6LVWHPDGH0DQHMR,QWHJUDOGH'HVDVWUHV
6LVWHPDGH0DQHMR,QWHJUDOGH'HVDVWUHV /RVHOHPHQWRVGHOPRGXORGHPDQHMRGH...
54 downloads
679 Views
1MB Size
Report
This content was uploaded by our users and we assume good faith they have the permission to share this book. If you own the copyright to this book and it is wrongfully on our website, we offer a simple DMCA procedure to remove your content from our site. Start by pressing the button below!
Report copyright / DMCA form
6LVWHPDGH0DQHMR,QWHJUDOGH'HVDVWUHV
6LVWHPDGH0DQHMR,QWHJUDOGH'HVDVWUHV /RVHOHPHQWRVGHOPRGXORGHPDQHMRGHGHVDVWUHVVRQ 0DQXDOGH&DPSR
&RQVXOWDUiSLGDGHORVFRQWHQLGRVSULQFLSDOHVSDUDVHUXWLOL]DGDGXUDQWHODVDFFLRQHV
0yGXOR%iVLFR
&DSDFLWDFLyQHQORVFRQWHQLGRVEiVLFRVSDUDXQLILFDUORVSURJUDPDVGHODVHQWLGDGHV
0yGXORVHVSHFtILFRV
5HYLVLyQDFWXDOL]DGDGHODWHPiWLFDGHORVGHVDVWUHVSDUDFRQVXOWDJHQHUDOVHHQFXHQWUD GLVWULEXLGDHQPyGXORVHVSHFtILFRV
$QWHV $GPLQLVWUDFLyQ\5HGXFFLyQ 'XUDQWH $WHQFLyQ 'HVSXpV 5HFXSHUDFLyQ\'HVDUUROOR )RUPDWRV\%DVHVGH'DWRV
3DUDVLVWHPDWL]DU\XQLILFDUODLQIRUPDFLyQPDQHMDGDSRUHO6LVWHPD1DFLRQDOSDUDOD 3UHYHQFLyQ\$WHQFLyQGH'HVDVWUHV
0DWHULDOGLGiFWLFR
3DUDDSR\DUDORVPXOWLSOLFDGRUHV
6LVWHPDGH0DQHMR,QWHJUDOGH'HVDVWUHV
0yGXOR(VSHFtILFR $17(6'(/'(6$675( £(UURU0DUFDGRUQRGHILQLGR
$'0,1,675$&,21<5('8&&,21'('(6$675(6 (OSUHVHQWHPyGXORHVSHFLILFRFRQWLHQHORVVLJXLHQWHVWHPDV x 'HILQLFLyQ\7LSRVGH'HVDVWUHV x &LFORGHORV'HVDVWUHV x *HQHUDOLGDGHVGH$GPLQLVWUDFLyQ x 6LVWHPD1DFLRQDOSDUDOD3UHYHQFLRQ\$WHQFLyQGH'HVDVDWUHV x /D/H\\ORV'HVDVWUHV x 5HGXFFLyQ x 3UHYLVLyQ x 3UHYHQFLyQ x 0LWLJDFLyQ x 3UHSDUDFLyQ x $OHUWD
'(),1,&,21(6<7,326'( '(6$675( (QHVWDSiJLQDSXHGHFRQVXOWDU x 'HVDVWUH x &DODPLGDG3~EOLFD x (PHUJHQFLD x $PHQD]D9XOQHUDELOLGDG\5LHVJR x ¢'HVDVWUHVQDWXUDOHVRSRYRFDGRVSRUHOKRPEUH " x 'HVDVWUHVQDWXUDOHV x 'HVDVWUHVSURYRFDGRVSRUHOKRPEUH
'(6$675(
6HSXHGHGHILQLUGHVDVWUHFRPRXQVXFHVRTXHFDXVDDOWHUDFLRQHVLQWHQVDVHQODVSHUVRQDVORVELHQHVORV VHUYLFLRV\HOPHGLRDPELHQWHH[FHGLHQGRODFDSDFLGDGGHUHVSXHVWDGHODFRPXQLGDGDIHFWDGD 6LQHPEDUJRH[LVWHQWDQWDVGHILQLFLRQHVFRPRFODVHVGHGHVDVWUHVHJ~QVHWUDWHGHXQDJHQWHGHXQD FRPSDxtDGHVHJXURVGHXQVLVPyORJRGHXQVRFRUULVWDRGHXQDYtFWLPDFDGDREVHUYDGRUVHIRUPDUiXQ FRQFHSWRSURSLRGHWHUPLQDGRSRUVXSHUVSHFWLYDLQGLYLGXDO (OGHVDVWUHVHSURGXFHFXDQGRXQDJHQWHGLUHFWR HOIHQyPHQRRHODFFLGHQWH SRQHDOGHVFXELHUWRODV FRQGLFLRQHVGHYXOQHUDELOLGDGGHSHUVRQDVFRPXQLGDGHV\GHOPHGLRDPELHQWHDOSXQWRTXHVXSRQHXQD
6LVWHPDGH0DQHMR,QWHJUDOGH'HVDVWUHV DPHQD]DSDUDVXVYLGDVRTXHODLPSRUWDQFLDGHORVGDxRVRFDVLRQDGRVDODVHVWUXFWXUDVItVLFDVVRFLDOHVR HFRQyPLFDVPHQRVFDEDODFDSDFLGDGGHUHVLVWHQFLD\UHFXSHUDFLyQGHOLPSDFWR 3RUHQGHXQGHVDVWUHHVHVHQFLDOPHQWHXQIHQyPHQRVRFLRHFRQyPLFRXQDVLWXDFLyQFUtWLFDGHODYLGD FRWLGLDQD\TXHLQWHUUXPSHSURYLVRULDPHQWHHOIXQFLRQDPLHQWRGHODVHVWUXFWXUDV\DFWLYLGDGHVFRPXQLWDULDV &RPRRWURHMHPSORGHGHILQLFLyQGHGHVDVWUHHQFRQWUDPRVVHHQWLHQGHSRUGHVDVWUHHOGDxRJUDYHROD DOWHUDFLyQJUDYH GHODVFRQGLFLRQHVQRUPDOHVGHYLGDHQXQiUHDJHRJUiILFDGHWHUPLQDGDFDXVDGDSRU IHQyPHQRVQDWXUDOHV\SRUHIHFWRVFDWDVWUyILFRVGHODDFFLyQGHOKRPEUHHQIRUPDDFFLGHQWDOTXHUHTXLHUD SRUHOORGHODHVSHFLDODWHQFLyQGHORVRUJDQLVPRVGHO(VWDGR\GHRWUDVHQWLGDGHVGHFDUiFWHUKXPDQLWDULRR GHVHUYLFLRVRFLDO
&$/$0,'$'38%/,&$
(QFRQWUDPRVTXHODGHILQLFLyQGHFDODPLGDGS~EOLFD7RGDVODVVLWXDFLRQHVTXHQRUHYLVWDQODV FDUDFWHUtVWLFDVGHJUDYHGDGGHTXHWUDWDHODUWtFXORRGHpVWH'HFUHWRSURGXFLGDVSRUODVPLVPDVFDXVDV DOOtVHxDODGDVVHFRQVLGHUDUiQFRPRVLWXDFLRQHVGHFDODPLGDGS~EOLFDFX\DRFXUUHQFLDVHUiGHFODUDGDSRU OD2ILFLQD1DFLRQDOGH$WHQFLyQGH'HVDVWUHVPHGLDQWHDFWRDGPLQLVWUDWLYRHQHOFXDOVHGHWHUPLQDUiVLVX FDUiFWHUHVQDFLRQDOGHSDUWDPHQWDOLQWHQGHQFLDOFRPLVDULDOGLVWULWDORPXQLFLSDO 3DUDILQHVSUiFWLFRVSRGHPRVGHILQLUFRPRVLWXDFLyQGHFDODPLGDGS~EOLFDDTXHOODHQODFXDOVHSUHVHQWDGDxR RDOWHUDFLyQGHODVFRQGLFLRQHVQRUPDOHVGHYLGDHQXQiUHDJHRJUiILFDGHWHUPLQDGDFDXVDGDSRUIHQyPHQRV QDWXUDOHV\SRUHIHFWRVFDWDVWUyILFRVGHODDFFLyQGHOKRPEUHHQIRUPDDFFLGHQWDORSUHPHGLWDGDTXHQR UHTXLHUDHQVXIDVHGHUHFXSHUDFLyQGHDFFLRQHVGHUHFRQVWUXFFLyQEDVWDQGRFRQODVGHUHKDELOLWDFLyQSDUD UHFXSHUDUOD QRUPDOLGDG
(0(5*(1&,$
6LWXDFLyQTXHDSDUHFHFXDQGRHQODFRPELQDFLyQGHIDFWRUHVFRQRFLGRVVXUJHXQIHQyPHQRRVXFHVRTXHQR VHHVSHUDEDHYHQWXDOLQHVSHUDGR\GHVDJUDGDEOHSRUFDXVDUGDxRVRDOWHUDFLRQHVHQODVSHUVRQDVORVELHQHV ORVVHUYLFLRVR HOPHGLRDPELHQWHVLQH[FHGHUODFDSDFLGDGGHUHVSXHVWDGHODFRPXQLGDGDIHFWDGD(VWD VLWXDFLyQUHTXLHUHGHODUiSLGDDFFLyQGHORVRUJDQLVPRVGHVRFRUURRGHODVHQWLGDGHVGHUHVSXHVWD HVSHFLILFDVSDUDODVLWXDFLyQORJUDQGRVXSHUDUORVHIHFWRVGHODHPHUJHQFLDFRQODVDFWLYLGDGHVGHUHVSXHVWD VLQUHTXHULUDFFLRQHVGHUHFXSHUDFLyQ 3RGHPRVFODVLILFDUODVHPHUJHQFLDVVHJ~QODIUHFXHQFLDGHVXRFXUUHQFLDHQ x (0(5*(17(6 3RFRIUHFXHQWHV x 5(&855(17(6 )UHFXHQWHV x 3(50$1(17(6 0X\IUHFXHQWHV
$0(1$=$98/1(5$%,/,'$'<5,(6*2
6HSXHGHGHILQLUXQDDPHQD]D FRPRHOIDFWRUH[WHUQR DXQDFRPXQLGDGH[SXHVWD RDXQVLVWHPDH[SXHVWR UHSUHVHQWDGRSRUODSRWHQFLDORFXUUHQFLDGHXQIHQyPHQR RDFFLGHQWH GHVHQFDGHQDQWHHOFXDOSXHGH SURGXFLUXQGHVDVWUHDOPDQLIHVWDUVH 'HDFXHUGRFRQORDQWHULRUVHGHWHUPLQDODYXOQHUDELOLGDG FRPRHOIDFWRULQWHUQR GHXQDFRPXQLGDG H[SXHVWD RGHXQVLVWHPDH[SXHVWR DXQDDPHQD]DUHVXOWDGRGHVXVFRQGLFLRQHVLQWUtQVHFDVSDUDVHU DIHFWDGD SRGHPRVFRQVLGHUDUGLYHUVRVWLSRVGHYXOQHUDELOLGDG x (VWUXFWXUDO x 6RFLDO x (FRQyPLFD x 2UJDQL]DWLYD x &XOWXUDO x %LROyJLFD x 6DQLWDULD x $PELHQWDO $VtHOULHVJR 5 GHXQDFRPXQLGDG RGHXQVLVWHPD DVXIULUXQGHVDVWUHVHGHILQHFRPRHOUHVXOWDGRGH &$/&8/$5 ODSRWHQFLDODFFLyQGHXQDDPHQD]D GHWHUPLQDGD $ FRQODVFRQGLFLRQHVGHYXOQHUDELOLGDG 9 GHODFRPXQLGDG RVLVWHPD (QFRQFOXVLyQ 5 $ 9 'HHVWDIRUPD x 6LODDPHQD]DHVJUDQGHSHURODYXOQHUDELOLGDGHVEDMDHOULHVJRHVEDMR
6LVWHPDGH0DQHMR,QWHJUDOGH'HVDVWUHV x x x
6LODDPHQD]DHVSHTXHxDSHURODYXOQHUDELOLGDGHVDOWDHOULHVJRHVEDMR 6LODDPHQD]DHVJUDQGH\ODYXOQHUDELOLGDGHVDOWDHOULHVJRHVDOWR 6LODDPHQD]DHVSHTXHxD\ODYXOQHUDELOLGDGHVEDMDHOULHVJRHVPX\EDMR
¢'(6$675(61$785$/(6235292&$'26325 (/+20%5("
(OFRQFHSWRWUDGLFLRQDOGHFDWiVWURIHSXHGHHQFRQWUDUVHD~QHQDOJXQDVSyOL]DVGHVHJXURTXHUHFRJHQODIUDVH REUDGH'LRV\RWUDVFDODPLGDGHVQDWXUDOHV KDVWDORVDxRV ORVGHVDVWUHVVHFODVLILFDEDQHQWUHV FDWHJRUtDV x 1DWXUDOHV LQXQGDFLRQHVKDPEUXQDWHUUHPRWRV\IHQyPHQRVGH tQGROHVHPHMDQWH x 3URYRFDGRVSRUHOKRPEUH DFFLGHQWHVLQGXVWULDOHVSRUHMHPSOR x *XHUUD (VWDYLVLyQVLPSOLVWD\DQRUHVXOWDDSURSLDGD /RVRUJDQLVPRVTXHLQWHUYLHQHQHQVLWXDFLRQHVGHGHVDVWUHVHxDODQFDGDYH]FRQPD\RULQVLVWHQFLDHMHPSORV FRPRHVWH VLELHQODVOOXYLDVWRUUHQFLDOHVFRQVWLWX\HQODFDXVDHVHQFLDOGHODVLQXQGDFLRQHV\GHODV FRQVLJXLHQWHVYtFWLPDVPRUWDOHVWDPELpQLQWHUYLHQHQRWUDVFDXVDVGHIRQGR (QHIHFWRODLQXQGDFLyQ VHGHEHDODGHIRUHVWDFLyQGHTXHKDQVLGRREMHWRODVFROLQDVTXHFLUFXQGDQODV]RQDV GHDQHJDPLHQWR\DTXHORVERVTXHVFXPSOHQODIXQFLyQGHFRQWHQFLyQ $VXYH]VLKD\WDQWRVPXHUWRVHVSRUTXHORVKDELWDQWHVGHOD]RQD FRQVFLHQWHVGHOSHOLJURTXHFRUUHQSHUR FX\DSREUH]DOHVREOLJDDSHUPDQHFHUDOOt QRUHFLEHQODDOHUWDGHODLQPLQHQWHFUHFLHQWH\DGHPiVFDUHFHQ GHPHGLRVSDUDSURFHGHUDXQHYDFXDFLyQUiSLGD 3RUFRQVLJXLHQWHODVDFWLYLGDGHVKXPDQDVSXHGHQDFHQWXDUORVHIHFWRVGHIHQyPHQRVQDWXUDOHV H[FHSFLRQDOHVWDOHVFRPROOXYLDVWRUUHQFLDOHVRVHTXtDV\DFUHFHQWDUODYXOQHUDELOLGDGGHJUXSRVGH SREODFLyQ\DH[SXHVWRVDORVPLVPRV (QHVWHGRFXPHQWRODGLVWLQFLyQWUDGLFLRQDOHQWUHGHVDVWUHVQDWXUDOHV\GHVDVWUHVSURYRFDGRVSRUHOKRPEUH DOXGHDDTXHOORTXHORGHVHQFDGHQy \QRDOSURFHVRTXHORSURYRFy (QORTXHVHUHILHUHDHVWH~OWLPRWRGRV ORVGHVDVWUHVVRQSURYRFDGRVSRUHOKRPEUH VLQSHUVRQDVDIHFWDGDV QRSXHGHKDEHUGHVDVWUHV 3RUHVWDPLVPDUD]yQVHKDEODGHGHVDVWUHVSURYRFDGRVSRUXQWHUUHPRWRXQDLQXQGDFLyQXRWURIHQyPHQR HOWHUUHPRWRR ODLQXQGDFLyQHQVtQRFRQVWLWX\HQXQGHVDVWUHPLHQWUDVQRKD\DQDIHFWDGRDVHUHVKXPDQRV
'(6$675(61$785$/(6
(QHVWHGRFXPHQWRODGLVWLQFLyQWUDGLFLRQDOHQWUHGHVDVWUHVQDWXUDOHV\GHVDVWUHVSURYRFDGRVSRUHOKRPEUH DOXGHDDTXHOORTXHORGHVHQFDGHQy \12DOSURFHVRTXHORSURYRFy x 5HSHQWLQRV x *HVWDFLyQOHQWD\ODUJDGXUDFLyQ /DVGHILQLFLRQHVTXHVLJXHQFRPSLODGDVSRUHO&HQWURGH,QYHVWLJDFLyQVREUHHSLGHPLRORJtDGHORV'HVDVWUHV &5(' VHEDVDQHQXQJORVDULRHODERUDGRSRUOD2ILFLQDGHO&RRUGLQDGRUGHODV1DFLRQHV8QLGDVSDUDHO 6RFRUURHQ&DVRVGH'HVDVWUH 81'52 DFWXDO'HSDUWDPHQWRGH$VXQWRV+XPDQLWDULRV '+$ (OFRPLWp FLHQWtILFR\WpFQLFRGHO'HFHQLR,QWHUQDFLRQDOSDUDOD5HGXFFLyQGHORV'HVDVWUHV1DWXUDOHV ',5'1 WDPELpQFRQWULEX\yDODIRUPXODFLyQGHORVWpUPLQRVTXHILJXUDQDFRQWLQXDFLyQ
5(3(17,126
$9$/$1&+$ 5iSLGR\UHSHQWLQRGHVOL]DPLHQWRGHPDVDVLQFRKHUHQWHVXVXDOPHQWHPH]FODVGH QLHYHKLHORPDWHULDOURFRVR &,&/21 (QHVWDGHQRPLQDFLyQVHLQFOX\HQORVKXUDFDQHV\ORVWLIRQHV6LVWHPDFHUUDGRGHFLUFXODFLyQD JUDQHVFDODGHQWURGHODDWPyVIHUDFRQSUHVLyQEDURPpWULFDEDMD\IXHUWHVYLHQWRVTXHURWDQHQGLUHFFLyQ FRQWUDULDDODVPDQHFLOODVGHOUHORMHQHOKHPLVIHULR1RUWH\HQGLUHFFLyQGHODVPDQHFLOODVGHOUHORMHQHO KHPLVIHULR6XU(QHORFpDQR,QGLFR\HQHO3DFtILFRGHOVXUVHOHVGHQRPLQDFLFOyQ HQHO$WOiQWLFRRFFLGHQWDO \HO3DFtILFRRULHQWDOVHOHVGHQRPLQDKXUDFiQ HQHO3DFtILFR2FFLGHQWDOVHOHVOODPDWLIyQ+XUDFDQHV\ FLFORQHVVRQWHPSRUDOHVGHOPLVPRWLSRTXHORVFLFORQHVWURSLFDOHV HVWDVGHQRPLQDFLRQHVFRUUHVSRQGHQDODV WRUPHQWDVTXHVHRULJLQDQHQODVUHJLRQHVGHOPDU&DULEH\GHO0DUGH&KLQDUHVSHFWLYDPHQWH/RVKXUDFDQHV VRQJLJDQWHVFRVWRUEHOOLQRVDWPRVIpULFRVFRQYLHQWRVGHPiVGHNPK VHRULJLQDQHQODV]RQDVGHFDOPD WURSLFDOHVGHVGHGRQGHVHGHVSOD]DQHQWUD\HFWRULDVDPHQXGRFDSULFKRVDVKDFLDODWLWXGHVVXSHULRUHV
6LVWHPDGH0DQHMR,QWHJUDOGH'HVDVWUHV &5(&,'$5(3(17,1$ 9ROXPHQGHDJXDGHDFXPXODFLyQV~ELWD\GHJUDQ FDXGDO FDXVDLQXQGDFLRQHV\ SRUVXQDWXUDOH]DHVGLItFLOGHSUHYHU '(6/,=$0,(172'(7,(55$ 'HVOL]DPLHQWRRFDtGDSHQGLHQWHDEDMRGHWLHUUDVHFDRKXPHGDORGRR URFDV(VPX\GLItFLOHVWLPDUORVGHVOL]DPLHQWRVGHWLHUUDHQFXDQWRIHQyPHQRVDXWyQRPRV3RUHQGHSDUHFH DGHFXDGRDVRFLDUHVWRVIHQyPHQRVDRWUDVDPHQD]DVWDOHVFRPR PRYLPLHQWRVVLVPLFRVFLFORQHVWURSLFDOHV WHPSHVWDGHVORFDOHVPiVJUDYHV\FUHFLGDVIOXYLDOHV(OWpUPLQRGHVOL]DPLHQWRGHWLHUUDVHHPSOHDHQ VHQWLGRPiVDPSOLRSDUDGHQRPLQDUDWRGRVORPRYLPLHQWRVKDFLDDIXHUDRFXHVWDDEDMRGHPDWHULDOHVTXH IRUPDQODGHUDV URFDVQDWXUDOHV\WLHUUD 6RQGHVHQFDGHQDGRVSRUOOXYLDVWRUUHQFLDOHVODHURVLyQGHORVVXHORV \WHPEORUHVGHWLHUUDSXGLHQGRSURGXFLUVHWDPELpQHQ]RQDVFXELHUWDVSRUJUDQGHVFDQWLGDGHVGHQLHYH DYDODQFKDV (583&,2192/&$1,&$ 'HVFDUJDGHIUDJPHQWRVHQHODLUHRHQHODJXDGHODYD\JDVHVDWUDYpVGHO FUiWHUGHXQYROFiQRGHODVSDUHGHVGHOHGLILFLRYROFDQLFR6XVFRQVHFXHQFLDVPiVFRPXQHVVRQODVOHVLRQHV GLUHFWDVDORVKDELWDQWHV\DQLPDOHVGDxRVDYLYLHQGDVDOWHUDFLRQHVGHOPHGLRDPELHQWHORVGHVSOD]DPLHQWRV GHSREODFLyQORVGHVOL]DPLHQWRVGHFHQL]DSRUODVODGHUDVGHORVYROFDQHVGHQRPLQDGRV/DKDU\HO DFXPXORGHFHQL]DVVREUHORVDVHQWDPLHQWRV )/8-263,52&/$67,&26 DYDODQFKDVLQFDQGHVFHQWHV IRUPDGRVSRUPDJPDIUHVFRTXHSXHGHQDOFDQ]DU WHPSHUDWXUDVGHKDVWDJUDGRV(OIOXMRSLURFOiVWLFRVHFRPSRQHGHIUDJPHQWRVGHURFDSURYHQLHQWHVGH ODHUXSFLyQYROFiQLFDTXHVXVSHQGLGRVHQXQDQXEHGHJDVHV\PDWHULDOHVHQUiSLGDH[SDQVLyQVHSUHFLSLWDQ ODGHUDDEDMRDYHORFLGDGHVGHKDVWDYDULRVFLHQWRVGHNLOyPHWURVSRUKRUDDOFDQ]DQGRQRUPDOPHQWHGLVWDQFLDV GHNP\HQUDUDVRFDVLRQHVKDVWDNPGHVGHHOOXJDUGHODFRQWHFLPLHQWR(VWDFODVHGHHUXSFLRQHV YROFiQLFDVHVODPiVSHOLJURVD )/8-2'(7,(55$ 0RYLPLHQWRPDVLYRFDUDFWHUL]DGRSRUHOWUDVODGRFXHVWDDEDMRGHWLHUUD\URFD GHVJDVWDGDSDUDOHORDOGHVOL]DPLHQWRVGHWLHUUD *5$1,=$'$ ,PSDFWRGHJUDQL]RSUHFLSLWDFLyQGHSDUWtFXODVGHKLHORPiVFRUULHQWHPHQWHDVRFLDGDDODV WHPSHVWDGHVHOpFWULFDV ,1)(67$&,21325,16(&7262$1,0$/(6 ,QYDVLyQ\GHVDUUROORGHLQVHFWRVRSDUiVLWRVTXHDIHFWDQD SHUVRQDVDQLPDOHVFRVHFKDV\PDWHULDOHV ,181'$&,21&5(&,'$2$9(1,'$ $XPHQWRVLJQLILFDWLYRGHOQLYHOGHDJXDGHXQFXUVRGHDJXD ODJRUHVHUYDRUHJLyQFRVWHUD/DFUHFLGDHVXQDLQXQGDFLyQSHUMXGLFLDOGHORVELHQHV\WHUUHQRV XWLOL]DGRVSRUHOKRPEUHTXHSXHGHFODVLILFDUVHHQGRVWLSRV ,181'$&,21'((92/8&,21/(17$TXHUHVXOWDGHODXPHQWRGHOYROXPHQGHDJXDHQUtRVR ODJRVGHELGRDODDEXQGDQFLDGHSUHFLSLWDFLRQHVGXUDQWHXQODUJRSHULRGRGHGtDVRVHPDQDVTXHDIHFWD SULQFLSDOPHQWHDELHQHVWDOHVFRPRHGLILFLRVFXOWLYRV\JDQDGR\SURYRFDHOGHVSOD]DPLHQWRGHORV KDELWDQWHV ,181'$&,21'((92/8&,215$3,'$UHVXOWDQWHGHXQDXPHQWRGHOYROXPHQGHDJXDHQUtRVR ODJRVTXHSURYRFDPXHUWHVOHVLRQHV\ODGHVWUXFFLyQYLROHQWDGHELHQHV3XHGHVHUGHVHQFDGHQDGDSRU OOXYLDVWRUUHQFLDOHVFLFORQHVRIDOODVGHHOHPHQWRVGHLQIUDHVWUXFWXUDFRPRODUXSWXUDGHORVPXURVGH FRQWHQFLyQGHXQHPEDOVHRODLQVXILFLHQFLDGHORVGLTXHVGHXQUtRSDUDFRQWHQHUXQFDXGDOGHJUDQ LQWHQVLGDG 0$5'(/(9$20$5($'(7(03(67$' ,QFUHPHQWRV~ELWRGHOPDUFRPRUHVXOWDGRGHJUDQGHV YLHQWRV\SUHVLRQHVDWPRVIpULFDVEDMDV DOJXQDVYHFHVOODPDGDVPDUHDVGHWRUPHQWDRODVGHWRUPHQWDRODVGH PDUHD HVWD~OWLPDGHQRPLQDFLyQGHVLJQDODVRODVRULJLQDGDVSRUODVPDUHDVOXQDUHVRVRODUHVDOLJXDOTXHODV PDUHDVRUGLQDULDV6HVXHOHDSOLFDUHUUyQHDPHQWHDORVWVXQDPLV *HQHUDOPHQWHDIHFWDVRORiUHDVFRVWHUDV SHURSXHGHLQFOXLUDOJXQDVGLVWDQFLDVWLHUUDDGHQWUR 2/$'()5,2 3HULRGRODUJRGHWLHPSRFRQWHPSHUDWXUDVH[WUHPDGDPHQWHEDMDV 2/$'(&$/25 3HULRGRODUJRGHWLHPSRFRQDOWDVWHPSHUDWXUDVVXSHUILFLDOHV 5(3/,&$ 3HTXHxRPRYLPLHQWRGHWLHUUDTXHVLJXHDOSULPHUR\TXHVHRULJLQDFHUFDGHOIRFR/DVUpSOLFDV JHQHUDOPHQWHGHFUHFHQHQLQWHQVLGDG\FDQWLGDGFRQHOWLHPSR/DVUpSOLFDVTXHVLJXHQLQPHGLDWDPHQWHDO PRYLPLHQWRSULQFLSDOGHEHQFRQVLGHUDUVHSDUWHGHOPLVPRDFRQWHFLPLHQWRTXHFRQVWLWX\HHOWHUUHPRWR SULQFLSDO 583785$'(5(35(6$6 3XHGHQUHVXOWDUGHOGHVSOD]DPLHQWRGHORVFLPLHQWRVGHODUHSUHVDFDXVDGRSRU XQWHUUHPRWRSHUIRUDFLRQHVSHWUROHUDVHQODVLQPHGLDFLRQHVRFRQVWUXFFLyQGHIHFWXRVD/DVSUHVDVGHWLHUUD HVWiQPiVH[SXHVWDVDGHUUXPEDUVHVLHQFDVRGHOOXYLDVH[FHVLYDVHOHPEDOVHOOHJDDGHVERUGDUVH(OYROXPHQ HQH[FHVRVHHVFXUUHSRUORVWHUUDSOHQHVDUUDVWUDQGRSRFRDSRFRORVPDWHULDOHV\FDYDQGRSURIXQGDVJULHWDV 7RGDODHVWUXFWXUDWHUPLQDSRUGHELOLWDUVHKDVWDTXHVHGHUUXPEDSRUHQWHUROLEHUiQGRVHV~ELWDPHQWHHQRUPHV YRO~PHQHVGHDJXDTXHDUUDVDQFRQODVORFDOLGDGHVVLWXDGDVHQORVWHUUHQRVPiVEDMRVFDXVDQGRXQJUDQ Q~PHURGHPXHUWRV\OHVLRQDGRV 7(0325$/ $OWHUDFLyQDWPRVIpULFDTXHFRPSUHQGHSHUWXUEDFLRQHVGHORVFDPSRVGHSUHVLyQ\GHYLHQWR SUHGRPLQDQWHVHQHVFDODVTXHYDQGHORVWRUQDGRV NPGHGLiPHWUR DORVFLFORQHVH[WUDWURSLFDOHV D NPGHGLiPHWUR
6LVWHPDGH0DQHMR,QWHJUDOGH'HVDVWUHV 7(55(0272 5XSWXUDUHSHQWLQDGHODVFDSDVVXSHULRUHVGHOD7LHUUDTXHDOJXQDVYHFHVVHH[WLHQGHDOD VXSHUILFLHGHHVWD\SURGXFHYLEUDFLyQGHOVXHORTXHGHVHUORVXILFLHQWHPHQWHIXHUWHFDXVDUiHOFRODSVRGH HGLILFLRV\ODGHVWUXFFLyQGHYLGDV\SURSLHGDGHV/DPDJQLWXGGHORVWHUUHPRWRVVHPLGHPHGLDQWHODHVFDOD GH5LFKWHU \ODLQWHQVLGDGPHGLDQWHODHVFDODGH0HUFDOOL 7250(17$'($5(1$ 7250(17$'(32/92 3ROYRRDUHQDOHYDQWDGRHQpUJLFDPHQWHDJUDQGHV DOWXUDVSRUYLHQWRVIXHUWHV\WXUEXOHQWRV 7250(17$'(758(126 *UDQQXERVLGDGGHHVWUDWRVFXPXOXVHQTXHVHGHVDUUROODQ FHQWURVORFDOL]DGRV GHFDUJDVHOpFWULFDV 7250(17$7523,&$/ 6HIRUPDQVREUHORVPDUHVDELHUWRV\VHFDUDFWHUL]DQSRUVXVYLHQWRV H[WUDRUGLQDULDPHQWHGHVWUXFWLYRVGHXQDYHORFLGDGHQWUH\NPKOOXYLDVWRUUHQFLDOHVRODVGHWRUPHQWD HQDOWDPDULQWHQVRROHDMHHQHOOLWRUDOLQXQGDFLRQHVFRVWHUDVLQXQGDFLRQHVIOXYLDOHVUHOiPSDJRV\WUXHQRV 7251$'2 7HPSHVWDGGHYLHQWRVORFDOL]DGD\GHJUDQYLROHQFLDGHVWUXFWLYDTXHVHSURGXFHVREUHWLHUUD ILUPH6HFDUDFWHUL]DSRUSUHVHQWDUVHFRPRXQDQXEHHQIRUPDGHFROXPQDDODUJDGDGHDFHOHUDGDURWDFLyQ SUR\HFWDGDKDVWDHOVXHOR\TXHGHMDDVXSDVRXQUDVWURGHJUDQGHVWUXFFLyQ 7681$0,6<21'$6'(0$5($ 6HULHGHJUDQGHVRODVPDULQDVJHQHUDGDSRUHOV~ELWRGHVSOD]DPLHQWR GHDJXDGHPDUFDXVDGDSRUWHUUHPRWRVHUXSFLRQHVYROFiQLFDVRGHVOL]DPLHQWRVGHVXHORVXEPDULQR FDSD] GHSURSDJDUVHVREUHODUJDVGLVWDQFLDV '(*(67$&,21/(17$</$5*$'85$&,21 &$5(67,$20$/$&26(&+$ UHGXFFLyQDQRUPDOGHODFRVHFKDFX\RUHQGLPLHQWRHVLQVXILFLHQWHSDUD FXEULUODVQHFHVLGDGHVHFRQyPLFDV\QXWULWLYDVGHODFRPXQLGDG(VWDFODVHGHGHVDVWUHHVVLHPSUHOD FRQVHFXHQFLDGHRWURGLIHUHQWH\SRUFRQVLJXLHQWHKDGHUHJLVWUDUVHEDMRODFDXVDSULQFLSDO '(6(57,),&$&,21 3URFHVRSRUHOFXDOXQD]RQDTXH\DHViULGDVHYXHOYHPiV HVWpULOPHQRVFDSD]GH UHWHQHUYHJHWDFLyQKDVWDFRQYHUWLUVHSURJUHVLYDPHQWHHQGHVLHUWR/DGHVHUWLILFDFLyQVXHOHVHUODFDXVDGH GHVDVWUHVDODUJRSOD]R HVWRV~OWLPRVKDQGHUHJLVWUDUVHFRPRFRQVHFXHQFLDV (3,'(0,$ $XPHQWRLQXVXDORDSDULFLyQGHXQQ~PHURVLJQLILFDWLYRGHFDVRVGHXQDHQIHUPHGDGLQIHFFLRVD TXHEURWDHQXQDIUHFXHQFLDPD\RUDODFXDOQRUPDOPHQWHVHSUHVHQWDHQHVDUHJLyQRSREODFLyQ/DV HSLGHPLDVSXHGHQWDPELpQDWDFDUDORVDQLPDOHVGHVHQFDGHQDQGRGHVDVWUHVHFRQyPLFRVHQODVUHJLRQHV DIHFWDGDV +$0%581$ UHGXFFLyQFUtWLFDGHDOLPHQWRVTXHDIHFWDDJUDQFDQWLGDGGHSHUVRQDV(VWRHVGHELGRD UD]RQHVFOLPiWLFDVDPELHQWDOHVHFRQyPLFDV\VRFLRRUJDQL]DWLYDVHQWUHRWUDV/DKDPEUXQDSXHGHJHQHUDU ODPLJUDFLyQGHODSREODFLyQKDFLDUHJLRQHVPHQRVDIHFWDGDV 6(48,$ SHUtRGRGHGHILFLHQFLDGHKXPHGDGHQHOVXHORGHWDOIRUPDTXHQRKD\HODJXDUHTXHULGDSDUD SODQWDVDQLPDOHV\QHFHVLGDGHVKXPDQDV/DVVHTXtDVRULJLQDQGHVQXWULFLyQHSLGHPLDV\GHVSOD]DPLHQWRVGH SREODFLyQ
'(6$675(635292&$'26325(/+20%5(
(QHVWHGRFXPHQWRODGLVWLQFLyQWUDGLFLRQDOHQWUHGHVDVWUHVQDWXUDOHV\GHVDVWUHVSURYRFDGRVSRUHOKRPEUH DOXGHDDTXHOORTXHORGHVHQFDGHQy \QRDOSURFHVRTXHORSURYRFy x 5HSHQWLQRV x *HVWDFLyQOHQWD\ODUJDGXUDFLyQ /DVGHILQLFLRQHVTXHVLJXHQFRPSLODGDVSRUHO&HQWURGH,QYHVWLJDFLyQVREUHHSLGHPLRORJtDGHORV'HVDVWUHV &5(' VHEDVDQHQXQJORVDULRHODERUDGRSRUOD2ILFLQDGHO&RRUGLQDGRUGHODV1DFLRQHV8QLGDVSDUDHO 6RFRUURHQ&DVRVGH'HVDVWUH 81'52 DFWXDO'HSDUWDPHQWRGH$VXQWRV+XPDQLWDULRV '+$ (OFRPLWp FLHQWtILFR\WpFQLFRGHO'HFHQLR,QWHUQDFLRQDOSDUDOD5HGXFFLyQGHORV'HVDVWUHV1DWXUDOHV ',5'1 WDPELpQFRQWULEX\yDODIRUPXODFLyQGHORVWpUPLQRVTXHILJXUDQDFRQWLQXDFLyQ
5(3(17,126
$&&,'(17(,1'8675,$/7(&12/2*,&2 OLEHUDFLyQDFFLGHQWDORFXUULGDGXUDQWHODSURGXFFLyQ WUDQVSRUWH\PDQHMRGHVXVWDQFLDVTXtPLFDVSHOLJURVDV &/252)/8252&$5%2126 &)& *UXSRGHFRPSRQHQWHVTXtPLFRVXVDGRVHQODLQGXVWULD\HOKRJDUGH ORVFXDOHVVHVDEHTXHHOXVRH[FHVLYR\XQLYHUVDOHVXQDGHODVFDXVDVGHODJRWDPLHQWRGHOR]RQR\GHGDxRV HQHOPHGLRDPELHQWH &2/$362'((',),&,262(6758&785$6 ,PSOLFDHOGHUUXPEDPLHQWRUHSHQWLQRGHXQDFRQVWUXFFLyQ HQDXVHQFLDGHWRGDIXHU]DH[WHULRU(QXQVHQWLGRPiVDPSOLRHOFRODSVRSXHGHVHUFDXVDGRSRUDOJ~QDJHQWH H[WHULRU WHUUHPRWRVWRUQDGRVH[SORVLRQHVHWF HOGHVDVWUHGHEHUHJLVWUDUVHEDMRHOIDFWRUFDXVDORULJLQDO
6LVWHPDGH0DQHMR,QWHJUDOGH'HVDVWUHV &217$0,1$&,21 'HJUDGDFLyQGHXQRRPiVHOHPHQWRVRDVSHFWRVGHOPHGLRDPELHQWHGHELGRD GHVSHUGLFLRVLQGXVWULDOHVTXtPLFRVRELROyJLFRVQRFLYRVSURYHQLHQWHVGHGHVHFKRVGHSURGXFWRVKHFKRVSRU HOKRPEUH\GHPDOPDQHMRGHORVUHFXUVRVQDWXUDOHV\DPELHQWDOHV &217$0,1$&,21$7026)(5,&$ &RQWDPLQDFLyQGHODDWPyVIHUDGHELGRDJDVHVVyOLGRV\UDGLDFLyQ FRPRUHVXOWDGRGHODTXHPDGHXQFRPEXVWLEOHQDWXUDORDUWLILFLDOGHSURFHVRVTXtPLFRVHLQGXVWULDOHVDVt FRPRGHH[SORVLRQHVQXFOHDUHV &217$0,1$&,213253(752/(2 &RQWDPLQDFLyQGHRFpDQRVODJRV\UtRV5HVXOWDGHOYHUWLGRGH KLGURFDUEXURV SRUORJHQHUDOSHWUyOHR\FUXGRV DFFLGHQWDORSURYRFDGRDSDUWLUGHFLVWHUQDVEXTXHVWDQTXH \ROHRGXFWRVGXUDQWHHOWUDQVSRUWHRHODOPDFHQDPLHQWR/DVPDUHDVQHJUDVVRQGHSyVLWRVGHJUDQGHV YRO~PHQHVGHKLGURFDUEXURVTXHFXEUHQODV]RQDVFRVWHUDVGHPDUHDRFDVLRQDGRVSRUGHUUDPHVRYHUWLGRV DFFLGHQWDOHVTXHVXHOHQRFXUULUGXUDQWHWRUPHQWDVRFROLVLRQHV &217$0,1$&,2148,0,&$ &RQWDPLQDFLyQUHSHQWLQDGHODJXDRGHODLUHHQODVLQPHGLDFLRQHVGHODV ]RQDVLQGXVWULDOHVTXHSURYRFDQGHVRUGHQHVRUJiQLFRVTXHSXHGHQVHUIDWDOHVSDUDHOVHUKXPDQRR DIHFFLRQHVH[WHUQDVTXHGHMDQVHFXHODVSHUPDQHQWHVHQODSLHORDOJ~QRWURyUJDQR '(5580%((10,1$62+81',0,(172'(*$/(5,$6 'HVDVWUHTXHVHSURGXFHHQH[FDYDFLRQHV VXEWHUUiQHDV&XDQGRRFXUUHXQKXQGLPLHQWRVXEWHUUiQHRVHGHVSUHQGHSDUWHGHOPDWHULDOURFRVRTXHUHFXEUH ODVJDOHUtDVEORTXHiQGRODV '(6$675('(/$1$9(*$&,21$(5($ &RPSUHQGHWRGRVORVLPSDFWRVYLROHQWRVGHDHURQDYHVTXH WUDQVSRUWDQSDVDMHURVRFDUJD '(6$675('(/75$163257(0$5,7,02 6HUHILHUHDEXTXHV(VWDVHPEDUFDFLRQHVSXHGHQKXQGLUVH GXUDQWHXQDWHPSHVWDGH[SORWDULQFHQGLDUVHHQWUDUHQFROLVLyQFRQXQQDYtRHVWUHOODUVHFRQWUDXQLFHEHUJR HVFROOR]R]REUDURGHVDSDUHFHUVLQGHMDUUDVWUR '(6$675('(/75$163257(7(55(675( &RPSUHQGHODVFROLVLRQHVRGHVFDUULODPLHQWRGHWUHQHVX RWURVYHKtFXORVGHWUDQVSRUWHGHFDUJDRGHSDVDMHURVWDQWRHQ]RQDVXUEDQDVFRPRUXUDOHV (;3/26,21(181$0,1$ ([SORVLyQTXHVHSURGXFHFXDQGRHOPHWDQRRHOSROYRGHKXOOD JULV~ UHDFFLRQDQDOFRQWDFWRFRQHODLUH (;3/26,2118&/($527(50218&/($5 ,QFOX\HXQHVFDSHDFFLGHQWDOGHUDGLDFLyQTXHRFXUUHHQ LQVWDODFLRQHVQXFOHDUHVFLYLOHV\TXHH[FHGHQORVQLYHOHVGHVHJXULGDGHVWDEOHFLGRVLQWHUQDFLRQDOPHQWH (;3/26,2148,0,&$ 'HVWUXFFLyQYLROHQWDSURYRFDGDSRUODH[SORVLyQGHPDWHULDVFRPEXVWLEOHVFDVL VLHPSUHGHQDWXUDOH]DTXtPLFD ,1&(1',2 (OLQFHQGLRHVFDVLVLHPSUHRFDVLRQDGRSRUODDFWLYLGDGKXPDQDSHURRFDVLRQDOPHQWHGHELGRD IHQyPHQRVQDWXUDOHV ,1&(1',2 )25(67$/ ,QFHQGLRHQXQERVTXHR]RQDGHPDWRUUDOHVRSDVWL]DOHVTXHFXEUHH[WHQVDViUHDV 3XHGHLQLFLDUVHSRUFDXVDVQDWXUDOHVWDOHVFRPRHUXSFLRQHVYROFiQLFDVRUD\RVRVHUFDXVDGRSRUSLUyPDQRV IXPDGRUHVGHVFXLGDGRVIRJDWDVRTXHPDV ,168),&,(1&,$ '((1(5*,$ ,QWHUUXSFLyQWRWDORSDUFLDOGHOVXPLQLVWURGHHQHUJtDHOpFWULFDGXUDQWHXQ SHULRGRODUJRTXHFDXVDSHUMXLFLRVFRQVLGHUDEOHVDORVVHUYLFLRV\ORVPHGLRVQRUPDOHVGHYLGD //89,$$&,'$ /OXYLDTXHDUUDVWUDXQDFRQFHQWUDFLyQH[FHVLYDGHFRPSRQHQWHViFLGRVGHODDWPyVIHUD TXHSURYLHQHQGHFRQWDPLQDQWHVTXtPLFRVWDOHVFRPRFRPSXHVWRVGHVXOIXUR\QLWUyJHQR&XDQGRpVWRVVH GHSRVLWDQLQFUHPHQWDQODDFLGH]GHOVXHOR\HODJXDFDXVDQGRGDxRVDOHTXLOLEULRHFROyJLFR\ODDJULFXOWXUD
'(*(67$&,21/(17$</$5*$'85$&,21
&21)/,&726,17(51$&,21$/(6 (QIUHQWDPLHQWRVEpOLFRVHQWUHODVIXHU]DVDUPDGDVGHGRVDPiV SDtVHV3XHGHQGDURULJHQDPRYLPLHQWRVHQJUDQHVFDODGHUHIXJLDGRV\SHUVRQDVGHVSOD]DGDV &21)/,&7261$&,21$/(6 GLVWXUELRVFLYLOHVJXHUUDFLYLO +RVWLOLGDGHVHQWUHJUXSRVDUPDGRVGHXQ PLVPRSDtVTXHWLHQHQOXJDUGHQWURGHVXVIURQWHUDV/RVHQIUHQWDPLHQWRVSXHGHQSODQWHDUSUREOHPDV VDQLWDULRVPDVLYRVFRPRHSLGHPLDVIDOWDGHDJXDSRWDEOHDFXPXODFLyQGHEDVXUDGHVSOD]DPLHQWRGH SHUVRQDVUHIXJLDGRVFDUHVWtDKDPEUHHWF 3(5621$6'(63/$=$'$6 5HFLEHQHVWHFDOLILFDWLYRHVSHFLDOPHQWHODVSHUVRQDVGHVDUUDLJDGDVTXH SHUPDQHFHQHQHOWHUULWRULRGHVXSURSLRSDtV 32%/$&,21'(63/$=$'$ 3HUVRQDVTXHSRUGLIHUHQWHVUD]RQHVRFLUFXQVWDQFLDVVHYLHURQREOLJDGDVD GHMDUVXVFDVDV3XHGHQYLYLURQRHQVXSDtVGHRULJHQSHURMXUtGLFDPHQWHQRVHOHVFRQVLGHUDUHIXJLDGRV/D FDXVDGHOGHVDUUDLJRIRU]RVRSXHGHQKDEHUVLGRGHVDVWUHVQDWXUDOHVGHVDVWUHVLQGXVWULDOHVFRQIOLFWRVR GLVWXUELRVLQWHUQDFLRQDOHV+D\WUHVFODVHVGHPRYLPLHQWRVHQJUDQHVFDOD HOp[RGRODH[SXOVLyQ\HO UHWRUQR/DVSHUVRQDVGHVSOD]DGDVVHOHVFODVLILFDVHJ~QORVPRWLYRVTXHKDQSURYRFDGRVXGHVSOD]DPLHQWR 5()8*,$'26 'HDFXHUGRFRQODOHJLVODFLyQLQWHUQDFLRQDOSHUVRQDVTXHWLHQHQXQWHPRUELHQIXQGDGRGH SHUVHFXFLyQSRUUD]RQHVGHUD]DUHOLJLyQQDFLRQDOLGDGRSHUWHQHQFLDDXQJUXSRVRFLDORGHRSLQLyQSROtWLFD SDUWLFXODUUHVLGHQWHVHQVXPD\RUtDIXHUDGHOSDtVGHRULJHQHLQFDSDFHVGHUHJUHVDURVHUSURWHJLGRVSRUVX SDtV,QFOX\Hp[RGRVPDVLYRVDUDt]GHFRQIOLFWRV\GHVDVWUHVQDWXUDOHVIXHUDGHOSDtVGHRULJHQ
6LVWHPDGH0DQHMR,QWHJUDOGH'HVDVWUHV
*(1(5$/,'$'(6'( $'0,1,675$&,21 (QHVWDSiJLQDSXHGHFRQVXOWDU x 3ODQLILFDFLyQ x *HVWLyQ x &RQWUROFRQWLQXR
(OFXUVR$3'GHOD86$,'2)'$GHILQHODDGPLQLVWUDFLyQSDUDGHVDVWUHVFRPR FRPSRQHQWHGHOVLVWHPD VRFLDOTXHVHGHILQHFRPRHOSODQHDPLHQWRODRUJDQL]DFLyQODGLUHFFLyQ\HOFRQWUROGHODVDFWLYLGDGHVGH XQD LQVWLWXFLyQRJUXSRSDUDDOFDQ]DUVXVREMHWLYRVFRQHILFLHQFLD /DDGPLQLVWUDFLyQSDUDGHVDVWUHVLPSOLFDWRGDVODVDFWLYLGDGHVGHSODQHDFLyQJHVWLyQ\FRQWUROGXUDQWHOHV GLIHUHQWHVHWDSDV\IDVHVGHOFLFORGHORVGHVDVWUHVUHDOL]DGDVSRUODVSHUVRQDV \HQWLGDGHVLQYROXFUDGDVHQOD UHGXFFLyQDWHQFLyQ\UHFXSHUDFLyQGHORVHIHFWRVGHORVGHVDVWUHV (VWDVDFWLYLGDGHVPHQFLRQDGDVVHGHVDUUROODQHQGRVGLPHQVLRQHVGHFRQWH[WRODVFXDOHVGHWHUPLQDQ FRQGLFLRQHVFRPSOHWDPHQWHGLIHUHQWHVVHJ~QODVLWXDFLyQ &203/(-,'$' (VWDGLPHQVLyQYDGHVGHDGPLQLVWUDUHO6LVWHPD1DFLRQDOSDUDOD3UHYHQFLyQ\$WHQFLyQGH 'HVDVWUHVKDVWDFRRUGLQDUXQDSDWUXOODGHE~VTXHGD\UHVFDWHHQOD]RQDGHLPSDFWRGHOGHVDVWUH 7,(032 (QUHODFLyQFRQHOFLFORGHORVGHVDVWUHVDQWHVGXUDQWHRGHVSXpVGHVXRFXUUHQFLD7HQLHQGRHQ FXHQWDTXHVLVHSUHVHQWDFRQDOWDIUHFXHQFLD UHFXUUHQWHRSHUPDQHQWH ODVHWDSDVGHGHVSXpV\DQWHVSXHGHQ WHQHUODVPLVPDVFDUDFWHUtVWLFDVHQUHODFLyQDOFRQWH[WRDGPLQLVWUDWLYR /DDGHFXDGDDGPLQLVWUDFLyQSDUDGHVDVWUHVHVXQSURFHVRTXHHVWiGHWHUPLQDGRSRUWUHVIDFWRUHVGLIHUHQWHV TXHLQWHUDFFLRQDQHQWUHVt
352<(&72
3URSXHVWDVGHDFFLyQSDUDORJUDUORVREMHWLYRVJHQHUDOHVSODQWHDGRV\TXHGHWHUPLQDHO SURFHVRDUHDOL]DU
&$3$&,'$''(/$'0,1,675$'25
(VODFDSDFLGDGGHFRQGXFFLyQRGLUHFFLyQ\VHUHILHUHDODDSOLFDFLyQGHWpFQLFDV PpWRGRVGHVWUH]DV\KDELOLGDGHVGHODGPLQLVWUDGRU\VXHTXLSRSDUDFRQGXFLUHO SURFHVRKDFLDORVREMHWLYRVSODQWHDGRV
*2%(51$%,/,'$''(/6,67(0$
(VXQDUHODFLyQHQWUHODVYDULDEOHVTXHFRQWUROD\QRFRQWURODHODGPLQLVWUDGRUHQHO SURFHVR0LHQWUDVPiVYDULDEOHVGHFLVLYDVFRQWURODPD\RUHVVXOLEHUWDGGHDFFLyQ PLHQWUDVPHQRVYDULDEOHVFRQWURODPHQRUVHUiVXOLEHUWDGGHDFFLyQ
(OSURFHVRGHODDGPLQLVWUDFLyQSDUDGHVDVWUHVWHQLHQGRHQFXHQWDODVFLUFXQVWDQFLDVHQXQFLDGDV DQWHULRUPHQWHLPSOLFDODSODQLILFDFLyQJHVWLyQVHJXLPLHQWR\FRQWUROGHODVDFWLYLGDGHVDGHVDUUROODU
3/$1,),&$&,21
/DSODQLILFDFLyQHVHOFiOFXORTXHSUHFHGH\SUHVLGHODDFFLyQ (VWHFiOFXOR SXHGHVHULQWXLWLYRRWpFQLFRFRQGLYHUVRVJUDGRVGHVLVWHPDWLFLGDG7DPELpQSXHGHVHUXQ FiOFXORVLWXDFLRQDOLQPHGLDWLVWDRXQFiOFXORVLWXDFLRQDODIXWXUR SURVSHFWLYR (OSODQLILFDGRUHVWUDWpJLFR VLWXDFLRQDOSXHGHDUWLFXODUHOFiOFXORVLWXDFLRQDOHQGLVWLQWRVKRUL]RQWHVGHWLHPSRGHDFXHUGRFRQOD SRVLELOLGDGGHRFXUUHQFLDGHOGHVDVWUH /DSODQLILFDFLyQSXHGHWHQHUHQFXHQWDODVVLJXLHQWHVFRQGLFLRQHV
6LVWHPDGH0DQHMR,QWHJUDOGH'HVDVWUHV x x x x x x x x x
3UHYLVLyQ 5HDFFLyQ $SUHQGL]DMH $QiOLVLV &RKHUHQFLD 0RGDOLGDG 3DUDGRMDGH)ULHGPDQ (VWUXFWXUD 5HIHUHQFLD
35(9,6,21$'0,1,675$7,9$
/DRFXUUHQFLDGHORVGHVDVWUHVHVGLItFLOPHQWHSUHGHFLEOH\DXQPiVGLItFLOSUHGHFLUODVUHDFFLRQHVGHOD FRPXQLGDGDIHFWDGD (QSULQFLSLRVLQHPEDUJRSRGHPRVHQPDUFDUODVGLYHUVDVYDULDEOHVDFRQVLGHUDUGHQWURGHXQHVSDFLRGH SRVLELOLGDGHVKDFLHQGRORVSUHYLVLEOHV (QHVWHHVSDFLRGHSRVLELOLGDGHVSXHGHQRFXUULUYDULDVVLWXDFLRQHVDOWHUQDWLYDVGLYHUVDVGHDFXHUGRFRQHO WLSR\PDJQLWXGGHOGHVDVWUH\ODVFDUDFWHUtVWLFDVGHODFRPXQLGDGDIHFWDGDWRGRORFXDOGHEHVHUSUHYLVWRSRU HOSODQLILFDGRU (QHVWHFDVRXQDFWRGHSUHYLVLyQLPSOLFDGLVHxDUYDULRVSODQHVSDUDHQIUHQWDUHVWDVVLWXDFLRQHV 3RUORWDQWRODQHFHVLGDGGHODSODQLILFDFLyQGHVFDQVDHQODH[LJHQFLDGHSUHYHUSRVLELOLGDGHVSDUDSODQWHDU DFFLRQHV\HQFRQVHFXHQFLDVHURSRUWXQRV\HILFDFHV HQODVDFFLRQHVUHODFLRQDGDVFRQHOGHVDVWUHHQ HVSHFLDODOSUHYHUODVDPHQD]DV
5($&&,21$/26&$0%,26'(6,78$&,21
'DGDODGLItFLOSUHGLFFLyQGHODVVLWXDFLRQHVDVRFLDGDVDORVGHVDVWUHVVXRFXUUHQFLDSXHGHVDOLUVHGHODV SRVLELOLGDGHVSUHYLVWDVHQHOSXQWRDQWHULRU (QHVWHFDVRVHWUDWDGHSUHYHUFRPRHQIUHQWDUODVVRUSUHVDVPDxDQD\DTXHQRVHSXHGHQHYLWDU FRPSOHWDPHQWHHQODSODQLILFDFLyQGHKR\ 3RUORWDQWRHQODSODQLILFDFLyQSDUDGHVDVWUHVHVQHFHVDULRHVWDUSUHSDUDGRVSDUDUHDFFLRQDUYHOR]\ HILFD]PHQWHDQWHODVRUSUHVDHVGHFLUDQWHXQDVLWXDFLyQGHGHVDVWUHQRSUHYLVWRRXQSUREOHPDTXHDIHFWHOD RSHUDWLYLGDGGHOVLVWHPDDGPLQLVWUDGR
$35(1',=$-(&217,182
/DSODQLILFDFLyQGHEHWHQHUXQVLVWHPDSDUDGHWHFWDURSRUWXQDPHQWHXQHUURUGHHVWLPDFLyQFRUUHJLUORD WLHPSR\DSUHQGHUGHOFDVRSDUDPHMRUDUODVSODQLILFDFLRQHVVLJXLHQWHV 6LHODGPLQLVWUDGRUIDOODHQHQIUHQWDUORVGHVDVWUHVRSUREOHPDVFRQYHORFLGDG\HILFDFLDGHEHVHUFDSD]GH DSUHQGHUGHVXVHUURUHV\SUHYHUODIRUPDGHDSUHQGHURSRUWXQDPHQWHGHOSDVDGRUHFLHQWH\SRQHUHVH FRQRFLPLHQWRDOVHUYLFLRGHOSURFHVRGHODDGPLQLVWUDFLyQSDUDGHVDVWUHV
$1$/,6,6'(/26',9(5626381726'(9,67$
(OFiOFXORTXHSUHFHGH\SUHVLGHODDFFLyQQRHVREYLRQRVRORH[LVWHQDOWHUQDWLYDVWpFQLFDVRSHUDWLYDV\ HFRQyPLFDVTXHGHEHQVHUH[SORUDGDVHQVXHILFDFLD\HILFLHQFLDVLQRTXHDGHPiVH[LVWHQGLVWLQWDVYLVLRQHVR SXQWRVGHYLVWDGHORVGLYHUVRVDFWRUHVVRFLDOHVTXHLQWHUDFW~DQHQODVVLWXDFLRQHVUHODFLRQDGDVFRQUHGXFLU DWHQGHURUHFXSHUDUORVHIHFWRVGHOGHVDVWUH\TXHWLHQHQLQMHUHQFLDHQXQSUREOHPDGHWHUPLQDGR $QWHVGHSODQLILFDUHODGPLQLVWUDGRUWHQGUiHQFXHQWDHVWDVDOWHUQDWLYDV\SXQWRVGHYLVWD\OHVGDUiXQSHVR VHJ~QVXLQWXLFLyQ\VHJ~QODVFLUFXQVWDQFLDV
&2+(5(1&,$'(/$6$&&,21(6<$&725(6
/RVGLYHUVRVDFWRUHVTXHLQWHUYLHQHQHQODVVLWXDFLRQHVGHGHVDVWUH DQWHVGXUDQWHRGHVSXpV SURGXFHQ DFFLRQHV UHGXFLUDWHQGHURUHFXSHUDU ODVFXDOHVHVWiQSODQLILFDGDV\GHWHUPLQDGDVSRUVXVSURSLRVSXQWRV GHYLVWD\SURSyVLWRVSDUWLFXODUHVHVWRRFXUUHWDQWRDOLQWHULRUGHXQDFWRUFRPSXHVWRGHVXEDFWRUHVFRPRHQ ODVLQWHUDFFLRQHVHQWUHDFWRUHV
6LVWHPDGH0DQHMR,QWHJUDOGH'HVDVWUHV 6HQHFHVLWDXQDDFFLyQFHQWUDO TXHSURPXHYDODFRKHUHQFLDJOREDOIUHQWHDODVDFFLRQHVSDUFLDOHVGHORV DFWRUHVLQYROXFUDGRVODFXDOGHEHWHQHUVHHQFXHQWDHQODSODQLILFDFLyQUHDOL]DGDSRUFDGDXQRGHHVWRV
02'$/,'$''(3/$1,),&$&,21
'HDFXHUGRFRQHOFRQWH[WRODFRPSOHMLGDGGHOVLVWHPDDGPLQLVWUDGRODIDVHGHOFLFORGHORVGHVDVWUHV\OD H[SHULHQFLDGHODGPLQLVWUDGRUHVWHSXHGHDSOLFDUXQPRGHORGHSODQLILFDFLyQ SRUHMHPSOR 02'(/21250$7,92 (OPRGHORDSDUHQWHPHQWHPiVJREHUQDEOH(VDTXHOGRQGHXQVRORDFWRU SODQLILFD\DGPLQLVWUDHOVLVWHPD/DVYDULDEOHVIXHUDGHFRQWUROSRUHODGPLQLVWUDGRUQRVRQGHFLVLYDV/D LQFHUWLGXPEUHJHQHUDGDSRUODVLWXDFLyQGHGHVDVWUHHVWDELHQGHILQLGD ODVSRVLELOLGDGHVVRQHQXPHUDEOHV \HVSRVLEOHDVLJQDUOHXQDSUREDELOLGDGDFDGDXQD (QUHVXPHQXQDFWRUSODQLILFD\GLULJHORVGHPiVVRQDJHQWHVHMHFXWRUHV(VWHPRGHORSRUWDQWRSXHGH VHUXWLOL]DGRSDUDSODQLILFDUXQHMHPSORHVSODQLILFDUODVDFFLRQHVGHXQDSDWUXOODGHE~VTXHGD\UHVFDWH HQOD]RQDGHLPSDFWR 02'(/2(675$7(*,&2 (QHVWHFDVRH[LVWHQYDULRVDFWRUHVTXHSODQLILFDQFRQREMHWLYRV GLIHUHQWHV/DVYDULDEOHVGHFLVLYDVQRFRQWURODGDVSRUHODGPLQLVWUDGRUVRQFRQWURODGDVSRUORVRWURV DFWRUHV (QHVWHPRGHORGHUHVSRQVDELOLGDGFRPSDUWLGDODVSULQFLSDOHVDFFLRQHVVRQHVWUDWpJLFDVHVGHFLU IXQGDPHQWDGDVHQXQMXLFLRHVWUDWpJLFRLQFOXLGRHQODSODQLILFDFLyQ SRUHMHPSORWHQHPRVOD FRRUGLQDFLyQLQWHULQVWLWXFLRQDOHLQWHUVHFWRULDOQHFHVDULDSDUDODDGHFXDGDDWHQFLyQGHOGHVDVWUH
/$3$5$'2-$'()5,('0$1
&LWDPRVODOODPDGDSDUDGRMDGH)ULHGPDQSDUDLOXVWUDUODQHFHVLGDGGHODSODQLILFDFLyQ\VXHILFDFLD )RUPXODGDRULJLQDOPHQWHHQ ,QQRYDWLRQ)OH[LEOH5HVSRQVHDQG6RFLDO/HDUQLQJ $3UREOHPLQWKH7KHRU\ RI0HWD3ODQQLQJSXEOLFDGRHQ3ODQQLQJ7KHRU\LQWKH DFXWH VHGLWDGRSRU5%XUFKHO\* 6WHUQOLHEDVt &XDQGRVHWLHQHPHQRVQHFHVLGDGGHODSODQLILFDFLyQSRUTXHQDGDFDPELDODSODQLILFDFLyQRSHUDPHMRU HV FLHQSRUFLHQWRHILFLHQWH3HURFXDQGRDFDXVDGHOFDPELRUiSLGR\XQLYHUVDOODSODQLILFDFLyQHVPiV QHFHVDULDHVWDQRRSHUDHQDEVROXWR VXHILFLHQFLDHVFHUR 'LFKDSDUDGRMDFRPRORDILUPDHOSURSLR-RKQ)ULHGPDQVH GHVYDQHFHVLDEDQGRQDPRVODLGHDGHTXHOR HVHQFLDOGHODSODQLILFDFLyQGHVFDQVDHQODFDSDFLGDGGHSUHGLFFLyQGHOIXWXUR /DSODQLILFDFLyQQRVHUHILHUH QLDOFRQRFLPLHQWR FDSDFLGDGGHSUHGLFFLyQ QLDODDFFLyQVRODPHQWHVLQRDODPHGLDFLyQ HQWUHDPEDV
(6758&785$'(/3/$1
(ODGPLQLVWUDGRUSDUDGHVDVWUHVWUDEDMDFRQSUREOHPDV\RSHUDFLRQHV /RVSUREOHPDV VRQVLWXDFLRQHVDFWXDOHVRSRWHQFLDOHVJHQHUDOPHQWHDVRFLDGRVDORVHIHFWRVGHOGHVDVWUH\ORV FXDOHVGHEHQVHUVROXFLRQDGRVSRUHOVLVWHPDDGPLQLVWUDGRSRUPHGLRGHDFFLRQHVLQWHJUDGDVHQRSHUDFLRQHV 8QDIRUPDGHORJUDUTXHXQSODQVHDSUiFWLFRRSHUDWLYR\IiFLOPHQWHDGDSWDEOHDODVFLUFXQVWDQFLDVFRQVLVWH HQXQDHVWUXFWXUDPRGXODUSRUSUREOHPDV\RSHUDFLRQHVTXHHVFRPRXQDUFKLYRTXHVHDFWXDOL]D SHUPDQHQWHPHQWHGHVHFKDQGRRFUHDQGRPyGXORVQXHYRV $VtHOFRQFHSWRGHRSHUDFLyQLPSOLFDVRORDFFLRQHVSODQLILFDGDV\DOPLVPRWLHPSRVHWUDQVIRUPDHOSODQHQ XQDHVWUXFWXUDRUJDQL]DWLYDSDUDODDFFLyQGRQGHFDGDRSHUDFLyQWLHQHXQSURSyVLWR\ XQUHVSRQVDEOH RSWLPL]DQGRODVDFFLRQHVWHQGLHQWHVDSUHYHQLUODRFXUUHQFLDPLWLJDUODVSpUGLGDVSUHSDUDUVHSDUDODV FRQVHFXHQFLDVDOHUWDUODSUHVHQFLDUHVSRQGHUDODHPHUJHQFLD\UHFXSHUDUVHGHORVHIHFWRVGHORVGHVDVWUHV
5()(5(1&,$',5(&&,21$/'(/3/$1
6yORVHSXHGHDFWXDUHQHOSUHVHQWHSDUDFRQVWUXLUHOIXWXURGHIRUPDTXHODSODQLILFDFLyQVHUHILHUH SULQFLSDOPHQWHDOSUHVHQWH 3DUDHOORGHEHPRVXWLOL]DUHOSODQGHODUJRSOD]RFRPRUHIHUHQFLDGLUHFFLRQDOGHOSODQGHPHGLDQRSOD]R\ HVWH~OWLPRFRPRUHIHUHQFLDGLUHFFLRQDOGHOSODQGtDDGtD $TXtVXUJHODQHFHVLGDGGHODSODQLILFDFLyQHQODVLWXDFLyQFRPRXQFiOFXORTXHSUHFHGH\SUHVLGHODDFFLyQ GHKR\7RGRFiOFXORVREUHHOPDxDQDHVXQSURGXFWRLQWHUPHGLR
6LVWHPDGH0DQHMR,QWHJUDOGH'HVDVWUHV
*(67,21
7HQLHQGRHQFXHQWDTXH \DVHUHDOL]yHOFiOFXORTXHSUHFHGH\SUHVLGHODDFFLyQ SODQLILFDFLyQ SRGHPRV GHILQLUODJHVWLyQFRPRHOFRQMXQWRGHUHJODVSURFHGLPLHQWRV\PpWRGRVRSHUDWLYRVSDUDOOHYDUDFDERFRQ HILFDFLD\HILFLHQFLDODDFFLyQSODQLILFDGD&RQUHODFLyQDOFLFORGHORVGHVDVWUHVSRGHPRVFRQVLGHUDUGRVWLSRV GHJHVWLyQ HQVLWXDFLRQHVQRUPDOHV\HQVLWXDFLRQHVGHDQRUPDOLGDGSRUODRFXUUHQFLDGHXQGHVDVWUH FDODPLGDGRHPHUJHQFLD
*(67,21(16,78$&,211250$/
(VWHWLSRGHJHVWLyQHQGHVDVWUHVFRUUHVSRQGHSULQFLSDOPHQWHDORVSURFHGLPLHQWRVUHDOL]DGRVHQODV DFWLYLGDGHVGHUHGXFFLyQGHGHVDVWUHVHVGHFLUSDUDSUHYHQLUVXRFXUUHQFLDPLWLJDUVXVHIHFWRV\SUHSDUDUVH SDUDVXRFXUUHQFLDSURFXUDQGRLQFOXLUODSDUWLFLSDFLyQGHODFRPXQLGDGYXOQHUDEOHHQHOSURFHVR3RUOR WDQWRVHGHEHLQFOXLUODSUHSDUDFLyQGHORVSURFHGLPLHQWRVGHJHVWLyQSDUDODVVLWXDFLRQHVGHHPHUJHQFLDDVt HODGPLQLVWUDGRUSDUDGHVDVWUHVGHEHSUHSDUDUDQWHVGHOGHVDVWUHSURFHGLPLHQWRVDGPLQLVWUDWLYRVWpFQLFRV\ RSHUDWLYRVDOWHUQRVDORVUHDOL]DGRVHQVLWXDFLRQHVQRUPDOHV7DPELpQSRGHPRVPHQFLRQDUTXHXQDYH] FRQFOXLGDODHPHUJHQFLDHODGPLQLVWUDGRUSDUDGHVDVWUHVGHEHJHVWLRQDUODFRQFOXVLyQGHOSURFHVRGH UHFXSHUDFLyQ\SURPRYHUDFFLRQHVGHGHVDUUROORFRQODSDUWLFLSDFLyQDFWLYDGHOD FRPXQLGDGSHUMXGLFDGDSRU HOLPSDFWR
*(67,21(16,78$&,21'($1250$/,'$'
(QHVWDVLWXDFLyQGHELGDDODRFXUUHQFLDGHXQGHVDVWUHFDODPLGDGRHPHUJHQFLDVHGHEHQHMHFXWDUORV SURFHGLPLHQWRVDOWHUQRVSUHSDUDGRV DGPLQLVWUDWLYRVWpFQLFRV\RSHUDWLYRV\DPHQFLRQDGRV (OIDFWRUFUtWLFR SDUDODJHVWLyQHQHPHUJHQFLDVHVHOWLHPSR HODGPLQLVWUDGRUSDUDGHVDVWUHVGHEHEXVFDUORJUDUODPD\RU HILFLHQFLDHQHOPDQHMRGHORVUHFXUVRVKXPDQRVPDWHULDOHV\HFRQyPLFRV FRQDFFLRQHVHIHFWLYDVHQHO PHQRUWLHPSRSRVLEOHSDUDDVtPHMRUDUODVFRQGLFLRQHVSDUDLQLFLDUHOSURFHVRGHUHFXSHUDFLyQ(O DGPLQLVWUDGRUSDUDGHVDVWUHVGHEHHYDOXDUODVFDUDFWHUtVWLFDVGHODVLWXDFLyQSDUDVHOHFFLRQDUODHVWUDWHJLD JHQHUDOPiVDGHFXDGDSDUDHQIUHQWDUOD (675$7(*,$2)(16,9$ VLODVFDUDFWHUtVWLFDVGHOHYHQWRORSHUPLWHQODVDFFLRQHVVHJ~QHVWD HVWUDWHJLDHVWiQRULHQWDGDVDDWDFDUORRFRQWURODUOR (675$7(*,$'()(16,9$ VLODVFDUDFWHUtVWLFDVGHOHYHQWRQRSHUPLWHQUHDOL]DUODHVWUDWHJLD DQWHULRUHQWRQFHVODVDFFLRQHVHVWiQRULHQWDGDVDGHMDUDOHYHQWRVHJXLUVXFXUVRRDEDQGRQDUHOOXJDU SRUTXHSUHVHQWDXQSHOLJURLQPLQHQWHSDUDHOSHUVRQDORSHUDQGRHQOD]RQDSHURDWHQGLHQGRDODV YtFWLPDVGHDFXHUGRFRQODVFRQGLFLRQHVGHVHJXULGDG
&21752/&217,182
&RQHOFRQWUROFRQWLQXRVH GHEHEXVFDUH[DPLQDUVREUHODPDUFKDGXUDQWHWRGRHOSURFHVRODVRSHUDFLRQHV TXHVHHVWiQHMHFXWDQGRSDUDDVHJXUDUTXHORVREMHWLYRVHVWiQVLHQGRFXPSOLGRV\VHHVWiQUHDOL]DQGRODV DFFLRQHVDGHFXDGDVGHDFXHUGRFRQODSODQLILFDFLyQ 3DUDODDSOLFDFLyQGHOFRQWUROFRQWLQXRHODGPLQLVWUDGRUGHEHWHQHUHQFXHQWDGRVHOHPHQWRV -8,&,2(675$7(*,&2 &RQVLVWHHQDQDOL]DUSHUPDQHQWHPHQWHODVLWXDFLyQDFWXDOORVHIHFWRVGHODV DFFLRQHVHMHFXWDGDV\SUHYHUODVSRVLEOHVIXWXUDVVLWXDFLRQHV $&&,21,17(5$&7,9$ (OMXLFLRHVWUDWHJLFRSHUPLWHXQDLQWHUDFFLRQHQWUHODVLWXDFLRQDFWXDO\OD SRVLELOLGDGGHUHKDFHUORVSODQHV GHVHFKDQGRDOJXQRV\GLVHxDQGRRWURV WHQLHQGRHQFXHQWDTXHHO FiOFXORKHFKRHQODSODQLILFDFLyQHVLQFLHUWR SRUHOGHVFRQRFLPLHQWRGHODVVLWXDFLRQHVTXHVHYDQD HQIUHQWDU \TXHHOSODQGHEHLQFOXLUYDULDVRSFLRQHVGHDFXHUGRFRQODVGLYHUVDVYDULDQWHVGHODV VLWXDFLRQHV\FRQWH[WRVDQWHVGXUDQWH\GHVSXpVGHOGHVDVWUH /RDQWHULRUGHPXHVWUDODHVWUHFKDUHODFLyQTXHGHEHWHQHUODSODQLILFDFLyQ\HOFRQWUROFRQWLQXRSDUDTXHODV DFFLRQHVHMHFXWDGDVFRUUHVSRQGDQDXQSODQ\DODVLWXDFLyQQRDODLPSURYLVDFLyQ
6,67(0$1$&,21$/3$5$/$ 35(9(1&,21<$7(1&,21'(
6LVWHPDGH0DQHMR,QWHJUDOGH'HVDVWUHV
'(6$675(6 613$' (QHVWDSiJLQDSXHGHFRQVXOWDU x ,QWHJUDQWHVGHO6LVWHPD x $PELWRGHODDWHQFLyQ
(O6LVWHPD1DFLRQDOGHSUHYHQFLyQ\DWHQFLyQGH'HVDVWUHVHVWiFRQVWLWXLGRSRUHOFRQMXQWRGHHQWLGDGHV S~EOLFDV\SULYDGDVTXHUHDOL]DQSODQHVSURJUDPDVSUR\HFWRV\DFFLRQHVHVSHFLILFDVSDUDDOFDQ]DUORV VLJXLHQWHVREMHWLYRV D 'HILQLUODVUHVSRQVDELOLGDGHV\IXQFLRQHVGHWRGRVORVRUJDQLVPRV\HQWLGDGHVS~EOLFDVSULYDGDV\ FRPXQLWDULDVHQODVIDVHVGHSUHYHQFLyQPDQHMRUHKDELOLWDFLyQUHFRQVWUXFFLyQ\GHVDUUROORDTXHGDQ OXJDUODVVLWXDFLRQHVGHGHVDVWUHRFDODPLGDG E ,QWHJUDUORVHVIXHU]RVS~EOLFRV\SULYDGRVSDUDODDGHFXDGDSUHYHQFLyQ\DWHQFLyQGHODVVLWXDFLRQHV GHGHVDVWUHRGHFDODPLGDG F *DUDQWL]DU XQPDQHMRRSRUWXQR\HILFLHQWHGHWRGRVORVUHFXUVRVKXPDQRVWpFQLFRVDGPLQLVWUDWLYRV \HFRQyPLFRVTXHVHDQLQGLVSHQVDEOHVSDUDODSUHYHQFLyQ\DWHQFLyQGHODVVLWXDFLRQHVGHGHVDVWUHR FDODPLGDG ,17(*5$17(6'(/6,67(0$ x &RPLWp1DFLRQDO x &RPLWpV5HJLRQDOHV\/RFDOHV x '13$' x &RPLWp7pFQLFR1DFLRQDO x &RPLWp2SHUDWLYR1DFLRQDO x )RQGR1DFLRQDOGH&DODPLGDGHV
