HFODUDFLyQ GH 5HQWD ,PSXHVWR VREUH OD

,PSXHVWRVREUHOD5HQWDGHODV3HUVRQDV)tVLFDV
'HFODUDFLyQGH5HQWD
'DQGRXQSDVRPiV
5HQWD:(%
5HQWD
¢4XLpQHVWiREOLJDGRDGHFODUDUSRUHO,PSXHVWRVREUHOD5HQWDGHODV3HUVRQDV)tVLFDV"
(O,PSXHVWRVREUHOD5HQWDGHODV3HUVRQDV)tVLFDV,53)JUDYDODUHQWDREWHQLGD
SRUODVSHUVRQDVItVLFDVFRQUHVLGHQFLDKDELWXDOHQ(VSDxDVHJ~QVXVFLUFXQVWDQFLDV
SHUVRQDOHV\IDPLOLDUHV
1RREVWDQWHD~QQRVXSHUDQGRORVLPSRUWHVDQWHULRUHVGHEHUiQSUHVHQWDUGHFODUDFLyQ
í'HGXFFLyQSRULQYHUVLyQHQYLYLHQGDKDELWXDO
SDUDDGTXLVLFLRQHVUHDOL]DGDVKDVWDHOGHGLFLHPEUHGH
(VWiQ REOLJDGRV D SUHVHQWDU GHFODUDFLyQ SRU HO ,53) TXLHQHV KD\DQ REWHQLGR HQ UHQWDVVXSHULRUHVDODVVLJXLHQWHVFXDQWtDVFRQFDUiFWHUJHQHUDO
í'HGXFFLyQSRUFXHQWDDKRUURHPSUHVD
FRQORVVLJXLHQWHVOtPLWHV
5HQGLPLHQWRVtQWHJURVGHOWUDEDMRVXHOGRVVDODULRVSHQVLRQHV
ž
í'HGXFFLyQSRUGREOHLPSRVLFLyQLQWHUQDFLRQDO
í5HGXFFLRQHVHQODEDVHLPSRQLEOHSRUDSRUWDFLRQHVDVLVWHPDVGHSUHYLVLyQVRFLDO
&RQFDUiFWHUJHQHUDOHOOtPLWHHV¼DQXDOHVVLSURFHGHQGHXQ~QLFRSDJDGRU
7DPELpQVHDSOLFDVLVHKDQSHUFLELGRGHYDULRVSDJDGRUHVFXDQGR
(VWRVOtPLWHVVRQORVPLVPRVHQWULEXWDFLyQLQGLYLGXDO\FRQMXQWD
í/DVXPDGHODVFDQWLGDGHVSHUFLELGDVGHOVHJXQGR\UHVWDQWHVSDJDGRUHVSRURUGHQGH
FXDQWtDQRVXSHUHHQFRQMXQWR¼DQXDOHV
í6XV~QLFRVUHQGLPLHQWRVGHOWUDEDMRFRQVLVWDQHQSHQVLRQHVGHOD6HJXULGDG6RFLDO\
GHPiVSUHVWDFLRQHVSDVLYDV\TXHHOWLSRGHUHWHQFLyQDSOLFDEOHVHKD\DGHWHUPLQDGR
SRUHOSURFHGLPLHQWRHVSHFLDOHVWDEOHFLGRUHJODPHQWDULDPHQWH
ž
¢&yPRJHVWLRQDUODGHFODUDFLyQGH5HQWD"
(OOtPLWHVHHVWDEOHFHHQ¼DQXDOHVFXDQGR
&RQHO³6HUYLFLRGHWUDPLWDFLyQGHOERUUDGRUGHFODUDFLyQ´5HQWD:(%
SDUDUHDOL]DU\SUHVHQWDUHOERUUDGRUGHFODUDFLyQGH5HQWDFRQWRGR
WLSRGHUHQWDVVDOYRDFWLYLGDGHVHFRQyPLFDV
'LVSRQLEOHHQHOSRUWDOGHOD$JHQFLD7ULEXWDULDHQ,QWHUQHW
