$QH[R QH[RV - Quaderns Digitals

-XOLR0LUy*XLOOpQ 3UR\HFWRV+LSHUPHGLD
$QH[R
QH[RVV
3URDFWLYLGDG
1RWD (ODUWtFXORTXHVLJXHHVXQFOiVLFR\VLQHPEDUJRVRUSUHQGHSRUVXYLJHQFLD
OD OLWHUDWXUDDFWXDOVREUHJHVWLyQGHHPSUHVDVHVWDSODJDGDGHOWpUPLQR³SURDFWLYLGDG´
SXHVELHQHVHDUWtFXORH[SOLFDODHVHQFLDGHHVWHWpUPLQRPHMRUTXHFXDOTXLHUWUDWDGR
/DSURDFWLYLGDGVLHPSUHVHUiXQRGHORVDFWLYRVPiVYDOLRVRVHQXQSURIHVLRQDOPH
UHFHODSHQDGHGLFDUOHXQWLHPSRDHVWHHVFULWRSDUDOHHUORFRQFDOPD\SHQVDUVREUH
pOVLWXiQGROROyJLFDPHQWHHQHODxRHQTXHIXpHVFULWR
FLHUWDPHQWH HV IiFLO SHQVDU TXH HQ HVWH VHFWRU WDQ FRPSHWLWLYR VDOGUiQ DGHODQWH
~QLFDPHQWHDTXHOODVHPSUHVDVLQWHJUDGDVSRUSHUVRQDVTXHVHDQFDSDFHVGHOOHYDU
³HOPHQVDMHD*DUFtD´/RVSODQWHDPLHQWRVTXHVHFRQWLHQHQHVWH0DQXDOQRVHSXH
GHQDERUGDUVLQRHVFRQHVWHWLSRGHSHUVRQDV
,QWURGXFFLyQ
810(16$-($*$5&Ë$
(VWDSHTXHxDQDUUDFLyQ8Q0HQVDMHD*DUFtDIXHHVFULWDHQXQDVRODKRUDSRUODWDU
GHGHVSXpVGHODFRPLGD(VWRVXFHGLyHOGHIHEUHURGHGtDHQTXHVHFRQPH
PRUDHOQDWDOLFLRGH:DVKLQJWRQ/DHGLFLyQFRUUHVSRQGLHQWHDOPHVGHPDU]RGHODUH
YLVWD3KLOLVWLQHLEDDHQWUDUHQSUHQVD
1DFLyFRPREURWHHQWXVLDVWDGHPLFRUD]yQHVFULWRGHVSXpVGHXQGtDHQTXHKDEtDDJR
WDGRPLVIXHU]DVWUDWDQGRGHFRQYHQFHUDDOJXQRVDOGHDQRVLQGROHQWHVSDUDTXHDEDQGR
QDVHQVXHVWDGRFRPDWRVRSRUXQDDFWLYLGDGUDGLDO
3HURODYHUGDGHUD LQVSLUDFLyQEURWyDOFDORUGHODGLVFXVLyQPLHQWUDVEHEtDXQDWD]DGH
WpFRQPLKLMR%HUWTXLHQVRVWHQtDTXHHOYHUGDGHURKpURHGHOD*XHUUDGH&XEDKDEtD
VLGR5RZDQTXLHQSRUVtVRORKDEtDUHDOL]DGRODPiVLPSRUWDQWHKD]DxDKDEtDOOHYDGR
(O0HQVDMHD*DUFtD
)XHXQDLGHDLQVSLUDGRUD0LKLMRWHQtDUD]yQSRUTXHHIHFWLYDPHQWHKDEtDVLGRXQYHU
GDGHURKpURHHOUHDOL]DGRUGHDTXHOODREUDHOTXHKDEtDOOHYDGRHOPHQVDMHD*DUFtD0H
OHYDQWp\HVFULEtHOUHODWR
7DQSRFRLPSRUWDQWHPHSDUHFLyHODUWtFXORDVtUHDOL]DGRTXHORSXEOLTXpVLQWtWXOR6D
OLyODHGLFLyQ\HQEUHYHYLQLHURQSHWLFLRQHVSRUPD\RUQ~PHURGHHMHPSODUHVGHODHGL
FLyQGHPDU]RGH3KLOLVWLQHXQDGRFHQDFLQFXHQWDFLHQ&XDQGROD&RPSDxtDGH1R
WLFLDV $PHULFDQDV SLGLy PLO HMHPSODUHV SUHJXQWp D PLV D\XGDQWHV FXiO HUD HO DUWtFXOR
TXHKDEtDFRQPRYLGRHQWDOIRUPDDOS~EOLFR(VWHHUDHODUWtFXORVREUH*DUFtD
$OGtDVLJXLHQWH*HRUJH+'DQLHOVGHO)HUURFDUULO&HQWUDOGH1XHYD<RUNQRVPDQGy
HOVLJXLHQWHWHOHJUDPD&RWLFHQSUHFLRFLHQPLOHMHPSODUHVGHDUWtFXOR5RZDQHQIRUPD
GH SDQIOHWR FRQ DYLVR GHO (PSLUH 6WDWH ([SUHVV DO ILQDO \ GLJDQ HQ TXp IHFKD SXHGHQ
HQWUHJDUORV
0DQXDO GH3URFHGLPLHQWRV9HU
3iJLQD GH
-XOLR0LUy*XLOOpQ 3UR\HFWRV+LSHUPHGLD
&RQWHVWpGDQGRHOSUHFLR \DxDGtTXHHQWUHJDUtDPRVORVIROOHWRVHQGRVDxRV1XHVWURV
WDOOHUHVHUDQHQWRQFHVPX\SHTXHxRV\FLHQPLOIROOHWRVQRVSDUHFtDQXQDHQRUPLGDG
(OUHVXOWDGRIXHTXHKXEHGHDXWRUL]DUDOVHxRU'DQLHOVSDUDTXHUHLPSULPLHUDHODUWtFXOR
FRPRTXLVLHUD$VtVDOLyPHGLRPLOOyQGHHMHPSODUHVHQIRUPDGHIROOHWR
3RUGRVRWUHVYHFHVPiVORUHSURGXMRHOVHxRU'DQLHOVHQFDQWLGDGGHPHGLRPLOOyQ\
PiV GH GRVFLHQWRV SHULyGLFRV \ UHYLVWDV OR UHSURGXMHURQ WDPELpQ 3RVWHULRUPHQWH IXH
WUDGXFLGRDWRGDVODVOHQJXDV
&XDQGRHOVHxRU'DQLHOVGLVWULEXtDHO0HQVDMHD*DUFtDHVWDEDDTXtHO3UtQFLSH+LOD
NRII'LUHFWRUORV)HUURFDUULOHVGH5XVLD(UDKXpVSHGGHO)HUURFDUULO&HQWUDOGH1XHYD
<RUN \ HO VHxRU 'DQLHOV OR DFRPSDxy HQ VX YLDMH D WUDYpV GHO SDtV (O 3UtQFLSH YLR HO
DUWtFXOR\VHLQWHUHVySRUpOSUREDEOHPHQWHQRSRURWUDFRVDTXHSRUHVWDUORGLVWULEX\HQ
GRWDQHQJUDQGHHOVHxRU'DQLHOV6HDGHHOORORTXHVHTXLHUDFXDQGRUHJUHVyDVXSDtV
ORKL]RWUDGXFLUDOUXVR\GLRXQHMHPSODUDFDGDHPSOHDGRGHORVIHUURFDUULOHVGH5XVLD
2WURV SDtVHV VLJXLHURQ HO HMHPSOR \ GH 5XVLD SDVy D $OHPDQLD D )UDQFLD D (VSDxD D
7XUTXtDDO,QGRVWiQ\D&KLQD
'XUDQWHODJXHUUDHQWUH5XVLD\HO-DSyQFDGDVROGDGROOHYDEDFRQVLJRXQHMHPSODUGHO
0HQVDMHD*DUFtD/RVMDSRQHVHVHQFRQWUDURQHVWRVIROOHWRVHQPDQRVGHORVSULVLRQH
URV \ SHQVDQGR TXH WHQGUtDQ DOJ~Q PpULWR ORV WUDGXMHURQ DO MDSRQpV < SRU RUGHQ GHO
0LNDGRVHGLRXQHMHPSODUDFDGDHPSOHDGRGHOJRELHUQRMDSRQpVFLYLORPLOLWDU
8Q0HQVDMHD*DUFtDKDVLGRLPSUHVRSXHVHQPiVGHFXDUHQWDPLOORQHVGHHMHPSOD
UHVVXPDTXHMDPiVKDDOFDQ]DGRSXEOLFDFLyQDOJXQDTXL]iJUDFLDVDXQDVHULHGHLQFL
GHQWHVDIRUWXQDGRV
8Q0HQVDMHD*DUFtD
+D\HQODKLVWRULDGH&XEDXQKRPEUHTXHGHVWDFDHQPLPHPRULDFRPR0DUWHHQ3H
ULKHOLR
$O HVWDOODU OD JXHUUD HQWUH ORV (VWDGRV 8QLGRV \ (VSDxD HUD QHFHVDULR HQWHQGHUVH FRQ
WRGDUDSLGH]FRQHOMHIHGHORVUHYROXFLRQDULRVGH&XED
(QDTXHOORVPRPHQWRVHVWHMHIHHO JHQHUDO*DUFtDHVWDEDHPERVFDGRHQ ODVDVSHUH]DV
GHODVPRQWDxDVQDGLHVDEtDGyQGH1LQJXQDFRPXQLFDFLyQOHSRGtDOOHJDUQLSRUFRUUHR
QL SRU WHOpJUDIR 1R REVWDQWH HUD SUHFLVR TXH HO SUHVLGHQWH GH ORV (VWDGRV 8QLGRV VH
FRPXQLFDUDFRQpO¢4XpGHEHUtDKDFHUVH"
$OJXLHQDFRQVHMyDO3UHVLGHQWH&RQR]FRDXQWDO5RZDQTXHVLHVSRVLEOHHQFRQWUDUD
*DUFtDORHQFRQWUDUi
%XVFDURQD5RZDQ\VHOHHQWUHJyODFDUWDSDUD*DUFtD
0DQXDO GH3URFHGLPLHQWRV9HU
3iJLQD GH
-XOLR0LUy*XLOOpQ 3UR\HFWRV+LSHUPHGLD
5RZDQWRPyODFDUWD\ODJXDUGyHQXQDEROVDLPSHUPHDEOHVREUHVXSHFKRFHUFDGHO
FRUD]yQ
'HVSXpVGHFXDWURGtDVGHQDYHJDFLyQGHMyODSHTXHxDFDQRDTXHOHKDEtDFRQGXFLGRD
ODFRVWDGH&XED'HVDSDUHFLySRUHQWUHORVMXQFDOHV\GHVSXpVGHWUHVVHPDQDVVHSUH
VHQWyDORWURODGRGHODLVODKDEtDDWUDYHVDGRDSLHXQSDtVKRVWLO \KDEtDFXPSOLGRVX
PLVLyQGHHQWUHJDUD*DUFtDHOPHQVDMHGHTXHHUDSRUWDGRU
1RHVHOREMHWRGHHVWHDUWtFXORQDUUDUGHWDOODGDPHQWHHOHSLVRGLRTXH KHGHVFULWRDJUDQ
GHV UDVJRV /R TXH TXLHUR KDFHU QRWDU HV OR VLJXLHQWH 0F .LQOH\ OH GLR D 5RZDQ XQD
FDUWDSDUDTXHODHQWUHJDUDD*DUFtD\5RZDQQRSUHJXQWy¢(QGyQGHORHQFXHQWUR"
9HUGDGHUDPHQWHDTXtKD\XQKRPEUHTXHGHEHVHULQPRUWDOL]DGRHQEURQFH\VXHVWDWXD
FRORFDGDHQWRGRVORVFROHJLRVGHOSDtV
3RUTXHQRHVHUXGLFLyQORTXHQHFHVLWDODMXYHQWXGQLHQVHxDQ]DGHWDORFXDOFRVDVLQR
ODLQFXOFDFLyQGHODPRUDOGHEHUGHODILGHOLGDGDODFRQILDQ]DTXHHQHOODVHGHSRVLWD
GHOREUDUFRQSURQWLWXGGHOFRQFHQWUDUWRGDVVXVHQHUJtDVKDFHUELHQORTXHVHWLHQHTXH
KDFHU/OHYDUXQ0HQVDMHD*DUFtD
(OJHQHUDO*DUFtDKDPXHUWRSHURKD\PXFKRVRWURV*DUFtDVHQWRGDVSDUWHV
7RGRKRPEUHTXHKDWUDWDGRGHOOHYDUDFDERXQDHPSUHVDSDUDODTXHQHFHVLWDODD\XGD
GHRWURVVHKDTXHGDGRIUHFXHQWHPHQWHVRUSUHQGLGRSRUODHVWXSLGH]GHODJHQHUDOLGDG
GHORVKRPEUHVSRUVXLQFDSDFLGDGRIDOWDGHYROXQWDGSDUDFRQFHQWUDUVXVIDFXOWDGDVHQ
XQDLGHD\HMHFXWDUOD
$\XGDWRUSHFUDVRGHVFXLGRGHVSUHFLDEOHLQGLIHUHQFLD\DSDWtDSRUHOFXPSOLPLHQWRGH
VXV GHEHUHV WDO HV \ KD VLGR VLHPSUH OD UXWLQD $Vt QLQJ~Q KRPEUH VDOH DYDQWH QL VH
ORJUDQLQJ~Qp[LWRVLQRHVFRQDPHQD]DVRVRERUQDQGRGHFXDOTXLHURWUDPDQHUDDDTXH
OORVFX\DD\XGDHVQHFHVDULD
/HFWRUDPLJRW~PLVPRSXHGHVKDFHUODSUXHED
7HVXSRQJRPX\WUDQTXLORVHQWDGRHQWXGHVSDFKR\DWXDOUHGHGRUVHLVHPSOHDGRVGLV
SXHVWRVWRGRVDVHUYLUWH/ODPDDXQRGHHOORV\KD]OHHVWHHQFDUJR%XVTXHSRUIDYRU
HQODHQFLFORSHGLD\KiJDPHXQEUHYHPHPRUiQGXPDFHUFDGHODYLGDGHO&RUUHJJLR
¢(VSHUDVTXHWXHPSOHDGRFRQWRGDFDOPDWHFRQWHVWH6tVHxRU\YD\DWUDQTXLODPHQ
WHDSRQHUPDQRVDODREUD"
£'HVGH OXHJR TXH QR $EULUi GHVPHVXUDGDPHQWH ORV RMRV WH PLUDUi VRUSUHQGLGR \ WH
GLULJLUiXQDRPiVGHODVVLJXLHQWHVSUHJXQWDV
¢4XLpQIXH"
¢&XiOHQFLFORSHGLD"
¢(VRPHFRUUHVSRQGHDPt"
8VWHGTXLHUHGHFLU%LVPDUN¢QRHVFLHUWR"
0DQXDO GH3URFHGLPLHQWRV9HU
3iJLQD GH
-XOLR0LUy*XLOOpQ 3UR\HFWRV+LSHUPHGLD
¢1RVHUtDPHMRUTXHORKLFLHUD&DUORV"
¢0XULy\D"
¢1RVHUtDPHMRUTXHOHWUDMHUDHOOLEURSDUDTXHXVWHGPLVPROREXVFDUD"
¢3DUDTXpORTXLHUHXVWHGVDEHU"
$SXHVWRGLH]FRQWUDXQRDTXHGHVSXpVGHKDEHUFRQWHVWDGRDWDOHVSUHJXQWDV\H[SOLFD
GRFyPRKDOODUODLQIRUPDFLyQTXHGHVHDV\SDUDTXpODTXLHUHVWXGHSHQGLHQWHVHPDU
FKDUiFRQIXVRHLUiDVROLFLWDUODD\XGDGHVXVFRPSDxHURVSDUDHQFRQWUDUD*DUFtD<
WRGDYtDUHJUHVDUiGHVSXpVSDUDGHFLUWHTXHQRH[LVWHWDOKRPEUH3XHGRSRUH[FHSFLyQ
SHUGHUODDSXHVWDSHURHQODJHQHUDOLGDGGHORVFDVRVWHQJRPXFKDVSUREDELOLGDGHVGH
JDQDUOD
6LFRQRFHVODLQHSWLWXGGH WXVHPSOHDGRVQRWHPROHVWDUiVHQH[SOLFDUDWXD\XGDQWH
TXH&RUUHJJLRVHHQFXHQWUDHQODOHWUD&\QRHQOD.7HOLPLWDUiVDVRQUHtUHLUiVDEXV
FDUORVW~PLVPR
1RSDUHFHVLQRTXHHVLQGLVSHQVDEOHHOQXGRVRJDUURWH\HOWHPRUDVHUGHVSHGLGRHOVi
EDGRPiVSUy[LPRSDUDUHWHQHUDPXFKRVHPSOHDGRVHQVXVSXHVWRV&XDQGRVHVROLFLWD
XQ WDTXtJUDIR GH FDGD GLH] TXH RIUH]FDQ VXV VHUYLFLRV QXHYH QR VDEUiQ HVFULELU FRQ
RUWRJUDItD\DOJXQRVGHHOORVFRQVLGHUDUiQHVWHFRQRFLPLHQWRFRPRPX\VHFXQGDULR
¢3RGUiWDOSHUVRQDUHGDFWDUXQDFDUWDD*DUFtD"
¢9HXVWHGHVWHWHQHGRUGHOLEURV"
PHGHFtDHODGPLQLVWUDGRUGHXQDJUDQIiEULFD
6t¢SRUTXp"
(VXQJUDQFRQWDGRUSHURVLOHFRQItRXQDFRPLVLyQVyORSRUFDVXDOLGDGODGHVHPSHxD
UiFRQDFLHUWR6LHPSUHWHQGUpHOWHPRUGHTXHHQHOFDPLQRVHGHWHQJDHQFDGDFDQWLQD
TXH HQFXHQWUH \ FXDQGR OOHJXH D OD &DOOH 5HDO KD\D ROYLGDGR FRPSOHWDPHQWH OR TXH
WHQtDTXHKDFHU
¢&UHHVTXHULGROHFWRUTXHDWDOKRPEUHVHOHSXHGHFRQILDU8Q0HQVDMHSDUD*DUFtD"
$~OWLPDVIHFKDVHVIUHFXHQWHHVFXFKDUTXHVHH[FLWDQXHVWUDFRPSDVLyQSDUDORVHQWHU
QHFHGRUHV ODPHQWRV GH ORV GHVKHUHGDGRV HVFODYRV GHO VDODULR TXH YDQ HQ EXVFD GH XQ
HPSOHR < HVDV YRFHV D PHQXGR YDQ DFRPSDxDGDV GH PDOGLFLRQHV SRU ORV TXH HVWiQ
DUULED
1DGLH FRPSDGHFH DO SDWUyQ TXH HQYHMHFH DQWHV GH WLHPSR SRU HVIRU]DUVH LQ~WLOPHQWH
SDUDFRQVHJXLUTXHHODSUHQGL]FKDPEyQHMHFXWHELHQXQWUDEDMR1LQRVRFXSDPRVGHO
WLHPSR\SDFLHQFLDTXHSLHUGHHQHGXFDUDVXVHPSOHDGRVSDUDTXHHVWpQHQDSWLWXGGH
UHDOL]DUVXWUDEDMRHPSOHDGRVTXHIORMHDQHQFXDQWRYXHOYHODHVSDOGD
(QWRGRDOPDFpQRIiEULFDVHHQFXHQWUDQPXFKRV]iQJDQRV\HOSDWUyQVHYHREOLJDGRD
GHVSHGLUDVXVHPSOHDGRVWRGRVORVGtDVSRUVXLQHSWLWXGSDUDGHIHQGHUORVLQWHUHVHVGH
