Descargar el número 299-bis

CENTRALES NUCLEARES
ESPAÑOLAS
N.º 299 bis - septiembre 2009
PATROCINADORES y EXPOSITORES
ENSA
Equipos Nucleares, S.A.
RI
U
O
S
GRUPO
NUCLEAR ESPAÑA • PROGRAMA Y SINOPSIS DE LAS PONENCIAS
ferrovial
28-30 octubre 2009
35 Reunión Anual de la SNE
PROGRAMA Y SINOPSIS
DE LAS PONENCIAS
Nº 299 bis septiembre 2009
-"
1
,
-*!"
/
Ê1/
*2
#AMPOAMOR -!$2)$
4ELS
&AX
EMAILSNE SNEES
HTTPWWWSNEORGES
1Ò0(52ELV6(37,(0%5(
*5.4!$)2%#4)6!
0RESIDENTE*OSÏ%METERIO'54)²22%:%,3/
6ICEPRESIDENTE,OLA-/2!,%3$/2!$/
4ESORERO*ULIO",!.#/:522/
3ECRETARIO'ENERAL*OSÏ,UIS%,6)2/0%º!
6OCALES*AVIER"2)-%'/.:«,%:,UIS$%,6!,(%2.«.$%:
*OSÏ'!2#¶!!9#!24%NRIQUE-'/.:«,%:2/-%2/#ARMELO
0!,!#)/3%34%"!.*ESÞS3«.#(%:!,6!2%:#!-0!.!
#ARMEN6!,,%*/$%36)!4Y!LFÓO6)$!,«,6!2%:/33/2)/
02%3%.4!#)».
/2'!.):!#)».
3!,5$/3
02/'2!-!'%.%2!,
%80/3)#)».
3%3)/.%30,%.!2)!3
!#4/33/#)!,%3
02/'2!-!$%!#/-0!º!.4%3
¶.$)#%$%3%3)/.%3
3%3)/.%3-/./'2«&)#!3
3%3)/.%34²#.)#!3
3%3)/.%30»34%2
#523/3h!02%.$%-«3$%h
#/-)3)».4²#.)#!
0RESIDENTE*UAN"2/34/22!3
6OCALES«NGEL"%.)4/25")/-ARIANO#!22%4%25,%#)!
-ARISA'/.:«,%:'/.:«,%:*ORGE*)-².%:2/$2¶'5%:
&RANCISCO-!24¶.&5%24%3(%2.«.$%:,UIS-!24¶.%:
!.4».*UAN-5º/:",!3#/*AVIER2)6%2/,!'5225#(!'!
,UIS5,,/!!,,/.%33ERGIO6)$!%#(%!-/.4%3Y*OSÏ
6)#%.4%:52)!'!2/$2¶'5%:
#/-)3)».!5,!#,5"02/'2!-!3
0RESIDENTE!LBERTO!"«.!$%36%,!3#/
6OCALES&RANCISCO$¶!:$%,!#25:
*OSÏ,UÓS%,6)2/0%º!)GNACIO&%2.«.$%:(%22%2/*ESÞS'»-%:
3!.4!-!2¶!!NTONIO'/.:«,%:*)-².%:0ABLO4,%».,»0%:
%NRIQUE0!34/2#!,6/*OSÏ,UIS0²2%:2/$2¶'5%:-ANUEL02)%4/
52"!./!URELIO3!,!#!.$%,!#ARMEN6!,,%*/$%36)!4
#/-)3)».$%05",)#!#)/.%3
0RESIDENTE*OSÏ,»0%:*)-².%:
6OCALES*OSÏ,UIS"542!'5%º/#!3!$/
$IANA#5%26/'»-%:$ANIEL$%,/2%.:/)SABEL'»-%:
"%2.!,!LBERTO,»0%:25)0²2%:*OSÏ,UIS-!.3),,!
,»0%:3!-!.)%'/4ERESA0!,!#)/!,,%2,UCÓA2/5#%3
,UIS0!,!#)/33Á.)#/-ATILDE0%,%'2¶4/22%3Y-IGUEL
3«.#(%:,»0%:
#/-)3)».$%#/-5.)#!#)».
0RESIDENTE%UGENI6)6%3,!&,/2
6OCALES-ATILDE0%,%'2¶4/22%3!NDRÏS-5º/:#%26!.4%3
)NÏS'!,,%'/3!342%*OSÏ,»0%:*)-².%:Y0ILUCA.Áº%:
#/-)3)».*»6%.%3.5#,%!2%3
ÃÌ>Ê«ÕLˆV>Vˆ˜ÊiÃÌ?Ê>ÜVˆ>`>Ê>ʏ>Ê**]ʵÕiÊ>Ê
ÃÕÊÛiâÊiÃʓˆi“LÀœÊ`iÊ**]Ê*ÊÞÊ
"°
0RESIDENTE-IGUEL-),,«.,»0%:
6ICEPRESIDENTE2AFAEL,»0%:'%,!$/
6OCALES%LENA$%,!&5%.4%!2)!3!NDRÏS-5º/:
#%26!.4%3!LBERTO«,6!2%:,/:!./-IGUEL3«.#(%:
,»0%:2AFAEL25")/-/.4!º!'ONZALO!2-%.'/,'!2#¶!Y
'ERARDO$%,#!:%34%3/
%DITA6(1'$(',725,$/6$
$IRECTORA0$7,/'(3(/(*5Ì
#ONSEJERODE2EDACCIØN&20,6,Ð1'(38%/,&$&,21(6'(/$61(4RADUCCIONES)NGLÏS6$5$/60,7+
$ISE×OY-AQUETA&/$5$75,*2\-26e5,%(5$!DMINISTRACIØNYSUSCRIPCIONES/2/$3$7,f2
C)SLADE3AIPÈN-!$2)$
0HONEs&AXsEMAILNUCLEAR GRUPOSENDANET
3USCRIPCIØN%SPA×A)6!%UROPA/TROS
!##%.452%3,
!##)/.!).&2!%3425#452!33!
!-!2!3!
!00,53./2#/.42/,3,5
!2%6!.#
!2%6!.0
!3/#.5#,%!2!3#/6!.$%,,/3))
#!.4!2%9'!-%3!%,%#42)#3!5
#%'%,%#3!
##..!,-!2!:42),,/!)%
#%30!#/.4%.
#)%-!4
#/,%')/).'%.)%2/3#!-)./3
905%24/3
#/,%')/.).'%.)%2/3)#!)
#/0)3!).$5342)!,3!
%-02%3!2)/3!'250!$/3!)%
%.$%3!'%.%2!#)/.3!
%.53!).$5342)!3!6!.:!$!33!
%.7%3!/0%2!#)/.%33!
%02)
%15)0/3.5#,%!2%33!
%5,%.3!
%802%33425#+
&5.$!#)/.).!3-%4
'%()4!#().5#,%!2%.%2'9
).4%2.!4)/.!,
'%/#)3!
',/"!,%.%2'93%26)#%33)%-3!
(%,'%3/.3#)%.4)&)#3%26)#%
()$2/%,%#42)#!$%,#!.4!"2)#/
)"%2$2/,!'%.%2!#)/.
)"%2$2/,!).'%.)%2)!9
#/.3425##)/.3!5
).'%#)"%23!
).'%.)%2)!)$/-).4%2.!#)/.!,
0RESIDENTE,UIS0!,!#)/33Á.)#/
6OCALES!GUSTÓN!,/.3/3!.4/3,EOPOLDO!.4/,¶.«,6!2%:
%UGENI"!2!.$!,,!#/22/.3-IGUEL"!22!#().!'»-%:
*OSÏ#/")«.2/!Y2AMØN2%65%,4!,!0)15%
#/-)3)».7).
)MPRIME ,0*5$)6/
$EPØSITOLEGAL-)33.
3/#)/3#/,%#4)6/3
#/-)3)».$%4%2-)./,/'¶!
).)4%#.5#,%!23!
).903!
,/'¶34)#!9!#/.$)#)/.!-)%.4/3
).$5342)!,%33!5
-!%33!
-/.#/"2!3!
.5#,%./2
02/).3!
02/3%'52
0293-)!.#!",%393)34%-!33,
3%.%2).'%.)%2)!93)34%-!3
4%#.!3!
4%#.!4/-3!
4%#.)#!32%5.)$!33!
5.%3!
5.)/.&%./3!'%.%2!#)/.
6%#4/27%,,(%!$3%.').%%2).'
7%34).'(/53%%,%#42)#37%$%.
7%34).'(/53%4%#(./,/'93%26)#%3
.UCLEAR%SPA×ANOSEHACERESPONSABLEDELASOPINIONESVERTIDASPORLOSAUTORES
.INGÞNARTÓCULOPUEDESERREPRODUCIDOSINAUTORIZACIØNEXPRESADELEDITOR
0RESIDENTE)NÏS'!,,%'/
6OCALES#AROLINA!(.%24-AGDALENA'«,6%:)SABEL'»-%:
-A4ERESA,»0%:#!2"/.%,,!URORA-!24¶.%:%30!2:!
-ATILDE0%,%'2¶4RINIDAD0²2%:!,#!º):-A,UISA0²2%:
'2)&&/-A,UZ4%*%$!Y#ONCEPCIØN4/#!
#/-)4²/2'!.):!$/22%5.)».!.5!,
0RESIDENTE,UIS$%,6!,(%2.«.$%:
4ESORERO*OSÏ,UIS0²2%:2/$2¶'5%:
3ECRETARIO*ULIO"%,).#(».6%2'!2!
0RESIDENTA#OMITÏ4ÏCNICO-ARINA2/$2¶'5%:!,#!,«
6OCALES'ONZALO!2-%.'/,'!2#¶!'USTAVO"/,,).)
-!2!'')&RANCISCO#5,%"2!3'!2#¶!3%2')/-$¶!:
!'5!$/*OSÏ,UIS%,6)2/0%º!!URORA#ONCEPCIØN%30)'!
3!.:-ANUEL&!*!2$/*)-%.!-IGUEL«.'%,'!,«.
-/.4!,6/-ARÓA)SABEL'«,6%:0!,%2/!NTONIO'/.:«,%:
*)-².%:-ATILDE0%,%'2¶4/22%3Y*AVIER6),,!26%2!
#/-)4²4²#.)#/2%5.)».!.5!,
0RESIDENTA-ARINA2/$2¶'5%:!,#!,«
6OCALES!LBERTO!"«.!$%36%,!3#/-ARIANO#!22%4%2
5,%#¶!&RANCISCO#5,%"2!3'!2#¶!%LENA$%,!&5%.4%
!2)!3&ERNANDO'!2#¶!%3#!.$».6ÓCTOR-ANUEL'!2#¶!
0²2%:!NDRÏS'»-%:.!6!22/-ARISA'/.:«,%:
'/.:«,%:-IGUEL-),,«.,»0%:%NRIQUE0!34/2#!,6/
-ATILDE0%,%'2¶4/22%3*UAN*OSÏ2%')$/2)0)º!2AFAEL
25")/-/.4!º!-ARTA6«:15%:#!"%:5$/
*,- /
$
%'D7G@;ß@3@G3>67>3E@7
,A3OCIEDAD.UCLEAR%SPA×OLACELEBRAEN3EVILLALA2E
UNIØN!NUAL%NTRELOSDÓASYDEOCTUBRELOSPROFESIO
NALESYLASEMPRESASDELSECTORTENDRÈNENLACAPITALANDALUZA
SUPUNTODEENCUENTROPARAANALIZARLASITUACIØNACTUALDELA
ENERGÓANUCLEARYSUSRETOSDEFUTURO
3EVILLACONSTITUYEUNMARCODEEXCEPCIONALBELLEZAYATRACTI
VO!LOLARGODELOSSIGLOSMUCHASYDIFERENTESCULTURASHAN
ESTADOPRESENTESENLAHISTORIADEESTAMETRØPOLIDEJANDOA
SUPASOUNRICOPATRIMONIOCULTURALMONUMENTALYARTÓSTICO
QUEPODEMOSADMIRARENSUSCALLESYMUSEOS
$EESTAFORMAYDELAMANODELA3OCIEDAD.UCLEAR%SPA×O
LA CONOCEREMOS ,OS 2EALES !LCÈZARES UN CONJUNTO DE EDI
lCIOSPALACIEGOSCONMÈSDEMILA×OSDEHISTORIADECLARADO
0ATRIMONIODELA(UMANIDADELCUALALBERGARÈELTRADICIONAL
CONCIERTO0ORSUPARTEEL2ANCHO%L2OCÓOSERÈELLUGARDE
CELEBRACIØNDELACENAOlCIALYEL(OTEL"ARCELØ2ENACIMIEN
TOSITUADOENLA)SLADE,A#ARTUJAELCENTRODEOPERACIONES
DELA2EUNIØN!NUALDELA3.%
,OSACTOSDEAPERTURAYCLAUSURACONSTITUIRÈNLOSPUNTOSDE
REFERENCIA INSTITUCIONAL DE ESTA 2EUNIØN EN LA QUE DESTACA
LA CONFERENCIA INAUGURAL SOBRE @,A HUELLA DE LA (ISTORIA LA
3EVILLAAMERICANADELCATEDRÈTICODE(ISTORIADE!MÏRICADE
LA5NIVERSIDADDE3EVILLA2AMØN-ARÓA3ERRERA,ASSESIONES
PLENARIAS AHONDARÈN EN TEMAS DE ESPECIAL RELEVANCIA COMO
LA@0ROSPECTIVAENERGÏTICAESPA×OLAPARAELA×OYLOS
@.UEVOSPROGRAMASNUCLEARES
!SÓMISMOEL0ROGRAMA4ÏCNICOINCLUYELACELEBRACIØNDELAS
SESIONESMONOGRÈlCASLOSCURSOS@!PRENDEMÈSDEENLOS
QUESEACTUALIZARÈELCONOCIMIENTODEASPECTOSRELEVANTESDEL
SECTORNUCLEARPARALOSPROFESIONALESYLASPONENCIASTÏCNI
CASQUEESTEA×OHANBATIDOUNRECORDDEPARTICIPACIØNCON
PRESENTACIONES ²STAS VERSARÈN SOBRE TEMÈTICAS TAN DI
VERSASCOMOCOMBUSTIBLECOMUNICACIØNDESMANTELAMIENTO
FUSIØN)$MEDICINANUCLEARYOTRASAPLICACIONESETC
,A 2EUNIØN SE COMPLETA CON EL @#URSO "ÈSICO DE #IENCIA Y
4ECNOLOGÓA.UCLEARQUEIMPARTIRÈNLOS*ØVENES.UCLEARESY
UNAMESAREDONDASOBRELAFUSIØNNUCLEARACARGODELAS-U
JERES.UCLEARESDELA3OCIEDAD7).
$ESEAMOSATODOSLOSCONGRESISTASUNFRUCTÓFEROYAGRADABLE
#ONGRESO
", <
$
#/-)4²
4²#.)#/
#/-)4²/2'!.):!$/2
0RESIDENTA
-ARINA2ODRÓGUEZ!LCALÈ
6OCALES
02%3)$%.4%
,UISDEL6AL
(ERNÈNDEZ
4%3/2%2/
*OSÏ,UIS0ÏREZ
2ODRÓGUEZ
3%#2%4!2)/
*ULIO!"ELINCHØN
6ERGARA
02%3)$%.4!#/-)4²4²#.)#/
-ARINA2ODRÓGUEZ!LCALÈ
!LBERTO!BÈNADES6ELASCO
-ARIANO#ARRETER5LECÓA
&RANCISCO#ULEBRAS'ARCÓA
%LENADELA&UENTE!RIAS
&ERNANDO'ARCÓA%SCANDØN
6ÓCTOR-ANUEL'ARCÓA0ÏREZ
!NDRÏS'ØMEZ.AVARRO
-ARISA'ONZÈLEZ'ONZÈLEZ
-IGUEL-ILLÈN,ØPEZ
%NRIQUE0ASTOR#ALVO
-ATILDE0ELEGRÓ4ORRES
*UAN*OSÏ2EGIDOR)PI×A
2AFAEL2UBIO-ONTA×A
-ARTA6ÈZQUEZ#ABEZUDO
6/#!,%3'ONZALO!RMENGOL'ARCÓA'USTAVO"OLLINI-ARAGGI&RANCISCO#ULEBRAS'ARCÓA3ERGIO-$ÓAZ!GUADO*OSÏ,UIS%LVIRO
0E×A!URORA#ONCEPCIØN%SPIGA3ANZ-ANUEL&AJARDO*IMENA-IGUEL«NGEL'ALÈN-ONTALVO-ARÓA)SABEL'ÈLVEZ0ALERO!NTONIO
'ONZÈLEZ*IMÏNEZ-ATILDE0ELEGRÓ4ORRESY*AVIER6ILLAR6ERA
Ó
‡Ê 1
,Ê-*!ÊÃi«Ìˆi“LÀi‡-ÊÓää™
-1"-
8\PLYV JVU LZ[HZ WHSHIYHZ KL IPLU]LUPKH HNYHKLJLY H SH :VJPLKHK
5\JSLHY,ZWH|VSHX\LOH`HLSLNPKVHSHJP\KHKKL:L]PSSHWHYHSHJL
SLIYHJP}UKLZ\H9L\UP}U(U\HS(I\LUZLN\YVSHZJVUJS\ZPVULZ
X\LL_[YHPNmPZHWVY[HYmUYLZW\LZ[HZHSVZU\L]VZYL[VZKLSHZVJPLKHK
JVU[LTWVYmULHLULSJHTWVKLSTLKPVHTIPLU[LSHZYLSHJPVULZZVJPH
SLZ`SHJ\S[\YH[LJUVS}NPJH3H[PLYYHX\LVZHJVNLZLLUJ\LU[YHT\`
SLQVZKLS[}WPJVKL*VT\UPKHKH[YHZHKHLULSX\LHSN\UVZ[VKH]xHZL
LTWL|HULUZP[\HYSH7VYLSJVU[YHYPVSH(UKHS\JxHKLOV`LZKPUmTP
JHWY}ZWLYH`LZ[mMVYTHKHWVYT\QLYLZ`OVTIYLZX\LOHUZHIPKV
PTW\SZHYZ\M\[\YVJVU\UHKLJPKPKHHW\LZ[HWVYSHPU]LZ[PNHJP}USHPU
UV]HJP}U`LSKLZHYYVSSV[LJUVS}NPJV,U[PLTWVZKLJHTIPVZNSVIHSLZ
JVTVLSHJ[\HSLZWYLJPZVKLÄUPYSHZSxULHZLZ[YH[tNPJHZKL\UU\L]V
TVKLSVLULYNt[PJVTVKLYUV`KLM\[\YV3HTH`VYxHKLL_WLY[VZJVPU
JPKLOV`LUSHULJLZPKHKKLJVU[HYJVU[VKHZSHZM\LU[LZKLNLULYHJP}U
LStJ[YPJHWHYHNHYHU[PaHYLSZ\TPUPZ[YVTHU[LULYSVZJVZ[LZ`YLK\JPYSHZ
LTPZPVULZKL*6,ULZ[LJVU[L_[V(UKHS\JxHOHHZ\TPKV\UJVT
WYVTPZV WVY LS KLZHYYVSSV ZVZ[LUPISL X\L UVZ OH SSL]HKV H MVTLU[HY
SHZLULYNxHZ YLUV]HISLZ JVTV SH TLQVY MVYTH KL HWYV]LJOHYU\LZ[YV
L_JLWJPVUHS WV[LUJPHS UH[\YHS ,Z[H YL\UP}U KL SH :VJPLKHK 5\JSLHY
,ZWH|VSHH`\KHYmHNLULYHYJVTWSPJPKHKLZLU[YL[VKVZSVZZLJ[VYLZPT
WSPJHKVZLULSKLZHYYVSSVKLU\LZ[YVZPZ[LTHKLLULYNxHZ
:LHUIPLU]LUPKHZW\LZPUPJPH[P]HZJVTVtZ[HX\L[YH[HUKLJVU[YPI\PY
HSKLIH[LT\UKPHSKLZKLWVZ[\YHZPU[LNYHKVYHZ*VUZLY]HYSHUH[\YHSL
aH`MH]VYLJLYLSKLZHYYVSSV`IPLULZ[HYO\THUVZZVUSHZJSH]LZX\LUVZ
WLYTP[PYmUHSJHUaHY\UJYLJPTPLU[VZVZ[LUPISL<UYL[VX\LYLX\PLYLLS
KPmSVNVLU[YLLST\UKVJPLU[xÄJV`LSKLSHNLZ[P}U
3HPU]LZ[PNHJP}ULZWH|VSHOHJVUZLN\PKVHIYPYZL\UO\LJVLUSVZNYHU
KLZWYV`LJ[VZPU[LYUHJPVUHSLZLUJ\YZVNYHJPHZHZ\HW\LZ[HKLJPKPKH
LU[LJUVSVNxHL0+P7VYZ\WHY[LSH:VJPLKHK5\JSLHY,ZWH|VSHTL
KPHU[LLSHWV`VHSHPU]LZ[PNHJP}USHKPM\ZP}UKLPUMVYTHJP}UJPLU[xÄJH
`[tJUPJH`SHJVVWLYHJP}UJVUVYNHUPZTVZW‚ISPJVZKLZLTWL|H\U
WHWLST\`PTWVY[HU[LLULSH]HUJLKLSHJPLUJPH`SH[LJUVSVNxHU\
JSLHY7VYLSSVVZHUPTVHJVU[PU\HYLULZ[HKPYLJJP}UWHYHPUJVYWVYHY
YLZ\S[HKVZJPLU[xÄJVZX\LWLYTP[HUVW[PTPaHYSHNLZ[P}UJVTWL[P[P]P
KHK ZLN\YPKHK ` LÄJPLUJPH KL SHZ JLU[YHSLZ HZx JVTV SVNYHY U\L]HZ
HWSPJHJPVULZKLSH[LJUVSVNxHU\JSLHYHJHTWVZJVTVLSKLSHTLKPJP
UHSHHNYPJ\S[\YHVSHPUK\Z[YPH
,S JHSLU[HTPLU[V NSVIHS SH NHYHU[xH KLS Z\TPUPZ[YV LULYNt[PJV ` SHZ
J\LZ[PVULZZVIYLZLN\YPKHKZVU[LTHZZLUZPISLZX\LPUX\PL[HUHSHVWP
UP}UW‚ISPJH:PN\LZPLUKV\UYL[VWHYHJ\HU[VZLZ[HTVZPTWSPJHKVZLU
LZ[H[HYLHKLZ[LYYHYTP[VZ`KHYPUMVYTHJP}U[YHUZWHYLU[L6ZKLZLV\U
I\LU[YHIHQV`\UHMLSPaLZ[HUJPHLU(UKHS\JxH
1VZt(U[VUPV.YP|mU4HY[xULa
7YLZPKLU[LKLSH1\U[HKL(UKHS\JxH
E@7
:L|VYHZ`ZL|VYLZTPLTIYVZKLSH:VJPLKHK5\JSLHY
,ZWH|VSH!JVUTV[P]VKLZ\H9L\UP}U(U\HSX\PL
YVKHYSLZSHIPLU]LUPKHH:L]PSSH\UHJP\KHKX\LOH
OLJOVKLZ\U\L]HLZ[YH[LNPHLULYNt[PJH\UTV[VYKL
Z\M\[\YV
5VLU]HUV:L]PSSHLZSHJP\KHKLZWH|VSHX\LTmZOH
YLK\JPKVZ\ZLTPZPVULZHSHH[T}ZMLYHLUSVZ‚S[PTVZ
KVZH|VZ<USVNYVKLSX\LLZ[HTVZVYN\SSVZVZ`HX\L
OLTVZHWVZ[HKVWVY\UTVKLSVKLJP\KHKX\L[YHUZ
MVYTHHU[PN\HZH]LUPKHZLUHTWSPHZaVUHZWLH[VUHSLZ
KVUKLZLLZ[mZ\Z[P[\`LUKVLS]LOxJ\SVWVYZPZ[LTHZKL
[YHUZWVY[LTV]PKVWVYLULYNxHZZVZ[LUPISLZJVTVLS
[YHU]xHVLSTL[YVVKVUKLZLOHKLZHYYVSSHKVLSTmZ
HTWSPVZPZ[LTHKLJHYYPSIPJP`IPJPJSL[HZW‚ISPJHZKL
\UHNYHUJP\KHKLZWH|VSH+VUKLUVZOLTVZ[VTHKV
T\`LUZLYPVSHLÄJPLUJPH`LSHOVYYVLULYNt[PJVLU
SVZ LX\PWHTPLU[VZ W‚ISPJVZ ` LU SHZ ]P]PLUKHZ WHY[P
J\SHYLZ
/HNV\UHYLMLYLUJPHHLSSVWVYX\L\Z[LKLZJVTV[tJ
UPJVZ`JPLU[xÄJVZKLSZLJ[VYLULYNt[PJVJVUVJLUKL
WYPTLYHTHUVJ}TVSVZWYVJLZVZKL*HTIPV*SPTm
[PJVOHUJVU]LY[PKVLUTmZNYH]L`\YNLU[LSHULJL
ZPKHKKL\[PSPaHYSVZYLJ\YZVZLULYNt[PJVZJVUJYP[LYPVZ
KLZVZ[LUPISPKHK7VYLSSVLSJHTIPVJSPTm[PJVWV[LU
JPHSHI‚ZX\LKHPU[LNYHKHKLYLZW\LZ[HZKL\UHU\L]H
J\S[\YHKLSHLULYNxH3VZHJ[\HSLZKLZHMxVZKLILYxHU
JVUK\JPYHSHLSHIVYHJP}U`KLÄUPJP}UKLLZJLUHYPVZ
KLM\[\YV]PHISLZLULSmTIP[VKLSHLULYNxHLUSVZX\L
SHYLMLYLUJPHPUUV]HKVYHKLILYxHUKLZLYSHH\[VZ\Ä
JPLUJPH`SHZVZ[LUPIPSPKHK
,Z \UH LZ[YH[LNPH KL M\[\YV X\L KLIL KL ZLY NSVIHS
WLYVX\LZLHWV`HLUT‚S[PWSLZJVTWYVTPZVZSVJHSLZ
7VY LZV JYLV X\L LZ \U VIQL[P]V JSH]L WHYH SHZ JP\
KHKLZ 5VZV[YVZ SVZ LZ[HTVZ KLTVZ[YHUKV LU SH YL
K\JJP}U KL LTPZPVULZ LU LS [YHUZWVY[L ZVZ[LUPISL `
[HTIPtULUSHNLZ[P}ULULYNt[PJH`KLSJPJSVKLSHN\H
:L]PSSHKLZKLSVW‚ISPJVWLYV[HTIPtUKLZKLLSZLJ
[VYWYP]HKVX\LWVKLTVZZP[\HYUVZLU]HUN\HYKPHKL
SVX\L[VKVZLZ[mUKLHJ\LYKVX\LKLILKLLTLYNLY
KLSHHJ[\HSJYPZPZ!\UHU\L]HLJVUVTxHIHZHKHLUSHZ
[LJUVSVNxHZ`LUSHZVZ[LUPIPSPKHK
,ZWLYV X\L Z\ YL\UP}U LU :L]PSSH ZLH MY\J[xMLYH WHYH
[VKVZ
<UJVYKPHSZHS\KV
(SMYLKV:mUJOLa4VU[LZLPYxU
(SJHSKLKL:L]PSSH
Ê 1
,Ê-*!ÊÃi«Ìˆi“LÀi‡-ÊÓää™Ê‡
Î
*,",® ,
H
H
-IÏRCOLES
2%#/')$!
$%$/#5-%.4!#)».
H
H
H
!0%2452!
$%,#/.'2%3/
9
#/.&%2%.#)!).!5'52!,
H
H
H
).!5'52!#)».%80/3)#)».
%'D7G@;ß@3@G3>67>3E@7
*UEVES
6IERNES
#523/3h!02%.$%-«3$%v
z(AYSUFICIENTEURANIO
0LANIFICACIØNDEUNARECARGADE
COMBUSTIBLE
&UNCIONAMIENODEL-ERCADO%LÏCTRICO
3%3)/.%34²#.)#!30!2!,%,!3
$ESMANTELAMIENTO)
)NGENIERÓA))
-ANTENIMIENTO)
/PERACIØN
/RGANIZACIØNY&ACTORES(UMANOS)
2ESIDUOS2ADIACTIVOS))
3EGURIDAD.UCLEAR))
3%3)/.%34²#.)#!30!2!,%,!3
)$I)))
)NGENIERÓA)6
-ANTENIMIENTO)))
.UEVOS2EACTORES
/RGANIZACIØNY&ACTORES(UMANOS))
2ESIDUOS2ADIACTIVOS)))
3EGURIDAD.UCLEAR)))
#!&²
#!&²
3%3)».0,%.!2)!
H
H
H
H
7/-%.)..5#,%!2
H
3%3)».0,%.!2)!
H
H
H
H
#,!5352!
#»#4%,$%")%.6%.)$!
H
H
H
#/-)$!
H
H
H
H
3%3)/.%34²#.)#!30!2!,%,!3
#OMBUSTIBLE
#OMUNICACIØN
&USIØN
)$I)
)NGENIERÓA)
2ESIDUOS2ADIACTIVOS)
3EGURIDAD.UCLEAR)
0/34%2)
H
H
3%3)/.%3-/./'2«&)#!3
/PERACIØNALARGOPLAZO
!CEPTACIØNPÞBLICADELA%NERGÓA.UCLEAR
.OVEDADESENGESTIØNDERESIDUOS
H
H
#»#4%,$%#,!5352!
*»6%.%3.5#,%!2%3
3%3)/.%34²#.)#!30!2!,%,!3
$ESMANTELAMIENTO))
)$I))
)NGENIERÓA)))
-ANTENIMIENTO))
-EDICINA.UCLEAR
0ROTECCIØN2ADIOLØGICA
0/34%2))
3%3)/.%3-/./'2«&)#!3
&ORMACIØNEN##..ESPA×OLAS
-ERCADOSAPLAZO
)NFLUENCIASOCIALYECONØMICADELAS
INSTALACIONESNUCLEARESENSUENTORNO
#/.#)%24/
6)3)4!!
,/32%!,%3!,#«:!2%3
#%.!/&)#)!,9
%30%#4«#5,/%#5%342%
%.%,2!.#(/h%,2/#¶/v
H
#»#4%,
%NTREGADEPREMIOSDEL3EGUNDO#ONCURSO&OTOGRÈFICO!2%6!
{
*»6%.%3.5#,%!2%3
*UEVESHH
s#URSOBÈSICODECIENCIA
YTECNOLOGÓANUCLEAR
$IRIGIDOAESTUDIANTESPROFESORESY
PROFESIONALESDELSECTOR
H
H
H
‡Ê 1
,Ê-*!ÊÃi«Ìˆi“LÀi‡-ÊÓää™
7/-%.)..5#,%!27).
6IERNESH
s#ONFERENCIA
&USIØNzENERGÓADELFUTURO
"EATRIZ"RA×AS
)NVESTIGADOR4ITULARDEL,ABORATORIO
.ACIONALDE&USIØNDEL#)%-!4
8*"-
$ ®
",
E@7
Ê 1
,Ê-*!ÊÃi«Ìˆi“LÀi‡-ÊÓää™Ê‡
x
--" -®* ,!0%2452!
-IÏRCOLES
3%3)œ.0,%.!2)!))
H
0RESIDENTE
%XCMO3R$!LFREDO3ÈNCHEZ-ONTESEIRÓN
!LCALDEDE3EVILLA
0ONENTES
!RMANDO6EGANZONES
$IRECTORADJUNTOALPRESIDENTEDE%NRESA
&RANCISCO!RTEAGA
$IRECTORGENERALDE%NDESAEN!NDALUCÓAY
%XTREMADURA
*OSÏ%METERIO'UTIÏRREZ%LSO
0RESIDENTEDELA3.%
,UISDEL6AL(ERNÈNDEZ
0RESIDENTEDEL#OMITÏ/RGANIZADOR
#/.&%2%.#)!).!5'52!,
-IÏRCOLES
H
h,AHUELLADELA(ISTORIALA3EVILLAAMERICANAv
2AMØN-ARÓA3ERRERA
#ATEDRÈTICODE(ISTORIADE!MÏRICA
5NIVERSIDADDE3EVILLA
H
h0ROSPECTIVAENERGÏTICAESPA×OLAPARAELA×Ov
0RESIDENTE
!LFONSO!RIAS#A×ETE
$IRECTORGENERALDE%NERGÓA.UCLEARDE%NDESA
0ONENTES
&RANCISCO*-ACÓA4OMÈS
3UBDIRECTORGENERALDE0LANIFICACIØN%NERGÏTICA
3ECRETARÓA'ENERALDELA%NERGÓADEL-INISTERIODE
)NDUSTRIA4URISMOY#OMERCIO
È
6IERNES
H
0RESIDENTE
-Š4ERESA$OMÓNGUEZ
0RESIDENTADE&ORODELA)NDUSTRIA.UCLEAR%SPA×OLA
0ONENTES
$ALE+LEIN
%XPRESIDENTEYCONSEJERODELA.UCLEAR2EGULATORY
#OMMISSION.2#%STADOS5NIDOS
+EITH0ARKER
#HIEF%XECUTIVE/FFICER.UCLEAR)NDUSTRY
!SSOCIATION.)!2EINO5NIDO
#HANGSEN,UO
$IRECTORGENERALDEL$EPARTAMENTODE#IENCIA
4ECNOLOGÓAY#OOPERACIØN)NTERNACIONALDE#HINA
.ATIONAL.UCLEAR#ORPORATION
#,!5352!
H
0RESIDENTE
%XCMA3RA$Š#ARMEN-ARTÓNEZ4EN
0RESIDENTADEL#ONSEJODE3EGURIDAD.UCLEAR
0ONENTES
%XCMO3R$-ARTÓN3OLER-ÈRQUEZ
#ONSEJERODE)NNOVACIØN#IENCIAY%MPRESADELA
*UNTADE!NDALUCÓA
)LMO3R$!NTONIO(ERNÈNDEZ
$IRECTORGENERALDE0OLÓTICA%NERGÏTICAY-INASDEL
-INISTERIODE)NDUSTRIA4URISMOY#OMERCIO
2EPRESENTANTESDE%NDESA'AS.ATURAL5NIØN&ENOSA
E)BERDROLA
*OSÏ$OMÓGUEZ!BASCAL
3ECRETARIOTÏCNICODE!BENGOA
*OSÏ%METERIO'UTIÏRREZ
0RESIDENTEDELA3.%
3ANTOS2UESGA"ENITO
#ATEDRÈTICODE%CONOMÓA!PLICADADELA
5NIVERSIDAD!UTØNOMADE-ADRID
,OLA-ORALES$ORADO
6ICEPRESIDENTEDELA3.%
‡Ê 1
,Ê-*!ÊÃi«Ìˆi“LÀi‡-ÊÓää™
h.UEVOSPROGRAMASNUCLEARESv
6IERNES
3%3)œ.0,%.!2)!)
*UEVES
%'D7G@;ß@3@G3>67>3E@7
/"-®-"
#%.!/&)#)!,#/.%30%#4£#5,/%#5%342%
#œ#4%,$%")%.6%.)$!
-IÏRCOLES
E@7
H
4ENDRÈLUGARENEL(OTEL"ARCELØ2ENACIMIENTO
0ATROCINADOPOR7ESTINGHOUSE
*UEVES
H
,ACENAOFICIALDELA2EUNIØN!NUALSECELEBRARÈEN
EL2ANCHOh%L2OCÓOvDELOSHERMANOS0ERALTAYESTARÈ
PRECEDIDAPORUN#ORO2OCIEROYUNESPECTÈCULOECUES
TRE4RASLACENAMÞSICAYBARRALIBRE
#œ#4%,$%#,!5352!
#/.#)%24/6)3)4!!,/32%!,%3!,#£:!2%39#œ#4%,
-IÏRCOLES
H
%NLOS2EALES!LCÈZARESDE3EVILLASEOFRECERÈUN
CONCIERTODEGUITARRACARGODE.ACHODELA2OSA
4RASELCONCIERTOTENDRÈLUGARUNAVISITAGUIADAA
LOS2EALES!LCÈZARES
%STASACTIVIDADESESTÈNPATROCINADASPOR'RUPO
%NUSAY4ECNATOM
6IERNES
H
4RASLASESIØNDECLAUSURASESERVIRÈENEL(OTEL"ARCELØ
2ENACIMIENTOUNCØCTELPATROCINADOPOR'%(ITACHI
#!-0%/.!4/$%'/,&
3ÉBADO
H
3ECELEBRARÈENEL#AMPODE'OLFh-ONTECASTILLO"ARCELØ
'OLF2ESORTv
!LFINALIZARLAVISITASEOFRECERÈUNCØCTELATODOS
LOSASISTENTES
PATROCINADOPOR%MPRESARIOS!GRUPADOS%NRESAE
)$/-
0ATROCINADOPOR#ESPA&ERROVIALY'RUPO!LDESA
%8#523)œ.!,0!215%.!452!,$%$/™!.!9%,2/#°/
3ÉBADO
#/.#523/$%&/4/'2!&°!
*UEVES
H
%NTREGADEPREMIOSALOSGANADORES
DEL))#ONCURSODE&OTOGRAFÓA!REVA
0ATROCINADOPOR!REVA
%STAEXCURSIØNINCLUYEELTRASLADOAL0ARQUEDE$O×ANAASÓ
COMOUNRECORRIDOPORSUSLUGARESMÈSATRACTIVOS
3EVISITARÈTAMBIÏNLAALDEADE%L2OCÓODONDECULMINAEL
FAMOSOCAMINOQUECADAA×OCONGREGAAMILESDEPEREGRI
NOS
,AEXCURSIØNFINALIZACONUNACOMIDAENLAQUESEDEGUSTA
RÈNLOSPLATOSTRADICIONALESDELAZONA
*,",®®
"*! /-)¡2#/,%33%6),,!$%3$%%,'5!$!,15)6)2%,!2%.!,
6ISTAPANORÈMICADE3EVILLAENAUTOBÞS0ARADAENEL0ARQUE
DE-ARÓA,UISAVISITANDOLA0LAZADE%SPA×AYLA0LAZADE
!MÏRICA
6ISITADEL(OSPITALDE,A#ARIDAD
6ISITADELA"ASÓLICADE,A-ACARENA
*5%6%3*%2%:$%,!&2/.4%2!
6ISITAALA2EAL%SCUELA!NDALUZADE!RTE%CUESTRE
-USEODEL%NGANCHEY#UADRAS
0ALACIODEL2ECREODELAS#ADENASY-USEODEL!RTE%CUESTRE
%SPECTÈCULOh#ØMOBAILANLOSCABALLOSANDALUCESv
6ISITAALAS"ODEGAS'ONZÈLEZ"YASS
!LMUERZO
6ISITAAL-ONASTERIODE,A#ARTUJA
6)%2.%33%6),,!-/.5-%.4!,
0ASEOPORELENTORNODE,A#ATEDRALYLOS2EALES!LCÈZARES
0ASEOPOREL"ARRIODE3ANTA#RUZ
6ISITADELA#ASADE0ILATOS
#ONFERENCIA7OMENIN.UCLEAR(OTEL"ARCELØ2ENACIMIENTO
Ê 1
,Ê-*!ÊÃi«Ìˆi“LÀi‡-ÊÓää™Ê‡
Ç
®®-®--" -
%'D7G@;ß@3@G3>67>3E@7
/DVSRQHQFLDVVHUiQSUHVHQWDGDVLQGLVWLQWDPHQWHHQFDVWHOODQRRHQLQJOpVVLQWUDGXFFLyQVLPXOWiQHD
#/-)4²$%3%,%##)».$%0/.%.#)!3
-ARINA2ODRÓGUEZ!LCALÈ0RESIDENTEDEL#OMITÏ4ÏCNICO!LBERTO!BÈNADES6ELASCO*AVIER!LONSO
#HICOTE-ARIANO#ARRETER5LECIA&RANCISCO#ULEBRAS'ARCÓA&ERNANDO'ARCÓA%SCANDØN6ÓCTOR-ANUEL
'ARCÓA0ÏREZ*OSÏ-Š'ARCÓA/RELLANA,ORO#ARLOS'AVILÈN-ORENO-ARISA'ONZÈLEZ'ONZÈLEZ!NTONIO
'ONZÈLEZ*IMÏNEZ-IGUEL-ILLÈN,ØPEZ%NRIQUE0ASTOR#ALVO-ATILDE0ELEGRÓ4ORRES-A,UISA0ÏREZ'RIFFO
#OCHO)VÈN2ECARTE'ARCÓA!NDRADE!URELIO3ALA#ANDELAY-ARTA6ÈZQUEZ#ABEZUDO
¶.$)#%3%3)/.%3-/./'2«&)#!3
3%3)».
$)!
(R
3ALA
0AG
/PERACIØNALARGOPLAZO
H
'RAN3ALØN3EVILLA
!CEPTACIØNPÞBLICADELAENERGÓANUCLEAR
H
%NRICO&ERMI
.OVEDADESENGESTIØNDERESIDUOS
H
!LBERT%INSTEIN
)NFLUENCIASOCIALYECONØMICADELAS)NSTALACIONESNUCLEARESENSUENTORNO
H
!LBERT%INSTEIN
-ERCADOSAPLAZO
H
-ARIE#URIE
&ORMACIØNDELPERSONALDELASCENTRALESNUCLEARES
H
'RAN3ALØN3EVILLA
3%3)».
$)!
(R
3ALA
0AG
#/-"534)",%
H
-AX0LANCK
#/-5.)#!#)».
H
,ISE-EITNER
&53)».
H
%NRICO&ERMI
)$I)
H
(ENRI"ECQUEREL
).'%.)%2¶!)
H
7ERNER(EISENBERG
2%3)$5/32!$)!#4)6/3)
H
-ARIE#URIE
3%'52)$!$.5#,%!2)
H
!LBERT%INSTEIN
$%3-!.4%,!-)%.4/)
H
(ENRI"ECQUEREL
).'%.)%2¶!))
H
7ERNER(EISENBERG
¶.$)#%3%3)/.%34²#.)#!3
n
‡Ê 1
,Ê-*!ÊÃi«Ìˆi“LÀi‡-ÊÓää™
E@7
-!.4%.)-)%.4/)
H
-AX0LANCK
/0%2!#)».
H
,ISE-EITNER
/2'!.):!#)».9&!#4/2%3(5-!./3)
H
%NRICO&ERMI
2%3)$5/32!$)!#4)6/3))
H
-ARIE#URIE
3%'52)$!$.5#,%!2))
H
!LBERT%INSTEIN
$%3-!.4%,!-)%.4/))
H
-ARIE#URIE
)$I))
H
(ENRI"ECQUEREL
).'%.)%2¶!)))
H
7ERNER(EISENBERG
-!.4%.)-)%.4/))
H
-AX0LANCK
-%$)#).!.5#,%!2
H
!LBERT%INSTEIN
02/4%##)».2!$)/,»')#!
H
,ISE-EITNER
)$I)))
H
(ENRI"ECQUEREL
).'%.)%2¶!)6
H
7ERNER(EISENBERG
-!.4%.)-)%.4/)))
H
-AX0LANCK
.5%6/32%!#4/2%3
H
,ISE-EITNER
/2'!.):!#)».9&!#4/2%3(5-!./3))
H
%NRICO&ERMI
2%3)$5/32!$)!#4)6/3)))
H
-ARIE#URIE
3%'52)$!$.5#,%!2)))
H
!LBERT%INSTEIN
0»34%2)
H
0»34%2))
H
#523/
$)!
(R
3ALA
0AG
z(AYSUFICIENTEURANIO
H
(ENRI"ECQUEREL
0LANIFICACIØNDEUNARECARGADECOMBUSTIBLE
H
,ISE-EITNER
&UNCIONAMIENTODELMERCADOELÏCTRICO
H
¶.$)#%h!02%.$%-«3$%v
7ERNER(EISENBERG Ê 1
,Ê-*!ÊÃi«Ìˆi“LÀi‡-ÊÓää™Ê‡
™
E7E;A@7E?A@A9DØ8;53E
3%3)/.%3-/./'2£&)#!3
£‡Ê"*,
$ ÊÊ,"Ê*<"
ˆjÀVœiÃÊÓnʇʣÇ]Îä…ÊÊ
Ê
Ê
Ê
Ê
Ê
*ÀiÈ`i˜Ìi\Ê
ÀÕâÊ
ˆÀ>µÕˆÊÉÊ° °Ê-
$‡6 $-Ê
œœÀ`ˆ˜>`œÀ\Ê>Àˆ>˜œÊ
>ÀÀiÌiÀÊÉÊ -Ê ,
$ Ê
Ê
ÊÊ, Ê-$ Ê-6
*œ˜i˜ÌiÃ\ÊÊ >ۈ`ʜ`ii˜Ê­*,Ê ÕVi>ÀÊ*œÜiÀÊ-iV̜À®ÊÊ
Ê
,i˜jÊiÀ˜?˜`iâÊ­ ÕVi˜œÀ®
Ê
,ˆV…>À`Ê,ÕȘʭi˜iÀ>ÊiVÌÀˆV‡ˆÌ>V…ˆ®
/DVHVLyQFXEULUiORVDVSHFWRVVLJQL¿FDWLYRVDLQFOXLUHQODVUHYLVLRQHVSHULyGLFDVGHVHJXULGDGDVRFLDGDVDODVROLFLWXGGHUHQRYDFLyQGHODVOLFHQFLDV
TXHSHUPLWDQODRSHUDFLyQDODUJRSOD]RGHODVFHQWUDOHVQXFOHDUHVHQODVGHELGDVFRQGLFLRQHVGHVHJXULGDG\¿DELOLGDG
,EÊ Ê/"Ê Ê 1
,Ê ,9Ê
-1-/ /9
>ۈ`ʜ`ii˜
*,Ê ÕVi>ÀÊ*œÜiÀÊ-iV̜À
7KHUHLVDQLQFUHDVLQJFDOODPRQJJRYHUQPHQWEXVLQHVVDQGSROLF\OHD
GHUVJOREDOO\WRVLJQL¿FDQWO\LQFUHDVHWKHDPRXQWRIQXFOHDUHQHUJ\JHQH
UDWHGHOHFWULFLW\%HFDXVHRIWKHVFDOHFRVWDQGWLPHKRUL]RQVLQYROYHG
VXVWDLQLQJDQGLQFUHDVLQJQXFOHDUHQHUJ\¶VFRQWULEXWLRQWRWKHHOHFWULFLW\
LQIUDVWUXFWXUHUHTXLUHVDFRQFHUWHGFRRUGLQDWHGDQGVXVWDLQHGHIIRUW
7KH(OHFWULF3RZHU5HVHDUFK,QVWLWXWHFROODERUDWLQJZLWKLWVPHPEHUVDQG
RWKHUHQWLWLHVKDVLGHQWL¿HGVL[JRDOVDQGDUHVHDUFKDQGGHYHORSPHQW5'
DJHQGDWKDWFDQEHWWHUSRVLWLRQQXFOHDUHQHUJ\WHFKQRORJ\WRFRQWULEXWHHI
IHFWLYHO\WRORQJWHUPHOHFWULFHQHUJ\VHFXULW\VDIHW\DQGHFRQRP\
7KH5'WRVXSSRUWWKHVHJRDOVLVIRFXVHGLQWKUHHWHFKQLFDODUHDV
z OLJKWZDWHUUHDFWRUVDQGDGYDQFHGOLJKWZDWHUUHDFWRUV
z KLJKWHPSHUDWXUHUHDFWRUVDQG
z IDVWUHDFWRUVDQGDGYDQFHGIXHOF\FOHV
7KHSUHVHQWDWLRQZLOORXWOLQHWKHWHFKQRORJ\DQGLQIUDVWUXFWXUHGHYHORSPHQWV
QHFHVVDU\WRHQVXUHWKHGHSOR\PHQWRIQXFOHDUHQHUJ\LQWKHGHFDGHVDKHDG
- /Ê,ÊÊ,"!\Ê, "6
$ ÊÊ
Ê
ÊÊ8*"/
$ Ê9Ê"*,
$ Ê
Ê,"Ê*<"
,i˜jÊiÀ˜?˜`iâ
ÕVi˜œÀ
(O GH MXQLR GH FXOPLQy FRQ p[LWR XQ SURFHVR LQLFLDGR WUHV DxRV
DQWHVFRQODSUHVHQWDFLyQDQWHHO0LQLVWHULRGH,QGXVWULD7XULVPR\&R
PHUFLRGHODVROLFLWXGGHUHQRYDFLyQGHOD$XWRUL]DFLyQGH([SORWDFLyQ
GH6DQWD0DUtDGH*DURxDSRUXQSHULRGRGHDxRV'HOH[DPHQGHOD
GRFXPHQWDFLyQSUHVHQWDGDSRUHOWLWXODUDVtFRPRGHODVHYDOXDFLRQHVH
LQIRUPHVHIHFWXDGRVSRUHO&61HQHOiPELWRGHVXVFRPSHWHQFLDVHO3OH
QRGHO&RQVHMRGH6HJXULGDG1XFOHDUDFRUGyHPLWLUGHIRUPDXQiQLPH
XQLQIRUPHIDYRUDEOHDODUHQRYDFLyQGHGLFKD$XWRUL]DFLyQSRUHOSOD]R
VROLFLWDGRGHDxRV
3URFHVRVHJXLGRPDUFROHJDO\QRUPDWLYDPHMRUDVSURSXHVWDVSRU1X
FOHQRU\SODQGHLPSODQWDFLyQSROtWLFDGHRSHUDFLyQDODUJRSOD]RUHVROX
FLyQIDYRUDEOHGHO&61\FRQGLFLRQHVDVtFRPRDFFLRQHVVXEVHFXHQWHV
GDUiQIRUPDDHVWDSUHVHQWDFLyQ
ÓʇÊ
*/
$ Ê*2
ÊÊÊ ,Ê 1
,
ˆjÀVœiÃÊÓnʇʣÇ]Îä…ÊÊ
Ê
Ê
Ê
Ê
*ÀiÈ`i˜Ì>\ʜ>ʜÀ>iÃÊÉÊ
°
°Ê,<‡/,"
œœÀ`ˆ˜>`œÀ\Ê,>v>iÊ«iâÊÉÊ$6 -Ê 1
,-
Ê
Ê
Ê-\Ê ,
"Ê,
*œ˜i˜ÌiÃ\ÊÊ Ã>LiÊۈ>ÊiÀ˜?˜`i⇜˜}iÊ­
1®
Ê
iÀÌ>Ê*ˆV>“>Ê­œÀ>̜“®Ê
Ê
>Ã̜˜ÊiÎi˜ÃÊ­-
±
®
(QHVWDPRQRJUi¿FDVHPRVWUDUiQORVIDFWRUHVFDXVDQWHVGHORVFDPELRVHQODDFHSWDFLyQS~EOLFDTXHHVWiRFXUULHQGRHQ(XURSD
6-ÊÊÊ
*/
$ Ê*2
ÊÊ
Ê ,Ê 1
,»ÊÊ 9Êä™Ê
,"Ê Ê
$,"
iÀÌ>Ê*ˆV>“>Ê
œÀ>̜“
'XUDQWHHO)RURGHOD-RYHQ*HQHUDFLyQ1XFOHDU(XURSHD(XURSHDQ1X
FOHDU<RXQJ*HQHUDWLRQ)RUXPTXHWXYROXJDUHQ&yUGREDD¿QDOHVGH
£ä ‡Ê 1
,Ê-*!ÊÃi«Ìˆi“LÀi‡-ÊÓää™
0D\R \ FX\D RUJDQL]DFLyQ FRUULy D FDUJR GH ORV -yYHQHV 1XFOHDUHV VH
DQDOL]RHQXQDGHODVVHVLRQHVSOHQDULDVODV³&ODYHVGHODDFHSWDFLyQS~
EOLFDGHODHQHUJtDQXFOHDU´&LQFRH[SHUWRV\SHUVRQDOLGDGHVGHOPXQGR
VRFLRSROtWLFR\WpFQLFRGHGLIHUHQWHVLQVWLWXFLRQHVS~EOLFDV\SULYDGDVGH
(XURSDWUDWDURQGHODVGLVWLQWDVSUHRFXSDFLRQHVDFWLWXGHV\UHDFFLRQHVGH
ODSREODFLyQHXURSHDIUHQWHDFXHVWLRQHVFRPRODVHJXULGDGQXFOHDU\OD
JHVWLyQGHORVUHVLGXRVUDGLRDFWLYRV$VLPLVPRVHDQDOL]DURQODVGLVWLQWDV
E@7
3URJUDPD\6LQRSVLVGHODV3RQHQFLDV
SROtWLFDVFRPXQLWDULDVHQFXDQWRDHQHUJtDQXFOHDUVHUH¿HUH\VHKL]RKLQ
FDSLpHQODLPSRUWDQFLDTXHWLHQHQORVSROtWLFRVSDUDJDUDQWL]DUXQFLHUWR
QLYHOGHDFHSWDFLyQSXEOLFD7DPELpQVHH[SOLFRGXUDQWHODVHVLyQFRPR
OD WUDQVSDUHQFLD D OD TXH GHEH VRPHWHUVH OD LQGXVWULD QXFOHDU HV FUXFLDO
SDUDTXHHOS~EOLFRHQJHQHUDOVHDUHFHSWLYRDHVWHWLSRGHHQHUJtD3RU
XOWLPRVHH[SOLFRODLPSRUWDQFLDTXHWLHQHODMRYHQJHQHUDFLyQTXHGH
PDUFiQGRVHGHFXDOTXLHUSRVLFLRQDPLHQWRSROtWLFRHLGHROyJLFR\FHQWUiQ
GRVHVLPSOHPHQWHHQSURSRUFLRQDULQIRUPDFLyQVREUHORVSXQWRVIXHUWHV
\GpELOHVGHHVWHWLSRGHHQHUJtDSXHGHD\XGDUDHOLPLQDUORVSUHMXLFLRV
DQWLQXFOHDUHVDUUDLJDGRVHQODVRFLHGDG\FRQVHJXLUXQPD\RUDSR\RSD
UDODHQHUJtDQXFOHDUSRUSDUWHGHODSREODFLyQ
/, -*, 9Ê Ê*1
Ê
*/ ‡ÊÊ
,/
Ê 9--Ê"Ê/Ê
"*8/9Ê
"Ê 1
,Ê/
""9Ê---- /Êq
>Ã̜˜ÊiÎi˜ÃÊ
-
‡
3XEOLF DFFHSWDQFH RI QXFOHDU HQHUJ\ WHFKQRORJ\ LV QRZDGD\V UHJDUGHG
DV DQ HVVHQWLDO HOHPHQW IRU DQ\ HQHUJ\ SROLF\ WKDW HQYLVDJHV WKH IXWXUH
XVHRIQXFOHDUHQHUJ\DVDSDUWRIWKHSURGXFWLRQPL[1HYHUWKHOHVVWKHUH
GRHVQ¶WVHHPWREHDFOHDULGHDRIKRZWKLVDFFHSWDQFHVKRXOGEHDFTXLUHG
QRWZLWKLQWKHQXFOHDUFRPPXQLW\DQGQRWZLWKQDWLRQDOJRYHUQPHQWVRI
FRXQWULHVZLWKQXFOHDU$GGHGWRWKHWHFKQRORJLFDOFKDOOHQJHVLWDSSHDUV
WKDWWKHXVHRIQXFOHDUWHFKQRORJ\EULQJVDORQJDYDULHW\RIVRFLHWDOLP
SOLFDWLRQVWKDWFRPSOLFDWHLWVµMXVWL¿FDWLRQ¶HVSHFLDOO\ZKHQLWFRPHVWR
DVVHVVLWLQWKHIUDPHRIGHVLJQLQJDQHQHUJ\SROLF\WKDWPHHWVWKHFULWHULD
RIµVXVWDLQDEOHGHYHORSPHQW¶
,Q UHVSRQVH WR WKH FODVVLFDO DSSURDFK WR JDLQLQJ SXEOLF DFFHSWDQFH
E\ZD\RIµH[SODLQLQJWKHIDFWVDERXWQXFOHDU¶WKHSUHVHQWDWLRQDLPV
WRWDFNOHWKHSUREOHPLQDPRUHIXQGDPHQWDOZD\,WORRNVDWZKDWHV
VHQWLDOO\ FRPSOLFDWHV WKH TXHVWLRQ RI MXVWL¿FDWLRQ RI QXFOHDU HQHUJ\
WHFKQRORJ\ WKURXJK DQ DQDO\VLV RI WKH FRPSOH[ FKDUDFWHU RI ULVN DV
VHVVPHQWLQWKHIUDPHRIVRFLHWDOMXVWL¿FDWLRQ%DVHGRQWKLVDQDO\VLV
LW WKHQ WDNHV D FULWLFDO ORRN DW KRZ SROLWLFDO GHFLVLRQV RQ QXFOHDU DUH
WDNHQWRGD\7KHSUHVHQWDWLRQZLOODVVHUWWKDWµMXVWL¿FDWLRQ¶ZRXOGQHHG
WREHXQGHUVWRRGDVDGHOLEHUDWLRQSUDFWLFHDQGPDNHVVXJJHVWLRQVIRU
FRQGLWLRQVWRJHQHUDWHVRFLHWDOWUXVWLQGHOLEHUDWLRQRQQXFOHDU67DS
SOLFDWLRQV,WZLOOEHDUJXHGWKDWWKHVHFRQGLWLRQVDUHIDUUHDFKLQJDQG
EDVHGRQQHZZD\VRINQRZOHGJHJHQHUDWLRQDQGSROLF\PDNLQJ7KH\
ZLOOLQFOXGHDUHLQWHUSUHWDWLRQRIERWKWKHFRQFHSWVRIWUDQVSDUHQF\DQG
VXVWDLQDEOHGHYHORSPHQW
ÎÊ‡Ê "6-Ê Ê-/$ ÊÊ,-1"ˆjÀVœiÃÊÓnʇʣÇ]Îä…ÊÊ
Ê
Ê
Ê
Ê
Ê
Ê
*ÀiÈ`i˜Ì>\ʏˆVˆ>ʜ˜â?iâÊ`â°Ê
œ˜`iÊÉÊ,,"Ê ,Ê
œœÀ`ˆ˜>`œÀ\ʘ`ÀjÃʝ“iâÊÉÊ,,"Ê ,
º "6-Ê ÊÊ-/$ ÊÊ,-1"-»
8QRGHORVSULQFLSDOHVSUREOHPDVTXHODRSLQLyQS~EOLFDSHUFLEHFRQ
UHVSHFWRDOGHVDUUROORGHODHQHUJtDQXFOHDUHVVLQGXGDHOTXpKDFHUFRQ
ORVUHVLGXRVTXHHVWDDFWLYLGDGJHQHUD7DQWRDQLYHOLQWHUQDFLRQDOFRPR
DQLYHOQDFLRQDOVHHVWiQKDFLHQGRHVIXHU]RVHQHOFDPSRGHODLQYHVWLJD
FLyQ\HQHOGHODLQQRYDFLyQFRQHO¿QGHHOLPLQDURUHGXFLUODFDQWLGDG
GHHVRVUHVLGXRV
(Q(VSDxDFRQWDPRVFRQRUJDQL]DFLRQHVSXQWHUDVTXHHVWiQLQYHVWLJDQ
GR HQ HVWH iUHD \ HVWiQ GDQGR VROXFLRQHV FRQFUHWDV TXH VH PDWHULDOL]DQ
HQSUR\HFWRVUHDOHVHQLQVWDODFLRQHVSURGXFWLYDVXQDPXHVWUDVRQODVDF
WLYLGDGHVTXHGHVDUUROODQ(15(6$&,(0$7H,%(5'52/$\TXHVH
H[SRQHQHQHVWDPRQRJUi¿FD
(15(6$HQHOGHVDUUROORGHVXVDFWLYLGDGHVGHJHVWLyQYLHQHUHDOL]DQGR
DFWLYLGDGHVGH,'RUJDQL]DGDHQSODQHVTXLQTXHQDOHV(OQXHYRSODQKDVWD
VHSODQWHDFRQXQFDUiFWHUSUiFWLFRGRQGHODPHMRUDGHODVHJXULGDG
\ODRSWLPL]DFLyQGHODRSHUDFLyQGHODVLQVWDODFLRQHVGH(15(6$\VLPL
ODUHVVRQHOSULQFLSDOREMHWLYRVLQROYLGDUHOPDQWHQLPLHQWR\PHMRUDGHODV
FDSDFLGDGHVSDUDODJHVWLyQDODUJRSOD]RGHOFRPEXVWLEOHLUUDGLDGR(O3ODQ
HVWiHVWUXFWXUDGRHQFLQFRiUHDV7HFQRORJtDGHOUHVLGXR7UDWDPLHQWRDFRQ
GLFLRQDPLHQWR\GHVPDQWHODPLHQWR0DWHULDOHV\VLVWHPDVGHFRQ¿QDPLHQWR
(YDOXDFLyQGHOFRPSRUWDPLHQWR\PRGHODFLyQ$GHPiVGHHVWDVFXDWURiUHDV
WpFQLFDVWDPELpQHOSODQLQFOX\HXQDGHFRRUGLQDFLyQ\JHVWLyQGHDFWLYRV\
UHVXOWDGRVGHOD,'/DVLQYHUVLRQHVHVWLPDGDVVRQGHDSUR[LPDGDPHQWH
0¼DxRVLQFRQWDUUHWRUQRVSURFHGHQWHVGHRWURVSURJUDPDV
ÊÊ-\Ê,/Ê -/
*œ˜i˜ÌiÃ\ÊÊ ÕˆœÊÃÌÕ`ˆœÊ­ ,-®
Ê
˜ÀˆµÕiʜ˜â?iâÊ­
/®Ê
Ê
-ÕÃ>˜>ÊṎjÀÀiâÊ­,,"Ê ,®
7DPELpQHQFHQWURVGHLQYHVWLJDFLyQFRPRHO&,(0$7VHHVWiDYDQ
]DQGRHQODViUHDVGH6HSDUDFLyQ\GH7UDQVPXWDFLyQFRQHOREMHWLYRGH
UHDOL]DUXQDSRUWHDODVRVWHQLELOLGDG\PLQLPL]DFLyQGHUHVLGXRVGHDOWD
DFWLYLGDG(QHVWRVPRPHQWRVGHUHODQ]DPLHQWRQXFOHDUVHHVWiUHDFWLYDQ
GR D QLYHO PXQGLDO HO GHVDUUROOR GH WHFQRORJtDV VRVWHQLEOHV D ODUJR SOD
]RTXHLQFOX\HQORVVLVWHPDVUiSLGRVUHDFWRUHV\$'6\HOUHSURFHVDGR
DYDQ]DGRGHFRPEXVWLEOHVXVDGRV/DVHSDUDFLyQ\WUDQVPXWDFLyQUHVXOWD
GHODRSWLPL]DFLyQGHHVWDVWHFQRORJtDVSDUDODPLQLPL]DFLyQGHUHVLGXRV
UDGLDFWLYRV(OPXOWLUHFLFODGRGH8UDQLR3OXWRQLR\GHORVDFWtQLGRVPL
QRULWDULRVSHUPLWHUHGXFLUGUiVWLFDPHQWHODPDVDGHDFWtQLGRVYROXPHQ
DFWLYLGDG\IXHQWHGHFDORUGHORVUHVLGXRV¿QDOPHQWHHQYLDGRVDODOPDFH
QDPLHQWRJHROyJLFRSURIXQGRVLQDXPHQWDUODGRVLVHQVXSHU¿FLH&RP
ELQDGRV FRQ GLVHxRV DGHFXDGRV GHO FLFOR \ GH ORV DOPDFHQDPLHQWRV GH
UHVLGXRVHVSRVLEOHVLPSOL¿FDU\DXPHQWDUODFDSDFLGDGHIHFWLYDGHO$*3
KDVWDHOSXQWRGHUHGXFLUHOQ~PHURGHHPSOD]DPLHQWRVQHFHVDULRV
,%(5'52/$,QJHQLHUtDHVWiGHVDUUROODQGRXQSUR\HFWROODYHHQPDQR
SDUDVXPLQLVWUDUXQDLQVWDODFLyQGHWUDWDPLHQWRGHUHVLGXRVEDVDGDHQOD
WHFQRORJtDGHOSODVPDHQOD&HQWUDO1XFOHDUGH.R]ORGX\%XOJDULD$F
WXDOPHQWHHVWDWHFQRORJtDSDUDUHVLGXRVUDGLDFWLYRVVRORVHHVWiXWLOL]DQGR
HQ 6XL]D HQ XQ FHQWUR GH WUDWDPLHQWR \ DFRQGLFLRQDPLHQWR GH UHVLGXRV
UDGLDFWLYRV=:,/$*\HVODSULPHUDYH]TXHVHSUR\HFWDVXLQVWDODFLyQ
SDUDRSHUDUHQXQDFHQWUDO
/DWHFQRORJtDGHSODVPDHVXQDRSFLyQDYDQ]DGDGHODLQFLQHUDFLyQSDUD
HOWUDWDPLHQWRGHUHVLGXRVUDGLDFWLYRV(VWDWHFQRORJtDSHUPLWHWUDWDUWDQWR
PDWHULDOHVRUJiQLFRVFRPRLQRUJiQLFRV\REWHQHUXQIDFWRUGHUHGXFFLyQ
Ê 1
,Ê-*!ÊÃi«Ìˆi“LÀi‡-ÊÓää™Ê‡ ££
E7E;A@7E?A@A9DØ8;53E
GHYROXPHQPX\DOWRFRPSDUDGRFRQWpFQLFDVPiVFRQYHQFLRQDOHVTXH
GHSHQGHUiGHOWLSRGHUHVLGXRWUDWDGR(QORVVLVWHPDVGHSODVPDORVPD
WHULDOHVRUJiQLFRVVHWUDQVIRUPDQHQFRPSXHVWRVYROiWLOHVFRPRKLGURFDU
ERQRVPRQy[LGRGHFDUERQRHWFPLHQWUDVTXHORVPDWHULDOHVLQRUJiQLFRV
VHIXQGHQ\VHWUDQVIRUPDQHQHVFRULDpVWDDVXYH]DOHQIULDUVHVHFRQ
YLHUWHHQXQSURGXFWRYLWUL¿FDGRHVWDEOHGHPXFKRPHQRUYROXPHQTXHHO
GHOPDWHULDOGHSDUWLGD
(QODVHVLyQPRQRJUi¿FDVHGHVFULELUiQGHWDOODGDPHQWHORVSURJUHVRV
\ WHQGHQFLDV GH HVWDV LQLFLDWLYDV \ WHFQRORJtDV SDUD OD PLQLPL]DFLyQ GH
UHVLGXRVLPSUHVFLQGLEOHVHQHVWHFRQWH[WRGHUHQDFLPLHQWRQXFOHDU
{Ê‡Ê 1 Ê-"
Ê9Ê
" $
Ê
Ê-Ê -/
" -Ê 1
,-Ê Ê-1Ê /", "
ÕiÛiÃÊәʇʣn]ää…Ê
Ê
Ê
Ê
Ê
Ê
Ê
Ê
ÊÊ-\Ê,/Ê -/
*ÀiÈ`i˜Ìi\ʘ̜˜ˆœÊ
œÀ˜>`ÊÉÊ 1
",
œœÀ`ˆ˜>`œÀ\ʘ̜˜ˆœÊœ˜â?iâÊÉÊ","Ê 1
,Ê
*œ˜i˜ÌiÃ\ÊÊ §Ê6ˆV̜Àˆ>ʈÊ
iÀiâœÊ­1˜ˆÛiÀÈ`>`Ê`iÊ
À`œL>®
Ê
"ÃV>Àʝ«iâÊ`iʜÀœ˜`>Ê*jÀiâÊ­1˜ˆÛiÀÈ`>`Ê`iÊÕÀ}œÃ®
Ê
,>֏Ê>ÌiœÊ˜}iÊ>ÕvœÊ­
ʇʏV>`iÊ`iÊ
œvÀi˜Ìiî
(OMXHYHVGtDDODVKRUDVWHQGUiOXJDUOD6HVLyQ0RQRJUi¿FDGH
GLFDGDDOD³,QÀXHQFLDVRFLDO\HFRQyPLFDGHODVLQVWDODFLRQHVQXFOHDUHV
HQ VX HQWRUQR´ %DMR OD SUHVLGHQFLD GHO 'LUHFWRU GH &RPXQLFDFLyQ GH
1XFOHQRU$QWRQLR&RUQDGyHVWiSUHYLVWDODSDUWLFLSDFLyQFRPRSRQHQWHV
GH0DUtD9LFWRULD*LO&HUH]RGHOD&iWHGUD(QUHVDGHOD8QLYHUVLGDGGH
&yUGRED6DQWLDJR$SDULFLRGHOD)DFXOWDGGH&LHQFLDV(FRQyPLFDVGHOD
8QLYHUVLGDGGH%XUJRV\5D~O0DWHRÈQJHO%DOXIR$OFDOGHGH&RIUHQWHV
\3UHVLGHQWHGHOD$VRFLDFLyQGH0XQLFLSLRVHQÈUHDVGH&HQWUDOHV1X
FOHDUHV$0$&(OREMHWLYRGHHVWDVHVLyQHVDQDOL]DUODUHSHUFXVLyQTXH
ODVLQVWDODFLRQHVQXFOHDUHVWLHQHQHQODVSREODFLRQHVGHVXHQWRUQRWDQWR
GHVGHHOSXQWRGHYLVWDVRFLDOFRPRHFRQyPLFR\DTXHVRQPRWRUHVGHJH
QHUDFLyQGHHPSOHR\ULTXH]D6HHVSHUDXQLQWHUHVDQWHGHEDWHSXHVWRTXH
HVWHHVXQIDFWRUFUXFLDOHQHOPDQWHQLPLHQWRGHODVLQVWDODFLRQHVQXFOHDUHV
HQIXQFLRQDPLHQWRHQQXHVWURSDtV\DTXHEXHQDSDUWHGHODDFWLYLGDGHQ
HVWDV]RQDVVHEDVDHQODDSRUWDFLyQLPSUHVFLQGLEOHTXHODVPLVPDVUHDOL
]DQSDUDHOELHQHVWDUGHORVFLXGDGDQRV
xʇÊ,
"-ÊÊ*<"
ÕiÛiÃÊәʇʣn]ää…Ê
Ê
Ê
Ê
Ê
Ê
*ÀiÈ`i˜Ìi\ʏwœÊ6ˆ`>ÊÉÊ,,"
œœÀ`ˆ˜>`œÀ\ʘÀˆµÕiÊ*>Ã̜ÀÊÉÊ,,"Ê
(QODSULPHUDSDUWHVHGHVFULELUiQODVGLVWLQWDVDOWHUQDWLYDVGHYHQWDGH
HQHUJtD D ODUJR SOD]R FRPHUFLDOL]DFLyQ YHQWDV HQ VXEDVWDV HQ 20,3
RHQPHUFDGRVQRRUJDQL]DGRVRDFRUWRSOD]RPHUFDGRGLDULRHLQWUD
GLDULR7DPELpQVHH[SOLFDUiHOIXQFLRQDPLHQWRGHORVVHUYLFLRVFRPSOH
PHQWDULRV
£Ó ‡Ê 1
,Ê-*!ÊÃi«Ìˆi“LÀi‡-ÊÓää™
Ê
Ê
ÊÊ-\Ê,Ê
1,
Ê*œ˜i˜ÌiÃ\ÊÊ §ÊiÃÖÃÊ>À̉˜Ê­
œ“ˆÃˆ˜Ê >Vˆœ˜>Ê`iʘiÀ}‰>®
Ê
,>v>iÊiˆ`œÊ­LiÀ`Àœ>®
(QODVHJXQGDSDUWHVHPRVWUDUiPHGLDQWHXQHMHPSORFyPRVHUHDOL]DOD
JHVWLyQGHODHQHUJtDGHXQDFHQWUDOQXFOHDUHQORVGLVWLQWRVPHUFDGRVFXiO
HVODSDUWLFLSDFLyQGHODVFHQWUDOHVQXFOHDUHVHQORVVHUYLFLRVFRPSOHPHQ
WDULRV\FyPRVHJHVWLRQDHOSURJUDPDGHHQHUJtDFXDQGRVHSURGXFHXQD
SDUDGDIRUWXLWDRQRSURJUDPDGD
E@7
3URJUDPD\6LQRSVLVGHODV3RQHQFLDV
ÈʇÊ",
$ ÊÊ*,-" ÊÊ-Ê
/,-Ê 1
,ÕiÛiÃÊәʇʣn]Îä…Ê
Ê
Ê
Ê
Ê
Ê
Ê
*ÀiÈ`i˜Ìi\Ê}˜>VˆœÊiµÕiÀˆV>ÊÉÊ -Ê ,
$
œœÀ`ˆ˜>`œÀ\Ê>Àˆ>˜œÊ
>ÀÀiÌiÀÊÉÊ -Ê ,
$ Ê
Ê
, Ê-$ Ê-6
*œ˜i˜ÌiÃ\ÊÊ À>˜VˆÃVœÊ-?˜V…iâÊ­/iV˜>̜“®Ê
Ê
*…ˆˆ«ÊV
ՏœÕ}…Ê­ *"Ê‡Ê /®
}ÕÃ̉˜Êœ˜ÃœÊ->˜ÌœÃÊ­1*®
Ê
0RGHORVSDUDODSURPRFLyQGHODH[FHOHQFLDHQORVSURJUDPDGHIRUPDFLyQGHODLQGXVWULDQXFOHDU\JHVWLyQGHOFRQRFLPLHQWRFRPRHOHPHQWRFODYH
HQHOGHVDUUROORGHHVWDLQGXVWULD
*,",-ÊÊ",
$ ÊÊ*,-" Ê
" Ê
Ê Ê-Ê
/,-Ê 1
,-Ê
-*!"À>˜VˆÃVœÊ-?˜V…iâÊ
/iV˜>̜“
/DIRUPDFLyQGHOSHUVRQDOFRQOLFHQFLDGHRSHUDFLyQHVXQDSDODQFDFODYH
SDUDODH[SORWDFLyQVHJXUD\¿DEOHGHQXHVWUDVFHQWUDOHVQXFOHDUHV
(VWDDFWLYLGDGUHJXODGDSRUHO&61KDHYROXFLRQDGRVLJQL¿FDWLYDPHQ
WHHQ(VSDxDGHVGHORVDxRVVHWHQWDFXDQGRVHXWLOL]DEDQVLPXODGRUHVJH
QpULFRVHQ86$KDVWDODSXHVWDHQIXQFLRQDPLHQWRGHQXHYRVSURJUDPDV
EDVDGRVHQPHWRGRORJtDVVLVWHPiWLFDV6$7PHGLRVGLGiFWLFRVDYDQ]D
GRV\VLPXODGRUHVHVSHFt¿FRVSDUDFDGDFHQWUDOHQHO
5HFLHQWHPHQWHVHKDUHDOL]DGRXQ³EHQFKPDUNLQJ´GHHVWRVSURJUDPDV
FRQ,132LGHQWL¿FiQGRVHORVUHWRVGHIXWXURKDFLDXQDIRUPDFLyQRULHQ
WDGDDODPHMRUDGHOGHVHPSHxR\FRQVHFXHQWHPHQWHDORVUHVXOWDGRVGH
ODFHQWUDO
/, ÊqÊ-- /Ê/"Ê*,"6 Ê
1
,Ê*"7,Ê* /Ê*,", *…ˆˆ«ÊV
ՏœÕ}…Ê
*"Ê‡Ê /
1XFOHDUXWLOLWLHVLQWKH8QLWHG6WDWHVXVHWUDLQLQJDVDVWUDWHJLFDVVHWWKDW
SURPRWHV SURIHVVLRQDOLVP DQG LPSURYHV SODQW SHUIRUPDQFH 'U 3KLOLS
0F&XOORXJKYLFHSUHVLGHQWRIWKH,QVWLWXWHRI1XFOHDU3RZHU2SHUDWLRQV
,132ZLOOGLVFXVVRQJRLQJ,132SURJUDPVWKDWLQFOXGHHYDOXDWLQJDF
FUHGLWHGWUDLQLQJSURJUDPVFRQGXFWLQJSURIHVVLRQDOGHYHORSPHQWFRXUVHV
DQGVHPLQDUVDQGDGPLQLVWHULQJD:HEEDVHGLQVWUXFWLRQDQGH[DPLQDWLRQ
V\VWHP
7KHQXFOHDUSRZHULQGXVWU\ZLOOLQFUHDVLQJO\GHDOZLWKZRUNIRUFHUH
QHZDODQHZJHQHUDWLRQRIZRUNHUVWRWUDLQDQGWKHSRVVLELOLW\RIWUDL
QLQJHYHQPRUHZRUNHUVWRVXSSRUWQHZSODQWFRQVWUXFWLRQDQGRSHUDWLRQV
,132¶VQHZ)XWXUHRI/HDUQLQJLQLWLDWLYHZDVGHYHORSHGDIWHUDQH[WHQVL
YHLQGXVWU\VWXG\WRLGHQWLI\NH\DFWLRQVWKDWFRXOGEHWDNHQWRPHHWWKH
86LQGXVWU\WUDLQLQJQHHGVLQWKH\HDUVWRFRPH
7KH,QLWLDWLYH¶VJRDOVDUHWR
z %OHQGVXFFHVVIXOWUDLQLQJPHWKRGVZLWKEHQH¿WVRIQHZWHFKQRORJ\
z ,PSURYHHI¿FLHQF\RIWUDLQLQJVRZRUNHUVDUHUHDG\LQOHVVWLPH
z &RPSOHPHQWRQJRLQJDFWLYLWLHVDQGSDUWQHUVKLSVZLWKXQLYHUVLWLHV
Ê -ÊÊ-/" ,ÊÊ
" "
/"Ê Ê", <
" -Ê
1
,}ÕÃ̉˜Êœ˜ÃœÊ->˜ÌœÃÊ
1*
/RV3ULQFLSLRVGHVHJXULGDGGHO2,($UHFRQRFHQHOGHEHUGHUHJXODGRUHV
VXPLQLVWUDGRUHV\H[SORWDGRUHVGH³SURSRUFLRQDUFDSDFLWDFLyQHLQIRUPD
FLyQDGHFXDGDV´DODVSHUVRQDVLPSOLFDGDV(O2UJDQLVPRKDGHVDUUROODGR
WDOSULQFLSLRHQODV&RQIHUHQFLDV,QWHUQDFLRQDOHVGH6DFOD\\9LHQD
GRQGHVHGHPRVWUyODQHFHVLGDGGHJHVWLRQDUHOFRQRFLPLHQWRSDUD
JDUDQWL]DU OD H[SORWDFLyQ VHJXUD \ UHQWDEOH GH ODV LQVWDODFLRQHV (O SUR
EOHPD UHYLVWH LQWHUHVHV H[FHSFLRQDOHV HQ SDtVHV VRPHWLGRV D PRUDWRULDV
VREUH OD FRQVWUXFFLyQ GH QXHYDV LQVWDODFLRQHV (O UHWR HV JDUDQWL]DU ORV
UHFXUVRVKXPDQRVQHFHVDULRVSDUDODH[SORWDFLyQGHOSDUTXHQXFOHDUH[LV
WHQWH\SDUDFRQVWUXLUQXHYDVLQVWDODFLRQHV\UHDQXGDUQXHYDVDFWLYLGDGHV
QXFOHDUHV
Ê 1
,Ê-*!ÊÃi«Ìˆi“LÀi‡-ÊÓää™Ê‡ £Î
&'
E7E;A@7EFt5@;53E
&RPEXVWLEOH
3%3)/.%34¡#.)#!3
䣇Ê
"1-/
ˆjÀVœiÃÊÓnʇʣx]Îä…ÊÊ
Ê
Ê
Ê
Ê
Ê
Ê
ÊÊ-\ÊÊ8Ê* *ÀiÈ`i˜Ìi\Ê,œLiÀ̜ʜ˜â?iâÊ6ˆi}>ÃÊÉÊ 1-Ê 1-/,-Ê6 <
œœÀ`ˆ˜>`œÀ>\Ê*ˆ>ÀÊ*jÀiâʈ?˜ÊÉÊ 1-Ê 1-/,-Ê6 <ä£Ê‡Êä£Ê
ä£Ê‡ÊäÓÊ
6 /-ÊÊÊ"*/<
$ ÊÊ-!"Ê
Ê 2
"Ê Ê1 Ê7,Ê9Ê-1Ê
/"Ê-",Ê
Ê
/",Ê1 "
,-1/"-ÊÊ-Ê-1
" -ÊÊ<Ê
8*, /"-ÊÊ,*-ÊÊ*"/ Ê
Ê*,"9
/"Ê-
*Ê
" ÊÊ
$"Ê
,*
" ‡Î]Ê6ΰÎ
°Ê/°Ê«iâÊ
>ÀLœ˜i£]Ê°Ê>ˆVˆ>Ê->>Ûi`À>£ÊÞÊ°Ê°ÊiÞÊ
>Û>ÀÀœÓ
£LiÀ`Àœ>Êi˜iÀ>Vˆ˜
ÓLiÀ`Àœ>ʘ}i˜ˆiÀ‰>ÊÞÊVœ˜ÃÌÀÕVVˆ˜
(O GLVHxR QXFOHDU FRQVLVWH EiVLFDPHQWH HQ HO FRQMXQWR GH DFWLYLGDGHV D
OOHYDUDFDERSDUDODFRQVHFXFLyQGHOPDSDGHFDUJDGHOVLJXLHQWHFLFORGH
XQUHDFWRUQXFOHDU
(VWDVDFWLYLGDGHVVHUHVXPHQHQ
‡ (VWDEOHFLPLHQWRGHORVFULWHULRVGHGLVHxR
‡ 'HWHUPLQDFLyQGHOQžGHHOHPHQWRVQXHYRV
‡ 'LVHxRGHOHOHPHQWR
‡ 'LVHxRGHOPDSD5HFRORFDFLyQGHORVHOHPHQWRVQXHYRV\JDVWDGRV
SDUDPD[LPL]DUODHQHUJtDFXPSOLHQGRFRQORVFULWHULRVGHGLVHxR\HV
SHFL¿FDFLRQHVWpFQLFDV
‡ *HVWLyQGHEDUUDVGHFRQWURO
(OQ~FOHRGH&RIUHQWHVFRQVWDGHHOHPHQWRVGHORVFXDOHVDSUR[L
PDGDPHQWHHOVDOHQGHOQ~FOHRHQODUHFDUJD\VHVXVWLWX\HQSRUHOH
PHQWRVIUHVFRV
$FRPHWHUHOGLVHxRGHXQFLFORHVXQDWDUHDGLItFLOSHURVLDxDGLPRVTXH
HOQ~FOHRHV PL[WR YDULRV VXPLQLVWUDGRUHV GH PHVHV \ TXH H[LVWHQ
FRQGLFLRQDQWHV TXH LPSDFWDQ HQ HO GLVHxR FRPR OD RSHUDFLyQ GHO FLFOR
FRQHOHPHQWRVIDOODGRVDGHODQWRRUHWUDVRGHODUHFDUJDDERPEDPLHQWR
GHFDQDOHV\HOFRPSRUWDPLHQWRHVWDGtVWLFRGH.HIHFWLYDHQWUHRWUDV\
DSDUWHGHODVLQWUtQVHFDVDOGLVHxRFRPROtPLWHVGHTXHPDGRHWFHOGLVHxR
SXHGHVHUQRGLItFLOVLQRLPSRVLEOH
'LVSRQHUGHXQDKHUUDPLHQWDTXHD\XGHDOGLVHxDGRUHQVXEXVFD\FDS
WXUDGHXQPDSDHVLPSUHVFLQGLEOHWDQWRSDUDODH[FHOHQFLDGHOSURGXFWR
FRPRSDUDODVDOXGGHOGLVHxDGRU
,EHUGURODGLVSRQHGHOFyGLJR)LQHORDGTXHEDVDGRHQQXHVWURVFyGLJRV
QRVD\XGDDGLVHxDUHOQ~FOHR/DSRQHQFLDWUDWDGHPRVWUDUODVYHQWDMDVH
LQFRQYHQLHQWHVGHHVWHWLSRGH³D\XGD´\HOHIHFWRSRVLWLYRTXHSURGXFH
HQHOGLVHxDGRUVDELHQGRTXHHVWDD\XGDOHUHSRUWDFDOLGDG\WLHPSRH[WUD
SDUDPHMRUDUHOGLVHxR\ODH[FHOHQFLDGHVXWUDEDMR
£{ ‡Ê 1
,Ê-*!ÊÃi«Ìˆi“LÀi‡-ÊÓää™
°Ê6>iœ]ÊՈÃÊ°ÊiÀÀ>˜âÊ
/
(OFyGLJR)5$3&21YHVWiYDOLGDGRSDUDHVWXGLRVGHFRPSRUWDPLHQWR
WHUPRPHFiQLFRGHEDUUDFRPEXVWLEOHHQFRQGLFLRQHVGHHVWDGRHVWDFLRQDULR\
UDPSDVOHQWDVGHSRWHQFLDSDUDTXHPDGRVSURPHGLRGHEDUUDKDVWD*:GW8
(OPRGHORDFWXDOGHGHIRUPDFLyQFRQWHPSODGRSRUHOFyGLJRFDOFXODSHTXHxDV
GHIRUPDFLRQHVGHFRPEXVWLEOH\YDLQDDVXPHTXHODYDLQDPDQWLHQHVLHPSUH
VXIRUPDFLOtQGULFD\UHDOL]DDQiOLVLVHOiVWLFRSOiVWLFRLQFOX\HQGRGHIRUPDFLyQ
SRUÀXHQFLDDXQTXHXWLOL]DXQDFRUUHODFLyQEDVDGDHQH[SHULPHQWRVUHDOL]DGRV
KDFHYDULDVGpFDGDV/DDFWXDOFRQ¿JXUDFLyQGHOFyGLJRQRDVHJXUDSUHGLFFLR
QHVSUHFLVDVUHVSHFWRDHIHFWRVGHUHODMDFLyQHQODVGHIRUPDFLRQHV
(OSUR\HFWR6&,36WXGVYLN&ODGGLQJ,QWHJULW\3URMHFWKDLQFOXLGRXQWR
WDOGHGLH]H[SHULPHQWRVGHUDPSDVGHSRWHQFLDFRQHOREMHWLYRGHHVWXGLDU
ORVSULQFLSDOHVPHFDQLVPRVGHIDOORGHODYDLQD\KDRIUHFLGRXQDH[FHOHQWH
RSRUWXQLGDGSDUDUHDOL]DUHMHUFLFLRVGHPRGHOL]DFLyQFRQFyGLJRVGHFiOFXOR
TXHSXHGHQDSRUWDUXQDFRQWULEXFLyQDODLQWHUSUHWDFLyQGHORVH[SHULPHQWRV
/RVH[SHULPHQWRVVHUHDOL]DURQHQHOUHDFWRUGHLQYHVWLJDFLyQ5GH6WXGVYLN
VREUH VHJPHQWRV GH EDUUD FRPEXVWLEOH FRQ GLIHUHQWHV PDWHULDOHV GH YDLQD
=U\=,5/2\0UHIDEULFDGRVHLUUDGLDGRVSUHYLDPHQWHHQGLIHUHQWHV
3ODQWDV1XFOHDUHV/DGXUDFLyQGHODVUDPSDVDEDUFDHOUDQJRVHJXQGRVKR
UDV\WDPELpQVHLQFOX\HURQVHULHVHVFDORQDGDVFRQDXPHQWRVGHSRWHQFLD
(QHVWHWUDEDMRVHGLVFXWHQORVUHVXOWDGRVGHODVLPXODFLyQFRQHOFy
GLJR )5$3&21 Y GH WRGRV ORV H[SHULPHQWRV 6&,3 FRQWUDVWDGRV
FRQODVPHGLGDVH[SHULPHQWDOHVGLVSRQLEOHVHVSHVRUGHy[LGRGLiPHWURV
GHORVVHJPHQWRVDQWHV\GHVSXpVGHODVUDPSDV\HORQJDFLRQHVGXUDQWH
ORVH[SHULPHQWRV$VLPLVPRVHSUHVHQWDQORVUHVXOWDGRVGHRWUDVYDULDEOHV
UHODFLRQDGDV QR PHGLGDV H[SHULPHQWDOPHQWH TXH SXHGHQ D\XGDU D XQD
PHMRUFRPSUHQVLyQGHORVIHQyPHQRVLPSOLFDGRV(QJHQHUDOVHREVHUYDQ
PD\RUHVGHVYLDFLRQHVHQODVSUHGLFFLRQHVSDUDUDPSDVODUJDVTXHFRUWDV
XQ EXHQ FRPSRUWDPLHQWR HQ ODV SUHGLFFLRQHV GH y[LGR \ VH LGHQWL¿FDQ
QHFHVLGDGHV GH PHMRUD HQ SDUWHV GHO FyGLJR FRPR HO KLQFKDPLHQWR GHO
FRPEXVWLEOHSURSLHGDGHVGHORVPDWHULDOHVGHYDLQDGHEHUtDQDPSOLDUVH
SDUD=,5/2\0DVtFRPRODH[WHQVLyQGHOFyGLJRSDUDLQFOXLUUDPSDV
GH SRWHQFLD PiV UiSLGDV \D TXH HQ OD DFWXDOLGDG UDPSDV FRPR ODV GH
6&,3HVWiQIXHUDGHORVOtPLWHVUHFRPHQGDGRVSRU)5$3&21
(VWHWUDEDMRHVWiHQPDUFDGRGHQWURGHODFXHUGRGHFRODERUDFLyQHQWUH
&61\&,(0$7VREUHHO³&RPSRUWDPLHQWR7HUPRPHFiQLFRGH&RPEXV
WLEOHGH$OWR4XHPDGR´
E@7
3URJUDPD\6LQRSVLVGHODV3RQHQFLDV
ä£Ê‡ÊäÎÊ
--ÊÊ,-"ÊÊ*
Ê*,Ê
Ê
", /-Ê
,
" "Ê*",Ê*,
°Êi>À>£]Ê9°Ê/œwšœ£]ʰʏLi˜`i>Ó]Ê°Ê>ˆVˆ>Ó]Ê*°Ê>Ì>Ó]Ê
°Ê1ÀÀi>Î]Ê°Ê,œ`À‰}ÕiâÎ
£ÊLiÀ`Àœ>ʘ}i˜ˆiÀ‰>ÊÞÊ
œ˜ÃÌÀÕVVˆ˜
ÓÊLiÀ`Àœ>Êi˜iÀ>Vˆ˜Ê
ÎÊ
° °Ê
œvÀi˜ÌiÃ
5HVXOWD VRUSUHQGHQWH HO LPSDFWR HFRQyPLFR GH XQ IDOOR GH FRPEXVWLEOH
HQXQ%:53DUDXQDSODQWD%:5DPHULFDQDGHSHQGLHQGRGHOFRVWHGHO
UHPSOD]DPLHQWRGHODSRWHQFLDHOFRVWHWRWDOGHXQGHIHFWRTXHUHVXOWDUD
HQXQDSDUDGDQRSURJUDPDGDGHGLH]GtDVDPLWDGGHFLFORSXHGHVHU
PD\RUGH
(QODLQGXVWULDQXFOHDU$PHULFDQDGHDFXHUGRFRQ,132\FRQ
(35, GHFLGLy OOHYDU D FDER XQD LQLFLDWLYD SDUD PLQLPL]DU ORV IDOORV GH
FRPEXVWLEOHFRQHOREMHWLYRGHSURIXQGL]DUHQORVPHFDQLVPRVGHSUH
YHQFLyQDFWXDQGRGHXQDIRUPDPiVSURDFWLYD(VWDLQLFLDWLYDVHWUDGXMR
HQHOREMHWLYRGHDOFDQ]DUFHURIDOORVSDUDREMHWLYRPX\DPELFLRVR
KDFLHQGRHVSHFLDOpQIDVLVHQHOGHVDUUROORGHJXtDVSDUDOD¿DELOLGDGGHO
FRPEXVWLEOH(OSULPHUSDVRIXHDSR\DUD,132HQHOGHVDUUROORGHXQD
VHULHGHGRFXPHQWRVTXHVLUYLHUDQGHJXtDSDUDODPHMRUDGHODLQWHJULGDG
GHO FRPEXVWLEOH HQ XQ LQWHQWR GH DVLVWLU D OD LQGXVWULD HQ HO SURJUDPD
GHPHMRUD(QSDUDOHORFRQ,132(35,GHQWURGHOPDUFRGHO3UR\HFWR
GH)LDELOLGDGGH&RPEXVWLEOH5)3FRPHQ]yHOGHVDUUROORGHGLIHUHQWHV
JXtDVGHUHFRPHQGDFLRQHVSDUDSUHYHQLUIDOORVGHFRPEXVWLEOHSRULQWH
UDFFLyQ SDVWLOOD YDLQD 3&, FRUURVLyQ \ FUXG GHVJDVWH SRU UR]DPLHQWR
EDUUDUHMLOOD\SDUDODGH¿QLFLyQGHUHFRPHQGDFLRQHVGHLQVSHFFLyQ\YL
JLODQFLDGHFRPEXVWLEOH
/D*XtDGH)LDELOLGDGGH&RPEXVWLEOHVREUHLQWHUDFFLyQYDLQDSDVWLOOD
3&,LQFOX\HXQFRQMXQWRGHUHFRPHQGDFLRQHVLQFOX\HQGRODUHDOL]DFLyQ
GHXQDQiOLVLVGHULHVJRGHIDOORSRU3&,HQFDGDFLFOR
(QHVWDSRQHQFLDVHGHVFULEHQODVDFWLYLGDGHVUHDOL]DGDVHQ&1&RIUHQ
WHVSDUDODDSOLFDFLyQGHpVWDVUHFRPHQGDFLRQHVLQFOX\HQGRHODQiOLVLVGH
ULHVJR
ä£Ê‡Êä{Ê
1Ê*,", Ê1, Ê,*-\
Ê,-1/-Ê,"ÊÊ-
*‡-Ê
,
°°ÊiÀÀ>˜â£]Ê°Ê6>iœ£]ʰʅۜÃ̜ÛÓ]Ê°Ê-iÀVœ“LiÎ]Ê
°Ê<…œÕ{
£Ê
/
ÓÊ*>ՏÊ-V…iÀÀiÀʘÃ̈ÌÕÌ]Ê
ÎÊ
]Ê ]Ê
É--
]Ê
{Ê-Üi`i˜ÊÕiÊ˜}ˆ˜iiÀˆ˜}
7KHEHKDYLRXURIDGYDQFHGFODGGLQJPDWHULDOVXQGHUFKDOOHQJLQJFRQGL
WLRQVQHHGVWREHIXOO\FKDUDFWHUL]HGDQGXQGHUVWRRG7KH6WXGVYLN&ODG
GLQJ ,QWHJULW\ 3URMHFW 6&,3 LV DLPHG DW VWXG\LQJ WKH GRPLQDQW IDLOXUH
PHFKDQLVPV RI /:5 FODGGLQJ XQGHU SHOOHWFODG PHFKDQLFDO LQWHUDFWLRQ
ORDGLQJV LH SHOOHWFODGGLQJ LQWHUDFWLRQ 3&, K\GULGH HPEULWWOHPHQW
+(DQGGHOD\HGK\GULGHFUDFNLQJ'+&
7KLVSDSHUVXPPDUL]HVWKHPDLQRXWFRPHVUHVXOWLQJIURPDUHFHQWFRGH
EHQFKPDUN H[HUFLVH VHW XS XQGHU WKH IUDPH RI WKH 6&,3 SURMHFW )RXU
FRGHV KDYH EHHQ XVHG $/&<21( Y )$/&2136, )5$3&21
YDQG67$97KHLUSUHGLFWLRQVKDYHEHHQFRPSDUHGWRGDWDLQWHUPV
RI FODGGLQJ R[LGDWLRQ GLDPHWHUV DQG HORQJDWLRQ 3UHGLFWDELOLW\ RI FODG
R[LGDWLRQZDVFHUWDLQO\VFDWWHUHGDQGZKLOHVRPHFRGHVVKRZHGUHDVRQ
DEOHDFFXUDF\RWKHUUHVXOWVZHUHQRWDEO\GHYLDWHG$VIRUGLDPHWHUVPRVW
RIWKHFRGHVZHUHFDSDEOHRITXDOLWDWLYHO\FDSWXULQJWKHD[LDOSUR¿OHDQG
VKRZHGFRQVLVWHQF\EHWZHHQGLDPHWHUVDQGKRRSVWUHVVDQGVWUDLQSUHGLF
WLRQV(ORQJDWLRQHVWLPDWHVZHUHJHQHUDOO\SRRUDQGZHUHUDWKHUIDUIURP
PHDVXUHPHQWVLQPRVWFDVHVHYHQWKHWUHQGVREVHUYHGZHUHMXVWYDJXHO\
IROORZHGE\WKHFRGHV
,QVXPPDU\WKHEHQFKPDUNKDVKLJKOLJKWHGVRPHGUDZEDFNVRIFXUUHQW
PHFKDQLFDOPRGHOOLQJDQGDUHDVZKHUHIXUWKHUPRGHOGHYHORSPHQWLVQHF
HVVDU\KDYHEHHQLGHQWL¿HGERWKJHQHUDOO\DQGLQVSHFL¿FFRGHV
7KLVEHQFKPDUNZDVFRRUGLQDWHGE\&,(0$7XQGHUWKHVSRQVRUVKLSRI
WKH1XFOHDU5HJXODWRU\%RG\RI6SDLQ&61
ä£Ê‡ÊäxÊ
-9"ÊÊ8* -$ ÊÊÊ
"*,-$ Ê
9Ê,-1/"-Ê-",Ê<,"ÊÊ/"Ê+1"
°Ê՚œâ£]ʰʏœÀiÌ£]Ê°Ê+ÕiVi`œ£]Ê
°°Ê
œ˜`iÓ]Ê°°Ê,iÞÓ
£ 1-
£
/DUHVSXHVWDGHOFRPEXVWLEOHFRQDOWRTXHPDGRHQFRQGLFLRQHVGH$FFL
GHQWHGH,QVHUFLyQGH5HDFWLYLGDG5,$HVWiFRQGLFLRQDGDSRUODSpUGLGD
GHSURSLHGDGHVPHFiQLFDV\ODIUDJLOL]DFLyQGHOPDWHULDOGHODYDLQDTXH
VHSURGXFHQGXUDQWHODLUUDGLDFLyQ
&RQHOSURSyVLWRGHHYDOXDUHOFRPSRUWDPLHQWRGHOFRPEXVWLEOHGXUDQWH
HVWHDFFLGHQWHSHUPLWLHQGRDVtODGH¿QLFLyQGHXQFULWHULRGHIDOOREDVDGR
HQODVSURSLHGDGHVPHFiQLFDVGHODYDLQDVHKDQGHVDUUROODGRYDULRVSUR
JUDPDVH[SHULPHQWDOHVTXHKDQPRVWUDGRTXHODHQHUJtDGHGHIRUPDFLyQ
HV XQ SDUiPHWUR UHSUHVHQWDWLYR SDUD HVWD HYDOXDFLyQ \ TXH HV YLDEOH OD
GH¿QLFLyQGHXQYDORUFUtWLFR&ULWLFDO6WUDLQ(QHUJ\'HQVLW\&6('SRU
HQFLPDGHOFXDOVHSURGXFHODURWXUDGHODYDLQDHQFRQGLFLRQHVGHDFFL
GHQWH5,$
3DUDVXDSOLFDFLyQVHDUJXPHQWDSULPHURTXHHVWHOtPLWHGHIDOORHVXQD
SURSLHGDGLQWUtQVHFDGHOPDWHULDOGHYDLQD\VHJXQGRTXHSXHGHFDOFXODU
VHDSDUWLUGHHQVD\RVPHFiQLFRVFRQYHQFLRQDOHV
3DUDFRPSUREDUHOSULPHUDUJXPHQWRVHHVWiH[WHQGLHQGRODXWLOL]DFLyQ
GHOHQVD\RGH([SDQVLyQ'HELGDD&RPSUHVLyQ('&TXHSHUPLWHPHGLU
H[SHULPHQWDOPHQWHOD&6('EDMRFDUJDVFLUFXQIHUHQFLDOHVDSOLFDGDVFRQ
YHORFLGDGHVGHGHIRUPDFLyQVLPLODUHVDODVSURGXFLGDVGXUDQWHHO5,$
5HVSHFWRDOVHJXQGRDUJXPHQWRHVQHFHVDULDODFRPSDUDFLyQGHORVYD
ORUHVGH&6('REWHQLGRVHQHQVD\RV('&FRQDTXHOORVFDOFXODGRVDSDUWLU
GHYDORUHVREWHQLGRVHQHQVD\RVPHFiQLFRVFRQYHQFLRQDOHV
$Vt SXHV HQ HO PDUFR GH XQ SURJUDPD GH FRODERUDFLyQ HQWUH &61 \
(186$VHKDQUHDOL]DGRHQVD\RV('&VREUHYDLQDVGH=,5/2ŒDOWD
PHQWHLUUDGLDGDVKDVWD0:GNJ8GHODVTXHVHGLVSRQHGHUHVXOWDGRV
GHHQVD\RVPHFiQLFRVFRQYHQFLRQDOHV
$GHPiVXQDEDUUDJHPHODGHpVWDVVHKDVRPHWLGRDXQHQVD\RGHVL
PXODFLyQGH5,$HQHO3URJUDPD&DEUtH[SHULPHQWR&,3\RWUDHQ
HOUHDFWRU1655GHQWURGHOSURJUDPDGHVHJXULGDGMDSRQpV$/36FRQOR
FXDO H[LVWHQ GDWRV DGLFLRQDOHV GHO FRPSRUWDPLHQWR GH HVWH FRPEXVWLEOH
IUHQWHD5,$TXHSHUPLWHQODYDOLGDFLyQWDQWRGHOHQVD\R('&FRPRGH
ORVUHVXOWDGRVFRQpVWH~OWLPRREWHQLGRV
(VWDSRQHQFLDGHVFULELUiORVHQVD\RV('&UHDOL]DGRVFRQHVWHPDWHULDO
\VXVUHVXOWDGRVFRPSDUiQGRORVFRQORVHQVD\RVPHFiQLFRVFRQYHQFLRQD
OHV\HYDOXDQGRHOHIHFWRGHWHPSHUDWXUD\FRQWHQLGRHQKLGUyJHQR
Ê 1
,Ê-*!ÊÃi«Ìˆi“LÀi‡-ÊÓää™Ê‡ £x
&'
E7E;A@7EFt5@;53E
&RPEXVWLEOH
ä£Ê‡ÊäÈÊ
--ÊÊ,-"ÊÊ
",,"-$ Ê9Ê
,1Ê ÊÊ 6 "ÊÊ
"1-/Ê
,
" "Ê*",Ê*,
°Êi>À>£]Ê*°Ê>Ì>Ó]Ê°Êiˆ˜V…˜ÎÊÞʰʝ“iâÎ
£ÊLiÀ`Àœ>ʘ}i˜ˆiÀ‰>ÊÞÊ
œ˜ÃÌÀÕVVˆ˜]Ê-°°1
ÓÊLiÀ`Àœ>Êi˜iÀ>Vˆ˜Ê
ÎÊ
Ê
œvÀi˜ÌiÃ
5HVXOWD VRUSUHQGHQWH HO LPSDFWR HFRQyPLFR GH XQ IDOOR GH FRPEXVWLEOH
HQXQ%:53DUDXQDSODQWD%:5DPHULFDQDGHSHQGLHQGRGHOFRVWHGHO
UHPSOD]DPLHQWRGHODSRWHQFLDHOFRVWHWRWDOGHXQGHIHFWRTXHUHVXOWDUD
HQXQDSDUDGDQRSURJUDPDGDGHGLH]GtDVDPLWDGGHFLFORSXHGHVHU
PD\RUGH
(Q OD LQGXVWULD QXFOHDU$PHULFDQD GH DFXHUGR FRQ ,132 \ FRQ
(35,GHFLGLyOOHYDUDFDERXQDLQLFLDWLYDSDUDPLQLPL]DUORVIDOORVGHFRP
EXVWLEOHFRQHOREMHWLYRGHSURIXQGL]DUHQORVPHFDQLVPRVGHSUHYHQFLyQ
DFWXDQGRGHXQDIRUPDPiVSURDFWLYD(VWDLQLFLDWLYDVHWUDGXMRHQHOREMH
WLYRGHDOFDQ]DUFHURIDOORVSDUDREMHWLYRPX\DPELFLRVRKDFLHQGR
HVSHFLDOpQIDVLVHQHOGHVDUUROORGHJXtDVSDUDOD¿DELOLGDGGHOFRPEXVWLEOH
(OSULPHUSDVRIXHDSR\DUD,132HQHOGHVDUUROORGHXQDVHULHGHGRFX
PHQWRVTXHVLUYLHUDQGHJXtDSDUDODPHMRUDGHODLQWHJULGDGGHOFRPEXV
WLEOHHQXQLQWHQWRGHDVLVWLUDODLQGXVWULDHQHOSURJUDPDGHPHMRUD(Q
SDUDOHORFRQ,132(35,GHQWURGHOPDUFRGHO3UR\HFWRGH)LDELOLGDGGH
&RPEXVWLEOH5)3FRPHQ]yHOGHVDUUROORGHGLIHUHQWHVJXtDVGHUHFRPHQ
GDFLRQHVSDUDSUHYHQLUIDOORVGHFRPEXVWLEOHSRULQWHUDFFLyQSDVWLOODYDLQD
3&,FRUURVLyQ\FUXGGHVJDVWHSRUUR]DPLHQWREDUUDUHMLOOD\SDUDODGH¿
QLFLyQGHUHFRPHQGDFLRQHVGHLQVSHFFLyQ\YLJLODQFLDGHFRPEXVWLEOH
/D*XtDGH)LDELOLGDGGH&RPEXVWLEOHVREUHGHSUHYHQFLyQGHIDOORVSRU
FRUURVLyQ\FUXGLQFOX\HXQFRQMXQWRGHUHFRPHQGDFLRQHVLQFOX\HQGROD
UHDOL]DFLyQGHXQDQiOLVLVGHULHVJRGHIDOORSRUFRUURVLyQHQFDGDFLFOR
(QHVWDSRQHQFLDVHGHVFULEHQODVDFWLYLGDGHVUHDOL]DGDVHQ&1&RIUHQ
WHVSDUDODDSOLFDFLyQGHpVWDVUHFRPHQGDFLRQHVLQFOX\HQGRHODQiOLVLVGH
ULHVJR
ä£Ê‡ÊäÇÊ
GHORVUHDFWRUHVHQODVTXHQXHVWURFRPEXVWLEOHKDRSHUDGRFXEUHQHO
PD\RUHVSHFWURSRVLEOHVLQTXHQLQJ~QRWURVXPLQLVWUDGRU%:5SXHGD
LJXDODUOR
(VWDH[SHULHQFLDFRQ¿UPDODSRVHVLyQGHOFRQRFLPLHQWRQHFHVDULRSDUD
PRGHODU HO FRPSRUWDPLHQWR GHO FRPEXVWLEOH \ VLUYH FRPR LQVWUXPHQWR
HVHQFLDOSDUDSRGHULGHQWL¿FDU\FDUDFWHUL]DUORVPHFDQLVPRVGHIDOORTXH
VHKDQHQFRQWUDGR&RQODH[SHULHQFLDDGTXLULGDGHHVWDH[WHQVDEDVHGH
GDWRV$ SDUWLU GH OD LQIRUPDFLyQ REWHQLGD GXUDQWH WRGRV HVWRV DxRV GH
RSHUDFLyQ *(186$ KD GHVDUUROODGR H LPSODQWDGR SURJUHVLYDPHQWH ODV
QHFHVDULDVDFFLRQHVPLWLJDGRUDVODVFXDOHVIRUPDQSDUWHGHOSURJUDPDHQ
FDPLQDGRDFRQVHJXLUODPHMRUDGHOD¿DELOLGDG\GHOFRPSRUWDPLHQWRGHO
FRPEXVWLEOH
(VWDSUHVHQWDFLyQGHVFULELUiODVDFFLRQHV\ODHYROXFLyQGHORVSURGXFWRV
HQWUHJDGRVSRU*(186$HQ(XURSDFRPHQ]DQGRSRUODSULPHUD5HFDUJD
SDUD6DQWD0DUtDGH*DURxDKDVWD¿QDOL]DUFRQHOSURGXFWRPiVUHFLHQWH
*1)HQWUHJDGRDOD&1&RIUHQWHV7DPELpQVHLQFOXLUiQORVKLWRVPiV
UHOHYDQWHVUHODFLRQDGRVFRQODDSHUWXUDGHRWURVPHUFDGRVHXURSHRV
ä£Ê‡ÊänÊ
,/‡"-,\Ê8*, Ê Ê
° °Ê
6 $°ÊØi“iÃ
1-ʘ`ÕÃÌÀˆ>ÃÊÛ>˜â>`>Ã
(VWDSRQHQFLDGHVFULEHHOPpWRGRXVDGRSDUDORFDOL]DULGHQWL¿FDU\UH
FXSHUDUSHTXHxRVREMHWRVGHEDMRGHODSODFDLQIHULRUGHXQQ~FOHRGH
\OD]RVWLSR:HVWLQJKRXVHXVDQGRHO8QGHU&RUH3ODWH)RUHLJQ2EMHFW
6HDUFKDQG5HWULHYDO6\VWHP)26$5(VWHVLVWHPDHVWDFRPSXHVWREi
VLFDPHQWHSRUXQDFiPDUDVXEDFXiWLFDFRQIXHQWHGHLOXPLQDFLyQLQWHJUD
GDGHQWURGHOFXHUSRGHODSURSLDFiPDUD\FRQSRVLELOLGDGGHLQFRUSRUDU
GRV WLSRV GH IRFRV IURQWDO R ODWHUDO XQD KHUUDPLHQWD GH UHFXSHUDFLyQ
DUWLFXODGD$UWLFXODWHG5HWULHYDO7RRO$57\XQVLVWHPDGHDVSLUDFLyQ
XQLGDG GH ¿OWUDFLyQ TXH VH DFRSOD D OD KHUUDPLHQWD GH UHFXSHUDFLyQ
(VWHVLVWHPDHVGHDSOLFDFLyQWDPELpQSDUDUHDFWRUHVIUDQFHVHVGH0Z
\0Z
$57)26$5KDVLGRDSOLFDGRFRQp[LWRHQOD&1GH9DQGHOOyV
6"1
" ÊÊ
"1-/Ê 1-
-°Ê
…œˆÌ…À>“>˜ˆÊ]Ê°Ê°ÊÞV>ÀÌ]Ê°Ê>«ˆV>Ê9Ê,ÕÃÃiÊ>ÜViÌÌÊÊ
1-
*(186$ HQJORED ODV DFWLYLGDGHV GH FRPHUFLDOL]DFLyQ GH FRPEXVWLEOH
%:5GH*1)$\(186$SDUDHOPHUFDGRHXURSHROLGHUDQGRODVDFWLYL
GDGHVFRPHUFLDOHVGHPDUNHWLQJ\GHJHVWLyQGHSUR\HFWR
/D¿ORVRItDGHORVGHVDUUROORVGH*(186$DORODUJRGHORVDxRVKD
FRQVLVWLGRHQLQWURGXFLUGLVHxRVHYROXWLYRVFRQHOVRSRUWHGHXQDDP
SOLDH[SHULHQFLDJOREDO(OUHVXOWDGR¿QDOHVHOSURGXFWRTXHODVSODQWDV
QHFHVLWDQSDUDOOHYDUDFDERVXVHVWUDWHJLDVGHRSHUDFLyQ(VWHEDJDMHVH
FRPSOHPHQWDFRQODH[SHULHQFLDJOREDOGH*1)D~QPD\RU(QORV~OWL
PRVDxRV*1)\(186$KDQGLVHxDGRIDEULFDGR\SXHVWRHQRSH
UDFLyQ PiV GH HOHPHQWRV FRPEXVWLEOHV %:5 TXH FRQWHQtDQ
PiVGHPLOORQHVGHEDUUDVFRPEXVWLEOHV/DVGLVWLQWDVFRQGLFLRQHV
£È ‡Ê 1
,Ê-*!ÊÃi«Ìˆi“LÀi‡-ÊÓää™
ä£Ê‡Êä™Ê
* ÊÊ-,,""ÊÊÊ,
ÊÊ
"1-/ÊÊ1<"
°Êœ˜ÌiÃÊ >Û>ÀÀœÊÞÊ*°Ê*jÀiâʈ?˜Ê
1-ʘ`ÕÃÌÀˆ>ÃÊÛ>˜â>`>Ã
/D)iEULFDGH&RPEXVWLEOHGH(186$HVWiHPEDUFDGDHQXQSODQGHGH
VDUUROORHVWUXFWXUDGRHQODViUHDVIXQGDPHQWDOHVGHVHJXULGDGFDOLGDG\
H¿FLHQFLD(QFDGDiUHDVHHVWiQGHVDUUROODQGRFDPELRVHQODWHFQRORJtD
ORVVLVWHPDVGHLQIRUPDFLyQ\ORVPpWRGRVHPSOHDGRV
(VWDSRQHQFLDH[SOLFDORVSULQFLSDOHVKLWRV\DUHDOL]DGRVGHGLFKRSODQ
\ORVSUy[LPRVSDVRV\DHQFDX]DGRV(VWHSODQGHGHVDUUROORVHFRPSOHWD
FRQODVDFFLRQHVLQFRUSRUDGDVHQHOiUHDGHFRPSRUWDPLHQWRKXPDQR
E@7
3URJUDPD\6LQRSVLVGHODV3RQHQFLDV
äӇÊ
"1 $
ˆjÀVœiÃÊÓnʇʣx]Îä…ÊÊ
Ê
Ê
Ê
Ê
Ê
Ê
Ê
Ê-\Ê-Ê/ ,
*ÀiÈ`i˜Ì>\Ê
>À“i˜Ê6>iœÊiÃۈ>ÌÊÉÊ 1-Ê 1-/,-Ê6 <
œœÀ`ˆ˜>`œÀ\ʘˆVi̜ʜ˜â?iâÊ-?˜V…iâÊÉÊ
°
°Ê,<‡/,"
äÓʇÊä£Ê
1/,"Ê 6-/",-Ê2 ,"-Ê
-6"-Ê*,ÊÊ /"ÊÊÊ
,Ê 1
,
6°ÊVœLiÀʜÃV…
1*
3UHVHQWR XQ IHQyPHQR LPSRUWDQWH DVRFLDGR DO QDFLPLHQWR GH OD (QHUJtD
1XFOHDUWDOFRPRODFRQRFHPRVHOSDSHOGHFLVLYRTXHGHVHPSHxDURQORV
LQYHVWLJDGRUHVK~QJDURV
/RSULPHURTXHVRUSUHQGHHVFRPRXQSHTXHxRSDtVFHQWURHXURSHRSXGRSDUWL
FLSDUGHFLVLYDPHQWHFRQFXDWURLQYHVWLJDGRUHVGHSULPHUDOtQHD6RQHVWRV:LJQHU
6]LODUG7HOOHU\YRQ1HXPDQQ3HURDGHPiVHQHVDpSRFD+XQJUtDREWXYRWUHFH
SUHPLRVQyEHOXQQRWDEOHSRUWHQWRTXHQRVHKDYXHOWRDUHSHWLUSRVWHULRUPHQWH
(QVHJXQGROXJDUHVSUHFLVRUHYLVDUHOPRGHORHGXFDWLYR\FLHQWt¿FRTXH
FXUVDURQWRGRVHOORV(VWRFRQWULEX\HDDFODUDUPXFKDVLGHDV<RSDUWLFX
ODUPHQWHSLHQVRTXHHVDKtGRQGHUHVLGHODFODYHGHOp[LWR
(Q WHUFHU OXJDU KD\ TXH PRVWUDU HO SDSHO TXH GHVHPSHxDURQ QXHVWURV
SURWDJRQLVWDVHQHO3UR\HFWR0DQKDWWDQHVSHFLDOPHQWHFRPRLQÀX\HURQ
HQODVDXWRULGDGHVDPHULFDQDVSDUDTXHDTXHOORVHSXVLHUDHQPDUFKD
/RVFXDWURSHUVRQDMHVIRUPDURQSDUWHSXHVGHOFRQWLQJHQWHGHFLHQWt¿
FRVTXHFRODERUDURQHQHO3UR\HFWR0DQKDWWDQSDUDODFRQVWUXFFLyQGHODV
SULPHUDVERPEDVDWyPLFDV(QVXKDEHUSDUWtDQWDQVRORGHXQDVSULPHUDV
PHGLGDVH[SHULPHQWDOHVUHDOL]DGDVSRU)HUPL\6]LODUGHQVLVWHPDVVXE
FUtWLFRVGHXUDQLRQDWXUDO\JUD¿WRTXHDQXQFLDEDQODSRVLELOLGDGGHXQD
UHDFFLyQHQFDGHQDDXWRPDQWHQLGD
6LQVXFRQWULEXFLyQQRHVLPDJLQDEOHSHQVDUORTXHKXELHUDVXFHGLGRR
GHMDGRGHVXFHGHU(QHOPHMRUGHORVFDVRVVHKXELHUDUHWUDVDGRODIDEUL
FDFLyQGHODERPEDDWyPLFD<KDVWDHVSRVLEOHTXHQRVHKXELHUDSXHVWRHQ
PDUFKDHO3UR\HFWR0DQKDWWDQ
'DGDVXGLIHUHQWHLGLRVLQFUDVLDXQDYH]¿QDOL]DGDODJXHUUD\FXPSOLGR
VXFRPHWLGRQXFOHDUFDGDLQYHVWLJDGRUWRPyXQGHUURWHURGLIHUHQWH/RV
FXDWURFRQWLQXDURQUHDOL]DQGRWUDEDMRVGHJUDQHQYHUJDGXUD6yORGRVGH
HOORVVHPDQWXYLHURQHQODEUHFKDQXFOHDUXQR:LJQHUHQ7HFQRORJtD
1XFOHDUSDUDXVRVFLYLOHV\RWUR7HOOHUSDUDXVRVPLOLWDUHV
äÓʇÊäÓÊ
1,"* Ê 1
,Ê9"1 Ê ,/" Ê
",1Ê
","ÊÓää™
°Ê°Ê*jÀiâÊÞʈ}ÕiÊˆ?˜Ê
œÛi˜iÃÊ ÕViÀ>ÀiÃ
'XUDQWHHOPHVGHPD\RGHVHFHOHEUDHQ&yUGDEDHOPD\RUHYHQWR
HXURSHRELHQDOGHMyYHQHVSURIHVLRQDOHVLQYHVWLJDGRUHV\HVWXGLDQWHVGHO
VHFWRUQXFOHDUHO(XURSHDQ1XFOHDU<RXQJ*HQHUWDLRQ)RUXP
(QHVWDSRQHQFLDVHSUHVHQWDODH[SHULHQFLDTXHKDVXSXHVWRSDUD-y
YHQHV1XFOHDUHVODRUJDQL]DFLyQGHHVWHFRQJUHVRDVtFRPRODVOHFFLRQHV
DSUHQGLGDV\ODVFRQFOXVLRQHVPiVLPSRUWDQWHVTXHVHGHULYHQGHODVVH
VLRQHVWpFQLFDVTXHWHQGUiQOXJDUHQ&yUGRED
äÓʇÊäÎÊ
/6-Ê$6 -Ê 1
,-ÊÓää™
°Êˆ?˜
œÛi˜iÃÊ ÕViÀ>ÀiÃ
(QHOSHUtRGR2FWXEUHOD&RPLVLyQGH-yYHQHV1XFOHDUHVKD
UHDOL]DGR PXOWLWXG GH DFWLYLGDGHV WDQWR HQ HO iPELWR QDFLRQDO FRPR HQ
HO,QWHUQDFLRQDOWRGDVHOODVHQIRFDGDVDODFRQVHFXFLyQGHVXVREMHWLYRV
(VWHDxRKDVLGRHVSHFLDOPHQWHSUROt¿FRHQGLFKDVDFWLYLGDGHV\KDVX
SXHVWRODFRQ¿UPDFLyQGHOHVStULWXHLQLFLDWLYDVGHOD&RPLVLyQ
$SHVDUGHVHUORVRUJDQL]DGRUHVGHO(XURSHDQ1XFOHDU<RXQJ*HQHUD
WLRQ)RUXP--11QRKDGHMDGRVXVRWUDVDFWLYLGDGHVGHODGR(QFXDQWRD
ODVFKDUODVHQLQVWLWXWRVGH6HFXQGDULDHVWHDxRVHKDQLPSDUWLGRHQLQV
WLWXWRV3RURWURODGRPLHPEURVVH--11KDQSDUWLFLSDGRHQGHEDWHVMXQWR
FRQRUJDQL]DFLRQHVHFRORJLVWDV\SROtWLFDV-yYHQHV9HUGHV(FRORJLVWDVHQ
$FFLyQ\-XYHQWXGHV6RFLDOLVWDV3RURWURODGRWDPELpQVHKDSRWHQFLDGR
ODIRUPDFLyQGHVXVPLHPEURVFRQODRUJDQL]DFLyQGHWUHVMXHYHVQXFOHD
UHVGHGLFDGRVDODFRPXQLFDFLyQDOPHUFDGRHOpFWULFR\DODJHRSROtWLFD
HQHUJpWLFD)LQDOPHQWH--11KDVHJXLGRDSDUHFLHQGRHQORVPHGLRVGH
FRPXQLFDFLyQWUHVSURJUDPDVGHGLYXOJDFLyQHQ5DGLR0DUtD\XQFROR
TXLRHQ5DGLR1RX
(Q OD SUHVHQWH SRQHQFLD VH PXHVWUDQ WRGDV HVWDV DFWLYLGDGHV \ FRPR
GLFKDVDFWLYLGDGHVWDQWRHQHOiPELWRQDFLRQDOFRPRHQHO,QWHUQDFLRQDOVH
KDQHQIRFDGRHQODFRQVHFXFLyQGHVXVREMHWLYRV
äÓʇÊä{Ê
"1 $ Ê /, ÊÊÊ8*, Ê
"*,/6Ê Ê 6
,°ÊL>>`iœ
ÜVˆ>Vˆ˜Ê ÕVi>ÀÊÃVÊ6>˜`iÃ
8QRGHORVREMHWLYRVPDUFDGRVSRU$1$9GHQWURGHORVSURFHVRVGH
PHMRUDHVHOXVR\GLIXVLyQGHOD([SHULHQFLD2SHUDWLYDDWRGRVORVQL
YHOHVGHOD2UJDQL]DFLyQ8QRGHORVUHWRVGHHVWHREMHWLYRHVGLVHxDU\
SRQHUHQIXQFLRQDPLHQWRXQPHGLRH¿FD]SDUDSRQHUDODOFDQFHGHWRGRHO
SHUVRQDOODH[SHULHQFLDRSHUDWLYDWDQWRLQWHUQDFRPRH[WHUQDDFXPXODGD
SRUOD2UJDQL]DFLyQ\SRUOD,QGXVWULD1XFOHDU,QWHUQDFLRQDOFUHDQGRODV
Ê 1
,Ê-*!ÊÃi«Ìˆi“LÀi‡-ÊÓää™Ê‡ £Ç
&(
E7E;A@7EFt5@;53E
&RPXQLFDFLyQ
KHUUDPLHQWDVQHFHVDULDVSDUDKDFHUOOHJDUGHIRUPDIiFLOH¿FD]DWUDFWLYD
\KDELWXDOWRGDODLQIRUPDFLyQ
(OSUR\HFWRVHGHVDUUROODFRPRXQ3RUWDOVHJ~QORVVLJXLHQWHVUHTXL
VLWRV
z 6HUYLUFRPRUHSRVLWRULRFHQWUDOL]DGRGHWRGDODLQIRUPDFLyQ
z 6HUYLU FRPR KHUUDPLHQWD GH FRPXQLFDFLyQ \ FRODERUDFLyQ D QLYHO GH
WRGRVORVGHSDUWDPHQWRV
z /RVXVXDULRVUHVSRQVDEOHVGHO3RUWDOSRGUiQDXWRJHVWLRQDUVHODLQIRU
PDFLyQTXHSXEOLTXHQHQpO
z 7RGRHOFRQWHQLGRTXHSXEOLTXHHOXVXDULRGHEHLQWHJUDUVHFRQODHVWUXF
WXUD\DVSHFWRFRUSRUDWLYRGHO3RUWDOVLQTXHHOXVXDULRGHEDSUHRFXSDU
VHHQGDUOHHVWLORDODLQIRUPDFLyQTXHHVWiVXPLQLVWUDQGR
z /DSRVLELOLGDGGHDVLJQDUSHU¿OHV\UHVSRQVDELOLGDGHVDGLIHUHQWHVWLSRV
RFDWHJRUtDVGHFRQWHQLGR
z 6HUORVX¿FLHQWHPHQWHÀH[LEOH\iJLOFRPRSDUDSRGHUDJUHJDUQXHYDV
IXQFLRQDOLGDGHV\DSOLFDFLRQHVVLQWHQHUTXHUHDOL]DUQXHYRVGHVDUUROORV
HQpO\VLJXLHQGRXQHVTXHPDVLPSOH\HVWDQGDUL]DGR
z 'LIHUHQWHVXVXDULRVSRGUiQWHQHUGLIHUHQWHVYLVWDVGHO3RUWDOGHSHQGLHQ
GRGHVXVSHU¿OHV/DYLVXDOL]DFLyQGHODVDSOLFDFLRQHVGHSHQGHGHOSHU
¿OGHOXVXDULR
z 'HEHSHUPLWLUXQDIDFLOLGDGGHXVRHOHYDGD
z (O3RUWDOORSRGUiQYLVLWDUWRGRVORVXVXDULRVGH$1$9
(QFXDQWRDODKHUUDPLHQWDXWLOL]DGD
z 6HXWLOL]DUiXQ*HVWRUGHFRQWHQLGR:HE&06
z (/&06XWLOL]DGRWLHQHODVVLJXLHQWHVYHQWDMDV
z &XEUHORVREMHWLYRV\IXQFLRQDOLGDGHVSURSXHVWDVRIUHFLHQGRDGHPiV
RWUDVIXQFLRQDOLGDGHV
z 3URSRUFLRQDFUHDFLyQDSUREDFLyQ\SXEOLFDFLyQGHFRQWHQLGR:HE
z 3URSRUFLRQDKHUUDPLHQWDVSDUDIDFLOLWDUHOWUDEDMRHQJUXSR\FRODERUD
FLyQ
z 3HUPLWHODLQWHJUDFLyQFRQWRGDVODVKHUUDPLHQWDVGH2I¿FH
z 3HUPLWHFUHDFLyQGHDJHQGDVUHXQLRQHV\VHJXLPLHQWRGHWDUHDV\SUR
\HFWRV
äÓʇÊäxÊ
/6-ÊÊ7 Ê-*!Ê ÊÓään
°Ê>i}œ£ÊÞÊ°Ê°Ê>ÛiâÓ
£Ê, "
ÓÊ1˜ˆÛiÀÈ`>`Ê
œ“«ÕÌi˜Ãi
(QHVWDSRQHQFLDVHUHVXPHQODVDFWLYLGDGHVGHVDUUROODGDVSRUHVWDDVR
FLDFLyQHQHOTXHSXHGHQHVWUXFWXUDUVHHQORVVLJXLHQWHVDSDUWDGRV
‡ 3$57,&,3$&,Ï1 (1 (/ '(%$7( 18&/($5 $17( (/ 5(
685*,0,(172'(/$(1(5*Ë$18&/($5
(QHOFRQJUHVRGH3,0(FHOHEUDGRHQ3UDJDGHODOGHIHEUHUR
KXERXQDVHVLyQGHGLFDGDDODV:L1HQODVTXHVHUHVXPLyHOHVWDGRDFWXDO
GHODHQHUJtDQXFOHDUHQYDULRVSDtVHV\VHKL]RXQFODURHORJLRDODXWLOLGDG
GHODFRPXQLFDFLyQOOHYDGDDFDERSRUODV:L1
(OGHPDU]R,QpV*DOOHJRSUHVLGHQWDGH:L1(VSDxDSDUWLFLSyHQ
XQGHEDWHVREUHHQHUJtDQXFOHDUHQODHPLVRUDGHUDGLR6(5GH*XDGDOD
MDUDFRQSROtWLFRVGHGLVWLQWDVLGHRORJtDV\HOGHDEULOHQ$UDJyQUDGLR
MXQWRD&DUORV%UDYRGH*UHHQSHDFH
)RPHQWDPRV\FRRUGLQDPRVODSXEOLFDFLyQGHXQDUWtFXORHQHOVXSOH
PHQWR VHPDQDO ³<R GRQD´ GHO 0XQGR GHO DUWtFXOR ³<R RSHUDGRUD GH
FHQWUDOQXFOHDU´SURWDJRQL]DGRSRU$QD/DQGHWHRSHUDGRUDHQODFHQWUDO
QXFOHDUGH&RIUHQWHV
£n ‡Ê 1
,Ê-*!ÊÃi«Ìˆi“LÀi‡-ÊÓää™
$VLPLVPRVHHQWUHYLVWDURQDSHUVRQDOLGDGHVGHOPXQGRQXFOHDU\FRQ
FUHWDPHQWH ,QpV *DOOHJR DFXGLy D ODV HQWUHYLVWDV FRQ &DUPHQ 0DUWLQH]
7HQSUHVLGHQWDGHO&61\-DYLHU$UDQDGHO0LQLVWHULRGH,QGXVWULD
‡ 3$57,&,3$&,Ï1<25*$1,=$&,Ï1'(5(81,21(61$
&,21$/(6(,17(51$&,21$/(6
3DUWLFLSDFLyQGH:,1(VSDxDHQODUHXQLyQGH:,1*OREDOHQ0$5
6(//$
(QWUH ORV GtDV \ GH PD\R VH FHOHEUy HQ 0DUVHOOD OD ³
UHXQLyQDQXDOGH:,1*/2%$/´6HUHXQLHURQGHOHJDGDVGHSDt
VHVGHHOODVDVLiWLFDV/DGHOHJDFLyQHVSDxRODFRQWyFRQODDVLVWHQFLD
GHFXDWURPLHPEURVGH:,1(VSDxD\VHSUHVHQWRHO³&RXQWU\5HSRUW
(VSDxD´
7DPELpQGXUDQWHHO:L1FRPRHVWUDGLFLRQDOSDUWLFLSyHQODUH
XQLyQDQXDOGHOD61(HQ0XUFLD\RUJDQL]yGHQWURGHOSURJUDPDGH
DFRPSDxDQWHV XQD PHVD UHGRQGD VREUH ³6XPLQLVWUR HOpFWULFR 6LVWHPD
HOpFWULFRHVSDxRO\SROtWLFDHQHUJpWLFDHXURSHD´TXHWXYRDPSOLDDVLVWHQFLD
GHS~EOLFR(QODVHVLyQGHFRPXQLFDFLyQODYLFHSUHVLGHQWDGH:L1(VSD
xDSUHVHQWyGRVSRQHQFLDV
‡ &21)(5(1&,$6'(',)86,Ï1'(/26%(1(),&,26'(/$
(1(5*Ë$18&/($5
(QHOFXUVR³7HFQRORJtDGHDOLPHQWRV\VXYDORUQXWULFLRQDO´RUJDQL
]DGRSRUOD(VFXHOD1DFLRQDOGH6DQLGDGHQ-XQLRVHKDLPSDUWLGR
HOPyGXOR³&RQVHUYDFLyQGHDOLPHQWRVSRUUDGLDFLyQ´TXHGHVSHUWyJUDQ
LQWHUpVHQWUHORVDVLVWHQWHV
(Q:L1(VSDxDKDVHJXLGRLPSDUWLHQGRHQFRODERUDFLyQFRQHO
)RUR1XFOHDUGLYHUVDVFRQIHUHQFLDVHQ8QLYHUVLGDGHV\RWURVFHQWURVHGX
FDWLYRVFRPRSRUHMHPSORHO&(),5(GH9DOHQFLD\HQORVFXUVRVSDUDSUR
IHVRUHVGH(QVHxDQ]D0HGLDRUJDQL]DGRVHQ0DGULGSRUHO)RUR1XFOHDU
äÓʇÊäÈÊ
£Ç¨Ê,1 $ ÊÊ7 Ê"Ê Ê
7- /" Ê°
°Ê9Ê*,/
*
" Ê ÊÊ
Ê7 Ê-*!
