDORUGLVFUHWDV %345$)/302%,)-).!2%3$%02/4%##)». 2!$)/,»')#!%.%,,!"/2!4/2)/$%)22!$)!#)».$% -!4%2)!,%3$%4%#(./&53)». 0"OLA×OS03AUVAN-'ARCÓA&/GANDO*3ANZ26ILA 81(' (O /DERUDWRULR GH ,UUDGLDFLyQ GH 0DWHULDOHV GH 7HFKQR)XVLyQ WLHQH FRPR REMHWLYR UHSURGXFLU PHGLDQWH LUUDGLDFLyQ FRQ KDFHV GH LRQHV HO GDxR QHXWUyQLFR SURGXFLGR HQ ORV PDWHULDOHV WDQWR HVWUXFWXUDOHV FRPR IXQFLRQDOHV GH ODV LQVWDODFLRQHV GH IXVLyQ 3DUD HOOR HVWH ODERUDWRULR GLVSRQGUiGHGLVWLQWRVDFHOHUDGRUHVGHLRQHVGHHQHUJtDVHLQWHQVLGDGHV VLJQLILFDWLYDV TXH DO LQWHUDFFLRQDU FRQ ORV PDWHULDOHV EDMR HVWXGLR SURGXFHQ QHXWURQHV \ IRWRQHV TXH JHQHUDQ XQ FDPSR GH GRVLV (VWR LPSOLFDODQHFHVLGDGGHUHDOL]DUXQHVWXGLRGHSURWHFFLyQUDGLROyJLFDHQ HOHQWRUQRGHODLQVWDODFLyQSDUDHOFXDOVHKDHOHJLGRGHHQWUHWRGDVODV FRQGLFLRQHVGHLUUDGLDFLyQWLSRV\HQHUJtDGHORVKDFHVHVSHUDGDVHQHO ODERUDWRULRGH,UUDGLDFLyQGH0DWHULDOHVHOFDVRGHOKD]GHSURWRQHVSRU VHUpVWHHOTXHSURGXFLUiODPD\RUGRVLVUHVXOWDQWH (Q HO WUDEDMR DTXt SUHVHQWDGR VH DQDOL]D OD GRVLV HQ HO H[WHULRU GH OD VDOD GH LUUDGLDFLyQ VXSRQLHQGR TXH HQ VX LQWHULRU VH HQFXHQWUD XQD PXHVWUD GH KLHUUR DFRSODGD D VX VRSRUWH SRUWDPXHVWUD VLHQGR DPERV LUUDGLDGRV SRU XQ KD] GH SURWRQHV GH HQHUJtD HQWUH \ 0H9 /D LQWHQVLGDGGHOKD]GHSURWRQHVVHKDHVWDEOHFLGRGHPDQHUDTXHODSUR GXFFLyQ GH SDUWtFXODV DOID HQ OD PXHVWUD GXUDQWH OD LUUDGLDFLyQ DOFDQFH XQYDORUGHDSSPVHPDQDSDUDUHSURGXFLUHQXQWLHPSRUD]RQDEOH ORVYDORUHVHVSHUDEOHVHQ'(026HKDQHVWXGLDGRGLVWLQWRVPDWHULDOHV FDQGLGDWRVSDUDHOSRUWDPXHVWUDGHORVFXDOHVVHKDHVFRJLGRHOTXHSUH VHQWDXQPHMRUFRPSRUWDPLHQWRGHVGHHOSXQWRGHYLVWDUDGLROyJLFR/D GRVLVHQIXQFLRQDPLHQWRGHELGDDQHXWURQHV\IRWRQHVHQHOH[WHULRUGHOD VDODGHLUUDGLDFLyQVHKDGHWHUPLQDGRHVWLPDQGRFRPRSULPHUDRSFLyQ GHEOLQGDMHXQHVSHVRUGHODVSDUHGHVGHKRUPLJyQWDOTXHODGRVLVHQHO H[WHULRUGHODVDODFXPSODFRQORVOtPLWHVSHUPLWLGRV 02/'2!-!$%4%#./,/'¶!.5#,%!2$%&53)». #/.3/,)$%24%#./?&532%35,4!$/3$%34!#!",%3 $%,02)-%2!º/$%!#4)6)$!$ ,3EDANO*3ÈNCHEZ%2(ODGSON-6ICTORIA*3ANZ -#HIUMENTI*(ERNÈNDEZ,L"ATET2#ODINA!)BARRA *"ELZUNCE*1UI×ONES#'A2OSALES-3ERRANO!-ORO×O &,EGARDA*-0ERLADO*3EMPERE*!BELLË*),INARES *6EGA,%(ERRANZ*-A-ARTÓNEZ6AL%-ÓNGUEZ*$IES *!LONSOYINVESTIGADORESDE)NSTITUCIONES &,(0$7 &2162/,'(5,1*(1,2UHSUHVHQWDXQDDFWXDFLyQHVWUDWpJLFDGHO 0LQLVWHULRGH&LHQFLDH,QQRYDFLyQSDUDODILQDQFLDFLyQGHDFWLYLGDGHVTXH HVWDEOH]FDQQXHYDVOtQHDVGHLQYHVWLJDFLyQRULJLQDOHV\DFWXDOL]DGDVVLWXDGDV HQIURQWHUDVGHFRQRFLPLHQWRFLHQWtILFR\WHFQROyJLFR³7(&12B)863UR JUDPDGH7HFQRORJtD1XFOHDUGH)XVLRQ´SURPRYLGRGHVGHHO/DERUDWRULR 1DFLRQDO GH )XVLyQ &,(0$7 VXSRQH XQ QXHYR 3URJUDPD 1DFLRQDO GH 7HFQRORJtDGH)XVLyQHQ(VSDxDDPRGRGHSURJUDPDRULHQWDGRTXHLQWHJUD LQWHUDFWLYDPHQWHiUHDVFODYHGHODWHFQRORJtDGHIXVLyQ/DVDFWLYLGDGHVVH DUWLFXODQDOUHGHGRUGHOGHVDUUROORGHXQFRQFHSWRGHHQYROWXUDUHJHQHUDGRUD \ VXV VLVWHPDV DX[LOLDUHV ³GH SODQWD´7(&12B)86 FRQFHELGR SDUD HO ODQ]DPLHQWRGHO3URJUDPDSDUDORVWUHVSUy[LPRVDxRVLPSOLFDDOUHGHGRUGH GRFWRUHVHLQJHQLHURVGHLQVWLWXFLRQHV\KDLQFRUSRUDGRDOUHGHGRU QXHYRVLQYHVWLJDGRUHVDORTXHGHVWLQDGHOSUHVXSXHVWRWRWDOa0¼ /D SRQHQFLD GHVFULEH ORV ORJURV VLJQLILFDWLYRV GHO SURJUDPD7(&12B )86HQVXSULPHUDxRGHHMHFXFLyQHQDVSHFWRVUHODFLRQDGRVFRQHOGLVHxR GHFRPSRQHQWHV\VLVWHPDV\QXHYDVFDSDFLGDGHVHQWHFQRORJtDVVXE\DFHQ WHVHQIXVLyQHQSURGXFFLyQGHPDWHULDOHVSDUDIXVLyQ\HQGHPRVWUDFLyQGH WHFQRORJtDVFODYH 1 ,Ê-*!ÊÃi«ÌiLÀi-ÊÓä£ä ÈÇ 6(6,21(67e&1,&$6 3!,! *UEVESH )$I)) 02%3)$%.4%&RANCISCO'ARCÓA!COSTA '!3.!452!,&%./3! #!2!#4%2):!#)».$%(/2-)'/.%32%&/2:!$/3 0!2!35!0,)#!#)».%.).34!,!#)/.%3.5#,%!2%3 $%&53)». -!0ARÓS!3ANJURJO-$IAZ,LANOS*3ANZ'ONZALO *0#ATALÈN$,ØPEZ-'ARCIA#AMACHO!-AYORAL &/GANDO03AUVAN $&&,21$,1)5$(6758&785$6 (QHOSUHVHQWHWUDEDMRVHHVWXGLDQODVSURSLHGDGHVPHFiQLFDV\UDGLROyJL FDVGHYDULRVKRUPLJRQHVUHIRU]DGRVFRQILEUDVFRUWDVGHFDUDDVXSRVLEOH HPSOHRHQLQVWDODFLRQHVGHIXVLyQQXFOHDU /DFDUDFWHUL]DFLyQFRPSOHWDGHHVWHWLSRGHKRUPLJRQHVLQFOX\HHOHVWXGLR GHORVSURFHVRVGHIDEULFDFLyQODFDUDFWHUL]DFLyQGHODVSURSLHGDGHVHQHVWD GRIUHVFRUHVLVWHQFLDPHFiQLFD\WHQDFLGDG7RGRVORVHQVD\RVUHDOL]DGRVVH KDQOOHYDGRDFDERGHDFXHUGRDODQRUPDWLYDYLJHQWH /DVSURSLHGDGHVUDGLROyJLFDVGHORVKRUPLJRQHVKDQFXELHUWRORVDVSHFWRV GH EOLQGDMH \ DFWLYDFLyQ \ VH KDQ OOHYDGR D FDER PHGLDQWH HO HPSOHR GH ORV FyGLJRV FRPSXWDFLRQDOHV 0&13 \$&$% /RV UHVXOWDGRV REWHQLGRV SDUDHVWHWLSRGHKRUPLJRQHVKDQVLGRFRPSDUDGRVFRQORVGHKRUPLJRQHV EDULWDGRV \ ERUDGRV WUDGLFLRQDOPHQWH HPSOHDGRV FRPR EOLQGDMHV IUHQWH D UDGLDFLyQ (OHVWXGLRUDGLROyJLFRVHKDOOHYDGRDFDERHPSOHDQGRXQPRGHORJHRPp WULFRVLPSOLILFDGRSDUWLHQGRGHODFRQILJXUDFLyQJHRPpWULFDLQLFLDOGH,7(5 /D PHWRGRORJtD HPSOHDGD FDUDFWHUL]D HO IOXMR GH UDGLDFLyQ LQFLGHQWH HQ OD SDUHGLQWHUQDGHOKRUPLJyQ\HVWXGLDVXHYROXFLyQ\HIHFWRVDORODUJRGH WRGR HO HVSHVRU &RQ HVWD FDUDFWHUL]DFLyQ GH OD IXHQWH VH UHGXFH GH IRUPD VLJQLILFDWLYDHOWLHPSRGHFiOFXORQHFHVDULR 'HO HVWXGLR UHDOL]DGR VH GHVSUHQGH TXH ORV KRUPLJRQHV UHIRU]DGRV VRQ PiV YHQWDMRVRV HQ WpUPLQRV HFRQyPLFRV \ GH SURSLHGDGHV PHFiQLFDV TXH ORVKRUPLJRQHVEDULWDGR\ERUDGR6LQHPEDUJRHVWRV~OWLPRVSUHVHQWDQXQD PD\RU FDSDFLGDG GH EOLQGDMH SDUD XQ GHWHUPLQDGR HVSHVRU 5HVSHFWR D OD DFWLYDFLyQWRGRVORVKRUPLJRQHVHQVXFRPSRVLFLyQEDVHVLQLPSXUH]DV FXPSOHQFRQORVOtPLWHVDVRFLDGRVDODJHVWLyQGHUHVLGXRV #«,#5,/3.%542».)#/30!2!%,$)3%º/9 /04)-):!#)».$%,3)34%-!",!.#/-/$%2!$/2$% ,!&5%.4%%52/0%!$%%30!,!#)».%33 3$OMINGO&3ORDO--AGÈN*-0ERLADO*"ERMEJO (66%,/%$2 ,167'()86,Ï118&/($5'(1,0830 (QODDFWXDOLGDGODVGRVIXHQWHVGHQHXWURQHVGHHVSDODFLyQPiVSRWHQWHV GHPXQGR-66-DSyQ\61686$XWLOL]DQSRWHQFLDVGHOKD]GHORUGHQGH 0:PX\VXSHULRUHVDODIXHQWHVSXOVDGDVH[LVWHQWHVHQODXQLyQHXURSHD Èn 1 ,Ê-*!ÊÃi«ÌiLÀi-ÊÓä£ä #//2$).!$/2!-ARIBEL'ØMEZ"ERNAL )"%2$2/,! 'HELGRDHOOR\HQSUHYLVLyQGHOFLHUUHGHOUHDFWRUGHH[SHULPHQWDFLyQ,// ODXQLyQ(XURSHDKDWUDEDMDGRGHVGHHODxRHQHOGLVHxRGHXQDIXHQWH GH QHXWURQHV GH HVSDODFLyQ GH 0: GH SRWHQFLD TXH VHUi FRQVWUXLGD HQ /XQG6XHFLD\TXHHVSHUDQHQWUHHQRSHUDFLyQHQDxRV'DGDVODVGL ILFXOWDGHV DVRFLDGDV DO UiSLGR GHWHULRUR GH ORV VLVWHPDV EODQFRPRGHUDGRU GHODVIXHQWHVRSHUDWLYDVDQLYHOPXQGLDOODIXHQWH(XURSHDGH(VSDODFLyQ DFDEDGHHQWUDUHQXQDIDVHGHUHGLVHxRTXHDEDUFDUiHQWUH\DxRV\HQ ODTXHVHSURFHGHUiDDFWXDOL]DUHOGLVHxRGHOPyGXORGHOWDUJHWSODWHDGRHQ HODxR (O JUXSR GH WDUJHW GH (66 %LOEDR HQ FRODERUDFLyQ FRQ HO '(1,0 UHDOL]DUiXQDSDUWHLPSRUWDQWHGHORVFiOFXORVQHXWUyQLFRVDVRFLDGRVDHVWD HWDSD HVSHFLDOPHQWH FHQWUDGRV HQ HO GLVHxR \ RSWLPL]DFLyQ GHO FRQMXQWR EODQFRPRGHUDGRUGHODIXHQWH(XURSHDWDQWRGHVGHHOSXQWRGHYLVWDGHORV UHTXHULPLHQWRV H[SHULPHQWDOHV LQWHQVLGDG GH IOXMR EULOOR GHILQLFLyQ WHP SRUDO GH SXOVR QHXWUyQLFR \ KRPRJHQHLGDG HQHUJpWLFD GHO PLVPR FRPR HQ WpUPLQRV LQJHQLHULOHV YLGD ~WLO DQWH GDxR SRU LUUDGLDFLyQ R GHSRVLFLyQ WpUPLFDIDFLOLGDGGHPDQWHQLPLHQWR\VXVWLWXFLyQDFWLYLGDGUHVXOWDQWHWUDV RSHUDFLyQJHVWLyQGHUHVLGXRVUHVXOWDQWHVVHJXULGDGHQRSHUDFLyQQRUPDO\ HQFDVRGHDFFLGHQWHHWF (QHVWHWUDEDMRVHSUHVHQWDXQDLQWURGXFFLyQDOSUR\HFWRGH)XHQWH(XUR SHDGH(VSDODFLyQ(66\HQSDUWLFXODUDVXVLWHPDEODQFRPRGHUDGRUDVt FRPRDORVFyGLJRVTXHHVWiQVLHQGRXWLOL]DQGRVSRU(66%,/%$2'(1,0 SDUDVXGLVHxR\RSWLPL]DFLyQ6HPRVWUDUiQDGHPiVORVUHVXOWDGRVSDUDPp WULFRVREWHQLGRVSDUDHOGHVHPSHxRQHXWUyQLFRODGHSRVLFLyQHQHUJpWLFDHO GDxRSRULUUDGLDFLyQ\FDORUUHVLGXDOHQORVPDWHULDOHVGHEODQFR\PRGHUD GRUDVtFRPRFiOFXORVGHGRVLV\EOLQGDMHVGXUDQWHVXRSHUDFLyQ 5.#%.42/$%)$)#/.&5%.4%3$%.%542/.%3 ).4%.3!3 *"ERMEJO&,EGARDA (66%,/%$2 /D SUHVHQWH VLQRSVLV LQWURGXFH HO &HQWUR GH ,QYHVWLJDFLyQ HQ &LHQFLD \ 7HFQROyJLFDGH$FHOHUDGRUHVGH3DUWtFXODVFRQ$OWDV&RUULHQWHVTXHVHHVWi FRQVWUX\HQGRHQ%LOEDR /D SULQFLSDO PRWLYDFLyQ GH WDO HVIXHU]R UDGLFD HQ OD PiV TXH VHQVDWD QHFHVLGDGGHUHQWDELOL]DUORVHVIXHU]RVGHVDUUROODGRVGXUDQWHHOSHUtRGRGH FDQGLGDWXUDGH(66%LOEDRSRUXQHTXLSRKXPDQRTXHKDDGTXLULGR\DGL PHQVLRQHVVLJQLILFDWLYDV 6H WUDWD SXHV GH QXFOHDU XQ FHQWUR GH LQYHVWLJDFLyQ FLHQWtILFD FRQ XQD PX\ PDUFDGD LPSOLFDFLyQ WHFQROyJLFD KRPRORJDEOH D RWURV H[LVWHQWHV HQ SDtVHVGHQXHVWURHQWRUQRLQPHGLDWRFDSD]GHDIURQWDUORVUHWRVTXHFRQOOH YD OD SDUWLFLSDFLyQ HVSDxROD HQ SUR\HFWRV LQWHUQDFLRQDOHV GH HVWD tQGROH \ VXSOLUDVtODVFDUHQFLDVTXHDGtDGHKR\VXIUHHOVLVWHPDHVSDxROGHFLHQFLD \WHFQRORJtD /DSURSXHVWDSDUWHGHODH[SHULHQFLDDGTXLULGDSRUXQJUXSRGHLQYHVWLJD GRUHVHQWDUHDVUHODWLYDVDOHVWXGLRHOHFWURPDJQpWLFRPRGHODGR\FRQVWUXF 3URJUDPD\6LQRSVLVGHODV3RQHQFLDV FLyQ GH GLVSRVLWLYRV ItVLFRV UHTXHULGRV HQ OD FRQVWUXFFLyQ GH DFHOHUDGRUHV GH KDFHV LQWHQVRV GH SDUWtFXODV OLJHUDV (O REMHWR GH WDOHV LQIUDHVWUXFWXUDV FRQFLHUQH D OD H[SHULPHQWDFLyQ DYDQ]DGD HQ WDUHDV WDQ GLYHUVDV FRPR OD )tVLFDGH3DUWtFXODVODSURGXFFLyQGHKDFHVGHQHXWURQHVSRUSURFHVRVGH IUDJPHQWDFLyQ QXFOHDU HVSDODFLyQ HO HVWXGLR GH PDWHULDOHV SDUD )XVLyQ 1XFOHDUODWUDQVPXWDFLyQGHDFWtQLGRVPHQRUHVHQFRPEXVWLEOHQXFOHDUJDV WDGRODSURGXFFLyQGHLVyWRSRVLQHVWDEOHVSDUDHVWXGLRVHQ)tVLFD1XFOHDUR ODVSRVLEOHVDSOLFDFLRQHVGHDFHOHUDGRUHVGHHVWHWLSRHQUDGLRWHUDSLDRQFROy JLFDYLJLODQFLDDGXDQHUDUDGLRELRORJtDIDEULFDFLyQ\SUXHEDVGHPDWHULDOHV DYDQ]DGRVHWF 3UHWHQGHPRVSXHVDTXtDYDQ]DUXQDSURSXHVWDUD]RQDGDVREUHODHVWUXFWX UDTXHWDOFHQWURSRGUtDDGTXLULUODFXDODQXHVWURMXLFLRHVySWLPDHQWpUPL QRVGHRSHUDWLYLGDG #«,#5,/3&,5)$/$).«-)#/30!2!,!2%&2)'%2!#)».$%, 4!2'%4$%,!&5%.4%%52/0%!$%%30!,!#)».%33 --AGÈN&3ORDO*-0ERLADO*"ERMEJO3$OMINGO (66%,/%$2 ,167'()86,Ï118&/($5'(1,0830 (66%LOEDRFRPRSDUWHGHXQDFXHUGRHQWUH(VSDxD\6XHFLDSDUDXQD FDQGLGDWXUDFRQMXQWDD OD)XHQWHGH(VSDODFLyQ (XURSHDHVWiSUR\HFWDQGR XQDLQVWDODFLyQFRPSOHPHQWDULDHQODTXHVHLQFOX\HQSUXHEDVGHWDUJHWVGH HVSDODFLyQFRQXQDIXHQWHGHSURWRQHVSXOVDGDD+]FRQSXOVRVGHPV P$D0H9/DUHIULJHUDFLyQGHORVWDUJHWVFRQVWLWX\HXQLPSRUWDQWH SUREOHPDHQHVWHWLSRGHLQVWDODFLyQHVSXHVGHHOODGHSHQGHTXHORVWDUJHWV FRQVLJDQ DOFDQ]DU XQD YLGD ~WLO UD]RQDEOHPHQWH ODUJD 8QD UHIULJHUDFLyQ SREUH\RGHPDVLDGRSRFRXQLIRUPHWHQGUiFRPRFRQVHFXHQFLDHOIDOORSUH PDWXURGHOPLVPR (Q HVWH DUWtFXOR VH DQDOL]DQ GLIHUHQWHV SRVLEOHV FRQILJXUDFLRQHV GH UH IULJHUDFLyQ SDUD HO WDUJHW XWLOL]DQGR XQ FyGLJR GH &)' SDUD FDOFXODU HO FRPSRUWDPLHQWRGHOIOXLGR\ODGLVWULEXFLyQGHWHPSHUDWXUDVHQHOWDUJHW\ XQFyGLJRWHUPRPHFiQLFRSDUDFDOFXODUODVWHQVLRQHVGHOPLVPRDFDXVDGH ODWHPSHUDWXUD\JUDGLHQWHVDOFDQ]DGRV6HFRPSDUDQDGHPiVORVUHVXOWDGRV SURSRUFLRQDGRVSRUGLIHUHQWHVPRGHORVGHWXUEXOHQFLDYDORUDQGRVXDSOLFD ELOLGDGDOFDVRTXHQRVRFXSD (Q HO DUWtFXOR VH PXHVWUD TXH ODV FRQILJXUDFLRQHV GH OD UHIULJHUDFLyQ SXHGHQWHQHUXQLPSDFWRPX\VLJQLILFDWLYRHQODVWHQVLRQHVTXHDOFDQFHHO WDUJHW\SRUORWDQWRGHODYLGD~WLOGHOPLVPR6HFRPSUXHEDODVHQVLEL OLGDGGHODUHIULJHUDFLyQDFLHUWRVSDUiPHWURVGHGLVHxRWDQWRJHRPpWULFRV FRPRItVLFRV$GHPiVVHFRPSDUDQORVPpULWRV\GHELOLGDGHVGHGLIHUHQWHV PRGHORV HQ XQ SUREOHPD FRQ LPSRUWDQWHV WXUEXOHQFLDV \ GHVSUHQGLPLHQWR GHFDSDOtPLWHPRVWUDQGRTXHPRGHORVPiVFRPSOHMRVQRVLHPSUHOOHYDQD UHVXOWDGRVPiVILDEOHV -»$5,/.%542».)#/$%,3)-5,!$/2$% %80%2)-%.4/3$%,2%!#4/2*5,%3(/2/7)4: -0"ARREIRA#'ØMEZ-"ENITO'$E-IGUEL 62&2,1 (O 5HDFWRU -XOHV +RURZLW] -+5 HV XQ UHDFWRU GH LQYHVWLJDFLyQ SDUD HQVD\RGHPDWHULDOHVTXHVXUJHGHODQHFHVLGDGHXURSHDGHGLVSRQHUGHXQD LQVWDODFLyQDFWXDOL]DGDDODYLVWDGHOHQYHMHFLPLHQWRGHODVH[LVWHQWHVFX\D YLGDURQGDORVDxRV\FX\DSDUDGDVHSUHYpGHIRUPDSURJUHVLYD (O UHDFWRU SHUPLWLUi HQVD\DU PDWHULDOHV \ FRPEXVWLEOHV LQQRYDGRUHV GH FDUDDODVQXHYDVJHQHUDFLRQHVGHUHDFWRUHVQXFOHDUHVSDUDODVFXDOHVODV LQVWDODFLRQHVDFWXDOHVQRHVWiQGLVHxDGDV /DFRQWULEXFLyQHVSDxRODDO3UR\HFWRGH&RQVWUXFFLyQ\([SORWDFLyQ GHO-+5DUWLFXODGDHQHOVHQRGHXQ&RQVRUFLR1DFLRQDOFRQWHPSODHO GHVDUUROORGHXQ6LPXODGRUGH([SHULPHQWRVTXHSHUPLWDDORVXVXDULRV PHMRUDUODFRPSUHQVLyQGHORVH[SHULPHQWRVIDFLOLWDQGRVXGHILQLFLyQ\ GLVHxR YHULILFDQGR HO FXPSOLPLHQWR GH ORV OtPLWHV GH GLVHxR \ VHJXUL GDG\DQDOL]DQGRORVUHVXOWDGRVREWHQLGRV(OGHVDUUROORGHO6LPXODGRU GH ([SHULPHQWRV TXH VH FRQVLGHUD GH FDUiFWHU LQQRYDGRU \ SLRQHUR HQ FXDQWRDGLVHxR\REMHWLYRVHVWiVLHQGRUHDOL]DGRSRU62&2,1\7(& 1$720 (O0yGXOR1HXWUyQLFRGHO6LPXODGRUGHVDUUROODGRSRU62&2,1FRQ HOFyGLJR0&13WLHQHFRPRREMHWLYRVLPXODUHOFRPSRUWDPLHQWRGHORV GLVSRVLWLYRV H[SHULPHQWDOHV PyYLOHV GHO -+5 EDMR FRQGLFLRQHV GH LUUD GLDFLyQH[WHUQDSDUDGHWHUPLQDU /DJHQHUDFLyQGHSRWHQFLDQXFOHDUHQHOFRPEXVWLEOHGHORVGLVSRVLWL YRVH[SHULPHQWDOHVGHELGRDODLUUDGLDFLyQQHXWUyQLFDH[WHUQDSURFH GHQWHGHOQ~FOHRGHO-+5 (O FDOHQWDPLHQWR JDPPDQHXWUyQLFR HQ ORV PDWHULDOHV HVWUXFWXUDOHV GHO GLVSRVLWLYR GHELGR DO IOXMR SURYHQLHQWH GHO Q~FOHR GHO -+5 \ DO JHQHUDGRGXUDQWHHOH[SHULPHQWRGHQWURGHOSURSLRGLVSRVLWLYR /DV VLPXODFLRQHV GHO PyGXOR QHXWUyQLFR FRQWHPSODUiQ FXDOTXLHU FRPELQDFLyQ GH SDUiPHWURV FRQILJXUDEOHV HQ HO H[SHULPHQWR HVWDGR GHOQ~FOHRGHO-+5FDQDOGHH[SHULPHQWDFLyQFRPSRVLFLyQHQULTXH FLPLHQWR \ ORQJLWXG DFWLYD GHO FRPEXVWLEOH GHO GLVSRVLWLYR GLVWDQFLD GHOGLVSRVLWLYRDOQ~FOHRGHO-+5HWFDVtFRPRODVSRVLEOHVUHDOLPHQ WDFLRQHV TXH SXHGDQ SURGXFLU ODV FRQGLFLRQHV WHUPRKLGUiXOLFDV GHO VLVWHPD\ODWHPSHUDWXUDGHOFRPEXVWLEOHVREUHODSRWHQFLDJHQHUDGDHQ HOGLVSRVLWLYR %342!4%')!3$%42!.3-54!#)».$%!#4¶.)$/3 -)./2)4!2)/3%.2%!#4/2%32«0)$/3 30ÏREZ-ARTÓN&-ARTÓN&UERTES&«LVAREZ6ELARDE &,(0$7 (QORVHVWXGLRVGHWUDQVPXWDFLyQGHDFWtQLGRVPLQRULWDULRV$0HQUHDF WRUHVGHHVSHFWURUiSLGRVHEDUDMDQGLIHUHQWHVSRVLELOLGDGHVHQFXDQWRDVX SRVLFLRQDPLHQWRHQHOQ~FOHR (QHVWHHVWXGLRVHSUHVHQWDQORVUHVXOWDGRVWDQWRGHGLVSRVLFLRQHVKRPR JpQHDVFRQYDULRVYDORUHVGHHQULTXHFLPLHQWRGH$0FRPRGHGLVSRVLFLRQHV KHWHURJpQHDVFRQPD\RUHVSRUFHQWDMHVGHDFWtQLGRV1S$P\&PVLWXDGRV HQODSHULIHULDGHOUHDFWRU 6HKDDQDOL]DGRQRVyORODFDSDFLGDGGHWUDQVPXWDFLyQGHFDGDGLVHxR VLQRWDPELpQORVSDUiPHWURVGHVHJXULGDGGHFDGDFRQILJXUDFLyQHVGHFLU HOFRHILFLHQWH'RSSOHUODUHDFWLYLGDGGHYDFLDGR\ODIUDFFLyQGHQHXWURQHV UHWDUGDGRV 6LWXDPRVHVWHHVWXGLRHQHOUHDFWRUUiSLGRUHIULJHUDGRSRUVRGLRSRUVHU XQRGHORVVLVWHPDVPHMRUYDORUDGRGHODFXDUWDJHQHUDFLyQGHUHDFWRUHV &RPR KHUUDPLHQWD GH FiOFXOR VH KD XWLOL]DGR HO FyGLJR (92/&2'( GHVDUUROODGRSRUODXQLGDGGH,QQRYDFLyQ1XFOHDUGHO&,(0$7TXHHVWiED VDGRHQORVFyGLJRV0&13\25,*(1$&$%(VWHFyGLJRSHUPLWHUHDOL]DU FiOFXORVGHTXHPDGRSDUDREWHQHUHQWUHRWURVODHYROXFLyQLVRWySLFDGHOD FRPSRVLFLyQGHOFRPEXVWLEOH 1 ,Ê-*!ÊÃi«ÌiLÀi-ÊÓä£ä È 6(6,21(67e&1,&$6 3!,! *UEVESH ).'%.)%2¶!))) 02%3)$%.4%*OSÏ2AMØN4ORRALBO #%.42!,.5#,%!23!.4!-!2¶!$%'!2/º! -/$%2.):!#)».$%,#/.42/,$%.)6%,$%,/3 #!,%.4!$/2%3$%!'5!$%!,)-%.4!#)».$% #.!,-!2!:-%$)!.4%%,3)34%-!/6!4)/.¤ %-ADRO×AL*%#ABRERA :(67,1*+286((/(&75,&63$,1 &&11$/0$5$=75,//2 &RPRSDUWHGHODPRGHUQL]DFLyQGHELGDDODXPHQWRGHSRWHQFLD&1 $OPDUD] KD UHDOL]DGR GLYHUVDV PRGLILFDFLRQHV HQ HO VLVWHPD GH FDOHQ WDGRUHV GH DJXD GH DOLPHQWDFLyQ (QWUH HVWRV FDPELRV VH HQFXHQWUD OD LQFOXVLyQ GH QXHYRV WUDQVPLVRUHV DVt FRPR OD PRGLILFDFLyQ GH DOJXQDV YiOYXODVGHOVLVWHPD 3DUDPHMRUDUODUHVSXHVWDGHOFRQWUROGHQLYHOGHORVFDOHQWDGRUHVGH DJXD GH DOLPHQWDFLyQVH KD VXVWLWXLGR HO DQWLJXRFRQWURO QHXPiWLFRSRU XQQXHYRFRQWUROGLJLWDOLQWHJUDGRHQODUHGGHFRQWUROGH29$7,21 H[LVWHQWH HQ &1$OPDUD] 'XUDQWH HO SUR\HFWR VH KDQ GHVDUUROODGR HVWUDWHJLDVGHFRQWURODSURYHFKDQGRODVFDSDFLGDGHVGHUHGXQGDQFLDGHO VLVWHPD29$7,21SDUDFRQVHJXLUXQDPD\RUILDELOLGDG\HOLPLQDUODV DFWXDFLRQHVHVSXUHDVSRUIDOORVVLPSOHV6HKDQFUHDGRJUiILFRVGHLQWHU IDVHFRQHORSHUDGRUHVSHFtILFRVSDUDHVWHFRQWUROGHQLYHO (VWD SRQHQFLD WUDWD GH ORV WUDEDMRV UHDOL]DGRV GHQWUR GHO DOFDQFH GH :HVWLQJKRXVHSDUDHVWDPRGHUQL]DFLyQ(VWHDOFDQFHLQFOX\HORVHTXLSRV DJUHJDGRV DO VLVWHPD 29$7,21 OD OyJLFD GHO FRQWURO \ ORV JUiILFRV GHRSHUDFLyQ(QODSRQHQFLDDGHPiVVHPXHVWUDHOFRPSRUWDPLHQWRGHO FRQWURO GH QLYHO GH FDOHQWDGRUHV GH DJXD GH DOLPHQWDFLyQ IUHQWH D ORV WUDQVLWRULRVGHSUXHEDUHDOL]DGRV '5¶!0!2!,!2%!,):!#)».$%$/#5-%.4/3$%"!3% $%$)3%º/$"$ '2OCA :(67,1*+286((/(&75,&63$,16$8 (VWHGRFXPHQWRSUHWHQGHHVWDEOHFHUXQDJXtDSDUDODPHMRUDGHODFRQ VLVWHQFLD\FDOLGDGGHOFRQWHQLGRGHORV'RFXPHQWRVGH%DVHVGH'LVHxR '%'/RV'%'WLHQHQFRPRREMHWLYRSULQFLSDORUJDQL]DUODVEDVHVGH GLVHxRGHILQLGDVHQ&)5ODLQIRUPDFLyQGHVRSRUWHGHGLVHxR \ODVUHIHUHQFLDVTXHGHPDQHUDFRQMXQWDGHVFULEHQ\VRSRUWDQHOGLVHxR GHXQD&HQWUDO$VtPLVPRODLQIRUPDFLyQFRQWHQLGDGHQWURGHORV'%' GHEH VDWLVIDFHU ORV UHTXHULPLHQWRV GH UHJXODFLyQ \ VHUYLU FRPR VRSRUWH HQODUHDOL]DFLyQVHJXUDGHODVDFWLYLGDGHVGHOD3ODQWD Çä 1 ,Ê-*!ÊÃi«ÌiLÀi-ÊÓä£ä #//2$).!$/2)GNACIO(ERMANA )"%2$2/,!).'%.)%2¶!9#/.3425##)». (VWHGRFXPHQWRGHVFULEHGHIRUPDUHVXPLGDFRPRUHDOL]DURFRPSOHWDU ORV'RFXPHQWRV%DVHGH'LVHxRSHURVHFHQWUDEiVLFDPHQWHHQORVDVSHF WRV TXH SXHGHQ FDXVDU PiV FRQIXVLyQ \ VHU PiV GLItFLOHV GH LQWHUSUHWDU 3UHWHQGHFODULILFDUHOWpUPLQR%DVHVGH'LVHxRGLVWLQJXLHQGRHQWUHEDVHV GHGLVHxRGHSURGXFFLyQ\GHVHJXULGDGVLJXLHQGRODGHILQLFLyQGHO&)5 \ODJXtDGHO1(,5HY6HIRFDOL]DHQODVIXQFLRQHVEDVHGH GLVHxR GH VHJXULGDG FRQ VXV FRUUHVSRQGLHQWHV YDORUHV \ UHIHUHQFLDV DVt FRPRODLQIRUPDFLyQVRSRUWHGHGLVHxR 7DPELpQKDFHKLQFDSLpHQODGLIHUHQFLDHQWUHORVWpUPLQRVVLVWHPDVR SRUWH\VLVWHPDLQWHUIDVHFXDQGRH[LVWHLQWHUFRQH[LyQRUHODFLyQIXQFLRQDO HQWUHGLVWLQWRVVLVWHPDV (VLPSRUWDQWHWHQHUXQRVEXHQRV'RFXPHQWRV%DVHGH'LVHxRSDUDFDGD XQDGHODVHVWUXFWXUDVVLVWHPDV\FRPSRQHQWHVGHXQDFHQWUDO\DTXHpVWD YDVXIULHQGRGLIHUHQWHVPRGLILFDFLRQHV\ORV'%'VRQXQDIXHQWHGHGRFX PHQWDFLyQUHIHUHQFLDGDGHODV%DVHVGH'LVHxR\VXLQIRUPDFLyQVRSRUWH \IDFLOLWDQVXLQWHUSUHWDFLyQ6XFRQWHQLGRVHGHEHXVDUHQODVDFWLYLGDGHV TXHVRSRUWDQODRSHUDFLyQVHJXUDGHODFHQWUDO &!#4/2%315%).#)$%.%.,!).34!,!#)».$%, #/.42/,$%.)6%,$%#!,%.4!$/2%3 #.!,-!2!:5.)$!$6)3)».$%,535!2)/ *!RRIBAS!#ARRASCO (035(6$5,26$*583$'26 &&11$/0$5$=75,//2 8QRGHORVWUDEDMRVUHDOL]DGRVHQODYLJpVLPDUHFDUJDGHOD8QLGDG GHOD&1GH$OPDUD]KDVLGRODPRGLILFDFLyQGHOVLVWHPDGHFRQWUROGHO GUHQDMHGHORVFDOHQWDGRUHVGHDJXDGHDOLPHQWDFLyQ /DPRGLILFDFLyQKDFRQVLVWLGRHQODVXVWLWXFLyQGHODQWLJXRVLVWHPDGH FRQWUROQHXPiWLFRSRUXQVLVWHPDGHFRQWUROGLJLWDOVREUHODSODWDIRUPD 2YDWLRQDSURYHFKDQGRODLQVWDODFLyQGHOVLVWHPDTXHVHKDEtDUHDOL]DGR SUHYLDPHQWH(OGLVHxRKDFRQWDGRFRQPHGLGDGHQLYHOFRQGRVWUDQVPL VRUHVGHQLYHOSRUSUHVLyQGLIHUHQFLDO\XQLQGLFDGRUGHQLYHOPDJQpWLFR 'XUDQWH OD LQVWDODFLyQ GH HVWRV HOHPHQWRV VH KDQ GHWHFWDGR DOJXQRV IDFWRUHVTXHSURYRFDQGHVYLDFLRQHVHQODPHGLGDGHQLYHOGHORVFDOHQWD GRUHV\SRUORWDQWRYDULDFLRQHVTXHGLILFXOWDQODHVWUDWHJLDGHOVLVWHPD FRQWURO (O DMXVWH GH OD LQVWUXPHQWDFLyQ HQ ODV IDVHV SUHYLDV R LQLFLDOHV GHO PRQWDMH\ODVFDUDFWHUtVWLFDVPHFiQLFDVGHVXPRQWDMHGHEHQWHQHUVHHQ FXHQWDSDUDUHDOL]DUXQDFDOLEUDFLyQPiVSUHFLVDGHODLQVWUXPHQWDFLyQ /D GLILFXOWDG GH FRQRFHU ODV FRQGLFLRQHV WHUPRGLQiPLFDV UHDOHV GHO SURFHVRDVtFRPRODPRUIRORJtDGHORVFDOHQWDGRUHVSURYRFDQYDULDFLR QHVFRQUHVSHFWRDODVFRQGLFLRQHVLQLFLDOPHQWHGLVHxDGDV(OLPSDFWRGH HVWDVDOWHUDFLRQHVGHEHVHUDQDOL]DGRSDUDUHDOL]DUORVDMXVWHVSUHFLVRVHQ HOVLVWHPD\FRPSHQVDUODVGHVYLDFLRQHVTXHSURYRFDQ 3URJUDPD\6LQRSVLVGHODV3RQHQFLDV -/$%2.):!#)».$%,/33)34%-!3%,²#42)#/3$% 0/4%.#)!42!.3&/2-!$/2%3$%02).#)0!,%3 ).4%22504/2$%'%.%2!#)»."!22!3$%&!3% !)3,!$!$%,!#%.42!,.5#,%!2$%,!'5.!6%2$% -²8)#/ $%&%.3!%.02/&5.$)$!$$%3)34%-!3%,²#42)#/3 %).4%2!##)».#/.,!2%$ **'ONZÈLEZ3OLORZANO-!'ABALDØN*0ALLISA!&LOREZ 33TEFANOV ,%(5'52/$,1*(1,(5,$<&216758&&,Ï16$8 /DSUHVHQWHSRQHQFLDGHVFULEHORVFDPELRVUHDOL]DGRVHQORV6LVWHPDV (OpFWULFRVGH3RWHQFLDGHQWURGHO3UR\HFWRGH$XPHQWRGH3RWHQFLDGHOD &HQWUDO1XFOHDUGH/DJXQD9HUGH0p[LFR (O3UR\HFWRGH$XPHQWRGH3RWHQFLDGH&1/DJXQD9HUGHDGMXGLFD GR SRU &RPLVLyQ )HGHUDO GH (OHFWULFLGDG D ,%(5'52/$ ,QJHQLHUtD \ &RQVWUXFFLyQHQSRUXQLPSRUWHGH086'FRQVLVWHHQHODX PHQWRGHSRWHQFLDGHODV8QLGDGHVGHOD3ODQWDHVWRKDFHQH FHVDULRODVXVWLWXFLyQGHORVSULQFLSDOHVVLVWHPDVHOpFWULFRVGHSRWHQFLD /RVSULQFLSDOHVFDPELRVDUHDOL]DUDGHPiVGHOFDPELRGHOWXUERJUXSR GH09$IDEULFDGRSRU$OVWRPVRQORVVLJXLHQWHV 7UDQVIRUPDGRUHV3ULQFLSDOHVGH*HQHUDFLyQ 6XVWLWXFLyQ GH ORV WUDQVIRUPDGRUHV PRQRIiVLFRV WUHV SRU 8QLGDG PiV XQR UHVHUYD GH UHODFLyQ GH WUDQVIRUPDFLyQ N9 DVt FRPR HOVLVWHPDGHSURWHFFLyQ&RQWUD,QFHQGLRV/RV7UDQVIRUPDGRUHVIDEUL FDGRVSRU,(00p[LFRVRQGHWLSRDFRUD]DGRWLHQHQXQDSRWHQFLDGH 09$ 21$12)$) \ WLHQHQ XQD LPSHGDQFLD GHO (VWRV 7UDQVIRUPDGRUHV HVWDUiQ HTXLSDGRV FRQ VLVWHPD GH DQWLH[SORVLyQ SRU LQ\HFFLyQGHQLWUyJHQR6(5*,DVtFRPRGHHTXLSRVGHPRQLWRUL]DFLyQ RQOLQHDJXDJDVHVSDUWtFXODVERUQDV\GHVFDUJDVSDUFLDOHV %DUUDVGH)DVH$LVODGD 6XVWLWXFLyQGHODV%DUUDVGH)DVH$LVODGDDVtFRPRHOVLVWHPDGHUH IULJHUDFLyQIRU]DGDDVRFLDGR /DV QXHYDV %DUUDV IDEULFDGR SRU 3RZHUJHDU /WG ,QGLD WLHQHQ XQD LQWHQVLGDGQRPLQDOGH$ ,QWHUUXSWRUGH*HQHUDFLyQ (OQXHYR,QWHUUXSWRUGH*HQHUDFLyQHOHJLGRHVHOPRGHOR+(&&GH $%% 6XL]D (V XQ LQWHUUXSWRU WULSRODU FRQ DFFLRQDPLHQWR HOHFWURKL GUiXOLFRFiPDUDGHH[WLQFLyQFRQ6)LQWHQVLGDGQRPLQDOGH$\ FDSDFLGDGLQWHUUXSWLYDGHN$ 7RGRV HVWRV FDPELRV VHUiQ UHDOL]DGRV GXUDQWH ODV 5HFDUJDV GH FRP EXVWLEOHTXHVHUiOOHYDGDDFDERHQHODxRHQDPEDV8QLGDGHVHQ ODVVLJXLHQWHVIHFKDV 8QLGDGGHPDU]RDGHPD\RGH 8QLGDGGHDJRVWRDGHRFWXEUHGH (OWLHPSRILMDGRSRU&RQWUDWRSDUDODUHDOL]DFLyQGHWRGRVHVWRVFDP ELRVHVGHGtDVSRU8QLGDG *!RCHILLA &1&2)5(17(6 &RPRFRQVHFXHQFLDGHOLQFLGHQWHGH)RUVPDUNVHIRUPDXQJUXSRGH WUDEDMR SDUD GHILQLU ORV SULQFLSDOHV DVSHFWRV TXH JDUDQWL]DQ XQD SURQWD UHVSXHVWD IUHQWH D SHUWXUEDFLRQHV HOpFWULFDV (O HVWXGLR VH FHQWUD HQ HO VXPLQLVWURHOpFWULFRDORVHTXLSRVFODVH(\VXSURWHFFLyQIUHQWHDODV SHUWXUEDFLRQHV R WUDQVLWRULRV HOpFWULFRV 6H DQDOL]D WDPELpQ OD UHYLVLyQ GHOHVWXGLR(VFHQUHGOOHYDGDDFDERHQSDUD&1&RIUHQWHV )-0!#4/%,²#42)#/%.#.!,-!2!:0/2,!3 -/$)&)#!#)/.%3$%")$!3!,!5-%.4/$%0/4%.#)! $#ASTA×O (035(6$5,26$*583$'26 (ODXPHQWRGHSRWHQFLDGHOD&1GH$OPDUD]HVWDSUHYLVWRGXUDQWH ORV SHULRGRV GH UHFDUJD 5 HQ 8QLGDG \D LPSODQWDGR \ 5 HQ 8QLGDG1RY'LF $ FRQWLQXDFLyQ QRV FHQWUDUHPRV HQ OD SDUWH SXUDPHQWH HOpFWULFD SRU OR WDQWR \ FRPR FRQVHFXHQFLD GHO DXPHQWR GH SRWHQFLD DO GH OD &1GH$OPDUD]VHUHTXLHUHPRGLILFDU (OVLVWHPD7&3URGXFFLyQGHDJXDSDUDODUHIULJHUDFLyQGHHTXLSRV GHJHQHUDFLyQ 1XHYRVVLVWHPDVDX[LOLDUHVGHO$OWHUQDGRU([FLWDWUL]\QXHYRVLVWH PDGHYHQWLODFLyQGHEDUUDVGHIDVHDLVODGD $PEDV PRGLILFDFLRQHV UHTXLHUHQ QXHYRV FRQVXPLGRUHV \ PRGLILFDU DOJXQRVH[LVWHQWHVSRUORFXDOVRQQHFHVDULDVQXHYDVDOLPHQWDFLRQHVVH UHTXLHUHLQVWDODUQXHYRVHTXLSRVSDUDFXEULUHVWDVQXHYDVFDUJDVGRWiQ GRVHGHUHVHUYDVIXWXUDVSDUDOD&HQWUDO 'HELGRDHVWRHQHO(GLILFLRGH7XUELQDVVHLQVWDODUiQQXHYRV&HQWURV GH)XHU]D\&HQWURVGH&RQWUROGH0RWRUHV $VtPLVPR HQ H[WHULRUHV SDUWH QRUWH GH OD FHQWUDO VH LQVWDODUi XQ FRQWHQHGRU GH HTXLSR HOpFWULFR SDUD OD DOLPHQWDFLyQ GH ORV GLIHUHQWHV VHUYLFLRV UHTXHULGRV SRU ODV QXHYDV WRUUHV GHO 7& D OD FXDO VH OH GDUi DOLPHQWDFLyQ GHVGH HO (GLILFLR GH 7UDWDPLHQWR GH &RQGHQVDQGR DGDS WiQGRVHXQDVFDELQDVGHODVEDUUDV¶N9GHVDOLGDDPRWRUTXHSDVDUiQ DVHUGHVDOLGDDWUDQVIRUPDGRU &RPRFRQVHFXHQFLDGHODLQVWDODFLyQGHHVWRVQXHYRVHTXLSRVHOpFWUL FRVVHKDWHQLGRTXHPRGLILFDUHOGLDJUDPDVLQySWLFRGHOSDQHOGHPDQ GR \ FRQWURO VHFFLyQ ³$´ UHDOL]iQGRVH XQD FRPSRVLFLyQ ~QLFD TXH HQJOREDWRGDVODVPRGLILFDFLRQHVSDUDFRQVLGHUDUORVDVSHFWRVUHTXHULGRV GHVGH HO SXQWR GH YLVWD GH )DFWRUHV +XPDQRV \ 2SHUDFLyQ IDFLOLWDQGR DVtVXPRQWDMH 1 ,Ê-*!ÊÃi«ÌiLÀi-ÊÓä£ä Ç£ 6(6,21(67e&1,&$6 3!,! *UEVESH /2'!.):!#)».9&!#4/2%3(5-!./3)) 02%3)$%.4%&RANCISCO&IGUEROLA3EQUI !3/#)!#)»..5#,%!2!3#»6!.$%,,»3)) #//2$).!$/2!NTONIO4OCA/TERO .5#,%./2 %80%2)%.#)!3%.%,$)3%º/$%3!,!3$%#/.42/, #/-054!2):!$!30!2!#%.42!,%3.5#,%!2%3 .-OYANO,!&ERNÈNDEZ)LLOBRE*#6ALDIVIA 7(&1$7206$ (QHVWDSRQHQFLDVHSUHVHQWDQODVH[SHULHQFLDVGH7HFQDWRPGXUDQWHHO GHVDUUROORGHO3UR\HFWRGHGLVHxRGHODV6DODVGH&RQWUROFRPSXWDUL]DGDV GHODVFHQWUDOHVQXFOHDUHVGH)XTLQJ\)DQJMLDVKDQ&KLQDDFWXDOPHQWH HQFXUVR &RQVLGHUDQGRORVUHTXLVLWRVGHOFOLHQWHVHGHILQLHURQORV3ULQFLSLRVGH 'LVHxRGHODV6DODVGH&RQWUROTXHSHUPLWLHURQDFRPHWHUHOGLVHxRGHFRQ VRODV\SDQHOHVGHDFXHUGRDFRQFHSWRV\JXtDVGH,QJHQLHUtDGH)DFWRUHV +XPDQRV ,)+ REWHQLHQGR XQ GLVHxR DGDSWDGR DO XVXDULR ILQDO TXH ID YRUHFHODUHDOL]DFLyQGHODVWDUHDVGHVXSHUYLVLyQ\FRQWURO\TXHJDUDQWL]D XQDDGHFXDGDILDELOLGDGKXPDQD\2SHUDFLyQVHJXUDGHODVSODQWDV)LQDO PHQWHFRQHVWHGLVHxRVHGHWHUPLQyHO&RQFHSWRGH2SHUDFLyQ /DSRQHQFLDGHVFULEH (OSURFHVRGHGLVHxRGH,)+GHORVSDQHOHVFRQVRODV\GHODGLVWULEX FLyQJHQHUDOGHODV6DODVGH&RQWURO /RVGLIHUHQWHVFRPSRQHQWHVGHOD6DODGH&RQWURO3XHVWRVGHRSHUD FLyQEDVDGRVHQSDQWDOODV3DQHOGH5HVSDOGRSDUDHOSRVLEOHIDOORGHO VLVWHPDGHFRQWURO3DQHOGH(PHUJHQFLD\HO3DQHOSDUDODUHSUHVHQWD FLyQPXUDOGHOHVWDGRGHOD3ODQWD (O&RQFHSWRGH2SHUDFLyQTXHLQGLFDFyPRVHHVSHUDTXHVHDODUHV SXHVWD GHO 3HUVRQDO GH 2SHUDFLyQ DQWH GLIHUHQWHV FRQGLFLRQHV GH OD 3ODQWDLQFOXLGRVSRVLEOHVIDOORVGHOVLVWHPDGHFRQWURO 0HWRGRORJtDV \ KHUUDPLHQWDV HPSOHDGDV HQ OD DSOLFDFLyQ GH OD ,)+ GHVWDFDQGR0RGHODFLyQHQUHDOLGDGYLUWXDOSDUDDSR\RHQHOGLPHQ VLRQDGR\GLVWULEXFLyQGHSDQHOHV\XQDPDTXHWDDWDPDxRUHDOGHO3D QHOGH5HVSDOGRSDUDODYDOLGDFLyQGHODGLVWULEXFLyQGHVXVHOHPHQWRV ([SHULHQFLDV \ EHQHILFLRV FRQVHFXHQFLD GH OD DSOLFDFLyQ GH OD ,)+ REWHQLGDVHQRWUDViUHDVGHO3UR\HFWRWDOHVFRPR,QJHQLHUtDGH6LVWH PDV'LVHxR0HFiQLFR\(OpFWULFRGHORVSDQHOHVH,QJHQLHUtD&LYLO 02/'2!-!(5-!.0%2&/2-!.#% $%7%34).'(/53% !'ARCÓA'UTIÏRREZ#'IL :(67,1*+286(7(&+12/2*<6(59,&(6 (OREMHWLYRGHOSURJUDPD+XPDQ3HUIRUPDQFHGH:HVWLQJKRXVH+X3 HQDGHODQWHFRQVLVWHHQODH[FHOHQFLDHQODDFWXDFLyQORJUDQGRHOp[LWR GHOFOLHQWHPHGLDQWHXQDHMHFXFLyQLPSHFDEOH &RQVWDGHORV VLJXLHQWHV HOHPHQWRVSDUDUHGXFLUODVSUREDELOLGDGHVGHHUURUHVKXPDQRV ÇÓ 1 ,Ê-*!ÊÃi«ÌiLÀi-ÊÓä£ä +(55$0,(17$6 '( +X3 6RQ PpWRGRV SDUD OD SUHYHQFLyQ GH HUURUHV VX ILQDOLGDG HV SUHYHQLU \ GHWHFWDU HUURUHV WDQWR DFWLYRV FRPR ODWHQWHV0HGLDQWHVXXVRVHSXHGHQHYLWDUPXFKRVHUURUHVGHELGRVDOD DFWXDFLyQKXPDQD(OVHJPHQWRGH6HUYLFLRVGH,QJHQLHUtDSDUDRSWLPL ]DUODHILFDFLDGHOXVRGHODVKHUUDPLHQWDVODVKDDGDSWDGRDODVQHFHVL GDGHVGHXQDLQJHQLHUtD 2%6(59$&,21(6<&2$&+,1*(OREMHWLYRHVSRGHULQIOXLUHQOD FXOWXUDGHODRUJDQL]DFLyQIRPHQWDQGRTXHFDGDHPSOHDGRVHUHVSRQVD ELOLFHGHIRUPDSURDFWLYDSDUDHYLWDUFRPSRUWDPLHQWRVGHULHVJR\SUHYH QLU HUURUHV0HGLDQWH OD REVHUYDFLyQ \ HO FRDFKLQJ SRU ORV UHVSRQVDEOHV VREUHODDFWXDFLyQGHOSHUVRQDODVXFDUJRVHIDFLOLWDXQDRULHQWDFLyQ\ XQUHIXHU]RSRVLWLYRLQPHGLDWRVVREUHHOXVRDGHFXDGRGHODVKHUUDPLHQ WDVGH+X3 $GHPiVORVGDWRVREWHQLGRV\VXVWHQGHQFLDVSXHGHQD\XGDUDGHVD UUROODUDFFLRQHVFRUUHFWRUDVTXHVXEVDQHQGHELOLGDGHVGHODRUJDQL]DFLyQ FRQORTXHVHORJUDHOSHUIHFFLRQDPLHQWR\VHUHGXFHODSUREDELOLGDGGH HUURU /($51,1* &/2&.6 HV XQD KHUUDPLHQWD GH OD RUJDQL]DFLyQ TXH SRQHHQPDUFKDORVPHFDQLVPRVGHDSUHQGL]DMHGHORVHUURUHVDQWHLQFL GHQWHV([LVWHQWUHVFDWHJRUtDVVHJXULGDGFDOLGDG\SURGXFFLyQ'HQWUR GHFDGDFDWHJRUtDVHKDQGHILQLGRXQRVFULWHULRVTXHJHQHUDQGLVSDURVHQ HOUHORM 6(*8,0,(172<&21752/L.QRZ:(%6,7( 7LHQHGRVFRPSRQHQWHVSULQFLSDOHV+X3FRQUHJLVWURGHREVHUYDFLR QHV GLVSDURV GH UHORM PpWULFDV HWF \ /HFFLRQHV$SUHQGLGDV EDVH GH GDWRVTXHSHUPLWHODFRQVXOWD\E~VTXHGDGHOHFFLRQHVDSUHQGLGDV 6H GLVSRQH DVt PLVPR GH XQ DPSOLR DUFKLYR GH GRFXPHQWDFLyQ SDUD FRQVXOWD\HQWUHQDPLHQWRHQ+X3 #»$)'/0!2!,!3)-5,!