ODQHJRFLDFLyQ<DFDGDGHVSHGLGRVLJXHQ\VHJXLUiQPXFKRVLJXDOHV
0DQXDO GH3URFHGLPLHQWRV9HU
3iJLQD GH
-XOLR0LUy*XLOOpQ 3UR\HFWRV+LSHUPHGLD
(VWDHVLQYDULDEOHPHQWHODKLVWRULDTXHVHUHSLWHHQWLHPSRVGHDEXQGDQFLD3HURFXDQGR
SRUHIHFWRGHODVFLUFXQVWDQFLDVHVFDVHDHOWUDEDMRHOMHIHWLHQHRSRUWXQLGDGGHHVFRJHU
FXLGDGRVDPHQWH\GHVHxDODUODSXHUWDDORVLQHSWRV\DORVKROJD]DQHV
3RU SURSLR LQWHUpV FDGD SDWUyQ SURFXUD FRQVHUYDU OR PHMRU TXH HQFXHQWUD HV GHFLU D
DTXHOORVTXHSXHGHQOOHYDU8Q0HQVDMHD*DUFtD
&RQR]FR XQ LQGLYLGXR TXH VH KDOOD GRWDGR GH FXDOLGDGHV \ DSWLWXGHV YHUGDGHUDPHQWH
VRUSUHQGHQWHVSHURFDUHFHGHODKDELOLGDGQHFHVDULDSDUDPDQHMDUVXVSURSLRVQHJRFLRV
\TXHHVDEVROXWDPHQWHLQVHUYLEOHSDUDORVGHPiV6XIUHODPRQRPDQtDGHTXHVXVMHIHV
ORWLUDQL]DQ\WUDWDQGHRSULPLUOR1RVDEHGDUyUGHQHVQLTXLHUHUHFLELUODV
6LVHOHFRQItD8Q0HQVDMHD*DUFtD SUREDEOHPHQWHFRQWHVWDUiOOpYHORXVWHGPLVPR
$FWXDOPHQWHHVWHLQGLYLGXRUHFRUUHODVFDOOHVHQEXVFDGHWUDEDMRVLQPiVDEULJRTXHXQ
GHVKLODFKDGRVDFRSRUGRQGHHODLUHVHFXHODVLOEDQGR1DGLHTXHORFRQR]FDDFFHGHUiD
GDUOHHPSOHR$ODPHQRUREVHUYDFLyQTXHVHOHKDFHPRQWDHQFyOHUD\QRDGPLWHUD]R
QHVVHUtDSUHFLVRWUDWDUORDSXQWDSLpVSDUDVDFDUGHpODOJ~QSDUWLGR
&RQYHQJRGHEXHQJUDGRHQTXHXQVHUWDQGHIRUPHEDMRHOSXQWRGHYLVWDPRUDOHV GLJ
QRFXDQGRPHQRVGHODPLVPDFRPSDVLyQTXHQRVLQVSLUDXQOLVLDGRItVLFDPHQWH3HUR
HQ PHGLR GH QXHVWUR ILODQWUySLFR HQWHUQHFLPLHQWR QR GHEHPRV ROYLGDU GHUUDPDU XQD
OiJULPDSRUDTXHOORVTXHVHDIDQDQHQOOHYDUDFDERXQDJUDQHPSUHVDSRUDTXHOORVFX
\DVKRUDVGHWUDEDMRVRQLOLPLWDGDVSXHVSDUDHOORVQRH[LVWHHOVLOEDWRSRUDTXHOORVTXH
D WRGD SULVD HQFDQHFHQ D FDXVD GH OD OXFKD FRQVWDQWH TXH VH YHQ REOLJDGRV D VRVWHQHU
FRQWUDODPXJULHQWDLQGLIHUHQFLDODDQGUDMRVDHVWXSLGH]\ODQHJUDLQJUDWLWXGGHORVHP
SOHDGRV TXH VL QR IXHUD SRU HO HVStULWX HPSUHQGHGRU GH HVWRV KRPEUHV VH YHUtDQ VLQ
KRJDU\DFRVDGRVSRUHOKDPEUH
¢6RQ GHPDVLDGRV VHYHURV ORV WpUPLQRV HQ TXH DFDER GH H[SUHVDUPH" 7DO YH] Vt 3HUR
FXDQGRWRGRPXQGRKDSURGLJDGRVXFRPSDVLyQSRUHOSUROHWDULRLQHSWR\RTXLHURGHFLU
XQDSDODEUDGHVLPSDWtDKDFLDHOKRPEUHTXHKDWULXQIDGRKDFLDHOKRPEUHTXHOXFKDQ
GRFRQJUDQGHVREVWiFXORVKDVDELGRGLULJLUORVHVIXHU]RVGHRWURV\GHVSXpVGHKDEHU
YHQFLGRVHHQFXHQWUDFRQTXHORTXHKDKHFKRQRYDOHQDGDVyORODVDWLVIDFFLyQGHKD
EHUJDQDGRVXSDQ
<RPLVPRKHFDUJDGRODSRUWDYLDQGDV\WUDEDMDGRSRUHOMRUQDOGLDULR\WDPELpQKHVLGR
SDWUyQGHHPSUHVDHPSOHDGRD\XGDGHODPLVPDFODVHDTXHPHKHUHIHULGR\VpELHQ
TXHKD\DUJXPHQWRVSRUORVGRVODGRV
/D SREUH]D HQ Vt QR UHYLVWH H[FHOHQFLD DOJXQD /RV KDUDSRV QR VRQ UHFRPHQGDEOHV QL
UHFRPLHQGDQSRUQLQJ~QPRWLYR1RVRQWRGRVORVSDWURQHVUDSDFHV\WLUDQRVQLWDPSR
FRWRGRVORVSREUHVVRQYLUWXRVRV
$GPLURGHWRGRFRUD]yQDOKRPEUHTXHFXPSOHFRQVXGHEHUWDQWRFXDQGRHVWiDXVHQWH
HO MHIH FRPR FXDQGR HVWi SUHVHQWH < HO KRPEUH TXH FRQ WRGD FDOPD WRPD HO PHQVDMH
TXHVHOHHQWUHJDSDUD*DUFtDVLQKDFHUWDQWDVSUHJXQWDVQLDEULJDUODDYLHVDLQWHQFLyQ
GHDUURMDUORHQODSULPHUDDWDUMHDTXHHQFXHQWUHRGHKDFHUFXDOTXLHURWUDFRVDTXHQR
VHDHQWUHJDUORMDPiVHQFRQWUDUiFHUUDGDODSXHUWDQLQHFHVLWDUiDUPDUKXHOJDVSDUDRE
WHQHUXQDXPHQWRGHVXHOGR
0DQXDO GH3URFHGLPLHQWRV9HU
3iJLQD GH
-XOLR0LUy*XLOOpQ 3UR\HFWRV+LSHUPHGLD
(VWD HV OD FODVH GH KRPEUHV TXH VH QHFHVLWDQ \ D OD FXDO QDGD SXHGH QHJDUVH 6RQ WDQ
HVFDVRV\WDQYDOLRVRVTXHQLQJ~QSDWUyQFRQVHQWLUiHQGHMDUORVLU
$XQKRPEUHDVtVHOHQHFHVLWDHQWRGDVODVFLXGDGHVSXHEORV\DOGHDVHQWRGDVODVRIL
FLQDV WDOOHUHV IiEULFDV \ DOPDFHQHV (O PXQGR HQWHUR FODPD SRU pO VH QHFHVLWD ££XU
JH«HOKRPEUHTXHSXHGDOOHYDUXQPHQVDMHD*DUFtD
+HOEHUW+XEEDUG
0DQXDO GH3URFHGLPLHQWRV9HU
3iJLQD GH
-XOLR0LUy*XLOOpQ 3UR\HFWRV+LSHUPHGLD
/DHQWUHYLVWDLQLFLDOFRQHO3URVSHFW
(VWHHVFULWRVHHVWiUHILULHQGRDORVSULHPURVFRQWDFWRVFRPHUFLDOHVFRQXQ3URVSHFW
SHURHODQiOLVLVGHODVLWXDFLyQHVSHUIHFWDPHQWHH[WUDSRODEOHDWRGRV\FDGDXQRGH
ORVFRQWDFWRVTXHXQD$JHQFLDPDQWLHQHFRQVXV&OLHQWHV1RKD\TXHROYLGDUTXHHQ
HOVHFWRUGHSUHVWDFLRQGHVHUYLFLRVGHYDORUDxDGLGRODYHQWDVHYDSURGXFLHQGRHQOD
PHGLGDHQTXHVHYDJHQHUDQGRXQFOLHQWHVDWLVIHFKR
(OKHFKR
¢3RUTXpSDUDTXpQRVUHXQLPRVFRQSHUVRQDVFODYHGHXQD(PSUHVDSDUDKD
EODUGHVXVSUR\HFWRVHQ,QWHUQHW"
&DEUtDQP~OWLSOHVFRQWHVWDFLRQHVYHDPRVXQDGH ODVTXHWLHQHPiVVHQWLGRHQHVWD
HQWUHYLVWDLQLFLDPRVXQLQWHUFDPELRGHYDORUHVTXHHQODPHGLGDTXHHYROXFLRQHGHXQ
PRGRSURGXFWLYRSDUDDPEDVSDUWHVVHFRQVXPDUiHQXQDFRODERUDFLyQUHPXQHUDGD
6HHQWLHQGHDTXt³YDORU´HQXQVHQWLGRDPSOLRHVGHFLUDOJRTXHHV~WLORSURYHFKRVR
&RPRFXDOTXLHUUHODFLyQVLJQLILFDWLYDHQWUHSHUVRQDVSDUDTXHSXHGDVHUFRQVLGHUDGD
FRPRWDOKDGH WHQHUHVWDFDUDFWHUtVWLFDHOLQWHUFDPELRTXHHVLQGLFDWLYRGHTXHVH
HVWiSURGXFLHQGRPXWXDYDORUDFLyQHQWUHDPEDVSDUWHV
+D\TXHGHVWDFDUDTXtODGLIHUHQFLDHQWUHYHQWDGHSURGXFWRV\YHQWDVHUYLFLRV(QHO
SULPHURGHORVFDVRVOD³SURPHVDGHYDORU´TXHOOHYDUiDO&OLHQWHDLQYHUWLUXQGLQHUR
VHFRQWLHQHHQJUDQSDUWHHQHOSURGXFWRXQFRFKHXQDFiPDUDGHYtGHRHWFSHUR
HQHOFDVRGHYHQWDGHVHUYLFLRVOD³SURPHVDGHYDORU´KDVWDTXHQRVHSURGXFHQ
ORVUHVXOWDGRVILQDOHVGHHVWRVVHUYLFLRVVHFRQWLHQHIXQGDPHQWDOPHQWHHQODFUHGLEL
OLGDGGHODVSHUVRQDV\HVWDFUHGLELOLGDGVHKDGHWUDQVPLWLUGHVGHXQSULQFLSLRLQFOXVR
SRGUtDGHFLUVHHQORVSULPHURVyPLQXWRVGHODHQWUHYLVWDHVGHFLUODFUHGLELOLGDG
GHO&RPHUFLDOHVOD~QLFDSXHUWDGHHQWUDGDDOSURFHVRGHYHQWD
3RUWDQWRVLQR ORJUDPRVGHO3URVSHFWGHVGHHOSULPHUPRPHQWRHVWDDFWLWXGKDFLDHO
LQWHUFDPELRGHTXHKDEODPRVSRGHPRVSHQVDUWUHVFRVDV
4XHKHPRVOOHJDGRWDUGH\GHHQWUDGDQRVHVWiQFRQVLGHUDQGRFRPRXQDRSFLyQ
³GHUHOOHQR´HQWUHRWUDVRIHUWDV(QHVWHFDVRKHPRVGHSRQHUPXFKDDWHQFLyQHQ
HOKHFKRGHVDEHUVLWHQHPRVSRVLELOLGDGHV5($/(6GHFDPELDUHVWDFLUFXQVWDQFLD
SUHJXQWDU DELHUWDPHQWH LQGDJDU FRQ TXLpQ FRPSHWLPRV OD FDOLGDG GH ODV RWUDV
SURSXHVWDVORVSOD]RV\VLQRHVDVtFDOLILFDUDGHFXDGDPHQWHHO3URVSHFWSDUD
TXHQRQRVTXLWHWLHPSRSDUDRWURV3URVSHFWVFRQPiVSUREDELOLGDGHVGHYHQWD
4XHHO3URVSHFWHVWiLQWHQWDQGRFRPSUDUVHUYLFLRVFRPRVLFRPSUDUDSURGXFWRVHV
GHFLU VXSRQLHQGR TXH ODV RIHUWDV TXH HVWD HYDOXDQGR VRQ HTXLSDUDEOHV \ TXH VH
WUDWDGHEXVFDUHOPHMRUSUHFLR(QHVWHFDVRKHPRVGHSURIXQGL]DUFRQpOHQHO
FRQFHSWR GH ³SUHGLFWLELOLGDG GH UHVXOWDGRV´ \ DUJXPHQWDU FRQYLQFHQWHPHQWH DSR
\iQGRQRVHQKHFKRVVREUHODVWUHVSDWDVTXHVRSRUWDQQXHVWUD³SUHGLFWLELOLGDGGH
UHVXOWDGRV´HVGHFLUDHONQRZKRZ&RQFLPLHQWRV([SHULHQFLDGHOD&RPSD
xtDEVXV&OLHQWHVVDWLVIHFKRVFVXVLVWHPDGHWUDEDMRH[WUHPDGDPHQWHVHQVLWL
0DQXDO GH3URFHGLPLHQWRV9HU
3iJLQD GH
-XOLR0LUy*XLOOpQ 3UR\HFWRV+LSHUPHGLD
YRDOD SDUWLFLSDFLyQGHO&OLHQWH\DODREWHQFLyQGHUHVXOWDGRVILQDOHVHQWpUPLQRV
GHVROXFLRQHVDODVQHFHVLGDGHVUHDOHV TXHKDQRULJLQDGRHOSUR\HFWR
4XH GXUDQWH OD HQWUHYLVWD QR HVWDPRV WUDQVPLWLHQGR OD VXILFLHQWH FUHGLELOLGDG (Q
HVWHFDVRGHEHUHPRVSHQVDUHQFyPRSUHSDUDPRVODVHQWUHYLVWDV*XLRQHVHQVD
\RVGRFXPHQWDFLyQSUHYLDVROLFLWXGSUHYLDGHDVHVRUDPLHQWRHWFFRQVLJXLHQGR
GHHVWHPRGRPHMRUDUHVWDSDUWHWDQGHFLVLYDGHOSURFHVRGHYHQWD
¢4XHYDORUHVVHLQWHUFDPELDQSXHVHQODHQWUHYLVWDFRQHO&OLHQWH"
D 3RUSDUWHGHO&OLHQWH
(OWLHPSRGHXQRVLQWHUORFXWRUHVYiOLGRVHVGHFLUDOJXLHQTXHSXHGDLQIRU
PDUFRQSURSLHGDGGHWRGRORTXHVLJXH\FRQODH[WHQVLyQQHFHVDULD
,QIRUPDFLyQFRPSOHWDVREUH³TXpKDFH´VXHPSUHVDVXRUJDQL]DFLyQVXDFWLYL
GDGVXVIRUWDOH]DVVXSRVLFLRQDPLHQWRHQHOHQWRUQRGHVX&RPSHWHQFLDSOD
QHVGHIXWXURHWF
,QIRUPDFLyQ WUDQVSDUHQWH VREUH ³TXp VH SURSRQH´ FRQ HVWH SUR\HFWR HV GHFLU
GHVXVREMHWLYRVJHQHUDOHVSRUTXpVHSODQWHDLQYHUWLUTXpEXVFDHQHOIRQGR
FRQHVWHSUR\HFWR
,QIRUPDFLyQFRPSOHWDGH³TXpVDEHGHOSUR\HFWR´HVGHFLUTXpOOHYDDYHULJXD
GRTXpOHKDFRQWDGRJHQWHGHQXHVWUDFRPSHWHQFLDTXHFRVDVKDYLVWRTXHOH
KDQ DJUDGDGR FXDO HV OD QDWXUDOH]D GH VX ³UHWR´ DWHQGLHQGR ODV FRQGLFLRQHV
SDUWLFXODUHVGHVXHPSUHVDSHUVRQDORUJDQL]DFLyQHWFRWURVSUREOHPDVQH
FHVLGDGHVSOD]RVHWF
,QIRUPDFLyQWUDQVSDUHQWHGHKDVWDTXHOLPLWHV³UHDOLVWDV´HVWDGLVSXHVWRDOOHJDU
HQFXDQWRDYROXPHQGHLQYHUVLyQ\FRQTXHULWPRVGHGHVHPEROVR
,QIRUPDFLyQWUDQVSDUHQWHGHFXDOHVVRQQXHVWUDVSRVLELOLGDGHVGHVHUOD&RP
SDxtDHOHJLGDSDUDUHDOL]DUHOWUDEDMR
E 3RUQXHVWUDSDUWHDSRUWDPRVGHVGHODSULPHUDHQWUHYLVWD
8QHQIRTXH SURGXFWLYRGHODHQWUHYLVWDHVGHFLUSUHJXQWDUHVFXFKDUDQRWDU \
UHSDVDULQPHGLDWDPHQWHGHVSXpVGHODHQWUHYLVWDORQHFHVDULRFRPRSDUDTXH
QRVHSLHUGD1$'$GHORTXHHO3URVSHFWWUDQVPLWH
3DUDORJUDUORDQWHULRUHVPX\~WLOSUHSDUDUDQWHVODHQWUHYLVWDPHGLDQWHORVL
JXLHQWHODPD\RUtDGHHVWDVFRVDVHVWiQHQ,QWHUQHW\HQ1RUWHDPpULFDPX
FKDVYHFHV\DVRQVROXFLRQHVORTXHDTXtFRPLHQ]DQDVHUSUREOHPDV
D 3UHJXQWDU LQGDJDU OR LPSRUWDQWH VREUH HO VHFWRU DO TXH SHUWHQHFH HO SURV
SHFW
E 3UHJXQWDU LQGDJDU VREUH HO SURVSHFW HQ FXHVWLyQ \ ODV SHUVRQDV FRQ ODV
TXHQRVYDPRVDHQWUHYLVWDU
0DQXDO GH3URFHGLPLHQWRV9HU
3iJLQD GH
-XOLR0LUy*XLOOpQ 3UR\HFWRV+LSHUPHGLD
F /RJUDUPHGLDQWHHQWUHYLVWDVWHOHIyQLFDVSUHYLDVHOPi[LPRQLYHOGHLQWHUOR
FXFLyQ\DVHUSRVLEOHODDVLVWHQFLDGHODVGLVWLQWDViUHDVGHGHILQLFLyQGHO
SUR\HFWR0DUNHWLQJ6LVWHPDVHWF
G (QEDVHDORDQWHULRUSHQVDU\SUHSDUDUEUHYHPHQWHXQFXHVWLRQDULRDGKRF
SDUDODHQWUHYLVWDTXHQRVDVHJXUHTXHQRYDPRVDGHMDUGHWUDWDUORVWH
PDV FODYHV GHO SUR\HFWR 'HVSXpV GXUDQWH OD HQWUHYLVWD VHJXUDPHQWH QR
VHUiRSRUWXQRTXHXWLOLFHPRVHVWULFWDPHQWHHVWHFXHVWLRQDULRSHURWHQHUOR
DOD YLVWDQRVD\XGDUiDPDQWHQHUHOUXPERDGHFXDGRGHODFRQYHUVDFLyQ
9HU³/LVWDGRGH9HULILFDFLyQHQHVWHDSDUWDGRGHDQH[RV
8QD YLVLyQGH VX SUREOHPiWLFD ³GHVGH´ ,QWHUQHW HV GHFLU VL /D 5HG IXHUD XQ
