Indicadores económicos del Ecuador: Cálculo y fundamento

'RFXPHQWRVGHWUDEDMRGHO6,,6(
1R ,1',&$'25(6(&2120,&26'(/(&8$'25
&$/&8/2<)81'$0(172
0DXULFLR/HyQ*X]PiQ
6,67(0$,17(*5$'2'(,1',&$'25(662&,$/(6'(/(&8$'25
)5(17(62&,$/
4XLWR± (FXDGRU
‹VHULH
)UHQWH6RFLDO
*RELHUQRGHO(FXDGRU
‹HVWHGRFXPHQWR
6,,6(
/DVHULH'RFXPHQWRVGHWUDEDMRGHO6,,6( HV
DXVSLFLDGDSRUHO3UR\HFWR³6LVWHPDLQWHJUDGRGH
LQGLFDGRUHVVRFLDOHVGHO(FXDGRU´TXHHO)UHQWH6RFLDO
GHO*RELHUQRGHO(FXDGRUUHDOL]DFRQHODSR\R
ILQDQFLHURQRUHHPEROVDEOHGHO%DQFR,QWHUDPHULFDQR
GH'HVDUUROOR±%,'&RQYHQLR$71-)(&
3DUDREWHQHUFRSLDVDGLFLRQDOHVGHHVWHGRFXPHQWRR
LQIRUPDFLyQVREUHHO6,,6(GLUtMDVHD
6LVWHPD,QWHJUDGRGH,QGLFDGRUHV6RFLDOHVGHO(FXDGRU
$PD]RQDV\6DQWD0DUtDHVT(GLI7DUTXLSLVR
4XLWR(FXDGRU
7HOpIRQR)D[
&RUUHRHOHFWUyQLFRVLLVH#VLLVHJRYHF
3iJLQD:HEZZZVLLVHJRYHF
/RV'RFXPHQWRVGHWUDEDMRGHO6,,6( VHSURSRQHQ
GLIXQGLUORVUHVXOWDGRVGHODVLQYHVWLJDFLRQHVTXH
UHDOL]DHO6LVWHPD,QWHJUDGRGH,QGLFDGRUHV6RFLDOHV
GHO(FXDGRUGLUHFWDPHQWHRHQFRODERUDFLyQFRQRWUDV
LQVWLWXFLRQHV(VXQPHFDQLVPRSDUDSURSLFLDUHO
LQWHUFDPELRGHLGHDV\RSLQLRQHVHQWRUQRDWHPDV
UHODFLRQDGRVFRQODSURGXFFLyQGHHVWDGtVWLFDVH
LQGLFDGRUHVVRFLDOHV\VXXWLOLGDGSDUDODIRUPXODFLyQ
GHSROtWLFDVGHGHVDUUROOR6XREMHWLYRHVGDUDFRQRFHU
ORVWUDEDMRVGHXQDPDQHUDiJLO\H[SHGLWDVHWUDWDGH
HVWXGLRVHQPDUFKD\HQFLHUWRVFDVRV VXMHWRVD
UHYLVLyQ
/RVDQiOLVLVRSLQLRQHV\XVRGHODLQIRUPDFLyQHQORV
GRFXPHQWRVGHODVHULHQRUHIOHMDQQHFHVDULDPHQWHOD
SRVLFLyQRILFLDOGHO)UHQWH6RFLDORGHODVLQVWLWXFLRQHV
TXHFRODERUDQRDXVSLFLDQVXVDFWLYLGDGHV
,QYHVWLJDFLyQ0DXULFLR /HyQ*
'LDJUDPDFLyQ6,,6(
,PSUHVRHQ4XLWR(FXDGRU
(O6LVWHPD,QWHJUDGRGH,QGLFDGRUHV6RFLDOHVGHO(FXDGRU
6,,6( HVXQDQRYHGRVD\SLRQHUDLQLFLDWLYDGHO*RELHUQRGHO
(FXDGRU+DVLGRGHVDUUROODGRFRQHODSR\RWpFQLFR\ILQDQFLHURGHO
%DQFR,QWHUDPHULFDQRGH'HVDUUROOR%,' \FXHQWDFRQOD
FRODERUDFLyQGHO,QVWLWXWR1DFLRQDOGH(VWDGtVWLFD\&HQVRV
,1(&\GHODVHQWLGDGHVGHO)UHQWH6RFLDO
(O6,,6( HVXQLQVWUXPHQWRSDUDHOHVWXGLRGHWDOODGRGHORVFDPELRV
HQODVFRQGLFLRQHVGHYLGDGHODSREODFLyQHFXDWRULDQDFRPSLODODV
HVWDGtVWLFDVVRFLDOHVGLVSRQLEOHVHQHOSDtVXQLILFDVXVFULWHULRV
PHWRGROyJLFRVODVHODERUDGHXQDPDQHUD~WLOSDUDHOGLVHxRGHODV
SROtWLFDVVRFLDOHV\ODVUH~QHHQXQDKHUUDPLHQWDFRPSXWDUL]DGDTXH
DVHJXUHVXGLIXVLyQDPSOLDDLQVWLWXFLRQHV\SURIHVLRQDOHV
6HWUDWDGHOSULPHUVLVWHPDFRPSXWDUL]DGRGHLQIRUPDFLyQVRFLDOGHO
SDtV+DVLGRHVSHFLDOPHQWHFRQFHELGRFRPRXQDKHUUDPLHQWDSDUD
DSR\DUHOGLVHxR\HYDOXDFLyQGHODVSROtWLFDVVRFLDOHVFRQpQIDVLV
HQORVREMHWLYRVGHUHGXFLUODSREUH]DSURPRYHUXQDPD\RUHTXLGDG
VRFLDO\PHMRUDUODHILFLHQFLDGHORVVHUYLFLRVVRFLDOHV(O6,,6(
DVHJXUDDODVFRPXQLGDGHVGHGHVDUUROORHLQYHVWLJDFLyQHODFFHVR
OLEUHiJLO\SHUPDQHQWHDODLQIRUPDFLyQVRFLDO(VXQVHUYLFLRVLQ
FRVWRTXHLQFOX\H
x /DEDVHGHGDWRVFRPSXWDUL]DGDGHO6,,6( &RQWLHQH
LQGLFDGRUHVVREUHSREODFLyQHFRQRPtDLQYHUVLyQVRFLDO
SREUH]D\GHVLJXDOGDGHPSOHRVDOXGQXWULFLyQHGXFDFLyQ
YLYLHQGDPHGLRDPELHQWHFLXGDGDQtD3HUPLWHUHSUHVHQWDU
JHRJUiILFDPHQWHORVLQGLFDGRUHVHLQFOX\HKHUUDPLHQWDVSDUDOD
IRFDOL]DFLyQ2SHUDFRQXQSURJUDPDLQIRUPiWLFRDPLJDEOHEDMR
:LQGRZV6HGLIXQGHHQ&'520\DWUDYpVGH,QWHUQHW
x
x
x
x
x
(O6XEVLVWHPDGHLQGLFDGRUHVVREUHODVLWXDFLyQGHODV
PXMHUHV\ODVGLIHUHQFLDV GHJpQHUR6Ì08-(5(6
GHVDUUROODGRFRQMXQWDPHQWHFRQHO&RQVHMR1DFLRQDOGHODV
0XMHUHV&21$08 HODERUDLQGLFDGRUHVDGHFXDGRVSDUD
FDUDFWHUL]DUHOELHQHVWDUGHODVPXMHUHV\ORVSUREOHPDVTXHODV
DIHFWDQDVtFRPRSDUDLGHQWLILFDU\DQDOL]DUODVFDXVDV\ORV
HIHFWRVGHODVGHVLJXDOGDGHVHQODVRSRUWXQLGDGHVGHYLGDTXH
WLHQHQORVKRPEUHV\ODVPXMHUHVGHOSDtV
(O6XEVLVWHPDGHLQGLFDGRUHVVREUHORV1LxRV1LxDV\
$GROHVFHQWHV6,1,f(='HVDUUROODGRFRQMXQWDPHQWHFRQHO
,QVWLWXWR1DFLRQDOGHO1LxR\OD)DPLOLD,11)$ HQHOPDUFR
GHOD5HGGH,QIRUPDFLyQVREUHOD,QIDQFLD\FRQODFRODERUDFLyQ
GHODFRPXQLGDGGHGLFDGDDODSURWHFFLyQGHODQLxH]HVXQD
KHUUDPLHQWDSDUDPHGLUHOELHQHVWDUGHORVQLxRVQLxDV\
DGROHVFHQWHVGHOSDtVVXFDPELRHQHOWLHPSR\ORVIDFWRUHV
TXHORH[SOLFDQ
(O0DSDGHOD$FFLyQ6RFLDO3UHVHQWDLQIRUPDFLyQVREUHODV
SULQFLSDOHVDFFLRQHVGHORVRUJDQLVPRVHVWDWDOHVVXV
DFWLYLGDGHVUHJXODUHV\DGHPiVORVSUR\HFWRVRSURJUDPDV
HVSHFtILFRVTXHGHVDUUROODQHQODViUHDVGHFXLGDGRLQIDQWLO
HGXFDFLyQVDOXGWUDQVIHUHQFLDVPRQHWDULDVHLQIUDHVWUXFWXUD
VRFLDO
(VWXGLRV\VHUYLFLRVGHLQYHVWLJDFLyQLQIRUPHVVREUHHO
ELHQHVWDUGHODSREODFLyQFRQVXOWDV\DVLVWHQFLDWpFQLFD
SURFHVDPLHQWRGHLQGLFDGRUHVDSHGLGRQRWDV\PDQXDOHV
PHWRGROyJLFRV
&DSDFLWDFLyQ\FRPXQLFDFLyQFXUVRV\WDOOHUHVHQHOXVRGHO
6,,6(HQODSODQLILFDFLyQVRFLDOGLVWULEXFLyQHLQVWDODFLyQGHOD
EDVHGHGDWRVLQIRUPDFLyQDXVXDULRVSXEOLFDFLRQHVLPSUHVDV
\HQPHGLRVHOHFWUyQLFRV
,1',&(
35()$&,2
,0$5&2&21&(378$/
,,,1',&$'25(6
68%6(&725352'8&&,21
7DPDxRGHODHFRQRPtD
x 3URGXFWRLQWHUQREUXWRQRPLQDO3,%
x 3URGXFWRLQWHUQREUXWRUHDO
x 3URGXFWRLQWHUQREUXWRSHUFiSLWD
(VWUXFWXUDGHODHFRQRPtD
3URGXFFLyQ3,%SRUVHFWRUHVDSUHFLRVFRQVWDQWHV
7UDQVDEOHV± QRWUDQVDEOHV3,%SRUVHFWRUHVDSUHFLRVFRQVWDQWHV
'HPDQGD3,%SRUWLSRGHJDVWRDSUHFLRVFRQVWDQWHV
'LVWULEXFLyQSULPDULDGHOLQJUHVR3,%DSUHFLRVFRUULHQWHV
&UHFLPLHQWRHFRQyPLFR
x 7DVDGHFUHFLPLHQWRGHO3,%UHDO
x 7DVDGHFUHFLPLHQWRGHO3,%UHDOSHUFiSLWD
68%6(&725$*5(*$'26021(7$5,26
'LQHUR
x 0
x 0
x %DVHPRQHWDULD
x 50,0
x 00
7DVDVGHLQWHUpVGRPpVWLFDV
x 7DVDGHLQWHUpVVREUHSUpVWDPRVDFWLYD
x 7DVDGHLQWHUpVVREUHGHSyVLWRVSDVLYD
x 0DUJHQILQDQFLHUR
68%6(&725,1)/$&,21
,QIODFLyQ
x 7DVDGHFUHFLPLHQWRGHOtQGLFHGHSUHFLRVDOFRQVXPLGRU
x 7DVDGHFUHFLPLHQWRGHO GHIODFWRUGHOFRQVXPRILQDOGHORVKRJDUHV
x 7DVDGHFUHFLPLHQWRGHOGHIODFWRUGHO3,%
68%6(&725&20(5&,2(;7(5,25
%DODQ]DFRPHUFLDO\6DOGRHQFXHQWDFRUULHQWH
x %DODQ]DFRPHUFLDO
x %DODQ]DFRPHUFLDOSHWUROHUD
x %DODQ]DFRPHUFLDOQRSHWUROHUD
x 6DOGRHQFXHQWDFRUULHQWH
$SHUWXUDGHODHFRQRPtD
x $SHUWXUDGHODHFRQRPtD
x ([SRUWDFLRQHV)2%
x ,PSRUWDFLRQHV&,)
7LSRGHFDPELR\'HYDOXDFLyQ
x 7LSRGHFDPELR
x ,QGLFHGHWLSRGHFDPELRUHDO
x 'HYDOXDFLyQ
5HVHUYDPRQHWDULDLQWHUQDFLRQDOH,QYHUVLyQH[WUDQMHUDGLUHFWD
x ,QYHUVLyQH[WUDQMHUDGLUHFWD
x 5HVHUYDPRQHWDULDLQWHUQDFLRQDO
(VWUXFWXUDGHODVH[SRUWDFLRQHV
(VWUXFWXUDGHODVLPSRUWDFLRQHV
6HJ~QOXJDUGHGHVWLQR
6HJ~QSURGXFWRV
6HJ~QOXJDUGHRULJHQ
3RUXVRRGHVWLQRHFRQyPLFR
68%6(&7257(50,126'(,17(5&$0%,2
68%6(&725'(8'$(;7(51$
7pUPLQRVGHLQWHUFDPELRLQWHUQDFLRQDO
7pUPLQRVGHLQWHUFDPELRGRPpVWLFR
7pUPLQRVGHLQWHUFDPELRELHQHVWUDQVDEOHV± QRWUDQVDEOHV
'HXGDH[WHUQD
x
x
6DOGRILQDOGHODGHXGDH[WHUQD
x 'HXGDH[WHUQDWRWDO
x 'HXGDH[WHUQDS~EOLFD
x 'HXGDH[WHUQDSULYDGD
6HUYLFLRGHODGHXGDH[WHUQD
x 6HUYLFLRWRWDOS~EOLFD\SULYDGD
x
x
6HUYLFLRGHODGHXGDS~EOLFD
6HUYLFLRGHODGHXGDSULYDGD
68%6(&725),1$1=$638%/,&$6
)LQDQ]DVS~EOLFDV
x ,QJUHVRVWRWDOHV
x *DVWRVWRWDOHV
x 5HVXOWDGRJOREDO\UHVXOWDGRSULPDULRGpILFLWILVFDO
35()$&,2
(VWH GRFXPHQWR VH RULJLQD HQ HO SURFHVR GH HODERUDFLyQ GHO 6LVWHPD ,QWHJUDGR GH
,QGLFDGRUHV6RFLDOHVGHO(FXDGRU± 6,,6(\FRQWLHQHORVLQGLFDGRUHVGHOVHFWRU(FRQRPtD
FRQVXVFRUUHVSRQGLHQWHVGHILQLFLRQHV\PHWRGRORJtDGHFiOFXOR
(O6,,6(LQFOX\HLQGLFDGRUHVHFRQyPLFRV\DTXHFRQVLGHUDQHFHVDULRGRWDUGHLQVWUXPHQWRV
TXH IDFLOLWHQ OD YLQFXODFLyQ GH ODV SROtWLFDV VRFLDOHV \ HFRQyPLFDV HQ HO SDtV $PEDV
UHTXLHUHQ SDUD VX GHELGD IRUPXODFLyQ XQ DGHFXDGR VLVWHPD GH LQIRUPDFLyQ TXH SHUPLWD
WRPDU HQ FXHQWD VXV LQWHUUHODFLRQHV H LPSDFWRV VREUH ODV FRQGLFLRQHV GH YLGD GH OD
SREODFLyQ/DPHQWDEOHPHQWHHQHO(FXDGRUQRKDH[LVWLGRODVXILFLHQWHLQIRUPDFLyQSDUD
HYDOXDUHOFRVWRVRFLDOSURYRFDGRSRUODFULVLVHFRQyPLFD\ODVSROtWLFDVGHHVWDELOL]DFLyQ\
DMXVWH/DUHDOL]DFLyQSRUSDUWHGHO,1(&GHODV(QFXHVWDVGH&RQGLFLRQHVGH9LGDDSDUWLU
GH KD FXELHUWR HVWD IDOHQFLD VXPLQLVWUDGR XQD LPSRUWDQWH IXHQWH SULPDULD SDUD HO
PHMRU FRQRFLPLHQWR \ HYDOXDFLyQ GH OD VLWXDFLyQ VRFLDO GH ORV HFXDWRULDQRV LQVWUXPHQWR
TXH KD VLGR XWLOL]DGR DPSOLDPHQWH SRU HO 6,,6( SDUD OD FRQVWUXFFLyQ GH XQD SDUWH
LPSRUWDQWHGHVXVLQGLFDGRUHV
(Q HVWH GRFXPHQWR VH GLYLGHQ ORV LQGLFDGRUHV GHO VHFWRU (FRQRPtD HQ VLHWH VXEVHFWRUHV
3URGXFFLyQ $JUHJDGRV 0RQHWDULRV ,QIODFLyQ &RPHUFLR ([WHULRU 7pUPLQRV GH
,QWHUFDPELR'HXGD([WHUQD\)LQDQ]DV3~EOLFDV(VWHFRQMXQWRGHLQGLFDGRUHVQRSUHWHQGH
DJRWDUODDPSOLDJDPDXWLOL]DGDHQHOFDPSRGHODFLHQFLDHFRQyPLFDVLQHPEDUJRGDXQD
LGHD LQWHJUDO GH OD HFRQRPtD HFXDWRULDQD \ HQ JUDQ SDUWH SHUPLWH DQDOL]DU HO
GHVHQYROYLPLHQWRHFRQyPLFRGHOSDtVHQORV~OWLPRVWUHLQWDDxRV
3DUDFDGDLQGLFDGRUVHLQFOX\HXQDILFKDWpFQLFDTXHH[SOLFDODVGHILQLFLRQHVFRQFHSWXDOHV
\ RSHUDWLYDV IRUPDV GH FiOFXOR PHGLGD IXHQWHV GH GDWRV GHVJORVHV FRPSDUDELOLGDG
ELEOLRJUDItD \REVHUYDFLRQHV/XHJRGHFDGDILFKDWpFQLFDFRQVWDXQFXDGURFRQODVFLIUDV
FRUUHVSRQGLHQWHVDOLQGLFDGRU\XQJUiILFRGHOLQGLFDGRU
/D HODERUDFLyQ GH HVWRV LQGLFDGRUHV VH KD EDVDGR SULQFLSDOPHQWH HQ ODV GLIHUHQWHV
SXEOLFDFLRQHV HVWDGtVWLFDV GHO %DQFR &HQWUDO GHO (FXDGRU \ GHO ,1(& (O %DQFR &HQWUDO
FRODERUyWDPELpQFRQVXJHUHQFLDV\REVHUYDFLRQHVDOSUHVHQWHWUDEDMR
&RQHVWHGRFXPHQWRHO6LVWHPD,QWHJUDGRGH,QGLFDGRUHV6RFLDOHVGHO(FXDGRUFRQWLQ~DVX
SROtWLFDGHGLIXVLyQGHODVHVWDGtVWLFDVHFXDWRULDQDVDOWLHPSRTXHGHMDXQUHVSDOGRHVFULWR
GHOFRQWHQLGRGHO6,,6(
,0$5&2&21&(378$/
/RV LQGLFDGRUHV VREUH OD HFRQRPtD HVWiQ FODVLILFDGRV HQ VLHWH VXEVHFWRUHV DJUHJDGRV
PRQHWDULRV FRPHUFLR H[WHULRU GHXGD H[WHUQD ILQDQ]DV S~EOLFDV LQIODFLyQ SURGXFFLyQ \
WpUPLQRV GH LQWHUFDPELR (VWDV FDWHJRUtDV VH UHILHUHQ D WHPiWLFDV TXH EXVFDQ D\XGDU DO
DQiOLVLV GH OD UHODFLyQ HQWUH OD HYROXFLyQ GH OD HFRQRPtD \ ODV FRQGLFLRQHV GH YLGD GH OD
SREODFLyQ(VWRVYtQFXORVHQWUHORVIDFWRUHV HFRQyPLFRV\VRFLDOHVVHSXHGHQVLQWHWL]DUHQ
ORVVLJXLHQWHVDVSHFWRV
/D FULVLV GH OD GHXGD GH OD GpFDGD GH TXH SURYRFy SURFHVRV LQIODFLRQDULRV
LPSRUWDQWHV \ ODV FRQWLQXDV SROtWLFDV GH HVWDELOL]DFLyQ \ DMXVWH PDFURHFRQyPLFRV
GHWHUPLQyFRVWRVVRFLDOHVSDUDDPSOLRVVHFWRUHVGHODSREODFLyQGHOSDtV/DLQIODFLyQ
WLHQHGRVFRQVHFXHQFLDVSULQFLSDOHVHQORVQLYHOHVGHYLGD3ULPHURODLQFLGHQFLDGHOD
SREUH]DDXPHQWDFXDQGRODWDVDGHLQIODFLyQHVVXSHULRUDOLQFUHPHQWRGHORVVDODULRV
QRPLQDOHV \ SRU WDQWR SURGXFH XQ GHWHULRUR GH ORV VDODULRV UHDOHV 6HJXQGR HO
³LPSXHVWR´LQIODFLRQDULRGHWHULRUDODFDSDFLGDGDGTXLVLWLYDGHODVWHQHQFLDVGHGLQHUR
\ORVDKRUURVGHODFODVHPHGLD(OLPSXHVWRLQIODFLRQDULRDIHFWDHQPHQRUSURSRUFLyQ
DTXLHQHV\DVHHQFXHQWUDQEDMRODOtQHDGHSREUH]DGHELGRDTXHpVWRVWLHQHQSHTXHxDV
FDQWLGDGHV GH HIHFWLYR \ HVFDVRV DKRUURV 3RU VX SDUWH ODV SROtWLFDV GH HVWDELOL]DFLyQ
LQFUHPHQWDQ OD SREUH]D HQ HO FRUWR SOD]R GDGR TXH SRU XQ ODGR OD UHFHVLyQ TXH
SURGXFHDXPHQWDHO GHVHPSOHR\SRURWURGLVPLQX\HQORVVDODULRVUHDOHVSDUDFRQWUDHU
OD GHPDQGD LQWHUQD &DUGRVR (Q HVWH VHQWLGR ORV LQGLFDGRUHV
PDFURHFRQyPLFRVSHUPLWHQFRQWH[WXDOL]DUORVFDPELRVHQORVLQGLFDGRUHVVRFLDOHV
3RUSROtWLFDVGHHVWDELOL]DFLyQVHHQWLHQGHDDTXHOODVFRQGXFHQWHVDUHGXFLUODGHPDQGD
DORVQLYHOHVGHODSURGXFFLyQQDFLRQDO\SRUSROtWLFDVGHDMXVWHHVWUXFWXUDODDTXHOODV
GLULJLGDVDLQFUHPHQWDUODSURGXFFLyQQDFLRQDODWUDYpVGHXQXVRPiVHILFLHQWHGHORV
UHFXUVRV(OKLORFRQGXFWRUGHODMXVWHHVWUXFWXUDOHVHOFDPELRHQODFRPSRVLFLyQGHOD
SURGXFFLyQ QDFLRQDO KDFLD ELHQHV WUDQVDEOHV H[SRUWDEOHV \ TXH FRPSLWHQ FRQ ELHQHV
LPSRUWDGRVPHGLDQWHHOXVRGHSUHFLRVUHODWLYRVTXHEHQHILFLHQDHVWRVVHFWRUHVFRPR
SRUHMHPSORODGHSUHFLDFLyQGHOWLSRGHFDPELRUHDO$ODVSROtWLFDVGHHVWDELOL]DFLyQ\
GHDMXVWHHVWUXFWXUDOVHODVGHQRPLQDHQJHQHUDO³SROtWLFDVGHDMXVWH´+RUWRQ
/D FULVLV GH OD GHXGD SURYRFy XQ FDPELR HQ HO PRGHOR HFRQyPLFR HQ OD UHJLyQ 6H
DEDQGRQy OD LQGXVWULDOL]DFLyQ VXVWLWXWLYD GH LPSRUWDFLRQHV SDUD SURPRYHU OD
SURGXFFLyQ GH ELHQHV WUDQVDEOHV /DV QXHYDV FRQGLFLRQHV PDFURHFRQyPLFDV GLHURQ
OXJDUDSROtWLFDVGHDMXVWHWHQGLHQWHVDJHQHUDUXQVXSHUiYLWFRPHUFLDOTXHFRDG\XYDUD
D UHGXFLU ODV QHFHVLGDGHV GH ILQDQFLDPLHQWR H[WHUQR \ D JDUDQWL]DU HO VHUYLFLR GH OD
GHXGD H[WHUQD (VWH REMHWLYR LPSOLFDED SRU XQ ODGR PHMRUDU ORV SUHFLRV UHODWLYRV GH
ORVELHQHVH[SRUWDEOHVSDUDORFXDOVHGHSUHFLyHOWLSRGHFDPELRUHDO\SRURWURHQ
XQ SULPHU PRPHQWR UHVWULQJLU ODV LPSRUWDFLRQHV 3RVWHULRUPHQWH VH SURPRYHUtD OD
OLEHUDOL]DFLyQ FRPHUFLDO \ HQ JHQHUDO GH OD EDODQ]D GH SDJRV HQ OD UHJLyQ FRQ OD
ILQDOLGDG PHMRUDU ODV RSRUWXQLGDGHV GH H[SRUWDFLyQ H LQYHUVLyQ H[WUDQMHUD SDUD WRGRV
ORVSDtVHV
$ LQLFLRV GH OD GpFDGD GH VH DGRSWDURQ SROtWLFDV GH HVWDELOL]DFLyQ
PDFURHFRQyPLFD GH HPHUJHQFLD GHELGR D TXH JUDQ SDUWH GHO HQGHXGDPLHQWR H[WHUQR
HVWXYRGLULJLGRDILQDQFLDUHOGpILFLWGHOVHFWRUS~EOLFR\FXDQGRGLVPLQX\yODHQWUDGD
GHUHFXUVRVH[WHUQRVIXHQHFHVDULRUHFRUWDUHOJDVWRS~EOLFR\HQHVSHFLDOODLQYHUVLyQ
S~EOLFD \ HO JDVWR VRFLDO FRQ HVWRV UHFRUWHV VH JHQHUy XQ VXSHUiYLW SULPDULR TXH
SHUPLWLHUDSDJDUHOVHUYLFLRGHODGHXGDS~EOLFD6HFRQWHPSOyDGHPiVODUHVWULFFLyQ
GHLPSRUWDFLRQHVFRPRPHFDQLVPRSDUDFHUUDUODEUHFKDH[WHUQD\ODFRQWUDFFLyQGH
ODLQYHUVLyQSULYDGD\ORVVDODULRVUHDOHVSDUDUHGXFLUODGHPDQGDLQWHUQD6HDIHFWDURQ
SDUWLFXODUPHQWHODVLPSRUWDFLRQHVGHELHQHVGHFDSLWDOORTXHVHGHWHUPLQyDVXYH]
OD UHFHVLyQ VXIULGD SRU HO VHFWRU PDQXIDFWXUHUR \ HO FRQVLJXLHQWH LQFUHPHQWR GHO
GHVHPSOHR\VXEHPSOHR
/D FRQWUDFFLyQ GH OD LQYHUVLyQ S~EOLFD \ SULYDGD GH ODV LPSRUWDFLRQHV GH ELHQHV GH
FDSLWDO GHO VDODULR UHDO \ GHO JDVWR VRFLDO JHQHUy FRVWRV VRFLDOHV PX\ DOWRV \
FRPSURPHWLy HO FUHFLPLHQWR HFRQyPLFR IXWXUR (VWDV UHGXFFLRQHV PRWLYDGDV FRQ HO
ILQGHJDUDQWL]DUHOSDJRGHOVHUYLFLRGHODGHXGDH[WHUQDS~EOLFDLPSOLFDURQIUHQDU\R
SRVWHUJDUHOGHVDUUROORVRFLDOGHORVSDtVHVGH$PpULFD/DWLQD\HQJHQHUDOGHO7HUFHU
0XQGR /RV DOWRV FRVWRV VRFLDOHV GHO GHFHQLR GLHURQ OXJDU D TXH DOJXQRV
RUJDQLVPRV LQWHUQDFLRQDOHV SURSXVLHUDQ XQ ³DMXVWH FRQ URVWUR KXPDQR´ SRU HMHPSOR
HQ HO 318' SXEOLFy HO SULPHU LQIRUPH VREUH HO ³GHVDUUROOR KXPDQR ´ FRQ HO
TXH UHFRUGy TXH HO ILQ GH WRGR SURFHVR HFRQyPLFR HV HOHYDU HO ELHQHVWDU GH OD
SREODFLyQ (O FDPELR HQ OD RULHQWDFLyQ GH GLFKRV RUJDQLVPRV VH YLR LQIOXHQFLDGR HQ
EXHQD SDUWH SRU OD GLVFXVLyQ VREUH OD SREUH]D \ HO ELHQHVWDU SURPRYLGD SRU HO
HFRQRPLVWD KLQG~ $PDUW\D 6HQ D TXLHQ HQ VH OH RWRUJy HO 3UHPLR 1REHO GH
(FRQRPtD (O %DQFR 0XQGLDO \ HO%,' SRU VX SDUWH UHDOL]DURQ LQYHVWLJDFLRQHV SDUD
FRPSUHQGHU PHMRU OD GLQiPLFD GH OD SREUH]D \ OD GLVWULEXFLyQ GHO LQJUHVR \ VXV
YtQFXORVFRQHOGHVHPSHxRGHODHFRQRPtD\ODVSROtWLFDVGHDMXVWH
7UDGLFLRQDOPHQWH HO FUHFLPLHQWR HFRQyPLFR KD VLGR YLVWR FRPR XQD FRQGLFLyQ
QHFHVDULD SDUD OD VXSHUDFLyQ GH OD SREUH]D 1R REVWDQWH HQ PXFKRV FDVRV HO
FUHFLPLHQWR GH OD HFRQRPtD VH KD SHUFLELGR FRPR XQ ILQ HQ Vt PLVPR FXDQGR HQ
UHDOLGDG FRQVWLWX\H XQ PHGLR SDUD PHMRUDU HO ELHQHVWDU GH OD SREODFLyQ (O ILQ GH
FXDOTXLHUHFRQRPtDHVHOHYDUHOELHQHVWDUGHODJHQWH\HQHVSHFLDOHOGHORVSREUHV
/DV WHRUtDV VREUH HO ³FDSLWDO KXPDQR´ LPSOLFDURQ XQ UHWRUQR D OD FRQFHSFLyQ GHO
GHVDUUROORHFRQyPLFRSURSXHVWDSRU$GDP6PLWKHQOD5LTXH]DGHODQDFLRQHVHQOD
TXH HO GHVDUUROOR GHO SRWHQFLDO KXPDQR OD GLYLVLyQ GHO WUDEDMR \ OD H[SHULHQFLD
FRQVWLWXtDQ HO HMH FHQWUDO GHO DQiOLVLV (VWH FDPELR HQ ODV WHRUtDV GHO FUHFLPLHQWR
HFRQyPLFRORJUyVXDYL]DU \KXPDQL]DUODFRQFHSFLyQGHOGHVDUUROOR6HQ/DV
WHRUtDV GHO FDSLWDO KXPDQR OODPDURQ OD DWHQFLyQ VREUH ODV YLUWXGHV GH OD LQYHUVLyQ
VRFLDO HQ HO FUHFLPLHQWR HFRQyPLFR VRVWHQLGR 8QD SREODFLyQ VDQD \ HGXFDGD HV XQD
IXHU]D GH WUDEDMR SURGXFWLYD \ FUHDWLYD TXH SRWHQFLD OD H[SDQVLyQ GH OD IURQWHUD GH
SURGXFFLyQGHOSDtV6LQHPEDUJRHVWDYLVLyQWLHQHODOLPLWDFLyQGHYHUH[FOXVLYDPHQWH
DO VHU KXPDQR FRPR XQ IDFWRU GH SURGXFFLyQ SDUD OD FUHDFLyQ GH ELHQHV \ VHUYLFLRV
(VWRHVHYLGHQFLDVRORXQDVSHFWRGHODUHODFLyQHQWUHHOVHUKXPDQR\ODHFRQRPtD
OD GH VHU XQ IDFWRU SURGXFWLYR \ GHMD GH ODGR OD LPSRUWDQFLD GHO VHU KXPDQR SRU Vt
PLVPR 6H WUDWD GH XQ HQIRTXH TXH SRU HMHPSOR QR MXVWLILFD SROtWLFDV VRFLDOHV GH
SURWHFFLyQ HVSHFLDO D QLxRVDV DQFLDQRV GLVFDSDFLWDGRV HWF HQ WDQWR pVWRV QR
FRQWULEX\HQ D OD SURGXFFLyQ (Q HO HQIRTXH GHO GHVDUUROOR KXPDQR HQ FDPELR ODV
SROtWLFDVVRFLDOHVVHMXVWLILFDQLQGHSHQGLHQWHPHQWHGHVXUHQGLPLHQWRHFRQyPLFRRGH
TXHDXPHQWHQRQRODSURGXFFLyQHQHOFRUWRRHQHOODUJRSOD]RHOPHMRUDPLHQWRGHOD
FDOLGDGGHYLGDHVHOREMHWLYRSULPRUGLDOGHOGHVDUUROOR
/DFRQVHFXFLyQGHOFUHFLPLHQWRHFRQyPLFRVLELHQSXHGHVHUXQDFRQGLFLyQQHFHVDULD
SDUD VXSHUDU OD SREUH]D QR HV VXILFLHQWH (O FUHFLPLHQWR HFRQyPLFR SXHGH VHU
LQHTXLWDWLYR \ SRU WDQWR EHQHILFLDU VROR D GHWHUPLQDGRV JUXSRV /DV GHVLJXDOGDGHV
VRFLDOHVFRQVWLWX\HQXQDVSHFWRLPSRUWDQWHGHODVVRFLHGDGDFWXDOHV \VXHUUDGLFDFLyQ
XQREMHWLYRGHODVSROtWLFDVS~EOLFDV
/DVSROtWLFDVGHDMXVWHGLULJLGDVDLPSXOVDUODSURGXFFLyQGHELHQHVWUDQVDEOHVLPSOLFDQ
WDPELpQODUHRULHQWDFLyQGHORVIDFWRUHVGHSURGXFFLyQKDFLDHVHVHFWRUHQHVSHFLDOGH
OD PDQR GH REUD (VWR GHWHUPLQD OD QHFHVLGDG GH FRQWDU FRQ LQGLFDGRUHV TXH GHQ
FXHQWD GH OD HVWUXFWXUD GH ODSURGXFFLyQGHOSDtV \ GHODIXHU]DODERUDOSRUUDPDVGH
DFWLYLGDGHFRQyPLFD
'HVGHODSHUVSHFWLYDGHOGHVDUUROORKXPDQRQRHVVXILFLHQWHREVHUYDUHQFXiQWRFUHFH
OD SURGXFFLyQ GH ELHQHV \ VHUYLFLRV VLQR OD FDOLGDG \ HVWUXFWXUD GH HVH FUHFLPLHQWR
3DUDHVWHHQIRTXHHVLPSRUWDQWHHYLWDUORVVLJXLHQWHVWLSRVGHFUHFLPLHQWRHFRQyPLFR
TXH SHUSHW~DQ ODV GHVLJXDOGDGHV DFWXDOHV \ TXH SRU HQGH VRQ LQVRVWHQLEOHV 318'