#)».$%02/#%$)-)%.4/3 (5-!./3%.#%.42!,%3.5#,%!2%33)-02/# 3-URCIA*'IL)&ERNÈNDEZ*'ØMEZ(-ARRÍO #1UERAL!%XPØSITO'2ODRÓGUEZ,)BA×EZ *-)ZQUIERDO*(ORTAL-3ÈNCHEZ%-ELÏNDEZ ,1',=(17(&+12/2*,(6 81,9(56,'$'32/,7e&1,&$'(0$'5,' &216(-2'(6(*85,'$'18&/($5 'HVGHKDFHPiVGHXQDGpFDGDODVHPSUHVDVHQFDUJDGDVGHODJHVWLyQ GHODVFHQWUDOHVQXFOHDUHVKDQYHQLGRUHDOL]DQGR$QiOLVLV3UREDELOtVWLFRV GH6HJXULGDG$36SDUDLGHQWLILFDU\FRPSUHQGHUODVSULQFLSDOHVYXOQH UDELOLGDGHVGHGLFKDVFHQWUDOHV 3URJUDPD\6LQRSVLVGHODV3RQHQFLDV (QHOLQWHQWRGHPHMRUDUODFDOLGDGGHORV$36ORVDQiOLVLVGHILDELOL GDGKXPDQD+5$VRQHVHQFLDOHVSDUDUHDOL]DUXQDHYDOXDFLyQUHDOLVWD GHODVHJXULGDG\GHODVSRVLEOHVGHELOLGDGHVGHXQDFHQWUDOQXFOHDU 'HQWURGHODDFWXDOFRODERUDFLyQHQWUH,QGL]HQ7HFKQRORJLHVOD8QL YHUVLGDG 3ROLWpFQLFD GH 0DGULG \ HO &RQVHMR GH 6HJXULGDG 1XFOHDU VH KDGHVDUUROODGRODKHUUDPLHQWDµ6,0XODGRUGH352&HGLPLHQWRV¶6,0 352& XQD KHUUDPLHQWD GHVWLQDGD D VLPXODU ORV HYHQWRV UHODFLRQDGRV FRQODVDFFLRQHVKXPDQDV\FDSD]GHLQWHUDFWXDUFRQFyGLJRVGHVLPXOD FLyQGHSODQWD /D KHUUDPLHQWD D\XGD DO DQDOLVWD D FXDQWLILFDU OD LPSRUWDQFLD GH ODV DFFLRQHVKXPDQDVHQHOHVWDGRILQDOGHODSODQWD(QWUHRWURVHOREMHWLYR SULQFLSDOGH6,0352&HVODYDOLGDFLyQGHORV3URFHGLPLHQWRVGH2SH UDFLyQGH(PHUJHQFLD32(TXHVRQXWLOL]DGRVSRUORVRSHUDGRUHVSDUD FRQGXFLUODSODQWDDXQHVWDGRGHSDUDGDVHJXUR$FWXDOPHQWH6,0352& HVWi DFRSODGR FRQ HO SDTXHWH GH VRIWZDUH 6&$,6 GHVDUUROODGR SRU HO iUHD026,GHO&61SHURODKHUUDPLHQWDHVORVXILFLHQWHPHQWHIOH[LEOH SDUD DFRSODUVH D FXDOTXLHU FyGLJR GH VLPXODFLyQ TXH VLJD XQ IOXMR GH FDOFXORHVWDQGDUL]DGR (QHOSUHVHQWHSDSHUVHSUHVHQWDODDSOLFDFLyQ6&$,66,0352&/RV UHVXOWDGRVREWHQLGRVPXHVWUDQFRPRHOVLVWHPDSXHGHVHUXWLOL]DGRSDUD XQDPSOLRDEDQLFRGHREMHWLYRVFRPRGHOLQHDFLyQGHDUEROHVGLQiPLFRV GHHYHQWRVHYDOXDFLyQGH3URFHGLPLHQWRVGH2SHUDFLyQGH(PHUJHQFLD \E~VTXHGDGH'RPLQLRVGH'DxR $)3%º//2'!.):!4)6/6%2353#5,452!!.!,)3)3 $%,!).&,5%.#)!$%,!#/-5.)#!#)».3/"2%,/3 &!#4/2%3(5-!./39,!#5,452! 0(IERRO (QODVRUJDQL]DFLRQHVGHOVHFWRUQXFOHDUHOHTXLOLEULRHQWUHUHVXOWD GRVGHSURGXFFLyQ\DVHJXUDPLHQWRGHODVHJXULGDGKDFDPELDGRKDVWD WDOSXQWRTXHODVHJXULGDGVHKDWUDQVIRUPDGRHQHOIDFWRUGHWHUPLQDQWH DWUDYpVGHOFXDOODVRFLHGDGSHUFLEHDODRUJDQL]DFLyQPiVTXHODWHF QRORJtDRODFDOLGDG (VWD SRQHQFLD GHVDUUROOD HQ TXp PHGLGD GHWHUPLQDGDV FRQGLFLRQHV GH GLVHxR RUJDQL]DWLYR IDYRUHFHQ OD FUHDFLyQ GH XQD FXOWXUD GH VHJX ULGDG\ODH[FHOHQFLDHQODDFWLYLGDGGHODRUJDQL]DFLyQDOWLHPSRTXH VHSUR\HFWDQFLHUWRVIDFLOLWDGRUHVTXHQRVSHUPLWHQSHUILODUHO³URO´GH HVWHWLSRGHRUJDQL]DFLRQHVHQODVTXHODFRPXQLFDFLyQ\ORVVLVWHPDV GHLQIRUPDFLyQVRQYLWDOHV $O LJXDO TXH ODV SHUVRQDV ODV RUJDQL]DFLRQHV WLHQHQ SHUVRQDOLGDG SURSLD TXH WUDQVPLWHQ D WUDYpV GH WRGRV VXV DFWRV FRPXQLFDWLYRV DVt FRPR XQD LPDJHQ S~EOLFD GHULYDGD GHO VLJQLILFDGR VLPEyOLFR TXH OD VRFLHGDGDWULEX\HDVXFRPSRUWDPLHQWR 6X HVWUXFWXUD RUJDQL]DWLYD HV HO UHVXOWDGR GH ODV GHFLVLRQHV GH VXV GLUHFWLYRVHQEDVHDODLQWHUDFFLyQGHIDFWRUHVWHFQROyJLFRV\DVSHFWRV VRFLDOHV&XDQGRODRUJDQL]DFLyQFUHFHVHFRPSOHML]DDOWLHPSRTXHOD VRFLHGDG WDPELpQ FDPELD \ VROR D WUDYpV GH GHFLVLRQHV HVWUDWpJLFD PHQWHSODQLILFDGDVVHSXHGHFUHDUXQDFXOWXUDEDVDGDHQODVHJXULGDG TXHWHQJDHQFXHQWDODWRWDOLGDGGHYDULDEOHV\HOHPHQWRVTXHFRQGLFLR QDQDOIDFWRUKXPDQR (Q UHDOLGDG OR TXH VXE\DFH GHWUiV HV XQD E~VTXHGD FRQVWDQWH GH VROXFLRQHVSDUDOD*HVWLyQGHODV2UJDQL]DFLRQHVRULHQWDGDVDODFUHD FLyQGHYDORU\DODVHJXULGDG$VXPLHQGRHOHQIRTXHGH'UXFNHUXQR GHORVSULQFLSDOHVREMHWLYRVGHODFRPXQLFDFLyQHQODRUJDQL]DFLyQ±VL QR HO SULQFLSDO HV HO GH ORJUDU OD LQWHJUDFLyQ GH ODV SHUFHSFLRQHV GH FDGDXQRGHORVPLHPEURVGHODRUJDQL]DFLyQHQDUDVDPHMRUDUHOLP SDFWRGHORVIDFWRUHVKXPDQRV\SHUPLWLUDWRGRVORVDJHQWHVLQWHUQRV DVXPLUXQRVPRGHORVGH³FRPSRUWDPLHQWRH[FHOHQWH´ '!2/º!5.!#%.42!,#/.2/342/ ,!3#!2!3$%5.!#%.42!, &&ERNÈNDEZDELA'ALA!!ZCÈRATE#$ÓEZ-ACHO %"ÈRCENA 18&/(125 /D KLVWRULD GHO VHFWRU QXFOHDU \ VXV RUtJHQHV EpOLFRV WUDQVPLWLHURQ PDODLPDJHQS~EOLFD 0HMRUD PXFKR OD FRPXQLFDFLyQ H[WHUQD SHUR OD VRFLHGDG FRQWLQ~D PHGLDWL]DGD (OVHFWRUWLHQHDOWDWHFQRORJtD\XQDFXOWXUDGHVHJXULGDGDVXPLGDSRU VXVHPSUHVDV(OQ~PHURGHDFFLGHQWHVVXIULGRVVRQEDMRVFRPSDUDGRV FRQRWURVVHFWRUHV *DURxD HV FHQWUDO FRQ KLVWRULD LQVSHFFLRQHV LQWHUQDFLRQDOHV ,62 ()55HVSRQVDELOLGDGVRFLDOWpFQLFRVFRQSUHVWLJLRSHURHVWRQR IXHVXILFLHQWHSDUDHYLWDUOD2UGHQ0LQLVWHULDO /D LQIOXHQFLD GH PRYLPLHQWRV DQWLQXFOHDUHV OD GHVLQIRUPDFLyQ ORV PLHGRVDWiYLFRV\ODLGHRORJtDLQIOX\HURQHQODGHFLVLyQ ¢4XpVHKL]RGHVGH&RPXQLFDFLyQ,QWHUQD" 'XUDQWH ORV SUROHJyPHQRV GH OD FULVLV LQIRUPDFLyQ GLDULD HQ SRUWDO HPSOHDGRGHODVQRWLFLDVGHSUHQVDGHOGHEDWHVXUJLGRHQODVRFLHGDG/D GLUHFFLyQPDQWXYRUHXQLRQHVFRQORVHPSOHDGRV 6XUJH XQ PRYLPLHQWR HVSRQWiQHR HQ SODQWLOOD FRQ HO GLFWDPHQ GHO &61 ¢4XpFDPELySDUDPHMRUDUODDFHSWDFLyQGHHVWDHQHUJtDHQODVRFLH GDG"ODFDPSDxDGHFRPXQLFDFLyQH[WHUQDHODSR\RGHSURSLHWDULRV\ VHFWRUDEUHQHOGHEDWHQXFOHDUHQODVRFLHGDG 3HURDOJRGHFLVLYRLQFOLQDODEDODQ]D6HSXVRFDUDDODFHQWUDO(P SOHDGRV\GLUHFFLyQVDOHQMXQWRVDODFDOOHRUJXOORVRVGHODLQVWDODFLyQ\ GHVXWUDEDMR7DPELpQORKDFHQHOUHVWRGHFHQWUDOHV6HUHFDEDQILUPDV \DSR\RV7UDEDMDGRUHV\IDPLOLDVGHIHQGLHQGRVXVSXHVWRVGHWUDEDMROD VHJXULGDG GH VX LQVWDODFLyQ 6H DSRUWy GLJQLGDG \ FUpGLWR D HVWD DFWLYL GDG(VWDIXHXQDSHTXHxDFRQWULEXFLyQDOVHFWRU ¢4XpVHHVWiKDFLHQGRDKRUDGHVGHFRPXQLFDFLyQ" 'HVDUUROODPRV iUHDV HVSHFLILFDV SDUD FDQDOL]DU LQTXLHWXGHV SRUWDO GHO HPSOHDGR FRPR KHUUDPLHQWD SDUWLFLSDWLYD FRQ HQFXHVWDV %ORJV LQIRUPDFLyQ GH ORV DYDQFHV GHO UHFXUVR LQWHUSXHVWR PDUDWyQ QXFOHDU \ UHXQLRQHVFRQHPSOHDGRV$XPHQWDUFDPSDxDVLQIRUPDWLYDV 2EMHWLYR PRWLYDU DXQDU YROXQWDGHV PHMRUDU SDUWLFLSDFLyQ EXVFDU FDXVDFRP~QSDUDUHFODPDUTXHVHUHFRQVLGHUHODRUGHQPLQLVWHULDO3R WHQFLDUUHGHVVRFLDOHV5HFDEDUDSR\RVHQODVRFLHGDG2UJDQL]DUJUXSR GHWUDEDMR³9LYD*DURxD´ 7RGR HOOR VLQ ROYLGDU OR PDV LPSRUWDQWH RSHUDU OD FHQWUDO GH IRUPD VHJXUD\ILDEOH ,!#%24)&)#!#)».#/-/%-02%3!&!-),)!2-%.4% 2%30/.3!",%(%22!-)%.4!0!2!,!2%4%.#)».$% 4!,%.4/ %"ÈRCENA!!ZCÈRATE#$ÓEZ-ACHO 18&/(125 /D FHUWLILFDFLyQ FRPR (PSUHVD )DPLOLDUPHQWH 5HVSRQVDEOH HIU UHVSRQGH D XQD QXHYD FXOWXUD VRFLRODERUDO \ HPSUHVDULDO EDVDGD HQ OD IOH[LELOLGDGHOUHVSHWR\HOFRPSURPLVRPXWXRV /RVFDPELRVHQODFXOWXUDGHXQDRUJDQL]DFLyQVRQORVPiVFRPSOHMRV \SURIXQGRVGHWRGRVFXDQWRVVHSXHGHQSURSRQHU6LQHPEDUJRVXHOHQ 1 ,Ê-*!ÊÃi«ÌiLÀi-ÊÓä£ä ÇÎ 6(6,21(67e&1,&$6 VHUORVTXHPiVUiSLGDPHQWHSHUPLWHQDXQDRUJDQL]DFLyQFRQVHJXLUVXV REMHWLYRV8QDKHUUDPLHQWDTXHSXHGHD\XGDUDIDFLOLWDUHVWHWLSRGHFDP ELRV HV OD FHUWLILFDFLyQ FRPR HPSUHVD IDPLOLDUPHQWH UHVSRQVDEOH HIU \SDUDHOORHVQHFHVDULRXQSURFHVRGHWUDQVIRUPDFLyQ\GHPHMRUDGHOD RUJDQL]DFLyQEDVDGRHQXQDQXHYDFXOWXUDXQDQXHYDIRUPDGHDIURQWDU ODGLUHFFLyQ\JHVWLyQGHSHUVRQDV\VXVQHFHVLGDGHVIDPLOLDUHVIRPHQWDU ODFRPXQLFDFLyQ\ODLQIRUPDFLyQDWRGRVORVQLYHOHVHWF /DREWHQFLyQGHHVWDFHUWLILFDFLyQHVXQSURFHVRGLQiPLFRGHJHVWLyQ\ GHPHMRUDFRQWLQXDHQHOTXHDWUDYpVGHGLVWLQWDVIDVHVODRUJDQL]DFLyQ YD SRFR D SRFR DYDQ]DQGR HQ OD FRQVHFXFLyQ GH HVWH FDPELR FXOWXUDO TXH SHUPLWH SRQHU PDUFKD QXHYDV DFWXDFLRQHV \ VLVWHPDWL]DU DTXHOODV RWUDVTXH\DGLVSRQHQODVRUJDQL]DFLRQHVHQHVWHiPELWRGHDFWXDFLyQ Ç{ 1 ,Ê-*!ÊÃi«ÌiLÀi-ÊÓä£ä 6RQVLQGXGDPXFKRVORVEHQHILFLRVDVRFLDGRVDOGLVHxRLPSODQWDFLyQ \ FHUWLILFDFLyQ GH XQ SURFHVR HIU HQ XQD RUJDQL]DFLyQ VL ELHQ XQR GH ORVPiVLPSRUWDQWHVSXHGHVHUODDWUDFFLyQ\UHWHQFLyQGHWDOHQWRUHIRU ]DQGRHOFRPSURPLVRSDUDFRQVXVHPSOHDGRVUHIRU]DQGRHOPRGHORGH UHODFLRQHV ODERUDOHV D WUDYpV GH XQDV PHMRUHV SUiFWLFDV \ GH XQ PD\RU QLYHO GH LQIRUPDFLyQSDUD WRGDV ODV SHUVRQDV \ PHMRUDQGR VX SRWHQFLDO GHDWUDFFLyQFRPRHPSOHDGRUH[FHOHQWHKDFLD ±(VFXHODVGHQHJRFLR ±8QLYHUVLGDG\(VFXHODV3URIHVLRQDOHV ±(PSUHVDVGHVHOHFFLyQ ±)RURVGHHPSOHR 3URJUDPD\6LQRSVLVGHODV3RQHQFLDV 3!,! *UEVESH 02/4%##)».2!$)/,»')#!)) 02%3)$%.4%0ÓO#ARMENA %.$%3! ,!"/2!4/2)/$%2!$)/&¶3)#!$%,!5.)6%23)$!$ $%3!.4)!'/).34!,!#)».$%)22!$)!#)».'!--! 94%343$%#/-0/.%.4%3%,%#42».)#/3%.$/3)3 4/4!, $-'ONZÈLEZ#ASTA×O&'ØMEZ2ODRÓGUEZ!0AZOS 81,9(5'(6$17,$*2'(&203267(/$ (O/DERUDWRULRGH5DGLRItVLFDGHOD8QLYHUVLGDGGH6DQWLDJRGH&RP SRVWHOD86&HVXQDLQVWDODFLyQGHOD5HGGH,QIUDHVWUXFWXUDVGH$SR\R D OD ,QYHVWLJDFLyQ \ 'HVDUUROOR7HFQROyJLFR 5,$,'7 GH OD 86& (VWD LQVWDODFLyQ VLWXDGD HQ HO &DPSXV 6XU GH 6DQWLDJR HVWi H[FOXVLYDPHQWH GHGLFDGDDWDUHDVGH,'\FXHQWDFRQXQVLVWHPDGHLUUDGLDFLyQJDPPD EDVDGRHQXQDXQLGDGGHUDGLRWHUDSLDH[WHUQD7KHUDWURQ/DXQLGDGDO EHUJDXQDIXHQWHGHFREDOWRHPLVLyQJDPPDGH0H9GH&L GHDFWLYLGDG0D\R/DVDODGHLUUDGLDFLyQFXHQWDFRQXQDVXSHUILFLH ~WLOGHPHWURVFXDGUDGRV/DVDFWLYLGDGHVTXHVHGHVDUUROODQDFWXDOPHQ WHHQODLQVWDODFLyQVRQODVVLJXLHQWHV ,UUDGLDFLyQ GH FRPSRQHQWHV HOHFWUyQLFRV SDUD HQVD\RV GH UHVLVWHQFLD DGRVLVJDPPDWRWDO(OWDPDxRGHODVDODGHLUUDGLDFLyQKDFHSRVLEOHOD LUUDGLDFLyQDWDVDVGHGRVLVFRPSUHQGLGDVHQHOUDQJRNUDGKDUDGK (O ODERUDWRULR FXHQWD FRQ HO HTXLSDPLHQWR QHFHVDULR SDUD PRQLWRUL]DU HO KD]\ORVSDUiPHWURVDPELHQWDOHV/RVHQVD\RVSXHGHQGXUDUYDULRVGtDVR LQFOXVRVHPDQDVGHSHQGLHQGRGHODGHPDQGDGHORVXVXDULRV 5DGLRWHUDSLD DQLPDO (VWH VHUYLFLR VH UHDOL]D HQ FRODERUDFLyQ FRQ HO KRVSLWDOYHWHULQDULR5RI&RGLQDGH/XJRTXLHQVHHQFDUJDGHODSDUWHGH GLDJQyVWLFR\SUHVFULSFLyQGHWUDWDPLHQWRV $GHPiVODLQVWDODFLyQRIUHFHODSRVLELOLGDGGHRIUHFHUWRGRWLSRGHVHU YLFLRVUHODFLRQDGRVFRQODLUUDGLDFLyQJDPPDFRPRVRQFDUDFWHUL]DFLyQ GH EOLQGDMHV HVWHULOL]DFLyQ GH PXHVWUDV WUDWDPLHQWR GH PDWHULDOHV LH &URVVOLQNLQJGHSROtPHURVHWF$VLPLVPRHO/DERUDWRULRGH5DGLRILVLFD HVWi DFWXDOPHQWH UHDOL]DQGR ODV JHVWLRQHV SDUD SRGHU DFUHGLWDUVH FRPR ODERUDWRULRGHFDOLEUDFLyQGHGRVtPHWURVHQQLYHOHVGHWHUDSLD(O/DERUD WRULRGH5DGLRItVLFDGDODELHQYHQLGDDWRGRVDTXHOORVXVXDULRVLQWHUHVDGRV HQXWLOL]DUHOVHUYLFLRRHQFRODERUDUHQDFWLYLGDGHVGHLQYHVWLJDFLyQ $%4%2-).!#)».$%.)6%,%32!$)!#4)6/3 .!452!,%3%¶.$)#%3$%0%,)'2/3)$!$%. #%-%.4/3(/2-)'/.%39-/24%2/354),):!$/3 %.#/.3425##)». *--ENESES#0ACHECO*-«VILA#-IRØ ,17520$& #//2$).!$/2"ORJA2OSELL(ERRERA #%.42!,.5#,%!2$%!,-!2!: 6H KDQ GHWHUPLQDGR ORV QLYHOHV UDGLDFWLYRV QDWXUDOHV HQ WUHV WLSRV GH FHPHQWRV DGKHVLYRV FLQFR WLSRV GH KRUPLJRQHV \ GRV WLSRV GH PRUWHURV GH GLIHUHQWH UHVLVWHQFLD XWLOL]DGRV QRUPDOPHQWH GHQWUR GHO iPELWR GH OD FRQVWUXFFLyQ 'H HQWUH HVWRV PDWHULDOHV WDQWR ORV KRUPLJRQHV FRPR ORV PRUWHURVIXHURQSUHSDUDGRVHQQXHVWURVODERUDWRULRVSRUHOFRQWUDULRORV FHPHQWRVIXHURQGHWLSRFRPHUFLDO/RVKRUPLJRQHVVHFDUDFWHUL]DURQSRU SUHVHQWDUGLIHUHQFLDVHQFXDQWRDVXFRPSRVLFLyQWLSRGHiULGR\DGLWLYR XWLOL]DGR3DUDHVWHHVWXGLRHQFRQFUHWRVHXWLOL]DURQKRUPLJRQHVFRQHVFR ULDVVLGHU~UJLFDVKRUPLJyQDXWRFRPSDFWDQWHKRUPLJyQGHDOWDUHVLVWHQFLD \XQKRUPLJyQFRQYHQFLRQDO 3DUDODGHWHUPLQDFLyQGHODFRQFHQWUDFLyQUDGLDFWLYDVHKDXWLOL]DGRXQ GHWHFWRUGHJHUPDQLRKLSHUSXURFRQHOTXHVHREWXYRODFRQFHQWUDFLyQGH 5D7KDQG./DFRQFHQWUDFLyQGH5DVHFDOFXOyDSDUWLU GHODVHPLVLRQHVJDPPDGHO3E\%L\ODVGHO7KDSDUWLUGH ODVHPLVLRQHVGHO$F\7O/RVUHVXOWDGRVVHFRPSDUDURQFRQORV REWHQLGRV HQ RWURV SDtVHV SDUD GLIHUHQWHV PDWHULDOHV GH FRQVWUXFFLyQ$ SDUWLUGHGLFKRVUHVXOWDGRVVHHVWLPyOD$FWLYLGDG(TXLYDOHQWHGH5DGLR OD7DVDGH'RVLV$EVRUELGDOD'RVLV(TXLYDOHQWH$QXDOHQ*yQDGDV\OD 'RVLV (TXLYDOHQWH$QXDO (IHFWLYD (VWRV YDORUHV VH FRPSDUDURQ FRQ ORV QLYHOHV Pi[LPRV UHFRPHQGDGRV SRU ORV RUJDQLVPRV LQWHUQDFLRQDOHV GH SURWHFFLyQIUHQWHDODVUDGLDFLRQHVLRQL]DQWHV $JUDGHFLPLHQWRVDOD-XQWDGH([WUHPDGXUDSRUVXD\XGDILQDQFLHUDDO SUR\HFWR35,$\DOJUXSRGHLQYHVWLJDFLyQ,03&$0 6!2)!#)».$%4%-0%2!452!%.%,-!2 -%$)4%22«.%/0/2,!%80,/4!#)».$%,!#%.42!, .5#,%!2$%6!.$%,,¾3)) *L%SPARZA-6ILLARREAL'2IBES $62&18&/($5$6&Ï9$1'(//Ñ6,,$,( 5HVXPHQ'XUDQWHORVPHVHVGHMXQLR\QRYLHPEUHGHVHUHDOL ]DHOHVWXGLRGHODVFDUDFWHUtVWLFDVWpUPLFDVGHODFROXPQDGHDJXDHQOD ]RQDGHLQIOXHQFLDGHODGHVFDUJDGHDJXDVGHOD&HQWUDO1XFOHDU9DQ GHOOzV,,&19,,(OiUHDGHHVWXGLRFRPSUHQGHDSUR[LPDGDPHQWHXQ WUDPRGHNPGHODOtQHDGHFRVWDTXHVHORFDOL]DIUHQWHDOD&19,, 3DUD DQDOL]DU ODV FDUDFWHUtVWLFDV WpUPLFDV GH ODV DJXDV VH UHDOL]DQ GHVGH HPEDUFDFLyQ XQD VHULH GH SHUILOHV YHUWLFDOHV FRQ XQ WHUPRVDOL QyJUDIR /D WHPSHUDWXUD GHO DJXD GHO 0HGLWHUUiQHR SUHVHQWD XQ FRP SRUWDPLHQWRHVWDFLRQDOFRQXQDVLWXDFLyQLQYHUQDOHQODTXHVHGDXQD KRPHRWHUPLDDORODUJRGHWRGDODFROXPQDGHDJXDFRQWHPSHUDWXUDV DOUHGHGRUGH&\XQDVLWXDFLyQHVWLYDOHQODTXHODVWHP SHUDWXUDV VXSHUILFLDOHV VRQ VXSHULRUHV D ORV & SHUR FRQ XQD JUDQ KRPRJHQHLGDGDSDUWLUGHORVPHWURV&/DVUHVWDQWHV 1 ,Ê-*!ÊÃi«ÌiLÀi-ÊÓä£ä Çx 6(6,21(67e&1,&$6 HVWDFLRQHVSULPDYHUD\RWRxRVRQGHWUDQVLFLyQVLJXLHQGRORVFLFORV GHFDOHQWDPLHQWR\HQIULDPLHQWRGHODDWPyVIHUD &RQFOXVLyQ$WUDYpVGHORVSHUILOHVWHUPRKDOLQRVJHQHUDGRVDSDUWLUGH ODV PHGLGDV WRPDGDV LQ VLWX FRQ OD VRQGD PXOWLSDUDPpWULFD VH REVHUYDQ HQOtQHDFRQODpSRFDGHPXHVWUHRYDORUHVPiVHOHYDGRVGHWHPSHUDWXUD HQVXSHUILFLHTXHGLVPLQX\HQDPHGLGDTXHDXPHQWDODSURIXQGLGDG/DV WHPSHUDWXUDVVXSHUILFLDOHVHQYHUDQRRVFLODQHQWUH\&PLHQWUDVTXH ODVWHPSHUDWXUDVGHOIRQGRYDUtDQHQWUHORV&HQHOFDVRGHODVHVWDFLR QHVPHQRVSURIXQGDV\ORV&HQHOFDVRGHODVDJXDVPiVSURIXQGDV 'XUDQWHODpSRFDLQYHUQDOODVWHPSHUDWXUDVVXSHUILFLDOHVRVFLODQHQWUHORV \ORV R&PLHQWUDVTXHHQHOIRQGRYDUtDQHQWUHORV\ORV &VLHQGRKRPRJpQHDVHQWUHHVWDFLRQHVPiVSURIXQGDV\PHQRVSURIXQ GDV 'H HVWH HVWXGLR VH FRQFOX\H TXH HQ ODV HVWDFLRQHV HVWXGLDGDV QR VH REVHUYDQHIHFWRVVXVWDQFLDOHVHQODVFDUDFWHUtVWLFDVWpUPLFDVGHODFROXPQD GHDJXDGHELGRVDODH[SORWDFLyQGHOD&19,, #/.42/,$%-!#2»&)4/3%.5.42!-/$%,2¶/%"2/ !350!3/0/2,!#%.42!,.5#,%!2$%!3#» *L%SPARZA!"ERTRAN,-UNTÏ%&ERNÈNDEZ!LENTORN $62&18&/($5$6&Ï9$1'(//Ñ6,,$,( 5HVXPHQ/DSUHVHQFLDGHPDFUyILWRVHQHOWUDPRGHOUtR(EURDVXSDVR SRUOD&HQWUDO1XFOHDUGH$VFy&1$KDLQFUHPHQWDGRHQDEXQGDQFLDD ORODUJRGHORV~OWLPRVYHLQWHDxRV6XDSDULFLyQQRJXDUGDUHODFLyQDOJXQD FRQHOIXQFLRQDPLHQWRGHODSODQWDQXFOHDU\DTXHpVWRVVHKDQORFDOL]DGR WDPELpQ DJXDV DUULED GHO FDQDO GH WRPD GH DJXD GH UHIULJHUDFLyQ GH OD &1$HLQFOXVRHQHOSURSLRQDFLPLHQWRGHOUtR(EURHQ&DQWDEULD (O GHVDUUROOR H[WUDRUGLQDULR GH OD ELRPDVD \ HO GHVSUHQGLPLHQWR GH IUDJPHQWRV GH ODV SODQWDV HQ GHWHUPLQDGRV PRPHQWRV GHO FLFOR DQXDO KD SURYRFDGRGLYHUVRVSUREOHPDVSXQWXDOHVHQODFDSWDFLyQGHDJXDVGHUH IULJHUDFLyQGHOD&1$(QORVDxRVVHDERUGySRUYH]SULPHUD XQD FXDQWLILFDFLyQ REMHWLYD GH OD SUREOHPiWLFD GH ORV PDFUyILWRV HQ HO WUDPRGHOLPLWDGRHQWUH)OL[\$VFyFRQHYDOXDFLyQGHODELRPDVD\FDUWR JUDItDGHODVSUDGHUDV $ORODUJRGHODV~OWLPDVGpFDGDV\GHELGRHQJUDQSDUWHDODDFFLyQ DQWURSRJpQLFDVREUHODVPDVDVGHDJXDFRQODLQWHQFLyQGHPRGLILFDUORV DVSHFWRVKLGUROyJLFRVVHKDREVHUYDGRTXHORVFDPELRVSURGXFLGRVHQORV FDXFHVKDQGDGROXJDUDDOWHUDFLRQHVHQODIDXQD\HQODIORUD /DVLWXDFLyQGHOWUDPREDMRGHOUtR(EURDVXSDVRSRUOD&1$HVHOPiV UHSUHVHQWDWLYR\DTXHUH~QHXQDVHULHGHFDUDFWHUtVWLFDVSDUDHOGHVDUUROOR \ SUROLIHUDFLyQ GH SUDGHUDV GH HVSHFLHV PDFUyILWDV HQWUH ODV TXH VH HQ FXHQWUDQODUHJXODFLyQKtGULFDSURGXFLGDSRUODVLQVWDODFLRQHVH[LVWHQWHV SURYRFDQGR OD H[LVWHQFLD GH ]RQDV OpQWLFDV OD EDMD YHORFLGDG GHO DJXD TXHSURGXFHODVHGLPHQWDFLyQGHODVSDUWtFXODVHQVXVSHQVLyQORVYHUWLGRV DJUtFRODV\XUEDQRV\VXSRVWHULRUDFXPXODFLyQHQODVPDVDVGHDJXD\SRU ~OWLPRODSUROLIHUDFLyQGHFLHUWDVHVSHFLHVGHPDFUyILWRVQRDXWyFWRQDV (OREMHWLYRGHHVWHHVWXGLRHVHYDOXDUODHYROXFLyQHQHOWLHPSRGHODV GLIHUHQWHVSREODFLRQHVGHPDFUyILWRVHQHOWUDPRGHOUtR(EURFRPSUHQGLGR HQWUHODSREODFLyQGH)OL[\OD&HQWUDO1XFOHDUGH$VFy\ORVHIHFWRVREVHU YDGRVHQpVWDVSRUODVDYHQLGDVSURJUDPDGDVSDUDVXFRQWURO ÇÈ 1 ,Ê-*!ÊÃi«ÌiLÀi-ÊÓä£ä %6!,5!#)».$%,/3%80%2)-%.4/3-35$% 02/$5##)».$%.%542/.%33%#5.$!2)/3#/. )/.%3(%,)/9#!2"/./ 0/RTEGO 6($,1*(1,(5Ë$<$1È/,6,6'(%/,1'$-(66/ (QXQDVHULHGHH[SHULPHQWRVUHDOL]DGRVHQOD8QLYHUVLGDG(VWDWDOGH 0LFKLJDQ068VHXWLOL]DURQODVWpFQLFDVGHWLHPSRGHYXHORSDUDPH GLUHOHVSHFWURHQHUJpWLFRGHORVQHXWURQHVVHFXQGDULRVSURGXFLGRVSRUOD LQWHUDFFLyQGHLRQHVGHKHOLR\FDUERQRDFHOHUDGRVKDVWDHQHUJtDVGH 0H9QXFOHyQVREUHXQEODQFRGHDOXPLQLR /DV PHGLGDV VH UHDOL]DURQ SDUD XQD YDULHGDG GH iQJXORV UHVSHFWR DO HMHGHOLyQ\WLHQHQSRUREMHWLYRFRQRFHUPHMRUODSURGXFFLyQGHQHXWUR QHVVHFXQGDULRVHQDFHOHUDGRUHVORFXDOHVPX\QHFHVDULRSDUDRSWLPL]DU HOGLVHxRGHORVEOLQGDMHVELROyJLFRVGHORVDFHOHUDGRUHVSDUDPHMRUDUOD SURWHFFLyQUDGLROyJLFDHQWUDWDPLHQWRVGHKDGURQWHUDSLD\SDUDSUHYHQLU GRVLVH[FHVLYDVHQYLDMHVWULSXODGRVDOHVSDFLRH[WHULRUGRQGHDEXQGDQ ORVLRQHVSHVDGRVGHPX\DOWDVHQHUJtDV (VWRV H[SHULPHQWRV KDQ VLGR HYDOXDGRV SDUD VHU YDOLGDGRV FRPR H[ SHULPHQWRVGHFXDOLILFDFLyQGHFyGLJRVGHFiOFXORGHEOLQGDMHSDUDDOWDV HQHUJtDV(QFRQFUHWRVHKDQPRGHODGRFRQORVFyGLJRV0&13;\ 3+,76 (VWHWUDEDMRVHKDUHDOL]DGRSRU6($,QJHQLHUtDEDMRFRQWUDWRFRQOD $JHQFLDGH(QHUJtD1XFOHDUGHOD2&'( %6!,5!#)».$%,!3-%$)$!3$%,/.')45$$% !4%.5!#)».$%,/3.%542/.%33%#5.$!2)/3%.%, %80%2)-%.4/)3)3 0/RTEGO 6($,1*(1,(5Ë$<$1È/,6,6'(%/,1'$-(66/ /D LQVWDODFLyQ ,6,6 GHO 5XWKHUIRUG$SSOHWRQ /DERUDWRU\ HQ *UDQ %UHWDxDHVXQDIXHQWHGHHVSDODFLyQPX\LQWHQVDTXHXWLOL]DSURWRQHVGH 0H9LPSDFWDQGRVREUHXQEODQFRGHWiQWDORGHFPGHHVSHVRUUHIUL JHUDGRSRUDJXDSHVDGD6XEOLQGDMHHVPX\SHVDGRFRQHVSHVRUHVDFXPX ODGRVGHFPGHDFHUR\FPGHKRUPLJyQHQGLUHFFLyQSHUSHQGLFXODU DOHMHGHLQFLGHQFLDGHOUD\R $SURYHFKDQGRHVWHEOLQGDMHVHKLFLHURQPHGLGDVGHODORQJLWXGGHDWH QXDFLyQ GH ORV QHXWURQHV VHFXQGDULRV HPLWLGRV D R PHGLDQWH WpFQLFDV GHDFWLYDFLyQGHGRVtPHWURVGHFDUERQR\ELVPXWRFRORFDGRVHQWUHFDSDV DGLFLRQDOHVGHKRUPLJyQRUGLQDULR\DFHUR(VWHHVSHVRUGHEOLQGDMHFRQV WLWX\HXQDXWpQWLFRUHWRSDUDODVWpFQLFDVGHEOLQGDMH0RQWH&DUOR\VHKD XWLOL]DGRSDUDFXDOLILFDUODV (VWHH[SHULPHQWRKDVLGRHYDOXDGRSDUDVHUYDOLGDGRVFRPRH[SHULPHQ WRGHFXDOLILFDFLyQGHFyGLJRVGHFiOFXORGHEOLQGDMHSDUDDOWDVHQHUJtDV 6HKDPRGHODGRFRQHOFyGLJR0&13; (VWH WUDEDMR VH KD UHDOL]DGR SRU 6($ ,QJHQLHUtD EDMR FRQWUDWR FRQ OD $JHQFLDGH(QHUJtD1XFOHDUGHOD2&'( 3URJUDPD\6LQRSVLVGHODV3RQHQFLDV 3!,! *UEVESH 2%3)$5/32!$)!#4)6/3)) 02%3)$%.4%!NA,ÈZARO 7%34).'(/53%%,%#42)#%30!º! %80%2)%.#)!%.,!'%34)».$%2%3)$5/3 2!$)!#4)6/3%.#.*/3²#!"2%2! '3OCORRO-!2ODRIGUEZ'ØMEZ&'ARCÓA!COSTA 62&2,1 *$61$785$/)(126$ (OGHRFWXEUHGHHO0LQLVWHULRGH(FRQRPtDFRQFHGLyOD~OWLPD UHQRYDFLyQGHOD$XWRUL]DFLyQGH([SORWDFLyQKDVWDHOGHDEULOGH IHFKDGHVXSDUDGDGHILQLWLYD (Q HVWD SRQHQFLD VH GHVFULEHQ HQ GHWDOOH ODV PRGDOLGDGHV GH JHVWLyQ OOHYDGDVDFDERGHVGHODIHFKDGHGHFODUDFLyQGHOFLHUUHKDVWDODIHFKDGH WUDQVIHUHQFLDGHODWLWXODULGDGHIHFWXDGDHOSDVDGRIHEUHURGHDFXHUGR FRQOD25'(1,7&SDUDFDGDXQDGHODVFRUULHQWHVDOPDFHQD GDVTXHQRGLVSRQtDQGHXQDYtDGHJHVWLyQGHILQLGD (QORV$OPDFHQHV,\,,GHODFHQWUDOVHHQFRQWUDEDQEXOWRVGHUHVLGXRV GHGLIHUHQWHVQDWXUDOH]DV\YRO~PHQHV$OJXQRVGHHOORVVHKDEtDQDFRQ GLFLRQDGRFRQDQWHULRULGDGDIHFKDHQODTXHQRH[LVWtDQFULWHULRV GHDFHSWDFLyQSDUDHODOPDFHQDPLHQWRHQ(O&DEULO 6HUHDOL]DURQPHGLGDVGHFDUDFWHUL]DFLyQUHDFRQGLFLRQDPLHQWRGHEXO WRV\UHYLVLyQGRFXPHQWDOSDUDODHODERUDFLyQGH'RVVLHUHVTXHDPSDUDVHQ VXDFHSWDFLyQHQ(O&DEULO 5HVLGXRVVLQDFRQGLFLRQDU(QHO$OPDFpQ,,,VHHQFRQWUDEDQDOPDFHQD GRVPiVGHPGHFKDWDUUDPHWiOLFDDVtFRPRPGHPDGHUD 6HUHDOL]DURQGLIHUHQWHVWUDWDPLHQWRVFRUWHGHVFRQWDPLQDFLyQWULWXUD FLyQ\XQDYH]FDUDFWHUL]DGRVVHJHVWLRQDURQYtDGHVFODVLILFDFLyQ\FRPR 5%0$ 5HVLGXRVDOPDFHQDGRVHQHO)RVRGH&RPEXVWLEOH*DVWDGR 6H UHDOL]y XQD FDUDFWHUL]DFLyQ GH WRGRV ORV HOHPHQWRV DOPDFHQDGRV \ VHSURFHGLyDVXJHVWLyQFRPRUHVLGXRVSDUDDTXHOORVTXHFXPSOLHUDQORV FULWHULRVGHDFHSWDFLyQ 5HVLGXRVGHPX\EDMDDFWLYLGDG (ODFHLWHWUDVXQSURFHVRGHSXULILFDFLyQ\HOFDUEyQDFWLYRVHJHVWLRQD URQFRPRUHVLGXRFRQYHQFLRQDO 5HVLQDV SURFHGHQWHV GH ODV DFWLYLGDGHV SUHSDUDWRULDV GHO GHVPDQWHOD PLHQWRGHVFRQWDPLQDFLyQGHOSULPDULR 6HHQFXDGUyHQODFRUULHQWH\DDFHSWDGDDGDSWDQGRHOFRUUHVSRQGLHQWH ''% !.«,)3)3-!4%-«4)#/$%,42!30/24%$%5. 2!$)/.5#,%)$/%.02%3%.#)!$%#/,/)$%3%.5. -%$)/&2!#452!$/ .!LBARÈN4-ISSANA*!HN-'ARCÓA'UTIÏRREZ5!LONSO --INGARRO &,(0$7 #//2$).!$/2-IGUEL«NGEL2ODRÓGUEZ'ØMEZ 3/#/). (QXQDOPDFHQDPLHQWRJHROyJLFRSURIXQGR$*3HPSOD]DGRHQXQ PHGLRFULVWDOLQRJUDQLWRHVSRVLEOHODJHQHUDFLyQGHFRORLGHVGHVGHOD EDUUHUDGHEHQWRQLWDFRPSDFWDGD/DSUHGLFFLyQGHORVHIHFWRVTXHSXH GDQWHQHUHVWRVFRORLGHVVREUHODPLJUDFLyQGHUDGLRQXFOHLGRVDGVRUELGRV HVGHJUDQLPSRUWDQFLDHQODHYDOXDFLyQGHOFRPSRUWDPLHQWRGHHVWHWLSR GHUHSRVLWRULRV (OGHVDUUROORGHPRGHORVPDWHPiWLFRVGHOWUDVSRUWHGHUDGLRQXFOHLGRV HQPHGLRVIUDFWXUDGRVHQSUHVHQFLDGHFRORLGHVEDVDGRVHQGDWRVH[SH ULPHQWDOHVUHDOLVWDVHVD~QHVFDVR3RUHVWDUD]yQHQHVWHHVWXGLRVHKD GHVDUUROODGRXQPRGHORPDWHPiWLFRFRQHOREMHWLYRGHGHVFULELUHOWUDQV SRUWHGHXQUDGLRQXFOHLGRHQSUHVHQFLDGHFRORLGHVGHEHQWRQLWDEDVDGRV HQ GDWRV H[SHULPHQWDOHV REWHQLGRV HQ HQVD\RV GH WUDQVSRUWH FRQ UDGLR QXFOHLGRVHQSUHVHQFLDGHFRORLGHVGHEHQWRQLWDUHDOL]DGRVHQFROXPQDV GHJUDQLWRIUDFWXUDGR\EDMRFRQGLFLRQHVGHIOXMRORPiVSDUHFLGDVDXQ VLVWHPDQDWXUDO (O SODQWHDPLHQWR PDWHPiWLFR FRQVLGHUD ORV SURFHVRV GH LQWHUDFFLyQ TXHVXIUHQORVFRORLGHV\HOUDGLRQXFOHLGRHQVXPLJUDFLyQHQXQPHGLR IUDFWXUDGRODLQWHUDFFLyQHQWUHHOUDGLRQXFOHLGR\ORVFRORLGHV\HQWUHHO UDGLRQXFOHLGR\ODVSDUHGHVGHODIUDFWXUD(ODQiOLVLVPDWHPiWLFRVHGH VDUUROOyDSDUWLUGHOPRGHORGHWUDQVSRUWHGHDGYHFFLyQGLVSHUVLyQHQXQD GLPHQVLyQGHORVFRORLGHV\HOUDGLRQXFOHLGRHQXQPHGLRIUDFWXUDGR 8QD YH] GHVDUUROODGR HO PRGHOR PDWHPiWLFR VH UHDOL]y XQ DQiOLVLV GH VHQVLELOLGDG SDUD DQDOL]DU ORV HIHFWRV GH SDUiPHWURV LQFOXLGRV HQ HO PRGHORTXHUHSUHVHQWDQODVLQWHUDFFLRQHVFRORLGHUDGLRQXFOHLGRUDGLR QXFOHLGRURFDVREUHODPLJUDFLyQGHOUDGLRQXFOHLGR h%345$)/%,%#42/15¶-)#/$%$)3/,5#)/.%3$%4- )))3/"2%792%!##)/.%3$%/8/!#)$%:%.%, %54²#4)#/,)#)+#,v 0&ERNÈNDEZ2EQUEJO 81,9(56,'$''(9$//$'2/,' 6H KD HVWXGLDGR HO FRPSRUWDPLHQWR TXtPLFR \ HOHFWURTXtPLFR GH ORV LRQHVWXOLRFRPRSDUWHGHXQSURJUDPDGHLQYHVWLJDFLyQGHODVHULHGH ORV ODQWiQLGRV FRQ LPSDFWR HQ HO UHSURFHVR GHO FRPEXVWLEOH QXFOHDU DJRWDGR /D ILORVRItD GHO SURJUDPD HV GHVDUUROODU SURFHVRV HQ FORUXURV IXQGLGRV TXH SHUPLWDQ L UHFXSHUDU WRGRV ORV DFWtQLGRV $QV SDUD VX UHFLFODGRRGHVWUXFFLyQLLXQDVXILFLHQWHGHVFRQWDPLQDFLyQGHORV$QV IUHQWH D ORV SURGXFWRV GH ILVLyQ SULQFLSDOPHQWH ODQWiQLGRV /QV \ LLL JHQHUDUHOPtQLPRYROXPHQGHUHVLGXRVSRUORTXHHVQHFHVDULROOHYDUD FDERHWDSDVGHGHVFRQWDPLQDFLyQVDOLQDWUDVYDULRVFLFORVGHVHSDUDFLyQ GH$QV/QV $ SHVDU GH TXH HO WXOLR HVWi SUHVHQWH HQ SHTXHxD FDQWLGDG HQ ORV UHVLGXRV QXFOHDUHV VX HVWXGLR HV GH JUDQ LQWHUpV SXHVWR TXH WLHQH HO PLVPRFRPSRUWDPLHQWRTXHHO$P(OHVWXGLRVHKDOOHYDGRDFDERHQ 1 ,Ê-*!ÊÃi«ÌiLÀi-ÊÓä£ä ÇÇ 6(6,21(67e&1,&$6 HOHXWpFWLFR/L&O.&OHQHOLQWHUYDORGHWHPSHUDWXUDVFRPSUHQGLGRHQWUH \.XWLOL]DQGRGRVVXEVWUDWRV:\$O 6REUHXQHOHFWURGRLQHUWHGH:ORVLRQHV7P,,,VHUHGXFHQD7P HQGRVHWDSDVVXFHVLYDVVXILFLHQWHPHQWHVHSDUDGDV7P,,HC7P,, \7P,,HC7P7HQLHQGROXJDUODFRUURVLyQGH7PHQSUHVHQ FLDGH7P,,, /DHOHFWURUUHGXFFLyQGH7P,,,D7P,,VREUH:HVFXDVLUHYHUVLEOH /DFRQVWDQWHGHYHORFLGDGN\HOFRHILFLHQWHGHWUDQVIHUHQFLDGHFDUJD _ VH FDOFXODURQ PHGLDQWH VLPXODFLyQ GH ORV YROWDPSHURJUDPDV H[SHUL PHQWDOHV\GHODQiOLVLVORJDUtWPLFRGHODVFXUYDVGHFRQYROXFLyQ &RQXQQLYHOGHFRQILDQ]DGHOQRVHHQFRQWUDURQGLIHUHQFLDVVLJ QLILFDWLYDVHQORVYDORUHVGHORVFRHILFLHQWHVGHGLIXVLyQGHODVHVSHFLHV 7P,,,\7P,,'7P,,,\'7P,,/DOH\GH$UUKHQLXVSDUDODGLIXVLyQVH FXPSOHHQHOLQWHUYDORGHWHPSHUDWXUDVHVWXGLDGR\VHKDFDOFXODGRHOYD ORUGHODHQHUJtDGHDFWLYDFLyQSDUDODGLIXVLyQ(D .-PRO /DHOHFWURFULVWDOL]DFLyQMXHJDXQSDSHOIXQGDPHQWDOHQHOSURFHVRGH HOHFWURGHSRVLFLyQ GH 7P PHWiOLFR REVHUYiQGRVH XQ FDPELR GH QX FOHDFLyQSURJUHVLYDDLQVWDQWiQHDDODXPHQWDUODWHPSHUDWXUD (OPHFDQLVPRGHHOHFWURUHGXFFLyQGH7XOLRVREUH$OHVGLIHUHQWHTXH VREUH : REVHUYiQGRVH XQ GHVSOD]DPLHQWR GH ODV VHxDOHV HOHFWURTXtPL FDVKDFLDSRWHQFLDOHVPHQRVFDWyGLFRVGHELGRDXQDGLVPLQXFLyQGHOD DFWLYLGDG GH 7P SRU IRUPDFLyQ GH FRPSXHVWRV LQWHUPHWiOLFRV 7P[$O\ /RV HQVD\RV GH HOHFWUROLVLV SRWHQFLRVWiWLFD VREUH DOXPLQLR PRVWUDURQ ODIRUPDFLyQGH$O7P$O7P\$O7PSRUORTXHODXWLOL]DFLyQGHXQ HOHFWURGRGH$OHVPX\DGHFXDGDSDUDOOHYDUDFDERSURFHVRVGHGHVFRQ WDPLQDFLyQGHORVPHGLRVVDOLQRVVRPHWLGRVDYDULRVFLFORVGHVHSDUDFLyQ $QV/QV\SRUWDQWRFRQXQDFDUJDLPSRUWDQWHHQODQWiQLGRV/RVUHVXOWD GRVREWHQLGRVSHUPLWHQHVWDEOHFHUODVHVFDODVGHWHQVLRQHVVREUH:\$O 6HKDQVLQWHWL]DGR7P2&O\7P2DSDUWLUGHGLVROXFLRQHVGH7P,,,\VH KDQGHWHUPLQDGRVXVSURGXFWRVGHVROXELOLGDGD.7RGRVORVWHVWGHVROX ELOL]DFLyQPRVWUDURQHILFDFLDVGHOXWLOL]DQGRFRPRUHDFWLYR+&OJ %345$)/#/-0,%-%.4!2)/3/"2%%,02/9%#4/ '%.²2)#/$%,!4#!,4%2.!4)6!3$% !,-!#%.!-)%.4/ )#A×ADAS**&ERNÈNDEZDE0ABLO-'ARCÓA'ONZÈLEZ (035(6$5,26$*583$'26 (OGLVHxRGHOIXWXUR$OPDFpQ7HPSRUDO&HQWUDOL]DGR$7&HVWiFRQFH ELGRSDUDDOPDFHQDUHQEyYHGDVORVHOHPHQWRVFRPEXVWLEOHVGHWRGDVODV Çn 1 ,Ê-*!ÊÃi«ÌiLÀi-ÊÓä£ä FHQWUDOHVHVSDxRODV$GLFLRQDOPHQWHHVWiSUHYLVWRTXHHQODFHOGDFDOLHQ WHSXHGDQOOHYDUVHDFDERODVRSHUDFLRQHVGHGHVHQFDSVXODGR1RREVWDQWH (15(6$FRQVLGHUyRSRUWXQRHVWXGLDUXQDLQVWDODFLyQFRPSOHPHQWDULDTXH IRUPDUDSDUWHGHO$7&\FRQFDSDFLGDGHVSHFtILFDSDUDHODOPDFHQDPLHQWR GH DOJXQRV FRQWHQHGRUHV FRQ FRPEXVWLEOH SUHYLDPHQWH HQFDSVXODGR DVt FRPRSRVLEOHPHQWHGHIRUPDWUDQVLWRULDRWURVWLSRVGHFRQWHQHGRUHV &RQHVWHILQVHKDOOHYDGRDFDERXQHVWXGLRFX\RREMHWLYRHVSUHVHQWDU ODVDOWHUQDWLYDVH[LVWHQWHVSDUDHVWDLQVWDODFLyQFRPSOHPHQWDULD\IDFLOLWDU ODWRPDGHGHFLVLRQHVVREUHODVROXFLyQPiVUHFRPHQGDEOHDDGRSWDUWH QLHQGRHQFXHQWDORVFRQGLFLRQDQWHVORJtVWLFRVGHOLFHQFLD\HFRQyPLFRV /DVDOWHUQDWLYDVHVWXGLDGDVVHHQPDUFDQGHQWURGHGRVWLSRVGHDOPDFHQD PLHQWRXQHGLILFLRVLPLODUDOGHODOPDFHQDPLHQWRWHPSRUDOHQVHFRGHQWUR GHXQHGLILFLRGHDOPDFHQDPLHQWR\XQDLQVWDODFLyQGHPyGXORVVREUHXQD ORVDDODLQWHPSHULH /DSRQHQFLDDGHVDUUROODUGHVFULEHHOSURFHVRVHJXLGRDODKRUDGHHVWX GLDUODVGLVWLQWDVDOWHUQDWLYDV\ODSURSXHVWDGHVHOHFFLy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¶VUHFRPPHQGDWLRQVIRUIUHHUHOHD VH5DGLDWLRQ3URWHFWLRQ7KHFXVWRPHUQRUPDOO\JHWVOHVVWKDQRI WKHLQLWLDOZHLJKWLQUHWXUQ 7KHSDSHUZLOOFRYHUWKHSODQQHGWUDQVSRUWDQGWUHDWPHQWRIWKUHHKHDW H[FKDQJHUVRULJLQDWLQJIRUP&RIUHQWHV133LQ6SDLQ 3URJUDPD\6LQRSVLVGHODV3RQHQFLDV 3!,! 6IERNESH #/-"534)",%))) 02%3)$%.4%*OSÏ!NTONIO'AGO %.$%3! #/-0/24!-)%.4/%3425#452!,$%,-!%&%.,!3 #%.42!,%3072.5#,%!2%3%30!