í3URFHGDQGHPiVGHXQSDJDGRUVLODVXPDGHODVFDQWLGDGHVSHUFLELGDVGHOVHJXQGR\
UHVWDQWHVSDJDGRUHVSRURUGHQGHFXDQWtDVXSHUDQ¼DQXDOHV
í6HKD\DQSHUFLELGRSHQVLRQHVFRPSHQVDWRULDVGHOFyQ\XJHRDQXDOLGDGHVSRUDOLPHQWRV
VDOYRTXHHVWDV~OWLPDVSURFHGDQGHORVSDGUHVSRUGHFLVLyQMXGLFLDO
3$'5(
í(OSDJDGRUGHORVUHQGLPLHQWRVQRHVWpREOLJDGRDUHWHQHUSRUHMHPSORSHQVLRQHV
SURFHGHQWHVGHOH[WUDQMHUR
í
% 5HQGLPLHQWRVtQWHJURVGHOFDSLWDOPRELOLDULRGLYLGHQGRVGHDFFLRQHVLQWHUHVHVGHFXHQWDV«
\JDQDQFLDVSDWULPRQLDOHVVRPHWLGRVDUHWHQFLyQ RLQJUHVRDFXHQWDSRUWUDQVPLVLRQHV
GHELHQHVGHDFFLRQHV\IRQGRVGHLQYHUVLyQFLHUWRVSUHPLRV FRQHOOtPLWHFRQMXQWRGH
¼ DQXDOHV'HVGHGHHQHURGHVHH[FOX\HQGHHVWHOtPLWHODVJDQDQFLDV
SDWULPRQLDOHVGHWUDQVPLVLRQHVRUHHPEROVRVGHDFFLRQHVRSDUWLFLSDFLRQHVGHLQVWLWXFLRQHV
GHLQYHUVLyQFROHFWLYDHQODVTXHODEDVHGHUHWHQFLyQQRSURFHGDGHWHUPLQDUODSRUODFXDQWtD
DLQWHJUDUHQODEDVHLPSRQLEOH
& 5HQWDVLQPRELOLDULDVLPSXWDGDVSRUODSURSLHGDGGHFLHUWRVLQPXHEOHVQRDUUHQGDGRV
\
GLVWLQWRVGHODYLYLHQGDKDELWXDO UHQGLPLHQWRVtQWHJURVGH
WDVDGRFRQHOOtPLWHFRQMXQWRGH¼DQXDOHV
1RWHQGUiQTXHGHFODUDUTXLHQHVREWHQJDQH[FOXVLYDPHQWHUHQGLPLHQWRVtQWHJURVGHO
WUDEDMRGHOFDSLWDOPRELOLDULRHLQPRELOLDULRSRUDUUHQGDPLHQWRGHELHQHVLQPXHEOHV
GHDFWLYLGDGHVHFRQyPLFDVHPSUHVDULRVSURIHVLRQDOHV\JDQDQFLDVSDWULPRQLDOHV
VXMHWDVRQRDUHWHQFLyQFXDQGR VXVXPDQRH[FHGDGH¼QLTXLHQHVKD\DQWHQLGR
SpUGLGDVSDWULPRQLDOHVLQIHULRUHVD¼
&RQHOSURJUDPD3$'5(SDUDUHDOL]DU\SUHVHQWDUODGHFODUDFLyQGH5HQWD
FRQDFWLYLGDGHVHFRQyPLFDV'HVFDUJDJUDWXLWDHQHOSRUWDOGHOD
$JHQFLD7ULEXWDULDHQ,QWHUQHW
/RVFRQWULEX\HQWHVFX\RVGDWRV¿VFDOHVQRSUHFLVHQLQIRUPDFLyQDGLFLRQDOSRU5HQWD
:(%SRGUiQREWHQHUHOERUUDGRUGHGHFODUDFLyQHQIRUPDWRFXDGURGHUHVXOWDGRV
