$&('26$ /DHPSUHVD$&('26$FRQVWLWXLGDHOGHHQHURGHVHGHGLFDDODIDEULFDFLyQ GH WXHUFDV /D HVWUXFWXUD SURGXFWLYD GH OD PLVPD HVWi RUJDQL]DGD HQ ODV VLJXLHQWHV VHFFLRQHV $SURYLVLRQDPLHQWR GRV VHFFLRQHV GH SURGXFFLyQ 3UHSDUDGR \ 3XOLGR 7UDQVSRUWHV&RPHUFLDO\$GPLQLVWUDFLyQYHUGLDJUDPDUHSUHVHQWDWLYR/DIDEULFDFLyQ GHODVWXHUFDVUHTXLHUHHOXVRGHXQDVRODPDWHULDSULPDHO DFHUR HQ OD FDQWLGDG GH JUDPRGHDFHURSRUFDGDXQLGDGIDEULFDGD 0 3$&(52 35(3$5$&,Ï1 3726(0 ,7 38/,'2 $3529,621 3727(50 ,1 75$163257( $'0 Ï1 0GR([WHULRU &20 (5&,$/ /RVFRVWHVLQGLUHFWRVORFDOL]DGRVHQODVGLVWLQWDVVHFFLRQHVGHODHPSUHVDSDUDHO SHUtRGRGHDQiOLVLVPHVGHIHEUHURGHIXHURQ &WHVLQGLU $SURY 3UHSDU 3XOLGR 7UDQVS &RPHUF $GPyQ 7RWDO $VLPLVPR VH VDEH TXH OD VHFFLyQ GH $SURYLVLRQDPLHQWR KD WUDEDMDGR XQ WRWDO GH KRUDV GH ODV FXDOHV KRUDV KDQ VLGR SDUD OD VHFFLyQ GH 3UHSDUDFLyQ KRUDV SDUD 3XOLGRKRUDVSDUD7UDQVSRUWH\HOUHVWRSDUDVtPLVPD 3RUVXSDUWHODVHFFLyQGHWUDQVSRUWHVKDUHDOL]DGRYLDMHVGHORVFXDOHVKDQVLGR SDUD$SURYLVLRQDPLHQWRSDUD3UHSDUDFLyQSDUD3XOLGR\SDUDHOH[WHULRU3RU HVWRV~OWLPRVVHUYLFLRVSUHVWDGRVDHPSUHVDVGHOSROtJRQRLQGXVWULDOGRQGHVHXELFDOD SODQWDGH$&('26$KDFREUDGRXQWRWDOGHSWV /RVGDWRVGHSURGXFFLyQSDUDHOPHVGHIHEUHURKDQVLGR (Q OD )DVH GH 3UHSDUDFLyQ VH WHUPLQy OD SURGXFFLyQ GH WXHUFDV VLQ SXOLU 6LQ HPEDUJR HO FRQWURO GH FDOLGDG DO TXH VH VRPHWH D HVWDV XQLGDGHV GHVFXEULy TXHVyORGHpVWDVFXPSOtDQORVSDUiPHWURVH[LJLEOHVSRUORTXHHOUHVWRIXHURQ GHVHFKDGDV(QHVWHVHQWLGRKD\TXHUHVHxDUTXHODH[SHULHQFLDDGTXLULGDHQHOPHVGH &DVRSUHSDUDGRSRUHOSURIHVRU-DYLHU$UHOODQR 3URKLELGDVXSXEOLFDFLyQWRWDORSDUFLDOVLQSHUPLVRGHOSURIHVRU HQHURKDOOHYDGRDHVWDEOHFHUHQHVWD IDVH XQD WDVD GHO GH PHUPD QRUPDO VREUHODSURGXFFLyQQHWD$OILQDOGHOSHUtRGRKDEtDXQDH[LVWHQFLDILQDOGHSURGXFFLyQ HQFXUVRGHXVDOHQPDWHULDSULPDDOHQ02'\DOHQ&,3GH ODIDVH (QOD)DVHGH3XOLGRVHLQLFLyODSURGXFFLyQGHXV(QHVWHFDVRWRGDV ODVXQLGDGHVWHUPLQDGDVFXPSOLHURQFRQORVFRQWUROHVGHFDOLGDG/DH[LVWHQFLDHQFXUVR GH HVWD IDVH DO ILQDOL]DU HO PHV GH IHEUHUR HUD GH XV D ODV TXH