&20,7(1$&,21$/
,QWHJUDGRSRU x 0LQLVWURGHO,QWHULRU x 0LQLVWURVGH+DFLHQGD'HIHQVD6DOXG2EUDV\&RPXQLFDFLRQHV x -HIHGHO'HSDUWDPHQWR1DFLRQDOGH3ODQHDFLyQ '13 x 'LUHFWRU&UX]5RMD&RORPELDQD x 'LUHFWRU'HIHQVD&LYLO x 6RFLHGDG&RORPELDQDGH,QJHQLHURV x &RQIHGHUDFLyQ&RORPELDQDGH21*V x 'LUHFWRU1DFLRQDOGH3UHYHQFLyQ\$WHQFLyQGH'HVDVWUHV
&20,7(65(*,21$/(6</2&$/(6
(QODIDVHGHSUHSDUDFLyQVHGHEHQGHILQLUODVUHVSRQVDELOLGDGHV\IXQFLRQHVGHFDGDXQRGHORV RUJDQLVPRV\ HQWLGDGHVS~EOLFDVSULYDGDV\FRPXQLWDULDVSHUWHQHFLHQWHVDO&RPLWpGHDFXHUGRFRQ VXVFDSDFLGDGHVDQLYHOUHJLRQDORORFDOSDUDVHUDSOLFDGDVHQODIDVHGHUHVSXHVWD /RV&RPLWpVHVWDQLQWHJUDGRVSRU x *REHUQDGRUFLYLO $OFDOGH x &RQVHUMHUtDGH6DOXG x 3URWHFFLyQ&LYLO x &UX]5RMD x (QWLGDGHVGH'HVDUUROOR 5HSUHVHQWDQWHVGH$VRFLDFLRQHV *UHPLRV x %RPEHURV x )XHU]DV0LOLWDUHV x 3ROLFtD
6LVWHPDGH0DQHMR,QWHJUDOGH'HVDVWUHV
',5(&&,211$&,21$/3$5$/$35(9(1&,21<$7(1&,21 '('(6$675(6
2ULJLQDOPHQWHGHQRPLQDGD2ILFLQD1DFLRQDOSDUDOD$WHQFLyQGH'HVDVWUHV 21$' ODFXDOGHEHFRQWDUFRQ XQHTXLSRWpFQLFRLQWHJUDGRSRUIXQFLRQDULRVFDOLILFDGRVSDUDGLULJLU\RULHQWDUODViUHDVGHHVWXGLRWpFQLFR FLHQWtILFRHFRQyPLFRGHILQDQFLDPLHQWRFRPXQLWDULRMXUtGLFRHLQVWLWXFLRQDO\FRQHOFRQFXUVRGHODV SHUVRQDVQDWXUDOHV\HQWLGDGHVS~EOLFDV\SULYDGDVTXHVHDQFRQWUDWDGDVFRPRDVHVRUHVRFRQVXOWRUHVFRQ FDUJRDORVUHFXUVRVGHO)RQGR1DFLRQDOGH&DODPLGDGHV (QUHVXPHQVXVIXQFLRQHVVRQ VHJ~QHO$UW RGHO'HFUHWR GH x (ODERUDUHO3ODQ1DFLRQDOSDUDODSUHYHQFLyQ\DWHQFLyQGH'HVDVWUHVLPSXOVDU\FRRUGLQDUVX HMHFXFLyQ x ,PSXOVDU\SURPRYHUHO6LVWHPD,QWHJUDGRGH,QIRUPDFLyQ\DVHJXUDUVXDFWXDOL]DFLyQ\ PDQWHQLPLHQWR x $VXPLUODFRRUGLQDFLyQGHWRGDVODVDFWLYLGDGHVQHFHVDULDVSDUDDWHQGHUXQDVLWXDFLyQGHGHVDVWUH QDFLRQDOGHFODUDGD x $SR\DUDORVFRPLWpV/RFDOHVR5HJLRQDOHVHQODVODERUHVGHGLUHFFLyQ\FRRUGLQDFLyQGHODV DFWLYLGDGHVQHFHVDULDVSDUDDWHQGHUVLWXDFLRQHVGHGHVDVWUHGHFDUiFWHUUHJLRQDORORFDO x (ODERUDU SODQHVGHDFFLyQHVSHFtILFRVSDUDVLWXDFLRQHVGHGHVDVWUHQDFLRQDO\DSR\DUODHODERUDFLyQ\ HMHFXFLyQSDUDVLWXDFLRQHVGHGHVDVWUHGHFDUiFWHUUHJLRQDO\ORFDOSRUSDUWHGHORVUHVSHFWLYRV FRPLWpV x /OHYDUDODFRQVLGHUDFLyQGHO&RPLWp1DFLRQDOGHO&RPLWp2SHUDWLYR\GHOD-XQWD&RQVXOWRUDGHO )RQGR1DFLRQDOGH&DODPLGDGHVHVWXGLRV\SURSXHVWDVUHODFLRQDGDVFRQHOHMHUFLFLRGHVXV UHVSHFWLYDVIXQFLRQHV x 'LULJLU\RULHQWDUODVDFWLYLGDGHVGHO&RPLWp7pFQLFR1DFLRQDO /DHVWUXFWXUDGHOD'LUHFFLyQODLQWHJUDQFXDWURGLYLVLRQHV x 352*5$0$61$&,21$/(6 (QFDUJDGDGHORVDVSHFWRVWpFQLFRV\SURFHGLPLHQWRV FRRUGLQDFLyQGHO&RPLWp7pFQLFR\&RPLVLRQHVDVHVRUDV x &225',1$&,215(*,21$/ (QFDUJDGDGHDVHVRUDUDORV&RPLWpV5HJLRQDOHV\/RFDOHV\VXV HQWLGDGHVLQWHJUDQWHVSDUDIRUWDOHFHUVXRUJDQL]DFLyQLQVWLWXFLRQDO\VXJHVWLyQHQODSUHYHQFLyQ\ DWHQFLyQGHGHVDVWUHV x $32<2$(0(5*(1&,$ (QFDUJDGDDQLYHOQDFLRQDOGHSURPRYHUHOIRUWDOHFLPLHQWRWpFQLFRGH ODVHQWLGDGHVUHVSRQVDEOHVGHODSR\RGHORVSUHSDUDWLYRV\GHODDWHQFLyQGHGHVDVWUHV/H FRUUHVSRQGHIRPHQWDUORVVHUYLFLRVGHFRPXQLFDFLRQHVDOHUWDV\DODUPDVFRRUGLQDUHOHQYtRGH SHUVRQDOHOHPHQWRV\HTXLSRV x ('8&$&,21(,1)250$&,2138%/,&$ (QFDUJDGDGHDVHVRUDUDQLYHOQDFLRQDOODV DFFLRQHVGHHGXFDFLyQIRUPDOHLQIRUPDOODVFRPLVLRQHVDVHVRUDVTXHGHILQHQODVSROtWLFDV SURJUDPDV\HVWUDWHJLDVHGXFDWLYDV\GHLQIRUPDFLyQS~EOLFDWHQGLHQWHVDLQFRUSRUDUODSUHYHQFLyQ\ SURWHFFLyQDPELHQWDOHQODFXOWXUD
&20,7(7(&1,&21$&,21$/
,QWHJUDGRSRU x 'LUHFFLyQ1DFLRQDOSDUDOD3UHYHQFLyQ\$WHQFLyQGH'HVDVWUHV'13$' x 'HSDUWDPHQWR1DFLRQDOGH3ODQHDFLyQ'13 x ,QVWLWXWR1DFLRQDO*HROyJLFR\0LQHUR,1*(20,1$6 x ,QVWLWXWRGH+LGURORJtD0HWHRURORJtD\(VWXGLRV$PELHQWDOHV,'($0 x ,QVWLWXWR*HRJUiILFR$JXVWtQ&RGD]]L,*$& x (PSUHVD1DFLRQDOGH7HOHFRPXQLFDFLRQHV7(/(&20 x ,QVWLWXWR1DFLRQDOGH9LYLHQGDGH,QWHUpV6RFLDO\5HIRUPD8UEDQD,185%( x 6HUYLFLR1DFLRQDOGH$SUHQGL]DMH6(1$ x ,QVWLWXWRGH0HUFDGHR$JURSHFXDULR,'(0$ x 0LQLVWHULRVGH6DOXG7UDQVSRUWH$JULFXOWXUD0HGLR$PELHQWH\'HIHQVD x 'HIHQVD&LYLO&RORPELDQD x &UX]5RMD&RORPELDQD x )XHU]DV0LOLWDUHV 3ROLFtD1DFLRQDO x &RQVHMR&RORPELDQRGH6HJXULGDG x 3URJUDPDGHODV1DFLRQHV8QLGDVSDUDHO'HVDUUROOR318' x 8QLYHUVLGDG1DFLRQDOGH&RORPELD
6LVWHPDGH0DQHMR,QWHJUDOGH'HVDVWUHV x
x
&RPLVLRQHV$VHVRUDV x $VHQWDPLHQWRV+XPDQRV\9LYLHQGD x (GXFDFLyQ(PEDOVHV\5HSUHVDV x )HQyPHQRGH(O1LxR x ,QFHQGLRV)RUHVWDOHV x -XQWD1DFLRQDOGH%RPEHURV x 0DSDVGH$PHQD]D0LFURFXHQFDV\6DQHDPLHQWR$PELHQWDO x 3ODQHDFLyQGHO'HVDUUROOR\0HGLR$PELHQWH x 5LHVJR6tVPLFR\9ROFiQLFR x 5LHVJRV,QGXVWULDOHV\7HFQROyJLFRV x 6DOXG7VXQDPLR0DUHPRWRV 6HUYLFLRV1DFLRQDOHV x &HQWURGH,QIRUPDFLyQ6LQLHVWUDOLGDG x 2EVHUYDWRULR6LVPROyJLFR6XURFFLGHQWH8QLYDOOH x 2EVHUYDWRULRV9XOFDQROyJLFRV x 5HGGH$OHUWDV+LGURPHWHRUROyJLFDV x 5HGGH'HWHFFLyQGH7VXQDPLR0DUHPRWRV x 5HG6LVPROyJLFD1DFLRQDO6DWpOLWH x 9LJLODQFLDGH+XUDFDQHV6DWpOLWH
&20,7(23(5$7,921$&,21$/
,QWHJUDGRSRU x 'HIHQVD&LYLO&RORPELDQD x &UX]5RMD&RORPELDQD x 0LQLVWHULRGH6DOXG x )XHU]DV0LOLWDUHV 3ROLFtD1DFLRQDO x 'LUHFFLyQ1DFLRQDOSDUDOD3UHYHQFLyQ\$WHQFLyQGH'HVDVWUHV'13$' x &RPLVLRQHV$VHVRUDV x %~VTXHGD\5HVFDWH x &RPXQLFDFLRQHV x -XQWD1DFLRQDOGH%RPEHURV x 6HUYLFLRV1DFLRQDOHV x &HQWURGH,QIRUPDFLyQVREUH3URGXFWRV4XtPLFRV&,635248,0 x 5HG1DFLRQDOGH&HQWURVGH5HVHUYD x 5HG1DFLRQDOGH&RPXQLFDFLRQHV x 5HG1DFLRQDOGH'LVWULEXFLyQGH$OLPHQWRV
)21'21$&,21$/'(&$/$0,'$'(6
-XQWD&RQVXOWRUD x 0LQLVWHULRGHO,QWHULRU x 3UHVLGHQFLDGHOD5HS~EOLFD x 0LQLVWHULRGH+DFLHQGD x 0LQLVWHULRGH7UDQVSRUWH x 0LQLVWHULRGH6DOXG x 0LQLVWHULRGH$JULFXOWXUD x 'HIHQVD&LYLO&RORPELDQD x &UX]5RMD&RORPELDQD x 6XSHULQWHQGHQFLD%DQFDULD x )LGXFLDULD/D3UHYLVRUD x 'LUHFFLyQ1DFLRQDOSDUDOD3UHYHQFLyQ\$WHQFLyQGH'HVDVWUHV'13$'
6LVWHPDGH0DQHMR,QWHJUDOGH'HVDVWUHV
$0%,72'(/$$7(1&,21
&RPRJXtDDODVDFFLRQHVUHDOL]DGDVSRUORVPLHPEURVGHO6LVWHPD1DFLRQDOSDUDOD3UHYHQFLyQ\$WHQFLyQ GH'HVDVWUHVSUHVHQWDPRVHOVLJXLHQWHUHVXPHQGHDFXHUGRFRQHOWLHPSRWUDQVFXUULGRDSDUWLUGHO LPSDFWR GHOGHVDVWUH x 3ULPHURVGtDV x DVHPDQDV x +DVWDPHVHV x DPHVHV x 7LHPSRLQGHILQLGR
$7(1&,2185*(17( 7,(032 3ULPHURV GtDV
$&7,9,'$'(6
(-(&8&,21
%~VTXHGD\UHVFDWH
&DGHQDGHVRFRUURV &DGHQDGHSURWHFFLyQVRFLDO 'HOLPLWDFLyQOtQHDGHVHJXULGDG (YDOXDFLyQGHGDxRV\DQiOLVLVGH QHFHVLGDGHV $WHQFLyQGHILQLWLYDGHOHVLRQDGRV &RRUGLQDFLyQLQWHULQVWLWXFLRQDO
$7(1&,216(&81'$5,$ 7,(032 $&7,9,'$'(6 D %~VTXHGDGHSHUVRQDV VHPDQDV GHVDSDUHFLGDV 0DQHMRGHERGHJDV SURYLVLRQDOHV
$VLVWHQFLDHQDOLPHQWDFLyQ
6XPLQLVWURVQRDOLPHQWDULRV
$&7,9,'$'(6
2UJDQLVPRVGHVRFRUUR 2UJDQLVPRVGHVRFRUUR )XHU]DVDUPDGDV
'HOHJDGRVUHFRQRFLGRV
&HQWURVDVLVWHQFLDOHV5HGHVGHDWHQFLyQGHXUJHQFLDV ,36 &RPLWp ORFDOUHJLRQDORQDFLRQDO
(-(&8&,21
2ILFLQDGH%~VTXHGDVGHOD&UX]5RMDRGHO&RPLWp 3UR\HFWR680$RVXHTXLYDOHQWH
(VWDGR HQWLGDGHVGHOVHFWRUDJURSHFXDULR FRQDSR\RGH21*V FRQYHQLRV (VWDGRFRQDSR\RGH21*V FRQYHQLRVFHQWURVGHUHVHUYD
$7(1&,210(',$123/$=2 7,(032 +DVWD PHVHV
*UXSRVHVSHFLDOL]DGRVUHFRQRFLGRV
(-(&8&,21
$ORMDPLHQWRV7HPSRUDOHV (VWDGRFRQDSR\RGH21*V FRQYHQLRV $WHQFLyQGH$IHFWDGRV 9LJLODQFLDHQ6DOXG 3~EOLFD
(VWDGRFRQDSR\RGH21*V FRQYHQLRV 6LVWHPD*HQHUDOGH6HJXULGDG6RFLDOHQ6DOXG 6HFUHWDUtDGH6DOXG 613$'
5(+$%,/,7$&,21
7,(03 $&7,9,'$'(6 (-(&8&,21 2 D 5HKDEOLWDFLyQGHVHUYLFLRV 6LVWHPD*HQHUDOGH6HJXULGDG6RFLDOHQ6DOXG (36,366HFUHWDUtDVGH6DOXG PHVHV GHVDOXG 5HKDEOLWDFLyQGH 6LVWHPDVGHOVHFWRUHGXFDWLYR SURJUDPDVHVFRODUHV 5HKDEOLWDFLyQGHODV (PSUHVDVGHWHOHFRPXQLFDFLRQHV S~EOLFDVSULYDGDVRPL[WDV FRQDSR\RGH
6LVWHPDGH0DQHMR,QWHJUDOGH'HVDVWUHV WHOHFRPXQLFDFLRQHV 5HKDEOLWDFLyQGHOtQHDV YLWDOHV
ODVUHGHVGHWHOHFRPXQLFDFLRQHVGHO613$'
(PSUHVDVS~EOLFDV RPL[WDV UHVSRQVDEOHVGHOIXQFLRQDPLHQWR
5(&21758&&,21<'(6$552//2 7,(032 7LHPSR LQGHILQLGR
$&7,9,'$'(6 5HFRQVWUXFFLyQGHOD ,QIUDHVWUXFWXUD 5HFRQVWUXFFLyQGHORV $VHQWDPLHQWRV 0DQHMR$PELHQWDO $FFLRQHVSHUPDQHQWHVGH GHVDUUROOR
(VWDGR\&RPXQLGDG
(-(&8&,21
(VWDGR ,QXUEH6LWHPD1DFLRQDOGH&RILQDQFLDFLyQ*REHUQDFLRQHV \ &RPXQLGDG DXWRFRQVWUXFFLyQ (VWDGR 0LQGHO0HGLR$PELHQWH \ OD&RPXQLGDG (VWDGR\21*V
0$5&2/(*$/(1'(6$675(6 (QHVWDSiJLQDSXHGHFRQVXOWDU x 'HFUHWRV\OH\HVUHODFLRQDGRVFRQGHVDVWUHV x /HJLVODFLyQHQVDOXGUHODFLRQDGDFRQGHVDVWUHV
/$/(<</26'(6$675(6
'(&5(72'( SRUHOFXDOVHUHFRQRFHDOD&UX]5RMD&RORPELDQDFRPRDX[LOLDUGHO6HUYLFLR 6DQLWDULRGHO(MpUFLWRSDUDHIHFWRVGHVHULQFRUSRUDGDDOD/LJD ,QWHUQDFLRQDOGH6RFLHGDGHVGHOD&UX]5RMD /(<'( GRQGHVHFDOLILFDDOD&UX]5RMD&RORPELDQDFRPRLQVWLWXFLyQGHDVLVWHQFLDS~EOLFDTXH FXHQWDFRQHODSR\RGHWRGDVODVDXWRULGDGHV\GHORVFLXGDGDQRVHQVXSURJUDPDKXPDQLWDULR /(< '( SRUPHGLRGHODFXDOVHFUHDHO6RFRUUR1DFLRQDOHQ&DVRGH&DODPLGDG3~EOLFDGHVSXpV GHORVWUDJLFRVKHFKRVGHOIDPRVR%RJRWD]RGHO GHDEULOGH FXDQGRIXHDVHVLQDGRHOGRFWRU-RUJH (OLpFHU*DLWiQ(O6RFRUUR1DFLRQDOHVRWRUJDGRDOD&UX]5RMD &RORPELDQDSRUVHUOD~QLFDHQWLGDG LPSDUFLDO\QHXWUDO'HVSXpVVHUHJODPHQWDVHJ~Q'HFUHWR1RGHOGHGLFLHPEUHGH PiVWDUGH IXHPRGLILFDGRPHGLDQWHHOGHOGHMXQLRGH '(&5(72/(< '( SRUPHGLRGHOFXDOVHFUHD\RUJDQL]DDOD'HIHQVD&LYLOFRPRGHSHQGHQFLD GHO0LQLVWHULRGH'HIHQVDSDUDJDUDQWL]DUODSDUWLFLSDFLyQSHUPDQHQWH\REOLJDWRULDGHWRGRVORVLQGLYLGXRV GHOSDtVQRFRPSUHQGLGRVHQHOOODPDPLHQWRGHO6HUYLFLR2EOLJDWRULR /(< '( GHOFyGLJRVDQLWDULRQDFLRQDOTXHFRQVDJUDHOWLWXOR9,,,DODWHPiWLFDGHGHVDVWUHV\FUHDHO FRPLWp1DFLRQDOGH(PHUJHQFLDV VRORVHKDEOyGHOD&UX]5RMD\OD'HIHQVD&LYLOFRPRRUJDQLVPRVGH VRFRUURHQFDUJDGRVGHODDWHQFLyQ\SUHYHQFLyQHQVLWXDFLRQHVGHGHVDVWUH(VWHFRPLWpGHEtDDVXPLUOD FRRUGLQDFLyQGHWRGRVORVRUJDQLVPRVTXHLQWHUYLHQHQGXUDQWHODHPHUJHQFLD'LVSRQHODFRQVWLWXFLyQGH FRPLWpVUHJLRQDOHV\ORFDOHV\DVLJQDDO&RPLWp1DFLRQDOIXQFLRQHVGHFRQWURO\YLJLODQFLDGHSODQHVGH FDSDFLWDFLyQHQWUHQDPLHQWR\HVWDEOHFLPLHQWRGHQRUPDV\UHTXLVLWRVVREUHVLVWHPDVGHDODUPDLQIRUPDFLyQ JHQHUDOUHIXJLRFDPSDPHQWRV\FRQGLFLRQHVVDQLWDULDV '(&5(72 '( SRUHOFXDOVHUHJODPHQWDHO7tWXOR9,,,GHOD/H\ GH \HO'HFUHWR GH HQFXDQWRD GHVDVWUHV5HLWHUDODHVWUXFWXUDRUJDQL]DWLYD\DJUHJDDVSHFWRVDGPLQLVWUDWLYRV&UHDHO &HQWUR1DFLRQDOGH2SHUDFLRQHVGH(PHUJHQFLDFRPRXQFXHUSRGHULYDGRGHO&RPLWp1DFLRQDO LQWHJUDDOD 'HIHQVD&LYLOGHQWURGHODHVWUXFWXUDGHORV&RPLWpV1DFLRQDO5HJLRQDOHV\/RFDOHVGH(PHUJHQFLDV/DV IXQFLRQHVTXHGHEHFXPSOLUHOFHQWURVHUtDQFRRUGLQDGDVSRUOD'HIHQVD&LYLO&RORPELDQDHVWDEOHFLPLHQWR TXHWHQGUtDDXWRQRPtDSDUDPDQHMDUXQDFXHQWDHVSHFLDOEDMRHOQRPEUHGH)RQGR1DFLRQDOGH(PHUJHQFLDV pVWHLQVWUXPHQWRQRHVWiFRQWHPSODGRHQOD/H\ GH HQFRQVHFXHQFLDHVH[FOXVLYDFUHDFLyQGHO GHFUHWRUHJODPHQWDULR '(&5(72/(<'( FUHD\RUJDQL]DHO)RQGR1DFLRQDOGH&DODPLGDGHVPiVQRKDFHPHQFLyQ UHVSHFWRDVXUHODFLyQFRQHO)RQGR1DFLRQDOGH(PHUJHQFLDVQLVREUHODVXEVLVWHQFLDRQRGHHVWH~OWLPR
6LVWHPDGH0DQHMR,QWHJUDOGH'HVDVWUHV 'LFKRIRQGRWLHQHODQDWXUDOH]DGHXQDFXHQWDHVSHFLDOGHOD1DFLyQFX\DDGPLQLVWUDFLyQHVGHFDUiFWHU ILGXFLDULR(VWiDFDUJRGHXQDVRFLHGDGTXHGHEHFRQVWLWXLUVHSRUOD3UHYLVRUD6$\RWUDVHQWLGDGHVS~EOLFDV FX\RVHVWDWXWRV\QRUPDVRUJiQLFDVWLHQHQUHODFLyQFRQHOREMHWRGHOIRQGR pVWDVRFLHGDGVHFRQVWLWX\H\VXV HVWDWXWRV\QRUPDVIXHURQDSUREDGRVPHGLDQWHHO'HFUHWRGH EDMRHOQRPEUHGH6RFLHGDG )LGXFLDULDOD3UHYLVRUD/WGD /RVUHFXUVRVGHO)RQGRHVWiQGHVWLQDGRVWDQWRDODVIDVHVGHSUHYHQFLyQGH GHVDVWUHVFRPRDODVIDVHVTXHUHTXLHUDQDSR\RHFRQyPLFRXQDYH]SURGXFLGRVORVPLVPRV&RQWHPSOD ODDGPLQLVWUDFLyQGHORVUHFXUVRVFRQXQD-XQWD&RQVXOWRUDHVWDEOHFHODVIXHQWHVGHUHFXUVRVGHO)RQGR\ORV OLPLWHVSRUFHQWXDOHVSDUDODGLVWULEXFLyQGHORVPLVPRV '(&5(72'( SRUHOFXDOVHUHJODPHQWDHO'HFUHWR/H\1RGH (VWDEOHFHUHXQLRQHV IXQFLRQHVHLQIRUPHVGHOD-XQWD&RQVXOWRUDGHO)RQGR1DFLRQDOGH &DODPLGDGHVDVtFRPRODGHVWLQDFLyQ\ HQWUHJDGHUHFXUVRV /(<'( SRUPHGLRGHOFXDOVHFUHD\RUJDQL]DHO6LVWHPD1DFLRQDOSDUDOD3UHYHQFLyQ\DWHQFLyQ GH'HVDVWUHVVHRWRUJDQIDFXOWDGHVH[WUDRUGLQDULDVDO3UHVLGHQWHGHOD5HS~EOLFD\VHGLFWDQRWUDV GLVSRVLFLRQHV '(&5(72 '( SRUPHGLRGHOFXDOVHRUJDQL]DHO6LVWHPD1DFLRQDOSDUDOD3UHYHQFLyQ\$WHQFLyQ GH'HVDVWUHVGH&RORPELDFUHDGRSRUOD/H\GH FRGLILFDWRGDVODVQRUPDVYLJHQWHVUHODWLYDVDOD SUHYHQFLyQ\DWHQFLyQGH GHVDVWUHV6HGHILQHQORVLQWHJUDQWHVIXQFLRQHV\UHVSRQVDELOLGDGHVDQLYHO QDFLRQDOUHJLRQDO\ORFDO \VHHVWDEOHFHQORVUHJtPHQHVGHODVVLWXDFLRQHVGHGHVDVWUH VLWXDFLRQHVGH FDODPLGDGS~EOLFD DVSHFWRVLQVWLWXFLRQDOHV\GLVSRVLFLRQHVYDULDV/DFRRUGLQDFLyQGHO6LVWHPDVHUtDDFDUJR GHOD2ILFLQD1DFLRQDOSDUDODDWHQFLyQGH'HVDVWUHVTXHGHSHQGHGHO'HSDUWDPHQWR$GPLQLVWUDWLYRGHOD 3UHVLGHQFLDGHOD5HS~EOLFD '(&5(72'( SRUHOFXDOVHUHRUJDQL]DHO'HSDUWDPHQWR$GPLQLVWUDWLYRGHOD3UHVLGHQFLDGHOD 5HS~EOLFD(ODUWLFXORWUDVODGDDO0LQLVWHULRGH*RELHUQRODVIXQFLRQHVTXHFXPSOHOD2ILFLQD1DFLRQDOGH DWHQFLyQGH'HVDVWUHVGHO'HSDUWDPHQWR$GPLQLVWUDWLYRGHOD3UHVLGHQFLDGHOD5HS~EOLFD\VHFUHDOD 'LUHFFLyQ1DFLRQDOSDUDOD3UHYHQFLyQ\$WHQFLyQGH'HVDVWUHVGHQWURGHODHVWUXFWXUDGHO0LQLVWHULRGH *RELHUQR '(&5(72'( SRUHOFXDOVHGLFWDQPHGLGDVGHDSR\RDODVYtFWLPDVGHDWHQWDGRVWHUURULVWDV /(< '( SRUHOFXDOVHFUHDHO0LQLVWHULRGHO0HGLR$PELHQWHVHUHRUGHQDHOVHFWRUSXEOLFR HQFDUJDGRGHODJHVWLyQ\FRQVHUYDFLyQGHOPHGLRDPELHQWH\ORVUHFXUVRVQDWXUDOHVUHQRYDEOHV(QHO7LWXOR )XQGDPHQWRVGHOD3ROtWLFD$PELHQWDO&RORPELDQDHQHODUWLFXORR SULQFLSLRVJHQHUDOHVDPELHQWDOHV VH HVWDEOHFH TXHODSUHYHQFLyQGHGHVDVWUHVVHUiPDWHULDGHLQWHUpVFROHFWLYR\ODVPHGLGDVWRPDGDVSDUDHYLWDUR PLWLJDUORVHIHFWRVGHORVGHVDVWUHVVHUiQGHREOLJDWRULRFXPSOLPLHQWRHQHODUWLFXORR QXPHUDOHV\ VHGHILQHQDFWLYLGDGHV\SURFHGLPLHQWRVTXH FRPSOHPHQWDQODVDFWLYLGDGHVGHSUHYHQFLyQGHGHVDVWUHV QDWXUDOHV /(<'( SRUHOFXDOVHFRQVDJUDQXQRVLQVWUXPHQWRVSDUDODE~VTXHGDGHODFRQYLYHQFLDOD HILFDFLDGHODMXVWLFLD\VHGLFWDQRWUDVGLVSRVLFLRQHV(OWLWXORGHVDUUROODSURJUDPDV GHDWHQFLyQDODV YtFWLPDVGHDWHQWDGRVWHUURULVWDVTXHLQFOX\HGLVSRVLFLRQHVJHQHUDOHVDVLVWHQFLDHQVDOXGYLYLHQGDFUpGLWR HGXFDFLyQ\ODDVLVWHQFLDFRQODSDUWLFLSDFLyQGHHQWLGDGHVVLQ$QLPRGHOXFUR '(&5(72 '( SRUHOFXDOVHRUJDQL]D\ UHJODPHQWDOD5HG1DFLRQDOGH&HQWURVGH5HVHUYDSDUD OD$WHQFLyQGH(PHUJHQFLDV
/(*,6/$&,21(16$/8'
5(62/8&,21'(/0,1,67(5,2'(6$/8''( SRUHOFXDOVHFUHDQORV&RPLWpV +RVSLWDODULRVGH(PHUJHQFLDV\VHDVLJQDODUHVSRQVDELOLGDGGHODHODERUDFLyQ\SXHVWDDSUXHEDGHORV3ODQHV +RVSLWDODULRVGH(PHUJHQFLD '(&5(72'( SRUHOFXDOVHPRGLILFDQORVDUWtFXORV\GHO'HFUHWRGH UHIHUHQWH DO6HJXUR2EOLJDWRULRGHGDxRVFDXVDGRVDODVSHUVRQDVHQDFFLGHQWHVGHWUiQVLWR 5(62/8&,21'( SRUODFXDOVHUHJODPHQWDHODUWLFXOROLWHUDOEGHO'HFUHWRGH HQ FXDQWRDFRQVWLWXFLyQPDQHMR\XWLOL]DFLyQGHORVUHFXUVRVGHODFXHQWDHVSHFLDOGHVWLQDGD~QLFDPHQWHDO PHMRUDPLHQWRGHORVVHUYLFLRVGHDWHQFLyQPpGLFDHQXUJHQFLDV /(<'( SRUODFXDOVHUHRUJDQL]DHO6LVWHPD1DFLRQDOGH6DOXG\VHGLFWDQRWUDVGLVSRVLFLRQHV6H GHVFHQWUDOL]DODDGPLQLVWUDFLyQGHORV6HUYLFLRVGH6DOXGHQPDQRVGHORV$OFDOGHV\*REHUQDGRUHV6H UHILQDQFLDDOVHFWRUVDOXGREOLJDQGRDORV'HSDUWDPHQWRVDDVXPLUHQIRUPDSURJUHVLYDPD\RUHVJDVWRV6H HVWDEOHFHODFDUUHUDDGPLQLVWUDWLYD\VHGHFODUDQORV6HUYLFLRVGH6DOXGFRPRXQVHUYLFLRS~EOLFR LQGHSHQGLHQWHGHOVHFWRUTXHORVSUHVWH/RVVHUYLFLRVEiVLFRV\GHDVLVWHQFLDS~EOLFDVHUiQJUDWXLWRV\GH REOLJDWRULDSUHVWDFLyQSRUHO(VWDGR 5(62/8&,21'(/0,1,67(5,2'(6$/8''( SRUODFXDOVHGLFWDQPHGLGDVWHQGLHQWHVD JDUDQWL]DUODDWHQFLyQGHXUJHQFLDVDODVYtFWLPDVGHDWHQWDGRVWHUURULVWDVSRUSDUWHGHODVLQVWLWXFLRQHV KRVSLWDODULDVS~EOLFDV\SULYDGDV
6LVWHPDGH0DQHMR,QWHJUDOGH'HVDVWUHV '(&5(72'( SRUHOFXDOVHUHJODPHQWDQORV6HUYLFLRVGH8UJHQFLD6HGHILQHXUJHQFLDVH HVWDEOHFHREOLJDWRULHGDG\VHQRUPDWL]DVREUHSDFLHQWHVDPSDUDGRV\QRDPSDUDGRVSRUVLVWHPDGHVHJXULGDG \SUHYLVLyQVRFLDORGHPHGLFLQDSUHSDJDGD 5(62/8&,21'( SRUODFXDOVHHVWDEOHFHQWDULIDV\SURFHGLPLHQWRVSDUDHOUHFRQRFLPLHQWR\ SDJRSRUSDUWHGHODVFRPSDxtDVGHVHJXURVGHORVVHUYLFLRVSUHVWDGRVSRUODVHQWLGDGHVGHO6HFWRU6DOXGHQ HOGHVDUUROORGHOVHJXURREOLJDWRULRGHGDxRVFRUSRUDOHVFDXVDGRVDODVSHUVRQDVHQDFFLGHQWHVGHWUiQVLWR '(&5(72'( SRUHOFXDOVHUHJXODLQWHJUDOPHQWHHOVHJXURREOLJDWRULRGHGDxRVFRUSRUDOHV FDXVDGRVDODVSHUVRQDVHQDFFLGHQWHVGHWUiQVLWR/RVHVWDEOHFLPLHQWRVKRVSLWDODULRVRFOtQLFRV\ODV HQWLGDGHVGHVHJXULGDG\SUHYLVLyQVRFLDOGHORVVXEVHFWRUHVRILFLDO\SULYDGRGHOVHFWRUVDOXGHVWiQREOLJDGRV DSUHVWDUODDWHQFLyQPpGLFDTXLU~UJLFDIDUPDFpXWLFDXKRVSLWDODULDSRUGDxRVFRUSRUDOHVFDXVDGRVDODV SHUVRQDVHQDFFLGHQWHVGHWUiQVLWR6HFUHDHO)RQGRGHO6HJXUR2EOLJDWRULRGH$FFLGHQWHVGH7UiQVLWR )216$7SDUDHOSDJRGHVLQLHVWURVRFDVLRQDGRVSRUYHKtFXORVQRLGHQWLILFDGRVRQRDVHJXUDGRV\FRPR LQVWUXPHQWRGHDSR\RSDUDOD5HGGH8UJHQFLDV 5(62/8&,21'( SRUODFXDOVHILMDQQRUPDV\SURFHGLPLHQWRV\VHDGRSWDQORVPRGHORVGH UHFODPDFLyQXQLIRUPHVSDUDUHFRQRFLPLHQWR\SDJRSRUODSUHVWDFLyQGHVHUYLFLRVFRUUHVSRQGLHQWHVDO6HJXUR 2EOLJDWRULRGH$FFLGHQWHVGH7UiQVLWR62$7'(&5(72'( SRUHOFXDOVHUHJODPHQWDQ SDUFLDOPHQWHORVVHUYLFLRVGHXUJHQFLDV\VHGLFWDQRWUDVGLVSRVLFLRQHV6HHVWDEOHFHODREOLJDWRULHGDGGHOD DWHQFLyQLQLFLDOGHXUJHQFLDV\VXGHILQLFLyQ&UHDORVFRPLWpVGHXUJHQFLDV\VXVIXQFLRQHV'(&5(72 '( SRUHOFXDOVHGLFWDQPHGLGDVWHQGLHQWHVDJDUDQWL]DUODDWHQFLyQKRVSLWDODULDDODVYtFWLPDVGH DWHQWDGRVWHUURULVWDV ',5(&7,9$0,1,67(5,$/'( GHO0LQLVWHULRGH6DOXG GHILQHUHVSRQVDELOLGDGHVGHOVHFWRUVDOXG FRPRLQWHJUDQWHGHO6LVWHPD1DFLRQDOSDUDOD3UHYHQFLyQ\$WHQFLyQGH'HVDVWUHV /(<'( SRUODFXDOVHFUHDHO6LVWHPD1DFLRQDOGH6HJXULGDG6RFLDO,QWHJUDO\VHGLFWDQRWUDV GLVSRVLFLRQHV (ODUWLFXOR 5LHVJRVFDWDVWUyILFRV\DFFLGHQWHVGHWUiQVLWRGHILQHORVGHUHFKRVGHORVDILOLDGRVDO 6LVWHPDHQFDVRGHXUJHQFLDVJHQHUDGDVSRUDFFLGHQWHVGHWUiQVLWRDFFLRQHVWHUURULVWDVFDWiVWURIHV QDWXUDOHV\RWURVHYHQWRV (ODUWLFXOR $WHQFLyQLQLFLDOGHXUJHQFLDVGHWHUPLQDODREOLJDWRULHGDGGHODDWHQFLyQSRUODV HQWLGDGHVSXEOLFDV\SULYDGDV (ODUWLFXOR &UHDFLyQ\RSHUDFLyQGHO)RQGRGH6ROLGDULGDG\*DUDQWtDV (ODUWLFXOR )LQDQFLDFLyQGHODVXEFXHQWDGHHQIHUPHGDGHVFDWDVWUyILFDV\DFFLGHQWHVGHWUiQVLWR (ODUWLFXOR VREUHIXQFLRQDPLHQWRGHO6HJXUR2EOLJDWRULRGH$FFLGHQWHVGH7UiQVLWRLQWURGXFH PRGLILFDFLRQHVDO'HFUHWRGH '(&5(72'( SRUHOFXDOVHGHILQH\VHUHJODPHQWDQORVULHVJRVFDWDVWUyILFRV\ORVDFFLGHQWHVGH WUiQVLWRGHQWURGHO6LVWHPD*HQHUDOGH6HJXULGDG6RFLDOHQ6DOXG6HGHILQHQORVWLSRVGHHYHQWR EHQHILFLRVFXEULPLHQWRGHOVHUYLFLRPpGLFRTXLU~UJLFR\IXQFLRQDPLHQWRGHO6HJXUR2EOLJDWRULRGH $FFLGHQWHVGH7UiQVLWR '(&5(72 '( SRUHOFXDOVHH[SLGHHO(VWDWXWR2UJiQLFRGHO6LVWHPD*HQHUDOGH6HJXULGDG 6RFLDOHQ6DOXG/RV$UWtFXORVR\GHORDORGHILQHQDVSHFWRVGHORVULHVJRV&DWDVWUyILFRV\ DFFLGHQWHVGHWUiQVLWR
&2',*2,17(51$&,21$/'(&21'8&7$ 3$5$(/62&2552(1&$626'('(6$675(6 '(/$621*V
(O&yGLJRGH&RQGXFWDSDUDHO0RYLPLHQWR,QWHUQDFLRQDOGHOD&UX]5RMD\GHOD0HGLD/XQD5RMD\ODV 21*VIXHSUHSDUDGR\DFRUGDGRSRURFKRGHODVPiVLPSRUWDQWHVDJHQFLDVGHVRFRUURGHOPXQGRHQ &$5,7$6,QWHUQDFLRQDO6HUYLFLRVGH6RFRUUR&DWyOLFR$OLDQ]D,QWHUQDFLRQDO6DYHWKH&KLOGUHQ )HGHUDFLyQ/XWHUDQD0XQGLDO2;)$0&RQVHMR0XQGLDOGH,JOHVLDV)HGHUDFLyQ,QWHUQDFLRQDOGHOD &UX]5RMD\HO&RPLWp,QWHUQDFLRQDOGHOD&UX]5RMD (O&yGLJRUHSUHVHQWDXQDLQLFLDWLYDSDUDILMDUQRUPDVDODVUHVSXHVWDVHQFDVRGHGHVDVWUH\HVWiVLHQGR XWLOL]DGRSRUODVDJHQFLDVILUPDQWHVSDUDPRQLWRUHDUVXVSURSLDVQRUPDVHQODHQWUHJDGHVRFRUURV\HVWLPXODU DRWUDVDJHQFLDVDILMDURWUDVVLPLODUHV /D)HGHUDFLyQ,QWHUQDFLRQDOGHOD&UX]5RMDPDQWLHQHXQUHJLVWURS~EOLFRGHWRGDVODV21*VTXHVHKDQ FRPSURPHWLGRFRQHO&yGLJRGH&RQGXFWD \SXEOLFDUDSHULyGLFDPHQWHHOOLVWDGRHQHO,QIRUPH0XQGLDO VREUH'HVDVWUHV /DOLVWDFRPSOHWDDPDU]RGH LQFOX\HDDJHQFLDVTXHKDEtDQUHJLVWUDGRVXFRPSURPLVRFRQHOFyGLJR SHUWHQHFLHQWHVDHVWRVSDtVHV
6LVWHPDGH0DQHMR,QWHJUDOGH'HVDVWUHV $OHPDQLD$XVWUDOLD$XVWULD%DQJODGHVK%pOJLFD%HQLQ&DQDGi&RVWDGH0DUILO&URDFLD'LQDPDUFD (WLRStD)UDQFLD*UHFLD,QGLD,QJODWHUUD,WDOLD/DRV/tEDQR/X[HPEXUJR1XHYD=HODQGD1RUXHJD )LOLSLQDV5XVLD6UL/DQND6XL]D6XHFLD7DLODQGLD((88\=DLUH (OWH[WRFRPSOHWRGHO&yGLJRSXHGHHQFRQWUDUVHHQODSiJLQDGH,QWHUQHW:HEGHOD)HGHUDFLyQGHOD&UX] 5RMD KWWS ZZZLIUFRUJ DVtFRPRHOOLVWDGRGHDJHQFLDVFRPSURPHWLGDV /RV SULQFLSLRVDFRUGDGRVSRUORVVLJQDWDULRVVRQORVVLJXLHQWHV /RSULPHURHVHOGHEHUKXPDQLWDULR
/DD\XGDEULQGDGDQRHVWiFRQGLFLRQDGDSRUODUD]DHOFUHGRRODQDFLRQDOLGDGGHORVEHQHILFLDULRVQL SRUQLQJ~QRWURWLSRGHGLIHUHQFLDHORUGHQGHSULRULGDGGHODDVLVWHQFLDVHHVWDEOHFH~QLFDPHQWHHQ IXQFLyQGHODVQHFHVLGDGHV /DD\XGDQRVHXWLOL]DUiSDUDIDYRUHFHUXQDGHWHUPLQDGDRSLQLyQSROtWLFDRUHOLJLRVD
1RVHPSHxDUHPRVHQQRDFWXDUFRPRLQVWUXPHQWRVGHQLQJXQDSROtWLFDH[WHULRUJXEHUQDPHQWDO 5HVSHWDUHPRVODFXOWXUD\ODVFRVWXPEUHVORFDOHV
7UDWDUHPRVGHIRUWDOHFHUODFDSDFLGDGGHKDFHUIUHQWHDORVGHVDVWUHVXWLOL]DQGRODVDSWLWXGHV\ORV PHGLRVGLVSRQLEOHVDQLYHOORFDO 6HEXVFDUiKDFHUSDUWLFLSDUDORVEHQHILFLDULRVHQODDGPLQLVWUDFLyQGHODD\XGDGHVRFRUUR
/DD\XGDWHQGUiSRUILQDOLGDGVDWLVIDFHUODVQHFHVLGDGHVEiVLFDV\WUDWDUiGHUHGXFLUHQHOIXWXUROD YXOQHUDELOLGDGDQWHORVGHVDVWUHV 6RPRVUHVSRQVDEOHVDQWHDTXHOORVDTXLHQHVWUDWDPRVGHD\XGDU\DQWHODVLQVWLWXFLRQHVRODV SHUVRQDVGHODVTXHDFHSWDPRVUHFXUVRV
(QQXHVWUDVDFWLYLGDGHVGHLQIRUPDFLyQSXEOLFLGDG\SURSDJDQGDGHEHPRVUHFRQRFHUDODVYtFWLPDV FRPRVHUHVKXPDQRVGLJQRV\QRFRPRREMHWRVVLQHVSHUDQ]DTXHLQVSLUDQFRPSDVLyQ
5('8&&,21'(/26'(6$675(6 (QHVWDSiJLQDSXHGHFRQVXOWDU x 3UHYLVLyQ x 3UHYHQFLyQ x 0LWLJDFLyQ x 3UHSDUDFLyQ x $OHUWD
/D UHGXFFLyQGHORVGHVDVWUHVFRPSUHQGHODVDFWLYLGDGHVGHODHWDSDGHDQWHVGHOGHVDVWUHHQODVIDVHVGH SUHYLVLyQSUHYHQFLyQPLWLJDFLyQSUHSDUDFLyQ\DOHUWD 5HFRUGHPRVTXHHQHOFLFORGHORVGHVDVWUHVVHPHQFLRQyTXHHOREMHWLYRGHODSUHYLVLyQHVGHWHUPLQDUODV SRVLEOHVDPHQD]DV\ODVFRQGLFLRQHVGHYXQHODELOLGDGGHXQDFRPXQLGDG/DSUHYHQFLyQHVHYLWDUTXHRFXUUD HOHYHQWRRWUDWDUGHUHGXFLUVXVHIHFWRV/DPLWLJDFLyQHVODUHGXFFLyQGHORVULHVJRVHVGHFLUODDWHQXDFLyQ GHORVGDxRVSRWHQFLDOHVVREUHODYLGD\ORVELHQHV/DSUHSDUDFLyQHVWUXFWXUDODUHVSXHVWD\ODDOHUWD FRUUHVSRQGHDODQRWLILFDFLyQIRUPDOGHXQSHOLJURLQPLQHQWH
6LVWHPDGH0DQHMR,QWHJUDOGH'HVDVWUHV
5('8&&,21'('(6$675(6 35(9,6,21
/DSUHYLVLyQEXVFDGHWHUPLQDU ODVSRVLEOHVDPHQD]DV\ODVFRQGLFLRQHVGHYXOQHUDELOLGDGGHXQDFRPXQLGDG SRUPHGLRGH x /DDSOLFDFLyQGHPpWRGRVFLHQWtILFRVFRPRODUHYLVLyQKLVWyULFDORVHVWXGLRVJHROyJLFRV\ DQWURSROyJLFRV x (ODQiOLVLVGHODSHUFHSFLyQFXOWXUDOGHOULHVJRSRUSDUWHGHODFRPXQLGDGWDOFRPRORVUHODWRVVREUH KHFKRVH[WUDRUGLQDULRVRFXUULGRVHQHOSDVDGRWUDQVPLWLGRVRUDOPHQWHHQHOWLHPSR x (VWXGLRVHLQYHVWLJDFLRQHVGHODVFRQGLFLRQHVGHYXOQHUDELOLGDGGHODFRPXQLGDGHVWUXFWXUDOHV\GH RWURVWLSRV /DSUHYLVLyQ WLHQHXQDOWRFRPSRQHQWHFXOWXUDO\VRFLDOHQFXDQWRVHUHDOL]DSDUDGHWHUPLQDUHOULHVJRHQXQD FRPXQLGDGGHWHUPLQDGD 3RUORWDQWRSDUDGHILQLUODVPHGLGDVGHSUHYHQFLyQRPLWLJDFLyQHVQHFHVDULROOHYDUDFDERDQiOLVLV JHRJUiILFRVWRSRJUiILFRVJHROyJLFRVHFROyJLFRVHWFTXHSHUPLWDQFRQFOXLUFXiOHVVRQODV]RQDVPiV DGHFXDGDVSDUDODORFDOL]DFLyQGHDVHQWDPLHQWRVKXPDQRVLQIUDHVWUXFWXUD\DFWLYLGDGHVSURGXFWLYDV (VQHFHVDULRHYDOXDUDTXpWLSRGHDPHQD]DVHHQFXHQWUDQVRPHWLGRV\FXiOHVHOJUDGR GHYXOQHUDELOLGDGTXH WLHQHQORVHOHPHQWRVTXHORVFRPSRQHQHVWUXFWXUDOHVQRHVWUXFWXUDOHV\IXQFLRQDOHV (VWHSURFHVRHVIXQGDPHQWDOSDUDSRGHUGHILQLUODVPHGLGDVGHSUHYHQFLyQRPLWLJDFLyQODVFXDOHVWLHQHQ FRPRREMHWRLQWHUYHQLUODDPHQD]DRODYXOQHUDELOLGDGGHORVHOHPHQWRVH[SXHVWRV
5('8&&,21'('(6$675(6 35(9(1&,21
(QHVWDSiJLQDSXHGHFRQVXOWDU x 0HWRGRORJtD x ,QVWUXPHQWRV x &XOWXUDSDUDODSUHYHQFLyQ
(V HTXLYDOHQWHDGHFLUTXHPHGLDQWHODLQWHUYHQFLyQGLUHFWDGHOSHOLJURSXHGHHYLWDUVHVXRFXUUHQFLDHV GHFLULPSHGLUODFDXVDSULPDULDGHOGHVDVWUH (VWXGLRVGHWDOODGRVDFHUFDGHODVFDUDFWHUtVWLFDVGHORVIHQyPHQRVDQiOLVLVGHODVVHFXHQFLDVJHQHUDGRUDVGH HYHQWRV\REUDVGHSURWHFFLyQ\FRQWUROVRQHMHPSORVGHDFFLRQHVTXHSXHGHQOOHYDUVHDFDERSDUDSUHYHQLU GHVOL]DPLHQWRVLQXQGDFLRQHVHVFDSHVGHJDVHVWy[LFRVHQWUHRWUDV 6LQHPEDUJRKD\TXHHQIDWL]DUTXHSHVHDODPDJQLWXGGHORVWUDEDMRVQHFHVDULRVHQSURFXUDGHORJUDUOD SUHYHQFLyQQRHVDEVROXWDPHQWHVHJXURTXHVHSXHGDHYLWDUODRFXUUHQFLDGHGHVDVWUHVJHQHUDGRVSRUHVWRV IHQyPHQRV 6HSXHGHFRQVLGHUDUWDPELpQFRPRSUHYHQFLyQHOUHWLURGHORVHOHPHQWRVH[SXHVWRVDODDPHQD]DHYLWDQGRDVt ODV FRQVHFXHQFLDVRGDxRVVREUHHVWRVVLWXDFLyQTXHQRVLHPSUHHVIDFWLEOHGHVGHHOSXQWRGHYLVWD HFRQyPLFR HMHPSORGHHVWDVLWXDFLyQHVODUHXELFDFLyQGHDVHQWDPLHQWRVKXPDQRVDOWDPHQWHFRQVROLGDGRV H[SXHVWRVDXQDGHWHUPLQDGDDPHQD]D 5HFRUGDUTXHHOULHVJR GHXQDFRPXQLGDGDVXIULUXQGHVDVWUHGHSHQGHGHGRVIDFWRUHV /DDPHQD]D DODTXH SXHGHHVWDUH[SXHVWD\HOSRUFHQWDMHGHYXOQHUDELOLGDG GHODFRPXQLGDGDVXIULUORVGDxRVFDXVDGRVSRUOD DPHQD]D 5 $ 9 'HHVWDIRUPDODSUHYHQFLyQFRQGXFLUtDDODHOLPLQDFLyQGHXQRGHHVWRVGRVIDFWRUHV $y9 SDUDDVtDQXODU HOULHVJR
6LVWHPDGH0DQHMR,QWHJUDOGH'HVDVWUHV
0(72'2/2*,$'(/$35(9(1&,21
,QFRUSRUDFLyQGHODVPHGLGDVSUHYHQWLYDVHQORVSODQHV\SURJUDPDVUHJLRQDOHV\QDFLRQDOHVGHPHGLDQR\ ODUJRSOD]RWDOHVFRPR x 3ODQHVLQWHJUDOHV GHGHVDUUROORVREUHHVSDFLRVJHRJUiILFRVXUEDQRVUHJLRQDOHV\QDFLRQDOHV LQFOX\HQGRSURJUDPDVGHLQYHUVLyQ\DVLJQDFLyQGHSUHVXSXHVWRVVHFWRULDOHVSRUFLXGDGHV\ UHJLRQHV x 3ODQLILFDFLyQItVLFDSDUDODORFDOL]DFLyQGHLQGXVWULDHLQIUDHVWUXFWXUD x 3URJUDPDVGHLQWHUYHQFLyQGHIHQyPHQRVHVSHFtILFRVWDOHVFRPRLQXQGDFLRQHVVHTXtDV\ GHVOL]DPLHQWRV 7RGDPHGLGDFX\RSURSyVLWRHVSUHYHQLUDPHQD]DVRHOLPLQDUXQULHVJRHVWiHVWUHFKDPHQWHOLJDGDFRQORV SURJUDPDVDODUJRSOD]RHVWDEOHFLGRVSDUDHOGHVDUUROORGHXQDUHJLyQRXQSDtVUD]yQSRUODFXDOWLHQGHQD VHULQFRUSRUDGRVGHQWURGHORVSODQHVVHFWRULDOHVGHRUGHQDPLHQWRWHUULWRULDO\GHGHVDUUROORVRFLRHFRQyPLFR
,167580(17263$5$/$35(9(1&,21
/RVLQVWUXPHQWRVFRP~QPHQWHFRQRFLGRVHQODSUHYHQFLyQ VRQORVVLJXLHQWHV x ,QWHUYHQFLyQGHFXHQFDVKLGURJUiILFDVGHJUDGDGDVFRQHOILQGHHYLWDUODHURVLyQODLQHVWDELOLGDGGH VXHORV\ODJHQHUDFLyQGHLQXQGDFLRQHV x 6LVWHPDVGHLUULJDFLyQ\FDQDOL]DFLyQGHDJXDVSDUDHYLWDUVHTXtDV x 6LVWHPDVGHVHJXULGDGSDUDODLQWHUUXSFLyQGHVHFXHQFLDVGHIDOODVHQFDGHQDGDVTXHSXHGHQ SUHVHQWDUVHHQSODQWDVQXFOHDUHV\RWURVULHVJRVWHFQROyJLFRV x 5HXELFDFLyQSHUPDQHQWHGHYLYLHQGDVGHLQIUDHVWUXFWXUDRGHFHQWURVGHSURGXFFLyQORFDOL]DGRVHQ ]RQDVGHDOWRULHVJR'HILQLFLyQGHXQDSROtWLFDFXOWXUDOGHSUHYHQFLyQ x 3URPRFLyQGHODSDUWLFLSDFLyQFRPXQLWDULD x &RPRSXHGHHYLGHQFLDUVHHQODPD\RUtDGHHVWRVHMHPSORVHOFRQFHSWRGHSUHYHQFLyQVHUHIOHMDHQHO KHFKRGHSUHWHQGHUHYLWDUTXHORVIHQyPHQRVGHQOXJDUDGHVDVWUHV
&8/785$3$5$/$35(9(1&,21
&RQVLVWHHQSURPRYHUHQODFRPXQLGDG\HQODVHQWLGDGHVJXEHUQDPHQWDOHV\QRJXEHUQDPHQWDOHVOD DSOLFDFLyQGHORVPpWRGRVHLQVWUXPHQWRVGHODSUHYHQFLyQGHGHVDVWUHVHQVXVDFWLYLGDGHVFRWLGLDQDV SUiFWLFDPHQWHFRPRXQSDWUyQGHFRPSRUWDPLHQWR /RVSURJUDPDVHGXFDWLYRVGHEHQVHUHOSLODUGHODFXOWXUDSDUDODSUHYHQFLyQFRQHOREMHWLYRGHIRUPDUDOD FRPXQLGDGHQDVSHFWRVFRPRODSUHYHQFLyQ\PLWLJDFLyQGHGHVDVWUHVSUHSDUDFLyQGHODUHVSXHVWDRHO DGHFXDGRXVRGHORVUHFXUVRVQDWXUDOHV
5('8&&,21'('(6$675(6 0,7,*$&,21
(QHVWDSiJLQDSXHGHFRQVXOWDU x 0HWRGRORJtD x ,QVWUXPHQWRV x 0LWLJDFLyQHQKRVSLWDOHV
(OSURSyVLWRGHODPLWLJDFLyQ HVODUHGXFFLyQGHORVULHVJRVHVGHFLUODDWHQXDFLyQGHORVGDxRVSRWHQFLDOHV VREUHODYLGD\ORVELHQHV ([LVWHQHYHQWRVTXHQRHVSRVLEOHSUHYHQLU\WHQLHQGRHQFXHQWDTXHDQWHODRFXUUHQFLDGHHYHQWRVSRFR SUREDEOHVODVPHGLGDVGHSUHYHQFLyQQRSXHGHQJDUDQWL]DUWRWDOPHQWHTXHQRVHSUHVHQWHXQGHVDVWUHODHWDSD GHPLWLJDFLyQUHVXOWDVHUXQDGHODVPiVLPSRUWDQWHVGHODUHGXFFLyQSDUDGHVDVWUHVGDGRTXHPHGLDQWHVXV PHGLGDVDQWLFLSDGDVHVSRVLEOHGLVPLQXLUVLJQLILFDWLYDPHQWHODVFRQVHFXHQFLDVHVSHUDGDV (QJHQHUDOODPLWLJDFLyQHVODIDVHPiVHILFLHQWH GHODUHGXFFLyQGHORVGHVDVWUHVHQWpUPLQRVVRFLDOHV\ HFRQyPLFRV
6LVWHPDGH0DQHMR,QWHJUDOGH'HVDVWUHV /DPLWLJDFLyQHVXQSURFHVRFRPSOHMR\DTXHPXFKRVGHVXVLQVWUXPHQWRVDOLJXDOTXHORVGHODSUHYHQFLyQ KDFHQSDUWHGHOGHVDUUROORHFRQyPLFR\VRFLDO /DPLWLJDFLyQVHOOHYDDFDERGHODPDQHUDPiVHILFLHQWHDWUDYpVGHORUGHQDPLHQWRGHORVDVHQWDPLHQWRV KXPDQRV\GHODSODQLILFDFLyQGHSUR\HFWRVGHLQYHUVLyQGHFDUiFWHULQGXVWULDODJUtFRODRGHLQIUDHVWUXFWXUD /DVPHGLGDVGHPLWLJDFLyQHVWiQDOWDPHQWHUHODFLRQDGDVFRQDVSHFWRVOHJDOHVILVFDOHVDGPLQLVWUDWLYRV\ ILQDQFLHURVTXHSXHGHQUHJXODURHVWLPXODUHOUHVSHWRGHOXVRDGHFXDGRGHODWLHUUDFRQVLGHUDQGRDTXHOODV ]RQDVJHRJUiILFDVTXHQRGHEHQVHUXWLOL]DGDVSDUDORFDOL]DFLyQ GHYLYLHQGDVLQIUDHVWUXFWXUDRDFWLYLGDGHV SURGXFWLYDVGHELGRDOSRWHQFLDOTXHRIUHFHQGHVHUDIHFWDGDVSRUHYHQWRVSHOLJURVRV 'HLJXDOIRUPDODUHJODPHQWDFLyQSDUDHOXVR\PDQHMRGHORVUHFXUVRVQDWXUDOHVFRQPLUDVDUHGXFLUHO GHWHULRURGHOPHGLRDPELHQWH\ORVFyGLJRVGHFRQVWUXFFLyQVLVPRUUHVLVWHQWHVRQPHGLGDVFX\RREMHWLYRHV PLWLJDURGLVPLQXLUORVHIHFWRVGHHYHQWRVWDOHVFRPRODHURVLyQODVLQXQGDFLRQHVORVGHVOL]DPLHQWRV\ORV WHUUHPRWRV
0(72'2/2*,$'(/$0,7,*$&,21
/RVPpWRGRVGHPLWLJDFLyQSXHGHQVHUDFWLYRVRSDVLYRV /RVPpWRGRVDFWLYRV LPSOLFDQHOFRQWDFWRGLUHFWRHQWUHODVSHUVRQDVLQYROXFUDGDVFRPRHOIRUWDOHFLPLHQWR LQVWLWXFLRQDOODRUJDQL]DFLyQODFDSDFLWDFLyQODLQIRUPDFLyQS~EOLFDODSDUWLFLSDFLyQFRPXQLWDULDHWF /RVPpWRGRVSDVLYRV HVWiQUHODFLRQDGRVFRQODOHJLVODFLyQ\ODSODQLILFDFLyQWDOHVFRPRORVFyGLJRVGH FRQVWUXFFLyQODUHJODPHQWDFLyQGHXVRVGHOVXHORORVHVWtPXORVILVFDOHV\ILQDQFLHURVODLQWHUYHQFLyQGHOD YXOQHUDELOLGDGItVLFD\ODUHXELFDFLyQGHDVHQWDPLHQWRVGHDOWRULHVJR
,167580(1726'(/$0,7,*$&,21
'HDFXHUGRFRQODVH[SHULHQFLDVLQWHUQDFLRQDOHVVHUHFRQRFHXQFRQMXQWRGHPHGLGDVHILFDFHVSDUDOD PLWLJDFLyQGHORVHIHFWRVGHORVGHVDVWUHVQDWXUDOHV x &RQRFHUODVFDUDFWHUtVWLFDVGHODDPHQD]DVXXELFDFLyQJHRJUiILFD\VXPDJQLWXG x ,PSOHPHQWDUPHGLGDVGHRUGHQMXUtGLFRSDUDHORUGHQDPLHQWRXUEDQR x (VWDEOHFHUFyGLJRVGHFRQVWUXFFLyQFRQUHTXLVLWRVGHUHVLVWHQFLDDOWLSRGHDPHQD]DLGHQWLILFDGD x 5HDOL]DUREUDVGHLQIUDHVWUXFWXUDSUHYHQWLYDHQODV]RQDVGHULHVJR x 'HILQLUODFRQYHQLHQFLD\VLHVQHFHVDULRUHXELFDUORVDVHQWDPLHQWRVKXPDQRV $FRQWLQXDFLyQVHHVSHFLILFDQDOJXQRVGHORVLQVWUXPHQWRVGHPLWLJDFLyQPiVFRPXQHVPHGLDQWHORV FXDOHVVHOOHYDDFDERODUHGXFFLyQGHULHVJRV x ,QVWUXPHQWDFLyQSDUDHOFRQRFLPLHQWR\ODLQYHVWLJDFLyQGHORVIHQyPHQRVSRWHQFLDOPHQWH SHOLJURVRV x ,GHQWLILFDFLyQGHSHOLJURV\HODERUDFLyQGHPDSDVGHDPHQD]DVSDUDFHQWURVXUEDQRV\UHJLRQHV x ,GHQWLILFDFLyQGHHOHPHQWRVDPHQD]DGRVHYDOXDFLyQGHVXYXOQHUDELOLGDG\HVWLPDFLyQGHSpUGLGDV SRWHQFLDOHV x ,QIRUPDFLyQS~EOLFD\FDSDFLWDFLyQDFHUFDGHOULHVJRSDUDGLVPLQXLUODYXOQHUDELOLGDGVRFLDOGHOD SREODFLyQH[SXHVWD x &DSDFLWDFLyQSURIHVLRQDOGHORVIXQFLRQDULRVGHODVLQVWLWXFLRQHVFRPSURPHWLGDVFRQOD DGPLQLVWUDFLyQSDUDGHVDVWUHV x 3ODQLILFDFLyQGHORUGHQDPLHQWRXUEDQR\WHUULWRULDOFRQHOILQGHGHOLPLWDUODViUHDVYHGDGDVSRUDOWD YXOQHUDELOLGDG x ([SHGLFLyQGHQRUPDVVREUHHOPDQHMRGHORVUHFXUVRVQDWXUDOHV\VXYLJLODQFLDSDUDTXHGLFKD UHJODPHQWDFLyQVHFXPSOD x 5HJODPHQWDFLyQGHXVRVGHOVXHOR\HVWDEOHFLPLHQWRGHLQFHQWLYRVILVFDOHV\ILQDQFLHURVSDUDOD DGHFXDGDRFXSDFLyQ\XWLOL]DFLyQGHODWLHUUD x ([SHGLFLyQGHFyGLJRVGHFRQVWUXFFLyQGHHGLILFDFLRQHV\GHOtQHDVYLWDOHVSDUDUHGXFLUOD YXOQHUDELOLGDGItVLFD\YLJLODQFLDSDUDJDUDQWL]DUTXHGLFKDVQRUPDVVHFXPSODQ x 5HJODPHQWDFLyQ\YLJLODQFLDGHOWUDQVSRUWHGHVXVWDQFLDVSHOLJURVDV KD]PDW \GHODVUXWDVSRUODV FXDOHVVHUHDOL]D x ([SHGLFLyQ\YLJLODQFLDGHODDSOLFDFLyQGHQRUPDVGHVDOXGS~EOLFDVHJXULGDGLQGXVWULDO\GH PDQHMRGHGHVSHUGLFLRVFRQWDPLQDQWHV x 3UHVDVUHJXODGRUDVFDQDOHVRGLTXHVSDUDFRQWURODULQXQGDFLRQHV x 2EUDVGHGLVLSDFLyQGHHQHUJtDSDUDHODPRUWLJXDPLHQWR\FRQWUROGHDYDODQFKDVHLQXQGDFLRQHVHQ FXHQFDVGHDOWDSHQGLHQWH
6LVWHPDGH0DQHMR,QWHJUDOGH'HVDVWUHV
0,7,*$&,21(1+263,7$/(6
8QDQiOLVLVGHFDVRVGHGHVDVWUHVQDWXUDOHVHVWXGLDGRVHQHOSHULRGR HQODUHJLyQGH$PpULFD /DWLQD\HO&DULEHUHYHODTXHHOFRVWRGHODVUHHVWUXFWXUDFLRQHVUHDOL]DGDVWHQLHQGRHQFXHQWDODQHFHVLGDGGH UHGXFLUORVHIHFWRVGHSRVLEOHVIHQyPHQRVQDWXUDOHVIXWXURVRVFLODQHQWUH
\ GHOYDORUGHXQKRVSLWDO\DFRQVWUXLGR
(OPLVPRFRVWRWUDGXFLGRDFDPDKRVSLWDORVFLODHQWUHORV\ORVGyODUHV6LVHFRQVLGHUDTXHHO FRVWRGHFDPDKRVSLWDORVFLODHQWUH\GyODUHVSXHGHVHxDODUVHTXHXQDUHHVWUXFWXUDFLyQFRQ ILQHVGHUHIRU]DPLHQWRFRQWUDULHVJRVSRUVLPLVPRRVFLODHQWUH
HO\HO GHOFRVWRSRUFDPD
(VWHFRVWRVLQGHMDUGHVHUDOWRHVUHGLWXDEOHVLVHFRQVLGHUDTXHODHYHQWXDOLGDGGHXQGHVDVWUHQDWXUDOSXHGH FRORFDUDODVDXWRULGDGHVGHVDOXGHQFRQGLFLRQHVGHSHUGLGDWRWDO GHODVLQVWDODFLRQHVYXOQHUDEOHV 8QDHVWUDWHJLDGHPLWLJDFLyQGHGHVDVWUHVHQKRVSLWDOHVGHDFXHUGRFRQODVUHFRPHQGDFLRQHVGHOD236GHEH FRQWHPSODUORVVLJXLHQWHVDVSHFWRV x &ODVLILFDFLyQGHKRVSLWDOHVGHDFXHUGRFRQVXVIDFWRUHVGHULHVJR\YXOQHUDELOLGDGIUHQWHDGHVDVWUHV x 'HVDUUROORGHSODQHVGHUHVSXHVWDLQWHUQD\H[WHUQDHQKRVSLWDOHV x $GLHVWUDPLHQWRGHSHUVRQDO x 'HVDUUROORGHSODQHVGHFRQWLQJHQFLD x (VWDEOHFLPLHQWRGHPHGLGDVGHVHJXULGDGPHGLDQWHODGLVPLQXFLyQGHODYXOQHUDELOLGDGHVWUXFWXUDO QRHVWUXFWXUDO\IXQFLRQDO x 2UJDQL]DFLyQ\GHVDUUROORGHVLPXODFURVTXHPLGDQODFDSDFLGDGGHUHVSXHVWDDQWHHPHUJHQFLDV x ,QFRUSRUDFLyQGHODDGPLQLVWUDFLyQSDUDGHVDVWUHVHQDFWLYLGDGHVGHHGXFDFLyQFRQWLQXD x 3ODQLILFDFLyQGHODFRQVWUXFFLyQ\UHPRGHODFLyQGHHVWUXFWXUDVKRVSLWDODULDVWRPDQGRHQFXHQWDOD YXOQHUDELOLGDGGHOiUHD x )RUWDOHFLPLHQWRGHORVVLVWHPDVGHUHVSDOGRSDUDVHUYLFLRVEiVLFRV\HTXLSRVTXHSHUPLWDQHO IXQFLRQDPLHQWR /D236KDGHWHUPLQDGRXQFRQMXQWRGHPHGLGDVGHPLWLJDFLyQDSOLFDEOHVHQHGLILFDFLRQHVKRVSLWDODULDV DJUXSDGDVHQUXEURVSULQFLSDOHV 5HPRFLyQGHHVWUXFWXUDVGDxDGDV 5HQXQFLDFLyQRDEDQGRQRGHHVWUXFWXUDVLQVHJXUDV 0RYLOL]DFLyQUHVWULQJLGDHQiUHDVLQVHJXUDV $QFODMHGHHTXLSRVHVWDQWHVPDWHULDOHVHWF $FRSOHVIOH[LEOHV 6RSRUWHV 6XVWLWXFLyQ 0RGLILFDFLyQ $LVODPLHQWR 5HIXHU]RHVWUXFWXUDO 5HGXQGDQFLDGHOtQHDVYLWDOHV 5HVSXHVWDUiSLGD\SUHSDUDFLyQ
5('8&&,21'('(6$675(6 35(3$5$&,21
(QHVWDSiJLQDSXHGHFRQVXOWDU x 0HWRGRORJtD x 3ODQHVRSHUDWLYRV x 3ODQHVGHFRQWLQJHQFLD x 3ODQHVHVFRODUHVGHHPHUJHQFLD x 3ODQHVKRVSLWDODULRVGHHPHUJHQFLD x &HQWURVGHUHVHUYD
6LVWHPDGH0DQHMR,QWHJUDOGH'HVDVWUHV /DSUHSDUDFLyQHVWiGLULJLGDDHVWUXFWXUDUODUHVSXHVWD SDUDODDWHQFLyQGHODVHPHUJHQFLDVTXH LQHYLWDEOHPHQWHVHSXHGHQSUHVHQWDUUHIRU]DQGRDVtODVPHGLGDVGHPLWLJDFLyQRUHGXFFLyQGHODV FRQVHFXHQFLDV /DSUHSDUDFLyQVHOOHYDDFDERPHGLDQWHODRUJDQL]DFLyQ\SODQLILFDFLyQGHODVDFFLRQHVGHDOHUWDHYDFXDFLyQ E~VTXHGDUHVFDWHVRFRUUR\DVLVWHQFLDTXHGHEHQUHDOL]DUVH HQFDVRVGHGHVDVWUHUD]yQSRUODFXDOFRQVLGHUD DVSHFWRVWDOHVFRPRODSUHYLVLyQGHHYHQWRVODHGXFDFLyQGHODSREODFLyQHOHQWUHQDPLHQWRGHORVRUJDQLVPRV GHVRFRUUR\ODRUJDQL]DFLyQ\FRRUGLQDFLyQSDUDODUHVSXHVWD /DSUHSDUDFLyQVHFDUDFWHUL]DSRUODHODERUDFLyQGHSODQHVRSHUDWLYRVGHHPHUJHQFLDHQORVFXDOHVVH LQFOX\HQODVIXQFLRQHVGHORVRUJDQLVPRVGHVDOYDPHQWRVRFRUUR\DVLVWHQFLDHOLQYHQWDULRGHUHFXUVRV GLVSRQLEOHV\ORVSODQHVGHFRQWLQJHQFLDRGHSURFHGLPLHQWRVGHDFXHUGRFRQORVQLYHOHVGHDOHUWDSDUDOD DWHQFLyQGHHYHQWRVHVSHFtILFRV (ODGPLQLVWUDGRUSDUDGHVDVWUHVHQHVWDHWDSDGHEHWHQHUHQFXHQWDODLQLFLDWLYD\ODFDSDFLGDGGHODSREODFLyQ SRWHQFLDOPHQWHDIHFWDGDSDUDHQIUHQWDUSRUVXVSURSLRVPHGLRVODVFRQVHFXHQFLDVGHORVGHVDVWUHV\SRUOR WDQWRODHIHFWLYLGDGTXHWLHQHHOOOHYDUDFDERDQWLFLSDGDPHQWHDFWLYLGDGHVGHFDSDFLWDFLyQHLQIRUPDFLyQ S~EOLFDFRPRUHIXHU]RDODFDSDFLGDGGHUHDFFLyQHVSRQWiQHDGHODSREODFLyQ
0(72'2/2*,$3$5$/$35(3$5$&,21
/DSUHSDUDFLyQLQFOX\HWUHVDVSHFWRVEiVLFRV x 2UJDQL]DFLyQLQWHULQVWLWXFLRQDO\ODGHILQLFLyQGHIXQFLRQHV HVWRFRQVWLWX\HODEDVHIXQGDPHQWDO SDUDHOGHVDUUROORGHORVSODQHVRSHUDWLYRV\VXDSOLFDFLyQ x 3ODQLILFDFLyQ\FRRUGLQDFLyQGHDFWLYLGDGHV GHDFXHUGRFRQSURFHGLPLHQWRVSUHHVWDEOHFLGRV x 6LPXODFLyQSDUDHOSHUIHFFLRQDPLHQWR GHODFDSDFLGDGGHUHVSXHVWDGHODVLQVWLWXFLRQHV\OD FRPXQLGDG
3/$1(623(5$7,926
/DSUHSDUDFLyQGHORVSODQHVRSHUDWLYRV TXHGHEHDSOLFDUXQDHQWLGDGHQFDVRGHGHVDVWUHGHEHQLQFOXLUORV VLJXLHQWHVSXQWRV x 'HILQLFLyQGHIXQFLRQHVGHORVRUJDQLVPRVRSHUDWLYRV x ,QYHQWDULRGHUHFXUVRVItVLFRVKXPDQRV\ILQDQFLHURV x 0RQLWRUHR\YLJLODQFLDGHIHQyPHQRVSHOLJURVRV x &DSDFLWDFLyQGHSHUVRQDOSDUDODDWHQFLyQGHGHVDVWUHV x 'HILQLFLyQGHHVWDGRVGHDOHUWD\GHDYLVRSDUDODSREODFLyQ\ODFRPXQLGDGLQVWLWXFLRQDO x ,QIRUPDFLyQDODFRPXQLGDGDFHUFDGHOULHVJR\GHODIRUPDGHUHDFFLRQDUHQFDVRGHGHVDVWUH x 'HWHUPLQDFLyQ\VHxDOL]DFLyQGHUXWDVGHHYDFXDFLyQ\]RQDVGHUHIXJLR x /RFDOL]DFLyQHVWUDWpJLFDGHUHFXUVRV\DEDVWHFLPLHQWRV x ,PSOHPHQWDFLyQGHUHGHVGHFRPXQLFDFLyQ\GHLQIRUPDFLyQS~EOLFD x (MHUFLFLRVGHVLPXODFLyQ\VLPXODFURVGHE~VTXHGDUHVFDWHVRFRUURDVLVWHQFLDDLVODPLHQWR\ VHJXULGDG
3/$1(6'(&217,1*(1&,$
/DPHWRGRORJtD PiVDGHFXDGDSDUDODSUHSDUDFLyQGHODIDVHGHUHKDELOLWDFLyQVHGHVDUUROODPHGLDQWHOD HODERUDFLyQGHSODQHVGHFRQWLQJHQFLDSDUDFDGDXQRGHORVVHUYLFLRVS~EOLFRVGHIRUPDTXHVHWHQJDQ SUHYLVWRVORVUHFXUVRVUHVSHFWLYRVSDUDUHSDUDUORVGDxRVTXHVHSUHVHQWHQ
$5($6'(&2%(5785$'(/263/$1(6
x 5HVWDEOHFLPLHQWRGHORVVHUYLFLRVGHVDOXG x 5HVWDEOHFLPLHQWRGHORVSURJUDPDVHGXFDWLYRV x 5HVWDEOHFLPLHQWRGHORVVLVWHPDVGHWHOHFRPXQLFDFLRQHV x (YDOXDFLyQDQWLFLSDGD GHGDxRVSRWHQFLDOHVVREUHODOtQHDVYLWDOHV\VXUHVWDEOHFLPLHQWR (OFRQWHQLGRGHORVSODQHVGHFRQWLQJHQFLDGHEHJDUDQWL]DUXQUiSLGRDQiOLVLVGHORVGDxRVFDXVDGRVSRUHO GHVDVWUH\DVtGHXQDIRUPDiJLOUHVWDXUDUHOVHUYLFLRDODFRPXQLGDGWHQLHQGR HQFXHQWD