D &UHFLPLHQWR VLQ HPSOHR HQ HO TXH OD HFRQRPtD HQ JHQHUDO FUHFH SHUR VLQ TXH
DXPHQWHQODVRSRUWXQLGDGHVGHHPSOHR
E &UHFLPLHQWR VLQ HTXLGDG HQ TXH ORV IUXWRV GHO FUHFLPLHQWR HFRQyPLFR EHQHILFLDQ
SULQFLSDOPHQWHDORVULFRVHQGHVPHGURGHORVSREUHV
F &UHFLPLHQWRVLQYR]GHODVFRPXQLGDGHV HQGRQGHHO FUHFLPLHQWRGHODHFRQRPtD
QRYDDFRPSDxDGRGHXQIRUWDOHFLPLHQWRGHODGHPRFUDFLDRGHODSRWHQFLDFLyQGH
ODJHQWH
G &UHFLPLHQWR VLQ UDtFHV HQ HO TXH HO FUHFLPLHQWR HFRQyPLFR GHWHUPLQD TXH OD
LGHQWLGDGGHORVSXHEORVGHVDSDUH]FD
H &UHFLPLHQWR VLQ IXWXUR HQ TXH ODV JHQHUDFLRQHV DFWXDOHV GHVSLOIDUUDQ ORV UHFXUVRV
TXHQHFHVLWDUiQODVJHQHUDFLRQHVIXWXUDV
6H UHTXLHUH GH XQ FUHFLPLHQWR HFRQyPLFR \ GHVDUUROOR KXPDQR TXH VH UHIXHUFHQ \
UHWURDOLPHQWHQ UHFtSURFDPHQWH (O FUHFLPLHQWR HFRQyPLFR HV LPSRUWDQWH SDUD
DXPHQWDU ODV RSRUWXQLGDGHV GH HPSOHR PHMRUDU ORV VDODULRV \ GLVWULEXLU
HTXLWDWLYDPHQWHORVUHFXUVRV6LQHPEDUJRHVWHYtQFXORQRHVDXWRPiWLFR\SRUWDQWR
VHQHFHVLWDQSROtWLFDVS~EOLFDVH[SUHVDVTXHORUHIXHUFHQ318'
(OGHVDUUROORKXPDQR HVXQSURFHVRHQHOTXHVHDPSOtDQODVRSFLRQHVGHODJHQWH(Q
HVWHSURFHVRODFRQVHFXFLyQGHXQHPSOHRDGHFXDGRTXHJDUDQWLFHDODVSHUVRQDV\VXV
KRJDUHVXQLQJUHVRHVQHFHVDULRSDUDDXPHQWDUODVRSFLRQHVGHODJHQWH\SRUWDQWRVX
ELHQHVWDU 'H LJXDO PDQHUD HO LQFUHPHQWR GH ORV VDODULRVR GH ORV LQJUHVRV GH OD
SREODFLyQ RFXSDGD SHUPLWH DPSOLDU VXV RSFLRQHV \ ELHQHVWDU (Q HVWH VHQWLGR HO
FUHFLPLHQWRHFRQyPLFRHVQHFHVDULR318'
3RUVXSDUWHHOFUHFLPLHQWRHFRQyPLFRVRVWHQLGRVHVXVWHQWDHQODFDSDFLGDGKXPDQD
/D SREODFLyQ HGXFDGD XWLOL]D PiV HILFLHQWHPHQWH HO FDSLWDO HV FDSD] GH LQQRYDU ORV
SURFHVRVGHSURGXFFLyQ\GLIXQGHVXVFRQRFLPLHQWRVHQWUHVXVFRPSDxHURVGHWUDEDMR
DXPHQWDQGR GH HVWD PDQHUD OD SURGXFWLYLGDG GH WRGRV ORV IDFWRUHV GH OD SURGXFFLyQ
318'1RREVWDQWHPHMRUDUHOQLYHOHGXFDWLYRGHODJHQWHQRHVVXILFLHQWHHV
WDPELpQ QHFHVDULR DPSOLDU ODV RSRUWXQLGDGHV GH XWLOL]DU HVH FRQRFLPLHQWR 3RU WDO
PRWLYR OD UHODFLyQ HQWUH FUHFLPLHQWR \ GHVDUUROOR KXPDQR GHEH UHIRU]DUVH
FRQWLQXDPHQWHJHQHUDQGRXQFtUFXOR YLUWXRVR
/DFRQVHFXFLyQGHXQHPSOHR\SRUHQGHGHXQLQJUHVRDVtFRPRHOPHMRUDPLHQWRGH
ORV LQJUHVRV GH ODV SHUVRQDV RFXSDGDV SHUPLWHQ D OD SREODFLyQ VDWLVIDFHU VXV
QHFHVLGDGHV EiVLFDV \ HQ OD PHGLGD HQ TXH WLHQHQ H[FHGHQWHV DFXPXODU DFWLYRV \D
VHDQ PRQHWDULRV ItVLFRV R FDSLWDO KXPDQR 0D\RUHV LQJUHVRV IDPLOLDUHV LPSOLFDQ
PHMRUHV \ PiV YDULDGDV GLHWDV DOLPHQWLFLDV \ PD\RUHV JDVWRV HQ OD HGXFDFLyQ GH ORV
KLMRV\GHORVPLHPEURVGHOKRJDUHQJHQHUDO
(O FUHFLPLHQWR HFRQyPLFR DO JHQHUDU PD\RUHV UHFXUVRV ILVFDOHV SHUPLWH DPSOLDU HO
JDVWRVRFLDOPHGLGR\DVHDFRPRSRUFHQWDMHGHO3,% \RHQWpUPLQRVSHUFiSLWD3RUVX
SDUWHXQDPD\RULQYHUVLyQHQHGXFDFLyQPHMRUDHOQLYHOHGXFDWLYRGHODSREODFLyQHQ
JHQHUDO DXPHQWDQGR OD SURGXFWLYLGDG GH OD IXHU]D GH WUDEDMR (Q HVSHFLDO PHMRUD HO
QLYHOHGXFDWLYRGHODVPXMHUHVGLVPLQX\HQGRODWDVDGHIHFXQGLGDGHLQFUHPHQWDQGRD
ODYH]HOQLYHOHGXFDWLYRGHORVKLMRV
(OFUHFLPLHQWRHFRQyPLFRGHEHLUDSDUHMDGRGHPD\RULJXDOGDGGHLRSRUWXQLGDGHV
HFRQyPLFDVFRPRHODFFHVRDHPSOHRVLQIRUPDFLyQ\WHFQRORJtDDFFHVRDODWLHUUD\
DOFUpGLWRDFFHVRDYLYLHQGDDSURSLDGDDJXDSRWDEOHHQVHxDQ]DEiVLFD\VHUYLFLRVGH
VDOXG\DFFHVRDLQIUDHVWUXFWXUDVItVLFDVFRPREXHQDVFDUUHWHUDVUHGHVGHVXPLQLVWUR
GH HOHFWULFLGDG \ FRPXQLFDFLRQHV DGHFXDGDV LL RSRUWXQLGDGHV VRFLDOHV \ SROtWLFDV
FRPR OD OLEHUWDG GH PRYLPLHQWR H[SUHVLyQ FUHHQFLD FXOWXUDO \ UHOLJLRVD OD
SDUWLFLSDFLyQ VLQ GLVFULPLQDFLyQ HQ ORV SURFHVRV SROtWLFRV \ HQ ODV DFWLYLGDGHV GH OD
VRFLHGDG FLYLO OD DXVHQFLD GH H[SORWDFLyQ \ OD SRVLELOLGDG GH OOHYDU XQD YLGD FRQ
DXWRGHWHUPLQDFLyQ \ UHVSHFWR SURSLR HQ WDQWR PLHPEUR GH XQD FRPXQLGDG 318'
(O FUHFLPLHQWR HFRQyPLFR SHUPLWH UHGXFLU OD SREUH]D HQ OD PHGLGD HQ TXH JHQHUD
HPSOHRV SURGXFWLYRV \ DXPHQWD ORV LQJUHVRV VDODULDOHV GH ORV WUDEDMDGRUHV FRQ EDMRV
LQJUHVRV 6LQ HPEDUJR XQ FUHFLPLHQWR HFRQyPLFR GH HVWH WLSR TXH VH OR SXHGH
FDOLILFDU GH FUHFLPLHQWR HFRQyPLFR VDQR QR HV VXILFLHQWH SDUD EHQHILFLDU D WRGD OD
SREODFLyQ SREUH VLHPSUH H[LVWHQ JUXSRV GH SREODFLyQ TXH TXHGDQ DO PDUJHQ GH ORV
EHQHILFLRV GHO FUHFLPLHQWR GH WDO IRUPD TXH HV QHFHVDULR VX FRPSOHPHQWDFLyQ FRQ
SURJUDPDVVRFLDOHV(QVXPDD~QHQHOFDVRGHXQFUHFLPLHQWRHFRQyPLFRVDQRpVWH
QR HV SHUIHFWDPHQWH VXVWLWXWLYR UHVSHFWR GH ORV SURJUDPDV VRFLDOHV GH FRPEDWH D OD
SREUH]D%HUU\
/RV PRGHORV WHyULFRV VLPSOHV DUJXPHQWDQ TXH OD OLEHUDOL]DFLyQ FRPHUFLDO
LQFUHPHQWDUi OD GHPDQGD GH PDQR GH REUD \ PHMRUDUi OD GLVWULEXFLyQ GHO LQJUHVR HQ
DTXHOORVSDtVHVGRQGHODPDQRGHREUDHVXQIDFWRUDEXQGDQWH(VGHFLUHQODPHGLGD
HQ TXH ODV QXHYDV H[SRUWDFLRQHV DJUtFRODV \R PDQXIDFWXUHUDV VHDQ LQWHQVLYDV HQ
PDQRGHREUDVHDPSOLDUiODGHPDQGDGHWUDEDMR1RREVWDQWHH[LVWHQFRQVWDWDFLRQHV
HPStULFDVTXHFRQWUDGLFHQHVWHDUJXPHQWR3RUHMHPSORHQDOJXQRVSDtVHVODVPLVPDV
HPSUHVDVTXHVHEHQHILFLDEDQGHOPRGHORSURWHFFLRQLVWDKDQUHRULHQWDGRVXSURGXFFLyQ
DOPHUFDGRH[WHUQRGHWHUPLQDQGRSRUWDQWRLQFUHPHQWRVPRGHVWRVHQODGHPDQGDGH
WUDEDMR 6H REVHUYD WDPELpQ HQ DOJXQRVSDtVHV GH $PpULFD /DWLQD XQ DXPHQWR GH OD
GHVLJXDOGDG GHO LQJUHVR GXUDQWH ORV SURFHVRV GH OLEHUDOL]DFLyQ FRPHUFLDO
SUREDEOHPHQWH GHELGR DO LQFUHPHQWR GH OD EUHFKD GH LQJUHVRV HQWUH ORV WUDEDMDGRUHV
FDOLILFDGRV \ QR FDOLILFDGRV %HUU\ 3DUD REVHUYDU ORV HIHFWRV GH OD
OLEHUDOL]DFLyQFRPHUFLDOHQODSREUH]D\ODGLVWULEXFLyQGHOLQJUHVRHVSUHFLVRDQDOL]DU
HPStULFDPHQWHODVLWXDFLyQGHFDGDSDtV
(Q PXFKRV FDVRV ORV SURFHVRV GH DSHUWXUD FRPHUFLDO KDQ HVWDGR DFRPSDxDGRV GH
FDPELRV WHFQROyJLFRV TXH VL ELHQ JHQHUDQ XQ PD\RU FUHFLPLHQWR GH OD HFRQRPtD HQ
WDQWRVRQWHFQRORJtDVLQWHQVLYDVHQFDSLWDOKDQWHQLGRXQLPSDFWRUHVWULQJLGRVREUHOD
GHPDQGDGHWUDEDMRODSREUH]D\ODGLVWULEXFLyQGHOLQJUHVR%HUU\
(O GHWHUPLQDQWH PiV LPSRUWDQWH GH OD GHVLJXDOGDG GHO LQJUHVR HQ HO (FXDGRU \ HQ
$PpULFD /DWLQD HV OD GHVLJXDO GLVWULEXFLyQ GHO FDSLWDO KXPDQR HQ HVSHFLDO OD
HGXFDFLyQ OR TXH GHWHUPLQD JUDQGHV EUHFKDV GH LQJUHVRV HQWUH ORV WUDEDMDGRUHV FRQ
DOWRV\EDMRVQLYHOHVGHHGXFDFLyQ/HFRUUHVSRQGHDODSROtWLFDVRFLDOLQFUHPHQWDUHO
QLYHOHGXFDWLYRGHORVVHJPHQWRVPiVSREUHVGHODVRFLHGDGDODYH]TXHVHPHMRUDOD
FDOLGDG GH OD HGXFDFLyQ SRQLpQGROD D WRQR FRQ ORV FDPELRV WHFQROyJLFRV \ FRQ ORV
UHTXHULPLHQWRVGHORVVHFWRUHVSURGXFWLYRV
0RUOH\ UHVXPH OD H[SHULHQFLD GH ODV SROtWLFDV GH DMXVWH HQ ODV VLJXLHQWHV FXDWUR
SURSRVLFLRQHV
D(OFUHFLPLHQWRHFRQyPLFRFRQVWLWX\HXQDIXHU]DSRGHURVDHQODUHGXFFLyQGHOD
SREUH]D
E /D SREUH]D VH KD UHGXFLGR UiSLGDPHQWH GXUDQWH ORV SHUtRGRV GH UHFXSHUDFLyQ
UHJLVWUDGRVHQORVSURFHVRVGHDMXVWHHVWUXFWXUDO
F /DV UHFHVLRQHV GHULYDGDV GHO DMXVWH HVWUXFWXUDO GLHURQ FRPR UHVXOWDGR XQ
PDUFDGRDXPHQWRHQHOQLYHOGHSREUH]D
G(ODMXVWHHVWUXFWXUDOGXUDQWHODVUHFHVLRQHVKDVLGRPiVQRFLYRSDUDHOVHFWRU
XUEDQR TXH SDUD ORV SREUHV GHO FDPSR ,JXDOPHQWH GXUDQWH ORV SHUtRGRV GH
UHFXSHUDFLyQODGLVPLQXFLyQGHODSREUH]DUXUDOKDVLGRJHQHUDOPHQWHPD\RUD
OD GH OD SREUH]D XUEDQD HQ ORV FDVRV HQ TXH HO VHFWRU UXUDO SURGXFH ELHQHV
DJUtFRODVWUDQVDEOHV \HO VHFWRUXUEDQRHVSHFLDOPHQWHELHQHVQRWUDQVDEOHV /D
GHSUHFLDFLyQ GHO WLSR GH FDPELR UHDO EHQHILFLDUtD DO VHFWRU WUDQVDEOH GH OD
HFRQRPtDDFRVWDGHOVHFWRUQRWUDQVDEOH
3UHQXVKLHWDOKDQSODQWHDGRORVVLJXLHQWHVSULQFLSDOHVPHFDQLVPRVGHWUDQVPLVLyQGH
ODV FULVLV D OD SREODFLyQ D &DPELRV HQ ORV SUHFLRV UHODWLYRV HVWR LPSOLFD
IXQGDPHQWDOPHQWH OD UHGXFFLyQ GH ORV VDODULRV H LQJUHVRV HQ WpUPLQRV UHDOHV \ SRU
WDQWRODGLVPLQXFLyQGHOSRGHUGHFRPSUD$VXYH]ODGLVPLQXFLyQGHORVLQJUHVRVGH
ORV RFXSDGRV HQ HO VHFWRU IRUPDO \ HO LQFUHPHQWR GHO GHVHPSOHR GHWHUPLQDQ OD
UHGXFFLyQGHODGHPDQGDGHORVELHQHV\VHUYLFLRVSURGXFLGRVSRUORVRFXSDGRVHQHO
VHFWRU LQIRUPDO OR FXDO LPSOLFD XQD UHGXFFLyQ GH VXV LQJUHVRVE &DPELRV HQ OD
GHPDQGDODERUDO (VWHPHFDQLVPRVHH[SUHVDPHGLDQWHHOLQFUHPHQWRGHOGHVHPSOHR
\HOVXEHPSOHR$HVWRVHGHEHDJUHJDUTXHVHSURGXFHWDPELpQXQDSUHFDUL]DFLyQGH
ODV FRQGLFLRQHV GH HPSOHR SDUD DTXHOORV TXH OR FRQVHUYDQ R OR FRQVLJXHQ \D VHD
H[SUHVDGD PHGLDQWH OD H[WHQVLyQ GH OD MRUQDGD ODERUDO YDFDFLRQHV IRU]DGDV
FRQWUDWDFLyQ VLQ VHJXULGDG VRFLDO UHWDUGR HQ HO SDJR GH ORV VDODULRV PD\RU
LQHVWDELOLGDGQRSDJRSRUODVKRUDVH[WUDVHWFF &DPELRVHQORVUHQGLPLHQWRVGH
ORVDFWLYRVItVLFRV\HOFDSL WDOHQHVWHFDVRORVSREUHVVRQSRVHHGRUHVHVSHFLDOPHQWH
GH GLQHUR HQ HIHFWLYR HO FXDO GXUDQWH SHUtRGRV LQIODFLRQDULRV VH YH DIHFWDGR HQ VX
SRGHU GH FRPSUD /D JHQWH SREUH WLHQH PHQRV FDSDFLGDG GH DMXVWDU VX SRUWDIROLR GH
DFWLYRV \ SUHVHUYDU HO YDORU UHDO GH VX ULTXH]D DIHFWDQGR SRU WDQWR WDPELpQ D VX
FDSDFLGDG GH JHQHUDU LQJUHVRV HQ HO IXWXURG 'LVPLQXFLyQ GHO JDVWR S~EOLFR ORV
UHFRUWHVGHO JDVWRS~EOLFRQRPLQDOHVRUHDOHVGLVPLQX\HQRDIHFWDQODSUHVWDFLyQGH
VHUYLFLRVVRFLDOHVSRUSDUWHGHO(VWDGR(VWRVUHFRUWHVDIHFWDQHQPD\RUSURSRUFLyQDOD
SREODFLyQ SREUH TXH HV OD TXH XVD FRQ PiV LQWHQVLGDG ORV VHUYLFLRV HVWDWDOHV /D
UHVWULFFLyQ GHO JDVWR R OD IDOWD GH OLTXLGH] HQ HO SUHVXSXHVWR GHO (VWDGR SURYRFD OD
SDUDOL]DFLyQGHORVVHUYLFLRVSRUHOUHWUDVRHQHOSDJRGHODVUHPXQHUDFLRQHVDPDHVWURV
\ WUDEDMDGRUHV GH OD VDOXG \ JHQHUD FRQVHFXHQWHPHQWH XQ LQFUHPHQWR GH OD
FRQIOLFWLYLGDGODERUDOH (IHFWRVVREUHHOHQWRUQRFRPXQLWDULR ORVOD]RVIDPLOLDUHV
R FRPXQLWDULRV SXHGHQ VHU DIHFWDGRV SRU OD FULVLV 7DPELpQ SRU HO LQFUHPHQWR GH OD
SREUH]D SXHGHQ DXPHQWDU OD YLROHQFLD GRPpVWLFD \ VRFLDO $GHPiV ORV UHFRUWHV GHO
JDVWR VRFLDO SXHGHQ JHQHUDU XQ GHWHULRUR VLJQLILFDWLYR GH OD VDOXG S~EOLFD 6H
LQFUHPHQWD OD LOHJDOLGDG HQ OD YLGD FRWLGLDQD KD\ PD\RU SUHVHQFLD GH SDQGLOODV
DOFRKROLVPR \ GURJDGLFFLyQ PiV DVDOWRV 6H JHQHUD WDPELpQ DQRPLD VRFLDO \
GLIHUHQFLDFLyQVRFLDODOLQWHULRUGHORVEDUULRVFRQODFRQVLJXLHQWHHVWLJPDWL]DFLyQDORV
PiVSREUHV&(3/$(6,QIRUPH)LQDO
/RVKRJDUHVDIHFWDGRVSRUODFULVLVYHQHPSHRUDUVXVFRQGLFLRQHVGHYLGDIUHQWHDOR
FXDOUHDOL]DQXQFRQMXQWRGHDMXVWHV\HVWUDWHJLDVSDUDDGDSWDUVHDODQXHYDVLWXDFLyQ
(VWDV HVWUDWHJLDV VH H[SUHVDQ HQ GLYHUVRV iPELWRV WDOHV FRPR OD DOLPHQWDFLyQ OD
HGXFDFLyQODVDOXGHOHPSOHR(QWUHpVWDVVHGHVWDFDQODVVLJXLHQWHVD &DPELRVHQ
ORVSDWURQHVGHFRQVXPR HQ HVSHFLDO SXHGHQ GLVPLQXLU OD FDQWLGDG \ FDOLGDG GH OD
DOLPHQWDFLyQ E 'HVHUFLyQ HVFRODU HQ DOJXQRV FDVRV OD GHVHUFLyQ HVFRODU YD
DSDUHMDGD GHO LQFUHPHQWR GHO WUDEDMR LQIDQWLO $OJXQRV KRJDUHV GHFLGHQ DOWHUQDU HQWUH
ORVKLMRVHODFFHVRDODHGXFDFLyQXQDxRYDXQRHOVLJXLHQWHDxRHORWURRVHDOWHUQDQ
XQD VHPDQD YD XQR \ OD VLJXLHQWH RWUR 2WURV KRJDUHV SXHGHQ GHFLGLU FDPELDU D VXV
KLMRVDHVFXHODVPiVEDUDWDVF ,QFUHPHQWRGHODSDUWLFLSDFLyQODERUDOIHPHQLQD
/DVPDGUHVVHLQFRUSRUDQDOVHFWRUIRUPDORLQIRUPDO\VHFRQYLHUWHQHQPXFKRVFDVRV
HQ OD ~QLFD IXHQWH GH LQJUHVR GHO KRJDUG $XPHQWR GH OD MRUQDGD ODERUDO \R
UHDOL]DFLyQGHDFWLYLGDGHVFRPSO HPHQWDULDVFRQODILQDOLGDGGHREWHQHUORVLQJUHVRV
QHFHVDULRV SRU HO KRJDU VXV PLHPEURV VH YHQ REOLJDGRV D WUDEDMDU PiV KRUDV \R
UHDOL]DU ODERUHV DGLFLRQDOHV H 0LJUDFLyQ (Q OD DFWXDOLGDG SRU OD FULVLV VH KD
HVWLPXODGR OD VDOLGD GH HFXDWRULDQRV DO H[WUDQMHUR R H[LVWH XQD JUDQ H[SHFWDWLYD SRU
WRPDUHVWDGHFLVLyQ(QDOJXQRVFDVRVGHELGRDODUHGXFFLyQGHRSRUWXQLGDGHVHQODV
FLXGDGHV YDULDV SHUVRQDV UHJUHVDQ DO FDPSRI 'HVDFXPXODFLyQ GH DKRUURV /DV
IDPLOLDV TXH WLHQHQ DKRUURV ORV GHVDFXPXODQ SDUD FXEULU VXV JDVWRV QRUPDOHV J
9HQWD GH DFWLYRV \ ELHQHV GXUDEOHV DOJXQRV KRJDUHV YHQGHQ VXV DFWLYRV \ ELHQHV
GXUDEOHVLQFOXVRELHQHVGHFDSLWDOORFXDOSHUMXGLFDODFDSDFLGDGIXWXUDGHJHQHUDFLyQ
GH LQJUHVRV 7DPELpQ VH HQGHXGDQ HVSHFLDOPHQWH FRQ DPLJRV \ IDPLOLDUHV \
SRVWHUJDQ ORV SDJRV GH VXV GHXGDV FRPR HO DUULHQGR R ODV FXHQWDV HQ OD WLHQGDK
3RVWHUJDFLyQ GH WUDWDPLHQWRV PpGLFRV 3RVWHUJDQ WUDWDPLHQWRV PpGLFRV GHMDQ GH
DVLVWLU D FRQVXOWDV FRQ SURIHVLRQDOHV UHGXFHQ OD GXUDFLyQ R OD LQWHQVLGDG GHO
WUDWDPLHQWR\DFXGHQDFXUDQGHURVRVHDXWRPHGLFDQ2WURVRSWDQSRUUHGXFLUODVGRVLV
PpGLFDV UHFRPHQGDGDV GHELGR D OD FDUHQFLD GH UHFXUVRV L &DPELRV HQ ODV
GHFLVLRQHV GH SURGXFFLyQ /RV FDPSHVLQRV GHFLGHQ SURGXFLU DTXHOORV SURGXFWRV
PHQRVLQWHQVLYRVHQLQVXPRV\IHUWLOL]DQWHVUHGXFLHQGRSRUWDQWRODGLYHUVLGDGGHVX
SURGXFFLyQORFXDODVXYH]SXHGHDIHFWDUODULTXH]DQXWULFLRQDOGHODVGLHWDV(QRWURV
FDVRVQRXWLOL]DQORVIHUWLOL]DQWHVDERQRV\SODJXLFLGDVHQODVFDQWLGDGHVWpFQLFDPHQWH
QHFHVDULDVDIHFWDQGROD SURGXFWLYLGDGGHVXVFXOWLYRV5HGXFHQWDPELpQODH[WHQVLyQ
GH ORV FXOWLYRV SRU IDOWDGH GLQHUR SDUD LQVXPRVM 6HHVWLPXODQODVWUDQVDFFLRQHV
LOHJDOHV VH JHQHUD DSURSLDFLyQ LOHJDO GH HQHUJtD HOpFWULFD ³DUUHJOR´ GH PHGLGRUHV
URER GH URSD \ DOLPHQWRVN 6H HVWLPXODQ ODV UHGHV GH VROLGDULGDG IDPLOLDUHV \
FRPXQLWDULDV UHFLEHQ D IDPLOLDUHV OHV D\XGDQ D FRQVHJXLU WUDEDMR HQWUH YHFLQRV VH
UHJDODQFRPLGDDYHFHV/HyQ\7UR\D
$SHVDUGHTXHVHKDDYDQ]DGRVLJQLILFDWLYDPHQWHHQODFRPSUHQVLyQFRQFHSWXDOGHORV
YtQFXORVHQWUHHVWDELOL]DFLyQDMXVWHFUHFLPLHQWRHLPSDFWRVVRFLDOHVODH[SHULHQFLDGH
FDGD SDtV WLHQH VXV SDUWLFXODULGDGHV SRU OR TXH VH UHTXLHUH GH XQ DQiOLVLV
SRUPHQRUL]DGRGHFDGDVLWXDFLyQDILQGHGHWHUPLQDUORVHIHFWRVVRFLDOHVQHWRVGHHVWDV
SROtWLFDV
%LEOLRJUDItD
%(55<$OEHUW³(OFRQWH[WRPDFURHFRQyPLFRGHODVSROtWLFDVSUR\HFWRV\SURJUDPDV
SDUD SURPRYHU HO GHVDUUROOR VRFLDO \ FRPEDWLU OD SREUH]D HQ $PpULFD /DWLQD \ HO
&DULEH´ (1 (VWUDWHJLDV SDUD UHGXFLU OD SREUH]D HQ $PpULFD /DWLQD \ HO &DULEH
4XLWR318'
&$5'262(OLDQD³/DPDFURHFRQRPtDGHODSREUH]DHQ$PpULFD/DWLQD´(1%,'
3ROtWLFDVGHDMXVWH\SREUH]D:DVKLQJWRQ'&%,'
&(3/$(6,QIRUPHVGHOHVWXGLRFXDOLWDWLYRGHOLPSDFWRVRFLDOGHODFULVLVHQEDUULRV\
FRPXQLGDGHVSREUHVGHO(FXDGRU4XLWR(FXDGRU
+257216XVDQ.$1%855DYL \0$=80%$5'LSDN³/DERU0DUNHWVLQDQ(UD
RI $GMXVWPHQW DQ 2YHUYLHZ´ (1 /DERU 0DUNHWV LQ DQ (UD RI $GMXVWPHQW
:DVKLQJWRQ '&:RUOG%DQN
/(210DXULFLR\752<$3LODU0HFDQLVPRVGHWUDQVPLVLyQGHODFULVLV\HVWUDWHJLDV
GHDMXVWHGHORVKRJDUHVSREUHVGHO(FXDGRU4XLWR(FXDGRU6('(+6,,6(
025/(< 6DPXHO ³0DFURFRQGLFLRQHV \ SREUH]D HQ $PpULFD /DWLQD´ (1 %,'
3ROtWLFDVGHDMXVWH\SREUH]D:DVKLQJWRQ'&%,'
318' ,QIRUPH VREUH GHVDUUROOR KXPDQR 0DGULG (GLFLRQHV 0XQGL 3UHQVD
35(1186+, *LRYDQQD )(55(5,5$ )UDQFLVFR \ 5$9$//,21 0DUWLQ
0DFURHFRQRPLF &ULVHV DQG 3RYHUW\ 7UDQVPLVVLRQ 0HFKDQLVPV DQG 3ROLF\
5HVSRQVHV:RUOG%DQN:RUNLQJ3DSHUKWWSZZZZRUOGEDQNRUJSRYHUW\
6(1 $PDUW\D ³5HIOH[LRQHV DFHUFD GHO GHVDUUROOR D FRPLHQ]RV GHO 6LJOR ;;,´
3RQHQFLD SUHVHQWDGD D OD ³'HYHORSPHQW WKLQNLQJ DQG SUDFWLFH FRQIHUHQFH´ %,'
:DVKLQJWRQ'&
,,,1',&$'25(6
68%6(&725352'8&&,21
7DPDxRGHODHFRQRPtD
6HFWRU
(FRQRPtD
6XEVHFWRU
3URGXFFLyQ
)XQGDPHQWR
(OWDPDxRGHODHFRQRPtDVHUHILHUHDODPDJQLWXGGHODDFWLYLGDGHFRQyPLFDGHXQSDtVHVGHFLUGH
VX SURGXFFLyQ GH ELHQHV \ VHUYLFLRV 6H PLGH D WUDYpV GHOSURGXFWR LQWHUQR EUXWR R 3,% 3XHGH
H[SUHVDUVHHQWpUPLQRVQRPLQDOHVRUHDOHV
(O 3,% HV HO YDORU WRWDO GH OD SURGXFFLyQ FRUULHQWH GH ELHQHV \ VHUYLFLRV ILQDOHV GHQWUR GHO
WHUULWRULR QDFLRQDO GXUDQWH XQ GHWHUPLQDGR SHUtRGR SRU OR JHQHUDO XQ DxR (O WpUPLQR ³SURGXFFLyQ
FRUULHQWH´VLJQLILFDTXHVHFRQVLGHUDQVRODPHQWHORVELHQHV\VHUYLFLRVSURGXFLGRVGXUDQWHHOSHUtRGR
HQUHIHUHQFLD\QRSRUHMHPSORODUHYHQWDGHELHQHVSURGXFLGRVHQHOSHUtRGRRSHUtRGRVDQWHULRUHV(O
WpUPLQR ³ELHQHV ILQDOHV´ VLJQLILFD TXH QR VH FXHQWD HO YDORU GH ODV PDWHULDV SULPDV \ ELHQHV
LQWHUPHGLRVTXHVHXWLOL]DQFRPRLQVXPRVSDUDODSURGXFFLyQGHRWURVELHQHV(OWpUPLQR³LQWHUQR´VH
UHILHUH D TXH HO 3,% PLGH ~QLFDPHQWH OD SURGXFFLyQ UHDOL]DGD GHQWUR GHO WHUULWRULR QDFLRQDO
LQGLIHUHQWHPHQWH GH VL ORV LQJUHVRV GH HVWD SURGXFFLyQ FRUUHVSRQGHQ D UHVLGHQWHV QDFLRQDOHV R
H[WUDQMHURV (O WpUPLQR ³EUXWR LPSOLFD TXH HO 3,% LQFOX\H DTXHOOD SDUWH GHOD SURGXFFLyQ FRUULHQWH
GHVWLQDGDDFRPSHQVDUODGHSUHFLDFLyQGHOVWRFNGHFDSLWDO
(O 3,% QRPLQDO PLGH HO YDORU WRWDO GH OD SURGXFFLyQ GH ELHQHV \ VHUYLFLRV ILQDOHV HQ XQ
SHUtRGR GDGR XWLOL]DQGR ORV SUHFLRV YLJHQWHV HQ HO SHUtRGR HQ TXH pVWD VH JHQHUD (O WpUPLQR
³QRPLQDO´VLJQLILFDTXHHO3,%HVWiH[SUHVDGRDSUHFLRVFRUULHQWHVHVGHFLUSDUDVXFiOFXORVHXWLOL]DQ
ORVSUHFLRVYLJHQWHVHQHOPLVPRSHUtRGRHQTXHVHJHQHUDODSURGXFFLyQ
8QDXPHQWRHQHO3,%QRPLQDOSXHGHVLJQLILFDUTXHVHKDSURGXFLGRPiVHQODHFRQRPtDTXH
KDQVXELGRORVSUHFLRVRDPEDVFRVDV(VXQLQGLFDGRUGHOQLYHOGHDFWLYLGDGHFRQyPLFDRGHOWDPDxR
GHODHFRQRPtD3RUHMHPSORHQHO3,%GHO(FXDGRUIXHGHPLOHVGHPLOORQHVGHGyODUHV
PLHQWUDVTXHHOGH&KLOHIXHGHHOGH0p[LFR\HOGH%UDVLOPLOHVGHPLOORQHVGH
GyODUHV
(O3,%QRPLQDOVHXWLOL]DWDPELpQFRPRGHQRPLQDGRUSDUDODGHILQLFLyQGHRWURVLQGLFDGRUHV
FRPR SRU HMHPSOR ORV LQJUHVRV SHWUROHURV FRPR SRUFHQWDMH GHO 3,% TXH VHUtD XQD PHGLGD GH OD
PDJQLWXGGHORVLQJUHVRVSHWUROHURVHQUHODFLyQDOWDPDxRGHODHFRQRPtD3RUHMHPSORHQHO(FXDGRU
HQWUH\ORVLQJUHVRVSHWUROHURVGHO*RELHUQR&HQWUDODXPHQWDURQHQWpUPLQRVDEVROXWRVGH
DPLOHVGHPLOORQHVGHVXFUHVORTXHDSDUHQWHPHQWHLPSOLFDXQLQFUHPHQWRFRQVLGHUDEOH
QRREVWDQWHDOUHODFLRQDUHVWRVLQJUHVRVFRQHOWDPDxRGHODHFRQRPtDVHHYLGHQFLDXQDGLVPLQXFLyQ
GHOGHO3,%HQDGHO3,%HQORTXHVLJQLILFDTXHHOFUHFLPLHQWRGHODHFRQRPtD
\GHORVSUHFLRVIXHVXSHULRUDOFUHFLPLHQWRGHORVLQJUHVRVSHWUROHURV
