*ON* 2007

*21*
,,)HVWLYDOGH6RQLGRVH,QVWUXPHQWRVQRFRQYHQFLRQDOHVGHODV
&XHYDVGHO6DOQLWUHGH&ROOEDWy
\GH-XOLR
ZZZJRQJFDW
/DVFXHYDVPiJLFDVGH0RQWVHUUDWDFRJHUiQHO
IHVWLYDOGHP~VLFDPiVLQQRYDGRUGHODxR
/RVFDQWRVDUPyQLFRV\XQVRUSUHQGHQWHSDVHRPXVLFDOSRUHOLQWHULRU
GHODVFXHYDVSURWDJRQL]DUiQ*RQJ
)(&+$6<352*5$0$&,Ï1
'RPLQJRGH-8/,2DODVK
1e6725.251%/80&DQWRVDUPyQLFRV
6iEDGR\GRPLQJRGH-8/,2DODVK
3$6(2086,&$/325/$6&8(9$68QFRQFLHUWRHQPRYLPLHQWRFRQ
GLYHUVRVDUWLVWDVGRQGHHOS~EOLFRSDUWLFLSDDFWLYDPHQWH
¢48e(6*21*"
8QDSURSXHVWDLQQRYDGRUD
*21* HV XQ IHVWLYDO HVSHFLDOL]DGR FRQFHELGR FRPR XQD SODWDIRUPD SDUD
GHVFXEULUVRQLGRVHLQVWUXPHQWRVQRFRQYHQFLRQDOHV
(OIHVWLYDOSUHVHQWDQXHYDVDYHQWXUDV\H[SHULHQFLDVVRQRUDVTXHQRVSURSRQHQ
P~VLFRV GH IRUPDFLyQ SURFHGHQFLD H LQIOXHQFLDV P~OWLSOHV TXH VH
LQVSLUDQ WDQWR HQ OD FXOWXUD RULHQWDO FRPR HQ OD RFFLGHQWDO SDUD HODERUDU VX
GLVFXUVR
(VWRV QXHYRV DUWLVWDV XWLOL]DQ FRPR PHGLR GH H[SUHVLyQ ODV SRVLELOLGDGHV GH
LQWUXPHQWRV LQXVXDOHV \ OHQJXDMHV PXVLFDOHV GH FXOWXUDV GLYHUVDV GH
WRGRHOPXQGRHOKDQJHODUSDORVFXHQFRVGHFXDU]RHOJRQJHOGLGJHULGRR
RORVFDQWRVDUPyQLFRVVRQDOJXQRVGHORVSURWDJRQLVWDVGHXQDRIHUWDDUWtVWLFD
LQXVXDO
81$8%,&$&,Ï1(;75$25',1$5,$
/DPRQWDxDGH0RQWVHUUDW
/RVFRQFLHUWRVGHO)HVWLYDO*21*VHUHDOL]DQHQODVDODPD\RUGHODV&XHYDV
GHO6DOQLWUHGH&ROOEDWyHQSOHQRFRUD]yQGHODPRQWDxDGH0RQWVHUUDW
XQHVSDFLRGHJUDQGHVGLPHQVLRQHVGHQRPLQDGR/D&DWHGUDOTXHGHVWDFDSRU
XQD DF~VWLFD H[FHOHQWH \ XQ DPELHQWH QDWXUDO PX\ DGHFXDGR D HVWDV
VRQRULGDGHV
(QHVWDHGLFLyQVHLQFRUSRUDDGHPiVXQDSRVLELOLGDGH[WUDRUGLQDULDGHGHVFXEULU
GHIRUPDPX\HVSHFLDOWRGRHOHVSDFLRWUDQVLWDEOHGHODV&XHYDVGHO6DOQLWUHHO
HVSHFWDGRU VHUi JXLDGR GXUDQWH PHWURV GH UHFRUULGR
GHVFXEULHQGRODVHQWUDxDVGHODPRQWDxDDFRPSDxDGRSRUORVVRQLGRV
GHLQVWUXPHQWRVHLQWpUSUHWHVGLYHUVRVTXHLUiQDSDUHFLHQGRDORODUJR
GHHVWHSDVHRPXVLFDO
81$(;3(5,(1&,$Ò1,&$
/D SURSXHVWD VXPD XQD RIHUWD PXVLFDO QXHYD \ GLIHUHQWH HQ XQ FRQWH[WR