QXHYRSDtVHQGRQGHVHGDQQXHYDVRSRUWXQLGDGHVHFRQyPLFDVSDUDWRGDVODV
HPSUHVDVHOSURVSHFWHVSHUDGHQRVRWURVTXHOHH[SOLTXHPRVODVOH\HVTXH
ULJHQHVH³QXHYRPXQGR´YLUWXDOHQHVSHFLDOSDUDODV(PSUHVDVGHVXVHFWRU
(VWRQR TXLHUHGHFLUTXHVHWUDWDDHVWHQLYHOGHGDUOHVROXFLRQHVWHFQROyJLFDV
VLQRYLVLyQSRUHMHPSORODPLVPDLGHDTXHVLJXHSXHGHWHQHUVHQWLGRVELHQ
GLIHUHQWHVVHJ~QVHSODQWHGHXQRXRWURPRGR
D ³HVEXHQRTXHVXZHEGLVSRQJDGHXQIRUR³
(QHVWHFDVRVHSUHWHQGHTXHHOSURVSHFWYD\DGHORSUREDEOHPHQWHGHVFR
QRFLGRHOIRURKDFLDORFRQRFLGRTXHVXV&OLHQWHVKDJDQDOJRFRQHVHIR
UROROyJLFRHVTXHDGRSWHXQDDFWLWXGSDVLYDGHTXLHQHVWiDSUHQGLHQGR
QXHYRV FRQFHSWRV \ GHMH GH SHQVDU HQ VX HPSUHVD \ HQ VXV SUREOHPDV
FRQORFXDOQRQRVFRQWDUiORTXHLQWHUHVDTXHQRVH[SOLTXH
E ³GHVGHHOPRPHQWRHQTXH8GVVHHVWDEOH]FDQHQ,QWHUQHWYDQDWHQHUD
WRGRVVXV&OLHQWHVPXFKRPiVFHUFDHVFRPRVLOHVDEULHUDQXQGHVSDFKR
DFDGDXQRGHHOORVGHQWURGHODVRILFLQDVGHVX&RPSDxtDHVLPSRUWDQWH
TXHFDGDXQRGHVXVGHSDUWDPHQWRVSLHQVHELHQTXpYDQDKDFHUFRQHVD
QXHYD IRUPD GH SUHVHQFLD GH VXV &OLHQWHV FyPR YDQ D SURFH
VDUDSURYHFKDU XQ IOXMR PiV LQWHQVR GH PHQVDMHV LGHDV GH PHMRUD FUtWL
FDVHORJLRVHWF([LVWHQHQOD5HGLQVWUXPHQWRVGHFRPXQLFDFLyQELGLUHF
FLRQDOTXHELHQHQWHQGLGRV\XWLOL]DGRVSXHGHQVHUXQSRWHQWtVLPRVLVWHPD
GHILGHOL]DU&OLHQWHV\SRVLFLRQDUVXPDUFDXQRGH HOORVSRGUtDVHUHOIRUR´
(QHVWHFDVRHO3URVSHFWVLTXHVDEHPDQHMDUXQD YLVLWD GHVXV&OLHQWHV
FRQORFXDO IiFLOPHQWHOHYHQGUiQDVXSHQVDPLHQWRLGHDVTXHQRVSXHGHQ
GDUSLVWDVGHODQDWXUDOH]DUHDOGHORVSUREOHPDVTXHOHOOHYDQDLQYHUWLUHQ
,QWHUQHW
8QDDSUR[LPDFLyQFXLGDGRVDDVXSUREOHPiWLFD TXHMXQWDPHQWHFRQQXHV
WURHQIRTXH\PHWRGRORJtDGHWUDEDMR\QXHVWUDVUHIHUHQFLDVOHD\XGHQDLGHQ
WLILFDUQRVFRPR³EXHQRVFRPSDxHURVGHYLDMH´FRQORVTXHWLHQHDVHJXUDGRDO
Pi[LPR ORV UHVXOWDGRVTXH DQGD EXVFDQGR HQSUR\HFWRV FRPR ORVTXH WUDWD
PRVTXHVXHOHQFRQWHQHULPSRUWDQWHVGRVLVGHLQFHUWLGXPEUH
¢&yPRHVSRVLEOHWUDQVPLWLUDO3URVSHFWWRGRORDQWHULRUVLWDQVyORGLVSRQH
PRVSDUDHOORGHXQDVSRFDVHQWUHYLVWDV\XQD3URSXHVWDGH6HUYLFLRV"
0DQXDO GH3URFHGLPLHQWRV9HU
3iJLQD GH
-XOLR0LUy*XLOOpQ 3UR\HFWRV+LSHUPHGLD
SXHV KD\ TXH UHPDUFDU HQ HVWH SXQWR TXH JUDQ SDUWH GH OR DQWHULRU SRGH
PRV R QR ORJUDUOR PHGLDQWH OR FHUWHUR GHO GLDJQyVWLFR TXH FRQWLHQH OD 3UR
SXHVWDGH6HUYLFLRVHQ FRQFUHWRORVDSDUWDGRVGH%DVHVGH3DUWLGD \ 2EMHWL
YRV \ SDUD HOOR HV LPSUHVFLQGLEOH TXH HQ ORV SULPHURV SDVRV QR VHSLHUGD
SRUHOFDPLQRQDGDGHODLQIRUPDFLyQQHFHVDULD
(VSRVLEOHTXHDOJXQRV3URVSHFWV\DHVWpQDFRVWXPEUDGRVDHYDOXDUXQSULPHU
GRFXPHQWR SUHYLRDOD3URSXHVWDGH6HUYLFLRV TXHHODERUDTXLpQDVLVWHDODV
SULPHUDV HQWUHYLVWDV FRQ HO &OLHQWH \ TXH HQ DOJXQRV FDVRV YLHQH D OODPDUVH
³3URMHFWGHILQLWLRQPHPRUDQGXP3'0´HVWHGRFXPHQWRHVHOUHVXOWDGRGHUH
SDVDUODVQRWDVWRPDGDVHQODHQWUHYLVWDSHQVDUVREUHHOODV\GDUOHVXQDFLHUWD
HVWUXFWXUD PLHQWUDV VH ODV SDVD D OLPSLR (V HO PRGR GH YHULILFDU LQLFLDOPHQWH
FRQHO3URVSHFWTXHOHKHPRVHQWHQGLGRELHQ\TXHYDPRVDHODERUDUOD3UR
SXHVWDGH6HUYLFLRVVREUHXQDLQIRUPDFLyQFRUUHFWD
(QHVWHGRFXPHQWRTXHGDUHIOHMDGDODFDOLGDGFRQODTXHVHKDGHVDUUROODGRWR
GRORGLFKRKDVWDDKRUDVREUHODHQWUHYLVWDLQLFLDO
(OSURVSHFWHQPXFKRVFDVRVDJUDGHFHHVWH3'0SRUTXHFXDQGROROHHOHKD
GDGRWLHPSRDDVLPLODUFRQFHSWRVVREUHORTXHKDEODPRVHQVXGtD\HOGRFX
PHQWROHD\XGDDYROYHUVREUHHOWHPDWHQLpQGRORpOPiVPDGXURRFXUULHQGR
TXHVXHOHDSRUWDUHQHVHPRPHQWRPiVLQIRUPDFLyQSHUWLQHQWHVREUHHOSUR
\HFWRTXHSRUVXSXHVWRKD\TXHDQRWDU3RURWUDSDUWHSRUHVWHVLVWHPDHV
WDPRVD\XGiQGROHWDPELpQDLPSOLFDUVHPiV\PiVHQQXHVWUDRSFLyQ
0DQXDO GH3URFHGLPLHQWRV9HU
3iJLQD GH
-XOLR0LUy*XLOOpQ 3UR\HFWRV+LSHUPHGLD
(MHPSORGH3URMHFW'HILQLWLRQ0HPRUDQGXP
1RWD FRPRSRGUiYHUVHHVWHFRQWDFWRHVWDHQIRFDGRDODUHDOL]DFLyQGHXQD,QWUDQHW
SDUDXQD&DMDGH$KRUURVOyJLFDPHQWHQRWRGRVORVSUR\HFWRVWHQGUiQHVWDFDUJDGH
HVSHFLILFDFLRQHVHQORUHIHUHQWHDJHVWLyQGHODLQIRUPDFLyQ\JHQHUDOPHQWHHQHVWRV
FDVRVHO&RPHUFLDOHVSRVLEOHTXHDVLVWDDFRPSDxDGRGHDOJ~QHVSHFLDOLVWDSHURHV
EXHQR WHQHU HQ FXHQWDTXH HVWH DVSHFWROD JHVWLyQ GH OD LQIRUPDFLyQGHO &OLHQWH HQ
,QWHUQHWWLHQHXQDJUDQLPSRUWDQFLDHQORVPiVGLYHUVRVWLSRVGHHQFDUJRVSRUHOORVH
KDLQFOXLGRHVWH3'0HQHVWHDQH[R\HVLPSRUWDQWHSDUDWRGRVHVWDUIDPLOLDUL]DGRV
FRQORVWpUPLQRVTXHDOOtVHPDQHMDQ
/D$JHQFLD,QWHUDFWLYDTXHKDGHSUHVWDUVXVVHUYLFLRVHQHVWHSUR\HFWRVHGHQRPLQD
JHQHULFDPHQWH/$$*(1&,$
,1752'8&&,Ï1
2%-(&7,926<5(68/7$'26
$0%,72<(172512'(/$&203$fË$
6,78$&,Ï1$&78$/<(172512'(352<(&72
02'(/2'(/6,67(0$'(,1)250$&,Ï1
$/7(51$7,9$67(&12/Ï*,&$6
3/$1'(352<(&72
35(6838(672<5(&85626
,1752'8&&,Ï1
(VWHGRFXPHQWRKDVLGRHODERUDGRFRPRUHVXOWDGRGHOD 5HXQLyQGH $SUR[LPDFLyQ
GH3UR\HFWR HQWUH/$$*(1&,$\&DMD;;;;HQDGHODQWHHO&OLHQWHVLHQGRpVWDOD
SULPHUD GH ODV DFWLYLGDGHV SODQLILFDGDV HQ OD 0HWRGRORJtD GH 'HVDUUROOR GH 6LVWHPDV
GH,QIRUPDFLyQ,QWUDQHW ,QWHUQHWGH/$$*(1&,$
(OREMHWLYRGHHVWDSULPHUDDFWLYLGDGHVHOGHFRQRFHUGHIRUPDPiVFRQFUHWDODSUR
EOHPiWLFDGHO&OLHQWHHOHQWRUQRGHOSUR\HFWRORVUHVXOWDGRVHVSHUDGRVDVtFRPRGDU
DFRQRFHUDpVWHODVDOWHUQDWLYDVWHFQROyJLFDVSDUDHOGHVDUUROORHLPSOHPHQWDFLyQGHO
PLVPR
(QGLFKDUHXQLyQHVWXYLHURQSUHVHQWHVSRUSDUWHGHO&OLHQWHHO5HVSRQVDEOHGHO&HQWUR
GH ,QIRUPDFLyQ \ HO 5HVSRQVDEOH GH ,QWUDQHW \ SRU SDUWH GH /$ $*(1&,$ GH IRUPD
HVSHFLDODOWUDWDUVHGHXQDFXHQWDGHLQWHUpVSDUDODFRPSDxtDORVUHVSRQVDEOHVGH/$
$*(1&,$GHH0N\(VWUDWHJLD'LVHxR\:HE)DFWRU\FRQHOREMHWLYRGHPRVWUDUDO
&OLHQWHHOSRWHQFLDOWHFQROyJLFRGHODFRPSDxtD\ODFDSDFLGDGGHHMHFXFLyQHQSUR\HF
WRVVLPLODUHV
/RVWHPDVWUDWDGRVHQODPLVPDVHUHFRJHQHQpVWHGRFXPHQWRDVtFRPRXQDSULPHUD
DSUR[LPDFLyQHFRQyPLFDDOSUR\HFWR
2%-(&7,926<5(68/7$'2635(7(1','26
0DQXDO GH3URFHGLPLHQWRV9HU
3iJLQD GH
-XOLR0LUy*XLOOpQ 3UR\HFWRV+LSHUPHGLD
(OREMHWLYRHVHOGHGHVDUUROODUXQVLVWHPDGHJHVWLyQGHGRFXPHQWDFLyQGHVFHQWUDOL]D
GR\DFFHVLEOHGHVGHFXDOTXLHUSXHVWRGHWUDEDMRGHODUHGGHODFRPSDxtDDWUDYpVGH
XQQDYHJDGRUREURZVHUHVWiQGDUHQDGHODQWH,QWUD1HW
(OSUR\HFWRGHEHDERUGDUVHHQGRVIDVHVXQDDFRUWRSOD]RTXHFXPSODFRQXQDSDUWH
UHGXFLGD GH ORV UHTXHULPLHQWRV \ RWUD D ODUJR SOD]R TXH LQFOX\D HO GHVDUUROOR GH ODV
IXQFLRQHVDYDQ]DGDVGHOD,QWUD1HW
'LFKRVLVWHPDDGHPiVGHIDFLOLWDUODFUHDFLyQ\SXEOLFDFLyQGHORVGRFXPHQWRVGHVGH
ODVXQLGDGHVGHODFRPSDxtDGHEHUiSHUPLWLUVXFODVLILFDFLyQRUJDQL]DFLyQ\SUHVHQWD
FLyQHQEDVHDODVSUHIHUHQFLDVGHOXVXDULRTXHDFFHGDDOVLVWHPDDWUDYpVGHPHFD
QLVPRVGHSHUVRQDOL]DFLyQJHVWLyQGHUROHV\SHUPLVRVGHDFFHVR
$ODUJRSOD]ROD,QWUD1HWGHEHSRGHULQFRUSRUDUHQVXDUTXLWHFWXUDWpFQLFDDGHPiVGH
ODDSOLFDFLyQGHJHVWLyQGRFXPHQWDODTXHOODVRWUDVTXHVXUMDQGHODVQHFHVLGDGHVGHO
QHJRFLRGHODFRPSDxtD\TXHVHGHVDUUROOHQWDPELpQHQODWHFQRORJtDXWLOL]DGDHQHVWH
SUR\HFWRFRQHOREMHWLYRGHSUHVHQWDUDOXVXDULRLQWHUQRXQ~QLFRµSRUWDO¶RµZRUNVSDFH¶
GHWUDEDMRFRQDFFHVRDWRGDVODVLQIRUPDFLRQHV\SURFHVRVTXHVXSXHVWRGHWUDEDMR
UHTXLHUD
$0%,72<(172512'(/$&203$fË$
(OSUR\HFWR,QWUD1HWVHUiOLGHUDGR\GHVDUUROODGRSRUHOÈUHDGH*HVWLyQGH,QIRUPDFLyQ
GHO&OLHQWHFRQODSDUWLFLSDFLyQGHOHTXLSRUHVSRQVDEOHGHOD,QWUD1HWDFWXDO
1R REVWDQWH HQ HO SUR\HFWR KDEUi SDUWLFLSDFLyQ GH RWUDV iUHDV GH OD FRPSDxtD HQ
FRQFUHWR
(O ÈUHD GH 6LVWHPDV VHUi OD UHVSRQVDEOH GH ODDUTXLWHFWXUDWpFQLFD QHFHVDULD
SDUD HO GHVDUUROOR GHO SUR\HFWR TXH VHUi GHVSOHJDGD HQ FRODERUDFLyQ FRQ HO
HTXLSRWpFQLFRGH/$$*(1&,$H[LVWLHQGRXQRVUHTXLVLWRVWpFQLFRVDFXPSOLU
2WUDV iUHDV GH OD FRPSDxtD HVWDUiQ LQYROXFUDGDV HQ HO SUR\HFWR HQ ODVIDVHV
GH DQiOLVLV \ HVSHFLILFDFLRQHV GHELGR D TXH ORV UHTXHULPLHQWRV GHO VLVWHPD
SURYLHQHQGHpVWDV\QRVRODPHQWHGHOiUHDGHJHVWLyQGHLQIRUPDFLyQ
/RVXVXDULRVGHOVLVWHPDVHUiQWDQWRLQWHUQRVGHODSURSLDFRPSDxtDFRPRGH
RWUDV FRPSDxtDV GHO PLVPR JUXSR VLHQGR OD SHUVRQDOL]DFLyQ XQ DVSHFWR IXQ
GDPHQWDODWHQHUHQFXHQWDHQHOSUR\HFWRDOVHUXQVLVWHPDTXHGDUiVHUYLFLR
DPiVGHXQDRUJDQL]DFLyQGHSHQGLHQWHGHODFRPSDxtDPDWUL]
0DQXDO GH3URFHGLPLHQWRV9HU
3iJLQD GH
-XOLR0LUy*XLOOpQ 3UR\HFWRV+LSHUPHGLD
6,78$&,Ï1$&78$/<(172512'(352<(&72
$FWXDOPHQWHHO&OLHQWHWLHQHXQVLVWHPD,QWUD1HWHQH[SORWDFLyQGHVDUUROODGRLQWHUQD
PHQWH\TXHSHUPLWHODFODVLILFDFLyQ\SXEOLFDFLyQHVWiWLFDGHGRFXPHQWRV:RUG+WPO
R3')HQXQHQWRUQRGHUHGFX\RDFFHVRHVDWUDYpVGHXQEURZVHUHVWiQGDU$SUR
[LPDGDPHQWHH[LVWHQXQRVGRFXPHQWRVDFFHVLEOHVGHVGHtQGLFHVHVWiWLFRVTXH
VHPDQWLHQHQSDUDFDGDQXHYDLQFRUSRUDFLyQGHXQGRFXPHQWRDOVLVWHPD
'HELGRDHOORHOSURFHVRGHSXEOLFDFLyQHVWiFHQWUDOL]DGRHQHO&HQWURGH,QIRUPDFLyQ
DO VHU QHFHVDULRV µVNLOOV¶ WpFQLFRV SDUD DOPDFHQDU ORV GRFXPHQWRV HQ ORV VLVWHPDV
DGHFXDGRVPDQWHQHUORVtQGLFHVDORVPLVPRV\UHDOL]DUHOSDVRGHpVWRVGHORVHQ
WRUQRVGHGHVDUUROOR\YDOLGDFLyQDH[SORWDFLyQ
/DDUTXLWHFWXUDWpFQLFDDFWXDOVHEDVDHQXQ6HUYLGRU:HE1HWVFDSHHQXQDSODWDIRU
PD6XQ6RODULVMXQWRFRQXQVHUYLGRUGHDSOLFDFLRQHV1HW'\QDPLFV/RVGRFXPHQWRV
VHHQFXHQWUDQRUJDQL]DGRVEDMRODHVWUXFWXUDGHOSURSLRVHUYLGRUGHILFKHURVIRUPDQGR
XQiUEROGHFODVLILFDFLyQ/RVtQGLFHVDORVGRFXPHQWRVVRQILFKHURVKWPOTXHVHFUHDQ
HQDOJXQRVGHORVQRGRVGHOiUERO\TXHFRQWLHQHQDGHPiVGHOHQODFHDODXELFDFLyQ
ItVLFDGHOGRFXPHQWRLQIRUPDFLyQGHOPLVPRFRQHOWtWXORDXWRUIHFKDHWF
/RVGRFXPHQWRVVHFDUJDQHQHO:HEGHGHVDUUROORYtDIWSVHSDVDQDXQD:HEGH
WUiQVLWR SDUD VX YDOLGDFLyQ SRU HO XVXDULR \ WUDV pVWD RSHUDFLyQ HO VHUYLGRU :HE GH
H[SORWDFLyQORVLQFRUSRUDDVXHVWUXFWXUDGHIRUPDDXWRPiWLFD