/DV YDULDEOHV HFRQyPLFDV H[SUHVDGDV FRPR SRUFHQWDMH GHO 3,% VLUYHQ WDPELpQ SDUD UHDOL]DU
FRPSDUDFLRQHV FRQ RWURV SDtVHV HQ XQ SXQWR GHO WLHPSR \D TXH HVWRV FRHILFLHQWHV UHODFLRQDQOD
PDJQLWXGGHODYDULDEOHFRQHOWDPDxRGHODHFRQRPtD1RWHQGUtDVHQWLGRFRPSDUDUODVYDULDEOHVHQ
VXV YDORUHV DEVROXWRV 3RU HMHPSOR OD LQYHUVLyQ LQWHUQD EUXWD FRPR SRUFHQWDMH GHO 3,% D SUHFLRV
FRUULHQWHV IXH GH HQ HQ HO (FXDGRU HQ WDQWR TXH HQ &KLOH DOFDQ]y HQ 0p[LFR
\HQ%UDVLO
(O 3,% UHDO PLGH HO YDORU GH OD SURGXFFLyQ GH ELHQHV \ VHUYLFLRV ILQDOHV REWHQLGD HQ XQ
GHWHUPLQDGR SHUtRGR XWLOL]DQGR ORV SUHFLRV GH XQ DxR ILMR FRQRFLGR FRPR DxR EDVH (Q HO FDVR GHO
(FXDGRUHODxREDVHDFWXDOPHQWHHV6HOHFRQRFHWDPELpQFRPR3,%DSUHFLRVFRQVWDQWHV
(OWpUPLQR³UHDO´ LPSOLFDTXHHVXQLQGLFDGRUGHOQLYHODJUHJDGRGHODSURGXFFLyQItVLFDWRWDO
GH ELHQHV \ VHUYLFLRV GH OD HFRQRPtD 8Q DXPHQWR HQ HO 3,% UHDO VLJQLILFD TXH KD DXPHQWDGR OD
SURGXFFLyQGHELHQHV\VHUYLFLRVHQODHFRQRPtD(VWHLQGLFDGRUGHVFXHQWDHOHIHFWRGHODLQIODFLyQ\
VHUHILHUH~QLFDPHQWHDODVFDQWLGDGHVItVLFDVGHSURGXFFLyQSRUORTXHGDXQDPHMRULGHDTXHHO3,%
QRPLQDOGHOQLYHOGHSURGXFFLyQRGHDFWLYLGDGGHODHFRQRPtD
(O3,%SHUFiSLWDR SRUSHUVRQDVHGHILQHFRPRXQLQGLFDGRUGHDFWLYLGDGHFRQyPLFDPHGLD
6HGLYLGHHO3,%SDUDODSREODFLyQDILQGHIDFLOLWDUODFRPSDUDFLyQGHOQLYHOGHDFWLYLGDGHFRQyPLFD
HQWUHGRVSXQWRVGHOWLHPSRHQXQSDtVRHQXQPLVPRSXQWRGHOWLHPSRHQWUHGRVSDtVHVGHELGRDTXH
HQDPERVWLSRVGHDQiOLVLVVHFRPSDUDODSURGXFFLyQHQWUHDxRVRSDtVHVHQORVTXHH[LVWtDQGLIHUHQWHV
WDPDxRVSREODFLRQDOHV\GHUHFXUVRVGLVSRQLEOHVSDUDHOSURFHVRSURGXFWLYR8QDXPHQWRGHO3,%SHU
FiSLWDLPSOLFDTXHHOYDORUGHODSURGXFFLyQWRWDOHVWiFUHFLHQGRPiVUiSLGRTXHODSREODFLyQ
3DUD UHDOL]DU FRPSDUDFLRQHV HQWUH SDtVHV ORV RUJDQLVPRV LQWHUQDFLRQDOHV XWLOL]DQ DO 3,% SHU
FiSLWDFRPRPHGLGDGHOGHVDUUROORHFRQyPLFRGHXQSDtVDVXPLHQGRTXHORVSDtVHVFRQDOWR3,%SHU
FiSLWD WLHQHQ XQ PD\RU QLYHO GH ELHQHVWDU HFRQyPLFR TXH ORV SDtVHV FRQ XQ EDMR3,% SHU FiSLWD 1R
REVWDQWH HVWH LQGLFDGRU WLHQH OLPLWDFLRQHV FRPR PHGLGD GHO ELHQHVWDU HFRQyPLFR GHELGR D TXH QR
FRQVLGHUDODVGLIHUHQFLDVHQODGLVWULEXFLyQGHOLQJUHVRHQXQSDtV(QHVHVHQWLGRHO3,%SHUFiSLWDHV
XQDPHGLGDDSUR[LPDGDGHOLQJUHVRPHGLRHQODHFRQRPtDSHURQRGLFHQDGDDFHUFDGHOGHVWLQRGHORV
LQJUHVRVJHQHUDGRVHQHOSURFHVRSURGXFWLYRORVTXHSRGUtDQRQRHVWDUFRQFHQWUDGRVHQXQDSHTXHxD
SDUWHGHODSREODFLyQ
'HILQLFLyQ
(QHO(FXDGRUHO3,%HVFDOFXODGRSRUHO%DQFR&HQWUDOGHFRQIRUPLGDGDOD PHWRGRORJtDGH
FXHQWDVQDFLRQDOHVGHODV1DFLRQHV8QLGDV
(O3,%SHUFiSLWD VHFDOFXODGHODVLJXLHQWHPDQHUD
GRQGH
0HGLGD
3,%SF
3,%
37
3,%SF 3,%SHUFiSLWD
SURGXFWRLQWHUQREUXWRWpUPLQRVQRPLQDOHVRUHDOHV
3,%
SREODFLyQWRWDOGHOSDtV
37
3,%QRPLQDO
3,%UHDO
3,%SHUFiSLWD
PLOHVGHPLOORQHVGHVXFUHVFRUULHQWHV
PLOORQHVGHGyODUHVFRUULHQWHV
PLOHVGHPLOORQHVGHVXFUHVGH
PLOHVGHVXFUHVSRUKDELWDQWH
PLOHVGHVXFUHVGHSRUKDELWDQWH
GyODUHVSRUKDELWDQWH
)XHQWHVGHORVGDWRVSULPDULRV
%DQFR&HQWUDOGHO(FXDGRU&XHQWDVQDFLRQDOHV
%DQFR&HQWUDOGHO(FXDGRU,QIRUPDFLyQHVWDGtVWLFDPHQVXDO
6HULHVFURQROyJLFDVGLVSRQLEOHV
TXLQTXHQDO
DQXDO
'HVJORVHVGLVSRQLEOHV
(VSDFLDOSDtV
&RPSDUDELOLGDGGHODVIXHQWHV
/RVGDWRVRILFLDOHVH[LVWHQDSDUWLUGH/DVHULHSUHVHQWDGDVHUHILHUHDSHUtRGRVTXLQTXHQDOHV
GHD\DQXDOHVGHVGH/RVGDWRVDQWHULRUHVDVRQGHFDUiFWHUGHILQLWLYRORVGH
VHPLGHILQLWLYR\ORVGHSURYLVLRQDO6LELHQORVGDWRVVRQFRPSDUDEOHVGHEH
REVHUYDUVHTXHODSURGXFFLyQGHELHQHV\VHUYLFLRVPHGLGDSRUHO3,%YDUtDGHXQDxRDRWURSXHVWR
TXHVHSURGXFHQQXHYRVELHQHV\RWURVGHVDSDUHFHQRFDPELDQGHFDOLGDGSRUORTXHQRVHHVWDUtD
FRPSDUDQGRODSURGXFFLyQGHORVPLVPRVELHQHV\VHUYLFLRVHVSHFLDOPHQWHFXDQGRVHDQDOL]DQ
SHUtRGRVSURORQJDGRVGHWLHPSR
2EVHUYDFLRQHV
(O 3,% GHSHQGH GH ORV SUHFLRV GH PHUFDGR GH ORV SURGXFWRV HQ FRQVHFXHQFLD QR FRQVLGHUD ODV
WUDQVDFFLRQHV TXH VH UHDOL]DQ IXHUD GH OD HFRQRPtD PRQHWDULD FRPR HO WUDEDMR HQ HO KRJDU ORV
LQWHUFDPELRV PHGLDQWH WUXHTXH \ OD SURGXFFLyQ GH DXWRFRQVXPR (V GHFLU OD PHGLGD VXEHVWLPD HO
WDPDxRUHDOGHODHFRQRPtD
3RU RWUR ODGR HO3,% QR FRQVLGHUD ORV FRVWRV VRFLDOHV GH ODFRQWDPLQDFLyQ SURYRFDGRV SRU OD
DFWLYLGDG HFRQyPLFD VREUHVWLPDQGR SRU WDQWR HVWD PHGLGD 7DPSRFR PLGH ORV ELHQHV \ VHUYLFLRV
JHQHUDGRVSRUODGHQRPLQDGD³HFRQRPtDVXEWHUUiQHD´R³LQIRUPDO´GHELGRDIDOWDGHGHFODUDFLyQ\R
VXEGHFODUDFLyQ
(O 3,% UHDO DO XWLOL]DU SDUD VX FiOFXOR ORV SUHFLRV GH ORV SURGXFWRV HQ XQ DxR EDVH WLHQH HO
SUREOHPDGHTXHORVELHQHVFDPELDQGHFDOLGDGHQHOWLHPSRGHVDSDUHFHQRVHFUHDQQXHYRVSRUOR
TXHQRVHUtDHOPLVPRSURGXFWRHOTXHVHHVWiFRPSDUDQGRHQGRVSXQWRVGHOWLHPSR
3DUDHOFiOFXORGHO3,%SHUFiSLWDVHXWLOL]DQODVFLIUDVGHSREODFLyQRILFLDOHVGHOSDtVEDVDGDV
HQ ODV HVWLPDFLRQHV \ SUR\HFFLRQHV GH SREODFLyQ HODERUDGDV SRU HO &21$'( ,1(& &(/$'( \
81)3$HQPDU]RGH(VWDVHVWLPDFLRQHVVREUHVWLPDQODSREODFLyQGHO(FXDGRUVXEHVWLPiQGRVH
SRU WDQWR HO 3,% SHU FiSLWD 6LQ HPEDUJR HQ HO 6,,6( VH LQFOX\HQ HVWDV FLIUDV D ILQ GH JXDUGDU
FRQVLVWHQFLDFRQODVFLIUDVHFRQyPLFDVRILFLDOHVGHO%&(
%LEOLRJUDItD
%&(,QIRUPDFLyQHVWDGtVWLFDPHQVXDO 4XLWR%&(
%&(&XHQWDVQDFLRQDOHVGHO(FXDGRU 4XLWR%&(YDULRVQ~PHURV
%$1&2081',$/ ,QIRUPHVREUHHOGHVDUUROORPXQGLDO :DVKLQJWRQ'&7KH:RUOG%DQN
'251%86&+ 5XGLJHU ),6&+(5 6WDQOH\ \ 6&+0$/(16(( 5LFKDUG(FRQRPtD 6HJXQGD
HGLFLyQ0p[LFR0F*UDZ+LOO
'251%86&+ 5XGLJHU \ ),6&+(5 6WDQOH\ 0DFURHFRQRPtD 4XLQWD HGLFLyQ0DGULG 0F*UDZ
+LOO
/25$ (GXDUGR 7pFQLFDV GH PHGLFLyQ HFRQyPLFD 6HJXQGD (GLFLyQ %RJRWi 7HUFHU 0XQGR
(GLWRUHV
6$&+6 -HIIUH\ \ /$55$Ë1 )HOLSH 0DFURHFRQRPtD HQ OD HFRQRPtD JOREDO 3ULPHUD HGLFLyQ
0p[LFR3UHQWLFH+DOO+LVSDQRDPHULFDQD
:25/'%$1.7UHQGVLQ'HYHORSLQJ(FRQRPLHV:DVKLQJWRQ'&7KH:RUOG%DQN
7DPDxRGHOD(FRQRPtD
3URGXFWR,QWHUQR%UXWR3,%
0LOHVGH0LOORQHVGH6XFUHV
0LOHVGH0LOORQHVGH6XFUHVGH
0LOORQHVGH'yODUHV
3,%SHUFiSLWD
0LOHVGH6XFUHVSRUKDELWDQWH
0LOHVGH6XFUHVGHSRUKDELWDQWH
'yODUHVSRUKDELWDQWH
6(&725(&2120,$
68%6(&725352'8&&,21
3,%SHUFiSLWD
VXFUHVGH
&UHFLPLHQWRHFRQyPLFR
6HFWRU
(FRQRPtD
6XEVHFWRU
3URGXFFLyQ
)XQGDPHQWR
5HSUHVHQWDHODXPHQWRHQHOQLYHOGHSURGXFFLyQGHELHQHV\VHUYLFLRVGHXQDHFRQRPtDHQ
XQ SHUtRGR GH WLHPSR GDGR 6H PLGH PHGLDQWH GRV LQGLFDGRUHV OD WDVD GH FUHFLPLHQWR GHO3,%
UHDO \ODWDVDGHFUHFLPLHQWRGHO3,% UHDOSHUFiSLWD
8Q DXPHQWR GHO 3,% UHDO LQGLFD TXH KD DXPHQWDGR OD SURGXFFLyQ WRWDO \ TXH SRU WDQWR HVWiQ
SURGXFLpQGRVHPiVELHQHV\VHUYLFLRVILQDOHVHQODHFRQRPtD
(O3,%UHDOSHUFiSLWDLQGLFDHOQLYHOGHSURGXFFLyQSURPHGLRSRUSHUVRQD8QDXPHQWRGH
HVWHLQGLFDGRULPSOLFDTXHODSURGXFFLyQWRWDOHVWiFUHFLHQGRPiVUiSLGRTXHODSREODFLyQORTXH
SHUPLWLUtDHQSULQFLSLRPHMRUDUHOQLYHOPHGLRGHYLGD
'HILQLFLyQ
/DWDVDGHFUHFLPLHQWRHFRQyPLFRLQWHUDQXDOVHFDOFXODPHGLDQWHODYDULDFLyQSRUFHQWXDO
GHO 3,% UHDO R GHO 3,% UHDO SHU FiSLWD HQWUH XQ DxR \ HO DxR LQPHGLDWR DQWHULRU DSOLFDQGR OD
VLJXLHQWHIyUPXOD
WFL
§ <W
·
¨
© <W ¹̧
GRQGHWFL HVODWDVDGHFUHFLPLHQWRHFRQyPLFRLQWHUDQXDO\< HVHO3,%UHDORHO3,%UHDOSHUFiSLWD
/D WDVD GH FUHFLPLHQWR HFRQyPLFR SURPHGLR DQXDO FRUUHVSRQGLHQWH D XQ SHUtRGR GH
WLHPSRVHFDOFXODDWUDYpVGHXQPRGHORGHFUHFLPLHQWRJHRPpWULFRXWLOL]DQGRXQDUHJUHVLyQOLQHDO
SRUHOPpWRGRGHPtQLPRVFXDGUDGRV/DHFXDFLyQGHFUHFLPLHQWRJHRPpWULFR
<W
< U W
VHREWLHQHODWUDQVIRUPDFLyQORJDUtWPLFDGHODH[SUHVLyQDQWHULRU
OQ <
D EW
GRQGH< HVHO3,%UHDORHO3,%UHDOSHUFiSLWDW HVHOWLHPSRD OQ<RE OQU\U HV
ODWDVDGHFUHFLPLHQWRSURPHGLRDQXDO&RQHVWDHVSHFLILFDFLyQVHXWLOL]DXQDUHJUHVLyQOLQHDOSRUHO
PpWRGRGHPtQLPRVFXDGUDGRVSDUDHVWLPDUD \EHQODTXHODYDULDEOHGHSHQGLHQWHHVHOORJDULWPR
QDWXUDOGHO3,%UHDO\ODYDULDEOHLQGHSHQGLHQWHHVHOWLHPSR
8QDYH]HVWLPDGRVORVSDUiPHWURVD \E SDUDREWHQHUU VHGHEHFDOFXODUHODQWLORJDULWPRGH
E \UHVWDUOHGHELGRDTXHE HVODWDVDGHFUHFLPLHQWRLQVWDQWiQHD\ORTXHVHGHVHDREWHQHUHVOD
WDVDGHFUHFLPLHQWRSURPHGLRDQXDOGHOSHUtRGR
0HGLGD
U
H E 3RUFHQWDMH
)XHQWHVGHORVGDWRVSULPDULRV
%DQFR &HQWUDOGHO(FXDGRU&XHQWDVQDFLRQDOHV
6HULHVFURQROyJLFDVGLVSRQLEOHV
TXLQTXHQDO
DQXDO
'HVJORVHVGLVSRQLEOHV
(VSDFLDOSDtV
&RPSDUDELOLGDGGHODVIXHQWHV
'DWRVRILFLDOHVGHODV WDVDVGHFUHFLPLHQWRLQWHUDQXDOHVSDUDHO(FXDGRUH[LVWHQDSDUWLUGH
1R REVWDQWH HQ HO 6,,6( HVWH LQGLFDGRU HVWi GHILQLGR SDUD HO SHUtRGR /D WDVD GH
FUHFLPLHQWRSURPHGLRDQXDOHVWiFDOFXODGDSDUDORVSHUtRGRV\
/RV GDWRV FRUUHVSRQGLHQWHV DO SHUtRGR WLHQHQ FDUiFWHU GHILQLWLYR D VHPLGHILQLWLYR\DSURYLVLRQDO6LELHQORVGDWRVFRUUHVSRQGHQDXQDPLVPDIXHQWH\
VRQ FRPSDUDEOHV VH GHEH WHQHU HQ FXHQWD TXH OD SURGXFFLyQ GH ELHQHV \ VHUYLFLRV PHGLGD SRU HO
3,% GLILHUH HQWUH XQ DxR \ RWUR SXHVWR TXH VH SURGXFHQ QXHYRV ELHQHV GHVDSDUHFHQ RWURV R
FDPELDQ GH FDOLGDG SRU OR TXH QR VH HVWDUtD FRPSDUDQGR OD SURGXFFLyQ GH ORV PLVPRV ELHQHV \
VHUYLFLRVHVSHFLDOPHQWHFXDQGRVHDQDOL]DQSHUtRGRVSURORQJDGRVGHWLHPSR
2EVHUYDFLRQHV
(O 3,%GHSHQGH GH ORV SUHFLRV GH PHUFDGR GH ORV SURGXFWRV SRU ORTXH ODV WUDQVDFFLRQHV TXH VH
UHDOL]DQ IXHUDGH ODHFRQRPtD PRQHWDULDFRPRHOWUDEDMRHQHO KRJDU ORVLQWHUFDPELRV PHGLDQWH
WUXHTXH\ODSURGXFFLyQGHDXWRFRQVXPRQRVHFRQVLGHUDQHQHO3,%(QHVWHFDVRVHVXEHVWLPDOD
PHGLGD
(O FiOFXOR GHO 3,% QR FRQVLGHUD ORV FRVWRV VRFLDOHV GH OD FRQWDPLQDFLyQ SURYRFDGRV SRU OD
DFWLYLGDGHFRQyPLFDVREUHVWLPDQGRSRUWDQWRHVWDPHGLGD7DPSRFR PLGHORVELHQHV \ VHUYLFLRV
JHQHUDGRVSRUODGHQRPLQDGD³HFRQRPtDVXEWHUUiQHD´R³LQIRUPDO´GHELGRDIDOWDGHGHFODUDFLyQ
\RVXEGHFODUDFLyQORTXHUHGXQGDHQXQDVXEHVWLPDFLyQ
(O 3,% UHDO DO XWLOL]DU SDUD VX FiOFXOR ORV SUHFLRV GH ORV SURGXFWRV HQ XQ DxR EDVH WLHQH HO
SUREOHPDGHTXHORVELHQHVFDPELDQGHFDOLGDGHQHOWLHPSRGHVDSDUHFHQRVHFUHDQQXHYRVSRUOR
TXHQRVHUtDHOPLVPRSURGXFWRHOTXHVHHVWiFRPSDUDQGRHQGRVSXQWRVGHOWLHPSR
%LEOLRJUDItD
%&(,QIRUPDFLyQHVWDGtVWLFDPHQVXDO 4XLWR%&(
%&(&XHQWDVQDFLRQDOHVGHO(FXDGRU 4XLWR%&(YDULRVQ~PHURV
%$1&2 081',$/ ,QIRUPH VREUH HO GHVDUUROOR PXQGLDO :DVKLQJWRQ '& 7KH :RUOG
%DQN
'251%86&+ 5XGLJHU ),6&+(5 6WDQOH\ \ 6&+0$/(16(( 5LFKDUG (FRQRPtD 6HJXQGD
HGLFLyQ0p[LFR0F*UDZ+LOO
'251%86&+ 5XGLJHU \ ),6&+(5 6WDQOH\ 0DFURHFRQRPtD 4XLQWD HGLFLyQ 0DGULG
0F*UDZ+LOO
6$&+6 -HIIUH\ \ /$55$Ë1 )HOLSH 0DFURHFRQRPtD HQ OD HFRQRPtD JOREDO 3ULPHUD HGLFLyQ
0p[LFR3UHQWLFH+DOO+LVSDQRDPHULFDQD
6(&725(&2120,$
68%6(&725352'8&&,21
&UHFLPLHQWR(FRQyPLFR
7DVDGH&UHFLPLHQWRGHO3,%5HDO
7DVDGH&UHFLPLHQWRGHO3,%5HDOSHUFiSLWD
3,%UHDO
&UHFLPLHQWRHFRQyPLFR
(VWUXFWXUDGHODHFRQRPtD
(VWUXFWXUDGHODHFRQRPtDSURGXFFLyQ
6HFWRU
(FRQRPtD
6XEVHFWRU
3URGXFFLyQ
)XQGDPHQWR
/DHVWUXFWXUDGHODHFRQRPtDGHVGHHOSXQWRGHYLVWDGHODSURGXFFLyQGHVFULEHODSDUWLFLSDFLyQ
GHO YDORU DJUHJDGR EUXWR GH ORV GLVWLQWRV VHFWRUHV HFRQyPLFRV HQ OD SURGXFFLyQ WRWDO GH ELHQHV \
VHUYLFLRV ILQDOHVGHODHFRQRPtD(O3,%PHGLGRSRUHOPpWRGRGHOYDORUDJUHJDGRHVLJXDODOD
VXPD GH ORV YDORUHV DJUHJDGRV HQ FDGD XQR GH ORV VHFWRUHV GH OD HFRQRPtD PiV ORV GHUHFKRV
DUDQFHODULRV\RWURVLPSXHVWRVVREUHLPSRUWDFLRQHV(OYDORUDJUHJDGR HVHOYDORUGHXQSURGXFWR
RELHQPHQRVHOYDORUGHORVLQVXPRVXWLOL]DGRVHQODHODERUDFLyQGHHVHSURGXFWR
'HILQLFLyQ
/D HFRQRPtD VH GLYLGH FRQIRUPH D OD &,,8 HQ WUHV JUDQGHV VHFWRUHV L DJURSHFXDULR LL
LQGXVWULDO R PDQXIDFWXUHUR \ LLL VHUYLFLRV Y 6HFWRU HFRQyPLFR 6H LQFOX\H DGLFLRQDOPHQWH HO
UXEUR2WURVHOHPHQWRVGHO3,%TXHVHDJUHJDDOYDORUDJUHJDGREUXWRSDUDREWHQHUHO3,%\TXH
FRQVLVWHGHORVGHUHFKRVDUDQFHODULRV\RWURVLPSXHVWRVVREUHLPSRUWDFLRQHV
3DUDFDOFXODUODSDUWLFLSDFLyQGHFDGDVHFWRURVXEVHFWRUHQODSURGXFFLyQWRWDOGHODHFRQRPtD
VHGLYLGHHOYDORUDJUHJDGREUXWRUHVSHFWLYRSDUDHO3,% \VHPXOWLSOLFDSRUSDUDH[SUHVDUHO
UHVXOWDGRHQSRUFHQWDMHVFRQIRUPHDODVLJXLHQWHIyUPXOD
6L
9$%L
3,%UHDO
GRQGH 6L HV OD WDVD GH SDUWLFLSDFLyQ GHO VHFWRU R VXEVHFWRU L HQ OD SURGXFFLyQ WRWDO GH ELHQHV \
VHUYLFLRV GH OD HFRQRPtD 9$%L HV HO YDORU DJUHJDGR EUXWR D SUHFLRV FRQVWDQWHV GHO VHFWRU R
VXEVHFWRUL\HO3,%UHDOHVHO3,%DSUHFLRVFRQVWDQWHV
/RVGDWRVVHHQFXHQWUDQDSUHFLRVFRQVWDQWHVSUHFLRVGHDILQGHGHVFRQWDUHOHIHFWR
GHODLQIODFLyQ\FRQVLGHUDU~QLFDPHQWHORVFDPELRVHQODHVWUXFWXUDSURGXFWLYD
0HGLGD
3RUFHQWDMH
)XHQWHVGHORVGDWRVSULPDULRV
%DQFR&HQWUDOGHO(FXDGRU&XHQWDVQDFLRQDOHV
6HULHVFURQROyJLFDVGLVSRQLEOHV
TXLQTXHQDO
DQXDO
'HVJORVHVGLVSRQLEOHV
(VSDFLDO SDtV
&RPSDUDELOLGDGGHODVIXHQWHV
'DWRVRILFLDOHV GHODVWDVDVGHFUHFLPLHQWRLQWHUDQXDOHVSDUDHO(FXDGRUH[LVWHQDSDUWLUGH
1R REVWDQWH HQ HO 6,,6( HVWH LQGLFDGRU HVWi GHILQLGR SDUD HO SHUtRGR /D WDVD GH
FUHFLPLHQWRSURPHGLRDQXDOHVWiFDOFXODGDSDUDORVSHUtRGRV
\ /RV GDWRV FRUUHVSRQGLHQWHV DO SHUtRGR WLHQHQ FDUiFWHU GHILQLWLYR D
VHPLGHILQLWLYR \ D SURYLVLRQDO 6L ELHQ ORV GDWRV FRUUHVSRQGHQ D XQD PLVPD
IXHQWH \ VRQ FRPSDUDEOHV VH GHEH WHQHU HQ FXHQWD TXH OD SURGXFFLyQ GH ELHQHV \ VHUYLFLRV
PHGLGD SRU HO 3,% GLILHUH HQWUH XQ DxR \ RWUR SXHVWR TXH VH SURGXFHQ QXHYRV ELHQHV
GHVDSDUHFHQRWURVRFDPELDQ GHFDOLGDGSRUORTXHQRVHHVWDUtDFRPSDUDQGRODSURGXFFLyQGH
ORV PLVPRV ELHQHV \ VHUYLFLRV HVSHFLDOPHQWH FXDQGR VH DQDOL]DQ SHUtRGRV SURORQJDGRV GH
WLHPSR
2EVHUYDFLRQHV
(O 3,% GHSHQGH GH ORV SUHFLRV GH PHUFDGR GH ORV SURGXFWRV SRU OR TXH ODV WUDQVDFFLRQHV
TXH VH UHDOL]DQ IXHUD GH OD HFRQRPtD PRQHWDULD FRPR HO WUDEDMR HQ HO KRJDU ORV LQWHUFDPELRV
PHGLDQWH WUXHTXH \ OD SURGXFFLyQ GH DXWRFRQVXPR QR VH FRQVLGHUDQ HQ HO 3,% (Q HVWH FDVR VH
VXEHVWLPDHOLQGLFDGRU
(OFiOFXORGHO3,%QRFRQVLGHUDORVFRVWRVVRFLDOHVGHODFRQWDPLQDFLyQSURYRFDGRVSRUOD
DFWLYLGDGHFRQyPLFDVREUHVWLPDQGRSRUWDQWRHVWDPHGLGD7DPSRFR PLGHORVELHQHV \ VHUYLFLRV
JHQHUDGRVSRUODGHQRPLQDGD³HFRQRPtDVXEWHUUiQHD´R³LQIRUPDO´GHELGRDIDOWDGHGHFODUDFLyQ
\RVXEGHFODUDFLyQORTXHUHGXQGDHQXQDVXEHVWLPDFLyQ
(O3,%UHDODOXWLOL]DUSDUDVXFiOFXORORVSUHFLRVGHORVSURGXFWRVHQXQDxREDVHWLHQHHO
SUREOHPDGHTXHORVELHQHVFDPELDQGHFDOLGDGHQHOWLHPSRGHVDSDUHFHQRVHFUHDQQXHYRVSRUOR
TXHQRVHUtDHOPLVPRSURGXFWRHOTXHVHHVWiFRPSDUDQGRHQGRVSXQWRVGHOWLHPSR
%LEOLRJUDItD
%&(,QIRUPDFLyQHVWDGtVWLFDPHQVXDO 4XLWR%&(
%&(&XHQWDVQDFLRQDOHVGHO(FXDGRU 4XLWR%&(YDULRVQ~PHURV
%$1&2 081',$/ ,QIRUPH VREUH HO GHVDUUROOR PXQGLDO :DVKLQJWRQ '& 7KH :RUOG
%DQN
'251%86&+ 5XGLJHU ),6&+(5 6WDQOH\ \ 6&+0$/(16(( 5LFKDUG (FRQRPtD 6HJXQGD
HGLFLyQ0p[LFR0F*UDZ+LOO
'251%86&+ 5XGLJHU \ ),6&+(5 6WDQOH\ 0DFURHFRQRPtD 4XLQWD HGLFLyQ 0DGULG
0F*UDZ+LOO
6$&+6 -HIIUH\ \ /$55$Ë1 )HOLSH 0DFURHFRQRPtD HQ OD HFRQRPtD JOREDO 3ULPHUD HGLFLyQ
0p[LFR3UHQWLFH+DOO+LVSDQRDPHULFDQD
:25/' %$1. 7UHQGV LQ 'HYHORSLQJ (FRQRPLHV :DVKLQJWRQ '& 7KH :RUOG %DQN
(VWUXFWXUDGHOD(FRQRPtD
GHO3,%DSUHFLRVFRQVWDQWHV
$JURSHFXDULR
,QGXVWULDO
6HUYLFLRV
6(&725(&2120,$
68%6(&725352'8&&,21
(VWUXFWXUDGHOD(FRQRPtD
3URGXFFLyQGHO3,%DSUHFLRVFRQVWDQWHV
6HFWRUDJURSHFXDULR
6HFWRULQGXVWULDO
3HWUyOHR\PLQDV
0DQXIDFWXUDV
(OHFWULFLGDGJDV\DJXD
&RQVWUXFFLyQ
6HFWRUVHUYLFLRV
&RPHUFLR\KRWHOHV
7UDQVSRUWH\FRPXQLFDFLRQHV
6HUYLFLRVILQDQFLHURV\DHPSUHVDV
6HUYLFLRVJXEHUQDPHQWDOHVVRFLDOHV\SHUVRQDOHV
7RWDOYDORUDJUHJDGREUXWRSS
2WURVHOHPHQWRVGHO3,%
3URGXFWRLQWHUQREUXWRSF
(VWUXFWXUDGHODHFRQRPtDELHQHVWUDQVDEOHV± QRWUDQVDEOHV
6HFWRU
(FRQRPtD
6XEVHFWRU
3URGXFFLyQ
)XQGDPHQWR
/DHVWUXFWXUDGHODHFRQRPtD GHVGHHOSXQWRGHYLVWDGHODSURGXFFLyQGHELHQHVWUDQVDEOHV\QR
WUDQVDEOHV GHVFULEH OD SDUWLFLSDFLyQ GHO YDORU DJUHJDGR EUXWR GH HVWRV VHFWRUHV HQ OD SURGXFFLyQ
WRWDOGHELHQHV\VHUYLFLRVILQDOHV(O3,%PHGLGRSRUHOPpWRGRGHOYDORUDJUHJDGRHVLJXDODOD
VXPD GH ORV YDORUHV DJUHJDGRV HQ FDGD XQR GH ORV VHFWRUHV GH OD HFRQRPtD PiV ORV GHUHFKRV
DUDQFHODULRV\RWURVLPSXHVWRVVREUHLPSRUWDFLRQHV(OYDORUDJUHJDGR HVHOYDORUGHXQSURGXFWR
RELHQPHQRVHOYDORUGHORVLQVXPRVXWLOL]DGRVHQODHODERUDFLyQGHHVHSURGXFWR
/RVELHQHVWUDQVDEOHV VRQORVTXHHVWiQH[SXHVWRVDOFRPHUFLRLQWHUQDFLRQDOHVGHFLUVRQ
ELHQHV TXH VH SXHGHQ H[SRUWDU R LPSRUWDU \ TXH SRU OR WDQWR HVWiQ VXMHWRV D OD FRPSHWHQFLD
H[WHUQD /RV ELHQHV QR WUDQVDEOHV VyOR SXHGHQ FRQVXPLUVH GHQWUR GH OD HFRQRPtD HQ OD TXH VH
SURGXFHQ HVWR HV QR SXHGHQ LPSRUWDUVH QL H[SRUWDUVH 8QR GH ORV REMHWLYRV GH ODV SROtWLFDV GH
DMXVWH HVWUXFWXUDO \ GH DSHUWXUD FRPHUFLDO HV FDPELDU OD HVWUXFWXUD GH OD HFRQRPtD GHVGH OD
SURGXFFLyQQRWUDQVDEOHKDFLDODSURGXFFLyQWUDQVDEOH
'HILQLFLyQ
(QWpUPLQRVRSHUDWLYRV\FRPRXQDDSUR[LPDFLyQDODGLYLVLyQGHODSURGXFFLyQWRWDOGHELHQHV\
VHUYLFLRVHQSURGXFFLyQWUDQVDEOH\QRWUDQVDEOHHQHO6,,6(HOVHFWRUWUDQVDEOH GHODHFRQRPtD
FRPSUHQGHODVXPDGHO YDORUDJUHJDGREUXWRGHODVVLJXLHQWHVUDPDVGHODHFRQRPtDDJULFXOWXUD
FD]DVLOYLFXOWXUD\SHVFDSHWUyOHR\RWUDVPLQDVHLQGXVWULDVPDQXIDFWXUHUDVHVGHFLUODVUDPDV
\ GH DFXHUGR D OD &,,8 (Q WDQWR TXH HO VHFWRU QR WUDQVDEOH HVWi FRQVWLWXLGR SRU OD
VXPDWRULDGHOYDORUDJUHJDGREUXWRGHODVUDPDV\GHOD&,,8HVGHFLUORVELHQHVGH
ODVVLJXLHQWHVUDPDVHOHFWULFLGDGJDV\DJXDFRQVWUXFFLyQFRPHUFLRDOSRUPD\RUDOSRUPHQRU
UHVWDXUDQWHV \ KRWHOHV WUDQVSRUWH DOPDFHQDPLHQWR \ FRPXQLFDFLRQHV HVWDEOHFLPLHQWRV
ILQDQFLHURV VHJXURV \ VHUYLFLRV SUHVWDGRV D ODV HPSUHVDV \ VHUYLFLRV FRPXQDOHV VRFLDOHV \
SHUVRQDOHV 3RU ~OWLPR VH LQFOX\H HO UXEUR 2WURV HOHPHQWRV GHO 3,% TXH VH DJUHJD DO YDORU
DJUHJDGREUXWRSDUDREWHQHUHO3,%\TXHFRQVLVWHGHORVGHUHFKRVDUDQFHODULRV\RWURVLPSXHVWRV
VREUHLPSRUWDFLRQHV
3DUD FDOFXODU OD SDUWLFLSDFLyQ GH FDGD VHFWRU R VXEVHFWRU HQ OD SURGXFFLyQ WRWDO GH OD
