Abundancia de especies pelágicas capturadas por la flota de pesca

Anuncio
Abundancia de especies pelágicas capturadas por la flota de
pesca artesanal de la aldea Buen Vista, en el Pacífico de
Guatemala
Carlos Humberto Ortíz Ruíz
, ,1752'8&&,Ï1
/D ]RQD SHOiJLFD R GRPLQLR SHOiJLFR HV OD ]RQD TXH DEDUFD WDQWR OD VXSHUILFLH
FRPR HO VHQR GHO PDU \ GRQGH YLYHQ QRUPDOPHQWHRUJDQLVPRV TXH QR GHSHQGHQ
GHORVIRQGRVPDULQRV
/RV RUJDQLVPRV SHOiJLFRV TXH YLYHQ HQ HVWD UHJLyQ GHSHQGHQ VyOR GH ODV
FDUDFWHUtVWLFDV GH ODV PDVDV GH DJXD TXH VRQ PiV DGHFXDGDV SDUD VX FLFOR GH
YLGD)RUPDQSDUWHGHHVWHJUXSRODVEDOOHQDVWLEXURQHVFUXVWiFHRVFHIDOySRGRV
\HVSHFLHVGHSHFHVTXHYLYHQJHQHUDOPHQWHHQFDUG~PHQHV
/D LPSRUWDQFLD GH ODV HVSHFLHV SHOiJLFDV D QLYHO PXQGLDO UDGLFD HQ VXV DOWRV
YRO~PHQHVGHFDSWXUDORTXHFRQOOHYDDOGHVDUUROORGHXQDLQGXVWULDSHVTXHUDTXH
HVIXHQWHGHDOLPHQWR\JHQHUDGRUDGHGLYLVDV\HPSOHR
6HHVWLPDTXHHQODSHVFDDUWHVDQDOGH$PpULFD/DWLQD\HO&DULEHSDUWLFLSDQPiV
GHPLOORQHVGHSHVFDGRUHVFRQXQQLYHOGHSURGXFFLyQPD\RUDPLOORQHVGH
WRQHODGDVPpWULFDVŒFRQYDORUHVGHSURGXFFLyQGHDSUR[LPDGDPHQWH86
PLOORQHV 3RU RWUD SDUWH ODV SREODFLRQHV GH SHFHV FRPHUFLDOPHQWH H[SORWDGRV VH
KDQ UHGXFLGR \ WDUGDQ PXFKR WLHPSR HQ UHFXSHUDUVH OR FXDO VH WUDGXFH HQ
HPSREUHFLPLHQWRGHORVSHVFDGRUHVDUWHVDQDOHV2/'(3(6&$
'HELGR D OD VREUHSHVFD HQ HO 3DFtILFR GH *XDWHPDOD HO FLFOR ELROyJLFR GH ODV
HVSHFLHVFDSWXUDGDVHVWiDIHFWDGRUHIOHMiQGRVHHQODUHGXFFLyQGHODDEXQGDQFLD
\WDOODV
(Q *XDWHPDOD H[LVWH SRFD LQIRUPDFLyQ TXH LQGLTXH OD VLWXDFLyQ DFWXDO GH ODV
SHVTXHUtDVGLULJLGDVDHVSHFLHVSHOiJLFDV3RUHVWHPRWLYR\GDGDVXLPSRUWDQFLD
VHSODQWHyODSUHVHQWHLQYHVWLJDFLyQFRQHOREMHWLYRGHJHQHUDULQIRUPDFLyQDFHUFD
GH OD DEXQGDQFLD \ GLYHUVLGDG GH ODV PLVPDV DGHPiV GH FRQWULEXLU D TXH ORV
SHVFDGRUHVGHDOGHD%XHQD9LVWDXELTXHQVLWLRVFRQPD\RULQFLGHQFLDGHFDSWXUD
ϭ
,,$17(&('(17(6
(OOLWRUDOGHO3DFtILFRJXDWHPDOWHFRSUHVHQWDORVPD\RUHVtQGLFHVGHGLYHUVLGDGGH
HVSHFLHV SHOiJLFDV HQ ODV FRVWDV GH 6DQ -RVp 6LSDFDWH \ (O 6HPLOOHUR FRQ XQD
SOXUDOLGDGLQWHUPHGLDVHHQFXHQWUDQODVFRVWDVGH/DV/LVDV\&KDPSHULFRVLHQGR
ODV FRVWDV GH ,]WDSD \ 7LODSD ODV TXH SUHVHQWDQ ORV PHQRUHV GDWRV GH HVSHFLHV
SHOiJLFDV (Q JHQHUDO OD DEXQGDQFLD UHODWLYD SRU HVSHFLHV LQGLFDQ TXH VH
HQFXHQWUDGLVWULEXLGDGHXQDXQSDUDFLQFRGHORVSXHUWRV3RVWHULRUPHQWH
FRQ GDWRV GH DEXQGDQFLD PHQRUHV VH HQFXHQWUD (O 6HPLOOHUR WHQLHQGR D ,]WDSD
FRQGDWRVGHDEXQGDQFLDPD\RUHV-ROyQHWDO
/RV HVWXGLRV ELROyJLFRV \ HFROyJLFRV VREUH ODV HVSHFLHV PDULQDV JXDWHPDOWHFDV
VRQ HVFDVRV VH KDQ HODERUDGR GRFXPHQWRV GH LQYHVWLJDFLyQ SHUR HQ DOJXQRV
FDVRV D~Q QR VH FXHQWD FRQ LQIRUPDFLyQ ELROyJLFD 3RU OR FXDO ODV HVSHFLHV VRQ
FODVLILFDGDVVHJ~QVXLPSRUWDQFLDHFRQyPLFDGHODVFXDOHVVHSXHGHQPHQFLRQDU
FRPRSULRULWDULDVODODQJRVWDHOViEDORHOSDUJRHOUREDOR\ODVLHUUD81,3(6&$
(Q HO DxR VH DOFDQ]y HO Pi[LPR GHVHPEDUTXH GH GRUDGR HQ OD IORWD GH
PHGLDQD \ JUDQ HVFDOD DOFDQ]DQGR ODV WRQHODGDV PpWULFDV D SDUWLU GH HVWH
DxR VH KD REVHUYDGR XQD GLVPLQXFLyQ FRQWLQXD HQ ORV GHVHPEDUTXHV /RV
GHVHPEDUTXHVGHGRUDGR\WLEXUyQSRUSDUWHGHODIORWDGHPHGLDQD\JUDQHVFDOD
PXHVWUDQ XQD UHGXFFLyQ FRQVLGHUDEOH GXUDQWH ORV DxRV GHO DO 81,3(6&$
'XUDQWHHODxRVHDOFDQ]yHOPi[LPRGHFDSWXUDGH70GHWLEXUyQODV
FXDOHV HVWXYLHURQ DVRFLDGDV D OD SUHVHQFLD GH GRUDGR HQ HO iUHD HO HVIXHU]R HQ
GtDV GH SHVFD WDPELpQ DOFDQ]R VX Pi[LPR KLVWyULFR GH GtDV GH SHVFD
81,3(6&$
Ϯ
/RV GHVHPEDUTXHV SDUD GRUDGR \ WLEXUyQ GXUDQWH HO DxR IXHURQ GH \
WRQHODGDV PpWULFDV UHVSHFWLYDPHQWH HO HVIXHU]R GH SHVFD SDUD HO PLVPR
SHUtRGRIXHGHGtDV81,3(6&$
/RV GHVHPEDUTXHV GH HVSHFLHV SHOiJLFDV HQ JHQHUDO KDQ GLVPLQXLGR
FRQVLGHUDEOHPHQWH(QODHVSHFLHGRUDGRVHREVHUYDXQDGLVPLQXFLyQGHOGH
ORVGHVHPEDUTXHVHQORV~OWLPRVFXDWURDxRVFRQUHVSHFWRDOSHULRGR\
(O JUXSR GH WLEXURQHV KD GLVPLQXLGR D UD]yQ GH XQ GHO YROXPHQ GH ORV
GHVHPEDUTXHV DQXDOHV HQ ORV~OWLPRV FLQFR DxRV HQIRUPD FRQVWDQWH (Q DPERV
FDVRVVHSRGUtDMXVWLILFDUXQLQFUHPHQWRHQODVDFWLYLGDGHVGHSHVFDDUWHVDQDOVLQ
HPEDUJR ODV ]RQDV GH RSHUDFLyQ HQWUH DPEDV IORWDV VRQ GLVWLQWDV 81,3(6&$
(Q *XDWHPDOD HO UHFXUVR WLEXUyQ SURYHH DOLPHQWR \ HPSOHR D XQ Q~PHUR QR
FXDQWLILFDGRGHSHVFDGRUHV\VXVIDPLOLDV(VWDVHVSHFLHVVRQFDSWXUDGDVSRUORV
SHVFDGRUHVGHORVSXHUWRVGH&KDPSHULFR6DQ-RVp7LODSD2FRV\%XHQD9LVWD
5XL]
/RV GHVHPEDUTXHV GH WLEXUyQ HVWiQ FRQVWLWXLGRV SRU WLEXURQHV SHOiJLFRV \
