Digital - Biblioteca USAC

81,9(56,'$''(6$1&$5/26'(*8$7(0$/$
)$&8/7$''(&,(1&,$60(',&$6
(9$/8$&,Ï1'(/$)81&,Ï19(175,&8/$5
,=48,(5'$(13$&,(17(6&213(56,67(1&,$'(/
&21'8&72$57(5,262<'(638e6'(68&255(&&,Ï1
(VWXGLRGHVFULSWLYRUHDOL]DGRFRQSDFLHQWHVDWHQGLGRVHQODXQLGDGGH
FLUXJtDFDUGLRYDVFXODUGH*XDWHPDODGHIHEUHURDDEULO
7HVLV
3UHVHQWDGDDOD+RQRUDEOH-XQWD'LUHFWLYD
GHOD)DFXOWDGGH&LHQFLDV0pGLFDVGHOD
8QLYHUVLGDGGH6DQ&DUORVGH*XDWHPDOD
3RU
021,&$%($75,=*,521(675$'$
(QHODFWRGHLQYHVWLGXUDGH
0(',&$<&,58-$1$
*XDWHPDOD$JRVWRGHO
,1',&(
,
,QWURGXFFLyQ
,,,
-XVWLILFDFLyQ
,,
,9
9
9,
'HILQLFLyQ\DQiOLVLVGHOSUREOHPD
2EMHWLYRV
5HYLVLyQELEOLRJUiILFD 0HWRGRORJtD
9,, 3UHVHQWDFLyQGHUHVXOWDGRV
9,,, $QiOLVLV\GLVFXVLyQGHORVUHVXOWDGRV
,;
&RQFOXVLRQHV
;,
5HVXPHQ
;
5HFRPHQGDFLRQHV
;,, 5HIHUHQFLDVELEOLRJUiILFDV
;,,, $QH[RV
,,1752'8&&,Ï1
(OSURQyVWLFRGHORVSDFLHQWHVFRQSHUVLVWHQFLDGHOFRQGXFWRDUWHULRVR
KD PHMRUDGR FRQVLGHUDEOHPHQWH GHELGR D VX GHWHFFLyQ \ WUDWDPLHQWR
WHPSUDQR&RUUHFFLyQTXHFRQVLVWHHQFLHUUHTXLU~UJLFRVLHOGLiPHWURGHO
FDYR SXOPRQDU GHO GXFWXV DUWHULRVR HV PD\RU GH PP \ RFOXVLyQ FRQ
SUyWHVLVHQGRFDVFXODUWLSRHVSLUDO GH*LDQWXUFRVLHVWHHVPHQRURLJXDOD
PP OR TXH KD GLVPLQXLGR FRPSOLFDFLRQHV FRPR
LQVXILFLHQFLD FDUGLDFD HQ ODFWDQWHV H LQVXILFLHQFLD YHQWULFXODU HQ DGXOWRV
6HHVWXGLyDWRGRVORVSDFLHQWHVDTXLHQHVVHGLDJQRVWLFy\FRUULJLyOD
SHUVLVWHQFLDGHOFRQGXFWRDUWHULRVRFRPRFDUGLRSDWtDDLVODGDHQHOSHUtRGR
GHO GH IHEUHUR DO GH DEULO GHO HQ OD 8QLGDG GH &LUXJtD
&DUGLRYDVFXODU GH *XDWHPDOD SDUD GHWHUPLQDU OD IXQFLyQ YHQWULFXODU
L]TXLHUGD$OWRWDOGHORVSDFLHQWHVHVWXGLDGRVSDFLHQWHVVHOHVUHDOL]y
HFRFDUGLRJUDPD 'RSSOHU SUHLQWHUYHQFLyQ SRVWLQWHUYHQFLyQ LQPHGLDWR
KRUDV\SRVWLQWHUYHQFLyQWDUGtRPHV6HORJUyGHWHUPLQDUTXH
HQ ORV SDFLHQWHV HQ TXLHQHV VH GHPRVWUy GLODWDFLyQ GH DOJXQD R DPEDV