HFRQRPtD VH GLYLGH HO YDORU DJUHJDGR EUXWR UHVSHFWLYR SDUD HO 3,% \ VH PXOWLSOLFD SRU SDUD
H[SUHVDUHOUHVXOWDGRHQSRUFHQWDMHVVHJ~QODVLJXLHQWHIyUPXOD
6L
9$%L
3,%UHDO
GRQGH 6L HV OD WDVD GH SDUWLFLSDFLyQ GHO VHFWRU R VXEVHFWRU L HQ OD SURGXFFLyQ WRWDO GH ELHQHV \
VHUYLFLRV GH OD HFRQRPtD 9$%L HV HO YDORU DJUHJDGR EUXWR D SUHFLRV FRQVWDQWHV GHO VHFWRU R
VXEVHFWRUL\HO3,%UHDOHVHO3,% DSUHFLRVFRQVWDQWHV
/RVGDWRVVHHQFXHQWUDQDSUHFLRVFRQVWDQWHVSUHFLRVGHDILQGHGHVFRQWDUHOHIHFWR
GHODLQIODFLyQ\FRQVLGHUDU~QLFDPHQWHORVFDPELRVHQOD HVWUXFWXUDSURGXFWLYD
0HGLGD
3RUFHQWDMH
)XHQWHVGHORVGDWRVSULPDULRV
%DQFR&HQWUDOGHO(FXDGRU&XHQWDVQDFLRQDOHV
6HULHVFURQROyJLFDVGLVSRQLEOHV
TXLQTXHQDO
DQXDO
'HVJORVHVGLVSRQLEOHV
(VSDFLDOSDtV
&RPSDUDELOLGDGGHODVIXHQ WHV
'DWRVRILFLDOHVGHODVWDVDVGHFUHFLPLHQWRLQWHUDQXDOHVSDUDHO(FXDGRUH[LVWHQDSDUWLUGH
1R REVWDQWH HQ HO 6,,6( HVWH LQGLFDGRU HVWi GHILQLGR SDUD HO SHUtRGR /D WDVD GH
FUHFLPLHQWRSURPHGLRDQXDOHVWiFDOFXODGDSDUDORVSHUtRGRV
\ /RV GDWRV FRUUHVSRQGLHQWHV DO SHUtRGR WLHQHQ FDUiFWHU GHILQLWLYR D
VHPLGHILQLWLYR \ D SURYLVLRQDO 6L ELHQ ORV GDWRV FRUUHVSRQGHQ D XQD PLVPD
IXHQWH \ VRQ FRPSDUDEOHV VH GHEH WHQHU HQ FXHQWD TXH OD SURGXFFLyQ GH ELHQHV \ VHUYLFLRV
PHGLGD SRU HO 3,% GLILHUH HQWUH XQ DxR \ RWUR SXHVWR TXH VH SURGXFHQ QXHYRV ELHQHV
GHVDSDUHFHQRWURVRFDPELDQ GHFDOLGDGSRUORTXHQRVHHVWDUtDFRPSDUDQGRODSURGXFFLyQGH
ORV PLVPRV ELHQHV \ VHUYLFLRV HVSHFLDOPHQWH FXDQGR VH DQDOL]DQ SHUtRGRV SURORQJDGRV GH
WLHPSR
2EVHUYDFLRQHV
(O 3,%GHSHQGH GH ORV SUHFLRV GH PHUFDGR GH ORV SURGXFWRV SRU ORTXH ODV WUDQVDFFLRQHV TXH VH
UHDOL]DQ IXHUDGH ODHFRQRPtD PRQHWDULDFRPRHOWUDEDMRHQHO KRJDU ORVLQWHUFDPELRV PHGLDQWH
WUXHTXH\ODSURGXFFLyQGHDXWRFRQVXPRQRVHFRQVLGHUDQHQHO3,%(QHVWHFDVRVHVXEHVWLPDHO
LQGLFDGRU
(O FiOFXOR GHO 3,% QR FRQVLGHUD ORV FRVWRV VRFLDOHV GH OD FRQWDPLQDFLyQ SURYRFDGRV SRU OD
DFWLYLGDGHFRQyPLFDVREUHVWLPDQGRSRUWDQWRHVWDPHGLGD7DPSRFR PLGHORVELHQHV \ VHUYLFLRV
JHQHUDGRVSRUODGHQRPLQDGD³HFRQRPtDVXEWHUUiQHD´R³LQIRUPDO´GHELGRDIDOWDGHGHFODUDFLyQ
\RVXEGHFODUDFLyQORTXHUHGXQGDHQXQDVXEHVWLPDFLyQ
(O 3,% UHDO DO XWLOL]DU SDUD VX FiOFXOR ORV SUHFLRV GH ORV SURGXFWRV HQ XQ DxR EDVH WLHQH HO
SUREOHPDGHTXHORVELHQHVFDPELDQGHFDOLGDGHQHOWLHPSRGHVDSDUHFHQRVHFUHDQQXHYRVSRUOR
TXHQRVHUtDHOPLVPRSURGXFWRHOTXHVHHVWiFRPSDUDQGRHQGRVSXQWRVGHOWLHPSR
%LEOLRJUDItD
%&(,QIRUPDFLyQHVWDGtVWLFDPHQVXDO 4XLWR%&(
%&(&XHQWDVQDFLRQDOHVGHO(FXDGRU 4XLWR%&(YDULRVQ~PHURV
6$&+6 -HIIUH\ \ /$55$Ë1 )HOLSH 0DFURHFRQRPtD HQ OD HFRQRPtD JOREDO 3ULPHUD HGLFLyQ
0p[LFR3UHQWLFH+DOO+LVSDQRDPHULFDQD
(VWUXFWXUDGHODHFRQRPtD
GHO3,%DSUHFLRVFRQVWDQWHV
7UDQVDEOH
1RWUDQVDEOH
6(&725(&2120,$
68%6(&725352'8&&,21
(VWUXFWXUDGHOD(FRQRPtD
7UDQVDEOHV QRWUDQVDEOHVGHO3,%DSUHFLRVFRQVWDQWHV
6HFWRUWUDQVDEOH
$JULFXOWXUDFD]DVLOYLFXOWXUD\SHVFD
3HWUyOHR\PLQDV
0DQXIDFWXUDV
6HFWRUQRWUDQVDEOH
(OHFWULFLGDGJDV\DJXD
&RQVWUXFFLyQ
&RPHUFLRUHVWDXUDQWHV\KRWHOHV
7UDQVSRUWHDOPDFHQDPLHQWR\FRPXQLFDFLRQHV
6HUYLFLRVILQDQFLHURV\DHPSUHVDV
6HUYLFLRVJXEHUQDPHQWDOHVVRFLDOHV\SHUVRQDOHV
7RWDOYDORUDJUHJDGREUXWRSS
2WURVHOHPHQWRVGHO3,%
3URGXFWRLQWHUQREUXWRSF
(VWUXFWXUDGHODHFRQRPtDGHPDQGD
6HFWRU
(FRQRPtD
6XEVHFWRU
3URGXFFLyQ
)XQGDPHQWR
/D HVWUXFWXUD GH OD HFRQRPtD GHVGH HO SXQWR GH YLVWD GH OD GHPDQGD GHVFULEH OD
GHVFRPSRVLFLyQGH ODGHPDQGDDJUHJDGDGHODHFRQRPtDSRUFDGDXQDGHODVGLIHUHQWHVFDWHJRUtDV
GHJDVWR(O3,%PHGLGRSRUHOPpWRGRGHOJDVWRHVLJXDODODVXPDGHWRGDVODVGHPDQGDVILQDOHV
GHSURGXFWRVHQODHFRQRPtD\VHH[SUHVDPHGLDQWHODVLJXLHQWHLGHQWLGDG
3,% &*,; 0
GRQGH&HVHOFRQVXPRILQDOGHORVKRJDUHV*HVHOFRQVXPRILQDOGHODV$GPLQLVWUDFLRQHV
3~EOLFDV,HVODLQYHUVLyQ\; 0FRUUHVSRQGHDODVH[SRUWDFLRQHVQHWDVRYHQWDVQHWDVDO
H[WHULRUHVGHFLUDODVH[SRUWDFLRQHV;PHQRVODVLPSRUWDFLRQHV0(QHO6,,6(VH
GHVDJUHJDODLQYHUVLyQGHODVLJXLHQWHPDQHUD
GRQGH
,
)%.)$38 )%.)5$ 9(
)%.)$38 HV OD IRUPDFLyQ EUXWD GH FDSLWDO ILMR GH ODV $GPLQLVWUDFLRQHV 3~EOLFDV
)%.)5$ HV OD IRUPDFLyQ EUXWD GH FDSLWDO ILMR GHO UHVWR GH DJHQWHV HPSUHVDV S~EOLFDV
LQVWLWXFLRQHV ILQDQFLHUDV S~EOLFDV \ SULYDGDV VRFLHGDGHV \ FXDVLVRFLHGDGHV SULYDGDV +RJDUHV \
9(HVODYDULDFLyQGHH[LVWHQFLDV(OFRQVXPRILQDO HVHOYDORUGHORVELHQHV\VHUYLFLRVGHVWLQDGRV
DODVDWLVIDFFLyQGLUHFWDGHQHFHVLGDGHVLQGLYLGXDOHVRFROHFWLYDV/DIRUPDFLyQEUXWDGHFDSLWDO
ILMR )%.) HV HO YDORU GH ORV ELHQHV GH FDSLWDO XWLOL]DGRV HQ HO SURFHVR SURGXFWLYR SDUD OD
SURGXFFLyQ GH ELHQHV \ VHUYLFLRV /D YDULDFLyQ GH H[LVWHQFLDV 9( HV OD GLIHUHQFLD HQWUH HO
LQYHQWDULR ILQDO \ HO LQYHQWDULR LQLFLDO GH PDWHULDV SULPDV SURGXFWRV HQ SURFHVR \ ELHQHV QR
YHQGLGRV /DV H[SRUWDFLRQHV ; HVWiQ FRQVWLWXLGDV SRU OD YHQWD GH ELHQHV \ VHUYLFLRV GHO SDtV D
RWURV SDtVHV /DV LPSRUWDFLRQHV 0 HVWiQ FRQVWLWXLGDV SRU OD FRPSUD GH ELHQHV \ VHUYLFLRV
UHDOL]DGDVSRUHOSDtVDRWURVSDtVHV
'HILQLFLyQ
3DUDFDOFXODUODSDUWLFLSDFLyQGHFDGDWLSRGHJDVWRHQODSURGXFFLyQWRWDOGHODHFRQRPtDVH
GLYLGHHOYDORUGHOJDVWRUHVSHFWLYRSDUDHO3,%\VHPXOWLSOLFDSRUSDUDH[SUHVDUHOUHVXOWDGR
HQSRUFHQWDMHV
7L
*$672L
3,%UHDO
GRQGH7L HVODWDVDGHSDUWLFLSDFLyQGHOJDVWRL HQODGHPDQGDDJUHJDGDGHODHFRQRPtD*$672L HV
HOYDORUGHOJDVWRL DSUHFLRVFRQVWDQWHV\HO3,%UHDOHVHO3,%D SUHFLRVFRQVWDQWHV
/RVGDWRVVHHQFXHQWUDQDSUHFLRVFRQVWDQWHVSUHFLRVGHDILQGHGHVFRQWDUHOHIHFWR
GHODLQIODFLyQ\FRQVLGHUDU~QLFDPHQWHORVFDPELRVHQODHVWUXFWXUDGHODGHPDQGDDJUHJDGD
0HGLGD
3RUFHQWDMH
)XHQWHVGHORVGDWRVSULPDULRV
%DQFR &HQWUDOGHO(FXDGRU&XHQWDVQDFLRQDOHV
'HVJORVHVGLVSRQLEOHV
(VSDFLDOSDtV
&RPSDUDELOLGDGGHODVIXHQWHV
'DWRVRILFLDOHVGHODVWDVDVGHFUHFLPLHQWRLQWHUDQXDOHVSDUDHO(FXDGRUH[LVWHQDSDUWLUGH
1R REVWDQWH HQ HO 6,,6( HVWH LQGLFDGRU HVWi GHILQLGR SDUD HO SHUtRGR /D WDVD GH
FUHFLPLHQWRSURPHGLRDQXDOHVWiFDOFXODGDSDUDORVSHUtRGRV
\ /RV GDWRV FRUUHVSRQGLHQWHV DO SHUtRGR WLHQHQ FDUiFWHU GHILQLWLYR D
VHPLGHILQLWLYR \ D SURYLVLRQDO 6L ELHQ ORV GDWRV FRUUHVSRQGHQ D XQD PLVPD
IXHQWH \ VRQ FRPSDUDEOHV VH GHEH WHQHU HQ FXHQWD TXH OD SURGXFFLyQ GH ELHQHV \ VHUYLFLRV
PHGLGD SRU HO 3,% GLILHUH HQWUH XQ DxR \ RWUR SXHVWR TXH VH SURGXFHQ QXHYRV ELHQHV
GHVDSDUHFHQ RWURVRFDPELDQ GHFDOLGDGSRUORTXHQRVHHVWDUtDFRPSDUDQGRODSURGXFFLyQGH
ORV PLVPRV ELHQHV \ VHUYLFLRV HVSHFLDOPHQWH FXDQGR VH DQDOL]DQ SHUtRGRV SURORQJDGRV GH
WLHPSR
2EVHUYDFLRQHV
(O 3,%GHSHQGH GH ORV SUHFLRV GH PHUFDGR GH ORV SURGXFWRV SRU ORTXH ODV WUDQVDFFLRQHV TXH VH
UHDOL]DQ IXHUDGH ODHFRQRPtD PRQHWDULDFRPRHOWUDEDMRHQHO KRJDU ORVLQWHUFDPELRV PHGLDQWH
WUXHTXH\ODSURGXFFLyQGHDXWRFRQVXPRQRVHFRQVLGHUDQHQHO3,%(QHVWHFDVRVHVXEHVWLPDHO
LQGLFDGRU
(OFiOFXORGHO3,% QRFRQVLGHUDORVFRVWRVVRFLDOHVGHODFRQWDPLQDFLyQSURYRFDGRVSRUOD
DFWLYLGDGHFRQyPLFDVREUHVWLPDQGRSRUWDQWRHVWDPHGLGD7DPSRFR PLGHORVELHQHV \ VHUYLFLRV
JHQHUDGRVSRUODGHQRPLQDGD³HFRQRPtDVXEWHUUiQHD´R³LQIRUPDO´GHELGRDIDOWDGHGHFODUDFLyQ
\RVXEGHFODUDFLyQORTXHUHGXQGDHQXQDVXEHVWLPDFLyQ
(O3,%UHDODOXWLOL]DUSDUDVXFiOFXORORVSUHFLRVGHORVSURGXFWRVHQXQDxREDVHWLHQHHO
SUREOHPDGHTXHORVELHQHVFDPELDQGHFDOLGDGHQHOWLHPSRGHVDSDUHFHQRVHFUHDQQXHYRVSRUOR
TXHQRVHUtDHOPLVPRSURGXFWRHOTXHVHHVWiFRPSDUDQGRHQGRVSXQWRVGHOWLHPSR
%LEOLRJUDItD
%&(,QIRUPDFLyQHVWDGtVWLFDPHQVXDO 4XLWR%&(
%&(&XHQWDVQDFLRQDOHVGHO(FXDGRU 4XLWR%&(YDULRVQ~PHURV
%$1&2 081',$/ ,QIRUPH VREUH HO GHVDUUROOR PXQGLDO :DVKLQJWRQ '& 7KH :RUOG
%DQN
'251%86&+ 5XGLJHU ),6&+(5 6WDQOH\ \ 6&+0$/(16(( 5LFKDUG (FRQRPtD 6HJXQGD
HGLFLyQ0p[LFR0F*UDZ+LOO
'251%86&+ 5XGLJHU \ ),6&+(5 6WDQOH\ 0DFURHFRQRPtD 4XLQWD HGLFLyQ 0DGULG
0F*UDZ+LOO
6$&+6 -HIIUH\ \ /$55$Ë1 )HOLSH 0DFURHFRQRPtD HQ OD HFRQRPtD JOREDO 3ULPHUD HGLFLyQ
0p[LFR3UHQWLFH+DOO+LVSDQRDPHULFDQD
:25/' %$1. 7UHQGV LQ 'HYHORSLQJ (FRQRPLHV :DVKLQJWRQ '& 7KH :RUOG %DQN
(VWUXFWXUDGHOD(FRQRPtD
'HPDQGDGHO3,%DSUHFLRVFRQVWDQWHV
&RQVXPR)LQDO
$GPLQLVWUDFLRQHV3~EOLFDV
+RJDUHV
,QYHUVLyQ
)RUPDFLyQ%UXWDGH&DSLWDO )LMR
$GPLQLVWUDFLRQHV3~EOLFDV
5HVWRGH$JHQWHV
9DULDFLyQGH([LVWHQFLDV
([SRUWDFLRQHV1HWDVH[SRUWDFLRQHV± LPSRUWDFLRQHV
([SRUWDFLRQHV
,PSRUWDFLRQHV
6(&725(&2120,$
68%6(&725352'8&&,21
(VWUXFWXUDGHODHFRQRPtDGLVWULEXFLyQSULPDULDGHOLQJUHVR3,%
6HFWRU
(FRQRPtD
6XEVHFWRU
3URGXFFLyQ
)XQGDPHQWR
/DHVWUXFWXUDGHODHFRQRPtD GHVGHHOSXQWRGHYLVWD GHODGLVWULEXFLyQSULPDULDRIXQFLRQDO
GHOLQJUHVR3,%GHVFULEHODFRQWULEXFLyQGHORVIDFWRUHVGHSURGXFFLyQHQODSURGXFFLyQWRWDOGH
ELHQHV\VHUYLFLRVGHODHFRQRPtD(QHVWHFDVRHO3,%PHGLGRSRUHOPpWRGRGHOLQJUHVRHVLJXDOD
OD VXPD GH ORV LQJUHVRV GH ORV IDFWRUHV WUDEDMR \ FDSLWDO TXH FRQWULEX\HQ DO SURFHVR SURGXFWLYR
PiVORVLPSXHVWRVLQGLUHFWRVQHWRV
3,% 5((%(,,1
GRQGH5(HVOD5HPXQHUDFLyQGHORV(PSOHDGRV(%(HVHO([FHGHQWH%UXWRGH([SORWDFLyQH,,1
VRQORV,PSXHVWRV,QGLUHFWRV1HWRV/DVUHPXQHUDFLRQHVGHORVHPSOHDGRV5( VRQORVSDJRVHQ
GLQHURRHQHVSHFLHHIHFWXDGRVSRUORVHPSOHDGRUHVDVXVHPSOHDGRVFRPRUHWULEXFLyQDOWUDEDMR
UHDOL]DGRGXUDQWHXQHMHUFLFLRHFRQyPLFR\FRQVLVWHQSULQFLSDOPHQWHGHORV6XHOGRV\6DODULRVGH
ORV HPSOHDGRV \ GH ODV &RQWULEXFLRQHV D OD 6HJXULGDG 6RFLDO UHDOL]DGD SRU ORV HPSOHDGRUHV /RV
LPSXHVWRV LQGLUHFWRV QHWRV ,,1 VRQ LJXDOHV D ORV ,PSXHVWRV ,QGLUHFWRV %UXWRV ,,%PHQRV ODV
6XEYHQFLRQHV /RV LPSXHVWRV LQGLUHFWRV EUXWRV ,,% VRQ SDJRV REOLJDWRULRV UHDOL]DGRV SRU ORV
DJHQWHV HFRQyPLFRV D ODV $GPLQLVWUDFLRQHV 3~EOLFDV SRU VXV DFWLYLGDGHV GH SURGXFFLyQ
H[SRUWDFLyQHLPSRUWDFLyQGHELHQHV\VHUYLFLRVRSRUODXWLOL]DFLyQGHIDFWRUHVSURGXFWLYRV(VWiQ
FRPSXHVWRV GH ORV LPSXHVWRV LQGLUHFWRV EUXWRV VREUH LPSRUWDFLRQHV GHUHFKRV DUDQFHODULRV
LPSXHVWRV D ODV WUDQVDFFLRQHV PHUFDQWLOHV VREUH OD SURGXFFLyQ QDFLRQDO LPSXHVWRV VREUH
SURGXFWRV HVSHFtILFRV H LPSXHVWRV DO YDORU DJUHJDGR /DV VXEYHQFLRQHV VRQ WUDQVIHUHQFLDV
FRUULHQWHV HIHFWXDGDV SRU ODV $GPLQLVWUDFLRQHV 3~EOLFDV D ODV XQLGDGHV TXH SURGXFHQ ELHQHV R
VHUYLFLRV SDUD FRPSHQVDU ODV SpUGLGDV GH H[SORWDFLyQ LQIOX\HQ GLUHFWDPHQWH HQ ORV SUHFLRV \
FRQVWLWX\HQLQJUHVRVDGLFLRQDOHVSDUDORVSURGXFWRUHV(OH[FHGHQWHEUXWRGHH[SORWDFLyQ(%(
UHSUHVHQWD OD UHPXQHUDFLyQ DO FDSLWDO XWLOL]DGR HQ HO SURFHVR SURGXFWLYR 6LQ HPEDUJR HQ SDtVHV
FRQXQVHFWRULQIRUPDOFRQVLGHUDEOHLQFOX\HWDPELpQORVLQJUHVRVGHORVWUDEDMDGRUHVSRUFXHQWD
SURSLDFRPRSRUHMHPSORDUWHVDQRVSHTXHxRVFRPHUFLDQWHVDJULFXOWRUHVLQGHSHQGLHQWHVHWFTXH
DSRUWDQ WUDEDMR \ FDSLWDO HQ VX DFWLYLGDG SURGXFWLYD (V LPSRUWDQWH UHVDOWDU TXH HO FRQMXQWR GHO
VHFWRU LQIRUPDO QR HV DGHFXDGDPHQWH PHGLGR SRU ODV FXHQWDV QDFLRQDOHV QR REVWDQWH VH
LQFRUSRUD XQD SDUWH GH HVWH VHFWRU D WUDYpV GHO H[FHGHQWH EUXWR GH H[SORWDFLyQ GH ODV FXHQWDV GHO
VHFWRULQVWLWXFLRQDO+RJDUHVDVSHFWRTXHGHEHFRQVLGHUDUVHSDUDILQHVGHDQiOLVLVHFRQyPLFR
'HILQLFLyQ
3DUDFDOFXODUODSDUWLFLSDFLyQGHFDGDIDFWRUGHSURGXFFLyQHQODSURGXFFLyQWRWDOGHODHFRQRPtD
VH GLYLGH HO LQJUHVR GHO IDFWRU UHVSHFWLYR SDUD HO 3URGXFWR,QWHUQR %UXWR \ VH PXOWLSOLFD SRU SDUDH[SUHVDUHOUHVXOWDGRHQSRUFHQWDMHV
8L
,1*5(62L
3,%
GRQGH8L HVODWDVDGHFRQWULEXFLyQGHOIDFWRUL HQODSURGXFFLyQWRWDOGHELHQHV\VHUYLFLRVGHOD
HFRQRPtD ,1*5(62L HV HO LQJUHVR GHO IDFWRU L D SUHFLRV FRUULHQWHV \ 3,% HV HO 3,% D SUHFLRV
FRUULHQWHV
(OWRWDOGHOH[FHGHQWHEUXWRGHH[SORWDFLyQKD VLGRVHSDUDGRHQHO(%(FRUUHVSRQGLHQWHD
ORVKRJDUHVHVGHFLUHOSURYHQLHQWHGHOWUDEDMRSRUFXHQWDSURSLD\HQHO(%(FRUUHVSRQGLHQWHD
ODV HPSUHVDV TXH LQFOX\H WDPELpQ OD SURGXFFLyQ PHUFDQWH GH ODV $GPLQLVWUDFLRQHV 3~EOLFDV (O
(%(GHORVKRJDUHVVHREWXYRGHODVFXHQWDVGHLQJUHVRV\JDVWRVGHOVHFWRULQVWLWXFLRQDO+RJDUHV
/RVGDWRVVHHQFXHQWUDQDSUHFLRVFRUULHQWHVGHELGRDTXHHQODIXHQWHSULPDULDGHORVGDWRV
QRH[LVWHQFLIUDVDSUHFLRVFRQVWDQWHVSDUDORVLQJUHVRVGHORVIDFWRUHV
0HGLGD
3RUFHQWDMH
)XHQWHVGHORVGDWRVSULPDULRV
%DQFR &HQWUDOGHO(FXDGRU&XHQWDVQDFLRQDOHV
6HULHVFURQROyJLFDVGLVSRQLEOHV
TXLQTXHQDO
DQXDO
'HVJORVHVGLVSRQLEOHV
(VSDFLDOSDtV
&RPSDUDELOLGDGGHODVIXHQWHV
'DWRVRILFLDOHVGHODVWDVDVGHFUHFLPLHQWRLQWHUDQXDOHVSDUDHO(FXDGRUH[LVWHQDSDUWLUGH
1R REVWDQWH HQ HO 6,,6( HVWH LQGLFDGRU HVWi GHILQLGR SDUD HO SHUtRGR /D WDVD GH
FUHFLPLHQWRSURPHGLRDQXDOHVWiFDOFXODGDSDUDORVSHUtRGRV
\ /RV GDWRV FRUUHVSRQGLHQWHV DO SHUtRGR WLHQHQ FDUiFWHU GHILQLWLYR D
VHPLGHILQLWLYR \ D SURYLVLRQDO 6L ELHQ ORV GDWRV FRUUHVSRQGHQ D XQD PLVPD
IXHQWH \ VRQ FRPSDUDEOHV VH GHEH WHQHU HQ FXHQWD TXH OD SURGXFFLyQ GH ELHQHV \ VHUYLFLRV
PHGLGD SRU HO 3,% GLILHUH HQWUH XQ DxR \ RWUR SXHVWR TXH VH SURGXFHQ QXHYRV ELHQHV
GHVDSDUHFHQRWURVRFDPELDQ GHFDOLGDGSRUORTXHQRVHHVWDUtDFRPSDUDQGRODSURGXFFLyQGH
ORV PLVPRV ELHQHV \ VHUYLFLRV HVSHFLDOPHQWH FXDQGR VH DQDOL]DQ SHUtRGRV SURORQJDGRV GH
WLHPSR
2EVHUYDFLRQHV
(O 3,%GHSHQGH GH ORV SUHFLRV GH PHUFDGR GH ORV SURGXFWRV SRU ORTXH ODV WUDQVDFFLRQHV TXH VH
UHDOL]DQ IXHUDGH ODHFRQRPtD PRQHWDULDFRPRHOWUDEDMRHQHO KRJDU ORVLQWHUFDPELRV PHGLDQWH
WUXHTXH\ODSURGXFFLyQGHDXWRFRQVXPRQRVHFRQVLGHUDQHQHO3,%(QHVWHFDVRVH VXEHVWLPDHO
3,%
(OFiOFXORGHO3,%QRFRQVLGHUDORVFRVWRVVRFLDOHVGHODFRQWDPLQDFLyQSURYRFDGRVSRUOD
DFWLYLGDGHFRQyPLFDVREUHVWLPDQGRSRUWDQWRHVWDPHGLGD7DPSRFR PLGHORVELHQHV \ VHUYLFLRV
JHQHUDGRVSRUODGHQRPLQDGD³HFRQRPtDVXEWHUUiQHD´R³LQIRUPDO´GHELGRDIDOWDGHGHFODUDFLyQ
\RVXEGHFODUDFLyQORTXHUHGXQGDHQXQDVXEHVWLPDFLyQ
(O3,%UHDODOXWLOL]DUSDUDVXFiOFXORORVSUHFLRVGHORVSURGXFWRVHQXQDxREDVHWLHQHHO
SUREOHPDGHTXHORVELHQHVFDPELDQGHFDOLGDGHQHOWLHPSRGHVDSDUHFHQRVHFUHDQQXHYRVSRUOR
TXHQRVHUtDHOPLVPRSURGXFWRHOTXHVHHVWiFRPSDUDQGRHQGRVSXQWRVGHOWLHPSR
1RVHUHJLVWUDQHQODVUHPXQHUDFLRQHVGHORVHPSOHDGRVDORVWUDEDMDGRUHVSRUFXHQWDSURSLD
QLORVSURSLHWDULRVRVXVIDPLOLDUHVQRUHPXQHUDGRVFX\DUHWULEXFLyQVHFODVLILFDFRPRH[FHGHQWH
GHH[SORWDFLyQ(OH[FHGHQWHGHH[SORWDFLyQLQFOX\HWDPELpQODSDUWHGHO³VHFWRULQIRUPDO´PHGLGD
HQODFRQWDELOLGDGQDFLRQDOQRREVWDQWHODLQFOXVLyQGHHVWHVHFWRUHVSDUFLDOSRUORTXHDSDUWLU
GH ODV &XHQWDV QDFLRQDOHV QR VH SXHGHQ REWHQHU FRQFOXVLRQHV DFHUFD GH VX GLPHQVLyQ \
WUDVFHQGHQFLD
%LEOLRJUDItD
%&(,QIRUPDFLyQHVWDGtVWLFDPHQVXDO 4XLWR%&(
%&(&XHQWDVQDFLRQDOHVGHO(FXDGRU 4XLWR%&(YDULRVQ~PHURV
%&( 0HWRGRORJtDGH ELHQHV\VHUYLFLRV &XHQWDVQDFLRQDOHVGHO(FXDGRU4XLWR%&(1R
'251%86&+ 5XGLJHU ),6&+(5 6WDQOH\ \ 6&+0$/(16(( 5LFKDUG (FRQRPtD 6HJXQGD
HGLFLyQ0p[LFR0F*UDZ+LOO
'251%86&+ 5XGLJHU \ ),6&+(5 6WDQOH\ 0DFURHFRQRPtD 4XLQWD HGLFLyQ 0DGULG
0F*UDZ+LOO
6$&+6 -HIIUH\ \ /$55$Ë1 )HOLSH 0DFURHFRQRPtD HQ OD HFRQRPtD JOREDO 3ULPHUD HGLFLyQ
0p[LFR3UHQWLFH+DOO+LVSDQRDPHULFDQD
:25/' %$1. 7UHQGV LQ 'HYHORSLQJ (FRQRPLHV :DVKLQJWRQ '& 7KH :RUOG %DQN
6(&725(&2120,$
68%6(&725352'8&&,21
(VWUXFWXUDGHOD(FRQRPtD
'LVWULEXFLyQ3ULPDULDGHO3,%GHO3,%DSUHFLRVFRUULHQWHV
5HPXQHUDFLyQGHORV(PSOHDGRV
([FHGHQWH%UXWRGH([SORWDFLyQ
(%(+RJDUHVWUDEDMDGRUHVSRUFXHQWDSURSLD
(%((PSUHVDV
,PSXHVWRV,QGLUHFWRV1HWRV
'LWULEXFLyQSULPDULDGHOLQJUHVR
GHO3,%
0
10
20
30
40
5HPXQHUDFLRQHV
50
60
(%(+RJDUHV
70
80
(%(HPSUHVDV
90
100
QG
QG
68%6(&725$*5(*$'26021(7$5,26
'LQHUR
6HFWRU
(FRQRPtD
6XEVHFWRU
$JUHJDGRVPRQHWDULRV
)XQGDPHQWR
(O'LQHUR HVFXDOTXLHUPHUFDQFtDDPSOLDPHQWHDFHSWDGDFRPRXQPHGLRGHLQWHUFDPELR\PHGLGD
GHYDORUHQHOSDJRGHELHQHV\VHUYLFLRVRFRPRGHVFDUJRGHGHXGDV\REOLJDFLRQHV
(O'LQHURVHPLGHSULQFLSDOPHQWHDWUDYpVGHWUHVLQGLFDGRUHVODEDVHPRQHWDULDGLQHUR
GH DOWR SRGHU H[SDQVLYR HO PHGLR FLUFXODQWH 0 \ OD OLTXLGH] EDQFDULD 0 /D EDVH
PRQHWDULD GLQHUR GH DOWR SRGHU H[SDQVLYRHVWi FRQVWLWXLGD SRU ODV PRQHGDV \ ELOOHWHV HQ
FLUFXODFLyQ HQ OD HFRQRPtD \ ODV UHVHUYDV HQ HIHFWLYR TXH HO VLVWHPD EDQFDULR WLHQH HQ HO %DQFR
&HQWUDO/DEDVHPRQHWDULDHVXQSDVLYRGHO%DQFR&HQWUDOVREUHHOTXHWLHQHXQFRQWUROGLUHFWR\
PHGLDQWH HO FXDO LQIOX\H HQ OD RIHUWD PRQHWDULD GH OD HFRQRPtD (O PHGLR FLUFXODQWH 0 HV OD
OLTXLGH] HQ PRQHGD QDFLRQDO R PHGLRV GH SDJR D GLVSRVLFLyQ GHO S~EOLFR 6H FRQVWLWX\H SRU OD
VXPDGHOYDORUGHODVPRQHGDV\ELOOHWHVHQFLUFXODFLyQHQODHFRQRPtD\ORVGHSyVLWRVDODYLVWDR
GHSyVLWRVPRQHWDULRVHQFXHQWDVFRUULHQWHVTXHHOS~EOLFRPDQWLHQHHQHOVLVWHPDEDQFDULR(VXQ
LQGLFDGRUGHOQLYHOGHRIHUWDPRQHWDULDGHXQSDtV/DVLJOD0VHFRPSRQHGH0TXHHVODLQLFLDO
GH³0RQH\´\GHOQ~PHURTXHVLJQLILFDTXHSXHGHQH[LVWLURWUDVGHILQLFLRQHVGHOGLQHURTXHSRU
OR JHQHUDO VH GHWHUPLQDQ HQ IXQFLyQ GH VX JUDGR GH OLTXLGH] HV GHFLU GH OD PHQRU R PD\RU
GLILFXOWDGSDUDFRQYHUWLUXQDFWLYRLQPHGLDWDPHQWHHQGLQHURHIHFWLYRVLQSpUGLGDGHVXYDORU
/DOLTXLGH]EDQFDULD0HVLJXDOD0PiVORVGHSyVLWRVHQFXHQWDVGHDKRUURGHSyVLWRV
D SOD]R RSHUDFLRQHV GH UHSRUWR \ IRQGRV HQ WDUMHWDV GH FUpGLWR PDQWHQLGRV SRU HO S~EOLFR HQ HO
VLVWHPD EDQFDULR QDFLRQDO 0 LQFOX\H SRU WDQWR DFWLYRV GH PHQRU OLTXLGH] (V XQ LQGLFDGRU GH
RIHUWDPRQHWDULDDPSOLDGD
(O FRHILFLHQWH 50,0 PLGH HO JUDGR HQ TXH OD 5HVHUYD 0RQHWDULD ,QWHUQDFLRQDO SXHGH
KDFHUIUHQWHDXQSRVLEOH³DWDTXHDOGyODU´SRUSDUWHGHORVDJHQWHVHFRQyPLFRV(QDPELHQWHVGH
JUDQLQFHUWLGXPEUHRSRUPRWLYRVHVSHFXODWLYRVHOS~EOLFRSXHGHGHVHDUFDPELDUVXVWHQHQFLDVGH
GLQHURHQPRQHGDQDFLRQDODPRQHGDH[WUDQMHUDORTXHEDMRVLVWHPDVGHWLSRGHFDPELRILMRRGH
EDQGDVFDPELDULDVLPSOLFDTXHHO%DQFR&HQWUDOGHILHQGDHOWLSRGHFDPELRYHQGLHQGRGyODUHVOR