°Ê>i}œ£]Ê°Ê°Ê>ÛiâÓÊÞʧʰÊ*jÀiâ‡ÀˆvvœÎÊ
£Ê, "
ÓÊ1˜ˆÛiÀÈ`>`Ê
œ“«ÕÌi˜Ãi
ÎÊ7iÃ̈˜}…œÕÃi
/DUHXQLyQDQXDOGH:,1*/2%$/HVHOPiVLPSRUWDQWHHYHQWRGH
HVWDDVRFLDFLyQLQWHUQDFLRQDOTXHUH~QHGHOHJDGRVGHWRGRVORVSDtVHVHQ
ORVTXHH[LVWHHVWDWHFQRORJtD
(VWHDxRVHFHOHEUDUiHQ:DVKLQJWRQFRQHOOHPD(QKDQFLQJ2XU:RUOG
7KURXJK1XFOHDU7HFKQRORJ\
(QODUHXQLyQKDEUD±VHVLRQHVRUDOHVGRQGHVHSUHVHQWDQLQWHUHVDQWHV
FRQIHUHQFLDVFRPRSRUHMHPSOR7KH5ROHRI*RYHUQHPHQWLQ3URYLGLQJ
(IIHFWLYH2YHUVLJKW([SDQGLQJWKH*OREDO1XFOHDU6XSOLHU7KHQH[XVRI
(QHUJ\DQG(QYLURQHPHQW
7DPELpQDORODUJRGHODUHXQLyQORVGHOHJDGRVGHORVFDGDXQRGHORVSDt
VHVDVLVWHQWHVSUHVHQWDUDQVX³&RXQWU\5HSRUW´HQORVTXHVHUHVXPLUiOD
VLWXDFLyQQXFOHDUHQVXSDtV\ORVHVIXHU]RVUHDOL]DGRVSDUDVXGHVDUUROOR
(Q HVWD SRQHQFLD ORV GHOHJDGRV GH :,1 (VSDxD TXH YDQ D DVLVWLU
D OD UHXQLyQ UHVXPLUiQ ODV FRQIHUHQFLDV PDV LPSRUWDQWHV \ OD VLWXDFLyQ
LQWHUQDFLRQDOGHOD(QHUJtD1XFOHDUDODYLVWDGHORVGLIHUHQWHV³&RXQWU\
5HSRUWV´\GHEDWLUiQFRQORVDVLVWHQWHVDFHUFDGHODVSRVLELOLGDGHVSDUDHO
IXWXURSUHVHQWDGDV
E@7
3URJUDPD\6LQRSVLVGHODV3RQHQFLDV
äÓʇÊäÇÊ
,-1/"-Ê9Ê
" -Ê*, -Ê
ÊÊ*,,Ê
$ ÊÊ-/,Ê Ê
,Ê 1
,Ê9Ê*
" °°ÊiÀÀ>˜â£]Ê°
°Ê>ÀV‰>‡
ÕiÃÌ>£]Ê-°Ê>V˜£]Ê°Ê>ÀVœ£ÊÞÊ°°Ê
>Ã>ÃÓ
£
/
Ó1
WHQFLDFLyQ GHO WUDEDMR GHO DOXPQR FRPR HMH IXQGDPHQWDO GH DSUHQGL]DMH OD
GLVWLQFLyQHQWUHDVLJQDWXUDVWHFQROyJLFDV\DVLJQDWXUDVGHVFULSWLYDVWDQWRHQHO
PpWRGRGRFHQWHFRPRGHHYDOXDFLyQ\QRPHQRVLPSRUWDQWHODGLVWULEXFLyQ
PRGXODUGHODVPDWHULDVTXHSHUPLWLUiDJUXSDUODVWHPiWLFDPHQWHSRWHQFLDQ
GRVXFRPSOHPHQWDULHGDG\HYLWDQGRORVHVFDVRVVRODSDPLHQWRVLQQHFHVDULRV
LQFXUULGRV (VWD HVWUXFWXUD PRGXODU VXSRQH XQ SDVR KDFLD OD DGDSWDFLyQ GH
0,1$DODVGLUHFWULFHVGHODVWLWXODFLRQHVR¿FLDOHVGHDFXHUGRDOSURFHVR
GHFRQYHUJHQFLDFRQHOHVSDFLRHXURSHRGHHGXFDFLyQVXSHULRU
äÓʇÊänÊ
(O0DVWHUHQ,QJHQLHUtD1XFOHDU\$SOLFDFLRQHV0,1$FHOHEUDGRHQWUHRF
WXEUH\MXQLRKDVLGRHOUHVXOWDGRGHWUHVUHDOLGDGHVLQGLVFXWLEOHV
ODH[SHULHQFLDGH&,(0$7HQODIRUPDFLyQGHSURIHVLRQDOHVQXFOHDUHV\OD
H[SHULHQFLDDFDGpPLFDGHOD8$0DPEDVFRQXQDWUDGLFLyQGHFXDWURGHFDGDV
\QRPHQRVLPSRUWDQWHODDGDSWDFLyQGHDQWHULRUHVIRUPDWRVGHO0DVWHUDODV
QHFHVLGDGHVSODQWHDGDVSRUODUHDOLGDGDFWXDOGHOVHFWRUQXFOHDUHVSDxRO(QXQD
SDODEUD0,1$QDFLyFRQYRFDFLyQHPLQHQWHPHQWHSURIHVLRQDOL]DQWH
(Op[LWRGHVXSULPHUDHGLFLyQ0,1$SXHGHFLIUDUVHHQLQGLFDGRUHV
REMHWLYRVWDOHVFRPRODGHPDQGD\HOFRPSURPLVRGHORVSDUWLFLSDQWHVOD
FRODERUDFLyQLQGXVWULDOHLQVWLWXFLRQDOGHOVHFWRU\QRPHQRVLPSRUWDQWHOD
RIHUWDGHHPSOHRDORVUHFLpQWLWXODGRV0,1$KDFRQWDGRHQVXSULPH
UDHGLFLyQFRQDOXPQRVPDWULFXODGRVDPDVWHUFRPSOHWRGHORVFXDOHVHO
KDGLVIUXWDGRGHXQDEHFDWRWDO\XQDGLFLRQDOGHXQDD\XGDSDUFLDO
GHPHGLDFXRWD(VWDVD\XGDVVHKDQDPSOLDGRHQODIDVHGHSUR\HFWRGRQGH
DOJXQDVHPSUHVDVKDQFRQWULEXLGRFRQGRWDFLRQHVDGLFLRQDOHV(ODOXPQDGR
VHKDFRPSOHWDGRFRQXQWRWDOGHDOXPQRVSURYHQLHQWHVGHHPSUHVDVGHO
VHFWRUTXHKDQFXUVDGRGLVWLQWDVDVLJQDWXUDVVXHOWDV0iVDOOiGHODFRQWULEX
FLyQHFRQyPLFDODVHPSUHVDVHLQVWLWXFLRQHVGHOVHFWRUKDQHVWDGRIXHUWH
PHQWHLPSOLFDGDVHQWRGDVODVIDVHVGH0,1$GHVGHODGH¿QLFLyQGHO
SURJUDPDKDVWDODGLUHFFLyQGHPiVGHOGHORVSUR\HFWRVSDVDQGRSRU
HOSURSLRGHVDUUROORWHPiWLFRHLQFOXVRODLPSDUWLFLyQGHDOUHGHGRUGHO
GHODVKRUDVOHFWLYDV(QFXDQWRDODDFHSWDFLyQHQHOPHUFDGRODERUDOD~QHV
SURQWRSDUDSRGHUHYDOXDUHVWHDVSHFWR
(VWDYDORUDFLyQSRVLWLYDJOREDOSHUPLWHFRUURERUDUTXHODVEDVHVIXQGD
PHQWDOHVGH0,1$VRQFRQVLVWHQWHV\DFHUWDGDV1RREVWDQWHVHKDUHD
OL]DGRXQDHYDOXDFLyQFUtWLFDGHORVDVSHFWRVLQWHJUDQWHVGH0,1$
GHVGHORVSXUDPHQWHDFDGpPLFRVDORVPiVSUiFWLFRV&RPRUHVXOWDGRVH
KDQGHULYDGRXQDVHULHGHOHFFLRQHVDSUHQGLGDVFX\DFRQFUHFLyQKDOODUi
UHÀHMRHQODVHJXQGDHGLFLyQGHOPDVWHU0,1$
(OSUHVHQWHDUWtFXORRIUHFHXQDVtQWHVLVGHODQiOLVLVUHDOL]DGR\GHORVSULQ
FLSDOHVFDPELRVGHpOGHULYDGRVSDUD0,1$(QWUHHOODV¿JXUDQODSR
,Ê 1
,Ê9ÊÊ1 $ Ê1,"*
°Ê*ˆV>“>
œÀ>̜“
(OLQWHUpVTXHVXVFLWDHOGHEDWHHQHUJpWLFRHQHOTXHVHLQFOX\HODQX
FOHDUFRPRFRPSRQHQWHLQGLVRFLDEOHGHODFHVWDHQHUJpWLFDHVSDOSDEOH
HQ ODV ,QVWLWXFLRQHV (XURSHDV DO LJXDO TXH HQ PXFKRV GH ORV (VWDGRV
0LHPEURVGHOD8QLyQ(XURSHD/DSUHRFXSDFLyQSRUODVFXHVWLRQHVUH
ODFLRQDGDVFRQHOFDPELRFOLPiWLFRHQSULPHUOXJDU\FRQODGHSHQGHQ
FLDHQHUJpWLFDHQVHJXQGROXJDUKDQGDGRSLHDTXHDOJXQRVSDtVHVQR
KD\DQ GXGDGR HQ KDFHU UHFLHQWHPHQWH S~EOLFD VX LQWHQFLyQ GH DSRVWDU
SRUODHQHUJtDQXFOHDUFRPRHVHOFDVRHQHO5HLQR8QLGRH,WDOLD2WURV
SDtVHVGHOD8QLyQFRQWLQ~DQFRQODFRQVWUXFFLyQGHQXHYDVFHQWUDOHV
FRPR)LQODQGLD)UDQFLD%XOJDULD\(VORYDTXLD(VWDVWHQGHQFLDVFRQ
WUDVWDQVLQHPEDUJRFRQSRVLFLRQHVPXFKRPiVFUtWLFDVHLQDPRYLEOHV
FRQODHQHUJtDQXFOHDUFRPRHVHOFDVRHQ$OHPDQLD\(VSDxDGRQGHVH
PDQWLHQHQODVSROtWLFDVGHFLHUUHGHODVFHQWUDOHV
$SHVDUGHTXHODVGHFLVLRQHVVREUHHOXVRRQRGHODHQHUJtDQXFOHDU
FRQWLQXDUDQ VLHQGR FRPSHWHQFLD H[FOXVLYD GH ORV (VWDGRV 0LHPEURV
SULQFLSLRGHVXEVLGLDULHGDGQRVHGHEHROYLGDUHOSDSHOSURPLQHQWH
TXH FRQWLQXDUi GHVHPSHxDQGR OD 8QLyQ (XURSHD SURSRUFLRQDGR XQD
HVWUDWHJLD HQHUJpWLFD EDVDGD HQ XQD HFRQRPtD EDMD HQ HPLVLRQHV GH
&2
'HQWURGHHVWHFRQWH[WRVHGHEHDQDOL]DU\HVOD¿QDOLGDGGHHVWDSR
QHQFLD FyPR YD D YHUVH LQÀXHQFLDGD OD SROtWLFD HQHUJpWLFD HXURSHD \
HODSR\RDODHQHUJtDQXFOHDUSRUODQXHYDFRPSRVLFLyQGHO3DUODPHQWR
(XURSHR HOHJLGR D SULQFLSLRV GHO PHV GH MXQLR GH \ TXp SDSHO
MXJDUiODQXHYD&RPLVLyQ(XURSHDFX\DHQWUDGDHQIXQFLRQHVVHSUHYpD
¿QDOHVGHDxRFRLQFLGLHQGRFRQHOFRPLHQ]RGHODSUHVLGHQFLDHVSDxROD
GHOD8QLyQ(XURSHDHQHOPHVGH(QHURGH
Ê 1
,Ê-*!ÊÃi«Ìˆi“LÀi‡-ÊÓää™Ê‡ £™
&)
E7E;A@7EFt5@;53E
)XVLyQ
äÎʇÊ1-$
ˆjÀVœiÃÊÓnʇʣx]Îä…ÊÊ
Ê
Ê
Ê
Ê
Ê
ÊÊÊÊÊÊÊÊÊ-\Ê ,
"Ê,
*ÀiÈ`i˜Ìi\ʏvÀi`œÊ"À`i˜ÊÉÊ*,-,"-Ê,1*"
œœÀ`ˆ˜>`œÀ>\Ê>ÀÌ>Ê6?âµÕiâÊ
>LiâÕ`œÊÉÊ*,-,"-Ê,1*"äÎʇÊä£Ê
äÎʇÊäÓÊ
-/1"ÊÊ/Ê*,Ê"-Ê*,"
-"-ÊÊ
,"/Ê ÊÊ/Ê Ê/,°Ê $ Ê
Ê /,
-Ê9Ê+1*"-ÊÊ -/,
--ÊÊ- -ÊÊ"-Ê-/ /"-Ê
""-Ê1/<"-Ê*,Ê"-Ê
-ÊÊ"-Ê$1"-ÊÊ -9"ÊÊ
6"/1,Ê/,Ê
Ê­1Ê/,‡/®
°ÊiÀ˜?˜`iâ£]Ê°ÊÕ>˜>ã]Ê°Ê,‰œÃÓ]Ê°Ê°ÊÕ>˜iã]Ê°Ê>ޝ˜£]Ê°Ê
°Ê‰>âÊ*À>`>£]ʰʏœ˜ÃœÓÊÞÊ°Ê°Ê-i`>˜œÓ
£ÊLiÀ`Àœ>ʘ}i˜ˆiÀ‰>ÊÞÊ
œ˜ÃÌÀÕVVˆ˜
ÓÊÜVˆ>Vˆ˜Ê1,/"‡
/Ê«>À>ÊÕȝ˜ÊÊ
8QDGHODVPLVLRQHVGH,7(5\FRPRWDOQRPLQDOPHQWHH[SOtFLWDHQHO
$FXHUGR,7(5HVSUREDUORV0yGXORVGH(QVD\RGH(QYROWXUDHQ,QJOpV
7HVW%ODQNHW0RGXOHV\HQORTXHVLJXH³7%0´
'LFKRV7%0VHFRUUHVSRQGHQFRQSURWRWLSRVHVFDODGRVDGLPHQVLRQHV
GHVHPLSXHUWRVGHHQVD\RV,7(5GHORVGLIHUHQWHVGLVHxRVGH(QYROWXUD
5HJHQHUDGRUDGHWULWLRHQGHVDUUROORHQORVUHVSHFWLYRV3URJUDPDV7HFQR
OyJLFRVGHORV6RFLRV,7(5FRPRFRQFHSWRVSDUDUHDFWRUHVGHGHPRVWUD
FLyQIXWXURV'(02,7(5QRQHFHVLWDGLFKRV7%0SDUDFRQVHJXLUVXV
REMHWLYRVFRPRH[SHULPHQWRFLHQWt¿FRSHURVHSUHVHQWDFRPRXQDRSRUWX
QLGDG~QLFDSDUDSUREDUP~OWLSOHVWHFQRORJtDVFODYHGHUHDFWRUHVIXWXURVHQ
XQDPELHQWHGHIXVLyQQHXWURQHVGH0H9FDUJDVWpUPLFDV\QHXWUyQLFDV
UHOHYDQWHV$OJXQRVGHHVWRVHQVD\RVVRQFUtWLFRVHQHOFDPLQRGHODIXVLyQ
KDFLDODSURGXFFLyQGHHQHUJtD8Q7%0HVSXHVXQFRPSRQHQWHQXFOHDU
SULPHURHQVXWLSRHQODKLVWRULDGHODWHFQRORJtDHQHUJpWLFD'HHQWUHODV
P~OWLSOHVWHFQRORJtDVLPSOLFDGDVHQORVGHVDUUROORVGH7%0VHHQFXHQWUDQ
ODVWHFQRORJtDVFODYHGHLQWHJUDFLyQGHFRPSRQHQWHVHQXQUHDFWRUGHIX
VLyQ\VXPDQLSXODFLyQLQWHJUDOUHPRWD(OGHVDUUROORHVSHFt¿FRGHGLFKDV
WHFQRORJtDVQRHVVRORXQDH[LJHQFLDRSHUDWLYD,7(5VLQRTXHUHVSRQGHDO
REMHWLYRGHHQVD\DU\GHVDUUROODUODGLVSRQLELOLGDGRSHUDWLYDGHORVIXWXURV
'(02 /D 2UJDQL]DFLyQ ,7(5 H[LJLUi GHPRVWUDFLyQ LQWHJUDO GH GLFKDV
FDSDFLGDGHVGHPDQLSXODFLyQUHPRWDDQWHVGHSHUPLWLUODLQVWDODFLyQGHXQ
7%0DFXDOTXLHUDGHORV6RFLRV
8QDFDSDFLGDGGHHQVD\RQRGLVSRQLEOHKR\HQQLQJ~QVRFLR,7(5HV
MXVWDPHQWH XQD ,QVWDODFLyQ GH GHPRVWUDFLyQ GH PDQLSXODFLyQ LQWHJUDO
UHPRWDSDUDORV7%0/DGHPRVWUDFLyQGHFDSDFLGDGGHPDQLSXODFLyQLQ
WHJUDO UHPRWD GH XQ7%0 HV WtSLFDPHQWH XQR GH ORV P~OWLSOHV VHUYLFLRV
WHFQROyJLFRVJHVWLRQDGRVSRU)(%DUFHORQDTXHVHSRGUtDQYHQGHUSDUD
,7(5IXHUDGH(XURSD
/DSRVLFLyQSDUDTXHGLFKDQXHYDFDSDFLGDGH[SHULPHQWDOFDLJDGHQWUR
GHO³&RQVRUFLRGH$VRFLDGRV(8,7(57%0´HQHOTXH(VSDxDSDUWLFLSD\
UHSUHVHQWHXQDGHODVQXHYDVLQIUDHVWUXFWXUDVHVSDxRODVVHHVWLPDIXHUWH
/DSRQHQFLDSUHVHQWDODFRQWLQXDFLyQGHORVWUDEDMRVUHDOL]DGRVSRU,%(5
'52/$&,(0$7GXUDQWHHOHQGRQGHVHKDQGH¿QLGRODVLQWHUIDVHV
HTXLSRV\PDQLREUDVQHFHVDULRVHQODVPDQLREUDVGHPDQHMRUHPRWR
(VWDGH¿QLFLyQHVXQDH[FHOHQWHFDUWDGHSUHVHQWDFLyQSDUDSRGHURSWDUD
FRQVWUXLUODLQVWDODFLyQGHGHPRQVWUDFLyQDSRUWDQGRODH[SHULHQFLDGHSHU
VRQDVIRUPDGDVSDUDWDO¿Q\HOJUDGRGHGHWDOOHTXHIDFLOLWHVXFRQVWUXFFLyQ
GHXQDIRUPDUiSLGD
Óä ‡Ê 1
,Ê-*!ÊÃi«Ìˆi“LÀi‡-ÊÓää™
°Ê>ÃÊ`iʏiÃÊ6>Ã£]Ê°À>`iÀ>£]Ê°-i`>˜œÓÊÞÊ°>ÌiÌ£
£1*
]ÊÀÕ«œÊ`iÊÃÌÕ`ˆœÃÊ/iÀ“œ…ˆ`À?ՏˆVœÃÊ­/®
ÓÜV°Ê1,/"‡
ˆi“>ÌÊ«>À>ÊÕȝ˜Ê
(OPRGHODGRPHGLDQWHKHUUDPLHQWDVGHPHFiQLFDGHÀXLGRVFRPSXWD
FLRQDO&)'GHORVFDQDOHVGHORVPyGXORVGHHQVD\RGHHQYROWXUD,7(5
+&//HVGHFUXFLDOLPSRUWDQFLDSDUDVXSRVWHULRUGLVHxR\RSWLPL]DFLyQ
'HQWUR GHO 3URJUDPD 1DFLRQDO GH 7HFQRORJtD GH )XVLyQ VH HVWiQ GHVD
UUROODQGRFDSDFLGDGHVSDUDHVWHPRGHODGR\FRPRSDVRIXQGDPHQWDOVH
HQFXHQWUDHODQiOLVLVGHVHQVLELOLGDGGHORVGLVWLQWRVPRGHORV
6HHQWLHQGHFRPRPRGHORHOFRQMXQWRIRUPDGRSRUODVHFXDFLRQHVXWLOL
]DGDV\WRGDVODVKLSyWHVLV\VLPSOL¿FDFLRQHVXWLOL]DGDVVLPXODFLyQWUDQ
VLWRULDRHVWDFLRQDULDWLSRGHFRQGLFLRQHVGHFRQWRUQRWUDWDPLHQWRGHODV
FDSDV OtPLWH PDOODGR FRQGLFLRQHV LQLFLDOHV XWLOL]DFLyQ GH OD KLSyWHVLV
GH%RXVVLQHVTHWF
$OJXQRVUHVXOWDGRVSUHYLRV>@>@KDQGHPRVWUDGRODQHFHVLGDGGHGLFKR
DQiOLVLV SDUD SRGHU FRPSUHQGHU \ XWLOL]DU ORV UHVXOWDGRV QXPpULFRV GH
ORVFyGLJRV&)''HQRKDFHUVHHVWHHVWXGLRDOJXQRVIHQyPHQRVREVHU
YDGRV FRPR YyUWLFHV HQ SXQWRV HVWUDWpJLFRV R LQHVWDELOLGDGHV SRGUtDQ
DOWHUDUQRWDEOHPHQWHODVGHFLVLRQHVWRPDGDVVREUHHOGLVHxRySWLPRGH
ORVFDQDOHV+&//7%0
(OHVWXGLRXVDFRPRKHUUDPLHQWDEDVHHOFyGLJROLEUH2SHQ)2$0GH
ELGR D VX JUDQ YHUVDWLOLGDG TXH SHUPLWH SUREDU GLVWLQWDV HVWUDWHJLDV GH
PRGHODGR\FRPSDUDUORVUHVXOWDGRVREWHQLGRV
(ODQiOLVLVGHVHQVLELOLGDGKDSURSRUFLRQDGRXQNQRZKRZHQODVLPX
ODFLyQ
PDJQHWRKLGURGLQiPLFDGHO3E/LHQORVFDQDOHV+&//7%0TXH
VHUiGHXWLOLGDGHQSUy[LPDVDFFLRQHV/RVUHVXOWDGRVSUHVHQWDGRVVRQIi
FLOPHQWHH[WUDSRODEOHVDRWURVGLVHxRVGH7%0OtTXLGRVFRPRHO'REOH
5HIULJHUDQWH 0RGXODU '50 SURSXHVWR GHVGH HO SUR\HFWR &RQVROLGHU
7(&12B)86
(0DVGHOHV9DOOV)*DEULHO&0RUHQR-$-LPpQH]/%DWHW/$6HGDQR
%RXQGDU\OD\HUDQDOLFHVIRUFRXSOHGPL[HGFRQYHFWLRQDQG0+'ÀRURQWULWLXP
SHUPHDWLRQLQ,7(5+&//7%0FVKDSHGFKDQQHOV
WK6\PSRVLXPRQ)XVLRQ7HFKQRORJ\62)75RVWRFN6HWLHPEUH
>@(0DVGHOHV9DOOV-)UDGHUD/%DWHW/$6HGDQR
'HVDUUROORGHKHUUDPLHQWDVFRPSXWDFLRQDOHVGHVLPXODFLyQDFRSODGDGHOD0+'
\HOWUDQVSRUWHGHWULWLRHQORVFDQDOHVGH,7(5+&//
5HXQLyQ$QXDOGHOD6RFLHGDG1XFOHDU(VSDxROD0XUFLD2FWXEUH
>@
E@7
3URJUDPD\6LQRSVLVGHODV3RQHQFLDV
äÎʇÊäÎÊ
-/1"ÊÊ6ÊÊ1 Ê<"Ê"Ê
*£x°ÇÊÉÊ"Ê*,-1,<"Ê*,Ê
/
""-ÊÊ* /-ÊÊ1-$
°Êi“?˜]Ê°Ê,iˆ}ÊÞÊ°Ê->Û>Ì
ÕVi>ÀʘiÀ}ÞÊ-iÀۈViÃ]Ê"
$$17(&('(17(6
/DSDUWLFLSDFLyQHVSDxRODHQSUR\HFWRVLQWHUQDFLRQDOHVDFWXDOPHQWHHQ
GHVDUUROOR\HODSURYHFKDPLHQWRGHUHWRUQRVHQQXHYRVSURJUDPDVHQWHF
QRORJtDVGHIXVLyQH[LJHQQXHYRVHTXLSDPLHQWRVHLQIUDHVWUXFWXUDVFLHQWt
¿FDVELHQRULHQWDGDV\QtWLGDPHQWHGH¿QLGDV
(VWHHVHOFDVRHQHOGHVDUUROORGHODVFDSDFLGDGHVWpFQLFDVGHHQVD\R
GHGLYHUVDVWHFQRORJtDVLPSOLFDGDVHQHOGLVHxR\HOFRQWUROGHRSHUDFLyQ
GHSURFHVRVHQODVHQYROWXUDVUHJHQHUDGRUDVGHWULWLREUHHGLQJEODQNHWV
SDUDIXWXURVUHDFWRUHVGHIXVLyQFRPR'(02GHVWLQDGRVDODSURGXFFLyQ
GHHQHUJtDHOpFWULFD
%2%-(72<$/&$1&(
8QDLQVWDODFLyQQDFLRQDOTXHDOEHUJDUDXQSRVLEOHOD]RGREOHGH3E/L
\+HSUHVXUL]DGRUHVSRQGHUtDDFLHUWDVGHPDQGDVHVSHFt¿FDVGHQWURGHOSD
QRUDPDHVSDxRO\HXURSHRHQWHFQRORJtDVGHIXVLyQFRPRSRGUtDQVHU
y
0~OWLSOHVDVSHFWRVWHFQROyJLFRVFRQFUHWRVGHODQHFHVDULDFRQWULEXFLyQ
(VSDxRODDOSUR\HFWR(8,7(57HVW%ODQNHW0RGXOHWDQWRSDUDHOGL
VHxR(8+&//+HOLXP&RROHG/LWKLXP/HDGFRPRGHO+&3%+H
OLXPFRROHG3HEEOHG%HGDWUDYpVGHODSDUWLFLSDFLyQGHO&,(0$7HQ
HO&RQVRUFLR(8,7(57%0
y
$FWLYLGDGHVHVSHFt¿FDVGHO 3URJUDPD 1DFLRQDO HQ7HFQRORJtDGH)X
VLyQ &2162/,'(5 7(&12B)86 SDUD HO GLVHxR \ OD
FDOL¿FDFLyQWHFQROyJLFDGHXQDHQYROWXUDUHJHQHUDGRUDGHPHWDOOtTXLGR
PRGXODUGHGREOHUHIULJHUDQWH3E/L+H
y
'DUUHVSXHVWDDODUHFLHQWHLPSOLFDFLyQHVSDxRODHQDFWLYLGDGHVGHO3UR
JUDPDGH)XVLyQ(XURSHR(8/RQJ7HUP3URJUDPPH'(02FRPR
FRQWULEXFLyQDWDUHDVGHGLVHxR\GHFDOL¿FDFLyQWHFQROyJLFDSDUDODV
OtQHDV'&//'XDO&RRODQW/HDG/LWKLXP6&//6HOI&RROHG/HDG
/LWKLXP+&3%\+&//FRPHQWDGRVDQWHULRUPHQWH
6HSURSRQHXQDLQVWDODFLyQFDSD]GHDORMDUPRFNXS¶V+&3%\+&//
HVFDOD HQ DPERV OD]RV FRQ OD SRVLELOLGDG GH DPSOLDUOD SDUD DORMDU
'&//RIXWXURVQXHYRVFRQFHSWRVSDUD'(02'LVSRQGUiGHOD]RVDFR
SODEOHV\GHVDFRSODEOHVSDUDHOHVWXGLRGH0+'PDWHULDOHVH[WUDFFLyQ
GHWULWLRKLGUyJHQRQXHYRVLQWHUFDPELDGRUHVSHUPHDFLyQYDOLGDFLyQGH
FyGLJRVWHUPRKLGUiXOLFRV\SXUL¿FDFLyQGHJDVHVHQWUHRWURV
äÎʇÊä{Ê
1Ê1-Ê 1
/" ]Ê,"7/Ê
Ê/, -*",/Ê"Ê",Ê+1Ê/-Ê
Ê, Ê /Ê/
""°ÊÀ>`iÀ>£]Ê°Ê-i`>˜œÓ]Ê°Ê>ÃÊ`iʏiÃÊ6>Ã£ÊÞÊ°Ê>ÌiÌ£
£1*
]Ê/…iÀ“>‡Þ`À>ՏˆVÃÊ-ÌÕ`ˆiÃÊÀœÕ«Ê­/®Ê
Ó1,/"‡
/Ê
/DUJHKHOLXPSURGXFWLRQUDWHVUHODWHGWRWKHWULWLXPVHOIVXI¿FLHQF\UH
TXLUHPHQWVLQOLTXLGPHWDO/0EUHHGLQJEODQNHWVRIIXWXUH'7IXVLRQ
UHDFWRUVPLJKWKDYHDJUHDWLPSDFWRQWKHFRQFHSWXDOGHVLJQRIGLYHUVH
FRPSRQHQWV7KHSRVVLELOLW\WKDWKHOLXPQXFOHDWHLQEXEEOHVLVQRWUHPRWH
ORQJUHVLGHQFHWLPHVWRJHWKHUZLWKORZKHOLXPVROXELOLW\LQOLTXLGPHWDOV
FUHDWHWKHFRQGLWLRQVIRUQXFOHDWLRQ&RQFHQWUDWLRQVVHYHUDOWLPHVWKHVD
WXUDWLRQFRQFHQWUDWLRQDUHQHHGHGIRUEXEEOHIRUPDWLRQEXWWKLVFRQGLWLRQ
LVUHOD[HGE\WKHH[LVWHQFHRILPSXULWLHVPLFURSUHVVXUHGURSVUDGLDWLRQ
LQGXFHGFDYLWDWLRQDQGSRURVLW\LQWKHZDOOV
+HOLXPQXFOHDWLRQVKDOOLQIDFWGRRFFXULQDEUHHGLQJEODQNHWXQLWLIWKH
V\VWHPORRSLVFORVHGQRKHOLXPSXUJHH[LVW&RQVHTXHQFHVRIKHOLXP
FDYLWDWLRQPD\EHGLYHUVHDQGHQFRPSDVVDZLGHUDQJHRIHIIHFWVOLNHWKH
WUDSSLQJRIWULWLXPLQWKHEXEEOHVDQGWKHVHYHUHUHGXFWLRQRISHUPHDWLRQ
HI¿FLHQF\LQVXUIDFHSHUPHDWRUVDJDLQVWYDFXXP
,QRUGHUWRTXDQWLI\WKHSKHQRPHQRQDEXEEOHWUDQVSRUWPRGHOKDVEHHQ
GHYHORSHGIRU
2SHQ)2$0Š)LUVWDPRGHOLVSURSRVHGIRUKHOLXPQDQREXEEOHVIRU
PDWLRQDQGJURZWKLQ/02QFHIRUPHGEXEEOHVZLOOHYROYHDORQJWKHV\V
WHPDIIHFWHGE\GLIIXVLRQPDVVWUDQVIHURIKHOLXPDQGWULWLXPFRDOHVFHQFH
SUREDELOLW\GHSHQGLQJRQEXEEOHFRQFHQWUDWLRQDQG/0K\GURGLQDPLFV
$WWKLVSRLQWRIWKHVWXG\EXEEOHFRDOHVFHQFHKDVQRWEHHQLQFOXGHGLQWKH
PRGHO,QD¿UVWDSSUR[LPDWLRQLWKDVEHHQFRQVLGHUHGWKDWEXEEOHVDUHWLQ\
DQGGLVSHUVHHQRXJKVRDVWREHUHSUHVHQWHGE\PHDQVRIDSDVVLYHVFDODU
LHWKHSUHVHQFHRIEXEEOHVGRHVQRWDIIHFWQRWLFHDEO\WKHÀXLGGHQVLW\
&RQGLWLRQVIRUQXFOHDWLRQRQVHWDQGQXFOHDWLRQUDWHVKDYHEHHQGHWHU
PLQHGIRUDQXPEHURIK\SRWKHWLFDOFRQGLWLRQV7KHJHRPHWULHVLQYHVWL
JDWHGLQFOXGHDFKDQQHORID+HOLXP&RROHG/LWKLXP/HDG7%0DQGWKH
RUL¿FHSODWHRIDSURSRVHGSXUJLQJV\VWHPDLPHGWRGHJDVWKH/0
äÎʇÊäxÊ
-/1"Ê/",
"ÊÊÊ
$ Ê
1/
/
Ê*‡°Ê
°Ê>ÀVœÃ£]Ê
°Ê*>œ“œ£]Ê°Ê+Ոšœ˜iã]Ê°Ê`iÊ
À`œL>]Ê
°Ê>ÀÀi˜>ÓÊÞÊ°°Êœ“iâÊ`iÊ->>â>ÀÓ
£Ê
/
ÓÊ
1/Ê
-Ê+1
-]Ê1
'HQWURGHOiPELWRGHODWHFQRORJtDGHIXVLyQODDOHDFLyQHXWpFWLFD3E/L
HVXQRGHORVPDWHULDOHVFDQGLGDWRVSDUDODVHQYROWXUDVUHJHQHUDGRUDVTXH
YDQDVHUSUREDGDVHQHOSUR\HFWR,7(53DUDVXDSOLFDFLyQLQGXVWULDOHV
QHFHVDULRUHDOL]DUXQDFDUDFWHUL]DFLyQGHWHUPLQDFLyQ\GH¿QLFLyQGHXQRV
HVWiQGDUHVGHFDOLGDG(VWHHVXQRGHORVPRWLYRVTXHMXVWL¿FDTXHXQD
GHODVWDUHDVDUHDOL]DUHQHOSUR\HFWR&2162/,'(57(&12)86HVWp
GLUHFWDPHQWHUHODFLRQDGDFRQODGH¿QLFLyQGHODDOHDFLyQHXWpFWLFD3E/L
FRPSRVLFLyQ\FDUDFWHUtVWLFDVTXLPLFRItVLFDV
(OREMHWLYRGHHVWHHVWXGLRHVSRGHUFXDQWL¿FDUVLGXUDQWHHOSURFHVRGH
FRODGDVHSURGXFHQVHJUHJDFLRQHVGHOFRQWHQLGRHQ/LHQODDOHDFLyQ\VL
HOORHVGHWHFWDEOHPHGLDQWHGLIHUHQWHVWpFQLFDVGHFDUDFWHUL]DFLyQPLFURHV
WUXFWXUDOPLFURVFRStDySWLFDHOHFWUyQLFDGHEDUULGR6(0\GHIXHU]DDWy
PLFD$)0(OPDWHULDOXWLOL]DGRHQODFDUDFWHUL]DFLyQIXHURQGRVSDUWLGDV
HQIRUPDGHOLQJRWHVGHODDOHDFLyQHXWpFWLFD3E±/LGHGLVWLQWDSURFHGHQ
FLDHQODVFXDOHVVHPXHVWUHDURQGLVWLQWDV]RQDVGHFDGDXQRGHHOORV
(O HVWXGLR PHWDORJUi¿FR UHDOL]DGR PXHVWUD XQD KRPRJHQHLGDG HQ OD
PRUIRORJtDGHDPEDVSDUWLGDVVLELHQVHFRQVWDWDTXHFRPRFRQVHFXHQFLD
GHHOSURFHVRGHVROLGL¿FDFLyQGHODDOHDFLyQ\RGHODR[LGDFLyQGHOD
VXSHU¿FLHGHOPHWDOVHSURGXFHXQDGLVPLQXFLyQGHVXFRQWHQLGRHQ/L\
SRUWDQWRXQDYDULDFLyQGHODPRUIRORJtDGHODDOHDFLyQHXWpFWLFD$GHPiV
HQHVWHWUDEDMRVHSUHVHQWDQORVSULPHURVUHVXOWDGRVGHODQiOLVLVGHODVX
SHU¿FLHGHODDOHDFLyQFRQ$)0/RVDQiOLVLVUHDOL]DGRVGHPRVWUDURQTXH
XQDGHODVIDVHVTXHFRQVWLWX\HQODDOHDFLyQHXWpFWLFDSUHVHQWDXQFRPSRU
WDPLHQWRFDWyGLFRIUHQWHDODRWUD
Ê 1
,Ê-*!ÊÃi«Ìˆi“LÀi‡-ÊÓää™Ê‡ Ó£
&)
)XVLyQ
äÎʇÊäÈÊ
,
/,<
$ Ê /Ê
",/,Ê
, ÊÊ "/-ÊÊÊ
$ Ê
1/
/
Ê*‡Ê
°Ê*>œ“œ]Ê°Ê>ÀVœÃ]Ê°Ê`iÊ
À`œL>ÊÞÊ°Ê+Ոšœ˜iÃ
/ÊÊ
'HQWURGHODFLHQFLDGHPDWHULDOHVTXHHVQHFHVDULRGHVDUUROODUGHQWURGHOD
WHFQRORJtDGHIXVLyQQXFOHDUVHHQFXHQWUDHOHVWXGLRGHODDOHDFLyQHXWpFWLFD
3E/L(VWHPDWHULDOVHXWLOL]DFRPRUHIULJHUDQWHPHWiOLFRHQODVHQYROWXUDV
UHJHQHUDGRUDVTXHVHFRQVLGHUDQHQHOSUR\HFWR,7(5'HVGHHOSXQWRGH
YLVWDGHODDSOLFDFLyQLQGXVWULDOGHHVWDVDOHDFLRQHVHQODDFWXDOLGDGH[LVWH
XQDJUDQFRQWURYHUVLDHQUHODFLyQFRQHVWHWLSRGHDOHDFLRQHVHXWpFWLFDVSRU
ORTXHHVQHFHVDULRGH¿QLUXQDVHULHGHSDUiPHWURVEiVLFRVSRUHMHPSOROD
FRPSRVLFLyQGHODDOHDFLyQHXWpFWLFDLQLFLDOPHQWH3EDW/LTXHSHU
PLWLUiQHVWDEOHFHUFXiOHVGHEHUiQVHUORVLQWHUYDORVGHDSOLFDFLyQLQGXVWULDO
$OREMHWRGHSRGHUGH¿QLUSDUiPHWURVGHLPSRUWDQFLDFRPRSXHGHQVHU
XQHVWiQGDUGHFRPSRVLFLyQGHODDOHDFLyQHXWpFWLFDTXHLQFOX\DHOFRQWHQLGR
Pi[LPRGHLPSXUH]DV\ODVWpFQLFDVGHFRQWURO\PHGLGD(VWHWUDEDMRVHSODQ
WHDHOREMHWLYRGHSRGHUFXDQWL¿FDUVLGXUDQWHHOSURFHVRGHFRODGD\GXUDQWHOD
VROLGL¿FDFLyQVHSURGXFHXQDVHJUHJDFLyQGHOFRQWHQLGRHQ/LHQODDOHDFLyQ\
VLHVSRVLEOHRQRGHWHUPLQDUORPHGLDQWHHODQiOLVLVFDORULPpWULFRGLIHUHQFLDO
'6&(OHVWXGLRH[SHULPHQWDOVHKDUHDOL]DGRFRQGRVOLQJRWHVGHODDOHDFLyQ
HXWpFWLFD3E±/LGHGLVWLQWDSURFHGHQFLD0HGLDQWHODWpFQLFD'6&VHSXHGH
GHWHUPLQDUODWHPSHUDWXUDDODTXHVHSURGXFHODWUDQVIRUPDFLyQHXWpFWLFDDVt
FRPRODHQWDOStDGHGLFKDWUDQVIRUPDFLyQ(OPXHVWUHRHQGLVWLQWDV]RQDVGH
FDGDXQRGHORVOLQJRWHVKDSHUPLWLGRGHWHUPLQDUODH[LVWHQFLDGHVHJUHJD
FLRQHVGH/LFRPRFRQVHFXHQFLDGHODWHPSHUDWXUDGHIXVLyQTXHVHJ~QHO
GLDJUDPDGHHTXLOLEULRGHSHQGHUiGHODFRPSRVLFLyQGHFDGDXQDGHODV]RQDV
$SDUWLUGHORVUHVXOWDGRVREWHQLGRVVHKDQFDUDFWHUL]DGRODV]RQDVGHVHJUHJD
FLyQHVGHFLUDTXHOODViUHDVFRQXQFRQWHQLGRHQ/LPHQRU
äÎʇÊäÇÊ
-/1"Ê
"*,/6"ÊÊ
" / "Ê
ÊÊ ÊÊ
$ Ê1/
/
Ê*‡Ê
/Ê
*‡°Ê-iÀÀ>˜œ]Ê-°ÊÕÀ>˜]Ê°Ê
œ˜`i]Ê°ÊiÀ˜?˜`iâ]Ê°Ê`iÊ
À`œL>]Ê
°Ê+Õiˆ`œÊÞÊ°Ê+Ոšœ˜iÃÊ
/Ê
'HQWURGHORVWUDEDMRVUHDOL]DGRVSRUHO&LHPDWFRQREMHWRGHFDUDFWHUL
]DUODDOHDFLyQHXWpFWLFD3E/LVHLQFOX\HHVWHHVWXGLRGRQGHVHH[SR
ÓÓ ‡Ê 1
,Ê-*!ÊÃi«Ìˆi“LÀi‡-ÊÓää™
E7E;A@7EFt5@;53E
QHODPHWRGRORJtDGHVDUUROODGDSDUDODGHWHUPLQDFLyQGH/LHQOLQJRWHV
GH XQD DOHDFLyQ HXWpFWLFD 3E /L GH GLVWLQWD SURFHGHQFLD \ FRPSRVL
FLyQ(OREMHWLYRGHHVWHJUXSRGHLQYHVWLJDFLyQGHQWURGHODDFWLYLGDG
SODQWHDGD HQ HO SUR\HFWR &2162/,'(5 7(&12)86 HV GH¿QLU ORV
SURFHGLPLHQWRVGHDQiOLVLVTXHSHUPLWDQGHVDUUROODUXQHVWiQGDUGHOD
DOHDFLyQHXWpFWLFDDSOLFDEOHHQODVHQYROWXUDVUHJHQHUDGRUDVTXHVHFRQ
VLGHUDQHQHOSUR\HFWR,7(5
3DUDODUHDOL]DFLyQGHHVWHHMHUFLFLRVHXWLOL]yFRPRPDWHULDOEDVH
OLQJRWHV XQR SURFHGHQWH GHO ,QVWLWXWR GH )tVLFD GH OD 8QLYHUVLGDG GH
/HWRQLD ,38/ UHDOL]DGR PHGLDQWH OD WHFQRORJtD 0+' FX\D FRP
SRVLFLyQ RVFLOD HQWUH “ DW /L VHJ~Q IDEULFDQWH \
XQVHJXQGROLQJRWHSURFHGHQWHGH³-RVW+LQULFK6WDFKRY0HWDKDQGHO´
FX\DFRPSRVLFLyQVHVLW~DHQWUH“\“DW/LVHJ~Q
IDEULFDQWH
(VWHWUDEDMRVHSODQWHyFRQORVVLJXLHQWHVREMHWLYRVLGH¿QLUXQSUR
FHGLPLHQWR TXH SHUPLWD HVWDQGDUL]DU OD GHWHUPLQDFLyQ GH OD FDQWLGDG
GH/LHQODDOHDFLyQLLUHDOL]DUXQHMHUFLFLRGHFRPSDUDFLyQHQWUHORV
GLVWLQWRV JUXSRV SDUWLFLSDQWHV HQ HO SUR\HFWR LLL UHDOL]DU XQ HVWXGLR
VHPLFXDQWLWDWLYRGHOSURFHVRGHVHJUHJDFLyQSURGXFLGRGXUDQWHODVROL
GL¿FDFLyQGHODFRODGD
(OSURFHGLPLHQWRH[SHULPHQWDOFRQVLVWLyHQHOPXHVWUHRGHGLVWLQWDV
]RQDVGHORVOLQJRWHV\VXSRVWHULRUDQiOLVLVXWLOL]DQGRODVWpFQLFDVGH
DQiOLVLVTXtPLFRGHFDGDXQRGHORVJUXSRVHVGHFLU,&306\)$$6
(Q HO FDVR GH ORV DQiOLVLV FXDQWLWDWLYRV UHDOL]DGRV PHGLDQWH ,&306
VHHPSOHyFRPRSDWUyQLQWHUQRHO6FGDGRTXHHVHOHOHPHQWROLEUHGH
LQWHUIHUHQFLDVLVREiULFDVFX\DPDVDVHHQFXHQWUDPiVSUy[LPDDOHOH
PHQWRDGHWHUPLQDU
&RPRSDVRSUHYLRDODQiOLVLVLQVWUXPHQWDOIXHQHFHVDULRHVWDEOHFHU
XQPpWRGRGHGLVROXFLyQiFLGDGHODPXHVWUDHXWpFWLFD\DTXHDOGHVD
UUROODUVHIDVHVVHFXQGDULDVHQODVXSHU¿FLHVHSURGXFHXQDSDVLYDFLyQ
GHOSURFHVRGHFRUURVLyQ3RUHOORVHOOHYyDFDERODGLVROXFLyQDFHOH
UDGDGHODPXHVWUDVLQTXHWXYLHVHOXJDUODSHUGLGDGHPDWHULDOHVH[LV
WHQWHVHQODDOHDFLyQ&RPRVHKDFRPHQWDGRFRQDQWHULRULGDGHQHVWH
SULPHU WUDEDMR VH SUHWHQGH GHPRVWUDU OD FRLQFLGHQFLD \ OD VLQHUJLD GH
ORVHTXLSRVSDUDODGHWHUPLQDFLyQGHODFDQWLGDGGH/L(OSDVRVLJXLHQ
WH VHUi HVWDEOHFHU XQ SURFHGLPLHQWR GH DQiOLVLV HVWiQGDU TXH SHUPLWD
GHVDUUROODU XQ FRQWURO GH FDOLGDG H[KDXVWLYR WDQWR GH ORV FRQWHQLGRV
PD\RULWDULRVGHODDOHDFLyQHXWpFWLFDFRPRGHORVFRQWHQLGRVPi[LPRV
SHUPLWLGRV HQ ORV HOHPHQWRV WUD]D FRQVLGHUDGRV LPSXUH]DV SDUD HVWH
PDWHULDO
E@7
3URJUDPD\6LQRSVLVGHODV3RQHQFLDV
ä{‡Ê³³ˆÊ­®
ˆjÀVœiÃÊÓnʇʣx]Îä…ÊÊ
Ê
Ê
Ê
Ê
Ê
Ê
ÊÊ-\Ê ,Ê+1,
*ÀiÈ`i˜Ìi\Ê>˜ÕiÊ>ÀV‰>Êi˜ÊÉÊ1 6,-ÊÊ-6
œœÀ`ˆ˜>`œÀ\Ê*i`ÀœÊ6iÀ˜ÊÉÊ+1*"-Ê 1
,ä{ʇÊä£Ê
ä{ʇÊäÓÊ
-/,/-ÊÊÊÊʳ³\Ê1 Ê
""Ê*,ÊÊ
$ ]Ê --Ê9Ê
",ÊÊ-Ê
/6-Êʳ³ÊÊ
-
-/1"ÊÊ6Ê*,ÊÊ
/,
$ ÊÊ"-Ê
,",-ÊÊ
*,/
1-Ê ÊÊ",/","ÊÊ/Ê
+1"ÊÊ/
"1-$
°Ê>>ÛjÊ`iÊ
>À>
-
°Ê,œV…ÊÞʰʘV>LœÊ
ÕVi>ÀʘiÀ}ÞÊ-iÀۈViÃ]Ê ,Ê"Ê /, " Ê
/DVDFWLYLGDGHVGH,'LGHODVHPSUHVDVWDQWRHQHOVHFWRUS~EOLFRFRPR
HQ HO SULYDGR VRQ HOHPHQWRV FODYHV FRPR LQGLFDGRUHV GHO FUHFLPLHQWR
HFRQyPLFRODFUHDWLYLGDG\ODFRPSHWLWLYLGDG(O&RQVHMRGH6HJXULGDG
1XFOHDU &61 FRPR LQVWLWXFLyQ UHJXODGRUD GH XQ VHFWRU GH OD LQGXV
WULDHQFRQWLQXDHYROXFLyQ\GRQGHODLQQRYDFLyQWHFQROyJLFDSUHVHQWDXQ
DYDQFHFRQWLQXRWDQWRHQLQWHQVLGDGFRPRHQFDOLGDGHVFRQVFLHQWHGHTXH
ODLQQRYDFLyQQRWHFQROyJLFDWDPELpQHVDSOLFDEOHDFXDOTXLHUSURFHVR\
VHUYLFLRHQORVTXHpOHVWiLQPHUVR
$XQTXH SDUD OD LQQRYDFLyQ WHFQROyJLFD HV PiV IiFLO GLVSRQHU GH LQ
GLFDGRUHV \ HVWiQGDUHV FRQFUHWRV QR HV HO FDVR SDUD OD LQQRYDFLyQ QR
WHFQROyJLFDFX\RVFDPSRVGHDSOLFDFLyQVXHOHQHVWDUHQIRFDGRVHQORV
DVSHFWRV GH RUJDQL]DFLyQ FDOLGDG LQIRUPDFLyQ GLVHxR ORJtVWLFD R FR
PXQLFDFLyQHQWUHRWURVVLQHPEDUJRORVUHVXOWDGRVPXHVWUDQTXHDTXH
OODVRUJDQL]DFLRQHVTXHLPSODQWDQHVWRVRWURVWLSRVGHLQQRYDFLyQWLHQHQ
PHMRUHVUHVXOWDGRV\DOFDQ]DQWDVDVGHp[LWRPiVHOHYDGDVTXHODVTXHQR
ORUHDOL]DQ(VWDIDOWDGHLQGLFDGRUHVFRQFUHWRVHVXQSUREOHPDDODKRUD
GHGH¿QLUSROtWLFDVGH,'LVLQHPEDUJRSDUWLHQGRGHODLGHDGHTXHODV
LQQRYDFLRQHVSXHGHQHVWDUUHIHULGDVWDQWRDSURGXFWRVFRPRDSURFHVRV
HQFRQWUDPRV FXDOLGDGHV PDQHUDV \ VLWXDFLRQHV HYDOXDEOHV \ SRU WDQWR
SRQGHUDEOHV
'HQWUR GH XQ SURFHVR GH 9LJLODQFLD 7HFQROyJLFD OOHYDGR D FDER
SRUHO&61GH¿QLPRVXQtQGLFHGHPHGLGDOODPDGR7DVDGH5HWRUQR
(TXLYDOHQWH GH ,QYHUVLRQHV 75(, FRPR DTXHO YDORU HQ HXURV TXH
UHVXOWDGHDSOLFDUXQDYDORUDFLyQGHGHWHUPLQDGRVHVWiQGDUHVGHLQGL
FDGRUHV\GHOFiOFXORGHXQDOJRULWPRPDWHPiWLFRTXHDSRUWDQYDORU
DGRVREMHWLYRVIXQGDPHQWDOHVGH,'GH¿QLGRVHQHO3ODQ(VWUDWpJLFR
GHO &61 ± FRQVLGHUDGRV FRPR GRV FULWHULRV EiVLFRV GH
FDOLGDG
/DFRQVLVWHQFLDPDWHPiWLFDGHOFiOFXORGHOYDORU75(,DWUDYpVGHOD
DSOLFDFLyQLQIRUPiWLFDFRQVWUXLGDDOHIHFWRDVtFRPRHOXVRGHOFRQFHS
WR &DOLGDG FRPR HQYROYHQWH GHO VLVWHPD GH9LJLODQFLD7HFQROyJLFD TXH
DSOLFDDO6LVWHPDGH*HVWLyQGHOD,'LGHO&61\HQSDUWLFXODUDOD
YDORUDFLyQGHORVUHVXOWDGRVGHODVLQYHUVLRQHVGHO&61HQHVWRVWHPDV
HQFXHQWUDVXFRKHUHQFLDHQHO6LVWHPD)RUPDO
(QHVWXGLRVSUHYLRVVHKDDQDOL]DGRODYLDELOLGDGGHXQODERUDWRULRGHPH
WDOOtTXLGRSDUDHOGHVDUUROORGHODWHFQRORJtDSULRULWDULDGH,7(5,)0,)
\IXWXURVUHDFWRUHVGHIXVLyQ'HHOORVVHKDH[WUDtGRTXHHOGHVDUUROORGH
XQODERUDWRULRGHPHWDOOtTXLGRVHUtDSURYHFKRVRVLHPSUHTXHVHSXGLHVH
GHVDUUROODUHQpOORVVLJXLHQWHVDVSHFWRV
‡ (YDOXDFLyQGHOSHU¿OWpUPLFRGHODVXSHU¿FLHOLEUHFRQREMHWRGHRE
WHQHU XQR VLPLODU DO GH ,)0,) (VWXGLRV ÀXLGRGLQiPLFRV WHQLHQGR HQ
FXHQWDODLQÀXHQFLDWpUPLFD
‡ (YDOXDFLyQGHODFRUURVLyQ\FDPELRGHODVSURSLHGDGHVPHFiQLFDVGH
PDWHULDOHVSRUHOSDVRGHOLWLROtTXLGRDDOWDWHPSHUDWXUD\EDMRXQFDP
SRJDPPD
‡ (YDOXDFLyQGHODFDOLGDGGHOOLWLROtTXLGRGXUDQWHODRSHUDFLyQ
(OREMHWRGHOSUHVHQWHHVWXGLRHVHODQiOLVLVGHYLDELOLGDGGHTXHHOODER
UDWRULRGHPHWDOOtTXLGRGLVSRQJDGHODWHFQRORJtDH[SXHVWDDQWHULRUPHQWH
SDUDOOHYDUDFDERODIXQFLyQGHVHDGD3DUDHOORHOHVWXGLRVHGLYLGHHQODV
VLJXLHQWHVWDUHDVIXQGDPHQWDOHV
‡ 'LVHxRGHXQVXEVLVWHPDGHVXSHU¿FLHOLEUHFRQODSRVLELOLGDGGHLQWH
JUDUXQDFHOHUDGRUGHSDUWtFXODV
‡ 'LVHxR GH XQ VXEVLVWHPD GH HQVD\R GH PDWHULDOHV FDSD] GH DOEHUJDU
SUREHWDVGHHVWXGLR
‡ 'LVHxR GH XQ VXEVLVWHPD GH SXUL¿FDFLyQ FRQ OD WHFQRORJtD QHFHVDULD
SDUDHYDOXDUODFDOLGDGGHOOLWLR\¿OWUDUVXVLPSXUH]DV
(OUHVXOWDGRGHODVDFWLYLGDGHVGH,'20HVODFRUURERUDFLyQGHODYLD
ELOLGDGGHOODERUDWRULRGH/LWLROtTXLGRFXPSOLHQGRFRQORVREMHWLYRVDQWH
ULRUPHQWHH[SXHVWRVDVtFRPRHOGLVHxRGHOPLVPR
‡ 6HOHFFLyQGHOWLSRGHDFHOHUDGRUDLQWHJUDU
‡ 2EWHQFLyQGHOPLVPRSHU¿OWpUPLFRHQODVXSHU¿FLHOLEUHTXH,)0,)
‡ &DUDFWHUtVWLFDVGHGLVHxRGHOSURFHVR7SUHVLyQFDXGDO
‡ /LVWDGRHTXLSRVPHFiQLFRVHOpFWULFRVH,&
‡ 3,'\HODERUDFLyQGH'
‡ $QiOLVLVUDGLROyJLFR
‡ 'LVHxRGHOVLVWHPDGH¿OWUDFLyQ
‡ $QiOLVLVGHOLFHQFLDPLHQWR\VHJXULGDG
‡ $QiOLVLVHFRQyPLFRFRVWH\DPRUWL]DFLyQ
Ê 1
,Ê-*!ÊÃi«Ìˆi“LÀi‡-ÊÓää™Ê‡ ÓÎ
&*
E7E;A@7EFt5@;53E
,'L,
ä{ʇÊäÎÊ
ä{ʇÊä{Ê
*
ÊÊ"," -Ê
*, "-Ê
" Ê*","-ÊÊ
-/
" -ÊÊÊ1-$ Ê 1
,\Ê
,
/,<
$ Ê
]Ê
*
Ê
Ê Ê9Ê
/6
$
8*, Ê ÊÊ*"ÊÊ/""-Ê
-//
"-ÊÊ6,
$ ÊÊ-"/7,Ê
Ê--/-ÊÊ
"*Ê,1
°Ê°Ê*>À‰Ã£]Ê°Ê->˜ÕÀœ£]ʰʉ>⇏>˜œÃÓ]Ê°->˜âÎ]{]Ê°Ê
>ޜÀ>Î]ʰʝ«iâÎ]{]Ê°Ê>ÀVˆ>Î]{]Ê°Ê"}>˜`œÎ]{]Ê*°Ê->ÕÛ>˜Î]{]Ê
°*°Ê
>Ì>?˜Î
£Ê
" ʘvÀ>iÃÌÀÕVÌÕÀ>Ã
ÓÊ
" ʘÃÌ>>Vˆœ˜iÃÊ
ÎÊ1 {Ê1*Ê
/D IXVLyQ QXFOHDU SODQWHD JUDQGHV UHWRV WHFQROyJLFRV D VXSHUDU SDUD VX
LPSODQWDFLyQHQHUJpWLFDXQRGHHOORVHOFRQWUROGHOGHWHULRURGHORVPDWH
ULDOHVSRUODVUDGLDFLRQHVLRQL]DQWHVSURGXFLGDV(OKRUPLJyQDOLJXDOTXH
RWURV PDWHULDOHV HVWUXFWXUDOHV DXQTXH HQ PHQRU PHGLGD VH YH WDPELpQ
DIHFWDGRSRUODLUUDGLDFLyQHQDTXHOODVSDUWHVFRPRODVFLPHQWDFLRQHVR
ORVPXURVGHO%LRVKLHOG
(QHOSUHVHQWHWUDEDMRVHH[SRQHQORVUHVXOWDGRVGHORVHVWXGLRVGHFD
UDFWHUL]DFLyQPHFiQLFD\FDSDFLGDGGHEOLQGDMH\DFWLYDFLyQUHDOL]DGRVHQ
HOKRUPLJyQLPSUHJQDGRFRQSROtPHURVHQDUDVDYHUL¿FDUVXYLDELOLGDG
HQIXWXUDVLQVWDODFLRQHVGHIXVLyQ$SULRULODFRPSRVLFLyQGHHVWHWLSR
GHKRUPLJyQOHKDFHXQEXHQFDQGLGDWRSDUDHVWDVLQVWDODFLRQHVDOFRQWH
QHUXQPD\RUSRUFHQWDMHGHHOHPHQWRVOLJHURVFRPRKLGUyJHQR\FDUERQR
WUDGLFLRQDOPHQWH HPSOHDGRV FRPR PRGHUDGRUHV GH QHXWURQHV DOWDPHQWH
HQHUJpWLFRVHQODLQGXVWULDQXFOHDUORFXDOPHMRUDUtDVLJQL¿FDWLYDPHQWHHQ
HOQLYHOGHDWHQXDFLyQGHOÀXMRQHXWUyQLFRLQFLGHQWH
/DFDUDFWHUL]DFLyQPHFiQLFDKDFRQFOXLGRTXHODUHVLVWHQFLD\GXUDEL
OLGDG DXPHQWDQ VLJQL¿FDWLYDPHQWH UHVSHFWR DO KRUPLJyQ FRQYHQFLRQDO
JUDFLDVDODUHGXFFLyQHQODSRURVLGDGGHOKRUPLJyQDXPHQWDQGRKDVWDHO
HQUHVLVWHQFLDDFRPSUHVLyQDODYH]TXHORSURWHJHGHODSHQHWUDFLyQ
GH DJHQWHV DJUHVLYRV DPELHQWDOHV (Q FRQWUDSDUWLGD HVWH KRUPLJyQ SUH
VHQWDFRVWHVGHPDWHULDOHV\GHLPSOHPHQWDFLyQPD\RUHV
3DUDHVWXGLDUODFDSDFLGDGGHEOLQGDMHDWHQXDFLyQGHODUDGLDFLyQ\DF
WLYDFLyQSURGXFFLyQ\DFXPXODFLyQGHUDGLRQXFOHLGRVVHKDQHPSOHDGR
KHUUDPLHQWDV QXPpULFDV DYDQ]DGDV 0&13 \$&$% UHVSHFWLYDPHQWH
3DUDGLFKRHVWXGLRVHKDXWLOL]DGRXQPRGHORUHDOLVWDVLPSOL¿FDGRGHOHGL
¿FLR72.$0$.GH,7(5SDUWLHQGRGHORVGDWRVGHGLVHxRGLVSRQLEOHV
DFWXDOPHQWH
(OHPSOHRGHHVWDVKHUUDPLHQWDVSHUPLWHHVWLPDUDVSHFWRVHVHQFLDOHVGH
ODVLQVWDODFLRQHVFRPRODDWHQXDFLyQ GH UDGLDFLRQHV LRQL]DQWHVQRFRQ
WHPSODGRVHQQRUPDWLYDVGHJUDQDFHSWDFLyQ$60(,,,SHURTXHSUH
VHQWDQXQJUDQLPSDFWRHQODRSHUDFLyQGHODVLQVWDODFLRQHVUHGXFLHQGR
GRVLVGHH[SRVLFLyQHQORVWUDEDMDGRUHV\GHVPDQWHODPLHQWRUHGXFLHQGR
ORV UHVLGXRV UDGLDFWLYRV JHQHUDGRV SXGLpQGRVH DFWXDU SDUD HOOR FRQ OD
FRPSRVLFLRQHVGHORVPDWHULDOHV
3HVH D ODV FRQVLGHUDFLRQHV LQLFLDOHV VREUH VX SRWHQFLDO FDSDFLGDG GH
EOLQGDMHORVUHVXOWDGRVREWHQLGRVSRQHQGHPDQL¿HVWRTXHHQFRPSDUD
FLyQFRQODUHVSXHVWDGHOKRUPLJyQFRQYHQFLRQDOQRSUHVHQWDXQDPHMRUD
VLJQL¿FDWLYDUHVSHFWRDORVWHPDVGHEOLQGDMH\DFWLYDFLyQSDUDHOHVFHQD
ULRGHLUUDGLDFLyQTXHFRQVLGHUDGR
Ó{ ‡Ê 1
,Ê-*!ÊÃi«Ìˆi“LÀi‡-ÊÓää™
°Ê`iÊ
iL>œÃÊ
>LÀˆœ£ÊÊÞÊ°ÊÌ>˜>ȜÊ
>ÀÀ>ÃVœÊ>ÌiœÃÓÊ
£1˜ˆÛiÀÈ`>`Ê`iÊ
>˜Ì>LÀˆ>
Ó
ʏ“>À>âʇÊ/Àˆœ
(ODQiOLVLVHVWiWLFRGHFyGLJRVXUJHFRPRUHVSXHVWDDODVOLPLWDFLRQHVGH
ORV HQVD\RV GLQiPLFRV SDUD WRGRV DTXHOORV FDVRV HQ ORV TXH QR UHVXOWD
IDFWLEOHFRQVHJXLUXQDFREHUWXUDFRPSOHWDGHWRGRVORVFDPLQRVGHFyGLJR
\WRGRVORVYDORUHVGHYDULDEOHVSRVLEOHV
$SHVDUGHVXVLQGXGDEOHVPpULWRVHVWDWpFQLFDWLHQHIDPDGHDUFDQD\
FRVWRVDQRUHFLELHQGRODDWHQFLyQTXHVHUtDGHVHDEOH
(VWDSRQHQFLDFRPLHQ]DFRQXQDFODVL¿FDFLyQGHODVRSFLRQHVGLVSRQL
EOHV\ODKLVWRULDGHVXXVRHQHOFDPSRQXFOHDUSDVDQGRDFRQWLQXDFLyQDO
DQiOLVLVGHVXHPSOHRHQXQVRIWZDUHSUHYLDPHQWHGHVDUUROODGRHQHOTXH
QRVHKDVHJXLGRODQRUPDWLYDH[LJLEOHSDUDODLQVWDODFLyQGHVLVWHPDVHQ
XQDFHQWUDOQXFOHDU
ä{ʇÊäxÊ
*,"9
/"ÊÊ"Ê-",ÊÊ-1,Ê
--
ÊÊ
/,-Ê 1
,-Ê Ê
"*,
$
°Êˆ“j˜iâ£]Ê°Ê°Ê-?˜V…iâÊ
>L>šiÀœ£]ʰʜÀi˜œÓÊÊÊ
£Ê
ÓÊ"Ê /, " (Q ORV ~OWLPRV DxRV VH KDQ UHJLVWUDGR WHUUHPRWRV IXHUWHV FRQ HOHYDGRV
SLFRVGHDFHOHUDFLyQHQHPSOD]DPLHQWRVGHFHQWUDOHVQXFOHDUHVHQRSH
UDFLyQ\TXHKDQWHQLGRFRQVHFXHQFLDVGHVHJXULGDGHQUHODFLyQFRQORV
PHFDQLVPRVGHGLVSDUR\FRQODUHVSXHVWDGHODSODQWDDQWHXQVXFHVRTXH
SXHGHH[FHGHUVXEDVHGHGLVHxR
'HVGHHO2,($VHKDYHQLGRSUHVWDQGRDWHQFLyQFUHFLHQWHDHVWRVDVXQ
WRVRUJDQL]DQGRGLYHUVDVVHVLRQHVGHWUDEDMR\UHXQLRQHVGHH[SHUWRVSDUD
LGHQWL¿FDUODVLWXDFLyQUHDOGHWHFWDUORVSUREOHPDVGHVHJXULGDGTXHVXUJHQ
\SODQWHDUYtDVGHVROXFLyQ6HKDQHYLGHQFLDGRORVVLJXLHQWHVKHFKRV
z /DV PHMRUHV UHGHV VtVPLFDV DFWXDOHV GLVSRQLEOHV HQ DOJXQRV (VWDGRV
0LHPEURV KDQ UHJLVWUDGR DFHOHUDFLRQHV GH J \ PD\RUHV HQ ]RQDV
SUy[LPDVDIDOODV
z /RVHVWXGLRVSUREDELOLVWDVGHSHOLJURVLGDGVtVPLFD36+$GHVDUUROOD
GRVHQHPSOD]DPLHQWRVQXFOHDUHVKDQDUURMDGRHQDOJXQRVFDVRVUHVXO
WDGRVPiVDOWRVTXHODVSURSLDVEDVHVGHGLVHxR
z 0XFKRVGHORVDQiOLVLVSUREDELOLVWDVGHVHJXULGDGVtVPLFD636$UHD
OL]DGRVKDQDSRUWDGRTXHHOVXFHVRVtVPLFRFRPRLQLFLDGRUWLHQHXQD
FRQWULEXFLyQPX\DOWDcDODIUHFXHQFLDGHGDxRDOQ~FOHR&')
z /RV(VWDGRV0LHPEURVDGRSWDQFULWHULRVPX\GLIHUHQWHVSDUDODSDUDGD
GHSODQWDGLVSDURDXWRPiWLFRRPDQXDO\SDUDYHUL¿FDUODH[FHGHQFLD
GHODVEDVHVGHGLVHxRHQFDVRGHRFXUUHQFLDGHWHUUHPRWRV
z 'DGRTXHODPD\RUtDGHODVFHQWUDOHVQXFOHDUHVGHOSDUTXHPXQGLDO
OOHYDQPiVGHDxRVHQIXQFLRQDPLHQWRORVHIHFWRVGHOHQYHMHFL
PLHQWRWLHQHQTXHVHUFRQVLGHUDGRVDOHYDOXDUVXFDSDFLGDGGHUHV
SXHVWDVtVPLFD
$GHPiVHQMXOLRGHVHUHJLVWUyXQIXHUWHWHUUHPRWRHQHOHPSOD
]DPLHQWRMDSRQpVGH.DVKLZD]DNL.DULZDTXHSURYRFyODSDUDGDGHODV
E@7
3URJUDPD\6LQRSVLVGHODV3RQHQFLDV
VLHWHXQLGDGHVQXFOHDUHVHQpOXELFDGDVH[FHGLpQGRVHODVEDVHVGHGLVHxR
VtVPLFRHQWRGDVHOODV+R\VLJXHQWRGDYtDODVVLHWHXQLGDGHVSDUDGDV
&RQHVWRVDQWHFHGHQWHVHO2,($SURPRYLyFRQMXQWDPHQWHFRQYDULRV
RUJDQLVPRV GH -DSyQ HO GHVDUUROOR GH XQ SUR\HFWR LQWHUQDFLRQDO VREUH
³6HJXULGDG VtVPLFD GH FHQWUDOHV QXFOHDUHV HQ RSHUDFLyQ´ 6HLVPLF
6DIHW\RI([LVWLQJ133FRQHOSURSyVLWRGH
µ$QDOL]DUPpWRGRVGLVSRQLEOHV\SUiFWLFDVDSOLFDGDVSDUDUHVROYHUFXHV
WLRQHVDFWXDOHVGHVHJXULGDGVtVPLFDHQUHODFLyQFRQODVFHQWUDOHVQXFOHDUHV
HQRSHUDFLyQD¿QGHHVWDEOHFHUFULWHULRV\UHFRPHQGDFLRQHVDORV(VWDGRV
0LHPEURV\UHYLVDUHOPDUFRUHJXODGRUDFWXDOGHO2,($VREUHHVWDPDWHULD¶
(QHVWHSUR\HFWRSDUWLFLSD(VSDxDMXQWRFRQXQDWUHLQWHQDGHLQVWLWXFLR
QHVHPSUHVDV\RUJDQLVPRVUHJXODGRUHVGHFDVLWRGRHOPXQGR/OHYD\D
XQDxRGHGHVDUUROOR\DYDQFHVFX\RVORJURV\UHVXOWDGRVVHSUHVHQWDQHQ
HVWDSRQHQFLD
ä{ʇÊäÈÊ
*,/
*
$ Ê-*!"Ê Êʺ
,*Ê
" Ê-Ê 9/
Ê Ê8*, /Ê
,Ê 9--»ÊÊÊ"Ê Ê
,
$ Ê
" ÊÊ8*, /"Ê/,
°L?˜>`iã]ʰʏÛ>ÀiâÓ]ʰʜ˜â?iâÓ]Ê°Ê>vÕi˜Ìi£]Ê
°Ê*iš>Î]Ê°Ê-œÀ`œ£
£Ê1˜ˆÛiÀÈ`>`Ê*œˆÌjV˜ˆV>Ê`iÊ>`Àˆ`°
ÓÊ
/
ÎÊ1˜ˆÛiÀÈ`>`Ê`iÊ*>‰ÃÊ6>ÃVœ
(OGHVDUUROORGHVLVWHPDVVXEFUtWLFRVRULHQWDGRVDODUHGXFFLyQGHOLQYHQ
WDULRGHUHVLGXRVUDGLDFWLYRVHVXQRGHORVFDPSRVGHGHVDUUROORDFWXDOHV
GHODWHFQRORJtDQXFOHDU/D2,($HQVXPDQGDWRUHODFLRQDGRFRQODGL
VHPLQDFLyQGHLQIRUPDFLyQ\GHGHVDUUROORGHDVSHFWRVWHFQROyJLFRVGH
OD HQHUJtD QXFOHDU HVWi GHVDUUROODQGR HQ HVWRV PRPHQWRV XQ WUDEDMR GH
FRODERUDFLyQSDUDHYDOXDUODFDSDFLGDGGHORVFyGLJRVGHFiOFXORH[LVWHQ
WHVSDUDHOWUDWDPLHQWRGHORVIHQyPHQRVUHODFLRQDGRVFRQ$'66LVWHPDV
VXEFUtWLFRVDVLVWLGRVSRUDFHOHUDGRU
(Q HO PDUFR GH HVH WUDEDMR FRODERUDWLYR OD UHSUHVHQWDFLyQ HVSDxROD KD
DVXPLGRHOOLGHUD]JRHQORVHMHUFLFLRVGHVLPXODFLyQFRQWUDORVH[SHULPHQWRV
UHDOL]DGRVHQHO&(51SRUHOHTXLSRGHO3UHPLR1REHO&DUOR5XEELDSDUDHO
GHVDUUROORGHHVWRVVLVWHPDVHQORVTXHVHGHPRVWUpDVSHFWRVWDQUHOHYDQWHV
FRPRODJDQDQFLDTXHVHREWLHQHHQXQ$'6RODPRGHUDFLyQHQ3ORPR\VX
DSOLFDFLyQDODUHGXFFLyQGHOLQYHQWDULRGHSURGXFWRVG¿VLyQGHODUJDYLGD
(QSDUWLFXODUHQHVWDFRPXQLFDFLyQVHSUHVHQWDUiQORVUHVXOWDGRVRE
WHQLGRVSRUORVHTXLSRVHVSDxROHVLQYROXFUDGRVHQHOFiOFXORGHOH[SHUL
PHQWR7$5&
ä{ʇÊäÇÊ
" /,"ÊÊ*Ê Ê
,
1/"-ÊÊ
,,,
$ Ê
" Ê
"ÓÊ
ՏˆœÊ˜}iÊiˆ˜V…˜Ê6iÀ}>À>£]ʜÃjʝ“iâÊ>ÀˆœÃ£]ÊÊÀ˜>`œÊ
À>֍œÓÊÞÊ>Lˆ>˜Ê6>˜Ê,œÃÃՓÓ
£LiÀ`Àœ>Êi˜iÀ>Vˆ˜
ӈÀʈµÕˆ`iÊë>š>
(QXQFLUFXLWRGHDJXDGHUHIULJHUDFLyQDELHUWRFRQSXUJDDSRUWDFLyQFRQ
WLQXDGHDJXD\WRUUHVGHUHIULJHUDFLyQHODFLGRVXOI~ULFRHVQRUPDOPHQWH
XVDGRSDUDPDQWHQHUHOS+GHOFLUFXLWRFRQWURODGR\SDUDSUHYHQLUODIRU
PDFLyQGHLQFUXVWDFLRQHVHQHOFLUFXLWR
(QDOJXQRVFDVRVHODJXDGHFLUFXODFLyQGHOFLUFXLWRGHUHIULJHUDFLyQ
WLHQHXQDDOFDOLQLGDG\XQDGXUH]DHOHYDGDSRUTXHHODJXDGHDSRUWHHVPiV
LQFUXVWDQWHRSRUTXHODVWRUUHVWLHQHQXQQ~PHURGHFLFORVGHFRQFHQWUD
FLyQPiVHOHYDGR(QHVWRVFDVRVHOFRQVXPRGHDFLGRVXOI~ULFRHVPD\RU
FRQODFRQVHFXHQWHHPLVLyQGHXQDPD\RUFRQFHQWUDFLyQGHVXOIDWRVHQOD
SXUJDFRQWLQXDGHODVWRUUHVGHUHIULJHUDFLyQ
/DWHFQRORJtD$63$/&RRO/LJKWGHVDUUROODGDSRU$LU/LTXLGHSDUD,EHU
GUROD*HQHUDFLyQSHUPLWHUHGXFLUODHPLVLyQGHVXOIDWRVHQHOYHUWLGRGH
ODVWRUUHVGHUHIULJHUDFLyQPDQWHQLHQGRHOS+FRQWURODGR\HOFLUFXLWR
OLEUHGHLQFUXVWDFLRQHV
(OSURFHVRFRQVLVWHHQODXWLOL]DFLyQGH&2SDUDHOFRQWUROGHS+GHO
DJXDDWUDWDU\SDUDOHODPHQWHHOFRQWUROGHORVtQGLFHVGHLQFUXVWDFLyQHQ
ORVQLYHOHVUHTXHULGRVSDUDHOFLUFXLWR
(QHVWDSRQHQFLDH[SOLFDUHPRVHOPHFDQLVPRGHLQWHUDFFLyQGHO&2HQ
HOFLUFXLWRGHUHIULJHUDFLyQ\ORVUHVXOWDGRVREWHQLGRVHQXQDDSOLFDFLyQD
HVFDODLQGXVWULDOHQXQDFHQWUDOGH,EHUGUROD*HQHUDFLyQ
ä{ʇÊänÊ
*
$ ÊÊ-Ê,-ÊÊ- -",-Ê
,
"-ÊÊÊ 1-/,Ê 1
,
°ÊՈÃÊ-iÀÀ>˜œÊ>À̉˜]Ê°Ê
>LÀiÀ>ÊÞÊ*°Ê*ˆšiˆÀœÊiÀ˜?˜`iâ
/
/"
/D WHFQRORJtD HOHFWUyQLFD GH VHQVRUHV LQDOiPEULFRV HVWi WUDQVLWDQGR
GHVGHHOPXQGRDFDGpPLFRKDFLDHOPHUFDGRDJUDQYHORFLGDG6XDSOL
FDFLyQHQVLWXDFLRQHVFRWLGLDQDVHPSLH]DDFRQVLGHUDUVHVHULDPHQWH\
VHUi XQ KHFKR HQ ORV SUy[LPRV DxRV (VWD WHFQRORJtD SURPHWH LPSRU
WDQWHVYHQWDMDVFRPRVXEDMRFRVWHUiSLGRGHVSOLHJXHRODDXWRQRPtD
/DLQFRUSRUDFLyQGH³LQWHOLJHQFLDEiVLFD´DHVWRVGLVSRVLWLYRVPHGLDQ
WH GHVDUUROORV LQIRUPiWLFRV DPSOtD HO FDWiORJR GH YHQWDMDV LQFOX\HQ
GR DVSHFWRV FRPR OD DXWRFRQ¿JXUDFLyQ R OD WROHUDQFLD D IDOORV (VWD
FRPELQDFLyQGHKDUGZDUH\VRIWZDUHSHUPLWHQODFRRSHUDFLyQGHP~O
WLSOHV GLVSRVLWLYRV IRUPDQGR XQD 5HG GH 6HQVRUHV 1XHYRV SUR\HFWRV
GHLQYHVWLJDFLyQHVWiQLQFRUSRUDQGRQXHYDVFDSDVGHVRIWZDUHDHVWRV
GLVSRVLWLYRVTXHYDQXQSDVRPiVDOOi\SHUPLWHQHOGHVDUUROORGHDSOL
FDFLRQHVGLVWULEXLGDVHQODVTXHHVWDVUHGHVVRQSDUWHGHXQHQWRUQRPiV
FRPSOHMR
3DUWLHQGRGHODVH[SHULHQFLDVGHp[LWRTXHHVWDWHFQRORJtDHVWiWHQLHQGR
HQDOJXQRVVHFWRUHVHQORV~OWLPRVDxRVYDULRVSUR\HFWRVHVWiQLQWHQWDQGR
LQWHJUDUODVUHGHVGHVHQVRUHVHQDSOLFDFLRQHVUHODFLRQDGDVFRQODWHFQR
ORJtDQXFOHDUGHVGHVHQVRUHVLQDOiPEULFRVTXHSHUPLWDQPHGLUUDGLDFLyQ
HQGLIHUHQWHVVLWXDFLRQHVGHHPHUJHQFLDKDVWDVHUYLFLRVGHWHOHGRVLPHWUtD
RVXXVRFRPELQDGRFRQRWUDVWHFQRORJtDVHQDSOLFDFLRQHVFRPRHOFRQWURO
UHPRWRGHWUDEDMRV
6LQHPEDUJRODVUHGHVGHVHQVRUHVWDPELpQSUHVHQWDQLQFRQYHQLHQWHV\
OLPLWDFLRQHVTXHGHEHQVHUVXSHUDGRVSDUDSRGHUFRQVLGHUDUODVFRPRXQD
KHUUDPLHQWDGHWUDEDMRHQHOFDPSRQXFOHDU&RPSDWLELOLGDGHOHFWURPDJ
QpWLFDWLHPSRGHYLGDFDUDFWHUL]DFLyQGHVHQVRUHVGHUDGLDFLyQRVHJXUL
GDGVRQDOJXQRVGHORVWHPDVTXHHVWiQHQSULPHUDOtQHDGHODLQYHVWLJD
FLyQDFWXDOHQHVWHFDPSR
7(&1$7206$OOHYDWUDEDMDQGRWUHVDxRVHQHVWDWHFQRORJtD\HVWiSDU
WLFLSDQGRHQSUR\HFWRVGHLQYHVWLJDFLyQTXHLQWHQWDQVDOYDUODVOLPLWDFLRQHV
GHHVWDWHFQRORJtD\FDOLEUDUVXLGRQHLGDGHQDSOLFDFLRQHV³UHDOHV´UHODFLRQD
GDVFRQORQXFOHDUFRPRODWHOHGRVLPHWUtDHOFRQWUROUHPRWRGHWUDEDMRVHO
GHVSOLHJXHUiSLGRDQWHHPHUJHQFLDVRODSURWHFFLyQUDGLROyJLFD
Ê 1
,Ê-*!ÊÃi«Ìˆi“LÀi‡-ÊÓää™Ê‡ Óx
&+
E7E;A@7EFt5@;53E
,QJHQLHUtD,
äx‡Ê ,Ê­®
ˆjÀVœiÃÊÓnʇʣx]Îä…ÊÊ
Ê
Ê
Ê
Ê
Ê
ÊÊÊÊÊÊÊÊÊÊÊÊÊ-\Ê7, ,Ê- ,
*ÀiÈ`i˜Ìi\Ê,Ê,$ÊÉÊ1°*°ÊÊ6 œœÀ`ˆ˜>`œÀ\ÊՓiÀȘ`œÊ6iÀ`ÖÊ>À̉˜ÊÉÊ1 6,-Ê*"/
ÊÊ6 äxʇÊä£Ê
--ÊÊ-Ê"
" -Ê
* /-Ê ÊÊ£§Ê/*ÊÊ*]Ê9Ê
61
$ ÊÊ,-1/"-Ê"/ "°ÊˆiL>˜>Ê>À̉˜iâ
LiÀ`Àœ>ʘ}i˜ˆiÀˆ>ÊÞÊ
œ˜ÃÌÀÕVVˆ˜
'DGDODHQYHUJDGXUDGHORVWUDEDMRVDVRFLDGRVDOSUR\HFWRGH$XPHQWR
GH3RWHQFLDDOGHODSRWHQFLDWpUPLFDRULJLQDOGHOD&1/DJXQD
9HUGH8QLGDGHV\\DODUHVWULFFLyQGHWLHPSRVGLVSRQLEOHVSDUDOD
LQVWDODFLyQGHWRGRVORVHTXLSRVGXUDQWHODVUHFDUJDVGHOD3ODQWDFRQ
XQDGXUDFLyQGHGtDVFDGDXQDHOSUR\HFWRVHKDGLYLGLGRGHVGHHO
SXQWRGHYLVWDGHLQVWDODFLyQGHHTXLSRVHQGRVHWDSDV/DSULPHUDGH
HOODVFRQWHPSODODVXVWLWXFLyQGHOFRQGHQVDGRUSULQFLSDOFDOHQWDGRUHV
GH DJXD GH DOLPHQWDFLyQ \ \ UHFDOHQWDGRUHV 065V GXUDQWH XQD
UHFDUJDGHOD3ODQWD\DUHDOL]DGDQH\UHVSHFWLYDPHQWH\
HOUHVWRGHORVHTXLSRVWXUELQDSULQFLSDOFRQVXVDX[LOLDUHVJHQHUDGRU
SULQFLSDOFRQVXVVLVWHPDVDX[LOLDUHVEDUUDVGHIDVHDLVODGDLQWHUUXSWRU
WUDQVIRUPDGRUHVSULQFLSDOHVFDPELRGHERPEDVGHGUHQDMH\FRQGHQ
VDGRGXUDQWHODVLJXLHQWHUHFDUJDGHFDGD8QLGDGSUHYLVWR/D
SUHVHQWH SRQHQFLD DQDOL]D ODV GLVWLQWDV PRGL¿FDFLRQHV \D LPSOHPHQ
WDGDV SRU ,%(5'52/$ HQ OD SULPHUD UHFDUJD GH DPEDV 8QLGDGHV \
SUHVHQWDXQDHYDOXDFLyQGHORVUHVXOWDGRVREWHQLGRVGHVSXpVGHODWRPD
GHGDWRVWUDVODLQVWDODFLyQGHORVHTXLSRVHQODVGRV8QLGDGHVTXHKD
VXSXHVWRXQDLPSRUWDQWHJDQDQFLDGHSRWHQFLDHOpFWULFDSRUDXPHQWRGH
ODH¿FLHQFLDGHOFLFORVLQDXPHQWRGHODSRWHQFLDWpUPLFDGHOUHDFWRU
\DTXHHOUHDFWRUVXELUiVXSRWHQFLDDOGHVSXpVGHODVUHFDUJDV
GHO
äxʇÊäÓÊ
1 /"ÊÊ*"/ ÊÊ1 Ê6,°Ê
1 Ê*,"9
/"ÊÊ,*"/ $ ÊÊ
£Ó䯰Ê8*, -Ê-*1-ÊÊÊ
£§Ê/*ÊÊ1 /"ÊÊ*"/ Ê
8/ °Ê“iâ]Ê°ÊiÀˆ˜œ]Ê°Ê°Ê>ÀVˆ>‡-iÀÀ>˜œÊÞÊ>ۈiÀÊ>}À>V…
LiÀ`Àœ>ʘ}i˜ˆiÀ‰>ÊÞÊ
œ˜ÃÌÀÕVVˆ˜]Ê-°°1°Ê
(QHVWDSRQHQFLDVHSUHVHQWDQORVWUDEDMRVFRUUHVSRQGLHQWHVDODXPHQWRGH
SRWHQFLDWpUPLFDDOGHODVFHQWUDOHVQXFOHDUHV/DJXQD9HUGH8QLGDGHV
\DGMXGLFDGRVD,EHUGUROD,QJHQLHUtD\&RQVWUXFFLyQHQ0DU]R(O
SOD]RGHHMHFXFLyQGHOSUR\HFWRHVGH0DU]RD'LFLHPEUH
(ODOFDQFHEiVLFRGHHVWRVDFWLYLGDGHVFRPSUHQGHHOGLVHxR,QJHQLHUtD
FDSDFLWDFLyQVXPLQLVWURGHORVHTXLSRVGHVPRQWDMHLQVWDODFLyQSUXHEDV
ÓÈ ‡Ê 1
,Ê-*!ÊÃi«Ìˆi“LÀi‡-ÊÓää™
\SXHVWDHQVHUYLFLRQHFHVDULRVSDUDJDUDQWL]DUODRSHUDFLyQGHODSODQWD
¿DEOH\VHJXUDHQODVQXHYDVFRQGLFLRQHVGHSRWHQFLDWpUPLFDH[WHQGLGD
GHOUHDFWRUFRQXQFLFORWpUPLFRRSWLPL]DGRGHPDQHUDTXHODSRWHQFLD
EUXWDGHOJHQHUDGRUVHLQFUHPHQWHGHORVDFWXDOHV0:HKDVWDXQ
YDORUGH0:HHQDPEDVXQLGDGHV
'XUDQWH OD SULPHUD (WDSD GHO$80(172 '( 327(1&,$ (;7(1
','$\DFRQFOXLGDVHKDQUHDOL]DGRODVVLJXLHQWHVDFWLYLGDGHVSDUDODV
GRV8QLGDGHV
±&21'(16$'25
‡ 6XVWLWXFLyQGH+DFHVWXEXODUHVGHO&RQGHQVDGRU3ULQFLSDO
‡ ,QVWDODFLyQ6LVWHPDGH/LPSLH]D7XERV&RQGHQVDGRU
‡ ,QVWDODFLyQ1XHYR6LVWHPD3URWHFFLyQ&DWyGLFD
±&$/(17$'25(6
‡ 5HHPSOD]RGH&DOHQWDGRUHVGHDJXDGHDOLPHQWDFLyQ$%\$%
‡ ,QVWDODFLyQGHLQVWUXPHQWDFLyQ)LHOG%XVSDUDORVFDOHQWDGRUHV
‡ 5HHPSOD]R7XEHUtD$FHUR$OHDGR
±065V
‡ 5HHPSOD]RGHORV065V
‡ 1XHYD,QVWUXPHQWDFLyQ065V
‡ 5HHPSOD]R/tQHDV6FDYHQLQJ
±%$55(126$1&/$-(18(92*(1(5$'2535,1&,3$/
±,167$/$&,Ï1*5Ò$$',&,21$/(1(/(',),&,2'(785
%,1$
&RPRGDWRVPDVUHSUHVHQWDWLYRVGHHVWDVDFWLYLGDGHV
‡ 0iVGHSHUVRQDVLQYROXFUDGDV
‡ 6XEFRQWUDWLVWDV
‡ 0RYLPLHQWRGH7RQHODMH7RQVDOLGD7RQHQWUDGD
‡ &RQGLFLRQHVH[WUHPDVGH7UDEDMR
‡ 7HPSHUDWXUD!ž&
‡ +XPHGDG!
‡ 7UDEDMRVHQHVSDFLRVFRQ¿QDGRV
&RPRFRQFOXVLyQGXUDQWHODUHDOL]DFLyQGHHVWRVWUDEDMRVKDVLGRQHFH
VDULRLPSODQWDUXQDVHULHGHLQQRYDFLRQHVWHFQROyJLFDVTXHKDQVHUYLGR
SDUDSRGHURSWLPL]DUHVWRVWUDEDMRV\SRGHUUHDOL]DUORVHQXQDUHFDUJD
äxʇÊäÎÊ
-1-//1
$ ÊÊ
" -",ÊÊ1 Ê
6,°Ê1 Ê 16"Ê* / /"ÊÊ
1
$ °Ê,-1/"°Ê
œLœÃÊ*iÀ>L>`
,,"Ê ,Ê
,%(5'52/$,1*(1,(5Ë$<&216758&&,Ï16$8HVWiOOHYDQ
GRDFDERODPRGHUQL]DFLyQGHODV8QLGDGHV\GHOD&HQWUDO1XFOHR
HOpFWULFDGH/DJXQD9HUGH0pMLFRSDUDHODXPHQWRGHSRWHQFLDDO
E@7
3URJUDPD\6LQRSVLVGHODV3RQHQFLDV
\GHQWURGHODVPHMRUDVDUHDOL]DUHQODSODQWDSDUDDGDSWDUVHDODVQXHYDV
FRQGLFLRQHV GH IXQFLRQDPLHQWR DO GH OD SRWHQFLD WpUPLFDVH HQ
FXHQWUDODPRGL¿FDFLyQGHO&RQGHQVDGRU3ULQFLSDO
(ODOFDQFHGHODVPRGL¿FDFLRQHVHQHOFRQGHQVDGRUVXSRQHODVXSHUYL
VLyQGHOGLVHxRGHORVKDFHVWXEXODUHVVXSHUYLVLyQGHOGLVHxRGHOVLVWHPD
GHOLPSLH]DGHWXERVFiOFXORGHODVQXHYDVFRQGLFLRQHVGHODVGHVFDUJDV
DOFRQGHQVDGRUVXSHUYLVLyQGHOGLVHxRGHOVLVWHPDGHSURWHFFLyQFDWyGLFD
VXPLQLVWUR GH WXERV GH7L SDUD OD IDEULFDFLyQ GH ORV PyGXORV VXPLQLV
WURGHQXHYDLQVWUXPHQWDFLyQGHQLYHO\SUHVLyQGLIHUHQFLDOSDUDODVFDMDV
GHDJXD\VXSHUYLVLyQGHORVWUDEDMRVGHGHPROLFLyQHLQVWDODFLyQGHORV
KDFHVWXEXODUHVVLVWHPDGHSURWHFFLyQFDWyGLFDVLVWHPDGHOLPSLH]DGH
WXERV\QXHYDLQVWUXPHQWDFLyQ$VtPLVPRGHQWURGHODOFDQFHVHLQFOX\HQ
ODVSUXHEDVGHUHQGLPLHQWRSDUDODVTXHVHVXPLQLVWUDUiLQVWUXPHQWDFLyQ
HVSHFt¿FDSDUDPHGLGDGHWHPSHUDWXUDSUHVLRQHV\FDXGDOGHDFXHUGRDOR
LQGLFDGRHQHO$60(37&
7UDVOD¿QDOL]DFLyQGHODVPRGL¿FDFLRQHVHIHFWXDGDVHQOD8QLGDG
GXUDQWHODUHFDUJDGHFRPEXVWLEOHTXHWXYROXJDUHQ\ODVOHFFLRQHV
DSUHQGLGDVDORODUJRGHHVWHSURFHVRODSUHVHQWHSRQHQFLDSUHVHQWDOD
ODERUGHRSWLPL]DFLyQHIHFWXDGDHQWRGRHOSURFHVRGHHMHFXFLyQGHOGHV
PRQWDMHGHORVFRPSRQHQWHVH[LVWHQWHV\PRQWDMHGHORVQXHYRVKDFHV
WXEXODUHV\VLVWHPDV\FRPSRQHQWHVDVRFLDGRVDOFRQGHQVDGRUPRVWUDQ
GRORVUHVXOWDGRVFRQVHJXLGRVHQHQOD8QLGDGJUDFLDVDODLQWUR
GXFFLyQGHHVWDVPHMRUDV
äxʇÊä{Ê
-1-//1
$ ÊÊ"-Ê--ÊÊ
,,,
$ Ê1Ê9Ê
/ÊÊ
,,-Ê
Ê/, ",ÊÊ
°Ê °Ê,<
°Ê`iÊ<֚ˆ}>Ê*jÀiâ£]Ê°ÊÀ}ØiœÊ/>À>£]ʰʝ«iâÊiÀ˜?˜`iâ£Ê
ÞÊ°Ê>ÀV‰>Ê>?ÀÀ>}>Ó
£Ê*,-,"-Ê,1*"ÓÊ
Ê,<
'XUDQWHODVUHFDUJDVGH\GHOD&HQWUDO1XFOHDUGH$OPDUD]
HVWiSUHYLVWRUHDOL]DUODVPRGL¿FDFLRQHVQHFHVDULDVSDUDDXPHQWDUODSR
WHQFLDGHDPERVJUXSRVDOGHODSRWHQFLDQRPLQDO
3DUD SRGHU UHDOL]DU HVWH DXPHQWR VH GHEHUiQ UHDOL]DU PRGL¿FDFLRQHV
HQHOSULPDULR\HQHOVHFXQGDULRGHODFHQWUDOFRQHVWRVFDPELRVHQHO
HMHGHODWXUELQDVHWHQGUiXQDPD\RUSRWHQFLD\VHQHFHVLWDUiVXVWLWXLU
HODFWXDODOWHUQDGRU\DTXHQRHVFDSD]GHVRSRUWDUHODXPHQWRGHFDUJD
WpUPLFDTXHLPSOLFDHOLQFUHPHQWRGHSRWHQFLD
&RQHOFDPELRGHODOWHUQDGRUVHVXVWLWX\HWDPELpQHOVLVWHPDGHUHIUL
JHUDFLyQGHODJXDGHOHVWDWRU6HUHWLUDUiHOVNLGDFWXDOTXHUHIULJHUDODV
ERELQDVGHOHVWDWRUFRQDJXDGHVPLQHUDOL]DGD\VHFRORFDUiXQQXHYRVNLG
VLPLODUDODQWLJXRTXHSHUPLWLUiUHIULJHUDUHOQXHYRDOWHUQDGRU
$GLFLRQDOPHQWHVHUHQXHYDHOVLVWHPDGHVHOODGRSRUHOTXHVHVXVWLWXL
UiQORVVHOORVDFWXDOHVSRUXQRVGHQXHYRGLVHxRGHFDUERQRTXHWDPELpQ
UHTXLHUHQODPRGL¿FDFLyQGHOVNLGGHDFHLWHGHVHOORV
&RQHOFDPELRGHODOWHUQDGRUWDPELpQVHUHTXLHUHFDPELDUODH[FLWDWUL]
SHURODUHIULJHUDFLyQVHVHJXLUiKDFLHQGRFRQXQRVFDPELDGRUHVVHPHMDQ
WHVDORVDFWXDOHV3RURWURODGRORVHQIULDGRUHVGHKLGUyJHQRVHVXVWLWX
\HQSRURWURVVLPLODUHVDORVH[LVWHQWHV
3DUD ODV WDUHDV GH PRQWDMH GH ORV QXHYRV VNLGV GH DJXD \ DFHLWH VH
KDQGHVDUUROODGRQXHYRVPRGHORVHQ'GHOHGL¿FLRGHWXUELQDV\GHODV
WXEHUtDVGHLQWHUFRQH[LyQHQWUHVNLGV\HODOWHUQDGRUHVWXGLDQGRGHHVWD
PDQHUDODVSRVLEOHVLQWHUIHUHQFLDVFRQRWUDVWXEHUtDVVRSRUWHV\FRQGXLWV
SULQFLSDOPHQWH
äxʇÊäxÊ
-!"ÊÊ1 Ê--/ÊÊ
" /,"Ê*,Ê
Ê-Ê,,"
*"
°ÊÕj>“œÊ>À̉˜iâ£]Ê°ÊÀ}ØiœÊ/>À>£ÊÞÊ°ÊÃi˜ÃˆœÊ6i}>Ó
£Ê*,-,"-Ê,1*"-Ê
ÓÊ
Ê,<Ê/,"
/D&HQWUDO1XFOHDUGH$OPDUD]3:5[0:HSRVHHFRPRIRFRIUtR
XQHPEDOVHGHHQIULDPLHQWRSRUFLUFXODFLyQQDWXUDOGHJUDQGHVGLPHQVLR
QHVGHQRPLQDGRHPEDOVHGH$UURFDPSR/DFDSDFLGDGHYDFXDWRULDGHFD
ORUGHGLFKRIRFRIUtRUHSHUFXWHGLUHFWDPHQWHVREUHHOUHQGLPLHQWRGHOFLFOR
\SRUFRQVLJXLHQWHVREUHHOUHQGLPLHQWRHQHUJpWLFRGHWRGDODLQVWDODFLyQ
3RURWURODGRORVUHTXLVLWRVPHGLRDPELHQWDOHVFDGDYH]PiVH[LJHQ
WHVFRQGXFHQDFRQWURODUGHIRUPDPiVSUHFLVDODVFRQGLFLRQHVWpUPLFDV
GHODJXDDSRUWDGD\YHUWLGDDODFXHQFDGHOUtR7DMR
3DUD FRQMXJDU DPERV DVSHFWRV OHJDO \ WpFQLFRHFRQyPLFR VH KD GH
VDUUROODGR EDMR (&26,0352 \ ODV OLEUHUtDV 7+(50$/B%$/$1&(
\&21752/XQPRGHORGHFiOFXORHQUpJLPHQWUDQVLWRULRTXHSHUPLWH
PRGHODUHOHPEDOVHORVQXHYRVVLVWHPDVGHUHIULJHUDFLyQDGLFLRQDOHV\ORV
GHDSRUWDFLyQ\YHUWLGRFRQWRGROXMRGHGHWDOOHVDVtFRPRUHDOL]DUDQiOLVLV
GHFRPSRUWDPLHQWRWHQLHQGRHQFXHQWDODFOLPDWRORJtDORFDO±KRUDULDGH
XQSHUtRGRGHWHUPLQDGR
(OPRGHORWHUPRKLGUiXOLFRFRPSUHQGHHOHPEDOVHSURSLDPHQWHGLFKR
ODVIXWXUDVWRUUHVGHUHIULJHUDFLyQHOVLVWHPDGHDSRUWHODVFRPSXHUWDVGH
YHUWLGR\HOFLFORGHSRWHQFLDFRPRFDORUUHFKD]DGRDOHPEDOVH
6HKDLPSOHPHQWDGRXQVLVWHPDGHFRQWUROTXHSHUPLWH±PDQWHQLHQGR
HOQLYHOGHOHPEDOVHFXPSOLUHQWRGRPRPHQWRFRQORVUHTXLVLWRVPHGLR
DPELHQWDOHVRSWLPL]DQGRORVSDUiPHWURVGHRSHUDFLyQ
(QHVWD3RQHQFLDVHSUHVHQWDXQDGHVFULSFLyQGHOPRGHORHQVXGREOH
YHUWLHQWHWHUPRKLGUiXOLFR\GHFRQWURO\XQDQiOLVLVGHOIXQFLRQDPLHQWR
SUHYLVWRDWUDYpVGHORVUHVXOWDGRVREWHQLGRVSDUDYDORUHVFOLPDWROyJLFRV
UHDOHVDORODUJRGHXQDxRFRPSOHWR
äxʇÊäÈÊ
"-ÊÊ,<,Ê ÊÊ--/ÊÊ
, ÊÊ
/",-ÊÊ
Ê*,Ê
1 " ,ÊÊÊ 16Ê*"/ Ê/,
Ê
Ê££ä¯
°Ê
>Ã>`œÊœÀiãÊÞÊ°Ê->˜âÊ,œ“?˜ÓÊ
£Ê*,-,"-Ê,1*"Ó
Ê,<Ê/,"
(OVLVWHPDGHGUHQDMHGHFDOHQWDGRUHVGHXQDFHQWUDOHVXQRGHORVPiV
DIHFWDGRVHQFDVRGHTXHVHTXLHUDDXPHQWDUODSRWHQFLDWpUPLFDGHIXQ
FLRQDPLHQWRGHODSODQWDSRUHQFLPDGHOYDORUGHGLVHxRRULJLQDO
'HELGRDTXHSRUHOVLVWHPDFLUFXODDJXDSUy[LPDDODVFRQGLFLRQHVGH
VDWXUDFLyQXQDXPHQWRGHSRWHQFLDLPSDFWDHQXQDXPHQWRGHORVFDXGD
OHVDGUHQDUORTXHREOLJDDHVWXGLDUGHWDOODGDPHQWHODQXHYDFDSDFLGDG
UHTXHULGDDWHQGLHQGRHVSHFLDOPHQWHD
%RPEDVGHGUHQDMH
$VSLUDFLyQGHODVERPEDVGHGUHQDMH
&DSDFLGDGGHODVYiOYXODVGHFRQWURO
/DVERPEDVGHGUHQDMHVHVXVWLWXLUiQSRURWUDVFRQXQDSRWHQFLDPD
\RUTXHSURSRUFLRQHXQDFXUYD47'+GHYDORUHVVXSHULRUHVDODGHODV
ERPEDVRULJLQDOHV
Ê 1
,Ê-*!ÊÃi«Ìˆi“LÀi‡-ÊÓää™Ê‡ ÓÇ
&+
E7E;A@7EFt5@;53E
,QJHQLHUtD,
/DDVSLUDFLyQGHODVERPEDVGHGUHQDMHWLHQGHGLVPLQXLUDOPDUJHQ13
6+'136+U DO DXPHQWDU OD SpUGLGD GH FDUJD HQ OD OtQHD SRU OR TXH HV
FRQYHQLHQWHLQVWDODUXQVLVWHPDGHDWHPSHUDFLyQTXHGLVPLQX\DODSUHVLyQ
GHVDWXUDFLyQHQODDVSLUDFLyQGHODERPEDHQÀXFWXDFLRQHVGHFDUJD
(QFXDQWRDODVYiOYXODVGHFRQWUROGHOVLVWHPDGHEHGHFDOFXODUVHVX
FDSDFLGDGLQGLYLGXDOSDUDODVQXHYDVFRQGLFLRQHVGHDXPHQWRGHSRWHQ
FLD VXVWLWX\HQGR ODV TXH WHQJDQ XQ &Y LQVX¿FLHQWH SDUD PDQWHQHU XQD
SRVLFLyQGHFRQWURO”GHDSHUWXUD
SHUtRGRGHSULPDYHUDDRWRxR\HOGHOVLVWHPDDFWXDOHQLQYLHUQRFRQORV
VLVWHPDV7&$\7&%SDUDGRV
äxʇÊäÇÊ
°Ê°Ê
ˆi˜vÕi}œÃÊâ>£]Ê°Ê
>Ã>`œÊœÀiãÊÊÞÊ°Ê->˜âÊ,œ“?˜ÓÊ
£Ê*,-,"-Ê,1*"-Ê
ÓÊ
Ê,<Ê/,"Ê
1 /"ÊÊÊ
*
ÊÊ--/Ê
Ê,,,
$ ÊÊÊ* /ÊÊ
/1, Ê­/
®Ê*,Ê1 " ,ÊÊÊ 16Ê
*"/ Ê/,
ÊÊ££ä¯
-°Ê*ÕiÀÌ>ÃÊ՚œâ£]Ê°Ê
>Ã>`œÊœÀiãÊÊÞÊ°Ê->˜âÊ,œ“?˜ÓÊ
£Ê*,-,"-Ê,1*"ÓÊ
Ê,<Ê/,"
(O6LVWHPDGH5HIULJHUDFLyQGHO(GL¿FLRGH7XUELQDVHO6LVWHPD7&GH
&1$VHGLVHxyRULJLQDOPHQWHSDUDGLVLSDUXQDFDUJDWpUPLFDGHN:
PHGLDQWHORVFDPELDGRUHV7&+;$%UHIULJHUDGRVSRUDJXDGHFLU
FXODFLyQ&:GHOHPEDOVHGH$UURFDPSR
(ODXPHQWRGHSRWHQFLDWpUPLFDGHODSODQWDKDVWDHOLPSOLFDTXH
GHEHQVXVWLWXLUVHORVHQIULDGRUHVGHKLGUyJHQRGHDJXDGHOHVWDWRUGHOD
H[FLWDWUL]GHEDUUDVGHIDVHDLVODGDHWFSRURWURVGHPD\RUFDSDFLGDG
(VWRKDFHTXHHOVLVWHPD7&GHEDGLVLSDUXQDFDUJDWpUPLFDGHN:
TXHHVXQPD\RUTXHODRULJLQDO
(VWDFDUJDQRHVSRVLEOHH[WUDHUOD~QLFDPHQWHDWUDYpVGHORVFDPELD
GRUHVGHO7&FXDQGRODWHPSHUDWXUDGH$UURFDPSRHV!ž&SRUORTXH
VRQQHFHVDULRVVLVWHPDVDX[LOLDUHVHOVLVWHPD7&$\XQQXHYRVLVWHPD
7&%TXHGLVSRQHQGHWRUUHVGHUHIULJHUDFLyQ
7RGRVORVVLVWHPDVWLHQHQTXHHVWDUGLVHxDGRV\HTXLOLEUDGRVSDUDKD
FHUIUHQWHDODVYDULDFLRQHVGHORVQXHYRVHQIULDGRUHVFRQUHVSHFWRDORV
DQWHULRUHVHQFXDQGRDFDXGDOSpUGLGDVGHFDUJDV\FDUJDWpUPLFD
6HGHVFULEHHQHVWDSRQHQFLDFyPRKDQFDPELDGRORVUHTXHULPLHQWRV
GHFDUJDWpUPLFDFDXGDO\SpUGLGDGHFDUJDGHFDGDXQRGHORVHQIULDGRUHV
DVXVWLWXLU\FyPRVHKDFRQVHJXLGRHOHTXLOLEUDGRKLGUiXOLFRHQWUHODV
WRUUHV \ ORV HQIULDGRUHV GH ORV VLVWHPD7&$ \7&% IXQFLRQDQGR HQ HO
Ón ‡Ê 1
,Ê-*!ÊÃi«Ìˆi“LÀi‡-ÊÓää™
äxʇÊänÊ
* /
$ ÊÊ1 Ê 16"Ê/ +1ÊÊ
1Ê/,Ê*,Ê*",/ÊÊ-Ê/",,-Ê
Ê,,,
$
$FRQVHFXHQFLDGHODXPHQWRGHSRWHQFLDGHODFHQWUDQXFOHDUGH$OPDUD]
VXUJLUiHODXPHQWRGHFDUJDVWpUPLFDVDGLVLSDUHQHOHGL¿FLRGHWXUELQDV
FRQORTXHHVQHFHVDULRDPSOLDUHOVLVWHPDGHUHIULJHUDFLyQGHORVHTXLSRV
GH HVWHHGL¿FLR7&FRQ XQ WRWDOGH QXHYDV WRUUHV GH UHIULJHUDFLyQ
OOHJDQGRDXQWRWDOGH3RUHVWDUD]yQDXPHQWDQORVUHTXHULPLHQWRV
GHDJXDGHDSRUWHDOFRQMXQWRGHWRUUHVGHUHIULJHUDFLyQGHORTXHVXUJH
ODQHFHVLGDGGHXQQXHYRWDQTXHGHDOPDFHQDPLHQWRSDUDHVWHWLSRDJXD
TXHSHUPLWDWHQHUXQDUHVHUYDGHDJXD¿OWUDGDTXHJDUDQWLFHHOVXPLQLVWUR
DHVWDVWRUUHVGXUDQWHDOPHQRVKRUDV
(O QXHYR WDQTXH WHQGUD XQD FDSDFLGDG GH P SDUD SRGHU OOHYDU D
FDERODDOLPHQWDFLyQGHODVWRUUHVGHUHIULJHUDFLyQPHGLDQWHJUDYHGDGGH
PDQHUDTXHVHDYLDEOHHVWDDOLPHQWDFLyQDQWHFXDOTXLHUWLSRGHGLVIXQFLR
QDOLGDG HOpFWULFD 3DUD HOOR KD VLGR QHFHVDULR UHDOL]DU XQ WUD]DGR GH WX
EHUtDVHQHOFXDOVHPLQLPL]DUiODSHUGLGDGHFDUJD$GHPiVFRQWDUiFRQ
GRVERPEDVGHOFRQGREOHDOLPHQWDFLyQHOpFWULFDTXHJDUDQWLFHQHO
DEDVWHFLPLHQWRDODVWRUUHVHQQLYHOHVEDMRVGHOWDQTXH
(OOOHQDGRGHOWDQTXHVHUHDOL]DPHGLDQWHXQDYiOYXODDXWRPiWLFDWRGR
QDGDFRQWURODGDFRQHOQLYHOGHOWDQTXH\PHGLDQWHXQRUL¿FLRUHVWULFWRU
HQVHULHSDUDSRGHUDFRPRGDUHOFDXGDOGHOOHQDGRDPK\UHGXFLUOD
SUHVLyQKDVWDHOYDORUGHODDOWXUDGHODFROXPQDGHDJXDGHOWDQTXH
$PRGRGHJDUDQWL]DUXQDUHVHUYDGHKRUDVGHDJXD¿OWUDGDDODVWRUUHV
ORVQLYHOHVGHRSHUDFLyQGHOWDQTXHVH¿MDQHQPODVHxDOGHEDMRQLYHO
\PODVHxDOGHDOWRQLYHO
'HELGR DO DXPHQWR GH FRQVXPRV GH DJXD WUDWDGD HQ &1$ VH HVWi
GHVDUUROODQGRODLPSODQWDFLyQXQDQXHYDSODQWDGHWUDWDPLHQWRGHDJXD
GHPDQHUDTXHVHKDKDWHQLGRHQFXHQWDDODKRUDGHGLVHxDUODWXEHUtDGH
OOHQDGRGHOWDQTXHXQDFRQH[LyQFRQHVWDQXHYDSODQWDGHWUDWDPLHQWR
E@7
3URJUDPD\6LQRSVLVGHODV3RQHQFLDV
äÈʇÊ,-1"-Ê,
/6"-Ê­®
ˆjÀVœiÃÊÓnʇʣx]Îä…ÊÊ
Ê
Ê
Ê
Ê
Ê
Ê
ÊÊÊÊÊÊ-\Ê,Ê
1,
*ÀiÈ`i˜Ìi\ÊՏˆœÊ>ÀV‰>ÊÉÊ /
Ê 1
,‡7-/ "1-
œœÀ`ˆ˜>`œÀ\ʜÃjÊ6ˆVi˜ÌiÊ՚œâÊÉÊ ,-
äÈʇÊä£Ê
,
/,<
$ Ê,"$
ÊÊ
""Ê-
"ÊÊ1 Ê /1"Ê*$-/"ÊÊ
,-1"-Ê+1"°°Ê>ÃV˜]ʰʏÛ>ÀiâÊ]ÊÊ°Ê,œ`À‰}Õiâ]ÊÊ ° >Û>ÀÀœ
/Ê
'HQWUR GHO 3ODQ ,QWHJUDGR SDUD OD 0HMRUD GH ODV ,QVWDODFLRQHV GHO &,(
0$73,0,&VHKDFDUDFWHUL]DGRSDUDVXGHVFRQWDPLQDFLyQ\SRVWHULRU
GHVFODVL¿FDFLyQXQGHSyVLWRTXHHVWDHQWHUUDGRHQODFDUDRHVWHGHO(GL
¿FLRGHO&,(0$7\TXHHUDHOUHFHSWRUGHORVHÀXHQWHVUDGLDFWLYRVGH
EDMDDFWLYLGDGGHDQWLJXDVLQVWDODFLRQHVH[LVWHQWHVHQHOPLVPRHGL¿FLR(O
VXHOR\ODVSDUHGHVGHOGHSyVLWRHVWDEDQUHFXELHUWDVFRQXQDFDSDGHORGR
VHFRHOFXiOKDVLGRREMHWRGHODFDUDFWHUL]DFLyQUDGLDFWLYD
(QHVWHWUDEDMRVHGHVFULEHQODVWpFQLFDVDQDOtWLFDVXWLOL]DGDVSRUGRVOD
ERUDWRULRVGHO&,(0$7HO/DERUDWRULRGH5HVLGXRV5DGLDFWLYRVGH0HGLD
\%DMD$FWLYLGDG\HO/DERUDWRULRGH0HGLGDVGH3URWHFFLyQ5DGLROyJLFD
\ORVUHVXOWDGRVREWHQLGRVHQODVGHWHUPLQDFLRQHVGHORVUDGLRQXFOHLGRV
QDWXUDOHV\DUWL¿FLDOHVSUHVHQWHVHQORVORGRVVHFRV\FX\RVGDWRVVHXWLOL
]DURQSDUDJHVWLRQDUVXUHWLUDGD
/RVUDGLRQXFOHLGRVDUWL¿FLDOHVPiVLPSRUWDQWHVGHVGHHOSXQWRGHYLVWD
UDGLROyJLFRVRQHO3X\HO$PFX\DVFRQFHQWUDFLRQHVGHDFWLYLGDG
HVWDUtDQHQHOUDQJR\%TJSDUDHOSOXWRQLR\\%TJSDUD
HODPHULFLR/RVUDGLRQXFOHLGRVDUWL¿FLDOHVSURFHGHUtDQGHODQWLJXRODER
UDWRULRGHOSOXWRQLR
/RV UDGLRQXFOHLGRV QDWXUDOHV PiV LPSRUWDQWHV VRQ 8 \ 8 \ HQ
PHQRU FRQFHQWUDFLyQ RWURV UDGLRQXFOHLGRV SHUWHQHFLHQWHV D OD VHULHV GHO
8UDQLR\7RULR/DVGLIHUHQFLDVGHFRQFHQWUDFLyQGHOXUDQLR\VXVGHVFHQ
GLHQWHVLQGLFDUtDTXHHOXUDQLRKDEtDVLGRVHSDUDGRSUHYLDPHQWHGHORVUHV
WDQWHVPLHPEURVGHVXVHULH/RVUDGLRQXFOHLGRVQDWXUDOHVSURFHGHUtDQGH
ORVODERUDWRULRVGH$QiOLVLV4XtPLFRTXHVHHQFXHQWUDQHQHO(GL¿FLR
äÈʇÊäÓÊ
--ÊÊ-1,ÊÊ
/"ÊÊ,-1"-Ê
,
/6"-ÊÊ19ÊÊ
/6Ê
­,®Ê ÊÊ
,
i˜>Ê-ˆÛ?˜Ê-ˆÛ?˜£]ÊÃ>LiÊšˆ}œÊ
?ViÀiãÊÞÊʘ“>VՏ>`>Ê
«iâʉiâÓÊ
£Ê /
Ê 1
,ÊqÊ7-/ "1-Ê
ÓÊ ,-Ê
(O6H[WR3ODQ*HQHUDOGH5HVLGXRV5DGLDFWLYRVDSUREDGRHQHODxR
SUHYp OD JHQHUDFLyQ GH JUDQGHV YRO~PHQHV GH UHVLGXRV UDGLDFWLYRV FRQ
PX\ EDMD DFWLYLGDG 5%%$ DOJR PiV GH P TXH HTXLYDOHQ
DSUR[LPDGDPHQWHDXQGHOWRWDOGHORVUHVLGXRVUDGLDFWLYRVGHEDMD
\PHGLDDFWLYLGDG5%0$VXVFHSWLEOHVGHDOPDFHQDUHQ(O&DEULO(VWRV
UHVLGXRVSURFHGHQSULQFLSDOPHQWHGHOGHVPDQWHODPLHQWRGHLQVWDODFLRQHV
QXFOHDUHV\UDGLDFWLYDV\GHODUHFXSHUDFLyQGHLQVWDODFLRQHVRHPSOD]D
PLHQWRVFRQWDPLQDGRVSRULQFLGHQWHVRFXUULGRV
(O0LQLVWHULRGH,QGXVWULD7XULVPR\&RPHUFLRDSURSXHVWDGHOD'L
UHFFLyQ*HQHUDOGH3ROtWLFD(QHUJpWLFD\0LQDV\WUDVHOLQIRUPHIDYRUDEOH
GHO&RQVHMRGH6HJXULGDG1XFOHDUGLVSXVRPHGLDQWHOD5HVROXFLyQGH
GH-XOLRGHRWRUJDUD(15(6$DXWRUL]DFLyQGHODPRGL¿FDFLyQGH
GLVHxRGHODLQVWDODFLyQQXFOHDUGHDOPDFHQDPLHQWRGHUHVLGXRVUDGLDFWL
YRV VyOLGRV GH 6LHUUD$OEDUUDQD SDUD HO DOPDFHQDPLHQWR GH UHVLGXRV GH
PX\EDMDDFWLYLGDG(O&DEULO
(ODOPDFHQDPLHQWRGH5%%$FXPSOHORVPLVPRVREMHWLYRV\FULWHULRV
GHVHJXULGDGTXHHODFWXDODOPDFHQDPLHQWRGH5%0$HQ(O&DEULO6LQ
HPEDUJRHOGLVHxRVHEDVDHQODHOLPLQDFLyQGHUHVLGXRVPHGLDQWHGHSyVL
WRHQYHUWHGHURVGHDFXHUGRFRQHO5HDO'HFUHWR
/DPHWRGRORJtDGHDQiOLVLVGHVHJXULGDGHPSOHDGDSDUDHODOPDFHQD
PLHQWRGH5%%$HVFRKHUHQWHFRQODXWLOL]DGDSDUDHODOPDFHQDPLHQWRGH
5%0$\WLHQHHQFXHQWDHOSRWHQFLDOLPSDFWRGHODOPDFpQGH5%%$HQ
HOLPSDFWRWRWDOGHO&HQWUR(O&DEULODOS~EOLFR\DORVWUDEDMDGRUHV\GX
UDQWHWRGDVODVIDVHVGHYLGDGHO&HQWUR&RQWHPSODHVFHQDULRVUHODWLYRVD
VLWXDFLRQHVSUHYLVLEOHVWDQWRHQHOSUHVHQWHFRPRHQHOIXWXURLQFOX\HQGR
VXFHVRVPiVSUREDEOHVUHODFLRQDGRVFRQODHYROXFLyQQRUPDOGHODOPDFH
QDPLHQWR\VXFHVRVPHQRVSUREDEOHVFRPRDFFLGHQWDOHV\GHLQWUXVLyQ
(ODQiOLVLVGHVHJXULGDGUHDOL]DGRWLHQHXQGREOHREMHWLYR DHVWLPDU
FULWHULRVGHDFHSWDFLyQGHUHVLGXRVSDUDVXDOPDFHQDPLHQWR\EGHPRVWUDU
ODSURWHFFLyQDOS~EOLFRDORVWUDEDMDGRUHV\DOPHGLRDPELHQWHGXUDQWH
ODRSHUDFLyQ\DODUJRSOD]R
äÈʇÊäÎÊ
8/ -$ ÊÊ,*
" ‡ÎÊÊ
/"Ê Ê-
"\
""ÊÊ1 Ê
°ÊiÀˆ>ÊÞÊ°°ÊiÀÀ>˜â
/Ê
(ODOPDFHQDPLHQWRHQVHFRHVXQDYtDDOWHUQDWLYDGHUHIULJHUDFLyQGHO
FRPEXVWLEOHGXUDQWHODVSULPHUDVGpFDGDVWUDVVXSDVRSRUHOUHDFWRU3RU
WDQWRKDGHFXPSOLUORVFULWHULRVGHVHJXULGDGHVWDEOHFLGRVDWDOHIHFWR
GRVLVGHUDGLDFLyQLQIHULRUHVDORVXPEUDOHVGLFWDGRVVXEFULWLFLGDGFRQ
¿QDPLHQWR\UHFXSHUDELOLGDG6XVDWLVIDFFLyQUHTXLHUHQHFHVDULDPHQWHHO
PDQWHQLPLHQWRGHODFRQ¿JXUDFLyQGHOFRPEXVWLEOHRHQRWUDVSDODEUDVHO
DVHJXUDPLHQWRGHODLQWHJULGDGGHODYDLQD
$SHVDUGHVXEDMDSUREDELOLGDGGHRFXUUHQFLDHQODVFRQGLFLRQHVHVSH
UDGDVHQDOPDFHQDPLHQWRHQVHFRODGHIRUPDFLyQGHODYDLQD\VXHYHQ
Ê 1
,Ê-*!ÊÃi«Ìˆi“LÀi‡-ÊÓää™Ê‡ ә
&,
E7E;A@7EFt5@;53E
5HVLGXRVUDGLDFWLYRV
WXDOURWXUDSRUÀXHQFLDFUHHSVHSRVWXODFRPRXQDGHODVDPHQD]DVSR
WHQFLDOHVSDUDPDQWHQHUODLQWHJULGDGGHODYDLQD
(VWHWUDEDMRSUHVHQWD\GLVFXWHXQDIRUPXODFLyQGHÀXHQFLDPHFiQLFD
DOWHUQDWLYDDODH[LVWHQWHHQHOFyGLJR)5$3&21'HULYDGDDSDUWLU
GHGDWRVREWHQLGRVHQFRQGLFLRQHVGHDOPDFHQDPLHQWRHQVHFRODH[
SUHVLyQUHFRJHORVHIHFWRVGHODWHPSHUDWXUDODÀXHQFLDQHXWUyQLFD\
ODWHQVLyQFLUFXQIHUHQFLDOFRQXQDSUHFLVLyQDFHSWDEOH3RU~OWLPRWUDV
GHVFULELU VX LPSOHPHQWDFLyQ HQ )5$3&21 VH LOXVWUD HO HIHFWR GH
HVWDQXHYDOH\GHÀXHQFLDPHGLDQWHODDSOLFDFLyQDXQHVFHQDULRSRV
WXODGRGHXQDEDUUDGHFRPEXVWLEOH3:5=LUFDOR\LUUDGLDGDKDVWD
*:GW8
(OSUHVHQWHWUDEDMRVHKDUHDOL]DGRHQHOPDUFRGHODFXHUGR,&$7,QWH
JULGDGGHO&RPEXVWLEOHHQHO$OPDFHQDPLHQWR7HPSRUDOHQWUH&,(0$7
\(15(6$
äÈʇÊä{Ê
--ÊÊ/, -*",/Ê9ÊÊ*"/ Ê
*
/"Ê,"$
"Ê-"
"-ÊÊ
$ "-ÊÊ
*,Ê Ê
-ÊÊ
/"ÊÊÊ
,
ÀÌÕÀœÊ,>“˜Êœ˜â?iâ£]Ê>>ÀÌi˜Ê7°Ê->>Ìˆ˜ŽÓ]ʜÃjÊ>À‰>Ê
>ÀV‰>Ê+ՈÀÃ£]Ê>˜ÕiÊ"À`šiâʏÛ>ÀiâÎ]ʘ“>VՏ>`>ʝ«iâÊ
‰iâÎÊÊ
£Ê /
Ê ÕVi>À
ÓÊ1˜ˆÛiÀÈ`>`Ê*œˆÌjV˜ˆV>Ê`iÊ
>Ì>Õš>
ÎÊ ,-Ê
'HVGHKDFHXQRVSRFRVDxRVDWUiVKDQDSDUHFLGRPX\SHTXHxDVFDQWL
GDGHVGHDJXDHQHOLQWHULRUGHYDULDVFHOGDV\DFHUUDGDVGHO&HQWURGH
$OPDFHQDPLHQWRGH³(O&DEULO´&yUGRED(ODJXDDSDUHFH\HVUHWL
UDGDGHIRUPDFRQWURODGDDWUDYpVGHOD5HGGH&RQWUROGH,Q¿OWUDFLRQHV
5&,
(QHOPDUFRGHO3ODQGH$FWXDFLyQHVWDEOHFLGR\GHVDUUROODGRSRU(1
5(6$VHGHVDUUROOyXQSULPHUSUR\HFWRFRQREMHWRGHFRQRFHUODVFDXVDV
SURFHVRVLQYROXFUDGRV\GHWHUPLQDUORVIDFWRUHVLQÀX\HQWHVHQHOIHQyPH
QRHQVXFRQMXQWR&RPRUHVXOWDGRGHHVWHSULPHUSUR\HFWRVHFRQFOX\y
TXHHOIHQyPHQRHVWiRULJLQDGRSRUSURFHVRVGHHYDSRUDFLyQ\FRQGHQ
VDFLyQHQHOLQWHULRUGHODFHOGDSURYRFDGRVSRUYDULDFLRQHVWpUPLFDVGH
HYROXFLyQHVWDFLRQDOHQODVSDUHGHVGHODPLVPD(QHOLQWHULRUGHODFHOGD
DSDUHFHQÀXMRVGHDJXDOtTXLGD\GHYDSRUGHDJXDFRQYDULDFLRQHVHVWD
FLRQDOHVGHORVVHQWLGRVGHORVÀXMRVGHIRUPDWDOTXHODSRWHQFLDOLGDGGH
WUDQVSRUWHGHVROXWRVGHVGHORVFRQWHQHGRUHVDOWHUUHQRDWUDYpVGHOPXUR
QRSXHGHVHUGHVFDUWDGD
&RPRFRQWLQXDFLyQGHOSUR\HFWRLQLFLDODQWHULRUSRU(15(6$8QLYHU
VLGDG3ROLWpFQLFDGH&DWDOXxD'HSDUWDPHQWRGH,QJHQLHUtDGHO7HUUHQR
&DUWRJUi¿FD\*HRItVLFD83&H,1,7(&1XFOHDUVHKDGHVDUUROODGRXQ
VHJXQGR SUR\HFWR SDUD DQiOLVLV \ HYDOXDFLyQ GHO WUDQVSRUWH \ SRWHQFLDO
LPSDFWRUDGLROyJLFRDVRFLDGRVDORVFLWDGRVÀXMRVGHDJXD
/DFRQVLGHUDFLyQGHODSUHVHQFLDGHÀXMRVGHDJXDHQIDVHVOtTXLGD\
GHYDSRUFRQOOHYDODQHFHVLGDGGHODQiOLVLVGHOWUDQVSRUWHGHVROXWRVQR
YROiWLOHV \ YROiWLOHV /DV VLPXODFLRQHV HQ GRV GLPHQVLRQHV ' VH KDQ
UHDOL]DGRFRQORVFyGLJRV&RGH%ULJKW\5(75$62GHVDUUROORVDPERV
GH83&
(QHVWDSRQHQFLDVHGHVFULEHQHOPRGHOR'XWLOL]DGR\ODVVLPXODFLR
QHV\UHVXOWDGRVREWHQLGRVeVWRVFRQ¿UPDQTXHHOLPSDFWRUDGLROyJLFR
HVWLPDGRDSOLFDQGRKLSyWHVLVPX\FRQVHUYDGRUDVHVQXOR
Îä ‡Ê 1
,Ê-*!ÊÃi«Ìˆi“LÀi‡-ÊÓää™
äÈʇÊäxÊ
-/
$ ÊÊÊÊ
*
Ê
,"$
ÊÊ
/"ÊÊ
,-1"-ÊÊ19ÊÊ
/6Ê Ê
-"6Ê
°ÊˆÀ>iÃÊiÀÀiÌiÊ]Ê°Ê>À‰>Ê>ÀV‰>Ê+ՈÀÃÊÞÊ°Ê?â>ÀœÊ>À‰
/
Ê 1
,
6HSUHVHQWDODPHWRGRORJtDJHQHUDOSDUDODGHWHUPLQDFLyQGHODFDSDFLGDG
UDGLROyJLFDGHGLVHxRVGHDOPDFpQGHUHVLGXRVGHPX\EDMDDFWLYLGDGSUR
SXHVWRVGHQWURGHOSUR\HFWR³(QODUJHPHQWRIWKH0RFKRYFHUHSRVLWRU\´
SDUDXQFRQMXQWRGHHPSOD]DPLHQWRVHQOD5HS~EOLFDGH(VORYDTXLD
/D GHWHUPLQDFLyQ GH OD FDSDFLGDG UDGLROyJLFD VH UHDOL]D HQ IXQFLyQ GHO
LPSDFWRUDGLROyJLFRDODUJRSOD]RSRUYtDDJXDHQORVHVFHQDULRVHYDOXDGRV
HVFHQDULRGHUHIHUHQFLDHVFHQDULRHIHFWREDxHUD\HVFHQDULRGHGHJUDGDFLyQ
FRPSOHWDGHODVFDSDVGHDUFLOODLQIHULRU\VXSHULRUHQHOSHULRGRGHSRVWYLJL
ODQFLDWHQLHQGRDGLFLRQDOPHQWHHQFXHQWDODOLPLWDFLyQLPSXHVWDDOUHSRVLWR
ULRSRUORVFULWHULRVGHDFHSWDFLyQGHUHVLGXRVDFWLYLGDGHVSHFt¿FD
/D GHWHUPLQDFLyQ GH OD FDSDFLGDG UDGLROyJLFD GHO DOPDFpQ SHUPLWH
GHWHUPLQDU VL HV YLDEOH DOPDFHQDU HO LQYHQWDULR HVSHUDGR GH UHVLGXRV R
HTXLYDOHQWHPHQWHVLHOLPSDFWRUDGLROyJLFRDODUJRSOD]RGHOLQYHQWDULR
DOPDFHQDGRSRGUtDFRPSURPHWHUORVOtPLWHVGHGRVLV
äÈʇÊäÈÊ
"
" -ÊÊ-!"Ê,
" -Ê
" ÊÊ--/ÊÊ
/"Ê Ê
-
"ÊÊ
"1-/Ê,,"Ê9ÊÊ
Ê/*",Ê 61<"Ê­/®
°Ê>Û>À>Ê->˜â£ÆʜÃjÊ°Ê
>“«œÃÊi˜`‰>£]Ê
°Êœ“ˆ˜}œÊ
ÀÕâ£ÆÊ
°Ê->˜âÊÀ˜>˜âÓÆʰʜÀ˜ˆiiÃÊ,iÞiÃÓÊ
£Ê-"
" Ê ,Ê9Ê
" -/,1
$ Ê 1-/,
ÓÊ1 $ Ê "-Ê ,
$ Ê
$WHQGLHQGRDODVFDUDFWHUtVWLFDVGHO6LVWHPDGH$OPDFHQDPLHQWRHQ6HFRGH
FRPEXVWLEOHLUUDGLDGRGLVHxDGRSRU+2/7(&,17(51$7,21$/\VXLP
SODQWDFLyQHQHO$OPDFpQ7HPSRUDO,QGLYLGXDOL]DGR$7,GHODFHQWUDOQXFOHDU
-RVp&DEUHUDVHKDFHQHFHVDULRODUHDOL]DFLyQGHGHWHUPLQDGDV0RGL¿FDFLRQHV
GH'LVHxRSDUDTXHODVRSHUDFLRQHVGHH[WUDFFLyQGHOFRPEXVWLEOHLUUDGLDGR
XELFDGRHQODSLVFLQDVXPRYLPLHQWRSRUOD&HQWUDO\VXSRVWHULRUDOPDFHQD
PLHQWRHQHO$7,VHUHDOLFHQGHODIRUPDPiVH¿FLHQWH\VHJXUDSRVLEOH
(QHVWDSRQHQFLDVHSUHVHQWDXQUHVXPHQGHODV0RGL¿FDFLRQHVGH'L
VHxROOHYDGDVDFDERUHODFLRQDGDVFRQGLFKDVRSHUDFLRQHVFODVL¿FDGDVSRU
VXRUGHQWHPiWLFRGHGH¿QLFLyQPHMRUDVGHODJU~D20(*$PRGL¿FD
FLRQHVGHHVWUXFWXUDVPRGL¿FDFLRQHVGHVHUYLFLRVGHODSODQWDPHMRUDVGH
EOLQGDMHHWFGHVWDFiQGRVHDTXHOODVTXHWHQLGRXQDPD\RUUHOHYDQFLDHQ
HOGHVDUUROORGHHVWHSUR\HFWR(QWUHHOODVFDEHGHVWDFDUODVVLJXLHQWHV
‡ /DSURSLDFRQVWUXFFLyQGHO$OPDFpQ7HPSRUDO,QGLYLGXDOL]DGRXELFD
FLyQHQHOHPSOD]DPLHQWRGHODFHQWUDOSURFHVRGHDSUREDFLyQ\OLFHQ
FLDPLHQWRSDUWHVGHTXHFRQVWDREUDFLYLOHWF
‡ /DDGDSWDFLyQGHODJU~D20(*$SDUDODFDUJDGHFRQWHQHGRUHVVHJ~Q
QRUPDWLYDFXPSOLPLHQWRGHORVFULWHULRVGHIDOOR~QLFRHVWDEOHFLGRVHQ
HO185(*\HQHO$SpQGLFH&GHO185(*
‡ /DDGDSWDFLyQGHORVFRQWHQHGRUHVGLVHxDGRVSRU+2/7(&DODVQHFH
VLGDGHVHVSHFt¿FDVGHODFHQWUDOQXFOHDU-RVp&DEUHUD
E@7
3URJUDPD\6LQRSVLVGHODV3RQHQFLDV
‡ /DDOLPHQWDFLyQHOpFWULFDUHGXQGDQWHDO$7,SDUDJDUDQWL]DUHQWRGR
PRPHQWRHOVXPLQLVWURHOpFWULFR
‡ /DH[WUDFFLyQGHEDVWLGRUHVXELFDGRVHQODSLVFLQDPRYLPLHQWRGHFRP
EXVWLEOHSDUDOLEHUDUWRGDVODVSRVLFLRQHVGHORVEDVWLGRUHV1\1
‡ /DLQVWDODFLyQGHXQDSODFDHQHOVXHORGHO)RVRGH&RPEXVWLEOH,UUDGLD
GRSDUDDSR\R\FDUJDGHFRPEXVWLEOHHQORVFRQWHQHGRUHV
äÈʇÊäÇÊ
-/1"ÊÊÊ/,
$ ÊÊ
"1-/Ê,,"Ê Ê
" " -Ê
Ê
Ê /Ê/
-Ê
/,"+1
°Ê ˆi̜]Ê°Ê}iÈ>Ã]Ê °Ê,œ`À‰}ÕiâÊÞÊ°Ê+Ոšœ˜iÃ
/Ê
/DLQWHJULGDGGHOFRPEXVWLEOHLUUDGLDGRHQFRQGLFLRQHVGHDOPDFpQGHSHQGH
UiGHODVSURSLHGDGHVUHGR[GHGLFKRPHGLR/DOLEHUDFLyQGHODPD\RUtDGH
ORVUDGLRQXFOHLGRVSUHVHQWHVHQHOFRPEXVWLEOHQXFOHDULUUDGLDGRHQODVFRQ
GLFLRQHVHVSHUDGDVHQXQUHSRVLWRULRHVWDUiFRQWURODGDSRUHOSURFHVRGHDOWH
UDFLyQR[LGDFLyQ±GLVROXFLyQGHODPDWUL]GLy[LGRGHXUDQLR(OSURFHVR
GHDOWHUDFLyQFRQVLVWHHQODR[LGDFLyQSUHYLDGHO8,9D89,\ODSRVWHULRU
GLVROXFLyQGHpVWH~OWLPR/DVXSHU¿FLHGHODPDWUL]GH82HQFRQWDFWRFRQ
DJHQWHVR[LGDQWHVGDOXJDUDODIRUPDFLyQGH82[TXHSRULQWHUDFFLyQFRQ
HOPHGLRDFXRVRVHGLVXHOYHHQIRUPDGH82&RPRFRQVHFXHQFLDGHHVWH
SURFHVRGHDOWHUDFLyQVHSURGXFLUiODOLEHUDFLyQGHORVUDGLRQXFOHLGRVTXHVH
HQFXHQWUDQIRUPDQGRVROXFLRQHVVyOLGDVHQODUHGFULVWDOLQDGHO82
(OSURFHVRGHR[LGDFLyQGHOXUDQLRHVXQIHQyPHQRGHWUDQVIHUHQFLDGH
HOHFWURQHV\FRPRWDOHVVXVFHSWLEOHGHVHUHVWXGLDGRPHGLDQWHWpFQLFDV
HOHFWURTXtPLFDV
(OREMHWLYRGHHVWHWUDEDMRHVUHDOL]DUGHHQVD\RVGHFRUURVLyQGHO82
HQFRQGLFLRQHVTXHVLPXOHQHOHQWRUQRGHOUHSRVLWRULRHVSDxROPHGLRJUD
QtWLFR\EHQWRQLWDFRPRPDWHULDOGHUHOOHQR(QIXQFLyQGHORVUHVXOWDGRV
REWHQLGRVVHSRGUiHVWXGLDUODLQÀXHQFLDGHGLVWLQWRVIDFWRUHVFRPRS+
WHPSHUDWXUDSRWHQFLDOSUHVHQFLDGHFDUERQDWRVHWFYDULDQGRODVFRQGL
FLRQHVGHH[SHULPHQWDFLyQ
/DSRVWHULRUFDUDFWHUL]DFLyQGHODVPXHVWUDVGH82PHGLDQWHWpFQLFDVFRPR
6(0\;5'MXQWRFRQORVUHVXOWDGRVREWHQLGRVHQORVHQVD\RVHOHFWURTXtPLFRV
SRGUtDDSRUWDULQIRUPDFLyQSDUDHVWDEOHFHUXQDFLQpWLFDGHOSURFHVRGHFRUURVLyQ
GHO82\REWHQHUGDWRVTXHVHSXHGDQLQFOXLUHQHO0RGHORGH$OWHUDFLyQGHOD
0DWUL]GHVDUUROODGRHQWUHHO&LHPDW(QUHVD83&\$PSKRV
äÈʇÊänÊ
*1Ê*,ÊÊ -/
$ Ê " ÊÊ
/"ÊÊ,-1"-ÊÊÊ9Ê
Ê
/6Ê Ê1,
Ê°-?˜V…iâʏÛ>Àiâ‡
>“«>˜>£]Ê°Ê-Ìiv>˜œÛ>Ó]Ê°Ê,œLiÀÌÃÎ]Ê°Ê
->À̓>`ˆiÛ{]Ê"°ÊÃÕ>Àʏœ˜Ãœ£ÊÞÊ6°ÊvÀi“i˜ŽœÛ£
£Ê*,-,"-Ê,1*"ÓÊ-,7
ÎÊ6/Ê {ʘ«ÀœÊ
œ˜ÃՏÌ
/D &RQVWUXFFLyQ GH OD ,QVWDODFLyQ &HQWUDOL]DGD GH UHVLGXRV GH PHGLD \
EDMDDFWLYLGDGGH%XOJDULDFRPHQ]DUiSUHYLVLEOHPHQWHHQ$EULOGH
WUDV¿QDOL]DUODVDFWLYLGDGHVSUHYLDVTXHVHHVWiQOOHYDQGRDFDEREDMROD
GLUHFFLyQGHOD308
(VWDLQVWDODFLyQVHGLVHxDUiFRQVLGHUDQGRODQHFHVLGDGGHXQDQRWDEOH
H[SDQVLyQ HQ HO IXWXUR GDGR TXH VH SUHWHQGHQ DOPDFHQDU HQ HOOD WRGRV
ORVUHVLGXRVGHHVWDVFDUDFWHUtVWLFDVJHQHUDGRVHQWRGDVODVLQVWDODFLRQHV
QXFOHDUHV\UDGLDFWLYDVGHOSDtVHQSDUWLFXODUORVSURFHGHQWHVGHODRSH
UDFLyQ\GHOGHVPDQWHODPLHQWRGHOD&HQWUDO1XFOHDUGH.R]ORGX\ORVGH
RSHUDFLyQ\GHVPDQWHODPLHQWRGHOD&HQWUDO1XFOHDUGH%HOHQHDFWXDO
PHQWHHQFRQVWUXFFLyQ\ORVUHVLGXRVSURFHGHQWHVGHRWUDVDSOLFDFLRQHV
QXFOHDUHVHQ%XOJDULDUHVLGXRVLQVWLWXFLRQDOHV
(OSUR\HFWRHVWi¿QDQFLDGRFRQIRQGRVSURFHGHQWHVGHO%DQFR(XURSHR
GH 'HVDUUROOR \ 5HFRQVWUXFFLyQ VLHQGR EHQH¿FLDULD OD (PSUHVD (VWDWDO
³5DGZDVWH´6(5$:TXHDFW~DFRPR&OLHQWHGHOD308
/DVDFWLYLGDGHVGHVDUUROODGDVHQHOSUR\HFWRLQFOX\HQODFDUDFWHUL]DFLyQ
GHGLYHUVRVHPSOD]DPLHQWRV\ORVHVWXGLRVSDUDODSURSXHVWDGHOHPSOD]D
PLHQWRGH¿QLWLYRODHYDOXDFLyQGHGLVHxRVFRQFHSWXDOHV\ODDFWXDOL]DFLyQ
GHOGLVHxRFRQFHSWXDOUHWHQLGRHOSURFHVRFRPSOHWRGHOLFHQFLDLQFOX\HQ
GRODSUHSDUDFLyQUHYLVLyQ\SUHVHQWDFLyQDOS~EOLFRGHO,QIRUPHGH,P
SDFWR$PELHQWDOODUHYLVLyQGHOLQIRUPHSUHOLPLQDUGHVHJXULGDG\SUHSD
UDFLyQGHOLQIRUPH¿QDOGHVHJXULGDGODLPSOHPHQWDFLyQGHOSURJUDPDGH
PRQLWRUL]DFLyQGHFRQGLFLRQHVGHOHPSOD]DPLHQWR\HOGLVHxRGH¿QLWLYR
GHOD,QVWDODFLyQ$VLPLVPRVHLQFOX\HXQSURJUDPDGHWUDQVIHUHQFLDGH
WHFQRORJtDGHVGHODVHPSUHVDVVRFLRVGHOD308DO&OLHQWH
/D SUHVHQWH SRQHQFLD SUHVHQWDUi OD RUJDQL]DFLyQ GH OD 308 FUHDGD
SDUDOOHYDUDWpUPLQRFRQp[LWRODVWDUHDVDQWHULRUHVWHQLHQGRHQFXHQWD
ODVOLPLWDFLRQHVWHPSRUDOHV\HOPDUFROHJLVODWLYRE~OJDURDVtFRPROD
DVLJQDFLyQGHUHVSRQVDELOLGDGHVDFDGDPLHPEURGHGLFKDRUJDQL]DFLyQ\
ODVLQWHUUHODFLRQHVHQWUHHOORV\HO&OLHQWH\ORV2UJDQLVPRV5HJXODGRUHV
%~OJDURV
Ê 1
,Ê-*!ÊÃi«Ìˆi“LÀi‡-ÊÓää™Ê‡ Σ
&-
E7E;A@7EFt5@;53E
6HJXULGDGQXFOHDU,
äÇʇÊ-1,Ê 1
,Ê­®
ˆjÀVœiÃÊÓnʇʣx]Îä…ÊÊ
Ê
Ê
Ê
Ê
ÊÊÊÊÊÊÊÊÊÊÊÊÊ-\Ê,/Ê -/ Ê
*ÀiÈ`i˜Ì>\ʈ}ÕiÊ˜}iÊ
œÀÌjÃÊÉÊ
°Ê °Ê-/°Ê§Ê,"!