$5($'(/$6$/8' x x
5HLQLFLRGHODDFWLYLGDGDVLVWHQFLDO 2ULHQWDFLyQLQWHJUDOGHODDWHQFLyQGHODIHFWDGR
6LVWHPDGH0DQHMR,QWHJUDOGH'HVDVWUHV x x x
(GXFDFLyQDODFRPXQLGDG /DFRQWLQXLGDGGHORVVHUYLFLRVEiVLFRVDVLVWHQFLDOHVHQODVIDVHVGHLPSDFWR\SRVWLPSDFWR /DDWHQFLyQDOD SREODFLyQHQiUHDVVDQLWDULDVLPSURYLVDGDVSRUWLHPSRGHILQLGRHLQYROXFUDUOD SDUWLFLSDFLyQLQWHULQVWLWXFLRQDOHQODVROXFLyQGHORVSUREOHPDVGHOiUHDVLODLQIUDHVWUXFWXUD KRVSLWDODULDVHYHDIHFWDGDSRUGHVDVWUHVGHJUDQPDJQLWXG
352*5$0$6(6&2/$ 5(6 x x x
(GXFDFLyQIRUPDO (GXFDFLyQQRIRUPDO )RUPDUDODFRPXQLGDGHQDVSHFWRVFRPRODSUHYHQFLyQ\PLWLJDFLyQGHGHVDVWUHVRHODGHFXDGRXVR GHORVUHFXUVRVQDWXUDOHV
7(/(&2081,&$&,21(6
/DVHQWLGDGHVUHVSRQVDEOHVGHODVWHOHFRPXQLFDFLRQHVGHEHQSRVHHUHTXLSRVFRPRVLVWHPDVPyYLOHVGH WHOpIRQRVS~EOLFRVSDUDFRPXQLFDFLyQORFDO\QDFLRQDO\VLVWHPDGHWHOHFRPXQLFDFLRQHVSDUDODV DXWRULGDGHVORFDOHV\HQWLGDGHVGHVRFRUUR
/,1($69,7$/(6 ODHQHUJtDHODJXDODVYtDV\HODEDVWHFLPLHQWRGHDOLPHQWRV x x x x
'HWHUPLQDUODVDPHQD]DV\HOJUDGRGHYXOQHUDELOLGDGDOTXHHVWiQH[SXHVWRVFDGDXQRGHHVWRV VHUYLFLRV 'HVDUUROORGHPHFDQLVPRVGHHYDOXDFLyQGHGDxRVSDUDLPSOHPHQWDULQPHGLDWDPHQWHGHVSXpVGHO LPSDFWRGHOGHVDVWUH 3UHSDUDFLyQGHUHSDUDFLRQHVGHHPHUJHQFLD 3ODQHDFLyQGHUHSDUDFLRQHVGHILQLWLYDV\SRVLEOHVPHMRUDV
3/$1(6(6&2/$5(6'((0(5*(1&,$
(OVLJXLHQWHWH[WRHVWRPDGRGHODFDUWLOOD&RPR(ODERUDUXQ3ODQ(VFRODUGH3UHYHQFLyQGH'HVDVWUHV XQDSXEOLFDFLyQGHO6LVWHPD1DFLRQDOSDUDOD3UHYHQFLyQ\$WHQFLyQGH'HVDVWUHV &DGDSODQWHOGHEHGHFLGLUFyPRRUJDQL]DUVHWHQLHQGRHQFXHQWDTXHORLGHDOHVTXHVHDXQWUDEDMRFROHFWLYR HQWUHHVWXGLDQWHVSURIHVRUHVHPSOHDGRVGLUHFWLYRV\ODFRPXQLGDG&RQWRGDVHJXULGDGFDGDXQRGHHOORV WHQGUiDOJR TXHDSRUWDU$OILQ\DOFDERHVWHSODQVHUiSDUDEHQHILFLRGHWRGRV 8QPHFDQLVPRTXHSXHGHXVDUVHSRUHMHPSORHVIRUPDQGR*UXSRVGH7UDEDMR *5832'(,19(67,*$&,21<5('$&&,21'(/3/$1(VWHJUXSRSXHGHLQYHVWLJDU\UHGDFWDUHO 3ODQUHFXUULHQGRDORV SODQRVGHOSODQWHOPDSDVGHOD]RQDPHVDVUHGRQGDVHQODVFODVHVSHUWLQHQWHV FRQIHUHQFLDVHWF *5832'(23(5$&,21(6(VWHJUXSRSXHGHKDFHUODVHxDOL]DFLyQGHODVUXWDV\VDOLGDVGHOSODQWHO PDQHMDUHOVLVWHPDGHDODUPDV\XELFDUHQWRGRVORVOXJDUHVTXHVHDQHFHVDULRORVPDSDVLQWHUQRV\ H[WHUQRVGHOSODQWHO *5832'(0(-25$6(VWHJUXSRWUDWDUiGHUHGXFLUHOULHVJRHVGHFLUODYXOQHUDELOLGDGGHOSODQWHO SRUHMHPSORDVHJXUDQGRRUHXELFDQGRORVREMHWRVTXHSXHGDQFDHUVHHOLPLQDQGR\FRQWURODQGRORV IRFRV GHLQFHQGLRVPHMRUDQGRODVVDOLGDVGHHPHUJHQFLDHWF *5832'('27$&,21(VWHJUXSRSXHGHFRQVHJXLU\DPSOLDUORVUHFXUVRVSDUDDWHQGHUHPHUJHQFLDV FRPRSRUHMHPSORH[WLQWRUHVERWLTXLQHVFXHUGDVDOWDYRFHVHWF $&7,9,'$'(6(1/$(/$%25$&,Ï1'(/3/$1 x x x x x x x
&RQRFHUODVDPHQD]DV ,QYHQWDULRGHUHFXUVRV $QiOLVLVGHYXOQHUDELOLGDG 3ODQGHDFFLyQ (WDSDVGHDQWHVGXUDQWH\GHVSXpVGHOGHVDVWUH (YDFXDFLyQ (MHFXFLyQGHVLPXODFURV
6LVWHPDGH0DQHMR,QWHJUDOGH'HVDVWUHV
3/$1(6+263,7$/$5,26'((0(5*(1&,$
/DSUHSDUDFLyQGHORVKRVSLWDOHVSDUDORVGHVDVWUHVFRQVWLWX\HXQFRPSRQHQWHLPSRUWDQWHGHO3URJUDPDSDUD 6LWXDFLRQHVGH(PHUJHQFLD\&RRUGLQDFLyQGHO6RFRUURHQ&DVRVGH'HVDVWUHVGHOD236 (QORV~OWLPRVDxRVVHKDLQVWDGRDORVSDtVHV PLHPEURVDUHDOL]DUDFWLYLGDGHVFRQHVRVSURSyVLWRVHQWUH ODVTXHGHVWDFDQODVVLJXLHQWHV x &ODVLILFDUORVKRVSLWDOHVVHJ~QVXVIDFWRUHVGHULHVJR\YXOQHUDELOLGDG x (ODERUDUSODQHVGHUHVSXHVWDLQWHUQD\H[WHUQDGHORVKRVSLWDOHV\FDSDFLWDUDOSHUVRQDO x )RUPXODUSODQHVGHFRQWLQJHQFLD\HVWDEOHFHUPHGLGDVGHVHJXULGDGSDUDHOSHUVRQDOSURIHVLRQDO\ WpFQLFRGHORVKRVSLWDOHV x )RUWDOHFHUORVVLVWHPDVGHUHVSDOGRTXHD\XGDQDORVKRVSLWDOHVDIXQFLRQDUGXUDQWHODVVLWXDFLRQHV GHHPHUJHQFLD (QXQVHQWLGR PiVDPSOLRXQRGHORVREMHWLYRVLPSRUWDQWHVGHODFWXDO'HFHQLR,QWHUQDFLRQDOSDUDOD 5HGXFFLyQGHORV'HVDVWUHV1DWXUDOHV ',5'1 HVDWUDHUPRWLYDU\FRPSURPHWHUDODVDXWRULGDGHV QDFLRQDOHVGHVDOXG\DTXLHQHVIRUPXODQODVSROtWLFDVHQWRGRHOPXQGRHVWLPXOiQGRORVDIRUWDOHFHUOD FDSDFLGDGGHORVVHUYLFLRVGHVDOXGSDUDDIURQWDUORVGHVDVWUHV\DUHGXFLUODYXOQHUDELOLGDGGHHVRVVHUYLFLRV HQHOPXQGRHQGHVDUUROOR
)$&725(6'(5,(6*2$62&,$'26&21/26 '$f26(1/$,1)5$(6758&785$+263,7$/$5,$ (6758&785$/(6 x x x x x x x
'LVHxR &DOLGDGGHOD FRQVWUXFFLyQ 0DWHULDOHV &RQGLFLRQHVGHO VXHOR &DUDFWHUtVWLFDVGHO IHQyPHQR 0RPHQWRGHOHYHQWR 'HQVLGDG GHPRJUiILFD
12(6758&785$/(6 x x x x x x x
(TXLSRPpGLFR (TXLSRGHODERUDWRULR (TXLSRGHRILFLQD $UPDULRVHVWDQWHUtDV &RFLQDVUHIULJHUDGRUHV FDOHQWDGRUHV $SDUDWRVGHUD\RV; 0DWHULDOHVUDGLRDFWLYRV
)81&,21$/(6 x x x x x x x
$FWLWXGHV ,QIRUPDFLyQSXEOLFD 0RWLYDFLyQ 3ODQHV 3URJUDPDVHGXFDWLYRV &DSDFLWDFLyQGHOSHUVRQDOGH VDOXG &DSDFLGDGGHUHVSXHVWD
&(17526'(5(6(59$
/D5HG1DFLRQDOGH&HQWURVGH5HVHUYDSDUDOD$WHQFLyQGH(PHUJHQFLDVIXHRUJDQL]DGR\UHJODPHQWDGRSRU HO'HFUHWR GHO GHMXQLRGH FRPRXQDIRUPDGHSUHSDUDFLyQSDUDVLWXDFLRQHVGHGHVDVWUH FDODPLGDGRHPHUJHQFLDODFXDOHVWDEDSUHYLVWDHQHO'HFUHWR GH /D5HG1DFLRQDOGH&HQWURVGH5HVHUYDIXQFLRQDUiGHVFHQWUDOL]DGDPHQWHEDMRQRUPDVSDUiPHWURV\ SURFHGLPLHQWRV~QLFRVGHILQLGRVFRQMXQWDPHQWHSRU x /D)LGXFLDULD/D3UHYLVRUD6$FRPRHQWLGDGDGPLQLVWUDGRUDGHO)RQGR1DFLRQDOGH&DODPLGDGHV x /D'LUHFFLyQ1DFLRQDOSDUDOD3UHYHQFLyQ\$WHQFLyQGH'HVDVWUHVGHO0LQLVWHULRGHO,QWHULRUFRPR FRRUGLQDGRUDGHO6LVWHPD1DFLRQDOSDUDOD3UHYHQFLyQ\$WHQFLyQGH'HVDVWUHV x $SUREDGRVSRUOD-XQWD&RQVXOWRUDGHGLFKR)RQGR 3HUPLWLHQGRXQPDQHMRLQWHJUDOGHOD5HGDVtFRPRODIOH[LELOLGDGHQODPRYLOL]DFLyQGHHOHPHQWRVHTXLSRV \KHUUDPLHQWDV
/D5HG1DFLRQDOGH&HQWURVGH5HVHUYDHVWDLQWHJUDGDSRU
&(17526'(5(6(59$5(*,21$/(6ORFDOL]DGRVHQODVFDSLWDOHVGHGHSDUWDPHQWRDVtFRPR HQHO'LVWULWR&DSLWDOGH6DQWDIpGH%RJRWi VHUiQLQVWUXPHQWRVGHDSR\RORJtVWLFRGHORV&RPLWpV 5HJLRQDOHVSDUDOD3UHYHQFLyQ\$WHQFLyQGH'HVDVWUHVDVtFRPRGHO&RPLWpSDUDOD3UHYHQFLyQ\ $WHQFLyQGH'HVDVWUHVGHO'LVWULWR&DSLWDO &(17526'(5(6(59$'(&$5$&7(51$&,21$/GRVIXQFLRQDUiQHQ6DQWDIpGH%RJRWiEDMR ODDGPLQLVWUDFLyQGHOD'HIHQVD&LYLO&RORPELDQD\OD&UX]5RMD&RORPELDQD
6LVWHPDGH0DQHMR,QWHJUDOGH'HVDVWUHV &(17526'(5(638(67$,10(',$7$HVWDUiQXELFDGRVHQWRGRVORVPXQLFLSLRV\GLVWULWRVGHO SDtV\VHUiQLQVWUXPHQWRVGHDSR\RORJtVWLFRGHORV&RPLWpV/RFDOHVSDUDOD3UHYHQFLyQ\$WHQFLyQGH 'HVDVWUHV &(1752'(5(638(67$,10(',$7$'(&$5$&7(51$&,21$/IXQFLRQDUiHQ6DQWDIpGH %RJRWiEDMRODDGPLQLVWUDFLyQGHOD8QLYHUVLGDG1DFLRQDOGH&RORPELD(OREMHWLYRHVSHFtILFRGHHVWH FHQWURVHUiODUHDOL]DFLyQGHSURJUDPDVGHLQYHVWLJDFLyQFDSDFLWDFLyQ\DSR\RRSHUDWLYRWHQGLHQWHV DOIRUWDOHFLPLHQWR\FRQVROLGDFLyQGHOD5HG1DFLRQDOGH&HQWURVGH5HVHUYD
5('8&&,21'('(6$675(6 $/(57$
(QHVWDSiJLQDSXHGHFRQVXOWDU x 0HWRGRORJtD x ,QVWUXPHQWRV x $ODUPD
(VXQSHUtRGRDQWHULRUDODRFXUUHQFLDGHXQGHVDVWUHGHFODUDGRFRQHOILQGHWRPDUSUHFDXFLRQHVHVSHFtILFDV GHELGRDODSUREDEOH\FHUFDQDRFXUUHQFLDXQGHVDVWUH (QODIDVHGHSUHSDUDFLyQVHGHILQHQORVHVWDGRVGHDOHUWD\ODVDFFLRQHVTXHODVLQVWLWXFLRQHV\ODSREODFLyQ GHEHQUHDOL]DUFXDQGRGLFKRVHVWDGRVKD\DQVLGRGHFODUDGRV 3DUDWRGRVORVGHVDVWUHVQRHVSRVLEOHGHFODUDUHVWDGRVGHDOHUWDFRQDQWLFLSDFLyQ $OJXQRVIHQyPHQRVTXHVtSHUPLWHQ GHILQLUHVWDGRVGHDOHUWDVRQ ORVKXUDFDQHVODVLQXQGDFLRQHVODV HUXSFLRQHVYROFiQLFDV\FLHUWRWLSRGHGHVOL]DPLHQWRV 2WURVIHQyPHQRVFRPRODVH[SORVLRQHVORVGHVOL]DPLHQWRV V~ELWRV\HQJHQHUDODTXHOORVHYHQWRVUHSHQWLQRV QRLQVWUXPHQWDGRVRFX\DLQIOXHQFLDVREUHORVHOHPHQWRVH[SXHVWRVHVVXSUHPDPHQWHUiSLGDQRSHUPLWHQ OD GHFODUDFLyQGHHVWDGRVGHDOHUWD 6LQHPEDUJRDOJXQRVGHHVWRVIHQyPHQRVSXHGHQVHUSURQRVWLFDGRVD PHGLDQRRODUJRSOD]RGHELGRDOD SUHYLVLyQGHODRFXUUHQFLDGHORVPLVPRVHVGHFLUGHELGRTXHH[LVWHQLQGLFLRVSDUDFUHHUTXHVHSXHGHQ SUHVHQWDU /DDOHUWDLPSOLFDTXHORVRUJDQLVPRVGHVRFRUUR\HO&RPLWp ORFDOUHJLRQDORQDFLRQDO HQFDUJDGRGHOD DWHQFLyQGHOGHVDVWUHDFWLYDUiQSURFHGLPLHQWRVGHDFFLyQSUHHVWDEOHFLGRV \TXHODSREODFLyQWRPDUi SUHFDXFLRQHVHVSHFtILFDVGHELGRDODLQPLQHQWHRFXUUHQFLDGHXQHYHQWRSUHYLVLEOH
0(72'2/2*,$'(/$$/(57$
0HWRGROyJLFDPHQWHODHWDSDGHDOHUWDGHEHGHILQLUVHPHGLDQWHHOHVWDEOHFLPLHQWRGHODVLQVWUXFFLRQHV DFFLRQHV\SURFHGLPLHQWRVTXHODSREODFLyQ\ODVLQVWLWXFLRQHVGHEHQOOHYDUDFDERHQFDGDQLYHORHVWDGRTXH VHFRQVLGHUHSHUWLQHQWHSUHILMDUGHDFXHUGRFRQODFHUWH]DTXHVHWHQJDGHODRFXUUHQFLDGHOHYHQWR /RVQLYHOHVGHDOHUWD\VXVUHVSHFWLYDVDFFLRQHVDUHDOL]DUGHEHQHVWDUHVWDEOHFLGRVGHVGHODIDVHGH SUHSDUDFLyQHQORVSODQHVGHHPHUJHQFLD\FRQWLQJHQFLD\GHEHQVHUFRQRFLGRVSUHYLDPHQWHSRUODSREODFLyQ PHGLDQWHSURJUDPDVGHLQIRUPDFLyQS~EOLFD\FDSDFLWDFLyQ 'HSHQGLHQGRGHOQLYHOGHFHUWH]DTXHVHWLHQHGHODRFXUUHQFLDGHOHYHQWRVHGHILQHQGLIHUHQWHVHVWDGRVGH DOHUWD8VXDOPHQWHFXDQGRHOIHQyPHQRORSHUPLWHVHXWLOL]DQWUHVHVWDGRVTXHGHDFXHUGRFRQODJUDYHGDG GHODVLWXDFLyQ VLJQLILFDQSDUDODVLQVWLWXFLRQHVHODOLVWDPLHQWRODPRYLOL]DFLyQ\ODUHVSXHVWD (QRFDVLRQHVGLFKRVHVWDGRVVRQLGHQWLILFDGRVPHGLDQWHFRORUHVRQRPEUHVTXHQRVyORVHXWLOL]DQSDUD LQIRUPDUGHXQDPDQHUDSUiFWLFDDODSREODFLyQVLQRWDPELpQSDUDGHPDUFDUiUHDVGHLQIOXHQFLD /RVFDPELRVGHDOHUWDXVXDOPHQWHVHUHDOL]DQDWUDYpVGHORVPHGLRVGHFRPXQLFDFLyQVLQHPEDUJRHQ DOJXQRVOXJDUHVVHXWLOL]DQVLVWHPDVGHDODUPDTXHVRQVHxDOHVVRQRUDVRGHOX]TXHVHHPLWHQSDUDTXHVH DGRSWHQLQVWUXFFLRQHV SUHHVWDEOHFLGDVGHHPHUJHQFLDRSDUDLQGLFDUHOGHVDORMRRHYDFXDFLyQHQIRUPD LQPHGLDWDGHXQD]RQDGHULHVJR /DGHFODUDFLyQGHDOHUWDGHEHVHU x $FFHVLEOHHVGHFLUGHEHGLIXQGLUVHSRUPXFKRVPHGLRV x ,QPHGLDWD x &RKHUHQWH
6LVWHPDGH0DQHMR,QWHJUDOGH'HVDVWUHV x
2ILFLDOHVGHFLUTXHSURFHGDGHIXHQWHVDFHSWDGDV\FRQILDEOHV
,167580(1726'(/$$/(57$
)XQGDPHQWDOPHQWHORVLQVWUXPHQWRVSDUDODDOHUWDVRQ x /DVUHGHVGHLQVWUXPHQWDFLyQYLJLODQFLD\PRQLWRUHR x /RVVLVWHPDVGHDODUPD x /RVPHGLRVGHFRPXQLFDFLyQ
$/$50$ (ODYLVRRVHxDO TXHVHGDSDUDTXHVHVLJDQLQVWUXFFLRQHVHVSHFtILFDVGHHPHUJHQFLDGHELGR DODSUHVHQFLDUHDORLQPLQHQWHGHXQHYHQWRSHOLJURVR (OPHQVDMHGHDODUPDGHEHSUHVHQWDUODVVLJXLHQWHVFDUDFWHUtVWLFDV x 'HEHVHUFRQFUHWRHVGHFLUGHEHGDUXQDLQIRUPDFLyQFODUDVREUHODDPHQD]D x 'HEHVHUDSUHPLDQWHRVHDTXHSURPXHYDODDFFLyQLQPHGLDWDGHODVSHUVRQDVEDMRULHVJR x 'HEHH[SUHVDUODVFRQVHFXHQFLDVGHQRDWHQGHUODDODUPD
0yGXOR(VSHFtILFR '85$17((/'(6$675(
$7(1&,21'('(6$675(6
(VWHPyGXORHVSHFtILFRGHDWHQFLyQHQGHVDVWUHVFRQWLHQHORVSULQFLSDOHVDVSHFWRVUHODFLRQDGRVFRQODV DFFLRQHVGHUHVSXHVWDDOLPSDFWRGHXQGHVDVWUH x 7HPDV*HQHUDOHV x &DGHQDGHVRFRUURV x $WHQFLyQGHOHVLRQDGRV x 6LWXDFLRQHVHVSHFtILFDV x $WHQFLyQLQLFLDOGHGDPQLILFDGRV x 7HOHFRPXQLFDFLRQHV x $VSHFWRV0pGLFROHJDOHV x 0DQHMRGHFDGiYHUHV x 7UDVWRUQRVPHQWDOHV 7HPDVFRPRODHYDOXDFLyQGHGDxRVHOPDQHMRGHVXPLQLVWURVORVDORMDPLHQWRVWHPSRUDOHV\ODE~VTXHGDGH IDPLOLDUHVVHWUDWDQHQHOPyGXORHVSHFLILFR'HVSXpVGHO'HVDVWUHGHELGRDVXUHODFLyQFRQHOSURFHVRGH UHFXSHUDFLyQGHORVHIHFWRVGHOGHVDVWUH
5(638(67$
(QHVWDIDVHVHGDODUHDFFLyQLQPHGLDWDSDUDODDWHQFLyQRSRUWXQDGHODSREODFLyQDIHFWDGD /DUHVSXHVWDHVODHWDSDTXHFRUUHVSRQGHDODHMHFXFLyQGHODVDFFLRQHVSUHYLVWDVHQODHWDSDGHSUHSDUDFLyQ\ TXHHQDOJXQRVFDVRV\DKDQVLGRDQWHFHGLGRV HQODIDVHGHDOHUWDSRUDFWLYLGDGHVGHDLVODPLHQWR\ PRYLOL]DFLyQ (OREMHWLYRIXQGDPHQWDOGHODUHVSXHVWDHVORJUDUVDOYDUYLGDV DFFLRQHVGHE~VTXHGD\UHVFDWH UHGXFLUHO VXIULPLHQWR DFFLRQHVGHVRFRUUR\DVLVWHQFLD \SURWHJHUORVELHQHVSDUDORFXDOVHGHEHSRQHUHQSUiFWLFDHO SODQGHHPHUJHQFLD\FRQWLQJHQFLDHODERUDGRHQODHWDSDGHSUHSDUDFLyQ
6LVWHPDGH0DQHMR,QWHJUDOGH'HVDVWUHV
0(72'2/2*,$'(/$5(638(67$
/DEDVHPHWRGROyJLFDGHODHWDSDGHUHVSXHVWDVHEDVDHQODFRRUGLQDFLyQGHODVDFFLRQHVLQWHULQVWLWXFLRQDOHV SUHYLVWDVHQORVSODQHVGHHPHUJHQFLD\FRQWLQJHQFLDGHWDOPDQHUDTXHODVDFWLYLGDGHVVHUHDOLFHQFRQPD\RU QLYHOGHHILFLHQFLD\HIHFWLYLGDGSRUSDUWHGHODVHQWLGDGHV\ODFRPXQLGDG
*(1(5$/,'$'(6
'(/$$7(1&,21'('(6$675(6 (QHVWDSiJLQDSXHGHFRQVXOWDU x 0DJQLWXG GHOGHVDVWUH x )DVHV GHOLPSDFWRGHOGHVDVWUH x *HQHUDOLGDGHVGHOD&DGHQDGH6RFRUURV
0$*1,78''(/'(6$675(
3DUDHYDOXDUODPDJQLWXGGHXQGHVDVWUHSRGHPRVFODVLILFDUODHQQLYHOHVWHQLHQGRHQFXHQWDIDFWRUHVFRPRHO WLSRGHDSR\RUHTXHULGR ORFDOUHJLRQDOQDFLRQDORLQWHUQDFLRQDO \HOQ~PHURGHGDPQLILFDGRV\DIHFWDGRV HQIDPLOLDV TXHUHTXLHUHpVHWLSRGHDSR\R 1,9(/ x 0DJQLWXGEDMD x 'HVDVWUHTXHSXHGHVHUDWHQGLGRFRQORVUHFXUVRVORFDOHVGLVSRQLEOHVVLQUHTXHULUDSR\RH[WHUQR x $IHFWDGHDIDPLOLDVDSUR[LPDGDPHQWH 1,9(/ x 0DJQLWXGPHGLD x 'HVDVWUHTXHSDUDVXDWHQFLyQUHTXLHUH DSR\RGHUHFXUVRVUHJLRQDOHV XQFHQWURGHUHVHUYDRERGHJD HVWUDWpJLFDSRUHMHPSOR x $IHFWDGHDIDPLOLDVDSUR[LPDGDPHQWH 1,9(/ x 0DJQLWXGDOWD x 'HVDVWUHTXHSDUDVXDWHQFLyQUHTXLHUHDSR\RGHUHFXUVRVQDFLRQDOHV x $IHFWDPDVGHIDPLOLDV DSUR[LPDGDPHQWH 1,9(/ x &DUDFWHUtVWLFDVHVSHFLDOHVGHWLSRDGPLQLVWUDWLYRRWpFQLFR x 'HVDVWUHTXHSDUDVXDWHQFLyQUHTXLHUHODPRYLOL]DFLyQGHDSR\RHVSHFLDOL]DGR\DVHDGHWLSR RSHUDWLYRRGHWLSRDGPLQLVWUDWLYR x (OWLSRGHGHVDVWUHRHOQ~PHURGHGDPQLILFDGRV\DIHFWDGRVUHTXLHUHDSR\RLQWHUQDFLRQDO HQYtRGH DX[LOLRVGHRWURVSDtVHVSRUHMHPSOR
)$6(6'(/,03$&72'(/'(6$675(
/DVIDVHVHQXQFLDGDDFRQWLQXDFLyQSXHGHQKDFHUSDUWHGHXQSODQGHHPHUJHQFLDHODERUDGRHQFRQMXQWRSRU ODVDXWRULGDGHVORFDOHVHQWLGDGHVGHVRFRUUR\ODFRPXQLGDGHQULHVJR(OSULQFLSDOFRPSURPLVRGHFDGD VHFWRUHVDSOLFDUORFRQWHQLGRHQHOSODQ\KDFHUUHFRPHQGDFLRQHVTXHSHUPLWDQDMXVWDUORDODUHDOLGDG
)$6('(35(,03$&72
(VWDIDVHLQFOX\HORVVLJXLHQWHVSHULRGRV
$/(57$
6LVWHPDGH0DQHMR,QWHJUDOGH'HVDVWUHV 3HULRGRDQWHULRUDODRFXUUHQFLDGHXQGHVDVWUHGHFODUDGRFRQHOILQGHWRPDU SUHFDXFLRQHVHVSHFtILFDVGHELGRDODSUREDEOH\FHUFDQDRFXUUHQFLDGHXQGHVDVWUH FRUUHVSRQGHDODOLVWDPLHQWRGHOSHUVRQDO\HTXLSRHVSHFLDOL]DGRDQWHODSUHVHQFLDGH XQ SRVLEOHHYHQWR
$/$50$
3HULRGRGXUDQWHHOFXDOSRUGLYHUVRVDYLVRVRVHxDOHVVHLQIRUPDDODFRPXQLGDGSDUD TXHVLJDLQVWUXFFLRQHVHVSHFtILFDVGHHPHUJHQFLDGHELGRDODSUHVHQFLDUHDORLQPLQHQWH GHXQDDPHQD]D
(9$&8$&,2135(9,6,9$
3HULRGRGXUDQWHHOFXDOODFRPXQLGDGUHVSRQGHDODLQPLQHQFLDGHOGHVDVWUH UHXELFiQGRVHSURYLVLRQDOPHQWHHQXQD]RQDVHJXUDLGHQWLILFDGDFRQDQWHULRULGDGH LQFOXLGDHQHOSODQGHHPHUJHQFLD
)$6('(,03$&72
(VWDIDVHLQFOX\HORVVLJXLHQWHVSHULRGRV
,03$&72
3HULRGRTXHVHLQLFLDGHVGHHOPRPHQWRHQTXHVHSURGXFHHOGHVDVWUHKDVWDTXHOD FRPXQLGDGUHVSRQGH\VRQQRWLILFDGRVORVRUJDQLVPRVGHVRFRUUR
127,),&$&,21
3HULRGRGXUDQWHHOFXDOODFRPXQLGDGLQIRUPDDORVRUJDQLVPRVGHVRFRUUROD RFXUUHQFLDGHOGHVDVWUH
$7(1&,21
3HULRGRGXUDQWHHOFXDOODFRPXQLGDGLQLFLDODDWHQFLyQGHODVYtFWLPDVGHOGHVDVWUH\HV DSR\DGDSRUORVRUJDQLVPRVGHVRFRUURORVFXDOHVUHDOL]DQODVDFWLYLGDGHVQHFHVDULDV FRQORVREMHWLYRVGHVDOYDUYLGDVUHGXFLUHOVXIULPLHQWR\GLVPLQXLUODVSHUGLGDV PDWHULDOHV\HVWUXFWXUDOHV
(9$&8$&,212%/,*$725,$
3HULRGRGXUDQWHHOFXDOGHELGRDODLQVHJXULGDGGHOD]RQDGHLPSDFWRVHGHEH WUDVODGDUDODVSHUVRQDVUHVWDQWHVHQOD]RQDGHSHOLJURDXQD]RQDVHJXUDLGHQWLILFDGD FRQDQWHULRULGDGHLQFOXLGDHQHOSODQGHHPHUJHQFLD
)$6('(3267,03$&72 (VWDIDVHLQFOX\HORVVLJXLHQWHVSHULRGRV
(19,2'($8;,/,26
3HULRGRGXUDQWHHOFXDOVHFXEUHQODVQHFHVLGDGHVEiVLFDVWHPSRUDOPHQWHGHODV YtFWLPDVGHOGHVDVWUH GDPQLILFDGRV\DIHFWDGRV LQVWDODQGRORVVLVWHPDVSDUDXQ DGHFXDGRPDQHMR\GLVWULEXFLyQGHORVVXPLQLVWURV
5(&83(5$&,21
3HULRGRGXUDQWHHOFXDOODFRPXQLGDGUHDOL]DODVDFWLYLGDGHVGHLQVWDODFLyQGH
6LVWHPDGH0DQHMR,QWHJUDOGH'HVDVWUHV DORMDPLHQWRVWHPSRUDOHVUHKDELOLWDFLyQ\UHFRQVWUXFFLyQFRQHODSR\RGHORV RUJDQLVPRVJXEHUQDPHQWDOHVFRUUHVSRQGLHQWHV\ODV21*V
&$'(1$'(62&25526 *(1(5$/,'$'(6
/D&DGHQDGH6RFRUURVVHOHGHQRPLQDDOSURFHVRGLVHxDGRSDUDEULQGDUDWHQFLyQPpGLFDDGHFXDGD\ RSRUWXQDDODVYtFWLPDVGHORVGHVDVWUHVTXHSUHVHQWDQFRPSURPLVRDJXGRGHVXHVWDGRGHVDOXGSRUWUDXPDR HQIHUPHGDG HVWDVHLQLFLDHQOD]RQDGHLPSDFWR\OOHJDKDVWDORVFHQWURVKRVSLWDODULRVGHODFRPSOHMLGDG UHTXHULGDSRUORVOHVLRQDGRVGHDFXHUGRFRQODVHYHULGDGGHVXHVWDGR 3DUDOHODPHQWHGHEHGHVDUUROODUVHOD&DGHQDGH3URWHFFLyQ6RFLDO TXHVHHQFDUJXHGHEULQGDUODD\XGDDODV SHUVRQDVYtFWLPDVGHOGHVDVWUHTXHQRSUHVHQWDQOHVLRQHVRHQIHUPHGDGHVDJXGDVVHLQLFLDHQOD]RQDGH LPSDFWR\OOHJDKDVWDODXELFDFLyQGHILQLWLYDRFRPRPtQLPRHQXQDORMDPLHQWRWHPSRUDO 3DUDTXHOD&DGHQDGH6RFRUURVVHDHIHFWLYDVHUHTXLHUHTXHHVWDHVWUXFWXUDRUJDQL]DWLYDVHDFRQRFLGD SUREDGD\DSUREDGDSRUWRGDVODVLQVWLWXFLRQHVTXHGHXQDXRWUDIRUPDLQWHUYLHQHQHQORVRSHUDWLYRV LQFOX\HQGR DODVDXWRULGDGHVORFDOHV /D&DGHQDGH6RFRUURVEXVFDHQWpUPLQRVGHDVLVWHQFLDPpGLFDXQVLVWHPDGHSULRUL]DFLyQ\WUDWDPLHQWRSRU HWDSDVGHVGHHOOXJDUGHLPSDFWRKDVWDHOPDQHMRGHILQLWLYRHQORVFHQWURVKRVSLWDODULRVEXVFDQGRGXUDQWHHO SURFHVRPHMRUDUHOSURQyVWLFR\HYLWDUFRPSOLFDFLRQHV\SRVLEOHVVHFXHODVGHODVOHVLRQHV /DFDGHQDFRPSUHQGHWUHVHVODERQHVTXHVHHVTXHPDWL]DQPiVDGHODQWH(OSULPHURFRUUHVSRQGHDOD]RQD SHUMXGLFDGDGLUHFWDPHQWHSRUHOGHVDVWUH\TXHSXHGHSUHVHQWDUULHVJRHQ HOPRPHQWRGHODDWHQFLyQSRUOR FXDOVHGHOLPLWDFRQXQDOtQHDGHVHJXULGDG\HQGRQGHGHEHQLQWHUYHQLUVyORSHUVRQDOTXHSRVHDOD FDSDFLWDFLyQ\ORVHOHPHQWRVSDUDWUDEDMDUDGHFXDGDPHQWH (OVHJXQGRHVODEyQFRUUHVSRQGHDOD]RQDGRQGHVHUHDOL]DODFRRUGLQDFLyQJOREDOGHODDWHQFLyQGHOGHVDVWUH \ODDWHQFLyQ\FODVLILFDFLyQGHORVOHVLRQDGRVSUHYLRDVXWUDQVSRUWHDOWHUFHUHVODEyQFRQIRUPDGRSRUORV FHQWURVKRVSLWDODULRVMXQWRFRQHO&RPLWp ORFDOUHJLRQDORQDFLRQDO HQFDUJDGRGHODDWHQFLyQGHOGHVDVWUH
(648(0$'(/$&$'(1$'(62&25526
(6/$%21 =21$'(,03$&72 $&&,21(6 x &RRUGLQDFLyQ x %~VTXHGD\UHVFDWH x 7ULDJH67$57 x (VWDELOL]DFLyQ\WUDQVSRUWH (-(&8&,21 x *UXSRVGHE~VTXHGD\UHVFDWH x &RPSRQHQWHPpGLFR x 3XHVWRVGHDYDQ]DGD x &RRUGLQDGRUGHORVRSHUDWLYRVGHVDOYDPHQWR x (QFDUJDGRGHVHJXULGDG /,1($'(6(*85,'$' (6/$%21 =21$'($7(1&,21<&225',1$&,21 $&&,21(6 x &RRUGLQDFLyQ x 7ULDJHSUHKRVSLWDODULR x ,QVWDODFLyQGHO&$&+\HO308 x $FRQGLFLRQDPLHQWRGHODOEHUJXHGHSDVR x (VWDELOL]DFLyQ\WUDQVSRUWHGHOHVLRQDGRV x 5HJLVWUR\XELFDFLyQGHGDPQLILFDGRV\DIHFWDGRV (-(&8&,21 x 3XHVWRGH0DQGR8QLILFDGR308 x 2UJDQLVPRVGHVRFRUUR x (QFDUJDGRVGH x 7UDQVSRUWHV x 7HOHFRPXQLFDFLRQHV x 3URWHFFLyQVRFLDO x &HQWURGH$WHQFLyQ\&ODVLILFDFLyQGH+HULGRV&$&+ x 3HUVRQDOPpGLFR\SDUDPpGLFR
6LVWHPDGH0DQHMR,QWHJUDOGH'HVDVWUHV 9,$6'($&&(62 (6/$%21 81,'$'(6+263,7$/$5,$6 $&&,21(6 x &RRUGLQDFLyQLQWHULQVWLWXFLRQDOHLQWHUVHFWRULDO x 7ULDJHKRVSLWDODULR x 5HPLVLRQHV x $WHQFLyQGHILQLWLYD x $VLVWHQFLDDGDPQLILFDGRV\DIHFWDGRV (-(&8&,21 x &HQWURGHUHPLVLRQHV x &HQWURV+RVSLWDODULRV x $ORMDPLHQWR7HPSRUDO x &RPLWp ORFDOUHJLRQDORQDFLRQDO HQFDUJDGRGHODDWHQFLyQGHOGHVDVWUH
$7(1&,21'(/(6,21$'26
=21$'($7(1&,21<&225',1$&,21 HVODEyQ
(VWD]RQDFRUUHVSRQGHDOVHJXQGRHVODEyQGHODFDGHQDGHVRFRUURV\SRUORWDQWRGHEHHVWDUSRUIXHUDGHOD ]RQDGHULHVJR&RQWLHQHORVGRVHOHPHQWRVTXHYDQDFHQWUDOL]DUODDWHQFLyQGHOGHVDVWUH x (O&HQWURGH$WHQFLyQ\&ODVLILFDFLyQGH+HULGRV &$&+ x (O3XHVWRGH0DQGR8QLILFDGR 308
&$&+ x x x x x
)XQFLRQHV $UHDGH,QVWDODFLyQ 'LVWULEXFLyQ2UJDQL]DWLYD (VWDELOL]DFLyQ\7ULDJH3UH+RVSLWDODULR 'DWRVSDUDHO7UDVODGR
6LVWHPDGH0DQHMR,QWHJUDOGH'HVDVWUHV
&HQWURGH$WHQFLyQ\&ODVLILFDFLyQGH+HULGRV
(VHOHOHPHQWRSULQFLSDOGHOVHJXQGRHVODEyQGHODFDGHQDGHVRFRUURVGRQGHVHFRQFHQWUDHOPD\RUQ~PHUR GHUHFXUVRV\ODDWHQFLyQPpGLFD(OQ~PHURGH&$&+DLQVWDODU\ODFRPSOHMLGDG\FDUDFWHUtVWLFDVGHFDGD XQRGHSHQGHGHODPDJQLWXG\HOWLSRGHGHVDVWUH\GHODGLVSRQLELOLGDGGHUHFXUVRV
)81&,21(6'(/&$&+
(QJHQHUDOSRGHPRVGHILQLUFRPRIXQFLyQGHO&$&+ODGHORJUDUTXHODVYtFWLPDVGHOGHVDVWUHWHQJDQXQD DGHFXDGD\UiSLGDDWHQFLyQSDUDOOHJDUDOWHUFHUHVODEyQHQODPHMRUIRUPD\HQHOPHQRUWLHPSRSRVLEOHV 0iVHVSHFtILFDPHQWH x 3URSRUFLRQDUDVLVWHQFLDPpGLFDFDOLILFDGDSRURUGHQGHSULRULGDGHVDORVOHVLRQDGRVSURYHQLHQWHVGH OD]RQDGHLPSDFWRGHXQGHVDVWUH x 5HDOL]DUHVWDELOL]DFLyQDYDQ]DGDGHORVOHVLRQDGRVHQHOPHQRUWLHPSRSRVLEOH UHFRUGDUTXHVH GLVSRQHGHXQDKRUDFUtWLFDSDUDHOPDQHMRGHILQLWLYRGHODVOHVLRQHVVHYHUDV x 5HHYDOXDUODSULRULGDGGHWHUPLQDGDHQOD]RQDGHLPSDFWRSRUPHGLRGHOWULDJHSUHKRVSLWDODULR\HO QLYHOGHDWHQFLyQTXHUHTXLHUHQORVOHVLRQDGRV\UHPLWLUORVGHDFXHUGRFRQHVWR\FRQORVPHGLRVGH WUDQVSRUWHGLVSRQLEOHV x 3DUWLFLSDUHQOD&DGHQDGH3URWHFFLyQ6RFLDOFRRUGLQDQGRODHYDFXDFLyQGHORVGDPQLILFDGRV\ DIHFWDGRV x 0DQWHQHUFRPXQLFDFLyQFRQVWDQWHFRQHO308\FRQHOFHQWURGHUHPLVLRQHV x &RRUGLQDUFRQORVSXHVWRVGHDYDQ]DGD\SXHVWRVGHUHOHYRDVXFDUJRODVDFFLRQHVQHFHVDULDVSDUD HOPDQHMRDGHFXDGRGHORVOHVLRQDGRVGHDFXHUGRFRQODVGHWHUPLQDFLRQHVGHO308 /D236206UHVXPHHOSDSHOPpGLFRGHO&$&+FRQHOSULQFLSLR7 7DJ PDUFDUODSULRULGDG DVLJQDGD 7UDWDPLHQWR 7UDVODGR
$5($'(,167$/$&,21'(/&$&+
3DUDODHOHFFLyQGHOOXJDUGHLQVWDODFLyQVHGHEHQWHQHUHQFXHQWDORVVLJXLHQWHVDVSHFWRV x $UHDItVLFDVXILFLHQWHSDUDDFRPRGDUODVXQLGDGHVQHFHVDULDVSDUDODDWHQFLyQGHOHVLRQDGRV SOXVPQ SDFLHQWHV \RWUDVYtFWLPDVGHOGHVDVWUH/D236206FDOFXODTXHVRQQHFHVDULRV DSUR[LPDGDPHQWHP SRUYtFWLPDSDUDWUDWDPLHQWR\FLUFXODFLyQ x /RFDOL]DGRFHUFDGHOD=RQDGH,PSDFWRHQOD]RQDGHVHJXULGDG5HVJXDUGDGRSDUDSRVLEOHV DPHQD]DVHQHOSRVWGHVDVWUH x )iFLODFFHVRSDUDORVGLIHUHQWHVPHGLRVGHWUDQVSRUWH x 'LVSRQLELOLGDGHQODREWHQFLyQGHDJXD\HOHFWULFLGDGDVtFRPRWDPELpQSDUDHOGHVKHFKRGHVyOLGRV \DJXDVVHUYLGDVVtHOWLSR\PDJQLWXGGHOGHVDVWUHORUHTXLHUH x &RQGLFLRQHVIDYRUDEOHVSDUDODVWHOHFRPXQLFDFLRQHV x &HUFDGHO308 x )DFLOLGDGSDUDODLQVWDODFLyQ\ODORJtVWLFD x 3RVLELOLGDGGHEXHQDVWHOHFRPXQLFDFLRQHV x 3RVLELOLGDGGHOLPLWDUHODFFHVRDSHUVRQDOQRDXWRUL]DGR
',675,%8&,2125*$1,=$7,9$'(/&$&+
'HDFXHUGRFRQHOWLSR\PDJQLWXGGHOGHVDVWUH\SDUDIDFLOLWDUODLQVWDODFLyQ\FRRUGLQDFLyQDOLQWHULRUGHO &$&+VHGLYLGHSRUiUHDVFDGDXQDGHODVFXDOHVFRQWLHQHXQLGDGHVIXQFLRQDOHVFRQIRUPHDODV QHFHVLGDGHVHVSHFtILFDVSODQWHDGDVSRUHOGHVDVWUH x $UHDGHUHFHSFLyQGHOHVLRQDGRV x 8QLGDGGHLQIRUPDFLyQ\FRQWURO x 3XQWRGH6HOHFFLyQ x $UHDGHDWHQFLyQPpGLFD x 6HFFLyQGH$JXGRV x 8QLGDG5RMD DWHQFLyQLQPHGLDWD x 8QLGDG$PDULOOD DWHQFLyQVHFXQGDULD x 6HFFLyQGH1R$JXGRV x 8QLGDG9HUGH DWHQFLyQGLIHULEOH x 8QLGDG1HJUD FUtWLFR12UHFXSHUDEOH x 8QLGDG%ODQFD FDGiYHUHV
6LVWHPDGH0DQHMR,QWHJUDOGH'HVDVWUHV x x
x
x x
$UHDGHWHOHFRPXQLFDFLRQHV x 8QLGDGGHFRRUGLQDFLyQ\VHJXULGDGGHO&$&+ x 8QLGDGUHFHSWRUDGHGDWRVGHOHVLRQDGRVGHOD]RQDGHLPSDFWR x 8QLGDGGHHQODFHFRQHOFHQWURGHUHPLVLRQHV $UHDGHWUDQVSRUWH x 8QLGDGDGPLQLVWUDWLYD x 8QLGDGSDUDHOWUDQVSRUWHGHOHVLRQDGRV x 8QLGDGSDUDHOWUDQVSRUWHGHGDPQLILFDGRV\DIHFWDGRV x 8QLGDGSDUDHOWUDQVSRUWH GHHTXLSRV\VXPLQLVWURV $UHDGHDEDVWHFLPLHQWRV x 8QLGDGGHORJtVWLFDGHO&$&+ x 8QLGDGGHVXPLQLVWURVPpGLFRV x 8QLGDGGHDOLPHQWRV\PHQDMHV x 8QLGDGGHHTXLSRVSDUDORVJUXSRVGHE~VTXHGD\UHVFDWH $UHDGHSURWHFFLyQVRFLDO x 8QLGDGDGPLQLVWUDWLYD x 8QLGDGGHUHFHSFLyQHLQIRUPDFLyQ x 8QLGDGSDUDODGLVWULEXFLyQ\DFRPRGDFLyQ $UHDSDUDHOGHVFDQVRGHOSHUVRQDO x 8QLGDGGHDGPLQLVWUDFLyQGHSHUVRQDO x 8QLGDGGHDOLPHQWDFLyQ x 8QLGDGGHGRUPLWRULRV
(67$%,/,=$&,21<75,$*(35(+263,7$/$5,2
/RV PpGLFRVGHO&HQWURGH$WHQFLyQ\&ODVLILFDFLyQGH+HULGRVGHEHQGRPLQDUORVSXQWRVHQXQFLDGRVD FRQWLQXDFLyQUHVSHFWRDODHVWDELOL]DFLyQGHOHVLRQDGRV WUDXPDWL]DGRV \DSOLFDUVXFULWHULRSDUDGHWHUPLQDUOD SULRULGDGGHDWHQFLyQ\WUDQVSRUWHDOFHQWURKRVSLWDODULRGHHVWRV 6LHOSDVRSUHYLRGHOVLVWHPD67$57IXHDSOLFDGRDGHFXDGDPHQWHHOSHUVRQDOGHO&$&+GHEHUHFRUGDU TXHODVSULPHUDVYtFWLPDVHQOOHJDUGHOD]RQDGHLPSDFWRVRQDTXHOODVTXHVHSXHGHQGHVSOD]DUSRUVXV SURSLRVPHGLRV GDPQLILFDGRVDIHFWDGRV\OHVLRQDGRVOHYHV HQVHJXQGROXJDUORVOHVLRQDGRVFODVLILFDGRV FRPRGH$WHQFLyQ,QPHGLDWD WDJURMR \SRUXOWLPRORVFODVLILFDGRVFRQWDJVDPDULOOR\QHJUR (QORSRVLEOHHVWDEOHFHUXQ3XQWRGH6HOHFFLyQHQWUH$*8'26 WDJVURMR\DPDULOOR \12$*8'26 WDJV QHJUR\YHUGH DODHQWUDGDGHO&$&+SDUDTXHORVOHVLRQDGRVVHDQXELFDGRVORPiVUiSLGRSRVLEOHKDFLD ODVGLVWLQWDVXQLGDGHVGHOiUHDGHDWHQFLyQPpGLFD$GHPiVXELFDUORVGDPQLILFDGRV\DIHFWDGRV QR OHVLRQDGRV HQODXQLGDGGHUHFHSFLyQHLQIRUPDFLyQGHOiUHDGHSURWHFFLyQVRFLDO /RVOHVLRQDGRVJUDYHVGHVHUSRVLEOHGHEHQGHVYHVWLUVHFRPSOHWDPHQWHSDUDVXH[DPHQFRPSOHWRWHQLHQGR HQFXHQWDODVFRQGLFLRQHVDPELHQWDOHV3URFXUDU181&$SURGXFLUGDxRDGLFLRQDORDJUDYDUODVOHVLRQHV12 UHDOL]DUPDQLREUDVKHURLFDVHQHO&$&+ SHMPDVDMHFDUGLDFRDFLHORDELHUWR /RVPpGLFRVGHO&HQWURGH$WHQFLyQ\&ODVLILFDFLyQGH+HULGRVGHEHQUHJLVWUDUWRGDODLQIRUPDFLyQ UHODFLRQDGDFRQODDWHQFLyQGHORVOHVLRQDGRV YHUGDWRVGHOWUDVODGRPiVDGHODQWH (O7ULDJH3UH+RVSLWDODULR VHUHDOL]DUiGHDFXHUGRFRQODLQHVWDELOLGDGGHOVLVWHPDUHVSLUDWRULR FDUGLRYDVFXODURQHUYLRVRFHQWUDODSOLFDQGRHOFULWHULRPpGLFR\WHQLHQGRHQFXHQWDORVSXQWRVHQXQFLDGRVD FRQWLQXDFLyQSRUSULRULGDGHV /RVVLJXLHQWHVSXQWRVHVWiQGLULJLGRVDRULHQWDUODSUHSDUDFLyQGHORVPpGLFRV GHO&$&+\VHEDVDQHO FRQWHQLGRGHOFXUVR$7/6GHO&RPLWpGH7UDXPDGHO&ROHJLR$PHULFDQRGH&LUXMDQRV\HQODH[SHULHQFLD DGTXLULGDHQHO+RVSLWDO6DQ-XDQGH'LRVGH%RJRWi/RVFXDOHVSRQHQpQIDVLVHQODLPSRUWDQFLDTXHWLHQHOD HYDOXDFLyQ\WUDWDPLHQWRLQLFLDOGHOSDFLHQWHWUDXPDWL]DGRGXUDQWHODSULPHUDKRUDSRVWHULRUDODOHVLyQ
6LVWHPDGH0DQHMR,QWHJUDOGH'HVDVWUHV
/RVVLJXLHQWHVSXQWRVHVWiQGLULJLGRVDRULHQWDUODSUHSDUDFLyQGHORVPpGLFRVGHO&$&+ 35,25,'$'52-$ $WHQFLyQ,QPHGLDWD x 9,$$(5($<9(17,/$&,21 x $VHJXUDUODYtDDpUHD\YHQWLODFLyQULFDHQR[LJHQR x 6LKD\FRPSURPLVRHQODLQWHJULGDGGHODYtDDpUHDRODYHQWLODFLyQHVGHILFLHQWHVH SURFHGHUiDODLQWXEDFLyQQDVRXRURWUDTXHDO x (YDOXDUODHIHFWLYLGDGGHODYHQWLODFLyQ x 6LODLQWXEDFLyQQRHVH[LWRVDHVWiLQGLFDGDODYtDDpUHDTXLU~UJLFD FULFRWLURLGRWRPtD 62/2VLKD\FRQGLFLRQHVDGHFXDGDV\HOPpGLFRHVWi HQWUHQDGRHQHOSURFHGLPLHQWRSDUDOXHJRWUDQVSRUWDUUiSLGRDOFHQWUR KRVSLWDODULR x 6LQRHVSRVLEOHDVHJXUDUODYtDDpUHDSRUORVSDVRVDQWHULRUHVHQWRQFHVR[LJHQDU SRUFULFRWLURLGRWRPtDGHDJXMD\WUDQVSRUWDUUiSLGRDOFHQWURKRVSLWDODULR x 6+2&. x /DKLSRYROHPLDHVODFDXVDPiVIUHFXHQWHGHVKRFNHQORVSDFLHQWHVWUDXPDWL]DGRV x /RFDOL]DU\FRQWURODUODKHPRUUDJLD x 9tDVGHDFFHVRYDVFXODU x 'RVFDWpWHUHVLQWUDYHQRVRVJUXHVRV yPiV x 9HQRGLVHFFLyQGHODYHQDVDIHQDRGHODVYHQDVGHORVEUD]RVVLHVQHFHVDULR x 1LxRVPHQRUHVGHDxRV SXQFLyQLQWUDRVHDWLELDOSUR[LPDO VtKD\FRQGLFLRQHV x $GPLQLVWUDFLyQGHOtTXLGRV FULVWDORLGHV x FFLQLFLDOHVHQEROR FF.JHQQLxRV x (VWLPDUSHUGLGDVVDQJXtQHDV\UHSRQHUFRQODUHJODGHD x (YDOXDUUHVSXHVWD x 5HVSXHVWDWUDQVLWRULDRPtQLPD UHTXLHUHWUDQVSRUWHUiSLGRDOFHQWURKRVSLWDODULR x 75$80$'(725$;48($0(1$=$/$9,'$ x 1HXPRWyUD[DWHQVLyQ GHVFRPSUHVLyQLQPHGLDWD DJXMDHQ RUGP HVSDFLRLQWHUFRVWDO FRQOtQHDPHGLRFODYLFXODU VLKD\FRQGLFLRQHV WXERGHWyUD[ x 1HXPRWyUD[DELHUWR YHQGDMHHVWpULOVLQRFOXLUORFRPSOHWDPHQWH SRUULHVJRGHQHXPRWyUD[ DWHQVLyQ VLKD\FRQGLFLRQHV WXERGHWyUD[ x +HPRWyUD[PDVLYR UHSRVLFLyQGHYROXPHQ VLKD\FRQGLFLRQHV WXERGHWyUD[ x 7yUD[LQHVWDEOH YHQWLODFLyQDGHFXDGDR[LJHQRDQDOJHVLDHVWDELOL]DUUHMDFRVWDO SHM EROVDVGHDUHQD x 7DSRQDPLHQWRFDUGLDFR SHULFDUGLRFHQWHVLVWUDQVSRUWHPX\UiSLGR x 7UDQVSRUWDUUiSLGRDOFHQWURKRVSLWDODULRHQFXDOTXLHUDGHORVFDVRVDQWHULRUHV x 75$80$$%'20,1$/ x 7UDQVSRUWDUUiSLGRDOFHQWURKRVSLWDODULRHQFDVRGH x 7UDXPDFHUUDGRFRQKLSRWHQVLyQSHUVLVWHQWH x 7UDXPDSHQHWUDQWH x )UDFWXUDGHSHOYLV
6LVWHPDGH0DQHMR,QWHJUDOGH'HVDVWUHV x
75$80$&5$1(2(1&()$/,&2 x $GPLQLVWUDUR[LJHQRDDOWDVGRVLV\FRQWURODUORVOtTXLGRVDGPLQLVWUDGRV\HOLPLQDGRV x 9DORUDUFRQVWDQWHPHQWHDOOHVLRQDGR\UHJLVWUDUHOSXQWDMHGH*ODVJRZHOUHIOHMRSXSLODU\ ODDFWLYLGDGPRWRUD x 7UDQVSRUWHUiSLGRDOFHQWURKRVSLWDODULR QLYHO,,,FRQQHXURFLUXJtD HQFDVRGH x *ODVJRZPHQRUGH x 'LVPLQXFLyQHQSXQWRVGHO*ODVJRZLQLFLDO x $QLVRFRULDRGpILFLWPRWRUODWHUDOL]DGR x /HVLyQDELHUWDGH&UiQHR
35,25,'$'$0$5,//$ $WHQFLyQ6HFXQGDULD x 5HDOL]DUXQH[DPHQFRPSOHWR\UHFODVLILFDUODSULRULGDGGHDWHQFLyQGHOOHVLRQDGRGHDFXHUGRFRQ x 7LSRGHOHVLyQ x $WHQFLyQUHTXHULGD x 3RVLEOHVFRPSOLFDFLRQHV x 75$80$5$48,0('8/$5 x ,QPRYLOL]DUFROXPQDFHUYLFDO x ,QPRYLOL]DUVREUHVXSHUILFLHUtJLGD FDEH]DKRPEURV\SHOYLV \PRYLOL]DUHQEORTXH x 9LJLODUGpILFLWPRWRU\VHQVLWLYR x ,QLFLDUPDQHMRFRUWLFRLGH x 7UDQVSRUWDUDXQFHQWURKRVSLWDODULRQLYHO,,,FRQGLVSRQLELOLGDG GHRUWRSHGLVWD\R QHXURFLUXMDQR x 75$80$'((;75(0,'$'(6 x &RQWUROGHKHPRUUDJLDFRQSUHVLyQGLUHFWD x /DYDUKHULGDVFRQDJXD RVROXFLyQVDOLQD HVWpULODEXQGDQWH\FXEULUFRQDSyVLWRVHVWpULOHV x ,QPRYLOL]DFLyQDGHFXDGDGHIUDFWXUDV x 0DQHMRGHOGRORU x 7UDQVSRUWHUiSLGRDXQFHQWURKRVSLWDODULRHQFDVRGH x 6RVSHFKDGHOHVLyQYDVFXODU x )UDFWXUDDELHUWD FRQH[SRVLFLyQyVHDRQR x 6tQGURPHFRPSDUWLPHQWDO x $PSXWDFLyQWUDXPiWLFD x 48(0$'85$6 x $FFHVRYHQRVR\DGPLQLVWUDFLyQGHOtTXLGRV x 0DQHMRGHOGRORU x /DYDGRFRQDJXDIUtDHVWpULOFXEULUFRQJDVDHVWpULO\XQJHQWRDQWLELyWLFR x 7UDQVSRUWHUiSLGRDXQDXQLGDGGHTXHPDGRVHQFDVRGH x 1LxRVPHQRUHVGHDxRV\PiVGHGHVXSHUILFLHTXHPDGD x 4XHPDGXUDGH RUGP JUDGRHQPiVGHOGHVXSHUILFLHR GH RUGP HQPiV GHO x 4XtPLFDVRHOpFWULFDV x (QFDUDRMRVRtGRVPDQRVSLHVJHQLWDOHVSHULQHRRDUWLFXODFLRQHV x +,327(50,$ (;326,&,21$/)5,2 x /HVLRQHVSRUFRQJHODFLyQ x 5HWLUDUURSDVK~PHGDV\FXEULUFRQPDQWDV x 6XPHUJLUODSDUWHOHVLRQDGDHQDJXDFLUFXODQWHD RUGP & x +LSRWHUPLDFRUSRUDOWRWDO PHQRVGH RUGP & x 7UDVODGDUDXQLGDGGHFXLGDGRVLQWHQVLYRV x /(6,21$'$(0%$5$=$'$ x /DYLGDGHOIUXWRGHSHQGHGHODUHDQLPDFLyQ\HVWDELOL]DFLyQDGHFXDGDSDUDODLQWHJULGDG PDWHUQD x 7UDVODGRUiSLGRDXQFHQWURKRVSLWDODULRQLYHO,,,FRQGLVSRQLELOLGDGGHREVWHWUD\ QHRQDWyORJR x +$=0$7 x 7RPDUPHGLGDVGHSURWHFFLyQSDUDHOSHUVRQDODVLVWHQFLDO x /LPLWDUHOFRQWDFWRFRQODVXVWDQFLD UHWLUDUURSDVODYDUFRQDJXDSXUDHWF x 0HGLGDVJHQHUDOHVGHUHDQLPDFLyQ $%&
6LVWHPDGH0DQHMR,QWHJUDOGH'HVDVWUHV
x
x
,GHQWLILFDUODVXVWDQFLD\VROLFLWDULQIRUPDFLyQSDUDVXPDQHMRHVSHFtILFRDXQFHQWUR HVSHFLDOL]DGRWDOFRPR&,635248,0 &&6WHO HQ%RJRWi 85*(1&,$636,48,$75,&$6 x 'LDJQyVWLFRGLIHUHQFLDO\PDQHMRGHFULVLVGHDQJXVWLD DWDTXHGHSiQLFR x ,QPRYLOL]DUHQFDVRGHSRVLEOHDJUHVLyQ SURSLDRDORVGHPiV RVHYHURFDPELRGH FRQGXFWD x $SOLFDUQHXUROpSWLFRREHQ]RGLDFHSLQDLQWUDPXVFXODU x 7UDVODGDUDXQFHQWURFRQGLVSRQLELOLGDGGHSVLTXLDWUD
35,25,'$'9(5'( $WHQFLyQ'LIHULEOH x 5HDOL]DUXQH[DPHQFRPSOHWR\UHFODVLILFDUODSULRULGDGGHDWHQFLyQGHOOHVLRQDGRGHDFXHUGRFRQ x 7LSRGHOHVLyQ x $WHQFLyQUHTXHULGD x 3RVLEOHVFRPSOLFDFLRQHV x 1RUHDOL]DUSURFHGLPLHQWRVGHPDQHMRGHILQLWLYRHQHO&$&+ SHMVXWXUDV x 'DUPDQHMRLQLFLDODODVOHVLRQHV SHMODYDGRFXUDFLyQYHQGDMHDQDOJHVLD x 8ELFDUHQXQFHQWURDVLVWHQFLDO SULPHURVHJXQGRQLYHOGHDWHQFLyQ \WUDQVSRUWDUHQJUXSRVVLHV SRVLEOH 35,25,'$'1(*5$ &UtWLFR125HFXSHUDEOH x 3URFXUDUORQHFHVDULRSDUDFXPSOLUHOGHUHFKRDPRULUGLJQDPHQWH SRUHMHPSOR DQDOJHVLDQR UHDOL]DUPDQLREUDVKHURLFDVLQQHFHVDULDV (OPDQHMRGHFDGiYHUHV SULRULGDGEODQFD VHFRPHQWDHQRWURPRGXOR
127$
3UHFDXFLRQHVXQLYHUVDOHVGHELRVHJXULGDG JXDQWHVWDSDERFDVSURWHFWRUHVRFXODUHV HWF GHEHQDSOLFDUVHVLHPSUHTXHVHUHDOLFHXQUHVFDWHRVHDWLHQGDXQSDFLHQWH WUDXPDWL]DGR
'$7263$5$(/75$6/$'2
/DVLJXLHQWHLQIRUPDFLyQPtQLPDGHEHVHUUHJLVWUDGDSDUDVHU HQWUHJDGDDOPpGLFRUHFHSWRUGHOFHQWUR KRVSLWDODULR x ,GHQWLILFDFLyQGHOOHVLRQDGR x QRPEUHHGDGVH[RGRFXPHQWRGHLGHQWLGDG IHFKDGHQDFLPLHQWRHQQLxRV GLUHFFLyQ WHOpIRQRIDPLOLDUHVRDFRPSDxDQWHHWF x ,QIRUPDFLyQGHOD]RQDGHLPSDFWR x +RUDGHOLQFLGHQWH x 0HFDQLVPR\WLSRGHODOHVLyQ x 7LHPSRGHOUHVFDWH x 6LJQRVYLWDOHVLQLFLDOHV x 3URFHGLPLHQWRVHQOD]RQDGHLPSDFWR x 5HVSXHVWDDOSURFHGLPLHQWR x 0pWRGRGHWUDQVSRUWHDO&$&+ x ,QIRUPDFLyQGHO&$&+ x +RUDGHOOHJDGDDO&$&+ x ,PSUHVLyQGLDJQyVWLFDLQLFLDO x 0DQHMRDGPLQLVWUDGRHQHO&$&+ x SURFHGLPLHQWRVPHGLFDPHQWRVOtTXLGRVLQWUDYHQRVRV WLSR\FDQWLGDG HWF x (VWDGRDOPRPHQWRGHOWUDQVSRUWH x 7LSRGHWUDQVSRUWHVHOHFFLRQDGR x ,QIRUPDFLyQGHOWUDQVSRUWH x 6LJQRVYLWDOHV\PDQHMRGXUDQWHHOWUDQVSRUWH &XDOTXLHULQIRUPDFLyQDGLFLRQDOTXHVHFRQVLGHUH~WLOSDUDFRPSOHPHQWDUODKLVWRULDFOtQLFD\RULHQWDUVX WUDWDPLHQWRGHILQLWLYR
6LVWHPDGH0DQHMR,QWHJUDOGH'HVDVWUHV
308
&RQIRUPDFLyQ )XQFLRQHV 2WURV0RGHORV
3XHVWRGH0DQGR8QLILFDGR
(VXQRUJDQLVPRWHPSRUDOHQFDUJDGRGHODSODQHDFLyQJHVWLyQFRRUGLQDFLyQ\RUJDQL]DFLyQJHQHUDOGHODV ODERUHVGHDWHQFLyQGHOGHVDVWUHEXVFDQGRRSWLPL]DUDOPi[LPRORVUHFXUVRVGLVSRQLEOHVGHIRUPDTXHVX XWLOL]DFLyQVHDORPiVUDFLRQDOHILFLHQWH\HIHFWLYDSRVLEOH(VWRVREMHWLYRVVRQSRVLEOHVJUDFLDVDVX FRQIRUPDFLyQLQWHULQVWLWXFLRQDO\VXXELFDFLyQFHUFDDOD]RQDGHLPSDFWR 6XHVWUXFWXUDFRQIRUPDFLyQXELFDFLyQ\IXQFLRQHVHVSHFtILFDVGHSHQGHQGHODPDJQLWXG\WLSRGHGHVDVWUH\ GHORVRUJDQLVPRVGHVRFRUURSDUWLFLSDQWHVHQODVODERUHVGHDWHQFLyQ(QJHQHUDOVXVFDUDFWHUtVWLFDV\ IXQFLRQHVSULQFLSDOHVVRQ x 'HSHQGHGHO&RPLWp ORFDOUHJLRQDORQDFLRQDO HQFDUJDGRGHODDWHQFLyQGHOGHVDVWUHLQIRUPiQGROR SHUPDQHQWHPHQWHGHOGHVDUUROORGHORVRSHUDWLYRV x 'DLQVWUXFFLRQHVJOREDOHVDOFRRUGLQDGRUGHORVRSHUDWLYRVGHVDOYDPHQWRHQOD]RQDGHLPSDFWR\D ODXQLGDG FRRUGLQDGRUDGHO&$&+ x 5HDOL]DORVWUDPLWHVQHFHVDULRVSDUDHOEXHQIXQFLRQDPLHQWRGHORVGRVSULPHURVHVODERQHVGHOD FDGHQDGHVRFRUURV JHVWLRQDUSHUVRQDOHTXLSRVVXPLQLVWURVYHKtFXORVHWF x &RRUGLQDORVGLIHUHQWHVVHFWRUHVLQYROXFUDGRVHQODVDFFLRQHVGHODVGRV]RQDVDVXFDUJR ,GHDOPHQWHHO&RRUGLQDGRU*HQHUDOQRPEUDGRSRUWRGRVRSRUHO&RPLWp ORFDOUHJLRQDORQDFLRQDO HQFDUJDGRGHODDWHQFLyQGHOGHVDVWUHWRPDUiODVGHFLVLRQHVFUtWLFDV\ORVGHPiVFRODERUDUDQHQFRRUGLQDUVX HMHFXFLyQ
&21)250$&,21'(/308
(VWiFRPSXHVWRSRUPLHPEURVGHMHUDUTXtDDXWRUL]DGRVSDUDWRPDUGHFLVLRQHVRSHUDWLYDVHQIRUPDLQPHGLDWD DQRPEUHGHODVLQVWLWXFLRQHVTXHUHSUHVHQWDQ ,167,78&,21(6 x x x x x x x x
(O&RPLWp ORFDOUHJLRQDORQDFLRQDO HQFDUJDGRGHODDWHQFLyQGHOGHVDVWUH 2UJDQL]DFLRQHVGHVRFRUUR 'HIHQVD&LYLO&UX]5RMD\%RPEHURV )XHU]DV$UPDGDV\GH3ROLFtD 2UJDQL]DFLRQHVGHDSR\R 6FRXWV\GHYROXQWDULRVORFDOHVQDFLRQDOHVRLQWHUQDFLRQDOHV 7UiQVLWR0XQLFLSDO\'HSDUWDPHQWDO VHJ~QHOOXJDUGHOGHVDVWUH ,QVWLWXWR1DFLRQDOGH0HGLFLQD/HJDO\&LHQFLDV)RUHQVHV )LVFDOtD*HQHUDOGHOD1DFLyQ 2UJDQL]DFLRQHVFRPXQLWDULDVSUHSDUDGDV\YLQFXODGDVDO&RPLWp ORFDOUHJLRQDORQDFLRQDO HQFDUJDGRGHODDWHQFLyQGHOGHVDVWUH
0,(0%526',5(&726 x x x x x x x x x x x
&RRUGLQDGRU*HQHUDO &HQWURGHWHOHFRPXQLFDFLRQHV &HQWURGHLQIRUPDFLyQ\SUHQVD &RRUGLQDGRUGHWUDQVSRUWHV &RRUGLQDGRUGHORJtVWLFD\DEDVWHFLPLHQWRV &RRUGLQDGRUGHDVLVWHQFLDHQVDOXG &RRUGLQDGRUGHVHJXULGDG 5HSUHVHQWDQWHGHODV)XHU]DV$UPDGDV 5HSUHVHQWDQWHGH0HGLFLQD/HJDO 5HSUHVHQWDQWHGHOD)LVFDOtD 5HSUHVHQWDQWHGHODFRPXQLGDG
x x x x
&RRUGLQDGRUGHORVRSHUDWLYRVGHVDOYDPHQWRHQOD]RQDGHLPSDFWR (QFDUJDGRGHVHJXULGDGHQOD]RQDGHLPSDFWR 8QLGDGGHFRRUGLQDFLyQ\VHJXULGDGGHO&$&+ 8QUHSUHVHQWDQWHGHO&RPLWp ORFDOUHJLRQDORQDFLRQDO HQFDUJDGRGHODDWHQFLyQGHOGHVDVWUH
0,(0%526,1',5(&726
6LVWHPDGH0DQHMR,QWHJUDOGH'HVDVWUHV )81&,21(6'(/308 x x x x x x x x x x x
1RPEUDUDO&RRUGLQDGRU*HQHUDOGHRSHUDFLRQHV\DOVXSOHQWHSDUDOLGHUDUODVDFFLRQHVGHFRPDQGR SODQHDFLyQORJtVWLFD\ILQDQFLHUDVWHQLHQGRHQFXHQWDODFDSDFLWDFLyQ\H[SHULHQFLDGHORV LQWHJUDQWHV HQVLWXDFLyQGHGHVDVWUHHVDFRQVHMDEOHWHQHUXQUHOHYRFDGDGRFHKRUDV (YDOXDUODPDJQLWXGLQLFLDOGHOGHVDVWUHDWUDYpVGHORVLQIRUPHVYHULILFDQGRSRULQWHUPHGLRGHORV 3XHVWRVGH$YDQ]DGDSDUDQRWLILFDUDO&RPLWp ORFDOUHJLRQDORQDFLRQDO HQFDUJDGRGHODDWHQFLyQ GHOGHVDVWUHODVQHFHVLGDGHVGHDVLVWHQFLDLQPHGLDWD\GHSURWHFFLyQDODVYtFWLPDV 2UJDQL]DUHQIRUPDLQPHGLDWDHO3ODQGH$FWLYLGDGHVR3ODQGH$FFLyQ\ODGLVWULEXFLyQGHOWUDEDMR VHJ~QHOWLSR\PDJQLWXGGHOGHVDVWUH\ODVUHVSRQVDELOLGDGHVLQVWLWXFLRQDOHV HVLPSRUWDQWH DFWXDOL]DUORSHULyGLFDPHQWHFDGDKRUDVRPHQRVGHDFXHUGRFRQHORSHUDWLYR (YDOXDUSHULyGLFDPHQWH GLDULDPHQWHRPiVIUHFXHQWHVLHVQHFHVDULR ODVDFWLYLGDGHV $GRSWDU\WUDQVPLWLUODVRUGHQHVQHFHVDULDVSDUDHODGHFXDGRIXQFLRQDPLHQWRGHOD&DGHQDGH 6RFRUURV 5HFLELULQIRUPHVVREUHODVQHFHVLGDGHVGHSHUVRQDOHTXLSRV\VXPLQLVWURVQHFHVDULRVGXUDQWHOD DWHQFLyQGHOGHVDVWUHJHVWLRQDQGR\DGPLQLVWUDQGRORVUHFXUVRVQHFHVDULRV ,QIRUPDUDO&RPLWp ORFDOUHJLRQDORQDFLRQDO HQFDUJDGRGHODDWHQFLyQGHOGHVDVWUHVREUHHO GHVDUUROORGHODVDFWLYLGDGHV\QHFHVLGDGHVGHUHFXUVRVHQOD=RQDGH,PSDFWR\HO VHJXQGRHVODEyQ &DQDOL]DUODLQIRUPDFLyQLQLFLDOSDUDODFRPXQLGDG\ORVPHGLRVGHFRPXQLFDFLyQ &RRUGLQDUODFDGHQDGHSURWHFFLyQVRFLDO 5HDOL]DUXQLQIRUPHHVFULWRGHWRGDVODVDFFLRQHVHMHFXWDGDV 'HWHUPLQDUFXiQGROD)DVHGH,PSDFWRKDWHUPLQDGRSDUDOHYDQWDUHO308
2752602'(/26
$FRQWLQXDFLyQVHGHVFULEHQRWURVVLVWHPDVGHVDUUROODGRVSDUDFXPSOLUFRQHOPLVPRREMHWLYRGHO308 2UJDQL]DUORVUHFXUVRVHQHOVLWLRGHOGHVDVWUHGXUDQWHVXDWHQFLyQ 262&& 2Q6LWH2SHUDWLRQ&RUGLQDWLRQ&HQWHU
'HVFULWRHQHOWHUFHUSURWRFRORLQWHUQDFLRQDOVREUHE~VTXHGD\UHVFDWHGHODV1DFLRQHV8QLGDV'+$ 81'52SDUDKDFHUPiVHILFLHQWHVODVDFWLYLGDGHVGHORVJUXSRVGHE~VTXHGD\UHVFDWH\HQFRQFUHWRSDUD DXPHQWDUODXWLOLGDGGHORVJUXSRVLQWHUQDFLRQDOHV HOSURWRFRORSUHYpHOHVWDEOHFLPLHQWRGHXQ&HQWURGH &RRUGLQDFLyQGHODV2SHUDFLRQHVLQVLWXOODPDGRDLQFUHPHQWDUODFDSDFLGDGGHFRRUGLQDFLyQGHXQSDtVHQ FDVRGHGHVDVWUH (OSURWRFRORGHVFULEHODVIXQFLRQHVGHGLFKRFHQWURHQWUHVHVIHUDVSULQFLSDOHV JHVWLyQSODQLILFDFLyQ\ ORJtVWLFDGHODVRSHUDFLRQHV\HVSHFLILFDTXHHO&HQWURGHEHHVWDUFRQFHELGRGHIRUPDTXH x 8WLOLFHSURFHGLPLHQWRVFODURVVHQFLOORV\ELHQGHILQLGRVHQVXVRSHUDFLRQHV x &XHQWHFRQSHUVRQDODFFHVLEOHIOH[LEOHTXHGHVHPSHxHIXQFLRQHVP~OWLSOHV x &XHQWHFRQORVVHUYLFLRVGHSHUVRQDOFDOLILFDGRGHOJRELHUQRGHOSDtVSHUMXGLFDGRRGHORVSDtVHVTXH SUHVWHQD\XGDRGHDPERVTXHWHQJDODH[SHULHQFLDHQODJHVWLyQGHDFWLYLGDGHVHQFDVRVGH GHVDVWUH &RPSRQHQWHV x $XWRULGDGGHO3DtV3HUMXGLFDGR x &HQWURGH&RRUGLQDFLyQ x *HVWLyQ x /RJtVWLFD x 3ODQLILFDFLyQ2SHUDWLYD x 5HSUHVHQWDQWHGHOSDtVTXHSUHVWDDVLVWHQFLD x 5HSUHVHQWDQWHGHODVRUJDQL]DFLRQHVQRJXEHUQDPHQWDOHV x 5HSUHVHQWDQWHGHORVRUJDQLVPRVSULYDGRV x 5HSUHVHQWDQWHGHORVJUXSRVGHE~VTXHGD\UHVFDWHORFDOHV ,&6 ,QFLGHQW&RPPDQG6\VWHP