FDYLGDGHV FDUGLDFDV HO GLiPHWUR SURPHGLR GHO FDYR SXOPRQDU GHO GXFWXV
DUWHULRVR IXH GH PP \ HQ TXLHQHV ODV GLPHQVLRQHV GH ODV FDYLGDGHV
L]TXLHUGDVIXHURQQRUPDOHVGHPP\HQORVSDFLHQWHVTXHSUHVHQWDURQ
GLVIXQFLyQ YHQWULFXODU GHILQLGR FRPR IUDFFLyQ GH H\HFFLyQ HO
SURPHGLRGHHVWHIXHPPPLHQWUDVTXHHQORVTXHSUHVHQWDURQIXQFLyQ
YHQWULFXODUQRUPDO!IXHGHPP'HPRVWUDQGRTXHHOWDPDxRGHO
FRQGXFWRDUWHULRVRHVWiHQUHODFLyQGLUHFWDFRQODVREUHFDUJDGHYROXPHQ
1R VH UHJLVWUDURQ FRPSOLFDFLRQHV PD\RUHV 'H ORV SDFLHQWHV FRQ
SUyWHVLVHQGRYDVFXODUWLSRUHVRUWHGH*LDQWXUFRVRODPHQWHXQSDFLHQWHWXYR
PLJUDFLyQGHXQHVSLUDODUDPDSXOPRQDUL]TXLHUGDHOFXDOQRIXHSRVLEOH
H[WUDHU \ SDFLHQWHV FRQ WUDWDPLHQWR TXLU~UJLFR SUHVHQWDURQ QHXPRWyUD[
SHURVRORXQSDFLHQWHUHTXLULyGHWXERLQWHUFRVWDO\RWUDSDFLHQWHSUHVHQWy
GHUUDPH SOHXUDO L]TXLHUGR HO FXDO WDPELpQ UHTXLULy WXER LQWHUFRVWDO (O
tQGLFHGHPRUWDOLGDGIXHGH
6H UHFRPLHQGD UHDOL]DU HFRFDUGLRJUDPD 'RSSOHU SRVWRSHUDWRULR
LQPHGLDWR \ FRQVLGHUDU HO XVR GH GLJLWDO R HYDOXDU PHGLFDPHQWRV
LQKLELGRUHVGHODHQ]LPDFRQYHUWLGRUDGHDQJLRWHQVLQDFDSWRSUtOHQDODSULO
HQSDFLHQWHVFRQGLiPHWURFDYRSXOPRQDUGHOGXFWXVDUWHULRVRGHPPR
PiVFRQHOILQGHHYLWDUHOSHUtRGRGHGLVIXQFLyQYHQWULFXODUGHELGRDOD
PRGLILFDFLyQGHODORQJLWXGLQLFLDOGHOP~VFXORDOGLVPLQXLUV~ELWDPHQWHOD
SUHFDUJD
,,'(),1,&,Ï1<$1È/,6,6'(/352%/(0$
(OFRQGXFWRDUWHULRVRHVXQDHVWUXFWXUDYDVFXODUQRUPDOTXHFRQHFWD
ODDUWHULDDRUWDGHVFHQGHQWHFRQODDUWHULDSXOPRQDU(QHOIHWRHOFRQGXFWR
GHULYD OD PD\RU SDUWH GH OD VDQJUH TXH SURYLHQH GHO YHQWUtFXOR GHUHFKR
KDFLDODDUWHULDDRUWDGHVFHQGHQWH\DTXHSRUODJUDQUHVLVWHQFLDYDVFXODU
SXOPRQDUODSUHVLyQHQODDUWHULDSXOPRQDUHVPD\RUTXHHQODDRUWD(VWD
VDQJUHTXHSURFHGHGHODSRUFLyQFHIiOLFDGHOIHWRDWUDYpVGHODYHQDFDYD
VXSHULRU HV HQYLDGD SRU OD DUWHULD DRUWD GHVFHQGHQWH KDFLD ODV DUWHULDV