œœÀ`ˆ˜>`œÀ>\ʈ}ÕiÊ˜}iÊ-?˜V…iâʝ«iâÉÊ,,"
äÇʇÊä£Ê
-1,Ê ",/
Ê Ê
/,-Ê
1
,À>˜ViÃVʜ
+DFHDxRVODDSDULFLyQGHYLUXVGHVWUXFWLYRVVHDWULEXtDDSHUVRQDVVR
OLWDULDVTXHEXVFDEDQQRWRULHGDGDWDFDQGRVLVWHPDVLQIRUPiWLFRVGHVGH
HORUGHQDGRUGHVXFDVD3HURORVWLHPSRVHQTXHODFUHDFLyQGHVRIW
ZDUHPDOLFLRVRHOGHQRPLQDGRPDOZDUHVyORVHUYtDSDUDVDWLVIDFHUHO
HJRGHVXFUHDGRUKDQSDVDGRDODKLVWRULD+R\HQGtDODFUHDFLyQGH
PDOZDUH YLHQH LPSXOVDGD SRU XQD PRWLYDFLyQ OXFUDWLYD GHVDUUROODGD
SRUXQFROHFWLYRGHSURIHVLRQDOHVDQLYHOLQWHUQDFLRQDO6HWUDWDGHDJUX
SDFLRQHVFRQIRUPDGHHPSUHVDTXHRIUHFHQNLWVGHFyGLJRPDOLFLRVR
DSUHFLRFRPSHWLWLYRFRQPRGHORVGHQHJRFLRTXHSDVDQSRUHVTXHPDV
¿QDQFLHURVGHFRPSUDDOTXLOHUVXVFULSFLyQHLQFOXVRHOSDJRDSOD]RV
GHOPDOZDUH
3DUD FRPEDWLU HVWH WLSR GH DPHQD]DV \ VDOYDJXDUGDU VXV QHJRFLRV HO
DUPDFRQTXHGHEHQFRQWDUODVHPSUHVDVHVODSUHYLVLyQDQWHXQSRVLEOH
DWDTXH 3DUD HOOR HV SUHFLVR TXH FXHQWHQ FRQ VROXFLRQHV GH VHJXULGDG
FRPSOHWDVGHVGHODUHGDOSXHVWRGHWUDEDMRTXHVHDQKHUUDPLHQWDVGH
SUHYHQFLyQ\HYLWHQTXHHOPDOZDUHDFW~H(VWHWLSRGHVROXFLRQHVDxDGHQ
YDORUDODHPSUHVD\FRQWULEX\HQDFUHDUXQDUHGGH,QWHUQHWPiVVHJXUD
SDUDWRGRV
/DV FHQWUDOHV QXFOHDUHV HVWiQ H[SXHVWDV D ODV DPHQD]DV FLEHUQpWLFDV
LJXDOTXHFXDOTXLHURWUDHPSUHVDSHURFRQHOYHFWRUDxDGLGRTXHLQFOXVR
KD\LQVWUXPHQWDFLyQLQWHUQDGHODFHQWUDOTXHKR\HQGtDVHFRQWUROD\ULJH
DWUDYpVGHORVSURWRFROHVGHFRPXQLFDFLyQ7&3,3
(Q HVWD 3RQHQFLD LQWHQWDUHPRV SUHVHQWDU ODV KHUUDPLHQWDV \ VHUYLFLRV
TXHSURSRQHPRVSDUDUHGXFLUDOPi[LPRGLFKDVDPHQD]DV\DWDTXHVHQ
EDVHDQXHVWUDH[SHULHQFLDHQODSURWHFFLyQGHORVDFWLYRVLQIRUPiWLFRVHQ
&HQWUDOHV1XFOHDUHV
PDQDJHPHQWWKDWFRXOGPLWLJDWHWKHFRQVHTXHQFHVRIVXFKDQHYHQWHWF
$PDMRUUHVXOWRIOHYHO36$LVLRGLQHFRQWHQWLQ6RXUFH7HUPVLQFHLWLV
WKHPDLQUHVSRQVLEOHIRUWKHUDGLRORJLFDOLPSDFWGXULQJWKH¿UVWIHZGD\V
DIWHUDK\SRWKHWLFDOVHYHUHDFFLGHQW,RGLQHFKHPLVWU\LVNQRZQWRFRQVLG
HUDEO\DIIHFWLRGLQHEHKDYLRUDQGDOWKRXJKXQGHUVWDQGLQJKDVLPSURYHG
VXEVWDQWLDOO\VLQFHWKHHDUO\¶VDWKRURXJKXQGHUVWDQGLQJLVVWLOOPLVVLQJ
DQGPRVW36$VWXGLHVGRQRWDGGUHVVLWZKHQDVVHVVLQJVHYHUHDFFLGHQW
VFHQDULRV
7KLVSDSHUHPSKDVL]HVWKHTXDQWLWDWLYHDQGTXDOLWDWLYHVLJQL¿FDQFHRI
FRQVLGHULQJLRGLQHFKHPLVWU\LQOHYHO36$HVWLPDWHV7RGRVRDFROG
OHJEUHDNORZSUHVVXUHVHYHUHDFFLGHQWVHTXHQFHRIDQDFWXDOSUHVVXUL]HG
ZDWHUUHDFWRUKDVEHHQDQDO\]HGZLWKWKH0(/&25<7FRGH7ZR
VHWV RI FDOFXODWLRQV ZLWK DQG ZLWKRXW FKHPLVWU\ KDYH EHHQ FDUULHG RXW
DQGFRPSDUHG
7KHVWXG\VKRZVWKDWLRGLQHFKHPLVWU\FRXOGUHVXOWLQDQLRGLQHUHOHDVH
WRHQYLURQPHQWDERXWWZLFHKLJKHUPRVWRIZKLFKZRXOGFRQVLVWRIDURXQG
RILRGLQHLQJDVHRXVIRUP$NH\IDFWRURILRGLQHHYROXWLRQKDVEHHQ
WKHQLWULFDFLGIRUPDWLRQZKLFKDEVRUSWLRQLQWKHFRQWDLQPHQWVXPSUH
VXOWVLQDQHQKDQFHPHQWRIJDVHRXVLRGLQHFRQFHQWUDWLRQ)XUWKHUWKDQWKH
HIIHFWRILRGLQHFKHPLVWU\RQVRXUFHWHUPHVWLPDWHVDFWLYDWLRQRI0(/
&25PRGXOHVIRULRGLQHFKHPLVWU\KDVKHDYLO\DQGXQH[SHFWHGO\DIIHFWHG
WKHWKHUPDOHYROXWLRQRIWKHVFHQDULRWKLVFRGHDUWLIDFWLVDOVRSUHVHQWHG
DQGGLVFXVVHGLQWKHSDSHU
)URPWKHVHUHVXOWVLWLVFRQFOXGHGWKDWH[SORUDWRU\VWXGLHVRQWKHSRWHQ
WLDOHIIHFWRILRGLQHFKHPLVWU\RQVRXUFHWHUPHVWLPDWHVVKRXOGEHFDUULHG
RXW
7KLV ZRUN KDV EHHQ FDUULHG RXW XQGHU WKH VSRQVRUVKLS RI &RQVHMR GH
6HJXULGDG1XFOHDU
äÇʇÊäÎÊ
,/1,Ê " "$
ÊÊ
/-Ê-6,"
äÇʇÊäÓÊ
->À>ʜ˜â?iâÊ
>ÀL>œÊÞÊ
jÃ>ÀÊ-iÀÀ>˜œÊ->˜Ì>“>À‰>Ê
LiÀ`Àœ>ʘ}i˜ˆiÀ‰>ÊÞÊ
œ˜ÃÌÀÕVVˆ˜
, Ê" Ê
-/,9Ê /"Ê-6,Ê
/Ê 9--\ÊÊ8*",/",9Ê-/19Ê
-Ê" Ê
",Ê£nÈÊ9/
(OHVWXGLRUHDOL]DGRSHUPLWHDFRWDUODLQFHUWLGXPEUHIHQRPHQROyJLFDHQ
YDVLMDGHVHFXHQFLDVGHDFFLGHQWHVHYHURWtSLFDVGHXQ$361LYHOSDUD
XQDFHQWUDO3:5DQDOL]DGDVFRQHOFyGLJR0$$3
/RV SDUiPHWURV IHQRPHQROyJLFRV GH DFFLGHQWH VHYHUR DQDOL]DGRV IRU
PDQ SDUWH GH OD VHFFLyQ ³PRGHO SDUDPHWHUV´ GHO FyGLJR 0$$3 \ VH
DJUXSDQHQIDFWRUHVTXHFXEUHQODVGLVWLQWDVIDVHVGHODSURJUHVLyQGHO
DFFLGHQWHHQODYDVLMDWUDQVPLVLyQGHFDORUSRUFRQGHQVDFLyQR[LGDFLyQ
GH YDLQDV UXSWXUD GH YDLQDV FRODSVDPLHQWR GHO Q~FOHR LQWHUDFFLyQ GHO
Q~FOHR IXQGLGR HQ HO SOHQR LQIHULRU GH OD YDVLMD \ PRGR GH IDOOR GH OD
YDVLMD$ORVSDUiPHWURVVHOHFFLRQDGRVVHOHVPRGL¿FDVXYDORUUHVSHFWR
°Ê°ÊiÀÀ>˜â]Ê°Ê>ÀV‰>ÊÞÊ°Ê"ÌiÀœ
/
/HYHO3UREDELOLVWLF6DIHW\$QDO\VLVKDVGHPRQVWUDWHGWREHDSRZHUIXO
WRRO WR JLYH LQVLJKWV LQWR PXOWLSOH DVSHFWV FRQFHUQLQJ VHYHUH DFFLGHQWV
SKHQRPHQD ZLWK WKH JUHDWHVW SRWHQWLDO WR OHDG WR FRQWDLQPHQW IDLOXUH
VDIHW\V\VWHPVSHUIRUPDQFHDQGHYHQWRLGHQWLI\DQ\DGGLWLRQDODFFLGHQW
ÎÓ ‡Ê 1
,Ê-*!ÊÃi«Ìˆi“LÀi‡-ÊÓää™
E@7
3URJUDPD\6LQRSVLVGHODV3RQHQFLDV
GHOFDVREDVHGHQWURGHORVUDQJRVFRQVLGHUDGRVDFHSWDEOHVSRUHOFyGLJR
\VLHPSUHHQXQVHQWLGRGHLQFUHPHQWDUODVHYHULGDGGHODFFLGHQWH/DV
FRPELQDFLRQHVUHDOL]DGDVVREUHHVWRVIDFWRUHVVHDFRWDURQDFDVRVGH
VHQVLELOLGDG
/RV HVFHQDULRV PiV UHSUHVHQWDWLYRV VHOHFFLRQDGRV LQFOX\HQ /2&$V
/223FRQRVLQIXJDVHQVHOORVGHERPEDV06/%\7/2):+DVWD
HVFHQDULRVIRUPDURQSDUWHGHODQiOLVLV
/DLQFHUWLGXPEUHVHPLGH D WUDYpV GH OD YDULDFLyQ HQ XQ FRQMXQWRGH
YDULDEOHVGHVDOLGDGHHMHFXFLyQUHSUHVHQWDWLYDVGHODHYROXFLyQGHODFFL
GHQWHWLHPSRVGHUHORFDOL]DFLyQ\IDOORGHODYDVLMDPDVDVGHKLGUyJHQR
JHQHUDGDVHQHOQ~FOHR\HQODFRQWHQFLyQSLFRVGHSUHVLyQHQYDVLMD\HQ
FRQWHQFLyQ\URWXUDVLQGXFLGDVHQUDPDFDOLHQWHVyORHQHVFHQDULRVGHDOWD
SUHVLyQHQYDVLMDFRQVHFDGRGH*9V
/RVUHVXOWDGRVVHWUDWDURQPHGLDQWHGHVYLDFLyQPHGLDDULWPpWLFDSRU
HVFHQDULR\SRUYDULDEOHGHVDOLGDSHUPLWLHQGRLGHQWL¿FDUODLQFHUWLGXP
EUHDVRFLDGDDFDGDXQRGHHOORVGHIRUPDLQGLYLGXDORFRPELQDGD
äÇʇÊä{Ê
--ÊÊ*
/"ÊÊ1 Ê--/ÊÊ
,,,
$ Ê*",Ê-*,9Ê8/, "Ê Ê
"-Ê*,/,"-Ê/,"‡,1
"-ÊÊ
Ê
" / $ ÊÊ1 Ê*7,ÊÊ£äää7Ê
Ê ,
$ ʳÊ
" Ê--/-ÊÊ
-1,Ê*-6"°Ê>`iiÃÊiÛiÀ£]Ê°ÊÃVÀˆÛ?Ê
>ÃÌiÃ£]Ê*°ÊÀœÝÌiÀ“>˜˜Ó]Ê
>˜Ã‡œÃivʏiiˆ˜ÓÊÞÊ-°ÊœB˜`iÀÎÊÊ
£Ê1˜ˆÛiÀÈ`>`Ê*œˆÌjV˜ˆV>Ê`iÊ6>i˜Vˆ>
ÓÊ,-/Ê,7/‡>V…i˜
ÎÊ,7Ê*œÜiÀÊ
/DDSOLFDFLyQGHVLVWHPDVSDVLYRVGHVHJXULGDGHQORVQXHYRVPRGHORVGH
SODQWDVQXFOHDUHVDGHPiVGHDSRUWDUXQDPD\RU¿DELOLGDGHQORVVLVWHPDV
GHVHJXULGDGWDPELpQVLPSOL¿FDHOGLVHxRGHODSODQWD\SRUWDQWRVXSRQH
XQDQRWDEOHUHGXFFLyQGHFRVWHV
'HELGRDGLFKDVYHQWDMDVWDOHVVLVWHPDVFX\RIXQFLRQDPLHQWRVHEDVD
HQ OH\HV QDWXUDOHV FRPR OD FRQYHFFLyQ QDWXUDO R OD FRQGHQVDFLyQ HQWUH
RWUDV MXHJDQ XQ SDSHO IXQGDPHQWDO HQ YDULRV FRQFHSWRV GH SODQWDV QX
FOHDUHVGHOD,,,JHQHUDFLyQ7DOHVFRQFHSWRVWUDWDQGHORJUDU\PDQWHQHU
ODFRQGLFLyQGHSDUDGDVHJXUDWUDVXQDFFLGHQWHHQODSODQWDVLQODLQWHU
YHQFLyQ GH RSHUDULRV QL VLVWHPDV DFWLYRV GXUDQWH XQ FLHUWR SHULRGR GH
WLHPSR
&RQHOREMHWLYRGHFRPSUREDUODHIHFWLYLGDGGHGLFKRVVLVWHPDV\OD
FDSDFLGDG GHO VRIWZDUH DOHPiQ &2&26<6 SDUD VLPXODU HVFHQDULRV GH
DFFLGHQWHV HQ OD FRQWHQFLyQ \ FDOFXODU OD HYROXFLyQ GH ORV SDUiPHWURV
WHUPRKLGUiXOLFRVHQWDOHVFDVRVVHKDGHVDUUROODGRHVWHWUDEDMR(QpO
WUDV PRGHODU OD FRQWHQFLyQ GH GLFKDV SODQWDV \ EDMR ORV HIHFWRV GH XQ
DFFLGHQWH³/2&$´VHKDFDOFXODGRXWLOL]DQGRHOVRIWZDUH&2&26<6OD
HYROXFLyQGHORVSULQFLSDOHVSDUiPHWURVWHUPRKLGUiXOLFRV\HVWXGLDGR
ODLQÀXHQFLDHQHOORVGHODUHIULJHUDFLyQGHODFRQWHQFLyQSRUVSUD\H[
WHUQR3RURWUDSDUWHGDGDODLPSRUWDQFLDHQODUHIULJHUDFLyQGHODSODQWD
GHOIHQyPHQRGHFRQGHQVDFLyQHQODVHVWUXFWXUDVGHODFRQWHQFLyQVHKD
DQDOL]DGRODFDSDFLGDGGHOVRIWZDUH&2&26<6SDUDVLPXODUGLFKRIHQy
PHQRDVtFRPRODFRQWULEXFLyQGHGLFKRIHQyPHQRHQHOHQIULDPLHQWRGH
ODFRQWHQFLyQ
äÇʇÊäxÊ
*
/"ÊÊ/,,"/"ÊÊ /‡
1/-1‡"Ê ÊÊ,61
$ Ê--
Ê
ÊÊ
/,Ê 1
,Ê*" -ÊÊ
-7<‡,7°
°°Ê-?˜V…iâÊ
>L>šiÀœ£]ʰʈ“j˜iâÊÕ>˜£ÊÞʰʜÀi˜œÊ
œ˜â?iâÓ
£Ê
ÓÊ"Ê /, " /D&1GH.DVKLZD]DNL.DULZDWLHQHXQDSRWHQFLDQHWDLQVWDODGDGH
0Z\HVODPDVJUDQGHGHOPXQGR6XHPSOD]DPLHQWRDFRJHVLHWHXQLGD
GHVFLQFRUHDFWRUHV%:5GH0ZXQLGDGHVDTXHHQWUDURQHQ
RSHUDFLyQHQWUH\\GRVUHDFWRUHV$%:5GH0ZXQLGD
GHV\TXHRSHUDQGHVGH\
(O WHUUHPRWR GH 1LLJDWD&KXHWVX2NL RFXUULy D ODV ORFDOHV GHO
GtDTXHHUD¿HVWDQDFLRQDOHQ-DSyQ(OHSLFHQWURž¶1
ž¶(VHVLWXyD§NPGHODSODQWDWXYRXQDPDJQLWXG0R \
ODIXHQWHIXHXQDIDOODVXEPDULQDQRLGHQWL¿FDGDHQODFDUDFWHUL]DFLyQGHO
HPSOD]DPLHQWRUHDOL]DGDSDUDGH¿QLUODVEDVHVGHGLVHxR
(QHOPRPHQWRGHOWHUUHPRWRRSHUDEDQDSRWHQFLDODVXQLGDGHV\
ODXQLGDGLEDDVHUFRQHFWDGDDODUHG\ODVRWUDVWUHVXQLGDGHVHVWDEDQ
SDUDGDV/DLQVWUXPHQWDFLyQGHYLJLODQFLDVtVPLFDDFFLRQyODSDUDGDDX
WRPiWLFDGHODVXQLGDGHVHQRSHUDFLyQ\UHJLVWUyXQDH[FHGHQFLDVLJQL¿
FDWLYDGHODVEDVHVGHGLVHxRHQWRGDVODVXQLGDGHV/DSDUDGDDXWRPiWLFD
VHUHDOL]yGRQp[LWR\ODSODQWDVHFRPSRUWyGHIRUPDVHJXUDGXUDQWHHO
WHUUHPRWR\GHVSXpVGHOPLVPR
3DUD UHÀHMDU HO SURJUHVR HQ HO FRQRFLPLHQWR DVRFLDGR DO WHUUHPRWR
+\RXJRNHQ1DQEXGH\WUDVFLQFRDxRVGHGLVFXVLyQHQVHSWLHPEUH
GHVHDSUREyHQ-DSyQXQDJXtDUHJXODGRUDSDUDODUHYLVLyQGHOGLVH
xRVtVPLFRGHWRGDVODVFHQWUDOHVTXHUHTXLHUHGH¿QLUXQ~QLFRWHUUHPRWR
EDVHGHGLVHxR6VVHJ~QODQXHYDPHWRGRORJtD+DVWDHOPRPHQWRVHKDQ
UHHYDOXDGRHPSOD]DPLHQWRVUHVXOWDQGRXQQXHYR6VHQODEDVHOLEUHGHO
VXVWUDWRURFRVRTXHHVHQWUH\YHFHVPD\RUTXHHOGH¿QLGRHQHO
PRPHQWRGHODFRQVWUXFFLyQH[FHSWRHQHOFDVRGH&1.DVKLZD]DNL.D
ULZDGRQGHKDUHVXOWDGRXQWHUUHPRWREDVHGHGLVHxRYHFHVPD\RUSDUD
ODVXQLGDGHVD\FLQFRYHFHVHQHOFDVRGHODVXQLGDGHVD
äÇʇÊäÈÊ
--Ê " "$
"ÊÊ1 Ê"*Ê
Ê,/Ê 1
"Ê*",Ê
" -
$ Ê
/ÊÊ
$"Ê/,",1
"Ê
/,
Ê6,-$ Êx
6°ÊLi>]Ê-°Ê>>À`œÊÞÊ°Ê6iÀ`Ö
1˜ˆÛiÀÈ`>`Ê*œˆÌjV˜ˆV>Ê`iÊ6>i˜Vˆ>Ê
(QHOWUDQVFXUVRGHXQWUDQVLWRULRWUHVWLSRVGH*ROSHGH$ULHWHSXHGHQ
RFXUULUFRPRFRQVHFXHQFLDGHODDFWLYDFLyQGHORVVLVWHPDVGHHPHUJHQFLD
GHUHIULJHUDFLyQGHOQ~FOHR\GHDJXDDX[LOLDUORVFDXVDGRVHQPDQLSXOD
FLRQHVUiSLGDVGHFLHUUHGHYiOYXODVORVLQGXFLGRVSRUYDFtR\ORVLQGXFL
GRVSRUFRQGHQVDFLyQ(QHVWH~OWLPRFDVRVHSXHGHQSURGXFLULPSRUWDQ
WHVSLFRVGHSUHVLyQHQWXEHUtDVKRUL]RQWDOHVHQODVTXHVHHQFXHQWUDQGRV
FRUULHQWHVXQDHQIDVHOtTXLGRSRUHMHPSORDJXDLQ\HFWDGDSRUHOVLVWHPD
GH HPHUJHQFLD GH UHIULJHUDFLyQ GHO Q~FOHR \ RWUD HQ IDVH YDSRU YDSRU
VDWXUDGRTXHHQWUDGHVGHHOGRZQFRPHU
Ê 1
,Ê-*!ÊÃi«Ìˆi“LÀi‡-ÊÓää™Ê‡ ÎÎ
&-
E7E;A@7EFt5@;53E
6HJXULGDGQXFOHDU,
(QHOSUHVHQWHWUDEDMRVHKDVLPXODGRPHGLDQWHHOFyGLJRWHUPRKLGUiXOLFR
75$&(XQDWXEHUtDKRUL]RQWDOFRQHFWDGDDOGRZQFRPHUGHXQDYDVLMDXWLOL
]DQGRXQFRPSRQHQWH7((SDUDODWXEHUtD\XQ%5($.SDUDUHFUHDUODVFRQGL
FLRQHVGHFRQWRUQRGHOGRZQFRPHUWDOHVFRPRODSUHVLyQRODWHPSHUDWXUD
3DUDVLPXODUODHQWUDGDGHDJXDIUtDGHO6LVWHPDGH,Q\HFFLyQGH$OWD
SUHVLyQVHKDXWLOL]DGRXQFRPSRQHQWH),//6HKDVLPXODGRHOWUDQVLWR
ULRWHQLHQGRHQFXHQWDFLHUWDVUHVWULFFLRQHVFRPRHOOtPLWHGH&RXUDQWHO
SDVRPi[LPRGHWLHPSR\ODQRGDOL]DFLyQJHRPpWULFD6HKDUHDOL]DGRXQ
DQiOLVLVGHVHQVLELOLGDGGHHVWRVSDUiPHWURV\VHKDFRPSDUDGRORVUHVXO
WDGRVGHODVLPXODFLyQFRQXQDVHULHGHGDWRVH[SHULPHQWDOHVYDULDQGR
ODV FRQGLFLRQHV GHO VLVWHPD FRPR OD SUHVLyQ R ORV FDXGDOHV PiVLFRV GH
HQWUDGDGHDJXDIUtD
äÇʇÊäÇÊ
,8" -Ê-",ÊÊ
" */"ÊÊ
1ÊÊ--/ÊÊ,,,
$ ÊÊ
,
/",Ê­-,,®Ê Ê*7,
°Ê$ÃV>ÀÊ>À‰˜Ê`iÊ
>“«œ
°
°Ê,<‡/,"
(O DGYHQLPLHQWR GHO 6LVWHPD ,QWHJUDGR GH 6XSHUYLVLyQ GH &HQWUDOHV
6,6&KDLQWURGXFLGRXQDQXHYDYDULDEOHUHODFLRQDGDFRQHOFyPSXWRGH
ODVIXJDVGHO6556HWUDWDGHOLQGLFDGRU%GHOSURFHGLPLHQWRGHO6,6&
3$,9HOFXDOHVWDEOHFHXQDYDORUDFLyQ³%/$1&2´VLVHVXSHUDXQD
³IXJDLGHQWL¿FDGD´GHO655FRUUHVSRQGLHQWHDOGHOOtPLWHHVWDEOHFLGR
HQODV(7)\XQDYDORUDFLyQ³$0$5,//2´VLVHVXSHUDHO
/RTXHDQWHVGHO6,6&HUDXQVXFHVRQRWL¿FDEOHVXSHUDFLyQGHOOtPLWH
GHIXJDGHO655HVWDEOHFLGRHQODV(7)HQFXDOTXLHUDGHVXVYDULHGDGHV
GHVSXpVGHO6,6&VHPDQWLHQHHQXQVXFHVRQRWL¿FDEOHFULWHULR'GHOD
LQVWUXFFLyQGHVHJXULGDGGHO&61,6FRQHODxDGLGRGHXQLQGLFDGRU
FRQYDORUDFLyQ³$0$5,//2´HQHOFDVRGHTXHHOOtPLWHVXSHUDGRVHDHO
FRUUHVSRQGLHQWHDOD³IXJDLGHQWL¿FDGD´
'DGD OD UHOHYDQFLD TXH OD PDWUL] GH DFFLyQ GHO 6,6& SURFHGLPLHQWR
6,6&3*,9RWRUJDDFXDOTXLHULQGLFDGRU%/$1&2UHVSXHVWDUHJX
ODGRUD \ PiV D~Q D XQR$0$5,//2 SLODU GH VHJXULGDG GHJUDGDGR
SDUHFHLPSUHVFLQGLEOHTXHHOFRQFHSWRGH³IXJDGHO655´WHQJDXQDLQWHU
SUHWDFLyQLQHTXtYRFD
'HODQiOLVLVGHHYHQWRVUHODFLRQDGRVFRQIXJDVGHUHIULJHUDQWHSULPDULR
HQ3:5HVSDxROHVUHODWLYDPHQWHUHFLHQWHVSDUHFHGHGXFLUVHTXHQRH[LVWH
XQDLQWHUSUHWDFLyQ~QLFDGHOFRQFHSWR³IXJDGHO655´LQ¿ULpQGRVHTXH
SXHGHHVWDUHVWDEOHFLpQGRVHHQDOJXQRVFDVRVXQDHTXLYDOHQFLDHQWUHWDO
FRQFHSWR\HOGH³IXJDGHUHIULJHUDQWHSULPDULR´
Î{ ‡Ê 1
,Ê-*!ÊÃi«Ìˆi“LÀi‡-ÊÓää™
(QHVWDSRQHQFLDVHRIUHFHXQDLQWHUSUHWDFLyQGHOFRQFHSWR³IXJDGHO
655³HQ3:5EDViQGRVHHQODVGH¿QLFLRQHVH[LVWHQWHVHQODV%DVHVGH
/LFHQFLD\HVSHFLDOPHQWHHQORVREMHWLYRVTXHVHSHUVLJXHQOLPLWiQGROR
HQODV(7)\XQLQWHQWRGHFRQVWUXFFLyQOyJLFDSDUDFODVL¿FDUFXDOTXLHU
IXJDGHUHIULJHUDQWHSULPDULR
äÇʇÊänÊ
-1
$ ÊÊ ÊÊ1"-Ê
"*1/
" Ê­
®Ê*,ÊÊ-$ Ê
Ê,$ "Ê Ê-Ê--ÊÊ/,-Ê
Ê 16"Ê--/ÊÊ-61,-Ê
/
"$
-ÊÊ
° °Ê6 '-Ê
}ÕÃ̉˜Êi“?˜]Ê8>ۈiÀÊÀˆšœ]Ê
>À>Ê
œœ“iÀ
"
$$17(&('(17(6
/DWHFQRORJtD&)'&RPSXWDWLRQDO)OXLG'\QDPLFVHVXQDKHUUDPLHQ
WDPX\SRWHQWHXVDGDFXDQGRORVPpWRGRVWUDGLFLRQDOHVGHODLQJHQLHUtDQR
VLUYHQSDUDFRPSUHQGHUODFRPSOHMLGDGGHXQSUREOHPD\VHTXLHUHHYLWDU
ODFRQVWUXFFLyQGHSURWRWLSRV(QFDVRTXHQRVRFXSDVHWUDWDGHXQSUREOH
PDGHYHQWLODFLyQQDWXUDOFRQWUDQVSRUWHGHKLGUyJHQRJDVHVXQSUREOHPD
GRQGHQRH[LVWHQPRGHORVEDVDGRVHQGDWRVH[SHULPHQWDOHVQLH[SUHVLRQHV
DQDOtWLFDVTXHSXHGDQUHÀHMDUHOFRPSOHMRFRPSRUWDPLHQWRGHOÀXLGRSHUR
TXHVtHVSRVLEOHDERUGDUPHGLDQWHHOXVRGH&)'
%2%-(72<$/&$1&(
(O REMHWLYR SULQFLSDO GH HVWH DQiOLVLV HV DQDOL]DU PHGLDQWH WHFQRORJtD
&)'ODVFRQFHQWUDFLRQHVGHKLGUyJHQRHQFDVRGHDYHUtDGHORVYHQWLODGR
UHVGHODVVDODVGHEDWHUtDVGHO(GL¿FLR(OpFWULFRDVRFLDGDVDO3UR\HFWR(-
GHOD&HQWUDO1XFOHDUGH9DQGHOOyV,,(OREMHWRGHHVWHFiOFXORHVDQDOL]DU
VLODFRQFHQWUDFLyQGHKLGUyJHQRVXSHUDORVYDORUHVHVWDEOHFLGRVSDUDULHV
JRGHH[SORVLyQ\HQFDVRGHTXHVHDDVtWRPDUODVPHGLGDVDGHFXDGDV
3DUDHVWXGLDUHVWHIHQyPHQRVHKDQUHDOL]DGRXQDVVLPXODFLRQHV&)'
GHODVDODGRQGHVHHQFXHQWUDQODVEDWHUtDV\ORVHVSDFLRVFLUFXQGDQWHV
(OPRGHORWLHQHHQFXHQWDHOHIHFWRGHODYHQWLODFLyQQDWXUDOGHELGRDOD
FRQYHFFLyQQDWXUDOSURGXFLGDSRUHOFDOHQWDPLHQWRGHODVEDWHUtDVGHQ
WURGHODVDODHOWUDQVSRUWHGHODHVSHFLHKLGUyJHQR\ODWXUEXOHQFLD
/D VLPXODFLyQ UHDOL]DGD KD VLGR HQ UpJLPHQ WUDQVLWRULD \ KD SHUPLWLGR
GHWHUPLQDUORVYDORUHVGHIUDFFLyQPiVLFDGHKLGUyJHQRHQODVDODGHED
WHUtDVVXVYDORUHVPi[LPRVODWHPSHUDWXUDGHOKLGUyJHQRORVFDXGDOHV
GHYHQWLODFLyQQDWXUDO\HOWLHPSRDSDUWLUGHOFXDOVHOOHJDDXQDVLWXDFLyQ
HVWDFLRQDULD
E@7
3URJUDPD\6LQRSVLVGHODV3RQHQFLDV
änʇÊ- / /"Ê­®
ÕiÛiÃÊәʇʣä]ää…Ê
Ê
Ê
Ê
Ê
Ê
Ê
Ê
-\Ê ,Ê
+1,
*ÀiÈ`i˜Ìi\Ê*>LœÊ‰iâÊÉÊ
° °Ê"-Ê
,,
œœÀ`ˆ˜>`œÀ>\Ê*ˆ>Àʝ«iâÊÉÊ-"
"
änʇÊä£Ê
*
$ Ê*,ÊÊ
1"ÊÊÊ"--Ê
"*,
" Ê*",Ê
" " /"]Ê
",/Ê9Ê-" /Ê Ê- / /"
°Êˆ“i˜œÊiÃ>ÊÊÞʰʘÀˆµÕiÊ>À̉˜Ê>ÀV‰>Ê
-"
"
/DVDFWLYLGDGHVGHGHVPDQWHODPLHQWRVHSODQL¿FDQGHVDUUROODQ\FRQWUR
ODQDSDUWLUGHXQHVWXGLDGRSURWRFRORGHDFWXDFLyQFRQHOREMHWRGHPLQL
PL]DUORVULHVJRVDODVSHUVRQDV\DOPHGLRDPELHQWH
(OLPSDFWRUDGLROyJLFRDORVWUDEDMDGRUHVHVHOLPSDFWRRFXSDFLRQDO\VHSUR
GXFHFRPRFRQVHFXHQFLDGHTXHDOJXQDVDFWLYLGDGHVOOHYDQDVRFLDGDWDQWROD
PDQLSXODFLyQGHPDWHULDOHVFRQWDPLQDGRVFRPRODSUR[LPLGDGDORVPLVPRV\
SRUWDQWRHVWiQH[SXHVWRVDODLUUDGLDFLyQGHELGDDGLFKRVPDWHULDOHV
/DVGRVLVRSHUDFLRQDOHVVHFDOFXODQHQIXQFLyQGHOSHUVRQDOLQYROXFUD
GRDSDUWLUGHODVWDVDVGHGRVLVDODVTXHHVWiQVRPHWLGRVODGLVWDQFLDDO
PDWHULDO\HOWLHPSRHPSOHDGRHQGHVDUUROODUODVWDUHDVDVRFLDGDV
6HKDGHVDUUROODGRXQDDSOLFDFLyQLQIRUPiWLFDSDUDRSWLPL]DUODWDUHD
GHREWHQHUORVWLHPSRV\GRVLVRSHUDFLRQDOHVDVRFLDGRVDODVDFWLYLGDGHV
GHGHVPRQWDMHFRUWH³LQVLWX´\DFRQGLFLRQDPLHQWRGHORVFRPSRQHQWHV
FRQLPSOLFDFLRQHVUDGLROyJLFDVTXHVHUHDOLFHQHQHOGHVPDQWHODPLHQWR
GH&1-RVp&DEUHUD
/D DSOLFDFLyQ LQIRUPiWLFD GHVDUUROODGD FRPELQD ODV FDUDFWHUtVWLFDV GH
XQD KHUUDPLHQWD GH FiOFXOR \ GH SODQL¿FDFLyQ 6H GHWHUPLQD OD WDVD GH
GRVLVGHXQFRPSRQHQWHHQIXQFLyQGHVXFRQWDPLQDFLyQLQWHUQD\WUDV
DSOLFDU OD PHWRGRORJtD GH FiOFXOR FRUUHVSRQGLHQWH VH HVWLPDQ ODV GRVLV
RSHUDFLRQDOHV\WLHPSRVDVRFLDGRVDODVDFWLYLGDGHVFLWDGDVSHURFRQWHP
SODQGRGRVHVWUDWHJLDVGLIHUHQWHVGHGHVPRQWDMHSRUVLVWHPD\SRU
FRPSRQHQWHHQRUGHQGHFUHFLHQWHDVXDFWLYLGDG$SDUWLUGHVXVUHVXOWDGRV
VHSXHGHVHOHFFLRQDUODHVWUDWHJLDPiVySWLPDGHVGHHOSXQWRGHYLVWDGHOD
SURWHFFLyQUDGLROyJLFD\REWHQHUFXiOHVODGLVWULEXFLyQHVSDFLDOGHGRVLV
RSHUDFLRQDO\UHFXUVRVHQODVGLIHUHQWHViUHDVGHGHVPDQWHODPLHQWRGHOD
FHQWUDOORTXHSHUPLWLUiSODQL¿FDUDGHFXDGDPHQWHORVWUDEDMRVDUHDOL]DU
änʇÊäÓÊ
/6-Ê*,*,/",-Ê*,ÊÊ
- / /"ÊÊÊ
Ê"-Ê
,,
°Ê°Ê“iâÊ,œ`À‰}Õiâ£]Ê6°Ê >À>˜œÓÊÞÊ °Ê>À̉˜Ê*>œ“œÎÊ
£Ê-"
"
ÓÊ /
ÎÊ ,-
$QWHV GH LQLFLDU HO SURFHVR GH GHVPDQWHODPLHQWR GH XQD &HQWUDO 1X
FOHDU HV QHFHVDULR UHDOL]DU XQD VHULH GH DFWLYLGDGHV GH SUHSDUDFLyQ GHO
HPSOD]DPLHQWR\DGHFXDFLyQGHLQVWDODFLRQHVHVWUXFWXUDV\VLVWHPDVGH
FDUDDIDFLOLWDUODVDFWLYLGDGHVSURSLDVGHOGHVPDQWHODPLHQWR
'HQWUR GH ODV DFWLYLGDGHV SUHSDUDWRULDV \D UHDOL]DGDV SDUD HO GHVPDQWHOD
PLHQWRGHOD&1-RVp&DEUHUD\HQHOSHULRGRFRPSUHQGLGRHQWUHORVDxRV
VHKDQUHDOL]DGRXQDVHULHGHWUDEDMRVTXHKDQLQFOXLGRODSODQL¿FD
FLyQSUHSDUDFLyQ\HMHFXFLyQGHODGHVFRQWDPLQDFLyQGHOFLUFXLWRSULPDULR\
GHVXVVLVWHPDVDX[LOLDUHV6LVWHPDGH&RQWURO4XtPLFR\9ROXPpWULFR\6LVWH
PDGH([WUDFFLyQGH&DORU5HVLGXDODVtFRPRORVWUDEDMRVDVRFLDGRVDOSURFH
VRGHFDUDFWHUL]DFLyQUDGLROyJLFDGHODSODQWDLQLFLDGRD¿QDOHVGHODxR
&RPR DFWLYLGDGHV LPSRUWDQWHV HQWUH ORV SUy[LPRV WUDEDMRV JHQHUDOHV
SUHSDUDWRULRVDGHVDUUROODUVHHQFXHQWUDQORVGHVFDUJRV\PRGL¿FDFLRQHV
GH VLVWHPDV OD DGDSWDFLyQ R PRQWDMH GH VLVWHPDV H LQVWDODFLRQHV QHFH
VDULDVSDUDHOGHVPDQWHODPLHQWRDVtFRPRODHOLPLQDFLyQGHULHVJRVSRU
UHVLGXRVSHOLJURVRVRFDUJDVGHIXHJR
/DV PRGL¿FDFLRQHV GH VLVWHPDV WLHQHQ FRPR REMHWLYR VLPSOL¿FDU R
VXVWLWXLUORVVLVWHPDVH[LVWHQWHVFRQREMHWRGHUHGXFLU\HYLWDULQWHUIH
UHQFLDVHQORVWUDEDMRVGHGHVPRQWDMHDVtFRPRDGHFXDUVXVFDSDFLGD
GHVDORTXHVHUiUHTXHULGRSRUHOGHVPDQWHODPLHQWR6RQVLJQL¿FDWLYDV
ODV PRGL¿FDFLRQHV D UHDOL]DU HQ HO VLVWHPD HOpFWULFR \ VX WHQGLGR GH
FDEOHVSRUORVHGL¿FLRVORVVLVWHPDVGHYHQWLODFLyQ\ORVVLVWHPDVGH
DEDVWHFLPLHQWRGHDJXD
(QHOFDStWXORGHDGDSWDFLyQ\PRQWDMHGHLQVWDODFLRQHVHVGHGHVWDFDU
HO UHHTXLSDPLHQWR GHO DFWXDO HGL¿FLR GH WXUELQD \ VX XVR FRPR HGL¿FLR
DX[LOLDUGHOGHVPDQWHODPLHQWRHQHOTXHVHXELFDUiQORVWDOOHUHVSULQFLSD
OHVGHWUDWDPLHQWR\DFRQGLFLRQDPLHQWRGHUHVLGXRV\TXHVHUYLUiWDPELpQ
FRPRDOPDFpQGHFRQWHQHGRUHV&(DE\&07
6HLQLFLDUiQWDPELpQODVDFWLYLGDGHVGHGHVPRQWDMHGHHTXLSRV\VLVWHPDVGH
HGL¿FLRVFRQYHQFLRQDOHVFRQFHQWUiQGRVHORVWUDEDMRVHQORVHGL¿FLRVGHWXUEL
QDWRUUHVGHUHIULJHUDFLyQHGL¿FLRGHOGLHVHO\SDUTXHGHWUDQVIRUPDGRUHV
änʇÊäÎÊ
"ÊÊ6ÊÊ"-Ê/"-ÊÊ
,
/,<
$ Ê,"$
°Êˆ“i˜œÊiÃ>£]Ê
°Êʝ“iâÊ,œ`À‰}Õiâ£ÊÞÊ °Ê>À̉˜Ê
*>œ“œÓÊÊ
£Ê-"
"
ÓÊ ,-
(OSURFHVRGHSODQL¿FDUHMHFXWDUHYDOXDU\GHVSXpVWRPDUGHFLVLRQHVVH
FRQRFHFRPR³&LFORGH9LGDGHORV'DWRV´/DDSOLFDFLyQGHHVWHSURFHVR
SHUPLWHFRQWURODU\JHVWLRQDUODLQFHUWLGXPEUHHQORVGDWRVTXHDIHFWDDO
UHVXOWDGRGHODVGHFLVLRQHVTXHVHWRPDQEDViQGRVHHQGLFKRVGDWRV
(QHOFRQWH[WRGHO³&LFORGH9LGDGHORV'DWRV´HQTXHVHIXQGDPHQ
WD0$566,0FDGDHWDSDGHFDUDFWHUL]DFLyQHVXQSURFHVRLWHUDWLYRTXH
FRQVWDGHFXDWURIDVHV
)DVHGHSODQL¿FDFLyQTXHFRQVLVWHHQHOGLVHxRGHODFDUDFWHUL]DFLyQH
Ê 1
,Ê-*!ÊÃi«Ìˆi“LÀi‡-ÊÓää™Ê‡ Îx
&.
E7E;A@7EFt5@;53E
'HVPDQWHODPLHQWR,
LQFOX\HODGH¿QLFLyQGHORV2EMHWLYRVGH&DOLGDGGHORV'DWRV2&'
TXHSHUPLWLUiQHODERUDUHO3ODQGH0XHVWUHR
)DVHGHHMHFXFLyQHQODTXHVHUHDOL]DQODWRPDGHPXHVWUDV\ORVDQiOLVLV
UDGLROyJLFRV
)DVHGHHYDOXDFLyQHQODTXHVHHYDO~DODFDOLGDGGHORVGDWRVREWHQLGRV
HQODIDVHGHHMHFXFLyQ
)DVHGHWRPDGHGHFLVLRQHV/DVFRQFOXVLRQHVGHODIDVHDQWHULRUSHUPL
WHQWRPDUODGHFLVLyQPiVDSURSLDGD
/RVSODQHVGHFDUDFWHUL]DFLyQPiVFRPSOHMRVRTXHSUHVHQWDQXQQLYHO
PiVDOWRGHULHVJRDVRFLDGRDODWRPDGHXQDGHFLVLyQLQFRUUHFWDSHMORV
GHOD&DUDFWHUL]DFLyQ)LQDOUHTXLHUHQXQDPD\RUULJXURVLGDGHQVXVGDWRV
TXHORVSODQHVXWLOL]DGRVSDUDREWHQHUODH[WHQVLyQ\FXDQWL¿FDFLyQGHOD
DFWLYLGDGUHVLGXDO
/RV 2EMHWLYRV GH &DOLGDG GH ORV 'DWRV 2&' KDQ VLGR LQFRUSRUDGRV
FRPRXQFRPSRQHQWHLQWHJUDOGHO³&LFORGH9LGDGHORV'DWRV´GHFDUDF
WHUL]DFLyQHQOD&1-RVp&DEUHUD(OSURFHVRGHORV2&'KDVLGRXVDGRHQ
ODIDVHGHSODQL¿FDFLyQGHODFDUDFWHUL]DFLyQLQLFLDOXWLOL]DQGRXQDDSUR[L
PDFLyQÀH[LEOH
/RV GDWRV GH OD FDUDFWHUL]DFLyQ LQLFLDO KDQ VLGR HYDOXDGRV GH PDQHUD
FRQVLVWHQWHFRQVXVREMHWLYRVDQWHVGHVXXWLOL]DFLyQSDUDDVHJXUDUTXHVRQ
FRPSOHWRVHVWiQELHQGRFXPHQWDGRV\VRQWpFQLFDPHQWHDFHSWDEOHVSDUD
WRPDUGHFLVLRQHV
änʇÊä{Ê
"<
$ ÊÎÊÊ -ÊÊ
"Ê18,ÊÊ- / /"
°Ê°Ê>À̉˜Ê>ÀV‰>ÊÞÊ
°Ê°Ê“iâÊ,œ`Àˆ}ÕiâÊÊ
-"
"
(QWUHODVDFWLYLGDGHVSUHSDUDWRULDVSUHYLVWDVHQHO3UR\HFWRGH'HVPDQWH
ODPLHQWR\&ODXVXUDGHOD&1-RVp&DEUHUDVHSODQWHDODUHFRQYHUVLyQGHO
DFWXDO(GL¿FLRGH7XUELQD\VXDFRQGLFLRQDPLHQWRFRPRIXWXUR(GL¿FLR
$X[LOLDUGHO'HVPDQWHODPLHQWR($'
/D PLVLyQ IXQGDPHQWDO GHO (GL¿FLR $X[LOLDU GH 'HVPDQWHODPLHQWR
($'VHUiODGHDOEHUJDUORV WDOOHUHV H LQVWDODFLRQHV SULQFLSDOHVSDUDHO
WUDWDPLHQWR\DFRQGLFLRQDPLHQWRGHUHVLGXRV5%0$PHWiOLFRV\GHKRU
PLJyQDFWLYDGRV\FRQWDPLQDGRVUHVXOWDQWHVGHOSURFHVRGHGHVPRQWDMH
GHORVGLIHUHQWHVFRPSRQHQWHVSDUDPHQWRVHWFSUHVHQWHVHQOD&HQWUDODVt
FRPRHODOPDFHQDPLHQWRWHPSRUDOGHSDUWHGHORVPLVPRV
(O(GL¿FLR$X[LOLDUGH'HVPDQWHODPLHQWRHVXQHGL¿FLRGHWUHVSODQWDV
TXHSUHVHQWDXQDHVWUXFWXUDGHJHRPHWUtDFRPSOHMDGHELGRDODSUHVHQFLD
GHOSHGHVWDOGHWXUELQD\GHOIRVRGHOFRQGHQVDGRUHQHOFHQWURGHOHGL¿FLR
(VWDHVWUXFWXUDFHQWUDOGHJUDQUREXVWH]VHDSURYHFKDUiSDUDODFRQ¿JXUD
FLyQGHODV]RQDVGHDOPDFHQDPLHQWR\VXEOLQGDMH
3DUD HO FiOFXOR GH ODV FRQGLFLRQHV UDGLROyJLFDV SUHYLVWDV GHO HGL¿FLR
GHDFXHUGRDOQXHYRXVRGHOPLVPR\DODVPRGL¿FDFLRQHVHVWUXFWXUDOHV
SODQWHDGDVVHKDQHPSOHDGRWDQWRFyGLJRVGHWHUPLQLVWDVFRPREDVDGRVHQ
WpFQLFDVGH0RQWH&DUOR0&13
'HFDUDDODQiOLVLVGHOFRPSRUWDPLHQWRGHODJHRPHWUtDFRPSOHMDPHQ
FLRQDGD \ DO HVWXGLR GH ORV EOLQGDMHV QHFHVDULRV HQ OD LQVWDODFLyQ VH KD
GHVDUUROODGRXQDPRGHOL]DFLyQ'SDUD0&13IRFDOL]DGDHQOD]RQDGHO
HGL¿FLRGHVWLQDGDDODOPDFHQDPLHQWRWHPSRUDOGHFRQWHQHGRUHV
(VWHPRGHORSHUPLWHDQDOL]DUVLWXDFLRQHVFRQXQDGLVWULEXFLyQQRKRPRJp
QHDGHWpUPLQRVIXHQWHHQORVFRQWHQHGRUHVGHODOPDFpQRHVWDEOHFHUORVHIHF
WRVGHODHYROXFLyQFRQHOOOHQDGRGHOPLVPR(OPRGHORJHRPpWULFRSHUPLWH
WDPELpQLGHQWL¿FDUFRQ¿JXUDFLRQHVySWLPDVGHDOPDFHQDPLHQWRHQIXQFLyQ
GHODDFWLYLGDGGHORVFRQWHQHGRUHVDDOPDFHQDUHVWUDWHJLDVGHOOHQDGRGHO
ÎÈ ‡Ê 1
,Ê-*!ÊÃi«Ìˆi“LÀi‡-ÊÓää™
DOPDFpQHWF3HUPLWHDGLFLRQDOPHQWHODUHDOL]DFLyQGHXQPDSDGHSUHYLVLyQ
GHGRVLVHQHOHGL¿FLRGHFDUDDODFODVL¿FDFLyQ\GHOLPLWDFLyQGH]RQDVUD
GLROyJLFDVSDUDODVGLIHUHQWHV]RQDVGHWUDEDMR\GHSDVRHWF
änʇÊäxÊ
-1*,6-" ÊÊ
1
" ÊÊ
- / /"
°Ê
>šˆâ>ÀiÃʜ˜Ìœ˜£°Ê>ÀVi˜>Ê,ˆÃÕišœ£ÊÞÊ
°Ê"˜`>ÀœÊ`iÊ*ˆ˜œÓÊ
£Ê*,-,"-Ê,1*"-Ê
ÓÊ ,-Ê
(O GHVPDQWHODPLHQWR GH LQVWDODFLRQHV QXFOHDUHV \ UDGLDFWLYDV HQ (VSDxD
HVXQDDFWLYLGDGGHVDUUROODGD\HQGHVDUUROORFRQVX¿FLHQWHH[SHULHQFLD\
QLYHOLQWHUQDFLRQDO(15(6$KDOOHYDGRDFDERORVSUR\HFWRVGHGHVPDQ
WHODPLHQWRGHOD)DEULFDGH8UDQLRGH$QGXMDU\GH&19DQGHOOyVHVWD
UHDOL]DQGRODSDUWHGHGHVPDQWHODPLHQWRGH&,(0$7HQ0DGULG\SUHSD
UDQGRHOGHVPDQWHODPLHQWRGH&1-RVH&DEUHUD=RULWD/DVHPSUHVDVGH
,QJHQLHUtDHVSDxRODVFRPR(PSUHVDULRV$JUXSDGRV(($$HVWiQFROD
ERUDQGRHQHVWRVSUR\HFWRV
8QDGHODVDFWLYLGDGHVUHDOL]DGDVSRUGLFKDVHPSUHVDVGHLQJHQLHUtDHVOD
6XSHUYLVLyQGHOD(MHFXFLyQGH'HVPDQWHODPLHQWR(($$KDFRODERUDGR
FRQ(15(6$HQGLFKD6XSHUYLVLyQHQHOGHVPDQWHODPLHQWRGH&19DQ
GHOOyV\HQ&,(0$70DGULGGHQWURGHOSUR\HFWR3,0,&
(VWDSRQHQFLDSUHVHQWDUDXQDPDQHUDGHOOHYDUDFDEROD VXSHUYLVLyQ GH
HMHFXFLyQFRPRXQHQODFHHQWUHHOSUR\HFWR\ODVGLVWLQWDVGLVFLSOLQDVLQYR
OXFUDGDVHQVXGHVDUUROORKDVWDFRQVHJXLUHOREMHWLYR8QDLQWHUSUHWDFLyQGH
ODVXSHUYLVLyQFOiVLFDGHREUDVLQGXVWULDOHVDSR\DGDHQODLGHQWL¿FDFLyQGH
LGHDREMHWLYRGHOSUR\HFWRODLPSOLFDFLyQHQVXFRQVHFXFLyQODSUHVHQFLD\
VHJXLPLHQWRGXUDQWHVXGHVDUUROORODLQPHGLDWH]HQHODQiOLVLVGHVLWXDFLRQHV
\ODDQWLFLSDFLyQQHFHVDULDSDUDFRQVHJXLUHODYDQFHSODQL¿FDGRDXQFRQODV
FRQGLFLRQHVOLPLWDWLYDVGHGLVWLQWDtQGROHDVRFLDGDVDHVWRVWUDEDMRV$VLPLV
PRVHSODQWHDUHVSHWDQGRODVPDQHUDVHVSHFL¿FDVGHWUDEDMDUGHODVGLVWLQWDV
HPSUHVDVHMHFXWRUDVGHORVWUDEDMRVODLPSUHVFLQGLEOHDGDSWDFLyQDXQPpWRGR
SURSLRGHORJUDUHOFRUUHFWRUHVXOWDGR¿QDOHQHOTXHSDUWLFLSDQ
änʇÊäÈÊ
° °Ê"-Ê
,,°Ê--/ÊÊ6 Ê
9Ê-1*,6-$ Ê*,Ê"-Ê/,"-ÊÊ
- / /"Ê9Ê
1-1,
°Ê>À̉˜Ê*>œ“œ£]Ê
°Ê“iâÊ,œ`À‰}ÕiâÓÊÞʰʝ«iâʏ>ÀV˜ÎÊÊÊ
Ê ,-
ÓÊ-"
" Ê
ÎÊ*,-,"-Ê,1*"£
(VWDSUHVHQWDFLyQWLHQHSRUREMHWRGHVFULELUHOQXHYRVLVWHPDGH9LJLODQFLD\
6XSHUYLVLyQSURSXHVWRSDUDODIDVHGH'HVPDQWHODPLHQWR\&ODXVXUDGHOD&1
-RVp&DEUHUD(VWHVLVWHPDTXHVXVWLWXLUiSURJUHVLYDPHQWHOD6DODGH&RQWURO
GHODLQVWDODFLyQSHUPLWLUiYLJLODUHOFRUUHFWRIXQFLRQDPLHQWRGHORVHTXLSRV
TXHYDQDLURSHUDQGRGXUDQWHHOSURFHVRGH'HVPDQWHODPLHQWR
'DGRTXHHOSURFHVRGH'HVPDQWHODPLHQWRHVXQSURFHVRGLQiPLFRHQ
HOTXHORVHTXLSRVHLQVWDODFLRQHVYDQYDULDQGRSURJUHVLYDPHQWHVXVIXQ
FLRQHV H LQFOXVR VX XELFDFLyQ HVSDFLDO HV QHFHVDULR GRWDU DO VLVWHPD GH
9LJLODQFLD\6XSHUYLVLyQGHODPi[LPDÀH[LELOLGDGSRVLEOHSDUDTXHVHD
IiFLOPHQWHDGDSWDEOHDODHYROXFLyQUHDOGHODLQVWDODFLyQ
(OVLVWHPDDLQFRUSRUDUGHEHWHQHUHQFXHQWDDGHPiVODVVLJXLHQWHVFRQ
E@7
3URJUDPD\6LQRSVLVGHODV3RQHQFLDV
VLGHUDFLRQHV
z 7HQGHUODPHQRUFDQWLGDGGHFDEOHVSRUHOHPSOD]DPLHQWRHYLWDQGRODSR
VLELOLGDGGHLQWHUIHUHQFLDVFRQORVWUDEDMRVGHGHVPRQWDMHGHPROLFLRQHV
HWFSURSLRVGHOSURFHVRDOOHYDUDFDER
z 0D[LPL]DUODPRGXODULGDG\HVFDODELOLGDGGHOVLVWHPDSXGLHQGRDPSOLDU
RUHGXFLUODVFDSDFLGDGHV\DSOLFDFLRQHVGHOVLVWHPDGHIRUPDVLPSOH(Q
FDVRGHTXHVHUHTXLHUDQQXHYRVHTXLSRVRVHLQFRUSRUHLQVWUXPHQWDFLyQ
DGLFLRQDOGHDSR\RDODVXSHUYLVLyQODVVHxDOHVVRQIiFLOPHQWHDxDGLGDV
DODUHGGHGDWRV
z )OH[LELOL]DUODGLVSRVLFLyQGHORVSXQWRVGHHPLVLyQ\UHFHSFLyQGHLQ
IRUPDFLyQSHUPLWLHQGRODSRVLELOLGDGGHFDPELDUODXELFDFLyQGXUDQWHHO
SURFHVRGHGHVPDQWHODPLHQWR
z (YLWDUODGHSHQGHQFLDGHHGL¿FLRVRHVWUXFWXUDVWHQLHQGRHQFXHQWDODV
GLYHUVDVIDVHV\WLSRVGHDFWLYLGDGHVHQODV]RQDV
$FWXDOPHQWHHOJUDGRGHGHVDUUROORGHODVWHFQRORJtDVLQDOiPEULFDVGH
WUDQVPLVLyQGHGDWRVODUHGXFFLyQSURJUHVLYDGHSUHFLRVHQVXVFRPSRQHQ
WHV\ODÀH[LELOLGDGTXHHVWHWLSRGHUHGHVSURSRUFLRQDSHUPLWHSODQWHDUVX
XVRSDUDFXPSOLUFRQORVREMHWLYRVSODQWHDGRV
(QODSUHVHQWHSRQHQFLDVHLQGLFDQFXDOHVVRQODVFDUDFWHUtVWLFDVSULQFLSDOHV
GHOVLVWHPDSURSXHVWRVXDUTXLWHFWXUDFRQ¿JXUDFLyQFULWHULRVGHGLVHxR\DQi
OLVLVGHODVYHQWDMDVHLQFRQYHQLHQWHVTXHSODQWHDQODVSRVLEOHVDOWHUQDWLYDV
änʇÊäÇÊ
--/ÊÊ "ÊÊ"-Ê /"-Ê
/6"-ÊÊÊ6-ÊÊ,
/",Ê9Ê-1-Ê
/, "-Ê /,Ê"-Ê
"-ÊÊ
" / " Ê
9Ê/1, ÊÊÊ
Ê"-Ê
,,
°Ê>À̉˜Ê*>œ“œ£]Ê
°Ê“iâÊ,œ`À‰}ÕiâÓÊÞÊ6°Ê >À>˜œÊ
œ˜â?iâ‡
>Ã>œÎÊ
£Ê ,-Ê
ÓÊ-"
" Ê
ÎÊ /
Ê 1
,‡7-/ "1-Ê
/RVHOHPHQWRVDFWLYDGRVGHOD9DVLMDGHO5HDFWRU\VXVLQWHUQRVVHWURFHDUiQ\
WUDVODGDUiQHQIXQFLyQGHVXDFWLYLGDGDGLVWLQWRVDOPDFHQHV/RVGHDOWDDFWL
YLGDGVHLQWURGXFLUiQHQFRQWHQHGRUHV+L6WRUP\VHTXHGDUiQHQHO$7,/RV
GHPHGLD\EDMDDFWLYLGDGVHLQWURGXFLUiQHQFRQWHQHGRUHVQRGUL]D&(DE
SDUDVXWUDVODGRD(O&DEULOXQDYH]TXHKD\DQVLGRDFRQGLFLRQDGRV
'HQWURGHOD3LVFLQDGH&RPEXVWLEOHVHGLVSRQGUiQXQDV&HVWDVGH0DQH
MRGH5HVLGXRVGHQWURGHODVFXDOHVVHLQWURGXFLUiQORVHOHPHQWRVWURFHDGRV
GH PHGLD \ EDMD DFWLYLGDG SDUD VX WUDVODGR DO (GL¿FLR GH 7XUELQD (VWDV
FHVWDVHVWiQGLVHxDGDVGHIRUPDTXHVHIDFLOLWHHOHVFXUULGRGHODJXDXQDYH]
VHDQVDFDGDVGHOD3LVFLQD
'HELGR D OD DFWLYLGDG UDGLROyJLFD GH HVWRV HOHPHQWRV SDUD VX WUDVODGR
GHQWURGHODLQVWDODFLyQHVQHFHVDULRHOXVRGHXQEOLQGDMHHQIRUPDGHHV
WXFKHRFDPSDQD/DFDPSDQDWLHQHIRUPDGHFXERGH[[P\SUR
SRUFLRQDXQEOLQGDMHGHXQRVFPGHSORPR'LVSRQHGHXQDWDSDLQIHULRU
GHVPRQWDEOHXQIDOGyQFRQFXDWURSDUHGHV¿MDV\XQWHFKRGHVOL]DQWHVREUH
ODVSDUHGHVTXHVHVXPHUJHHQHODJXDGHODSLVFLQD\HQJDQFKDDODFHVWD
FRQORVUHVLGXRVWURFHDGRV
8QDYH]TXHODWDSDYXHOYHDHOHYDUVHODFHVWDTXHGDDORMDGDGHQWURGHO
IDOGyQGHODFDPSDQD\XQDYH]HVFXUULGDVHWUDVODGDDO(GL¿FLRGH7XU
ELQDSRUXQW~QHOGHWUDQVIHUHQFLDFRQVWUXLGRDWDO¿Q<DHQHOHGL¿FLRGH
7XUELQDVHUHWLUDODWDSDLQIHULRU\PHGLDQWHXQSXHQWHJU~DGLVSXHVWRHQHO
W~QHOVHFRORFDODFDPSDQDHQFLPDGHOFRQWHQHGRUQRGUL]DDXWLOL]DU&(D
R&(E
&RQHODQWHGLFKRSXHQWHJU~DVHKDFHGHVFHQGHUODFHVWDDOLQWHULRUGHO
FRQWHQHGRUQRGUL]D\XQDYH]GHSRVLWDGDpVWDHQHOIRQGRVHGHVHQJDQFKD
GHODFDPSDQD)LQDOPHQWHVHUHWLUDODFDPSDQDVHFRORFDODWDSDGHFRQ
WHQHGRUQRGUL]D\VHSURFHGHDODLQ\HFFLyQGHPRUWHURGHLQPRYLOL]DFLyQ
DOLQWHULRUGHOPLVPR
7HUPLQDGDHVWDIDVHHOFRQWHQHGRUVHWUDVODGDDXQGHSyVLWRHQHVSHUDGH
VXWUDQVSRUWHD(O&DEULO
/D SRQHQFLD GHVFULEH HVWRV WUDEDMRV GH PDQXWHQFLyQ \ ODV VROXFLRQHV
DGRSWDGDV
änʇÊänÊ
" 1,
$ Ê ,ÊÊ
"Ê
18,ÊÊ- / /"ÊÊÊ
Ê
"-Ê
,,Ê
°Ê>À̉˜Ê*>œ“œ£]Ê
°Ê“iâÊ,œ`À‰}ÕiâÓÊÞÊ6°Ê >À>˜œÊ
œ˜â?iâ‡
>Ã>œÎÊ
£Ê ,-
ÓÊ-"
"
ÎÊ /
Ê 1
,‡7-/ "1-
3DUD DORMDU LQVWDODFLRQHV GH JHVWLyQ GH ORV UHVLGXRV JHQHUDGRV GXUDQWH HO
SURFHVR GH GHVPDQWHODPLHQWR GH OD SODQWD VHUi DFRQGLFLRQDGR HO DQWLJXR
(GL¿FLRGH7XUELQD6HWUDWDGHXQHGL¿FLRGH[PHWURVHQSODQWD\
PHWURVGHDOWXUDWRWDOGLYLGLGRHQWUHVSODQWDVDFRWDV\
(VWHHGL¿FLRSRUVXVFDUDFWHUtVWLFDV\SUR[LPLGDGDOUHVWRGHODVLQVWDODFLR
QHVTXHIRUPDQHOQ~FOHRFHQWUDOGHODSODQWDUH~QHORVUHTXLVLWRVQHFHVDULRV
SDUDDORMDUHVWDVLQVWDODFLRQHV
(OHGL¿FLRVHUiGHVPDQWHODGRHQODVSULPHUDVIDVHVGHOGHVDUUROORGHO3'&
6XVWUHVSODQWDVXQDYH]TXHORVHTXLSRV\VLVWHPDVH[LVWHQWHVHQHOODVKD\DQ
VLGRUHWLUDGRVTXHGDUiQGLiIDQDV\HQGLVSRVLFLyQGHVHUDFRQGLFLRQDGDVSDUD
ODVQXHYDVIXQFLRQHV6yORTXHGDUiQUHPDQHQWHVDOJXQRVHTXLSRVGHXWLOLGDG
SDUDORVIXWXURVWUDEDMRVFRPRHOSXHQWHJU~DGHOHGL¿FLRHOVLVWHPDGHDOXP
EUDGRSDUFLDOPHQWH\DOJXQDVFDELQDVHOpFWULFDVTXHSHUPDQHFHUiQGHIRUPD
WUDQVLWRULDKDVWDVXGHVPRQWDMHHQXQDIDVHSRVWHULRU
6HKDUiQWUDEDMRVGHDFRQGLFLRQDPLHQWRFLYLOD¿QGHGLVSRQHUHQHOHGL¿FLR
FLHUWRVORFDOHVQHFHVDULRVSDUDHOWUDWDPLHQWR\JHVWLyQGHORVUHVLGXRVFRPR
z 8QW~QHOGHWUDQVIHUHQFLDGHUHVLGXRVDFRQWHQHGRUHV&(
z 8QDVLQVWDODFLRQHVSDUDODIDEULFDFLyQGHPRUWHURGHLQPRYLOL]DFLyQ
z 8QORFDOSDUDODLQ\HFFLyQGHOPRUWHURHQ&(
z 8QORFDOGHUHOOHQRGHKXHFRVGH&07
z &DELQDVGH&RUWH\&DELQDGH'HVFRQWDPLQDFLyQ
z 'LYHUVRVORFDOHVGHSDVR\WUiQVLWRGHYHKtFXORViUHDVGHDFRSLRHWF
6HKDUiQDFWXDFLRQHVGHYDULDVGLVFLSOLQDV
&,9,/
‡ 7UDEDMRVGHFRUWHGHJUDQGHVHVWUXFWXUDV\DSHUWXUDGHKXHFRV
‡ 7UDEDMRVGHFLPHQWDFLyQ\UHOOHQR
z &RQVWUXFFLyQGHPXURVGHEOLQGDMH
z 1XHYRSXHQWHJU~DHQHOW~QHOGHWUDQVIHUHQFLD
0(&È1,&2
z 9HQWLODFLyQFRQWURODGDHQIXWXUDViUHDVUDGLROyJLFDV
z 9HQWLODFLyQFRQYHQFLRQDO
z )DEULFDFLyQGHPRUWHUR
z 6HUYLFLRVJHQHUDOHV
(/e&75,&2
z 1XHYRORFDOFRQ&&0HQHOHGL¿FLR
z $OXPEUDGR\GLVWULEXFLyQSRUHOHGL¿FLR
/DSRQHQFLDGHVFULEHHVWRVWUDEDMRV\ODVVROXFLRQHVDGRSWDGDV
Ê 1
,Ê-*!ÊÃi«Ìˆi“LÀi‡-ÊÓää™Ê‡ ÎÇ
&/
E7E;A@7EFt5@;53E
,QJHQLHUtD,,
ä™Ê‡Ê ,Ê­®
ÕiÛiÃÊәʇʣä]ää…Ê
Ê
Ê
Ê
Ê
Ê
Ê
Ê
ÊÊ-\Ê7, ,Ê- ,
*ÀiÈ`i˜Ìi\ʓˆˆœÊœ˜â?iâÊÉÊ/
/"
œœÀ`ˆ˜>`œÀ\ʈ}ÕiÊ“iâÊÉÊ,,"Ê ,
ä™Ê‡Êä£Ê
([LVWHHQODLQGXVWULDQXFOHDUXQJUDQLQWHUpVHQODSUHGLFFLyQGHOFRPSRUWD
PLHQWRGHODUHDFFLyQGH¿VLyQ\VXUHSHUFXVLyQHQODHVWDELOLGDGWHUPRKLGUiX
OLFDGHOQ~FOHR(QODDFWXDOLGDGH[LVWHQYDULRVLQWHQWRVGHGLFKDSUHGLFFLyQHQ
EDVHIXQGDPHQWDOPHQWHDOFiOFXORGHOGHFD\UDWLR'5\GHODIUHFXHQFLDGH
UHVRQDQFLD)5(VWHKHFKR\DVXSRQHXQDVLPSOL¿FDFLyQGHOQ~FOHRTXHKDFH
GLItFLOODGHWHFFLyQGHIHQyPHQRVLQGLFDGRUHVGHODLQHVWDELOLGDGRSRUHOFRQ
WUDULRTXHVHVXSRQJDTXHH[LVWHFXDQGRHQUHDOLGDGHVWDQVRORXQWUDQVLWRULR
(QODSRWHQFLDGHOQ~FOHR\DVHDORFDORJOREDOLQWHUYLHQHQPXFKRVIDFWR
UHVFX\DSHTXHxDYDULDFLyQDLVODGDRFRQMXQWDSXHGHSURYRFDUXQFRPSRUWD
PLHQWRLQHVWDEOH\GLVLSDWLYR(VWH~OWLPRKHFKRHVHOPiVUHOHYDQWH\DTXH
HVHOUHVSRQVDEOHGHGHVDVWUHVFRPRHORFXUULGRHQ&KHUQRE\OHQ/D
SRWHQFLDRPHMRUGLFKRVXPHGLGDVHUHDOL]DSRUODLQVWUXPHQWDFLyQQXFOHDU
GHQRPLQDGD/350/RFDO3RZHU5DQJH0HDVXUHPHQW\VXDQiOLVLVIRUPD
\WHQGHQFLDHVHOLQGLFDWLYRGHOFRPSRUWDPLHQWRGHOQ~FOHR
(O PpWRGR PDWHPiWLFR XVDGR VHUi HO FRUUHVSRQGLHQWH DO GH ODV VHULHV
WHPSRUDOHVFDyWLFDV\ODWHRUtDGHODELIXUFDFLyQ$VtSXHVODVHULHHVFD
UDFWHUL]DGDFRPRFDyWLFD\IUDFWDOVXDWUDFWRUHVGHWHUPLQDGR\ORVFRH¿
FLHQWHVGH/\DSXQRYFDOFXODGRV/DGHWHUPLQDFLyQGHODWUDFWRUGDFRPR
UHVXOWDGRXQDKHUUDPLHQWDGHPRQLWRUL]DFLyQ\GHHVWXGLRGHODWHQGHQFLD
GHODSRWHQFLDGHOQ~FOHRDOWHUQDWLYDDODH[LVWHQWHKR\HQGtD
(VWDWpFQLFDDEUHXQDQXHYDIRUPDGHPRGHODUHOQ~FOHR\DTXHKDVWD
DKRUDODPRGHOL]DFLyQDHIHFWRVGHSRWHQFLDHUDFRPRXQVLVWHPDOLQHDOGH
VHJXQGRRUGHQ
YLDMHURVSURYRFDUtDHOGDxRHQRWURVREMHWRVRFRPSRQHQWHVFRPRERPEDV
YiOYXODVLQVWUXPHQWDFLyQLQWHUQRVGHFDOGHUDVHWF
(OSUREOHPDHVTXHDOJXQDVYHFHVVHHVFXFKDQJROSHV\QRVRQLQWHUSUHWD
EOHVFRPRSDUWHVXHOWD\DTXHQRVHUHÀHMDHQHOHVSHFWUR\SRUORWDQWRQRVH
WRPDQDFFLRQHVGHIRUPDDXWRPiWLFDWDPSRFRHVIiFLOUHDOL]DUXQGLDJQRVWL
FRTXHOOHYHDVROXFLRQDUHOIDOORLQFLSLHQWHRHOHOHPHQWRYLEUDQWHRPyYLO
(Q HO FDVR TXH QRV RFXSD XQ FDVR UHDO XQ VLVWHPD GH SDUWHV VXHOWDV
SUHVHQWDXQUXLGRPHWiOLFRGHJROSHV(VWHUXLGRQRHVFDGHQFLRVRQRHV
UXLGRVRVLQRFODUR\FRQXQDIUHFXHQFLDQRPX\DOWDFRQYDULRVJROSHV
SRUVHJXQGR(OVLVWHPDSRVHHXQPDUWLOORSDUDVXFDOLEUDFLyQ(OHVSHFWUR
GHOJROSHGHOPDUWLOORFRLQFLGHFRQHOGHOUXLGRHVFXFKDGRSRUORTXHOD
HQHUJtDGHOLPSDFWRHVVLPLODU8QDGL¿FXOWDGDGLFLRQDOHVTXHHOVLVWHPD
HVFRPSOHWDPHQWHDQDOyJLFRSRUORTXHHOUHJLVWUR\WUDWDPLHQWRGHODVH
xDOKDVLGRXQWDQWRFRPSOLFDGR6HKDWHQLGRTXHDWUDYpVGHODVHxDOGH
YROWDMHGHODOWDYR]UHJLVWUDUHVWDVHxDOPHGLDQWHXQFRQYHUWLGRUDQDOyJLFR
GLJLWDO/DVVHxDOHVTXHVHKDQWRPDGRSDUDDQiOLVLVVRQXQDSXUD\RWUD
DIHFWDGDSRUXQ¿OWURDQDOyJLFRSURSLRGHOVLVWHPD(VWD~OWLPDVHxDOKD
VHUYLGRSDUDFRPSUREDUTXHODWpFQLFDSURSXHVWDHVFDSD]GH¿OWUDUODVHxDO
GHUXLGRPHMRUTXHHO¿OWURDQDOyJLFRD¿UPDQGRODIXQFLRQDOLGDGGHHVWH
GHVDUUROOR\HOXVRGHODFRQYHUVLyQGLJLWDO\VXSRVWHULRUWUDWDPLHQWR
8VDQGRWpFQLFDVQROLQHDOHVFRPELQDGDVFRQODVWUDGLFLRQDOHVFRPROD
WUDQVIRUPDGDGH)RXULHUVHGHGXFHTXHHOHOHPHQWRGHJROSHRQRDFRPSD
xDDOÀXMRSRVHHRWUDIUHFXHQFLDGLIHUHQWHDODGHOÀXMR\WDPELpQVHGLIH
UHQFLDGHODVIUHFXHQFLDVGHODERPED&RQHVWRVHGHGXFHXQDYLEUDFLyQ
GHO~QLFRHOHPHQWRTXHHVWiHQODWXEHUtDXQDYiOYXODGHFRPSXHUWD6H
GHGXFHTXHHOREWXUDGRUGHODYiOYXODHVWiHQODYHQDÀXLGD\HVWiVRPHWL
GRDHVIXHU]RVTXHKDFHQTXHYLEUH\JROSHHHODVLHQWR$VtSXHVVHSXHGH
SURJUDPDUODLQWHUYHQFLyQVREUHODYiOYXOD\WRPDUODVSUHFDXFLRQHVSXHV
HVWDQRDLVODUiSRUGDxRHQHODVLHQWR
/DWpFQLFDXVDGDKDVLGRODWUDQVIRUPDGDGH)RXULHUODWUDQVIRUPDGDGH
+LOEHUW+XDQJ \ FRQFHSWRV GH IUHFXHQFLD LQVWDQWiQHD SHULRGR \ HQHUJtD
GHLPSDFWR
ä™Ê‡ÊäÓÊ
ä™Ê‡ÊäÎÊ
1-"ÊÊ/
-Ê "Ê -Ê*,ÊÊ
/,/ /"ÊÊ,1"Ê9Ê "--ÊÊ
" /",-ÊÊ*,/-Ê-1/-
", <
$ ÊÊ--/Ê
/,",1
"ÊÊ
" /,"ÊÊ
/1, Ê­
®Ê ÊÊ
Ê
", /-
°Ê°Ê>ۈ?˜ÊœÀi˜œ
LiÀ`Àœ>ʇÊ
i˜ÌÀ>Ê ÕVi>ÀÊ`iÊ
œvÀi˜ÌiÃ
iˆÃ>Ê->˜V…iâÊ>Ìiœ
LiÀ`Àœ>ʘ}i˜ˆiÀˆ>ÊÞÊ
œ˜ÃÌÀÕVVˆ˜
(QPXFKDVLQVWDODFLRQHVGRQGHH[LVWHQVLVWHPDVGHWXEHUtDV\RWURVHOHPHQ
WRVVHQVLEOHVGRQGHQRHVSRVLEOHHODFFHVRGHIRUPDVLVWHPiWLFDVHLQVWDODQ
VLVWHPDVUHPRWRVTXHVHGHQRPLQDQGHGHWHFFLyQGHSDUWHVVXHOWDV(VWHVLVWH
PDDQDOyJLFRHQODDFWXDOLGDGHVWiFRPSXHVWRGHPLFUyIRQRVLQVWDODGRVHQ
ODVWXEHUtDV\TXHUHJLVWUDQORVUXLGRVH[WHULRUHVHLQWHULRUHVDODVPLVPDV(Q
EDVHDHVWRVUHJLVWURV\DVXVHVSHFWURVVHLQWHUSUHWDTXHH[LVWHQSDUWHVVXHOWDV
TXHYDQFKRFDQGRFRQWUDODVSDUHGHVGHODVWXEHUtDV/DH[LVWHQFLDGHREMHWRV
(OVLVWHPDHOHFWURKLGUiXOLFRGHOFRQWURO(+&GHWXUELQDGH&1&RIUHQ
WHVLQVWDODGRGHVGHODSXHVWDHQPDUFKDGHODFHQWUDODSULQFLSLRVGHORV
DxRV\EDVDGRHQWHFQRORJtDDQDOyJLFDSUHVHQWDHQODDFWXDOLGDGVLJQRV
GHREVROHVFHQFLD\GL¿FXOWDGHVGHPDQWHQLPLHQWR\RSHUDFLyQ
(QEDVHDO3ODQGH0RGHUQL]DFLyQGHORV6LVWHPDVGH,QVWUXPHQWDFLyQ
\&RQWUROGH&1&RIUHQWHVVHGHFLGHVXVWLWXLUHOVLVWHPDGHFRQWUROGH
WXUELQDHOVLVWHPDGHFRQWUROGHSUHVLyQ\E\SDVVHOVXEVLVWHPDGHPRQL
,
/,<
$ ÊÊÊ-!ÊÊ*,Ê Ê
/,-Ê 1
,-Ê
""Ê,-*1-/ÊÊ
1 Ê--/Ê "Ê "Ê Ê9Ê
$/
"
°Ê°Ê>ۈ?˜ÊœÀi˜œ
LiÀ`Àœ>ʇÊ
i˜ÌÀ>Ê ÕVi>ÀÊ`iÊ
œvÀi˜ÌiÃ
În ‡Ê 1
,Ê-*!ÊÃi«Ìˆi“LÀi‡-ÊÓää™
E@7
3URJUDPD\6LQRSVLVGHODV3RQHQFLDV
WRUL]DFLyQGHYLEUDFLRQHVGHODWXUELQDSULQFLSDO\GHODVWXUERERPEDVGH
DJXDGHDOLPHQWDFLyQ
3DUDHOORVHKDHOHJLGRODSODWDIRUPDGHFRQWURO6SHHGWURQLF0DUN9,GH
*HQHUDO(OHFWULFDPSOLDPHQWHXWLOL]DGDHQFHQWUDOHVGHFLFORFRPELQDGR\
FHQWUDOHVQXFOHDUHV(VWDSODWDIRUPDXWLOL]DFRQWURODGRUHVHQFRQ¿JXUDFLyQ
WULUUHGXQGDQWH PHMRUDQGR VLJQL¿FDWLYDPHQWH WDQWR OD ¿DELOLGDG FRPR OD
GLVSRQLELOLGDG(QHVWHSUR\HFWRVHLQVWDODQGRVFRQWURODGRUHVTXHUHDOL]D
UiQHOFRQWUROGHWXUELQD\HOFRQWUROGHSUHVLyQ3RURWUDSDUWHHOVXEVLVWH
PDGHPRQLWRUL]DFLyQGHYLEUDFLRQHVVHUiGHOIDEULFDQWH%HQWO\1HYDGD
(O&DPELRGH3UR\HFWRKDVXSXHVWRODGH¿QLFLyQGHWRGDODQXHYDLQVWUX
PHQWDFLyQSDQHOHVGHFRQWURO\VXFDEOHDGRODQXHYDLQWHUID]GHRSHUDFLyQ
ODVUHGHVGHFRPXQLFDFLyQ\ODHOLPLQDFLyQGHODOyJLFDGHFRQWURODFWXDO
7DPELpQKDVLGRQHFHVDULRGH¿QLUODVLQWHUIDVHVFRQHOVLVWHPDGHDODUPDV
DFWXDOHO&RPSXWDGRUGH3ODQWD\HO6LVWHPDGH&RQWURO'LVWULEXLGR
(ODPSOLRDOFDQFHGHOSUR\HFWRTXHDGHPiVKDHVWDGRFRQGLFLRQDGRSRU
ODLPSODQWDFLyQGHOPLVPRHQYDULDVIDVHVKDVXSXHVWRODGHGLFDFLyQGHXQ
HTXLSRGHWUDEDMRPXOWLGLVFLSOLQDUGXUDQWHPiVGHXQDxRGHVGHODIDVHGH
GLVHxRFRQFHSWXDOKDVWDODGH¿QLFLyQGHODLQJHQLHUtDGHGHWDOOH
ä™Ê‡Êä{Ê
""Ê9Ê-1
$ ÊÊ1 Ê
/, -",",Ê/,-
"Ê*,ÊÊ
--Ê "Ê ÊÊ
",/"
,
1/"
°Ê>šÊâV˜ÊÞʰʜiÀ>Ê>ÀÀˆ}>
7-/ "1-ÊqÊ /
Ê 1
,
(OREMHWLYRGHHVWDSRQHQFLDHVHOHVWXGLRGLQiPLFRGHXQWUDQVIRUPDGRU
WULIiVLFRGHSRWHQFLDSDUDDxDGLUDORVHOHPHQWRVFDUDFWHUtVWLFRVGHOPR
GHOROLQHDOGHOWUDQVIRUPDGRUORVSDUiPHWURVQROLQHDOHVTXHPRGL¿FDQ
ODLPSHGDQFLDFDUDFWHUtVWLFDGHXQWUDQVIRUPDGRUWULIiVLFR
/DLPSHGDQFLDGHORVWUDQVIRUPDGRUHVYDUtDGHIRUPDQROLQHDOFRQOD
VDWXUDFLyQTXHVXIUHHOÀXMRPDJQpWLFRHQODFKDSDPDJQpWLFDGHOWUDQV
IRUPDGRU GDQGR OXJDU D XQD UHODFLyQ LQWHQVLGDG GH FDPSR +)OXMR
PDJQpWLFR%TXHVHGH¿QHFRPR% ——UÂ+HQGRQGH—UHVXQSDUiPH
WURQROLQHDO(QOD]RQDQRPLQDOGHIXQFLRQDPLHQWRGHXQWUDQVIRUPDGRU
ODOLQHDOL]DFLyQGHODFXUYD+%GDEXHQRVUHVXOWDGRVSHURODVDWXUDFLyQ
GHOÀXMRPDJQpWLFRKDFHTXHGLFKDFXUYDGL¿HUDPXFKRGHODFXUYDUHDO
(QHVWDSRQHQFLDVHYDDREWHQHUXQPRGHORGLQiPLFRPiVSUHFLVR
GHOWUDQVIRUPDGRUWULIiVLFRTXHLQFOX\HODVDWXUDFLyQGHOFDPSRPDJQp
WLFR(VWHPRGHORPHMRUDGRQRVYDDSHUPLWLUHVWXGLDUODGLQiPLFDGHO
FRUWRFLUFXLWRWULIiVLFRHQXQWUDVIRUPDGRUGHXQDIRUPDPiVSUHFLVD\
ODSRVLELOLGDGGHPHMRUDUODSURWHFFLyQIUHQWHDVREUHFDUJDV\FRUWRFLU
FXLWR GHO WUDQVIRUPDGRU DGHPiV GH SRGHU FRPSDUDUOR FRQ HO HVWXGLR
WUDGLFLRQDOGHFRUWRFLUFXLWR
ä™Ê‡ÊäxÊ
,6Ê8*, Ê",Ê,+1
/" Ê
/-/-Ê/,Ê",Ê"
/" -Ê
°Ê>Õ`]ÊՈ>Փiʜ˜˜ivœ˜ÊÞÊ-°Ê}˜>̜Û>‡ ÕÃL>ՓÊ
,6Ê
$5(9$VXSSOLHVFXVWRPLVHGSODQWPRGL¿FDWLRQUHSDLUDQGUHSODFHPHQW
VHUYLFHVIRUWKHUHDFWRULPSURYHPHQWSURFHVVERWKLQ)UDQFHDQGDEURDG
)URPGHVLJQVWXGLHVWRRQVLWHLPSOHPHQWDWLRQRIPRGL¿FDWLRQVLQFOXG
LQJUHTXDOL¿FDWLRQWHVWV$5(9$SUHSDUHDQGSHUIRUPWKRVHWHVWVIROORZ
LQJ PRGL¿FDWLRQV RU UHSODFHPHQW PDLQWHQDQFH ZRUN RU LQYHVWLJDWLRQV
UHODWHGWRVSHFL¿FSUREOHPV
$5(9$ VSHFLDOLVHV LQ D ODUJH UDQJH RI WHVWV HOHPHQWDU\ RYHUDOO
SODWIRUPVSHFLDODQGVRRQ«VXSSRUWLQJDIXOOUHTXDOL¿FDWLRQSUR
JUDP IROORZLQJ V\VWHPV DQG HTXLSPHQW LPSURYHPHQWV PHFKDQLFDO
,&HWF
7KH PHWKRGRORJ\ IRU GH¿QLQJ WKH FROOHFWLRQ RI UHTXDOL¿FDWLRQ WHVWV
DQG DQDO\VHV LV WKH 5HTXDOL¿FDWLRQ 3ULQFLSOH 3URJUDP 5337KLV 533
MXVWL¿HV WKH QHFHVVDU\ DQG VXI¿FLHQW WHVWV WR EH SHUIRUPHG H[KDXVWLYH
QHVV DQDO\VHV DQG LGHQWL¿HV WKH FRUUHVSRQGLQJ RSHUDWLQJ PRGH VDIHW\
DQDO\VHVVHFXULW\DQDO\VHVWHVWIHDVLELOLW\HWFWRDVVXUHWKHPRGL¿FDWLRQ
SHUIRUPDQFHDQGV\VWHPLQWHUDFWLRQWDUJHWVKDYHEHHQPHW
7KH SURFHVV EHJLQV ZLWK D KRPHRI¿FH VSHFLDOLVW WHDP SUHSDULQJ WKH
533DQGVSHFL¿FWHVWSURFHGXUHVWKDWFRQVLGHUQXPHURXVDVSHFWVRIULVN
VDIHW\SHUIRUPDQFHRSHUDWRUIHHGEDFNVLWHVFKHGXOHRQVLWHVXSSRUWUH
TXLUHPHQWVHWF
$IWHUVLWHWHDPVLQFOXGLQJDSSUR[LPDWHO\7HVW&RPPLVVLRQLQJ(Q
JLQHHUV>7&(@H[SHULHQFHGDQGSDUWLFXODUO\WUDLQHGVLPXODWRUSODQDQG
FRQGXFWWKH533WHVWV7KHSURFHVVFRQWLQXHVZLWKRQVLWHLPSOHPHQWDWLRQ
RIWKHSURJUDPDQGDQDO\VHVRIWKHWHVWUHVXOWV
7R LOOXVWUDWH $5(9$ QXPHURXV UHIHUHQFHV LQ WHVWV SUHSDUDWLRQ DQG
SHUIRUPDQFH H[DPSOHV RI WRROV XQFHUWDLQW\ FDOFXODWLRQ GDWD FROOHFWRU
³62&5$7(´FDUU\LQJRXWDQGDQDO\VLVRIWHVWVVSUHDGVKHHWVDQGVRRQ
DUHGHVFULEHG
$5(9$H[SHULHQFHLQ)UDQFHDQGDEURDGLVGHWDLOHGWKURXJKH[DPSOHV
VXFK DV PRGL¿FDWLRQV FRQFHUQLQJ WKH UG WHQ \HDUV RXWDJH IRU )UHQFK
0:HXQLWVVWHDPJHQHUDWRUUHSODFHPHQWSRZHULQFUHDVHIRU5LQJ
KDOV
ä™Ê‡ÊäÈÊ
--/ÊÊ
" /,"Ê-/,1"Ê1-Ê
}˜>VˆœÊ*Àˆi̜ʈ>â
LiÀ`Àœ>ʘ}i˜ˆiÀ‰>ÊÞÊ
œ˜ÃÌÀÕVVˆ˜
'XUDQWHODUHFDUJDGHOD8QLGDG\OD5HFDUJDGHOD8QLGDGGH
OD&1/DJXQD9HUGHVHLQVWDOyXQVLVWHPDGHFRQWUROGLVWULEXLGRSDUDHO
FRQWUROGHQLYHOGHORVWUHQHVGHFDOHQWDGRUHVEDMRWHFQRORJtD)LHOGEXV
TXHVXVWLWX\yDXQVLVWHPDGHFRQWUROREVROHWRGHWLSRQHXPiWLFR
&RQODPRGL¿FDFLyQVHSHUVLJXHWUDVODGDUHOFRQWUROGHOSURFHVRD&XDU
WRGH&RQWURODXPHQWDQGRODFDSDFLGDGGHRSHUDFLyQ\DSRUWDQGRPD\RU
LQIRUPDFLyQSDUDODWRPDGHGHFLVLRQHV
(OVLVWHPDDGHPiVGHFRQ¿JXUDEOHDXPHQWDVXFRQ¿DELOLGDG\DTXHVH
LPSOHPHQWDQGLYHUVRVHOHPHQWRVUHGXQGDQWHV\ODSRVLELOLGDGGHPDQWHQHU
SDUWHGHODVIXQFLRQDOLGDGHVFRPSOHWDVHQFDVRGHDYHUtDORFDOL]DGDV/D
PRGXODULGDG GHO VLVWHPD SHUPLWH ODV DPSOLDFLRQHV IXWXUDV D OD YH] TXH
SHUPLWHFRPSDUWLULQIRUPDFLyQIiFLOPHQWHFRQRWURVVLVWHPDVGHODSODQWD
2SHUDWLYDPHQWH HO XVXDULR FRQVLJXH WHQHU XQD YLVLyQ GH FRQMXQWR GHO
VLVWHPDHQWLHPSRUHDO\FRQXQDIiFLOYLVXDOL]DFLyQGHODVDODUPDVSRVLEL
OLGDGGHFRQ¿JXUDUFXDOTXLHUDGHORVSDUiPHWURVVHWSRLQWVDMXVWHGH3,'
WDUDGRGHDODUPDVHWF«\FRQXQDFFHVRVHQFLOORDORVGDWRVKLVWyULFRV
'HVGHHOSXQWRGHYLVWDFRQVWUXFWLYRVHKDVXVWLWXLGRXQDSDUWHLPSRU
WDQWHGHOWHQGLGRQHXPiWLFRSRUFDEOHDGRFRQVLJXLHQGRTXHHOFDEOHGH
ODUJR UHFRUULGR VHD UHGXFLGR DJUXSDQGR YDULRV GLVSRVLWLYRV D XQ ~QLFR
SDUHOpFWULFR(VWRVXSRQHXQDKRUURWDQWRHQPDWHULDOHVFRPRHQPDQR
GHREUD
3RUSDUWHGHPDQWHQLPLHQWRORVGLVSRVLWLYRVVHKDQWUDVODGDGRD]RQDV
Ê 1
,Ê-*!ÊÃi«Ìˆi“LÀi‡-ÊÓää™Ê‡ Ι
&/
E7E;A@7EFt5@;53E
,QJHQLHUtD,,
OLPSLDV\HOVLVWHPDFXHQWDXQVLVWHPDGHGLDJQRVLVGHDYHUtDVORTXHKDFH
ODVDFWXDFLRQHVFRUUHFWLYDVIiFLOHV\UiSLGDV$GHPiVORVHOHPHQWRVVRQ
IiFLOPHQWHUHHPSOD]DEOHVLQWHUFDPELDEOHV\DOPDFHQDEOHV\VHUHGXFHQ
ORVSXQWRVGHIDOOD\DTXHVHUHGXFHQORVGLVSRVLWLYRVTXHFRQIRUPDQHO
OD]RGHFRQWURO
ä™Ê‡ÊäÇÊ
-/1"-ÊÊ- -ÊÊ"-Ê
--ÊÊ<
"Ê Ê,
/"-Ê
,<"-Ê
" ÊÊ
$"Ê
/,",1
"Ê"/
°Ê>ÀV‰>ʜ˜â?iâ£]Ê"°Ê œ}ÕiÀ>Ê"ˆÛ>£ÊÞÊ°Ê>ÀÀiÌÌÓÊ
£Ê*,-,"-Ê,1*"ÓÊ
(QHVWDSRQHQFLDVHH[SRQHODFRQWLQXDFLyQGHORVWUDEDMRVUHDOL]DGRVFRQ
HO FyGLJR WHUPRKLGUiXOLFR *27+,& *HQHUDWLRQ 2I7KHUPDO+\GUDXOLF
,QIRUPDWLRQ IRU &RQWDLQPHQWV XWLOL]DGR HQ HO GLVHxR OLFHQFLDPLHQWR
DQiOLVLVGHRSHUDFLyQ\VHJXULGDGGHODFRQWHQFLyQHQSODQWDVQXFOHDUHV\
RWURVHGL¿FLRVGHFRQ¿QDPLHQWRFRQHO¿QGHSRQHUGHPDQL¿HVWRXWLOLGD
GHVFDSDFLGDGHV\VHQVLELOLGDGHVGHOSURJUDPD
/RV HVWXGLRV VH UHDOL]DQ VREUH XQ PRGHOR GHWDOODGR GHO HGL¿FLR GHO
UHDFWRUGHXQDSODQWDQXFOHDUWLSR(6%:5(FRQRPLF6LPSOL¿HG%RLOLQJ
:DWHU5HDFWRU
6HPXHVWUDQODVDOWHUQDWLYDVHVWXGLDGDVVREUHHOPRGHORHQORTXHUHV
SHFWDDFRPXQLFDFLRQHVHQWUHYRO~PHQHVTXHUHSUHVHQWDQODVSXHUWDV\
FRQGXFWRVGHYHQWLODFLyQGHOHGL¿FLR7DPELpQODVUHODWLYDVDODGLVWULEX
FLyQGHIXJDVGHOJDVTXHIXJDGHODFRQWHQFLyQSULPDULDKDFLDHOHGL¿FLR
GHOUHDFWRU\TXHVLUYHFRPRWUD]DGRUSDUDHOVHJXLPLHQWRGHVXFRPSRUWD
PLHQWRHQFXDQWRDGLVWULEXFLyQ\GLIXVLyQ
$GLFLRQDOPHQWHVHSUHVHQWDQORVDQiOLVLVGHVHQVLELOLGDGUHDOL]DGRVVR
EUHHOPRGHORHQFXDQWRDODQRGDOL]DFLyQVHUH¿HUH&DPELRGHFRPSRUWD
PLHQWRHQHOPRYLPLHQWRGHOJDVTXHVHGLIXQGHHQHOLQWHULRUGHOHGL¿FLR
GHOUHDFWRUFRQHOFDPELRGHPDOODGRHQORVYRO~PHQHVODQRGDOL]DFLyQ
HQRGLPLVLRQHV\VHQVLELOLGDGHQUHODFLyQFRQHOQ~PHURGHFHOGDV
GHOPRGHOR
(OHVFHQDULRGHORVWUDQVLWRULRVDQDOL]DGRVHVHOFDVRGH/2&$/RVV2I
&RRODQW$FFLGHQWFRQ6%26WDWLRQ%ODFN2XWHVGHFLUVLQVXPLQLVWUR
GHHOHFWULFLGDG\FRQHOVLVWHPDGHYHQWLODFLyQQRRSHUDWLYRGXUDQWHODV
KRUDVSRVWHULRUHVGHVXSXHVWRHODFFLGHQWH
{ä ‡Ê 1
,Ê-*!ÊÃi«Ìˆi“LÀi‡-ÊÓää™
ä™Ê‡ÊänÊ
61
$ ÊÊ
$"-ÊÊ
1"Ê*,Ê
Ê
6/
$ ÊÊ+1 -Ê,1
-°Ê
*
" -Ê Ê1 Ê"Ê
/,1
°Ê
œÀÀ>Ê
>Liâ>ÃÊ
*ÀœÞiV̜ʈ˜Ê`iÊ
>ÀÀiÀ>Ê
(OPDQWHQLPLHQWR\FRQRFLPLHQWRGHORVSURFHVRVItVLFRVTXHLQWHUYLHQHQ
HQORVHTXLSRVHVXQDVXQWRSULPRUGLDOSDUDODVHJXULGDGGHODVFHQWUDOHV
HOpFWULFDV\VREUHWRGRHQODVQXFOHDUHV/DFDYLWDFLyQHVXQRGHORVIHQy
PHQRVItVLFRVTXHDSDUHFHQHQORVVLVWHPDVKLGUiXOLFRVGHHVWDVLQVWDODFLR
QHV\TXHDIHFWDQDOUHQGLPLHQWR\DODYLGDPHGLDGHORVFRPSRQHQWHV
(V GH HVSHFLDO LQWHUpV FRQRFHU PiV HQ SURIXQGLGDG HVWRV IHQyPHQRV \
DGTXLHUHD~QPiVLPSRUWDQFLDFXDQGRFDGDYH]PiVVHHVWiKDEODQGRGH
DODUJDUODYLGDGHFHQWUDOHV
(O SUR\HFWR VH KD FHQWUDGR HQ FRPSDUDU GRV KHUUDPLHQWDV DYDQ]DGDV
&);GH$QV\V\)LQH7XUERGH1XPHFDGHVLPXODFLyQGHFDYLWDFLyQHQ
ERPEDV'XUDQWHHOSULPHUPHVVHKDUHDOL]DGRXQDE~VTXHGDELEOLRJUi¿
FDVREUHSUR\HFWRVSUHFXUVRUHV3DUDHOORVHKDXWLOL]DGRPDWHULDOGH(')
GRFXPHQWDFLyQ \ YLGHRV GH HQVD\RV UHDOL]DGRV HQ ORV FHQWURV GH ,'
LQIRUPHVLQWHUQDFLRQDOHVDQWHULRUHVVREUHFDYLWDFLyQDVtFRPRWHVLVVREUH
ORVPRGHORVItVLFRVGHFDYLWDFLyQ\VREUHHVWXGLRVDQWHULRUHVGHYDOLGDFLyQ
GHHVRVPRGHORV(VWDSDUWHVHWHUPLQyFRQODHOHFFLyQGHODERPED6+)\
GHORVPRGHORVTXHVHDQDOL]DUtDQHQODSRVWHULRUVLPXODFLyQ
/DVHJXQGDDFWLYLGDGGHOSUR\HFWRHPSLH]DFRQODUHDOL]DFLyQGHYDULRV
PDOODGRVGHODERPEDSUHYLRDQiOLVLVHLPSOHPHQWDFLyQGHVXJHRPHWUtD
7UDVXQDVSULPHUDVVLPXODFLRQHVGHYDOLGDFLyQ\RSWLPL]DFLyQGHPDOOD
GRVVHHVFRJHHOPDOODGR¿QDOTXHVHXVDUiSDUDWRGDVODVVLPXODFLRQHV
SRVWHULRUHV
(OJUXHVRGHOSUR\HFWRVHGLVWULEX\HHQWUHODVVLPXODFLRQHVGHIXQFLR
QDPLHQWR GH OD ERPED SDUD FDXGDO QRPLQDO \ VREUHFDXGDO FRQ ODV GRV
KHUUDPLHQWDV\HODQiOLVLVFRPSDUDWLYRGHORVUHVXOWDGRVFRQORVGDWRVH[
SHULPHQWDOHV
)LQDOPHQWHWUDVHODQiOLVLVGHODVFXUYDVFDUDFWHUtVWLFDVVHFRQFOX\HTXH
ODVVLPXODFLRQHVREWHQLGDVSUHGLFHQFRUUHFWDPHQWHODFDYLWDFLyQ\ORVGRV
SURJUDPDVGDQUHVXOWDGRVFRKHUHQWHVFRQODWHRUtD(VWDVKHUUDPLHQWDVVH
SXHGHQDSOLFDUFRQp[LWRDERPEDVGHUHDFWRUHVQXFOHDUHVSDUDFRQRFHUVXV
]RQDVGHULHVJRDQWHVGHVXSXHVWDHQVHUYLFLR
E@7
3URJUDPD\6LQRSVLVGHODV3RQHQFLDV
£äÊ‡Ê / /"Ê­®
ÕiÛiÃÊәʇʣä]ää…Ê
Ê
Ê
Ê
Ê
Ê
Ê
ÊÊÊÊÊÊ-\Ê8Ê* *ÀiÈ`i˜Ìi\ʜÃjÊ>À‰>Ê>ÀV‰>Ê"Ài>˜>ÊÉÊ,,"Ê ,
œœÀ`ˆ˜>`œÀ\ʜÃjÊՏˆœÊˆ“j˜iâÊÉÊ
° °Ê,<
£äʇÊä£Ê
-*
$ Ê1/,-$ ÊÊ"-Ê
1/"-Ê/,
"-ÊÊÊ/*ÊÊ
,
/",ÊÊ6 $-ÊÊÊ
°Ê,œ“?˜ÊiÀ˜?˜`iâʉ}Õiâ£ÊÞÊij˜Ê>ÀV‰>Ê>ÀV‰>ÓÊ
£Ê/
/"
ÓÊ-"
" Ê 1
,Ê-
"‡6 "'HVGH7HFQDWRPYLHQHUHDOL]DQGRODLQVSHFFLyQGHODVSHQHWUDFLRQHVGH
ODVWDSDVGHUHDFWRUHQGLVWLQWDVSODQWDV3:5QDFLRQDOHV\H[WUDQMHUDV86$
6XHFLD-DSyQ%UDVLO\7DLZiQ3RUDSOLFDFLyQGHODQRUPD&)5D
J,,GHQODSDVDGDSDUDGDSDUDUHFDUJDGH9DQGHOOyVVHHIHFWXyHO
H[DPHQGHODVSHQHWUDFLRQHVDODDOWXUDGHVXVROGDGXUDHQ³-´SRUPHGLRGH
ORVPpWRGRVGHXOWUDVRQLGRV\FRUULHQWHVLQGXFLGDVDVtFRPRODLQVSHFFLyQSRU
FRUULHQWHVLQGXFLGDVGHODVXSHU¿FLHDELHUWDGHODVFLWDGDVVROGDGXUDVHQ³-´
$GLFLRQDOPHQWH\VHJ~QUHTXHULPLHQWRGHO³FRGHFDVH´GH$60(
VHUHDOL]yHOH[DPHQYLVXDOUHPRWRGHODLQWHUVHFFLyQGHODVSHQHWUDFLRQHV
FRQODWDSDGHOUHDFWRU\HOORVHFRPSOHWyFRQHOFRUUHVSRQGLHQWHDORVPD
JXLWRVWpUPLFRVTXHSRUSULPHUDYH]IXHURQLQVSHFFLRQDGRVFRQODWpFQLFD
XOWUDVyQLFD72)'³WLPHRIÀLJKWGLIIUDFWLRQ´
£äʇÊäÓÊ
-*
$ ÊÊ
-Ê --Ê"Ê
-1/,, "-Ê Ê
Ê,<Ê9Ê
Ê/,"
°Ê`iÊ
>À“i˜Êœ˜ÌiÀœÊ‰>â£]Ê°Ê
>ÀœÃÊ
>˜œÓÊ
ÞÊ°Ê>>`‰>Ê"“i`œÎ
£Ê*,-,"-Ê,1*"ÓÊ/
/"
ÎÊ
°
°Ê,<‡/,"
&RPRFRQVHFXHQFLDGHODSXEOLFDFLyQGHOD*HQHULF/HWWHUGHOD15&
³,QDFFHVVLEOHRU8QGHUJURXQG3RZHU&DEOH)DLOXUHVWKDWGLVDEOH$FFLGHQW
0LWLJDWLRQ6\VWHPVRUFDXVH3ODQW7UDQVLHQWV´VHHVWiDSOLFDQGRHQ&1$O
PDUD]\&17ULOORXQSURJUDPDGHLQVSHFFLyQ\HYDOXDFLyQGHODFRQGLFLyQ
GHORVFDEOHVLQVWDODGRVHQiUHDVGHGLItFLODFFHVRRVXEWHUUiQHDV
(OSURJUDPDVHEDVDHQODVVLJXLHQWHVDFWLYLGDGHVSULQFLSDOHV
z 6HOHFFLyQGHXQDPXHVWUDUHSUHVHQWDWLYDGHORVFDEOHVTXHGLVFXUUHQ
WRWDO R SDUFLDOPHQWH SRU ODV iUHDV PHQFLRQDGDV 'H DFXHUGR FRQ HO
DOFDQFHGHOD*/ORVWLSRVFRQVLGHUDGRVFRUUHVSRQGHQDFD
EOHVGHIXHU]DGHPHGLD\EDMDWHQVLyQ
z 5HDOL]DFLyQGHXQUHFRUULGRGHLQVSHFFLyQ³ZDONGRZQ´HQDTXHOODV
]RQDVTXHSHUPLWDQVXDFFHVR(VSHFLDOPHQWHVHLQVSHFFLRQDQODV]RQDV
FRQSRVLEOHVDFXPXODFLRQHVGHFRQGHQVDFLRQHVRKXPHGDG
z $SOLFDFLyQGHHQVD\RVHOpFWULFRV$¿QGHFRQRFHUHOHVWDGRGHORVFD
EOHVHQWRGRVXUHFRUULGRVHOOHYDDFDERXQFRQMXQWRGHHQVD\RVHOpF
WULFRVVREUHORVFDEOHVSUHYLDPHQWHVHOHFFLRQDGRVDSOLFDGRVGHVGHOD
FDELQDRFXEtFXORGHDOLPHQWDFLyQFRUUHVSRQGLHQWH
z (QVD\RVHQODERUDWRULR&RQREMHWRGHGLVSRQHUGHGDWRVGHOFRP
SRUWDPLHQWR GH ORV FDEOHV HQ GLVWLQWRV HVWDGRV GH HQYHMHFLPLHQWR
GHJUDGDFLyQ VH UHDOL]DQ HQVD\RV HOpFWULFRV HQ ODERUDWRULR VREUH
FDEOHV DFRQGLFLRQDGRV FRQ GLVWLQWRV WLSRV GH GDxRV PHFiQLFRV HQ
VXFXELHUWD\DLVODPLHQWR\KDELHQGRHVWDGRVRPHWLGRVDGLIHUHQWHV
SHULRGRVGHLQPHUVLyQHQDJXD
&RPRUHVXOWDGRGHODVDFWLYLGDGHVPHQFLRQDGDVVHREWLHQHXQDHYDOXDFLyQ
GHOHVWDGRGHORVFDEOHVGHWHUPLQiQGRVHHQVXFDVRSRVLEOHPHGLGDVFRUUHFWL
YDVDDSOLFDUWDQWRUHODWLYDVDVXVWLWXFLyQGHFDEOHVSDUWLFXODUHVFRPRDOVDQHD
PLHQWRRUHDFRQGLFLRQDPLHQWRGHODV]RQDVPiVFUtWLFDVGHVXUHFRUULGR
£äʇÊäÎÊ
-*
$ Ê1/"/
Ê*",Ê
1/,-" "-ÊÊÊ-Ê"-Ê
*, *-ÊÊ
°Ê °Ê/,"Ê
°Ê°Ê*i?iâ£ÊÞÊ,°Ê,œ`À‰}ÕiâÊ/œi`>˜œÓÊ
£Ê/iV˜>̜“Ê
ÓÊ
°Ê °Ê/ÀˆœÊÊ
'HVGHHODxRVHKDUHDOL]DGRPHGLFLyQPDQXDOGHHVSHVRUHVHQOD
]RQDGHDSR\RGHORVDQLOORVGHODV%RPEDV3ULQFLSDOHVGH&17ULOOR
,'XUDQWHHVWDVLQVSHFFLRQHVVHIXHURQHPLWLHQGRLQIRUPHVGHOHFFLRQHV
DSUHQGLGDVHLPSOHPHQWDQGRVXVFRQFOXVLRQHV
'XUDQWHHODxRVHLQLFLRXQSUR\HFWRFRQMXQWRHQWUH7HFQDWRPV
D\&17ULOOR,SDUDODPHMRUDGHODWpFQLFDGHLQVSHFFLyQ\GHVDUUROODU
OD,QVSHFFLyQ$XWRPiWLFD
3DUDHOORVHKDQUHDOL]DGRODVVLJXLHQWHVDFWLYLGDGHVHVWXGLDUODYLDELOL
GDGSDUDLQVSHFFLyQGHORVHTXLSRVPHFiQLFRVGLVSRQLEOHVHQ7HFQDWRPGL
VHxR\IDEULFDFLyQGHXQDSUREHWDFRQUHÀHFWRUHVTXHVLPXODUDQODVPDUFDV
GHOD%RPEDGLVHxR\IDEULFDFLyQGHSDOSDGRUHVSUXHEDVGHOVLVWHPDGH
LQVSHFFLyQHQODPDTXHWD\HPLVLyQGHOSURFHGLPLHQWRGHLQVSHFFLyQ
'HVDUUROODGRVORVHTXLSRV\ODWpFQLFDGXUDQWHODSDUDGDSDUDUHFDUJD
GHVHKDUHDOL]DGRODLQVSHFFLyQGHODVWUHV%RPEDV3ULQFLSDOHVGH
&17ULOOR,
£äʇÊä{Ê
/""ÊÊ-/"ÊÊ
",, /Ê­
-,®Ê Ê
Ê
"*,"
$ Ê Ê-/1ÊÊ/*"ÊÊ
,-*1-/ÊÊ,/A°ÊœÃjÊ-ˆiÀÀ>Ê՚œâÊÞʰʧÊ>«œÀÌ>Ê
/
/"Ê
/DFRPSUREDFLyQLQVLWXGHOWLHPSRGHUHVSXHVWDGH57'VHQFHQWUDOHV
QXFOHDUHV3:5VHUHDOL]DSRUODVVLJXLHQWHVUD]RQHV
Ê 1
,Ê-*!ÊÃi«Ìˆi“LÀi‡-ÊÓää™Ê‡ {£
'&
E7E;A@7EFt5@;53E
0DQWHQLPLHQWR,
‡0HGLU HO WLHPSR GH UHVSXHVWD HQ VHUYLFLR FRPR UHTXLVLWR GH ODV
(7)V
‡9HUL¿FDU OD FRUUHFWD LQVHUFLyQ GH ORV VHQVRUHV HQ ORV WHUPRSR]RV \
FRPSUREDUODDXVHQFLDGHHVSDFLRVGHDLUHVXFLHGDGXREMHWRVH[WUD
xRVHQHOWHUPRSR]R
‡3URSRUFLRQDU XQD KHUUDPLHQWD GH PDQWHQLPLHQWR SUHYHQWLYR GHWHF
FLyQ GH IDOORV LQFLSLHQWHV JHVWLyQ GHO HQYHMHFLPLHQWR \ HVWDEOHFHU
SURJUDPDVGHVXVWLWXFLyQGHVHQVRUHV
‡'LVWLQJXLUHQWUHSUREOHPDVGHOVHQVRURGHOFRQHFWRU
‡
'LDJQRVWLFDUDQRPDOtDVHQHOVHQVRURHQHOSURFHVR
7(&1$720 6$ HQ FRODERUDFLyQ FRQ$06 $QDO\VLV 0HDVXUH
PHQW6HUYLFHVYLHQHUHDOL]DQGRGHVGHKDFHDxRVODPHGLGDGHWLHPSRGH
UHVSXHVWDGH57'VHQODVFHQWUDOHVHVSDxRODVWLSR3:5PHGLDQWHODWpFQL
FDGHDQiOLVLVGHUXLGR(VWDWpFQLFDSUHVHQWDODYHQWDMD\DODYH]UHTXLVLWR
GH SRGHU UHDOL]DU OD PHGLGD GXUDQWH RSHUDFLyQ DO GH OD SODQWD GH
IRUPDTXHODVHxDOGHODV57'VSUHVHQWHHOUXLGRDDQDOL]DU
(O PpWRGR GH VDOWR GH FRUULHQWH /&65 REMHWR GH HVWD SRQHQFLD
FRQVLVWHHQHOFDOHQWDPLHQWRGHOHOHPHQWRVHQVRUPHGLDQWHODLQ\HFFLyQ
GH XQD FRUULHQWH HOpFWULFD UHJLVWUiQGRVH HO WUDQVLWRULR \ SXGLpQGRVH
FRPSUREDU LQ VLWX HO WLHPSR GH UHVSXHVWD GH 57'V GXUDQWH SDUDGDV
GHODSODQWDHQODVTXHVHKD\DQUHLQVWDODGRRVXVWLWXLGRHOHPHQWRVGH
WHPSHUDWXUDGHOSULPDULR
FDGRLQWHUQDFLRQDO
(VWHVHUYLFLRKDVXSXHVWRXQUHWRGHVGHODSXEOLFDFLyQGHODVEDVHVGH
OLFLWDFLyQKDVWDOD¿QDOL]DFLyQGHORVWUDEDMRVFRQSOHQDVDWLVIDFFLyQGHO
FOLHQWH(QHOFRUWRHVSDFLRGHWLHPSRWUDQVFXUULGRHQWUHDPERV\DQWHV
GHODSUHVHQWDFLyQGHODFRUUHVSRQGLHQWHRIHUWD7HFQDWRPKDREWHQLGROD
FDOL¿FDFLyQSRUSDUWHGHOD&RPLVLyQ)HGHUDOGH(OHFWULFLGDGFRPRSUR
YHHGRUGHVHUYLFLRVGH'LDJQRVLVGH9iOYXODV0RWRUL]DGDV\GH9iOYXODV
1HXPiWLFDV
(OORKDVXSXHVWRODSUHSDUDFLyQGHORVFRUUHVSRQGLHQWHVSURFHGLPLHQWRV
HVSHFt¿FRVDGDSWDGRVDORVUHTXLVLWRVGHODSODQWDODFXDOL¿FDFLyQGHOSHU
VRQDOVHJ~QORVFULWHULRV\ODQRUPDWLYDUHTXHULGDSRU&)(\HOLQIRUPH
IDYRUDEOH WUDV OD DXGLWRUtD UHDOL]DGD SRU ORV UHVSRQVDEOHV WpFQLFRV \ GH
*DUDQWtDGH&DOLGDGGHOD&RPLVLyQHQODVLQVWDODFLRQHVGH7HFQDWRP
6HKDUHDOL]DGRODGLDJQRVLVGHXQWRWDOGHYiOYXODVPRWRUL]DGDV\
YiOYXODVQHXPiWLFDVKDELpQGRVHSUDFWLFDGRHQWRGRVORVFDVRVODPHGLGD
GHHPSXMHGLUHFWDPHQWHHQHOYiVWDJRLQFOXVRHQODVYiOYXODVHQODVTXH
QR H[LVWH VXSHU¿FLH OLVD DFFHVLEOH HQ WRGR VX UHFRUULGR HQ ODV TXH RWURV
VLVWHPDVUHFXUUHQDODPHGLGDLQGLUHFWDHQHOSXHQWH(QGLFKRVFDVRVVHKD
HPSOHDGRHOQXHYRVHQVRUGHVDUUROODGRSRU7HFQDWRPTXHLQVWDODGRVREUH
ODVXSHU¿FLHURVFDGDGHOYiVWDJRSHUPLWHODPHGLGDGLUHFWDGHOHVIXHU]RHQ
HOYiVWDJRFRQODVYHQWDMDVTXHHOORVXSRQHIUHQWHDODPHGLGDLQGLUHFWD
HQHOSXHQWH
£äʇÊäxÊ
£äʇÊäÇÊ
1 ÊÊÊ" /1ÊÊ Ê
ÊÊʺ Ê-/1»ÊÊ/*"ÊÊ
,-*1-/ÊÊ1 Ê- -",Ê
*
/6"ÊÊ
*,-$ Ê
Ê
/Ê" Ê,Ê"/",-°Ê"7Ê
7-/ "1-Ê,
" -Ê/"Ê,
/Ê
°Êœ˜Ì>Ûœ£]Ê°>ÀV‰>‡iÀÀœV>£]Ê°Ê>L?ãÊÞʰʏ?âµÕiâÓ
£Ê1*
ÓÊ
/
/DHYLGHQFLDHPStULFDGHXQVHJXQGRSRORUHDOHQORVVHQVRUHVGHSUHVLyQ
FDSDFLWLYRVKDFHQHFHVDULDODSURSXHVWDGHXQPRGHOREDVDGRHQXQDIXQ
FLyQGHWUDQVIHUHQFLDFRQFXDWURSRORVXQSDUGHFRPSOHMRVFRQMXJDGRV\
GRVUHDOHV(VWDSURSXHVWDSHUPLWHH[SORUDUGHTXpPDQHUDSXHGHLQÀXLUHO
SDUGHSRORVFRPSOHMRVFRQMXJDGRVHQHOSRORUHDOGHDOWDIUHFXHQFLD\D
VXYH]HQODGHWHUPLQDFLyQGHOWLHPSRGHUHVSXHVWDPDJQLWXGXWLOL]DGDHQ
ODYLJLODQFLDLQVLWXGHORVVHQVRUHV(VWHWUDEDMRHVWXGLDHVWDLQÀXHQFLD\
HVWDEOHFHXQDVGLUHFWULFHVSDUDHYLWDUHOHUURUVLVWHPiWLFRHQODGHWHUPLQD
FLyQGHOWLHPSRGHUHVSXHVWD
£äʇÊäÈÊ
"--ÊÊ661-°Ê8*, ÊÊ
/
/"Ê Ê
° °Ê1 Ê6,ÊÊÊ
À>˜VˆÃVœÊi`ˆ>ۈ>]ÊiÀ˜>˜`œÊ6>>˜>ÊÞʜÃjʧÊ>«œÀÌ>ÊÊ
/
/"Ê
&RQODHMHFXFLyQGHORVFRUUHVSRQGLHQWHVWUDEDMRVHQODSDUDGDSDUD
UHFDUJDGHODXQLGDGGHOD&HQWUDO1XFOHDUGH/DJXQD9HUGH7HFQDWRP
KDLQLFLDGRVXDQGDGXUDHQVHUYLFLRVGHGLDJQRVLVGHYiOYXODVHQHOPHU
{Ó ‡Ê 1
,Ê-*!ÊÃi«Ìˆi“LÀi‡-ÊÓää™
°ÊœÝˆiÊÞÊ8°Ê
œ
7-/ "1-
,QVWLWXWHRI1XFOHDU3RZHU2SHUDWLRQV,132SHUIRUPHGVHYHUDOVWXGLHV
FRQFHUQLQJWKHHIIHFWVRISXPSDQGPRWRUIDLOXUHVRQSRZHUSURGXFWLRQ
LQWKH8QLWHG6WDWHV,WIRXQGWKDWSXPSDQGPRWRUIDLOXUHVDFFRXQWHGIRU
WKHORVVRI0:HKRXUVRIHOHFWULFDOJHQHUDWLRQRYHUD\HDU
SHULRG 3UREOHPV ZLWK DJLQJ DQG WKH ODFN RI SUHYHQWDWLYH
PDLQWHQDQFHZHUHQRWHGDVPDMRUFRQWULEXWRUVWRWKLVORVVRISURGXFWLRQ
$OWKRXJKWKHVHVWXGLHVIRFXVHGHQWLUHO\RQWKH8QLWHG6WDWHVLWLVNQRZQ
WKDW(XURSHLVQRWLPPXQHWRWKHVHLVVXHV0RWRUIDLOXUHVLQ(XURSHKDYH
DOVROHGWRWKHORVVRISRZHUJHQHUDWLRQ
:HVWLQJKRXVH UHFRJQL]HV WKH QHHG WR DVVLVW (XURSHDQ QXFOHDU
SRZHUSODQWVZLWKWKLVLVVXHDQGKDVGHYHORSHGDSURJUDPWRDVVLVWSODQWV
LQWKHGHFLVLRQPDNLQJSURFHVV7KHSURJUDPFRQVLGHUVPRWRUVLQDÀHHW
DVDVLQJOHFULWLFDOWRSURGXFWLRQDVVHWDQGDLGVWKHRSHUDWRULQGHFLVLRQV
UHJDUGLQJWKHSXUFKDVHRIVSDUHPRWRUVSULRULWL]DWLRQIRUPRWRUUHZLQG
DQGUHIXUELVKPHQWDFWLYLWLHVDQGORQJWHUPEXGJHWIRUHFDVWLQJ:HVWLQJ
KRXVH LV DOVR LQ WKH SURFHVV RI EXLOGLQJ D ODUJH SXPS DQG PRWRU UHSDLU
IDFLOLW\ORFDWHGLQ1LYHOOHV%HOJLXP
7KHSUHVHQWDWLRQZLOOORRNDWWKHDJLQJHIIHFWRQODUJHPRWRUVDQGKRZ
SODQWVLQWKH86DUHUHDFWLQJ,WZLOODOVRSURYLGHLQIRUPDWLRQRQKRZ
:HVWLQJKRXVHFDQSURYLGHDVVLVWDQFHWRQXFOHDUSRZHUSODQWVLQPDNLQJ
GLI¿FXOWGHFLVLRQVUHJDUGLQJPRWRUSUHYHQWDWLYHPDLQWHQDQFH/DVWO\WKH
SUHVHQWDWLRQZLOOSURYLGHLQIRUPDWLRQRQWKHQHZSXPSDQGPRWRUIDFLOLW\
WKDWLVFXUUHQWO\XQGHUFRQVWUXFWLRQLQ%HOJLXP
3URJUDPD\6LQRSVLVGHODV3RQHQFLDV
£äʇÊänÊ
-1-//1
" ÊÊ"
"Ê,"Ê Ê
Ê
6 "-Ê°Ê6-$ Ê ,ÊÊ
*,"9
/"Ê
°Ê->L>ÌiÀʏœâ>£]Ê°ÊiÀ˜?˜`iâÊ->˜Ê>À̉˜£]Ê
°Ê*jÀiâÊ->ˆÌÕ>ÓÊÞÊ°Ê*œÕÊ6>mÃÓ
£Ê-"
$ Ê 1
,Ê-
$ʇÊ6 $ÓÊ-iÀ"]Ê-iÀۈVˆœÃʘÌi}À>`œÃÊ"
/D¿QDOL]DFLyQGHOSUR\HFWR(-FXOPLQDFRQp[LWRODVPRGL¿FDFLRQHVGH
GLVHxRGHO)RFR)UtRGHOD&19DQGHOOyV,,FRPSURPHWLGDVSRUODSURSLH
E@7
GDGWUDVODVLQFLGHQFLDVHQHOVLVWHPD()DFRQWHFLGRVHQHODxR
(OQXHYRGLVHxRKDUHTXHULGRODGH¿QLFLyQFRQFHSWXDOGHOPLVPRDSDU
WLUGHODVQHFHVLGDGHVGHGLYHUVL¿FDFLyQGHOIRFRIUtRHOGLVHxREiVLFR\
FRQVWUXFWLYRDVtFRPRODFRQVWUXFFLyQ\PRQWDMHWDQWRGHOQXHYRVLVWHPD
FRPRGHODVPRGL¿FDFLRQHVDPiVGHVLVWHPDVH[LVWHQWHVUHODFLRQDGRV
FRQODVHJXULGDG
(QHVWDSUHVHQWDFLyQVHFRPHQWDQORVDVSHFWRVPiVUHOHYDQWHVGHOGLVH
xRGHOVLVWHPDVHPXHVWUDODLQWHJUDFLyQFRQHOVLVWHPDGHUHIULJHUDFLyQ
GH FRPSRQHQWHV H[LVWHQWH 6LVWHPD (* H LQFOX\H XQD YLVLWD YLUWXDO HQ
'SRUODVGLVWLQWDVHVWUXFWXUDVGHQXHYDFRQVWUXFFLyQTXHFRQ¿JXUDQHO
QXHYR VLVWHPD (- EDOVD GH DOPDFHQDPLHQWR GH DJXD FDVD GH ERPEDV
WRUUHVGHUHIULJHUDFLyQHGL¿FLRHOpFWULFRJDOHUtDVHQWHUUDGDVHGL¿FLRGH
VDOYDJXDUGLDV\JDOHUtDDpUHD
Ê 1
,Ê-*!ÊÃi«Ìˆi“LÀi‡-ÊÓää™Ê‡ {Î
''
E7E;A@7EFt5@;53E
2SHUDFLyQ
££Ê‡Ê"*,
$
ÕiÛiÃÊәʇʣä]ää…Ê
Ê
Ê
Ê
Ê
Ê
Ê
Ê
ÊÊÊ-\Ê-Ê/ ,
*ÀiÈ`i˜Ìi\Ê,>v>iÊ>À̉˜ÊÉÊ
°Ê6 $
œœÀ`ˆ˜>`œÀ\ʚˆ}œÊœˆâ>}>ʉ>âÊÉÊ/
/"
££Ê‡Êä£Ê
"
$ Ê ÊÊ--/ÊÊ,-Ê
Ê
° °Ê6 $-Ê
°ÊL>`£]ʰʰʈ>LiÀÌÓ]Ê°Ê6>jÃÓÊÞÊ°Êj˜`iâÓÊÊ
£Ê
° °Ê6 "-Ê
ÓÊ/
/"
/DPRGL¿FDFLyQOOHYDGDDFDERVREUHHOVLVWHPDGHDODUPDVGH&19DQGH
OOyVWLHQHXQREMHWLYRGREOH
3HUPLWLUDORSHUDGRULGHQWL¿FDUODFDXVDGHIHFWRHQODVYHQWDQDVGHDODU
PDP~OWLSOHVLQWHQHUTXHDFXGLUDODSDUWHSRVWHULRUGHOSDQHO\
'LVSRQHUGHXQVLVWHPDGH%DFNXSGHO3DQHODQXQFLDGRUGH6DODGH&RQ
WURODSURYHFKDQGRODVVHxDOHV\DFDEOHDGDVDORUGHQDGRUGHSURFHVRVGX
UDQWHVLWXDFLRQHVGHPDQWHQLPLHQWRRLQGLVSRQLELOLGDGGHDTXHO
/DPRGL¿FDFLyQDQLYHOKDUGZDUHFRQVLVWHHQODVXVWLWXFLyQGHORVDFWXDOHV
HTXLSRVSRURWURVGHQXHYRGLVHxRTXHFHQWUDOLFHQHQGRVFRQFHQWUDGRUHVOD
LQIRUPDFLyQREWHQLGDSRUODVQXHYDVXQLGDGHVGHHVFUXWDFLyQ\ODVWUDVPLWD
PHGLDQWHSURWRFROR02'%867&3,3DORUGHQDGRUGHSURFHVRV29$7,21
$QLYHOVRIWZDUHODPRGL¿FDFLyQFRQVLVWHHQODFRPXQLFDFLyQGHHVWRVHTXL
SRVFRQHORUGHQDGRUGHSURFHVRV\HOGHVDUUROORGHORVGLVSOD\VGHDODUPDV
(OSURJUDPDGHFRPXQLFDFLRQHVHQWUHORVFRQFHQWUDGRUHVGHDODUPDV\HORUGH
QDGRUGHSURFHVRVSHUPLWHOHHUHOHVWDGRGHORVGHIHFWRV\GHODVYHQWDQDVGHDODU
PDVGHOSDQHOFX\RHVWDGRYHQGUiGHWHUPLQDGRSRUHOGHODSURSLDDODUPD\SRUOD
DFWXDFLyQVREUHORVSXOVDGRUHVHQWHUDGRUHFRQRFLGRUHVHWGH6DODGH&RQWURO
/DLQWHUIDVHGHOVLVWHPDFRQHORSHUDGRUFRQVWDGHGRVWLSRVGHGLVSOD\V
'LVSOD\VGHDODUPDVLFyQLFDV3HUPLWHQLGHQWL¿FDUODFDXVDGHIHFWRGHOD
DODUPD(VWiQJHQHUDGRVDSDUWLUGHODXWLOLGDG³$ODUP/LVW´GH29$7,21
'LVSOD\VGHORV3DQ$ODUP3HUPLWHQUHDOL]DUODIXQFLyQGHEDFNXSGHORV
DQXQFLDGRUHVGH6DODGH&RQWURO+DQVLGRGHVDUUROODGRVHQ29$7,21D
SDUWLUGHVHxDOHVFDEOHDGDVGHORUGHQDGRUGHSURFHVRV
/DDSOLFDFLyQJHVWLRQDGHIHFWRVYHQWDQDVGHDODUPDV\QHFHVLWD
VHxDOHVFDEOHDGDVGHORUGHQDGRUGHSURFHVRV
/DPRGL¿FDFLyQVHUiLQVWDODGDGXUDQWHODSUHVHQWHUHFDUJDGHFRPEXVWLEOH
££Ê‡ÊäÓÊ
-"*",/ÊÊ,/", "ÊÊ*"/ Ê/,-Ê
Ê"*,
$ ÊÊ*"/ Ê*,
Ê ÊÊ
"ÊÓäÊÊ
Ê-
$Ê
°°Êˆˆ?˜£]Ê
°Êˆ`ÀՓ£ÊÞÊ°ÊÃÌÀ>“«iÃÓ
£Ê 1-ʘ`ÕÃÌÀˆ>ÃÊÛ>˜â>`>Ã
ÓÊ
ÊÃV
(QHOFDVRGHTXHODSODQWDKD\DWHQLGRTXHRSHUDUGHPDQHUDSURORQJD
GDDSRWHQFLDSDUFLDOVHUHTXLHUHUHDOL]DUXQDHYDOXDFLyQHVSHFt¿FDSDUD
{{ ‡Ê 1
,Ê-*!ÊÃi«Ìˆi“LÀi‡-ÊÓää™
FRQ¿UPDUODYDOLGH]GHORVSDUiPHWURVXWLOL]DGRVHQODHYDOXDFLyQGHVH
JXULGDGGHODUHFDUJD\HOSRVLEOHLPSDFWRHQODLQIRUPDFLyQTXHVHDSRUWD
SDUDHOVHJXLPLHQWRGHODRSHUDFLyQGHODFHQWUDO
/D RSHUDFLyQ D SRWHQFLD SDUFLDO DIHFWD SULQFLSDOPHQWH D ODV GLVWULEX
FLRQHVD[LDOHVGHSRWHQFLD\TXHPDGRHQHOQ~FOHR6LWUDVXQDRSHUDFLyQ
SURORQJDGDDSRWHQFLDSDUFLDOVHSURGXFHXQUHWRUQRDSOHQDSRWHQFLDORV
FDPELRVKDELGRVHQHOQ~FOHRSXHGHQGDUOXJDUDXQDGLVWULEXFLyQGHSR
WHQFLD PiV SLFDGD D[LDOPHQWH \ D XQ DXPHQWR HQ ORV IDFWRUHV GH SLFR
)[\]\)4]FRQODFRQVLJXLHQWHHURVLyQHQORVPiUJHQHVGLVSRQLEOHV
DORVOtPLWHVGHVHJXULGDG
6HUHDOL]yODHYDOXDFLyQGHODRSHUDFLyQDOGHODSRWHQFLDQRPLQDO
\FRQHOEDQFR'SDUFLDOPHQWHLQVHUWDGRSDUDHOFLFORGH&1$VFy,
6HVLPXODURQYDULRVHVFHQDULRVGHRSHUDFLyQDSRWHQFLDSDUFLDO\ODSRV
WHULRUYXHOWDDSRWHQFLD\HQEDVHDORVUHVXOWDGRVREWHQLGRVVHHVWLPyOD
GXUDFLyQPi[LPDGHODRSHUDFLyQDSRWHQFLDSDUFLDOFRPSDWLEOHFRQXQD
SRVWHULRUYXHOWDDSRWHQFLDVLQYLRODUORVOtPLWHVGHORVIDFWRUHVGHSLFR
6HUHDOL]DURQGRVDQiOLVLVFRPSOHPHQWDULRVVLPXODFLyQFRQHOFyGLJRGH
GLVHxRQHXWUyQLFR$1&GHODHYROXFLyQGHOFLFORFRQHOTXHPDGR\VLPX
ODFLyQGHODPDQLREUDGHUHWRUQRDSOHQDSRWHQFLDFRQ%($&21760
/RVUHVXOWDGRVPiVUHDOLVWDVREWHQLGRVFRQ
%($&21760FRQ¿UPDQVXXWLOLGDGFRPRKHUUDPLHQWDEiVLFDSDUDHO
VRSRUWHDODRSHUDFLyQ\YLJLODQFLDGHOQ~FOHRGHOUHDFWRU
££Ê‡ÊäÎÊ
-
" ,9Ê-Ê
-/,9Ê
" /" Ê
",Ê </" Ê"Ê
",,"-" Ê*,"1
/Ê
,--Ê /"Ê/Ê-/Ê ,/",-Ê"Ê
*7,Ê* /°Ê,œÕ“ˆ}ՈmÀiÊÞʘ`Ài>ÃÊÀiݏiÀ
,6Ê *
7KHPLQLPL]DWLRQRIWKHFRUURVLRQSURGXFWLQYHQWRU\LQWKHVWHDPJHQHUDWRUV
RI3:5SODQWVLVDIXQGDPHQWDOSUHUHTXLVLWHWRPDLQWDLQJRRGFRPSRQHQW
SHUIRUPDQFHQRKHDWWUDQVIHUFDSDFLW\ORVVHVDEVHQFHRIFRUURVLRQGDP
DJH,QIDFWFRUURVLRQSURGXFWVDFFXPXODWHGLQORZÀRZDUHDVDUHUHVSRQ
VLEOHIRUORFDOHQULFKPHQWRILPSXULWLHVXSWRDJJUHVVLYHOHYHOVLQFUHDVLQJ
WKHFRUURVLRQULVNRIWKH6*WXELQJ,QRUGHUWRNHHSORZFRUURVLRQSURGXFW
LQJUHVVVXI¿FLHQWDONDOL]DWLRQPXVWEHSURYLGHGWRDFKLHYHDKLJKS+LQWKH
VWHDPZDWHUV\VWHP6LPXOWDQHRXVO\VXI¿FLHQWO\UHGXFLQJFRQGLWLRQVKDYH
WREHPDLQWDLQHGLQWKH6*V7KLVZLOOSURYLGHDORZHUJHQHUDOFRUURVLRQRI
&VWHHOVXUIDFHVDORQJWKHV\VWHPDQGSDUWLFXODUO\EDGUDVWLFUHGXFWLRQRI
ÀRZDVVLVWHGFRUURVLRQ)$&LQZHWVWHDPDUHDV5HGXFLQJFRQGLWLRQVDUH
DFKLHYHGE\FRQGLWLRQLQJWKHVWHDPJHQHUDWRUIHHGZDWHUZLWKK\GUD]LQH$
K\GUD]LQHFRQFHQWUDWLRQRIDERXW—JNJLVFRQVLGHUHGDVQHFHVVDU\WR
DFKLHYHWKLVJRDO+\GUD]LQHDWWKLVFRQFHQWUDWLRQZLOOSURGXFHLQWKHUXOH
VXI¿FLHQWDPPRQLDE\WKHUPDOGHFRPSRVLWLRQWRDFKLHYHDOVRWKHGHVLUHG
E@7
3URJUDPD\6LQRSVLVGHODV3RQHQFLDV
S+ OHDVLQJ WR )H FRQFHQWUDWLRQ LQ IHHG ZDWHU RI OHVV f —JNJ 'XH WR
WKHKLJKYRODWLOLW\RIDPPRQLDLWZLOOEHVWULSSHGSUHIHUHQWO\WRZDUGVWKH
VWHDPSKDVHLQDOOWZRSKDVHV\VWHPVHFWLRQVKLJKSUHVVXUHWXUELQHRXWOHW
FURVVXQGHUSLSLQJ065V)RUWKDWUHDVRQDKLJKDPPRQLDFRQFHQWUDWLRQ
LQIHHGZDWHULVUHTXLUHGWRDFKLHYHVXI¿FLHQWO\KLJKS+LQWKHVHVDUHDV)RU
WKDWUHDVRQRWKHUDPLQHVKDYLQJDORZHUYRODWLOLW\DUHEHLQJDOVRDSSOLHG
+RZHYHUWKH\FDQQRWUHSODFHDPPRQLDZKLFKLVDQ\ZD\SUHVHQWDWKLJK
FRQFHQWUDWLRQJHQHUDWHGE\ WKH KLJK K\GUD]LQH FRQFHQWUDWLRQ QHFHVVDULO\
SUHVHQW$OWHUQDWLYHDPLQHVDUHQRWDQDOWHUQDWLYHEXWUDWKHUDFRPSOHPHQW
WR DPPRQLD (YHQ LI D KLJKO\ UHGXFLQJ HQYLURQPHQW WKURXJK K\GUD]LQH
FRQGLWLRQLQJSURYLGHVLQPRVWFDVHVVXI¿FLHQWDPPRQLDWRVXSSUHVV)$&
WKH XVH RI FRPSOHPHQWDU\ DPLQHV ZRXOG SURYLGH DQ DGGLWLRQDOO\ KLJKHU
RYHUDOOS+LQWKHV\VWHPZKLFKPD\UHVXOWLQDFHUWDLQDGGLWLRQDOUHGXFWLRQ
RIWKH&VWHHOFRUURVLRQ2QWKHRWKHUKDQGFRPSOHPHQWDU\DPLQHVDUHRI
RUJDQLFQDWXUHDQGZLOOSURGXFHYRODWLOHRUJDQLFGHFRPSRVLWLRQSURGXFWV
UHVSRQVLEOHIRUDQRYHUDOOLQFUHDVHRIWKHFDWLRQFRQGXFWLYLW\LQWKHFLUFXLW
MHRSDUGL]LQJWKHFKHPLFDOFRQWURORILPSXULWLHV
7KHSUHVHQWZRUNDVVHVVHVWKLVSUREOHPDWLFRIWKHLURQLQJUHVVLQWRWKH
6*VXSGDWLQJWKHVWDWHRINQRZOHGJHRQWKLVWRSLFDQGJLYLQJDZHLJKWHG
EDODQFHRISURVDQGFRQVRIWKHGLIIHUHQWFRQGLWLRQLQJSKLORVRSKLHVWDN
LQJLQWRDFFRXQWWKHFKDUDFWHULVWLFVRIGLIIHUHQWSODQWVSDUWLFXODUO\V\VWHP
GHVLJQDQGPDWHULDOV
'(),1,&,Ï1'(/$6=21$6
6HFDOFXODHOWLHPSRWRWDOTXHKDSURGXFLGRODLQHVWDELOLGDGHQHOFDXGDO
KDFLDODVERPEDVGHFKRUURGXUDQWHODSUXHED
6HUHDOL]DQJUi¿FRVGHWHUPLQDQGRODV]RQDVGRQGHVHSURGXFHQGHSHQ
GLHQGRGHOFDXGDOGHUHFLUFXODFLyQ
&21&/86,21(6
6HIDFLOLWDDORSHUDGRUXQVLVWHPDSDUDFRQRFHUSUHYLDPHQWHDXQDYDULD
FLyQGHFDXGDOVLODUHVSXHVWDGHOÀXMRELHVWDEOHVHUiDXPHQWDURGLVPLQXLU
SDUDHYLWDUODV]RQDVGHFDXGDOGHUHFLUFXODFLyQTXHSURGXFHQRVFLODFLRQHV
LPSRUWDQWHV\TXHSURYRFDUtDQGHIRUPDDOHDWRULDRVFLODFLRQHVHQODSR
WHQFLDWpUPLFD
££Ê‡Êä{Ê
(O*UXSRGH7HUPRKLGUiXOLFDH,QJHQLHUtD1XFOHDUGH839MXQWRFRQHO
*UXSR ,%(5'52/$ KD GHVDUUROODGR XQ PRQLWRU SDUD DQDOL]DU OD HVWD
ELOLGDGGHORVUHDFWRUHVQXFOHDUHVGHDJXDHQHEXOOLFLyQ(VWHPRQLWRUHO
60$579XWLOL]DODVVHxDOHVSURYHQLHQWHVGHORVGHWHFWRUHVQHXWUyQLFRV
/350\$350SDUDFDOFXODUORVSDUiPHWURVGHHVWDELOLGDGGHOUHDFWRU
7DVDGHDPRUWLJXDPLHQWRR'5\ODIUHFXHQFLDGHRVFLODFLyQ
60$57GLVSRQHGHYDULRVPpWRGRVSDUDFDOFXODUHVWRVSDUiPHWURV'LV
SRQHGHPpWRGRVGHDQiOLVLVGHODVHxDOEDVDGRVHQOD)XQFLyQGH$XWR
&RUUHODFLyQ\PpWRGRV$XWR5HJUHVLYRV
3DUD SRGHU XWLOL]DU HVWH 0RQLWRU HQ XQD &HQWUDO 1XFOHDU HV QHFHVDULR
FRPSUREDU\YDOLGDUHO0RQLWRU3DUDHOORVHKDQGHVDUUROODGRGRVPRGHORV
WHyULFRVXQRVFLODGRUGHVHJXQGRRUGHQ\XQPRGHORGHFLQFRHFXDFLRQHV
FRQUXLGRTXHVLPXODHOFRPSRUWDPLHQWRGHXQ5HDFWRU1XFOHDUGH$JXDHQ
(EXOOLFLyQ&RQHVWRVGRVPRGHORVKHPRVFRPSUREDGRTXHHOPRQLWRUHV
FDSD]GHFDOFXODUFRUUHFWDPHQWHORVSDUiPHWURVGHHVWDELOLGDG\TXHPpWR
GRVVRQORVTXHPHMRUVHDMXVWDQDORVUHVXOWDGRVWHyULFRV$GHPiVWDPELpQ
VHKDQXWLOL]DGRVHxDOHVSURYHQLHQWHVGHORVGHWHFWRUHVQHXWUyQLFRV\VHKDQ
FRPSDUDGRQXHVWURVUHVXOWDGRVFRQORVREWHQLGRVFRQRWURVPRQLWRUHV
'HVSXpVGHODQiOLVLVFRPSDUDWLYRHQWUHORVUHVXOWDGRVREWHQLGRVSRUHO
PRQLWRU60$57FRQORVREWHQLGRVSRURWURVPRQLWRUHVGHHVWDELOLGDGFR
PHUFLDOHVDVtFRPRFRQORVUHVXOWDGRVWHyULFRVSRGHPRVFRQFOXLUGLFLHQ
GRTXHHOPRQLWRU60$57HVXQDKHUUDPLHQWDYiOLGDSDUDHODQiOLVLVGHOD
HVWDELOLGDGHQUHDFWRUHVGHDJXDHQHEXOOLFLyQ
/, $ ÊÊ<" -Ê
" Ê/"Ê1"Ê
-/ÊÊ* Ê*"/ Ê
°Ê>À>â>Ê*iÀi}Àˆ˜
,,"
$17(&('(17(6
(O6,/LQIRUPDGHÀXMRELHVWDEOHHQODVOtQHDVTXHGLVWULEX\HQHOFDX
GDOGHUHFLUFXODFLyQDODVERPEDVGHFKRUURHQDOJXQRV%:5
(Q&RIUHQWHVWUDVFRPSUREDUODH[LVWHQFLDGHOÀXMRELHVWDEOHVHHGLWy
HOSURFHGLPLHQWR3&&GH,QJHQLHUtD1XFOHDUSDUDUHDOL]DUSUXHEDV\
FRPSUREDUVLFRQWLQXDEDSURGXFLpQGRVH
2%-(72'(/(678',2
6H WUDWD GH GHWHUPLQDU ODV ]RQDV TXH HVWDQGR D SOHQD SRWHQFLD \ HQ
RSHUDFLyQQRUPDOVHSURGXFHFRQPD\RULQWHQVLGDGHOÀXMRELHVWDEOHSDUD
WUDWDUGHHYLWDUODV\SRGHUDMXVWDUODSRWHQFLDWpUPLFDDODPi[LPDDXWRUL
]DGDVLQULHVJRGHVREUHSDVDUOD
/DPHMRUtDHQODSRWHQFLDHOpFWULFDHOLPLQDQGRODVRVFLODFLRQHVSRUHO
ÀXMRELHVWDEOHSXHGHVHUGH0:K
720$'('$726
6HKDQUHDOL]DGRSUXHEDVGHKRUDFRQGDWRVFDGDVHJXQGRDSR
WHQFLDHVWDEOH\VLQFDPELRVGHSRVLFLyQHQ)&9V
352&(6$'2'(/26'$726
0HGLDQWHXQDKRMDGHFiOFXORREWHQLpQGRVHXQUHVXPHQFRQ
)HFKD\KRUD
3RWHQFLDWpUPLFD0:
&DXGDOQ~FOHR
'HQVLGDGEDUUDVFRQWURO
&DXGDOHVUHFLUFXODFLyQOD]RV$%WK
1ž2VFLODFLRQHVGHOFDXGDO
2VFLODFLyQSRWHQFLDHOpFWULFD0:
2VFLODFLyQFDXGDOQ~FOHR
2EVHUYDQGRORVJUi¿FRVGHODSUXHEDVHGHWHUPLQDHOQžGHRVFLODFLRQHV\
VXGXUDFLyQFXPSOLPHQWDQGRXQLPSUHVRUHVXPHQ
££Ê‡ÊäxÊ
6
$ ÊÊ" /",ÊÊ-/Ê
-,/Ê6ÓÊ
°°Êœ˜ÌiȘœÃ£]Ê°°Ê՚œâ‡
œLœ£]Ê
°Êœ˜â?iâ£]Ê°ÊÃVÀˆÛ?£]Ê
°ÊœÀ>Ó]Ê°Êi>À>ÓÊÞʰʏLi˜`i>ÎÊ
£Ê1˜ˆÛiÀÈ`>`Ê*œˆÌjV˜ˆV>Ê`iÊ6>i˜Vˆ>ÊÊ
ÓÊLiÀ`Àœ>ʘ}i˜ˆiÀ‰>ÊÞÊ
œ˜ÃÌÀÕVVˆ˜Ê
ÎÊLiÀ`Àœ>Êi˜iÀ>Vˆ˜Ê
££Ê‡ÊäÈÊ
-1
$ ÊÊ* ÊÊ, Ê
/,",
°Ê1ÀÀi>£ÊÞʧʜÃjÊ*>œ“œÓ]Ê
£ÊLiÀ`Àœ>Êi˜iÀ>Vˆ˜Ê‡Ê
i˜ÌÀ>Ê ÕVi>ÀÊ`iÊ
œvÀi˜ÌiÃ
ÓÊ1˜ˆÛiÀÈ`>`Ê*œˆÌjV˜ˆV>Ê`iÊ6>i˜Vˆ>
(VWDSRQHQFLDSUHVHQWDODDSOLFDFLyQLQIRUPiWLFD³6LPXODFLyQGHO3ODQ
GH(PHUJHQFLD,QWHULRU´GHVDUUROODGDSDUDUHSURGXFLUXQHVFHQDULRGHXQ
Ê 1
,Ê-*!ÊÃi«Ìˆi“LÀi‡-ÊÓää™Ê‡ {x
''
E7E;A@7EFt5@;53E
2SHUDFLyQ
VLPXODFURGHHPHUJHQFLDGLVHxDGRSRUOD&1&VHJ~QOD*XtDGH6HJX
ULGDG GHO &RQVHMR GH 6HJXULGDG 1XFOHDU SDUD HO HQWUHQDPLHQWR GHO
SHUVRQDOTXHKDGHJHVWLRQDUXQDHPHUJHQFLD
(QHVWDOtQHDODDSOLFDFLyQ³6LPXODFLyQGHO3ODQGH(PHUJHQLFD,QWH
ULRU´SURJUDPDGLVWLQWDVPDOIXQFLRQHVGHODFHQWUDO\HODOXPQREDViQGR
VHHQORVYDORUHVGHGLVWLQWRVSDUiPHWURVGHVHJXULGDGGHODSODQWDKDGH
GHFODUDUODFDWHJRUtDGH(PHUJHQFLDFRUUHVSRQGLHQWHUHDOL]DUORVFRPXQL
FDGRVSHUWLQHQWHV\DFWLYDUDOSHUVRQDOQHFHVDULR
(OHVFHQDULRFDUJDORVYDORUHVGHORVSDUiPHWURVGHVHJXULGDGTXHVRQ
HQYLDGRVGHVGHODFHQWUDODOD6DODGH(PHUJHQFLDVGHO&616$/(0\
TXHVHDJUXSDQHQORVVLJXLHQWHVWLSRVGHVXFHVRV
z 1~FOHR
z &RQWHQFLyQ
z 6LVWHPDVGH5HIULJHUDFLyQGHO1~FOHRHQ(PHUJHQFLD
z 6LVWHPDV6DOYDJXDUGLD&RQWHQFLyQ
z 5DGLDFLyQ
z 2WURVVLVWHPDVGHVHJXULGDG
z 'DWRVPHWHURUROyJLFRV
(OVHJXLPLHQWRGHODVYDULDEOHVVHUHDOL]DRGHIRUPDQXPpULFDHQSDQ
WDOODRELHQDSDUWLUGHJUi¿FDVLQGLYLGXDOHV\RGHJUXSRGHSHQGLHQGRGHO
VHJXLPLHQWRTXHVHTXLHUDKDFHUGHOVLPXODFUR
$VtPLVPRVHKDGLVHxDGRXQVLVWHPDGH6HJXLPLHQWRGH,QFLGHQFLDV
GXUDQWHHO6LPXODFURODDSOLFDFLyQYDFDOFXODQGRODVYDULDFLRQHVGHODV
YDULDEOHV\HQFDVRGHWHQHUXQDYDULDFLyQGH“\“HQODVTXH
SURYLHQHQGHVHxDOHVDQDOyJLFDV\HOFDPELRGHHVWDGRHQORVHTXLSRV
TXHHQWUDQDIXQFLRQDUHQXQSUHVHQWDQGRXQPHQVDMHHPHUJHQWHHQ
HOTXHVHLQGLFDHOQRPEUHGHODVYDULDEOHVTXHKDQVXIULGRXQDYDULDFLyQ
\RFDPELRGHHVWDGR\HOWLHPSRUHDOGHVXFHVRHQHOTXHVHKDSURGXFLGR
$GHPiVHOYDORUGHODYDULDEOHTXHVHKDPRVWUDGRHQHOSDQHOHPHUJHQWH
VHSUHVHQWDSXOVDQWHHQODSDQWDOODSULQFLSDO
(OPyGXORTXHVHHVWiGHVDUUROODQGRHVLQWURGXFLUODLQIRUPDFLyQGHOD
³*XtD GH FODVL¿FDFLyQ GH (PHUJHQFLDV´ SDUD SURSRUFLRQDU XQD D\XGD
SDUDLGHQWL¿FDUODH[LVWHQFLDGHXQDHPHUJHQFLD\DX[LOLDUHQVXFODVL¿FD
FLyQGHWDOIRUPDTXHQRVyORDSDUH]FDXQLQGLFDGRUQXPpULFRHQIXQFLyQ
GHOFDPELRGHHVWDGRGHODYDULDEOHVLQRTXHLQGLTXHDOWpFQLFRODLQIRUPD
FLyQVREUHORV6XFHVRV,QLFLDGRUHVGHOD(PHUJHQFLDDVtFRPRORVQLYHOHV
GHDFFLyQTXHOOHYDQDODGHFODUDFLyQGHODHPHUJHQFLD
{È ‡Ê 1
,Ê-*!ÊÃi«Ìˆi“LÀi‡-ÊÓää™
££Ê‡ÊäÇÊ
--/ÊÊ
" /,"ÊÊÊ+1 Ê
-** \Ê/-/ÊÊ /,ÊÊ
"1-/Ê 1
,
°ÊiÀ˜?˜`iâ£]ÊÊ°Ê°Ê,œÃiÓ]ʧʰÊ*>œ“œÎÊÞÊ°Ê1ÀÀi>£
£ÊLiÀ`Àœ>Êi˜iÀ>Vˆ˜Ê‡Ê
i˜ÌÀ>Ê ÕVi>ÀÊ`iÊ
œvÀi˜ÌiÃÊ
ÓÊ
i˜ÌÀœÊ`iÊÃÌÕ`ˆœÃÊi`ˆœ>“Lˆi˜Ì>iÃÊ­
®Ê
ÎÊ1˜ˆÛiÀÈ`>`Ê*œˆÌjV˜ˆV>Ê`iÊ6>i˜Vˆ>
(QHVWDSRQHQFLDVHYDDSUHVHQWDUHOQXHYR'LVHxRGHOVLVWHPDGHFRQWURO
GHODPiTXLQD6,33,1*SDUDUHDOL]DUHOWHVWGHLQWHJULGDGGHOFRPEXVWLEOH
QXFOHDU 6H KD GLVHxDGR WHQLHQGR HQ FXHQWD TXH HO VLVWHPD GHEH GH VHU
UREXVWR\FRQUHGXQGDQFLDVSDUDJDUDQWL]DUODUHDOL]DFLyQ\JUDEDFLyQGH
GDWRVGHODSUXHEDHQFDVRGHIDOODUODFRPXQLFDFLyQFRQHORUGHQDGRUGH
FRQWURO$VtPLVPRVHKDGHVDUUROODGRODDSOLFDFLyQLQIRUPiWLFDTXHLGHQ
WL¿TXH\VHOHFFLRQHIiFLOPHQWHORVHOHPHQWRVFRPEXVWLEOHVHQHOPDSDGHO
Q~FOHRGHOUHDFWRU\ODJHVWLyQGHODLQIRUPDFLyQGHODSUXHEDODSUXHED
TXHVHYDDFRQWURODUHVXQDWpFQLFDQRGHVWUXFWLYDHPSOHDGDSDUDHYDOXDU
OD LQWHJULGDG HVWUXFWXUDO GHO UHYHVWLPLHQWR GH FRPEXVWLEOH QXFOHDU LUUD
GLDGR6HEDVDHQODGHWHFFLyQHPLVLRQHVUDGLDFWLYDVGHORVSURGXFWRVGH
¿VLyQDOUHIULJHUDQWHGHOUHDFWRUFRQODD\XGDGHOHTXLSRGHLQVSHFFLyQGH
HOHPHQWRVFRPEXVWLEOHV6,33,1*
(OHTXLSRGH6,33,1*FRQVWDGHXQDFDPSDQDSDUDSUXHEDVVLPXOWiQHD
GHRFKRHOHPHQWRVFRPEXVWLEOHVMXQWRFRQRWUDFDPSDQDSDUDSUXHEDGH
HOHPHQWRVLQGLYLGXDOHVDGHPiVGHOSXHVWRGHFRQWURO\ORVFRUUHVSRQGLHQ
WHVHOHPHQWRVDFFHVRULRVFDEOHVPDQJXHUDVWHUPRSDUHVHWFODLQVSHF
FLyQGH6,33,1*VHUHDOL]DPHGLDQWHODFDPSDQDTXHHQFLHUUDORVHOHPHQ
WRVFRPEXVWLEOHV$WUDYpVGHODLQ\HFFLyQGHDLUHVHGHVSOD]DHODJXD\VH
UHGXFHODHYDFXDFLyQGHFDORUGHHVWDPDQHUDDXPHQWDODWHPSHUDWXUDGH
ORVHOHPHQWRVFRPEXVWLEOHV\DTXHOORVTXHWHQJDQGHIHFWRVH[SXOVDUiQ
SURGXFWRVGH¿VLyQGLVXHOWRVHQDJXD\RHQIRUPDGHJDVODVPXHVWUDVHQ
IDVHDJXDRJDVVHDQDOL]DQHQWLHPSRUHDO\VHDOPDFHQDQSDUDVXSRVWHULRU
DQiOLVLVHQHOODERUDWRULR5DGLRTXtPLFR
(OFRQWUROGHOGHVDUUROORGHOSURFHVRODGRFXPHQWDFLyQGHORVUHVXOWD
GRVDVtFRPRXQDHYDOXDFLyQSUHYLDGHODGRVLVGHODVPXHVWUDVGHDJXD\
GHJDVDWUDYpVGHODFRPXQLFDFLyQFRQXQPRQLWRUGHUDGLDFLyQVHUHDOL
]DQGHVGHHOSXHVWRGHFRQWUROFRQODD\XGDGHXQRUGHQDGRUSHUVRQDO
(OREMHWLYRGHOSUR\HFWRUHVLGHHQHOGLVHxRGHODSDUWHGHFRQWUROGHO
VLVWHPDGH6,33,1*\GHODDSOLFDFLyQVRIWZDUHEDVDGDHQODE9,(:SDUD
HOFRQWUROPRQLWRUL]DFLyQ\GRFXPHQWDFLyQGHODVSUXHEDVGH6,33,1*
&RQHVWHSUR\HFWRVHGRWDUiDOVLVWHPDGHXQDPD\RUIXQFLRQDOLGDG\
DVXYH]VHIDFLOLWDUiXQHQWRUQRGHXVXDULRPiVDPLJDEOHHLQWHUDFWLYR\
SHUPLWLUi
‡6XEVWLWXLUODSODWDIRUPDGHWUDEDMRDFWXDOFRQXQVLVWHPDHOHFWUyQLFRHQ
WLHPSRUHDOEDVDGRHQF5,2\XQVRIWZDUHGHFRQWUROGLVHxDGRDGKRF
SDUDHOVLVWHPD6,33,1*
‡'RWDUDOQXHYRVLVWHPDGHXQDPD\RUUHGXQGDQFLDHQHODOPDFHQDMHGH
GDWRVPLQLPL]DQGRODSUREDELOLGDGGHSpUGLGDGHORVPLVPRV
‡'RWDUDOQXHYRVLVWHPDGHÀH[LELOLGDGIUHQWHDUHTXLVLWRVIXWXURV
(OVLVWHPDGHVDUUROODGRSDUDUHVROYHUHOUHWRKDVLGRXWLOL]DU³F5,2
5HDO7LPH3RZHU3&(PEHGGHGFRQWUROHUSDUD&RPSDFW5LRTXHUHDOL]D
HOFRQWUROVREUHODPiTXLQDJDUDQWL]DQGRODUHGXQGDQFLDGHOVLVWHPD\TXH
LQWHUDFW~DFRQODDSOLFDFLyQGHVDUUROODGDHQ/DE9,(:TXHHVTXLpQ
PDQHMD\GLVSRQHGHODLQIRUPDFLyQSDUDORVWpFQLFRVGHIRUPDDPLJDEOH\
VHQFLOODVLPSOL¿FDQGR\UHGXFLHQGRHOWLHPSRGHOWUDEDMRHQSODQWD
E@7
3URJUDPD\6LQRSVLVGHODV3RQHQFLDV
£ÓʇÊ", <
$ Ê9Ê
/",-Ê1 "-Ê­®
ÕiÛiÃÊәʇʣä]ää…Ê
Ê
Ê
Ê
Ê
Ê
Ê
ÊÊÊÊÊÊ-\Ê ,
"Ê,
*ÀiÈ`i˜Ìi\ʜÃjÊՈÃʝ«iâʝ«iâÊÉÊ**1
œœÀ`ˆ˜>`œÀ\ÊÀ>˜VˆÃVœÊˆ}ÕiÀœ>ÊÉÊ-"
$ Ê 1
,Ê-
$‡6 $£ÓʇÊä£Ê
1/ÊÊ*9-
ÊÊ,
/",-Ê
1
,-ÊÛ{°ä°
°ÊˆiÃ]ÊÀ>˜ViÃVÊ*Ո}]Ê+°ÊœÞ>ÀÌ]Ê°Ê*iÀi]Ê°Ê,œ˜}>Õ
1*
‡ ,
,QRUGHUWRLPSURYHHGXFDWLRQTXDOLW\LQQXFOHDUHQJLQHHULQJHGXFDWLRQ
SURJUDPDW83&%DUFHORQDD0XOWLPHGLDRQ1XFOHDU5HDFWRU3K\VLFVLV
EHLQJGHYHORSHGVLQFH
7KHWHDFKHUXVHVWKHPXOWLPHGLDGXULQJKLVOHFWXUHVDQGVWXGHQWVXVHLW
DWKRPHWRVWXG\WKLVFRXUVH
7KLVPXOWLPHGLDKDVEHHQXVHGLQ1XFOHDU5HDFWRU3K\VLFVFRXUVHIRU
(QJLQHHUVRIž\HDUQXFOHDULQWHQVL¿FDWLRQDW(76(,%83&
7UDLQLQJIRUHQJLQHHUVFKHPLVWULHVLQIRUPDWLFVHWFDW1XFOHDU3RZHU
3ODQWPRGXODUFRXUVHZHHNV
7UDLQLQJ2SHUDWRUVRI1XFOHDU3RZHU3ODQWV
:KHQWKHPXOWLPHGLDLVXVHGIRUSURSRVDOVDQGLWLVXVHIXOWRHV
FDSHWKHFKDSWHUVDQG
'XULQJ WKLV SHULRG VHYHUDO LQVWLWXWLRQV KDYH VSRQVRUHG WKLV DFWLYLW\
)DFWRULD83&1(5*7HFQDWRP(1(1(8DQG,$($7KDQNVWRWKLV
VXSSRUWWKHVFRSHRIWKHPXOWLPHGLDKDVLQFUHDVHGQXPEHURIFKDSWHUV
DQGODQJXDJHV
1RZDGD\V WKLV PXOWLPHGLD KDV DERXW VOLGHV DQG WKH WH[W LV LQ
6SDQLVK(QJOLVKDQG)UHQFKDQGDUHUHTXHVWLRQVWRWUDQVODWHWRRGGHU
ODQJXDJHV
7KHVDPH&'520KDVWKHWKUHHODQJXDJHV7KHXVHUFKRRVHVWKHODQ
JXDJHWKDWWKH\ZDQW
7KH¿JXUHVDQGHTXDWLRQVDUHWKHVDPHLQWKHWKUHHODQJXDJHV6SDQLVK
(QJOLVKDQG)UHQFKWKHRQO\GLIIHUHQFHLVWKHWH[WODQJXDJH'XULQJODVW
\HDUKDYHEHHQSURGXFHGWZRQHZFRPSOHWHFKDSWHUVWKHDQGUHODWHG
WRQHXWURQLFV
,QSDUDOOHOGXULQJWKHODVW\HDUDOOWKHWH[WDERXWVOLGHVKDVEHHQ
WUDQVODWHGWR(QJOLVKDQGWR)UHQFK
7KHFKDSWHURQHKDVEHHQXSGDWHLQ6SDQLVK(QJOLVKDQG)UHQFKDQG
KDVEHHQLPSURYHGLQRUGHUWRH[SODLQZLWKPRUHGHWDLOWKHJHQHUDWLRQ
*,,,$3(35DQG*,9
$QDJUHHPHQWZLWKWKH,$($KDVDFKLHYHGLQRUGHUWRGLVWULEXWHWKH
(QJOLVKYHUVLRQRIWKH0XOWLPHGLDZRUOGVFRSHIRUQRQFRPPHUFLDOSUR
SRVHV
7KH$JHQF\ZLOOSURYLGHDFFHVVIRUWKHPXOWLPHGLDIRUQRQFRPPHU
FLDOSURSRVHVDVRQFHLWJRHVRXWLQWKHXQLYHUVLWLHVLWFDQEHFRSLHGDV
PXFKDVIUHHRIFRVW$FWXDOO\,$($LVLPSOHPHQWLQJWKHGLVWULEXWLRQ
PHWKRGRORJ\WKDWZLOOEHUHDG\YHU\VRRQ
7KHPXOWLPHGLDKDVEHHQSUHVHQWHGLQWKH$VLDQ1HWZRUNIRU(GXFD
WLRQ LQ 1XFOHDU 7HFKQRORJ\ $1(17 DQG LQ /DWLQ$PHULFD 1HWZRUN
IRU(GXFDWLRQLQ1XFOHDU7HFKQRORJ\/$1(17DFWXDOO\LQFUHDWLRQ
SURFHVV
$QG DJUHHPHQW ZLWK ;LQH[XVQXFOHDU KDV EHHQ DFKLHYHG LQ RUGHU WR
GLVWULEXWHWKH0XOWLPHGLDRQ1XFOHDU5HDFWRU3K\VLFV(QJOLVK6SDQLVK
)UHQFK«ZRUOGVFRSH
,Q WKH ZHE SDJH RI ;LQH[XV ZZZ[LQH[XVFK ZLOO EH DQ DFFHVV WR
WKHFRPSOHWHPXOWLPHGLDRQQXFOHDUUHDFWRUSK\VLFV(QJOLVK6SDQLVK
)UHQFKIUHHRIFRVWGXULQJRQHKRXU7KHXVHUFDQEX\RQOLQHWURXJK
WKHZHESDJHRI;LQH[XVQXFOHDUZZZ[LQH[XVFKRUGHUDYDLODEO\YHU\
VRRQ
3DSHUYHUVLRQRIWKHPXOWLPHGLD
&'URRPYHUVLRQRIWKHPXOWLPHGLD
%RWKSDSHUDQG&'URRPYHUVLRQRIWKHPXOWLPHGLD
£ÓʇÊäÓÊ
*,",-ÊÊ61
$ Ê9Ê",Ê
ÊÊ-1,Ê Ê", <
$ Ê9Ê
/",-Ê1 "
iÃ>ÀÊ`iʏ>Ê
>
ʏ“>À>âʇÊ/Àˆœ
'HVGHHODxRVHKDQLPSODQWDGRHQODVFHQWUDOHVQXFOHDUHVHVSD
xRODV3URJUDPDVGHHYDOXDFLyQ\PHMRUDGHOD6HJXULGDGHQ2UJDQL]DFLyQ
\)DFWRUHV+XPDQRVDORVTXHGHDKRUDHQDGHODQWHQRVUHIHULUHPRVGH
IRUPDDEUHYLDGDFRPR3URJUDPDVGH2\)+(VWRV3URJUDPDVUHFRJHQHO
HQIRTXH\HOWUDWDPLHQWRTXHOHGDQODVGLIHUHQWHVFHQWUDOHVDORVWHPDVGH
IDFWRUHVKXPDQRV\RUJDQL]DWLYRV\ODIRUPDHQTXHpVWRVSXHGDQLQFUH
PHQWDUODVHJXULGDGGHODVPLVPDV$VXYH]VHQRPEUDQSHUVRQDVFRQOD
PLVLyQGHTXHHVWRV3URJUDPDVTXHDFDEDQGHVHUHPSUHQGLGRVSRUODV
FHQWUDOHVHPSLHFHQDIXQFLRQDU\DOFDQFHQDPHGLRSOD]RXQHVWDGRWDO
TXHOHVSHUPLWDXQSURJUHVLYRDYDQFH
'DGDODHVSHFLDOQDWXUDOH]D\ODQRYHGDGGHHVWRV3URJUDPDVORVUHV
SRQVDEOHV GHVLJQDGRV SDUD GHVDUUROODUOR VH SODQWHDURQ ODV QHFHVLGDGHV
FRJQRVFLWLYDV\ODVKDELOLGDGHV\FRPSHWHQFLDVDVRFLDGDVDODVWDUHDVTXH
WHQGUtDQ TXH DERUGDU SDUD ORJUDU FRQ FLHUWD VHJXULGDG GH p[LWR TXH ORV
3URJUDPDVGH2\)+DOFDQ]DUiQODVPHWDVTXHVHSURSRQtDQ
8QD YH] DFRUGDGDV FXDOHV HUDQ HVDV QHFHVLGDGHV VH HODERUy XQ
SURJUDPD IRUPDWLYR FRQVWLWXLGR SRU XQD VHULH GH PyGXORV TXH
UHVSRQGtDQ D iUHDV FRPR OD 6HJXULGDG 1XFOHDU OD 2UJDQL]DFLyQ
&XOWXUDGH6HJXULGDGRDGLVFLSOLQDVFRPROD,QJHQLHUtDGH)DFWRUHV
+XPDQRVHO&RPSRUWDPLHQWR+XPDQRHWF6HFRQVLGHUyTXHODVSHU
VRQDVTXHWUDEDMDUDQHQWHPDVGH2UJDQL]DFLyQ\)DFWRUHV+XPDQRV
WHQGUtDQTXHFRQRFHU\GRPLQDUHOFRQRFLPLHQWRDVRFLDGRDHVWDVPD
WHULDVSDUDSRGHUDERUGDUFRQJDUDQWtDVHOSLORWDMHGHHVWRV3URJUDPDV
'DUHPRV D FRQRFHU HQ HVWD VHVLyQ OD JpQHVLV \ FRQWHQLGRV GH HVWH
SURJUDPDIRUPDWLYR´
Ê 1
,Ê-*!ÊÃi«Ìˆi“LÀi‡-ÊÓää™Ê‡ {Ç
'(
E7E;A@7EFt5@;53E
2UJDQL]DFLyQ\IDFWRUHVKXPDQRV,
£ÓʇÊäÎÊ
6,
$ ÊÊ
ÊÊ1 Ê* ÊÊ
$
+°Ê>jãÊÞÊ°ÊiÀ˜>˜Ã>˜âÓÊÊ
£Ê 6
ÓÊ
/D SUHVHQWH SRQHQFLD WLHQH FRPR REMHWLYR UHDOL]DU XQD SUHVHQWDFLyQ
GLYXOJDWLYDGHODH[SHULHQFLDDGTXLULGDSRU$1$9HQVXSURFHVRGH9HUL
¿FDFLyQGHOD(¿FDFLDGHO3ODQGH$FFLyQGH0HMRUDGHOD*HVWLyQGHOD
6HJXULGDG3$0*6RULJLQDGRSRUHOLQFLGHQWHHQHO6LVWHPDGH$JXDGH
6HUYLFLRV(VHQFLDOHVGH&19DQGHOOzVRFXUULGRHOGHDJRVWRGH
6LJXLHQGRORLQGLFDGRHQHVWiQGDUHVGHOD$JHQFLD,QWHUQDFLRQDOGHOD
(QHUJtD$WyPLFD,$($HOPRGHORXWLOL]DGRHQ&19DQGHOOzV,,SDUWLy
GHODSUHPLVDGHTXHODH¿FDFLDJOREDOGHXQ3ODQGH0HMRUDQRGHSHQGH
~QLFDPHQWHGHOp[LWRLQGLYLGXDOGHFDGDXQDGHVXVDFFLRQHVFRUUHFWLYDV
RGHPHMRUD'HKHFKRDXQTXHWRGDVODVDFFLRQHVGH¿QLGDVSXHGDQKD
EHUVLGRYDORUDGDVFRPRH¿FDFHVGHPDQHUDLQGLYLGXDOQRVHJDUDQWL]D
GHPDQHUDUHFtSURFDODH¿FDFLDHQODUHVROXFLyQGHODVFDXVDVUDtFHVGHO
SUREOHPD
3RUWDQWRODSRQHQFLDSUHVHQWDHQEDVHDODH[SHULHQFLDTXHVyORODGH
PRVWUDFLyQJOREDOHLQWHJUDGDGHTXHODDSOLFDFLyQGHGLIHUHQWHVDFFLRQHV
GH¿QLGDVSDUDODUHVROXFLyQGHXQSUREOHPDKDUHVXOWDGRH¿FLHQWHSXHGH
OOHYDUDODYDORUDFLyQSRVLWLYDGHXQGHWHUPLQDGR3ODQGH$FFLyQ
(OPRGHORGHYHUL¿FDFLyQGHH¿FDFLDVHJXLGRHQ&19DQGHOOzV,,SDUD
HO 3$0*6 HV SUHVHQWDGR HQ VXV GRV IDVHV GH LPSODQWDFLyQ (Q SULPHU
OXJDU VH SUHVHQWD FyPR VH UHDOL]y XQD FRPSUREDFLyQ GH TXH WRGRV ORV
(OHPHQWRVGH'LDJQyVWLFR('HQWHQGLHQGRFRPRWDOHVODVFDXVDVUDtFHV
RFRQWULEX\HQWHVDOVXFHVRRORVDVSHFWRVTXHSHVHDQRKDEHUFRQWULEXLGR
DOVXFHVRSRGUtDQKDEHUIXQFLRQDGRFRPREDUUHUDVKDQVLGRFRUUHJLGRV
&RPRVHJXQGDIDVHGHOPRGHORVHSUHVHQWDODQHFHVLGDGGHLPSODQWDUXQ
SURJUDPDGHUHIXHU]RGHFRPSRUWDPLHQWRVLQGLYLGXDOHV\RUJDQL]DWLYRV
EDVDGRHQXQDPHWRGRORJtDSUREDGDFRQXQDSULRUL]DFLyQGHFRPSRUWD
PLHQWRVDUHIRU]DUGHDFXHUGRDORVUHVXOWDGRVGHODVGLVWLQWDVHYDOXDFLRQHV
LQWHUQDV\H[WHUQDVTXHVHKD\DQOOHYDGRDFDERFRQPRWLYRGHOVXFHVR
TXHVHSUHWHQGHUHVROYHU
£ÓʇÊä{Ê
7-/ "1-Ê1,"* Ê/, Ê*,",
°Êˆ“j˜iâÊ6>À>ÃÊÞÊ°Êii
7-/ "1-‡ /
Ê 1
,
:HVWLQJKRXVH HV XQD FRPSDxtD LQWHUQDFLRQDO TXH VH VLHQWH RUJXOORVD
GHGDUDVXVHPSOHDGRVODSRVLELOLGDGGHWUDEDMDU\DFWXDUJOREDOPHQWH
'HQWURGHHVWHPDUFRHO(XURSHDQ7UDLQHH3URJUDPHVXQDRSRUWXQLGDG
GHSDUWLFLSDUHQGLYHUVRVSUR\HFWRV\GHWUDEDMDUFRQGLIHUHQWHVFXOWXUDV
GHQWURGHODSURSLDFRPSDxtD
(QHODxRFRPHQ]yHOSULPHU7UDLQHH3URJUDPGH:HVWLQJKRXVH
FRQVLHWHSDUWLFLSDQWHVVXHFRV(OSURJUDPDVHGHVDUUROOyGXUDQWHGLHFLR
FKRPHVHVVLHQGRORV~OWLPRVVHLVPHVHVXQSHULRGRLQWHUQDFLRQDOHQHO
TXHORVWUDLQHHVWUDEDMDURQHQ(VWDGRV8QLGRV\)UDQFLD
(QDEULOGHVHLQLFLDHOSULPHU(XURSHDQ7UDLQHH3URJUDPGH:HV
WLQJKRXVHFRQFLQFRSDUWLFLSDQWHVVXHFRVGRVDOHPDQHVGRVHVSDxROHV\
XQEHOJD&RPRHODQWHULRUHOSURJUDPDWLHQHXQDGXUDFLyQGHGLHFLRFKR
PHVHV/RVSULPHURVGRFHPHVHVORVSDUWLFLSDQWHVKDQWHQLGRODRSRUWX
{n ‡Ê 1
,Ê-*!ÊÃi«Ìˆi“LÀi‡-ÊÓää™
QLGDGGHWUDEDMDUHQGLIHUHQWHViUHDVGHQWURGHVXSDtVGHRULJHQDVtFRPR
GHDVLVWLUDHQFXHQWURVGHXQDVHPDQDGHGXUDFLyQHQGLVWLQWDVVHGHVGH
:HVWLQJKRXVH 9lVWHUnV 6XHFLD 3LWWVEXUJK (VWDGRV 8QLGRV 0DGULG
(VSDxD1LYHOOHV%pOJLFD\0DQQKHLP$OHPDQLD(QGLFKRVHQFXHQ
WURVORVWUDLQHHVKDQSRGLGRFRQRFHUODVGLIHUHQWHViUHDVGHQHJRFLRGH
ODHPSUHVDDOUHGHGRUGHOPXQGRDVtFRPRUHFLELUIRUPDFLyQWpFQLFD\GH
SURMHFWPDQDJHPHQW/RV~OWLPRVVHLVPHVHVVRQFRPRHQHOSURJUDPD
DQWHULRUXQSHULRGRLQWHUQDFLRQDOHQHOTXHGRVGHORVWUDLQHHVKDQWUDED
MDGRHQ(VWDGRV8QLGRVRWURVGRVHQ(VSDxDGRVPiVHQ%pOJLFDXQRHQ
*UDQ%UHWDxDXQRHQ)UDQFLD\RWURHQ6XHFLDVLHPSUHHQXQSDtVGLVWLQWR
DOGHRULJHQ
(QRFWXEUHGHFRPLHQ]DXQDQXHYDHGLFLyQGHO(XURSHDQ7UDLQHH
3URJUDP FRQ SDUWLFLSDQWHV GH FLQFR SDtVHV HXURSHRV 'XUDQWH PHVHV
WHQGUiQODRSRUWXQLGDGGHFRQRFHUODFRUSRUDFLyQJOREDOPHQWH(OSURJUD
PD HGXFDWLYR LQWHUQR VHUi DOWHUQDGR FRQ UHVSRQVDELOLGDGHV LQWHUHVDQWHV
GHQWURGHYDULRVFDPSRV/DPD\RUSDUWHGHOSURJUDPDWHQGUiOXJDUHQHO
SDtVGHRULJHQSHURFRPRHQORVDQWHULRUHVSURJUDPDVWDPELpQVHWHQGUi
ODRSRUWXQLGDGGHWUDEDMDUHQRWURVSDtVHVHQORVTXH:HVWLQJKRXVHWLHQH
VHGHGXUDQWHDOJXQRVSHUtRGRV
£ÓʇÊäxÊ
--ÊÊ
"Ê ÊÊ
1/1,ÊÊ
-1,ÊÊ 6
°ÊiÀ˜?˜`iâÊ>`Àˆ`£]Ê°ÊÊ«iˆÀÓ]Ê°Ê>̜ÀÀiÓÊÞÊ-°Ê«iâÎ
£Ê-"
" Ê 1
,Ê-
"Ê6 "-Ê
ÓÊ"
°Ê1˜ˆÛiÀÈÌ>ÌÊ`iÊ6>i˜Vˆ>
ÎÊ/
/"
&XDQGRVHHYDO~DOD&XOWXUDGH6HJXULGDGHQSHULRGRVGHWLHPSRGLVWLQWRV
VHREWLHQHFRPRUHVXOWDGRTXHpVWDPHMRUDHPSHRUDRVHPDQWLHQHLJXDO
HQWUHXQDHYDOXDFLyQ\RWUD(QHOFDVRHQTXHpVWDKD\DYDULDGR¢4XpHVOR
TXHKDFRQWULEXLGRDTXHVHSURGX]FDHVHFDPELR"3DUDSRGHUUHVSRQGHUD
HVWDSUHJXQWDHV~WLODGPLQLVWUDUMXQWRDOFXHVWLRQDULRGH&XOWXUDGH6HJX
ULGDGRWUDVKHUUDPLHQWDVTXHPLGDQYDULDEOHVWHyULFDPHQWHUHODFLRQDGDV
FRQpVWD$VtHVSRVLEOHFRPSUREDUVLH[LVWHQUHODFLRQHVHPStULFDVHQWUH
HOODV\HQHVHFDVRHVWDEOHFHUHVWUDWHJLDVGHDFWXDFLyQSDUDSURPRYHUOD
PHMRUDGHOD&XOWXUDGH6HJXULGDGDSDUWLUGHODLQWHUYHQFLyQHQODVRWUDV
YDULDEOHV
(Q$1$9VHKDUHDOL]DGRXQDDSUR[LPDFLyQDODQiOLVLVGHOFDPELRGH
OD &XOWXUD GH 6HJXULGDG PHGLDQWH XQD HQFXHVWD D WRGD OD SREODFLyQ HQ
\6HDGPLQLVWUDURQFXDWURFXHVWLRQDULRVTXHPLGHQ&XOWXUDGH
6HJXULGDG&XOWXUD2UJDQL]DWLYD2&,&RPXQLFDFLyQ\&DUDFWHUtVWLFDV
GH OD 2UJDQL]DFLyQ UHODFLRQDGDV FRQ OD VHJXULGDG 0HGLDQWH XQ DQiOLVLV
GHUHJUHVLyQP~OWLSOHMHUiUTXLFDVHREWXYRTXHSDUWHGHODVYDULDFLRQHVHQ
OD&XOWXUDGH6HJXULGDGHQWUH\VHSRGtDQH[SOLFDUSRUFLHUWRV
DVSHFWRVFRQFUHWRVGHOD&XOWXUD2UJDQL]DWLYD\GHOD&RPXQLFDFLyQ,Q
WHUQDGH$1$9
(OREMHWLYRGHODSRQHQFLDHVHOGHSUHVHQWDUHVWHHVWXGLR\ORVUHVXOWDGRV
REWHQLGRV FRPR XQ PpWRGR GH HQIRFDU OD SRVWHULRU LQWHUYHQFLyQ WUDV OD
HYDOXDFLyQGHOD&XOWXUDGH6HJXULGDG
E@7
3URJUDPD\6LQRSVLVGHODV3RQHQFLDV
£ÓʇÊäÈÊ
£ÓʇÊänÊ
",]Ê8*, Ê ÊÊ*,/
$ Ê
ÊÊ",
$ ÊÊ"*,
$ Ê Ê1 Ê
/,Ê
,/Ê*",Ê *"]Ê1,Ê
Ê /", "ÊÊÊ 1-/,Ê 1
,Ê
,
-1 /"ÊÊ
" -Ê,6-ÊÊ
ÊÊ-$ Ê-
,/Ê Ê
° Ê-/°Ê,ÊÊ
,"!