H[WUDRUGLQDULDPHQWHSURSLFLRXQEUHYHSDVHRGHQRFKHSRUODFDUD6XUGH
0RQWVHUUDW FRQ YLVWDV HVSHFWDFXODUHV GH OD FRPDUFD SDUD DGHQWUDUQRV
VHJXLGDPHQWH HQ OD SURSLD PRQWDxD \ HQ ORV VRQLGRV GH ORV LQVWUXPHQWRVTXH
SURWDJRQL]DQFDGDFRQFLHUWR
352*5$0$'(&21&,(5726
HU&21&,(572
1e6725.251%/80
'20,1*2'(-8/,2$/$6K
/RV &DQWRV $UPyQLFRV HV XQD WpFQLFD DQWLJXD TXH FDSDFLWD D XQ
FDQWDQWH SDUD SURGXFLU GRV R PiV VRQLGRV VLPXOWiQHRV 'H OD PLVPD
PDQHUDTXHODOX]EODQFDVHFRPSRQHSRUXQDPSOLRHVSHFWURGHFRORUHVTXH
DSDUHFHQYLVLEOHVFXDQGRODOX]HVUHIOHMDGDSRUXQSULVPDHOVRQLGRWDPELpQ
SXHGH GHVFRPSRQHUVH HQ VXV SDUWHV FRQVWLWX\HQWHV ORV DUPyQLFRV 6yOR ORV
FDQWDQWHV H[SHUWRV WLHQHQ XQ FRQWURO FRPSOHWR GH HVWRV DUPyQLFRV \ VRQ
FDSDFHVGHFUHDUPHORGtDVSRUHQFLPDGHOERUGyQGHVXVSURSLDVYRFHV
3URJUDPDGHOFRQFLHUWR
(O'HVSHUWDU/DYR]SULPRUGLDO±XQLVRQR
8QLyQ$UPRQtDHQWUHPDVFXOLQR\IHPHQLQR7LHUUD\&RVPRV
1DFLPLHQWR³DOSULQFLSLRHUDHO9HUER´<LQ\<DQJSDUWLFLSDQHQOD
FUHDFLyQ±SURFUHDFLyQ
(YROXFLyQ/DVP~OWLSOHVYRFHVGHODYR]VHIXQGHQFRQODVYRFHVGHORV
LQVWUXPHQWRV
&HOHEUDFLyQ$UPRQtD\DOHJUtDXQEDLOHGHDUPyQLFRVFHOHEUDQGRODYLGD
1pVWRU .RUQEOXP HV QDWXUDO GH 6XGiIULFD \ FRQRFLGR LQWHUQDFLRQDOPHQWH
FRPRWHUDSHXWDGHOVRQLGR\FDQWDQWHGHDUPyQLFRV
'HVDUUROODVX IDFHWD GH LQWpUSUHWH FRQ QXPHURVRV FRQFLHUWRV \ VHVLRQHV GRQGH
FRPELQD OD YR] FRQ RWURV LQVWUXPHQWRV VLHQGR XQR GH ORV SRFRV RFFLGHQWDOHV
TXHGRPLQDODWpFQLFDPRQJROGHµODYR]JUDYH¶R
.DUJ\UDD
&RPR GRFHQWH GD UHJXODUHPHQWH FRQIHUHQFLDV \ FODVHV VREUH PXVLFRWHUDSLD \
FDQWRV DUPyQLFRV HQ GHSDUWDPHQWRV GH P~VLFD GH XQLYHUVLGDGHV FRQJUHVRV \
RWURVDFRQWHFLPLHQWRV(VDXWRUGHOSULPHUPpWRGRHQOHQJXDFDVWHOODQDSDUDHO
FDQWRGHDUPyQLFRV
-XQWR D VX HVSRVD 0LFKrOH $YHUDUG HV IXQGDGRU GH OD DVRFLDFLyQ µ7HUDSLD GHO
6RQLGR¶TXHGHVGHVXVHGHGH³/D&~SXOD´HQ$OLFDQWHOOHYDQDFDERXQDLQWHQVD
DFWLYLGDGFRQFLHUWRVFXUVRV\FRQIHUHQFLDVVREUHHVWDWHPiWLFD
ž&21&,(572
3$6(2086,&$/325/$6&8(9$6
8QFRQFLHUWR³HQPRYLPLHQWR´GRQGHHOS~EOLFRSDUWLFLSD