º/,!3 --ORALES*-'ARCÓADELA)NFANTA (186$,1'8675,$6$9$1=$'$6 (OFRPEXVWLEOH0$()HVHOSURGXFWR[GH(186$SDUDODVFHQ WUDOHVWLSR3:5HVSDxRODV/DVSULQFLSDOHVGLIHUHQFLDVFRQVXDQWHFHVRU HOFRPEXVWLEOH$()IXHURQXQQXHYRGLVHxRGHUHMLOODSDUDODPHMRUDGH ODGLVWULEXFLyQGHOFDXGDOGHUHIULJHUDQWHODLQWURGXFFLyQGHO=,5/270 FRPRPDWHULDOHVWUXFWXUDO\PD\RUHVSHVRUGHWXERJXtDSDUDGLVPLQXLU ODVGHIRUPDFLRQHVGHOHVTXHOHWR 'HVGH VX LQWURGXFFLyQ HQ VH KDQ FRPSOHWDGR UHFDUJDV TXH KDFHQXQWRWDOGHHOHPHQWRVFRPEXVWLEOHV/DYLJLODQFLDGHOFRP EXVWLEOH0$()VHKDUHDOL]DGRGHVGHHODxRGHQWURGHO3URJUDPD GH,QYHVWLJDFLyQ&RRUGLQDGD3,&TXHODQ]DURQFRQMXQWDPHQWH&HQWUD OHV1XFOHDUHV$OPDUD]7ULOOR&1$7$VRFLDFLyQ1XFOHDU$VFy9DQGH OOyV$1$9\(186$,QGXVWULDV$YDQ]DGDV/RVREMHWLYRVSULQFLSDOHV GHO 3,& VRQ L SUHYHQFLyQ GH IDOORV PHGLDQWH HO GHVDUUROOR GH QXHYRV PRGHORVSUHGLFWLYRVDQiOLVLVFDXVDUDt]\DQiOLVLVGHODH[SHULHQFLDRSH UDWLYDDFXPXODGDLLVHJXLPLHQWRGHORVFDPELRVGHGLVHxRLQWURGXFLGRV HQHOFRPEXVWLEOH\LLLPRQLWRUL]DFLyQGHOLPSDFWRGHORVFDPELRVGH RSHUDFLyQHQHOFRPSRUWDPLHQWRHQVHUYLFLRGHOFRPEXVWLEOH (VWH DUWtFXOR VH FHQWUD HQ ORV UHVXOWDGRV REWHQLGRV HQ ODV LQVSHFFLR QHV GLPHQVLRQDOHV 'HQWUR GHO 3,& VH KDQ LQVSHFFLRQDGR PiV GH HOHPHQWRV FRPEXVWLEOHV SRU OR TXH VH GLVSRQH GH XQD JUDQ FDQWLGDG GH UHVXOWDGRV 6H KDQ JHQHUDGR EDVHV GH GDWRV HQ XQ DPSOLR UDQJR GH TXHPDGRV VREUH FUHFLPLHQWR GH FRQMXQWR FRPEXVWLEOH FUHFLPLHQWR GH UHMLOOD\GHIRUPDFLRQHVGHFRQWRUQRDUTXHRWRUVLyQ\FDEHFHR(VWRVUH VXOWDGRVFRPSDUDGRVFRQORVGDWRVGLVSRQLEOHVGHSURGXFWRVDQWHULRUHV HYLGHQFLDQXQDPHMRUDVXVWDQFLDOGHOFRPSRUWDPLHQWRGHOHVTXHOHWR(Q SDUWLFXODUODVPHMRUDVGHGLVHxRLQWURGXFLGDVHQHO0$()KDQVXSXHVWR XQDGLVPLQXFLyQFRQVLGHUDEOHGHODUTXHRGHORVHOHPHQWRVTXHGDQGRORV UHVXOWDGRV OHMRV GH ORV YDORUHV GH DUTXHR FRUUHVSRQGLHQWHV D HOHPHQWRV HQORVTXHWXYROXJDULQVHUFLyQLQFRPSOHWDGHEDUUDGHFRQWURO #//2$).!$/2!0ILAR0ÏREZ-ILLÈN %.53!).$5342)!3!6!.:!$!3 /DV LQVSHFFLRQHV FRQVLVWHQ HQ LQYHQWDULRV GHO FRPEXVWLEOH IUHVFR H LUUDGLDGRDOPDFHQDGRHQOD&HQWUDOFDPELRVGHGLVSRVLWLYRVGHYLJLODQ FLD\FRQILQDPLHQWRGHOFRPEXVWLEOHFiPDUDVGHYLJLODQFLD\SUHFLQWRV \UHYLVLyQGHODFRQWDELOLGDGLVRWySLFDGHOFRPEXVWLEOHHQODV]RQDVGH DOPDFHQDPLHQWR LQFOXLGR HO UHDFWRU /DV QXHYDV VDOYDJXDUGLDV LQWHJUD GDV UHGXFHQ HO Q~PHUR GH LQVSHFFLRQHV VLHPSUH TXH ORV UHVXOWDGRV GH ODVPLVPDVQRDFRQVHMHQDOD$,($\(85$720QXHYDVLQVSHFFLRQHV DGLFLRQDOHV (VWDVLQVSHFFLRQHVVHSXHGHQFRPSOHPHQWDUFRQDXGLWRULDVDODV6DO YDJXDUGLDV&1&RIUHQWHVUHDOL]DXQSURJUDPDTXHFHUWLILFDXQFRUUHFWR FRQWUROGHORVSURFHVRVTXHLQWHUYLHQHQHQODFRQWDELOLGDG\HODOPDFHQD PLHQWRGHORVHOHPHQWRVGHFRPEXVWLEOH 3URFHVR3 $SOLFDFLyQLQIRUPiWLFDTXHJHVWLRQDODEDVHGHGDWRVGHHOHPHQWRVGH FRPEXVWLEOH$SOLFDFLyQ6,5(1$ 3URFHVR3 $FHSWDFLyQGHODLQIRUPDFLyQTXHOOHJDSRUGLVWLQWDVYtDVDODEDVHGH GDWRV 39HULILFDFLyQ\DFHSWDFLyQGHORVGDWRVGHORVVXPLQLVWUDGRUHVGH FRPEXVWLEOH 39HULILFDFLyQ\YDOLGDFLyQGHORVGDWRVVXPLQLVWUDGRVSRUHOFRP SXWDGRUGHSURFHVRV 39HULILFDFLyQ\YDOLGDFLyQGHORVGDWRVVXPLQLVWUDGRVSRUOD$SOL FDFLyQ LQIRUPiWLFD +(5$&/,2 SRVLFLyQ GH ORV HOHPHQWRV GH FRPEXVWLEOHHQSLVFLQD\UHDFWRU 3URFHVR3 $FHSWDFLyQGHORVLQIRUPHVHPLWLGRVGHVGHODEDVHGHGDWRV 39HULILFDFLyQGHODFRQWDELOLGDGLVRWySLFDGHOFRPEXVWLEOH,QYHQ WDULR\EDODQFHLVRWySLFRGHORV((&&SDUD(85$720\$,($ 39HULILFDFLyQGHORVPDSDVFRQODLGHQWLILFDFLyQ\ODSRVLFLyQGH DOPDFHQDPLHQWRGHORVHOHPHQWRVGHFRPEXVWLEOH 39HULILFDFLyQGHO%DODQFHGHO0DWHULDO1XFOHDU(VSHFLDO 3)LDELOLGDGGHORVLQIRUPHVHPLWLGRVFRPRFRQVHFXHQFLDGHFRQ VXOWDVRQOLQH %6/,5#)».%.%,02/#%3/$%"Á315%$!$% %315%-!$%2%#!2'!.5%6!3.%#%3)$!$%39 #2)4%2)/3 02/#%3/3$%#/.42/,$%,#/-"534)",%.5#,%!2 -*-ILIÈN -5RREA ,%(5'52/$*(1(5$&,Ï1 /RVSDtVHVGHOD8QLyQ(XURSHDTXHHQVXGtDILUPDURQHO7UDWDGRGH QR3UROLIHUDFLyQGH$UPDV1XFOHDUHV\TXHHQVXWHUULWRULRWLHQHQLQVWD ODGDV FHQWUDOHV QXFOHDUHV HVWi VXMHWRV D ODV LQVSHFFLRQHV GH OD$,($ \ (85$720DODV6DOYDJXDUGLDVGHFRPEXVWLEOH (186$,1'8675,$6$9$1=$'$66$ /RV REMHWLYRV EiVLFRV TXH GHEH FXPSOLU XQ HVTXHPD GH UHFDUJD VRQ JDUDQWL]DU XQ Q~FOHR VHJXUR PLQLPL]DU ORV IDOORV HQ HO FRPEXVWLEOH RSWLPL]DU ORV FRVWHV \ IDFLOLWDU OD RSHUDFLyQ GH OD SODQWD 3DUD ORJUDU HVWHFRPHWLGRHVSUHFLVROOHJDUDXQDVROXFLyQGHFRPSURPLVRHQWUHORV P~OWLSOHVIDFWRUHVTXHLQWHUYLHQHQHQHOSURFHVRGHE~VTXHGD\VHOHFFLyQ 1 ,Ê-*!ÊÃi«ÌiLÀi-ÊÓä£ä Ç 6(6,21(67e&1,&$6 GHOHVTXHPDORFXDOQRHVWDUHDIiFLOWHQLHQGRHQFXHQWDTXHDOJXQRVGH HOORVVRQRSXHVWRVHQWUHVt5HTXLVLWRVHQHUJpWLFRVGHORQJLWXGGHFLFOR FULWHULRV HFRQyPLFRV GH RSWLPL]DFLyQ GH FRVWHV FULWHULRV GH VHJXULGDG NZIW GH IXVLyQ OtPLWHV GH HVSHFLILFDFLRQHV WpFQLFDV &70 )'+ OLPLWDFLRQHVGHTXHPDGRGHFRPEXVWLEOH\RWURVIDFWRUHVFUHDQODVFRQ GLFLRQHVGHFRQWRUQREDVHSDUDODE~VTXHGDGHOHVTXHPDGHUHFDUJD +LVWyULFDPHQWH OD HYROXFLyQ GH ODV QHFHVLGDGHV GH ODV SODQWDV \ GHO PHUFDGRTXHSRUUHJODJHQHUDOVHWUDGXFHHQFRQGLFLRQHVGHRSHUDFLyQ PiV VHYHUDV KD IRU]DGR D OD LQGXVWULD D GDU UHVSXHVWDV LQQRYDGRUDV PHMRUDV HQ HO FRPEXVWLEOH =,5/2 FyGLJRV GH GLVHxR PiV UHDOLVWDV TXtPLFDPHQRVDJUHVLYD\WDPELpQORVHVTXHPDVGHUHFDUJDHQSDUDOHOD HYROXFLyQ VH KDQ LGR DGDSWDQGR SDUD GDU VDWLVIDFFLyQ D HVWDV QXHYDV QHFHVLGDGHV HVTXHPDV GH EDMDV IXJDV XVR GHO JDGROLQLR FRPR YHQHQR DEVRUEHQWHHQ3:5 $SHVDUGHODVPXFKDVPHMRUDVTXHVHKDQLPSOHPHQWDGRHQORV~OWL PRVDxRVFRQWLQXDPHQWHVLJXHQDSDUHFLHQGRQXHYDVH[LJHQFLDVLPSUH YLVWRVHQODRSHUDFLyQGHODVFHQWUDOHVTXHREOLJDQDFDPELDUODGXUDFLyQ GHORVFLFORVKDFLHQGRQHFHVDULRFDPELDUODFDUJDGHOQ~FOHRLHFLFORV GLVWLQWRV GHO GH HTXLOLEULR SUREOHPDV GH VDWXUDFLyQ HQ ODV SLVFLQDV GH FRPEXVWLEOH JDVWDGR HOHPHQWRV GH GHPRVWUDFLyQ FRQ UHTXLVLWRV HVSH FLDOHV SUREOHPDV GH OD RSHUDFLyQ GH OD SODQWD WLOW OLPLWDFLRQHV HQ HO FRPEXVWLEOHSDUDPLQLPL]DUORVIDOORVIUHWWLQJFDPELRVHQODTXtPLFD &,36HWF7RGRVHVWRVIDFWRUHVVHVXPDQDOD\DODUJDOLVWDGHFULWHULRV \ UHVWULFFLRQHV TXH KD\ TXH FRQVLGHUDU HQ OD E~VTXHGD \ VHOHFFLyQ GHO HVTXHPDGHUHFDUJDKDFLHQGRTXHHVWHSURFHVRVHDFDGDYH]PiVFRP SOHMR (QODSRQHQFLDVHLGHQWLILFDUiQORV~OWLPRVFDPELRVHQHOSURFHVRGH E~VTXHGD GH HVTXHPDV WDQWR HQ FXDQWR D ORV QXHYRV FULWHULRV TXH VH WLHQHQTXHWHQHUHQFXHQWDFRPRHQHOSURSLRSURFHVRKDFLHQGRHVSHFLDO KLQFDSLp HQ ODV LQWHUIDVHV HQWUH ODV GLVWLQWDV iUHDV GH GLVHxR \ HQWUH HO GLVHxDGRU\HOFOLHQWH&RPRFRURODULRGHODUHYLVLyQGHHVWHSURFHVRVH FRQFOX\HTXHODLQWHJUDFLyQGHOFOLHQWHHQHOSURFHVRGHVHOHFFLyQGHOHV TXHPDGHUHFDUJD\VXSDUWLFLSDFLyQGHVGHODVSULPHUDVIDVHVGHOPLVPR HVVLFDEHFDGDYH]PiVQHFHVDULD #«,#5,/$%,-!2'%.$%0!2!$!$52!.4%%, "!2!*!$/$%,#/-"534)",%$%.42/$%,.Á#,%/$% #.#/&2%.4%3 (4OVAR$2ODRIGUEZ-!LBENDEA!#RESPO ,%(5'52/$,1*(1,(5,$<&216758&&,Ï16$8 7DQWRHQUHDFWRUHV3:5FRPRHQ%:5ODUHDOL]DFLyQGHOEDUDMDGRGH ORV HOHPHQWRV GH FRPEXVWLEOH GHQWUR GHO Q~FOHR VXSRQH XQD UHGXFFLyQ VLJQLILFDWLYD HQ HO Q~PHUR GH PRYLPLHQWRV GH HOHPHQWRV FRQ OD FRQVL JXLHQWHUHGXFFLyQGHORVULHVJRVDVRFLDGRVDGLFKRVPRYLPLHQWRVGRVLV DFFLGHQWHGHFDtGDGHHOHPHQWRHWF\GHODGXUDFLyQWRWDOGHODGHVFDUJD \FDUJDGHOQ~FOHRSURFHVRVTXHIUHFXHQWHPHQWHIRUPDQSDUWHGHOFDPL QRFUtWLFRGHODUHFDUJD 6LQHPEDUJRHOPpWRGRGHEDUDMDGRSUHVHQWDHOLQFRQYHQLHQWHGHTXH VH SXHGHQ DOFDQ]DU FRQILJXUDFLRQHV GH Q~FOHR HQ ODV TXH OD UHDFWLYLGDG GHXQQ~FOHRSDUFLDOPHQWHFDUJDGRVHDVXSHULRUDODUHDFWLYLGDGGHOQ~ FOHR WRWDOPHQWH FDUJDGR WDQWR D ILQDO GHO FLFOR SUHYLR FRPR D SULQFLSLR GHOQXHYRFLFOR(QFRQFUHWRSDUDUHDFWRUHV%:5ODV(VSHFLILFDFLRQHV 7pFQLFDV UHTXLHUHQ OD GHPRVWUDFLyQ GH TXH HO PDUJHQ GH SDUDGD FDQ WLGDG GH UHDFWLYLGDG QHFHVDULD SDUD DOFDQ]DU OD FULWLFLGDG FRQ OD EDUUD PDVUHDFWLYDFRPSOHWDPHQWHH[WUDtGDHVVXSHULRUDVXYDORUOtPLWHSRU HMHPSORǻNN3RUWDQWRSDUDIDFLOLWDUODUHDOL]DFLyQGHOEDUD MDGR HV FRQYHQLHQWH GLVSRQHU GH XQD KHUUDPLHQWD TXH SHUPLWD HVWLPDU GH IRUPD UiSLGD \ SUHFLVD OD UHDFWLYLGDG GHO Q~FOHR HQ FDGD XQD GH ODV nä 1 ,Ê-*!ÊÃi«ÌiLÀi-ÊÓä£ä FRQILJXUDFLRQHV LQWHUPHGLDV TXH VH REWHQJD GXUDQWH HO PRYLPLHQWR GH ORVHOHPHQWRVGHFRPEXVWLEOH ,EHUGUROD,QJHQLHUtD\&RQVWUXFFLyQKDGHVDUUROODGRHOVLVWHPD+(5$ &,2SDUDRSWLPL]DUHOQ~PHURGHPRYLPLHQWRVGHHOHPHQWRVFRPEXVWL EOH GXUDQWH ODV UHFDUJDV GH & 1 &RIUHQWHV (O VLVWHPD +(5$&/,2 EDViQGRVHHQORVFiOFXORVQHXWUyQLFRVGHOFyGLJR6,08/$7(SHUPLWH GHWHUPLQDUHOPDUJHQGHSDUDGDSDUDFXDOTXLHUFRQILJXUDFLyQGHOQ~FOHR SDUFLDORWRWDOPHQWHFDUJDGR (Q OD SUHVHQWH SRQHQFLD VH GHVFULELUiQ ODV SULQFLSDOHV FDUDFWHUtVWLFDV GHO VLVWHPD +(5$&/,2 \ VH SUHVHQWDUiQ ORV UHVXOWDGRV REWHQLGRV GX UDQWHVXDSOLFDFLyQDOD5HFDUJDGH&1&RIUHQWHVGXUDQWHODFXDO VHUHDOL]yHOEDUDMDGRGHHOHPHQWRVGHQWURGHOQ~FOHR 6%2)&)#!#)».$%,$)3%º/.5#,%!2$%,!3 ##..!,-!2!:942),,/#/.#!3-/3)-5,!4% ,%NCINAS!/RTEGO*-2UIZ*!"ERMEJO ,%(5'52/$,1*(1,(5,$<&216758&&,Ï16$8 (O GLVHxR GH OD UHFDUJD GHO Q~FOHR GH XQD FHQWUDO QXFOHDU VH UHDOL]D FRQVLGHUDQGR UHTXLVLWRV RSHUDFLRQDOHV \ DVSHFWRV HFRQyPLFRV DGHPiV VHGHEHDVHJXUDUHOFXPSOLPLHQWRGHORVOtPLWHVGHVHJXULGDGGHILQLGRV HQODV(VSHFLILFDFLRQHV7pFQLFDVGH)XQFLRQDPLHQWR (QHOFDVRGH&17ULOOR$UHYDVHHQFDUJDGHOGLVHxRGHOQ~FOHRGHOD FHQWUDOXWLOL]DQGRSDUDHOORHOSDTXHWHGHFyGLJRVQXFOHDUHV&$6&$'(' (Q&1$OPDUD]HV(QXVDTXLHQUHDOL]DHOGLVHxRGHOQ~FOHRHPSOHDQ GRSDUDHOORWUHVFyGLJRVSULQFLSDOHV3+2(1,;3$1&\$32//2 (QDPERVFDVRVHOGHSDUWDPHQWRGHFRPEXVWLEOHGH&1$7HQFROD ERUDFLyQ FRQ ,EHUGUROD ,QJHQLHUtD \ &RQVWUXFFLyQ UHDOL]D XQD YHULILFD FLyQLQGHSHQGLHQWHGHORVGLVHxRVGHDPERVVXPLQLVWUDGRUHVFRQHOSD TXHWHGHFyGLJRVQHXWUyQLFRV&06GH6WXGVYLN6FDQGSRZHU&$602\ 6,08/$7((VWHSDTXHWHWDPELpQHVXVDGRSRU,EHUGURODSDUDHOGLVHxR \OLFHQFLDPLHQWRGHODVUHFDUJDVGH&1&RIUHQWHV $SURYHFKDQGRORVDPSOLRVFRQRFLPLHQWRVGH,EHUGURODEDVDGRVHQOD H[SHULHQFLD\HQODFRPSDUDFLyQFRQODVPHGLGDVGHSODQWDVHKDHODER UDGR XQ PRGHOR QXFOHDU SDUD ODV GRV XQLGDGHV GH &1$OPDUD] \ RWUR SDUD OD &17ULOOR EDVDGRV HQ HVWRV FyGLJRV GH IRUPD TXH VHD SRVLEOH YHULILFDUHOGLVHxRGHQ~FOHRGH$OPDUD]\7ULOORGHIRUPDLQGHSHQGLHQWH \FRQFyGLJRVGLIHUHQWHVDORVGHORVGLVHxDGRUHV (QODSUHVHQWHSRQHQFLDVHGHVFULELUiQORVSDUiPHWURVPiVLPSRUWDQ WHV TXH VH HVWXGLDQ WDQWR HQ$OPDUD] FRPR HQ7ULOOR SDUD YHULILFDU HO GLVHxR GHO Q~FOHR SURSXHVWR SRU ORV VXPLQLVWUDGRUHV \ VH LQGLFDUiQ ODV GLIHUHQFLDVREWHQLGDVGXUDQWHORVFLFORVYHULILFDGRV 3)-5,!#)».$%,!#!)$!$%5.$%$/$%5.!"!22! $%#/.42/,%.#.42),,/#/.#!3-/3)-5,!4% *!"ERMEJO!#RESPO*-2UIZ-.OVO ,%(5'52/$,1*(1,(5,$<&216758&&,Ï16$8 'XUDQWHODRSHUDFLyQGHOFLFORGH&17ULOOR\SDUDXQTXHPDGRGH '(330:GNJ8VHGHWHFWyXQDDQRPDOtDHQHOPRYLPLHQWR GH OD EDUUD GH FRQWURO 6 7UDV OD DSHUWXUD GH OD WDSD GH OD YDVLMD VH FRPSUREyTXHXQGHGRGHGLFKDEDUUDGHFRQWUROVHKDEtDGHVSUHQGLGR GHVXDUDxD\VHHQFRQWUDEDLQVHUWDGRGHQWURGHOWXERJXtDGHOHOHPHQWR FRPEXVWLEOHFRUUHVSRQGLHQWH (Q &1 7ULOOR ORV GHWHFWRUHV GH OD LQVWUXPHQWDFLyQ LQWUDQXFOHDU /9' SURSRUFLRQDQ ODV SULQFLSDOHV VHxDOHV TXH VRQ XWLOL]DGDV SRU ORV 3URJUDPD\6LQRSVLVGHODV3RQHQFLDV VLVWHPDV GH OLPLWDFLyQ GH OD GLVWULEXFLyQ GH SRWHQFLD FRPR SDUWH GH OD 3URWHFFLyQ /RFDO GHO 1~FOHR (O VLVWHPD GH QHXPRERODV .06 SUR SRUFLRQD XQD PHGLGD FRPSOHPHQWDULD GH OD GLVWULEXFLyQ GH SRWHQFLD \ SHUPLWHODFDOLEUDFLyQGHORVGHWHFWRUHVILMRV /RV GRV VLVWHPDV GH PHGLGD /9' \ .06 KDQ VLGR GLVHxDGRV SDUD SURSRUFLRQDUVHxDOHVTXHSHUPLWDQGHWHUPLQDUODGLVWULEXFLyQGHSRWHQ FLDSRUSDUFHODVD[LDOHVGHHOHPHQWR(QQLQJ~QFDVRVHSUHWHQGHTXHD WUDYpVGHHVWDVVHxDOHVVHSXHGDREWHQHUODGLVWULEXFLyQGHSRWHQFLDSRU YDULOOD GH FRPEXVWLEOH GHQWUR GH FDGD HOHPHQWR 3RU WDQWR QLQJXQR GH HVWRVVLVWHPDVKDVLGRGLVHxDGRSDUDGHWHFWDUODFDtGDGHXQGHGRGHXQD EDUUDGHFRQWUROFX\RHIHFWRHVGHHVSHUDUTXHVHDFODUDPHQWHORFDOD QLYHOGHYDULOODV $ SDUWLU GHO PRGHOR JHQHUDO GH &$6026,08/$7( GH &1 7ULOOR VH KDQ GHVDUUROODGR GRV QXHYRV PRGHORV TXH SHUPLWHQ DQDOL]DU HQGHWDOOHHOHIHFWRGHODFDtGDGHXQGHGRGHODEDUUDGHFRQWUROHQOD SRWHQFLDGHOHOHPHQWR\GHORVHOHPHQWRVFRQWLJXRV7DPELpQHVSRVLEOH DQDOL]DUGHHVWDIRUPDODUHVSXHVWDWHyULFDGHORVVLVWHPDV/9'\.06 DQWHHVWHWLSRGHVXFHVRV $%3!22/,,/9#5!,)&)#!#)».$%5.-/$%,/42)4/. 3#!,%0!2!#/-"534)",%"72 &*3ABATER##ASADO (186$,1'8675,$/$9$1=$'$66$ /DQXHYDKHUUDPLHQWDSDUDODFDUDFWHUL]DFLyQGHFRPEXVWLEOHJDVWDGR 75,721GLVSRQLEOHHQODV~OWLPDVYHUVLRQHVGH6&$/(KDLPSOHPHQ WDGR QXHYDV FDSDFLGDGHV TXH KDVWD HQWRQFHV QR VH HQFRQWUDEDQ GLVSR QLEOHV 75,721 SHUPLWH VLPXODU HQ GHWDOOH ODV KHWHURJHQHLGDGHV GHO FRPEXVWLEOHTXHDQWHVVyORHUDSRVLEOHFDOFXODUGHPDQHUDDSUR[LPDGD FRQ HO PRGHOR ' GH 6$6 3RU OR WDQWR75,721 HVWi HVSHFLDOPHQWH LQGLFDGR SDUD FDUDFWHUL]DU HO FRPSRUWDPLHQWR GHO FRPEXVWLEOH %:5 GRQGHHOHIHFWRGHODVKHWHURJHQHLGDGHVHVLPSRUWDQWH (QODSRQHQFLDVHGHVDUUROODUiXQPRGHORGHFRPEXVWLEOH%:5TXH SHUPLWLUiHVWXGLDUHOFRPSRUWDPLHQWRGHORVSDUiPHWURVPiVUHOHYDQWHV GHRSHUDFLyQFRPRVRQHOHIHFWRGHODGLVWULEXFLyQUDGLDOGHODVIUDFFLR QHV GH KXHFR GHQWUR GHO FRPEXVWLEOH \ OD LQIOXHQFLD VREUH HVWDV GH ODV FRQGLFLRQHV GH RSHUDFLyQ EDMR EDUUDV GH FRQWURO (O PRGHOR REWHQLGR VHFXDOLILFDFRPSDUDQGRVXVUHVXOWDGRVFRQORVREWHQLGRVFRQHOFyGLJR HVWiQGDUGHGLVHxRGH(186$SDUDFRPEXVWLEOH%:5\WDPELpQFRQORV UHVXOWDGRVGHGLIHUHQWHVPXHVWUDVH[SHULPHQWDOHV ).6%34)'!#)».%.%,53/9,!-%*/2!$% #!0!#)$!$%3$%!.«,)3)3$).«-)#/-%$)!.4% -/$%,/34%2-/()$2«5,)#/39%6!,5!#)».$% ).#%24)$5-"2%3 &2AVENTØS,L"ATET#0RETEL-0ÏREZ-#ASAMOR #,LOPIS)SMAEL3OL 81,932/,7e&1,&$'(&$7$/8f$ $62&18&/($5$6&Ï9$1'(//Ï6,, (OJUXSRGHHVWXGLRVWHUPRKLGUiXOLFRVGHOD8QLYHUVLWDW3ROLWpFQLFDGH &DWDOXQ\D 83& \ OD$VRFLDFLyQ 1XFOHDU$VFy9DQGHOOzV,, $1$9 KDQVXVFULWRXQFRQYHQLRGHFRRSHUDFLyQTXHWLHQHSRUREMHWRHOHVWXGLR OD XWLOL]DFLyQ \ OD PHMRUD GH ODV FDSDFLGDGHV GH ORV PRGHORV WHUPRKL GUiXOLFRVYLJHQWHVGHODVSODQWDVLQFOX\HQGRVXXVRHQDQiOLVLVGHLQFHU WLGXPEUHVDVRFLDGDVDORVFiOFXORVDUHDOL]DU 6HWUDWDGHXQFRQYHQLRGHWUHVDxRVGHGXUDFLyQDODPSDURGHOFXDOOD 83&HIHFWXDUiSDUD$1$9WUDEDMRVWDOHVFRPRORVLQGLFDGRVDFRQWLQXD FLyQ (VWXGLDU ODV FDSDFLGDGHV UHDOHV GH DQiOLVLV GLQiPLFR GH ORV PRGHORV WHUPRKLGUiXOLFRVGLVSRQLEOHVHQ$1$9 8WLOL]DUORVFLWDGRVPRGHORVHQHODQiOLVLVGHHVFHQDULRVTXHSHUPLWDQ GHWHUPLQDUODViUHDVVXVFHSWLEOHVGHVHUPHMRUDGDV 0HMRUDUODVFDSDFLGDGHVGHORVPRGHORVHQORViPELWRVGHWHFWDGRV 8WLOL]DUORVPRGHORVHQWUDEDMRVGHLQYHVWLJDFLyQGHFRPSRUWDPLHQWRV RSHUDFLRQDOHV\DFFLGHQWDOHV (QWUH ODV WDUHDV OOHYDGDV D FDER GXUDQWH HO SULPHU DxR GH FRQYHQLR VH HQFXHQWUD OD UHSURJUDPDFLyQ GHO PRGHOR GH FRQWURO GH OD &HQWUDO GH$VFy (Q GLFKD UHSURJUDPDFLyQ VH VLJXLHURQ ODV SDXWDV GH WUDEDMR DFRUGDGDVDOFDQ]iQGRVHXQUHVXOWDGRILQDOVDWLVIDFWRULRHQWDQWRTXHHO PRGHORPDQWLHQHVXVFDSDFLGDGHVGH0HMRU(VWLPDFLyQ%(\DGHPiV FRQVLJXH XQD VLPSOLILFDFLyQ IXQFLRQDO TXH OH FRQILHUH YHUVDWLOLGDG DO WLHPSRTXHSHUPLWHXQHQWHQGLPLHQWRPiVVLPSOHSRUSDUWHGHORVQXH YRV XVXDULRV (O PRGHOR UHVXOWDQWH IXH SUREDGR HQ GRV WUDQVLWRULRV UH FKD]RGHFDUJD\GLVSDURGHWXUELQDFRQUHVXOWDGRVVDWLVIDFWRULRV 8QD VHJXQGD WDUHD GH PHMRUD VH KD FHQWUDGR HQ HO iPELWR GH ODV D\XGDV DO XVXDULR GH PRGHORV LQWHJUDOHV GH SODQWD FRQ HO REMHWLYR GH JDUDQWL]DUODFDOLGDGGHGDWRV\UHVXOWDGRVLQYROXFUDGRVHQORVFiOFXORV /D WDUHD VH LQLFLy PHGLDQWH OD FDUDFWHUL]DFLyQ GH ODV KHUUDPLHQWDV \ SURFHGLPLHQWRVGLVSRQLEOHVHVSHFLILFDQGRODGHVFULSFLyQGHFDGDFRPSR QHQWH\HYDOXDQGRODFRQYHQLHQFLDGHXVRIXWXUR(OGHVDUUROORFRQWLQXy FRQODPHMRUDGHSURJUDPDVGHRUGHQDGRUGHVWLQDGRVDHMHFXWDUFiOFXORV DUPyQLFDPHQWH FRQ OD GRFXPHQWDFLyQ GH VRSRUWH GHO PRGHOR \ FRQ OD ELEOLRWHFDGHILFKHURVGHWUDEDMR\GHUHVXOWDGRV /DFRRSHUDFLyQVLJXHVXFXUVRVDWLVIDFWRULDPHQWH 2%#)#,!$/$%,#/-"534)",%53!$/ 5.!!,4%2.!4)6!3/34%.)",% 6'ONZÈLEZ'ARCÓA 81,9(56,'$'$87Ï120$'(0$'5,' (OUHFLFODGRGHOFRPEXVWLEOHXVDGRDSRUWDXQJUDQQ~PHURGHYHQWDMDV D OD JHVWLyQ GHO FRPEXVWLEOH (Q HIHFWR GLFKD JHVWLyQ QR GHSHQGH GHO HVSDFLR OLEUH HQ OD SLVFLQD GH FRPEXVWLEOH R VL HO$7& VH UHWUDVD R QR (YLWDWDPELpQODQHFHVLGDGGHFRQVWUXLUFRQWHQHGRUHVGHWUDQVSRUWH\R DOPDFHQDPLHQWRSXHVHOFRPEXVWLEOHSXHGHHQYLDUVHDODLQVWDODFLyQGH UHFLFODGR GHVSXpV GH XQ WLHPSR GH HQIULDPLHQWR 1R VHUiQ SUHFLVRV HQ QLQJ~QHPSOD]DPLHQWRODFRQVWUXFFLyQGHXQ$7, 3RURWUDSDUWHVHSRGUiQUHFLFODUWDQWRHOXUDQLRFRPRHOSOXWRQLRFRQ WHQLGRVHQHOFRPEXVWLEOHFRPRFRPEXVWLEOH02; 'HVGHHOSXQWRGHYLVWDGHOGLVHxR\FRQVWUXFFLyQGHO$7&HOUHFLFOD GRDSRUWDYHQWDMDVPX\LQWHUHVDQWHV 'LVHxRVLPSOLILFDGR &RQWHQHGRUHVXQLYHUVDOHVGHXQWLSR~QLFR 'LVHxR FRPSDFWR FRQ PHQRUHV QHFHVLGDGHV GH HVSDFLR TXH XQ$7& SDUD FRPEXVWLEOH YLGULRV \ RWURV UHVLGXRV FRPR HV OD VLWXDFLyQ DF WXDO $XVHQFLDGHSOXWRQLR\SRUWDQWRGHVDOYDJXDUGLDV *HVWLyQPiVVHQFLOOD 5HGXFFLyQVLJQLILFDWLYDGHFRVWHV 7RGDVHVWDVFDUDFWHUtVWLFDVVRQDSOLFDEOHVWDPELpQDOIXWXUR$*3 8Q DVSHFWR LPSRUWDQWH D FRQVLGHUDU VRQ ORV FRVWHV ODV HVWLPDFLRQHV GH FRVWHV GH KDFH DOJXQRV DxRV SDUHFtDQ LQGLFDU XQ PD\RU FRVWH SDUD HO UHFLFODGR IUHQWH DO DOPDFHQDPLHQWR GHILQLWLYR GHO FRPEXVWLEOH 6LQ HPEDUJR WDQWR ORV FiOFXORV UHDOL]DGRV SRU OD$JHQFLD SDUD OD (QHUJtD QXFOHDU GH OD 2&'( GH FRPR HO HVWXGLR UHDOL]DGR SRU %RVWRQ 1 ,Ê-*!ÊÃi«ÌiLÀi-ÊÓä£ä n£ 6(6,21(67e&1,&$6 &RQVXOWLQJ*URXSHQKDQPRVWUDGRODHTXLYDOHQFLDGHFRVWHVHQWUH DPERVSURFHGLPLHQWRVGHJHVWLyQ $ORVFRVWHVGHRSHUDFLyQ\PDQWHQLPLHQWRGHDPEDVRSFLRQHVKDQGH DJUHJDUVHXQDVHULHGHLQWDQJLEOHVTXHLQFOLQDQODEDODQ]DFODUDPHQWHDO UHFLFODGR (OFyGLJR35,0(HVXWLOL]DGRSRU*(186$(186$\*1)SDUDHO DQiOLVLV GHO FRPSRUWDPLHQWR WHUPRPHFiQLFR HQ GLVHxRV GH FRPEXVWLEOH DYDQ]DGRVFRPRHO*1)(VWHGRFXPHQWRGHVFULEHEUHYHPHQWHORVQXH YRVPRGHORVGH35,0(DVtFRPRVXFXDOLILFDFLyQ\DSOLFDFLyQSRUHQFL PDGHORVOtPLWHVGHTXHPDGRGHOFRPEXVWLEOHDFWXDOPHQWHOLFHQFLDGRV 02)-%-/$%,/$%#/-0/24!-)%.4/ 4%2-/-%#«.)#/$%,#/-"534)",%"720!2! !,4/315%-!$/3 %6!,5!4)/./&2%!#4)6)49-/.)4/2).'4%#(.)15%3 ).05,3%$.%542/.3/52#%%80%2)-%.43!44(% 9!,).!"//34%235"#2)4)#!,!33%-",9 30EREIRA.$ONCEL-*AHINGIR 6"ÏCARES (186$,1'8675,$6$9$1=$'$66$ */2%$/18&/($5)8(/$0(5,&$6*1) &RQHOILQGHLQFRUSRUDUORVPHFDQLVPRVTXHWLHQHQOXJDUDDOWRVTXH PDGRVVREUHODEDUUDFRPEXVWLEOH\PHMRUDUGHHVWHPRGRODXWLOL]DFLyQ GHOXUDQLRHQORVGLVHxRVDFWXDOHV\IXWXURVGHUHDFWRUHV*1)KDGHVD UUROODGR\FXDOLILFDGRXQQXHYRFyGLJRGHGLVHxRTXHSHUPLWHSUHGHFLUHO FRPSRUWDPLHQWRWHUPRPHFiQLFRGHODVEDUUDVFRPEXVWLEOHV8*G2HQ UHDFWRUHVGHDJXDHQHEXOOLFLyQ%:5HOFyGLJR35,0( (O FyGLJR 35,0( KD VLGR GHVDUUROODGR D SDUWLU GHO FyGLJR *(675 0HFKDQLFDO*6750PHGLDQWHODLQFRUSRUDFLyQGHQXHYRVPRGHORV TXHWLHQHQHQFXHQWDORVPHFDQLVPRVTXHVHSURGXFHQDDOWRVTXHPDGRV LGHQWLILFDGRV \ FXDQWLILFDGRV GHVGH HO GHVDUUROOR RULJLQDO GHO FyGLJR *6750PRGLILFDQGRODVSURSLHGDGHVGHORVPDWHULDOHVFRQHOILQGH UHIOHMDUORVQXHYRVGDWRVGHORVPDWHULDOHVDFWXDOHVLQFOX\HQGRORVHIHF WRVFRQHOTXHPDGR\ODPRGLILFDFLyQGHORVVXEPRGHORVH[LVWHQWHV SDUDUHIOHMDUODEDVHGHGDWRVH[SHULPHQWDODDOWRVTXHPDGRVDFWXDOPHQWH GLVSRQLEOH GHVGH HO GHVDUUROOR RULJLQDO GHO *6750 (Q SDUWLFXODU HO FyGLJR35,0(LQFRUSRUDORVHIHFWRVGHOTXHPDGRHQODFRQGXFWLYLGDG WpUPLFDGHODSDVWLOODODIOXHQFLDPHFiQLFDGHO]LUFDOR\ODUHGLVWULEXFLyQ GHIUDJPHQWRVHQHOLQWHULRUGHODSDVWLOODODOLEHUDFLyQGHORVJDVHVGH ILVLyQHWF nÓ 1 ,Ê-*!ÊÃi«ÌiLÀi-ÊÓä£ä &,(0$7 &RQREMHWRGHFRQWULEXLUDOGHVDUUROORGHXQVLVWHPDGHPRQLWRUL]DFLyQ GH OD UHDFWLYLGDG SDUD IXWXURV$'6 HQ HO PDUFR GHO SURJUDPD (852 75$16VHKDUHDOL]DGRXQDFDPSDxDH[SHULPHQWDOGHVWLQDGDDODYDOL GDFLyQGHWpFQLFDVGHPHGLGDGHODUHDFWLYLGDGHQHOFRQMXQWRVXEFUt WLFR<DOLQD%RRVWHUVLWXDGRHQ0LQVN%LHORUUXVLD(QHVWHWUDEDMRVH DQDOL]DQORVUHVXOWDGRVGHORVH[SHULPHQWRVUHDOL]DGRVFRQXQDIXHQWH GHQHXWURQHVSXOVDGDHQWUHVFRQILJXUDFLRQHVGHOQ~FOHRGRVGHHOODV FRQYDORUHVGHNHIIa\RWUDFRQXQYDORUGHNHIIGHa/DV WpFQLFDVHPSOHDGDVSDUDGHWHUPLQDUODUHDFWLYLGDGDSDUWLUGHORVUH VXOWDGRVGHHVWRVH[SHULPHQWRVVRQODVFRQRFLGDVFRPRPpWRGRGHOD FRQVWDQWH GH GHFDLPLHQWR GH ORV QHXWURQHV LQPHGLDWRV \ PpWRGR GH ODV iUHDV$XQTXH DPEDV WpFQLFDV KDQ VLGR HVWXGLDGDV DQWHULRUPHQ WH ORV UHVXOWDGRV H[SHULPHQWDOHV PXHVWUDQ TXH HV QHFHVDULR DSOLFDU FRUUHFFLRQHVDORVYDORUHVGHODUHDFWLYLGDGREWHQLGRVFRQHOODV3RU WDQWRHQHVWHWUDEDMRVHSUHVHQWDXQQXHYRSURFHGLPLHQWRGHFRUUHF FLyQEDVDGRHQVLPXODFLRQHVUHDOL]DGDVFRQHOFyGLJRGH0RQWH&DUOR 0&13; /RV UHVXOWDGRV DVt FRUUHJLGRV SHUPLWHQ REWHQHU YDORUHV GH UHDFWLYLGDG FRPSDWLEOHV HQWUH VL VLHQGR DGHPiV SRVLEOH GHWHFWDU SHTXHxDVYDULDFLRQHVGHUHDFWLYLGDGGHaFRPRODGHELGDDOD LQWURGXFFLyQGHODVEDUUDVGHFRQWURO 3URJUDPD\6LQRSVLVGHODV3RQHQFLDV 3!,! 6IERNESH #/-5.)#!#)». 02%3)$%.4%%UNGENI6IVES 3/#)%$!$.5#,%!2%30!º/,! %,0!0%,$%,!#/,!"/2!#)».0Á",)#/02)6!$! 0!2!02/-/6%2%,!##%3/!,!%.%2'¶!%. ,!3:/.!3252!,%3$%0!¶3%3%.$%3!22/,,/ 0/3)"),)$!$%3$%!#45!#)».%.%,-!2#/$%,! 2%30/.3!"),)$!$3/#)!,%-02%3!2)!, ,)ZQUIERDO (1(5*Ë$6,1)5217(5$6 $XQTXH HO DFFHVR D OD HQHUJtD HV XQ VHUYLFLR EiVLFR LPSUHVFLQGL EOH SDUD HO GHVDUUROOR VRFLDO HFRQyPLFR \ HFROyJLFR GH ORV SXHEORV DFWXDOPHQWH PLOORQHV GH SHUVRQDV FDUHFHQ WRGDYtD GH DFFHVR D OD HOHFWULFLGDG /RV JRELHUQRV UHFRQRFHQ VX UHVSRQVDELOLGDG HQ HVWH WHPD SHUR GDGD VX GLILFXOWDG \ OD GLPHQVLyQ GHO SUREOHPD QHFHVLWDQ ODFRODERUDFLyQGHOVHFWRUSULYDGR([LVWHQYDULDVUD]RQHVSDUDHOOROD LQVXILFLHQFLD GH ORV IRQGRV S~EOLFRV OD QHFHVLGDG GH XWLOL]DFLyQ GH FD SDFLGDGHVWpFQLFDVHVSHFLDOL]DGDVHODVHJXUDPLHQWRGHODVRVWHQLELOLGDG GH ORV SUR\HFWRV OD QHFHVLGDG GH ORV SDtVHV HQ GHVDUUROOR GH DFFHGHU D ORVPHUFDGRVODGHVORFDOL]DFLyQGHODVHPSUHVDV\VXFDSDFLGDGGHLQ WHUYHQFLyQHQORVSDtVHVHQORVTXHVHDVLHQWDQ/DVHPSUHVDVHQHUJpWLFDV SRVHHQFRQRFLPLHQWR\H[SHULHQFLDVTXHSXHGHQFRQWULEXLUDODVROXFLyQ GHDOJXQRVGHHVWRVSUREOHPDV (OPD\RUUHWRVHSODQWHDHQOD]RQDVUXUDOHVDLVODGDVSDUDODVTXHHO VLPSOHMXHJRGHODVIXHU]DVGHOPHUFDGRQRHVVXILFLHQWHLQFHQWLYRSDUD DWUDHUDODLQLFLDWLYDSULYDGDSRUTXHVHWUDWDGHDWHQGHUDSHUVRQDVFRQ HVFDVDFDSDFLGDGGHSDJR\TXHYLYHQHQOXJDUHVDORVTXHHVPiVFRV WRVRDFFHGHUDWUDYpVGHODVUHGHVGHVXPLQLVWUR(OFRVWHGHGDUDFFHVR EiVLFRDOVXPLQLVWURGHHQHUJtDHQHVWDV]RQDVDWUDYpVGHVLVWHPDVDLVOD GRVGHODUHGHVUHGXFLGRHQWpUPLQRVUHODWLYRVVLQHPEDUJRVHSODQWHDQ SUREOHPDVGHGLIHUHQWHFDUiFWHUTXHFRPSOLFDQODVROXFLyQIDOWDGHPDU FRV UHJXODGRUHV DGHFXDGRV SUREOHPDV HFRQyPLFRV \ ILQDQFLHURV GHIL FLHQFLDGHFDSDFLGDGHVORFDOHVGLVSHUVLyQGHHVIXHU]RVIDOWDGHXQSODQ GH DFFLyQ RUGHQDGR HWF /D VROXFLyQ GH HVWRV SUREOHPDV UHTXLHUH XQD UHIOH[LyQFRPSDUWLGDHQWUHORVGLIHUHQWHVDJHQWHVTXHLQWHUYLHQHQHQHOOD /RV2UJDQLVPRV,QWHUQDFLRQDOHVUHFRQRFHQODLPSRUWDQFLD\ODGLILFXO WDGGHOSUREOHPD\KDQLQFOXLGRHVWHWHPDHQWUHODVOtQHDVGHDFWXDFLyQ SULRULWDULD GH OD &RRSHUDFLyQ ,QWHUQDFLRQDO /D SDUWLFLSDFLyQ GHO VHFWRU SULYDGR HQ ODV HVWUDWHJLDV GH OD FRRSHUDFLyQ QDFLRQDO H LQWHUQDFLRQDO SXHGHVHUXQDEXHQDRSRUWXQLGDGSDUDDYDQ]DUHQHVWRVSURFHVRV(VQH FHVDULRTXHHOPXQGRHPSUHVDULDOODVLQVWLWXFLRQHVGHFRRSHUDFLyQ\ORV JRELHUQRVDGRSWHQXQDSRVLFLyQSURDFWLYD\FRQMXQWDHQVXVROXFLyQ/D 5HVSRQVDELOLGDG 6RFLDO (PSUHVDULDO 56( SURSRUFLRQD XQD EXHQD YtD SDUDFDQDOL]DUODSDUWLFLSDFLyQGHODVHPSUHVDVHQODHUUDGLFDFLyQGHOD SREUH]DSDUDORTXHODHQHUJtDHVHVHQFLDO /DVDOLDQ]DVS~EOLFRSULYDGDVSDUDHOGHVDUUROOR$33'\ODVDOLDQ]DV PXOWLDFWRU HQ JHQHUDO SXHGHQ VHU DOWHUQDWLYDV D WHQHU HQ FXHQWD SDUD #//2$).!$/2!4ERESA3ÈNCHEZ3ANTAMARÓA %.53!).$5342)!3!6!.:!$!3 UHVROYHU HO SUREOHPD 3HUR SDUD TXH OD FRRSHUDFLyQ S~EOLFRSULYDGD VHD H[LWRVD HQ HO GHVDUUROOR VRVWHQLEOH GH ORV PiV GHVIDYRUHFLGRV HV LPSUHVFLQGLEOH HO UHFRQRFLPLHQWR GH HPSUHVDV \ JRELHUQRV QR VROR GH ORVREMHWLYRV\QHFHVLGDGHVGHFDGDXQRVLQRWDPELpQGHODVQHFHVLGDGHV \GHVHRVGHORVSXHEORVDORVTXHVHD\XGD/DE~VTXHGDGHXQHVSDFLR SDUD HO EHQHILFLR GH WRGRV QR HV IiFLO SHUR HV QHFHVDULD /D 6RFLHGDG FLYLOUHSUHVHQWDGDSRU21*8QLYHUVLGDGHVHWFSXHGHMXJDUXQSDSHO FRPRYDOHGRUGHORVGHUHFKRVGHODVFRPXQLGDGHV (Q (VSDxD /DWLQRDPpULFD DSDUHFH FRPR XQD GH ODV UHJLRQHV HQ ODV TXHHVWDH[SHULHQFLDSRGUtDVHUPiVSURPHWHGRUD0XFKDVHPSUHVDVHV SDxRODVHVWiQELHQSRVLFLRQDGDVHQORVSDtVHVGHODUHJLyQ/DVUHODFLRQHV \DILQLGDGHVDFWXDOHVHQWUH(VSDxD\/DWLQRDPpULFDSRGUtDQFRQVWLWXLUXQ HQWRUQRPX\IDYRUDEOHSDUDIDFLOLWDUODVROXFLyQGHODVSUREDEOHVGLILFXO WDGHV TXH DSDUHFHUiQ HQ XQD DFWXDFLyQ GH HVWH WLSR /D FRRSHUDFLyQ DO GHVDUUROORHVSDxRODVHSRVLFLRQDUtDHQORVWHPDVGHFRRSHUDFLyQHQHUJp WLFDKDVWDDKRUDSUiFWLFDPHQWHDXVHQWHV/DVRFLHGDGFLYLOHVSDxRODHVWD ELHQRUJDQL]DGD\GLVSRQHGH21*'DFWLYDV\HILFLHQWHVHVSHFLDOL]DGDV HQORVDVSHFWRVPiVWpFQLFRVGHODFRRSHUDFLyQDOGHVDUUROORFRPRHVHO FDVRGHOD)XQGDFLyQ(QHUJtDVLQ)URQWHUDVTXHHVWiQGLVSXHVWDVDIDFL OLWDUHVWDWDUHDHQODIRUPDTXHVHFRQVLGHUHPiVFRQYHQLHQWH/DVHP SUHVDV HOpFWULFDV HVSDxRODV UHIRU]DUtDQ VX VRVWHQLELOLGDG \ OHJLWLPDFLyQ VRFLDOHQORVSDtVHVHQORVTXHDFW~DQFRPRSDUWHGHVXUHVSRQVDELOLGDG VRFLDOHPSUHVDULDO ,!0%2#%0#)».0Á",)#!$%,!%.%2'¶!.5#,%!2%. %52/0!$%,%34%0!3!$/902%3%.4% !«LVAREZ,OZANO'*IMÏNEZ6ARAS -Ï9(1(618&/($5(6 (QORVSDtVHVGHODQWLJXREORTXHVRYLpWLFRODHQHUJtDQXFOHDUVHDVRFLD DODLGHDGHSURJUHVR\ELHQHVWDU\HOSUHVWLJLRGHODLQGXVWULDQXFOHDUHV PX\DOWR/DHOHYDGDFRQVLGHUDFLyQGHODHQHUJtDQXFOHDUHQODDQWLJXD 8566 DVt FRPR HO SUHVWLJLR GH ORV WUDEDMDGRUHV GHO VHFWRU GXUDQWH OD pSRFDVRYLpWLFDKDFHQTXHHQODDFWXDOLGDGWDQWRODVHQWUHYLVWDVFRPRODV HQFXHVWDVFRQVLGHUHQODHQHUJtDQXFOHDUFRPRXQDIXHQWHOLPSLD\VHJXUD GHSURGXFFLyQHQHUJpWLFD (OXVRGHODHQHUJtDQXFOHDUSDUDODJHQHUDFLyQHOpFWULFDHQOD8566 IXH LQPHGLDWR GHVSXpV GH OD 6HJXQGD *XHUUD 0XQGLDO OHYDQWDQGR H[ SHFWDWLYDVJUDQGLRVDVHQWUHODSREODFLyQ\HQFXPEUDQGRDORVFLHQWtILFRV HLQJHQLHURVTXHHVWDEDQKDFLHQGRSRVLEOHODUHYROXFLyQQXFOHDU 3RUWDQWRHQWLHPSRVGHOD8566HVDLGRODWUtDKDFLDORVWUDEDMDGRUHV GHOVHFWRUQXFOHDUFRQVLGHUDGRFRPRHOLWLVWDMXQWRDODGHVLQIRUPDFLyQ DFHUFDGHORVLQFLGHQWHVFRVHFKDGRVHQHOFDPLQROOHYyDTXHODSHUFHS FLyQS~EOLFDGHODHQHUJtDQXFOHDUHQOD8566IXHUDFODUDPHQWHSRVLWLYD 'HVSXpVGH&KHUQRE\OWDQWR2FFLGHQWHFRPRODSURSLD8566HPSH ]DURQDVHUFRQVFLHQWHVGHORVSRVLEOHVIDOORVGHVHJXULGDGHQDOJXQDVGH 1 ,Ê-*!ÊÃi«ÌiLÀi-ÊÓä£ä nÎ 6(6,21(67e&1,&$6 ODV LQVWDODFLRQHV QXFOHDUHV VRYLpWLFDV 0XFKRV IXHURQ ORV PRWLYRV TXH FRQGXMHURQ D DTXHOOD VLWXDFLyQ FRPR UHIOHMD OD ELEOLRJUDItD \ ORV WHVWL PRQLRVGHORVSURWDJRQLVWDVDQDOL]DGRV (VWDSRQHQFLDHQPDUFDHOXVRGHODWHFQRORJtDQXFOHDUSDUDODJH QHUDFLyQGHHQHUJtDHQODSHUVSHFWLYDKLVWyULFDSDUWLFXODUGHDTXHOORV SDtVHV \ DQDOL]DQGR ORV UHVXOWDGRV GH YDULDV HQWUHYLVWDV \ HQFXHVWDV DQDOL]DHOQLYHOGHDFHSWDFLyQTXHWLHQHHQODDFWXDOLGDGHQWUHODSR EODFLyQ h./%35.$%3%/%35.!2%!,)$!$,!3/#)%$!$ #!-")!35/0).)».3/"2%,!%.%2'¶!.5#,%!2v 0.Þ×EZ )252'(/$,1'8675,$18&/($5(63$f2/$ )RUR1XFOHDUGHOD,QGXVWULD1XFOHDU(VSDxRODSHULyGLFDPHQWHHYD O~D OD SRVLFLyQ GH ORV HVSDxROHV DQWH HO DSURYHFKDPLHQWR GH OD HQHUJtD QXFOHDUSDUDSURGXFLUHOHFWULFLGDGSRUXQDSDUWH\SRURWUDVHDERUGD HQFDGDPHGLFLyQHOGHEDWHHQHUJpWLFRODVHQHUJtDVHQQXHVWUDVRFLHGDG VHJ~QODRSLQLyQS~EOLFDHVSDxROD /RV UHVXOWDGRV GH ODV ~OWLPDV HQFXHVWDV PXHVWUDQ XQ FDPELR GH WHQ GHQFLD GRQGH HV SRVLEOH DSUHFLDU FDPELRV R PRGLILFDFLRQHV GH YDORUHV HQPDWHULDHQHUJpWLFDSRUSDUWHGHODRSLQLyQS~EOLFDHVSDxROD #/-5.)#!#)».942!.30!2%.#)!5.05%.4% %.42%%,#3.9,!3/#)%$!$ .