%,2$548,7(&785$
7HFKRVYLYRV HFRORJtD\\FRQIRUW
$UT$UPDQGR*URVV
7DOOHUGH%LRFRQVWUXFFLÙQ7$%,81&
*DEULHO9DFFDUR
3URJUDPD7HFQRORJÓDV6XVWHQWDEOHV,17,
*HQHUDUWUDQVIHUHQFLDGHWpFQLFDV\\WHFQRORJtDVGHOD ELRFRQVWUXFFLyQKDFLDODFRQVWUXFFLyQFRQYHQFLRQDOHV SRVLEOH8QFDVRFRQFUHWRTXHDSRUWDVROXFLRQHVD FRUWRSOD]RDODHILFLHQFLDHQHUJpWLFDGHXQHGLILFLRR YLYLHQGDHVODFXELHUWDYHJHWDOL]DGDWHFKRYHUGHR YLYRWDPELpQGHQRPLQDGRWHUUD]DDMDUGLQDGD
/DVFRQGLFLRQHVDPELHQWDOHVXUEDQDVQHFHVLWDQGHORV EHQHILFLRVTXHSURYHHXQDFXELHUWDYHUGH3RGUÓDPRV XELFDUORVFRPRXQDWHQGHQFLDPXQGLDO\\DXQTXHHQQXHVWUR SDÓVHVQRYHGRVRODGHPDQGDGHWHFKRVYLYRVDXPHQWD QRWDEOHPHQWH 6LLQYHVWLJDPRVODVFXELHUWDVGHODVFRQVWUXFFLRQHV WUDGLFLRQDOHVDQWLJXDVHQFRQWUDUHPRVTXHPD\\RUPHQWHVH XVDEDFRPRFDUJD\\DLVODQWHWÏUPLFRXQDFDSDGHWLHUUD/DV LQYHVWLJDFLRQHVVREUHKDELWDELOLGDGOHDVLJQDQDORVWHFKRV XQDLQFLGHQFLDGHHQWUHXQ\\XQGHOFRQIRUWWÏUPLFR GHODYLYLHQGD &RQHODYDQFHGHODVWHFQRORJÓDVGHLPSHUPHDELOL]DFLÙQ UHVXOWDSRVLEOH\\HFRQÙPLFRODUHDOL]DFLÙQGHFXELHUWDV YHUGHV(QHOPHUFDGRDFWXDOH[LVWHQGLYHUVRVSURGXFWRVTXH VHFRQVLGHUDQLPSUHVFLQGLEOHVDODKRUDGHUHVROYHUXQWHFKR YLYRSHURVLVHHVWXGLDQORVFDVRV\\VHDSOLFDXQSRFRGH FUHDWLYLGDGPXFKRVPDWHULDOHVSXHGHQVHUUHHPSOD]DGRVSRU SURGXFWRVGHIDEULFDFLÙQQDFLRQDO\\EDMRFRVWR (VIDFWLEOHHPSOD]DUWHFKRVYLYRVHQODPD\\RUÓDGHODV FXELHUWDVH[LVWHQWHVSUHYLRDQÈOLVLVGHFDUJDSHQGLHQWHV\\ EDMDGDVSOXYLDOHV&RPRHQWRGDREUDHVPHMRUFRQFHELUHVWH WLSRGHUHVROXFLÙQHQODHWDSDGHSUR\\HFWR\\FRPSUREDUDOOÓ TXHORVFRVWRVGHHMHFXFLÙQQRVXSHUDQGHPDQHUD VLJQLILFDWLYDORVGHXQDFXELHUWDWUDGLFLRQDOVLQSRQGHUDU KDVWDDTXÓODVXWLOLGDGHVTXHEULQGD
7HFKRYHUGHHQ&DQDGi
9d\_mfgk\\]dgkZ]f]^a[agk\\]dl][`gnangkgf2 /DSUHVWDQFLDWÏUPLFDFRQIRUWDEOHWDQWRSDUDODYLYLHQGD FRPRHQVXHQWRUQR 5HJXODQDWXUDOPHQWHWHPSHUDWXUD\\KXPHGDG SHUPLWLHQGRHODKRUURHQHUJÏWLFRHQDFOLPDWDFLÙQ $SRUWDR[ÓJHQRDODDWPÙVIHUD\\GLVPLQX\\HODSROXFLÙQ GHODLUH (PEHOOHFH\\DUPRQL]DDVXHQWRUQR\\HOSDLVDMH 0LWLJDHOHIHFWR|LVODGHFDORU}XQSUREOHPDFÓFOLFRHQODV FLXGDGHV 5HWDUGD\\ILOWUDHOHVFXUULPLHQWRGHDJXDVSOXYLDOHV DOLYLDQGRORVFDXGDOHVGHGUHQDMH 3URWHJHODPHPEUDQDKLGUÙIXJDGHORVUD\\RV89 SHUSHWXDQGRVXYLGDßWLO