(OSUR\HFWRSXHGHSODQWHDUVHFRPRHOGHVDUUROORGHXQQXHYRVLVWHPDTXHUHHPSODFH
DODFWXDORELHQSDUWLUGHO VLVWHPDDFWXDO\H[WHQGHUORFRQODVPHMRUDVSODQWHDGDVSDUD
OD SULPHUDIDVH 3UHVHQWDGD HVWD SRVLELOLGDG DO &OLHQWH HO UHVSRQVDEOH GHO &HQWUR GH
,QIRUPDFLyQ VH PXHVWUD SDUWLGDULR GH XQ GLVHxR FRPSOHWDPHQWH QXHYR TXH SHUPLWD
HYROXFLRQDUHQXQ IXWXURDPHGLRSOD]RKDFLDUHTXHULPLHQWRVDYDQ]DGRVDXQTXHLQWH
JUDQGRWRGDODLQIRUPDFLyQGHOVLVWHPDDFWXDO
(OSUR\HFWRGHEHUiFRQWHPSODUGHIRUPDHVSHFtILFDODWUDQVIHUHQFLDGHFRQRFLPLHQWRDO
&OLHQWH FRQ HO REMHWLYR GH VHU DXWRVXILFLHQWH HQ FXDQWR D OD WHFQRORJtD \ GHVDUUROOR
HPSOHDGRHQHOPLVPR(OORSXHGHFRQGLFLRQDUXQDVXRWUDVDOWHUQDWLYDVWHFQROyJLFDV
HQIXQFLyQGHODVFDSDFLGDGHVWpFQLFDVGHORVUHFXUVRVKXPDQRVGHO&OLHQWHDVtFRPR
OD SDUWLFLSDFLyQ GHO SHUVRQDO GHO &OLHQWH HQ HO GHVDUUROOR GHO VLVWHPD (VWH WHPD VHUi
GHVDUUROODGRDPHGLGDTXHHOSUR\HFWRDYDQFH\VHYDORUHQODVDOWHUQDWLYDVWHFQROyJL
FDV
/DSODWDIRUPDWpFQLFDDXWLOL]DUGHEHUiVHUYDOLGDGDSRUHOiUHDGHVLVWHPDVGHO&OLHQWH
\DGDSWDGDDODVQRUPDVWHFQROyJLFDV\SROtWLFDVGHVHJXULGDG GHODFRPSDxtD
(VQRUPDWpFQLFDGHO&OLHQWHODQRXWLOL]DFLyQGHVLVWHPDVHQ:LQGRZV17ODLPSODQ
WDFLyQ GH OD ,QWUD1HW HQ XQ HTXLSR 6XQ 6RODULV H[LVWHQWH \ RSFLRQDOPHQWH HO XVR GHO
VHUYLGRU:HE1HWVFDSH\1HW'LQDPLFV
(OVLVWHPD/RWXV1RWHVIXHGHVFDUWDGRKDFHXQSDUGHDxRVFRPRVROXFLyQGHPHQVD
MHUtDHQ ODFRPSDxtDSHURVHVROLFLWDUiDOiUHDGHVLVWHPDVVXFRQIRUPLGDGDQWHXQD
SRVLELOLGDG GH XWLOL]DFLyQ GH 'RPLQR FRPR VHUYLGRU GRFXPHQWDO ZHE \ GH ZRUNIORZ
SDUDVRSRUWDUHOVLVWHPDDGHVDUUROODU
0DQXDO GH3URFHGLPLHQWRV9HU
3iJLQD GH
-XOLR0LUy*XLOOpQ 3UR\HFWRV+LSHUPHGLD
02'(/2'(/6,67(0$'(,1)250$&,Ï1
7UDVODUHXQLyQFRQHO&OLHQWHVHGHWHUPLQDTXHIRUPDUiSDUWHGHOSUR\HFWRODIDVHGH
DQiOLVLV GH UHTXHULPLHQWRV \ GLVHxR GHO PLVPR GHELGR D TXH QR H[LVWH QLQJ~Q GRFX
PHQWR IRUPDO TXH GHWHUPLQH FRQ H[DFWLWXG ODV FDUDFWHUtVWLFDV GHO VLVWHPD ,QWUD1HW D
GHVDUUROODU (VWD IDVH GHO SUR\HFWR LQYROXFUDUi D SHUVRQDO GH GLIHUHQWHV iUHDV GH OD
FRPSDxtDGHO&OLHQWHTXHMXQWRFRQORVFRQVXOWRUHVGH/$$*(1&,$ GHVDUUROODUiQHO
GRFXPHQWRIRUPDOGHHVSHFLILFDFLRQHVGRFXPHQWRTXHVHUYLUiGHLQSXWSDUDODFRQIHF
FLyQGHOSODQGHSUR\HFWR\SUHVXSXHVWRGHWDOODGR
1R REVWDQWH \ DQWHV GH OD UHDOL]DFLyQ GH GLFKD IDVH HO &OLHQWH KD LQGLFDGR HQ OtQHDV
JHQHUDOHVODVFDUDFWHUtVWLFDVTXHGHEHUiFXPSOLUHOVLVWHPDTXHVHUHVXPHQDFRQWL
QXDFLyQ
6LVWHPDGHSXEOLFDFLyQGHVFHQWUDOL]DGR
&DGDGHSDUWDPHQWRGHEHSRGHUSXEOLFDU(QWUH\SXEOLFDGRUHV
0LOHVGHXVXDULRV
&ODVLILFDFLyQGHODGRFXPHQWDFLyQHQiUEROHVHtQGLFHV
&RQWUROGHYROXPHQGHORVGRFXPHQWRV
$FWXDOL]DFLyQDXWRPiWLFDGHtQGLFHV\WDEODVGHFRQWHQLGR
ËQGLFHSRUGLIHUHQWHVFULWHULRVDOIDEpWLFRJHRJUiILFRIHFKDV«
9tQFXORVHQWUHGRFXPHQWRV
$XWRFDGXFLGDG\DXWRDUFKLYR
)RUPDWRVKWPOZRUG\3')FRQFRQYHUVLyQDXWRPiWLFDHQWUHHOORV
)RUPDWRVGHFRQWHQLGRHVWiQGDUFDEHFHUDV\SLHV ORJRVIXHQWHV
*HVWLyQGHUROHV\XVXDULRVSDUDHODFFHVR$XGLWRUtD
(VWDGtVWLFDVGHODVSXEOLFDFLRQHVFDPELRVQXHYRV
,QIRUPHVGHODVSXEOLFDFLRQHVSRUIHFKDFDGXFLGDGQXHYRV
3HUVRQDOL]DFLyQSRUXVXDULRFRQWHQLGRHLGLRPD
0XOWLHQWLGDGHOPLVPRVLVWHPDVHUYLUiDGLIHUHQWHVFRPSDxtDV
3HUILOHVQLYHOHVGHDFFHVR\VHJXULGDG
=RQDS~EOLFD\SULYDGD
6RSRUWHGH:RUN)ORZ
$UTXLWHFWXUDTXHLQWHJUHDSOLFDFLRQHVWUDQVDFFLRQDOHV
6LVWHPDSDUDFRPXQLFDFLyQH[WHUQDDFRODERUDGRUHV([WUDQHW
6LVWHPDSDUDFRPXQLFDFLyQH[WHUQDD&OLHQWHV,QWHU1HW
$/7(51$7,9$67(&12/Ï*,&$6
'XUDQWHODUHXQLyQHO&OLHQWHVROLFLWDD/$$*(1&,$ H[SHULHQFLDVRVLVWHPDVVLPLODUHV
GHVDUUROODGRVDVtFRPRODVKHUUDPLHQWDV\VLVWHPDVTXH/$$*(1&,$ XWLOL]DUiSDUDOD
LPSOHPHQWDFLyQGHOD,QWUD1HW
6H KDFH XQD H[SOLFDFLyQ GHWDOODGD DO &OLHQWH GHO VLVWHPD GH SXEOLFDFLyQ XWLOL]DGR SRU
/$$*(1&,$ HQH[SHULHQFLDVSUy[LPDVGHVFULELHQGRWDQWRHOSURFHVRGHSXEOLFDFLyQ
TXHVLJXHQORVHGLWRUHVFRPRORVPHFDQLVPRVGHSHUVRQDOL]DFLyQGLVSRQLEOHVSDUDHO
XVXDULRDVtFRPRODDUTXLWHFWXUD\VLVWHPDVWHFQROyJLFRVXWLOL]DGRVSDUDHOOR
0DQXDO GH3URFHGLPLHQWRV9HU
3iJLQD GH
-XOLR0LUy*XLOOpQ 3UR\HFWRV+LSHUPHGLD
(VMXVWDPHQWHODWHFQRORJtDDELHUWDGHVHUYLGRUHV:(%$SDFKHVREUHSODWDIRUPDV/L
QX[MXQWRFRQSURJUDPDFLyQGHSiJLQDVGLQiPLFDVHQ3+3\DOPDFHQDPLHQWRGHOD
LQIRUPDFLyQHQ%DVHVGH'DWRV2UDFOHORTXHGHILQHODSULPHUDGHODVDOWHUQDWLYDVWHF
QROyJLFDV
6LELHQHVWDWHFQRORJtDSUHVHQWDLPSRUWDQWHVYHQWDMDVVREUHWRGRSDUDODLQWHJUDFLyQGHO
QXHYRVLVWHPDFRQHODFWXDO\HOXVRGHVLVWHPDVFRPSOHWDPHQWHDELHUWRV\HVWiQGD
UHVVtTXHFRPSRUWDHOXVRGHPLGGOHZDUHGHSXEOLFDFLyQSURSLRGH/$$*(1&,$SRU
OR TXH HO &OLHQWH GHVHD SRGHU HYDOXDU RWUDV DOWHUQDWLYDV WpFQLFDV TXH QR VLJQLILTXHQ
XWLOL]DUVLVWHPDVSURSLHWDULRVRGHVDUUROORVDPX\EDMRQLYHO\DPHGLGD
/DVHJXQGDDOWHUQDWLYDWHFQROyJLFDSDUDHOGHVDUUROORGHOD,QWUD1HWHVODXWLOL]DFLyQGH
DOJ~QSURGXFWRGHJHVWLyQGRFXPHQWDOGLVSRQLEOHHQHOPHUFDGR\/$$*(1&,$ SUR
SRQHODXWLOL]DFLyQGH'RPLQR/RWXV1RWHVFRPRVHUYLGRU:(%\VHUYLGRUGHODVDSOL
FDFLRQHVGHJHVWLyQGHGRFXPHQWDFLyQ/DVYHQWDMDVGHXWLOL]DUGLFKDWHFQRORJtDUHV
SHFWRODDQWHULRUVRQODSRVLELOLGDGGHGHVDUUROODUDSOLFDFLRQHVDGLFLRQDOHVHQOD,QWUD
1HW VREUH XQ VLVWHPD HVWiQGDU µGHIDFWR¶ FX\R FRQRFLPLHQWR SXHGH DGTXLULUVHIXHUD
GHOiPELWRGH/$ $*(1&,$$GHPiV\SDUDODFUHDFLyQGHDSOLFDFLRQHVDYDQ]DGDVGH
JHVWLyQGRFXPHQWDO\ :RUN)ORZ'RPLQRDSRUWDXQFRQMXQWRGHµVNLOOV¶TXHVLPSOLILFDQ
ODV WDUHDV GH GHVDUUROOR GH VRIWZDUH DO HVWDU GLVSRQLEOH D WUDYpV GH $3,V XQ Q~PHUR
LPSRUWDQWHGHIXQFLRQHVGHJHVWLyQGRFXPHQWDO
6HUi MXVWDPHQWH HO DQiOLVLV GH ORV UHTXHULPLHQWRV \ HO GLVHxR IXQFLRQDO GHO VLVWHPD
,QWUD1HWORTXHSHUPLWLUiHYDOXDUFRQPD\RUH[DFWLWXGFXDOHVODWHFQRORJtDPDVDGH
FXDGDDOSUR\HFWR\VXLPSDFWRHQHOFRVWHRUJDQL]DFLyQ\ UHFXUVRVQHFHVDULRVSDUDHO
&OLHQWH
/$$*(1&,$ QRKDGHVDUUROODGRKDVWDODIHFKDQLQJ~QVLVWHPDGHJUDQHQYHUJDGXUD
FRQWHFQRORJtD'RPLQRSHURVLTXHKDLPSOHPHQWDGRVROXFLRQHVSDUFLDOHVHQGLIHUHQ
WHV&OLHQWHV
352-(&73/$1
7HQLHQGRHQFXHQWDTXHXQSODQGHSUR\HFWRGHWDOODGRTXHLQFOXLUiHOSUHVXSXHVWR\
UHFXUVRVQRSRGUiUHDOL]DUVHKDVWDGLVSRQHUGHXQDVHVSHFLILFDFLRQHVGHWDOODGDVGHOD
,QWUD1HW VH HQXPHUDQ ODV DFWLYLGDGHV SUHYLVWDV HQ HO FRUWR SOD]R DQWHV GHO LQLFLR GHO
SUR\HFWR
$FWLYLGDG
5HXQLyQGH$SUR[LPDFLyQGHO3UR\HFWR
3URMHFW'HILQLWLRQ0HPRUiQGXP3'0
5HYLVLyQGHO3'0
$FHSWDFLyQGHO3'0
(VSHFLILFDFLRQHVGHO6LVWHPD
3ODQGH3UR\HFWR
$FHSWDFLyQGHOSUR\HFWR
,QLFLRGHOSUR\HFWR
5HFXUVRV
/$$*(1&,$
&OLHQWH
/$$*(1&,$
&OLHQWH
&OLHQWH
&OLHQWH/$$*(1
&,$
/$$*(1&,$
&OLHQWH
&OLHQWH /$ $*(1
)HFKD)LQ
1RY;;
1RY;;
1RY;;
1RY;;
'LF;;
'LF;;
'LF;;
(QH;;
0DQXDO GH3URFHGLPLHQWRV9HU
3iJLQD GH
-XOLR0LUy*XLOOpQ 3UR\HFWRV+LSHUPHGLD
&,$
/DVDFWLYLGDGHVDQWHULRUHVUHDOL]DGDVFRQUHFXUVRVGH/$$*(1&,$ VHUiQIDFWXUDGDV
RQRVHJ~QORVDFXHUGRVFRPHUFLDOHVGH/$$*(1&,$ FRQHO&OLHQWH
35(6838(672<5(&85626
(QHVWHSULPHUHVWDGLRGHGHILQLFLyQGHOSUR\HFWR\VLQKDEHUUHDOL]DGRODVHVSHFLILFD
FLRQHV GH OD ,QWUD1HW HV PX\ DYHQWXUDGR GDU XQ SUHVXSXHVWR SDUD OD UHDOL]DFLyQ GHO
SUR\HFWRDO&OLHQWH
1R REVWDQWH DO KDEHU VLGR VROLFLWDGR SRU pVWH \ GH IRUPD PHUDPHQWH RULHQWDWLYD VH
SUHVHQWDUi XQD DSUR[LPDFLyQ DO PLVPR FRQVLGHUDQGR OD SULPHUD GH ODV DOWHUQDWLYDV
WHFQROyJLFDVFRPRHVWLPDFLyQGHODLQYHUVLyQQHFHVDULDSDUDXQSUR\HFWRGHHVWHWLSR
GHVJORVDGRHQGRVIDVHVSRUVROLFLWXGGHO&OLHQWH
)DVH
,QFOXLUiHOGHVDUUROORGHODVHVSHFLILFDFLRQHVGHWDOODGDVHOGLVHxRGHOVLVWHPD\
HOGHVDUUROORGHODVIXQFLRQDOLGDGHVPtQLPDVGHOD,QWUD1HWTXHPHMRUHQODVGHO
VLVWHPDDFWXDO\SHUPLWDODSXEOLFDFLyQGHVFHQWUDOL]DGD
)DVH
,QFOXLUiWRGDVODVIXQFLRQDOLGDGHVDYDQ]DGDVGHJHVWLyQGRFXPHQWDOGHSHUVR
QDOL]DFLyQGHVHJXULGDG\GHLQWHJUDFLyQGHDSOLFDFLRQHVWUDQVDFFLRQDOHV
0DQXDO GH3URFHGLPLHQWRV9HU
3iJLQD GH
-XOLR0LUy*XLOOpQ 3UR\HFWRV+LSHUPHGLD
/LVWDGRGH9HULILFDFLyQ
1RWD HVWHOLVWDGROyJLFDPHQWH QRHVWDSUHYLVWRSDUDOHpUVHORDO3URVSHFWRDO&OLHQ
WHDPRGRGHLQWHUURJDWRULRVHWUDWDGHUHSDVDUORDOSUHSDUDUODVHQWUHYLVWDV\DVHJX
UDUVH GH TXH VH WRFDQ HQ ODV PLVPDV WRGRV ORV WHPDV TXH VHDQ UHOHYDQWHV SDUD HO
FDVR
/DVLJXLHQWHOLVWDGHSUHJXQWDVHVWiGHVWLQDGDDGHILQLUODWRWDOLGDGGHODVPHWDVGHWX
VLWHLQFOX\HQGRSUHJXQWDVHVSHFtILFDVGHFRQWHQLGR\IXQFLRQDPLHQWR3RUIDYRUFRQ
WHVWDFDGDXQDGHODVSUHJXQWDVGHXQPRGREUHYH\FODUR3RUIDYRUVLHVQHFHVDULR
DxDGHFXDOTXLHUFRPHQWDULRDGLFLRQDODOILQDOGHHVWHFXHVWLRQDULR
5(68/7$'26
¢4XpUHVXOWDGRVSLHQVDVTXHKDUiQGHHVWH:HE6LWHXQDLQYHUVLyQGHp[LWR"
0(16$-(
¢&XiOHVHOSULQFLSDOPHQVDMHTXHTXLHUHVKDFHUOOHJDUDWXDXGLHQFLDFRQHVWH6L
WH"
¢ 4XH PHWDV HVSHFtILFDV LQWHQWD DOFDQ]DU SULPRUGLDOPHQWH WX FRPSDxtD FRQ HO
QXHYR:HEVLWH"
¢&XiOHVVRQORVREMHWLYRVVHFXQGDULRV\PHWDVJOREDOHVTXHHVSHUDVFRQVHJXLU"
¢&XiOHVWXDXGLHQFLDREMHWLYR"(VGLIHUHQWHGHOSHUILOGHWXDFWXDO&OLHQWH"'HVFUt
EHORHQGHWDOOHVHJPHQWRVQ~PHURFDUDFWHUtVWLFDV
¢&XiO HV \R VHUi WX FRPSHWHQFLD GLUHFWD DKRUD \ HQ ORV SUy[LPRV GRV
DxRV"¢&yPRVHGLIHUHQFLDWX&RPSDxtDGHODFRPSHWHQFLD"
¢&XiOHVVRQODVUD]RQHVFODYHVSRUODVTXHORV&OLHQWHVHVFRJHQWXFRPSDxtD"
3(5&(3&,Ï1
8VD DGMHWLYRV SDUD GHVFULELU FRPR HO XVXDULR GHEHUtD SHUFLELU HO 6LWH HMHPSORV
FRQVHUYDGRUSURJUHVLVWDDJUDGDEOHIRUPDOLQIRUPDOVHULRSDUDH[SHUWRVFRQKXPRU
RULHQWDGRDOVHUYLFLRSURIHVLRQDOHWF
¢(VHVWRGLIHUHQWHTXHODSHUFHSFLyQGHODLPDJHQDFWXDO"
¢&XiOFUHHVTXHHVHOPD\RUUHWRSDUDWUDQVPLWLUWXLPDJHQDO&OLHQWH"