(VXQVLVWHPDRULJLQDOPHQWHGHVDUUROODGRHQ&DOLIRUQLD 86$ SDUDPDQHMDUHYHQWRVFRQGRVRPiV YtFWLPDV 0XOWLSOH&DVXDOLW\,QFLGHQWV LQLFLDOPHQWHSDUDRUJDQL]DUPXFKRVJUXSRVGHERPEHURVHQ LQFHQGLRVJUDQGHV\IRUHVWDOHV\SRVWHULRUPHQWHPRGLILFDGR\DSOLFDGRDWUDYpVGHORV(VWDGRV8QLGRVHQXQD YDULHGDGGHHYHQWRV 6XVYHQWDMDVVRQ
6LVWHPDGH0DQHMR,QWHJUDOGH'HVDVWUHV x x x x x
7pUPLQRVFRP~QPHQWHFRPSUHQGLGRVSRUWRGDVODVSDUWHVLQYROXFUDGDV 8Q-HIHFRQDEVROXWDDXWRULGDGSDUDGHWHUPLQDUODPHWDJHQHUDOUHDOL]DUORTXHVHDQHFHVDULRSDUD FXPSOLUODPHWD\ORVREMHWLYRVHVSHFtILFRVQHFHVDULRVSDUDOOHYDUODDFDER 8QDHVWUXFWXUDGHFRPDQGRXQLILFDGDFRQGLYLVLRQHVELHQHVWDEOHFLGDVWRGRVWUDEDMDQGRSDUD FXPSOLUODPLVPDPHWD 8QLGDGHVIiFLOPHQWHGLULJLGDVQRUPDOPHQWHLQWHJUDGDVSRUQRPiVGHSHUVRQDV 7tSLFDPHQWHSDUDTXHHOVLVWHPDWUDEDMHGHEHKDEHUODVVLJXLHQWHVSRVLFLRQHVGHOLGHUD]JR LQLFLDOPHQWH x &RPDQGDQWHGHOLQFLGHQWH x -HIHGHODVHFFLyQ GHRSHUDFLRQHV x -HIHGHODVHFFLyQGHSODQHDFLyQ x -HIHGHODVHFFLyQGHORJtVWLFD
$7(1&,21'(/(6,21$'26
81,'$'(6+263,7$/$5,$6 HVODEyQ x x
7UDQVSRUWHV3UHKRVSLWDODULRV x 0DQHMRGXUDQWHHO7UDQVSRUWH 8QLGDGHV+RVSLWDODULDV x &HQWURGH5HPLVLRQHV x $FWLYLGDGHVGHQWURGHO+RVSLWDO x 7ULDJH+RVSLWDODULR x 7UDVODGRV,QWHUKRVSLWDODULRV
75$163257(635(+263,7$/$5,26
(VLPSRUWDQWHUHFRUGDUTXHVHGLVSRQHGHXQD+RUD&UtWLFDSDUDHOWUDQVSRUWHDGHFXDGRGHORVOHVLRQDGRV SUHYLDPHQWHHVWDELOL]DGRV KDVWDXQFHQWURDVLVWHQFLDOGHQLYHOGHWHUPLQDGRHQHO&$&+FRQILUPDGRSRU HOFHQWURGHUHPLVLRQHV\HQRUGHQGHSULRULGDG5HDOL]DUHOWUDQVSRUWHDGHFXDGRGHQWURGHHVWHWLHPSR WDPELpQOODPDGDKRUDGRUDGD GLVPLQX\HVLJQLILFDWLYDPHQWHODPRUWDOLGDGGHORVOHVLRQDGRVPiVJUDYHV\ PHMRUDVXEVWDQFLDOPHQWHVXSURQyVWLFR /DRFXUUHQFLDGHOGHVDVWUHSRQHDGLVSRVLFLyQGHORVRUJDQLVPRVGHVRFRUURYDULRVPHGLRVGHWUDQVSRUWHSDUD OHVLRQDGRV FRQGLVSRVLWLYRVPpGLFRVRQR SULQFLSDOPHQWH DPEXODQFLDV EiVLFDV\PHGLFDOL]DGDV KHOLFySWHURV\DYLRQHV/R LGHDOHQHOWUDQVSRUWHGHOHVLRQDGRVFUtWLFRVHVTXHVHDQWUDVODGDGRVSRUYtDDpUHD VLODVFRQGLFLRQHVORSHUPLWHQ 3DUDVHOHFFLRQDUHOYHKtFXORGHWUDQVSRUWHVHHYDOXDUiQ x /DFRQGLFLyQFOtQLFDGHOOHVLRQDGR x /DVYHQWDMDV\GHVYHQWDMDVGHORVPHGLRVGHWUDQVSRUWHGLVSRQLEOHV x /DXELFDFLyQ\DFFHVRDOFHQWURKRVSLWDODULRGHGHVWLQR 'HSUHIHUHQFLDHOFHQWURGHUHPLVLRQHVLQGLFDUDDO&$&+ODPHMRURSFLyQSDUDTXHHOPpGLFRUHPLWHQWH VHOHFFLRQHHOPHGLRGHWUDQVSRUWH\VLHVSRVLEOHLQGLFDUiFXiQGRHVIDFWLEOHUHPLWLUDYDULRVOHVLRQDGRVHQHO PLVPRYHKtFXOR 3URFXUDUWUDQVSRUWDUOHVLRQDGRVFUtWLFRVUHFXSHUDEOHVSRUYtDDpUHD(QDOJXQDVRFDVLRQHVGHDFXHUGRFRQOD FRQGLFLyQFOtQLFDGHOOHVLRQDGRGHEHUiXWLOL]DUVHXQPHGLRGHWUDQVSRUWHHVSHFtILFRSRUHMHPSORORV SUREOHPDVGHKHPRUUDJLDLQWUDFUDQHDQDUHTXLHUHQHQVXPD\RUtDGHWUDQVSRUWHDpUHRSUHVXUL]DGR
0$1(-2'85$17((/75$163257( x x x x x
12FRQGXFLUDPiVGHNPKHYLWDUDFHOHUDFLRQHV\GHVDFHOHUDFLRQHV $SR\RFRQWLQXRGHOVLVWHPDFDUGLRUUHVSLUDWRULR 5HHPSOD]RFRQWLQXRGHODVSpUGLGDVGHYROXPHQVDQJXtQHRFRQOtTXLGRVSDUHQWHUDOHV 8VRGHPHGLFDPHQWRVVHJ~QRUGHQHVPpGLFDV 6LHVSRVLEOHVHGHEHLQIRUPDUFXDOTXLHUFDPELRLPSRUWDQWHDOPpGLFRUHFHSWRU\VHJXLUVXV LQVWUXFFLRQHV
6LVWHPDGH0DQHMR,QWHJUDOGH'HVDVWUHV x x
5HJLVWUDUODHYROXFLyQGHORVVLJQRVYLWDOHV\GHOSXQWDMHGH*ODVJRZ /OHYDUXQUHJLVWURFRQORVGDWRVSHUVRQDOHVGHORVOHVLRQDGRVGHMDUFRQVLJQDGRDTXHFHQWUR DVLVWHQFLDOIXHUHPLWLGRFDGDXQRHQFDGDYHKtFXORHQTXHVHDQWUDVODGRVGXUDQWHORRSHUDWLYRV
81,'$'(6+263,7$/$5,$6
3RVWHULRUPHQWHDODDWHQFLyQLQLFLDO\DOWULDJHSUHKRVSLWDODULRUHDOL]DGRHQHO&$&+ORVOHVLRQDGRVGHEHQ OOHJDUDORVFHQWURVKRVSLWDODULRVGHOQLYHOPiVDGHFXDGRSDUDVXWLSRGHOHVLRQHV\HQRUGHQGHSULRULGDGGH DFXHUGRFRQODVHYHULGDG(VWRVQLYHOHVGHDWHQFLyQORVSRGHPRVGHILQLUDVt
1,9(/35,0$5,2
/DFRQIRUPDFLyQGHHVWRVFHQWURVFRUUHVSRQGHDXQDHVWUDWHJLDGHPRGLILFDFLyQGH SUREOHPDVORFDOHV(QVLWXDFLRQHVGHQRUPDOLGDGVRQODSXHUWDGHHQWUDGDDODUHGGH VDOXG\VXSURGXFFLyQHQVDOXGHVWiHQIRFDGDSRUHOPDQHMRVRFLRHSLGHPLROyJLFROD SURPRFLyQGHODVDOXG(QVLWXDFLyQGHGHVDVWUHGHEHQHVWDUHQFDSDFLGDGGHPDQHMDU ORVFDVRVGHEDMDFRPSOHMLGDG DWHQFLyQGLIHULEOHFRQWDJYHUGH FRQHOILQGH GHVFRQJHVWLRQDUORVRWURVQLYHOHVGHDWHQFLyQ
1,9(/6(&81'$5,2
,QFOX\HORVKRVSLWDOHVJHQHUDOHVODV,36 ,QVWLWXFLRQHV3UHVWDGRUDVGH6HUYLFLRVGH VDOXG FRQVHUYLFLRVDPEXODWRULRVHVSHFLDOL]DGRVORVVHUYLFLRVGHKRVSLWDOL]DFLyQFRQ HVSHFLDOLGDGHVEiVLFDV6XFDSDFLGDGHVWiHQUHODFLyQFRQODFRPSOHMLGDGWHFQROyJLFD\ GHDWHQFLyQDOHVLRQDGRVHQPDVDODVLQVWLWXFLRQHVFODVLILFDGDVHQHVWHQLYHOHVWiQHQ FDSDFLGDGGHDWHQGHUDORVOHVLRQDGRVVHFXQGDULRV WDJDPDULOOR \GLIHULEOHV WDJYHUGH GHDFXHUGRFRQHOQ~PHURGHYtFWLPDVTXHVHSUHVHQWHQHQHOHYHQWR
1,9(/7(5&,$5,2
,QFOX\HVHUYLFLRVKRVSLWDODULRV\DPEXODWRULRVFRQHVSHFLDOLGDGHV\VXSHUHVSHFLDOLGDGHV GHDOWDFRPSOHMLGDG(VSULRULWDULRHQYLDUDHVWRVKRVSLWDOHVORVOHVLRQDGRVGHDWHQFLyQ LQPHGLDWD FUtWLFRVUHFXSHUDEOHVFRQWDJURMR HQHOPHQRUWLHPSRSRVLEOH
7RGRVORVFHQWURVKRVSLWDODULRV\GHDWHQFLyQHQVDOXGGHORVGLYHUVRVQLYHOHVGHFRPSOHMLGDGTXHIXQFLRQDQ HQXQPLVPRHVSDFLRJHRJUiILFR\SREODFLRQDOGHEHQLQWHJUDUVHHQUHGHVWHUULWRULDOHVGHVDOXG \DUWLFXODUVH FRQUHGHVGHPD\RUiUHDGHLQIOXHQFLDSUHYLRDOGHVDVWUH\SDUDVXIXQFLRQDPLHQWRHQVLWXDFLRQHVQRUPDOHV $GHPiVWRGDHQWLGDGGHEHUiHODERUDU\HQWUHQDUVHVREUHXQSODQGHHPHUJHQFLDSDUDDFFLyQHQFDVRVGH GHVDVWUHLQFOX\HQGRSODQHVGHFRQWLQJHQFLDSDUDFXDQGRVHYHDFRPSURPHWLGDVXLQIUDHVWUXFWXUDUHFXUVRV\ SHUVRQDO (VWDHVWUXFWXUDHQ5HGHVGH6DOXGFRQSODQHVGHHPHUJHQFLDHVODTXHGHEHXWLOL]DUHO&RPLWp ORFDO UHJLRQDORQDFLRQDO HQFDUJDGRGHODDWHQFLyQGHOGHVDVWUHDWUDYpV GHOFHQWURGHUHPLVLRQHVSDUDODDGHFXDGD DWHQFLyQGHILQLWLYDGHORVOHVLRQDGRVHQODIRUPDPiVHILFLHQWHSRVLEOH
&(1752'(5(0,6,21(6
(O&$&+GHEHHVWDUSHUPDQHQWHPHQWHFRPXQLFDGRFRQXQFHQWURGHWHOHFRPXQLFDFLRQHVHVSHFLDOL]DGRHQ ODXELFDFLyQ GHOHVLRQDGRVHQORVFHQWURVKRVSLWDODULRVDOFXDOOODPDUHPRVFHQWURGHUHPLVLRQHV\VXV IXQFLRQHVVRQ x 7HQHUXQLQYHQWDULRGHWRGRVORVPHGLRVGHWUDQVSRUWHGHOHVLRQDGRVGLVSRQLEOHVHQHO&$&+ x 7HQHUXQOLVWDGRGHORVFHQWURVKRVSLWDODULRVGLVSRQLEOHVSDUDODDWHQFLyQGHOHVLRQDGRV\HQHOFXDO VHHVSHFLILTXH x 8ELFDFLyQ\YtDVGHDFFHVR x 1LYHOGHDWHQFLyQ x 'LVSRQLELOLGDGGHHVSHFLDOLVWDV x 'HWHUPLQDUTXpFHQWURKRVSLWDODULRVHDGHF~DPiVDODVQHFHVLGDGHVGHORVOHVLRQDGRVSULRULWDULRVGHO &$&+
6LVWHPDGH0DQHMR,QWHJUDOGH'HVDVWUHV x x x x x
,QIRUPDUDOFHQWURKRVSLWDODULRUHFHSWRUODVFRQGLFLRQHVJHQHUDOHVGHOOHVLRQDGR\TXpWLSRGH DWHQFLyQUHTXLHUHSRVLEOHPHQWH 2SWLPL]DUORVUHFXUVRVGHWUDQVSRUWHGHOHVLRQDGRVGHO&$&+8ELFDUORVOHVLRQDGRVTXHUHTXLHUDQ WUDVODGRLQWHUKRVSLWDODULR 5HJLVWUDUWRGDVODVDFWLYLGDGHVUHDOL]DGDV 3URFXUDUQRVREUHVDWXUDUORVFHQWURVKRVSLWDODULRVGLVSRQLEOHVRSWLPL]DQGRVXVUHFXUVRV /OHYDUXQUHJLVWURFRQORVGDWRVSHUVRQDOHVGHORVOHVLRQDGRVGHMDUFRQVLJQDGRDTXHFHQWUR DVLVWHQFLDOIXHUHPLWLGRFDGDXQR
$&7,9,'$'(6'(1752'(/+263,7$/
&RPRVHGHVFULELyDQWHULRUPHQWH PyGXORGH$WHQFLyQ\5HGXFFLyQ FDGDFHQWURKRVSLWDODULRGHEHGLVSRQHU GHXQSODQGHHPHUJHQFLDGLVHxDGRHVSHFtILFDPHQWHSRUHOSURSLRSHUVRQDOGHO FHQWUR\TXHLQFOX\D HPHUJHQFLDVLQWHUQDV\H[WHUQDV 8QDYH]TXHORVRUJDQLVPRVGHVRFRUURODVDXWRULGDGHVFLYLOHVRHOGLUHFWRUGHOKRVSLWDOKDQGHFODUDGRHVWDGR GHGHVDVWUHVHGHEHQHMHFXWDUDXWRPiWLFDPHQWHORVSURFHGLPLHQWRVKRVSLWDODULRVHVSHFtILFRVSURJUDPDGRVHQ HOSODQTXHDXQTXHGHEHQVHUHVSHFtILFRVSRGHPRVPHQFLRQDUFLHUWRVSXQWRVJHQHUDOHVSDUDXQDHPHUJHQFLD H[WHUQD x $YLVRDOSHUVRQDO x 3UHSDUDFLyQGHODViUHDVGHWUDWDPLHQWR x &ODVLILFDFLyQ\GLIHUHQFLDFLyQHQWUHHQIHUPRVKRVSLWDODULRV\OHVLRQDGRVSRUHOGHVDVWUH x 5HYLVLyQHLQVSHFFLyQGHODVH[LVWHQFLDVGHVDQJUHOtTXLGRVSDUHQWHUDOHVPHGLFDPHQWRVDJXD SRWDEOHJDVHVOtQHDVYLWDOHV\RWURVPDWHULDOHVHVHQFLDOHVSDUDHOIXQFLRQDPLHQWRGHOKRVSLWDO x (VWDEOHFLPLHQWRGHPHGLGDVGHVHJXULGDG x &RQWUROGHSHULRGLVWDV\YLVLWDQWHV x 5HFRSLODU\RUGHQDUODLQIRUPDFLyQSDUDHODERUDU\HQYLDUEROHWLQHV
75,$*(+263,7$/$5,2
/RVOHVLRQDGRVDOLQJUHVDUDOKRVSLWDOGHVSXpVGHOWULDJHSUHKRVSLWDODULRUHDOL]DGRHQHO&$&+\DOD VHOHFFLyQUHDOL]DGDSRUHOFHQWURGHUHPLVLyQJUDFLDVDORFXDOORVSULPHURVOHVLRQDGRVHQOOHJDUVHUiQORVPiV JUDYHVTXHQRGHEHQH[FHGHUWHyULFDPHQWHODVFDSDFLGDGHVGHOFHQWURKRVSLWDODULR\VXHQYtRGHELyVHU LQIRUPDGRDWLHPSRSRUHOFHQWURGHUHPLVLRQHV 6HGHEHFRQWDUHQODHQWLGDGKRVSLWDODULDFRQXQiUHDHVSHFtILFDVHJXUD\SURWHJLGDGHOVRORODOOXYLD GHVWLQDGDDUHDOL]DUHOWULDJHKRVSLWDODULR(VWDiUHDGHEHWHQHUVXILFLHQWHFDSDFLGDGSDUDDORMDUDORVSDFLHQWHV \SRGHUUHPLWLUORVDRWURFHQWURDVLVWHQFLDOGHDFXHUGRFRQHOWLSRGHOHVLRQHVGHODIHFWDGR\ODFRPSOHMLGDG GHOFHQWURUHFHSWRU 'HHVWDIRUPDHOWULDJHLQWUDKRVSLWDODULRVHGHEHGHWHUPLQDUGHDFXHUGRFRQHOFULWHULRGHOPpGLFRWUDWDQWH WHQLHQGRHQFXHQWD x 5HFXUVRPpGLFRHVSHFLDOL]DGRUHTXHULGR x 7UDWDPLHQWRGHILQLWLYRUHTXHULGR x 'LVSRQLELOLGDGGHVDODVGHFLUXJtD\XQLGDGGHFXLGDGRVLQWHQVLYRV x 3URQyVWLFRGHOOHVLRQDGR x (VWDELOLGDGUHVSLUDWRULDKHPRGLQiPLFDQHXUROyJLFD\HPRFLRQDOGHOOHVLRQDGR x (YDOXDUODQHFHVLGDGGHWUDVODGRLQWHUKRVSLWDODULR
75$6/$'26,17(5+263,7$/$5,26
$ODUULEDUXQOHVLRQDGRHVQHFHVDULRTXHHOPpGLFRUHFHSWRUHYDO~HVXSURSLDFDSDFLGDG\OLPLWDFLRQHVDVt FRPRODVGHVXFHQWURKRVSLWDODULRSDUDUHFRQRFHUWHPSUDQDPHQWHDTXHOORVOHVLRQDGRVTXHUHTXLHUHQVHU WUDVODGDGRVDRWUDLQVWLWXFLyQ WHQLHQGRHQFXHQWDTXHHOSURQyVWLFRGHDFXHUGRFRQHOWLSR\VHYHULGDGGHODV OHVLRQHVHVWiGLUHFWDPHQWHUHODFLRQDGRFRQHOWLHPSRWUDQVFXUULGRHQWUHODKRUDGHOLQFLGHQWHHOPRPHQWRGH LQLFLRGHOWUDWDPLHQWR\ODXELFDFLyQKRVSLWDODULDSDUDHOWUDWDPLHQWRGHILQLWLYRHOFXDOSXHGHGHPRUDUGHELGR DTXHODVLQVWLWXFLRQHVGHPD\RUQLYHOVHGHEHQHQFRQWUDUVDWXUDGDVFRQORVOHVLRQDGRVPiVJUDYHVHQFDVRGH GHFLGLUWUDVODGDUOR 8QDYH]GHFLGLGRHOWUDVODGRVHGHEHWUDPLWDUUiSLGDPHQWHFRQHOFHQWURGHUHPLVLRQHVLQGLFDQGRODVUD]RQHV SRUORFXDOVHUHDOL]DPLHQWUDVWDQWRGHEHVHUUHDQLPDGRGHODIRUPDPiVFRPSOHWDSRVLEOHWHQLHQGRHQ FXHQWD
6LVWHPDGH0DQHMR,QWHJUDOGH'HVDVWUHV x
x
x
x
x
6LVWHPD5HVSLUDWRULR x 7XERHQGRWUDTXHDOVLHVQHFHVDULR x 'HWHUPLQDUPpWRGR\GRVLVSDUDDGPLQLVWUDFLyQGHR[LJHQR x 3URSRUFLRQDUDVSLUDFLyQ\YHQWLODFLyQPHFiQLFDGHDFXHUGRFRQODVFRQGLFLRQHV x &RORFDUWXERVGHWyUD[VtHVQHFHVDULR 6LVWHPD&DUGLRYDVFXODU x &RQWURODUKHPRUUDJLDV x $GPLQLVWUDUOtTXLGRVSDUHQWHUDOHVUHVWDXUDQGRSHUGLGDVVDQJXtQHDV x &RQWURODUIUHFXHQFLDFDUGLDFD\WHQVLyQDUWHULDO x 6RQGDYHVtFDOSDUDFRQWUROGHOtTXLGRV 6LVWHPD1HUYLRVR&HQWUDO x +LSHUYHQWLODFLyQFRQWURODGDHQWUDXPDFUDQHRHQFHIiOLFR x &RQVXOWDUFRQQHXURFLUXMDQRSDUDODDGPLQLVWUDFLyQGHPDQLWROFRUWLFRLGHVXRWURV PHGLFDPHQWRV x ,QPRYLOL]DUFXDOTXLHUOHVLyQGHFROXPQDYHUWHEUDO +HULGDV\)UDFWXUDV x /LPSLDU\FXEULU x 7R[RLGHWHWiQLFR x ,QLFLDUDQWLELyWLFRV x ,QPRYLOL]DUFRQIpUXODVRWUDFFLyQ 'RFXPHQWDFLyQ\5HJLVWUR
6,78$&,21(6(63(&,),&$6 (QHVWDSiJLQDSXHGHFRQVXOWDU x (VSDFLRV&RQILQDGRV x 3HUURVGH%~VTXHGD x ,QFHQGLRV x 0RQWDxD x $FFLGHQWHVGH7UDQVLWR x $FFLGHQWHV$pUHRV x 6HJXULGDG$FXDWLFD x &RPSHWHQFLDV x 9LJLODQFLDGH3OD\DV\5LYHUDV x ,QXQGDFLRQHV x 1DXIUDJLRV x 3HUVRQDV([WUDYLDGDV x (YHQWRV'HSRUWLYRV x &RQFHQWUDFLRQHV x 'HVSOD]DPLHQWRGHOD3REODFLyQ x (QIUHQWDPLHQWRV$UPDGRV x 3DURV&LYLFRV x 0DQLIHVWDFLRQHV
/DDWHQFLyQGHHVWDVVLWXDFLRQHVGHVFULWDVDFRQWLQXDFLyQGHSHQGHUiGHOULHVJRHVSHFtILFRHVWLPDGRSDUDFDGD XQD WUHVHOHPHQWRV~WLOHVSDUDKDFHUORVRQ
5LHVJR3ULQFLSDO
/LJDGRDODVFDUDFWHUtVWLFDVSURSLDVGHHYHQWR
5LHVJR3RWHQFLDO
/LJDGRDOVLWLRGHOHYHQWR
6LVWHPDGH0DQHMR,QWHJUDOGH'HVDVWUHV 5LHVJR6XSOHPHQWDULR
/LJDGRDOPRPHQWRHVSHFtILFRHQHOFXDOVHUHDOL]DHOHYHQWR
1RVUHIHULPRVDSDWRORJtDVRHQIHUPHGDGHV DJXGDVHQJHQHUDOGHDSDULFLyQV~ELWDQRUPDOPHQWHFDXVDGDVSRU HOLPSDFWRFRPRSRUHMHPSORORVWUDXPDVRSRUODH[SRVLFLyQDDJHQWHVPHGLRDPELHQWDOHVFRPRSRU HMHPSORGHVKLGUDWDFLyQLQVRODFLyQDKRJDPLHQWRRLQWR[LFDFLyQ
(63$&,26&21),1$'26
$QWH ODVXUJHQFLDVTXHVHSUHVHQWDQ\HQODVTXHH[LVWHQSHUVRQDVDWUDSDGDVVHKDFHLQGLVSHQVDEOHXQD HVWUDWHJLDDGHFXDGDWDQWRSDUDODSUHYHQFLyQFRPRSDUDODDWHQFLyQ'HWDOIRUPDVHSXHGHQGHWHUPLQDUORV IDFWRUHVGHULHVJRGHODVLJXLHQWHPDQHUD 5LHVJR3ULQFLSDO /DV3HUVRQDV$WUDSDGDV &RHILFLHQWHGHULHVJRPHGLRFRQWHQGHQFLDDDOWR 1RUPDOPHQWHHOQ~PHURGHSHUVRQDVDWUDSDGDVQRHV DOWRSHURODVSDWRORJtDVTXHSURGXFHQVRQFRQPXFKDIUHFXHQFLDLPSRUWDQWHV 5LHVJR3RWHQFLDO (OHYDGR1~PHURGH3HUVRQDV HQOD=RQDGH,PSDFWR &RHILFLHQWHGHULHVJRPHGLRFRQWHQGHQFLDDDOWRGHELGRDTXHVHFRQMXJDQHOHPHQWRVFRPR QXHYDV SHUVRQDVDWUDSDGDVHQHOLQWHQWRGHUHVFDWHDJORPHUDFLyQGHS~EOLFRHQOD]RQDGHLPSDFWRFRQGLFLRQHV PHGLRDPELHQWDOHVHWF 5LHVJR 6XSOHPHQWDULR 3UREOHPDVGHOD2UJDQL]DFLyQHQOD$WHQFLyQGHOD(PHUJHQFLD &RHILFLHQWHGHULHVJRPHGLRFRQWHQGHQFLDDDOWR DFDXVDGHODREVWUXFFLyQGHODVYtDVGHDFFHVRDOVLWLR GHLPSDFWRGHVRUJDQL]DFLyQGHODVLQVWLWXFLRQHVGHVRFRUURHQODDWHQFLyQFDSDFLGDGGHORVFHQWURV KRVSLWDODULRVFRSDGDSRUODUHPLVLyQGHSDFLHQWHVFRQSDWRORJtDVJUDYHV\ODVQRUPDOHVVROLFLWXGHVGH VRFRUURGHOUHVWRGHODFLXGDG 3XQWRVSDUDODSRVLEOHRUJDQL]DFLyQSDUDE~VTXHGD\UHVFDWHHQHVSDFLRVFRQILQDGRV x (VWDEOHFHUHTXLSRVGHDYDQ]DGDFRQIRUPDGRVSRUJUXSRVGHSHUVRQDVORVFXDOHVVHVXEGLYLGHQHQ HTXLSRVGHSHUVRQDVSDUDODERUDUHQWXUQRVGHKRUDV x &DGDHTXLSRVVHGLYLGHHQJUXSRVGHLQWHUYHQFLyQGHWUHVSHUVRQDV HTXLSRVGHWRSRV \XQ FRRUGLQDGRU x 3DUDHIHFWRVGHGHVFDQVRORVJUXSRVVHGLVWULEX\HQHOWUDEDMRHQKRUDULRVLJXDOHV x (TXLSRVFLQyILORV SHUURVGHE~VTXHGD ORVFXDOHVVHLQWHJUDQODXQLGDGGHLQWHUYHQFLyQGH HVSDFLRVFRQILQDGRV x /DXWLOL]DFLyQGHOHTXLSRFLQyILORHVPiVHIHFWLYDHQODVSULPHUDVKRUDVGHOLPSDFWR x /DRSHUDFLyQFRQFDQLQRVGLVPLQX\HHOWLHPSRGHORFDOL]DFLyQGHOHVLRQDGRVVLHPSUH\ FXDQGRVHWHQJDQHQFXHQWDTXHKD\IDFWRUHVTXHSXHGHQGHVRULHQWDUDOSHUUR GLUHFFLyQGHO YLHQWRRSUHVHQFLDGHPXFKDVSHUVRQDV x 3RUORDQWHULRUHVFRQYHQLHQWHGHVSHMDUOD]RQDSDUDIDFLOLWDUHOWUDEDMRGHOJXtD\HOSHUUR SDUDUHDOL]DUODSULPHUDPDUFDVHxD x 8QDYH]FRUURERUDGDODVHxDVHUHWLUDQORDQLPDOHVHLQJUHVDXQHTXLSRGHGHVFRPEUDPLHQWR DSR\DGRFRQXQGHWHFWRUGHSHUVRQDVDWUDSDGDV 73/ x $GLFLRQDOPHQWHWHQHUHQFXHQWD x $SR\RORJtVWLFR x (TXLSRGHVDOXG x &RRUGLQDGRUJHQHUDOGHORVRSHUDWLYRVGHVDOYDPHQWR
,1&(1',26
/DVHPHUJHQFLDVSURYRFDGDVSRUHOIXHJRWDQWRFRPRORVVLWLRVYXOQHUDEOHVSRUHOPLVPR WHUPLQDOHVGH ROHRGXFWRVHGLILFDFLRQHVLQGXVWULDVHWF KDFHQGHHVWHSXQWRXQDVSHFWRLPSRUWDQWHDWHQHUHQFXHQWD $XQTXHVXLQFLGHQFLDQRHVPXFKDVXPDJQLWXGSXHGHVHUJUDQGH\HVLQGLVSHQVDEOHHQWRQFHVDFWXDU UiSLGDPHQWH 5LHVJR3ULQFLSDO 3DWRORJtDV$JXGDV TXHPDGXUDVDVIL[LDLQWR[LFDFLyQFRQJDVHVWy[LFRV &RHILFLHQWHGHULHVJRDOWR DFDXVDGHODVSDWRORJtDVJUDYHVGHORVOHVLRQDGRVPXFKRVVXMHWRVH[SXHVWRV\ GLILFXOWDGHQHOWUDWDPLHQWRHVSHFLDOL]DGR 5LHVJR3RWHQFLDO 2WUDV3DWRORJtDV &RHILFLHQWHGHULHVJR PHGLRFRQWHQGHQFLDDDOWR GHELGRDOSHOLJURGHH[SORVLRQHVSHUVRQDOGHVRFRUUR DWUDSDGRRKHULGRDJORPHUDFLyQGHFXULRVRVIXHJRTXHVHH[WLHQGHDRWURVVHFWRUHV 5LHVJR6XSOHPHQWDULR 3UREOHPDV3UiFWLFRVGHOD$VLVWHQFLD
6LVWHPDGH0DQHMR,QWHJUDOGH'HVDVWUHV &RHILFLHQWHGHULHVJRPHGLR DFDXVDGHOSiQLFRTXHSURGXFHODQRWLFLDHQODSREODFLyQVHH[FHGHOD FDSDFLGDGGHORVFHQWURVKRVSLWDODULRVYtDVEORTXHDGDVFRRUGLQDFLyQLQWHULQVWLWXFLRQDOGHODHPHUJHQFLD XUJHQFLDVQRUPDOHV 3XQWRVGHRUJDQL]DFLyQGHE~VTXHGD\UHVFDWH x &XDWURJUXSRVGHGRVVXEJUXSRVFDGDXQRTXHODERUDQHQWXUQRVGHGRVKRUDVSRUFDGDVXEJUXSR x $SR\RORJtVWLFR x (TXLSRGH6DOXG x &RRUGLQDGRUGHORVRSHUDWLYRVGHVDOYDPHQWR
0217$f$
/DVRSHUDFLRQHVHQODPRQWDxD EDMDPHGLD\RDOWD WDQWRFRPRODVTXHVHUHILHUHQDORVDFFLGHQWHVDpUHRV IXHUDGHODHURSXHUWRSXHGHQGLYLGLUVHVHJ~QODVLJXLHQWHFODVLILFDFLyQ
6,03/(
(VXQDRSHUDFLyQSHUIHFWDPHQWHORFDOL]DGDHQXQWHUUHQRQRPX\GLItFLOHQ FRQGLFLRQHVPHWHRUROyJLFDVFRQYHQLHQWHV
',),&,/(6208<',),&,/(6
(OVLQLHVWURKDWHQLGROXJDUHQXQDSDUHGXQDFUHVWDGLItFLOXQOXJDUGHSRFRDFFHVR HWF
&203/(-$
+DFHIDOWDODLQWHUYHQFLyQFRPELQDGDGHYDULRVVHFWRUHVHVSHFLDOPHQWHHODpUHRSDUDOD IDVHGHE~VTXHGD\RSDUDHOWUDQVSRUWH\HYDFXDFLyQ
3XQWRVSDUD ODRUJDQL]DFLyQGHE~VTXHGD\UHVFDWH x 7UHVJUXSRV XQRGHDVDOWRORVRWURVGRVVHUiQGHDSR\R x (VWRVJUXSRVWUDEDMDUiQSRUSHUtRGRVGHKRUDVPi[LPRVHJ~QHOWLSRGHHPHUJHQFLD x $GLFLRQDOPHQWHH[LVWLUiQWUHVJUXSRVTXHVHUiQORVUHOHYRV x $SR\RORJtVWLFR x (TXLSRGH6DOXG x &RRUGLQDGRUGHORVRSHUDWLYRVGHVDOYDPHQWR
$&&,'(17(6'(75$16,72(1&$55(7(5$
'HELGRDODVLQJXODUWRSRJUDItDGHQXHVWURSDtVDOHVWDGRGHODVFDUUHWHUDVFRQGLFLRQHVGHOFOLPD\DOPDQHMR GHYHKtFXORVGHSDUWHGHORVFRQGXFWRUHVVHSUHVHQWDQPXFKRVDFFLGHQWHVGHWUDQVLWRFX\DVFRQVHFXHQFLDV VRQSRUORJHQHUDOGHFDUiFWHUJUDYH 5LHVJR3ULQFLSDO 3DWRORJtDV$JXGDV 'HPX\VHYHURSURQyVWLFRGHELGRDODVFDUDFWHUtVWLFDVGHODFFLGHQWH SROLWUDXPDWL]DGRVFRQDOWRULHVJR YLWDOPXFKDVSHUVRQDVH[SXHVWDV 5LHVJR3RWHQFLDO 1XHYRV7UDXPDVGH3HUVRQDV'LVWLQWDV &RHILFLHQWHGHULHVJRPHGLR DFDXVDGHODVSHUVRQDVTXHVLQODH[SHULHQFLDDGHFXDGDLQWHQWDQHOSULPHU UHVFDWHGHVFRQRFLHQGRORVULHVJRVDTXHVHH[SRQHQ 5LHVJR6XSOHPHQWDULR (QIHUPHGDGHV$JXGDVHQWUHHO3~EOLFR\1XHYRV$FFLGHQWHV &RHILFLHQWHGHULHVJROLPLWDGR GHELGRDODREVWUXFFLyQGHODYtDGXUDQWHODRSHUDFLyQGHUHVFDWH\ VDOYDPHQWRDFFLGHQWHVSURYRFDGRVSRUFRQGXFWRUHVGLVWUDtGRVRPDODVHxDOL]DFLyQGHOVLWLRGH HPHUJHQFLD
$&&,'(17(6$(5(26
$XQTXHpVWHWLSRGHHPHUJHQFLDVQRVRQFRWLGLDQDVODPDJQLWXGGHODVFRQVHFXHQFLDVGHXQVyORDFFLGHQWH DpUHRHVPX\JUDQGHSRUTXHHQJHQHUDOVHWUDWDGHXQDYLRQHVGHOtQHDFRQPXFKRVSDVDMHURVDERUGRHQ
6LVWHPDGH0DQHMR,QWHJUDOGH'HVDVWUHV VHJXQGROXJDUHOGHORVDFFLGHQWHVRFXUUHQGXUDQWHHOGHVSHJXHRHODWHUUL]DMHSRUORWDQWRFHUFDGHO DHURSXHUWRHQ]RQDVGHQVDPHQWHSREODGDV XUEDQDV RLQGXVWULDOHV 6HRFXSDHQHVWHSXQWRVyORGHDTXHOORVGHVDVWUHVTXHRFXUUHQHQODPRQWDxD \GHDFXHUGRFRQHVWRORV ULHVJRVDHYDOXDUVRQ 5LHVJR3ULQFLSDO 3HUVRQDV$FFLGHQWDGDV &RHILFLHQWHGHDOWRULHVJR DFDXVDGHODFDQWLGDGGHSHUVRQDVH[SXHVWDVORDOHMDGRGHOGHVDVWUHOD GLILFXOWDGGHDFFHVRSDUDDWHQFLyQGHORVOHVLRQDGRV 5LHVJR3RWHQFLDO 2WUDV(PHUJHQFLDVGHELGDVDO'HVDVWUH &RHILFLHQWHGHULHVJRPHGLRFRQWHQGHQFLDDDOWR SRUFRQVHFXHQFLDGHLQFHQGLRVIRUHVWDOHVGHELGRVDO DFFLGHQWHPiVSHUVRQDVDFFLGHQWDGDV FDPSHVLQRVGHODUHJLyQ H[SORVLyQGHODDHURQDYH 5LHVJR6XSOHPHQWDULR 3DWRORJtDV$JXGDVHQWUHHO3~EOLFR\)DPLOLDUHV &RHILFLHQWHGHULHVJRPHGLRFRQWHQGHQFLDDDOWR FDXVDGRSRUHOLPSDFWRGHODQRWLFLDHQWUHODSREODFLyQ GHVSOD]DPLHQWRGHSHUVRQDVGLIHUHQWHVDODVGHORVJUXSRVGHVRFRUURDOD]RQDGHLPSDFWR 3XQWRVSDUDOD2UJDQL]DFLyQGHE~VTXHGD\UHVFDWH x 7UHVJUXSRV XQRGHDVDOWRORVRWURVGRVVHUiQGHDSR\R x (VWRVJUXSRVWUDEDMDUiQSRUSHUtRGRVGHKRUDVPi[LPRVHJ~QHOWLSRGHHPHUJHQFLD x $GLFLRQDOPHQWHH[LVWLUiQWUHVJUXSRVTXHVHUiQORVUHOHYRV x $SR\RORJtVWLFR x (TXLSRGH6DOXG x &RRUGLQDGRUGHORVRSHUDWLYRVGHVDOYDPHQWR
6(*85,'$'$&8$7,&$ &203(7(1&,$6$&8$7,&$6
(QHVWHFRQFHSWRVHLQYROXFUDQWRGRVORVGHSRUWHVTXHVHUHDOL]DQWDQWRHQODVXSHUILFLHFRPR VXEDFXiWLFDPHQWH 5LHVJR3ULQFLSDO $FFLGHQWHGH&RPSHWHQFLD &RQXQFRHILFLHQWHGHULHVJRPHGLR DFDXVDGHORVSRFRVVXMHWRVH[SXHVWRVSHURFX\DVSDWRORJtDVSXHGHQ UHVXOWDUGLItFLOHVHQVXSURQyVWLFR 5LHVJR3RWHQFLDO (QIHUPHGDGHV\$FFLGHQWHVHQWUHHO3~EOLFR &RHILFLHQWHGHULHVJRPHGLRFRQWHQGHQFLDDHOHYDUVH SRUFDXVDGHOJUDQQ~PHURGHSHUVRQDVYDULHGDG GHSDWRORJtDVTXHVHREVHUYDQ LQVRODFLyQGHVKLGUDWDFLyQLPSDFWRVHWF GLIHUHQWHVFRPSHWHQFLDVHQODV TXHHOS~EOLFREXVFDODGLYHUVLyQDFXiWLFD 5LHVJR6XSOHPHQWDULR 3DWRORJtDV$JXGDV &RHILFLHQWHGHULHVJRPHGLR PRWLYDGRSRUDJUHVLRQHVHQWUHHOS~EOLFRDQVLHGDGHQORVSDUWLFLSDQWHVHWF
9,*,/$1&,$'(3/$<$6<5,9(5$6
'XUDQWHODVpSRFDVGHYDFDFLRQHVH[LVWHXQDWHQGHQFLDDOWDGHSDUWHGHODSREODFLyQDYLVLWDUODVSOD\DV ODJRV\ODJXQDV\ORVUtRVFRPRPHGLRVGHUHFUHDFLyQFUHDQGRSRUHQGHXQLQFUHPHQWRHQORVULHVJRVGH DFFLGHQWHV 5LHVJR3ULQFLSDO $FFLGHQWH$FXiWLFR$KRJDPLHQWR &RHILFLHQWHGHULHVJROLPLWDGR SRFDVSHUVRQDVH[SXHVWDVODVSDWRORJtDVQRVLHPSUHUHVXOWDQJUDYHV DXQTXHVRQUHVXOWDGRGHODLPSUXGHQFLDGHOS~EOLFR 5LHVJR3RWHQFLDO 3DWRORJtDV$JXGDV &RHILFLHQWHGHULHVJRPHGLR SURGXFWRGHODH[SRVLFLyQDOVROGHSDUWHGHOS~EOLFRHQIHUPHGDGHVRQGDV GHFDORU 5LHVJR6XSOHPHQWDULR 2WUDV8UJHQFLDV /LPLWDGRHOULHVJR GHSHQGLHQGRGHODFDQWLGDGGHSHUVRQDVSRVLELOLGDGHVGHLQFHQGLRVDFFLGHQWHVGH WUDQVLWRHWF /RVHOHPHQWRVQHFHVDULRVSDUDHOHVWDEOHFLPLHQWRGHXQSXHVWRGHVRFRUURWDQWRSDUDODVFRPSHWHQFLDVFRPR SDUDODYLJLODQFLDDFXiWLFDFRQVWDGHORVLJXLHQWH x (TXLSRVGH6DOYDPHQWR\SULPHURVDX[LOLRVSDUDOD]RQDGHFRPSHWHQFLDRSOD\D x (TXLSRVGHUHIHUHQFLD\VHxDOL]DFLyQHQFDVHWDVDOWDVSDUDYLJLODQFLDGHOGHVDUUROORGHOD FRPSHWHQFLD\RHOS~EOLFRGLULJLHQGRORVHTXLSRVGHVDOYDPHQWRSRUUDGLR x 3XHVWRGHVRFRUURILMRFRQPpGLFRHQIHUPHUD\DPEXODQFLD
6LVWHPDGH0DQHMR,QWHJUDOGH'HVDVWUHV
,181'$&,21(6
&RORPELDVHKDFDUDFWHUL]DGRSRUSUHVHQWDUHVWDFLRQHVOOXYLRVDVGXUDQWHHODxRODSULPHUDHQWUHORVPHVHV GH0D\R\-XQLR\ODVHJXQGDHQWUHORVPHVHVGH6HSWLHPEUH\2FWXEUH(VWHIDFWRUVXPDGRDRWURVGHWLSR JHRJUiILFR UHOLHYHKLGURJUDItDHWF KDQFRQWULEXLGRDTXHVHSUHVHQWHQHQGLYHUVDV]RQDVGHOSDtVODV LQXQGDFLRQHVFRQVXVUHVSHFWLYDVFRQVHFXHQFLDV9DOHODSHQDPHQFLRQDUTXHpVWDVVRQGHGRVWLSRV
/(17$6
([LVWHXQPDUJHQGHWLHPSRGHDYLVRTXHSHUPLWHODWRPDGHGHFLVLRQHVSUHYHQWLYDV
5È3,'$626Ò%,7$6
(OWLHPSRQRSHUPLWHDFFLyQDOJXQD\HOGHVDVWUHQRVHKDFHHVSHUDU
3RUORWDQWRORVULHVJRVDWHQHUHQFXHQWDVRQ 5LHVJR3ULQFLSDO 3HUVRQDV/HVLRQDGDVSRUOD,QXQGDFLyQ &RHILFLHQWHGHULHVJRPHGLRFRQWHQGHQFLDDHOHYDUVH FDXVDGRSRUHOQ~PHURDOWRGHSHUVRQDV SHUMXGLFDGDVSRUODLQXQGDFLyQ\TXHVHSUHVHQWDQGLYHUVDVSDWRORJtDVGHVGHOHYHVKDVWDJUDYHV LQFOX\HQGRORVGHVDSDUHFLGRV 5LHVJR3RWHQFLDO 3DWRORJtDV\$FFLGHQWHV1XHYRV &RHILFLHQWHGHULHVJRPHGLR GHELGRDOGHVHVSHURTXHVHDSRGHUDGHORVIDPLOLDUHV\DPLJRVGHORV OHVLRQDGRV\GHVDSDUHFLGRVTXHORVKDFHDFWXDUSUHFLSLWDGDPHQWH 5LHVJR6XSOHPHQWDULR 0~OWLSOHV8UJHQFLDV\'HVFRRUGLQDFLyQGHOD/DERUGH$VLVWHQFLD &RHILFLHQWHGHULHVJRPHGLRFRQWHQGHQFLDDDOWR SURGXFLGRSRUODVXUJHQFLDVFRWLGLDQDVRWURVVLWLRV GLIHUHQWHVSHUMXGLFDGRVSRULQXQGDFLRQHV\VHH[FHGHODFDSDFLGDGGHOSHUVRQDOGHDVLVWHQFLD
1$8)5$*,26
'HQWURGHODVSRVLEOHVHPHUJHQFLDVTXHSXHGHQSUHVHQWDUVHHQHOPHGLRDFXiWLFRQRSXHGHQGHVFDUWDUVHORV QDXIUDJLRV\DTXHHOPHGLRGHWUDQVSRUWHWDQWRGHSHUVRQDVFRPRGHFDUJDHQXQVLQQ~PHURGHUHJLRQHVGH &RORPELDHVHODFXiWLFR 5LHVJR3ULQFLSDO $KRJDPLHQWR\2WUDV3DWRORJtDV$JXGDV &RHILFLHQWHGHULHVJRPHGLRFRQPDUFDGDWHQGHQFLDDHOHYDUVH FDXVDGRSRUTXHVRQGHSRFDVDPXFKDV SHUVRQDVH[SXHVWDVTXHSUHVHQWDUiQUHDFFLRQHVGLYHUVDVLQWHQWRGHVREUHYLYLUDKRJDPLHQWRLQPLQHQWH\ RWUDVSDWRORJtDVPHQRVFRPXQHV SHURGHSURQyVWLFRJUDYH 5LHVJR3RWHQFLDO &RQGLFLRQHV0HGLR$PELHQWDOHV &RHILFLHQWHGHULHVJRPHGLRFRQWHQGHQFLDDDOWR GHELGRDTXHORVIDFWRUHVDWPRVIpULFRVLQFLGHQ GLUHFWDPHQWHHQODVXSHUYLYHQFLDGHORVQiXIUDJRVDJXGL]DQGRODVSDWRORJtDV\GLVPLQX\HQGRODV SRVLELOLGDGHVGHYLGD 5LHVJR6XSOHPHQWDULR 3UREOHPDVHQOD$WHQFLyQGHO1DXIUDJLR &RHILFLHQWHGHULHVJRPHGLRFRQWHQGHQFLDDDOWR SRUDFFLyQGHORVIDFWRUHVPHQFLRQDGRVHQHO5LHVJR 3RWHQFLDO FRQGLFLRQHVDWPRVIpULFDV TXHLQFLGHQGHILQLWLYDPHQWHHQODHILFDFLDGHODD\XGDDSUHVWDU 3XQWRVSDUDODRUJDQL]DFLyQGHE~VTXHGD\UHVFDWH x 7UHVJUXSRVGHGRVVXEJUXSRVTXHODERUDUiQHQWXUQRVGHWUHLQWDPLQXWRV HQLQPHUVLyQ \VHLVKRUDV HQE~VTXHGD\UDVWUHRSRUFDGDVXEJUXSR x $SR\RORJtVWLFR x (TXLSRGH6DOXG x &RRUGLQDGRUGHORVRSHUDWLYRVGHVDOYDPHQWR
3(5621$6(;75$9,$'$6
(OLQFUHPHQWRGHODVDFWLYLGDGHVDODLUHOLEUHKDSURYRFDGRXQVLQQ~PHURGHULHVJRVQXHYRVWDOHVFRPR DFFLGHQWHVH[WUDYtRVHWFVLHQGRHQWRQFHVQHFHVDULRHVWDUFDSDFLWDGRVSDUDHQIUHQWDUHVWDVVLWXDFLRQHV SURYRFDGDVSRUODLQH[SHULHQFLDGHTXLHQHVSUDFWLFDQHVWDVDFWLYLGDGHV 5LHVJR3ULQFLSDO 3DWRORJtDV'LYHUVDV &RHILFLHQWHGHULHVJRPHGLRFRQWHQGHQFLDDHOHYDUVH DFDXVDGHOGHVFRQRFLPLHQWRVREUHHOVLWLRSRU SDUWHGHORVSURWDJRQLVWDVGHODHPHUJHQFLD\ODVSDWRORJtDVDTXHVHH[SRQHQSRUPRWLYRGHOD GHVHVSHUDFLyQ
6LVWHPDGH0DQHMR,QWHJUDOGH'HVDVWUHV 5LHVJR3RWHQFLDO 1XHYDV3HUVRQDV([WUDYLDGDV &RHILFLHQWHGHULHVJRPHGLR GHELGRDTXHRWUDVSHUVRQDVGHOJUXSRVLQH[SHULHQFLDLQLFLDQODE~VTXHGD GHVXVFRPSDxHURVH[WUDYLDGRVVLQWHQHUHQFXHQWDODVFRQGLFLRQHVFOLPiWLFDV 5LHVJR6XSOHPHQWDULR 'HVHVSHUR,PSUXGHQFLD\$EXVRGHODV&RQGLFLRQHV/RFDOHV &RHILFLHQWHGHULHVJRPHGLRFRQWHQGHQFLDDHOHYDUVH SRUPRWLYRGHODLPSDFLHQFLDGHORVIDPLOLDUHVGH ORVH[WUDYLDGRVTXHLQLFLDQODE~VTXHGDSRUVXFXHQWD
(9(1726'(3257,926
(OSUREOHPDGHODDVLVWHQFLDHQORVGLIHUHQWHVHVFHQDULRVGHSRUWLYRVVHSRQHGHPDQLILHVWRDQWHODV HVWDGtVWLFDVWUiJLFDVTXHVHSUHVHQWDQHQpVWDVDJORPHUDFLRQHVGH S~EOLFR 5LHVJR3ULQFLSDO $FFLGHQWHGH-XHJR &RHILFLHQWHGHULHVJROLPLWDGRFDVRVQRPX\QXPHURVRVSRFRVVXMHWRVH[SXHVWRVOHVLRQHVPHQRUHVHQ JHQHUDO\HQFXDQWRDSURQyVWLFRYLWDO 5LHVJR3RWHQFLDO 7UDXPDV$JXGRVHQWUHHO3~EOLFR &RHILFLHQWHGHULHVJRPHGLRFRQWHQGHQFLDDHOHYDUVHSRUODFDQWLGDGGHVXMHWRVH[SXHVWRV SURQyVWLFRD PHQXGRJUDYH 5LHVJR6XSOHPHQWDULR 3DWRORJtDV$JXGDV 'HSURQyVWLFRVHYHUR RVHDFRQWXVLRQHVOHVLRQHVSRUDUPDFRUWRSXQ]DQWHRSUR\HFWLOGHDUPDGHIXHJR SHWDUGRV HWF HQWUHHOS~EOLFRDGHPiVGHODVFRQVLGHUDFLRQHVHQ5LHVJR3RWHQFLDOFRQGLFLRQHVPHGLR DPELHQWDOHVVHQWLPLHQWRVGHKRVWLOLGDGHQWUHHOS~EOLFRMXHJRVGHILQLWLYRVSDUDGHWHUPLQDUHO FDPSHRQDWRHWF (OVHUYLFLRVHEDVDHQHOHPHQWRV x 0tQLPRGRVJUXSRVGHSULPHURVDX[LOLRVSDUDOD]RQDGHOHYHQWRGHSRUWLYR x (TXLSRVGHUHIHUHQFLD\VHxDOL]DFLyQSDUDYLJLODUVHFWRUHVGHDJUXSDFLyQGHOS~EOLFR WULEXQDV JUDGHUtDVHWF \WHOHGLULJLUSRUUDGLRORVFDPLOOHURVHQWUHODPXOWLWXG x (TXLSRVGH6RFRUURSDUD HOS~EOLFR x (TXLSRGHVDOXG FRQPpGLFRHQIHUPHUDGRWDFLyQ\DPEXODQFLD
&21&(175$&,21(6
/DVFLXGDGHVGHHVWHSDtVPXFKDVYHFHVKDQVLGROXJDUHVGHFRQFHQWUDFLyQGHPXOWLWXGHVFRQRFDVLyQGH GLIHUHQWHVPDQLIHVWDFLRQHV YLVLWDVGHSHUVRQDMHVLPSRUWDQWHVHYHQWRVHQSDUTXHVS~EOLFRVFRQFLHUWRV PXVLFDOHVDODLUHOLEUHHWF 5LHVJR3ULQFLSDO (QIHUPHGDGDJXGDHQWUHOD0XOWLWXG &RHILFLHQWHGHULHVJRHOHYDGRGHELGRDOJUDQQ~PHURGHSHUVRQDV\GHORVHIHFWRVSURORQJDGRVGHORV IDFWRUHVPHGLRDPELHQWDOHV\GHRWURWLSRFRPRFRQVXPRGHDOFRKRO\GURJDVLOtFLWDV 5LHVJR6XSOHPHQWDULR /DVGHPiVXUJHQFLDV SXHGHQVXUJLUDOPRPHQWRGHODFRQFHQWUDFLyQSHURWRWDOPHQWH LQGHSHQGLHQWHGHHOOD &RHILFLHQWHGHULHVJRHOHYDGR 'HVJUDFLDGDPHQWHODFLXGDGVLJXHSURGXFLHQGRVXVXUJHQFLDVFRWLGLDQDV 5LHVJR3RWHQFLDO 3UREOHPDV3UiFWLFRVGH2UJDQL]DFLyQ*OREDOGHOD$VLVWHQFLD &RHILFLHQWHGHULHVJRPHGLRFRQWHQGHQFLDDHOHYDUVHDFDXVDGHYDULRVHOHPHQWRV GLILFXOWDGSDUD LGHQWLILFDU\DWHQGHUDODVSHUVRQDVHQIHUPDV HQWUHODPXFKHGXPEUH QHFHVLGDGGHDVHJXUDUHOVHUYLFLRVLQ SURYRFDURWURVVREUHVDOWRVHPRFLRQDOHV\GHHYLWDUUHFDUJDUODVDGPLVLRQHVHQORVKRVSLWDOHVSRUHO Q~PHURGHFDVRVGHSURQyVWLFRIDYRUDEOH FRQGLFLRQHVGHFLUFXODFLyQWUDVWRUQDGDVSRUORVPRYLPLHQWRV GHODPXOWLWXG (QHVWRVFDVRVHOVHUYLFLRVHSXHGHDUWLFXODUHQSXQWRV x &UHDFLyQGHSXHVWRVGHVRFRUURGLIHUHQWHVDORVKRVSLWDOHV&HQWURGH$WHQFLyQ\&ODVLILFDFLyQGH +HULGRV x 3XHVWDHQPDUFKDGHXQ6XEVLVWHPDGHVRFRUURVUHVHUYDGRSDUDOD]RQDRFXSDGDSRUODFRQFHQWUDFLyQ \FRPSXHVWRSRUXQHTXLSRGHUHIHUHQFLD\FRRUGLQDFLyQORFDODOFXDOVHDGMXQWDXQQ~PHUR VXILFLHQWHGHVRFRUULVWDV\DPEXODQFLDV x &RRUGLQDFLyQSDUDODDWHQFLyQGHXUJHQFLDVFRQRWURVVHUYLFLRVGHVRFRUURSDUDHOUHVWRGHOD FLXGDG
6LVWHPDGH0DQHMR,QWHJUDOGH'HVDVWUHV
'(63/$=$0,(172'(/$32%/$&,21
0RYLPLHQWRGHSHUVRQDVSURYRFDGRHQHOiUHDUXUDOGHXQD]RQDFRQIOLFWRDUPDGR\GLULJLGRDODVFLXGDGHV QRUPDOPHQWHHQQ~PHURHOHYDGR\FRQJUDQGHVSUREOHPDV 5LHVJR3ULQFLSDO (QIHUPHGDG$JXGDHQWUHODSREODFLyQ'HVSOD]DGD &RHILFLHQWHGHULHVJRPHGLRFRQWHQGHQFLDDHOHYDUVH SURYRFDGRSRUODVJUDQGHVGLVWDQFLDVTXHUHFRUUHQ ORVSREODGRUHVHOHVWDGRGHVDOXGSUHYLRDODPDUFKD\TXHVHDJUDYDFRQRWUDVSDWRORJtDVTXHVH SUHVHQWDQHQODSREODFLyQHQIRUPDHQGpPLFDRHSLGpPLFD 5LHVJR3RWHQFLDO 3DWRORJtDV7UDXPiWLFDV &RHILFLHQWHGHULHVJRDOWR FDXVDGRSRUUHWHQHVGHODV)XHU]DV$UPDGDVTXHLPSLGHQODFRQWLQXDFLyQGH ODPDUFKD\VHSUHVHQWDQHQIUHQWDPLHQWRVFRQUHVXOWDGRGHSURQyVWLFRJUDYH 5LHVJR6XSOHPHQWDULR 3UREOHPDVHQODDWHQFLyQ\RWURVIDFWRUHVLQFLGHQWHV &RHILFLHQWHGHULHVJRDOWR PRWLYDGRSRUODLPSRVLELOLGDGGHDWHQFLyQGHORVOHVLRQDGRVSRUUD]RQHVGH VHJXULGDGIDFWRUHVPHGLRDPELHQWDOHVTXHDJUDYDQODVSDWRORJtDVREVWiFXORVHQODVYtDVGHDFFHVRDORV VLWLRVFRQOHVLRQDGRVRWUDVPDUFKDVDOPLVPRWLHPSR(WF
(1)5(17$0,(1726$50$'26
(VWHWLSRGHVLWXDFLRQHVSUHVHQWDQXQDSUREDELOLGDGPRGHUDGD\XQDPDJQLWXGGHWLSRLQWHUPHGLRSHURHO SURQyVWLFRVLHPSUHHVVHYHUR ODDWHQFLyQHQHVWRVFDVRVVyORVHUHDOL]DFXDQGR+$),1$/,=$'2 HO HQIUHQWDPLHQWR\ORVULHVJRVVHHYDO~DQDVt 5LHVJR3ULQFLSDO 7UDXPDVGH3URQyVWLFR9LWDO &RHILFLHQWHGHULHVJRVHYHUR FDXVDGRSRUHOXVRGHDUPDVGHIXHJR\H[SORVLYRVTXHSURYRFDQ SDWRORJtDVPX\JUDYHV 5LHVJR 6XSOHPHQWDULR (QIHUPHGDGDJXGDHQODSREODFLyQ\VHH[FHGHODFDSDFLGDGGHORVFHQWURV DVLVWHQFLDOHV &RHILFLHQWHGHULHVJRPHGLRFRQWHQGHQFLDDHOHYDUVH HQYLUWXGGHODLPSRVLELOLGDGGHGHVSOD]DPLHQWRD XQFHQWURGHDWHQFLyQSRUSDUWHGHODSREODFLyQHQIHUPD\VHH[FHGHODFDSDFLGDGGHpVWRVSRUOD FDQWLGDGGHOHVLRQDGRVHQHQIUHQWDPLHQWRV 5LHVJR3RWHQFLDO +HULGRVQRORFDOL]DGRVFRQWUDXPDVPRGHUDGRV &RHILFLHQWHGHULHVJRPHGLRFRQPDUFDGDWHQGHQFLDDDOWR 'HELGRDTXHODVSHUVRQDVQRSXHGHQVHU DWHQGLGRVKDVWDWDQWRQRILQDOLFHHOHQIUHQWDPLHQWR\FX\DVSDWRORJtDVVHSXHGHQFRQYHUWLUHQJUDYHV
3$526&,9,&26
&RPXQHVHQQXHVWURSDtVFRQDJORPHUDFLyQGHODPXOWLWXG\PXFKRVOHVLRQDGRV(VWHWLSRGHGLVWXUELRVVH FDUDFWHUL]DSRUODSDUiOLVLVGHODV]RQDVXUEDQDV\ORVSUREOHPDVWtSLFRVTXHHOOROOHYDLPSOtFLWR 5LHVJR3ULQFLSDO (QIHUPHGDG$JXGDHQOD3REODFLyQ\7UDXPDV'LYHUVRV &RHILFLHQWHGHULHVJRDOWR FDXVDGRSRUODSDUiOLVLVGHODSREODFLyQFRQLPSRVLELOLGDGGHGHVSOD]DUVHDORV FHQWURVGHDWHQFLyQ DQWHORVHQIUHQWDPLHQWRVVHSUHVHQWDQGLYHUVDVSDWRORJtDVODPD\RUtDOHYHR PRGHUDGD\HQPHQRUSRUFHQWDMHJUDYHV 5LHVJR3RWHQFLDO 3DWRORJtDV*UDYHV &RHILFLHQWHGHULHVJRDOWR PRWLYDGRSRUHQIUHQWDPLHQWRVDUPDGRVDFFLGHQWHVGLYHUVRVLQFHQGLRV H[SORVLRQHVHWFFRQQXPHURVDVSHUVRQDVH[SXHVWDV 5LHVJR6XSOHPHQWDULR 3UREOHPDV3UiFWLFRVGHOD$VLVWHQFLD &RHILFLHQWHGHULHVJRDOWR GHELGRDODGLILFXOWDGSDUDLGHQWLILFDU\DWHQGHUODVSHUVRQDVOHVLRQDGDVHQWUH ODPXOWLWXG6HGHEHSURFXUDUQRVREUHVDOWDUPiVODSREODFLyQHYLWDQGRODUHFDUJDGHORVFHQWURVGH DVLVWHQFLDFRQFDVRVQXPHURVRVGHSURQyVWLFRIDYRUDEOH6HGHEHWHQHUHQFXHQWDODVGLItFLOHVFRQGLFLRQHV GHFLUFXODFLyQSRUEDUULFDGDV\GHPiVREVWiFXORV
0$1,)(67$&,21(6
&RQVLGHUDQGRWRGRVORVWLSRVTXHSXHGHQSUHVHQWDUVHGHHOODV\DWHQGLHQGRDIDFWRUHVWDOHVFRPRODVRUSUHVD TXHSURGXFHQHOGHVFRQFLHUWR\ORVHIHFWRVSRVWHULRUHVVHDQDOL]DQORVULHVJRVLQYROXFUDGRVFRPRVH SUHVHQWDQDFRQWLQXDFLyQ 5LHVJR3ULQFLSDO 7UDXPDV 'LYHUVRVHQWUHOD0XOWLWXG &RHILFLHQWHGHULHVJRPHGLRFRQWHQGHQFLDDHOHYDUVH GHELGRDODVFDUDFWHUtVWLFDVGHGHVRUGHQTXHOOHYD LPSOtFLWDODPDQLIHVWDFLyQ\TXHSURGXFHQGLYHUVLGDGGHSDWRORJtDVHQWUHODPXFKHGXPEUH
6LVWHPDGH0DQHMR,QWHJUDOGH'HVDVWUHV 5LHVJR6XSOHPHQWDULR 1XHYDV3DWRORJtDV$JXGDV &RHILFLHQWHGHULHVJRPHGLRFRQWHQGHQFLDDOWD SURGXFWRGHSHUVRQDVOHVLRQDGDVSRUH[SORVLRQHV HQIUHQWDPLHQWRVSiQLFRHQODKXLGDOXJDUHVEORTXHDGRVSRUHOPRYLPLHQWRGLILFXOWDGGHDFFHVR 5LHVJR6XSOHPHQWDULR 3UREOHPDV3UiFWLFRVGHOD$VLVWHQFLD &RHILFLHQWHGHULHVJRPHGLR VHGDGHDFXHUGRFRQHOPRPHQWRGHRFXUUHQFLDGHOHYHQWRRWUDV PRYLOL]DFLRQHVVLPXOWiQHDVRWUDVGHPDQGDVGHDWHQFLyQGHXUJHQFLDVUXWLQDULDVSRVLELOLGDGGH LQWHUYHQFLyQ
$7(1&,21,1,&,$/'( '$01,),&$'26 (QHVWDSiJLQDSXHGHFRQVXOWDU x &DGHQDGH3URWHFFLyQ6RFLDO HVODERQHV x =RQDGH,PSDFWR x =RQDGH$WHQFLyQ\&RRUGLQDFLyQ x $ORMDPLHQWR7HPSRUDO
'HQRPLQDUHPRVHQHVWHGRFXPHQWRFRPRGDPQLILFDGRDDTXHOODSHUVRQDTXHQRVXIULyQLQJXQDOHVLyQHQVX FXHUSRSHURSHUGLyODHVWUXFWXUDKDELWXDORFRWLGLDQDGHVRSRUWHSDUDVXVQHFHVLGDGHVEiVLFDV YLYLHQGD PHGLRGHVXEVLVWHQFLDHWF \SRUORWDQWRUHTXLHUHXQDDVLVWHQFLDVRFLDOLQLFLDOLPSRUWDQWH$IHFWDGR GHQRPLQDUHPRVDDTXHOODYtFWLPDGHOGHVDVWUHTXHUHTXLHUHDSR\ROLPLWDGRSDUDUHFXSHUDUVHGHORVGDxRV SURGXFLGRVSRUHOGHVDVWUHSRUXQPHQRUJUDGRGHQHFHVLGDGHVEiVLFDVLQVDWLVIHFKDVSRUHOGHVDVWUH (QHVWRVGRVWLSRVGHYtFWLPDVVHFHQWUDUiQODVDFFLRQHVGHO&RPLWp ORFDOUHJLRQDORQDFLRQDO HQFDUJDGRGH ODDWHQFLyQGHOGHVDVWUHHQODIDVHGHSRVWLPSDFWRFRQHOILQGHORJUDUVXUHFXSHUDFLyQHQHOPHQRUWLHPSR SRVLEOH (QHVWDSiJLQDWUDWDUHPRVHOPDQHMRLQLFLDOVyORGHORVGDPQLILFDGRVFRQHOILQGHIDFLOLWDUODVDFWLYLGDGHVGH ODIDVHSRVWLPSDFWRODVFXDOHVWDPELpQGHSHQGHQGHODH[WHQVLyQ\VHYHULGDGGHORVGDxRVFDXVDGRVSRUHO GHVDVWUH ODDVLVWHQFLDDORVDIHFWDGRV VHWUDWDUiHQHOPyGXORHVSHFtILFRGHUHFXSHUDFLyQ\GHVDUUROOR
&$'(1$'(3527(&&,2162&,$/
(VXQPHFDQLVPRLQWHJUDGRDODFDGHQDGHVRFRUURVSRUPHGLRGHOFXDOVHUHDOL]DHQIRUPDRSRUWXQD OD DWHQFLyQLQLFLDODORVGDPQLILFDGRVEXVFDQGRXQSRVWHULRUPDQHMRDGHFXDGRGHODLQIRUPDFLyQ\GHORV DEDVWHFLPLHQWRV VXVIXQFLRQHVVRQ x &RODERUDUFRQODFRPXQLGDGHQODVODERUHVGHHYDFXDFLyQ x ,QLFLDUODDVLVWHQFLDVRFLDOGHORVGDPQLILFDGRVGHVGHOD]RQDGHLPSDFWRKDVWDORVDORMDPLHQWRV WHPSRUDOHVLQVWDODGRVSRUHO&RPLWp ORFDOUHJLRQDORQDFLRQDO HQFDUJDGRGHODDWHQFLyQGHO GHVDVWUH x &RRUGLQDUODVDFFLRQHVHQWUHODVGLVWLQWDVLQVWLWXFLRQHVHQFDUJDGDVGHODSURWHFFLyQVRFLDODILQGH FDQDOL]DUORVUHFXUVRVH[LVWHQWHV\JDUDQWL]DUODDWHQFLyQGHORVGDPQLILFDGRV x ,QIRUPDURSRUWXQDPHQWHVREUHODVLWXDFLyQGHORVGDPQLILFDGRV\QHFHVLGDGHVGHORVDIHFWDGRV x 0DQHMDUDGHFXDGDPHQWHHOUHJLVWUR\ODLQIRUPDFLyQGHORVGDPQLILFDGRV x &RODERUDUFRQODXELFDFLyQGHODSREODFLyQIORWDQWHGHDIHFWDGRV
(6/$%21(6'(/$&$'(1$ =21$'(,03$&72
'XUDQWHHOSHULRGRGHHYDFXDFLyQODFRPXQLGDGEXVFDXQVLWLRVHJXURSDUDUHIXJLDUVHGHOGHVDVWUH\DVHD LQVWLQWLYDPHQWHRHQFRRUGLQDFLyQFRQORVRUJDQLVPRVGHVRFRUUR GHLJXDOIRUPDVLHOVLVWHPD67$57HV
6LVWHPDGH0DQHMR,QWHJUDOGH'HVDVWUHV DSOLFDGRHQVXSDVRSUHYLRWRGRVDTXHOORVTXHVHSXHGHQPRYLOL]DUSRUVXVSURSLRPHGLRVVHUiQOOHYDGRVD XQVLWLRVHJXUR XELFDGRSRUWDQWRHQHOVHJXQGRHVODEyQ
=21$'($7(1&,21<&225',1$&,21
(OVLWLRVHJXURPHQFLRQDGRSXHGHFRUUHVSRQGHUDO$UHDGH3URWHFFLyQ6RFLDOGHO&$&+RDXQDOEHUJXHGH SDVRGHDFXHUGRFRQODPDJQLWXGGHOGHVDVWUHODXELFDFLyQJHRJUiILFDHOQ~PHURGHGDPQLILFDGRV\RWURV IDFWRUHVGHODVLWXDFLyQHVSHFtILFD (ODOEHUJXHGHSDVR HVFXHODVHVFHQDULRVGHSRUWLYRVHWF VHUiXWLOL]DGRHOPHQRUWLHPSRSRVLEOHPLHQWUDV VHUHDOL]DHOUHJLVWURYHULILFDFLyQ\DFUHGLWDFLyQGHODVIDPLOLDVGDPQLILFDGDV\ODSUHSDUDFLyQGHO DORMDPLHQWRWHPSRUDO
$/2-$0,(1727(0325$/
&RUUHVSRQGHDOWHUFHUHVODEyQGHODFDGHQDGHSURWHFFLyQVRFLDO\HVHOVLWLRGRQGHVHFRQFHQWUDQODVIDPLOLDV GDPQLILFDGDVKDVWDREWHQHUXQDVROXFLyQGHILQLWLYDGHYLYLHQGD 3DUDHODORMDPLHQWRWHPSRUDOGHIDPLOLDVGXUDQWHODRSHUDFLyQFXDQGR VHDQHFHVDULRVXWUDVODGRRUHXELFDFLyQ VHGHEHUiWHQHUHQFXHQWDVLpVWDVWLHQHQIDPLOLDUHVFHUFDQRVDOD]RQDGHLPSDFWRTXHOHVSXHGDQEULQGDU DORMDPLHQWR DXWRDORMDPLHQWR FRPRRWUDVDOWHUQDWLYDVVHWHQGUtDQORVDORMDPLHQWRVVXVWLWXWRV YLYLHQGDHQ DUUHQGDPLHQWR \ORVDORMDPLHQWRVFRPXQLWDULRVHQORVFXDOHV\FRPR~OWLPDDOWHUQDWLYDVHGHEHGDUXVRDO DORMDPLHQWRHQFDUSDVORFXDOJHQHUDPiVSUREOHPDVTXHEHQHILFLRV(VWDVVHGHEHQXWLOL]DUSDUDSHUtRGRV FRUWRV\FODUDPHQWHGHILQLGRVPLHQWUDVVHFRQVWUX\HQODVYLYLHQGDVGHILQLWLYDV ,GHDOPHQWHVHKDUiORSRVLEOHSDUDTXHQRVHDQHFHVDULRXWLOL]DUXQDORMDPLHQWRWHPSRUDOXELFDQGRDORV GDPQLILFDGRVFRQVXVIDPLOLDUHVXRWUDVSHUVRQDVTXHOHVEULQGHQDORMDPLHQWR YHFLQR\DPLJRV SUHIHULEOHPHQWHHQXQOXJDUFHUFDQRDVXYLYLHQGDLQLFLDOGRQGHSXHGDQFRQWDUFRQHODSR\RGHODFRPXQLGDG \FRODERUDUHQHOSURFHVRGHUHFXSHUDFLyQ 3RUVXSDSHOGHQWURGHORVSURFHVRVGHUHFRQVWUXFFLyQ\UHKDELOLWDFLyQHVWHWHPDVHUiWUDWDGRPiV SURIXQGDPHQWHHQHOPyGXORHVSHFtILFRGHUHFXSHUDFLyQ\GHVDUUROOR
7(/(&2081,&$&,21(6 (QHVWDSiJLQDSXHGHFRQVXOWDU x 0HGLRV GH7HOHFRPXQLFDFLyQ x 5DGLRFRPXQLFDFLRQHV x 6LVWHPD+) )UHFXHQFLDV$OWDV x 6LVWHPD9+) )UHFXHQFLDV0X\$OWDV x 6LVWHPD8+) 8OWUD$OWDV)UHFXHQFLDV x 6LVWHPD7UXQNLQJ x 9HQWDMDV GHODV5DGLRFRPXQLFDFLRQHV x 'HVYHQWDMDV GHODV5DGLRFRPXQLFDFLRQHV x 5HGHVGH7HOHIRQtD x 7HOpIRQR x &HOXODU x 6DWHOLWDO x 7HOH[ x 7HOHID[ x %HHSHU x 9HQWDMDV GHODV5HGHVGH7HOHIRQtD x 'HVYHQWDMDV GHODV5HGHVGH7HOHIRQtD x 5HGHVGH7UDQVPLVLyQGH'DWRV x 3DFNHW3DFWRU\$PWRU x ,QWUDQHW x ,QWHUQHW x 8VRHQOD$WHQFtRQGH'HVDVWUHV x 1RUPDV*HQHUDOHV
6LVWHPDGH0DQHMR,QWHJUDOGH'HVDVWUHV
x
x 0HQVDMHV x &yGLJRV x 5HGHVGH7HOHFRPXQLFDFLRQHV x (VODERQHVGHOD&DGHQDGH6RFRUUR x 1RWLILFDFLyQGHO'HVDVWUH x =RQDGH,PSDFWR x 308 x &$&+ x &HQWURGH5HPLVLRQHV x &RPLWp (QFDUJDGRGHOD$WHQFLyQGHO'HVDVWUH ,QIRUPDFLyQ3~EOLFD x )XQFLRQHVGHORV5HVSRQVDEOHVGHOD,QIRUPDFLyQ3~EOLFD x &DUDFWHULVWLFDVGHORV&RPXQLFDGRV x 0DQHMR*HQHUDO
6RQWRGDVODVIRUPDV\PRGRVGHWUDQVPLVLyQHPLVLyQRUHFHSFLyQGHVLJQRVVHxDOHVHVFULWRVLPiJHQHV VRQLGRVRLQIRUPDFLyQGHFXDOTXLHUQDWXUDOH]DSRUKLORUDGLRHOHFWULFLGDGPHGLRVySWLFRVRVLVWHPDV HOHFWURPDJQpWLFRV/RVVLVWHPDVGHWHOHFRPXQLFDFLRQHVVHXWLOL]DQLQWHQVDPHQWHDQWHVGXUDQWH\GHVSXpVGH ORVGHVDVWUHVSRUORVRUJDQLVPRVGHVRFRUURTXHFRPXQLFDQWRGDVODVDFWLYLGDGHVDVXVFHQWURVGH FRPXQLFDFLRQHV