FRVWHURVHQWUHODVTXHVHLQFOX\HQHOWLEXUyQSXQWDGH]DSDWR1YHOR[\HOWLEXUyQ
PDUWLOOR 6SK\UQD OHZLQL 2WUDV HVSHFLHV GH WLEXURQHV FRPR HO 1 YHOR[ \ HO &
IDOVLIRUPLVWDPELpQHVWiQVLHQGRH[SORWDGDVDWDOODVFHUFDQDVDODGHQDFLPLHQWR
5XL]
/D FDSWXUD GH HVWRV WLEXURQHV HV IUHFXHQWH HQ ODV iUHDV FHUFDQDV D OD OtQHD
FRVWHUD HQ GRQGH SRU OR PHQRV XQDV HVSHFLHV GH WLEXURQHV VRQ DEXQGDQWHV
5XL]
ϯ
,,,0$5&27(25,&2
3HVFD$UWHVDQDO
&DUDFWHUtVWLFDV*HQHUDOHV
/D SHVFD DUWHVDQDO HV XQD DFWLYLGDG TXH VH UHDOL]D VLQ HPEDUFDFLRQHV R FRQ
HPEDUFDFLRQHV HQWUH FHUR SXQWR FXDUHQWD \ VHLV WRQHODGDV \ FHUR SXQWR
QRYHQWD\QXHYHWRQHODGDGHUHJLVWURQHWR751HOFXDOVHSXHGHUHDOL]DU
HQ HVWHURV ODJRV ODJXQDV UtRV \ PDU (VWD VH UHDOL]D FRQ HO ILQ GH REWHQHU
EHQHILFLRVHFRQyPLFRV\VXEVLVWHQFLD)$2
/DV DFWLYLGDGHV GH HVH VHFWRU VH SXHGHQ UHDOL]DU GXUDQWH WRGR HO DxR R VROR HQ
GHWHUPLQDGDVWHPSRUDGDV)$2
/D SHVFD DUWHVDQDO VXPLQLVWUD SURGXFWRV GH OD SHVFD D ORV PHUFDGRV ORFDOHV
QDFLRQDOHV \ SDUD FRQVXPR GH VXEVLVWHQFLD GH ORV SHVFDGRUHV VLQ HPEDUJR HV
PD\RU OD GHPDQGD GH SHVFDGR GH FDOLGDG SRU ORV PHUFDGRV LQWHUQDFLRQDOHV \
FRQVHFXHQWHPHQWH OD SDUWLFLSDFLyQ GH OD SHVFD DUWHVDQDO HQ HO FRPHUFLR
LQWHUQDFLRQDO)$2
(Q VHQWLGR DPSOLR OD SHVFD DUWHVDQDO WLHQH OD FDUDFWHUtVWLFD GH XWLOL]DU PD\RU
PDQR GH REUD SDUD OD FDSWXUD SURFHVDPLHQWR WUDQVSRUWH GLVWULEXFLyQ \
FRPHUFLDOL]DFLyQ TXH OD SHVFD LQGXVWULDO /D SHVFD DUWHVDQDO LQYROXFUD D XQ
HOHYDGRQ~PHURGHSHUVRQDV\DFWLYLGDGHV)$2
2WUD FDUDFWHUtVWLFD GH OD SHVFD DUWHVDQDO HV OD GLYHUVLGDG GH IRUPDV GH
RUJDQL]DUVH TXH YDQ GHVGH HO SHVFDGRU DXWyQRPRGHVDUUROODQGRVX DFWLYLGDG HQ
IRUPDDLVODGDKDVWDHPSUHVDVHVWUXFWXUDGDVFRQXQDDPSOLDJDPDGHVLWXDFLRQHV
LQWHUPHGLDV FRPR SHTXHxDV PLFURHPSUHVDV \ GLYHUVLGDG GH IRUPDV DVRFLDWLYDV
)$2
(QORV~OWLPRVDxRVODFDSWXUDGHHVSHFLHVKLGURELROyJLFDVHQJHQHUDOKDVXIULGR
XQDVHQVLEOHGLVPLQXFLyQQRVRORHQODVDJXDVMXULVGLFFLRQDOHVGH*XDWHPDOD\D
TXHGHDFXHUGRDLQIRUPDFLyQGHOVHFWRUSHVTXHURHVWDHVFDVH]WDPELpQRFXUUHHQ
ORVSDtVHVGHODUHJLyQFHQWURDPHULFDQD)$2
ϰ
/DEDMDHQODVFDSWXUDVVHLQVLQ~DSXHGDVHUGHELGRDODSUHVHQFLDGHOIHQyPHQR
GHO QLxR OR FXDO SHUWXUEy HO SDWUyQ QRUPDO GH DEXQGDQFLD \ GLVWULEXFLyQ GH ODV
SREODFLRQHV QDWXUDOHV GH ORV UHFXUVRV DO VREUHGLPHQVLRQDPLHQWR GH OD IORWD
SHVTXHUDDUWHVDQDOFRQHVFDVRFRQWUROSRUSDUWHGHODDGPLQLVWUDFLyQSHVTXHUDD
OD SDUDOL]DFLyQ GH ODV RSHUDFLRQHV GH OD IORWD SRU ORV FRVWRV HOHYDGRV GH
FRPEXVWLEOH HTXLSR DUWHV GH SHVFD \ D OD GHJUDGDFLyQ GH ORV IRQGRV PDULQRV
)$2
0LHQWUDV HQ *XDWHPDOD D~Q VH WUDWD GH HQWHQGHU HVWD VLWXDFLyQ TXH SXHGD
GHEHUVH D XQR R D YDULRV GH HVWRV IDFWRUHV DVRFLDGRV OD IORWD DUWHVDQDO KD
GLVPLQXLGRVXVVDOLGDVDOPDUQRDVtHQHOQ~PHURGHHPEDUFDFLRQHV)$2
/D IORWD DUWHVDQDO \ GH SHTXHxD HVFDOD GH KDVWD SLHV GH HVORUD \ 751 VH
UHFRQRFHSRUHOWLSRGHDUWHVGHSHVFDXWLOL]DGRVHQGRQGH\TXHFDSWXUDQ(QHVH
VHQWLGR DTXHOODV ODQFKDV TXH RSHUDQ FRQ WUDVPDOORV R UHGHV GH HQPDOOH HQ OD
]RQDOLWRUDOFRVWHUDDQRPiVGHODVSULPHUDVPLOODVQiXWLFDVGHILQHQOD]RQDGH
FDSWXUD GH SHFHV GHPHUVDOHV \ FDPDURQHV FRVWHURV PLHQWUDV ORV TXH XWLOL]DQ
SDODQJUHV IXHUD GH OD SODWDIRUPD FRQWLQHQWDO LQGLFDQ TXH VX ]RQD GH FDSWXUD
FRUUHVSRQGHDODVHVSHFLHVGHJUDQGHVSHOiJLFRV)$2
(VIXHU]RSHVTXHUR
(OHVIXHU]RSHVTXHURHVXQDDFFLyQGHVDUUROODGDSRUXQDXQLGDGGHSHVFDGXUDQWH
XQWLHPSRGHILQLGR\VREUHXQUHFXUVRKLGURELROyJLFR
/DFDSDFLGDGGHSHVFDSDUDHPEDUFDFLRQHVDUWHVDQDOHVVHSXHGHPHGLUSRU
‡3RWHQFLDGHOPRWRU
‡1~PHURGHDQ]XHORV
‡2WURVSDUiPHWURVREMHWLYRV
ϱ
(OWLHPSRGHSHVFDHQHPEDUFDFLRQHVSDODQJUHUDVVHSXHGHPHGLUSRU
‡7LHPSRGHSUHVHQFLDHQ]RQDGHSHVFD
‡3HULRGRFRPSUHQGLGRHQWUHODVDOLGD\HQWUDGD
‡2WURVSDUiPHWURVREMHWLYRV
3XQWRVGHGHVHPEDUTXH
/D LQIUDHVWUXFWXUD H[LVWHQWH XWLOL]DGD SRU OD SHVFD DUWHVDQDO HV PX\ IUiJLO (VWD
FRQGLFLyQ HV OD FDXVDO GHO SRFR R HVFDVR GHVDUUROOR GHO VHFWRU SHVTXHUR HQ
*XDWHPDOD $ QLYHO QDFLRQDO H[LVWHQ SHTXHxRV HPEDUFDGHURV SULYDGRV SDUD HO
VHFWRU LQGXVWULDO \ PXHOOHV DUWHVDQDOHV (VWRV HPEDUFDGHURV VRQ XWLOL]DGRV
FRPREDVHGHRSHUDFLRQHVSDUDHOGHVHPEDUTXHGHODSURGXFFLyQHQGRQGHRSHUD
ODWRWDOLGDGGHODIORWD)$2
(OVHFWRUDUWHVDQDOVLJXHDGROHFLHQGRGHLQVWDODFLRQHVSHVTXHUDVDGHFXDGDVSDUD
HO]DUSHGHVXVHPEDUFDFLRQHV\HOGHVHPEDUTXHGHODSURGXFFLyQORFXDOMXVWLILFD
OD SRFD FRQILDELOLGDG GH OD HVWDGtVWLFD GH HVWH VHFWRU FX\DV FDUDFWHUtVWLFDV GH