-U×OZ-ARTÓNEZ &216(-2'(6(*85,'$'18&/($5 /D SROtWLFD LQIRUPDWLYD GHO &61 VH EDVD HQ OD WUDQVSDUHQFLD \ HO DFHUFDPLHQWRDODVRFLHGDGGHODUHDOLGDGHQPDWHULDGHVHJXULGDGWDQWR HQ LQVWDODFLRQHV QXFOHDUHV FRPR UDGLDFWLYDV HQ FXPSOLPLHQWR GH ODV REOLJDFLRQHV GHULYDGDV GH OD UDWLILFDFLyQ GHO &RQYHQLR$DUKXV TXH JDUDQWL]DHOGHUHFKRGHORVFLXGDGDQRVDODFFHVRDODLQIRUPDFLyQ\DOD SDUWLFLSDFLyQ 3DUDHOORHO&RQVHMRKDHVWDEOHFLGRORVPHFDQLVPRVQHFHVDULRVSDUD UHIRU]DUODFUHGLELOLGDG\TXHVXVDFWXDFLRQHVVHOOHYHQDFDERFRQODV FRQGLFLRQHVGHWUDQVSDUHQFLDTXHIDYRUH]FDQODFRQILDQ]DGHOFLXGDGD QR 8QRGHHVWRVFDQDOHVHVODUHODFLyQFRQORVPHGLRVGHFRPXQLFDFLyQ TXHFXEUHQODVDFWLYLGDGHVGHO&61DSOLFDQGRORVFULWHULRVGHWUDQVSD UHQFLDSUHFLVLyQ\UDSLGH]TXHSHUPLWHHOULJRUWpFQLFR3UHFLVDPHQWH HOULJRUWpFQLFR\ODUDSLGH]VRQGRVGHODVFDUDFWHUtVWLFDVGHODVTXHVH FRPSRQH OD EDWDOOD FRQ ORV PHGLRV ¢(V PHMRU RIUHFHU OD LQIRUPDFLyQ VLQPiV"¢2HVPiVDGHFXDGRWUDVODGDUHVDLQIRUPDFLyQORPiVGHWDOOD GDSRVLEOHDXQTXHVHUHWUDVHOLJHUDPHQWHVXGLIXVLyQ" )UHFXHQWHPHQWHODLQWHUSUHWDFLyQTXHGDQORVPHGLRVGHFRPXQLFD FLyQRGHWHUPLQDGRVJUXSRVGHLQWHUpVGHODLQIRUPDFLyQTXHDSRUWDHO &61VREUHODVHJXULGDGGHODVLQVWDODFLRQHVQRVHFRUUHVSRQGHHQEXH QDPHGLGDFRQORTXHHO&61SUHWHQGtDWUDQVPLWLU¢HQTXpPHGLGDHVWDV LQWHUSUHWDFLRQHV VRQ LQWHUHVDGDV \ HQ TXp PHGLGDV VRQ VLPSOHPHQWH HUUyQHDV" ¢(V HO &61 TXLHQ QR FRPXQLFD DGHFXDGDPHQWH R VRQ VXV LQWHUORFXWRUHV TXLHQHV QR WUDQVPLWHQ DGHFXDGDPHQWH XQD LQIRUPDFLyQ FRUUHFWDPHQWH HODERUDGD" ¢4Xp VH SXHGH KDFHU SDUD PHMRUDU HQ HVWH DVSHFWRRKD\TXHUHVLJQDUVHDQWHHVWDVLWXDFLyQ" n{ 1 ,Ê-*!ÊÃi«ÌiLÀi-ÊÓä£ä 0!54!302«#4)#!30!2!5.!#/.6/#!4/2)!$% 02%.3!#/.²8)4/ ,%SCRIBANO )252'(/$,1'8675,$18&/($5(63$f2/$ /DRUJDQL]DFLyQGHXQDFRQYRFDWRULDGHSUHQVDFRQOOHYDXQRVSUHSD UDWLYRVSUHYLRV\XQDRUJDQL]DFLyQPHWLFXORVD\FXLGDGDTXHD\XGDUiQD TXHHOHYHQWRDOFDQFHHOp[LWRGHVHDGR6RQPXFKRVORVDVSHFWRVTXHKD\ TXHWHQHUHQFXHQWDXQORFDODGHFXDGRXQDVDODFRUUHFWDPHQWHHTXLSD GDDVtFRPRXQRVPHQVDMHV\XQGLVFXUVRGHILQLGRHQVD\DGRSUHSDUDGR \FXLGDGR3HURORPiVLPSRUWDQWHHVTXHODRUJDQL]DFLyQWHQJDFODURHO REMHWLYRGHOHQFXHQWUR /D FRQYRFDWRULD D ORV PHGLRV GH FRPXQLFDFLyQ HV WDPELpQ HVHQFLDO +D\TXHWHQHUXQDEDVHGHGDWRVDFWXDOL]DGDGLULJLUODLQYLWDFLyQDORV SHULRGLVWDVTXHFXEUHQHOWHPDHQFXHVWLyQHQQXHVWURFDVRHOHQHUJpWL FRDYLVDUFRQWLHPSRVXILFLHQWHSDUDTXHORDQRWHQHQVXVDJHQGDV\GH MDUPX\FODURHOGtDOXJDU\KRUDGHOHQFXHQWUR(VLPSRUWDQWHUHFRUGDU ORDWUDYpVGH³XQDURQGDGHOODPDGDV´\HOGtDGHOHYHQWRUHFLELUOHVFRQ WRGDODDWHQFLyQ\FXLGDGRTXHVHPHUHFHQ6RQPXFKDVODVLQYLWDFLRQHV PLOHVORVFRUUHRVHOHFWUyQLFRVTXHUHFLEHQ\HVHGtDKDQHOHJLGRDFRP SDxDUQRV3RUHVROHVWHQHPRVTXHIDFLOLWDUVXWUDEDMRFRQODHQWUHJDGH OD QRWD GH SUHQVD ODV WUDQVSDUHQFLDV TXH VH SUR\HFWDUiQ SDUD XQ PHMRU VHJXLPLHQWR GHO HYHQWR \ XQ GRVVLHU GH SUHQVD VL IXHUD QHFHVDULR< D TXLHQHV QR DFXGLHURQ HV FRQYHQLHQWH HQYLDUOHV OD GRFXPHQWDFLyQ SDUD FRQVHJXLUXQDPD\RUGLIXVLyQGHQXHVWURPHQVDMH (QFRQFOXVLyQSDUDRUJDQL]DUXQDUXHGDGHSUHQVDFRQp[LWRHVPX\ LPSRUWDQWH SUHSDUDUOD FRQ WLHPSR \ WHQHU PX\ FRQWURODGRV WRGRV ORV GHWDOOHVSDUDHYLWDULPSUHYLVWRV3HURDXQFRQWRGDODSUHFLVLyQ\GHWDOOH TXHVHDPRVFDSDFHVGHDOFDQ]DUQRFRQVHJXLUHPRV³OOHQDUODVDOD´VLQR WHQHPRVXQFRQWDFWRSHULyGLFRFRQHOUHGDFWRU3RUTXHODUHODFLyQSHULR GLVWDFRPXQLFDGRUFRQVLVWHHQXQWUDEDMRGLDULRGHD\XGDGHFRQILDQ]D PXWXD\ULJRU &/2-!#)».3%-)02%3%.#)!,$%4²#.)#/ #5!,)&)#!$/%.02/4%##)».2!$)/,»')#!-%$)!.4% ,!!$!04!#)».$%5.!0,!4!&/2-!%,%!2.).' 0-AYO*-#AMPAYO'6ERDÞ 7,7$1,$6(59,&,267(&12/Ï*,&266$ /$,16$ 81,9(532/,7e&1,&$'(9$/(1&,$ /D IRUPDFLyQ RQOLQH SHUPLWH XQD IRUPDFLyQ GLVHxDGD D PHGLGD FRQ XQDPD\RUIOH[LELOLGDG\FRPRGLGDGHQFXDQWRDODJHVWLyQGHOWLHPSR DKRUUDQGRGHVSOD]DPLHQWRV\IDFLOLWDQGRXQVHJXLPLHQWRDGDSWDGRDFDGD LQGLYLGXR(QHOFDPSRGHODSURWHFFLyQUDGLROyJLFD\VHJXULGDGQXFOHDU ODVHPSUHVDVGHGLFDGDVDODERUHVGHPDQWHQLPLHQWR\DVHVRUDPLHQWRHQ FHQWUDOHVQXFOHDUHVVXHOHQWHQHUDVXVWUDEDMDGRUHVGHVSOD]DGRVHQGLV WLQWDVLQVWDODFLRQHVQXFOHDUHV\UDGLDFWLYDV&XDQGRVXUJHXQDQHFHVLGDG IRUPDWLYD HV GLItFLO TXH ORV WUDEDMDGRUHV DVLVWDQ D FXUVRV SUHVHQFLDOHV XELFDGRVHQXQOXJDUFRQFUHWRSXHVOHVVXSRQHGHMDUGHDWHQGHUVXWUD EDMRGLDULRGXUDQWHYDULDVYHFHVVHPDQDV$GHPiVORVFHQWURVGRQGHVH LPSDUWHHVWDIRUPDFLyQHVSHFtILFDQRVXHOHQHVWDUFHUFDGHORVOXJDUHVHQ ORV TXH VH XELFDQ ODV LQVWDODFLRQHV QXFOHDUHV FRQ OR FXDO HO WLHPSR GH GHVSOD]DPLHQWR\ORVFRVWHVDXPHQWDQ 3URJUDPD\6LQRSVLVGHODV3RQHQFLDV (Q HVWH WUDEDMR VH SUHVHQWD XQD IRUPDFLyQ VHPLSUHVHQFLDO GH 7pF QLFR HQ 3URWHFFLyQ 5DGLROyJLFD TXH DEDUFD ORV FRQRFLPLHQWRV \ KDELOLGDGHV GH IXQFLRQHV UHODWLYDV D RSHUDGRUHV \ VXSHUYLVRUHV HQ GLYHUVRViPELWRV\ORVGHWUDEDMDGRUHVHVSHFLDOL]DGRVTXHYD\DQDGHV HPSHxDUVXVODERUHVHQ8QLGDGHV7pFQLFDVGH3URWHFFLyQ5DGLROyJLFD R6HUYLFLRVGH3URWHFFLyQ5DGLROyJLFD7pFQLFR([SHUWRHQ3URWHFFLyQ 5DGLROyJLFD (VWH FXUVR WLHQH GRV FDPSRV HVSHFtILFRV GH DSOLFDFLyQ ,QVWDODFLRQHV 5DGLDFWLYDV ,QGXVWULDOHV 0pGLFDV \ GH ,QYHVWLJDFLyQ H ,QVWDODFLRQHV 1XFOHDUHV /D LPSDUWLFLyQ GHO FXUVR FXHQWD FRQ XQD SDUWH RQOLQH PHGLDQWH OD SODWDIRUPD WHFQROyJLFD 3ROLIRUPDW GH OD 8QLYHUVLGDG 3ROLWpFQLFD GH 9DOHQFLD D WUDYpV GH OHFFLRQHV JXLDGDV HMHUFLFLRV SUiFWLFRV DXWRHYDOXDFLRQHV \ WXWRUtDV RQOLQH SDUD IDFLOLWDU HODSUHQGL]DMHSRUSDUWHGHODOXPQR(OFXUVRVHFRPSOHPHQWDFRQXQ SDUWH SUHVHQFLDO TXH FRQVLVWH HQ GLYHUVDV SUiFWLFDV HQ LQVWDODFLRQHV LQGXVWULDOHVQXFOHDUHVVDQLWDULDVHWFVHPLQDULR\H[DPHQSUHVHQFLDO SDUDFKHTXHDUORVFRQRFLPLHQWRVDGTXLULGRV'HHVWHPRGRHOFXUVRLQ FRUSRUD KHUUDPLHQWDV GH ~OWLPD JHQHUDFLyQ TXH SHUPLWHQ DGDSWDU XQD IRUPDFLyQGHPDQGDGDHQODDFWXDOLGDGPiVSHUVRQDOL]DGD\UHDOL]DUXQ VHJXLPLHQWRGHOFXUVRGHPDQHUDHILFLHQWH (!#)!,!#/.3/,)$!#)».$%, -!34%2%.).'%.)%2¶!.5#,%!29!0,)#!#)/.%3 ,%(ERRANZ*#'ARCÓA#UESTA3&ALCØN--ARCO *!#ASAS &,(0$781,9$87Ï120$'(0$'5,' (O0DVWHUHQ,QJHQLHUtD1XFOHDU\$SOLFDFLRQHV0,1$FRPHQ]yVX QXHYDDQGDGXUDHQRFWXEUH(OVHJXLPLHQWRGHOPLVPRTXHGHVGH OD 'LUHFFLyQ \ OD 2UJDQL]DFLyQ GHO 0iVWHU VH YLHQH UHDOL]DQGR GHVGH VXV RUtJHQHV SHUPLWH DILUPDU GH IRUPD SUHFLVD TXH ORV IXQGDPHQWRV \ GLUHFWULFHV JHQHUDOHV TXH JRELHUQDQ HO 0iVWHU VRQ ORV DGHFXDGRV \ TXH pVWH DYDQ]D HQ OD GLUHFFLyQ FRUUHFWD (VWD DILUPDFLyQ VH VXVWHQWD HQ OD REVHUYDFLyQGHDOJXQRVLQGLFDGRUHVFRQWUDVWDGRV (Q ODV GRV HGLFLRQHV UHDOL]DGDV GH 0,1$ VH KDQ IRUPDGR KDVWD OD IHFKD SURIHVLRQDOHV QXFOHDUHV TXH KDQ FXUVDGR HO 0iVWHU FRPSOHWR HO SULPHU DxR \ HO VHJXQGR (VWH DXPHQWR GHO GH GHPDQGD GH ORV SDUWLFLSDQWHV SRQH GH PDQLILHVWR HO FUHFLHQWH LQWHUpV H[LVWHQWH GHVGHHODPELHQWHDFDGpPLFRSRUODWHFQRORJtDQXFOHDU\SHUPLWHDOFDQ ]DU HO UDQJR ySWLPR GH DOXPQRV HQ XQ 0iVWHU GH HVWDV FDUDFWHUtVWLFDV HVWLPDGRHQWUH\(QFXDQWRDODSDUWLFLSDFLyQGHODVHPSUHVDVH LQVWLWXFLRQHV GHO VHFWRU KD KDELGR XQ DXPHQWR QRWDEOH GH ORV DFXHUGRV GH FRODERUDFLyQ TXH PDQWLHQHQ FRQ HO &,(0$7 (VWD PD\RU SUHVHQFLD HQORVSUR\HFWRVILQGHPiVWHUWLHQHVXUD]yQGHVHUHQODySWLPDYDOR UDFLyQTXHHVWDVHPSUHVDVHLQVWLWXFLRQHVKDQFRQFHGLGRDODIRUPDFLyQ SURSRUFLRQDGD SRU OD SULPHUD HGLFLyQ GHO 0iVWHU \ TXH VH WUDGXFH HQ XQDPD\RU\PHMRUGRWDFLyQGHEHFDVTXHORVDOXPQRVUHFLEHQGXUDQWH HO ~OWLPR WULPHVWUH OHFWLYR 3RU ~OWLPR HV GH GHVWDFDU OD H[FHOHQWH WDVD GH JHQHUDFLyQ GH HPSOHR GH ORV DOXPQRV GH 0,1$ HVWiQ DFWXDOPHQWHGHVHPSHxDQGRDFWLYLGDGHVODERUDOHVHQHPSUHVDVGHOVHFWRU (VWD HOHYDGD FLIUD VXSHUD FRQ FUHFHV ODV H[SHFWDWLYDV LQLFLDOHV TXHFRQVLGHUDEDQH[LWRVRORJUDUWDVDVGHHPSOHRVXSHULRUHVDO (O SUHVHQWH DUWtFXOR RIUHFH XQD VtQWHVLV GHO DQiOLVLV FRPSDUDWLYR UHDOL]DGR HQWUH ODV GRV SULPHUDV HGLFLRQHV GH 0,1$ /D SULPHUD SDUWH HVWi GHGLFDGD DO DQiOLVLV FRPSDUDWLYR GH WHQGHQFLDV HQWUH DPEDV JH QHUDFLRQHV WHQGHQFLD FUHFLHQWH GH LQWHUpV WLWXODFLRQHV SUHVHQWHV HQ DPEDVHGLFLRQHV\VXUHVSXHVWDDQWHORVUHWRV\GLILFXOWDGHVGHO0iVWHU XQD VHJXQGD SDUWH HVWi GHGLFDGD D DQDOL]DU OD LQIOXHQFLD GH ORV FDP ELRV PHWRGROyJLFRV \ OD SRWHQFLDFLyQ GHO WUDEDMR GHO DOXPQR FRPR HMH IXQGDPHQWDO GH DSUHQGL]DMH HQ HO DSURYHFKDPLHQWR JHQHUDO GHO 0iVWHU )LQDOPHQWH VH UHDOL]D XQ DQiOLVLV FRPSDUDWLYR GHO PDSD GH SUR\HFWRV UHDOL]DGRVHQDPEDVHGLFLRQHVDSDUWLUGHOFXDOVHSHUFLEHQODVSULQFLSD OHVOtQHDVGHDFWXDFLyQGHHPSUHVDVHLQVWLWXFLRQHVGHOVHFWRU %80%2)%.#)!!$15)2)$!%.,!3#(!2,!3$%*»6%.%3 .5#,%!2%3!%345$)!.4%3 46ILLAR2"RUCKER!-U×OZ -Ï9(1(618&/($5(6 8QRGHORVREMHWLYRVGH-yYHQHV1XFOHDUHVHVGLIXQGLUFRQRFLPLHQWRV VREUH HQHUJtD QXFOHDU QR VRODPHQWH VHxDODQGR VXV YHQWDMDV \ HO SDSHO TXH MXHJD HQ QXHVWUD VRFLHGDG VLQR WDPELpQ WUDWDQGR GH GHVPRQWDU DOJXQRV IDOVRV PLWRV IUXWR GH OD LQIRUPDFLyQ VHVJDGD R GH OD IDOWD GH FRQRFLPLHQWR &RQ HVWH REMHWLYR VH KDQ LPSDUWLGR YDULDV FKDUODV HQ LQVWLWXWRVGHVHFXQGDULDGLULJLGDVDDOXPQRVGHHQWUH\DxRV(VWD SUHVHQWDFLyQ H[SRQH OD H[SHULHQFLD DGTXLULGD JUDFLDV D HVDV FKDUODV \ ODV FRQFOXVLRQHV TXH VH SXHGHQ VDFDU SDUD XQD PHMRU RULHQWDFLyQ GH OD FRPXQLFDFLyQVREUHODHQHUJtDQXFOHDUSDUWLFXODUPHQWHFXDQGRVHWUDWD GHXQS~EOLFRMRYHQ 3DUDHYDOXDUHOJUDGRGHFRQRFLPLHQWR\GHLQIRUPDFLyQGHXQJUXSR GHLQGLYLGXRVFRQUHVSHFWRDXQWHPDGDGRVHGHEHGLVSRQHUGHKHUUD PLHQWDVHVWDGtVWLFDV(QHOFDVRGHORVJUXSRVTXHGLHURQFKDUODVHQORV LQVWLWXWRV VRQ HQFXHVWDV TXH VH GLVWULEX\HURQ VLVWHPiWLFDPHQWH DO SULQ FLSLR\DYHFHVWDPELpQDOILQDOSDUDHYDOXDUHOEHQHILFLRGHODFKDUOD D ORV DOXPQRV (VWDV HQFXHVWDV FRQWLHQHQ SUHJXQWDV VREUH OD UHODFLyQ HQWUHORVSULQFLSDOHVSUREOHPDVGHOPHGLRDPELHQWHHIHFWRLQYHUQDGHUR OOXYLD iFLGD UHVLGXRV UDGLDFWLYRV \ OD HQHUJtD QXFOHDU /DV UHVSXHVWDV SXHGHQ VHU VRUSUHQGHQWHV HVSHFLDOPHQWH SDUD SURIHVLRQDOHV GHO PXQGR QXFOHDUTXHDOHVWDUWDQIDPLOLDUL]DGRVFRQHOWHPDDFDEDQROYLGiQGRVH GHTXHVyORXQDPLQRUtDGHODSREODFLyQWLHQHHVWDLQIRUPDFLyQ8QPH MRUFRQRFLPLHQWRGHOJUDGRGHLQIRUPDFLyQGHXQJUXSRGDGRQRVSHUPL WHRULHQWDUPHMRU\SHUVRQDOL]DUQXHVWUDFRPXQLFDFLyQ 8QD VHJXQGD KHUUDPLHQWD HV OD FRPXQLFDFLyQ GLUHFWD FRQ ORV DOXP QRVDWUDYpVGHVXVSUHJXQWDV\GHOGLiORJRTXHVHHVWDEOHFHGXUDQWHOD FKDUOD6LODVHQFXHVWDVSHUPLWHQGHGXFLUFXiOHVVRQORVWHPDVPiVGHV FRQRFLGRV HO LQWHUFDPELR LQWHUDFWLYR FRQ HO S~EOLFR SHUPLWH HQFRQWUDU OD PDQHUD PiV HILFLHQWH SDUD WUDQVPLWLU HVWD LQIRUPDFLyQ (V HYLGHQWH TXHpVWDGHSHQGHPXFKRGHOS~EOLFRDTXLHQVHLPSDUWHODFKDUOD\GHO GHEDWHSRVWHULRUVLHQGRQHFHVDULDXQDEXHQDFRPXQLFDFLyQDGDSWDGDD ORVDVLVWHQWHV ,!2%5.)/.!.5!,$%7).',/"!, -'ÈLVEZ)'ALLEGO :20(1,118&/($5:,1 /D UHXQLyQ DQXDO GH :L1 *OREDO WHQGUi OXJDU HVWH DxR HQ %86$1 &25($GXUDQWHORVGtDVGHODOGHPD\RFRQHOOHPD³/$(1(5 *,$18&/($5$/7(51$7,9$)81'$0(17$/3$5$/$(1(5 *,$9(5'(´ (VWDSUHYLVWDODDVLVWHQFLDGHPXMHUHVQXFOHDUHVGHPDVGHGRVFLHQWRV SDtVHVTXHH[SRQGUiQHOHVWDGR\SHUVSHFWLYDVGHOD(QHUJtD1XFOHDUHQ VXVUHVSHFWLYRVSDtVHV:L1(VSDxDHVWDSUHSDUDQGRVXSDUWLFLSDFLyQHQ ODUHXQLyQ\HOLQIRUPHVREUHVXVDFWLYLGDGHVTXHSUHVHQWDUDDOOt /DUHXQLyQVHUiLQDXJXUDGDSRUORVPLQLVWURVGH(GXDFLyQ7HFQRORJtD \(FRQRPtDGH&RUHD7UDVODVHVLyQLQDXJXUDOHVWiQSUHYLVWDVLQWHUHVDQ 1 ,Ê-*!ÊÃi«ÌiLÀi-ÊÓä£ä nx 6(6,21(67e&1,&$6 WHVFRQIHUHQFLDVHQODVGLIHUHQWHV6HVLRQHV7pFQLFDVVREUH³&RQVWUXF FLyQ\RSHUDFLyQGH&1´³7HFQRORJtDVDYDQ]DGDV´³5HVLGXRVUDGLDFWL YRV´³6HJXULGDGQXFOHDU´³5HFXUVRVKXPDQRV´³&RPXQLFDFLyQ´HWF 3DUDOHORDODVVHVLRQHVWpFQLFDVKD\SUHYLVWDVYLVLWDVDODVLQVWDODFLR QHVQXFOHDUHVGHOSDtV/RVPLHPEURVDVLVWHQWHVGH:L1(VSDxDKDUiQXQ UHVXPHQFRQHOUHSRUWDMH\FRQFOXVLRQHVGHODUHXQLyQTXHVHSUHVHQWDUD FRPRSRQHQFLDHQOD5HXQLyQ$QXDOGHOD6RFLHGDG1XFOHDU !#4)6)$!$%3$%7).%30!º! )'ØMEZ"ERNAL)'ALLEGO-'ÈLVEZ :20(1,118&/($5:,1 :,1 (63$f$ KD FRQWLQXDGR GXUDQWH HVWH SHULRGR FRPR FRPLVLyQ GHOD6RFLHGDG1XFOHDU(VSDxROD\FRPRSDUWHGHOD$VRFLDFLyQGH:,1 */2%$/FRQVXVSULQFLSDOHVREMHWLYRV&RQWULEXLUDODDFHSWDFLyQGH OD (QHUJtD 1XFOHDU HQ QXHVWUR SDtV FRQ XQ SURJUDPD GH LQIRUPDFLyQ FODUD\SUHFLVDDOS~EOLFRHQJHQHUDO\FRODERUDUHQODVDFWLYLGDGHVLQWHU QDFLRQDOHVTXHUH~QHQDPXMHUHVSURIHVLRQDOHVGHHVWHVHFWRU 3DUDUHVXPLUODVDFWLYLGDGHV:,1(VSDxDHQHVWHSHULRGRODVGLYLGL PRVHQREMHWLYRV (QFXDQWRDFRPXQLFDFLyQHQQXHVWURSDtVKHPRVSUHVHQWDGRSURJUD PDV \ DVLVWLGR D HQWUHYLVWDV HQ ORV PHGLRV VREUH GLYXOJDFLyQ VREUH HO IXWXURGHOD7HFQRORJtD1XFOHDU\GHEDWHVVREUH*DURxDHQWUHORVTXH GHVWDFDPRV9$8*+$15$',2ODUHYLVWD³<2'21$´ VXSOHPHQWR VHPDQDO GH (O 0XQGR 5$',2 *$//(*$ &23( %DUFHORQD ,17(5(&2120Ë$ 79 ,17(5(&2120Ë$ 79 &23( 79 5$',26$%$'(//3238/$579(7% HQ%LOEDR5$',,26$%$'(///,%(57$' ',*,7$/ 79 ,17(5(&2120Ë$ 79 &$ 1$/ + &23( 5$',2$/&$/$ 5$',2*(67,21$ 3RUYDULRVPLHPEURVGH:L1VHKDQLPSDUWLGRYDULDVFRQIHUHQFLDVHQ GLIHUHQWHVRUJDQLVPRVVREUH³/DLPSRUWDQFLDGHOD(1HQHOPL[HQHU JpWLFR´³/RVLVyWRSRVUDGLDFWLYRV\VXVDSOLFDFLRQHV´³2WUDVDSOLFDFLR QHVGHODHQHUJtDQXFOHDU´³+DFLDXQDH[WHQVLyQGHYLGDHQODV&1´´ /DFRPXQLFDFLyQHQWLHPSRVGHFULVLV´ (QFXDQWRDODFRODERUDFLyQFRQOD6RFLHGDG1XFOHDUVHxDODUHPRV 3DUWLFLSDFLyQHQODUHXQLyQDQXDOGHOD61(6HYLOODDGHRFWX EUHHQODVHVLyQGH&RPXQLFDFLyQSUHVHQWDFLyQGHSRQHQFLDV ³$FWLYLGDGHVGH:L1(VSDxDHQ´ ³R 5HXQLyQ GH:L1 */2%$/ HQ:DVKLQJWRQ \ SDUWLFLSDFLyQ GH :L1(VSDxD´ nÈ 1 ,Ê-*!ÊÃi«ÌiLÀi-ÊÓä£ä 'HQWUR GHO SURJUDPD GH DFRPSDxDQWHV VH SURJUDPy OD FRQIHUHQFLD ³)XVLyQ QXFOHDU ¢(QHUJtD GHO IXWXUR"´ LPSDUWLGD SRU %HDWUL] %UDxDV LQYHVWLJDGRUDGHO&,(0$7 (QWUHYLVWDD,QpV*DOOHJRFRPRSUHVLGHQWDGH:L1GHODDJHQFLD()( (O GH GLFLHPEUH 2UJDQL]DFLyQ GHO -XHYHV 1XFOHDU HQ OD 61( ´+$&,$ 81$ &2081,&$&,Ï1 &216&,(17( +$%,/,'$'(6 3$5$75$160,7,50(-25´ (Q FXDQWR D OD UHODFLyQ FRQ :LQ *OREDO VHxDODUHPRV 3DUWLFLSDFLyQ GH:L1(VSDxDHQODUHXQLyQGH:,1*OREDOHQ:DVKLQJWRQ((88 DOGHMXOLRGRQGHVHOH\yHOLQIRUPHVREUHHOHVWDGRGHOD(1HQ QXHVWURSDtV3DUWLFLSDFLyQHQOD5HXQLyQGHOFRPLWpHVWUDWpJLFR\GHOD MXQWDGLUHFWLYDGH:L1JOREDOHQ(GLPEXUJR(VFRFLD±IHEUHUR 3DUWLFLSDFLyQHQOD5HXQLyQHQ9LHQDGHO&RPLWpGH(VWUDWHJLDGH:L1 JOREDODGHQRYLHPEUH /RV PLHPEURV GH :L1 VH UH~QHQ SHULyGLFDPHQWH SDUD SUHSDUDU VXV DFWLYLGDGHV\WLHQHQXQD$VDPEOHD$QXDOODGHOVHFHOHEUyHOGH RFWXEUHGHHQOD(76GH,QJHQLHURV1DYDOHVGH0DGULG !#4)6)$!$%3$%*»6%.%3.5#,%!2%3 -!-ILLÈN -Ï9(1(618&/($5(6 7UDV HO p[LWR RUJDQL]DWLYR \ OD UHSHUFXVLyQ LQWHUQDFLRQDO DOFDQ]DGR FRQHO(XURSHDQ1XFOHDU<RXQJ*HQHUDWLRQ)RUXP\KDELpQGRVHFRQVR OLGDGRODMRYHQDVRFLDFLyQHVSDxRODFRPRXQDGHODVPiVDFWLYDVGHQWUR GHOSDQRUDPDHXURSHR(ODxRVHHVWiFDUDFWHUL]DQGRFRPRXQDxR FRQXQPDUFDGRIRQGRIRUPDWLYRHQIRFDGRHQORVPLHPEURVGH--11\ IRPHQWDQGRODVDFWLYLGDGHVDQLYHOQDFLRQDO (Q HVWH VHQWLGR FDEHQ GHVWDFDU HO SUR\HFWR &KHUQyELO GRQGH VH KDQ UHDOL]DGRFXDWURVHPLQDULRVODYLVLWDWpFQLFDDOD3ODQWDGH&KHUQyELO\ VHKDQSXEOLFDGRDUWtFXORVDQLYHOQDFLRQDOHLQWHUQDFLRQDODGHPiVGHO HU6HPLQDULRGH5HDFWRUHV$YDQ]DGRVUHDOL]DGRHQFRODERUDFLyQFRQOD (VFXHOD7pFQLFDGH,QJHQLHURV6XSHULRUHVGH0DGULG 'HLJXDOIRUPDHQHOSUHVHQWHHMHUFLFLRVHKDQUHDOL]DGRFKDUODVHQOD PD\RUtDGHSODQWDVQXFOHDUHVHVSDxRODVFRQHOILQGHWUDVODGDUODVLQTXLH WXGHV LOXVLyQ \ SUR\HFWRV GH IXWXUR TXH --11 HVWi GHVDUUROODQGR D ORV PiVMyYHQHVGHGLFKDVLQVWDODFLRQHV )LQDOPHQWH -yYHQHV 1XFOHDUHV KD PDQWHQLGR VX IHUYLHQWH DFWLYLGDG FRPXQLFDWLYDFRQPXOWLWXGGHDUWtFXORVHQWUHYLVWDVHQSUHQVDDVtFRPR FKDUODV HQ ,QVWLWXWRV FROHJLRV PD\RUHV \ XQLYHUVLGDGHV$GHPiV VH KD OOHYDGR HO &XUVR %iVLFR GH &LHQFLD \ 7HFQRORJtD 1XFOHDU IXHUD GH ODV SDUHGHVGHOD5HXQLyQ$QXODGHOD61( (QODSUHVHQWHSRQHQFLDVHUHVXPHQHVWDV\RWUDVDFWLYLGDGHVTXHGX UDQWHHODxRKDOOHYDGRDFDERODMRYHQDVRFLDFLyQGHSURIHVLRQDOHV LQYHVWLJDGRUHV\HVWXGLDQWHV 3URJUDPD\6LQRSVLVGHODV3RQHQFLDV 3!,! 6IERNESH )$I))) 02%3)$%.4%6ICENTE3ERRADELL'ARCÓA 5.)6%23)$!$0/,)4²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³DHURVRO VSHFLHV´ RI D NJP GHQVLW\$QLQLWLDOORJQRUPDOGLVWULEXWLRQFKDUDFWHUL]HGE\DQ$00'RI DERXWȝ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»$)'/30!2#0!2!3)-5,!2 2/452!3%.%,'%.%2!$/2$%6!0/2 !%SCRIVÈ*,-U×OZ#OBO4!NTØN,%(ERRANZ 81,9(532/,7e&1,&$'(9$/(1&,$ &,(0$7 (O *UXSR GH 7HUPRKLGUiXOLFD H ,QJHQLHUtD 1XFOHDU GH 839 MXQWR FRQHO&,(0$7HVWiGHVDUUROODQGRPHMRUDVHQHOFiOFXORGHOIDFWRUGH #//2$).!$/2-ANUEL-ARTÓN2AMOS %52/0%!.#/--)33)/. GHVFRQWDPLQDFLyQSDUDSRGHULQWURGXFLUODVHQHOFyGLJR63$5&6X SSUHVVLRQ3RRO$HURVRO5HPRYDO&RGH 63$5&HVXQFyGLJRTXHSHUPLWHFDOFXODUODFDSWXUDGHDHURVROHV HQODVSLVFLQDV(VWRHVHVSHFLDOPHQWHLPSRUWDQWHHQFDVRGHSURGXFLUVH XQDFFLGHQWHTXHSHUPLWLHUDHOSDVRGHSDUWHGHOLQYHQWDULRUDGLDFWLYRGHO FLUFXLWRSULPDULRDOVHFXQGDULRORFXDOSXHGHVHUFRQVHFXHQFLDGHXQIH QyPHQRFRQRFLGRFRPR6*756WHDP*HQHUDWRU7XEH5XSWXUHEDVDGR HQODUXSWXUDGHGHXQRRYDULRVWXERVTXHIRUPDQSDUWHGHOJHQHUDGRU GHYDSRUGHODFHQWUDO(VWHVXFHVRVHHQFXHQWUDHQWUHORVGHGLVHxREDVH TXHVRQFRQVLGHUDGRVHQODVQXHYDVJHQHUDFLRQHVGHUHDFWRUHVTXHFXHQ WDQFRQHOHPHQWRVGHVHJXULGDGSDVLYD (VWHVXFHVRSURYRFDGRSRUODIDWLJDHQORVWXERVGHOJHQHUDGRUGHYD SRUSXHGHFRQOOHYDUTXHORVSURGXFWRVUDGLDFWLYRVFRQWHQLGRVHQHOUHIUL JHUDQWHSXHGHQSDVDUGHOSULPDULRDOVHFXQGDULR\GHDKtDODDWPyVIHUDD WUDYpVGHOVLVWHPDGHHOLPLQDFLyQGHJDVGHOFRQGHQVDGRURODVYiOYXODV GHDOLYLR\VHJXULGDGHQFDVRGHTXHHVWRVXFHGDHOPDWHULDOUDGLDFWLYR GHEHUi DWUDYHVDU ODV SLVFLQDV PRPHQWR HQ HO FXDO HVWDV DFWXDUiQ FRPR ILOWUR SDUD HVDV SDUWtFXODV (VWH IHQyPHQR FRQWDUi FRQ XQ UHQGLPLHQWR TXHFRQRFHPRVFRPR'))DFWRUGH'HVFRQWDPLQDFLyQ (O FyGLJR 63$5& HVWi SHQVDGR SDUD UHDOL]DU HO FiOFXOR HQ FRQ GLFLRQHV GH GHVFDUJD GH DHURVROHV HQ SLVFLQDV HV SRU HVR TXH VH HVWi WUDEDMDQGR SDUD ORJUDU XQ PRGHOR DQDOtWLFR TXH DGHF~H HO FyGLJR D ODV FRQGLFLRQHVGHGHVFDUJDHQXQJHQHUDGRUGHYDSRU ).&,5%.#%/&4(%3(!0%/&45"%"2%!+/.4(% !%2/3/,2%4%.4)/.$52).'3%6%2%!##)$%.4 3'423%15%.#%3!.%80%2)-%.4!,).6%34)'!4)/. 5.$%24(%).4%2.!4)/.!,!24)3402/*%#4 ,%(ERRANZ2$ELGADO#,ØPEZDEL0LÈ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Ê-*!ÊÃi«ÌiLÀi-ÊÓä£ä nÇ 6(6,21(67e&1,&$6 VFUXEEHGLQD³GU\´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ØPEZDEL0LÈ,%(ERRANZ &,(0$7 'XULQJDSRVWXODWHGFRUHPHOWGRZQDFFLGHQWZLWKVWHDPJHQHUDWRUWXEH UXSWXUHV6*75VXFKDEUHDFKFRXOGFDXVHDGLUHFWOHDNRIUDGLRDFWLYLW\ WR WKH HQYLURQPHQW ,Q WKHVH VFHQDULRV DQG HYHQ LI WKHUH LV QR ZDWHU LQ WKHVHFRQGDU\VLGHWKHVHFRQGDU\VLGHRIWKHVWHDPJHQHUDWRUPD\DFWDV D UDGLRDFWLYHVLQN E\ DWWHQXDWLQJWKH DHURVRO UHOHDVHG IURP WKH SULPDU\ FLUFXLWSDUWLFXODUO\LQWKHEUHDNVWDJH ,Q YLHZ RI WKH DEVHQFH RI DQDO\WLFDO WRROV FDSDEOH RI VLPXODWLQJ WKH DIRUHPHQWLRQHG VFHQDULR &,(0$7 KDV GHYHORSHG D WKHRUHWLFDO PRGHO FDOOHG$5,6*IRUHVWLPDWLQJWKHDHURVROUHWHQWLRQLQWKHEUHDNVWDJHRI WKHVHFRQGDU\VLGHRIWKH6*XQGHUGU\FRQGLWLRQV7KLVSDSHUGHVFULEHV WKHPDLQIHDWXUHVRIWKHPRGHODQGFRPSDUHVLWVUHVXOWVZLWKH[SHULPHQ WDOGDWD 7KH$5,6*PRGHOLVEDVHGRQDILOWHUFRQFHSWVRWKDWLWFRUUHODWHV WKHWRWDOFROOHFWLRQHIILFLHQF\DVDIXQFWLRQRIWKHJHRPHWULFSDUDPHWHUV RIWKHEXQGOHWKHQXPEHURIWXEHVDYDLODEOHIRUGHSRVLWLRQDQGWKHLUVLQ JOH UHWHQWLRQ HIILFLHQFLHV (DFK RI WKHVH HIILFLHQFLHV KDYH EHHQ GHULYHG IURPH[SHULPHQWDOGDWDWKDWFKDUDFWHUL]HGWKHPRVWHIILFLHQWDHURVROUH PRYDOSURFHVVHVXQGHUWKHVFHQDULRSUHYDLOLQJFRQGLWLRQVLHWXUEXOHQW GHSRVLWLRQLQHUWLDOLPSDFWLRQDQGUHVXVSHQVLRQ 7KH$5,6*PRGHOKDVEHHQYDOLGDWHGDJDLQVWH[SHULPHQWVFRQGXFWHG E\&,(0$7XQGHUWKHIUDPHRILQWHUQDWLRQDOSURMHFWVOLNH(86*75DQG $57,67&$$7 7KH HVWLPDWHV IROORZ WKH GDWD WUHQGV DQG DJUHH ZLWK GDWDLQGLFDWLQJFROOHFWLRQHIILFLHQFLHVZLWKLQWKHORZHUUDQJH 7KLV ZRUN KDV EHHQ SHUIRUPHG VSRQVRUHG E\ WKH 6SDQLVK 1XFOHDU &RXQFLO&61ZLWKLQWKHLQWHUQDWLRQDO$57,67,,SURMHFW !0,)#!#)».$%,#»$)'/#/"!9!!,!.«,)3)3 -5,4)%3#!,!#/.!#/0,!-)%.4/.%542».)#/ 4%2-/()$2«5,)#/%.072 **IMÏNEZ%SCALANTE**(ERRERO*!,OZANO*-!RAGONÏS 81,932/,7e&1,&$'(0$'5,' (O GHVDUUROOR GH OD WHFQRORJtD 1XFOHDU KD SHUPLWLGR XQD YLVLyQ FDGD YH]PiVUHDOLVWDGHORVIHQyPHQRVTXHVHSURGXFHQHQXQUHDFWRUQXFOHDU \ FRQFUHWDPHQWH HQ ORV DVSHFWRV QHXWUyQLFRV \ WHUPRKLGUiXOLFRV 3DUD nn 1 ,Ê-*!ÊÃi«ÌiLÀi-ÊÓä£ä HOORHVQHFHVDULRSRUXQODGRHODXPHQWRGHOUHILQDPLHQWRGHODVPDOODV GHFiOFXORXWLOL]DGDVTXHKDVWDHOPRPHQWRLPSOLFDEDQODKRPRJHQHL]D FLyQGHJUDQGHVUHJLRQHVGHOQ~FOHRGHOUHDFWRU\SRURWURODUHVROXFLyQ GHIRUPDDFRSODGDGHODVHFXDFLRQHVFRUUHVSRQGLHQWHV &RPRUHVXOWDGRGHOQLYHOGHGHVDUUROORHQORVFyGLJRVGHVLPXODFLyQ \HQODWHFQRORJtDGLVSRQLEOHHVSRVLEOHSODQWHDUHODFRSODPLHQWRHQWUH ODQHXWUyQLFD\ODWHUPRKLGUiXOLFDHQXQQLYHOPiVSURIXQGR\WHQHUHQ FXHQWD ODV KHWHURJHQHLGDGHV HQ HO HOHPHQWR FRPEXVWLEOH WDQWR UDGLDO FRPRD[LDOPHQWH (Q HVWH WUDEDMR VH SUHVHQWD OD PHWRGRORJtD GH OD GHVFRPSRVLFLyQ HQ VXEGRPLQLRV PHGLDQWH GLVHFFLRQHV DOWHUQDGDV DSOLFDGD DO DQiOLVLV GH Q~FOHRVGHUHDFWRUHV3:5'LFKDPHWRGRORJtDKDVLGRLPSOHPHQWDGDHQ HO FRQMXQWR GH FyGLJRV SUHVHQWHV HQ HO VLVWHPD &2%$<$ FRPR SDUWH GHO WUDEDMR UHDOL]DGR SRU ORV WUHV SULPHURV DXWRUHV HQ VXV 7HVLV GRFWR UDOHV /D GHVFRPSRVLFLyQ HQ VXEGRPLQLRV SHUPLWH DERUGDU HO SUREOHPD GHO FiOFXOR GHO Q~FOHR FRPSOHWR HQ OD HVFDOD GH EDUUDV FRPEXVWLEOHV \ VXEFDQDOHVFRQXQVLVWHPDGHFiOFXORPXOWLHVFDOD(OFiOFXORGHOQ~FOHR FRPSOHWR HQ HVH QLYHO GH GHWDOOH SHUPLWH FRQVLGHUDU ORV HIHFWRV GH OD UHDOLPHQWDFLyQ WHUPRKLGUiXOLFD GHWDOODGD VREUH ODV VHFFLRQHV HILFDFHV UHVXOWDQGRXQDPHMRUHVWLPDFLyQGHORVOtPLWHVGHVHJXULGDGORFDOHVHQ ODVEDUUDVGHFRPEXVWLEOH /D PHWRGRORJtD FLWDGD HQ HO SiUUDIR DQWHULRU KD VLGR DSOLFDGD HQ HO 2(&'1($02;&RUH7UDQVLHQW%HQFKPDUN/RVUHVXOWDGRVREWHQLGRV SDUDODVGLVWLQWDVFRQILJXUDFLRQHVSURSXHVWDVSUXHEDQODERQGDGGHHVWD PHWRGRORJtDSDUDDIURQWDUHVWHWLSRGHSUREOHPDV !.!,)3)3$%,!).%34!"),)$!$$%#/&2%.4%3#/.,! 42!.3&/2-!$!$%(),"%24(5!.' *"LÈZQUEZ!'ALINDO &,(0$7 /RV VXFHVRV GH LQHVWDELOLGDG GH OD SRWHQFLD GH XQ %:5 VXHOHQ SURGXFLUVH HQ HO DUUDQTXH GHO UHDFWRU &RQVLVWHQ HQ RVFLODFLRQHV QR OLQHDOHVGHDPSOLWXGFUHFLHQWH/DVRVFLODFLRQHVWLHQHQXQDIUHFXHQFLD IXQGDPHQWDO SUy[LPD D ORV +] \ FRPR FRQVHFXHQFLD GH OD QR OLQHDOLGDGDSDUHFHXQDUPyQLFRGHIUHFXHQFLDGREOHHQHOHVSHFWURGH )RXULHU(VELHQFRQRFLGRTXHGXUDQWHODLQHVWDELOLGDGODDPSOLWXGGHO DUPyQLFRSUHYDOHFH 9LVWR GHVGH OD WUDQVIRUPDGD GH +LOEHUW+XDQJ VH GHVFRPSRQH OD VHxDO GH SRWHQFLD HQ PRGRV HPStULFRV FRQ HVFDODV WHPSRUDOHV ELHQ GHILQLGDV\XQUHVLGXR(OSULPHUPRGRFRUUHVSRQGHFRQHODUPyQLFR \ VyOR GHVWDFD PLHQWUDV HO UHDFWRU HV LQHVWDEOH 6X DQiOLVLV SHUPLWH LGHQWLILFDUHOLQVWDQWHHQTXHVHLQLFLDODLQHVWDELOLGDG\HOLQVWDQWHHQ TXHVHDFDED(QGLFKRPRGRKD\XQDIDVHGHDPSOLWXGFUHFLHQWH\RWUD GH DPSOLWXG GHFUHFLHQWH ([SUHVDQGR ODV DPSOLWXGHV LQVWDQWiQHDV GHO PRGR SRU PHGLR GH OD WUDQVIRUPDGD RUGLQDULD GH +LOEHUW VH REWLHQHQ ODVUD]RQHVGHGHFDLPLHQWRHQDPEDVIDVHV /D IUHFXHQFLD LQVWDQWiQHD GHO PRGR UHVXOWD XQ LQGLFDGRU GHO IHQy PHQRGHODGHVDSDULFLyQGHOUXLGRQHXWUyQLFRGXUDQWHODLQHVWDELOLGDG $GHPiV HO UHVLGXR GHVSURYLVWR GH HVFDODV WHPSRUDOHV UHIOHMD OD WHQ GHQFLDDOLVDGDGHODHYROXFLyQGHODSRWHQFLDGHVXDQiOLVLVVHSXHGHQ LQIHULUODVDFFLRQHVGHO2SHUDGRUGHOD3ODQWD (VWH WUDEDMR VH DSOLFD DO VXFHVR GH LQHVWDELOLGDG GH OD 3ODQWD GH &RIUHQWHV XQ %:5 TXH WXYR OXJDU HQ (O VXFHVR QR WXYR FRQVHFXHQFLDVDXQTXHFRPRHVSUHFHSWLYRVHLQIRUPyDO&RQVHMRGH 6HJXULGDG1XFOHDU(ODQiOLVLVSRVWVXFHVRFRQODWUDQVIRUPDGDGH+LO EHUW+XDQJSHUPLWHHQULTXHFHU\SUHFLVDUHVWHWLSRGHLQIRUPHV 3URJUDPD\6LQRSVLVGHODV3RQHQFLDV !.«,)3)3$%%34!"),)$!$%.#.0%!#( "/44/-54),):!.$/5.-/$%,/.%542».)#/ 4%2-/()$2«5,)#/$%.Á#,%/#/-0,%4/#/.%, #»$)'/!#/0,!$/2%,!00!2#36 !!BARCA4"ARRACHINA2-IRØ'6ERDÞ ,167,7872'(6(*85,'$',1'8675,$/ 5$',2)Ë6,&$<0(',2$0%,(17$/,6,5<0 (QHVWHWUDEDMRORVDQiOLVLVGHHVWDELOLGDGHQHOGRPLQLRGHOWLHPSR\ HQ'VHKDQUHDOL]DGRVREUHXQQXHYRSXQWRGHDQiOLVLV37B839GHO PDSDGHRSHUDFLyQGHOD&13HDFK%RWWRPXVDQGRHOFyGLJRDFRSODGR 5(/$302'3$5&6 Y (VWH SXQWR HVWi GHQWUR GH OD OODPDGD UHJLyQ GH H[FOXVLyQ FRQ XQ FDXGDO D WUDYpV GHO Q~FOHR GH NJV HOGHOFDXGDOQRPLQDOGHOQ~FOHR\XQDSRWHQFLDWRWDOGHOUHDFWRU GH0:GHODSRWHQFLDQRPLQDOGHOUHDFWRU\VHDOFDQ]D SDUWLHQGRGHOSXQWRGHSUXHEDSRUHOPRYLPLHQWRGHEDUUDGHFRQWURO FRPRVHKDFHKDELWXDOPHQWHHQODVFHQWUDOHVQXFOHDUHV /D VLPXODFLyQ VH KD UHDOL]DGR FRQ HO FyGLJR DFRSODGR 5(/$3 02'3$5&6 Y (O PRGHOR WHUPRKLGUiXOLFR LQFOX\H WRGRV ORV FRPSRQHQWHV GH OD YDVLMD GHO UHDFWRU ERPEDV GH FKRUUR ERPEDV GH UHFLUFXODFLyQ GRZQFRPHU Q~FOHR GHO UHDFWRU \ WDPELpQ HO VHSDUDGRU \ HOVHFDGRU 6HKDPRGHODGRHOQ~FOHRGHOUHDFWRUFRQFDQDOHVGHWHUPRKLGUiXOL FRVSDUDUHSUHVHQWDUODSDUWHDFWLYDGHOFRUD]yQ\XQFDQDOSDUDPRGHODU HO E\SDVV GHO Q~FOHR (O PDSSLQJ QHXWUyQLFRWHUPRKLGUiXOLFR VH KD UHDOL]DGREDViQGRQRVHQORVDUPyQLFRVIXQGDPHQWDO\SULPHU\VHJXQGR KDUPyQLFRV GH OD SRWHQFLD GHO UHDFWRU FDOFXODGRV FRQ HO FyGLJR PRGDO /$0%'$(OPRGHORQHXWUyQLFRFRQVWDGHQRGRVD[LDOHV/DVWD EODVGHVHFFLRQHVHILFDFHVLQFOX\HQFRPSRVLFLRQHVGLIHUHQWHV (OREMHWLYRGHHVWHHVWXGLRHVGHSUREDUHVWHFyGLJRDFRSODGRHQHVWD FODVHGHDFFLGHQWHVFRPSOHMRV'/RVUHVXOWDGRVPXHVWUDQTXHHOSXQWR 37B839 HV XQ SXQWR LQHVWDEOH \ OD GLVWULEXFLyQ GH SRWHQFLD UHODWLYD D[LDO REWHQLGD PXHVWUD XQ SHUILO SLFDGR HQ OD SDUWH LQIHULRU GHO Q~FOHR TXHHVFDUDFWHUtVWLFRGHQ~FOHRVLQHVWDEOHV !.«,)3)3$%,!).&,5%.#)!$%,-!0!.%542».)#/ 4%2-/()$2«5,)#/%.%,42!.3)4/2)/2)!%.,!#. !,-!2!: 4"ARRACHINA-'ARCÓA&ENOLL&!NCHEL2-IRØ '6ERDÞ!/RTEGO*#-ARTÓNEZ-URILLO ,167,7872'(6(*85,'$',1'8675,$/ 5$',2)Ë6,&$<0(',2$0%,(17$/,6,5<0 ,%(5'52/$,1*(1,(5Ë$<&216758&&,Ï1 &&11$6&Ï9$1'(//Ï6,,$,( (O SURJUHVR HQ ORV PpWRGRV QXPpULFRV KD GHVDUUROODGR ORV FyGLJRV WHUPRKLGUiXOLFRVFOiVLFRVWDOHVFRPR5(75$175$&\5(/$3KD FLDFyGLJRVPRGHUQRVFRQODFDSDFLGDGFRPSOHWDGHUHDOL]DUDQiOLVLVFRQ FLQpWLFD ' HQ XQD PDQHUD GLQiPLFD SDUD VLPXODU HO FRPSRUWDPLHQWR GH Q~FOHRV HVSHFtILFRV GH XQD PDQHUD UHDOLVWD \ DVt SRGHU SUHGHFLU ODV H[FXUVLRQHV GH SRWHQFLD ORFDOL]DGDV FRPR RFXUUH HQ HO 5,$ 5HDFWL YLW\ ,QVHUWLRQ$FFLGHQW (VWRV FyGLJRV GHEHQ VHU DOLPHQWDGRV FRQ OD LQIRUPDFLyQ GH OD FLQpWLFD SURFHGHQWH GH ORV FyGLJRV FRPR &$602 6,08/$7( /D PHWRGRORJtD 6,07$% SURSRUFLRQD XQD KHUUDPLHQWD IiFLOSDUDH[WUDHUFRUUHFWDPHQWHODVVHFFLRQHVHILFDFHV\ORVSDUiPHWURV FLQpWLFRV QHXWUyQLFRV GH 6,08/$7( D ORV FyGLJRV DFRSODGRV QHXWUy QLFRWHUPRKLGUiXOLFRV KDFLHQGR HVWXGLRV GH UHDFWLYLGDG IDFWLEOHV HQ Q~FOHRVWLSR%:5\WLSR3:56,07$%SHUPLWHWUDQVIHULUH[DFWDPHQWH HOHVWDGRFLQpWLFRLQLFLDOGHOFyGLJRGHFHOGDDOFyGLJRWHUPRKLGUiXOLFR QHXWUyQLFR\SURSRUFLRQDODUHVSXHVWDDGHFXDGDGHODFLQpWLFDGXUDQWHHO WUDQVLWRULRFRPSOHWR +HPRV DQDOL]DGR HO FRPSRUWDPLHQWR GH & 1$OPDUD] HQ XQ 5($ 5RG(MHFWLRQ$FFLGHQWFRQHOFyGLJRQHXWUyQLFRWHUPRKLGUiXOLFRDFR SODGR5(/$33$5&6YXVDQGRODPHWRGRORJtD6,07$%GHVDUUR OODGDHQ839+HPRVHVWXGLDGRHVWHWUDQVLWRULRHQGLYHUVDVFRQGLFLRQHV GHIXQFLRQDPLHQWR\DSULQFLSLR\DILQDOGHOFLFOR (VWH WUDEDMR FRQVLVWH HQ HO HVWXGLR GH OD LQIOXHQFLD GH GLYHUVDV GH ILQLFLRQHV GHO PRGHOR WHUPRKLGUiXOLFR HQ XQ DQiOLVLV 5($ HQ & 1 $OPDUD] 6H KD DQDOL]DGR XQD VHULH GH FiOFXORV FRQ GLIHUHQWH Q~PHUR GHFDQDOHVWHUPRKLGUiXOLFRVSDUDUHSUHVHQWDUHOQ~FOHRGHOUHDFWRU(VWRV FDQDOHVVHKDQDFRSODGRFRQHOPRGHORQHXWUyQLFRXQRDXQRHVGHFLU FDGDHOHPHQWRFRPEXVWLEOHHVUHSUHVHQWDGRSRUXQQRGRUDGLDOHQFyGLJR GH3$5&6Y /RV UHVXOWDGRV KDQ GHPRVWUDGR TXH HO SLFR GH OD SRWHQFLD DOFDQ]DGR HQHVWHWUDQVLWRULRGHSHQGHIXHUWHPHQWHGHOPRGHORWHUPRKLGUiXOLFRGHO Q~FOHRGHOUHDFWRU$GHPiVHOSHUILOD[LDOGHSRWHQFLDHVIXHUWHPHQWHGH SHQGLHQWH GHO DFRSODPLHQWR QHXWUyQLFRWHUPRKLGUiXOLFR \ VX SUHFLVLyQ FRPSDUDGDFRQHOSHUILOD[LDOGHOD6,08/$7(TXHGHWHUPLQDWDPELpQ OD SUHFLVLyQ GH ORV UHVXOWDGRV ' DFRSODGRV 3RU OR WDQWR HVWH HVWXGLR FRQWULEX\H D REWHQHU UHVXOWDGRV PiV H[DFWRV HQ HO DQiOLVLV GH 5($ HQ &1$OPDUD] &5.