TXH SURYRFD XQD GLVPLQXFLyQ HQ HO QLYHO GH UHVHUYDV LQWHUQDFLRQDOHV (O %DQFR &HQWUDO HVWDUi
GLVSXHVWR D SHUGHU OD 50, GHIHQGLHQGR OD GLYLVD VROR KDVWD XQ QLYHO GHWHUPLQDGR 0 HV
DSUR[LPDGDPHQWHHO QLYHOGH WHQHQFLDVGHGLQHURHQ PRQHGDQDFLRQDOTXHSRWHQFLDOPHQWHSRGUtD
FDPELDUVH D GyODUHV /D 50, HV HO QLYHO WRWDO GH UHFXUVRV GHO %DQFR &HQWUDO TXH SRWHQFLDOPHQWH
SRGUtDXWLOL]DUSDUDGHIHQGHUODHVWDELOLGDGGHOWLSRGHFDPELR3RUWDQWRPLHQWUDVPiVDOWRVHDHO
FRHILFLHQWH 50,0 PD\RU HV OD FDSDFLGDG GHO %DQFR &HQWUDO GH KDFHU IUHQWH D DWDTXHV
HVSHFXODWLYRV\YLFHYHUVD
(O FRHILFLHQWH 00 PLGH HO JUDGR GH LQWHUPHGLDFLyQ ILQDQFLHUD HQ HO SDtV HV GHFLU OD
LPSRUWDQFLDGHDFWLYRV ILQDQFLHURV \ PHGLRVGHSDJRGLIHUHQWHVD ORVLQFOXLGRVHQ0FRPRSRU
HMHPSOR GHSyVLWRV D SOD]R SyOL]DV GH DFXPXODFLyQ WDUMHWDV GH FUpGLWR HWF TXH VRQ PDQHMDGRV
SRUORJHQHUDOSRUHOVHFWRUILQDQFLHURSULYDGR
'HILQLFLyQ
(QHO6,,6(ODEDVHPRQHWDULDHOPHGLRFLUFXODQWH\ODOLTXLGH]EDQFDULDFRQWLHQHQORVVDOGRV
DOGHGLFLHPEUHGHFDGDDxRH[SUHVDGRVHQPLOHVGHPLOORQHVGHVXFUHVORTXHGDFXHQWDGHO
VWRFNGHGLQHURHQWpUPLQRVQRPLQDOHV
(VWRVLQGLFDGRUHVWDPELpQVHH[SUHVDQFRPRSRUFHQWDMHGHO3,%DILQGHUHODFLRQDUHOYROXPHQGH
GLQHURFRQHOWDPDxRGHODHFRQRPtDORTXHSHUPLWHKDFHUFRPSDUDFLRQHVHQHOWLHPSR\FRQRWURV
SDtVHV
'
0
3,%
'
0
3,%
'
50,
0
'
0
0
WFL
§ 0W
·
¨
© 0W ¹̧
0W
0 U W
GRQGH' HVHOFRHILFLHQWHGHOPHGLRFLUFXODQWHFRPRSRUFHQWDMHGHO3,%' HVHOFRHILFLHQWHGHOD
OLTXLGH]EDQFDULDFRPRSRUFHQWDMHGHO3,%0\0VRQORVVDOGRVGHGLQHURDOGHGLFLHPEUH
GHFDGDDxRH[SUHVDGRVHQ PLOHVGHPLOORQHVGHVXFUHV3,%HVHO3URGXFWR,QWHUQR%UXWRHQPLOHV
GH PLOORQHV GH VXFUHV FRUULHQWHV 8Q DXPHQWR GHO FRHILFLHQWH VLJQLILFD TXH HO VWRFN GH GLQHUR KD
FUHFLGRPiVUiSLGRTXHHOFUHFLPLHQWRGHORVSUHFLRV\ODSURGXFFLyQGHODHFRQRPtD
(OFRHILFLHQWH50,0VHREWLHQHGHODVLJXLHQWHPDQHUD
GRQGH' HVHOFRHILFLHQWHGHOD5HVHUYD0RQHWDULD,QWHUQDFLRQDOFRPRSRUFHQWDMHGHO3,%50,HV
OD5HVHUYD0RQHWDULD,QWHUQDFLRQDOHQPLOHVGHPLOORQHVGHVXFUHV\0HVHOVDOGRGHGLQHURDILQ
GHSHUtRGRHQPLOHVGHPLOORQHVGHVXFUHV
(OFRHILFLHQWH00VHREWLHQHGHODVLJXLHQWHPDQHUD
GRQGH' HVHOFRHILFLHQWHGHLQWHUPHGLDFLyQILQDQFLHUD0\0VRQORVVDOGRVGHGLQHURDILQGH
SHUtRGRHQPLOHVGHPLOORQHVGHVXFUHV
6HLQFOX\HQWDPELpQODVWDVDVGHFUHFLPLHQWRLQWHUDQXDOHVSDUDHOSHUtRGR\ODV
WDVDVGHFUHFLPLHQWRSURPHGLRDQXDOSDUDORVSHUtRGRV\
/D WDVD GH FUHFLPLHQWR DQXDO GHO GLQHUR VH FDOFXOD PHGLDQWH OD YDULDFLyQ SRUFHQWXDO GH
0R0HQWUHXQDxR\HODxRLQPHGLDWRDQWHULRUDSOLFDQGRODVLJXLHQWHIyUPXOD
GRQGHWFLHVODWDVDGHFUHFLPLHQWRDQXDOGHOGLQHUR\0 HV0R0VHJ~QFRUUHVSRQGD
/D WDVD GH FUHFLPLHQWR SURPHGLR DQXDO GHO GLQHUR FRUUHVSRQGLHQWH D XQ SHUtRGR GH
WLHPSRVHFDOFXODDWUDYpVGHXQPRGHORGHFUHFLPLHQWRJHRPpWULFRXWLOL]DQGRXQDUHJUHVLyQOLQHDO
SRUHOPpWRGRGHPtQLPRVFXDGUDGRV
VHREWLHQHODWUDQVIRUPDFLyQORJDUtWPLFDGHODH[SUHVLyQDQWHULRU
OQ 0
D E W
GRQGH0 HV0R0VHJ~QFRUUHVSRQGDW HVHOWLHPSRD OQ0E OQU\U HVODWDVDGH
FUHFLPLHQWRLQVWDQWiQHDGHOSHUtRGR&RQHVWDHVSHFLILFDFLyQVHXWLOL]DXQDUHJUHVLyQOLQHDOSRUHO
PpWRGRGHPtQLPRVFXDGUDGRVSDUDHVWLPDUD \EHQODTXHODYDULDEOHGHSHQGLHQWHHVHOORJDULWPR
QDWXUDOGH0 \ODYDULDEOHLQGHSHQGLHQWHHVHOWLHPSR
8QDYH]HVWLPDGRVORVSDUiPHWURVD \E SDUDREWHQHUU VHGHEHFDOFXODUHODQWLORJDULWPRGH
E \ UHVWDUOHGHELGRDTXHE HVODWDVDGHFUHFLPLHQWRLQVWDQWiQHD\ORTXHVHGHVHDREWHQHUHVOD
WDVDGHFUHFLPLHQWRSURPHGLRDQXDOGHOSHUtRGR
U
H E /DWDVDGHFUHFLPLHQWRGHOGLQHURVHXWLOL]DSDUDFRPSDUDUFRQODWDVDGHLQIODFLyQ
0HGLGD
%DVHPRQHWDULD
0LOHVGHPLOORQHVGHVXFUHVDOGHGLFLHPEUHGHFDGDDxR
3RUFHQWDMHGHO3,%
0
0LOHVGHPLOORQHVGHVXFUHVDOGHGLFLHPEUHGHFDGDDxR
3RUFHQWDMHGHO3,%
7DVDGHFUHFLPLHQWR
0
0LOHVGHPLOORQHVGHVXFUHVDOGHGLFLHPEUHGHFDGDDxR
3RUFHQWDMHGHO3,%
7DVDGHFUHFLPLHQWR
50,0
3RUFHQWDMH
00
3URSRUFLyQ
)XHQWHVGHORVGDWRVSULPDULRV
%DQFR&HQWUDOGHO(FXDGRU,QIRUPDFLyQHVWDGtVWLFDPHQVXDOHQHURGH
%DQFR&HQWUDOGHO(FXDGRU6HWHQWDDxRVGHLQIRUPDFLyQHVWDGtVWLFD
6HULHVFURQROyJLFDVGLVSRQLEOHV
TXLQTXHQDO
DQXDO
'HVJORVHVGLVSRQLEOHV
(VSDFLDO SDtV
2EVHUYDFLRQHV
/RV GDWRV SDUD HO SHUtRGR DQDOL]DGR HQ HO 6,,6( VRQ FRPSDUDEOHV GHELHQGR
FRQVLGHUDUVH TXH SDXODWLQDPHQWH HQ HVWH ODSVR GH WLHPSR KDQ DSDUHFLGR QXHYRV DFWLYRV H
LQVWUXPHQWRV ILQDQFLHURVHQODHFRQRPtDFRPRSRUHMHPSORODVWDUMHWDVGHFUpGLWR \ORVFDMHURV
DXWRPiWLFRVORTXHDIHFWDHVSHFLDOPHQWHD0
/D GHILQLFLyQ GH GLQHUR 0 H[FOX\HQGR ORV GHSyVLWRV HQ FXHQWDV FRUULHQWHV FKHTXHV VH
XWLOL]DSDUDHVWLPDUHOWDPDxRGHOD³HFRQRPtDVXEWHUUiQHD´HQHVSHFLDOGHODVDFWLYLGDGHVLOHJDOHV
EDMRHODUJXPHQWRGHTXHpVWDVXWLOL]DQGLQHURHQHIHFWLYRFRPRPHGLRGHSDJRDILQGHQRGHMDU
UDVWURV
%LEOLRJUDItD
%&(,QIRUPDFLyQHVWDGtVWLFDPHQVXDO 4XLWR%&(
%&(&XHQWDVQDFLRQDOHVGHO(FXDGRU 4XLWR%&(YDULRVQ~PHURV
%&( 0HWRGRORJtDGHELHQHV\VHUYLFLRV &XHQWDVQDFLRQDOHVGHO(FXDGRU4XLWR%&(1R
%&(6HWHQWDDxRVGHLQIRUPDFLyQHVWDGtVWLFD4XLWR%&(
'251%86&+ 5XGLJHU ),6&+(5 6WDQOH\ \ 6&+0$/(16(( 5LFKDUG (FRQRPtD 6HJXQGD
HGLFLyQ0p[LFR0F*UDZ+LOO
'251%86&+ 5XGLJHU \ ),6&+(5 6WDQOH\ 0DFURHFRQRPtD 4XLQWD HGLFLyQ 0DGULG
0F*UDZ+LOO
/25$ (GXDUGR 7pFQLFDV GH PHGLFLyQ HFRQyPLFD 6HJXQGD (GLFLyQ %RJRWi 7HUFHU 0XQGR
(GLWRUHV
6$&+6 -HIIUH\ \ /$55$Ë1 )HOLSH 0DFURHFRQRPtD HQ OD HFRQRPtD JOREDO 3ULPHUD HGLFLyQ
0p[LFR3UHQWLFH+DOO+LVSDQRDPHULFDQD
'LQHUR
0LOHVGH0LOORQHVGH6XFUHV
0
0
%DVH0RQHWDULD
GHO3,%
0
0
%DVH0RQHWDULD
50,0
00
7DVDGHFUHFLPLHQWRGH 0
7DVDGHFUHFLPLHQWRGH0
6(&725(&2120,$
68%6(&725$*5(*$'26021(7$5,26
7DVDVGHLQWHUpVGRPpVWLFDV
6HFWRU
(FRQRPtD
6XEVHFWRU
$JUHJDGRVPRQHWDULRV
)XQGDPHQWR
/D WDVD GH LQWHUpV PLGH OD FDQWLGDG DGLFLRQDO GH GLQHUR R GH ELHQHV TXH VH SXHGH REWHQHU HQ HO
IXWXURVLVHDKRUUDXQVXFUHKR\/DVWDVDVGHLQWHUpVSXHGHQFODVLILFDUVHHQQRPLQDOHVRUHDOHV\HQ
DFWLYDVRSDVLYDV
/DWDVDGHLQWHUpVQRPLQDOPLGHODFDQWLGDGGHGLQHUR DGLFLRQDO TXHVHSXHGHREWHQHUHQ
HO IXWXUR SRU HO DKRUUR GH XQ VXFUH KR\ /D WDVD GH LQWHUpV UHDO PLGH OD FDQWLGDG GH ELHQHV
DGLFLRQDOHVTXHVHSXHGHQDGTXLULUHQHOIXWXURFRQHOGLQHURDGLFLRQDOREWHQLGRSRUHODKRUURGH
XQVXFUHKR\
/D WDVD GH LQWHUpV VREUH SUpVWDPRV R DFWLYD HV OD WDVD GH LQWHUpV TXH FREUDQ ODV
LQVWLWXFLRQHV ILQDQFLHUDVDTXLHQHVFRQWUDWDURQXQFUpGLWRFRQpVWDV(V XQ LQGLFDGRUGHOFRVWRGH
HQGHXGDUVH SRU OR TXH WDVDV GH LQWHUpV DFWLYDV PiV DOWDV GHVHVWLPXODUtDQ HO HQGHXGDPLHQWR /DV
GHFLVLRQHVGHLQYHUVLyQGHORVDJHQWHVHFRQyPLFRVGHSHQGHQGHHVWDWDVD/DWDVDGHLQWHUpVVREUH
GHSyVLWRV R SDVLYD HV OD WDVD GH LQWHUpV TXH SDJDQ ODV LQVWLWXFLRQHV ILQDQFLHUDV D TXLHQHV WLHQHQ
GHSyVLWRV HQ pVWDV (V XQ LQGLFDGRU GHO UHQGLPLHQWR TXH VH REWHQGUtD HQ XQD IHFKD IXWXUD SRU
VDFULILFDU XQ VXFUH GH FRQVXPR KR\ 3RU WDQWR WDVDV GH LQWHUpV SDVLYDV PiV DOWDV HVWLPXODUtDQ HO
DKRUUR
(O PDUJHQ ILQDQFLHUR HV OD GLIHUHQFLD HQWUH OD WDVD GH LQWHUpV DFWLYD \ OD WDVD GH LQWHUpV
SDVLYD(VXQLQGLFDGRUGHOEHQHILFLRQHWRGHODVLQVWLWXFLRQHVILQDQFLHUDVSRUFDGDVXFUHSUHVWDGR
'HILQLFLyQ
(Q HO 6,,6( OD WDVD GH LQWHUpV DFWLYD FRUUHVSRQGH DO SURPHGLR SRQGHUDGR D GLFLHPEUH GH FDGD
DxRGHODWDVDVGHLQWHUpVDFWLYDVGHOLEUHFRQWUDWDFLyQGHORVEDQFRVSULYDGRVDXQSOD]RGHHQWUH
\GtDV
/DWDVD GH LQWHUpVSDVLYD FRUUHVSRQGHDOSURPHGLRSRQGHUDGRDGLFLHPEUHGHFDGDDxR
GHODVWDVDVGHLQWHUpVSDVLYDVGHOLEUHFRQWUDWDFLyQGHORVEDQFRV SULYDGRVDXQSOD]RGHHQWUH\
GtDV
(OPDUJHQILQDQFLHUR VHFDOFXODUHVWDQGRODWDVDGHLQWHUpVDFWLYDPHQRVODWDVDGHLQWHUpV
SDVLYD
PI
LD LS
GRQGHPIHVHOPDUJHQILQDQFLHURLD HVODWDVDGHLQWHUpVDFWLYDHLS HVODWDVDGHLQWHUpVSDVLYD
/DVWDVDVGHLQWHUpVUHDOHVVHFDOFXODQGHODVLJXLHQWHPDQHUD
U
§ L ·
¨
© S ¹̧
GRQGHU HVODWDVDGHLQWHUpVUHDOL HVODWDVDGHLQWHUpVQRPLQDODGLFLHPEUHGHFDGDDxR\ S HVOD
WDVDGHLQIODFLyQDQXDOD GLFLHPEUHGHFDGDDxR
0HGLGD
3RUFHQWDMH
)XHQWHVGHORVGDWRVSULPDULRV
%DQFR&HQWUDOGHO(FXDGRU,QIRUPDFLyQHVWDGtVWLFDPHQVXDOHQHURGH
%DQFR&HQWUDOGHO(FXDGRU6HWHQWDDxRVGHLQIRUPDFLyQHVWDGtVWLFD
6HULHVFURQROyJLFDVGLVSRQLEOHV
'HVJORVHVGLVSRQLEOHV
(VSDFLDO SDtV
%LEOLRJUDItD
%&(,QIRUPDFLyQHVWDGtVWLFDPHQVXDO 4XLWR%&(
%&(,QIRUPDFLyQHVWDGtVWLFDPHQVXDO0HWRGRORJtD 4XLWR%&(
%&(&XHQWDVQDFLRQDOHVGHO(FXDGRU 4XLWR%&(YDULRVQ~PHURV
%&( 6HWHQWDDxRVGHLQIRUPDFLyQHVWDGtVWLFD4XLWR%&(
'251%86&+ 5XGLJHU ),6&+(5 6WDQOH\ \ 6&+0$/(16(( 5LFKDUG (FRQRPtD 6HJXQGD
HGLFLyQ0p[LFR0F*UDZ+LOO
'251%86&+ 5XGLJHU \ ),6&+(5 6WDQOH\ 0DFURHFRQRPtD 4XLQWD HGLFLyQ 0DGULG
0F*UDZ+LOO
/25$ (GXDUGR 7pFQLFDV GH PHGLFLyQ HFRQyPLFD 6HJXQGD (GLFLyQ %RJRWi 7HUFHU 0XQGR
(GLWRUHV
6$&+6 -HIIUH\\/$55$Ë1)HOLSH0DFURHFRQRPtDHQODHFRQRPtDJOREDO3ULPHUDHGLFLyQ
0p[LFR3UHQWLFH+DOO+LVSDQRDPHULFDQD
7DVDVGHLQWHUpVUHDOHV
$FWLYD
3DVLYD
6(&725(&2120,$
68%6(&725$*5(*$'26021(7$5,26
7DVDVGH,QWHUpV'RPpVWLFD
1RPLQDOHV
6REUH&UpGLWRV$FWLYD
6REUH'HSyVLWRV3DVLYD
0DUJHQ
5HDOHV
6REUH&UpGLWRV$FWLYD
6REUH'HSyVLWRV3DVLYD
68%6(&725,1)/$&,21
,QIODFLyQ
6HFWRU
(FRQRPtD
6XEVHFWRU
,QIODFLyQ
)XQGDPHQWR
/DLQIODFLyQPLGHHOSRUFHQWDMHGHYDULDFLyQ GHOQLYHOGHSUHFLRVHQODHFRQRPtD/RVSUHFLRV VRQ
ODWDVDDODTXHVHSXHGHQLQWHUFDPELDUGLQHURSRUELHQHVHVGHFLUVLSRUHMHPSORXQGHWHUPLQDGR
ELHQ WLHQH XQ SUHFLR GH VXFUHV VH QHFHVLWDUiQ LQWHUFDPELDU XQLGDGHV PRQHWDULDV SDUD
REWHQHU XQD XQLGDG GH HVH ELHQ 6L HO SUHFLR GHO ELHQ DXPHQWD D VXFUHV VLJQLILFD TXH VH
UHTXLHUHQXQLGDGHVPRQHWDULDVSDUDREWHQHUXQDXQLGDGGHHVHELHQSRUORTXHDKRUDFRQ
XQLGDGHV PRQHWDULDV \D QRVHSXHGHREWHQHUXQD XQLGDGGHOELHQ3RUWDQWRODLQIODFLyQ SURYRFD
XQDGLVPLQXFLyQGHOSRGHUDGTXLVLWLYRGHODPRQHGDHQHVWHFDVRGHOVXFUH
/D PHGLGD GH LQIODFLyQ PiV XVDGD HV OD YDULDFLyQ SRUFHQWXDO GHO tQGLFH GH SUHFLRV DO
FRQVXPLGRU,3&RGHIODFWRUGHSUHFLRVGHOJDVWRGHFRQVXPRTXHHVXQSURPHGLRSRQGHUDGR
GHORVSUHFLRVGHXQDFDQDVWDGHELHQHV \ VHUYLFLRVFRQVXPLGDSRUXQD IDPLOLDUHSUHVHQWDWLYDGHO
iUHD XUEDQD GH LQJUHVRV PHGLRV \ EDMRV (Q HO (FXDGRU DFWXDOPHQWH HO DxR EDVH GHO ,3& HV
VHSWLHPEUH GH DJRVWR GH (O WpUPLQR GHIODFWRU VH UHILHUH D TXH VH XWLOL]D SDUD
WUDQVIRUPDU D SUHFLRV GH XQ DxR EDVH SUHFLRV FRQVWDQWHV XQD YDULDEOH H[SUHVDGD HQ SUHFLRV
FRUULHQWHV
2WUD PHGLGD GH LQIODFLyQ HV OD YDULDFLyQ SRUFHQWXDO GHO GHIODFWRU LPSOtFLWR GHO SURGXFWR
LQWHUQR EUXWR TXH VH REWLHQH GLYLGLHQGR HO 3,% QRPLQDO SDUD HO 3,% UHDO (VWH HV XQ tQGLFH GH
SUHFLRVSDUDODSURGXFFLyQWRWDOGHELHQHV\VHUYLFLRVGHODHFRQRPtD
(Q HO 6,,6( VH LQFOX\H WDPELpQ OD YDULDFLyQ SRUFHQWXDO GHO GHIODFWRU LPSOtFLWR GHO
FRQVXPRILQDOGHORVKRJDUHVTXHVHFDOFXODGLYLGLHQGRHOFRQVXPRILQDOGHORVKRJDUHVDSUHFLRV
FRUULHQWHVSDUDHOFRQVXPRILQDOGHORVKRJDUHVDSUHFLRVFRQVWDQWHV(VWHHVXQtQGLFHGHSUHFLRV
GHO JDVWR GH FRQVXPR GH WRGDV ODV IDPLOLDV GHO SDtV LQFOXLGDV ODV GH LQJUHVRV DOWRV HQ WRGRV ORV
ELHQHV \ VHUYLFLRV ILQDOHV SURGXFLGRV HQ OD HFRQRPtD GHVWLQDGRV D VDWLVIDFHU ODV QHFHVLGDGHV
LQGLYLGXDOHV
/RVGHIODFWRUHVLPSOtFLWRVVHREWLHQHQGHODV&XHQWDVQDFLRQDOHV \VXDxREDVHHV(O
WpUPLQR LPSOtFLWR VH UHILHUH D OD IRUPD LQGLUHFWD GH VX FiOFXOR D GLIHUHQFLD GHO ,3& HQ HO TXH VH
UHDOL]D GH PDQHUD SHULyGLFD HO VHJXLPLHQWR \ UHJLVWUR GH ORV SUHFLRV GH XQD FDQDVWD GH ELHQHV \
VHUYLFLRVSUHGHWHUPLQDGD
$XQTXH HO ,3& \ HO GHIODFWRU LPSOtFLWR GHO FRQVXPR ILQDO GH ORV KRJDUHV PLGHQ ORV QLYHOHV GH
SUHFLRVGHORVELHQHVGHPDQGDGRVSRUODVIDPLOLDVQRVRQHVWULFWDPHQWHFRPSDUDEOHVGHELGRDTXH
VXVDxRVEDVHVXFREHUWXUD\VXPHWRGRORJtDVRQGLIHUHQWHVFRPRVHH[SOLFyDQWHULRUPHQWH
'HILQLFLyQ
/DWDVDGHLQIODFLyQLQWHUDQXDOVHFDOFXODPHGLDQWHODYDULDFLyQSRUFHQWXDOGHO,3&GHOGHIODFWRU
LPSOtFLWRGHO3,% RGHOGHIODFWRULPSOtFLWRGHOFRQVXPRILQDOGHORVKRJDUHVHQWUHXQDxR\HODxR
LQPHGLDWRDQWHULRUDSOLFDQGRODVLJXLHQWHIyUPXOD
WFL
§ <W
·
¨
© <W ¹̧
GRQGH WFL HV OD WDVD GH LQIODFLyQ LQWHUDQXDO \ < HV HO ,3& HO GHIODFWRU LPSOtFLWR GHO 3,% R HO
GHIODFWRULPSOtFLWRGHOFRQVXPRILQDOGHORVKRJDUHVVHJ~QFRUUHVSRQGD
/DWDVDGHLQIODFLyQSURPHGLRDQXDOFRUUHVSRQGLHQWHDXQSHUtRGRGHWLHPSRVHFDOFXODD
WUDYpVGHXQPRGHORGHFUHFLPLHQWRJHRPpWULFRXWLOL]DQGRXQDUHJUHVLyQOLQHDOSRUHOPpWRGRGH
PtQLPRVFXDGUDGRV
<W
< U W
VHREWLHQHODWUDQVIRUPDFLyQORJDUtWPLFDGHODH[SUHVLyQDQWHULRU
OQ <
D EW
GRQGH< HVHO,3&HOGHIODFWRULPSOtFLWRGHO 3,% RHOGHIODFWRULPSOtFLWRGHOFRQVXPRILQDOGHORV
KRJDUHVW HVHOWLHPSRD OQ<RE OQU \ U HVOD WDVDGHFUHFLPLHQWRSURPHGLR DQXDOGHO
SHUtRGR &RQ HVWD HVSHFLILFDFLyQ VH XWLOL]D XQD UHJUHVLyQ OLQHDO SRU HO PpWRGR GH PtQLPRV
FXDGUDGRV SDUD HVWLPDU D \ E HQ OD TXH OD YDULDEOH GHSHQGLHQWH HV HO ORJDULWPR QDWXUDO ,3& GHO
GHIODFWRU LPSOtFLWR GHO 3,% R GHO GHIODFWRU LPSOtFLWR GHO FRQVXPR ILQDO GH ORV KRJDUHV VHJ~Q
FRUUHVSRQGD\ODYDULDEOHLQGHSHQGLHQWHHVHOWLHPSR
8QDYH]HVWLPDGRVORVSDUiPHWURVD \E SDUDREWHQHUU VHGHEHFDOFXODUHODQWLORJDULWPRGH
E \UHVWDUOHGHELGRDTXHE HVODWDVDGHFUHFLPLHQWRLQVWDQWiQHD\ORTXHVHGHVHDREWHQHUHVOD
WDVDGHFUHFLPLHQWRSURPHGLRDQXDOGHOSHUtRGR
0HGLGD
U
H E 3RUFHQWDMH
)XHQWHVGHORVGDWRVSULPDULRV
%DQFR&HQWUDOGHO(FXDGRU&XHQWDVQDFLRQDOHV
%DQFR&HQWUDOGHO(FXDGRU,QIRUPDFLyQHVWDGtVWLFDPHQVXDO
6HULHVFURQROyJLFDVGLVSRQLEOHV
TXLQTXHQDO
DQXDO
'HVJORVHVGLVSRQLEOHV
(VSDFLDO SDtV
&RPSDUDELOLGDGGHODVIXHQWHV
6HGHEHFRQVLGHUDUTXHHQHOSHUtRGRGHDQiOLVLVLQFOXLGRHQHO6,,6(SDUDHOFiOFXOR
GHO ,3& KDQ H[LVWLGR WUHV FDQDVWDV GH ELHQHV \ VHUYLFLRV DxR EDVH DxR EDVH DEULO PD\R\DxREDVHDJRVWR VHSWLHPEUH(QWUHXQD\RWUDFDQDVWDH[LVWHQFDPELRV
HQODFREHUWXUDGHELHQHV\VHUYLFLRV\HQODVSRQGHUDFLRQHV
(QHOFDVRGHORVGHIODFWRUHVLPSOtFLWRVGHO3,% \GHOFRQVXPRILQDOGHORVKRJDUHVVHGHEH
WHQHUHQFXHQWDTXHODSURGXFFLyQGHELHQHV\VHUYLFLRVPHGLGDSRUHO3,% GLILHUHHQWUHXQDxR\
RWURSXHVWRTXHVHSURGXFHQQXHYRVELHQHVGHVDSDUHFHQRWURVRFDPELDQGHFDOLGDGSRUORTXHQR
VHHVWDUtDFRPSDUDQGRODYDULDFLyQHQORVSUHFLRVGHORVPLVPRVELHQHV\VHUYLFLRVHVSHFLDOPHQWH
FXDQGRVHDQDOL]DQSHUtRGRVSURORQJDGRVGHWLHPSR
2EVHUYDFLRQHV
/D LQIODFLyQ DIHFWD SULQFLSDOPHQWH D ORV JUXSRV PiV SREUHV GH OD SREODFLyQ GHELGR D TXH
GLVPLQX\HODFDSDFLGDGDGTXLVLWLYDGHVXVLQJUHVRVPRQHWDULRV\DTXHVXSRVLELOLGDGGHDKRUURHV
OLPLWDGDSRUORTXHQRSXHGHQSURWHJHUVXGLQHURLQYLUWLHQGRHQRWURVDFWLYRVILQDQFLHURVTXHQR
SLHUGDQVXYDORU6LQHPEDUJRHVWRQRVLJQLILFDTXHXQDSROtWLFDHFRQyPLFDDQWLLQIODFLRQDULDVHD
VXILFLHQWHSDUDGLVPLQXLUODSREUH]DGHELHQGRPiVELHQFRPSOHPHQWDUVHFRQODSROtWLFDVRFLDO
/D GLVPLQXFLyQ GH OD LQIODFLyQ VLJQLILFD TXH OD WDVD GH FUHFLPLHQWR GH ORV SUHFLRV VH KD
UHGXFLGR\QRTXHORVSUHFLRVKDQGLVPLQXLGR(VWDHVXQDFRQIXVLyQKDELWXDOGHLQWHUSUHWDFLyQHQ
DPSOLRVJUXSRVGHODSREODFLyQ
%LEOLRJUDItD
%&(,QIRUPDFLyQHVWDGtVWLFDPHQVXDO 4XLWR%&(
%&(&XHQWDVQDFLRQDOHVGHO(FXDGRU 4XLWR%&(YDULRVQ~PHURV
%&( 0HWRGRORJtDGHELHQHV\VHUYLFLRV &XHQWDVQDFLRQDOHVGHO(FXDGRU4XLWR%&(1R
%&(6HWHQWDDxRVGHLQIRUPDFLyQHVWDGtVWLFD4XLWR%&(
'251%86&+ 5XGLJHU ),6&+(5 6WDQOH\ \ 6&+0$/(16(( 5LFKDUG (FRQRPtD 6HJXQGD
HGLFLyQ0p[LFR0F*UDZ+LOO
'251%86&+ 5XGLJHU \ ),6&+(5 6WDQOH\ 0DFURHFRQRPtD 4XLQWD HGLFLyQ 0DGULG
0F*UDZ+LOO
/25$ (GXDUGR 7pFQLFDV GH PHGLFLyQ HFRQyPLFD 6HJXQGD (GLFLyQ %RJRWi 7HUFHU 0XQGR
(GLWRUHV
6$&+6 -HIIUH\ \ /$55$Ë1 )HOLSH 0DFURHFRQRPtD HQ OD HFRQRPtD JOREDO 3ULPHUD HGLFLyQ
0p[LFR3UHQWLFH+DOO+LVSDQRDPHULFDQD
6(&725(&2120,$
68%6(&725,1)/$&,21
9DULDFLRQHV3RUFHQWXDOHV
,3&3URPHGLR
'HIODFWRUGHO&RQVXPRGHORV+RJDUHV
'HIODFWRUGHO3,%
'HIODFWRUGHO3,%
,3&
,QIODFLyQ
,QIODFLyQ
68%6(&725&20(5&,2(;7(5,25
%DODQ]DFRPHUFLDO\6DOGRHQFXHQWDFRUULHQWH
6HFWRU
(FRQRPtD
6XEVHFWRU
&RPHUFLRH[WHULRU
)XQGDPHQWR
/D%DODQ]DFRPHUFLDO PLGHHOVDOGRQHWRSRVLWLYRRQHJDWLYRGHODVH[SRUWDFLRQHVGHELHQHVGH
XQ SDtV DO UHVWR GHO PXQGR PHQRV VXV LPSRUWDFLRQHV GH ELHQHV GHVGH HO UHVWR GHO PXQGR HQ XQ
SHUtRGRGHWHUPLQDGR1RLQFOX\HODSUHVWDFLyQQLODFRQWUDWDFLyQGHVHUYLFLRVDO\FRQHOH[WHULRU
FRPRSRUHMHPSORWUDQVSRUWHVHJXURVRLQWHUHVHV
(QHOFDVRGHO(FXDGRUGDGDODLPSRUWDQFLDGHODVH[SRUWDFLRQHVSHWUROHUDVHQODHFRQRPtD
HV QHFHVDULR VHSDUDU OD EDODQ]D FRPHUFLDO HQ SHWUROHUD \ QR SHWUROHUD D ILQ GH WHQHU XQD LGHD GHO
GHVHQYROYLPLHQWR GH ODV WUDQVDFFLRQHV QHWDV FRQ HO H[WHULRU GH ORV VHFWRUHV QR SHWUROHURV GH OD
HFRQRPtD
/D %DODQ]D FRPHUFLDO SHWUROHUD PLGH HO VDOGR QHWR GH ODV H[SRUWDFLRQHV GH SHWUyOHR \
GHULYDGRV GHO SHWUyOHR GHO SDtV DO UHVWR GHO PXQGR PHQRV ODV LPSRUWDFLRQHV GH GHULYDGRV GH
SHWUyOHRGHVGHHOUHVWRGHOPXQGRHQXQSHUtRGRGHWHUPLQDGR
/D %DODQ]D FRPHUFLDO QR SHWUROHUDPLGH HO VDOGR QHWR GH ODV H[SRUWDFLRQHV GH ELHQHV
GLVWLQWRVGHOSHWUyOHRGHOSDtVDOUHVWRGHOPXQGRPHQRVVXVLPSRUWDFLRQHVGHELHQHVGLVWLQWDVGH
ORVGHULYDGRVGHSHWUyOHRGHVGHHOUHVWRGHOPXQGRHQXQSHUtRGRGHWHUPLQDGR
(O6DOGRHQFXHQWDFRUULHQWHPLGHHOVDOGRQHWRSRVLWLYRRQHJDWLYRGHODVH[SRUWDFLRQHV
GHELHQHV\VHUYLFLRVGHXQSDtVDOUHVWRGHOPXQGRPHQRVVXVLPSRUWDFLRQHVGHELHQHV\VHUYLFLRV
GHVGH HO UHVWR GHO PXQGR HQ XQ SHUtRGR GHWHUPLQDGR /D GLIHUHQFLD FRQ OD %DODQ]D FRPHUFLDO HV
TXHLQFOX\HODVGRQDFLRQHVRWUDQVIHUHQFLDVXQLODWHUDOHV\ODSUHVWDFLyQ\FRQWUDWDFLyQGHVHUYLFLRV
DO \ FRQ HO H[WHULRU FRPR SRU HMHPSOR WUDQVSRUWH VHJXURV R LQWHUHVHV /D %DODQ]D FRPHUFLDO HV
SDUWHGHO6DOGRHQFXHQWDFRUULHQWH
'HILQLFLyQ
%DODQ]DFRPHUFLDOHQPLOORQHVGHGyODUHV6LHOYDORUGHODVH[SRUWDFLRQHVHVPD\RUDOYDORUGH