GLVSHUVLyQ\HVFDVRFRQWUROVLJXHQVLHQGRGLItFLOHVGHLPSOHPHQWDU)$2
([LVWHQHQODDFWXDOLGDGFHQWURVGHDFRSLRDUWHVDQDOHVGLVSHUVRVDORODUJRGH
OD &RVWD 3DFtILFD FRQ DOJXQD LQIUDHVWUXFWXUD \ PXHOOHV SHVTXHURV ORV FXDOHV
VRQ XWLOL]DGRV FRPR OXJDUHV GH GHVHPEDUTXH GH SURGXFWRV SHVTXHURV TXH HQ
DOJXQD PHGLGD KDQ VHUYLGR SDUD HO SURJUDPD GH RUJDQL]DFLyQ GH SHVFDGRUHV \
FDSDFLWDFLyQHQVDQLGDGHLQRFXLGDGGHSURGXFWRVSHVTXHURVVLQHPEDUJRQRVRQ
DSURYHFKDGRVSDUDIRUWDOHFHUHOFRQWUROGHODDFWLYLGDGSHVTXHUD)$2
ϲ
3HVTXHUtDGH(VSHFLHV3HOiJLFDV
(V OD DFFLyQ GH H[WUDHU ORV UHFXUVRV SHVTXHURV HQ DJXDV H[WHULRUHV WDOHV FRPR
WLEXURQHVDWXQHVGRUDGRFUXVWiFHRV\PROXVFRVFRQDUWHV\DSDUHMRVSURSLRVGH
ODSHVFD)$2
x (VSHFLHV3HOiJLFDV
/DVHVSHFLHVSHOiJLFDVVRQSHFHVPDULQRVTXHYLYHQHQPDUDELHUWRRODJRVPX\
JUDQGHVHQODVFDSDVVXSHUILFLDOHVRHQWUHDJXDVHYLWDQGRROLPLWDQGRDOPi[LPR
VX FRQWDFWR FRQ OD FRVWD \ HO IRQGR WLHQHQ XQD GLVWULEXFLyQ FRVPRSROLWD \
FRQVWLWX\HQ ORV SULQFLSDOHV UHFXUVRV SHVTXHURV HQ WRGR HO PXQGR $ QLYHO
ODWLQRDPHULFDQR HVWRV SHFHV VRQ WDPELpQ ORV SULQFLSDOHV UHFXUVRV SHVTXHURV
UHSUHVHQWDQGR HQ RFDVLRQHV KDVWD HO GH ODV FDSWXUDV DQXDOHV &LVQHURV
0DWDHWDO
/D DFWLYLGDG GH SHVFD GH HVSHFLHV SHOiJLFDV HQ *XDWHPDOD VH UHDOL]D FRQ HO
VLVWHPD GH SDODQJUH GH VXSHUILFLH )LJXUD 1R ODV HVSHFLHV FDSWXUDGDV VRQ
GRUDGRHVSDGDYHODPDUOtQDW~Q\WLEXUyQHVWHWLSRGHSHVFDIXHLQWURGXFLGRHQ
OD GpFDGD GH ORV DxRV GHVDUUROOiQGRVH D SOHQLWXG GXUDQWH HO DxR GH 81,3(6&$
),*85$1R/tQHDSDODQJUHUDGHVXSHUILFLH,/&(
ϳ
/DV HPEDUFDFLRQHV HVWiQ HTXLSDGDV FRQ LQVWUXPHQWRV HOHFWUyQLFRV FDVFRV
FRQVWUXLGRVFRQPDWHULDOHVGHILEUDGHYLGULR\DFHURQDYDOPRWRUHVGHSURSXOVLyQ
QRPD\RUHVGH+3HQHPEDUFDFLRQHVGHPHGLDQDHVFDODFRQFDSDFLGDGGH
DFDUUHRPHQRUDWRQHODGDV5XL]
x (VSHFLHVREMHWLYRGHHVWDSHVTXHUtD
([LVWH XQD DPSOLD YDULHGDG GH HVSHFLHV SHOiJLFDV FDSWXUDGDV WDOHV FRPR ORV
DWXQHVWLEXURQHVGRUDGRVSHFHVHVSDGDPDUOtQHWF&XDGUR1R
&8$'521R3HOiJLFRVGHLPSRUWDQFLDFRPHUFLDOFDSWXUDGRVHQHO3DFtILFRGH
*XDWHPDOD
(63(&,(6&$3785$'$6
7$//$ 0È;,0$ '( 7$//$ 0È;,0$ '(
+(0%5$6FP
'RUDGR
0$&+26FP
3ULRQDFH
$ORSLDV
&RU\SKDHQD
KLSSXUXV
7LEXUyQ
FD]yQ
SXQWDV
QHJUDV&DUFKDULQXVOLPEDWXV
7LEXUyQ
D]XO
JODXFD
7LEXUyQ
]RUUR
SHODJLFXV
)XHQWHFRPSLODFLyQYDULRVDXWRUHVVI
ϴ
x $UWHVGH3HVFD
(OSDODQJUHFRQVLVWHHQXQDOtQHDGHDQ]XHORVTXHOOHYDQFHERXQLGRVGHPDQHUD
LUUHJXODU QR PiV ODUJRV TXH OD OtQHD PDGUH TXH HVWi VLWXDGD HQ HO IRQGR R
VXVSHQGLGDGHPDQHUDKRUL]RQWDO
(VWRVOOHYDQORVLPSOHPHQWRVQHFHVDULRVSDUDVXIORWDELOLGDGDLQWHUYDORVUHJXODUHV
DORODUJRGHODOtQHDIORWDGRUHVIRQGHRSLHGUDV\ER\DVHQFDGDH[WUHPRSDUD
SHVFDUDXQDDOWXUDGHWHUPLQDGDFRQUHVSHFWRDOIRQGRGHSHQGLHQGRGHFyPRVH
GLVWULEX\DQ pVWRV HOHPHQWRV $OJXQRV GH ORV UDPDOHV WLHQHQ SHVRV SHUR OD
SURIXQGLGDGGHVHDGDVHDOFDQ]DGHSHQGLHQGRGHOKXQGLPLHQWRGHODOtQHDPDGUH
,/&()LJXUD1R
),*85$1R/tQHD0DGUH,/&(
/RVDQ]XHORVVRQHOHOHPHQWRPiVLPSRUWDQWHGHODSHVFD\DTXHHVHOHQFDUJDGR
GHUHWHQHUHOSH]\HVWDPELpQODWUDPSDTXHVHHVFRQGHGHEDMRGHODFDUQDGDOD
FDSWXUD GHSHQGHUi GHO DQ]XHOR LQGLFDGR VX SXQWD DILODGD \ VX FRUUHFWR XVR
)LJXUD1R
ϵ
),*85$1R7LSRVGHDQ]XHORV0867$'
%LRGLYHUVLGDG\DEXQGDQFLD
/D ELRGLYHUVLGDG VH GHILQH FRPR OD YDULDELOLGDG GH JHQHV HVSHFLHV \ HFRVLVWHPDV
SUHVHQWHV HQ XQ HVSDFLR GHWHUPLQDGR DGHPiV OD DEXQGDQFLD HV OD FDQWLGDG
SUHVHQWHGHRUJDQLVPRVHQXQiUHDGHWHUPLQDGD$VRFLDFLyQ&LYLO5HG$PELHQWDO
ËQGLFHGHELRGLYHUVLGDG
,QGLFD OD ULTXH]D HO Q~PHUR GH HVSHFLHV H[LVWHQWHV HQ XQ VLVWHPD \ HQ FLHUWD
PHGLGDODXQLIRUPLGDGYDULDQ]DVGHODDEXQGDQFLDORFDOGHHVSHFLHV3RUWDQWR
QR JXDUGD UHODFLyQ FRQ ODV VXVWLWXFLRQHV GH HVSHFLHV TXH VLQ HPEDUJR UHIOHMDQ
WHQVLRQHV HQ HO HFRVLVWHPD SRU HMHPSOR ODV TXH GHULYDQ GH XQD HOHYDGD
LQWHQVLGDGGHSHVFD)$2
&RQRFHUODGHQVLGDGUHDOGHRUJDQLVPRVHVXQRGHORVREMHWLYRVPiVLPSRUWDQWHV
SDUD JHVWLRQDU OD HVSHFLH 6DEHU FXiQWDV HVSHFLHV KD\ HQ HO iUHD R FyPR VH
ϭϬ
GLVWULEX\HVXDEXQGDQFLDGHQWURGHOPLVPRHVXQDLQIRUPDFLyQEiVLFDSDUDWRPDU
GHFLVLRQHV UHVSHFWR D OD LQWHQVLGDG GHO DSURYHFKDPLHQWR SHUR WDPELpQ SDUD
FRQRFHUODHYROXFLyQQDWXUDOGHODVSREODFLRQHVRGHVXUHVSXHVWDDQWHFXDOTXLHU
PHGLGDGHPDQHMRTXHVHKD\DSXHVWRHQSUiFWLFD
([LVWHQ GLYHUVRV tQGLFHV TXH SHUPLWHQ PHGLU OD DEXQGDQFLD GH DFXHUGR D ODV
HVWUXFWXUDVSREODFLRQDOHVGHQWURGHORVFXDOHVVHSXHGHQPHQFLRQDUHOtQGLFHGH
6KDQQRQRtQGLFHGH6KDQQRQ:LHQQHUHOTXHVHXVDHQHFRORJtDXRWUDVFLHQFLDV