#)/.%3/24/'/.!,%3%80%2)-%.4!,%30!2!,! #5!,)&)#!#)».$%).%34!"),)$!$%3%.2%!#4/2%3 "72!0,)#!#)».!,!#.0%!#("/44/- 4"ARRACHINA2-IRØ'6ERDÞ$'INESTAR ,167,7872'(6(*85,'$',1'8675,$/ 5$',2)Ë6,&$<0(',2$0%,(17$/,6,5<0 (QHVWHWUDEDMRORVDQiOLVLVGHHVWDELOLGDGHQHOGRPLQLRGHOWLHPSR\ HQ'VHKDQUHDOL]DGRVREUHXQQXHYRSXQWRGHDQiOLVLV37B839GHO PDSDGHRSHUDFLyQGHOD&13HDFK%RWWRPXVDQGRHOFyGLJRDFRSODGR 5(/$302'3$5&6Y(VWHSXQWRHVWiGHQWURGHODUHJLyQGH H[FOXVLyQFRQXQFDXGDODWUDYpVGHOQ~FOHRGHNJVHOGHO FDXGDO QRPLQDO GHO Q~FOHR \ XQD SRWHQFLD WRWDO GHO UHDFWRU GH 0:GHODSRWHQFLDQRPLQDOGHOUHDFWRU\VHDOFDQ]DSDUWLHQGR GHO SXQWR GH SUXHED SRU HO PRYLPLHQWR GH EDUUD GH FRQWURO FRPR VH KDFHKDELWXDOPHQWHHQODVFHQWUDOHVQXFOHDUHV (O WUDQVLWRULR FRPLHQ]D FRQ HO PRYLPLHQWR GH EDUUDV GH FRQWURO (O REMHWLYRGHHVWHHVWXGLRHVGHSUREDUHVWHFyGLJRDFRSODGRHQHVWDFODVH GHDFFLGHQWHVFRPSOHMRV'/RVUHVXOWDGRVPXHVWUDQTXHHOSXQWR37B 839 HV XQ SXQWR LQHVWDEOH \ OD GLVWULEXFLyQ GH SRWHQFLD UHODWLYD D[LDO REWHQLGDPXHVWUDXQSHUILOSLFDGRHQODSDUWHLQIHULRUGHOQ~FOHRTXHHV FDUDFWHUtVWLFRGHQ~FOHRVLQHVWDEOHV 3DUDFRPSOHWDUHODQiOLVLVGHHVWDELOLGDGODVVHxDOHVGHORVGHWHFWRUHV GHSRWHQFLDORFDO/350VREWHQLGDVGHOFyGLJRQHXWUyQLFRVHKDQDQDOL ]DGRXWLOL]DQGR6LQJXODU6\VWHP$QDO\VLV/RVUHVXOWDGRVFRQILUPDQTXH ODRVFLODFLyQTXHVHSURGXFHHQHOQ~FOHRVHWUDWDGHXQDRVFLODFLyQHQ IDVHDFRSODGDFRQXQDIXHUDGHIDVH 1 ,Ê-*!ÊÃi«ÌiLÀi-ÊÓä£ä n 6(6,21(67e&1,&$6 $%3!22/,,/$%5.!.5%6!-%4/$/,/'¶!0!2! ,!/"4%.#)».$%3%##)/.%3%&)#!#%3$0!2! %,#»$)'/42!#"&!0,)#!#)».!,!#.0%!#( "/44/4"ARRACHINA2-IRØ'6ERDÞ)#OLLAZO0'ONZÈLEZ !#ONCEJAL0/RTEGO*-ELARA ,167,7872'(6(*85,'$',1'8675,$/ 5$',2)Ë6,&$<0(',2$0%,(17$/,6,5<0 ,%(5'52/$,1*(1,(5Ë$<&216758&&,Ï1 (Q75$&%)ODVVHFFLRQHVHILFDFHVVHHVSHFLILFDQHQHOILFKHURGH HQWUDGDHQIRUPDGHSROLQRPLR(VWRKDFHQHFHVDULDODREWHQFLyQGHORV FRHILFLHQWHVGHHVWHGHVDUUROORSROLQRPLDO8QRGHORVPpWRGRVSURSXHV WRVHQODPHWRGRORJtD.,13$5(VWDPHWRGRORJtDXWLOL]DORVUHVXOWDGRV GHOFDVRGHUHIHUHQFLD\GLIHUHQWHVSHUWXUEDFLRQHVGHOPLVPRSDUDDMXVWDU HVWRV FRHILFLHQWHV/RV FiOFXORVVH UHDOL]DQXWLOL]DQGRHOFyGLJR6,08 /$7( (QHVWHWUDEDMRVHSUHVHQWDXQDQXHYDPHWRGRORJtDSDUDODREWHQFLyQ GH VHFFLRQHV HILFDFHV ' (O SULPHU SDVR FRQVLVWH HQ OD DSOLFDFLyQ GH OD PHWRGRORJtD 6,07$% GHVDUUROODGD SRU OD 839 H ,%(5,1&2 SDUD REWHQHU ORV ILFKHURV GH VHFFLRQHV HILFDFHV ' D SDUWLU GH ORV GDWRV GH &$6026,08/$7(3RVWHULRUPHQWHHVWDVVHFFLRQHVHILFDFHV'VH FRODSVDQ D ' XWLOL]DQGR FRPR IDFWRU GH SHVDGR ORV IOXMRV QHXWUyQLFRV 'UiSLGR\WpUPLFRGH6,08/$7(SDUDHOFDVRGHUHIHUHQFLD /DVVHFFLRQHVHILFDFHVFRODSVDGDVD'VHHVFULEHQHQILFKHURVFRQHO PLVPRWLSRIRUPDWRTXHODVVHFFLRQHVHILFDFHV'SRUWDQWRKDVLGRQH FHVDULRPRGLILFDUHOFyGLJRIXHQWHGH75$&%)SDUDTXHVHDFDSD]GH OHHUHLQWHUSRODUHQWUHHVWDVVHFFLRQHVHILFDFHV'WDEXODGDV &RQHVWDQXHYDPHWRGRORJtDQRHVQHFHVDULRUHDOL]DUVLPXODFLRQHVGH GLIHUHQWHVSHUWXUEDFLRQHVDOUHGHGRUGHOHVWDGRGHUHIHUHQFLDFRQ6,08 /$7( \ DGHPiV HO UDQJR GH YDULDFLyQ GH OD GHQVLGDG GHO PRGHUDGRU SXHGH VHU PiV DPSOLR TXH XWLOL]DQGR OD PHWRGRORJtD .,13$5 (VWR HV LPSRUWDQWHHQODVLPXODFLyQGHDFFLGHQWHVVHYHURVHQORVTXHODVYDULD EOHVYDUtDQHQXQUDQJRDPSOLR (VWD QXHYD PHWRGRORJtD VH DSOLFD OD VLPXODFLyQ GHO WUDQVLWRULR SRU GLVSDURGHWXUELQDHQOD&13HDFK%RWWRPXWLOL]DQGRHOFyGLJR75$& %)6HFRPSDUDQORVUHVXOWDGRVGHOHVWDGRHVWDFLRQDULRGH75$&%) XWLOL]DQGR OD PHWRGRORJtD .,13$5 \ OD QXHYD PHWRGRORJtD FRQ ORV UH VXOWDGRVGH6,08/$7( 02%#/.$)#)/.!$/$%-!42)#%3$%,! $)3#2%4):!#)».$%,!%#5!#)».$%,!$)&53)». .%542».)#!%.'%/-%42¶!3(%8!'/.!,%3 3'ONZÈLEZ0INTOR$'INESTAR'6ERDÞ 81,9(532/,7e&1,&$'(9$/(1&,$ 3DUDPHMRUDUODVHJXULGDGGHORVUHDFWRUHVQXFOHDUHVHVQHFHVDULRGHVD UUROODUVLPXODGRUHVGHSODQWDTXHVHDQUiSLGRV\SUHFLVRV%DMRVXSXHVWRV JHQHUDOHVODSREODFLyQGHQHXWURQHVGHQWURGHXQUHDFWRUQXFOHDUSXHGH VHUPRGHOL]DGDSRUODHFXDFLyQGHODGLIXVLyQQHXWUyQLFDGHSHQGLHQWHGHO WLHPSR HQ VX DSUR[LPDFLyQ HQ GRV JUXSRV GH HQHUJtD 3DUD DQDOL]DU HO FRPSRUWDPLHQWR GH ORV UHDFWRUHV QXFOHDUHV GH WLSR 99(5 HV QHFHVDULR GLVFUHWL]DU HVWD HFXDFLyQ VREUH XQD PDOOD KH[DJRQDO /D GLVFUHWL]DFLyQ HVSDFLDO XWLOL]DGD FRQVLVWH HQ XQ PpWRGR GH HOHPHQWRV ILQLWRV GH DOWR ä 1 ,Ê-*!ÊÃi«ÌiLÀi-ÊÓä£ä RUGHQHQXQDPDOODWULDQJXODUHOFXDODVXPHTXHHOIOXMRQHXWUyQLFRSXHGH VHU GHVDUUROODGR HQ WpUPLQRV GH ORV SROLQRPLRV PRGLILFDGRV GH 'XELQHU 8QD YH] TXH HVWD GLVFUHWL]DFLyQ KD VLGR HOHJLGD VH UHVXHOYH OD YHUVLyQ VHPLGLVFUHWD GH OD HFXDFLyQ GH OD GLIXVLyQ QHXWUyQLFD GHSHQGLHQWH GHO WLHPSR 'HELGR D TXH ODV HFXDFLRQHV GLIHUHQFLDOHV RUGLQDULDV UHVXOWDQWHV GH OD GLVFUHWL]DFLyQGHODVHFXDFLRQHVGHODGLIXVLyQJHQHUDOPHQWHVRQUtJLGDVHO XVRGHPpWRGRVLPSOtFLWRVHVQHFHVDULR6HKDXWLOL]DGRXQPpWRGRGHGLIH UHQFLDVILQLWDVGHSULPHURUGHQLPSOtFLWRTXHQHFHVLWDUHVROYHUXQVLVWHPD GHHFXDFLRQHVOLQHDOHVGHJUDQGLPHQVLyQSDUDFDGDSDVRGHWLHPSR/DHV WUXFWXUDGHORVJUXSRVGHHQHUJtDGHILQHGHIRUPDQDWXUDOXQDSDUWLFLyQGH ODPDWUL]GHOVLVWHPDHQGLIHUHQWHVEORTXHVFRQEXHQDVSURSLHGDGHVWDOHV FRPRVLPHWUtD\GLDJRQDOGRPLQDQFLDSRUORTXHGLIHUHQWHVPpWRGRVTXH DSURYHFKHQHVWDHVWUXFWXUDGHEORTXHVSDUDUHVROYHUORVVLVWHPDVOLQHDOHV VRQHVWXGLDGRV'HHVWDPDQHUDVHKDHVWXGLDGRHOIXQFLRQDPLHQWRGHPp WRGRVLWHUDWLYRVDEORTXHVSDUDODVROXFLyQGHHVRVVLVWHPDVGHHFXDFLRQHV WDOHVFRPRORVPpWRGRVGH-DFRELDEORTXHVRGH*DXVV6HLGHODEORTXHV FRPELQDGRVFRQGLIHUHQWHVWpFQLFDVGHDFHOHUDFLyQYDULDFLRQDO 7DPELpQVHKDSURSXHVWRXQSUHFRQGLFLRQDGRUEDUDWRSDUDHOVLVWHPD JOREDO /RV PpWRGRV KDQ VLGR HYDOXDGRV SDUD ODV PDWULFHV REWHQLGDV SDUDXQWUDQVLWRULR'3DUDHVWHFDVRKHPRVREVHUYDGRTXHHOPpWRGR PiVHILFLHQWHHVHOPpWRGRGH*DXVV6HLGHOSUHFRQGLFLRQDGR(OIXQFLR QDPLHQWRGHOPpWRGRGHPXHVWUDXQDFLHUWDLQGHSHQGHQFLDUHVSHFWRDOD WpFQLFDGHDFHOHUDFLyQYDULDFLRQDOXWLOL]DGD !.«,)3)3#/.%,#»$)'/42!#%$%,4%342/3! ).9%##)».$%!'5!%##3"!*/#/.$)#)/.%3$% #)2#5,!#)»..!452!, !**ULBE*,-U×OZ#OBO!%SCRIVÈ!2OMERO 81,9(532/,7e&1,&$'(9$/(1&,$ (QHVWDSRQHQFLDVHSUHVHQWDQORVUHVXOWDGRVREWHQLGRVXVDQGRHOFyGL JRWHUPRKLGUiXOLFR75$&(SDUDVLPXODUHOFRPSRUWDPLHQWRREVHUYDGR GXUDQWHORVH[SHULPHQWRV526$GHFRPSRUWDPLHQWRHQUpJLPHQGH FLUFXODFLyQQDWXUDOHQUHDFWRUHVWLSR3:5OOHYDGRVDFDERHQOD/DUJH 6FDOH 7HVW )DFLOLW\ /67) GH -DSyQ 7UDV DOFDQ]DU ODV FRQGLFLRQHV LQLFLDOHVODSRWHQFLDGHOUHDFWRUVHUHGXFHHQXQSDVDQGRGH D0:VHJXLGRVLQPHGLDWDPHQWHSRUODGHVFRQH[LyQGHODERPED GHFLUFXODFLyQGHOFLUFXLWRSULPDULR8QDYH]HOVLVWHPDDOFDQ]DUpJLPHQ SHUPDQHQWH FRQ FRQGLFLRQHV GH FLUFXODFLyQ QDWXUDO GHQWUR GHO FLUFXLWR SULPDULR HO WHVW FRQWLQXD UHGXFLHQGR HO LQYHQWDULR GH DJXD GHO FLUFXLWR SULPDULRHQWUHVHWDSDV(VWRVHFRQVLJXHGHVFDUJDQGRDJXDDWUDYpVGH XQD YiOYXOD GH VDQJUDGR VLWXDGD HQ HO IRQGR GH OD YDVLMD GHO UHDFWRU VLHQGR FDGD H[WUDFFLyQ HTXLYDOHQWH DO \ GHO LQYHQWDULR GH DJXD GHO SULPDULR UHVSHFWLYDPHQWH PLHQWUDV OD SUHVLyQ HQ HO FLUFXLWR VHFXQGDULRVHPDQWHQtDFRQVWDQWHPHGLDQWHXQFRQWUROPDQXDOUHSOLFDGR PHGLDQWH XQ FRQWURO DXWRPiWLFR HQ OD VLPXODFLyQ (VWDV UHGXFFLRQHV GH LQYHQWDULR SURGXFHQ GLIHUHQWHV FRQGLFLRQHV ELIiVLFDV HQ HO FLUFXLWR SULPDULRVLHQGRHOREMHWRGHHVWHWUDEDMRHODQDOL]DUODFDSDFLGDGGHOFy GLJR75$&(SDUDVLPXODUHVWDVFRQGLFLRQHV'XUDQWHODIDVHSUHYLDDODV H[WUDFFLRQHVHQFRQWUDPRVTXHHOFyGLJR75$&(SUHGLFHFRUUHFWDPHQWH HOYDORUGHOIOXMRPiVLFRPLHQWUDVTXHODSUHVLyQFDHGHPDQHUDFRQVL GHUDEOHPHQWHPD\RUHQODVLPXODFLyQSDUDOXHJRDOFDQ]DUYDORUHVVLPL ODUHVDORVGHOH[SHULPHQWR7UDVODSULPHUDH[WUDFFLyQHOFyGLJRSUHGLFH DGHFXDGDPHQWH OD YDULDFLyQ GH SUHVLRQHV \ WHPSHUDWXUDV PLHQWUDV TXH HO IOXMR PiVLFR VROR UHVXOWD DGHFXDGDPHQWH SUHGLFKR KDVWD HO LQLFLR GH ODVHJXQGDH[WUDFFLyQPRPHQWRHQHOFXDOVHHVWLPDQYDORUHVPDUFDGD PHQWHLQIHULRUHVDOH[SHULPHQWDO 3URJUDPD\6LQRSVLVGHODV3RQHQFLDV 3!,! 6IERNESH ).'%.)%2¶!)6 02%3)$%.4%%MILIO'ONZÈLEZ 4%#.!4/- 42!3,!$/$%,/3$/34%#(!$/3-»6),%3$%,! 0,!4!&/2-!./24%!,!352%.%,#!%,#!"2), %.(/2.!#(5%,/3#»2$/"!$%%.2%3! 30EMÈN3'ÈLEA :(67,1*+286((/(&75,&63$,16$8 (15(6$ (15(6$ HQ HO &HQWUR GH$OPDFHQDPLHQWR GH 5%0$ ³(O &DEULO´ HQ +RUQDFKXHORV&yUGREDGLVSRQHGHGRVSODWDIRUPDVGHDOPDFHQDPLHQWR GH 5%0$ GHQRPLQDGDV 3ODWDIRUPD 1RUWH \ 6XU GRQGH HVWiQ XELFDGDV FHOGDV R HVWUXFWXUDV GH DOPDFHQDPLHQWR GH KRUPLJyQ DUPDGR HQ OD 1RUWH\HQOD6XUTXHDOEHUJDQHQVXLQWHULRUXQLGDGHVGHDOPDFHQD PLHQWRFRQUHVLGXRVVyOLGRVDFRQGLFLRQDGRV(VWDVFHOGDVHVWiQVLWXDGDVHQ GRVILODVGH\FHOGDVUHVSHFWLYDPHQWHVREUHVDOLHQGRGHOVXHORP DSUR[LPDGDPHQWH&DGDFHOGDWLHQHXQDVGLPHQVLRQHVLQWHULRUHVGH[ P\XQDDOWXUDGHPFRQHVSHVRUHVGHPXURVGHP 6REUH FDGD FHOGD HQ RSHUDFLyQ VH GLVSRQH GH XQ WHFKDGR PyYLO TXH WLHQH SRU IXQFLyQ SURWHJHU D ODV XQLGDGHV GH DOPDFHQDPLHQWR GH ODV LQ FOHPHQFLDV DWPRVIpULFDV PLQLPL]DQGR ODV DJXDV D UHFRJHU HQ OD 5HG GH &RQWUROGH,QILOWUDFLRQHV\DODYH]VRSRUWDUXQSXHQWHJU~DGHWXWLOL]D GRSDUDODFRORFDUGHORVFRQWHQHGRUHVGHQWURGHODVFLWDGDVHVWUXFWXUDVGH DOPDFHQDPLHQWR (OWHFKDGRPyYLOFRQXQSHVRGHDSUR[LPDGRGHWFDGDXQRHVWi FRQVWLWXLGR SRU XQD HVWUXFWXUD PHWiOLFD IRUPDGD SRU SyUWLFRV PHWiOLFRV &DGD SyUWLFR HVWi DSR\DGR VREUH WUHQHV GH GREOH UXHGD SDUD VX WUDVODGR /DVGLPHQVLRQHVGHOWHFKDGRVRQGHPGHODUJRSRUPGHDQFKR\ XQDDOWXUDGHODFXPEUHUDGHPODDOWXUDGHORVSLODUHVHVDSUR[LPD GDPHQWHGHP 8QDYH]FRPSOHWDOD3ODWDIRUPD1RUWHVHQHFHVLWDEDWUDVODGDUORVWHFKDGRV DOD3ODWDIRUPD6XUSDUDFRPHQ]DUVXH[SORWDFLyQ'XUDQWHORVDxRV\ VHSURFHGLyDWUDVODGDUDPERVWHFKDGRVGHVGHOD3ODWDIRUPD1RUWHDOD 6XUGLVWDQWHVPHQWUHDPEDV\FRQXQGHVQLYHOGHP (VWDSRQHQFLDWUDWDGHGHVFULELUHOSURFHVRTXHKXERTXHUHDOL]DUSDUD HIHFWXDUORVWUDVODGRVODVHOHFFLyQGHOVLVWHPDGHGHVPRQWDMHORVWUDEDMRV SUHYLRVORVPHGLRVHVSHFLDOHVGHOWUDVODGRPHGLDQWHSODWDIRUPDVGHWUDQV SRUWH637HOPRQWDMHGHORVWHFKDGRV\ORVWUDEDMRVSRVWHULRUHVDOWUDVODGR #!4%'/2):!#)».6«,65,!3-/4/2):!$!33%'Á.,! -%4/$/,/'¶!3%'5)$!0/2%,*/).4/7.%23ª'2/50 */' $DE:Þ×IGA!!RGàELLO*,'ALLEGO (035(6$5,26$*583$'26 &1$/0$5$= #//2$).!$/2-IGUEL'ØMEZ )"%2$2/,!).'%.)%2¶!9#/.3425##)». /D FDUWD JHQpULFD GH OD 8615& UHFRPLHQGD TXH FDGD SODQWD QXFOHDUHVWDEOH]FDXQSURJUDPDSDUDGHPRVWUDUTXHODVYiOYXODVGHVHJX ULGDGPRWRUL]DGDVVRQFDSDFHVGHUHDOL]DUVXVIXQFLRQHVEiVLFDVGHGLVHxR $XQTXHODFDUWDJHQpULFDLQFOX\HUHFRPHQGDFLRQHVSDUDODYHUL ILFDFLyQSHULyGLFDGHODVFDUDFWHUtVWLFDVGHODVYiOYXODVPRWRUL]DGDVHVWRV HOHPHQWRVVRQUHVXPLGRVGHIRUPDVHSDUDGDSRUOD15&PHGLDQWHODFDUWD JHQpULFD &RPRUHVSXHVWDDHVWDFDUWDJHQpULFDHOMRLQWRZQHUVғJURXS-2* IRUPDGRSRUHOJUXSRGHSURSLHWDULRV%DEFRFN:LOFR[%:2*JUX SRGHSURSLHWDULRVGHUHDFWRUHVGHDJXDHQHEXOOLFLyQ%:52*JUXSRGH LQJHQLHURVGHFRPEXVWLyQ&(2*\HOJUXSRGHSURSLHWDULRVGH:HVWLQJ KRXVH:2*UHDOL]DURQGHPDQHUDFRQMXQWDHO-2*029393URJUDP -RLQWRZQHUVғJURXSPRWRURSHUDWHGYDOYHVSHULRGLFYHULILFDWLRQSURJUDP (VWHSURJUDPDIXHHYDOXDGRSRUOD15&HQVXHYDOXDFLyQGHVHJXULGDG FRPRXQDUHVSXHVWDDPSOLD\DFHSWDEOHDODFDUWDJHQpULFD /D FDWHJRUL]DFLyQ PHGLDQWH HVWH SURJUDPD DEDUFD D FXDWUR WLSRV GLIH UHQWHV GH YiOYXODV FRPSXHUWD PDULSRVD JORER HTXLOLEUDGD \ JORER QR HTXLOLEUDGDODFDWHJRUL]DFLyQILQDOGHODVYiOYXODVGHSHQGHGHGLIHUHQWHV IDFWRUHVTXHYDUtDQHQIXQFLyQGHOWLSRGHODPLVPD\GHODVFDUDFWHUtVWLFDV GHO PHGLR TXH OD URGHD (M WLSR \ WHPSHUDWXUD GH IOXLGR PDWHULDOHV GH HOHPHQWRV TXH FRPSRQHQ OD YiOYXOD IXQFLyQ GH VHJXULGDG GH OD YiOYXOD DSHUWXUDyFLHUUHYDORUHVGHFRHILFLHQWHVGHIULFFLyQFRQVLGHUDGRVHQHO FiOFXORGHGLVHxRHWF (QIXQFLyQGHWRGRVHVWRVIDFWRUHVVHYDDREWHQHUXQDFDWHJRUL]DFLyQ ILQDOGHODYiOYXODTXHQRVYDDLQGLFDUVLODYiOYXODHVVXVFHSWLEOHyQR VXVFHSWLEOHGHGHJUDGDFLyQ\TXHSXHGHLPSOLFDUFDPELDUORVWDUDGRVGH ORVSDUHVGHDMXVWHGHDSHUWXUDFLHUUHUHDOL]DUXQDSRVLEOHPRGLILFDFLyQ GHGLVHxRyFDPELDUORVLQWHUYDORVGHWLHPSRHQWUHODVSUXHEDVGHYHULIL FDFLyQGHODVPLVPDV 4/22%3$%2%&2)'%2!#)».$%,/33)34%-!34#!9 4#"$%#.!,-!2!: *0ÏREZ!RANDA-&6ERDÞ)0AVEL«-ARQUETA ,%(5'52/$,1*(1,(5Ë$<&216758&&,Ï16$8 (O3UR\HFWRGH)DEULFDFLyQ0RQWDMH\3XHVWDHQ0DUFKDGHODVWRUUHV GHUHIULJHUDFLyQGHORV6LVWHPDV7&$\7&%VHHQPDUFDGHQWURGHODX PHQWRGHSRWHQFLDGHOD&HQWUDO1XFOHDUGH$OPDUD]8QLGDGHV,\,, 'HELGRDGLFKRDXPHQWRVHSUHFLVDHOFDPELRGHOJHQHUDGRUHOpFWULFR 09$QRVLHQGRFDSD]HODFWXDO6LVWHPDGH5HIULJHUDFLyQGHO(GL ILFLR7XUELQD7&GHGLVLSDUODFDUJDWpUPLFDGHHVWHQXHYRHTXLSR3RU ORWDQWRSDUDDXPHQWDUODFDSDFLGDGGHGLFKR6LVWHPDVHKDQWRPDGRODV VLJXLHQWHVPHGLGDV $PSOLDFLyQGHO6LVWHPD7&H[LVWHQWHPHGLDQWHRWUDVWRUUHVGHUHIULJHUD FLyQTXHFRQIRUPDQHO6LVWHPD7&$SDUDDVtHYDFXDUODFDUJDWpUPLFD GHORVHQIULDGRUHVGH+ 1 ,Ê-*!ÊÃi«ÌiLÀi-ÊÓä£ä £ 6(6,21(67e&1,&$6 ,PSODQWDFLyQGHO6LVWHPD7&%HOFXDOH[WUDHUiHOFDORUGHORVHQIULD GRUHVGH%DUUDVGH)DVH$LVODGDGHOHVWDWRU\GHODH[FLWDWUL] (O DOFDQFH GH HVWH SUR\HFWR GH ,EHUGUROD ,QJHQLHUtD KD VLGR HO VL JXLHQWH )DEULFDFLyQ 0RQWDMH \ 3XHVWD HQ 0DUFKD GH WRUUHV GH UHIULJHUD FLyQGHWLURIRU]DGRHQFLUFXLWRFHUUDGRSRU6LVWHPD\8QLGDG 8QDGHODVLQQRYDFLRQHVGHOSUR\HFWRHVHOHPSOHRGHWRUUHVPRGXODUHV GHDFHURLQR[LGDEOHIDEULFDGDVSRU(VLQGXV-DFLUODVFXDOHVLPSOLFDQ XQPHQRUWLHPSRGHIDEULFDFLyQ\GHPRQWDMH\DTXHODHQYHUJDGXUD GHOD2EUD&LYLOUHTXHULGDHVPtQLPD 'HVDUUROORGHXQ6LVWHPDGH&RQWUROEDVDGRHQ3/&SDUDDXWRPDWL]DU WDQWRODRSHUDFLyQQRUPDOFRPRODVVLWXDFLRQHVGHIDOORGHODVWRUUHV GHUHIULJHUDFLyQDVLVWLGRSRUXQLQWHUID]JUiILFRGHRSHUDFLyQ 6HKDUHDOL]DGRPHGLDQWHXQDFRQVWDQWHFRPXQLFDFLyQFRQ2SHUDFLyQ \)DFWRUHV+XPDQRVRSWLPL]DQGRDOPi[LPRODHILFLHQFLDGHOPDQHMR GHORVVLVWHPDV\PLQLPL]DQGRHOHUURUKXPDQRGHULYDGRGHXQDSRVL EOHLQWHUSUHWDFLyQLQFRUUHFWDGHODLQIRUPDFLyQGDGDSRUHO3/& 6XPLQLVWUR\PRQWDMHGHOVLVWHPDGHWUDWDPLHQWRTXtPLFRGHODVWRUUHV GHUHIULJHUDFLyQ (VWiEDVDGRHQHOFRQWUROGHODFRQGXFWLYLGDGGHODJXDGHUHFLUFXOD FLyQGHODVWRUUHVGHUHIULJHUDFLyQDVtFRPRHQODDGLWLYDFLyQGHOWUDWD PLHQWRELRFLDDQWLFRUURVLYR\DQWLLQFUXVWDQWH -/$%2.):!#)».$%,3)34%-!$%(6!#%.%, %$)&)#)/$%452").!$%,!#.,6 !#OBOS*,,ERONES#0ÏREZ'UILARTE$4OMASZ &#RUZ ,%(5'52/$,1*(1,(5Ë$<&216758&&,Ï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Ó 1 ,Ê-*!ÊÃi«ÌiLÀi-ÊÓä£ä -%*/2!$%%&)#)%.#)!%.2%!#4/2%366%2!42!6²3 $%,!3534)45#)».$%,/3-32 63AUCEDO!'ØMEZ.AVARRO ,%(5'52/$,1*(1,(5Ë$<&216758&&,Ï16$8 $QWH OD FUHFLHQWH GHPDQGD GH HQHUJtD D FRVWH UD]RQDEOH PXFKRV SDtVHVVHHVWiQSODQWHDQGRODFRQVWUXFFLyQGHFHQWUDOHVQXFOHDUHVFRPR XQDVROXFLyQDPHGLR\ODUJRSOD]RVLQHPEDUJRFRPRVROXFLyQDFRUWR SOD]R \ FRQ PiV DFHSWDFLyQ VRFLDO ORV SDtVHV TXH \D SRVHHQ SODQWDV QXFOHDUHVWLHQHQODRSFLyQQRVyORGHDPSOLDUVXYLGD~WLOVLQRWDPELpQ GHOOHYDUDFDERDXPHQWRVGHSRWHQFLDHQODVPLVPDVRSFLRQHVpVWDVFRQ FODUDVYHQWDMDVHFRQyPLFDV (QHOFDVRGHODVSODQWDVWLSR99(5RULJLQDOPHQWHVXVFRPSRQHQWHV IXHURQ GLVHxDGRV FRQ XQD WHFQRORJtD GH RULJHQ UXVR TXH GDGD VX DQWL JHGDGKDTXHGDGRHQDOJXQRVFDVRVREVROHWD,EHUGURODHVWiWUDEDMDQGR HQHODQiOLVLVGHHVWHWLSRGHSODQWDVFRQHOILQGHLGHQWLILFDUTXpFRP SRQHQWHVRHTXLSRVHVWiQDIHFWDQGRQHJDWLYDPHQWHDODHILFLHQFLDGHOD SODQWD&RPRFRQVHFXHQFLDGHHVWRVDQiOLVLVGHHILFLHQFLDKDELWXDOPHQWH VH KDFH QHFHVDULD OD VXVWLWXFLyQ GH QXPHURVRV HTXLSRV TXH PHMRUHQ OD HILFLHQFLDGHOFLFORWpUPLFR/DPDQHUDPiVSUiFWLFDDXQTXHWDPELpQOD PiVFRPSOLFDGDHVSODQWHDUXQUHGLVHxREDVDGRHQWHFQRORJtDVDFWXDOHV GHDOWDVSUHVWDFLRQHV (QWUHHVRVHTXLSRVPHMRUDEOHVHQFXDQWRDVXHILFLHQFLDVHHQFXHQWUDQ ORV0650RLVWXUH6HSDUDWRUDQG5HKHDWHU±6HSDUDGRUHVGH+XPHGDG \5HFDOHQWDGRUHVXELFDGRVHQHOFLFORHQWUHODWXUELQDGHDOWDSUHVLyQ\ ODVWXUELQDVGHEDMDSUHVLyQ(OREMHWRGHHVWRVHTXLSRVHVODPHMRUDGHOD HILFLHQFLD\GXUDELOLGDGGHODVWXUELQDVDIHFWDGDVSRUODVJRWDVIRUPDGDV HQODV~OWLPDVIDVHVGHODH[SDQVLyQ 'HQWUR GHO SODQ GH DXPHQWR GH SRWHQFLD GH OD &1 GH %RKXQLFH DO UHDFWRU99(5,%(5'52/$KDLPSODQWDGRUHFLHQWHPHQWH XQ GLVHxR RFFLGHQWDO GH 065 FRQ XQD PD\RU HILFLHQFLD GH VHSDUDFLyQ GH KXPHGDG \ XQ UHFDOHQWDPLHQWR RSWLPL]DGR TXH VH WUDGXFHQ HQ XQ DXPHQWR HQ OD HILFLHQFLD GHO FLFOR WpUPLFR GH OD SODQWD \ FRQVLJXLHQWH LQFUHPHQWRGHSRWHQFLDHOpFWULFDHQHOJHQHUDGRU (OSUR\HFWRGHVXVWLWXFLyQGHORV065KDLPSOLFDGRDGHPiVGHOPRQ WDMH GH ORV PLVPRV OD LQVWDODFLyQ GH ODV YiOYXODV TXH SHUPLWHQ DMXVWDU HOYDSRUGHFDOHQWDPLHQWRTXHSDVDSRUHOLQWHULRUGHORVKDFHVWXEXOD UHV \ OD DGLFLyQ GH QXHYD LQVWUXPHQWDFLyQ TXH SHUPLWH PRQLWRUL]DU HO UHQGLPLHQWR GHO HTXLSR FDXGDOtPHWURV PHGLGRUHV GH WHPSHUDWXUD \ GH SUHVLyQ &RPRUHVXOWDGRGHODVSUXHEDVGHUHQGLPLHQWRUHDOL]DGDVVHKDFDOFX ODGRXQDXPHQWRGHSRWHQFLDHQWUH0:HHQFDGDWXUERJUXSR 'HHVWDPDQHUD,%(5'52/$KDVXSHUDGRODVH[SHFWDWLYDV\SRQHD GLVSRVLFLyQ GH OD LQGXVWULD OD LPSODQWDFLyQ GH HVWH DYDQ]DGR GLVHxR GH 065HQODVFHQWUDOHVH[LVWHQWHVRQXHYDVGHOWLSR99(5 -/$%2.):!#)».$%,452"/'250/%.,!#%.42!, .5#,%!2$%,!'5.!6%2$% !#OBOS",IÏBANA**'ONZÈLEZ2(ERNÈNDEZ ,%(5'52/$,1*(1,(5Ë$<&216758&&,Ï16$8 /D &HQWUDO 1XFOHDU GH /DJXQD 9HUGH RSHUDED FRQ GRV XQLGDGHV GH .:GHSRWHQFLD/DWXUELQDGHYDSRUH[LVWHQWHHVGHOWLSR³WDQ GHPFRPSRXQG´FRQVWLWXLGDSRUWUHVFLOLQGURVFRQXQGREOHIOXMRHQOD VHFFLyQGHDOWDSUHVLyQ\GRVGREOHVIOXMRVHQODVHFFLyQGHEDMDSUHVLyQ FRQiODEHVGH~OWLPDHWDSDGHEDMDSUHVLyQGHSXOJDGDV 3URJUDPD\6LQRSVLVGHODV3RQHQFLDV 'HELGR DO 3UR\HFWR GH 5HKDELOLWDFLyQ \ PRGHUQL]DFLyQ GH ODV GRV 8QLGDGHVGHOD&1/9HOFRQWUDWRDGMXGLFDGRD,%(5'52/$,QJHQLHUtD GHQWURGHOPLVPRHQFXDQWRDOWXUERJUXSRHVHOVLJXLHQWH 5HWURILW GH OD 7XUELQD H[LVWHQWH GH 0LWVXELVKL SDUD DGHFXDUOD DO DXPHQWR GH SRWHQFLD H[WHQGLGD GH OD 8QLGDG DO LQFOX\HQGR FDPELRGHORVURWRUHVGHDOWDSUHVLyQ\EDMDSUHVLyQFDUFDVDVLQWHUQDV GHEDMDSUHVLyQUHHQPHWDODGRGHFRMLQHWHVH[LVWHQWHVVXVWLWXFLyQGHO FRMLQHWHGHHPSXMHFDMDLQWHUQDGHVHOORVGHODWXUELQDGHDOWDSUHVLyQ \UHSDUDFLyQGHODMXQWDKRUL]RQWDOGHODFDUFDVDGHODWXUELQDGHDOWD SUHVLyQHQWUHRWURV 3DUD HOOR VH KD UHDOL]DGR XQ GLVHxR DYDQ]DGR FRQ PHMRUD GH OD HIL FLHQFLDFDSDFLGDG\FRQILDELOLGDGGHODVWXUELQDV+3\/3TXHLQFRUSR UDXQDPHMRUDDHURGLQiPLFDGHODWUD\HFWRULDGHOYDSRU\XQDUHGXFFLyQ GH ODV SpUGLGDV GH HVFDSH FRQ HO FRQVLJXLHQWH DXPHQWR GH OD SRWHQFLD HOpFWULFDGHVDOLGDGHOD8QLGDG 6XVWLWXFLyQGHOJHQHUDGRUSULQFLSDO\ODH[FLWDWUL]SRUHTXLSRVGHPD \RUSRWHQFLDDVtFRPRLQVWDODFLyQGHOQXHYRDQFODMHGHOJHQHUDGRU\ VXVWLWXFLyQGHORVVLVWHPDVDX[LOLDUHVGHUHIULJHUDFLyQGHOJHQHUDGRU\ DFHLWHGHVHOORV 'LFKDVPRGLILFDFLRQHVVHUiQUHDOL]DGDVGXUDQWHODUHFDUJDGHODVGRV 8QLGDGHVHQHODxRFRQXQDGXUDFLyQFRQWUDFWXDOGHGtDVFDGD XQD 02/9%#4/$%2%(!"),)4!#)».9-/$%2.):!#)».$% ,!35.)$!$%3$%,!#.,65.02/9%#4/$% 2%0/4%.#)!#)».!,A&!3% !-ERINO*,'ARCÓA3ERRANO-'ØMEZ)-ARTINEZ,2UIZ ,%(5'52/$,1*(1,(5Ë$<&216758&&,Ï16$8 (OSUR\HFWRGH$XPHQWRGH3RWHQFLDGHOD&HQWUDO1XFOHDUGH/DJXQD 9HUGHFRQVLVWHHQODUHKDELOLWDFLyQ\PRGHUQL]DFLyQGHOWXUERJUXSR\GH ORVHTXLSRVDVRFLDGRVGHODV8QLGDGHV\SDUDLQFUHPHQWDUVXSRWHQ FLDQRPLQDOHQXQ\SRVLELOLWDUXQDH[WHQVLyQGHODRSHUDFLyQGHOD SODQWDKDVWDXQSHULRGRGHYLGD~WLOGHDxRV (ODOFDQFHGHOSUR\HFWRFRPSUHQGHHOGLVHxRODLQJHQLHUtDVXPLQLVWUR GH ORV HTXLSRV GHVPRQWDMH LQVWDODFLyQ FDSDFLWDFLyQ SUXHEDV SXHVWD HQVHUYLFLRQHFHVDULRVSDUDJDUDQWL]DUODRSHUDFLyQGHODSODQWDILDEOH\ VHJXUDHQODVQXHYDVFRQGLFLRQHVGHSRWHQFLDWpUPLFDH[WHQGLGDGHOUHDF WRUFRQXQFLFORWpUPLFRRSWLPL]DGRGHPDQHUDTXHODSRWHQFLDEUXWDGHO JHQHUDGRU VH LQFUHPHQWH GH ORV DFWXDOHV 0:H KDVWD XQ YDORU GH 0:HHQDPEDVXQLGDGHV /DGXUDFLyQGHOSUR\HFWRHVGHDxRV\ODLPSODQWDFLyQGHODVPRGL ILFDFLRQHVVHUHDOL]DUiHQGRVUHFDUJDVHQORVDxRV\SDUDOD XQLGDG\\SDUDODXQLGDG (Q HVWD SRQHQFLD VH SUHVHQWDQ ORV WUDEDMRV FRUUHVSRQGLHQWHV D OD VHJXQGD IDVH GH PRGLILFDFLRQHV HMHFXWDGDV GXUDQWH HO HQ DPEDV XQLGDGHV$ FRQWLQXDFLyQ VH HQXPHUDQ ODV SULQFLSDOHV PRGLILFDFLRQHV LQFOXLGDVHQGLFKDIDVH ± 6XVWLWXFLyQGHOWXUERJUXSR7XUELQDSULQFLSDOGHDOWD\EDMDSUHVLyQ JHQHUDGRUHOpFWULFRFRPSOHWR\ODH[FLWDWUL]VLVWHPDHOHFWURKLGUiXOLFR GHFRQWUROGHODWXUELQD\VLVWHPDVXSHUYLVRULR ± 6XVWLWXFLyQYiOYXODVGHE\SDVVGHOYDSRUSULQFLSDO ± 6XVWLWXFLyQGHWUDQVIRUPDGRUHVEXVGHIDVHDLVODGDHLQWHUUXSWRUSULQ FLSDO ± 0RGHUQL]DFLyQGHOVLVWHPDRIIJDV ± ,QVWDODFLyQGHQXHYRVSUHILOWURV\GHVPLQHUDOL]DGRUHV ± 5HKDELOLWDFLyQGHOVLVWHPDGH+9$&GHOHGLILFLRGHWXUELQD ± 0RGHUQL]DFLyQGHOVLVWHPDGHFRQGHQVDGR ± 0RGHUQL]DFLyQGHOVLVWHPDGHUHPRFLyQGHLQFRQGHQVDEOHVUHHPSOD]R H\HFWRUHV ± 0HMRUD GHO VLVWHPD GH GUHQHV \ YHQWHRV GH FDOHQWDGRUHV 6XVWLWXFLyQ GHPRWRUHVGHERPEDVGHGUHQDMHVXVWLWXFLyQGHYiOYXODVGHFRQWURO GHGUHQDMHV ± 5HKDELOLWDFLyQGHODVWXEHUtDVGHO&URVVXQGHUPHGLDQWHODWpFQLFDGH PHWDOL]DFLyQDXWRPDWL]DGD %345$)/&,5)$/$).«-)#/9/04)-):!#)».$%,! %34!#)».$%"/-"%/$%,3)34%-!$%!'5!$% #)2#5,!#)».$%#.#/&2%.4%3 32EYES#2EBOLLO--OTA22UBIO (035(6$5,26$*583$'26$,( ,%(5'52/$*(1(5$&,Ï1 /RVLQWHUQRVGHODVFDPSDQDVGHDVSLUDFLyQGHODVERPEDVGHO6LVWHPD GH$JXD GH &LUFXODFLyQ &:6 GH OD &1 &RIUHQWHV KDQ VXIULGR GDxRV KLVWyULFDPHQWH\GHPDQHUDFRQWLQXDWUDVODPRGLILFDFLyQGHVXKLGUiX OLFDHQHODxRVXVWLWXFLyQGHOLPSXOVRUFDPSDQDGHDVSLUDFLyQ\ FXHUSRGHGHVFDUJDGHODVFXDWURERPEDVSULQFLSDOPHQWHFRQPRWLYRGH VXDXPHQWRGHFDSDFLGDG &RQ HO REMHWLYR GH GHWHUPLQDU ODV FDXVDV \ HQFRQWUDU ODV VROXFLRQHV SDUDHVWRVSUREOHPDVGHURWXUDVVHSODQWHDGHVDUUROODUXQDVHULHGHHVWX GLRVHQHOSUHVWLJLRVRLQVWLWXWRKLGUiXOLFRKRODQGpV'HOWDUHV/DLQYHVWL JDFLyQTXHVHOOHYDDFDERVHGLYLGHHQWUHVHWDSDV 'HVN6WXG\AWUDVXQDYLVLWDDODSODQWD\HODQiOLVLVGHODGRFXPHQ WDFLyQ \ ORV VXFHVRV TXH KDQ LGR VXIULHQGR KLVWyULFDPHQWH ORV LQWHUQRV GHIOHFWRUHV \ DQLOORV ULJLGL]DGRUHV GH ODV FDPSDQDV GH DVSLUDFLyQ VH DSXQWDQODVSULPHUDVKLSyWHVLVGHODVFDXVDVTXHSXHGHQKDEHUGHULYDGR HQGLFKRVSUREOHPDV (VWXGLRFRQPRGHORV&)'AVHGHVDUUROODXQPRGHORFRPSXWDFLR QDOGHODFRQILJXUDFLyQDFWXDOGHODHVWDFLyQGHERPEHRGHO&:6SDUD REWHQHU LQIRUPDFLyQ VREUH ODV GLILFXOWDGHV KLGUiXOLFDV SUHVHQWHV DSDUL FLyQGHYyUWLFHVIOXMRVLQYHUVRVSHUILOGHYHORFLGDGHVHWFHQEDVHDO FXDOSURSRQHUVROXFLRQHVDLQVWDODUHQOD]RQDGHODEDKtDGHODHVWDFLyQ GHERPEHR/RVPRGHORV&)'SHUPLWHQODVLPXODFLyQGHODVVROXFLRQHV SDUDSUHGHFLUODVPHMRUDVTXHVHREWHQGUtDQHQHOFDVRGHVHULQVWDODGRV HQODUHDOLGDG 3DUDFHUWLILFDUODYHUDFLGDGGHORVUHVXOWDGRVREWHQLGRVFRQODVVLPX ODFLRQHVGHORVPRGHORV&)'VHOOHYDQDFDERPHGLGDVGHYHORFLGDGGHO IOXMRLQVLWX 0RGHOR ItVLFR D HVFDOD A VH OOHYD D FDER OD FRQVWUXFFLyQ GH XQ PRGHORDHVFDODIDEULFDGRHQPDGHUDGHODHVWDFLyQGHERPEHRGHO&:6 VHJ~Q ODV QRUPDV$16,+, \ VH HVWXGLD HO FRPSRUWDPLHQWR KLGUiXOLFRGHODVLWXDFLyQDFWXDODOLQVWDODUVROXFLRQHVHQOD]RQDGHOD EDKtD\HQHOLQWHULRUGHORVFRPSDUWLPHQWRVGHODVERPEDV (VWHHVWXGLRSHUPLWHGDUXQDVUHFRPHQGDFLRQHVILQDOHVVREUHODVPR GLILFDFLRQHVTXHVRQQHFHVDULDVHQORVFRPSDUWLPHQWRVGHODVERPEDV\ ORVLQWHUQRVHQODVFDPSDQDVGHODVPLVPDVSDUDRSWLPL]DUHOIXQFLRQD PLHQWRKLGUiXOLFRGHODHVWDFLyQGHERPEHR (VWRVWUHVHVWXGLRVVHDSR\DQDVXYH]HQODVUHFRPHQGDFLRQHV\ORV HVWXGLRVTXHUHDOL]DHOVXPLQLVWUDGRUGHODVERPEDVGHO&:6GH&1&R IUHQWHV)ORZVHUYHFRRUGLQDGRWRGRHOORGHVGH,EHUGUROD,&H,EHUGUROD )LQDOPHQWH VH UHFRPLHQGD LQVWDODU HVWDV PHMRUDV HQ &1 &RIUHQWHV GXUDQWH OD SUy[LPD 5 6HSWLHPEUH \D TXH RSWLPL]DQ HO EXHQ IXQFLRQDPLHQWRKLGUiXOLFRGHODHVWDFLyQGHERPEHR\VHHVWLPDWHUPL QDUiQFRQORVSUREOHPDVGHURWXUDVHQORVLQWHUQRVGHODVFDPSDQDVGH DVSLUDFLyQ 1 ,Ê-*!ÊÃi«ÌiLÀi-ÊÓä£ä Î 6(6,21(67e&1,&$6 !.«,)3)3$%-!3!$%!'5!!0/24!$!!,/3'63$% #.!!.4%2/452!%.'5),,/4).!$%,¶.%!$%6!0/2 %(UÏLAMO!!RGàELLO&*3ANZ2OMÈN*!#ARRASCO (035(6$5,26$*583$'26$,( &&11$/0$5$=75,//2 &XDQGRVHDQDOL]DHOHVFHQDULRWHyULFRDFFLGHQWDOGHURWXUDHQJXLOOR WLQD GH WXEHUtD GH YDSRU 6WHDP /LQH %UHDN HO QLYHO GHO JHQHUDGRU GH YDSRU FRUUHVSRQGLHQWH FRPLHQ]D D GHVFHQGHU GH VXHUWH TXH HO FRQWURO WLHQGHDHOHYDUHOUpJLPHQGHIXQFLRQDPLHQWRGHODVERPEDVGHDJXDGH DOLPHQWDFLyQDOPLVPRWLHPSRTXHWUDWDGHKDFHUTXHODYiOYXODGHFRQ WUROGHHVHOD]RDEUDSDUDFRPSHQVDUFRQDPEDVDFWXDFLRQHVODSpUGLGD H[SHULPHQWDGD 6L DGLFLRQDOPHQWH GH IRUPD FRQVHUYDGRUD VH VXSRQH XQIDOORHQHVWHFRQWUROGHWDOPDQHUDTXHODVERPEDVGHDJXDGHDOLPHQ WDFLyQVHYD\DQDVXPi[LPRUpJLPHQGHRSHUDFLyQ\TXHODYiOYXODVH DEUDFRPSOHWDPHQWHVHGDQODVFRQGLFLRQHVKLSRWpWLFDVSDUDHOHVFHQDULR HYDOXDGRREMHWRGHHVWDSRQHQFLD (VQHFHVDULRFDOFXODUODPDVDGHDJXDDSRUWDGDDOJHQHUDGRUGHYDSRU FX\DOtQHDVHKDURWRSRUTXHHVDFDQWLGDGVHUiGHWHUPLQDQWHHQODOLEH UDFLyQGHPDVD\HQHUJtDDOUHFLQWRGH&RQWHQFLyQHOVXPLQLVWUDGRUGHO 1666FRQODLQIRUPDFLyQGHPDVDGHDJXDDSRUWDGDSXHGHDKRUDHYDOXDU ODVFDQWLGDGHVGHPDVD\HQHUJtDOLEHUDGDVDODPELHQWHMXQWRFRQODHYR OXFLyQGHODSUHVLyQHQHOJHQHUDGRU\FRQHVWRVGDWRVSXHGHQGHWHUPL QDUVHODSUHVLyQ\WHPSHUDWXUDDOFDQ]DGDVHQHOFLWDGRUHFLQWR(OSURFHVR HVLWHUDWLYRSRUTXHGHODGHVFDUJDGHPDVD\HQHUJtD\GHODSUHVLyQHQHO JHQHUDGRUGHYDSRUDVXYH]GHSHQGHODPDVDGHDJXDDSRUWDGD (Q HVWD SRQHQFLD VH SUHVHQWD XQD GHVFULSFLyQ GHO PRGHOR UHDOL]DGR FRQ(&26,0352\ODOLEUHUtD3,3(/,475$1SDUDGHWHUPLQDUODFDQWL GDGGHDJXDDSRUWDGD\ORVUHVXOWDGRVREWHQLGRVSDUDGLYHUVRVHVFHQDULRV GHRSHUDFLyQKLSyWHVLVGHIXQFLRQDPLHQWR\GHIDOORVDGLIHUHQWHVFDUJDV GHOD3ODQWD #.#/&2%.4%3%345$)/4%2-/()$2«5,)#/',/"!, $%,!30)3#).!3$%#/-"534)",%'!34!$/42!3 ,!!-0,)!#)».$%,!#!0!#)$!$$%%.&2)!-)%.4/ $%")$!!,/2%2!#+).' #2EBOLLO32EYES'-2ODRÓGUEZ'ARCÓA--OTA (035(6$5,26$*583$'26 ,%(5'52/$,1*(1,(5Ë$<&216758&&,Ï16$8 ,%(5'52/$*(1(5$&,Ï1 /D&1&2)5(17(6KDDFRPHWLGRODVHJXQGDIDVHGHDPSOLDFLyQGH FDSDFLGDG GH DOPDFHQDPLHQWR ³UHUDFNLQJ´ GH HOHPHQWRV FRPEXVWLEOHV JDVWDGRV HQ VX SLVFLQD (VWH 3$&( GXUDQWH HO FLFOR GH RSHUDFLyQ &/RVGRV³UHUDFNLQJ´HIHFWXDGRVHQ&1&2)5(17(6 HOSULPHURHQKDQLQFUHPHQWDGRODFDSDFLGDGGHDOPDFHQDPLHQWR GHVGH ODV SRVLFLRQHV RULJLQDOHV D \ ILQDOPHQWH D ODV DFWXDOHV (VWH VHJXQGR UHUDFNLQJ FRQVLJXH H[WHQGHU OD RSHUDFLyQ GH OD FHQWUDO VLQ QHFHVLGDG GH VDFDU HOHPHQWRV FRPEXVWLEOHV JDVWDGRV GH ODV SLVFLQDVGHVGHHOFLFOR&KDVWDHOFLFOR&ORTXHSHUPLWLUi ODRSHUDFLyQKDVWDHO &RPR FRQVHFXHQFLD GHO PD\RU Q~PHUR GH HOHPHQWRV FRPEXVWLEOHV JDVWDGRV DOPDFHQDGRV OD FDUJD WpUPLFD D HYDFXDU VH YH LQFUHPHQWDGD $GLFLRQDOPHQWH ORV UHTXLVLWRV UHJXODGRUHV KDQ VXSXHVWR XQD UHVWULFFLyQ HQHOYDORUGHODWHPSHUDWXUDPHGLDPi[LPDDGPLVLEOHHQHODJXDGHODV SLVFLQDVTXHKDSDVDGRGHR&R)DR&R) { 1 ,Ê-*!ÊÃi«ÌiLÀi-ÊÓä£ä (VWRV GRV IDFWRUHV KDQ PRWLYDGR TXH HO 6LVWHPD GH HQIULDPLHQWR \ OLPSLH]D GH ODV SLVFLQDV GH FRPEXVWLEOH )3&&6 * YD\D D VHU PRGLILFDGR SDUD DXPHQWDU VX FDSDFLGDG GH HQIULDPLHQWR \ DVt SRGHU DFRPRGDUXQRVUHTXLVLWRVGHPD\RUFDUJDWpUPLFDMXQWRFRQXQDPHQRU WHPSHUDWXUDPi[LPD /DV OLPLWDFLRQHV H[LVWHQWHV HQ FXDQWR D FDXGDOHV GH DJXD GH HQIULD PLHQWR \ HVSDFLR GLVSRQLEOH HQ HO (GLILFLR GH &RPEXVWLEOH KDQ RULHQ WDGRODPRGLILFDFLyQGHO)3&&6*KDFLDODVXVWLWXFLyQGHORVDF WXDOHVFDPELDGRUHVGHFDORUGHOWLSRSODFDV3+(SRURWURVVHPHMDQWHV GHPD\RUFDSDFLGDGGHLQWHUFDPELRGLVHxDGRVSRUHOPLVPRIDEULFDQWH $/)$/$9$//RVQXHYRV3+(SHUPLWHQXQHQIULDPLHQWRDGHFXDGRGH ODVSLVFLQDVFRQXQHVSDFLRGHLQVWDODFLyQUHTXHULGRDMXVWDGRDORGLVSR QLEOH\FRQXQRVYDORUHVGHFDtGDGHSUHVLyQEDMRVSDUDORVGRVFLUFXLWRV IUtR\FDOLHQWH /RVDQiOLVLVWHUPRKLGUiXOLFRVJOREDOHVUHDOL]DGRVGHVGH,%(5'52/$ ,1*(1,(5Ë$<&216758&&,Ï1XWLOL]DQORVFyGLJRVGHFiOFXOR*(' FiOFXORGHOFDORUGHGHFDLPLHQWR\3,6&,6FiOFXORGHODWHPSHUDWXUDHQ ODVSLVFLQDVGHVDUUROODGRVSRU(035(6$5,26$*583$'26 !