'HVFULEHFXDOTXLHUHOHPHQWRYLVXDORPXOWLPHGLDGHXQHVWLORYDOLGRGHHQWUHORV
H[LVWHQWHVHQPDWHULDOHVGHPDUNHWLQJRSDUDOHORV TXHFRQRFHV
¢&yPR VH SHUFLEH DFWXDOPHQWH D WX FRPSDxtD" ¢4XLHUHV WUDQVPLWLU HVH PLVPR
PHQVDMHDWUDYpVGHO:HEVLWH"
+D] XQD OLVWD ODV 85/ GH ORV VLWHV TXH HQFXHQWUHV LQWHUHVDQWHV ¢4Xp HV OR TXH
HQFXHQWUDVLQWHUHVDQWHGHHOORV"
+D]XQDOLVWDGHODV85/GHORVVLWHVGHODFRPSHWHQFLDHLQGLFDEUHYHPHQWHTXHWH
JXVWD\GLVJXVWDGHVXVVLWHV
$&&,Ï1
¢&XiOHVODDFFLyQSULQFLSDOTXHGHVHDUtDVTXHHOXVXDULRKLFLHUDDSDUWLUGHODSiJL
QDSULQFLSDOGHWX:HEVLWH"HMHPSORVEDMDUPDWHULDOKRMHDUODPRYHUVHSRUHOFDPLQR
HVSHFLILFDGRSHUFLELUXQDLPDJHQUHOOHQDUXQIRUPXODULRHQYLDUXQHPDLOFOLFNDUER
WyQOODPDUHWF
0DQXDO GH3URFHGLPLHQWRV9HU
3iJLQD GH
-XOLR0LUy*XLOOpQ 3UR\HFWRV+LSHUPHGLD
¢&XiOHVODDFFLyQSULQFLSDOTXHGHVHDUtDVTXHHOXVXDULRKLFLHUDDQWHVGHDEDQGR
QDUWX:HEVLWH"¢(VODPLVPDDFFLyQ"6LQRGHVFULEHSRUTXp
¢4XpHOHPHQWRVVRQDTXHOORVFODYHTXHGHVHDUtDVTXHHVWXYLHUDQGLVSRQLEOHVSDUD
HOXVXDULRHQFDGDSiJLQD"(MHPSORVXQPDSDGHQDYHJDFLyQPDLOWRSDUDFRQWDFWDU
JUiILFRVHQPRYLPLHQWRVRQLGRVHWF
&217(1,'2
¢6H XWLOL]DUi HQ HVWH 6LWH FRQWHQLGR H[LVWHQWH" (Q HVH FDVR FXiO HV OD IXHQWH \
TXLpQHVUHVSRQVDEOHGHODDSUREDFLyQ6LQR¢VHFUHDUiHOFRQWHQLGRLQWHUQDPHQWHR
XWLOL]DQGRXQSURYHHGRUH[WHUQR"
¢&XiOHVODHVWUXFWXUDEiVLFDGHOFRQWHQLGR\FyPRVH RUJDQL]D"
¢4XpHOHPHQWRVYHVFRPRJOREDOHVRTXHGHEDQDSDUHFHUHQFDGDSiJLQDGHOVLWH"
(MHPSORVXQGLVHxRWRWDOPHQWHFRQHFWDGRFRQYXHVWUDLPDJHQFRUSRUDWLYDGHWHUPL
QDGDVWRQDOLGDGHVGHFRORUXQVLVWHPDGHQDYHJDFLyQGHVWDFDGRHWF
7(&12/2*Ë$
¢&XiOVHUiODSODWDIRUPDGHORVXVXDULRVGHYXHVWUD:HE"0DTXLQDV1DYHJDGR
UHVUHVROXFLyQGHSDQWDOODVGHILQLFLyQGHFRORUDQFKRGHEDQGDSURPHGLRHWF
¢+D\ DOJXQD WHFQRORJtD HVSHFtILFD TXH WH JXVWDUtD XWLOL]DU" (Q HVH FDVR FyPR
DIHFWDDODH[SHULHQFLDGHOXVXDULR"3RUIDYRUGHVFUtEHORGHWDOODGDPHQWH
¢7HQGUiVTXHXWLOL]DUEDVHVGHGDWRV"¢7LHQHV\DEDVHVGHGDWRVLQVWDODGDV"3RU
IDYRUGHVFUtEHORGHWDOODGDPHQWHLQFOX\HQGRLQIRUPDFLyQHVSHFtILFDVREUHSURJUDPDV
\VRIWZDUH
¢1HFHVLWDUiVUHDOL]DUWUDQVDFFLRQHVVHJXUDV"3RUIDYRUGHVFUtEHORGHWDOODGDPHQWH
¢+DVGHWHUPLQDGRDOJXQDFRPSDxtDHVSHFLILFDSDUDDOEHUJDUHOZHE6LWH"
0$5.(7,1*'(/$&203$fË$<&2081,&$&,Ï1'(/6,7(
'HIRUPDUHVXPLGDFXiOHVVRQODVPHWDVGHPDUNHWLQJDFRUWRSOD]RHQORVSUy[L
PRVDxRV"
¢(QTXHPHGLGDD\XGDUiHVWH:HEVLWHDFRQVHJXLUWXVPHWDV"
¢7LHQHVHQPHQWHXQDHVWUDWHJLDGHPDUNHWLQJSODQHDGDRH[LVWHQWHSDUDHVWHVLWH"
(QHVHFDVRSRUIDYRUGHVFUtEHOD
¢&XiO FRQVLGHUDV TXH HV SDUD WL HO SULQFLSDO SUREOHPD GH WX QHJRFLR" HMHPSORV
FDPELDULPDJHQDXPHQWDU&OLHQWHVSURPRYHUODFRPSDxtDHWF
¢4XpSRVLEOHVPpWRGRVGHGLIXVLyQGHOD85/GHYXHVWUR6LWHVRQXWLOL]DEOHVHQOD
FRPSDxtD" PDLOLQJ DQXQFLRV HQ SUHQVD FLUFXODUHV LQWHUQDV PDWHULDO GH SDSHOHUtD
HWF
¢7LHQHVODLQWHQFLyQGHPDQWHQHUHO6LWHDFWXDOL]DGR"(QHVHFDVR¢FDGDFXiQWR"
¢4XLpQHVHOUHVSRQVDEOHGHDFWXDOL]DU\SURYHHUGHFRQWHQLGR"¢TXpSDUWHVGHOD:HE
VHGHEHUiQUHQRYDUSHULyGLFDPHQWH"
$'0,1,675$&,Ï1
¢&XiOHVVRQORVSULQFLSDOHVFRQWDFWRVGHWXRUJDQL]DFLyQ\TXLpQWLHQHODDSURED
FLyQILQDOGHOSUR\HFWR"3RUIDYRUKD]XQDOLVWDFRQORVQRPEUHVFDUJRVGLUHFFLRQHV
GHFRUUHRHOHFWUyQLFR\Q~PHURVGHWHOpIRQRHQFDVRGHVHUQHFHVDULR
¢&XiOHVODIHFKDSUHYLVWDGHODQ]DPLHQWRGHHVWHVLWH"¢&XiOHVVRQORVIDFWRUHV
TXHDIHFWDQHVWDIHFKDGHHQWUHJD"
¢7LHQHVHOQRPEUHGHOGRPLQLRHQPHQWH"¢<DHVWiUHJLVWUDGR"
0DQXDO GH3URFHGLPLHQWRV9HU
3iJLQD GH
-XOLR0LUy*XLOOpQ 3UR\HFWRV+LSHUPHGLD
¢&XiOHVVRQODVOLPLWDFLRQHVGHSUHVXSXHVWR"¢3XHGHHVWHSUR\HFWRUHDOL]DUVHHQ
IDVHVSDUDD\XGDUDFRQVHJXLUWXVREMHWLYRV"
&20(17$5,26$',&,21$/(6
0DQXDO GH3URFHGLPLHQWRV9HU
3iJLQD GH
-XOLR0LUy*XLOOpQ 3UR\HFWRV+LSHUPHGLD
6LHWHHOHPHQWRVGHXQDWRPDGHGDWRVHILFD]
1ROHVREUDHOWLHPSRQLD&KURGHVQLDO&OLHQWHSRUWDQWRHVLPSRUWDQWHTXHODVKRUDV
GH UHXQLyQ TXH VH PDQWHQJDQ FRQ pO VHDQ OR PiV SURGXFWLYDV SRVLEOH SDUD HOOR HV
EXHQR UHSDVDU \ DSOLFDU HVWRV VLHWH SXQWRV FRP~QPHQWH DFHSWDGRV FRPR ~WLOHV SDUD
ORJUDUTXHHVWRVHDDVt
D 3UHJXQWDUWRGRDTXHOORTXHFRQVLGHUDPRVLPSRUWDQWHVREUHHOSUR\HFWRHVWRLP
SOLFDOOHYDUSUHSDUDGDODUHXQLyQGHDQWHPDQR
E (VFXFKDUFRQORVFLQFRVHQWLGRVWRGR ORTXHGLFHHO&OLHQWH\DTXHKDVWDTXHQR
VHHVWDWRWDOPHQWHIDPLOLDUL]DGRFRQHOSUR\HFWRQRVHGLVSRQHUHDOPHQWHGHFULWH
ULRSDUDGLVFULPLQDU³ORLPSRUWDQWH´GH³ORDFFHVRULR´
F (QWHQGHU ELHQWDQWRORTXHGLFHHO&OLHQWHFRPRORTXHTXLHUHGHFLUQRVLHPSUH
FRLQFLGHSDUDHOORQRGXGDUHQLQWHUUXPSLUOHFXDQGRVHDQHFHVDULRFRQIUDVHVGHO
WLSR³YHDPRVVLKHHQWHQGLGRELHQORTXHTXLHUHGHFLUH[SUHVDUDTXtFRQQXHV
WUDVSDODEUDVHOFRQFHSWRTXHDFDEDGHWUDQVPLWLUHO&OLHQWHGHXQPRGRRVFXUR
¢HVHVWR"´
G $QRWDU FRQODPD\RUSUHFLVLyQWRGRORLPSRUWDQWHGHORTXHVHKDEODHQHVWDVUHX
QLRQHV SDUD HOOR HV EXHQR OOHYDU SUHSDUDGD XQD FRSLRVD FDQWLGDG GH IROLRV HQ
EODQFR1RLPSRUWD TXHSDUWHORTXHVHDQRWHSXHGDHVWDUGHRWURPRGRHQOD'R
FXPHQWDFLyQTXHGLVSRQHPRVGHO&OLHQWHSUHFLVDPHQWHQRVUHXQLPRVFRQpOHQWUH
RWUDVFRVDVSDUDFDSWDUORV~OWLPRVGHVDUUROORV\ORVPDWLFHVTXHQRVHVXHOHQHQ
FRQWUDUHQHOPDWHULDOSXEOLFDGR7DPSRFRLPSRUWDHQHVWHSXQWRSHGLUHYHQWXDO
PHQWHXQRVLQVWDQWHVSDUDWHUPLQDUGHDQRWDUXQDSDODEUDRXQGDWRHO&OLHQWHKD
GHHQWHQGHUTXHHOORIRUPDSDUWHGHQXHVWURWUDEDMR
H 5HSDVDU GH LQPHGLDWR WRGR OR HVFULWR SUHFLVDQGR HO VHQWLGR GH DOJXQDV IUDVHV
FRPSOHWDQGRRWUDVFRQGDWRVTXHDXQVHUHFXHUGDQILMDQGRLGHDVHQHOPRPHQWR
HQ TXH ODV WHQHPRV IUHVFDV HQ OD FDEH]D HWF UHDOL]DU HVWD PLVPD WDUHD XQDV
KRUDVPDVWDUGHUHGXFHH[SRQHQFLDOPHQWHVXHILFDFLD
I &RPSUREDU FRQ HO &OLHQWH DTXHOOR TXH QR QRV KD\D SRGLGR TXHGDU FODUR WUDV GH
HVWHUHSDVRHVFXHVWLyQGHDQRWDUORFRPRSUHJXQWDDUHDOL]DUDO&OLHQWH\ORDQWHV
SRVLEOHFRQWDFWDUFRQpOSRUWIRPDLOSDUDSHGLUOHHVWDVDFODUDFLRQHVFRQHOORQR
KDFHPRVVLQRGHPRVWUDUOHTXHQXHVWURLQWHUpVSRUVXSUR\HFWRHVUHDO
J 3HQVDUHQWRGRORKDEODGRXQDYH]WHQJDPRVWRGRVORVGDWRVGHOPLVPRPRGR
TXHQRSRGHPRVGHFLUTXHHVWDPRVIDPLOLDUL]DGRVFRQXQOXJDUFRQHOPHURKHFKR
GHKDEHUOHGDGRXQDKRMHDGDDOSODQRVLQRFXDQGRORKHPRVUHFRUULGRHQVXVP~O
WLSOHVLWLQHUDULRVWDPSRFRKDEUHPRV³HQWUDGR´HQHOQHJRFLRGHO&OLHQWHKDVWDTXH
QR OR KD\DPRV UHSDVDGR UHSHWLGDV YHFHV PHQWDOPHQWH GHVGH VXV GLVWLQWRV HQIR
TXHV6LQROYLGDUTXHHQHVWDWDUHDHO&OLHQWHQRVOOHYDPXFKDYHQWDMD
0DQXDO GH3URFHGLPLHQWRV9HU
3iJLQD GH
-XOLR0LUy*XLOOpQ 3UR\HFWRV+LSHUPHGLD
3URSXHVWDGHVHUYLFLRV
(QHVWHDQH[RVHPXHVWUDXQVHQFLOORHMHPSORRULHQWDWLYRGHODVSDUWHVVXVWDQFLDOHVGH
OD3URSXHVWDGH6HUYLFLRV6HGDUiQFDVRVGH3URVSHFWVTXHSUHFLVHQXQDH[SOLFDFLyQ
PiV GHWDOODGD GH QXHVWURV VHUYLFLRV HV LPSRUWDQWH DYHULJXDU HQ ODV FRQYHUVDFLRQHV
SUHYLDVDODUHGDFFLyQGHOD3URSXHVWDFXDOKDGHVHUHOJUDGRGHGHWDOOHPiVDGHFXD
GRSDUDFDGDFDVR
(YHQWXDOPHQWH DGHPiV GH OR TXH VLJXH HV SRVLEOH TXH KD\D TXH WUDWDU WDPELpQ HO
HQIRTXHGHWHPDVFRPR0RGRVGHSRWHQFLDUHOXVRGHO :HE6LWH&500HGLFLyQGH
5HVXOWDGRV+RVWLQJ0DQWHQLPLHQWRHWF
%DVHVGH3DUWLGD
;[[[[[ HV XQD HPSUHVD GHGLFDGD D OD IDEULFDFLyQ \ GLVWULEXFLyQ GH SDYLPHQWRV \
UHYHVWLPLHQWRV FHUiPLFRV FRQ DxRV GH H[LVWHQFLD \ P GH LQVWDODFLRQHV
GHVWLQDGDVDVXV DFWLYLGDGHV
/D FRPHUFLDOL]DFLyQ GH VXV SURGXFWRV VH UHDOL]D D WUDYpV GH XQRV GLVWULEXLGRUHV
UHSDUWLGRVSRUWRGRHOPXQGR\HQODGHFLVLyQGHFRPSUDLQWHUYLHQHQSUHVFULSWRUHVGHO
WLSR$UTXLWHFWRV'HFRUDGRUHV\3HTXHxRV&RQWUDWLVWDV7DPELpQUHDOL]D YHQWDVDWUD
YpVGH*UDQGHV&XHQWDVSULQFLSDOPHQWH&RQVWUXFWRUDVGHHQYHUJDGXUD
(QODDFWXDOLGDGODRIHUWDGH;[[[[[VHHVWiSRVLFLRQDQGRFRPRXQDHTXLOLEUDGDVROX
FLyQHQWUHXQQLYHOGHFDOLGDGDOWR\XQRVSUHFLRVFRQWHQLGRV\UD]RQDEOHVDxDGLHQGR
DWRGRHOORODFRPSRQHQWHGHVHUYLFLRGLVSRQLELOLGDGHVGHVWRFNIOH[LELOLGDGILDELOLGDG
GHVXPLQLVWURVHWFODFXDOFDGDGtDVXSRQHXQIDFWRUPiVLPSRUWDQWHHQHVWHQHJR
FLR
;[[[[[VHSODQWHDVXSUHVHQFLDHQ,QWHUQHWHQWpUPLQRVGHORJUDUHQXQDSULPHUDID
VHXQDDGHFXDGDSUR\HFFLyQHQORV+LSHUPHGLDGHORTXHVXSRQHOD&RPSDxtD\HQ
XQDVHJXQGDIDVHHQODPHGLGDHQTXHVHFRPSOHWHODLPSODQWDFLyQGHVXVQXHYRV
VLVWHPDV GH WUDWDPLHQWR GH OD LQIRUPDFLyQ \ HQ OD PHGLGD GH TXH HO FRQFHSWR GH OD
FRPXQLFDFLyQ D WUDYpV GH OD 5HG VH GLIXQGD OR PiV SRVLEOH HQWUH VXV HPSOHDGRV
ORJUDUGHQVLILFDUHOFRQWDFWRFRQVXV&OLHQWHVWRGRORTXHDFRQVHMHVXVHFWRUHPSUHVD
ULDO HQ OR UHODWLYR D WHPDV FRPR JHVWLyQ GH SHGLGRV JHVWLyQ GH OD ILGHOL]DFLyQ GH
&OLHQWHVPDUNHWLQJRQHWRRQHHWF
(Q HVWD 3URSXHVWD GH 6HUYLFLRV QRV YDPRV D FHQWUDU HQ OD 3ULPHUD )DVH HQWHQGLGD
pVWDFRPRHOSUR\HFWRFX\Rp[LWRKDEUiGHSRVLELOLWDUHOLQLFLRYLJRURVRGHODVHJXQGD
IDVH
2EMHWLYRV
(QEDVHDORWUDWDGRKDVWDHOPRPHQWRHQWHQGHPRVTXH;[[[[[FRQHVWDLQYHUVLyQ
VHSODQWHDORVVLJXLHQWHVREMHWLYRV
3HUPLWLUODSUHVHQWDFLyQGHOSURGXFWRHQVXVGRVYHUWLHQWHVVLVWHPiWLFDGHSURGXF
WRV\FRPRLQWHJUDQWHVGHXQDGHWHUPLQDGDJDPDGHDPELHQWHVLQWHUFRQHFWDQGR
0DQXDO GH3URFHGLPLHQWRV9HU
3iJLQD GH
-XOLR0LUy*XLOOpQ 3UR\HFWRV+LSHUPHGLD
HVWDVGRVIyUPXODV\SHUPLWLHQGRHODFFHVRDODVFDUDFWHUtVWLFDVWpFQLFDVGHFDGD
XQRGHORVSURGXFWRVGHVGHFXDOTXLHUSXQWRHQGRQGHHVWRVVHHQFXHQWUHQ
'LVSRQHUGHXQVLVWHPDGHDOLPHQWDFLyQGHODEDVHGHGDWRVTXHVXUWDGHLQIRUPD
FLyQJUiILFD\WH[WXDODORDQWHULRUGHWDOHVFDUDFWHUtVWLFDVTXHOHSHUPLWDXQGREOH
REMHWLYRSRUXQODGRHQHVWDSULPHUDIDVHPDQWHQHUPDQXDOPHQWHDOGtDODLQIRU
PDFLyQGHSURGXFWRVGHO6LWHPHGLDQWHXQVLVWHPDGHLQWURGXFFLyQGHGDWRVVHQFL
OOR \ SRU RWUR ODGR HQ OD VHJXQGDIDVH DQWHV PHQFLRQDGD SRGHU DOLPHQWDU HVWDV