VLPLODUHVSDUDPHGLUODELRGLYHUVLGDG&DVWLOOR5LYHUD
(VWH tQGLFH VH UHSUHVHQWD QRUPDOPHQWH FRPR +¶ \ VH H[SUHVD FRQ XQ Q~PHUR
SRVLWLYR TXH HQ OD PD\RUtD GH ORV HFRVLVWHPDV QDWXUDOHV YDUtD HQWUH \ FRPR
SURGXFWRGHODUHODFLyQGHULTXH]DFRQUHVSHFWRDODDEXQGDQFLDGHHVSHFLHVHQXQ
VLWLRGHWHUPLQDGR&DVWLOOR5LYHUD
([FHSFLRQDOPHQWH SXHGH KDEHU HFRVLVWHPDV FRQ YDORUHV PD\RUHV ERVTXHV
WURSLFDOHV DUUHFLIHV GH FRUDO R PHQRUHV DOJXQDV ]RQDV GHVpUWLFDV /D PD\RU
OLPLWDFLyQGHHVWHtQGLFHHVTXHQRWLHQHHQFXHQWDODGLVWULEXFLyQGHODVHVSHFLHV
HQ HO HVSDFLR 'H HVWD IRUPD HO tQGLFH FRQWHPSOD OD FDQWLGDG GH HVSHFLHV
SUHVHQWHV HQ HO iUHD GH HVWXGLR ULTXH]D GH HVSHFLHV \ OD FDQWLGDG UHODWLYD GH
LQGLYLGXRVGHFDGDXQDGHHVDVHVSHFLHVDEXQGDQFLD0RUHQR
ϭϭ
,92EMHWLYRV
2EMHWLYRJHQHUDO
'HWHUPLQDUODDEXQGDQFLDGHHVSHFLHVSHOiJLFDVFDSWXUDGDVSRUODIORWDGH
SHVFDDUWHVDQDOGHODDOGHD%XHQD9LVWDPXQLFLSLRGH,]WDSD(VFXLQWOD
2EMHWLYRVHVSHFtILFRV
x =RQLILFDU OD GLVWULEXFLyQ GH ODV iUHDV GH SHVFD DUWHVDQDO GH HVSHFLHV
SHOiJLFDVHQHO3DFtILFRGH*XDWHPDOD
x (VWDEOHFHUODDEXQGDQFLDUHODWLYDGHODVHVSHFLHVSHOiJLFDVFDSWXUDGDVSRU
ODSHVFDDUWHVDQDOGHOD$OGHD%XHQD9LVWDHQHO3DFtILFRGH*XDWHPDOD
x 5HODFLRQDUULTXH]D\DEXQGDQFLDGHODGLYHUVLGDGSHOiJLFDREMHWRGHFDSWXUD
GHODSHVFDDUWHVDQDOFRQSDODQJUHGHVXSHUILFLH
ϭϮ
9 0HWRGRORJtD
8ELFDFLyQ*HRJUiILFD
/DLQYHVWLJDFLyQVHUHDOL]yHQOD$OGHD%XHQD9LVWD,]WDSD(VFXLQWOD)LJXUD
1RHQHO3DFtILFRGH*XDWHPDODGHQWURGHOD=RQD(FRQyPLFD([FOXVLYD
=((DXQDGLVWDQFLDGHPLOODVQiXWLFDV
),*85$1R$OGHDEXHQDYLVWD*RRJOH
9DULDEOHV
,QGHSHQGLHQWHV
R 3RVLFLyQ*HRJUiILFD
R eSRFDGHODxR
R (PEDUFDFLRQHV
R 6H[R
ϭϯ
'HSHQGLHQWHV
(VSHFLHVFDSWXUDGDV
,QGLFDGRUHV
1~PHURGHHVSHFLHV
1~PHURGHRUJDQLVPRV
7DOOD
ËQGLFHGHDEXQGDQFLDËQGLFHGH6KDQQRQ:LHQQHU
6HOHFFLyQGHODPXHVWUDGHHPEDUFDFLRQHV
/D PXHVWUD VH VHOHFFLRQR DO D]DU WRPDQGR HQ FXHQWD HO WRWDO GH HPEDUFDFLRQHV
TXH VH GHGLFDQ D OD FDSWXUD GH HVSHFLHV SHOiJLFDV FX\R XQLYHUVR IXH GH HPEDUFDFLRQHV UHSUHVHQWDQGR FRPR PXHVWUD DOHDWRULD HO TXH IXHURQ ODV
HPEDUFDFLRQHV TXH PRVWUDURQ LQWHUpV HQ FRODERUDUHQ OD LQYHVWLJDFLyQ \ TXH VRQ
ODVTXHWLHQHQFRPRDFWLYLGDGSULQFLSDOODSHVFDDUWHVDQDOGHSHOiJLFRV
6HOHFFLyQGHODPXHVWUDGHRUJDQLVPRV
6H XWLOL]R XQ PXHVWUHR D MXLFLR VHOHFFLRQDQGR ORV HOHPHQWRV PHGLDQWH XQ FULWHULR
SHUVRQDO GHQWUR GHO FXDO VH WRPy HQ FXHQWD D ORV PLHPEURV GH OD SREODFLyQ TXH
SXHGHQ JHQHUDU PXHVWUDV UHSUHVHQWDWLYDV EDViQGRVH HQ SXQWRV GH YLVWD
VXEMHWLYRVUHJLVWUDQGRORVGDWRVHQXQDEROHWDGHPXHVWUHRV$QH[R1R
'LVHxRHVWDGtVWLFR
6HXWLOL]yHVWDGtVWLFDGHVFULSWLYDSDUDPpWULFD
ϭϰ
'LVWULEXFLyQ\]RQLILFDFLyQGHiUHDVGHSHVFD
3DUDODGLVWULEXFLyQ\]RQLILFDFLyQGHSHOiJLFRVFDSWXUDGRVSRUODIORWDSHVTXHUDGH
OD$OGHD%XHQD9LVWDVHWRPDURQSXQWRVFRQ*36GHODViUHDVGHSHVFDGXUDQWH
ODV IDHQDV OR FXDO SHUPLWLy LQGLFDU FRQ SUHFLVLyQ OD ORFDOL]DFLyQ GH HVWRV SXQWRV
TXHIXHURQUHJLVWUDGRVHQXQDEDVHGHGDWRVSUHYLDPHQWHGLVHxDGDFRQORFXDOVH
JHQHUDURQPDSDVDWUDYpVGHORVSURJUDPDV$UFJLV$UFPDS\0DSLQIR
$EXQGDQFLDUHODWLYDGHHVSHFLHVSHOiJLFDV
R ,GHQWLILFDFLyQGHRUJDQLVPRVSHOiJLFRV
3DUD OD LGHQWLILFDFLyQ GH RUJDQLVPRV SHOiJLFRV VH XWLOL]y OD JXtD GH LGHQWLILFDFLyQ
GHHVSHFLHVSDUDORVILQHVGHODSHVFDGHO3DFLILFRRULHQWDO&ROOHWWHHWDO
R 0HGLFLRQHVGHWDOOD
'XUDQWH ODV MRUQDGDV GH SHVFD VH PLGLHURQ WRGRV ORV RUJDQLVPRV SHOiJLFRV
FDSWXUDGRV VH WRPy OD ORQJLWXG WRWDO GH FDGD RUJDQLVPR 3DUD PHGLUORV VH
XWLOL]DURQFLQWDVPpWULFDVFRPXQHV
R 'HWHUPLQDFLyQGHVH[R
/D GHWHUPLQDFLyQ GHO VH[R VH UHDOL]y SRU REVHUYDFLyQ GH FDGD RUJDQLVPR
FDSWXUDGR
%LRGLYHUVLGDGGHHVSHFLHVSHOiJLFDV
6H XWLOL]y HO tQGLFH 6KDQQRQ:LHQQHU SDUD PHGLU OD UHODFLyQ GH ULTXH]D \
DEXQGDQFLDGHODVHVSHFLHVtFWLFDVGHLQWHUpVFRPHUFLDOSDUDODSHVFDDUWHVDQDO
ϭϱ
/D
IyUPXOD
GHO
tQGLFH
GH
6KDQQRQ
HV
OD
VLJXLHQWH
'yQGH
x
6±Q~PHURGHHVSHFLHVODULTXH]DGHHVSHFLHV
x
SL±SURSRUFLyQGHLQGLYLGXRVGHODHVSHFLHLUHVSHFWRDOWRWDOGHLQGLYLGXRV
HVGHFLUODDEXQGDQFLDUHODWLYDGHODHVSHFLHL
x
QL±Q~PHURGHLQGLYLGXRVGHODHVSHFLHL
x
1±Q~PHURGHWRGRVORVLQGLYLGXRVGHWRGDVODVHVSHFLHV
'HHVWDIRUPDHOtQGLFHFRQWHPSODODFDQWLGDGGHHVSHFLHVSUHVHQWHVHQHOiUHD
GHHVWXGLRULTXH]DGHHVSHFLHV\ODFDQWLGDGUHODWLYDGHLQGLYLGXRVGHFDGDXQD
GHHVDVHVSHFLHVDEXQGDQFLD
$QiOLVLVGHUHVXOWDGRV
/RV GDWRV REWHQLGRV GXUDQWH OD HMHFXFLyQ GH ORV PXHVWUHRV IXHURQ DQDOL]DGRV
PHGLDQWH FXDGURV WDEODV JUiILFDV H LQWHUSUHWDFLyQ GH UHODFLRQHV GH ULTXH]D \
