Estudio de algas para consumo humano producidas y manufacturadas en Galicia : evaluación de su seguridad alimentaria
Full text
81,9(56,'$''(6$17,$*2'(&203267(/$ )$&8/7$''()$50$&,$ 'HSDUWDPHQWRGH4XtPLFD$QDOtWLFD1XWULFLyQ\%URPDWRORJtD ÈUHDGH1XWULFLyQ\%URPDWRORJtD (VWXGLRGH$OJDVSDUD&RQVXPR+XPDQR3URGXFLGDV \0DQXIDFWXUDGDVHQ*DOLFLD(YDOXDFLyQGHVX VHJXULGDGDOLPHQWDULD 0HPRULDSDUDRSWDUDOJUDGRGHGRFWRU 0$5Ë$2/,9$381Ë1&5(632 6DQWLDJRGH&RPSRVWHOD)HEUHURGH
3,/$5 %(50(-2 %$55(5$ ',5(&725$ '(/ '(3$57$0(172 '( 48Ë0,&$ $1$/Ë7,&$ 1875,&,Ï1 < %520$72/2*Ë$ '( /$ 81,9(56,'$' '( 6$17,$*2 '( &203267(/$ ,1)250$ 4XH 'xD 0DUtD 2OLYD 3XQtQ &UHVSR SUHVHQWD HO WUDEDMR WLWXODGR ³(678',2 '( $/*$6 3$5$ &216802 +80$12 352'8&,'$6 < 0$18)$&785$'$6 (1 *$/,&,$ (9$/8$&,Ï1'(686(*85,'$'$/,0(17$5,$´UHDOL]DGREDMR ODGLUHFFLyQGHOD'UD0DUtD$VXQFLyQ/DJH<XVW\HQORVODERUDWRULRVGH %URPDWRORJtDGHOD)DFXOWDGGH)DUPDFLDGHOD8QLYHUVLGDGGH6DQWLDJRGH &RPSRVWHOD )GR'UD'xD3LODU%HUPHMR%DUUHUD 6DQWLDJRGH&RPSRVWHOD)HEUHURGH
0$5,$$681&,Ï1/$*(<867<&$7('5È7,&$'(/È5($ '(1875,&,Ï1<%520$72/2*Ë$ $8725,=$ D 'xD 0DUtD 2OLYD 3XQtQ &UHVSR D SUHVHQWDU OD 7HVLV WLWXODGD ³(678',2 '( $/*$6 3$5$ &216802 +80$12 352'8&,'$6 < 0$18)$&785$'$6 (1 *$/,&,$ (9$/8$&,Ï1 '( 68 6(*85,'$' $/,0(17$5,$´ SDUD RSWDU DO *UDGR GH 'RFWRU OD FXDO KD VLGR UHDOL]DGD EDMR PL GLUHFFLyQ HQ ORV HQ ODERUDWRULRV GH %URPDWRORJtD GH OD )DFXOWDG GH )DUPDFLD GH OD 8QLYHUVLGDGGH6DQWLDJRGH&RPSRVWHOD <SDUDTXHDVtFRQVWHVHH[SLGHODSUHVHQWHHQ6DQWLDJRGH&RPSRVWHODHQ )HEUHURGH )GR'UD'xD0$/DJH<XVW\ )GR'xD0DUtD2OLYD3XQtQ&UHVSR
9,, $*5$'(&,0,(1726 4XLVLHUDH[SUHVDUPLDJUDGHFLPLHQWRDWRGDVDTXHOODVSHUVRQDVTXHGHXQD IRUPDXRWUDKDQFRQWULEXLGRDODUHDOL]DFLyQGHHVWD7HVLV $PLGLUHFWRUDOD'UD0DUtD$VXQFLyQ/DJH<XVW\SRUKDEHUPHGDGR ODSRVLELOLGDGGHUHDOL]DUHVWHWUDEDMRSRUHODSR\RODRULHQWDFLyQ\WRGRVORV FRQRFLPLHQWRVFLHQWtILFRVTXHKHUHFLELGRGHHOODGXUDQWHHVWRVDxRV $ ORV SURIHVRUHV GHO iUHD GH 1XWULFLyQ \ %URPDWRORJtD SRUTXH KDQ FRQWULEXLGRHQJUDQSDUWHDPLIRUPDFLyQFLHQWtILFD $OD'UD'DULQQ&DPSRUGDUPHODRSRUWXQLGDGGHUHDOL]DUODHVWDQFLD GHWUHVPHVHVHQ,WDOLDSRUVXDPDELOLGDGVXiQLPR\SRUKDFHUPHYHUTXHD SHVDUGHODGLVWDQFLDSXHGRFRQWDUFRQHOOD $WRGRVPLVFRPSDxHURVGHGHSDUWDPHQWRDORVTXHKDQHVWDGRDO FRPLHQ]R-RVp/XLV&ULVWLQDÉOYDUH]6DUDK&ULVWLQD*UHOD6XVDQD9i]TXH] \DORV TXHKDQOOHJDGRPiV WDUGH *RQ]DOR3DWULFLD0DUtD\6XVDQDSRU HVWDUDKtFDGDGtDD\XGiQGRPH\DQLPiQGRPHKDFLHQGRTXHWDQWDVKRUDVGH WUDEDMRIXHVHQPXFKRPiVOOHYDGHUDV $5DTXHO\D$QD7HUHVDSRUVXD\XGDVXDPLVWDGSRUWRGRORTXH KHPRVYLYLGRMXQWDVGXUDQWHHVWRVDxRVGHVDFULILFLRSRUFRQYHQFHUPHGHQR WLUDUODWRDOODHQPXFKDVRFDVLRQHVHQILQSRUD\XGDUPHDKDFHUHVWRSRVLEOH $OD'UD(OHQDÉOYDUH]SRUWUDQVPLWLUPHVXVFRQRFLPLHQWRV$$QD SRUVXDPLVWDG\VXVFRQVHMRVVLHPSUHDFHUWDGRV $ WRGRV DTXHOORV FRQ ORV TXH KH WUDEDMDGR HQ 0DULQD GL 5DYHQQD HVSHFLDOPHQWHD6LPRQD1HOOR\$JXVWLQDPLD\XGDHVSDxRODHQORVPRPHQWRV GLItFLOHV $&ULVWLQDSRUDJXDQWDUPHWRGRVHVWRVDxRV$3DTXL\D*ORULDSRU HVWDUDKtDSHVDUGHODGLVWDQFLD
9,,, $PLIDPLOLDSRUWRGRVXDSR\R\FDULxR$ODPHPRULDGHPLVDEXHORV 3HSH\2OLYDDpOSRUVXFDULxR\SURWHFFLyQDHOODSRUHQVHxDUPHTXHKD\TXH OXFKDUSRUORTXHXQRTXLHUH\TXHVHUFRQVWDQWHVLHPSUHWLHQHUHFRPSHQVD VLHPSUHHVWDUpLVFRQPLJR $PLPDGUHSRUODHGXFDFLyQTXHPHKDRIUHFLGR\ODSRVLELOLGDGGH KDFHUORTXHPiVPHJXVWDGHVGHPX\SHTXHxDYLDMDUSRUVXFDULxR\SRUXQ PRQWyQ GH FRVDV PiV $ PL KHUPDQD SRU VRSRUWDUPH FXDQGR HVWDED LQVRSRUWDEOHSRUHVWDUDPLODGRQRVyORGXUDQWHODUHDOL]DFLyQGHHVWD7HVLV VLQRGXUDQWHWRGDPLYLGD $ 0LJXHO SRU HQWHQGHU \ FRPSDUWLU WRGR OR TXH KDJR \ SRU FRQWDJLDUPHVXFXULRVLGDG\VXVLQTXLHWXGHV $ OD &RQVHOOHUtD GH 3UHVLGHQFLD 5HODFLyQV ,QVWLWXFLRQDLV H $GPLQLVWUDFLyQ3~EOLFDGHOD;XQWDGH*DOLFLDSRUODFRQFHVLyQGHOSUR\HFWR ´0DFURDOJDVHODERUDGDVHQ*DOLFLDFRPRQRYRVDOLPHQWRVIXQFLRQDLVDYDOLDFLyQ GDV~DFDOLGDGHHVHJXULGDGHDOLPHQWDULDµ$OD&RQVHOOHUtDGH(GXFDFLyQH 2UGHQDFLyQ8QLYHUVLWDULDGHOD;XQWDGH*DOLFLDSRUODFRQFHVLyQGHODVEHFDV GH7HUFHU&LFOR\3UHGRFWRUDOHV $'0DQXHO/RXUHLURGLUHFWRUGH&RQVHUYDV\$KXPDGRV/28\D ' )HUPtQ )HUQiQGH] 6DD GLUHFWRU GH $OJDPDU SRU SURSRUFLRQDUQRV ODV PXHVWUDV <SRU~OWLPRDWRGDVODVSHUVRQDVTXHKDQHVWDGRDPLODGRGXUDQWH HVWHWLHPSR
$PLDEXHOD
;9, 7DEOD;9,,,1LYHOHVGHSROLFORURELIHQLORVHQFRQWUDGRVHQODVDOJDVJDOOHJDV 7DEOD;,;1LYHOHVGHSROLFORURELIHQLORVHQFRQWUDGRVHQDOJDVGHRWURVRUtJHQHV 7DEOD;;1LYHOHVGH3&%VUHFRJLGRVHQGLYHUVRVHVWXGLRV ,9&RPSDUDFLyQGHOD([WUDFFLyQ$VLVWLGDFRQ0LFURRQGDV\OD([WUDFFLyQFRQ 8OWUDVRQLGRV SDUD OD GHWHUPLQDFLyQ GH +LGURFDUEXURV $OLIiWLFRV $+ H +LGURFDUEXURV$URPiWLFRV3ROLFtFOLFRV3$+VHQPXHVWUDVGHDOJDVGH*DOLFLD $QiOLVLVFRQ*&),' 7DEOD,3URJUDPDGHH[WUDFFLyQFRQPLFURRQGDV 7DEOD,,7LHPSRVGHUHWHQFLyQ75GHORVKLGURFDUEXURVDOLIiWLFRV\DURPiWLFRV 7DEOD ,,, 5HFWDV GH FDOLEUDGR \ FRHILFLHQWHV GH GHWHUPLQDFLyQ GH ORV KLGURFDUEXURV 7DEOD,93UHFLVLyQGHODWpFQLFDGHLQ\HFFLyQGHORVKLGURFDUEXURV>PJO@ 7DEOD93UHFLVLyQGHODWpFQLFDGHLQ\HFFLyQGHORVKLGURFDUEXURV>PJO@ 7DEOD9,&RPSUREDFLyQGHODHILFLHQFLDGHOPpWRGRGHSXULILFDFLyQ 7DEOD9,,(VTXHPDGHORVHVWXGLRVGHUHFXSHUDFLyQUHDOL]DGRV 7DEOD9,,,([SHULPHQWRVREUHFDUJDGH8QGDULDFRQPJNJGHHVWiQGDU 7DEOD,;([SHULPHQWRVREUHFDUJDGH8QGDULDFRQPJNJGHHVWiQGDU 7DEOD ; ([SHULPHQWR VREUHFDUJD GH 8QGDULD FRQ PJNJ GH HVWiQGDU 5HSOLFDGR 7DEOD;,([SHULPHQWRVREUHFDUJDGHiFLGRK~PLFRFRQPJNJGHHVWiQGDU 7DEOD;,,([SHULPHQWRVREUHFDUJDGHDOJDVPDUURQHVFRQPJNJGHHVWiQGDU 7DEOD ;,,, ([SHULPHQWR VREUHFDUJD GH DOJDV PDUURQHV FRQ PJNJ GH HVWiQGDU 7DEOD;,9&RPSDUDFLyQGHODUHFXSHUDFLyQREWHQLGDVREUHFDUJDQGR8QGDULDFRQ PJNJGHFRQWDPLQDQWH 7DEOD ;9 &RPSDUDFLyQ GH UHFXSHUDFLRQHV REWHQLGDV FRQ 8QGDULD\DOJDV PDUURQHVPJNJ 7DEOD;9,(VTXHPDGHORVHVWXGLRVGHUHFXSHUDFLyQUHDOL]DGRV 7DEOD;9,,([SHULPHQWRVREUHFDUJDGH8QGDULDFRQPJNJGHHVWiQGDU 7DEOD ;9,,, ([SHULPHQWR VREUHFDUJD GH iFLGR K~PLFR FRQ PJNJ GH HVWiQGDU 7DEOD ;,; ([SHULPHQWR VREUHFDUJD GH DOJDV PDUURQHV FRQ PJNJ GH
;9,, HVWiQGDU 7DEOD;;5HFXSHUDFLRQHVREWHQLGDVSRUDPERVPpWRGRVGHH[WUDFFLyQ 7DEOD;;,(VTXHPDGHORVHVWXGLRVGHUHFXSHUDFLyQUHDOL]DGRV 7DEOD;;,,([SHULPHQWRVREUHFDUJDGH8QGDULDFRQPJNJGHHVWiQGDU 7DEOD;;,,,([SHULPHQWRVREUHFDUJDGH8QGDULDFRQPJNJGHHVWiQGDU 7DEOD;;,9([SHULPHQWRVREUHFDUJDGH8QGDULDFRQPJNJGHHVWiQGDU 7DEOD ;;9 ([SHULPHQWR VREUHFDUJD GH iFLGR K~PLFR FRQ PJNJ GH HVWiQGDU 7DEOD ;;9, ([SHULPHQWR VREUHFDUJD GH iFLGR K~PLFR FRQ PJNJ GH HVWiQGDU 7DEOD;;9,,3URJUDPDGHH[WUDFFLyQFRQPLFURRQGDV 7DEOD;;9,,,(VTXHPDGHORVHVWXGLRVGHUHFXSHUDFLyQUHDOL]DGRV 7DEOD;;,;([SHULPHQWRVREUHFDUJDGH8QGDULDFRQPJNJGHHVWiQGDU 7DEOD;;;([SHULPHQWRVREUHFDUJDGH8QGDULDFRQPJNJGHHVWiQGDU 7DEOD ;;;, ([SHULPHQWR VREUHFDUJD GH iFLGR K~PLFR FRQ PJNJ GH HVWiQGDU 7DEOD;;;,,5HFXSHUDFLRQHVREWHQLGDVSRUDPERVPpWRGRVGHH[WUDFFLyQ 7DEOD;;;,,,5HFXSHUDFLRQHVREWHQLGDVSRUDPERVPpWRGRVGHH[WUDFFLyQ 7DEOD;;;,9&RPSUREDFLyQGHODHILFLHQFLDGHOPpWRGRGHSXULILFDFLyQ 9 0LFURH[WUDFFLRQ HQ )DVH 6yOLGD GH +LGURFDUEXURV $OLIiWLFRV $+ H +LGURFDUEXURV$URPiWLFRV3ROLFtFOLFRV3$+VHQPXHVWUDVGHDOJDVGH*DOLFLD $QiOLVLVFRQ*&06 7DEOD,0DVDVVHOHFFLRQDGDVSDUDORV3$+V 7DEOD,,7LHPSRVGHUHWHQFLyQ75GHORVKLGURFDUEXURVDOLIiWLFRV\DURPiWLFRV 7DEOD ,,, 5HFWDV GH FDOLEUDGR \ FRHILFLHQWHV GH GHWHUPLQDFLyQ GH ORV KLGURFDUEXURV 7DEOD,9$QiOLVLVHOHPHQWDOGHODVPXHVWUDV 7DEOD95HFWDVGHFDOLEUDGR\FRHILFLHQWHVGHGHWHUPLQDFLyQGHORVKLGURFDUEXURV DOLIiWLFRV 7DEOD9,5HFWDVGHFDOLEUDGR\FRHILFLHQWHVGHGHWHUPLQDFLyQGHORV3$+V 7DEOD9,,5HSURGXFLELOLGDGGHOD630( 7DEOD9,,,(VTXHPDGHORVHVWXGLRVGH630(UHDOL]DGRV
;9,,, 7DEOD,;([SHULPHQWRVREUHFDUJDGH8QGDULDFRQPJNJGHHVWiQGDU 7DEOD;([SHULPHQWRVREUHFDUJDGHiFLGRK~PLFRFRQPJNJGHHVWiQGDU 7DEOD ;, ([SHULPHQWR VREUHFDUJD GH DOJDV PDUURQHV FRQ PJNJ GH HVWiQGDU 7DEOD;,,([SHULPHQWRVREUHFDUJDGH8QGDULDFRQPJNJGHHVWiQGDU 7DEOD ;,,, ([SHULPHQWR VREUHFDUJD GH DOJDV PDUURQHV FRQ PJNJ GH HVWiQGDU 7DEOD;,9(VTXHPDGHORVHVWXGLRVGH630(UHDOL]DGRV 7DEOD;9(QVD\RVREUHFDUJDGH8QGDULDFRQPJNJGHHVWiQGDU 7DEOD;9,(QVD\RVREUHFDUJDGH$OJDVPDUURQHVFRQPJNJGHHVWiQGDU 7DEOD;9,,(QVD\RVREUHFDUJDGHiFLGRK~PLFRFRQPJNJGHHVWiQGDU 7DEOD;9,,,(QVD\RVREUHFDUJDGH8QGDULDFRQPJNJGHHVWiQGDU 7DEOD;,;(QVD\RVREUHFDUJDGH$OJDVPDUURQHVFRQPJNJGHHVWiQGDU 7DEOD;;(QVD\RVREUHFDUJDGHÈFLGRK~PLFRFRQPJNJGHHVWiQGDU 7DEOD;;,(QVD\RVREUHFDUJDGH8QGDULDFRQPJNJGHHVWiQGDU 7DEOD;;,,(QVD\RVREUHFDUJDGH$OJDVPDUURQHVFRQPJNJGHHVWiQGDU 7DEOD;;,,,(QVD\RVREUHFDUJDGHÈFLGRK~PLFRFRQPJNJGHHVWiQGDU 7DEOD;;,9(QVD\RVREUHFDUJDGHÈFLGRK~PLFRFRQPJNJGHHVWiQGDU 7DEOD;;95HFXSHUDFLRQHVREWHQLGDVFRQVREUHFDUJDGHPJNJ 7DEOD;;9,5HFXSHUDFLRQHVREWHQLGDVFRQVREUHFDUJDGHPJNJ
;,; Ë1',&('(),*85$6 ,,,&RPSDUDFLyQGHOD([WUDFFLyQFRQ)OXLGRV6XSHUFUtWLFRV\OD([WUDFFLyQFRQ 6R[KOHW SDUD OD GHWHUPLQDFLyQ GH +LGURFDUEXURV $OLIiWLFRV $+ \ 3ROLFORURELIHQLORV3&%VHQPXHVWUDVGHDOJDVGH*DOLFLD$QiOLVLVFRQ*&),' (&' )LJXUD&URPDWRJUDPDGH8QGDULDH[WUDtGDSRU6)(VREUHFDUJDPJO )LJXUD&URPDWRJUDPDGH8QGDULDH[WUDtGDSRU6R[KOHWVREUHFDUJDPJO )LJXUD&URPDWRJUDPDGH8QGDULDH[WUDtGDSRU6)(VREUHFDUJDPJO )LJXUD&URPDWRJUDPDGH8QGDULDH[WUDtGDSRU6R[KOHWVREUHFDUJDPJO )LJXUD&URPDWRJUDPDGHXQDPXHVWUDGH8QGDULDREWHQLGDSRU6)(\*&),' )LJXUD&URPDWRJUDPDGHXQDPXHVWUDGH8QGDULDREWHQLGDSRU6)(\*&(&' ,9&RPSDUDFLyQGHOD([WUDFFLyQ$VLVWLGDFRQ0LFURRQGDV\OD([WUDFFLyQFRQ 8OWUDVRQLGRV SDUD OD GHWHUPLQDFLyQ GH +LGURFDUEXURV $OLIiWLFRV $+ H +LGURFDUEXURV$URPiWLFRV3ROLFtFOLFRV3$+VHQPXHVWUDVGHDOJDVGH*DOLFLD $QiOLVLVFRQ*&),' )LJXUD&URPDWRJUDPDGHXQSDWUyQGHKLGURFDUEXURVDOLIiWLFRVSRU*&),' )LJXUD&URPDWRJUDPDGHXQSDWUyQGHKLGURFDUEXURVDURPiWLFRVSROLFtFOLFRV SRU*&),' 9 0LFURH[WUDFFLRQ HQ )DVH 6yOLGD GH +LGURFDUEXURV $OLIiWLFRV $+ H +LGURFDUEXURV$URPiWLFRV3ROLFtFOLFRV3$+VHQPXHVWUDVGHDOJDVGH*DOLFLD $QiOLVLVFRQ*&06 )LJXUD&URPDWRJUDPD*&06GHORVKLGURFDUEXURVDOLIiWLFRVH[WUDtGRVFRQ 630(XOWUDVRQLGRV)XOO6FDQ )LJXUD&URPDWRJUDPD*&06GH3$+VH[WUDtGRVFRQ630(XOWUDVRQLGRV 6,0 )LJXUD&URPDWRJUDPD*&06GHORVKLGURFDUEXURVDOLIiWLFRVH[WUDLGRVFRQ 630(DJLWDGRUPDJQpWLFR)XOO6FDQ )LJXUD&URPDWRJUDPD*&06GH3$+VH[WUDLGRVFRQ630(DJLWDGRU PDJQpWLFR6,0 )LJXUD6REUHFDUJDGH8QGDULDFRQPJNJGHODVROXFLyQGH3$+V
;; )LJXUD6REUHFDUJDGH$OJDVPDUURQHVFRQPJNJGHODVROXFLyQGH3$+V )LJXUD6REUHFDUJDGHÈFLGRK~PLFRFRQPJNJGHODVROXFLyQGH3$+V )LJXUD6REUHFDUJDGH8QGDULDFRQPJNJGHODVROXFLyQGH$+V )LJXUD6REUHFDUJDGH$OJDVPDUURQHVFRQPJNJGH$+V )LJXUD6REUHFDUJDGHÈFLGRK~PLFRFRQPJNJGH$+V )LJXUD5HFXSHUDFLyQGH3$+VGHODVWUHVPXHVWUDVVREUHFDUJDGDVFRQ PJNJGHPXHVWUDVHFDDQDOL]DGDVSRU630(
;;, $%5(9,$785$6 $+ $OLSKDWLF+\GURFDUERQV +LGURFDUEXURV$OLIiWLFRV $2$& $VVRFLDWLRQRI2ILFLDO$QDO\WLFDO&KHPLVWV $VRFLDFLyQ2ILFLDOGH$QDOLVWDV4XtPLFRV $3+$ $PHULFDQ3XEOLF+HDOWK$VVRFLDWLRQ $VRFLDFLyQ$PHULFDQDGH6DOXG3~EOLFD $76'5 $JHQF\IRU7R[LF6XEVWDQFHVDQG'LVHDVH5HJLVWU\ $JHQFLDSDUDODVVXVWDQFLDVWy[LFDV\5HJLVWURGH(QIHUPHGDGHV &$6 &KHPLFDO$EVWUDFW6HUYLFH &'& &HQWUHVIRU'LVHDVH&RQWURODQG3UHYHQWLRQ &(( &RPXQLGDG(FRQyPLFD(XURSHD &(5&/$ &RPSUHKHQVLYH(QYLURQPHQWDO5HVSRQVH&RPSHQVDWLRQDQG/LDELOLW\$FW FRO &RODERUDGRUHV (&' (OHFWURQ&DSWXUH'HWHFWRU 'HWHFWRUGH&DSWXUD(OHFWUyQLFD (3$ (QYLURQPHQWDO3URWHFWLRQ$JHQF\ $JHQFLDGH3URWHFFLyQ0HGLRDPELHQWDO )$2 )RRGDQG$JULFXOWXUH2UJDQL]DWLRQ )'$ )RRGDQG'UXJ$GPLQLVWUDWLRQ ),' )ODPH,RQL]DWLRQ'HWHFWRU 'HWHFWRUGHLRQL]DFLyQGHOODPD *& *DV&KURPDWRJUDSK\ &URPDWRJUDItDGHJDVHV +3/& +LJK3HUIRUPDQFH/LTXLG&KURPDWRJUDSK\ &URPDWRJUDILDGH/tTXLGRVGH$OWD5HVROXFLyQ ,$5& ,QWHUQDWLRQDO$JHQF\IRU5HVHDUFKRQ&DQFHU ,83$& ,QWHUQDWLRQDO8QLRQRI3XUHDQG$SSOLHG&KHPLVWU\ 8QLyQ,QWHUQDFLRQDOGH4XtPLFD3XUD\$SOLFDGD /' /tPLWHGH'HWHFFLyQ /4 /tPLWHGH&XDQWLILFDFLyQ
;;,, 0$( 0LFURZDYH$VVLVWHG([WUDFWLRQ ([WUDFFLyQ$VLVWLGDFRQ0LFURRQGDV 0)2 0L[HV)XQFWLRQ2[LGDVDV 2[LGDVDVGH)XQFLyQ0L[WD 06 0DVV6SHFWURPHWU\ (VSHFWURPHWUtDGH0DVDV 1,26+ 1DWLRQDO,QVWLWXWHIRU2FFXSDWLRQDO6DIHW\DQG+HDOWK ,QVWLWXWR1DFLRQDOSDUDOD6HJXULGDG\6DOXG2FXSDFLRQDO 173 1DWLRQDO7R[LFRORJ\3URJUDP 26+$ 2FFXSDWLRQDO6DIHW\DQG+HDOWK$GPLQLVWUDWLRQ 3$+V 3RO\F\FOLF$URPDWLF+\GURFDUERQV +LGURFDUEXURV$URPiWLFRV3ROLFtFOLFRV U &RHILFLHQWHGH'HWHUPLQDFLyQ USP 5HYROXFLRQHV3RU0LQXWR 6,0 6HOHFWHGLRQ0DVV 56' 5HODWLYH6WDQGDUG'HYLDWLRQ 'HVYLDFLyQ(VWiQGDU5HODWLYD 6' 6WDQGDUG'HYLDWLRQ 'HVYLDFLyQ(VWiQGDU 6)( 6XSHUFULWLFDO)OXLG([WUDFWLRQ ([WUDFFLyQFRQ)OXLGRV6XSHUFUtWLFRV 630( 6ROLG3KDVH0LFURH[WUDFWLRQ 0LFURH[WUDFFLyQHQIDVHVyOLGD 7() 7R[LF(TXLYDOHQF\)DFWRU )DFWRUHVGH7R[LFLGDG(TXLYDOHQWH 89 8OWUDYLROHWD 1RVHLQFOX\HQODVDEUHYLDWXUDVFRUUHVSRQGLHQWHVDO6LVWHPD,QWHUQDFLRQDOGH8QLGDGHV 'HFUHWRGHGHDEULOGHSXEOLFDGRHQHO%2(QGH
,,1752'8&&,Ï1
3ROLFORURELIHQLORV 32/,&/252%,)(1,/263&%V ,QWURGXFFLyQ (O WpUPLQR SROLFORURELIHQLOR 3&% DEDUFD XQD IDPLOLD GH FRPSXHVWRV IDEULFDGRV SRU HO KRPEUH GH GLVWLQWD WR[LFLGDG FDGD XQR GH HOORV \ TXH VH HQFXHQWUDQHQFRQVLGHUDEOHVQLYHOHVWDQWRHQDLUHFRPRHQDJXD\VXHORV$QWyQ\ /L]DVRD 6HVLQWHWL]DURQSRUSULPHUDYH]DILQDOHVGHOVLJOR;,;SHURVHFRPHQ]DURQD SURGXFLU\D XWLOL]DU FRQ ILQHV FRPHUFLDOHV HQFRPR PDWHULDOHV GLHOpFWULFRV SDUD FDEOHV FDSDFLWDGRUHV \ WUDQVIRUPDGRUHV XVDGRV HQ OD LQGXVWULD HOpFWULFD 7DPELpQ VH KDQ XWLOL]DGR HQ HO DFHLWH GH LQPHUVLyQ SDUD PLFURVFRSLRV FRPR VXVSHQVLyQRYHKtFXORVGHSLJPHQWRVGHFDUEyQHQSDSHOGHFRSLDIOXLGRVDLVODQWHV\ FRPRGLVSHUVDGRUHVGHSHVWLFLGDV$QJXOR\-RGUDO (Q VH GHPRVWUy TXH OD H[SRVLFLyQ RFXSDFLRQDO D HVWRV FRPSXHVWRV FDXVDED HIHFWRV Wy[LFRV \ FRQVHFXHQWHPHQWH VH ILMDURQ ORV QLYHOHV OtPLWH HQ ORV OXJDUHVGHWUDEDMR(QHOPHGLRDPELHQWHODSUHVHQFLDGH3&%VFRPRFRQWDPLQDQWHV QR IXH GHWHFWDGD KDVWD HQ TXH -HQVHQ REVHUYy HQ VXV FURPDWRJUDPDV XQRV FRPSXHVWRV GHVFRQRFLGRV \ DPSOLDPHQWH GLIXQGLGRV HQ HO PHGLR DPELHQWH GH 6XHFLDPLHQWUDVLQYHVWLJDEDQUHVLGXRVGHRUJDQRFORUDGRV'RVDxRVDQWHVSLFRVGH VLPLODUHVFDUDFWHUtVWLFDVKDEtDQLQWHUIHULGRFURPDWRJUDPDVHQRWURVSDtVHVGH(XURSD \ HQ (VWDGRV 8QLGRV VLHQGR UHJLVWUDGRV FRPR FRQWDPLQDQWHV GHO ''7 SRVWHULRUPHQWHVHUtDQLGHQWLILFDGRVFRPR%LIHQLORV3ROLFORUDGRV$QJXOR\-RGUDO (Q ORV YHLQWLFXDWUR SDtVHV GH OD 2UJDQL]DFLyQ GH &RRSHUDFLyQ \ 'HVDUUROOR (FRQyPLFR 2&'( DGRSWDURQ OLPLWDU HO HPSOHR GH 3&%V D FLHUWDV DSOLFDFLRQHV HVSHFtILFDV \ HVWDEOHFHU HO FRQWURO GH OD PDQXIDFWXUD LPSRUWDFLyQ \ H[SRUWDFLyQGH3&%VDJUDQHOSDUDHVWDEOHFHUXQDGHFXDGRWUDWDPLHQWRGHUHVLGXRV\ VLVWHPDVGHHWLTXHWDGRSDUDORVSURGXFWRVTXHORVFRQWHQJDQ$QJXOR\-RGUDO