#45!,):!#)».$%,!30,!.4!3$% 02%42!4!-)%.4/%.,!3#%.42!,%3.5#,%!2%3$% !,-!2!:942),,/ .0ASCUAL--INCHOLÏ-2OMERO2-#AO 2'ONZÈLEZ2EDONDO (035(6$5,26$*583$'26$,( &&11$/0$5$=75,//2 'HVSXpVGHYDULDVGpFDGDVGHRSHUDFLyQODVSODQWDVGHSUHWUDWDPLHQWR GH DJXD GH ODV &HQWUDOHV QXFOHDUHV GH$OPDUD] \ 7ULOOR HVWiQ VLHQGR DFWXDOL]DGDV\DPSOLDGDV(VWRVWUDEDMRVVHKDQOOHYDGRDFDERSRUYDULRV PRWLYRVDOJXQRVFRPXQHVDODVGRVFRPRVRQODQHFHVDULDUHQRYDFLyQ GHFRPSRQHQWHV\ODYDULDFLyQHQODVFDUDFWHUtVWLFDVGHODJXDGHDSRUWH \RWURVSDUWLFXODUHVGHFDGDFHQWUDO (OKHFKRGHTXHDPEDVWRPHQDJXDGHOUtR7DMRQRLPSOLFDXQSUHWUD WDPLHQWR VLPLODU \D TXH H[LVWHQ IDFWRUHV H[WHUQRV TXH FRQGLFLRQDQ OD FDOLGDGGHODJXD (QHOFDVRGH7ULOORVLWXDGDDOSULQFLSLRGHOFXUVRGHOUtRKDQYDULDGR ODV FDUDFWHUtVWLFDV GHO DJXD SURGXFLpQGRVH WDPELpQ DYHQLGDV FRQ JUDQ FDQWLGDGGHOLPRTXHFRQHOHVWDGRDFWXDOGHODSODQWDQRHUDSRVLEOHWUD WDU/DDFWXDOL]DFLyQVHKDHQIRFDGRSRUXQDSDUWHDODRSWLPL]DFLyQGHO UHQGLPLHQWRGHOSUHWUDWDPLHQWR\HQODDPSOLDFLyQGHXQDOtQHDGHSUHWUD WDPLHQWRVLPLODUDODVH[LVWHQWHV7DPELpQVHYDDLPSODQWDUXQVLVWHPD GHWUDWDPLHQWRGHIDQJRVFRPRPHMRUDPHGLRDPELHQWDOHQODFDOLGDGGHO YHUWLGRHQFXDQWRDVyOLGRV (QHOFDVRGH$OPDUD]VLWXDGD\DHQHOFXUVRPHGLRGHO7DMRODVDOLQL GDGGHODJXDKDDXPHQWDGRKDVWDFDVLGXSOLFDUVH(VWRXQLGRDODXPHQWR GHODGHPDQGDGHDJXDGHDSRUWHDORVQXHYRVVLVWHPDVGHUHIULJHUDFLyQ FRQ FDOLGDGHV GH DJXD GLIHUHQWHV D ODV TXH WUDGLFLRQDOPHQWH VH YHQtDQ QHFHVLWDQGRKDKHFKRTXHVHLQVWDOHXQVLVWHPDGHGHVFDUERQDWDFLyQSRU UHVLQDV GH LQWHUFDPELR PiV YHUViWLO TXH OD GHVFDUERQDWDFLyQGHFDQWD FLyQHVWiWLFDDFWXDO $PERV SUR\HFWRV KDQ FRQVLGHUDGR WDPELpQ KDFHU IUHQWH D SRVLEOHV IOXFWXDFLRQHVTXHSXGLHUDQGDUVHDPHGLR\ODUJRSOD]RFRPRVHUtDQXQD PD\RUGHPDQGD\XQDYDULDFLyQHQODFDOLGDGGHODJXD &DEH GHVWDFDU TXH ODV SODQWDV GH SUHWUDWDPLHQWR GH$OPDUD] \7ULOOR HVWiQGLUHFWDPHQWHUHODFLRQDGDVFRQRWURVSUR\HFWRVFRPRVRQHOUHFLHQ WHDXPHQWRGHSRWHQFLDHQ$OPDUD]\ODIXWXUDPLJUDFLyQDOVLVWHPDGH FRQWURO7SUHYLVWDHQ7ULOOR 3URJUDPD\6LQRSVLVGHODV3RQHQFLDV 3!,! 6IERNESH -!.4%.)-)%.4/))) 02%3)$%.4%&RANCISCO*AVIER6ALLEJO(ERRADOR #%.42!,.5#,%!2$%42),,/ 4²#.)#!#/-0,%-%.4!2)!0!2!%,!.«,)3)3$% &2%#5%.#)!302/0)!342!.3&/2-!$!$%(),"%24 (5!.'6342!.3&/2-!$!$%&/52)%2 #*'AVILÈN ,%(5'52/$&1&2)5(17(6 /R KDELWXDO HQ ORV DQiOLVLV GH IUHFXHQFLDV HV HO XVR GH OD WUDQVIRUPDGD )RXULHU(VWDWpFQLFDGDFRPRUHVXOWDGRODGHVFRPSRVLFLyQGHXQDVHxDOHQ XQDVHULHGHVXPDVGHIXQFLRQHVVHQRLGDOHVGHYDULDVIUHFXHQFLDV(VWDVIUH FXHQFLDVVRQPX\LPSRUWDQWHVVREUHWRGRFXDQGRVHHVWiUHDOL]DQGRXQDQi OLVLVGHIUHFXHQFLDVIXQGDPHQWDOHVUHVRQDQFLDVHWF(OXVRGHHVWDWpFQLFD OOHYDDVRFLDGRODDFHSWDFLyQGHDOJXQDVFDUDFWHUtVWLFDVGHODVHULHTXHVHHVWi DQDOL]DQGR/DVSURSLHGDGHVHVODOLQHDOLGDG\ODHVWDFLRQDULHGDG (VWDVSURSLHGDGHVQRSXHGHQVHUDVHJXUDGDVVLHPSUH\DTXHSURYLHQHQ GHODREVHUYDFLyQGHXQVLVWHPDGLQiPLFR\SRUORWDQWRQRVHSXHGHDVH JXUDUGHIRUPDFLHUWD\WDMDQWHTXHODIUHFXHQFLDQRYDUtHHQHOWLHPSRQLOD OLQHDOLGDG &XDQGR ODV FLWDGDV FDUDFWHUtVWLFDV GH OLQHDOLGDG \ GH HVWDFLRQDUHLGDG QRVHFXPSOHQORVUHVXOWDGRVGHODQiOLVLVSRUODWUDQVIRUPDGDGH)RXULHU SXHGHQ VHU SXHVWR HQ HQWUHGLFKR (Q HVWRV FDVRV SXHGH VHU UHFRPHQGDEOH WRPDUHOFRQFHSWRGHIUHFXHQFLDLQVWDQWiQHD\UHDOL]DUXQDQiOLVLVEDVDGRHQ ODWUDQVIRUPDGDGH+LOEHUW+XDQJWDO\FRPRORSODQWHD+XDQJ (VWHPpWRGRHVXVDGRDFWXDOPHQWHSDUDGHWHFFLyQGHIDOORVGHFRPSRQHQ WHVFXDQGRODVFRQGLFLRQHVQRVRQODVUHVXOWDQWHVGHUHJtPHQHVSHUPDQHQWHV RGHFRQGLFLRQHVHVWDFLRQDULDV (OFRQFHSWRTXHVXVWHQWDHODQiOLVLVHVHOGHTXHSXHGHH[LVWLUXQWUHQGH RQGDVGHXQDIUHFXHQFLDGHWHUPLQDGDTXHVHUHSLWDHQHOWLHPSR¢&XiOHVOD IUHFXHQFLDGHOIHQyPHQR"3DUDODHODQiOLVLVGH)RXULHUWHQGUiXQDFRPSR QHQWHIXQGDPHQWDOHQODIUHFXHQFLDGHUHSHWLFLyQGHWUHQGHRQGDVVLHQGRODV IUHFXHQFLDGHOWUHQGHRQGDVGHVFRPSXHVWRHQYDULDVIUHFXHQFLDVGHELGRDOD ))7(OSUREOHPDVXUJHFXDQGRODIUHFXHQFLDUHDOGHOWUHQGHRQGDVFRLQFLGH FRQ OD IUHFXHQFLD QDWXUDO GHO HTXLSR VLVWHPD R HVWUXFWXUD &RQ HO DQiOLVLV WUDGLFLRQDOSRGUtDPRVDVHJXUDUTXHHOIHQyPHQRGHJUDGDWRULRQRHVWiHQHO UDQJRGHODUHVRQDQFLDSHURVLHQDQWHULRUWUHQGHRQGDVSRVHHODIUHFXHQFLD GHUHVRQDQFLDVHHVWiDIHFWDQGRDOHTXLSRVLVWHPDRFRPSRQHQWH\QRKD\ PDQHUDGHUHDOL]DUXQEXHQGLDJQRVWLFRRSUHGLFFLyQ (OGHVDUUROORGHHVWDWpFQLFD\ODVYHQWDMDVUHVSHFWRDOD))7HVHOREMHWR GHHVWHDUWLFXOR 4²#.)#!$%!.«,)3)3-!'.%4/).$5#4)6/$% #!",%3$%'2Á!3%.#%.42!,%3.5#,%!2%3 !0,)#!#)».!,!'2Á!0/,!29'2Á!$%452").! #*'AVILÈN ,%(5'52/$&1&2)5(17(6 #//2$).!$/2!LBERTO0ÏREZ/GUIZA #%.42!,.5#,%!2$%!3#» /RVHOHPHQWRVGHHOHYDFLyQVRQXVXDOPHQWHLQVSHFFLRQDGRVPHGLDQWH XQD SUXHED IXQFLRQDO \ HQ HO FDVR GH ORV FDEOHV HQWUH RWUDV SLH]DV VH FRPSOHPHQWDSRUXQDLQVSHFFLyQYLVXDO /D FXHVWLyQ HV TXH OD LQVSHFFLyQ YLVXDO QR HV VXILFLHQWH \D TXH QR IUHFH GDWRV TXH SXHGDQ VHU OD EDVH GH FiOFXORV GH YLGD ~WLO UHPDQHQWH FDUJDPi[LPDDGPLVLEOHRWLHPSRGHUHLQVSHFFLyQ'HHVWDIRUPDQRVH FRQRFHODVDOXGGHORVFDEOHVGHODVJU~DV /RVFDEOHVGHODVJU~DVSRVHHQGRVPHFDQLVPRVGHGHJUDGDFLyQ 5RWXUDGHKHEUDVRKLORV\SpUGLGDGHODVHFFLyQUHVLVWHQWH 'HVJDVWHGHOGLiPHWURH[WHULRU\SRUORWDQWRSHUGLGDGHODVHFFLyQ UHVLVWHQWH (QHODxRODFHQWUDOQXFOHDUGH&RIUHQWHVUHDOL]yXQHVWXGLRGH ODVWpFQLFDVGHLQVSHFFLyQGLVSRQLEOHVHQHOPHUFDGR\HQRWUDVLQGXV WULDV(OUHVXOWDGRIXHODORFDOL]DFLyQGHODWpFQLFDGHLQVSHFFLyQPDJQH WRLQGXFWLYDGHFDEOHV(VWDWpFQLFDHVPX\XVDGDHQODLQGXVWULDPLQHUD \HQODGHOWUDQVSRUWHGHSHUVRQDVHQWHOHFDELQDVWHOHVLOODVWHOHDUUDVWUHV HWF (O XVR GH HVWD WpFQLFD RIUHFH XQD YDORUDFLyQ REMHWLYD GH OD VHFFLyQ UHVLVWHQWHELHQSRUSHGLGDGHGLiPHWURSRUGHVJDVWHGHELGRDOURFHGHO FDEOH FRQ RWURV HOHPHQWRV WDOHV FRPR SROHDV JDQFKRV WDPERUHV HWF $WUDYpVGHHVWHGDWRVHSXHGHQKDFHUFiOFXORVFRPRODWHQVLyQPi[LPD SHUPLWLGD(QIXQFLyQGHWRGDHVWDLQIRUPDFLyQHVSRVLEOHGHWHUPLQDUOD YLGD~WLOODFDUJD~WLO\ODSUy[LPDLQVSHFFLyQ /DDSOLFDFLyQGHHVWDWpFQLFDHQOD&HQWUDOQXFOHDUGH&RIUHQWHVSUR YRFyHOFDPELRGHOFDEOHGHODJU~DSRODUSUHYLRDODUHFDUJDSRUGHJUD GDFLyQGHOFDEOH\SHUGLGDGHSURSLHGDGHVPHFiQLFDVGHOPLVPR $Vt SXHV TXHGD SUREDGD \ D GLVSRVLFLyQ GH WRGDV ODV FHQWUDOHV XQD WpFQLFDTXHGHIRUPDREMHWLYDYLJLODHOHVWDGRGHLQWHJULGDGGHORVFD EOHVGHODJU~D(VSHFLDOPHQWHLPSRUWDQWHHVHVWHDYDQFHSDUDODVJUXDV SRODUHVGHFRPEXVWLEOH\GHWXUELQDSRUORVHIHFWRVGHOIDOORGHOFDEOH %345$)/$%,!).4%'2)$!$%3425#452!,$% 4%2-/0/:/3#,!3%)/$%"!22%2!$%02%3)». #*'AVILÈN ,%(5'52/$&1&2)5(17(6 (O HVWXGLR GH LQWHJULGDG HVWUXFWXUDO R GH YLGD ~WLO GH FRPSRQHQWHV VH WLHQHIRFDOL]DGRHQJUDQGHVHTXLSRVERPEDVFDPELDGRUHVYDVLMDVLVWHPDV WXEHUtDV HWF \ HVWUXFWXUDV VRSRUWHV DPRUWLJXDGRUHV /D JUDQ PD \RUtDGHHVWRVHTXLSRVVRQLQVSHFFLRQDEOHVSRUYDULDVWpFQLFDV\ODWpFQLFD XVXDOPHQWHHVVHOHFFLRQDGDHQIXQFLyQGHOULHVJRGHOGDxR\GHODSURED ELOLGDG GH HVWH 1R REVWDQWH H[LVWHQ HOHPHQWRV PHQRUHV TXH FDGD YH] VH HVWiQGDQGRDFRQRFHUSRUTXHVXIDOORSURGXFHXQDURWXUDGHODEDUUHUDGH SUHVLyQXQDIXJDGHUHIULJHUDQWH\HQGHILQLWLYDXQDSDUDGDGHSODQWD 8QRGHHVWRVSHTXHxRVHOHPHQWRVVRQORVSR]RVWHUPRPpWULFRVVLWXDGRV HQVLVWHPDVSULPDULRV3:5\)DVWEUHHGHUROD]RVGHUHFLUFXODFLyQ%:5 1 ,Ê-*!ÊÃi«ÌiLÀi-ÊÓä£ä x 6(6,21(67e&1,&$6 6XVGLVHxRVVRQPX\YDULRSLQWRVDVtFRPRODVFDXVDVGHORVIDOORV1RREV WDQWHVHGHEHHVWDEOHFHUFXiOGHHOORVHVHOPiVSUREDEOH\VREUHWRGRFXDOHV ODYLGD~WLOGHOHOHPHQWR(OIDOORGHHVWRVHOHPHQWRVKDSURYRFDGRODSDUDGD GHOUHDFWRUIDVWEUHHGHUGH021-8GXUDQWHDxRV\XQDIXJDGHUHIULJHUDQWH HQHOOD]RGHUHFLUFXODFLyQ%GH*UDQG*XOI (QHOFDVRTXHQRVRFXSDVHYDDHVWDEOHFHUXQDPHWRGRORJtDGHDQiOLVLV SDUD GHWHUPLQDU F~DO HV HO PRGR GH IDOOR GH XQ WHUPRSR]R /D DSOLFDFLyQ SUiFWLFDVHKDUiVREUHXQWHUPRSR]RGHOD&1GH&RIUHQWHV6HPRGHOL]DUi JUDFLDVDODH[LVWHQFLDGHXQRFRPRUHSXHVWR\VHGHWHUPLQDUiQODVIUHFXHQ FLDVSURSLDVODVIUHFXHQFLDVGHHPLVLyQGHYyUWLFHVHQHOIOXMRODVXVFHSWLLOL GDGGHIDWLJDODVFDUJDVHWF 'HHVWDIRUPDVHHPLWLUiXQUHVXOWDGRFRQHOPRGRGHIDOORPiVSUREDEOH SDUDHOFDVRGHHVWXGLR\ODHVWUDWHJLDPiVFRQVHUYGRUDSDUDOHLQWHJULGDGGHO VLVWHPD\SRUORWDQWRGHODEDUUHUDGHSUHVLyQ $%4%##)».9%,)-).!#)».$%).4%2&%2%.#)!3 %,%#42/-!'.²4)#!3%.%,#)2#5)4/$%-%$)#)». $%&,5*/.%542».)#/2!.'/$%&5%.4% *,6ALLE,%SGUEVILLAS*-!COSTA :(67,1*+286(,1*(1,(5Ë$ &&11$6&Ï9$1'(//Ï6,, (VWH WUDEDMR UHFRSLOD XQD H[SHULHQFLD SURSLD HQ &1$VFy VREUH LQWHUIHUHQFLDVHOHFWURPDJQpWLFDVDSHUWXUDFLHUUHLQWHUUXSWRUHVGHOSDUTXH DOWDWHQVLyQDSHUWXUDFLHUUHFHQWURFRQWUROGHPRWRUHVHWFDVRFLDGDVDO VLVWHPDGHPHGLFLyQGHIOXMRQHXWUyQLFR5DQJR)XHQWH (OFLUFXLWRDIHFWDGRHVHOGHOGHWHFWRUSURSRUFLRQDO%)ORFDOL]DGRDO H[WHULRUGHODYDVLMDSDUDPHGLUORVQHXWURQHVIXJDGRVGHOQ~FOHRHQSDUD GD\HQDUUDQTXH(OGHWHFWRUSURGXFHSXOVRVGHWHQVLyQGHORUGHQGH 9SLFRTXHVRQVHxDOHVGHEDMDHQHUJtD\SRUHOORVXVFHSWLEOHVDUXLGRVH LQWHUIHUHQFLDVHOHFWURPDJQpWLFDV3DUDHYLWDUORDQWHULRUVHXWLOL]DQFDEOHV WULD[LDOHVSURWHJLGRVDVXYH]SRUFRQGXLWVPHWiOLFRVSXHVWRVDWLHUUD\ SUHDPSOLILFDGRUHQODVDOLGDGHODVSHQHWUDFLRQHVSDUDPHMRUDUODVVHxDOHV DQWHVGHHQYLDUODVDODHOHFWUyQLFDHQVDODGHFRQWURO 7RGRHOUHFRUULGRGHODVHxDOGHVGHHOGHWHFWRUSHQHWUDFLRQHVSUHDP SOLILFDGRU KDVWD FDELQDV GH ,QVWUXPHQWDFLyQ QXFOHDU HQ VDOD GH FRQWURO YDSURWHJLGRPHGLDQWHHOXVRGHEOLQGDMH\SDQWDOODVPHWiOLFDVXQVROR SXQWR D WLHUUD FDEOHV WULD[LDOHV HQ FRQGXLWV PHWiOLFRV SXHVWRV D WLHUUD SHQHWUDFLRQHV\SUHDPSOLILFDGRUDSDQWDOODGRV 6LQHPEDUJRXQ&DQDOGH5DQJRGH)XHQWHKLVWyULFDPHQWHKDVXIULGR SHUWXUEDFLRQHV HOpFWULFDV GHELGR D LQWHUIHUHQFLDV HOHFWURPDJQpWLFDV TXH VH KDQ SRGLGD DVRFLDU D DSHUWXUDFLHUUH GH LQWHUUXSWRUHV GH$OWD HQ ORV SDUTXHVGLVWDQWHVGHXQRVNLOyPHWURVRFKLVSRUURWHRVGHDOJ~QLQWHUUXS WRU GH DFWXDFLyQ GH PRWRUHV (VWDV SHUWXUEDFLRQHV SURGXFtDQ XQDV DOWH UDFLRQHV LPSRUWDQWHV HQ OD VHxDO GH LQGLFDFLyQ GHO Q~PHUR GH FXHQWDV SXGLHQGRSDVDUGHFSVHQVLWXDFLyQHVWDEOHDFSVORFXDOSURGXFtD DFFLRQHV LQGHVHDGDV R LQFOXVR SRGtD SURYRFDU HO GLVSDUR GHO UHDFWRU HQ SURFHVRGHDUUDQTXHDXQTXHQXQFDKXERGLVSDUR 'XUDQWH OD SDUDGD GH GLFLHPEUH GHO HO Q~PHUR GH IDOVDV LQGL FDFLRQHV IXH WDQ HOHYDGR TXH KXER TXH GHFODUDU HO &DQDO ,QRSHUDEOH \ VH UHDOL]y XQD LQYHVWLJDFLyQ D IRQGR KDVWD HQFRQWUDU OD UD]yQ GH ODV LQWHUIHUHQFLDV HOHFWURPDJQpWLFDV TXH VH SURGXFtDQ D YDULRV NLOyPHWURV GHORVFLUFXLWRVGHO5DQJRGH)XHQWH,QWHUUXSWRUHVGHO3DUTXHGH$OWD 7HQVLyQ 6H YHULILFDURQ WRGRV ORV SDUiPHWURV VXVFHSWLEOHV GH SURGXFLU UXLGR WDOHVFRPRSXHVWDDWLHUUD~QLFDSDUDWRGRHOFLUFXLWRDLVODPLHQWRDWLHUUD ORFDOPHQWHGHODFDUFDVDGHOGHWHFWRU\GHOSUHDPSOLILFDGRU\VXSXHVWDD WLHUUDDWUDYpVGHORVFDEOHVWULD[LDOHVHQXQ~QLFRSXQWRHQFDELQDGHVDOD È 1 ,Ê-*!ÊÃi«ÌiLÀi-ÊÓä£ä GH FRQWURO SDUiPHWURV GH LPSHGDQFLD DLVODPLHQWR FDSDFLWDQFLD GH ORV FDEOHV SXHVWD D WLHUUD GH ORV FDMRQHV GH EOLQGDMHV GH ODV SHQHWUDFLRQHV \SUHDPSOLILFDGRUSXHVWDDWLHUUDGHORVFRQGXLWV7RGRVORVSDUiPHWURV UHVXOWDURQFRUUHFWRV 3DUD SRGHU UHDOL]DU XQ GLDJQRVWLFR \ E~VTXHGD GHO SUREOHPD VH ID EULFy XQ HPLVRU GH UXLGR HOHFWURPDJQpWLFR TXH SHUPLWLHVH UHSURGXFLU HO SUREOHPD GH LQWHUIHUHQFLD D YROXQWDG (O GLVSRVLWLYR FRQVLVWtD HQ XQ FDUULWRFRQXQUHOpGHSRWHQFLDGH9FF\XQDIXHQWHGHDOLPHQWDFLyQ 6HKDFtDRVFLODUHOUHOpDVXIUHFXHQFLDSURSLDDOLPHQWDQGRHOUHOpDWUD YpVGHXQRGHVXVFRQWDFWRV1&(VWHVLPSOHFLUFXLWRVHGHPRVWUyDOWD PHQWHHILFD]SDUDUHSURGXFLUODVLQWHUIHUHQFLDVDQXHVWUDYROXQWDG &RQHOFLUFXLWRRVFLODGRUVHIXHUHFRUULHQGRODLQVWDODFLyQREVHUYDQGR ODUHVSXHVWDGHODLQVWUXPHQWDFLyQDVXSDVRLGHQWLILFiQGRVHTXHHOSUR EOHPDHVWDEDHQWUHOD]RQDGHSHQHWUDFLRQHV\HOSUHDPSOLILFDGRUGLVWDQ WHVGHXQRVPHWURV$ODFWXDUHOUHOpHQHVWD]RQDODVLQGLFDFLRQHVHQ VDODGHFRQWUROFDPELDEDQGHFXHQWDVVHJXQGRDYDORUHVHQWUH\ FSVHVGHFLUHOVLVWHPDHVWDEDWRWDOPHQWHGHVFRQWURODGR (OSURFHVRDQWHULRUFRQVWLWX\yXQSDVRLPSRUWDQWH£SRGtDPRVUHSUR GXFLUODVLQWHUIHUHQFLDV $QDOL]DQGR OD LQVWDODFLyQ GHO &DEOH7ULD[LDO3HQHWUDFLRQHV3UHDPSOL ILFDGRUVHREVHUYD (OFDMyQTXHDSDQWDOODODSHQHWUDFLyQHVWDEDDWLHUUD (OFDMyQTXHDSDQWDOODHOSUHDPSOLILFDGRUWDPELpQHVWDEDFRUUHFWDPHQ WHFRQHFWDGRDWLHUUD 6HVXSRQtDTXHHOFRQGXLWWDPELpQGHEHUtDHVWDUDWLHUUD\DTXHHVWDED FRQHFWDGR D DPERV FDMRQHV FRQ XQD PDOOD PHWiOLFD 6LQ HPEDUJR HO FRQGXLWHVWDEDKHFKRGHXQRVWUDPRVURVFDGRVHQWUHHOORVFRQSLQ WXUDDSOLFDGDHQODVURVFDV 6RVSHFKDQGRTXHHOFRQGXLWHQUHDOLGDGQRWXYLHUDXQFRQH[LyQIUDQFD DWLHUUDHQWRGRVXUHFRUULGR\QRSUHVHQWDUDXQDEXHQDFRQGXFWLYLGDGD WLHUUDVHLQVWDOyXQFDEOHWUHQ]DGRGHXQRVPPGHVHFFLyQDOFDMyQ GHOSUHDPSOLILFDGRU\VHVLJXLyHOUHFRUULGRGHOFRQGXLWKDVWDODSHQHWUD FLyQFRQHFWDQGRFDGDWUDPRGHFRQGXLWFRQXQDJUDSDDOFDEOHGHWLHUUD 6HUHSLWHQODVSUXHEDVFRQHOHPLVRUGHUXLGRHOHFWURPDJQpWLFR³5HOp 2VFLODGRU´\SDUDQXHVWUDVRUSUHVDHOFLUFXLWRGHOGHWHFWRUGH5DQJRGH )XHQWHHUDLQPXQHDQXHVWURUXLGR /DFRQFOXVLyQIXHTXHODVGLYHUVDVVHFFLRQHVGHFRQGXLWWHQtDQSHUGLGD GHFRQWLQXLGDGHQODVFRQH[LRQHVHQWUHHOODVSRUORTXHDOQRGLVSRQHUGH VXFRUUHVSRQGLHQWHWLHUUDIUDQFDDFWXDEDQDPRGRGHDQWHQDHQOXJDUGH DSDQWDOODPLHQWR GH ODV LQGXFFLRQHV HOHFWURPDJQpWLFDV H[WHUQDV LQGX FLHQGRDVtUXLGRHQORVFDEOHVWULD[LDOHVLQWHUQRVUXLGRGHDOWDHQHUJtD FRPSDUDGRFRQODVHxDOUHDOTXHVHVXPDEDDODVVHxDOHVGHEDMDHQHUJtD GHO5DQJRGH)XHQWHSURYRFDQGRXQLQFUHPHQWRHVSXULRGHODVFXHQWDV GHPDVGHFLHQYHFHV %345$)/$%,!302/4%##)/.%3$%,!6«,65,!$% 0!2!$!$%,!4"!!! ,&6EGAS!"A×Ø :(67,1*+286((/(&75,&63$,1 (OREMHWLYRGHHVWDSRQHQFLDHVDQDOL]DUHOWUDWDPLHQWRDGDUDODDOL PHQWDFLyQHOpFWULFD\DOFLUFXLWRGHFRQWUROGHOD9iOYXODGH3DUDGDGH OD7XUER%RPEDGH$JXDGH$OLPHQWDFLyQ$X[LOLDUFRQODILQDOLGDGGH PHMRUDUODSURWHFFLyQDQWHODSRVLEOHDFWXDFLyQUHLWHUDGDVREUHODERELQD GHFLHUUHGHOFRQWDFWRUGHODFLWDGD9iOYXODFRQDSOLFDFLyQFRQFUHWDWDQ WRSDUD&1$VFyFRPRSDUD&19DQGHOOyV,, 3DUDPHMRUDUODFLWDGDSURWHFFLyQ\HYLWDUSRVLEOHVVLWXDFLRQHVQRGH VHDGDVSRUODDFWXDFLyQUHLWHUDGDVREUHODERELQDGHFLHUUHGHOFRQWDFWRU VH DQDOL]D OD SRVLELOLGDG GH DxDGLU SURWHFFLyQ HOpFWULFD HQ ORV FLUFXLWRV 3URJUDPD\6LQRSVLVGHODV3RQHQFLDV GHDOLPHQWDFLyQ\GHFRQWUROGHOPRWRUGHGLFKD9iOYXODHOFXDOHVXQ PRWRUGHFRUULHQWHFRQWLQ~DDVtFRPRVHHVWXGLDQODVFDUDFWHUtVWLFDVGH GLFKDSURWHFFLyQ\WDPELpQFyPRKDGHVHUODOyJLFDLGyQHDGHDSHUWXUD GHODPHQFLRQDGDYiOYXOD &RPR ORV GLVHxRV SUHYLRV GH &1$VFy \ &19DQGHOOyV ,, VRQ GL IHUHQWHVHODQiOLVLVLQGLFDGRVHUHDOL]DSDUDDPERVFDVRVREWHQLpQGRVH FRQFOXVLRQHVWDPELpQGLIHUHQWHVHQODDSOLFDFLyQFRQFUHWDSHUROyJLFD PHQWHVLPLODUHVFRQFHSWXDOPHQWH 2%35,4!$/3$%,%345$)/$%,!2%305%34! #!2!#4%2¶34)#!$%,3)34%-!$%#/.42/,$% 02%3)».0!2!%,02/9%#4//#0h.5%6/ 3)34%-!$%#/.42/,$%452").!-!2+6)v%.,! #%.42!,.5#,%!2$%#/&2%.4%3 -*0ALOMO'2UIZ*!-ORA*)6AQUER,"UCHØ ",ØPEZ,ØPEZ ,167,6<5<0'(/$81,932/,7e&'(9$/(1&,$ ,%(5'52/$*(1(5$&,Ï1 7,7$1,$6(59,&,267(&12/Ï*,&266/ (Q HVWD SRQHQFLD VH YDQ D SUHVHQWDU ORV UHVXOWDGRV GHO HVWXGLR GH OD UHVSXHVWDFDUDFWHUtVWLFDGHODQWLJXRVLVWHPDGHFRQWUROGHSUHVLyQ\FRQ WUROGHWXUELQDSDUDHO3UR\HFWR2&3³1XHYR6LVWHPDGH&RQWURO GHWXUELQD0$5.9,´HQ&HQWUDO1XFOHDU&RIUHQWHVHQDGHODQWH&1& UHDOL]DGRSRUODHPSUHVD7LWDQLD6HUYLFLRV7HFQROyJLFRV6/HQFRODER UDFLyQFRQHO,QVWLWXWRGH6HJXULGDG,QGXVWULD5DGLRItVLFD\0HGLRDP ELHQWDOHQDGHODQWH,6,5<0GHOD8QLYHUVLGDG3ROLWpFQLFDGH9DOHQFLD (VWHWUDEDMRIXHUHDOL]DGRGXUDQWHOD5HFDUJDGH&1&FRPRXQR GHORVWUDEDMRVSUHYLRVQHFHVDULRVSDUDODVXVWLWXFLyQGHOVLVWHPDGHFRQ WURODQWLJXRSRUXQRQXHYR3DUDHOORVHUHDOL]yODDGTXLVLFLyQGHVHxDO GHOVHQVRUGHSUHVLyQ\ORVSXQWRVGHPHGLGD&\1GHOD&DELQDGHO &RQWUROGH7XUELQD&1&\HOHVWXGLRGHORVGDWRVFRQHOILQGHREWHQHU HO 'LDJUDPD GH %RGH GH ODV VHxDOHV FUX]DGDV WDO \ FRPR VH VROLFLWDED HQODHVSHFLILFDFLyQWpFQLFD,0,3UXHEDGHHVWDELOLGDGGHOVLVWHPD GHFRQWUROGHSUHVLyQ&\15HFDUJD'HHVWHPRGRVHREWLHQHOD UHVSXHVWDFDUDFWHUtVWLFDGHOVLVWHPDGHFRQWURODQWLJXR\VXVSDUiPHWURV DFWXDOHVFRPRSXQWRGHSDUWLGDSDUDHOQXHYRVLVWHPDGHFRQWURO0$5. 9,WRGRHOORVVLJXLHQGRODHVSHFLILFDFLyQWpFQLFD,0,PHQFLRQD GDDQWHULRUPHQWH 2%0!2!#)».$%45"%2¶!3$%6!0/2%.#%.42!,%3 .5#,%!2%3-%$)!.4%3)34%-!2/"/4):!$/4)2!.4¤ -#URIEL%-ONZØ30INEDA*)6AQUER /2*,67,&$<$&21',&,21$0,(1726 ,1'8675,$/(66$8 5(9(67,0,(1726$17,&25526,926 ,1'8675,$/(66/ 7,7$1,$6(59,&,267(&12/Ï*,&266/ 8QDDSOLFDFLyQWLSRGHODPHWDOL]DFLyQSRUDUFRHOpFWULFRVHUHDOL]DVR EUHODVXSHUILFLHLQWHULRUGHODVWXEHUtDVGHYDSRUHQ&HQWUDOHV7pUPLFDV \1XFOHDUHV/RVUHVXOWDGRVGHHVWHSURFHVRVRQHVSHFWDFXODUHVHQFXDQWR DSURWHFFLyQFRQWUDODFRUURVLyQ\DEUDVLyQSHURVXDSOLFDFLyQSUHVHQWD FRQGLFLRQDQWHVWDOHVFRPRVRQ &RQGLFLRQHVGHDSOLFDFLyQPX\VHYHUDVSDUDHOWUDEDMDGRU'HELGRDOD SRVLFLyQ SRVWXUDO JHQHUDOPHQWH GH URGLOODV HQ WXEHUtDV GH GLiPHWUR ´\DOWUDEDMRFRQURSDLJQLIXJD\PDVFDUDVFRQVXPLQLVWURGHDLUH H[WHULRU GHELGR D ORV KXPRV SURGXFLGRV FKLVSDV GH PHWDO IXQGLGR \ SDUWtFXODV FRQWDPLQDFLyQ UDGLROyJLFD HVSDFLR FRQILQDGR HVFDVD LOXPLQDFLyQ 8QLIRUPLGDGGHOUHFXEULPLHQWR$OUHDOL]DUVHODPHWDOL]DFLyQPHGLDQWH SURFHVR PDQXDO ODV PHGLGDV UHDOL]DGDV GHPXHVWUDQ SHTXHxDV YDULD FLRQHV HQ HO HVSHVRU GH ODV FDSDV VLHPSUH GHQWUR GH ORV OtPLWHV GH WROHUDQFLD HVWDEOHFLGRV SDUD FDGD FDSD SRU OD QRUPDWLYD DSOLFDEOH \ SRU*DUDQWtDGH&DOLGDG8QLQFUHPHQWRHQODXQLIRUPLGDGGHORVHV SHVRUHVSUR\HFWDGRVUHVXOWDUtDHQXQDXPHQWRGHODUHVLVWHQFLD\XQD PHMRUSURWHFFLyQGHODVXSHUILFLH 3RUODVUD]RQHVDQWHULRUHV*UXSR'RPLQJXLVKDGHVDUUROODGRHOURERW 7,5$17 XQ VLVWHPD LQQRYDGRU D QLYHO PXQGLDO SDUD OD PHWDOL]D FLyQLQWHULRUGHWXEHUtDV(O5RERW7,5$17HVWHOHRSHUDGRGHVGHHO H[WHULRUGHODWXEHUtDGHIRUPDTXHODLQWHUYHQFLyQKXPDQDVHYHUHGXFL GDDODVRSHUDFLRQHVGHSRVLFLRQDPLHQWRGHOURERW\FDPELRGHKLORVGH PHWDOL]DUPHMRUiQGRVHODVFRQGLFLRQHVGHWUDEDMRGHOSHUVRQDOGHIRUPD VLJQLILFDWLYDLQFOX\HQGRODGLVPLQXFLyQGHODGRVLVUHFLELGDHQHOFDVR HQHOTXHVHWUDEDMHHQ]RQDUDGLROyJLFD$OVHUXQVLVWHPDLQGHSHQGLHQWH GHO IDFWRU KXPDQR HO UHQGLPLHQWR GHO SURFHVR GH PHWDOL]DFLyQ VH YH LQFUHPHQWDGR JUDFLDV D OD UHGXFFLyQ GH ORV SHULRGRV GH GHVFDQVR D ORV GHELGRV~QLFDPHQWHDOPDQWHQLPLHQWRGHOURERW$VtPLVPRHOVLVWHPD 7,5$17SHUPLWHDXPHQWDUODXQLIRUPLGDGGHOUHFXEULPLHQWRUHVXO WDQWH\FRQHOORVXUHVLVWHQFLDDOPDQWHQHUFRQVWDQWHVORVSDUiPHWURVVH OHFFLRQDGRVYHORFLGDGGHWUDVODFLyQYHORFLGDGGHURWDFLyQ\GLVWDQFLD HQIXQFLyQGHOWLSRGHKLOR\GHOHVSHVRUUHTXHULGR $)!'./3)3$%6«,65,!3-/4/2):!$!3$%3$%##- -²4/$/3)0,5' *0ÏREZ!RANDA-&6ERDÞ--OTA*-/BØN ,%(5'52/$,1*(1,(5,$<&216758&&,Ï16$8 &1&2)5(17(6 $5(9$136(59,&(663$,1 /D 'LDJQRVLV GH YiOYXODV PRWRUL]DGDV WLHQH VXV RUtJHQHV HQ FXDQGR OD 15& SLGLy D ODV &HQWUDOHV 1XFOHDUHV &&11 TXH LPSOH PHQWDUDQXQSURJUDPDSDUDDVHJXUDUTXHODVYiOYXODVUHODFLRQDGDVFRQ OD VHJXULGDG VHUtDQ FDSDFHV GH IXQFLRQDU EDMR ODV &RQGLFLRQHV %DVH GH 'LVHxRDORODUJRGHODYLGDGHOD3ODQWD (QEDVHDORVUHVXOWDGRVGHHVWDSULPHUDLQVSHFFLyQOD15&SXEOLFy HQOD*HQHULF/HWWHUHQODFXDOVHLQGLFDEDTXHODVHPSUHVDV H[SORWDGRUDVGH&&11GHEHUtDQ 'HWHUPLQDUORVQXHYRVDMXVWHVGHORVLQWHUUXSWRUHVGHSDUGHORVDFWXD GRUHVGHODVYiOYXODVLQFOXLGDVHQHOSURJUDPD 3UHSDUDU ORV SURFHGLPLHQWRV GH DMXVWH \ PDQWHQLPLHQWR GH ORV PLV PRV 'RFXPHQWDUORVSURFHGLPLHQWRVGHSUXHEDXWLOL]DGRVKDVWDODIHFKD\ DXWLOL]DUHQHOIXWXUR 3UREDULQVLWXRFRQSURWRWLSRVHQEDQFRGHHQVD\RVODVYiOYXODVTXH SHUPLWDQ DVHJXUDU HO IXQFLRQDPLHQWR GH ODV PLVPDV HQ FRQGLFLRQHV EDVHGHGLVHxR (QHVWRVPRPHQWRVODPD\RUtDGHODV3ODQWDV\DKDQFXPSOLGRFRQORV UHTXLVLWRV GH OD */ GH DKt TXH HQ VH SXEOLFDUD XQD QXHYD FDUWDJHQpULFD*/ (Q 3ODQWDV HVSDxRODV GH GLVHxR DPHULFDQR VRQ GH DSOLFDFLyQ DPEDV *HQHULF/HWWHUPLHQWUDVTXHHQ3ODQWDVGHGLVHxRDOHPiQGHEHDSOLFDUVH OD.7$ 1 ,Ê-*!ÊÃi«ÌiLÀi-ÊÓä£ä Ç 6(6,21(67e&1,&$6 /DGLDJQRVLVGHYiOYXODVPRWRUL]DGDVGHVGHHO&&0SHUPLWHUHDOL]DU HOPDQWHQLPLHQWRSUHYHQWLYRGHODYiOYXODVLQODQHFHVLGDGGHWRPDUXQD OHFWXUD GLUHFWD HQ HO YiVWDJR 3DUD SRGHU DSOLFDU HVWD PHWRGRORJtD HV QHFHVDULD OD LQVWDODFLyQ GH XQD VHULH GH FRQHFWRUHV LQWHOLJHQWHV HQ FDGD &&0HPSOHDUXQHTXLSRGHDGTXLVLFLyQGHGDWRVFRPRHO6,3/8*\HO SURJUDPD$'$0SDUDODHYDOXDFLyQ\HODQiOLVLVGHODVOHFWXUDVREWHQL GDV (VWDPHWRGRORJtDIDFLOLWDORVWUDEDMRVGLDJQRVLVGHYiOYXODVPRWRUL]D GDVUHGXFLHQGRORVWLHPSRVGHWUDEDMRORTXHUHSHUFXWHGLUHFWDPHQWHHQ XQDGLVPLQXFLyQGHORVFRVWHV\ODGRVLVSRUSHUVRQDORTXHVXSRQHXQ LQFUHPHQWRHQOD6HJXULGDG\OD3UHYHQFLyQHQODV&&11 ).4%'2!#)».!,3#$9!0,)#!#)/.%3 $%3!22/,,!$!30!2!%,3)34%-!$%!'5!$% 3%26)#)/%3%.#)!,#/-/!95$!!/0%2!#)».9 -!.4%.)-)%.4/ '-2ODRÓGUEZ'ARCÓA--OTA#2EBOLLO ,%(5'52/$,1*(1,(5,$<&216758&&,Ï16$8 ,%(5'52/$*(1(5$&,Ï1&1&2)5(17(6 (035(6$5,26$*583$'26 (O 6LVWHPD GH$JXD GH 6HUYLFLR (VHQFLDO GH &1 &RIUHQWHV VH KD YLVWR DIHFWDGR KLVWyULFDPHQWH SRU GLYHUVRV VXFHVRV UHODFLRQDGRV FRQ HOHQYHMHFLPLHQWRGHOVLVWHPDREVWUXFFLRQHVHQ+;VHQVXFLDPLHQWR FRUURVLyQHWFTXHHQRFDVLRQHVKDQSURGXFLGRHSLVRGLRVGHSpUGLGDGH PDUJHQGHFDXGDOUHVSHFWRDORVYDORUHVPtQLPRVTXHILJXUDQHQ(VSH FLILFDFLRQHV7pFQLFDV (VWRKDFRQGXFLGRDGLYHUVDVDFWXDFLRQHVGHPHMRUDVREUHHOVLVWHPD VLHQGRXQDGHODVTXHVHKDQOOHYDGRDFDERPiVUHFLHQWHPHQWHODGH VXPRGHUQL]DFLyQFRQVLVWHQWHHQLQFRUSRUDUODVGLIHUHQWHVYDULDEOHVGH SURFHVRHQHO6LVWHPDGH&RQWURO'LVWULEXLGRGHODSODQWD 3DUDHOORHQSULPHUOXJDUVHKDPRGHUQL]DGRJUDQSDUWHGHODLQVWUX PHQWDFLyQH[LVWHQWHHQHOVLVWHPD\VHKDLQWURGXFLGRQXHYDLQVWUXPHQ WDFLyQ HQ SXQWRV GRQGH QR H[LVWtD FRQ REMHWR GH GLVSRQHU GH PHGLGD LQGLYLGXDO GH FDXGDO \ GH SUHVLyQ GLIHUHQFLDO HQ WRGRV ORV +;V GHO VLVWHPD'LFKDPRGHUQL]DFLyQSHUPLWHHQYLDUODVVHxDOHVUHTXHULGDVDO 6&' 'HHVWDPDQHUDVHFRQVLJXH IDFLOLWDULQIRUPDFLyQRQOLQHHQOD6DODGH&RQWUROVREUHODRSHUDFLyQ GHO (6: VHxDO GH FDXGDO SUHVLyQ QLYHO \ 7D GHO 8+6 SRVLFLyQ YiOYXODV $VXYH]VHKDQGHVDUUROODGRDSOLFDFLRQHVTXHSHUPLWHQUHFRJHUORV YDORUHVPHGLGRVHQSODQWDSDUDODVGLIHUHQWHVYDULDEOHVGHOVLVWHPDGH PDQHUDDXWRPiWLFDFXDQGRORUHTXLHUDHORSHUDGRU\GHHVWDPDQHUD REWHQHU GH IRUPD DXWRPiWLFD ORV LQIRUPHV GH FXPSOLPLHQWR GH ODV SUXHEDVGHYLJLODQFLDGHFDXGDOHVLQGLYLGXDOHV\GHSXQWRGHIXQFLR QDPLHQWRGHODERPED,&59VFRUUHVSRQGLHQWHVDOVLVWHPD(6: REWHQHUGHIRUPDDXWRPiWLFDORVYDORUHVGHSpUGLGDGHFDUJDIDFWRU .GHORV+;\JHQHUDUXQKLVWyULFRFRQHOILQGHGDULQIRUPDFLyQ GHOJUDGRGHHQVXFLDPLHQWRGHORVPLVPRV 3RURWURODGRHOGHVDUUROORHQSDUDOHORGHXQVLPXODGRUGHOVLVWHPD (6: SRU SDUWH GH 7HFQDWRP SHUPLWH VLPXODU HO FRPSRUWDPLHQWR KL GUiXOLFRGHOVLVWHPDDQWHGLIHUHQWHVFRQILJXUDFLRQHV 0HGLDQWH HVWDV DFWXDFLRQHV VH KD FRQVHJXLGR GLVSRQHU GH XQ (6: WRWDOPHQWH PRQLWRUL]DGR D\XGDQGR \ GDQGR LQIRUPDFLyQ PX\ YDOLRVD GHFDUDDODWRPDGHGHFLVLRQHVUHODFLRQDGDVFRQODRSHUDFLyQ\HOPDQ WHQLPLHQWRGHOVLVWHPD n 1 ,Ê-*!ÊÃi«ÌiLÀi-ÊÓä£ä /04)-):!#)».$%,!3025%"!3$%6)'),!.#)!9%, -!.4%.)-)%.4/-%$)!.4%0!24)#,%37!23#ARLOS!3ÈNCHEZ3-ARTORELL*&6ILLANUEVA 81,9(532/,7e&1,&$'(9$/(1&,$ /D SODQLILFDFLyQ ySWLPD GH ODV SUXHEDV GH YLJLODQFLD \ HO PDQWHQL PLHQWR 760 GH VLVWHPDV GH VHJXULGDG VH SXHGH IRUPXODU FRPR XQ SUREOHPD GH RSWLPL]DFLyQ PXOWLREMHWLYR GRQGH OD ILDELOLGDG GLVSRQL ELOLGDGPDQWHQLELOLGDG\FRVWHDFW~DQFRPRFULWHULRVGHGHFLVLyQ\ORV LQWHUYDORV DVRFLDGRV D OD UHDOL]DFLyQ GH ODV 760 FRPR YDULDEOHV GH GHFLVLyQ 6LQ HPEDUJR HO GHVDUUROOR DGHFXDGR GH FDGD HVWUDWHJLD GH PDQWHQLPLHQWRGHSHQGHWDPELpQGHORVUHFXUVRVGLVSRQLEOHVSDUDLPSOH PHQWDUGLFKDVHVWUDWHJLDV (VWH WLSR GH SUREOHPDV KD VLGR UHVXHOWR FRQ p[LWR PHGLDQWH OD XWLOL ]DFLyQ GH WpFQLFDV PHWDKXUtVWLFDV GH RSWLPL]DFLyQ FRPR SRU HMHPSOR DOJRULWPRVHYROXWLYRVE~VTXHGDWDE~HWF8QDGHHVWDVPRGHUQDVWpF QLFDVPHWDKXUtVWLFDVHVODRSWLPL]DFLyQPHGLDQWH3DUWLFOH6ZDUP362 6HWUDWDGHXQPpWRGRHYROXWLYRLQVSLUDGRHQHOFRPSRUWDPLHQWRVRFLDO GHLQGLYLGXRVGHQWURGHHQMDPEUHVHQODQDWXUDOH]DFRPREDQGDGDVGH SiMDURVREDQFRVGHSHFHV3DUDHOORVHPRGHODXQFRQMXQWRGHVROXFLR QHVDOWHUQDWLYDVRSRWHQFLDOHVGHOSUREOHPDFRPRPLHPEURVGHOHQMDP EUHTXHVHHFKDQDYRODUHQHOHVSDFLRYLUWXDOGHODVSRVLEOHVVROXFLRQHV 'RVGHODVFDUDFWHUtVWLFDVPiVLPSRUWDQWHVHQHOGHVDUUROORGHHVWDPHWD KHXUtVWLFDHVODIDFLOLGDGGHLPSOHPHQWDFLyQ\HOXVRGHODHYROXFLyQGH ODVUHODFLRQHVVRFLDOHVFRPRPRGHORFRPSXWDFLRQDO (QODSUHVHQWHSRQHQFLDVHSUHVHQWDODRSWLPL]DFLyQGHOSODQGHPDQ WHQLPLHQWRGHO6LVWHPDGH,Q\HFFLyQD$OWD3UHVLyQ+3,6GHXQDFHQ WUDO QXFOHDU 0HGLDQWH HO XVR GH 362 FRPR WpFQLFD GH RSWLPL]DFLyQ VH REWLHQHXQFRQMXQWRGHVROXFLRQHVIDFWLEOHVFDGDXQDGHHOODVFRUUHVSRQ GLHQWHDXQDVROXFLyQQRGRPLQDGDDVHULPSOHPHQWDGDVHQODSODQWD -/.)4/2):!#)/.02%$)#4)6!5.!$%#)3)/. 2%.4!",%0!2!,!3#%.42!,%3.5#,%!2%3 !)'ÈLVEZ*3AIZ$3$OAN90APPAS ,1'5$6,67(0$66$ 60$576,*1$/ /D 0RQLWRUL]DFLyQ 3UHGLFWLYD SHUPLWH VXSHUYLVDU HQ WLHPSR UHDO HO HVWDGRGHORVHTXLSRVSULQFLSDOHVGHSODQWDFRQHOREMHWLYRGHGHWHFWDU GHVYLDFLRQHVLQFLSLHQWHVHQVXFRPSRUWDPLHQWR\DVtSRGHUHYLWDUHOID OORGHORVPLVPRV'HHVWHPRGRHVSRVLEOHPHMRUDUODGLVSRQLELOLGDGGH ODSODQWD\ODHVWUDWHJLD\FRVWHVGHPDQWHQLPLHQWR (OVLVWHPD(3,&HQWHUGHVDUUROODGRSRU6PDUW6LJQDODSDUWLUGHDOJR ULWPRVPDWHPiWLFRVGHVDUUROODGRVHQHO$UJRQQH1DWLRQDO/DERUDWRU\GH &KLFDJRSHUPLWHVXSHUYLVDUHQWLHPSRUHDOHTXLSRVURWDWLYRV\QRURWDWL YRVFRQOD~QLFDFRQGLFLyQGHTXHVHGLVSRQJDGHVXILFLHQWHLQVWUXPHQWD FLyQ\TXHORVYDORUHVHVWpQGLVSRQLEOHVHQWLHPSRUHDOHQXQVLVWHPDGH JHVWLyQGHGDWRVREDVHGHGDWRVKLVWyULFRV (3,&HQWHU WLHQH XQD H[SHULHQFLD SUREDGD HQ HO FDPSR QXFOHDU HVWDQGR LQVWDODGR HQ PiV GH FHQWUDOHV HQ WRGR HO PXQGR 6HJ~Q ORV HVWXGLRVUHDOL]DGRVSRUODVHPSUHVDVSURSLHWDULDVGHGLFKDVFHQWUDOHVGL FKDLQVWDODFLyQOHVKDUHVXOWDGRUHQWDEOHQRVyORHFRQyPLFDPHQWHVLQR WDPELpQHQORVDVSHFWRVUHODWLYRVDODILDELOLGDGGHVXVHTXLSRVVLHQGR XQDKHUUDPLHQWDFODYHSDUDHOVHJXLPLHQWRGHOD$3 (QODSRQHQFLDVHSUHVHQWDUiQHMHPSORVSUiFWLFRVGHIHQyPHQRVGHWHF WDGRVSRU(3,&HQWHUHQFHQWUDOHVQXFOHDUHVDPHULFDQDV 3URJUDPD\6LQRSVLVGHODV3RQHQFLDV 3!,! 6IERNESH .5%6/32%!#4/2%3 02%3)$%.4%*UAN-U×OZ"LASCO %-02%3!2)/3!'250!$/3 $%4%##)».9%,)-).!#)».$%).4%2&%2%.#)!3 %,%#42/-!'.²4)#!3%.%,#)2#5)4/$%-%$)#)». $%&,5*/.%542».)#/2!.'/$%&5%.4% *,6ALLE,%SGUEVILLAS*-!COSTA :(67,1*+286(7(&+12/2*<6(59,&(6 $62&18&/($5$6&Ï9$1'(//Ï6,, (VWH WUDEDMR UHFRSLOD XQD H[SHULHQFLD SURSLD HQ &1$VFy VREUH LQWHUIHUHQFLDV HOHFWURPDJQpWLFDV DSHUWXUDFLHUUH LQWHUUXSWRUHV GHO SDUTXH DOWD WHQVLyQ DSHUWXUDFLHUUH FHQWUR FRQWURO GH PRWRUHV HWF DVRFLDGDVDOVLVWHPDGHPHGLFLyQGHIOXMRQHXWUyQLFR5DQJRGH)XHQWH GH&1$VFy, (OFLUFXLWRDIHFWDGRHVHOGHOGHWHFWRUSURSRUFLRQDO%)ORFDOL]DGR DOH[WHULRUGHODYDVLMDSDUDPHGLUORVQHXWURQHVIXJDGRVGHOQ~FOHRHQ SDUDGD\HQDUUDQTXH(/GHWHFWRUSURGXFHSXOVRVGHWHQVLyQGHORUGHQ GH9SLFRVHxDOHVGHEDMDHQHUJtD\SRUHOORVXVFHSWLEOHVDUXLGRV H LQWHUIHUHQFLDV HOHFWURPDJQpWLFDV 3DUD HYLWDU OR DQWHULRU VH XWLOL]DQ FDEOHVWULD[LDOHVSURWHJLGRVDVXYH]SRUFRQGXLWVPHWiOLFRVSXHVWRVD WLHUUD\SUHDPSOLILFDGRUHQODVDOLGDGHODVSHQHWUDFLRQHVSDUDPHMRUDU ODVVHxDOHVDQWHVGHHQYLDUODVDODHOHFWUyQLFDHQVDODGHFRQWURO7RGRHO UHFRUULGR GH OD VHxDO GHVGH HO GHWHFWRU SHQHWUDFLRQHV SUHDPSOLILFDGRU KDVWDFDELQDVGH,QVWUXPHQWDFLyQQXFOHDUHQVDODGHFRQWUROYDSURWHJLGR PHGLDQWHHOXVRGHEOLQGDMH\SDQWDOODVPHWiOLFDVXQVRORSXQWRDWLH UUDFDEOHVWULD[LDOHVHQFRQGXLWVPHWiOLFRVSXHVWRVDWLHUUDSHQHWUDFLR QHV\SUHDPSOLILFDGRUDSDQWDOODGRV 6LQHPEDUJRXQ&DQDOGH5DQJRGH)XHQWHKLVWyULFDPHQWHKDVXIULGR SHUWXUEDFLRQHV HOpFWULFDV GHELGR D LQWHUIHUHQFLDV HOHFWURPDJQpWLFDV TXH VH KDQ SRGLGD DVRFLDU D DSHUWXUDFLHUUH GH LQWHUUXSWRUHV GH$OWD HQ ORV SDUTXHVGLVWDQWHVGHXQRVNLOyPHWURVRFKLVSRUURWHRVGHDOJ~QLQWHUUXS WRUGHDFWXDFLyQGHPRWRUHV(VWDVSHUWXUEDFLRQHVSURGXFtDQXQDVDOWH UDFLRQHV LPSRUWDQWHV HQ OD VHxDO GH LQGLFDFLyQ GHO Q~PHUR GH FXHQWDV SXGLHQGRSDVDUGHFSVHQVLWXDFLyQHVWDEOHDFSVORFXDOSURGXFtD DFFLRQHV LQGHVHDGDV R LQFOXVR SRGtD SURYRFDU HO GLVSDUR GHO UHDFWRU HQ SURFHVRGHDUUDQTXHDXQTXHQXQFDKXERGLVSDUR 'XUDQWH OD SDUDGD GH GLFLHPEUH GHO HO Q~PHUR GH IDOVDV LQ GLFDFLRQHVIXHWDQHOHYDGRTXHKXERTXHGHFODUDUHO&DQDO,QRSHUDEOH \ VH UHDOL]y XQD LQYHVWLJDFLyQ D IRQGR KDVWD HQFRQWUDU OD UD]yQ GH ODV LQWHUIHUHQFLDVHOHFWURPDJQpWLFDVTXHVHSURGXFtDQDYDULRVNLOyPHWURV GHORVFLUFXLWRVGHO5DQJRGH)XHQWH,QWHUUXSWRUHVGHO3DUTXHGH$OWD 7HQVLyQ 6HYHULILFDURQWRGRVORVSDUiPHWURVVXVFHSWLEOHVGHSURGXFLUUXLGRWD OHVFRPRSXHVWDDWLHUUD~QLFDSDUDWRGRHOFLUFXLWRDLVODPLHQWRDWLHUUD ORFDOPHQWHGHODFDUFDVDGHOGHWHFWRU\GHOSUHDPSOLILFDGRU\VXSXHVWD #//2$).!