DEXQGDQFLD GH HVSHFLHV tFWLFDV GH LQWHUpV FRPHUFLDO SDUD OD SHVFD DUWHVDQDO DVt
FRPRORFDOL]DFLyQHVSDFLDOGHHVSHFLHVFRQUHVSHFWRDOVLWLRGHFDSWXUD
3DUD HO WUDWDPLHQWR GH ORV GDWRV VH XWLOL]DURQ ORV SURJUDPDV HVWDGtVWLFRV ([FHO \
*HQVWDW
ϭϲ
9,5(68/7$'26<',6&86,Ï1
'LVWULEXFLyQ\]RQLILFDFLyQGHODViUHDVGHSHVFDGHHVSHFLHVSHOiJLFDV
HQHO3DFtILFRGH*XDWHPDOD
/RV SXQWRV GH FDSWXUD TXH VH JHRSRVLFLRQDQ LQGLFDQ ORV VLWLRV HQ ORV FXDOHV VH
UHDOL]DURQODVIDHQDVGHSHVFDHQORVGLIHUHQWHVPHVHVTXHVHUHDOL]yHOHVWXGLR
$QH[R1R
(QHOPHVGHPDU]RVHUHDOL]DURQVHLVYLDMHVGHORVFXDOHVHOSXQWRPiVFHUFDQRD
ODOtQHDGHFRVWDIXHHO1RHOFXDOVHORFDOL]yDPLOODVQiXWLFDVGHOiUHD\
HO PiV OHMDQR HVWXYR ORFDOL]DGR PDV DOOi GH PLOODV QiXWLFDV GHO iUHD GH
GHVHPEDUTXH)LJXUD1R
(QWUH ODV HVSHFLHV FDSWXUDGDV HQ HVWRV VLWLRV VH HQFXHQWUD HO GRUDGR FRPR
HVSHFLH REMHWLYR KDELHQGR DGHPiV FDSWXUDV GH MXUHO \ DW~Q TXH IXHURQ HVSHFLHV
VHFXQGDULDVRVLQLQWHUpVFRPHUFLDO
ϭϳ
),*85$1R3XQWRVGHFDSWXUDPHVGHPDU]R7UDEDMRGHFDPSR
ϭϴ
(Q HO PHV GH DEULO VH UHDOL]DUyQ WUHV YLDMHV \ OD ~QLFD HVSHFLH FDSWXUDGD IXp HO
GRUDGR ORV SXQWRV GH FDSWXUD VH XELFDURQ HQWUH \ PLOODV QiXWLFDV GHO
SXQWRGHGHVHPEDUTXH)LJXUD1R
),*85$1R3XQWRVGHFDSWXUDPHVGHDEULO7UDEDMRGHFDPSR
ϭϵ
'XUDQWH HO PHV GH PD\R VH UHDOL]DURQ GRFH MRUQDGDV GH SHVFD GHQWUR GH ODV
FXDOHV VH FDSWXUDURQ HVSHFLHV FRPR WLEXUyQ D]XO PDQWDV DW~Q EODQFR \ HO
SUHGRPLQDQWHIXHHOGRUDGRTXHHUDODHVSHFLHREMHWLYRHQODPD\RUtDGHYLDMHVD
H[FHSFLyQGHORVYLDMHV\HQORVFXDOHVODHVSHFLHREMHWLYRHUDHOWLEXUyQORV
SXQWRV GH FDSWXUD VH XELFDURQ HQWUH ODV \ PDV DOOi GH PLOODV QiXWLFDV
)LJXUD1R
),*85$1R3XQWRVGHFDSWXUDPHVGHPD\R7UDEDMRGHFDPSR
ϮϬ
(OPHVGHMXQLRIXHHOPiVUHSUHVHQWDWLYR\DTXHVHUHDOL]yXQPD\RUQ~PHURGH
YLDMHV GH SHVFD HVWR GHELGR D ODV FRQGLFLRQHV FOLPiWLFDV \ OD GLVSRVLFLyQ GH ORV
SHVFDGRUHV GHO iUHDVH UHDOL]DURQ XQ WRWDOGH YLDMHV HQ ORV FXDOHV HO GRUDGR
IXHODHVSHFLHPiVFDSWXUDGD
7DPELpQ VH FDSWXUDURQ HVSHFLHV FRPR DW~Q DOHWD DPDULOOD 7KXQQXV DOEDFDUHV
WLEXUyQD]XO3ULRQDFHJODXFD\WLEXUyQ]RUUR$ORSLDVSHODJLFXVHVWDVHVSHFLHVVH
FDSWXUDURQ HQWUH \ PDV DOOi GH PLOODV QiXWLFDV GHO SXQWR GH
GHVHPEDUTXH)LJXUD1R
),*85$1R3XQWRVGHFDSWXUDPHVGHMXQLR7UDEDMRGHFDPSR
Ϯϭ
(QHOPHVGHMXOLRVHUHDOL]DURQVLHWHYLDMHVHQORVFXDOHVHQVXPD\RUtDODFDSWXUD
WRWDO IXHURQ GRUDGRV FRQ H[FHSFLyQ GHO YLDMH 1R HQ HO FXDO VH FDSWXUDURQ GRV
HVSHFtPHQHVGHWLEXUyQD]XO
/RV VLWLRV GH FDSWXUD HVWXYLHURQ HQWUH ODV \ HO SXQWR PiV OHMDQR HVWXYR
ORFDOL]DGRPDVDOOiGHPLOODVQiXWLFDV)LJXUD1R
),*85$1R3XQWRVGHFDSWXUDPHVGHMXOLR7UDEDMRGHFDPSR
ϮϮ
'XUDQWHHOPHVGHDJRVWRVHUHDOL]DURQRFKRYLDMHVHQORVFXDOHVODHVSHFLHPiV
FDSWXUDGD IXH HO GRUDGR HQ OD PLWDG GH ORV YLDMHV UHDOL]DGRV VH FDSWXUR WLEXUyQ
D]XO D SHVDU GH QR VHU OD HVSHFLH REMHWLYR ORV SXQWRV GH FDSWXUD HVWXYLHURQ
ORFDOL]DGRV HQWUH ODV \ HO PiV OHMDQR HVWXYR ORFDOL]DGR PDV DOOi GH PLOODVQiXWLFDVGHOVLWLRGHGHVHPEDUTXH)LJXUD1R
),*85$1R3XQWRVGHFDSWXUDPHVGHDJRVWR7UDEDMRGHFDPSR
Ϯϯ
(QHOPHVGHVHSWLHPEUHVHUHDOL]DURQXQWRWDOGHIDHQDVGHSHVFDVXSHUDQGR
D ORV PHVHV DQWHULRUHV RFXSDQGR HO GRUDGR \ WLEXUyQ HO PD\RU SRUFHQWDMH GH
FDSWXUD GXUDQWH GLFKR PHV /RV SXQWRV GH FDSWXUD VH XELFDURQ HQWUH \ HO
PiVOHMDQRHVWXYRORFDOL]DGRPDVDOOiGHPLOODVQiXWLFDV)LJXUD1R
),*85$1R3XQWRVGHFDSWXUDPHVGHVHSWLHPEUH7UDEDMRGHFDPSR
Ϯϰ
(Q RFWXEUH VH UHDOL]DURQ QXHYH YLDMHV FDSWXUiQGRVH GRUDGR HQ WRGRV ORV FDVRV
HQ VHLV VH FDSWXUy DW~Q DPDULOOR \ WLEXUyQ D]XO \ HQ WUHV WLEXUyQ ]RUUR HQ SXQWRV
HQWUH\HOPiVOHMDQRHVWXYRORFDOL]DGRPDVDOOiGHPLOODVQiXWLFDVGHO
VLWLRGHGHVHPEDUTXH)LJXUD1R
),*85$1R3XQWRVGHFDSWXUDPHVGHRFWXEUH7UDEDMRGHFDPSR
Ϯϱ
6LWLRVGH'HVHPEDUTXH
/DDOGHD%XHQD9LVWDHVFRQVLGHUDGDFRPRXQRGHORVSULQFLSDOHVOXJDUHVSDUDHO
GHVHPEDUTXH FRQWDQGR FRQ FHQWURV GH DFRSLR SHVTXHUR WDOHV FRPR (O OLPyQ
)('(3(6&$ \ (O FDODPDU SDUD OD FRPHUFLDOL]DFLyQ GH WLEXUyQ \ GRUDGR )LJXUD
1R
),*85$1R3XQWRVGHGHVHPEDUTXH7UDEDMRGHFDPSR
Ϯϲ
(VSHFLHVSHOiJLFDVFDSWXUDGDV
/DVHVSHFLHVTXHVHSUHVHQWDQDFRQWLQXDFLyQVRQORVRUJDQLVPRVFDSWXUDGRVSRU
OD IORWD SHVTXHUD DUWHVDQDO GH OD $OGHD %XHQD 9LVWD FODVLILFDGDV VHJ~Q OD
LPSRUWDQFLD FRPHUFLDO TXH WLHQH FDGD XQD 'LFKDV HVSHFLHV VRQ FDSWXUDGDV FRQ
SDODQJUHGHVXSHUILFLHTXHVHDGDSWDGHDFXHUGRDODHVSHFLHREMHWLYR
x
'RUDGR&RU\SKDHQDKLSSXUXVHVODHVSHFLHPiVFDSWXUDGDHQHO3DFtILFRGH