3ROLFORURELIHQLORV H[WUDFWRV PHGLRDPELHQWDOHV QR VH DVHPHMD D OD FRPSRVLFLyQ GH ORV SURGXFWRV FRPHUFLDOHV SXHVWR TXH ORV 3&%V LQGLYLGXDOHV PXHVWUDQ GLVWLQWDV SURSLHGDGHV ILVLFRTXtPLFDV TXH LQIOX\HQ HQ VXV UDQJRV GH SDUWLFLyQ \ UHWHQFLyQ HQ PXHVWUDV PHGLRDPELHQWDOHV\HQVXVUDQJRVGHGHJUDGDFLyQSRUGLIHUHQWHVYtDV6DIH (Q WRGRV ORV QLYHOHV ELROyJLFRV ORV FRQJpQHUHV PiV FORUDGRV SUHVHQWDQ SUHYDOHQFLDVVXSHULRUHVDODVGHOUHVWRDFXPXOiQGRVHHQPD\RUPHGLGDORVELIHQLORV PiV FORUDGRV \D TXH ORV GH PHQRU FORUDFLyQ VRQ PiV IiFLOPHQWH H[FUHWDEOHV SRU SURFHVRVPHWDEyOLFRV\SRUWDQWRVXVQLYHOHVVHYDQLQFUHPHQWDQGRHQODVVXFHVLYDV HWDSDVGHODFDGHQDDOLPHQWDULD 3RUVHUOLSRItOLFRVVRQDOPDFHQDGRVSUHIHUHQWHPHQWHHQHOWHMLGRDGLSRVR\ HQ PHQRUHV FDQWLGDGHV HQ VXHUR VDQJXtQHR yUJDQRV WHMLGRV \ OHFKH KXPDQD /DV FRQFHQWUDFLRQHVGH3&%VHQORVyUJDQRVGHSHQGHQGHVXFRQWHQLGRHQPDWHULDJUDVD FRQH[FHSFLyQGHOFHUHEURGRQGHORVQLYHOHVVRQLQIHULRUHVDORTXHFDEUtDHVSHUDU 3DUD TXH ORV 3&%V VHDQ H[FUHWDGRV HV QHFHVDULD VX WUDQVIRUPDFLyQ HQ PROpFXODV KLGURVROXEOHV /D ELRWUDQVIRUPDFLyQ GH ORV 3&%V VH UHDOL]D SRU XQD KLGUR[LODFLyQPHGLDQWHR[LGDVDVORFDOL]DGDVHQHOKtJDGRSRVWHULRUPHQWHVXIUHQXQD GHFORUDFLyQ\FRQMXJDFLyQDQWHVGHVHUH[FUHWDGRV/DWDVDGHELRWUDQVIRUPDFLyQ\ GHSHUVLVWHQFLDGHSHQGH GHOJUDGRGHFORUDFLyQ\GHODSRVLFLyQ GHORViWRPRVGH FORUR/DVIRUPDVPHQRVFORUDGDVSXHGHQVHUPHWDEROL]DGDV\H[FUHWDGDVSHURODV PiV FORUDGDV VH DFXPXODQ HQ ORV WHMLGRV /D SUHVHQFLD GH GRV FDUERQRV QR KDORJHQDGRVDG\DFHQWHVIDFLOLWDHOPHWDEROLVPR /DH[FUHFLyQGHORV3&%VVHSURGXFHDWUDYpVGHODJUDVDGHODOHFKHELOLV\ KHFHV HQ GRV IDVHV XQD SULPHUD FRUWD GH H[FUHFLyQ UiSLGD VHJXLGD GH XQD IDVH PXFKRPiVODUJDGHH[FUHFLyQOHQWD/DYLGDPHGLDGHORV3&%VHQODSULPHUDIDVH HVGHGtDV\GHGtDVHQODVHJXQGD$QJXOR\-RGUDO 7R[LFRORJtD 3RUVXVHIHFWRVWy[LFRVORV3&%VVHLQFOX\HQHQHOSXHVWRQ~PHURGHOD OLVWDGHODVVXVWDQFLDVPiVSHOLJURVDVSDUDODVDOXGKXPDQDGHOD$JHQFLDSDUDODV
3ROLFORURELIHQLORV 6XVWDQFLDV7y[LFDV\5HJLVWURGH(QIHUPHGDGHV$76'5&(5&/$(QOD OLVWD&(3&RPSOHWHG([SRVXUH3DWKZD\V GHO VH HQFXHQWUDQHQ HO QRYHQR OXJDU$76'5&(3 /DHYDOXDFLyQWR[LFROyJLFDGHORV3&%VHVFRPSOLFDGD\DTXHVHSUHVHQWDQ HQIRUPDGHPH]FODVGHQXPHURVRVFRQJpQHUHV\PXFKRVGHORVGDWRVWR[LFROyJLFRV GHORVTXHVHGLVSRQHVHEDVDQHQHQVD\RVUHDOL]DGRVFRQGLFKDVPH]FODV$QJXOR\ -RGUDO /RVHIHFWRVSURGXFLGRVHQWUDEDMDGRUHVH[SXHVWRVVRQYDULDEOHV\KDQVLGR DPSOLDPHQWH HVWXGLDGRVDOJXQRV GH HOORV LQFOX\HQFORURDFQp\ OHVLRQHV GpUPLFDV UHODFLRQDGDVHIHFWRVKHSiWLFRVGLYHUVRVTXHLQFOX\HQDXPHQWRGHORVQLYHOHVVpULFRV GHHQ]LPDVKHSiWLFRV\OtSLGRVLQGXFFLyQGHHQ]LPDVKHSiWLFRVPHWDEROL]DGRUHVGH IiUPDFRVKHSDWRPHJDOLDUHFLpQQDFLGRVFRQEDMRSHVRFRUSRUDOGLVPLQXFLyQGHOD IXQFLyQSXOPRQDUHLUULWDFLyQRFXODU 0XFKDVGHODVUHVSXHVWDVVRQUHYHUVLEOHV\HQQXPHURVRVHVWXGLRVQRVHKD REVHUYDGRFRUUHODFLRQHVVLJQLILFDWLYDVHQWUHORVQLYHOHVGH3&%V\ODVUHVSXHVWDV $SHVDUGHTXHVXVHIHFWRVFDUFLQRJpQLFRVHQDQLPDOHVGHODERUDWRULRKDQ VLGRDPSOLDPHQWHGHPRVWUDGRVVXFDUFLQRJHQLFLGDGHQKXPDQRVQRKDSRGLGRVHU GHPRVWUDGD /RV UHVXOWDGRV GH QXPHURVRV HVWXGLRV QR VRQ GHWHUPLQDQWHV SDUD HVWDEOHFHUXQDFRUUHODFLyQHQWUHHODXPHQWRGHODPRUWDOLGDGDVRFLDGDDOFiQFHUFRQ OD H[SRVLFLyQ RFXSDFLRQDO D ORV 3&%V 6LQ HPEDUJR HQ YDULRV HVWXGLRV VH FRPSUXHED XQ DXPHQWR HQ OD LQFLGHQFLD GH GHWHUPLQDGRV FiQFHUHV LQFOX\HQGR PHODQRPDVFiQFHU GH YHVtFXOD \ WUDFWRELOLDUWUDFWR JDVWURLQWHVWLQDO \ QHRSODVLDV KHPDWROyJLFDV6DIH (Q QXPHURVRV HVWXGLRV VH KD SUHVWDGR XQD HVSHFLDO DWHQFLyQ D OD FRQFHQWUDFLyQ \ GLVWULEXFLyQ GH ORV FRQJpQHUHV QRRUWR \ PRQRRUWR FRSODQDUHV SXHVWR TXH WLHQHQ XQD WR[LFLGDG VLPLODU D OD WHWUDFORURGLEHQ]RSGLR[LQD 7&''HOFRPSXHVWRPiVWy[LFRGHORVJHQHUDGRVSRUHOKRPEUH6HVDEH TXH HVRV FRQJpQHUHV VH XQHQ D XQ UHFHSWRU $K H LQGXFHQ OD DULO KLGURFDUEXUR KLGUR[LODVD$++PLFURVRPLDOKHSiWLFDHQDQLPDOHVVDOYDMHV\GHODERUDWRULR/D 2UJDQL]DFLyQ 0XQGLDO GH OD 6DOXG KD DVLJQDGR IDFWRUHV GH WR[LFLGDG HTXLYDOHQWH 7()VDFXDWUR3&%VQRRUWR,83$&\\DRFKR3&%VPRQRRUWR
3ROLFORURELIHQLORV FRSODQDUHV ,83$& \ SDUD HYDOXDU VX SRWHQFLDOWR[LFLGDGHQHOPHGLRDPELHQWH1DNDWD\FRO(QHVWHWUDEDMRVH KDQHVWXGLDGRHVWRV3&%VGHHOHYDGDLPSRUWDQFLDWR[LFROyJLFD (Q ODV H[SRVLFLRQHV QR SURIHVLRQDOHV VH KDQ SURGXFLGR GRV HSLVRGLRV GH LQWR[LFDFLyQDJXGDSRU3&%V(OSULPHURWXYROXJDUHQ-DSyQHQ\HOVHJXQGR HQ7DLZiQFDVLRQFHDxRVGHVSXpVIXHURQGHQRPLQDGRVHQIHUPHGDGGH<XVKR\<X &KHQJ UHVSHFWLYDPHQWH $PERV VH SURGXMHURQ SRU FRQVXPR GH DFHLWH GH DUUR] FRQWDPLQDGR SRU OD IXJD DFFLGHQWDO GH IOXLGR LQGXVWULDO TXH FRQWHQtD 3&%V GHO VLVWHPDLQWHUFDPELDGRUGHFDORUXWLOL]DGRSDUDODGHVRGRUL]DFLyQGHODFHLWH /D VLQWRPDWRORJtD GH ODV YtFWLPDV FRQVLVWLy HQ FORURDFQp VHYHUR \ SHUVLVWHQWHSLJPHQWDFLyQPDUUyQRVFXUDHQODVXxDVIROtFXORVSLORVRVGLIHUHQFLDOHV GHOJDGH] HQ OD SLHO SUREOHPDV RFXODUHV HQWXPHFLPLHQWR GH ODV H[WUHPLGDGHV \ PROHVWLDV VXEMHWLYDV DVRFLDGDV D SUREOHPDV QHXUROyJLFRV /RV QLxRV QDFLGRV GH PXMHUHV FRQ HQIHUPHGDG <X&KHQJ HUDQ SHTXHxRV \ SUHVHQWDEDQ GpILFLW HQ HO DSUHQGL]DMH\ORVPLVPRVVtQWRPDVWy[LFRV6DIH 7UDV FRPSDUDU ORV HIHFWRV FDXVDGRV SRU HO DFHLWH FRQWDPLQDGR \ ORV SURGXFLGRV SRU 3&%V LQGXVWULDOHV HQ WUDEDMDGRUHV H[SXHVWRV VH FRQFOX\R TXH ORV VtQWRPDVDSDUHFLGRVQRVHGHELHURQH[FOXVLYDPHQWHDODDFFLyQGHORV3&%VVLQR WDPELpQ DODGH RWURVFRQWDPLQDQWHV SULQFLSDOPHQWH GLEHQ]RIXUDQRV SROLFORUDGRV PXFKRPiVSRWHQWHV6DIH 0HWRGRORJtDDQDOtWLFD /D PHWRGRORJtD WUDGLFLRQDO GH DQiOLVLV GH HVWRV FRPSXHVWRV KD VLGR OD FURPDWRJUDItDGHJDVHVFRQGHWHFWRUGHFDSWXUDHOHFWUyQLFD/DLQHVSHFLILGDGGHHVWH WLSR GH GHWHFWRU KDFH UHFRPHQGDEOH OD XWLOL]DFLyQ GH XQ HVSHFWUyPHWUR GH PDVDV FRPR VLVWHPD GH FRQILUPDFLyQ (VWR HV YLDEOH FXDQGR ORV FRPSXHVWRV SXHGDQ HQFRQWUDUVHDQLYHOGHWUD]DSHURVLHODQiOLVLVVHTXLHUHUHDOL]DUVREUHORVUHVLGXRV TXHSXHGDQDSDUHFHUHQXQDOLPHQWRGRQGHORVQLYHOHVVRQGHXOWUDWUD]DQJNJOD XWLOL]DFLyQGHXQFURPDWyJUDIRGHJDVHVFRQHFWDGRFRQXQHVSHFWUyPHWURGHPDVDV
3ROLFORURELIHQLORV GHDOWDUHVROXFLyQRDXQGHWHFWRU0DVDV0DVDVVHUtDORPiVUHFRPHQGDEOH$QWyQ\ /L]DVRD (OSURFHGLPLHQWRJHQHUDO GHDQiOLVLVGH ORV3&%VLQFOX\HWUDVODWRPDGH PXHVWUDODVVLJXLHQWHVHWDSDVH[WUDFFLyQGHORVDQDOLWRVGHLQWHUpVSXULILFDFLyQ\ GHWHUPLQDFLyQTXHLQFOX\HLGHQWLILFDFLyQ\FXDQWLILFDFLyQGHORVDQDOLWRV ([WUDFFLyQ 'HELGRVXFDUiFWHUOLSRItOLFRHVWRVFRPSXHVWRVVHHQFXHQWUDQGHSRVLWDGRVHQ ODSDUWHJUDVDGHODVPXHVWUDV\VXVFRQFHQWUDFLRQHVVHDMXVWDQIUHFXHQWHPHQWHDODV YDULDFLRQHVHQHOFRQWHQLGROLStGLFRGHODVPLVPDV /DH[WUDFFLyQGHORV3&%VGHODVPXHVWUDVVHUHDOL]DKDELWXDOPHQWHPHGLDQWH PpWRGRV GH H[WUDFFLyQ FRQ GLVROYHQWHV RUJiQLFRV HQWUH ORV PiV XWLOL]DGRV VH HQFXHQWUDQ KH[DQR DFHWRQLWULOR GLFORURPHWDQR DFHWDWR GH HWLOR pWHU GH SHWUyOHR WROXHQRHWF 3DUDPXHVWUDVOtTXLGDVVHKDHPSOHDGRHQQXPHURVDVRFDVLRQHVODH[WUDFFLyQ OtTXLGROtTXLGR0RQGRQ\FROPHGLDQWHDJLWDFLyQGHODPXHVWUDDFXRVDFRQ XQGLVROYHQWHRUJiQLFRSDUDFRQVHJXLUWUDQVIHULUHODQDOLWRDODIDVHRUJiQLFD2WUD WpFQLFDWDPELpQPX\XWLOL]DGDHVODH[WUDFFLyQHQIDVHVyOLGD3LWDUFK\FRO HOLJLHQGRXQDGVRUEHQWH\XQGLVROYHQWHGHHOXFLyQDSURSLDGRV /D H[WUDFFLyQ FRQ6R[KOHW HV XQ SURFHGLPLHQWR HVWiQGDU GH H[WUDFFLyQ GH HVWRV UHVLGXRV HQ SURGXFWRV JUDVRV TXH KD VLGR HPSOHDGD SRU QXPHURVRV DXWRUHV 0RQWRQH\FRO%LQHOOL \3URYLQL*DOLQGR5H\HV\FRO6LQ HPEDUJRHVWiWpFQLFDUHTXLHUH PXFKRWLHPSR\ JUDQGHVYRO~PHQHVGHGLVROYHQWHV TXHGHEHQVHUSRVWHULRUPHQWHHOLPLQDGRV )UHQWHDODVWpFQLFDVGHH[WUDFFLyQFRQVROYHQWHVFRQYHQFLRQDOHVVHHPSOHDQ RWUDV DOWHUQDWLYDV TXH XWLOL]DQ SHTXHxDV FDQWLGDGHV GH GLVROYHQWHV \ UHGXFHQ HO WLHPSRGHH[WUDFFLyQDGHPiVGHSURSRUFLRQDUXQH[WUDFWRPiVOLPSLRHYLWDQGRHQ DOJXQRVFDVRVODIDVHGHSXULILFDFLyQ6RQSRUHMHPSORODH[WUDFFLyQDVLVWLGDFRQ PLFURRQGDVH[WUDFFLyQPHGLDQWHXOWUDVRQLGRVH[WUDFFLyQDFHOHUDGDFRQVROYHQWHV\ OD H[WUDFFLyQ FRQ IOXLGRV VXSHUFUtWLFRV %HUJ \ FRO 0DQQLOD \ FRO 1LOVVRQ\FRO
3ROLFORURELIHQLORV $FWXDOPHQWH PXFKRV LQYHVWLJDGRUHV HPSOHDQ OD PLFURH[WUDFFLyQ HQ IDVH VyOLGD630(FRQILEUDVGHSROLGLPHWLOVLOR[DQRXQDWpFQLFDGHDGVRUFLyQGHVRUFLyQ VLPSOH \ HIHFWLYD TXH HOLPLQD OD QHFHVLGDG GH XVDU VROYHQWHV \ DSDUDWRV SDUD OD FRQFHQWUDFLyQGHORVFRPSXHVWRV5DPLO\FRO 3XULILFDFLyQ *HQHUDOPHQWH ODV WpFQLFDV GH DQiOLVLV GH PXHVWUDV FRPSOHMDV DOLPHQWRV JUDVDRWHMLGRVVRQSURORQJDGDV\FRQOOHYDQODFRH[WUDFFLyQGH RWUDVVXVWDQFLDVDO PLVPR WLHPSR TXH ORV UHVLGXRV GH LQWHUpV TXH SXHGHQ LQWHUIHULU HQ OD SRVWHULRU GHWHUPLQDFLyQ (QWUH ORV SURFHGLPLHQWRV PiV HPSOHDGRV SDUD HOLPLQDU ODV VXVWDQFLDV FRH[WUDtGDV GH ORV UHVLGXRV DQDOL]DU GHVWDFDQ OD FURPDWRJUDItD GH DGVRUFLyQ R SXULILFDFLyQ HQ IDVH VyOLGD FRQ FROXPQDV DSURSLDGDV *yPH] $UL]D \ FRO *DOLQGR5H\HV\FROORVWUDWDPLHQWRVFRQiFLGRVRiOFDOLV6WRUHOOL\FRO \ODFURPDWRJUDItDGHSHUPHDFLyQHQJHO-DQJ\/L 'HWHUPLQDFLyQ /DFURPDWRJUDItDGHJDVHVFRQGHWHFWRUGHFDSWXUDHOHFWUyQLFDFRQIXHQWHGH 1tTXHO 1L HV OD WpFQLFD DQDOtWLFD PiV HPSOHDGD SDUD HO HVWXGLR GH PXHVWUDV PHGLRDPELHQWDOHVGHELGRDVXJUDQVHQVLELOLGDG\HVSHFLILFLGDGSDUDORV3&%V /DVFROXPQDVPiVXWLOL]DGDVHQFURPDWRJUDItDGHJDVHVSDUDODLQYHVWLJDFLyQ GH UHVLGXRV RUJDQRFORUDGRV VRQ ODV FROXPQDV FDSLODUHV GHELGR D ODV QXPHURVDV YHQWDMDVTXHSUHVHQWDQ/DIDVHHVWDFLRQDULDHOHJLGDSRUODPD\RUtDGHORVDXWRUHV SDUD OD LGHQWLILFDFLyQ \ FXDQWLILFDFLyQ GH ORV 3&%V HV OD IHQLO PHWLO SROLVLOR[DQR\HQVHJXQGROXJDUODPHWLOSROLVLOR[DQR
+LGURFDUEXURVDOLIiWLFRV +,'52&$5%8526$/,)È7,&26 ,QWURGXFFLyQ /RV KLGURFDUEXURV VRQ ORV FRPSXHVWRV RUJiQLFRV PiV VHQFLOORV IRUPDGRV H[FOXVLYDPHQWHSRUFDUERQRHKLGUyJHQR /D PD\RU SDUWH GH ORV DOFDQRV VH HQFXHQWUDQ OLEUHV HQ OD QDWXUDOH]D IRUPDQGR SDUWH GHO SHWUyOHR \ GHO JDV QDWXUDO GH ORV TXH VH H[WUDHQ D HVFDOD LQGXVWULDOPHGLDQWHXQSURFHVRGHGHVWLODFLyQIUDFFLRQDGD 3URSLHGDGHV /RVFXDWURSULPHURVWpUPLQRVGHODVHULHPHWDQRHWDQRSURSDQR\EXWDQR VRQJDVHRVRVDWHPSHUDWXUDDPELHQWHGHOSHQWDQRDOKH[DGHFDQRVRQOtTXLGRV\ORV WpUPLQRVVXSHULRUHVVRQVyOLGRV3RUSUHVHQWDUHVWDFDUDFWHUtVWLFDHVGLItFLOWUDEDMDUHQ HOODERUDWRULRFRQORVGHEDMRSHVRPROHFXODUVLQTXHVHHOLPLQHQSRUYRODWLOL]DFLyQ &RPR ORV HQODFHV &+ WLHQHQ XQD SRODULGDG PX\ SHTXHxD \ DGHPiV ODV PROpFXODVVRQVLPpWULFDVORVDOFDQRVVRQSUiFWLFDPHQWHLQVROXEOHVHQ GLVROYHQWHV SRODUHVSHURVROXEOHV HQVROYHQWHV RUJiQLFRV\WDPELpQVRQPLVFLEOHV HQWUHVt$ FDXVD GH VX JUDQ HVWDELOLGDG \ OD EDMD SRODULGDG GH ORV HQODFHV && \ &+ ORV DOFDQRVVRQSRFRUHDFWLYRV)HUQiQGH]\)LGDOJR $EVRUFLyQPHWDEROLVPR\HOLPLQDFLyQ $OVHUPX\OLSRItOLFRVVHDEVRUEHQSRUWRGDVODVUXWDV7UDVVXDEVRUFLyQVRQ UiSLGDPHQWH PHWDEROL]DGRV SRU HQ]LPDV R[LGDWLYRV \ H[FUHWDGRV HQ RULQD SRU ODV UXWDVELRTXtPLFDVFRQYHQFLRQDOHV 7R[LFRORJtD ([FHSWRHQHOFDVRGHOQKH[DQRTXHKDVLGRREMHWRGHQXPHURVRVHVWXGLRV OD LQIRUPDFLyQ WR[LFROyJLFD GLVSRQLEOH VREUH HVWRV FRPSXHVWRV LQGLYLGXDOHV HV HVFDVD 6LQ HPEDUJR HVWD LQIRUPDFLyQ VXJLHUH TXH ORV KLGURFDUEXURV DOLIiWLFRV SUHVHQWDQXQDEDMDWR[LFLGDGDJXGD\FUyQLFD)DZHOO\+XQW
+LGURFDUEXURVDOLIiWLFRV /HJLVODFLyQ /D FRQWDPLQDFLyQ GHO VXHOR \ VREUH WRGR GHO DJXD FDXVDGD SRU HVFDSHV DFFLGHQWDOHVRFRQWLQXRVGHDFHLWHFUXGR\SURGXFWRVUHILQDGRVDOPHGLRDPELHQWH RFXUUHFDGDDxRFRQHOFUHFLPLHQWRGHODLQGXVWULDOL]DFLyQ\ODGHPDQGDGHHQHUJtD (QWXYLHURQOXJDUDFFLGHQWDOPHQWHDOUHGHGRUGHYHUWLGRVGHSHWUyOHRDJUDQ HVFDODDGHPiVGHORVFLHQWRVGHSHTXHxRVYHUWLGRVTXHWLHQHQOXJDUDGLDULR:DQJ\ )LQJDV 3RUHVWHPRWLYRVHKDFHQHFHVDULDXQDDFWXDFLyQDQLYHOHXURSHRHQHOiPELWR GHODSROtWLFDGHDJXDV<DOD5HVROXFLyQGHO&RQVHMRGHOGHMXQLRGHHQ PDWHULDGHFRQWURO\UHGXFFLyQGHODFRQWDPLQDFLyQFDXVDGDSRUHOYHUWLGRGH KLGURFDUEXURVDOPDUSURSRQHHQWUHRWUDVHVWXGLDUODVPHGLGDVTXHVHGHEHQDGRSWDU FRQYLVWDVDXQDDSOLFDFLyQPiVHILFD]HQHOFDVRGHDFFLGHQWHVTXHRFDVLRQHQXQD FRQWDPLQDFLyQJUDYHDVtFRPRHODERUDUXQDSURSXHVWDGHSURJUDPDGHLQYHVWLJDFLyQ SDUDODOXFKDFRQWUDODFRQWDPLQDFLyQSRUORVKLGURFDUEXURVYHUWLGRVVREUHHOGHVWLQR GHHVWRVKLGURFDUEXURV\VXVHIHFWRVVREUHODIDXQD\IORUDPDUtWLPDV /D 'LUHFWLYD &((UHODWLYD DODFDOLGDG GH ODV DJXDV FRQWLQHQWDOHV TXHUHTXLHUHQSURWHFFLyQRPHMRUDSDUDVHUDSWDVSDUDODYLGDGHORVSHFHVHQORV SDUiPHWURV GH FRQWURO HVWDEOHFH SDUD ORV KLGURFDUEXURV GH RULJHQ SHWUROHUR XQ H[DPHQYLVXDOPHQVXDO\XQH[DPHQJXVWDWLYRVyORFXDQGRVHSUHVXPDODSUHVHQFLD GHKLGURFDUEXURV (O5HDO'HFUHWRGHWHUPLQDTXHSDUDTXHODVDJXDVFRQWLQHQWDOHV VHDQ FRQVLGHUDGDV DSWDV SDUD OD YLGD GH ORV SHFHV ORV KLGURFDUEXURV GH RULJHQ SHWUROHURQRSRGUiQHVWDUSUHVHQWHVHQFDQWLGDGHVTXHIRUPHQXQDSHOtFXODYLVLEOHHQ ODVXSHUILFLHGHODJXDRVHGHSRVLWHQHQFDSDVHQORVOHFKRVGHODVFRUULHQWHVGHDJXD R HQ ORV ODJRV WUDVPLWDQ DO SHVFDGR XQ SHUFHSWLEOH VDERU D KLGURFDUEXURV R SURYRTXHQHIHFWRVQRFLYRVHQORVSHFHV7DPELpQHVWDEOHFHTXHSDUDTXHXQDJXD VHDFRQVLGHUDGDGHFDOLGDGSDUDODFUtDGHPROXVFRVORVKLGURFDUEXURVQRGHEHUiQ KDOODUVH HQ FRQFHQWUDFLRQHV TXH IRUPHQ HQ OD VXSHUILFLH GHO DJXD XQD SHOtFXOD YLVLEOH\RXQGHSyVLWRVREUHORVPROXVFRVRSURYRTXHQHIHFWRVQRFLYRVVREUHORV PLVPRV