°Ê,œœÊœ«iâÊ
/
/"
.RHEHUJ HV XQD FHQWUDO QXFOHDU FRQ GRV XQLGDGHV WLSR 3:5 TXH SHU
WHQHFH D OD FRPSDxtD HVWDWDO VXGDIULFDQD (VNRP ORV GRV UHDFWRUHVGH
OD FHQWUDO VLWXDGD D ODV DIXHUDV GH OD ORFDOLGDG GH &LXGDG GHO &DER
HQWUDURQHQIXQFLRQDPLHQWRHQ\HQFRQXQDFDSDFLGDGGH
PHJDYDWLRVORTXHUHSUHVHQWDHOSRUFLHQWRGHWRGDODHQHUJtD
TXHJHQHUDHVWHSDtV'LFKDFHQWUDOKDFRQVHJXLGRODDFUHGLWDFLyQSRU
,132 FRQ HO SURFHVR GH DFUHGLWDFLyQ VH DOFDQ]D XQ UHFRQRFLPLHQWR
GH OD FDOLGDG HQ HO SURFHVR GH LPSOHPHQWDFLyQ GH ORV SURJUDPDV GH
IRUPDFLyQ SDUD FRQVHJXLU OD DFUHGLWDFLyQ OD FHQWUDO FRUUHVSRQGLHQWH
WLHQHTXHGHPRVWUDUTXHODIRUPDTXHWLHQHGHLPSDUWLUHOSURJUDPDGH
IRUPDFLyQHVWiGHDFXHUGRFRQXQRVREMHWLYRVREMHWLYRVGHODDFUHGL
WDFLyQ\TXHVHUHODFLRQDQFRQ(OHQWUHQDPLHQWRRULHQWDGRDOD0H
MRUD GHO 5HQGLPLHQWR /D 'LUHFFLyQ GHO SURFHVR GHO HQWUHQDPLHQWR \
GHORV5HFXUVRV(QWUHQDPLHQWRLQLFLDO\&XDOL¿FDFLyQ(QWUHQDPLHQWR
FRQWLQXDGR,PSDUWLFLyQGHODIRUPDFLyQ\OD(YDOXDFLyQGHDOXPQRV\
(YDOXDFLyQGHOD(IHFWLYLGDGGHO(QWUHQDPLHQWR8QRGHORVHOHPHQWRV
TXHFRQVLVWHHOSURFHVRGHDFUHGLWDFLyQHVFRPSUREDUODLPSODQWDFLyQ
GHO(6&(QIRTXH6LVWHPiWLFRGHOD&DSDFLWDFLyQHQLQJOpVVHGHQR
PLQD 6$7 6\VWHPDWLF$SSURDFK WR 7UDLQLQJ HO (6& HV XQ HQIRTXH
GHFDSDFLWDFLyQTXHYDHQSURJUHVLyQOyJLFDGHVGHODGH¿QLFLyQGHODV
FXDOL¿FDFLRQHVUHTXHULGDVSDUDGHVHPSHxDUXQFDUJRKDVWDHOGHVDUUR
OOR \ HMHFXFLyQ GH OD FDSDFLWDFLyQ SDUD ORJUDU HVWDV FXDOL¿FDFLRQHV \
OD HYDOXDFLyQ SRVWHULRU GH HVWD FDSDFLWDFLyQ (O (6& FRQVWD GH FLQFR
IDVHV LQWHUUHODFLRQDGDV TXH VRQ ODV VLJXLHQWHV$1È/,6,6 HVWD IDVH
FRPSUHQGH OD GHWHUPLQDFLyQ GH ODV QHFHVLGDGHV GH FDSDFLWDFLyQ \ GH
ODFRPSHWHQFLDUHTXHULGDSDUDGHVHPSHxDUXQFDUJRHQSDUWLFXODU',
6(f2HQHVWDIDVHODFRPSHWHQFLDVHWUDQVIRUPDHQREMHWLYRVGHFD
SDFLWDFLyQ (VWRV REMHWLYRV VH RUJDQL]DQ HQ XQ SODQ GH FDSDFLWDFLyQ
(/$%25$&,Ï1HVWDIDVHFRPSUHQGHODSUHSDUDFLyQGHWRGRVORVPD
WHULDOHVGLGiFWLFRVGHPRGRTXHSXHGDQFXPSOLUVHORVREMHWLYRVGHOD
FDSDFLWDFLyQ(-(&8&,Ï1HQHVWDIDVHVHOOHYDDFDERODFDSDFLWDFLyQ
FRQORVPDWHULDOHVGLGiFWLFRVHODERUDGRV(9$/8$&,Ï1GXUDQWHHVWD
IDVH VH HYDO~DQ WRGRV ORV DVSHFWRV GH ORV SURJUDPDV GH FDSDFLWDFLyQ
VREUHODEDVHGHORVGDWRVUHXQLGRVHQFDGDXQDGHODVIDVHVDQWHULRUHV
/DDGHFXDGDUHWURLQIRUPDFLyQTXHVHJXLUiDHVWHSURFHVRVHWUDGXFLUi
HQPHMRUDVHQHOSURJUDPDGHFDSDFLWDFLyQ\HQODFHQWUDO
°Ê/œV>]Ê°ÊâV?À>Ìi]Ê
>ÀœÃʉiâ]Ê°Ê?ÀVi˜>ÊÞÊ°Ê"LiÜÊ
1
",Ê-
&RPRUHVXOWDGRGHODHYDOXDFLyQGHOD&XOWXUDGH6HJXULGDGTXHVHUHDOL]y
SRUSDUWHGHHO2,($D1XFOHQRUHQ1RYLHPEUHGHVHLGHQWL¿FDUyQ
XQDEXHQDSUiFWLFD\GRFHIRUWDOH]DVDVtFRPRGRViUHDVGHPHMRUDFRQ
FLQFRUHFRPHQGDFLRQHV\WUHLQWD\VLHWHVXJHUHQFLDV
(VWHKHFKRKDVXSXHVWRXQPHGLRSDUDPHMRUDU\DPSOLDUODFRODERUD
FLyQHQWUHODVRUJDQL]DFLRQHVGH5HFXUVRV+XPDQRV\)DFWRUHV+XPDQRV
XQL¿FDQGR\SRWHQFLDQGRXQDYLVLyQFRQMXQWDHQDVSHFWRVFRPR7pFQLFDV
GHPLQLPL]DFLyQGHHUURUHV&XOWXUDGH6HJXULGDGSROtWLFDVGHUHFXUVRV
KXPDQRV \ OLGHUD]JR HQ OD 2UJDQL]DFLyQ SURJUDPDV GH IRUPDFLyQ HQ
KDELOLGDGHVGHJHVWLyQHWF(OUHVXOWDGR¿QDOGHHVWDPD\RULQWHUDFFLyQ
IDFLOLWDODFRQVHFXFLyQGHORVREMHWLYRVGHODHPSUHVDHQHVWDPDWHULD\
VLUYHSDUDSULRUL]DUODVGLIHUHQWHVDFWXDFLRQHVGHXQDPDQHUDFRRUGLQDGD
\H¿FD]
6H KD IRUPDGR XQ HTXLSR FRRUGLQDGRU FRPSXHVWR SRU SHUVRQDO GH
DPEDVRUJDQL]DFLRQHVFX\DPLVLyQHVHODQiOLVLV\FRQWUROGHWRGDVODV
UHFRPHQGDFLRQHV\VXJHUHQFLDVUHDOL]DGDVSRUODPLVLyQ6&$57\HOVH
JXLPLHQWR\VXSHUYLVLyQGHOSURFHVRGHLPSODQWDFLyQGHODVDFFLRQHVSUR
SXHVWDVSDUDVXVROXFLyQ
3DUDHVWHSURFHVRVHKDUHDFWLYDGRODPHWRGRORJtDGH³JUXSRVGHPHMR
UD´DWUDYpVGHODSXHVWDHQIXQFLRQDPLHQWRGHWUHVHTXLSRVHQORVTXHVH
KDQDJUXSDGRODVUHFRPHQGDFLRQHV\VXJHUHQFLDVUHDOL]DGDVSRUODPLVLyQ
6&$57
*UXSR³$´+DELOLGDGHVGHJHVWLyQ
*UXSR³%´3DUWLFLSDFLyQGHOSHUVRQDO
*UXSR³&´(¿FDFLDGHORVSURFHVRV
(VWRVHTXLSRVXWLOL]DQGRODVWpFQLFDVGHPHMRUDFRQWLQXDKDQVHOHFFLR
QDGRODVVXJHUHQFLDVRUHFRPHQGDFLRQHVPiVLPSRUWDQWHVGHFDGDJUXSR\
KDQSURSXHVWRGLIHUHQWHVDFWXDFLRQHVSDUDUHVROYHUFDGDXQDGHHOODV
2WUDVDFWLYLGDGHVFRQMXQWDVUHDOL]DGDVSDUDGHVDUUROODUIXWXUDVOtQHDVGH
DFWXDFLyQHQHVWHiPELWRKDQVLGR
z $QiOLVLVJUXSDOHVGH)RUWDOH]DV'HELOLGDGHV2SRUWXQLGDGHV\$PHQD
]DV'$)2SDUDHOFROHFWLYRGHWpFQLFRVPHGLRV
z &XUVRVGHIRUPDFLyQGHFDSDFLGDGHVSHUVRQDOHVFRPRDOWHUQDWLYDH[
WUDODERUDO
z 'LIXVLyQ GH H[SHFWDWLYDV HQFDPLQDGDV DO VHJXLPLHQWR \ VROXFLyQ GH
ODVUHFRPHQGDFLRQHV\VXJHUHQFLDVGHWHFWDGDVDWUDYpVGHOVHUYLFLRGH
FRPXQLFDFLyQLQWHUQDGHODFHQWUDO
z 3URFHVRVGH&RDFKLQJ
Ê 1
,Ê-*!ÊÃi«Ìˆi“LÀi‡-ÊÓää™Ê‡ {™
')
E7E;A@7EFt5@;53E
5HVLGXRVUDGLDFWLYRV,,
£ÎʇÊ,-1"-Ê,
/6"-Ê­®
ÕiÛiÃÊәʇʣä]ää…Ê
Ê
Ê
Ê
Ê
Ê
Ê
Ê
ÊÊ-\Ê,Ê
1,
*ÀiÈ`i˜Ì>\ʘ>Ê?â>ÀœÊÉÊ /
Ê 1
,‡7-/ "1-
œœÀ`ˆ˜>`œÀ>\ÊëiÀ>˜â>Ê>À>ÊÉÊ
/
£ÎʇÊä£Ê
/ /1"Ê Ê/ / "6\Ê/7"Ê
-"1/" -Ê",Ê,9Ê-/",
"6/6Ê
°Ê>ÀV‰>
/ ʘÌiÀ˜>̈œ˜>Ê­,6Ê}ÀœÕ«®Ê
7KH7170IDPLO\FRUUHVSRQGVWRPRUHWKDQGLIIHUHQWW\SHVRIFDVNV
ZKLFKGXDOSXUSRVHGHVLJQLVEDVHGRQDIRUJHGVWHHOYHVVHO7KH\KDYH
PDLQO\EHHQVROGLQ(XURSHIRUVSHQWIXHOGU\VWRUDJHLQ%HOJLXP6ZLW]HU
ODQG*HUPDQ\,WDO\EXWDOVRLQWKH86DQGLQ-DSDQ7KH3:5RU%:5
IXHOFKDUDFWHULVWLFVPD\KDYHYDULRXVHQULFKPHQWYDOXHXSWRYDULRXV
FRROLQJWLPHGRZQWR\HDUVDQGYDULRXVEXUQXSXSWR0:GW8
'XULQJWKHSDVW\HDUVWKHGHPDQGRQIRUJHGPDVVLYHSLHFHVKDVGUDV
WLFDOO\LQFUHDVHGIRURLOFKHPLVWU\DQGQHZQXFOHDUSRZHUSODQWPDUNHWV
OHDGLQJWRXQFHUWDLQWLHVRQWKHDYDLODELOLW\DQGSULFHRQWKH71IRUJHG
ERG\
+RZWRDYRLGXVLQJIRUJHGERGLHVZKLOHUHVSRQGLQJWRYHU\GHPDQGLQJ
FRGHV DQG VWDQGDUGV" 7KDW ZDV WKH SXUSRVH RI DQ H[WHQVLYH LQQRYDWLRQ
SURFHVVODXQFKHGWRFUHDWHWKHQHZJHQHUDWLRQRIVSHQWIXHOWUDQVSRUWDQG
VWRUDJHFDVNVIRU7ZRZD\VKDYHEHHQIRXQGWRFLUFXPYHQWWKHIRUJHG
ERG\LVVXH
XVHDPXOWLOD\HUERG\
VHSDUDWHWKHWUDQVSRUWDQGVWRUDJHIXQFWLRQDOLWLHVRIWKHFDVN
7KHVHWZRVROXWLRQVKDYHEHHQQDPHG7170'82DQG7170129$DQG
DUHWKHUHVXOWVRIVHYHUDOPRQWKVRILQWHQVLYHZRUNIRUDGHGLFDWHGWHDP
7KHSXUSRVHRIWKLVSDSHULVWRSUHVHQWWKLVH[SHULHQFHDQGIXUWKHUPRUH
WRXQGHUOLQHWKHPDLQDGYDQWDJHVRIWKHVHWZRW\SHVRIVROXWLRQIRURXU
FXVWRPHUV+HQFHWKLVSDSHUIRFXVHVRQWKHIROORZLQJWRSLFV
$WHFKQLFDOVROXWLRQIRUWKHWUDQVSRUWDQGVWRUDJHRIVSHQWIXHO
$WHFKQLFDOVROXWLRQLQWHUPRIPDQXIDFWXULQJSURFHVV
$QHFRQRPLFDOVROXWLRQLQWHUPVRIPDQXIDFWXULQJOLFHQVLQJ
£ÎʇÊäÓÊ
/, -*",/Ê"Ê1-Ê 1
,Ê1-\ÊÊ
" / 1"1-Ê
Ê
*°Ê,ÕÃÈ>ÃÊ
/ ʘÌiÀ˜>̈œ˜>Ê­,6Ê}ÀœÕ«®
)RUPRUHWKDQ\HDUV71,QWHUQDWLRQDOKDVEHHQLQYROYHGLQWKHUDGLRDF
WLYHPDWHULDOVWUDQVSRUWDWLRQ¿HOG6LQFHWKHEHJLQQLQJWKHXVHGQXFOHDU
IXHOWUDQVSRUWDWLRQKDVEHHQLWVFRUHDFWLYLW\'XULQJDOOWKHVH\HDUV71
,QWHUQDWLRQDOQRZSDUWRI$5(9$KDVEHHQDEOHWRDQWLFLSDWHDQGIXO¿O
WKHQHHGVIRUQHZWUDQVSRUWRUVWRUDJHFDVNVGHVLJQWR¿WWKHQXFOHDULQ
GXVWU\HYROXWLRQV$ZKROHÀHHWRIFDVNVDEOHWRWUDQVSRUWDOOWKHPDWHULDOV
xä ‡Ê 1
,Ê-*!ÊÃi«Ìˆi“LÀi‡-ÊÓää™
RIWKHQXFOHDUIXHOF\FOHKDVEHHQGHYHORSHG,QWKLVSUHVHQWDWLRQZHZLOO
IRFXVRQWKHFDVNVIRUWKHXVHGIXHOWKHDVVRFLDWHGWUDQVSRUWPHDQVDQG
WUDQVSRUWRUJDQL]DWLRQLQRUGHUWRJLYHDQRYHUYLHZRIWKHIXWXUHWUDQVSRUW
RIXVHGIXHOLQ6SDLQ
$QVZHULQJWRWKHFRQVWDQWHYROXWLRQRIWKHQXFOHDULQGXVWU\WUDQVSRUW
QHHGVLVDFKDOOHQJHWKDW71,QWHUQDWLRQDOIDFHVURXWLQHO\&RQFHUQLQJWKH
XVHG QXFOHDU IXHO WUDQVSRUWDWLRQ71 ,QWHUQDWLRQDO KDV GHYHORSHG LQ WKH
HDUO\V¶DÀHHWRI71W\SHFDVNV¿WWHGZLWKVHYHUDOW\SHVRIEDVNHWV
DEOHWRVDIHO\WUDQVSRUWDOOWKHXVHGIXHOIURPWKHQXFOHDUSRZHUSODQWRU
WKH UHVHDUFK ODERUDWRULHV WR$5(9$ /D +DJXH SODQW 7KH FXUUHQW FKDO
OHQJHLVWKHGHVLJQRIDQHZWUDQVSRUWFDVNJHQHUDWLRQWDNLQJLQWRDF
FRXQW WKH QHHGV RI WKH LQGXVWU\ IRU WKH QH[W \HDUV7KH UHSODFHPHQW
RIWKH71FDVNJHQHUDWLRQLVWREHVFKHGXOHGDVWKHUHJXODWLRQVKDYH
FKDQJHGDQGWKHIXHOFKDUDFWHULVWLFVKDYHHYROYHG7KHQHZJHQHUDWLRQRI
FDVNVZLOOWDNHLQWRDFFRXQWDOOWKHWHFKQLFDOHYROXWLRQVPDGHGXULQJWKH
71WKLUW\\HDUVRIXVH
:LWKLWVWUDQVSRUWH[SHULHQFHRIPRUHWKDQXVHGIXHODVVHPEOLHV
LQ)UDQFHDQGRWKHU(XURSHDQFRXQWULHV*HUPDQ\7KH1HWKHUODQGV%HO
JLXP6ZLW]HUODQG,WDO\RYHUVHDVFRXQWULHV-DSDQWUDYHOOLQJE\UDLOE\
URDGRUE\VHD71,QWHUQDWLRQDOKDVEXLOWLWVFRPSUHKHQVLYHRUJDQL]DWLRQ
FRYHULQJDOODVSHFWVDVJOREDODFFHSWDQFHHPHUJHQF\UHVSRQVHV\VWHPV
HIIHFWLYHÀHHWPDQDJHPHQWDQGWUDQVSRUWRUJDQL]DWLRQ
%\LWVFRQWLQXRXVLQYROYHPHQWLQWKHQXFOHDUWUDQVSRUWDWLRQ¿HOG71
,QWHUQDWLRQDOKDVEHHQDEOHWRIDFHWKHPDQ\FKDOOHQJHVOLQNHGWRWKHUD
GLRDFWLYHPDWHULDOVWUDQVSRUWDWLRQHVSHFLDOO\WDONLQJRIXVHGQXFOHDUIXHO
:KHQWUDQVSRUWLQJXVHGIXHOZLWKLQIHZ\HDUV6SDLQZLOOKDYHDOVRWRIDFH
WKLVFRQWLQXRXVFKDOOHQJHLQRUGHUWRHQVXUHWKHVDIHW\WKHUHOLDELOLW\WKH
WUDFHDELOLW\RIVXFKWUDQVSRUWV
£ÎʇÊäÎÊ
8*, ÊÊÊ-
-
$ ÊÊ
"-Ê,-1"-Ê,
/6"-Ê*,"
/-Ê
Ê
°
°Ê
""Ê/, /6ÊÊ6ÊÊ
-/$
°Ê°Ê,œ`À‰}Õiâʝ“iâ£ÊÞʰʜ˜â?iâÊ
ÀiëœÓ
£Ê-"
" Ê ,Ê9Ê
" -/,1
$ Ê 1-/,
ÓÊ1 -
'XUDQWH OD RSHUDFLyQ GH ODV FHQWUDOHV VH JHQHUDQ GLYHUVRV PDWHULDOHV
GpELOPHQWHFRQWDPLQDGRVTXHSXHGHQVHUJHVWLRQDGRVGHIRUPDFRQYHQ
FLRQDOPHGLDQWHVXGHVFODVL¿FDFLyQ
(QWUH HVWRV PDWHULDOHV VH SXHGHQ GHVWDFDU ORV JUDQGHV FRPSRQHQWHV
FRPRWDQTXHV\FDPELDGRUHVGHFDORUFKDWDUUDVGLYHUVDVPDGHUDVDFHL
WHVUHVLQDVGHLQWHUFDPELRLyQLFRFDUEyQDFWLYRHWF
(OSURFHVRSDUDODGHVFODVL¿FDFLyQGHPDWHULDOHVSURFHGHQWHVGH&&11
FRPLHQ]D FRQ OD DSUREDFLyQ SRU SDUWH GHO &61 GHO SUR\HFWR FRP~Q GH
E@7
3URJUDPD\6LQRSVLVGHODV3RQHQFLDV
GHVFODVL¿FDFLyQ(QHVWHSUR\HFWRVHHVWXGLDQDSDUWLUGHORVFDQWLGDGHV
JHQHUDGDV\GHORVÀXMRVGHJHQHUDFLyQODVSRVLELOLGDGHVGHJHVWLyQGH
FDGDUHVLGXRHQ(VSDxDSDUDSRVWHULRUPHQWHFDOFXODUORVQLYHOHVGHGHV
FODVL¿FDFLyQGHULYDGRVDDSOLFDU
3RVWHULRUPHQWHFDGDLQVWDODFLyQGHEHUiGLVSRQHUGHODFRUUHVSRQGLHQWH
DXWRUL]DFLyQ DGPLQLVWUDWLYD SRU SDUWH GHO 0LQLVWHULR (Q OD VROLFLWXG GH
ODPLVPDVHDGMXQWDUiHOSUR\HFWRHVSHFL¿FRTXHLQFOXLUiHQWUHRWUDOD
VLJXLHQWHLQIRUPDFLyQ
‡ (VWLPDFLyQGHODVFDQWLGDGHVGHUHVLGXRSRWHQFLDOPHQWHGHVFODVL¿FDEOH
JHQHUDGRDQXDOPHQWHHQODLQVWDODFLyQ
‡ ,QIRUPDFLyQGLVSRQLEOHVREUHODFDUDFWHUL]DFLyQUDGLROyJLFD\TXtPLFD
GHVXFRQWDPLQDFLyQ\VXRULJHQ
‡ 0HWRGRORJtD\SURFHGLPLHQWRVGHFDUDFWHUL]DFLyQUDGLROyJLFDGHOUHVL
GXRSRWHQFLDOPHQWHGHVFODVL¿FDEOHVFRQLQGLFDFLyQGHOPpWRGRXWLOL]D
GRSDUDVXPXHVWUHR
‡ ,QVWUXPHQWDFLyQGLVSRQLEOHSDUDOOHYDUDFDERODFDUDFWHUL]DFLyQUDGLR
OyJLFD
‡ ,GHQWL¿FDFLyQGHOJHVWRU\ODYtDGHJHVWLyQSUHYLVWDSDUDHOUHVLGXR
‡ 7LSRGHDFRQGLFLRQDPLHQWRGHOUHVLGXRHQFDVRGHUHTXHULUVH
/DDFWLYLGDGGHGHVFODVL¿FDFLyQVHLQFRUSRUDHQHO3ODQGH*HVWLyQGH
5HVLGXRVGHFDGDFHQWUDOFRQVLGHUiQGRVHXQD³EXHQDSUiFWLFD´1RREV
WDQWHODH[SHULHQFLDKDVWDODIHFKDGHPXHVWUDTXHH[LVWHQGL¿FXOWDGHVSDUD
SRGHUOOHYDUDFDERGLFKDSUiFWLFD
(VWHWUDEDMRWUDWDVREUHODH[SHULHQFLDREWHQLGDHQODVDFWXDFLRQHVGH
GHVFODVL¿FDFLyQOOHYDGDVDFDERHQODVFHQWUDOHVQXFOHDUHVGHVGHORVWUi
PLWHV DGPLQLVWUDWLYRV LQLFLDOHV SDUD REWHQHU OD DXWRUL]DFLyQ GH GHVFODVL
¿FDFLyQ KDVWD OD HOLPLQDFLyQ R GHSyVLWR GHO UHVLGXR SRU HO JHVWRU ¿QDO
SDVDQGRSRUODFRPSOHMLGDGGHODFDUDFWHUL]DFLyQUDGLROyJLFDODE~VTXHGD
GHXQJHVWRUDXWRUL]DGRORVUHTXLVLWRVGHWUDQVSRUWH\¿QDOPHQWHORVFRV
WHVDVRFLDGRVDWRGRHOSURFHVR
£ÎʇÊäxÊ
-/
$ ÊÊ6"1 Ê,-1"-Ê
Ê67ÊEÊ7ÊÊ"*,
$ Ê9Ê
-/ /"ÊÊ-Ê
/,-Ê
1
,-Ê Ê-"6Ê
°ÊˆÀ>iÃÊiÀÀiÌiÊÞÊ°Ê-?˜V…iâÊ-Õ`˜Ê
/
Ê 1
,Ê
6HSUHVHQWDODPHWRGRORJtDJHQHUDOSDUDODGHWHUPLQDFLyQGHOYROXPHQ
GHUHVLGXRVDDOPDFHQDUHQUHSRVLWRULRVGHPHGLDEDMDDFWLYLGDG/,/:
\PX\EDMDDFWLYLGDG9//:SURFHGHQWHVGHODRSHUDFLyQ\GHVPDQWH
ODPLHQWR GH ODV FHQWUDOHV QXFOHDUHV HQ OD 5HS~EOLFD GH (VORYDTXLD /D
HVWLPDFLyQ GHO YROXPHQ GH UHVLGXRV VH KDFH GHQWUR GHO SUR\HFWR ³(Q
ODUJHPHQW RI WKH 0RFKRYFH UHSRVLWRU\´ (O DOPDFpQ HQ VXSHU¿FLH GH
0RFKRYFHHVWiOLFHQFLDGRSDUDDOPDFHQDUORVUHVLGXRVGHEDMD\PHGLD
DFWLYLGDGHQFHOGDVGHKRUPLJyQYDXOWVVLHQGRHOREMHWRGHOSUR\HFWR
HVWXGLDUODYLDELOLGDGGHFRQVWUXLUXQUHSRVLWRULRFRQVWLWXLGRSRUEDUUHUDV
GHDUFLOODSDUDDOPDFHQDUORVUHVLGXRVGHPX\EDMDDFWLYLGDGVLJXLHQGR
ODSUiFWLFDDFWXDOHQ)UDQFLDR(VSDxD
/DPHWRGRORJtDVHDSOLFDGHVGHODJHQHUDFLyQGHUHVLGXRVGXUDQWHODV
DFWLYLGDGHVGHRSHUDFLyQ\GHGHVPDQWHODPLHQWRKDVWDHOYROXPHQUHDO
TXHRFXSDHQHODOPDFpQ
'HVSXpVGHODJHQHUDFLyQ\FDUDFWHUL]DFLyQGHOUHVLGXRVHUHDOL]DVX
FODVL¿FDFLyQ HQ ODV FDWHJRUtDV *7&& *UHDWHU7KDQ &ODVV & /,/: \
9//:XWLOL]DQGRORVFULWHULRVGHDFHSWDFLyQGH/,/:DFWXDOPHQWHXWL
OL]DGRVSRUHOUHSRVLWRULRGH0RFKRYFH\ORVFULWHULRVGHDFHSWDFLyQGH
9//:SURSXHVWRVDORODUJRGHOSUR\HFWR
$ FRQWLQXDFLyQ DWHQGLHQGR D ORV FULWHULRV GH DFHSWDFLyQ GH UHVLGXRV
WDQWRItVLFRVTXtPLFRVFRPRUDGLROyJLFRVSDUDHODOPDFHQDPLHQWR¿
QDO VH UHDOL]D VX WUDWDPLHQWR \ DFRQGLFLRQDPLHQWR SURFHVRV TXH HVWiQ
FDUDFWHUL]DGRV SRU XQD YDULDFLyQ GHO YROXPHQ RFXSDGR SRU HO UHVLGXR
)LQDOPHQWHHOEXOWRFRQIRUPDGRVHDOPDFHQDHQHOUHSRVLWRULRWHQLHQGR
HQFXHQWDODJHRPHWUtDGHODVXQLGDGHVGHDOPDFHQDPLHQWR\ODIRUPDGH
OOHQDGR
&RPR UHVXOWDGR ¿QDO GH OD PHWRGRORJtD VH REWLHQHQ ORV YRO~PHQHV
QHFHVDULRVSDUDORVDOPDFHQDPLHQWRVHQVXSHU¿FLHGHDPEDVFDWHJRUtDV
GHUHVLGXRV$VLPLVPRSDUDXQGLVHxRFRQFHSWXDOGDGRVHGHWHUPLQDOD
VXSHU¿FLHGHWHUUHQRQHFHVDULDSDUDODFRQVWUXFFLyQGHORVUHSRVLWRULRV
£ÎʇÊäÈÊ
6"Ê61/6"Ê-",Ê-Ê
"*,
" -Ê,<-Ê
" ÊÊ
--/ÊÊ
/"Ê Ê-
"Ê
Ê
"1-/Ê,,"ÊÊ
° °Ê"-Ê
,,Ê
°Ê°Ê
>“«œÃÊi˜`‰>£]Ê°Ê>Û>À>Ê->˜â£]Ê°Ê>ÀV‰>Ê
œÃ̈>ÓÊ
ÞÊ°Ê-i˜À>Ê6ˆ>ÀÀÕLˆ>Ó
£Ê-"
" Ê ,Ê9Ê
" -/,1
$ Ê 1-/,
ÓÊ1 $ Ê "-Ê ,
$
8QDYH]¿QDOL]DGDODH[SORWDFLyQFRPHUFLDOGHOD&HQWUDO 1XFOHDU -RVp
&DEUHUDGHDFXHUGRDOD2UGHQ0LQLVWHULDO(&2GHGH2F
WXEUH%2(GHGHQRYLHPEUHGHHQODTXHVHHVWDEOHFHHOFHVHGH
GLFKDH[SORWDFLyQDSDUWLUGHOGHDEULOGHVHKDQLQLFLDGRXQDVHULH
GHDFWLYLGDGHVQHFHVDULDVSDUDSURFHGHUDOGHVPDQWHODPLHQWR\FODXVXUD
GHODLQVWDODFLyQ
(QWUHRWURVUHTXLVLWRV\SDUDGDUFXPSOLPLHQWRDODUWtFXORGHO5H
JODPHQWR GH ,QVWDODFLRQHV 1XFOHDUHV \ 5DGLDFWLYDV VH KD GHWHUPLQDGR
TXH HO FRPEXVWLEOH LUUDGLDGR DFWXDOPHQWH H[LVWHQWH HQ OD SLVFLQD GH DO
PDFHQDPLHQWR VH GHVFDUJXH \ WUDVODGH D XQ DOPDFHQDPLHQWR WHPSRUDO
GHQRPLQDGR$OPDFHQDPLHQWR7HPSRUDO ,QGLYLGXDOL]DGR $7, XELFDGR
GHQWURGHOSURSLRHPSOD]DPLHQWRKDVWDTXHVHGLVSRQJDGHXQ$OPDFpQ
7HPSRUDO&HQWUDOL]DGR
$WHQGLHQGRDODVFLUFXQVWDQFLDVGHHVWHSUR\HFWRGHDOPDFHQDPLHQWRGH
FRPEXVWLEOHLUUDGLDGRFDQWLGDG\FDUDFWHUtVWLFDVGHORVPDWHULDOHVUDGLDF
WLYRV LPSOLFDGRV PRGXODULGDG UHTXHULGD QHFHVLGDG WHPSRUDO GH OD GLV
SRQLELOLGDGGHODLQVWDODFLyQGHDOPDFHQDPLHQWR«VHKDVHOHFFLRQDGR
HO6LVWHPDGH$OPDFHQDPLHQWRHQVHFRGHQRPLQDGR+,67250=
SURSLHGDGGH+2/7(&,17(51$7,21$/FRPRVLVWHPDGHJHVWLyQGH
GLFKRFRPEXVWLEOH(VWHVLVWHPDGLVHxDGRSDUDHODOPDFHQDPLHQWRHQHO
H[WHULRU VLQ HGL¿FLR GH SURWHFFLyQ \ SDUD VRSRUWDU FRQGLFLRQHV QRUPD
OHVDQRUPDOHV\GHDFFLGHQWHPX\FRQVHUYDGRUDVHVWiFRPSXHVWRSULQ
FLSDOPHQWH GHO 0yGXOR GH$OPDFHQDPLHQWR GHQRPLQDGR +,67250
GHO&RQWHQHGRUGH7UDQVIHUHQFLDGHQRPLQDGR+,75$&\GHOD&iSVXOD
0XOWLSURSyVLWRGHQRPLQDGD03&
(QHVWDSRQHQFLDVHSUHVHQWDXQYLGHRGHFRUWDGXUDFLyQHQHOTXHVH
GHVFULEHQGHPDQHUDVHFXHQFLDOWRGDVODVRSHUDFLRQHVTXHVHGHEHQUHDOL
]DUSDUDWUDQVIHULUHOFRPEXVWLEOHLUUDGLDGRGHVGHVXXELFDFLyQDFWXDOHQOD
SLVFLQDKDVWDVXWUDVODGR\SRVWHULRUDOPDFHQDPLHQWRHQHO$7,HPSOHDQ
GRHO6LVWHPDDQWHULRUPHQWHPHQFLRQDGRDVtFRPRXQDVHULHGHVLVWHPDV
DX[LOLDUHVQHFHVDULRVSDUDODHMHFXFLyQGHODVRSHUDFLRQHVLQGLFDGDV
Ê 1
,Ê-*!ÊÃi«Ìˆi“LÀi‡-ÊÓää™Ê‡ x£
')
E7E;A@7EFt5@;53E
5HVLGXRVUDGLDFWLYRV,,
£ÎʇÊäÇÊ
£ÎʇÊänÊ
,, /Ê*,ÊÊ
1"ÊÊ
/",-ÊÊ-
Ê9Ê-*
/,"-ÊÊ
" / $
*,"9
/"ÊÊ-
-
$ ÊÊ
/,-Ê/
"-ÊÊ
ÊÊ
*<-ÊÊÊ
/6ÊÊÊ
/,Ê
1
,ÊÊ
", /-
°Ê°Ê>À̉˜Ê>ÀV‰>ÊÞʰʈ“i˜œÊiÃ>Ê
-"
" Ê
7DQWRSDUDODFDUDFWHUL]DFLyQUDGLROyJLFDGHPHGLRVItVLFRVFRPRSDUDHO
DFRQGLFLRQDPLHQWRWUDQVSRUWH\GLVSRVLFLyQ¿QDOGHUHVLGXRVUDGLDFWLYRV
VHUHTXLHUHLQIRUPDFLyQHVSHFt¿FDGHODDFWLYLGDGWRWDO\GHODFRQFHQWUD
FLyQGHDFWLYLGDGSRUQXFOHLGRHVSHFWURGHFRQWDPLQDFLyQFRQWHQLGRHQ
ORVPLVPRV'HELGRDODFRPSOHMLGDGGHODVPHGLFLRQHVGHHPLVRUHVDOID
\EHWDODWHQGHQFLDPXQGLDOHVHPSOHDUHO0pWRGRGH)DFWRUHVGH(VFDOD
6FDOLQJIDFWRUV,62HOFXDOVHEDVDHQODUHODFLyQHQWUHODDFWLYL
GDG GH QXFOHLGRV GLItFLOHV GH PHGLU 5DGLRQXFOHLGRV GH 'LItFLO 0HGLGD
5'0\ODDFWLYLGDGGHDTXHOORVTXHVHPLGHQIiFLOPHQWH5DGLRQXFOHLGR
&ODYH5&TXHVRQHPLVRUHVJDPPD
62&2,1KDGHVDUUROODGRXQDKHUUDPLHQWDGHD\XGDSDUDGHWHUPLQDUORV
IDFWRUHVGHHVFDODFRPRSDUDHVWLPDUHVSHFWURVGHFRQWDPLQDFLyQ'LFKD
KHUUDPLHQWDSHUPLWHVHOHFFLRQDUHOWHVWHVWDGtVWLFRFRQHOTXHVHTXLHUHGH
WHUPLQDUHOIDFWRUGHHVFDODPHGLDPHGLDQDPHGLDJHRPpWULFDSHUFHQWLO
;5HSUHVHQWDUJUi¿FDPHQWHODVIXQFLRQHVGHGLVWULEXFLyQGHO5'0\GHO
5&DVtFRPRHOGLDJUDPDGHGLVSHUVLyQ5'05&HQHOTXHVHSRGUiQGH
WHFWDUORVYDORUHVDQyPDORV'LFKDKHUUDPLHQWDSHUPLWHDJUXSDUPXHVWUDV
GHPHGLRVHVSHFt¿FRV
/DKHUUDPLHQWDDGHPiVFDOFXODORVHVSHFWURVGHFDGDXQDGHODVPXHV
WUDVDSOLFDQGRORVIDFWRUHVGHHVFDOD\GHOFRQMXQWRGHPXHVWUDVHQHVWH
~OWLPRFDVRSHUPLWHHOHJLUHOHVWDGtVWLFRPDVDGHFXDGRPHGLDPHGLDQD
RGHSHQGLHQWHGHO&RH¿FLHQWHGH9DULDFLyQVHJ~QODPHWRGRORJtD0$5
66,0
/DKHUUDPLHQWDVHSUHVHQWDLPSOHPHQWDGDHQXQDDSOLFDFLyQFRQFUHWD
FRPRHVHOFDVRGHO³FiOFXORGHFRQWDPLQDFLyQLQWHUQDGHVLVWHPDVHQHO
GHVPDQWHODPLHQWRGHLQVWDODFLRQHV´
xÓ ‡Ê 1
,Ê-*!ÊÃi«Ìˆi“LÀi‡-ÊÓää™
°Ê°Ê`iʈi}œ£]Ê°Ê >Û>ÀÀœÓ]Ê°Ê6ˆVœÓ]Ê°Ê>“i>Î]Ê
,°Ê>ÀV‰>‡iÀ“iœÎ]Ê°Ê->>ÃÎ]Ê-°ÊṎjÀÀiâÎÊÞÊ°ÊÀiÃ̈Î
£ÊLiÀ`Àœ>Êi˜iÀ>Vˆ˜]Ê*Àœ`ÕVVˆ˜Ê ÕVi>ÀÊ
Óʓ«ÀiÃ>Ê >Vˆœ˜>Ê`iÊ,iÈ`՜ÃÊ,>`ˆ>V̈ۜÃÊ
ÎÊLiÀ`Àœ>ʘ}i˜ˆiÀ‰>ÊÞÊ
œ˜ÃÌÀÕVVˆ˜
&RQODHMHFXFLyQGHOSUR\HFWRGHGHVFODVL¿FDFLyQGHPDWHULDOHVPHWiOLFRV
XELFDGRVHQHO$OPDFpQGH3LH]DVGH%DMD$FWLYLGDG$3%$GHOD&1GH
&RIUHQWHVVHKDFRQVHJXLGROLEHUDUHVSDFLRHQGLFKRDOPDFpQSDUDDORMDU
ORV UDFNV H[WUDtGRV GH OD 3LVFLQD (VWH GH &RPEXVWLEOH *DVWDGR FRQVH
FXHQFLD GHO FDPELR GH EDVWLGRUHV R UHUDFNLQJ DFRPHWLGR UHFLHQWHPHQWH
HQODPLVPD
/RVPDWHULDOHVDOFDQFHGHOSUR\HFWRKDQVLGRUDFNVGHFRPEXVWLEOH
JDVWDGRSURFHGHQWHVGHOUHUDFNLQJGHOD3LVFLQD2HVWHGHVSLHFHVGHORV
KDFHVWXEXODUHVGHORVVHSDUDGRUHVGHKXPHGDGR065VGRVURWRUHVGHOD
WXUELQDGHEDMDSUHVLyQ\VHPLGLDIUDJPDV
/RVUDFNVJHVWLRQDGRVFRPRUHVLGXRUDGLDFWLYRKDQVLGRWURFHDGRVH
LQWURGXFLGRVHQ&RQWHQHGRUHV0HWiOLFRVGH7UDQVSRUWH&07VHLQPRYL
OL]DGRVFRQFRQJORPHUDQWHKLGUiXOLFR(VWRVFRQWHQHGRUHVVHUiQUHWLUDGRV
SRU(15(6$SDUDVXHQYtRDO&HQWURGH$OPDFHQDPLHQWRGH(O&DEULO
(OUHVWRGHFKDWDUUDVPHWiOLFDVHQXQFLDGDVKDQVLGRVRPHWLGDVDXQSUR
FHVRGHGHVFRQWDPLQDFLyQSDUDVXSRVWHULRUGHVFODVL¿FDFLyQ
/RVKDFHVWXEXODUHVGHORV065VKDQVLGRWURFHDGRVVHJUHJiQGRVHHQ
FKDSDV\WXERV(VWRVGHVSLHFHVVRQVRPHWLGRVDXQDGHVFRQWDPLQDFLyQ
SRUFKRUUHDGRFRQDJXDDSUHVLyQSUHYLDDVXLQWURGXFFLyQHQFXEDVGH
iFLGRSDUDVXGHVFRQWDPLQDFLyQTXtPLFD7UDVHVWDGHVFRQWDPLQDFLyQVRQ
FKRUUHDGRVGHQXHYRFRQDJXDFKHTXHDGRVUDGLROyJLFDPHQWHHLQWURGXFL
GRVHQ&RQWHQHGRUHV0HWiOLFRVGH'HVFODVL¿FDFLyQ&0'V
/RVVHPLGLDIUDJPDVKDQVLGRVRPHWLGRVDXQDGHVFRQWDPLQDFLyQPH
FiQLFDPHGLDQWHFKRUUHDGRDEUDVLYRFRQJUDQDOODPHWiOLFD
(OWUDWDPLHQWRSUHYLVWRGHORVURWRUHVFRQVLVWHHQXQSURFHVRGHGHVFRQ
WDPLQDFLyQ SRU FKRUUHDGR DEUDVLYR \ SRVWHULRU GHVPRQWDMH \ FRUWH SDUD
VHSDUDUiODEHVGLVFRV\IUDJPHQWRVGHHMH
(VWRVEXOWRVFRQWHQHGRUHV\SLH]DVVLQJXODUHVVRQDFRSLDGRVHQODFDU
SDGHGHVFODVL¿FDFLyQGRQGHVHKDLQVWDODGRXQVLVWHPDGHSRVLFLRQDPLHQ
WRDXWRPiWLFRSDUDHOPRYLPLHQWRGHOHTXLSRHVSHFWURPpWULFR,62&6FRQ
pOTXHVHUHDOL]DUiQODVPHGLGDVGHGHVFODVL¿FDFLyQGHWHUPLQiQGRVHVLHO
PDWHULDOHVGHVFODVL¿FDEOH\SRUWDQWRUHWLUDGRFRPRPDWHULDOFRQYHQFLR
QDOGHOHPSOD]DPLHQWRFRQGHVWLQRIXQGLFLyQRVLHVUHFKD]RWUDWiQGRVH
FRPRUHVLGXRUDGLDFWLYR
E@7
3URJUDPD\6LQRSVLVGHODV3RQHQFLDV
£{ʇÊ-1,Ê 1
,Ê­®
ÕiÛiÃÊәʇʣä]ää…Ê
Ê
Ê
Ê
Ê
Ê
Ê-\Ê,/Ê -/
*ÀiÈ`i˜Ìi\ÊÕ>˜Ê՚œâʏ>ÃVœÊÉÊ*,-,"-Ê,1*"
œœÀ`ˆ˜>`œÀ\ʜÃjÊՈÃÊ*jÀiâÊ/œÀÀiÃÊÉÊ,,"Ê ,
£{ʇÊä£Ê
--ÊÊ
/-ÊÊ
*/1"Ê£xÊ
Ê-Ê*,ÊÊ1 /"ÊÊ*"/ ÊÊ
,<
°Ê->iÃ>ÊÞÊ
°Ê>}i
1-
(186$HVUHTXHULGDSRU&1$7SDUDODUHDOL]DFLyQGHORVDQiOLVLVGHORV
DFFLGHQWHVEDVHGHOLFHQFLDGHOFDSLWXORGHO()6(VWXGLR)LQDOGH6H
JXULGDG\ORVFDPELRVDODV(7)V(VSHFL¿FDFLRQHV7pFQLFDVGH)XQFLR
QDPLHQWRDVRFLDGDVFRQVLGHUDQGRXQDXPHQWRGHXQHQODSRWHQFLD
WpUPLFDQRPLQDOGHODVGRVXQLGDGHVGH&1
$OPDUD](QHODQiOLVLVGHDFFLGHQWHV1R/2&$VHKDQFRQVLGHUDGRWDQWR
ORVFDPELRVGHORVGDWRVGHHQWUDGDDVRFLDGRVDODXPHQWRGHSRWHQFLDFRPR
ODVDFWXDOL]DFLRQHVHQODPHWRGRORJtDGHVGHHODQiOLVLVYLJHQWH(OFRPEXVWL
EOHFRQVLGHUDGRHVHOGHQRPLQDGR0$()FRQ,)0FRQ\VLQJDGROLQLR(O
DXPHQWRGHSRWHQFLDFRQGXFHHQVLPLVPRDXQDGLVPLQXFLyQGHORVPiU
JHQHVDORVOLPLWHVGHORVDFFLGHQWHV&RQREMHWRGHUHFXSHUDUHQSDUWHHVWRV
PiUJHQHV\PDQWHQHUXQDGLVWDQFLDDGHFXDGDDORVOLPLWHVVHKDQUHDOL]DGR
GLVWLQWDVDFFLRQHVGLVPLQXLUORVOLPLWHVGH)¨+\GH)TDFXPSOLUHQHOGL
VHxR GH ODV UHFDUJDV FDPELRV HQ DOJXQRV VLVWHPDV \ HOHYDU ORV UHTXLVLWRV
GHFDXGDOGHDOLPHQWDFLyQDX[LOLDU$GHPiVHVGHGHVWDFDUODDFWXDOL]DFLyQ
GHODQiOLVLVSDUDHO/2&$JUDQGHXVDQGRHOPRGHORGHHYDOXDFLyQUHDOLVWD
FRQWUDWDPLHQWRGHLQFHUWLGXPEUHVGH:HVWLQJKRXVH³$XWRPDWHG6WDWLVWLFDO
75HDWPHQWRI8QFHUWDLQW\0HWKRG´$67580/DPHWRGRORJtD$67580
VHEDVDHQHOFyGLJRWHUPRKLGUDXOLFRUHDOLVWD:&2%5$75$&\VLJXHORV
SDVRVGHVFULWRVHQHO³&RGH6FDOLQJ$SSOLFDELOLW\DQG8QFHUWDLQW\(YDOXD
WLRQ0HWKRGRORJ\´&6$8GHVDUUROODGDSRUOD8615&SHURPHMRUDQGRHO
WHUFHUHOHPHQWRUHODWLYRDOWUDWDPLHQWRGHODVLQFHUWLGXPEUHVXWLOL]DQGRHV
WDGtVWLFRVGHRUGHQHQYH]GHVXSHU¿FLHVGHUHVSXHVWD(OUHVXOWDGRKDVLGROD
UHYLVLyQFRPSOHWDGHOGLVHxRWHUPRKLGUDXOLFRODGHPRVWUDFLyQGHOFXPSOLP
LHQWRGHORVFULWHULRVUHTXHULGRVSDUDFDGDXQRGHORVDFFLGHQWHV\XQRVPiU
JHQHVGHVHJXULGDGDGHFXDGRV(VGHGHVWDFDUHODOWRJUDGRGHLPSOLFDFLyQGH
&1$7HQWRGDVODVIDVHVGHORVFiOFXORVUHDOL]DGRV
£{ʇÊäÓÊ
UUROODQGRXQSUR\HFWRFRQMXQWRLQWHUQDFLRQDOVREUH³6HJXULGDGVtVPLFDGH
FHQWUDOHVQXFOHDUHVHQRSHUDFLyQ´(%36HLVPLF6DIHW\RI([LVWLQJ133
8QRGHORVSURSyVLWRVGHHVWHSUR\HFWRHQHOTXH(VSDxDSDUWLFLSDHVHO
HVWXGLRGHLQGLFDGRUHVDGHFXDGRVSDUDYDORUDUHOGDxRDXQDSODQWDQXFOHDU
WUDVKDEHUVXIULGRXQWHUUHPRWR
6H SXHGHQ XWLOL]DU GLVWLQWRV SDUiPHWURV SDUD HYDOXDU \ FXDQWL¿FDU HO
GDxRSURGXFLGRHQXQDHVWUXFWXUDRVLVWHPDGHXQDSODQWDQXFOHDUGXUDQWH
XQVLVPR(QWUHHOORVGHVWDFDQODYHORFLGDGDEVROXWDDFXPXODGD&$9
OD,QWHQVLGDGGH$ULDV\RWURVSDUiPHWURVGH¿QLGRVDSDUWLUGHHVWRV\HO
Q~PHURGHYHFHVTXHODDFHOHUDFLyQUHJLVWUDGDFDPELDGHVHQWLGRGXUDQWH
HOIHQyPHQR
(Q HO HVWXGLR VH KDQ UHODFLRQDGR HVWDGtVWLFDPHQWH ORV SDUiPHWURV GH
GDxRFRQODVPDJQLWXGHVFDUDFWHUtVWLFDVGHXQDFHOHURJUDPDHVWRHVFRQ
ODVDFHOHUDFLRQHVPi[LPD\PHGLDUHJLVWUDGDVDVtFRPRFRQODGLVWDQFLD
HSLFHQWUDO \ HO WLSR GH VXHOR 'LFKR DQiOLVLV SXHGH YHUVH GH IRUPD JOR
EDORDJUXSDQGRGDWRVVHJ~QUDQJRVGHIUHFXHQFLDD¿QGHHVWXGLDUTXp
DUPyQLFRVSRVHHQPD\RUFRQWHQLGRHQHUJpWLFR(VWRVXSRQHGHVFRPSRQHU
HOHVSHFWURHQGLVWLQWRVUDQJRVGHIUHFXHQFLDV
6HKDQDQDOL]DGRXQRVFLHQUHJLVWURVREWHQLGRVHQGLVWLQWDVHVWDFLRQHV
MDSRQHVDV GXUDQWH ORV VLVPRV RFXUULGRV HO 2FWXEUH 0DU
]R \ 0DU]R WDPELpQ VH DQDOL]DQ GDWRV UHFRJLGRV HQ ODV
LQPHGLDFLRQHVGHODFHQWUDOMDSRQHVDGH.DVKLZD]DNL.DULZDGXUDQWHHO
VLVPRGHO-XOLR
/RVUHVXOWDGRVUHYHODQIXHUWHFRUUHODFLyQHVWDGtVWLFDSUiFWLFDPHQWHOL
QHDOHQWUH&$9\DFHOHUDFLyQPHGLDGHOHVSHFWURPLHQWUDVTXHODGHSHQ
GHQFLDHQWUH&$9\HOUHVWRGHPDJQLWXGHVHVPHQRVIXHUWH/D,QWHQVLGDG
GH$ULDVVHUHODFLRQDIXHUWHPHQWHFRQHOFXDGUDGRGHODDFHOHUDFLyQPHGLD
UHJLVWUDGDHQHODFHOHURJUDPD\DOLJXDOTXHHO&$9HQPHQRUJUDGRFRQ
HOUHVWRGHYDULDEOHV/RVGHPiVSDUiPHWURVHYDOXDGRVJXDUGDQXQDUHOD
FLyQVLPLODUDO&$9H,QWHQVLGDGGH$ULDVSXHVIXHURQGH¿QLGRVDSDUWLU
GHHVWRVSHURODFRUUHODFLyQHVPiVGpELODOQRGHSHQGHUHOGDxRGHOQ~
PHURGHFRUWHVGHODFHOHURJUDPDFRQHOHMHWHPSRUDO([LVWHDGHPiVXQD
FRUUHODFLyQDSUR[LPDGDPHQWHOLQHDOHQWUHORVGRVSULQFLSDOHVSDUiPHWURV
XVDGRVSDUDHYDOXDUHOGDxRDXQTXHOD,QWHQVLGDGGH$ULDVWLHQGHDFHUR
SDUDYDORUHVGH&$9EDMRVRSRFRVLJQL¿FDWLYRVORFXDOODFRQYLHUWHHQ
XQSDUiPHWURDGHFXDGRSDUDGHVFDUWDUDTXHOORVVLVPRVHQHUJpWLFDPHQWH
QRGDxLQRV3DUDGLVWDQFLDVPD\RUHVGHNPHOSDUiPHWURGHGDxRQRHV
VLJQL¿FDWLYR([LVWHXQHIHFWRFRPELQDGRGHGLVWDQFLDDOHSLFHQWUR\WLSR
GHVXHORHQODFXDQWL¿FDFLyQGHOGDxRUHFLELGRSRUODHVWUXFWXUD
--ÊÊÊ
*
ÊÊ!"ÊÊ"-Ê
/,,"/"-ÊÊ -/
" -Ê 1
,°°ÊœÀ?˜£]ʰʜÀi˜œ£]Ê°°Ê-?˜V…iâ‡
>L>šiÀœÓÊÞÊ°Ê
ˆ“j˜iâÓÊ
£Ê"ʘ}i˜ˆiÀ‰>ʘÌiÀ˜>Vˆœ˜>
ÓÊ
$ UDt] GH ORV UHFLHQWHV WHUUHPRWRV IXHUWHV UHJLVWUDGRV HQ HO PXQGR FRQ
LPSDFWRHQLQVWDODFLRQHVQXFOHDUHV\SRULQLFLDWLYDGHO2,($VHHVWiGHVD
Ê 1
,Ê-*!ÊÃi«Ìˆi“LÀi‡-ÊÓää™Ê‡ xÎ
'*
E7E;A@7EFt5@;53E
6HJXULGDGQXFOHDU,,
£{ʇÊäÎÊ
*,"
-"ÊÊ",ÊÊÊÊ
+1*"-Ê­*‡™£Î®\Ê,, /-Ê*,Ê-1Ê
* /
$
°Ê,‰ÃµÕiâÊ>ˆ˜ÊÞÊ°ÊṎjÀÀiâÊiÀ˜?˜`iâ
LiÀ`Àœ>ʘ}i˜ˆiÀ‰>ÊÞÊ
œ˜ÃÌÀÕVVˆ˜Ê
(O 3URFHVR GH 0HMRUD GH )LDELOLGDG GH (TXLSRV ,132$3 HV XQ
SURFHVRQRUHJXODGRHPSUHQGLGRSRUOD,QGXVWULD1XFOHDUHQ86$SDUDOD
PHMRUDGHOD'LVSRQLELOLGDGGHODV3ODQWDV
(VWH SURFHVR LQWHJUD \ FRRUGLQD XQ DPSOLR UDQJR GH DFWLYLGDGHV UHOD
FLRQDGDVFRQOD¿DELOLGDGGHHTXLSRV\TXHQRUPDOPHQWHVHUHDOL]DQHQOD
&HQWUDO/DLQWHJUDFLyQ\FRRUGLQDFLyQGHGLFKDVDFWLYLGDGHVSHUPLWHTXH
HOSHUVRQDOGHODSODQWDHYDO~HODVWHQGHQFLDVGHORVHTXLSRVLPSRUWDQWHV
GHVDUUROOHHLPSODQWHXQSODQGHYLJLODQFLDDODUJRSOD]RGHO³HVWDGR´GH
ORVHTXLSRVYLJLOHHOFRPSRUWDPLHQWRRFRQGLFLyQGHORVPLVPRV\FXDQGR
SURFHGD DMXVWH WDUHDV \ IUHFXHQFLDV GH PDQWHQLPLHQWR EDViQGRVH HQ VX
H[SHULHQFLDRSHUDFLRQDO\DUELWUHPHMRUDVRSHUDFLRQDOHVRGHGLVHxRFRQ
HO¿QGHDOFDQ]DUXQD³RSHUDFLyQOLEUHGHIDOORV´
&RQHO¿QGHDGDSWDUODPHWRGRORJtDGHO3URFHVRGH0HMRUDGH)LDELOLGDG
GH(TXLSRV30)(DODVFDUDFWHUtVWLFDVHVSHFL¿FDVGHODH[SORWDFLyQGHODV
3ODQWDV(VSDxRODV,EHUGUROD,QJHQLHUtDLQLFLyHQHOHODQiOLVLVGHOD
PHWRGRORJtDJHQpULFDGHVDUUROODGDSRU(35,\VXDSOLFDFLyQHVSHFt¿FDD
SODQWDV86$GHFDUDFWHUtVWLFDVVLPLODUHVDODV3ODQWDV(VSDxRODV
/DFRPSOHMLGDGGHORVDQiOLVLV TXH GH¿QHQ HO DOFDQFH \ ORV SODQHV GH
YLJLODQFLDGHORV(6&VODQHFHVLGDGGHIDFLOLWDUDORVLQJHQLHURVGHVLV
WHPDVHOVHJXLPLHQWRGHORVLQGLFDGRUHVGHOHVWDGR\FRPSRUWDPLHQWRGH
(6&VRULJLQyODQHFHVLGDGGHXQDKHUUDPLHQWDLQIRUPiWLFDVRSRUWHDOD
LPSODQWDFLyQGHO30)(
/DSRQHQFLDGHVFULEHOD%DVHSDUDOD,PSODQWDFLyQGHO30)(GHVDUUROOD
GDHQ$FFHVVSRU,EHUGUROD,QJHQLHUtDGHWDOODQGRVXVFDSDFLGDGHVFRPR
VRSRUWH\GRFXPHQWDFLyQGHORVDQiOLVLVQHFHVDULRVSDUDODGH¿QLFLyQGHO
$OFDQFH\&DWHJRUL]DFLyQGH(6&V'H¿QLFLyQGHO3ODQ9LJLODQFLD\SDUD
OD(YDOXDFLyQGHO(VWDGRGHORV(&6VWRPDQGRFRPREDVHODLQIRUPD
FLyQGHORVVLVWHPDVGHJHVWLyQGHLQIRUPDFLyQGHOD3ODQWD
£{ʇÊä{Ê
8*"/
$ Ê9Ê*
$ ÊÊ"-Ê
,-1/"-Ê-1
$ ÊÊ8*, /"Ê
·£ÊÊ,"-É-/ÊÊÊ* /ÊÊ-
$
6°Ê>˜ÕiÊ>À̉˜iâ£]Ê°Ê,iÛi˜ÌÃ£]Ê
°Ê*ÀiÌi£ÊiÊ°Ê-œÓ
£Ê1*
]ʘÃ̈ÌÕ̜Ê`iÊ/jV˜ˆV>ÃʘiÀ}j̈V>Ã
ÓÊÜVˆ>Vˆ˜Ê ÕVi>ÀÊÃV‡6>˜`i¢ÃÊ­ 6®Ê
/DSRQHQFLDVHHQFXDGUDHQHOSUR\HFWR³$QiOLVLV\VLPXODFLyQGHORVH[SH
ULPHQWRV2(&'3./\526$2(&'$SOLFDFLyQDODV&&11HVSDxRODV´
HQHOTXHOD83&SDUWLFLSDMXQWRFRQRWUDVXQLYHUVLGDGHVHVSDxRODVFRQHO
DSR\RGHO&RQVHMRGH6HJXULGDG1XFOHDU(VWHSUR\HFWRHVWiYLQFXODGRFRQ
HO³2(&'1($526$3URMHFW´HQORTXHVHUH¿HUHDH[SHULPHQWDFLyQ\
FRQDFFLRQHVGLYHUVDVGHFRRSHUDFLyQHQWUHOD83&\$1$9HQORUHODWLYR
DYDOLGDFLyQGHPRGHORVGHSODQWDVFRPHUFLDOHV
'XUDQWHODV~OWLPDVGpFDGDVOD2(&'YLHQHUHDOL]DQGRGLYHUVDV\YDULDGDV
DFWLYLGDGHVGHDQiOLVLVGHVHJXULGDGFRQHOREMHWLYRGHGHVDUUROODU\PHMRUDU
FyGLJRVGHVLPXODFLyQWHUPRKLGUiXOLFRV(O7HVWUHDOL]DGRHQODSODQWD
/67)526$GHQWURGHOSUR\HFWR2(&'1($526$VHHQFXDGUDGHQWURGH
x{ ‡Ê 1
,Ê-*!ÊÃi«Ìˆi“LÀi‡-ÊÓää™
ORV³7UDQVLWRULRVFRQFLUFXODFLyQQDWXUDODDOWDSRWHQFLD´\VHFDUDFWHUL]DSRU
VHUXQDURWXUDSHTXHxDHQODUDPDIUtDVLQSDUDGDGHOUHDFWRU$7:6\
FRQSpUGLGDGHOVXPLQLVWURHOpFWULFRH[WHUQR(OSUHVHQWHWUDEDMRGHVDUUROODHQ
SULPHUOXJDUXQFiOFXORSRVWWHVWGHOH[SHULPHQWRHQFXHVWLyQ\¿QDOPHQWHVH
FHQWUDHQODDSOLFDFLyQ\HOGHVDUUROORGHORVPpWRGRVGHHVFDODFLyQFRQFUH
WDPHQWHHO³SRZHUWRYROXPHUDWLR´FRPRKHUUDPLHQWD~WLOSDUDODYDOLGDFLyQ
GHPRGHORVLQWHJUDOHVGHFHQWUDOHVQXFOHDUHVFRPHUFLDOHV
/RV UHVXOWDGRV REWHQLGRV PXHVWUDQ TXH ORV FULWHULRV XWLOL]DGRV SDUD OD
HVFDODFLyQ GH GLFKR WUDQVLWRULR D OD FHQWUDO FRPHUFLDO GH$VFy SHUPLWHQ
WUDVODGDUORVIHQyPHQRVWHUPRKLGUiXOLFRVPiVLPSRUWDQWHVREVHUYDGRVHQ
/67)DODPLVPD
£{ʇÊäxÊ
Ê-Ê
11/" Ê Ê-/9Ê
,/Ê-9-/°Ê
œ«iÌi£]ʰʰʈ?˜£]Ê°Ê
iÀÛ>˜ÌiÃÓ]Ê°Ê>â>Àœ£]Ê°Ê
˜`À>V…iŽÓÊÞʰʜœÀi…i>`ÓÊ
£Ê˜ˆÌiVÊ ÕVi>À‡7iÃ̈˜}…œÕÃi
ÓÊ7iÃ̈˜}…œÕÃi
,QVWDQFHVRIJDVDFFXPXODWLRQLQWKHHPHUJHQF\FRUHFRROLQJ(&&6UHVLG
XDOKHDWUHPRYDO5+5DQGFRQWDLQPHQWVSUD\&6V\VWHPVKDYHRFFXUUHG
VLQFHWKHEHJLQQLQJRIFRPPHUFLDOQXFOHDUSRZHUSODQWRSHUDWLRQ
7KHFDXVHVRIJDVYRLGVDUHGXHWRLPSURSHUYHQWLQJRIWKHVXEMHFWV\V
WHPVYRUWH[HQWUDLQPHQWOHDNDJHWKURXJKFORVHGYDOYHVQRWYHQWLQJSXPS
FDVLQJVODFNRIKLJKSRLQWYHQWVRULQDGHTXDWH¿OODQGYHQWSURFHGXUHV$V
ZLWKWKHFDXVHVWKHFRQVHTXHQFHVDUHDOVRGLYHUVHDLUELQGLQJRISXPSVDQG
ZDWHUKDPPHUDQGSUHVVXUHSXOVDWLRQLQWKHGLVFKDUJHSLSLQJHWF
*DVLQWUXVLRQLQWKHDERYHVDIHW\UHODWHGV\VWHPVLQFRPPHUFLDOQXFOHDUSRZHU
SODQWVKDVEHHQGLVFXVVHGLQYDULRXV,QIRUPDWLRQ1RWLFHVWZR*HQHULF/HWWHUV
DQGD185(*SXEOLVKHGE\1XFOHDU5HJXODWRU\&RPPLVVLRQ15&7KHVH
15&FRPPXQLFDWLRQVGHVFULEHLQGXVWU\HYHQWVDQGSURYLGHUHFRPPHQGDWLRQV
WRUHGXFHJDVLQWUXVLRQYXOQHUDELOLWLHV
,Q-DQXDU\WKH15&LVVXHG*HQHULF/HWWHUWRDGGUHVVJDV
LQWUXVLRQLQWKHDERYHVDIHW\UHODWHG1666V\VWHPV*HQHULF/HWWHU
UHTXLUHV WKH HYDOXDWLRQ RI WKH OLFHQVLQJ DQG GHVLJQ EDVLV WHVWLQJ DQG FRU
UHFWLYHDFWLRQVWRDVVXUHWKDWJDVLQWUXVLRQLVPLQLPL]HGDQGPRQLWRUHGWKH
LPSDFWRQV\VWHPRSHUDELOLW\DQGFRPSOLDQFHZLWKWKHUHTXLUHPHQWVRI$S
SHQGL[%RI&)5IRUWKHVHV\VWHPV
7KLVSDSHUVKRZVWKHGLIIHUHQWDFWLYLWLHVLQYROYHGLQUHVSRQGLQJWR*HQHULF
/HWWHU6SHFL¿FDOO\GHWHFWLQJSUHYHQWLQJPHDVXULQJDQGHOLPLQDW
LQJJDVYRLGVDQGWHFKQRORJLHVXVHGDVZHOO,QDGGLWLRQWKHSDSHUDOVRLQ
FOXGHVWKHSRWHQWLDOFRQVHTXHQFHVDQGDFWLRQVWDNHQLQWKHPDQDJHPHQWRI
JDVDFFXPXODWLRQLQWKHVHV\VWHPV
£{ʇÊäÈÊ
/,
$ ÊÊ*-"Ê ÊÊ
*,"
/"ÊÊ61
$ ÊÊ-Ê
1 " -Ê
,/
-ÊÊ-1,Ê Ê
*,
°Ê*jÀiâÊ>À̉˜£]Ê°Ê>À̈˜iâÊ>ÀÀˆœÃ£ÊiÊ°Õi˜ÌiÊ*Àˆi̜ÓÊ
£Ê“«ÀiÃ>ÀˆœÃÊ}ÀÕ«>`œÃ
ÓÊ
ʏ“>À>â‡/Àˆœ
&RQREMHWRGHPHMRUDUODFDSDFLGDGGHHYDOXDFLyQGHODVIXQFLRQHVFUtWL
FDVGHVHJXULGDGHQSDUDGDVHKDLQWHJUDGRHQHOSURFHGLPLHQWRGHSODQWD
E@7
3URJUDPD\6LQRSVLVGHODV3RQHQFLDV
23(6ODGHVFRPSRVLFLyQGHOSHULRGRGHSDUDGDSDUDUHFDUJDHQORV
PLVPRVHVWDGRVRSHUDFLRQDOHVGHSODQWDGH¿QLGRVHQHO$36HQ2WURVPR
GRVGH2SHUDFLyQ/RFXDOSHUPLWHSRUXQDSDUWHLGHQWL¿FDUGHIRUPDPiV
VHQFLOODODVFRQGLFLRQHVRSHUDWLYDVPiVVLJQL¿FDWLYDVSDUDUHDOL]DUGLFKDV
HYDOXDFLRQHVSRURWUDSDUWHSHUPLWHFRQRFHUFXiOHVVRQORVSRVLEOHVVX
FHVRVLQLFLDGRUHVTXHPiVSXHGHQFRQWULEXLUDOULHVJRHQGLFKRVHVWDGRV
RSHUDFLRQDOHV\WDPELpQSHUPLWHQFRQRFHUODLPSRUWDQFLDHQHOULHVJRGH
ODVSRVLEOHVLQGLVSRQLELOLGDGHV
6REUHXQSULPHUERUUDGRUGHOSURJUDPDGHUHFDUJDHODERUDGRSRUSODQL
¿FDFLyQ6HJXULGDGFRPSUXHEDVLORVHVWDGRVRSHUDFLRQDOHVSURJUDPDGRV
SDUDODUHFDUJDFRUUHVSRQGHQFRQORVDQDOL]DGRVHQODUHFDUJDHVWiQGDUVL
VHSODQWHDXQHVWDGRRSHUDWLYRQRDQDOL]DGRSXHGHQSURSRQHUPRGL¿FDU
HOSURJUDPDRDQDOL]DUHOQXHYRHVWDGRRSHUDWLYR
&XDQGR VH LQWURGXFHQ FDPELRV HQ OD SURJUDPDFLyQ LQLFLDO GHELGR D
SRVLEOHVLPSRQGHUDEOHVHQODUHFDUJDTXHVXSRQJDQFDPELRVVLJQL¿FDWL
YRVRDIHFWHQDODVIXQFLRQHVFUtWLFDVGHVHJXULGDGVHDSOLFDQORVPLVPRV
FULWHULRVGHVFULWRVHQHOSXQWRDQWHULRU(VWRVFDPELRVVRQDSUREDGRVIRU
PDOPHQWH SRU OD ³0HVD GH UHFDUJD´ GRQGH SDUWLFLSD SHUVRQDO GH 2SH
UDFLyQ3ODQL¿FDFLyQ0DQWHQLPLHQWR6HJXULGDG\HQJHQHUDOWRGDVODV
RUJDQL]DFLRQHVLPSOLFDGDV
)LQDOL]DGDODUHFDUJDVHHGLWDQORVLQIRUPHV³DQiOLVLVGHOFXPSOLPLHQWR
GHODVIXQFLRQHVGHVHJXULGDGGXUDQWHODUHFDUJD´\XQ³DQiOLVLVFUtWLFR´
GRQGHVHDQDOL]DQODVLQFLGHQFLDV\FRPSDUDORVUHVXOWDGRVFRQORSODQL¿
FDGRHLQGLFDODVSRVLEOHVPHMRUDVDUHDOL]DUHQSUy[LPDVUHFDUJDV
£{ʇÊäÇÊ
/‡"
°Êœ˜â?iâÊ
Ài}œ£]ʰʜ˜ÌiÀœÊ,œ`Àˆ}œ£]Ê
°Ê>À̉˜Êœ«iâ‡
-ÕiۜÃÓÊÞÊ°ÊÌ>˜>ȜÊ
>ÀÀ>ÃVœÊ>ÌiœÃÓÊ
£Ê“«ÀiÃ>ÀˆœÃÊ}ÀÕ«>`œÃ
ÓÊ
ʏ“>À>â‡/Àˆœ
/RV H[SHUWRV HQ ,QWHOLJHQFLD FRQVLGHUDQ TXH HO ULHVJR GH FLEHUDWDTXH D
LQIUDHVWUXFWXUDV FUtWLFDV LQGXVWULDOHV H[LVWH \ HVWi FUHFLHQGR /D &)5
3DUWHVSHFL¿FDTXHHOFLEHUDWDTXHHVXQRGHORVULHVJRVTXHVHGHEHQ
FRQVLGHUDUHQHOSURJUDPDGHVHJXULGDGGHXQDFHQWUDOQXFOHDU
8QGDWDGLRGHHVXQGLVSRVLWLYRItVLFRGHFLEHUVHJXULGDGTXHSHUPLWH
TXHODVFRPXQLFDFLRQHVHQWUHUHGHVGHGDWRVYLDMHQVRORHQXQDGLUHFFLyQ
/DQDWXUDOH]DItVLFDGHOGDWDGLRGHSURSRUFLRQDHQXQVHQWLGRXQJUDGRGH
VHJXULGDGH[WUHPDGDPHQWHDOWR\DTXHHQWUHORVHTXLSRVTXHORIRUPDQQR
H[LVWHODSRVLELOLGDGItVLFDGHXWLOL]DUSURWRFRORVFRQ³KDQGVKDNLQJ´
(OGDWDGLRGHHVXQGLVSRVLWLYRTXHVHXWLOL]DWUDGLFLRQDOPHQWHHQHOiP
ELWRPLOLWDUSDUDSURWHJHUHQWRUQRVFRQLQIRUPDFLyQFODVL¿FDGD\TXHKR\
HQGtDVHHVWiXWLOL]DQGRHQHOiPELWRLQGXVWULDOSDUDHQYLDULQIRUPDFLyQ
HQWUHUHGHVDOJXQDVGHHOODVFRQDOWDVH[LJHQFLDGHVHJXULGDGFRPRHVHO
FDVRGHODVUHGHVGHFRQWUROGHSURFHVRVTXHHQYtDQLQIRUPDFLyQDUHGHVGH
JHVWLyQODVFXDOHVWLHQHQFRQGLFLRQDQWHVPHQRVHVWULFWRV
(QODSRQHQFLDVHGHVFULEHODFRQVWUXFFLyQGHXQGDWDGLRGHXWLOL]DQGR
FDEOHGH¿EUDySWLFD\WUDQVFHSWRUHVFRPHUFLDOHVFREUH¿EUDFRQHFWDGRV
GHIRUPDTXHVHKDGHVKDELOLWDGRItVLFDPHQWHODHPLVLyQ\UHFHSFLyQHQ
XQVHQWLGR6REUHODSODWDIRUPDGHVFULWDVHKDGHVDUUROODGRXQSURWRFROR
SURSLHWDULRTXHSHUPLWHVLPXODUXQVHUYLGRU)73\UHDOL]DUODWUDQVIHUHQ
FLDGH¿FKHURVXQLGLUHFFLRQDOFRQHFWDQGRXQDUHGVHJXUDFRQRWUDPHQRV
VHJXUD KDELpQGRVH ORJUDGR XQD HOHYDGD YHORFLGDG \ XQ DOWR JUDGR GH
¿DELOLGDGHQODWUDQVIHUHQFLDGHODLQIRUPDFLyQ
£{ʇÊänÊ
"<
$ ÊÊ "-Ê
" Ê
°Ê6ˆ˜ˆi}À>ÊÞÊ°Ê°Ê
i>Þ>Ê
LiÀ`Àœ>ʘ}i˜ˆiÀ‰>ÊÞÊ
œ˜ÃÌÀÕVVˆ˜Ê
(OFyGLJR0$*,&HVXQDSRWHQWHKHUUDPLHQWDGHFiOFXORXWLOL]DGDHQHO
GHSDUWDPHQWRGH6HJXULGDG1XFOHDUGH,EHUGUROD,QJHQLHUtDSDUDODUHDOL
]DFLyQGHFiOFXORVHQHO$36GH,QFHQGLRV
/DKHUUDPLHQWDIXHGHVDUUROODGDSRU(')5VHDUFKDQG'HYHORSPHQW
'LYLVLyQUHYHVXQFyGLJRGHVLPXODFLyQQXPpULFDTXHUH
VXHOYHHOPRGHORFOiVLFREL]RQDGHWUDQVPLVLyQGHFDORUEDViQGRVHHQ
EDODQFHVGHPDVD\HQHUJtDGHQWURGHFDGDXQDGHODV]RQDV
(OFyGLJRFDOFXODHQIXQFLyQGHOWLHPSRODHYROXFLyQ\SURSDJDFLyQ
GHXQIXHJRRULJLQDGRHQXQHGL¿FLRFRQVWLWXLGRSRUGLYHUVDVVDODVLQ
GHSHQGLHQWHVFRPXQLFDGDVHQWUHVtSDUWLHQGRGHXQDVHULHGHGDWRVD
LQWURGXFLUSRUHOXVXDULRFRPRVRQODVFDUDFWHUtVWLFDVItVLFDV\JHRPp
WULFDV GH ORV HGL¿FLRV DVt FRPR ORV PDWHULDOHV \ SURSLHGDGHV GH ODV
IXHQWHVGHLJQLFLyQ
(OFyGLJRLQFOX\HHQVXVFiOFXORVORVIHQyPHQRVGHFDSDGHJDVHVFD
OLHQWHVHVWHODGHWHFKRHIHFWRVGHOODPD\SOXPDWUDQVPLVLyQGHFDORU
SRU PHFDQLVPRV GH FRQGXFFLyQ FRQYHFFLyQ \ UDGLDFLyQ YHQWLODFLyQ
QDWXUDO\IRU]DGDFRQFHQWUDFLyQGHR[tJHQRQLYHOHVGHKXPRWDVDGH
TXHPDGR\ODSRVLELOLGDGGHPRGHODUGHWHFWRUHV\H[WLQWRUHVDXWRPi
WLFRV
(QODDSOLFDFLyQDO$36GH,QFHQGLRVORTXHVHEXVFDFRQHOFyGLJRHV
REWHQHUORVWLHPSRVGHTXHVHGLVSRQHWUDVRULJLQDUVHXQLQFHQGLRKDVWD
TXHVHSURGXFHHOGDxRHQORVREMHWLYRV¿MDGRV$SDUWLUGHHVRVWLHPSRVVH
DQDOL]DVLVHSXHGHRQRGDUFUpGLWRDORVVLVWHPDVGHGHWHFFLyQ\H[WLQFLyQ
SUHVHQWHVHQOD]RQDDVtFRPRDODEULJDGDDOOHJDUDOOXJDUGRQGHVHKD
SURGXFLGRHOIXHJR
Ê 1
,Ê-*!ÊÃi«Ìˆi“LÀi‡-ÊÓää™Ê‡ xx
'+
E7E;A@7EFt5@;53E
'HVPDQWHODPLHQWR,,
£xʇÊ- / /"Ê­®
ÕiÛiÃÊәʇʣÈ]ää…Ê
Ê
Ê
Ê
Ê
Ê
Ê
ÊÊ-\Ê,Ê
1,
*ÀiÈ`i˜Ìi\Ê*i`ÀœÊ"ÀÌi}>ÊÉÊ-Ê /1,Ê-
œœÀ`ˆ˜>`œÀ\Ê
>ÀœÃʝ“iâÊÉÊ-"
"
£xʇÊä£Ê
,J\Ê1/"/<
$ ÊÊÊ
*/1,Ê
Ê-Ê,"$
-Ê Ê*, /"°Ê"˜`>Àœ£ÊÞÊ°Ê-iÀÀ>̜Ã>ÓÊ
£Ê ,-
ÓÊ1˜ˆÛiÀÈ`>`Ê,œÛˆÀ>ʈÊ6ˆÀ}ˆˆÊ
*UHJ#O HV XQ VLVWHPD LQIRUPiWLFR SDUD DGTXLVLFLyQ GH GDWRV UDGLROyJL
FRVGHIRUPDDXWRPiWLFDTXHLQFOX\HODSRVWHULRUJHVWLyQGHODVPHGLGDV
UHDOL]DGDVHQWHFKRVSDUHGHVRVXHORVGHLQVWDODFLRQHVQXFOHDUHVTXHVH
HQFXHQWUDQ HQ SURFHVR GH GHVPDQWHODPLHQWR \ SDUWH IXQGDPHQWDO HQ OD
FDUDFWHUL]DFLyQSDUDVXGHVFODVL¿FDFLyQ*UHJ#OKDVLGRGHVDUUROODGRSRU
OD859\SDWHQWDGRSRU(15(6$
(O VLVWHPD SHUPLWH TXH XQ RUGHQDGRU SRUWiWLO XELFDGR HQ OD ]RQD GH
WUDEDMR FDSWXUH HQ SDUDOHOR \ HQ WLHPSR UHDO ORV GDWRV PHGLGRV SRU YD
ULRVRSHUDULRVRURERWVTXHWUDEDMHQHQGLVWLQWRVSDUDPHQWRV&XDQGRVH
FDUDFWHUL]D\FRQODD\XGDGHXQURERWHVSHFt¿FRVHHQYtDQORVGDWRVUD
GLROyJLFRVMXQWRFRQODVFRRUGHQDGDVGHOSXQWRGHPHGLGDDXQRUGHQDGRU
SRUWiWLOSRUFDEOHRSRU:L¿*UHJ#OVHHQFDUJDGHUHFLELUHVWRVGDWRV\
GHDOPDFHQDUORVHQXQDEDVHGHGDWRV%'ORFDO
&XDQGRVHUHDOL]DQPHGLGDVPDQXDOHVXQDYH]REWHQLGDODPHGLGDHO
VLVWHPDHQYtDDXWRPiWLFDPHQWHODSRVLFLyQ\QLYHOHVUDGLROyJLFRVDOSRU
WiWLOSRUFDEOHRSRU:L¿,JXDOPHQWHTXHHOVLVWHPDURERWL]DGR*UHJ#O
DOPDFHQDORVYDORUHVHQXQD%'ORFDO
*UHJ#OSHUPLWHYLVXDOL]DUHQWLHPSRUHDOORVYDORUHVUDGLROyJLFRVPLHQWUDV
VHPXHVWUHDQPDQXDOPHQWHRDWUDYpVGHOURERW$GHPiVSDUDXQDPHMRUPRQL
WRUL]DFLyQGHOSURFHVRGHFDSWXUDGHORVQLYHOHVUDGLROyJLFRVYLVXDOL]DJUi¿FD
PHQWHODLPDJHQ\RHOSODQRGHOSDUDPHQWRMXQWRFRQORVQLYHOHVUDGLROyJLFRV
7DPELpQLQGLFDODSRVLFLyQGHORVHTXLSRVLQFRUSRUDGRVDOURERWVREUHODLPD
JHQSDUDWHQHUXQVHJXLPLHQWRPiVSUHFLVRGHOSURFHVRGHFDUDFWHUL]DFLyQ
)LQDOPHQWHFRQREMHWRGHSURWHJHU\JHVWLRQDUORVGDWRV*UHJ#OSHU
PLWHVLQFURQL]DUODEDVHGHGDWRVORFDOXELFDGDHQHORUGHQDGRUSRUWiWLOFRQ
XQD%'JOREDOXELFDGDHQXQVHUYLGRUGH%'DWUDYpVGH,QWHUQHW
£xʇÊäÓÊ
1"]Ê
" Ê,-,Ê*,"-/]ÊÊ
6-ÊÊ,
$ ÊÊ-1"-Ê*,ÊÊ
*< /"ÊÊ
/
°Ê>ÀVœÃÊ-ˆ}ÕiÀœ£]Ê°Ê*iˆ˜>`œÀÊ`iÊÈ`Àœ£Ê
ÞÊ-°Ê6ˆ`>iV…i>ʜ˜ÌiÃÓÊ
£Ê /
Ê 1
,‡7-/ "1-
ÓÊ ,-
(O GHQRPLQDGR 3,0,& 3ODQ ,QWHJUDGR GH 0HMRUD GH ,QVWDODFLRQHV GHO
&,(0$7LQFOX\HGHQWURGHVXVSURSyVLWRVODOLEHUDFLyQGHWHUUHQRVGHO
xÈ ‡Ê 1
,Ê-*!ÊÃi«Ìˆi“LÀi‡-ÊÓää™
HPSOD]DPLHQWRGHO&,(0$7HVGHFLUODFRQFHVLyQSRUSDUWHGHO&61GH
ODWHUPLQDFLyQGHODOLFHQFLDGHLQVWDODFLyQQXFOHDUTXHOHVDIHFWD3DUD
HOORVHKDFHLPSUHVFLQGLEOHHOFiOFXORGHORVQLYHOHVGHOLEHUDFLyQGHWDOHV
VXHORVTXHGHDFXHUGRFRQODVGLUHFWULFHVHVWDEOHFLGDVSRUHO&61VREUH
HVWDPDWHULDVHKDUHDOL]DGRPHGLDQWHHOFyGLJR5(65$'86$'HSWRI
(QHUJ\YHUVLyQXWLOL]DQGRVXVKHUUDPLHQWDVSUREDELOLVWDV
/DUHDOL]DFLyQGHOFiOFXORTXHKDVHJXLGRODPHWRGRORJtDGHO185(*
&5KDLQFOXLGR
‡ /DGH¿QLFLyQGHHVFHQDULRV\YtDVGHH[SRVLFLyQ
‡ &ODVL¿FDFLyQGHSDUiPHWURVGHHQWUDGD\VHJ~QpVWDVHOHFFLyQGHYDOR
UHVGHWHUPLQLVWDVRGLVWULEXFLRQHVGHSUREDELOLGDGSDUDHOORV
‡ (VWDEOHFLPLHQWRGHFRUUHODFLRQHVHQWUHSDUiPHWURVGHHQWUDGD
‡ 'REOHHMHFXFLyQGHOFyGLJRSDUDODVHOHFFLyQGHSDUiPHWURVFUtWLFRVR
VHQVLEOHVDOFiOFXOR\SDUDREWHQFLyQGHOYDORU¿QDOGHGRVLV\QLYHOHV
GHOLEHUDFLyQ
/DSRQHQFLDSUHVHQWDUiORVHVFHQDULRVSRVWXODGRV\VXVFDUDFWHUtVWLFDV
SULQFLSDOHVXQDSDQRUiPLFDGHOSURFHVRGHFiOFXORORVUHVXOWDGRVREWHQL
GRV\ODVOHFFLRQHVDSUHQGLGDVGXUDQWHHOWUDEDMRUHDOL]DGR
/RVUHVXOWDGRVREWHQLGRVFRQXQFULWHULRGHGRVLVGH—6YDIXHURQ
ORVVLJXLHQWHV
1XFOHLGRV
1/%TJ
1XFOHLGRV
1/%TJ
$F
(
3X
(
$P
(
3X
(
&
(
3X
(
&R
(
3X
(
&V
(
5D
(
&V
(
5D
(
(X
(
6U
(
(X
(
7K
(
(X
(
7K
(
)H
(
7K
(
*G
(
7K
(
+
(
8
(
1L
(
8
(
1S
(
8
(
3D
(
8
(
3E
(
8
(
$IHFKDGHODUHGDFFLyQGHHVWDVLQRSVLVHVWRVQLYHOHVGHOLEHUDFLyQHVWiQ
SHQGLHQWHVGHVXDSUHFLDFLyQIDYRUDEOHSRUSDUWHGHO&61
E@7
3URJUDPD\6LQRSVLVGHODV3RQHQFLDV
£xʇÊäÎÊ
,
/,<
$ Ê,"$
ÊÊ,Ê
Ê
/Ê " ʺ" /
"»
ÕÀœÀ>Ê>ÀVœÃÊ-ˆ}ÕiÀœ£]Ê>ÀÌ>Ê*iˆ˜>`œÀÊ`iÊÈ`Àœ£]ÊiÀ˜>˜`œÊ
iÌÀ?˜Ê`iÊiÀi`ˆ>£]ʜ˜â>œÊi`ˆ˜ˆ>Ê/jiâ£ÊÞÊ-iÀ}ˆœÊ
6ˆ`>iV…i>ʜ˜ÌiÃÓÊ
£Ê /
Ê 1
,‡7-/ "1-
ÓÊ ,-
(Q HO &,(0$7 H[LVWH XQ iUHD GH WHUUHQR GHQRPLQDGD ³0RQWHFLOOR´ GH
ODTXHVHFRQRFHTXHHQHOSDVDGRIXHXWLOL]DGDSDUDODDFXPXODFLyQGH
HVWpULOHV GH PLQHUDO GH XUDQLR \ DFRSLR GH GLYHUVRV PDWHULDOHV UHVLGXD
OHV$XQTXHHVWRVPDWHULDOHVIXHURQSRVWHULRUPHQWHUHWLUDGRVFRPRIUXWR
GHHVWHXVRH[LVWHHQHOWHUUHQRXQDFLHUWDFRQWDPLQDFLyQUDGLDFWLYDTXH
GHQWURGHOPDUFRGHODVDFWLYLGDGHVGHOSUR\HFWRGHGHVPDQWHODPLHQWRGHO
3,0,&3ODQ,QWHJUDGRGH0HMRUDGHODV,QVWDODFLRQHVGHO&,(0$7HV
QHFHVDULRUHWLUDU
(VWDiUHDGHVXSHU¿FLHDOJRVXSHULRUDPLQFOX\HWHUUHQRVDMDUGL
QDGRVXQSLQDU\]RQDVDVIDOWDGDVTXHFLUFXQGDQXQHGL¿FLR
3UHYLDPHQWH D OD GH¿QLFLyQ \ SODQL¿FDFLyQ GHO WUDEDMR GH GHVFRQWD
PLQDFLyQGHHVWDiUHDHVQHFHVDULDVXFDUDFWHUL]DFLyQGHVGHHOSXQWRGH
YLVWDUDGLROyJLFRQXFOHLGRVSUHVHQWHVLVRWySLFRVLQYHQWDULRUDGLROyJLFR
WRWDOGLVWULEXFLyQHVSDFLDOGHODDFWLYLGDGHVWLPDFLRQHVGHYRO~PHQHVGH
PDWHULDOHVUHVLGXDOHVTXHUHVXOWDUtDQGHODDFWXDFLyQ\FODVHVGHUHVLGXRV
RULJLQDGRVHWFDVtFRPRWDPELpQJHRWpFQLFR\ItVLFR3DUDHOORVHKDQ
DFRPHWLGRXQDVHULHGHDFWLYLGDGHVTXHDODIHFKDGHHODERUDFLyQGHHVWD
SRQHQFLDHVWiQHQFXUVR
‡ (VWXGLRGHLQIRUPDFLyQKLVWyULFDGLVSRQLEOH
‡ %DUULGRUDGLRPpWULFR
‡ 5HDOL]DFLyQGHVRQGHRV\FDWDV\H[WUDFFLyQGHWHVWLJRV
‡ 0HGLGDVUDGLROyJLFDVGLUHFWDVVREUHWHVWLJRV\WHVWL¿FDFLyQUDGLDFWLYD
GHORVVRQGHRV
‡ 7RPDGHPXHVWUDVGHWHVWLJRV\iUEROHVSDUDDQiOLVLVHQODERUDWRULR
/DSRQHQFLDGHVFULELUiORVUHVXOWDGRVGHHVWRVWUDEDMRVGHFDUDFWHUL]D
FLyQ\ODVOHFFLRQHVDSUHQGLGDVHQVXUHDOL]DFLyQDVtFRPRDYDQ]DUiHQOR
SRVLEOHODVHVWUDWHJLDVGHUHPHGLRGHHVWRVWHUUHQRVTXHVHSUHYHDQ
/DVSULQFLSDOHVFRQFOXVLRQHVSURYLVLRQDOHVGHTXHVHGLVSRQHKDVWDDKR
UDVRQ
‡ (OSULQFLSDOFRQWDPLQDQWHHVHO5D
‡ /DFRQWDPLQDFLyQVHFHQWUDHQHOSULPHUPHWURGHHVSHVRUGHOWHUUHQR
‡ /RVQLYHOHVGHFRQWDPLQDFLyQVRQHQJHQHUDOEDMRVHVSHUiQGRVHTXH
VHHQFXHQWUHQSRUORJHQHUDOSRUGHEDMRGH%TJGH5D
£xʇÊä{Ê
-
" / $ Ê9Ê"
$ ÊÊ
*$-/"-Ê /,,"-ÊÊ,
/",ÊÊ
/
œ˜â>œÊi`ˆ˜ˆ>Ê/jiâ£]Ê6ˆVi˜ÌiÊ >À>˜œÊœ˜â?iâ‡
>Ã>œ£Ê
ÞÊ-iÀ}ˆœÊ6ˆ`>iV…i>ʜ˜ÌiÃÓÊ
£Ê /
Ê 1
,‡7-/ "1-
ÓÊ ,-
)RUPDQGRSDUWHGHODVLQVWDODFLRQHVDQHMDVDOUHDFWRUH[SHULPHQWDO-(1
GHO&,(0$7TXHHVWiVLHQGRGHVPDQWHODGRGHQWURGHO3,0,&3ODQ,Q
WHJUDGRSDUDOD0HMRUDGH,QVWDODFLRQHVGHO&,(0$7VHHQFXHQWUDQORV
GHQRPLQDGRV³GHSyVLWRVHQWHUUDGRV´WUHVWDQTXHVGHJUDQYROXPHQXQR
GHP\GRVGHPGHFDSDFLGDGXELFDGRVHQXQORFDOVXEWHUUiQHR
FX\RVXHORHVWiDXQRVPSRUGHEDMRGHODVXSHU¿FLHGHOWHUUHQR\FX\D
¿QDOLGDGHUDUHFRJHUDJXDVSRWHQFLDOPHQWHFRQWDPLQDGDVGHVLVWHPDVGHO
FLWDGRUHDFWRU
/RVGHSyVLWRVVRQFLOtQGULFRVGHHMHYHUWLFDOFRQVXVEDVHV\WHFKRVHQ
IRUPD GH F~SXOD VRQ GH KRUPLJyQ DUPDGR FRQ SDUHGHV YHUWLFDOHV DGL
FLRQDOHVLQWHULRUHVGHODGULOORHQIRVFDGR\FDYLGDGLQWHUPHGLDUHOOHQDGH
KRUPLJyQGHVLVWHPD³3UHSDNW´9DQPRQWDGRVVREUHXQRVSXQWDOHVFRQV
WUXLGRVFRPRSLODUHVELDUWLFXODGRV6REUHORVPLVPRVH[LVWHXQHVSHVRUGH
WHUUHQRTXHRVFLODHQWUHORV\P
$ORODUJRGHODVHJXQGDPLWDGGHODxR\SULQFLSLRVGHVHKDQ
HMHFXWDGRWUDEDMRVGHHVWDELOL]DFLyQHVWUXFWXUDOUHWLUDGDGHWLHUUDVSUHSD
UDFLyQGHDFFHVRV\VHUYLFLRVUHWLUDGDGHOtTXLGRV\ORGRV\GHVFRQWDPL
QDFLyQGHORVFLWDGRVGHSyVLWRV\HOORFDOHQHOTXHVHHQFXHQWUDQKDVWD
DOFDQ]DUQLYHOHVGHGHVFODVL¿FDFLyQ
/DSRQHQFLDUHVXPLUiORVWUDEDMRVUHDOL]DGRVLQFOX\HQGRORVWUDEDMRVGH
GHVFODVL¿FDFLyQDFWXDOPHQWHHQFXUVR\HOGLVHxR\SODQL¿FDFLyQGHVXGH
PROLFLyQFRPRHOHPHQWRVFRQYHQFLRQDOHVXQDYH]HVWpQGHVFODVL¿FDGRV
£xʇÊäxÊ
1// Ê/
""-Ê",Ê,
/",Ê
*,--1,Ê6---Ê Ê/,Ê /, -ÊÊ
‡Ê- / Ê8*-Ê,"ÊÓÊ, Ê
**½°ÊˆVŽi«>ÃV…
1Ê/iV…˜œœ}ˆiÃʓL
'LVPDQWOLQJWKHUHDFWRUSUHVVXUHYHVVHOLQWHUQDOVDQGWKHUHDFWRUSUHVVXUH
YHVVHO539RIDQXFOHDUSRZHUSODQW133LVDFKDOOHQJLQJWDVN
9HU\KLJKGRVHUDWHV!6YKDQGDZLGHUDQJHRIQXFOLGHVZLWKUHOHYDQW
FRQVHTXHQFHVIRUUDGLDWLRQSURWHFWLRQDQGZDVWHFKDUDFWHULVDWLRQKDYHWREH
FRQVLGHUHGDVZHOODV³GHVLJQSDUDPHWHUV´539³'HVLJQSDUDPHWHUV´W\SL
FDOO\UHVXOWLQKLJKZDOOWKLFNQHVVHVDQGFRPSOH[JHRPHWULFVWUXFWXUHV
7KHVHFRPELQHGZLWKKLJKUDGLRDFWLYHLQYHQWRU\JHQHUDWHVSHFL¿FUHTXLUH
PHQWVIRUWKHFXWWLQJWHFKQRORJ\WREHFKRVHQ$VHWRIVSHFL¿FUHTXLUHPHQWV
IRUVXLWDEOHFXWWLQJWHFKQRORJLHVZLOOEHGLVFXVVHG
)URPDQXPEHURISRVVLEOHFXWWLQJWHFKQRORJLHVVHOHFWHGH[DPSOHVZLOO
EHJLYHQ
'XHWRLWVSK\VLFDOSULQFLSOHÀDPHFXWWLQJLVQRWVXLWDEOHIRUVWDLQOHVV
VWHHO:KHQFXWWLQJIHUULWLFVWHHOWKHJUHDWDGYDQWDJHVDUHHDV\KDQGOLQJ
XVLQJ VWDQGDUGL]HG HTXLSPHQW HYHQ IRU YHU\ WKLFN PDWHULDOV 7KHUHIRUH
WKLVFXWWLQJWHFKQRORJ\LVSUHGHVWLQHGWRVHJPHQWWKH539ZDOO7KHSUH
VHQWHGH[DPSOHZLOOVKRZDQGH[SODLQUHPRWHFRQWUROOHGÀDPHFXWWLQJRI
WKH539ZDOODWWKH0=)5133.DUOVUXKH*HUPDQ\
:LWKLQSODVPDDUFFXWWLQJWKHZRUNSLHFHLVPHOWHGE\KLJKHQHUJ\SODV
PDDQGWKHQWKHPHOWHGPDWHULDOLVUHPRYHGIURPWKHJDS7KHWHFKQRORJ\
ZDVVXFFHVVIXOO\XVHGIRUUHPRWHFRQWUROOHGVHJPHQWLQJIRU539LQWHUQDOV
RIWKH0=)5133.DUOVUXKH*HUPDQ\0DWHULDOXSWRPPWKLFNQHVV
ZDVFXWDWPZDWHUGHSWK7KHVHJPHQWDWLRQRIWKH'FXUYHG0RGHUD
WRU9HVVHO+HDG(%TJZLOODOVREHSUHVHQWHG
$EUDVLYH:DWHU6XVSHQVLRQ-HW$:6-FXWWLQJLVDK\GUDXOLFFXWWLQJ
WHFKQRORJ\DQGLVWKHUHIRUHDEOHWRFXWDQ\PDWHULDOLQGHSHQGHQWRIWKH
VXUURXQGLQJDWPRVSKHUH3UDFWLFDOXVHRIWKLVWHFKQRORJ\ZLOOEHVKRZQ
ZLWKH[DPSOHVIURPWKH9$.133.DUOVWHLQ*HUPDQ\
,QWHUQDOV ZLWK PP WKLFNQHVV ZHUH FXW XQGHU ZDWHU PRUH WKDQ
PPLQDLU
Ê 1
,Ê-*!ÊÃi«Ìˆi“LÀi‡-ÊÓää™Ê‡ xÇ
'+
E7E;A@7EFt5@;53E
'HVPDQWHODPLHQWR,,
£xʇÊäÈÊ
-
" / $ ÊÊÊ1 ÊÊ*$-/"Ê
Ê
" /,"ÊÊ1 /-Ê+1"-Ê
/,,"ÊÊ£äÊÊÊ*,"1 *°Ê‰>âÊÀœV>ã]Ê°Ê>ÀV‰>£]ÊÊ°Ê/œÀÀi£]Ê°Ê>À̉˜iâ£]Ê
°Ê
>ÀÀˆ`œÓ]]Ê°ÊÀ}ˆiÃÎÊÞÊÊ°°Êˆ>âʈ>â£
£Ê
/Ê
ÓÊ, "Ê
ÎÊ -
(QHOPDUFRGHO3UR\HFWR3,0,&5HKDELOLWDFLyQGHO&,(0$7VHKDSUR
FHGLGRDODGHVFRQWDPLQDFLyQGHXQGHSyVLWRREVROHWRXWLOL]DGRHQHOSD
VDGR SDUD HO FRQWURO GH ORV HÀXHQWHV OtTXLGRV JHQHUDGRV HQ XQR GH ORV
HGL¿FLRVGHO&,(0$7
$HVWHGHSyVLWRYHUWtDQORVUHVLGXRVUDGLDFWLYRVOtTXLGRVSURFHGHQWHVGH
ORVODERUDWRULRVUDGLRTXtPLFRVH[LVWHQWHVHQGLFKRHGL¿FLR(VWRVODERUD
WRULRVVHGHGLFDURQHQHOSDVDGRSULPHUDHWDSDGHDFWLYLGDGHVGHODDQWL
JXD-(1DOGHVDUUROORGHORVPpWRGRVGHDQiOLVLVUDGLRTXtPLFRDVRFLDGRV
DOGHVDUUROORGHOFLFORGHOFRPEXVWLEOHQXFOHDU
(OGHSyVLWRGHGLPHQVLRQHVLQWHULRUHVGH[PGHEDVH\XQD
DOWXUD GH P WHFKR DERYHGDGR SUHVHQWDED FRPR FRQWDPLQDQWHV
SULQFLSDOHVSOXWRQLRDPHULFLR\XUDQLRHQIRUPDGHORGRVVROLGL¿FDGRV
(VWUXFWXUDOPHQWH\GHELGRDODWDTXHTXtPLFRSRUORVUHDFWLYRVYHUWLGRV
HQpOSUHVHQWyXQJUDGRGHGHWHULRURLPSRUWDQWH(VWHIDFWRUXQLGRDOD
ORFDOL]DFLyQ\SURIXQGLGDGGHOPLVPRFRQGLFLRQyODVWpFQLFDVGHGHVFRQ
WDPLQDFLyQDSOLFDGDV
(QHVWDSRQHQFLDVHPXHVWUDQWDQWRODHMHFXFLyQGHODGHVFRQWDPLQDFLyQ
\GHVPDQWHODPLHQWRGHOGHSyVLWR\GHODVFRQGXFFLRQHVDVRFLDGDVDOPLV
PRFRPRODSURWHFFLyQUDGLROyJLFDRSHUDWLYDDVRFLDGDDODVDFWLYLGDGHV
OOHYDGDVDFDER3RU~OWLPRVHDSRUWDQORVUHVXOWDGRVGHORVFRQWUROHVUD
GLROyJLFRVOOHYDGRVDFDER\ODVLWXDFLyQ¿QDODOFDQ]DGD
£xʇÊäÇÊ
1 ,7/,Ê
1// Ê"Ê
/6/Ê
",Ê
/, >˜Êi˜`ÀˆŽÊÀՅ˜
,6Ê *ʓLÊ
)URP 1RYHPEHU WR 2FWREHU WKH$5(9$ 13 GLVPDQWOHG DOO
UHPDLQLQJUHDFWRUSUHVVXUHYHVVHOLQWHUQDOVDW:UJDVVHQ133'XULQJWKLV
SHULRGDERXWWRQVRIVWHHOZKHUHVXFFHVVIXOO\FXWDQGSDFNHGXQGHU
ZDWHULQWROGUXPV
$5(9$13GHSOR\HGDYDULHW\RIGLIIHUHQWFXWWLQJWHFKQLTXHVGXULQJ
WKLVSURMHFW
'HSHQGLQJRQWKHSDUWLFXODUFRUHLQWHUQDOPRXQWLQJSRVLWLRQGLIIHUHQW
VDZLQJWHFKQLTXHVVXFKDVPLOOLQJQLEEOLQJK\GUDXOLFVKHDUVDQGDEUD
VLYHFXWWLQJZKHUHVHOHFWHG7RDFFRPSOLVKWKHEHVWSRVVLEOHRQVLWHSHU
IRUPDQFHDOODFWLYLWLHVZKHUHH[SOLFLWO\SODQQHG7KHSODQQLQJHVSHFLDOO\
IRFXVHGRQDQRSWLPL]HGSDFNDJLQJFRQFHSWWRUHGXFHWKHQXPEHURI¿OOHG
ZDVWHSDFNDJHV&RKHUHQWO\WKHFXWSLHFHVZKHUHSRVWSURFHVVHGE\DG
GLWLRQDOXQGHUZDWHUGHYLFHVVXFKDVDK\GUDXOLFDOSUHVVDQGDEDQGVDZLQ
RUGHUWRPLQLPL]HWKHLUYROXPH%HIRUHWKHRQVLWHSHUIRUPDQFHRXUSHU
xn ‡Ê 1
,Ê-*!ÊÃi«Ìˆi“LÀi‡-ÊÓää™
VRQQHOH[HUFLVHGWKHKDQGOLQJRIDOOGHYLFHVDWRULJLQDOVL]HPRFNXSVRI
WKH:UJDVVHQFRUHLQWHUQDOV(YHQZRUNLQJXQGHUSURWHFWLYHPDVNVZDV
VLPXODWHGWRJXDUDQWHHWKHEHVWSRVVLEOHDI¿QLW\1RZDIWHUVXFFHVVIXOO\
¿QLVKLQJWKLVWDVN$5(9$13LVGLVPDQWOLQJWKHSUHVVXUHYHVVHOLWVHOI
:LWKLQWKLVSURMHFWDSSUR[LPDWHO\WRQVRIVWHHOZLOOEHFRQGLWLRQHG
IRU¿QDOGLVSRVDO7KHPDLQFOXHGXULQJWKLVDVVLJQPHQWZLOOEHWKHOR
JLVWLFFKDOOHQJHWRKDQGOHDQGFRQYH\FXWSLHFHVIURPWKHSUHVVXUHYHVVHO
WRWKHSDFNLQJDUHD5LJKWQRZRQVLWHSUHSDUDWLRQVDUHGRQHWRDQVZHU
WKLVFKDOOHQJH
$WVSULQJRIDVHFRQGGLVPDQWOLQJSURMHFWRIJUHDWLPSRUWDQFHZDV
DFTXLUHGE\$5(9$137KHFRQWUDFWLQFOXGHGGLVPDQWOLQJDQGSDFNDJLQJ
RIXSSHUDQGORZHUFRUHIUDPHDVZHOODVWKHVWRRORIWKHSUHVVXUL]HGZDWHU
UHDFWRUDW6WDGH133+RZHYHUYHU\VLPLODUFXWWLQJWHFKQLTXHVWXUQHGRXW
WREHWKHSURSHUSROLF\WRFRSHWKLVWDVN$OOWRJHWKHUDERXWWRQVRIFRUH
LQWHUQDOVZLOOEHGLVPDQWOHGDW6WDGH133XQWLO6HSWHPEHU
£xʇÊänÊ
1"Ê1/"/<"ÊÊ 6 /,"Ê
,"$
"ÊÊ1 Ê -/
$ Ê
1
,Ê Ê-ÊÊ- / /"
°Ê>À̉˜£]Ê°Êiˆ«iÓ]Ê-°ÊṎjÀÀiâÓÊÞÊ°Ê->>ÃÓ
Ê ,-
ÓÊ,,"Ê ,Ê9Ê
" -/,1
$ Ê
£
/DSODQL¿FDFLyQHLPSOHPHQWDFLyQGHODHVWUDWHJLDGHGHVPDQWHODPLHQWR
GH XQ UHDFWRU QXFOHDU UHTXLHUH GHO FRQRFLPLHQWR GHO LQYHQWDULR UDGLROy
JLFR GH OD LQVWDODFLyQ HV GHFLU FRQWDPLQDFLyQ \ DFWLYDFLyQ QHXWUyQLFD
JHQHUDGDGXUDQWHODRSHUDFLyQGHODSODQWD\UHPDQHQWHWUDVODSDUDGDGH
ODPLVPD
/D FDUDFWHUL]DFLyQ UDGLROyJLFD SHUPLWH FRQRFHU HO HVWDGR UDGLROyJLFR
LQLFLDOGHODLQVWDODFLyQ\GHOHPSOD]DPLHQWR\WDPELpQFDOFXODU\PDQWH
QHUDFWXDOL]DGRHOLQYHQWDULRUDGLROyJLFRHQODVGLIHUHQWHVHWDSDVGHOGHV
PDQWHODPLHQWR
/DHVWLPDFLyQGHOLQYHQWDULRUDGLROyJLFRGHWRGRVORVFRPSRQHQWHV\GH
ODHVWUXFWXUDFLYLOGHODLQVWDODFLyQSXHGHVHUREWHQLGDPHGLDQWHPRGHORV
PDWHPiWLFRVEDVDGRVHQFULWHULRVHVWDGtVWLFRVGHWDOIRUPDTXHSDUWLHQGR
GHXQFRQMXQWRGHPHGLGDVSUHYLDPHQWHSODQL¿FDGDVOLPLWDGDVDPXHVWUDV
UHSUHVHQWDWLYDVVHREWLHQHHOLQYHQWDULRUDGLROyJLFRGHODLQVWDODFLyQ
6HKDGHVDUUROODGRXQDDSOLFDFLyQLQIRUPiWLFDFRQHOREMHWRGHHVWLPDU
GHXQDIRUPDDXWRPDWL]DGDHOLQYHQWDULRUDGLROyJLFRGHODLQVWDODFLyQD
VHUGHVPDQWHODGDDVtFRPRODVFRUULHQWHVGHPDWHULDOHV\EXOWRVJHQHUD
GRV(QGLFKDKHUUDPLHQWDVHKDQLQFOXLGRODVIXQFLRQHVHVWDGtVWLFDVQHFH
VDULDVSDUDODHVWLPDFLyQGHODWHQGHQFLDFHQWUDO\VXYDULDELOLGDGFRPROD
PHGLDPHGLDQDYDULDQ]DLQWHUYDORVGHFRQ¿DQ]DHWF
/RVGDWRVGHSDUWLGDQHFHVDULRVVRQHO,QYHQWDULR)tVLFRDVtFRPRORV
UHVXOWDGRVGHODVPXHVWUDVWRPDGDV\PHGLGDVUHDOL]DGDVLQVLWX\HQ/D
ERUDWRULRHQODVGLIHUHQWHVFDPSDxDVGHFDUDFWHUL]DFLyQUDGLROyJLFDFRP
SOHPHQWDGRVFRQHVWXGLRVWHyULFRVGHDFWLYDFLyQ\FRQWDPLQDFLyQLQWHUQD
GHORVVLVWHPDV&RQHVWDLQIRUPDFLyQODDSOLFDFLyQLQIRUPiWLFDHVFDSD]
GH HVWLPDU HO LQYHQWDULR UDGLROyJLFR \D TXH LQFOX\H WRGRV ORV SURFHVRV
QHFHVDULRVSDUDODHVWLPDFLyQLQIRUPDWL]DGD
(VWDKHUUDPLHQWDKDVLGRXWLOL]DGDHQHO3UR\HFWRGH'HVPDQWHODPLHQWR
\&ODXVXUDGHOD&HQWUDO1XFOHDU-RVp&DEUHUDSRUORTXHHQHVWDSUHVHQ
WDFLyQVHUHDOL]DXQUHVXPHQGHOFDVRSUiFWLFRGHHVWH3UR\HFWR
E@7
3URJUDPD\6LQRSVLVGHODV3RQHQFLDV
£Èʇʳ³ˆÊ­®
ÕiÛiÃÊәʇʣÈ]ää…Ê
Ê
Ê
Ê
Ê
Ê
Ê
-\Ê ,Ê
+1,
*ÀiÈ`i˜Ìi\Ê>ۈiÀÊÕiÀÀ>ÊÉÊ/
/"
œœÀ`ˆ˜>`œÀ\Ê>ۈ`Ê6ˆ>“>À‰˜ÊÉÊ
/
£ÈʇÊä£Ê
£ÈʇÊäÓÊ
1"-Ê-*-Ê-",Ê*,",
" Ê
1
,
/*"Ê1,/"ÊÊ/
$ Ê9Ê
"*/<
$ ÊÊ/-ÊÊ,
1 /"Ê
" Ê
1 /-ÊÊ-*
$
°Ê?âµÕiâ
/
(O3XFXDOL¿FDGRSDUDDUPDPHQWRQXFOHDUVHGHQRPLQD:*3XSDUDGLIH
UHQFLDUORGHOREWHQLGRWUDVXQTXHPDGRSURORQJDGRHQUHDFWRUHVQXFOHDUHV
5*3XTXHFDUHFHGHGLFKDFXDOL¿FDFLyQ/DUHVLVWHQFLDDODSUROLIHUDFLyQ
VHFHQWUDHQFRPRFRQYHUWLUHO:*3XHQ5*3XSDUDLPSRVLELOLWDUVXXVR
FRPRDUPDQXFOHDU
(O:*3XWLHQHXQGH3XPLHQWUDVTXHHO5*3XVyORXQ
HOUHVWRHV3X\RWURVLVyWRSRVPLQRULWDULRV/DSUROLIHUDFLyQVHGL¿
FXOWDFXDQGRVHDVHJXUDODSUHVHQFLDGHO3XHQFDQWLGDGVX¿FLHQWH/D
FDQWLGDG¿QDOGHDPERVSOXWRQLRVHVLQGHSHQGLHQWHGHOÀXMRQHXWUyQLFR
SRUORTXHHQHVWHWUDEDMRVHKDIRUPXODGRXQDHFXDFLyQGLIHUHQFLDOTXH
UHODFLRQDODVFRQFHQWUDFLRQHVGHDPERVLVyWRSRVSHURHOLPLQDQGRWDQWR
HOWLHPSRFRPRHOÀXMRQHXWUyQLFR5HVXOWDXQDHFXDFLyQKRPRJpQHDGH
SULPHU RUGHQ H LQWHJUDEOH SRU OD WpFQLFD GH VHSDUDFLyQ GH YDULDEOHV (O
SURFHGLPLHQWRWUDGLFLRQDOGHFiOFXORHVPXFKRPiVHQJRUURVR\DFFHVLEOH
VyORDORVHVSHFLDOLVWDV
/DLPSRUWDQFLDGHO3XQRVHGHEHDOSHTXHxRDXPHQWRGHPDVDFUt
WLFDVLQRDLPSHGLUODFRPSUHVLyQDGHFXDGDTXHQHFHVLWDHOH[SORVLYRSDUD
GHVDUUROODUWRGDVXH¿FDFLD(VWRVHOOHYDDFDERSRUODUHODWLYDPHQWHDOWD
FRQVWDQWHGH¿VLyQHVSRQWiQHDTXHWLHQHHO3XDFWXDQGRFRPRXQD
IXHQWHQDWXUDOGHQHXWURQHVTXHLQLFLDODUHDFFLyQHQFDGHQDDQWHVGHWLHP
SRLQWHU¿ULHQGRHQODFRPSUHVLyQ(QRWUDVSDODEUDVXQH[SORVLYRQXFOHDU
FRQ5*3XHVSRVLEOHSHURGHPX\EDMRUHQGLPLHQWRSDUDXVRPLOLWDU
8QSRVLEOHPpWRGRTXHGHVDOLHQWDORVLQWHQWRVGHSUROLIHUDFLyQFRQVLVWH
HQGLOXLU$PHQHO8(O$PWLHQHXQDWDVDGH¿VLyQHVSRQWi
QHDFRPSDUDEOHDODGHO3XGHPDQHUDTXHVLHO8VHLUUDGLDSRFR
WLHPSR SDUD IRUPDU 3X \ FDVL QDGD GH 3X HQWRQFHV VH TXHPD
SRFR$PFRQXQUHVXOWDGRSRFRSUROLIHUDQWH6LVHTXHPDUDHO$P
HQWRQFHVVHIRUPDUtD3X\HOUHVXOWDGR¿QDOVHUtDWDPELpQSRFR
SUROLIHUDQWH
/RVUHDFWRUHVGHOIXWXURKDQGHFXPSOLUYDULRVREMHWLYRV(FRQRPtD6H
JXULGDG'HVDUUROORVRVWHQLEOH\5HVLVWHQFLDDODSUROLIHUDFLyQ/RVDYDQ
FHVHQHVWH~OWLPRREMHWLYRVLQGXGDDXPHQWDUiQODDFHSWDFLyQS~EOLFDGH
OD(QHUJtD1XFOHDU
°Ê?âµÕiâ
/
/DVIXHQWHVGHQHXWURQHVTXHXWLOL]DQODHVSDODFLyQVRQGHORUGHQGHPLO
PLOORQHVGHYHFHVPiVLQWHQVDVTXHODVIXHQWHVUDGLDFWLYDVXVDGDVQRUPDO
PHQWH6LXQGHWHFWRUGHQHXWURQHVVHVLW~DSUy[LPRDHVWDVIXHQWHVSXHGH
TXHGDUVDWXUDGRDFDXVDGHOWLHPSRPXHUWRGHGHWHFFLyQSRURWURODGRVL
VHVLW~DPX\OHMRVGHODIXHQWHSLHUGHUHVROXFLyQHVWDGtVWLFDGHPDQHUD
TXHGHEHH[LVWLUXQDSRVLFLyQySWLPDSDUDVLWXDUHOGHWHFWRU(OSUREOHPD
GHRSWLPL]DFLyQVHGH¿QHFRPRHOFRUUHVSRQGLHQWHDXQDWDVDGHUHFXHQWR
FRQLQFHUWLGXPEUHUHODWLYDPLQLPL]DGD
6H UHYLVD HO FRQFHSWR GH WLHPSR PXHUWR GH GHWHFFLyQ SDUD XQ FRQWD
GRUGHQHXWURQHVLQWURGXFLGRFRPRODGLIHUHQFLDHQWUHHOUHFXHQWRGHGRV
IXHQWHV GH QHXWURQHV MXQWDV \ OD VXPD GH ORV UHFXHQWRV GH FDGD XQD GH
HOODV SRU VHSDUDGR 2WUD DSUR[LPDFLyQ D HVWH SUREOHPD FRQVLVWH HQ GH
WHFWDUHODOHMDPLHQWRDXQDIRUPDIXQFLRQDOSUHGHWHUPLQDGDSRUFDXVDGHO
WLHPSRPXHUWR(QSDUWLFXODUVHDSURYHFKDXQDHYROXFLyQH[SRQHQFLDOGH
ODSRWHQFLDGHXQUHDFWRUQXFOHDUH[SHULPHQWDOTXHQRVHPDQWLHQHDDOWRV
UHFXHQWRVDFDXVDGHOWLHPSRPXHUWR
/DLGHDDQWHULRUVHH[WUDSRODDXQDIXHQWHGHHVSDODFLyQ(OUHFXHQWR
GHQHXWURQHVGHEHUtDVHUSURSRUFLRQDODODLQWHQVLGDGGHODFRUULHQWHGH
SURWRQHVGHODIXHQWHGHHVSDODFLyQ/DVGHVYLDFLRQHVGHHVWDOLQHDOLGDG
SHUPLWLUtDQHVWLPDUHOWLHPSRPXHUWR\VXLQFHUWLGXPEUH(OSUREOHPDGH
OD LQFHUWLGXPEUH HV FUXFLDO SDUD VLWXDU HO GHWHFWRU HQ VX WDVD ySWLPD GH
UHFXHQWRSHURSRURWURODGRQRVLJXHODHVWDGtVWLFDGH3RLVVRQDFDXVDGH
ODPXOWLSOLFLGDGGHQHXWURQHVSRUSURWyQLQFLGHQWHORTXHGHSHQGHGHOD
HQHUJtDGHORVSURWRQHV\HOPDWHULDO\JHRPHWUtDGHOEODQFRGHHVSDODFLyQ
(OUHVXOWDGRHVXQDH[SUHVLyQVLPSOHTXHUHODFLRQDODWDVDySWLPDGHUH
FXHQWRFRQODPXOWLSOLFLGDGGHODIXHQWH\ODLQFHUWLGXPEUHHQODGHWHUPL
QDFLyQGHOWLHPSRPXHUWR
£ÈʇÊäÎÊ
/, -1/
$ ÊÊ
/ "-Ê
",/,"-Ê Ê,
/",-Ê,*"-ÊÊ
-""
-°Ê*jÀiâÊ>À̉˜]Ê°Ê>À̉˜‡ÕiÀÌiÃÊÞʰʏÛ>Àiâ‡6i>À`i
/Ê
(QPDUFDGR GHQWUR GHO SUR\HFWR GHO 5HDFWRU 5iSLGR GH 6RGLR (XURSHR
&3(6)5GH
0:WKVHHVWXGLDQODVSURSLHGDGHVGHWUDQVPXWDFLyQGHDFWtQLGRVPL
Ê 1
,Ê-*!ÊÃi«Ìˆi“LÀi‡-ÊÓää™Ê‡ x™
',
E7E;A@7EFt5@;53E
,'L,,
QRULWDULRV HQ XQD FRQ¿JXUDFLyQ UDGLDO URGHDQGR DO FRPEXVWLEOH FHQWUDO
02;
3DUDOOHYDUDFDERHVWHHVWXGLRVHKDXVDGRFRPRKHUUDPLHQWDGHFiOFXOR
HOFyGLJR(92/&2'(HOFXDOEDVDGRHQORVFyGLJRV0&13\25,*(1
$&$%SHUPLWHKDFHUFiOFXORVGHTXHPDGRSDUDREWHQHUODHYROXFLyQLVR
WySLFDGHODFRPSRVLFLyQGHOFRPEXVWLEOH
1XHVWURUHDFWRUHQFXHVWLyQHVWiIRUPDGRSRUXQDPDWUL]KH[DJRQDOGH
FRPEXVWLEOH02;FRQHOHPHQWRVGHXQPHWURGHDOWXUDURGHDGDSRU
XQDQLOORGHHOHPHQWRVFRQODPLVPDJHRPHWUtDSHURFRQXQDSURSRU
FLyQHQPDVDGHDFWtQLGRVPLQRULWDULRVGHO>@\GHGH8UDQLR
HPSREUHFLGR
'HODHYROXFLyQLVRWySLFDGHOFRPEXVWLEOHVHGHGXFHHOIDFWRUGHFRQ
YHUVLyQ\ODWDVDGHWUDQVPXWDFLyQGHORVDFWtQLGRVPLQRULWDULRVTXHHVHO
SDUiPHWURIXQGDPHQWDOTXHQRVLQGLFDUiVLXQUHDFWRUUiSLGRHVH¿FLHQWH
SDUD OD WUDQVPXWDFLyQ GH DFWtQLGRV PLQRULWDULRV IUHQWH D RWURV VLVWHPDV
FRPRORVVXEFUtWLFRV$'6
(Q HVWH WUDEDMR VH DQDOL]D HO HVSHFWUR QHXWUyQLFR HQ DPEDV UHJLRQHV
PDWUL]FHQWUDO\DQLOORH[WHUQR\GHDKtVHGHGXFHODHYROXFLyQLVRWySLFD
TXH VXIUH HO FRPEXVWLEOH 02; WUDV GtDV GH TXHPDGR$GHPiV VH
UHDOL]DQHVWLPDFLRQHVGHOFRH¿FLHQWHGHYDFLDGR\GHOFRH¿FLHQWH'RSSOHU
WDQWRDSULQFLSLRFRPRD¿QDOGHYLGD\GHODIUDFFLyQHIHFWLYDGHQHXWUR
QHVGLIHULGRV
3RU~OWLPRVHPXHVWUDQODGLVWULEXFLyQGHOÀXMRQHXWUyQLFR\SRWHQFLD
HQODFRPSRQHQWHUDGLDO\D[LDOGHOQ~FOHRDVtFRPRORVYDORUHVGHODNHII
HQIXQFLyQGHOTXHPDGR
>@
(QSUy[LPRVHMHUFLFLRVVHH[SORUDUiQPD\RUHVFRQWHQLGRVGHDFWtQLGRVPLQRUL
WDULRV
£ÈʇÊä{Ê
/""-ÊÊ /,
$ Ê/*",Ê*,Ê
Ê
1
$ ÊÊÊ1-$ Ê 1/,$ Ê
Ê"/,-Ê8" -°Êœ˜â?iâ‡*ˆ˜ÌœÀ]ʰʈ˜iÃÌ>ÀÊÞÊ°Ê6iÀ`Ö
1˜ˆÛiÀÈ`>`Ê*œˆÌjV˜ˆV>Ê`iÊ6>i˜Vˆ>Ê
3DUDPHMRUDUODVHJXULGDGGHXQUHDFWRUGHHQHUJtDQXFOHDUHVQHFHVDULR
GHVDUUROODUVLPXODGRUHVGHSODQWDTXHVHDQUiSLGRV\SUHFLVRV/DVQXHYDV
SODQWDV QXFOHDUHV HVWiQ VLHQGR FRQVWUXLGDV SULQFLSDOPHQWH HQ SDtVHV GHO
HVWHGH(XURSD\$VLD\PXFKRVGHORVQXHYRVUHDFWRUHVEDMRFRQVWUXFFLyQ
VRQGHWLSR99(5(VRVUHDFWRUHVGL¿HUHQGHORVUHDFWRUHV3:5\%:5
GHGLVHxRRFFLGHQWDOSULQFLSDOPHQWHHQODJHRPHWUtDGHORVHOHPHQWRVGH
FRPEXVWLEOH(QORV%:5\3:5ORVHOHPHQWRVGHFRPEXVWLEOHVRQSULV
PDVUHFWDQJXODUHV\HQORVUHDFWRUHV99(5ORVHOHPHQWRVGHFRPEXVWLEOH
VRQSULVPDVKH[DJRQDOHV
(OEDODQFHGHIXHOHQHOQ~FOHRGHXQUHDFWRUSDUDXQWUDQVLWRULRGDGRVH
PRGHOL]DUQRUPDOPHQWHXVDQGRORDHFXDFLyQGHODGLIXVLyQQHXWUyQLFDGH
SHQGLHQWHGHOWLHPSR\ODGLIHUHQFLDHQODJHRPHWUtDGHORVUHDFWRUHVWLSR
99(5 KDFH QHFHVDULR GHVDUUROODU PpWRGRV QXPpULFRV GLIHUHQWHV GH ORV
XWLOL]DGRVSDUDDQDOL]DUORVUHDFWRUHVGHWLSR3:5\%:55HFLHQWHPHQWH
VHKDSURSXHVWRXQPpWRGRGHORVHOHPHQWRVHVSHFWUDOHV >@SDUDREWHQHU
ORV PRGRV ODPEGD GRPLQDQWHV SDUD XQD FRQ¿JXUDFLyQ GDGD GHO Q~FOHR
GHXQUHDFWRUFRQJHRPHWUtDKH[DJRQDO(VWRVPRGRVVHUiQXVDGRVSDUD
GHVDUUROODUXQPpWRGRPRGDO >@SDUDUHVROYHUODHFXDFLyQGHODGLIXVLyQ
QHXWUyQLFDGHSHQGLHQWHGHOWLHPSRVREUHJHRPHWUtDVKH[DJRQDOHV\HVWH
PpWRGRVHFRPSDUDUiFRQXQPpWRGRQXPpULFREDVDGRHQXQDIRUPXODGH
GLIHUHQFLDVKDFLDDWUiV>@SDUDODGLVFUHWL]DFLyQWHPSRUDO$PERVPpWRGRV
Èä ‡Ê 1
,Ê-*!ÊÃi«Ìˆi“LÀi‡-ÊÓää™
VHUiQFRPSDUDGRVSDUDXQWUDQVLWRULRHQXQUHDFWRU99(5
6 *RQ]iOH]3LQWRU ' *LQHVWDU * 9HUG~ 6SHFWUDO (OHPHQW 0HWKRG IRU WKH
/DPEGD0RGHVSUREOHPRQKH[DJRQDOJHRPHWU\6XEPLWWHGWR$QQDOVRI1X
FOHDU(QHUJ\
>@50LUy'*LQHVWDU*9HUG~'+HQQLJ$1RGDO0RGDO0HWKRGIRUWKH
1HXWURQ'LIIXVLRQ(TXDWLRQ$SSOLFDWLRQWR%:5LQVWDELOLWLHV$QDO\VLV$QQDOV
RI1XFOHDU(QHUJ\^
>@'*LQHVWDU*9HUG~99LGDO5%UX-0DUtQ-/0XxR]&RER+LJK
2UGHU %DFNZDUG 'LVFUHWL]DWLRQ RI WKH 1HXWURQ 'LIIXVLRQ (TXDWLRQ$QQDOV RI
1XFOHDU(QHUJ\
>@
£ÈʇÊäxÊ
/""ÊÊ"-Ê /"-Ê-*
/,-Ê
*,ÊÊ*,"ÊÊ"-Ê""-Ê
Ê Ê"/,-Ê*,-/
-Ê
8" -Ê
-°Êœ˜â?iâ‡*ˆ˜ÌœÀ]ʰʈ˜iÃÌ>ÀÊÞÊÊ°Ê6iÀ`Ö
1˜ˆÛiÀÈ`>`Ê*œˆÌjV˜ˆV>Ê`iÊ6>i˜Vˆ>
3DUDXQDFRQ¿JXUDFLyQGDGDGHXQUHDFWRUQXFOHDUVLHPSUHHVSRVLEOHIRU
]DUVXFULWLFLGDGGLYLGLHQGRODSURGXFFLyQGHQHXWURQHVGHELGDDOD¿VLyQ
SRUXQQXPHURSRVLWLYRQREWHQLHQGRODHFXDFLyQGHORVPRGRVODPEGD
>@TXHHVXQSUREOHPDGLIHUHQFLDOGHDXWRYDORUHV
6HKDGHVDUUROODGRXQ0pWRGRGHORV(OHPHQWRV(VSHFWUDOHV6(0>@
SDUDDSUR[LPDUXQFRQMXQWRGHPRGRVGRPLQDQWHVGHHVWHSUREOHPDVX
SRQLHQGRTXHODVROXFLyQSXHGHVHUDSUR[LPDGDHQIRUPDGHXQGHVDUUROOR
WUXQFDGR GH SROLQRPLRV VREUH FDGD XQR GH ORV HOHPHQWRV HQ ORV TXH VH
GLVFUHWL]DHOGRPLQLRGHGH¿QLFLyQGHOSUREOHPD
'HELGRDTXHODJHRPHWUtDGHOSUREOHPDYLHQHH[SUHVDGDHQIRUPDGH
GLVWLQWRVSULVPDVKH[DJRQDOHVFRPSXHVWRVGHGLVWLQWRVWLSRVGHPDWHULD
OHVVHKDGLVFUHWL]DGRODJHRPHWUtDPHGLDQWHSODQRVHTXLHVSDFLDGRVHQHO
SODQRD[LDO\GLVFUHWL]DQGRORVKH[iJRQRVUHVXOWDQWHVHQHOSODQRUDGLDO
HQ WUtDQJXORV HTXLOiWHURV 3RU OR WDQWR SRGHPRV GH¿QLU QXHVWUD EDVH GH
SROLQRPLRVFRPRXQSURGXFWRWHQVRULDOGHSROLQRPLRVHQODYDULDEOH]SRU
SROLQRPLRVHQ[\>@
6H FDOFXOD OD VROXFLyQ FRPR OD DSUR[LPDFLyQ GHO HVWDFLRQD
ULR GH XQ GHWHUPLQDGR IXQFLRQDO HQ XQ HVSDFLR 6REROHY >@
6HHYDO~DODSUHFLVLRQGHODVVROXFLRQHVREWHQLGDVFRPSDUDQGRHOPD\RU
GHORVDXWRYDORUHVREWHQLGRGHQRPLQDGRNHӽ\ODSRWHQFLDQHXWUyQLFD
REWHQLGDDSDUWLUGHODDXWRIXQFLyQDVRFLDGDDODNHӽSDUDHOEHQFKPDUN
WULGLPHQVLRQDO99(5UHVSHFWRRWURVUHVXOWDGRV\DFRQWUDVWDGRV
$+HEHUW³$SSOLFDWLRQRIDGXDOYDULDWLRQDOIRUPXODWLRQWR¿QLWHHOHPHQWUHDF
WRUFDOFXODWLRQV´$QQ1XFO(QHUJ\SS±
>@
*(.DUQLDGDNLVDQG6-6KHUZLQ6SHFWUDOKS(OHPHQW0HWKRGVIRU&RPSX
WDWLRQDO)OXLG'\QDPLFV2[IRUG8QLYHUVLW\3UHVV
>@
:06WDFH\1XFOHDU5HDFWRU3K\VLFV-RKQ:LOH\6RQV,QF1HZ<RUN
>@
E@7
3URJUDPD\6LQRSVLVGHODV3RQHQFLDV
£ÈʇÊäÈÊ
£ÈʇÊänÊ
/{Ê" /Ê
,"Ê-1/" -Ê",Ê
/Ê-/19Ê"ÊÊ",/Ê 1/," Ê
/
/",
" /",<
$ ÊÊÊ,
/6Ê
Ê1 Ê--/Ê-1
,/
"Ê
"*"Ê
1 Ê1 /Ê8/, Ê /Ê
,"‡
/,,1*
" -ÊÊ<\ÊÊ8*, /"Ê
9 ‡""-/,
°°Ê“iâʜÀ˜ˆœÃ
1˜ˆÛiÀÈÌ>ÌÊ*œˆÌmV˜ˆV>Ê`iÊ
>Ì>Õ˜Þ>
7KLVZRUNSUHVHQWVWKH0RQWH&DUORVLPXODWLRQVSHUIRUPHGZLWKWKHFRGH
*($17LQRUGHUWRVWXG\WKHGHVLJQRIDSRO\HWK\OHQHPRGHUDWHGQHX
WURQGHWHFWRU
7KLV GHWHFWRU FRQVLVWV RI D SRO\HWK\OHQH EORFN RI [[FP ZLWK
WZRFRQFHQWULFDOFURZQVRIDQGUHVSHFWLYHO\ +HF\OLQGULFDOSUR
SRUWLRQDOFRXQWHUVVXUURXQGLQJWKHEHDPKROH7KLVGHWHFWRULVSDUWRIWKH
6SDQLVKFRQWULEXWLRQWRWKH)$,5UHVHDUFKIDFLOLW\LQ*HUPDQ\DQGZLOO
EHXVHGWRVWXG\WKHEHWDGHOD\HGHPLVVLRQRIQHXWURQV7KHVWXG\RIEHWD
GHOD\HGQHXWURQHPLVVLRQLVYHU\LPSRUWDQWIRUWKHGHVLJQDQGVDIHW\RI
QXFOHDUSRZHUSODQWV$OVRWKLVQHXWURQHPLVVLRQSURYLGHVYHU\YDOXDEOH
LQIRUPDWLRQIRUWKHVWXG\RIQXFOHDUVWUXFWXUHDQGWKHQXFOHDUDVWURSK\VLFV
UDSLGQHXWURQFDSWXUHSURFHVV