ODVLPSRUWDFLRQHVVHWLHQHXQDEDODQ]DFRPHUFLDOIDYRUDEOHRVXSHUDYLWDULDHQHOFDVRFRQWUDULRVH
WLHQHXQDEDODQ]DFRPHUFLDOGHVIDYRUDEOHRGHILFLWDULD6XIRUPDGHFiOFXORHVODVLJXLHQWH
%& ; 0
GRQGH%&HVODEDODQ]DFRPHUFLDO;VRQODVH[SRUWDFLRQHVGHELHQHVHQPLOORQHVGHGyODUHV)2%
\ 0 VRQ ODV LPSRUWDFLRQHV GH ELHQHV HQ PLOORQHV GH GyODUHV )2% (O WpUPLQR )2% ³IUHH RQ
ERDUG´HVHOYDORUGHORVELHQHVSXHVWRVDERUGRHQHOSXHUWRGHHPEDUTXH/DIRUPDGHFiOFXORGH
ODVEDODQ]DVFRPHUFLDOHVSHWUROHUD\ QRSHWUROHUDHVODPLVPDFRQODVDOYHGDGGHOWLSRGHELHQHV
TXHVHFRQVLGHUDQORVTXHGHEHQFRUUHVSRQGHUDODVGHILQLFLRQHVVHxDODGDVDQWHULRUPHQWH
%DODQ]D FRPHUFLDO FRPR SRUFHQWDMH GHO 3,% PLGH HO WDPDxR GHO VDOGR FRPHUFLDO HQ
UHODFLyQDOWDPDxRGHODHFRQRPtD
%&
;0
3,%
GRQGH%&HVODEDODQ]DFRPHUFLDOFRPRSRUFHQWDMHGHO3,%;VRQODVH[SRUWDFLRQHVGHELHQHVHQ
PLOORQHVGHGyODUHV)2%0VRQODVLPSRUWDFLRQHVGHELHQHVHQPLOORQHVGHGyODUHV)2%\3,%HV
HO3URGXFWR,QWHUQR%UXWRHQPLOORQHVGHGyODUHV/DIRUPDGHFiOFXORGHODVEDODQ]DVFRPHUFLDOHV
SHWUROHUD\QRSHWUROHUDFRPRSRUFHQWDMHGHO3,%HVODPLVPDFRQODVDOYHGDGGHOWLSRGHELHQHV
TXHVHFRQVLGHUDQORVTXHGHEHQFRUUHVSRQGHUDODVGHILQLFLRQHVVHxDODGDVDQWHULRUPHQWH
(O 6DOGR HQ FXHQWD FRUULHQWHHV HO UHVXOWDQWH GH OD VXPD GH ORV VDOGRV HQ OD %DODQ]D
FRPHUFLDO HQ OD %DODQ]D GH VHUYLFLRV \ UHQWD \ GH ODV 7UDQVIHUHQFLDV XQLODWHUDOHV 6H PLGH HQ
PLOORQHV GH GyODUHV \ FRPR SRUFHQWDMH GHO 3,% 6L HO VDOGR HV QHJDWLYR VH WLHQH XQ GpILFLW HQ
&XHQWDFRUULHQWH\VLJQLILFDTXHHOSDtVKDREWHQLGRXQSUpVWDPRQHWRGHOUHVWRGHOPXQGR
0HGLGD
0LOORQHVGHGyODUHV
3RUFHQWDMHGHO3,%
)XHQWHVGHORVGDWRVSULPDULRV
%DQFR&HQWUDOGHO(FXDGRU,QIRUPDFLyQHVWDGtVWLFDPHQVXDO
6HULHFURQROyJLFDVGLVSRQLEOH
'HVJORVHVGLVSRQLEOHV
(VSDFLDO SDtV
&RPSDUDELOLGDGGHODVIXHQWHV
(QHO6,,6(HVWRVLQGLFDGRUHVHVWiQGHILQLGRVSDUDHOSHUtRGR\VRQFRPSDUDEOHVFRQ
OD SUHFDXFLyQ GH TXH HQ HO WUDQVFXUVR GHO WLHPSR VH LQFRUSRUDQ QXHYRV ELHQHV H[SRUWDEOHV R
LPSRUWDEOHV \ GHVDSDUHFHQ RWURV SRU OR TXH DO DQDOL]DU YDULRV DxRV QR VH HVWiQ FRPSDUDQGR
H[DFWDPHQWHHOPLVPRWLSRGHELHQHVHQHVSHFLDOFXDQGRVHFRPSDUDQSHUtRGRVSURORQJDGRVGH
WLHPSR (O SHUtRGR HVFRJLGR ± VH GHEH D TXH ODV FLIUDV GH HVWH ODSVR GH WLHPSR
FRUUHVSRQGHQDXQDPLVPDPHWRGRORJtDGHEDODQ]DGH SDJRVXWLOL]DGDSRUHO%DQFR&HQWUDO/RV
GDWRV GH OD EDODQ]D GH SDJRV GH DxRV DQWHULRUHV D GHELGR DO XVR GH XQD PHWRGRORJtD
GLIHUHQWH QR VRQ FRPSDUDEOHV FRQ ORV DFWXDOHV (O %&( VH HQFXHQWUD UHFDOFXODQGR EDMR OD
PHWRGRORJtDDFWXDOODVFLIUDVDQWHULRUHVDDILQGHYROYHUFRPSDUDEOHVODVVHULHV
2EVHUYDFLRQHV
(Q OD EDODQ]D FRPHUFLDO ODV LPSRUWDFLRQHV VH UHJLVWUDQ HQ YDORUHV )2% HQ WDQWR TXH HQ ODV
&XHQWDVQDFLRQDOHVODVLPSRUWDFLRQHVVHUHJLVWUDQHQYDORUHV&,)(VWRVHGHEHDTXHHQOD%DODQ]D
GHSDJRVORVFRVWRV\IOHWHVVHUHJLVWUDQHQOD%DODQ]DGHVHUYLFLRV\UHQWD(OWpUPLQR&,)³FRVW
LQVXUDQFHDQGIUHLJKW´HVHOYDORUGHORVELHQHVSXHVWRVHQHOSXHUWRGHGHVWLQRSRUORTXHDOYDORU
)2%VHGHEHQVXPDUORVFRVWRVGHORVVHJXURV\GHORVIOHWHV(OWpUPLQR)2%³IUHHRQERDUG´HV
HOYDORUGHORVELHQHVSXHVWRVDERUGRHQHOSXHUWRGHHPEDUTXH
%LEOLRJUDItD
%&(,QIRUPDFLyQHVWDGtVWLFDPHQVXDO 4XLWR%&(
%&(,QIRUPDFLyQHVWDGtVWLFDPHQVXDO0HWRGRORJtD 4XLWR%&(
%&(&XHQWDVQDFLRQDOHVGHO(FXDGRU 4XLWR%&(YDULRVQ~PHURV
'251%86&+ 5XGLJHU ),6&+(5 6WDQOH\ \ 6&+0$/(16(( 5LFKDUG (FRQRPtD 6HJXQGD
HGLFLyQ0p[LFR0F*UDZ+LOO
'251%86&+ 5XGLJHU \ ),6&+(5 6WDQOH\ 0DFURHFRQRPtD 4XLQWD HGLFLyQ 0DGULG
0F*UDZ+LOO
/25$ (GXDUGR 7pFQLFDV GH PHGLFLyQ HFRQyPLFD 6HJXQGD (GLFLyQ %RJRWi 7HUFHU 0XQGR
(GLWRUHV
6$&+6 -HIIUH\ \ /$55$Ë1 )HOLSH 0DFURHFRQRPtD HQ OD HFRQRPtD JOREDO 3ULPHUD HGLFLyQ
0p[LFR3UHQWLFH+DOO+LVSDQRDPHULFDQD
6(&725(&2120,$
68%6(&725&20(5&,2(;7(5,25
%DODQ]D&RPHUFLDO\6DOGRHQ&XHQWD&RUULHQWH
%DODQ]D&RPHUFLDO
0LOORQHVGHGyODUHV
GHO3,%
3HWUROHUD
0LOORQHVGHGyODUHV
GHO3,%
1R3HWUROHUD
0LOORQHVGHGyODUHV
GHO3,%
6DOGRHQ&WD&WH
0LOORQHVGHGyODUHV
GHO3,%
5HVXOWDGRVHQODVFXHQWDVFRPHUFLDO\FRUULHQWH
GH O3,%
%DODQ]DFRPHUFLDO
6DOGRHQ&XHQWD&RUULHQWH
$SHUWXUDGHOD(FRQRPtD
6HFWRU
(FRQRPtD
6XEVHFWRU
&RPHUFLRH[WHULRU
)XQGDPHQWR
/D $SHUWXUD GH OD HFRQRPtD $(HV OD LQWHJUDFLyQ GH XQ SDtV D OD HFRQRPtD PXQGLDO TXH VH
SURGXFHDWUDYpVGHODH[SRUWDFLyQHLPSRUWDFLyQGHELHQHV\VHUYLFLRV
/DVH[SRUWDFLRQHV VRQHOFRQMXQWRGHELHQHV\VHUYLFLRVTXHHO SDtVYHQGH D RWURVSDtVHV
/DVLPSRUWDFLRQHV VRQHOFRQMXQWRGHELHQHV\VHUYLFLRVTXHHO SDtVFRPSUD DRWURVSDtVHV/DV
H[SRUWDFLRQHVMXQWRFRQODVLPSRUWDFLRQHVIRUPDQSDUWHGHOFRPHUFLRH[WHULRUGHXQSDtV
'HILQLFLyQ
/D$SHUWXUDGHODHFRQRPtDVHFDOFXODGHODVLJXLHQWHPDQHUD
;0
3,%
$(
GRQGH $( HV HO JUDGR GH DSHUWXUD GH OD HFRQRPtD ; VRQ ODV H[SRUWDFLRQHV )2% D SUHFLRV
FRQVWDQWHV0 VRQODVLPSRUWDFLRQHV&,)DSUHFLRVFRQVWDQWHV\3,%HVHO3URGXFWR,QWHUQR%UXWRD
SUHFLRVFRQVWDQWHV(OWpUPLQR&,)³FRVWLQVXUDQFHDQGIUHLJKW´HVHOYDORUGHORVELHQHVSXHVWRV
HQHOSXHUWRGHGHVWLQRSRUORTXHDOYDORU)2%VHGHEHQVXPDUORVFRVWRVGHORVVHJXURV\GHORV
IOHWHV(OWpUPLQR)2%³IUHHRQERDUG´HVHOYDORUGHORVELHQHVSXHVWRVDERUGRHQ HOSXHUWRGH
HPEDUTXH 6H FDOFXOD D SUHFLRV FRQVWDQWHV SUHFLRV GH D ILQ GH HOLPLQDU HO HIHFWR GH OD
YDULDFLyQGHORVSUHFLRV8QDXPHQWRGHOFRHILFLHQWH$( VLJQLILFDXQDPD\RUDSHUWXUDGHOSDtVDOD
HFRQRPtDPXQGLDO\YLFHYHUVD
/DV([SRUWDFLRQHV VHH[SUHVDQHQPLOORQHVGHGyODUHVFRUULHQWHV)2%\ODV,PSRUWDFLRQHV
HQ PLOORQHV GH GyODUHV FRUULHQWHV &,) D ILQ GH WHQHU XQD LGHD GHO PRQWR WRWDO GH HVWDV
WUDQVDFFLRQHV
/DVH[SRUWDFLRQHVHLPSRUWDFLRQHV VHH[SUHVDQWDPELpQFRPRSRUFHQWDMHGHO3,%FRQHO
SURSyVLWRGHFRPSDUDUVXWDPDxRUHVSHFWRGHOWDPDxRGHODHFRQRPtD
[
P
;
3,%
0
3,%
GRQGH [ VRQ ODV H[SRUWDFLRQHV FRPR SRUFHQWDMH GHO 3,% ; VRQ ODV H[SRUWDFLRQHV HQ PLOORQHV GH
GyODUHV)2%FRUULHQWHV0 VRQODVLPSRUWDFLRQHVHQPLOORQHVGHGyODUHV&,)FRUULHQWHV\3,% HVHO
3URGXFWR,QWHUQR%UXWRHQPLOORQHVGHGyODUHVFRUULHQWHV
0HGLGD
3RUFHQWDMH
0LOORQHVGHGyODUHV
3RUFHQWDMHGHO3,%
)XHQWHVGHORVGDWRVSULPDULRV
%DQFR&HQWUDOGHO(FXDGRU,QIRUPDFLyQHVWDGtVWLFD PHQVXDOHQHURGH
%DQFR&HQWUDOGHO(FXDGRU6HWHQWDDxRVGHLQIRUPDFLyQHVWDGtVWLFD
6HULHVFURQROyJLFDVGLVSRQLEOHV
TXLQTXHQDO
DQXDO
'HVJORVHVGLVSRQLEOHV
(VSDFLDOSDtV
&RPSDUDELOLGDGGHODVIXHQWHV
(Q HO 6,,6( ORV GDWRV GH $SHUWXUD GH OD HFRQRPtD ([SRUWDFLRQHV H LPSRUWDFLRQHV HVWiQ
GHILQLGRVSDUDHOSHUtRGRHQODSVRVGHFLQFRDxRVKDVWD\SDUDFDGDDxRHQOD
GpFDGDGHOQRYHQWD/RVGDWRVFRUUHVSRQGLHQWHVDOSHUtRGRWLHQHQFDUiFWHUGHILQLWLYR
DVHPLGHILQLWLYRSURYLVLRQDO
2EVHUYDFLRQHV
(Q OD EDODQ]D FRPHUFLDO ODV LPSRUWDFLRQHV VH UHJLVWUDQ HQ YDORUHV )2% HQ WDQWR TXH HQ ODV
&XHQWDV 1DFLRQDOHV ODV LPSRUWDFLRQHV VH UHJLVWUDQ HQ YDORUHV &,) (O WpUPLQR &,) ³FRVW
LQVXUDQFH DQG IUHLJKW´ HV HO YDORU GH ORV ELHQHV SXHVWRV HQ HO SXHUWR GH GHVWLQR SRU OR TXH DO
YDORU )2% VH GHEHQ VXPDU ORV FRVWRV GH ORV VHJXURV \ GH ORV IOHWHV (O WpUPLQR )2% ³IUHH RQ
ERDUG´HVHOYDORUGHORVELHQHVSXHVWRVDERUGRHQHOSXHUWRGHHPEDUTXH
%LEOLRJUDItD
%&(,QIRUPDFLyQHVWDGtVWLFDPHQVXDO 4XLWR%&(
%&(,QIRUPDFLyQHVWDGtVWLFDPHQVXDO0HWRGRORJtD 4XLWR%&(
%&(&XHQWDVQDFLRQDOHVGHO(FXDGRU 4XLWR%&(YDULRVQ~PHURV
%&(6HWHQWDDxRVGHLQIRUPDFLyQHVWDGtVWLFD4XLWR%&(
6$&+6 -HIIUH\ \ /$55$Ë1 )HOLSH 0DFURHFRQRPtD HQ OD HFRQRPtD JOREDO 3ULPHUD HGLFLyQ
0p[LFR3UHQWLFH+DOO+LVSDQRDPHULFDQD
6(&725(&2120,$
68%6(&725&20(5&,2(;7(5,25
$SHUWXUDGHOD(FRQRPtD
$SHUWXUDGHOD(FRQRPtD
GHO3,%
([SRUWDFLRQHV)2%
0LOORQHVGHGyODUHV
GHO3,%
,PSRUWDFLRQHV&,)
0LOORQHVGHGyODUHV
GHO3,%
$SHUWXUDGHODHFRQRPtD
5HVHUYD0RQHWDULD,QWHUQDFLRQDOH,QYHUVLyQH[WUDQMHUDGLUHFWD
6HFWRU
(FRQRPtD
6XEVHFWRU
&RPHUFLRH[WHULRU
)XQGDPHQWR
/D5HVHUYD0RQHWDULD,QWHUQDFLRQDOFRQVLVWHHQODVH[LVWHQFLDVGHGLYLVDV\RURPDQWHQLGRVHQ
HO%&(TXHVHXWLOL]DQSDUDLQWHUYHQLUHQHO PHUFDGRGHGLYLVDVFRQHOILQGHHVWDELOL]DUHOYDORU
GHOGyODUYHQGLHQGRGyODUHVFXDQGRH[LVWHXQH[FHVRGHGHPDQGDGHGLYLVDV\FRPSUDQGRFXDQGR
H[LVWH XQ H[FHVR GH RIHUWD (Q HVH VHQWLGR HV XQ LQGLFDGRU GH ODV SUHVLRQHV VREUH OD EDODQ]D GH
SDJRV 6H XWLOL]D WDPELpQ FRPR XQ LQGLFDGRU GH OD FDSDFLGDG GH XQ SDtV SDUD ILQDQFLDU VXV
LPSRUWDFLRQHV
/D ,QYHUVLyQ H[WUDQMHUD GLUHFWDHVWi FRQIRUPDGD SRU ODV DSRUWDFLRQHV R FRORFDFLRQHV
GLUHFWDV GH FDSLWDOHV H[WUDQMHURV GH ODUJR SOD]R SDUD OD FUHDFLyQ R DPSOLDFLyQ GH HPSUHVDV HQ HO
SDtV 3XHGH UHDOL]DUVH D WUDYpV GH DFFLRQHV \ RWUDV SDUWLFLSDFLRQHV GH FDSLWDO \ GH XWLOLGDGHV
UHLQYHUWLGDV
'HILQLFLyQ
(QHO6,,6(OD5HVHUYDPRQHWDULDLQWHUQDFLRQDOHVWiH[SUHVDGDHQPLOORQHVGHGyODUHVDOGH
GLFLHPEUH GH FDGD DxR FRPR SRUFHQWDMH GHO 3,% \ FRPR SRUFHQWDMH \ Q~PHUR GH PHVHV GH
LPSRUWDFLRQHV GH ELHQHV \ VHUYLFLRV 3DUD HO FiOFXOR GH HVWRV GRV ~OWLPRV LQGLFDGRUHV VH KD
XWLOL]DGR ORV UXEURV GH LPSRUWDFLRQHV GH ELHQHV H LPSRUWDFLRQHV GH VHUYLFLRV GH OD EDODQ]D GH
SDJRV/DUHVHUYDPRQHWDULDLQWHUQDFLRQDOH[SUHVDGDFRPRQ~PHURGHPHVHVGHLPSRUWDFLRQHVGH
ELHQHV \ VHUYLFLRV VH REWLHQH GLYLGLHQGR OD 50, SDUD HO YDORU PHQVXDO SURPHGLR GH ODV
LPSRUWDFLRQHVGHELHQHV\VHUYLFLRV
F
50,
§ 0%6 ·
¨
© ¹̧
GRQGHFHVHOFRHILFLHQWHTXHPLGHHOQ~PHURGHPHVHVTXHSXHGHFXEULUSRWHQFLDOPHQWHODUHVHUYD
PRQHWDULD50,HVODUHVHUYDPRQHWDULDLQWHUQDFLRQDOHQPLOORQHVGHGyODUHVDOGHGLFLHPEUHGH
FDGD DxR \ 0%6 HV OD LPSRUWDFLyQ GH ELHQHV \ VHUYLFLRV GH OD EDODQ]D GH SDJRV HQ PLOORQHV GH
GyODUHV
/D ,QYHUVLyQ H[WUDQMHUD GLUHFWD FRUUHVSRQGH DO UXEUR ,QYHUVLyQ GLUHFWD GH OD EDODQ]D GH
SDJRV\HVWiGHILQLGRHQPLOORQHVGHGyODUHV\FRPRSRUFHQWDMHGHO3,%
0HGLGD
0LOORQHVGHGyODUHV
3RUFHQWDMHGHO3,%
3RUFHQWDMHGHODVLPSRUWDFLRQHVGHELHQHV\VHUYLFLRV
0HVHVGHLPSRUWDFLRQHVGHELHQHV\VHUYLFLRV
)XHQWHVGHORVGDWRVSULPDULRV
%DQFR&HQWUDOGHO(FXDGRU,QIRUPDFLyQHVWDGtVWLFDPHQVXDOHQHURGH
%DQFR&HQWUDOGHO(FXDGRU6HWHQWDDxRVGHLQIRUPDFLyQHVWDGtVWLFD
6HULHFURQROyJLFDGLVSRQLEOH
TXLQTXHQDO
DQXDO
'HVJORVHVGLVSRQLEOHV
(VSDFLDOSDtV
&RPSDUDELOLGDGGHODVIXHQWHV
(QHO6,,6(OD5HVHUYDPRQHWDULDLQWHUQDFLRQDOHVWiGHILQLGDSDUDHOSHUtRGRHQODSVRV
GHFLQFRDxRVKDVWD\SDUDFDGDDxRHQODGpFDGDGHOQRYHQWD/RVGDWRVFRUUHVSRQGLHQWHVDO
SHUtRGRWLHQHQFDUiFWHUGHILQLWLYR\DSURYLVLRQDO/D,QYHUVLyQH[WUDQMHUDGLUHFWD
HVWi GHILQLGD SDUD FDGD DxR GHO SHUtRGR /DV FLIUDV VRQ FRPSDUDEOHV (O SHUtRGR
HVFRJLGR± VHGHEHDTXHODVFLIUDVGHHVWHODSVRGHWLHPSRFRUUHVSRQGHQDXQDPLVPD
PHWRGRORJtD GH EDODQ]D GH SDJRV XWLOL]DGD SRU HO %&( /RV GDWRV GH EDODQ]D GH SDJRV GH DxRV
DQWHULRUHVDGHELGRDOXVRGHXQDPHWRGRORJtDGLIHUHQWHQRVRQFRPSDUDEOHVFRQORVDFWXDOHV
(O %&( VHHQFXHQWUDUHFDOFXODQGREDMRODPHWRGRORJtDDFWXDOODVFLIUDVDQWHULRUHVDDILQGH
YROYHUFRPSDUDEOHVODVVHULHV
%LEOLRJUDItD
%&(,QIRUPDFLyQHVWDGtVWLFDPHQVXDO0HWRGRORJtD 4XLWR%&(
%&(,QIRUPDFLyQHVWDGtVWLFDPHQVXDO 4XLWR%&(
%&(&XHQWDVQDFLRQDOHVGHO(FXDGRU 4XLWR%&(YDULRVQ~PHURV
%&(6HWHQWDDxRVGHLQIRUPDFLyQHVWDGtVWLFD4XLWR%&(
'251%86&+ 5XGLJHU ),6&+(5 6WDQOH\ \ 6&+0$/(16(( 5LFKDUG (FRQRPtD 6HJXQGD
HGLFLyQ0p[LFR0F*UDZ+LOO
'251%86&+ 5XGLJHU \ ),6&+(5 6WDQOH\ 0DFURHFRQRPtD 4XLQWD HGLFLyQ 0DGULG
0F*UDZ+LOO
/25$ (GXDUGR 7pFQLFDV GH PHGLFLyQ HFRQyPLFD 6HJXQGD (GLFLyQ %RJRWi 7HUFHU 0XQGR
(GLWRUHV
6$&+6 -HIIUH\ \ /$55$Ë1 )HOLSH 0DFURHFRQRPtD HQ OD HFRQRPtD JOREDO 3ULPHUD HGLFLyQ
0p[LFR3UHQWLFH+DOO+LVSDQRDPHULFDQD
5HVHUYDPRQHWDULDLQWHUQDFLRQDO
GHO3,%
6(&725(&2120,$
68%6(&725&20(5&,2(;7(5,25
5HVHUYD0RQHWDULDH,QYHUVLyQ([WUDQMHUD
5HVHUYD0RQHWDULD,QWHUQDFLRQDO
0LOORQHVGHGyODUHV
GHO3,%
5HVHUYD0RQHWDULD,QWHUQDFLRQDO
GHODV,PSRUWDFLRQHVGH%LHQHV\6HUYLFLRV
1~PHURGHPHVHVGH,PSRUWDFLRQHVGH%LHQHV\6HUYLFLRV
,QYHUVLyQ([WUDQMHUD'LUHFWD
0LOORQHVGHGyODUHV
GHO3,%
7LSRGHFDPELR\'HYDOXDFLyQ
6HFWRU
(FRQRPtD
6XEVHFWRU
&RPHUFLRH[WHULRU
)XQGDPHQWR
(O WLSR GH FDPELR QRPLQDO HV HO SUHFLR R FRWL]DFLyQ GH XQD PRQHGD FRPSDUDGD FRQ RWUD SRU
HMHPSORXQGyODULJXDODVXFUHVQRYLHPEUHGH(OWLSRGHFDPELRQRPLQDOSXHGHVHU
GHYHQWDRGHFRPSUD(OWLSRGHFDPELRGHYHQWD HVHOSUHFLRTXHFREUDQHO%DQFR&HQWUDOODV
LQVWLWXFLRQHV ILQDQFLHUDV R FDVDV GH FDPELR FXDQGR YHQGHQ GyODUHV D ORV LQGLYLGXRV R DJHQWHV
HFRQyPLFRV (O WLSR GH FDPELR GH FRPSUD HV HO SUHFLR TXH SDJDQ HO %DQFR &HQWUDO ODV
LQVWLWXFLRQHV ILQDQFLHUDV R FDVDV GH FDPELR FXDQGR FRPSUDQ GyODUHV D ORV LQGLYLGXRV R DJHQWHV
HFRQyPLFRV
/DGHYDOXDFLyQHVXQDXPHQWRGHOWLSRGHFDPELRQRPLQDOHLPSOLFDXQDSpUGLGDGHYDORU
GHOVXFUHUHVSHFWRDRWUDPRQHGDSRUORJHQHUDOHOGyODUHVGHFLUVHGHEHQHQWUHJDUPiVVXFUHVSRU
FDGDGyODU(QFDPELRXQDGLVPLQXFLyQGHOWLSRGHFDPELRQRPLQDOFRQVWLWX\HXQDUHYDOXDFLyQR
UHFXSHUDFLyQGHYDORUGHOVXFUHUHVSHFWRDOGyODU
(O WLSR GH FDPELR UHDO UHODFLRQD ORV SUHFLRV GH ORV ELHQHV SURGXFLGRV HQ HO H[WUDQMHUR
H[SUHVDGRV HQ PRQHGD QDFLRQDO FRQ ORV SUHFLRV GH ORV ELHQHV SURGXFLGRV HQ HO SDtV
&RQFHSWXDOPHQWHVHXWLOL]DOD VLJXLHQWHH[SUHVLyQ
H
( 3[
3Q
'RQGHH HVHOWLSRGHFDPELRUHDO( HVHOWLSRGHFDPELRQRPLQDO3[ HVHOQLYHOGHSUHFLRVGHORV
ELHQHVH[WHUQRV\3Q HVHOQLYHOGHSUHFLRVGHORVELHQHVQDFLRQDOHV(OWLSRGHFDPELRUHDOHVXQ
SUHFLRUHODWLYRTXHVHXWLOL]DFRPRLQGLFDGRUGHORVSUHFLRVGHORVELHQHVH[WHUQRVUHVSHFWRGHORV
SUHFLRVGHORVELHQHVQDFLRQDOHV(QHVHVHQWLGRHVXWLOL]DGRWDPELpQFRPRXQRGHORVLQGLFDGRUHV
TXHPLGHQODFRPSHWLWLYLGDGGHXQSDtVHQHOFRPHUFLRLQWHUQDFLRQDOHVGHFLUSHUPLWHVDEHUVLORV
ELHQHV SURGXFLGRV HQ HO SDtV HVWiQ DEDUDWiQGRVH R HQFDUHFLpQGRVH HQ UHODFLyQ D ORV ELHQHV
SURGXFLGRVHQHOH[WHULRU
8Q DXPHQWR GH H FRUUHVSRQGH D XQD GHSUHFLDFLyQGHO WLSR GH FDPELR UHDO HV GHFLU ORV
ELHQHVH[WHUQRV VH KDQ YXHOWR PiVFDURVUHVSHFWRDORVELHQHV QDFLRQDOHVRYLVWRGHRWUD PDQHUD
ORV ELHQHV QDFLRQDOHV VH KDQ YXHOWR PiV EDUDWRV HQ UHODFLyQ D ORV ELHQHV H[WHUQRV (Q HVWH FDVR
KDEUtD XQ DXPHQWR GH FRPSHWLWLYLGDG GH ORV ELHQHV QDFLRQDOHV OR TXH VLJQLILFD TXH ORV DJHQWHV
HFRQyPLFRV SUHIHULUiQ FRPSUDU ELHQHV QDFLRQDOHV D ELHQHV H[WUDQMHURV 3RU VX SDUWH XQD
GLVPLQXFLyQGHH HVXQDDSUHFLDFLyQ GHOWLSRGHFDPELRUHDOHVGHFLUORVELHQHVH[WHUQRVVHKDQ
YXHOWRPiVEDUDWRVUHVSHFWRGHORVELHQHVQDFLRQDOHVR GLFKRGHRWUDPDQHUDORVELHQHVQDFLRQDOHV
VH KDQ YXHOWR PiV FDURV HQ UHODFLyQ D ORV ELHQHV H[WHUQRV (Q HVWH FDVR VH WLHQH XQD SpUGLGD GH
FRPSHWLWLYLGDGGHORVELHQHVQDFLRQDOHV
'HILQLFLyQ
(O7LSRGHFDPELRQRPLQDOGHYHQWDFRUUHVSRQGHDOWLSRGHFDPELRGHYHQWDSURPHGLRDQXDOGHO
PHUFDGROLEUHGHFDPELRV(O7LSRGHFDPELRQRPLQDOGHFRPSUDFRUUHVSRQGHDOWLSRGHFDPELR
GHFRPSUDSURPHGLRDQXDOGHOPHUFDGROLEUHGHFDPELRV
/D 'HYDOXDFLyQ HV OD WDVD GH FUHFLPLHQWR LQWHUDQXDO GHO WLSR GH FDPELR QRPLQDO SDUD HO
SHUtRGR R OD WDVD GH FUHFLPLHQWR SURPHGLR DQXDO SDUD ORV SHUtRGRV \
/D7DVDGHGHYDOXDFLyQLQWHUDQXDOVHFDOFXODPHGLDQWHODYDULDFLyQSRUFHQWXDOGHOWLSRGH
FDPELRQRPLQDOHQWUHXQDxR\HODxRLQPHGLDWRDQWHULRUDSOLFDQGRODVLJXLHQWHIyUPXOD
WGL
§ (W
·
¨
© (W ¹̧
GRQGHWGL HVODWDVDGHGHYDOXDFLyQLQWHUDQXDO\(HVHOWLSRGHFDPELRQRPLQDO
/D 7DVD GH GHYDOXDFLyQ SURPHGLR DQXDO FRUUHVSRQGLHQWH D XQ SHUtRGR GH WLHPSR VH
FDOFXOD D WUDYpV GH XQ PRGHOR GH FUHFLPLHQWR JHRPpWULFR XWLOL]DQGR XQD UHJUHVLyQ OLQHDO SRU HO
PpWRGRGHPtQLPRVFXDGUDGRV
(W
( G W
VHREWLHQHODWUDQVIRUPDFLyQORJDUtWPLFDGHODH[SUHVLyQDQWHULRU
OQ (
D EW
GRQGH ( HV HO WLSR GH FDPELR QRPLQDO W HV HO WLHPSR D OQ (R E OQ G \ G HV OD WDVD GH
GHYDOXDFLyQ LQVWDQWiQHD &RQ HVWD HVSHFLILFDFLyQ VH XWLOL]D XQD UHJUHVLyQ OLQHDO SRU HO PpWRGRGH
PtQLPRVFXDGUDGRVSDUDHVWLPDUD \EHQODTXHODYDULDEOHGHSHQGLHQWHHVHOORJDULWPRQDWXUDOGHO
WLSRGHFDPELRQRPLQDO\ODYDULDEOHLQGHSHQGLHQWHHVHOWLHPSR
8QDYH]HVWLPDGRVORVSDUiPHWURVD \ESDUDREWHQHUG VHGHEHFDOFXODUHODQWLORJDULWPRGH
E \UHVWDUOHGHELGRDTXHE HVODWDVDGHGHYDOXDFLyQLQVWDQWiQHD\ORTXHVHGHVHD REWHQHUHVOD
WDVDGHGHYDOXDFLyQSURPHGLRDQXDOGHOSHUtRGR
G
H E (O,QGLFHGHWLSRGHFDPELRUHDOHVFDOFXODGRSRUHO%DQFR&HQWUDOGHO(FXDGRUFRQIRUPH
D XQD PXHVWUD GH SDtVHV TXH FXEUH PiV GHO GHO WRWDO GHO FRPHUFLR H[WHULRU HFXDWRULDQR
WDQWR GH LPSRUWDFLyQ FRPR GH H[SRUWDFLyQ H[FOX\HQGR HO SHWUyOHR(O SHUtRGR EDVH HV DJRVWR GH
\ HQ HO 6,,6( HO tQGLFH FRUUHVSRQGH DO SURPHGLR DQXDO /D IyUPXOD GH FiOFXOR HV OD
VLJXLHQWH
§ 3L ·
¨
–
© (L ¹̧
L 3
(
Q
,7&(5
DL
GRQGH ,7&(5 HV HO ,QGLFH GH 7LSR GH FDPELR HIHFWLYR UHDO 3L HV HO ,QGLFH GH 3UHFLRV DO
&RQVXPLGRUGHOSDtVL FRQHOTXHFRPHUFLDHO(FXDGRU(L HVHO,QGLFHGHWLSRGHFDPELRQRPLQDO
GHOSDtVL FRQHOTXHFRPHUFLDHO(FXDGRUXQLGDGHVGHODPRQHGDGHOSDtVL SRUGyODUHV GH(VWDGRV
8QLGRV3 HVHO,3&GHO(FXDGRU( HVHO,QGLFHGHWLSRGHFDPELRQRPLQDOGHO(FXDGRUVXFUHV
SRUGyODUGH(VWDGRV8QLGRVDL HVODSRQGHUDFLyQGHOSDtVL HQHOFRPHUFLRH[WHULRUGHO(FXDGRU\
Q HV HO Q~PHUR GH SDtVHV GH OD PXHVWUD (O VtPEROR 3 HV HO SURGXFWRU \ HV OD RSHUDFLyQ
PXOWLSOLFDWRULDSDUDWRGRVORVL
8Q DXPHQWR GHO tQGLFH VLJQLILFD GHSUHFLDFLyQ UHDO HQ WDQWR TXH XQD GLVPLQXFLyQ LPSOLFD
DSUHFLDFLyQUHDO
0HGLGD
7LSRGH&DPELR1RPLQDO&RPSUD\9HQWD6XFUHVSRUGyODU
'HYDOXDFLyQ 3RUFHQWDMH
,QGLFHGHO7LSRGH&DPELR5HDO$xR%DVH )XHQWHVGHORVGDWRVSULPDULRV
%DQFR&HQWUDOGHO(FXDGRU,QIRUPDFLyQHVWDGtVWLFDPHQVXDOHQHURGH
%DQFR&HQWUDOGHO(FXDGRU6HWHQWDDxRVGHLQIRUPDFLyQHVWDGtVWLFD
6HULHVFURQROyJLFDVGLVSRQLEOHV
TXLQTXHQDO
DQXDO
'HVJORVHVGLVSRQLEOHV
(VSDFLDO SDtV
&RPSDUDELOLGDGGHODVIXHQWHV
(QHO6,,6( HVWHLQGLFDGRUHVWiGHILQLGRSDUDHOSHUtRGRHQODSVRVGHFLQFRDxRVKDVWD
\SDUDFDGDDxRHQODGpFDGDGHOQRYHQWD/RVGDWRVFRUUHVSRQGLHQWHVDOSHUtRGR