3XHGHQUHDOL]DUORVFDPELRVQHFHVDULRV\SUHVHQWDUODGHFODUDFLyQSRU,QWHUQHWRLPSULPLUOD
SDUDVXSRVWHULRUSUHVHQWDFLyQ6LVHHQYtDHOERUUDGRUDOFRQWULEX\HQWHSRUFRUUHRSRVWDO
DVXGRPLFLOLR¿VFDOVHUHPLWLUiMXQWRFRQORVGDWRV¿VFDOHV
/RVFRQWULEX\HQWHVVLQDFWLYLGDGHVHFRQyPLFDVFX\RVGDWRV¿VFDOHVSUHFLVHQ
LQIRUPDFLyQDGLFLRQDOQRSRGUiQDFFHGHUGHIRUPDLQPHGLDWDDOFXDGURGHUHVXOWDGRV
'HEHUiQDFFHGHUSRU5HQWD:(%FRPSOHWDUORVGDWRVTXHIDOWHQSDUDOOHJDUDOFXDGUR
GHUHVXOWDGRV\SUHVHQWDUODGHFODUDFLyQSRU,QWHUQHWRLPSULPLUOD6LVHHIHFW~DHQYtR
SRUFRUUHRSRVWDOVHUHPLWLUiQORVGDWRV¿VFDOHVGHOHMHUFLFLR
/RVFRQWULEX\HQWHVFRQDFWLYLGDGHVHFRQyPLFDVSRGUiQGHVFDUJDUDXWRPiWLFDPHQWHORV
GDWRV¿VFDOHV\FRPSOHWDUORVGDWRVTXHIDOWHQSDUDOOHJDUDOFXDGURGHUHVXOWDGRV\
SUHVHQWDUODGHFODUDFLyQSRU,QWHUQHWRLPSULPLUODFRQHOSURJUDPD3$'5(
,QIRUPDFLyQWULEXWDULD
5(17$:(%
#
(VWHDxR 5HQWD:(%
'DQGRXQSDVRPiV
/OHJDQGRDWRGRV &RQHO³6HUYLFLRGHWUDPLWDFLyQGHOERUUDGRUGHFODUDFLyQ´5HQWD:(%
SRGUiQUHDOL]DU\SUHVHQWDUHOERUUDGRUGHFODUDFLyQGH5HQWDWRGRV
ORVFRQWULEX\HQWHVVDOYRORVTXHWHQJDQDFWLYLGDGHVHFRQyPLFDV
/RVFRQWULEX\HQWHVVLQDFWLYLGDGHVHFRQyPLFDVFX\RVGDWRV¿VFDOHVQRSUHFLVHQGHPiV
LQIRUPDFLyQSRU5HQWD:(%SRGUiQREWHQHUHOERUUDGRUGHGHFODUDFLyQHQIRUPDWRFXDGUR
GHUHVXOWDGRV¿QDOL]DU\SUHVHQWDUODGHFODUDFLyQ
/RVFRQWULEX\HQWHVVLQDFWLYLGDGHVHFRQyPLFDVFX\RVGDWRV¿VFDOHVSUHFLVHQ
LQIRUPDFLyQDGLFLRQDO GHEHUiQDFFHGHUSRU5HQWD:(%FRPSOHWDUORVGDWRVTXHIDOWHQ
\REWHQHUVXERUUDGRUHQFXDGURGHUHVXOWDGRV¿QDOL]DU\SUHVHQWDUVXGHFODUDFLyQ
/RVFRQWULEX\HQWHVFRQ DFWLYLGDGHVHFRQyPLFDVSRGUiQGHVFDUJDUDXWRPiWLFDPHQWHORV
GDWRV¿VFDOHV\SUHVHQWDUODGHFODUDFLyQSRU,QWHUQHWRLPSULPLUODFRQHOSURJUDPD3$'5(
'LVSRQLEOHHQHOSRUWDOGHOD$JHQFLD7ULEXWDULDHQ,QWHUQHW
ZZZDJHQFLDWULEXWDULDHV
5HQWD$VLVWHQFLD
"ORRADORÒYÒDECLARACI˜NÒENÒÒPASOSÒCONÒ2ENTAÒ7%"