*XDWHPDODORFXDOJHQHUDXQDSUHVLyQHQHOUHFXUVRSRUHOLQWHUpVPRVWUDGR
SRU SDUWH GH ORVSHVFDGRUHVGHOiUHDRFXSDQGR HOGH OD FDSWXUD WRWDO
UHDOL]DGDSRUODVHPEDUFDFLRQHVGHOD$OGHD%XHQD9LVWD)LJXUD1R
),*85$1R'RUDGR&RU\SKDHQDKLSSXUXV.XXORDNDL
x 7LEXUyQ D]XO 3ULRQDFH JODXFD H[LVWH PHQRU SUHVLyQ VREUH HVWH UHFXUVR
RFXSDQGRHOVHJXQGROXJDUGHFDSWXUDGXUDQWHODLQYHVWLJDFLyQDSHVDUGH
VHU XQD HVSHFLH GH LQWHUpV FRPHUFLDO REWXYR HO GH OD FDSWXUD WRWDO GH
HVSHFLHVGXUDQWHXQDIDHQDGHSHVFD)LJXUD1R
Ϯϳ
),*85$1R7LEXUyQD]XO3ULRQDFHJODXFD'LVFRYHUOLIH
x 7LEXUyQ ]RUUR $ORSLDV SHODJLFXV HV XQD GH ODV HVSHFLHV FDSWXUDGDV HQ
PHQRU SURSRUFLyQ GHELGR D OD GLILFXOWDG GH FDSWXUD GLVSRVLFLyQ \ SRFR
LQWHUpVFRPHUFLDORFXSDQGRHOGHODFDSWXUDWRWDO)LJXUD1R
),*85$1R7LEXUyQ]RUUR$ORSLDVSHODJLFXV(VFKPH\HUHWDO
Ϯϴ
x -XUHO&DUDQ[FDQLQXV HVXQDHVSHFLHTXHQRHVGHLQWHUpVFRPHUFLDOSHUR
HV FDSWXUDGD LQFLGHQWDOPHQWH RFXSDQGR HO GH OD FDSWXUD WRWDO GXUDQWH
ODVIDHQDVGHSHVFDUHDOL]DGDV)LJXUD1R
),*85$1R-XUHO&DUDQ[FDQLQXV)LVKHUHWDO
x $W~Q 'XUDQWH ODV FDSWXUDV UHDOL]DGDV VH REWXYLHURQ GRV HVSHFLHV GH $W~Q
ODVFXDOHVVHFDSWXUDQHQXQSRUFHQWDMHQRUHSUHVHQWDWLYR\VHXWLOL]DQSDUD
FRQVXPR SURSLR RFXSDQGR HO $W~Q EODQFR 7KXQQXV DODOXQJD HO )LJXUD1R
),*85$1R$W~QEODQFR7KXQQXVDODOXQJD)LVKHUHWDO
Ϯϵ
< HO $W~Q DOHWD DPDULOOD 7KXQQXV DOEDFDUHV FRQ HO GHO WRWDO GH FDSWXUDV
UHDOL]DGDVGXUDQWHIDHQDGHSHVFDHQORVPHVHVGHLQYHVWLJDFLyQ)LJXUD1R
),*85$1R$W~QDOHWDDPDULOOD7KXQQXVDOEDFDUHV)LVKHUHWDO
$EXQGDQFLDUHODWLYDHQODFDSWXUD
6HSXGRREVHUYDUTXHODGLYHUVLGDGGHODVHVSHFLHVËFWLFDVGHYDORUFRPHUFLDOHQ
OD $OGHD %XHQD 9LVWD HVWi FRQVWLWXLGD SRU GLIHUHQWHV HVSHFLHV VLHQGR HOODV
GRUDGR &RU\SKDHQD KLSSXUXV WLEXUyQ D]XO 3ULRQDFH JODXFD WLEXUyQ ]RUUR $ORSLDV
SHODJLFXV
(OMXUHODW~Q\GLIHUHQWHVHVSHFLHVGHPDQWDUD\DVVRQFDSWXUDGRVSHURQRVRQGH
LPSRUWDQFLDFRPHUFLDODXQTXHVLFRPSOHPHQWDQHQDOJXQDPHGLGDODDOLPHQWDFLyQ
GHODIDPLOLDVGHORVSHVFDGRUHV
(V LPSRUWDQWH PHQFLRQDU TXH HO GRUDGR RFXSD HO GH OD FDSWXUD WRWDO
VLJXLHQGR HO WLEXUyQ D]XO FRQ XQ \ HO WLEXUyQ ]RUUR FRQ XQ FDSWXUDQGR
WDPELpQ HVSHFLHV FRQ XQ EDMR LQWHUpV FRPHUFLDO WDOHV FRPR HO DW~Q EODQFR TXH
FRPSUHQGH HO HO DW~Q DOHWD DPDULOOD FRQ XQ ORV DWXQHV QR
LGHQWLILFDGRVFRQHOHO-XUHOFRQHO\ODPDQWDUD\DVQRLGHQWLILFDGDVFRQHO
)LJXUD1R
ϯϬ
),*85$1R$EXQGDQFLDUHODWLYDGHHVSHFLHVFDSWXUDGDVGHOPHVGH0DU]RD
2FWXEUHWUDEDMRGHFDPSR
6H UHDOL]DURQ YLDMHV HQ ORV FXDOHV VH FDSWXUDURQ XQ WRWDO GH GRUDGRV WLEXURQHVD]XOHV\WLEXURQHV]RUURVGXUDQWHHOWLHPSRGHHVWXGLR&XDGUR1R
&8$'521R&DSWXUDPHQVXDOGHHVSHFLHVFRQYDORUFRPHUFLDO
0$5=2
$%5,/
0$<2
-81,2
-8/,2
$*2672
6(37,(0%5(
2&78%5(
727$/
1R'(
9,$-(6
180(52'(25*$1,6026
'25$'2
)XHQWHWUDEDMRGHFDPSR
ϯϭ
7,%8521$=8/
7,%8521=2552
,QFLGHQWDOPHQWH H[LVWH OD FDSWXUD GH HVSHFLHV FRPR DW~Q MXUHO \ PDQWDUD\DV ODV
FXDOHVQRVRQGHLQWHUpVFRPHUFLDOSHURVRQFRPSOHPHQWDULDVHQODDOLPHQWDFLyQ
GHODVIDPLOLDVGHORVSHVFDGRUHV&XDGUR1R
&8$'521R&DSWXUDPHQVXDOGHHVSHFLHVVLQYDORUFRPHUFLDO
180(52'(25*$1,6026
$781$/(7$
$0$5,//$
-85(/
$781
%/$1&2
$78112
,'(17,),&$'2
0$17$5$<$
12
,'(17,),&$'$
0$5=2
$%5,/
0$<2
-81,2
-8/,2
$*2672
6(37,(0%5(
2&78%5(
727$/
)XHQWHWUDEDMRGHFDPSR
(VWUXFWXUDGH7DOODV
'RUDGR&RU\SKDHQDKLSSXUXV
&RQVLGHUDQGR TXH HO 'RUDGR HV XQD GH ODV HVSHFLHV PiV LPSRUWDQWHV D QLYHO
FRPHUFLDO OD FDSWXUD VH PDQWXYR HVWDEOH GXUDQWH HO SHULRGR GH HVWXGLR VLQ
HPEDUJR VH UHIOHMy XQ DXPHQWR HQ FDSWXUDV GXUDQWH ORV PHVHV GH PD\R D
VHSWLHPEUH)LJXUD1R
ϯϮ
),*85$1R7HQGHQFLDGHFDSWXUDGHGRUDGRPDU]RDRFWXEUH7UDEDMR
GHFDPSR
&RPR SXHGH REVHUYDUVH ODV SURSRUFLRQHV VH[XDOHV VH PDQWXYLHURQ FRQVWDQWHV
VLHPSUHKXERPiVPDFKRVTXHKHPEUDVSHURHQHOPHVGHDEULOIXHDOFRQWUDULR
KXERXQPD\RUQ~PHURGHKHPEUDV)LJXUD1R
),*85$1R&DSWXUDSRUVH[RGHGRUDGR7UDEDMRGHFDPSR
ϯϯ
(O SURPHGLR GH WDOODV GH GRUDGR HQ ORV PHVHV GH PDU]R VHSWLHPEUH \ RFWXEUH
VREUHSDVDQORVFPORTXHVLJQLILFDTXHVHREWXYLHURQWDOODVFRPHUFLDOHVSDUD
OD YHQWD \ PHMRUHV SUHFLRV HQ HO PHUFDGR \ GXUDQWH ORV PHVHV GH DEULO PD\R
MXQLRMXOLR\DJRVWRIXHXQSURPHGLRPHQRUDORVFP)LJXUD1R
),*85$1R9DULDFLyQGHWDOODVSURPHGLRGHGRUDGRFDSWXUDGRVHQHOSHULRGR
GHLQYHVWLJDFLyQ7UDEDMRGHFDPSR
7LEXUyQD]XO3ULRQDFHJODXFD
(Q UHODFLyQ D OD FDSWXUD GH WLEXUyQ D]XO TXH UHSUHVHQWD OD VHJXQGD HVSHFLH GH
LPSRUWDQFLDFRPHUFLDOVHREWXYLHURQODVPHMRUHVFDSWXUDVHQORVPHVHVGHDJRVWR
\VHSWLHPEUH)LJXUD1R
ϯϰ