WLHQHQFDUiFWHUGHILQLWLYR\SURYLVLRQDO/DVFLIUDVVRQFRPSDUDEOHV
%LEOLRJUDItD
%&(,QIRUPDFLyQHVWDGtVWLFDPHQVXDO0HWRGRORJtD 4XLWR%&(
%&(,QIRUPDFLyQHVWDGtVWLFDPHQVXDO 4XLWR%&(
%&(&XHQWDVQDFLRQDOHVGHO(FXDGRU 4XLWR%&(YDULRVQ~PHURV
%&(6HWHQWDDxRVGHLQIRUPDFLyQHVWDGtVWLFD4XLWR%&(
'251%86&+ 5XGLJHU ),6&+(5 6WDQOH\ \ 6&+0$/(16(( 5LFKDUG (FRQRPtD 6HJXQGD
HGLFLyQ0p[LFR0F*UDZ+LOO
'251%86&+ 5XGLJHU \ ),6&+(5 6WDQOH\ 0DFURHFRQRPtD 4XLQWD HGLFLyQ 0DGULG
0F*UDZ+LOO
/25$ (GXDUGR 7pFQLFDV GH PHGLFLyQ HFRQyPLFD 6HJXQGD (GLFLyQ %RJRWi 7HUFHU 0XQGR
(GLWRUHV
6$&+6 -HIIUH\ \ /$55$Ë1 )HOLSH 0DFURHFRQRPtD HQ OD HFRQRPtD JOREDO 3ULPHUD HGLFLyQ
0p[LFR3UHQWLFH+DOO+LVSDQRDPHULFDQD
,QGLFHGHOWLSRGHFDPELRUHDO
$JRVWR 7LSRGH&DPELR\ 'HYDOXDFLyQ
7LSRGH&DPELR0HUFDGR/LEUH
6XFUHVSRUGyODU
&RPSUD
9HQWD
6(&725(&2120,$
68%6(&725&20(5&,2(;7(5,25
,QGLFHGHWLSRGHFDPELRUHDO
%DVH$JRVWR 'HYDOXDFLyQ
(VWUXFWXUDGHODVH[SRUWDFLRQHV
([SRUWDFLRQHVVHJ~QOXJDUGHGHVWLQR
6HFWRU
(FRQRPtD
6XEVHFWRU
&RPHUFLRH[WHULRU
)XQGDPHQWR
/DVH[SRUWDFLRQHV VRQHOFRQMXQWRGHELHQHV\VHUYLFLRVTXHHO SDtVYHQGH DRWURVSDtVHV3DUDHO
DQiOLVLVGHODHVWUXFWXUDGHODVH[SRUWDFLRQHVSRUSDtViUHDHFRQyPLFDRFRQWLQHQWHVHFRQVLGHUDQ
~QLFDPHQWHODVH[SRUWDFLRQHVGHELHQHV
'HILQLFLyQ
/DVH[SRUWDFLRQHVGHOSDtVVHHQFXHQWUDQHVWUXFWXUDGDVGHDFXHUGRDOFRQWLQHQWHiUHDHFRQyPLFD\
SDtVGHGHVWLQRFRQIRUPHDODVLJXLHQWHFODVLILFDFLyQ
$0(5,&$
(67$'2681,'26
0(5&$'2&2081&(1752$0(5,&$12
$62&,$&,21/$7,12$0(5,&$1$'(,17(*5$&,21
$UJHQWLQD
%UDVLO
&KLOH
0p[LFR
2WURVSDtVHV
*5832$1',12
%ROLYLD
&RORPELD
3HU~
9HQH]XHOD
5(672'($0(5,&$
(8523$
81,21(8523($
%pOJLFD\/X[HPEXUJR
)UDQFLD
+RODQGD
,WDOLD
5HLQR8QLGR
$OHPDQLD
(VSDxD
2WURVSDtVHV
$62&,$&,21(8523($'(/,%5(&20(5&,2
5(672'((8523$
$6,$
7DLZDQ
-DSyQ
2WURVSDtVHV
$)5,&$
2&($1,$
275263$,6(61(3
&KLOHVHVHSDUDGHO3DFWR$QGLQRHOGHVHSWLHPEUHGH
9HQH]XHODLQJUHVDDO3DFWR$QGLQRHQHQHURGH
(QH[FOX\H(VSDxD\3RUWXJDOSDtVHVTX HLQJUHVDQDOD8QLyQ(XURSHDHQ
$SDUWLUGHLQFOX\HOD5HS~EOLFD'HPRFUiWLFDGH$OHPDQLD
$ SDUWLU GH ODV H[SRUWDFLRQHV HQ PLOORQHV GH GyODUHV FRUULHQWHV )2% SRU FRQWLQHQWH iUHD
HFRQyPLFD\SDtVGHGHVWLQRVHFDOFXODODSDUWLFLSDFLyQSRUFHQWXDOGHFDGDXQRGHHVWRVJUXSRVR
SDtVHVGHGHVWLQRHQODVH[SRUWDFLRQHVWRWDOHVGHO(FXDGRU(OWpUPLQR)2%³IUHHRQERDUG´HVHO
YDORUGHORVELHQHVSXHVWRVDERUGRHQHOSXHUWRGHHPEDUTXH
[L
;L
;7
GRQGH[L HVODSDUWLFLSDFLyQSRUFHQWXDOGHFDGDSDtVRUHJLyQGHGHVWLQRHQODVH[SRUWDFLRQHVWRWDOHV
GHO SDtV ;L HV HO YDORU GH ODV H[SRUWDFLRQHV SRU FDGD SDtV R UHJLyQ GH GHVWLQR HQ PLOORQHV GH
GyODUHV)2%\;7 HVHOYDORUGHODVH[SRUWDFLRQHVWRWDOHVGHOSDtVHQPLOORQHVGHGyODUHV )2%
0HGLGD
3RUFHQWDMH
)XHQWHVGHORVGDWRVSULPDULRV
%DQFR&HQWUDOGHO(FXDGRU,QIRUPDFLyQHVWDGtVWLFDPHQVXDOHQHURGH
%DQFR&HQWUDOGHO(FXDGRU6HWHQWDDxRVGHLQIRUPDFLyQHVWDGtVWLFD
6HULHVFURQROyJLFDVGLVSRQLEOHV
TXLQTXHQDO
DQXDO
'HVJORVHVGLVSRQLEOHV
&RQWLQHQWHSDtV
$UHDHFRQyPLFD
&RPSDUDELOLGDGGHODVIXHQWHV
(QHO6,,6( HOLQGLFDGRUHVWiGHILQLGRSDUDHOSHUtRGRHQODSVRVGHFLQFRDxRVKDVWD
\SDUDFDGDDxRHQODGpFDGDGHOQRYHQWD/RVGDWRVFRUUHVSRQGLHQWHVDOSHUtRGR
WLHQHQFDUiFWHUGHILQLWLYR\DSURYLVLRQDO/DVFLIUDVVRQFRPSDUDEOHVFRQODSUHFDXFLyQGH
TXHHQHOWUDQVFXUVRGHOWLHPSRVHLQFRUSRUDQQXHYRVELHQHVH[SRUWDEOHV\GHVDSDUHFHQRWURVSRU
ORTXHDODQDOL]DUYDULRVDxRVQRVHHVWiQFRPSDUDQGRH[DFWDPHQWHHOPLVPRWLSRGHELHQHVHQ
HVSHFLDOFXDQGRVHFRPSDUDQSHUtRGRVSURORQJDGRVGHWLHPSR
%LEOLRJUDItD
%&(,QIRUPDFLyQHVWDGtVWLFDPHQVXDO0HWRGRORJtD 4XLWR%&(
%&(,QIRUPDFLyQHVWDGtVWLFDPHQVXDO 4XLWR%&(
%&(&XDGHUQRVGHWUDEDMR 4XLWR1RMXQLRGH
%&(&XHQWDVQDFLRQDOHVGHO(FXDGRU 4XLWR%&(YDULRVQ~PHURV
%&(6HWHQWDDxRVGHLQIRUPDFLyQHVWDGtVWLFD4XLWR%&(
6(&725(&2120,$
68%6(&725&20(5&,2(;7(5,25
(VWUXFWXUDGHODV([SRUWDFLRQHV
(;3257$&,21(6325&217,1(17($5($(&2120,&$<3$,6
(VWUXFWXUD3RUFHQWXDO
$f23$,6
727$/*(1(5$/
$0(5,&$
(67$'2681,'26
0(5&$'2&2081
&(1752$0(5,&$12
$62&/$7,12$0(5,&$1$
'(,17(*5$&,21
$UJHQWLQD
%UDVLO
&KLOH
0p[LFR
2WURVSDtVHV
*5832$1',12
%ROLYLD
&RORPELD
3HU~
9HQH]XHOD
5(672$0(5,&$
(8523$
81,21(8523($
$62&(8523($'(/,%5(
&20(5&,2
5(672'((8523$
$6,$
7DLZiQ
-DSyQ
2WURVSDtVHV
$)5,&$
2&($1,$
275263$,6(61(3
([SRUWDFLRQHVVHJ~QSURGXFWRV
6HFWRU
(FRQRPtD
6XEVHFWRU
&RPHUFLRH[WHULRU
)XQGDPHQWR
/DV([SRUWDFLRQHV VRQHOFRQMXQWRGHELHQHV\VHUYLFLRVTXHHO SDtVYHQGH DRWURVSDtVHV3DUDHO
DQiOLVLVGHODHVWUXFWXUDGHODVH[SRUWDFLRQHVSRUJUXSRGHSURGXFWRVVHFRQVLGHUDQ~QLFDPHQWHODV
H[SRUWDFLRQHVGHELHQHV
'HILQLFLyQ
/DV H[SRUWDFLRQHV GHO SDtV VH HQFXHQWUDQ HVWUXFWXUDGDV SRU JUXSRV GH SURGXFWRV FRQIRUPH D OD
VLJXLHQWHFODVLILFDFLyQ
([SRUWDFLRQHVSRUJUXSRGHSURGXFWRV
([SRUWDFLRQHVSHWUROHUDV
3HWUyOHR&UXGR
'HULYDGRVGH3HWUyOHR
([SRUWDFLRQHVQRSHWUROHUDV
7UDGLFLRQDOHV
%DQDQR\SOiWDQR
&DIp\HODERUDGRV
&DPDUyQ
&DFDR \HODERUDGRV
$W~Q\HODERUDGRV
1RWUDGLFLRQDOHV
$SDUWLUGHODV([SRUWDFLRQHVHQPLOORQHVGHGyODUHVFRUULHQWHV)2%SRUJUXSRVGHSURGXFWRVVH
FDOFXOD OD SDUWLFLSDFLyQ SRUFHQWXDO GH FDGD XQR GH HVWRV JUXSRV HQ ODV H[SRUWDFLRQHV WRWDOHV GHO
SDtV(OWpUPLQR)2%³IUHHRQERDUG´HVHOYDORUGHORVELHQHVSXHVWRVDERUGRHQHOSXHUWRGH
HPEDUTXH
[L
;L
;7
GRQGH[L HVODSDUWLFLSDFLyQSRUFHQWXDOGHFDGDJUXSRGHSURGXFWRVHQODVH[SRUWDFLRQHVWRWDOHVGHO
SDtV ;L HV HO YDORU GH ODV H[SRUWDFLRQHV GH FDGD JUXSR HQ PLOORQHV GH GyODUHV )2% \ ;7 HV HO
YDORUGHODVH[SRUWDFLRQHVWRWDOHVGHOSDtVHQPLOORQHVGHGyODUHV)2%
0HGLGD
3RUFHQWDMH
)XHQWHVGHORVGDWRVSULPDULRV
%DQFR&HQWUDOGHO(FXDGRU,QIRUPDFLyQHVWDGtVWLFDPHQVXDOHQHURGH
%DQFR&HQWUDOGHO(FXDGRU6HWHQWDDxRVGHLQIRUPDFLyQHVWDGtVWLFD
6HULHVFURQROyJLFDVGLVSRQLEOHV
TXLQTXHQDO
DQXDO
'HVJORVHVGLVSRQLEOHV
*UXSRVGHSURGXFWRV
&RPSDUDELOLGDGGHODVIXHQWHV
(Q HO 6,,6( HO LQGLFDGRU HVWi GHILQLGR SDUD HO SHUtRGR HQ ODSVRV GH FLQFR DxRV KDVWD
\SDUDFDGDDxRHQODGpFDGDGHOQRYHQWD/RVGDWRVFRUUHVSRQGLHQWHVDOSHUtRGR
WLHQHQFDUiFWHUGHILQLWLYR \DSURYLVLRQDO /DVFLIUDVVRQFRPSDUDEOHVFRQODSUHFDXFLyQGH
TXHHQHOWUDQVFXUVRGHOWLHPSRVHLQFRUSRUDQQXHYRVELHQHVH[SRUWDEOHV\GHVDSDUHFHQRWURVSRU
OR TXH DO DQDOL]DU YDULRV DxRV QR VH HVWiQ FRPSDUDQGR H[DFWDPHQWH HO PLVPR WLSR GH ELHQHV HQ
HVSHFLDOFXDQGRVHFRPSDUDQSHUtRGRVSURORQJDGRVGHWLHPSR
%LEOLRJUDItD
%&(,QIRUPDFLyQHVWDGtVWLFDPHQVXDO0HWRGRORJtD 4XLWR%&(
%&(,QIRUPDFLyQHVWDGtVWLFDPHQVXDO 4XLWR%&(
%&(&XHQWDVQDFLRQDOHVGHO(FXDGRU 4XLWR%&(YDULRVQ~PHURV
%&(6HWHQWDDxRVGHLQIRUPDFLyQHVWDGtVWLFD4XLWR%&(
6(&725(&2120,$
68%6(&725&20(5&,2(;7(5,25
(VWUXFWXUDGHODV([SRUWDFLRQHV
(;3257$&,21(6325*58326'(352'8&726
(VWUXFWXUD3RUFHQWXDO
3(752/(5$6
3HUtRGR 727$/ 7RWDO
D EH
E FG
3HWUyOHR 'HULYDGRV
FUXGR
F
G
7RWDO
H IO
123(752/(5$6
7RWDO
%DQDQR
\SOiWDQR
J
I JKLMN
(QWUHDHOGDWRUHIHUHQWHD3HWUyOHR&UXGRLQFOX\HFUXGR\GHULYDGRV
7UDGLFLRQDOHV
&DIp\
&DPDUyQ &DFDR\
$W~Q\
HODERUDGRV
HODERUDGRV SHVFDGR
K
L
M
N
2WUDV
O
(VWUXFWXUDGHODVLPSRUWDFLRQHV
,PSRUWDFLRQHVVHJ~QOXJDUGHRULJHQ
6HFWRU
(FRQRPtD
6XEVHFWRU
&RPHUFLRH[WHULRU
)XQGDPHQWR
/DV,PSRUWDFLRQHVVRQHOFRQMXQWRGHELHQHV\VHUYLFLRVTXHHO SDtVFRPSUDDRWURVSDtVHV3DUD
HO DQiOLVLV GH OD HVWUXFWXUD GH ODV LPSRUWDFLRQHV SRU SDtV iUHD HFRQyPLFD R FRQWLQHQWH VH
FRQVLGHUDQ~QLFDPHQWHODVLPSRUWDFLRQHVGHELHQHV
'HILQLFLyQ
/DVLPSRUWDFLRQHVGHOSDtVVHHQFXHQWUDQHVWUXFWXUDGDVGHDFXHUGRDOFRQWLQHQWHiUHDHFRQyPLFD
\SDtVGHRULJHQFRQIRUPHDODVLJXLHQWHFODVLILFDFLyQ
$0(5,&$
(67$'2681,'26
0(5&$'2&2081&(1752$0(5,&$12
$62&,$&,21/$7,12$0(5,&$1$'(,17(*5$&,21
$UJHQWLQD
%UDVLO
&KLOH
0p[LFR
2WURVSDtVHV
*5832$1',12
%ROLYLD
&RORPELD
3HU~
9HQH]XHOD
5(672'($0(5,&$
(8523$
81,21(8523($
%pOJLFD\/X[HPEXUJR
)UDQFLD
+RODQGD
,WDOLD
5HLQR8QLGR
$OHPDQLD
(VSDxD
2WURVSDtVHV
$62&,$&,21(8523($'(/,%5(&20(5&,2
5(672'((8523$
$6,$
7DLZDQ
-DSyQ
2WURVSDtVHV
$)5,&$
2&($1,$
275263$,6(61(3
&KLOHVHVHSDUDGHO3DFWR$QGLQRHOGHVHSWLHPEUHGH
9HQH]XHODLQJUHVDDO3DFWR$QGLQRHQHQHURGH
(QH[FOX\H(VSDxD\3RUWXJDOSDtVHVTXHLQJUHVDQDOD8QLyQ(XURSHDHQ
$SDUWLUGHLQFOX\HOD5HS~EOLFD'HPRFUiWLFDGH$OHPDQLD
$ SDUWLU GH ODV ,PSRUWDFLRQHV HQ PLOORQHV GH GyODUHV FRUULHQWHV &,) SRU FRQWLQHQWH iUHD
HFRQyPLFD\SDtVGHRULJHQVHFDOFXODODSDUWLFLSDFLyQSRUFHQWXDOGHFDGDXQRGHHVWRVJUXSRVR
SDtVHV GH RULJHQ HQ ODV LPSRUWDFLRQHV WRWDOHV GHO (FXDGRU (O WpUPLQR &,) ³FRVW LQVXUDQFH DQG
IUHLJKW´HVHOYDORUGHORVELHQHVSXHVWRVHQHOSXHUWRGHGHVWLQR
PL
0L
07
GRQGHPL HVODSDUWLFLSDFLyQSRUFHQWXDOGHFDGDSDtVRUHJLyQGHRULJHQHQODVLPSRUWDFLRQHVWRWDOHV
GHO SDtV 0L HV HO YDORU GH ODV LPSRUWDFLRQHV SRU FDGD SDtV R UHJLyQ GH RULJHQ HQ PLOORQHV GH
GyODUHV&,)\07 HVHOYDORUGHODVLPSRUWDFLRQHVWRWDOHVGHOSDtVHQPLOORQHVGHGyODUHV&,)
0HGLGD
3RUFHQWDMH
)XHQWHVGHORVGDWRVSULPDULRV
%DQFR&HQWUDOGHO(FXDGRU,QIRUPDFLyQHVWDGtVWLFDPHQVXDOHQHURGH
%DQFR&HQWUDOGHO(FXDGRU6HWHQWDDxRVGHLQIRUPDFLyQHVWDGtVWLFD
6HULHVFURQROyJLFDVGLVSRQLEOHV
TXLQTXHQDO
DQXDO
'HVJORVHVGLVSRQLEOHV
&RQWLQHQWHSDtV
$UHD HFRQyPLFD
&RPSDUDELOLGDGGHODVIXHQWHV
(Q HO 6,,6( HO LQGLFDGRU HVWi GHILQLGR SDUD HO SHUtRGR HQ ODSVRV GH FLQFR DxRV KDVWD
\SDUDFDGDDxRHQODGpFDGDGHOQRYHQWD/RVGDWRVFRUUHVSRQGLHQWHVDOSHUtRGR
WLHQHQFDUiFWHUGHILQLWLYR\SURYLVLRQDO/DVFLIUDVVRQFRPSDUDEOHVFRQODSUHFDXFLyQGHTXH
HQ HO WUDQVFXUVR GHO WLHPSR VH LQFRUSRUDQ QXHYRV ELHQHV LPSRUWDEOHV \ GHVDSDUHFHQ RWURV SRU OR
TXH DO DQDOL]DU YDULRV DxRV QR VH HVWiQ FRPSDUDQGR H[DFWDPHQWH HO PLVPR WLSR GH ELHQHV HQ
HVSHFLDOFXDQGRVHFRPSDUDQSHUtRGRVSURORQJDGRVGHWLHPSR
%LEOLRJUDItD
%&(,QIRUPDFLyQHVWDGtVWLFDPHQVXDO0HWRGRORJtD 4XLWR%&(
%&(,QIRUPDFLyQHVWDGtVWLFDPHQVXDO 4XLWR%&(
%&(&XHQWDVQDFLRQDOHVGHO(FXDGRU 4XLWR%&(YDULRVQ~PHURV
%&(6HWHQWDDxRVGHLQIRUPDFLyQHVWDGtVWLFD4XLWR%&(
6(&725(&2120,$
68%6(&725&20(5&,2(;7(5,25
(VWUXFWXUDGHODV,PSRUWDFLRQHV
,03257$&,21(6325&217,1(17($5($(&2120,&$<3$,6
(VWUXFWXUD3RUFHQWXDO
$f23$,6
727$/*(1(5$/
$0(5,&$
(67$'2681,'26
0(5&$'2&2081
&(1752$0(5,&$12
$62&/$7,12$0(5,&$1$
'(,17(*5$&,21
$UJHQWLQD
%UDVLO
&KLOH
0p[LFR
2WURVSDtVHV
*5832$1',12
%ROLYLD
&RORPELD
3HU~
9HQH]XHOD
5(672$0(5,&$
(8523$
81,21(8523($
$62&(8523($'(/,%5(
&20(5&,2
5(672'((8523$
$6,$
7DLZiQ
-DSyQ
2WURVSDtVHV
$)5,&$
2&($1,$
275263$,6(61(3
,PSRUWDFLRQHVVHJ~QXVRRGHVWLQRHFRQyPLFR
6HFWRU
(FRQRPtD
6XEVHFWRU
&RPHUFLRH[WHULRU
)XQGDPHQWR
/DV,PSRUWDFLRQHV VRQHOFRQMXQWRGHELHQHV\VHUYLFLRVTXHHO SDtVFRPSUD DRWURVSDtVHV3DUD
HO DQiOLVLV GH OD HVWUXFWXUD GH ODV LPSRUWDFLRQHV SRU XVR R GHVWLQR HFRQyPLFR VH FRQVLGHUDQ
~QLFDPHQWHODVLPSRUWDFLRQHVGHELHQHV
'HILQLFLyQ
/DV LPSRUWDFLRQHV GHO SDtV VH HQFXHQWUDQ HVWUXFWXUDGDV SRU JUXSRV GH SURGXFWRV FRQIRUPH D OD
VLJXLHQWHFODVLILFDFLyQ
,03257$&,21(66(*h18622'(67,12(&2120,&2
%LHQHVGH&RQVXPR
1RGXUDGHURV
'XUDGHURV
&RPEXVWLEOHV\/XEULFDQWHV
0DWHULDV3ULPDV
$JUtFRODV
,QGXVWULDOHV
0DWHULDOHVGH&RQVWUXFFLyQ
%LHQHVGH&DSLWDO
$JUtFRODV
,QGXVWULDOHV
(TXLSRVGH7UDQVSRUWH
'LYHUVRV
$SDUWLUGHODV,PSRUWDFLRQHVHQPLOORQHVGHGyODUHVFRUULHQWHV&,)SRUJUXSRVGHSURGXFWRVVH
FDOFXOD OD SDUWLFLSDFLyQ SRUFHQWXDO GH FDGD XQR GH HVWRV JUXSRV HQ ODV LPSRUWDFLRQHV WRWDOHV GHO
SDtV(OWpUPLQR&,)³FRVWLQVXUDQFHDQGIUHLJKW´HVHOYDORUGHORVELHQHVSXHVWRVHQHOSXHUWR
GHGHVWLQR
PL
0L
07
GRQGH PL HV OD SDUWLFLSDFLyQSRUFHQWXDO GH FDGD JUXSRGHELHQHV HQ ODV LPSRUWDFLRQHV WRWDOHV GHO
SDtV0L HVHOYDORUGHODVLPSRUWDFLRQHVSRUFDGDJUXSRGHELHQHVHQPLOORQHVGHGyODUHV&,)\07
HVHOYDORUGHODVLPSRUWDFLRQHVWRWDOHV GHOSDtVHQPLOORQHVGHGyODUHV&,)
0HGLGD
3RUFHQWDMH
)XHQWHVGHORVGDWRVSULPDULRV
%DQFR&HQWUDOGHO(FXDGRU,QIRUPDFLyQHVWDGtVWLFDPHQVXDOHQHURGH
%DQFR&HQWUDOGHO(FXDGRU6HWHQWDDxRVGHLQIRUPDFLyQHVWDGtVWLFD
6HULHVFURQROyJLFDVGLVSRQLEOHV
TXLQTXHQDO
DQXDO
'HVJORVHVGLVSRQLEOHV
8VRRGHVWLQRHFRQyPLFR
&RPSDUDELOLGDGGHODVIXHQWHV
(Q HO 6,,6( HO LQGLFDGRU HVWi GHILQLGR SDUD HO SHUtRGR HQ ODSVRV GH FLQFR DxRV KDVWD
\SDUDFDGDDxRHQOD GpFDGDGHOQRYHQWD/RVGDWRVFRUUHVSRQGLHQWHVDOSHUtRGR
WLHQHQFDUiFWHUGHILQLWLYR\SURYLVLRQDO/DVFLIUDVVRQFRPSDUDEOHVFRQODSUHFDXFLyQGHTXH
HQ HO WUDQVFXUVR GHO WLHPSR VH LQFRUSRUDQ QXHYRV ELHQHV LPSRUWDEOHV \ GHVDSDUHFHQ RWURV SRU OR
TXH DO DQDOL]DU YDULRV DxRV QR VH HVWiQ FRPSDUDQGR H[DFWDPHQWH HO PLVPR WLSR GH ELHQHV HQ
HVSHFLDOFXDQGRVHFRPSDUDQSHUtRGRVSURORQJDGRVGHWLHPSR
%LEOLRJUDItD
%&(,QIRUPDFLyQHVWDGtVWLFDPHQVXDO0HWRGRORJtD 4XLWR%&(
%&(,QIRUPDFLyQHVWDGtVWLFDPHQVXDO 4XLWR%&(
%&(&XHQWDVQDFLRQDOHVGHO(FXDGRU 4XLWR%&(YDULRVQ~PHURV
%&(6HWHQWDDxRVGHLQIRUPDFLyQHVWDGtVWLFD4XLWR%&(
6(&725(&2120,$
68%6(&725&20(5&,2(;7(5,25
(VWUXFWXUDGHODV,PSRUWDFLRQHV
,03257$&,21(63258622'(67,12(&2120,&2
(VWUXFWXUD3RUFHQWXDO
3HUtRGR
727$/
,03257$&,21
(6
D EHIMQ
%LHQHVGHFRQVXPR
7RWDO
E FG
1RGXUDGHURV 'XUDGHURV
F
G
&RPEXVWLEOHV\
OXEULFDQWHV
H
0DWHULDV3ULPDV
%LHQHVGH&DSLWDO
'LYHUVRV
7RWDO
$JUtFRODV ,QGXVWULDOHV 0DWHULDOHVGH 7RWDO $JUtFRODV ,QGXVWULDOHV (TXLSRVGH
FRQVWUXFFLyQ
WUDQVSRUWH
I JKL
J
K
L
M NOP
N
O
P
Q
68%6(&7257(50,126'(,17(5&$0%,2
7pUPLQRVGHLQWHUFDPELRLQWHUQDFLRQDO
6HFWRU
(FRQRPtD
6XEVHFWRU
7pUPLQRVGHLQWHUFDPELR
)XQGDPHQWR
/RV 7pUPLQRV GH LQWHUFDPELR LQWHUQDFLRQDOVRQ OD UHODFLyQ HQWUH ORV SUHFLRV SURPHGLR TXH XQ
SDtV REWLHQH SRU VXV H[SRUWDFLRQHV \ ORV SUHFLRV SURPHGLR TXH SDJD SRU VXV LPSRUWDFLRQHV 8QD
GLVPLQXFLyQRGHWHULRURDXPHQWRHQORVWpUPLQRVGHLQWHUFDPELRVLJQLILFDTXHORVSUHFLRVGHODV
H[SRUWDFLRQHV GH XQ SDtV VH KDQ UHGXFLGR LQFUHPHQWDGR HQ UHODFLyQ D ORV SUHFLRV GH VXV
LPSRUWDFLRQHVSRUORTXHFRQXQPLVPRYROXPHQGHH[SRUWDFLRQHVDKRUDHOSDtVSXHGHLPSRUWDU
XQD PHQRU PD\RU FDQWLGDG GH ELHQHV (Q WDO VHQWLGR ORV WpUPLQRV GH LQWHUFDPELR VRQ XQ
LQGLFDGRUGHODFDSDFLGDGGHXQSDtVGHILQDQFLDUVXVLPSRUWDFLRQHVFRQODVH[SRUWDFLRQHV
'HILQLFLyQ
/RV7pUPLQRVGHLQWHUFDPELRLQWHUQDFLRQDOORVPLGHHO%DQFR&HQWUDOGHO(FXDGRUPHGLDQWHOD
FRQVWUXFFLyQ GH XQ ,QGLFH GH ORV 7pUPLQRV GH ,QWHUFDPELR TXH HV HO FRFLHQWH HQWUH XQ tQGLFH GH
SUHFLRVGHODVH[SRUWDFLRQHV\XQtQGLFHGHSUHFLRVGHODVLPSRUWDFLRQHVFRQXQPLVPRDxREDVH
,7,W
,3;W
,30W
GRQGH,7,W HVHO,QGLFHGH7pUPLQRVGH,QWHUFDPELRLQWHUQDFLRQDOHQHOSHUtRGRW,3;W HVHOtQGLFH
GH SUHFLRV HQ 86 GyODUHV GH ODV H[SRUWDFLRQHV GHO SDtV HQ HO SHUtRGR W ,30W HV HO tQGLFH GH
SUHFLRV HQ 86 GyODUHV GH ODV LPSRUWDFLRQHV GHO SDtV HQ HO SHUtRGR W /RV tQGLFHV VH FDOFXODQ
WRPDQGRFRPRDxREDVH(O,3;FRQVLGHUDORVSULQFLSDOHVSURGXFWRVGHH[SRUWDFLyQGHOSDtV
SHWUyOHR EDQDQR FDPDUyQ FDIp HQ JUDQR \ HODERUDGR FDFDR HQ JUDQR H LQGXVWULDOL]DGR \ ORV
SURGXFWRV GH H[SRUWDFLyQ QR WUDGLFLRQDOHV (O ,30 WRPD HQ FXHQWD D ODV LPSRUWDFLRQHV
SURYHQLHQWHV GH ORV SULQFLSDOHV SURYHHGRUHV GHO SDtV HQ (VWDGRV 8QLGRV GH 1RUWHDPpULFD
-DSyQ$OHPDQLD&RORPELD(VSDxD\5HVWRGH3DtVHV
0HGLGD
,QGLFHDxREDVH )XHQWHVGHORVGDWRVSULPDULRV
%DQFR&HQWUDOGHO(FXDGRU,QIRUPDFLyQHVWDGtVWLFDPHQVXDOHQHURGH
%DQFR&HQWUDOGHO(FXDGRU&XDGHUQRVGHWUDEDMR1R
6HULHFURQROyJLFDGLVSRQLEOH
'HVJORVHVGLVSRQLEOHV
(VSDFLDOSDtV
&RPSDUDELOLGDGGHODVIXHQWHV
/RV7pUPLQRVGH,QWHUFDPELRHVWiQGHILQLGRVSDUDHOSHUtRGR/DV
FLIUDVVRQFRPSDUDEOHVFRQODSUHFDXFLyQGHTXHHQHOWUDQVFXUVRGHOWLHPSRVH
LQFRUSRUDQQXHYRVELHQHVH[SRUWDEOHVRLPSRUWDEOHV\GHVDSDUHFHQRWURVSRUOR
TXHDODQDOL]DUYDULRVDxRVQRVHHVWiQFRPSDUDQGRH[DFWDPHQWHHOPLVPRWLS R
GHELHQHVHQHVSHFLDOFXDQGRVHFRPSDUDQSHUtRGRVSURORQJDGRVGHWLHPSR
%LEOLRJUDItD
%&(,QIRUPDFLyQHVWDGtVWLFDPHQVXDO 4XLWR%&(
%&(,QIRUPDFLyQHVWDGtVWLFDPHQVXDO0HWRGRORJtD 4XLWR%&(
%&(&XDGHUQRVGH7UDEDMR 4XLWR1RMXQLRGH
6$&+6 -HIIUH\ \ /$55$Ë1 )HOLSH 0DFURHFRQRPtD HQ OD HFRQRPtD JOREDO 3ULPHUD HGLFLyQ
0p[LFR3UHQWLFH+DOO+LVSDQRDPHULFDQD
6(&725(&2120,$
68%6(&7257(50,126'(,17(5&$0%,2
7pUPLQRVGH,QWHUFDPELRLQWHUQDFLRQDO
,QGLFH$xR%DVH 7pUPLQRVGHLQWHUFDPELRLQWHUQDFLRQDO
7pUPLQRVGHLQWHUFDPELRGRPpVWLFR
6HFWRU
(FRQRPtD
6XEVHFWRU
7pUPLQRVGHLQWHUFDPELR
)XQGDPHQWR
/RV7pUPLQRVGHLQWHUFDPELRGRPpVWLFR UHSUHVHQWDQODUHODFLyQHQWUHORVSUHFLRVSURPHGLRVGH
ORVELHQHVDJURSHFXDULRV\ORVSUHFLRVSURPHGLRVGHORVELHQHVQRDJURSHFXDULRV
8QDGLVPLQXFLyQRGHWHULRURDXPHQWRHQORVWpUPLQRVGHLQWHUFDPELRGRPpVWLFRVVLJQLILFD
TXHORVSUHFLRVGH ORVELHQHVQRDJURSHFXDULRVKDQDXPHQWDGRHQXQDPD\RUPHQRUSURSRUFLyQ
TXHORVSUHFLRVGHORVELHQHVDJURSHFXDULRV(VGHFLUSDUDREWHQHUXQPLVPRYROXPHQGHELHQHV
QR DJURSHFXDULRV VH KDFH QHFHVDULR FRQWDU FRQ XQD PD\RU PHQRU FDQWLGDG GH ELHQHV
DJURSHFXDULRV
'HILQLFLyQ
/RVWpUPLQRVGHLQWHUFDPELRGHORVELHQHVDJURSHFXDULRVUHVSHFWRGHORVELHQHVQRDJURSHFXDULRV
7,'VHFDOFXODURQGHODVLJXLHQWHPDQHUD
GRQGH
7,'
GHIODFWRU LPSOtFLWR 3,%$
GHIODFWRU LPSOtFLWR 3,%1$
3,%$ 3,% GHORVELHQHVDJURSHFXDULRV
3,%1$ 3,% GHORVELHQHVQRDJURSHFXDULRV
'HQWURGHORVELHQHVDJURSHFXDULRVVHKDLQFOXLGRDORVELHQHVGHODSULPHUDUDPDGHODHFRQRPtD
GHDFXHUGRD&,,8HVGHFLUORVELHQHVGHODUDPDDJULFXOWXUDFD]DVLOYLFXOWXUD\SHVFD(QWDQWR
TXH GHQWUR GH ORV ELHQHV QR DJURSHFXDULRV VH KD FRQVLGHUDGR D ORV GH ODV UHVWDQWHV UDPDV GH OD
&,,8 HV GHFLU SHWUyOHR \ RWUDV PLQDV LQGXVWULDV PDQXIDFWXUHUDV HOHFWULFLGDG JDV \ DJXD
FRQVWUXFFLyQ FRPHUFLR DO SRU PD\RU DO SRU PHQRU UHVWDXUDQWHV \ KRWHOHV WUDQVSRUWH
DOPDFHQDPLHQWR \ FRPXQLFDFLRQHV HVWDEOHFLPLHQWRV ILQDQFLHURV VHJXURV \ VHUYLFLRV SUHVWDGRV D