+LGURFDUEXURVDOLIiWLFRV (Q HO'RFXPHQWR$SDUDODSURWHFFLyQGH ODVFRVWDV\GH ODV DJXDVGHO$WOiQWLFRGHO1RUGHVWHFRQWUDODSROXFLyQVHLQFOX\HHQHODUWtFXORTXH OD H[SUHVLyQ LQFLGHQWH GH FRQWDPLQDFLyQ VLJQLILFD XQ DFRQWHFLPLHQWR R VHULH GH DFRQWHFLPLHQWRV TXH WHQJDQ HO PLVPR RULJHQ \ TXH FRQGX]FDQ D XQ GHUUDPH R DPHQD]D GH GHUUDPH GH KLGURFDUEXURV X RWUDV VXVWDQFLDV QRFLYDV TXH KD\D GDGR OXJDURTXHVHDVXVFHSWLEOHGHGDUOXJDUDXQGDxRDOPHGLRPDULQRHOOLWRUDORORV LQWHUHVHVFRQH[RVGHXQDRYDULDVSDUWHV\TXHH[LMDXQDDFFLyQXUJHQWHRFXDOTXLHU RWUDUHDFFLyQLQPHGLDWD(OWpUPLQR³KLGURFDUEXURV´VLJQLILFDHOSHWUyOHR HQWRGDV VXVIRUPDVHVSHFLDOPHQWHHOSHWUyOHREUXWRHOIXHORLOODVODPDVORVUHVLGXRV GH KLGURFDUEXURV \ ORV SURGXFWRV UHILQDGRV /D H[SUHVLyQ ³RWUDV VXVWDQFLDV QRFLYDV´ VLJQLILFDWRGDVODVVXVWDQFLDVGLVWLQWDVGHORVKLGURFDUEXURVLQFOX\HQGRORVUHVLGXRV SHOLJURVRVFX\DOLEHUDFLyQHQHOPHGLRPDULQRHVVXVFHSWLEOHGHDPHQD]DUODVDOXG KXPDQDORVHFRVLVWHPDVXRWURVUHFXUVRVYLYRVODVFRVWDVRLQWHUHVHVFRQH[RVGHODV SDUWHV /D'LUHFWLYD&(HVWDEOHFHXQPDUFRFRPXQLWDULRGHDFWXDFLyQHQHO iPELWRGHODSROtWLFDGHDJXDVFRQHOILQGHPHMRUDUODFDOLGDGHFROyJLFDGHODVDJXDV VXSHUILFLDOHV FRPXQLWDULDV \ DOFDQ]DU ORV REMHWLYRV GH FRQVHUYDFLyQ SURWHFFLyQ \ PHMRUDGHODFDOLGDGGHOPHGLRDPELHQWH\ODXWLOL]DFLyQSUXGHQWH\UDFLRQDOGHORV UHFXUVRVQDWXUDOHV(VWDGLUHFWLYDSUHWHQGHFRQWULEXLUDODSURJUHVLYDUHGXFFLyQGHORV YHUWLGRVGHVXVWDQFLDVSHOLJURVDV HQ HODJXD(QHOODVHGLVWLQJXHQORV HVWDGRVGH PX\EXHQREXHQR\DFHSWDEOHSDUDODVDJXDVGHWUDQVLFLyQ\FRVWHUDVHPSOHDQGR HQWUHRWURVODVPDFURDOJDVFRPRLQGLFDGRUHVHQIXQFLyQGHODSUHVHQFLDRDXVHQFLD GHDOWHUDFLRQHVHQODFRPSRVLFLyQGHORVWD[RQHVGHPDFURDOJDV\HQHOSURPHGLRGH DEXQGDQFLD GHODV PLVPDV TXHSXHGHQSURGXFLUSHUWXUEDFLRQHV LQGHVHDEOHV HQ HO HTXLOLEULRGHORVRUJDQLVPRVSUHVHQWHVHQODPDVDGHDJXD (QOD&RPXQLFDFLyQGHOD&RPLVLyQGHODV&RPXQLGDGHV(XURSHDVVREUHHO 6H[WR 3URJUDPD GH $FFLyQ GH OD &RPXQLGDG (XURSHD HQ PDWHULD GH 0HGLR $PELHQWH &20HQUHIHUHQFLDDOPHGLRPDULQRVH H[SUHVDODQHFHVLGDGGH HPSUHQGHU DFWXDFLRQHV FRQFHUWDGDV SDUD GHWHUPLQDU \ FXDQWLILFDU ORV SUREOHPDV GHULYDGRVGHODH[SORWDFLyQGHOHQWRUQRPDULQR\VXELRGLYHUVLGDGGHIRUPDTXHVH SXHGDQDGRSWDUODVPHGLGDVDSURSLDGDVSDUDKDFHUIUHQWHDODV P~OWLSOHVSUHVLRQHV
+LGURFDUEXURVDOLIiWLFRV TXH VRSRUWD HO PHGLR DPELHQWH PDULQR D FDXVD GH ODV GLIHUHQWHV DFWLYLGDGHV HFRQyPLFDVKXPDQDVFRPRSRUHMHPSORODFRQWDPLQDFLyQGHULYDGDGHDFFLGHQWHV HQ HVSHFLDO GH ORV EXTXHV SHWUROHURV \ GH WUDQVSRUWH GH SURGXFWRV TXtPLFRV OD FRQWDPLQDFLyQ SURGXFLGD SRU OD QDYHJDFLyQ SRU HMHPSOR SRU HO YDFLDGR GH ORV GHSyVLWRVGHFRPEXVWLEOHHWF (QHVWHWUDEDMRVHKDQHVWXGLDGRORVQDOFDQRVOLQHDOHV& & \HODOFDQR UDPLILFDGR SULVWDQR (VWRV FRQWDPLQDQWHV OLSRItOLFRV WLHQHQ XQ JUDQ LPSDFWR DPELHQWDOHQODVPXHVWUDVPDULQDV\SRUHVWHKHFKRGHVWDFDQGHOUHVWRGHFRPSXHVWRV RUJiQLFRVGHVtQWHVLVTXHHOKRPEUHLQWURGXFHHQHOPHGLR6iQFKH]3DUGR\5RYLUD E 0HWRGRORJtDDQDOtWLFD ([WUDFFLyQ /RVPpWRGRVPiVHPSOHDGRVSDUDODH[WUDFFLyQGHHVWRVFRPSXHVWRVVRQOD H[WUDFFLyQFRQWLQXDFRQ6R[KOHWXWLOL]DQGRGLIHUHQWHVGLVROYHQWHVGHH[WUDFFLyQ\VXV PH]FODV QKH[DQR GLFORURPHWDQR FORUXUR GH PHWLOHQR DFHWRQD DFHWRQLWULOR 6iQFKH]3DUGR\5RYLUDD6FKDQW]\FRO6FKDQW]\FRO&DUULO\ FRO0RQWRQH\FRO0D]HDV\%XG]LQVNL 3XHGHQ VHU H[WUDtGRV GH PXHVWUDV K~PHGDV PHGLDQWH XQD VDSRQLILFDFLyQ GLUHFWD FRQ KLGUyOLVLV DOFDOLQD \ SRVWHULRU H[WUDFFLyQ FRQ GLVROYHQWHV RUJiQLFRV &XVWHU\FRO\WDPELpQVHSXHGHQREWHQHUXVDQGRXOWUDVRQLGRV6iQFKH] 3DUGR\5RYLUDE&DUYDOKR\FRO $GHPiV GH HVWDV WpFQLFDV FRQYHQFLRQDOHV PXFKRV DXWRUHV XWLOL]DQ OD H[WUDFFLyQ PHGLDQWHIOXLGRVVXSHUFUtWLFRV*UHLEURNN 0RUVHOOL \ FRO %HUJ\FROPRGLILFDQGRODVFRQGLFLRQHVGHSUHVLyQ\WHPSHUDWXUD 3XULILFDFLyQ (QWUH ORV SURFHGLPLHQWRV GH SXULILFDFLyQ PiV HPSOHDGRV GHVWDFD OD SXULILFDFLyQPHGLDQWHPLQLFROXPQDVGHDGVRUFLyQTXHH[LJHODHOHFFLyQGHXQDIDVH VyOLGDGHH[WUDFFLyQDSURSLDGDDOLJXDOTXHHOHOX\HQWHHPSOHDGRSDUDUHFXSHUDUORV
+LGURFDUEXURVDOLIiWLFRV DQDOLWRV LQYHVWLJDGRV ([LVWHQ QXPHURVRV HVWXGLRV HQ UHODFLyQ FRQ HO XVR GH DGVRUEHQWHV\HOX\HQWHVSDUDODSXULILFDFLyQGHORVH[WUDFWRVGHKLGURFDUEXURV\OD VHSDUDFLyQ GHRWURVSROXFLRQDQWHVRUJiQLFRVVLHQGRUHFRPHQGDGRHOXVRGHVtOLFD %HQQHWW\/DUWHU& \& %LHOLFND\9RHONH 'HWHUPLQDFLyQ /DFURPDWRJUDItDGHJDVHV*&FRQGHWHFWRUGHLRQL]DFLyQGHOODPD),' HVODWpFQLFDWUDGLFLRQDOPHQWHHPSOHDGDSDUDODLGHQWLILFDFLyQ\FXDQWLILFDFLyQGH HVWRV FRPSXHVWRV 9DULRV DXWRUHV FRQILUPDQ OD LGHQWLILFDFLyQ GH FRPSXHVWRV RUJiQLFRV YROiWLOHVSRUFURPDWRJUDItDGH JDVHVFRQ GHWHFWRU GH HVSHFWURPHWUtD GH PDVDV06\FXDQWLILFDQFRQ*&),'
+LGURFDUEXURVDURPiWLFRVSROLFtFOLFRV /DOLSRILOLFLGDGGHORV3$+VOHVSHUPLWHSHQHWUDUDWUDYpVGHODVPHPEUDQDV FHOXODUHV\SHUPDQHFHUHQHOFXHUSRLQGHILQLGDPHQWHVLQHPEDUJRVXIUHQXQSURFHVR PHWDEyOLFRTXHORVKDFHPiVVROXEOHV\SRUWDQWRPiVH[FUHWDEOHV (OPHWDEROLVPRGHORV3$+VVHSURGXFHHQWRGRVORVWHMLGRV\HQpOVHYHQ LPSOLFDGDVQXPHURVDVUXWDV/DVDFWLYLGDGHV\DILQLGDGHVGHORVHQ]LPDVHQXQWHMLGR GHWHUPLQDQODUXWDPHWDEyOLFDTXHYDDSUHYDOHFHU/RVPHWDEROLWRVTXHVHSURGXFHQ LQFOX\HQ LQWHUPHGLDULRV HSR[L GLKLGURGLROHV IHQROHV TXLQRQDV \ VXV FRPELQDFLRQHV /RV PHWDEROLWRV GLRO HSR[L VRQ FRQVLGHUDGRV ORV FDUFLQyJHQRV ~OWLPRVGHORV3$+V8QDYH]TXHODUHJLyQHSR[LUHDFWLYDVHKDIRUPDGRVHXQH FRYDOHQWHPHQWH DO '1$ \ D RWUDV PDFURPROpFXODV FHOXODUHV \ FRPLHQ]D OD PXWDJpQHVLV\FDUFLQRJpQHVLV (QJHQHUDOODSULQFLSDOYtDGHHOLPLQDFLyQHQDQLPDOHVVRQODVKHFHVWUDV XQDLQKDODFLyQ/RV3$+VVRQHOLPLQDGRVHQSDUWHDORODUJRGHGRVGtDVWUDVXQD H[SRVLFLyQ RUDO HQ UDWDV 7UDV XQD H[SRVLFLyQ GpUPLFD OD HOLPLQDFLyQ GH 3$+V RFXUUHUiSLGDPHQWHSRURULQD\KHFHVHQUDWDV\FRED\DV$76'5 7R[LFRORJtD /DSULQFLSDOFDUDFWHUtVWLFDTXHSUHVHQWDQHVWRVFRPSXHVWRVVREUHODVDOXGHV VX FDSDFLGDG SDUD LQGXFLU OD IRUPDFLyQ GH FiQFHU HQ ORV RUJDQLVPRV H[SXHVWRV &LHUWRV 3$+V WLHQHQ XQD IXHUWH DFWLYLGDG FDUFLQRJpQLFD SDUWLFXODUPHQWH EHQ]R>D@DQWUDFHQR HQ DQLPDOHV \ EHQ]R>D@SLUHQR HQ KXPDQRV &RQ RWURV VLQ HPEDUJRQRH[LVWHWDOHYLGHQFLD\SRUHOORQRHVWiQFODVLILFDGRV(VLPSRUWDQWH VHxDODU OD FRQVLGHUDFLyQ TXH VH WLHQH GH TXH WRGRV ORV 3$+V HQ JHQHUDO VRQ VRVSHFKRVRVGHVHUFDUFLQyJHQRVHQXQJUDGRXRWURDXQTXHHOQLYHOVHDPX\EDMR $QWyQ\/L]DVRE 6HJ~Q OD $JHQFLD ,QWHUQDFLRQDO SDUD OD ,QYHVWLJDFLyQ GHO &iQFHU ,$5& HO EHQ]R>D@DQWUDFHQR HO EHQ]R>D@SLUHQR \ HO GLEHQ]R>DK@DQWUDFHQR VRQ SUREDEOHV FDUFLQyJHQRV HQ ODV SHUVRQDV PLHQWUDV TXH HO EHQ]R>E@IOXRUDQWHQR HO EHQ]R>M@IOXRUDQWHQR HO EHQ]R>N@IOXRUDQWHQR HO LQGHQR>FG@SLUHQR HO
+LGURFDUEXURVDURPiWLFRVSROLFtFOLFRV GLEHQ]R>DH@SLUHQR HO GLEHQ]R>DK@SLUHQR HO GLEHQ]R>DL@SLUHQR \ HO GLEHQ]R>DO@SLUHQRVRQSRVLEOHVFDUFLQyJHQRV (O 3URJUDPD 1DFLRQDO GH 7R[LFRORJtD 173 HVWLPD TXH ORV VLJXLHQWHV 3$+V VRQ FDUFLQyJHQRV HQ KXPDQRV EHQ]R>D@DQWUDFHQR EHQ]R>E@IOXRUDQWHQR EHQ]R>M@IOXRUDQWHQR EHQ]R>N@IOXRUDQWHQR EHQ]R>D@SLUHQR GLEHQ]R>DK@DFULGLQD GLEHQ]R>DM@DFULGLQD GLEHQ]R>DK@DQWUDFHQR +GLEHQ]R>FJ@FDUED]RO GLEHQ]R>DH@SLUHQR GLEHQ]R>DK@SLUHQR GLEHQ]R>DL@SLUHQR GLEHQ]R>DO@SLUHQR LQGHQR>FG@SLUHQR\PHWLOFULVHQR /D(3$KDFODVLILFDGRORVVLJXLHQWHV3$+VFRPRSUREDEOHVFDUFLQyJHQRV EHQ]R>D@DQWUDFHQR EHQ]R>D@SLUHQR EHQ]R>E@IOXRUDQWHQR EHQ]R>N@IOXRUDQWHQR FULVHQRGLEHQ]R>DK@DQWUDFHQRLQGHQR>FG@SLUHQR /D,$5&UHYLVyODLQIRUPDFLyQFRQFHUQLHQWHDOSLUHQR\GHWHUPLQyTXHpVWH QRSRGtDFODVLILFDUVHFRPRFDUFLQyJHQRHQODVSHUVRQDV /$,$5&HO173\OD(3$UHFRQRFHQFRPRFDUFLQyJHQRVODVPH]FODVGH FRPSXHVWRV TXtPLFRV SRU HMHPSOR KROOtQ HPLVLRQHV GH KRUQRV GH FRTXH DOTXLWUDQHVGHFDUEyQTXHFRQWLHQHQ3$+V&'& (OSURFHVRGHLQGXFFLyQGHFiQFHUHQPDPtIHURVSURGXFLGRSRUORV3$+V LQYROXFUD XQ JUXSR GH HQ]LPDV TXH VRQ FDSDFHV GH FRQYHUWLU ORV FRPSXHVWRV [HQRELyWLFRVOLSRItOLFRVHQSURGXFWRVVROXEOHVHQDJXD(VWHWLSRGHHQ]LPDVVRQODV R[LGDVDV GH IXQFLyQ PL[WD0)2TXH SHUWHQHFHQDOJUXSR FLWRFURPR3(VWH VLVWHPD HQ]LPiWLFR HV HVWLPXODGR GHQWUR GH XQ RUJDQLVPR SRU H[SRVLFLyQ D FRPSXHVWRVOLSRItOLFRVSHUVLVWHQWHV5HSHWLGDVH[SRVLFLRQHVDHVWRVFRPSXHVWRVGDQ FRPR UHVXOWDGR OD LQGXFFLyQ GH FDQWLGDGHV LQFUHPHQWDGDV GH HVDV HQ]LPDV /D FDSDFLGDGGHLQGXFFLyQGHHVDVHQ]LPDVGHSHQGHGHFDGDRUJDQLVPR/RVPDPtIHURV WLHQHQ XQD JUDQ FDSDFLGDG LQGXFWLYD \ FRPR UHVXOWDGR XQD EXHQD FDSDFLGDG GH GHJUDGDFLyQ GHFRPSXHVWRVOLSRItOLFRVSHUVLVWHQWHV2WURVFRPR ORVSHFHVWLHQHQ XQDFDSDFLGDGPX\OLPLWDGDGHLQGXFFLyQGH0)2\SRUWDQWRXQDFDSDFLGDG OLPLWDGDGHGHJUDGDFLyQ (OSURFHVRGHWUDQVIRUPDFLyQGHFRPSXHVWROLSRItOLFRDFRPSXHVWRVROXEOH HQDJXDVXSRQHODLQVHUFLyQGHXQiWRPRGHR[tJHQRHQODHVWUXFWXUDGHOFRPSXHVWR HQ IRUPD GH HSy[LGR FRQ OD FRQVLJXLHQWH KLGUyOLVLV TXH OR WUDQVIRUPD HQ GLGULRO
+LGURFDUEXURVDURPiWLFRVSROLFtFOLFRV HSy[LGR(VWDHVODIRUPDHQTXHORV3$+VVRQFDSDFHVGHXQLUVHD]RQDVGH PROpFXODVFRPR'1$RKHPRJORELQD\WLHQHFDSDFLGDGGHFDXVDUODIRUPDFLyQGH XQWXPRU$QWyQ\/L]DVRE (O OXJDU GRQGH VH SURGXFH HO WXPRU HVWi LQIOXHQFLDGR SRU OD UXWD GH DGPLQLVWUDFLyQ VH KDQ REVHUYDGR WXPRUHV GH HVWyPDJR WUDV OD LQJHVWLyQ WXPRUHV SXOPRQDUHVWUDVODLQKDODFLyQ\WXPRUHVGHSLHOWUDVXQDH[SRVLFLyQGpUPLFDDXQTXH WDPELpQVHSXHGHQSURGXFLUHQRWURVOXJDUHV$76'5 /RVFiQFHUHVGHSXOPyQJHQLWRXULQDULRV\GHSLHOVHKDQGLDJQRVWLFDGRHQ SHUVRQDV FRQ WUDEDMRV HQ GRQGH OD H[SRVLFLyQ D 3$+V HV PD\RU TXH OD H[SHULPHQWDGDSRUODSREODFLyQJHQHUDO(VWXGLRVDQWHULRUHVVHKDQ YLVWROLPLWDGRV SRU OD LPSRVLELOLGDG GH HYDOXDU ORV HIHFWRV DLVODGRV GH FDGD 3$+ \ GH RWURV FDUFLQyJHQRVFRPRHOKXPRGHOWDEDFR&'& (OEHQ]R>D@SLUHQRHVHOKLGURFDUEXURDURPiWLFRSROLFtFOLFRPiVHVWXGLDGR\ GDGR TXH HV UHSUHVHQWDWLYR GH ORV HIHFWRV GH ORV FRPSXHVWRV GH HVWH JUXSR VH DFRVWXPEUD H[SUHVDU ORV LPSDFWRV RFDVLRQDGRV SRU ORV KLGURFDUEXURV DURPiWLFRV SROLFtFOLFRVHQWpUPLQRVGHHTXLYDOHQFLDFRQHOEHQ]R>D@SLUHQR6LELHQHVWHHVXQ FRQWDPLQDQWHDWPRVIpULFRFRQHIHFWRFDUFLQyJHQRDSHQDVVLH[LVWHQKDVWDHOSUHVHQWH YDORUHVOtPLWH\HVWiQGDUHVDPELHQWDOHV$QWyQ\/L]DVRE 5HFLHQWHPHQWH PXFKRV HVWXGLRV KDQ GHPRVWUDGR TXH DOJXQRV 3$+V VRQ FDSDFHV GH LQGXFLULQ YLWURUHVSXHVWDV VLPLODUHV D ODVGLR[LQDVFRQ XQDSRWHQFLD UHODWLYD VLPLODU D GLR[LQD GHVGH KDVWD VLHQGR HO EHQ]R>N@IOXRUDQWHQR HO 3$+PiVSRWHQWH1DNDWD\FRO 3URGXFFLyQ\XVR /D SURGXFFLyQ FRPHUFLDO GH HVWRV FRPSXHVWRV QR VXSRQH VHU XQD IXHQWH VLJQLILFDWLYD GH HVWRV FRPSXHVWRV D QLYHO PHGLRDPELHQWDO 'H ORV 3$+V PiV Wy[LFRVVyORWUHVVRQFRPHUFLDOL]DGRVHQFDQWLGDGHVPD\RUHVTXHODVUHTXHULGDVSDUD LQYHVWLJDFLyQDFHQDIWHQRDFHQDIWLOHQR\DQWUDFHQR
+LGURFDUEXURVDURPiWLFRVSROLFtFOLFRV 5HVSHFWR D VX XVR H[FHSWR SDUD VHU HPSOHDGRV HQ LQYHVWLJDFLyQ QR VH FRQRFHQLQJXQDDSOLFDFLyQDODPD\RUtDGHORV3$+VH[FHSWRDFXDWURGHHOORV(O DQWUDFHQR VH HPSOHD FRPR LQWHUPHGLDULR HQ OD SURGXFFLyQ GH WLQWHV GH ILEUDV VLQWpWLFDV\FRPRGLOX\HQWHSDUDFRQVHUYDQWHVGH ODPDGHUD7DPELpQVHXVDSDUD VLQWHWL]DU XQ DJHQWH TXLPLRWHUDSpXWLFR $PVDFULQD (O DFHQDIWHQR VH XVD FRPR LQWHUPHGLDULR HQ ODSURGXFFLyQ GHWLQWHV \ HQ ODLQGXVWULDSOiVWLFD\ IDUPDFpXWLFD FRPR LQVHFWLFLGD \IXQJLFLGD(OIOXRUHQR HVLQWHUPHGLDULR HQQXPHURVRVSURFHVRV TXtPLFRV FRPR OD IRUPDFLyQ GH SROLUDGLFDOHV SDUD UHVLQDV \ HQ OD IDEULFDFLyQ GH FRORUDQWHV(OIHQDQWUHQRVHXVDHQODIDEULFDFLyQGHFRORUDQWHV\H[SORVLYRV\HQOD LQYHVWLJDFLyQELROyJLFD(OIOXRUDQWHQRVHXVDFRPRPDWHULDOGHUHYHVWLPLHQWRSDUD SURWHJHU HO LQWHULRU FDxHUtDV \ WDQTXHV GH DOPDFHQDPLHQWR GH KLHUUR \ DFHUR $76'5 0HWRGRORJtDDQDOtWLFD /D PD\RUtD GH ORV PpWRGRV HPSOHDGRV HQ HO HVWXGLR GH PXHVWUDV PHGLRDPELHQWDOHVHVWiQDSUREDGRVSRURUJDQL]DFLRQHV\DJHQFLDVFRPROD(3$\HO ,QVWLWXWR 1DFLRQDO SDUD OD 6HJXULGDG \ 6DOXG 2FXSDFLRQDO 1,26+ DVt FRPR OD $VRFLDFLyQ2ILFLDO GH$QDOLVWDV4XtPLFRV$2$&\OD$VRFLDFLyQ$PHULFDQDGH 6DOXG3~EOLFD$3+$ 8QDGHODVGLILFXOWDGHVDVRFLDGDVFRQODGHWHUPLQDFLyQGH3$+VHQPXHVWUDV PHGLRDPELHQWDOHV HV OD FRPSOHMLGDG GH HVDV PXHVWUDV \ OD FRPSOHMLGDG GH ODV PH]FODVGH3$+VHQHOODV(QHVWRVFDVRVHVQHFHVDULRXQSURFHVRTXHFRQVWDGHWUHV HWDSDV ♦([WUDFFLyQ\VHSDUDFLyQGH3$+VGHODPXHVWUD ♦3XULILFDFLyQ GH ODV PXHVWUDV GH 3$+V GH LPSXUH]DV \ IUDFFLRQDPLHQWR GH ORV 3$+VHQVXEJUXSRV ♦,GHQWLILFDFLyQ \ GHWHUPLQDFLyQGH ORV FRPSRQHQWHV LQGLYLGXDOHV HQFDGDXQR GH HVRVVXEJUXSRV
+LGURFDUEXURVDURPiWLFRVSROLFtFOLFRV ([WUDFFLyQ /RV PpWRGRV PiVFRP~QPHQWH HPSOHDGRVSDUDODH[WUDFFLyQGH3$+VGH PXHVWUDVVRQOD H[WUDFFLyQOtTXLGDFRQXQVROYHQWHDGHFXDGRFRPR GLFORURPHWDQR FLFORKH[DQREHQFHQRPHWDQROHWF9i]TXH]7URFKH\FROH[WUDFFLyQFRQ 6R[KOHW 0D]HDV \ %XG]LQVNL H[WUDFFLyQ PHGLDQWH XOWUDVRQLGRV 3DYRQL \ FRO H[WUDFFLyQ DVLVWLGD FRQ PLFURRQGDV 7RPDQLRYi \ FRO \ OD PLFURH[WUDFFLyQHQIDVHVyOLGD630(3DVFKNH\FRO /D H[WUDFFLyQ PHGLDQWH IOXLGRV VXSHUFUtWLFRV 6)( GH PXHVWUDV PHGLRDPELHQWDOHV KHWHURJpQHDV FRQ &2 HQ SUHVHQFLD GH XQ PRGLILFDGRU FRPR PHWDQRO R GLFORURPHWDQR HV SUHIHULEOH D ORV PpWRGRV GH H[WUDFFLyQ FRQYHQFLRQDOHV SRUTXH FRQVXPH PHQRV WLHPSR \ VH REWLHQH UHFXSHUDFLRQHV FRPSDUDEOHV D ODV REWHQLGDV SRU ORV PpWRGRV FRQYHQFLRQDOHV +ROOHQGHU \ FRO 3XULILFDFLyQ 3DUDODSXULILFDFLyQGHORV3$+VHQHOH[WUDFWRREWHQLGRORVPpWRGRVPiV HPSOHDGRVVRQ ODVHSDUDFLyQFRQFROXPQDGHVtOLFDDO~PLQDIORULVLORFRQ JUXSRV DPLQR-DRXHQ0DGRXOHW\FRO%RXORXEDVVL\FRO/DFURPDWRJUDItD OtTXLGD GH DOWD UHVROXFLyQ WDPELpQ SXHGH XVDUVH FRQ HVWH ILQ 1LVKLJLPD \ FRO 'HWHUPLQDFLyQ /D WpFQLFD GH GHWHUPLQDFLyQ HPSOHDGD KDELWXDOPHQWH HV OD FURPDWRJUDItD OtTXLGD GH DOWD UHVROXFLyQ +3/& TXH SHUPLWH OD VHSDUDFLyQ \ FXDQWLILFDFLyQ GH HVWRVFRPSXHVWRV/RVGHWHFWRUHVHPSOHDGRVHQODFURPDWRJUDItDOtTXLGDSXHGHQVHU GHWHFWRUHV XOWUDYLROHWD R GH IOXRUHVFHQFLD 7DPELpQ VH HPSOHD OD FURPDWRJUDItD JDVHRVDFRQGHWHFWRUGHLRQL]DFLyQGHOODPD),'RGHWHFWRUGHPDVDV 2WUDVWpFQLFDVDQDOtWLFDVPHQRVHPSOHDGDVVRQODHVSHFWURVFRSLDVLQFUyQLFD GH OXPLQLVFHQFLD HVSHFWURVFRSLD 5DPDQ GH UHVRQDQFLD XOWUDYLROHWD HWF $76'5