&XELHUWDHQOD3URYLQFLDGH%XHQRV$LUHV5H\\QDOGR%LVFLD&RQVWUXFFLRQHV%
(FREDUULR9LOOD6RO6DOVLSXHGHV&yUGRED
%,2$548,7(&785$
&XELHUWDHQOD&LXGDGGH%XHQRV$LUHV5H\\QDOGR%LVFLD&RQVWUXFFLRQHV%
(VFXHOD1¦)UHQFK\\%HUXWL§&LXGDGGH%XHQRV$LUHV
6HJßQODSURIXQGLGDGGHOVXVWUDWR\\HOJUDGRGH PDQWHQLPLHQWRUHTXHULGRH[LVWHQDOPHQRVGRVWLSRVGH SODQWHRGHWHFKRYLYRSRVLEOHV]pl]fkangkgafl]fkangk& /RVSULPHURVVRQOLYLDQRVGHEDMRPDQWHQLPLHQWRQR WUDQVLWDEOHV\\SREODGRSRUHVSHFLHVYHJHWDOHVTXHGHPDQGDQ SRFDKXPHGDG\\HQWUH\\FPGHVXVWUDWRSREUHHQ QXWULHQWHV/RVLQWHQVLYDVHQFDPELRSRGUÓDQVHUWUDQVLWDEOHV FRQVXVWUDWRVHVSHVRV\\HVSHFLHVPÈVGLYHUVDVSUHFLVDQXQ VRSRUWHUHIRU]DGRPDQWHQLPLHQWRULHJR\\EULQGDQODV FXDOLGDGHVDPELHQWDOHVSURSLDVGHXQMDUGÓQ
)DFXOWDGGH'HUHFKR8%$&HQWUR9HUGH$Y*HQHUDO3D]\\&DQWLOR&$%$
;gehgf]fl]k[gemf]k\\]mfl][`gnang 8QWHFKRYLYRHVWÏFQLFDPHQWHXQDFXELHUWDLQYHUWLGDHV GHFLUTXHVLSRUORJHQHUDOVHHQFXHQWUDSULPHURHODLVODQWH KLGUÙIXJR\\OXHJRHODLVODQWHWÏUPLFRDTXÓVXFHGHDOD LQYHUVD\\HVPX\\VHQFLOORGHUHVROYHU
6RSRUWHHVWUXFWXUDOHOH[LVWHQWHRSUR\\HFWDGR VREUHFDUJDVFNJP£ %DUUHUDGHYDSRU 0HPEUDQDLPSHUPHDEOHWUDQVLWDEOH %DUUHUDFRQWUDUDÓFHV 6LVWHPDGHGUHQDMH )LOWUR 0HGLRGHFUHFLPLHQWR &DSDYHJHWDO 'HSHQGLHQGRGHOSUR\\HFWRQHFHVLGDG\\UHFXUVRVHFRQÙPLFRV VHSXHGHQUHHPSOD]DU\\DJUHJDUPDWHULDOHV
&XELHUWDYLYDVREUHWHFKRGHFKDSDV0XQLFLSDOLGDGGH$OWD*UDFLD&ROHFWLYR7$%,81&(VWXGLR9DQ*URVV
([LVWHQHQHOSDÓVGLVWLQWRVJUXSRVGHLQYHVWLJDFLÙQ GHGLFDGRVDOHVWXGLRGHOFRPSRUWDPLHQWRGHODV FRPXQLGDGHVYHJHWDOHVHOGHVHPSH×RGHVXVWUDWRV\\ODV GLIHUHQWHVFRQWHQFLRQHVSRVLEOHV8QRGHORVTXH LQYHVWLJDHQ&ÙUGREDHVHO,51$686,QVWLWXWRHQ 5HFXUVRV1DWXUDOHV\\6XVWHQWDELOLGDGFRQVWLWXLGRSRU LQYHVWLJDGRUDVGHO&RQLFHW\\OD8QLYHUVLGDG&DWÙOLFDGH &ÙUGRED(QWUHVXVREMHWLYRVVHHQFXHQWUDHO