0(',26'(7(/(&2081,&$&,21 5$',2&2081,&$&,21(6
(VWRGDFRPXQLFDFLyQWUDQVPLWLGDSRUPHGLRGHRQGDVHOHFWURPDJQpWLFDV(VWHVLVWHPDHVHOPiV XWLOL]DGRSRU ORVRUJDQLVPRVGHVRFRUUR /RVVLVWHPDVGHWUDQVFHSWRUHVVRQGLYHUVRVVLELHQWRGRVVHEDVDQHQXQPRGHORJHQHUDOEiVLFRHQHOFXDO FDGDSXQWRDHQOD]DUGLVSRQHGHXQWUDQVPLVRU\XQUHFHSWRUTXHFRPXQLFDFRQHOUHVWRGHORVWUDQVFHSWRUHV GHODUHG\FRQHOFHQWURGHFRPXQLFDFLRQHV SRGHPRVFODVLILFDUORVHQVLVWHPDVVHJ~QVXEDQGDGHIUHFXHQFLD +)9+)8+)
6,67(0$+) )5(&8(1&,$6$/7$6
(VWHVLVWHPDWUDEDMDHQ ODIUHFXHQFLDGH0K]KDVWD0K]\FRQYDULRVPRGRVGHWUDQVPLVLyQFRPROD EDQGDODWHUDO~QLFDR66%ODFXDOVHGLYLGHHQODEDQGDODWHUDOVXSHULRUR86%\ODEDQGDODWHUDOLQIHULRUR /6%WDPELpQORVPRGRVGH&:RWHOHJUDItD$0 PRGXODFLyQGHDPSOLWXG \)0 PRGXODFLyQGH IUHFXHQFLD /DSURSDJDFLyQGHODVRQGDVTXHOOHYDQODVVHxDOHVVHUHIOHMDQRUHIUDFWDQHQODVGLYHUVDVFDSDVGHODLRQRVIHUD WHUUHVWUHSDUDORJUDUFRPXQLFDFLRQHVDODUJDGLVWDQFLDKDVWDHORUGHQGHORVNPVHJ~QODIUHFXHQFLD \ ODSURSDJDFLyQH[LVWHQWH (VWHVLVWHPDSUHVHQWDXQDYHQWDMD\HVTXHQRUHTXLHUHGHHVWDFLRQHVGHUHWUDQVPLVLyQRUHSHWLGRUDV DGHPiV ODLQVWDODFLyQGHOHTXLSRHVPX\VHQFLOOD\WUDEDMDFRQFRUULHQWHDOWHUQDRGLUHFWD /DDQWHQDVHDUPDSDUDFDGDEDQGD GHRSHUDFLyQ\VXFRQVWUXFFLyQHLQVWDODFLyQQRUHTXLHUHQGHPXFKR WUDEDMR(VGHDQRWDUTXHHVWHVLVWHPDHVHOPHQRVFRVWRVR GHFRPXQLFDFLRQHVDODUJDGLVWDQFLD 8QDGHODVGHVYHQWDMDVHVTXHODSURSDJDFLyQGHODVRQGDVVHUHDOL]DSRUODLRQRVIHUDHQPXFKRVFDVRVQRVH YDDWHQHUFRPXQLFDFLyQODVKRUDVSRUORVFDPELRVTXHRFXUUHQDQLYHOGHODVFDSDVGHODDWPyVIHUD
6,67(0$9+) )5(&8(1&,$608<$/7$6
(VWHVLVWHPDWUDEDMDHQODIUHFXHQFLDHQWUH0K]KDVWD0K]HOPRGRGHRSHUDFLyQPiVIUHFXHQWHHVHO )0 PRGXODFLyQGHIUHFXHQFLD /DSURSDJDFLyQGHODVRQGDVHVHQIRUPDWHUUHVWUHRYLVXDO(VSRUHVRTXHVHGHEHXWLOL]DUHVWDFLRQHV UHSHWLGRUDV HQORVFHUURVSDUDWHQHUXQFXEULPLHQWRGHYDULRVNLOyPHWURVHVWRLPSOLFDODXWLOL]DFLyQGH IUHFXHQFLDV XQDSDUDWUDQVPLVLyQ\RWUDSDUDUHFHSFLyQ /DFRPXQLFDFLyQHVSHUPDQHQWHFRQWRGRVORVWUDQVFHSWRUHVGHODUHG(VWHVLVWHPDHVHOTXHPiVVHXWLOL]DHQ OD]RQDGHOGHVDVWUHHQODFRPXQLFDFLyQGHORVHOHPHQWRVGHORVGRVSULPHURVHVODERQHVGHODFDGHQDGH VRFRUURV\HQODVFLXGDGHVSDUDODUHGGHDPEXODQFLDV
6LVWHPDGH0DQHMR,QWHJUDOGH'HVDVWUHV 6,67(0$8+) 8/75$$/7$6)5(&8(1&,$6
(VWHVLVWHPDFRPSUHQGHODVIUHFXHQFLDVHQWUH0K]\*K]7LHQHODVPLVPDVFDUDFWHUtVWLFDVTXHHO9+) SHURGLILHUHQHQTXHVXSURSDJDFLyQHVVXSUHPDPHQWHYLVXDORVHDTXHHQWUHODVDQWHQDVGHOUHFHSWRU\ WUDQVPLVRUQRGHEHKDEHUQLQJ~QREVWiFXOR VXVHxDOHVPiVFODUDTXHODGH9+) 3DUDFRPXQLFDFLyQDJUDQGHVGLVWDQFLDVVHXWLOL]DQUHSHWLGRUDVHQORVFHUURVRVDWpOLWHV
6,67(0$7581.,1*
(VWHVLVWHPDXWLOL]DODVIUHFXHQFLDVGH9+)\8+)HVXQVLVWHPDGHDGPLQLVWUDFLyQGHOWUDQVPLVLRQHVSRU PHGLRGHOFRQWUROGHOXVRGHXQDRYDULDVIUHFXHQFLDVHQXQDXQLGDGFHQWUDOHQFDUJDGDGHHQOD]DUUHSHWLGRUDV SRUODFXDOSDVDQWRGRVORVPHQVDMHVSHUPLWLHQGRODFRPXQLFDFLyQHQWUHHVWDFLRQHVSXGLHQGRWUDQVPLWLUD WRGDVODVHVWDFLRQHVRQHJDUHODFFHVRDXQDGHHOODV
9(17$-$6'(/$65$',2&2081,&$&,21(6 x x x x x x x
1RUHTXLHUHQLQIUDHVWUXFWXUDSUHYLD 8QVRORWUDQVPLVRUSXHGHHQYLDUPHQVDMHVVLPXOWiQHDPHQWHDYDULRVUHFHSWRUHV (TXLSRVPX\XWLOL]DGRVHQORVRUJDQLVPRVGHVRFRUUR\SRUWDQWRVXSHUVRQDOHVWiIDPLOLDUL]DGRFRQ VXXVR /RVVLVWHPDVGH9+)\8+)VRQLGHDOHVSDUDFRPXQLFDFLRQHVDFRUWDGLVWDQFLD %DMRFRVWRGHRSHUDFLyQ\DTXHQRKD\UHVWULFFLyQHQHO Q~PHURGHPHQVDMHV &RPRGLGDG\DFFHVLELOLGDG (VPX\IiFLOHOPDQHMRGHORVHTXLSRVDVtFRPRHOWUDQVSRUWHD FXDOTXLHUOXJDU 5DSLGH] /DFRPXQLFDFLyQVHUHDOL]DHQIRUPDLQPHGLDWD5HQWDELOLGDG\DSURYHFKDPLHQWRGHO VLVWHPDHYLWDQGRGHVSOD]DPLHQWRVLQQHFHVDULRV
'(69(17$-$6'(/$65$',2&2081,&$&,21(6
(OVLVWHPD+)UHTXLHUHEXHQDVFRQGLFLRQHVDWPRVIpULFDV /RVVLVWHPDV9+)\8+)UHTXLHUHQUHSHWLGRUDVSDUDWUDQVPLVLRQHVDODUJDGLVWDQFLD0XFKRVXVXDULRVHQOD PLVPDIUHFXHQFLDDOPLVPRWLHPSRSXHGHQVDWXUDUODFRQPHQVDMHVVLPXOWiQHRV
5('(6'(7(/()21,$
6LVWHPDVGHWUDQVPLVLyQGHYR]\GDWRVSRUPHGLRGHXQDUHGGHDERQDGRVDGPLQLVWUDGDSRUXQDHPSUHVD S~EOLFDSULYDGDRPL[WD(VWDUHGWLHQHODYHUVDWLOLGDGGHFRPELQDUGLYHUVRVVLVWHPDVGHWUDQVPLVLyQSDUD ORJUDUXQDFREHUWXUDJOREDO
7(/()212
6LVWHPDDOiPEULFRTXHIXQFLRQDFRQXQDUHGGHFDEOHTXHXQHDORVDERQDGRVORVFXDOHVUHTXLHUHQXQDSDUDWR WHOHIyQLFRILMR UHTXLHUHDGHPiVFHQWUDOHVWHOHIyQLFDVTXHPDQHMHQODVOODPDGDV'XUDQWHORVGHVDVWUHVHO WHOpIRQRVHFRQYLHUWHHQXQVLVWHPDGHFRPXQLFDFLyQGHODFRPXQLGDGSDUDSHGLUD\XGD\VROLFLWDU LQIRUPDFLyQDORVRUJDQLVPRVGHVRFRUUR
&(/8/$5
(VWHVLVWHPDIXQFLRQDFRQXQDUHGGHWRUUHVFRQHFWDGDDODUHGWHOHIyQLFDORFDOSULQFLSDOPHQWH SDUDOD WUDQVPLVLyQGHYR]SHURTXHSHUPLWHWUDQVPLVLyQGHGDWRVSRUPHGLRGHWUDQVPLVLyQ\UHFHSFLyQGHRQGDVGH UDGLRHQODEDQGDGHD 0K] /RVDERQDGRVUHTXLHUHQDSDUDWRVWHOHIyQLFRVPyYLOHVODVOODPDGDVVRQPDQHMDGDVSRUHPSUHVDVQRUPDOPHQWH GHFDUiFWHUSULYDGR VXOLPLWDFLyQHVWDGHWHUPLQDGDSRUHOFXEULPLHQWRGHOWHUULWRULRQDFLRQDOTXHWHQJDQHVWDV HPSUHVDVSRUORFXDOH[LVWHQ]RQDVGHOSDtVGRQGHHVWHVLVWHPDQRHVDSOLFDEOH
6LVWHPDGH0DQHMR,QWHJUDOGH'HVDVWUHV 6$7(/,7$/
6LVWHPDTXHSHUPLWHHOHQODFHGHUHGHVWHOHIyQLFDVORFDOHVGDQGRXQDFREHUWXUDJOREDOUHTXLHUHHVWDFLRQHVGH UDVWUHR KR\GtDSRUWiWLOHV \VDWpOLWHVRUELWDOHVGHWHOHFRPXQLFDFLRQHV
7(/(;
(OVHUYLFLRWHOH[HVXQVLVWHPDGHFRPXQLFDFLyQWHOHJUiILFDTXHXWLOL]DODUHGWHOHIyQLFDPHGLDQWHXQWHOHWLSR TXHSURSRUFLRQDWUDQVPLVLyQGHPHQVDMHVHVFULWRVHQFDUDFWHUHVWLSRJUiILFRV\SHUPLWHHVWDEOHFHUWDQUiSLGR FRPRVHHVFULEHHQXQWHFODGRGHPiTXLQDXQGLiORJRHVFULWRTXHSXHGHVHUGHFLXGDGDFLXGDGGHSDtVD SDtV\WDPELpQHQIRUPDXUEDQDRORFDO (VWHVHUYLFLRIDFLOLWDODFRPXQLFDFLyQSHUPDQHQWHGXUDQWHODVKRUDVGHOGtD\DTXHQRVHUHTXLHUHOD DWHQFLyQGHORSHUDGRUGHODPiTXLQDUHFHSWRUDSDUDUHFLELUHOPHQVDMH
7(/()$;
(VXQVLVWHPDGHFRPXQLFDFLRQHVVREUHODUHGWHOHIyQLFDS~EOLFDTXHSHUPLWHWUDQVPLWLUWRGRWLSRGH LQIRUPDFLyQLPSUHVDHQIRUPDJUiILFD UHTXLHUHHTXLSRVHVSHFtILFRVTXHFRGLILTXHQ\GHFRGLILTXHQOD LQIRUPDFLyQ /DVYHQWDMDVGHHVWHVLVWHPDVRQ x )XQFLRQDODVKRUDVGHOGtD x 1RUHTXLHUHGHRSHUDGRUSDUDUHFLELUORVWH[WRV x 7RGDLQIRUPDFLyQOOHJDWDOFRPRIXHHVFULWD HVWRIDFLOLWDHOHQYtRGHPHQVDMHVFRQPHPEUHWH ILUPDVJUiILFDVHWF
%((3(5
6HUYLFLRGHEXVFDSHUVRQDVPX\~WLOSDUDHOHQYtRGHPHQVDMHVSDUDHOSHUVRQDOGHORVRUJDQLVPRVGHVRFRUUR DGPLQLVWUDWLYRV\ RSHUDWLYRV UHTXLHUHGHXQDSDUDWRUHFHSWRU\GHXQDHVWDFLyQWUDQVPLVRUDGHPHQVDMHVORV FXDOHVQRUPDOPHQWHUHFLEHSRUYtDWHOHIyQLFD ORVRUJDQLVPRVGHVRFRUURSXHGHQGLVSRQHUGHVXSURSLD HVWDFLyQWUDQVPLVRUDGHPHQVDMHVSRUPHGLRGHXQFRPSXWDGRU\XQSURJUDPDHVSHFLDO
9(17$-$6'(/$65('(6'(7(/()21,$ x x x x x x x
0HGLRXWLOL]DGRKDELWXDOPHQWHSRUODFRPXQLGDG 3ULYDFLGDGGHODWUDQVPLVLyQ /RVHTXLSRVVHHQFXHQWUDQGLVSRQLEOHVSUiFWLFDPHQWHHQFXDOTXLHUSDUWH 9HUVDWLOLGDG /DLQIRUPDFLyQWUDQVPLWLGDQRHVWDOLPLWDGDDODYR]GHSHQGLHQGRGHOHTXLSR XWLOL]DGR /RVHTXLSRVGHID[\FRPSXWDGRUQRUHTXLHUHQRSHUDGRUSDUDUHFLELUORVPHQVDMHV /RVFRVWRVGHORVHTXLSRVGLVPLQX\HQ\ODVFDSDFLGDGHVDXPHQWDQSURJUHVLYDPHQWH 8QDYH]VHWLHQHDFFHVRODFREHUWXUDHVSUiFWLFDPHQWHLOLPLWDGD
'(69(17$-$6'(/$65('(6'(7(/()21,$ x x x x x
5HTXLHUHQXQLQIUDHVWUXFWXUDSUHYLDPHQWHLQVWDODGDODFXDOHVYXOQHUDEOHDOGHVDVWUH 5HTXLHUHQGHHTXLSRVHVSHFLDOL]DGRVSDUDODWUDQVPLVLyQGHGDWRV /DFRPXQLGDGSXHGHFRQJHVWLRQDUODVOtQHDVGXUDQWHXQGHVDVWUH /RVHTXLSRVPyYLOHVVRQFRVWRVRV 5HTXLHUHQXQDHPSUHVDSURYHHGRUDGHOVHUYLFLRODFXDOFREUDWLHPSRGHFRQH[LyQDXPHQWDQGRHO YDORUHFRQyPLFRGHFDGDPHQVDMH
5('(6'(75$160,6,21'('$726 3$&.(73$&725<$0725
6LVWHPDVSDUDWUDQVPLVLyQGHGDWRVSRUYtDUDGLRVRORUHTXLHUHXQFRPSXWDGRUFRQVRIWZDUHHVSHFLDOL]DGR\ XQSURFHVDGRUGLJLWDOGHVHxDOHV OODPDGRV '6371&R'DWDFRQWUROOHU FRQHFWDGRDXQHTXLSRGHUDGLR WUDQVFHSWRU
6LVWHPDGH0DQHMR,QWHJUDOGH'HVDVWUHV (OVLVWHPD3DFNHW SHUPLWHHVWDEOHFHUXQGLDORJRHVFULWRHQSDQWDOODHQWUHGRVRPiVXVXDULRV\DGHPiVOD WUDQVPLVLyQGHDUFKLYRVHQWUHFRPSXWDGRUHVXWLOL]DQGRODPLVPDIUHFXHQFLDSRUPHGLRGHSURWRFRORVGH WUDQVPLVLyQGHGDWRVFRPR$;\7&3,3
,175$1(7
6LVWHPDVSDUDUHGHVGHWUDQVPLVLyQGHGDWRVSDUDXVRLQWHUQRGHODHQWLGDGTXHXWLOL]DQUHFXUVRVFRPRORVGH ,QWHUQHWSHURFRQDFFHVRSDUDXQQ~PHUROLPLWDGRGHXVXDULRV 7DPELpQSRGHPRVPHQFLRQDUORVVLVWHPDV:$1 UHGGHiUHDH[WHQVD \/$1 UHGGHiUHDORFDO 3DUDODWUDQVPLVLyQGHGDWRVSXHGHQVHUXWLOL]DGDVODVUHGHVGHWHOHIRQtDRUHDOL]DUXQDLQVWDODFLyQDSURSLDGD SDUDUHGHV/$1 (VWRVVLVWHPDVSXHGHQVHUXVDGRVSRUORVRUJDQLVPRVGHVRFRUURSDUDHOPDQHMRLQWHUQRGHODLQIRUPDFLyQ
,17(51(7
/DUHGPXQGLDOGHFRPSXWDGRUHVVH UHTXLHUHXQFRPSXWDGRUHTXLSDGRFRQPyGHPXQDHPSUHVDSURYHHGRUD GHOVHUYLFLR\XQSURJUDPDGHQDYHJDFLyQ EURZVHU SUiFWLFDPHQWHFXDOTXLHUWLSRGHLQIRUPDFLyQSXHGHVHU WUDQVPLWLGRSRUODUHG3RVHHVHUYLFLRVFRPR(PDLO FRUUHRHOHFWUyQLFR \:RUOG:LGH:HEFRQSDJLQDVGH LQIRUPDFLyQJUiILFDFRQHQODFHVGHLQIRUPDFLyQ KLSHUWH[WR
862(1/$$7(1&,21'('(6$675(6 1250$6*(1(5$/(6 0(16$-(6
/RVPHQVDMHVGHEHQVHUFODURV\FRUWRVGDUODLQIRUPDFLyQUHTXHULGDVLQVHUDPELJXRVWRGRHVWRSDUDDSOLFDU HOGHULYDGRGHODOH\GH0XUSK\ 7RGRDTXHOORTXHSXHGDVHUPDOLQWHUSUHWDGRVHUiPDOLQWHUSUHWDGR
&2',*26
(OFyGLJRGHSUHIHUHQFLDXWLOL]DGRVHUiHOLGLRPDORFDOHQQXHVWURFDVRHOHVSDxRO1RVHXWLOL]DUiQLQJ~Q FyGLJRLQVWLWXFLRQDO HWF SDUDIDFLOLWDUODFRRUGLQDFLyQLQWHULQVWLWXFLRQDOODFRPSUHQVLyQGHORV PHQVDMHV\VXLPSDUFLDOLGDG(VWRVFyGLJRVTXHHQXQFLDPRVDFRQWLQXDFLyQVRQPX\XWLOL]DGRFXDQGRODV SDODEUDVVRQGLItFLOHVGHSURQXQFLDUFXDQGRVXHVFULWXUDHVPX\FRPSOHMD\SDUDDFODUDUXQQ~PHUR &2',*2)21(7,&22'(/(75(2 (OFyGLJRTXHHVUHFRPHQGDGRHQWRGRHOPXQGRHVHO,&$2 ,QWHUQDWLRQDO&LYLO$YLDWLRQ2UJDQL]DWLRQ 3RU ODYDULHGDGGHLGLRPDV\ODVGLIHUHQWHVIRUPDVGHSURQXQFLDFLyQGHODVOHWUDVVHFRQVWUX\yHVWHFyGLJRTXH FRQVLVWHHQXQDVHULHGHSDODEUDVTXHVHHOLJHQSRUTXHVRQPX\FRPXQHVHQYDULRVLGLRPDV\IiFLOHVGH HQWHQGHUFX\DSULPHUDOHWUDGHILQHFDGDXQDGHODVOHWUDVGHODOIDEHWRDQJORVDMyQDVt
$ $OSKD DOID % %UDYR & &KDUOLH FKDUOL ' 'HOWD ( (FKR HFR ) )R[WURW * *ROI
+ +RWHO , ,QGLD - -XOLHWW . .LOR / /LPD 0 0LNH 1 1RYHPEHU
1HJDWLYR 3ULPHUR 6HJXQGR 7HUFHUR &XDUWR
&2',*2180(5,&2
2 2VFDU 3 3DSD 4 4XHEHF 5 5RPHR 6 6LHUUD 7 7DQJR 8 8QLIRUP
: :KLVN\ 9 9LFWRU ; ;5D\ <
4XLQWR 6H[WR 6pSWLPR 2FWDYR 1RYHQR
6LVWHPDGH0DQHMR,QWHJUDOGH'HVDVWUHV
5('(6'(7(/(&2081,&$&,21(6
+D\TXHWHQHUHVWDEOHFLGDVFRQDQWHULRULGDGODVIUHFXHQFLDVHLQGLFDWLYRVGHODVHQWLGDGHVRSHUVRQDVTXH SXHGHQLQWHUYHQLUHQODDWHQFLyQGHXQDVLWXDFLyQGHGHVDVWUHLQWUDHLQWHULQVWLWXFLRQDOHVORFXDOOODPDPRV UHGGHWHOHFRPXQLFDFLRQHV (QFDGDRUJDQLVPRGHVRFRUURGHEHH[LVWLUXQOLVWDGRFRPSOHWRGHWHOpIRQRV GH x FHQWURVKRVSLWDODULRV x HQWLGDGHVS~EOLFDV WUiQVLWRREUDVS~EOLFDV x DOFDOGtDV x SROLFtD x PHGLRVGHLQIRUPDFLyQS~EOLFD x YROXQWDULRV x IXQFLRQDULRVGHFRPLWpVGHHPHUJHQFLD x VHUYLFLRVGHFRPXQLFDFLyQHQWUHRWURV 5('(6'(&2081,&$&,21'(/$6(17,'$'(6'(62&2552
(VODUHGGHFRPXQLFDFLRQHVGHFDGDXQDGHODVHQWLGDGHVGHVRFRUURTXHXWLOL]DQVLVWHPDVGHFRPXQLFDFLRQHV VLPLODUHVGRQGHVXFXEULPLHQWRSXHGHVHULJXDORQRGHSHQGLHQGRGHODVLWXDFLyQGHORVHTXLSRV\HVWDFLRQHV UHSHWLGRUDV (VWDVUHGHVHQODVSULPHUDVHWDSDVGHXQGHVDVWUHVRQXWLOL]DGDVHQODVODERUHVGHUHVFDWH\HQHOVXPLQLVWURGH PDWHULDOHVRHOHPHQWRVTXHVHQHFHVLWHQHQHOOXJDUGHODHPHUJHQFLD 'HVSXpVGHODVODERUHVGHVDOYDPHQWRSXHGHQVHUYLUSDUDODWUDQVPLVLyQGHPHQVDMHVHQODE~VTXHGDGH SHUVRQDVGHVDSDUHFLGDV 5('(6'(/(-(5&,7232/,&,$<275$6(17,'$'(6'(6(*85,'$'
/RVVLVWHPDVGHFRPXQLFDFLyQTXHXWLOL]DQODVHQWLGDGHVGHVHJXULGDGSRGUtDQHVWDUGLVSRQLEOHVSDUDHQYLDU FRPXQLFDGRVHQWUHORVVLWLRVGHODHPHUJHQFLD\ORVFHQWURVGHFRPXQLFDFLyQGHpVWDVRGHVGHGRQGHVHHVWp FRRUGLQDQGRHOGHVDVWUH 5('(6'(5$',2$),&,21$'26
6RQGHYDOLRVDD\XGD\DTXHHVWDVUHGHVFXEUHQJUDQSRUFHQWDMHGHOWHUULWRULR1DFLRQDO /RVUDGLRDILFLRQDGRVSXHGHQHQWUDUDSUHVWDUXQVHUYLFLRGHFRPXQLFDFLRQHVGHVGHHOVLWLRGHOGHVDVWUH\VX FHQWUR\DTXHSRVHHQHTXLSRVYHUViWLOHVTXHWUDEDMDQFRQODHQHUJtDFRQYHQFLRQDO\GLIHUHQWHVFODVHVGH EDWHUtD /DJUDQPD\RUtDGLVSRQHGHHTXLSRVLQVWDODGRVHQVXVYHKtFXORVORTXHIDFLOLWDHOUiSLGRGHVSOD]DPLHQWRDOD ]RQDGHOGHVDVWUH 3RUODH[SHULHQFLDHQHOPDQHMRGHUDGLRHVWiQFDSDFLWDGRVSDUDLPSURYLVDUHOHPHQWRVHLQVWDODU\UHSDUDU SHTXHxDVDYHUtDVTXHFRP~QPHQWHSUHVHQWDQORVHTXLSRV %$1'$&,8'$'$1$ $&%&
(VWHVLVWHPDVHSXHGHDSURYHFKDUSDUDFRPXQLFDFLRQHVDFRUWDGLVWDQFLD HOHPSOHRGHHVWDEDQGDSXHGHVHU SDUDSDVDULQIRUPDFLyQHQODPLVPD]RQDGHOGHVDVWUHRHQYLDUPHQVDMHVGHSUHYHQFLyQHLQIRUPDFLyQ\DTXH HVWHVLVWHPDHVFRP~QHQORVVLWLRVUXUDOHV\HQORVYHKtFXORV 5('(6'(6(59,&,26'((17,'$'(635,9$'$6
6RQORVVLVWHPDVGHFRPXQLFDFLyQGHHPSUHVDVIiEULFDVRHQWLGDGHVGHWRGDtQGROHTXHSRVHDQXQDUHGGH UDGLRFRPXQLFDFLyQSDUDVXVHUYLFLR (VWDVHQWLGDGHVSXHGHQIDFLOLWDUWDQWRVXUHGFRPRVXVHTXLSRVRFRRUGLQDUFRQHOODVFXDOTXLHUWLSRGH DVLVWHQFLD (0,625$6'(5$',2',)86,2138%/,&$
(VXQVHUYLFLRFX\DVHPLVLRQHVVHGHVWLQDQDVHUUHFLELGDVGLUHFWDPHQWHSRUHOS~EOLFRHQJHQHUDOFRQXQ FRQWHQLGRLQIRUPDWLYR\GHGLVWUDFFLyQ (QXQDHPHUJHQFLDHVWHVHUYLFLRHVPX\~WLOSDUDGDULQIRUPDFLyQSUHYHQWLYDORFDOL]DFLyQGHPHGLFDPHQWRV XRWURVHOHPHQWRVTXHVHUHTXLHUDQFRQXUJHQFLDDGHPiVGHE~VTXHGDGHSHUVRQDV
6LVWHPDGH0DQHMR,QWHJUDOGH'HVDVWUHV
(6/$%21(6'(/$&$'(1$ 127,),&$&,21'(/'(6$675(
&XDQGRXQDVLWXDFLyQGHGHVDVWUHVHSUHVHQWHHQDOJ~Q OXJDUHO&RPLWp ORFDOUHJLRQDORQDFLRQDO HQFDUJDGR GHODDWHQFLyQGHOGHVDVWUHDVXPHODFRRUGLQDFLyQGHODDWHQFLyQ (QFDVRGHQRH[LVWLUXQ&RPLWp/RFDOHQHOiUHDSHUMXGLFDGDORVRUJDQLVPRVGHVRFRUURORFDOHVGHEHQ KDFHUVHFDUJR *HQHUDOPHQWHHODYLVRSXHGHOOHJDUSRUPHGLRGH x /DFRPXQLGDGPLVPD x $OFDOGHVR,QVSHFWRUHVGHOOXJDUSHUMXGLFDGR x 3HULRGLVWD x 6HFUHWDUtDGH*RELHUQRR-HIHGH2UGHQ3~EOLFR x 2WURVPHGLRV 6HGHEHSURFHGHUDFRQILUPDUODOODPDGDGHDFXHUGRFRQODVVLJXLHQWHVIXHQWHV x $OFDOGtDRLQVSHFFLyQGHOOXJDUSHUMXGLFDGR x &DGHQDGHHPLVRUDVUDGLDOHV x 6HFUHWDUtDGH*RELHUQRR-HIHGH2UGHQ3~EOLFR x &HQWUDOGH0HQVDMHVGHOD3ROLFtD 8QDYH]HQFRPXQLFDFLyQFRQFXDOTXLHUDGHODVIXHQWHVDQWHULRUHVVHGHEHVROLFLWDUODVLJXLHQWH LQIRUPDFLyQ x 1RPEUHGHOD3HUVRQDTXHLQIRUPD x &DUJRTXHGHVHPSHxD x 7LSRGH'HVDVWUH x )HFKD\+RUDGH2FXUUHQFLD x 8ELFDFLyQGH%DUULRV9HUHGDV&RUUHJLPLHQWRV\]RQDVSHUMXGLFDGDV x 3ULQFLSDOHVSpUGLGDVRFDVLRQDGDV FXOWLYRVYLYLHQGDVHQVHUHVGRPpVWLFRVHWF x 0HGLGDVTXHVHKDQWRPDGRHQOD]RQDSHUMXGLFDGD x 3ULQFLSDOHVQHFHVLGDGHVTXHVHKDQFUHDGR x 5LHVJRV\SHOLJURVTXHDIHFWDQHOOXJDUDFDXVDGHO'HVDVWUH x &DUDFWHUtVWLFDVTXHSUHVHQWDHOOXJDU FOLPiWLFDV\WRSRJUDItD x (QWLGDGHVTXH VHKDQKHFKRSUHVHQWHV x 5HFXUVRVFRQTXHVHFXHQWDORFDOPHQWH
=21$'(,03$&72
$OWUDVODGDUXQOHVLRQDGRDO&$&+VHOHLQIRUPDUiSUHYLDPHQWHSRUXQFDQDOHVSHFtILFRSDUDHVWROR VLJXLHQWHVGDWRV x ,GHQWLILFDFLyQ HGDG\VH[R GHOOHVLRQDGR x 0HFDQLVPR\WLSRGHODOHVLyQ x 0DQHMRHQHOVLWLR x 5HVSXHVWDDOPDQHMR x 0pWRGRGHWUDQVSRUWH x 7LHPSRDSUR[LPDGRGHOOHJDGD (OFRRUGLQDGRUGHORVRSHUDWLYRVGHVDOYDPHQWRHQOD]RQDGHLPSDFWRVROLFLWDUiFXDOTXLHUHTXLSR VXPLQLVWURVRUHOHYRVDO308 \HQYLDUDXQLQIRUPHSHULyGLFRGHDFWLYLGDGHV (OHQFDUJDGRGHVHJXULGDGGHOD]RQDGHLPSDFWRFRPXQLFDUiSHULyGLFDPHQWHDO308 x /DViUHDVGHPiVDOWRULHVJRGHQWURGHOD]RQDGHLPSDFWR x (YDOXDFLyQGHHVWUXFWXUDV x 1~PHURGHUHVFDWDGRUHVGHQWURGHOiUHDGHSHOLJUR x 7LHPSRGHSHUPDQHQFLDGHFDGDUHVFDWDGRU x &RQWUROGHORVUHOHYRV
308
0DQWHQGUiFRQWDFWRSHUPDQHQWHFRQHOFRRUGLQDGRUGHORVRSHUDWLYRVGHVDOYDPHQWR\FRQHOHQFDUJDGRGH VHJXULGDG
6LVWHPDGH0DQHMR,QWHJUDOGH'HVDVWUHV /DLQIRUPDFLyQGHOD]RQDGHLPSDFWRGHEHHVWDU FHQWUDOL]DGDDWUDYpVGHOPHQRUQ~PHURGHSHUVRQDVSRVLEOH SDUDHYLWDUFRQJHVWLRQHV\SRVLEOHVFRQIXVLRQHVHQODVFRPXQLFDFLRQHVFRQHO308 3HULyGLFDPHQWHUHFLELUiORVLQIRUPHVGHO&$&+\GHOD]RQDGHLPSDFWR
&$&+
7HQGUiXQFDQDOGHGLFDGRH[FOXVLYDPHQWHDODUHFHSFLyQGHLQIRUPDFLyQGHORVOHVLRQDGRVHQYLDGRVGHVGHOD ]RQDGHLPSDFWR $GHPiVXQFDQDOGHGLFDGRH[FOXVLYDPHQWHDLQIRUPDUDOFHQWURGHUHPLVLRQHVORVGDWRVGHORVOHVLRQDGRV x ,GHQWLILFDFLyQGHOOHVLRQDGR x ,PSUHVLyQGLDJQyVWLFDLQLFLDO x 0DQHMRDGPLQLVWUDGRHQHO&$&+ x 3RVLEOHPDQHMRGHILQLWLYRQLYHOGHDWHQFLyQ\HVSHFLDOLVWDVUHTXHULGRV x &XDOTXLHUGDWRTXHHOPpGLFRGH&$&+FRQVLGHUHUHOHYDQWH 8QFDQDODGMXQWRSDUDLQIRUPDUSHULyGLFDPHQWHDO308XQUHVXPHQGHDFWLYLGDGHV\SDUDVROLFLWDU VXPLQLVWURV\HTXLSRVDGLFLRQDOHV
&(1752'(5(0,6,21(6
(VWDUiFRPXQLFDGRFRQHO&$&+SHUPDQHQWHPHQWHUHFLELHQGRORVGDWRVGHORVOHVLRQDGRVLQIRUPDQGRHO FHQWURKRVSLWDODULRDVLJQDGRDFDGDXQR\HOPHGLRGHWUDQVSRUWHUHFRPHQGDGR &RPXQLFDGRGLUHFWDPHQWHFRQORVFHQWURVKRVSLWDODULRVSRUFXDOTXLHUPHGLRGLVSRQLEOH SUHIHULEOHPHQWH UDGLR SDUDLQIRUPDUORVGDWRVGHORVOHVLRQDGRVDVLJQDGRVSDUDVHUDWHQGLGRVHQFDGDFHQWUR\UHFLELU LQIRUPDFLyQGHORVUHFXUVRVGLVSRQLEOHVGHHVWRV 3HULyGLFDPHQWHHQYLDUiXQUHVXPHQGHWUDVODGRV\DFWLYLGDGHVDO&RPLWp ORFDOUHJLRQDORQDFLRQDO HQFDUJDGRGHODDWHQFLyQGHOGHVDVWUH
&20,7((1&$5*$'2'(/$$7(1&,21'(/'(6$675(
5HFLELUiSHULyGLFDPHQWHODLQIRUPDFLyQGHO308DFHUFDGHODVDFWLYLGDGHVGHVDUUROODGDV\QRYHGDGHVTXH VHSUHVHQWHQHQHOSULPHU\VHJXQGRHVODERQHVGHODFDGHQDGHVRFRUURV 5HFLELUiORVLQIRUPHVGHOFHQWURGHUHPLVLRQHV\GHODVVHGHVGHODVLQVWLWXFLRQHV\RUJDQLVPRVSDUWLFLSDQWHV GHODDWHQFLyQGHOGHVDVWUH
,1)250$&,2138%/,&$
HOGHUHFKRGHDGTXLULUFRQRFLPLHQWR\EXVFDUOLEUHPHQWHODYHUGDGGRQHVLQDOLHQDEOHV\IXQGDPHQWDOHV GHOKRPEUHWRGDSHUVRQDWLHQHGHUHFKRLQGLYLGXDO\FROHFWLYRDLQYHVWLJDU\UHFLELULQIRUPDFLyQ\D GLIXQGLUOD 218
/DUHVSRQVDELOLGDGGHOPDQHMRGHODLQIRUPDFLyQS~EOLFDGHEHVHUDVLJQDGDDXQDSHUVRQDRJUXSRGH SHUVRQDVLGyQHDVGHGLFDGDVH[FOXVLYDPHQWHDHVWDODERUGXUDQWHHOGHVDVWUH
)81&,21(6'(/265(63216$%/(6'(/$,1)250$&,21 38%/,&$ x x x x x x x x
$VLVWLUDODVUHXQLRQHVGHO&RPLWp ORFDOUHJLRQDORQDFLRQDO HQFDUJDGRGHODDWHQFLyQGHOGHVDVWUH 5HFRSLODU\RUGHQDUODLQIRUPDFLyQFRQORVGDWRVREWHQLGRVGHODVUHXQLRQHV (ODERUDUORVFRPXQLFDGRVGHSUHQVDSHULyGLFDPHQWH 6XPLQLVWUDUORVFRPXQLFDGRVDOSHUVRQDOGHO&RPLWp ORFDOUHJLRQDORQDFLRQDO HQFDUJDGRGHOD DWHQFLyQGHOGHVDVWUHFRQHOREMHWRGHSUHVHQWDUODQRWLFLDHQIRUPDXQLILFDGD $FWXDOL]DUSHUPDQHQWHPHQWHORVGLUHFWRULRVGHO&RPLWp ORFDOUHJLRQDORQDFLRQDO HQFDUJDGRGHOD DWHQFLyQGHOGHVDVWUH\GHORVPHGLRVGHFRPXQLFDFLyQ 'HWHUPLQDUHOPHGLRPiVHIHFWLYR\HILFLHQWHSDUDODGLIXVLyQGHORVFRPXQLFDGRV (VWDEOHFHUODIRUPDSDUDREWHQHULQIRUPDFLyQJUiILFDGHOD]RQDGHOGHVDVWUH &RODERUDUFRQODRILFLQDGHE~VTXHGDV
6LVWHPDGH0DQHMR,QWHJUDOGH'HVDVWUHV
&$5$&7(5,67,&$6'(/$,1)250$&,21%$6,&$&217(1,'$ (1/26&2081,&$'26 x x x
x x x x x
7LSR\PDJQLWXGGHOGHVDVWUH =RQDVSHUMXGLFDGDV 5HVXPHQGHDFWLYLGDGHVHMHFXWDGDVHQODDWHQFLyQGHOGHVDVWUH x 1~PHURGHOHVLRQDGRVDWHQGLGRV\DVLVWHQFLDPpGLFDSUHVWDGD x 1~PHURGHGDPQLILFDGRVUHJLVWUDGRVTXHUHFLEHQDOLPHQWDFLyQ\DORMDPLHQWR\GH DIHFWDGRVTXHUHFLEHQDVLVWHQFLD x &XDOTXLHULQIRUPDFLyQGHXWLOLGDGSDUDORVDIHFWDGRV /XJDUHVGHDWHQFLyQDIDPLOLDUHVGHORVDIHFWDGRVSDUDEULQGDULQIRUPDFLyQ 'RQDFLRQHVUHFLELGDV\FXDQWLILFDGDV 1HFHVLGDGHV 5HFRPHQGDFLRQHVJHQHUDOHVDOS~EOLFR 'HVPHQWLULQIRUPDFLRQHVRUXPRUHVHUUyQHRV\GDUODLQIRUPDFLyQFRUUHVSRQGLHQWHFRUUHFWD
0$1(-2*(1(5$/'(/$,1)250$&,2138%/,&$
'HEHKDEHUEXHQDVUHODFLRQHVGHO&RPLWp ORFDOUHJLRQDORQDFLRQDO HQFDUJDGRGHODDWHQFLyQGHOGHVDVWUH\ GHORVGHPiVRUJDQLVPRVGHVRFRUURFRQORVUHSUHVHQWDQWHVGHORVPHGLRVGHFRPXQLFDFLyQQDFLRQDOH LQWHUQDFLRQDO /DLQIRUPDFLyQVHGHEHSUHVHQWDUHQIRUPDXQLILFDGDSRUSDUWHGHWRGDVODVLQVWLWXFLRQHV\RUJDQLVPRV SDUWLFLSDQWHVHQODDWHQFLyQGHOGHVDVWUH 6HGHEHHOHJLUHOPHGLRPiVHILFD]SDUDKDFHUFRPSUHQGHUODVQRWLFLDVHLQVWUXFFLRQHVDODFRPXQLGDG SHUMXGLFDGD (VIXQGDPHQWDOFRQFLHQWL]DUDORVPHGLRVGHFRPXQLFDFLyQVREUHODQHFHVLGDGGHGDULQIRUPDFLyQUHDO\ RSRUWXQDVREUHORVDFRQWHFLPLHQWRVTXHVHHVWiQGHVDUUROODQGRHQOD]RQDGHGHVDVWUH ,QIRUPDUQRGHEHVLJQLILFDUDODUPDUDODFRPXQLGDG
$63(&7260(',&2/(*$/(6 (QHVWDSiJLQDSXHGHFRQVXOWDU x 0DQHMRGH&DGiYHUHV
/D0HGLFLQD/HJDOR0HGLFLQD)RUHQVHHVXQDUDPDGHODPHGLFLQDTXHDX[LOLDDODVDXWRULGDGHVMXGLFLDOHV\ SROLFLDOHVSDUDTXHSRUPHGLRGHXQGLFWDPHQHPLWLGRSRUXQSHULWRTXHSXHGHVHUPpGLFRRGRQWyORJR EDFWHULyORJRHWFSHUWHQHFLHQWHDO,QVWLWXWRGH0HGLFLQD/HJDO\&LHQFLDV)RUHQVHV FRQWULEX\DQDGDU UHVSXHVWDVIXQGDPHQWDGDVFLHQWtILFDPHQWHTXHDSRUWHQDXQSURFHVROHJDOHQFDVRVHVSHFtILFRVGHGHVDVWUHV FRPRSRUHMHPSORUHFXSHUDUHOHPHQWRVPDWHULDOHVGHSUXHED GLFWDPLQDUVREUHPDQHUDPHFDQLVPR\FDXVD GHPXHUWHHQWUHRWURV &XDQGRXQGHVDVWUHRFXUUHLQGHSHQGLHQWHPHQWHGHVLVXRULJHQHVGHFDXVDQDWXUDORSURGXFLGRSRUHO KRPEUHHVQHFHVDULRHOUHFRQRFLPLHQWRPpGLFROHJDOSDUDGLIHUHQWHVILQHVFRPR x &RQWULEXLUDHVWDEOHFHURYHULILFDUODLGHQWLGDGGHXQDYtFWLPD x 2EWHQHULQIRUPDFLyQUHVSHFWRDODVFLUFXQVWDQFLDVTXHURGHDURQHOKHFKRORFXDOSXHGHVHUQHFHVDULR GHWHUPLQDUSRUHMHPSORHQXQDFWRWHUURULVWD x 'HSRVLWRGHFXHUSRV\GLVSRVLFLyQILQDOGHORVPLVPRV x 7HQHUHQFXHQWDODSRVLELOLGDGGHTXHHOFDVRSXHGDOOHJDUDXQSURFHVROHJDOSRUHMHPSOR x 7UDPLWHVGHUHFODPDFLyQDQWHXQVHJXUR x ([DPHQPpGLFRSDUDGHWHUPLQDUSDWURQHVGHOHVLyQ
6LVWHPDGH0DQHMR,QWHJUDOGH'HVDVWUHV
0$1(-2'(&$'$9(5(6
(OPDQHMRGHFDGiYHUHVHQXQGHVDVWUHHVXQSURFHVRTXHWLHQHFRPRREMHWLYRVOD,'(17,),&$&,21 GHODV YtFWLPDVOD,19(67,*$&,21/(*$/<&,(17,),&$ GHOKHFKR\OD',6326,&,Ï1),1$/'(/26 &8(5326FRQILQHVGHVDOXGMXUtGLFRV\FXOWXUDOHV (OWUDEDMRGHOHTXLSRGHPHGLFLQDOHJDOVHLQLFLDFRQODQRWLILFDFLyQGHOLPSDFWR\VHSXHGHUHVXPLUHQHO VLJXLHQWHSURFHVR x (YDOXDFLyQLQLFLDOGHOGHVDVWUH x 3ODQHDFLyQLQLFLDO x /HYDQWDPLHQWRGHORVFDGiYHUHV\VXVSHUWHQHQFLDV x 'HSyVLWRGHFXHUSRV\VXVSHUWHQHQFLDV x 5HFROHFFLyQGHLQIRUPDFLyQDSDUWLUGHFDGiYHUHV x 5HFROHFFLyQGHLQIRUPDFLyQDSDUWLUGHORVIDPLOLDUHVHLQVWLWXFLRQHV x ,GHQWLILFDFLyQGHILQLWLYDGHOFDGiYHU x 'LVSRVLFLyQILQDOGHFXHUSRV x (QWUHJDGHLQIRUPHVDDXWRULGDGHV\DQiOLVLVILQDOGHOFDVR (OHTXLSRUHVSRQVDEOHGHHVWHSURFHVRHVWDUiFRQIRUPDGRSRU x -HIHGH2SHUDFLRQHV x $VLVWHQWHVHQOD=RQDGH,PSDFWR x 5HVSRQVDEOH/RJtVWLFR x 5HVSRQVDEOHGHOD0RUJXH x 5HVSRQVDEOHGH,QIRUPDFLyQD)DPLOLDUHV x 5HVSRQVDEOHGH3UHQVD 8QUHSUHVHQWDQWHGH0HGLFLQD/HJDOGHEHKDFHUSDUWHGHO&RPLWp ORFDOUHJLRQDORQDFLRQDO HQFDUJDGRGHOD DWHQFLyQGHOGHVDVWUH\XQUHSUHVHQWDQWHGHOHTXLSRGHPDQHMRGHFDGiYHUHVGHEHSHUWHQHFHUDO308 (VHVHQFLDOHOUiSLGR\HILFLHQWHDLVODPLHQWRGHODHVFHQDGHORVKHFKRV(VDFRQVHMDEOHHVWDEOHFHUYDULRV SHUtPHWURVDOUHGHGRUGHOVLWLRGHODFFLGHQWHFRQDFFHVROLPLWDGRDOSHUVRQDOLQGLVSHQVDEOHGHELGDPHQWH LGHQWLILFDGR 'HEHLQIRUPDUVHDTXLHQHVGDQDVLVWHQFLDDORVVREUHYLYLHQWHVORVDVSHFWRVDWHQHUHQFXHQWDSDUDHYLWDUKDVWD GRQGHVHDSRVLEOHTXHODDWHQFLyQDORVPLVPRVLQWHUILHUDFRQODSRVWHULRUUHFXSHUDFLyQGHORVFDGiYHUHV\ HYLGHQFLDV 'LFKDLQIRUPDFLyQGHEHGDUVHSUHIHULEOHPHQWHHQWLHPSRVOLEUHVGHGHVDVWUH XQDYH]RFXUULGRHVWHHV SULRULWDULDODDWHQFLyQDORVKHULGRV /DILOPDFLyQFRQFiPDUDVGHYtGHRSHUPLWLUiUHJLVWUDUORVKHFKRVVLQHQWRUSHFHUHOUHVFDWHGHORVKHULGRV /DSUHVHQFLDGHJUDQQ~PHURGHFDGiYHUHVKDELWXDOPHQWHJHQHUDODSUHRFXSDFLyQGHOULHVJRGHWUDQVPLVLyQ GHHQIHUPHGDGHVGHELGRDORVFXHUSRHQGHVFRPSRVLFLyQ VLQHPEDUJRHVWHULHVJRHVPtQLPR /RVFXHUSRVLQVHSXOWRVHQHVSHFLDOVLHVHQJUDQFDQWLGDGGHEHQUHWLUDUVHGHODVIXHQWHVGHDJXDSDUDHYLWDU EURWHVGHJDVWURHQWHULWLVRFRQWDPLQDFLyQGHDOLPHQWRV1RVHMXVWLILFDQODVFUHPDFLRQHVHQPDVD /DLGHQWLILFDFLyQGHORVFXHUSRVHVIXQGDPHQWDO\GHEHVHUUHDOL]DGDSRUXQHTXLSRPXOWLGLVFLSOLQDULRHQHO FXDOSDUWLFLSDQ x 7UDEDMDGRUDVRFLDO x 'DFWLORVFRSLVWD x 0pGLFR x 2GRQWyORJR x $QWURSyORJR x )XQFLRQDULRVGHOD5HJLVWUDGXUtD\)LVFDOtD +D\GRVWLSRVGHLGHQWLILFDFLyQVRQ IHKDFLHQWH HLQGLFLDULD /RVPpWRGRVSDUDUHDOL]DUHVWRVWLSRVGH LGHQWLILFDFLyQGHOFDGiYHUSXHGHQVHU x (VWXGLRGHODFDUWDGHQWDO x $QiOLVLVGH'1$ x &RQVXOWDFRQOD5HJLVWUDGXUtD1DFLRQDO x (QWUHYLVWDFRQORVIDPLOLDUHV\FRQRFLGRV x 6HxDOHVSDUWLFXODUHVH[WHUQDVHLQWHUQDV x (VWXGLRGHSUHQGDV x 'DWRVSDUWLFXODUHVGHODHVFHQD x (VWXGLRSRUHVSHFLDOLVWDVIRUHQVHV (VLJXDOPHQWHLPSRUWDQWHHQODGLOLJHQFLDGHOHYDQWDPLHQWRLQLFLDUOD&$'(1$'(&8672',$PHFDQLVPR TXHSHUPLWLUiDVHJXUDUODSUHFLVLyQHQHOFXLGDGR\DQiOLVLVGHODHYLGHQFLDKDVWDVXGHVWLQRILQDO IDPLOLDUHVR DXWRULGDGHV
6LVWHPDGH0DQHMR,QWHJUDOGH'HVDVWUHV 3RUWRGRORDQWHULRUHVREOLJDWRULRLQFOXLUDO*UXSRGH0DQHMRGH&DGiYHUHV HQORVSODQHVGHO&RPLWp ORFDOUHJLRQDORQDFLRQDO \HQHVSHFLDOHQORVSURJUDPDVGHFDSDFLWDFLyQGHOSHUVRQDODVLVWHQFLDOGHORV RUJDQLVPRVGHVRFRUUR (QFDVRVGHGHVDVWUHVSURYRFDGRVRHQORVTXHVHVRVSHFKHXQDDFFLyQFULPLQDOHOPDQHMRLQLFLDOOHJDOGHORV FDGiYHUHVFRUUHUiD FDUJRGHOD)LVFDOtD*HQHUDODWUDYpVGHVXJUXSRWpFQLFR(QHVWRVFDVRVVHHYLWDUiOD PDQLSXODFLyQRPRYLPLHQWRGHORVFDGiYHUHVGLIHUHQWHVDODVDFFLRQHVGHFRPSUREDFLyQGHVLJQRVYLWDOHV\ VHDLVODUiOD]RQDIDFLOLWDQGR\FRODERUDQGRFRQORVIXQFLRQDULRVMXGLFLDOHVHQVXODERU
75$67251260(17$/(6(1 '(6$675(6 (QHVWDSiJLQDSXHGHFRQVXOWDU x )DFWRUHVGH5LHVJR x ,QGLYLGXDOHV x GHOD6LWXDFLyQ x ,QWHUYHQFLyQ x $FFLRQHV,QPHGLDWDV x D&RUWR3OD]R x D/DUJR3OD]R x 3HUVRQDO$VLVWHQFLDO x 3ULPHURV$X[LOLRV3VLFROyJLFRV
7RGRVORVLQGLYLGXRVUHVSRQGHQ\VHDGDSWDQGHXQDIRUPDGLIHUHQWHDXQDVLWXDFLyQGHGHVDVWUHLQFOX\HQGR DOSHUVRQDODVLVWHQFLDO (QFDVRGHTXHHOLQGLYLGXRSUHVHQWHXQDFRQGXFWDTXHDOWHUHVXIXQFLRQDOLGDGHQHOFDPSRSHUVRQDOVRFLDO DIHFWLYRODERUDOVHSXHGHFRQVLGHUDUXQWUDVWRUQRHOFXDOGHEHVHUGLDJQRVWLFDGR\PDQHMDGRSRU SURIHVLRQDOHV 3RUHMHPSORHOWUDVWRUQRSRUVWUHVVSRVWWUDXPiWLFR VHFDUDFWHUL]DSRU x 5HFXHUGRVUHFXUUHQWHVHLQHVSHUDGRVGHOHYHQWR x $FWRVRVHQWLPLHQWRVV~ELWRVFRPRVLHODFRQWHFLPLHQWRWUDXPiWLFRHVWXYLHUDYROYLHQGRD SUHVHQWDUVH x ,QWHUpVQHWDPHQWHGLVPLQXLGRSRUXQDRPiVGHVXVDFWLYLGDGHV x $SODQDPLHQWRGHOHVWDGRGHDQLPR7UDVWRUQRVGHOVXHxRRODPHPRULDGLILFXOWDGSDUDFRQFHQWUDUVH x (YLWDFLyQGHDFWLYLGDGHVTXHSURSLFLDQHOUHFXHUGRGHODFRQWHFLPLHQWRWUDXPiWLFR 2WURHMHPSORHVODGHSUHVLyQPD\RU TXHVHSUHVHQWDFRQ x (VWDGRGHDQLPRWULVWHGHFDtGRGHVHVSHUDQ]DGRLUULWDEOHH[DJHUDGRRSHUVLVWHQWH x 3HUGLGDGHSHVRSRFRDSHWLWRRDXPHQWRGHSHVR x $XPHQWRRGLVPLQXFLyQGHODQHFHVLGDGGHGRUPLU x 3pUGLGDGHLQWHUpVRSODFHUHQWRGDVRFDVLWRGDVODVDFWLYLGDGHVRSDVDWLHPSRVKDELWXDOHV x 6HQWLPLHQWRVGHLQXWLOLGDGRFXOSDH[FHVLYD x 'LVPLQXFLyQGHODFDSDFLGDGSDUDSHQVDURFRQFHQWUDUVH x 3HQVDPLHQWRVUHFXUUHQWHVGHPXHUWHLGHDVVXLFLGDVGHVHRVGHHVWDUPXHUWRRLQWHQWRVVXLFLGDV
)$&725(6'(5,(6*2
3RGHPRVFODVLILFDUORVIDFWRUHVGHULHVJRSDUDVXIULUXQWUDVWRUQRPHQWDOSRUXQGHVDVWUHHQ FDUDFWHUtVWLFDV GHOLQGLYLGXR\GHODVLWXDFLyQDODTXHIXHH[SXHVWR )$&725(6,1',9,'8$/(6 'LYHUVRVHVWXGLRVHVWDGtVWLFRVHQVREUHYLYLHQWHVDGHVDVWUHVPXHVWUDQTXHODVPXMHUHV WLHQHQPiVWHQGHQFLDD VXIULU x WUDVWRUQRSRUVWUHVVSRVWWUDXPiWLFR x DQVLHGDG\ x GHSUHVLyQ
6LVWHPDGH0DQHMR,QWHJUDOGH'HVDVWUHV (QORVKRPEUHV HVPiVFRP~QHO x DEXVRGHDOFRKRO x TXHMDVItVLFDVRVRPiWLFDV x FRQGXFWDKRVWLOR x VLPXODFLyQ 6HGHPXHVWUDPD\RUULHVJRHQODHGDGPHGLD TXHHQMyYHQHVRYLHMRV\HQLQGLYLGXRVTXHKDQVXIULGRXQ WUDVWRUQRPHQWDOSUHYLR
)$&725(6'(/$6,78$&,21
/DH[SRVLFLyQDXQDVLWXDFLyQGHGHVDVWUHGHODVVLJXLHQWHVFDUDFWHUtVWLFDVSXHGHGHVHQFDGHQDUXQWUDVWRUQR PHQWDO x 3pUGLGDYLROHQWDGHIDPLOLDUHVRFRQRFLGRV x $PHQD]DFODUDDODYLGD x ([SRVLFLyQDDVSHFWRVJURWHVFRVGHODPXHUWHRODVOHVLRQHV x ([SHULPHQWDUODGHYDVWDFLyQGHXQDFRPXQLGDG
,17(59(1&,21
&RQHOILQGHOLPLWDUODVHYHULGDGGHORVWUDVWRUQRVPHQWDOHVHQHOGHVDVWUHORVRUJDQLVPRVGHVRFRUURMXQWR FRQ ORVWUDEDMDGRUHVHQVDOXGPHQWDOSXHGHQUHDOL]DUDFFLRQHVLQPHGLDWDVODVFXDOHVGHEHQVHU FRPSOHPHQWDGDVFRQXQDLQWHUYHQFLyQDFRUWR\ODUJRSOD]RSRUORVVHUYLFLRVGHVDOXGPHQWDO
$&&,21(6,10(',$7$6 x x x
/LPLWDUODH[SRVLFLyQGHOWLSRGHVFULWRHQIDFWRUHVGHULHVJR 2UJDQL]DUXQOXJDUGRQGHORVPLHPEURVGHODVIDPLOLDVGHODVYtFWLPDVSXHGDQFRQRFHUVH\ FRQVRODUVHXQRVDRWURVSRUHMHPSORHQODVPRUJXHVWHPSRUDOHVGRQGHJUDQQ~PHURGHFXHUSRV HVWiQLGHQWLILFDGRVSRUPLHPEURVGHODIDPLOLD (QORSRVLEOHSURWHJHUGHLQQHFHVDULDH[SRVLFLyQDODPXHUWH\DOJXQDVYHFHVDFDGiYHUHVJURWHVFRV\ SDUWHVGHFXHUSRV
,17(59(1&,21$&25723/$=2 x
x
x
'HWHFWDUVLJQRVFRPR x GLILFXOWDGSDUDGRUPLU x LUULWDELOLGDG x GLILFXOWDGGHFRQFHQWUDFLyQR x FDPELRVDQRUPDOHVGHFRQGXFWD )DFLOLWDUDODVYtFWLPDVVHUYLFLRVFRPR x FRQVXOWD\DVHVRUtDLQGLYLGXDO x DSR\RHQJUXSRV x SVLFRIDUPDFRWHUDSLDR x PRGRVHVSHFLDOHVGHWUDWDPLHQWRGHOWUDVWRUQRSRUVWUHVVSRVWWUDXPDWLFR ,QWHJUDUORVWUDEDMDGRUHVHQVDOXGPHQWDODORVSURFHVRVGHUHFXSHUDFLyQ
,17(59(1&,21$/$5*23/$=2 x x
(VWDEOHFHUODDVRFLDFLyQHQWUHHOGLDJQyVWLFRGHOWUDVWRUQRPHQWDO\ODVLWXDFLyQGHGHVDVWUHODFXDO SXHGHKDEHURFXUULGRKDFHPHVHVRLQFOXVRDxRV ,GHQWLILFDUVXSUHVHQWDFLyQWDUGtD x 'HSUHVLyQ x VtQWRPDVIyELFRV x FRQGXFWDVXLFLGDR x FRQGXFWDDGLFWLYD
6LVWHPDGH0DQHMR,QWHJUDOGH'HVDVWUHV
3(5621$/$6,67(1&,$/
/RVVRFRUULVWDVDVtFRPRHORWURSHUVRQDOGHODVDOXGDOHQIUHQWDUVHDXQDVLWXDFLyQGHGHVDVWUHSXHGHQ SUHVHQWDUXQDUHDFFLyQGHVWUHVVFDUDFWHUL]DGRSRUXQLUUD]RQDEOH\DYHFHVKHURLFRHLOLPLWDGRGHEHU\ GHGLFDFLyQDORVGHPiVSUHVHQWDQGRXQDSRVWHULRULQPRYLOL]DFLyQSRUPHVHVHLQFDSDFLGDGGHUHLQLFLDUVX SDSHOSDUDEULQGDUD\XGDDORVGHPiV (QHVWRVFDVRVVHUHTXLHUHDWHQFLyQSRUSHUVRQDOHVSHFLDOL]DGR (VGHJUDQLPSRUWDQFLDTXHVHGHVDUUROOHQSURJUDPDVGHHQWUHQDPLHQWRTXHSHUPLWDQDOSHUVRQDODVLVWHQFLDO LGHQWLILFDUORVULHVJRVGHHQWUDUHQFULVLV6HGHVFULEHQDFRQWLQXDFLyQORVSDVRVDVHJXLUFRQHOILQGHHYDOXDU \FRQWURODUXQDFULVLVSURSLDDQWHVGHD\XGDUDRWURV
$872(9$/8$&,21
0HGLUODFDSDFLGDGSHUVRQDOGHUHVLVWHQFLD\UHVSXHVWDDQWHODVLWXDFLyQ\HOHVWDGR JHQHUDOSDUDGHWHUPLQDUODVFRQGLFLRQHVGHYXOQHUDELOLGDGDQWHODVFLUFXQVWDQFLDV SDUWLFXODUHV
,GHQWLILFDUODVUHDFFLRQHVILVLROyJLFDV ULWPRFDUGLDFRDFHOHUDGRUHVSLUDFLyQUiSLGD VXGRUDFLyQHWFODVFXDOHVVRQLQGLFDGRUDVGHOHVWDGRJHQHUDOGHODSHUVRQDWDQWRItVLFD FRPRHPRFLRQDOPHQWH 6LDOJ~QPLHPEURGHOSHUVRQDODVLVWHQFLDOGHWHFWDHOULHVJRGHHQWUDUHQFULVLVGHEHHQ ORSRVLEOHUHWLUDUVHGHOD]RQDGHDFWLYLGDG\ORJUDUHODXWRFRQWURO6LODSHUVRQDHQWUD HQFULVLVGHEHVHUUHWLUDGDGHOD]RQD\VHUDWHQGLGRSRUSHUVRQDOHVSHFLDOL]DGRHQHO PHQRUWLHPSRSRVLEOH
$872&21752/
$SOLFDUHVWUDWHJLDVGHFRQWUROHPRFLRQDODOGHWHFWDUHOULHVJRGHHQWUDUHQFULVLV
7RPDUDLUHSURIXQGDPHQWHSDUDORJUDUXQDEXHQDR[LJHQDFLyQ ([SXOVDUHODLUHORPiVOHQWRSRVLEOH 6HQWLUFRPRYDGLVPLQX\HQGRODWHQVLyQHPRFLRQDO 5HSHWLUHOSURFHVRHOQ~PHURGHYHFHVTXHFRQVLGHUHQHFHVDULR
$872$),50$&,21(6
3URFXUDULQWHUSUHWDUREMHWLYDPHQWHODUHDOLGDGFRQHOILQGHGLVPLQXLUHOHVWDGRGH WHQVLyQHPRFLRQDO
35,0(526$8;,/,2636,&2/2*,&26
/DLQWHUSUHWDFLyQGHODUHDOLGDGHVLQGLYLGXDOSDUDFDGDVXMHWRGHHVWDIRUPDXQDPLVPDVLWXDFLyQJHQHUD GLIHUHQWHVJUDGRVGHWHQVLyQHPRFLRQDOHQFDGDLQGLYLGXRSRUODSHUFHSFLyQSHUVRQDOGHPD\RURPHQRU DPHQD]D 6LPXOWiQHDPHQWHFRQODDWHQFLyQGHODVOHVLRQHVItVLFDVVHGHEHRIUHFHUXQDSR\RSVLFROyJLFRDODVYtFWLPDV FRQVLVWHQWHHQ
&217$&72
%XVFDUFRQWDFWRYHUEDOYLVXDO\ItVLFRFRQODYtFWLPD$FHUFDUVHKDEODUOHWRPDUODGH ODPDQRHWFSHUPLWHDODSHUVRQDFRQWDUFRQHODSR\RGHODX[LOLDGRU
(9$/8$5
$QDOL]DUORVIDFWRUHVGHULHVJRGHODSHUVRQD\GHODVLWXDFLyQSDUDLGHQWLILFDUODV SULRULGDGHVGHLQWHUYHQFLyQLQPHGLDWD YHU
6LVWHPDGH0DQHMR,QWHJUDOGH'HVDVWUHV $32<$5
&RQEDVHHQODHYDOXDFLyQUHDOL]DGDDVXPLUODVDFFLRQHVDVHJXLU+DEODU FDOPDGDPHQWHXELFDUDODSHUVRQDHQWLHPSRHVSDFLR\SHUVRQDH[SOLFDUORVXFHGLGR\ ODVLWXDFLyQDFWXDOSHUPLWLUOHJULWDUOORUDUHWF
25,(17$5
DOD SHUVRQDKDFLDORVVHUYLFLRVTXHEULQGDQODVGLYHUVDVHQWLGDGHVSDUDODDWHQFLyQGHO GHVDVWUHVLQFUHDUIDOVDVH[SHFWDWLYDVQLDXPHQWDUODLQVHJXULGDG
7RGDSHUVRQDTXHSUHVHQWHXQDDOWHUDFLyQVHYHUDGHODFRQGXFWDFRQODSRVLELOLGDGGHDJUHVLyQSURSLD\DORV GHPiVGHEHVHUDWHQGLGDSRUSHUVRQDOPpGLFRHVSHFLDOL]DGRSDUDUHDOL]DUVXLQPRYLOL]DFLyQ\WUDVODGRDXQD XQLGDGGHDWHQFLyQDSURSLDGD
0yGXOR(VSHFtILFR '(638(6'(/'(6$675(
5(&83(5$&,21'('(6$675(6<'(6$552//2
(OWHPDSULQFLSDOGHHVWHPyGXORHVODUHFXSHUDFLyQ\GHVDUUROORGHODFRPXQLGDGSHUMXGLFDGDSRUHOGHVDVWUH 6HLQFOX\HQWHPDVFRPR x (YDOXDFLyQGHGDxRV\DQiOLVLVGHQHFHVLGDGHV x 0DQHMRGHVXPLQLVWURV x %~VTXHGDGHGHVDSDUHFLGRV x 5HFXSHUDFLyQ x $ORMDPLHQWRVWHPSRUDOHV x $VLVWHQFLDDDIHFWDGRV x 9LJLODQFLDHQVDOXGS~EOLFD x 5HKDELOLWDFLyQ x 5HFRQVWUXFFLyQ x 'HVDUUROOR x (YDOXDFLyQ GHODVDFWLYLGDGHVUHDOL]DGDVSRUHOGHVDVWUH
(9$/8$&,21'('$f26 (QHVWDSiJLQDSXHGHFRQVXOWDU x 2UJDQL]DFLyQGHOD(YDOXDFLyQ x 7LSRVGH(YDOXDFLyQ x )RUPDVGH2UJDQL]DUOD(YDOXDFLyQ x 5HFROHFFLyQGH,QIRUPDFLyQ x 3URFHGLPLHQWRV x *XLDGH(YDOXDFLyQ x &RRUGLQDFLyQGHOD(YDOXDFLyQ x $QiOLVLVGH1HFHVLGDGHV x &DWHJRULDV*HQHUDOHV
6LVWHPDGH0DQHMR,QWHJUDOGH'HVDVWUHV x
&DWHJRULDV6HFXQGDULDV
/D(YDOXDFLyQGH'DxRV\$QiOLVLVGH1HFHVLGDGHVVHGHILQHFRPRHOSURFHGLPLHQWRPHWRGROyJLFR FRQVLVWHQWH\XQLIRUPHTXHSHUPLWHGHWHUPLQDUHOLPSDFWRHVGHFLUFXDOLWDWLYD\FXDQWLWDWLYDPHQWHORVHIHFWRV \ODGLPHQVLyQGHXQGHVDVWUH 'HHVWDIRUPDDSHVDUGHTXHVHGHEHUHDOL]DULQPHGLDWDPHQWHGHVSXpVGHOLPSDFWRGHOGHVDVWUH VLPXOWiQHDPHQWHFRQODVDFFLRQHVGHUHVSXHVWD VHLQFOX\HHQpVWHPyGXORGHELGRDVXLQIOXHQFLDHQHO SURFHVRGHUHFXSHUDFLyQ
25*$1,=$&,21'(/$(9$/8$&,21 7,326'((9$/8$&,21 (9$/8$&,21,1,&,$/
6HREWLHQHHQXQSULPHUPRPHQWR\SHUPLWHXQFRQRFLPLHQWRDPSOLR\UiSLGRGHOLPSDFWRGHOGHVDVWUHVREUH ODFRPXQLGDGSDUDGHWHUPLQDUHOWLSRGHD\XGDUHTXHULGD\VXPLQLVWUDUODLQIRUPDFLyQQHFHVDULDSDUDLQLFLDU XQSODQGHUHFXSHUDFLyQSDUDGHWHUPLQDUORVIDFWRUHVGHYXOQHUDELOLGDG\WDPELpQLPSOLFDXQDHVWLPDFLyQGH SUREDEOHVHIHFWRVFRODWHUDOHVRVHFXQGDULRVTXHSXHGDQJHQHUDUXQVHJXQGRGHVDVWUH\SRUORWDQWRUHTXHULU ODVDFFLRQHVLQPHGLDWDVQHFHVDULDV
(9$/8$&,21(63(&,),&$
6HGDHQXQDLQVWDQFLDSRVWHULRU\VHEDVDHQXQGHWDOODGRDQiOLVLVGHORVGDxRVRFDVLRQDGRVSRUHOGHVDVWUH HVWXGLRTXHVHHIHFW~DSRUFDGDVHFWRUFRQODSDUWLFLSDFLyQGHSURIHVLRQDOHV\HVSHFLDOLVWDVPHGLDQWHHO HPSOHRGHWpFQLFDV\PHWRGRORJtDVHVSHFLILFDV\TXHSRUHQGHOOHYDPXFKRPiVWLHPSR VHHPSOHDSDUDOD GHILQLFLyQGHSODQHVGHUHFXSHUDFLyQ\GHVDUUROORFRQSDUWLFLSDFLyQGHODFRPXQLGDGSHUMXGLFDGDSRUHO GHVDVWUH
)250$6'(25*$1,=$581$(9$/8$&,21
(OHTXLSRGHHYDOXDFLyQGHEHHQORSRVLEOHGHGLFDUWRGRVVXVHVIXHU]RVDGHWHUPLQDUFRQHOPi[LPRGH H[DFWLWXGODPDJQLWXGGHHOGDxRVLQUHDOL]DUIXQFLRQHVGHDVLVWHQFLDRVRFRUUR $VtVHSRGUiQWRPDUGHFLVLRQHVVHHMHFXWDUDQPHGLGDVGHDVLVWHQFLD\VHGLVHxDUDQWpFQLFDVHIHFWLYDVSDUDOD UHGXFFLyQGHORVHIHFWRVGHOGHVDVWUHSUHVHQWHV\IXWXURV /DHYDOXDFLyQGHGDxRVGHVSXpVGHOGHVDVWUHGHEHVHURUJDQL]DGDGHVDUUROODQGRXQDPHWRGRORJtDVLVWHPiWLFD \XQUiSLGRSURFHGLPLHQWRFRQHOILQGHHVWDEOHFHUXQDLQIRUPDFLyQDGHFXDGDSDUD x (O&RPLWp ORFDOUHJLRQDORQDFLRQDO HQFDUJDGRGHODDWHQFLyQGHOGHVDVWUH x 3RUPHGLRGHODQWHULRUDODVHQWLGDGHVJXEHUQDPHQWDOHV\21*VLQYROXFUDGDV /RVHTXLSRVGHHYDOXDFLyQSXHGHQVHUGHORVVLJXLHQWHVWLSRV x 3HUVRQDO/RFDO x (YDOXDGRU,QGLYLGXDO x 'RV(YDOXDGRUHV x *UXSRGH(VSHFLDOLVWDV
5(&2/(&&,21'(,1)250$&,21 352&(',0,(1726
,1)250$&,2135(9,$
'HEHUiFRQRFHUVHWRGDODLQIRUPDFLyQSRVLEOHDQWHVGHOOHJDUDOVLWLRWHQLHQGRHQFXHQWDORVVLJXLHQWHV DVSHFWRV x &OLPD x &RQGLFLRQHVGHVDOXGH[LVWHQWHV x $VSHFWRVRFLRSROtWLFRGHODUHJLyQ x ,GLRVLQFUDVLDGHODSREODFLyQ x 2UJDQL]DFLyQHV\HQWLGDGHVGHDWHQFLyQGHGHVDVWUHVORFDOHV
6LVWHPDGH0DQHMR,QWHJUDOGH'HVDVWUHV x 5HFXUVRVGLVSRQLEOHVHQODUHJLyQ x ,QIUDHVWUXFWXUDGHVHUYLFLRV x +LVWRULDVREUHGHVDVWUHVRFXUULGRVHQODUHJLyQ x 1RPEUHVGLUHFFLRQHV\WHOpIRQRVGHSRVLEOHVFRQWDFWRVTXHSXHGDQIDFLOLWDUODODERUGHHYDOXDFLyQ (OSURFHVRGHHYDOXDFLyQLQLFLDOHQOD]RQDSHUMXGLFDGDGHEHUHVSRQGHUDDFFLRQHVSODQHDGDVTXHSHUPLWDQ UHXQLUHOPD\RUQ~PHURGHLQIRUPDFLyQHQHOPHQRUWLHPSRSRVLEOHDSR\DGDVSRUODVVLJXLHQWHVWpFQLFDV
7(&1,&$6'(5(&2/(&&,21'(,1)250$&,213267 '(6$675( 98(/26'(5(&212&,0,(172$%$-$$/785$
6LQGXGDHVHOPpWRGRPiViJLOSDUDXQFXEULPLHQWRUiSLGRGHODV]RQDV SHUMXGLFDGDV 3HUPLWHGHWHUPLQDUODH[WHQVLyQJHRJUiILFDHOJUDGRUHODWLYRGHORVGDxRVODV PRGDOLGDGHVGHGDxR\TXL]iSDXWDVHQODVUHVSXHVWDVGHORVVXSHUYLYLHQWHV DGHPiV YHUYtDVSUREDEOHVGHDFFHVRSRUWLHUUDSDUDVXPLQLVWURGHDX[LOLRV
(VIUHFXHQWHHQFRQWUDUODQHFHVLGDGGHFRQIURQWDUDOJXQDVREVHUYDFLRQHVFRQSHUVRQDO GHWLHUUD3RUHMHPSORODHYDOXDFLyQGHGDxRVRFDVLRQDGRVSRUXQDFUHFLHQWHGHXQUtR GHDOWDSHQGLHQWHHQGRQGHGHVGHXQDHURSODQRVHDSUHFLDXQSXHQWHSUHVHUYDGRVREUH XQUtR DXQTXHORVDOUHGHGRUHVGHPXHVWUDQXQDJUDQGHVWUXFFLyQSRUHODUUDVWUHGHODV DJXDVGHWDOOHTXHJHQHUDODQHFHVLGDGGHYHULILFDUHQWLHUUDODVFRQGLFLRQHVGHODVEDVHV GHOSXHQWHDVtFRPRGHVXFDSDFLGDGGHFDUJD
(9$/8$&,213257,(55$
0HGLDQWHHOGHVSOD]DPLHQWRGHJUXSRVGHHYDOXDFLyQTXHFXEUDQ]RQDVHVSHFLILFDVQR YLVLEOHVGHVGHHODLUHRHQKRUDVGHODQRFKH3XHGHFRPSOHPHQWDUVHFRQHQWUHYLVWDV ORFDOHVOLPLWDGDVSHURPiVH[DFWDVSDUDLGHQWLILFDUODV]RQDVHQGRQGHGHEHQ FRQFHQWUDUVHORVHVIXHU]RVGHHYDOXDFLyQ\DVLVWHQFLDGHQWURGHODVFXDOHVWHQGUiQYLWDO LPSRUWDQFLDODVDFFLRQHVGHE~VTXHGD\UHVFDWHGHKHULGRV
(1&8(67$632508(675(262%5((/7(55(12
/DVHQWUHYLVWDVFRQWHVWLJRVRSHUVRQDVGLUHFWDPHQWHSHUMXGLFDGDVSXHGHQVXPLQLVWUDUOD LQIRUPDFLyQDGLFLRQDOQHFHVDULDSDUDHOGHVDUUROORGHODVRSHUDFLRQHVGHDVLVWHQFLD(VWH HVHOPpWRGRPiV~WLO\FRQILDEOHSDUDUHXQLULQIRUPDFLyQFRPSOHPHQWDULD
([LVWHQWDPELpQWpFQLFDVVRILVWLFDGDVFRPSOHPHQWDULDVFRPRDHURIRWRJUDItDVLPiJHQHVGHVDWpOLWH\VLVWHPDV VHQVRUHVUHPRWRVTXHHQODDFWXDOLGDGVHHQFXHQWUDQGLVSRQLEOHVHQDOJXQRVSDtVHVSHURFX\RDFFHVRVH HQFXHQWUDOLPLWDGRDXQUHGXFLGRJUXSRGHSHUVRQDV (VWDVWpFQLFDVDSRUWDQLQIRUPDFLyQLPSRUWDQWHVREUHPDJQLWXG\H[WHQVLyQGHOGDxRDVtFRPRSDUDORVSODQHV GHUHFXSHUDFLyQ\HOPRQLWRUHRGHORVFDPELRVLQGXFLGRVSRUHOGHVDVWUHFRPRODVPRGLILFDFLRQHVHQUDWDVGH FUHFLPLHQWR\SDWURQHVGHXUEDQL]DFLyQ