,QWKLVZRUN,ZLOOSUHVHQWWKHUHVXOWVRIWKH*($17VLPXODWLRQVRI
WKH ¿QDO SURWRW\SH RI WKH QHXWURQ GHWHFWRU 7KHVH VLPXODWLRQV IRFXV RQ
WKHVWXG\RIWKHSDUWLFOHVSURGXFHGLQVLGHWKHGHWHFWRUERWKGHVLUHGDQG
XQGHVLUHGDQGWKHLUHQHUJ\GHSRVLWLRQLQWKH +HSURSRUWLRQDOFRXQWHUV
7KHPRGHUDWLRQWLPHRIWKHQHXWURQVLQVLGHWKHSRO\HWK\OHQHEORFNLVDOVR
VWXGLHGLQRUGHUWRNQRZWKHH[SHFWHGWLPHSDWWHUQRIWKHLQWHUDFWLRQVRI
WKHQHXWURQVLQWKH +HJDV7KHVKLHOGLQJRIWKHQHXWURQGHWHFWRUIURP
EDFNJURXQGQHXWURQVLVDOVRVLPXODWHG
7KHLQIRUPDWLRQFRQWDLQHGLQWKLVVLPXODWLRQVZLOOKHOSXVXQGHUVWDQG
WKH VLJQDOV SURGXFHG LQ WKH GHWHFWRU GXULQJ WKH H[SHULPHQWV LQ RUGHU WR
GLVFULPLQDWHWKHVLJQDOVSURGXFHGE\FRQWDPLQDWLQJSDUWLFOHV
£ÈʇÊäÇÊ
--ÊÊ-Ê,-" -ÊÊ
Ê£™Ç1Ê9Ê-!"ÊÊ1 Ê 16Ê
" 1,
$ Ê8*, /ÊÊ
Ê
*,ÊÊ -/
$ Ê Ú/"
°Êi˜`œâ>Ê
i“LÀ>˜œÃ
*ÀœÞiV̜ʈ˜Ê`iÊ
>ÀÀiÀ>
(VWHWUDEDMRHVWiUHODFLRQDGRFRQODPHGLGDGHVHFFLRQHVH¿FDFHVGHQ~FOHRV
UHOHYDQWHVSDUDODWUDQVPXWDFLyQGHUHVLGXRVUDGLRDFWLYRVHQODLQVWDODFLyQ
QB72)GHO&(51(QXQDSULPHUDSDUWHVHUHDOL]DXQDQiOLVLVGHODVHFFLyQ
H¿FD]QHXWUyQLFDGHO$XHQODUHJLyQGHH9DNH9DSDUWLUGHQXPHUR
VRVGDWRVWRPDGRVHQGLFKDLQVWDODFLyQ\DTXHGLFKRQ~FOHRVHXWLOL]DSDUD
QRUPDOL]DURWUDVPHGLGDVGHFDSWXUDQHXWUyQLFDXWLOL]DQGRVXSURQXQFLDGD
UHVRQDQFLDDH9(QXQDVHJXQGDSDUWHVHUHDOL]DHOGLVHxRGHXQDQXHYD
FRQ¿JXUDFLyQH[SHULPHQWDOSDUDODVPHGLGDVGHFDSWXUDFRQHOFDORUtPHWUR
GHDEVRUFLyQWRWDOGHODLQVWDODFLyQ(OSURSyVLWRGHHVWDQXHYDFRQ¿JXUDFLyQ
HVPHMRUDUODVPHGLGDVTXHVHUHDOLFHQHQXQIXWXURPHGLDQWHODUHGXFFLyQ
GHOIRQGRRULJLQDGRSRUODLQWHUDFFLyQGHORVQHXWURQHVFRQORVHOHPHQWRVTXH
VHHQFXHQWUDQHQODOtQHDGHOKD]GLVWLQWRVGHODPXHVWUDTXHVHHVWiPLGLHQGR
WDOHVFRPRHOQHFHVDULRHQFDSVXODPLHQWRGHODVPXHVWUDVUDGLRDFWLYDVFRPR
ODVYHQWDQDVGHYDFtRGHODVDODH[SHULPHQWDO(VWDQXHYDFRQ¿JXUDFLyQVH
EDVDHQXQQXHYRFRQFHSWRGHHQFDSVXODPLHQWRGHODVPXHVWUDV\HQODXWLOL
]DFLyQGHDEVRUEHQWHVSDUDORVQHXWURQHVGLVSHUVDGRV
°ÊiÀ˜?˜`iâ‡"À`šiâ]Ê°Ê6ˆ>“>À‰˜]Ê6°ÊjV>ÀiÃÊÞÊ°Ê°Ê
œ˜â?iâ‡,œ“iÀœ
/Ê
/D WUDQVPXWDFLyQ GHO FRPEXVWLEOH QXFOHDU JDVWDGR HV XQD GH ODV WHFQR
ORJtDV FODYH SDUD OD VRVWHQLELOLGDG GH OD HQHUJtD QXFOHDU 'HQWUR GH ODV
SRVLELOLGDGHV SDUD OD JHVWLyQ GH HVWH FRPEXVWLEOH JDVWDGR ORV UHDFWRUHV
VXEFUtWLFRVDFRSODGRVDXQDIXHQWHVH[WHUQDGHQHXWURQHV$'6FRQVWL
WX\HQXQRGHORVFRQFHSWRVH[SORUDGRVSDUDUHGXFLUVXUDGLRWR[LFLGDG\
VXYROXPHQ(QHOGLVHxRGHORVIXWXURV$'6VHUiGHYLWDOLPSRUWDQFLDHO
VLVWHPDGHPRQLWRUL]DFLyQGHODUHDFWLYLGDGSRUWDQWRHVQHFHVDULRHVWD
EOHFHUODYDOLGH]GHODVWpFQLFDVGHPHGLFLyQGHUHDFWLYLGDGHVDVtFRPR
ODVFDGHQDVHOHFWUyQLFDVQHFHVDULDVSDUDHIHFWXDUHVDVPHGLGDVWHQLHQGRHQ
FXHQWDODVSHFXOLDULGDGHVLQKHUHQWHVDXQ$'6
(Q HO VHQR GHO SUR\HFWR ,3(85275$16 GHQWUR GHO 9, 3URJUDPD
0DUFR GH OD 8( VH KD GHVDUUROODGR ±HQWUH \ XQD FDPSDxD
H[SHULPHQWDOHQHOUHDFWRUVXEFUtWLFR<$/,1$%RRVWHUVLWXDGRHQHOFHQ
WURGHLQYHVWLJDFLyQ-,3156RVQ\HQ%LHORUUXVLD/RVH[SHULPHQWRVGH
VDUUROODGRV HQ<$/,1$%RRVWHU FRQVWLWX\HQ OD FRQWLQXDFLyQ GHO WUDEDMR
GHVDUUROODGRGXUDQWHHOSURJUDPD086(GHQWURGHO93URJUDPD0DUFR
GHOD8((OSULQFLSDOREMHWLYRGHOSURJUDPD<$/,1$FRQVLVWHHQODFXD
OL¿FDFLyQGHODVWpFQLFDVGHPRQLWRUL]DFLyQDVtFRPRHOGHVDUUROORGHODV
FDGHQDVHOHFWUyQLFDVTXHVHUiQXWLOL]DGRVHQORVIXWXURV$'6GHSRWHQFLD
&RQHVWHSURSyVLWRHQ<$/,1$VHDFRSODXQJHQHUDGRUGH'7GHQHX
WURQHVGH0H9DXQUHDFWRUVXEFUtWLFRGHSRWHQFLDFHURFRQXQHVSHFWUR
QHXWUyQLFRLQWHUPHGLR
/DJUDQLQWHQVLGDGGHODFHOHUDGRU\ODSRVLELOLGDGGHWUDEDMDUWDQWRHQ
PRGRSXOVRFRPRHQPRGRFRQWLQXRQRVSHUPLWHQHVWXGLDUODVWpFQLFDV
HVWiQGDUGHGHWHUPLQDFLyQGHODUHDFWLYLGDGPHGLDQWHODLQVHUFLyQGHSXO
VRVGHQHXWURQHVHQHOVLVWHPD316'HOPLVPRPRGRQRVSHUPLWHWDP
ELpQH[SORUDUODUHODFLyQHQWUHODFRUULHQWHGHODFHOHUDGRU\ODSRWHQFLDGHO
UHDFWRUDVtFRPRUHDOL]DUH[SHULPHQWRVGHGHWHUPLQDFLyQGHUHDFWLYLGDG
PHGLDQWHLQWHUUXSFLRQHVGHKD]$GHPiVHVWRVH[SHULPHQWRVQRVGDQOD
RSRUWXQLGDGGHWHVWDUODVFDGHQDVTXHKHPRVGHVDUUROODGRHQHO&,(0$7
EDVDGDVHQFiPDUDVGH¿VLyQRSHUDQGRHQPRGRFRUULHQWHFRUUHVSRQGLHQ
GRDODVLWXDFLyQTXHFRQPD\RUSUREDELOLGDGQRVHQFRQWUDUHPRVHQXQ
$'6GHSRWHQFLD
/RVUHVXOWDGRVSUHOLPLQDUHVGHODQiOLVLVGHHVWRVUHVXOWDGRVH[SHULPHQ
WDOHV GHPXHVWUDQ TXH ODV WpFQLFDV GH LQWHUUXSFLyQ GH KD] SURSRUFLRQDQ
YDORUHV GH OD UHDFWLYLGDG FRPSDWLEOHV FRQ DTXHOORV REWHQLGRV PHGLDQWH
WpFQLFDVHVWiQGDUGHSXOVRVQHXWUyQLFRV'HKHFKRWHQLHQGRHQFXHQWDHO
HVWDGRGHODUWHDFWXDOHVODSULPHUDYH]TXHVHGHWHUPLQDODUHDFWLYLGDGGH
XQVLVWHPDVXEFUtWLFRXWLOL]DQGRPpWRGRVGHLQWHUUXSFLyQGHKD]&RQODV
FDGHQDVHOHFWUyQLFDVGHVDUUROODGDVHQHO&,(0$7KHPRVVLGRFDSDFHVGH
GHWHUPLQDU±SRUSULPHUDYH]ODUHDFWLYLGDGGHXQVLVWHPDVXEFUtWLFRXWL
OL]DQGRFiPDUDVGH¿VLyQRSHUDQGRHQPRGRFRQWLQXR\DGHPiVKHPRV
VLGR FDSDFHV GH PRQLWRUL]DU FDPELRV UHODWLYRV HQ HO HVWDGR GHO VLVWHPD
VXEFUtWLFRHQLQWHUYDORVWHPSRUDOHVGHPLOLVHJXQGRKDVWDDKRUDLQDFFH
VLEOHVH[SHULPHQWDOPHQWH
Ê 1
,Ê-*!ÊÃi«Ìˆi“LÀi‡-ÊÓää™Ê‡ È£
'-
E7E;A@7EFt5@;53E
,QJHQLHUtD,,,
£ÇÊ‡Ê ,Ê­®
ÕiÛiÃÊәʇʣÈ]ää…Ê
Ê
Ê
Ê
Ê
Ê
Ê
-\Ê7, ,Ê- ,
*ÀiÈ`i˜Ìi\Ê
jÃ>ÀÊ
>˜`?ÃÊÉÊ
° °Ê-
$
œœÀ`ˆ˜>`œÀ\Ê}˜>VˆœÊiÀ“>˜>ÊÉÊ,,"Ê ,
£ÇʇÊä£Ê
-1-//1
$ ÊÊ-,A-ÊÊ1 Ê6,°Ê
8*, ÊÊ
1
$ Ê9Ê,-1/"-Ê
Ê*,1°ÊˆiL>˜>Ê>À̉˜iâ
LiÀ`Àœ>ʘ}i˜ˆiÀˆ>ÊÞÊ
œ˜ÃÌÀÕVVˆ˜
'HQWURGHODOFDQFHGHO3UR\HFWRGH$XPHQWRGH3RWHQFLDGHOD&1/DJXQD
9HUGHDOGHODSRWHQFLDWpUPLFDRULJLQDOVHKDUHDOL]DGRHOFDPELRGH
ORVVHSDUDGRUHVGHKXPHGDG\UHFDOHQWDGRUHVFRPXQPHQWHOODPDGRV065V
GHODVGRV8QLGDGHV&DGD8QLGDGFXHQWDFRQ065VGHWLSRKRUL]RQWDOTXH
KDVLGRVXVWLWXLGRFRQHTXLSRVGHODPDUFD7(LPHMRUDQGRVXVWDQFLDOPHQWH
ODH¿FLHQFLDGHOFLFORDVtFRPRHOLPLQDQGRDQWHULRUHVSUREOHPDVGHHQYHMH
FLPLHQWRDVRFLDGRVDORVPDWHULDOHVGHIDEULFDFLyQ/RVQXHYRVFRPSRQHQWHV
KDQVLGRLQVWDODGRVHQODVUHFDUJDVGH\GHFDGD8QLGDGUHVSHF
WLYDPHQWHOOHYDQGRLPSOtFLWDHQVXLQVWDODFLyQHOFDPELRGHODVWXEHUtDVGH
GUHQDMHGHORVPLVPRVGHELGRDOGLVHxRDYDQ]DGRTXHSUHVHQWDQORVQXHYRV
HTXLSRV/RVUHVXOWDGRVGHODVSUXHEDVREWHQLGDVWUDVODLQVWDODFLyQVRQPX\
VDWLVIDFWRULRV\VHFRQ¿UPDDVtVXDSRUWDFLyQDODPHMRUDGHH¿FLHQFLDGHO
FLFORD~QVLQDXPHQWDUODSRWHQFLDWpUPLFDGHOUHDFWRU
£ÇʇÊäÓÊ
",ÊÊ
ÊÊ1 Ê,
/",Ê
66,‡£äääÊ*",Ê"ÊÊÊ
"<
$ ÊÊ ÊÊ* /
°Êœ˜â?iâ]Ê °Ê>ÀV‰>ÊÞÊ°Ê*iˆ˜>`œÊ
LiÀ`Àœ>ʘ}i˜ˆiÀˆ>ÊÞÊ
œ˜ÃÌÀÕVVˆœ˜
,%(5'52/$,1*(1,(5Ë$HVWiOOHYDQGRDFDERHOHVWXGLRGHPHMRUDGH
OD(¿FLHQFLDGHOFLFORGHXQUHDFWRU99(5HQ5XVLD/DGXUDFLyQGH
HVWHHVWXGLRHVXQDxROOHYiQGRVHDFDERGXUDQWHHODxR
(OSUR\HFWRTXHHVWiEDVDGRHQXQDHVWUHFKDFRODERUDFLyQFRQHOSURSLHWDULR
GHOD&HQWUDOFRPHQ]yFRQODIDVHGHUHFRJLGDGHGDWRV\HVWXGLRGHODGRFX
PHQWDFLyQGHGLVHxRGHOD3ODQWD99(5DSULQFLSLRVGH3RVWHULRU
PHQWHXQEDODQFHWHUPRGLQiPLFRGHOVHFXQGDULRGHOD3ODQWDHVHODERUDGRFRQ
ODLQIRUPDFLyQGHGLVHxRGHORVFRPSRQHQWHV\VLVWHPDVGHODPLVPD
(QSDUDOHORXQDFDPSDxDGHWRPDGHGDWRVHVUHDOL]DGDSRUPHGLRGH
ODLQVWUXPHQWDFLyQGHOD3ODQWD(OHVWXGLRHVWiEDVDGRHQODFRPSDUDFLyQ
GHORVUHVXOWDGRVREWHQLGRVPHGLDQWHHOPRGHORGHOEDODQFHFRQORVGDWRV
RULJLQDOHVGHGLVHxR\ORVGDWRVREWHQLGRVGHODLQVWUXPHQWDFLyQTXHUH
SUHVHQWDQHOHVWDGRDFWXDOGHOD3ODQWD
(O REMHWLYR HV GHWHFWDU DTXHOODV GHVYLDFLRQHV HQ OD RSHUDFLyQ TXH HV
WiQSURGXFLHQGRSpUGLGDVGHH¿FLHQFLDGHOD3ODQWDDVtFRPRHYDOXDUORV
UHVXOWDGRVHQPHMRUDGHH¿FLHQFLDTXHWHQGUtDQODPRGL¿FDFLyQ\RVXV
ÈÓ ‡Ê 1
,Ê-*!ÊÃi«Ìˆi“LÀi‡-ÊÓää™
WLWXFLyQGHGHWHUPLQDGRVHTXLSRVGHOD3ODQWD7RGDVHVWDV PHMRUDV VRQ
FXDQWL¿FDGDVHQ0:HVLHQGROD~OWLPDHWDSDGHOSUR\HFWRHOHVWXGLRWpF
QLFRHFRQyPLFRGHYLDELOLGDGGHODVPHMRUDVSURSXHVWDV
£ÇʇÊäÎÊ
" -Ê*, -Ê1, /ÊÊ
1
$ ÊÊ,,
Ê Ê
° °Ê
", /°ÊՉÃÊiʈi}œ£]ʰʘ̜˜ˆœÊ>ÃiÀ˜>£]Ê*°Ê<Տœ>}>Ó]Ê°Ê,ˆÛiÀ>Ó]Ê
,°Ê"ÀˆÛiÎÊÞÊ°Ê°Ê>ÀV‰>‡"Ài>˜>Î
£ÊLiÀ`Àœ>Êi˜iÀ>Vˆ˜]Ê*Àœ`ÕVVˆ˜Ê ÕVi>ÀÊ
ÓÊ ,-Ê
ÎÊLiÀ`Àœ>ʘ}i˜ˆiÀ‰>ÊÞÊ
œ˜ÃÌÀÕVVˆ˜
/DFDSDFLGDGGHDOPDFHQDPLHQWRGHODVSLVFLQDVGHFRPEXVWLEOHJDVWDGR
GH&1&RIUHQWHVVHKDLQFUHPHQWDGRUHFLHQWHPHQWHGHSRVLFLRQHV
GHHOHPHQWRVFRPEXVWLEOHVDWUDVHOUHUDFNLQJGHOD3LVFLQDGH$O
PDFHQDPLHQWRGH&RPEXVWLEOHJDVWDGR(VWH3$&(SUR\HFWR¿QDQFLDGR
HQ VX WRWDOLGDG SRU (15(6$ 3DUWLHQGR GHO JUDGR GH RFXSDFLyQ DFWXDO
\FRQVLGHUDQGRODGHVFDUJDWtSLFDGHHOHPHQWRVGHFRPEXVWLEOHJDVWDGR
HQ XQD UHFDUJD VH FRQFOX\H TXH FRQ OD FRQ¿JXUDFLyQ DFWXDO OD ~OWLPD
UHFDUJDVHSURGXFLUtDHQVHSWLHPEUHGH57UDVHVWDUHFDUJDODV
SRVLFLRQHVUHVHUYDGDVSDUDGHVFDUJDGHOQ~FOHRFRPSOHWRSRGUtDQSHUPLWLU
ODRSHUDFLyQGHODFHQWUDOKDVWDVHSWLHPEUHGH
/DVXVWLWXFLyQGHORVEDVWLGRUHVDQWLJXRVGHDFHURLQR[LGDEOHSRURWURV
GHDOWDGHQVLGDGTXHFRQWLHQHQPDWHULDOHVFRQPD\RUH¿FDFLDSDUDODDE
VRUFLyQQHXWUyQLFDDFHURERUDGRFRQVWLWX\HXQDFRPSOHMDVHFXHQFLDGH
DFWLYLGDGHVFX\DHMHFXFLyQHQ&1&RIUHQWHVVHKDH[WHQGLGRGHVGHSULQ
FLSLRVGHVHSWLHPEUHGHKDVWD¿QDOHVGHDEULOGH
6HDQDOL]DHQHVWDSRQHQFLDODVOHFFLRQHVDSUHQGLGDVGXUDQWHODUHDOL]D
FLyQGHODVFLWDGDVDFWLYLGDGHVGHVGHORVVLJXLHQWHVSXQWRVGHYLVWD
‡ 6HFXHQFLDGHWUDEDMRDVHJXLUSDUDODVRSHUDFLRQHVGHH[WUDFFLyQGHORV
EDVWLGRUHVYLHMRVPRGL¿FDFLRQHVGHOUHYHVWLPLHQWRGHODVSDUHGHVGHOD
SLVFLQDHLQVWDODFLyQGHORVEDVWLGRUHVQXHYRV
‡ 2UJDQL]DFLyQUHVSRQVDELOLGDGHVHLQWHUFRPXQLFDFLyQ
‡ 3URJUDPD\SODQL¿FDFLyQ
‡ +RPRORJDFLRQHVIRUPDFLyQ\FXDOL¿FDFLyQGHOSHUVRQDOLQYROXFUDGR
‡ &RQWUROGHOGLVHxRGRFXPHQWDFLyQ\FRPSUDV5HFHSFLyQGHPDWHULDOHV
‡ &RQWUROGHOSURFHVR,33¶V,QVSHFFLRQHV\&HUWL¿FDFLRQHV
‡ &RQWUROGHFDOLEUDFLyQGHHTXLSRV\PHGLGDV
‡ &RQWURO\WUDWDPLHQWRGHGHVYLDFLRQHV\QRFRQIRUPLGDGHV
‡ &RQWURODPELHQWDO\UDGLROyJLFR3ODQL¿FDFLyQ\PHGLGDV$/$5$
‡ 0DWHULDOHVJHQHUDGRVGXUDQWHHOFDPELRGHEDVWLGRUHV
‡ 3UHYHQFLyQGHULHVJRVODERUDOHV
‡ 2EMHWLYRVGHFDOLGDG
‡ $XGLWRULDV
‡ 0RGL¿FDFLyQGHODGRFXPHQWDFLyQGHODSODQWD
E@7
3URJUDPD\6LQRSVLVGHODV3RQHQFLDV
£ÇʇÊä{Ê
º
Ê
", /-°Ê
/1
" -ÊÊ",Ê
9Ê", <
$ Ê Ê--/-ÊÊ
, /"»
°ÊœÌ>Ê
œœ“>£]Ê°Ê°Ê,œ`Àˆ}ÕiâÊ>ÀV‰>ÓÊ]°Ê,ՈâÊ`iʜ«iÓ]Ê
->À>Ê,iÞiÃÊ՚œâÎÊÞÊ
°Ê,iLœœÊ>ÀV‰>Î
£ÊLiÀ`Àœ>Êi˜iÀ>Vˆ˜]Ê*Àœ`ÕVVˆ˜Ê ÕVi>À
ÓÊLiÀ`Àœ>ʘ}i˜ˆiÀ‰>ÊÞÊ
œ˜ÃÌÀÕVVˆ˜
Îʓ«ÀiÃ>ÀˆœÃÊ}ÀÕ«>`œÃÊ
/RVVLVWHPDVGHDJXDGHVHUYLFLRVVRQXQRVGHORVSULQFLSDOHVVLVWHPDV
DX[LOLDUHVHQXQDSODQWDGHJHQHUDFLyQWHUPRHOpFWULFDHQFHQWUDOHVQXFOHD
UHVVHHQFXHQWUDQGLIHUHQFLDGRVHO6LVWHPDGH$JXDGH6HUYLFLRFRQYHQFLR
QDO6:6HQFDUJDGRGHOHQIULDPLHQWRGHORVFRPSRQHQWHVUHODFLRQDGRV
FRQODSURGXFFLyQGHHQHUJtD\HO6LVWHPDGH$JXDGH6HUYLFLR(VHQFLDO
(6:HQFDUJDGRGHOHQIULDPLHQWRHQORVVLVWHPDVGHHPHUJHQFLDSDUDOD
SDUDGDVHJXUDGHODFHQWUDORHQFDVRVGHDFFLGHQWH
(Q&1&2)5(17(6VRQVLVWHPDVFHUUDGRVHO6:6FRQWRUUHVGHHQ
IULDPLHQWRGHWLURIRU]DGR\HO(6:FRQXQHPEDOVHGHHQIULDPLHQWRSRU
DVSHUVLyQ8+6
/DRSHUDFLyQFRUUHFWDGHHVWRVVLVWHPDVHQFXDQWRDFDSDFLGDG\¿DELOLGDG
VHYHFRPSURPHWLGDSRUIDFWRUHVGH
‡ ,QFUHPHQWRHQORVUHTXLVLWRVGHHQIULDPLHQWRDXPHQWRVGHSRWHQFLDGH
ODFHQWUDODXPHQWRVHQODFDSDFLGDGGHDOPDFHQDPLHQWRGHFRPEXVWLEOH
JDVWDGRUHUDFNLQJHWF
‡ 3URFHVRVUHODFLRQDGRVFRQHOHQYHMHFLPLHQWRGHORVVLVWHPDVREVWUXFFLR
QHVHQVXFLDPLHQWRFRUURVLyQHWF
/DVVROXFLRQHVTXHSXHGHQDGRSWDUVHVRQPXOWLGLVFLSOLQDUHV\YDQRULHQ
WDGDVDDFWXDFLRQHVGHPHMRUD\PRGHUQL]DFLyQGHORVVLVWHPDVHQWUHRWUDV
‡ &DOLGDGGHODJXDGHDSRUWHRSWLPL]DFLyQGHODFDSWDFLyQ
‡ 4XtPLFDGHODJXDRSWLPL]DFLyQGHFRQWUROHVWUDWDPLHQWRVHVSHFt¿FRV
OLPSLH]DVSXUJDV«
‡ $VHVRUtDVH[WHUQDV(35,
‡ 0DQWHQLPLHQWRGHHTXLSRVHQSDUDGDV\RQOLQHRSWLPL]DFLyQGHFRQWUROHV
HLQVSHFFLRQHVVHJXLPLHQWRGHOHVWDGRGHREVWUXFFLyQOLPSLH]DVSHULyGL
FDV
‡ 2SHUDFLyQGHORVVLVWHPDVPHMRUDGHFDXGDOHVIUHFXHQFLDGHRSHUDFLyQ
‡ 0HMRUDGHHTXLSRVSULQFLSDOHVERPEDVWRUUHVGHUHIULJHUDFLyQDVSHUVR
UHV\GHORVFDPELDGRUHVGHFDORUWLSRSODFDVEDWHUtDV+9$&
‡ 6XVWLWXFLyQGHWXEHUtDVSHTXHxDVGH&6SRU66OLPSLH]DGHWXEHUtDVPD
\RUHV
‡ ,QVWUXPHQWDFLyQLQGLYLGXDOL]DGDFDXGDOtPHWURVXOWUDVyQLFRVSUHVLyQGL
IHUHQFLDOFRUURVtPHWURV«LQIRUPDFLyQFHQWUDOL]DGDGHODRSHUDFLyQ
6&'
£ÇʇÊäxÊ
*,/
*
$ ÊÊ,,"Ê ,Ê ÊÊ
-1-//1
$ ÊÊ"-Ê-,ÊÊÊ
Ê"1 6°Ê->ÕVi`œÊÞʰʰʝ“iâ
,,"Ê ,Ê
&RPR UHVSXHVWD D XQ SUREOHPD GH DXPHQWR GH OD GHPDQGD HOpFWULFD VH
SXHGHSODQWHDUODVROXFLyQGHFRQVWUXLUQXHYDVFHQWUDOHVRWDPELpQHODX
PHQWR GH SRWHQFLD GH ODV FHQWUDOHV H[LVWHQWHV PHGLDQWH OD PHMRUD GH VX
H¿FLHQFLD 'HQWUR GH HVWH PDUFR ,%(5'52/$ ,QJHQLHUtD SDUWLFLSD HQ
HODXPHQWRGHSRWHQFLDDOHQOD&1GH%RKXQLFH9UHDFWRUHV
99(5GHGLVHxRVRYLpWLFRHQ(VORYDTXLDPHGLDQWHHOSUR\HFWRGH
PRGL¿FDFLyQGHORVFXDWUR0650RLVWXUH6HSDUDWRUDQG5HKHDWHUTXH
FRQIRUPDQORVWXUERJUXSRV7*\7*
/RV065SHUPLWHQHQXQDSULPHUDIDVHHOLPLQDUODKXPHGDGUHVXOWDQ
WHGHODH[SDQVLyQGHOYDSRUHQODWXUELQDGHDOWDSUHVLyQ\SRVWHULRUPHQWH
UHFDOHQWDUGLFKRYDSRUSDUDODH[SDQVLyQHQODVWXUELQDVGHEDMDSUHVLyQ
(OREMHWRGHHVWRVHTXLSRVHVODPHMRUDGHODH¿FLHQFLD\GXUDELOLGDGGH
ODVWXUELQDVDIHFWDGDVSRUODVJRWDVIRUPDGDVHQODV~OWLPDVIDVHVGHH[
SDQVLyQ
,%(5'52/$KDDSRVWDGRSRUXQGLVHxRRFFLGHQWDOGH065PDQWH
QLHQGRODSRVLFLyQGHODVGLVWLQWDVFRQH[LRQHV$VtIUHQWHDOGLVHxRVRYLp
WLFRFRQVLJXHXQDPHMRUDVXVWDQFLDOHQODVHSDUDFLyQGHKXPHGDG\H¿
FLHQFLDHQHOUHFDOHQWDPLHQWRFRQHOFRQVLJXLHQWHLQFUHPHQWRGHSRWHQFLD
HQHOJHQHUDGRU
$GHPiVDWUDYpVGHXQGLVHxRRSWLPL]DGR\XQDVHOHFFLyQDGHFXDGDGH
ORVPDWHULDOHVVHFRQVLJXHXQHTXLSRGHPXFKRPHQRUSHVR\GHPD\RU
SURWHFFLyQIUHQWHDORVHIHFWRVGHHURVLyQFRUURVLyQSULQFLSDOSUREOHPDGH
ORV065GHGLVHxRDQWLJXR
'H HVWD PDQHUD ,%(5'52/$ SRQH D GLVSRVLFLyQ GH OD LQGXVWULD OD
LPSODQWDFLyQGHHVWHDYDQ]DGRGLVHxRGH065HQODVFHQWUDOHVH[LVWHQWHV
RQXHYDVGHOWLSR99(5
£ÇʇÊäÈÊ
,Ê--/Ê*",Ê-1
$ ]Ê
*
$ ÊÊ--/ÊÊ1Ê- Ê
Ê
° °Ê
", /°Ê˜Ìœ˜ˆœÊ,Ոâ£]ʰʜÌ>Ó]Ê,°Ê,ÕLˆœÓ]Ê°Ê6ˆ`>£ÊÞÊ*°Ê/iÜ£
£Ê/
/"
ÓÊ,,"°Ê*Àœ`ÕVVˆ˜Ê ÕVi>À
(QHO~OWLPRDxR7HFQDWRPH,EHUGURODKDQGHVDUUROODGRYDULRVVLPXODGR
UHVHVSHFt¿FRVSDUDDQiOLVLVGHVLVWHPDVGH&RIUHQWHVFDGDXQRGHHOORV
FRQREMHWLYRVSDUWLFXODUL]DGRVDODVGLIHUHQWHVQHFHVLGDGHVGHDQiOLVLVSHUR
FRQXQSXQWRHQFRP~QTXHHVVXRSHUDFLyQGHVGHXQHQWRUQR([FHOTXH
SHUPLWHSULPDUODVHQFLOOH]GHPDQHMR\ODLQWHUDFWLYLGDGDXWRFRQODVRWUDV
KHUUDPLHQWDVGHDQiOLVLV\DGTXLVLFLyQGHGDWRVHQIXQFLRQDPLHQWR(VWRV
VLPXODGRUHVKDQVLGR
‡ 6LPXODGRUSDUDDQiOLVLVKLGUiXOLFRGHOVLVWHPD3(6:FRQHORE
MHWLYRGHFXEULUODQHFHVLGDGGHUHSURGXFFLyQGHORVUHVXOWDGRVGHODV
SUXHEDVSHULyGLFDV6XHPSOHRD\XGDDSODQL¿FDUODERUHVGHPDQWHQL
PLHQWRDQWLFLSDUORVUHVXOWDGRVGHODVSUXHEDVGHYLJLODQFLD\SUHGHFLU
ODVFRQVHFXHQFLDVGHPRGL¿FDUHODOLQHDPLHQWRGHOVLVWHPD(VWHVLPX
ODGRUUHVXHOYHODUHGGH%HUQRXLOOLGHOVLVWHPDJOREDOFRQODSHFXOLDULGDG
GHTXHVXVFDtGDVGHFDUJD\VXVERPEDVVHDMXVWDQDXWRPiWLFDPHQWHD
ORV~OWLPRVGDWRVUHFLELGRVGHVGHSODQWD
‡ 6LPXODGRUSDUDDQiOLVLVKLGUiXOLFRGHOVLVWHPDGHDJXDGHDOLPHQWDFLyQ
\FRQGHQVDGR&'):(OVLPXODGRUUHVXHOYHHOVLVWHPDGHHFXDFLR
QHV GH %HUQRXLOOL HQ HO ODGR WXERV GHO VLVWHPD SDUD XQDV FRQGLFLRQHV
GHFRQWRUQRH[WUDSRODGDVGHVGHORVGDWRVUHDOHVDHYHQWXDOHVFRQGLFLR
QHVGHDXPHQWRGHSRWHQFLD(OVLPXODGRUSHUPLWHFRQRFHUHOSXQWRGH
WUDEDMRGHORVGLIHUHQWHVHTXLSRVDGLIHUHQWHVSRWHQFLDV\ODUHVSXHVWD
FRQMXQWDGHOVLVWHPDDQWHHYHQWXDOHVVXVWLWXFLRQHVGHHTXLSRVSRURWURV
GHSUHVWDFLRQHVGLIHUHQWHV
6HWUDWDGHXQQXHYRHPSOHRGHKHUUDPLHQWDVGHVLPXODFLyQGRQGHVH
KDQSULPDGRODLQWHUDFWLYLGDGODVHQFLOOH]GHXVR\DQiOLVLV\VXFRQHFWLYL
GDGFRQRWUDVKHUUDPLHQWDVSUHH[LVWHQWHV
Ê 1
,Ê-*!ÊÃi«Ìˆi“LÀi‡-ÊÓää™Ê‡ ÈÎ
'-
E7E;A@7EFt5@;53E
,QJHQLHUtD,,,
£ÇʇÊäÇÊ
£ÇʇÊäÇÊ
‡Óään‡ä£°Ê-/1"ÊÊÊ*,- ÊÊ
-Ê Ê--/-ÊÊ,,Ê9Ê,,,
$ Ê
Ê, , "6
$ ÊÊ/, ",ÊÊ9Ê
1
$ ÊÊ-Ê,,-ÊÊ-Ê
-Ê Ê
° °Ê,<
°Ê>˜ÕiÊœÕÀ‰˜Ê
>˜`œVˆ>£ÊiÊ°Ê°Ê+ÕiÀ✏ˆÓÊÊÊ
£Ê*,-,"-Ê,1*"ÓÊ+1,<"Ê ,
°Ê˜Ìœ‰˜ÊœÀ>iãÊÞÊ°}>ÀVˆ>Ê>ÀÀ>>}>ÓÊÊÊ
£Ê*,-,"-Ê,1*"ÓÊ
°
°,<‡/,"
(OREMHWRGHODFDUWDJHQpULFD*/HVODYLJLODQFLDGHODSRVLEOH
DFXPXODFLyQGHJDVHQVLVWHPDVUHODFLRQDGRVFRQODVHJXULGDG(VWDFDUWD
JHQpULFDHVXQUHTXHULPLHQWRGHOD15&1XFOHDU5HJXODWRU\&RPLVVLRQ
TXHWLHQHVXRULJHQHQIDOORVRFXUULGRVHQFHQWUDOHVHVWDGRXQLGHQVHVHQODV
TXHVHGHWHFWyODSUHVHQFLDGHJDVHVFRPRFDXVD(O&61KL]RH[WHQVLYR
HVWHUHTXHULPLHQWRDODVFHQWUDOHVHVSDxRODV
(OHVWXGLRQHFHVDULRDEDUFDODLGHQWL¿FDFLyQGHODVIXHQWHVGHJDVTXH
SXHGDQSURYRFDUODLQWUXVLyQODGHWHFFLyQGHSXQWRVDOWRVVXVFHSWLEOHVGH
DFXPXODFLyQGHJDVHOHVWXGLRGHOHIHFWRGHOJDVHQODDSDULFLyQGHWUDQVL
WRULRVKLGUiXOLFRVODSpUGLGDGHFDSDFLGDGGHODVERPEDVSRULQJHVWLyQGH
JDVHV\HOFRQWUROGHODHYDFXDFLyQGHORVJDVHVGHOVLVWHPD&DGDXQRGH
ORVDVSHFWRVDQWHULRUHVGHEHVHUWUDWDGRGHIRUPDTXHHQFDGDFDVRDQDOL
]DGRVHSXHGDUHODFLRQDUpVWHFRQHOHIHFWRTXHSURGXFLUtDHQHOVLVWHPD
/DLGHQWL¿FDFLyQGHODVIXHQWHVGHJDVIXHOOHYDGDDFDERHVWXGLDQGROD
FRQVWLWXFLyQGHOVLVWHPDGHHOLPLQDFLyQGHFDORUUHVLGXDO\UHIULJHUDFLyQGH
HPHUJHQFLDVLVWHPD7+HQ&17ULOORHQUHODFLyQFRQODVSRVLEOHVFDXVDVGH
HQWUDGDGHDLUHH[WHULRU\JHQHUDFLyQGHJDVHVSRUGHVRUFLyQ\HYDSRUDFLyQ
/DGHWHFFLyQ\FXDQWL¿FDFLyQGHSXQWRVGHSRVLEOHDFXPXODFLyQGHJDVIXH
UHDOL]DGDHQGRVIDVHV(QSULPHUOXJDUVHOOHYyDFDERXQDQiOLVLVGHOGLVHxR
GHOWUD]DGRGHWXEHUtDVHVWXGLDQGRSDUDORVGLIHUHQWHVPRGRVRSHUDWLYRVODV
YtDVGHHYDFXDFLyQGHOJDVDWHQGLHQGRDODGLVSRVLFLyQGHODVOtQHDVHLGHQWL
¿FDQGRODVQHFHVLGDGHVGHPHGLFLyQ\FRPSUREDFLRQHVDUHDOL]DUHQSODQWD
&RQSRVWHULRULGDGDHVWHHVWXGLRVHFRPSUREDURQODVSHQGLHQWHVGHODVOtQHDV
VHOHFFLRQDGDV/DVPHGLFLRQHVVHUHDOL]DURQHQQRYLHPEUHGHHQODV
]RQDVDFFHVLEOHV\VHFRPSOHWDURQSDUDODVRWUDV]RQDVGXUDQWHODSDUDGD
SDUDUHFDUJDGHIHEUHURGH
(OHVWXGLRGHOHIHFWRGHOJDVKLSRWpWLFDPHQWHRFOXLGRVHUHDOL]yXWLOL]DQGR
VLPXODFLRQHVQXPpULFDVTXHSHUPLWLHURQREWHQHUODVFDUJDVTXHVRSRUWDUtDQ
ODVWXEHUtDVGXUDQWHXQWUDQVLWRULRKLGUiXOLFR(OFiOFXORGHWUDQVLWRULRVVHOOH
YyDFDERHQSDUDOHORFRQHOUHVWRGHORVHVWXGLRVSDUDGHWHUPLQDUODVHQVLELOL
GDGQHFHVDULDHQODE~VTXHGDGHSXQWRVGHDFXPXODFLyQGHJDV\ODQHFHVLGDG
GHHVWXGLRVDGLFLRQDOHVTXHFRPSOHWDVHQHODQWHULRUFRQHOFiOFXORGHOHIHFWR
GHODSUHVHQFLDGHJDVHVHQXELFDFLRQHVHVSHFt¿FDV
&RPR FRQVHFXHQFLD GHO DXPHQWR GH SRWHQFLD \ FRQ PRWLYR GH UHQRYDU
ORVDOWHUQDGRUHVSDUDDVHJXUDUODSURGXFFLyQGHHQHUJtDVHSURGXFHXQD
PRGL¿FDFLyQGHOVLVWHPDGHJHQHUDFLyQHOpFWULFDGHOD&HQWUDO1XFOHDUGH
$OPDUD](VWDPRGL¿FDFLyQHQPDUFDGDHQORVSUR\HFWRV5(*(1$/)$
FRQVLVWHHQHOFDPELRGHO$OWHUQDGRU\VXVVLVWHPDVDX[LOLDUHVODPRGL¿
FDFLyQGHODV%DUUDVGH)DVH$LVODGD\HOUHERELQDGRGHORV7UDQVIRUPD
GRUHV3ULQFLSDOHV'HHVWHPRGRVHGRWDD&1$OPDUD]FRQXQVLVWHPD
GHJHQHUDFLyQHOpFWULFDFRPSOHWDPHQWHUHQRYDGR\DGHFXDGRDODVQXHYDV
FRQGLFLRQHVGHRSHUDFLyQ
(OQXHYRDOWHUQDGRUHVVHPHMDQWHDORULJLQDOSHURGH09$FRV
SKL\N93RUHOORHVQHFHVDULRXQVLVWHPDGHUHIUL
JHUDFLyQ GH ODV ERELQDV GHO DOWHUQDGRU FRQ XQ PD\RU FDXGDO GH DJXD \
FDSDFLGDGGHGLVLSDFLyQWpUPLFDDVtFRPRXQDH[FLWDWUL]FRQPD\RUUDQJR
GHLQWHQVLGDG\WHQVLyQFDSD]GHLQ\HFWDUODFRUULHQWHGHFDPSRUHTXHULGD
$GLFLRQDOPHQWHVHVXVWLWX\HQORVVHOORVGHODOWHUQDGRU\HOVNLGGHDFHLWH
GHFLHUUHVHOVLVWHPDGHPRQLWRUL]DFLyQGHYLEUDFLRQHVGHOJHQHUDGRU\VH
UHDMXVWDHOVLVWHPDGHUHJXODFLyQGHWHQVLyQ\ORVVLVWHPDVGHSURWHFFLyQ
\PHGLGD
/DV%DUUDVGH)DVH$LVODGDVHPDQWLHQHQSHURVHPRGL¿FDHOFLUFXLWR
GHYHQWLODFLyQ/DSDUWHGHIRUPDFLyQGHOWULiQJXORGHEHVHULQFOXLGDHQHO
FLUFXLWRGHYHQWLODFLyQGHELGRDODXPHQWRGHLQWHQVLGDG\HO(TXLSRGH
9HQWLODFLyQ)RU]DGDHVVXVWLWXLGRSRUXQRGHPD\RUSRWHQFLD\WDPDxR
FDSD]GHHYDFXDUHOQXHYRFDORUGLVLSDGRHQORVFRQGXFWRUHV
(QHOQXHYRDOWHUQDGRU\ORVQXHYRVVLVWHPDVDX[LOLDUHVDVtFRPRHOVLV
WHPDGHODV%DUUDVGH)DVH$LVODGDKDQDXPHQWDGRGHIRUPDFRQVLGHUDEOH
HOYROXPHQGHVHxDOHVGH,&ORTXHSHUPLWHXQPD\RUFRQWURO\VXSHU
YLVLyQGHOSURFHVR/RVVLVWHPDVDX[LOLDUHVGHODOWHUQDGRUKDQLQFRUSRUDGR
DOJXQRVFDPELRVUHVSHFWRDOGLVHxRRULJLQDOPHMRUDQGRVX¿DELOLGDG3RU
RWUR ODGR HO HTXLSR GH YHQWLODFLyQ IRU]DGD GH ODV %)$ FXHQWD FRQ XQ
PD\RUQLYHOGHUHGXQGDQFLDHQVXVFRPSRQHQWHVFXPSOLHQGRHOFULWHULR
GHIXQFLRQDPLHQWRHQFDVRGHIDOOR~QLFRSDVDQGRDVHUXQHTXLSRGHDOWD
GLVSRQLELOLGDG
È{ ‡Ê 1
,Ê-*!ÊÃi«Ìˆi“LÀi‡-ÊÓää™
E@7
3URJUDPD\6LQRSVLVGHODV3RQHQFLDV
£nÊ‡Ê / /"Ê­®
ÕiÛiÃÊәʇʣÈ]ää…Ê
Ê
Ê
Ê
Ê
Ê
Ê
ÊÊ-\Ê8Ê* *ÀiÈ`i˜Ìi\ÊՏˆœÊ>˜VœÊÉÊ-Ê /1,Ê-
œœÀ`ˆ˜>`œÀ\Ê>˜iÊœ}ÕiÀ>ÊÉÊ
°Ê-
$
£nʇÊä£Ê
*,"9
/"Ê-1-//1
$ ÊÊ* /,
" -Ê
/,
-Ê Ê
° °Ê
", /,°Ê >Û>ÀÀœÊ-ˆÛ>Ê
LiÀ`Àœ>ʘ}i˜ˆiÀ‰>ÊÞÊ
œ˜ÃÌÀÕVVˆ˜
/DVSHQHWUDFLRQHVHOpFWULFDVDFRQWHQFLyQVRQXQRGHORVHOHPHQWRVPiV
GHOLFDGRVGHODLQVWDODFLyQHOpFWULFDGH&1&RIUHQWHV6XIXQFLyQHVGDU
FRQWLQXLGDGDORVFLUFXLWRVHOpFWULFRVGHIXHU]DFRQWURORLQVWUXPHQWDFLyQ
TXHVHDQQHFHVDULRVGHVGHORVHGL¿FLRVGHDX[LOLDU\FRPEXVWLEOHKDVWDHO
LQWHULRUGHOHGL¿FLRGHFRQWHQFLyQDWUDYpVGHODQLOORDQQXOXVPDQWH
QLHQGRHQWRGRPRPHQWRODKHUPHWLFLGDGHQWUHGLFKRVHGL¿FLRV&DGDXQD
GHODVSHQHWUDFLRQHVHVWiQFRPSXHVWDVGHPyGXORVORVFXDOHVDVXYH]
SXHGHQFRQWHQHUKDVWDFLUFXLWRVHOpFWULFRV
7UDVORV~OWLPRVSUREOHPDVVXUJLGRVGXUDQWHHOSDVDGRDxRHQODVSH
QHWUDFLRQHV GH &1 &RIUHQWHV VH KD GHFLGLGR OOHYDU D FDER GXUDQWH OD
5HFDUJDHOSUR\HFWRGHVXVWLWXFLyQGHWRGRVORVPyGXORVGHODVSHQH
WUDFLRQHV777777 \77 3RU XQD SDUWH
HQ ODV SHQHWUDFLRQHV 77 \ VH VXVWLWXLUiQ GLFKRV PyGXORV SRU
RWURVGHODPLVPDQDWXUDOH]DSHURGHPHMRUHVFDUDFWHUtVWLFDVPHFiQLFDV
\ DLVODQWHV SDUD VROYHQWDU ORV SRVLEOHV SUREOHPDV GH DLVODPLHQWR GH ORV
FDEOHV TXH FRQWLHQHQ 3RU RWUD SDUWH ORV PyGXORV GH ODV SHQHWUDFLRQHV
77\TXHFRQWLHQHQFDVLHQVXWRWDOLGDGFRQGXFWRUHVGHUHVHUYD
VHUiQVXVWLWXLGRVSRUPyGXORVGHGLIHUHQWHVWLSRORJtDVFRQHO¿QGHFXEULU
ODV FRQWLQJHQFLDV TXH SXGLHUDQ GDUVH HQ HO UHVWR GH SHQHWUDFLRQHV GH OD
SODQWD(OSURYHHGRUHOHJLGRSDUDUHDOL]DUHOVXPLQLVWURHV,67&21$;HO
FXDOGLVSRQHGHXQDDPSOLDH[SHULHQFLDHQHOVHFWRUQXFOHDU/RVWUDEDMRV
GHVXVWLWXFLyQGHODVSHQHWUDFLRQHVVHUHDOL]DUiQHQ6HSWLHPEUHGH
GXUDQWHODYHQWDQDWHPSRUDODVLJQDGDHQOD5HFDUJDSDUDODUHDOL]DFLyQ
GHORVWUDEDMRVGHODGLYLVLyQGHVHJXULGDGDODTXHSHUWHQH]FDFDGDSHQH
WUDFLyQ
'HELGRDODFDQWLGDGGHGHVFDUJRVFRQH[LRQDGRV\SUXHEDVDUHDOL]DU
SDUDOOHYDUDFDERHOSUR\HFWRVHSUHYpTXHODVXVWLWXFLyQGHSHQHWUDFLRQHV
HOpFWULFDVVHDXQDGHODVUXWDVFUtWLFDVGHOD5HFDUJDGH&1&RIUHQWHV
£nʇÊäÓÊ
-Ê,*
/Ê Ê ,Ê£Ê **
°Êœ˜ÌœÀœÊ`iÊÀÕ̜ÃÊ
LiÀ`Àœ>ʘ}i˜ˆiÀˆ>ÊÞÊ
œ˜ÃÌÀÕVVˆ˜
/D&1$OPLUDQWHÈOYDUR$OEHUWRHVWiVLWXDGDHQ$QJUDHQHOHVWDGRGH
5LRGH-DQHLUR%UDVLO\HQWUyHQRSHUDFLyQHQ3HUWHQHFHDODFRP
SDxtDS~EOLFD(OHWURQXFOHDU
(VXQDFHQWUDOGHGRVOD]RVPRGHOR:HVWLQJKRXVHGH0ZRXWSXW
:HVWLQJKRXVH(OHFWULF&RPSDQ\KDUHDOL]DGRHOFDPELRGHJHQHUDGRUHV
GHYDSRUFRQMXQWDPHQWHFRQ,EHUGUROD,QJHQLHUtD&RQVWUXFFLyQ\&RQV
WUXFWRUD1RUEHUWR2GHEUHFKW%UDVLO
/RVJHQHUDGRUHVGHYDSRUH[LVWHQWHVVRQPRGHOR':HVWLQJKRXVHGH
7Q \ KDQ VLGR UHHPSOD]DGRV SRU JHQHUDGRUHV$UHYD IDEULFDGRV HQ
%UDVLOSRU1XFOHS
(OSUR\HFWRFRPHQ]yHQ$EULOGHUHDOL]DQGRGXUDQWHFDWRUFHPH
VHVHOGLVHxRGHVLVWHPDVHLQJHQLHUtDKDVWDMXQLRGH\RFKRPHVHV
PiVSDUDODVDFWLYLGDGHVSUHSDUDWRULDVGHOFDPELR\ODFRPSUDGHHTXLSRV
\PDWHULDOHV/DVDFWLYLGDGHVGHVXVWLWXFLyQGHORVJHQHUDGRUHVGHYDSRU
FRPHQ]DURQHOGH0DU]RGHFRQXQDGXUDFLyQSUHYLVWDGHGtDV
(QWRWDOPHVHVGHDFWLYLGDGHVSUHYLDVPiVWUHVPHVHVGHHMHFXFLyQ
3DUD OD UHDOL]DFLyQ GHO SUR\HFWR KD VLGR QHFHVDULR DEULU XQ KXHFR HQ
HO/LQHU\(GL¿FLRGH&RQWHQFLyQDWUDYpVGHOFXDOH[WUDHUHLQWURGXFLU
ORVJHQHUDGRUHVLQVWDODUQXHYRDLVODPLHQWRGHORVJHQHUDGRUHVXQQXHYR
UXWHDGRGHODWXEHUtDGH)HHGZDWHU*DVKDQGOLQJ\ODLQFRUSRUDFLyQGH
QXHYRVVLVWHPDVGH,&DGHPiVGHODVDFWLYLGDGHVGH3LSHHQG'HFRQ
)RVDUVROGDGXUDGH3ULPDULRHWF
7RGRHOORKDVXSXHVWRVLQGXGDXQUHWRHTXLSDUDEOHDOGHLQWHJUDUWUHV
HPSUHVDVFRQORFDOL]DFLRQHVJHRJUi¿FDVGLVWDQWHVFXOWXUDHLGLRPDVGL
IHUHQWHVFDSDFHVGHUHDOL]DUXQSUR\HFWRFRP~QFRQODVHQRUPHVFRP
SOHMLGDGHVGHXQFDPELRGHJHQHUDGRUHVGHYDSRUHQXQJUDQSDtVFRPR
%UDVLO
£nʇÊäÎÊ
-*
$ ÊÊÊ"/-Ê*,Ê°Ê
*,"
-"ÊÊ
1
$ Ê9Ê* ÊÊ
-*
" *°Ê“iâ
/
/"
$¿QDOHVGHORVVHGHWHFWDURQDQRPDOtDVHQORVLQWHUQRVGHFLHUWDVYDVLMDV
FRQWHFQRORJtD3:5/DVSODFDVGHVXMHFLyQGHORVLQWHUQRVSUHVHQWDEDQ
LQGLFLRVGHPRYLPLHQWRVDQWHHOSDVRGHOÀXMRGXUDQWHRSHUDFLyQ3UHVXPL
EOHPHQWHORVSHUQRVGHXQLyQGHODVSODFDVGHVXMHFLyQDODIRUPHUEDIÀH
SODWHSRGtDQUHSUHVHQWDUXQSHOLJURGHVHJXULGDGGXUDQWHODRSHUDFLyQ
(QVHUHDOL]DODSULPHUDLQVSHFFLyQFRQRFLGDGHORV%DIÀHEROWV
HQ%pOJLFDSHUQRVGHVXMHFLyQGHORVLQWHUQRVDODIRUPHUEDIÀHSODWH
6HJXLGDPHQWHVXUJLHURQODVLQVSHFFLRQHVHQ)UDQFLD)LQODQGLD-DSyQ\
(VWDGRV8QLGRV
/RVGLVWLQWRVDQiOLVLVUHDOL]DGRVHQSHUQRVGHIHFWXRVRVFRQ¿UPDURQOD
GHJUDGDFLyQGHORVPLVPRVSRUFRUURVLyQEDMRWHQVLyQLQGXFLGDSRUUDGLD
FLyQ,$6&&
$FWXDOPHQWHQRKD\XQPRGHOR¿DEOHSDUDODSUHGLFFLyQGHpVWDGHIHF
WRORJtD SRU OR TXH XQD LQVSHFFLyQ SHULyGLFD VH PXHVWUD FRPR OD PHMRU
RSFLyQSDUDQHXWUDOL]DUXQSUREOHPDGHVHJXULGDGRSHUDFLRQDO
Ê 1
,Ê-*!ÊÃi«Ìˆi“LÀi‡-ÊÓää™Ê‡ Èx
'.
E7E;A@7EFt5@;53E
0DQWHQLPLHQWR,,
3DUD OD LQVSHFFLyQ GH EDIÀH EROWV 7HFQDWRP GLVSRQH GH XQ HTXLSR
URERWL]DGRSDUDODLQVSHFFLyQUHPRWDGHYDVLMD\FRPSRQHQWHVDWUDYpV
GHORVPpWRGRVGHYLVXDOFRUULHQWHVLQGXFLGDV\XOWUDVRQLGRV(OHTXLSR
6XSUHHPVHFDUDFWHUL]DSRUXQDUiSLGR\IiFLOPRQWDMHUHTXLULHQGRSRFR
HVSDFLRSHTXHxRVWLHPSRVGHSXHVWDDSXQWRDVtFRPRPtQLPRVHVIXHU]RV
ORJtVWLFRVSRUSDUWHGHODSODQWD
5HFLHQWHPHQWH:HVWLQJKRXVHHQFRODERUDFLyQFRQ7HFQDWRPKDFRQ
VHJXLGRXQFRQWUDWRFRQ(')SDUDHOGHVDUUROOR\FDOL¿FDFLyQGHWpFQLFDV
87HLQVSHFFLyQGHORV%DIÀH%ROWVGHODVFHQWUDOHVQXFOHDUHVIUDQFHVDV
GH\0:H
(O FRQWUDWR FXEUH HO SHULRGR HQ HO TXH VH UHDOL]DUiQ DO
PHQRVQXHYHLQVSHFFLRQHVGH%DIÀH%ROWVFRQODRSFLyQGHDPSOLDFLRQHV
DQXDOHVKDVWD
$FWXDOPHQWHHOSUR\HFWRVHHQFXHQWUDHQVXIDVH¿QDOGHSUHSDUDFLyQ
WUDVKDEHUVHSDVDGRODVFXDOL¿FDFLRQHVGHWpFQLFDSHUVRQDO\HTXLSRV
/D JUDQ &XDOL¿FDFLyQ ¿QDO IXH UHDOL]DGD HQ ODV LQVWDODFLRQHV GH7HF
QDWRPHOSDVDGRPHVGHDEULOHQSUHVHQFLDGHOFOLHQWH(')/DSUXHED
FRQVLVWLyHQXQDVLPXODFLyQGHLQVSHFFLyQPHGLDQWHXQDPDTXHWDUHSUH
VHQWDWLYDGHXQDSDUWHGHODYDVLMDFRQFHUFDGHSHUQRVGHVXMHFLyQD
H[DPLQDU/DSUXHEDIXHXQp[LWRVLELHQQRVKDQLQGLFDGRDOJXQDVDFFLR
QHV\UHFRPHQGDFLRQHVTXHGHEHPRVLPSODQWDUSDUDFXPSOLUPHMRUGHWHU
PLQDGRVUHTXHULPLHQWRVGHODQRUPDWLYD\OHJLVODFLyQIUDQFHVD
(OSUy[LPR6HSWLHPEUHVHFRPHQ]DUiFRQODSULPHUDLQVSHFFLyQHQOD
FHQWUDOIUDQFHVDGH%XJH\UHDFWRUQ~PHURSDUDDFRQWLQXDFLyQUHDOL]DU
HQHOPHVGHQRYLHPEUHRWUDLQVSHFFLyQHQODPLVPDFHQWUDOSHURHVWDYH]
HQHOUHDFWRUQ~PHUR
£nʇÊä{Ê
--/Ê°°°-°Ê /,
$ ÊÊ""-ÊÎÊ
-,ÊÊ* /-Ê
" ÊÊ"
1 /
" Ê
/
Ê9ÊÊ-/"
°Ê->À̈ÊiÀ˜?˜`iâÊÞÊ°Ê>ÀÀˆ`œÊ>ÀV‰>
/Îʘ}i˜ˆiÀ‰>
$GtDGHKR\ODJHVWLyQGHODJUDQFDQWLGDGLQIRUPDFLyQGHXQDSODQWDHV
XQWUDEDMRFRPSOLFDGR\ODERULRVRGHELGRDODYDULHGDGGHIRUPDWRVFDQ
WLGDGGHLQIRUPDFLyQXELFDFLRQHVVLVWHPDVGHE~VTXHGDHWF
/DVKHUUDPLHQWDVLQIRUPiWLFDVGH~OWLPDJHQHUDFLyQQRVGDQODSRVLEL
OLGDGGHLQWHJUDUODGRFXPHQWDFLyQGHODFHQWUDOFRQXQDEDVHPpWULFDHQ
'\TXHHVWHVLVWHPDVHDIiFLOPHQWHDFFHVLEOHDWRGRHOSHUVRQDO
(OVLVWHPD0('60HWULF(QYLURPHQW'RFXPHQWDWLRQ6\VWHPHV
XQDKHUUDPLHQWDGLVHxDGDSDUDFRODERUDUHQODVROXFLyQDHVWHSUREOHPD
(VWHSURGXFWRGHVDUUROODGRSRU&7,QJHQLHUtDVHEDVDHQODJHVWLyQGHOD
GRFXPHQWDFLyQH[LVWHQWHGHFDGDXQDGHODVSODQWDVLQWHJUiQGRODFRQPRGHORV
'DFWXDOL]DGRVDVEXLOW7DPELpQRIUHFHODSRVLELOLGDGGHGRFXPHQWDUWDQWR
HQ'FyPRHQ'PDQLREUDVGHHTXLSRVHQPRQWDMH\GHVPDQWHODPLHQWR
6HGLVSRQHGHXQDFRPXQLFDFLyQELGLUHFFLRQDOHQWUHHOPRGHOR'\OD
EDVHGHGDWRVHVGHFLUSRGHPRVFRQVXOWDUODLQIRUPDFLyQYLQFXODGDDXQ
HOHPHQWR'RSRUHOFRQWUDULRORFDOL]DUHOHPHQWRVFRQFLHUWDVFRQGLFLR
QHVWpFQLFDVTXHVHUHTXLHUDQHQFDGDRFDVLyQ
8QDGHODVYHQWDMDVIXQGDPHQWDOHVGHO0('6HVODDFWXDOL]DFLyQGHORV
PRGHORVHQWLHPSRUHDOLQIRUPDFLyQTXHHVWDUiGLVSRQLEOHSDUDHOSHUVR
QDODWUDYpVGHXQHQWRUQRZHEGHIiFLOXWLOL]DFLyQVLQJUDQGHVFRVWHVGH
LPSODQWDFLyQ\ODSRVLELOLGDGGHTXHFXDOTXLHUSHUVRQDGHQWURGHOSUR\HF
WRWHQJDRSFLyQDFRQVXOWDUORGHVGHXQ3&FRQYHQFLRQDO
(QHVWDSRQHQFLDVHGHVFULEHHOVLVWHPD\VXDSOLFDFLyQDOHQWRUQRQX
FOHDU
ÈÈ ‡Ê 1
,Ê-*!ÊÃi«Ìˆi“LÀi‡-ÊÓää™
£nʇÊäxÊ
*,",ÊÊ" /",<
$ ÊÊ
",-Ê
" Ê*
$ ÊÊ*‡™£Î
-°Ê>À̜Ài£]Ê°°Ê-?˜V…iâ£]Ê°°Ê*ˆÌ>ÀV…£]Ê6°Ê-iÀÀ>`i£]Ê°Ê
œÌ>ÓÊÞÊ,°Ê,ÕLˆœÓ
£Ê1˜ˆÛiÀÈ`>`Ê*œˆÌjV˜ˆV>Ê`iÊ6>i˜Vˆ>Ê
ÓÊLiÀ`Àœ>‡
Ê
œvÀi˜ÌiÃ
&RQHOSURSyVLWRGHORJUDUDOFDQ]DUODPHMRUDFRQWLQXDGHOIXQFLRQDPLHQWR
GHODVFHQWUDOHVQXFOHDUHV&&11,132KDGHVDUUROODGRODJXtD$3OD
FXDOGHVFULEHXQSURFHVRGH¿DELOLGDGGHHTXLSRVFRQHOREMHWLYRGHPDQWHQHU
XQRVQLYHOHVGHVHJXULGDG\¿DELOLGDGHOHYDGRVHQODRSHUDFLyQGHODVSODQWDV
GHXQDIRUPDH¿FLHQWH'LFKRSURFHVRHVXQSURFHVRYLYRTXHSXHGHUHTXHULU
FRUUHFFLRQHV\TXHGH¿QHXQDVHULHGHLQGLFDGRUHVSDUDODUHDOL]DFLyQGHO
VHJXLPLHQWRGHOFRPSRUWDPLHQWRGHODSODQWD/DJXtD$3LQFRUSRUDODV
EDVHVGHOPDQWHQLPLHQWRSUHYHQWLYRSURJUDPDVGHJHVWLyQGHFLFORGHYLGD\
SURJUDPDVGHPDQWHQLPLHQWRFHQWUDGRHQOD¿DELOLGDG5&0
5HVSHFWRDORVREMHWLYRVFRQFUHWRVGHO$3pVWRVVHFHQWUDQEiVLFD
PHQWHHQGRVSXQWRVDLQFUHPHQWDUODGLVSRQLELOLGDGGHODSODQWDPHGLDQ
WHODPHMRUDGHOD¿DELOLGDGGHODV(VWUXFWXUDV6LVWHPDV\&RPSRQHQWHV
(6&V\ERSWLPL]DUODVDFWLYLGDGHVGHPDQWHQLPLHQWRSUHYHQWLYRHQOR
UHIHUHQWHWDQWRDODIUHFXHQFLDFRPRDORVUHFXUVRVGHVWLQDGRVDODUHDOL
]DFLyQGHGLFKDVDFWLYLGDGHV&RQOD¿QDOLGDGGHORJUDUGLFKRVREMHWLYRV
UHVXOWDQHFHVDULRHVWDEOHFHUHQODVSODQWDVXQDVHULHGHDFWLYLGDGHVWDOHV
FRPRD5HDOL]DUODYLJLODQFLD\PRQLWRUL]DFLyQGHDTXHOODV(6&VTXHUH
VXOWDQFUtWLFDVSDUDODSODQWDE¿MDUODVDFWLYLGDGHV\IUHFXHQFLDVGHPDQ
WHQLPLHQWR\DFWXDOL]DUODVHQIXQFLyQGHODQiOLVLVGHLQRSHUDELOLGDGHVUH
JODGHPDQWHQLPLHQWR50DQiOLVLVGHIDOORVDVtFRPRGHORVUHVXOWDGRV
GHODHMHFXFLyQGHOPDQWHQLPLHQWRFHVWDEOHFHUHVWUDWHJLDVSDUDODJHVWLyQ
GHYLGD~WLOGHODSODQWD\HMHFXWDU\GRFXPHQWDUHOPDQWHQLPLHQWR
(QHVWHFRQWH[WRHOREMHWLYRGHODSRQHQFLDVHFHQWUDHQSUHVHQWDUHO
HVWDGRGHGHVDUUROORGHXQDKHUUDPLHQWDLQIRUPiWLFDTXHSHUPLWHODLP
SOHPHQWDFLyQGHXQVLVWHPDGHLQGLFDGRUHVSDUDHOVHJXLPLHQWRGHOD¿D
ELOLGDG\GLVSRQLELOLGDGGHODSODQWDHQHOPDUFRGHODJXtD$33DUD
ODUHDOL]DFLyQGHOHVWXGLRSLORWRVHKDVHOHFFLRQDGRHOVLVWHPDGHDJXDGH
VHUYLFLRVHVHQFLDOHV
£nʇÊäÈÊ
,/"-Ê/
"$
"-Ê ÊÊ, /"Ê
1
,
°ÊÃ}Õiۈ>ÃÊ
Õ>`À>`œ
7iÃ̈˜}…œÕÃiʏiVÌÀˆVÊ
œ“«>˜Þ
/RVVLVWHPDVGLJLWDOHVSDUDLQVWUXPHQWDFLyQ\FRQWUROHVWiQWUDQVIRUPDQGRHO
PRGHORGHQHJRFLR/DWHFQRORJtDGLJLWDORIUHFHXQDVSRVLELOLGDGHVVLQSUH
FHGHQWHVHQODRSWLPL]DFLyQGHSURFHVRVDPSOLDFLyQGHIXQFLRQHV\IDFLOLGDG
HQHOPDQWHQLPLHQWR\PRGL¿FDFLRQHVGHORVVLVWHPDVGHFRQWUROHLQVWUXPHQ
WDFLyQGHSODQWDVQXFOHDUHVGHPDQHUDTXHODVQXHYDVSODQWDVDVtFRPRODV
SODQWDVHQRSHUDFLyQLQFRUSRUDQVROXFLRQHVFRPHUFLDOHVGLVHxRVVWDQGDUG
\VLVWHPDVDELHUWRVGHWHFQRORJtDGLJLWDO/RTXHDSULRULSDUHFHQVRODPHQWH
YHQWDMDVFRQOOHYDWDPELpQHQFRQWUDSDUWLGDXQDVHULHGHULHVJRVGHFDUiFWHU
WHFQROyJLFRHQHOiUHDGHFLEHUVHJXULGDGODWHQGHQFLDDGHVDUUROODUVLVWHPDV
FRPSOHMRVGDQGROXJDUDQXHYRVPRGRVGHIDOOR\GHFDUiFWHURUJDQL]DWLYR
DOXQL¿FDUODVGLVFLSOLQDVGHLQIRUPiWLFDHLQVWUXPHQWDFLyQ\UHTXHULUGHXQD
VR¿VWLFDGDJHVWLyQGHORVSURFHVRVGHGHVDUUROOR\GRFXPHQWDFLyQ3DUDWHQHU
E@7
3URJUDPD\6LQRSVLVGHODV3RQHQFLDV
p[LWRVXPLVWUDGRUHVSURSLHGDGGHODVFHQWUDOHVRUJDQLVPRVUHJXODGRUHV\
HPSUHVDVGHLQJHQLHUtD\VHUYLFLRVGHEHQUHFRQRFHUDIURQWDU\VHUFDSDFHV
GHDGDSWDUVHDORVUHWRVGHODWHFQRORJtDGLJLWDO
£nʇÊäÇÊ
*
" -ÊÊÊ/
""ÊÊ
-
"Ê-,ÊÎÊ ÊÊ
*"Ê
1
,
°Ê˜}?ã]Ê8°Ê>À`‰ÓÊÞÊ°Ê,°Ê,œ`À‰}ÕiâÓ
£Ê/iV˜ˆÌœ«Ê
ÓÊ/iV˜>̜“
/DVDFWLYLGDGHVGHVDUUROODGDVHQODV&&11((FRQPRWLYRGHOD,7GHO
&61 UHODWLYD DO SUREOHPD GH DFXPXODFLyQ GH JDVHV HQ WXEHUtDV */
KDQSHUPLWLGRFRQWUDVWDUODFDSDFLGDGWHFQROyJLFDGHOHVFDQHDGR
OiVHUHQODJHQHUDFLyQGHPRGHORV³DVEXLOW´GHFRPSRQHQWHV
/D REWHQFLyQ GH HVWRV PRGHORV SURSRUFLRQD LQIRUPDFLyQ JHRPpWULFD
UHDOHQFRQWUDVWHFRQODTXHVHREWHQGUtDSDUWLHQGRGHPRGHORV&$'GH
GLVHxR/DSUHFLVLyQ\UDSLGH]GHOPRGHODGRXQDYH]HMHFXWDGRHOWUDEDMR
HQFDPSRHVPX\VXSHULRUWDQWRFXDOLWDWLYDFRPRFXDQWLWDWLYDPHQWHDOD
GHORVPpWRGRVFRQYHQFLRQDOHV
'HVGHODySWLFDGHOPDQWHQLPLHQWRORVPRGHORV³DVEXLOW´IDFLOLWDQOD
SODQL¿FDFLyQ\GRFXPHQWDFLyQGHPRGL¿FDFLRQHVGHGLVHxRDOSHUPLWLU
REVHUYDUHOHVWDGRUHDOGHODSODQWD\HQFDMDUFRPSRQHQWHVSDUDODVLPXOD
FLyQ\UHFRQVWUXFFLyQYLUWXDOGHVLWXDFLRQHVIXWXUDVVLQQHFHVLGDGGHUHDOL
]DUWUDEDMRVRFRPSUREDFLRQHVHQFDPSR
/DGLVSRQLELOLGDGGHXQHQWRUQRJHRPpWULFRUHDOGHODSODQWDFRQVWLWX\H
XQVRSRUWHYLVXDOSDUDODLQWHJUDFLyQGHODVGLIHUHQWHVEDVHVGHGDWRVGH
SODQWDDSDUWLUGHORVSURSLRVFRPSRQHQWHVHVGHFLUVHOHFFLRQDQGRGLUHF
WDPHQWHVREUHHOFRPSRQHQWH
/DGLVSRQLELOLGDGGHHQWRUQRVZHE'FRPRKHUUDPLHQWDGHYLVXDOL]D
FLyQ\PHGLFLyQQRVSURSRUFLRQDXQVRSRUWHHVHQFLDOHQWDUHDVGHSODQL
¿FDFLyQGHWUDEDMRVLGHQWL¿FDQGRLQWHUIHUHQFLDV]RQDVGHDFRSLRULHVJRV
UDGLROyJLFRV\SXQWRVFDOLHQWHVDVtFRPRODLQFRUSRUDFLyQGHDOJRULWPRVGH
SURJUDPDFLyQOLQHDOH[WHUQRVSHUPLWLHQGRODRSWLPL]DFLyQGHORVWUDEDMRV
/DVSRVLELOLGDGHVHQHOiUHDGHODIRUPDFLyQPHGLDQWHUHDOLGDGYLUWXDO
VRQFODUDV\DTXHHOSULQFLSDOLQFRQYHQLHQWHH[LVWHQWHKDVWDODIHFKDHUD
SUHFLVDPHQWHODIDOWDGHXQHQWRUQRJHRPpWULFRUHDOVREUHHOTXHGHVDUUR
OODUODVDSOLFDFLRQHVHQWUHQDPLHQWRGHRSHUDULRV\URQGLVWDVGHVDUUROORGH
PDQXDOHV\SURFHGLPLHQWRVHWF
3RU ~OWLPR OD SRWHQFLD JUi¿FD GH HVWD KHUUDPLHQWD HV ySWLPD SDUD HO
FRQWUROGHODFRQ¿JXUDFLyQItVLFDGHODSODQWDDVtFRPRLQVWUXPHQWRGH
GLYXOJDFLyQ\FRPXQLFDFLyQ\DTXHVHLQWHJUDHQH[SORUDGRUHVZHE'D
QLYHOGHXVXDULR\QRUHTXLHUHIRUPDFLyQHVSHFt¿FD
£nʇÊänÊ
1Ê /Ê* Ê,*,Ê Ê
,*
/
°Ê /Ê
,6Ê *
7KH1XFOHDU,QGXVWU\LVFRQVWDQWO\FKDOOHQJHGWRLPSOHPHQWFRPSOH[EXW
SURYHQSURFHVVHVIRURSHUDWLRQVSHUIRUPHGLQYHU\KRVWLOHHQYLURQPHQWV
7KHVHSURFHVVHVPXVWEHGHVLJQHGXVLQJ$/$5$SULQFLSOHVZKLOHPLQL
PL]LQJWKHLPSDFWRQWKHVFKHGXOHGRXWDJHGXUDWLRQ
(DFKIXHOF\FOHHQGVZLWKDUHIXHOOLQJVHVVLRQGXULQJZKLFKWKHPRVW
VSHQWIXHODVVHPEOLHVDUHUHSODFHGZLWKQHZIXHO,QPRVWRIWKHQXFOHDU
SODQWVLQFOXGLQJWKH3:5VORFDWHGRQWKHORZHUDQGXSSHUFRUHVXSSRUW
SODWHVDUHSLQVGHVLJQHGWRDOLJQDQGWRPDLQWDLQWKH)XHODVVHPEOLHVLQ
SODFH,QJHQHUDOWKHUHDUHWZRSLQVRQHDFKSODWH7KHERWWRPSRUWLRQV
RIWKHVHSLQVDUHWKUHDGHGWRSHUPLWIDVWHQLQJWRWKHSODWHV'HSHQGLQJRQ
RSHUDWLQJFRQGLWLRQVWKHVHSLQVPD\GHJUDGHRYHUWLPHZHDUEHQGLQJ
SUHORDGORVVHVHWF«ZKLFKFDQFDXVHSRVVLEOHIXHODVVHPEO\PLVDOLJQ
PHQWDQGRUORRVHSDUWV
5HFHQWO\$5(9$13KDVGHYHORSHGDQGTXDOL¿HGXQGHUWKHKLJKHVW
TXDOLW\VWDQGDUGVDV\VWHPIRUWKHUHSODFHPHQWRIWKHIXHODOLJQPHQWSLQV
RQWKHORZHUFRUHSODWHIRU3:5V3UHVVXUL]HG:DWHU5HDFWRUVFRPSOHWH
ZLWKDQHZIXHODOLJQPHQWSLQGHVLJQ7KH¿UVWIXHOSLQUHSODFHPHQWRS
HUDWLRQZDVFDUULHGRXWRQWZRSLQVDWD)UHQFK0:H3:5LQ
)XWXUHRSHUDWLRQVZLWKWKLVFXVWRPHULIUHTXLUHGZLOOEHFDUULHGRXWXQGHU
DORQJWHUPPDLQWHQDQFHFRQWUDFWVLJQHGZLWKWKLVXWLOLW\
7KHUHSODFHPHQWV\VWHPLVEDVHGRQ('0(OHFWULFDO'LVFKDUJH0D
FKLQLQJ ZKLFK LV DQ LGHDO SURFHVV IRU WKLV W\SH RI RSHUDWLRQ ,QGHHG
WKURXJKPXOWLSOHSDVVHVWKHSURFHVV¿UVWHOLPLQDWHVWKHH[LVWLQJSLQDQG
WKHQ FUHDWHV D SHUIHFWO\ FHQWHUHG UHIHUHQFH KROH IRU ¿QDO PDFKLQLQJ RI
WKH WKUHDGV $OO PDFKLQLQJ VWHSV DUH FDUULHG RXW XQGHU VHYHUDO PHWHUV
RIZDWHUZLWKWKHRSHUDWRUVZRUNLQJUHPRWHO\DWWKH6HUYLFHÀRRUHOHYD
WLRQWKXVUHGXFLQJWKHDFFXPXODWHGGRVH$IWHUWKHWKUHDGVDUHPDFKLQHG
WKHRSHUDWRUVWKHQLQVWDOOWKHUHSODFHPHQWIXHODOLJQPHQWSLQVDOVRSHU
IRUPHGUHPRWHO\7KHDQWLURWDWLRQRIWKHQHZO\GHVLJQHGSLQLVHQVXUHG
E\DSUHVV¿WORFNLQJSLQZKRVHPDWFKLQJFRUHSODWHKROHZDVDOVRPD
FKLQHGE\('0
7KH('0SURFHVVRIIHUVWKHDGYDQWDJHRIDFFXUDF\DQGUHSHDWDELOLW\
7KHPHWDOOLFGHEULVSDUWLFOHVFUHDWHGE\WKH('0SURFHVVDUHFRPSOHWHO\
UHFRYHUHGE\FRQWLQXRXV¿OWHULQJGXULQJWKHPDFKLQLQJSURFHVV
7KLVV\VWHPFDQEHDGDSWHGIRUDOOIXHOSLQGHVLJQVLQWKHQXFOHDULQ
GXVWU\
$5(9$ 13 LV DOVR GHYHORSLQJ D V\VWHP ZKLFK LV DEOH WR YHULI\ WKH
WRUTXHGORDGLQJRIWKHDOLJQPHQWSLQVLQRUGHUWRLGHQWLI\SLQVZKLFKKDYH
EHFRPHORRVHGXULQJRSHUDWLRQV
Ê 1
,Ê-*!ÊÃi«Ìˆi“LÀi‡-ÊÓää™Ê‡ ÈÇ
'/
E7E;A@7EFt5@;53E
0HGLFLQDQXFOHDU
£™Ê‡Ê
Ê 1
,
ÕiÛiÃÊәʇʣÈ]ää…Ê
Ê
Ê
Ê
Ê
Ê
Ê
Ê-\Ê,/Ê -/
*ÀiÈ`i˜Ìi\ÊiÀ˜>˜`œÊ>ÀV‰>ÊÃV>˜`˜ÊÉÊ1 -
œœÀ`ˆ˜>`œÀ\ÊiÀ˜>˜`œÊ>ÀV‰>ÊÃV>˜`˜ÊÉÊ1 -
-/1"ÊÊ,-"Ê
"," ,"Ê Ê
/,",-ÊÊÊ-"
$ Ê 1
,Ê
-
$‡6 $-ÊÊ­ 6®ÊÓään
°Ê°Ê“ˆ}Ê"ˆÛiÀœÃ]Ê°Ê,>“ˆÀiâÊ>wÌ>]Ê°ÊÕÀ>˜Ê*iÀiâÊÞÊ
°Ê
>ÃÌiDÊ
>ÃÌiD
ÜVˆ>Vˆ˜Ê ÕVi>ÀÊÃV‡6>˜`iÃÊ
(OWpUPLQRHQIHUPHGDGYDVFXODUKDFHUHIHUHQFLDDXQWLSRGHSDWRORJtDTXH
DIHFWD DO FRUD]yQ \ D ORV YDVRV VDQJXtQHRV FRQRFLGD JHQHUDOPHQWH FRPR
DUWHULRVFOHURVLV/DDUWHULRVFOHURVLVVHFDUDFWHUL]DSRUXQDULJLGH]RHQGXUH
FLPLHQWRGHODVDUWHULDV(OORVHGHEHDODIRUPDFLyQGHSODFDVGHQWURGHHVWDV
DWHURPDVTXHGLVPLQX\HQVXHODVWLFLGDG7DOHVSODFDVHVWiQFRQVWLWXLGDV
SRUFpOXODVFULVWDOHVGHFROHVWHURO\FDOFL¿FDFLRQHV$PHGLGDTXHFUHFHQ
REVWUX\HQODOX]DUWHULDOORTXHGLVPLQX\HHOÀXMRVDQJXtQHRDWUDYpVGHOYDVR
VDQJXtQHR\FRQVHFXHQWHPHQWHHODSRUWHGHR[tJHQRDORVWHMLGRV
(VWXGLRVUHDOL]DGRVHQORV((88\HQOD8(PXHVWUDQTXHODVHQIHU
PHGDGHVYDVFXODUHVFRQVWLWX\HQODPD\RUFDXVDGHPRUWDOLGDGHQODVR
FLHGDG PRGHUQD &XDQGR VH GHWHFWD XQD HQIHUPHGDG FDUGLRYDVFXODU OD
FDXVDVXE\DFHQWHHVGHFLUODDUWHULRVFOHURVLVVHHQFXHQWUDPX\DYDQ]DGD
KDELpQGRVH GHVDUUROODQGR GXUDQWH GpFDGDV (Q HO GH ORV YDURQHV \
HOGHODVPXMHUHVHOSULPHUVtQWRPDGHHQIHUPHGDGFDUGLRYDVFXODU
DUWHULRVFOHUyWLFDHVHOLQIDUWRGHPLRFDUGLRRODPXHUWHV~ELWD3RUHOORHV
LPSRUWDQWH FRQRFHU ORV IDFWRUHV GH ULHVJR YDVFXODU R ULHVJR FRURQDULR
SDUDFDOFXODUHOGHQRPLQDGRËQGLFHGH5LHVJR&RURQDULR,5&TXHPXHV
WUDODVSRVLELOLGDGHVGHVXIULUXQHYHQWRFRURQDULRHQHOIXWXUR
(QQXHVWURHVWXGLRKHPRVFRQVLGHUDGRXQDSREODFLyQGHHPSOHDGRV
GH$1$9 PD\RUHV GH DxRV KRPEUHV \ PXMHUHV (O ,5& VH
FDOFXOyPHGLDQWHODIyUPXODHPSOHDGDHQHO)UDPLQJKDP+HDUW6WXG\TXH
FRQVLGHUDIDFWRUHVGHULHVJRFRPRODHGDGVH[RFRQVXPRGHWDEDFRGLDEH
WHVFLIUDVGHSUHVLyQDUWHULDOQLYHOHVGHFROHVWHUROWRWDO\FROHVWHURO+'/
'HHVWHPRGRHQFRQWUDPRVHPSOHDGRVFRQXQ,5&VXSH
ULRUD7RGRVHOORVIXHURQYDURQHV
(VWRVUHVXOWDGRVUHVDOWDQODQHFHVLGDGGHLQFLGLUVREUHIDFWRUHVGHULHVJR
YDVFXODUDWUDYpVGHSURJUDPDVGLYXOJDWLYRVGHHGXFDFLyQVDQLWDULDGLDJ
QyVWLFRSUHFR]\WUDWDPLHQWRHVSHFt¿FR
£™Ê‡ÊäÓÊ
1 ÊÊ
<"ÊÊ-1,Ê
ÊÊ*ÊÊ/,",Ê­-/1"Ê
*""$
"ÊäÈÉäÇ®
°ÊÀ՘Ê>i˜Ê
˜ÀiÃ>
(OHVWXGLRVHUHDOL]yVREUHXQDPXHVWUDGHWUDEDMDGRUHVGHORVFXDOHV
VRQKRPEUHV\PXMHUHV/DPHGLDGHHGDGGHODPXHVWUDHVGHDxRV
Èn ‡Ê 1
,Ê-*!ÊÃi«Ìˆi“LÀi‡-ÊÓää™
&RQ UHVSHFWR DO XVR GHO FDO]DGR WUDEDMDGRUHV XWLOL]DQ GH PDQHUD
UHJXODUERWDGHVHJXULGDGGXUDQWHHOGHVHPSHxRGHVXDFWLYLGDG
PLHQWUDVTXHWUDEDMDGRUHVXVDQFDO]DGRGHFDOOH2WURVWLSRV
GHFDO]DGRGHXVRHQODMRUQDGDODERUDOVRQODVERWDVVLQSURWHFFLyQXWLOL
]DGDVSRUWUDEDMDGRUHVHO]DSDWRVDQLWDULRXVDGRWDPELpQSRU
WUDEDMDGRUHV\ORV]XHFRVXWLOL]DGRVSRUXQWUDEDMDGRU
7LSRVGH3LH
£™Ê‡Êä£Ê
D3LH1RUPDO
E3LH&DYR
F3LH3ODQR
z*UDGR,
z*UDGR,,
z*UDGR,,,
z*UDGR,
z*UDGR,,
z*UDGR,,,
G3LH0L[WR
'HHVWRVGDWRVREWHQHPRVTXHWUDEDMDGRUHVSUHVHQWDDO
J~QWLSRGHDOWHUDFLyQHQVXKXHOOD
'HORVWUDEDMDGRUHVPDQL¿HVWDQDOJ~QWLSRGHGRORUHQVXVSLHV
ORTXHVXSRQHXQSRUFHQWDMHGHO'RVWUDEDMDGRUHVPDQL¿HVWDQVX
IULUGRORUH[FOXVLYDPHQWHFRQHOFDO]DGRGHVHJXULGDG/DVORFDOL]DFLRQHV
GHGRORUPiVIUHFXHQWHVVRQODVWDODOJLDV\HOGRORUORFDOL]DGRHQ
GHGRVORTXHSRGUtDHVWDUUHODFLRQDGRFRQXQFDO]DGRFX\DVXHOD
HVGHPDVLDGRUtJLGD\FRQSRFRHIHFWRDPRUWLJXDGRUHQHOSULPHUFDVR\
FRQODSUHVHQFLDGHOUHIXHU]RHQODSXQWHUDTXHSURGXFHULJLGH]GHOFDO]DGR
GXUDQWHODIDVHGHGHVSHJXHGHODPDUFKD\DXPHQWRGHORVPLFURWUDXPD
WLVPRVGHORVGHGRVFRQWUDHO]DSDWRHQHOVHJXQGR
/DV GLVWLQWDV DOWHUDFLRQHV SRGROyJLFDV TXH SUHVHQWDQ ORV WUDEDMDGRUHV
VHKDQGLYLGLGRHQYDULRVEORTXHV/DVDOWHUDFLRQHVGpUPLFDVVXSRQHQHO
SULQFLSDOPRWLYRGHWUDVWRUQRHQHOSLH\DTXHWUDEDMDGRUHV
SUHVHQWDQDOJ~QWLSRGHHVWHWLSRGHDOWHUDFLyQVLHQGRODSUHVHQFLDGH
+LSHUTXHUDWRVLV \ +HORPDV  HO SULQFLSDO SUREOHPD 'H LJXDO
PRGRTXHHQHOFDVRDQWHULRUHOXVRGHXQFDO]DGRLQDGHFXDGRLQÀX\HHQ
VXDSDULFLyQ\DJUDYDPLHQWR$GHPiVGHXQWUDWDPLHQWRRUWRSRGROyJLFR
DGHFXDGRTXHFRPSHQVHODV]RQDVGHVREUHFDUJD\ODVDOWHUDFLRQHVELRPH
FiQLFDVHVUHFRPHQGDEOHSURPRYHURWUDVHULHGHPHGLGDVFRPRSRGUtDQ
VHUHOXVRGHXQFDOFHWtQDGHFXDGRXWLOL]DFLyQGHXQFDO]DGR¿VLROyJLFR\
DGHFXDGRDODVFDUDFWHUtVWLFDVLQGLYLGXDOHVGHFDGDWUDEDMDGRUIXHUDGHODV
KRUDVGHWUDEDMRHWF
/DVDOWHUDFLRQHVRVWHRPXVFXODUHVVXSRQHQHOVHJXQGRSUREOHPDHQLP
SRUWDQFLD\DTXHODVVXIUHQWUDEDMDGRUHV'HHVWDVDOWHUDFLR
QHVODVPiVLPSRUWDQWHVVRQHO+DOOX[$EGXFWXV9DOJXVSUHVHQWHHQ
WUDEDMDGRUHV\ODVGHIRUPLGDGHVHQORVGHGRV(QDP
ERVFDVRVLQÀX\HQIDFWRUHVJHQpWLFRV\ELRPHFiQLFRVDXQTXHHOSULQFLSDO
PRWLYRGHDSDULFLyQHVHOXVRGHXQFDO]DGRLQDGHFXDGRWDQWRHQHOKRUDULR
GHWUDEDMRFRPRIXHUDGHpO(QHOFDVRGHO+$9SXHGHQUHFRPHQGDUVH
SODQWLOODVTXHFRPSHQVHQODLQVX¿FLHQFLDGHO,5DGLR\DTXHpVWDVXSRQH
XQ SXQWR HVHQFLDO SDUD OD DSDULFLyQ GHO PLVPR (Q DPERV FDVRV SXHGH
UHFRPHQGDUVHHOXVRGHRUWHVLVGHVLOLFRQDSDUDSURWHJHUODV]RQDVGHURFH
SURYRFDGDVSRUODGHIRUPLGDG\HYLWDUODSURJUHVLyQGHODPLVPD
E@7
3URJUDPD\6LQRSVLVGHODV3RQHQFLDV
$GHPiVGHODVGRVDQWHULRUHVH[LVWHQRWUDVHULHGHDOWHUDFLRQHVGHPH
QRULQFLGHQFLD&XDWURWUDEDMDGRUHVSDGHFHQDOWHUDFLRQHVQHXUR
OyJLFDVHQORVSLHVVLHQGRpVWDVGHSHTXHxDLPSRUWDQFLD
/DVDOWHUDFLRQHVGHODPDUFKDDSDUHFHQHQWUDEDMDGRUHV
PLHQWUDV TXH WUDEDMDGRUHV  SDGHFHQ GLVPHWUtD GH PLHPEURV
LQIHULRUHV'LFKDVDOWHUDFLRQHVGHEHQWUDWDUVHFRQXQWUDWDPLHQWRRUWRSR
GROyJLFRDGHFXDGRTXHFRPSHQVHODVDOWHUDFLRQHVHQODELSHGHVWDFLyQ\D
TXHDPERVWUDVWRUQRVSXHGHQGDUOXJDUDODDSDULFLyQGHSDWRORJtDV\VtQ
GURPHVGRORURVRVORFDOL]DGRVHQURGLOODV\HVSDOGDSULQFLSDOPHQWH
£™Ê‡ÊäÎÊ
$ ÊÊ -ÊÊ
ÊÊ Ê
*
-ÊÊ +1-Ê",
"*°Ê>ޜ£]Ê°Ê,œ`i˜>ÃÓ]Ê°Ê6iÀ`ÖÓÊÞÊ°Ê
>“«>ޜÎ
£Ê// Ê-/]ÊÀÕ«œÊœ“ˆ˜}ՈÃÊ
ÓÊ1˜ˆÛiÀÈ`>`Ê*œˆÌjV˜ˆV>Ê`iÊ6>i˜Vˆ>
ÎÊ -]ÊÀÕ«œÊœ“ˆ˜}ՈÃÊ
/DPDPRJUDItDHVXQDWpFQLFDUDGLRJUi¿FDHIHFWLYDSDUDGHWHFWDUHOFiQFHU
GHSHFKRSXHVSXHGHGHWHFWDUSHTXHxRVFDPELRVHQODGHQVLGDGGHOWHMLGR
PDPDULR/DVLPiJHQHVREWHQLGDVGHORVPDQLTXtHVPDPRJUi¿FRVVHXWL
OL]DQXVXDOPHQWHSDUDHVWXGLDUODFDOLGDGGHODVLPiJHQHVREWHQLGDVSRUXQ
GHWHUPLQDGRHTXLSRPDPRJUi¿FR
$FWXDOPHQWHORVHTXLSRVUDGLRJUi¿FRVGLJLWDOHVHVWiQVXVWLWX\HQGRORVHTXL
SRVWUDGLFLRQDOHVGHSDQWDOODSHOtFXOD\HVQHFHVDULRDFWXDOL]DUORVSDUiPHWURV
SDUDJDUDQWL]DUODFDOLGDGHQWRGDODFDGHQDGHLPDJHQ$GHPiVHODQiOLVLVGH
ODLPDJHQSXHGHVHUDXWRPDWL]DGDSXHVHVSRVLEOHODDGTXLVLFLyQGHODPLVPD
HQIRUPDWRGLJLWDO/DVWpFQLFDVGHSURFHVDPLHQWRGLJLWDOGHLPDJHQSHUPLWHQ
OOHYDUDFDERXQDQiOLVLVDXWRPiWLFRGHODLPDJHQGHOPDQLTXtODVYHQWDMDVGH
XWLOL]DULPiJHQHVGLJLWDOL]DGDVVRQYDULDVSXHVSHUPLWHQREWHQHUXQDQiOLVLV
REMHWLYRGHODLPDJHQPDPRJUi¿FDSRUORTXHODHYDOXDFLyQHVLQGHSHQGLHQWH
GHODGLVSRQLELOLGDGGHDVHVRUHVKXPDQRVH[SHUWRV
(Q HVWH WUDEDMR KHPRV DSOLFDGR WpFQLFDV GH SURFHVDPLHQWR GLJLWDO GH
LPDJHQEDVDGDVHQDOJRULWPRVPDWHPiWLFRVGHGHWHFFLyQDXWRPiWLFRVSDUD
HOFiOFXORGHtQGLFHVGHFDOLGDGGHLPDJHQHVSHFt¿FRVDSOLFDEOHVDPDQL
TXtHVPDPRJUi¿FRVWDOHVFRPRHO&,5663\HO&'0$0(OOR
SHUPLWHHVWXGLDUODHYROXFLyQGHHVWHSDUiPHWURHQGLVWLQWDVFRQGLFLRQHV
GHRSHUDFLyQGHOHTXLSRPDPRJUi¿FR'LFKRVtQGLFHVVHKDQFDOFXODGR
VLJXLHQGRXQVLVWHPDGHSXQWXDFLyQEDVDGRHQORVREMHWRVGHWHVWGHWHF
WDGRV SRU HO DOJRULWPR GLVHxDGR HO FXDO DQDOL]D OD LPDJHQ GHO PDQLTXt
DXWRPiWLFDPHQWHHQIXQFLyQGHODVWpFQLFDVDQWHULRUHV/RVPpWRGRV\KH
UUDPLHQWDVGHVDUUROODGRVHQHVWHWUDEDMRSHUPLWHQDODVHVRUDPLHQWRGHOD
FDOLGDGGHLPDJHQREWHQLGDHQGLVWLQWDVXQLGDGHVPDPRJUi¿FDVHVWXGLDQ
GRODLPDJHQGLJLWDOL]DGDGHOPDQLTXtPDPRJUi¿FR
£™Ê‡Êä{Ê
"*,
$ ÊÊ"-Ê/""-Ê-/ /"-Ê
*,Ê-
,,ÊÊ"/,Ê Ê
*xÊÊ
1 Ê +1Ê /,"*"$,
"Ê6"8<"Ê
*,Ê/,/ /"-ÊÊ,"/,*
6°ÊLi>]Ê,°ÊˆÀœ]Ê°ÊÕÃÌiÊÞÊ°Ê6iÀ`Õ
1˜ˆÛiÀÈ`>`Ê*œˆÌjV˜ˆV>Ê`iÊ6>i˜Vˆ>
PDQLTXtVDQWURSRPyU¿FRVYR[HOL]DGRVHQ3ODQL¿FDGRUHVGH7UDWDPLHQ
WRVGH5DGLRWHUDSLDPHGLDQWHODVLPXODFLyQGHVXLUUDGLDFLyQFRQXQD
8QLGDGGH5DGLRWHUDSLDGH&REDOWR(OPDQLTXtGH=XEDOHVHOPDQLTXt
GHUHIHUHQFLDXWLOL]DGRSDUDFRQVWUXLUDPERVPRGHORVYR[HOL]DGRVPH
GLDQWH XQ DOJRULWPR SURJUDPDGR HQ 0DW/DE HQ HO FXDO VH KD LPSOH
PHQWDGRODVGRVPHWRGRORJtDVSDUDODGHVFULSFLyQGHODJHRPHWUtD/D
LUUDGLDFLyQ GH ORV PDQLTXtV UHVXOWDQWHV GH OD YR[HOL]DFLyQ VH VLPXOD
PHGLDQWHHOFyGLJRGHWUDQVSRUWHGHSDUWtFXODV0&130RQWH&DUOR
13DUWLFOHYHUVLyQ\ORVFiOFXORVVHSUHVHQWDQHQIRUPDGHPDSDVGH
ÀXHQFLDGHSDUWtFXODVGHQWURGHORVPDQLTXtVXWLOL]DQGRODKHUUDPLHQWD
)0(6+TXHSHUPLWHUHJLVWUDUODÀXHQFLDHQXQDPDOODVREUHODJHRPH
WUtDGHOSUREOHPD/DVGRVPHWRGRORJtDVXWLOL]DGDVSDUDODGHVFULSFLyQ
GH OD JHRPHWUtD GH ORV PDQLTXtV HVWi GHWHUPLQDGD SRU HO OHQJXDMH GH
0&13XQDXWLOL]DSODQRVLQWHUVHFWDGRVSDUDGH¿QLUORVYy[HOHVXQR
D XQR \ OD RWUD XWLOL]D OD WDUMHWDODWWLFH TXH SHUPLWH GHVFULELU HVWUXF
WXUDVGHUHSHWLFLyQVLPSOL¿FDQGRHOFiOFXOR\GLVPLQX\HQGRHOWLHPSR
GHFRPSXWDFLyQ$O¿QDOGHOSURFHVRVHDQDOL]DQODVGLVWLQWDVYDULDEOHV
LQYROXFUDGDVHQODVLPXODFLyQWDOHVFRPRHOÀXMRGHSDUWtFXODVODGHV
YLDFLyQHVWiQGDUGH0&13HOWLHPSRGHVLPXODFLyQUHDO\ODPHPRULD
UHTXHULGDHQFDGDVLPXODFLyQ
£™Ê‡ÊäxÊ
"
$ Ê Ê" /Ê
,"ÊÊ
+1Ê, "Ê9Ê-1Ê,,
$ Ê
" Ê
Ê
,",Ê Ê/Ê*,
-
6°ÊLi>£]Ê,°ÊˆÀœ£]Ê°ÊÕÃÌi£]Ê°Ê6iÀ`Õ£ÞÊ°Ê->˜ÌœÃÓ
£Ê1˜ˆÛiÀÈ`>`Ê*œˆÌjV˜ˆV>Ê`iÊ6>i˜Vˆ>Ê
ÓʜëˆÌ>Ê*ÀœÛˆ˜Vˆ>Ê`iÊ
>ÃÌi˜Ê
/RVPDQLTXtVDQWURSRPyU¿FRVGHODERUDWRULRVRQXQDKHUUDPLHQWDPX\
~WLOHQ3ODQL¿FDGRUHVGH7UDWDPLHQWRVGH5DGLRWHUDSLD'LFKRVPDQLTXtV
SHUPLWHQHVWLPDUPDSDVGHGLVWULEXFLyQGHGRVLVFRQGHWDOOH(OPDQLTXt
XWLOL]DGRHQHVWHWUDEDMRHVHOPDQLTXtIHPHQLQR5$1'2TXHUHSUHVHQWD
XQD ¿JXUD GH FP \ .J VLQ EUD]RV QL SLHUQDV 6H KD FRQVWUXLGR
FRQ XQ HVTXHOHWR QDWXUDO KXPDQR LQVHUWDGR GHQWUR GH XQ PDWHULDO TXH
VLPXODWHMLGREODQGRMXQWRDRWURTXHVLPXODWHMLGRSXOPRQDU(OPDQLTXt
HVWiFRUWDGRDURGDMDVFRQLQWHUYDORVGHFPSDUDODLQVHUFLyQGHORV
GHWHFWRUHV SRU HMHPSOR SHOtFXOD GRVLPpWULFD /DV ORQFKDV LQFOX\HQ XQ
PDOODGRGHDJXMHURVSDUDSHUPLWLULQVHUWDUGRVtPHWURVLQGLYLGXDOHV
$SDUWLUGHOPDQLTXt5$1'2VHREWXYRXQDVHULHGHLPiJHQHVGH7R
PRJUDItD &RPSXWDUL]DGD \ VH VHJPHQWDURQ 8QD YH] VHJPHQWDGDV ODV
LPiJHQHV\REWHQLGDODUHODFLyQHQWUHLQWHQVLGDGHVGHSt[HO\PDWHULDOHV
GHOPDQLTXtVHLQVHUWDURQODVLPiJHQHVHQXQDOJRULWPRSURJUDPDGRHQ
0DW/DE SRU ORV DXWRUHV \ YDOLGDGR HQ WUDEDMRV SUHYLRV HO FXDO XWLOL]D
ODVLPiJHQHVGH7&SDUDFRQVWUXLUXQPDQLTXtQXPpULFRYR[HOL]DGRWUL
GLPHQVLRQDO PHGLDQWH OD LGHQWL¿FDFLyQ GH St[HOHV FRQ PDWHULDOHV \ OR
HVFULEHHQHOIRUPDWRGHHQWUDGDGH0&13MXQWRDXQPRGHORHVFULWR
HQHOPLVPRIRUPDWRGHXQ$FHOHUDGRU/LQHDOWLSR(OHNWD3UHFLVH(ODFH
OHUDGRUWDPELpQIXHYDOLGDGRHQWUDEDMRVDQWHULRUHV/DVLPXODFLyQSUR
SRUFLRQDPDSDVGHGLVWULEXFLyQGHGRVLVGHQWURGHOPDQLTXtXWLOL]DQGROD
KHUUDPLHQWDGHUHJLVWURGHSDUWtFXODVGH0&13)0(6+ODFXDOSHUPLWH
DOPDFHQDUODVSDUWtFXODVHQXQPDOODGRVXSHUSXHVWRVREUHODJHRPHWUtD
GHOSUREOHPD
(OREMHWLYRSULQFLSDOGHHVWHWUDEDMRFRQVLVWHHQSURSRUFLRQDUODFRP
SDUDFLyQHQWUHGRVPpWRGRVGLVWLQWRVXWLOL]DGRVSDUDODFRQVWUXFFLyQGH
Ê 1
,Ê-*!ÊÃi«Ìˆi“LÀi‡-ÊÓää™Ê‡ ș
'/
E7E;A@7EFt5@;53E
0HGLFLQDQXFOHDU
£™Ê‡ÊäÈÊ
£™Ê‡ÊäÇÊ
-/1"ÊÊ-Ê
*
-Ê
"-/,
-ÊÊ1 Ê-*"-/6"Ê
/,$ "ÊÊ Ê*",/
-/1"ÊÊÊ61
$ ÊÊ"--Ê Ê
"-Ê/," "-Ê*",Ê, /-Ê
--/-ÊÊ* $ Ê Ê
,"/,*
°ÊÕÃÌiÊ6ˆ`>£]Ê,°ÊˆÀ£]Ê-°Ê‰iâÓ]Ê°Ê>˜ÕiÊ
>“«>ޜÓÊÞÊ°Ê
6iÀ`Ö£
£Ê1˜ˆÛiÀÈ`>`Ê*œˆÌiV˜ˆV>Ê`iÊ6>i˜Vˆ>
ÓʜëˆÌ>Ê
ˆ˜ˆVÊ1˜ˆÛiÀÈÌ>ÀˆÊ`iÊ6>i˜Vˆ>
(VWHWUDEDMRVHKDFHQWUDGRSULQFLSDOPHQWHHQHOGHVDUUROORGHXQDPHWR
GRORJtDSDUDODREWHQFLyQGHODLPDJHQGHXQGLVSRVLWLYRGHLPDJHQSRUWDO
GHVLOLFLRDPRUIR(3,'DSDUWLUGHVLPXODFLRQHV0RQWH&DUOR\PHGLGDV
H[SHULPHQWDOHV
8Q(3,'HVXQGLVSRVLWLYRXWLOL]DGRDFWXDOPHQWHHQODYHUL¿FDFLyQGH
ODIRUPD\ODORFDOL]DFLyQGHOKD]HQXQWUDWDPLHQWRGHUDGLRWHUDSLDFRQ
UHVSHFWRDOFXHUSRGHOSDFLHQWH6LQHPEDUJRH[LVWHKR\HQGtDXQFUHFLHQ
WHLQWHUpVSRUODXWLOL]DFLyQGHHVWRVHTXLSRVFRQ¿QHVGRVLPpWULFRV3DUD
HOORHVQHFHVDULRHVWDEOHFHUXQDUHODFLyQHQWUHORVQLYHOHVGHJULVGHODV
LPiJHQHVREWHQLGDVFRQODGRVLVDEVRUELGDSRUHOSDFLHQWH
&RQHO¿QGHHVWDEOHFHUHVWDUHODFLyQGHPDQHUDSUHFLVDHVWHWUDEDMRVH
KDGLYLGLGRHQGRVSDUWHV8QDSDUWHH[SHULPHQWDOTXHLPSOLFDREWHQHU
LPiJHQHVFRQHO(3,'\PHGLUODGRVLVFRQXQDFiPDUDGHLRQL]DFLyQSDUD
UHODFLRQDULQWHQVLGDGGHJULVFRQGRVLVDEVRUELGD\XQDSDUWHHQODTXH
LQWHUYLHQHQVLPXODFLRQHV0RQWH&DUOR
7RGDVODVPHGLGDVH[SHULPHQWDOHVVHKDQUHDOL]DGRHQHODFHOHUDGRUOL
QHDOPpGLFR(OHNWD3UHFLVH/DVPHGLGDVKDQXWLOL]DGRFRQXQKD]GHIRWR
QHVGH09¿MDQGRODPi[LPDWDVDGHGRVLVGLVSRQLEOH08PLQ
3DUDODSDUWHH[SHULPHQWDOVHKDQGHVDUUROODGRGRVSURFHGLPLHQWRV(Q
HO SULPHUR VH KDQ DGTXLULGR GLIHUHQWHV LPiJHQHV SRUWDOHV FRQ HO (3,'
(OHNWD L9LHZ *7 XWLOL]DQGR FUHFLHQWHV XQLGDGHV GH PRQLWRU GHVGH KDVWD80(QHOVHJXQGRSURFHGLPLHQWRH[SHULPHQWDOVHVXVWLWX\y
HO (3,' SRU XQD FiPDUD GH LRQL]DFLyQ FLOtQGULFD 6FDQGLWURQL[:HOOKR
IHU5.ODFXDOVHVLWXyDODPLVPDGLVWDQFLD\IXHVRPHWLGDDLGpQWLFDV
FRQGLFLRQHVGHLUUDGLDFLyQ(QDPERVFDVRVVHLUUDGLyXQEORTXHGHDJXD
VyOLGDGHFPGHHVSHVRUFRQXQWDPDxRGHFDPSRGHFP[FPHQ
HOLVRFHQWUR
/DPHGLDGHORVYDORUHVGHODLQWHQVLGDGGHJULVGHORVSL[HOHVVLWXDGRV
HQHOLQWHULRUGHXQDUHJLyQGHLQWHUpV52,FHQWUDGDHQHOKD]VHFRPSDUy
FRQODVPHGLGDVGHGRVLVUHDOL]DGDVFRQODFiPDUDGHLRQL]DFLyQ(VWRV
SDUiPHWURVVHUHODFLRQDQDGHPiVHQIXQFLyQGHOQ~PHURGHXQLGDGHVGH
PRQLWRU08XWLOL]DGRV
/DV VLPXODFLRQHV FRQ 0&13 LQFOX\HQ HO PRGHOR GHWDOODGR GH WRGR
HOFDEH]DOGHO(OHNWDDVtFRPRHOEORTXHGHDJXDVyOLGD\HO(3,'(V
WDVVLPXODFLRQHVSHUPLWHQFDOFXODUODGRVLVGHSRVLWDGDHQXQD52,HQOD
VXSHU¿FLHGHO(3,'\GHHVWDPDQHUDVHSXHGHFRPSDUDUODGRVLVSRUWDO
FRQODGRVLVREWHQLGDHQODVLPXODFLyQDSDUWLUGHOUHJLVWURGHOWDOO\)
)0(6+XQDWDUMHWDGHUHJLVWURGHO0&13TXHSHUPLWHPDOODUODJHRPH
WUtDGHODQiOLVLVSDUDREWHQHUXQDGLVWULEXFLyQGHGRVLVWULGLPHQVLRQDOHQ
VXLQWHULRU
/DGRVLVUHODWLYDREWHQLGDPHGLDQWHODVLPXODFLyQHQOD52,VLWXDGDHQHO
FHQWURGHOKD]VHKDUHODFLRQDGRFRQODGRVLVDEVROXWDSDUDGLIHUHQWHV80RE
WHQLHQGRGHHVWDPDQHUDORVIDFWRUHVGHFRQYHUVLyQQHFHVDULRVSDUDFRQYHUWLU
ORVUHVXOWDGRVGHO)0(6+HQLQWHQVLGDGGHJULVGHODVLPiJHQHVGHO(3,'
$ UDt] GH ORV UHVXOWDGRV REWHQLGRV VH KDQ YHUL¿FDGR ODV FDSDFLGDGHV
GRVLPpWULFDVGHOL9LHZ*7\ODXWLOLGDGGHODVVLPXODFLRQHV0RQWH&DUOR
HQHOFRQWUROGHORVWUDWDPLHQWRVGHUDGLRWHUDSLD
Çä ‡Ê 1
,Ê-*!ÊÃi«Ìˆi“LÀi‡-ÊÓää™
°ÊÕÃÌiÊ6ˆ`>
1 6,-Ê*"/
ÊÊ6 $FWXDOPHQWHORVVLVWHPDVGHSODQL¿FDFLyQGHWUDWDPLHQWRHQUDGLRWHUDSLD
HVWiQEDVDGRVHQFRUUHODFLRQHVGHWHUPLQLVWDVTXHHYDO~DQODGRVLVHQOD
UHJLyQDWUDWDU6LQHPEDUJRHVWRVSODQL¿FDGRUHVSXHGHQSUHVHQWDUFLHUWDV
LPSUHFLVLRQHVHVSHFLDOPHQWHDODQDOL]DU]RQDVKHWHURJpQHDVFRPRHVHO
FDVRGHOFXHUSRKXPDQR
(Q HVWH WUDEDMR VH KD GHVDUUROODGR XQ PRGHOR FRPSXWDFLRQDO XVDQGR
HOFyGLJR0RQWH&DUOR0&13SDUDODVLPXODFLyQGHXQKD]GHIRWRQHV
HPLWLGRSRUHOFDEH]DOGHODFHOHUDGRUOLQHDO(OHNWD3UHFLVH
(OPRGHORLQFOX\HODGHVFULSFLyQGHWDOODGDGHWRGRVORVFRPSRQHQWHV
SULQFLSDOHV GHO FDEH]DO \ GH XQD FXED GH DJXD KHWHURJpQHD ³5)$³
LUUDGLDGDSRUHODFHOHUDGRU/DKHWHURJHQHLGDGGHEDMDGHQVLGDGLQWURGX
FLGDHQODFXEDFRQVLVWHHQXQDSLH]DGHSROLHVWLUHQRDLUH\SR
OLHVWLUHQRFRQGLPHQVLRQHVGHFP[FP[FP\XQDGHQVLGDGGH
JFP
/RVFiOFXORVTXHVHSUHVHQWDQVHKDQUHDOL]DGRSDUDXQKD]GHIRWRQHV
GH0H9XWLOL]DQGRXQWDPDxRGHFDPSRGHLUUDGLDFLyQGHFP[
FP\FP[FPPDQWHQLHQGRXQDGLVWDQFLDGHODVXSHU¿FLHGHODJXD
DODIXHQWHGHFP
/DVLPXODFLyQSHUPLWHSUHGHFLUODGLVWULEXFLyQWULGLPHQVLRQDOGHGRVLV
DEVRUELGDGHQWURGHODFXEDGHDJXD\ORVUHVXOWDGRVDOFDQ]DGRVKDQVLGR
YDOLGDGRV FRQ PHGLGDV H[SHULPHQWDOHV UHDOL]DGDV HQ HO KRVSLWDO &OtQLF
8QLYHUVLWDUL GH 9DOHQFLD 6H KDQ WRPDGR PHGLGDV UHODWLYDV SRU HQFLPD
\SRUGHEDMRGHODKHWHURJHQHLGDG\PHGLGDVDEVROXWDVHQHOLQWHULRUGH
HVWD
7UDV HVWD FRPSDUDFLyQ VH FRQFOX\H TXH ORV SDUiPHWURV GRVLPpWULFRV
REWHQLGRVPHGLDQWHODVLPXODFLyQHVWiQHQSHUIHFWDFRQFRUGDQFLDFRQORV
H[SHULPHQWDOHV
3RURWUDSDUWHORVUHVXOWDGRVGHODVVLPXODFLRQHVWDPELpQVHKDQFRP
SDUDGRFRQODVFXUYDVGHGRVLVFDOFXODGDVSRUXQVLVWHPDGHSODQL¿FDFLyQ
FRPHUFLDOHQODVPLVPDVFRQGLFLRQHVGHLUUDGLDFLyQFHQWUDQGRODDWHQFLyQ
HQODSUHFLVLyQTXHDPERVVLVWHPDVDOFDQ]DQHQHOFiOFXORGHODGRVLVHQOD
]RQDGHLQWHUIDVH\HOLQWHULRUGHODKHWHURJHQHLGDG
$UDt]GHHVWDVFRPSDUDFLRQHVVHSXHGHD¿UPDUTXHORVDOJRULWPRVFR
PHUFLDOHVQRSUHGLFHQODYDULDFLyQGHGRVLVHQODV]RQDVKHWHURJpQHDVFRQ
HOPLVPRJUDGRGHSUHFLVLyQTXHORKDFHQORVVLVWHPDVEDVDGRVHQ0RQWH
&DUORSHVHDWHQHUXQWLHPSRDVRFLDGRGHFRPSXWDFLyQPD\RU6LQHP
EDUJRODSRVLELOLGDGGHSDUDOHOL]DFLRQGHOFyGLJR0&13MXQWRFRQRWUDV
WpFQLFDVGHDFHOHUDFLyQGHORVFiOFXORVKDQGHPRVWUDGRTXHODVVLPXOD
FLRQHV0RQWH&DUORVHKDQFRQYHUWLGRQRVRORHQXQDKHUUDPLHQWDSUHFLVD
SDUDSUHGHFLUODGHSRVLFLyQGHGRVLVVLQRWDPELpQXQDPDQHUDUiSLGDGH
REWHQHUUHVXOWDGRVVDWLVIDFWRULRV
E@7
3URJUDPD\6LQRSVLVGHODV3RQHQFLDV
ÓäʇÊ*,"/
$ Ê,"$
ÕiÛiÃÊәʇʣÈ]ää…Ê
Ê
Ê
Ê
Ê
Ê
Ê
-\Ê-Ê/ ,
*ÀiÈ`i˜Ìi\Ê*>ÌÀˆVˆœÊ"½œ˜˜iÊÉÊ -Ê ,
$
œœÀ`ˆ˜>`œÀ\ʏLiÀ̜ʏÛ>Àiâʜâ>˜œÊÉÊ /
Ê 1
,‡7-/ "1-
ÓäʇÊä£Ê
,
$ ÊÊ1 /-Ê,
/6"-Ê
9Ê-1Ê*
/"Ê /]Ê*,ÊÊ
/"ÊÊ1 /"ÊÊ*"/ Ê
Ê1 Ê
/,Ê Ê"*,
$ Ê"ÊÊ1 Ê
16"Ê/*"ÊÊ,
/",
­8*, Ê
" Ê
]Ê7,Ê9Ê-7,®
°Ê“iâÊ->Vi`œ£]Ê°Ê°Ê>ÀV‰>ÊṎjÀÀiâ£]ÊÊ°ÊÕi˜ÌiÊ*Àˆi̜Ó]ÊÊ
°ÊˆÀÃÌiˆ˜ÎÊÞÊ°ÊՓ>˜Î
£Ê*,-,"-Ê,1*"ÓÊ
Ê,<‡/,"Ê
ÎʇˆÌ>V…ˆÊ ÕVi>ÀʘiÀ}Þ
'XUDQWH HO SURFHVR GH OLFHQFLDPLHQWR GH XQ QXHYR UHDFWRU QXFOHDU DVt
FRPRHQHOSURFHVRGHOLFHQFLDPLHQWRSDUDHODXPHQWRGHSRWHQFLDGHXQD
FHQWUDOHQRSHUDFLyQHVUHTXLVLWR SUHVHQWDU XQ GRFXPHQWR GH VHJXULGDG
TXHLQFOX\DXQDHYDOXDFLyQGHODVWDVDVGHOLEHUDFLyQGHHÀXHQWHVOtTXLGRV
\JDVHRVRVUDGLDFWLYRV\VXLPSDFWRUDGLROyJLFRDPELHQWDO
3DUDHOFDVRGHOOLFHQFLDPLHQWRGHXQQXHYRWLSRGHUHDFWRUODDXWRULGDG
UHJXODGRUDDPHULFDQD15&HQEDVHDVXQRUPDWLYDDFRQVHMDODXWLOL]D
FLyQGHVXFyGLJR*$/(SDUDHOFiOFXORGHODWDVDGHOLEHUDFLyQGHHÀXHQ
WHVOtTXLGRV\JDVHRVRVUDGLDFWLYRV\HOFyGLJR15&'26(*$63$5\
/$'7$3SDUDHYDOXDUHOFRUUHVSRQGLHQWHLPSDFWRUDGLROyJLFRDPELHQWDO
3RURWUDSDUWHSDUDHOOLFHQFLDPLHQWRGHODXPHQWRGHSRWHQFLDGHXQD
FHQWUDO HQ RSHUDFLyQ OD DXWRULGDG UHJXODGRUD HVSDxROD &61 DFRQVHMD
WDPELpQHOXVRGHOFyGLJR*$/(SDUDODHVWLPDFLyQGHORVHÀXHQWHVOtTXL
GRV\JDVHRVRVUDGLDFWLYRV\HQFXDQWRDVXLPSDFWRUDGLROyJLFRDOPHGLR
DPELHQWHHOXVRGHODPHWRGRORJtD\YDORUHVGHORVSDUiPHWURVGH¿QLGRV
HQHOGRFXPHQWRR¿FLDO0&'(0DQXDOGH&iOFXORGH'RVLVDO([WHULRU
HQRSHUDFLyQQRUPDOGHODFHQWUDOFRUUHVSRQGLHQWH
(OREMHWRGHODSUHVHQWHSRQHQFLDHVPRVWUDUODH[SHULHQFLDREWHQLGDHQORV
SUR\HFWRVGHOLFHQFLDPLHQWRGHO(6%:5\GHO$%:5DVtFRPRGHODXPHQWR
GHSRWHQFLDGH&1$OPDUD]HYDOXDFLyQGHODVFDSDFLGDGHVGHORVVLVWHPDVGH
WUDWDPLHQWRGHHÀXHQWHVOLPLWDFLRQHVGHORVFyGLJRVFRPSDUDWLYDVHWF
ÓäʇÊäÓÊ
1Ê*,ÊÊ6 ÊÊ
" / $ Ê
Ê Ê
/,-Ê 1
,-Ê-*!"°Ê“iâ‡À}ØiœÊiÊ°Ê`iʈ}ÕiÊ>À̉˜iâ
/
/"
7HFQDWRPKDGHVDUUROODGREDMRHOPDUFRGH81(6$XQDJXtDJHQpULFDSDUD
ODYLJLODQFLDGHODFRQWDPLQDFLyQDOIDTXHH[SRQHODPHWRGRORJtDDVHJXLU
SDUDUHDOL]DUODYLJLODQFLD\FRQWUROGHODFRQWDPLQDFLyQUDGLDFWLYDSRUUDGLR
QXFOHLGRVHPLVRUHVDOIDHQODVLQVWDODFLRQHVQXFOHDUHVHVSDxRODV
0HWRGRORJtD
3DUDHOGHVDUUROORGHHVWDJXtDVHKDWRPDGRFRPRIXHQWHGHLQIRUPD
FLyQSULQFLSDOODGRFXPHQWDFLyQDSRUWDGDSRU(35,HODQiOLVLVGHODH[SH
ULHQFLDHVSDxRODHQHVWHWHPD\XQDH[SHULHQFLDSLORWRGHVDUUROODGDHQOD
FHQWUDOQXFOHDUGH&RIUHQWHV
'HVFULSFLyQGHOD*XtD
(VWDJXtDSURSRUFLRQDXQSURFHGLPLHQWRHVWiQGDUSDUDODYLJLODQFLDGH
ODFRQWDPLQDFLyQDOIDEDViQGRVHHQODUHODFLyQHVWLPDGDGHHPLVRUHVEHWD
JDPPDUHVSHFWRDHPLVRUHVDOIDHQORVOXJDUHVGHWUDEDMR
8QSULPHUSDVRSDUDODDSOLFDFLyQGHHVWDPHWRGRORJtDFRQVLVWHHQODFDUDF
WHUL]DFLyQUDGLROyJLFDGHOWpUPLQRIXHQWHGHSODQWDSDUDSURFHGHUDODFODVL¿
FDFLyQGHODPLVPDHQQLYHOHVGLVWLQWRViUHDVGHQLYHO,FRQWDPLQDFLyQEDMD
GLF!iUHDVGHQLYHO,,FRQWDPLQDFLyQVLJQL¿FDWLYD!GLF
!\iUHDVGHQLYHO,,,FRQWDPLQDFLyQHOHYDGDGLF$FRQWLQXD
FLyQHVQHFHVDULRGH¿QLUXQSURWRFRORGHPHGLGDVGHFRQWDPLQDFLyQVXSHU¿
FLDO\DPELHQWDOSDUDDVHJXUDUODFRUUHFWDYLJLODQFLDUDGLROyJLFDGHODV]RQDV
(VWDYLJLODQFLDVHUiGLVWLQWDGHSHQGLHQGRGHOQLYHODVLJQDGRDFDGDiUHD
$GLFLRQDOPHQWHODJXtDGH¿QHXQSURFHGLPLHQWRGHYLJLODQFLDUDGLROy
JLFDLQGLYLGXDOSDUDORVWUDEDMDGRUHVH[SXHVWRVDHPLVRUHVDOIDDQDOL]DOD
LQVWUXPHQWDFLyQPiVDGHFXDGDSDUDSRGHUUHDOL]DUHVWRVWLSRVGHYLJLODQ
FLD\VHGDQXQDVSDXWDVSDUDUHDOL]DUODFRPSHQVDFLyQSRUUDGyQGHODV
PXHVWUDVDPELHQWDOHV
5HFRPHQGDFLRQHV
3DUDXQDFRUUHFWDJHVWLyQGHODVFRQWDPLQDFLRQHVSRUHPLVRUHVDOIDORV
SURJUDPDVGH3URWHFFLyQ5DGLROyJLFDGHODVFHQWUDOHV\ORVSODQHVGHIRU
PDFLyQ\FRPXQLFDFLyQGHOSHUVRQDOSXHGHTXHQHFHVLWHQVHUPRGL¿FDGRVR
DPSOLDGRV$VtPLVPRVHUHFRPLHQGDLQFOXLULQIRUPDFLyQVREUHHVWRVULHVJRV
HQORV3HUPLVRVGH7UDEDMRFRQ5DGLDFLRQHV\HQODVHxDOL]DFLyQGHSODQWD
ÓäʇÊäÎÊ
"*/<
$ ÊÊÊ"--Ê ÊÊ
,Ê
Ê"-Ê
" / ",-ÊÊ
"1-/Ê
-/"ÊÊ
°Ê˜Ìœ˜ˆœÊ
>“«œÃÊi˜`‰>ÊÞʰʜ˜â>ÛœÊ>˜œÛiÊ
-"
" Ê
(OREMHWRGHODSRQHQFLDHVPRVWUDUFRPRVHKDQRSWLPL]DGR$/$5$ODV
GRVLVFROHFWLYDVHQODVDFWLYLGDGHVUHODFLRQDGDVFRQODFDUJDGHFRPEXVWL
EOHHQORVFRQWHQHGRUHVGHFRPEXVWLEOHVJDVWDGRGH&1-&
/RVHVWXGLRVLQLFLDOHVGHHVWLPDFLyQGHGRVLVFROHFWLYDVHQODVRSHUDFLR
QHVGHFDUJDGHOFRQWHQHGRU+,67250UHFRJLGDVHQHO(VWXGLRGH6HJX
ULGDGGHO$7,PRVWUDEDQYDORUHVGHGRVLVFROHFWLYDVHOHYDGDVORVIDFWRUHV
TXHPDVSHVRWHQtDQVREUHHVWRVYDORUHVHUDQ
$QiOLVLV GH OD FDUJD GHO FRQWHQHGRU TXH FRQVLGHUD TXH HQ WRGDV ODV
SRVLFLRQHVVHDOPDFHQDEDFRPEXVWLEOHHQYROYHQWHGHODSHRUVLWXDFLyQ
EDVHGHGLVHxR
Ê 1
,Ê-*!ÊÃi«Ìˆi“LÀi‡-ÊÓää™Ê‡ Ç£
(&
E7E;A@7EFt5@;53E
3URWHFFLyQUDGLROyJLFD
7DVDVGHGRVLV\WLHPSRVGHPDQLREUDVFRQVHUYDGRUHV
(QYLVWDGHORVUHVXOWDGRVREWHQLGRV&1-&VHSODQWHyODQHFHVLGDGGH
UHDOL]DUXQDVHULHGHDFFLRQHVFRQHO¿QGHEDMDUODVWDVDVGHGRVLVFROHFWL
YDV$/$5$(QWUHODVDFFLRQHVWRPDGDVGHVWDFDQ
(PSOHRGHEOLQGDMHVDGLFLRQDOHV
$SDUWHGHORVEOLQGDMHVDX[LOLDUHVUHFRPHQGDGRVSRUHOIDEULFDQWHGHO
FRQWHQHGRU&1-&GLVSXVRSDUDODUHDOL]DFLyQGHODVPDQLREUDVEOLQGDMHV
DGLFLRQDOHV%OLQGDMHVGHODSODWDIRUPDGHSUHSDUDFLyQGHFRQWHQHGRUHV
EOLQGDMHVPyYLOHVSRUVHFWRUHVSDUDOD]RQDGHVROGDGXUDHWF
(QWUHQDPLHQWRGHODVPDQLREUDVFRQHO¿QGHUHGXFLUWLHPSRVGHRSHUDFLyQ
'HVGHGH&1-&VHGLVSXVRODQHFHVLGDGGHUHDOL]DUXQSODQGHHQWUHQD
PLHQWRVFRQHO¿QGHWHQHUXQDHVWLPDFLyQPiVUHDOLVWDGHORVWLHPSRVGH
ODVPDQLREUDVDVtFRPRXQDRSWLPL]DFLyQGHOWLHPSRHQTXHODVSHUVRQDV
VH HQFXHQWUDQ HQ RSHUDFLRQHV FRQ WDVDV GH GRVLV DOWDV 6H UHDOL]y FRPR
HQWUHQDPLHQWRUHDOWRGDVODVPDQLREUDFRQORVPLVPRVHTXLSRVVLQFRP
EXVWLEOH\VHUHIRU]yVREUHODVDFWXDFLRQHVHQODVRSHUDFLRQHVPiVFRP
SURPHWLGDVREWHQLpQGRVHWLHPSRVGHDFWXDFLyQVHQVLEOHPHQWHLQIHULRUHV
DORVFRQVLGHUDGRVHQORVDQiOLVLVLQLFLDOHV
&RQORVWLHPSRVREVHUYDGRVHQORVHQWUHQDPLHQWRV\FRQORVEOLQGDMHVSUH
YLVWRVVHHVWLPyXQDPHMRUDHQODVGRVLVFROHFWLYDVGHORUGHQGHXQ
'HORVHVWXGLRVWHyULFRVLQLFLDOHVDODUHDOLGDGGHODFDUJDGHORVFRQWH
QHGRUHVHQHO$7,GH&1-&VHKDYLVWRTXHVHHVWiQFRQVLJXLHQGRUHGXFLU
ODVGRVLVFROHFWLYDVKDVWDHQXQIDFWRUGHODVHVWLPDFLRQHVPRVWUDGDV
HQHO(VWXGLRGH6HJXULGDG(QODDFWXDOLGDGVHHVWiYHUL¿FDQGRTXHHO
SURFHVRGHHQWUHQDPLHQWRFRQWLQXRHQODFDUJDUHDOGHORVFRQWHQHGRUHV\
VXGLVSRVLFLyQGHQWURHO$7,SHUPLWHUHGXFLUPiVORVWLHPSRVGHFDUJDFRQ
ODFRQVLJXLHQWHGLVPLQXFLyQHQODVGRVLVFROHFWLYDV
ÓäʇÊä{Ê
/6-ÊÊ*,"/
$ Ê,"$
Ê
1, /ÊÊ *1
$ ÊÊ
" / ",-Ê
" Ê$8"-ÊÊ*1/" "Ê9Ê
"8Ê Ê"6‡"8
°Ê,>“œÃ£]ÊÊ-?˜V…iâ£]Ê/Ê,Չâ£]Ê°ÊÀ>Lœi`>Ó]ʰʈÕvvÀˆ`>Î
£Ê -ʇʜ}ˆÃ̈V>ÊÞÊVœ˜`ˆVˆœ˜>“ˆi˜ÌœÃʘ`ÕÃÌÀˆ>iÃÊ-
ÓÊ,,"Ê ,Ê9Ê
" -/,1
"
ÎÊÊ,
‡Ã«À>
(OODERUDWRULR3(5/$3HUIRPDQFH/DERUDWRU\HVXQFHQWURGHUHIHUHQ
FLD D QLYHO LQWHUQDFLRQDO HQ LQYHVWLJDFLyQ GH GLVSRVLWLYRV GH GHWHFFLyQ
QHXWUyQLFD\DGLHVWUDPLHQWRGHLQVSHFWRUHVQXFOHDUHV/RV3HUOD6WDQGDUGV
VRQFRQWHQHGRUHVTXHFRQWLHQHQFRPSXHVWRVGHSOXWRQLR3X2\02;
HQ GLIHUHQWHV FDQWLGDGHV XWLOL]DGRV HQ HO ODERUDWRULR 3HUOD SDUD LQYHV
WLJDFLyQ \ IRUPDFLyQ 8QD GH ODV DFWLYLGDGHV SURJUDPDGDV \ UHDOL]DGDV
SRUHO-5&,VSUDHQHOSULPHUFXDWULPHVWUHGHKDVLGRHOWUDQVSRUWH
RIIVLWH\SRVWHULRUFRQYHUVLyQHQFRPEXVWLEOHGHOPDWHULDOItVLOFRQWHQLGR
HQORV3HUOD6WDQGDUGV8QDDFFLyQGHULYDGDGHHVWDDFWLYLGDGKDVLGRHO
DFRQGLFLRQDPLHQWRYHQWLQJHQFDMDVGHJXDQWHV*ORYHER[GHGLFKRV
FRQWHQHGRUHVSDUDDGHFXDUVXHVWDQTXHLGDGDODVFRQGLFLRQHVSDUWLFXODUHV
GHWUDQVSRUWH(O6HFWRUGH5DGLRSURWHFFLyQGHO-5&KDGHVDUUROODGRXQ
SURFHGLPLHQWRTXHGHVFULEHODVDFWLYLGDGHV\SUHVFULSFLRQHVGH3URWHFFLyQ
5DGLROyJLFDGXUDQWHODIDVHGHYHQWLQJ(QXQDSULPHUDIDVHORV7pFQLFRV
GH35KDQVLGRIRUPDGRVSDUDDVLVWLUODRSHUDFLyQHQ*ORYH%R[HVFDP
ELRGHJXDQWHVEDJLQEDJRXWGHPDWHULDOHVUHVLGXRV\DFFLRQHVHQFDVR
GH LQFLGHQWH /D DVLVWHQFLD RSHUDFLRQDO GH 35 KD VLGR UHDOL]DGD SULQFL
SDOPHQWHSRUSHUVRQDOGHOJUXSR,%(5'52/$/$,16$\KDFRQVLVWLGR
HQ HO FRQWURO GH OD LQVWUXPHQWDFLyQ HOHFWUyQLFD FRQWDPLQDFLyQ HQ DLUH
PHGLGDVGHVPHDUWHVWVPRQLWRUHVGHUDGLDFLyQ\FRQWDPLQDFLyQGHWHFWR
ÇÓ ‡Ê 1
,Ê-*!ÊÃi«Ìˆi“LÀi‡-ÊÓää™
UHVPDQRVSLHVVXSHUYLVLyQGHSURFHGLPLHQWRVFKHTXHRGHLQLFLR¿QGH
DFWLYLGDGPHGLGDVUDGLROyJLFDV&RPRFRQFOXVLyQHVWDDFWLYLGDGQRVROR
KDVXSXHVWRXQKLWRHQHOSURJUDPDGHGHFRPPLVVLRQLQJGHO-5&\HQHO
GHVDUUROORGHO6HFWRUGH5DGLRSURWHFFLyQVLQRTXHDGHPiVOD&RPLVLyQ
(XURSHDKDGLVPLQXLGRODVUHVHUYDVGHSOXWRQLRHQVXVLQVWDODFLRQHV
ÓäʇÊäxÊ
*
/"Ê,"$
"Ê-"
"ÊÊ
/, -*",/ÊÊ/,Ê,
/6"Ê*",Ê
,,/,Ê Ê-*!