EDVHVGHGDWRVGHXQPRGRPiVDXWRPDWL]DGRFRQODLQIRUPDFLyQSURFHGHQWHGH
ORVVLVWHPDVTXHSUR\HFWDLPSODQWDU
8QRGHORVHIHFWRVSRVLWLYRVTXHVHORJUDUtDFRQORDQWHULRUHVSRGHULQIRUPDUGH
ODVQXHYDVFROHFFLRQHVFRQPD\RUFDGHQFLDTXHODTXHSHUPLWHODHGLFLyQGHFDWi
ORJRVHQSDSHOMXVWLILFDQGRGHHVWHPRGRXQDPD\RUUHJXODULGDGHQODSURGXFFLyQ
GHORVPLVPRV
4XHHO6LWHGH;[[[[[GLVSRQJDGHXQD]RQDGHVWLQDGDDSUHVFULSWRUHVFRQDWUDFWL
YR SDUD ORV PLVPRV WLSR FRQFXUVRV GH GLVHxR QRWLFLDV GH OD YHUWLHQWH DUWtVWLFD \
WpFQLFDGHOVHFWRUHWF
4XHHO6LWHGH;[[[[[VLUYDSDUDWHVWHDUORVSURGXFWRVGLVHxRVIRUPDWRVDFDED
GRVHWFPHGLDQWHXQDHVWUDWHJLDGHSUHJXQWDVDOYLVLWDQWHVREUHWRGRORTXHYD
YLHQGR
(VWXGLDUVLVWHPDVGHILGHOL]DFLyQPHGLDQWHXQWUDWDPLHQWRVLQJXODUL]DGRGHORVGLV
WULEXLGRUHV GHVWDFDGRV PHGLDQWH SRU HMHPSOR VX LQFOXVLyQ HQ HO ORFDOL]DGRU GH
SXQWRVGHYHQWD;[[[[[
+DFHU DFFHVLEOH GHVGH LQWHUQHW XQD SUHVHQWDFLyQ GH OD &RPSDxtD TXH SRQJD GH
PDQLILHVWRVXVIRUWDOH]DV
3URPHVDGHYDORU³FDOLGDGDOWDFRQSUHFLRVUD]RQDEOHVMXQWRFRQXQEXHQVHU
YLFLR´
&DOLGDGGHSURGXFFLyQYLVLWDYLUWXDOGHODIDEULFDKRPRORJDFLRQHVRILFLDOHV
,62HWF
+LVWRULDHKLWRVVLJQLILFDWLYRVHQTXHDVSHFWRVKDVLGRSLRQHUDFXDOKDVLGR
VXGHVDUUROORHWF
&RPSURPLVRFRQHOPHGLRDPELHQWHYHUWLGRFHURHWF
$FFHVLELOLGDGGHVXHTXLSRKXPDQRTXHTXLHUHHVWDUPiVFHUFDGHVXV&OLHQWHV
DWUDYpVGHO6LWH
(VWXGLDU HYHQWXDOHV EHQHILFLRV PDUFDULRV PDUJLQDOHV HQ EDVH D FRQWHQLGRV TXH
SRGUtDQ LPSDFWDU HQ RWURV FROHFWLYRV YLQFXODGRV FRQ OD HPSUHVD GLVWLQWRV GH ORV
&OLHQWHV\SUHVFULSWRUHVFRPRSRUHMHPSORHPSOHDGRVGHODFRPSDxtDSURYHHGR
UHVSREODGRUHVGHOD]RQDJHRJUiILFDGRQGHVHHQFXHQWUDXELFDGDOD&RPSDxtD
HWF
0DQXDO GH3URFHGLPLHQWRV9HU
3iJLQD GH
-XOLR0LUy*XLOOpQ 3UR\HFWRV+LSHUPHGLD
(QIRTXH3URSXHVWR
6HJXLGDPHQWHSURFHGHPRVDH[SOLFDUOHVFRPRYHPRVTXHSRGUtDPRVDERUGDUDSDVLR
QDQWH WUDEDMRTXH 8GV VH SURSRQHQ OOHYDU D FDER (Q EDVH D QXHVWUD H[SHULHQFLD HQ
WUDEDMRVVLPLODUHVOHVSURSRQHPRVGLYLGLUHOWUDEDMRHQ ODVVLJXLHQWHVGRVHWDSDV
3UR\HFWR
(QODTXHGHILQLUHPRVWUDEDMDQGRFRODERUDWLYDPHQWHFRQ8GVORVFRQWHQLGRV
ODHVWpWLFD\IXQFLRQDOLGDGHVGHO6LWHORVXILFLHQWHFRPRSDUDREWHQHUXQDHVWL
PDFLyQHFRQyPLFD\GHSOD]RVILDEOH
(MHFXFLyQ
(QODTXHVH GHVDUUROODUiHO3UR\HFWRFRQDUUHJORDODVGHILQLFLRQHVHVWDEOHFL
GDVHQODHWDSDDQWHULRUXQDYH]HVWHPRVELHQVHJXURVGHTXHORSUR\HFWDGR
UHVSRQGHSOHQDPHQWHDVXVQHFHVLGDGHV
4XHUHPRVVLJQLILFDUOHVODVVLJXLHQWHVYHQWDMDVGHOVLVWHPDSURSXHVWR
(QODHWDSDGH3UR\HFWRWUDEDMDQGRGHXQPRGRLQWHUDFWLYRHLWHUDWLYRHQXQWLHP
SR UD]RQDEOHPHQWH EUHYH DPEDV SDUWHV SRGUHPRV LQWHUFDPELDU OD QHFHVDULD LQ
IRUPDFLyQ\PDGXUDUODPLVPDORVXILFLHQWHFRPRSDUDTXHODVGHILQLFLRQHVDODV
TXHOOHJXHPRVVXSRQJDQODPiVDGHFXDGDVtQWHVLVHQWUHVXFRQRFLPLHQWRGHOQH
JRFLRGH;[[[[[\QXHVWURFRQRFLPLHQWRGHO0HGLR,QWHUQHW
$QDOL]DUODVGLVWLQWDVDOWHUQDWLYDVDQLYHOSUHOLPLQDUHQVXVWUHVGLPHQVLRQHVDOFDQ
FHFRVWR\SOD]RHVHOPHMRUPRGRSDUDORJUDUDGHFXDUODVH[SHFWDWLYDVGHOSUR
\HFWRFRQORVUHVXOWDGRVILQDOHV
(OFRVWRTXHVXSRQHODUHGDFFLyQGHO3UR\HFWRQRHVXQDFDQWLGDGVHJUHJDGDGHO
FRQMXQWR GHO WUDEDMR VLQR TXH IRUPD SDUWH GH pO FRQ OD SDUWLFXODULGDG GH TXH HO
KHFKRGHDGHODQWDUODWDUHDGHUHDOL]DUGHILQLFLRQHVTXHGHEHUtDKDFHUVHGHFXDO
TXLHU PRGR QRV SHUPLWH D WRGRV XQD PD\RU YLVLyQ GH FRQMXQWR GHO WUDEDMR \ D
8GVHQSDUWLFXODUXQDLQIRUPDFLyQILDEOH\WHPSUDQDGHFRVWRV\SOD]RVPX\YDOLR
VDFDUDDODWRPDGHGHFLVLRQHV
6HJXLGDPHQWHSDVDPRVDGHVFULELUFRQPDVGHWDOOHFDGDXQDGHODVGRVHWDSDVHQX
PHUDGDV
6HFXHQFLDGH$FWLYLGDGHV
'HVGH OD HODERUDFLyQ GHO 3UR\HFWR KDVWD OD HQWUHJD GHO 6LWH \ VX SXHVWD HQ PDUFKD
UHDOL]DUHPRVODVVLJXLHQWHVDFWLYLGDGHV
(ODERUDFLyQGHO3UR\HFWR
&RPSUHQGHORVLJXLHQWH
0DQXDO GH3URFHGLPLHQWRV9HU
3iJLQD GH
-XOLR0LUy*XLOOpQ 3UR\HFWRV+LSHUPHGLD
5HXQLyQGH/DQ]DPLHQWR4XLFNRII0HHWLQJ
5HDOL]DUHPRVXQDUHXQLyQFRQ8GVHQODTXHVHYDOLGDUiQORVWpUPLQRVGHHVWD3UR
SXHVWD\VHGHILQLUiQODVSHUVRQDVSURFHGLPLHQWRV\IOXMRGHLQIRUPDFLyQDVHJXLUSDUD
HOGHVDUUROORGHO7UDEDMR
(QFRQFUHWROHVSUHVHQWDUHPRVODVSHUVRQDVGHH0DUNHWLQJ\(VWUDWHJLD\GH'LVHxR
TXHVHUiQUHVSRQVDEOHVGHOWUDEDMRFRQMXQWRFRQ8GVSDUDODUHDOL]DFLyQGHODHWDSD
GHUHGDFFLyQGHO3UR\HFWR\HO'LUHFWRUGH3UR\HFWRTXHVHKDUiFDUJRGH FRRUGLQDU
ORVWUDEDMRVWDQWRHQHVWDHWDSDFRPRHQODGHHMHFXFLyQ
$VLPLVPRSUHYHPRVTXH8GVQRVLQGLFDUiQODSHUVRQDTXHVHKDJDFDUJRGHOSUR\HFWR
SRU SDUWH GH ;[[[[[ VLHQGR QXHVWUR LQWHUORFXWRU \ UHFROHFWDQGR OD LQIRUPDFLyQ
SHUWLQHQWHGHORVGLVWLQWRVGHSDUWDPHQWRVLPSOLFDGRVHQODHPSUHVD
(VWDEOHFHUHPRVWDPELpQHQHVWDUHXQLyQHOSODQGHUHGDFFLyQGHOSUR\HFWRGHILQLHQGR
ORVKLWRV\UHXQLRQHVTXHLPSOLFDUiHVWDHWDSD
'LVHxR&RQFHSWXDOGHO6LWH
3XHVELHQHQEDVHDORDQWHULRUHVWDEOHFHUHPRVPiVHQFRQFUHWRORVREMHWLYRVJHQH
UDOHV\SDUWLFXODUHVGHO6LWH$QiOLVLVGHORVSXQWRVDQWHULRUHV7DUJHWV&RQH[LyQFRQ
HOPDUNHWLQJPL[GHOD&RPSDxtD,PDJHQSUHWHQGLGDIXQFLRQDOLGDGHVHWF\FRQVL
JXLHQWHPHQWH GHILQLUHPRV D QLYHO FRQFHSWXDO WRGRV ORV FRQWHQLGRV TXH LQFOXLUi HO
6LWH VX MHUDUTXtD HVTXHPD SULPDULR GH OLQNV FRQ HO TXH LQWHUDFFLRQDUiQ XQRV FRQ
RWURVDSOLFDWLYRVDVRFLDGRV\VLVWHPDVGHDFWXDOL]DFLyQGHODLQIRUPDFLyQ
(VWDSULPHUDGHILQLFLyQVHHVWXGLDUiFRQMXQWDPHQWHFRQ8GVKDVWDREWHQHUVXDSURED
FLyQ
$VLPLVPRHQEDVHDOSODQHVWDEOHFLGRHQHVWDDFWLYLGDG8GVWHQGUiQXQDLGHDGHOD
SUDFWLFD WRWDOLGDG GH ODV DSRUWDFLRQHV TXH ;[[[[[ GHEHUi UHDOL]DU HQ SDUDOHOR FRQ
QXHVWURWUDEDMRGHILQLFLRQHVFRQFHSWXDOHVIRWRJUDItDVRUJDQLJUDPDVWH[WRVHWF
(VWXGLRFXDQWLWDWLYR\FXDOLWDWLYRGHO6LWH
(QEDVHDORHVWDEOHFLGRHQHODSDUWDGRDQWHULRUVHGHILQLUiQWH[WXDOPHQWHGHIRUPD
SUHOLPLQDU OD H[WHQVLyQ\ FDUDFWHUtVWLFDV GH FDGD XQR GH ORV DSDUWDGRVFRQFHSWXDOHV
GHO6LWHWLSR GHGLVHxRQ~PHURGHSDQWDOODVWHFQRORJtDVLQWHUDFWLYDVDXWLOL]DUIODVK
TXLFNWLPHHWFQHFHVLGDGHVGHKRVSHGDMH\XQDSULPHUDDSUR[LPDFLyQGHFRVWHGH
ODVSRVLEOHVVROXFLRQHVHQEDVHDHVWHDOFDQFHSUHOLPLQDUHVWDEOHFLGRSDUDORVWUDED
MRV
(Q EDVH D HVWD LQIRUPDFLyQ GLVFULPLQDUHPRV FRQMXQWDPHQWH OD DOWHUQDWLYD ySWLPD HQ
FRQVRQDQFLDFRQORVREMHWLYRVHVWDEOHFLGRVSDUDHOSUR\HFWR
0DQXDO GH3URFHGLPLHQWRV9HU
3iJLQD GH
-XOLR0LUy*XLOOpQ 3UR\HFWRV+LSHUPHGLD
'LVHxR)RUPDOGHO6LWH
8QDYH]KD\DPRVGHILQLGRWRGRORDQWHULRUSURFHGHUHPRVDGHILQLUORVDVSHFWRVJUiIL
FRV \ DXGLRYLVXDOHV \ IXQFLRQDOHV D QLYHO GH ERFHWRV VWRU\ ERDUGV \ GLDJUDPDV GH
IXQFLRQDPLHQWRGHORVDSOLFDWLYRVTXHVHHQFRQWUDUiQLQFOXLGRVHQHOVLWH
$HVWHQLYHOHVWXGLDUHPRVHOHPHQWRVFRPR
,PDJHQ
'LDJUDPDVGHQDYHJDFLyQ
)DFLOLGDGGHDSUHQGL]DMH\XVR
$FXHUGR GH ORV LWLQHUDULRV DXGLRYLVXDOHV GHO 6LWH FRQ VXV REMHWLYRV GH FRPXQLFD
FLyQ
(UJRQRPtDGHSDQWDOODVGHORVDSOLFDWLYRV
(WF
(VWLPDFLyQHFRQyPLFD
(QEDVHDWRGDVODVGHILQLFLRQHVDQWHULRUHVUHDOL]DUHPRVODHVWLPDFLyQHFRQyPLFDGH
ORVWUDEDMRVSUR\HFWDGRV0HGLDQWHHVWDPHWRGRORJtDGHWUDEDMRHQWpUPLQRVHVWDGtVWL
FRVHVWDVHVWLPDFLRQHVWLHQHQXQDSUHFLVLyQGH XQ
(Q HVWH SXQWR 8GV KDEUiQ SRGLGR HYDOXDU ODV SRVLEOHV DOWHUQDWLYDV FRQ HO VXILFLHQWH
JUDGRGHGHWDOOHFRPRSDUDFRQILJXUDUODVROXFLyQRSWLPDDVXVQHFHVLGDGHV
(VWLPDFLyQGH3OD]R
8QDYH]KD\DPRVGHILQLGRDQLYHOSUHOLPLQDUORVFRQFHSWRVPiVUHOHYDQWHVGHOSUR\HF
WR VH KD\DQ WRPDGR ODV GHFLVLRQHV IXQGDPHQWDOHV \ 8GV QRV KD\DQ DSRUWDGR XQD
SDUWHVXVWDQFLDOGHWRGDODGRFXPHQWDFLyQQHFHVDULDSRGUHPRVHODERUDUXQSODQQLQJ
DMXVWDGRSDUDODUHDOL]DFLyQGHORVWUDEDMRVGHODVLJXLHQWHHWDSD(MHFXFLyQ
(QWUHJDGHO3UR\HFWR
7RGDODLQIRUPDFLyQHODERUDGDHQORVDSDUWDGRVDQWHULRUHVVHUiUHFRSLODGDHQXQGR
FXPHQWRTXHOHVVHUiHQWUHJDGRSDUDVXDSUREDFLyQVLSURFHGHHVGHFLUFRPR\DOHV
KHPRV FRPHQWDGR QR FRPHQ]DUHPRV OD IDVH GH HMHFXFLyQ KDVWD TXH HVWHPRV ELHQ
VHJXURVGHTXHORSUR\HFWDGRUHVSRQGHDVXVQHFHVLGDGHV
(MHFXFLyQ
8QDYH]FRQWHPRVFRQVXDXWRUL]DFLyQLQLFLDUHPRVORVWUDEDMRVGHHMHFXFLyQFRQDUUH
JORDOSODQQLQJHVWDEOHFLGRHQHODSDUWDGRDQWHULRU
(QHVWRVWUDEDMRVDVXPLUiODUHVSRQVDELOLGDGHMHFXWLYDHO'LUHFWRUGH3UR\HFWRDVLJQD
GRDHVWHWUDEDMRHVWDSHUVRQDKDEUiWHQLGRHQODIDVHGHHODERUDFLyQGHOSUR\HFWRHO
0DQXDO GH3URFHGLPLHQWRV9HU
3iJLQD GH
-XOLR0LUy*XLOOpQ 3UR\HFWRV+LSHUPHGLD
JUDGRGHSDUWLFLSDFLyQQHFHVDULDFRPRSDUDSRGHULQLFLDUODHMHFXFLyQFRQRFLHQGRORV
DVSHFWRVIXQGDPHQWDOHVGHOSUR\HFWR
'XUDQWHHVWDHWDSDODVSHUVRQDVGHH0DUNHWLQJ\(VWUDWHJLD\GH'LVHxRDVLVWLUiQDO
'LUHFWRUGH3UR\HFWRHQDVSHFWRV\ GHILQLFLRQHVGHFRQFHSWR\GHIRUPDWUDWDQGRORV
PLVPRVFRQ8GVFXDQGRVHDQHFHVDULR
'LUHFWRUGH3UR\HFWRFRRUGLQDUiHOWUDEDMRGHOUHVWRGHORVSURIHVLRQDOHVGH&KURGHV
FRQDUUHJORDQXHVWURHVTXHPDIXQFLRQDOTXHLQFOXLPRVVHJXLGDPHQWH
$TXtHTXLSRGHWUDEDMRLQGLFDQGRIXQ
FLRQHV
(O 'LUHFWRU GH 3UR\HFWR UHSRUWDUi VREUH OD PDUFKD GH ORV WUDEDMRV H LQFLGHQFLDV D OD
SHUVRQD GHVLJQDGD GH ;[[[[[ FRQ OD SHULRGLFLGDG ILMDGD \ VH KDUi FDUJR GHO VHJXL
PLHQWRGHODVWHUPLQDFLRQHV
3UHFLR\'XUDFLyQGH1XHVWURV6HUYLFLRV
5HGDFFLyQ3UR\HFWR
(QEDVHDH[SHULHQFLDVSUy[LPDVHVWLPDPRVXQSUHFLRGH;;;;;;;3WVDTXtFLIUD
HQ OHWUDV GH SHVHWDV SDUDODUHDOL]DFLyQGHOD HWDSDGH5HGDFFLyQGHO3UR\HFWRGH
HVWHWUDEDMR(VWHSUHFLRLQFOX\HODGHGLFDFLyQODVSHUVRQDVGHH0DUNHWLQJ\(VWUDWH
JLD'LVHxR\:HEIDFWRU\TXHLQWHUYHQGUiQHQHOWUDEDMR
$VLPLVPRHVWLPDPRVHQ;;VHPDQDVODGXUDFLyQGHHVWHWUDEDMR
(MHFXFLyQ
&RPRVHGHVSUHQGHGHQXHVWURHQIRTXHSHQVDPRVTXHWLHQHSRFRVHQWLGRKDEODUGH
XQDHVWLPDFLyQHFRQyPLFDGHXQDDFWLYLGDGFRPR ODTXHQRVRFXSDTXHSUHFLVDGHXQ
WUDEDMRSUHYLRFRODERUDWLYRFRQHO&OLHQWHSDUDLGHQWLILFDUODVVROXFLRQHVySWLPDVDODV