)250$726'((9$/8$&,21
3DUDDJLOL]DUXQLIRUPDU\IDFLOLWDUODODERUGHUHJLVWURGHLQIRUPDFLyQSODQWHDPRVGRVIRUPDWRVSDUDHO UHJLVWURGHLQIRUPDFLyQORVFXDOHVHVWiQLQFOXLGRVHQORVDQH[RV\HQOD6HULHGHIRUPDWRV\EDVHVGH GDWRV
35(/,0,1$5
9DGLULJLGRDODSULPHUDDSUHFLDFLyQGHOGHVDVWUH\SRUWDQWRVHEDVDUDHQXQD DSUR[LPDFLyQDORRFXUULGRWHQLHQGRVLHPSUHFRPRUHIHUHQFLDODLQIRUPDFLyQSUHYLD 6HHVSHUDFRQpOTXHHOQLYHOORFDOGRQGHKDRFXUULGRXQDHPHUJHQFLDSUHFLVHHQHO PHQRUWLHPSRSRVLEOH DQWHVGHODVSULPHUDVKRUDV ODLQIRUPDFLyQHVHQFLDOSDUD WRPDUGHFLVLRQHVGHFRUWRSOD]R
6LVWHPDGH0DQHMR,QWHJUDOGH'HVDVWUHV *(1(5$/
(QWUD\DDQLYHOGHGHWDOOHVLQVRILVWLFDGRVHVWXGLRVSHUPLWHLGHQWLILFDUHQODVSULPHUDV KRUDVQHFHVLGDGHVUHODFLRQDGDVFRQODDWHQFLyQLQLFLDOGHODHPHUJHQFLD\GHWHFWDU SXQWRVFUtWLFRVSDUDODVIDVHVGHUHKDELOLWDFLyQ\UHFRQVWUXFFLyQ
*8,$'((9$/8$&,21
&RQHOILQGHIDFLOLWDUHOSURFHVRGHHYDOXDFLyQVHLQFOX\HQXQRVOLVWDGRVGHYHULILFDFLyQUiSLGDGHORV 7HPDV*HQHUDOHV TXHSHUPLWHJXLDU\UHVDOWDUDOJXQRVDVSHFWRVFRQVLGHUDGRVFUtWLFRV (QDTXHOORVFDVRVGRQGHVHLGHQWLILTXHQSXQWRVGpELOHVFDUHQFLDVRKDOOD]JRVGHLPSRUWDQFLDVHUHJLVWUDUiQ HQORVIRUPXODULRVUHVSHFWLYRV SUHOLPLQDURJHQHUDO ,JXDOPHQWHFXDQGRVHHYLGHQFLHODQHFHVLGDGGHSURIXQGL]DUHQODHYDOXDFLyQSRUPHGLRGHWpFQLFRVR HVSHFLDOLVWDVHQGHWHUPLQDGRVFDPSRVpVWDGHEHUiWDPELpQUHJLVWUDUVH x 6$/8' x &DGiYHUHV x /HVLRQDGRV x $WHQFLyQ3UHKRVSLWDODULD x $WHQFLyQ+RVSLWDODULD x 'DxRV\SHUGLGDVGHORVFHQWURVKRVSLWDODULRV\DVLVWHQFLDOHV x (IHFWRVVHFXQGDULRVHQVDOXG x %DVXUDV x $OLPHQWRV x +DFLQDPLHQWR x &RQGLFLRQHVDPELHQWDOHV x 3URJUDPDVGHVDOXG x /,1($69,7$/(6 x $JXDSRWDEOH x $OFDQWDULOODGR x (QHUJtD x 7HOHFRPXQLFDFLRQHV x 7UDQVSRUWH x ,1)5$(6758&785$352'8&7,9$ x 6HFWRUDJURSHFXDULR x 6HFWRULQGXVWULDO\PDQXIDFWXUHUR x 6HFWRUEDQFDULRWXUtVWLFR\GHOFRPHUFLR x 9,9,(1'$<(',),&$&,21(638%/,&$6 x +DELWDEOHV x 1RKDELWDEOHV x 'HVWUXLGDV
&225',1$&,21'(/$(9$/8$&,21
'LYHUVDVLQVWLWXFLRQHVJXEHUQDPHQWDOHVX21*VSXHGHQUHDOL]DUXQDHYDOXDFLyQVLPLODU VHGHEH FRPSOHPHQWDUXQLILFDUHLQWHUFDPELDULQIRUPDFLyQFRQHOILQGHQRGXSOLFDUODVHEXVFDUiOD DVLJQDFLyQGHWDUHDVRODGLYLVLyQGHOWUDEDMRSDUDORJUDUXQLQIRUPHFRPSOHWR\~QLFRFRRUGLQDGRSRU HO&RPLWp ORFDOUHJLRQDORQDFLRQDO HQFDUJDGRGHODDWHQFLyQGHOGHVDVWUHFRQIRUPDWRV HVWDQGDUL]DGRV
$1$/,6,6'(1(&(6,'$'(6
3DUDIDFLOLWDUHODQiOLVLVGHQHFHVLGDGHVVHVXJLHUHHOVLJXLHQWHOLVWDGRGHSRVLEOHVUHFXUVRVUHTXHULGRV DJUXSDGRVVHJ~QFDWHJRUtDVGHILQLGDVDQLYHOLQWHUQDFLRQDOSRU236206\86$,'2)'$HLQFOXLGDVHQ SURJUDPDVFRPR680$\('$1GHHVWDVHQWLGDGHV (VWRVVHDQDOL]DUiQHQSULPHUDLQVWDQFLDFRQVWDWDQGRODQHFHVLGDG OXHJRVHLGHQWLILFDUiQORVUHFXUVRVORFDOHV GLVSRQLEOHVSRVWHULRUPHQWHORVUHFXUVRVH[WHUQRVUHTXHULGRV UHJLRQDOHVQDFLRQDOHVHLQFOXVR
6LVWHPDGH0DQHMR,QWHJUDOGH'HVDVWUHV LQWHUQDFLRQDOHV (QDOJXQRVFDVRVVRORVHUHTXHULUiVROLFLWDUDSR\RHFRQyPLFRH[WHUQRSDUDVDWLVIDFHUODV QHFHVLGDGHVGHWHFWDGDVFRQUHFXUVRVGHOPHUFDGRORFDO /DVFDWHJRUtDVVRQVyORXQDJXtDODFXDOSXHGHVHUFRPSOHPHQWDGDSRUHOHYDOXDGRUGHDFXHUGRFRQODV FLUFXQVWDQFLDV
&$7(*25,$6*(1(5$/(6 x x x x x x x
0HGLFDPHQWRV 6XPLQLVWURVHTXLSRVGHVDOXG $JXD\VDQHDPLHQWRDPELHQWDO $OLPHQWDFLyQ5HIXJLRYLYLHQGDHOpFWULFRFRQVWUXFFLyQ /RJtVWLFDDGPLQLVWUDFLyQ 1HFHVLGDGHVSHUVRQDOHV 1HFHVLGDGHVHVSHFLILFDV GHVDOYDPHQWR\UHVFDWH
&$7(*25,$66(&81'$5,$6
$FRQWLQXDFLyQDEULUHPRVODVFDWHJRUtDVHQtWHPVTXHFRUUHVSRQGHQDVHJXQGDVFDWHJRUtDV(VWiQGLVSRQLEOHV WDEODVTXHOOHJDQDXQDVFDWHJRUtDVWHUFLDULDVHQODVLQVWLWXFLRQHVPHQFLRQDGDV 2362)'$ x 0(',&$0(1726 x $QDOJpVLFRV x $QHVWpVLFRV x $QWLELyWLFRV x &DUGLRYDVFXODUHV x (VWHURLGHV x 9DFXQDV x 2WURV x 680,1,67526(48,326'(6$/8' x 5HFXUVRVKXPDQRV x 0HGLFLQDRGRQWRORJtD x &LUXJtD x %DQFRGHVDQJUHODERUDWRULRFOtQLFR x $QHVWHVLDJHQHUDOUD\RV[ x 7UDQVSRUWHGHSDFLHQWHV x 2WURV x $*8$<6$1($0,(172$0%,(17$/ x 5HFXUVRVKXPDQRV x 7UDWDPLHQWRGHDJXD x 'LVWULEXFLyQGHDJXD x &RQWUROGHYHFWRUHV x 0DQHMRGHH[FUHWDVEDVXUDV x 2WURV x $/,0(17$&,21 x 5HFXUVRVKXPDQRV x &HUHDOHVOHJXPLQRVDVJUDQRV x $FHLWHVJUDVDV x /iFWHRVFDUQHV x $JXDRWUDVEHELGDV x 2WURV x 5()8*,29,9,(1'$(/(&75,&2&216758&&,21 x 5HFXUVRVKXPDQRV x 5HIXJLRYLYLHQGD FDUSDVSOiVWLFRVWHMDVPHWiOLFDVHWF x (OHFWULFLGDG x &RQVWUXFFLyQ KHUUDPLHQWDVHWF x 2WURV x /2*,67,&$$'0,1,675$&,21 x 5HFXUVRVKXPDQRV
6LVWHPDGH0DQHMR,QWHJUDOGH'HVDVWUHV x /RJtVWLFDDGPLQLVWUDFLyQ x 7UDQVSRUWH x 5DGLRFRPXQLFDFLRQHV x 2WURV PRWRERPEDVPDTXLQDULDSHVDGD x 1(&(6,'$'(63(5621$/(6 x 5HFXUVRVKXPDQRV x 9HVWXDULR x 5RSDGHFDPDIUD]DGDV x +LJLHQHSHUVRQDO x 0HQDMHGHFRFLQD x 2WURV x 1(&(6,'$'(6(63(&,),&$6'(6$/9$0(172<5(6&$7( x 5HFXUVRVKXPDQRV x (TXLSRSDUD x %~VTXHGD\UHVFDWHXUEDQRV x 2WUDE~VTXHGD\UHVFDWH x 2SHUDFLRQHVFRQSURGXFWRVTXtPLFRV x 2WURV 1RVHLQFOX\HHQHODQWHULRUOLVWDGRQHFHVLGDGHVGHUHFRQVWUXFFLyQHVGHFLUGHUHFXSHUDFLyQGHOD LQIUDHVWUXFWXUDELHQHV\VHUYLFLRVDPHGLDQR\ODUJRSOD]RD~QFXDQGRHQODLQIRUPDFLyQREWHQLGDHQOD HYDOXDFLyQGHGDxRVVHUHJLVWUDQORVGDWRVFRUUHVSRQGLHQWHVSDUDVXLQFOXVLyQHQORVSODQHVSURJUDPDV\ SUR\HFWRVGHUHFXSHUDFLyQ\GHVDUUROORWHPDVTXHVHWUDWDQPiVDGHODQWHFRQPD\RUSURIXQGLGDG
0$1(-2'(/26680,1,67526 (QHVWDSiJLQDSXHGHFRQVXOWDU x 2EMHWLYRV x $FWLYLGDGHVDQWHVGHOGHVDVWUH x $FWLYLGDGHVGHVSXHVGHOGHVDVWUH x (PEDODMHDGHFXDGR x 5yWXORV\PDUFDV x &ODYHGHFRORUHV x (WLTXHWDV\RWUDVPDUFDV x %RGHJDVSURYLVLRQDOHV
'HVSXpVGHXQGHVDVWUHQDWXUDOGHJUDQPDJQLWXGODFRPXQLGDGQDFLRQDOHLQWHUQDFLRQDOKDFHXQGHVSOLHJXH GHJUDQGHVFDQWLGDGHVGHGRQDWLYRVGHGLYHUVDVFODVHV PHGLFDPHQWRVDOLPHQWRVYHVWXDULRHWF HQ RFDVLRQHVODPD\RUtDGHODVGRQDFLRQHVQRKDQVLGRVROLFLWDGDV\VXXWLOLGDGGHDFXHUGRFRQODVQHFHVLGDGHV LQPHGLDWDVHVFXHVWLRQDEOH DGHPiVUHSUHVHQWDXQDVREUHFDUJDORJtVWLFD\DGPLQLVWUDWLYDSDUDORVRUJDQLVPRV GHVRFRUURUHVSHFWRDUHFHSFLyQFODVLILFDFLyQHPEDODMHDOPDFHQDPLHQWRHWF /D236WHQLHQGRHQFXHQWDHVWRVSUREOHPDVHQ GHVDUUROOy\GLIXQGLyHQ$PpULFD/DWLQD\HO&DULEHHO SUR\HFWRGHPDQHMRGHVXPLQLVWURVGHVSXpVGHORVGHVDVWUHV680$HOFXDOKDVLGRDSOLFDGR\DHQ &RORPELDGRQGHVHHYLGHQFLRODQHFHVLGDGGHUHDOL]DUDMXVWHV\PRGLILFDFLRQHVODVFXDOHVVHHQFXHQWUDQHQ ODYHUVLyQGHOVRIWZDUH $QLYHOLQWHUQDFLRQDOOD236ODHQWLGDGUHVSRQVDEOHGHOPDQHMRGHOSURJUDPDHQFDGDSDtVODFXDOGHEHWHQHU GLVSRQLEOHDOSHUVRQDOHQWUHQDGRHQHOPDQHMRGHOSURJUDPDGHFODVLILFDFLyQ\FRQWUROGHORVVXPLQLVWURV DGHPiVGHORVHTXLSRV FRPSXWDGRUHVLPSUHVRUDVIRWRFRSLDGRUDVUDGLRFRPXQLFDFLRQHVHWF SDUDVX LPSOHPHWDFLyQHQFDVRGHGHVDVWUH
2%-(7,926 x
'HVDUUROODU\PDQWHQHUODFDSDFLGDGGHO6LVWHPD1DFLRQDOSDUDOD$WHQFLyQ\3UHYHQFLyQGH 'HVDVWUHVGHDGPLQLVWUDUORVVXPLQLVWURV\HTXLSRVGRQDGRVSRUXQGHVDVWUHV~ELWR\GHJUDQGHV SURSRUFLRQHV
6LVWHPDGH0DQHMR,QWHJUDOGH'HVDVWUHV x x x x
$FWLYDU\PRYLOL]DUSHUVRQDOFDSDFLWDGRSDUDDVXPLUODUHVSRQVDELOLGDGRSHUDFLRQDOGHOSUR\HFWR 0HMRUDUODFRRUGLQDFLyQGHODVDFWLYLGDGHVGHO&RPLWp ORFDOUHJLRQDORQDFLRQDO HQFDUJDGRGHOD DWHQFLyQGHOGHVDVWUHSURSRUFLRQDQGRUHSRUWHVRSRUWXQRVVREUHVXPLQLVWURVGLVSRQLEOHV $JLOL]DUODGLVWULEXFLyQGHVXPLQLVWURVUHTXHULGRVFRQXUJHQFLD\GHORVSHUHFHGHURV ,QIRUPDUDORVSDtVHVGRQDQWHVDJHQFLDV\FRPXQLGDGWDQSURQWRFRPRVHDQUHFLELGRV\GLVWULEXLGRV VXVGRQDWLYRV
$&7,9,'$'(6$17(6'(/'(6$675( x x x x x x
0DQHMRGHFHQWURVGHUHVHUYD RERGHJDVHVWUDWpJLFDV &RRUGLQDUDFFLRQHVSDUDDJLOL]DUORVWUDPLWHVDGXDQHURVHQODUHFHSFLyQGHGRQDFLRQHV LQWHUQDFLRQDOHV 6HOHFFLRQDU\DGTXLULUHOHTXLSREiVLFRSDUDHOPDQHMRGHORVVXPLQLVWURV FRPSXWDGRUHV\ IRWRFRSLDGRUDVSRUWiWLOHVWHOHFRPXQLFDFLRQHVSDSHOHUtDHWF 'HVDUUROODUXQVLVWHPDGHDSR\RPDQXDOFRQVLVWHQWHHQIRUPXODULRV\UHSRUWHVSUHYLQLHQGRFXDOTXLHU IDOODHQORVFRPSXWDGRUHV 'LVSRQHUGHHWLTXHWDV\PDWHULDOGHHPEDODMHDGHFXDGRSDUDODVGRQDFLRQHVUHFLELGDV 0DQWHQHUSHUVRQDODGLHVWUDGRHQHOPDQHMRGHVXPLQLVWURV
$&7,9,'$'(6'(638(6'(/'(6$675( x x x x x x x x x
(QFDVRGHDSOLFDUHO3URJUDPD680$GHOD236HOSHUVRQDODGLHVWUDGRHQVXDSOLFDFLyQVHKDUi SUHVHQWHHQODVHGHGHODLQVWLWXFLyQUHVSRQVDEOHGHOSUR\HFWR HQWLGDGVHOHFFLRQDGDSRU236 GH DFXHUGRFRQPHFDQLVPRVSUHYLDPHQWHHVWDEOHFLGRV (QFDVRGH12DSOLFDUHOSURJUDPD680$HO&RPLWp ORFDOUHJLRQDORQDFLRQDO HQFDUJDGRGHOD DWHQFLyQGHOGHVDVWUHGHWHUPLQDUiODHQWLGDGUHVSRQVDEOHGHOPDQHMRGHORVVXPLQLVWURV 6HGHWHUPLQDUDQORVSXQWRVGHHQWUDGDGHORVGRQDWLYRV\VHKDELOLWDUDQERGHJDVSURYLVLRQDOHVVLVH FRQVLGHUDQHFHVDULR (OSHUVRQDO\HOHTXLSRGHOSUR\HFWRVHUiGHVSOD]DGRDORVVLWLRVGRQGHVRQUHTXHULGRV (OSHUVRQDOHQFDUJDGRGHOPDQHMRGHORVVXPLQLVWURVWUDEDMDUiHQFRRUGLQDFLyQFRQHO&RPLWp ORFDO UHJLRQDORQDFLRQDO HQFDUJDGRGHODDWHQFLyQGHOGHVDVWUHGRQGHODLQIRUPDFLyQHVWDUiFHQWUDOL]DGD 3ODQHDUODDGHFXDGDGLVWULEXFLyQGHORVVXPLQLVWURVWHQLHQGRHQFXHQWDVLVRQ SHUHFHGHURVVXHVWDGR XWLOLGDGHWF (ODERUDUXQOLVWDGHPDWHULDOHVTXHVHDQQHFHVDULRVSDUDVXDGTXLVLFLyQ SDUDHVWRHO&RPLWp ORFDO UHJLRQDORQDFLRQDO HQFDUJDGRGHODDWHQFLyQGHOGHVDVWUHWHQGUiHQFXHQWDODGLVSRQLELOLGDGGH GRQDWLYRVHYDOXDFLyQGHGDxRV\FHQVRVGHGDPQLILFDGRV\DIHFWDGRV 7RPDUODVPHGLGDVGHFRQWUROQHFHVDULDVSDUDHOPDQHMRDGHFXDGRGHODVERGHJDV 'HWHUPLQDUPHFDQLVPRVGHYHULILFDFLyQSDUDTXHORVVXPLQLVWURVOOHJXHQDVXVGHVWLQDWDULRV
(0%$/$-($'(&8$'2
&RPRVHXWLOL]DQHQHOFRPHUFLRPX\GLIHUHQWHVFODVHVGHHPEDODMHSDUDORVWUDQVSRUWHVVHUHFRPLHQGDDORV GRQDQWHVTXHFRQVXOWHQFRQXQDFDVDHVSHFLDOL]DGDHQODPDWHULDSDUDGHWHUPLQDUFXiOHVHOTXHPiVFRQYLHQH XWLOL]DUHQFDGDFDVR $OJXQRVDUWtFXORVGHELGRDVXFDUiFWHUSHUHFHGHURRIUiJLOGHEHQHPEDODUVHGHIRUPDHVSHFLDO 7DPELpQVHUiQGHWHUPLQDQWHVHQODHOHFFLyQGHOVLVWHPDGHHPEDODMHTXHGHEDXWLOL]DUVHODVGLVWDQFLDVTXHVH GHEDQUHFRUUHUDVtFRPRORVPHGLRVGHWUDQVSRUWH /RHVHQFLDOHVSURWHJHUHOFRQWHQLGR\JDUDQWL]DUTXHOOHJXHHQEXHQHVWDGRDVXGHVWLQR $FRQWLQXDFLyQVHPHQFLRQDQDOJXQDVVXJHUHQFLDVSDUDHOHPEDODMHDGHFXDGRUyWXORV\PDUFDVWRPDGDVGH GLYHUVDVQRUPDVQDFLRQDOHVHLQWHUQDFLRQDOHVDVtFRPRGHODH[SHULHQFLDHQGLYHUVDVVLWXDFLRQHVDIURQWDGDV HQHOSDtV'HVXDPSOLDGLIXVLyQQDFLRQDOHLQWHUQDFLRQDOGHSHQGHHOp[LWRGHVXDSOLFDFLyQ /RVGRQDQWHVGHEHUiQXWLOL]DUHPEDODMHVGHH[SRUWDFLyQWDOHVFRPRFRQWHQHGRUHVGHFDUWyQGHYDULDVKRMDV FRQXQDGHHOODVLPSHUPHDEOH(QFDVRFRQWUDULRORVHPEDODMHVGHEHQHQYROYHUVHFRQXQSDSHOIXHUWH LPSHUPHDEOH/DVFDMDVGHPDGHUDSXHGHQVHUPX\~WLOHV/DVPHUFDQFtDVIUiJLOHVGHEHQSURWHJHUVHFRQXQ PDWHULDODPRUWLJXDGRUSRUHMHPSORYLUXWDGHPDGHUDSDSHODUUHEXMDGRXRWURDSURSLDGR/RVIDUGRVGHEHQ OOHYDUXQDHQYROWXUDH[WHULRULPSHUPHDEOH
$7$'85$6
6LVWHPDGH0DQHMR,QWHJUDOGH'HVDVWUHV /RVIDUGRV HLJXDOPHQWHORVVDFRVGHPDQWDVRGHSUHQGDVGHYHVWLU \ODVFDMDVGH FDUWyQGHEHQDWDUVHFRQFLQWDVPHWiOLFDVRGHSOiVWLFRUHIRU]DGR(QHVWH~OWLPRFDVR FRQYLHQHXWLOL]DUFLQWDVGHORVFRORUHVFRUUHVSRQGLHQWHVGHDFXHUGRFRQODFODYHGH FRORUHVTXHVHGHVFULEHPiVDGHODQWH
',0(16,21(6<3(62
(OSHVR\ODVGLPHQVLRQHVGHORVEXOWRVGHEHQHQSULQFLSLRVHUWDOHVTXHORVSXHGD PDQLSXODUXQKRPEUHVROR/DVFDMDVGHPDGHUDRFDUWyQQRGHEHQVREUHSDVDUORV .JDSUR[LPDGDPHQWHGHSHVR/RVIDUGRV\ORVVDFRVGHEHQSHVDUFRPRPi[LPR .J+D\TXHWHQHUSUHVHQWHTXHHQODVORFDOLGDGHVGHVWLQDWDULDVVHFDUHFHDPHQXGRGH LQVWDODFLRQHVPHFiQLFDVGHFDUJXH\GHVFDUJXH\ HVWDVRSHUDFLRQHVVHKDFHQDPDQR
&217(1,'2
&DGDFDWHJRUtDRWLSRGHDUWtFXORGHEHHPEDODUVHSRUVHSDUDGR/DUHFHSFLyQGH VXPLQLVWURVGLYHUVRVPH]FODGRVFUHDPXFKRVSUREOHPDV\GLILFXOWDHODOPDFHQDPLHQWR \GLVWULEXFLyQDSURSLDGRV/DFODYHGHFRORUHVUHFRPHQGDGD YpDVHPiVDGHODQWH SLHUGHVXXWLOLGDGVLSRUHMHPSORVHHPEDODQMXQWRVYtYHUHV\PHGLFDPHQWRV/RV SDTXHWHVGHVXPLQLVWURVHVSHFLDOHVSDUDXQILQGHWHUPLQDGRTXHGDQH[FHSWXDGRVGHHVD UHJOD SHMORVSDTXHWHVGH81,&()
35(1'$6'(9(67,5
(VRVDUWtFXORVUHTXLHUHQHVSHFLDODWHQFLyQ'HELGRDVXGLYHUVLGDGODVSUHQGDVGHYHVWLU GHEHQHPEDODUVHVHSDUDGDPHQWHVHJ~QHOVH[R\HOJUXSRGHHGDGDTXHHVWiQ GHVWLQDGDVGHFRQIRUPLGDGFRQHOVLVWHPDGHPDUFDVGHVFULWRPiVDGHODQWH 'HEHPDUFDUVHFODUDPHQWHVLHOSDTXHWHFRQWLHQHSUHQGDVGHYHVWLUH[WHULRUHVDVtFRPR LQGLFDUVHVLVHWUDWDGHURSDGHDEULJRROLJHUD7RGDVODVSUHQGDVGHEHQHVWDUOLPSLDV HQEXHQHVWDGR\GREODGDVFXLGDGRVDPHQWH ORVDUWtFXORVPiVSHTXHxRVGHXQDPLVPD FODVHVHDWDUiQMXQWRVDQWHVGHHPSDTXHWDUORV
&$/=$'2
(OWLSRGHFDO]DGRGHEHDGDSWDUVHDODVFRVWXPEUHVGHODUHJLyQDTXHVHGHVWLQD(V SUHIHULEOHHQYLDU]DSDWRVQXHYRVHQVXHPEDODMHGHRULJHQ\HPSDTXHWDGRVSDUDOD H[SRUWDFLyQ/RV]DSDWRVXVDGRVGHEHQHQYLDUVHHQFDMRQHVDWDGRVIRUPDQGRSDUHV
0(',&$0(1726
1RGHEHQDFHSWDUVHQLHQYLDUVHPXHVWUDVGHPHGLFDPHQWRVGLYHUVRVPH]FODGRV HQWUHJDGRVSRUPpGLFRVRIDEULFDQWHV6LVHKDQSHGLGRPHGLFDPHQWRVHOGRQDQWHGHEH YHULILFDUTXHQRVHHQYtHQPHGLFDPHQWRVGHIHFKDYHQFLGDRSUy[LPDDVXYHQFLPLHQWR \GHEHDVHJXUDUVHGHTXHORVPHGLFDPHQWRVGHFDGDFODVHYDQHPEDODGRVSRUVHSDUDGR
5278/26<0$5&$6
/DH[SHULHQFLDDGTXLULGDDORODUJRGHPXFKRVDxRVGXUDQWHGLYHUVDVRSHUDFLRQHVLQWHUQDFLRQDOHVGHHQYtRGH VXPLQLVWURVKDQGHPRVWUDGRODQHFHVLGDGGHHPSOHDUXQVLVWHPDXQLIRUPHGHUyWXORV\PDUFDVSDUDWRGRVORV HQYtRVGHVXPLQLVWURVTXHHIHFW~HQODVGLYHUVDVRUJDQL]DFLRQHVGRQDQWHV 'XUDQWHXQDRSHUDFLyQTXHSURYRFDODOOHJDGDGHFHQWHQDUHVGHWRQHODGDVGHVXPLQLVWURVDXQD]RQDGH VLQLHVWUR\HVSHFLDOPHQWHHQHOWUDQVFXUVRGHORVSULPHURVGtDVGHODIDVHGHXUJHQFLDHOWUDQVSRUWHUiSLGRGH
6LVWHPDGH0DQHMR,QWHJUDOGH'HVDVWUHV HVRVVXPLQLVWURVDODVERGHJDV\DORVSXQWRVILQDOHVGHGLVWULEXFLyQFRQVWLWX\HXQSUREOHPDSDUWLFXODUPHQWH GHOLFDGR 3XHGHDKRUUDUVHPXFKRWLHPSRWUDEDMR\GLQHURVLORVGRQDQWHVDGRSWDQ\FXPSOHQH[DFWDPHQWHODVQRUPDV TXHVHGHVFULEHQDFRQWLQXDFLyQ FODYHGHFRORUHVVtPERORV\FLIUDVSDUDLQGLFDUFDQWLGDGHV DVtFRPRODV UHODWLYDVDORVUyWXORV\PDUFDVTXHGHEHQILJXUDUHQORVSDTXHWHVIDUGRVVDFRVHWF &RQYLHQHVHJXLUHOVLVWHPDGHPDUFDVVLJXLHQWHVTXHFRPSUHQGHFRORUHVVtPERORV\FLIUDVSDUDLQGLFDUHO WLSRGHDUWtFXOR\VXFDQWLGDGDVtFRPRSDUDGDULQGLFDFLRQHVFODUDVVREUHORVGRQDQWHVEHQHILFLDULRVGHVWLQR SHVRPHGLRGHWUDQVSRUWH\SXHUWRGHOOHJDGDHWF /RVOHWUHURVVHUHGXFLUiQDOPtQLPRSDUDHYLWDUGLILFXOWDGHVGHWUDGXFFLyQHQRSHUDFLRQHVLQWHUQDFLRQDOHV
&/$9('(&2/25(63$5$/26680,1,67526
$XQTXHHQFDVRGHXUJHQFLDQRVHDVLHPSUHSRVLEOHXWLOL]DUODFODYHGHFRORUHVKD\TXHWUDWDUHQORSRVLEOH REVHUYDUHVDVUHFRPHQGDFLRQHV(OFRORUSXHGHDSOLFDUVHGLUHFWDPHQWHHQHOHPEDODMHRILJXUDUHQXQD HWLTXHWD x 52-2 9tYHUHV 1RH[LVWHQLQJ~QPHGLRPiVVHQFLOORTXHHOWH[WRHVFULWRFRUWR QRPEUHGHORVYtYHUHV \ODVFLIUDV FDQWLGDG HQXQLGDGHVRSHVR SDUDGDUGHWDOOHVVREUHODQDWXUDOH]DGHORVYtYHUHV (YLGHQWHPHQWHPXFKRVDUWtFXORVDOLPHQWLFLRVTXHVHH[SLGHQHQJUDQGHVFDQWLGDGHVVHUHFRQRFHQVLQ QHFHVLGDGGHRWUDLQGLFDFLyQSRUHMHPSOR OHFKHHQSROYRDOLPHQWRVLQIDQWLOHVRFHUHDOHV x $=8/ 5RSDVHQVHUHVGRPpVWLFRV LQFOXLGDVPDQWDV\URSDSDUDFDPDWLHQGDVGHFDPSDxD XWHQVLOLRVGHFRFLQDDUWtFXORVGHDVHR\SHUVRQDOHV /DVSUHQGDVGHYHVWLUVHUHFLEHQHQJUDQGHVFDQWLGDGHVGXUDQWHWRGDVODVRSHUDFLRQHVLPSRUWDQWHVGHHQYtRGH VXPLQLVWURV\HVHODUWtFXORTXHSODQWHDPD\RUHVSUREOHPDVDORVGHVWLQDWDULRVWDQWRHQORTXHUHVSHFWDDO DOPDFHQDPLHQWRFRPRODGLVWULEXFLyQ 3RUFRQVLJXLHQWHODREVHUYDQFLDGHOVLVWHPDGHPDUFDV FODYHGHFRORUHVVtPERORV\FLIUDV VHUiGHJUDQ XWLOLGDGSDUDOD]RQDTXHKDVXIULGRHOGHVDVWUH +D\GRVVHULHVGHVtPERORVSDUDODURSD 8QDVHULHGHFLQFRVtPERORVSULPDULRVTXHLQGLFDQHOVH[R\ORVJUXSRVGHHGDG 8QDVHULHGHVHLVVtPERORVVHFXQGDULRVTXHLQGLFDQODVFODVHVGHSUHQGDVGHYHVWLUFODVLILFDGDVHQ FLQFRJUDQGHVJUXSRVHOVH[WRJUXSRORFRQVWLWX\HHOFDO]DGR (QFDGDIDUGRFDMyQRFDMDGHEHHVWDPSDUVHXQVtPERORSULPDULR\XQVtPERORVHFXQGDULR /DVFLIUDVHQODSDUWHH[WHULRUGHORVHPEDODMHVTXHFRQWLHQHQURSDVLQGLFDQHOQ~PHURGHSUHQGDV DGHPiVGHO VtPERORTXHLQGLFDHOWLSRGHSUHQGD HOORVHUiGHJUDQXWLOLGDGSXHVIDFLOLWDODUiSLGDFODVLILFDFLyQ\ GLVWULEXFLyQ 6tPERORV3ULPDULRV
6LVWHPDGH0DQHMR,QWHJUDOGH'HVDVWUHV
6tPERORV6HFXQGDULRV
6LVWHPDGH0DQHMR,QWHJUDOGH'HVDVWUHV
(QORTXHVHUHILHUHDODVPDQWDVHOHPEDODMHGHEHOOHYDUDGHPiVGHOVtPEROR QRUHTXLHUHVHFXQGDULR HO Q~PHURGHXQLGDGHVTXHFRQWLHQH &RPRORVWpUPLQRVDUWtFXORVGHDVHR\SHUVRQDOHVSXHGHQDEDUFDUXQDJUDQYDULHGDGGHREMHWRVFRQYLHQH LQFOXLUHQFDGDHPEDODMHXQDOLVWDLQGLFDQGRODQDWXUDOH]D\ODFDQWLGDGGHORVDUWtFXORVTXHFRQWLHQH x 9(5'( 0HGLFDPHQWRVPDWHULDOHLQVWUXPHQWDOSDUDXVRPpGLFR 6HUHFRPLHQGDTXHHQORVHQYtRVGHPHGLFDPHQWRVGHVLJQDGRVFRQHOFRORUYHUGHILJXUHVLHPSUHTXHVHD SRVLEOHHQHOHPEDODMH /DIHFKDGHYHQFLPLHQWR GHORVSURGXFWRV\ODVSUHFDXFLRQHV TXHKD\TXHWRPDUHQ ORTXHUHVSHFWDDODH[SRVLFLyQDOFDORURDOIUtR x $0$5,//2 2WURVHTXLSRV KHUUDPLHQWDVHTXLSRVGHUHVFDWHHQWUHRWURV 7RGRVORVHTXLSRVRXWHQVLOLRVTXHVHUHTXLHUDQHQODVRSHUDFLRQHVGHVDOYDPHQWR\UHVFDWHVHUHFRPLHQGD LGHQWLILFDUORVFRQHOFRORUDPDULOORSDUDXQDPHMRUXELFDFLyQ\YLVXDOL]DFLyQ
(7,48(7$6<275$60$5&$6(1(/(;7(5,25'(/26 (0%$/$-(6
&XDQGRVHXWLOLFHQHWLTXHWDVTXHSXHGHQKDFHUVHLPSULPLUGHDQWHPDQRpVWDVGHEHQOOHYDUXQDEDQGDGH FRORU URMRD]XOYHUGHDPDULOOR GHDFXHUGRFRQODFODYHPHQFLRQDGDDQWHULRUPHQWH (QHVSHFLDOSDUDORHQYtRVLQWHUQDFLRQDOHVVHUHFRPLHQGDHVFULELUHQ LQJOpVHOWH[WRGHODVHWLTXHWDV\RWURV WH[WRVTXHSXHGDQLUHVWDPSDGRV\HYHQWXDOPHQWHWDPELpQHQXQVHJXQGRLGLRPD (VHVHQFLDOTXHHOOXJDUILQDOGHGHVWLQR \RHOSXQWRGHDUULER VHHVFULEDQHQODSDUWHEDMDGHODHWLTXHWDHQ FDUDFWHUHVGHJUDQWDPDxR +HDTXtHOHMHPSORGHXQDGHHVDVHWLTXHWDV
6LVWHPDGH0DQHMR,QWHJUDOGH'HVDVWUHV 3URWHFFLyQFRQWUDODKXPHGDG6LORVDUWtFXORVVHDOWHUDQFRQODKXPHGDGFRQYLHQHLQGLFDUORFODUDPHQWH FRQODLQVFULSFLyQ .((3'5<!!!! PDQWpQJDVHHQOXJDUVHFR 2WURVHMHPSORV
$9,62'((19,2
&RQHOREMHWRGHUHXQLUHQXQVRORGRFXPHQWRWRGRVORVGDWRVQHFHVDULRVSDUDTXHHOWUDQVSRUWHVHUHDOLFHVLQ GLILFXOWDGHV\IDFLOLWDUODVIRUPDOLGDGHVGHUHFHSFLyQDODOOHJDGDVHUHFRPLHQGDQORVVLJXLHQWHVGHWDOOHV x 1RPEUHGHOUHPLWHQWH x 1RPEUHGHOGHVWLQDWDULR x 0HGLRGHWUDQVSRUWHSRUHMHPSOR x 3RUEDUFR QRPEUHGHOEDUFRIHFKD\SXHUWRGHVDOLGD x 3RUDYLyQ Q~PHURGHOYXHOR IHFKD\QRPEUHGHODHURSXHUWRGHVDOLGD x /LVWDGHWDOODGDGHOFRQWHQLGRFRQLQGLFDFLyQGHOSHVRODVGLPHQVLRQHVHOQ~PHUR\HOWLSRGH EXOWRV x 9DORUPRQHWDULR x &ODVHGHSyOL]DGHVHJXURQRPEUHGHODFRPSDxtDHWF x (PSUHVDGHWUDQVSRUWHFRQLQGLFDFLyQVLHVSRVLEOHGHOQRPEUHGHODSHUVRQDFRQODTXHVHSXHGH WRPDUFRQWDFWRHQHOVLWLRGHVWLQDWDULR x +RUD\)HFKDDSUR[LPDGDVGHOOHJDGD x ,QVWUXFFLRQHVRFRQGLFLRQHVHVSHFLDOHVSDUDHOPDQHMRWUDQVSRUWH\DOPDFHQDPLHQWR
%2'(*$63529,6,21$/(6
'HDFXHUGRFRQHOQ~PHURGHGDPQLILFDGRV\DIHFWDGRV\VXXELFDFLyQHO&RPLWp ORFDOUHJLRQDORQDFLRQDO HQFDUJDGRGHODDWHQFLyQGHOGHVDVWUHGHEHGLVHxDUXQDUHGGHERGHJDVSURYLVLRQDOHVSDUDDVHJXUDUOD DGHFXDGDGLVWULEXFLyQGHORVVXPLQLVWURVDORVGDPQLILFDGRV
%2'(*$35,0$5,$
3XHGHFRUUHVSRQGHUDXQFHQWURGHUHVHUYDERGHJDHVWUDWpJLFDRHQFDVRQHFHVDULRVHKDELOLWDUiXQDERGHJD SURYLVLRQDOGXUDQWHODSULPHUDIDVHGHOSRVWLPSDFWR (VWDERGHJDSURYLVLRQDOHVWDUiXELFDGDHQXQDFLXGDGFRQXQDGHFXDGRDFFHVRSRUFDUUHWHUD\XQDHURSXHUWR FRQFDSDFLGDGGHUHFLELUODVGRQDFLRQHVLQWHUQDFLRQDOHV\QDFLRQDOHV (O&RPLWp ORFDOUHJLRQDORQDFLRQDO HQFDUJDGRGHODDWHQFLyQGHOGHVDVWUHWRPDUiODVPHGLGDVQHFHVDULDV SDUDTXHODVIXQFLRQHVGHODERGHJDSURYLVLRQDOVHDQDVXPLGDVSRURWUDVHQWLGDGHVFRQHOILQGHGHVPRQWDUOD ORDQWHVSRVLEOH
6LVWHPDGH0DQHMR,QWHJUDOGH'HVDVWUHV
%2'(*$6(&81'$5,$
&RUUHVSRQGHDXQDERGHJDSURYLVLRQDOGHSRFDFDSDFLGDGXELFDGDORPiVFHUFDSRVLEOHDORVGDPQLILFDGRV\ DIHFWDGRVGHIiFLODFFHVRGHVGHODERGHJDSULPDULDSDUDVHUDEDVWHFLGDFRQIUHFXHQFLDSRUpVWD\HQFDUJDGD GLUHFWDPHQWHGHODGLVWULEXFLyQGHVXPLQLVWURVDORVGDPQLILFDGRV (O&RPLWp ORFDOUHJLRQDORQDFLRQDO HQFDUJDGRGHODDWHQFLyQGHOGHVDVWUHWRPDUiPHGLGDVSDUDTXHOD FRPXQLGDGPDQHMHGLUHFWDPHQWHORVVXPLQLVWURVHQIRUPDDGHFXDGDORVPiVSURQWRSRVLEOHFRQHOILQ GH GHVPRQWDUODERGHJDVHFXQGDULD
&(1752'(%8648('$6 (QHVWDSiJLQDSXHGHFRQVXOWDU x )XQFLRQHVGHO&HQWURGH%~VTXHGDV x 2UJDQL]DFLyQGHO&HQWURGH%~VTXHGDV
3(5621$'(6$3$5(&,'$
6HHQWLHQGHSRUSHUVRQDGHVDSDUHFLGDDWRGDDTXHOODTXHSRUFXDOTXLHUPRWLYRKD GHMDGRGHWHQHUFRQWDFWRFRQVXVIDPLOLDUHV\RFRQODVSHUVRQDVPiVDOOHJDGDV
'HQWURGHOSURFHVRGHGHVDUUROORGHOD&DGHQDGH3URWHFFLyQ6RFLDOVHGHEHDVLJQDUSHUVRQDOHQFDUJDGRGHOD UHFROHFFLyQ\FODVLILFDFLyQGHODLQIRUPDFLyQUHODFLRQDGDFRQODVSHUVRQDVDIHFWDGDVFRQHOILQGHDGHODQWDU ODE~VTXHGDGHORVGHVDSDUHFLGRVSURFXUDQGRSRUWRGRVORVPHGLRVSRVLEOHVD\XGDUHQODORFDOL]DFLyQ\ UHHQFXHQWURGHODVIDPLOLDV\JUXSRV (O&RPLWp ORFDOUHJLRQDORQDFLRQDO HQFDUJDGRGHODDWHQFLyQGHOGHVDVWUHSXHGHVROLFLWDUUHDOL]DUHVWDODERU DOD2ILFLQDGH%~VTXHGDGHO'HSDUWDPHQWRGH3URWHFFLyQGHOD&UX]5RMD&RORPELDQD (QFDVRGHQRKDFHUORDOSHUVRQDOGHVLJQDGRSRUHO&RPLWpSDUDUHDOL]DUHVWDIXQFLyQVHOHSRGUiGHQRPLQDU &RPLVLyQR&HQWURGH%~VTXHGDV\SRGUiWUDEDMDUHQHVWUHFKDFRRUGLQDFLyQ\FRPXQLFDFLyQFRQOD2ILFLQDGH %~VTXHGD PHQFLRQDGD
)81&,21(6'(/&(1752'(%8648('$6 x x x x x
2EWHQHUODLQIRUPDFLyQQHFHVDULDVREUHODLGHQWLGDGHVWDGRGHVDOXGOXJDUGHUHVLGHQFLDRXELFDFLyQ GHODVSHUVRQDVFRQVLGHUDGDVFRPRGHVDSDUHFLGDV,JXDOPHQWHVHSUHJXQWDUiVREUHORVDFRPSDxDQWHV \VXSDUDGHUR 2UJDQL]DUXQDUFKLYRFRQODLQIRUPDFLyQREWHQLGDDPHGLGDTXHVHYDQUHFLELHQGRORVFDVRV ,PSOHPHQWDUPHFDQLVPRVSDUDGDUFXUVRDODVSHWLFLRQHVGHE~VTXHGDV (VWDEOHFHUHQODFHHQWUHODVSHUVRQDVTXHDFDXVDGHORVDFRQWHFLPLHQWRVVHKDOODQHQLPSRVLELOLGDG GHFRPXQLFDUVHSRUODVYtDVQRUPDOHV (VWDEOHFHUFRQWDFWRFRQORVPHGLRVGHFRPXQLFDFLyQSDUDTXHFRODERUHQFRQHO&HQWURGH %~VTXHGDVHVSHFLDOPHQWHHQFDVRVGHGHVDVWUHVQDWXUDOHVGHJUDQPDJQLWXG
25*$1,=$&,21'(81&(1752'(%8648('$6 (QFDVRGHGHVDVWUHSXHGHFRQWDUFRQODVLJXLHQWHGLVWULEXFLyQ
38(672'(&225',1$&,21
$OOtVHRUJDQL]DODGLVWULEXFLyQGHOSHUVRQDOUHTXHULGRSDUDHO&HQWURGH%~VTXHGDV\ ORV&HQWURVGH$WHQFLyQDODVYtFWLPDV VHHQFDUJDDGHPiVGHKDFHUFRQWDFWRFRQRWUDV HQWLGDGHV21*VRGHOJRELHUQRTXHSXHGHQIDFLOLWDULQIRUPDFLyQDOUHVSHFWRWDOHV FRPR
6LVWHPDGH0DQHMR,QWHJUDOGH'HVDVWUHV x x x x x x x
3ROLFtD '$6 &HQWURVGH6DOXG ,QVWUXFFLyQ&ULPLQDO %RPEHURV 3URFXUDGXUtD 'HIHQVRUtDGHO3XHEOR
(O3XHVWRGH&RRUGLQDFLyQDGHPiVJHVWLRQDORVUHFXUVRVQHFHVDULRVSDUDFXPSOLUODV IXQFLRQHVGHO&HQWURGH%~VTXHGDV
38(672'((1&8(67$
$TXtVHGLOLJHQFLDQ\WUDPLWDQODVVROLFLWXGHVIRUPDOHVSRUSDUWHGHORVIDPLOLDUHVR DPLJRVGHOGHVDSDUHFLGR
38(672'(,1)250$&,21
3URSRUFLRQDLQIRUPDFLyQFRQILUPDGD\GDWRVFRQFUHWRVDOVROLFLWDQWH\DO'HSDUWDPHQWR GH 'LYXOJDFLyQ\3UHQVDGHO&RPLWp ORFDOUHJLRQDORQDFLRQDO HQFDUJDGRGHOD DWHQFLyQGHOGHVDVWUH RHQVXGHIHFWRDHOGHOD&UX]5RMD&RORPELDQD TXHVH HQFDUJDUiGHLQIRUPDUDORVPHGLRVGHFRPXQLFDFLyQTXHFRODERUDUiQHQODGLYXOJDFLyQ GHOLVWDGRV\ FRPXQLFDFLRQHVDOUHVSHFWR
38(672'($5&+,92
$ILQGHGHMDUFRQVWDQFLDGHWRGRVORVFDVRVWUDPLWDGRVVHFUHDUiHVWHSXHVWRTXHVH HQFDUJDUiGHUHJLVWUDUHQIRUPDRUJDQL]DGDODVVROLFLWXGHV
38(672'(23(5$&,21(6
6HHQFDUJDGHPDQWHQHUFRQWDFWRSHUPDQHQWH\YHULILFDUODLQIRUPDFLyQHQORVVLWLRV GRQGHVHKDFHODDWHQFLyQDODVYtFWLPDVGHXQGHVDVWUH &HQWURVGH$WHQFLyQ\ &ODVLILFDFLyQGH+HULGRV+RVSLWDOHV$ORMDPLHQWRV0RUJXHVHWF
38(6726029,/(6
(OFHQWURGHEHFRQWDUFRQXQRVSXHVWRVPyYLOHVORFXDOSHUPLWHQWHQHULQIRUPDFLyQ DFWXDOL]DGD\RSRUWXQD
(/352&(62'(5(&83(5$&,21 /DUHFXSHUDFLyQODSRGHPRVGHILQLUFRPRHOSURFHVRGHUHVWDEOHFLPLHQWRGHODVFRQGLFLRQHVQRUPDOHVGHYLGD PHGLDQWHODUHKDELOLWDFLyQGHORVVHUYLFLRVYLWDOHVLQGLVSHQVDEOHV\ODUHFRQVWUXFFLyQRUHSDUDFLyQGHOGDxR ItVLFRVXIULGRFRQHOSURSyVLWRGHUHYLWDOL]DUODVFRQGLFLRQHVGHGHVDUUROORGHODFRPXQLGDG 3DUDORJUDUODUHFXSHUDFLyQGHODFRPXQLGDGSHUMXGLFDGDSRUHOGHVDVWUHGHEHPRVWHQHUHQFXHQWDORV VLJXLHQWHVSXQWRV x $WHQFLyQLQLFLDOHLGHQWLILFDFLyQGHGDPQLILFDGRV\DIHFWDGRV x (YDOXDFLyQGHGDxRV\DQiOLVLVGHQHFHVLGDGHVORFXDOGHWHUPLQDUiHOSURFHVRDVHJXLU x ,QVWDODFLyQ\PDQHMRDGHFXDGRGH$ORMDPLHQWRV7HPSRUDOHV x $\XGDDDIHFWDGRV x 5HXQLyQGHIDPLOLDVGLVSHUVDV x 0DQHMRDGHFXDGRGHORVVXPLQLVWURVGRQDFLRQHV\UHFXUVRVHFRQyPLFRV
6LVWHPDGH0DQHMR,QWHJUDOGH'HVDVWUHV x 5HKDELOLWDFLyQ GHORVVHUYLFLRVTXHFXEUHQODVQHFHVLGDGHVEiVLFDV x 5HFRQVWUXFFLyQGHODLQIUDHVWUXFWXUDGHODFRPXQLGDG x 'HVDUUROOR GHODFRPXQLGDGFRPRIDFWRUGHSUHYHQFLyQGHIXWXURVGHVDVWUHV (VQHFHVDULRDQDOL]DUODFRPXQLGDG\VXHQWRUQRSDUDSRGHUDVtRULHQWDUODVDFWLYLGDGHVGHUHFXSHUDFLyQGHORV HIHFWRVGHOGHVDVWUHHQHVWDFRPXQLGDG3DUDHOGHVDUUROORGHHVWHDQiOLVLVGHEHPRVFRQVLGHUDUDOD FRPXQLGDGFRPRXQVLVWHPDLQWHJUDGR SRUXQDVHULHGHHOHPHQWRVTXHODFRQIRUPDQWDOHVFRPR x /DVSHUVRQDVLQGLYLGXRVLQWHJUDGRVHQSDUHMDVIDPLOLDVFROHJLRVRILFLQDVIiEULFDVRUJDQL]DFLRQHV FOXEHVFXDGUDVPDQ]DQDVEDUULRVHWF x /DVHGLILFDFLRQHVS~EOLFDV\SULYDGDVYtDV\PHGLRVGHFRPXQLFDFLyQUHGHVGHVHUYLFLRS~EOLFR\ WRGRORTXHFRP~QPHQWHFRQRFHPRVFRPRLQIUDHVWUXFWXUDItVLFD x /RVUHFXUVRVQDWXUDOHV\FXOWXUDOHVGLVSRQLEOHV\ODWHFQRORJtD\ORVPHGLRVSDUDVXWUDQVIRUPDFLyQ x +DFHQSDUWHGHHOODWDPELpQDTXHOORVHOHPHQWRVTXHFRQVWLWX\HQODVXSHUHVWUXFWXUD LQVWLWXFLRQDO GH OD&RPXQLGDG (O(VWDGRODUHOLJLyQHOGHUHFKRODPRUDOODWUDGLFLyQODLGHRORJtDODHFRQRPtDOD FLHQFLDODSROtWLFDODKLVWRULD\ODFXOWXUD <ODFRQIRUPDQVREUHWRGRODFRPSOHMDUHGGHUHODFLRQHVIRUPDOHV\QRIRUPDOHVLQVWLWXFLRQDOHV\GHKHFKR LQWHQFLRQDOHVRDFFLGHQWDOHVSUHYLVWDVRFDVXDOHVH[SUHVDVRWiFLWDVRFXOWDVRHYLGHQWHVFRQVFLHQWHVR LQFRQVFLHQWHVTXHYLQFXODQHQWUHVLDORVLQGLYLGXRVRJUXSRVGHLQGLYLGXRV\TXHORVDWDQGLQiPLFDPHQWHD ORVGHPiVHOHPHQWRVGHVFULWRVDODLQIUDHVWUXFWXUD\DODVXSHUHVWUXFWXUDDOPHGLRDPELHQWHQDWXUDO\FXOWXUDO GHOD&RPXQLGDG 3RUODH[LVWHQFLDGHHVWDUHGSRGHPRVFRQVLGHUDUDODFRPXQLGDGFRPRXQSURFHVRFRPSOHMR(VHVWDUHGTXH OHRWRUJDYLGD\GLQiPLFDDOVLVWHPD/DTXHKDFHTXHHOWRGR&RPXQLGDGVHDFXDOLWDWLYDPHQWHVXSHULRUDOD VXPDGHVXVSDUWHV'HHOODVXUJHQODVDVSLUDFLRQHVODVSUHVLRQHV\ORVWHPRUHVODVSRWHQFLDOLGDGHV\ODV IUXVWUDFLRQHVODVQHFHVLGDGHV\VXVVDWLVIDFWRUHVORVSUREOHPDV\VXVVROXFLRQHV (VWHHVHOFRQFHSWRGHFRPXQLGDGTXHXWLOL]DHOSUHVHQWHGRFXPHQWR\DODFXDOYDQRULHQWDGDVWRGDVODV DFWLYLGDGHVGHUHFXSHUDFLyQ\GHVDUUROOR (QUHVXPHQXQD&RPXQLGDGVHLGHQWLILFDSRUODH[LVWHQFLDGHXQJUXSRGHLQGLYLGXRVYLQFXODGRV\DQLPDGRV SRUGLYHUVRVWLSRVGHUHODFLRQHV5HFXSHUDUDHVWDFRPXQLGDGGHORVHIHFWRVGHOGHVDVWUHHVHOREMHWLYRGHO SURFHVRGHVFULWRHQHVWHGRFXPHQWR
$/2-$0,(1726 7(0325$/(6 (QHVWDSiJLQDSXHGHFRQVXOWDU x 2UJDQL]DFLyQGHODORMDPLHQWRWHPSRUDO x 7LSRVGHDORMDPLHQWRV x (VWUXFWXUDRUJDQL]DWLYD x $FWLYLGDGHVDGHVDUUROODUHQHODORMDPLHQWRWHPSRUDO x $GPLQLVWUDWLYDV x HQ6DOXG x HQ1XWULFLyQ x GH%LHQHVWDU6RFLDO x *HQHUDOHV\GHVHJXULGDG
(O&RPLWp ORFDOUHJLRQDORQDFLRQDO HQFDUJDGRGHODDWHQFLyQGHOGHVDVWUHDQDOL]DUiODQHFHVLGDGGHXQRR YDULRVDORMDPLHQWRVWHPSRUDOHVGHDFXHUGRFRQODVLWXDFLyQ 3DUDGHILQLUHOWLSRGHDORMDPLHQWRVHWHQGUiQHQFXHQWDIDFWRUHVFRPR x 0DJQLWXG\WLSRGHGHVDVWUH x 1~PHURGHLQGLYLGXRV\IDPLOLDVGDPQLILFDGRV x &DUDFWHUtVWLFDVGHODFRPXQLGDGSHUMXGLFDGD x &DUDFWHUtVWLFDVGHODUHJLyQRORFDOLGDGSHUMXGLFDGD x 5HFXUVRVGLVSRQLEOHV x 7LHPSRSUREDEOHGHUHFXSHUDFLyQ
6LVWHPDGH0DQHMR,QWHJUDOGH'HVDVWUHV (ODORMDPLHQWRFROHFWLYRRULJLQDPXFKRVSUREOHPDV\GHEHHYLWDUVHKDVWDGRQGHVHDSRVLEOH6LQHPEDUJRHQ FDVRGHTXHVHDQHFHVDULRGHEHQDGRSWDUVHGLVSRVLFLRQHVSDUDPDQWHQHUMXQWRVDORVJUXSRVGHODPLVPD IDPLOLDHQORSRVLEOHSXHVHOORHOHYDUiODPRUDOGHODVYtFWLPDV\OHVSHUPLWLUiVRSRUWDUPHMRUODVLWXDFLyQ /DVSHUVRQDVSXHGHQWROHUDUXQDVLWXDFLyQGHPD\RUDQJXVWLDVLHPSUHTXHSHUPDQH]FDFRQVXIDPLOLD (OFRQFHSWRSULQFLSDODWHQHUHQFXHQWDHVHOGHWHPSRUDOLGDGSRUORFXDOHOFULWHULRSDUDVXLQVWDODFLyQGHEH VHUFRKHUHQWHFRQHVWHSULQFLSLR\HVWDUGHDFXHUGRFRQODVFDUDFWHUtVWLFDVGHOSURFHVRGHUHFXSHUDFLyQ HVSHFtILFDVSDUDHOHYHQWR FRPXQLGDGWLHPSRHVSDFLRHWF \FRPRWDOFRQVWLWXLUORVDORMDPLHQWRVGH HPHUJHQFLDFRPRXQLQWHUPHGLRHQWUHODVYLYLHQGDVGHILQLWLYDVRVLPSOHPHQWHFRPRXQUHIXJLRPLHQWUDVODV YLYLHQGDVGDxDGDVSXHGHQKDELOLWDUVHGHQXHYR &DEHDQRWDUTXHFXDQWRDQWHVFRPLHQFHHOSURFHVRGHUHFRQVWUXFFLyQWDQWRPHQRUHVVHUiQORVFRVWRVVRFLDOHV \HFRQyPLFRVGHOGHVDVWUH (ODORMDPLHQWRWHPSRUDOGHEHFXPSOLUODVVLJXLHQWHVFRQGLFLRQHV x 3URWHJHUFRQWUDHOIUtRHOFDORUHOYLHQWR\ODOOXYLD x 3URSRUFLRQDUVLWLRVSDUDHODOPDFHQDPLHQWRGHSHUWHQHQFLDV\SURWHFFLyQGHELHQHV x 'DUVHJXULGDGHPRFLRQDO\GHLQWLPLGDG x ,GHQWLILFDUXQDQHFHVLGDGWHUULWRULDO GHUHFKRVGHSURSLHGDG\GHRFXSDFLyQ x 3URPRYHUODSDUWLFLSDFLyQGHORVXVXDULRVGHVGHODLQVWDODFLyQODRSHUDFLyQ\HOPDQWHQLPLHQWRGH ORVDORMDPLHQWRV x 6HUYLUGHEDVHDOSURFHVRGHUHKDELOLWDFLyQ\UHFRQVWUXFFLyQ 3DUDODDSHUWXUDGHDORMDPLHQWRVWUDQVLWRULRVRLQVWDODFLRQHVHQFDPSDPHQWRVHO&RPLWp ORFDOUHJLRQDOR QDFLRQDO HQFDUJDGRGHODDWHQFLyQGHOGHVDVWUHSXHGHUHFXUULUDORHVWLSXODGRHQORVDUWtFXORVR 2EOLJDFLyQGHSHUPLWLUODRFXSDFLyQGHLQPXHEOHVSUHGLRV\PHMRUDV \R 3URFHGLPLHQWR\FRQGLFLRQHV GHODRFXSDFLyQ GHOGHFUHWR GH UHVSHFWRDOSURFHGLPLHQWRSDUDODRFXSDFLyQWHPSRUDOGH LQPXHEOHVFRQHOILQGHXWLOL]DUHGLILFLRVRSUHGLRVDGHFXDGRV
25*$1,=$&,21'(/$/2-$0,(1727(0325$/ 7,326'($/2-$0,(17267(0325$/(6
(QWUHORVSRVLEOHVWLSRVGHDORMDPLHQWRVWHPSRUDOHVTXHSXHGHQVHUVHOHFFLRQDGRVWHQHPRVORVVLJXLHQWHV x $XWRDOEHUJXHVSURYLVWRVSRUIDPLOLDRDPLJRVHQiUHDVIXHUDGHULHVJRV x 6XVWLWXWRVFRPRHOWUDVODGRDRWUDYLYLHQGDHQDUUHQGDPLHQWR x &RPXQLWDULRVDORMDPLHQWRVWUDQVLWRULRVHQ x HVFHQDULRVGHSRUWLYRV x FROHJLRV x HVFXHODV x LJOHVLDV x HGLILFLRV x FDPSDPHQWRV (VWRVFRPR~OWLPDDOWHUQDWLYDHQHVSHFLDOVLVHGHEHGDUXVRDODORMDPLHQWRHQFDUSDVORFXDOJHQHUDPiV SUREOHPDVTXHEHQHILFLRV(VWDVVHGHEHQXWLOL]DUSDUDSHUtRGRVFRUWRV\FODUDPHQWHGHILQLGRVPLHQWUDVVH FRQVWUX\HQODVYLYLHQGDVGHILQLWLYDV
(6758&785$25*$1,=$7,9$'(/$/2-$0,(1727(0325$/ 'HDFXHUGRFRQHOWLSR\PDJQLWXGGHOGHVDVWUH\SDUDIDFLOLWDUODLQVWDODFLyQ\FRRUGLQDFLyQDOLQWHULRUGHO DORMDPLHQWRWHPSRUDOVHGLYLGHSRUiUHDVFDGDXQDGHODVFXDOHVFRQWLHQHXQLGDGHVIXQFLRQDOHVFRQIRUPHD ODVQHFHVLGDGHVHVSHFtILFDVSODQWHDGDVSRUHOGHVDVWUH x $UHDGH+RVSHGDMH x 8QLGDGHV)DPLOLDUHV x 8QLGDGHVGHXVRFROHFWLYR x $UHDGH6HUYLFLRV x 8QLGDGGH6DOXG x 8QLGDGGH1XWULFLyQ x 8QLGDGGH6DQHDPLHQWR$PELHQWDO x $UHDGH$GPLQLVWUDFLyQ x 8QLGDGGH$EDVWHFLPLHQWRV x $UHDGH%LHQHVWDU6RFLDO\5HFUHDFLyQ
6LVWHPDGH0DQHMR,QWHJUDOGH'HVDVWUHV x
8QLGDGGH&DSDFLWDFLyQ\3URPRFLyQ
$&7,9,'$'(6$'(6$552//$5(1(/ $/2-$0,(1727(0325$/ $&7,9,'$'(6$'0,1,675$7,9$6 25*$1,=$&,21 x x x x x x x
'HWHUPLQDUODRUJDQL]DFLyQLQWHUQD\OtGHUHVUHSUHVHQWDQWHVGHODVSHUVRQDVDORMDGDV &RRUGLQDUFRQORVOtGHUHVGHODVSHUVRQDVDORMDGDVODDGPLQLVWUDFLyQDVLJQDUIXQFLRQHV UHVSRQVDELOLGDGHV\GHWHUPLQDUORVPHFDQLVPRVGHSDUWLFLSDFLyQGHODFRPXQLGDGHQODVROXFLyQGH ORVSUREOHPDVGHODORMDPLHQWRODUHKDELOLWDFLyQ\ODUHFRQVWUXFFLyQ &RQIRUPDU\FRRUGLQDUORVGLIHUHQWHV&RPLWpVGH7UDEDMRGHODFRPXQLGDG 3URPRYHUODSDUWLFLSDFLyQDFWLYDGHODVSHUVRQDVGDPQLILFDGDVHQWDUHDVGHDVHRSUHSDUDFLyQGH DOLPHQWRV\RWUDVDFWLYLGDGHVFRWLGLDQDV$VtFRPRHQODVDFWLYLGDGHVUHODFLRQDGDVFRQODSURIHVLyQ GHFDGDXQRGHORVDORMDGRV *HVWLRQDUFRQHO&RPLWp ORFDOUHJLRQDORQDFLRQDO HQFDUJDGRGHODDWHQFLyQGHOGHVDVWUHORV UHFXUVRVKXPDQRVPDWHULDOHV\HFRQyPLFRVTXHVHDQQHFHVDULRVSDUDHOEXHQIXQFLRQDPLHQWR\ GHVDUUROORGHODVDFWLYLGDGHV 'HVDUUROODUODVQRUPDVGHRUJDQL]DFLyQ\IXQFLRQDPLHQWRGHODORMDPLHQWR (ODERUDU\H[SHGLUHOFDUQHWGHLGHQWLILFDFLyQ\FRRUGLQDUODHODERUDFLyQGHODILFKDIDPLOLDU
5(*/$0(17$&,21<&219,9(1&,$ x x x x
$VLJQDURUHXELFDUODViUHDVItVLFDVGHDFXHUGRFRQODFDSDFLGDGGHODORMDPLHQWR (VWDEOHFHUORVWXUQRVSDUDODXWLOL]DFLyQGHODViUHDVGHXVRFROHFWLYR ,QIRUPDUDODVSHUVRQDVDORMDGDVODGLVWULEXFLyQ\XVRGHODVLQVWDODFLRQHVDVtFRPRHOUHJODPHQWR HVWDEOHFLGR &RQWURODUHOXVRGHODViUHDVLQGLYLGXDOHV\FROHFWLYDV\FRRUGLQDUHOPDQWHQLPLHQWRDGHFXDGRGHODV LQVWDODFLRQHV\HOFXPSOLPLHQWRGHOUHJODPHQWR
$%$67(&,0,(1726 x x x x x x
5HFLELULQYHQWDULDGRVWRGRVORVVXPLQLVWURVTXHOOHJXHQ 'HWHUPLQDUORVPHFDQLVPRVGHGLVWULEXFLyQGHVXPLQLVWURVSRUHMHPSOR KDFHUILUPDUGHO EHQHILFLDULRFDGDRUGHQGHHQWUHJDFRQVXUHVSHFWLYRQ~PHURGHFpGXOD(QFDVRGHQRVDEHU ILUPDUHVWDPSDUODKXHOODGLJLWDO 0DQWHQHULQYHQWDULRDFWXDOL]DGRGHH[LVWHQFLDV 3ODQHDUODURWDFLyQGHORVDEDVWHFLPLHQWRVGHPRGRTXHORVHOHPHQWRV\ORVYtYHUHVSHUHFHGHURVVH GLVWULEX\DQORPiVSURQWRSRVLEOHFRQWURODQGRODYLJHQFLDHVWDGR\XWLOLGDGGHORVPLVPRV 3UHSDUDU\URWXODUFRQDQWHULRULGDGSDTXHWHVFRQ DOLPHQWRVURSDXWHQVLOLRVGHFRFLQDGHDVHR\ RWURVSDUDVXSRVWHULRUGLVWULEXFLyQ 6tHVQHFHVDULRFRRUGLQDUFRQODV(PSUHVDV3~EOLFDVXRWUDVHQWLGDGHVODGLVWULEXFLyQGHDJXD SRWDEOHDODSREODFLyQDORMDGD
$&7,9,'$'(6(16$/8'
(QJHQHUDOOHFRPSHWHDHVWDiUHDSODQHDUFRRUGLQDU\HMHFXWDUODVDFFLRQHVHQVDOXGWHQGLHQWHVDFRQWURODUOD PRUELPRUWDOLGDGGHODSREODFLyQXELFDGDHQORVDORMDPLHQWRVGHVDUUROODQGRSURJUDPDVGHDVLVWHQFLD SUHYHQFLyQGHODHQIHUPHGDGSURPRFLyQ\HGXFDFLyQHQVDOXGYLJLODQFLDHQVDOXGS~EOLFD\VDQHDPLHQWR DPELHQWDO 3RGHPRVGHILQLUGRVWLSRVGHGHVDUUROORGH HVWDVDFWLYLGDGHV ODVSUHVWDGDVGLUHFWDPHQWHSRUSHUVRQDOSURIHVLRQDO ODVGHVDUUROODGDVSRUODFRPXQLGDGFRQDVHVRUtDWpFQLFDGHSURIHVLRQDOHV (O&RPLWp ORFDOUHJLRQDORQDFLRQDO HQFDUJDGRGHODDWHQFLyQGHOGHVDVWUHGHWHUPLQDUiORVPHFDQLVPRVPiV DGHFXDGRVSDUDEULQGDUDWHQFLyQ\DVHVRUtDWpFQLFDHQHVWDiUHDDODFRPXQLGDGDORMDGD
6LVWHPDGH0DQHMR,QWHJUDOGH'HVDVWUHV /DYLJLODQFLDHQVDOXGS~EOLFD HVWUDWDGDPiVSURIXQGDPHQWHHQRWUDSiJLQD
$6,67(1&,$352)(6,21$/ x x x x x x x x
3UHVWDUDWHQFLyQPpGLFDLQPHGLDWDVHJ~QODPRUELOLGDGH[LVWHQWHHQODSREODFLyQXELFDGDHQORV DORMDPLHQWRVWHPSRUDOHV &RRUGLQDUFRQRWUDVHQWLGDGHVSURJUDPDVGHYLJLODQFLDHQVDOXGSXEOLFD\UHKDELOLWDFLyQ 'HWHUPLQDU\FRQWURODUFRQOD'LYLVLyQGH6DQHDPLHQWR$PELHQWDOGHOD6HFUHWDUtDGH6DOXGORV ULHVJRVPHGLRDPELHQWDOHV 'HILQLUODVQHFHVLGDGHVGHHGXFDFLyQHQVDOXGSURJUDPDUODVDFWLYLGDGHVDFRUGHFRQORVSUREOHPDV HQFRQWUDGRV\UHDOL]DUFDPSDxDVHGXFDWLYDV\SUHYHQWLYDVSDUDHOPHMRUDPLHQWRGHODVDOXG $WHQGHUODFRQVXOWDGHDFXHUGRDODGHPDQGD\OOHYDUXQUHJLVWURGHHOOD (ODERUDUXQFRQVROLGDGRJHQHUDOGHOUHJLVWUR\UHDOL]DUDQiOLVLVGHpVWHFRQHOILQGHLGHQWLILFDU IDFWRUHVGHULHVJRGHWHFWDUHSLGHPLDV\FRQRFHUJUXSRVGHDOWRULHVJR 5HPLWLUORVSDFLHQWHVTXHUHTXLHUDQHVWXGLRVHVSHFLDOHVRWUDWDPLHQWRVKRVSLWDODULRVDOD8QLGDGGH 6DOXGFRUUHVSRQGLHQWH &RRUGLQDUDFFLRQHVSDUDEULQGDUDSR\RSVLFROyJLFRTXHIDFLOLWHQODDGDSWDFLyQGHORVVREUHYLYLHQWHV DORVHIHFWRVGHOGHVDVWUH
'(6$552//$'$6325/$&2081,'$'&21$6( 625,$7(&1,&$ x x x x x
'HWHFWDUODDSDULFLyQGHHQIHUPHGDGHVWUDQVPLVLEOHVGHDFXHUGRFRQODVLQGLFDFLRQHVHODERUDGDV\ DQDOL]DGDVSRUORVLQWHJUDQWHVGHODGLYXOJDFLyQHSLGHPLROyJLFDHQFXDQWRDODVHQIHUPHGDGHVTXH VHSURSDJDQSRUYtDDpUHDFRQWDFWRSHUVRQDOGLUHFWRWUDQVPLVLyQRURIHFDOHLQWR[LFDFLRQHV DOLPHQWDULDV &RQWURODUODFDOLGDGGHODJXDSDUDFRQVXPRKXPDQRWHQLHQGRHQFXHQWDODIXHQWHHOPDQHMR\ VROLFLWDUORVHVWXGLRVWpFQLFRVQHFHVDULRV &RQWURODUODUHFROHFFLyQ\HOLPLQDFLyQGHEDVXUDVFRQHOILQGHHYLWDUODSUROLIHUDFLyQGHURHGRUHVH LQVHFWRV9LJLODUVLVWHPDVGHHOLPLQDFLyQGHH[FUHWDVFRQHOILQGHHYLWDUODWUDQVPLVLyQGH HQIHUPHGDGHVSRUFRQWDPLQDFLyQIHFDO &RQWURODUODSUROLIHUDFLyQGHYHFWRUHV\URHGRUHVSRUPHGLRGHODVVLJXLHQWHVDFWLYLGDGHV x &RQWUROGHDOLPHQWRV x (OLPLQDFLyQGHDJXDVHVWDQFDGDV x )XPLJDFLyQSUHYLDHYDOXDFLyQSRUSDUWHGHOSURPRWRUGHVDQHDPLHQWR 'HVDUUROODUDFFLRQHVUHIHUHQWHVDODSUHYHQFLyQ\FRQWUROGHLQWR[LFDFLRQHVDOLPHQWDULDV9LJLODUODV FRQGLFLRQHVVDQLWDULDV\GHVDOXGHQORVDORMDPLHQWRV
$&7,9,'$'(6(11875,&,21 x x x x x x x
x
$GHFXDUHQORSRVLEOHGLHWDVSDUDJUXSRVYXOQHUDEOHV QLxRVPXMHUHVHPEDUD]DGDVODFWDQWHV DQFLDQRV 6ROLFLWDUDO&RPLWp ORFDOUHJLRQDORQDFLRQDO HQFDUJDGRGHODDWHQFLyQGHOGHVDVWUHORVHOHPHQWRV QHFHVDULRVSDUDODDOLPHQWDFLyQGLDULD (ODERUDUPHQ~VFRQWDQGRFRQORVUHFXUVRVGHODUHJLyQ\FRQODVH[LVWHQFLDV GHVHUSRVLEOHSRUXQ QXWULFLRQLVWDRSHUVRQDVH[SHUWDVHQODPDWHULD 9HULILFDUORVKiELWRVDOLPHQWDULRVGHODSREODFLyQFRQHOILQGHUHVSHWDUVXVFRVWXPEUHV\SDWURQHV FXOWXUDOHV 'HWHUPLQDUORVPHFDQLVPRVPiVDGHFXDGRVSDUDODGLVWULEXFLyQGHORVDOLPHQWRV (QFDVRGHTXHORVRUJDQLVPRVGHVRFRUURYLHUDQODQHFHVLGDGGHEULQGDUODDOLPHQWDFLyQDORV GDPQLILFDGRV LQPHGLDWDPHQWHGHVSXpVGHOLPSDFWRGHOGHVDVWUHHVWDDFWLYLGDGQRGHEHSURORQJDUVH HQORSRVLEOHPiVGHKRUDV ([LVWHQGRVPRGDOLGDGHVSDUDODSUHSDUDFLyQGHORVDOLPHQWRVHQHODORMDPLHQWR6HGHEHQDQDOL]DU ORVP~OWLSOHVIDFWRUHVTXHGHWHUPLQDQODVFDUDFWHUtVWLFDVGHODFRPXQLGDGDORMDGDSDUDVHOHFFLRQDUOD PRGDOLGDGPiVDGHFXDGD x &DGDIDPLOLDFRFLQDLQGHSHQGLHQWHPHQWH x $FRQGLFLRQDPLHQWRGHFRFLQDVFRPXQLWDULDV &RQWURODUHOEXHQIXQFLRQDPLHQWRGHODVFRFLQDV\HOPDQWHQLPLHQWRGHORVHOHPHQWRV QHFHVDULRV SDUDODHODERUDFLyQGHORVDOLPHQWRV
6LVWHPDGH0DQHMR,QWHJUDOGH'HVDVWUHV
$&7,9,'$'(6'(%,(1(67$562&,$/ x x x x x x x x x
x