XPELOLFDOHVSDUDVXR[LJHQDFLyQHQODSODFHQWD'HVSXpVGHOQDFLPLHQWRORV
SXOPRQHV VH H[SDQGHQ UHGXFLHQGR OD UHVLVWHQFLD YDVFXODU SXOPRQDU
HOHYDQGR HO IOXMR SXOPRQDU \ OD SUHVLyQ SDUFLDO GH R[tJHQR FHUUDQGR HO
GXFWXV(OFRQGXFWRWLHQGHDREOLWHUDUVHHQGRVHWDSDV/DSULPHUDRFXUUH
HQWUHODVSULPHUDVDKRUDVGHYLGD\HVOODPDGDFLHUUHIXQFLRQDOOD
VHJXQGD WDPELpQ FRQRFLGD FRPR FLHUUH DQDWyPLFR VH GHVDUUROOD HQWUH OD
VHJXQGD \ WHUFHUD VHPDQDV GH HGDG 3HUR FXDQGR SHUVLVWH DELHUWR SXHGH
OOHJDUDSDVDUKDVWDHOGHOJDVWRGHOYHQWUtFXORL]TXLHUGRKDFLDORV
SXOPRQHVDXPHQWDQGRODFRQJHVWLyQ\ODUHVLVWHQFLDYDVFXODUSXOPRQDUHO
UHWRUQR YHQRVR SXOPRQDU FRQ FRQVHFXHQWH GLODWDFLyQ GH DXUtFXOD \
YHQWUtFXOR L]TXLHUGRV \ GLODWDFLyQ GH DRUWD SUR[LPDO $FWXDOPHQWH HO 'XFWXV $UWHULRVR 3HUVLVWHQWH VH SXHGH FHUUDU FRQ
WUDWDPLHQWRPpGLFRLQKLELFLyQGHSURVWDJODQGLQDVTXLU~UJLFROLJDGXUDR
VHFFLyQ GHO GXFWXV X RFOXLUOR PHGLDQWH FDWHWHULVPR FDUGtDFR FRQ OD
FRORFDFLyQGHSUyWHVLVHQGRYDVFXODU
$XQTXH HV pVWD XQD GH ODV FDUGLRSDWtDV FRQJpQLWDV PiV IUHFXHQWHV
\XQDGHVXVPiVJUDYHVFRPSOLFDFLRQHVODLQVXILFLHQFLDYHQWULFXODU
L]TXLHUGD QR H[LVWHQ HQ QXHVWUR PHGLR VXILFLHQWHV HVWXGLRV TXH KDOODQ
HYDOXDGR DGHFXDGDPHQWH OD IXQFLyQYHQWULFXODU L]TXLHUGDDQWHV\GHVSXpV
GHVXFRUUHFFLyQ(VSRUHVRTXHFRQWDQGRFRQODHFRFDUGLRJUDItD'RSSOHU
XQPpWRGRQRLQYDVLYRTXHSHUPLWHHYDOXDUHVWDIXQFLyQVHGHFLGLyYDORUDU
VXHYROXFLyQDLQPHGLDWR\FRUWRSOD]RFRQHOILQGHSRGHUHVWDEOHFHUPiV
REMHWLYDPHQWHHOVHJXLPLHQWROXHJRGHFRUUHJLGDODFDUGLRSDWtD
,,,-867,),&$&,Ï1
(O'XFWXV$UWHULRVR3HUVLVWHQWHHVGHODVFDUGLRSDWtDVFRQJpQLWDVFRQ
PD\RULQFLGHQFLDSXGLHQGRDOFDQ]DUKDVWDHOGHpVWDV
6L VH GLDJQyVWLFD WDUGtDPHQWH \ QR VH WUDWD SXHGH RFDVLRQDU YDULDV
FRPSOLFDFLRQHVSHURHQWUHpVWDVODLQVXILFLHQFLDFDUGtDFDHQODFWDQWHV\OD