/DV$OJDV /$6$/*$6 /DVDOJDVFRQVWLWX\HQXQFRQMXQWRGH YHJHWDOHVH[WUHPDGDPHQWHGLYHUVR\ PX\GLItFLOGHGHILQLU 6RQFDSDFHVGHRFXSDUWRGRVORVWLSRVGHKiELWDWVTXHRIUH]FDQLOXPLQDFLyQ \ KXPHGDG VXILFLHQWH <D VHDQ XQL R SOXULFHOXODUHV ODV DOJDV VH DOLPHQWDQ GLUHFWDPHQWHDWUDYpVGHVXVXSHUILFLH\WRPDQORVHOHPHQWRVQXWULWLYRVGHOPHGLR TXH ODV EDxD R KXPHGHFH 6RQ SXHV YHJHWDOHV DFXiWLFRV DXQTXH DOJXQRV VH KDQ DGDSWDGRDXQDHPHUVLyQPiVRPHQRVSURORQJDGD&DELRFK\FRO 6HKDQXWLOL]DGRGHVGHWLHPSRLQPHPRULDOHQWRGRVORVSDtVHV GHOPXQGR HVSHFLDOPHQWH HQ ORV GHO VXGHVWH DVLiWLFR FRPR -DSyQ &KLQD \ &RUHD GRQGH FRQVWLWX\HQXQDDOWHUQDWLYDHQODDOLPHQWDFLyQKXPDQD(QORVSDtVHVRFFLGHQWDOHV ODVDOJDVVHKDQFRQVLGHUDGRGHPDQHUDGLIHUHQWHVHJ~QODVFLYLOL]DFLRQHVKDQVLGR HPSOHDGDVFRPRDERQRSDUDODWLHUUDSDUDODIDEULFDFLyQGHYLGULRRODH[WUDFFLyQGH \RGRSHURLQLFLDOPHQWHHQ2FFLGHQWHVyORVLUYLHURQGHDOLPHQWRDODVSREODFLRQHV SREUHV6LQHPEDUJRHVHQORVSDtVHVRFFLGHQWDOHVHQGRQGHDGTXLHUHQXQDPD\RU LPSRUWDQFLD HQ OD LQGXVWULD PRGHUQD SXHVWR TXH D PHGLDGRV GHO VLJOR ;; VH GHVDUUROODODLQGXVWULDGHORVILFRFRORLGHVTXHHPSOHDODVDOJDVFRPRPDWHULDSULPD &DELRFK\FRO $XQTXHHOFRQVXPRGHODOJDFRPSOHWDVLJXHVLHQGRPX\OLPLWDGRHQHOiUHD HXURSHDHQQXHVWUDGLHWDDFWXDOLQILQLGDGGHSURGXFWRVHVWiQHODERUDGRVFRQDOJDVR VXVGHULYDGRVFRPRVDOVDVFUHPDVEDWLGRVGHIUXWDVHWF(QORV~OWLPRVDxRVHO SURFHVRGHDFXDFXOWXUDVHKDH[WHQGLGRD$PpULFD\(XURSD /DVFLIUDVJOREDOHVGHSURGXFFLyQGHDOJDVDSRUWDGDVSRUOD)$2VRQVLHWH PLOORQHV GH WRQHODGDV IUHVFDV SRU DxR GH ODV FXDOHV HO VH GHVWLQDQ D OD DOLPHQWDFLyQ KXPDQD GLUHFWD FRPR YHUGXUD \ HO UHVWR D H[WUDFWRV FRQ GLIHUHQWHV DSOLFDFLRQHVLQGXVWULDDOLPHQWDULDFRVPpWLFDIDUPDFLDSLHQVRVIHUWLOL]DQWHVVHFRV \OtTXLGRVHWF ([LVWHQIDFWRUtDVGHGLFDGDVH[FOXVLYDPHQWHDODREWHQFLyQGHH[WUDFWRVTXH VHXVDQHQORVFDPSRVPHQFLRQDGRVDJDUDOJLQDWRV\FDUUDJHQLQD(VSDxDHVHQOD DFWXDOLGDGHOVHJXQGRSURGXFWRUPXQGLDOGHDJDUGHVSXpVGH-DSyQ\HQ*DOLFLDVH
/DV$OJDV HQFXHQWUDXQDGHODVPHMRUHVLQVWDODFLRQHVGHSURGXFFLyQGHFDUUDJHQLQDGH(XURSD )HUQiQGH]6iD /DV DOJDV SXHGHQ VHU FRQVLGHUDGDV FRPR DOLPHQWRV IXQFLRQDOHV \D TXH FXPSOHQODVFRQGLFLRQHVTXHVHJ~QORVHVSHFLDOLVWDVGHILQHQHVWHWLSRGHDOLPHQWRV UHVSRQGHQ D ODV FDUDFWHUtVWLFDV SURSLDV \ JHQXLQDV GH OR TXH VH HQWLHQGH SRU XQ SURGXFWR DOLPHQWLFLR FRQMXQWR FRPSOHMR GH VLVWHPDV ILVLFRTXtPLFRV HQ ORV TXH WRPDQSDUWHLQJUHGLHQWHVQDWXUDOHVVRQFRQVXPLGDVIRUPDQGRSDUWHGHXQDGLHWD GHQWURGHOPRGRFRQYHQFLRQDOVHJXLGRSDUDFXDOTXLHUDOLPHQWRODSUHVHQFLDQDWXUDO GHVXVLQJUHGLHQWHVPDUFDHOFDUiFWHUIXQFLRQDOVDOXGDEOHGHODOLPHQWR 6RQFRQVLGHUDGDVFRPRQXHYRVDOLPHQWRVVHJ~QHO5HJODPHQWR&(\ HQ OD 5HFRPHQGDFLyQ &(VH KDFH KLQFDSLp HQ TXH SDUDSURWHJHUODVDOXG S~EOLFDUHVXOWDQHFHVDULRJDUDQWL]DUTXHORVQXHYRVDOLPHQWRVVHDQVRPHWLGRVDXQD HYDOXDFLyQGHVHJXULGDGDQWHVGHVHUSXHVWRVHQHOPHUFDGRHXURSHR (VXQKHFKRFRQVWDWDEOHODGHJUDGDFLyQGHOPHGLRDPELHQWHGRQGHGHIRUPD SURJUHVLYD HO KRPEUH FRPR Pi[LPR UHVSRQVDEOH GHVWUX\H ORV GLIHUHQWHV HFRVLVWHPDV \ FRQ HOORV VXV UHFXUVRV &XDOTXLHU IDFWRU FRQWDPLQDQWH YD D WHQHU PD\RU UHSHUFXVLyQ HQ HO OLWRUDO FRVWHUR GRQGH KDELWDQ ODV GLVWLQWDV HVSHFLHV GH PDFURDOJDVTXHHQDOWDPDU (Q*DOLFLDSRUVXFRQGLFLyQGHFRVWDUHFRUWDGDGRQGHVHSXHGHQGHILQLUXQD DPSOLDGLYHUVLGDGGHVHJPHQWRVFRVWHURVVLHQGRHOPRGHORGHUtDHOPiVH[WHQGLGR HVSRVLEOHREVHUYDUXQDGLVWULEXFLyQHVSDFLDOGHODVDOJDVHQIXQFLyQGHODVDOLQLGDG \ODWHPSHUDWXUD*RQ]iOH]\FRO/D]RQDPiVIDYRUDEOHDODLQVWDODFLyQGH ODVDOJDV HV HO OLWRUDO \ ODVSURIXQGLGDGHV LQIHULRUHV DDOJXQDVGHFHQDV GH PHWURV &DELRFK\FRO /DVPDFURDOJDVPDULQDVSXHGHQVHUXVDGDVFRPRLQGLFDGRUHVGHSROXFLyQHQ ODV DJXDV FRVWHUDV GHELGR D VX OLPLWDGD PRYLOLGDG DEXQGDQFLD HQ ORV VLVWHPDV DFXiWLFRV\KDELOLGDGSDUDFDSWDUFRPSXHVWRVRUJiQLFRVOLSRItOLFRVGHODJXDPDULQD /DV DOJDV DFXPXODQ FRPSXHVWRV RUJiQLFRV DVt FRPR RWURV SROXFLRQDQWHV GHELGR SULQFLSDOPHQWH D OD DOWD FDSDFLGDG LQWHUFDPELDGRUD GH FDWLRQHV TXH SUHVHQWDQ ORV OXJDUHV GH XQLyQ GH VX VXSHUILFLH SHUPLWLHQGR XQD UiSLGD DGVRUFLyQ GH ORV
/DV$OJDV FRPSXHVWRVKLGURIyELFRV(O'LE\FRO)\WLDQRV\FRO0D\HU\FRO 3KDQHXI\FRO+DUJUDYH\FRO0RQWRQH\FRO (OSODQFWRQFRQWLHQHJUDQFDQWLGDGGHVXVWDQFLDVJUDVDVORFXDOKDFHTXHVHD XQDIDVHGHOVLVWHPDPDULQRTXHLQFRUSRUDIiFLOPHQWHFRQWDPLQDQWHVOLSRItOLFRV/D LQFRUSRUDFLyQGHHVWRVPLFURFRQWDPLQDQWHVHQODPXOWLWXGGHSHTXHxRVRUJDQLVPRV SODQFWyQLFRVKDFHSRVLEOHVXLQWURGXFFLyQHQODFDGHQDWUyILFDSURGXFLHQGRDGHPiV XQDVHULHGHHIHFWRVWy[LFRVHQHOSURSLRSODQFWRQ6iQFKH]3DUGR\5RYLUDD (QXQDSULPHUDIDVHGHFRQWDPLQDFLyQVHSRGUiQYHUDIHFWDGRVHOSODQFWRQ ORV FUXVWiFHRV \ JXVDQRV EHQWyQLFRV ORV ELYDOYRV \ ILQDOPHQWH ORV SHFHV (VWRV RUJDQLVPRV D VX YH] SXHGHQ LQFRUSRUDU ORV FRQWDPLQDQWHV GLUHFWDPHQWH GHO DJXD 6iQFKH]3DUGR\5RYLUDE 'HQWURGHODVDOJDVSRGHPRVGLVWLQJXLUYDULRVJUXSRVPX\GLIHUHQWHVHQWUH Vt 8QDV VRQ RUJDQLVPRV SURFDULRWDV FDUDFWHUL]DGRV SRU QR SUHVHQWDU HO Q~FOHR VHSDUDGR GHO UHVWR GH OD FpOXOD PHGLDQWH XQD PHPEUDQD \ WHQHU ORV SLJPHQWRV IRWRVLQWpWLFRVGLVSHUVRVHQHOFRQWHQLGRFHOXODUHVHOFDVRGHODV&LDQRItFHDV /RV GHPiV JUXSRV VRQ RUJDQLVPRV HXFDULRWDV HV GHFLU FRQ XQR R YDULRV Q~FOHRVVHSDUDGRV GHOUHVWR GHODFpOXOD PHGLDQWHXQD PHPEUDQD\ORV SLJPHQWRV IRWRVLQWpWLFRVHVWiQFRQWHQLGRVHQORVSODVWRV /DFODVLILFDFLyQHQJUXSRVPiVSHTXHxRVVHUHDOL]DDWHQGLHQGRDFDUDFWHUHV WD[RQyPLFRVWDOHVFRPRPRUIRORJtD\UHSURGXFFLyQWLSRVGHSLJPHQWRVSURGXFWRV PHWDEyOLFRV SUHVHQFLD R DXVHQFLD GH FpOXODV IODJHODGDV HWF $Vt ODV DOJDV ODV SRGHPRVGLYLGLUHQFXDWURJUDQGHVJUXSRV ♦&LDQyILWRV DOJDV D]XOHV SURFDULRWDV TXH FRQWLHQHQ SLJPHQWRV YHUGH D]XODGRV FDUHFHQ GH DOPLGyQ \ QR SRVHHQ FpOXODV IODJHODGDV ([LVWH XQD VROD GLYLVLyQ&\DQRSK\WD ♦5RGyILWRVDOJDVURMDVHXFDULRWDVTXHFRQWLHQHQSLJPHQWRVURMRVRSDUGR URML]RVSUHVHQWDQURGDPLORVXVWDQFLDGHUHVHUYD\QRSRVHHQFpOXODVIODJHODGDV ([LVWHVRORXQDGLYLVLyQ5KRGRSK\WD ♦&URPyILWRV DOJDV SDUGDV HXFDULRWDV TXH FRQWLHQHQ SLJPHQWRV SDUGRV R YHUGRVRVSUHVHQWDQFULSWDPLOR\SRVHHQFpOXODVIODJHODGDV([LVWHQWUHVGLYLVLRQHV 3\UURSK\WD&KU\VRSK\WD\3KDHRSK\WD
/DV$OJDV ♦&ORUyILWRV DOJDV YHUGHV HXFDULRWDV TXH FRQWLHQH SLJPHQWRV YHUGHV SUHVHQWDQ YHUGDGHURDOPLGyQ \ SRVHHQ FpOXODVIODJHODGDV ([LVWHQ WUHV GLYLVLRQHV (XJOHQRSK\WD&KORURSK\WD\&KDURSK\WD /DVDOJDVEHQWyQLFDVPDULQDVYLYHQILMDGDVDOVXVWUDWRHQXQDHVWUHFKDIUDQMD GHODFRVWD3HUWHQHFHQIXQGDPHQWDOPHQWHDFXDWURGLYLVLRQHV Y&\DQRSK\WDV DOJDV D]XOHV HV HO JUXSR TXH SUHVHQWD PHQRU Q~PHUR GH HVSHFLHV6RQXQLFHOXODUHV\PLFURVFySLFRV Y5KRGRSK\WDDOJDVURMDVDOJDVXQLRSOXULFHOXODUHVTXHHQVXPD\RUtDVRQ PDFURVFySLFDV(VHOJUXSRFRQPD\RUQ~PHURGHHVSHFLHV Y3KDHRSK\WD DOJDV SDUGDV VRQ VLHPSUH SOXULFHOXODUHV \ HQ VX PD\RUtD PDFURVFySLFDV$XQTXHSUHVHQWDQPHQRUQ~PHURTXHODVURMDVVRQPX\DSDUHQWHV GHELGRDOJUDQWDPDxRGHPXFKDVGHHOODV Y&KRURSK\WDDOJDVYHUGHVDOJDVXQLRSOXULFHOXODUHVHQVXPD\RUtD PDFURVFySLFDV\TXHSUHVHQWDQPHQRVQ~PHURGHHVSHFLHVTXHODVSDUGDV %iUEDUD\&UHPDGHV &DUDFWHUtVWLFDVGHODVDOJDVREMHWRGHHVWXGLR $$OJDVSURGXFLGDV\PDQXIDFWXUDGDVHQODVFRVWDVJDOOHJDV •$OJDVSDUGDV 8QGDULDSLQQDWLILGD )DPLOLD$ODULDFHDH 1RPEUHFRP~Q:DNDPH &DUDFWHUtVWLFDVHVXQDOJDTXHSXHGHOOHJDUDPHGLUPGHORQJLWXGGHFRORU SDUGR 9LYH HQ HO QLYHO LQIUDOLWRUDO HQ ODV FRVWDV H[SXHVWDV \ VHPLH[SXHVWDV *RQ]iOH]\FRO(VXQDOJDGHRULJHQMDSRQpVLQWURGXFLGDDFFLGHQWDOPHQWH HQHO0HGLWHUUiQHR\TXHDFWXDOPHQWHVHFXOWLYDHQODVFRVWDVEUHWRQDV (QQXHVWUDVFRVWDV VHHQFXHQWUD VREUHWRGR HQ ORV VXEVWUDWRVDUWLILFLDOHV \ ILMDGDDODFXHUGDGHODVEDWHDV
/DV$OJDV 6HHPSOHDHQDOLPHQWDFLyQKXPDQDHQ([WUHPR2ULHQWH\UHFLHQWHPHQWHHQ (XURSD&DELRFK\FRO (Q SULPDYHUD DOFDQ]D VX Pi[LPR GHVDUUROOR /D UHFROHFFLyQ HV HVSHFLDOPHQWHFRVWRVD\VHKDFHFRQEXFHDGRUHVHVSHFLDOL]DGRV :DNDPH HVODVHJXQGDDOJDPiVFRQVXPLGDHQHO PXQGR HQDOLPHQWDFLyQ GLUHFWDSURFHGHQWHFDVLHQVXWRWDOLGDGGH]RQDVFXOWLYDGDVGHORVPDUHVGH-DSyQ &RUHD\&KLQDDOFDQ]DQGRXQYROXPHQGHSURGXFFLyQGHWRQHODGDVGHSHVR IUHVFRDODxR*DOLFLDHV HO~QLFR OXJDU GH(XURSD TXH GLVSRQH GHXQDLQFLSLHQWH SURGXFFLyQVLOYHVWUH6HGHWHFWySRUSULPHUDYH]HQQXHVWUDVFRVWDVHQDXQTXH DQWHULRUPHQWH \D KDEtD VLGR LGHQWLILFDGD HQ )UDQFLD WDPELpQ LQWURGXFLGD DFFLGHQWDOPHQWH 'HELGRDVXHOHYDGRYDORUQXWULWLYRVHKLFLHURQHVWXGLRV\H[SHULPHQWRVSDUD FXOWLYDUOD WDQWR HQ )UDQFLD FRPR HQ *DOLFLD \ IXH HQ HVWD ~OWLPD SRU VXV FDUDFWHUtVWLFDVRFHDQRJUiILFDVGRQGHPHMRUVHGHVDUUROOy\DGDSWyGHIRUPDQDWXUDO KDVWDHOSXQWRTXHOD8QGDULDJDOOHJDHVHQHVWHPRPHQWROD:DNDPHVLOYHVWUHGH (XURSDTXHWLHQHPiVSRVLELOLGDGHVGHRIUHFHUXQDSURGXFFLyQDQXDOVLJQLILFDWLYD )HUQiQGH]6iD +LPDQWKDOLDHORQJDWD )DPLOLD+LPDQWKDOLDFHD 1RPEUHFRP~QFLQWDFRUUHDHVSDJXHWLGHPDU &DUDFWHUtVWLFDV SRVHH XQD FRORUDFLyQ ROLYiFHD \ SXHGH DOFDQ]DU KDVWD P GH ORQJLWXGSRUFPGHDQFKR*RQ]iOH]\FRO 6XQRPEUHVLJQLILFDOHQJXDGHPDUDODUJDGD/DVDOJDVSHUWHQHFLHQWHVDHVWH JpQHURVHXWLOL]DQGHVGHDOJ~QWLHPSRHQODDOLPHQWDFLyQKXPDQD\VHFRPHUFLDOL]DQ FRQHOQRPEUHGH³MXGtDVGHPDU´\GH³HVSDJXHWLVGHPDU´&DELRFK\FRO 6HUHFROHFWDDSURYHFKDQGRODVJUDQGHVEDMDPDUHVGRQGH KD\TXHPRMDUVH SDUDOOHJDUDOJUXHVRGHODFRVHFKD
%LEOLRJUDItD %iUEDUD , &UHPDGHV - *XtD GH ODV $OJDV GHO OLWRUDO JDOOHJR (G $\XQWDPLHQWRGH/D&RUXxD/D&RUXxD(VSDx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tD GH ODV $OJDV GH ORV 0DUHV GH (XURSD $WOiQWLFR \ 0HGLWHUUiQHR(G2PHJD%DUFHORQD(VSDxD
%LEOLRJUDItD &DUULO*RQ]iOH]%DUURV676LPDO/R]DQR-ÈOYDUH]3LxHLUR0(/DJH<XVW\ 0$ &RPSDULVRQ RI 7KUHH 6RUEHQWV IRU &OHDQXS RI 0L[HG $OLSKDWLF +\GURFDUERQV 3&%V DQG 3&7V 3ULRU WR 6LPXOWDQHRXV 'HWHUPLQDWLRQ E\ *& (&'),'-+LJK5HV&KURP &DUYDOKR )3 9LOOHQHXYH -3 &DWWLQL & 7KH GHWHUPLQDWLRQ RI RUJDQRFKORULQH FRPSRXQGV DQG SHWUROHXP K\GURFDUERQV LQ D VHDZHHG VDPSOH UHVXOWVRIDZRUOGZLGH LQWHUFRPSDULVRQ H[HUFLVH7UHQGV LQ $QDO &KHP &'&&HQWHUVIRU'LVHDVH&RQWURODQG3UHYHQWLRQ+LGURFDUEXURV3ROLFtFOLFRV $URPiWLFRV3$+V6HJXQGRLQIRUPHQDFLRQDO KWWSZZZFGFJRYH[SRVXUHUHSRUWQGSGIVSBSDKBDOOSGI &20ILQDO%2/ KWWSZZZHXURSDHXLQWFRPPHQYLURQPHQWQHZSUJLQGH[KWP &RQYHQLR GH (VWRFROPR VREUH &RQWDPLQDQWHV 2UJiQLFRV 3HUVLVWHQWHV KWWSZZZSRSVLQWGRFXPHQWVFRQYWH[WFRQYWH[WBVSSGI &XVWHU 7: &XVWHU &0 'LFNHUVRQ . $OOHQ . 0HODQFRQ 0- 6FKPLGW /- 3RO\F\FOLF $URPDWLF +\GURFDUERQV $OLSKDWLF +\GURFDUERQV 7UDFH (OHPHQWVDQG0RQRR[\JHQDVH$FWLYLW\LQ%LUGV1HVWLQJRQWKH1RUWK3ODWWH5LYHU &DVSHU:\RPLQJ86$(QYLURQ7R[LFRO&KHP 'LUHFWLYD&((GHO&RQVHMRGHGHMXQLRGHUHODWLYDDODFDOLGDGGH ODVDJXDVFRQWLQHQWDOHVTXHUHTXLHUHQSURWHFFLyQRPHMRUDSDUDVHUDSWDVSDUDODYLGD GHORVSHFHV'2Q/GH 'LUHFWLYD&(GHO3DUODPHQWR(XURSHR\GHO&RQVHMRGHGHRFWXEUHGH SRUODTXHVHHVWDEOHFHXQPDUFRFRPXQLWDULRGHDFWXDFLyQHQHOiPELWRGHOD SROtWLFDGHDJXDV
%LEOLRJUDItD 'RFXPHQWR$$FXHUGRGHFRRSHUDFLyQSDUDODSURWHFFLyQGHODVFRVWDV \ GH ODV DJXDV GHO $WOiQWLFR GHO 1RUGHVWH FRQWUD OD SROXFLy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yQ HO XVR \ HO YHUWLGR GH ORV FRQWDPLQDQWHVRUJiQLFRVSHUVLVWHQWHV&23 KWWSHXURSDHXLQWVFDGSOXVOHJHVOYEKWP )DZHOO-.+XQW6(QYLURQPHQWDO7R[LFRORJ\2UJDQLF3ROOXWDQV(G(OOLV +RUZRRG&KLFKHVWHU8. )HUQiQGH]05)LGDOJR-$4XtPLFDJHQHUDO(G(YHUHVW/HyQ(VSDxD
%LEOLRJUDItD )HUQiQGH] 6iD & /DV YHUGXUDV GHO RFpDQR $WOiQWLFR $OJDV GH *DOLFLD DOLPHQWR\VDOXG(G$OJDPDU3RQWHYHGUD(VSDxD )XVWHU&DPS*$QiOLVLVGHIOXMRVGHVXEVWDQFLDVXQDKHUUDPLHQWDDSOLFDGDD ODHYDOXDFLyQGHULHVJRVSRUGLR[LQDVHQODSURYLQFLDGH7DUUDJRQD7HVLVGRFWRUDO GLULJLGD SRU 'RPLQJR 5RLJ -/ 6FKKPDFKHU $QVXDWHJXL 0 'SWR &LHQFLDV 0pGLFDV %iVLFDV 8QLYHUVLGDG 5RYLUD L 9LUJLOL 7DUUDJRQD KWWSZZZWG[FHVFDHV7(6,6B859$9$,/$%/(7'; ,QWURGXFFLRQSGI )\WLDQRV . &KDULWRQLGLV 6 $OEDQLV 7 .RQVWDQWLQRX 7 6HIHUOLV 0 %LRDFFXPXODWLRQ RI 3&% FRQJHQHUV LQ GLIIHUHQW VSHFLHV RI PDFURDOJDH IURP 7KHUPDLNRV*XOIRIWKH1RUWK$HJHDQ6HD*UHFHH-(QYLURQ6FL+HDOWK *DOLQGR5H\HV*0RQWHV9HUGXJR-&DVVLQ'&DUYDMDO53ROOXWLRQE\ SRO\FKORULQDWHGELSKHQ\OVLQDQHVWXDU\RIWKH*XOIRI&DOLIRUQLD7KHLUWR[LFLW\DQG ELRDFFXPXODWLRQLQVKULPS/LWRSHQDHXVYDQQDPHL0DU3ROOXW%XOO *DUFtD )DOFyQ 06 'HWHUPLQDFLyQ GH 5HVLGXRV GH +LGURFDUEXURV $URPiWLFRV3ROLFtFOLFRV%HQ]R>D@3LUHQRHQ,$OLPHQWRV$KXPDGRV,,$GLWLYRV SDUD $KXPDGR $URPDV GH +XPR 7HVLV GRFWRUDO 'SWR GH 4XtPLFD $QDOtWLFD 1XWULFLyQ \ %URPDWRORJtD )DFXOWDG GH )DUPDFLD 8QLYHUVLGDG GH 6DQWLDJR GH &RPSRVWHOD *yPH] $UL]D -/ %XMDODQFH 0 *LUiOGH] , 9HODVFR $ 0RUDOHV ( 'HWHUPLQDWLRQ RI SRO\FKORULQDWHG ELSKHQ\OV LQ ELRWD VLPSOHV XVLQJ VLPXOWDQHRXV SUHVVXUL]HGOLTXLGH[WUDFWLRQDQGSXULILFDWLRQ-&KURPDWRJU$ *RQ]iOH]&*DUFtDÈOYDUH]20LJXH]5RGUtJXH]/$OJDVPDULxDVGH *DOLFLD(G;HUDLVGH*DOLFLD9LJR(VSDxD
%LEOLRJUDIt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yQGHO&iQFHU,$5&KWWSZZZFLHLDUFIUPRQRHYDOFUWKDOOKWPO -DQJ-./L$6HSDUDWLRQRI3&%VDQG3$+VLQVHGLPHQWVDPSOHVXVLQJ VLOLFDJHOIUDFWLRQDWLRQFKURPDWRJUDSK\&KHPRVSKHUH -DRXHQ0DGRXOHW$$EDUQRX$/H*XHOOHF$0/RL]HDX9/HERXOHQJHU) 9DOLGDWLRQRIDQDQDO\WLFDOSURFHGXUHIRUSRO\FKORULQDWHGELSKHQ\OVFRSODQDU SRO\FKORULQDWHGELSKHQ\OVDQGSRO\F\FOLFDURPDWLF K\GURFDUERQVLQHQYLURQPHQWDO VDPSOHV-&KURPDWRJU$ .HLWK/+(QYLURQPHQWDO(QGRFULQH'LVUXSWRUV$+DQGERRN RI3URSHUW\ 'DWD(G:LOH\,QWHUVFLHQFH1HZ<RUN8QLWHG6WDWHV
%LEOLRJUDIt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i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
%LEOLRJUDItD 1DNDWD + 6DNDL < 0L\DZDNL 7 7DNHPXUD $ %LRDFFXPXODWLRQ DQG 7R[LF 3RWHQFLHV RI 3RO\FKORULQDWHG %LSKHQ\OV DQG 3RO\F\FOLF $URPDWLF +\GURFDUERQV LQ 7LGDO )ODW DQG &RDVWDO (FRV\VWHPV RI WKH $ULDNH 6HD -DSDQ (QYLURQ6FL7HFKQRO 1LOVVRQ76SRUULQJ6%M|UNOXQG(6HOHFWLYHVXSHUFULWLFDOIOXLGH[WUDFWLRQ WR HVWLPDWH WKH IUDFWLRQ RI 3&% WKDW LV ELRDYDLODEOH WR D EHQWKLF RUJDQLVP LQ D QDWXUDOO\FRQWDPLQDWHGVHGLPHQW&KHPRVSKHUH 1LVKLJLPD )1 :HEHU 55 %tFHJR 0& $OLSKDWLF DQG $URPDWLF +\GURFDUERQVLQ6HGLPHQWVRI6DQWRVDQG&DQDQpLD63%UD]LO0DU3ROO%XOO 3DVFKNH $3RSS 36FKUPDQQ* 6ROXELOLW\ DQGSDUWLWLRQLQJ VWXGLHV ZLWK SRO\F\FOLF DURPDWLF K\GURFDUERQV XVLQJ DQ RSWLPL]HG 630( SURFHGXUH )UHVHQLXV-$QDO&KHP 3DYRQL % &DOLFHWL 0 6SHUQL / 6IULVR $ 2UJDQLF PLFURSROOXWDQWV 3$+V3&%VSHVWLFLGHVLQVHDZHHGVRIWKHODJRRQRI9HQLFH2FHDQRORJLFD$FWD 3KDQHXI'&RWH,'XPDV3)HUURQ/$/H%ODQF$(YDOXDWLRQRIWKH FRQWDPLQDWLRQRIPDULQHDOJDHVHDZHHGIURPWKH6W/DZUHQFH5LYHUDQGOLNHO\WR EHFRQVXPHGE\KXPDQV(QYLURQ5HV 3LWDUFK ( 6HUUDQR 5 /ySH] )- +HUQiQGH] ) 5DSLG PXOWLUHVLGXH GHWHUPLQDWLRQRIRUJDQRFKORULQHDQGRUJDQRSKRVSKRUXVFRPSRXQGVLQKXPDQVHUXP E\ VROLGSKDVH H[WUDFWLRQ DQG JDV FKURPDWRJUDSK\ FRXSOHG WR WDQGHP PDVV VSHFWURPHWU\$QDO%LRDQDO&KHP