°Ê˜Ìœ˜ˆœÊ
>i>Ê,ÕLˆœ£ÊÞÊ°ÊṎjÀÀiâÊ>À̉˜ÓÊ
£Ê/iV˜>̜“Ê
ÓÊ1˜ˆÛiÀÈ`>`Ê*œˆÌjV˜ˆV>Ê`iÊ>`Àˆ`Ê
/DV FXHVWLRQHV UHODFLRQDGDV FRQ HO WUDQVSRUWH GH PDWHULDOHV UDGLDFWLYRV
FRQVWLWX\HQXQREMHWRGHUHQRYDGDDFWXDOLGDGSRUHOFRQWLQXRLQFUHPHQWR
HQODPRYLOLGDGGHPDWHULDOHVUHODFLRQDGRVFRQHOFLFORGHOFRPEXVWLEOH
QXFOHDUXRWURVHJHOSURSLRFRPEXVWLEOHHTXLSRVGHLQVSHFFLyQIXHQWHV
UDGLDFWLYDVUHVLGXRVHWFHOFRPSURPLVRFUHFLHQWHGHHVWDVDFWLYLGDGHV
FRQ HO PHGLR DPELHQWH OD VHJXULGDG \ SURWHFFLyQ GH ODV SHUVRQDV DVt
FRPRHODFWXDOPDUFROHJDO
&DEHSUHJXQWDUVH¢&XiOHVVRQODVUXWDVPiVDFWLYDV"¢4XpLPSDFWRUD
GLROyJLFRVHJHQHUDHQHOPHGLRRHQLQGLYLGXRVWLSRFRPRHOWUDEDMDGRU
GHVXPLQLVWURGHFRPEXVWLEOHORVRFXSDQWHVGHXQYHKtFXORSDUWLFXODUHQ
VLWXDFLRQHVGHUHWHQFLyQGHOWUi¿FRHOS~EOLFRHQJHQHUDO«"
3DUDHOORHQODHODERUDFLyQGHHVWHWUDEDMRVHKDQWHQLGRHQFXHQWDLQ
IRUPDFLRQHV UHOHYDQWHV VXPLQLVWUDGDV SRU ORV GLVWLQWRV RUJDQLVPRV UHOD
FLRQDGRVFRQHODVXQWRODVFHQWUDOHVQXFOHDUHVHPSUHVDVGHWUDQVSRUWHV
HPSUHVDVGHLQVSHFFLyQ\FRQWUROHWF
&RPRDSRUWDFLyQPiVLQWHUHVDQWHSURSRQHPRVXQDDSOLFDFLyQLQIRUPi
WLFDSDUDHOWUDWDPLHQWRGHORVGDWRVHVWXGLDGRVODFXDOSHUPLWHDYDQ]DUHQ
HOHVWXGLRGHHVWHWLSRGHLPSDFWRV\SXHGHVHUGHXWLOLGDGFRPRGRFXPHQ
WDFLyQDVRFLDGDDODOHJDO$VtFRQRFLHQGRHOQLYHOGHUDGLDFLyQDXQPHWUR
GHOWUDQVSRUWH\HOLJLHQGRXQDUXWDREWHQGUHPRVORVLPSDFWRVDVRFLDGRV
WDOHVFRPRODVSREODFLRQHVDIHFWDGDVODGRVLVUHFLELGDSRUHOLQGLYLGXR
PiVH[SXHVWRHOLPSDFWRUDGLROyJLFRJOREDOODVDSRUWDFLRQHVDODSREOD
FLyQWUD\HFWR\QDFLRQDO\HOSRVLEOHGHWULPHQWRGHODVDOXG
&RPRFRQFOXVLyQPiVLPSRUWDQWHVHREVHUYDTXHHOLPSDFWRUDGLROyJL
FRDQXDOHVPX\EDMR\VLQLQFLGHQFLDGHULHVJRODHPLVLyQGHUDGLDFLRQHV
LRQL]DQWHVSURFHGHQWHVGHOWUDQVSRUWHGHPDWHULDOUDGLDFWLYRSRUFDUUHWHUD
HQ(VSDxDQRVRQVLJQL¿FDWLYDVDODKRUDGHJHQHUDUHIHFWRVDGYHUVRVHQOD
VDOXGKXPDQD\VXLPSDFWRUDGLROyJLFRSXHGHFRQVLGHUDUVHGHVSUHFLDEOH
$FXHUGR(XURSHRUHODWLYRDOWUDQVSRUWHLQWHUQDFLRQDOGHPHUFDQFtDVSHOLJURVDVSRU
FDUUHWHUD$'5%ROHWtQ2¿FLDOGHO(VWDGRVXSOHPHQWRGHGHHQHURGH
Q~PS
3/$1*(1(5$/'(5(6,'8265$',$&7,9269,$SUREDGRHQ&RQVHMR
GH0LQLVWURVHOMXOLR
257(*$;\-25%$%5DGLDFLRQHV,RQL]DQWHV(GLWRULDO8QLYHUVLGDG3ROLWpFQL
FDGH&DWDOXxDS
7$1$5526$1=$JXVWtQ5DGLDFLRQHVLRQL]DQWHV,QVWDODFLRQHVUDGLDFWLYDV\
GH5D\RV;(GLWRULDO-XQWDGH(QHUJtD1XFOHDUDxRS
&2//%87Ë3HGUR)XQGDPHQWRVGHGRVLPHWUtDWHyULFD\SURWHFFLyQUDGLROyJLFD
(GLWRULDO-XQWDGH(QHUJtD1XFOHDU$xRS
5HFRPPHQGDWLRQV RI WKH ,QWHUQDWLRQDO &RPPLVVLRQ RQ 5DGLRORJLFDO 3URWHFWLRQ
,&53 3XEOLFDWLRQ 3HUJDPRQ 3UHVV 2[IRUG 7UDGXFLGR SRU OD
6RFLHGDG(VSDxRODGH3URWHFFLyQ5DGLROyJLFD0DGULG
E@7
3URJUDPD\6LQRSVLVGHODV3RQHQFLDV
ÓäʇÊäÈÊ
/"""Ê*,"-/Ê*,Ê
/
,Ê"-Ê*,/,"-Ê
*",/ /-Ê ÊÊ61
$ ÊÊ
*
/"Ê,"$
"ÊÊ1 Ê,Ê
" / °Ê°Ê>À̉˜Ê>ÀV‰>
-"
"
(QODSRQHQFLDVHSUHVHQWDXQDPHWRGRORJtDSUREDELOLVWDSDUDLGHQWL¿FDU
ORVSDUiPHWURVPiVVHQVLEOHVLPSRUWDQWHVHQODHYDOXDFLyQGHOLPSDFWR
UDGLROyJLFRRFDVLRQDGRSRUXQWHUUHQRFRQWDPLQDGRXWLOL]DQGRHOFyGLJR
5(65$'YHUVLyQHQPRGRSUREDELOLVWD
(OQ~PHUR\WLSRGHSDUiPHWURVDLQWURGXFLUHQHOFiOFXORGHOLPSDF
WRUDGLROyJLFRGHSHQGHGHYDULRVIDFWRUHVHQWUHORVPiVLPSRUWDQWHVVH
HQFXHQWUDQHOHVFHQDULRFRQVLGHUDGRTXHUHSUHVHQWDORVPRGRV\YtDVGH
H[SRVLFLyQ\TXHGHEHHVWDUEDVDGRHQXQHOXVRIXWXURGHOiUHDFRQWDPLQD
GD\ORVUDGLRQXFOHLGRVGHLQWHUpVHVGHFLUORVHOHPHQWRVFRQWDPLQDQWHV
SUHVHQWHV(VWRVSDUiPHWURVVHFODVL¿FDQDVXYH]HQItVLFRVHVSHFt¿FRV
GHOiUHDPHWDEyOLFRVGHSHQGLHQWHVGHOLQGLYLGXR\GHFRPSRUWDPLHQWR
GHSHQGLHQWHVGHOLQGLYLGXR\GHOHVFHQDULR
(ODQiOLVLVGHVHQVLELOLGDGSHUPLWHLGHQWL¿FDUORVSDUiPHWURVPiVLP
SRUWDQWHVHVGHFLUORVTXHWHQGUiQXQDPD\RULQÀXHQFLDHQORVUHVXOWDGRV
/RVSDUiPHWURVTXHQRVRQFRQRFLGRVGHDQWHPDQRSXHGHQHVWDEOHFHUVH
HQHOFiOFXORFRPRXQDIXQFLyQGHGLVWULEXFLyQGHSUREDELOLGDG8QDYH]
VHKDQLQWURGXFLGRORVYDORUHV\ODVIXQFLRQHVHVWDGtVWLFDVGHGLVWULEXFLyQ
GHORVSDUiPHWURVHQ5(65$'YpVWHVHHMHFXWDHQPRGRSUREDELOLV
WD/DLGHQWL¿FDFLyQGHORVSDUiPHWURVVHQVLEOHVVHUHDOL]DDWUDYpVGHORV
FRH¿FLHQWHVGHFRUUHODFLyQTXHLQGLFDQODLQÀXHQFLDGHFDGDSDUiPHWURGH
HQWUDGDHQODGRVLVIXQFLyQGHGLVWULEXFLyQ
/DSUHFLVLyQHQODGRVLVHVWLPDGDGHSHQGHGHODSUHFLVLyQTXHWHQJDQORV
GDWRVGHHQWUDGD/DLGHQWL¿FDFLyQGHORVSDUiPHWURVLPSRUWDQWHVGHOFiO
FXORSHUPLWHFHQWUDUORVHVIXHU]RVGHE~VTXHGDGHLQIRUPDFLyQVREUHpVWRV
\PHMRUDUODSUHFLVLyQDOFDQ]DGDHQODHYDOXDFLyQGHODGRVLVRSWLPL]DQGR
DVtODSURWHFFLyQUDGLROyJLFDDOS~EOLFR
FDSDFLGDGSDUDDERUGDUODPHGLGDGHHVWRVUDGLRQXFOHLGRVVXESURGXFWRV
GHODHQHUJtDQXFOHDUHQFRQFHQWUDFLRQHVWUD]DOtPLWHVGHGHWHFFLyQGH
—%T
(QHVWHWUDEDMRUHDOL]DGRHQWUHOD8QLYHUVLGDG7pFQLFD)HGHULFR6DQWD
0DUtDGH&KLOHOD8QLYHUVLGDGGH([WUHPDGXUD\HO&1$GH(VSDxDVH
SUHVHQWDQORVUHVXOWDGRVREWHQLGRVHQPXHVWUDVGHQLHYH\VXHORVGH&KLOH
/DVPXHVWUDVGHQLHYHVXSHU¿FLDOVHUHFROHFWDURQHQODFRUGLOOHUDGHORV
$QGHVž6ž2DOWLWXGPVQPDNPDOQR
UHVWHGH6DQWLDJR/DVPXHVWUDVGHVXHORVXSHU¿FLDOVHWRPDURQHQHO9DOOH
GH3XFKXQFDYtOLWRUDOFHQWUDOž6
ž2QLYHOGHO
PDUDNPGHODFDSLWDO
$VtPLVPRVHH[SRQHQORVPpWRGRVUDGLRTXtPLFRVGHVDUUROODGRVSDUD
ODH[WUDFFLyQGHOSOXWRQLRGHODVPDWULFHVHVWXGLDGDVEDVDGRVHQODVUHVL
QDVGHH[WUDFFLyQFURPDWRJUi¿FD7(9$\VHSUHVHQWDQORVIXQGDPHQWRV
GHODWpFQLFDDVtFRPRVXVSHFXOLDULGDGHVIUHQWHDRWUDVWpFQLFDV06$GL
FLRQDOPHQWHVHDSRUWDQQXHYRVGDWRVVREUHODSUHVHQFLDGHSOXWRQLRHQ
$PpULFDGHO6XUiUHDLQÀXHQFLDGDSRUHOIDOORXWWURSRVIpULFRSURFHGHQWH
GHORVHQVD\RVQXFOHDUHVIUDQFHVHVUHDOL]DGRVHQORVDWRORQHVGH0XUXURD
\)DQJDWDXIDHQWUH\HQHO3DFt¿FR6XU
/RV UHVXOWDGRV HQ DOJXQDV GH ODV PXHVWUDV LQGLFDQ UHODFLRQHV LVRWy
SLFDVHQQ~PHURGHiWRPRV 3X3XLQIHULRUHVDODVHVSHUDGDVSDUDHO
IDOORXWJHQHUDOL]DGR\SRUWDQWRLQÀXHQFLDGDVSRUHOIDOORXWORFDO
SURFHGHQWHGHHVWDVSUXHEDV
$JUDGHFLPLHQWRVWUDEDMR¿QDQFLDGRSRUOD$(&,'GH(VSDxDSUR\HFWR
'\&21,&<7GH&KLOHSUR\HFWR)21'(&<7
ÓäʇÊänÊ
*,"/
$ Ê,"$
Ê Ê
,",-ÊÊ" -Ê-!"-Ê*,Ê
-,,""ÊÊ/
""-ÊÊ1-$ \Ê
-ÊÊ1 Ê 16Ê/"""Ê
"*1/
" °Ê->˜â£]Ó]Ê*°Ê->ÕÛ>˜£]Ó]Ê°Ê"}>˜`œ£]Ó]Ê°Ê>ÀV‰>£]Ó]ʰʝ«iâ£]Ó]Ê
°Ê>ޜÀ>£]Ó]Ê°Ê"À̈â£]Ê°*Ê
>Ì>?˜£]Ê*°Ê˜Ì˜£]Ê"°Ê
>LiœÃÓ]Ê
°Ê*iÀ>`œÓ]Ê,°Ê6ˆ>Î]Ê°ÊÀ>š>ÃÎÊÞÊ°ÊL>ÀÀ>Î
Ê1˜ˆÛiÀÈ`>`Ê >Vˆœ˜>Ê`iÊ`ÕV>Vˆ˜Ê>ʈÃÌ>˜Vˆ>Ê­1 ®
Ê1˜ˆÛiÀÈ`>`Ê*œˆÌjV˜ˆV>Ê`iÊ>`Àˆ`Ê­1*®
ÎÊ
/Ê
£
ÓäʇÊäÇÊ
/, $ ÊÊÓΙ*1Ê9ÊÓ{ä*1Ê Ê
1-/,-ÊÊ 6Ê9Ê-1"-ÊÊ
Ê
/Ê-*
/,"/,ÊÊ--Ê
" Ê
,",-Ê­-®
°ÊˆÀ£]Ê°Ê
…>“ˆâœÓ]Ê°Ê>ÀV‰>‡i˜Î]Ê°Ê
iÀiVi`>{]Ê6°Ê
6ˆ`>{]Ê8°Ê>`ˆV{]ʰʏ>˜œÃ{]Ê
°Ê°Ê6ˆ`œÃœ{ÊÞÊ°Ê
°Ê*ˆ˜ˆ>x
£Ê1˜ˆÛiÀÈ`>`Ê`iÊÝÌÀi“>`ÕÀ>]Ê
?ViÀiÃ
ÓÊ1˜ˆÛiÀÈ`>`Ê/jV˜ˆV>Êi`iÀˆVœÊ->˜Ì>Ê>À‰>Ê
ÎÊ
i˜ÌÀœÊ >Vˆœ˜>Ê`iÊViiÀ>`œÀiÃÊ­
®
{Ê1˜ˆÛiÀÈ`>`Ê`iÊ-iۈ>Ê
xÊ1˜ˆÛiÀÈ`>`Ê`iÊÝÌÀi“>`ÕÀ>]Ê>`>œâÊ
/D WpFQLFD GH PHGLGD GH LVyWRSRV GH SOXWRQLR 3X \ 3X PHGLDQWH
HVSHFWURPHWUtD GH PDVDV FRQ DFHOHUDGRUHV HOHFWURVWiWLFRV WLSR WDQGHP
$06HVGHUHFLHQWHLPSODQWDFLyQHQHO&HQWUR1DFLRQDOGH$FHOHUD
GRUHV&1$6HYLOOD(VODVH[WDLQVWDODFLyQGH$06DQLYHOPXQGLDO\
ODVHJXQGDGHODVGHQRPLQDGDVGH³EDMDHQHUJtD´TXHKDGHPRVWUDGRVX
Ó
8QRGHORVSULQFLSDOHVUHWRVDORVTXHVHHQIUHQWDODWHFQRORJtDGHIXVLyQ
HVODGHGHVDUUROODUPDWHULDOHVTXHVHDQUHVLVWHQWHVDOGDxRLQGXFLGRSRU
ODUDGLDFLyQUHLQDQWHHQXQUHDFWRUGHIXVLyQ\TXHDGHPiVVHDQGHEDMD
DFWLYDFLyQ
3DUDHOHVWXGLRGHOHIHFWRGHORVQHXWURQHVHQORVPDWHULDOHVODFRPXQL
GDGFLHQWt¿FDKDDSRVWDGRSRUGHVDUUROODULQVWDODFLRQHVGHLUUDGLDFLyQTXH
SHUPLWDQFUHDUVLPXODUODVFRQGLFLRQHVGHGDxRHVSHUDGDVHQXQUHDFWRU
GH IXVLyQ \ TXH SHUPLWLUiQ OD FXDOL¿FDFLyQ GH ORV PLVPRV (VSDxD HVWD
IXHUWHPHQWHFRPSURPHWLGDHQHOSUR\HFWRLQWHUQDFLRQDOPiVLPSRUWDQWH
HQ HVWH FDPSR HO SUR\HFWR (9('$,)0,) \ PiV UHFLHQWHPHQWH HQ HO
SUR\HFWR7(&+12)86,21&HQWUR1DFLRQDO(VSDxROSDUDODV7HFQROR
JtDVGH)XVLyQ
(QDPERVFDVRVXQHOHPHQWRFODYHGHODLQVWDODFLyQHVHODFHOHUDGRU
/DLQVWDODFLyQ,)0,)LQFOX\HGRVDFHOHUDGRUHVTXHSURGXFHQGRVKDFHVGH
GHXWHURQHV0H9P$TXHLPSDFWDQHQXQEODQFRGHOLWLROtTXLGR
GDQGROXJDUDXQFKRUURGHQHXWURQHVGHDOWDLQWHQVLGDG(QODIDVH(9(
'$GHOGHVDUUROORGH,)0,)ODLQVWDODFLyQLQFOX\HXQDFHOHUDGRUGHGHX
Ê 1
,Ê-*!ÊÃi«Ìˆi“LÀi‡-ÊÓää™Ê‡ ÇÎ
(&
3URWHFFLyQUDGLROyJLFD
WHURQHVGHP$\0H9(QHOFDVRGH7(&+12)86,21SDUDOOHYDU
DFDERODVLPXODFLyQGHODUDGLDFLyQQHXWUyQLFDVHKDEUiGHGLVSRQHUGH
XQFRQMXQWRGHWUHVDFHOHUDGRUHVGHLRQHVTXHVHUiQXWLOL]DGRVVLPXOWiQHD
PHQWH'RVDFHOHUDGRUHVOLQHDOHVGHLRQHVOLJHURVSDUDODLUUDGLDFLyQFRQ+
\+HUHVSHFWLYDPHQWHDGHPiVGH'\XQFLFORWUyQSDUDODLPSODQWDFLyQ
GHLRQHVSHVDGRV)H:6L&RGHSURWRQHVGHDOWDHQHUJtD
(QHOGLVHxR\RSHUDFLyQGHHVWRVDFHOHUDGRUHVDVtFRPRHQORTXHDWDxH
DOGLVHxRGHOEHDP*XPSHOHPHQWRGHUHFRJLGDSDUDGDGHOKD]ORVPy
GXORVGHLUUDGLDFLyQ\UHDOL]DFLyQGHH[SHULPHQWRVTXHVHKDQGHOOHYDUD
FDERORVWHPDVDVRFLDGRVDORVDQiOLVLVGHSURWHFFLyQUDGLROyJLFDRFXSDQ
XQOXJDULPSRUWDQWH3DUDVXDQiOLVLVVHKDGHVHUFDSD]GHSUHGHFLUHOFDP
SRGHGRVLVLQPHGLDWDGRVLVGXUDQWHLUUDGLDFLyQ\GRVLVUHVLGXDOGRVLVHQ
Ç{ ‡Ê 1
,Ê-*!ÊÃi«Ìˆi“LÀi‡-ÊÓää™
E7E;A@7EFt5@;53E
ODIDVHGHSDUDGD\SRVWHULRUPHQWHHQEDVHDHOORGH¿QLUODVVROXFLRQHV
RSWLPDVGHGLVHxR\RSHUDFLyQ/DVLWXDFLyQDFWXDOHVTXHSDUDODVLQVWD
ODFLRQHVLQGLFDGDVQRH[LVWHXQDPHWRGRORJtDFRPSXWDFLRQDO¿DEOHFDSD]
GHOOHYDUDFDERODODERUGHSUHGLFFLyQGHGRVLV
/RVREMHWLYRVGHHVWHWUDEDMRVRQLSUHVHQWDUHOSUREOHPDGHODUDGLR
SURWHFFLyQHQHVWDVLQVWDODFLRQHVLLFXDQWL¿FDUODVOLPLWDFLRQHVDVRFLD
GDVDOXVRGHKHUUDPLHQWDVGHVLPXODFLyQWUDGLFLRQDOPHQWHXWLOL]DGDVHQ
ORVHVWXGLRVGHSURWHFFLyQUDGLROyJLFDWDOHVFRPRHOFyGLJR0&13;\
LLLSURSRQHUXQDPHWRGRORJtDFRPSXWDFLRQDOSURSLDSDUDOOHYDUDFDER
ORV HVWXGLRV GH SURWHFFLyQ UDGLROyJLFD LQGLFDQGR ORV GHVDUUROORV FODYH
UHDOL]DGRV \ SUHVHQWDQGR HO WUDEDMR GH YDOLGDFLyQ HIHFWXDGR VREUH ORV
PLVPRV
E@7
3URJUDPD\6LQRSVLVGHODV3RQHQFLDV
ӣʇʳ³ˆÊ­®
6ˆiÀ˜iÃÊÎäʇʣä]ää…Ê Ê
Ê
Ê
Ê
Ê
Ê
Ê
-\Ê ,Ê
+1,
*ÀiÈ`i˜Ìi\Ê>˜ˆiÊ`iʜÀi˜âœÊÉÊ,6
œœÀ`ˆ˜>`œÀ\ʏLiÀ̜ÊÃVÀˆÛ?ÊÉÊ1 6,-Ê*"/
ÊÊ6 ӣʇÊä£Ê
ӣʇÊäÓÊ
--ÊÊ*
/"Ê Ê"-Ê, -Ê
Ê-1,ÊÊ1 Ê"
Ê Ê1 Ê
*7,Ê
" -, "Ê ,/1,-Ê
Ê6,-Ê/,",1
-Ê9Ê
*,"-/-
/"-ÊÊÊ
" 1,
$ ÊÊÊ
* /ÊÊ*,"1
,-Ê1 Ê*,Ê
Ê,,\Ê-1
$ ÊÊÊ-,Ê
8*, /ÊÓ°Ó°
°°Ê6ˆ>˜ÕiÛ>£]Ê-°Ê
>ÀœÃ£]Ê-°Ê>À̜Ài£]Ê6°Ê-iÀÀ>`i£]Ê°Ê
*i>ޜÓÊÞÊ,°Êi˜`ˆâ?L>Ó
£Ê1 6,-Ê*"/
ÊÊ6 ÓÊ
" -"ÊÊ-1,Ê 1
,
'HVGHTXHORVRUJDQLVPRVUHJXODGRUHVKDQDGRSWDGROD¿ORVRItDGHWRPD
GHGHFLVLyQLQIRUPDGDHQHOULHVJRVHKDDELHUWRXQGHEDWHVREUHHOSDSHO
GHORVDQiOLVLVGHWHUPLQLVWDV\SUREDELOLVWDVFRPRDSR\RDODVGHFLVLRQHV
HQWHPDVGHVHJXULGDGGHODV&&11(QHVWHFRQWH[WRODJXtDUHJXODGRUD
5*HVXQGRFXPHQWRFODYHTXHSURSRUFLRQDXQDEDVHSDUDVROLFL
WDUFDPELRVHQODVEDVHVGHOLFHQFLDGHODFHQWUDOFRPRSRUHMHPSOHXQ
DXPHQWRGHODSRWHQFLD(Q(VSDxDHVODJXtDGHVHJXULGDGODTXH
UHFRJHORVFULWHULRVEiVLFRVSDUDODUHDOL]DFLyQGHDSOLFDFLRQHVGHO$36HQ
HOPDUFRGHOD5*(VWDVJXtDVSUHVHQWDQFLQFRSULQFLSLRVEiVLFRV
GHODWRPDGHGHFLVLyQLQIRUPDGDHQHOULHVJRTXHGHEHQXWLOL]DUVHHQOD
WRPDGHGHFLVLyQGHFDPELRVHQODVEDVHVGHGLVHxRHVSHFt¿FRVGHFDGD
SODQWD
(VWD SRQHQFLD VH FHQWUD HQ HO WHUFHUR GH HOORV TXH KDFH UHIHUHQFLD D
TXHDQWHXQGHWHUPLQDGRFDPELRVHPDQWHQJDXQPDUJHQGHVHJXULGDG
VX¿FLHQWH(QHVWHVHQWLGRGXUDQWHORV~OWLPRVDxRVVHKDGHVDUUROODGR
PpWRGRVGHHYDOXDFLyQGHORVPiUJHQHVGHVHJXULGDGFRQOD¿QDOLGDGGH
XWLOL]DUORVUHVXOWDGRVGHORVDQiOLVLVSUREDELOLVWDVHQORVUHTXLVLWRVGHORV
HVWXGLRVGHWHUPLQLVWDV\YLFHYHUVDFRQOD¿QDOLGDGFRQVHJXLUXQPHMRU
FRQRFLPLHQWR\XQDPHGLGDPiVUHDOLVWDGHODVHJXULGDGGHODSODQWD
/DHVWLPDFLyQGHORVPiUJHQHVGHVHJXULGDGSXHGHUHDOL]DUVHPHGLDQWH
XQD PHWRGRORJtD EDVDGD HQ HVWDGtVWLFRV GH RUGHQ TXH KDFH XVR VLPXO
WiQHDPHQWH GH PRGHORV \ VLPXODFLRQHV WHUPRKLGUiXOLFDV \ GH GDWRV \
PRGHORV GHO$35 GH OD SODQWD$GHPiV GLFKD PHWRGRORJtD SHUPLWH OD
FRQVLGHUDFLyQHQHOHVWXGLRGHODVLQFHUWLGXPEUHVDVRFLDGDVDDPERVWLSR
GHPRGHORV(QHVWDSRQHQFLDVHDSOLFDHVWDPHWRGRORJtDSDUDHODQiOLVLV
GHOLPSDFWRGHXQDXPHQWRGHODSRWHQFLDQRPLQDOGHXQUHDFWRU3:5HQ
HOPDUJHQGHVHJXULGDGFXDQGRVHSURGXFHXQ/2&$HQXQDGHODVUDPDV
IUtDVGHOUHDFWRU
-°Ê
>ÀœÃ]Ê°°Ê6ˆ>˜ÕiÛ>]Ê-°Ê>À̜ÀiÊÞÊ6°Ê-iÀÀ>`i
1 6,-Ê*"/
ÊÊ6 (QFRQGLFLRQHVGHSDUDGDODSODQWDSXHGHOOHYDUVHDFRQGLFLRQHVHQODV
TXHHOQLYHOHQHOFLUFXLWRSULPDULRVHHQFXHQWUDUHGXFLGR\HOFDORUUHVL
GXDOJHQHUDGRSRUHOQ~FOHRVHHOLPLQDDWUDYpVGHOVLVWHPDGHH[WUDFFLyQ
GHFDORUUHVLGXDO5+5(QHVWDVFRQGLFLRQHVH[LVWHXQDFLHUWDSUREDEL
OLGDGQRGHVSUHFLDEOHGHSHUGHUHOVLVWHPD5+5ORFXDOOOHYDODSODQWD
DXQDVLWXDFLyQDFFLGHQWDO$GHPiVDOSURGXFLUVHHODFFLGHQWHHVSRVLEOH
TXHODSODQWDVHHQFXHQWUHHQFRQ¿JXUDFLRQHVGLVWLQWDVTXHGHWHUPLQDQOD
HYROXFLyQSRVWHULRUGHOFRPSRUWDPLHQWRGHODSODQWD
3DUDHQWHQGHUORVSURFHVRVItVLFRVTXHWLHQHQOXJDUDO SURGXFLUVH XQD
SpUGLGDGHOVLVWHPD5+5SDUDGD\DQDOL]DUFyPRLQÀX\HODFRQ¿JXUDFLyQ
HQODTXHVHHQFXHQWUHODSODQWDHQHOPRPHQWRGHLQLFLDUVHHOWUDQVLWRULR
HQODHYROXFLyQGHODFFLGHQWHVHKDUHDOL]DGRGLIHUHQWHVVHULHVGHH[SHUL
PHQWRVHQODLQVWDODFLyQ3./
(QFRQFUHWRODVHULH)VHFHQWUDHQLQYHVWLJDUHOHIHFWRGHODVFRQGL
FLRQHVGHORVVHFXQGDULRVGHORVJHQHUDGRUHVGHYDSRU'HHVWHPRGRVH
KDUHDOL]DGRGRVH[SHULPHQWRVHQHOSULPHURGHHOORVVHVXSRQHTXHXQR
GHORVJHQHUDGRUHVGHYDSRUWLHQHHOVHFXQGDULROOHQRGHDJXD\DGHPiVVH
HQFXHQWUDGLVSRQLEOH\ORVWUHVUHVWDQWHVYDFtRVPLHQWUDVTXHHOVHJXQGR
H[SHULPHQWRVHVXSRQHTXHDOSULQFLSLRGHOWUDQVLWRULRH[LVWHQGRVJHQH
UDGRUHVGHYDSRUGLVSRQLEOHV\ORVGRVUHVWDQWHVYDFtRVDXQTXHH[LVWHOD
SRVLELOLGDGGHVXPLQLVWUDUDJXDGHDOLPHQWDFLyQDGHWHUPLQDGRWLHPSR
(OHTXLSRGHOD8QLYHUVLGDG3ROLWpFQLFDGH9DOHQFLDKDSDUWLFLSDGRHQ
ODVLPXODFLyQGHHVWRVH[SHULPHQWRVRUJDQL]DGRVSRUOD2&'(GHQWURGHO
SUR\HFWR2(&'1($3./526$/DSRQHQFLDSUHVHQWDORVUHVXOWDGRV
GHGLFKDVVLPXODFLRQHVUHDOL]DGDVFRQHOFyGLJRGHVLPXODFLyQWHUPRKL
GUiXOLFD5(/$30RG
ӣʇÊäÎÊ
--ÊÊ
"Ê Ê"/ÊÊ
11",-Ê
" Ê ",
" Ê Ê
Ê,-"Ê/ "Ê Ê
1 /Ê-Ê
,/1,-°Ê>À̜Ài]Ê°°Ê-?˜V…iâ]Ê°°Ê6ˆ>˜ÕiÛ>]Ê°Ê6ˆ>“ˆâ>ÀÊÞÊ6°Ê
-iÀÀ>`i
1 6,-Ê*"/
ÊÊ6 Ê
/DV(VSHFL¿FDFLRQHV7pFQLFDVGH)XQFLRQDPLHQWR(7)VHVWDEOHFHQORV
OtPLWHV\FRQGLFLRQHVSDUDODRSHUDFLyQVHJXUDGHODV&HQWUDOHV1XFOHDUHV
Ê 1
,Ê-*!ÊÃi«Ìˆi“LÀi‡-ÊÓää™Ê‡ Çx
('
E7E;A@7EFt5@;53E
,'L,,,
(VWRVOtPLWHV\FRQGLFLRQHVVHKDQEDVDGRRULJLQDOPHQWHHQMXLFLRVGH
LQJHQLHUtD\DQiOLVLVGHWHUPLQLVWDVFRQHOFRUUHVSRQGLHQWHFRQVHUYDGXULV
PR/DH[SHULHQFLDKDGHPRVWUDGRTXHDOJXQRVGHHVWRVUHTXLVLWRVSRGUtDQ
ÀH[LELOL]DUVHPRWLYRSRUHOFXDOHQORV~OWLPRVDxRVJUDQQ~PHURGHSDt
VHVHVWiQXWLOL]DQGRHO$36FRPRKHUUDPLHQWDGHDSR\RSDUDFXDQWL¿FDU
PHGLGDVGHULHVJRXWLOL]DGDVSDUDWRPDUGHFLVLRQHVFRQREMHWRGHPHMRUDU
DVSHFWRVFRQFUHWRVGHODV(7)VLQIRUPDGRVHQHOULHVJR
(OGHVDUUROORGHDSOLFDFLRQHVGHO$36GHVGHLQLFLRVGHORVVKDWUDtGR
ODRSRUWXQLGDGGHGHVDUUROODUXQDQiOLVLVGHORVFDPELRVGH(7)VEDVDGRVQR
~QLFDPHQWHHQFULWHULRVGHWHUPLQLVWDVVLQRWDPELpQHQFULWHULRVSUREDELOLVWDV
HQSDUWLFXODUGHORV$27V7LHPSRVPi[LPRVSHUPLWLGRVGHLQRSHUDELOLGDG
FRQVLGHUDQGRHOLPSDFWRGHGLFKRVFDPELRVHQODVHJXULGDGGHODSODQWDEDVD
GRVHQODLQIRUPDFLyQHQHOULHVJRSURSRUFLRQDGDSRUHO$366HKDSURSXHVWR
XQPDUFRJHQHUDOSDUDODVSURSXHVWDVGHFDPELREDVDGDVHQODWHFQRORJtD$36
865*\HQSDUWLFXODUSDUDFDPELRVHQ(7)V865*(QHVWH
FRQWH[WRHOPRGHOR\ORVGDWRVGHO$36RULJLQDOQHFHVLWDVHUDGDSWDGR\H[WHQ
GLGRSDUDDQDOL]DUORVFDPELRVGH(7)VGHORVUHTXLVLWRVDVRFLDGRVDODV&/2V
&RQGLFLRQHVOLPLWHGHRSHUDFLyQHQGRQGHVHGH¿QHQORV$27V
$GHPiVODJXtDUHJXODGRUD5*HLJXDOPHQWHOD5*UH
TXLHUHQTXHWRGDVODVIXHQWHVGHLQFHUWLGXPEUHVHDQLGHQWL¿FDGDV\DQDOL
]DGDVGHWDOPRGRTXHVXVLPSDFWRVVHDQHQWHQGLGRVDQLYHOGHHOHPHQWR
WpFQLFRHQHVWHFRQWH[WRHO185(*\HO(35,KDQSUR
SXHVWRXQDPHWRGRORJtDVREUHHOWUDWDPLHQWRVLVWHPiWLFRGHLQFHUWLGXP
EUHVDVRFLDGDVDO$36HQODWRPDGHGHFLVLRQHVFRQLQIRUPDFLyQHQHOULHV
JR6LQHPEDUJRGHPRPHQWRVRORVHKDQKHFKRSURSXHVWDVGHDVHVRUtDV
VREUHWUDWDPLHQWRGHLQFHUWLGXPEUHVDQLYHOJOREDOVLQSDUWLFXODUL]DUHQORV
DQiOLVLVGHFDPELRVSDUDHVSHFL¿FDFLRQHVWpFQLFDV
(OREMHWLYRGHHVWDSRQHQFLDHVSUHVHQWDUORVUHVXOWDGRVGHOHVWXGLROOHYDGR
DFDERSDUDHODQiOLVLVGHFDPELRHQHO$27GHDFXPXODGRUHVFRQLQIRU
PDFLyQHQHOULHVJRWHQLHQGRHQFXHQWDODVLQFHUWLGXPEUHV3DUDHOORVHKDQ
LQWURGXFLGRODVIXHQWHVPiVLPSRUWDQWHV\ORVWLSRVGHLQFHUWLGXPEUHVPiV
UHOHYDQWHVSDUDODWRPDGHGHFLVLRQHVFRQLQIRUPDFLyQHQHOULHVJRVREUH
FDPELRVHQ(7)6HKDDQDOL]DGRWDPELpQFRPRHVWDVGHEHUtDQVHULGHQWL¿
FDGDVSULRUL]DGDV\RULHQWDGDVGHQWURGHXQPRGHORSUREDELOtVWLFR\GHWRPD
GHGHFLVLRQHV(QFRQFUHWRVHSUHVHQWDQORVHOHPHQWRVIXQGDPHQWDOHVDWHQHU
HQFXHQWDHQHODQiOLVLV\ORVUHVXOWDGRVDOFDQ]DGRVSDUDHOFDVRSDUWLFXODUGH
HYDOXDFLyQGHXQDH[WHQVLyQGHO$27GHOVLVWHPDGHDFXPXODGRUHV'LFKR
FRQRFLPLHQWR\FDUDFWHUL]DFLyQHVLPSUHVFLQGLEOHFRPRSDVRSUHYLRSDUDHO
REMHWLYR¿QDOGHLQWHJUDUHODQiOLVLVGHLQFHUWLGXPEUHVFRPRXQDHWDSDPiV
GHOSURFHVRGHDQiOLVLVGHFDPELRVGH(7)VFRQLQIRUPDFLyQHQHOULHVJR
ӣʇÊä{Ê
--ÊÊ
"Ê Ê-/ÊÊ-*,"Ê
Ê,
/",Ê ","Ê ÊÊ,-"ÊÊÊ
/ "Ê Ê
1 /Ê-Ê ,/1,-Ê
-°Ê>À̜Ài]Ê°°Ê-?˜V…iâ]Ê°°Ê6ˆ>˜ÕiÛ>]Ê°Ê6ˆ>“ˆâ>À]Ê6°Ê
-iÀÀ>`i
1 6,-Ê*"/
ÊÊ6 Ê
/DV(VSHFL¿FDFLRQHV7pFQLFDVGH)XQFLRQDPLHQWR(7)VHVWDEOHFHQORV
OtPLWHV\FRQGLFLRQHVSDUDODRSHUDFLyQVHJXUDGHODV&HQWUDOHV1XFOHDUHV
(VWRVOtPLWHV\FRQGLFLRQHVVHKDQEDVDGRRULJLQDOPHQWHHQMXLFLRVGH
LQJHQLHUtD\DQiOLVLVGHWHUPLQLVWDVFRQHOFRUUHVSRQGLHQWHFRQVHUYDGXULV
PR/DH[SHULHQFLDKDGHPRVWUDGRTXHDOJXQRVGHHVWRVUHTXLVLWRVSRGUtDQ
ÀH[LELOL]DUVHPRWLYRSRUHOFXDOHQORV~OWLPRVDxRVJUDQQ~PHURGHSDt
VHVHVWiQXWLOL]DQGRHO$36FRPRKHUUDPLHQWDGHDSR\RSDUDFXDQWL¿FDU
PHGLGDVGHULHVJRXWLOL]DGDVSDUDWRPDUGHFLVLRQHVFRQREMHWRGHPHMRUDU
DVSHFWRVFRQFUHWRVGHODV(7)VLQIRUPDGRVHQHOULHVJR
ÇÈ ‡Ê 1
,Ê-*!ÊÃi«Ìˆi“LÀi‡-ÊÓää™
(OGHVDUUROORGHDSOLFDFLRQHVGHO$36GHVGHLQLFLRVGHORVVKDWUDtGR
ODRSRUWXQLGDGGHGHVDUUROODUXQDQiOLVLVGHORVFDPELRVGH(7)VEDVDGRV
QR~QLFDPHQWHHQFULWHULRVGHWHUPLQLVWDVVLQRWDPELpQHQFULWHULRVSURED
ELOLVWDVHQSDUWLFXODUGHORV67,V,QWHUYDORVHQWUHSUXHEDVFRQVLGHUDQGR
HOLPSDFWRGHGLFKRVFDPELRVHQODVHJXULGDGGHODSODQWDEDVDGRVHQOD
LQIRUPDFLyQHQHOULHVJRSURSRUFLRQDGDSRUHO$366HKDSURSXHVWRXQ
PDUFRJHQHUDOSDUDODVSURSXHVWDVGHFDPELREDVDGDVHQODWHFQRORJtD$36
865*\HQSDUWLFXODUSDUDFDPELRVHQ(7)V865*(Q
HVWHFRQWH[WRHOPRGHOR\ORVGDWRVGHO$36RULJLQDOQHFHVLWDVHUDGDSWDGR
\H[WHQGLGRSDUDDQDOL]DUORVFDPELRVGH(7)VGHORVUHTXLVLWRVDVRFLDGRV
DORV595HTXLVLWRVGH9LJLODQFLDHQGRQGHVHGH¿QHQORV67,V
$GHPiVODJXtDUHJXODGRUD5*HLJXDOPHQWHOD5*UH
TXLHUHQTXHWRGDVODVIXHQWHVGHLQFHUWLGXPEUHVHDQLGHQWL¿FDGDV\DQDOL
]DGDVGHWDOPRGRTXHVXVLPSDFWRVVHDQHQWHQGLGRVDQLYHOGHHOHPHQWR
WpFQLFRHQHVWHFRQWH[WRHO185(*\HO(35,KDQSUR
SXHVWRXQDPHWRGRORJtDVREUHHOWUDWDPLHQWRVLVWHPiWLFRGHLQFHUWLGXP
EUHVDVRFLDGDVDO$36HQODWRPDGHGHFLVLRQHVFRQLQIRUPDFLyQHQHOULHV
JR6LQHPEDUJRGHPRPHQWRVRORVHKDQKHFKRSURSXHVWDVGHDVHVRUtDV
VREUHWUDWDPLHQWRGHLQFHUWLGXPEUHVDQLYHOJOREDOVLQSDUWLFXODUL]DUHQORV
DQiOLVLVGHFDPELRVSDUDHVSHFL¿FDFLRQHVWpFQLFDV
(OREMHWLYRGHHVWDSRQHQFLDHVSUHVHQWDUORVUHVXOWDGRVGHOHVWXGLROOH
YDGRDFDERSDUDHODQiOLVLVGHFDPELRHQHO67,GHOVLVWHPDGHGLVSDURGHO
UHDFWRUFRQLQIRUPDFLyQHQHOULHVJRWHQLHQGRHQFXHQWDODVLQFHUWLGXP
EUHV3DUDHOORVHKDQLQWURGXFLGRODVIXHQWHVPiVLPSRUWDQWHV\ORVWLSRV
GHLQFHUWLGXPEUHVPiVUHOHYDQWHVSDUDODWRPDGHGHFLVLRQHVFRQLQIRUPD
FLyQHQHOULHVJRVREUHFDPELRVHQ(7)6HKDDQDOL]DGRWDPELpQFRPR
HVWDVGHEHUtDQVHULGHQWL¿FDGDVSULRUL]DGDV\RULHQWDGDVGHQWURGHXQPR
GHORSUREDELOtVWLFR\GHWRPDGHGHFLVLRQHV(QFRQFUHWRVHSUHVHQWDQORV
HOHPHQWRVIXQGDPHQWDOHVDWHQHUHQFXHQWDHQHODQiOLVLV\ORVUHVXOWDGRV
DOFDQ]DGRVSDUDHOFDVRSDUWLFXODUGHHYDOXDFLyQGHXQDH[WHQVLyQGHO67,
GHOVLVWHPDGHLQWHUUXSWRUHVGHGLVSDUR'LFKRFRQRFLPLHQWR\FDUDFWHUL]D
FLyQHVLPSUHVFLQGLEOHFRPRSDVRSUHYLRSDUDHOREMHWLYR¿QDOGHLQWHJUDU
HODQiOLVLVGHLQFHUWLGXPEUHVFRPRXQDHWDSDPiVGHOSURFHVRGHDQiOLVLV
GHFDPELRVGH(7)VFRQLQIRUPDFLyQHQHOULHVJR
ӣʇÊäxÊ
*,", Ê"Ê/Ê-//‡"‡/‡
,/Ê*""Ê-
,1 Ê"-Ê1 ,Ê
Ê
" /" -\Ê
"*,-" Ê/"Ê
/Ê*"-" ‡Ê Ê-/,‡,/-/Ê/
°Ê°ÊiÀÀ>˜âÊÞʰʜ˜Ì>˜iÌ
/
$HURVROVFUXEELQJLQSRROVPLWLJDWHVSRWHQWLDOVRXUFHWHUPLQNH\VHYHUH
DFFLGHQWVFHQDULRVLQ3:5VDQG%:5V(YHQWKRXJKPRGHOVZHUHH[WHQ
VLYHO\YDOLGDWHGLQWKHSDVWDWKRURXJKDQGV\VWHPDWLFYDOLGDWLRQXQGHU
NH\FKDOOHQJLQJFRQGLWLRQVLVPLVVLQJ6RPHRIWKRVHFRQGLWLRQVDUHKLJK
LQMHFWLRQYHORFLW\KLJKSRROWHPSHUDWXUHDQGRUSUHVHQFHRIVXEPHUJHG
VWUXFWXUHV,QSDUWLFXODUWKH$67(&FRGHPRGHOVIRUSRROVFUXEELQJFRQ
GLWLRQVKDYHEHHQQHLWKHUXSGDWHGQRUYDOLGDWHGEDVHGRQWKHPRVWUHFHQW
H[SHULPHQWDO GDWD7KH 326(,'21,, DQG WKH 6*75$57,67 SURMHFWV
SURGXFHGVHWVRIGDWDXQGHUFRQGLWLRQVRIXWPRVWLQWHUHVWIRUSRROVFUXE
ELQJYDOLGDWLRQKLJKWHPSHUDWXUHDQGVXEPHUJHGVWUXFWXUHV
7KLVSDSHULQYHVWLJDWHVWKHUHVSRQVHRIPRGHOVHQFDSVXODWHGLQWKH&3$
PRGXOHRIWKH$67(&FRGHLQWKHVLPXODWLRQRIWKRVHH[SHULPHQWDOVHWXSV
7KH LQÀXHQFH RI NH\ SRRO VFUXEELQJ YDULDEOHV OLNH VWHDP IUDFWLRQ ZDWHU
GHSWKJDVÀRZUDWHDQGSDUWLFOHVL]HKDVEHHQDQDO\]HG$GGLWLRQDOO\FRP
SDULVRQVWRVWDQGDORQHFRGHUHVSRQVHVKDYHDOVREHHQREWDLQHGVRWKDWSUH
E@7
3URJUDPD\6LQRSVLVGHODV3RQHQFLDV
GLFWLRQWRGDWDGHYLDWLRQVGXHWRPRGHOLPSOHPHQWDWLRQLQLQWHJUDODFFLGHQW
FRGHVFDQEHGLVFXVVHG7KLVZRUNKDVGHPRQVWUDWHGWKDW$67(&&3$KDV
VLJQL¿FDQWOLPLWDWLRQVWRFDSWXUHIXQGDPHQWDOWUHQGVRIDHURVROSRROVFUXE
ELQJ DQG VXFK VKRUWFRPLQJV DUH QRW HQWLUHO\ DVVRFLDWHG WR SRRO VFUXEELQJ
PRGHOVVLQFH63$5&PDNHVDEHWWHUMREXQGHUWKHVDPHFRQGLWLRQV7KLV
ZRUNKDVEHHQFDUULHGRXWZLWKLQWKH(XURSHDQ6$51(7SURMHFWRIWKH9,
)UDPHZRUN3URJUDPRI(85$720
ӣʇÊäÈÊ
", Ê"Ê",/" Ê Ê/Ê
" / /Ê-1*\Ê 9--Ê Ê
/,*,//" Ê"Ê*ÊEÊ*
1,Ê/-/°°ÊiÀÀ>˜âÊÞÊ°Ê6i>‡>ÀV‰>
/Ê
,RGLQHFKHPLVWU\FDQSOD\DVLJQL¿FDQWTXDOLWDWLYHDQGTXDQWLWDWLYHUROHLQ
WKHSRWHQWLDO6RXUFH7HUPLQFDVHRIDSRVWXODWHGDFFLGHQW7KH3+(%86
)3 SURMHFW KDV EURXJKW LQ PDQ\ LQVLJKWV LQWR WKH LQFRQWDLQPHQW LRGLQH
FKHPLFDOEHKDYLRXURQHRIZKLFKLVWKDWXQGHUVSHFL¿FFRQGLWLRQVYRODWLOH
RUJDQLFLRGLGHVFRXOGGRPLQDWHWKHDLUERUQHLRGLQHLQWKHORQJWHUPRID
K\SRWKHWLFDODFFLGHQW7KLV¿QGLQJKDVPDGHRUJDQLFLRGLQHIRUPDWLRQDQG
GHVWUXFWLRQRQHRIWKHPDLQLVVXHVXQGHULQYHVWLJDWLRQLQVHYHUDOLQWHUQD
WLRQDOH[SHULPHQWDOSURMHFWVOLNH,673(3,&85DQG2(&'%,3
7KLVSDSHULQYHVWLJDWHVWKHSUHGLFWLYHFDSDELOLW\RIWKH,2'(PRGXOH
LQWKH$67(&FRQFHUQLQJRUJDQLFLRGLQHFKHPLVWU\3DUWLFXODUO\WKHLQ
WHJUDOVFHQDULRVRIWKH%,357)WHVWVKDYHEHHQVLPXODWHGZLWKWKH,2'(
PRGXOHDQGWKHUHVXOWVREWDLQHGFRPSDUHGWRWKHPHDVXUHGLRGLQHVSHFLD
WLRQLQWKHJDVDQGDTXHRXVSKDVHV,QDGGLWLRQWKH(3,&85VPDOOVFDOH
H[SHULPHQWVKDYHDOORZHGWHVWLQJWKH,2'(PRGHOVIRUDTXHRXVRUJDQLF
LRGLQHJHQHUDWLRQXQGHUGLIIHUHQWS+DQGWHPSHUDWXUHFRQGLWLRQV&RP
SDULVRQVWRGDWDZLOOEHVKRZQLQWKHSDSHUDQGDPDMRUFRQFOXVLRQVWDWHG
WKH,2'(PRGXOHH[LVWLQJPRGHOVQHHGIXUWKHUGHYHORSPHQWWRFDSWXUH
ZLWKLQDUHDVRQDEOHDFFXUDF\WKHFRPSOH[LRGLQHFKHPLVWU\VFHQDULR
7KLV ZRUN KDV EHHQ FDUULHG RXW ZLWKLQ WKH IUDPHV RI ,673(3,&85
6$51(7DQG2(&'%,3
ӣʇÊäÇÊ
*
" -ÊÊ-Ê 16-Ê
",/6-ÊÊ-!"Ê*,-/
" Ê
ÊÊ,
"ÊÊÊ*,"/
$ Ê
" /,Ê
"-ÊÊ
/,-Ê 1
,°Ê
Õi̜ʓˆiÛ>
*,-,"-Ê,1*"'HELGRDODSROtWLFDGHFRQWLQXDPHMRUDGHODVFHQWUDOHVQXFOHDUHVDFWXDO
PHQWHHQIXQFLRQDPLHQWR\GHOHVWXGLRGHODYLDELOLGDGGHODXPHQWRGHVX
YLGD~WLOVHFRQVLGHUDQHFHVDULRHVWXGLDUHOFXPSOLPLHQWRGHGLFKDVFHQ
WUDOHVFRQODQRUPDWLYDPiVDFWXDO6HWUDWDGHHVWXGLDUDGHPiVGHOJUDGR
GHFXPSOLPLHQWRGHQRUPDWLYDODFDSDFLGDGGHDGDSWDFLyQGHGLFKDVFHQ
WUDOHVDODVQXHYDVH[LJHQFLDV\HOLPSDFWRTXHVXSRQGUtDDODFHQWUDOOD
LPSODQWDFLyQGHODVPHGLGDVQHFHVDULDVSDUDVXFXPSOLPLHQWR
/D6HJXULGDG1XFOHDUDVtFRPROD3URWHFFLyQ&RQWUD,QFHQGLRV3&,
UHODFLRQDGD FRQ HOOD VRQ FDPSRV D DQDOL]DU \ TXH VH SXHGHQ YHU DIHF
WDGRV /D DSDULFLyQ GH OD PRGHOL]DFLyQ GH LQFHQGLRV PHGLDQWH FyGLJRV
&)'&RPSXWDWLRQDO)OXLGV'LQDPLFVSXHGHVXSRQHUXQDDOWHUQDWLYDHQ
HOGLVHxRGHODSURWHFFLyQFRQWUDLQFHQGLRV(VWRVFyGLJRVSHUPLWHQUHDOL
]DUPRGHORVFRQORVTXHSRGHUFXDQWL¿FDUHOULHVJRGHLQFHQGLRVORVGDxRV
SURGXFLGRV\ORVPiUJHQHVGHVHJXULGDGHQFDVRVFRQFUHWRV
8QDGHODVQRUPDVTXHLQWURGXFHODPRGHOL]DFLyQGHLQFHQGLRVFRPRPp
WRGRGHDQiOLVLVHQSURWHFFLyQFRQWUDLQFHQGLRVHVOD1)3$³3HUIRUPDQ
FH%DVHG6WDQGDUGIRU)LUH3URWHFWLRQIRU/LJKW:DWHU(OHFWULF*HQHUDWLQJ
3ODQWV´(G'LFKDQRUPDUHVSDOGDGDSRUOD15&DPHULFDQDLQFOX\H
HOGLVHxRSUHVWDFLRQDOFRPRDOWHUQDWLYDDODFWXDO\YLJHQWHGLVHxRGHWHUPL
QLVWDFRQHOFXDOHVWiQOLFHQFLDGDVODV&1HQIXQFLRQDPLHQWR
(OGLVHxRSUHVWDFLRQDOVHEDVDHQODDSOLFDFLyQGHKHUUDPLHQWDVWDOHVFRPR
ODPRGHOL]DFLyQGHLQFHQGLRV\HO$36$QiOLVLV3UREDELOtVWLFRGH6HJXULGDG
FRPRVLVWHPDGHDQiOLVLVGHORVULHVJRVGHLQFHQGLR\SRUWDQWRWDPELpQSXHGHQ
VHUYLUFRPREDVHSDUDHOGLVHxRGHORVVLVWHPDVDFWLYRV\SDVLYRVGH3&,
$FWXDOPHQWH(PSUHVDULRV$JUXSDGRV(($$HVWiUHDOL]DQGRWUDEDMRVGH
DQiOLVLVGHOFXPSOLPLHQWRGHODQRUPDWLYDDFWXDOHQWUHHOODGHOD1)3$
$GHPiVSDUWLFLSDDFWLYDPHQWHHQFRODERUDFLyQFRQHO&RQVHMRGH6HJXULGDG
1XFOHDU&61HQODDSOLFDFLyQGHO)'6)LUH'LQDPLFV6LPXODWRUFRPRKH
UUDPLHQWDSDUDODPRGHOL]DFLyQGHHVFHQDULRVSUHYLVLEOHVFRQODVOLPLWDFLRQHV
LQKHUHQWHVDOSURJUDPDSURSLRVGH&HQWUDOHV1XFOHDUHV
ӣʇÊänÊ
"+1Ê*,-/
" Ê*",Ê"ÊÊ
$"-ÊÊ-1
$ ÊÊ "-Ê Ê
/,-Ê 1
,6°Ê“iâVÕ>Ê*jÀiâ
*,-,"-Ê,1*"/DH[LVWHQFLDGHP~OWLSOHVFRPEXVWLEOHVHQODVFHQWUDOHVQXFOHDUHVKDFHTXH
ORVHVFHQDULRVSUREDEOHVGHLQFHQGLRVVHDQPX\YDULDGRVVLHQGRQHFHVDULR
FRQRFHU FXDOHV VRQ ORV SRWHQFLDOHV ULHVJRV SUHYLQLHQGR \ UHGXFLHQGR ODV
SRVLEOHVFRQVHFXHQFLDV
/D1)3$³3HUIRUPDQFH%DVHG6WDQGDUGIRU)LUH3URWHFWLRQIRU/LJKW
:DWHU5HDFWRU(OHFWULF*HQHUDWLQJ3ODQWV´SURSRQHHOHQIRTXHSUHVWDFLRQDO
FRPRDOWHUQDWLYDDOHQIRTXHGHWHUPLQtVWDSDUDUHDOL]DUHOGLVHxRGHORV3UR
JUDPDVGH3URWHFFLyQ&RQWUD,QFHQGLRVHQ&HQWUDOHV1XFOHDUHV/RVPRGHORV
GHLQFHQGLRVTXHIRUPDQSDUWHGHOHQIRTXHSUHVWDFLRQDOSXHGHQUHDOL]DUVH
SRUPHGLRGH+HUUDPLHQWDVGHPRGHODFLyQGHLQFHQGLRV)'70RGHORV
GH=RQD\0RGHORVGH&DPSRGLQiPLFDGHÀXLGRVFRPSXWDFLRQDO&)'
3DUDHOGHVDUUROORGHGLFKRVHQIRTXHVHVWDPRVWUDEDMDQGRFRQHOFyGLJR)LUH
'\QDPLFV6LPXODWRU)'6TXHHVXQPRGHORGHFDPSRTXHSHUPLWHGLYLGLU
HO FRPSDUWLPHQWR HVWXGLDGR HQ XQ JUDQ Q~PHUR GH FHOGDV UHVROYLHQGR ODV
HFXDFLRQHVGH1DYLHU6WRNHVHQWUHVGLPHQVLRQHV
3DUDODFRUUHFWDDSOLFDFLyQGHORVFyGLJRV&)'DSOLFDGRVDODVLPXODFLyQ
GH LQFHQGLRV (PSUHVDULRV$JUXSDGRV HVWi SURIXQGL]DQGR HQ ORV PLVPRV
FRQHOREMHWLYRGHDSOLFDUORVGHIRUPD¿DEOHDODPRGHOL]DFLyQGHORVHVFH
QDULRVFRQFUHWRVPi[LPRVSUHYLVLEOHVGHORVWtSLFRVHQXQD&1SXGLHQGR
DSUR[LPDUORVKDVWDXQJUDGRTXHVHFRQVLGHUHIDFWLEOH\UHDOLVWD\GHIRUPD
TXHVHWHQJDQHQFXHQWDORVIDFWRUHVTXHLQÀX\HQHQODJHQHUDFLyQ\SURSD
JDFLyQGHOIXHJR\GHOKXPR\VXVHIHFWRV
/RVWUDEDMRVVHFHQWUDQDFWXDOPHQWHHQYDORUDUODVOLPLWDFLRQHVGHWHFWDGDVHQ
ORVVRIWZDUH&)'DSOLFDGRVDLQFHQGLRVGHELGDVDOFyGLJR\VXVDOJRULWPRVLQWHU
QRVDGHPiVGHRWURVIDFWRUHVHLQFHUWLGXPEUHVTXHDIHFWDQDORVUHVXOWDGRV7RGR
HOORWLHQHTXHVHUWRPDGRHQFRQVLGHUDFLyQSDUDSURGXFLUUHVXOWDGRVTXHSHUPLWDQ
WRPDUGHFLVLRQHVHQHOGLVHxRGHVLVWHPDVGHSURWHFFLyQFRQWUDLQFHQGLRV
$GHPiV H[LVWHQ LQFHUWLGXPEUHV GHULYDGDV GH OD GH¿QLFLyQ GHO HVFHQDULR
SRVWXODGR 8Q DQiOLVLV GH VHQVLELOLGDG SXHGH FRQGXFLU D HYDOXDU HO LPSDFWR
GHGLFKDVLQFHUWLGXPEUHVLGHQWL¿FDQGRORVPiVLPSRUWDQWHVSDUiPHWURVGH¿
QLHQGRUDQJRVDFHSWDEOHVSDUDODVYDULDEOHVGHHQWUDGD\HVWXGLDQGRODVHQVLEL
OLGDGGHORVSDUiPHWURVGHVDOLGDDQWHOLJHUDVYDULDFLRQHVGHORVGHHQWUDGD
Ê 1
,Ê-*!ÊÃi«Ìˆi“LÀi‡-ÊÓää™Ê‡ ÇÇ
((
E7E;A@7EFt5@;53E
,QJHQLHUtD,9
ÓÓÊ‡Ê ,Ê­6®
6ˆiÀ˜iÃÊÎäʇʣä]ää…Ê Ê
Ê
Ê
Ê
Ê
Ê
Ê
Ê-\Ê7, ,Ê- ,
*ÀiÈ`i˜Ìi\Ê>˜ÕiÊ
>“«œÞÊÕÀÀi>ÊÉÊ
° °Ê6 $
œœÀ`ˆ˜>`œÀ\Ê
jÃ>ÀÊ-iÀÀ>˜œÊ->˜Ì>“>À‰>ÊÉÊ,,"Ê ,
ÓÓʇÊä£Ê
ÓÓʇÊäÓÊ
, --Ê--
"ÊÊ
"ÊÊ
" /,"ÊÊ
° °Ê-
$
"*,/6ÊÊ
$ Ê--
Ê
*",Ê --ÊÉÊ/-/ÊÊ
-ÊE
°Ê*À>ÌÃÊi>ÊÞÊ°Ê*ˆÌ>ÀV…
7-/ "1-Ê°
°
iÀÀ>˜Ê*,/-ÊÊÞÊÕi˜>Ûi˜ÌÕÀ>Ê*,<Ê*
"
7-/ "1-Ê°
°
(O(GL¿FLRGH&RQWUROHVXQDHVWUXFWXUDGHKRUPLJyQDUPDGRGHSODQ
WDV \ FXELHUWD SODQWD SULQFLSDO D FRWD QLYHO GHO WHUUHQR GRV SODQWDV
SRUGHEDMRXQDSODQWDSRUHQFLPD\ODFXELHUWD&RQVWLWX\HHQFHQWURGH
FRQWURO GH OD &1 GH$VFy \ DORMD ODV VLJXLHQWHV LQVWDODFLRQHV 6DOD GH
&RQWURO&HQWURGH&RQWUROGH0RWRUHV6DODGH%DWHUtDV/DERUDWRULR&D
OLHQWHÈUHDGH&RQWUROGH$FFHVRHQWUHRWUDVLQVWDODFLRQHVLPSRUWDQWHV
SDUDODVHJXULGDG/DHVWUXFWXUDGHOHGL¿FLRGH&RQWUROHVGHFDWHJRUtDVtV
PLFDREYLDPHQWH\VHGLVSRQHGHVXFRUUHVSRQGLHQWHDQiOLVLVVtVPLFR
/DFRQ¿JXUDFLyQDFWXDOGHODSODQWDVHGLYLGHHQGRVVHFFLRQHVHQ
XQDGHHOODVVHXELFDOD6DODGH&RQWUROPLHQWUDVTXHHQODRWUDVHXELFD
HO$FFHVRD=RQD&RQWURODGDODODYDQGHUtDYHVWXDULRV\DVHRVHOODERUD
WRULRFDOLHQWH\RWUDVLQVWDODFLRQHVD¿QHV(QHVWDVHJXQGD]RQDGHXQRV
PVHSODQWHDODUHHVWUXFWXUDFLyQGHODSODQWDFRQHOREMHWLYRGHPHMR
UDUHO$FFHVRD=RQD&RQWURODGD\FUHDUQXHYDVR¿FLQDVSDUDHOSHUVRQDO
GHSURWHFFFLyQUDGLROyJLFDRSHUDFLyQ\RWURV([LVWHQYDULDVDOWHUQDWLYDV
HQHVWXGLRSDUDUHGLVWULEXLUHOHVSDFLR\UHDOL]DUGLFKDPHMRUD
(QWUHHOODVXQDGHODSODQWHDGDVFRQVLVWHHQFRQVWUXLUXQDSODQWDLQWHU
PHGLDSDUFLDOGHDSUR[LPDGDPHQWHP\UHDVLJQDUHOHVSDFLRGLVSR
QLEOH FRQIRUPH D ODV QXHYDV QHFHVLGDGHV$ SDUWH GHO QHFHVDULR HVWXGLR
HVWUXFWXUDOGHODQXHYDSODQWDVHGHEHDQDOL]DUODLQÀXHQFLDGHHVWHQXHYR
IRUMDGRHQHOFRPSRUWDPLHQWRHVWiWLFR\VtVPLFRGHOHGL¿FLR
8QDVLWXDFLyQVLPLODUVHKDSURGXFLGRHQODFHQWUDOQXFOHDUGH9DQGHOOyV
,,HOGLVHxRGHOQXHYRVLVWHPDGHUHIULJHUDFLyQGHDJXDHVHQFLDO(-KD
PRGL¿FDGRODFRQ¿JXUDFLyQGHOHGL¿FLR'LHVHOWDPELpQFDWHJRUtDVtVPLFD
/DLQVWDODFLyQGHDHURUHIULJHUDGRUHVHQVXFXELHUWDGHSHVR\WDPDxR
LPSRUWDQWHVKDREOLJDGRHOUHDQiOLVLVGHOHGL¿FLR\HQSDUWLFXODUHOGHVX
FRPSRUWDPHLQWRVtVPLFR'LFKRSUR\HFWRFRPRVHVDEHFRUUHVSRQGHDOD
LQJHQLHUtD,GRP
&RQHVWRVSUHFHGHQWHVVHFUHHRSRUWXQRUHDOL]DUXQHVWXGLRGHOFRPSRU
WDPLHQWRVtVPLFRGHOHGL¿FLRGH&RQWUROGHOD&1GH$VFy(QSDUWLFXODU
VH GHVHD FXDQWL¿FDU OD DIHFFLyQ TXH WHQGUtD HQ OD UHVSXHVWD VtVPLFD GHO
HGL¿FLRODFRQVWUXFFLyQGHODQXHYDSODQWDLQWHUPHGLD
&RPRFRPSOHPHQWRDOHVWHREMHWLYRSULQFLSDO\GDGDODLPSRUWDQFLDGH
ODPRGL¿FDFLyQWDPELpQVHHVWXGLDQODVOtQHDVPDHVWUDVGHXQD(YDOXD
FLyQGH6HJXULGDGTXHHQFDVRGHGHFLGLUHVWDDOWHUQDWLYDVHUtDQHFHVDULR
SUHVHQWDUDO&RQVHMRGH6HJXULGDG1XFOHDU
'HQWURGHORVPpWRGRVGLVSRQLEOHVSDUDODFDOL¿FDFLyQVtVPLFDGHHTXL
SRV DPSDUDGRV SRU OD ,((( HQ VXV GLVWLQWDV HGLFLRQHV HO PiV UH
FRPHQGDEOH HV VLQ GXGD OD FDOL¿FDFLyQ SRU HQVD\R (VWH PpWRGR WLHQH
ODYHQWDMDTXHVLPXOWiQHDPHQWHSUXHEDODHVWDELOLGDGGHODFDELQD\OD
IXQFLRQDOLGDGGHVXVFRPSRQHQWHV2EYLDPHQWHWLHQHODVGHVYHQWDMDVGH
FRVWH\WLHPSR3HURODPLVPDQRUPDEiVLFDGHFDOL¿FDFLyQPHQFLRQDGD
\HQGRUVDGDSRUOD5*GHOD8615&WDPELpQSUHVHQWDRWURVPp
WRGRVGHFDOL¿FDFLyQDFHSWDEOHV
(OUHTXLVLWRSDUDODFDOL¿FDFLyQGHODFDELQDHVTXHVHDHVWDEOHDQWHOD
DFFLyQVtVPLFD(QXQDFDELQDJHQHUDOPHQWHPHWiOLFDQRWLHQHGHPDVLD
GR VHQWLGR UHDOL]DU HVWXGLRV GH FyPR VH YHUi DIHFWDGD SRU WHPDV FRPR
HOHQYHMHFLPLHQWRRSHUDFLRQDOODUDGLDFLyQ\RWURVTXHVtDIHFWDQDORV
HTXLSRVTXHVHLQVWDOHQHQVXLQWHULRU(VWHUHTXLVLWRDSOLFDEOHDODFDELQD
DPHQXGRORGHQRPLQDPRV³LQWHJULGDG´(ODQiOLVLVRODMXVWL¿FDFLyQGH
OD,QWHJULGDG(VWUXFWXUDOGHXQDFDELQDGH,&SXHGHOOHYDUVHDFDERSRU
FiOFXORFXPSOLHQGRFRQODQRUPDWLYDDPHULFDQDYLJHQWH
&RQHVWHSODQWHDPLHQWRHQPHQWHODSRQHQFLDSUHVHQWDXQDFRPSDUD
WLYDGHODMXVWL¿FDFLyQVtVPLFDGHXQDWtSLFDFDELQDGH,&SRUODVGRV
YtDV PHQFLRQDGDV VH HVWXGLD XQ PRGHOR PDWHPiWLFR GH GLFKD FDELQD \
VHUHDOL]DXQDQiOLVLVGLQiPLFRORVUHVXOWDGRVREWHQLGRVFRQHVWHPRGHOR
SRGUiQVHUYHUL¿FDGRVDOGLVSRQHUGHORVUHVXOWDGRVGHOHQVD\RVtVPLFRGH
GLFKDFDELQDYDOLGDQGRHOPRGHOR\HODQiOLVLVGLQiPLFRUHDOL]DGR8QD
YH]YDOLGDGRHOPRGHORSXHGHQHVWXGLDUVHFyPRUHSHUFXWHQHQODUHVSXHV
WDVtVPLFDSDUiPHWURVVLJQL¿FDWLYRVGHGLFKRDQiOLVLVHVGHFLUVHSUHWHQGH
UHDOL]DUXQDQiOLVLVGHVHQVLELOLGDG
&RQHOSUHVHQWHHVWXGLRVHDGTXLHUHGHVWUH]DHQODPRGHOL]DFLyQ\DQiOLVLV
GHHVWDVFDELQDVFRQOD¿QDOLGDGGHSRGHUMXVWL¿FDUVXLQWHJULGDGHVWUXFWXUDO
SRUODYtDGHOFiOFXORYtDTXHHVWiVLHQGRPX\XWLOL]DGDHQODDFWXDOLGDG\
TXHMXQWRFRQORVHQVD\RVGHORVFRPSRQHQWHVLQVWDODGRVHQODFDELQDFRQV
WLWX\HQXQPpWRGRPX\UD]RQDEOHGHFDOL¿FDFLyQGHHVWDVFDELQDV
ÓÓʇÊäÎÊ
/,
$ Ê-1"‡-/,1
/1,Ê Ê
-/,1
/1,-Ê*"/-Ê Ê"-Ê
-"-ÊÊ
-"
/
" -Ê--
°Ê`iÊ,Õi`>ÊÀ>“LÕÀÕ£]ʰʘ̜˜ˆœÊ}Ո>ÀÊ,œ`À‰}Õiâ£]Ê9°Ê
V>`iÊV…i}œÞi˜£]Ê°Ê>ÀV‰>‡œ˜}iÊiÀ˜?˜`iâÓ
£Ê"Ê /, " ÓÊÊ1˜ˆÛiÀÈÌÞ°Ê-V…œœÊœvÊÀV…ˆÌiVÌÕÀi
Çn ‡Ê 1
,Ê-*!ÊÃi«Ìˆi“LÀi‡-ÊÓää™
E@7
3URJUDPD\6LQRSVLVGHODV3RQHQFLDV
/DH[SHULHQFLDDGTXLULGDHQHOFRPSRUWDPLHQWRGHODVHVWUXFWXUDVEDMR
WHUUHPRWRVRFXUULGRVHQORV~OWLPRVDxRVKDFRPSUREDGRODDGHFXDGD
HVWDELOLGDGGHODVFLPHQWDFLRQHVSURIXQGDVDVtFRPRLGHQWL¿FDGRORVPH
FDQLVPRVGHIDOORPiVREVHUYDGRV/DXWLOL]DFLyQGHHVWHWLSRGHFLPHQWD
FLyQHQHGL¿FLRVGHFHQWUDOHVQXFOHDUHVQRHVWiPX\H[WHQGLGDDOSUHIHULUVH
FLPHQWDFLRQHVVXSHU¿FLDOHVSULQFLSDOPHQWHHQORVDGHELGRDVXJUDQSHVR
1RREVWDQWHQRH[LVWHQLPSHGLPHQWRVSDUDHOHJLUHVWHWLSRGHFLPHQWDFLyQ
HQHVWUXFWXUDVOLJHUDVVLODVFDUDFWHUtVWLFDVGHOWHUUHQRDVtORUHTXLHUHQ\HQ
VXFDVRORSHUPLWH
$XQTXHHOSUREOHPDHVWUXFWXUDOHVWiWLFRKDVLGRDGHFXDGDPHQWHUHVXHO
WR\VXVUHVXOWDGRVVDQFLRQDGRVSRUODSUiFWLFDQRH[LVWHHVWDH[SHULHQFLD
HQVXFRPSRUWDPLHQWRGLQiPLFRH[FHSWXDQGRXQQ~PHURLPSRUWDQWHGH
EDQFDGDVGHHTXLSRVHQSDUWLFXODUWXUELQDVFX\RHUURUHQODGHWHUPLQD
FLyQGHIUHFXHQFLDVSRGUtDUHVXOWDUHQDPSOL¿FDFLRQHVLQGHVHDGDV(QHO
FDVRGHLQVWDODFLRQHVQXFOHDUHVGRQGHODUHVSXHVWDGHORVHGL¿FLRVHQIUH
FXHQFLDVHVGHWHUPLQDQWHSDUDODSRVWHULRUFDOL¿FDFLyQVtVPLFDGHORVVLV
WHPDV\FRPSRQHQWHVDOVHUGLFKDVIUHFXHQFLDVODVTXHGH¿QHQOD]RQDGH
Pi[LPDH[FLWDFLyQGHORVHVSHFWURVGHUHVSXHVWDGHSLVRHVQHFHVDULRXQ
DQiOLVLVGHWDOODGRGHODLQWHUDFFLyQVtVPLFDVXHORHVWUXFWXUDHQHOGRPLQLR
GHODIUHFXHQFLD
(Q HVWD SUHVHQWDFLyQ VH FRPHQWDQ PHWRGRORJtDV EDVDGDV HQ PHFDQLV
PRV GH IDOOR REVHUYDGRV =HYDHUW PRGHOL]DFLyQ GHO SLORWHWHUUHQR HQ
EDVHDOPyGXORGHEDODVWR
7HU]DJKL0HQDUG0LURQRY.XERRPHGLDQWHIXQFLRQHVGHLPSH
GDQFLDHQHOGRPLQLRGHODIUHFXHQFLD1RYDN*ULJJ:ROI
)LQDOPHQWH VH DSOLFDQ HVWDV PHWRGRORJtDV D XQ FDVR SDUWLFXODU FRP
SDUiQGRVH UHVXOWDGRV \ HVWDEOHFLHQGR UHFRPHQGDFLRQHV SDUD VX FRQVL
GHUDFLyQHQHOHVWXGLRVtVPLFRGHHVWUXFWXUDVTXHUHTXLHUDQHVWHWLSRGH
FLPHQWDFLyQ
ÓÓʇÊä{Ê
-/1"Ê
"*,/6"ÊÊ"-Ê,-1/"-Ê
"/ "-Ê*",Ê/
-ÊÊ --Ê Ê
Ê
$ Ê--
ÊÊ+1*"-Ê9Ê
"*" /°Ê>“ÕšœÊÞÊ°Ê*À>ÌÃ
7-/ "1-Ê
/DSUHVHQWHSRQHQFLDHVWXGLDGRVGHORVPpWRGRVGHODQiOLVLVGLQiPL
FR PiV XVDGRV SDUD UHDOL]DU ORV FiOFXORV QHFHVDULRV FRQ OD ¿QDOLGDG
GH MXVWL¿FDU OD FDOL¿FDFLyQ VtVPLFD GH XQ FRPSRQHQWH HO PpWRGR GH
UHVROXFLyQHQHOGRPLQLRGHOWLHPSRR³WLPHKLVWRU\´\HOPpWRGRGH
UHVROXFLyQ HQ HO GRPLQLR GH OD IUHFXHQFLD R ³DQiOLVLV SRU HVSHFWUR GH
UHVSXHVWD´(VFRQRFLGRTXHHOPpWRGRHQHOGRPLQLRGHODIUHFXHQFLD
HVFRQVHUYDGRUGDQGRUHVXOWDGRVHQDFHOHUDFLRQHVVXSHULRUHVDOPpWRGR
GHDQiOLVLVHQHOWLHPSR(QPXFKRVFDVRVODREWHQFLyQGHORVHVSHF
WURVUHTXHULGRVSRUWpFQLFDVIUHFXHQFLDOHVHVVX¿FLHQWHSDUDFDOL¿FDUXQ
HTXLSRGHWHUPLQDGR(QRWUDVRFDVLRQHVHVQHFHVDULRODDSOLFDFLyQGHO
DQiOLVLVHQHOWLHPSRSDUDFRQRFHUODUHVSXHVWDGHORVHTXLSRVGHIRUPD
PiVSUHFLVD(QHVWHiPELWRODSRQHQFLDSUHVHQWDXQHVWXGLRGHDPERV
PpWRGRVSDUDXQVLVWHPDGHVyORJUDGRGHOLEHUWDG6'2)EXVFDQ
GRFXDQGRFRLQFLGHQDPERVPpWRGRV\FXDQGRQR(QHVWHVHQWLGRVH
FRPSUXHEDQ ORV WySLFRV GH OD WHRUtD FyPR HO IDFWRU GH DPSOL¿FDFLyQ
GLQiPLFD(O HVWXGLR VH H[WLHQGH D XQ VLVWHPD GH JUDGRV GH OLEHUWDG
FRQOD¿QDOLGDGGHFRPSUREDUGLIHUHQFLDV\VLPLOLWXGHVUHVSHFWRDOVLV
WHPD GH JUDGR GH OLEHUWDG 6H HVSHUD GH HVWH HVWXGLR GRV REMHWLYRV
SULQFLSDOHVODYHUL¿FDFLyQGHORVWySLFRVSDUDXQ6'2)LQFOX\HQGROD
FRPSDUDWLYDGHODUHVSXHVWDTXHVHREWLHQHQSRUDPERVPpWRGRV\OD
H[WHQVLyQGHHVRVWySLFRVDXQVLVWHPDGHJUDGRVGHOLEHUWDGHQSDUWL
FXODUODREWHQFLyQGHOIDFWRUGHDPSOL¿FDFLyQGLQiPLFDSDUDHVWHFDVR
/D¿ORVRItDGHODSRQHQFLDQRHVXQGHVDUUROORPDWHPiWLFRDXQTXHpVWH
HVLPSUHVFLQGLEOHVLQRODDSOLFDFLyQSUiFWLFDGHODWHRUtDHQORVSURFH
VRVGHREWHQFLyQGHORVHVSHFWURVUHTXHULGRVRQLYHOHVGHDFHOHUDFLyQ
UHTXHULGRVSDUDSURFHGHUDVXFDOL¿FDFLyQVtVPLFD
ÓÓʇÊäxÊ
-1-//1
" ÊÊ"
"Ê,"Ê Ê
Ê
6 "-Ê°Ê- 1,-Ê ÊÊ
*,"9
/"ÊÊ",Ê
6Ê
9°ÊV>ˆ`iÊV…i}œÞi˜£]Ê°Ê`iÊ,Õi`>ÊÀ>“LÕÀÕ£]ʰʘ̜˜ˆœÊ
}Ո>ÀÊ,œ`À‰}Õiâ£]Ê°Ê>ÀV‰>‡œ˜}iÊiÀ˜?˜`iâÓ
£Ê"Ê /, " ÓÊÊ1˜ˆÛiÀÈÌÞ°Ê-V…œœÊœvÊÀV…ˆÌiVÌÕÀi
/DV PRGL¿FDFLRQHV SDUD OD PHMRUD GH LQVWDODFLRQHV LQGXVWULDOHV SRU
HMHPSORSDVDUGHFLFORDELHUWRDFLFORFHUUDGRHQFHQWUDOHVFRQYHQFLRQD
OHVRGHVXOIXUDFLyQHQODVGHFDUEyQFRQOOHYDQVHULDVGL¿FXOWDGHVSDUDVX
LPSOHPHQWDFLyQ\DVHDSRUODVOLPLWDFLRQHVGHHVSDFLRLQWHUIHUHQFLDVFRQ
HGL¿FLRVRLQVWDODFLRQHVH[LVWHQWHVRLQWHUDFFLRQHVFXDQGRHOQXHYRVLVWH
PDVHFRQHFWDDORVH[LVWHQWHV(VWDVGL¿FXOWDGHVDXPHQWDQVHULDPHQWHVL
HOSUR\HFWRGHTXHVHWUDWDDIHFWDDXQDLQVWDODFLyQQXFOHDU\HQSDUWLFXODU
DDOJ~QVLVWHPDGHVHJXULGDG
/DGLVSRVLFLyQ/D\2XWGHXQDSODQWDQXFOHDUVXHOHVHUPRQROtWLFDEDVD
GDHQFULWHULRVVWDQGDUGGHGLVSRVLFLyQJHQHUDOTXHLQWHUUHODFLRQDItVLFDPHQWH
ORVGLIHUHQWHVHGL¿FLRVSRUORTXHFXDOTXLHUDFFHVRGHVLVWHPDVQXHYRVSRV
WHULRUHVDODLGHDLQLFLDOVHKDFHPX\FRPSOLFDGD<HOORVLQFRQVLGHUDUORV
UHTXLVLWRVGHVHJXULGDGDSOLFDEOHVDLQVWDODFLRQHVGHHVWHWLSRTXHVHTXLHUH
DGRSWDUHQFXDOTXLHUDFWLYLGDGGHELGRDOLPLWDUHQORSRVLEOHHOWLHPSRHQTXH
ODSODQWDGHEHPDQWHQHUVHHQSDUDGDHLQFOXVRHQHVWDVIDVHVQRDIHFWDUORV
VLVWHPDVQHFHVDULRVSDUDPDQWHQHUODSODQWDHQSDUDGD
(Q HVWD SUHVHQWDFLyQ VH FRPHQWDQ GLYHUVRV SUREOHPDV HQFRQWUDGRV \
UHVXHOWRVGXUDQWHHOSUR\HFWRGH6XVWLWXFLyQGHO)RFR)UtRGH&19DQGH
OORV,,HQVXVIDVHVGHHVWXGLRV\FRQVWUXFFLyQGH2EUD&LYLOTXHKDFHQGH
HOSRUVXPDJQLWXGXQDVLQJXODULGDGGHQWURGHORVSUR\HFWRVQXFOHDUHV
ÓÓʇÊäÈÊ
--Ê
"-Ê
"*"-ÊÊÊ
6
11Ê6--ÊÊ/,
˜}iÊ>ޜ˜Ê6ˆ>œÃ
LiÀ`Àœ>ʘ}i˜ˆiÀˆ>ÊÞÊ
œ˜ÃÌÀÕVVˆ˜Ê
,EHUGUROD,QJHQLHUtDKDUHDOL]DGRGHVGHHODxRHOVRSRUWHGHLQJH
QLHUtDGHOD$JHQFLD(XURSHDSDUDHOSUR\HFWRGHOUHDFWRUGHIXVLRQ,7(5
)XVLRQIRU(QHUJ\XELFDGDHQ%DUFHORQDGHVWDFDQGRGHHQWUHWRGRVORV
SUR\HFWRVORVFiOFXORVGHWHQVLRQHVGHOD9DVLMDGH9DFLR9DFXXP9HV
VHOFRPSRQHQWHQXFOHDUEDMRODQRUPDWLYDIUDQFHVD5&&05\GHJUDQ
FRPSOHMLGDGJHRPpWULFDGHPDWHULDOHV\GHFDUJDVGHELGRDORVHIHFWRV
GHOSODVPD
Ê 1
,Ê-*!ÊÃi«Ìˆi“LÀi‡-ÊÓää™Ê‡ Ǚ
((
E7E;A@7EFt5@;53E
,QJHQLHUtD,9
ÓÓʇÊäÇÊ
ÓÓʇÊänÊ
,/
$ Ê ÊÊÊ
,ÊÊ
-9"-ÊÊ-1
$ ÊÊ
/Ê
­/
/"®
*,"9
/"-Ê Ê 1
,-°Ê--/-ÊÊ9Ê
]Ê
"*,/ "Ê1 Ê8*, °
°ÊÃ>LiÊ,iVˆœ]ʰʝ«iâ]Ê°Ê
œÀL‰ÊÊÞʰʰʜ˜â?iâÊ
/
/"
/DSUHVHQWHSRQHQFLDGHVFULEHHOSURFHVRGHVDUUROODGRSDUDODREWHQFLyQ
GHODDFUHGLWDFLyQSRUOD(17,'$'1$&,21$/'($&5(',7$&,Ï1
(1$&FRQIRUPHDORVFULWHULRVUHFRJLGRVHQOD1RUPD81((1,62
,(&&*$(1$&/(&SDUDODUHDOL]DFLyQGHHQVD\RVGH
&RPSRUWDPLHQWRHQSDUWLFXODUGH(QVD\R7HUPRGLQiPLFRGH6LPXODFLyQ
GH$FFLGHQWH%DVHGH'LVHxRGHXQD&HQWUDO1XFOHDUFRPR
/2&$3pUGLGDGH5HIULJHUDFLyQ
06/%5RWXUDGH/tQHDGH9DSRU
+(/%5RWXUDGH/tQHDGH$OWD(QHUJtD
(VWH HQVD\R HVWi GLULJLGR D HTXLSRV LQVWUXPHQWRV FRPSRQHQWHV HOH
PHQWRV\PDWHULDOHVGHOiPELWRGHODVHJXULGDGQXFOHDUUHDOL]iQGRVHFRQ
IRUPHDGLYHUVDQRUPDWLYDGHFDOL¿FDFLyQ185(*,(((,(&
5&&(1)0\81(
/RVHQVD\RVVRQGHVDUUROODGRVHQHO/DERUDWRULRGH(QVD\RVGH,QJHQLHUtD
GH(TXLSRVGH7HFQDWRPGRWDGRFRQODVLQVWDODFLRQHVLQGXVWULDOHVSUHFLVDV
VLHQGRHOFRPSRQHQWHSULQFLSDOOD³FiPDUDRUHFLQWRGHHQVD\R´FRQXQYR
OXPHQ~WLOGHP\XQDSRVLEOHRSHUDELOLGDGHQWHPSHUDWXUD\SUHVLyQGH
HQVD\RFRPSUHQGLGDHQWUHž\ž&\SUHVLyQDWPRVIpULFD\03DDEV
UHVSHFWLYDPHQWH(OHQVD\RSXHGHHMHFXWDUVHFRQRVLQURFLDGRTXtPLFR
(OSURFHVRGHDFUHGLWDFLyQFRPSUHQGHYDULDVHWDSDVOD6ROLFLWXGLQLFLDO
D OD (QWLGDG GH$FUHGLWDFLyQ TXLHQ HYDO~D OD FRPSHWHQFLD WpFQLFD PH
GLDQWHHOHVWXGLRGHODGRFXPHQWDFLyQDSRUWDGDOD(YDOXDFLyQ³LQVLWX´
SRUXQ7pFQLFRGH&DOLGDG\XQ7pFQLFRGH6HFWRUH[SHUWRHQHOWLSRGH
HQVD\RREMHWRSURGXFLpQGRVHGLYHUVDVLQWHUDFFLRQHVDORODUJRGHWRGRHO
SURFHVRHQWUHODUSDUWHV7UDVVXSHUDUVDWLVIDFWRULDPHQWHODHYDOXDFLRQHV
UHDOL]DGDVVHFRQFHGHODDFUHGLWDFLyQFRQIRUPHDORVWpUPLQRVGHODOFDQFH
/(ZZZHQDFHVZZZWHFQDWRPHV
(QDUDVGHODREWHQFLyQGHODDFUHGLWDFLyQVHKDQUHDOL]DGRGLYHUVDVDF
WXDFLRQHVFODYHHQFDPLQDGDVDODPHMRUDGHLQVWDODFLRQHV\SURFHVRVDVt
FRPRDODDGHFXDFLyQDOD1RUPD81((1,62,(&,PSODQWDFLyQ
GHXQQXHYR6LVWHPD$GDSWDWLYR3UHGLFWLYR&DUDFWHUL]DFLyQGHO5HFLQWRGH
(QVD\RQXHYD+HUUDPLHQWD2¿PiWLFDGH*HVWLyQGHO/DERUDWRULRHWF
nä ‡Ê 1
,Ê-*!ÊÃi«Ìˆi“LÀi‡-ÊÓää™
°Ê°Ê*jÀiâÊ6>Ài>Ê
`œ“Ê-iÀۈVˆœÃʘÌi}À>`œÃÊ­-iÀˆ`œ“®
(O FRQFHSWR IXQFLRQDO GH XQD &HQWUDO 1XFOHDU HV LGpQWLFR DO GH FXDO
TXLHUFHQWUDOHOpFWULFDGHWLSRFRQYHQFLRQDO6LQHPEDUJRODVLQWHUYHQ
FLRQHV TXH DIHFWDQ D VLVWHPDV HVHQFLDOHV VH GHEH EDVDU HQ &ULWHULRV
GH'LVHxRHQORVTXHVHDQWLFLSDQORVSRVLEOHVDFFLGHQWHVTXHSRGUtDQ
RFXUULU\TXHHQFRQVHFXHQFLDDIHFWDUtDQDODVHJXULGDGQXFOHDU<HV
HQHVWDVHQFLOODSUHPLVDGRQGHUDGLFDODGL¿FXOWDGDxDGLGDDHVWHWLSR
GHSUR\HFWRV
'XUDQWHODSULPHUDIDVHGHO3UR\HFWRGH'LYHUVL¿FDFLyQGHO)RFR)UtR
GHOD&HQWUDO1XFOHDUGH9DQGHOORV,,VHPRGL¿FyUDGLFDOPHQWHOD¿OR
VRItDGHUHIULJHUDFLyQGHORVVLVWHPDVHVHQFLDOHV.-\*-SDVDQGRGHVHU
UHIULJHUDGRVSRUXQVLVWHPDHVHQFLDOFRP~QHO()DWHQHUFDGDXQRVX
UHIULJHUDFLyQLQGHSHQGLHQWHPHGLDQWHDHURUUHIULJHUDGRUHV
6HPHMDQWHFRPHWLGRFRQOOHYDXQDVHULHGHUHWRVH[FOXVLYRVGHOiPELWR
QXFOHDU FRPR OD REVHUYDFLyQ GH ORV UHTXLVLWRV JDUDQWLFHQ TXH WRGD HV
WUXFWXUD VLVWHPD \ FRPSRQHQWH FXPSOLUi FRQ VX IXQFLyQ GH VHJXULGDG
HQFXDOTXLHUPRPHQWR\VLWXDFLyQGHODYLGDGHODSODQWDFRQREMHWRGH
REWHQHUODOLFHQFLDSRUSDUWHGHO&61
/DUHDOL]DFLyQGHFXDOTXLHUHVWXGLRLQIRUPHFiOFXORGRFXPHQWRHWF
VRPHWLGRDJDUDQWtDGHFDOLGDGGHEHWHQHUPX\HQFXHQWDORVUHTXLVLWRVGH
REOLJDGRFXPSOLPLHQWRGHORFRQWUDULRSXHGHQRWHQHUYDOLGH]DOJXQD(O
ROYLGDUHVWRVUHTXLVLWRVPtQLPRVSXHGHOOHYDUDUHWUDVRVHQHOSURJUDPD
UHSHWLFLyQGHGRFXPHQWRVGLVFXVLRQHVLQWHUPLQDEOHVHWF\WRGRHOORSRU
PRWLYRVOHMDQRVDVXFDOLGDGWpFQLFD
/RVUHTXLVLWRVGHFDOL¿FDFLyQVtVPLFRDPELHQWDOH[LJLGRVHQODPD\RUtD
GHHVWUXFWXUDVPDWHULDOHV\HTXLSRVGHODQXHYDLPSODQWDFLyQVLJQL¿Fy
XQDUGXRWUDEDMRGHE~VTXHGDGHVXPLQLVWUDGRUHVFRPSURPHWLGRV\DTXH
PXFKRVIDEULFDQWHVKDQDEDQGRQDGRHOVHFWRUQXFOHDUSRUORTXHQRGLVSR
QHQGHFDSDFLGDG\ODUJRVSOD]RVGHHQWUHJDDVtFRPRFRQVWDQWHVLQVSHF
FLRQHVGXUDQWHODIDEULFDFLyQ
$SHVDUGHWRGR\FRQWRGRSDUWLFLSDUHQXQSUR\HFWRQXFOHDUUHVXOWD
XQDH[SHULHQFLDIDVFLQDQWH\HQULTXHFHGRUDSDUDFXDOTXLHUSURIHVLRQDO
E@7
3URJUDPD\6LQRSVLVGHODV3RQHQFLDV
ÓÎÊ‡Ê / /"Ê­®
6ˆiÀ˜iÃÊÎäʇʣä]ää…Ê Ê
Ê
Ê
Ê
Ê
Ê
Ê
-\Ê8Ê* *ÀiÈ`i˜Ìi\ʜÃjÊ>ÀV‰>ÊÞV>ÀÌÊÉÊ ,Ê
/,
œœÀ`ˆ˜>`œÀ\Ê
>ÀœÃÊ>ۈ?˜ÊœÀi˜œÊÉÊ
° °Ê
", /ÓÎʇÊä£Ê
+1/9Ê--1, Ê"Ê18,9Ê
*,"1
/-Ê Ê 1
,Ê*"7,Ê* /-Ê
6°Êœ˜Ì>˜iÀ]Ê°ÊÀiݏiÀÊÞÊ-°Ê7iˆÃÃ
,6Ê *ʓLÊ
'XULQJHUHFWLRQRSHUDWLRQDQGPDLQWHQDQFHRIQXFOHDUSRZHUSODQWVPDQ\
GLIIHUHQWDX[LOLDU\SURGXFWVDUH XVHG ZKLFK DUH HLWKHU WHPSRUDULO\RUSHU
PDQHQWO\LQFRQWDFWZLWKSURFHVVÀXLGVDQGRUWKHVWUXFWXUDOPDWHULDOVRIWKH
SUHVVXUHUHWDLQLQJERXQGDULHV:KHUHXQVXLWDEOHDX[LOLDU\SURGXFWVDUHXVHG
GLUHFWRULQGLUHFWGDPDJHPD\RFFXUUHVXOWLQJLQFRVWO\UHSDLUVRUHYHQSUR
ORQJHGGRZQWLPH7RSUHYHQWVXFKLQFLGHQWV$5(9$13KDVHVWDEOLVKHGD
TXDOLW\DVVXUDQFHFRQFHSWIRUVXFKDX[LOLDU\SURGXFWVSURYLGLQJDGDWDEDVH
FRQWDLQLQJTXDOL¿HGSURGXFWVWRXWLOLWLHVLQGLFDWLQJVRXUFHVIRUDSSURSULDWH
SURGXFWVDVZHOODVLQIRUPDWLRQUHJDUGLQJDSSOLFDWLRQUHTXLUHPHQWV
7KHEDVLF$5(9$13FRQFHSWFRPELQHVWKHNQRZOHGJHDQGH[SHULHQFHRI
$5(9$13ZLWKFXUUHQWGHPDQGRIWKHXWLOLWLHV7KHGDWDEDVHFRQWDLQVDX[
LOLDU\SURGXFWVZKLFKKDYHEHHQDVVHVVHGUHJDUGLQJWKHLUULVNWRFDXVHDQGRU
HQKDQFHFRUURVLRQ7KHGDWDEDVHHQDEOHVXWLOLWLHVWRSXUFKDVHKLJKTXDOLW\
SURGXFWVDQGWRFRQWUROWKHDGHTXDWHDSSOLFDWLRQ)RUWKLVDSSOLFDWLRQFRQWURO
WKHGDWDEDVHSURYLGHVWKHUHTXLUHGLQIRUPDWLRQDQGEDFNJURXQG
'HSHQGLQJRQWKHDSSOLFDWLRQDQGWKHSXUSRVHDX[LOLDU\SURGXFWVKDYH
DGLIIHUHQWKD]DUGRXVSRWHQWLDOWRWKHVWUXFWXUHPDWHULDOVRIDSRZHUSODQW
7KHUHIRUHGLIIHUHQWDVSHFWVDUHFRQVLGHUHGWRREWDLQWKHTXDOL¿FDWLRQHJ
W\SHRIPDWHULDOWDSHVJULQGLQJPDWHULDOHWFDSSOLFDWLRQDUHDPHGLXP
ZHWWHGRUQRWDQGSHUPDQHQWRUWHPSRUDU\DSSOLFDWLRQ%DVHGRQWKHVH
FRQVLGHUDWLRQVWKHUHTXLUHPHQWVZLWKUHVSHFWWRWKHFRQWHQWRIGHWULPHQWDO
LQJUHGLHQWVDQGWKHQHFHVVDU\TXDOLW\DVVXUDQFHIRUWKHLQGLYLGXDOSURG
XFWVDUHGH¿QHGDQGLPSOHPHQWHGLQSURGXFWVSHFL¿FDWLRQV
7KH$5(9$13GDWDEDVHLVFXUUHQWO\XVHGE\RSHUDWLRQDO(XURSHDQ
XQLWVDQGRQHXQLWXQGHUFRQVWUXFWLRQ7KHGDWDEDVHVXSSRUWVWKHVHXWLOL
WLHVWKDWRQO\VXLWDEOHDX[LOLDU\SURGXFWVZKLFKFRPHZLWKDQDSSURSULDWH
OHYHORITXDOLW\DVVXUDQFHDUHDSSOLHG7KLVUHGXFHVWKHULVNRIIDLOXUHVDQG
GDPDJHVFDXVHGE\XVHRILQDGHTXDWHSURGXFWVRUZURQJDSSOLFDWLRQRI
DX[LOLDU\SURGXFWVWRDPLQLPXP
ÓÎʇÊäÓÊ
1 " /"Ê9Ê*,"
-"ÊÊ-,
$ Ê
Ê-Ê--ÊÊ/"-ÊÊ-/$ ÊÊ6
°Ê*ˆ˜`>`œÊL?šiâ£ÊÞÊÊ°Ê>>`‰>Ê"“i`œÓ
£Ê*,-,"-Ê,1*"ÓÊ
°
°Ê,<‡/,"
/DVEDVHVGHGDWRVGH*HVWLyQGH9LGD*9GHODV&HQWUDOHV1XFOHDUHV
GH$OPDUD]&1$\7ULOOR&17HVXQDEDVHGHGDWRV$&&(66SDUDOD
UHFRJLGD DOPDFHQDPLHQWR \ PDQWHQLPLHQWR GH GDWRV \ HODERUDFLyQ GH
LQIRUPHVUHODWLYRVDODVDFWLYLGDGHVGH*HVWLyQGH9LGDOOHYDGDVDFDERHQ
HVWDV3ODQWDVDWUDYpVGHVXFRUUHVSRQGLHQWH3ODQGH*HVWLyQGH9LGD
(VWDVEDVHVGHGDWRVVRQFRQVLVWHQWHVFRQORVUHTXLVLWRVLQFOXLGRVHQ
&)51(,185(*\185(*\SURSRUFLRQDQOD
VLJXLHQWHLQIRUPDFLyQ
/LVWD GH (VWUXFWXUDV 6LVWHPDV \ &RPSRQHQWHV (6& HQ HO DOFDQFH
GH*HVWLyQGH9LGD\VXDJUXSDPLHQWRHQËWHPVGH*96HGHVFULEH
HO6LVWHPDVHLGHQWL¿FDQODVIXQFLRQHVGHOD(6&\ORVFULWHULRVGH
LQFOXVLyQHQODV%DVHVGH'DWRV\VHIDFLOLWDHODFFHVRDODVUHIHUHQFLDV
DSOLFDEOHVDO6LVWHPD
(YDOXDFLyQGHORVHIHFWRVPHFDQLVPRVGHHQYHMHFLPLHQWRTXHDIHFWDQD
ORVHOHPHQWRVDJUXSDGRVHQFDGDËWHP*9HQIXQFLyQGHVXVSDUiPHWURV
FRQVWUXFWLYRV\GHRSHUDFLyQ6HIDFLOLWDQFRGL¿FDGRVORVJUXSRVGH5HYL
VLyQGHO(QYHMHFLPLHQWR5*(SDUDDPELHQWHLQWHUQR\H[WHUQR\GHVGH
pVWRVVHDFFHGHDORVIRUPXODULRVGHORV5*(GRQGHVHPXHVWUDODLQIRU
PDFLyQUHODWLYDDORVPLVPRV
3URJUDPDVGH*HVWLyQGHO(QYHMHFLPLHQWR3*(TXHDJUXSDQODVDFWLYL
GDGHVUHDOL]DGDVHQOD&HQWUDOSDUDODPLWLJDFLyQGHGLFKRVHIHFWRVPHFD
QLVPRVDVtFRPRODVSURSXHVWDVGHPHMRUD\ODV¿FKDVGHVHJXLPLHQWRGH
ORV3*(
,QIRUPHVUHODWLYRVDO$OFDQFH\6HOHFFLyQDOD(YDOXDFLyQGHOHQYHMHFL
PLHQWR\DORV3URJUDPDVGH*HVWLyQGHOPLVPR
(QOD5HYLVLyQGHODV%DVHVGH'DWRVGH*HVWLyQGH9LGDVHKDSURFHGLGR
DODVHJUHJDFLyQGHORVGDWRVFRQWHQLGRVHQHOODVHQSREODFLRQHVGH(6&TXH
FXPSOHQORVFULWHULRVGHO&)5\ORVHOHPHQWRVTXHQRORVFXPSOHQ
(VWDSRQHQFLDSUHVHQWDUiODHVWUXFWXUDHOIXQFLRQDPLHQWR\ODVXWLOLGD
GHVGHODV%DVHVGH'DWRVGH*HVWLyQGH9LGDDVtFRPRODPHWRGRORJtD
VHJXLGDSDUDVXSURFHVRGHVHJUHJDFLyQ
ÓÎʇÊäÎÊ
-
-
$ Ê
/,
ÊÊ1 Ê
--/Ê
-Ê£
°Ê°Ê6i}>ÃÊÃi˜ÃˆœÊÞÊ°ÊVœ°Ê
Õ}>ÌÊ
ÕÀ̜
7-/ "1-ÊqÊ /
Ê ÕVi>ÀÊ
(OREMHWLYRGHHVWDSRQHQFLDHVHOGHVFULELUFyPRVHKDUHDOL]DGR\DQDOL]DGR
HOWUDWDPLHQWRDGDUDODGHVFODVL¿FDFLyQHOpFWULFDGHXQVLVWHPD&ODVH(HO
6LVWHPDGH$JXDGH6HUYLFLRV(VHQFLDOHVHVGHFLUDSDVDUGLFKRVLVWHPDGH
VHU&ODVH(DVHU&ODVH1R(HVWRHVGHVHU5HODFLRQDGRFRQOD6HJXULGDG
DQRVHUORDOKDEHUXQQXHYRVLVWHPDUHODFLRQDGRFRQODVHJXULGDGHOVLVWHPD
GH$JXDGH6DOYDJXDUGLDV7HFQROyJLFDVTXHUHDOL]DODIXQFLyQGHUHIULJHUD
FLyQUHODFLRQDGDFRQODVHJXULGDG\TXHVXEVWLWX\HDOTXHVHGHVFODVL¿FD
&RPRFRQVHFXHQFLDGHODGHVFODVL¿FDFLyQGHGLFKRVLVWHPDWDPELpQVH
GHVFODVL¿FDQVXVVLVWHPDVDX[LOLDUHVHO6LVWHPDGH5HMLOODV0yYLOHV\HO
Ê 1
,Ê-*!ÊÃi«Ìˆi“LÀi‡-ÊÓää™Ê‡ n£
()
E7E;A@7EFt5@;53E
0DQWHQLPLHQWR,,,
6LVWHPDGH9HQWLODFLyQGHOD(VWDFLyQGH)LOWUDFLyQ\%RPEHRSXHVGHMDQ
GHUHDOL]DUXQDIXQFLyQGHVHJXULGDG
/DGHVFODVL¿FDFLyQHOpFWULFDGHORVVLVWHPDVPHQFLRQDGRVVHKDUHDOL]D
GRPDQWHQLHQGRODVDOLPHQWDFLRQHV\ORVFDEOHVTXHDOLPHQWDEDQDORVHTXL
SRVFXDQGRHUDQQHFHVDULRVSDUDODVHJXULGDGSHURHVWXGLDQGRODYDOLGH]
GHOGLPHQVLRQDPLHQWRGHORV*HQHUDGRUHV'LHVHO**'\GHODVEDUUDV
GH6DOYDJXDUGLDVFRUUHVSRQGLHQWHVDVtFRPRKDELHQGRDQDOL]DGRODQXHYD
OyJLFDDFXPSOLUSRUORVHTXLSRVTXHVHGHVFODVL¿FDQ\ODFRQVLGHUDFLyQD
GDUDORVFDEOHVGHPRGRTXHQRVHSURGX]FDQLQJXQDGHJUDGDFLyQHQORV
HTXLSRV&ODVH(DOLPHQWDGRVGHODVPLVPDVFDELQDVRGHORV**'QL
GHORVFDEOHVTXHFRQYLYHQFRQORVFRUUHVSRQGLHQWHVDORVHTXLSRVGHHVWRV
VLVWHPDV OR TXH VXSRQH FRQVLGHUDU D HVWRV FRPR ³HTXLSRV DVRFLDGRV´ R
³FDUJDVDVRFLDGDV´\ORVFDEOHVFRPR³FLUFXLWRVDVRFLDGRV´VHJ~QXQDGH
ODVGH¿QLFLRQHVGH³DVRFLDGRV´GHOD5*\GHOD,(((FRQOR
TXHHOORVXSRQHSDUDORVFLWDGRVHTXLSRV\FDEOHV
ÓÎʇÊäxÊ
*
$ ÊÊÊ
$ Ê
-2 Ê,
‡ÊÊ"-Ê
"*" /-ÊÊ
,",Ê-ÊÊ,"9Ê-",
°Ê«iâ£]Ê°Ê*jÀiâ£ÊÞÊ°Êj}ÕjÓÊ
£Ê/iV˜>̜“
ÓÊiÀœÞÊ-œ“iÀÊ
/DSUHVHQWHSRQHQFLDGHVFULEHHOFRQMXQWRGHDFWLYLGDGHVUHDOL]DGDVSDUD
ODFDOL¿FDFLyQGHGLYHUVRVFRPSRQHQWHVGHOJHQHUDGRUGLHVHOGHHPHUJHQ
FLDIDEULFDGRSRU/HUR\6RPHUSDUDXQDYLGDFDOL¿FDGDGHDxRV
(OSURFHVRGHFDOL¿FDFLyQKDVHJXLGRODVLJXLHQWHVHFXHQFLDGHHQVD\RV
z (QVD\RVIXQFLRQDOHV
z (QYHMHFLPLHQWRWpUPLFRDFHOHUDGR
z (QYHMHFLPLHQWRYLEUDWRULR
z (QVD\RVVtVPLFRV2%(V\66(
'LFKRSURFHVRVHKDOOHYDGRDFDERHQWUHVHWDSDVGLIHUHQFLDGDV
(QXQDSULPHUDIDVHVHFDOL¿FDURQPXHVWUDVSURWRWLSRFRQIRUPHDOD
QRUPDWLYD,(((H,(((
0RWRUHWWHVUHSUHVHQWDWLYDVGHOHVWDWRU\GHOURWRU
&DEOHVHOpFWULFRVGHFRQWURO\GHIXHU]D
7UDQVIRUPDGRUHVGHFRUULHQWH\GHWHQVLyQ
%RUQDVUHVLVWHQFLDVUHFWL¿FDGRUHV\DLVODGRUHV
/DVHJXQGDIDVHVHOOHYyDFDERDQWHODREVROHVFHQFLDGHDOJXQRVHTXL
SRVHOSURFHVRGHFDOL¿FDFLyQIXHUHDOL]DGRFRQIRUPHDODQRUPDWLYD,(((
\HQHVWDHWDSDVHFRQVLGHUDURQPXHVWUDVSURWRWLSRUHSUHVHQWDWLYDVGH
1XHYDVPRWRUHWWHVGHOHVWDWRU\GHOURWRU
1XHYRVFDEOHVHOpFWULFRVGHFRQWURO\GHIXHU]D
(QODWHUFHUDIDVHVHUHDOL]DXQDDPSOLDFLyQGHODFDOL¿FDFLyQVREUH
PXHVWUDVSURWRWLSRSDUDFXPSOLUFRQORVUHTXLVLWRVGHODQRUPDWLYD5&&
(/DVFDUDFWHUtVWLFDVPiVUHOHYDQWHVGHORVHQVD\RVGLQiPLFRVKDQVLGR
z FLFORVGH(QYHMHFLPLHQWRYLEUDWRULRFRQIUHFXHQFLDVHQWUH\
+]FRQXQDDFHOHUDFLyQGHJVDRFWDYDPLQXWRHQFDGDXQRGHORV
WUHVHMHVSULQFLSDOHV
z HQVD\RVQLYHO2%(GXUDQWHVHJXQGRVFRQXQDDFHOHUDFLyQPi[LPD
GHJV
z HQVD\RGHQLYHO66(GXUDQWHVHJXQGRVFRQXQDDFHOHUDFLyQPi[L
PDGHJV1LYHOFRPSRVDQW
7UDV OD FRQFOXVLyQ GH OD WHUFHUD IDVH ORV FRPSRQHQWHV GHO JHQHUDGRU
GLHVHO IDEULFDGR SRU /HUR\ 6RPHU KDQ VLGR FDOL¿FDGRV GH DFXHUGR D OD
QRUPDWLYD,(((\5&&(
nÓ ‡Ê 1
,Ê-*!ÊÃi«Ìˆi“LÀi‡-ÊÓää™
ÓÎʇÊäÈÊ
8/ -$ ÊÊÊ6Ê
ÊÊ
1 Ê"/",Ê
/,
"ÊÊ1 Ê
/1",Ê
,/ ÊEÊ,1 Ê,-£ää-ÊÊ
° °Ê/,"
°ÊՈÃÊÀ>ۜ£]ʰʝ«iâ£]Ê°ÊÃi˜ÃˆœÓ]Ê/°Ê«iâÊ6iÀ}>À>ÎÊÞÊ°Ê
->˜âÊ`iʏ>ÊÕi˜ÌiÎ
£Ê/iV˜>̜“
ÓÊ
° °Ê/Àˆœ
ÎÊ*,-,"-Ê,1*"-ÊÊ
/DSUHVHQWHSRQHQFLDGHVFULEHHOFRQMXQWRGHDFWLYLGDGHVUHDOL]DGDVSDUD
ODH[WHQVLyQGHYLGDGHOPRWRUHOpFWULFRTXHDFFLRQDHODFWXDGRUPRGHOR
566GH+DUWPDQ%UDXQGH&17ULOORFX\DVFDUDFWHUtVWLFDVPiVUH
OHYDQWHVVRQ
3RWHQFLDGHN:
7HQVLyQQRPLQDOGH9
,QWHQVLGDGPi[LPDDGPLVLEOHGH$
(QHOSURFHVRGHFDOL¿FDFLyQSDUDXQDPELHQWHVHYHURKDUVKVREUHXQ
PRWRU HQYHMHFLGR QDWXUDOPHQWH VH KDQ FRQVLGHUDGR ODV VLJXLHQWHV SUR
SLHGDGHV
7HPSHUDWXUDHQORVUHFLQWRVGHLQVWDODFLyQ
7LHPSRGHLQVWDODFLyQWUDQVFXUULGR
5HTXLVLWRVGHHQYHMHFLPLHQWRWpUPLFR\PHFiQLFR\GHHQVD\RYLEUDWR
ULR\VtVPLFRGHOD
FDOL¿FDFLyQRULJLQDO
3HU¿OGHDFFLGHQWH
/RVSDUiPHWURVGHFDOL¿FDFLyQFRQVLGHUDGRVVRQORVVLJXLHQWHV
$PSOLDFLyQGHYLGDFDOL¿FDGDGHDxRVDž&
(QVD\RVGHHQYHMHFLPLHQWRRSHUDFLRQDOK
(QVD\RVYLEUDWRULRVFRQXQDDFHOHUDFLyQPi[LPDGHJV
(QVD\RVGLQiPLFRVFRQXQDDFHOHUDFLyQPi[LPDGHJV
7HPSHUDWXUDPi[LPDGHDFFLGHQWHGHž&
3UHVLyQPi[LPDGHDFFLGHQWHGHEDU
(VWHSURFHVRGHH[WHQVLyQGHYLGDSHUPLWHPDQWHQHUHQVHUYLFLRHVWRV
HTXLSRVKDVWDFRPSOHWDUORVDxRVGHIXQFLRQDPLHQWRGHODSODQWDVRO
YHQWDQGRHOSUREOHPDGHREVROHVFHQFLDGHORVPLVPRV\ODFRQVLJXLHQWH
FRPSOHMLGDGWpFQLFD\HFRQyPLFDTXHVXVXVWLWXFLyQFRQOOHYDUtD
ÓÎʇÊäÇÊ
/, $ ÊÊ6
" -Ê,-Ê
Ê/1,-Ê*,Ê 6Ê9Ê
/Ê /Ê
/
""ÊÊ-
"Ê-,ÊÎ
°Ê*œ˜Ìiã]Ê°Ê>V…Ó]Ê°Ê/>ÀÀ>Ã>Ó]Ê°Ê>ÀV‰>Î]ʰʘ}?Ã{ÊÞÊ8°Ê
>À`‰x
£Ê
° °Ê“>À>â
ÓÊ 6
ÎÊ 6‡7
{Ê/iV˜ˆÌœ«
xÊ/iV˜>̜“
/D ,QVWUXFFLyQ WpFQLFD GHO &61 VREUH OD *HQHULF /HWWHU GH OD
15& ³0DQDJLQJ JDV DFFXPXODWLRQ LQ HPHUJHQF\ FRUH FRROLQJ GHFD\
KHDWUHPRYDODQGFRQWDLQPHQWVSUD\V\VWHPV´UHTXLHUHODSXHVWDHQPDU
FKDGHGRVDFFLRQHV
‡ /DHYDOXDFLyQGHORFDOL]DFLRQHVVXVFHSWLEOHVGHIDYRUHFHUODDFXPXOD
FLyQGHJDVHVHQORVVLVWHPDVGHUHIULJHUDFLyQGHHPHUJHQFLDHYDFXD
3URJUDPD\6LQRSVLVGHODV3RQHQFLDV
FLyQGHOFDORUUHVLGXDO\URFLDGRGHFRQWHQFLyQ
‡ /DDGRSFLyQGHPHGLGDVFRUUHFWRUDVSDUDJDUDQWL]DUTXHODDFXPXODFLyQ
GHJDVHVVHPDQWLHQHSRUGHEDMRGHQLYHOHVTXHFRPSURPHWDQODFRUUHF
WDRSHUDELOLGDGGHOVLVWHPD\ODFRUUHFFLyQGHDTXHOODVVLWXDFLRQHVHQODV
TXHVHVXSHUHQGLFKRVQLYHOHV
(QUHVSXHVWDDHVWD,QVWUXFFLyQ7pFQLFDGHVGHHOPHVGHRFWXEUHGH
VHKDQGHVDUUROODGRGLYHUVDVDFWLYLGDGHVGHWRSRJUDItDHVFDQHDGROiVHU'
\PRGHODGRHQODVFHQWUDOHVQXFOHDUHVGH$VFy$OPDUD]\9DQGHOOyV,,
(OUHVXOWDGRGHHVWRVWUDEDMRVKDVLGRODREWHQFLyQPHGLDQWHHVFDQHDGR
OiVHUGHPRGHORVWULGLPHQVLRQDOHVGHORVHOHPHQWRVLQFOXLGRVHQHODOFDQ
FH IXQGDPHQWDOPHQWH WUDPRV KRUL]RQWDOHV GH WXEHUtDV (VWRV PRGHORV
REWHQLGRVHQFDPSRVHKDQUHIHULGRDOVLVWHPDGHFRRUGHQDGDVGHSODQWD
WRPDQGRFRPRSDWUyQWDQWRSDUDHOUHJLVWURFRPRSDUDHOFRQWUROGHOD
SUHFLVLyQODWRSRJUDItDGHDSR\RFRQYHQFLRQDOHVWDFLyQWRWDO\QLYHOGH
DOWDSUHFLVLyQ
$GLFLRQDOPHQWHVHKDQH[WUDtGRGHOPRGHODGR'SODQRV³DVEXLOW´GH
ODVWXEHUtDVTXHSHUPLWHQGHWHUPLQDUVXHOHYDFLyQHLQFOLQDFLyQUHDOFRQXQ
DOWRJUDGRGHSUHFLVLyQ(VWRVSODQRVFRQVWLWX\HQHOSXQWRGHSDUWLGDSDUD
TXH ,QJHQLHUtD UHDOLFH OD HYDOXDFLyQ UHTXHULGD HQ OD ³*HQHULF /HWWHU´ \
IDFLOLWDQODWRPDGHGHFLVLRQHVSDUDODDGRSFLyQGHPHGLGDVFRUUHFWRUDV
3RU~OWLPR\FRPRYDORUDxDGLGRDOSUR\HFWRVHKDQJHQHUDGRPRGHORV
LQWHJUDGRVHQHQWRUQRVZHE'TXHSHUPLWHQODYLVXDOL]DFLyQSDQRUiPLFD
GH FDGD ]RQD GH HVFDQHDGR SXGLpQGRVH HVWDEOHFHU PHGLFLRQHV VREUH HO
PRGHOR ' \ ORFDOL]DU FXDOTXLHU SXQWR GH FXDOTXLHU FRPSRQHQWH HQ HO
VLVWHPDGHFRRUGHQDGDVUHJLVWUDGR
(VWRV VXESURGXFWRV VRQ DFFHVLEOHV FRQ YLVXDOL]DGRUHV JUDWXLWRV \ VLQ
QHFHVLGDG GH IRUPDFLyQ SUHYLD SRU OR TXH VX LPSODQWDFLyQ QR UHTXLHUH
LQYHUVLRQHVDGLFLRQDOHV
ÓÎʇÊänÊ
-1-//1
" ÊÊ"
"Ê,"Ê Ê
Ê
6 "-Ê°Ê-/$,
"ÊÊ*,"1
$ Ê9Ê
" -/,1
$ ÊÊ 16"Ê--/ÊÊ
°Ê->L>ÌiÀʏœâ>£]ʰʈÀ>>ã]Ê8°Ê,ՈâʜÀˆ˜Ó]Ê°Ê"ÜÀˆœÊ
L?šiâÓÊÞÊ°Ê*œÕÊ6>mÃÓ
£ÊÊ-"
$ Ê 1
,Ê-
$ʇÊ6 $ÓÊ-iÀ"]Ê-iÀۈVˆœÃʘÌi}À>`œÃÊ"
/D¿QDOL]DFLyQ GHO SUR\HFWR (- FXOPLQD FRQ p[LWR ODV PRGL¿FDFLRQHV
GHGLVHxRGHO)RFR)UtRGHOD&19DQGHOOyV,,FRPSURPHWLGDVSRUOD
E@7
SURSLHGDGWUDVODVLQFLGHQFLDVHQHOVLVWHPD()DFRQWHFLGDVHQHODxR
(O DOFDQFH GHO SUR\HFWR KD LQFOXLGR QR VyOR OD LQJHQLHUtD DVRFLDGD DO
GLVHxRGHOQXHYRVLVWHPD\ODVPRGL¿FDFLRQHVDVRFLDGDVHQSODQWDVLQR
WDPELpQODFRPSUD\PRQWDMHGHQXHYRVHTXLSRV&ODVHDVtFRPRODFRQV
WUXFFLyQGHQXHYDVLQIUDHVWUXFWXUDVUHODFLRQDGDVFRQODVHJXULGDG(OSUR
\HFWRVHUHDOL]yHQGRVIDVHV
‡ /DSULPHUDIDVHVHH[WHQGLyGHPDU]RDVHSWLHPEUH\FRQVLV
WLyHQODVPRGL¿FDFLRQHVSUHYLDVGHORVVLVWHPDV*-\.-
‡ /DVHJXQGDIDVHFRUUHVSRQGLHQWHDOGLVHxR\FRQVWUXFFLyQGHOQXHYR
VLVWHPDVHVDOYDJXDUGDVWHFQROyJLFDVVLVWHPD(-TXHVHLQLFLyHQMXOLR
GH\¿QDOL]yHQMXOLRGH
/RVSULQFLSDOHVKLWRVGHODVHJXQGDIDVHGHOSUR\HFWRVLVWHPD(-VRQ
ORVVLJXLHQWHV
‡ 'LFLHPEUH$GMXGLFDFLyQFRQVWUXFFLyQFLYLO
‡ (QHUR&RQJHODFLyQGHODLQJHQLHUtDEiVLFD
‡ )HEUHUR,QLFLRHIHFWLYRFRQVWUXFFLyQFLYLO
‡ 0DU]R&RPSUDVGHHTXLSRVHOpFWULFRVSULQFLSDOHV
‡ $EULO,QLFLRPRQWDMHPHFiQLFR
‡ -XQLR,QLFLRPRQWDMHHOpFWULFR
‡ $JRVWR(QWUHJD5HYGHO,QIRUPHGH/LFHQFLDDO&61
‡ 1RYLHPEUH,QLFLRGHSUXHEDVSRU6FRSLQJV
‡ 0DU]R,QLFLRGHWUDEDMRV(-HQ3DUDGDUHFDUJD7UHQ%
‡ 0D\R&DPELRGHWUHQHLQLFLRWUDEDMRVHQSDUDGDGH7UHQ$
‡ -XQLR)LQGHSUXHEDVIXQFLRQDOHVGHO6LVWHPD(-7UHQ$
/DVSULQFLSDOHVPDJQLWXGHVItVLFDVGHODVHJXQGDIDVHKDQVLGR
‡ 0iVGHSODQRVOyJLFRVOD]RVHVTXHPDVGHFRQWURO\FDEOHDGR
3,'VSODQRVFRQVWUXFWLYRV«
‡ 0iVGHPGHHQFRIUDGRV
‡ 0iVGHPGHKRUPLJyQ
‡ 0iVGHWRQHODGDVGHIHUUDOOD
‡ 0iVGHFDEOHVQXHYRVP
‡ 0iVGHFRQH[LRQDGRVDSUR[YHQDV
‡ 0DV GH UHIRUPDV HQ HTXLSRV HOpFWULFRV H[LVWHQWHV LQFOX\HQGR OD
PRGL¿FDFLyQGHOD6DODGHFRQWURO
‡ 0iVGHPGHWXEHUtD
‡ 0iVGH´GHVROGDGXUD
(QODSRQHQFLDVHFRPHQWDQORVDVSHFWRVPiVUHOHYDQWHVGHODFRQVWUXF
FLyQ GHO VLVWHPD GDQGR XQD YLVLyQ JHQHUDO GHO GHVDUUROOR GHO SUR\HFWR
PRVWUDQGRODVFXUYDVGHDYDQFHSURJUDPDGDVHVWLPDGDV\UHDOHVGHLQ
JHQLHUtDIDEULFDFLyQDFRSLRV\GHFRQVWUXFFLyQPRQWDMH3RURWURODGRVH
PXHVWUD XQ UHSRUWDMH IRWRJUi¿FR GHO DYDQFH GH OD REUD GDQGR XQD LGHD
JOREDOGHODPDJQLWXG\FRPSOHMLGDGGHOSUR\HFWR
Ê 1
,Ê-*!ÊÃi«Ìˆi“LÀi‡-ÊÓää™Ê‡ nÎ
(*
E7E;A@7EFt5@;53E
1XHYRVUHDFWRUHV
Ó{Ê‡Ê 16"-Ê,
/",6ˆiÀ˜iÃÊÎäʇʣä]ää…Ê Ê
Ê
Ê
Ê
Ê
Ê
-\Ê-Ê/ ,
*ÀiÈ`i˜Ìi\Ê*>LœÊ/°Êi˜ÊÉÊ -Ê ,
$
œœÀ`ˆ˜>`œÀ\ʜÃjÊ>˜ÕiÊ6ˆ}ÕiÀ>Ê->Û>}œÊÉÊ/
/"
Ó{ʇÊä£Ê
,ÊÊ
/",-Ê1 "-Ê Ê
16"-Ê,
/",°Ê,i>Ã]Ê°ÊiÀ˜?˜`iâ°ÊœLÀiÊÞÊ°Ê°Ê6ˆ}ÕiÀ>
/
/"
7HFQDWRPHVWiDSOLFDQGRVXPHWRGRORJtDGH,QJHQLHUtDGH)DFWRUHV+XPD
QRVEDVDGDHQODUHJODPHQWDFLyQ\H[LJHQFLDVDPHULFDQDVDORVVLJXLHQWHV
UHDFWRUHVQXFOHDUHVHQFRQVWUXFFLyQ
‡ 6RXWK7H[DV3URMHFW673\GRVFHQWUDOHV7RVKLED$%:5FX\R
HPSOD]DPLHQWRVHHQFXHQWUDHQHOVXUGH7H[DV
‡ )XTLQJ\\)DQJMDQVKDQ\FXDWURFHQWUDOHVGHWHFQRORJtD&KLQD
&35TXHVHFRQVWUX\HQHQHOVXUHVWHGH&KLQD
(ODOFDQFHGH7HFQDWRPSDUDHOSUR\HFWRGH673VHEDVDHQHOGLVHxRGH
ODVSDQWDOODVGHRSHUDFLyQWDQWRGHVLVWHPDVFRPRLQWHJUDGDGHDOWRQLYHO
GHOSDQHOGHSDUDGDUHPRWD\GHODLQVWUXPHQWDFLyQKDUGZDUHORFDOL]DGDHQ
ORVSDQHOHVGHODVDODGHFRQWURO3DUDHOORVHDSOLFDXQDPHWRGRORJtDSUR
SLDEDVDGDSULQFLSDOPHQWHHQHO185(*\185(*$VtPLV
PR7HFQDWRPHVWiD\XGDQGRD:HVWLQJKRXVHDGMXGLFDWDULDGHOVLVWHPDGH
FRQWUROGHDPEDVSODQWDVDOOLFHQFLDPLHQWRGHORVVLVWHPDVVXPLQLVWUDGRV
SRU7RVKLEDEDVDGRVHQODVSODQWDVGH.DVKLZD]DNL.DULZD\
'HO PLVPR PRGR7HFQDWRP HV HO UHVSRQVDEOH GHO GLVHxR LQWHJUDO GH
ODVDODGHFRQWUROGHODVFHQWUDOHV)XTLQJ\\)DQJMDQVKDQ\(Q
HO DOFDQFH GH HVWH SUR\HFWR QR VyOR VH HVWiQ GHVDUUROODQGR ODV SDQWDOODV
GHRSHUDFLyQ\ODLQVWUXPHQWDFLyQHQORVSDQHOHVVLQRTXH7HFQDWRPHV
UHVSRQVDEOHGHOGLVHxR\IDEULFDFLyQGHORVSDQHOHVGHODVSODQWDVXQWRWDO
GHFXDWURVDODVGHFRQWURO\GRVVLPXODGRUHV
'HQWURGHODOFDQFHGH,QJHQLHUtDGH)DFWRUHV+XPDQRVHQHOSUR\HFWR
GHODVFHQWUDOHV&357HFQDWRP HVWi SUHSDUDQGR OD ,QJHQLHUtDGH
$ODUPDVFRQVLVWHQWHHQHO¿OWUDGR\SULRUL]DFLyQGHODVPLVPDVDVtFRPR
HOGHVDUUROORHLPSOHPHQWDFLyQGHODFRPSXWDUL]DFLyQGHSURFHGLPLHQWRV
(VWDSRQHQFLDSUHVHQWDODVLWXDFLyQGHGLFKRVSUR\HFWRVDVtFRPRODV
SUHYLVLRQHVIXWXUDV
0RGXODUL]DWLRQ6WUDWHJ\VHHPVKLJKO\DGYDQWDJHRXVIRUDQ\(OHFWULF&RP
SDQLHVWKDWZLOOFKRRVH$3IRUWKHLUQH[WJHQHUDWLRQRI1XFOHDU5HDFWRU
DQGLWZLOOEHDSSOLHGIRUERWKVWUXFWXUDODQGPHFKDQLFDOPRGXOHV
&RQVWUXFWLRQ 7LPH ,QYHVWHG 0RQH\ ZLOO EH JUHDWO\ UHGXFHG 5XOH
‡ $3 6WDQGDUG 'HVLJQ LV FRPPLWWHG WR DFKLHYH D VKRUW PRQWK
FRQVWUXFWLRQVFKHGXOHIURP¿UVWFRQFUHWHWRFRUHORDG/HVVRQV/HDUQ
IURP¿UVW8QLW&RQVWUXFWLRQZLOOEHDSSO\VRDVWRLPSURYHWKHVHREMHF
WLYHWRWKHPD[LPXP
‡ 0RGXODUL]DWLRQ ZLOO XWLOL]H SURYHQ WHFKQLTXHV WKXV LQ VKRS DQ FRQV
WUXFWLRQ7HFKQLTXHV ZLOO EH IDPLOLDU WR FRQWUDFWRU DQG VXEFRQWUDFWRUV
LQYROYHG
‡ 5XOHVWRPD[LPL]HXVHRIPRGXODUL]DWLRQLQFOXGH
± 'HVLJQHGIRU>P[P[P@7RQ0HFKDQLFDO0RGXOHV
± 7KLVZLOODOORZ5DLOVKLSSLQJDOWKRXJKEDUJHVKLSPHQWZLOOEHXVHG
ZKHUHDYDLODEOH
:HVWLQJKRXVH LV GHYRWHG WR FRQIURQW WKH FKDOOHQJH LPSO\ LQ WKH KLJK
OHYHO RI GHWDLO HQJLQHHULQJ UHTXLUHG E\ WKLV VWUDWHJ\ NQRZLQJ WKDW RQFH
GRQHWKLVZRUNZLOOSRVLWLYHO\LPSDFWFRVWODUJHO\UHGXFLQJLWIRU0XOWLSOH
3ODQW2UGHUV
,1,7(&LVSURYLGLQJLQSXWVWKDWDUHDOORZLQJDUHFRJQL]HLPSURYHPHQW
RQPRGXOHVGHVLJQDVZHOODVLWVLQWHJUDWLRQZLWKWKHUHVWRIWKHSODQW
6HHNLQJFRPSDWLELOLW\ZLWKDOUHDG\H[LVWLQJHOHPHQWVLQWKHSODQW
&KHFNLQJ6WUXFWXUDO,QWHUIDFHZLWKDOUHDG\H[LVWLQJ6WUXFWXUHV