$/2&RANCISCO*OSÏ'UTIÏRREZ'ARCÓA 7%34).'(/53%%,%#42)#%30!º! DWLHUUDDWUDYpVGHORVFDEOHVWULD[LDOHVHQXQ~QLFRSXQWRHQFDELQDGH VDODGHFRQWUROSDUiPHWURVGHLPSHGDQFLDDLVODPLHQWRFDSDFLWDQFLDGH ORVFDEOHVSXHVWDDWLHUUDGHORVFDMRQHVGHEOLQGDMHVGHODVSHQHWUDFLRQHV \SUHDPSOLILFDGRUSXHVWDDWLHUUDGHORVFRQGXLWV7RGRVORVSDUiPHWURV UHVXOWDURQFRUUHFWRV 3DUD SRGHU UHDOL]DU XQ GLDJQRVWLFR \ E~VTXHGD GHO SUREOHPD VH ID EULFy XQ HPLVRU GH UXLGR HOHFWURPDJQpWLFR TXH SHUPLWLHVH UHSURGXFLU HOSUREOHPDGHLQWHUIHUHQFLDDYROXQWDG(OGLVSRVLWLYRFRQVLVWtDHQXQ FDUULWRFRQXQUHOpGHSRWHQFLDGH9FF\XQDIXHQWHGHDOLPHQWDFLyQ 6H KDFtD RVFLODU HO UHOp D VX IUHFXHQFLD SURSLD DOLPHQWDQGR HO UHOp D WUDYpV GH XQR GH VXV FRQWDFWRV 1& (VWH VLPSOH FLUFXLWR VH GHPRVWUy DOWDPHQWHHILFD]SDUDUHSURGXFLUODVLQWHUIHUHQFLDVDQXHVWUDYROXQWDG &RQHOFLUFXLWRRVFLODGRUVHIXHUHFRUULHQGRODLQVWDODFLyQREVHUYDQGR ODUHVSXHVWDGHODLQVWUXPHQWDFLyQDVXSDVRLGHQWLILFiQGRVHTXHHOSUR EOHPDHVWDEDHQWUHOD]RQDGHSHQHWUDFLRQHV\HOSUHDPSOLILFDGRUGLVWDQ WHVGHXQRVPHWURV$ODFWXDUHOUHOpHQHVWD]RQDODVLQGLFDFLRQHVHQ VDODGHFRQWUROFDPELDEDQGHFXHQWDVVHJXQGRDYDORUHVHQWUH\ FSVHVGHFLUHOVLVWHPDHVWDEDWRWDOPHQWHGHVFRQWURODGR (OSURFHVRDQWHULRUFRQVWLWX\yXQSDVRLPSRUWDQWH£SRGtDPRVUHSUR GXFLUODVLQWHUIHUHQFLDV $QDOL]DQGR OD LQVWDODFLyQ GHO &DEOH7ULD[LDO3HQHWUDFLRQHV3UHDPSOL ILFDGRUVHREVHUYD (OFDMyQTXHDSDQWDOODODSHQHWUDFLyQHVWDEDDWLHUUD (OFDMyQTXHDSDQWDOODHOSUHDPSOLILFDGRUWDPELpQHVWDEDFRUUHFWDPHQWH FRQHFWDGRDWLHUUD 6HVXSRQtDTXHHOFRQGXLWWDPELpQGHEHUtDHVWDUDWLHUUD\DTXHHVWDED FRQHFWDGR D DPERV FDMRQHV FRQ XQD PDOOD PHWiOLFD 6LQ HPEDUJR HO FRQGXLWHVWDEDKHFKRGHXQRVWUDPRVURVFDGRVHQWUHHOORVFRQSLQ WXUDDSOLFDGDHQODVURVFDV 6RVSHFKDQGR TXH HO FRQGXLW HQ UHDOLGDG QR WXYLHUD XQ FRQH[LyQ IUDQFDDWLHUUDHQWRGRVXUHFRUULGR\QRSUHVHQWDUDXQDEXHQDFRQGXF WLYLGDGDWLHUUDVHLQVWDOyXQFDEOHWUHQ]DGRGHXQRVPPGHVHFFLyQ DOFDMyQGHOSUHDPSOLILFDGRU\VHVLJXLyHOUHFRUULGRGHOFRQGXLWKDVWDOD SHQHWUDFLyQFRQHFWDQGRFDGDWUDPRGHFRQGXLWFRQXQDJUDSDDOFDEOH GHWLHUUD 6HUHSLWHQODVSUXHEDVFRQHOHPLVRUGHUXLGRHOHFWURPDJQpWLFR³5HOp 2VFLODGRU´\SDUDQXHVWUDVRUSUHVDHOFLUFXLWRGHOGHWHFWRUGH5DQJRGH )XHQWHHUDLQPXQHDQXHVWURUXLGR /DFRQFOXVLyQIXHTXHODVGLYHUVDVVHFFLRQHVGHFRQGXLWWHQtDQSHU GLGD GH FRQWLQXLGDG HQ ODV FRQH[LRQHV HQWUH HOODV SRU OR TXH DO QR GLVSRQHUGHVXFRUUHVSRQGLHQWHWLHUUDIUDQFDDFWXDEDQDPRGRGHDQWHQD HQOXJDUGHDSDQWDOODPLHQWRGHODVLQGXFFLRQHVHOHFWURPDJQpWLFDVH[WHU QDVLQGXFLHQGRDVtUXLGRHQORVFDEOHVWULD[LDOHVLQWHUQRVUXLGRGHDOWD HQHUJtDFRPSDUDGRFRQODVHxDOUHDOTXHVHVXPDEDDODVVHxDOHVGHEDMD HQHUJtDGHO5DQJRGH)XHQWHSURYRFDQGRXQLQFUHPHQWRHVSXULRGHODV FXHQWDVGHPDVGHFLHQYHFHV 1 ,Ê-*!ÊÃi«ÌiLÀi-ÊÓä£ä 6(6,21(67e&1,&$6 %345$)/$%3)34%-!$%5.02/#%3/$% 42!4!-)%.4/2%#)#,!*%0)2/15¶-)#/$%, #/-"534)",%$%5.2%!#4/2$%3!,%3&5.$)$!3 ("OUSSIER$(EUER &($ &156 /RV UHDFWRUHV GH VDOHV IXQGLGDV IXHURQ HVWXGLDGRV HQ ORV ((88 GXUDQWH ORV DxRV VHVHQWD 8Q SURWRWLSR HO 065( 0ROWHQ 6DOW 5HDFWRU ([SHULPHQW IXQFLRQy GXUDQWH FXDWUR DxRV /XHJR ORV HVWXGLRV SURVL JXLHURQ FRQ HO SUR\HFWR 06%5 0ROWHQ 6DOW %UHHGHU 5HDFWRU SHUR HO UHDFWRUQXQFDIXHFRQVWUXLGR (O FRQFHSWR 06%5 QHFHVLWDED XQ VLVWHPD GH UHSURFHVR SLURTXtPLFR HQOtQHDFDSD]GHUHSURFHVDUODWRWDOLGDGGHOFRPEXVWLEOHFDGDGLH]GtDV OR TXH LPSOLFDED LQVWDODFLRQHV GH JUDQ FDSDFLGDG EDVWDQWHV GLItFLOHV D LPSOHPHQWDU 'HVGHKDFHYDULRVDxRVHOFRQFHSWRGHOUHDFWRUGHVDOHVIXQGLGDVHVWi VLHQGRHVWXGLDGRGHQXHYRHQHOPDUFRGHOIRURLQWHUQDFLRQDOGH*HQHUD FLyQ,9 (O &156 \ HO &($ FRODERUDQ SDUD KD LGHDU XQ FRQFHSWR GH UHDFWRU \ VX WUDWDPLHQWR GH FRPEXVWLEOH OODPDGR7065 7KRULXP 0ROWHQ 6DOW 5HDFWRU(O7065FRQFHELGRSRUHO&156SXHGHDFRPRGDUVHGHXQD FDGHQFLDGHUHSURFHVRFLQFXHQWDYHFHVPiVSHTXHxDTXHODUHTXHULGDSRU HO06%5(VHFDXGDOGpELOHVXQSXQWRSRVLWLYRTXHIDFLOLWDUtDODLPSOH PHQWDFLyQGHOUHSURFHVRSLURTXtPLFRGHO7065 (O /DERUDWRULR GH HVWXGLR GH ORV 3URFHVRV GH 6HSDUDFLyQ GHO &($ /(36KDUHDOL]DGRXQDHYDOXDFLyQSUHOLPLQDUGHOVLVWHPDGHUHSURFHVR DVRFLDGRDO7065(OHVTXHPDHVWXGLDGRHQHVHWUDEDMRVHKDEDVDGRHQ HO SULQFLSLR GH H[WUDFFLyQ UHGXFWRUD \ GH OD WUDQVIHUHQFLD PHWiOLFD TXH FRQVWLWXtDQ HO Q~FOHR GHO SURFHVR FRQFHELGR SDUD HO SUR\HFWR 06%5 SHURHOGLDJUDPDGHIOXMRKDVLGRDGDSWDGRDODVQHFHVLGDGHVGHO7065 (VWHWLSRGHHVWXGLRVSUHOLPLQDUHVVHGHGLFDDHYDOXDUDQLYHOGH,' ODV SUHVWDFLRQHV SRWHQFLDOHV GHO SURFHVR FRQ HO REMHWLYR GH LGHQWLILFDU GLILFXOWDGHV SRWHQFLDOHV \ DVt RULHQWDU HO SURFHVR GH , ' SDUD VROXFLR QDUODV 6H SRQH HVSHFLDO DWHQFLyQ DO WLSR \ D ORV IOXMRV GH ORV UHVLGXRV TXHVHUtDQSURGXFLGRVSRUHOWUDWDPLHQWR(VWHSXQWRHVSDUWLFXODUPHQWH LPSRUWDQWHFXDQGRVHFRQVLGHUDXQSURFHVRTXHXWLOL]DHOPHGLRIOXRUXUR \FORUXUR (OHVWXGLRPXHVWUDTXHODPD\RUtDGHOHVTXHPDLGHDGRSDUDHO06%5 SXHGHVHUDGDSWDGRDO7065$SR\iQGRVHHQGDWRVGHODOLWHUDWXUDHVH WUDEDMR PRVWUy TXH HO SURFHVR LGHDGR HV WHUPRGLQiPLFDPHQWH YLDEOH 6LQHPEDUJRDOJXQRVSXQWRVVLJXHQVLHQGRSUREOHPiWLFRV\GHEHUtDQVHU LQYHVWLJDGRVPiVDGHODQWHFRPRSRUHMHPSORODHVWDELOLGDGGHODVDOHD FLRQHVODQWiQLGRVELVPXWR\HOFRPSRUWDPLHQWRGHO]LUFRQLR /D PD\RUtD GH ORV UHVLGXRV VH SXHGH DFRQGLFLRQDU HQ YLGULRV VyOR TXHGDQDOJXQRVIOXMRVVHJXQGDULRVGHELVPXWRRIOXRUXURGHFDOFLRFRQ WDPLQDGRVFX\DJHVWLyQGHEHUiVHUHVWXGLDGD 3)-5,!4)/./&4(%#/.3425#4)6%02/#%33/&! #/-0/3)4%&,//2).!0.007)4(4(%&).)4% %,%-%.4-%4(/$ -$I&ONZO*!RAGØN6AQUERO&-ORALEDA*,3AN6ICENTE -0ALAZUELOS :(67,1*+286((/(&75,&63$,1 £ää 1 ,Ê-*!ÊÃi«ÌiLÀi-ÊÓä£ä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³UHQDLVVDQFH³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±IRUH[DPSOHNQRZWKHHIILFLHQF\DQG SHUIRUPDQFHRIHDFKSRVVLEOHZDWHUFRROLQJV\VWHPVPDNHFRPSDULVRQV DPRQJGLIIHUHQWVLWHVWDNLQJLQWRDFFRXQWH[WUHPHHQYLURQPHQWDOFRQGL WLRQVRUWKHFOLPDWHFKDQJHWRFKRRVHWKHRSWLPXPFRROLQJV\VWHPIRU RQHVSHFLILFVLWHDQGVRRQ 7KH SXUSRVH RI WKLV SDSHU LV WR VKRZ WKH VWXG\ FDUULHG RXW IRU WKH FKDUDFWHUL]DWLRQRIDQHZVLWHIRUDQHZQXFOHDUSRZHUSODQWE\FRROLQJ V\VWHPIHDVLELOLW\VWXG\ ,!3%'52)$!$.5#,%!2%.%,!0$% 7%34).'(/53% '*IMÏNEZ6ARAS :(67,1*+286((/(&75,&63$,1 /D JHQHUDFLyQ ,,, GH UHDFWRUHV DYDQ]DGRV VXSRQH XQ SDVR DO IUHQWH HQ VHJXULGDG QXFOHDU FRQ UHVSHFWR D ODV FHQWUDOHV TXH DFWXDOPHQWH VH HQFXHQWUDQHQRSHUDFLyQSHUWHQHFLHQWHVPD\RULWDULDPHQWHDODV*HQHUD FLRQHV,\,, 3URJUDPD\6LQRSVLVGHODV3RQHQFLDV (VD HYROXFLyQ HQ OD VHJXULGDG HVWi EDVDGD HQ JUDQ PHGLGD HQ OD LQFOXVLyQ GH VLVWHPDV SDVLYRV GH UHIULJHUDFLyQ GHO Q~FOHR \ GH OD FRQWHQFLyQ HQ FDVR GH DFFLGHQWH 'LFKRV VLVWHPDV HVWiQ EDVDGRV HQ OD FLUFXODFLyQ QDWXUDO OD JUDYHGDG \ OD WUDQVIHUHQFLD GH FDORU SRU FRQYHFFLyQ &RPR UHVXOWDGR QLQJ~Q VLVWHPD GH VHJXULGDG FRQWLHQH HOHPHQWRVDFWLYRVFRPRERPEDVYHQWLODGRUHVRJHQHUDGRUHVGLHVHO 'HELGR D HVWDV LQQRYDFLRQHV ODV DFFLRQHV GH ORV RSHUDGRUHV HQ FDVRGHDFFLGHQWHVHKDQUHGXFLGRGUiVWLFDPHQWHQRVLHQGRQHFHVDULD VXLQWHUYHQFLyQHQDOJXQRVGHORVWUDQVLWRULRVFRPRODURWXUDGHWXERV GHOJHQHUDGRUGHYDSRUVLWXDFLyQPX\GLIHUHQWHDODGHORVUHDFWRUHV GH JHQHUDFLRQHV DQWHULRUHV /D IUHFXHQFLD GH GDxR DO Q~FOHR HQ HO $3HVGRVyUGHQHVGHPDJQLWXGPHQRUTXHODGHORVUHDFWRUHVHQ RSHUDFLyQ (QHVWDSRQHQFLDVHSUHWHQGHUHDOL]DUXQDGHVFULSFLyQJHQHUDOGHO $3GHVGHODSHUVSHFWLYDGHODVHJXULGDG\HQUHIHUHQFLDFRQORV UHDFWRUHV HQ RSHUDFLyQ (O REMHWLYR HV SRQHU HQ UHOLHYH ORV DYDQFHV TXH VH KDQ FRQVHJXLGR HQ HO DSDUWDGR GH VHJXULGDG FRQ HO$3 GHVGH XQ SXQWR GH YLVWD GH FRPSRUWDPLHQWR GH ORV QXHYRV VLVWHPDV DQWHORVWUDQVLWRULRVPiVOLPLWDQWHVGHORVUHDFWRUHV3:5GH*HQHUD FLyQ,,6HKDQWRPDGRFRPRUHIHUHQFLDORVDFFLGHQWHVGHSpUGLGDGH UHIULJHUDQWH\GHURWXUDGHWXERVGHOJHQHUDGRUGHYDSRU !#/.#%045!,!.!,93)3/&).#/.4!).-%.4 3/52#%4%2-).,-&"23-!*/2$)&&%2%.#%3&2/- ,723 -'ARCÓA-ARTÓ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± -/.4!*%$%%15)0/3$52!.4%,!#/.3425##)».$% ,!#%.42!,.5#,%!2&,!-!.6),,% .#ALDERØN-«0ÏREZ.AVARRO2'ARCÓA2UIZ%-ONTORO ,%(5'52/$,1*(1,(5,$<&216758&&,Ï16$8 /DFRQVWUXFFLyQGHXQDFHQWUDOQXFOHDULPSOLFDXQJUDQQ~PHURGHDF WLYLGDGHVUHODFLRQDGDVRQRHQWUHVtTXHFRQWHPSODQODDSOLFDFLyQWpFQLFD GHGLIHUHQWHViUHDVWHFQROyJLFDVDYDQ]DGDV 8QD GH HOODV HV HO PRQWDMH HOHFWURPHFiQLFR GH FRPSRQHQWHV WDOHV FRPR FDPELDGRUHV GH FDORU GHVPLQHUDOL]DGRUHV JHQHUDGRUHV ILOWURV HWF (O p[LWR GH HVWH WLSR GH RSHUDFLRQHV YLHQH GHWHUPLQDGD SRU XQ JUDQ Q~PHURGHIDFWRUHVFRPRVRQODGLILFXOWDGGHODVPDQLREUDVODFRUUHFWD HOHFFLyQ\FRQWUROGHORVVXEFRQWUDWLVWDVHOQ~PHURGHVROGDGXUDVDUHD OL]DUHQFDPSRORVSOD]RVGHHMHFXFLyQ\ODVLQWHUIHUHQFLDVFRQODREUD FLYLOHQWUHRWURV $ WRGRV HVWRV IDFWRUHV FRPXQHV HQ HVWRV PRQWDMHV KD\ TXH DxDGLU ORV SDUWLFXODUHVGHO SUR\HFWR FRPR VHUtDQ ODV H[LJHQFLDV GHO FOLHQWH OD QRUPDWLYD\ODOHJLVODFLyQGHOSDtVGRQGHVHUHDOL]DODREUDODVEDUUHUDV LGLRPiWLFDV\FXOWXUDOHVHWF 'HOPLVPRPRGRGHQWURGHODPLVPDRUJDQL]DFLyQUHVXOWDIXQGDPHQ WDOODSHUIHFWDFRPSHQHWUDFLyQHQWUHODVGLIHUHQWHViUHDVFRPRVRQLQJH QLHUtDFDOLGDGPRQWDMH\VHJXULGDGSDUDODFRUUHFWDHMHFXFLyQGHORVVHU YLFLRVDUHDOL]DUGHPDQHUDFRUUHFWD\GHQWURGHORVSOD]RVHVWDEOHFLGRV (QHVWDSRQHQFLDVHYDDLQGLFDUODVPDQLREUDVUHDOL]DGDVHQODLQVWD ODFLyQGHORVGLIHUHQWHVHTXLSRVHQODFHQWUDOQXFOHDUGH)ODPDQYLOOH XELFDGDHQ1RUPDQGtDDOQRURHVWHGH)UDQFLDDVtFRPRORVSULQFLSDOHV SUREOHPDVHQFRQWUDGRVHQODVHWDSDVGHLQJHQLHUtD\PRQWDMH\ODPDQHUD FRQODTXHVHKDQVROYHQWDGR$VLPLVPRVHYDQDH[SRQHUXQDVSDXWDV JHQHUDOHV IXQGDPHQWDOHV SDUD FRQVHJXLU HO p[LWR HQ ORV PRQWDMHV HOHF WURPHFiQLFRV GH FRPSRQHQWHV HQ OD FRQVWUXFFLyQ GH QXHYDV FHQWUDOHV QXFOHDUHV 0!24)#)0!#)».$%)"%2$2/,!).'%.)%2¶! %.%,34%0$%,'$!$%,!0 -*&IOL)(ERMANA-0RIETO ,%(5'52/$,1*(1,(5,$<&216758&&,Ï16$8 (O SURFHVR GH FHUWLILFDFLyQ GH QXHYRV UHDFWRUHV HQ HO 5HLQR 8QLGR *HQHULF 'HVLJQ$VVHVVPHQW *'$ HV \D ELHQ FRQRFLGR$FWXDOPHQWH VH HQFXHQWUD HQ VX IDVH VWHS FXDUWD \ ~OWLPD HQ OD TXH ODV GLYHUVDV iUHDVWpFQLFDVVRQH[DPLQDGDVHQGHWDOOHSRUODDXWRULGDGEULWiQLFDQX FOHDU1XFOHDU,QVSHFWRUDWH,QVWLWXWH1,,\VXVFRQWUDWLVWDV'HQWURGHO *'$ VH KD FRQVWLWXLGR XQ 0XOWLSDUW\$JUHHPHQW HQWUH :HVWLQJKRXVH \ GLYHUVDV HPSUHVDV HOpFWULFDV HXURSHDV TXH GDQ VRSRUWH DO SURFHVR GH FHUWLILFDFLyQGHOUHDFWRU$3GHJHQHUDFLyQ,,,'DGRHOQLYHOGH HVSHFLDOL]DFLyQUHTXHULGR,EHUGUROD*HQHUDFLyQKDUHTXHULGRODSDUWLFL SDFLyQGH,EHUGUROD,QJHQLHUtD\&RQVWUXFFLyQHQHOVHJXLPLHQWRGHODV iUHDVWpFQLFDVVLQSHUGHUSRUHOORVXFRQGLFLyQGH,QWHOOLJHQW&XVWRPHU DOPDQWHQHUHOFRQWURO\FRQRFLPLHQWRGHWRGRHOSURFHVR ,EHUGUROD,QJHQLHUtDKDSDUWLFLSDGRHQQXPHURVDVUHXQLRQHVGH:(& FRQHO1,,UHSRUWDQGRGHELGDPHQWHGHORVSXQWRVIXHUWHV\GpELOHVGH ODV SRVLFLRQHV H[FHVLYDV GHO 1,, \ GH ORV ULHVJRV GH 5HJXODWRW\ ,VVXH 5HJXODWRU\ 2EVHUYDWLRQ R SRVLEOHV H[FOXVLRQHV GHO FHUWLILFDGR FXDQGR VHKDQSUHVHQWDGR 1 ,Ê-*!ÊÃi«ÌiLÀi-ÊÓä£ä £ä£ 6(6,21(67e&1,&$6 (QHVWDSRQHQFLDVHGHVFULEHEUHYHPHQWHHOSURFHVRODViUHDVWpFQLFDV GHTXHFRQVWD\ODVSULQFLSDOHVH[SHULHQFLDVDGTXLULGDVSRU,EHUGUROD,Q JHQLHUtDSRUVXSDUWLFLSDFLyQHQHOSURFHVR 0!0%,$%,!).'%.)%2)!$%,!02/0)%$!$%.,! #/.3425##)/.$%,!3.5%6!35.)$!$%39$% ,!#%.42!,.5#,%!2$%#%2.!6/$!25-!.)! *A%STEBAN:AZO-)6ARAS3$ELAUNEY4#HIRICA !'IURA ,%(5'52/$,1*(1,(5,$<&216758&&,Ï16$8 75$&7(%(/(1*,1((5,1* $0(&18&/($5520$1,$ 6&(1(5*218&/($56$ (O FRQVRUFLR OLGHUDGR SRU 7UDFWHEHO ,QJHQLHULD %pOJLFD \ IRUPDGR SRU ,%(5'52/$ ,QJHQLHULD \ &RQVWUXFFLyQ 6$8 (VSDxD \$0(& 1XFOHDU ,QWHUQDWLRQDO /WG 8. KD VLGR HO JDQDGRU GHO FRQFXUVR LQWHU QDFLRQDOSDUDDFWXDUFRPR,QJHQLHULDGHOD3URSLHGDGGXUDQWHODIDVHGH SUHSUR\HFWR SDUD OD FRQVWUXFFLyQ GH ODV 8QLGDGHV \ UHDFWRUHV GH WHFQRORJtD&$1'8GHODFHQWUDOQXFOHDUGH&HUQDYRGD5XPDQLD (O FRQWUDWR DGMXGLFDGR SRU OD HPSUHVD UXPDQD (QHUJR1XFOHDU (1 IRUPDGDSRUORVDFFLRQLVWDVGHOSUR\HFWRSDUDOOHYDUDFDERHOPLVPR\ TXHDFW~DFRPRSURSLHWDULDGHODVQXHYDVXQLGDGHVWLHQHFRPRREMHWLYR ODUHDOL]DFLyQGHXQDVHULHGHDFWLYLGDGHVDORODUJRGHXQSHULRGRHVWL PDGRGHPiVGHXQDxR/DVSULQFLSDOHVDFWLYLGDGHVDGHVDUUROODUGXUDQWH HVWDIDVHGHSUHSUR\HFWRSRUSDUWHGHOFRQVRUFLRVRQODVVLJXLHQWHV 'HILQLUMXQWRFRQORVDVHVRUHVOHJDOHVGH(1HOSURFHGLPLHQWRGHOLFL WDFLyQGHDPEDVXQLGDGHV 3UHSDUDUOD(VSHFLILFDFLyQ7pFQLFDGH&RPSUDSDUDDPEDVXQLGDGHVDVt FRPRRWURVGRFXPHQWRVWpFQLFRVQHFHVDULRV $SR\DUD(1HQODIDVHGHHYDOXDFLyQGHRIHUWDV 5HYLVDUORVGRFXPHQWRVSUHSDUDGRVSRURWURVSDUWLFLSDQWHVGHOSUR\HFWR \HPLWLUUHFRPHQGDFLRQHVD(1 3URSRUFLRQDUVHUYLFLRVGHFRQVXOWRUtDD(1HQGLYHUVDViUHDV\HVSHFLD OLGDGHV 5HDOL]DUODHYDOXDFLyQGHFRVWHVGHODVGLYHUVDVDFWLYLGDGHVUHODFLRQD GDVFRQHOSUR\HFWR 5HDOL]DUODHYDOXDFLyQGHULHVJRV\UHFRPHQGDUD(1GLIHUHQWHVHVWUDWH JLDVGHJHVWLyQGHULHVJRV $SR\DUD(1HQHOSURFHVRGHLQVSHFFLyQGHODVHVWUXFWXUDVH[LVWHQWHV 7RGDVHVWDVDFWLYLGDGHVHVWiQHQFDPLQDGDVDOFXPSOLPLHQWRGHORVRE MHWLYRVGHHVWDIDVHGHSUHSUR\HFWR &RQVHJXLUXQFRVWH\GHILQLFLyQILQDOGHOSUR\HFWRTXHIDFLOLWHODGHFL VLyQILQDOGHLQYHUVLyQSRUSDUWHGHORVDFFLRQLVWDVGHOSUR\HFWR 5HDOL]DU WRGR HO WUDEDMR WpFQLFR \ FRPHUFLDO QHFHVDULR SDUD DVHJXUDU TXHHOFDOHQGDULRSRVWHULRUDODWRPDGHGHFLVLyQGHLQYHUVLyQSRUSDU WHGHORVDFFLRQLVWDVVHFXPSOH %&&%#43/&!7!4%20//,).!.(4'2#/.&).%-%.4 "%(!6)/525.$%2!.4)#)0!4%$!##)$%.4 #/.$)4)/.3 *&ONTANET,%(ERRANZ!2AMLAKAN..AIDU -3ANYASI &,(0$7 3%053W\/WG £äÓ 1 ,Ê-*!ÊÃi«ÌiLÀi-ÊÓä£ä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³ZHW FRQILQHPHQW´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Ï%#ERVANTES :(67,1*+286((/(&75,&63$,1 7KHFXUUHQW³UHQDLVVDQFH´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²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ÏNEZ!$ELMOTTE-0ALAZUELOS!4ARÓ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¶VQXFOHDUSRZHUSODQW$3 1 ,Ê-*!ÊÃi«ÌiLÀi-ÊÓä£ä £äÎ 6(6,21(67e&1,&$6 3!,! 6IERNESH /0%2!#)». 02%3)$%.4%#ÏSAR#ANDÈS #%.42!,%3.5#,%!2%3!3#»6!.$%,,»3)) 0!.%,%36)245!,%3#/-/(%22!-)%.4!$%-%*/2! $%,%.42%.!-)%.4/ 0!$ÓAZ'IRØN.2IVERO&/RTEGA 7(&1$720 (OXVRGHORVVLPXODGRUHVGHDOFDQFHWRWDOGLVHxDGRVLQLFLDOPHQWHSDUD HOHQWUHQDPLHQWRGHOSHUVRQDOFRQOLFHQFLDGHRSHUDFLyQVHKDH[WHQGLGR FRQGLIHUHQWHLQWHQVLGDGDRWURVJUXSRVFRPRVRQHOSHUVRQDOGHLQJHQLH UtDRLQVWUXPHQWDFLyQ'LVSRQHUGHXQDUpSOLFDILHOGHODVDODGHFRQWURO GH OD LQVWDODFLyQ FRQILHUH DO VLPXODGRU GH XQ YDORU LQGLVFXWLEOH FRPR KHUUDPLHQWDGHHQWUHQDPLHQWR 6LQ HPEDUJR KD\ RWURV FROHFWLYRV GLUHFWDPHQWH YLQFXODGRV FRQ OD RSHUDFLyQFRPRVRQORVDX[LOLDUHVTXHQRUHFLEHQHQWUHQDPLHQWRHQHO VLPXODGRUGHDOFDQFHWRWDODOGHVDUUROODUVXDFWLYLGDGHQSDQHOHVORFDOHV QRXELFDGRVHQODVDODGHFRQWUROSULQFLSDO <DTXHORVSURFHVRV\FRPSRQHQWHVVREUHORVTXHDFW~DXQDX[LOLDUGH RSHUDFLyQHVWiQPRGHODGRVFRQGLVWLQWRJUDGRGHGHWDOOHHQORVVLPXODGR UHVGHDOFDQFHWRWDOVHSXHGHSODQWHDUXQDHVWUDWHJLDGHDSURYHFKDPLHQWR GHHVWRVPRGHORVDOLQWHJUDUORVFRQXQDLQWHUIDVHGHRSHUDFLyQDGHFXDGD SDUDSRVLELOLWDUHOHQWUHQDPLHQWRGHHVWHJUXSRWDQWRHQHOSURFHVRFRPR HQODVKDELOLGDGHVGHRSHUDFLyQQHFHVDULDV +DVWD OD IHFKD ORV DQiOLVLV FRVWHEHQHILFLR UHDOL]DGRV SDUD HYDOXDU OD XWLOL]DFLyQ GH SDQHOHV ORFDOHV UpSOLFD GH OD LQVWDODFLyQ FRPR KHUUDPLHQWD GHHQWUHQDPLHQWRQRKDQUHVXOWDGRIDYRUHFHGRUHVDVXLQFRUSRUDFLyQVLQ HPEDUJR ORV DYDQFHV WHFQROyJLFRV \ OD H[SHULHQFLD GLUHFWD GH7HFQDWRP HQRWURVVHFWRUHVLQGXVWULDOHVSHUPLWHSODQWHDUVROXFLRQHVGHDOWRJUDGRGH HILFDFLDFRPRVRQODXWLOL]DFLyQGHSDQHOHVYLUWXDOHVDHVFDODUHDOVRSRUWD GRVSRUVLVWHPDVYLVXDOHVEDVDGRVHQSDQWDOODVGHJUDQGHVGLPHQVLRQHV /D H[SHULHQFLD FRQVROLGDGD HQ XQD PHWRGRORJtD HVSHFtILFD GH GLVH xR KD GHPRVWUDGR TXH OD XWLOL]DFLyQ GH SDQHOHV YLUWXDOHV LQWHUDFWLYRV LQWHJUDGRV FRQ PRGHORV GLQiPLFRV GH VLPXODFLyQ 6LPXODGRU 9LUWXDO ,QWHUDFWLYRSURSRUFLRQDLPSRUWDQWHVPHMRUDVHQHOHQWUHQDPLHQWRGHXQ FROHFWLYRTXHHQODDFWXDOLGDGQRGLVSRQHGHXQDKHUUDPLHQWDHVSHFtILFD (O GLVHxR GH HVFHQDULRV FRPSOHMRV FRPELQDQGR OD QHFHVLGDG GH OD RSHUDFLyQGHVGHODVDODGHFRQWURO\GHSDQHOHVORFDOHVGHIRUPDFRQMXQWD DPSOLDUtDD~QPiVODSRWHQFLDOLGDGGHHVWRVVLVWHPDV #//2$).!$/2*OSÏ,UIS$ELGADO 4%#.!4/- (QODLQGXVWULDQXFOHDUVHKDOOHYDGRDFDERGXUDQWHORV~OWLPRVDxRV XQSURFHVRGHPRGHUQL]DFLyQFRQHOREMHWLYRGHDSURYHFKDUODVYHQWDMDV GHODVQXHYDVWHFQRORJtDV(QODVVDODVGHFRQWUROGHFHQWUDOHVQXFOHDUHV PRGHUQDV VH HVWiQ HPSH]DQGR D XWLOL]DU VLVWHPDV GH FRQWURO GLJLWDO HQ ODV TXH ORV FRQWUROHV FRQYHQFLRQDOHV SXOVDGRUHV PDQHWDV HWF VH VXVWLWX\HQ SRU FRQWUROHV VRIWZDUH SUHVHQWDGRV DO RSHUDGRU PHGLDQWHV SDQWDOODVGHRSHUDFLyQ /RVPRGHUQRVVLVWHPDVGHFRQWUROGLJLWDOSHUPLWHQWUDQVPLWLUPXFKDV PiVVHxDOHVDODVDODGHFRQWUROTXHORVFRQWUROHVFDEOHDGRV7RGDVHVWDV VHxDOHVSURSRUFLRQDQLQIRUPDFLyQTXHVHXVDUiHQEHQHILFLRGHODVHJX ULGDG\ODILDELOLGDGGHODSODQWDSXHVFRQHOODHORSHUDGRUVHUiFDSD]GH GHWHFWDUPDOIXQFLRQHVGLDJQRVWLFDUDFFLGHQWHV\HYLWDUHQPD\RUPHGLGD PXFKRVIDOORVKXPDQRVGHULYDGRVSUHFLVDPHQWHGHODIDOWDGHLQIRUPD FLyQ 'HVGH HO SXQWR GH YLVWD GH OD ,QJHQLHUtD GH )DFWRUHV +XPDQRV KD\ TXHWHQHUHQFXHQWDTXHWDQSRFRGHVHDEOHHVHOH[FHVRGHLQIRUPDFLyQ FRPRODIDOWDGHHOODSXHVHORSHUDGRUSXHGHYHUVHDEUXPDGR\QRVHU FDSD] GH GLVFULPLQDU OR HVHQFLDO GH OR VXSHUIOXR GXUDQWH ORV LQVWDQWHV PiVFUtWLFRVGHODRSHUDFLyQ6HOHFFLRQDU\SUHVHQWDUDGHFXDGDPHQWHOD LQIRUPDFLyQUHOHYDQWHHQFDGDVLWXDFLyQGHSODQWDHVXQUHWRLPSRUWDQWH HQHOGLVHxRGHGLVSOD\V /RVGLVSOD\VGHDOWRQLYHO+/'VHQVXVVLJODVHQLQJOpVFRPSOHPHQ WDQDORVHVSHFtILFRVGHVLVWHPDV\DTXHSUHVHQWDQWRGDODLQIRUPDFLyQ QHFHVDULD SDUD WHQHU XQD YLVLyQ GH FRQMXQWR GH WRGD R XQD SDUWH GH OD SODQWD&RQHVWRVGRVJUXSRVGHGLVSOD\VGHRSHUDFLyQHORSHUDGRUWLHQH DVXDOFDQFHWDQWRODLQIRUPDFLyQGHGHWDOOHGHFDGDVLVWHPDFRPRDTXp OODHVWULFWDPHQWHQHFHVDULDSDUDVHJXLUXQSURFHGLPLHQWRRPRQLWRUL]DUHO HVWDGRJHQHUDOGHODFHQWUDO /RV +/'V SXHGHQ FODVLILFDUVH GH IRUPD JHQHUDO HQ GLVSOD\V SDUD VHJXLPLHQWR GH SURFHGLPLHQWRV JHQHUDOHV \ GH HPHUJHQFLD SDUD PRQL WRUL]DFLyQJOREDO\SDUDPDQWHQLPLHQWR(OREMHWLYRGHHVWDSRQHQFLDHV H[SOLFDUODPHWRGRORJtDHVSHFtILFDSDUDHOGLVHxRGH+/'VEDVDGDHQOD ,QJHQLHUtDGH)DFWRUHV+XPDQRV %6!,5!#)».$%0²2$)$!3$%2%.$)-)%.4/ !"ARAZA ,%(5'52/$*(1(5$&,Ï1 $)3%º/$%$)30,!93$%!,4/.)6%,0!2!/0%2!#)». %.3!,!3$%#/.42/,#/-054!2):!$!3 (-ARTÓNEZ0INNA,2EJAS*'ILABERT&/RTEGA 7(&1$720 £ä{ 1 ,Ê-*!ÊÃi«ÌiLÀi-ÊÓä£ä (VWDSRQHQFLDH[SRQHHOSURFHVRTXHVHVLJXHHQ&1&RIUHQWHVGHQ WUR GHO *UXSR GH 5HQGLPLHQWR \ 5HVXOWDGRV SDUD GHWHUPLQDU SpUGLGDV GHUHQGLPLHQWRHQODSODQWDLQIHULRUHVDOGHSRWHQFLDHOpFWULFD(VWH WLSRGHGHSpUGLGDVVRQPX\GLItFLOHVGHGHWHFWDU\FXDQWLILFDUGHELGRD ODJUDQFDQWLGDGGHFDXVDVTXHODVSXHGHQSURYRFDU\TXHQRUPDOPHQWH DFW~DQGHIRUPDVLPXOWiQHD 3URJUDPD\6LQRSVLVGHODV3RQHQFLDV (OPpWRGRXWLOL]DGRFRQVLVWHHQFDOFXODUPHGLDQWHEDODQFHVWpUPLFRV ODVSpUGLGDVTXHVHSURGXFHQHQORVHTXLSRVGLUHFWDPHQWHLPSOLFDGRVHQ HOUHQGLPLHQWRSRUQRHVWDUIXQFLRQDQGRHQORVYDORUHVWHyULFRV(VWRV FiOFXORVVHUHDOL]DQSDUDYDULRVQLYHOHVGHSRWHQFLD\FRQORVUHVXOWDGRV REWHQLGRVVHUHDOL]DQODVFXUYDVWHyULFDVTXHSRVWHULRUPHQWHVHXWLOL]DQ SDUDFDOFXODUODVGHVYLDFLRQHV (Q SURFHVR VH LQLFLD FDOFXODQGR OD SRWHQFLD HOpFWULFD WHyULFD SDUD OD SRWHQFLDWpUPLFDPHGLGDSRVWHULRUPHQWHVHFDOFXODQWRGDVODVSpUGLGDV SRVLWLYDV \ QHJDWLYDV JDQDQFLDV TXH VH RULJLQDQ SRU ORV VLJXLHQWHV SDUiPHWURVWHPSHUDWXUDGHDJXDGHFLUFXODFLyQSUHVLyQPHGLDGHOFRQ GHQVDGRUSUHVLyQGHYDSRUSULQFLSDO77'HQD\DHWDSDVGH065¶V HILFLHQFLDGHORVVHSDUDGRUHVGHKXPHGDG77'¶V\'&$¶VGHORVFDOHQ WDGRUHVGHDJXDGHDOLPHQWDFLyQ\SRWHQFLDUHDFWLYD 6XPDQGRODSRWHQFLDHOpFWULFDWHyULFD\ODVJDQDQFLDVGHSRWHQFLD\ UHVWiQGROHODVXPDGHODSRWHQFLDHOpFWULFDUHDO\ODVSpUGLGDVMXVWLILFD GDV VH REWLHQH HO SDUiPHWUR TXH GHQRPLQDPRV ³3pUGLGD 1R -XVWLILFDGD 7RWDO´ TXH GHWHFWD GH IRUPD LQPHGLDWD FXDOTXLHU SpUGLGD GH SRWHQFLD HOpFWULFDTXHQRHVWpFXDQWLILFDGD\DVLJQDGDDDOJXQRGHORVSDUiPHWURV DQWHULRUHV (OSURFHVRDQWHULRUGHFiOFXORVHUHDOL]DFDGDPLQXWRVGHIRUPDDX WRPiWLFDSXGLpQGRVHYHUGHIRUPDJUDILFDODLPSRUWDQFLDGHFDGDSpUGL GDVREUHHOWRWDO7RGRVORVGDWRVTXHGDQDOPDFHQDGRVSDUDVXSRVWHULRU DQiOLVLVPHGLDQWHWHQGHQFLDV 506!0/2!0,)#!#)».).&/2-«4)#!0!2!%, !.«,)3)3$%2%35,4!$/3$%02/$5##)».%. #%.42!,.5#,%!2#/&2%.4%3 -*0ALOMO,"UCHØ",ØPEZ,ØPEZ!"ARAZA *)6AQUER 81,9(532/,7e&1,&$'(9$/(1&,$ ,%(5'52/$*(1(5$&,Ï1 7,7$1,$6(59,&,267(&12/Ï*,&266/ /DDSOLFDFLyQ839DSRUHVXQVRIWZDUHGHVDUUROODGRSDUDHO*UXSRGH 5HVXOWDGRVGH&1&RIUHQWHV(VSDxD6HWUDWDGHXQHQWRUQRJUiILFRGH DQiOLVLVHQHOTXHHOXVXDULRWLHQHGLVSRQLEOHVPXFKDVGHODVYDULDEOHVGH SODQWD UHJLVWUDGDV HQ HO &RPSXWDGRU GH 3URFHVRV GH &1& 6,(& SDUD FRQILJXUDUORVJUiILFRVTXHFRQVLGHUHRSRUWXQRV 3DUDHOORGLVSRQHGHWRGDXQDVHULHGHKHUUDPLHQWDVJUiILFDVDYDQ]DGDV TXHVLPSOLILFDQHOWUDEDMRDVtFRPRXQHQWRUQRDPLJDEOH\IiFLOGHXWLOL]DU \FRQPXFKDVSRVLELOLGDGHVGHFRQILJXUDFLyQ/DVYDULDEOHVHVWiQLGHQWLIL FDGDVGHOPLVPRPRGRHQTXHORHVWiQHQHOFRPSXWDGRU6,(&\ORVYDOR UHVVHFDUJDQGHVGHpODWUDYpVGHODVXQLGDGHVGHODUHGFRUSRUDWLYD (QODDSOLFDFLyQVHSXHGHQJHQHUDUGRVWLSRVGHJUiILFR*UiILFRVGH HYROXFLyQ\*UiILFRV;< /RVSULPHURVVLUYHQSDUDDQDOL]DUODHYROXFLyQGHKDVWDYHLQWHYDULD EOHVHQXQSHULRGRGHWLHPSRTXHHOXVXDULRGHILQH\VHJ~QHOKLVWyULFR GHSODQWD'LVSRQHGHKHUUDPLHQWDVSDUDGHVSOD]DUVHHQHOWLHPSRFXUVR UHVFRQILJXUDFLyQJUiILFDPHGLDVPyYLOHVYLVXDOL]DFLyQVLQRGHGDWRV QRYDOLGRV$GHPiVVLHOXVXDULRFRQVLGHUDTXHHVWHPLVPRDQiOLVLVVH YD D UHDOL]DU HQ RWUDV RFDVLRQHV SXHGH JXDUGDU OD FRQILJXUDFLyQ FRPR XQD3UHVHOHFFLyQ (QORVJUiILFRV;<VHDQDOL]DHOYDORUGHXQDYDULDEOHIUHQWHDRWUDHQ HOSHULRGRGHWLHPSRGHILQLGR&RPRRSFLyQVHSXHGHQILOWUDUORVGDWRV DQWHULRUHV FRQGLFLRQiQGRORV D TXH HO YDORU GH RWUD YDULDEOH HVWH GHQWUR GH XQ FLHUWR UDQJR SXGLpQGRVH SURJUDPDU KDVWD FLQFR ILOWURV$O LJXDO TXHHQHODQWHULRUH[LVWHQPXFKDVRSFLRQHVGHFRQILJXUDFLyQLPSUHVLyQ \JUDEDFLyQ &RQ HVWD DSOLFDFLyQ ORV DQDOLVWDV GH GDWRV DKRUUDQ PXFKR WLHPSR HQ VXWUDEDMR\SXHVWRTXHHVGHIiFLOXWLOL]DFLyQSHUPLWHDRWURVXVXDULRV KDFHUVXVSURSLRVDQiOLVLVVLQWHQHUTXHUHFXUULUDORVDQDOLVWDV$GHPiV VHSXHGHXWLOL]DUGHVGHFXDOTXLHUFHQWURTXHWHQJDDFFHVRDODVXQLGDGHV GHUHG %,.5%6/0%2&),$%,).3425#4/2$%/0%2!#)». !*-ORUNO 7(&1$720 (OLQVWUXFWRUGHVHPSHxDXQSDSHOLPSRUWDQWHHQODH[SORWDFLyQGHODV FHQWUDOHVQXFOHDUHVSDUWLFLSDQGRHQODIRUPDFLyQLQLFLDOFRPRHOSULQFL SDOYHKtFXORGHWUDQVPLVLyQGHQXHYRVFRQRFLPLHQWRV\MXJDQGRHOUROGH IDFLOLWDGRUHQORVSURFHVRVGHUHHQWUHQDPLHQWR (Q HO iUHD GH 2SHUDFLyQ 7HFQDWRP KD YHQLGR SUHVWDQGR HVWRV VHU YLFLRV GHVGH SULPHUR FRQ XQ Q~PHUR UHGXFLGR \ FHQWUDOL]DGR GH LQVWUXFWRUHV\UHFLHQWHPHQWHFRQXQPD\RUQ~PHUR\HVSHFLDOL]DGRVHQ ODVFDUDFWHUtVWLFDVSURSLDVGHFDGDXQDGHODVFHQWUDOHV 7DPELpQ HQ HVWH WLHPSR KD HYROXFLRQDGR HO SHUILO GHO LQVWUXFWRU 6LQ SHUGHUORVFRQRFLPLHQWRVWpFQLFRVIXQGDPHQWDOHVDVRFLDGRVDORVSXHVWRV GH2SHUDFLyQVHKDQLGRLQFRUSRUDQGRiUHDVGHOFRQRFLPLHQWRDVRFLDGDV DODSURIHVLyQGHLQVWUXFWRU\RWUDVDVRFLDGDVDODHYROXFLyQGHOSXHVWRGH 2SHUDGRU6XSHUYLVRUGH6DODR-HIHGH7XUQR 6HKDQLQFRUSRUDGRWpFQLFDVGHIRUPDFLyQGHIRUPDGRUHVSDUDDSOLFD FLyQHQ$XOD2-7\6LPXODGRU\WpFQLFDVGHHYDOXDFLyQ\REVHUYDFLyQ 7DPELpQ VH KDQ LQFRUSRUDGR WpFQLFDV GH SUHYHQFLyQ GHO HUURU WRPD GH GHFLVLRQHVFRQVHUYDGRUDVHWF 7UDVHOWUDEDMRGH,132HQ(VSDxDHOSDVDGRDxRGRQGHVHHYDOXyHO HVWDGRGHODIRUPDFLyQHQFRPSDUDFLyQFRQORVHVWiQGDUHVGHVXPRGHOR GH$FUHGLWDFLyQ86$7HFQDWRPKDUHDOL]DGRXQWUDEDMRGHDQiOLVLVSDUD GHWHUPLQDUHOQXHYRSHUILOGHOLQVWUXFWRUTXHVHDGDSWHDHVWHPRGHOR(O UHVXOWDGR GH HVWH DQiOLVLV VH H[SOLFD GHWDOODGDPHQWH HQ OD SRQHQFLD /D DSRUWDFLyQ GHO QXHYR SURJUDPD GH IRUPDFLyQ GHO LQVWUXFWRU FRQWULEXLUi DODLPSODQWDFLyQGHODVPHMRUHVPHWRGRORJtDV\WpFQLFDVGHIRUPDFLyQD ODH[SORWDFLyQGHODVFHQWUDOHVHVSDxRODV (OSURJUDPDLQFOX\HQXHYRVPyGXORVWDQWRHQODViUHDVWpFQLFDVFRPR HQODVGHPHWRGRORJtD\FRQGXFWXDOHV'RWDDORVLQVWUXFWRUHVGHXQDYL VLyQJOREDOGHVXSDSHOHQODIRUPDFLyQ\OHFRPSOHPHQWDFRQXQDH[SH ULHQFLDUHDOHQSODQWDSDUDXQDPHMRUFRPSUHQVLyQGHODVFLUFXQVWDQFLDV GHORVDOXPQRV\SURIHVLRQDOHVTXHFRQGLFLRQDQVXGHVHPSHxRGLDULR 54),):!#)».$%,-/.)4/23-!2460!2!%, #«,#5,/$%%34!"),)$!$$%5.2%!#4/2$%!'5! %.%"5,,)#)». -%-ONTESINO*,-U×OZ#OBO#'ONZÈLEZ!%SCRIVÈ #,ORA*-ELARA-!LBENDEA 81,9(532/,7e&1,&$'(9$/(1&,$ ,%(5'52/$,1*(1,(5Ë$<&216758&&,Ï1 ,%(5'52/$*(1(5$&,Ï1 /DHVWDELOLGDGGHORVUHDFWRUHVQXFOHDUHVHVGHJUDQLPSRUWDQFLDHQHO DUUDQTXH \ SDUDGD GH ORV UHDFWRUHV QXFOHDUHV GH DJXD HQ HEXOOLFLyQ \D TXHHQHVWRVVLWXDFLRQHVVHWUDEDMDQHQFRQGLFLRQHVGHFDXGDO\SRWHQFLD FHUFDQRVDOD]RQDLQHVWDEOH 3RUHVWHPRWLYRHO*UXSRGH7HUPRKLGUiXOLFDH,QJHQLHUtD1XFOHDUGH 839MXQWRFRQHO*UXSR,%(5'52/$OOHYDQYDULRVDxRVGHVDUUROODQ 1 ,Ê-*!ÊÃi«ÌiLÀi-ÊÓä£ä £äx 6(6,21(67e&1,&$6 GRXQPRQLWRUSDUDDQDOL]DUODHVWDELOLGDGGHORVUHDFWRUHVQXFOHDUHVGH DJXDHQHEXOOLFLyQHQSDUWLFXODUVHHVWiGLVHxDQGRSDUDVXXWLOL]DFLyQHQ ODFHQWUDOQXFOHDUGH&RIUHQWHV (O SURFHVR GH REWHQFLyQ GH ORV SDUiPHWURV GH HVWDELOLGDG FRQVWD GH GRV SDVRV IXQGDPHQWDOHV 8Q DFRQGLFLRQDPLHQWR LQLFLDO GH OD VHxDO R SUHSURFHVDPLHQWR FRPSUREDQGR VL OD VHxDO HV HVWDFLRQDULD HOLPLQDQGR ODVIUHFXHQFLDVIXHUDGHOUDQJRGHLQWHUpV(OVHJXQGRSDVRFRQVLVWHHQHO FiOFXORGHORVSDUiPHWURVGHHVWDELOLGDG (O 60$57 9 REWLHQH GH ORV GHWHFWRUHV QHXWUyQLFRV /350 \ $350 ODV VHxDOHV XVDGDV SDUD FDOFXODU OD UD]yQ GH DPRUWLJXDPLHQWR '5\ODIUHFXHQFLDGHRVFLODFLyQGRVGHORVSDUiPHWURVTXHGHILQHQOD HVWDELOLGDGGHOUHDFWRUGLVSRQHGHYDULRVPpWRGRVSDUDFDOFXODUHVWRVSD UiPHWURVWUHVEDVDGRVHQOD)XQFLyQGH$XWR&RUUHODFLyQ\GRVEDVDGRV HQPpWRGRV$XWR5HJUHVLYRV 3DUDSRGHUXWLOL]DUHVWH0RQLWRUHQXQD&HQWUDO1XFOHDUHVQHFHVDULR FRPSUREDU \ YDOLGDU HO 0RQLWRU XWLOL]DQGR VHxDOHV SURYHQLHQWHV GH ORV GHWHFWRUHVQHXWUyQLFRV\FRPSDUDQGRQXHVWURVUHVXOWDGRVFRQORVREWHQL GRVFRQRWURPRQLWRU&RVPRV\FRQORVUHVXOWDGRVGHVHxDOHVVLQWpWLFDV FX\D'5VHFRQRFHGHDQWHPDQR 'HVSXpVGHODQiOLVLVFRPSDUDWLYRUHDOL]DGRSRGHPRVFRQFOXLUGLFLHQ GRTXHHOPRQLWRU60$57HVXQDKHUUDPLHQWDYiOLGDSDUDHODQiOLVLVGH ODHVWDELOLGDGHQUHDFWRUHVGHDJXDHQHEXOOLFLyQ %,&!#4/2(5-!./%./0%2!#)».,!!.4)#)0!