%LEOLRJUDItD 5DPLO &ULDGR 0 5RGUtJXH] 3HUHLUR , &HOD 7RUULMRV 5 6HOHFWLYH GHWHUPLQDWLRQRISRO\FKORULQDWHGELSKHQ\OVLQZDVWHRLOVXVLQJOLTXLGOLTXLGSDUWLWLRQ IROORZHG E\ KHDGVSDFH VROLGSKDVH PLFURH[WUDFWLRQ DQG JDVFKURPDWRJUDSK\ ZLWK DWRPLFHPLVVLRQGHWHFWLRQ-&KURPDWRJU$ 5HDO'HFUHWRGHGHMXOLRSRUHOTXHVHDSUXHEDHO5HJODPHQWRGHOD $GPLQLVWUDFLyQ3~EOLFDGHO$JXD\GHOD3ODQLILFDFLyQ+LGUROyJLFDHQGHVDUUROORGH ORV7tWXORV,,\,,,GHOD/H\GH$JXDV%2(GHGHDJRVWRGH 5HFRPHQGDFLyQ&(5HFRPHQGDFLyQGHOD&RPLVLyQGHGHMXOLRGH UHODWLYDDORVDVSHFWRVFLHQWtILFRV\ DOD SUHVHQWDFLyQGHODLQIRUPDFLyQ QHFHVDULD SDUDVHFXQGDUODVVROLFLWXGHVGHSXHVWDHQHOPHUFDGRGHQXHYRVDOLPHQWRV\QXHYRV LQJUHGLHQWHVDOLPHQWDULRVODSUHVHQWDFLyQGHGLFKDLQIRUPDFLyQ\ODHODERUDFLyQGH ORV LQIRUPHV GH HYDOXDFLyQ LQLFLDO GH FRQIRUPLGDG FRQ HO 5HJODPHQWR &( Q GHO 3DUODPHQWR (XURSHR \ GHO &RQVHMR 7H[WR SHUWLQHQWH D ORV ILQHV GHO ((('2Q/GHS 5HVROXFLyQGHO&RQVHMRGHGHMXQLRGHSRUODTXHVHDGRSWDXQ3URJUDPD GHDFFLyQ GH ODV&RPXQLGDGHV(XURSHDVHQ PDWHULD GH FRQWURO \ UHGXFFLyQ GH OD FRQWDPLQDFLyQFDXVDGDSRUHOYHUWLGRGHKLGURFDUEXURVHQHOPDU'2Q&GH 5HJODPHQWR&(QGHO3DUODPHQWR(XURSHR\GHO&RQVHMRGHGHHQHUR GHVREUHQXHYRVDOLPHQWRV\QXHYRVLQJUHGLHQWHVDOLPHQWDULRV'2Q/ GH 5HJODPHQWR&(QGHO3DUODPHQWR(XURSHR\GHO&RQVHMRGHGHDEULO GH VREUH FRQWDPLQDQWHV RUJiQLFRV SHUVLVWHQWHV \ SRU HO TXH VH PRGLILFD OD 'LUHFWLYD&('2Q/GH
%LEOLRJUDIt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iQFKH]3DUGR - 5RYLUD - D +LGURFDUEXURV DOLIiWLFRV SHVWLFLGDV RUJDQRFORUDGRV \ 3&%V HQ HO SODQFWRQ GH OD FRVWD GHO OHYDQWH HVSDxRO \ PDU GH $OERUiQ0HGLWHUUiQHRRFFLGHQWDO,QYHVWLJDFLyQSHVTXHUD 6iQFKH]3DUGR-5RYLUD-E+LGURFDUEXURVDOLIiWLFRV& D& ''7V\ 3&%V HQ VHGLPHQWRV \ RUJDQLVPRV GHO GHOWD GHO (EUR 0HGLWHUUiQHR RFFLGHQWDO ,QYHVWLJDFLyQSHVTXHUD 6WRUHOOL006WRUHOOL$%DURQH*0DUFRWULJLDQR*23RO\FKORULQDWHG ELSKHQ\O DQG RUJDQRFKORULQH SHVWLFLGH UHVLGXHV LQ /RSKLXV EXGHJDVVDIURPWKH 0HGLWHUUDQHDQ6HD,WDO\0DU3ROOXW%XOO 7RPDQLRYi0+DMãORYi-3DYHOND-U-.RFRXUHN9+RODGRYi..OtPRYi , 0LFURZDYHDVVLVWHG VROYHQW H[WUDFWLRQ D QHZ PHWKRG IRU LVRODWLRQ RI SRO\QXFOHDUDURPDWLFK\GURFDUERQVIURPSODQWV-&KURPDWRJU$
%LEOLRJUDItD 9i]TXH]7URFKH6*DUFtD)DOFyQ06*RQ]iOH]$PLJR6/DJH<XVW\0$ 6LPDO /R]DQR - (QULFKPHQW RI EHQ]R>D@S\UHQH LQ YHJHWDEOHV RLOV DQG GHWHUPLQDWLRQE\+3/&)/7DODQWD :DQJ = )LQJDV 0 'HYHORSPHQWV LQ WKH DQDO\VLV RI SHWUROHXP K\GURFDUERQV LQ RLOV SHWUROHXP SURGXFWV DQG RLOVSLOOUHODWHG HQYLURQPHQWDO VDPSOHVE\JDVFKURPDWRJUDSK\-&KURPDWRJU$
,QWURGXFFLyQ ,1752'8&&,Ï1 /DV DOJDV KDQ IRUPDGR SDUWH GH OD GLHWD KXPDQD D OR ODUJR GH WRGD OD KLVWRULD HVSHFLDOPHQWH HQ $VLD 6LQ HPEDUJR HQ ORV SDtVHV RFFLGHQWDOHV VRQ XVDGDV SULQFLSDOPHQWH FRPR IXHQWH GH SROLVDFiULGRV \ HQ SURGXFWRV IDUPDFpXWLFRV$FWXDOPHQWHKD\XQFUHFLHQWHLQWHUpVSRUODVDOJDVFRPRDOLPHQWR HQ(XURSD5XSpUH]KDELpQGRVHSXEOLFDGRXQ5HJODPHQWRHXURSHRVREUH QXHYRV DOLPHQWRV H LQJUHGLHQWHV GH QXHYRV DOLPHQWRV &( \ XQD 5HFRPHQGDFLyQ&(TXHHVSHFtILFDTXHORVQXHYRVDOLPHQWRVGHEHQVHU VRPHWLGRVDXQDHYDOXDFLyQGHVXVHJXULGDG 6HKDGHPRVWUDGRHQGLIHUHQWHVHVWXGLRVTXHODVDOJDVSXHGHQDFXPXODU PHWDOHV SHVDGRV KLGURFDUEXURV DVt FRPR SROLFORURELIHQLORV \ SHVWLFLGDV $GHPiV FRPR SDUWH GHO HFRVLVWHPD HVWiQ H[SXHVWRV D OD SUHVHQFLD GH FRQWDPLQDQWHV RUJiQLFRV \ SRU WDQWR SXHGHQ VHU XVDGRV FRPR ELRPRQLWRUHV 3DYRQL\FRO /DVDOJDVPDGXUDVJHQHUDOPHQWHVHFRQVLGHUDQUHODWLYDPHQWHLQVHQVLEOHVD ODH[SRVLFLyQPRGHUDGDDFRQWDPLQDQWHV\Wy[LFRVVLQHPEDUJRODPD\RUFDXVD GHOGHVFHQVRGHODDEXQGDQFLDGHPLFURDOJDV\GHORVFDPELRVHQODHVWUXFWXUDGH ODFRPXQLGDG GHDOJDVHQ ODV]RQDV GRQGHVHSURGXFHQ GHUUDPDPLHQWRV HV OD PRUWDOLGDGRHVWUpVGHODVIDVHVUHSURGXFWLYDVRHPEULRQHV%XUULGJH\%LGZHOO &RQHOILQGHHYDOXDUODVHJXULGDGDOLPHQWDULDGHODVDOJDVUHFROHFWDGDV HQ ODV FRVWDV JDOOHJDV XQD GH ODV iUHDV SHVTXHUDV GH PD\RU LPSRUWDQFLD HQ (VSDxD HQ HVWH HVWXGLR VH SUHWHQGH FRQRFHU OD SRVLEOH DFXPXODFLyQ GH SROLFORURELIHQLORVHKLGURFDUEXURVDOLIiWLFRVHQODVPLVPDV(VWRVFRQWDPLQDQWHV KDQVLGRVHOHFFLRQDGRVGHELGRDVXVHIHFWRVSHOLJURVRVHQHFRVLVWHPDVDFXiWLFRV \DVXFUHFLHQWHSUHYDOHQFLDHQODFDGHQDDOLPHQWDULD (OXVRGH3&%VKDVLGRSURKLELGRHQORVSDtVHVRFFLGHQWDOHVGHVGHKDFH PiVGHYHLQWHDxRVVLQHPEDUJRVLJXHQFRQVWLWX\HQGRXQDVHULDDPHQD]DSDUDHO PHGLRDPELHQWH \ ODVDOXG KXPDQD QR VyORSRUVX SHUVLVWHQFLD VLQR WDPELpQ GHELGRDTXHFRQWLQ~DQVLHQGRSURGXFLGRV\HPSOHDGRVHQORVSDtVHVHQYtDVGH
,QWURGXFFLyQ GHVDUUROOR'HELGRDVXLQFRUUHFWDHOLPLQDFLyQ\DVXJUDQGLVWULEXFLyQDWUDYpV GHO WUDQVSRUWH DWPRVIpULFR HVWRV SROXFLRQDQWHV RUJiQLFRV HVWiQ DPSOLDPHQWH SUHVHQWHV HQ PXFKRV HFRVLVWHPDVDFXiWLFRV \VH HQFXHQWUDQIUHFXHQWHPHQWH HQ WHMLGRV KXPDQRV HQ EDMRV QLYHOHV $ FRQFHQWUDFLRQHV PHGLRDPELHQWDOHV VRQ GLVUXSWRUHV HQGRFULQRV \ SXHGHQ GDxDU HO VLVWHPD UHSURGXFWLYR UHWDUGDU HO FUHFLPLHQWR\DXPHQWDUODPRUWDOLGDGHPEULRQDULD%LQHOOL\3URYLQL /RVSURGXFWRVSURFHGHQWHVGHOSHWUyOHRVRQDPSOLDPHQWHHPSOHDGRVHQODV LQGXVWULDV TXtPLFDV SHWURTXtPLFDV \ GHO WUDQVSRUWH SURGXFLpQGRVH QXPHURVRV GHUUDPDPLHQWRV SHWUROtIHURV TXH KDQ RULJLQDGR XQD JUDQ FRQWDPLQDFLyQ GHO PHGLRWHUUHVWUH\PDULQR (OSHWUyOHRHVWiFRPSXHVWRSRUXQDPH]FODFRPSOHMDGHKLGURFDUEXURVTXH LQFOX\HORVKLGURFDUEXURVDOLIiWLFRVOLQHDOHVGHFDGHQDFRUWD\ORVUDPLILFDGRVDVt FRPR RWURV PiV FRPSOHMRV FRPR ORV KLGURFDUEXURV DURPiWLFRV SROLFtFOLFRV 3$+V+DZDUL\FRO /DV SULQFLSDOHV IXHQWHV DQWURSRJpQLFDV GH KLGURFDUEXURV HQ HO PHGLR DPELHQWHPDULQRVRQORVYHUWLGRVLQGXVWULDOHVDJXDVGHDOFDQWDULOODGRGUHQDMHGH ORVUtRVRSHUDFLRQHVGHFDUJD\GHVFDUJDGHORVEDUFRV\SROXFLyQFRQDFHLWHVHQ OD ]RQD FRVWHUD $GHPiV GH HVWRV KLGURFDUEXURV SURFHGHQWHV GHO DFHLWH \ VXV GHULYDGRV ORV KLGURFDUEXURV VRQ VLQWHWL]DGRV SRU ORV RUJDQLVPRV DSDUHFLHQGR KDELWXDOPHQWHHQODELRVIHUD1LVKLJLPD\FRO /RVQDOFDQRVWtSLFRVSURFHGHQWHVGHODVDOJDVVRQSULQFLSDOPHQWHDTXHOORV DOFDQRV GH FDGHQD FRUWDQ& Q& HQ FDPELR HQ ORV SURYHQLHQWHV GH ODV SODQWDVPD\RUHVGRPLQDQORVQDOFDQRVGHFDGHQDODUJDQ& & (QDPERV FDVRV HO Q~PHUR GH FDUERQRV GH ODV FDGHQDV HV PD\RULWDULDPHQWH LPSDU /RV DFHLWHVFUXGRVQRELRGHJUDGDEOHVFRQWLHQHQXQUDQJRGHQDOFDQRVTXHGLVPLQX\H HQ FRQFHQWUDFLyQ FXDQGR DXPHQWD HO Q~PHUR GH FDUERQRV \ PXHVWUD XQ SUHGRPLQLRSDU GH FDUERQRV \SRUWDQWR SXHGHQ GLIHUHQFLDUVHGHORV QDOFDQRV ELRJpQLFRV:HEVWHU\FRO /DH[WUDFFLyQGHHVWRVFRPSXHVWRVDSDUWLUGHGLIHUHQWHVPXHVWUDVVHKD OOHYDGRDFDERQRUPDOPHQWHPHGLDQWHPpWRGRVGHH[WUDFFLyQEDVDGRVHQHOXVR GHVROYHQWHVRUJiQLFRV3DUDODH[WUDFFLyQGHDOFDQRVGHGLIHUHQWHVPXHVWUDVVH
,QWURGXFFLyQ KDQ GHVDUUROODGR XQ JUDQ Q~PHUR GH SURFHGLPLHQWRV XOWUDVRQLGRV :HEVWHU \ FRO3DVWRU\FROH[WUDFFLyQDVLVWLGDFRQPLFURRQGDV9i]TXH]\ FRO H[WUDFFLyQ DFHOHUDGD FRQ VROYHQWHV +HHPNHQ \ FRO \ SULQFLSDOPHQWH H[WUDFFLyQFRQ6R[KOHW &KULVWHQVHQ \FRO 0DUWt\ FRO 0DQGDODNLV\FRO $SHVDUGHTXHHVWD~OWLPDWpFQLFDRIUHFHXQDVHULHGHYHQWDMDVSXHVWR TXHSHUPLWHHOFRQWDFWRHQWUHPXHVWUDIUHVFD\VROYHQWHGXUDQWHWRGRHOSURFHVR QRUHTXLHUHSRVWHULRUILOWUDFLyQ\HVIiFLOGHPDQLSXODU/XTXH*DUFtD\/XTXHGH &DVWUR WLHQH HO SULQFLSDO LQFRQYHQLHQWH GH VHU XQ SURFHVR ODUJR \ TXH UHTXLHUH JUDQGHV YRO~PHQHV GH GLVROYHQWHV RUJiQLFRV TXH GHEHQ VHU SRVWHULRUPHQWHHOLPLQDGRVORTXHVXSRQHXQSUREOHPDPHGLRDPELHQWDO /D H[WUDFFLyQ DVLVWLGD FRQ PLFURRQGDV OD H[WUDFFLyQ DFHOHUDGD FRQ VROYHQWHV \ OD H[WUDFFLyQ FRQ IOXLGRV VXSHUFUtWLFRV 6)( VRQ WpFQLFDV PiV QRYHGRVDVTXHHPSOHDQSHTXHxDVFDQWLGDGHVGHVROYHQWHVRUJiQLFRV(O&2 HQ HVWDGRVXSHUFUtWLFRHVXQDDOWHUQDWLYDVLQORVHIHFWRVQHJDWLYRVGHORVVROYHQWHV WUDGLFLRQDOHV %HUJ \ FRO (Q FRQGLFLRQHV ySWLPDV OD H[WUDFFLyQ FRQ IOXLGRV VXSHUFUtWLFRV SHUPLWH XQD H[WUDFFLyQ HIHFWLYD UHSURGXFLEOH \ UiSLGD 0DQQLOD \ FRO (VWD WpFQLFD KD GHPRVWUDGR SURGXFLU XQRV UHVXOWDGRV LJXDOHV R PHMRUHV TXH OD H[WUDFFLyQ FRQ 6R[KOHW XOWUDVRQLGRV \ OD H[WUDFFLyQ DFHOHUDGDFRQVROYHQWHV+DUWRQHQ\FRO 7HQLHQGRHQFXHQWDTXHHOSUHWUDWDPLHQWRGHODPXHVWUDHVQRUPDOPHQWH HOSDVRGHODQiOLVLVPiVODERULRVR\TXHOOHYDPiVWLHPSRDGHPiVGHVHUHOSDVR GRQGH VH FRPHWHQ PiV HUURUHV DQDOtWLFRV HQ HVWH HVWXGLR VH FRPSDUDQ ORV UHVXOWDGRV GH UHFXSHUDFLyQ GH GRFH SROLFORURELIHQLORV \ QXHYH KLGURFDUEXURV DOLIiWLFRVREWHQLGRVSRUXQDWpFQLFDGHH[WUDFFLyQFRQYHQFLRQDOFRPRHO6R[KOHW \ORVREWHQLGRVHPSOHDQGRXQDWpFQLFDDOWHUQDWLYDFRPRHO6)(
3DUWHH[SHULPHQWDO 3$57((;3(5,0(17$/ 0$7(5,$/<$3$5$726 ♦&URPDWyJUDIRGHJDVHV&(,QVWUXPHQWV7RSHTXLSDGRFRQGHWHFWRUGH LRQL]DFLyQ GH OODPD ),' \ GHWHFWRU GH FDSWXUD HOHFWUyQLFD (&' FRQ IXHQWH GH 1LHLQ\HFWRUDXWRPiWLFR$6FRQHFWDGRDRUGHQDGRUSHUVRQDO ♦2UGHQDGRUSHUVRQDO 3HQWLXP $2&6SHFWUXP FRQ HO SURJUDPD&KURP&DUG YHUVLyQSDUD:LQGRZV ♦([WUDFWRU GH IOXLGRV VXSHUFUtWLFRV +HZOHWW 3DFNDUG $ FRQ FROXPQD 6WDLQOHVV6WHHOFRQWURODGRSRURUGHQDGRUFRQVRIWZDUH6)(YHUVLyQ ♦([WUDFWRU6R[KOHW ♦&DUWXFKRVGHH[WUDFFLyQGHFHOXORVDGH:KDWPDQ0DLGVWRQH,QJODWHUUD ♦5RWDYDSRU6HOHFWD7HFWURQ ♦3ODFDVFDOHIDFWRUDV&RPELPD[$ ♦([WUDFWRUGHIOXLGRVVXSHUFUtWLFRV+3&DOLIRUQLD86$ ♦3DSHOGHILOWUR:KDWPDQ0DLGVWRQH,QJODWHUUD ♦&DUWXFKRV GHVtOLFD6HS3DN3OXV:DWHUV0LOIRUG86$ ♦8OWUDVRQLGRV6HOHFWD ♦%DODQ]DDQDOtWLFD6DOWHU$QG+5FRQFXDWURGHFLPDOHVGHSUHFLVLyQ ♦*UDQDWDULR3UHFLVD%-&FRQGRVGHFLPDOHVGHSUHFLVLyQ ♦(TXLSR0,//,4SOXV0,//,325( ♦)ULJRUtILFR)DJRU,QQRYD ♦(VWXIDHOpFWULFD+HUDHXV ♦'HVHFDGRUHV ♦0ROLQLOOR7DXUXV ♦2WURPDWHULDOGHXVRFRUULHQWHHQHOODERUDWRULR
3DUWHH[SHULPHQWDO 5($&7,926 3DWURQHV •3DWURQHVGHSROLFORURELIHQLORV 3&%7ULFORURELIHQLOR&KHP6HUYLFH:HVW&KHVWHU3$86$ 3&%7HWUDFORURELIHQLOR&KHP6HUYLFH:HVW&KHVWHU3$86$ 3&%7HWUDFORURELIHQLOR'U(KUHQVWRUIHU$XJVEXUJ$OHPDQLD 3&% 3HQWDFORURELIHQLOR &KHP 6HUYLFH :HVW &KHVWHU 3$ 86$ 3&% 3HQWDFORURELIHQLOR 'U (KUHQVWRUIHU $XJVEXUJ $OHPDQLD 3&% 3HQWDFORURELIHQLOR &KHP 6HUYLFH :HVW &KHVWHU 3$ 86$ 3&% 3HQWDFORURELIHQLOR 'U (KUHQVWRUIHU $XJVEXUJ $OHPDQLD 3&%+H[DFORURELIHQLOR&KHP6HUYLFH:HVW&KHVWHU3$ 86$ 3&% +H[DFORURELIHQLOR 'U (KUHQVWRUIHU $XJVEXUJ $OHPDQLD 3&% +H[DFORURELIHQLOR 'U (KUHQVWRUIHU $XJVEXUJ $OHPDQLD 3&% +H[DFORURELIHQLOR 'U (KUHQVWRUIHU $XJVEXUJ $OHPDQLD 3&% +HSWDFORURELIHQLOR 'U (KUHQVWRUIHU $XJVEXUJ $OHPDQLD •3DWURQHVGHKLGURFDUEXURVDOLIiWLFRV 3ULVWDQR WHWUDPHWLOSHQWDGHFDQR $OOWHFK $VVRFLDWHV 'HHUILHOG,/86$ & QRFWDGHFDQR$OOWHFK$VVRFLDWHV'HHUILHOG,/86$
3DUWHH[SHULPHQWDO & QQRQDGHFDQR&KHP6HUYLFH:HVW&KHVWHU3$86$ & QHLFRVDQR$OOWHFK$VVRFLDWHV'HHUILHOG,/86$ & QGRFRVDQR&KHP6HUYLFH:HVW&KHVWHU3$86$ & QWHWUDFRVDQR$OOWHFK$VVRFLDWHV'HHUILHOG,/86$ & QRFWDFRVDQR$OOWHFK$VVRFLDWHV'HHUILHOG,/86$ & QGRWULDFRQWDQR$OOWHFK$VVRFLDWHV'HHUILHOG,/86$ & QKH[DWULDFRQWDQR'U(KUHQVWRUIHU$XJVEXUJ$OHPDQLD •QKH[DQRSDUDFURPDWRJUDItDGHJDVHV0HUFN'DUPVWDGW$OHPDQLD •'LFORURPHWDQRSDUDFURPDWRJUDItDGHJDVHV0HUFN'DUPVWDGW$OHPDQLD •0HWDQROSDUDFURPDWRJUDItDOtTXLGD6FKDUODX0DGULG(VSDxD •$UHQDGHPDUODYDGDGHJUDQRILQR3DQUHDF%DUFHORQD(VSDxD •Ï[LGRGH DOXPLQLR HVWDQGDUL]DGR SDUD DQiOLVLV FURPDWRJUiILFR HQFROXPQD SRUDGVRUFLyQ0HUFN'DUPVWDGW$OHPDQLD •*DVHVGHOD6RFLHGDG(VSDxRODGH2[tJHQR0DGULG(VSDxD Þ*DVSRUWDGRU1 Þ$LUHVLQWpWLFRSXUR1 Þ+LGUyJHQR1 Þ&2 VLIyQ Þ&2 6&)VXSHUFUtWLFR 35(3$5$&,Ï1'(/$662/8&,21(63$75Ï1 6H KDQ SUHSDUDGR VROXFLRQHV PDGUH GH FDGD XQR GH ORV FRQWDPLQDQWHV LQGLYLGXDOHV HQ QKH[DQR HQ XQ UDQJR GH FRQFHQWUDFLyQ GH PJO SDUD ORV SROLFORURELIHQLORV\GHDSUR[LPDGDPHQWHPJOSDUDORVKLGURFDUEXURVDOLIiWLFRV $SDUWLUGH HVWDVVROXFLRQHVLQGLYLGXDOHVVHSUHSDUy XQDVROXFLyQ JOREDO GH SROLFORURELIHQLORV FRQ FRQFHQWUDFLyQ PJO GH FDGD FRPSXHVWR LQGLYLGXDO \ RWUD VROXFLyQJOREDOGHKLGURFDUEXURVFRQPJOGHFRQFHQWUDFLyQGHFDGDFRPSXHVWR LQGLYLGXDODPEDVHQQKH[DQR/DVGLIHUHQWHVVROXFLRQHVGHWUDEDMRVHREWXYLHURQ SRUXQDDSURSLDGDGLOXFLyQGHHVWDV
3DUWHH[SHULPHQWDO 08(675$6 /DV PXHVWUDV GH DOJDV GH *DOLFLD XWLOL]DGDV SDUD OOHYDU D FDER HVWH HVWXGLR IXHURQ VXPLQLVWUDGDV SRU GRV SURGXFWRUHV JDOOHJRV $OJDPDU 5HGRQGHOD 3RQWHYHGUD (VSDxD \ SRU &RQVHUYDV \ $KXPDGRV /28 5LEHLUD $ &RUXxD (VSDxD 7RGDV HOODV SURFHGHQ GH ODV FRVWDV GH ODV 5tDV %DL[DV GH *DOLFLD \ IXHURQ UHFRJLGDVHQODVIHFKDVySWLPDVSDUDFDGDHVSHFLHFRPRVHPXHVWUDHQOD7DEOD, /DV PXHVWUDV SHUWHQHFLHQWHV D ODV HVSHFLHV 8QGDULD SLQQDWLILGDQ /DPLQDULDRFKUROHXFDQ+LPDQWKDOLDHORQJDWDQ3DOPDULDSDOPDWDQ\ 3RUSK\UDXPELOLFDOHVQUHFRJLGDVGXUDQWHHODxR\ODVPXHVWUDVGH /DPLQDULD RFKUROHXFDQH+LPDQWKDOLD HORQJDWDQUHFRJLGDVHQ HODxR IXHURQSURSRUFLRQDGDVVHFDVSRUHOSURGXFWRU(OWUDWDPLHQWRHQHOODERUDWRULR SUHYLR DO DQiOLVLV GH ODV PXHVWUDV FRQVLVWLy VLPSOHPHQWH HQ HO WURFHDGR \ SXOYHUL]DGRGHODVPLVPDVPHGLDQWHXQPROLQLOORHOpFWULFR\VXHQYDVDGRHQIUDVFRV GH YLGULR/DVPXHVWUDVGH8QGDULD SLQQDWLILGDQ RV \UHFRJLGDVHQ HODxR IXHURQVXPLQLVWUDGDVIUHVFDV(QHOODERUDWRULRVHVRPHWLHURQDXQSURFHVRGH OLRILOL]DFLyQSUHYLRDOPROLGR\HQYDVDGRHQIUDVFRVGHYLGULR /DVPXHVWUDVFRUUHVSRQGLHQWHVDODVHVSHFLHV+LPDQWKDOLDHORQJDWDQ\ 6DFFRUKL]D SRO\VFKLGHV Q VXPLQLVWUDGDV HQODWDGDV IXHURQ VHSDUDGDV PDQXDOPHQWHHQHOODERUDWRULR\VHVRPHWLHURQDXQVHFDGRHQHVWXIDD&GXUDQWH KRUDV $ FRQWLQXDFLyQ IXHURQ SXOYHUL]DGDV \ KRPRJHQHL]DGDV DQWHV GH VHU HQYDVDGDVHQIUDVFRVGHYLGULR (OHVWXGLRGHODVDOJDVJDOOHJDVVHFRPSOHWyFRQHODQiOLVLVFRPSDUDWLYRGH RWUDVPXHVWUDVFRPHUFLDOHVSURFHGHQWHVGH*DOLFLDFRPRODVGH3RUWRPXLxRV\GH DOJDV UHFRJLGDV HQ ODV FRVWDV MDSRQHVDV SHUWHQHFLHQWHV D ODV HVSHFLHV (LVHQLD ELF\FOLV +L]LNLD IXVLIRUPH \ GH /DPLQDULD\8QGDULD MDSRQHVDV 7DPELpQ VH DQDOL]DURQ 3DOPDULD SDOPDWD DWOiQWLFD GH ODV FRVWDV IUDQFHVDV \ PXHVWUDV GH 'XUYLOODHD DQWDUFWLFDGH RULJHQFKLOHQR/DVFDUDFWHUtVWLFDVGH HVWDV PXHVWUDVVH UHFRJHQHQODWDEOD,,