ODVHPSUHVDV\VHUYLFLRVFRPXQDOHVVRFLDOHV\SHUVRQDOHV
$ VX YH] HO GHIODFWRU LPSOtFLWR GHO 3,% GH ORV ELHQHV DJURSHFXDULRV WDQWR FRPR GH ORV
ELHQHV QR DJURSHFXDULRV VH FDOFXOy GLYLGLHQGR HO 3,% QRPLQDO HQ VXFUHV FRUULHQWHV SDUD HO 3,%
UHDOHQVXFUHVGHGHORVUHVSHFWLYRVELHQHV\PXOWLSOLFDQGROXHJRHVWHUHVXOWDGRSRUGH
ODVLJXLHQWHPDQHUD
GHILPS3,%$
3,%$Q
3,%$U
GHILPS3,%1$
GRQGH
0HGLGD
3,%$Q
3,%$U
3,%1$Q
3,%1$U
3,%1$Q
3,%1$U
3,% GHORVELHQHVDJURSHFXDULRVHQWpUPLQRVQRPLQDOHV
3,% GHORVELHQHVDJURSHFXDULRVHQWpUPLQRVUHDOHV
3,% GHORVELHQHVQRDJURSHFXDULRVHQWpUPLQRVQRPLQDOHV
3,% GHORVELHQHVQRDJURSHFXDULRVHQWpUPLQRVUHDOHV
,QGLFHDxREDVH )XHQWHVGHORVGDWRVSULPDULRV
%DQFR&HQWUDOGHO(FXDGRU&XHQWDVQDFLRQDOHV
6HULHVFURQROyJLFDVGLVSRQLEOHV
TXLQTXHQDO
DQXDO
'HVJORVHVGLVSRQLEOHV
(VSDFLDOSDtV
&RPSDUDELOLGDGGHODVIXHQWHV
(QHO6,,6(ORVGDWRVGHORV7pUPLQRVGHLQWHUFDPELRGRPpVWLFRVHVWiQGHILQLGRVSDUDHOSHUtRGR
SDUD FDGD DxR GHO SHUtRGR /RV GDWRV FRUUHVSRQGLHQWHV DO SHUtRGR WLHQHQ
FDUiFWHUGHILQLWLYRDVHPLGHILQLWLYR\DSURYLVLRQDO
%LEOLRJUDItD
%&(&XHQWDVQDFLRQDOHVGHO(FXDGRU 4XLWR%&(YDULRVQ~PHURV
6(&725(&2120,$
68%6(&7257(50,126'(,17(5&$0%,2
7pUPLQRVGHLQWHUFDPELRGRPpVWLFR
7pUPLQRVGHLQWHUFDPELRGRPpVWLFR
,QGLFH$xR%DVH 7pUPLQRVGHLQWHUFDPELRELHQHVWUDQVDEOHV QRWUDQVDEOHV
6HFWRU
(FRQRPtD
6XEVHFWRU
7pUPLQRVGHLQWHUFDPELR
)XQGDPHQWR
/RVELHQHVWUDQVDEOHV VRQORVTXHHVWiQH[SXHVWRVDOFRPHUFLRLQWHUQDFLRQDOHVGHFLUVRQELHQHV
TXHVHSXHGHQH[SRUWDURLPSRUWDU\TXHSRUORWDQWRHVWiQVXMHWRVDODFRPSHWHQFLDH[WHUQD/RV
ELHQHV QR WUDQVDEOHV VyOR SXHGHQ FRQVXPLUVH GHQWUR GH OD HFRQRPtD HQ OD TXH VH SURGXFHQ HV
GHFLUQRSXHGHQLPSRUWDUVHQLH[SRUWDUVH
/RVWpUPLQRVGHLQWHUFDPELRHQWUHORVELHQHVWUDQVDEOHV\ORVELHQHVQRWUDQVDEOHVUHIOHMDQ
ODUHODFLyQTXHH[LVWHHQWUHORVSUHFLRVSURPHGLRTXHVHSDJDSRUORVELHQHVWUDQVDEOHV\ORVSUHFLRV
SURPHGLRTXHVHSDJDSRUORVELHQHVQRWUDQVDEOHV8QDGLVPLQXFLyQRGHWHULRURDXPHQWRHQORV
WpUPLQRV GH LQWHUFDPELR VLJQLILFD TXH ORV SUHFLRV GH ORV ELHQHV QR WUDQVDEOHV KDQ DXPHQWDGR
GLVPLQXLGR HQ XQD PD\RU SURSRUFLyQ TXH ORV SUHFLRV GH ORV ELHQHV WUDQVDEOHV (V GHFLU SDUD
REWHQHU XQ PLVPR YROXPHQ GH ELHQHV QR WUDQVDEOHV VH KDFH QHFHVDULR FRQWDU FRQ XQD PD\RU
PHQRUFDQWLGDGGHELHQHVWUDQVDEOHV
/RV WpUPLQRV GH LQWHUFDPELR GH ORV ELHQHV WUDQVDEOHV UHVSHFWR D ORV QR WUDQVDEOHV
UHSUHVHQWDQRWUDIRUPDGHGHILQLUHOWLSRGH FDPELRUHDO
'HILQLFLyQ
/RVWpUPLQRVGHLQWHUFDPELRGHORVELHQHVWUDQVDEOHVUHVSHFWRGHORVELHQHVQRWUDQVDEOHV7,717
VHFDOFXODURQGHODVLJXLHQWHPDQHUD
7,717
GHIODFWRU LPSOtFLWR 3,%7
GHIODFWRU LPSOtFLWR 3,%17
GRQGH3,%7 HVHO3URGXFWR,QWHUQR%UXWRGHORVELHQHVWUDQVDEOHV\3,%17 HVHO3URGXFWR,QWHUQR
%UXWRGHORVELHQHVQRWUDQVDEOHV
'HQWUR GH ORV ELHQHV WUDQVDEOHV VH KD LQFOXLGR D ORV ELHQHV GH ODV VLJXLHQWHV UDPDV GH OD
HFRQRPtD DJULFXOWXUD FD]D VLOYLFXOWXUD \ SHVFD SHWUyOHR \ RWUDV PLQDV H LQGXVWULDV
PDQXIDFWXUHUDV HV GHFLU ODV UDPDV \ GH DFXHUGR D OD &,,8 (Q WDQWR TXH GHQWUR GH ORV
ELHQHVQRWUDQVDEOHVVHKDFRQVLGHUDGRDORVGHODVUDPDV\GHOD&,,8HVGHFLUORV
ELHQHV GH ODV VLJXLHQWHV UDPDV HOHFWULFLGDG JDV \ DJXD FRQVWUXFFLyQ FRPHUFLR DO SRUPD\RU DO
SRUPHQRUUHVWDXUDQWHV\KRWHOHVWUDQVSRUWHDOPDFHQDPLHQWR\FRPXQLFDFLRQHVHVWDEOHFLPLHQWRV
ILQDQFLHURV VHJXURV \ VHUYLFLRV SUHVWDGRV D ODV HPSUHVDV \ VHUYLFLRV FRPXQDOHV VRFLDOHV \
SHUVRQDOHV
$VXYH]HOGHIODFWRULPSOtFLWRGHO3,% GHORVELHQHVWUDQVDEOHVWDQWRFRPRGHORVELHQHVQR
WUDQVDEOHVVHFDOFXOyGLYLGLHQGRHO3,%QRPLQDOHQVXFUHVFRUULHQWHVSDUDHO3,%UHDOHQVXFUHV
GH GH ORV UHVSHFWLYRV ELHQHV \ PXOWLSOLFDQGR OXHJR HVWH UHVXOWDGR SRU GH OD VLJXLHQWH
PDQHUD
GHILPS3,%7
GHILPS3,%17
3,%7Q
3,%7U
3,%17Q
3,%17U
GRQGH3,%7Q UHSUHVHQWDHO3,% GHORVELHQHVWUDQVDEOHVHQWpUPLQRVQRPLQDOHV3,%7U UHSUHVHQWDHO
3,% GH ORV ELHQHV WUDQVDEOHV HQ WpUPLQRV UHDOHV 3,%17Q UHSUHVHQWD HO 3,% GH ORV ELHQHV QR
WUDQVDEOHV HQ WpUPLQRV QRPLQDOHV \ 3,%17U UHSUHVHQWD HO 3,% GH ORV ELHQHV QR WUDQVDEOHV HQ
WpUPLQRVUHDOHV
0HGLGD
,QGLFHDxREDVH )XHQWHVGHORVGDWRVSULPDULRV
%DQFR&HQWUDOGHO(FXDGRU&XHQWDVQDFLRQDOHV
6HULHVFURQROyJLFDVGLVSRQLEOHV
TXLQTXHQDO
DQXDO
'HVJORVHVGLVSRQLEOHV
(VSDFLDOSDtV
&RPSDUDELOLGDGGHODVIXHQWHV
(Q HO 6,,6( ORV GDWRV GH ORV 7pUPLQRV GH LQWHUFDPELR GH ORV ELHQHV WUDQVDEOHV UHVSHFWR D ORV
ELHQHV QR WUDQVDEOHV HVWiQ GHILQLGRV SDUD HO SHUtRGR SDUD FDGD DxR GHO SHUtRGR /RV
GDWRVFRUUHVSRQGLHQWHVDOSHUtRGRWLHQHQFDUiFWHUGHILQLWLYRDVHPLGHILQLWLYR\D
SURYLVLRQDO
/DV FLIUDV VRQ FRPSDUDEOHV FRQ OD SUHFDXFLyQ GH TXH HQ HO WUDQVFXUVR GHO WLHPSR VH LQFRUSRUDQ
QXHYRVELHQHVH[SRUWDEOHVRLPSRUWDEOHV\GHVDSDUHFHQRWURVSRUORTXHDODQDOL]DUYDULRVDxRVQR
VH HVWiQ FRPSDUDQGR H[DFWDPHQWH HO PLVPR WLSR GH ELHQHV HQ HVSHFLDO FXDQGR VH FRPSDUDQ
SHUtRGRVSURORQJDGRVGHWLHPSR
%LEOLRJUDItD
%&(&XHQWDVQDFLRQDOHVGHO(FXDGRU 4XLWR%&(YDULRVQ~PHURV
x 6$&+6 -HIIUH\ \ /$55$Ë1 )HOLSH 0DFURHFRQRPtD HQ OD HFRQRPtD JOREDO 3ULPHUD
HGLFLyQ0p[LFR3UHQWLFH+DOO+LVSDQRDPHULFDQD
6(&725(&2120,$
68%6(&7257(50,126'(,17(5&$0%,2
7pUPLQRVGHLQWHUFDPELRELHQHVWUDQVDEOHV QRWUDQVDEOHV
,QGLFH$xR%DVH 7pUPLQRVGHLQWHUFDPELR
ELHQHVWUDQVDEOHVQRWUDQVDEOHV
1997
1995
1993
1991
1989
1987
1985
1983
1981
1979
1977
1975
1973
1971
1969
1967
1965
68%6(&725'(8'$(;7(51$
'HXGDH[WHUQD
6HFWRU
(FRQRPtD
6XEVHFWRU
'HXGDH[WHUQD
)XQGDPHQWR
/DGHXGDH[WHUQD HVHOFRQMXQWRGHREOLJDFLRQHVIUXWRGHODFRQWUDWDFLyQGHFUpGLWRVH[WHUQRVTXH
ORVDJHQWHVHFRQyPLFRVGHOSDtVGHEHQVDOGDUFRQDFUHHGRUHVH[WHUQRVHQXQSOD]RGHWHUPLQDGR/D
GHXGD H[WHUQD SXHGH VHU S~EOLFD \ SULYDGD /D GHXGD H[WHUQD S~EOLFD HV HO FRQMXQWR GH
REOLJDFLRQHVTXHHO6HFWRU3~EOLFRGHOSDtVGHEHVDOGDUFRQDFUHHGRUHVH[WHUQRV/DGHXGDH[WHUQD
SULYDGD HVHOFRQMXQWRGHREOLJDFLRQHVTXHHO6HFWRU3ULYDGRGHOSDtV GHEHVDOGDUFRQDFUHHGRUHV
H[WHUQRV
(O VHUYLFLR GH OD GHXGD H[WHUQD FRQVLVWH GH ORV UHFXUVRV GHVWLQDGRV D DWHQGHU HO SDJR GH
DPRUWL]DFLyQLQWHUHVHVFRPLVLRQHVGHFRUWR\ODUJRSOD]RVDORVDFUHHGRUHVH[WHUQRVGHOSDtV/D
DPRUWL]DFLyQ HV OD GLVPLQXFLyQ JUDGXDO GHO PRQWR R YDORU WRWDO GH XQ FUpGLWR PHGLDQWH SDJRV
SDUFLDOHVRUHHPEROVRV(OLQWHUpV HVODUHPXQHUDFLyQTXHUHFLEHHODFUHHGRURGXHxRGHOFDSLWDOGH
FUpGLWRHQXQSHUtRGRGHWLHPSRSRUSRQHUORDGLVSRVLFLyQGHOGHXGRU
'HILQLFLyQ
(QHO6,,6( HOQLYHOGHGHXGDH[WHUQDHFXDWRULDQDVHPLGHXWLOL]DQGRHO6DOGRILQDOPiVDWUDVRV
GHLQWHUHVHVTXHHVHOPRQWRWRWDOGHFUpGLWRVSHQGLHQWHVGHUHHPEROVRDOGHGLFLHPEUHGHFDGD
DxRVDOGRLQLFLDOPiVGHVHPEROVRVPHQRVDPRUWL]DFLRQHVPiVDMXVWHVSRUYDULDFLyQHQHOWLSRGH
FDPELRPiVHOPRQWRDFXPXODGRGHLQWHUHVHVDGHXGDGRV\QRSDJDGRVHQODVIHFKDVHVWDEOHFLGDV
FRQWUDFWXDOPHQWH1RLQFOX\HLQWHUHVHVVREUHDWUDVRVGHLQWHUHVHV6HXWLOL]DQWUHVLQGLFDGRUHVGHO
QLYHOGHGHXGDH[WHUQDHQPLOORQHVGHGyODUHVFRPRSRUFHQWDMHGHO3,%\SHUFiSLWD
(O VHUYLFLR GH OD GHXGD H[WHUQD VH PLGH XWLOL]DQGR HO WRWDO GH ORV UXEURV DPRUWL]DFLRQHV H
LQWHUHVHVHQPLOORQHVGHGyODUHV\FRPRSRUFHQWDMHGHO3,%
/DV DPRUWL]DFLRQHV WRWDOHV VRQ HO UHVXOWDQWH GH OD VXPD GH ODV DPRUWL]DFLRQHV HIHFWLYDV PiV ODV
DPRUWL]DFLRQHV UHILQDQFLDGDV \ FRQGRQDGDV /DV DPRUWL]DFLRQHV HIHFWLYDV FRQVLVWHQ HQ OD
FDQFHODFLyQHQHIHFWLYRGXUDQWHXQSHUtRGRGHWHUPLQDGRGHODVFXRWDVGHFDSLWDOGHORVFUpGLWRV
LQFOX\HQGR ORV YHQFLPLHQWRV GH HVH SHUtRGR \R GH DQWHULRUHV SDJR GH DWUDVRV /DV
DPRUWL]DFLRQHVUHILQDQFLDGDV\FRQGRQDGDVFRUUHVSRQGHQDOPRQWRGHFDSLWDOUHRUJDQL]DGRGXUDQWH
XQ SHUtRGR GHWHUPLQDGR LQFOX\HQGR YHQFLPLHQWRV GHO SHUtRGR FRUULHQWH \ GH SHUtRGRV DQWHULRUHV
DWUDVRVGHFDSLWDO
/RV LQWHUHVHV WRWDOHV VRQ HO UHVXOWDQWH GH OD VXPD GH ORV LQWHUHVHV HIHFWLYRV PiV ORV LQWHUHVHV
UHILQDQFLDGRV \ FRQGRQDGRV /RV LQWHUHVHV HIHFWLYRV FRQVLVWHQ HQ OD FDQFHODFLyQ HQ HIHFWLYR GH
LQWHUHVHV GXUDQWH XQ SHUtRGR GHWHUPLQDGR LQFOX\HQGR ORV YHQFLPLHQWRV GH HVH SHUtRGR \R GH
DQWHULRUHVSDJRGHDWUDVRVDVtFRPRHOSDJRGHLQWHUHVHVGHPRUDFRPLVLRQHV\RWURVJDVWRV/RV
LQWHUHVHVUHILQDQFLDGRV\FRQGRQDGRVFRUUHVSRQGHQDOPRQWRGHLQWHUHVHVFRQYHUWLGRVHQSDVLYRGH
FDSLWDO GXUDQWH XQ SHUtRGR GHWHUPLQDGR LQFOX\HQGR YHQFLPLHQWRV GHO SHUtRGR FRUULHQWH \ GH
SHUtRGRVDQWHULRUHVDWUDVRV
0HGLGD
0LOORQHVGHGyODUHV
3RUFHQWDMHGHO3,%
'yODUHVSHUFiSLWD
)XHQWHVGHORVGDWRVSULPDULRV
%DQFR&HQWUDOGHO(FXDGRU,QIRUPDFLyQHVWDGtVWLFDPHQVXDOHQHURGH
%DQFR&HQWUDOGHO(FXDGRU6HWHQWDDxRVGHLQIRUPDFLyQHVWDGtVWLFD
6HULHVFURQROyJLFDVGLVSRQLEOHV
TXLQTXHQDO
DQXDO
'HVJORVHVGLVSRQLEOHV
(VSDFLDO SDtV
&RPSDUDELOLGDGGHODVIXHQWHV
(QHO6,,6( HVWHLQGLFDGRUHVWiGHILQLGRSDUDHOSHUtRGRHQODSVRVGHFLQFRDxRVKDVWD
\SDUDFDGDDxRHQODGpFDGDGHOQRYHQWD/RVGDWRVFRUUHVSRQGLHQWHVDOSHUtRGR
WLHQHQFDUiFWHUGHILQLWLYR\DSURYLVLRQDO/DVFLIUDVVRQFRPSDUDEOHV
2EVHUYDFLRQHV
/DV FLIUDV GH LQFOX\HQ OD UHQHJRFLDFLyQ GH OD GHXGD H[WHUQD S~EOLFD HFXDWRULDQD HQ HO
FRQWH[WR GHO 3ODQ %UDG\ 3RU WDO PRWLYR DSDUHFHQ HQ HVH DxR YDORUHV DOWRV GH DPRUWL]DFLRQHV H
LQWHUHVHV
%LEOLRJUDItD
%&(,QIRUPDFLyQHVWDGtVWLFDPHQVXDO0HWRGRORJtD 4XLWR%&(
%&(,QIRUPDFLyQHVWDGtVWLFDPHQVXDO 4XLWR%&(
%&(&XHQWDVQDFLRQDOHVGHO(FXDGRU 4XLWR%&(YDULRVQ~PHURV
%&(6HWHQWDDxRVGHLQIRUPDFLyQHVWDGtVWLFD4XLWR%&(
'251%86&+ 5XGLJHU ),6&+(5 6WDQOH\ \ 6&+0$/(16(( 5LFKDUG (FRQRPtD 6HJXQGD
HGLFLyQ0p[LFR0F*UDZ+LOO
'251%86&+ 5XGLJHU \ ),6&+(5 6WDQOH\ 0DFURHFRQRPtD 4XLQWD HGLFLyQ 0DGULG
0F*UDZ+LOO
/25$ (GXDUGR 7pFQLFDV GH PHGLFLyQ HFRQyPLFD 6HJXQGD (GLFLyQ %RJRWi 7HUFHU 0XQGR
(GLWRUHV
6$&+6 -HIIUH\ \ /$55$Ë1 )HOLSH 0DFURHFRQRPtD HQ OD HFRQRPtD JOREDO 3ULPHUD HGLFLyQ
0p[LFR3UHQWLFH+DOO+LVSDQRDPHULFDQD
'HXGDH[WHUQD
GyODUHVSHUFiSLWD
3ULYDGD
3~EOLFD
'(8'$(;7(51$
6DOGR)LQDOGHOD'HXGD([WHUQD
0LOORQHVGHGyODUHV
7RWDO
3~EOLFD
3ULYDGD
GHO3,%
7RWDO
3~EOLFD
3ULYDGD
'yODUHVSHUFiSLWD
7RWDO
3~EOLFD
3ULYDGD
6(&725(&2120,$
68%6(&725'(8'$(;7(51$
6(&725(&2120,$
68%6(&725'(8'$(;7(51$
6HUYLFLRGHOD'HXGD([WHUQD
7RWDO3~EOLFD\ 3ULYDGD 0LOORQHVGHGyODUHV
7RWDO
$PRUWL]DFLyQ
,QWHUHVHV
GHO3,%
7RWDO
$PRUWL]DFLyQ
,QWHUHVHV
6(&725(&2120,$
68%6(&725'(8'$(;7(51$
6HUYLFLRGHOD'HXGD([WHUQD
3~EOLFD
0LOORQHVGHGyODUHV
7RWDO
$PRUWL]DFLyQ
,QWHUHVHV
GHO3,%
7RWDO
$PRUWL]DFLyQ
,QWHUHVHV
6(&725(&2120,$
68%6(&725'(8'$(;7(51$
6HUYLFLRGHOD'HXGD([WHUQD
3ULYDGD
0LOORQHVGHGyODUHV
7RWDO
$PRUWL]DFLyQ
,QWHUHVHV
GHO3,%
7RWDO
$PRUWL]DFLyQ
,QWHUHVHV
68%6(&725),1$1=$638%/,&$6
)LQDQ]DVS~EOLFDV
6HFWRU
(FRQRPtD
6XEVHFWRU
)LQDQ]DVS~EOLFDV
)XQGDPHQWR
/DV)LQDQ]DVS~EOLFDV FRPSUHQGHQHOFRQMXQWRGHHOHPHQWRVRLQVWUXPHQWRVILVFDOHVTXHSDUWLFLSDQHQ
ODFDSWDFLyQGHUHFXUVRVDGPLQLVWUDFLyQGHORV PLVPRV \JDVWRVTXHUHDOL]DHO(VWDGRDWUDYpVGHODV
GLIHUHQWHVLQVWLWXFLRQHVGHOVHFWRUS~EOLFR
(Q HO 6,,6( SDUD DQDOL]DU HO GHVHPSHxR GH ODV ILQDQ]DV S~EOLFDV HFXDWRULDQDV VH XWLOL]DQ ODV
RSHUDFLRQHV GHO 6HFWRU S~EOLFR QR ILQDQFLHUR 631) TXH FRPSUHQGH DO *RELHUQR FHQWUDO ODV
(PSUHVDVS~EOLFDV\HOUHVWRGHO*RELHUQRJHQHUDO(VWDFODVLILFDFLyQHVSXUDPHQWHPDFURHFRQyPLFD
VHXWLOL]DHQODVQHJRFLDFLRQHVFRQHO)0, \QRQHFHVDULDPHQWHFRLQFLGHFRQODFODVLILFDFLyQTXHFRQVWD
HQOD/H\GH3UHVXSXHVWRV
(O *RELHUQR FHQWUDO LQFRUSRUD HO 3UHVXSXHVWR GHO (VWDGR \ HO )RQGR GH 'HVDUUROOR 6HFFLRQDO
)2'(6(& (O 3UHVXSXHVWR GHO (VWDGR HV HO TXH VH HQYtD DO &RQJUHVR FDGD DxR (O )2'(6(&
FRQVLVWHHQXQIRQGRTXHVHHQWUHJDDWUDYpVGHO3UHVXSXHVWRGHO(VWDGRDORV*RELHUQRVVHFFLRQDOHV
6(&72538%/,&212),1$1&,(52
*2%,(512&(175$/
(035(6$638%/,&$6
5(672'(/*2%,(512*(1(5$/
)2'(6(&
(0(7(/
%'(
35(6838(672
3(752(&8$'25
,1(&(/
275$6
,(66
*2%,(51266(&&,21$/(6
27526
/DVLWXDFLyQILQDQFLHUDGHO631)WDPELpQLQFRUSRUDORVUHVXOWDGRVGHODV(PSUHVDV3~EOLFDVHQWUHODV
FXDOHVSULQFLSDOPHQWHHVWiQ3HWURHFXDGRU(0(7(/,1(&(/\HOUHVWRGHHPSUHVDV 'HLJXDOPDQHUD
GHQWUR GHO 631) VH LQFOX\H HO UHVXOWDGR GHO UHVWR GHO *RELHUQR JHQHUDO HQ HO TXH FRQVWD HO ,(66 HO
%('(ORV*RELHUQRVVHFFLRQDOHV\2WURVUHVLGXDOHVFRPRSRUHMHPSORODV$XWRULGDGHV3RUWXDULDV
(O5HVXOWDGRILVFDOGpILFLWRVXSHUiYLWUHSUHVHQWDODGLIHUHQFLDHQWUHORVLQJUHVRV\JDVWRVGHO
VHFWRUS~EOLFR&XDQGRORVLQJUHVRVVRQPD\RUHVDORVJDVWRVVHWLHQHXQVXSHUiYLWHQWDQWRTXHVLORV
JDVWRVVRQPD\RUHVDORVLQJUHVRVVHWLHQHXQGpILFLW(VWHUHVXOWDGRSXHGHGHWHUPLQDUVHHQWpUPLQRVGH
FDMD R GHYHQJDGR HV GHFLU HQ HO SULPHU FDVR UHJLVWUDQGR WDQWR LQJUHVRV FRPR JDVWRV HIHFWLYDPHQWH
UHFDXGDGRV R UHDOL]DGRV \ HQ HO VHJXQGR FDVR UHJLVWUDQGR ORV LQJUHVRV \ ORV JDVWRV HQ WpUPLQRV GH
FRPSURPLVRV R GHYHQJDGR (O UHJLVWUR GH ORV GDWRV HQ WpUPLQRV GH FRPSURPLVR R GHYHQJDGR
FRPSUHQGHWDQWRORVJDVWRVHIHFWLYDPHQWHUHDOL]DGRVFRPRDTXHOORVTXHHVWiQFRPSURPHWLGRVSHURTXH
D~Q QR KDQ VLGR FDQFHODGRV 3RU OR JHQHUDO SDUD HO VHJXLPLHQWR GH OD SRVLFLyQ ILVFDO VH XWLOL]D HO
FRQFHSWRPL[WRGHLQJUHVRVHQHIHFWLYR\JDVWRVHQGHYHQJDGR\DTXHHOYDORUGHORVJDVWRVHIHFWLYRV
VXEHVWLPDQORVUHTXHULPLHQWRVGHUHFXUVRVGHO*RELHUQR
'H LJXDO PDQHUD GHSHQGLHQGR GHO RUGHQDPLHQWR GH ORV LQJUHVRV \ GH ORV JDVWRV VH WLHQH
GLIHUHQWHVFRQFHSWRVGHUHVXOWDGRILVFDORGpILFLWILVFDO(OSULPHURFRUUHVSRQGHDOUHVXOWDGRRGpILFLW
JOREDO \ HV DTXHO TXH VH REWLHQH GH OD GLIHUHQFLD HQWUH ORV LQJUHVRV VLQ LQFOXLU GHVHPEROVRV \ ORV
JDVWRV VLQ LQFOXLU DPRUWL]DFLRQHV SHUR LQFOX\HQGR HO SDJR GH LQWHUHVHV 8Q VHJXQGR FRQFHSWR HV HO
UHVXOWDGRRGpILFLWSULPDULRTXHFRQVLVWHHQODGLIHUHQFLDHQWUHLQJUHVRVVLQLQFOXLUGHVHPEROVRV\
JDVWRVVLQLQFOXLUQLDPRUWL]DFLRQHVQLHOSDJRGHLQWHUHVHV8QDWHUFHUDGHILQLFLyQHVHOUHVXOWDGRR
GpILFLW SUHVXSXHVWDULR HO FXDO UHVXOWD GH OD GLIHUHQFLD HQWUH LQJUHVRV LQFOX\HQGR GHVHPEROVRV \
JDVWRVLQFOX\HQGRDPRUWL]DFLRQHV(VWH~OWLPRRUGHQDPLHQWRHVHOTXHVHXWLOL]DHQODIRUPXODFLyQGHO
3UHVXSXHVWR GHO (VWDGR TXH VH HQYtD DO &RQJUHVR 1DFLRQDO (Q HO FDVR GHO 6,,6( VH XWLOL]DQ ODV GRV
SULPHUDVGHILQLFLRQHVGHGpILFLW
(O UHVXOWDGR JOREDO HV XQ LQGLFDGRU LPSRUWDQWH GH SROtWLFD ILVFDO /D FRPSDUDFLyQ HQWUH ORV
UHVXOWDGRVJOREDO\SULPDULRSHUPLWHUHYHODUODFDUJDTXHUHSUHVHQWDODGHXGDHQHOSDtVSULQFLSDOPHQWH
OD GHXGDH[WHUQD(VGHFLUPLHQWUDVHOUHVXOWDGRSULPDULRSXHGHVHUVXSHUDYLWDULRHOUHVXOWDGRJOREDO
SXHGHVHUGHILFLWDULRGHELGRDODLQFOXVLyQGHORVSDJRVSRULQWHUHVHVSDUDVXFiOFXOR
(OGpILFLWJOREDOVLQRHVUHGXFLGRDWUDYpVGHODXPHQWRGHLQJUHVRVRODGLVPLQXFLyQGHJDVWRVGHEH
QHFHVDULDPHQWHILQDQFLDUVHPHGLDQWHODVVLJXLHQWHVDOWHUQDWLYDV
D )LQDQFLDPLHQWR H[WHUQR QHWR HV GHFLU ORV GHVHPEROVRV H[WHUQRV TXH VH UHFLEHQ PHQRV ODV
DPRUWL]DFLRQHVTXHVHSDJDQ
E)LQDQFLDPLHQWRLQWHUQRQHWRFRUUHVSRQGHDODFRORFDFLyQGHERQRVHQHOPHUFDGRQDFLRQDO
PHQRVODDPRUWL]DFLyQGHERQRV
F 9DULDFLyQGH6DOGRVHQHO%DQFR&HQWUDO
/RV LQJUHVRV WRWDOHV GHO 631) VH GLYLGHQ HQ WUHV JUDQGHV JUXSRV LQJUHVRV SHWUROHURV LQJUHVRV QR
SHWUROHURV\VXSHUiYLWRSHUDFLRQDOGHODVHPSUHVDVS~EOLFDV'HQWURGHORVLQJUHVRVSHWUROHURVVHWLHQHQ
D ORV LQJUHVRV SRU H[SRUWDFLRQHV GH SHWUyOHR \ GHULYDGRV \ D ORV LQJUHVRV SRU YHQWD LQWHUQD GH
GHULYDGRV3RUVXSDUWHORVLQJUHVRVQRSHWUROHURVLQFOX\HQSULQFLSDOPHQWHORVLQJUHVRVWULEXWDULRV\ODV
FRQWULEXFLRQHVDODVHJXULGDGVRFLDO(OWRWDOGH,QJUHVRV 7ULEXWDULRVFRPRSRUFHQWDMHGHO3,%HVXQ
LQGLFDGRUGHOHVIXHU]RGHUHFDXGDFLyQRFDUJDWULEXWDULDGHXQSDtV'HQWURGHORV,QJUHVRVWULEXWDULRV
VHWLHQHSULQFLSDOPHQWHDORVLPSXHVWRVDOYDORUDJUHJDGR,9$DODUHQWDDORVFRQVXPRVHVSHFLDOHV
,&(\ORVLQJUHVRVDUDQFHODULRV
'HQWURGHOJDVWR FRUULHQWHORVSULQFLSDOHVUXEURVFRUUHVSRQGHQD6XHOGRV\VDODULRV3DJRGHLQWHUHVHV
LQWHUQRV\H[WHUQRV\&RPSUDGHELHQHV\VHUYLFLRV5HVSHFWRDORVJDVWRVGHFDSLWDOHOSULQFLSDOUXEUR
FRUUHVSRQGHDOD)RUPDFLyQGHFDSLWDOILMR
'HILQLFLyQ
&DGDUXEURGHORVUHVXOWDGRVILVFDOHVVH PLGHFRPRSRUFHQWDMHGHO3,%DILQGHWHQHUXQDLGHDGHVX
GLPHQVLyQHQUHODFLyQFRQHOWDPDxRGHODHFRQRPtD\IDFLOLWDUODFRPSDUDFLyQLQWHUWHPSRUDO
0HGLGD
3RUFHQWDMHGHO3,%
)XHQWHVGHORVGDWRVSULPDULRV
%DQFR&HQWUDOGHO(FXDGRU%ROHWtQDQXDULR1R
6HULHFURQROyJLFDGLVSRQLEOH
'HVJORVHVGLVSRQLEOHV
(VSDFLDO SDtV
%LEOLRJUDItD
%&(,QIRUPDFLyQHVWDGtVWLFDPHQVXDO 4XLWR%&(
%&(%ROHWtQDQXDULR 4XLWR1R
&$55(5$ -RVp \ /(Ï1 0DXULFLR (VWUXFWXUD \ SULQFLSDOHV WHQGHQFLDV GHO VLVWHPD ILVFDO
HFXDWRULDQR,QIRUPHGHFRQVXOWRUtD4XLWR&21$03UR\HFWR0267$VHSWLHPEUHGH
6(&725(&2120,$
68%6(&725),1$1=$638%/,&$6
23(5$&,21(6'(/6(&72538%/,&212),1$1&,(52
3RUFHQWDMHVGHO3,%
&RQFHSWR$xRV
,1*5(626727$/(6
3HWUROHURV
3RUH[SRUWDFLRQHV
3RUYHQWDGHGHULYDGRV
1R3HWUROHURV
,9$
,&(
$ODUHQWD
$UDQFHODULRV
$ODVDOLGDGHOSDtV
$ODFRPSUDYHQWDGHGLYLVDV
$ODVRSHUDFLRQHVGHFUpGLWRHQPQ
&RQWULEXFLRQHV6HJXULGDG6RFLDO
2WURV
6XSHUiYLW2SHUDFLRQDO
3HWURHFXDGRU
,QHFHO
(PHWHO
2WURV
6(&725(&2120,$
68%6(&725),1$1=$638%/,&$6
23(5$&,21(6'(/6(&72538%/,&212),1$1&,(52
&RQFHSWR$xRV
*$6726727$/(6
*DVWRV&RUULHQWHV
,QWHUHVHV
([WHUQRV
,QWHUQRV
6XHOGRV
&RPSUDGHELHQHV\VHUYLFLRV
2WURV
7UDQVIHUHQFLDV6HJXULGDG6RFLDO
2WURV
*DVWRVGH&DSLWDO
)RUP%UXWD&DSLWDO)LMR
*RELHUQRFHQWUDO
(PSUHVDVS~EOLFDV
3HWURHFXDGRU
,QHFHO
(PHWHO
2WUDV
5HVWRVHFWRUS~EOLFR
*RELHUQRVVHFFLRQDOHV
2WURV
2WURVGH&DSLWDO
3RUFHQWDMHVGHO3,%
6(&725(&2120,$
68%6(&725),1$1=$638%/,&$6
23(5$&,21(6'(/6(&72538%/,&212),1$1&,(52
&RQFHSWR$xRV
5(68/7$'2*/2%$/
5(68/7$'235,0$5,2
3RUFHQWDMHVGHO3,%
'pILFLWRVXSHUiYLWILVFDO
'pILFLWJOREDO
'pILFLWSULPDULR