QHFHVLGDGHVTXHRULJLQDQODLQYHUVLyQQRREVWDQWHORDQWHULRU\FRQREMHWRGHGDUOHV
XQDRULHQWDFLyQSRGUtDPRVLQGLFDUOHVTXHXQSUR\HFWRGHHVWDVFDUDFWHUtVWLFDVHVWDUtD
HQWRUQRDORV;;;;PLOORQHVLQFOX\pQGRVHHQHVWDFDQWLGDGODUHGDFFLyQGHOSUR\HFWR
DUULEDLQGLFDGD
5HODWLYRDODGXUDFLyQGHODHWDSDGHHMHFXFLyQWDPELpQVRQYiOLGDVODVFRQVLGHUDFLR
QHVDQWHULRUHVVLELHQOHVSRGUtDPRVRULHQWDUTXHODHMHFXFLyQGHXQSUR\HFWRGHHVWH
WLSRSRGUtDHVWDUHQWRUQRDORV;PHVHV
3HURLQVLVWLPRVHVGXUDQWHODHODERUDFLyQGHOSUR\HFWRFXDQGR8GV\QRVRWURVWUDED
MDQGR FRQMXQWDPHQWHWHQGUHPRV RFDVLyQ GH DMXVWDU ySWLPDPHQWH D VXV QHFHVLGDGHV
ORVWUDEDMRVVREUHORVTXHDSOLFDUHPRVODLQYHUVLyQ
0DQXDO GH3URFHGLPLHQWRV9HU
3iJLQD GH
-XOLR0LUy*XLOOpQ 3UR\HFWRV+LSHUPHGLD
'LDJUDPDVGH1DYHJDFLyQ
(O'LDJUDPDGH1DYHJDFLyQGHO:HE6LWHVHEDVDHQORViUEROHVGHQDYHJDFLyQSUHOL
PLQDUHV TXH VH HVWXGLDQ HQ HO 'LVHxR &RQFHSWXDO \ HV XQ GRFXPHQWR IXQGDPHQWDO
FDUDDODGHILQLFLyQIRUPDOGHO7UDEDMR
(QHOVHFRQVROLGDQODVGHILQLFLRQHVSURFHGHQWHVGHORVGLVWLQWRV'HSDUWDPHQWRVGHOD
$JHQFLD\HVHO OXJDUFRP~QSRUDQWRQRPDVLDHQGRQGHHOHTXLSRSXHGHLGHQWLILFDU
SRVLEOHVFRQIOLFWRV\FDUHQFLDV\UHVROYHUORV DQWHVGHOOHJDUDODIDVHGH(MHFXFLyQ
7LHQH SRU REMHWR FRQGHQVDU HQ XQ VROR JUDILVPR OD YLVLyQ SDQRUiPLFD PiV DPSOLD H
LQWHJUDGRUDSRVLEOHGHORTXHVHUi\KDUiHO:HE6LWH
+DGHUHSUHVHQWDUWRGRORTXHHVWiSUHYLVWRTXHSDVHHQFDGDXQDGHODVSiJLQDV\
SHUPLWLU PHGLDQWH VX HVWXGLR DQDOL]DU WRGRV ORV LWLQHUDULRV TXH LPSOLFD HO GLVHxR GHO
6LWH
(VXQH[FHOHQWHPHGLRSRUXQDSDUWHSDUDD\XGDUDO&OLHQWHD³HQWHQGHU´HODOFDQFH\
ODFDOLGDGGHODQiOLVLVTXHVHDSOLFDDVX3UR\HFWR\SRURWUDSDUWHSDUDH[SOLFDUOH\
FRQWUDVWDUFRQpOORVSRUPHQRUHVGHORVGLVSRVLWLYRVTXHVHKDQGLVHxDGRSDUDTXHHO
6LWHFXPSODFRQORVREMHWLYRVLGHQWLILFDGRV
$ERUGDQGRFRQHVWDILORVRItDODFRQIHFFLyQGHO'LDJUDPDGH1DYHJDFLyQVHKDGHOOH
JDUDIRUPDVGHH[SUHVLyQTXHPHMRUVHDGDSWHQODVQHFHVLGDGHV\PRGRGHWUDEDMDU
GH &KURGHV VHJXLGDPHQWH VH LQFOX\HQ DTXt DOJXQRV HMHPSORV TXH SXHGHQ VHUYLU GH
UHIHUHQFLDKDQVLGRH[WUDLGRVGHOH[FHOHQWHPDWHULDOFRQWHQLGRHQODZHEGH'\QDPLF
'LDJUDPVZZZG\QDPLFGLDJUDPVFRP
D3iJ6LJXLHQWH
0DQXDO GH3URFHGLPLHQWRV9HU
3iJLQD GH
-XOLR0LUy*XLOOpQ 3UR\HFWRV+LSHUPHGLD
0DQXDO GH3URFHGLPLHQWRV9HU
3iJLQD GH
-XOLR0LUy*XLOOpQ 3UR\HFWRV+LSHUPHGLD
0DQXDO GH3URFHGLPLHQWRV9HU
3iJLQD GH
-XOLR0LUy*XLOOpQ 3UR\HFWRV+LSHUPHGLD
0DQXDO GH3URFHGLPLHQWRV9HU
3iJLQD GH
-XOLR0LUy*XLOOpQ 3UR\HFWRV+LSHUPHGLD
0DQXDO GH3URFHGLPLHQWRV9HU
3iJLQD GH
-XOLR0LUy*XLOOpQ 3UR\HFWRV+LSHUPHGLD
/DVVLHWHIDVHVGHXQDUHXQLyQ
6XSXHVWRTXHHOUHVSRQVDEOHGHODUHXQLyQSUHYLDPHQWHDODPLVPDKDDSRUWDGRDORV
DVLVWHQWHVODGRFXPHQWDFLyQQHFHVDULDFRPRSDUDTXHDVLVWDQSUHSDUDGRVJHVWLRQDVX
GHVDUUROORFRQDUUHJORDORVLJXLHQWH
,QIRUPD \ VLW~D DO JUXSR GH WUDEDMR HQ HO WHPD TXH YD D DQDOL]DU \
VREUHHOTXHVHSLHQVDWRPDUGHFLVLRQHV
3UHVHQWDUH
LQWURGXFLUHO
7HPD
3URSRQHUORV
REMHWLYRVGH
ODUHXQLyQ
2IUHFHUXQ
SODQGH7UD
EDMR
3URYRFDUOD
SDUWLFLSDFLyQ
&RQWURODODGLQiPLFDGHOJUXSRYLJLODQGRDORVTXHLQWHUYLHQHQGHPD
VLDGRHLPSLGHQTXHRWURVSDUWLFLSHQ$QLPD\VXVFLWDODLQWHUYHQFLyQ
GHORVTXHWLHQGHQDLQKLELUVH
5HFRQGXFLUOD
GLVFXVLyQ\HO
GHEDWH
5HVSHWD ORV ULWPRV GHO JUXSR \ VXV LQWHUYHQFLRQHV 6yOR LQWHUYLHQH
FRPR DQLPDGRU SDUD KDFHU VtQWHVLV UHFRJHU \ UHODQ]DU LGHDV \ IRU
PXODU SURSXHVWDV FXDQGR HO JUXSR VH LQKLEH VH FDQVD \ VH GHVYtD
GHORVREMHWLYRVGHODUHXQLyQ
6LWXDUDOJUX
SRHQODV
FRQFOXVLRQHV
([SOLFDDOJ~QGRFXPHQWRHODERUDGRSUHYLDPHQWH\HQWUHJDGRFRQHO
RUGHQGHOGtDTXHVLUYDGHEDVHSDUDODUHIOH[LyQ\GLVFXVLyQ
6XJLHUHORVREMHWLYRVTXHHOJUXSRSRGUtDFRQVHJXLUDORODUJRGHOD
UHXQLyQ\ ILMDXQDGXUDFLyQSUHYLVWDSDUDODPLVPD
3ODQWHD DO JUXSR HVWRV REMHWLYRV LQWHQWDQGR TXH ORV FRQR]FDQ \ VH
LGHQWLILTXHQFRQHOORV
3UHVHQWDDOJUXSRXQDPHWRGRORJtDDFWLYDHLQFOXVRUDTXHLQYROXFUH
DWRGRVORVDVLVWHQWHVRULHQWDGDDIDFLOLWDUHOWUDEDMRHQHTXLSR
6XJLHUHXQDWpFQLFDGHWUDWDPLHQWRGHORVWHPDVTXHIDFLOLWHODUHVR
OXFLyQGHORVPLVPRVGHXQD PDQHUDiJLO\VDWLVIDFWRULDSDUDWRGRV
3UHVHQWDDOJUXSRODVGLYHUVDVDOWHUQDWLYDVTXHKDQVXUJLGRDORODUJR
GHODGLVFXVLyQ
3URSRQH HVWUDWHJLDVTXH FRQGXFHQ DO HVWDEOHFLPLHQWR GH FRQFOXVLR
QHV
8QDYH]WRPDGDVODVGHFLVLRQHVSODQLILFDFRQHOJUXSRVXHMHFXFLyQ
*HVWLRQDUODV
GHFLVLRQHV
'HWHUPLQDQGRWDUHDV\DFWLYLGDGHV
(VWDEOHFLHQGRUHVSRQVDEOHV\SHUVRQDVLPSOLFDGDV
3RVLELOLWDQGRUHFXUVRV
)LMDQGRWLHPSRVGHUHDOL]DFLyQ
3URSRQLHQGRLQGLFDGRUHVGHHILFDFLD
0DQXDO GH3URFHGLPLHQWRV9HU
3iJLQD GH
-XOLR0LUy*XLOOpQ 3UR\HFWRV+LSHUPHGLD
*HVWLRQDQGRXQD3URGXFFLyQ0XOWLPHGLD
(VWHSHTXHxRDUWtFXORSURFHGHGHXQDSHUVRQDGH0DFURPHGLDTXHOOHYDDxRVWUD
EDMDQGRHQHVWHWLSRGHSUR\HFWRV(VSUDJPiWLFR\DPLPRGRGHYHUORJUDVLQWHWL]DU
PX\ELHQODVFXHVWLRQHVIXQGDPHQWDOHVDWHQHUHQFXHQWDDODERUGDUHVWRVWUDEDMRV
/DPHQWDEOHPHQWH QR HVWi WUDGXFLGR SHUR PH KD SDUHFLGR PHMRU LQFOXLUOR HQ LQJOpV
DQWHVTXHSULYDUDHVWHPDQXDOGHXQPDWHULDOWDQYDOLRVR
1RWH 7KLV DGYLFH DERXW PDQDJLQJ D PXOWLPHGLD SURMHFW FRPHV IURP
-DPHV.KD]DUPXOWLPHGLDSURGXFHUIRU0DFURPHGLD
VLQVWUXFWLRQDOPH
GLDGHSDUWPHQW-DPHVKDVZRUNHGLQPXOWLPHGLDIRU\HDUVVWDUWLQJ
EHIRUHLWZDVFDOOHGPXOWLPHGLD
0XOWLPHGLDGHVLJQDQGGHYHORSPHQWLVDFRPSOH[DUGXRXVDQGKDUGHUWKDQ\RXWKLQN
SURSRVLWLRQ3URGXFLQJPXOWLPHGLDSURMHFWVZLWKTXDOLW\DWDUHDVRQDEOHSULFHDQGRQ
WLPHFDOOVIRUWKLQNLQJWKLQJVRXWDKHDGRIWLPHHVWDEOLVKLQJJRDOVDQGPLOHVWRQHVDQG
ZRUNLQJZLWKWHDPVRIEULOOLDQWO\FUHDWLYHSHRSOHZKRZRUNOLNHGRJV,W
VQRWWKDWPXFK
GLIIHUHQWWKDQDQ\RWKHUNLQGRISURMHFWZKHUH\RXEXLOGDRQHRIDNLQGSURGXFW
$KHDOWK\PXOWLPHGLDSURGXFWLRQSURFHVVLVWDLORUHGWRWKHW\SHDQGVFDOHRIWKHLQGLYLG
XDO SURMHFW EXW FHUWDLQ FRQFHSWV DSSO\ QRPDWWHU ZKDW \RX
UH GHYHORSLQJ 7KHVH FRQ
FHSWV DUH $OZD\V SODQ DKHDG NHHS WKH FOLHQW LQIRUPHG WUDFN WKH LPSOHPHQWDWLRQ
DJDLQVWWKHSODQDQGWHVWWKHUHVXOWV
7KLVDUWLFOHJLYHV\RXDQLGHDRIKRZ,GHYHORSDPXOWLPHGLDSURMHFW,KRSHWKDWWKHVH
LGHDVPDNH\RXUSURMHFWJRVPRRWKO\
D'HVLJQSKDVH
'HVLJQLQJ\RXUSURMHFWZHOOIURPWKHVWDUWLVIXQGDPHQWDOWRVXFFHVV
6WDUWLQJRXWULJKW
.QRZWKHDXGLHQFH\RXLQWHQGWRWDONWRDQGKRZWRUHDFKWKHP
,W
VHDV\WRGHVLJQVRPHWKLQJWKDWFDQ
WEHEXLOWRUWKDWZRQ
WUXQRQ PDQ\RIWKHFRP
SXWHUVDYDLODEOHWR\RXUDXGLHQFH)LQGRXWZKDWWKHORZHVWFRPPRQGHQRPLQDWRUSOD\
EDFN HQYLURQPHQW ZLOO EH DQG GHVLJQ IRU LW 'RQ
W VWDUW GHVLJQLQJ D SLHFH ZLWKRXW WKLV
EDVLFLQIRUPDWLRQDERXWWKHWDUJHWDXGLHQFH
'HYHORSLQJDVWRU\ERDUG
$IWHU\RXGHFLGHZKDW\RXZDQWWRGRDQGIRUZKRPLW
VWLPHWRVWDUWGHVLJQLQJWKHSUR
MHFW7KHUHDUHPDQ\PHWKRGVIRUGHVLJQLQJDSURMHFWEXWDWVRPHSRLQW\RXQHHGWR
JHWWKHLGHDVRXWLQWKHRSHQDQG UHFRUGHGIRURWKHUVWRUHYLHZ
0DQXDO GH3URFHGLPLHQWRV9HU
3iJLQD GH
-XOLR0LUy*XLOOpQ 3UR\HFWRV+LSHUPHGLD
,WGRHVQ
WPDWWHUKRZ\RXGRLW<RXFDQORFNDJURXSRIFUHDWLYHW\SHVLQDURRPIHHG
WKHPVXJDUDQGFDIIHLQHDQGQRWOHWWKHPRXWXQWLOWKH\
UHGRQH<RXFDQWDNHDWULSWR
.DXDLDQGVLWRQWKHEHDFKE\\RXUVHOIZLWKDQRWHSDGDQGDGDLTXLULDOWKRXJK,GRQ
W
NQRZKRZPXFK\RX
GJHWGRQH:DUQHU%URWKHUVFDUWRRQVZHUHDOOFUHDWHGE\ZULWHUV
DQGDQLPDWRUVZKRVDWLQDURRPZLWKDVWHQRJUDSKHUKDYLQJDZRQGHUIXOWLPHWKLQNLQJ
XSQHZVFKWLFNIRU%XJVWRGR7KHRQO\UXOHZDVWKDWQRRQHFRXOGVD\DQ\WKLQJQHJD
WLYHDERXWVRPHERG\HOVH
VLGHD:KLFKHYHUSURFHVV\RXFKRRVHLVILQHDVORQJDVWKH
UHVXOWUHVHPEOHVDVWRU\ERDUG
)ROORZLQJ LV D VDPSOH VWRU\ERDUG WKDW , XVHGTXLWH VXFFHVVIXOO\ RQ D UHFHQW SURMHFW
8VHLWDVDVWDUWLQJSRLQWIRU\RXURZQVWRU\ERDUGVWDQGDUGV
D3iJ6LJXLHQWH
0DQXDO GH3URFHGLPLHQWRV9HU
3iJLQD GH
-XOLR0LUy*XLOOpQ 3UR\HFWRV+LSHUPHGLD
,QVWUXFWLRQDOVREMHFWLYHV
7KLVLVD'LUHFWRUPRYLHWREHRSHQHGE\HQGXVHULQVLGH'LUHFWRUDQGUXQ,QVWUXFWVXVHURQXV
LQJOLQJRIRUQDYLJDWLRQXVLQJWKHIROORZLQJFRPPDQGV
JRQH[W
JRSUHYLRXV
JRORRS
JR³QDPH´
JRPDUNHUQ
SOD\³QDPH´
SOD\PRYLH³QDPH´
SOD\IUDPHQRIPRYLH³QDPH´
SOD\GRQH
SOD\³QDPH´
SOD\PRYLH³QDPH´
SOD\IUDPHQRIPRYLH³QDPH´
SOD\GRQH
8VHUFDQUXQWKHPRYLHDQGVHHKRZLWUHVSRQGVRUFDQJRLQWRVFULSWVLQWKHPRYLHWRILJXUHRXW
KRZWKHFRGHZRUNV
,QWURGXFWLRQ
$UWZRUN 1DYLJDWLRQDO PDS WXUQHG DW DQJOH RYHU
SDUFKPHQWEDFNJURXQGZLWKDFRPSDVVURVHRYHUODLG
RQWRS1DXWLFDOIHHOLQJYHU\SKRWRVKRSOD\HUVW\SH
ORRN
$QLPDWLRQ %XLOG RQ VFUHHQ 1RW PXFK LQ ZKROH
PRYLH 1RQH LQ WKLV VFHQH EHFDXVH LW XVHV D ³ZDLW
IRUPRXVHFOLFNRUNH\SUHVV´
6RXQG1RQHLQHQWLUHPRYLH
7H[W 7KLV PRYLH VKRZV PDQ\ RI WKH ZD\V WR XVH
OLQJRWRQDYLJDWHIURPVFHQHWRVFHQHLQ'LUHFWRU,W
VKRZVKRZWRXVH
‡JRQH[WSUHYLRXVORRS³QDPH´DQGPDUNHUQ
‡ SOD\ ³QDPH´ PRYLH IUDPH Q RI PRYLH DQG SOD\
,QWHUDFWLYLW\ $ VLPSOH PRXVHFOLFN RU NH\SUHVV GRQH
FRQWLQXHV7KH&/26(EXWWRQTXLWVWKHH[DPSOHLI ‡SDXVHFRQWLQXHDQGZDLWIRUPRXVHFOLFN
WKHXVHULVUXQQLQJWKLVIURPKHOS
6FHQH
$UWZRUN 1DYLJDWLRQPDSVKRZLQJWKH YDULRXVFRQ
QHFWLQJ QDYLJDWLRQDO SDWKV WKURXJKRXW WKH H[DPSOH
&XUUHQW VFHQH ³´ LV RXWOLQHG 7\SLFDO WKURXJKRXW
VFHQHV
$QLPDWLRQ%XLOGRQVFUHHQWKHQSDXVH
,QWHUDFWLYLW\ 7KHODWHVWODEHOILHOGUHDGV³6FHQH´
ZKHQWKLVVFHQHLVHQWHUHG7KHWH[WZLQGRZXVHV
D KDQGOHU WR SDJH XS DQG GRZQ WKURXJK PXOWLSOH
SDJHVWKDWGRHVQRWGLVWXUEWKHPDUNHUEDVHGQDYL
JDWLRQ 1(;7 EXWWRQ JRHV WR VFHQH ZLWK D ³JR
QH[W´FRPPDQG
7H[W 7KHPDSRQWKHOHIWVKRZVKRZHDFKVFHQHLV
FRQQHFWHG WR HYHU\ RWKHU VFHQH 7KH EXWWRQ DERYH
ZLOOJRWRWKHQH[WVFHQH,QWKLVILUVWVFHQH\RXFDQ
RQO\ JR WR WKH QH[W VFHQH ,W XVHV D ³SDXVH´ FRP