3DUWHH[SHULPHQWDO 7DEOD,&DUDFWHUtVWLFDVGHODVDOJDVSURGXFLGDV\PDQXIDFWXUDGDVHQODVFRVWDV JDOOHJDV 1~PHURGH PXHVWUD 1RPEUHFLHQWtILFR 1RPEUHFRP~Q )HFKD /XJDUGH UHFRJLGD /DPLQDULDRFKUROHXFD .RPEX 5HF %DLRQD*DOLFLD +LPDQWKDOLDHORQJDWD (VSDJXHWLGHPDU 5HF )LQLVWHUUH *DOLFLD 3RUSK\UDVS 1RUL 5HF 9LDQDGR&DVWHOR 3RUWXJDO +LPDQWKDOLDHORQJDWD (VSDJXHWLGHPDU 5HF 5tDGH$URXVD 6DFFRUKL]DSRO\VFKLGHV 5HF 5tDGH$URXVD 3DOPDULDVS 'XOVH 5HF 5LQOR*DOLFLD 8QGDULDSLQQDWLILGD :DNDPH 5HF &3$ &DQJDV/LPHQV *DOLFLD +LPDQWKDOLDHORQJDWD (VSDJXHWLGHPDU (QY &3$ *DOLFLD +LPDQWKDOLDHORQJDWD (VSDJXHWLGHPDU (QY &3$ ,VODGH$URXVD *DOLFLD /DPLQDULDRFKUROHXFD .RPEX (QY ,VODGH$URXVD *DOLFLD 8QGDULDSLQQDWLILGD :DNDPH 5HF $OGiQ*DOLFLD 8QGDULDSLQQDWLILGD :DNDPH 5HF &DQJDV*DOLFLD 8QGDULDSLQQDWLILGD :DNDPH (QY &3$ *DOLFLD /DPLQDULDRFKUROHXFD HK\SHUERUHD.RPEX (QY &3$ *DOLFLD ±5HF)HFKDGHUHFRJLGD ±&3$FRQVXPLUSUHIHUHQWHPHQWHDQWHV
3DUWHH[SHULPHQWDO 7DEOD,,&DUDFWHUtVWLFDVGHODVDOJDVFRPHUFLDOL]DGDVSURFHGHQWHVGHRWURVRUtJHQHV 1~PHURGH PXHVWUD 1RPEUHFLHQWtILFR 1RPEUHFRP~Q )HFKD /XJDUGH UHFRJLGD 8QGDULDSLQQDWLILGD :DNDPH )DE &3$ -DSyQ +L]LNLDIXVLIRUPH ,]LNL &3$ -DSyQ 3RUSK\UDVS7RVWDGD 1RUL &3$ -DSyQ /DPLQDULDVS .RPEX )DE &3$ 1RUWH-DSyQ 3DOPDULDSDOPDWD DWOiQWLFD 'XOVH &3$ (LVHQLDELF\FOLV $UDPH &3$ -DSyQ 'XUYLOODHD$QWDUFWLFD &RFKD\X\R &3$ &KLOH ±5HF)HFKDGHUHFRJLGD ±&3$FRQVXPLUSUHIHUHQWHPHQWHDQWHV '(7(50,1$&,Ï1'(/$+80('$''(/$608(675$6 /DKXPHGDGGHODVPXHVWUDVVHKDGHWHUPLQDGRSRUGHVHFDFLyQHQHVWXIDGH DLUH D & GXUDQWH KRUD HQ FiSVXODV GH SRUFHODQD SUHYLDPHQWH WDUDGDV D OD PLVPDWHPSHUDWXUD(QGLFKDVFiSVXODVVHSHVDQDSUR[LPDGDPHQWHJGHPXHVWUD SXOYHUL]DGDDQWHULRUPHQWHVHVRPHWHQDHVWXIDD&GXUDQWHK\PLQHQ GHVHFDGRU\VHSHVDQ(OSRUFHQWDMHGHKXPHGDGVHFDOFXODSRUGLIHUHQFLDGHSHVDGD (;75$&&,Ï1(162;+/(7 $SUR[LPDGDPHQWHJGHPXHVWUDSXOYHUL]DGD\PH]FODGDFRQJGHDUHQD GHJUDQRILQRVHLQWURGXFHHQORVFDUWXFKRVGHH[WUDFFLyQGHFHOXORVD\VHH[WUDHQHQ 6R[KOHWHPSOHDQGRFRPRGLVROYHQWHKH[DQRGLFORURPHWDQRGXUDQWHK6H UHJXODODHEXOOLFLyQGHIRUPDTXHVHSURGX]FDQDSUR[LPDGDPHQWHVHLVVLIRQDGDVSRU KRUD
5HVXOWDGRV\GLVFXVLyQ GHPHWLOHQRDFHWRQDDFHWRQLWULORHPSOHDGRVSRUGLYHUVRVDXWRUHV6iQFKH]3DUGR\ 5RYLUD 6FKDQW]\ FRO 6FKDQW]\FRO &DUYDOKR \FRO &DUULO\FRO0LxRQHV9i]TXH]\FRO0RQWRQH\FRO6HDJDUV\ *DUOLFK0LOOHU0D]HDV\%XG]LQVNL 3XULILFDFLyQ 3DUD REWHQHU XQ H[WUDFWR OLPSLR SXHVWR TXH ODV PXHVWUDV FRQWLHQHQ JUDQ FDQWLGDG GH SLJPHQWRV HV QHFHVDULR XQ SDVR GH SXULILFDFLyQ SUHYLR DO DQiOLVLV FURPDWRJUiILFR6HKDQHQVD\DGRGLVWLQWDVFROXPQDVGHDGVRUFLyQDO~PLQDIORULVLO & & \VtOLFDDVtFRPRGLIHUHQWHVVROYHQWHVGHHOXFLyQVRORV\HQVXVPH]FODV DFHWDWRGHHWLORKH[DQRGLHWLOHWHUWROXHQR\GLFORURPHWDQR6HKDFRPSUREDGRTXH ORVPHMRUHVUHVXOWDGRVVHREWLHQHQFRQ6HSSDNGHVtOLFDXWLOL]DQGRFRPRVROYHQWH GHHOXFLyQQKH[DQRKDVWDXQYROXPHQWRWDOGHPO $QiOLVLVFURPDWRJUiILFR 'XUDQWHHOGHVDUUROORGHOPpWRGRDQDOtWLFRVHKDQHQVD\DGRYDULRVSDUiPHWURV FURPDWRJUiILFRVSDUDFRQVHJXLUODVPHMRUHVFRQGLFLRQHVGHDQiOLVLV /DFROXPQDFURPDWRJUiILFDVHWHUPRVWDWL]yHQWUHXQUDQJRGHWHPSHUDWXUDVGH D&,QLFLDOPHQWHHOSURJUDPDGHWHPSHUDWXUDVHPSOHDGRVHHPSH]DEDD &PDQWHQLHQGRHVWDWHPSHUDWXUDGXUDQWHPLQXWRDFRQWLQXDFLyQFRPHQ]DEDXQ JUDGLHQWH GH WHPSHUDWXUDV D UD]yQ GH &PLQ KDVWD DOFDQ]DU ORV & 3RVWHULRUPHQWHVHPRGLILFDEDGLFKRJUDGLHQWHD&PLQKDVWDDOFDQ]DUORV& \VHPDQWHQtDHVWD~OWLPDWHPSHUDWXUDGXUDQWHPLQXWRV/DGXUDFLyQGHODQiOLVLV HUDGHPLQXWRV &RQ HO REMHWLYR GH FRQVHJXLU XQ DQiOLVLV FURPDWRJUiILFR VLPXOWiQHR GH ORV SROLFORURELIHQLORV \ ORV KLGURFDUEXURV DOLIiWLFRV HQ HO PHQRU WLHPSR SRVLEOH VH SUREDURQ GLIHUHQWHV UDPSDV GH WHPSHUDWXUD FRQFOX\HQGR ILQDOPHQWH TXH HUD QHFHVDULD XQD WHPSHUDWXUD LQWHUPHGLD GH & OOHJDQGR DVt DO SURJUDPD ILQDO GHVFULWRHQODSDUWHH[SHULPHQWDOFRQXQDGXUDFLyQPHQRUGHWDQVRORPLQXWRV
5HVXOWDGRV\GLVFXVLyQ 9DOLGDFLyQGHOPpWRGR ,GHQWLILFDFLyQ\FXDQWLILFDFLyQ 6HKDQHVWXGLDGR ORV3&%V \ORVQDOFDQRVOLQHDOHV& & & & & & & \& \HODOFDQR UDPLILFDGRSULVWDQR /RVWLHPSRV GH UHWHQFLyQ GHFDGD KLGURFDUEXURDOLIiWLFR \ GH FDGDSROLFORURELIHQLORVHPXHVWUDQHQODVWDEODV9\9, 7DEOD97LHPSRVGHUHWHQFLyQ75GHORVKLGURFDUEXURVDOLIiWLFRV 3ULVWDQR & & & & & & & & 75 PLQ 7DEOD9,7LHPSRVGHUHWHQFLyQ75GHORVSROLFORURELIHQLORV 3&% 75 PLQ 3DUDODFXDQWLILFDFLyQGHDPERVJUXSRVGHFRPSXHVWRVVHHVWDEOHFLHURQUHFWDV GH FDOLEUDGR GH FLQFR SXQWRV GH FRQFHQWUDFLyQ DQDOL]DGDV SRU WULSOLFDGR /D OLQHDOLGDG VH YHULILFy HQ WRGRV ORV UDQJRV GH FRQFHQWUDFLyQ ODV HFXDFLRQHV \ ORV FRHILFLHQWHVGHGHWHUPLQDFLyQREWHQLGRVVHPXHVWUDQHQODVWDEODV9,,\9,,,
5HVXOWDGRV\GLVFXVLyQ 7DEOD9,,5HFWDVGHFDOLEUDGR\FRHILFLHQWHVGHGHWHUPLQDFLyQGHORVKLGURFDUEXURV DOLIiWLFRV $QDOLWR5HFWD U 5DQJR PJO 3ULVWDQR \ [ \ & \ [ \ & \ [ \ & \ [ \ & \ [ \ & \ [ \ & \ [ \ & \ [ \ & \ [ \ 7DEOD9,,,5HFWDVGHFDOLEUDGR\FRHILFLHQWHVGHGHWHUPLQDFLyQGHORV3&%V $QDOLWR5HFWD U 5DQJR PJO 3&% \ [± 3&% \ [ 3&% \ [ 3&% \ [ 3&% \ [ 3&% \ [ 3&% \ [ 3&% \ [ 3&% \ [ 3&% \ [ 3&% \ [ 3&% \ [
5HVXOWDGRV\GLVFXVLyQ /tPLWHVGHGHWHFFLyQ\FXDQWLILFDFLyQ 6H KDQ FDOFXODGR VLJXLHQGR HO FULWHULR GH OD $&6 $PHULFDQ &KHPLFDO 6RFLHW\ 6HKDQLQ\HFWDGRGLH]EODQFRVGHKH[DQR\VHKDPHGLGRHQORVPLVPRVODDOWXUDGHO UXLGRDORVWLHPSRVGHUHWHQFLyQGHFDGDKLGURFDUEXUR\GHFDGDSROLFORURELIHQLOR &RQHVDOHFWXUD\ODVVLJXLHQWHVIyUPXODVVHKDQREWHQLGRORVOtPLWHVGHGHWHFFLyQ\ FXDQWLILFDFLyQHQP9 /' [6' /4 [6' /RV YDORUHV DVt REWHQLGRV VH KDQ WUDVODGDGR D ODV UHFWDV GH FDOLEUDGR H[SUHVDGDVHQDOWXUDVREWHQLGDVSDUDFDGDDQDOLWRREWHQLHQGRORVOtPLWHVHQXQLGDGHV GHFRQFHQWUDFLyQ/RVOtPLWHVSDUDFDGDFRPSXHVWRVHUHFRJHQHQODVWDEODV,;\; 7DEOD,;/tPLWHVGHGHWHFFLyQ\FXDQWLILFDFLyQGHORVKLGURFDUEXURVDOLIiWLFRV $QDOLWR /' P9 /4 P9 5HFWD /'PJO /4PJO 3ULVWDQR \ [ & \ [ & \ [ & \ [ & \ [ & \ [ & \ [ & \ [ & \ [
5HVXOWDGRV\GLVFXVLyQ 7DEOD;/tPLWHVGHGHWHFFLyQ\FXDQWLILFDFLyQGHORV3&%V $QDOLWR /' P9 /4 P9 5HFWD /'JO /4JO 3&% \ [± 3&% \ [ 3&% \ [ 3&% \ [± 3&% \ [± 3&% \ [ 3&% \ [ 3&% \ [± 3&% \ [ 3&% \ [ 3&% \ [ 3&% \ [± 3UHFLVLyQGHODWpFQLFDGHLQ\HFFLyQ 3DUDGHWHUPLQDUODSUHFLVLyQGHODPHGLGDRFKRDOtFXRWDVGHODPLVPDVROXFLyQ IXHURQ LQ\HFWDGDV HQ HO FURPDWyJUDIR GH JDVHV (Q HO FDVR GH ORV KLGURFDUEXURV DOLIiWLFRV VH HPSOHy XQD VROXFLyQ GH PJO \ SDUD ORV SROLFORURELIHQLORV XQD VROXFLyQGHPJO/RVUHVXOWDGRVVHSUHVHQWDQHQODVWDEODV;,\;,, 7DEOD;,3UHFLVLyQGHODWpFQLFDGHLQ\HFFLyQGHORVKLGURFDUEXURVDOLIiWLFRV 3ULVWDQR & & & & & & & & 56' 7DEOD;,,3UHFLVLyQGHODWpFQLFDGHLQ\HFFLyQGHORVSROLFORURELIHQLORV 3&% 56'
5HVXOWDGRV\GLVFXVLyQ (VWXGLRVGHUHFXSHUDFLyQ 3DUDHOHVWXGLRGHODUHFXSHUDFLyQ\SUHFLVLyQGHOPpWRGRXQDPXHVWUDGHODOJD 8QGDULD SLQQDWLILGD VH VREUHFDUJy SRU VH[WXSOLFDGR FRQ GRV QLYHOHV GH FRQFHQWUDFLyQGHODVVROXFLRQHVSDWUyQ\PJOSDUDORVKLGURFDUEXURV\\ PJOSDUDORV3&%V\VHVRPHWLyDORVGRVSURFHVRVGHH[WUDFFLyQ)LJXUDV /RVSRUFHQWDMHVGHUHFXSHUDFLyQ\ODVGHVYLDFLRQHVHVWiQGDUUHODWLYDV56'VH PXHVWUDQHQODVWDEODV;,,,\;,9 3UHYLDPHQWHDODUHDOL]DFLyQGHHVWDVSUXHEDVHODOJD8QGDULDSLQQDWLILGDVH DQDOL]ySRUVH[WXSOLFDGRSDUDFRPSUREDUODSUHVHQFLDGHORVDQDOLWRVLQYHVWLJDGRV\ ORVUHVXOWDGRVREWHQLGRVIXHURQWRPDGRVHQFRQVLGHUDFLyQDODKRUDGHFDOFXODUORV SRUFHQWDMHVGHUHFXSHUDFLyQ 7DEOD;,,,3RUFHQWDMHVGHUHFXSHUDFLyQ\56'REWHQLGRVSDUDORVKLGURFDUEXURV DOLIiWLFRV 6)( 6R[KOHW 6REUHFDUJD PJO 5HFXSHUDFLyQ 56' 5HFXSHUDFLyQ 56' 3ULVWDQR & & & & & & & &
5HVXOWDGRV\GLVFXVLyQ (Q HO FDVR GH ORV KLGURFDUEXURV OD SUHFLVLyQ SDUD DPERV PpWRGRV GH H[WUDFFLyQH[SUHVDGDFRPRODGHVYLDFLyQHVWiQGDUHQSRUFHQWDMHKDVLGREXHQD/RV GDWRVVHUHFRJHQHQODWDEOD;,,,REWHQLHQGRHQODPD\RUSDUWHGHORVFDVRV56' VDOYRHQHOFDVRGHOSULVWDQR &RQVLGHUDQGR ORV KLGURFDUEXURV GH IRUPD LQGLYLGXDO ORV UHVXOWDGRV GH UHFXSHUDFLyQREWHQLGRVSDUDORVFRPSXHVWRVGHEDMRSXQWRGHHEXOOLFLyQSULVWDQR\ & H[WUDtGRV SRU 6)( VRQ PHQRUHV GH OR HVSHUDGR SUREDEOHPHQWH GHELGR D SpUGLGDVSRUHYDSRUDFLyQGXUDQWHHOSURFHVRRGHELGRDTXHODGXUDFLyQGHODHWDSD GH H[WUDFFLyQ GHO SURJUDPD GH 6)( PLQ HV LQVXILFLHQWH SDUD OD REWHQFLyQ FRPSOHWDGHORVKLGURFDUEXURVDOLIiWLFRV6LQHPEDUJRKD\TXHWHQHUHQFXHQWDTXH HVWHWLHPSRHVHOPiVDGHFXDGRSDUDODH[WUDFFLyQVLPXOWiQHDGHORVFRPSXHVWRV )LJXUD&URPDWRJUDPDGH8QGDULDH[WUDtGDSRU6)(VREUHFDUJDPJO )LJXUD&URPDWRJUDPDGH8QGDULDH[WUDtGDSRU6R[KOHWVREUHFDUJDPJO
5HVXOWDGRV\GLVFXVLyQ 7DEOD;,93RUFHQWDMHVGHUHFXSHUDFLyQ\56'REWHQLGRVSDUDORV SROLFORURELIHQLORV 6)( 6R[KOHW 6REUHFDUJD PJO 5HFXSHUDFLyQ 56' 5HFXSHUDFLyQ 56' 3&% 3&% 3&% 3&% 3&% 3&% 3&% 3&% 3&% 3&% 3&% 3&% 3DUDORVSROLFORURELIHQLORVVHREWLHQHQPHMRUHVUHVXOWDGRVGHSUHFLVLyQHQOD H[WUDFFLyQSRU6R[KOHWTXHFRQHOH[WUDFWRUGHIOXLGRVVXSHUFUtWLFRV (QODH[WUDFFLyQGHORVSROLFORURELIHQLORVDEDMDVFRQFHQWUDFLRQHVSRU6R[KOHW VHSURGXFHQLQWHUIHUHQFLDVHQWUHODPXHVWUD\ORVWLHPSRVGHUHWHQFLyQGHORV3&%V \ SRU OR TXH D HVDV FRQFHQWUDFLRQHV HVWRV DQDOLWRV QR SXHGHQVHUGHWHUPLQDGRVSRUHVWDWpFQLFD6LQ HPEDUJR ODGHWHUPLQDFLyQGHHVWRV 3&%VWLHQHXQJUDQLQWHUpV\DTXHVRQFRQJpQHUHVGHJUDQLPSRUWDQFLDGHELGRDVXV
5HVXOWDGRV\GLVFXVLyQ &RPSDUDQGRODVGRVWpFQLFDVGHH[WUDFFLyQXWLOL]DGDVVHREVHUYDTXHDSHVDU GHTXHHVQHFHVDULDXQDHWDSDGHSXULILFDFLyQODH[WUDFFLyQFRQIOXLGRVVXSHUFUtWLFRV HV XQ SURFHVR PXFKR PiV UiSLGR TXH OD H[WUDFFLyQ SRU 6R[KOHW DVt PLHQWUDV OD SULPHUDHPSOHDXQWLHPSR GHH[WUDFFLyQGHPLQXWRV \ POGHVROYHQWHVOD ~OWLPD QHFHVLWD KRUDV GH H[WUDFFLyQ VHJXLGD GH XQD IDVH GH HYDSRUDFLyQ GHO VROYHQWHXVDQGRDSUR[LPDGDPHQWHPOGHVROYHQWHVRUJiQLFRV (Q PXFKRV HVWXGLRV ORV FRQWDPLQDQWHV SXHGHQ VHU DQDOL]DGRV GLUHFWDPHQWH WUDV OD H[WUDFFLyQ FRQ IOXLGRV VXSHUFUtWLFRV VLQ XQD HWDSD GH SXULILFDFLyQ VLQ HPEDUJR HVWD HWDSD KD VLGR QHFHVDULD GHELGR D OD JUDQ FDQWLGDG GH SLJPHQWRV SUHVHQWHV HQ ODV DOJDV TXH FRHOX\HQ FRQ ORV DQDOLWRV LQYHVWLJDGRV \ TXH SRGUtDQ LQWHUIHULUHQHODQiOLVLV\FRQWDPLQDUODFROXPQD &RUUHODFLyQHQWUHORVUHVXOWDGRVREWHQLGRVXVDQGRDPERVPpWRGRV 6H KDQDQDOL]DGR HVWDGtVWLFDPHQWHORVGDWRVGHUHFXSHUDFLyQ REWHQLGRVSDUD ORVKLGURFDUEXURV DOLIiWLFRV GHWHUPLQDQGRODVGLIHUHQFLDVHQWUHODVUHFXSHUDFLRQHV REWHQLGDVPHGLDQWHHOWHVWSDUDPXHVWUDVUHODFLRQDGDVHLQGHSHQGLHQWHV3 /RVUHVXOWDGRVUHYHODQTXHQRH[LVWHQGLIHUHQFLDVVLJQLILFDWLYDV3!SDUDORVQ DOFDQRVGHFDGHQDODUJD& & FXDQGRVHUHDOL]DODVREUHFDUJDFRQQLYHOHVDOWRV GHFRQFHQWUDFLyQPLHQWUDVTXHODWpFQLFDGH6)(PXHVWUDXQDHILFDFLDGHH[WUDFFLyQ VLJQLILFDWLYDPHQWHPHQRU3SDUDORVDOFDQRVGHFDGHQDFRUWDSULVWDQR& & (QHOFDVRGHORVSROLFORURELIHQLORVHQHOQLYHOGHFRQFHQWUDFLyQPi[LPRQR VH HQFRQWUDURQ GLIHUHQFLDV VLJQLILFDWLYDV 3 ! HQ ODV UHFXSHUDFLRQHV PHGLDV REWHQLGDVSDUDORV3&%V\\VtSDUDORV3&%V \DOLJXDOTXHHQORVHVWXGLRVUHDOL]DGRVSRU%RZDGW\FRO\ SRU6FKDQW]\FRO
5HVXOWDGRV\GLVFXVLyQ 7DEOD;9,,,1LYHOHVGHSROLFORURELIHQLORVHQFRQWUDGRVHQODVDOJDVJDOOHJDV &RQFHQWUDFLyQ QJJVV 1~PHURGH PXHVWUD 1RPEUHFLHQWtILFR 3&% 6)( /DPLQDULDRFKUROHXFD +LPDQWKDOLDHORQJDWD 3RUSK\UDVS +LPDQWKDOLDHORQJDWD 6DFFRUKL]DSRO\VFKLGHV 3DOPDULDVS 8QGDULDSLQQDWtILGD +LPDQWKDOLDHORQJDWD +LPDQWKDOLDHORQJDWD /DPLQDULDRFKUROHXFD 8QGDULDSLQQDWtILGD 8QGDULDSLQQDWtILGD 8QGDULDSLQQDWLILGD /DPLQDULDRFKUROHXFDHK\SHUERUHD
5HVXOWDGRV\GLVFXVLyQ 7DEOD;,;1LYHOHVGHSROLFORURELIHQLORVHQFRQWUDGRVHQDOJDVGHRWURVRUtJHQHV &RQFHQWUDFLyQ QJJVV 1~PHURGH PXHVWUD 1RPEUHFLHQWtILFR 3&% 6)( 8QGDULDSLQQDWLILGD +L]LNLDIXVLIRUPH 3RUSK\UDVS7RVWDGD /DPLQDULDVS 3DOPDULDSDOPDWDDWOiQWLFD (LVHQLDELF\FOLV 'XUYLOODHDDQWDUFWLFD &RQ UHODFLyQ D ODV FDQWLGDGHV HQFRQWUDGDV ORV YDORUHV PiV HOHYDGRV FRUUHVSRQGHQDO3&%WDQWRHQODVDOJDVJDOOHJDVHQWUH\QJJVV FRPRHQDOJDVGHRWURVRUtJHQHVHQWUH\QJJVV /DLQIRUPDFLyQSXEOLFDGDVREUHGHWHUPLQDFLyQGHSROLFORURELIHQLORVHQDOJDV HVPX\OLPLWDGD(QODWDEOD;;VHUHFRJHQORVUHVXOWDGRVGHHVWXGLRVGLVSRQLEOHV VREUH QLYHOHV GH 3&%V H[SUHVDGRV FRPR HO VXPDWRULR GH 3&%V HQ PXHVWUDV GH DOJDV\RUJDQLVPRVPDULQRV(QHOODSRGHPRVREVHUYDUTXHODVDOJDVDQDOL]DGDVHQ HVWH WUDEDMR HVWiQ PHQRV FRQWDPLQDGDV TXH ORV SURGXFWRV PDULQRV FRQ XQ DOWR FRQWHQLGRHQJUDVD
5HVXOWDGRV\GLVFXVLyQ /DV SHTXHxDV GLIHUHQFLDV HQFRQWUDGDV HQWUH ODV GLVWLQWDV HVSHFLHV GH DOJDV SXHGHQ VHU GHELGDV D OD YDULDFLyQ HQ OD VHQVLELOLGDG D ORV FRPSXHVWRV RUJDQRFORUDGRV (O OXJDU \ PHFDQLVPR GH DFFLyQ GHO FRQWDPLQDQWH WRGDYtD QR KD VLGRFODUDPHQWHGHPRVWUDGR+D\QHV\-RKQVRQ 7DEOD;;1LYHOHVGH3&%VUHFRJLGRVHQGLYHUVRVHVWXGLRV 0XHVWUD ¦3&%V &RQFHQWUDFLyQ QJJVV6' 0pWRGRGH H[WUDFFLyQ 5HIHUHQFLD 8OYDULJLGD *UDFLODULDJUDFLOLV 3RUSK\UDOHXFRVWLFWD *UDWHORXSLDGRU\SKRUD 8QGDULDSLQQDWLILGD )XFXVYLUVRLGHV &\VWRVHLUDEDUEDWD 8OWUDVRQLGRV 3DYRQL\FRO 'HVPDUHVWLDVS 6R[KOHW 0RQWRQH\FRO $QFKRD &DODPDU 0HMLOOyQ /DQJRVWDQRUXHJD &DEDOOD 6DOPRQHWH $OPHMD 6)( %D\DUUL\FRO 2VWUD&UDVVRVWUHD JLJDV ([WUDFFLyQ OtTXLGDOtTXLGD 0RQGRQ\FRO
&RQFOXVLRQHV &21&/86,21(6 (QHVWHWUDEDMRVHKDRSWLPL]DGRODH[WUDFFLyQ\ODGHWHUPLQDFLyQVLPXOWiQHD GHORV3&%VQ~PHURV,83$& \GHORVQDOFDQRVOLQHDOHV& & & & & & & & \GHODOFDQR UDPLILFDGRSULVWDQRHQPXHVWUDVGHDOJDV /DH[WUDFFLyQFRQIOXLGRVVXSHUFUtWLFRVUHGXFHHOWLHPSRGHH[WUDFFLyQ\OD FDQWLGDGGHVROYHQWHVRUJiQLFRVHPSOHDGRVORVH[WUDFWRVREWHQLGRVVRQPiVOLPSLRV \DGHPiVHVXQPpWRGRPiVVHQVLEOHTXHHO6R[KOHWSHUPLWLHQGRODGHWHUPLQDFLyQ GHWRGRVORVSROLFORURELIHQLORVHVWXGLDGRVSUHVHQWHVHQFRQFHQWUDFLRQHVPX\EDMDV &RQHVWDWpFQLFDVHSXHGHQREWHQHUH[WUDFFLRQHVFRQSUHFLVLyQ\H[DFWLWXG VXILFLHQWHV VLHQGR XQ PpWRGR DOWHUQDWLYR D ORV VLVWHPDV GH H[WUDFFLyQ FRQYHQFLRQDOHVSDUDHODQiOLVLVGHSROLFORURELIHQLORVHQPXHVWUDVGHDOJDV (O HVWXGLR PXHVWUD TXH HO 6)( HV XQD EXHQD WpFQLFD GH UXWLQD SDUD OD GHWHUPLQDFLyQ GH DOFDQRV HQ DOJDV 6LQ HPEDUJR FXDQGR VH UHTXLHUH XQ HVWXGLR FRPSOHWR GHO SHUILO GH DOFDQRV GH FDGHQD FRUWD OD H[WUDFFLyQ FRQ 6R[KOHW HV HO PpWRGRPiVDGHFXDGRDSHVDUGHVXVELHQFRQRFLGRVLQFRQYHQLHQWHV 6H KDQ RSWLPL]DGRODVFRQGLFLRQHVGHODQiOLVLV FURPDWRJUiILFR XWLOL]DQGR GHWHFWRUGHLRQL]DFLyQGHOODPD\GHFDSWXUDHOHFWUyQLFDFRQHFWDGRVVLPXOWiQHDPHQWH SDUDHODQiOLVLVGHDPERVJUXSRVGHFRPSXHVWRVHQXQWLHPSRGHPLQXWRV &RQUHODFLyQDORVUHVXOWDGRVHQWUHVPXHVWUDVGH8QGDULDSLQQDWLILGDVHKDQ HQFRQWUDGR& & & & \& HQFDQWLGDGHVPHQRUHVGHJJVV(OWRWDOGH KLGURFDUEXURVHQFRQWUDGRHQHVWDHVSHFLHH[SUHVDGDHQ& HVWiHQHOUDQJRGH \JJVV(VWRVYDORUHVHVWiQHQFRQFRUGDQFLDFRQDTXHOORVHQFRQWUDGRVHQOD ELEOLRJUDItDFRQVXOWDGD (QODVGLHFLRFKRDOJDVUHVWDQWHVHVWXGLDGDVQRVHKDQHQFRQWUDGRQLYHOHVGH ORV KLGURFDUEXURV LQYHVWLJDGRV VL VH KDQ GHWHFWDGR RWURV KLGURFDUEXURV QR LGHQWLILFDGRVHQYDORUHVPXFKRPiVEDMRVTXHDTXHOORVUHFRJLGRVHQODELEOLRJUDItD