&RPSUHKHQVLYHO\VWXG\LQJDQG$QDO\]LQJLWV3LSHVDQG6XSSRUWV
,QFOXGLQJ(OHFWULFDO5DFHZD\VQHHGHG
5HYLHZLQJLQVWUXPHQWDWLRQDQGLQVWUXPHQWDWLRQOD\RXW
)LWWLQJ+9$&GHVLJQWREHLQFOXGHGLQPRGXOHV
3URYLGLQJLWVH[SHULHQFHLQ$/$5$OD\RXWDVVHVVPHQWV
6LQFH6DQPHQ81,7FRQVWUXFWLRQZLOOKDYHDGYDQFHGJUHDWO\E\2F
WREHU7KLV\HDU¶V$QQXDO0HHWLQJRIWKH6SDQLVK1XFOHDU6RFLHW\
ZLOO EH D JUHDW 2SSRUWXQLW\ WR SUHVHQW ,1,7(&¶V HIIRUW LQ WKLV DUHD DQG
$3VW81,7WREHFRPPLVVLRQHGDGYDQFH
Ó{ʇÊäÎÊ
Ó{ʇÊäÓÊ
-* -Ê-1**",/Ê/"Ê*£äääÊ"1,Ê
-
°Êˆ“j˜iâÊÞʰʘ`ˆ˜œ
/
Ê 1
,‡Ê7-/ "1-
$3GHVLJQLVEDVHGJUHDWO\LQPRGXODUL]DWLRQ,1,7(&LQLWVUROHDV
$X[LOLDU\%XLOGLQJ,QWHJUDWRULWVFRPPLWWHGWRLQWHUDFWZLWKRWKHUSURMHFW
SDUWLHVVRDVWRLQWHJUDWHDQGSURYLGHHQJLQHHULQJEDFNXSWRPHFKDQLFDO
PRGXOHVLQVKRSZRUNVDQG0RGXOHVLQWHJUDWLRQLQFRQVWUXFWLRQ
n{ ‡Ê 1
,Ê-*!ÊÃi«Ìˆi“LÀi‡-ÊÓää™
, < /"Ê 1
,\Ê <
$ Ê
Ê-Ê1 -ÊÎÊ9Ê{ÊÊÊ
/,Ê
1
,ÊÊ"
"6
°ÊiÀ“>˜>Êi˜`ˆœÀœâ
LiÀ`Àœ>ʘ}i˜ˆiÀ‰>ÊÞÊ
œ˜ÃÌÀÕVVˆ˜
/DVXQLGDGHV\GH0RFKRYFH99(5GHOVXUGH(VORYDTXLD
IXHURQSXHVWDVHQPDUFKDHQ\/DFRQVWUXFFLyQGHODVXQLGDGHV
\FRPHQ]yHQ\IXHSDUDOL]DGDHQWUDVKDEHUWHUPLQDGRFDVL
WRGDODREUDFLYLOVXPLQLVWUDGRDSUR[LPDGDPHQWHHOGHORVHTXLSRV
PHFiQLFRV\SUiFWLFDPHQWHQLQJ~QHTXLSRHOpFWULFRRGHL&
E@7
3URJUDPD\6LQRSVLVGHODV3RQHQFLDV
$PHGLDGRVGHODxROD&RPLVLyQ(XURSHDDSUREyORVSODQHVGH
OD XWLOLW\ HVORYDFD 6ORYHQVND (OHFWUDUQH FX\R GXHxR HQ XQ HV DF
WXDOPHQWHODLWDOLDQD(1(/SDUDOD¿QDOL]DFLyQGHODVXQLGDGHV\GH
OD &HQWUDO 1XFOHDU GH 0RFKRYFH WUDV YHUL¿FDUVH TXH FXPSOLUtD FRQ ORV
PD\RUHVHVWiQGDUHVGHVHJXULGDG
$ ¿QDOHV GHO DxR (1(/ LQJHQLHUtD FRPR SRVHHGRU GHO FRQWUD
WR (3&0 (QJLQHHULQJ 3URFXUHPHQW DQG &RQVWUXFWLRQ 0DLQ &RQWUDFW
FRPHQ]y D ODQ]DU FRQFXUVRV S~EOLFRV SDUD HO VXPLQLVWUR OODYH HQ PDQR
GHGLVWLQWRVVLVWHPDV\FRPSRQHQWHVGHOD&HQWUDOTXHHQVXFRQMXQWR
SURSRUFLRQDUiQOD¿QDOL]DFLyQGHODV&HQWUDOSDUDHODxR(VWRVFRQ
FXUVRVS~EOLFRVKDQSXHVWRHQMDTXHDWRGDODLQGXVWULDHXURSHDDFHUFDGH
VXFDSDFLGDGSDUDDIURQWDUHOUHODQ]DPLHQWRQXFOHDU
,EHUGUROD,QJHQLHUtD\&RQVWUXFFLyQKDSDUWLFLSDGRHQYDULRVGHHVWRV
FRQFXUVRV TXH OH KDQ SHUPLWLGR YHUL¿FDU VX FDSDFLGDG \ VX QLYHO FRP
SHWLWLYRIUHQWHDORVSULQFLSDOHVVXPLQLVWUDGRUHVHXURSHRV(VWDSRQHQFLD
GHVFULELUi WRGR HO FRQFXUVR \ OD H[SHULHQFLD GH ,EHUGUROD ,QJHQLHUtD HQ
HVWRVWUDEDMRV
Ó{ʇÊä{Ê
--ÊÎÊÊÊ
*
ÊÊ
, /"Ê*-6"ÊÊÊ-ÊÊ
" /,"Ê
Ê* /-Ê*-66°ÊiÀ˜?˜`iâÊ`iÊ*>>Vˆœ£]Ê°Ê>ÀÀiÌÌÓÊÞÊ"°Ê œ}ÕiÀ>Ê"ˆÛ>£Ê
£Ê*,-,"-Ê,1*"ÓÊ
(OUHDFWRU(6%:5HQODDFWXDOLGDG¿QDOL]DQGRHOSURFHVRGHFHUWL¿FDFLyQ
SRUOD15&HVXQUHDFWRUGHDJXDHQHEXOOLFLyQFRQVLVWHPDVGHVHJXULGDG
SDVLYRVFODVL¿FDGRFRPRJHQHUDFLyQ*,,,(QWUHORVVLVWHPDVGHSDVLYRV
GHVHJXULGDGFRQORVTXHFXHQWD HO (6%:5 VH HQFXHQWUD HO VLVWHPDGH
KDELWDELOLGDGGHHPHUJHQFLDGHODVDODGHFRQWURO&5+$
(OFRQFHSWRGHKDELWDELOLGDGGHODVDODGHFRQWUROVHORJUDGXUDQWHRSH
UDFLyQQRUPDOPHGLDQWHHOIXQFLRQDPLHQWRFRPELQDGRGHOVXEVLVWHPDGH
YHQWLODFLyQGHODVDODGHFRQWURO&5+$96GHOVLVWHPDGHFRQWUROGH
UDGLDFLyQ 506 HO VLVWHPD GH LOXPLQDFLyQ \ HO VLVWHPD GH SURWHFFLyQ
FRQWUDLQFHQGLRV)36
(QFDVRGHDFFLGHQWHQRVHGLVSRQHGHOVLVWHPDGHHQIULDPLHQWRGHO&5
+$96SRUORTXHODVFRQGLFLRQHVGHKDELWDELOLGDGVHFRQVLJXHQPHGLDQWH
HOHQIULDPLHQWRSDVLYRSRUODVHVWUXFWXUDVGHKRUPLJyQTXHFRQVWLWX\HQHO
&5+$\HOHGL¿FLRGHFRQWUROHQTXHHO&5+$HVWiLQVWDODGRVLVWHPDGH
KDELWDELOLGDGGHHPHUJHQFLD
/DSRQHQFLDSUHVHQWDHODQiOLVLVGHORVHVWXGLRVHIHFWXDGRVSRU(PSUH
VDULRV$JUXSDGRV($\UHODFLRQDGRVFRQODKDELWDELOLGDGGHODVDODGH
FRQWUROHQDFFLGHQWH/RVFiOFXORVVHKDQGHVDUUROODGRPHGLDQWHPRGHORV
WULGLPHQVLRQDOHV FRQVWUXLGRV EDMR HO FyGLJR WHUPRKLGUiXOLFR *27+,&
*HQHUDWRQ2I7KHUPDO+\GUDXOLF7UDQVLHQWIRU&RQWDLQPHQWV(OPRGH
ORHYDO~DODGLVWULEXFLyQ\YDULDFLyQGHODWHPSHUDWXUD\ODKXPHGDGGHO
DLUHGHQWURGHO&5+$7DPELpQVHKDQDQDOL]DGRODVFRQGHQVDFLRQHV\HO
LPSDFWRGHODIRUPDGHLQWURGXFFLyQ\H[WUDFFLyQGHODLUHSULPDULRGHQWUR
GHODVDODGHFRQWURO/DVHQVLELOLGDGGHODWHPSHUDWXUDHQHOLQWHULRUGHOD
VDODGHFRQWUROHQFXDQWRDODVSURSLHGDGHVGHOKRUPLJyQGLVLSDFLyQGH
FDORUGLVWULEXFLyQGHHVWUXFWXUDVGHFDORU\ODVSRVLELOLGDGHVTXHHOPRGH
ORRIUHFHHQFXDQWRDODQiOLVLVGHGLVSHUVLyQGHJDVHVGHQWURGHODVDODGH
FRQWUROVHKDFRQVLGHUDGR
Ó{ʇÊäxÊ
Ê-/Ê 1,
Ê/"Ê",Ê/Ê
1/" Ê"Ê/Ê+1,1Ê-"/"*
Ê
"*"-/" Ê"ÊÊ/, -1//" Ê
-9-/Ê Ê Ê6 Ê1Ê
9
°ÊÛ>Àiâ‡6i>À`iÊÞʰʰʜ˜â?iâ‡,œ“iÀœ
/
3DUWLWLRQLQJDQG7UDQVPXWDWLRQ37LVQRZDGD\VEHLQJFRQVLGHUHGDV
DQDGGLWLRQDOHOHPHQWLQWKHIXHOF\FOHZLWKWKHDLPRIUHDFKLQJWKHORQJ
WHUPVXVWDLQDELOLW\RIQXFOHDUHQHUJ\7KHIXOOSRWHQWLDORI37FDQEHH[
SORLWHGRQO\LIWKHVWUDWHJ\LVXWLOL]HGIRUDPLQLPXPWLPHSHULRGRIDERXW
D KXQGUHG \HDUV 'XULQJ WKLV SHULRG RI WLPH WKH VSHQW IXHOV RI WKH DG
YDQFHGUHDFWRUVDUHUHSURFHVVHGWRREWDLQWKHXVHIXOHOHPHQWVIRUWKHQHZ
IUHVKIXHOSDUWLWLRQLQJ7KHSURFHGXUHLVUHSHDWHGDORQJWKHIRUWKFRPLQJ
F\FOHVIRUVLQJOHUHDFWRUVRUIRUDZKROHUHDFWRUÀHHWIXHOF\FOH7KHIXHO
LVRWRSLFFRPSRVLWLRQZLOOHYROYHDORQJDQXPEHURIF\FOHVDSSURDFKLQJ
SURJUHVVLYHO\DQHTXLOLEULXPFRPSRVLWLRQ
$ IDVW QXPHULFDO PHWKRG IRU WKH FDOFXODWLRQ LQ D ]HURGLPHQVLRQDO DS
SURDFKRIWKHHTXLOLEULXPLVRWRSLFFRPSRVLWLRQRIDWUDQVPXWDWLRQV\VWHPLQ
DQDGYDQFHGIXHOF\FOHEDVHGRQWKH%DQDFK¶V)L[HG3RLQW7KHRUHPLVGH
VFULEHGLQWKLVSDSHU7KHPHWKRGGLYLGHVWKHIXHOF\FOHLQVXFFHVVLYHVWDJHV
IXHOIDEULFDWLRQVWRUDJHLUUDGLDWLRQLQVLGHWKHWUDQVPXWDWLRQV\VWHPFRROLQJ
UHSURFHVVLQJDQGLQFRUSRUDWLRQRIWKHH[WHUQDOPDWHULDOWRWKHQHZIUHVKIXHO
7KHFKDQJHRIWKHIXHOLVRWRSLFFRPSRVLWLRQUHSUHVHQWHGE\DQLVRWRSHYHF
WRULVGHVFULEHGLQDPDWUL[IRUPXODWLRQ7KHUHVXOWLQJPDWUL[HTXDWLRQVDUH
VROYHGXVLQJGLUHFWPHWKRGVZLWKDUELWUDU\SUHFLVLRQDULWKPHWLF
7KHPHWKRGKDVEHHQVXFFHVVIXOO\DSSOLHGWRDGRXEOHVWUDWDIXHOF\FOH
ZLWKOLJKWZDWHUUHDFWRUVDQGDFFHOHUDWRUGULYHQVXEFULWLFDOV\VWHPV$I
WHUFRPSDULVRQWRWKHUHVXOWVRIWKH(92/&2'(EXUQXSFRGHWKH
REVHUYHGGLIIHUHQFHVDUHDERXWDIHZSHUFHQWVLQWKHPDVVHVWLPDWLRQVRI
WKHPDLQDFWLQLGHV
Ó{ʇÊäÈÊ
- -/6/9Ê"Ê-/9Ê---- /Ê"Ê Ê
/,-Ê
" /Ê/"Ê1 ,/ /-Ê Ê
/Ê-"1,
Ê/,
°Êœ˜Ì>˜iÌ£]Ê°Ê>ÀV‰>£]Ê°Ê°ÊiÀÀ>˜â£ÊÊÞÊ°Ê,>“>Ž>˜Ó
£Ê
/
ÓÊÊ*,Ê­*ÌÞ®ÊÌ`°
7KHPDLQVDIHW\UHODWHGFKDUDFWHULVWLFVRI+LJK7HPSHUDWXUH*DVFRROHG
5HDFWRUV+7*5DUHWKHFRDWHGIXHOSDUWLFOHV&)3WKHXVHRIKHOLXPDV
FRRODQWDQGWKHLQKHUHQWDQGSDVVLYHVDIHW\GHVLJQRIWKHSODQW0RUHRYHU
+7*5VLQWURGXFHWKHFRQ¿QHPHQWFRQFHSWIRUWKHUHDFWRUEXLOGLQJLQFRQ
WUDVWZLWKWUDGLWLRQDO/:5FRQWDLQPHQWV7KHPDLQFRQVHTXHQFHRIWKLV
QHZFRQFHSWLVWKDWLQFDVHRIDSULPDU\FLUFXLWEUHDNWKHH[FHVVRIKHOLXP
LQWKHEXLOGLQJZLOOEHYHQWHGSUHYLRXV¿OWUDWLRQWRWKHFRQ¿QHPHQW$V
DFRQVHTXHQFH¿VVLRQSURGXFWDQGDHURVROEHKDYLRXUZLWKLQWKHFRQ¿QH
PHQWEHFRPHVDNH\HOHPHQWRISODQWVDIHW\DVVHVVPHQWV
)LVVLRQSURGXFWVDUHPRVWO\UHOHDVHGIURPWKHFRUHDVYDSRXUVSHFLHVHL
WKHU FRQGHQVDEOH RU QRQFRQGHQVDEOH LH QREOH JDVHV &RQGHQVDEOH )3V
FDQ LQWHUDFW GLUHFWO\ ZLWK SULPDU\ FLUFXLW VXUIDFHV LH GLUHFW SODWHRXW RU
LQGLUHFWO\E\JHWWLQJDWWDFKHGWRSDUWLFXODWHPDWWHUHJJUDSKLWHGXVWDVLW
LVFDUULHGE\KHOLXPRUHYHQRQFHLWLVDOUHDG\GHSRVLWHGRQWRSULPDU\FLUFXLW
VXUIDFHV$IWHUDEUHDNLQWKHSULPDU\FLUFXLWWKHKHOLXPZLOOFDUU\FLUFXODWLQJ
SDUWLFOHVDQGJDVHVLQWRWKHFRQ¿QHPHQW0RUHLPSRUWDQWO\SULPDU\FLUFXLW
Ê 1
,Ê-*!ÊÃi«Ìˆi“LÀi‡-ÊÓää™Ê‡ nx
(*
E7E;A@7EFt5@;53E
1XHYRVUHDFWRUHV
GHSUHVVXUL]DWLRQZLOOPDNHDIUDFWLRQRISUHYLRXVO\GHSRVLWHGSDUWLFOHVOLIW
RIIIURPVXUIDFHVDQGDGGXSWRWKHVRXUFHWHUPLQWRWKHFRQ¿QHPHQW
7KLVSDSHULQYHVWLJDWHVWKHSRWHQWLDOHIIHFWRIXQFHUWDLQWLHVDVVRFLDWHGWR
WKHFKDUDFWHUL]DWLRQRIVRXUFHWHUPHQWHULQJFRQ¿QHPHQWLHPDVVÀRZ
UDWHDQGSDUWLFOHVL]HRQVDIHW\DVVHVVPHQWV,QRUGHUWRGRVRDVHWRISDU
DPHWULFFDVHVKDYHEHHQFDUULHGRXWDQGWKHLUUHVXOWVGLVFXVVHGLQWHUPVRI
PDVVUHOHDVHGWRWKHHQYLURQPHQW$VZLOOEHVKRZQWKHUHVXOWVLQGLFDWH
WKDW VHQVLWLYLW\ WR YDULDEOH XQFHUWDLQWLHV GHSHQGV RQ VSHFL¿F IHDWXUHV RI
VFHQDULRVVXFKDVEUHDNVL]HDQGORFDWLRQ
7KLVZRUNKDVEHHQGHYHORSHGXQGHUWKH3%05&,(0$7DJUHHPHQWWR
FROODERUDWHLQWKH3%05FRQ¿QHPHQWDQDO\VLV
Ó{ʇÊäÇÊ
--ÊÊÊ6Ê/
‡
" $
ÊÊ1/1,"-Ê,
/",-Ê
1
,-Ê/,Ê*,ÊÊ*,"1
$ ÊÊ
/,
Ê9Ê
",Ê
°ÊiÀ˜?˜`iâÊ*jÀiâ
*,"9
/"Ê ÊÊ
,,,
(OLQFUHPHQWRHQODGHPDQGDGHHQHUJtDHOpFWULFD\ODOXFKDSRUUHGXFLUODV
HPLVLRQHVGH&2UHTXLHUHQXWLOL]DUWRGDVODVWHFQRORJtDVGLVSRQLEOHVSDUD
SRGHU JDUDQWL]DU HO VXPLQLVWUR \ PLQLPL]DU HO LPSDFWR PHGLRDPELHQWDO
/DHQHUJtDQXFOHDUHVXQDDOWHUQDWLYDPX\DWHQHUHQFXHQWDFRPREDVH
GHOVXPLQLVWURGHELGRDODFRQVWDQFLDGHVXSURGXFFLyQHQHUJpWLFDODQXOD
HPLVLyQGHFRQWDPLQDQWHVDODDWPyVIHUDGXUDQWHVXRSHUDFLyQ\ODHVWDEL
OLGDGTXHDSRUWDDODUHG
(VWH3UR\HFWRTXHVHFHQWUDHQUHDFWRUHVQXFOHDUHVGHDOWDWHPSHUDWXUD
UHIULJHUDGRVSRUKHOLR+7*5DQDOL]DGLVWLQWDVFRQ¿JXUDFLRQHVGHFLFORV
GHSRWHQFLDTXHSHUPLWHQODSURGXFFLyQVLPXOWiQHDGHHOHFWULFLGDG\FDORU
\HQDOJXQRVFDVRVODSRVLELOLGDGGHWUDEDMDUHQVHJXLPLHQWRGHFDUJD
&RQHOODVVHSUHWHQGHDXPHQWDUVXVWDQFLDOPHQWHHODSURYHFKDPLHQWRHQHU
JpWLFRGHODSRWHQFLDGHOUHDFWRU3DUDVXDQiOLVLV\FRPSDUDWLYDVHKDUHD
OL]DGRXQPRGHORWHUPRGLQiPLFR\HFRQyPLFRTXHKDSHUPLWLGRFRQRFHU
HOSXQWRySWLPRGHGLVHxR\DQDOL]DUODUHQWDELOLGDGGHFDGDFLFOR
/D PD\RUtD GH ODV FRQ¿JXUDFLRQHV REWLHQHQ UHQGLPLHQWRV HOpFWULFRV
FHUFDQRVDOUHTXLHUHQLQYHUVLRQHVHQWRUQRD¼N:H\REWLHQHQ
FRVWHVQLYHODGRVGHSURGXFFLyQGH¼0:KH6HKDFRPSUREDGRTXH
ODLQWURGXFFLyQGHXQLQWHUUHIULJHUDGRUPHMRUDORVUHVXOWDGRVREWHQLGRVHQ
ODVDQWHULRUHVYDULDEOHV
nÈ ‡Ê 1
,Ê-*!ÊÃi«Ìˆi“LÀi‡-ÊÓää™
3RU RWUR ODGR GRV GH ODV FRQ¿JXUDFLRQHV HVWXGLDGDV SHUPLWHQ YDULDU
HO PL[ GH SURGXFFLyQ HOHFWULFLGDGFDORU FLFORV ³SDUDOHOR´ \ ³VHULH GHV
SXpV´VLQPHUPDH[FHVLYDGHOUHQGLPLHQWRH[HUJpWLFR\ODUHQWDELOLGDG
(VWHKHFKRVXJLHUHTXHGLFKDVFRQ¿JXUDFLRQHVSRGUtDQDGDSWDUVXPL[GH
SURGXFFLyQDODVQHFHVLGDGHVHQFDGDPRPHQWR/DSURGXFFLyQGHFDORU\
HOHFWULFLGDGFRQUHDFWRUHV+7*5DGHPiVGHVHUYLDEOHDxDGHÀH[LELOLGDG
HQODRSHUDFLyQGHODVSODQWDV
Ó{ʇÊänÊ
-/1"ÊÊÊÊ
,",Ê
Ê1,"/, ,°ÊÀÕVŽiÀÊ
*,-,"-Ê,1*"(OREMHWLYRGHOSUR\HFWRHXURSHR(85275$16(852SHDQ5HVHDU
FK3URJUDPPHIRUWKH75$16PXWDWLRQRI+LJK/HYHO1XFOHDU:DVWHHV
ODFRQVWUXFFLyQGHXQUHDFWRULQGXVWULDOGHWUDQVPXWDFLyQ(VWi¿QDQFLDGR
SRUOD&RPXQLGDG(XURSHDHQHOPDUFRGHO)3GHO(85$7206HWUDWD
GHXQUHDFWRUVXEFUtWLFRDVLVWLGRSRUXQDFHOHUDGRUGHSDUWtFXODV$'6
(O DFHOHUDGRU FRQWUROD OD UHDFFLyQ QXFOHDU SRU OR TXH HVWi VRPHWLGR
DUHTXLVLWRVGH¿DELOLGDGPX\HVWULFWRVFRQHO¿QGHTXHODVSpUGLGDVGH
VHxDOVHDQORPHQRVIUHFXHQWHVSRVLEOH3DUDYHUL¿FDUTXHSXHGHDOFDQ]DU
ORVDOWRVREMHWLYRVLPSXHVWRV(PSUHVDULRV$JUXSDGRVUHDOL]yXQHVWXGLR
SUHOLPLQDUGH¿DELOLGDGHQHODxR
(ODFHOHUDGRUGHO(85275$16HVXQVLVWHPDGHDOWRJUDGRGHFRPSOH
MLGDGFX\RGLVHxRHVWiWRGDYtDHQIDVHGHGHVDUUROOR$HVWRKD\TXHDxDGLU
TXHVHWLHQHPX\SRFDH[SHULHQFLDVREUHODPD\RUtDGHORVFRPSRQHQWHV\
VLVWHPDVXWLOL]DGRVPDWHULDOWRGDYtDHQ,QYHVWLJDFLyQ\'HVDUUROOR
(Q HVWH FRQWH[WR HO REMHWLYR GHO HVWXGLR HV SURSRQHU XQ PRGHOR OR
PiVDFWXDOSRVLEOHGHODFHOHUDGRUWHQLHQGRHQFXHQWDODLQIRUPDFLyQPiV
UHFLHQWHGLVSRQLEOH(VWHPRGHORWLHQHTXHVHUVXVFHSWLEOHDHYROXFLRQDU
FRQODVIXWXUDVPRGL¿FDFLRQHVGHGLVHxR\GHVXVFRPSRQHQWHV
(VWDSRQHQFLDGHVFULELUiEUHYHPHQWHHOPRGHORXWLOL]DGRSDUDHODQi
OLVLV6HWUDWDGHXQDVLPXODFLyQGHWLSR0RQWH&DUORSURJUDPDGDFRQ
0$7/$%TXHGHVFULEHHOFRPSRUWDPLHQWRGHODFHOHUDGRU\GHVXVVXE
VLVWHPDVDORODUJRGHOWLHPSRUHJLVWUDQGRORVIDOORVGHFDGDFRPSRQHQWH
DVtFRPRODVSHUGLGDVGHVHxDOGHOKD]GHSDUWtFXODV)LQDOPHQWHVHFR
PHQWDUDQORVUHVXOWDGRV\VHGHVWDFDUDQODVSULQFLSDOHVKLSyWHVLVXWLOL]D
GDVHQHOHVWXGLR\VXUHODFLyQFRQHOHVWDGRDFWXDOGHODWHFQRORJtDGHORV
DFHOHUDGRUHVGHSDUWtFXODV
E@7
3URJUDPD\6LQRSVLVGHODV3RQHQFLDV
ÓxʇÊ", <
$ Ê9Ê
/",-Ê1 "-Ê­®
6ˆiÀ˜iÃÊÎäʇʣä]ää…Ê Ê
Ê
Ê
Ê
Ê
Ê
-\Ê ,
"Ê,
*ÀiÈ`i˜Ìi\ʜ>µÕ‰˜Êœ˜â?iâÊi}>`œÊÉÊ,,"]Ê-°°
œœÀ`ˆ˜>`œÀ\ʜÀ}iʝ“iâÊ>ÀV‰>ÊÉÊ
° °Ê/,"
ÓxʇÊä£Ê
6 -Ê ÊÊ61
$ ÊÊÊ
1/1,Ê
Ê-1,
"°Ê*jÀiâʏœ˜Ãœ]ʰʜ˜â?iâʜ˜â?iâ]Ê"°Ê->ˆ˜âÊ>À“i˜`ˆ>Ê
ÞÊ°Ê°Ê6ˆ>`˜ˆ}>Ê/>˜
/
/"
/D8WLOLWLHV6HUYLFH$OOLDQFH86$HVXQD$OLDQ]DTXHWLHQHFRPRPLHP
EURVFRPSDxtDVH[SORWDGRUDVGHPiVGHLQVWDODFLRQHVQXFOHDUHVGH
(VWDGRV8QLGRV\&DQDGi6XREMHWLYRHVFRPSDUWLUHLQWHUFDPELDUFRQR
FLPLHQWRV\H[SHULHQFLDSDUDD\XGDUDODVFRPSDxtDVHQODPHMRUDGHODVH
JXULGDG\GHODUHQWDELOLGDG'HHQWUHODVDFWLYLGDGHVTXHYLHQHUHDOL]DQGR
OD86$VHGHVWDFDODHODERUDFLyQGHXQDPHWRGRORJtDGHDXWRHYDOXDFLyQ
GHOD&XOWXUDGH6HJXULGDGQXFOHDUTXHXWLOL]DQWRGRVVXVPLHPEURVVL
JXLHQGRORVSULQFLSLRVSDUDXQD&XOWXUDGH6HJXULGDGIXHUWHGH,132
/DLQGXVWULDDPHULFDQDKDHODERUDGRXQGRFXPHQWRHQHOTXHGHVFULEH
XQDSURSXHVWDGHSURFHVRGHHYDOXDFLyQGHOD&XOWXUDGH6HJXULGDG(O
SURFHVRFRQVWDGHRFKRHOHPHQWRV/DLQGXVWULDHVSHUDTXHOD15&SXHGD
FRPSUREDUTXHODVDFWLYLGDGHVGHGLDJQyVWLFR\PHMRUDGHOD&XOWXUDGH
6HJXULGDGTXHYDDUHDOL]DUVRQVX¿FLHQWHPHQWH¿DEOHV\WUDQVSDUHQWHVGH
IRUPDTXHHOLPLQHHOSURFHVRGHLGHQWL¿FDFLyQGHDVSHFWRVWUDQVYHUVDOHV
$VtPLVPROD86$HVWiFRODERUDQGRFRQ1(,H,132HQODSUHSDUDFLyQ
GH XQD PHWRGRORJtD GH HYDOXDFLyQ GH OD &XOWXUD GH 6HJXULGDG TXH VHD
DFHSWDEOHSDUDOD15&FRPRPHWRGRORJtDGHHYDOXDFLyQLQGHSHQGLHQWH
FRQ HO REMHWLYR GH VHU XWLOL]DGD SRU WRGD OD LQGXVWULD QXFOHDU HVWDGRXQL
GHQVH3DUDHOORKDUHDOL]DGRXQDUHYLVLyQFRPSOHWDGHODVSUHJXQWDVGHO
FXHVWLRQDULR\GHODVHQWUHYLVWDV\REVHUYDFLRQHVGHFRPSRUWDPLHQWRV/D
QXHYDPHWRGRORJtDVHHPSOHDUiSRUSULPHUDYH]HQODFHQWUDOQXFOHDUGH
6DQ2QRIUHHQPD\RGH\VHHVSHUDODDVLVWHQFLDGHOD15&FRPR
REVHUYDGRU
(Q HVWD SRQHQFLD VH SUHVHQWDQ ORV DYDQFHV \ QRYHGDGHV TXH VH HVWiQ
SURGXFLHQGR HQ OD LQGXVWULD QXFOHDU FRQ UHVSHFWR D OD HYDOXDFLyQ GH OD
&XOWXUDGH6HJXULGDGDVtFRPRVXVEHQH¿FLRV\SRVLEOHVLPSOLFDFLRQHV
SDUDHO6HFWRUQXFOHDUHVSDxRO
ÓxʇÊäÓÊ
Ê6Ê
ÊÊ8
Ê,+1,ÊÊ
1 Ê
*"Ê-Ê1,/
°Êœ˜â?iâʜ˜â?iâ]Ê"°Ê*jÀiâʏœ˜Ãœ]Ê"°Ê->ˆ˜âÊ>À“i˜`ˆ>Ê
ÞÊ°Ê°Ê6ˆ>`˜ˆ}>Ê/>˜
/
/"
,132KDGHVDUUROODGRXQSURFHVRSDUDODPHMRUDVLJQL¿FDWLYDGHOIXQ
FLRQDPLHQWRGHXQDLQVWDODFLyQQXFOHDUTXHUHTXLHUDPHMRUDUFRQVLVWHQ
WHPHQWHVXVUHVXOWDGRVRTXHGHEDUHFXSHUDUVXIXQFLRQDPLHQWRWUDVXQD
VLWXDFLyQGHJUDYHGHGHFOLYH(OSURFHVRVHEDVDHQSDVRVFRQVHFXWLYRV
SDUDODPHMRUDVLJQL¿FDWLYDGHOIXQFLRQDPLHQWRGHXQDFHQWUDOQXFOHDU/D
DSOLFDFLyQULJXURVD\VLVWHPiWLFDGHHVWHSURFHVROOHYDUiDODRUJDQL]DFLyQ
DXQ³FDPSREDVHIXHUWH´8QDYH]VHKD\DSURGXFLGRODPHMRUDVLJQL¿FD
WLYD\DOFDQ]DGRXQIXQFLRQDPLHQWRVDWLVIDFWRULRVRVWHQLGRORVSURFHVRV
\DFWLYLGDGHVGHODSODQWDVHUiQQRUPDOPHQWHVX¿FLHQWHVSDUDDVHJXUDUOD
PHMRUDFRQWLQXD$GHPiVH[LVWHQRWURVHVWXGLRVTXHUHODFLRQDQORVFRP
SRUWDPLHQWRV\DFFLRQHVGHOLGHUD]JRSDUDDOFDQ]DU\PDQWHQHUIXQFLRQD
PLHQWRVH[FHOHQWHV(VWRVFRPSRUWDPLHQWRVFUHDQFXOWXUDVRUJDQL]DWLYDV
FRQVWUXFWLYDVTXHVRQQHFHVDULDVSDUDDOFDQ]DUUHVXOWDGRVVRVWHQLEOHVHQ
VHJXULGDG\SURGXFFLyQ
%DVDGRHQORVRFKRSDVRVGH,132OD86$8WLOLW\6HUYLFHV$OOLDQFH
HQ FRODERUDFLyQ FRQ 726$1 KD GHVDUUROODGR XQD KRMD GH UXWD R PDU
FR SDUD HO FDPELR GH FXOWXUD RUJDQL]DWLYD TXH SHUPLWD OD LPSODQWDFLyQ
FRQp[LWRGHHVWUDWHJLDVGHPHMRUDVLJQL¿FDWLYDGHOIXQFLRQDPLHQWRGHOD
SODQWD\SDUDPRYHUDODRUJDQL]DFLyQKDFLDHOFDPLQRGHODH[FHOHQFLD
(VWHSURFHVRKDVLGRDSOLFDGRHQSODQWDVDPHULFDQDVHQWUHRWUDVHQ6XV
TXHKDQQDFRQXQFDPELRVLJQL¿FDWLYRHQODFXOWXUDRUJDQL]DWLYD\HQORV
LQGLFDGRUHVGHIXQFLRQDPLHQWRGHODLQVWDODFLyQ
7HFQDWRPGHQWURGHORVDFWLYLGDGHVFRQWUDWDGDVSRU81(6$HQORV~OWL
PRVDxRVKDDQDOL]DGRGLVFXWLGR\DVLPLODGRHVWDPHWRGRORJtDGHFDPELR
FXOWXUDO\KDHVWDEOHFLGRODVOtQHDVGHDFXHUGR\FRODERUDFLyQWDQWRFRQOD
86$FRPRFRQ726$1SDUDTXHHVWDPHWRGRORJtDVHDGHDSOLFDFLyQHQ
ODVFHQWUDOHVHVSDxRODVVLDVtVHSUHFLVDUD
(QHVWDSRQHQFLDVHSUHVHQWDGHIRUPDUHVXPLGDHOSURFHVRGHWUDQVIRU
PDFLyQFXOWXUDOHQRUJDQL]DFLRQHVFRQUHTXHULPLHQWRVGHDOWDVHJXULGDG
\¿DELOLGDG
ÓxʇÊäÎÊ
8*, -Ê ÊÊ*
ÊÊÊ
ÊÊ/"""Ê",/Ê
°Ê«iâÊՈiÀ“œÊÞÊ
°Êœ“ˆ˜}œÊ
ÀÕâ
-"
" Ê ,Ê9Ê
" -/,1
$ Ê 1-/,
/D PHWRGRORJtD 0257 0DQDJHPHQW 2YHUVLJKW DQG 5LVN 7UHH HV XQ
SURFHGLPLHQWRDQDOtWLFRTXHSURSRUFLRQDXQPpWRGRVLVWHPiWLFRSDUDGH
WHUPLQDUODVFDXVDV\IDFWRUHVTXHFRQWULEX\HQDODRFXUUHQFLDGHXQDFFL
GHQWHLQFLGHQWH3XHGHXWLOL]DUVHWDPELpQFRPRKHUUDPLHQWDSDUDHYDOXDU
ODFDOLGDGGHXQSURJUDPDGHVHJXULGDGH[LVWHQWH
(OREMHWLYRHVLGHQWL¿FDUGHXQDPDQHUDFODUD\SUHFLVDFXiOHVVRQODV
FDXVDVUDtFHVTXHKDQFRQWULEXLGRDODFFLGHQWHSDUDTXHGHHVWDIRUPDVH
SXHGDQLPSODQWDUDFFLRQHVFRUUHFWRUDVTXHHYLWHQTXHHVWH\RWURVDFFL
GHQWHVLQFLGHQWHVVLPLODUHVVHYXHOYDQDSURGXFLU
/D PHWRGRORJtD 0257 HV XQ SURFHVR GH DQiOLVLV XWLOL]DGR SRU ORV
LQYHVWLJDGRUHV DO REMHWR GH LGHQWL¿FDU ORV IDFWRUHV WDQWR GH FRQWURO
Ê 1
,Ê-*!ÊÃi«Ìˆi“LÀi‡-ÊÓää™Ê‡ nÇ
(+
E7E;A@7EFt5@;53E
2UJDQL]DFLyQ\IDFWRUHVKXPDQRV,,
HVSHFt¿FR FRPR GH OD GLUHFFLyQ TXH VRQ PiV GpELOHV GHQWUR GH XQD
RUJDQL]DFLyQ\TXHKDQGDGROXJDUDODFFLGHQWHLQFLGHQWH
6HWUDWDGHXQDOLVWDJUi¿FDTXHFRQWLHQHSUHJXQWDVJHQpULFDVTXHORV
DQDOLVWDVWUDWDQGHUHVSRQGHUXVDQGRORVGDWRVGLVSRQLEOHVSHUPLWLHQGRD
ORVLQYHVWLJDGRUHVFHQWUDUVHHQORVIDFWRUHVFDXVDOHVFODYHV
3DUDKDFHUHODQiOLVLVGHEHHVWXGLDUVHODVHFXHQFLDGHKHFKRVDVtFRPR
ORVIDFWRUHVUHODFLRQDGRVFRQHOVXFHVRFRPRVRQTXpSDVRSRUTXp\FXi
OHVIXHURQODVSpUGLGDV3DUDHOORVHUiPX\~WLOHOHPSOHRGHRWUDVWpFQLFDV
FRPSOHPHQWDULDVSDUDHODQiOLVLVGHFDXVDUDt]GLDJUDPDVGHIDFWRUHVFDX
VDOHV\HYHQWRVDQiOLVLVGHFDPELRVGHEDUUHUDV
0HGLDQWHODWpFQLFDGHDQiOLVLVGHEDUUHUDV\ODVHQWUHYLVWDVSRGUHPRV
REWHQHULQIRUPDFLyQFRPSOHPHQWDULDTXHQRVD\XGHHQODLGHQWL¿FDFLyQ
GHORVIDFWRUHVFDXVDOHV\GHODVDFFLRQHVFRUUHFWLYDVDGHFXDGDV3DUDHVWD
WDUHDHVPX\LPSRUWDQWHTXHODRUJDQL]DFLyQHVWpFRQFLHQFLDGD\VHDPX\
SDUWLFLSDWLYDHQODVODERUHVGHDQiOLVLVHLQYHVWLJDFLyQ
'HODVH[SHULHQFLDVHQODVDSOLFDFLRQHVGHOiUERO0257VHGHVSUHQGH
TXHVHWUDWDGHXQDPHWRGRORJtDGHDQiOLVLVFXDOLWDWLYDSRUORWDQWRQRHV
FDSD]GHFXDQWL¿FDUORVIDFWRUHVFDXVDOHVQLSRQGHUDUODFRQWULEXFLyQGH
FDGDFDXVDUDt]LGHQWL¿FDGDDODRFXUUHQFLDGHOVXFHVR
7DPELpQVHSXHGHFRQFOXLUGHVXDSOLFDFLyQTXHODVSUHJXQWDVDODVTXH
KD\TXHUHVSRQGHUSDUDLGHQWL¿FDUORVIDFWRUHVFDXVDOHVVRQHQRFDVLRQHV
PX\JHQpULFDVGHDSOLFDFLyQDFXDOTXLHUWLSRGHLQGXVWULDSRUORUHTXLHUH
XQHVIXHU]RDGLFLRQDOHQFRQWUDUVXHTXLYDOHQWHHQODLQGXVWULDQXFOHDU
3RUHOFRQWUDULRHODEDQLFRGHIDFWRUHVFDXVDOHVHVPiVDPSOLRTXHHQ
RWUDVPHWRGRORJtDVGHDQiOLVLVFDXVDUDt]FRQWHPSODQGRPiVDVSHFWRVTXH
RWUDVWpFQLFDVQRLQFOX\HQVLHQGRHVSHFLDOPHQWHUHFRPHQGDGRHVWHSUR
FHGLPLHQWRHQDTXHOORVFDVRVHQORVFXDOHVVHEXVFDDÀRUDUGHELOLGDGHV
RUJDQL]DWLYDVUHODFLRQDGDVFRQODGLUHFFLyQODVSROtWLFDVODFXOWXUDGHVH
JXULGDG\ORVSURFHVRVGHWRPDGHGHFLVLyQ
ÓxʇÊä{Ê
,/"-Ê ÊÊ", <
$ Ê9Ê
" /,"ÊÊ
1 Ê, Ê*,"9
/"Ê 1
,°Ê1 /"ÊÊ
*"/ ÊÊ£Óä¯ÊÊ1 Ê6,
°Ê,ՈâÊṎjÀÀiâ]Ê°ÊiÀˆ˜œÊ/iˆiÌ]Ê°Ê,ˆ«œ]Ê,°ÊÕÀVˆ>˜œÊÞÊ
>À“i˜Ê,œˆ}
LiÀ`Àœ>ʘ}i˜ˆiÀ‰>ÊÞÊ
œ˜ÃÌÀÕVVˆ˜
(OSUR\HFWRGH$XPHQWRGH3RWHQFLDGHOD&HQWUDO1XFOHDUGH/DJXQD
9HUGHFRQVLVWHHQODUHKDELOLWDFLyQ\PRGHUQL]DFLyQGHOWXUERJUXSR\GH
ORVHTXLSRVDVRFLDGRVGHODV8QLGDGHV\SDUDLQFUHPHQWDUVXSRWHQ
FLDQRPLQDOHQXQ\SRVLELOLWDUXQDH[WHQVLyQGHODRSHUDFLyQGHOD
SODQWDKDVWDXQSHULRGRGHYLGD~WLOGHDxRV(ODOFDQFHGHOSUR\HFWR
FRPSUHQGHHOGLVHxRODLQJHQLHUtDVXPLQLVWURGHORVHTXLSRVGHVPRQWDMH
LQVWDODFLyQFDSDFLWDFLyQSUXHEDVSXHVWDHQVHUYLFLRGHODVPRGL¿FDFLR
QHVDUHDOL]DU
/DGXUDFLyQGHOSUR\HFWRHVGHDxRV\ODLPSODQWDFLyQGHODVPRGL¿FD
FLRQHVVHUHDOL]DUiHQGRVUHFDUJDVHQORVDxRV\SDUDODXQLGDG
\\SDUDODXQLGDG
3DUDXQSUR\HFWRGHHVWDHQYHUJDGXUDODRUJDQL]DFLyQ\HOFRQWUROHVGH
YLWDOLPSRUWDQFLDSDUDHOFRUUHFWRGHVHPSHxRGHOPLVPR\VXEXHQWpUPL
QR$OJXQRVGHORVSXQWRVTXHGHEHPRVGHFRQVLGHUDUVRQORVVLJXLHQWHV
‡ 8QDRUJDQL]DFLyQELHQGH¿QLGDFRQUHVSRQVDELOLGDGHV\SURFHGLPLHQ
WRVGHFRRUGLQDFLyQHQWUHODVGLVWLQWDViUHDVTXHIRUPDQSDUWHGHOSUR
\HFWR3URFHGLPLHQWRGHFRRUGLQDFLyQ
‡ 3ODQL¿FDFLyQGHWDOODGDSUHYLDTXHLQFOX\HXQDVHFXHQFLDOyJLFD\HV
WUXFWXUDGDHQWUHODVDFWLYLGDGHVGHODVIDVHVGH,QJHQLHUtD±6XPLQLVWUR
nn ‡Ê 1
,Ê-*!ÊÃi«Ìˆi“LÀi‡-ÊÓää™
±&RQVWUXFFLyQ±3XHVWDHQ0DUFKD
‡ +HUUDPLHQWDVLQIRUPiWLFDVTXHIDFLOLWHQODUHDOL]DFLyQGHGLFKDSODQL¿
FDFLyQDVtFRPRHOFRQWURO\VHJXLPLHQWRGHOGHVDUUROORGHOSUR\HFWR
WDQWRDQLYHOJOREDOFRPRGHOGtDDGtDGXUDQWHODHMHFXFLyQ
‡ *HVWLyQ GHO FRQRFLPLHQWR \ OD GRFXPHQWDFLyQ 8WLOL]DFLyQ GH XQ UH
SRVLWRULRVHJXURGHGRFXPHQWDFLyQGHSUR\HFWRSDUDODJHVWLyQGHOD
FRQ¿JXUDFLyQGRFXPHQWDOGHOPLVPR
$GHPiVGHORPHQFLRQDGRDQWHULRUPHQWHFDEHGHVWDFDUTXHGXUDQWHOD
LPSOHPHQWDFLyQ GH ODV PRGL¿FDFLRQHV HQ OD &HQWUDO 1XFOHRHOpFWULFD GH
/DJXQD9HUGHLQWHUYLHQHQPiVGHSHUVRQDVWUDEDMDQGRGLUHFWDPHQWH
HQVLWLRSHUWHQHFLHQWHVDPiVGHHPSUHVDVVXEFRQWUDWLVWDVGLIHUHQWHV
DODVTXHKDVLGRQHFHVDULRHVWUXFWXUDUHQGLIHUHQWHVWXUQRV\KRUDULRVFRQ
HOREMHWLYRGHRSWLPL]DUODXWLOL]DFLyQGHOWLHPSR\GHVDUUROODUORVWUDEDMRV
GHDFXHUGRDOSURJUDPD
ÓxʇÊäxÊ
-,,""ÊÊ1 Ê
1-/" ,"ÊÊ
1/1,ÊÊ-1,\Ê6
$ Ê9Ê
--ÊÊ-1Ê
°Ê>À‰>Ê*iˆÀÊ-ˆ>£]ÊÊ°Ê>̜ÀÀi£]Ê°ÊiÀ˜?˜`iâÓÊÞÊ-°Ê«iâÓÊ
£Ê"
ÓÊ 6
(OREMHWLYRGHOSUHVHQWHWUDEDMRHVGHVDUUROODUXQFXHVWLRQDULRGH&XO
WXUDGHVHJXULGDGYiOLGR\¿DEOH(QFXDOTXLHUFRQWH[WRSHURHVSHFLDO
PHQWHHQRUJDQL]DFLRQHVGHDOWD¿DELOLGDGFRPRODVFHQWUDOHVQXFOHD
UHVHVLPSRUWDQWHGHVDUUROODUFXHVWLRQDULRVGHFXOWXUDGHVHJXULGDGFRQ
SURSLHGDGHV SVLFRPpWULFDV DGHFXDGDV SDUD SRGHU PHGLUOD \ FRQ HOOR
REWHQHUHYDOXDFLRQHVREMHWLYDV\UHDOHVVREUHODFXOWXUDGHVHJXULGDG
3RU HOOR VH KD GHVDUUROODGR HO FXHVWLRQDULR HQ XQD PXHVWUD GH HPSOHDGRV GH XQD FHQWUDO QXFOHDU &RQ HO REMHWLYR GH PRVWUDU VX YD
OLGH]FRQFXUUHQWHVHKDUHODFLRQDGRFRQRWUDVYDULDEOHVGHLQWHUpVHQ
HVWH FRQWH[WR FXOWXUD RUJDQL]DFLRQDO FRPXQLFDFLyQ RUJDQL]DFLRQDO \
FDUDFWHUtVWLFDVGHODRUJDQL]DFLyQ$VtPLVPRKHPRVOOHYDGRDFDERXQ
$QiOLVLV)DFWRULDO&RQ¿UPDWRULRSDUDHYDOXDUVXYDOLGH]GHFRQVWUXFWR
/DVROXFLyQIDFWRULDOPXHVWUDIDFWRUHVSULRULGDGGHODVHJXULGDGHQ
ODRUJDQL]DFLyQSURPRFLyQGHODVHJXULGDGHQWUHORVHPSOHDGRVFODUL
GDGGHODVUHVSRQVDELOLGDGHVHQVHJXULGDGLQWHJUDFLyQSRULQIRUPDFLyQ
FXPSOLPLHQWRV GH ORV SURFHGLPLHQWRV GH VHJXULGDG FRQGXFWDV GH VH
JXULGDGGHOMHIHLQPHGLDWR&RPXQLFDFLyQ\PRWLYDFLyQHQVHJXULGDG
PHMRUDGHODVHJXULGDG\DSUHQGL]DMHGHHUURUHV$VLPLVPRORVIDFWRUHV
PXHVWUDQtQGLFHVGH¿DELOLGDGDGHFXDGRV$VtPLVPRVHFRQ¿UPDOD
YDOLGH]FRQFXUUHQWHFRQODVYDULDEOHVUHODFLRQDGDV\YDOLGH]GHFRQV
WUXFWRGHODHVWUXFWXUDIDFWRULDO(VWRVUHVXOWDGRVVXJLHUHQTXHHOFXHV
WLRQDULRGHVHJXULGDGGHVDUUROODGRHVXQLQVWUXPHQWR¿DEOH\YiOLGRDOD
KRUDGHUHDOL]DUHYDOXDFLRQHVTXHSHUPLWHXQGLDJQyVWLFRGHWDOODGRHQ
RUJDQL]DFLRQHVGHODVPLVPDVFDUDFWHUtVWLFDV
$QiOLVLVGHOFDPELRGHOD&XOWXUDGH6HJXULGDGHQ&HQWUDOHV1X
FOHDUHV\VXVSULQFLSDOHVSUHGLFWRUHV
(OREMHWLYRGHHVWHWUDEDMRHVDQDOL]DUHO&DPELRGHOD&XOWXUDGH6H
JXULGDG \ ORV SULQFLSDOHV SUHGLFWRUHV GHO PLVPR +DVWD GRQGH FRQRFH
PRVQRVHKDUHDOL]DGRXQDQiOLVLVGHOFDPELRGHODFXOWXUDGHVHJXULGDG
HQ FHQWUDOHV QXFOHDUHV GH HVWDV FDUDFWHUtVWLFDV 0HGLDQWH XQ GLVHxR GH
DQiOLVLV PXWLQLYHO ORQJLWXGLQDO DQDOL]DPRV HO FDPELR HQ ODV GLIHUHQWHV
GLPHQVLRQHVGHFXOWXUDGHVHJXULGDGDGHPiVGHPRVWUDUYDULDEOHVTXH
SURQRVWLFDQVXHYROXFLyQDORODUJRGHOWLHPSR/DPXHVWUDGHOWLHPSR
E@7
3URJUDPD\6LQRSVLVGHODV3RQHQFLDV
PD\RHVWiIRUPDGDSRUHPSOHDGRVPLHQWUDVTXHODPXHV
WUD GHO WLHPSR HQHUR HVWi IRUPDGD SRU HPSOHDGRV DPEDV
PXHVWUDVSHUWHQHFHQDXQDFHQWUDOQXFOHDUHOWLHPSRWUDQVFXUULGRHQWUH
DPEDVUHFRJLGDVHVGHXQDxR\FLQFRPHVHV/RVUHVXOWDGRVPXHVWUDQ
TXHFRQWURODGDVODXELFDFLyQGHORVHPSOHDGRV\HOWLSRGHSHUVRQDOODV
GLPHQVLRQHV GH FXOWXUD GH VHJXULGDG SULRULGDG GH OD VHJXULGDG HQ OD
RUJDQL]DFLyQSURPRFLyQGHODVHJXULGDGHQWUHORVHPSOHDGRVFODULGDG
GHODVUHVSRQVDELOLGDGHVHQVHJXULGDGLQWHJUDFLyQSRULQIRUPDFLyQFXP
SOLPLHQWRVGHORVSURFHGLPLHQWRVGHVHJXULGDGFRQGXFWDVGHVHJXULGDG
GHO MHIH LQPHGLDWR &RPXQLFDFLyQ \ PRWLYDFLyQ HQ VHJXULGDG PHMRUD
GHODVHJXULGDG\DSUHQGL]DMHGHHUURUHVYDUtDQDWUDYpVGHOWLHPSR/DV
YDULDEOHV TXH SULQFLSDOPHQWH KDQ SURQRVWLFDGR HO FDPELR KDQ VLGR OD
HIHFWLYLGDGGHODFRPXQLFDFLyQODFODULGDGGHUROHVHQODRUJDQL]DFLyQ\
GLVWLQWDVGLPHQVLRQHVGHODFXOWXUDRUJDQL]DFLRQDO2&,(QODPHGLGD
HQ TXH SRGDPRV PRGL¿FDU HVWRV SUHGLFWRUHV GHO FDPELR GH FXOWXUD GH
VHJXULGDGTXHVHPXHVWUDQHQHOWUDEDMRSRGUHPRVPRGL¿FDUODPLVPDD
ORODUJRGHOWLHPSR
5HIHUHQFLDV
$QGULHVVHQ'5HFRQFLOLQJWKHULJRUUHOHYDQFHGLOHPPDLQWKHLQWHOOHFWXDO
FDSLWDOUHVHDUFK7KH/HDUQLQJ2UJDQL]DWLRQV9ROQRSS
'L%HOOD$1HYLV:*RXOG-0³8QGHUVWDQGLQJ2UJDQL]DWLRQVDV/HDU
QLQJ6\VWHPV´6ORDQ0DQDJHPHQW5HYLHZ9ROQRSS
2UJDQL]DFLyQ,QWHUQDFLRQDOGHOD(QHUJLD$WyPLFD2,($'HYRORSLQJ6DIHW\&XO
WXUD,QGLFDWRUV
6DQFKH]$ODUFRV-,PSURYLQJ$LU6DIHW\WKURXJK2UJDQL]DWLRQDO/HDUQLQJ
(G$VKJDWH+DPVSKLUH
/H\GH3UHYHQFLyQGH5LHVJRVODERUDOHV/H\GHGHGLFLHPEUH%ROHWtQ
2¿FLDOGHO(VWDGRQžGHGHQRYLHPEUH3iJLQDV±
/H\GHUHIRUPDGHOPDUFRQRUPDWLYRGHODSUHYHQFLyQGHULHVJRVODERUDOHV/H\
GHGHGLFLHPEUH%ROHWtQ2¿FLDOGHO(VWDGRQžGHGHGLFLHPEUH
3iJLQDV±
5HDO'HFUHWRTXHPRGL¿FDDO5HJODPHQWRGHORVVHUYLFLRVGHSUHYHQFLyQ5'
GHGHPD\R%ROHWtQ2¿FLDOGHO(VWDGRQžGHGHPD\R3iJL
QDV±
ÓxʇÊäÈÊ
/",-ÊÊ*, <Ê
", </6"Ê Ê*,6 $ ÊÊ
,-"-Ê",-°ÊÊ
-"ÊÊ1 Ê
*,-Ê ÊÊ-
/",ÊÊ ,
$ Ê
/,
°Ê˜Ìœ˜ˆœÊ
>i>Ê,ÕLˆœ£ÊiÊ°Ê>À̉˜Ê,ÕLˆœÓÊ
£Ê/
/"ÊÊÊ
ÓÊ1 6,-Ê*"/
ÊÊ,
(OWUDEDMRVHFHQWUDHQHOHVWXGLRGHOPRGHORRUJDQL]DWLYRSDUDDSUHQGHU
D UHGXFLU ORV DFFLGHQWHV HQ HO VHFWRU GH JHQHUDFLyQ HOpFWULFD \ PHMRUDU
VXSURFHVRSUHYHQWLYRHPSUHVDULDO(OHQIRTXHSURSXHVWRDERUGDODSUH
YHQFLyQGHULHVJRVODERUDOHVGHVGHODSHUVSHFWLYDGHFXOWXUDRUJDQL]DWLYD
SDUD³$SUHQGHUD3UHYHQLU´1RVSUHJXQWDPRV¢TXpIDFWRUHVLQÀX\HQHQ
HO SURFHVR RUJDQL]DWLYR GH OD HPSUHVD" ¢&yPR VH DSUHQGH D SUHYHQLU"
¢&yPRLQÀX\HQORVDFFLGHQWHVODERUDOHVXQDYH]RFXUULGRVHQHOSURFHVR
GHDSUHQGL]DMHRUJDQL]DWLYR"
7RGDVODVRUJDQL]DFLRQHVWLHQHQFDSDFLGDGGHDSUHQGL]DMHODGLIHUHQFLD
HVWiHQODIDFLOLGDGRGL¿FXOWDGSDUDTXHVHGHVDUUROOHXQDSUHQGL]DMH~WLO
DVtFRPRHQODHIHFWLYLGDGGHODRUJDQL]DFLyQHQVXHVWLORGHWUDEDMR
$OUHYLVDUORVSULQFLSDOHVIDFLOLWDGRUHVGHOSURFHVRGHDSUHQGL]DMHRU
JDQL]DWLYRHVWDEOHFLGRVHQODOLWHUDWXUD\DFOiVLFDGHOWHPDHQWUHRWURV
'L%HOOD 1HYLV \ *RXOG REVHUYDPRV ORV VLJXLHQWHV /LGHUD]JR
&XOWXUDGH6HJXULGDG)RUPDFLyQ7HFQRORJtD\3ROtWLFDGH5HFXUVRV+X
PDQRV
/RVVHFWRUHVHQORVTXHODVHJXULGDGHVHVHQFLDOFRPRHQHOVHFWRUDH
URQiXWLFR\HQHOVHFWRUGHJHQHUDFLyQGHHQHUJtDHOpFWULFDQXFOHDUHVIXQ
GDPHQWDODSUHQGHUDUHGXFLUHOQ~PHURGHIDOORV6iQFKH]$ODUFRV
2,($SRUORTXHORVPLVPRVDFFLGHQWHVSURGXFLGRVVRQIDFWRUHV
UHYXOVLYRV TXH SHUPLWHQ D WUDYpV GH VX UHYLVLyQ REWHQHU LQIRUPDFLyQ \
FRQRFLPLHQWRSDUDPHMRUDUHOPRGHOR
(OOLGHUD]JRHQHOSURFHVRGHODSUHYHQFLyQGHULHVJRVODERUDOHVWLHQH
TXHDSUR[LPDUVHDXQDHVSHFLHGH³SUHYHQFLyQSHUVXDVLYD´HVGHFLUVHU
H[TXLVLWRVDODKRUDGHREOLJDU\FRQYHQFHU\QRVRORHQHOSURFHVRGH
FRQWURO\REOLJDFLyQ
&RPRFRQFOXVLyQPiVLPSRUWDQWHHQHVWHHVWXGLRREVHUYDPRVTXHH[LV
WHXQDUHODFLyQFODUDHLPSRUWDQWHHQWUHORVDFFLGHQWHV\ORVIDFWRUHVIDFL
OLWDGRWHVGHODSUHQGL]DMHRUJDQL]DWLYR
ÓxʇÊäÇÊ
1 Ê"*",/1 Ê*,Ê "Ê
+16"
, "-ÊÊ,,",Ê1 "
*°Ê“>ÀœÊÀ>}՘`i]Ê,°Ê“iâÊ
>`ˆš>˜œÃÊÞÊ°Ê"LiÜÊ/œÀˆViÃ
1
",
8QJUXSRGHSHUVRQDVSURFHGHQWHVGHGLIHUHQWHVVHFFLRQHVGHOD&1GH6W
0DUtDGH*DURxD*&2\)+GHFLGLPRVHPEDUFDUQRVHQXQDDYHQWXUD
UHWDGRUDHLOXVLRQDQWHFRPRHVHVFULELUXQOLEURTXHUHFRMDWRGRHOEDJDMH
DFXPXODGRHQHVWHWLHPSROHFWXUDVYLVLWDVDRWUDVFHQWUDOHVQXFOHDUHV
DVLVWHQFLD H LPSDUWLFLyQ GH FXUVRV \ OR TXH HV PiV LPSRUWDQWH OD H[
SHULHQFLDYLYLGDHQHOGtDDGtD1XHVWURREMHWLYRIXQGDPHQWDOHVGDUD
FRQRFHUXQDKHUUDPLHQWDHPLQHQWHPHQWHSUiFWLFDDORVSURIHVLRQDOHVTXH
GLDULDPHQWH OXFKDQ FRQWUD HO HUURU KXPDQR HQ VXV GLIHUHQWHV RUJDQL]D
FLRQHV
/DREUDHVWiHVWUXFWXUDGDHQFXDWURFDStWXORV\GRVDSpQGLFHV
³(UUDUHKXPDQXPHVW´SUHWHQGHTXHHOOHFWRUUHÀH[LRQHVREUHHOFRQ
FHSWRGHOHUURUKXPDQRVXRULJHQ\ODVEDUUHUDVSDUDFRPEDWLUOR/D¿QD
OLGDGHVKDFHUOHYHUTXHHOHUURUKXPDQRHVWiSUHVHQWHHQQXHVWUDVYLGDV
GHIRUPDPiVIUHFXHQWHGHORTXHSHQVDPRV\TXHHVWXGLDQGRVXRULJHQ
HVSRVLEOHHVWDEOHFHUODVEDUUHUDVHQIRFDGDVDHYLWDUORRDOPHQRVDPL
QLPL]DUOR
³(OURVWURDPDUJRGHOHUURU´PXHVWUDODVSRVLEOHVFRQVHFXHQFLDVGHORV
HUURUHVKXPDQRVFHQWUiQGRQRVHQHOiPELWRQXFOHDU1DUUDPRVXQDVHULH
GHDFFLGHQWHVHLQFLGHQWHVHQORVTXHVHREVHUYyTXHHOHUURUKXPDQRIXH
XQIDFWRUGHFLVLYRHQpVWRV
³/DVH[SOLFDFLRQHVGHOHUURU´UHÀH[LRQDVREUHODHYROXFLyQTXHHOFRQ
FHSWR GHO HUURU KXPDQR KD H[SHULPHQWDGR \ FXiOHV VRQ ODV FDXVDV TXH
VHHQFXHQWUDQGHWUiVGHpO/RLOXVWUDPRVFRQXQDVHULHGHHMHPSORVTXH
IDFLOLWHQ VX FRPSUHQVLyQ (Q HO DSpQGLFH ,, SUHVHQWDPRV XQD VHULH GH
FRGL¿FDFLRQHVGHFDXVDVTXHVLUYDQDORVWpFQLFRVSDUDVXDJUXSDFLyQ\OD
UHDOL]DFLyQGHDQiOLVLVGHWHQGHQFLDV
³/DEDWDOODFRQWUDHOHUURU´H[SRQHODVGLIHUHQWHVWpFQLFDVTXHVHPDQH
MDQSDUDPLQLPL]DUHOHUURUKXPDQR6XGHVFULSFLyQHVSUiFWLFD\FRQHO
VX¿FLHQWHQLYHOGHGHWDOOHSDUDTXHFXDOTXLHUSHUVRQDODVSXHGDDVLPLODU
\DSOLFDUGHIRUPDH¿FD]
Ê 1
,Ê-*!ÊÃi«Ìˆi“LÀi‡-ÊÓää™Ê‡ n™
(+
2UJDQL]DFLyQ\IDFWRUHVKXPDQRV,,
ÓxʇÊänÊ
-1*,6-$ ÊÊ
/",-Ê1 "-Ê Ê
*,1-ÊÊ6 Ê1, /Ê*,Ê
Ê,
,Êä™Ê Ê
Ê-/°Ê,ÊÊ
,"!
°Ê"LiÜÊ/œÀˆViÃ
1
",
&XDQGRODVFHQWUDOHVQXFOHDUHVFDPELDQVXHVWDGRRSHUDWLYRSDVDQGRGH
PDUFKDDSDUDGDGHUHFDUJDPXFKDVGHODVDFWLYLGDGHVUXWLQDULDVTXHVH
YHQtDQGHVDUUROODQGRVXIUHQYDULDFLRQHV
/RVWpFQLFRVGH)DFWRUHV+XPDQRVGHODVFHQWUDOHVSXHGHQDIURQWDUDF
WLYLGDGHVTXHGHVDUUROOHQDVSHFWRVGHPHMRUDGH&XOWXUDGH6HJXULGDG\
PLQLPL]DFLyQGHOHUURUKXPDQRGXUDQWHHVWHHVWDGRRSHUDWLYR
(QOD&1GH6WD0DUtDGH*DURxDGHVGHODSDUDGDGHUHFDUJDVHYLH
QHQUHDOL]DQGRVXSHUYLVLRQHVGH)DFWRUHV+XPDQRVHQSUXHEDVGHYLJL
ODQFLD6XREMHWLYRHVFRQWURODU\FRUUHJLUDVSHFWRVGH)DFWRUHV+XPDQRV
TXHSXHGDQLQÀXLUQHJDWLYDPHQWHHQODHMHFXFLyQGHSUXHEDVGHYLJLODQFLD
SULQFLSDOPHQWHHQIRFDGDVHQODVHFFLyQGH2SHUDFLyQ
™ä ‡Ê 1
,Ê-*!ÊÃi«Ìˆi“LÀi‡-ÊÓää™
E7E;A@7EFt5@;53E
/D REVHUYDFLyQ GH IRUWDOH]DV R GHELOLGDGHV D WUDYpV GH ORV GLIHUHQWHV
FRPSRUWDPLHQWRVGHODVSHUVRQDVDODKRUDGHDIURQWDUHVWDVSUXHEDVGH
YLJLODQFLDSHUPLWLUiLPSODQWDUDFFLRQHVFRUUHFWLYDVRGHPHMRUDDFFLRQHV
IRUPDWLYDVGLVFXVLRQHVRDGLHVWUDPLHQWR
6RQGLH]ODVDFWXDFLRQHVKXPDQDVREVHUYDGDVDOJXQDVGHHOODVXWLOL]DQ
GRHVFDODVGHDSUHFLDFLyQ
8VRGHSURFHGLPLHQWRVFRPXQLFDFLyQWUHVYtDVPHMRUDGHSURFH
GLPLHQWRVRSHUDFLyQGHQWURGHORVOtPLWHVGHSUXHEDDFWLWXGFXHVWLR
QDGRWDDXWRYHUL¿FDFLyQYHUL¿FDFLyQGREOHHLQGHSHQGLHQWHWRPDGH
GHFLVLRQHVFRQVHUYDGRUDVFRQWUROGHHVWUpV\FRPSRUWDPLHQWRJHQH
UDO
(O UDQJR GH PHGLGD SXHGH YDULDU GHVGH PX\ LQVDWLVIDFWRULR KDVWD VR
EUHVDOLHQWH
0XFKDVIRUWDOH]DVFRQSRFDVRQLQJXQDGHELOLGDGUHÀHMDQQRUPDOPHQWH
XQFRPSRUWDPLHQWRPX\VHJXUR$OJXQDVIRUWDOH]DVMXQWRFRQYDULDVGH
ELOLGDGHVGHSRFDLPSRUWDQFLDUHÀHMDQQRUPDOPHQWHXQFRPSRUWDPLHQWR
VDWLVIDFWRULR0XFKDVGHELOLGDGHVRGHELOLGDGHVGHFDUiFWHULPSRUWDQWHUH
ÀHMDQXQFRPSRUWDPLHQWRLQVDWLVIDFWRULR
1R KD\ TXH ROYLGDU TXH HVWH WLSR GH VXSHUYLVLyQ SUHWHQGH RIUHFHU XQ
VHUYLFLRSDUDPHMRUDUODXWLOL]DFLyQGHKHUUDPLHQWDVGHPLQLPL]DFLyQGH
HUURUHVTXHDGHPiVUHFXHUGDODIRUPDGHXWLOL]DUODVHQFDPSR
E@7
3URJUDPD\6LQRSVLVGHODV3RQHQFLDV
ÓÈʇÊ,-1"-Ê,
/6"-Ê­®
6ˆiÀ˜iÃÊÎäʇʣä]ää…Ê Ê
Ê
Ê
Ê
Ê
Ê
-\Ê,Ê
1,
*ÀiÈ`i˜Ìi\Ê>LÀˆiÊ*ˆš>ÊÉÊ
/
œœÀ`ˆ˜>`œÀ>\Ê-ˆÛˆ>Ê"ÀÌi}>ÊÉÊ /
Ê 1
,‡7-/ "1-
ÓÈʇÊä£Ê
ÓÈʇÊäÓÊ
/,/ /Ê"Ê/Ê-/Ê7-/Ê,"Ê
*9,"‡*,"
-- Ê"Ê/Ê,,/Ê
1
,Ê1°Ê
" / /" Ê"Ê
‡
Ê,"Ê*Ê9Ê
*,
*//" \Ê**
/" Ê/"Ê /,
" -Ê
,"Ê "8É
",$ Ê Ê /-Ê -/1,"-
°ÊiÊ
À`œL>]Ê°Ê+Ոšœ˜iÃ]Ê°Ê-?˜V…iâ]Ê°ÊiÀ˜?˜`iâ]Ê
°Ê-iÀÀ>˜œ]Ê-°ÊÕÀ?˜ÊÞÊ°ÊṎjÀÀiâÊÊ
/É Ê
3\URPHWDOOXUJLFDOSURFHVVHVDUHFXUUHQWO\XQGHULQYHVWLJDWLRQIRUUHSURF
HVVLQJRILUUDGLDWHGIXHOVFRPLQJIURPIXWXUHLQQRYDWLYHV\VWHPVHLWKHU
*HQ,9RU$'67KHVHSURFHVVHVWDNHSODFHLQPROWHQVDOWDQGPHWDOOLF
PHGLDDWKLJKWHPSHUDWXUHZKHUHFKHPLFDORUHOHFWURFKHPLFDOH[WUDFWLRQ
DOORZV VHSDUDWLRQ RI DFWLQLGHV $Q IURP ¿VVLRQ SURGXFWV )3 IRU ODWHU
UHF\FOLQJRIWKHIRUPHURQHV
,Q PROWHQ FKORULGH PHGLD QRUPDOO\ WKH /L&O.&O HXWHFWLF WKH PDLQ
VWHSRIWKHVHSDUDWLRQSURFHVVLVWKHHOHFWURUH¿QLQJZKHUHWKH$QDUHUH
FRYHUHGRQWRDVROLGRUDOLTXLGFDWKRGH$IWHUVHYHUDOVHSDUDWLRQF\FOHV
)3DFFXPXODWHGLQWKHVDOWSKDVHFDQEHUHPRYHGDQGWKHVDOWUHXVHGLQ
WKHVHSDUDWLRQVWHSWKLVZD\WKHVDOWZDVWHYROXPHIURPWKHS\URFKHPLFDO
UHSURFHVVLQJLVPLQLPL]HG
,QWKHVDOWSKDVH)3DUHSUHVHQWLQWKHIRUPRIFKORULGHVZKLFKDUHVROX
EOHLQZDWHU6LQFHWKH\DUHQRUPDOO\UDGLRDFWLYHFRQVHTXHQWO\KHDWHPLW
WHUVWKH\PXVWEHFRQYHUWHGLQWRGXUDEOHZDVWHIRUPVWKDWZRXOGSHUPLW
HLWKHU WKHLU GLUHFW GLVSRVDO RU WKHLU FRQGLWLRQLQJ WKURXJK D FRQYHQWLRQDO
SURFHVVLQDFHUDPLFRUJODVVPDWUL[
)RUDVXFFHVVIXOUHXVHRIWKHVROYHQW/L&O.&OWKHHXWHFWLFFRPSRVL
WLRQDQGWKHSUHVHQFHRILPSXULWLHVRIWKHUHFRYHUHGVDOWPXVWEHZLWKLQDQ
DFFHSWDEOHUDQJH,QRUGHUWRGRVRSUHFLSLWDWLRQE\UHDFWLRQZLWKJDVHRXV
UHDJHQWVVXFKDVR[\JHQLVSURSRVHGDVDQDOWHUQDWLYHWRWKHWUDGLWLRQDOO\
XVHGPHWKRGVLH]HROLWHLRQH[FKDQJHDQGSUHFLSLWDWLRQE\DGGLWLRQRI
VROLGSUHFXUVRUV7KHJDVUHDJHQWLVEXEEOHGLQWRWKHPROWHQVROXWLRQFRQ
WDLQLQJWKHGLVVROYHG)3PRVWO\ODQWKDQLGHV\LHOGLQJDQLQVROXEOHR[\
FKORULGHRUR[LGHSUHFLSLWDWH
)LQDOO\LQRUGHUWRREWDLQDVWDEOHZDVWHIRUPFRPSDWLEOHZLWKJODVVHV
DQG FHUDPLFV FXUUHQWO\ XVHG IRU FRQGLWLRQLQJ R[\FKORULGHV FDQ EH GH
FKORULQDWHGDQGR[LGL]HGLQWRWKHLUR[LGHVE\DWKHUPDOWUHDWPHQW
7KLVZRUNSUHVHQWVWKHUHVXOWVREWDLQHGRQWKHVWXG\RIWKHSUHFLSLWD
WLRQRI1GR[\FRPSRXQGVLQPROWHQ/L&O.&ODWƒ&E\WKHVRFDOOHG
³VSDUJLQJPHWKRG´1GFKORULGHKDVEHHQSUHFLSLWDWHGE\UHDFWLQJZLWK2
JDV&RQYHUVLRQHI¿FLHQFLHVRYHUZHUHUHDFKHG7KHSUHFLSLWDWH
REWDLQHGZDVFKDUDFWHUL]HGE\;5'DQDO\VLVLQGLFDWLQJWKHIRUPDWLRQRI
1G2&O7KHUPDOGHFKORULQDWLRQDQGR[LGDWLRQRI1G2&OOHGWRDZHLJKW
ORVVEHWZHHQZKLFKFRUUHVSRQGVWRWKHFRQYHUVLRQRI1G2&OLQWR
1G2WKLVZDVFRQ¿UPHGE\;5'
°Ê/œÀÀiÃ]Ê°ÊÃVÀˆL>˜œ]Ê°ÊiÃÖÃÊ/ÕÀÀiÀœ]Ê*°Ê°Ê>À̉˜
(QORV6LVWHPDVGH%DUUHUDVGH,QJHQLHUtD6%,HPSOHDGRVSDUDHODLVODPLHQ
WR\FRQWHQFLyQGHORVUHVLGXRVUDGLDFWLYRVGHDOWDDFWLYLGDGHVUHODWLYDPHQWH
IUHFXHQWHHOXVRFRPELQDGRGHDFHURLQR[LGDEOH\PDWHULDOHVFHPHQWRVRV
([LVWHQ P~OWLSOHV HMHPSORV WDQWR HQ DOPDFHQDPLHQWR WHPSRUDO FRPR
HQJHVWLyQ¿QDO(QHODOPDFHQDPLHQWRWHPSRUDOSRGUtDFLWDUVHHOVLVWHPD
GHDOPDFHQDPLHQWRHQVHFRVHOHFFLRQDGRSRU(15(6$SDUDHOYDFLDGRGH
ODSLVFLQDGHFRPEXVWLEOHGHOD&HQWUDO1XFOHDU-RVp&DEUHUDGRQGHVH
HPSOHDQFRQWHQHGRUHVPL[WRVDFHURKRUPLJyQ
(QHOFDVRGHO$OPDFHQDPLHQWR*HROyJLFR3URIXQGR$*3FDEHGHVWDFDU
HOFRQFHSWRSURSXHVWRSDUDHO6%,HQ%pOJLFDFRQVLVWHHQHOXVRGH³VXSHU
FRQWHQHGRUHV´GRQGHODFiSVXODGHDFHURTXHFRQWHQGUtDORVYLGULRVHVWDUtD
URGHDGDSRUXQFRQWHQHGRUH[WHUQRGHKRUPLJyQ&RPRUHOOHQRGHOHVSDFLR
H[LVWHQWHHQWUHHOFRQWHQHGRU\ODIRUPDFLyQJHROyJLFDVHHPSOHDUtDQPDWH
ULDOHVFHPHQWRVRV(VWHGLVHxRIDFLOLWDUtDODVRSHUDFLRQHVGHHPSOD]DPLHQWR
GHORVUHVLGXRV\UHGXFLUtDORVIHQyPHQRVGHFRUURVLyQGHODFHURGHELGRDO
HOHYDGRS+GHOPHGLR&RPRLQFRQYHQLHQWHSUHVHQWDODHVFDVDLQIRUPDFLyQ
GLVSRQLEOHDFHUFDGHODGHJUDGDFLyQGHOKRUPLJyQ\GHODVLQWHUDFFLRQHVDFH
URKRUPLJyQDODUJRSOD]R'HELGRDODEDMDFRQGXFWLYLGDGGHOKRUPLJyQ\DO
FDORUGHVSUHQGLGRGXUDQWHHOGHFDLPLHQWRUDGLDFWLYRVHSUHYHHTXHGXUDQWH
XQSHUtRGRUHODWLYDPHQWHH[WHQVRHOVLVWHPDSUHVHQWHXQDDWPyVIHUDVHFDFRQ
WHPSHUDWXUDVVXSHULRUHVDORVž&&RQGLFLRQHVVLPLODUHVVHHVSHUDQGXUDQWH
ODRSHUDFLyQGHORVVLVWHPDVGHDOPDFHQDPLHQWRHQVHFR
3DUDHYDOXDUODVHJXULGDGDODUJRSOD]RGHODVGLVWLQWDVLQVWDODFLRQHVGH
DOPDFHQDPLHQWRHVQHFHVDULRLPSOHPHQWDUGLVWLQWRVSDUiPHWURVUHODFLR
QDGRVFRQODGHJUDGDFLyQGHHVWRVPDWHULDOHVHQORVPRGHORVDFWXDOHV3RU
HVWHPRWLYRVHKDFHQHFHVDULRFRQRFHUODHYROXFLyQTXtPLFD\HVWUXFWXUDO
GHHVWRVPDWHULDOHVHQPHGLRVLQVDWXUDGRVDHOHYDGDVWHPSHUDWXUDV(VWR
DGTXLHUHPD\RULPSRUWDQFLDHQHOFDVRGHORV$*3VGRQGHHOWLHPSRGH
RSHUDFLyQFRQWHPSODGRH[FHGHORVDxRV
ÓÈʇÊäÎÊ
/, -*",/ÊÊ
""-Ê9Ê," 1
"-Ê
Ê1 Ê"Ê
,-/ "Ê"Ê
" " -ÊÊ1"Ê-*,-Ê Ê1 Ê
/"Ê"$
"Ê*,"1 "
°ÊL>ÀÀ>˜]Ê/°ÊˆÃÃ>˜>]Ê1°Êœ˜Ãœ]Ê°Ê>ÀVˆ>‡ṎjÀÀiâÊ
ÞÊ/°Ê«iâ
/
/RVFRORLGHVJHQHUDGRVHQODVEDUUHUDVGHLQJHQLHUtDGHXQDOPDFHQDPLHQ
WRGHUHVLGXRVUDGLRDFWLYRV$55HPSOD]DGRVHQPHGLRVFULVWDOLQRVHM
Ê 1
,Ê-*!ÊÃi«Ìˆi“LÀi‡-ÊÓää™Ê‡ ™£
(,
E7E;A@7EFt5@;53E
5HVLGXRVUDGLDFWLYRV,,,
FRORLGHVGHEHQWRQLWDSXHGHQMXJDUXQSDSHOIXQGDPHQWDOHQHOWUDQVSRUWH
GHUDGLRQXFOHLGRV
(QHVWHHVWXGLRVHUHDOL]DURQHQVD\RVGHWUDQVSRUWHFRQFRORLGHVGHEHQ
WRQLWDHQFROXPQDVGHJUDQLWRSURYHQLHQWHVGHO*ULPVHO7HVW6LWH*76
6XL]D EDMR FRQGLFLRQHV JHRTXtPLFDV DSURSLDGDV SDUD OD HVWDELOLGDG GH
ORVPLVPRVHQHOVLVWHPD
(O REMHWLYR SULQFLSDO GHO WUDEDMR HV HVWXGLDU ORV SULQFLSDOHV SURFHVRV
TXHDIHFWDQHOWUDQVSRUWH\UHWHQFLyQ¿OWUDFLyQGHORVFRORLGHVHQXQPH
GLRFULVWDOLQRJUDQLWREDMRODVFRQGLFLRQHVKLGURGLQiPLFDVHVSHUDGDVHQ
XQUHSRVLWRULRUHDOEDMRVÀXMRVGHDJXD\DQDOL]DUFRPRHVWRVSURFHVRV
SXHGHQDIHFWDUODPLJUDFLyQGHORVUDGLRQXFOHLGRV3DUDOOHYDUDFDERORV
HQVD\RVGHWUDQVSRUWHVHHPSOHDURQUDGLRQXFOHLGRVFRQGLIHUHQWHVJUDGRV
GHDGVRUFLyQHQODDUFLOODEHQWRQLWtFDFRPRHO6U8\&V
/DGHVFULSFLyQGHFRPRORVFRORLGHVPRELOHVy¿OWUDGRVHQODIUDFWXUD
DIHFWDQHOFRPSRUWDPLHQWRGHOWUDQVSRUWHGHGLIHUHQWHVUDGLRQXFOHLGRVHV
SURSRUFLRQDGDHQHVWHHVWXGLR
ÓÈʇÊä{Ê
" -,
" -Ê ,-ÊÊ
/,/ /"ÊÊ,-1"-Ê,
/6"-Ê
/ÊÊ/
""ÊÊ*-
°ÊՈj˜£]Ê°Ê-?˜V…iâÊ-Õ`œ˜£ÊÞÊ*°Êœ˜â?iâÊÀœ˜>Ó
£Ê˜ˆÌiVÊ ÕVi>À‡7iÃ̈˜}…œÕÃi
Óʘ`iÃ>Êi˜iÀ>Vˆ˜
&XDQGRVHKDEODGHOD*HVWLyQGH5HVLGXRV5DGLDFWLYRVHQHOiPELWRGH
ODV&&11(VSDxRODVQXHVWUDVPLUDGDVSXHGHQGLULJLUVHIiFLOPHQWHKDFLD
WUHViUHDVFODYHSDUDOD2SWLPL]DFLyQGHODPLVPD
3URGXFFLyQGH5HVLGXRV7LSRORJtD\&DQWLGDG*HQHUDGD
/LPLWDFLRQHV 5DGLROyJLFDV GHO &$ (O &DEULO \ HQ HO 7UDQVSRUWH GH
5HVLGXRV5DGLDFWLYRV
&DSDFLGDGOtPLWHGHODOPDFHQDPLHQWRGH5%0$GH(O&DEULO
'HWRGRVHVFRQRFLGRHOHVIXHU]RTXHKDQUHDOL]DGRORVSURGXFWRUHVGH
UHVLGXRVHQPLQLPL]DUODFDQWLGDGGHUHVLGXRJHQHUDGRHVWRVHKDFRQVH
JXLGRJUDFLDVDSURFHGLPLHQWRVDGPLQLVWUDWLYRVHQIRFDGRVDRSWLPL]DUOD
JHQHUDFLyQGHUHVLGXRV\DSOLFDUVROXFLRQHVWHFQROyJLFDVSDUDODUHGXFFLyQ
GHOYROXPHQLQFLQHUDGRUFRPSDFWDGRUDV«7DPELpQHVGHVWDFDEOHTXH
FRQODFUHDFLyQGHO$OPDFHQDPLHQWRHVSHFt¿FRGH5%%$VHRSWLPL]DOD
FDSDFLGDGOLPLWDGDGHODOPDFHQDPLHQWRGH5%0$
%DMRORVSRVLEOHVHVFHQDULRVGHODJHQHUDFLyQGHUHVLGXRVUDGLDFWLYRV
\HQHOPDUFRGHODJHVWLyQDFWXDOGHORVPLVPRVHQHOSUHVHQWHWUDEDMR
HVWXGLDPRVODVFRQVHFXHQFLDVGHLQFRUSRUDUHQHOVLVWHPDXQQXHYRFRP
SRQHQWHWHFQROyJLFRFRPRHVHOWUDWDPLHQWRGHUHVLGXRVUDGLDFWLYRVPH
GLDQWHODWHFQRORJtDGHOSODVPD
$SDUWLUGHORVGDWRVGHOXVRGHODFLWDGDWHFQRORJtDSUHVHQWDPRVXQD
VHULHGHFDVRVWHyULFRVHQORVTXHIDFWRUHVTXH³DSULRUL´SXHGDQVHUFRQ
VLGHUDGRVFRPRIDYRUDEOHVHQODJHVWLyQJOREDOGHORVUHVLGXRVFRPRSRU
HMHPSORHOHOHYDGRYDORUGHOIDFWRUGHUHGXFFLyQGHYROXPHQTXHSXHGH
VHUOLPLWDQWHDODKRUDGHWUDWDUFLHUWRWLSRGHUHVLGXRV\DTXHSRGUtDQ
JHQHUDUVHEXOWRVQRFRQIRUPHVSDUDVXDOPDFHQDPLHQWRGH¿QLWLYR
1RREVWDQWH\SHVHDRWURVLQFRQYHQLHQWHVTXHWDPELpQVRQGHVFULWRV
HQHOWUDEDMRVHSUHVHQWDXQDVROXFLyQTXHGHWHUPLQDODYLDELOLGDGGHOD
LPSODQWDFLyQGHXQDSODQWDGHUHGXFFLyQGHYROXPHQDSOLFDQGRODWHFQR
ORJtDGHOSODVPDVREUHXQRVUHVLGXRVFRQFUHWRV5HVLQDVGH,QWHUFDPELR
,yQLFR\5HVLGXRV6yOLGRV&RPSDFWDEOHV\VLODUHGXFFLyQGHYROXPHQGH
5%0$REWHQLGDFRPSHQVDUtDVXLPSODQWDFLyQ
3DODEUDV&ODYH*HVWLyQGH5HVLGXRV5DGLDFWLYRV7HFQRORJtDGH3ODVPD5HGXF
FLyQGH9ROXPHQ5HVLQDVGH,QWHUFDPELR,yQLFR5HVLGXRV6yOLGRV&RPSDFWDEOHV
™Ó ‡Ê 1
,Ê-*!ÊÃi«Ìˆi“LÀi‡-ÊÓää™
ÓÈʇÊäxÊ
6"1,Ê"Ê/‡"8Ê1°Ê-Ê/ÊÊ1-1Ê
/,8Ê",Ê
/ Ê/, -1//" Ê Ê
7-/Ê",¶
°Ê
œLœÃ£]Ê °Ê,œ`Àˆ}ÕiâÓ]Ê°Ê+Ոšœ˜iÃÓ]Ê6°6°Ê,œ˜`ˆ˜i>£]Ê
-°Ê6>˜Ê7ˆ˜VŽi£]Ê°Ê-œ“iÀã]Ê°Ê*>«>ˆœ>˜Õ£]Ê°*°Ê>Ìâ£
£ÕÀœ«i>˜Ê
œ““ˆÃȜ˜]ʜˆ˜ÌÊ,iÃi>ÀV…Ê
i˜ÌÀiÊ
Ó
ˆi“>ÌÊ
7KHSUREOHPRIQXFOHDUZDVWHKDVEHFRPHDSDUDPRXQWIDFWRULQSXEOLF
SHUFHSWLRQRIQXFOHDUHQHUJ\SURGXFWLRQ,QWKHQXFOHDUIXHOF\FOHUDGLR
DFWLYH¿VVLRQSURGXFWV)3SOXWRQLXPDQGPLQRUDFWLQLGHV0$DUHJHQ
HUDWHGDVE\SURGXFWVRIHQHUJ\SURGXFWLRQ)3DQG0$FDQEHFRQVLGHUHG
DV ZDVWH 3X FRXOG EH FRQVLGHUHG DV D UHVRXUFH GHSHQGLQJ RQ WKH IXHO
F\FOHVWUDWHJ\
$GYDQFHGQXFOHDUIXHOF\FOHVFRQVLGHUEXUQLQJRI3XDQGWUDQVPXWDWLRQ
RIPLQRUDFWLQLGHVLQQXFOHDUUHDFWRUVZKLOHPLQLPL]LQJ0$JHQHUDWLRQ
6XFKPLQLPL]DWLRQUHTXLUHVLQHUWPDWHULDOVDFWLQJDVPDWULFHVFRQVWLWXWLQJ
WKHVRFDOOHG³LQHUWPDWUL[IXHOV´,0)7K2±EDVHGIXHOVDUHDPRQJWKH
FDQGLGDWHPDWULFHVWKHVLPLODULW\RISURSHUWLHVRI7K2ZLWKWKRVHRI82
ZRXOGDOVRPDNHLWVUDSLGLQWURGXFWLRQLQH[LVWLQJ/:5IHDVLEOH)XUWKHU
PRUH7K2PDWUL[EHKDYLRXUGXULQJWKHLUUDGLDWLRQLV³TXDLVLLQHUW´DVLW
SURGXFHVQRWUDQVXUDQLFV,WGRHVSURGXFH8
7KLVZRUNFRQWULEXWHVWRSURYLGLQJLQVLJKWRQWKHFRUURVLRQEHKDYLRXU
RI7K02;FRPSRXQGV)XHOFKHPLVWU\HIIHFWVRQWKHLQYHQWRU\UHOHDVH
UDWH DUH VWXGLHG DV D IXQFWLRQ RI WLPH LQ VLPXODWHG JUDQLWH UHSRVLWRU\
JURXQGZDWHUDQGWRDOLPLWHGH[WHQWFRQGLWLRQV
6RO*HO7K3X2RU7K02;LQLWLDOO\FRQWDLQLQJZWR3XKRPRJH
QHRXVO\GLVWULEXWHGLQWKH7K2PDWUL[ZLWKDEXUQXSDIWHULUUDGLDWLRQ
F\FOHVRI0:GNJ7K:DVXVHGIRUWKHH[SHULPHQWV OWZDVVWXGLHG
E\ EDWFK OHDFKLQJ WHVWV FDUULHG RXW RQ IXHO SHOOHWV DW URRP WHPSHUDWXUH
XQGHUGHDHUDWHGFRQGLWLRQVLQFDUERQDWHGP0+&2GHLRQLVHGDQG
JUDQLWH JURXQG ZDWHU 7R LQYHVWLJDWH EHKDYLRXU DQG UROH RI 3X DQG WKH
SKDVHVSURGXFHGGXULQJWKHFRUURVLRQH[SHULPHQWVSUHDQGSRVWOHDFKLQJ
FKDUDFWHULVDWLRQRIWKHVXUIDFHKDVEHHQSHUIRUPHGE\RSWLFDODQGVFDQ
QLQJHOHFWURQPLFURVFRS\
7KHSUHVHQWVWXG\FRQ¿UPVWKHKLJKVWDELOLW\RIVSHQW7K02;IXHOLQ
FRPSDULVRQZLWKWKHZHOOFKDUDFWHUL]HGFRPPHUFLDO82;DQG02;IXHOV
XQGHUWKHH[SHULPHQWDOFRQGLWLRQVXVHGLQWKLVLQYHVWLJDWLRQ
ÓÈʇÊäÈÊ
*,"9
/"Ê
,",,°
--/ÊÊ",,
$ Ê*,ÊÊ
$ ÊÊ," 2
"-Ê Ê1-Ê
,
/6-Ê
°Ê°Êiˆ˜V…˜Ê6iÀ}>À>£]ʰʰʜÀi˜œÊ“iâÓÊÞÊ
°Ê°Ê>ÀV‰>Ê,ՈâÓÊ
£ÊLiÀ`Àœ>Êi˜iÀ>Vˆ˜
ÓÊ1˜ˆÛiÀÈ`>`Ê*œˆÌjV˜ˆV>Ê>`Àˆ`
(OSUR\HFWR0,&5255$'FRQVLVWHHQHOGHVDUUROORGHXQDLQVWDODFLyQ
SLORWR SDUD ELRUUHPHGLDFLyQ GH DJXDV (O REMHWLYR HV LQYHVWLJDU FD
UDFWHUL]DU\DQDOL]DUODVSURSLHGDGHVGHPLFURRUJDQLVPRVUDGLRUUHVLV
WHQWHV\PDWHULDOHVPHWiOLFRVSDUDHOGHVDUUROORGHXQVLVWHPDRQOLQH
GH ELRUUHPHGLDFLyQ TXH SHUPLWD OD GHVFRQWDPLQDFLyQ GH ODV DJXDV GH
XQDFHQWUDOQXFOHDUDSURYHFKDQGRODVSURSLHGDGHVGHODPLFURÀRUDTXH
E@7
3URJUDPD\6LQRSVLVGHODV3RQHQFLDV
VHGHVDUUROODQDWXUDOPHQWHIRUPDQGRELRSHOtFXODVVREUHORVPDWHULDOHV
PHWiOLFRV
(OVLVWHPDGHELRUUHPHGLDFLyQLGHDGRVHDSOLFDHQHOSURFHVRGHWUDWD
PLHQWRGHODVDJXDVGHODVSLVFLQDV(ODJXDUDGLDFWLYDDWUDWDUSURFHGHQWH
GHODVSLVFLQDVQXFOHDUHVVHKDFHSDVDUSRUXQELRUUHDFWRUTXHFRQWLHQHXQ
RYLOORGHWLWDQLRDFHURLQR[LGDEOHRFXDOTXLHURWURPDWHULDOQRFRUURVLYR
QL GHJUDGDEOH HQ HVWH DPELHQWH \ TXH VHD FDSD] GH VHU FRORQL]DGR SRU
PLFURRUJDQLVPRVH[LVWHQWHVHQGLFKDVDJXDV$VXSDVRSRUHOELRUUHDFWRU
HODJXDHQWUDHQFRQWDFWRFRQHOPDWHULDOGHORYLOORIRUPiQGRVHXQDELRSH
OtFXODTXHUHWLHQHORVUDGLRQ~FOLGRV/RVPLFURRUJDQLVPRVVRQFDSDFHVGH
UHWHQHUORVUDGLRLVyWRSRVSUHVHQWHVHQHODJXD/DELRSHOtFXODHVIiFLOPHQ
WHHOLPLQDGDSRUFXDOTXLHUSURFHGLPLHQWRFRQYHQFLRQDOGHGHVFRQWDPLQD
FLyQUDGLRTXtPLFDGHPDWHULDOHV\ORVUDGLRQ~FOLGRVVHSXHGHQFRQFHQWUDU
HQ XQ YROXPHQ SHTXHxR GH HOX\HQWH SDUD VX UHFXSHUDFLyQ GLVSRVLFLyQ
¿QDORFRQWHQFLyQ$FRQWLQXDFLyQHOPDWHULDOGHOELRUUHDFWRUSXHGHVHU
JHVWLRQDGRFRPRPDWHULDOQRUDGLDFWLYR/DH[SHULHQFLDVHHVWiOOHYDQGRD
FDERHQOD&HQWUDO1XFOHDUGH&RIUHQWHV
ÓÈʇÊäÇÊ
-/1"Ê
1//6"Ê9Ê
1 ///6"Ê
Ê"-Ê*,"1
/"-Ê,"/
"-ÊÊÊ
-‡Ê1‡äșÊ-,,"Ê*,Ê
Ê
"‡8/,
$ ÊÊ
/ "-­®Ê9Ê
/ "-­®
°Ê>?˜£]Ê°°Êë>ÀÌiÀœ£]Ê*°Ê*À>`œÃÓ]Ê°Ê Öšiâ£]Ê
°/°ÊÕÀˆœÓ]Ê,°Ê-i`>˜œÓÊÞÊ°Ê`iÊi˜`œâ>Î
£Ê
/Ê
ÓÊ1˜ˆÛiÀÈ`>`ÊÕ̝˜œ“>Ê`iÊ>`Àˆ`°Ê
ÎʘÃ̈ÌÕÌÊ
>Ì>?Ê`½˜ÛiÃ̈}>VˆÊ+Չ“ˆV>Ê­
+®
8QRGHORVIDFWRUHVGHWHUPLQDQWHVSDUDODVHOHFFLyQGHXQVLVWHPDH[WUDF
WDQWHHQHOGHVDUUROORGHSURFHVRVGHUHHODERUDFLyQKLGURPHWDO~UJLFDGHO
FRPEXVWLEOHQXFOHDULUUDGLDGRHVGHPRVWUDUVXHVWDELOLGDGTXtPLFD(V
FRQRFLGRTXHORVSURGXFWRVGHGHJUDGDFLyQGHORVVLVWHPDVH[WUDFWDQWHV
SURGXFLGRVSRUODUDGLROLVLV\ODKLGUyOLVLVGDQOXJDUDHIHFWRVLQGHVHDEOHV
FRPRSRUHMHPSORGLVPLQXFLyQGHODVHOHFWLYLGDGIRUPDFLyQGHWHUFHUD
IDVHRXQDSREUHVHSDUDFLyQGHIDVHV3RURWURODGRODSRVLELOLGDGGHUHXWL
OL]DFLyQGHHVWRVVLVWHPDVH[WUDFWDQWHVFRQGXFHDPLQLPL]DUHOYROXPHQGH
UHVLGXRVVHFXQGDULRVJHQHUDGRVDVtFRPRHOFRVWHGHOSURFHVR
5HFLHQWHPHQWHQXHVWURJUXSRGHWUDEDMRKDGHVDUUROODGRXQDIDPLOLDGH
FRPSXHVWRVH[WUDFWDQWHVGHWLSRELVGLJOLFRODPLGD>@SDUDORVTXHVHKD
HVWXGLDGRVXHVWDELOLGDGIUHQWHDODKLGUyOLVLV\ODUDGLROLVLV(QFRQFUHWRHO
FRPSXHVWR8$0GHVSXpVGHVHULUUDGLDGRDXQDGRVLVDEVRUELGDGH
N*\FRQIXHQWHVH[WHUQDVGH&RPDQWLHQHORVPLVPRVYDORUHVDOWRV
GHORVFRH¿FLHQWHVGHGLVWULEXFLyQSDUD$P,,,\(X,,,TXHDQWHVGHVHU
LUUDGLDGR>@&RQREMHWRGHFRPSUHQGHUGLFKRFRPSRUWDPLHQWRVHOOHYy
D FDER OD LGHQWL¿FDFLyQ \ FXDQWL¿FDFLyQ GH ORV VXESURGXFWRV IRUPDGRV
GXUDQWHHOSURFHVRGHLUUDGLDFLyQDVtFRPRODFXDQWL¿FDFLyQGHODFDQWLGDG
UHPDQHQWHGH8$0
(Q HVWH WUDEDMR VH GHVFULEH HO HVWXGLR FXDOLWDWLYR \ FXDQWLWDWLYR GH
8$0 LUUDGLDGD KDVWD GRVLV LQWHJUDGDV GH N*\ WDVD GH GRVLV
N*\K FRQ IXHQWHV H[WHUQDV GH &R HQ OD LQVWDODFLyQ 1$<$'( GHO
&,(0$7(OHVWXGLRFXDOLWDWLYRSRU+3/&06LQGLFyODSUHVHQFLDGHGLH
FLVLHWHSURGXFWRVGHGHJUDGDFLyQTXHIXHURQLGHQWL¿FDGRV\VLQWHWL]DGRV
/DVHVWUXFWXUDVDVLJQDGDVVHYHUL¿FDURQSRUFRPSDUDFLyQGHORVWLHPSRV
GHUHWHQFLyQ\HVSHFWURVGHPDVDVREWHQLGRVFRQODVPXHVWUDVGH8$0
LUUDGLDGDV3DUDFRPSOHWDUHVWHHVWXGLRVHHYDOXDURQODVSURSLHGDGHV
GH H[WUDFFLyQ GH$P,,, \ (X,,, GH ORV IUDJPHQWRV VLQWHWL]DGRV SDUD
FRQRFHUVXFRQWULEXFLyQDORVYDORUHVGHORVFRH¿FLHQWHVGHGLVWULEXFLyQ
SDUD$P,,,\(X,,,GHODPXHVWUDGH8$0LUUDGLDGD(VWHWUDEDMR
KDVLGRGHVDUUROODGRHQHOPDUFRGHOSUR\HFWRHXURSHR$&6(37)3
>@ 3UDGRV 3 0XULOOR 07 (VSDUWHUR$ * 6iQFKH]4XHVDGD -$OPDUD]
00RGROR*GH0HQGR]D-(XURSHDQ3DWHQWVW0D\
>@ 0XULOOR07(VSDUWHUR$*6iQFKH]4XHVDGD-GH0HQGR]D-3UDGRV
36ROYHQW([WUDFWLRQDQG,RQ([FKDQJH
>@ $*(VSDUWHUR33UDGRV070XULOOR-6iQFKH]4XHVDGD-&,JOHVLDV
6iQFKH] $ 1~xH] - GH 0HQGR]D WK ,QWHUQDWLRQDO ([FKDQJH 0HHWLQJ
,(0372&'(1($0LWR-DSyQ2FWXEUH
ÓÈʇÊänÊ
ÝÌÀ>VVˆ˜ÊÃiiV̈Û>Ê`iÊÌiV˜iVˆœÊVœ“œÊ
Vœ“«iœÊQ/V­®­ "®­Ó"®­®ÓR³Ê“i`ˆ>˜ÌiÊ
Vœ“«ÕiÃ̜Ãʓ>VÀœV‰VˆVœÃÊi˜ÊiÊ«ÀœViÜÊ
1,8³
°Ê ֚iâ£]Ê*°Ê*>ۈi̇>À̓>˜˜Ó]Ê°Ê*œˆ˜i>ÕÓ]Ê°Ê7Àˆ}…ÌÓ]Ê
°Ê>Õ܏vÓ]Ê°Ê°Êë>ÀÌiÀœ£ÊÞÊ°Ê
âiÀ܈˜ÃŽˆÓ
£Ê
/
ÓÊ1˜ˆÛiÀÈÌÞÊ iÛ>`>‡>ÃÊ6i}>ðʭ1 6®ÊÊ
(OSURFHVR85(;HVODRSFLyQDPHULFDQDGHSURFHVRGHUHHODERUDFLyQ
KLGURPHWDO~UJLFD SDUD UHFXSHUDU HO 89, QR ¿VLRQDGR GHO FRPEXVWLEOH
QXFOHDULUUDGLDGRGHDFXHUGRDODSROtWLFDHVWDGRXQLGHQVHGHQRSUROLIHUD
FLyQFRPRDOWHUQDWLYDDOSURFHVR385(;HQHOTXHVHUHFXSHUDQHO89,
QR¿VLRQDGR\HO3X,9JHQHUDGR(QHOSURFHVR85(;ODH[WUDFFLyQGH
3X,9SRUHO7%3VHHYLWDPHGLDQWHDGLFLyQGHiFLGRDFHWRKLGUR[iPLFR
$+$>@
8QRGHORVSURGXFWRVGH¿VLyQGHLPSRUWDQFLDHQHOLQYHQWDULRGHUD
GLRWR[LFLGDGGHOFRPEXVWLEOHLUUDGLDGRSRUVXODUJRSHULRGRGHGHVLQWH
JUDFLyQ HV HO 7F (Q WUDEDMRV SXEOLFDGRV UHFLHQWHPHQWH >@ VH KD GH
PRVWUDGR TXH OD SUHVHQFLD GH DOJXQRV OLJDQGRV RUJiQLFRV HVWDELOL]D ODV
YDOHQFLDVEDMDVGH7FPHGLDQWHODIRUPDFLyQGHFRPSOHMRV(QFRQFUHWRHO
7FHVUHGXFLGR\FRPSOHMDGRSRUHO$+$IRUPDQGRHOSVHXGRRFWDKHGUR
WUDQV±DFXRQLWURVLOiFLGRGLDFHWRKLGUR[iPLFRGH7F,,>7F,,@12+
2$+$@TXHKDVLGRFDUDFWHUL]DGRSRU'5;/DIRUPDFLyQGHHVWH
FRPSOHMR>7F,,@12+2$+$@DIHFWDDOGHVWLQRGHO7FHQHOSURFH
VR85(;\SRUHOORHVQHFHVDULRHVWXGLDUVXFRPSRUWDPLHQWR
(Q HVWH WUDEDMR VH SUHVHQWDQ ORV SULPHURV UHVXOWDGRV H[SHULPHQ
WDOHV REWHQLGRV HQ ORV SULPHURV HVWXGLRV GH H[WUDFFLyQ GHO FRPSOHMR
>7F,,@12+2$+$@ FRQ FRPSXHVWRV PDFURFtFOLFRV GH QXHYD
VtQWHVLV\FRQpWHUHVFRURQDFRPHUFLDOHVGHGLVWLQWRWDPDxRGHFDYLGDG
6HKDHVWXGLDGRODLQÀXHQFLDHQHOSURFHVRGHH[WUDFFLyQGHGLYHUVRV
SDUiPHWURVFRPRVRQHOWDPDxRGHODFDYLGDG\VXGHULYDWL]DFLyQFRQ
GLIHUHQWHVKHWHURiWRPRV126\HOHIHFWRGHGLVWLQWRVGLVROYHQWHV
RUJiQLFRVFRQGLIHUHQWHVFRQVWDQWHVGLHOpFWULFDVFRQHO¿QGHPHMRUDU
ORVYDORUHVGHORVFRH¿FLHQWHVGHGLVWULEXFLyQGHODHVSHFLH>7F,,@12
+2$+$@
&DQGLGR385(;3URFHVV2YHUYLHZ7RSLFDO6HPLQDU6HULHVRQ1XFOHDU)XHO
6HSDUDWLRQ3URFHVVHV$HUJRQQH1DWLRQDO/DERUDWRU\86$
5XGLVLOO760&7KRPSVRQ0$1RUDWR*).HVVLQJHU5$3LHUFHDQG
-' -RKQVRQ 'HPRQVWUDWLRQ RI WKH 85(; 6ROYHQW ([WUDFWLRQ 3URFHVV ZLWK
'UHVGHQ5HDFWRU)XHO:65&065HY
*RQJ &0 :: /XNHQV ) 3RLQHDX DQG .5 &]HUZLQVNL 5H
GXFWLRQ RI SHUWHFKQHWDWH E\ DFHWRK\GUR[DPLF DFLG IRUPDWLRQ RI
>7F12+2$+$´@DQGLPSOLFTDWLRQVLQWKH85(;SURFHVV,Q
RUJ&KHPS
Ê 1
,Ê-*!ÊÃi«Ìˆi“LÀi‡-ÊÓää™Ê‡ ™Î
(-
E7E;A@7EFt5@;53E
6HJXULGDGQXFOHDU,,,
ÓÇʇÊ-1,Ê 1
,Ê­®
6ˆiÀ˜iÃÊÎäʇʣä]ää…Ê Ê
Ê
Ê
Ê
Ê
Ê
Ê
-\Ê,/Ê -/
*ÀiÈ`i˜Ìi\Ê,>“˜Ê“œ}ÕiÀ>ÊÉÊ,,"]Ê-°°
œœÀ`ˆ˜>`œÀ\ʘ`ÀjÃÊ՚œâÊ
iÀÛ>˜ÌiÃÊÉÊ*,-,"-Ê,1*"ÓÇʇÊä£Ê
"-Ê 16"-Ê*, *"-ÊÊ-1,ÊÊ
"\ÊÊ*, *"ÊÊÊ1-/
$
°Êœ˜ÃœÊ->˜ÌœÃ
1˜ˆÛiÀÈ`>`Ê*œˆÌjV˜ˆV>Ê`iÊ>`Àˆ`
(QGHVSXpVGHPiVGHVHLVDxRVGHWUDEDMRHO2,($SXEOLFyHOGR
FXPHQWR1RFLRQHV)XQGDPHQWDOHVGH6HJXULGDG6)HQHOTXHVHGH¿QH
HOREMHWLYRGHODVHJXULGDGTXHVHGHVDUUROODHQGLH]3ULQFLSLRV(OQXHYR
GRFXPHQWRVHDSOLFDDODVHJXULGDGQXFOHDUODVHJXULGDGUDGLROyJLFDOD
JHVWLyQGHORVUHVLGXRVUDGLDFWLYRV\HOWUDQVSRUWHGHVXVWDQFLDVQXFOHDUHV
\SURGXFWRVUDGLDFWLYRV(OQXHYRGRFXPHQWRIRUPDSDUWHHVHQFLDOGHOD
QXHYD'LUHFWLYDHQGHVDUUROORVREUH6HJXULGDG1XFOHDUGHO&RQVHMR(XUR
SHRTXHYDDUHSUHVHQWDUXQFDPELRQRWDEOHHQODOHJLVODFLyQQXFOHDUGH
ORVSDtVHVGHOD8QLyQ
8QRGHORVSULQFLSLRVPiVQRWDEOHVHVODMXVWL¿FDFLyQGHQXHYDVLQVWDOD
FLRQHV\SUiFWLFDVTXHVXSRQJDQULHVJRVUDGLROyJLFRV6XIRUPXODFLyQDP
SOtDFRQVLGHUDEOHPHQWHHOFDPSRGHDSOLFDFLyQGHOSULQFLSLRKRPyORJRGH
ODSURWHFFLyQUDGLROyJLFDLQWURGXFLGRSRUOD,&533XEOLFDFLyQ(VXQR
GHORVSULQFLSLRVTXHFRQWLHQHPiVDVSHFWRVVRFLDOHV\SROtWLFRV\DTXHUH
FRQRFHORVEHQH¿FLRVGHODVDSOLFDFLRQHVQXFOHDUHV\H[LJHTXHWRGDQXHYD
LQVWDODFLyQRSUiFWLFDGHEDSURGXFLUPiVEHQH¿FLRVTXHULHVJRV(OGHVD
UUROORGHHVWHSULQFLSLRH[LJHODFUHDFLyQGHXQDDXWRULGDG\XQSURFHVRGH
MXVWL¿FDFLyQTXHGHEHLQFOXLUODSDUWLFLSDFLyQS~EOLFDGHIRUPDUHJODGD
(VWHSULQFLSLRTXHVHHVWiDSOLFDQGRHQHO5HLQR8QLGRSDUDODVQXHYDV
FHQWUDOHV QXFOHDUHV SXHGH VHUYLU SDUD GHVEORTXHDU \ DJLOL]DU SUR\HFWRV
QXFOHDUHVUHODFLRQDGRVFRQODJHVWLyQGHUHVLGXRVLQWURGXFLUQXHYDVFHQ
WUDOHVQXFOHDUHVHQXQSDtV\MXVWL¿FDUODH[SORWDFLyQDODUJRSOD]RGHODV
FHQWUDOHVQXFOHDUHVHQH[SORWDFLyQ([SOLFDWDPELpQODFULVLVUHJXODGRUD
FDQDGLHQVH\MXVWL¿FDODH[SORWDFLyQWHPSRUDOGHOUHDFWRUGH3HWWHQOLJH
UDPHQWHIXHUDGHODVHVSHFL¿FDFLRQHVWpFQLFDVGHIXQFLRQDPLHQWRSRUODV
YHQWDMDVGHORVUDGLRQXFOHLGRVSDUDXVRVPpGLFRVTXHSURGXFH
ÓÇʇÊäÎÊ
/6-Ê9Ê
""*,
$ ÊÊ,"Ê
,Ê Ê*--ÊÊ-/ÊÊ1,"*
°Ê*>“>Ê>œÀ`i˜]ʰʈœÊÊÞÊ°Ê°Ê6>À>ÃÊÊ
,,"Ê ,Ê9Ê
" -/,1
$
,%(5'52/$ ,QJHQLHUtD HVWi FRQVROLGDGD FRPR &RPSDxtD OtGHU GH ODV
HPSUHVDVRFFLGHQWDOHVTXHHQXQPDUFRGHFRRSHUDFLyQRSHUDQHQHOVHF
WRUQXFOHDUUXVR\XFUDQLDQRSDUDPHMRUDUODVHJXULGDG\H¿FLHQFLDGHVXV
FHQWUDOHV$VXYH]OLGHUDUHVWHUDQNLQJUHSUHVHQWDSDUDOD&RPSDxtDXQD
SODWDIRUPDSDUDH[SDQGLUVXSUHVHQFLDHQORVSDtVHVGHO(VWHGH(XURSD
XQDGHODV]RQDVHVWUDWpJLFDVGHGHVDUUROORLQWHUQDFLRQDOGH,EHUGUROD,Q
JHQLHUtDMXQWRD0p[LFR2ULHQWH0HGLR\1RUWHGHÈIULFD
™{ ‡Ê 1
,Ê-*!ÊÃi«Ìˆi“LÀi‡-ÊÓää™
+DVWDDKRUDWRGRVORVSURJUDPDVGHHPSUHVDVH[WUDQMHUDVTXHRSHUDQHQ
5XVLD\8FUDQLDSDUDPHMRUDUODVHJXULGDGGHVXVFHQWUDOHVQXFOHDUHVKDQ
VLGR¿QDQFLDGRVSRUOD&RPXQLGDG(XURSHDDWUDYpVGHVXSURJUDPD7$
&,67HFQLFDO$VVLVWDQFH)RU7KH&RPPRQZHDOWK,QGHSHQGHQW6WDWHV
$GHPiV GH HVWRV FRQWUDWRV ,%(5'52/$ ,QJHQLHUtD VXVFULELy HQ
VHQGRV DFXHUGRV GH FRRSHUDFLyQ FRQ 5RVHQHUJRDWRP 5) \
FRQ (QHUJRDWRP 8$ SDUD LPSDUWLU VHPLQDULRV \ FXUVRV UHFtSURFRV
FRQ HO REMHWLYR GH LPSXOVDU OD FRRSHUDFLyQ HQ PDWHULD QXFOHDU \ PH
MRUDU OD VHJXULGDG \ HO PDQWHQLPLHQWR GH ODV FHQWUDOHV UXVDV \ XFUDQLD
QDV +DVWD OD IHFKD VH KDQ FHOHEUDGR PiV GH VHPLQDULRV TXH KDQ
FRQWDGR FRQ OD DVLVWHQFLD GH ORV SULQFLSDOHV H[SHUWRV \ DXWRULGDGHV UX
VDV \ XFUDQLDQDV HQ PDWHULD QXFOHDU 3RU RWUD SDUWH ,%(5'2/$ ,Q
JHQLHUtD KD ¿UPDGR XQ FRQWUDWR GLUHFWR FRQ 5RVHQHUJRDWRP SDUD OD
PHMRUD GH OD H¿FLHQFLD GH OD XQLGDG GH OD FHQWUDO GH 1RYRYRURQH]K
,%(5'52/$,QJHQLHUtDHVWiLPSODQWDGDHQ5XVLDGHVDUUROODQGRSUR\HF
WRVHQODVFHQWUDOHVGH.ROD1RYRYRURQH]K\%DODNRYRGLVSRQLHQGRGH
XQDR¿FLQDFRPHUFLDOHQ0RVF~GHVGHHODxR7DPELpQGHVDUUROOD
SUR\HFWRVHQ8FUDQLDSDUDODFHQWUDOGH.KPHOQLWVN\\GHDSR\RDO6FLHQ
WL¿FDQG7HFKQLFDO&HQWHUXQDVXEGLYLVLyQGH(QHUJRDWRPGLVSRQLHQGR
WDPELpQGHXQDR¿FLQDGHSUR\HFWRVHQ.LHY
,%(5'52/$ ,QJHQLHUtD TXLHUH HQIDWL]DU HO DOWR QLYHO WpFQLFR DOFDQ
]DGRSRUWRGDVODVSDUWHVFRPRFRQVHFXHQFLDGHORVSUR\HFWRV7$&,6HO
ÀXMRGHLQIRUPDFLyQ\SUiFWLFDVHVSHFLDOPHQWHHQORUHODWLYRDODFXOWXUD
GH VHJXULGDG \ OD LPSRUWDQFLD HVWUDWpJLFD TXH WDQWR SDUD ODV HPSUHVDV
HXURSHDVFRPRSDUDODVGH(XURSDGHO(VWHKDWHQLGRHVWHSURJUDPDTXH
HVWi VLHQGR VXVWLWXLGR SRU XQ QXHYR LQVWUXPHQWR GH FRRSHUDFLyQ ,16&
,QVWUXPHQWIRU1XFOHDU6DIHW\&RRSHUDWLRQ
ÓÇʇÊä{Ê
* //" Ê"Ê1 Ê*,", Ê
/""-Ê Ê7-/ "1-Ê
/,
Ê-7
°Êˆ˜}œ
7iÃ̈˜}…œÕÃiʏiVÌÀˆVÊ-Üi`i˜
+XPDQ3HUIRUPDQFH+X3LVDGLIIHUHQWZD\RIWKLQNLQJ,WLVQRWDSUR
JUDPEXWDVHULHVRIEHKDYLRUVH[HFXWHGWRPLQLPL]HWKHIUHTXHQF\DQG
VHYHULW\ RI HYHQWV 7KHVH HYHQWV FDQ SODFH HPSOR\HHV LQ KDUP DV ZHOO
DVHURGHFXVWRPHUFRQ¿GHQFH:HDVKXPDQVDUHVXVFHSWLEOHWRPDNLQJ
HUURUV+X3WRROVKHOSERWKLQGLYLGXDOVDQGRUJDQL]DWLRQVSUHYHQWHUURUV
IURPEHFRPLQJHYHQWVWKDWUHVXOWLQXQGHVLUHGRXWFRPHV
$VHWRI+X3WRROVKDVEHHQVHOHFWHGLQ:HVWLQJKRXVH(OHFWULF6ZHGHQ
0DQDJHPHQWLVWUDLQLQJDQGDVVLVWLQJDOOHPSOR\HHVLQOHDUQLQJWKH+X3
WRROV7KH+X3SURFHVVLVVXSSOHPHQWDOWR:HVWLQJKRXVH4XDOLW\0DQD
JHPHQW6\VWHP
6ZHGHQ )XHO (QJLQHHULQJ ZLWKLQ :HVWLQJKRXVH (OHFWULF 6ZHGHQ KDV
VWDUWHGDQDPELWLRXV+X3SURJUDPZKLFKLVSUHVHQWHGLQ WKH IROORZLQJ
SDSHU
E@7
3URJUDPD\6LQRSVLVGHODV3RQHQFLDV
ÓÇʇÊäxÊ
--Ê/,",1
"Ê9Ê61
$ Ê
Ê ,/1,-Ê*,Ê1 Ê/, -/","Ê
"
Ê, Ê Ê1 Ê* /Ê
",
°ÊÊ*,",Ê1-
°Ê*jÀiâ£]Ê°Ê>ÌiÌ£]Ê°Ê,iÛi˜ÌÃ£ÊÞÊ,°Êi˜`ˆâ?L>Ó
£Ê1˜ˆÛiÀÈ`>`Ê*œˆÌjV˜ˆV>Ê`iÊ
>Ì>Õ˜Þ>
ÓÊ
œ˜ÃiœÊ`iÊ-i}ÕÀˆ`>`Ê ÕVi>À
(OSURJUDPDGH%(086(VHHQPDUFDHQHOiPELWRGHGHVDUUROORGHODVPHWR
GRORJtDVGHHYDOXDFLyQLQFHUWLGXPEUHFRQHOXVRGHFyGLJRVGHPHMRUHVWLPD
FLyQ&RQVLVWHHQXQHMHUFLFLRDXVSLFLDGRSRUOD2&'(\RUJDQL]DGRHQXQD
VHULHGHIDVHVTXHFRPSUHQGHQODH[SOLFDFLyQWHyULFDGHORVGLVWLQWRVPpWRGRV
GHFDGDSDUWLFLSDQWHIDVHODDSOLFDFLyQGHODVPHWRGRORJtDVDQDOL]DQGR
GRVHVFHQDULRVGHSpUGLGDGHUHIULJHUDQWHIDVHVD\ODFRQFOXVLyQGHO
HMHUFLFLRFRQODVUHFRPHQGDFLRQHV\HVWDGRGHODUWHHQODPDWHULDIDVH
/DV IDVHV UHODFLRQDGDV FRQ OD DSOLFDFLyQ VH GLYLGHQ HQ XQ SULPHU
DQiOLVLVWHUPRKLGUiXOLFRGHODVLPXODFLyQGHOWUDQVLWRULR\HQODREWHQFLyQ
GHODVEDQGDVGHLQFHUWLGXPEUHGHORVSDUiPHWURVFDUDFWHUtVWLFRVGHOHVFH
QDULRVLPXODGRUHODFLRQDGRVHVHQFLDOPHQWHFRQODWHPSHUDWXUDGHYDLQD
(QODVIDVHV\VHDQDOL]yHOH[SHULPHQWR
/OOHYDGRDFDERHQODSODQWDH[SHULPHQWDO/2)7/DGLVSRQLELOLGDG
GHGDWRVH[SHULPHQWDOHVWDQWRHQPDWHULDGHSUHSDUDFLyQGHORVPRGHORV
FRPRHQUHODFLyQDODHYDOXDFLyQGHLQFHUWLGXPEUHVSHUPLWLyXQDFRPSD
UDFLyQFXDQWLWDWLYDGHORVUHVXOWDGRV
(Q ODV IDVHV \ DPEDV FRPSOHWDGDV VDWLVIDFWRULDPHQWH VH DQDOL]y
XQ KLSRWpWLFR HVFHQDULR GH /%/2&$ HQ XQD SODQWD FRPHUFLDO JHQpULFD
GHOD]RVFRQXQUHDFWRUGHDJXDDSUHVLyQ/DIDVHHVWXYRGHGLFDGD
DODVLPXODFLyQGHOHVFHQDULR\ODIDVHDODDSOLFDFLyQGHODVGLIHUHQWHV
PHWRGRORJtDVGHLQFHUWLGXPEUHDSRUWDGDVSRUFDGDSDUWLFLSDQWH/D83&
FRQWULEX\yHQHOSURJUDPD%(086(FRQHODSR\RGHO&RQVHMRGH
6HJXULGDG1XFOHDU2WURVJUXSRVGHWUDEDMRGHSDtVHVGHOD2&'(
SDUWLFLSDURQWDPELpQHQORVGLIHUHQWHVHMHUFLFLRVFRPSDUDWLYRV/DSRQHQ
FLDUHVXPHODDFWLYLGDGUHDOL]DGDHQODVFLWDGDVIDVHV\WDQWRHQORV
DVSHFWRVGHFRRUGLQDFLyQFRPRHQORVGHDQiOLVLV
ÓÇʇÊäÈÊ
-/
/"ÊÊ1 Ê 16"Ê--/Ê
Ê-1*,6-$ Ê * /ÊÊÊ
-1,Ê Ê -
°Ê«iâÊ,Ո«iÀiâ]Ê°Ê>À̉˜iâ]ʰʜÀ>}>Ã]Ê*°Ê"½œ˜˜iÊ
iÊ°ÊiµÕiÀˆV>
-
8QRGHORVREMHWLYRVHVWUDWpJLFRVSULRULWDULRVFRQWHPSODGRVHQHO3ODQ(V
WUDWpJLFRGHOD'LUHFFLyQ*HQHUDOGH(QHUJtD1XFOHDUGH(QGHVDFRQVLVWH
HQHOHVWDEOHFLPLHQWRGHXQQXHYRVLVWHPDGHVXSHUYLVLyQLQGHSHQGLHQWH
GH OD VHJXULGDG GH ODV FHQWUDOHV QXFOHDUHV GH ODV TXH HV WLWXODU (QGHVD
3DUDHOORVLJXLHQGRFRQODVPHMRUHVSUiFWLFDVGHODLQGXVWULDQXFOHDULQ
WHUQDFLRQDOVHKDQFRQVWLWXLGRXQ&RPLWpGH6XSHUYLVLyQ,QGHSHQGLHQWH
GHOD6HJXULGDG\XQDHVWUXFWXUDSHUPDQHQWHIXHUDGHODOtQHDGHDVHVRUHV
UHVLGHQWHVHQODVFHQWUDOHVGH$VFy\9DQGHOOyV
(O&RPLWpGH6XSHUYLVLyQ,QGHSHQGLHQWHGHOD6HJXULGDGLQIRUPD\DVH
VRUDDO'LUHFWRU*HQHUDOGHOD'*(1VREUHHOHVWDGRGHORVSURJUDPDVGH
PHMRUDGHODVHJXULGDGGHODVFHQWUDOHVQXFOHDUHVSDUWLFLSDGDVSRU(1'(
6$(VWiFRQVWLWXLGRSRUSHUVRQDVGHJUDQSUHVWLJLRHQHOFDPSRQXFOHDUH
LQGHSHQGLHQWHVGHODRSHUDFLyQGHHVWDVFHQWUDOHV
/DHVWUXFWXUDGHDVHVRUHVUHVLGHQWHVSDUDODVXSHUYLVLyQLQGHSHQGLHQWH
GHODVHJXULGDGWLHQHXQDGHSHQGHQFLDGLUHFWDGHOD'*(1/DVFDUDFWHUtV
WLFDVHVHQFLDOHVGHHVWDIXQFLyQVRQ
‡ SURSRUFLRQDUDORVyUJDQRVVXSHULRUHVGHJHVWLyQGHODVFHQWUDOHVXQD
YDORUDFLyQFRQWLQXDFUtWLFDHLQGHSHQGLHQWHGHOIXQFLRQDPLHQWRGHODV
SODQWDV
‡ GHVGHXQDSHUVSHFWLYDGHODH[FHOHQFLDHQODVHJXULGDGQXFOHDU\ODSUR
WHFFLyQUDGLROyJLFDVLJXLHQGRORVFULWHULRV\REMHWLYRVGH,132
‡ ODVSHUVRQDVTXHODGHVHPSHxDQUHVLGHQHQFDGDXQDGHODVFHQWUDOHV
SHURHVWiQIXHUDGHODOtQHDHMHFXWLYDGHODRSHUDFLyQGHODVPLVPDV
/DLPSODQWDFLyQGHHVWDIXQFLyQVHHVWiUHDOL]DQGRGHPDQHUDSURJUH
VLYDKDELpQGRVHLQFRUSRUDGR\DXQDSHUVRQDSRUFHQWUDO(OREMHWLYRHV
GLVSRQHUSHUVRQDVHQ&19DQGHOOyV,,\SHUVRQDVHQ&1$VFy
ÓÇʇÊäÇÊ
""Ê,*Ê*,ÊÊ --ÊÊ
/, -/","-Ê "‡"
ÊÊ-/1"ÊÊ
-1,
°Ê >Û>ÀÀœ]Ê
°Ê>}i]Ê°Êëiœ]Ê/°Ê ՚iâ
1-ʘ`ÕÃÌÀˆ>ÃÊÛ>˜â>`>Ã
/RV FyGLJRV UHDOLVWDV KDQ DOFDQ]DGR XQ DOWR JUDGR GH GHVDUUROOR \ YDOL
GDFLyQORTXHKDSHUPLWLGRVHUDGRSWDGRVDPSOLDPHQWHSRUODLQGXVWULD
QXFOHDUSDUDORVDQiOLVLVGHOLFHQFLDGHODVFHQWUDOHVQXFOHDUHV3DUDGDU
UHVSXHVWDDSRVLEOHVQXHYDVQHFHVLGDGHVGHOLFHQFLD\DQiOLVLVGHWUDQVLWR
ULRV(186$KDGHVDUUROODGRFRQHOFyGLJR5(/$302'XQPRGHOR
GHSODQWDSDUDHODQiOLVLVGHDFFLGHQWHV12/2&$GHOFDStWXORGHO
(VWXGLRGH6HJXULGDG(OPRGHORVHEDVDHQODH[SHULHQFLDDFXPXODGD
HQ(186$HQODUHDOL]DFLyQGHDQiOLVLVGHOLFHQFLD\HYDOXDFLyQGHVHJX
ULGDGGHUHFDUJDVSDUDODVFHQWUDOHVQXFOHDUHVHVSDxRODV3:5GHGLVHxR
:HVWLQJKRXVH
3DUDODDSOLFDFLyQGHOPRGHORGHVDUUROODGRDODQiOLVLVGHDFFLGHQWHV1R
/2&$VHVLJXHQORVVXSXHVWRVSUHVHQWDGRVHQORV(VWXGLRVGH6HJXULGDG
GHODVSODQWDVHVSDxRODV3DUDJDUDQWL]DUHOFRQVHUYDGXULVPRGHORVDQiOLVLV
VHFRQVLGHUDQFRQGLFLRQHVLQLFLDOHV\GHFRQWRUQRFRQVHUYDGRUDVSDUDODV
FRQVHFXHQFLDVGHORVDFFLGHQWHV$GHPiVVHDSOLFDQLQFHUWLGXPEUHVHQORV
SDUiPHWURVFODYH\HQODDFWXDFLyQGHORVVLVWHPDVGHFRQWURO\SURWHFFLyQ
TXHDIHFWDQDODUHVSXHVWDGHOWUDQVLWRULR/DVLQFHUWLGXPEUHVVHDSOLFDQGH
IRUPDGHWHUPLQLVWDHVGHFLUVLPXOWiQHDPHQWHHQHOSHRUVHQWLGRHQXQ~QL
FRDQiOLVLV(VWHFRQMXQWRGHVXSRVLFLRQHVDOWDPHQWHLPSUREDEOHVDVHJX
UDQXQDHYDOXDFLyQFRQVHUYDGRUDGHODVFRQVHFXHQFLDVGHORVDFFLGHQWHV
3DUDYHUL¿FDUODYLDELOLGDGGHOPRGHORVHKDDQDOL]DGRXQJUXSRUHSUH
VHQWDWLYRGHDFFLGHQWHV1R/2&$GHO(VWXGLRGH6HJXULGDGTXHFXEUH
ODVGLVWLQWDVFDWHJRUtDVWDQWRGHVGHHOSXQWRGHYLVWDGHVXVFDUDFWHUtVWLFDV
\VHYHULGDGFRPRHQORUHODWLYRDODYHUL¿FDFLyQGHORVGLVWLQWRVFULWHULRV
GHDFHSWDFLyQDSOLFDEOHV(QHVWDSRQHQFLDVHGHVFULEHGHIRUPDVXFLQWDHO
PRGHORGHVDUUROODGR\ORVUHVXOWDGRVREWHQLGRVIUHQWHDORVSUHVHQWDGRVHQ
HO(VWXGLRGH6HJXULGDG
Ê 1
,Ê-*!ÊÃi«Ìˆi“LÀi‡-ÊÓää™Ê‡ ™x
(.