LQVXILFLHQFLDYHQWULFXODUL]TXLHUGDHQDGXOWRVDFHOHUDVXGHWHULRURSXGLHQGR
LQFOXVROOHYDUORVDODPXHUWH
(QODDFWXDOLGDGHOSURQyVWLFRGHORVSDFLHQWHVFRQSHUVLVWHQFLDGHO
FRQGXFWRDUWHULRVRKDPHMRUDGRFRQVLGHUDEOHPHQWHJUDFLDVDVXGHWHFFLyQ
\WUDWDPLHQWRWHPSUDQR
(Q WRGR HO PXQGR H[LVWHQ PX\ SRFRV HVWXGLRV VREUH OD IXQFLyQ
YHQWULFXODU L]TXLHUGD HQ SDFLHQWHV FRQ WUDWDPLHQWR GH GXFWXV DUWHULRVR
SHUVLVWHQWH HQ VX PD\RUtD SUHPDWXURV R QHRQDWRV D WpUPLQR GRQGH VH
GHPXHVWUDTXHODIXQFLyQYHQWULFXODUHVDOWDHQODSHUVLVWHQFLDGHOFRQGXFWR
DUWHULRVR LQFUHPHQWDQGR OD FRQWUDFWLOLGDG \ OD IUHFXHQFLD FDUGtDFD VLQ
HVSHFLILFDU TXH FDPELRV VXFHGHQ OXHJR GH VX FRUUHFFLyQ 1R
H[LVWHQWDPSRFRHVWXGLRVHQODFWDQWHVDGROHVFHQWHVRDGXOWRVGHVSXpVGHO
FLHUUHSRUORTXHVHGHFLGLyUHDOL]DUHVWHHVWXGLR\GHWHUPLQDUORVUHVXOWDGRV
LQPHGLDWRV\DFRUWRSOD]RDGHPiVGHFRPSDUDUVXHYROXFLyQOXHJRGHOD
RSHUDFLyQ R GH OD RFOXVLyQ FRQ SUyWHVLV HQGRYDVFXODU WLSR HVSLUDO GH
*LDQWXUFR(OSURSyVLWRIXHGHWHUPLQDUGHPDQHUDREMHWLYDORVFDPELRVHQ
ODIXQFLyQYHQWULFXODUDWUDYpVGHGLVWLQWRVSDUiPHWURVIUDFFLyQGHH\HFFLyQ
\ GH DFRUWDPLHQWR \ YRO~PHQHV GHO YHQWUtFXOR L]TXLHUGR HQ VtVWROH \
GLiVWROHOXHJRGHHOLPLQDGRHOFRUWRFLUFXLWRGHL]TXLHUGDDGHUHFKDDWUDYpV
GHOGXFWXV\HYDOXDUFXDOGHHVWRVSDUiPHWURVHVPiVHVSHFtILFR\VHQVLEOH
SDUDGHFLGLUODQHFHVLGDGGHFRQWLQXDUFRQWHUDSpXWLFDFDUGLRYDVFXODU
,92%-(7,926
$2%-(7,92*(1(5$/
(YDOXDUSRUPHGLRGHHFRFDUGLRJUDItD'RSSOHUODIXQFLyQYHQWULFXODU
L]TXLHUGDHQSDFLHQWHVFRQSHUVLVWHQFLDGHOFRQGXFWRDUWHULRVR\GHVSXpVGH
VXFRUUHFFLyQHQOD8QLGDGGH&LUXJtD &DUGLRYDVFXODUGH*XDWHPDOD
%2%-(7,926(63(&,),&26
'HVFULELUHOVH[R\ODHGDGGHORVSDFLHQWHVDTXLHQHVVHOHVFRUULJLy
ODSHUVLVWHQFLDGHOFRQGXFWRDUWHULRVR
,GHQWLILFDUFDPELRVHQ ODVGLPHQVLRQHVGHDXUtFXOD\YHQWUtFXOR
L]TXLHUGRVSUHYLR\OXHJRGHODFRUUHFFLyQGHOGXFWXV