IDOWDED SRU LQFRUSRUDUHOGHORVFRVWHVGH02'\HOGHORV&,3FRUUHVSRQGLHQWHV /RVFRVWHVGH02'SDUDWRGRHOSHUtRGRIXHGHSWV$GHPiVVHVDEHTXHHQOD )DVH GH 3UHSDUDFLyQ HO WLHPSR GH WUDEDMR GH 02' DSOLFDGR D ODV WXHUFDV IXH GH XQLGDGHV GH WLHPSR D FDGD XQD 'DGDV ODV GLVWLQWDV FDWHJRUtDV GH HPSOHDGRV GH OD VHFFLyQHOFRVWHUHVXOWDQWHGHODXQLGDGGHWLHPSRHVGHSWV /RVPRYLPLHQWRVGHOLQYHQWDULRGHPDWHULDVSULPDVIXHHOVLJXLHQWH ([LVWHQFLDVLQLFLDOHV.JV9DORUDGRVHQSWV &RPSUDGH.JV$SWV.J,9$LQFOXLGRGHO(QHVWDFRPSUDHO SURYHHGRU FRQFHGH XQ GHVFXHQWR SRU SURQWR SDJR GHO \ XQ GHVFXHQWR SRU YROXPHQGHSWV &RPSUDGH.JV$SWV.J,9$LQFOXLGRGHO(QHVWDFRPSUDKD VLGRQHFHVDULRDERQDUSWVGHWDVDVGHFDUiFWHUILMR 'HYROXFLyQ GH .JV 'H ORV FRPSUDGRV HQ ~OWLPR OXJDU OyJLFDPHQWH VH UHGXFHHO,9$VRSRUWDGRHQODSDUWHSURSRUFLRQDOTXHFRUUHVSRQGH 6DOLGDVGHPDWHULDODOD)DVH3UHSDUDGR.JV ([LVWHQFLDILQDO.JV $GHPiVVHGLVSRQHGHORVVLJXLHQWHVGDWRVVREUHODDFWLYLGDGGHODVIDVHVGHSURGXFFLyQ HQHOPHVGHHQHUR 3UHSDUDFLyQ 6H SURGXMHURQ XV FRPSOHWDPHQWH WHUPLQDGDV FRQ XQ FRVWH WRWDO GH SWV $O ILQDO GHO PHV TXHGDEDQ XV HQ SURFHVR FRQ XQ JUDGRGHDFDEDGRGHOHQPDWHULDOHVHQ02'\XQHQ&,3GHODIDVH $GHPiV VH VDEH TXH HQ HVH SHUtRGR HO FRVWH XQLWDULR GH PDWHULDOHV IXH GH SWVXGH 3WR\HOGH02'GHSWVXGH3WR 3XOLGR 6H SURGXMHURQ XV FRPSOHWDPHQWH WHUPLQDGDV FRQ XQ FRVWH XQLWDULRGHSWVHQ02'$OILQDOGHOPHVTXHGDEDQXVHQSURFHVRFRQXQ JUDGRGHDFDEDGRGHOHQ02'\HQ&,3(OFRVWHDFXPXODGRGHHVWDV~OWLPDV XQLGDGHVIXHGHSWV /RVFULWHULRVGHYDORUDFLyQGHODVVDOLGDVGHORVGLVWLQWRVLQYHQWDULRVVRQ 0DWHULDSULPDDFHUR),)2GHSDUWDPHQWDO 3URGXFWRVHPLWHUPLQDGR303 3URGXFFLyQHQFXUVRSURGXFWRVHPLWHUPLQDGR303 3URGXFWRWHUPLQDGR),)2 3URGXFFLyQHQFXUVRSURGXFWRWHUPLQDGR),)2 /DVYHQWDVGHOSHUtRGRIXHURQGHXVGHSURGXFWRVWHUPLQDGRVDSWVX 6(3,'( 9DORUDFLyQGHODSURGXFFLyQGHOSHUtRGR\GHWRGDVODVH[LVWHQFLDILQDOHV &XiOVHUtDODYDORUDFLyQGHODSURGXFFLyQGHOD)DVH3XOLGRVLHOFULWHULRGH YDORUDFLyQGHOLQYHQWDULRGHSURGXFFLyQHQFXUVRGHOSURGXFWRWHUPLQDGRIXHVH ),)2 &iOFXORGHOUHVXOWDGR\FLHUUHGHODFRQWDELOLGDGGHJHVWLyQ