PHMRUDPLHQWRGHOJHUPRSODVPDQDWLYRSDUDOD LQWHUYHQFLÙQGHHVSDFLRVXUEDQRVGHEDMR PDQWHQLPLHQWRHOGHVDUUROORGHVXVWUDWRVOLYLDQRVSDUD XVRHVSHFÓILFR\\HOGLVH×RGHFRQWHQHGRUHVEDWHDVSDUD VLVWHPDVPRGXODUHVGHEDMRPDQWHQLPLHQWR 2WURGHORVJUXSRVTXHLQYHVWLJD\\HMHFXWDFXELHUWDV YHUGHVHVHO7DOOHUGH%LRFRQVWUXFFLÙQGHOD81&7$%, 5HFLHQWHPHQWHLQVWDODURQP£GHWHFKRYLYRVREUHXQD FXELHUWDGHFKDSDH[LVWHQWHHQODVRILFLQDVPXQLFLSDOHV GH$OWD*UDFLD(ODUTXLWHFWR$UPDQGR*URVVH[SOLFDTXH KXERTXHGLVH×DUEDVWLGRUHVTXHFRRSHUDUDQFRQOD GLVWULEXFLÙQGHODVFDUJDV\\UHIRU]DUODHVWUXFWXUDSDUD YHULILFDUODVREUHFDUJD7DPELÏQWUDEDMDURQVHOODQGR\\ YHQGDGRODFXELHUWDH[LVWHQWHXWLOL]DURQGLIHUHQWHVFDSDV GHVXVWUDWRTXHFRQWHPSODUDQWDQWRODUHWHQFLÙQGH KXPHGDGFRPRODOLYLDQGDGODGLVSRQLELOLGDGGH QXWULHQWHV\\HOKRVSHGDMHGHPLFURRUJDQLVPRV|6LELHQ HOSULQFLSLRHVVLHPSUHHOPLVPRORLQWHUHVDQWHGHFDGD FXELHUWDYLYDHVHOVHQWLGRFRPßQ\\ODLPDJLQDFLÙQHQODV UHVROXFLRQHVSRVLEOHV}FRPHQWD*URVV (O,17$WDPELÏQFXHQWDFRQOÓQHDVGHLQYHVWLJDFLÙQ\\ GHVGHVX,QVWLWXWRGH)ORULFXOWXUD\\DSXEOLFÙDOJXQRV GRFXPHQWRVVREUHUHVXOWDGRVGHLQYHVWLJDFLRQHVHQ SODQWDV\\VXVWUDWRVSDUDWHFKRVGHOWLSRH[WHQVLYR &DEHDGHPÈVPHQFLRQDUTXHGHVGHHOH[LVWHHQHO PXQLFLSLRGH&ÙUGREDXQDRUGHQDQ]DTXHHVWDEOHFHOD REOLJDWRULHGDGGHLQVWDODUFXELHUWDVYHUGHVHQWHUUD]DVGH PÈVGHP£\\HGLILFLRVLQGXVWULDOHVHLQVWLWXFLRQHVGH PDVGHP£FXELHUWRVHQORVGLVWULWRV\\ /DRUGHQDQ]DSUHYÏXQSOD]RGHDGHFXDFLÙQGHWUHV D×RVODLQFRUSRUDFLÙQGHHVSHFLHVYHJHWDOHVGHWLSR DOLPHQWLFLR\\EHQHILFLRVLPSRVLWLYRVSDUDTXLHQHVVH DGHFßHQHQIRUPDYROXQWDULD $XQTXHHQORVSDÓVHVHVFDQGLQDYRVORVWHFKRVYLYRVVRQ WUDGLFLÙQGHVGHKDFHVLJORVORVWHFKRVYHUGHVPRGHUQRV VRQXQDWHQGHQFLDUHODWLYDPHQWHUHFLHQWHHQFLXGDGHV SUHRFXSDGDVSRUVXFDOLGDGGHYLGDWDQWRSRUVXYDORU HVWÏWLFRFRPRDPELHQWDO (ODYDQFHORFDOGHHVWRVVLVWHPDVGHLQJHQLHUtD GHSHQGHUiGHOWUDEDMRPXOWLGLVFLSOLQDULRTXHGHVGHOD DUTXLWHFWXUDODWHFQRORJtDODERWiQLFD\\ODSROtWLFD S~EOLFDVHVLJDUHDOL]DQGR
Ver+/-