'HVFULELUODIUDFFLyQGHH\HFFLyQ\GHDFRUWDPLHQWRHQORVSDFLHQWHV
FRQSHUVLVWHQFLDGHOFRQGXFWRDUWHULRVR\GHVSXpVGHVXFLHUUH
'HVFULELUORVYRO~PHQHVGHOYHQWUtFXORL]TXLHUGRHQVtVWROH\
GLiVWROHDQWHV\GHVSXpVGHOFLHUUHGHOFRQGXFWRDUWHULRVR
'HVFULELUODHYROXFLyQFRPSOLFDFLRQHVWLHPSRGHKRVSLWDOL]DFLyQ\
PRUWDOLGDGHQSDFLHQWHVWUDWDGRVTXLU~UJLFDPHQWH\HQTXLHQHVHO
GXFWXVIXHRFOXLGRFRQSUyWHVLVHQGRYDVFXODU
95(9,6,Ï1%,%/,2*5$),&$
'8&786$57(5,2623(56,67(17(
$'(),1,&,Ï1
(O GXFWXV DUWHULRVR HV XQ YDVR TXH FRQHFWD OD DUWHULD DRUWD
GHVFHQGHQWH FRQ OD DUWHULD SXOPRQDU (O IHWR QHFHVLWD WHQHU HO GXFWXV
DELHUWRSDUDTXHSDVHOD VDQJUHKDFLDODSODFHQWD\VHR[LJHQH$OQDFHU
HVWH VH FLHUUD HVSRQWiQHDPHQWH SHUR HQ DOJXQRV LQIDQWHV SHUPDQHFH
DELHUWR SHUPLWLHQGR HO SDVR GH VDQJUH GH OD DRUWD D OD DUWHULD SXOPRQDU
OODPiQGRVHHQWRQFHVGXFWXVDUWHULRVRSHUVLVWHQWH
%+,6725,$
(OSULPHURHQGHVFULELUHOFRQGXFWRDUWHULRVRIXH*DOHQR(Q
0XQUR SRU SULPHUD YH] SURSRQH OD FRUUHFFLyQ TXLU~UJLFD PHGLDQWH OD
OLJDGXUDSHURKDVWDHQ*URVVSXGROOHYDUODDFDERFRQp[LWR(Q
3RUVWPDQQGHVFULELyODWpFQLFDFRQFDWpWHUFHUUDQGRHOGXFWXVFRQXQWDSyQ
GH,YDORQ(Q*LDQWXUFRSURSXVRHOFLHUUHFRQXQ UHVRUWHHVSLUDOGH
DFHUR LQR[LGDEOH FXELHUWR FRQ ILEUDV VLQWpWLFDV WURPERJpQLFDV (Q )ULHGPDQ\+H\PDQQGLHURQDFRQRFHU HOFLHUUHGHOGXFWXVFRQHOXVRGH
PHGLFDPHQWRV5DVKNLQG\&XDVRUHDOL]DURQORVSULPHURVFDWHWHULVPRVFRQ
XQGLVSRVLWLYRHQIRUPDGHVRPEULOODGREOHHQ3HURDSDUWLUGH
VH KD XWLOL]DGR HO FRLO GH *LDQWXUFR SDUD HO FLHUUH GHO GXFWXV DUWHULRVR
SHUVLVWHQWH
& ,1&,'(1&,$
/D LQFLGHQFLD GH PDOIRUPDFLRQHV FDUGtDFDV FRQJpQLWDV RVFLOD HQWUH
HO SRU PLO GH WRGRV ORV UHFLpQ QDFLGRV YLYRV (O GXFWXV DUWHULRVR
SHUVLVWHQWH UHSUHVHQWD HO GH ODV FDUGLRSDWtDV FRQJpQLWDV HV PiV
IUHFXHQWHHQHOVH[RIHPHQLQRFRQ XQDUHODFLyQKDVWDFRQUHVSHFWR