PDQGWRVWD\LQWKLVVFHQH7KH1(;7EXWWRQDERYH
XVHV D VFRUH VFULSW ZLWK WKH FRPPDQG ³JR QH[W´
&KHFNWKHPRYLH¶VVFRUHDQGVFULSWVWRVHHKRZWKH
QDYLJDWLRQZRUNV
0DQXDO GH3URFHGLPLHQWRV9HU
3iJLQD GH
-XOLR0LUy*XLOOpQ 3UR\HFWRV+LSHUPHGLD
6FHQH
$UWZRUN 1DYLJDWLRQPDSZLWKWKH³´EUDQFKHV
HQODUJHGDQGKLJKOLJKWHG³´LVRXWOLQHG
$QLPDWLRQORRSDQLPDWLRQRIGDQFLQJDQWVDOD
SKRWRVKRS¶V DFWLYH VHOHFWLRQ UHFWDQJOH EXW
WKLFNHUDURXQGWKH
7H[W 7KLV VFHQH XVHV EUDQFKLQJ VW\OH QDYLJD
WLRQ ZKHUH \RX FDQ FKRRVH IURP D PHQX RI
RSWLRQV WR JR WR DQRWKHU VFHQH 7KH EUDQFKLQJ
LWHPVDUHODEHOHGZLWKXQLTXHODEHOQDPHVLQWKH
VFRUH WKDW DUH XVHG E\ WKH *2 72 EXWWRQV WR
MXPS WR WKDW SDUW RI WKH PRYLH ZLWK WKH FRP
PDQGV >JR PDUNHU @ >JR PDUNHU @ RU >JR
PDUNHU@
,QWHUDFWLYLW\ 7KH ODWHVW ODEHO ILHOG UHDGV ³6FHQH ´
ZKHQWKLVVFHQHLVHQWHUHG
1(;7 EXWWRQ JRHV WR VFHQH ZLWK D ³JR QH[W´ FRP
PDQG
35(9,286 JRHV WR VFHQH ZLWK ³JR SUHYLRXV´ FRP
PDQG
*20$5.(5JRHVWRVFHQHZLWK³JRPDUNHU´
*20$5.(5JRHVWRVFHQHZLWK³JRPDUNHU´
*20$5.(5JRHVWRVFHQHZLWK³JRPDUNHU´
7KLV VFHQH XVHV D >JR ORRS@ FRPPDQG LQ WKH
VFULSW FKDQQHO WR FUHDWH WKH DQLPDWHG OLQH
DURXQGWKHRQWKHPDS
1RWH8VHDQRWKHUFRORUWRGLIIHUHQWLDWHOLQJRWH[W
ZLWKLQDGHVFULSWLRQ
&OLHQWUHYLHZDQGDSSURYDO
7KHVWRU\ERDUGLQIRUPVWKHFOLHQWZKDWWKH\
OOJHWIRUWKHLUPRQH\([SHULHQFHDQGID
PLOLDULW\ZLWKDFOLHQWZLOOWHDFK\RXWKHOHYHORIGHWDLOWKHVWRU\ERDUGVKRXOGLQFOXGH
,QDVHQVHWKHVWRU\ERDUGLVDELQGLQJGRFXPHQWWKDWFOHDUO\GHOLQHDWHVWKHVFRSHRID
SURMHFWVRWKDW\RXDQGWKHFOLHQWXQGHUVWDQGH[DFWO\ZKDW\RX
YHDJUHHGWR$IWHUWKH
FOLHQWDSSURYHVWKHVWRU\ERDUG\RX
UHREOLJDWHGWRJLYHWKHPZKDWWKHVWRU\ERDUGGH
VFULEHV,W
VDWZRVLGHGGHDO7KHFOLHQWVNQRZ ZKDWWKH\ DUHJRLQJWRJHW\RXNQRZ
ZKDW\RXFDQFKDUJHLIWKH\FKDQJHWKHLUPLQGV
6WRU\ERDUGVVKRXOGVSHFLI\WKHYLVXDOGHWDLOVWH[WYRLFHRYHUVDQGDQLPDWLRQWKDWWKH
SLHFHZLOOFRQWDLQ7KLVJLYHVFOLHQWVDFOHDULGHDRIZKDW
VJRLQJWREHGHOLYHUHGEHIRUH
WKH\VLJQRIIRQLW)RUDPRUHFRPSOH[SLHFHFRQVLGHUEXLOGLQJDTXLFNSURWRW\SHIRU
WKHFOLHQWWRVLJQRIIRQWRR
-REHVWLPDWLQJ
&UHDWLQJDVWRU\ERDUGIRUFHV\RXWRVHHDUHDVZKHUHH[WUDHIIRUWPD\EHUHTXLUHG,W
VD
JRRGLGHDIRUWKHVWRU\ERDUGWR LQFOXGHGHWDLOVDERXWWKHIDFWRUVWKDWDIIHFWHVWLPDWHV
6RPHW\SLFDOWKLQJVWRLQFOXGHPLJKWEHDQLPDWLRQVRUQRWHVRQVSHFLDOSURJUDPPLQJ
UHTXLUHPHQWVWKDWUHTXLUHH[WUDKHOSIURPFRQWUDFWRUV
:LWKDGHWDLOHGZHOOWKRXJKWRXWVWRU\ERDUGLQKDQG\RXFDQPRUHDFFXUDWHO\HVWLPDWH
WKHWLPHDQGPHGLDDFTXLVLWLRQQHHGHGIRUDQ\SURMHFW<RX
OONQRZKRZPXFKDUWQHHGV
0DQXDO GH3URFHGLPLHQWRV9HU
3iJLQD GH
-XOLR0LUy*XLOOpQ 3UR\HFWRV+LSHUPHGLD
WREHJHQHUDWHG\RX
OOWLPHWKHDPRXQWRIYRLFHRYHUVDQGYLGHRDQG\RX
OOXQGHUVWDQG
WKHWHFKQLFDOUHTXLUHPHQWV
+RZHYHUGRQ
WVWRU\ERDUGWRRPXFKGHWDLO3XWLQMXVWHQRXJKWRPHHWWKHUHTXLUH
PHQWV7KHVWRU\ERDUGVKRXOGKDYHHQRXJKGHWDLOWRJHWFOLHQWFRQVHQVXVDQGSURYLGH
YHQGRUJXLGHOLQHV
%HIRUH\RXVWDUWLPSOHPHQWLQJWKHSURMHFW
'RQ
WXQGHUHVWLPDWHWKHQHHGIRUWKRURXJKQHVVLQGHVLJQLQJDQGVWRU\ERDUGLQJEHIRUH
\RXEHJLQEXLOGLQJDPXOWLPHGLDSURMHFW0\UXOHRIWKXPELVWKDWDERXWRQHWKLUGRID
SURMHFW
VHIIRUWVKRXOGEHVSHQWRQGHVLJQ,I\RXVSHQGPRUHWLPH\RXSUREDEO\ZRQ
W
JDLQDQ\EHQHILWIURPWKHH[WUDZRUN$VDUHVXOWWKHH[WUDGHVLJQWLPHDGGVWRWKHWRWDO
WLPH RI WKH SURMHFW ,I \RX VSHQG OHVV WKDQ DERXW RQH WKLUG RQ GHVLJQ \RX JUHDWO\ LQ
FUHDVHWKHSRVVLELOLW\RIQHHGLQJEDVLFVWUXFWXUDOFKDQJHVDIWHULPSOHPHQWDWLRQVWDUWV
7KLV FDQ DOVR VLJQLILFDQWO\ DGG WR WKH SURMHFW
V WRWDO WLPH 6RPHZKHUH LW
V ZULWWHQ WKDW
FKDQJHVGXULQJWKHGHVLJQSKDVHDUHPXFKFKHDSHUWKDQFKDQJHVGXULQJLPSOHPHQWD
WLRQ
E,PSOHPHQWDWLRQ
7KHUHDUHDQXPEHURIWULHGDQGWUXHSUDFWLFHVWKDW\RXVKRXOGIROORZZKHQ\RXDFWXDOO\
LPSOHPHQWWKHSURMHFWGHVFULEHGLQWKHVWRU\ERDUG
)LQGZD\VWRVKDUHZRUNZLWKLQWKHWHDP
%HFDXVHRQO\RQHSHUVRQFDQZRUNRQRQHILOHDWDWLPHWHDPGHYHORSPHQWFDQEH
GLIILFXOWLQ'LUHFWRU7KHUHDUHVHYHUDOZD\VWRZRUNDURXQGWKLV
x
8VHVPDOOHUVHSDUDWHILOHVZKHUHSRVVLEOH
x
8VHDVKDUHGFDVWWRVWRUHFRPPRQHOHPHQWVVXFKDVEHKDYLRUVEDFNJURXQGV
PDVWKHDGVDQGEXWWRQVDPRQJILOHV0DNHLWDUXOHWKDWLIDQ\RQHQHHGVWRXSGDWH
WKHVKDUHG FDVWHYHU\RQHZRUNLQJRQWKHSURMHFWLVQRWLILHGDQGXSGDWHVWKHVKDUHG
FDVWVWKH\DUHXVLQJDFFRUGLQJO\
x
6HWXSVWURQJVWDQGDUGVIRUOD\RXWDQGDQLPDWLQJFRPPRQHOHPHQWV
.HHSWKH6FRUHQHDW
$UUDQJHVSULWHVDQGVFHQHVLQWKH6FRUHVRWKDWWKH6FRUHLVHDV\WRUHDGDQGREYLRXV
WRRWKHUV
,Q WKH 6FRUH LW KHOSV WUHPHQGRXVO\ WR SODFH VSULWHV DV FRQVLVWHQWO\ DV SRVVLEOH
WKURXJKRXW D PRYLH ,I D EXWWRQ DSSHDUV LQ HYHU\ IRXUWK VFHQH RU DQ REMHFW DOZD\V
VHUYHVWKHVDPHNLQGRIIXQFWLRQNHHSWKHVHLWHPVLQWKHVDPHFKDQQHOWKURXJKRXWWKH
PRYLHDQGGRQ
WSXWRWKHUVSULWHVLQWKDWFKDQQHOZKHQWKRVHREMHFWVDUHQ
WWKHUH7KLV
FUHDWHV HQWLUH FKDQQHOV RI UHODWHG VSULWHV <RX FDQ VHOHFW DQ HQWLUH FKDQQHO DQG PD
QLSXODWHLWPRYHLWRUDWWDFKDQHZEHKDYLRUWRLW&RQVLVWHQWO\SXWWLQJWKHVDPHREMHFWV
LQWKHVDPHSODFHDOVRKHOSVRWKHUVTXLFNO\XQGHUVWDQGWKHPRYLH
VVWUXFWXUH
0DQXDO GH3URFHGLPLHQWRV9HU
3iJLQD GH
-XOLR0LUy*XLOOpQ 3UR\HFWRV+LSHUPHGLD
/HDYLQJ EODQN IUDPHV EHWZHHQ VFHQHV LV DQRWKHU ELJ SURGXFWLYLW\ ERRVWHU /LNH WKH
EUHDNV EHWZHHQ VHFWLRQV LQ D WH[W GRFXPHQW WKLV UHDOO\ LPSURYHV WKH FDSDELOLW\ WR
TXLFNO\VFDQWKH6FRUH
.HHSFDVWV DQGEHKDYLRUVRUJDQL]HG
:KHQZRUNLQJZLWKGHYHORSPHQWWHDPVRUJDQL]HFDVWVDQGFDVWPHPEHUVFOHDUO\DQG
ORJLFDOO\
/DEHOHYHU\FDVWPHPEHUZLWKDVKRUWEXWGHFLSKHUDEOHQDPHWKDWGHVFULEHVZKDWWKH
FDVWGRHVDQGWKHFDVWPHPEHU
VQDWXUH<RXFDQXVH DSUHIL[WKDWGHVFULEHVWKHFDVW
V
JHQHUDO SXUSRVH IROORZHG E\ WKH VSHFLILF IXQFWLRQ 6RPH H[DPSOH QDPHV DUH /RRS 'DQFLQJ $QWV %XWWRQ +LGH 6FULSW DQG /DEHO 7LOH :LQGRZV 6FULSW 6XFK QDPLQJ
VWDQGDUGVKHOSZKHQ\RXHGLWWKH6FRUHEHFDXVHWKHVSULWHVVKRZWKHGHVFULSWLYHFDVW
PHPEHUQDPH
8VHPXOWLSOHFDVWVWRRUJDQL]HGLIIHUHQWW\SHVRIFDVWPHPEHUV,W
VDJRRGLGHDWRXVH
RQHLQWHUQDOFDVWIRUJHQHUDOSXUSRVHFDVWPHPEHUVVXFKDVELWPDSVWUDQVLWLRQVDQG
VRXQGV'HGLFDWHDFDVWWRWH[WFDVWPHPEHUV:HNHHSDOOWH[WDVULFKWH[WRUILHOGV
ZKLFKDYRLGVPDQ\WUDQVODWLRQKDVVOHV8VHDQRWKHUFDVWIRUEHKDYLRUV,IDPRYLHFRQ
WDLQVPDQ\XVHULQWHUIDFHHOHPHQWVVHWDVLGHDFDVWIRU8,HOHPHQWV,WPLJKWDOVREH
JRRGWRHVWDEOLVKDVKDUHGFDVWWKDWKROGVFRPPRQO\XVHGELWPDSVDQGEHKDYLRUV
,QEHKDYLRUVGRQ
WIRUJHWWRFRPPHQWFRGHHIIHFWLYHO\
6HH&RGH&RPSOHWH$3UDFWLFDO+DQGERRNRI6RIWZDUH&RQVWUXFWLRQ E\6WHYH0F&RQ
QHOOIRUXVHIXOVXJJHVWLRQV
:ULWHFOHDUGHVFULSWLRQVRIEHKDYLRUVE\XVLQJDQRQJHW%HKDYLRU'HVFULSWLRQKDQGOHULQ
HDFKEHKDYLRU7KLVPLJKWVHHPOLNHDORWRIZRUNEXWVRPHGD\WKLVSURMHFWPLJKWFRPH
EDFN WR KDXQW \RX7KHFRPPHQWV UHPDLQ ORQJDIWHU \RX
YHIRUJRWWHQ ZKDW \RX ZURWH
DERXW
5HYLHZV
'LIIHUHQW VLWXDWLRQV FDOOIRU GLIIHUHQW UHYLHZ F\FOHV7RRPDQ\ UHYLHZV FDQ KLQGHU SUR
GXFWLYLW\5HYLHZVVKRXOGQ
WEHDQRFFDVLRQIRUVZHHSLQJFKDQJHVH[WHQVLYHFKDQJHV
VKRXOGEHSDUWRIWKHVWRU\ERDUGSKDVHRIWKHSURMHFW
:H JHQHUDOO\ KDYH WZR UHYLHZV RI WKH VWRU\ERDUG D UHYLHZ RI WKH PXOWLPHGLD LQ LWV
URXJKSKDVHDQGDUHYLHZQHDUWKHHQGRIWKHSURMHFW5HYLHZHUVVLJQRIIRQWKHLUUH
YLHZVDQGZHWUDFNZKDWZDVUHYLHZHGDQGVLJQHGRIIE\ZKRPDQGZKHQ
3ULQWRXWV
$WHDFKSRLQWRIWKHGHYHORSPHQWF\FOHWKDWFDOOVIRUD UHYLHZSULQWRXWDFRS\RIHDFK
VLJQLILFDQWVFHQHLQWKHSURMHFW7KLVDOORZVUHYLHZHUVWRPDNHFRPPHQWVWKDWFDQEH
WUDFNHGLQDGRFXPHQW
3ULQWRXWVDUHQHFHVVDU\EHFDXVHLW
VQHDUO\LPSRVVLEOHWRVLWLQIURQWRIDPRQLWRUZLWK
MXVWDSLHFHRISDSHURUDODSWRSDQGUHFRQFLOHFRPPHQWVDQGWKHVFUHHQWKH\UHODWHWR
:LWKDSULQWRXW\RXFDQJREDFNDQGFURVVRIIFKDQJHVDV\RXPDNHWKHP
0DQXDO GH3URFHGLPLHQWRV9HU
3iJLQD GH
-XOLR0LUy*XLOOpQ 3UR\HFWRV+LSHUPHGLD
4XDOLW\DVVXUDQFH
%RRNVKDYHEHHQZULWWHQDERXW4$EXWDFRXSOHWKLQJVDUHDQDEVROXWHPXVW
3XWRQHSHUVRQLQFKDUJHDVDFHQWUDOFRQWUROIRUHYHU\ILOHLQWKHSURMHFW7KHLQGL
YLGXDO
VFRQWDFWZLWKWKHILOHVPD\YDU\EXWKHRUVKHVKRXOGDWOHDVWEHUHVSRQVLEOH
IRUSXWWLQJILOHVLQWKHULJKWSODFHDQGFRQILUPLQJWKDWWKH\
YHEHHQUHYLHZHGIRUFRQ
WHQWDQGUHOLDELOLW\
0DNH D FKHFN OLVW RI WHVWV WKDW HDFKILOH KDVWRSDVV7KHPRUH REYLRXV WHVWV DUH
ZKHWKHU
x
x
x
x
x
7KHILOHSOD\VRQHDFKPLQLPXPVSHFLILHGKDUGZDUHFRQILJXUDWLRQ:LQGRZ
:LQGRZVRU0DFLQWRVKIRUH[DPSOH
7KH ILOH FDQ SOD\ XQGHU D VWUHVVHG FRQILJXUDWLRQ ZLWK PXOWLSOH DSSOLFDWLRQV
RSHQ
7KHSDOHWWHVZRUNRQDOOSODWIRUPV
7KHUHIHUHQFHGILOHVDUHLQWKHULJKWSODFH
(YHU\EXWWRQLQHYHU\VFUHHQKDVEHHQFOLFNHGDQGYHULILHGDVZRUNLQJ
F&RQFOXVLRQV
)RXUWHHQ\HDUVRIGHVLJQLQJEXLOGLQJDQGSURGXFLQJPXOWLPHGLDKDVWDNHQLWVWROODQG
WDXJKWLWVOHVVRQV
/HVVRQ2QH
:RUNLWRXWRQSDSHUILUVW,I\RXZDQWWRMXVWVWDUWE\VLWWLQJLQIURQWRIWKHFRPSXWHUDQG
VWDUWLQJWREXLOG\RXUSURMHFWWKDW
V2.,WFDQHYHQEHDIXQZD\WRH[SORUHQHZLGHDV
EXW\RX
OOQHYHUFRPHLQRQWLPHRURQEXGJHW
/HVVRQ7ZR
%HIDVWLGLRXVDQGRUJDQL]HGZKHQEXLOGLQJWKH6FRUHFDVWVDQGEHKDYLRUV7KLV
JUHDWO\UHGXFHVWKHDPRXQWRIWLPHQHHGHGIRUFKDQJHVDQGIRUOHWWLQJRWKHUVZRUNRQ
WKHVDPHSURMHFW
/HVVRQ7KUHH
1HYHUDVVXPHWKDW\RX
UHWKHRQO\SHUVRQZKRZLOOHYHUGHDOZLWKVRPHWKLQJ\RXGH
VLJQRUEXLOG$WVRPHSRLQWVRPHRQHVRPHZKHUHZLOOWDNH\RXUQDPHLQYDLQ²DORQJ
ZLWKDIHZRWKHUV7KDWVRPHERG\ZLOOSUREDEO\EH\RXVL[PRQWKVDIWHU\RX ILQLVKD
SURMHFWWKDW\RXWKRXJKW\RX
GQHYHUVHHDJDLQ
0DQXDO GH3URFHGLPLHQWRV9HU
3iJLQD GH
-XOLR0LUy*XLOOpQ 3UR\HFWRV+LSHUPHGLD
7KH)LQDO/HVVRQ
7KLVLVDOOZUDSSHGXSLQP\IDYRULWHVD\LQJZKHQLQGRXEWOHDYHLWRXW7KHUH
VDO
ZD\VPRUHWRGRWKDQWKHUHLVWLPHIRU
0DQXDO GH3URFHGLPLHQWRV9HU
3iJLQD GH