#)». #/-//"*%4)6/ 2#AMPOS ,%(5'52/$&1&2)5(17(6 (ODQiOLVLVJOREDOGHORV~OWLPRVHYHQWRVUHOHYDQWHVDFRQWHFLGRVHQODV FHQWUDOHV QXFOHDUHV HVSDxRODV XQLGR D ORV UHTXHULPLHQWRV \ H[LJHQFLDV FDGDYH]FRQPHQRUHVPiUJHQHVGHPDQLREUDTXHVHLPSRQHQHQHOVHF WRU1XFOHDUPXHVWUDQDOD$QWLFLSDFLyQFRPRXQDKHUUDPLHQWDQHFHVDULD SDUD JDUDQWL]DU XQD PHMRU \ PiV IOH[LEOH RSHUDFLyQ GH OD &HQWUDO (VWD $QWLFLSDFLyQGHEHLQLFLDUVHHQOD2SHUDFLyQGLDULDGHODSODQWD\WUDVOD GDUVHDWRGDVODVVHFFLRQHV\XQLGDGHVGHOD&HQWUDOFRQYLUWLpQGRVHSRU WDQWRFRPRUHIHUHQWHGHODIRUPDGHKDFHUGHODVRUJDQL]DFLRQHVWDQWRD FRUWRSOD]RFRPRDODUJRSOD]R (QHIHFWRHQHODQiOLVLVDSRVWHULRULGHPXFKRVHYHQWRVVHKDQDSUH FLDGRODH[LVWHQFLDSUHYLDGHUHJLVWURV\WHQGHQFLDVLQGLFDWLYDVGHODSUH VHQFLDGHSRWHQFLDOHVDQRPDOtDV/DDQWLFLSDFLyQHQHVWDVWHQGHQFLDVHV IDFWRUFODYHSDUDDERUGDUORVSUREOHPDVDQWHVGHTXHOOHJXHQDSUHVHQWDU VHDVtPLVPRSXHGHQFRQYHUWLUVHHQLQLFLDGRUHVHQODWRPDGHGHFLVLyQD ODKRUDGHDFRPHWHUFDPELRVGHSUR\HFWRGHVWLQDUUHFXUVRV\HQGHILQLWL YDLQIOXLUHQODJHVWLyQGHODRSHUDFLyQ\ILQDOPHQWHGHODSODQWD 7UDGLFLRQDOPHQWH 2SHUDFLyQ KD VLGR HQWUHQDGD HQ OD YLJLODQFLD GH SDUiPHWURV\HQODDFWXDFLyQIUHQWHDODVDODUPDV(OSDUiPHWURGHULYD SURYRFDODDSDULFLyQGHODDODUPDDOOOHJDUDOWDUDGRFRUUHVSRQGLHQWHVH FRPXQLFD FRQILUPD \ VH DFW~D PDUJHQ GH DFWXDFLyQ TXH VH EDVD HQ HO LQWHUYDORHQWUHHOSURSLRWDUDGRGHODDODUPDIUHQWHDOYDORUFUtWLFRRHO YDORUOtPLWH(VWDVDFWXDFLRQHVVRQHQWUHQDGDVHLQFOXVRODFRPXQLFDFLyQ \ HO IDFWRU KXPDQR HV SRWHQFLDGD FRPR XQ YDORU \D QR DxDGLGR VLQR H[LJLGRSRUHORUJDQLVPRUHJXODGRUHQODIRUPDFLyQEiVLFDGHORSHUDGRU \GHOVXSHUYLVRU6LQHPEDUJRODFODYHGHODDQWLFLSDFLyQHVQRHVSHUDU D OD DODUPD VLQR DFWXDU DQWHV IRPHQWDQGR OD E~VTXHGD GH OD WHQGHQFLD FDPELDQWHXVRGHKHUUDPLHQWDVGHJHVWLyQDQiOLVLV\VHJXLPLHQWRGHODV PLVPDV DVt FRPR EXVFDU SULRUL]DFLRQHV GH RSHUDFLyQ PDQWHQLPLHQWR H LQJHQLHUtD DO UHVSHFWR$QWLFLSDFLyQ TXH WDPELpQ GHEH HQWUHQDUVH \ IRPHQWDUVH £äÈ 1 ,Ê-*!ÊÃi«ÌiLÀi-ÊÓä£ä -%*/2!$%,!/0%2!#)».$%,!#.,6! #/.3%#5%.#)!$%,!)-0,!.4!#)».$%5..5%6/ 3)34%-!$%#/.42/,$)')4!,%,%#42».)#/$% 452"/'250/9&)%,$"53%.#!,%.4!$/2%3$%!! )0RIETO$$OMINGUEZ-'ARCÓA($OMINGUEZ ,%(5'52/$,1*(1,(5Ë$<&216758&&,Ï16$8 (QPDUFDGRHQHOSUR\HFWRGH$XPHQWRGH3RWHQFLD([WHQGLGD\0R GHUQL]DFLyQGHOD&1/DJXQD9HUGHHQ0p[LFRVHKDQPRGLILFDGRYDULRV GHORVVLVWHPDVGHO%23(QWUHHVWDVPRGLILFDFLRQHVODVTXHKDQVXSXHV WRXQPD\RUFDPELRGHVGHHOSXQWRGHYLVWDGHRSHUDFLyQKDQVLGR /DVXVWLWXFLyQGHORVVLVWHPDVDQDOyJLFRVGHFRQWUROGHODWXUELQD\JH QHUDGRUSRUXQVLVWHPDHOHFWUyQLFRGLJLWDOGH~OWLPDJHQHUDFLyQSDUD HOFRQWURO\SURWHFFLyQGHOWXUERJHQHUDGRU /D VXVWLWXFLyQ GHO VLVWHPD GH FRQWURO ORFDO QHXPiWLFR GH GUHQDMH GH FDOHQWDGRUHVGHDJXDGHDOLPHQWDFLyQSRUXQVLVWHPDGHFRQWUROGLJLWDO )LHOGEXVVLWXDGRHQFXDUWRGHFRQWURO /DPRGHUQL]DFLyQDODWHFQRORJtDGLJLWDOSHUPLWHDORSHUDGRUREWHQHU XQDPHMRUYLVLyQGHFRQMXQWRGHOVLVWHPDHQWLHPSRUHDODSRUWDQGRPD \RULQIRUPDFLyQ\FDSDFLGDGGHDQiOLVLVSDUDODWRPDGHGHFLVLRQHV ,JXDOPHQWH OD WHFQRORJtD GLJLWDO DSRUWD PD\RU IOH[LELOLGDG DO SHUVR QDO GH SODQWD SDUD LQFRUSRUDU OD H[SHULHQFLD RSHUDWLYD D ORV VLVWHPDV 5HVXOWDQGRPiVDFFHVLEOHODFRQILJXUDFLyQGHORVGLIHUHQWHVSDUiPHWURV RSHUDWLYRV /DVXVWLWXFLyQGHHVWRVHOHPHQWRVKDVXSXHVWRXQFDPELRHQODPHQWD OLGDG\ORVKiELWRVGHORVRSHUDGRUHVVLQHPEDUJRODVYHQWDMDVGHVGHHO SXQWRGHYLVWDRSHUDWLYRGHPDQWHQLPLHQWR\GHFDSDFLGDGGHLQFRUSR UDFLyQGHODH[SHULHQFLDRSHUDWLYDFXEUHDPSOLDPHQWHORVSRVLEOHVLQFRQ YHQLHQWHVDVRFLDGRVDODPRGHUQL]DFLyQ (!#)!,!33!,6!'5!2$)!3).4%'2!$!3%.%30!º! !35.4/3-«32%,%6!.4%3)$%.4)&)#!$/3$52!.4% ,!)-0,!.4!#)».$%,.5%6/2²')-%.%.*5:"!$/ »:URRØN#IFUENTES-,-ERINO (186$,1'8675,$6$9$1=$'$66$ (OFRQWUROGHVDOYDJXDUGLDVVHDSOLFDDQLYHOPXQGLDOSRUHO2UJDQLV PR,QWHUQDFLRQDOGHOD(QHUJtD$WyPLFD2,($\WLHQHFRPRREMHWLYR YHULILFDU TXH ORV (VWDGRV XWLOL]DQ OD HQHUJtD QXFOHDU ~QLFDPHQWH FRQ ILQHVSDFtILFRV3RURWUDSDUWHOD&RPLVLyQ(XURSHDWLHQHVXSURSLRVLV WHPDGHVDOYDJXDUGLDVGLULJLGRDJDUDQWL]DUTXHORVXVXDULRVQRGHVYtDQ ORV PDWHULDOHV QXFOHDUHV KDFLD ILQHV GLVWLQWRV GH DTXHOORV SDUD ORV TXH HVWiQGHVWLQDGRV3RUORWDQWRORVRSHUDGRUHVQXFOHDUHVGHOD8(HVWiQ VRPHWLGRVDOHVFUXWLQLRGHGRVRUJDQLVPRVGHLQVSHFFLyQFRQGLIHUHQWHV REMHWLYRV3DUDKDFHUIUHQWHDODSUREOHPiWLFDGHULYDGDGHHVWDGXDOLGDG HOFRQWUROGHVDOYDJXDUGLDVHQOD8(VHOOHYDDFDERPHGLDQWHXQDFXHUGR GH FRODERUDFLyQ FRQMXQWD (85$7202,($ GLVHxDGR SDUD PLQLPL]DU ODFDUJDVREUHORVRSHUDGRUHVDOWLHPSRTXHJDUDQWL]DTXHDPERVRUJD QLVPRVGHLQVSHFFLyQVRQFDSDFHVGHFXPSOLUORVREMHWLYRVGHULYDGRVGH VXV UHVSHFWLYRV UHJtPHQHV GH VDOYDJXDUGLDV 1R REVWDQWH OD DSOLFDFLyQ GHOFRQWUROGHVDOYDJXDUGLDVKDHYROXFLRQDGRHQRUPHPHQWHGHVGH KDVWDQXHVWURVGtDVORTXHLPSOLFDXQHVIXHU]RFRQWLQXRSDUDDGDSWDUORV DFXHUGRVGHFRODERUDFLyQHQWUH(XUDWRP\2,($DOHVWDGRGHODWHFQROR JtDVLQFDUJDH[FHVLYDSDUDORVRSHUDGRUHVQXFOHDUHV(QHVWHFRQWH[WR HOFRQFHSWRGH6DOYDJXDUGLDV,QWHJUDGDV6,SXHGHHQWHQGHUVHFRPROD 3URJUDPD\6LQRSVLVGHODV3RQHQFLDV ~OWLPD HYROXFLyQ GHO FRQWURO GH VDOYDJXDUGLDV GHO 2,($ /DV 6, LQWUR GXFHQ QXHYRV IDFWRUHV FODYH SDUD RIUHFHU JDUDQWtDV FUHtEOHV WDQWR VREUH OD QR GHVYLDFLyQ GH PDWHULDOHV QXFOHDUHV GH ODV DFWLYLGDGHV GHFODUDGDV SRUXQ(VWDGRFRPRVREUHODDXVHQFLDGHPDWHULDOQXFOHDU\DFWLYLGDGHV QRGHFODUDGDVHQHO(VWDGRHQVXFRQMXQWR/DDGDSWDFLyQGHORV(VWDGRV 0LHPEURV GH OD 8( D HVWH QXHYR UpJLPHQ DFDED GH ILQDOL]DU D SULQFL SLRVGH6LQHPEDUJRHOFDPLQRQRVLHPSUHKDVLGRUHFWR\IiFLO GHELGRHQJUDQPHGLGDDOFDUiFWHUPXOWLODWHUDOGHODVQHJRFLDFLRQHV(Q SDUWLFXODU ODV QHJRFLDFLRQHV HQ (VSDxD FRPHQ]DURQ HQ \ WHUPL QDURQ D ILQDOHV GH 8Q HMHPSOR HV HO$FXHUGR (VSHFtILFR SDUD OD )iEULFDGH-X]EDGRTXHHQWUyHQYLJRUHQVHSWLHPEUHGH\ULJHOD LPSOHPHQWDFLyQGHODV6,HQODSODQWDGH-X]EDGR(VWHDUWtFXORGHVFULEH EUHYHPHQWHODHYROXFLyQGHOFRQWUROGHVDOYDJXDUGLDVGXUDQWHODV~OWLPDV GpFDGDV\ODVFXHVWLRQHVPiVUHOHYDQWHVTXHVHLGHQWLILFDURQGXUDQWHODV QHJRFLDFLRQHV SDUD OD LPSODQWDFLyQ GH ODV 6DOYDJXDUGLDV ,QWHJUDGDV HQ (VSDxDDVtFRPRODVFDUDFWHUtVWLFDVSULQFLSDOHVGHOHQIRTXHDSOLFDGRDOD SODQWDGH-X]EDGR ).&,5%.#)!$%,02/#%$)-)%.4/$%/0%2!#)».$%, 3)34%-!%,²#42)#/0/%.%,$)3%º/$%,.5%6/ !,4%2.!$/2$%#.!,-!2!: *!NTOLÓN-'ARCÓA'ARRALDA (035(6$5,26$*583$'26$,( &&11$/0$5$=75,//2 /RV$OWHUQDGRUHV GH OD &HQWUDO 1XFOHDU GH$OPDUD] IXHURQ GLVHxDGRV FRQXQDVFDUDFWHUtVWLFDVQRPLQDOHVGH09$DXQFRVq HTXLYD OHQWHVD0:/RVVXFHVLYRVDXPHQWRVGHSRWHQFLDPHFiQLFDUHDOL]D GRVHQODSODQWDQXFOHDUKDQSURYRFDGRODUHGXFFLyQGHORVPiUJHQHVGH RSHUDFLyQGHORVDOWHUQDGRUHVOLPLWDQGRODFDSDFLGDGGHDEVRUFLyQ\JHQH UDFLyQGHHQHUJtDUHDFWLYD(VWDVLWXDFLyQKDREOLJDGRDWUDEDMDUDORVDO WHUQDGRUHVHQYDORUHVGHFRVijFHUFDQRVDDXPHQWDQGRHOFDOHQWDPLHQWR GHODVERELQDV\GHOH[WUHPRGHOSDTXHWHGHFKDSDDFRUWDQGRVXYLGD~WLO &RQ PRWLYR GH UHQRYDU ORV DOWHUQDGRUHV SDUD DVHJXUDU OD SURGXFFLyQ GHHQHUJtD\UHFXSHUDUORVPiUJHQHVGHRSHUDFLyQWHQLHQGRHQFXHQWDXQ QXHYR DXPHQWR GH SRWHQFLD WpUPLFD GH XQ VH KD SURGXFLGR XQD PRGLILFDFLyQ GHO VLVWHPD GH JHQHUDFLyQ HOpFWULFD (VWD PRGLILFDFLyQ HQPDUFDGDHQORVSUR\HFWRV5(*(1$/)$KDFRQVLVWLGRHQHOFDPELR GH ORV DOWHUQDGRUHV SRU XQRV VHPHMDQWHV D ORV DFWXDOHV SHUR GH 09$GHSRWHQFLDPi[LPDD+]IDFWRUGHSRWHQFLD\N9 $GHPiVVHKDQVXVWLWXLGRVXVVLVWHPDVDX[LOLDUHV\OD([FLWDWUL] VH KDQ DGHFXDGR ODV %DUUDV GH )DVH$LVODGD \ VH KDQ UHERELQDGR ORV WUDQVIRUPDGRUHVSULQFLSDOHV (VWD PRGLILFDFLyQ \D DFRPHWLGD HQ OD 8QLGDG , KD SHUPLWLGR XQD YH] UHDMXVWDGRV HO VLVWHPD GH H[FLWDFLyQ \ ORV VLVWHPDV GH SURWHFFLyQ \ PHGLGD GH OD SODQWD FXPSOLU FRQ HO 3URFHGLPLHQWR GH 2SHUDFLyQ GHO 6LVWHPD HOpFWULFR 32 GHILQLHQGR XQ QXHYR GLDJUDPD GH FDSDFLGDG GHOVLVWHPDGHJHQHUDFLyQFDSD]GHVDWLVIDFHUORVPiUJHQHVGHWHQVLyQ\ ODJHQHUDFLyQGHUHDFWLYD$GHPiVODH[SHULHQFLDREWHQLGDWUDVODSXHVWD HQPDUFKDGHOD8QLGDG,\ODVSUXHEDVGHJDUDQWtDGHODPiTXLQDYDQ KDSHUPLWLUGHILQLUXQRVDMXVWHVGHOVLVWHPDTXHGHWHUPLQHQXQGLDJUDPD GHJHQHUDFLyQPDVKROJDGRSDUDOD8QLGDG,, 42!).).'3/,54)/.34/4(%',/"!,#(!,,%.'%3/& !.5#,%!22%.!)33!.#% -'ARCÏS3#HAN#,EO3'ARCÓA"6IDAL 7+81'(5(63$f$6,08/$&,Ï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¶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Ê-*!ÊÃi«ÌiLÀi-ÊÓä£ä £äÇ 6(6,21(67e&1,&$6 6(6,21(63Ï67(5 6IERNESH 0»34%2 #//2$).!$/2!0ILAR,ØPEZ&ERNÈNDEZ #/-)4²4²#.)#/ $%4%2-).!#)».%80%2)-%.4!,$%0!2«-%42/3 $%42!.30/24%$%,()$2»'%./%.0",)-%$)!.4% 4²#.)#!3$%!"3/2#)».$%3/2#)». '!LBERRO)0E×ALVA!3ARRIONANDIA)BARRA&,EGARDA '!%STEBAN 81,9(56,'$''(/3$Ë69$6&2 6HKDQHYDOXDGRPHGLDQWHWpFQLFDVGHDEVRUFLyQ\GHVRUFLyQGLVWLQWRV SDUiPHWURVGHWUDQVSRUWHGHKLGUyJHQRFRPRVRQODFRQVWDQWHGH6LHYHUWV \ODGLIXVLYLGDGHQODDOHDFLyQHXWpFWLFDGHSORPROLWLR6HKDQUHDOL]DGR PHGLGDVHQXQUDQJRGHWHPSHUDWXUDVGHVGH.D.\FRQSUHVLR QHVGHFDUJDFRPSUHQGLGDVHQWUH\3D (O WUDEDMR GH LQYHVWLJDFLyQ HQ HVWD iUHD WLHQH XQD JUDQ LPSRUWDQ FLD SDUD HO FRQFHSWR GH HQYROWXUD HQ HO +HOLXP &RROHG /HDG /LWKLXP +&//TXHXWLOL]DHOSORPROLWLRFRPRPDWHULDOUHJHQHUDGRU(OREMHWL YRGHGHWHUPLQDUODPDJQLWXG\ODFLQpWLFDGHOIOXMRLQGXFLGRGHWULWLRVH SXHGHOOHYDUDFDERH[WUD\HQGRGDWRVSDUDHOWULWLRDSDUWLUGHORVORJUDGRV FRQHOKLGUyJHQR /D SUHSDUDFLyQ GH OD LQVWDODFLyQ OD PRGHOL]DFLyQ \ ORV UHVXOWDGRV REWHQLGRV GXUDQWH ODV GLVWLQWDV FDPSDxDV GH PHGLFLRQHV UHDOL]DGDV VH GHVFULEHQHQHOVLJXLHQWHGRFXPHQWR3RU~OWLPRWDPELpQVHOOHYDDFDER XQD FRPSDUDFLyQ HQWUH ORV UHVXOWDGRV ORJUDGRV \ ORV GLVSRQLEOHV HQ OD OLWHUDWXUD $)&53)».$%%5%.,!"!22%2!$%).'%.)%2¶! 9'%/,»')#!$%5.!,-!#%.!-)%.4/'%/,»')#/ 02/&5.$/!'0 -'ARCÓA'UTIÏRREZ*,#ORMENZANA4-ISSANA--INGARRO Á!LONSO*-OREJØN0'IL &,(0$7 (OHXURSLRVHFRQVLGHUDXQKRPyORJRTXtPLFRGHODPHULFLR\HVIiFLO GHPHGLUHVXQHPLVRUJDPPDSRUORTXHVHXWLOL]DIUHFXHQWHPHQWHHQ HO ODERUDWRULR /RV FyGLJRV GH (YDOXDFLyQ GHO &RPSRUWDPLHQWR GH XQ $OPDFHQDPLHQWR *HROyJLFR 3URIXQGR $*3 GH UHVLGXRV UDGLDFWLYRV SUHFLVDQGHGDWRVH[SHULPHQWDOHVVREUHHOWUDQVSRUWHGHORVUDGLRQXFOHL GRVHQORVPDWHULDOHVGHODVGLIHUHQWHVEDUUHUDV (VWHWUDEDMRVHKDFHQWUDGRHQHOHVWXGLRGHODGLIXVLyQGH (XHQOD DUFLOOD FRPSDFWDGD GH OD EDUUHUD GH LQJHQLHUtD XWLOL]DQGR OD EHQWRQLWD GH UHIHUHQFLD HVSDxROD \ HQ GRV IRUPDFLRQHV DUFLOORVDV FRQVLGHUDGDV £än 1 ,Ê-*!ÊÃi«ÌiLÀi-ÊÓä£ä SRVLEOHVURFDVDOPDFpQSDUDDOEHUJDUXQ$*3HQ)UDQFLD\HQ6XL]DODV DUFLOODV &DOORYR2[IRUGLDQ &2[ \ 2SDOLQXV 23$ UHVSHFWLYDPHQWH (Q HVWRV PHGLRV HO WUDQVSRUWH GH VROXWRV VH SURGXFH ~QLFDPHQWH SRU GLIXVLyQ 6H KD GHVDUUROODGR XQ PpWRGR HQ HO FXDO HO WUD]DGRU VH DxDGH GLUHF WDPHQWH VREUH XQ ILOWUR GH SDSHO TXH VHSDUD GRV SDVWLOODV GHO PDWHULDO FRPSDFWDGRRFRQVROLGDGRSDUDHYLWDUODHOHYDGDDGVRUFLyQGHOHXURSLR VREUH ODV FHOGDV ORV ILOWURV \ ORV WXERV XVDGRV HQ ORV PpWRGRV FOiVLFRV GHHQVD\RVGHGLIXVLyQ$OILQDOL]DUHOHQVD\RFRUWDQGRODVPXHVWUDVHQ OiPLQDVVHREWLHQHHOSHUILOGHFRQFHQWUDFLRQHVGHOHXURSLRDSDUWLUGHO FXDOVHFDOFXODVXFRHILFLHQWHGHGLIXVLyQDSDUHQWH'D (OUDQJRGHYDULDFLyQGHO'DREWHQLGRSDUDODEHQWRQLWDFRPSDFWDGD DXQDGHQVLGDGVHFDGHJFPIXHGH±āPV\SDUD HO PDWHULDO FRQVROLGDGR GH ODV IRUPDFLRQHV DUFLOORVDV FRQ GHQVLGDG VHFD GHO RUGHQ GH JFP IXH 'D&2[ ± ā PV \ 'D23$ ±āPV/RVEDMRVYDORUHVREWHQLGRVFRQILUPDQ ODJUDQFDSDFLGDGGHHVWRVPDWHULDOHVSDUDUHWHQHUUDGLRQXFOHLGRV $/3%/04)-):!4)/.!.$42%!4-%.40,!..).'). 02/4/.2!$)/4(%2!09$%6%,/0-%.4!.$53% /&-/.4%#!2,/#/$%3"!3%$/.'%!.4).4(% 5.)6%23)49/&-52#)! %4ORRENTE**&ERNÈNDEZ-ELGAREJO 81,9(56,'$''(085&,$ +LJKOLJKWLQJWKHJURZLQJUHFRJQLWLRQSURJUHVVDQGGHJUHHRISRWHQ WLDOIRU3URWRQ%HDPWUHDWPHQWWKHUHDUHVHYHUDOQHZFHQWHUVLQWKHDG YDQFHGSODQQLQJVWDJHZLWKLQWKH86(X36,6W3HWHUVEXUJ1&5+ .UDNRZ,),0(' 9DOHQFLD &32 5LQHFNHU (VVHQ 7UHQWR DQGLQ SDUWLFXODU 6SDLQ ,),0('9DOHQFLD PRVW UHTXLULQJ DQ LQYHVWPHQW RI PLOOLRQWRHXUPLOOLRQ :HFDQLGHQWLI\DWOHDVWWKHIROORZLQJDUHDVRIUHVHDUFKDQGGHYHORS PHQWRIFXUUHQWLQWHUHVW RQHDUHDWKDW¶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¶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»')#/$%,/3%&,5%.4%3$% (/30)4!,%30Á",)#/3$%'2!.!$! -!&ERRO%+RAWCZYK&0I×ERO 819,(56,'$''(*5$1$'$ (O XVR GH UDGLRIiUPDFRV HQ PHGLFLQD HV FDGD YH] PD\RU SRU HOOR HO REMHWLYR TXH VH SUHWHQGH DOFDQ]DU FRQ HVWH WUDEDMR HV GHWHUPLQDU ORV QLYHOHV GH UDGLDFWLYLGDG GH ORV YHUWLGRV GH GRV KRVSLWDOHV S~EOLFRV GH *UDQDGDFRQ6HUYLFLRGH0HGLFLQD1XFOHDUDVtFRPRORVUDGLRQXFOHLGRV UHVSRQVDEOHVGHODPLVPD3DUDHOORVHKDQWRPDGRPXHVWUDVSXQWXDOHV GLUHFWDPHQWHGHODUHGGHDOFDQWDULOODGRDODVDOLGDGHORVKRVSLWDOHVGX UDQWHXQSHULRGRGHYDULRVPHVHVHVWXGLDGRXQWRWDOGHPXHVWUDV (OHVWXGLRUDGLROyJLFRGHORVYHUWLGRVVHKDOOHYDGRDFDERSRUHVSHF WURPHWUtDJDPPDFRQXQFRQWDGRUSURSRUFLRQDOGHEDMRIRQGRSDUDGH WHUPLQDUORVtQGLFHVGHDFWLYLGDGDOIDWRWDOEHWDWRWDO\SRUHVSHFWURPH WUtDGHFHQWHOOHROtTXLGRSDUDGHWHUPLQDUHOFRQWHQLGRHQ&\+(VWDV GHWHUPLQDFLRQHVKDQSHUPLWLGRKDFHUXQVHJXLPLHQWRGHODVYDULDFLRQHV GHUDGLDFWLYLGDGDORODUJRGHOGtDGHVGHODVGHODPDxDQDKDVWDODV GHODWDUGH (ODQiOLVLVUHDOL]DGRSRU(VSHFWURPHWUtDJDPPDKDFRQVLVWLGRHQGRV PHGLGDVXQDSULPHUDGHXQOLWURGHDJXDHQJHRPHWUtD0DULQHOOLGXUDQWH XQDKRUD\HQODVHJXQGDVHPLGHHOUHVLGXRVHFRUHVXOWDQWHGHODHYD SRUDFLyQDVHTXHGDGGHXQOLWURGHDJXDGXUDQWHYHLQWLFXDWURKRUDVTXH SHUPLWLUiQODGHWHFFLyQGHUDGLRQXFOHLGRVGHSHULRGRFRUWR\ODUJR /RV UHVXOWDGRV REWHQLGRV GH ORV DQiOLVLV PXHVWUDQ OD SUHVHQFLD GH UDGLRQXFOHLGRVDUWLILFLDOHVFRPR7FP,*D\,QFRQ DFWLYLGDGHV VXSHULRUHV DO /,' 7RGRV HOORV VRQ HPLVRUHV JDPPD PX\ XWLOL]DGRV HQ PHGLFLQD QXFOHDU WDQWR FRQ ILQHV GH GLDJQRVWLFR FRPR WHUDSpXWLFRVLELHQHOLVyWRSRFUtWLFRGHPD\RULPSDFWRDPELHQWDOHVHO ,TXHWLHQHXQSHULRGRGHVHPLGHVLQWHJUDFLyQUHODWLYDPHQWHODUJR \HVHOPiVUDGLRWy[LFR)LQDOPHQWHVHKDHVWLPDGRODGRVLVHTXLYDOHQ WHGHUDGLDFLyQH[WHUQDDODTXHHVWDUtDQH[SXHVWRVORVWUDEDMDGRUHVGHO VHFWRU #/-0/24!-)%.4/$%,"%%.,!!4-»3&%2!$% ,!#)5$!$$%'2!.!$!$%3$%%.%2/(!34! $)#)%-"2% -!&ERRO&0I×ERO 81,9(56,'$''(*5$1$'$ (OREMHWLYRGHHVWHWUDEDMRHVHVWXGLDUODHYROXFLyQWHPSRUDOGHO %H SUHVHQWH HQ ORV DHURVROHV DWPRVIpULFRV GH OD FLXGDG GH *UDQDGD GHVGH HQHURKDVWDGLFLHPEUH\DQDOL]DUORVHIHFWRVTXHODVFRQGL FLRQHVFOLPiWLFDVGHOD]RQDHMHUFHQHQVXFRPSRUWDPLHQWR /DVPXHVWUDVGHDHURVROHVHVWXGLDGDVVHFDSWDURQVHPDQDOPHQWHPH GLDQWHXQDERPEDGHDVSLUDFLyQVHDJUXSDURQPHQVXDOPHQWH\VHGHWHU PLQyHOFRQWHQLGRHQ%HSRUHVSHFWURPHWUtDJDPPD 6HKDHOHJLGRHO %HSRUVHUXQWUD]DGRUUDGLDFWLYRQDWXUDOTXHYDD GDUXQDLQIRUPDFLyQORFDOGHOFRPSRUWDPLHQWRGHORVDHURVROHVDWPRVIp ULFRVGHODFLXGDGDGHPiVORVIDFWRUHVTXHFRQWURODQODVYDULDFLRQHVGH %HHQODDWPyVIHUDVXSHUILFLDOXUEDQDYDQDVHUH[WUDSRODEOHDOFRPSRU WDPLHQWRTXHSXHGDQSUHVHQWDURWURVUDGLRQXFOHLGRVFRPRHO&V /DDFWLYLGDGGHO%HHVWiFRPSUHQGLGDHQWUHP%TPFRQ XQYDORUPHGLRGHP%TP7DPELpQVHKDOOHYDGRDFDER XQ HVWXGLR GH ORV HVWDGtVWLFRV GHVFULSWLYRV TXH FDUDFWHUL]DQ DO FRQMXQWR GHGDWRV$VtVHREVHUYDXQDHYROXFLyQWHPSRUDOFRQHVWUXFWXUDFtFOL FD\HVWDFLRQDOWtSLFDGHODVODWLWXGHVPHGLDV(QFDGDDxRORVYDORUHV Pi[LPRVGHDFWLYLGDGVHGDQHQORVPHVHVGHYHUDQR\ORVPtQLPRVHQ RWRxR 6HKDHVWXGLDGRODLQIOXHQFLDTXHHMHUFHQGLIHUHQWHVSDUiPHWURVFRPR UD\RVFyVPLFRVVXQVSRWSUHVLyQSUHFLSLWDFLRQHVWHPSHUDWXUDKXPHGDG UHODWLYDLQVRODFLyQHWFHQODSUHVHQFLDGHO %H6HSURSRQHXQPRGHOR GHSUHGLFFLyQSDUDGHVFULELUHOFRPSRUWDPLHQWRGHO %HHQODDWPyVIHUD GHODFLXGDGVLHQGROD7HPSHUDWXUD+XPHGDG5HODWLYD\ODV3UHFLSLWD FLRQHVODVSULQFLSDOHVYDULDEOHVUHVSRQVDEOHVGHOPLVPR (VWHHVWXGLRVLUYHSDUDFRPSUHQGHUPHMRUORVSRVLEOHVPHFDQLVPRVGH WUDQVSRUWH\GHSRVLFLyQGHORVDHURVROHVDWPRVIpULFR$GHPiVHQHOKL SRWpWLFRFDVRGHXQDOLEHUDFLyQPDVLYDGHUDGLRQXFOHLGRVDODDWPyVIHUD SRGUtDD\XGDUDSUHGHFLUHOFRPSRUWDPLHQWRTXHWHQGUtDQORVLVyWRSRVHQ ]RQDVGHFOLPDWRORJtDSDUHFLGDV 1 ,Ê-*!ÊÃi«ÌiLÀi-ÊÓä£ä £ä 6(6,21(67e&1,&$6 #!2!#4%2):!#)».$%#(!4!22!30!2!35 $%3#,!3)&)#!#)».#/.%,%15)0/"/8#/5.4%2 -!2ODRÓGUEZ'ØMEZ2'ONZÈLEZ'ANDAL%'IMENO -1UIROS!&ELEZ 62&2,1 (15(6$ 18&/(125 (QHVWHWUDEDMRVHUHDOL]DODGHVFULSFLyQ\DQiOLVLVGHODVSUXHEDVUHDOL ]DGDVSDUDODGHVFODVLILFDFLyQGHFKDWDUUDVGH&1*DURxDFRQHOILQGH FRQILUPDUHOFRUUHFWRIXQFLRQDPLHQWRGHOHTXLSR%R[&RXQWHUGHFDUDD VXXWLOL]DFLyQFRPRHTXLSRGHGHVFODVLILFDFLyQHQFXDOTXLHULQVWDODFLyQ (OVLVWHPD%R[&RXQWHUGH&$1%(55$HVXQHTXLSRGHPHGLGDGH DFWLYLGDG YROXPpWULFD PHGLDQWH HVSHFWURPHWUtD JDPPD IRUPDGR SRU GHWHFWRUHVGH*HUPDQLRLQWUtQVHFRTXHVHSXHGHHPSOHDUSDUDODPHGLGD GHPDWHULDOHVFRQEDMRFRQWHQLGRUDGLDFWLYR /RVHQVD\RVUHDOL]DGRVKDQVLGR (QVD\RVGHFRPSUREDFLyQ\HVWDELOLGDG&RQREMHWRGHFRPSUREDUHO FRUUHFWRIXQFLRQDPLHQWRGHOHTXLSR%R[&RXQWHUVVHUHDOL]DQGRVWLSRV GHHQVD\RVPHGLGDVGHIRQGR\PHGLGDGHIXHQWHVFRQRFLGDVGH&V \&R (QVD\RVVREUH%ODQFRV(OREMHWLYRHVODGHWHUPLQDFLyQGHORVWLHP SRVGHPHGLGD\GHORVUDQJRVDSUR[LPDGRVGH$FWLYLGDG0tQLPD'HWHF WDEOH\YHULILFDUTXHODVFRQGLFLRQHVHQODVTXHVHHQFXHQWUDHOVLVWHPD GH PHGLGD JDUDQWL]DQ OD QR SUHVHQFLD GH UDGLRQXFOHLGRV R OD SUHVHQFLD GHORVPLVPRVFRQQLYHOHVWtSLFRVGHIRQGR (QVD\RV VREUH (VWUXFWXUDV GH 6LPXODFLyQ FRQ IXHQWHV GLVWULEXLGDV KRPRJpQHDPHQWH&RQORVREMHWLYRVGHFRPSUREDU R/RVOtPLWHVGHGHWHFFLyQ\ODVHQVLELOLGDGGHOHTXLSRUHVSHFWRDYDOR UHVPX\SUy[LPRVDHVWRVOtPLWHV R(OWLHPSRGHPHGLGDSUHHVWDEOHFLGRHVLGyQHR R/DVHQVLELOLGDGGHOHTXLSRIUHQWHDOJUDGRGHOOHQDGRGHOFRQWHQHGRU (QVD\RV VREUH (VWUXFWXUDV GH 6LPXODFLyQ FRQ IXHQWHV GLVWULEXLGDV KHWHURJpQHDPHQWH&RQHOREMHWLYRGHFRPSUREDUHOFRPSRUWDPLHQWRGHO VLVWHPDIUHQWHDODH[LVWHQFLDGH³SXQWRVFDOLHQWHV´ 7UDVODUHDOL]DFLyQGHODVSUXHEDV\HODQiOLVLVGHORVUHVXOWDGRVREWH QLGRVVHKDFRPSUREDGRTXHHO(TXLSR%R[&RXQWHUHVLGyQHRSDUDVX HPSOHR FRPR HTXLSR GH PHGLGD SDUD OD FDUDFWHUL]DFLyQ GH PDWHULDOHV LQWURGXFLGRVHQ&0' '%34)».$%2%05%34/3%.,!/"3/,%3#%.#)!$% %15)0/3$%##..%80%2)%.#)!3$%4%#.!4/- !-ARTÓN&RANCÏS 7(&1$720 (OFLFORGHYLGDGHODVFHQWUDOHVQXFOHDUHVHVKR\HQPXFKRVFDVRVPD \RUTXHHOFLFORGHORVIDEULFDQWHV\RVXVSURGXFWRV /RTXHFDXVD 'LILFXOWDGHV SDUD FRQVHJXLU ORV HTXLSRV RULJLQDOHV \R VXV SLH]DV GH UHSXHVWR 1HFHVLGDGGHUHQRYDFLyQGHORVHTXLSRVHQVLWXDFLyQGHILQDOGHVXYLGD ~WLO /D QR FRQVWUXFFLyQ GH FHQWUDOHV QXFOHDUHV QXHYDV SURYRFy OD GHVDSD ULFLyQ GH ORV IDEULFDQWHV GH HTXLSRV FRQ DOWRV QLYHOHV GH UHTXLVLWRV XWLOL]DGRVHQHVWDVSODQWDV ££ä 1 ,Ê-*!ÊÃi«ÌiLÀi-ÊÓä£ä /RTXHSURYRFy (ODEDQGRQRGHOtQHDVGHIDEULFDFLyQQXFOHDUHV /DH[LVWHQFLDGHSRFRVIDEULFDQWHVQXFOHDUHVJHQHUDQGRVLWXDFLRQHVGH PRQRSROLR /DVSUiFWLFDVDEXVLYDVGHSUHFLRV $ODYLVWDGHHVWDVLWXDFLyQ7HFQDWRPKDSXHVWRHQPDUFKDGLIHUHQWHV DFFLRQHVHQFDPLQDGDVD /DIDEULFDFLyQGHSLH]DVGHUHSXHVWRDOWHUQDWLYRVDORVRULJLQDOHV /DH[WHQVLyQGHODYLGDFDOLILFDGDSDUDHTXLSRVLQVWDODGRVHQ3ODQWD (OGHVDUUROORGHQXHYRVHTXLSRVGHVHJXULGDG (OGHVDUUROORGHVHUYLFLRVUHODFLRQDGRVFRQUHSXHVWRV 6HPRVWUDUiQGLYHUVRVHMHPSORVGHFDGDXQDGHHVWDVDFWXDFLRQHV /DVDFFLRQHVGHVDUUROODGDVKDVWDDKRUDKDQGDGRUHVXOWDGRVVDWLVIDFWR ULRVHQWpUPLQRVWpFQLFRV\HFRQyPLFRVSDUDODV&HQWUDOHV&RQODLQFRU SRUDFLyQGHQXHYRVSURGXFWRV\VHUYLFLRVTXHVHHVWiQGHVDUUROODQGRHQ OD DFWXDOLGDG HVSHUDPRV DXPHQWDU QXHVWUD FRQWULEXFLyQ D VROYHQWDU ORV SUREOHPDVGHREVROHVFHQFLDVXUJLGRVHQODV&HQWUDOHV1XFOHDUHV $%3!22/,,/$%5..5%6/-!4%2)!,!$3/2"%.4%$% )3»4/0/32!$)/!#4)6/3$%$)&¶#),-%$)$! ,)GLESIAS&-EDINA 81,9(56,7$7529,5$,9,5*,/, (OREMHWLYRGHOWUDEDMRTXHVHHVWiUHDOL]DQGRHVREWHQHUXQQXHYRPD WHULDOFDSD]GHDGVRUEHUVHOHFWLYDPHQWHDLVyWRSRVUDGLRDFWLYRVGHGLItFLO PHGLGDFRPR,GHDJXDVSURYHQLHQWHVGHORVUHDFWRUHVQXFOHDUHV (Q HVWH WUDEDMR VH KDQ HVWXGLDGR PDWHULDOHV WLSR KLGURWDOFLWD SDUD OD DGVRUFLyQ GH GLFKRV LVyWRSRV /DV KLGURWDOFLWDV SHUWHQHFHQ D OD IDPLOLD GH DUFLOODV DQLyQLFDV TXH SUHVHQWDQ OD SDUWLFXODULGDG GH SRGHU UHWHQHU LRQHV FRPR HO LRGXUR HQ VX HVSDFLDGR LQWHUODPLQDU /D FDSDFLGDG GH UHWHQFLyQ SXHGH VHU PRGHODGD GHSHQGLHQGR GH OD UHODFLyQ 0J$O HQ OD HVWUXFWXUDGHODKLGURWDOFLWD(QHVWHWUDEDMRVHKDQHVWXGLDGRGLIHUHQWHV KLGURWDOFLWDVFRQUHODFLRQHV0J$O0J$O\0J$O3RURWUD SDUWHODLQFOXVLyQGHFDWLRQHVRUJiQLFRVGHOWLSRSLULGLQLRHQODHVWUXFWXUD GH GLFKDV KLGURWDOFLWDV SHUPLWH HO DXPHQWDU OD FDSDFLGDG GH DGVRUFLyQ GH GLFKRV PDWHULDOHV QDQRKtEULGRV 8Q H[KDXVWLYR HVWXGLR GH VtQWHVLV FDUDFWHUL]DFLyQ \ SURSLHGDGHV GH DGVRUFLyQ SDUD HO LRGXUR GH GLFKRV PDWHULDOHVKDVLGRUHDOL]DGRHQHVWHWUDEDMR/RVPDWHULDOHVVLQWHWL]DGRV SUHVHQWDQ XQD HOHYDGD FDSDFLGDG GH DGVRUFLyQ SDUD HO LRGXUR KDFLHQGR GHHVWRVPDWHULDOHVSURPHWHGRUHVSDUDODFRQFHQWUDFLyQGHLRGXURUDGLR DFWLYRGHDJXDVGHFHQWUDOHVQXFOHDUHV $%4%2-).!#)».$%,/3-/$/3!,0(!$/-).!.4%3 $%5.2%!#4/2.5#,%!2 '6ERDÞ$'INESTAR*%2OMÈN66IDAL /&LORES3ÈNCHEZ 81,9(532/,7e&1,&$'(9$/(1&,$ ,167,78727(&12/Ï*,&2'(78;7(3(& (O HVWXGLR \ GHWHUPLQDFLyQ GH ODV FDUDFWHUtVWLFDV FLQpWLFDV HV LPSRU WDQWHSDUDHOGLVHxR\GHVDUUROORGHQXHYRVVLVWHPDVGHUHDFWRUHV(QHVWH VHQWLGRYDULRVSUREOHPDVGHDXWRYDORUHVSXHGHQGHILQLUVHSDUDODHFXD FLyQGHGLIXVLyQQHXWUyQLFDORVFXDOHVWLHQHQXQDDSOLFDFLyQHQSDUWLFX ODU/RVDXWRYDORUHVh\_WDPELpQFRQRFLGRVFRPRDXWRYDORUHVWLHPSR 3URJUDPD\6LQRSVLVGHODV3RQHQFLDV VRQHMHPSORVGHHVWRVDXWRYDORUHVMXQWRFRQVXVDXWRIXQFLRQHVDVRFLDGDV TXHOODPDUHPRVPRGRV(VWRVPRGRVKDQVLGRXVDGRVSDUDGHVDUUROODUXQ PpWRGRQRGDOSDUDUHVROYHUODHFXDFLyQGHGLIXVLyQQHXWUyQLFD\FDUDFWH UL]DUODVRVFLODFLRQHVHQIDVH\IXHUDGHIDVHHQWpUPLQRVGHORVPRGRV IXQGDPHQWDOHV\ORVPRGRVVXEFUtWLFRVUHVSHFWLYDPHQWH (QHVWHWUDEDMRSUHWHQGHPRVHVWXGLDUGLVWLQWDVHVWUDWHJLDVSDUDODGH WHUPLQDFLyQGHORVPRGRV_XVDQGRODH[SHULHQFLDDGTXLULGDHQRWURVHV WXGLRVGHLQYHVWLJDFLyQSDUDHOFiOFXORGHORVPRGRVh'GHXQUHDFWRU QXFOHDU(OSUREOHPDGHORVPRGRV_HVEiVLFRHQHOFDPSRGHODItVLFD GHUHDFWRUHV\HVLPSRUWDQWHHQODVWpFQLFDVGHPRQLWRUL]DFLyQFRQWLQXD GH VXEFULWLFLGDG$GHPiV UHFLHQWHPHQWH HO DFFLGHQWH GH FULWLFLGDG GH -&2KDUHQRYDGRHOLQWHUpVSRUDQDOL]DUORVSDUiPHWURVFLQpWLFRV_LQV WiQWDQHRV %345$)/$%,!2%,!#)».%.42%!54/6!,/2%3 _9h!42!6²3$%,#/.#%04/$%4)%-0/$% 2%02/$5##)».$%.%542/.%3).34«.4!.%/3 '6ERDÞ$'INESTAR*%2OMÈN66IDAL /&LORES3ÈNCHEZ 81,9(532/,7e&1,&$'(9$/(1&,$ ,167,78727(&12/Ï*,&2'(78;7(3(& /DGHWHUPLQDFLyQGHORVPRGRV_\hLQYROXFUDHOIDFWRU HQ GRQGH sQ HV HO QpVLPR DOSKD PRGR LQVWiQWDQHR LQWHUPHGLR R WRWDO \ qQ HV HO QpVLPR PRGR h DGMXQWR (VWH IDFWRU HVWi LQWtPDPHQWH UHODFLRQDGRDOFRQFHSWRGHWLHPSRGHJHQHUDFLyQUHSURGXFFLyQGHQHX WURQHVLQVWiQWDQHRVSDUDHOQpVLPRPRGR (VWXGLRV SUHOLPLQDUHV DSOLFDGRV D XQ EHQFKPDUN FLQpWLFR ' UHDO PXHVWUDQ TXH OD IRUPD GH GLIHUHQWHV IOXMRV SDUD ORV PRGRV _ \ h VRQ PX\ SDUHFLGRV SDUD UHDFWRUHV FUtWLFRV 6LQ HPEDUJR SDUD HO FDVR GH UHDFWRUHVVXEFUtWLFRVHOWLHPSRGHJHQHUDFLyQGHILQLGRFRQORVPRGRVh RODPEGD\HOWLHPSRGHJHQHUDFLyQXVDQGRORVPRGRV_WRWDOHVR7RWDODOSKD VRQVLPLODUHVSHURGLIHUHQWHVGHVGHHOSXQWRGHYLVWDGHODGHILQLFLyQGH WLHPSRGHJHQHUDFLyQXVDQGRORVPRGRV_LQVWiQWDQHRVRSURPSWDOSKDHQWUH RWUDVFRVDV 3DUDHOWUDEDMRILQDOVHWLHQHFRQWHPSODGRHOHVWXGLRFRPSOHWRGHOD UHODFLyQ GH ORV PRGRV h \ _ DSOLFDGRV D XQ UHDFWRU GH UHIHUHQFLD FRQ JHRPHWUtD'\DXQDFRQILJXUDFLyQDVRFLDGDDOUHDFWRU%:55LQJKDOV 1 ,Ê-*!ÊÃi«ÌiLÀi-ÊÓä£ä £££ &85626³$35(1'(0È6'(´ 3!,! *UEVESH ,)"%2!,):!#)».$%'!39%,%#42)#)$!$%.%30!º! #//2$).!$/2%NRIQUE0ASTOR#ALVO#/-)4²4²#.)#/ 0/.%.4%#ARLOS,ØPEZ.AVAZA $IRECTOR4ERRITORIALDE'ALICIA!STURIASY#ANTABRIA Y0ORTUGALDE'!3.!452!,#/-%2#)!,):!$/2! (VWHFXUVRJLUDUiVREUHORVVLJXLHQWHVDVSHFWRV +LVWRULDGHODOLEHUDOL]DFLyQGHODHQHUJtDHOpFWULFD\HOJDVKDFLHQGR XQEUHYHUHFRUULGRSRUODVHWDSDVTXHVHHVWDEOHFLHURQHQ(VSDxDSDUD GHDFXHUGRFRQODOHJLVODFLyQFRPXQLWDULDOOHJDUDODDSHUWXUDGHORV PHUFDGRVUHJXODGRVGHHOHFWULFLGDG\JDVLQFLGLHQGRHQORVGLIHUHQWHV SDUWLFLSHVGHOPHUFDGR\ODVDFWLYLGDGHVDVLJQDGDVDORVPLVPRV 6LWXDFLyQ DFWXDO GHO PHUFDGR 0RVWUDQGR FyPR HV HO HVWDGR DFWXDO GHODOLEHUDOL]DFLyQ\HOSRVLFLRQDPLHQWRGHORVGLIHUHQWHVSDUWLFLSHV 7DPELpQVHLQFOXLUiXQDYLVLyQVREUHHOPHUFDGRUHJXODGR\ORVFOLHQ WHVTXHSHUPDQHFHQHQHOPLVPR 3!,! 6HJPHQWDFLyQ GH FOLHQWHV (VWDEOHFLHQGR XQD YLVLyQ VREUH XQD WLSR ORJtD GH FOLHQWHV TXH UHVSRQGD D ODV GLIHUHQWHV QHFHVLGDGHV GH ORV PLVPRV6HYHUiWDPELpQODVDFWXDFLRQHVGHODVHPSUHVDVREYLDPHQWH RULHQWDGDVGHGLIHUHQWHPDQHUDDFDGDXQDGHHOODV $OWHUQDWLYDVSDUDORVFOLHQWHVHQODDFWXDOLGDG&RPHQWDQGRODVRSFLR QHVTXHVHOHSODQWHDQDORVFOLHQWHVWDULIDRPHUFDGRDVtFRPRGHO ERQRVRFLDO 3UHYLVLEOH HYROXFLyQ GH ORV PHUFDGRV 3ODQWHDQGR XQD YLVLyQ GHO IXWXUR SUy[LPR GH OD FRPHUFLDOL]DFLyQ GH HQHUJtD \ GH VX SUHYLVLEOH HYROXFLyQ 7DPELpQVHWUDWDUiGHGDUUHVSXHVWDVDSUHJXQWDVWDOHVFRPR ¢4XHHVWiQKDFLHQGRODVFRPHUFLDOL]DGRUDV" ¢4XHGHEHPRVKDFHUFRPRFOLHQWHV" ¢&XDOHVVRQORVSDVRVDGDU" *UEVESH *»6%.%3.5#,%!2%3%.#(%2./"9, 6)6%.#)!3%)-02%3)/.%3 #//2$).!$/2!LBERTO«LVAREZ,OZANO#/-)4²4²#.)#/ 0/.%.4%34OMÈS6ILLARY2OMAIN"RUCKER %-02%3!2)/3!'250!$/3 &XDQGRVHWUDWDGHWHPDVWDQVHQVLEOHV\SROpPLFRVFRPRHOGH&KHU QRE\OSXHGHUHVXOWDUGLItFLOKDFHUVHXQDLGHDGHODVLWXDFLyQDFWXDO\D YHFHVODPHMRUPDQHUDGHIRUPDUXQDRSLQLyQSURSLDHVYHUODVFRVDVSRU XQRPLVPR3RUHVRHQ1RYLHPEUHXQJUXSRGH-yYHQHV1XFOHDUHV UHDOL]yXQDYLVLWDWpFQLFDDOD&HQWUDO1XFOHDUGH&KHUQRE\O (OREMHWLYRGHOSUHVHQWHFXUVRQRHVFXEULUWRWDOPHQWHWRGRVORVDVSHF WRVGHODFFLGHQWH\GHVXVFRQVHFXHQFLDVGDGRTXHPXFKRVH[SHUWRV\D KDQSXEOLFDGRWUDEDMRVGHUHIHUHQFLDVREUHFDGDXQRGHHVRVWHPDV6ROD PHQWHDPRGRGHLQWURGXFFLyQVHH[SRQHQEUHYHPHQWHODVFDXVDVGHOD FDWiVWURIHH[SOLFDQGRWDQWRHOFRQWH[WRFRPRODVFLUFXQVWDQFLDVWpFQLFDV KXPDQDV\SROtWLFRDGPLQLVWUDWLYDV /DSUHVHQWDFLyQHVWiEDVDGD\VHDSR\DSULQFLSDOPHQWHHQHOPDWHULDO UHFRJLGRGXUDQWHODYLVLWDIRWRJUDItDV\YtGHRVHQWUHORVTXHGHVWDFDQODV H[SOLFDFLRQHV GHO SHUVRQDO UXVR \ XFUDQLDQR TXH QRV PRVWUy OD FHQWUDO 3!,! (VSRUORWDQWRVXEMHWLYD\UHIOHMDODVYLYHQFLDVHLPSUHVLRQHVGHOJUX SRTXHUHDOL]yODYLVLWD 6HWUDWDUiQORVVLJXLHQWHVSXQWRV ,QWURGXFFLyQ&RQWH[WRVRFLRSROtWLFR\HQHUJpWLFR /OHJDGDDOD]RQDGHH[FOXVLyQ*UXSRV9\9,$OPDFpQGH3X,P SUHVLRQHV %LHQYHQLGD\FKDUODSRUSDUWHGHO'LUHFWRU7pFQLFRSDUDODVHJXULGDG\ GHO'LUHFWRU7pFQLFRGH2SHUDFLyQ&UtWLFD 9LVLWDDODVDODGHFRQWUROGHOJUXSR,\DOHGLILFLRGH7XUELQDFRP~Q &RPSDUDFLyQRSHUDFLyQGH5%0.YV/:5 3UR\HFWRGHODQXHYDHVWUXFWXUDGHSURWHFFLyQ³6KHOWHU´(VWDGRDFWXDO 9LVLWDDODFLXGDGGH3ULS\DW,PSUHVLRQHV 9LVLWDDOPXVHRGH&KHUQRE\OHQ.LHY(QIRTXH 7DVDGHGRVLVUHFLELGDHQORVGLIHUHQWHVOXJDUHVYLVLWDGRVGHQWURGHOD ]RQDGHH[FOXVLyQ&RPSDUDFLyQFRQGRVLVDQXDOQDWXUDO\GRVLVUHFL ELGDHQHODYLyQ &RQFOXVLRQHV *UEVESH '%34)».$%,!3-/$)&)#!#)/.%3$%$)3%º/ %.5.!#%.42!,.5#,%!2 #//2$).!$/22AFAEL2UBIO-ONTA×A 0/.%.4%6ICENTE:URIAGA )NGENIERORESPONSABLEDEMODIFICACIONESDEDISE×O DEINSTRUMENTACIØNYCONTROLEN#.#OFRENTES (OSURFHVRGHLPSODQWDFLyQGH0RGLILFDFLRQHVGH'LVHxRHQXQDFHQ WUDOQXFOHDUHVVLQGXGDXQRGHORVPiVLPSRUWDQWHV ££Ó 1 ,Ê-*!ÊÃi«ÌiLÀi-ÊÓä£ä 6HWUDWDGHXQSURFHVRFRPSOHMRTXHDEDUFDGHVGHODGHWHFFLyQGHOD QHFHVLGDG GHO FDPELR GHO GLVHxR RULJLQDO GH OD FHQWUDO KDVWD OD LQFRU SRUDFLyQ GH WRGRV ORV FDPELRV UHDOL]DGRV HQ DTXHOORV GRFXPHQWRV GH SUR\HFWRTXHVHYHDQDIHFWDGRVSDVDQGRSRUODDGTXLVLyQGHPDWHULDOHV \HTXLSRV\ODUHDOL]DFLyQGHODVSUXHEDVQHFHVDULDVSDUDDVHJXUDUHOFR UUHFWRIXQFLRQDPLHQWRGHODSODQWDHQFXDOTXLHUPRGRGHRSHUDFLyQ 3DUDHOORHVIXQGDPHQWDOXQDFRRUGLQDFLyQHILFD]HQWUHWRGDVODVRUJD QL]DFLRQHVDIHFWDGDVHQFDGDXQDGHODVIDVHVGHOSURFHVR