&RQFOXVLRQHV /DVDOJDVDQDOL]DGDVQRSUHVHQWDQORVSROLFORURELIHQLORV HVWXGLDGRVRELHQ HVWRVHVWiQHQXQRVQLYHOHVSRUGHEDMRGHORVOtPLWHVGHGHWHFFLyQH[FHSWRSDUDORV 3&%V\TXHVHHQFXHQWUDQHQFDQWLGDGHVPX\EDMDV 3RUORWDQWRODVDOJDVJDOOHJDVHQUHODFLyQFRQHVWRVFRPSXHVWRVVRQVHJXUDV SDUD VHU DGPLWLGDV HQ ORV PHUFDGRV HXURSHRV \ VHU FRQVXPLGDV FRPR QXHYRV DOLPHQWRV
%LEOLRJUDItD 5()(5(1&,$6%,%/,2*5È),&$6 ÈOYDUH]3LxHLUR0(&DUULO*RQ]i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
%LEOLRJUDItD %XUULGJH 75 %LGZHOO - 5HYLHZ RI WKH SRWHQWLDO XVH RI EURZQ DOJDO HFRWR[LFRORJLFDODVVD\VLQPRQLWRULQJHIIOXHQWGLVFKDUJHDQGSROOXWLRQLQVRXWKHUQ $XVWUDOLD0DU3ROO%XOO &DUULO*RQ]iOH]%DUURV676LPDO/R]DQR-ÈOYDUH]3LxHLUR0(/DJH<XVW\ 0$ &RPSDULVRQ RI 7KUHH 6RUEHQWV IRU &OHDQXS RI 0L[HG $OLSKDWLF +\GURFDUERQV 3&%V DQG 3&7V 3ULRU WR 6LPXOWDQHRXV 'HWHUPLQDWLRQ E\ *& (&'),'-+LJK5HV&KURP &DUYDOKR )3 9LOOHQHXYH -3 &DWWLQL & 7KH GHWHUPLQDWLRQ RI RUJDQRFKORULQH FRPSRXQGV DQG SHWUROHXP K\GURFDUERQV LQ D VHDZHHG VDPSOH UHVXOWVRIDZRUOGZLGH LQWHUFRPSDULVRQ H[HUFLVH7UHQGV LQ $QDO &KHP &KULVWHQVHQ$:HVWHUKROP5$OPpQ-0HDVXUHPHQWRI5HJXODWHGDQG 8QUHJXODWHG([KDXVW(PLVVLRQVIURPD/DZQ0RZHUZLWKDQGZLWKRXWDQ2[LGL]LQJ &DWDO\VW$&RPSDULVRQRI7ZR'LIIHUHQW)XHOV(QYLURQ6FL7HFKQRO +DUWRQHQ.%RZDGW6'\EGDKO+31\OXQG.6SRUULQJ6/XQG+2UHOG )1RUGLFODERUDWRU\LQWHUFRPSDULVRQRIVXSHUFULWLFDOIOXLGH[WUDFWLRQIRUWKH GHWHUPLQDWLRQ RI WRWDO SHWUROHXP K\GURFDUERQ SRO\FKORULQDWHG ELSKHQ\OV DQG SRO\F\FOLFDURPDWLFK\GURFDUERQVLQVRLO-&KURPDWRJU$ +DZDUL - %HDXOLHX & 2XHOOHWWH ' 3RQWEULDQG < 'HWHUPLQDWLRQ RI 3HWUROHXP+\GURFDUERQVLQVRLO6)(YHUVXV6R[KOHWDQG:DWHU(IIHFWRQ5HFRYHU\ ,QWHUQ-(QYLURQ$QDO&KHP +D\QHV' -RKQVRQ-( 2UJDQRFKORULQH +HDY\0HWDODQG3RO\DURPDWLF +\GURFDUERQ 3ROOXWDQW &RQFHQWUDWLRQV LQ WKH *UHDW %DUULHU 5HHI $XVWUDOLD (QYLURQPHQWD5HYLHZ0DU3ROOXW%XOO
%LEOLRJUDItD +HHPNHQ237KHREDOG1:HQFODZLDN%:&RPSDULVRQ RI$6(DQG 6)( ZLWK 6R[KOHW 6RQLFDWLRQ DQG 0HWKDQROLF 6DSRQLILFDWLRQ ([WUDFWLRQV IRU WKH 'HWHUPLQDWLRQ RI 2UJDQLF 0LFURSROOXWDQWV LQ 0DULQH 3DUWLFXODWH 0DWWHU $QDO &KHP /ySH] \ /ySH]/HLWyQ 7- /DJH <XVW\ 0$ ÈOYDUH] 3LxHLUR 0( 6LPDO /R]DQR - 6LPXOWDQHRXV 6XSHUFULWLFDO )OXLG ([WUDFWLRQ RI 1LQH ,QGLYLGXDO $OLSKDWLF +\GURFDUERQV $URFORU $URFORU DQG )RXU 3&% &RQJHQHUV IURP&KLFNHQ/LYHU&KURPDWRJUDSKLD /ySH] \ /ySH]/HLWyQ 7- ÈOYDUH] 3LxHLUR 0( /DJH <XVW\ 0$ &RUWL]R 'DYLxD -/ /HYHOV RI 6HYHQ 3&%V 8VHG DV 0DUNHUV RI 'LR[LQ LQ &RPPHUFLDO3RUN0HDWLQ6SDLQ-$2$&,QW /XTXH*DUFtD -/ /XTXH GH &DVWUR 0' ([WUDFWLRQ RI SRO\FKORULQDWHG ELSKHQ\OVIURPVRLOVE\DXWRPDWHGIRFXVHGPLFURZDYHDVVLVWHG6R[KOHWH[WUDFWLRQ -&KURPDWRJU$ 0DQGDODNLV 0 7VDSDNLV 0 7VRJD $ 6WHSKDQRX (* *DVSDUWLFOH FRQFHQWUDWLRQV DQG GLVWULEXWLRQ RI DOLSKDWLF K\GURFDUERQV 3$+V 3&%V DQG 3&'')VLQWKHDWPRVSKHUHRI$WKHQV*UHHFH$WP(QYLURQ 0DQQLOD0.RLVWLQHQ-9DUWLDLQHQ7&RPSDULVRQRI6)(ZLWK6R[KOHWLQ WKHDQDO\VHVRI3&''3&')VDQG3&%VLQVHGLPHQW-(QYLURQ0RQLW 0DUWt6%D\RQD-0$OEDLJpV-$3RWHQWLDO6RXUFHRI2UJDQLF3ROOXWDQWV LQWR WKH 1RUWKHDVWHUQ $WODQWLF 7KH 2XWIORZ RI WKH 0HGLWHUUDQHDQ 'HHS/\LQJ :DWHUVWKURXJKWKH*LEUDOWDU6WUDLW(QYLURQ6FL7HFKQRO
%LEOLRJUDItD 0D]HDV/%XG]LQVNL+,PSURYHGDFFXUDF\RI*&06TXDQWLILFDWLRQRI DOLSKDWLFDQGDURPDWLFK\GURFDUERQVLQPDULQHVHGLPHQWVDQGSHWUROHXPV9DOLGDWLRQ RQUHIHUHQFH PDWULFHVDQG DSSOLFDWLRQWRWKH (ULND 2LO 6SLOO,QWHUQ - (QYLURQP $QDO&KHP 0LOOH*0XQR]'-DFTXRW)5LYHW/%HUWUDQG-&7KH$PRFR&DGL] 2LO 6SLOO (YROXWLRQ RI 3HWUROHXP +\GURFDUERQV LQ WKH ,OH *UDQGH 6DOW 0DUVKHV %ULWWDQ\DIWHUD\HDU3HULRG(VWXDULQH&RDVWDODQG6KHOI6FL 0LxRQHV 9i]TXH] 0 9i]TXH] %ODQFR 0( 0XQLDWHJXL /RUHQ]R 6 /ySH] 0DKtD 3 )HUQiQGH] )HUQiQGH] ( 3UDGD 5RGUt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tFHJR 0& $OLSKDWLF DQG $URPDWLF +\GURFDUERQVLQ6HGLPHQWVRI6DQWRVDQG&DQDQpLD63%UD]LO0DU3ROO%XOO
%LEOLRJUDItD 3DUJD/R]DQR &+ 0DUUXJR*RQ]iOH] $- )HUQiQGH]0DHVWUH 5 +\GURFDUERQFRQWDPLQDWLRQLQ&DUWDJHQD%D\&RORPELD0DU3ROOXW%XOO 3DVWRU'6iQFKH]-3RUWH&$OEDLJpV-7KH$HJHDQ6HD2LO6SLOOLQWKH *DOLFLD&RDVW1:6SDLQ,'LVWULEXWLRQDQG)DWHRIWKH&UXGH2LODQG&RPEXVWLRQ 3URGXFWVLQ6XEWLGDO6HGLPHQWV0DU3ROO%XOO 3DYRQL % &DOLFHWL 0 6SHUQL / 6IULVR $ 2UJDQLF PLFURSROOXWDQWV 3$+V3&%VSHVWLFLGHVLQVHDZHHGVRIWKHODJRRQRI9HQLFH2FHDQRORJLFD$FWD 3XQtQ &UHVSR 02 /DJH <XVW\ 0$ 'HWHUPLQDWLRQ RI DOLSKDWLF K\GURFDUERQVLQWKHDOJD+LPDQWKDOLDHORQJDWD(FRWR[LFRO(QYLURQ6DI 5HGG\&04XLQQ-*7KH1RUWK&DSH2LO6SLOO+\GURFDUERQVLQ5KRGH ,VODQG&RDVWDO:DWHUVDQG3RLQW-XGLWK3RQG0DU(QYLURQ5HV 5HFRPHQGDFLyQ&(5HFRPHQGDFLyQGHOD&RPLVLyQGHGHMXOLRGH UHODWLYDDORVDVSHFWRVFLHQWtILFRV\ DOD SUHVHQWDFLyQGHODLQIRUPDFLyQ QHFHVDULD SDUDVHFXQGDUODVVROLFLWXGHVGHSXHVWDHQHOPHUFDGRGHQXHYRVDOLPHQWRV\QXHYRV LQJUHGLHQWHVDOLPHQWDULRVODSUHVHQWDFLyQGHGLFKDLQIRUPDFLyQ\ODHODERUDFLyQGH ORV LQIRUPHV GH HYDOXDFLyQ LQLFLDO GH FRQIRUPLGDG FRQ HO 5HJODPHQWR &( Q GHO 3DUODPHQWR (XURSHR \ GHO &RQVHMR '2 Q / GH S 5HJODPHQWR&(QGHO3DUODPHQWR(XURSHR\GHO&RQVHMRGHGHHQHUR GHVREUHQXHYRVDOLPHQWRV\QXHYRVLQJUHGLHQWHVDOLPHQWDULRV'2Q/ GH
,QWURGXFFLyQ LQGXVWULDOHV \ DFWLYLGDGHV UHODFLRQDGDV FRQ OD SURGXFFLyQ \ HO WUDQVSRUWH GH SURGXFWRVGHRULJHQSHWUROtIHURVRQDOJXQDVGHODVIXHQWHVPiVLPSRUWDQWHVGH KLGURFDUEXURVDQWURSRJpQLFRV/DFRQWDPLQDFLyQFUyQLFDUHVXOWDGRGHHVWRVLPSDFWRV SURGXFHHIHFWRVHQORVRUJDQLVPRVPDULQRVTXHGHEHQVHUHVWXGLDGRV\FXDQWLILFDGRV 9HQWXULQL\7RPPDVL *HQHUDOPHQWH ORV 3$+V TXH VH HQFXHQWUDQ HQ ODV iUHDV FRVWHUDV VH FODVLILFDQ HQ WUHV FDWHJRUtDV SHWURJpQLFRVSLURJpQLFRV\ELRJpQLFRVHQEDVH DOD FRPSRVLFLyQ HQ ORV GLYHUVRV 3$+V TXH DSDUHFHQ /RV 3$+V SHWURJpQLFRV VH FDUDFWHUL]DQSRUSUHVHQWDUXQSUHGRPLQLRGH3$+VGHEDMRSHVRPROHFXODUGHD DQLOORV\3$+VDOTXLODGRV)DQJ\FRO (OHVWXGLRGHHVWRVFRPSXHVWRVHQODVDOJDVSUHVHQWDJUDQLQWHUpV\DTXH HVWDV HVWiQ FDGD YH] PiV LQWURGXFLGDV HQ HO PHUFDGR FRPR QXHYRV DOLPHQWRV \ WHQLHQGR HQ FXHQWD TXH OD YtD GH H[SRVLFLyQ D ORV 3$+V PiV LPSRUWDQWH HV OD LQJHVWLyQ %DUUDQFR \ FRO KD\ TXH DVHJXUDU OD DXVHQFLD GH HVWRV FRQWDPLQDQWHVHQDOJDVGHVWLQDGDVDFRQVXPRKXPDQR (O DQiOLVLV GH HVWRV FRPSXHVWRV LPSOLFD VX H[WUDFFLyQ PHGLDQWH GLYHUVDV WpFQLFDV FRQ GLIHUHQWHV VROYHQWHV RUJiQLFRV SURFHGLPLHQWRV GH SXULILFDFLyQ \ VX GHWHUPLQDFLyQPHGLDQWHFURPDWRJUDItDJDVHRVDFRQGHWHFWRUGHLRQL]DFLyQGHOODPD ),'RGHWHFWRUGHHVSHFWURPHWUtDGHPDVDVRELHQPHGLDQWHFURPDWRJUDItDOtTXLGD FRQGHWHFWRUGHIOXRUHVFHQFLD%HUVHW\FRO /DV LQQRYDFLRQHV HQ OD SUHSDUDFLyQ GH ODV PXHVWUDV LPSOLFDQ HO XVR GH PHWRGRORJtDV TXH FRQVXPDQ SHTXHxDV FDQWLGDGHV GH VROYHQWHV GLVPLQX\HQGR FRQVHFXHQWHPHQWHORVUHVLGXRVSURGXFLGRV\HOWLHPSRGHH[SRVLFLyQGHODQDOLVWDD VROYHQWHVSHOLJURVRVPHQRUFRVWHHQODRSHUDFLyQ\PHQRVPDWHULDOGHODERUDWRULR XVDGR$VVLV\FRO (QWUH HVRV PpWRGRV VH HQFXHQWUDQ OD H[WUDFFLyQ FRQ XOWUDVRQLGRV \ OD H[WUDFFLyQDVLVWLGDFRQPLFURRQGDV(OREMHWLYRGHHVWHWUDEDMRHVHOHVWXGLRGHHVWDV GRV WpFQLFDV GH H[WUDFFLyQ SDUD OD GHWHUPLQDFLyQ GH KLGURFDUEXURV DURPiWLFRV SROLFtFOLFRVHKLGURFDUEXURVDOLIiWLFRVHQDOJDVSURFHGHQWHVGH*DOLFLD /DH[WUDFFLyQ8OWUDVyQLFDHOWpUPLQRXOWUDVRQLGRVHHPSOHDSDUDGHILQLUODV RQGDVVRQRUDVFRQIUHFXHQFLDVVXSHULRUHVDN+]KDVLGRDPSOLDPHQWHHPSOHDGD
,QWURGXFFLyQ HQ ODOLPSLH]DGH PDWHULDOHV SURFHVRV GH H[WUDFFLyQ \SURFHVRV TXtPLFRV$VVLV \ FRO /DH[WUDFFLyQFRQVROYHQWHVXVDQGRDJLWDFLyQXOWUDVyQLFDHVXQDWpFQLFDGH H[WUDFFLyQDOWHUQDWLYDTXHKDVLGR HPSOHDGDSDUDH[WUDHUFRPSXHVWRVRUJiQLFRVGH GLYHUVDV PXHVWUDV DOJXQRV HVWXGLRV VXJLHUHQ TXH HV PHQRV HILFLHQWH TXH OD H[WUDFFLyQ HQ 6R[KOHW *XHULQ SHUR RWURV HQFXHQWUDQ SRUFHQWDMHV GH UHFXSHUDFLyQLJXDOHVRPHMRUHVTXHORVREWHQLGRVHPSOHDQGRHO6R[KOHW3LQR\FRO 'HSHQGLHQGRGHOWLSRGHFRQWDPLQDQWHV\GHOWLSRGHPXHVWUDVODH[WUDFFLyQ PHGLDQWH XOWUDVRQLGRV WLHQH OD YHQWDMD GH UHDOL]DU OD H[WUDFFLyQ HQ SRFR WLHPSR DGHPiVHVXQPpWRGRGHEDMRFRVWHTXHHPSOHDSRFDFDQWLGDGGHVROYHQWH*XHULQ 3HUHLUD\FRO (Q HVWH HVWXGLR VH KDQ HYDOXDGR GRV WLSRV GH VROYHQWH GH H[WUDFFLyQ YROXPHQGHH[WUDFFLyQ\WLHPSRGHDJLWDFLyQQHFHVDULRVSDUDODH[WUDFFLyQGH KLGURFDUEXURVGHPXHVWUDVGHDOJDV /D H[WUDFFLyQ DVLVWLGD FRQ PLFURRQGDV 0$( KD VLGR HPSOHDGD SDUD OD H[WUDFFLyQ GHGLIHUHQWHVFRQWDPLQDQWHVPHGLRDPELHQWDOHVFRPRORVKLGURFDUEXURV ORV SHVWLFLGDV 3&%V GLR[LQDVIXUDQRV HWF GH PXHVWUDV GH VXHORV VHGLPHQWRV \ ORGRV6KX\FRO /DH[WUDFFLyQDVLVWLGDFRQPLFURRQGDVHPSOHDXQDPH]FODGHVROYHQWHVSDUD H[WUDHU ORV FRPSXHVWRV RUJiQLFRV GH XQD PXHVWUD VyOLGD TXH HV LUUDGLDGD FRQ PLFURRQGDV%XG]LQVNL\FRO (O SULPHU HVWXGLR GH 0$( SDUD OD H[WUDFFLyQ GH DQDOLWRV FRQ VROYHQWHV RUJiQLFRVHVGH(Q0$(ORVVROYHQWHVRUJiQLFRV\ODPXHVWUDVRQVRPHWLGRV DODUDGLDFLyQHQORVUHFLSLHQWHVGHH[WUDFFLyQFHUUDGRV0$(SUHVXUL]DGDRDELHUWRV 0$( DWPRVIpULFD /D H[WUDFFLyQ DVLVWLGD FRQ PLFURRQGDV SUHVXUL]DGD WLHQH OD YHQWDMDGHTXHSHUPLWHODH[WUDFFLyQGHKDVWDPXHVWUDVVLPXOWiQHDPHQWH'HDQ\ ;LRQJ /DV SULQFLSDOHV YHQWDMDV TXH SUHVHQWD OD HQHUJtD SRU PLFURRQGDV VRQ XQ UHGXFLGRWLHPSRGHH[WUDFFLyQQRUPDOPHQWHHOWLHPSRHPSOHDGRHQODH[WUDFFLyQ VRQPLQ\PLQSDUDHQIULDUFHQWULIXJDU\FRQFHQWUDUHOH[WUDFWRSHTXHxDV
,QWURGXFFLyQ FDQWLGDGHVGHVROYHQWHPOHPSOHDGRVHQ0$(YHUVXVPOHPSOHDGRVHQOD H[WUDFFLyQ FRQ 6R[KOHW $GHPiV VH SXHGHQ H[WUDHU VLPXOWiQHDPHQWH PiV GH PXHVWUDVHQSRFRVPLQXWRVHQHVWHHVWXGLRVHKDQH[WUDtGRVHLVPXHVWUDVDODYH] FRQVLJXLHQGR XQ PD\RU UHQGLPLHQWR GH OD PXHVWUD IUHQWH D RWUDV WpFQLFDV GH H[WUDFFLyQFRQYHQFLRQDOHVFRPRSRUHMHPSORHO6R[KOHW/RSH]$YLOD\FRO /D PD\RU OLPLWDFLyQ GH 0$( HV TXH HO VROYHQWH GHEH VHU WRWDOPHQWH VHSDUDGRGHODPXHVWUDSDUDFRPSOHWDUODH[WUDFFLyQ\SURFHGHUDODQiOLVLV'HDQ\ ;LRQJ +R\HQGtDXQJUDQQ~PHURGHIDEULFDQWHVSURSRUFLRQDQKRUQRVPLFURRQGDV HVSHFLDOPHQWHGLVHxDGRVSDUDHOXVRHQHOODERUDWRULR6LQHPEDUJRLQLFLDOPHQWHVH HPSOHDEDQ HQ ORV ODERUDWRULRV KRUQRV PLFURRQGDV GRPpVWLFRV /RV LQVWUXPHQWRV HVSHFLDOL]DGRVSUHVHQWDQQXPHURVDVYHQWDMDVIUHQWHDORVGRPpVWLFRVVREUHWRGRHQ WpUPLQRV GH VHJXULGDG D SHVDU GH TXH VRQ FRQVLGHUDEOHPHQWH PiV FDURV 'HDQ \ ;LRQJ (Q HVWH HVWXGLR VH KD XWLOL]DGR OD H[WUDFFLyQ DVLVWLGD FRQ PLFURRQGDV SUHVXUL]DGD\VHKDLQYHVWLJDGRHOHIHFWRGHGLIHUHQWHVWLSRVGHVROYHQWHVRUJiQLFRV HQHUJtD GH LUUDGLDFLyQ Q~PHUR GH PXHVWUDV H[WUDtGDV VLPXOWiQHDPHQWH \ WLHPSR UHTXHULGRGHH[WUDFFLyQDVtFRPRODFDQWLGDGGHPXHVWUDHPSOHDGD\ODLQWHUDFFLyQ FRQODPXHVWUD (QHVWHWUDEDMRVHFRPSDUDQORVUHVXOWDGRVGHUHFXSHUDFLyQGHFLQFR3$+V LQFOXLGRV HQ OD OLVWD GH VXVWDQFLDV SHOLJURVDV SULRULWDULDV GH OD (3$ DQWUDFHQR IOXRUHQRIOXRUDQWHQRQDIWDOHQR\SLUHQR\GHVHLVKLGURFDUEXURVDOLIiWLFRV& & & & & \& REWHQLGRVSRUH[WUDFFLyQFRQXOWUDVRQLGRVFRQORVFRQVHJXLGRV SRU H[WUDFFLyQ DVLVWLGD FRQ PLFURRQGDV SDUD GHWHUPLQDU FXDO HV OD WpFQLFD PiV DGHFXDGD HQ WpUPLQRV GH HILFLHQFLD GH H[WUDFFLyQ VHOHFWLYLGDG \ FRQVXPR GH VROYHQWH DVt FRPR WLHPSR WDPDxR GH PXHVWUD \ FRVWH SDUD HO DQiOLVLV GH DOJDV FRPHVWLEOHVSURFHGHQWHVGHODVFRVWDVJDOOHJDV $VtPLVPRVHKDLQFOXLGRHODQiOLVLVGHiFLGRK~PLFRFRPHUFLDO$OGULFK GHELGR D VX ELHQ FRQRFLGD KDELOLGDG SDUD LQWHUDFFLRQDU FRQ ORV FRQWDPLQDQWHV RUJiQLFRVQRSRODUHV&KLQ\FRO
3DUWHH[SHULPHQWDO 3$57((;3(5,0(17$/ 0$7(5,$/<$3$5$726 ♦&URPDWyJUDIR GH JDVHV 9DULDQ &3 HTXLSDGR FRQ GHWHFWRU GH LRQL]DFLyQGHOODPD),'HLQ\HFWRUDXWRPiWLFR$XWRVDPSOHUFRQHFWDGRDXQ RUGHQDGRUSHUVRQDO ♦%DxRXOWUDVRQLGRV7UDQVVRQLF'LJLWDOV6(OPD ♦0LFURZDYH /DEVWDWLRQ POV PHJD 0LOHVWRQH 0LFURZDYH /DERUDWRU\ 6\VWHP ♦$JLWDGRUKRUL]RQWDO$VDO ♦&HQWULIXJD%HFNPDQ*659+] ♦%DODQ]DWpFQLFD*LEHUWLQLFRQGHFLPDOHVGHSUHFLVLyQ ♦7XERVGHFHQWULIXJDGHFDSDFLGDGPO ♦3LSHWDV3DVWHXU ♦9LDOHVGHPO ♦0RUWHUR ♦2WURPDWHULDOGHXVRFRUULHQWHHQHOODERUDWRULR 5($&7,926 3DWURQHV •3DWURQHVGHKLGURFDUEXURVDOLIiWLFRV & QGRGHFDQR$OGULFK6W/RXLV02 & QWHWUDGHFDQR$OGULFK6W/RXLV02 & QKH[DGHFDQR$OGULFK6W/RXLV02 & QRFWDGHFDQR$OGULFK6W/RXLV02 & QHLFRVDQR6XSHOFR&R%HOOHIRQWH3$ & QRFWDFRVDQR$QDO\WL&DOV&DUOR(UED0LOiQ,WDOLD
3DUWHH[SHULPHQWDO •3DWURQHVGHKLGURFDUEXURVDURPiWLFRVSROLFtFOLFRV 1DIWDOHQR&DUOR(UED0LOiQ,WDOLD )OXRUHQR)OXND%XFKV6XL]D $QWUDFHQR&DUOR(UED0LOiQ,WDOLD )OXRUDQWHQR)OXND%XFKV6XL]D 3LUHQR)OXND%XFKV6XL]D •QKH[DQRSDUDDQiOLVLVRUJiQLFRGHWUD]DV0HUFN'DUPVWDGW$OHPDQLD •$FHWRQD&DUOR(UED0LOiQ,WDOLD •0HWDQRO&DUOR(UED0LOiQ,WDOLD •)ORULVLO$OGULFK6W/RXLV02 •$O~PLQD$OGULFK6W/RXLV02 •6tOLFD$OGULFK6W/RXLV02 •*DVHVGH6,$',WDOLD Þ*DVSRUWDGRU+HOLR Þ$LUHVLQWpWLFRSXUR Þ+LGUyJHQR 35(3$5$&,Ï1'(/$662/8&,21(63$75Ï1 6HKDQSUHSDUDGRGRVVROXFLRQHVHVWiQGDUGHDSUR[LPDGDPHQWHPJOGH FRQFHQWUDFLyQGHORVFRQWDPLQDQWHVREMHWRGHHVWXGLR/DVROXFLyQGHKLGURFDUEXURV DOLIiWLFRV $+ KD VLGR SUHSDUDGD HQ QKH[DQR \ OD VROXFLyQ GH KLGURFDUEXURV DURPiWLFRVSROLFtFOLFRV3$+VHQPHWDQRO $ SDUWLU GH HVWDV GLVROXFLRQHV VH KDQ SUHSDUDGR PHGLDQWH GLOXFLyQ VROXFLRQHVGHWUDEDMRGHGLVWLQWDVFRQFHQWUDFLRQHV6HKDSUHSDUDGRXQDVROXFLyQGH KLGURFDUEXURV DOLIiWLFRV HQ DFHWRQD GH PJO GH FRQFHQWUDFLyQ D SDUWLU GH OD VROXFLyQPDGUHGHPJOSUHSDUDGDHQQKH[DQR