,GHQWL¿FDFLyQ³6HUYLFLRGHWUDPLWDFLyQ
ERUUDGRUGHFODUDFLyQ´5HQWD:(%
,GHQWLItTXHVH
FRQFHUWL¿FDGRHOHFWUyQLFR
'1,HFO#YH3,1
3UHVHQWDFLyQERUUDGRUGHFODUDFLyQ
6HOH
6H
OHFF
OHFF
6HOHFFLRQHSUHVHQWDUODGHFODUDFLyQ
FRQMXQWDRLQGLYLGXDO
,QWHUQHWRSDSHO
SRU,QWHUQHW
,QGLYLGXDORFRQMXQWD
RLPSULPLUODHQSDSHO
RQžGHUHIHUHQFLD
&RPSUXHEHVXV
VXV
VX
V
GDWRVSHUVRQDOHV
HV
'HYROYHU
,QJUHVDU
&XDGURGHUHVXOWDGRV
³'DWRV¿VFDOHVVLQLQIRUPDFLyQDGLFLRQDO´
2EWHQGUiHOFXDGURGHUHVXOWDGRVFRQWRGDOD
LQIRUPDFLyQ
9HUL¿TXHORVGDWRV
6LHOUHVXOWDGRHVDGHYROYHUDSDUHFHQ\D
FXPSOLPHQWDGRVODGHYROXFLyQSRUWUDQVIHUHQFLD\HQVX
FDVRHOQ~PHUR,%$1GHOD5HQWDGHOHMHUFLFLRDQWHULRU
6LHOUHVXOWDGRHVDLQJUHVDUDSDUHFH\DFXPSOLPHQWDGD
ODRSFLyQGHIUDFFLRQDUFRQGRPLFLOLDFLyQORVGRV
LPSRUWHVDSDJDU
\UHVXOWDGRV6L
HVWiQFRUUHFWRV
$FHSWHSDUD
SUHVHQWDU
ODGHFODUDFLyQ
SUHVHQWHOD
GHFODUDFLyQ
³'DWRV¿VFDOHV
LQIRUPDFLy
³'DWRV¿VFDOHVFRQLQIRUPDFLyQDGLFLRQDO´
/HSXHGHQIRUPXODUDOJXQDVSUHJXQWDVSDUD
FRPSOHWDUORVGDWRV¿VFDOHVLQFRUSRUDGRVSRUHMHPSOR
HOWLSRGHVXEYHQFLyQUHFLELGD
RV
6LOHVDOHQDYLVRVUHYtVHORV
6LOHVDOHDOJXQDYHQWDQD
VROLFLWDQGRGDWRV
FXPSOLPpQWHORV
3RUHMHPSORODDVLJQDFLyQWULEXWDULD
3XHGHVHOHFFLRQDUOD
LJOHVLDFDWyOLFDRWURV¿QHVVRFLDOHV
DPED
DP
EDV
VR
RQL
QLQJ
QJXQ
XQD
D
DPEDVRQLQJXQD
3DUDPRGL¿FDUR
LQFRUSRUDUDOJ~QGDWR
KiJDORGHVGH
HOFXDGUR
GHUHVXOWDGRV
*XDUGHODGHFODUDFLyQ¿QDOL]DGDRVLQ¿QDOL]DU\WHUPtQHODHQRWUR
PRPHQWR\GHVGHFXDOTXLHURWURGLVSRVLWLYRPyYLOSRUWiWLOWDEOHWD
3UHVHQWHODGHFODUDFLyQ
SRU,QWHUQHW
3RGUiSUHVHQWDUSRU,QWHUQHWVXERUUDGRUGHFODUDFLyQFRQFHUWL¿FDGRHOHFWUyQLFR'1,HFO#YH3,1RQ~PHURGHUHIHUHQFLD
/ODPDQGRD5HQWD$VLVWHQFLDOHSRGUiQFRQIHFFLRQDUVXERUUDGRUGHFODUDFLyQFRQORVOtPLWHVH[LJLGRV
,QIRUPDFLyQWULEXWDULD