6È%$'2\'20,1*2'(-8/,2$/$6K
¢(148e&216,67("
%DMR HO QRPEUH GH SDVHR PXVLFDO VH HVFRQGH XQD SURSXHVWD LQQRYDGRUD
GHVFXEULU HO HVSDFLR GH ODV FXHYDV FRQ XQD GLPHQVLyQ DxDGLGD OD
P~VLFD
(OSDVHRFRQFLHUWRVHH[WLHQGHSRUWRGRHOUHFRUULGRGHODVFXHYDVGHXQRV
PHWURV GH ODUJR TXH VH KD GLYLGLGR HQ VHLV HVSDFLRV FDGD XQR FRQ XQ
DUWLVWD\XQLQVWUXPHQWRGLIHUHQWH
)81&,21$0,(172
(Q OXJDU GH SHUPDQHFHU VHQWDGR HQ XQD VLOOD GXUDQWH WRGR HO FRQFLHUWR HO
S~EOLFR VH FRQYLHUWH HQ XQ HVSHFWDGRU DFWLYR TXH LUi GHVFXEULHQGR ORV
GLIHUHQWHV HVFHQDULRV GH IRUPDV HVFXOWyULFDV GHO LQWHULRU GH OD PRQWDxD \ TXH
VRQRUL]DGRVFREUDUiQXQUHOLHYHPiJLFR\GHOWRGRLQXVXDO
$ OD OOHJDGD D FDGD iUHD VHUHPRV UHFLELGRV SRU HO VRQLGR GH XQ LQVWUXPHQWR
3RGUHPRVREVHUYDUODDFWXDFLyQHQGLUHFWRTXHGDQGRDWUDSDGRVGHQWURGHXQD
DWPyVIHUDVRQRUDSDUDGLULJLUQRVDFRQWLQXDFLyQDOVLJXLHQWHHVSDFLR
/RV DVLVWHQWHV LUiQ HQ JUXSRV GH SHUVRQDV \ DFRPSDxDGRV SRU XQ JXtD
KDUiQWRGRHOUHFRUULGRGHLGD\YXHOWDHQXQRVPLQXWRV/RVJUXSRVHVWDUiQ
RUJDQL]DGRVSRUFRORUHV\VDOGUiQFRQXQDSHULRGLFLGDGGHPLQXWRV
$57,67$6
$UWLVWD
$ULDQQD6DYDOO
3HWWHU-RKDQVHQ
5DYLG*ROGVFKPLGW
'DQLHO*UHQ]LQJ
&ULVWLQD0RUD
5DYL5DPRQHGD
&DUPH8EDFK
,QVWUXPHQWR
$USDFDQWR
9LROtQ1RUXHJR±FDQWR
+DQJ
'LGJHULGRR
&XHQFRVGHFULVWUDOGHFXDU]R
*RQJ
$USD
/$7(55$=$'(/$6&8(9$6
(QSDUDOHORDODRIHUWDPXVLFDOHOIHVWLYDOFRQWDUiWDPELpQFRQXQDHVSHFWDFXODU
WHUUD]DHQSOHQDPRQWDxDDOSLHGHODVFXHYDVGRQGHDGHPiVGHGLVIUXWDUGH
XQDVYLVWDVTXHOOHJDQKDVWDHOPDUSRGHUGHJXVWDUXQDRIHUWDGHSURGXFWRVGH
DOLPHQWDFLyQHFROyJLFRVWpVWDUWDVLQIXVLRQHVHWF\GHFRPHUFLRVROLGDULR(O
)HVWLYDO FRQWDUi WDPELpQ FRQ VWDQGV GH SURPRFLyQ WXUtVWLFD \ FXOWXUDO GH OD
]RQD
/RVKRUDULRVGHIXQFLRQDPLHQWRGHODWHUUD]DVHUiQGHKDK
0È6,1)250$&,Ï1<9(17$$17,&,3$'$'((175$'$6
ZZZJRQJFDW
&217$&72)(67,9$/*21*
$VVRFLDFLy'20G¶,QLFLDWLYHV&XOWXUDOV
&ROOEDWy%DL[/OREUHJDW
'LUHFFLyQGHO)HVWLYDO$QJHOLQD(VWHYH
(PDLOLQIR#JRQJFDW
*DELQHWHGH3UHQVD*XVWDYR6iQFKH]
7HO
(PDLOSUHPVD#JRQJFDW