3DUWHH[SHULPHQWDO 08(675$6 3DUDUHDOL]DUHVWHHVWXGLRVHHVFRJLHURQWUHVHVSHFLHVGHDOJDVGH*DOLFLD •8QGDULD SLQQDWtILGD :DNDPH KD VLGR SURSRUFLRQDGD VHFD \ HQYDVDGD DO YDFtR •+LPDQWKDOLD HORQJDWD \ 6DFFRUKL]D SRO\VFKLGHV (VWDV GRV DOJDV VRQ FRPHUFLDOL]DGDV IUHVFDV \ HQODWDGDV ODV GRV MXQWDV SRU OR TXH VH GHFLGLy QR VHSDUDUODV\WUDEDMDUFRQODPH]FODGHDPEDV3DUDKDFHUUHIHUHQFLDDHVWDPH]FODHQ HOWH[WRVHHPSOHDHOQRPEUHGH³$OJDVPDUURQHV´ •$FLGRK~PLFR$OGULFK6W/RXLV02 3UHSDUDFLyQGHODVPXHVWUDV 3XHVWRTXHSDUDODH[WUDFFLyQGHODVPXHVWUDVHVWDVGHEHQHVWDUVHFDV\ODV SHUWHQHFLHQWHVDORVJpQHURV+LPDQWKDOLD\6DFFRUKL]DHVWDEDQIUHVFDVVHKDOOHYDGR DFDERVXGHVHFDFLyQHQKRUQRD&GXUDQWH KRUDV/DVDOJDVVHFDVVHKDQ WURFHDGRFRQD\XGDGHXQPRUWHURSDUDIDFLOLWDUVXPDQHMR (;75$&&,Ï1&218/75$621,'26 3DUD OOHYDUD FDER OD H[WUDFFLyQVH KDHPSOHDGR HO PpWRGR RILFLDO SDUD OD H[WUDFFLyQGHKLGURFDUEXURVDURPiWLFRVSROLFtFOLFRVGHPXHVWUDVGHVXHORVPpWRGR (3$%PRGLILFDGR 6HSHVDQDSUR[LPDGDPHQWHJGHPXHVWUDHQXQWXERGHFHQWULIXJDGH PO GHFDSDFLGDG VH VREUHFDUJDQFRQ ODV VROXFLRQHV GH KLGURFDUEXURV DOLIiWLFRV \ DURPiWLFRV SROLFtFOLFRV VH DJLWDQ ELHQ \ VH GHMDQ WRGD OD QRFKH HQ HO DJLWDGRU KRUL]RQWDODUSP(QHOFDVRGHODPH]FODGH+LPDQWKDOLD\6DFFRUKL]DVHKDQ HPSOHDGRJUSRUTXHQRVHGLVSRQtDGHJUDQFDQWLGDGGHPXHVWUD $O GtDVLJXLHQWHVHDxDGHQ POGHQKH[DQRDFDGDWXER\VHOOHYDQDO DJLWDGRUKRUL]RQWDOGXUDQWHPLQXWRV$FRQWLQXDFLyQVHLQWURGXFHQHQHOEDxRGH XOWUDVRQLGRVDXQDWHPSHUDWXUDGH&GXUDQWHPLQXWRV\VHFRORFDQPLQXWRV PiVHQHODJLWDGRUKRUL]RQWDO
3DUWHH[SHULPHQWDO (OVROYHQWHSURYHQLHQWHGHODH[WUDFFLyQVHGHFDQWDDRWURWXER\GHELGRDVX WXUELGH]VHFHQWULIXJDGXUDQWHPLQXWRVDUSP\DWHPSHUDWXUDDPELHQWH(O OtTXLGR VREUHQDGDQWH VH WUDQVILHUH D YLDOHV GH PO SDUD SRVWHULRUPHQWH OOHYDU D FDERVXSXULILFDFLyQ\DTXHFRQWLHQHXQDJUDQFDQWLGDGGHSLJPHQWRVTXHLPSLGHQ VXLQ\HFFLyQGLUHFWDHQHOFURPDWyJUDIRGHJDVHV 6LJXLHQGR HO PLVPR SURFHGLPLHQWR VH KDQ SUHSDUDGR GRV EODQFRV GH 8QGDULD SLQQDWLILGD \ GH iFLGR K~PLFR SHUR HQ YH] GH VREUHFDUJDUORV FRQ ORV SDWURQHVGHKLGURFDUEXURVVHOHVKDDxDGLGRODPLVPDFDQWLGDGGHQKH[DQR (;75$&&,Ï1$6,67,'$&210,&5221'$6 3DUD OD H[WUDFFLyQ GH KLGURFDUEXURV HQ PXHVWUDV YHJHWDOHV PHGLDQWH PLFURRQGDV VH KD WRPDGR FRPR UHIHUHQFLD HO PpWRGR GH 0LOHVWRQH )26(/ ³7RWDORLOIURPSDOPILEHU´ 6H SHVDQ DSUR[LPDGDPHQWH J GH PXHVWUD HQ XQRV WXERV GH YLGULR \ VH VREUHFDUJDQFRQODVVROXFLRQHVGHKLGURFDUEXURVDOLIiWLFRV\DURPiWLFRVSROLFtFOLFRV DODVPXHVWUDVEODQFRVHOHDxDGHODPLVPDFDQWLGDGGHVROYHQWHHQHVWHFDVRQ KH[DQR6HDJLWDQELHQ\VHGHMDQWRGDODQRFKHHQHODJLWDGRUKRUL]RQWDODUSP $O GtD VLJXLHQWH VH OHV DxDGH PO GH QKH[DQR \ VH WUDQVILHUHQ D ORV ³YHVVHOV´HVSHFtILFRVSDUDHOPLFURRQGDVVHHPSOHDQYHVVHOVFRQPXHVWUD\HQHO URWRUVHVLW~DQDOWHUQDGRVFRQRWURVFLQFRTXHVyORFRQWLHQHQPOGHQKH[DQR(O YHVVHO TXH FRQWLHQH OD VRQGD GH WHPSHUDWXUD HO SULPHUR VLHPSUH GHEH FRQWHQHU VROYHQWHVLQPXHVWUD$FRQWLQXDFLyQVHSURJUDPDHO PpWRGRTXHVHLQGLFDHQOD WDEOD,FXDQGRKDILQDOL]DGRVHHVSHUDDTXHHQIUtHVHUHFRJHHOVREUHQDGDQWHDXQRV YLDOHV\VHSXULILFDFRQIORULVLO 7DEOD,3URJUDPDGHH[WUDFFLyQFRQPLFURRQGDV 3DVR 7LHPSR 3RGHUGHPLFURRQGDV 7HPSHUDWXUD PLQ :DWW & PLQ :DWW & 9HQWLODFLyQ PLQ
3DUWHH[SHULPHQWDO 385,),&$&,Ï1'(/(;75$&72 /D SXULILFDFLyQ GH DPERV H[WUDFWRV REWHQLGRV SRU H[WUDFFLyQ FRQ XOWUDVRQLGRV\PLFURRQGDVVHUHDOL]DFRQ)ORULVLOSUHYLDPHQWHDFWLYDGRVLJXLHQGRHO PpWRGRGHOD(3$%(OIORULVLOFRQWHQLGRHQXQDFiSVXODGHSRUFHODQDVHGHMD KRUDVHQXQKRUQRD&WUDQVFXUULGRHVHWLHPSRVHVDFD\FXDQGRDOFDQ]DOD WHPSHUDWXUDDPELHQWHVHOOHYDGHQXHYRDXQKRUQRD&GXUDQWHKRUDV8QD YH]TXHHVWiDWHPSHUDWXUDDPELHQWHVHOHDxDGHXQGHDJXDGHVLRQL]DGDVHDJLWD GXUDQWHPLQXWRV\VHGHMDUHSRVDUKRUDV 3DUD OD SXULILFDFLyQ GH ORV H[WUDFWRV REWHQLGRV VH SHVD HQ XQ YLDO J GH IORULVLO\VHOHDxDGHQPOGHH[WUDFWRVHDJLWD\HOOtTXLGRUHVWDQWHVHUHFRJHDXQ YLDOSDUDVXSRVWHULRUDQiOLVLVSRUFURPDWRJUDItDGHJDVHVFRQGHWHFWRUGHLRQL]DFLyQ GHOODPD $1$/,6,6&520$72*5$),&2 3DUDHODQiOLVLVGHORVKLGURFDUEXURVDOLIiWLFRV\DURPiWLFRVVHKDHPSOHDGR XQFURPDWyJUDIRGHJDVHV9DULDQ&3HTXLSDGRFRQGHWHFWRUGHLRQL]DFLyQGH OODPD ),' H LQ\HFWRU DXWRPiWLFR $XWRVDPSOHU FRQHFWDGR D XQ RUGHQDGRU SHUVRQDO6H KD XWLOL]DGR XQDFROXPQDFURPDWRJUiILFD =%=HEURQ GH P GH ORQJLWXGGLiPHWURLQWHUQRGHPP\PGHHVSHVRU&RPRJDVSRUWDGRUVH KD HPSOHDGR KHOLR FRQ XQ IOXMR HQ FROXPQD GH POPLQ /DV FRQGLFLRQHV GH WHPSHUDWXUDHPSOHDGDVKDQVLGR 7HPSHUDWXUDGHOGHWHFWRU& 7HPSHUDWXUDGHOLQ\HFWRU& 3URJUDPDGHWHPSHUDWXUD
3DUWHH[SHULPHQWDO 7HPS & 5DPSD &PLQ 0DQWHQLPLHQWR PLQ 7LHPSRDQiOLVLV PLQ ,'(17,),&$&,Ï1<&8$17,),&$&,Ï1'(/26$1$/,726 /DLGHQWLILFDFLyQGHORVFRPSXHVWRVHVWXGLDGRVVHUHDOL]DFRPSDUDQGRORV WLHPSRVGHUHWHQFLyQGHFDGDSLFR)LJXUDV\REWHQLGRHQHOFURPDWRJUDPDGHOD PXHVWUDFRQHOGHXQSDWUyQLQ\HFWDGRDQWHVRGHVSXpVGHFDGDJUXSRGHPXHVWUDVHQ ODVPLVPDVFRQGLFLRQHVFURPDWRJUiILFDV )LJXUD&URPDWRJUDPDGHXQSDWUyQGHKLGURFDUEXURVDOLIiWLFRVSRU*&),'
3DUWHH[SHULPHQWDO )LJXUD&URPDWRJUDPDGHXQSDWUyQGHKLGURFDUEXURVDURPiWLFRVSROLFtFOLFRVSRU *&),' /DFXDQWLILFDFLyQVHUHDOL]DHQEDVHDOHVWiQGDUH[WHUQRPHGLDQWHHOFiOFXOR GHO IDFWRU GH UHVSXHVWD 6H HVWDEOHFLHURQ UHFWDV GH FDOLEUDGR GH FLQFR SXQWRV GH FRQFHQWUDFLyQ REWHQLGDV SRU DQiOLVLV GH UHJUHVLyQ GH ODV FRQFHQWUDFLRQHV GH ODV VROXFLRQHVSDWUyQSUHSDUDGDVIUHQWHDODViUHDVGHORVSLFRV (OUDQJRGHFRQFHQWUDFLyQHOHJLGRSDUDORVKLGURFDUEXURVVHHQFXHQWUDHQWUH \PJO
5HVXOWDGRV\GLVFXVLyQ 7DEOD;([SHULPHQWRVREUHFDUJDGH8QGDULDFRQPJNJGHHVWiQGDU 5HSOLFDGR &DQWLGDGDxDGLGD PJO &DQWLGDGUHFXSHUDGD PJO %ODQFR PJO 5HFXSHUDFLyQ & 1DIWDOHQR & & )OXRUHQR & $QWUDFHQR )OXRUDQWHQR 3LUHQR & & &RQHOiFLGRK~PLFRVHKDUHDOL]DGRVRODPHQWHXQDSUXHEDGHUHFXSHUDFLyQ H[SHULPHQWRSXHVWR TXHVH GLVSRQtDGHSRFD PXHVWUDVREUHFDUJiQGRORFRQOD VROXFLyQSDWUyQSDUDREWHQHUXQDFRQFHQWUDFLyQGHPJNJGHPXHVWUD 7DEOD;,([SHULPHQWRVREUHFDUJDGHiFLGRK~PLFRFRQPJNJGHHVWiQGDU &DQWLGDGDxDGLGD PJO &DQWLGDGUHFXSHUDGD PJO %ODQFR PJO 5HFXSHUDFLyQ & 1DIWDOHQR & & )OXRUHQR & $QWUDFHQR )OXRUDQWHQR 3LUHQR & & /D PH]FOD GH +LPDQWKDOLD\6DFFRUKL]D VH VREUHFDUJy D GRV QLYHOHV GH FRQFHQWUDFLyQ\PJNJH[SHULPHQWRV\HQHVWRVGRVFDVRVVHHPSOHDURQ
5HVXOWDGRV\GLVFXVLyQ JGHPXHVWUDHQYH]GHORVJHPSOHDGRVHQORVHVWXGLRVDQWHULRUHVFRQODVRWUDV GRVPXHVWUDVSRUTXHVHGLVSRQtDGHSRFDFDQWLGDGGHPXHVWUD 7DEOD;,,([SHULPHQWRVREUHFDUJDGHDOJDVPDUURQHVFRQPJNJGHHVWiQGDU &DQWLGDGDxDGLGD PJO &DQWLGDGUHFXSHUDGD PJO 5HFXSHUDFLyQ & 1DIWDOHQR & & )OXRUHQR & $QWUDFHQR )OXRUDQWHQR 3LUHQR & & 7DEOD;,,,([SHULPHQWRVREUHFDUJDGHDOJDVPDUURQHVFRQPJNJGHHVWiQGDU &DQWLGDGDxDGLGD PJO &DQWLGDGUHFXSHUDGD PJO 5HFXSHUDFLyQ & 1DIWDOHQR & & )OXRUHQR & $QWUDFHQR )OXRUDQWHQR 3LUHQR & & 3XHVWR TXH VH KDQ UHDOL]DGR GRV UHSOLFDGRV GH OD H[WUDFFLyQ GH 8QGDULD VREUHFDUJDGDFRQPJNJGHFRQWDPLQDQWHH[SHULPHQWRV\VHKDFDOFXODGRHO HUURU FRPHWLGR HQ OD H[WUDFFLyQ TXH SXHGH VHU GHELGR D TXH HO IORULVLO VH KD\D GHVDFWLYDGR SDUFLDOPHQWH \D TXH HQWUH ODV GRV H[WUDFFLRQHV KD WUDQVFXUULGR XQD VHPDQD
5HVXOWDGRV\GLVFXVLyQ 7DEOD;,9&RPSDUDFLyQGHODUHFXSHUDFLyQREWHQLGDVREUHFDUJDQGR8QGDULDFRQ PJNJGHFRQWDPLQDQWH ([SHULPHQWR ([SHULPHQWR 0HGLD 6' 56' & 1DIWDOHQR & & )OXRUHQR & $QWUDFHQR )OXRUDQWHQR 3LUHQR & & &RPSDUDQGRODVUHFXSHUDFLRQHVREWHQLGDVDFRQFHQWUDFLRQHVEDMDVSDUDODV PXHVWUDV GH 8QGDULD \ GH DOJDV PDUURQHV VH REVHUYDQ JUDQGHV GLIHUHQFLDV TXH SXHGHQVHUGHELGDVDXQHUURUPDQXDOSXHVWRTXHODFDQWLGDGGHVROXFLyQGHHVWiQGDU DxDGLGDHUDPX\SHTXHxD\OGHHVWiQGDUUHVSHFWLYDPHQWHSXHVWRTXHD FRQFHQWUDFLRQHVDOWDVORVUHVXOWDGRVVHREWLHQHQUHVXOWDGRVPX\VLPLODUHV 7DEOD;9&RPSDUDFLyQGHUHFXSHUDFLRQHVREWHQLGDVFRQ8QGDULD\DOJDVPDUURQHV PJNJ 8QGDULD 0HGLDH[SHULPHQWRV\ $OJDVPDUURQHV ([SHULPHQWR & 1DIWDOHQR & & )OXRUHQR & $QWUDFHQR )OXRUDQWHQR 3LUHQR & &
5HVXOWDGRV\GLVFXVLyQ ([WUDFFLyQ$VLVWLGDFRQ0LFURRQGDV 3UHYLDPHQWHDODH[WUDFFLyQVHKDQOOHYDGRDFDERHVWXGLRVGHUHFXSHUDFLyQ VREUHFDUJDQGRODVPXHVWUDVFRQODVFDQWLGDGHVDSURSLDGDVGHSDWURQHVSDUDREWHQHU XQDFRQFHQWUDFLyQGHFRQWDPLQDQWHHQODPXHVWUDGHPJNJ 7DEOD;9,(VTXHPDGHORVHVWXGLRVGHUHFXSHUDFLyQUHDOL]DGRV ([SHUL PHQWR 0XHVWUD 3HVRPXHVWUD J &DQWLGDGDxDGLGDGHHVWiQGDU 6REUHFDUJD 8QGDULD O3$+>PJO@O+$>PJO@ PJNJ $FLGRK~PLFR O3$+>PJO@O+$>PJO@ PJNJ $OJDVPDUURQHV O3$+>PJO@O+$>PJO@ PJNJ 6H KDQSUHSDUDGR GRVEODQFRV GH 8QGDULD SLQQDWtILGD \ GHiFLGR K~PLFR VLJXLHQGRHOPLVPRSURFHGLPLHQWRSHURHQYH]GHVREUHFDUJDUORVFRQORVSDWURQHVVH OHVKDDxDGLGRODPLVPDFDQWLGDGGHQKH[DQR1RKDVLGRSRVLEOHUHDOL]DUXQEODQFR FRQODPXHVWUDGHDOJDVPDUURQHVSRUTXHQRVHGLVSRQtDGHVXILFLHQWHFDQWLGDGGH PXHVWUD 0XHVWUD 3HVRPXHVWUDJ &DQWLGDGDxDGLGDGHVROYHQWH 8QGDULD OQKH[DQR $FLGRK~PLFR OQKH[DQR /RVSRUFHQWDMHVGHUHFXSHUDFLyQGHKLGURFDUEXURVREWHQLGRVHQFDGDFDVRVH UHFRJHQHQODVVLJXLHQWHVWDEODV
5HVXOWDGRV\GLVFXVLyQ 7DEOD;9,,([SHULPHQWRVREUHFDUJDGH8QGDULDFRQPJNJGHHVWiQGDU &DQWLGDGDxDGLGD PJO &DQWLGDGUHFXSHUDGD PJO %ODQFR PJO 5HFXSHUDFLyQ & 1DIWDOHQR & & )OXRUHQR & $QWUDFHQR )OXRUDQWHQR 3LUHQR & & 7DEOD;9,,,([SHULPHQWRVREUHFDUJDGHiFLGRK~PLFRFRQPJNJGHHVWiQGDU &DQWLGDGDxDGLGD PJO &DQWLGDGUHFXSHUDGD PJO %ODQFR PJO 5HFXSHUDFLyQ & 1DIWDOHQR & & )OXRUHQR & $QWUDFHQR )OXRUDQWHQR 3LUHQR & &
5HVXOWDGRV\GLVFXVLyQ 7DEOD;,;([SHULPHQWRVREUHFDUJDGHDOJDVPDUURQHVFRQPJNJGHHVWiQGDU &DQWLGDGDxDGLGD PJO &DQWLGDGUHFXSHUDGD PJO 5HFXSHUDFLyQ & 1DIWDOHQR & & )OXRUHQR & $QWUDFHQR )OXRUDQWHQR 3LUHQR & & &RPSDUDFLyQGHODVUHFXSHUDFLRQHVREWHQLGDVPHGLDQWHORVPpWRGRV GH H[WUDFFLyQGHXOWUDVRQLGRV\PLFURRQGDV (QODVLJXLHQWHWDEOD;;VHKDQUHVXPLGR\FRPSDUDGRODVUHFXSHUDFLRQHV REWHQLGDV SDUD ORV KLGURFDUEXURV DOLIiWLFRV \ ORV KLGURFDUEXURV DURPiWLFRV SROLFtFOLFRV HQ ORV WUHV WLSRV GH PXHVWUDV HPSOHDGDV VREUHFDUJDGDV FRQ XQD FRQFHQWUDFLyQ GH PJ GH FRQWDPLQDQWHNJ GH PXHVWUD VRPHWLGDV D ORV GRV PpWRGRVGHH[WUDFFLyQHVWXGLDGRV
5HVXOWDGRV\GLVFXVLyQ 7DEOD;;5HFXSHUDFLRQHVREWHQLGDVSRUDPERVPpWRGRVGHH[WUDFFLyQ 8/75$621,'26 5HFXSHUDFLyQ 0,&5221'$6 5HFXSHUDFLyQ 8QGDULD PHGLD([S\ $F+~PLFR ([S $OJDVPDUURQHV ([S 8QGDULD ([S $F+~PLFR ([S $OJDVPDUURQHV ([S & 1DIWDOHQR & & )OXRUHQR & $QWUDFHQR )OXRUDQWHQR 3LUHQR & & 'HWRGRVHVWRVHVWXGLRVGHUHFXSHUDFLyQOOHYDGRVDFDERVHSXHGHQREWHQHU ODVVLJXLHQWHVFRQFOXVLRQHV Y6H REWLHQHQ HQ WRGRV ORV FDVRV PHMRUHV UHVXOWDGRV HPSOHDQGR OD H[WUDFFLyQ PHGLDQWHXOWUDVRQLGRVTXHHPSOHDQGRODH[WUDFFLyQFRQPLFURRQGDV Y/RV SRUFHQWDMHV GH UHFXSHUDFLyQ REWHQLGRV HQ WRGRV ORV FDVRV SDUD ORV KLGURFDUEXURVDOLIiWLFRV VRQ PD\RUHVTXH ORVREWHQLGRVSDUD ORV KLGURFDUEXURV DURPiWLFRV Y&XDQGR VH HPSOHD OD H[WUDFFLyQ PHGLDQWH XOWUDVRQLGRV VH REWLHQHQ UHFXSHUDFLRQHVPD\RUHVSDUDPXHVWUDVGHiFLGRK~PLFRHQVHJXQGROXJDUSDUD PXHVWUDVGHDOJDVPDUURQHV\SRU~OWLPRSDUDPXHVWUDVGH8QGDULD Y&XDQGRVH HPSOHD HO PLFURRQGDVFRPR WpFQLFD GH H[WUDFFLyQ VH REWLHQHQ ODV PD\RUHV UHFXSHUDFLRQHV SDUD 8QGDULD D FRQWLQXDFLyQ DOJDV PDUURQHV \ SRU ~OWLPRSDUDHOiFLGRK~PLFR(VWDWpFQLFDVyORVHUtDDFHSWDEOHSDUDOD8QGDULD\ QRSDUDODVRWUDVPXHVWUDV
5HVXOWDGRV\GLVFXVLyQ 3DUD LQWHQWDU PHMRUDU ORV UHVXOWDGRV GH UHFXSHUDFLyQ VH KD SURFHGLGR D SUREDURWURVROYHQWHGHH[WUDFFLyQHQVXVWLWXFLyQGHOQKH[DQRVHKDRSWDGRSRUXQD PH]FODGHKH[DQRDFHWRQDSDUDDXPHQWDUODVROXELOLGDGGHORVFRPSXHVWRV PiVSRODUHV $Vt PLVPRVHKDQUHDOL]DGRSUXHEDVGHSXULILFDFLyQFRQ RWURVDGVRUEHQWHV SDUDFRPSUREDUVLHOIORULVLOSRGUtDHVWDUUHWHQLHQGRORVKLGURFDUEXURVDURPiWLFRV SROLFtFOLFRV \ SRU HOOR VH REWLHQHQ PHMRUHV UHVXOWDGRV GH UHFXSHUDFLyQ SDUD ORV KLGURFDUEXURV DOLIiWLFRV 6H KD H[SHULPHQWDGR FRQ DO~PLQD \ VtOLFD FRPR DGVRUEHQWHV ([WUDFFLyQ FRQ 8OWUDVRQLGRVHPSOHDQGR XQD PH]FODGH KH[DQRDFHWRQD FRPRVROYHQWHGHH[WUDFFLyQ 6HKDOOHYDGRDFDERHOSURFHGLPLHQWRGHH[WUDFFLyQPHGLDQWHXOWUDVRQLGRV GHVFULWR SUHYLDPHQWH DSDUWDGR HPSOHDQGR XQD PH]FOD QKH[DQRDFHWRQD FRPRVROYHQWHGHH[WUDFFLyQ/DVPXHVWUDVKDQVLGRVREUHFDUJDGDVFRQODV VROXFLRQHV GH KLGURFDUEXURV SDUD REWHQHU XQD FRQFHQWUDFLyQ GH PJ GH FRQWDPLQDQWHNJGHPXHVWUD /RV H[WUDFWRV GH iFLGR K~PLFR \ 8QGDULD REWHQLGRV VH KDQ SXULILFDGR HPSOHDQGR WUHV DGVRUEHQWHV GLVWLQWRV IORULVLO VtOLFD \ DO~PLQD 3XHVWR TXH HO VROYHQWH GH H[WUDFFLyQ FRQWHQtD DFHWRQD \ pVWD GHVDFWLYD HO DGVRUEHQWH HO SURFHGLPLHQWRGHSXULILFDFLyQHVGLVWLQWRDOHPSOHDGRDQWHULRUPHQWH\FRQVLVWHHQ POGHOH[WUDFWRDSXULILFDUVHWUDQVILHUHQDXQYLDO\VHOHDxDGHDJXDGHVWLODGDSDUD DUUDVWUDUWRGDODDFHWRQDVHDJLWD\VHHVSHUDDTXHVHVHSDUHQODVIDVHVRUJiQLFD\ DFXRVDHVWD~OWLPDVHHOLPLQDFRQD\XGDGHXQDSLSHWD3DVWHXU\VHDxDGHVXOIDWR VyGLFRSDUDDVHJXUDUQRVGHTXHQRTXHGDQUHVWRVGHIDVHDFXRVD$OVREUHQDGDQWHVH OHDxDGHPOGHQKH[DQRSDUDYROYHUDOYROXPHQLQLFLDO\VHWUDQVILHUHDXQYLDOTXH FRQWLHQHJGHODGVRUEHQWH6HKDFHHVWHSURFHVRFRQWRGRVORVH[WUDFWRV\FRQORV WUHVDGVRUEHQWHV 3UHYLDPHQWH ODVtOLFD \ OD DO~PLQD KDQ VLGR DFWLYDGDVHQ KRUQR D& GXUDQWHK
5HVXOWDGRV\GLVFXVLyQ $SUR[LPDGDPHQWH J GH 8QGDULD VH KDQ VREUHFDUJDGR FRQ OD VROXFLyQ SDWUyQGHKLGURFDUEXURV\VHKDQVRPHWLGRDOSURFHVRGHH[WUDFFLyQFRQXOWUDVRQLGRV (O H[WUDFWR REWHQLGR VH KD SXULILFDGR FRQ IORULVLO H[SHULPHQWR FRQ VtOLFD H[SHULPHQWR\FRQDO~PLQDH[SHULPHQWR/RVUHVXOWDGRVGHUHFXSHUDFLyQ REWHQLGRVVHPXHVWUDQHQODVVLJXLHQWHVWDEODV 7DEOD;;,(VTXHPDGHORVHVWXGLRVGHUHFXSHUDFLyQUHDOL]DGRV ([SHUL PHQWR 0XHVWUD 3HVRPXHVWUD J &DQWLGDGDxDGLGDGHHVWiQGDU 6REUHFDUJD 8QGDULD O3$+>PJO@O+$>PJO@ PJNJ $FLGRK~PLFR O3$+>PJO@O+$>PJO@ PJNJ ([SHULPHQWR 0XHVWUD8QGDULDSLQQDWLILGD $GVRUEHQWHHPSOHDGRHQODSXULILFDFLyQ)ORULVLO 7DEOD;;,,([SHULPHQWRVREUHFDUJDGH8QGDULDFRQPJNJGHHVWiQGDU &DQWLGDGDxDGLGD PJO &DQWLGDGUHFXSHUDGD PJO 5HFXSHUDFLyQ & 1DIWDOHQR & & )OXRUHQR & $QWUDFHQR )OXRUDQWHQR 3LUHQR & &
5HVXOWDGRV\GLVFXVLyQ ([SHULPHQWR 0XHVWUD8QGDULDSLQQDtLILGD $GVRUEHQWHHPSOHDGR6tOLFD 7DEOD;;,,,([SHULPHQWRVREUHFDUJDGH8QGDULDFRQPJNJGHHVWiQGDU &DQWLGDGDxDGLGD PJO &DQWLGDGUHFXSHUDGD PJO 5HFXSHUDFLyQ & 1DIWDOHQR & & )OXRUHQR & $QWUDFHQR )OXRUDQWHQR 3LUHQR & & ([SHULPHQWR 0XHVWUD8QGDULDSLQQDWtILGD $GVRUEHQWHHPSOHDGR$O~PLQD 7DEOD;;,9([SHULPHQWRVREUHFDUJDGH8QGDULDFRQPJNJGHHVWiQGDU &DQWLGDGDxDGLGD PJO &DQWLGDGUHFXSHUDGD PJO 5HFXSHUDFLyQ & 1DIWDOHQR & & )OXRUHQR & $QWUDFHQR )OXRUDQWHQR 3LUHQR & &