),*85$1R7HQGHQFLDGHFDSWXUDGHWLEXUyQD]XOPDU]RDRFWXEUH
7UDEDMRGHFDPSR
/DUHODFLyQGHFDSWXUDVGHWLEXUyQD]XOSRUVH[RVHSXHGHREVHUYDUTXHGXUDQWHHO
WLHPSRGHHVWXGLRVHFDSWXUDURQPiVKHPEUDVTXHPDFKRV)LJXUD1R
),*85$1R&DSWXUDSRUVH[RGH7LEXUyQD]XO7UDEDMRGHFDPSR
ϯϱ
(QHOFDVRGHODSHVFDGHWLEXUyQD]XOVHREWXYLHURQPHMRUHVWDOODVHQHOPHVGH
MXQLRFXDQGRVHDOFDQ]DURQWDOODVGHKDVWDFP/DVWDOODVPHQRUHVHVWXYLHURQ
DOUHGHGRUGHFP\VHREWXYLHURQGXUDQWHHOPHVGHMXOLR)LJXUD1R
),*85$1R0HGLDGHWDOODVGHWLEXUyQD]XOGHPDU]RDRFWXEUH7UDEDMR
GHFDPSR
7LEXUyQ]RUUR$ORSLDVSHODJLFXV
(OWLEXUyQ]RUURRFXSRHOWHUFHUOXJDUGHQWURGHODVHVSHFLHVGHLQWHUpVFRPHUFLDO
VLQHPEDUJRVRORVHUHSRUWDURQFDSWXUDVORVPHVHVGHMXQLRVHSWLHPEUH\RFWXEUH
)LJXUD1R
),*85$1R7HQGHQFLDGHFDSWXUDGHWLEXUyQ]RUURGH0DU]RD2FWXEUH
7UDEDMRGHFDPSR
ϯϲ
(QODUHODFLyQGHVH[RGHWLEXUyQ]RUURVHSXHGHREVHUYDUTXHKXERPD\RUFDSWXUD
GHPDFKRVGXUDQWHORVPHVHVGHVHSWLHPEUH\RFWXEUH)LJXUD1R
),*85$1R&DSWXUDSRUVH[RWLEXUyQ]RUUR7UDEDMRGHFDPSR
(Q HO FDVR GH WLEXUyQ ]RUUR TXH HV XQD HVSHFLH GH LQWHUpV FRPHUFLDO VH
SUHVHQWDURQ FDSWXUDV GXUDQWH HO PHV GH MXQLR VHSWLHPEUH \ RFWXEUH 2EWHQLHQGR
GXUDQWH HO PHV GH RFWXEUH HO PD\RU SURPHGLR GH WDOODV FP /DV WDOODV
PHQRUHVVHSUHVHQWDURQGXUDQWHHOPHVGHMXQLRFRQFP)LJXUD1R
),*85$1R0HGLDGHWDOODVGHWLEXUyQ]RUURFDSWXUDGRVHQHOSHULRGR
FRPSUHQGLGRGHPDU]RDRFWXEUH7UDEDMRGHFDPSR
ϯϳ
%LRGLYHUVLGDG
&XDQGR VH WUDWD GH GLYHUVLGDG GH HVSHFLHV HV QHFHVDULR UHODFLRQDU ULTXH]D FRQ
DEXQGDQFLDHQXQVLWLRROXJDUGHWHUPLQDGR(QHOFDVRGHODVHVSHFLHVSHOiJLFDV
GH LQWHUpV FRPHUFLDO \ QR FRPHUFLDO FDSWXUDGDV GXUDQWH ORV PHVHV GH PDU]R D
RFWXEUH GH ODV FXDOHV IXHURQ FDSWXUDGDV HQWUH ODV \ PLOODV
QiXWLFDVTXHVRQORVVLWLRVVHxDODGRVSRUORVSHVFDGRUHVDUWHVDQDOHVGHODDOGHD
%XHQD9LVWDFRPRVLWLRVGHPD\RUSUREDELOLGDGGHFDSWXUDVHSXHGHREVHUYDUTXH
H[LVWHQGLIHUHQWHVHVSHFLHVGHODVFXDOHVVRQGHLQWHUpVFRPHUFLDOWDOHVFRPR
GRUDGR &RU\SKDHQD KLSSXUXV WLEXUyQ D]XO 3ULRQDFH JODXFD WLEXUyQ ]RUUR $ORSLDV
SHODJLFXV\HOUHVWRVRQSHVFDLQFLGHQWDOFRPRMXUHO&DUDQ[FDQLQXVDW~QEODQFR
7KXQQXVDODOXQJDDW~QDOHWDDPDULOOD7KXQQXVDOEDFDUHVDWXQHVQRLGHQWLILFDGRV
\PDQWDUD\DVQRLGHQWLILFDGDV&XDGUR1R
ϯϴ
&8$'521R'LYHUVLGDGGHHVSHFLHVËFWLFDVFDSWXUDGDVFRQSDODQJUHGH
VXSHUILFLHSRUORVSHVFDGRUHVDUWHVDQDOHVGHODVDOGHD%XHQD9LVWD
(63(&,(
180(52'(25*$1,6026
$W~QDOHWDDPDULOOD
7KXQQXVDOEDFDUHV
0DQWDQRLGHQWLILFDGD
$W~QEODQFR
7KXQQXVDODOXQJD
-XUHO
&DUDQ[FDQLQXV
7LEXUyQ]RUUR
$ORSLDVSHODJLFXV
$W~QQRLGHQWLILFDGR
7LEXUyQD]XO
3ULRQDFHJODXFD
'RUDGR
&RU\SKDHQDKLSSXUXV
727$/'(25*$1,6026
&$3785$'26
)XHQWHWUDEDMRGHFDPSR
ϯϵ
5HODFLyQGHULTXH]D\DEXQGDQFLDGHODVHVSHFLHVSHOiJLFDVFDSWXUDGDVSRU
ODIORWDSHVTXHUDDUWHVDQDOGHODDOGHD%XHQD9LVWD
3DUDGHWHUPLQDUODUHODFLyQGHULTXH]DFRQDEXQGDQFLDGHHVSHFLHVHQHOOXJDUGH
FDSWXUDVHDSOLFyHOtQGLFHGHGLYHUVLGDGGH6KDQQRQ:LHQQHU
'yQGH
x
6±Q~PHURGHHVSHFLHVODULTXH]DGHHVSHFLHV
x
SL±SURSRUFLyQGHLQGLYLGXRVGHODHVSHFLHLUHVSHFWRDOWRWDOGHLQGLYLGXRV
HVGHFLUODDEXQGDQFLDUHODWLYDGHODHVSHFLHL
x
QL±Q~PHURGHLQGLYLGXRVGHODHVSHFLHL
x
1±Q~PHURGHWRGRVORVLQGLYLGXRVGHWRGDVODVHVSHFLHV
/XHJR GHO DQiOLVLV VH GHWHUPLQy TXH HO tQGLFH GH GLYHUVLGDG + OR FXDO VH
FRQVLGHUD EDMR SXHV HV PHQRU TXH HO UDQJR FRP~Q SDUD HFRVLVWHPDV QDWXUDOHV
HQ ORV FXDOHV XVXDOPHQWH YDUtD HQWUH \ FRPR H[SUHVLyQ GH OD UHODFLyQ GH
ULTXH]DDEXQGDQFLD
ϰϬ
9,,
&21&/86,21(6
x /RV SHVFDGRUHV GH OD DOGHD %XHQD 9LVWD QR FXHQWDQ FRQ XQD ]RQD
HVSHFtILFD GH SHVFD \D TXH VH GLULJHQ D VLWLRV TXH FRQVLGHUDQ VRQ ORV
ySWLPRV R HQ GRQGH KDQ WHQLGR H[SHULHQFLDV DQWHULRUHV GH YRO~PHQHV GH
FDSWXUDDFHSWDEOHV
x /DV SULQFLSDOHV HVSHFLHV FDSWXUDGDV VRQ HO GRUDGR &RU\SKDHQD KLSSXUXV
WLEXUyQ D]XO 3ULRQDFH JODXFD WLEXUyQ ]RUUR $ORSLDV SHODJLFXV
HQORVYRO~PHQHVGHFDSWXUDFRQYLUWLpQGRORVHQRUJDQLVPRVGHJUDQ
LQWHUpV SDUD OD SHVFD DUWHVDQDO GHO iUHD \ HO UHVWR VRQ SHVFD LQFLGHQWDO
FRQVLVWHQWHHQDWXQHVQRLGHQWLILFDGRVPDQWDUD\DVQRLGHQWLILFDGDVUD\DV
DW~QMXUHO
x (O SURPHGLR GH GRUDGR &RU\SKDHQD KLSSXUXV GH WDOODV SHTXHxDV IXH GH
FP\WDOODVJUDQGHVIXHGHFP/RFXDOVHFRQVLGHUDXQDWDOOD
FRPHUFLDO\DTXHVHHQFXHQWUDGHQWURGHORVUDQJRVSDUDVHUFRQVLGHUDGR
FRPRSURGXFWRGHH[SRUWDFLyQ
x $ OR ODUJR GH ORV PHVHV GH PXHVWUHR PDU]R D RFWXEUH GHO QR VH
HQFRQWUyYDULDFLyQHQODDEXQGDQFLD\SUHVHQFLDGHODVHVSHFLHVGHSHFHV
$XQTXHHOtQGLFHXWLOL]DGRLQGLFDTXHODGLYHUVLGDGHVEDMD
x /RV VLWLRV GH FDSWXUD VH HQFXHQWUDQ D XQD GLVWDQFLD GH HQWUH \