(OiUHDGHELHQHVWDUVRFLDOHVODHQFDUJDGDGHRUJDQL]DUSURJUDPDVTXHSHUPLWDQODUHKDELOLWDFLyQ SVLFRVRFLDO\ItVLFDGHODVSHUVRQDVGDPQLILFDGDVUHDOL]DQGRDFWLYLGDGHVFRPR 5HDOL]DUORVFHQVRVGHSHUVRQDVGDPQLILFDGDVDOLQJUHVDUDODORMDPLHQWRSDUDVXSRVWHULRU YHULILFDFLyQFRPRWDPELpQFHQVRGHODSREODFLyQDIHFWDGDTXHYLYHDOHGDxDDODORMDPLHQWR SREODFLyQIORWDQWH 'HWHUPLQDUODRFXSDFLyQRSURIHVLyQGHFDGDSHUVRQDDORMDGD FRQHOILQGHEXVFDUXQDDFWLYLGDG DSURSLDGD\UHODFLRQDGDFRQHOSURFHVRGHUHFXSHUDFLyQ (ODERUDUODVWDUMHWDVGHLGHQWLILFDFLyQGHOSHUVRQDO 0DQWHQHUORVGDWRVHVWDGtVWLFRVDFWXDOL]DGRVHQODFDUWHOHUDGHLQIRUPDFLyQGLDULD ,QIRUPDU VREUHODVIDPLOLDVTXHLQJUHVHQRVHUHWLUHQGHODORMDPLHQWR &RRUGLQDUODLQIRUPDFLyQUHTXHULGDSRURWUDVHQWLGDGHVHQFXDQWRDFHQVRV\RWURVGDWRVHVWDGtVWLFRV (VWDUHQFRRUGLQDFLyQFRQHOFHQWURGHE~VTXHGDVSDUDDWHQGHUVROLFLWXGHV (GXFDUPXOWLOSOLFDGRUHVFRQHOILQGH x 3URPRYHUOtGHUHVHQODFRPXQLGDGDORMDGD x 0HMRUDUODFRQYLYHQFLDFRPXQLWDULD x 5HDOL]DUSURJUDPDVGHUHFUHDFLyQ\HGXFDFLyQ x 3URPRYHUODSDUWLFLSDFLyQDFWLYDGHORVDORMDGRVHQODVROXFLyQGHVXVSUREOHPDV x 3UHVWDUDVLVWHQFLDDODVSHUVRQDVGDPQLILFDGDVSRUPHGLRGHWHUDSLDVGHJUXSR\WHUDSLD RFXSDFLRQDO 'LVHxDUSURJUDPDVGHUHKDELOLWDFLyQHFRQyPLFDLQGLYLGXDOHV PLFURHPSUHVDVIDPLHPSUHVDV \R FROHFWLYRV JUXSRVVROLGDULRV
$&7,9,'$'(6*(1(5$/(6<'(6(*85,'$' x x x x x x x x
7RPDUPHGLGDVGHSUHYHQFLyQHQFXDQWRDPDQHMRGHFRFLQDV\PDWHULDOLQIODPDEOHRUJDQL]DQGR EULJDGDVFRQWUDLQFHQGLRV (ODERUDUHLPSOHPHQWDUHOSODQGHHYDFXDFLyQGHODORMDPLHQWR &RQIRUPDUFRQLQWHJUDQWHVGHODFRPXQLGDGODFRPLVLyQTXHYHODUiSRUHOEXHQFRPSRUWDPLHQWRGH WRGRVORVRFXSDQWHVGHODORMDPLHQWR 6ROLFLWDUD\XGDRYLJLODQFLDGHODVDXWRULGDGHVHQFDVRQHFHVDULR &RRUGLQDUORVYHKtFXORVDVLJQDGRVSDUDODRSHUDFLyQ (VWDEOHFHUHOVLVWHPDGHFRPXQLFDFLRQHVWDQWRDQLYHOLQWHUQRFRPRH[WHUQR 5HDOL]DUODERUHVGHPHQVDMHUtD 9HODUSRUHOPDQWHQLPLHQWR\EXHQIXQFLRQDPLHQWRGHORVHTXLSRV SODQWDVHOpFWULFDVGHWUDWDPLHQWR GHDJXDHWF
$6,67(1&,$$$)(&7$'26 (QHVWDSiJLQDSXHGHFRQVXOWDU x $FWLYLGDGHVGHRUJDQL]DFLyQ x $FWLYLGDGHVHQVDOXG x $FWLYLGDGHVHQQXWULFLyQ x $FWLYLGDGHVGHELHQHVWDUVRFLDO
&RPR\DVHPHQFLRQyHQHODORMDPLHQWRWHPSRUDOVHHQFXHQWUDQXELFDGRVORVGDPQLILFDGRVTXLHQHV SHUGLHURQODHVWUXFWXUDGHVRSRUWHGHVXVQHFHVLGDGHVEiVLFDV YLYLHQGDPHGLRGHVXEVLVWHQFLDHWF 5HFRUGHPRVTXHHQHVWHGRFXPHQWRUHIHULPRVFRPRDIHFWDGRDDTXHOODYtFWLPDGHOGHVDVWUHTXHUHTXLHUH DSR\ROLPLWDGRSDUDUHFXSHUDUVHGHORVGDxRVSURGXFLGRVSRUHOGHVDVWUHSRUXQPHQRUJUDGRGHQHFHVLGDGHV EiVLFDVLQVDWLVIHFKDVSRUHOGHVDVWUHFRQUHVSHFWRDORVGDPQLILFDGRVXELFDGRVHQDORMDPLHQWRVWHPSRUDOHV /RVDIHFWDGRVVHHQFXHQWUDQXELFDGRVFRPR SREODFLyQIORWDQWH ORFXDOGLILFXOWDRSHUDWLYDPHQWHODD\XGDTXH VHOHSXHGHSUHVWDU
6LVWHPDGH0DQHMR,QWHJUDOGH'HVDVWUHV (QJHQHUDOODVDFWLYLGDGHVGHD\XGDDUHDOL]DUFRQODSREODFLyQDIHFWDGDFRUUHVSRQGHQDODVUHDOL]DGDVFRQOD SREODFLyQGHORVDORMDPLHQWRVWHPSRUDOHVWHQLHQGRHQFXHQWDODVFDUDFWHUtVWLFDVTXHGLIHUHQFLDQDODVGRV
$&7,9,'$'(6'(25*$1,=$&,21
'DGDODGLVSHUVLyQGHODSREODFLyQGHDIHFWDGRVHOSULPHUSDVRHVGHILQLUORVPHFDQLVPRV\HVSDFLRVSDUDOD LQWHUDFFLyQGHODFRPXQLGDGDIHFWDGDFRQODVRUJDQL]DFLRQHVTXHSUHVWDQDVLVWHQFLD\HO&RPLWp ORFDO UHJLRQDORQDFLRQDO HQFDUJDGRGHODDWHQFLyQGHOGHVDVWUH 3RGHPRVHQPDUFDUHVWDLQWHUDFFLyQHQODVVLJXLHQWHViUHDV x 2UJDQL]DFLyQGHODFRPXQLGDG x 2UJDQL]DFLyQGHODVHQWLGDGHVTXHSUHVWDQD\XGD x &RPXQLFDFLyQHQWUHODVSDUWHV /RDQWHULRUSDUDORJUDUODIRUPXODFLyQGHREMHWLYRV\UHDOL]DUVXHMHFXFLyQ 3DUDIDFLOLWDUHOSURFHVRGHRUJDQL]DFLyQFRQODSREODFLyQDIHFWDGDIORWDQWHSRGHPRVWHQHUHQFXHQWDODV VLJXLHQWHVDFWLYLGDGHV x &RQIRUPDU\FRRUGLQDUORVGLIHUHQWHV&RPLWpVGH7UDEDMRGHODFRPXQLGDG x 5HDOL]DUYHULILFDU\DFWXDOL]DUORVFHQVRVGHSHUVRQDVDIHFWDGDVLQFOX\HQGRVXXELFDFLyQ x ([SHGLUHOFDUQHWGHLGHQWLILFDFLyQ\FRRUGLQDUODHODERUDFLyQGHODILFKDIDPLOLDU x 8ELFDUXQFHQWURGHGLVWULEXFLyQGHVXPLQLVWURVDFFHVLEOHDORVDIHFWDGRV\DGHFXDGDPHQWH DGPLQLVWUDGR'HWHUPLQDUPHFDQLVPRVGHGLVWULEXFLyQHILFLHQWHVHIHFWLYRV\RUGHQDGRV
$&7,9,'$'(6(16$/8'
6HGHEHDFRQGLFLRQDUXQRRYDULRVFHQWURVGHVDOXGSDUDEULQGDUFREHUWXUDDWRGRVORVDIHFWDGRVGLVSHUVRVGH DFXHUGRFRQORVUHFXUVRVGLVSRQLEOHV\ODLQIUDHVWUXFWXUDHQVDOXGGHODUHJLyQRORFDOLGDG $OLJXDOTXHODVDFWLYLGDGHVGHVDUUROODGDVFRQORVGDPQLILFDGRVXELFDGRVHQHODORMDPLHQWRWHPSRUDOODV DFWLYLGDGHVFRQORVDIHFWDGRVGHEHQFXEULUODViUHDVGH x $VLVWHQFLD x 3UHYHQFLyQ\(GXFDFLyQHQ6DOXG x 9LJLODQFLD(SLGHPLROyJLFD x 6DQHDPLHQWR$PELHQWDO 'HLJXDOIRUPDTXHHQORVDORMDPLHQWRVWHPSRUDOHVHVWDVDFWLYLGDGHVSXHGHQVHUGHVDUUROODGDVHQGRV PRGDOLGDGHV ODVSUHVWDGDVGLUHFWDPHQWHSRUSHUVRQDOSURIHVLRQDO\ODVGHVDUUROODGDVSRUODFRPXQLGDGFRQ DVHVRUtDWpFQLFDGHSURIHVLRQDOHV
$&7,9,'$'(6(11875,&,21
/DVDFWLYLGDGHVHQHVWDiUHDFRQORVDIHFWDGRVFRUUHVSRQGHQPiVDODYDORUDFLyQQXWULFLRQDO\HYDOXDFLyQGH ODVFRVWXPEUHV\UHFXUVRVGLVSRQLEOHVSDUDVXJHULUPHQ~VRULHQWDUODGLVWULEXFLyQGHDOLPHQWRV\GHWHUPLQDU ORVPHFDQLVPRVPiVDGHFXDGRVSDUDKDFHUORFRQODSDUWLFLSDFLyQRUJDQL]DGDGHODFRPXQLGDG\HQ FRRUGLQDFLyQFRQHOiUHDGHVDOXG
$&7,9,'$'(6'(%,(1(67$562&,$/
/DVDFWLYLGDGHVHQHVWDiUHDFRQORVDIHFWDGRVFRUUHVSRQGHQPiVDODGHWHFFLyQGHQHFHVLGDGHV\SURJUDPDV TXHSHUPLWDQODUHKDELOLWDFLyQSVLFRVRFLDO\ItVLFDGHHVWDVSHUVRQDVSDUDHGXFDUPXOWLSOLFDGRUHV\GLVHxDU SUR\HFWRVGHUHKDELOLWDFLyQHFRQyPLFDLQGLYLGXDOHV PLFURHPSUHVDVIDPLHPSUHVDV \R FROHFWLYRV JUXSRV VROLGDULRV WRGRHVWRFRQODSDUWLFLSDFLyQRUJDQL]DGDGHODFRPXQLGDG 'HWHUPLQDUODRFXSDFLyQRSURIHVLyQGHFDGDSHUVRQDDIHFWDGDFRQHOILQGHEXVFDUXQDDFWLYLGDG DSURSLDGD\UHODFLRQDGDFRQHOSURFHVRGHUHFXSHUDFLyQ
9,*,/$1&,$(16$/8'38%/,&$
6LVWHPDGH0DQHMR,QWHJUDOGH'HVDVWUHV (QHVWDSiJLQDSXHGHFRQVXOWDU x 2EMHWLYRVGHODYLJLODQFLD x &RQGLFLRQHVGHULHVJRSDUDHODXPHQWRGHHQIHUPHGDGHVWUDQVPLVLEOHVSRVWHULRUHVDORVGHVDVWUHV x 3URJUDPDVGHYDFXQDFLyQSRVWHULRUHVDORVGHVDVWUHV
/DYLJLODQFLDHQVDOXGS~EOLFDHVODSUiFWLFDEDVDGDHQODREVHUYDFLyQ\HODQiOLVLVUXWLQDULRWDQWRGHOD RFXUUHQFLD\GLVWULEXFLyQGHODVHQIHUPHGDGHVFRPRGHORVIDFWRUHVTXHODVSURGXFHQSDUDODWRPD HIHFWLYD\ RSRUWXQDGHODVDFFLRQHVQHFHVDULDVHQODSUHYHQFLyQ\FRQWURO (VWDDFFLyQGHEHVHUOOHYDGDDFDERSRUORVVHUYLFLRVGHVDOXGFRUUHVSRQGLHQWHVFRQHODSR\RGH21*V\GH ODFRPXQLGDGODFXDOGHEHVHUHGXFDGDSDUDFXLGDUGHVXSURSLDVDOXG 3RUORWDQWRHVIXQGDPHQWDOTXH x /DYLJLODQFLDVHDXQFRPSRQHQWHLPSUHVFLQGLEOHGHORVSURJUDPDVGHFRQWUROGHODVHQIHUPHGDGHV DQWHVGXUDQWHRGHVSXpVGHXQGHVDVWUH x /DVDFFLRQHVRDFWLYLGDGHVVHHMHFXWHQHQWRGRVORVQLYHOHVGHSUHVWDFLyQGHVHUYLFLRVORFDOUHJLRQDO \QDFLRQDO x (QFDGDUHJLyQVHPDQWHQJDQDFWXDOL]DGRVORVGDWRVGHPRUELOLGDG\PRUWDOLGDGGHODVHQIHUPHGDGHV REMHWRGH9LJLODQFLD1DFLRQDOH,QWHUQDFLRQDO\GHVHUQHFHVDULRRWUDVTXHVHSUHVHQWHQHQOD SREODFLyQ\WHQJDQDOWRULHVJRHQVXWUDQVPLVLyQ x 6HHVWDEOH]FDXQDFRRUGLQDFLyQDSURSLDGDHQWUHORVGLYHUVRVQLYHOHVGHSUHVWDFLyQGHVHUYLFLRVDVt FRPRWDPELpQHQODV,QVWLWXFLRQHVGHO(VWDGRODVRILFLDOHV\ODVSULYDGDVKDFLHQGRXVRUDFLRQDOGH ORVUHFXUVRVGLVSRQLEOHV /DVDFWLYLGDGHVEiVLFDVGHODYLJLODQFLDVRQ x /DUHFROHFFLyQVLVWHPiWLFDGHORVGDWRV x 6XFRQVROLGDFLyQ\SUHVHQWDFLyQSRUVHPDQD\SHUtRGRHSLGHPLROyJLFR x (ODQiOLVLVHLQWHUSUHWDFLyQDILQGHGHWHFWDUHYHQWXDOHVLQFUHPHQWRVRGHVFHQVRVHQODWHQGHQFLDGH ODVHQIHUPHGDGHV x 7RPDUDFFLRQHV\GLYXOJDUODLQIRUPDFLyQUHVXOWDQWHGHODQiOLVLVLQWHUSUHWDFLyQ\PHGLGDV DGRSWDGDV 3DUDODREWHQFLyQGHORVGDWRVORVPHFDQLVPRVTXHVHXWLOL]DQVRQEiVLFDPHQWH QRWLILFDFLyQGHORVVHUYLFLRV GHVDOXGORVUHJLVWURVUHJXODUHVGHO6LVWHPD*HQHUDOGH6HJXULGDG6RFLDOHQ6DOXGFRPRVRQORVGH PRUWDOLGDGQDWDOLGDGYDFXQDFLyQHWF &XDQGRORVGDWRVGLVSRQLEOHVXREWHQLGRVSRURWURVPHFDQLVPRVVRQSRFRFRQILDEOHVLQFRPSOHWRVRKD\ DXVHQFLDGHUHJLVWURVHQHOOXJDUGHORVKHFKRVHV ~WLOODLQYHVWLJDFLyQHSLGHPLROyJLFD\ODDSOLFDFLyQGH HQFXHVWDV (Q&RORPELDHO0LQLVWHULRGH6DOXGFRQHOREMHWRGHSURGXFLULQIRUPDFLyQQRUPDOL]DGDVREUHODV HQIHUPHGDGHVVRPHWLGDVDYLJLODQFLDGLVSRQHGHOIRUPXODULR5R6,6HOFXDOGHEHVHUGLOLJHQFLDGRHQ WRGRVORVRUJDQLVPRVDGVFULWRVRYLQFXODGRVDO6LVWHPDGH,QIRUPDFLyQGHO6LVWHPD*HQHUDOGH6HJXULGDG 6RFLDOHQ6DOXG HVWHUHFXUVRHVLPSRUWDQWHFRQRFHUORSDUDVHUXWLOL]DGRHQHODQiOLVLVGHODLQIRUPDFLyQ GXUDQWH\GHVSXpVGHXQGHVDVWUH\DVtWRPDUODVGHFLVLRQHVQHFHVDULDVHQVDOXG
2%-(7,926'(/$9,*,/$1&,$'(638(6'(81 '(6$675(
/RVREMHWLYRVGHODYLJLODQFLDHQVDOXGS~EOLFDFRUUHVSRQGHQDUHFRPHQGDUSROtWLFDVSDUDGHILQLUORV VLJXLHQWHVSXQWRV x 3UHVWDUODDWHQFLyQPpGLFDLQPHGLDWD VHJ~QODPRUELOLGDGH[LVWHQWHDODSREODFLyQXELFDGDHQORV DORMDPLHQWRVWHPSRUDOHV x &RQWLQXDUFRQOD9LJLODQFLD(SLGHPLROyJLFDKDELWXDOSDUDLPSOHPHQWDUPHGLGDVGHSUHYHQFLyQ\ FRQWUROWDOHVFRPR SURWHFFLyQGHVXVFHSWLELOLGDGHVUHDOL]DULQYHVWLJDFLRQHVGHHSLGHPLDV\RULHQWDU WUDWDPLHQWRV\DLVODPLHQWRGHFDVRV x 'HWHUPLQDU\FRQWURODUORVULHVJRVPHGLRDPELHQWDOHV x 'HILQLUODVQHFHVLGDGHVGHHGXFDFLyQ\SURJUDPDUODVDFWLYLGDGHVDFRUGHFRQORVSODQHVJHQHUDGRV GHDFXHUGRDSODQHVSUHYLDPHQWHHVWDEOHFLGRVHQWUHODVHQWLGDGHVRILFLDOHV\SULYDGDV
&21',&,21(6'(5,(6*23$5$(/$80(172 '((1)(50('$'(675$160,6,%/(6
6LVWHPDGH0DQHMR,QWHJUDOGH'HVDVWUHV
3267(5,25(6$/26'(6$675(6
(OSRWHQFLDOGHHSLGHPLDVHQOD]RQDDIHFWDGDSRUXQGHVDVWUHSXHGHRFXUULUSRUYDULDVFDXVDV x &DPELRVHFROyJLFRVUHVXOWDQWHVGHXQGHVDVWUH x 'HVSOD]DPLHQWRGHODVSREODFLRQHV x &DPELRVGHODGHQVLGDGHQODVSREODFLRQHV x ,QWHUUXSFLyQGHORVVHUYLFLRVEiVLFRVGHVDOXG x 'HVWUXFFLyQGHORVVHUYLFLRVS~EOLFRV x $VSHFWRVLQGLYLGXDOHV
&$0%,26(&2/2*,&265(68/7$17(6'(81'(6$675(
/DVVHTXtDVLQXQGDFLRQHVKXUDFDQHVHWFSURYRFDQFDPELRVHQHOPHGLRDPELHQWH\GDxRVHQOD LQIUDHVWUXFWXUDItVLFD DFXHGXFWRDOFDQWDULOODGRHWF TXHIDFLOLWDQHQWUHRWURVHODXPHQWRHQODSREODFLyQGH YHFWRUHVODFRQWDPLQDFLyQGHODJXDSRWDEOH\GHORVDOLPHQWRVLQFUHPHQWDQGRODHQIHUPHGDGHQHOKRPEUH\ HQORVDQLPDOHVRFDVLRQDQGRHSLGHPLDVFXDQGRODVPHGLGDVGHFRQWUROQRVHWRPDQHQIRUPDLQPHGLDWDRVH GHVFXLGDQODVDFFLRQHVQRUPDOHVHQORVSURJUDPDVGHSUHYHQFLyQ
'(63/$=$0,(172'(/$632%/$&,21(6
/DPLJUDFLyQGHSREODFLRQHVUXUDOHVKDFLD]RQDVXUEDQDVGH]RQDVXUEDQDVD]RQDVUXUDOHV\ODLQPLJUDFLyQ GHSHUVRQDVVXVFHSWLEOHVD]RQDVSHUMXGLFDGDVRGHHQIHUPRVD]RQDVVXVFHSWLEOHVIDFLOLWDHOLQFUHPHQWRGHOD PRUELOLGDGSRUTXHORVSDWURQHVGHHQIHUPHGDG\GHPXHUWHVRQGLVWLQWRVHQFDGDUHJLyQ /DVXVFHSWLELOLGDGGHODSREODFLyQFDPELDSRUODVFRQGLFLRQHVHFROyJLFDVGHOOXJDUODRUJDQL]DFLyQ\ SROtWLFDVGHORVVHUYLFLRVGHVDOXGODLQIUDHVWUXFWXUDVDQLWDULDODHGXFDFLyQHKLJLHQHGHODSREODFLyQODV SUiFWLFDVVRFLDOHVHQWUHRWUDV /RVJUXSRVGHE~VTXHGD\UHVFDWHFRQRFHQGHVGHKDFHWLHPSRHOULHVJRDOFXDOVHH[SRQHQVXVPLHPEURVSRU ORWDQWRHVLPSRUWDQWHTXHDQWHVGHFDGDGHVSOD]DPLHQWRD]RQDVGHGHVDVWUHVHFRQVXOWpFRQODVDXWRULGDGHV GHVDOXGODVPHGLGDVSUHYHQWLYDVDVHJXLUFRQHOSHUVRQDO HVLJXDOPHQWHLPSRUWDQWHKDFHULQPXQL]DFLRQHV SUHYLDVXQUHFRQRFLPLHQWRPpGLFR\DGHPiVYLJLODUFXLGDGRVDPHQWHORVYHKtFXORV\VXPLQLVWURVSDUDHYLWDU LQWURGXFLUQXHYRVJpUPHQHVRYHFWRUHVHQODV]RQDVVLQLHVWUDGDV HVWRSXHGHLOXVWUDUVHFRQWUHVHMHPSORV ORV HQODWDGRV\HOERWXOLVPRHODHGHVDHJ\WL HQYHKtFXORVGHWUDQVSRUWHDpUHR\SRUXOWLPRODVDQJUH\OD KHSDWLWLV
&$0%,26'(/$'(16,'$'(1/$632%/$&,21(6
/DFRQFHQWUDFLyQPDVLYDGHSHUVRQDVHQFRPXQLGDGHVFHUUDGDVFRPRFDPSDPHQWRVDORMDPLHQWRVWHPSRUDOHV RUHIXJLRVDXPHQWDODSUREDELOLGDGGHHQIHUPDU\HVGLUHFWDPHQWHSURSRUFLRQDODOWLHPSRGHSHUPDQHQFLD &XDQGRHVLQHYLWDEOHHVWDEOHFHUXQFDPSDPHQWRSRUODUJRVSHUtRGRVVHSXHGHUHGXFLUHOULHVJRGHOD VLJXLHQWHPDQHUD x 2UJDQL]DUODDVLVWHQFLDPpGLFD\HVWDEOHFHUODPRUELOLGDGH[LVWHQWHFRQXQDHQFXHVWDGHSUHYDOHQFLD GHHQIHUPHGDGHVSDUDFRQWURODUODVSHUVRQDVFRQHQIHUPHGDGHVFUyQLFDV x 'HWHUPLQDUODSREODFLyQGHVXVFHSWLEOHVWHQLHQGRHQFXHQWDORVHVTXHPDVGHYDFXQDFLyQHQOD SREODFLyQPHQRUGHDxRV\SURWHJHUDODSREODFLyQLQPXQL]DGDFRPSOHWDQGRHOHVTXHPDGH YDFXQDFLyQ x &RQWLQXDUFRQODYLJLODQFLDHQVDOXGSXEOLFDKDELWXDO\DQDOL]DUORVUHVXOWDGRVDILQGHFRQWURODU SRVLEOHVHSLGHPLDV x (VWDEOHFHUHOFRQWUROGHEDVXUDVLQVHFWRV\URHGRUHVHQHOFDPSDPHQWRFRQODSDUWLFLSDFLyQGHOD FRPXQLGDG x 2UJDQL]DUODFDSDFLWDFLyQSDUDWRGDODFRPXQLGDGHQDVSHFWRVGHKLJLHQH\VDOXG x &RQWURODUHODJXDSDUDFRQVXPRKXPDQR x (YDOXDUORVSURJUDPDVSDUDFRQWURO\YLJLODQFLDGHORVDOLPHQWRVHQVXDOPDFHQDPLHQWR\ SUHSDUDFLyQ x 9LJLODUORVVLVWHPDVGHHOLPLQDFLyQGHH[FUHWDVSDUDHYLWDUODWUDQVPLVLyQGHHQIHUPHGDGHV SURGXFLGDVSRUFRQWDPLQDFLyQIHFDO
6LVWHPDGH0DQHMR,QWHJUDOGH'HVDVWUHV
,17(5583&,21'(/266(59,&,26%$6,&26'(6$/8'
(QODIDVHGHLPSDFWR\GHUHFXSHUDFLyQGHXQGHVDVWUHSXHGHREVHUYDUVHGRVIHQyPHQRV &XDQGRORVVHUYLFLRVEiVLFRVGHVDOXGVHYHQSHUMXGLFDGRVSRUHOGHVDVWUH HQHVWHFDVRODLQIUDHVWUXFWXUD ItVLFDUHVXOWDGDxDGD\VHSURGXFHODLQWHUUXSFLyQGHORVSURJUDPDVQRUPDOHVGHYDFXQDFLyQ\GHORV SURJUDPDVHVSHFLDOHVGHFRQWUROFRPRVRQORVGHPDODULDILHEUHDPDULOODGHQJXHKHPRUUiJLFRHQFHIDOLWLV HTXLQDDWHQFLyQPDWHUQRLQIDQWLOHWFVLHPSUHHQHVWRVFDVRVODSUREDELOLGDGGHULHVJRGHWUDQVPLVLyQVH LQFUHPHQWD 6LHQHOOXJDUQRH[LVWHQVHUYLFLRVPpGLFRV\VHLQVWDODQSURYLVLRQDOPHQWHFHQWURVGHDWHQFLyQ VH REVHUYDUiXQDXPHQWRHQODPRUELOLGDGSRUORVSDFLHQWHVTXHDQWHVQRWHQLDQDFFHVRDODFRQVXOWD HVWD VLWXDFLyQQRSXHGHFRQVLGHUDUVHHSLGpPLFDHVGHVXPDLPSRUWDQFLDFRPSUREDUVXH[LVWHQFLDPHGLDQWHXQ HVWXGLRUHWURVSHFWLYRGHFDVRVGHGLFKDHQIHUPHGDGHQODUHJLyQVLHVGLItFLOKDFHUORVHREVHUYDDXPHQWRHQ ODVWDVDVGHLQFLGHQFLDSRUSHUtRGRVVHPDQDOHVGLDULRVHWFVHUHTXHULUiODDGRSFLyQGHPHGLGDVGHGHVDVWUH\ SXHGHSHQVDUVHHQODH[LVWHQFLDGHXQDHSLGHPLD
'(6758&&,21'(6(59,&,2638%/,&26
&RPRFRQVHFXHQFLDGHORVGHVDVWUHVSXHGHQTXHGDULQWHUUXPSLGRVORVVHUYLFLRVGHHOHFWULFLGDGDJXDSDUD FRQVXPRDOFDQWDULOODGRHWF 'HSHQGLHQGRGHOJUDGRGHGHVDUUROORGHODFRPXQLGDGHVWRSXHGHVHUGHFLVLYRRGHWHUPLQDQWHSDUDOD DSDULFLyQGHHQIHUPHGDGHVWUDQVPLVLEOHV
$63(&726,1',9,'8$/(6
7DPELpQSXHGHQDXPHQWDUHOULHVJRDDGTXLULUHQIHUPHGDGHVWUDQVPLVLEOHVIDFWRUHVGHFDUDFWHULQGLYLGXDOGH ORVPLHPEURVGHODFRPXQLDGDGSHUMXGLFDGDSRUHO GHVDVWUHWDOHVFRPR x &RPSRUWDPLHQWRVGHKLJLHQHSHUVRQDO x 'LVPLQXFLRQHQODUHVLVWHQFLDLQPXQRORJLFDSRUVWUHVVGHVQXWULFLRQHQIHUPHGDGHVGHEDVHSUHYLDV HWF
352*5$0$6'(9$&81$&,213267(5,25(6$ /26'(6$675(6
'XUDQWH\GHVSXpVGHXQGHVDVWUHORV SURJUDPDVUHJXODUHVGHYDFXQDFLyQGHEHQPDQWHQHUVHHVQHFHVDULR GLIHUHQFLDUHVWRGHODVFDPSDxDVGHLQPXQL]DFLyQHQPDVDODVFXDOHVKDQVLGRDQDOL]DGDVSRUH[SHUWRV GHOD2UJDQL]DFLyQ3DQDPHULFDQDGHOD6DOXGHQFRQWUDQGRTXHSDUDHPSOHDUODVGHEHFRQVLGHUDUVHOR VLJXLHQWH
&212&(5/$686&(37,%,/,'$''(/$32%/$&,21
(OQLYHOGHLQPXQLGDGQDWXUDORLQGXFLGDSRUYDFXQDFLyQDQWHULRUHOJUXSRGHHGDGPiV YXOQHUDEOHODVFDUDFWHUtVWLFDVGHHVWDELOLGDGRPLJUDFLyQGHODSREODFLyQTXHVHHVSHUD DWHQGHU\VLODHQIHUPHGDGHVFRQWURODEOHSRUYDFXQDFLyQ
$&&(6,%,/,'$'
(OJUDGRGHGLVSHUVLyQGHODSREODFLyQTXHVHHVSHUDDWHQGHUODDFHSWDFLyQSRSXODUGH ODYDFXQDFLyQORVPHGLRVGHOOHJDUDODSREODFLyQ\ODSRVLELOLGDGGHWUDQVSRUWH
',6321,%,/,'$''(/$9$&81$
/DFDQWLGDGGLVSRQLEOHSDUDXVRLQPHGLDWRHOWLHPSRDSUR[LPDGRSDUDOOHJDUGHVGHHO GHSyVLWRKDVWDOD]RQDGHGHVDVWUHHOWLHPSRDSUR[LPDGRSDUDREWHQHUODYDFXQDHQ RWURVSDtVHVODVUHSHUFXVLRQHVGHOUHWUDVRHQODFRPSUDQ~PHURGHGRVLVFRPSOHWDVGH YDFXQDDGPLQLVWUDEOHFRPSDUDGRFRQODVH[LVWHQFLDV
5(68/7$'2<3523,('$'(6'(/$9$&81$
6LVWHPDGH0DQHMR,QWHJUDOGH'HVDVWUHV &RQRFHUODHILFDFLDUHDOSDUDLQWHUUXPSLUODWUDQVPLVLyQGHHQIHUPHGDGHVODVGRVLV QHFHVDULDVSDUDODSURWHFFLyQHILFD]ODHVWDELOLGDGRODELOLGDGGHODYDFXQDLQWHUYDOR HQWUHODVGRVLV
5(&85626',6321,%/(6
3HUVRQDOGHYDFXQDFLyQFDSDFLWDGR UHIULJHUDGRUFRQJHODGRU\UHFLSLHQWHVDLVODGRVSDUD HODOPDFHQDPLHQWR\WUDQVSRUWHGHOELROyJLFR VXPLQLVWURVHQMHULQJDV\DJXMDV KLSRGpUPLFDVHVWpULOHV\ODFDSDFLGDGGHIDEULFDFLyQGHKLHOR
35,25,'$'(6<275260(',26
([DPHQGHODLPSRUWDQFLDRWRUJDGDDODYDFXQDFLyQ E~VTXHGDGHRWURVPHGLRVSDUD SUHYHQLURFRQWURODUHQIHUPHGDGHV FRQVLGHUDFLyQGHORVJDVWRVGHRSHUDFLyQFRQRWUDV SULRULGDGHV
'HVSXpVGHYDORUDUFXLGDGRVDPHQWHHVWRVVHLVSXQWRVVHSRGUiGHWHUPLQDUVLXQDFDPSDxDGHEHHPSUHQGHUVH RHVPHMRUHPSOHDUORVUHFXUVRHQRWUDVSULRULGDGHV
5(+$%,/,7$&,21 (QHVWDSiJLQDSXHGHFRQVXOWDU x $SOLFDFLyQGHSODQHVGHFRQWLQJHQFLD x 3URPRFLyQGHDFWLYLGDGHVSURGXFWLYDV
(VHOSURFHVRGHUHVWDEOHFLPLHQWRGHODVFRQGLFLRQHVGHYLGDPHGLDQWHODUHFXSHUDFLyQDFRUWRSOD]RGHORV VHUYLFLRVYLWDOHVLQGLVSHQVDEOHVSDUDFXEULUODVQHFHVLGDGHVEiVLFDV /DUHKDELOLWDFLyQHVXQDHWDSDLQWHUPHGLDHQODFXDOVHFRQWLQ~DFRQODVDFWLYLGDGHVGHDWHQFLyQLQLFLDOGHOD SREODFLyQSHURHQHOODVHUHVWDEOHFHHOIXQFLRQDPLHQWRGHODVOtQHDVYLWDOHVWDOHVFRPRODHQHUJtDHODJXDODV YtDV\ODVWHOHFRPXQLFDFLRQHV\RWURVVHUYLFLRVEiVLFRVFRPRODVDOXG\HODEDVWHFLPLHQWRGHDOLPHQWRV SUHYLDDODUHFRQVWUXFFLyQGHILQLWLYDGHODVYLYLHQGDV\DWRGDODLQIUDHVWUXFWXUDGHODFRPXQLGDG 7DPELpQHQHVWDIDVHSRGHPRVLPSOHPHQWDUODSURPRFLyQGHDFWLYLGDGHVSURGXFWLYDVHQODFRPXQLGDG SHUMXGLFDGDGLVHxDGDVDQWHULRUPHQWHSUHYLRDORVSURJUDPDVGHUHFRQVWUXFFLyQ\GHVDUUROORGHOD LQIUDHVWUXFWXUDSURGXFWLYDGHODFRPXQLGDGGHILQLWLYRV
$3/,&$&,21 '(3/$1(6'(&217,1*(1&,$
/DPHWRGRORJtDPiVDGHFXDGDSDUDODUHKDELOLWDFLyQVHGHVDUUROODPHGLDQWHODHMHFXFLyQGHSODQHVGH FRQWLQJHQFLDSDUDFDGDXQRGHORVVHUYLFLRVS~EOLFRVHODERUDGRVFRQDQWHULRULGDGDODRFXUUHQFLDGHOGHVDVWUH GHIRUPDTXHVHWHQJDQSUHYLVWRVORVUHFXUVRVUHVSHFWLYRVSDUDUHSDUDUORVGDxRVTXHVHSUHVHQWHQSRUHO GHVDVWUH\TXHVHHVFDSDQDODSUHYHQFLyQ\PLWLJDFLyQ $5($6'(&2%(5785$'(/263/$1(6 x 5HVWDEOHFLPLHQWRGHORVVHUYLFLRVGHVDOXG x 5HVWDEOHFLPLHQWRGHORVSURJUDPDVHGXFDWLYRV HGXFDFLyQIRUPDO\QRIRUPDO x 5HVWDEOHFLPLHQWRGHORVVLVWHPDVGHWHOHFRPXQLFDFLRQHV x (YDOXDFLyQDQWLFLSDGDGHGDxRVSRWHQFLDOHVVREUHODOtQHDVYLWDOHV \VXUHVWDEOHFLPLHQWR
5(+$%,/,7$&,21(1(/$5($'(/$6$/8'
/DUHKDELOLWDFLyQHQHOiUHDGHODVDOXGHQVLWXDFLRQHVGHGHVDVWUHSXHGHDQDOL]DUVHEDMRWUHVDVSHFWRV x 5HLQLFLRGHODDFWLYLGDGDVLVWHQFLDO x 2ULHQWDFLyQLQWHJUDOGHODDWHQFLyQGHOGDPQLILFDGR\DIHFWDGR x (GXFDFLyQDODFRPXQLGDG /DDGHFXDGDSUHSDUDFLyQ GHODVLQVWLWXFLRQHVGHVDOXGHQODVIDVHVSUHYLDVDOGHVDVWUHPHGLDQWHODHODERUDFLyQ GH3ODQHV+RVSLWDODULRVGH(PHUJHQFLD GHEHGDUFRPRUHVXOWDGR
6LVWHPDGH0DQHMR,QWHJUDOGH'HVDVWUHV /DFRQWLQXLGDGGHORVVHUYLFLRVEiVLFRVDVLVWHQFLDOHVHQODVIDVHVGHLPSDFWR\SRVWLPSDFWR /DDWHQFLyQDODSREODFLyQHQiUHDVVDQLWDULDVLPSURYLVDGDVSRUWLHPSRGHILQLGRHLQYROXFUDUODSDUWLFLSDFLyQ LQWHULQVWLWXFLRQDOHQODVROXFLyQGHORVSUREOHPDVGHOiUHDVLODLQIUDHVWUXFWXUDKRVSLWDODULDVHYHSHUMXGLFDGD SRUGHVDVWUHVGHJUDQPDJQLWXG /RVSURJUDPDVGHVDOXGSDUDODDWHQFLyQGHGHVDVWUHVGHEHQLQFOXLUDFFLRQHVSDUDODSREODFLyQXELFDGDHQ DORMDPLHQWRVWHPSRUDOHVHQORVFXDOHVVHGHVDUUROOHQSRUWLHPSRGHWHUPLQDGRORVSURJUDPDVEiVLFRVGH DWHQFLyQDODSREODFLyQ /DDWHQFLyQGHGDPQLILFDGRV\DIHFWDGRVLPSOLFDODSDUWLFLSDFLyQGHXQHTXLSRPXOWLGLVFLSOLQDULRHQVDOXGHQ HOFXDOVHYLQFXOHQSURIHVLRQDOHVHQODViUHDVGH SVLFRORJtDRUWRSHGLDPHGLFLQDLQWHUQDILVLDWUtD ILVLRWHUDSLDWHUDSLDRFXSDFLRQDOQXWULFLyQVDOXGDPELHQWDOWUDEDMRVRFLDOHQWUHRWURVORVFXDOHVWUDWDQGH RULHQWDUODUHKDELOLWDFLyQGHOLQGLYLGXRGHVGHHOSXQWRGHYLVWDItVLFRPHQWDOVRFLDO\RFXSDFLRQDO
5(+$%,/,7$&,21'(/26352*5$0$6('8&$7,926
('8&$&,21)250$/<12)250$/ /DHGXFDFLyQHVXQSURFHVRGLQiPLFR\HYROXWLYRTXHSURFXUDREWHQHUFDPELRVHQHOLQGLYLGXRHQIRUPD LQWHJUDOHQORVDVSHFWRVItVLFRVLQWHOHFWXDOHV\PRUDOHV
/$('8&$&,21)250$/
(VODTXHVHUHDOL]DHQFHQWURVGRFHQWHVUHJODPHQWDGRVDFUHGLWDGRV\DSUREDGRVSRUHO 0LQLVWHULRGH(GXFDFLyQ1DFLRQDOR HO,&)(6VHJ~QVHWUDWHGHHGXFDFLyQSULPDULD PHGLDPHGLDYRFDFLRQDOWpFQLFDWHFQROyJLFD\XQLYHUVLWDULD
('8&$&,2112)250$/
(VODGHILQLGDFRPRXQDIRUPDGHHGXFDFLyQSDUDHOVHUYLFLR VHIXQGDPHQWDHQHO DSUHQGL]DMHGHDFWLYLGDGHVFRQFUHWDV(VRUJDQL]DGD\GLULJLGDSRUORVSURSLRV RUJDQLVPRVGHVHUYLFLRFRPRXQPHGLRSDUDHOFXPSOLPLHQWRGHVXVREMHWLYRV6X FRQWHQLGRVHFHQWUDHQXQDWDUHDRKDELOLGDGGDGDSRUODVQHFHVLGDGHVGHORV SDUWLFLSDQWHV(VWDPRGDOLGDGHGXFDWLYDQRVHOLPLWDDOPXQGRGHOWUDEDMRVLQRTXH WDPELpQVHUDPLILFDKDFLDORVWLHPSRVOLEUHVRDFWLYLGDGHVGHHVSDUFLPLHQWR
/DUHKDELOLWDFLyQGHODHGXFDFLyQSODQWHDGHWHUPLQDUODVQHFHVLGDGHVLQPHGLDWDV\ODLPSOHPHQWDFLyQGH PHGLGDVSURYLVLRQDOHVSDUDHOUHVWDEOHFLPLHQWRGHORVSURJUDPDVGHHGXFDFLyQ/DIDVHVGHUHFRQVWUXFFLyQ\ GHVDUUROORSRGUiQDGHODQWDUSURJUDPDVTXHFXEUDQODVGHILFLHQFLDVHGXFDWLYDVGHODFRPXQLGDGSUHYLDVDO GHVDVWUH /DHGXFDFLyQQRIRUPDOSXHGHVHU~WLOHQHVWDIDVHSDUDIRUPDUDODFRPXQLGDGHQDVSHFWRVFRPROD SUHYHQFLyQ\PLWLJDFLyQGHGHVDVWUHVRHODGHFXDGRXVRGHORVUHFXUVRVQDWXUDOHV
5(+$%,/,7$&,21'(/$67(/(&2081,&$&,21(6
'HVSXpVGHODIDVHGHLPSDFWRODLQIUDHVWUXFWXUDGHORVVHUYLFLRVGHODFRPXQLGDGSHUMXGLFDGDTXHGDDYHULDGD VHJ~QODLQWHQVLGDGGHOHYHQWR SRUORJHQHUDOGHORVPiVSHUMXGLFDGRVVRQORVVHUYLFLRVGHWHOHFRPXQLFDFLyQ 3RUORDQWHULRUHVQHFHVDULDXQDUHVSXHVWDLQPHGLDWDSDUDHOHVWDEOHFLPLHQWRGHODVWHOHFRPXQLFDFLRQHV /DVHQWLGDGHVRILFLDOHVTXHWLHQHQEDMRVXUHVSRQVDELOLGDGORVVHUYLFLRVGHWHOHFRPXQLFDFLRQHVFRPR7HOHFRP \(PSUHVDV3~EOLFDVGH6HUYLFLRV VRQODVGLUHFWDPHQWHUHVSRQVDEOHVGHFRRUGLQDUFRQHO&RPLWp ORFDO UHJLRQDORQDFLRQDO HQFDUJDGRGHODDWHQFLyQGHOGHVDVWUHODUHKDELOLWDFLyQGHHVWHVHUYLFLR 3DUDHVWRVHGHEHWHQHUHQFXHQWDFRQDQWHULRULGDGSODQHV\SURJUDPDVTXHSHUPLWDQHQXQWLHPSRPtQLPR FRORFDUORVHTXLSRVQHFHVDULRVDGLVSRVLFLyQGHODFRPXQLGDG\SULRULWDULDPHQWHGHODVHQWLGDGHV\ RUJDQLVPRVGHVRFRUUR\DVLVWHQFLD 3DUDWDOHIHFWRVHUHTXLHUHHQWRQFHVTXHODVHQWLGDGHVUHVSRQVDEOHVGHODVWHOHFRPXQLFDFLRQHVSRVHDQHTXLSRV FRPRVLVWHPDVPyYLOHVGHWHOpIRQRVS~EOLFRVSDUDFRPXQLFDFLyQORFDO\QDFLRQDO\VLVWHPDGH WHOHFRPXQLFDFLRQHVSDUDODVDXWRULGDGHVORFDOHV\HQWLGDGHVGHVRFRUUR /R DQWHULRUFRQHOILQGHUHKDELOLWDUODLQIUDHVWUXFWXUDGHODVWHOHFRPXQLFDFLRQHV VXXWLOL]DFLyQHQHVWDIDVH FRUUHVSRQGHDODWUDQVPLVLyQGHLQIRUPDFLyQGHGRVWLSRVGHLQWHUORFXWRUHV x 2UJDQLVPRVHLQVWLWXFLRQHVLQYROXFUDGDVHQODDWHQFLyQGHOGHVDVWUH x /DFRPXQLGDG &RQHOREMHWRGHIDFLOLWDUORVVLJXLHQWHVSXQWRV
6LVWHPDGH0DQHMR,QWHJUDOGH'HVDVWUHV x x x
/RVRUJDQLVPRVGHVRFRUURUHTXLHUHQFRRUGLQDUHQWUHVLODVDFFLRQHVGHDWHQFLyQGHOGHVDVWUH /DVLQVWLWXFLRQHVGHEHQGLIXQGLUHQODFRPXQLGDGRULHQWDFLRQHVWDOHVFRPRODVFRUUHVSRQGLHQWHVD iUHDGHODVDOXG 3HUPLWLUTXHODVSHUVRQDVGDPQLILFDGDV\DIHFWDGDVKDJDQFRQWDFWRFRQVXVIDPLOLDUHV
5(+$%,/,7$&,21'(/,1($69,7$/(6
/DVLQVWLWXFLRQHVUHVSRQVDEOHVGHOIXQFLRQDPLHQWRGHODVOtQHDVYLWDOHVWDOHVFRPRODHQHUJtDHODJXDODVYtDV \HODEDVWHFLPLHQWRGHDOLPHQWRVGHEHQSRVHHUFDGDXQDSODQHVGHFRQWLQJHQFLDSURSLRVGHVDUUROODGRVFRQ DQWHULRULGDGDODRFXUUHQFLDGHOGHVDVWUHHQORVFXDOHVVHWHQJDQHQFXHQWD x 'HWHUPLQDUODVDPHQD]DV\HOJUDGRGHYXOQHUDELOLGDGDOTXHHVWiQH[SXHVWRVFDGDXQRGHHVWRV VHUYLFLRV x 'HVDUUROORGHPHFDQLVPRVGHHYDOXDFLyQGHGDxRVSDUDLPSOHPHQWDULQPHGLDWDPHQWHGHVSXpVGHO LPSDFWRGHOGHVDVWUH x 3UHSDUDFLyQGHUHSDUDFLRQHVGHHPHUJHQFLD x 3ODQHDFLyQGHUHSDUDFLRQHVGHILQLWLYDV\SRVLEOHVPHMRUDV (QODSUDFWLFDHQFRQWUDPRVTXHORVSODQHVGHFRQWLQJHQFLDHQODViUHDVGHVFULWDV VDOXGHGXFDFLyQ WHOHFRPXQLFDFLRQHV\OtQHDVYLWDOHV QRVRQGLVHxDGRVKDVWDHOLPSDFWRGHOGHVDVWUHORFXDOHYLGHQFLDVX DXVHQFLDHLPSOLFDODLPSURYLVDFLyQVREUHODPDUFKD GHODVDFFLRQHVGHUHKDELOLWDFLyQ3RUORDQWHULRU\FRQ EDVHHQXQDHYDOXDFLyQSRVWHULRUVRQGHVDUUROODGRVORVSODQHVSDUDXQIXWXURHYHQWR
35202&,21'($&7,9,'$'(6352'8&7,9$6 (1/$&2081,'$'3(5-8',&$'$
&RPRHMHPSORGHHVWDVDFFLRQHVGHUHKDELOLWDFLyQVHSUHVHQWDQDOJXQRVSXQWRVUHODFLRQDGRVFRQGRVWLSRVGH DFWLYLGDGHVSURGXFWLYDV x (OSURJUDPDGHJUXSRVVROLGDULRV x (OSURJUDPDGHPLFURHPSUHVDV /RVFXDOHVSXHGHQVHUGHVDUUROODGRVSUHYLRVD ODUHFRQVWUXFFLyQ\DOGHVDUUROORGHODLQIUDHVWUXFWXUD SURGXFWLYDGHODFRPXQLGDGYtFWLPDGHOGHVDVWUH SRUXQDHQWLGDGJXEHUQDPHQWDORSULYDGD /RVREMHWLYRVJHQHUDOHVGHHVWRVGRVSURJUDPDVVRQORVGHFRQWULEXLUDODUHKDELOLWDFLyQVRFLDO\HFRQyPLFD GHORVQ~FOHRVIDPLOLDUHV\GHODFRPXQLGDGSHUMXGLFDGDSRUODWUDJHGLDORJUDQGRODIRUPDFLyQHPSUHVDULDO WpFQLFD\RUJDQL]DWLYDGHEHQHILFLDULRVPHGLDQWHODSDUWLFLSDFLyQ\DVHVRUtDDGHODQWDGRVSRUORVSURJUDPDV /RVREMHWLYRVHVSHFtILFRVVRQ x *HQHUDU\ HVWDELOL]DUWHPSRUDOPHQWHHOHPSOHRSURGXFWLYRGHODSREODFLyQSHUMXGLFDGD x 3URPRYHU\FRQVROLGDUODVRUJDQL]DFLRQHVFRPXQLWDULDV\HFRQyPLFDV x 0HMRUDUODVFRQGLFLRQHVGHYLGD\GHWUDEDMRGHORVEHQHILFLDULRVVXVIDPLOLDV\VXVWUDEDMDGRUHV x ,PSOHPHQWDUDFWLYLGDGHVGHFDSDFLWDFLyQ\RUJDQL]DFLyQFRPXQLWDULDTXHD\XGHQDODUHFXSHUDFLyQ SHUVRQDOVRFLDO\HFRQyPLFDGHORVEHQHILFLDULRVGHOSURJUDPD x $VHVRUDUILQDQFLHUD\DGPLQLVWUDWLYDPHQWHODVGLIHUHQWHVDFWLYLGDGHVEXVFDQGRFRQHOORPHMRUDUOD SURGXFWLYLGDG\DXPHQWDUODUHQWDELOLGDGGHHVWDVSHTXHxDVXQLGDGHVSURGXFWLYDV
*5832662/,'$5,26
(VWHSURJUDPDVHFDUDFWHUL]DSRUUHXQLUDXQJUXSRGHPLHPEURVGHODFRPXQLGDGFRQHOILQGHEULQGDUXQ VHUYLFLRDODVGHPiVSHUVRQDV\GHORJUDUVXSURSLDVXSHUDFLyQFRQMXQWDPHMRUDQGRODFDOLGDGGHYLGDGHVXV IDPLOLDV\DSR\DQGRODUHFXSHUDFLyQGHODFRPXQLGDGGHORVHIHFWRVGHOGHVDVWUH 3DUDHMHFXWDUHVWHSURJUDPDVHUHTXLHUHGHWHUPLQDUSUHYLDPHQWH x 4XHVHUYLFLRUHTXLHUHODFRPXQLGDG\SRVLELOLGDGHVGHILQDQFLDFLyQ x 3URIHVLyQXRILFLRSHUPDQHQWHGHORVPLHPEURVGHOJUXSR x &DSDFLWDFLyQQHFHVDULDFRPSOHPHQWDULDFRPRDGPLQLVWUDFLyQFRQWDELOLGDGFRQWUROGHFDOLGDGHWF /DVSROtWLFDVSDUDLPSOHPHQWDUHVWHSURJUDPDGHJUXSRVVROLGDULRVSXHGHQVHU x 6HUXQSURJUDPDGHFDUiFWHUVRFLDOTXHVHRULHQWHDEHQHILFLDUDODFRPXQLGDGSHUMXGLFDGDSRUHO GHVDVWUHFRPRIDFWRUGHUHFXSHUDFLyQFROHFWLYD x 7UDEDMDUFRQEDVHHQODSDUWLFLSDFLyQDFWLYD\SRVLWLYDGHODFRPXQLGDGGHVDUUROODQGRHOSURJUDPD
6LVWHPDGH0DQHMR,QWHJUDOGH'HVDVWUHV
352*5$0$0,&52(035(6$6
(VWHSURJUDPDVHFDUDFWHUL]DSRUDSR\DULQGLYLGXDOPHQWHDXQDIHFWDGRRGDPQLILFDGR\DVXIDPLOLDSDUD JHQHUDUXQDDFWLYLGDGJHQHUDOPHQWHGHWLSRFRPHUFLDOTXHORJUHPHMRUDUVXFDOLGDGGHYLGD\VX UHFXSHUDFLyQLQGLYLGXDORIDPLOLDUGHOGHVDVWUH 3DUDVXLPSOHPHQWDURQVHGHEHGHWHUPLQDUSUHYLDPHQWH x 8QHVWXGLRGHPHUFDGRVTXHLQGLTXHODUHDOLGDGGHORVSUR\HFWRVGHPLFURHPSUHVDVHQODUHJLyQ x 3URIHVLyQXRILFLRSHUPDQHQWHGHORVSRWHQFLDOHVEHQHILFLDULRV x &RQGLFLRQHVSHUVRQDOHVGHORVSRWHQFLDOHVEHQHILFLDULRV x &DSDFLWDFLyQQHFHVDULDFRPSOHPHQWDULDFRPRDGPLQLVWUDFLyQPHUFDGHRFRQWDELOLGDGFRQWUROGH FDOLGDG\GHPiVDVSHFWRVTXHPHMRUHQODVFRQGLFLRQHVGHOPLFURHPSUHVDULR\TXHHOSURJUDPDSXHGD DSRUWDU /DVSROtWLFDVGHWUDEDMRFRQODVTXHHVWHSURJUDPDGHEHHVWDEOHFHUVHVRQ x 6HUXQSURJUDPDGHFDUiFWHUVRFLDOTXHVHRULHQWHKDFLDVXVEHQHILFLDULRVFRQFULWHULRVGH RUJDQL]DFLyQ\SURGXFFLyQHFRQyPLFDFRPRIDFWRUHVGHUHFXSHUDFLyQSHUVRQDO x 7UDEDMDUFRQEDVHHQODSDUWLFLSDFLyQDFWLYD\SRVLWLYDGHODFRPXQLGDGGHVDUUROODQGRHOSURJUDPD HQVXViUHDVGH ILQDQFLDFLyQRUJDQL]DFLyQ\DVHVRUtDDODVGLIHUHQWHVPLFURHPSUHVDV
5(&216758&&,21 (QHVWDSiJLQDSXHGHFRQVXOWDU x 0HWRGRORJtD x 0HFDQLVPRV x 3ROtWLFDV x $VHQWDPLHQWRVKXPDQRV
(VHOSURFHVRGHUHFXSHUDFLyQDPHGLDQR\ODUJRSOD]RGHODVHVWUXFWXUDVGDxDGDVSRUODRFXUUHQFLDGHXQ GHVDVWUHPHGLDQWHODUHSDUDFLyQGHOGDxRItVLFRVXIULGRHQODLQIUDHVWUXFWXUD GDQGRXQSURFHVRGH UHDVHQWDPLHQWRGHODFRPXQLGDGGDPQLILFDGD 'HELGRDODRFXUUHQFLDGHXQGHVDVWUHVHSUHVHQWDQHIHFWRVGLUHFWRVTXHHVWiQUHSUHVHQWDGRVSRUGDxRItVLFR H[SUHVDGRHQYtFWLPDVGDxRVHQODLQIUDHVWUXFWXUDHQODVHGLILFDFLRQHV\HQORVFHQWURVGHSURGXFFLyQ LJXDOPHQWHVHSUHVHQWDQHIHFWRVLQGLUHFWRVUHSUHVHQWDGRVSRUODLQWHUUXSFLyQGHODVDFWLYLGDGHVHFRQyPLFDV\ HOLPSDFWRVRFLDOVREUHODUHJLyQ 3RUORWDQWRODVSpUGLGDVGLUHFWDVFRUUHVSRQGHQDGLVPLQXFLyQGHOSDWULPRQLRSpUGLGDVGHFDSLWDO\SpUGLGDV GHLQJUHVRV\ODVSpUGLGDVLQGLUHFWDVFRUUHVSRQGHQDODYDORUDFLyQGHORVHIHFWRVVRFLDOHVFRPROD LQWHUUXSFLyQGHOWUDQVSRUWHGHORVVHUYLFLRVS~EOLFRVGHORVPHGLRVGHLQIRUPDFLyQ\GHODGHVIDYRUDEOH LPDJHQTXHWRPDODUHJLyQFRQUHVSHFWRDRWUDV\GHODYDORUDFLyQGHODVSpUGLGDVHQHOFRPHUFLR\OD LQGXVWULDFRPRUHVXOWDGRGHODUHGXFFLyQGHODSURGXFFLyQODGHVPRWLYDFLyQGHODLQYHUVLyQ\ORVJDVWRVGH UHFXSHUDFLyQ 7HQLHQGRHQFXHQWDORDQWHULRUODHWDSDGHUHFRQVWUXFFLyQ HVHOSURFHVRFRPSOHWRGHOUHWRUQRDODQRUPDOLGDG GHODFRPXQLGDG\GHODPELHQWHItVLFRHQSURFXUDGHOGHVDUUROOR )DVHGHOFLFORGHORVGHVDVWUHVTXHWLHQHHQWRQFHVFXDWURREMHWLYRVVLPXOWiQHRV x /DFUHDFLyQGHQXHYDVIXHQWHVGHWUDEDMR\UHFXSHUDFLyQGHODLQIUDHVWUXFWXUDSURGXFWLYD x /DUHSDUDFLyQGHORVGDxRVPDWHULDOHVHQHVSHFLDOHQPDWHULDGHYLYLHQGD\GH LQIUDHVWUXFWXUD R FRQVWUXFFLyQGHUHDVHQWDPLHQWRV x /DFRQVLGHUDFLyQGHODVPHGLGDVGHSUHYHQFLyQ\PLWLJDFLyQGHULHVJRVHQHOSURFHVRGHGHVDUUROOR x /DUHFRQVWUXFFLyQGHODGLQiPLFDVRFLRFXOWXUDO\HFRQyPLFDGHODFRPXQLGDG (VWDHWDSDSXHGHVHUPX\ YDULDEOHVHJ~QHOWLSRGHGHVDVWUH\ODPDJQLWXGGHORVGDxRVSHURVHUHDOL]DD PHGLDQR\ODUJRSOD]R HQDOJXQRVFDVRVSXHGHLQFOXVRQRVHUQHFHVDULRDHVWRVORVSRGHPRVGHQRPLQDU FDODPLGDGHVS~EOLFDV\DTXHQRFXPSOHQFRQODGHILQLFLyQGHGHVDVWUH 3RUUHJODJHQHUDOFDEHHVWLPDUTXHORVIDFWRUHVTXHPiVLQIOX\HQHQODUDSLGH]GHODUHFRQVWUXFFLyQVRQORV VLJXLHQWHV x /DYHORFLGDGGHPRYLOL]DFLyQGHORVUHFXUVRVILQDQFLHURVIDFWRUTXHVXHOHJXDUGDUUHODFLyQFRQHO YROXPHQGHODD\XGDFRQFHGLGDWDQWRGHRULJHQQDFLRQDOFRPRLQWHUQDFLRQDO
6LVWHPDGH0DQHMR,QWHJUDOGH'HVDVWUHV x
/DXWLOL]DFLyQRQRGHWpFQLFDVDYDQ]DGDVSDUDODUHFRQVWUXFFLyQDXQTXHGHEHVHxDODUVHDOUHVSHFWR TXHQXHYDVWHFQRORJtDVSXHGHQFDXVDUHIHFWRVQHJDWLYRVQRWDEOHVSDUDHOVHFWRUWUDGLFLRQDOGHOD LQGXVWULDGHODFRQVWUXFFLyQ x /DSDUWLFLSDFLyQGHOVHFWRUSULYDGRHQODVRSHUDFLRQHVGHUHFRQVWUXFFLyQVREUHWRGRHQHOVHFWRUGH YLYLHQGD x /DPDJQLWXG\HOFDUiFWHUGHORVGDxRVTXHGHWHUPLQDQORVSOD]RVGHUHFRQVWUXFFLyQ\GHOFDSLWDO SURGXFWLYR x (OQLYHOGHGHVDUUROORTXHKDDOFDQ]DGRODSREODFLyQ (QUHVXPHQHVODUHFXSHUDFLyQGHOFRQWH[WRVRFLDOItVLFR\HFRQyPLFRDXQQLYHOGHGHVDUUROORLJXDOR VXSHULRUDOTXHVHWHQtDDQWHVGHODRFXUUHQFLDGHOGHVDVWUH
0(72'2/2*,$'(/$5(&21758&&,21
/DPHWRGRORJtDSDUDODHWDSDGHUHFRQVWUXFFLyQFRPSUHQGHLQHYLWDEOHPHQWHWRGRVORVDVSHFWRVUHODFLRQDGRV FRQODSUHYHQFLyQ\PLWLJDFLyQGHGHVDVWUHV\HQFRQVHFXHQFLDODPHWRGRORJtDFRUUHVSRQGHDODDSOLFDFLyQ GHODSODQLILFDFLyQGHOGHVDUUROOR HQVXVGLIHUHQWHVPRGDOLGDGHV ItVLFDVHFWRULDO\WHUULWRULDO (OGHVDUUROORGHODFRPXQLGDGVHHQFXHQWUDUHODFLRQDGRFRQWRGDVODVHWDSDVTXHFRPSRQHQHOFLFORGHORV GHVDVWUHV VLQHPEDUJRH[LVWHXQDUHODFLyQPX\HVWUHFKDHQWUHHOSURFHVRGHUHFRQVWUXFFLyQ\HOGHVDUUROORHO FXDOQR SXHGHVHUFRQFHELGRVLQLQFRUSRUDUHQVXSODQLILFDFLyQODVPHGLGDVGHSUHYHQFLyQ\PLWLJDFLyQGH GHVDVWUHV
0(&$1,6026'(/$5(&216758&&,21
/DUHFRQVWUXFFLyQHVWiHQIRFDGDDODUHDOL]DFLyQGHXQHVIXHU]RHQJUDQHVFDODSDUDUHSRQHUHGLILFDFLRQHV LQIUDHVWUXFWXUD\DFWLYLGDGHVSURGXFWLYDV (QWUHRWURVDVSHFWRVUHODFLRQDGRVTXHYDOHODSHQDPHQFLRQDUVHWLHQHQ x &RRUGLQDFLyQLQWHULQVWLWXFLRQDO\PXOWLVHFWRULDO x 2SRUWXQLGDGSDUDLQWHUYHQLUFRQGLFLRQHVGHYXOQHUDELOLGDG\H[SRVLFLyQ x &DQDOL]DFLyQGHUHFXUVRV\GRQDFLRQHV x &UpGLWRVFRQLQWHUHVHVEDMRVFRPRLQFHQWLYRDODLQYHUVLyQ x 5HGXFFLyQGHLPSXHVWRVFRPRLQFHQWLYRDODLQYHUVLyQ x *HQHUDFLyQGHDFWLYLGDGHVSURGXFWLYDV x /RFDOL]DFLyQGHLQIUDHVWUXFWXUD x 0RGLILFDFLyQGHXVRV\WHQHQFLDGHODWLHUUD\UHFXUVRVQDWXUDOHV x $SOLFDFLyQGHQRUPDV\HVSHFLILFDFLRQHVGHFRQVWUXFFLyQ
32/,7,&$6'(/$5(&216758&&,21
(OSHUtRGRGHUHWRUQRGHXQGHVDVWUHHVIXQGDPHQWDOSDUDGHWHUPLQDUFXiOHVHVWUDWHJLDVVHUiQHIHFWLYDVSDUD PLWLJDUIXWXUDVSpUGLGDV (QOXJDUHVGRQGHKD\XQODUJRSHUtRGRHQWUHODUHFXUUHQFLDGHXQHYHQWRGHLJXDOLQWHQVLGDGGHVWUXFWLYDODV HVWUDWHJLDVGHPLWLJDFLyQEDVDGDVHQWHFQRORJtDGHFRQVWUXFFLyQWDOYH]QRVHDQORVXILFLHQWHPHQWHGXUDGHUDV SDUDRIUHFHUSURWHFFLyQFRQWUDHOSUy[LPRHYHQWR /DVSROtWLFDVGHEHUiQFRQFHQWUDUVHHQORVGHVDUUROORVHFRQyPLFRV\HVWUDWpJLFRV DSOLFDGRVHQOD]RQDGH LPSDFWRDODUJRSOD]RWDQWRHQWLHPSRFRPRHQHVSDFLR /RVSULQFLSLRVGHODSODQHDFLyQSDUDODUHFXSHUDFLyQFRQHOILQGHUHIRU]DUODHFRQRPtDORFDO\RIUHFHUOH FRQWLQXLGDGFXOWXUDODODSREODFLyQSHUMXGLFDGDSURYLHQHGHXQDVHULHGHFDVRVGHHVWXGLR 6HVRVWLHQHTXHODUHFRQVWUXFFLyQVHSXHGHXWLOL]DUSDUDLQWURGXFLUFDPELRVHFRQyPLFRV\VRFLDOHVTXH VREUHYLYHQDORVFDPELRVItVLFRV\TXHORVHVIXHU]RV HVWUDWpJLFRVSDUDUHXELFDUGHVFHQWUDOL]DU\GHVFRQFHQWUDU ORVVHUYLFLRVRIUH]FDQODHVWUXFWXUDSDUDXQOXJDUPiVVHJXUR
5(&216758&&,21'($6(17$0,(1726 +80$126 3DUDHOSURFHVRGHUHFRQVWUXFFLyQGHORVDVHQWDPLHQWRVKXPDQRVKD\GRVDOWHUQDWLYDV x 5HFRQVWUXFFLyQGHODVYLYLHQGDVGHVWUXLGDVRDYHULDGDV
6LVWHPDGH0DQHMR,QWHJUDOGH'HVDVWUHV x &RQVWUXFFLyQGHUHDVHQWDPLHQWRVHQXQHVSDFLRJHRJUiILFRGLIHUHQWH /DGHVYHQWDMDGHODSULPHUDDOWHUQDWLYD HVWDUHODFLRQDGDFRQODYXOQHUDELOLGDGDXQGHVDVWUHGHVLPLODUHV FDUDFWHUtVWLFDVPLHQWUDVTXH ODGHVYHQWDMDGHODVHJXQGDDOWHUQDWLYD HVWDGDGDSRULPSOLFDUHOWUDVODGRGHOD FRPXQLGDGDXQHFRVLVWHPDGLIHUHQWH 3DUDODFRQVWUXFFLyQGHODVYLYLHQGDVVHGHEHVREUHWRGRXWLOL]DUORVPDWHULDOHV\UHFXUVRVWUDGLFLRQDOHVGHOD UHJLyQORFXDOPLQLPL]DFRVWRV\VRQGHPHMRUDFHSWDFLyQSRUORVXVXDULRV &RPRPRGDOLGDGHVGHFRQVWUXFFLyQWHQHPRVHQWUHRWUDV x 3DUWLFLSDFLyQGHOVHFWRUSULYDGRFRQSURJUDPDVHVSHFLDOHVGHFUpGLWR x &RQVWUXFFLyQGHDVHQWDPLHQWRVSRUXQD21* SHMIXQGDFLRQHVQDFLRQDOHVRLQWHUQDFLRQDOHV FRQ PHFDQLVPRVGHDGMXGLFDFLyQGHILQLGRVLQWHUQDPHQWHSRUFDGDXQD x &RQVWUXFFLyQFRQWUDWDGDGLUHFWDPHQWHSRUHQWLGDGHVJXEHUQDPHQWDOHV x $XWRFRQVWUXFFLyQFRQDSR\RGHRUJDQLVPRVHVWDWDOHVX21*V 5HVSHFWRDHVWDXOWLPDPRGDOLGDGVHUHFRPLHQGDDSR\DUDORVGDPQLILFDGRV\DIHFWDGRVFRQPDWHULDOHVGH FRQVWUXFFLyQDVHVRUtDWpFQLFD\HOHPHQWRVGHWUDEDMR\TXHHOORVDSRUWHQODPDQRGHREUDFRUUHVSRQGLHQWH SURFXUDQGRLUHQWUHJDQGRGLFKRVDSRUWHVGHDFXHUGRDOSURJUHVRGHODREUDHYLWDQGRGHHVWDIRUPDTXH UHFLEDQORVPDWHULDOHV\VHYD\DQRTXHORVYHQGDQORFXDOQRGDUtDFXPSOLPLHQWRDORVREMHWLYRVGHOD D\XGDFRPRORHVSURFXUDUXQPHMRUELHQHVWDUDODVYtFWLPDVGHOGHVDVWUH
'(6$552//2'(/$&2081,'$' 3(5-8',&$'$32581'(6$675( (QHVWDSiJLQDSXHGHFRQVXOWDU x 3ODQHVGHGHVDUUROORSDUWLFLSDWLYR x 0HWRGRORJtDGHOWUDEDMRHQUHGHVVRFLDOHV x 3DUWLFLSDFLyQFRPXQLWDULD
1RHVHOSURSyVLWRGHHVWHGRFXPHQWRGHILQLUHOGHVDUUROORGHVGHORVP~OWLSOHVSXQWRVGHYLVWDFRQORVFXDOHV SXHGHDQDOL]DUVHQLHOGHGHILQLUODVSROtWLFDVDVHJXLU HVHOGHGDUDOJXQDVRULHQWDFLRQHVTXHSXHGHQVHU WHQLGDVHQFXHQWDSRUODV GLYHUVDVLQVWLWXFLRQHV\RUJDQLVPRVTXHSDUWLFLSDQHQHOSURFHVR (OGHVDUUROORGHODFRPXQLGDGLPSOLFDWRPDUHQFXHQWDYDULDVGLPHQVLRQHVWDOHVFRPR ODHFRQyPLFDOD SROtWLFD\VRFLDOODHFROyJLFDODFXOWXUDO\ODSDUWLFLSDFLyQGHODFRPXQLGDG 'HHVWDIRUPDVXUJHODQHFHVLGDGGHHYDOXDUHOGHVDUUROORGHODFRPXQLGDGVLQOLPLWDUVHDODGLPHQVLyQ HFRQyPLFD(O3URJUDPDGHODV1DFLRQHV8QLGDVSDUDHO'HVDUUROOR 318' FRQVWUX\yHO,QGLFHGH 'HVDUUROOR+XPDQR ,'+ HVWHLQGLFDGRUWUDWDGHFRPSDUDUHOGHVDUUROORFXDOLWDWLYRGHORVSDtVHVWHQLHQGR HQFXHQWDWUHVIDFWRUHV x 5HQWD3HU&DSLWD SDULGDGGHOSRGHUDGTXLVLWLYR x (GXFDFLyQ QLYHOHVGHDOIDEHWL]DFLyQ\HVFRODULGDG x 6DOXG ORQJHYLGDG 2WURVIDFWRUHVTXHSRGUtDQVHUWHQLGRVHQFXHQWDVRQODVFRQGLFLRQHVGHWUDEDMR\GLVSRQLELOLGDGGH WLHPSROLEUH $XQTXHHO,'+IXHGLVHxDGRSDUDFRPSDUDUSDtVHVHVWRVIDFWRUHVSRGUtDQVHU~WLOHVHQODHYDOXDFLyQGHO GHVDUUROORGHODFRPXQLGDG 'HVGHHOSXQWRGHYLVWDGHORVGHVDVWUHVHVLPSRUWDQWHTXHHQHOGHVDUUROORGHODFRPXQLGDGVHFRQWHPSOHQODV DFWLYLGDGHVWHQGLHQWHVDSUHYHU ORVULHVJRVSUHYHQLU ODRFXUUHQFLDPLWLJDU ODVSpUGLGDVSUHSDUDUVH SDUDODV FRQVHFXHQFLDVDOHUWDU ODSUHVHQFLDUHVSRQGHU DODHPHUJHQFLD\UHFXSHUDUVH GHORVHIHFWRVGHORVGHVDVWUHV 7DUHDVTXHVHOOHYDQDFDERHQWUHVHWDSDV DQWHVGXUDQWH\GHVSXpVGHOGHVDVWUH /DRFXUUHQFLD\PDJQLWXGGHORVGHVDVWUHVHQORVSDtVHVOODPDGRVGHOWHUFHUPXQGRKDELWXDOPHQWHHVWiQ UHODFLRQDGRVFRQSUREOHPDVGHGHVDUUROORQRUHVXHOWRORFXDO KDFHDODVFRPXQLGDGHVPiVYXOQHUDEOHVDORV IHQyPHQRVGHVHQFDGHQDQWHVGHGHVDVWUHV DPHQD]DV (OGHVDUUROORGHODFRPXQLGDGLPSOLFDHOSURPRYHUGLYHUVRVFDPSRVWDOHVFRPR
352&(626352'8&7,926
8WLOL]DFLyQUDFLRQDOGHORVUHFXUVRVQDWXUDOHVSURGXFFLyQ GHDOLPHQWRV\ELHQHVGH
6LVWHPDGH0DQHMR,QWHJUDOGH'HVDVWUHV FRQVXPRJDUDQWL]DUORVLQJUHVRV\HOHPSOHRGHODVSHUVRQDV
352&(626&8/785$/(6
5HODFLRQHV\GLQiPLFDVSDUDFRQVWUXLUODLGHQWLGDGGHODFRPXQLGDG
&219,9(1&,$
1RUPDVSDUDSURSLFLDUODVROLGDULGDG\UHVROYHUORVGLYHUVRVFRQIOLFWRVHODERUDGDVSRU ODPLVPDFRPXQLGDG
(63$&,26'('(&,6,21
3DUWLFLSDFLyQGHODFRPXQLGDGHQODHODERUDFLyQGHSROtWLFDV\SODQHVGHVXGHVDUUROOR
5(&5($&,21
(VSDFLRS~EOLFRSDUDSURPRFLyQGHOGHSRUWH\RWUDVDFWLYLGDGHVGHUHFUHDFLyQ\ FUHDFLyQ
5(/$&,21&2081,'$'0(',2$0%,(17(
,GHQWLILFDUORVSURFHVRVGHGHJUDGDFLyQ\GHLPSDFWRJHQHUDGRVHQORVHFRVLVWHPDVH LQWHUYHQLUSDUDUHGXFLUORV
(QUHVXPHQORJUDUHOGHVDUUROORGHODFRPXQLGDGSDUWLHQGRGHODVFRQGLFLRQHVSUHYLDVDOGHVDVWUH\ODV DFWXDOHVSDUDFRQVWUXLUXQDFRPXQLGDGTXHVDWLVIDJDODVQHFHVLGDGHVGHOGHVDUUROORKXPDQR SHURHVWR UHTXLHUHGHWHUPLQDUFRPRFRQRFHUHQWHQGHU\SODQWHDUODVQHFHVLGDGHV 7RGRHVWRSDUDSRGHUGLVPLQXLUODYXOQHUDELOLGDGGHODFRPXQLGDGDORVGHVDVWUHV\PHMRUDUVXFDOLGDGGHYLGD HQGLYHUVRVFDPSRV
3/$1(6'('(6$552//23$57,&,3$7,92
(QHOFRQWH[WRDQWHULRUODIRUPXODFLyQGHXQSODQGHGHVDUUROORFRQODSDUWLFLSDFLyQGHODFRPXQLGDG SHUMXGLFDGDSRUHOGHVDVWUHHVWDUiGLULJLGDDSRWHQFLDUORVSURFHVRVFXPXQLWDULRV\ODXWLOL]DFLyQGHVXV UHFXUVRVJHQHUDQGRXQDGLQiPLFDSDUWLFLSDWLYD\GHDXWRJHVWLyQDFRUGHFRQODE~VTXHGDGHXQDPHMRU FDOLGDGGHYLGD FRQYRFDQGRDGLYHUVDVHQWLGDGHV HVWDWDOHV\SULYDGDV HQODIRUPXODFLyQILQDQFLDFLyQ\ HMHFXFLyQGHSURJUDPDV\SUR\HFWRVDPHGLDQR\ODUJRSOD]R
2%-(7,926*(1(5$/(6 x x
'LVHxDU\IRUPXODUHOSODQGHGHVDUUROORFRQODSDUWLFLSDFLyQDFWLYDGHODFRPXQLGDG ,QWHJUDUHOFRQRFLPLHQWR\YLYHQFLDVGHODFRPXQLGDGSHUMXGLFDGDFRQHOFRQRFLPLHQWR\ODV WpFQLFDVGHODVGLYHUVDVLQVWLWXFLRQHV\RUJDQL]DFLRQHV
2%-(7,926(63(&,),&26 x x
x x x