E7E;A@7EBßEF7D
3yVWHU,
3%3)/.%30œ34%2
ÓnʇÊ*$-/,Ê­®
ˆjÀVœiÃÊÓnʇʣÇ]ää…ÊÊ
Ê
Ê
Ê
Ê
Ê
Ê
Ê
Ê
Ê
œœÀ`ˆ˜>`œÀ\ʈ}ÕiÊ˜}iÊˆ?˜ÊÉÊ /
Ê 1
,‡7-/ "1-
ÓnʇÊä£Ê
,
/,<
$ ÊÊ"-Ê*,-Ê8-Ê
Ê+1"ÊÊ
"1-/Ê*7,
°°Êˆˆ?˜
1-ʘ`ÕÃÌÀˆ>ÃÊÛ>˜â>`>Ã]Ê-°
/DFDUDFWHUL]DFLyQGHORVSHU¿OHVD[LDOHVGHTXHPDGRGHOFRPEXVWLEOHLUUDGLDGR
HVQHFHVDULDSDUDORVFiOFXORVGHFULWLFLGDGFRQFUpGLWRDOTXHPDGRGLVHxRGH
EDVWLGRUHVSDUDODVSLVFLQDVGHDOPDFHQDPLHQWRGHODVFHQWUDOHV\GLVHxRGHORV
FRQWHQHGRUHVGHWUDQVSRUWH\RDOPDFHQDPLHQWR\WDPELpQSDUDHOGLVHxRWpU
PLFR\ORVFiOFXORVGHEOLQGDMHGHFRQWHQHGRUHVSDUDFRPEXVWLEOHLUUDGLDGR
/RVSHU¿OHVD[LDOHVGHTXHPDGRGHORVHOHPHQWRVFRPEXVWLEOHVQRVHJHQH
UDQKDELWXDOPHQWHFRPRSDUWHGHOGLVHxRHVWiQGDUGHODUHFDUJD\SRUORWDQWR
GHEHQREWHQHUVHH[SUHVDPHQWHSDUDODVDSOLFDFLRQHVDQWHULRUHV/DREWHQFLyQ
GHHVWRVSHU¿OHVD[LDOHVSDUDWRGRV\FDGDXQRGHORVHOHPHQWRVLUUDGLDGRVDOR
ODUJRGHODRSHUDFLyQGHODSODQWDHVXQSURFHVREDVWDQWHODERULRVRTXHQRUPDO
PHQWHLPSOLFDODQHFHVLGDGGHYROYHUDPRGHODUFLFORVDQWLJXRVGHORVTXHQRVH
GLVSRQHGHPRGHORVFRPSDWLEOHVFRQODVKHUUDPLHQWDVGHGLVHxRDFWXDOHV$GH
PiVHVWHSURFHVRVXSRQHODJHQHUDFLyQ\SRVWHULRUPDQLSXODFLyQGHJUDQGHV
YRO~PHQHVGHLQIRUPDFLyQHQIRUPDWRVJHQHUDOPHQWHSRFRDPLJDEOHV
6HKDQREWHQLGRORVSHU¿OHVD[LDOHVGHTXHPDGRGHOFRPEXVWLEOHLUUDGLD
GRHQXQDFHQWUDO3:5HVSDxRODGHWUHVOD]RV\GLVHxRGH:HVWLQJKRXVH
(ODQiOLVLVUHDOL]DGRLQFOX\HYDULRVWLSRVGHFRPEXVWLEOHLUUDGLDGRHQFLFORV
FRQGLVWLQWRVQLYHOHVGHSRWHQFLDQRPLQDOGLIHUHQWHVHVWUDWHJLDVGHFDUJD
GHOQ~FOHR\GLVWLQWDVORQJLWXGHVGHFLFORORTXHKDSHUPLWLGRDQDOL]DUOD
VHQVLELOLGDGGHORVSHU¿OHVD[LDOHVLQGLYLGXDOHVDODVFRQGLFLRQHVDQWHULR
UHV 3RVWHULRUPHQWH ORV SHU¿OHV LQGLYLGXDOHV VH KDQ QRUPDOL]DGR FRQ HO
TXHPDGRPHGLRGHOHOHPHQWR\VHKDQFRPSDUDGRFRQHOSHU¿OD[LDOGH
TXHPDGRPHGLRGHOQ~FOHRHQHOFLFORHQHOTXHVHGHVFDUJDURQ(OUHVXOWD
GRGHOHVWXGLRGHPXHVWUDTXHSDUDODVFRQGLFLRQHVDQDOL]DGDVORVSHU¿OHV
D[LDOHVGHTXHPDGRGHORVHOHPHQWRVFRPEXVWLEOHVSUHVHQWDQXQFRPSRU
WDPLHQWREDVWDQWHKRPRJpQHRTXHHVSRVLEOHFDUDFWHUL]DUHQEDVHDOSHU¿O
D[LDOGHTXHPDGRPHGLRGHOQ~FOHRORTXHSHUPLWLUiQRWHQHUTXHFDOFXODU
SHU¿OHVHVSHFt¿FRVSDUDODPD\RUSDUWHGHODVDSOLFDFLRQHVGHVFULWDV
ÓnʇÊäÓÊ
6"1
$ ÊÊ, Ê/,
"Ê ÊÊ
"1-/Ê*7,Ê-1 -/,"Ê*",Ê 1-
°Ê
ՏiLÀ>ÃÊ
1-ʘ`ÕÃÌÀˆ>ÃÊÛ>˜â>`>Ã
'HVGH(186$VXPLQLVWUDHOFRPEXVWLEOHXVDGRSRUORVUHDFWRUHV
HVSDxROHV3:5GHGLVHxR:HVWLQJKRXVH$VLPLVPR(186$VXPLQLVWUD
™È ‡Ê 1
,Ê-*!ÊÃi«Ìˆi“LÀi‡-ÊÓää™
FRPEXVWLEOH3:5DFHQWUDOHVHQ)UDQFLD\%pOJLFDDWUDYpVGHO(XURSHDQ
)XHO*URXS()*XQFRQVRUFLRIRUPDGRFRQ:HVWLQJKRXVH\(186$
FUHDGRHQ(VWDSUHVHQWDFLyQGHVFULEHODHYROXFLyQGHOPDUJHQWpUPL
FRHQHOGLVHxRGHOFRPEXVWLEOH3:5VXPLQLVWUDGRSRU(186$
6HSUHVHQWDQODVFDUDFWHUtVWLFDVLQFRUSRUDGDVHQHODFWXDOFRPEXVWLEOH
[0$()5)$5REXVW)XHO$VVHPEO\FRQHVSHFLDOpQIDVLVHQODV
PHMRUDV GH FRPSRUWDPLHQWR GH ODV UHMLOODV PH]FODGRUDV UHVSHFWR D VXV
DQWHFHVRUDVORTXHKDSHUPLWLGRPHMRUDUORVPiUJHQHVWpUPLFRVSURSRU
FLRQDQGRÀH[LELOLGDGHQODRSHUDFLyQ\DIURQWDUFRQGLFLRQHVGHVXELGDGH
SRWHQFLD
ÓnʇÊäÎÊ
",
$ Ê*,
/
Ê ÊÊ"*,
$ ÊÊ
/,-Ê 1
,-Ê
" ÊÊ-1",Ê
,
"Ê /,
/6"ÊÊ<",/
°Ê…˜iÀÌ]Ê°°ÊÀ>}œ˜jÃ]Ê"°Ê
>LiœÃ]Ê°Ê
ÕiÀۜ]Ê°Ê>i}œ]Ê
°Ê>ÀV‰>‡iÀÀ>˜â]ʰʉ˜}Õiâ]Ê,°Ê?ۈ>]Ê-°Ê>ÀV‰>
1˜ˆÛiÀÈ`>`Ê*œˆÌjV˜ˆV>Ê`iÊ>`Àˆ`
(QDEULOGHVH¿UPyHOFRQYHQLRGHFRODERUDFLyQHQWUH8QLyQ)H
QRVD\OD8QLYHUVLGDG3ROLWpFQLFDGH0DGULGSDUDODFUHDFLyQGHO³$XOD
-RVp&DEUHUD81,Ï1)(126$´GHGLFDGDDIRUPDUSURIHVLRQDOHVHQHO
iPELWRGHODWHFQRORJtDQXFOHDU(O$XODXELFDGDHQHO'HSDUWDPHQWRGH
,QJHQLHUtD1XFOHDUKDVLGRGRWDGDFRQHO6LPXODGRU*Ui¿FR,QWHUDFWLYR
GH =RULWD 6*,= 'XUDQWH OD IDVH ¿QDO GH H[SORWDFLyQ FRPHUFLDO GH OD
FHQWUDOHVWHVLPXODGRUIXHXWLOL]DGRHQVXVSODQHVGHIRUPDFLyQSDUDUH
HQWUHQDPLHQWRGHORVRSHUDGRUHVGHUHDFWRU\WXUELQD\SDUDORVH[iPHQHV
GHFDOL¿FDFLyQGHQXHYRVRSHUDGRUHV
(O 6*,= HV XQ VLPXODGRU GH DOFDQFH WRWDO TXH VXPLQLVWUD DO XVXDULR
XQFRQRFLPLHQWRH[DFWRGHOHVWDGRGHODSODQWD3HUPLWHDGHPiVODDF
WXDFLyQHQWLHPSRUHDOGHORVGLIHUHQWHVFRPSRQHQWHVTXHFRQ¿JXUDQORV
VLVWHPDVGHODFHQWUDO&RQVWDDVLPLVPRGHSDQHOHVGHDODUPDVFRPRORV
H[LVWHQWHVHQOD6DODGH&RQWURO
/DXWLOL]DFLyQGHOVLPXODGRUHVWiGHVWLQDGDDPHMRUDUODFDOLGDGGHOD
GRFHQFLDHQHOiUHDGH,QJHQLHUtD1XFOHDU6HLQWHJUDHQODVHQVHxDQ]DV
GHOWtWXORGH,QJHQLHUR,QGXVWULDO,QWHQVL¿FDFLyQ7pFQLFDV(QHUJpWLFDVDVt
FRPRHQHO0iVWHUHQ&LHQFLD\7HFQRORJtD1XFOHDU&RQHO¿QGHTXH
UHVXOWHXQDKHUUDPLHQWDDGHFXDGDSDUD¿QHVGRFHQWHVHVWiQHQIDVHGHSUH
SDUDFLyQGLIHUHQWHVPDQXDOHVGHSUiFWLFDVTXHRULHQWDUiQDODOXPQRGHWDO
PDQHUDTXHHODSUHQGL]DMHVHOOHYHDFDERWDQWRDWUDYpVGHODRULHQWDFLyQ
GHOSURIHVRUFRPRGHIRUPDDXWyQRPD(OSULPHURGHHVWRVPDQXDOHVGH
VDUUROODODVSUiFWLFDVSDUDDQiOLVLVGHWUDQVLWRULRVRSHUDFLRQDOHVYDULDFLR
QHVGHFDUJDFDOHQWDPLHQWRGHODSODQWDFULWLFLGDGTXHVHUHDOL]DUiQ
HQHOPDUFRGHODVDVLJQDWXUDV&HQWUDOHV1XFOHDUHV\7HFQRORJtD1XFOHDU
E@7
3URJUDPD\6LQRSVLVGHODV3RQHQFLDV
,,(OVHJXQGRVHXVDUiHQODVSUiFWLFDVSDUDDQDOL]DUHVFHQDULRVDFFLGHQ
WDOHVTXHVHUHDOL]DUiQHQHOPDUFRGHODVDVLJQDWXUDV,QWURGXFFLyQDOD
6HJXULGDG1XFOHDU\6HJXULGDG1XFOHDU
ÓnʇÊä{Ê
-,,""ÊÊ*/",Ê/
"$
Ê
*
ÊÊÊ",
$ Ê" Ê Ê
/,ÊÊ*,"/
$ Ê,"$
*°>ޜ ]Ê°°
>“«>ޜ ÊÞÊ°6iÀ`Ö
£Ê// Ê-/]ÊÀÕ«œÊœ“ˆ˜}ՈÃÊ
ÓÊ -]ÊÀÕ«œÊœ“ˆ˜}ՈÃÊ
ÎÊ1˜ˆÛiÀÈ`>`Ê*œˆÌjV˜ˆV>Ê`iÊ6>i˜Vˆ>Ê
£
Ó
Î
*UDQFDQWLGDGGHHPSUHVDVWDOHVFRPRODVGHGLFDGDVDODERUHVGHPDQ
WHQLPLHQWR\DVHVRUDPLHQWRHQFHQWUDOHVQXFOHDUHVVXHOHQWHQHUDVXVWUD
EDMDGRUHVGHVSOD]DGRVHQGLVWLQWDVLQVWDODFLRQHVQXFOHDUHV\UDGLDFWLYDV
&XDQGRVXUJHXQDQHFHVLGDGIRUPDWLYDHVGLItFLOHOTXHDVLVWDQDFXUVRV
SUHVHQFLDOHVXELFDGRVHQXQOXJDUFRQFUHWRSXHVOHVVXSRQHGHMDUGHDWHQ
GHUVXWUDEDMRGLDULRGXUDQWHXQRVGtDVRLQFOXVRVHPDQDVGHSHQGLHQGR
GHO FXUVR SRU WDO GH DVLVWLU D OD IRUPDFLyQ GXUDQWH HO WLHPSR TXH GXUH
pVWD$GHPiVVHDxDGHTXHORVFHQWURVGRQGHVHLPSDUWHHVWDIRUPDFLyQ
HVSHFt¿FD QR VXHOHQ HVWDU FHUFD GH ORV OXJDUHV HQ ORV TXH VH XELFDQ ODV
LQVWDODFLRQHV QXFOHDUHV FRQ OR FXDO HO WLHPSR GH GHVSOD]DPLHQWR \ ORV
FRVWHVWDPELpQDXPHQWDQ
/DIRUPDFLyQYtDWHOHPiWLFDSHUPLWHXQDIRUPDFLyQGLVHxDGDDPHGLGD
FRQXQDPD\RUÀH[LELOLGDG\FRPRGLGDGHQFXDQWRDODJHVWLyQGHVXWLHP
SRSRUHMHPSORDKRUUDQGRGHVSOD]DPLHQWRV\IDFLOLWDQGRXQVHJXLPLHQWR
DGDSWDGRDFDGDLQGLYLGXR3RUHOORODÀH[LELOLGDGGHGLVSRQHUGHXQDPR
GDOLGDGGHIRUPDFLyQGRQGHHOULWPRHQFXDQWRDWLHPSRORYDPDUFDQGROD
SHUVRQDTXHUHDOL]DHOFXUVRFRPELQDQGRPHMRUODDFWLYLGDGODERUDOFRQOD
IRUPDFLyQUHVXOWDPiVH¿FD]/DVYHQWDMDVTXHDSRUWDODIRUPDFLyQRQOLQH
PiVGHVWDFDGDVVRQHOKHFKRGHGLVSRQHUGHXQVLVWHPDSHUVRQDOL]DGRGH
DSUHQGL]DMHDGDSWiQGRVHHQFDGDPRPHQWRDODVQHFHVLGDGHVIRUPDWLYDV
GHODSHUVRQDLQGHSHQGLHQWHPHQWHGHOOXJDUHQHOTXHVHHQFXHQWUH
6HSUHWHQGHSXHVHOGHVDUUROORGHXQDKHUUDPLHQWDWHOHPiWLFDLQWHJUD
GDSRUXQDSODWDIRUPDWHFQROyJLFDDGDSWDGDDOGLVHxRGHPHGLRVSDUDHO
VHJXLPLHQWRGHGLVWLQWRVWLSRVGHFXUVRGHSURWHFFLyQUDGLROyJLFD\VHJX
ULGDGQXFOHDUGHPDQHUDH¿FLHQWH'HHVWHPRGRHOVHJXLPLHQWRGHGLFKRV
FXUVRVVHUHDOL]DGHPDQHUDTXHJDUDQWL]DXQEXHQDSUHQGL]DMHHLQFRUSRUD
KHUUDPLHQWDV TXH SHUPLWHQ XQD HYDOXDFLyQ FRQWLQXD H¿FLHQWH PHGLDQWH
GLVWLQWRVPHFDQLVPRVSDUDHOFRQWUROGHOVHJXLPLHQWR
ÓnʇÊäxÊ
,‡6-/ "Ê"-Ê
,/,"-ÊÊÊ
/6
$ Ê*,Ê"-Ê/,-Ê
-/,1
/1,-ÊÊ"-Ê/ÊÊ/,
°Ê,œ`Àˆ}Õiâ]Ê°Ê-iÀÀ>˜œÊÞʰʜ“iâ‡ÀˆVišœ
/
/RVDFHURVIHUUtWLFRPDUWHQVtWLFRVGHDFWLYDFLyQ5$)0UHGXFLGD&UVRQ
ORVPDWHULDOHVFDQGLGDWRVSDUDODSULPHUDSDUHG\ODHQYROWXUDIpUWLOGHORV
UHDFWRUHVGHIXVLyQGHELGRDVXUHVLVWHQFLDDVZHOOLQJKLQFKDPLHQWRSRU
LUUDGLDFLyQ D IDWLJD WpUPLFD \ D FUHHSIDWLJD (VWRV DFHURV VH EDVDQ HQ
ORV DFHURV &U0R WUDGLFLRQDOHV SHUR FRQ XQD FRPSRVLFLyQ TXtPLFD TXH
H[FOX\D\RPLQLPLFHORVHOHPHQWRVTXtPLFRVUDGLRDFWLYDPHQWHLQGHVHD
EOHVSDUDSRGHUFXPSOLUFRQORVUHTXLVLWRVGHEDMDDFWLYDFLyQRDFWLYDFLyQ
™Ç ‡Ê 1
,Ê-*!ÊÃi«Ìˆi“LÀi‡-ÊÓää™
UHGXFLGD(QHOFDVRGHORVDFHURV&U0RORVHOHPHQWRVGHDOHDFLyQPiV
FUtWLFRVVRQHO0R1L\1ETXHGHEHQVHUPtQLPRV
(QHVWHDUWtFXORVHUHYLVDQORVFULWHULRVGHEDMDDFWLYDFLyQ\DFWLYDFLyQ
UHGXFLGDGHVGHHOSXQWRGHYLVWDWHFQROyJLFRGHGLVHxR\IDEULFDFLyQGH
DFHURV(VWHWUDEDMRVHHQPDUFDGHQWURGHODVDFWLYLGDGHVGHODGLYLVLyQ
GH GH PDWHULDOHV GHO &,(0$7 HQ HO 3UR\HFWR &RQVROLGHU ,QJHQLR 7(&12)86
ÓnʇÊäÈÊ
-,,""ÊÊ/""-Ê-/‡-//Ê
" Ê61
$ ÊÊ ,/1,-Ê
-"-Ê ÊÊ$,1ÊÊ7-\Ê
,6-$ ÊÊ-Ê$,1-ÊÊ7-Ê9Ê
1Ê*,Ê1 Ê9Ê6,-Ê6,-ÊÊ
-
°Ê°Ê՚œâ‡
œLœ]ʰʜ>ÊÞÊ°ÊÃVÀˆÛ?
1 6,-Ê*"/
ÊÊ6 /RVFyGLJRVWHUPRKLGUiXOLFRVDFWXDOHVFRPR5(/$375$&(5(75$1
R75$&%)VRQFDSDFHVGHPRGHODUXQJUDQQ~PHURGHVLVWHPDV\FRP
SRQHQWHVFRPSOHMRV'HVGHFRQ¿JXUDFLRQHVVHQFLOODVFRPR SXHGHQ VHU
WXEHUtDVLQVWDODFLRQHVH[SHULPHQWDOHVGHWDPDxRSHTXHxRRPHGLRFRPR
7+7)7/7$3.//67)DSODQWDVQXFOHDUHVFRPSOHWDVFRQWRGRVVXV
VLVWHPDV\VXEVLVWHPDV'LFKRVFyGLJRVSRVHHQPRGHORVSDUDORVGLVWLQWRV
IHQyPHQRV WHUPRKLGUiXOLFRV LQYROXFUDGRV LQFOX\HQGR HO WUDQVSRUWH GH
JDVHVQRFRQGHQVDEOHVORVGLVWLQWRVVLVWHPDVGHFRQWUROGHODSODQWDOD
FLQpWLFDGHOUHDFWRUHWFpWHUD
(VWRVPRGHORVVHFRQVWUX\HQDEDVHGHYRO~PHQHVGHFRQWURORQRGRV
OLJDGRVXQRVDRWURVSRUODVFRQGLFLRQHVGHFRQWRUQRHQWUHQRGRVTXHSHU
PLWHQHOLQWHUFDPELRGHPDVDHQHUJtD\PRPHQWRHQWUHQRGRVVXFHVLYRV
$GHPiVH[LVWHLQWHUFDPELRGHHQHUJtDHQWUHHVWRVQRGRV\ODVHVWUXFWXUDV
GHFDORUDODVFXDOHVVHKDOODQFRQHFWDGRV
6HXWLOL]DQHQODVLPXODFLyQGRVWLSRVGHFyGLJRVWHUPRKLGUiXOLFRVORV
SULPHURV OODPDGRV FyGLJRV FRQVHUYDGRUHV QRV SURSRUFLRQDQ HVWLPDFLR
QHVGHORVUHVXOWDGRVFRQXQJUDQJUDGRGHFRQVHUYDGXULVPR/RVUHVXO
WDGRVFDOFXODGRVFRQHVWRVFyGLJRVWLHQHQXQJUDQPDUJHQGHVHJXULGDG
SRUORFXDOVHXWLOL]DQDPSOLDPHQWHHQSURFHGLPLHQWRVGHOLFHQFLD&RPR
HMHPSORGHHVWRVFyGLJRVWHQHPRVORVFyGLJRVEDVDGRVHQHODSpQGLFH.
GHOD15&(OVHJXQGRWLSRGHFyGLJRVXWLOL]DGRVRQORVOODPDGRVFyGLJRV
³%HVW(VWLPDWH´TXHVRQDTXHOORVTXHGDQODPHMRUHVWLPDFLyQGLVSRQLEOH
DORVSUREOHPDVGHIXQFLRQDPLHQWRDQyPDORHQODVSODQWDVEDViQGRVHHQ
ODPHMRUWHFQRORJtDGLVSRQLEOHHQHVHPRPHQWR'LFKRVFyGLJRVSURSRU
FLRQDQVROXFLRQHVUHDOLVWDVDORVSUREOHPDVItVLFRVPRGHODQGRODVLQWH
UDFFLRQHV TXH WLHQHQ OXJDU HQWUH ORV GLVWLQWRV HOHPHQWRV \ FRPSRQHQWHV
GH OD SODQWD GH OD PHMRU PDQHUD SRVLEOH FRQ HO QLYHO GH FRQRFLPLHQWRV
GLVSRQLEOHHQHVHPRPHQWR
/DVPHWRGRORJtDVSDUDODGHWHUPLQDFLyQGHORVOtPLWHVGHWROHUDQFLDHQ
ODVYDULDEOHVGHVDOLGDTXHFRQVWLWX\HQORVSDUiPHWURVFUtWLFRVGHVHJXUL
GDGTXHSXHGHQVHUXQRRYDULRVVHEDVDQHQODOODPDGDIRUPXODGH:LONV
FXDQGRHOSDUiPHWURFUtWLFRGHVHJXULGDGHVXQRVRORFRPRHQHOFDVRGH
¿MDUQRVHQOD3&77HPSHUDWXUDGHSLFRGHODYDLQDRODVIyUPXODVGH
*XED0DNDL3DOFXDQGRWHQHPRVYDULRVSDUiPHWURVFUtWLFRVGHVHJXULGDG
FRPR HV HO FDVR GH TXH QHFHVLWHPRV FXEULU FRQVHUYDGRUDPHQWH WUHV YD
ULDEOHVGHVDOLGDFRPRODWHPSHUDWXUDGHSLFR3&7ODR[LGDFLyQPi[LPD
ORFDO/02\ODR[LGDFLyQWRWDOGHOQ~FOHR/02
(QHVWDSRQHQFLDVHHVWXGLDQHQSURIXQGLGDGHVWDVPHWRGRORJtDV\VHHVWX
GLDODYDOLGH]GHODVIRUPXODVSURSXHVWDVPHGLDQWHODVLPXODFLyQFRQ0RQWH
Ê 1
,Ê-*!ÊÃi«Ìˆi“LÀi‡-ÊÓää™Ê‡ ™Ç
(.
E7E;A@7EBßEF7D
3yVWHU,
FDUORGHGLVWLQWDVGLVWULEXFLRQHVGHYDULDEOHVGHVDOLGDFRUUHODFLRQDGDV\QR
FRUUHODFLRQDVXWLOL]DQGRSDUDHOORORVPpWRGRVGHODHVWDGtVWLFDGHORUGHQ
ÓnʇÊäÇÊ
""ÊÊÊ
/,Ê 1
,ÊÊ/,"Ê
/ÊÊ
$"Ê/,
\Ê-/
" ,"Ê
Ê* Ê*"/ ÊÊÊ* /
°Ê,œ“iÀœ£]Ê-°Ê
…ˆÛ>Ó]Ê°Ê
°Ê>À̈˜iâ‡ÕÀˆœÎ]Ê
°Ê°Ê՚œâ‡
œLœ£
£Ê1˜ˆÛiÀÈ`>`Ê*œˆÌjV˜ˆV>Ê`iÊ6>i˜Vˆ>
ÓÊ1˜ˆÛiÀÈ`>`Ê>ՓiÊ
ÎÊ
ʏ“>À>â‡/Àˆœ
'HQWUR GHO PDUFR GH FRODERUDFLyQ HQWUH HO 'HSDUWDPHQWR GH ,QJHQLHUtD
4XtPLFD\1XFOHDUGHOD8QLYHUVLGDG3ROLWpFQLFDGH9DOHQFLD\OD&1
7ULOOR$OPDUD]VHKDHVWDEOHFLGRXQDOtQHDGHDFWXDFLyQTXHHVWXGLH\GH
VDUUROOHODVSRVLELOLGDGHVGHOFyGLJR75$&(SDUDPRGHODUHOFRPSRUWD
PLHQWRGHODSODQWDGH7ULOOR'HQWURGHHVWDOtQHDGHVGHKDFHGRVDxRV
VHHVWiWUDEDMDQGRHQODUHDOL]DFLyQGHGLFKRPRGHORGHSODQWDDSDUWLUGHO
PRGHORSUHH[LVWHQWHFRQHOFyGLJR5(/$3
(QODSUHVHQWHSRQHQFLDVHYDDSUHVHQWDUHOPRGHORGHOD&1GH7ULOOR
FRQHOFyGLJRWHUPRKLGUiXOLFR75$&(SDUDXQHVWDFLRQDULRDSOHQDSRWHQFLD
6HGHVFULELUiQORVFRPSRQHQWHV\ODPRGHOL]DFLyQGHORVPLVPRVKDFLHQGR
KLQFDSLpHQHOSUHVLRQDGRUHOFXDOVHKDLQFOXLGRFRQXQPRGHORSVHXGR'
SDUDIDFLOLWDUODFLUFXODFLyQLQWHULRUGHOYDSRU\ODFRUUHFWDSRVLFLyQGHODOtQHD
GHFRPSHQVDFLyQ6HPRVWUDUiQORVUHVXOWDGRVREWHQLGRVORVFXDOHVFRLQFL
GHQSUiFWLFDPHQWHFRQORVREWHQLGRVFRQHOFyGLJR5(/$3FRQHUURUHVHQ
ODPD\RUtDGHORVFDVRVGHVSUHFLDEOHVSDUDHOFDVRHVWDFLRQDULR3RU~OWLPRVH
SUHVHQWDUiQDOJXQDVGHODVPiVFDUDVUHDOL]DGDVFRQ61$3SDUDUHSUHVHQWDU
ODVHYROXFLRQHVGHORVSDUiPHWURVPiVLPSRUWDQWHVGHODSODQWD
SRGUtDQHVWXGLDUHVWRVIHQyPHQRVFRQFRPSRQHQWHV'
/RV UHVXOWDGRV REWHQLGRV VH FRQVLGHUDQ VDWLVIDFWRULRV DXQTXH IDOWD
GHSXUDUFLHUWRVSUREOHPDVVXUJLGRVHQODPRGHODFLyQGHODVFRQH[LRQHV
''\TXHDIHFWDDODHYROXFLyQGHODVYDULDEOHV\DORVUHVXOWDGRVTXH
VHREWLHQHQ
ÓnʇÊä™Ê
16-Ê*
" -ÊÊ/""ÊÊ
/"-Ê /"-Ê ÊÊ 1-/,Ê
1
,
°Ê>À>Ê >Û>ÀÀœÊÞÊ°Ê,i}ÕiˆÀ>Ê
>˜ÌœÃ
,
(O0pWRGRGH$QiOLVLVSRU(OHPHQWRV)LQLWRV0()\VXVKHUUDPLHQWDV
GHDSOLFDFLyQLQIRUPiWLFDKDQVLGRDPSOLDPHQWHXWLOL]DGRVHQOD,QGXVWULD
1XFOHDUGHVGHKDFHPiVGHDxRV'HKHFKRXQDJUDQSDUWHGHORVSUR
JUDPDVTXHKR\VRQOtGHUHVHQODLQGXVWULDGHO&$(³&RPSXWHU$LGHG
(QJLQHHULQJ´QDFLHURQHQGHSDUWDPHQWRVGHLQJHQLHUtDGHHPSUHVDVUHOD
FLRQDGRVFRQHOPXQGRQXFOHDU
(QHVWRVDxRVGLFKDVKHUUDPLHQWDVKDQHYROXFLRQDGRWDQWRFRPRHOUHVWR
GHODWHFQRORJtDLQIRUPiWLFD\KDQDPSOLDGRHOHVSHFWURGHDSOLFDFLyQGHHVWD
PHWRGRORJtDDWRGDVODVGLVFLSOLQDVGHLQWHUpVGHXQDHPSUHVDGHOVHFWRU
'HPDQHUDGLUHFWD\VLQiQLPRGHVHUH[KDXVWLYRVSUHVHQWDPRVHMHP
SORVGHDSOLFDFLyQGHODVLPXODFLyQSRUHOHPHQWRV¿QLWRVHQORVVHFWRUHV
GHLQWHUpV
,QJHQLHUtDHVWUXFWXUDOGHVGH³SLSLQJ´KDVWDDQiOLVLVGLQiPLFRVQROL
QHDOHVGHUHDFWRUHVFRPSOHWRV
,QJHQLHUtDFLYLOFiOFXORRSWLPL]DFLyQ\GLPHQVLRQDPLHQWRVHJ~QFy
GLJRVHVSHFt¿FRVQXFOHDUHVGH&HQWUDOHV
)OXLGRGLQiPLFDSURFHVRVGHHQIULDPLHQWRUHDFFLRQHVTXtPLFDV
(OHFWURPDJQHWLVPR ³/)´ \ ³+)´ FRPR SRU HMHPSOR DSOLFDFLRQHV
HQ)XVLyQ
ÓnʇÊänÊ
"<
$ ÊÊ
-"Ê,"-Ê£°ÓÊ
" Ê
/,
Ê1- "Ê
"*" /-ÊÎÊ ÊÊ
,Ê,
°Ê,œ“iÀœ]Ê-°Ê
…ˆÛ>]Ê°Ê°Ê՚œâ‡
œLœÊÞÊ°Ê*jÀiâ
1 6,-Ê*"/
ÊÊ6 (O WUDEDMR GH TXH WUDWDPRV VH GHVDUUROOD FRPR XQD FRQWULEXFLyQ DO SUR
\HFWRGHLQYHVWLJDFLyQ526$SDUDOD2&'(/DFRODERUDFLyQHVSDxRODOD
FRRUGLQDHO&61&RQVHMRGHVHJXULGDGQXFOHDUFRQODFRQWULEXFLyQGHOD
DVRFLDFLyQGHSURGXFWRUHVHOpFWULFRV81(6$
(ODQiOLVLVGHOH[SHULPHQWR526$FRQHOFyGLJR75$&(VHDVLJQy
DOJUXSRGHWHUPRKLGUiXOLFDHLQJHQLHUtDQXFOHDUGHOD8QLYHUVLGDG3R
OLWpFQLFDGH9DOHQFLD(VWHWHVWVHUHDOL]yHQODLQVWDODFLyQH[SHULPHQWDO
MDSRQHVD/67)
(OWHVWGH526$FRQVLVWHHQXQSHTXHxR/2&$GHXQHQODUDPD
FDOLHQWHGHOOD]R%FRQXQGLiPHWURGHPP\ORFDOL]DGRHQODSDUWH
LQIHULRUGHODWXEHUtD(QHOWHVWDFW~DQORV+3,FRQXQUHWUDVRGHVJD
SDUWLUGHTXHODSUHVLyQEDMDGH03D\ORVDFXPXODGRUHVDODSUHVLyQ
GH03D(OREMHWLYRGHHVWHWHVWHVHVWXGLDUODHVWUDWL¿FDFLyQWpUPLFD
TXHVHSURGXFHHQODUDPDIUtDGHELGRDOWUDQVLWRULR\DODLQ\HFFLyQGH
DJXDIUtDSRUSDUWHGHORVDFXPXODGRUHV\+3,
&RQOD¿QDOLGDGGHSRGHUHVWXGLDUFLHUWRVIHQyPHQRVTXHVHSURGXFHQ
HQODHVWUDWL¿FDFLyQWpUPLFDODLQQRYDFLyQRQRYHGDGHVHOKDEHUVXVWL
WXLGRODUDPDIUtDHQHOPRGHORSRUVHQGDVFRPSRQHQWHV'\DTXHQRVH
™n ‡Ê 1
,Ê-*!ÊÃi«Ìˆi“LÀi‡-ÊÓää™
ÓnʇʣäÊ
8*, /"-ÊÊ,
$ ÊÊ
," 1
"-Ê Ê
"1 -ÊÊ
, /"
°Êˆ˜}>ÀÀœ]Ê°Ê>ÀV‰>‡ṎjÀÀiâ]Ê/°ÊˆÃÃ>˜>]ʰʜÀi˜ÊÞÊ*°ÊˆÊ
/Ê
/RVPDFL]RVJUDQtWLFRVVHFRQVLGHUDQDGHFXDGRVSDUDDOEHUJDUDOPDFH
QDPLHQWRGHUHVLGXRVUDGLDFWLYRV(ODJXDVHUtDHOYHKtFXORTXpPRYLOL
]DUtDORVUDGLRQXFOHLGRVHQHOFDVRGHTXHVHSURGXMHUDDOJ~QIDOORHQODV
EDUUHUDVGHFRQWHQFLyQGHORVUHVLGXRV(ODJXDVHPXHYHSULQFLSDOPHQWH
PHGLDQWHDGYHFFLyQDWUDYpVGHODUHGGHIUDFWXUDV\PLFURIUDFWXUDVTXH
SUHVHQWHHOPHGLR
(QHVWHWUDEDMRVHKDDQDOL]DGRHOHIHFWRGHODVRUFLyQGHORVPLQHUDOHV
TXHFRPSRQHQHOJUDQLWRHQHOWUDQVSRUWHDWUDYpVGHODVIUDFWXUDVPHGLDQ
WHHQVD\RVGHPLJUDFLyQGHGLIHUHQWHVUDGLRQXFOHLGRVHQFROXPQD6HKDQ
XWLOL]DQGRPHGLDVFROXPQDVGHJUDQLWRVLPXODQGRIUDFWXUDVORQJLWXGLQD
OHV\VREUHODVXSHU¿FLHGHODPLVPDVHKDKHFKRFLUFXODUVROXFLRQHVFRQ
GLIHUHQWHVGHUDGLRQXFOHLGRV
/DFDUDFWHUL]DFLyQKLGURGLQiPLFDGHODVFROXPQDVVHUHDOL]DXWLOL]DQGR
XQWUD]DGRUFRQVHUYDWLYRHO+72TXHQRVHDGVRUEH\VHFRPSRUWDFRPR
HODJXDHQGLFKRPHGLR6HKDQXWLOL]DGRVRWURVWUD]DGRUHVLQLFLDOPHQWH
FRQVHUYDWLYRVFRPRHO&ORURFRPR&O\HO7HFQHFLRFRPR7F$VL
E@7
3URJUDPD\6LQRSVLVGHODV3RQHQFLDV
PLVPR VH KDQ UHDOL]DGRV HQVD\RV FRQ FDWLRQHV FRQ SRFD FDSDFLGDG GH
VRUFLyQFRPRHO6RGLRFRPR1D\RWURVFRQJUDQFDSDFLGDGGHVRUFLyQ
FRPRHO&REDOWR&R\(XURSLRFRPR(X'HELGRDVXLPSRUWDQFLDHQ
XQDOPDFHQDPLHQWRGHUHVLGXRVUDGLDFWLYRVVHKDH[SHULPHQWDGRWDPELpQ
FRQXUDQLRFRPR8
/RVHQVD\RVVHUHDOL]DURQPHGLDQWHODLQ\HFFLyQGHXQSXOVRGHWUD]DGRU
\ODVPXHVWUDVVHUHFRJtDQDODVDOLGDGHODVFROXPQDVPHGLDQWHXQFROHF
WRUGHIUDFFLRQHV/DVFXUYDVGHHOXFLyQGHFDGDWUD]DGRUVHFRPSDUDEDQ
FRQ ODV REWHQLGDV FRQ HO +72 SDUD XQ ÀXMR GH¿QLGR 7UDV UHDOL]DU ORV
HQVD\RVVHREWXYLHURQDXWRUUDGLRJUD¿DVGHODVXSHU¿FLHGHODVFROXPQDV
SRUODVTXHFLUFXODURQODVGLVROXFLRQHV/DVDXWRUUDGLRJUD¿DVQRVSHUPLWHQ
FRQRFHUVREUHTXHPLQHUDOHVVHSURGXFHXQDPD\RUVRUFLyQGHOWUD]DGRU
Ónʇʣ£Ê
-"1
$ Ê -Ê*,Ê
/"Ê Ê
2"ÊÊ"-Ê,-1"-Ê,"
/6"-°Ê
/
""Ê-*!"Ê*,Ê "Ê
,-1"-°Êº,‡,
»ÊÊ
Ê
", /°Ê
œÃÌ>ÃÊÊ
µÕˆ«œÃÊ ÕVi>ÀiÃ
/D SRQHQFLD WUDWD VREUH OD VROXFLyQ GH (16$ SDUD DOPDFHQDPLHQWR GH
HOHPHQWRVFRPEXVWLEOHVWDQWRIUHVFRVFRPRJDVWDGRVHQSLVFLQDGHFRP
EXVWLEOH\VXUHFLHQWHDSOLFDELOLGDGDODSLVFLQDHVWHGH&1&RIUHQWHV
$PRGRGHLQWURGXFFLyQVHKDFHXQDEUHYHGHVFULSFLyQGHODHYROXFLyQ
DORODUJRGHOWLHPSRGHODVGLYHUVDVVROXFLRQHVDGRSWDGDVSRU(16$R
VXVFRPSHWLGRUHV6HDQDOL]DFRPRHVWUDWDGRHOWHPDSRUODVGLIHUHQWHV
HQWLGDGHVUHJXODGRUDV6HH[SOLFDFXDOHVODH[SHULHQFLDGH(16$HQHO
DVXQWR<VHKDFHXQDGHVFULSFLyQGHQXHVWUDVROXFLyQSDWHQWDGD³,QWHU
ORFN&HOO0DWUL[´70
0DVWDUGHVHKDFHXQDGHVFULSFLyQGHOPDWHULDOYHQHQRQHXWUyQLFRXVDGRSRU
(16$HODFHURERUDGR\VHFRPSDUDGHXQDIRUPDEDVWDQWHSRUPHQRUL]DGD
FRQRWURVPDWHULDOHVXVDGRVFRPRYHQHQRQHXWUyQLFRFRPRHO³0HWDPLF´
)LQDOPHQWHQRVFHQWUDUHPRVHQ&1&RIUHQWHV
6HHPSLH]DSRUXQDEUHYHGHVFULSFLyQGHOGHVDUUROORGHOSUR\HFWRSOD]RV
HLQFLGHQFLDVHQGLVHxRHQDSUREDFLyQSRU&61HQDFRSLRHQIDEULFDFLyQ
HQLQVWDODFLyQHWF0iVWDUGHVHKDFHXQUHVXPHQWpFQLFRHQJHQHUDOPX\
VRPHURFRQDOJRPDVGHpQIDVLVHQODVSDUWLFXODULGDGHVGHORVFiOFXORV
VtVPLFRVLQWHJUDFLyQGLUHFWDHQHOWLHPSRGHELGRDODVQROLQHDOLGDGHV\HQ
ORVFiOFXORVWHUPRKLGUiXOLFRVWHFQRORJtDGH&)'<VH¿QDOL]DFRQXQD
GHVFULSFLyQDOJRPDVGHWDOODGDGHOD,QVWDODFLyQ6HH[SOLFDQXHVWURPpWRGR
GHSUHSDUDFLyQGHSLVFLQDHLQVWDODFLyQGHEDVWLGRUHVSRUFRQWUROUHPRWR
VLQQHFHVLGDGGHEXFHDGRUHV\VHYHQVXVP~OWLSOHVEHQp¿FRVFRPRSRU
HMHPSORODUHGXFFLyQGHGRVLVSRUSDUWHGHOSHUVRQDOGHLQVWDODFLyQ
ÓnʇʣÓÊ
-/1"Ê8*, /Ê9Ê"<
$ ÊÊ
Ê-",
$ ÊÊÓÎÎ1­6®Ê Ê-
//
/°ÊˆÃÃ>˜>]Ê1°Êœ˜Ãœ]Ê°Ê>ÀV‰>‡ṎjÀÀiâ]Ê °ÊL>ÀÀ>˜Ê
ÞÊ/°Ê«iâ
/Ê
/DEHQWRQLWDIRUPDGDSULQFLSDOPHQWHSRUHODUFLOODHVPHFWLWDHVXQPD
WHULDOPX\DSURSLDGRFRPREDUUHUDGHLQJHQLHUtDHQDOPDFHQDPLHQWRVGH
UHVLGXRV UDGLDFWLYRV SRU VX EDMD SHUPHDELOLGDG \ HOHYDGD FDSDFLGDG GH
DGVRUFLyQ 3DUD DVHJXUDU HO FRUUHFWR IXQFLRQDPLHQWR GH ODV EDUUHUDV GH
™™ ‡Ê 1
,Ê-*!ÊÃi«Ìˆi“LÀi‡-ÊÓää™
LQJHQLHUtD\SUHGHFLUODPLJUDFLyQGHORVUDGLRQXFOHLGRVHQXQDOPDFHQD
PLHQWRHVPX\LPSRUWDQWHFRQRFHUORVPHFDQLVPRVGHDGVRUFLyQ\FXDQ
WL¿FDUORVGHIRUPDDGHFXDGD
(QHVWHWUDEDMRVHSUHVHQWDHOHVWXGLRH[SHULPHQWDOGHODDGVRUFLyQGH
XUDQLR HQ XQD HVPHFWLWD HVSDxROD DQDOL]DQGR GH IRUPD VLVWHPiWLFD HO
HIHFWRGHORVSULQFLSDOHVSDUiPHWURVS+IXHU]DLyQLFDFRQFHQWUDFLyQGH
UDGLRQXFOHLGRUHODFLyQVyOLGROLTXLGR\HIHFWRGHLRQHVFRPSHWLWLYRV(Q
OD HVPHFWLWD SUHYLDPHQWH SXUL¿FDGD \ KRPRLRQL]DGD HQ 1D y HQ &D VH
UHDOL]DURQHQVD\RVGHDGVRUFLyQ³HQEDWFK´HQFRQGLFLyQDQy[LFDV\DW
PyVIHUDGH1
6HKDQUHDOL]DGRHQVD\RVGHDGVRUFLyQFRQXQDFRQFHQWUDFLyQGHXUD
QLR GH >8@ Â 0 YDULDQGR HO S+ VRUSWLRQHGJHV GHVGH S+ D
DGLVWLQWDVIXHU]DVLyQLFDVGHVGHÂKDVWDÂ0\DGLIHUHQWH
UHODFLRQHVVyOLGROtTXLGR7DPELpQVHKDQKHFKRLVRWHUPDVGHDGVRUFLyQ
>8@ÂKDVWDÂ0SDUDGLIHUHQWHVIXHU]DVLyQLFDVÂKDVWD
Â0\GLIHUHQWHVS+\7DPELpQVHKDHVWXGLDGRODFLQpWLFDGH
DGVRUFLyQDS+\
(QORVHQVD\RVHQIXQFLyQGHOS+VHGLVWLQJXLHURQGRVUHJLRQHVOD
SULPHUDDS+GRQGHODDGVRUFLyQSUHVHQWDEDXQDLPSRUWDQWHGHSHQ
GHQFLDFRQODIXHU]DLyQLFD\UHODWLYDLQGHSHQGHQFLDFRQHOS+SRVLEOH
LQGLFDFLyQ GH OD SUHGRPLQDQFLD GH XQ SURFHVR GH LQWHUFDPELR LyQLFR
HQWUH1Dy&DFRQHOLyQXUDQLOR$S+VXSHULRUHVODVRUFLyQQRSUH
VHQWDEDXQDGHSHQGHQFLDFRQODIXHU]DLyQLFD\SUHVHQWDEDXQPi[LPR
GHDGVRUFLyQHQWRUQRDS+ (QHVWDUHJLyQODDGVRUFLyQGHEHRFXUULU
SULQFLSDOPHQWHSRUXQPHFDQLVPRGHFRPSOHMDFLyQVXSHU¿FLDO/DVLVR
WHUPDV GH DGVRUFLyQ HYLGHQFLDURQ XQ FRPSRUWDPLHQWR QR OLQHDO GH OD
DGVRUFLyQ
7RGRVORVGDWRVH[SHULPHQWDOHVVHLQWHUSUHWDURQXWLOL]DQGRXQPRGHOR
QRHOHFWURVWiWLFRFRPELQDQGRFRPSOHMDFLyQVXSHU¿FLDOHLQWHUFDPELRLy
QLFR\FRQVLGHUDQGRGRVWLSRVGLVWLQWRVGHVLWLRVVXSHU¿FLDOHV
ÓnʇʣÎÊ
-/1"ÊÊÊ1-$ Ê9Ê,/ $ Ê
Ê
-Ê Ê-/ /-Ê--ÊÊ",$ Ê
/Ê/
-Ê 1
,-ÊÊ
-Ê
Ê" 1°Êœ˜Ãœ£]Ê/°ÊˆÃÃ>˜>£]Ê°Ê>ÀV‰>‡ṎjÀÀiâ£]Ê °ÊL>ÀÀ>˜£]Ê
°Ê*>ÌiˆÓ]Ê°Ê
iVV>̜Î]Ê6°Ê,ˆ}>̜Î]ʰʈ˜}>ÀÀœ]Ê°Ê,œœ£Ê
ÞÊ/°Êœ«iâ£
£Ê
/Ê
ÓÊ
6 ÊÊ
ÎÊ ‡ /RVFHPHQWRV\KRUPLJRQHVVRQFRPSRQHQWHVPD\RULWDULRVHQODVED
UUHUDVGHFRQWHQFLyQGHORVDOPDFHQDPLHQWRVGHUHVLGXRVUDGLDFWLYRVGH
PHGLD\EDMDDFWLYLGDG3DUDJDUDQWL]DUODVHJXULGDGGHHVWDVEDUUHUDVVH
QHFHVLWDHVWXGLDUHOWUDQVSRUWHGHORVUDGLRQXFOHLGRV51HQHVWRVPDWH
ULDOHV(QXQFHPHQWRHOSULQFLSDOPHFDQLVPRGHWUDQVSRUWHHVODGLIXVLyQ
TXHVHYDORUDH[SHULPHQWDOPHQWHPHGLDQWHODREWHQFLyQGHFRH¿FLHQWHV
GHGLIXVLyQ'SDUDFDGD51/DFDSDFLGDGGHUHWHQFLyQGHOFHPHQWR
VHGHWHUPLQDPHGLDQWHH[SHULPHQWRVGHVRUFLyQUHDOL]DGRVFRQPDWHULDO
PROLGRSDUDREWHQHUXQFRH¿FLHQWHGHGLVWULEXFLyQ.GGHO51HQWUHOD
IDVHVyOLGD\HOOtTXLGR(QJHQHUDOORVHVWXGLRVGHGLIXVLyQ\VRUFLyQTXH
VHUHDOL]DQQRFRQWHPSODQODKHWHURJHQHLGDGTXHSUHVHQWDQORVPDWHULDOHV
GHFHPHQWR
(VWH HVWXGLR SURSRQH XQD PHWRGRORJtD QXQFD DQWHV DSOLFDGD HQ FH
PHQWRV TXH SHUPLWH YDORUDU HO WUDQVSRUWH GH 51 HQ FHPHQWRV WHQLHQGR
HQFXHQWDODKHWHURJHQHLGDGGHOPDWHULDO/DVWpFQLFDVQXFOHDUHVGHGLV
Ê 1
,Ê-*!ÊÃi«Ìˆi“LÀi‡-ÊÓää™Ê‡ ™™
(/
E7E;A@7EBßEF7D
3yVWHU,,
SHUVLyQGHKDFHVGHLRQHV5XWKHUIRUG%DFNVFDWWHULQJ6SHFWURPHWU\5%6
\R3DUWLFOH,QGXFHG;5D\(PLVVLRQR3,;(VHVHOHFFLRQDURQSDUDGH
WHUPLQDUDHVFDODPLFURPpWULFDFRH¿FLHQWHVGHGLIXVLyQ\FRH¿FLHQWHVGH
GLVWULEXFLyQGH51HQODVXSHU¿FLHGHOFHPHQWR$PEDVWpFQLFDVSHUPLWHQ
DQDOL]DUiUHDVHQHVFDODPLFURPpWULFDSRUORTXHVHSXHGHQLGHQWL¿FDUODV
IDVHVPiVUHDFWLYDVGHOFHPHQWR
&RPRSULPHUDDSOLFDFLyQVHKDHVWXGLDGRHOWUDQVSRUWHGH&VHQHOKRU
PLJyQHVSDxROGHUHIHUHQFLD/DPHWRGRORJtDSHUPLWLyYDORUDUVDWLVIDFWR
ULDPHQWHFRH¿FLHQWHVGHGLIXVLyQ\FXDQWL¿FDUFRH¿FLHQWHVGHGLVWULEXFLyQ
HQODVSULQFLSDOHVIDVHVGHOKRUPLJyQ/DVYHQWDMDV\OLPLWDFLRQHVGHOD
PHWRGRORJtDSURSXHVWDSDUDHOHVWXGLRGHRWURVUDGLRQXFOHLGRVGHLQWHUpV
VHGLVFXWHQHQHVWHWUDEDMR
(VWH WUDEDMR KD VLGR SDUFLDOPHQWH ¿QDQFLDGR SRU (15(6$ ( HQ HO
SUR\HFWR),648,$\SRUOD8(GHQWURGHOSURJUDPD
³5HVHDUFK ,QIUDVWUXFWXUH$FWLRQ´ )3 &RQWUDFW Q (85216
(852SHDQ1XFOHDU6WUXFWXUH5HVHDUFK
Ónʇʣ{Ê
-!"ÊÊ1 Ê--/ÊÊ-",
$ ÊÊ
-$/"*"-Ê,"
/6"-Ê*,- /-Ê Ê
1 /-Ê
1"-"-Ê /ÊÊ1-"ÊÊ
"
1°Ê
œÀ˜>`]Ê°Êi`ˆ˜>ÊiÊ°Ê->>
1 6,-//Ê,"6,ÊÊ6,ÊÉÊ
6HKDREWHQLGRXQPDWHULDODGVRUEHQWHFRPSXHVWRSRUVtOLFDIXPHG
GHPDJQHWLWDVLQWHWL]DGDVREUHODEDVHGHVtOLFDHQIRUPDGHQD
QRSDUWtFXODVTXHKDUHVXOWDGRVHUDOWDPHQWHHIHFWLYD\VHOHFWLYDSDUDOD
DGVRUFLyQGHLVyWRSRVUDGLRDFWLYRVSUHVHQWHVHQHÀXHQWHVDFXRVRV,QL
FLDOPHQWHVHHVWXGLyODFDSDFLGDGGHDGVRUFLyQGHpVWHPDWHULDODQLYHO
GH ODERUDWRULR FRQ DJXDV VLQWpWLFDV TXH FRQWHQtDQ LRQHV GH &V 6U
1L\&R3ULPHURVHGHWHUPLQyODUHODFLyQySWLPDGHVtOLFDPDJQH
WLWD SDUD OD DGVRUFLyQ GH GLFKRV HOHPHQWRV 3RVWHULRUPHQWH VH PHMRUy
ODFDSDFLGDGGHDGVRUFLyQGHHVWHPDWHULDOPHGLDQWHODLQWURGXFFLyQGH
DJHQWHVTXHODQWHVGLF\FORKH[DQRFURZQ\('7$TXHPHMRUDUDQ
ODVHOHFWLYLGDGGHOPDWHULDOSDUDFLHUWRVLVyWRSRVUDGLRDFWLYRVHVSHFt¿
FRV$QLYHOGHODERUDWRULRHODGVRUEHQWHVLQWHWL]DGRIXHFDSD]GHDG
VRUEHUHQWUH\—JGHOHOHPHQWR&V6U1L\&RSRU
JUDPRGHDGVRUEHQWH6HFRPSUREyTXHGLFKDFDSDFLGDGGHDGVRUFLyQ
DXPHQWDEDXQGLVPLQX\HQGRODWHPSHUDWXUDGHDž&3RVWH
ULRUPHQWH HO DGVRUEHQWH GH VtOLFD GH PDJQHWLWD VH KD XWLOL]DGR
SDUDODHOLPLQDFLyQGHLVyWRSRVUDGLRDFWLYRVHQXQVLVWHPDHQFRQWLQXR
£ää ‡Ê 1
,Ê-*!ÊÃi«Ìˆi“LÀi‡-ÊÓää™
FRQXQDFDSDFLGDGGHWUDWDPLHQWRHQWUHLOKSDUDDJXDVFRQWD
PLQDGDVTXHFRQWHQtDQHQWUHL%TOGH&VORJUiQGRVH
HQWRGRVORVFDVRVXQDDGVRUFLyQGHGLFKRHOHPHQWRHQWUHHO\HO
HQIXQFLyQGHOFDXGDOXWLOL]DGR
ÓnʇʣxÊ
*
ÊÊ-",
$ ÊÉÊ,/ $ Ê
Ê," 1
"-Ê*",Ê",/,"-Ê
9Ê"," -Ê1/<"-Ê Ê
/"-ÊÊ,-1"-Ê
,
/6"°Ê>ÀV‰>‡ṎjÀÀiâ]Ê/°ÊˆÃÃ>˜>]ʰʈ˜}>ÀÀœ]Ê2°Êœ˜Ãœ]Ê
°Ê,œœ]ʰʜÀi˜ÊÞÊ*°Êˆ]
/
(OXVRGHKRUPLJRQHV\PRUWHURVHQORVDOPDFHQDPLHQWRVGHUHVLGXRV
UDGLDFWLYRVGHPHGLD\EDMDDFWLYLGDGHVWiJHQHUDOL]DGR/DVFHOGDV\FRQ
WHQHGRUHVTXHVHXWLOL]DQSDUDDOPDFHQDUORVELGRQHVGHUHVLGXRVHVWiQ
IDEULFDGRVFRQKRUPLJyQ\VHUHOOHQDQFRQPRUWHUR$VXYH]ORVFRQWH
QHGRUHVVHVLW~DQVREUHEDVHVGHKRUPLJyQ(VWDVHVWUXFWXUDVVHDFDEDUiQ
UHFXEULHQGRFRQXQDFREHUWXUDIRUPDGDSRUFDSDVWLHUUDYHJHWDOJUDYDV\
DUHQDVVREUHXQDFDSDLPSHUPHDELOL]DQWHGHDUFLOODFRPSDFWDGDLQVWDODGD
VREUHXQDPHPEUDQDGHJHRWH[WLO\HOPDWHULDOGHUHOOHQRTXHKRPRJHQL]D
ODVXSHU¿FLH
/D PDWHULDOHV FRQ EDVH KRUPLJyQ VH XWLOL]DQ WDPELpQ SDUD VHOODU ODV
JDOHUtDVGHXQGHXQDOPDFHQDPLHQWRJHROyJLFRSURIXQGRGHUHVLGXRVUD
GLDFWLYRV
3RUWDQWR\GDGRVXH[WHQVRXVRFRQRFHU\FXDQWL¿FDUODVLQWHUDFFLR
QHVHQWUHORVUDGLRQXFOHLGRV\HVWRVPDWHULDOHVHVGHJUDQLQWHUpVHQORV
HVWXGLRVGHFDUDFWHUL]DFLyQHYDOXDFLyQGHGLFKDVLQVWDODFLRQHVGHUHVLGXRV
UDGLDFWLYRV
6H KDQ UHDOL]DGR HQVD\RV H[SHULPHQWDOHV GH OD FDSDFLGDG GH VRUFLyQ
HVGHFLUODGHWHUPLQDFLyQGHOFRH¿FLHQWHGHGLVWULEXFLyQ.GGHXQJUDQ
Q~PHURGHUDGLRQXFOHLGRV& &O &R 6H 6U 7F &V 8\
3X\VREUHDPERVPDWHULDOHVKRUPLJyQ\PRUWHUR/DFRPSRVLFLyQ
GHOKRUPLJyQ\PRUWHURVHVVLPLODUDORVXWLOL]DGRVHQODVLQVWDODFLRQHVGH
DOPDFHQDPLHQWRHVSDxRODV
(OHVWXGLRVHKDUHDOL]DGRPHGLDQWHHOPpWRGREDWFKRPpWRGRHVWiWLFR
SDUDREWHQHUHO.GyUHODFLyQHQWUHODVFRQFHQWUDFLRQHVHQODIDVHVyOLGD
\ HQ OD OtTXLGD GHVSXpV GH XQ WLHPSR GH FRQWDFWR GHWHUPLQDGR SRU VX
HTXLOLEULR(O&8\3XVRQORVHOHPHQWRVTXHPD\RUFDSDFLGDGGH
VRUFLyQVREUHDPERVPDWHULDOHVSUHVHQWDQ
Ê 1
,Ê-*!ÊÃi«Ìˆi“LÀi‡-ÊÓää™Ê‡£ää
E@7
3URJUDPD\6LQRSVLVGHODV3RQHQFLDV
әʇÊ*$-/,Ê­®
6ˆiÀ˜iÃÊÎäʇʣÇ]Îä…Ê Ê
Ê
Ê
Ê
Ê
Ê
Ê
Ê
Ê
Ê
œœÀ`ˆ˜>`œÀ\ʏLiÀ̜ÊL>˜>`iÃÊÉÊ1*
әʇÊä£Ê
әʇÊäÓÊ
-1
$ ÊÊ -/-Ê Ê
,
/",-Ê7,Ê /ÊÊ
$"Ê
"*"Ê,*xÉ*,
-Ê6Ó°Ç°Ê
*
$ ÊÊÊ
° °Ê*
Ê"//"
* /
$ ÊÊ-Ê"*
" -ÊÊ
"6 /"ÊÊ,,-ÊÊ
" /,"Ê9ÊÊ
9
$ ÊÊ","Ê1/< "Ê6,-Ê
Ê
" /,"Ê ÊÊ
$"Ê
"*"Ê
,*xÉ*,
-Ê6Ó°Ç°
/°Ê>ÀÀ>V…ˆ˜>]Ê,°ÊˆÀ]Ê°Ê-œiÀÊÞÊ°Ê6iÀ`Ö
1˜ˆÛiÀÈ`>`Ê*œˆÌjV˜ˆV>Ê`iÊ6>i˜Vˆ>
/DVSUXHEDVGHHVWDELOLGDGDEDMRFDXGDOUHDOL]DGDVHQHQ&13HDFK
%RWWRPWHQtDQODLQWHQFLyQGHPHGLUORVPiUJHQHVGHHVWDELOLGDGSULQ
FLSDOHVGHUHDFWRUHQODVFRQGLFLRQHVUHVWULFWLYDVXVDGDVHQHOGLVHxR\HO
DQiOLVLVGHVHJXULGDGSURSRUFLRQDQGRXQDFRPSDUDFLyQFRQORVFiOFXORV
GHGLVHxR/DVSUXHEDVGHHVWDELOLGDGIXHURQFRQGXFLGDVDORODUJRGHO¿
QDOGHODOtQHDGHSRWHQFLDFDXGDO\DORODUJRGHODOtQHDGHSRWHQFLDFDX
GDOFRUUHVSRQGLHQWHDODYHORFLGDGPtQLPDGHODERPEDGHUHFLUFXODFLyQ
&RQHVWHWUDEDMRORVDQiOLVLVGHHVWDELOLGDGHQHOGRPLQLRGHOWLHPSR\
HQ'VHKDQUHDOL]DGRVREUHXQQXHYRSXQWRGHDQiOLVLV37B839TXH
HVWiGHQWURGHODUHJLyQGHH[FOXVLyQFRQXQFDXGDODWUDYpVGHOQ~FOHRGH
NJVHOGHOFDXGDOQRPLQDOGHOQ~FOHR\XQDSRWHQFLDWRWDO
GHO UHDFWRU GH 0: GH OD SRWHQFLD QRPLQDO GHO UHDFWRU
XVDQGRHOFyGLJRDFRSODGR5(/$302'3$5&6Y(VWHSXQWR
VHDOFDQ]DSDUWLHQGRGHOSXQWRGHSUXHEDSRUHOPRYLPLHQWRGHEDUUDGH
FRQWUROFRPRVHKDFHKDELWXDOPHQWHHQODVFHQWUDOHVQXFOHDUHV
6HKDPRGHODGRHOQ~FOHRGHOUHDFWRUFRQFDQDOHVGHWHUPRKLGUiXOL
FRVSDUDUHSUHVHQWDUODSDUWHDFWLYDGHOFRUD]yQ\XQFDQDOSDUDPRGHODUHO
E\SDVVGHOQ~FOHR(OPDSSLQJQHXWUyQLFRWHUPRKLGiXOLFRVHKDUHDOL]DGR
EDViQGRQRVHQORVDUPyQLFRVIXQGDPHQWDO\SULPHU\VHJXQGRKDUPyQL
FRVGHODSRWHQFLDGHOUHDFWRUFDOFXODGRVFRQHOFyGLJRPRGDO/$0%'$
(OPRGHORQHXWUyQLFRFRQVWDGHQRGRVD[LDOHV/DVWDEODVGHVHFFLR
QHVH¿FDFHVLQFOX\HQFRPSRVLFLRQHVGLIHUHQWHV
(OREMHWLYRGHHVWHHVWXGLRHVGHSUREDUHVWHFyGLJRDFRSODGRHQHVWD
FODVHGHDFFLGHQWHVFRPSOHMRV'/RVUHVXOWDGRVPXHVWUDQTXHHOSXQWR
37B839HVXQSXQWRLQHVWDEOH\ODGLVWULEXFLyQGHSRWHQFLDUHODWLYDD[LDO
REWHQLGDPXHVWUDXQSHU¿OSLFDGRHQODSDUWHLQIHULRUGHOQ~FOHRTXHHV
FDUDFWHUtVWLFRGHQ~FOHRVLQHVWDEOHV
,°ÊˆÀ£]Ê/°Ê>ÀÀ>V…ˆ˜>£]Ê°Ê6iÀ`Ö£]Ê
°Ê*iÀiˆÀ>ÓÊÞÊ°Ê
°Ê
>À̉˜iâ‡ÕÀˆœÎ
Ê1˜ˆÛiÀÈ`>`Ê*œˆÌjV˜ˆV>Ê`iÊ6>i˜Vˆ>
Ê1˜ˆÛiÀÈ`>`iÊi`iÀ>Ê`iʈ˜>ÃÊiÀ>ˆÃ
ÎÊ
/Ê
(Q ORV FyGLJRV GH VLPXODFLyQ QHXWUyQLFD GHVDUUROODGRV KDVWD DKRUD ODV
EDUUDVGHFRQWUROGLVSRQHQGHPX\SRFDYHUVDWLOLGDGGHPRYLPLHQWRDOD
KRUDGHUHDOL]DUXQDVLPXODFLyQ/DVyUGHQHVGHPRYLPLHQWRVRQLQVWUXF
FLRQHVVHQFLOODVTXHGHEHQVHULQWURGXFLGDVDQWHVGHHPSH]DUHOFiOFXOR
\QRJXDUGDQQLQJXQDUHODFLyQFRQODVFDUDFWHUtVWLFDVGHOQ~FOHR\GHORV
VLVWHPDVGHFRQWUROHQQLQJ~QPRPHQWRGHODVLPXODFLyQ
$GHPiVHVQHFHVDULRHQYLDUODFRQFHQWUDFLyQGHERURGHVGHHOFyGLJR
WHUPRKLGUiXOLFRDOFyGLJRQHXWUyQLFRSDUDWHQHUHQFXHQWDORVFDPELRVHQ
ODVVHFFLRQHVH¿FDFHVGHELGRDODGLOXFLyQGHERURHQHOUHDFWRU
(Q HVWH WUDEDMR VH SUHVHQWD ORV FDPELRV LQWURGXFLGRV HQ ORV FyGLJRV
5(/$33$5&6 Y SDUD FRQVHJXLU TXH HO PRYLPLHQWR GH ODV EDUUDV
GHFRQWURO\ODLQ\HFFLyQGHERURVHDQPiVUHDOLVWDVHQHVWHWLSRGHVLPX
ODFLRQHV
&RQODPRGL¿FDFLyQLQWURGXFLGDHQHVWHSUR\HFWRODVEDUUDVGHFRQWURO
SXHGHQ PRYHUVH DXWRPiWLFDPHQWH DFWLYDGDV SRU HO VLVWHPD GH FRQWURO
SXGLHQGRGHSHQGHUGHVHxDOHVUHODFLRQDGDVFRQODDFWLYLGDGGHOUHDFWRU
FRPRSXHGHVHUODSUHVLyQWHPSHUDWXUDGHOFRPEXVWLEOHRGHOPRGHUDGRU
HWFPHMRUDQGRHOUHDOLVPRGHOFiOFXOR\DPSOLDQGRODVSRVLELOLGDGHVGH
ODVLPXODFLyQ
6HSUHVHQWDXQFDVRSUiFWLFRFRPRWHVWGHODVPRGL¿FDFLRQHVUHDOL]DGDV
XQDQiOLVLV5,$HQ&17ULOOR
£
Ó
әʇÊäÎÊ
",,
$ ÊÊ"-Ê
/"-Ê-*
-Ê
9ÊÊ"-Ê 1/," -Ê,"-Ê Ê-Ê
$,1-ÊÊ9 Ê9ÊÊ,"--‡Ê
°Ê°Ê՚œâ‡
œLœ£]Ê°Ê*iš>£ÊÞÊ°Ê6ˆ>“>À‰˜Ó
£Ê1˜ˆÛiÀÈ`>`Ê*œˆÌjV˜ˆV>Ê`iÊ6>i˜Vˆ>
ÓÊ
/
5HFLHQWHPHQWHVHKDQOOHYDGRDFDERORVH[SHULPHQWRV<$/,1$HQ%LH
OR5XVLDGHQWURGHOSUR\HFWR(85275$16GHOD&RPXQLGDG(XURSHD
Ê 1
,Ê-*!ÊÃi«Ìˆi“LÀi‡-ÊÓää™Ê‡ £ä£
(/
E7E;A@7EBßEF7D
3yVWHU,,
(Q HVWRV H[SHULPHQWRV VH KD XWLOL]DGR XQD IXHQWH GH QHXWURQHV GH 3X
%H SDUD PHGLU HQ XQ FRQMXQWR VXEFUtWLFR VX IXQFLyQ GH )H\QPDQQ \
VXIXQFLyQGH5RVVL$OID&RQHO¿QGHLQWHUSUHWDUHVWDVPHGLGDVVHKDQ
GHVDUUROODGRIyUPXODVSRUORVDXWRUHVGHHVWHWUDEDMRTXHXWLOL]DQGRWHR
UtDHVWRFiVWLFDGHOWUDQVSRUWHGHQHXWURQHVREWLHQHQODVFRUUHFFLRQHVDOD
FLQpWLFDSXQWXDO7DPELpQVHKDQGHVDUUROODGRH[SUHVLRQHVSDUDLQFOXLUORV
QHXWURQHVGLIHULGRV
(OKHFKRGHLQFOXLUORVQHXWURQHVGLIHULGRVHQODVHFXDFLRQHVSDUDFDO
FXODUODIXQFLyQ<GH)H\QPDQQUHTXLHUHUHVROYHUODHFXDFLyQGH,QKRXU
FRQ XQD JUDQ SUHFLVLyQ VH KD GHVDUUROODGR XQ SURJUDPD HQ 0$7/$%
TXH HIHFW~D ORV FiOFXORV QHFHVDULRV SDUD UHVROYHU OD HFXDFLyQ GH ,QKRXU
\FDOFXODUODIXQFLyQGH)H\QPDQQ<7FXDQGRVHLQFOX\HQQHXWURQHV
GLIHULGRV(QHVWHWUDEDMRVHSUHVHQWDQDOJXQRVUHVXOWDGRVHQORVFXDOHVVH
FRPSDUDQORVUHVXOWDGRVWHyULFRVREWHQLGRVSRUQRVRWURVFRQORVH[SHUL
PHQWDOHVREWHQLGRVHQORVH[SHULPHQWRV<$/,1$
әʇÊä{Ê
-/1"ÊÊÊ1,<ÊÊ
",,"ÊÊ"Ê
Ê
-"ÊÊ,"/1,ÊÊ1 Ê ÊÊ/Ê
,
"°Ê œ}ÕiÀ>Ê"ˆÛ>
*,-,"-Ê,1*"(OREMHWLYRGHHVWHHVWXGLRHVSURYHHULQIRUPDFLyQSDUDGHWHUPLQDUTXH
PHGLGDVSURWHFWRUDVKD\TXHWRPDUSDUDDVHJXUDUTXHVLVWHPDVGHVHJXUL
GDGFRPSRQHQWHVHTXLSRV\HVWUXFWXUDVHVWiQGHELGDPHQWHSURWHJLGRVHQ
FDVRGHURWXUDGHXQDWXEHUtDGH+HOLRGHDOWDHQHUJtD
(ODOFDQFHGHOPLVPRHVFRQRFHUPHGLDQWHHOFyGLJRGHFiOFXOR*2
7+,&ODIXHU]DGHLQFLGHQFLDGHXQFKRUURGH+HOLRHQFDVRGHURWXUD
GHXQDWXEHUtDGHDOWDHQHUJtD
(O PRGHOR KHFKR HQ *27+,& SDUD VLPXODU OD LQFLGHQFLD GH FKRUUR
FRQVWDGHXQYROXPHQHQ'FRQXQPDOODGRDGHFXDGRSDUDUHSUHVHQWDU
HVWHIHQyPHQR\GHXQDLQ\HFFLyQGH+HOLR
6HKDWRPDGRSDUDFRQRFHUODLQ\HFFLyQGH+HOLRXQDVGHODVWXEHUtDV
GHPD\RUGLiPHWUR\HQHUJtDSUHVLyQ\WHPSHUDWXUDGHODVTXHGLVSRQH
XQWtSLFRUHDFWRUUHIULJHUDGRSRU+HOLR
/RVUHVXOWDGRVGHHVWHHVWXGLRVHFRPSDUDUiQFRQODQRUPD$16$16,
³'HVLJQ %DVLV IRU 3URWHFWLRQ RI /LJKW :DWHU 1XFOHDU 3RZHU
3ODQWV$JDLQVWWKH(IIHFWVRI3RVWXODWHG3LSH5XSWXUH´
FHGHUDVXVVXVWLWXFLyQSUHYHQWLYDDQWHVGHTXHTXHGHFRPSURPHWLGDVX
IXQFLyQ
/RVFLUFXLWRV0+7/VHFDUDFWHUL]DQSRUVHUXQDIDPLOLDGHFLUFXLWRV
LQWHJUDGRV OyJLFRV FRQ DOWR QLYHO GH LQPXQLGDG DO UXLGR HOpFWULFR 6H
DOLPHQWDQD9FF\VXVSULQFLSDOHVFDUDFWHUtVWLFDVVRQVXVDOWRVXP
EUDOHVGHHQWUDGD9\XQDJUDQGLIHUHQFLDGHWHQVLyQHQWUHORVQLYHOHV
OyJLFRVGHVDOLGD\7tSLFR9FFD9FF
'XUDQWHXQDSUXHEDSHULyGLFDVHGHWHFWyXQDWDUMHWDOyJLFDTXHXWLOL]D
HVWHWLSRGHFRPSRQHQWHTXHQRSUHVHQWDEDXQFRPSRUWDPLHQWRDGHFXDGR
\TXHHQFRQGLFLRQHVGHDFWXDFLyQVHSURGXFtDQUHWUDVRV\RVFLODFLRQHV
HQVXUHVSXHVWD
(QODLQYHVWLJDFLyQUHDOL]DGDHQ&1$VFyVHKDREVHUYDGRTXHODVWHQ
VLRQHVGHORVQLYHOHVOyJLFRVGHVDOLGDHQORVFRPSRQHQWHVGHJUDGDGRV
HUDQLQIHULRUHVDORVLQGLFDGRVHQODVHVSHFL¿FDFLRQHVGHOIDEULFDQWH
7DPELpQ VH KD REVHUYDGR TXH XQD GLVPLQXFLyQ HQ OD WHQVLyQ GH OD
DOLPHQWDFLyQ DJXGL]D GHQXQFLD \ SRQH GH UHOLHYH HO GHWHULRUR GH ORV
QLYHOHV OyJLFRV PHQFLRQDGRV OR FXDO VH KD XWLOL]DGR FRPR WpFQLFD SDUD
GHVHQPDVFDUDUODVSRVLEOHVGHJUDGDFLRQHVODWHQWHVDQWHVGHTXHOOHJXHQ
DOIDOORIXQFLRQDO3RURWURODGRORVFRPSRQHQWHVQRGHJUDGDGRVPDQ
WLHQHQVXFRUUHFWRIXQFLRQDPLHQWRLQFOXVRFRQWHQVLRQHVLQIHULRUHVGH
KDVWD9FF
(QEDVHDHVWDVH[SHULHQFLDVVHKDQGHVDUUROODGRGRVOtQHDVGHDFFLRQHV
SDUDGHWHFWDUSRVLEOHVGHJUDGDFLRQHV
3UXHEDIXQFLRQDOFRQXQDDOLPHQWDFLyQPDVEDMDGXUDQWHOD2SH
UDFLyQ
/DSUXHEDGHGHWHFFLyQFRQVLVWHHQEDMDUODDOLPHQWDFLyQGH9FFD
XQRV9FF\UHDOL]DUODVSUXHEDVIXQFLRQDOHVGHOVLVWHPDGXUDQWHOD
2SHUDFLyQFRQHVWDWHQVLyQEDMD
(VWDHVXQDVROXFLyQUiSLGD\UHODWLYDPHQWHVHQFLOODSDUDGHWHFWDUFLUFXL
WRVGHJUDGDGRVFHUFDQRVDOIDOORGXUDQWHOD2SHUDFLyQGHODSODQWD1RHV
ODVROXFLyQGH¿QLWLYDSHURSHUPLWHPDQWHQHUODFRQ¿DQ]DHQODRSHUDELOL
GDGGHOVLVWHPDKDVWDODUHYLVLyQFRPSOHWDDUHDOL]DUFRQODSODQWDSDUDGD
3UXHEDFXDQWLWDWLYDGHODGHJUDGDFLyQUHDOL]DGDHQODERUDWRULR
(VWDSUXHEDFRQVLVWHHQPHGLUHQHOODERUDWRULRSDUDFDGD38(57$/Ï
*,&$ORVYDORUHVODWHQVLyQGHVDOLGDSDUDFDGDQLYHOOyJLFRDVtFRPRXQD
DSUHFLDFLyQGHORVWLHPSRVGHUHVSXHVWD$OUHYLVDUWRGRVORVFLUFXLWRVHVWD
SUXHEDWLHQHXQDOFDQFHPXFKRPDVFRPSOHWRTXHODDQWHULRU
&RQHVWDVSUXHEDVVHGHWHFWyWDPELpQGHJUDGDFLyQHQGLRGRV=HQHUOR
FXDOKDPRWLYDGRTXHVHKD\DLQFOXLGRWRGRVORVGLRGRVHQQXHVWURSURWR
FRORGHSUXHEDVGHGHJUDGDFLyQ
&RQ HVWD SUXHED VH SUHWHQGH HOLPLQDU GHO VLVWHPD DTXHOORV FRPSR
QHQWHVGHJUDGDGRVTXHDSHVDUGHVHJXLUPDQWHQLHQGRVXIXQFLRQDOLGDG
SXGLHUDQVHUHQHOIXWXURODFDXVDGHDQRPDOtDVGHOVLVWHPD
әʇÊäxÊ
,
$ ÊÊÊ
,
1/"-Ê /,"-Ê
/Ê1/<"-Ê Ê--/-Ê$
"-ÊÊ
/1
$
°Ê>LœÀ`>£]Ê°ÊÃ}Õiۈ>ÃÓÊÞÊ°Ê°ÊÊ6>iÓÊÊ
£Ê
ÊÃVÊ£EÓ
Óʘ}i˜ˆiÀ‰>Ê7iÃ̈˜}…œÕÃiÊ/>ÀÀ>}œ˜>
(VWHWUDEDMRUHFRSLODXQFRQMXQWRGHLQIRUPDFLyQ\GDWRVEDVDGRVHQH[
SHULHQFLDVSURSLDVHQ&1$VFy,,,\9DQGHOOyV,,VREUHODGHJUDGDFLyQ
GHORVQLYHOHVOyJLFRVHQFLUFXLWRVLQWHJUDGRVGHODIDPLOLD+LJK7KUHV
KROG /RJLF 0+7/ GH 0RWRUROD (VWH SURFHVR SHUPLWLUi OD GHWHFFLyQ
SUHPDWXUDGHDQRPDOtDVHQORVFRPSRQHQWHVTXHVRQXWLOL]DGRVHQORV
VLVWHPDVOyJLFRVGH&RQWURO\3URWHFFLyQHQ&HQWUDOHV1XFOHDUHV
6HSUHWHQGHGHWHFWDUDTXHOORVFLUFXLWRVLQWHJUDGRVTXHPDQWHQLpQGRVH
WRGDYtDRSHUDWLYRVKD\DQLQLFLDGRDOJ~QSURFHVRGHGHJUDGDFLyQ\SUR
£äÓ ‡Ê 1
,Ê-*!ÊÃi«Ìˆi“LÀi‡-ÊÓää™
әʇÊäÈÊ
Ê$ Ê
,°Ê
" /,"ÊÊÊ
"" <
$ Ê9Ê
$ Ê ÊÊ
/,Ê
1
,ÊÊ-
$
°Ê°Êë>Àâ>Ê>À̈˜£]ʏLiÀÌÊiÀÌÀ>˜ÊÀ>Õ£ÊÞÊ°Ê՘ÌjÊ
Õ>Ó
£Ê° °ÊÃV‡6>˜`iÃ
ÓÊ- 8
(O PHMLOOyQ FHEUD 0& HV XQ PROXVFR GH DJXD GXOFH RULJLQDULR GH ORV
PDUHV0XHUWR\&DVSLR(VFRQVLGHUDGRXQDHVSHFLHLQYDVRUDGDGDVXJUDQ
FDSDFLGDGGHUHSURGXFFLyQ\GHVDUUROORDVtFRPRVXJUDQDGDSWDELOLGDG
DOPHGLR7RGRHOORKDFHTXHHO0&RFDVLRQHXQRVHIHFWRVVRFLRHFRQy
PLFRV HQ OD LQGXVWULD \ DJULFXOWXUD VHFXQGDULRV D OD ¿MDFLyQ GHO 0& HQ
ORVFRPSRQHQWHVGHODVFDSWDFLRQHVGHDJXDGDQGROXJDUDIHQyPHQRV
E@7
3URJUDPD\6LQRSVLVGHODV3RQHQFLDV
EiVLFDPHQWHREVWUXFWLYRV$VLPLVPRVHGHULYDQRWURVHIHFWRVRULJLQDGRV
SRUODVUHVWULFFLRQHVVREUHODQDYHJDFLyQ\SHVFD/RVHIHFWRVHFROyJLFRV
GHODSUHVHQFLDGHO0&HVWiQYLQFXODGRVDODFRPSHWHQFLDVREUHHVSHFLHV
DXWyFWRQDV \ HO DXPHQWR HQ OD WUDQVSDUHQFLD GHO DJXD \ OD FRQVHFXHQWH
GLVPLQXFLyQGHODSUHVHQFLDGH¿WRSODQFWRQ
(QVHGHWHFWyODSUHVHQFLDGH0&SRUYH]SULPHUDHQHOHPEDOVH
GH 5LED5RMD G¶(EUH \ DFWXDOPHQWH VH KD H[WHQGLGR SRU WRGD OD FXHQFD
GHOUtR
7UDVXQDUHYLVLyQUXWLQDULDHQODVWRPDVGHDJXDGHOD&HQWUDO1XFOHDU
GH$VFy&1$HQDEULOGHVHGHWHFWDURQHMHPSODUHVGH0&&RQHO
REMHWRGHSUHYHQLUOD¿MDFLyQ\FROPDWDFLyQGHODUYDVHQODVLQVWDODFLRQHV
KLGUiXOLFDVVHWRPDURQXQDVHULHGHPHGLGDVTXHVHUHVXPHQHQDOFDQ]DU
YHORFLGDGHVGHDJXDORVX¿FLHQWHPHQWHHOHYDGDVSDUDHYLWDUOD¿MDFLyQGHO
PHMLOOyQFHEUDDVtFRPRWUDWDPLHQWRVGHVKRFNWpUPLFR
(OREMHWLYRSULQFLSDOHVGDUDFRQRFHUHOFRPSRUWDPLHQWRGHO0&HQ
HOWUDPREDMRGHO(EUR\SUHVHQWDU ODV GLYHUVDV IRUPDV GH FRQWUROGHOD
FRORQL]DFLyQ\¿MDFLyQGHO0&HQODVLQVWDODFLRQHVGHOD&HQWUDO1XFOHDU
GH$VFy
әʇÊäÇÊ
*,- ÊÊ
,$/"-Ê ÊÊ,"Ê,"Ê
9Ê-1Ê 1 Ê ÊÊ
/,Ê 1
,Ê
Ê-
$
°Ê՘ÌjÊ
Õ>£]Ê°ÊiÀÌÀ>˜ÊÀ>ÕÓÊÞÊ°Ê°Êë>Àâ>Ê>À̈˜ÓÊ
£Ê- 8
ÓÊ° °ÊÃV‡6>˜`iÃ
(OGHVDUUROORGHODELRPDVDHQHOWUDPRGHO(EURTXHYDGHVGHHOHPEDOVH
GH)OL[KDVWDODWRPDGHDJXDGHUHIULJHUDFLyQGHOD&1GH$VFySURYRFD
GLYHUVRVSUREOHPDVHQHOFLUFXLWRGHUHIULJHUDFLyQGHOD&1GH$VFy
'HVGHHODxRKDLGRLQFUHPHQWDQGRODSUHVHQFLDGHPDFUy¿WRVHQ
OD&1GH$VFy(VWHDXPHQWRVHGHEHDGLYHUVRVIDFWRUHVWDOHVFRPROD
SUHVHQFLDGHOPHMLOOyQFHEUDHOLQFUHPHQWRGHODWHPSHUDWXUD\GHOFDXGDO
DVtFRPRODHOHYDGDSUHVHQFLDGHQXWULHQWHV(QHVWDIHFKDVHLQLFLDURQXQD
VHULHGHWUDEDMRVFRQHOREMHWRGHREWHQHUXQDGHVFULSFLyQGHWDOODGDGHODV
HVSHFLHV\GHVXFLFORELROyJLFR
3DUDHOLPLQDUORVPDFUy¿WRVXQDGHODVPHMRUHVRSFLRQHVFRQVLVWHHQ
HIHFWXDUDYHQLGDVSURJUDPDGDVHQHOUtR(EURFX\D¿QDOLGDGHVDUUDVWUDU
ODPD\RUSDUWHGHHVWRV\DVtQRVDWXUDUORV¿OWURVGHOD&1GH$VFy/DV
DYHQGLGDVVHUHDOL]DQDOSULQFLSLRGHODSULPDYHUDHQTXHVHKDFHXQDOLP
SLH]DSUHYLD\VHDUUDQFDQORVSULPHURVPDFUy¿WRV\HQDJRVWRFXDQGROD
SUHVHQFLDGHPDFUy¿WRVHQHOUtRHVPiVHYLGHQWH
(OREMHWLYRGHHVWHWUDEDMRHVSUHVHQWDUXQDGHVFULSFLyQGHODVHVSHFLHV
KDOODGDVHQORV¿OWURVGHOD&1GH$VFyVXFRPSRUWDPLHQWRHVWDFLRQDO\
ODVPHGLGDVDGRSWDGDVSDUDSUHYHQLU\WUDWDUORVHIHFWRVSURYRFDGRVSRUOD
SUHVHQFLDGHPDFUy¿WRVHQOD&1GH$VFy
әʇÊänÊ
-,,""ÊÊ* /
$ ÊÊ1 Ê
--/ÊÊ" /",<
$ ÊÊÊ
ÊÊ
" /,
$ ÊÊ
/6Ê
LÊ Ê1ÊÊ,"ÊÊ /
$ Ê
-*
/,"/,
ÊÊ-",-Ê-"Ê Ê
/",-ÊÊ ­/®°Ê,-1/"-Ê
*, ,,°Ê
>Ã>˜œÛ>ã]Ê°Ê`iʏ>ÃÓ]Ê°Ê->Û>`£]Ê8°Ê-iÀÀ>Ó]ʰʝ«iâ£Ê
ÞÊ
°Ê/>«ˆ>Ó
£Ê1˜ˆÛiÀÈ`>`Ê,œÛˆÀ>ʈÊ6ˆÀ}ˆˆÊ
ÓÊ1˜ˆÛiÀÈ`>`Ê*œˆÌjV˜ˆV>Ê`iÊ
>Ì>Õ˜Þ>Ê
(OREMHWLYRGHOWUDEDMRHVSUHVHQWDUORVUHVXOWDGRVREWHQLGRVPHGLDQWHXQ
VLVWHPDJHVWLRQDGRDGLVWDQFLDSDUDODGHWHUPLQDFLyQGHFRQFHQWUDFLyQGH
DFWLYLGDGLLGHQWL¿FDFLyQGHHPLVRUHVPHGLDQWHHVSHFWURPHWUtDEDVDGDHQ
FHQWHOOHDGRUHVGH1D,7OHLQFRUSRUDFLyQGHORVGDWRVREWHQLGRVDODUHG
GHYLJLODQFLDUDGLROyJLFDGHOD*HQHUDOLWDWGH&DWDOXQ\D
(OVLVWHPDVHEDVDHQORVVLJXLHQWHVGHVDUUROORVUHDOL]DGRVFRQMXQWDPHQ
WHSRUHOHTXLSR85983&
D6RIWZDUH GH JHVWLyQ GHO VLVWHPD SRU FRQWURO UHPRWR VXPLQLVWUDGR HQ
FyGLJRIXHQWHHLPSOHPHQWDGRHQHOFyGLJRLQIRUPiWLFRGHODUHGGHOD
*HQHUDOLWDWGH&DWDOXQ\D
E'HVDUUROORGHXQVRIWZDUHSURSLRSDUDHODQDOL]DGRUPXOWLFDQDOTXHLQ
FOX\HXQSURJUDPDGHFiOFXORRULJLQDOTXHLGHQWL¿FDORVUDGLRQ~FOLGRV
HPLVRUHVJDPPDSUHVHQWHVHQHODJXD3DUDHOORVHKDHVWXGLDGRHOPp
WRGRGHGHWHFFLyQ\PXHVWUHRODJHRPHWUtDGHOVLVWHPDGHGHWHFFLyQOD
UHVSXHVWDHVSHUDGDGHOGHWHFWRUDOJRULWPRVGHDQiOLVLVGHORVIRWRSLFRV
\ODVFDUDFWHUtVWLFDVGHHPLVLyQLGHXQFRQMXQWRGHUDGLRQ~FOLGRVQDWX
UDOHV\DUWL¿FLDOHVOLEUHUtDGHGDWRVHVSHFt¿FD
F(OSURJUDPDLQFRUSRUDXQFRQMXQWRGHDOJRULWPRVTXHSHUPLWHUHDOL]DU
HOVXDYL]DGRE~VTXHGDGHODSRVLFLyQGHORVSLFRVGHWHUPLQDFLyQGHO
iUHD\ODHQHUJtDDMXVWHVHLGHQWL¿FDFLyQGHORVUDGLRQ~FOLGRV)LQDO
PHQWH HO SURJUDPD GHWHUPLQD OD DFWLYLGDG HVSHFt¿FD GH DFXHUGR FRQ
OD H¿FLHQFLD GHO GHWHFWRU PHGLGD H[SHULPHQWDOPHQWH &RPR HO PXHV
WUHRHVFRQWLQXRHODQiOLVLVVHUHDOL]DLQWHJUDQGRLQWHUYDORVGHWLHPSR
FUHiQGRVHXQLQIRUPHGHUHVXOWDGRV\XQVLVWHPDGHDYLVRV(OSURJUDPD
HVWiHVFULWRRULJLQDOPHQWHHQOHQJXDMH&\KDVLGRDGDSWDGRDOOHQJXDMH
XWLOL]DGRHQODUHG
G0yGXORJHVWLRQDGRSRUFRQWUROUHPRWRTXHSHUPLWHODWRPDGHPXHV
WUDVGHDJXDDSDUWLUGHODVFXDOHVVHSXHGDQREWHQHUYDORUHVGHFRQFHQ
WUDFLRQHVGHDFWLYLGDGSXQWXDOHVRDFXPXODGDVGXUDQWHXQGHWHUPLQDGR
SHULRGRGHWLHPSRHQFDVRGHVREUHSDVDUHOQLYHOGHDODUPD
әʇÊä™Ê
,-1/"-ÊÊÊ
*!Ê " ÊÊ
2-+1Ê9Ê,
1*,
$ ÊÊ1 /-Ê
,
/6-ʺ1, -»
*°Ê
>ÀLœ˜iÀ>ãÊÞÊ
°Ê,Õi`>Ó
£Ê ,-Ê
ÓÊ -
5HVXPHQ
$SXQWRGHFRQFOXLUODFDPSDxDGH³%~VTXHGD\UHFXSHUDFLyQGHIXHQ
WHVUDGLDFWLYDVKXpUIDQDV´RUJDQL]DGDHQ(VSDxDHOSUHVHQWHWUDEDMRGHV
FULEHODH[SHULHQFLD\ORVUHVXOWDGRVSDUFLDOHVREWHQLGRVGHVGHVXLQLFLRHQ
IHEUHURGHKDVWDPDU]RGH
Ê 1
,Ê-*!ÊÃi«Ìˆi“LÀi‡-ÊÓää™Ê‡ £äÎ
(/
E7E;A@7EBßEF7D
3yVWHU,,
2EMHWLYR
(OREMHWLYRGHOWUDEDMRHVDQDOL]DUORVUHVXOWDGRVREWHQLGRVHQODFDPSD
xDUHFRJHUODH[SHULHQFLDH[WUDtGDDORODUJRGHODPLVPD\VDFDUFRQFOX
VLRQHVTXHSXHGDQVHUGHXWLOLGDG
,QWURGXFFLyQ
/DFDPSDxDVHSXVRHQPDUFKDDLQLFLDWLYDGHO0LQLVWHULRGH,QGXVWULD7X
ULVPR\&RPHUFLRFRQHODVHVRUDPLHQWRGHO&RQVHMRGH6HJXULGDG1XFOHDU
VLJXLHQGRODSRVLELOLGDGTXHHVWDEOHFHODQRUPDWLYDHQYLJRU\IXHHQFDUJDGD
GHVXUHDOL]DFLyQOD(PSUHVD1DFLRQDOGH5HVLGXRV5DGLDFWLYRV6$
(O REMHWLYR GH OD FDPSDxD KD VLGR OD E~VTXHGD WDQWR DGPLQLVWUDWLYD
FRPRItVLFDGHOPD\RUQ~PHURSRVLEOHGHIXHQWHVUDGLDFWLYDVKXpUIDQDV
IXHQWHVFRQXQDDFWLYLGDGSRUHQFLPDGHOQLYHOGHH[HQFLyQTXHVHHQ
FXHQWUDQIXHUDGHOFRQWUROUHJODPHQWDULR\KDHVWDGREDVDGDHQODFRODER
UDFLyQYROXQWDULDGHORVSRVHHGRUHVGHODVPLVPDV
5HVXOWDGRV
+DVWDHOGHPDU]RGHVHKDEtDQORFDOL]DGRFHUFDGHIXHQWHV
GH ODV FXDOHV VH KDEtDQ UHWLUDGR $GHPiV GH HVWDV IXHQWHV VH KDEtD
UHFRJLGRRWURPDWHULDOUDGLDFWLYRGLYHUVR
'LVFXVLyQ
(VWDFDPSDxDKDGDGRFRQWLQXLGDGDRWUDVOOHYDGDVDFDERHQQXHVWURSDtV
FRQHOLPSXOVRGHODVDXWRULGDGHVDORODUJRGHPiVGHWUHVGpFDGDVHQODVTXH
VHKDQYHQLGRUHWLUDQGRQXPHURVDVIXHQWHVGHODVGLVWLQWDVLQVWDODFLRQHV
&RQFOXVLRQHV
/DH[SHULHQFLDGHPXHVWUDODXWLOLGDGTXHKDWHQLGRODUHDOL]DFLyQGHHVWD
FDPSDxDHVSHFt¿FD\DTXHFRPRVHHYLGHQFLDSRUORVUHVXOWDGRVVHJXtDQ
H[LVWLHQGRHQQXHVWURSDtVDOJXQDVIXHQWHVUDGLDFWLYDVKXpUIDQDVDSHVDUGH
ODVQXPHURVDVFDPSDxDVUHDOL]DGDVHQHOSDVDGR
әʇʣäÊ
-*
/"-Ê ,-ÊÊÊ/"""Ê
Ó/-Ê*,ÊÊ-
"ÊÊ
/,-Ê
1
,°ÊՏLi]Ê°°Ê՚œâ‡
œLœ]Ê°Ê->˜V…œÊÞÊ°ÊÃVÀˆÛ?
1˜ˆÛiÀÈ`>`Ê*œˆÌjV˜ˆV>Ê`iÊ6>i˜Vˆ>Ê
(OGHVDUUROORGHQXHYDVLQVWDODFLRQHVQXFOHDUHVHVXQSURFHVRTXHFRQOOHYD
LUUHPHGLDEOHPHQWHHOXVRGHPRGHORVLQIRUPiWLFRVSDUDGHPRVWUDUWDQWR
ODYLDELOLGDGGHOSUR\HFWRFRPRODVHJXULGDGGHOPLVPR(QJHQHUDOORV
UHVXOWDGRVREWHQLGRVSRUPRGHORVLQIRUPiWLFRVGHEHQVHUYHUL¿FDGRVPH
GLDQWHPRGHORVUHDOHVDHVFDOD(VWRVPRGHORVSXHGHQVHUGHHIHFWRVVHSD
UDGRVGHGLFDGRVDVRORDOJXQRVFRPSRQHQWHVGHODFHQWUDORSDUDHVWXGLDU
DOJ~QIHQyPHQRFRQFUHWRRGHHIHFWRVLQWHJUDOHVFXDQGRUHSUHVHQWDQDOD
WRWDOLGDGGHODFHQWUDORODVSDUWHVIXQGDPHQWDOHVGHODPLVPD6LELHQHO
VHJXQGRWLSRHVHOPiVGHVHDEOHODFRPSOHMLGDGGHODLQWHUDFFLyQHQWUHORV
GLIHUHQWHVVLVWHPDVUHVXOWDHQUHJODVGHHVFDODGRLQFRPSDWLEOHVHQWUHVLOR
TXHHQVXPRPHQWRKL]RGHOHVFDODGRXQDGLVFLSOLQDEDVDGDIXQGDPHQWDO
PHQWHHQHONQRZKRZ\ODLQWXLFLyQ
(QHVWDSRQHQFLDVHKDEODGHOPpWRGRHVFDODGR+76GHVDUUROODGRSRU
=XEHU\FRODERUDGRUHVSDUDOD15&HQFRQODLQWHQFLyQGHVLVWHPD
WL]DUULJXURVDPHQWHHOHVFDODGRGHFHQWUDOHVQXFOHDUHV/DEDVHGHOPpWR
GR+76KLHUDUFKLFDOWZRWLHUHGDSSURDFKWRVFDOLQJVHHQFXHQWUDHQOD
PDQHUDGHDQDOL]DU\DVLJQDUFDWHJRUtDVDFDGDSDUWHGHOVLVWHPDLQWHJUDO
3DUDHOORVHXVDXQDPHWRGRORJtDVLVWHPiWLFDTXHVHHIHFW~DHQGRVIDVHV
XQDSULPHUDFRQRFLGDFRPR7RS'RZQHQODTXHVHDQDOL]DHOVLVWHPD
GHVGHHOQLYHOPiVJHQHUDOODLQVWDODFLyQFRPRXQWRGRKDVWDHOPiVGH
WDOODGR\XQDVHJXQGDTXHVHKDFHDOUHYpVFRQRFLGDFRPR%RWWRP8S
6HREWLHQHQGHHVWDPDQHUDUHJODVGHHVFDODTXHOXHJRVHMHUDUTXL]DQ
VHJ~QVXLPSRUWDQFLDSDUDHOHVFHQDULRREMHWRGHHVWXGLR(QEDVHDHV
£ä{ ‡Ê 1
,Ê-*!ÊÃi«Ìˆi“LÀi‡-ÊÓää™
WDVMHUDUTXtDSRGHPRVVDEHUTXHUHJODVGHHVFDODVRQLQHOXGLEOHVFXDOHV
VHFXQGDULDV\FXDOHVWRWDOPHQWHGHVFDUWDEOHV(QEDVHDHVWRVHSRGUiDO
¿Q HVFDODU QXHVWUR PRGHOR SXGLHQGR LQFOXVR SUHGHFLU ODV GLVWRUVLRQHV
TXHSXGLHUDQDSDUHFHUGHELGRDOHVFDODGRQRH[DFWRGHORVVLVWHPDVGH
LPSRUWDQFLDVHFXQGDULD
әʇʣ£Ê
1 ÊÊ*ÊÊ
"* /"Ê
/,",1
"‡ 1/,$ "Ê Ê
Ê --ÊÊ/, -/","Ê,ÊÎÊ
1/< "Ê,*xÉ*,
-Ê6Ó°ÇÊ ÊÊ
° °Ê
/,"
/°Ê>ÀÀ>V…ˆ˜>£]Ê,°ÊˆÀ£]Ê°Ê6iÀ`Ö£]Ê°Ê"ÀÌi}œÓÊÞÊ°Ê
°Ê
>À̉˜iâ‡ÕÀˆœÎ
£Ê1˜ˆÛiÀÈ`>`Ê*œˆÌjV˜ˆV>Ê`iÊ6>i˜Vˆ>
ÓÊ, "Ê
ÎÊ
° °Ê“>À>â‡/Àˆœ
(OSURJUHVRHQORVPpWRGRVDQDOtWLFRVKDGHVDUUROODGRORVFyGLJRVWHU
PRKLGUiXOLFRVFOiVLFRVWDOHVFRPR5(75$175$&\5(/$3KDFLD
FyGLJRVPRGHUQRVFRQODFDSDFLGDGFRPSOHWDGHUHDOL]DUDQiOLVLVFRQ
FLQpWLFD'HQXQDPDQHUDGLQiPLFDSDUDVLPXODUHOFRPSRUWDPLHQWR
GHQ~FOHRVHVSHFt¿FRVGHXQDPDQHUDUHDOLVWD\DVtSRGHUSUHGHFLUODV
H[FXUVLRQHV GH SRWHQFLD ORFDOL]DGDV FRPR RFXUUH HQ HO 5,$ 5HDFWL
YLW\ ,QVHUWLRQ$FFLGHQW (VWRV FyGLJRV GHEHQ VHU DOLPHQWDGRV FRQ OD
LQIRUPDFLyQGHODFLQpWLFDSURFHGHQWHGHORVFyGLJRVFRPR&$602
6,08/$7(/DPHWRGRORJtD6,07$%SURSRUFLRQDXQDKHUUDPLHQWD
IiFLOSDUDH[WUDHUFRUUHFWDPHQWHODVVHFFLRQHVH¿FDFHV\ORVSDUiPHWURV
FLQpWLFRVQHXWUyQLFRVGH6,08/$7(DORVFyGLJRVDFRSODGRVQHXWUy
QLFRWHUPRKLGUiXOLFRV KDFLHQGR HVWXGLRV GH UHDFWLYLGDG IDFWLEOHV HQ
Q~FOHRVWLSR%:5\WLSR3:56,07$%SHUPLWHWUDQVIHULUH[DFWDPHQ
WHHOHVWDGRFLQpWLFRLQLFLDOGHOFyGLJRGHODItVLFDDOFyGLJRWHUPRKL
GUiXOLFR\SURSRUFLRQDODUHVSXHVWDDGHFXDGDGHODFLQpWLFDGXUDQWHHO
WUDQVLWRULRFRPSOHWR
+HPRVDQDOL]DGRHOFRPSRUWDPLHQWRGH&17ULOORHQXQ5($5RG
(MHFWLRQ $FFLGHQW FRQ HO FyGLJR QHXWURQLFWHUPRKLGUiXOLFR DFRSODGR
5(/$33$5&6YXVDQGRODPHWRGRORJtD6,07$%GHVDUUROODGDHQ
839+HPRVHVWXGLDGRHVWHWUDQVLWRULRHQGLYHUVDVFRQGLFLRQHVGHIXQFLR
QDPLHQWR\DSULQFLSLR\D¿QDOGHOFLFOR
(VWHWUDEDMRFRQVLVWHHQHOHVWXGLRGHODLQÀXHQFLDGHGLYHUVDVGH¿QL
FLRQHV GHO PRGHOR WHUPRKLGUiXOLFR HQ XQ DQiOLVLV 5($ HQ &1 7ULOOR
6H KD DQDOL]DGR XQD VHULH GH FiOFXORV FRQ GLIHUHQWH Q~PHUR GH FDQDOHV
WHUPRKLGUiXOLFRVSDUDUHSUHVHQWDUHOQ~FOHRGHOUHDFWRU(VWRVFDQDOHVVH
KDQDFRSODGRFRQHOPRGHORQHXWUyQLFRXQRDXQRHVGHFLUFDGDHOHPHQWR
FRPEXVWLEOHHVUHSUHVHQWDGRSRUXQQRGRUDGLDOHQFyGLJRGH3$5&6Y
/RV UHVXOWDGRV KDQ GHPRVWUDGR TXH HO SLFR GH OD SRWHQFLD DOFDQ]DGR
HQHVWHWUDQVLWRULRGHSHQGHIXHUWHPHQWHGHOPRGHORWHUPRKLGUiXOLFRGHO
Q~FOHRGHOUHDFWRU$GHPiVHOSHU¿OD[LDOGHSRWHQFLDHVIXHUWHPHQWHGH
SHQGLHQWH GHO DFRSODPLHQWR QHXWUyQLFRWHUPRKLGUiXOLFR \ VX SUHFLVLyQ
FRPSDUDGDFRQHOSHU¿OD[LDOGHOD6,08/$7(TXHGHWHUPLQDWDPELpQOD
SUHFLVLyQGHORVUHVXOWDGRV'DFRSODGRV3RUORWDQWRHVWHHVWXGLRFRQ
WULEX\HDREWHQHUUHVXOWDGRVPiVH[DFWRVHQHODQiOLVLVGH5($HQ&1
7ULOOR
E@7
3URJUDPD\6LQRSVLVGHODV3RQHQFLDV
әʇʣÓÊ
әʇʣÎÊ
--ÊÊ/, -/","Ê,ÊÎÊ ÊÊ
° °Ê,<Ê1/< "Ê,*xÉ*,
-Ê
6Ó°ÇÊ9ÊÊ/"""Ê-/
16"-Ê-+1-ÊÊ<"ÊÊ
--/-Ê
/"-Ê*",ÊÊ ,
Ê
//,ÊÓään‡ä£Ê9Ê-1Ê6",Ê!"Ê
ÊÊ"
1 /
$ ÊÊ-!"ÊÊÊ
* /
/°Ê>ÀÀ>V…ˆ˜>£]Ê,°ÊˆÀ£]Ê°Ê6iÀ`Ö£]Ê
°Ê*iÀiˆÀ>Ó]Ê
°Ê`>Ê-ˆÛ>Ó]Ê
°Ê"ÀÌi}œÎÊÞÊ°Ê
°Ê>À̉˜iâ‡ÕÀˆœ{
£Ê1˜ˆÛiÀÈ`>`Ê*œˆÌjV˜ˆV>Ê`iÊ6>i˜Vˆ>
ÓÊ1˜ˆÛiÀÈ`>`iÊi`iÀ>Ê`iʈ˜>ÃÊiÀ>ˆÃ
ÎÊ, "
{Ê
° °Ê“>À>â‡/Àˆœ
(O5($DFFLGHQWHGHH[SXOVLyQGHEDUUDVVHGH¿QHFRPRHOSURGXFLGR
DFDXVDGHXQIDOORPHFiQLFRURWXUDGHODORMDPLHQWRGHOPHFDQLVPRGH
DFFLRQDPLHQWRGHOKD]GHEDUUDVGHFRQWUROXELFDGRHQODSDUWHVXSHULRU
GHODYDVLMDGHOUHDFWRU(OKD]GHEDUUDVGHFRQWURO\VXPHFDQLVPRGHDF
FLRQDPLHQWRSXHGHQGHVSOD]DUVHYHUWLFDOPHQWHGHVGHHOQ~FOHRGHOUHDFWRU
KDVWDXQDSRVLFLyQFRPSOHWDPHQWHH[WUDtGDDFDXVDGHODDOWDGLIHUHQFLDGH
SUHVLyQHQWUHHOVLVWHPDSULPDULRGHOUHIULJHUDQWHGHOUHDFWRU\ODFRQWHQ
FLyQ/DH[SXOVLyQGHXQKD]GHEDUUDVGHFRQWUROSURGXFHXQDLQVHUFLyQ
GHUHDFWLYLGDGSRVLWLYDLQPHGLDWDHQHOQ~FOHRGHOUHDFWRUTXHOOHYDDXQ
DXPHQWRV~ELWRGHODSRWHQFLD
(QHODQiOLVLVGHO5($HQOD&1$OPDUD]VHKDQUHDOL]DGRHVWXGLRV
SDUDGHWHUPLQDUFXiOHVVRQODVFRQGLFLRQHVPiVGHVIDYRUDEOHVHQFDVRGH
DFFLGHQWHGHH[SXOVLyQGHEDUUDGHWHUPLQDQGRFXiOHVODEDUUDTXHLQWUR
GXFHPD\RUUHDFWLYLGDGSRVLWLYDHQHOQ~FOHRDOVHUH[SXOVDGDGHOPLVPR
(QHVWDSRQHQFLDVHSUHVHQWDQORVUHVXOWDGRVREWHQLGRVHQHODQiOLVLVGHO
WUDQVLWRULRGHH[SXOVLyQGHODEDUUDGHPD\RUYDORUGHOQ~FOHRGHOUHDFWRU
GHOD&1$OPDUD]PHGLDQWHORVFyGLJRV5(/$33$5&6YHQGLIH
UHQWHVFRQGLFLRQHVGHRSHUDFLyQGHODSODQWD
°Ê*œ˜ÌiÃʜ˜â?iâ£ÊÞÊ°Ê>ÀV‰>Ê6>À}>ÃÓ
£Ê
° °Ê“>À>â‡/Àˆœ
ÓÊ*," /
'HVGHVHSWLHPEUHGHOD&HQWUDO1XFOHDUGH$OPDUD]HVWiUHDOL]DQGR
ORV HVWXGLRV QHFHVDULRV SDUD FXPSOLU ORV UHTXLVLWRV GH OD *HQHULF /HWWHU
³0$1$*,1* *$6 $&&808/$7,21 ,1 (0(5*(1&<
&25(&22/,1*'(&$<+($75(029$/$1'&217$,10(17
635$<6<67(06´FX\RREMHWLYRHVUHDOL]DUXQDQiOLVLVSUHYHQWLYRVR
EUHODDFXPXODFLyQGHJDVHVHQOtQHDVGHORVVLVWHPDVGHVDOYDJXDUGLD
&RPRSDVRLQLFLDODODQiOLVLVGHFDGDVLVWHPDVHGHEHUHDOL]DUXQDUHFR
SLODFLyQGHWDOODGDGHOWUD]DGRGHFDGDXQRGHORVVLVWHPDVLGHQWL¿FDQGR
‡ 3UHVHQFLDGHYHQWHRV\GUHQDMHVHQODV]RQDVDSURSLDGDV
‡ 3XQWRVDOWRV\EDMRVGHOVLVWHPD&RWDV\WUDPRVLQFOLQDGRV
‡ 'LVFUHSDQFLDVHQWUHGRFXPHQWDFLyQ\UHDOLGDGGHODSODQWD
‡ 3UHVHQFLDGHWUDPRVFRQDLVODPLHQWRWpUPLFR
‡ 6HxDOL]DFLyQGHORVFXEtFXORVSRUORVTXHGLVFXUUHHOWUD]DGR
3DUDHOORVHRSWySRUODUHDOL]DFLyQGHHVTXHPDVGHDO]DGRTXHUHSUH
VHQWDQGHIRUPDJUi¿FDHOGLDJUDPDGHSURFHVRGHFDGDVLVWHPDMXQWRFRQ
ODUHSUHVHQWDFLyQGHODGLPHQVLyQHQDOWXUDGHOPLVPR
(VWD SRQHQFLD SUHVHQWDUi OD HVWUDWHJLD VHJXLGD SDUD OD UHSUHVHQWDFLyQ
GHORVGLDJUDPDVGHDO]DGRHQXQDSODQWDHQRSHUDFLyQDVtFRPRHOYDORU
DxDGLGRTXHVHKDJHQHUDGR
‡ ,GHQWLÀFDFLyQFRPSOHWDGHOtQHDVFDPELRGHFODVH\DOWXUD
‡ ,GHQWLÀFDFLyQGHUHFRUULGRVSRUSODQWD\FXEtFXORGHODVWXEHUtDV
‡ ,GHQWLÀFDFLyQGHWUDPRVFRQDLVODPLHQWR\VXDOWXUD
‡ 5HODFLyQOtQHDLVRPpWULFRDOWXUD
‡ 0HMRUDGHGRFXPHQWDFLyQGHOSUR\HFWRPHGLDQWHDQiOLVLVGHGLVFUHSDQ
FLDVFRQODSODQWD
‡ (VWLPDFLyQRULHQWDWLYDGHYRO~PHQHVGHÁXLGRHQWUDPRVKRUL]RQWDOHV
‡ 0HMRUDHQODSODQLÀFDFLyQGHORVWUDEDMRVGHPDQWHQLPLHQWR
‡ )DFLOLGDGHQORVWUDEDMRVGHRSHUDFLyQGHODSODQWD
Ê 1
,Ê-*!ÊÃi«Ìˆi“LÀi‡-ÊÓää™Ê‡ £äx
5GDEAEÃ3BD7@67?ØE67 Ã
#523/3h!02%.$%-£3$%v
£Ê‡Ê·9Ê-1
/Ê1, "Ê ÊÊ1 "¶
ÕiÛiÃÊәʇÊä™]ää…Ê
Ê
Ê
Ê
Ê
Ê
Ê
Ê
ÊÊ-\Ê ,Ê+1,
œœÀ`ˆ˜>`œÀ\ÊÀ>˜VˆÃVœÊ
ՏiLÀ>ÃÊÉÊ 1-Ê 1-/,-Ê6 <*œ˜i˜ÌiÃ\ÊiÃÖÃʘ̝˜ÊÉÊ 1-Ê 1-/,-Ê6 <¢+D\RQRVX¿FLHQWHXUDQLRSDUDDEDVWHFHUODVFHQWUDOHVQXFOHDUHV"¢3DUD
FXiQWRWLHPSR"
+D\VX¿FLHQWHXUDQLRHQHOPXQGRH[WUDtEOHDSUHFLRVLQIHULRUHVDORV
DFWXDOHVFRPRSDUDDEDVWHFHUDOSDUTXHQXFOHDUPXQGLDODFWXDOGXUDQWHDO
PHQRVDxRV
6HGLFHDPHQXGRTXHGHELGRDTXHODV³UHVHUYDVGHODWLHUUDVRQ¿QLWDV´
VHDFDEDUiQDOJ~QGtD\SRUWDQWRGHEHPRVHVWDUSUHSDUDGRVSDUDXQ³FUH
FLPLHQWRQHJDWLYR´7RGRHOORHVGHELGRDTXHHVDVUHVHUYDVVHFRQVXPHQ
DXQULWPRGHVDIRUDGRSURGXFLGRSRUODGHPDQGDGHOHVWLORGHYLGDGHODV
QDFLRQHV GHVDUUROODGDV \ OD FUHFLHQWH GHPDQGD GH ORV SDtVHV HQ YtDV GH
GHVDUUROOR
(VWDD¿UPDFLyQHVXQDUHHGLFLyQGHODUJXPHQWRGH³/tPLWHVGHO&UH
FLPLHQWR´&OXEGH5RPDTXHHVWXYRGHPRGDHQORVDxRV\TXHVH
GHPRVWUyTXHIDOOyHVWUHSLWRVDPHQWHFRQHOSDVRGHORVDxRV'LH]DxRV
GHVSXpV GH VX SXEOLFDFLyQ ODV UHVHUYDV GH EDX[LWD VH LQFUHPHQWDURQ XQ
ODVGHFREUHXQODVGHQtTXHOXQODVGHOXUDQLR\HOFDUEyQ
VHGXSOLFDURQODVGHJDVVHLQFUHPHQWDURQXQHLQFOXVRODVGHSHWUy
OHRVXELHURQXQ
(VWDVDVXYH]\DHUDQXQDUHHGLFLyQGHODVSUHRFXSDFLRQHVGHORVHFRQR
PLVWDVGHORVDxRVHLQFOXVRODVGH0DOWKXVGH¿QGHOVLJOR;9,,,
(QORVDxRVSDVDGRVKDKDELGRXQDRSLQLyQJHQHUDOL]DGDGHTXHHOPXQ
GRHQODDFWXDOLGDGHVWiHQSHOLJURGHDJRWDUPXFKDVGHVXVUHVHUYDVPL
QHUDOHV(VWDD¿UPDFLyQHVIiFLOPHQWHDFHSWDGDVLQRVHWLHQHHQFXHQWDHO
WDPDxRGHODFRUWH]DWHUUHVWUHODFDSDFLGDGLQFUHtEOHGHODPHQWHKXPDQD
SDUDPHMRUDUORVSURFHVRVWHFQROyJLFRV\DGHPiVQRWLHQHQLQJ~QVRSRUWH
HPStULFRVLREVHUYDPRVODHYROXFLyQGHORVSUHFLRV\ODVUHVHUYDVHQDxRV
SDVDGRV
/DVUHVHUYDVQRVyORQRKDQGLVPLQXLGRGHELGRDOFRQVXPRGHORVUHDF
WRUHVQXFOHDUHVGHVGH¿QDOGHORVVLQRTXHDGHPiVDXQTXHÀXFWXDQGR
HQFODUDFRUUHODFLyQFRQORVSUHFLRVKDQWHQLGRXQDWHQGHQFLDDODO]D
ÓʇÊ* $ ÊÊ1 Ê,
,ÊÊ
"1-/
ÕiÛiÃÊәʇÊä™]ää…Ê
Ê
Ê
Ê
Ê
Ê
Ê
ÊÊ-\Ê-Ê/ ,
œœÀ`ˆ˜>`œÀ\Ê,>v>iÊ,ÕLˆœÊÉÊ,,"
*œ˜i˜Ìi\Ê œÀLiÀ̜ʏ>˜µÕiÀÊÉÊ
° °Ê
", /'HWRGRVHVFRQRFLGRTXHXQDUHFDUJDGHFRPEXVWLEOHHVXQSUR\HFWRGH
JUDQHQYHUJDGXUD\FRPRWDOUHTXLHUHGHXQDSR\RWRWDOGHOD'LUHFFLyQGH
OD3ODQWD\GHXQDFRODERUDFLyQGHWRGRV\FDGDXQRGHORVHPSOHDGRV\
FRQWUDWDGRVSDUDSRGHUOOHYDUODDFDER
$OVHUXQDLQVWDODFLyQQXFOHDUHVWiVXMHWDDODQRUPDWLYDHPLWLGDSRUHO
&61\OD'LUHFFLyQGH3ROtWLFD(QHUJpWLFD\0LQDVSRUWDQWRVHUHTXLHUH
ODUHDOL]DFLyQGHP~OWLSOHVFRPSUREDFLRQHV\SUXHEDVSDUDDVHJXUDUTXH
£äÈ ‡Ê 1
,Ê-*!ÊÃi«Ìˆi“LÀi‡-ÊÓää™
ORVHTXLSRV\VLVWHPDVUHODFLRQDGRVFRQODVHJXULGDG\ORVQHFHVDULRVSDUD
DVHJXUDUHOFRUUHFWRIXQFLRQDPLHQWRGHODSODQWDHVWiQHQFRQGLFLRQHVyS
WLPDVSDUDIXQFLRQDUHQHOVLJXLHQWHFLFOR
8QRGHORVDVSHFWRVPiVIXQGDPHQWDOHVGHODSODQL¿FDFLyQHVDVHJX
UDUTXHHQWRGRPRPHQWRVHPDQWLHQHQORVPtQLPRVHTXLSRVQHFHVDULRV
SDUD DVHJXUDU OD VHJXULGDG QXFOHDU PLHQWUDV VH UHYLVDQ ORV HTXLSRV \
VLVWHPDV
E@7
3URJUDPD\6LQRSVLVGHODV3RQHQFLDV
ÎʇÊ1 " /"ÊÊ,
"Ê
/,
"
ÕiÛiÃÊәʇÊä™]ää…Ê
Ê
Ê
Ê
Ê
Ê
Ê
ÊÊ-\Ê7, ,Ê- ,
œœÀ`ˆ˜>`œÀ\ʘÀˆµÕiÊ*>Ã̜ÀÊÉÊ,,"
*œ˜i˜Ìi\ʜÃjÊ>ۈiÀʜ˜â?iâÊiÀ˜?˜`iâ‡
>ÃÌ>ši`>ÊÉÊ"
(OSURFHVRGHOLEHUDOL]DFLyQGHOVHFWRUHOpFWULFRFRPHQ]yHOGHHQHURGH
FRQODHQWUDGDHQYLJRUGHOD/H\(O¿QEiVLFRGHHVWD/H\
HUD HO WULSOH \ WUDGLFLRQDO REMHWLYR GH JDUDQWL]DU HO VXPLQLVWUR HOpFWULFR
JDUDQWL]DU OD FDOLGDG GH GLFKR VXPLQLVWUR \ JDUDQWL]DU TXH VH UHDOLFH DO
PHQRUFRVWHSRVLEOHVLQROYLGDUODSURWHFFLyQGHOPHGLRDPELHQWHSHUR
EDViQGRVHHQXQVLVWHPDOLEHUDOL]DGRGRQGHVHKDFtDODQHFHVDULDVHJPHQ
WDFLyQYHUWLFDOGHODVDFWLYLGDGHV(QFRQFUHWRHQODJHQHUDFLyQHOpFWULFDVH
UHFRQRFHHOGHUHFKRDODOLEUHLQVWDODFLyQ\VHRUJDQL]DVXIXQFLRQDPLHQWR
EDMRHOSULQFLSLRGHOLEUHFRPSHWHQFLD,JXDOPHQWHVHPDWHULDOL]DDWUDYpV
GHOD¿JXUDGHODFRPHUFLDOL]DFLyQSHUPLWLHQGRODOLEHUWDGGHFRQWUDWDFLyQ
\ODHOHFFLyQGHVXPLQLVWUDGRU(VWHHVTXHPDFRQ¿JXUDXQVHFWRUHOpFWULFR
TXHKDIXQFLRQDGREDMRORVSULQFLSLRVGHREMHWLYLGDGWUDQVSDUHQFLD\OLEUH
FRPSHWHQFLDSHUPLWLHQGRTXHODOLEUHLQLFLDWLYDHPSUHVDULDODGTXLHUDHO
SURWDJRQLVPRTXHOHFRUUHVSRQGH
%DMRHVWRVSULQFLSLRVEiVLFRVHVWDEOHFLGRVSRUOD/H\VHKDQDIURQWDGR
HQHOPHUFDGRUHWRVLPSRUWDQWHVDORODUJRGHVXVRQFHDxRVGHYLJHQFLD
6RQGHGHVWDFDUODLQWHJUDFLyQGHODIXHUWHLQYHUVLyQHQHQHUJtDVUHQRYD
EOHVODLQWHJUDFLyQGHODFRQWUDWDFLyQDSOD]RRUJDQL]DGDODDPSOLDFLyQ
GHOPHUFDGRDO0,%(/HOGHVDUUROORGHVXEDVWDVGH~OWLPRUHFXUVRSDUDOD
DGTXLVLFLyQGHHQHUJtDDWDULIDSRUODVGLVWULEXLGRUDVRFRPHUFLDOL]DGRUHV
GH~OWLPRUHFXUVRGHVGHHOGHMXOLRGHHOGHVDUUROORGHODVVXEDV
WDVGHHPLVLRQHVSULPDULDVSDUDORVRSHUDGRUHVGRPLQDQWHVODIXHUWHLQWH
UUHODFLyQFRQHOVLVWHPDJDVLVWDGHULYDGDODLQYHUVLyQHQLQVWDODFLRQHVGH
FLFORFRPELQDGRTXHKDQSHUPLWLGRDOVLVWHPDGLVSRQHUGHPiVGH
0:GHQXHYDSRWHQFLDLQVWDODGD«
(O Q~FOHR GHO PHUFDGR DOUHGHGRU GHO FXDO VH KDQ LQWHJUDGR WRGRV HV
WRVSURFHVRV\UHWRVHVHOPHUFDGRGLDULRJHVWLRQDGRSRUHO2SHUDGRUGHO
0HUFDGR,EpULFR±3RORHVSDxRO20(//DVHVLyQGHOPHUFDGRGLDULR
HQODTXHVHQHJRFLDFDGDGtDODHQHUJtDDSURGXFLURFRQVXPLUSDUDODV
KRUDVGHOGtDVLJXLHQWHHVWDEOHFHHOSUHFLRGHODHQHUJtDHQHOPHUFDGR
LEpULFRSDUDWRGRVORVFRQVXPLGRUHV\SURGXFWRUHVHVSDxROHV\SRUWXJXpV
DVtFRPRSDUDWRGRVDTXHOORVTXHRSHUDQHQHOPHUFDGRDWUDYpVGHODV
LQWHUFRQH[LRQHVLQWHUQDFLRQDOHVGHODSHQtQVXODLEpULFD(QFDVRGHH[LVWLU
FRQJHVWLyQHQWUHHOVLVWHPDHOpFWULFRHVSDxRO\SRUWXJXpVHOPHUFDGRGLD
ULRHVWDEOHFHORVSUHFLRVGHDPEDV]RQDVDSOLFDQGRHOPpWRGRGHVHSDUD
FLyQGHPHUFDGRVFRQRFLGRFRPRPDUNHWVSOLWWLQJ(OPHUFDGRLQWUDGLDULR
LJXDOPHQWHJHVWLRQDGRSRU20(/TXHHVXQPHUFDGRGHDMXVWHVFRQVHLV
VHVLRQHVGLDULDVSHUPLWHDORVDJHQWHVDMXVWDUHOSURJUDPDSUHYLRGHULYD
GRGHOPHUFDGRGLDULRGHODGHFODUDFLyQGHFRQWUDWDFLyQELODWHUDOHV\GHO
SURFHVRGHUHVWULFFLRQHVWpFQLFDVDODVQHFHVLGDGHVTXHVXUJHQDORODUJR
GHOGtDSRUPHMRUDVGHSUHYLVLRQHVGHPDQGDSURGXFFLyQHyOLFDHWFSRU
ODDSDULFLyQGHLQGLVSRQLELOLGDGHVHWF(VIXQGDPHQWDOODFRQFHUWDFLyQGH
ODOLTXLGH]GHHVWDVWUDQVDFFLRQHVHQODVVHLVVHVLRQHVDFWXDOHVORTXHSHU
PLWHDWRGRVORVDJHQWHVGLVSRQHUGHXQSUHFLRDOFDQ]DEOH\S~EOLFR
([LVWHQSURFHVRVSUHYLRV\SRVWHULRUHVDOPHUFDGRGLDULRHLQWUDGLDULR
/RVSURFHVRVSUHYLRVFRPRFRQWUDWDFLyQELODWHUDOFRQWUDWDFLyQHQPHU
FDGRVRUJDQL]DGRVSRUHMHPSOR20,3VXEDVWDVGHHPLVLRQHVSULPDULDV
VXEDVWDVGH~OWLPRUHFXUVRWDULID«HVWiQSHUIHFWDPHQWHLQWHUUHODFLRQD
GRVFRQHOPHUFDGRGLDULR\VRQEiVLFDPHQWHFREHUWXUDVGHULHVJR/RV
SURFHVRVSRVWHULRUHVTXHVRQORVSURFHVRVGHWLHPSRUHDOSHUPLWHQODHQ
WUHJDItVLFDGHODHQHUJtDFRQODVFRQGLFLRQHVQHFHVDULDVGHVHJXULGDG
(VGHGHVWDFDUGHQWURGHOSURFHVRGHOLEHUDOL]DFLyQODHQWUDGDHQYLJRU
GHODWDULIDGH~OWLPRUHFXUVRTXHLPSOLFDODSDUWLFLSDFLyQHQHOPHUFDGRGH
WRGRVORVFRQVXPLGRUHVGHSRWHQFLDLQVWDODGDVXSHULRUDN:TXHGDQGR
OLPLWDGDODWDULIDH[FOXVLYDPHQWHDOFRQVXPRGRPpVWLFRTXHQRDFXGHDXQ
FRPHUFLDOL]DGRUOLEUH8QLGRDODHQWUDGDHQYLJRUGHpVWDWDULIDGH~OWLPR
UHFXUVR HVWi HO GHVDUUROOR GH ODV VXEDVWDV GH ~OWLPR UHFXUVR GH FDUiFWHU
¿QDQFLHURTXHGDQGRFODUDVXYRFDFLyQGHJHVWLyQGHULHVJRSDUDORVFR
PHUFLDOL]DGRUHVGH~OWLPRUHFXUVRTXHSXHGHQDFXGLUOLEUHPHQWHDGLFKDV
VXEDVWDVSRUODVFDQWLGDGHVTXHFRQVLGHUHQRSRUWXQDV,JXDOPHQWHHVGH
GHVWDFDUORVFDPELRVGHOHJLVODFLyQGHVDUUROODGRVGXUDQWHHODxRSDUD
HVWDEOHFHUHOFDPLQRQHFHVDULRSDUDDFRWDU\¿QDOPHQWHHOLPLQDUHOGp¿FLW
GHWDULIDDVtFRPRSDUDHVWDEOHFHUGHIRUPDSURJUHVLYDODVX¿FLHQFLDGH
ORVSHDMHVGHDFFHVR
Ê 1
,Ê-*!ÊÃi«Ìˆi“LÀi‡-ÊÓää™Ê‡ £äÇ