PLOODVQiXWLFDVGHODOtQHDGHFRVWD
ϰϭ
9,,, 5(&20(1'$&,21(6
x 0RQLWRUHDU OD SUHVHQFLD GH ODV HVSHFLHV WDOHV FRPR GRUDGR \ WLEXUyQ
GXUDQWHODVFDSWXUDVHQRWURVVLWLRVSDUDSRGHUHVWLPDUFRQPD\RUSUHFLVLyQ
ODGLQiPLFDGHGLFKRVUHFXUVRVHQHOiUHD
x (YDOXDU HO HIHFWR GH OD SHVFD VREUH ODV HVSHFLHV FDSWXUDGDV
LQFLGHQWDOPHQWH\ODVHVSHFLHVDVRFLDGDV
x (YDOXDUODDSOLFDFLyQGHWpFQLFDVGHPDQLSXODFLyQGHHVSHFLHVSHOiJLFDVH
LGHQWLILFDU ODV iUHDV GH PD\RU DEXQGDQFLD GH HVWDV HVSHFLHV SDUD
HVWDEOHFHU PpWRGRV PiV HILFDFHV SDUD OD FDSWXUD \ FRQVHUYDFLyQ GHO
PLVPR
ϰϮ
,;%,%/,2*5$)Ë$
$VRFLDFLyQ &LYLO 5HG $PELHQWDO $5 ¢4Xp HV OD ELRGLYHUVLGDG" HQ
OtQHD %XHQRV $LUHV (&23,%(6&20 &RQVXOWDGR RFW 'LVSRQLEOH HQ KWWSZZZHFRSLEHVFRPSUREOHPDVELRGLYHUVLGDGTXHKWP
RFWXEUH
&DVWLOOR5LYHUD00RUHQR*,QLHVWUD56SDWLDOVHDVRQDODQGGLHO
YDULDWLRQ LQ DEXQGDQFH RI WKH ED\ DQFKRY\ $QFKRD PLWFKLOOL 7HOHRVWHL
(QJUDXOLGDH LQ D WURSLFDO FRDVWDO ODJRRQ RI 0H[LFR 6RXWKZHVW 1DW &LVQHURV0DWD 0$ 0DUWtQH]=DYDOD 0$ &RWHUR$OWDPLUDQR ( *DUFtD
)UDQFR : 3iH]%DUUHUD ) 5HFRPHQGDFLRQHV SDUD HO PDQHMR GH
ODV SHVTXHUtDV GH SHOiJLFRV GHO QRURHVWH GH 0p[LFR 0p[LFR ,QVWLWXWR
1DFLRQDOGHODSHVFDLQpGLWR
&ROOHWWH%%1DXHQ&()$26SHFLHV&DWDORJXH6FRPEULGVRIWKH
ZRUOG DQ DQQRWDWHG DQG LOOXVWUDWHG FDWDORJXH RI WXQDV PDFNHUHOV ERQLWRV
DQG UHODWHG VSHFLHV NQRZQ WR GDWH )$2 )LVK 6\QRSS 5RPH
)$2
(VFKPH\HU :1 +HUDOG (6 +DPPDQQ + $ ILHOG JXLGH WR 3DFLILF
FRDVWILVKHVRI1RUWK$PHULFD%RVWRQ+RXJKWRQ0LIIOLQ&RPSDQ\S
)$2 2UJDQL]DFLyQ GH ODV 1DFLRQHV 8QLGDV SDUD OD $JULFXOWXUD \ OD
$OLPHQWDFLyQ ,7 (VWUDWHJLDV SDUD LQFUHPHQWDU OD FRQWULEXFLyQ
VRVWHQLEOHGHODSHVFDHQSHTXHxDHVFDODDODVHJXULGDGDOLPHQWDULD\DOD
OLWLJDFLyQGHODSREUH]D5RPD)$2VS
BBBBBBBB 3HUILOHV VREUH OD SHVFD \ OD DFXLFXOWXUD SRU SDtVHV
*XDWHPDOD5RPD'HSDUWDPHQWRGH3HVFD\$FXLFXOWXUDGHOD)$2VS
)LVFKHU : .UXSS ) 6FKQHLGHU : 6RPPHU & &DUSHQWHU .( 1LHP
9+*XtD)$2SDUDODLGHQWLILFDFLyQGHHVSHFLHVSDUDORVILQHVGHOD
SHVFD3DFLILFR&HQWUR2ULHQWDO5RPD)$2S
*RRJOH86$OGHD%XHQD9LVWD*XDWHPDOD(VWDGRV8QLGRV*RRJOH
(DUWKVS
,/&(,QVWLWXWR/DWLQRDPHULFDQRGHOD&RPXQLFDFLyQ(GXFDWLYD0;
%LEOLRWHFDGLJLWDOSDUDHGXFDFLyQPH[LFDQD0p[LFR,/&(VS
ϰϯ
-ROyQ 0RUDOHV 05 6iQFKH] &DVWDxHGD 5 9LOODJUiQ &ROyQ -& 0HFKHO
&.LQK+$(VWXGLRVREUHORVUHFXUVRVSHVTXHURVGHHVFDPDHQHO
/LWRUDO3DFtILFR\0DU&DULEHGH*XDWHPDOD*XDWHPDOD81,3(6&$$(&,
S
.XXORDNDL +: ,QGR3DFLILF EOXH PDUOtQ 0DNDLUD PD]DUD HQ OtQHD
+DZDL .XXORDNDL &RQVXOWDGR DJR 'LVSRQLEOH HQ
KWWSZZZNXXORDNDLFRPTXDUU\DVS
0RUHQR &( 0pWRGRV SDUD PHGLU OD ELRGLYHUVLGDG =DUDJR]D 07±
0DQXDOHV\7HVLV6($YS
2/'(3(6&$2UJDQL]DFLyQ/DWLQRDPHULFDQDGH'HVDUUROOR3HVTXHUR3(
$SURYHFKDPLHQWR GH SHTXHxRV SHOiJLFRV HQ OtQHD 3HU~
2/'(3(6&$
&RQVXOWDGR
RFW
'LVSRQLEOH
HQ
KWWSZZZROGHSHVFDFRPQRGH
5XL] & 'LDJQyVWLFR GH OD SHVTXHUtD GH WLEXUyQ HQ *XDWHPDOD
,QIRUPHSDUFLDOGHUHVXOWDGRV*XDWHPDOD&(0$S
BBBBBBBB (YDOXDFLyQ GHO SRWHQFLDO GH H[SORWDFLyQ GHO UHFXUVR
WLEXUyQ HQ ODV FRVWDV GHO 3DFLILFR GH *XDWHPDOD *XDWHPDOD )21$&<7
S
6KDQRQ &( :HDYHU : 7KH 0DWKHPDWLFDO 7KHRU\ RI
&RPPXQLFDWLRQ8QLYHUVLW\,OOLQRLV3UHVVS
81,3(6&$ 8QLGDG GH 0DQHMR SDUOD 3HVFD \ $FXLFXOWXUD *7 )RUPXODULRV SDUD HPSUHVDV TXH FDSWXUDQ SHFHV \ RWUDV HVSHFLHV 1R *XDWHPDOD81,3(6&$S
ϰϰ
; $1(;2
$QH[R1R%ROHWDGHPXHVWUHRV
)(&+$
/$7,78'
/21*,78'
(63(&,(
/21*,78''(/
25*$1,602
)XHQWH7UDEDMRGH&DPSR
$QH[R1R&RRUGHQDGDVGHFDSWXUDPHQVXDO
0(6
6,7,26'(&$3785$
&225'(1'$6
0DU]R
ž¶¶¶
ž¶¶¶
ž¶¶¶
ž¶¶¶
ž¶¶¶
ž¶¶¶
ž¶¶¶
ž¶¶¶
ž¶¶¶
ž¶¶¶
ž¶¶¶
ž¶¶¶
$EULO
ž¶¶¶
ž¶¶¶
ž¶¶¶
ž¶¶¶
ž¶¶¶
ž¶¶¶
0D\R
/DWLWXG
ϰϱ
/RQJLWXG
ž¶¶¶
ž¶¶¶
ž¶¶¶
ž¶¶¶
ž¶¶¶
ž¶¶¶
ž¶¶¶
ž¶¶¶
ž¶¶¶
ž¶¶¶
ž¶¶¶
ž¶¶¶
ž¶¶¶
ž¶¶¶
ž¶¶¶
ž¶¶¶
ž¶¶¶
ž¶¶¶
ž¶¶¶
ž¶¶¶
ž¶¶¶
ž¶¶¶
ž¶¶¶
ž¶¶¶
-XQLR
ž¶¶¶
ž¶¶¶
ž¶¶¶
ž¶¶¶
ž¶¶¶
ž¶¶¶
ž¶¶¶
ž¶¶¶
ž¶¶¶
ž¶¶¶
ž¶¶¶
ž¶¶¶
ž¶¶¶
ž¶¶¶
ž¶¶¶
ž¶¶¶
ž¶¶¶
ž¶¶¶
ž¶¶¶
ž¶¶¶
ϰϲ
ž¶¶¶
ž¶¶¶
ž¶¶¶
ž¶¶¶
ž¶¶¶
ž¶¶¶
ž¶¶¶
ž¶¶¶
ž¶¶¶
ž¶¶¶
ž¶¶¶
ž¶¶¶
-XOLR
ž¶¶¶
ž¶¶¶
ž¶¶¶
ž¶¶¶
ž¶¶¶
ž¶¶¶
ž¶¶¶
ž¶¶¶
ž¶¶¶
ž¶¶¶
ž¶¶¶
ž¶¶¶
ž¶¶¶
ž¶¶¶
$JRVWR
ž¶¶¶
ž¶¶¶
ž¶¶¶
ž¶¶¶
ž¶¶¶
ž¶¶¶
ž¶¶¶
ž¶¶¶
ž¶¶¶
ž¶¶¶
ž¶¶¶
ž¶¶¶
ž¶¶¶
ž¶¶¶
ž¶¶¶
ž¶¶¶
ϰϳ
6HSWLHPEUH
ž¶¶¶
ž¶¶¶
ž¶¶¶
ž¶¶¶
ž¶¶¶
ž¶¶¶
ž¶¶¶
ž¶¶¶
ž¶¶¶
ž¶¶¶
ž¶¶¶
ž¶¶¶
ž¶¶¶
ž¶¶¶
ž¶¶¶
ž¶¶¶
ž¶¶¶
ž¶¶¶
ž¶¶¶
ž¶¶¶
ž¶¶¶
ž¶¶¶
ž¶¶¶
ž¶¶¶
ž¶¶¶
ž¶¶¶
ž¶¶¶
ž¶¶¶
ž¶¶¶
ž¶¶¶
2FWXEUH
ž¶¶¶
ž¶¶¶
ž¶¶¶
ž¶¶¶
ž¶¶¶
ž¶¶¶
ž¶¶¶
ž¶¶¶
ž¶¶¶
ž¶¶¶
ž¶¶¶
ž¶¶¶
ϰϴ
ž¶¶¶
ž¶¶¶
ž¶¶¶
ž¶¶¶
ž¶¶¶
ž¶¶¶
ϰϵ
Descargar