'LVHxDULQVWUXPHQWRVGHFDSDFLWDFLyQ 'HWHUPLQDUDWUDYpVGHODLQYHVWLJDFLyQ\ODFRQFHUWDFLyQGHODFRPXQLGDGHOGLVHxRSDUDOD LPSOHPHQWDFLyQGHSUR\HFWRV x 3URGXFWLYRV x 'H&RPXQLFDFLyQ x (GXFDFLyQ x 3UR\HFFLyQ&XOWXUDO 3URSLFLDUTXHODFRPXQLGDGLPSOHPHQWHXQPDQHMRDGHFXDGRGHVXVUHFXUVRVQDWXUDOHV ,PSOHPHQWDUDFFLRQHVGHSUHYHQFLyQPLWLJDFLyQ\SUHSDUDFLyQ 'HWHUPLQDUORVPHFDQLVPRVGHHMHFXFLyQVHJXLPLHQWRHYDOXDFLyQ\DMXVWHGHOSODQFRQOD FRPXQLGDG\ORVDFWRUHVFRPSURPHWLGRV
6LVWHPDGH0DQHMR,QWHJUDOGH'HVDVWUHV x
(VWUXFWXUDUJUXSRVGHWUDEDMRLQWHUGLVFLSOLQDULRVTXHSRVLELOLWHQHOGHEDWHGLVHxR\HMHFXFLyQGH SURSXHVWDVGHOSODQ
$5($6'(&2%(5785$ x x x x x
$VHQWDPLHQWRVKXPDQRV 0HGLRDPELHQWH 'HVDUUROORHFRQyPLFRVXVWHQWDEOH 'HVDUUROORVRFLRFRPXQLWDULR 'HVDUUROORLQVWLWXFLRQDO\DGPLQLVWUDWLYR
0(72'2/2*,$'(/ 75$%$-2(15('(662&,$/(6
(QWUHORVSRVLEOHVXVRVGHODPHWRGRORJtDGHUHGHVVHTXLHUHGHVWDFDUVXHPSOHRHQHOFDPSRVRFLDO DSOLFiQGRORDODRUJDQL]DFLyQGHOWUDEDMRSDUDHOGHVDUUROORGHODFRPXQLGDGSHUMXGLFDGDSRUHOGHVDVWUH GHQWURGHODSRVLELOLGDGGHDSRUWDUDODFRPSUHQVLyQGHODVUHODFLRQHVVRFLDOHVHQXQFRQWH[WRHQTXHVRQ P~OWLSOHVORVDFWRUHV\SUREOHPDVDHQIUHQWDU\SRUHQGHODVDFWLYLGDGHVSDUDVXSHUDUHVWDVLWXDFLyQGLItFLO 3RGHPRVGHILQLUODUHGVRFLDOFRPRXQVLVWHPDKXPDQRDELHUWRFRRSHUDWLYR\GHSURSyVLWRFRQVWUXFWLYRHO FXDODWUDYpVGHXQLQWHUFDPELRGLQiPLFR GHHQHUJtDPDWHULDHLQIRUPDFLyQ HQWUHVXVLQWHJUDQWHVSHUPLWHOD SRWHQFLDOL]DFLyQGHORVUHFXUVRVTXHSRVHHQ (VWDGHILQLFLyQGHUHGVRFLDOODSRGHPRVDSOLFDUDODRUJDQL]DFLyQGHOSURFHVRGHOGHVDUUROORGHODFRPXQLGDG SHUMXGLFDGDSRUHOGHVDVWUH &DGDGtDFREUDPD\RUDFWXDOLGDGODWHPiWLFDGHUHGHV HQQXHVWURPHGLRDVXPLHQGRP~OWLSOHVDFHSFLRQHV\ RULHQWDFLRQHV 3DUDHOWHPDTXHHVWDPRVWUDWDQGRSRGHPRVWHQHUHQFXHQWDHVWRVGRVDVSHFWRV x (OWUDEDMRHQUHGHVFRPRXQPHFDQLVPRRUJDQL]DWLYR x $QiOLVLVHPStULFRGHLQWHUDFFLRQHV\DHVWDEOHFLGDV\DVHD HQWUHSHUVRQDVRUJDQL]DFLRQHVRHQWUH GLVWLQWRVJUXSRVGHODFRPXQLGDGSDUDFRPSUHQGHUODVRUJDQL]DFLRQHVVRFLDOHV 'HHVWDIRUPDHOWUDEDMRHQUHGHVSXHGHWHQHUP~OWLSOHVHQIRTXHVSDUDVXDSOLFDFLyQHQHOGHVDUUROORGHOD FRPXQLGDGSHUMXGLFDGDSRUHOGHVDVWUHWDOHVFRPR x 5HGHVVRFLDOHV x 5HGHVGHUHVSXHVWDVRFLDO x 5HGHVGHVHUYLFLRV SHMVDOXG x $QiOLVLVHPStULFRGHUHGHV (QODSUiFWLFDSRGHPRVLGHQWLILFDUGLYHUVRVWLSRVGHUHGHVWDOHVFRPR x 5HGHVGHLQIRUPDFLyQ x 5HGHVGHLQYHVWLJDFLyQ x 5HGHV GHDFFLyQ x 5HGHVGHFRQFLHQWL]DFLyQ x 5HGHVGHJUXSRVGHILQDQFLDFLyQ (OWUDEDMRHQUHGVHFRQIRUPDSRUXQJUXSRGHSHUVRQDVRLQVWLWXFLRQHVTXHWUDEDMDQHQXQiUHDGHpQIDVLV SDUWLFXODU\GHLQWHUpVFRP~Q'HHVWDIRUPDODUHGHVXQHVSDFLRGHUHIOH[LyQLQYHVWLJDFLyQGLVFXVLyQ\ DFFLyQVREUHXQWHPDGHWHUPLQDGR /RFXDOSHUPLWHXQLILFDUFRQFHSWRV\ORJUDUXQSURFHVRGHLQWHUDFFLyQTXHSRWHQFLDHVIXHU]RV SDUDSRU HMHPSORHQQXHVWURFDVRHOGHVDUUROORGHODFRPXQLGDGSHUMXGLFDGDSRUHOGHVDVWUH (QJHQHUDOVHFRQVLGHUDODUHGFRPRXQHVSDFLRGHLQWHUFDPELRGHH[SHULHQFLDVFRQXQPHFDQLVPRGH RUJDQL]DFLyQHLQWHUDFFLyQDOUHGHGRUGHiUHDVGHpQIDVLVRWHPiWLFDVSXGLHQGRVHUDVXPLGDFRPRHVWUDWHJLD GHFRRUGLQDFLyQIXQFLRQDOSDUDODSUHVWDFLyQGHVHUYLFLRV
35,&,3,26%$6,&26'(/75$%$-2(15('(6 x x x x x
5HTXLHUHHODSR\RGHHVWDPHQWRVSROtWLFRV 'HILQLUWHPDFRQFUHWR 'HWHUPLQDUORVREMHWLYRV\FULWHULRVGHDFFLyQ (VWDEOHFHUXQFRPLWpLQWHULQVWLWXFLRQDOLQWHUVHFWRULDO\FRQSDUWLFLSDFLyQGHODFRPXQLGDG &DGDSDUWLFLSDQWHGHEHDVXPLUXQUROSDUDODHMHFXFLyQ
6LVWHPDGH0DQHMR,QWHJUDOGH'HVDVWUHV x x x
(VWDEOHFHUXQDLPDJHQTXHUHVSDOGHODHVWUXFWXUDGHOJUXSR 0DQHMDUXQSUHVXSXHVWRLQGHSHQGLHQWH /DUHGQRHVSURSLHGDGGHQLQJXQDLQVWLWXFLyQVXOLGHUD]JRGHEHVHUURWDWLYRGHSHQGLHQGRGHOWHPD \GHODIDVHGHOSURFHVR
*$1$&,$6'(/75$%$-2(15('(6 x x x
&RQIRUPDFLyQGHSODQHVGHDFFLyQ 3RWHQFLDOL]DUORVUHFXUVRVGHORVPLHPEURVGHODUHG 0HMRUDUODUHFRQVWUXFFLyQ\HOGHVDUUROORGHODFRPXQLGDGSHUMXGLFDGDSRUHOGHVDVWUH
/,0,7$&,21(63$5$(/75$%$-2(15('(6
x )DOWDGHFRPSURPLVRGHORVPLHPEURVGHODUHG x 'LVFRQWLQXLGDGHQVXSDUWLFLSDFLyQ x 'HOLPLWDFLyQLQDGHFXDGDGHOiUHDGHDFFLyQ x &DUHQFLDGHVLVWHPDWL]DFLyQGHSURFHVRV x 'LILFXOWDGHQHOPDQHMRDGPLQLVWUDWLYR x )DOWDGHUHFXUVRVILQDQFLHURV /DPHWRGRORJtDGHOWUDEDMRHQUHGHVVRFLDOHVSXHGHVHUXWLOL]DGDSDUDRUJDQL]DUODVDFFLRQHVGHODVP~OWLSOHV HQWLGDGHVTXHSDUWLFLSDQGHOSURFHVRGHOGHVDUUROORGHODFRPXQLGDGSHUMXGLFDGDSRUHOGHVDVWUHFRQOD SDUWLFLSDFLyQFRPXQLWDULDDFWLYD\WHQLHQGRHQFXHQWDORVSULQFLSLRVSDUDHPSOHDUODODVJDQDQFLDVSRUKDFHUOR \ODVOLPLWDFLRQHVSDUDVXXVRDGHFXDGR
3$57,&,3$&,21&2081,7$5,$
FRPRVHKDPHQFLRQDGRDQWHULRUPHQWHODFRPXQLGDGSHUMXGLFDGDSRUHOGHVDVWUHGHEHSDUWLFLSDUHQXQSDSHO SURWDJyQLFRHQHOSURFHVRGHVXSURSLRGHVDUUROORDVRFLDGRLQLFLDOPHQWHDODUHFRQVWUXFFLyQGHORVHIHFWRVGHO GHVDVWUH\SRVWHULRUPHQWHLQFOX\HQGRDFFLRQHVGHSUHYHQFLyQ\PLWLJDFLyQ/RJUDQGRSRUVLPLVPDFRQ DSR\RH[WHUQRPHMRUDUVXVFRQGLFLRQHVGHYLGDHQGLYHUVDVGLPHQVLRQHV 3RGHPRVFRQVLGHUDUGRVQLYHOHV SDUDHVWDSDUWLFLSDFLyQFRPXQLWDULD
'(&,625,2
(QHOFXDOODFRPXQLGDGSHUMXGLFDGDSRUHOGHVDVWUHRUJDQL]DFLRQHVFtYLFDV\DJHQWHV H[WHUQRVDGRSWDQ\GHVDUUROODQSODQHVGHDFFLyQFRQMXQWRV
(-(&8725
'HQWURGHOFXDOVHSXHGHQFRQVLGHUDUGRVWLSRV x
3$57,&,3$&,21),6&$/,=$'25$ 'RQGHODFRPXQLGDGGLVSRQHGHDOJXQDV IRUPDVGHFRQWUROGLUHFWRHQODHMHFXFLyQGHODVSROtWLFDVDGPLQLVWUDWLYDV\OD UHDOL]DFLyQGHSURJUDPDVFRQFHUWDGRV x 3$57,&,3$&,21&217(67$7$5,$ 4XHQRFRUUHVSRQGHDFRQYRFDWRULDVGHVGH ODHVWUXFWXUDDGPLQLVWUDWLYDJXEHUQDPHQWDOVLQRGHSURFHVRVVRFLDOHVHQIUHQWDGRV DOHVWDGR (QODVUHODFLRQHVHQWUHODVFRPXQLGDGHV\ODVLQVWLWXFLRQHVWHQLHQGRHQFXHQWDODVGLIHUHQWHVSHUVSHFWLYDVFRQ ODVFXDOHVSXHGHYHUVHODSDUWLFLSDFLyQFREUDLPSRUWDQFLDODIRUPDGHDERUGDUORVSURFHVRVFRPXQLWDULRV SDUDORFXDOSRGHPRVFODVLILFDUORVFRPRH[WHUQRVHLQWHUQRV
$%25'$-((;7(512
/DSDUWLFLSDFLyQGHODFRPXQLGDGTXHGDUHVWULQJLGDVLJQLILFDWLYDPHQWH FRQVLVWHHQ DSRUWDUODLQIRUPDFLyQUHTXHULGDVHUXVXDULRREHQHILFLDULRGHORVVHUYLFLRV\ SURJUDPDVLPSOHPHQWDGRVRFRODERUDUFRQODHMHFXFLyQGHDOJXQDVWDUHDV(QHOPHMRU GHORVFDVRVVHOHSHUPLWHXQSDSHODFWLYRHQODSXHVWDHQPDUFKDGHSURJUDPDV
6LVWHPDGH0DQHMR,QWHJUDOGH'HVDVWUHV $%25'$-(,17(512
%XVFDSURPRYHUODSDUWLFLSDFLyQDFWLYDGHODFRPXQLGDGWDQWRHQHOHVWXGLR\ FRPSUHQVLyQVXVSUREOHPiWLFDVFRPRHQODSODQHDFLyQGHSURSXHVWDVGHDFFLyQVX HMHFXFLyQODHYDOXDFLyQGHORVUHVXOWDGRV\ODUHIOH[LyQVREUHHOSURFHVRYLYLGR (VWHWLSRGHSDUWLFLSDFLyQWLHQHHQVLPLVPDXQDIXQFLyQHGXFDWLYD\RUJDQL]DWLYD GHWHUPLQDQWHHQHOSURFHVRFRPXQLWDULR
(VLPSRUWDQWHWHQHUHQFXHQWDTXHHQODSUDFWLFDGHORVWUDEDMRVFRPXQLWDULRVQRVLHPSUHHVSRVLEOHGLVWLQJXLU WDQQtWLGDPHQWHXQRXRWURDERUGDMHFRQIUHFXHQFLDORTXHVHSUHVHQWDHVXQDPH]FODGHHVWRVFRQODV GLILFXOWDGHVTXHLPSOLFDFRPELQDUHQIRTXHVFRQWUDULRV /DVIRUPDVGHSDUWLFLSDFLyQFRPXQLWDULDHQXQFLDGDVDFRQWLQXDFLyQQRVHSUHVHQWDQHQIRUPDSXUDQLVH H[FOX\HQPXWXDPHQWH\VRQYLVWDVGHVGHODySWLFDGHODVUHODFLRQHVGHSRGHUHLQIOXHQFLDVREUHORVSODQHVGH ODFRPXQLGDGFRQORVDJHQWHVH[WHUQRV LQVWLWXFLRQHVJRELHUQRHWF x &RODERUDFLyQ x &RJHVWLyQ x $XWRJHVWLyQ x 1HJRFLDFLyQ &RQWRGRORDQWHULRUVHEXVFDGDUXQDRULHQWDFLyQSDUDHODQiOLVLVGHODVSRVLEOHVIRUPDVHQTXHODFRPXQLGDG SHUMXGLFDGDSRUHOGHVDVWUHSXGHSDUWLFLSDUHQHOSURFHVRGHORJUDUVXSURSLRGHVDUUROORDSURYHFKDQGRTXH HQHOSRVWLPSDFWRQRUPDOPHQWHVHPRYLOL]DQJUDQFDQWLGDG GHUHFXUVRV\HQWLGDGHVGHDSR\RH[WHUQR
*/26$5,2
ODVGHILQLFLRQHVGHWLSRVGHGHVDVWUHVIXHURQFRPSLODGDVSRUHO&HQWURGH,QYHVWLJDFLyQVREUH HSLGHPLRORJtDGHORV'HVDVWUHV &5(' \VHEDVDQHQXQJORVDULRHODERUDGRSRUOD2ILFLQDGHO &RRUGLQDGRUGHODV1DFLRQHV8QLGDVSDUDHO6RFRUURHQ&DVRVGH'HVDVWUH 81'52 DFWXDO 'HSDUWDPHQWRGH$VXQWRV+XPDQLWDULRV '+$ (OFRPLWpFLHQWtILFR\WpFQLFRGHO'HFHQLR,QWHUQDFLRQDO SDUDOD5HGXFFLyQGHORV'HVDVWUHV1DWXUDOHV ',5'1 WDPELpQFRQWULEX\yDODIRUPXODFLyQGHORV WpUPLQRVTXHILJXUDQDFRQWLQXDFLyQ /RVWpUPLQRVPpGLFRVVRQWRPDGRVGHGLYHUVRVGLFFLRQDULRV\WH[WRVHVSHFLDOL]DGRVHQWUDXPD
$
$&&,'(17(,1'8675,$/7(&12/Ï*,&2 OLEHUDFLyQDFFLGHQWDORFXUULGDGXUDQWHODSURGXFFLyQ WUDQVSRUWH\PDQHMRGHVXVWDQFLDVTXtPLFDVSHOLJURVDV $)(&7$'2 YtFWLPDGHOGHVDVWUHTXHUHTXLHUHDSR\ROLPLWDGRSDUDUHFXSHUDUVHGHORVGDxRVSURGXFLGRVSRU HOGHVDVWUHSRUXQPHQRUJUDGRGHQHFHVLGDGHVEiVLFDVLQVDWLVIHFKDVDFDXVDGHpVWHFRQUHSHFWRDO GDPQLILFDGR $/$50$ DYLVRVRVHxDOHVSRUORVFXDOHVVHLQIRUPDDODFRPXQLGDGSDUDTXHVLJDQLQVWUXFFLRQHV HVSHFtILFDVGHHPHUJHQFLDGHELGRDODSUHVHQFLDUHDORLQPLQHQWHGHXQDDPHQD]D $/%(5*8('(3$62 VLWLRVHJXURGRQGHODFRPXQLGDGVHXELFDSDUDUHIXJLDUVHGHOGHVDVWUH LQPHGLDWDPHQWHGHVSXpVGHOLPSDFWRXWLOL]DGRPLHQWUDVVHUHDOL]DHOUHJLVWURYHULILFDFLyQ\DFUHGLWDFLyQGH ODVIDPLOLDVGDPQLILFDGDV\ODSUHSDUDFLyQGHODORMDPLHQWRWHPSRUDO $/(57$ SHUtRGRDQWHULRUDODRFXUUHQFLDGHXQGHVDVWUHGHFODUDGRFRQHOILQGHWRPDUSUHFDXFLRQHV HVSHFtILFDVGHELGRDODSUREDEOH\FHUFDQDRFXUUHQFLDXQGHVDVWUH $/2-$0,(1727(0325$/ FRPRXQDOEHUJXHSUHYLRDODVYLYLHQGDVGHILQLWLYDVRVLPSOHPHQWHQ UHIXJLRPLHQWUDVODVYLYLHQGDVDIHFWDGDVSXHGHQKDELOLWDUVHGHQXHYR&DEHDQRWDUTXHFXDQWRDQWHVFRPLHQFH HOSURFHVRGHUHFRQVWUXFFLyQWDQWRPHQRUHVVHUiQORVFRVWRVVRFLDOHV\HFRQyPLFRVGHOGHVDVWUH $0%Ò PDUFDUHJLVWUDGDGHDOJXQRVHOHPHQWRVSDUDSURFHGLPLHQWRV\HQWUHQDPLHQWRHQUHDQLPDFLyQ +DELWXDOPHQWHXWLOL]DGRSRUHOSHUVRQDOGHVDOXGSDUDGHVLJQDUDOVLVWHPDGHEROVDDXWRLQIODEOHYiOYXOD XQLGLUHFFLRQDO\PDVFDUD RWXERHQGRWUDTXHDO XWLOL]DGRSDUDYHQWLODUDXQSDFLHQWHGXUDQWHODUHDQLPDFLyQ
6LVWHPDGH0DQHMR,QWHJUDOGH'HVDVWUHV $0(1$=$ IDFWRUH[WHUQRDXQDFRPXQLGDGH[SXHVWD RDXQVLVWHPDH[SXHVWR UHSUHVHQWDGRSRUOD SRWHQFLDORFXUUHQFLDGHXQIHQyPHQR RDFFLGHQWH GHVHQFDGHQDQWHHOFXDOSXHGHSURGXFLUXQGHVDVWUHDO PDQLIHVWDUVH $0725 PRGRGHWUDQVPLVLyQGHGDWRVSRUHOVLVWHPD7HOH[2YHU5DGLRSXHGHFRPXQLFDUDGRVHVWDFLRQHV DODYH]FRPRPi[LPRHQXQDIUHFXHQFLDGHORVPRGRVPiVDSWRVSDUDODVIUHFXHQFLDV+) !0K] $15 $VRFLDFLyQ1DFLRQDOGH5HVFDWH $3' FXUVRGH$GPLQLVWUDFLyQ3DUD'HVDVWUHVPHWRGRORJtDLQWHUQDFLRQDOLPSXOVDGDHQ/DWLQRDPpULFDSRU 86$,'2)'$ $7(1&,Ï1,1,&,$/'(85*(1&,$6 WRGDVODVDFFLRQHVUHDOL]DGDVDXQDSHUVRQDFRQSDWRORJtDGH XUJHQFLD\TXHWLHQGDQDHVWDELOL]DUODHQVXVVLJQRVYLWDOHVUHDOL]DUXQGLDJQyVWLFRGHLPSUHVLyQ\GHILQLUOHHO GHVWLQRLQPHGLDWRWRPDQGRFRPREDVHHOQLYHOGHDWHQFLyQ\HOJUDGRGHFRPSOHMLGDGGHODHQWLGDGTXH UHDOL]DUiODDWHQFLyQGHILQLWLYD $7(1&,Ï135(+263,7$/$5,$ $3+ FRPSUHQGHWRGDVODVDFFLRQHVGHUHVFDWHVDOYDPHQWR\ DWHQFLyQPpGLFDTXHVHOHEULQGDQDXQSDFLHQWHXUJHQWHHQHOVLWLRGHODHPHUJHQFLD\GXUDQWHVXWUDQVSRUWH KDFLDHOFHQWURDVLVWHQFLDOGHUHFHSFLyQRFXDQGRHVUHPLWLGRGHXQFHQWURDVLVWHQFLDODRWUR $7/6 FXUVRGH6RSRUWH9LWDO$YDQ]DGRHQ7UDXPDVXVFRQWHQLGRVVRQUHYLVDGRVFDGDFXDWURDxRVSRUHO &RPLWpGH7UDXPDGHO&ROHJLR$PHULFDQRGH&LUXMDQRVTXLHQHVSURPXHYHQVXGLIXVLyQLQWHUQDFLRQDO $9$/$1&+$ UiSLGR\UHSHQWLQRGHVOL]DPLHQWRGHPDVDVLQFRKHUHQWHVXVXDOPHQWHPH]FODVGH QLHYHKLHORPDWHULDOURFRVR 5HJUHVDUDOLQLFLRGHHVWDSiJLQD
%
%Ò648('$ FRQVLVWHHQODDSOLFDFLyQGHWpFQLFDVGHUDVWUHRORFDOL]DFLyQXELFDFLyQGHWHFFLyQGHODV YtFWLPDVGHXQGHVDVWUHRDFFLGHQWHXWLOL]DQGRSDUDHOORKHUUDPLHQWDVHVSHFLDOHVGHGHWHFFLyQYLVXDOWpUPLFD VRQRUDHOHFWUyQLFDDQLPDO SHUURVGHUHVFDWH \HVSHFLDOPHQWHUHFXUVRKXPDQR 5HJUHVDUDOLQLFLRGHHVWDSiJLQD
&
&$&+ FHQWURGHDWHQFLyQ\FODVLILFDFLyQGHKHULGRV &$/$0,'$'3Ò%/,&$ VLWXDFLyQHQODFXDOVHSUHVHQWDGDxRRDOWHUDFLyQGHODVFRQGLFLRQHVQRUPDOHVGH YLGDHQXQiUHDJHRJUiILFDGHWHUPLQDGDFDXVDGDSRUIHQyPHQRVQDWXUDOHV\SRUHIHFWRVFDWDVWUyILFRVGHOD DFFLyQGHOKRPEUHHQIRUPDDFFLGHQWDOTXHQRUHTXLHUDHQVXIDVHGHUHFXSHUDFLyQGHDFFLRQHVGH UHFRQVWUXFFLyQEDVWDQGRFRQODVGHUHKDELOLWDFLyQSDUDUHFXSHUDUODQRUPDOLGDG &$5(67Ë$20$/$&26(&+$ UHGXFFLyQDQRUPDOGHODFRVHFKDFX\RUHQGLPLHQWRHVLQVXILFLHQWHSDUD FXEULUODVQHFHVLGDGHVHFRQyPLFDV\QXWULWLYDVGHODFRPXQLGDG(VWDFODVHGHGHVDVWUHHVVLHPSUHOD FRQVHFXHQFLDGHRWURGLIHUHQWH\SRUFRQVLJXLHQWHKDGHUHJLVWUDUVHEDMRODFDXVDSULQFLSDO &,&/Ï1 HQHVWDGHQRPLQDFLyQVHLQFOX\HQORV+85$&$1(6\ORVWLIRQHV6LVWHPDFHUUDGRGHFLUFXODFLyQ DJUDQHVFDODGHQWURGHODDWPyVIHUDFRQSUHVLyQEDURPpWULFDEDMD\IXHUWHVYLHQWRVTXHURWDQHQGLUHFFLyQ FRQWUDULDDODVPDQHFLOODVGHOUHORMHQHOKHPLVIHULR1RUWH\HQGLUHFFLyQGHODVPDQHFLOODVGHOUHORMHQHO KHPLVIHULR6XU(QHO2FpDQR,QGLFR\HQHO3DFtILFRGHOVXUVHOHVGHQRPLQDDVt YHUKXUDFiQ\WLIyQ &,1Ï),/2 HTXLSRKRPEUHSHUURPiV HVSHFtILFDPHQWHHVDSOLFDGRDORSHUURVGHE~VTXHGD &,66 &RPLWp,QWHULQVWLWXFLRQDOGHO6HFWRU6DOXG &/252)/8252&$5%2126 &)& JUXSRGHFRPSRQHQWHVTXtPLFRVXVDGRVHQODLQGXVWULD\HOKRJDU GHORVFXDOHVVHVDEHTXHHOXVRH[FHVLYR\XQLYHUVDOHVXQDGHODVFDXVDVGHODJRWDPLHQWRGHOR]RQR\GH GDxRVHQHOPHGLRDPELHQWH &2( &RPLWp2SHUDWLYRGH(PHUJHQFLD &2/$362'((',),&,262(6758&785$6 ,PSOLFDHOGHUUXPEDPLHQWRUHSHQWLQRGHXQD FRQVWUXFFLyQHQDXVHQFLDGHWRGDIXHU]DH[WHULRU(QXQVHQWLGRPiVDPSOLRHOFRODSVRSXHGHVHUFDXVDGRSRU DOJ~QDJHQWHH[WHULRU WHUUHPRWRVWRUQDGRVH[SORVLRQHVHWF HOGHVDVWUHGHEHUHJLVWUDUVHEDMRHOIDFWRU FDXVDORULJLQDO &21)/,&726,17(51$&,21$/(6 HQIUHQWDPLHQWRVEpOLFRVHQWUHODVIXHU]DVDUPDGDVGHGRVDPiV SDtVHV3XHGHQGDURULJHQDPRYLPLHQWRVHQJUDQHVFDODGHUHIXJLDGRV\SHUVRQDVGHVSOD]DGDV &21)/,&7261$&,21$/(6 GLVWXUELRVFLYLOHVJXHUUDFLYLO KRVWLOLGDGHVHQWUHJUXSRVDUPDGRVGHXQ PLVPRSDtVTXHWLHQHQOXJDUGHQWURGHVXVIURQWHUDV/RVHQIUHQWDPLHQWRVSXHGHQSODQWHDUSUREOHPDV VDQLWDULRVPDVLYRVFRPRHSLGHPLDVIDOWDGHDJXDSRWDEOHDFXPXODFLyQGHEDVXUDGHVSOD]DPLHQWRGH SHUVRQDVUHIXJLDGRVFDUHVWtDKDPEUHHWF
6LVWHPDGH0DQHMR,QWHJUDOGH'HVDVWUHV &217$0,1$&,Ï1 GHJUDGDFLyQGHXQRRPiVHOHPHQWRVRDVSHFWRVGHOPHGLRDPELHQWHGHELGRD GHVSHUGLFLRVLQGXVWULDOHVTXtPLFRVRELROyJLFRVQRFLYRVSURYHQLHQWHVGHGHVHFKRVGHSURGXFWRVKHFKRVSRU HOKRPEUH\GHPDOPDQHMRGHORVUHFXUVRVQDWXUDOHV\DPELHQWDOHV &217$0,1$&,Ï1$7026)e5,&$ HQUDUHFLPLHQWRGHODDWPyVIHUDGHELGRDJDVHVVyOLGRV\UDGLDFLyQ FRPRUHVXOWDGRGHODTXHPDGHXQFRPEXVWLEOHQDWXUDORDUWLILFLDOGHSURFHVRVTXtPLFRVHLQGXVWULDOHVDVt FRPRGHH[SORVLRQHVQXFOHDUHV &217$0,1$&,Ï13253(75Ï/(2 FRQWDPLQDFLyQGHRFpDQRVODJRV\UtRV5HVXOWDGHOYHUWLGRGH KLGURFDUEXURV SRUORJHQHUDOSHWUyOHR\FUXGRV DFFLGHQWDORSURYRFDGRDSDUWLUGHFLVWHUQDVEXTXHVWDQTXH \ROHRGXFWRVGXUDQWHHOWUDQVSRUWHRHODOPDFHQDPLHQWR/DVPDUHDVQHJUDVVRQGHSyVLWRVGHJUDQGHV YRO~PHQHVGHKLGURFDUEXURVTXHFXEUHQODV]RQDVFRVWHUDVGHPDUHDRFDVLRQDGRVSRUGHUUDPHVRYHUWLGRV DFFLGHQWDOHVTXHVXHOHQRFXUULUGXUDQWHWRUPHQWDVRFROLVLRQHV &217$0,1$&,Ï148Ë0,&$ FRQWDPLQDFLyQUHSHQWLQDGHODJXDRGHODLUHHQODVLQPHGLDFLRQHVGHODV ]RQDVLQGXVWULDOHVTXHSURYRFDQGHVRUGHQHVRUJiQLFRVTXHSXHGHQVHUIDWDOHVSDUDHOVHUKXPDQRR DIHFFLRQHVH[WHUQDVTXHGHMDQVHFXHODVSHUPDQHQWHVHQODSLHORDOJ~QRWURyUJDQR &3, FXUVRGH&DSDFLWDFLyQ3DUD,QVWUXFWRUHVPHWRGRORJtDLQWHUQDFLRQDOLPSXOVDGDHQ/DWLQRDPpULFDSRU 86$,'2)'$ &5$03 HVFDODGHYDORUDFLyQGHSDFLHQWHVSROLWUDXPDWL]DGRVFUHDGDHQ FDGDOHWUDFRUUHVSRQGHDORV VLVWHPDVTXHHYDO~DDVDEHU &LUFXODWRULR5HVSLUDWRULR$EGRPHQ0RWRU\3DODEUD &5(&,'$5(3(17,1$ YROXPHQGHDJXDGHDFXPXODFLyQV~ELWD\GHJUDQFDXGDO FDXVDLQXQGDFLRQHV\ SRUVXQDWXUDOH]DHVGLItFLOGHSUHYHU &5,67$/2,'(6 OtTXLGRVSDUDDGPLQLVWUDFLyQLQWUDYHQRVDVHGHQRPLQDQDVtSRUTXHDOHYDSRUDUWRGDHO DJXDVXVFRPSRQHQWHVDGTXLHUHQIRUPDGHFULVWDOHV(QUHDQLPDFLyQVHUHILHUHSULQFLSDOPHQWHDOD6ROXFLyQ 6DOLQDDO \DOD6ROXFLyQGH/DFWDWR5LQJHU &5Ë7,&2 3$&,(17(2/(6,21$'2 (VWRGRSDFLHQWHFX\DYLGDGHSHQGDGHVXDWHQFLyQLQPHGLDWD 5HJUHVDUDOLQLFLRGHHVWDSiJLQD
'
'$01,),&$'2 YtFWLPDTXHQRVXIULyQLQJXQDOHVLyQHQVXFXHUSRSHURSHUGLyODHVWUXFWXUDGHVRSRUWHGH VXVQHFHVLGDGHVEiVLFDVFRPRYLYLHQGDPHGLRGHVXEVLVWHQFLDHWF '(35(6,217523,&$/ VHIRUPDQVREUHORVPDUHVDELHUWRV\VHFDUDFWHUL]DQSRUVXVYLHQWRVFRQXQD YHORFLGDGPHQRUDORVNPKDFRPSDxDGRVGHOOXYLDVWRUUHQFLDOHV '(5580%((10,1$62+81',0,(172'(*$/(5Ë$6 GHVDVWUHTXHVHSURGXFHHQH[FDYDFLRQHV VXEWHUUiQHDV&XDQGRRFXUUHXQKXQGLPLHQWRVXEWHUUiQHRVHGHVSUHQGHSDUWHGHOPDWHULDOURFRVRTXHUHFXEUH ODVJDOHUtDVEORTXHiQGRODV '(6$675( VXFHVRTXHFDXVDDOWHUDFLRQHVLQWHQVDVHQODVSHUVRQDVORVELHQHVORVVHUYLFLRV\HOPHGLR DPELHQWHH[FHGLHQGRODFDSDFLGDGGHUHVSXHVWDGHODFRPXQLGDGDIHFWDGD '(6$675('(/$1$9(*$&,Ï1$e5($ FRPSUHQGHWRGRVORVLPSDFWRVYLROHQWRVGHDHURQDYHVTXH WUDQVSRUWDQSDVDMHURVRFDUJD '(6$675('(/75$163257(0$5Ë7,02 VHUHILHUHDEXTXHV(VWDVHPEDUFDFLRQHVSXHGHQ KXQGLUVHGXUDQWHXQDWHPSHVWDGH[SORWDULQFHQGLDUVHHQWUDUHQFROLVLyQFRQXQQDYtRHVWUHOODUVHFRQWUDXQ LFHEHUJRHVFROOR]R]REUDURGHVDSDUHFHUVLQGHMDUUDVWUR '(6$675('(/75$163257(7(55(675( FRPSUHQGHODVFROLVLRQHVRGHVFDUULODPLHQWRGHWUHQHVX RWURVYHKtFXORVGHWUDQVSRUWHGHFDUJDRGHSDVDMHURVWDQWRHQ]RQDVXUEDQDVFRPRUXUDOHV '(6(57,),&$&,Ï1 SURFHVRSRUHOFXDOXQD]RQDTXH\DHViULGDVHYXHOYHPiVHVWpULOPHQRVFDSD]GH UHWHQHUYHJHWDFLyQKDVWDFRQYHUWLUVHSURJUHVLYDPHQWHHQGHVLHUWR/DGHVHUWLILFDFLyQVXHOHVHUODFDXVDGH GHVDVWUHVDODUJRSOD]R HVWRV~OWLPRVKDQGHUHJLVWUDUVHFRPRFRQVHFXHQFLDV '(6/,=$0,(172'(7,(55$ PRYLPLHQWRVKDFLDDIXHUDRFXHVWDDEDMRGHPDWHULDOHVTXHIRUPDQ ODGHUDV URFDVQDWXUDOHV\WLHUUD 6RQGHVHQFDGHQDGRVSRUOOXYLDVWRUUHQFLDOHVODHURVLyQGHORVVXHORV\ WHPEORUHVGHWLHUUDSXGLHQGRSURGXFLUVHWDPELpQHQ]RQDVFXELHUWDVSRUJUDQGHVFDQWLGDGHVGHQLHYH DYDODQFKDV '+$81'52 'HSDUWDPHQWRGH$VXQWRV+XPDQLWDULRV '+$ DQWHULRUPHQWHGHQRPLQDGRFRPROD2ILFLQD GHO&RRUGLQDGRUGHODV1DFLRQHV8QLGDVSDUDHO6RFRUURHQ&DVRVGH'HVDVWUH 81'52 ',5'1 'HFHQLR,QWHUQDFLRQDOSDUDOD5HGXFFLyQGHORV'HVDVWUHV1DWXUDOHV '13$' 'LUHFFLyQ1DFLRQDOSDUDOD3UHYHQFLyQ\$WHQFLyQGH'HVDVWUHV 5HJUHVDUDOLQLFLRGHHVWDSiJLQD
6LVWHPDGH0DQHMR,QWHJUDOGH'HVDVWUHV
(
(0(5*(1&,$ VLWXDFLyQTXHDSDUHFHFXDQGRHQODFRPELQDFLyQGHIDFWRUHVFRQRFLGRVVXUJHXQ IHQyPHQRRVXFHVRTXHQRVHHVSHUDEDHYHQWXDOLQHVSHUDGR\GHVDJUDGDEOHSRUFDXVDUGDxRVRDOWHUDFLRQHV HQODVSHUVRQDVORVELHQHVORVVHUYLFLRVRHOPHGLRDPELHQWHVLQH[FHGHUODFDSDFLGDGGHUHVSXHVWDGHOD FRPXQLGDGDIHFWDGD (3,'(0,$ DXPHQWRLQXVXDORDSDULFLyQGHXQQ~PHURVLJQLILFDWLYRGHFDVRVGHXQDHQIHUPHGDGLQIHFFLRVD TXHVHPDQLILHVWDFRQXQDIUHFXHQFLDPD\RUDODFXDOQRUPDOPHQWHVHSUHVHQWDHQHVDUHJLyQRSREODFLyQ/DV HSLGHPLDVSXHGHQWDPELpQDWDFDUDORVDQLPDOHVGHVHQFDGHQDQGRGHVDVWUHVHFRQyPLFRVHQODVUHJLRQHV DIHFWDGDV (583&,Ï192/&È1,&$ 'HVFDUJDGHIUDJPHQWRVHQHODLUHRHQHODJXDGHODYD\JDVHVDWUDYpVGHO FUiWHUGHXQYROFiQRGHODVSDUHGHVGHOHGLILFLRYROFiQLFR (9$&8$&,Ï1 SHUtRGRGXUDQWHHOFXDOODFRPXQLGDGUHVSRQGHDODLQPLQHQFLDGHOGHVDVWUHUHXELFiQGRVH SURYLVLRQDOPHQWHHQXQD]RQDVHJXUD (;3/26,Ï1(181$0,1$ H[SORVLyQTXHVHSURGXFHFXDQGRHOPHWDQRRHOSROYRGHKXOOD JULV~ UHDFFLRQDQDOFRQWDFWRFRQHODLUH (;3/26,Ï118&/($527(50218&/($5 LQFOX\HXQHVFDSHDFFLGHQWDOGHUDGLDFLyQTXHRFXUUH HQLQVWDODFLRQHVQXFOHDUHVFLYLOHV\TXHH[FHGHQORVQLYHOHVGHVHJXULGDGHVWDEOHFLGRVLQWHUQDFLRQDOPHQWH (;3/26,Ï148Ë0,&$ GHVWUXFFLyQYLROHQWDSURYRFDGDSRUODH[SORVLyQGHPDWHULDVFRPEXVWLEOHVFDVL VLHPSUHGHQDWXUDOH]DTXtPLFD 5HJUHVDUDOLQLFLRGHHVWDSiJLQD
)
)/8-263,52&/È67,&26 DYDODQFKDVLQFDQGHVFHQWHV IRUPDGRVSRUPDJPDIUHVFRTXHSXHGHQ DOFDQ]DUWHPSHUDWXUDV GHKDVWDJUDGRV(OIOXMRSLURFOiVWLFRVHFRPSRQHGHIUDJPHQWRVGHURFD SURYHQLHQWHVGHODHUXSFLyQTXHVXVSHQGLGRVHQXQDQXEHGHJDVHV\PDWHULDOHVHQUiSLGDH[SDQVLyQVH SUHFLSLWDQODGHUDDEDMRDYHORFLGDGHVGHKDVWDYDULRVFLHQWRVGHNLOyPHWURVSRUKRUDDOFDQ]DQGRQRUPDOPHQWH GLVWDQFLDVGHNP\HQUDUDVRFDVLRQHVKDVWDNPGHVGHHOOXJDUGHODFRQWHFLPLHQWR(VWDFODVHGH HUXSFLRQHVHVODPiVSHOLJURVD )/8-2'(7,(55$ PRYLPLHQWRPDVLYRFDUDFWHUL]DGRSRUHOWUDVODGRFXHVWDDEDMRGHWLHUUD\URFD GHVJDVWDGDSDUDOHORDOGHVOL]DPLHQWRVGHWLHUUD 5HJUHVDUDOLQLFLRGHHVWDSiJLQD
*
*(67,Ï1 FRQMXQWRGHUHJODVSURFHGLPLHQWRV\PpWRGRVRSHUDWLYRVSDUDOOHYDUDFDERFRQHILFDFLD\ HILFLHQFLDODDFFLyQSODQLILFDGD */$6*2: (6&$/$'(/&20$'( LGHDGDFRQHOILQGHHYDOXDUHOHVWDGRGHFRQFLHQFLDGHORV SDFLHQWHVFRQWUDXPDFUiQHRHQFHIiOLFR/DHVFDODSURGXFHLQIRUPDFLyQREMHWLYD\HVIiFLOGHXVDUWDQWRSRU SHUVRQDOPpGLFRFRPRSDUDPpGLFRSRUORFXDOVHJHQHUDOL]yVXDSOLFDFLyQDWRGRSDFLHQWHQHXUROyJLFR/D HVFDODHYDO~DWUHVSDUDPHWURV DSHUWXUDRFXODUUHVSXHVWDYHUEDO\UHVSXHVWDPRWRUDFRQXQPi[LPRSXQWDMH GH\XQPtQLPRGH *5$1,=$'$ LPSDFWRGHJUDQL]RSUHFLSLWDFLyQGHSDUWtFXODVGHKLHORPiVFRUULHQWHPHQWHDVRFLDGDDODV WHPSHVWDGHVHOpFWULFDV 5HJUHVDUDOLQLFLRGHHVWDSiJLQD
+
+$0%581$ UHGXFFLyQFUtWLFDGHDOLPHQWRVTXHDIHFWDDJUDQFDQWLGDGGHSHUVRQDV(VWRHVGHELGRD UD]RQHVFOLPiWLFDVDPELHQWDOHVHFRQyPLFDV\SROtWLFDVHQWUHRWUDV +$=0$7 PDWHULDOHVSHOLJURVRGHOLQJOpVKD]DUGRXVPDWHULDOV +(027Ï5$; DFXPXODFLyQGHVDQJUHHQHOHVSDFLRSOHXUDOIUHFXHQWHPHQWHDFDXVDGHXQWUDXPDGH WyUD[SRWHQFLDOPHQWHPRUWDOSRUUHVWULFFLyQUHVSLUDWRULD\VKRFN +) VLVWHPD+) )UHFXHQFLDV$OWDV HVWHVLVWHPDWUDEDMDHQODIUHFXHQFLDGH0K]KDVWD0K]
6LVWHPDGH0DQHMR,QWHJUDOGH'HVDVWUHV +2767,&. HOHPHQWRXWLOL]DGRSRUORVJUXSRVGHE~VTXHGD\UHVFDWHFRPRGHWHFWRUGHFRUULHQWHDOWHUQDHQ ORVOXJDUHVHQORVFXDOHVVHVRVSHFKDQFDPSRVHQHUJL]DGRV +85$&È1 VRQJLJDQWHVFRVWRUEHOOLQRVDWPRVIpULFRVFRQYLHQWRVGHPiVGHNPK VHRULJLQDQHQODV ]RQDVGHFDOPDWURSLFDOHVGHVGHGRQGHVHGHVSOD]DQHQWUD\HFWRULDVDPHQXGRFDSULFKRVDVKDFLDODWLWXGHV VXSHULRUHV(QHO$WOiQWLFRRFFLGHQWDO\HO3DFtILFRRULHQWDOVHOHVGHQRPLQDDVtDORVFLFORQHV 5HJUHVDUDOLQLFLRGHHVWDSiJLQD
,
,&6 ,QFLGHQW&RPPDQG6\VWHPHVXQVLVWHPDRULJLQDOPHQWHGHVDUUROODGRHQ&DOLIRUQLD 86$ SDUD PDQHMDUHYHQWRVFRQGRVRPiVYtFWLPDVLQLFLDOPHQWHSDUDRUJDQL]DUPXFKRVJUXSRVGHERPEHURVHQ LQFHQGLRVJUDQGHV\IRUHVWDOHV\SRVWHULRUPHQWHPRGLILFDGR\DSOLFDGRDWUDYpVGHORV(VWDGRV8QLGRVHQ XQDYDULHGDGGHHYHQWRV ,03$&72 ORVHIHFWRV\ODGLPHQVLyQGHXQGHVDVWUH ,1&(1',2 HOLQFHQGLRHVFDVLVLHPSUHRFDVLRQDGRSRUODDFWLYLGDGKXPDQDSHURRFDVLRQDOPHQWHGHELGRD IHQyPHQRVQDWXUDOHV ,1&(1',2)25(67$/ LQFHQGLRHQXQERVTXHR]RQDGHPDWRUUDOHVRSDVWL]DOHVTXHFXEUHH[WHQVDV iUHDV3XHGHLQLFLDUVHSRUFDXVDVQDWXUDOHVWDOHVFRPRHUXSFLRQHVYROFiQLFDVRUD\RVRVHUFDXVDGRSRU SLUyPDQRVIXPDGRUHVGHVFXLGDGRVIRJDWDVRTXHPDV ,1)(67$&,Ï1325,16(&7262$1,0$/(6 LQYDVLyQ\GHVDUUROORGHLQVHFWRVRSDUiVLWRVTXH DIHFWDQDSHUVRQDVDQLPDOHVFRVHFKDV\PDWHULDOHV ,16$5$* GHOLQJOpVKDFHUHIHUHQFLDDXQJUXSRDVHVRULQWHUQDFLRQDOSDUDDFFLRQHVGHE~VTXHGD\UHVFDWH ,1 LQWHUQDWLRQDO6$5 VHDUFKDQGUHVFXH$ DGYLVRU\* JURXS ,168),&,(1&,$'((1(5*Ë$ LQWHUUXSFLyQWRWDORSDUFLDOGHOVXPLQLVWURGHHQHUJtDHOpFWULFDGXUDQWHXQ SHUtRGRODUJRTXHFDXVDSHUMXLFLRVFRQVLGHUDEOHVDORVVHUYLFLRV\ORVPHGLRVQRUPDOHVGHYLGD ,181'$&,Ï1&5(&,'$2$9(1,'$ DXPHQWRVLJQLILFDWLYRGHOQLYHOGHDJXDGHXQFXUVRGHDJXD ODJRUHVHUYDRUHJLyQFRVWHUD/DFUHFLGDHVXQDLQXQGDFLyQSHUMXGLFLDOGHORVELHQHV\WHUUHQRVXWLOL]DGRVSRU HOKRPEUHTXHSXHGHFODVLILFDUVHHQGRVWLSRV UiSLGDV\OHQWDV 5HJUHVDUDOLQLFLRGHHVWDSiJLQD
/
/$+$5 GHVOL]DPLHQWRVGHFHQL]DSRUODVODGHUDVGHORVYROFDQHV /(6,21$'2 YtFWLPDGHOGHVDVWUHTXHVXIULyXQWUDXPDGDxRRHQIHUPHGDGHQVXFXHUSRDFDXVDGHO GHVDVWUH //89,$È&,'$ OOXYLDTXHDUUDVWUDXQDFRQFHQWUDFLyQH[FHVLYDGHFRPSRQHQWHViFLGRVGHODDWPyVIHUD TXHSURYLHQHQGHFRQWDPLQDQWHVTXtPLFRVWDOHVFRPRFRPSXHVWRVGHVXOIXUR\QLWUyJHQR&XDQGRpVWRVVH GHSRVLWDQLQFUHPHQWDQODDFLGH]GHOVXHOR\HODJXDFDXVDQGRGDxRVDOHTXLOLEULRHFROyJLFR\ODDJULFXOWXUD 5HJUHVDUDOLQLFLRGHHVWDSiJLQD
0
0$5'(/(9$ PDUHDGHWHPSHVWDG LQFUHPHQWRV~ELWRGHOPDUFRPRUHVXOWDGRGHJUDQGHVYLHQWRV\ SUHVLRQHVDWPRVIpULFDVEDMDV DOJXQDVYHFHVOODPDGDVPDUHDVGHWRUPHQWDRODVGHWRUPHQWDRODVGHPDUHD HVWDXOWLPDGHQRPLQDFLyQGHVLJQDODVRODVRULJLQDGDVSRUODVPDUHDVOXQDUHVRVRODUHVDOLJXDOTXHODV PDUHDVRUGLQDULDV6HVXHOHDSOLFDUHUUyQHDPHQWHDORVWVXQDPLV *HQHUDOPHQWHDIHFWDVRORiUHDVFRVWHUDV SHURSXHGHLQFOXLUDOJXQDVGLVWDQFLDVWLHUUDDGHQWUR 0&, GHOLQJOpV0XOWLSOH&DVXDOW\,QFLGHQWHYHQWRFRQP~OWLSOHVYtFWLPDV2WURVORVGHQRPLQDQ0DVV &DVXDOW\,QFLGHQW YtFWLPDVHQPDVD 0,7,*$&,Ï1 HOSURSyVLWRGHODPLWLJDFLyQHVODUHGXFFLyQGHODYXOQHUDELOLGDGHVGHFLUODDWHQXDFLyQGH ORVGDxRVSRWHQFLDOHVVREUHODYLGD\ORVELHQHV 5HJUHVDUDOLQLFLRGHHVWDSiJLQD
6LVWHPDGH0DQHMR,QWHJUDOGH'HVDVWUHV
1
1$6$5 GHOLQJOpV$VRFLDFLyQ1DFLRQDOGH*UXSRVGH%~VTXHGD\5HVFDWH ((88 1(8027Ï5$; DFXPXODFLyQGHDLUHHQHOHVSDFLRSOHXUDOIUHFXHQWHPHQWHDFDXVDGHXQWUDXPDGHWyUD[ SRWHQFLDOPHQWHPRUWDOSRUUHVWULFFLyQUHVSLUDWRULD\VKRFNHQHVSHFLDOVLHVDWHQVLyQSXHGHOOHYDUDOD PXHUWHGHOSDFLHQWHHQPLQXWRV 5HJUHVDUDOLQLFLRGHHVWDSiJLQD
2
2/$'(&$/25 SHUtRGRODUJRGHWLHPSRFRQDOWDVWHPSHUDWXUDVVXSHUILFLDOHV 2/$'()5Ë2 SHUtRGRODUJRGH WLHPSRFRQWHPSHUDWXUDVH[WUHPDGDPHQWHEDMDV21* RUJDQL]DFLyQQR JXEHUQDPHQWDO 236206 2UJDQL]DFLyQ3DQDPHULFDQDGHOD6DOXG2ILFLQD6DQLWDULD3DQDPHULFDQD 2ILFLQD5HJLRQDOGHOD 2UJDQL]DFLyQ0XQGLDOGHOD6DOXG 262&& GHOLQJOpVKDFHUHIHUHQFLDDO&HQWUR&RRUGLQDGRUGH2SHUDFLRQHVHQHO6LWLR 5HJUHVDUDOLQLFLRGHHVWDSiJLQD
3
3$&.(7 VLVWHPDGHWUDQVPLVLyQGHGDWRVDVLQFUyQLFRHVGHFLUTXHSHUPLWHODFRQH[LyQGHRPiV HVWDFLRQHVSRUPHGLRGHSURWRFRORVGHWUDQVPLVLyQGHLQIRUPDFLyQSRUSDTXHWHVFRPRHO$;\HO7&3,3 3$&725 PRGRGHWUDQVPLVLyQGHGDWRVSRUHOVLVWHPD7HOH[2YHU5DGLRSXHGHFRPXQLFDUDGRV HVWDFLRQHVDODYH]FRPRPi[LPRHQXQDIUHFXHQFLDVLQFURQL]DGDXQDDFW~DFRPRHVFODYDGHODTXHLQLFLDOD FRPXQLFDFLyQ3&5 3DUR&DUGLDFR\5HVSLUDWRULR 3(5621$6'(63/$=$'$6 UHFLEHQHVWHFDOLILFDWLYRHVSHFLDOPHQWHODVSHUVRQDVGHVDUUDLJDGDVTXH SHUPDQHFHQHQHOWHUULWRULRGHVXSURSLRSDtV 3+7/6 FXUVRGH6RSRUWH9LWDO3UH+RVSLWDODULRHQ7UDXPDSDWURFLQDGRSRUOD$VRFLDFLyQ1DFLRQDOGH 7pFQLFRVHQ(PHUJHQFLDV0pGLFDVGH((88 1$(07 VHKDGHVDUUROODGRHQFRRSHUDFLyQFRQHO&RPLWp GH7UDXPDGHO&ROHJLR$PHULFDQRGH&LUXMDQRV 308 3XHVWRGH0DQGR8QLILFDGR 32%/$&,Ï1'(63/$=$'$ SHUVRQDVTXHSRUGLIHUHQWHVUD]RQHVRFLUFXQVWDQFLDVVHYLHURQREOLJDGDVD GHMDUVXVFDVDV3XHGHQYLYLURQRHQVXSDtVGHRULJHQSHURMXUtGLFDPHQWHQRVHOHVFRQVLGHUDUHIXJLDGRV/D FDXVDGHOGHVDUUDLJRIRU]RVRSXHGHQKDEHUVLGRGHVDVWUHVQDWXUDOHVGHVDVWUHVLQGXVWULDOHVFRQIOLFWRVR GLVWXUELRVLQWHUQDFLRQDOHV+D\WUHVFODVHVGHPRYLPLHQWRVHQJUDQHVFDOD HOp[RGRODH[SXOVLyQ\HO UHWRUQR/DVSHUVRQDVGHVSOD]DGDVVHOHVFODVLILFDVHJ~QORVPRWLYRVTXHKDQSURYRFDGRVXGHVSOD]DPLHQWR 35(3$5$&,Ï1 HVWiGLULJLGDDHVWUXFWXUDUODUHVSXHVWDSDUDODDWHQFLyQGHODVHPHUJHQFLDVTXH LQHYLWDEOHPHQWHVHSXHGHQSUHVHQWDUUHIRU]DQGRDVtODVPHGLGDVGHSUHYHQFLyQ\PLWLJDFLyQGHODV FRQVHFXHQFLDV 35(9(1&,Ï1 HVHTXLYDOHQWHDGHFLUTXHPHGLDQWHODLQWHUYHQFLyQGLUHFWDGHOSHOLJURSXHGHHYLWDUVHVX RFXUUHQFLDHVGHFLULPSHGLUODFDXVDSULPDULDGHOGHVDVWUH 35(9,6,Ï1 HVGHWHUPLQDUODVSRVLEOHVDPHQD]DV\ODVFRQGLFLRQHVGHYXQHODELOLGDGGHXQDFRPXQLGDG 5HJUHVDUDOLQLFLRGHHVWDSiJLQD
5
5&&3 5&3 5HDQLPDFLyQ&DUGLDFD&HUHEUDO\3XOPRQDU 5(&216758&&,Ï1 HVHOSURFHVRGHUHFXSHUDFLyQDPHGLDQR\ODUJRSOD]RGHODVHVWUXFWXUDVDIHFWDGDV SRUODRFXUUHQFLDGHXQGHVDVWUHPHGLDQWHODUHSDUDFLyQGHOGDxRItVLFRVXIULGRHQODLQIUDHVWUXFWXUD GDQGRXQ SURFHVRGHUHDVHQWDPLHQWRGHODFRPXQLGDGGDPQLILFDGD 5('8&&,Ï1 WpUPLQRTXHDJUXSDORVFRQFHSWRVGHSUHYHQLUODRFXUUHQFLDPLWLJDUODVSpUGLGDVSUHSDUDUVH SDUDODVFRQVHFXHQFLDV\DOHUWDUODSUHVHQFLD 5()8*,$'26 GHDFXHUGRFRQODOHJLVODFLyQLQWHUQDFLRQDOSHUVRQDVTXHWLHQHQXQWHPRUELHQIXQGDGRGH SHUVHFXFLyQSRUUD]RQHVGHUD]DUHOLJLyQQDFLRQDOLGDGRSHUWHQHQFLDDXQJUXSRVRFLDORGHRSLQLyQSROtWLFD SDUWLFXODUUHVLGHQWHVHQVXPD\RUtDIXHUDGHOSDtVGHRULJHQHLQFDSDFHVGHUHJUHVDURVHUSURWHJLGRVSRUVX SDtV,QFOX\Hp[RGRVPDVLYRVDUDt]GHFRQIOLFWRV\GHVDVWUHVQDWXUDOHVIXHUDGHOSDtVGHRULJHQ
6LVWHPDGH0DQHMR,QWHJUDOGH'HVDVWUHV 5(+$%,/,7$&,Ï1 HVXQDHWDSDLQWHUPHGLDHQODFXDOVHFRQWLQ~DFRQODVDFWLYLGDGHVGHDWHQFLyQLQLFLDO GHODSREODFLyQSHURHQHOODVHUHVWDEOHFHHOIXQFLRQDPLHQWRGHODVOtQHDVYLWDOHVWDOHVFRPRODHQHUJtDHO DJXDODVYtDV\ODVWHOHFRPXQLFDFLRQHV\RWURVVHUYLFLRVEiVLFRVFRPRODVDOXG\HODEDVWHFLPLHQWRGH DOLPHQWRV SUHYLDDODUHFRQVWUXFFLyQGHILQLWLYDGHODVYLYLHQGDV\ODLQIUDHVWUXFWXUDGHODFRPXQLGDG 5(0,6,Ï1 VHHQWLHQGHFRPRHOHQYtRGHOHVLRQDGRVRHOHPHQWRVGHD\XGDGLDJQyVWLFDSRUSDUWHGHODV XQLGDGHVGHDWHQFLyQDXQDLQVWLWXFLyQGHOVHFWRUVDOXGRHQWUHFHQWURVKRVSLWDODULRVSDUDDWHQFLyQGHILQLWLYD 5(3/,&$ SHTXHxR PRYLPLHQWRGHWLHUUDTXHVLJXHDOSULPHUR\TXHVHRULJLQDFHUFDGHOIRFR/DVUpSOLFDV JHQHUDOPHQWHGHFUHFHQHQLQWHQVLGDG\FDQWLGDGFRQHOWLHPSR/DVUpSOLFDVTXHVLJXHQLQPHGLDWDPHQWHDO PRYLPLHQWRSULQFLSDOGHEHQFRQVLGHUDUVHSDUWHGHOPLVPRDFRQWHFLPLHQWRTXHFRQVWLWX\HHOWHUUHPRWR SULQFLSDO 5(6&$7( FRQVLVWHHQODDSOLFDFLyQGHWpFQLFDVGHHVWDELOL]DFLyQUHPRFLyQSHQHWUDFLyQH[WUDFFLyQGH YtFWLPDVSRUGHVDVWUHVRDFFLGHQWHVTXHVHHQFXHQWUHQDWUDSDGRVRDSULVLRQDGRVSRUHVWUXFWXUDVYHKtFXORV DpUHRVWHUUHVWUHVRDFXiWLFRV RSHUGLGRVHQ]RQDVGHVHOYDQHYDGRV\QiXIUDJRVRYtFWLPDVGH LQXQGDFLRQHVXWLOL]DQGRSDUDHOORHTXLSRVHVSHFLDOHV\DGHFXDGRV 5(638(67$ HVODHWDSDTXHFRUUHVSRQGHDODHMHFXFLyQGHODVDFFLRQHVSUHYLVWDVHQODHWDSD GH SUHSDUDFLyQ(QHVWDIDVHVHGDODUHDFFLyQLQPHGLDWDSDUDODDWHQFLyQRSRUWXQDGHODSREODFLyQDIHFWDGD 5,(6*2 HOUHVXOWDGRGHFDOFXODUODSRWHQFLDODFFLyQGHXQDDPHQD]D $ FRQODVFRQGLFLRQHVGH YXOQHUDELOLGDG 9 GHXQDFRPXQLGDGRVLVWHPD(QFRQFOXVLyQ 5LHVJR $ 9 583785$'(5(35(6$6 UHVXOWDQGHOGHVSOD]DPLHQWRGHORVFLPLHQWRVGHODUHSUHVDFDXVDGRSRUXQ WHUUHPRWRSHUIRUDFLRQHVSHWUROHUDVHQODVLQPHGLDFLRQHVRFRQVWUXFFLyQGHIHFWXRVD/DVSUHVDVGHWLHUUDHVWiQ PiVH[SXHVWDVDGHUUXPEDUVHVLHQFDVRGHOOXYLDVH[FHVLYDVHOHPEDOVHOOHJDDGHVERUGDUVH(OYROXPHQHQ H[FHVRVHHVFXUUHSRUORVWHUUDSOHQHVDUUDVWUDQGRSRFRDSRFRORVPDWHULDOHV\FDYDQGRSURIXQGDVJULHWDV 7RGDODHVWUXFWXUDWHUPLQDSRUGHELOLWDUVHKDVWDTXHVHGHUUXPED SRUHQWHUROLEHUiQGRVHV~ELWDPHQWHHQRUPHV YRO~PHQHVGHDJXDTXHDUUDVDQFRQODVORFDOLGDGHVVLWXDGDVHQORVWHUUHQRVPiVEDMRVFDXVDQGRXQJUDQ Q~PHURGHPXHUWRV\OHVLRQDGRV 5HJUHVDUDOLQLFLRGHHVWDSiJLQD
6
6$5 GHOLQJOHV%~VTXHGD\5HVFDWH 6(48Ë$ 3HUtRGRGHGHILFLHQFLDGHKXPHGDGHQHOVXHORGHWDOIRUPDTXHQRKD\HODJXDUHTXHULGDSDUD SODQWDVDQLPDOHV\QHFHVLGDGHVKXPDQDV/DVVHTXtDVRULJLQDQGHVQXWULFLyQHSLGHPLDV\GHVSOD]DPLHQWRVGH SREODFLyQ 613$' 6LVWHPD1DFLRQDOSDUDOD3UHYHQFLyQ\$WHQFLyQGH'HVDVWUHV 67$57 6LPSOH7ULDJH$QG5DSLG7UHDWHPHQW HVXQVLVWHPDGHVDUUROODGRFRQHOREMHWLYRGH HVWDQGDUL]DU\IDFLOLWDUHOSURFHVRGH7ULDJHSDUDHOSHUVRQDODVLVWHQFLDOHQODDWHQFLyQLQLFLDOGHXQHYHQWRFRQ P~OWLSOHVYtFWLPDVIXQGDPHQWDVXDFFLyQHQODYDORUDFLyQGHWUHVVLVWHPDV UHVSLUDWRULRFLUFXODWRULR\ QHUYLRVRFHQWUDO HVWDGRGHFRQFLHQFLD FODVLILFDQGRDORVOHVLRQDGRVHQWUHVQLYHOHVGHDFXHUGRFRQOD VHYHULGDGGHODVOHVLRQHV\ODQHFHVLGDG GHDWHQFLyQHQ VHFXQGDULDLQPHGLDWD\PXHUWRQR UHFXSHUDEOH (VPX\~WLOHQHVSHFLDOVLHOVLWLRHVLQVHJXUR\UHTXLHUHXQDHYDFXDFLyQUiSLGDGHWRGDVODV YtFWLPDV 5HJUHVDUDOLQLFLRGHHVWDSiJLQD
7
7$* PDUFDFRORFDGDDORVOHVLRQDGRVTXHLQGLFDODSULRULGDGGHODDWHQFLyQXELFDGRHQXQDSDUWHYLVLEOHGH pVWH3XHGHQVHUWDUMHWDVRFLQWDVRGHRWURWLSRORVFXDOHVGHEHQWHQHUORVFRORUHVURMRDPDULOORYHUGHQHJUR \EODQFR 7(0325$/ DOWHUDFLyQDWPRVIpULFDTXHFRPSUHQGHSHUWXUEDFLRQHVGHORVFDPSRVGHSUHVLyQ\GHYLHQWR SUHGRPLQDQWHVHQHVFDODVTXHYDQGHORVWRUQDGRV NPGHGLiPHWUR DORVFLFORQHVH[WUDWURSLFDOHV D NPGHGLiPHWUR 7(55(0272 UXSWXUDUHSHQWLQDGHODVFDSDVVXSHULRUHVGHOD7LHUUDTXHDOJXQDVYHFHVVHH[WLHQGHDOD VXSHUILFLHGHHVWD\SURGXFHYLEUDFLyQGHOVXHORTXHGHVHUORVXILFLHQWHPHQWHIXHUWHFDXVDUiHOFRODSVRGH HGLILFLRV\ODGHVWUXFFLyQGHYLGDV\SURSLHGDGHV/DPDJQLWXGGHORVWHUUHPRWRVVHPLGHPHGLDQWHODHVFDOD GH5LFKWHU\ODLQWHQVLGDGPHGLDQWHODGH0HUFDOOL 7,)Ï1 HQHO3DFLILFRRFFLGHQWDOVHOHVOODPDDVtDORVFLFORQHV 7Ï5$;,1(67$%/( OHVLyQFRQP~OWLSOHVIUDFWXUDVFRVWDOHVFDUDFWHUL]DGRSRUODSHUGLGDGHFRQWLQXLGDG yVHDGHXQVHJPHQWRGHSDUHGWRUiFLFDTXHJHQHUDGLILFXOWDGUHVSLUDWRULD\HVSRWHQFLDOPHQWHPRUWDO
6LVWHPDGH0DQHMR,QWHJUDOGH'HVDVWUHV 7250(17$'($5(1$ 7250(17$'(32/92 SROYRRDUHQDOHYDQWDGRHQpUJLFDPHQWHDJUDQGHV DOWXUDVSRUYLHQWRVIXHUWHV\WXUEXOHQWRV 7250(17$'(758(126 JUDQQXERVLGDGGHHVWUDWRVFXPXOXVHQTXHVHGHVDUUROODQFHQWURV ORFDOL]DGRVGHFDUJDVHOpFWULFDV 7250(17$7523,&$/ VHIRUPDQVREUHORVPDUHVDELHUWRV\VHFDUDFWHUL]DQSRUVXVYLHQWRV H[WUDRUGLQDULDPHQWHGHVWUXFWLYRVFRQXQDYHORFLGDGHQWUH\NPKOOXYLDVWRUUHQFLDOHVRODVGH WRUPHQWDHQDOWDPDULQWHQVRROHDMHHQHOOLWRUDOLQXQGDFLRQHVFRVWHUDVLQXQGDFLRQHVIOXYLDOHVUHOiPSDJRV\ WUXHQRV 7251$'2 WHPSHVWDGGHYLHQWRVORFDOL]DGD\GHJUDQYLROHQFLDGHVWUXFWLYDTXHVHSURGXFHVREUHWLHUUD ILUPH6HFDUDFWHUL]DSRUSUHVHQWDUVHFRPRXQDQXEHHQIRUPDGHFROXPQDDODUJDGDGHDFHOHUDGDURWDFLyQ SUR\HFWDGDKDVWDHOVXHOR\TXHGHMDDVXSDVRXQUDVWURGHJUDQGHVWUXFFLyQ 73/ ORFDOL]DGRUGHSHUVRQDVDWUDSDGDVSRUVXVLJODHQLQJOHV 7UDSHG3HUVRQ/RFDWRU(VWRVSXHGHQGHWHFWDU HPLVLRQHVGHFDORUYLEUDFLRQHV\VRQLGRGHJUDQXWLOLGDGHQSURFHGLPLHQWRVGHUHVFDWHHQHVSDFLRV FRQILQDGRV 75$80$&5$1(2(1&()$/,&2 7&( OHVLyQTXHFRPSURPHWHODEyYHGDFUDQHDQD\VXFRQWHQLGR FHUHEURFHUHEHORRWDOORFHUHEUDOSRUORWDQWRHOSDFLHQWH SXHGHSUHVHQWDUDOWHUDFLRQHVGHOHVWDGRGH FRQFLHQFLD\RWUDVPDQLIHVWDFLRQHVQHXUROyJLFDV 75$80$5$48,0('8/$5 OHVLyQTXHFRPSURPHWHODFROXPQDYHUWHEUDO\ODPHGXODHVSLQDOSRUOR WDQWRHOSDFLHQWHSXHGHSUHVHQWDUDOWHUDFLRQHVQHXUROyJLFDVFRPRSpUGLGDGHODVHQVLELOLGDGRGHOPRYLPLHQWR GHODVH[WUHPLGDGHV 75,$*( WHUPLQRIUDQFpVDQWLJXRTXHIXHXVDGRSULPHURSDUDUHIHULUVHDODFODVLILFDFLyQ\DWHQFLyQGHORV KHULGRVHQEDWDOOD\TXHKR\HQGtDVHXWLOL]DSDUDGHILQLUHOSURFHVRGHSULRUL]DFLyQGHODDWHQFLyQGHODV YtFWLPDVGHDFXHUGRFRQODVHYHULGDGGHVXVOHVLRQHV 7681$0,6<21'$6'(0$5($ VHULHGHJUDQGHVRODVPDULQDVJHQHUDGDSRUHOV~ELWRGHVSOD]DPLHQWR GHDJXDGHPDUFDXVDGDSRUWHUUHPRWRVHUXSFLRQHVYROFiQLFDVRGHVOL]DPLHQWRVGHVXHORVXEPDULQR FDSD] GHSURSDJDUVHVREUHODUJDVGLVWDQFLDV 5HJUHVDUDOLQLFLRGHHVWDSiJLQD
8
8+) VLVWHPD8+) 8OWUD$OWDV)UHFXHQFLDV HVWHVLVWHPDFRPSUHQGHODVIUHFXHQFLDVHQWUH0K]\ *K]7LHQHODVPLVPDVFDUDFWHUtVWLFDVTXHHO9+)SHURGLILHUHQHQTXHVXSURSDJDFLyQHVVXSUHPDPHQWH YLVXDORVHDTXHHQWUHODVDQWHQDVGHOUHFHSWRU\WUDQVPLVRUQRGHEHKDEHUQLQJ~QREVWiFXOR 85*(1&,$ DOWHUDFLyQGHODLQWHJULGDGItVLFDRPHQWDOGHXQDSHUVRQDFDXVDGDSRUXQWUDXPDRSRU XQD HQIHUPHGDGGHFXDOTXLHUHWLRORJtDTXHJHQHUHXQDGHPDQGDGHDWHQFLyQPpGLFDLQPHGLDWD\HIHFWLYD WHQGLHQWHDGLVPLQXLUORVULHVJRVGHLQYDOLGH]\PXHUWH 86$,'2)'$ 8QLWHG6WDWHV$JHQF\IRU,QWHUQDWLRQDO'HYHORSPHQW 2IILFHRI)RUHLJQ'LVDVWHU $VVLVWDQFH 5HJUHVDUDOLQLFLRGHHVWDSiJLQD
9
9+) VLVWHPD9+) )UHFXHQFLDV0X\$OWDV HVWHVLVWHPDWUDEDMDHQODIUHFXHQFLDHQWUH0K]KDVWD 0K]HOPRGRGHRSHUDFLyQPiVIUHFXHQWHHVHO)0 PRGXODFLyQGHIUHFXHQFLD 9Ë&7,0$ WRGDVDTXHOODVSHUVRQDVOHVLRQDGDVGDPQLILFDGDVRDIHFWDGDVSRUODRFXUUHQFLDGHOGHVDVWUH 9,9,(1'$+$%,7$%/( FRQVWUXFFLyQVLQGDxRYLVLEOHRGDxROLJHUR ILVXUDVHQHOUHYRTXHGHSDUHGHV\ GHWHFKR QRSUHVHQWDUHGXFFLyQHQVXFDSDFLGDGVLVPRUUHVLVWHQWH\QRHVSHOLJURVDSDUDODVSHUVRQDVSXHGH VHUXWLOL]DGDLQPHGLDWDPHQWHROXHJRGHVXUHSDUDFLyQ UHWRTXHVVLQVXGHVRFXSDFLyQ 9,9,(1'$12+$%,7$%/( FRQVWUXFFLyQFRQGDxRPRGHUDGRRIXHUWH ILVXUDVJUDQGHVHQHOHPHQWRV HVWUXFWXUDOHVGHFRQFUHWR UHIRU]DGR WLHQHPX\GLVPLQXLGDVXFDSDFLGDGVLVPRUUHVLVWHQWH(ODFFHVRDODV PLVPDGHEHVHUFRQWURODGR\QRVHSXHGHXVDUDQWHVGHVHUUHIRU]DGD\UHSDUDGD 9,9,(1'$'(6758,'$ FRQWUDFFLyQFRQGDxRVHYHURORVHOHPHQWRVHVWUXFWXUDOHVHVWiQPX\GHWHULRUDGRV \GLVORFDGRVFRQXQQ~PHURVLJQLILFDWLYRGHHOORGHVWUXLGRVSUHVHQWDUXLQDVSDUFLDORWRWDOPHQWH/DV HGLILFDFLRQHVVRQPX\LQVHJXUDV\SUHVHQWDQSHOLJURGHFRODSVRLQPLQHQWHRGHUUXPEHHVQHFHVDULRSURWHJHU ODVFDOOHV\ORVHGLILFLRVYHFLQRVRGHPROHUODHQIRUPDXUJHQWH6XDFFHVRGHEHHVWDUWRWDOPHQWHSURKLELGR 98/1(5$%,/,'$' HOIDFWRULQWHUQRGHXQDFRPXQLGDGH[SXHVWD RGHXQVLVWHPDH[SXHVWR DXQD DPHQD]DUHVXOWDGRGHVXVFRQGLFLRQHVLQWUtQVHFDVSDUDVHUDIHFWDGDHLQFDSDFLGDGVRSRUWDUHOHYHQWRR UHFXSHUDUVHGHVXVHIHFWRV
6LVWHPDGH0DQHMR,QWHJUDOGH'HVDVWUHV
%,%/,2*5$),$
$'0,1,675$&,21\5('8&&,21
%,75$1' ,PSDFWR(FRQRPLFRGHORV'HVDWUHV1DWXUDOHVHQOD,QIUDHVWUXFWXUDGH6DOXG&(3$/ 'LVWULEXFLRQ/LPLWDGD &58=52-$&2/20%,$1$ 6LVWHPDGH3UHSDUDWLYRVSDUD'HVDVWUHV6HULH9HUVLyQ )('(5$&,Ï1,17(51$&,21$/'(/$&58=52-$<'(/$0(',$/81$52-$ ,QIRUPH 0XQGLDO6REUH'HVDVWUHV 0$786& $GLyV6HxRU3UHVLGHQWH(GLWRULDO3RLPDUH6$ 0,1,67(5,2'(6$/8' 3ODQ+RVSLWDODULRGH(PHUJHQFLDV'RFXPHQWR1~PHUR 236 206 +DFLDXQ0XQGR0iV6HJXUR)UHQWHDORV'HVDVWUHV1DWXUDOHV 35(6,'(1&,$'(/$5(3Ò%/,&$ 'HFUHWR GH 86$,'2)'$ $GPLQLVWUDFLyQSDUD'HVDVWUHV0DWHULDOGH5HIHUHQFLD =(%$//26- (IHFWRVGHORVGHVDVWUHVQDWXUDOHVHQODLQIUDHVWUXFWXUDGHVDOXG236206%RO2I6DQLW 3DQDP
$7(1&,21
$0(5,&$1&2///(*(2)685*(216 $GYDQFHG7UDXPD/LIH6XSRUW$7/6DHG $0(5,&$1+($57$62&,$7,21 7H[WERRNRI$GYDQFHG&DUGLDF/LIH6XSRUWDHG $0(5,&$136<&+,$75,&$662&,$7,21 'LDJQRVLVDQG6WDWLVWLFDO0DQXDOIRU0HQWDO'LVRUGHUV '60,9DHG $0(5,&$15('&5266 (PHUHJHQF\5HVSRQVH0RVE\/LIHOLQH
5(&83(5$&,21\'(6$552//2
&58=52-$&2/20%,$1$ 6LVWHPDGH3UHSDUDWLYRVSDUD'HVDVWUHV6HULH9HUVLyQ )/25(=- 1RUPDV7pFQLFDVHQ9LJLODQFLD(SLGHPLROyJLFDSDUD6LWXDFLRQHVGH'HVDVWUH8QLYHUVLGDGGH $QWLRTXLD /81$- /DV5HGHV6RFLDOHV XQDSHUVSHFWLYDSDUDVXDQiOLVLV8QLYHUVLGDG1DFLRQDOGH&RORPELD 236206 3UR\HFWRGH0DQHMRGH6XPLQLVWURVGHVSXpVGHORV'HVDVWUHVHQ$PpULFD/DWLQD\HO&DULEH 680$ 35,$& 3UR\HFWR3ODQGH'HVDUUROOR3DUWLFLSDWLYR&RUUHJLPLHQWRGH6DQWD/HWLFLD0XQLFLSLRGH3XUDFp &DXFD8QLYHUVLGDG1DFLRQDOGH&RORPELD0DU]RGH 35,$& 7DOOHUHV5HGGH6HUYLFLRVGH6DOXGGH&LXGDG%ROtYDU8QLYHUVLGDG1DFLRQDOGH&RORPELD$EULO 6($0$1- (SLGHPLROyJLDGH'HVDVWUHV1DWXUDOHV(G+DUOD6$ 86$,'2)'$ (YDOXDFLyQGH'DxRV\$QiOLVLVGH1HFHVLGDGHV'LFLHPEUHGH :(67(51. 9LJLODQFLD(SLGHPLROyJLFD&RQ3RVWHULRULGDGDORV'HVDVWUHV1DWXUDOHV 2363XEOLFDFLyQ&LHQWtILFD
6LVWHPDGH0DQHMR,QWHJUDOGH'HVDVWUHV