DO PDVFXOLQR \ HV LQYHUVDPHQWH SURSRUFLRQDO D OD HGDG JHVWDFLRQDO \ DO
SHVRGHO51DXPHQWDQGRVXIUHFXHQFLDHQSUHPDWXURV\FRQSHVRPHQRUGH
JUVD\HQPHQRUHVGHJUVD/DPRUWDOLGDG
GH ORV ODFWDQWHV FRQ GXFWXV QR WUDWDGR SXHGH VHU PD\RU GHO \ HQ OD
WHUFHUDGpFDGDGHYLGDGHORVSDFLHQWHVFRQGXFWXVDUWHULRVRSHUVLVWHQWHHO
IDOOHFH
'(0%5,2/2*Ë$
$OILQDOGHODWHUFHUDVHPDQDGHJHVWDFLyQVHFRPLHQ]DDGHVDUUROODU
HO DSDUDWR FDUGLRYDVFXODU SURYHQLHQWH GHO PHVRGHUPR HVSOiFQLFR GHO iUHD
FDUGLyJHQD \ D ORV y GtDV HQ HO FRUD]yQ SULPLWLYR LQLFLDQ ODV
FRQWUDFFLRQHV SURYRFDQGR TXH OD VDQJUH FRPLHQFH D FLUFXODU \D TXH HO
HPEULyQHQ UiSLGRFUHFLPLHQWRUHTXLHUHXQPpWRGRHILFLHQWHSDUDDGTXLULU
R[tJHQR \ QXWULHQWHV \ HOLPLQDU GLy[LGR GH FDUERQR \ SURGXFWRV GH
GHVHFKR
'RV KLOHUDV HQGRWHOLDOHV FRUGRQHV DQJLREOiVWLFRV VH FDQDOL]DQ
IRUPDQGRORVWXERVFDUGtDFRVHQGRWHOLDOHV ORVTXHVHIXVLRQDQIRUPDQGRXQ
WXER FDUGtDFR HO FXDO VH DODUJD \ GHVDUUROOD ]RQDV GLODWDGDV \ HVWUHFKDV
DOWHUQDWLYDV IRUPDQGR WURQFR DUWHULRVR EXOER DUWHULRVR YHQWUtFXOR
DXUtFXOD\VHQRYHQRVR
(OFRUD]yQHQpVWHPRPHQWRVyORSRVHHXQDDXUtFXOD\XQYHQWUtFXOR
SHURODGLYLVLyQGHOFRQGXFWRDXULFXORYHQWULFXODUODDXUtFXOD\HOYHQWUtFXOR
VHLQLFLDDOUHGHGRUGHODPLWDGGHODFXDUWDVHPDQD\WHUPLQDDOILQDOGHOD
TXLQWD VHPDQD 'XUDQWH OD FXDUWD VHPDQD VH GHVDUUROODQ ORV DUFRV
EUDTXLDOHVIRUPDQGRODSDUWHSUR[LPDOGHOVH[WRDUFRDyUWLFRL]TXLHUGROD
SDUWH SUR[LPDO GH OD DUWHULD SXOPRQDU L]TXLHUGD \ OD SDUWH GLVWDO XQD
GHULYDFLyQRFRPXQLFDFLyQHQWUHODVDUWHULDVSXOPRQDUL]TXLHUGD\ODDRUWD
GLVWDORULJLQDQGRHOFRQGXFWRDUWHULRVR
/D IDOWD GH LQYROXFLyQ GHO FRQGXFWR DUWHULRVR \ GH IRUPDFLyQ GHO
OLJDPHQWR DUWHULRVR PD\RUPHQWH SRU OD IDOWD GH FRQWUDFFLyQ GH OD SDUHG
PXVFXODU GXFWDO GHVSXpV GHO QDFLPLHQWR SURGXFHQ OD SHUVLVWHQFLD GHO
FRQGXFWRDUWHULRVR
($1$720,$3$72/Ï*,&$
'HO WRWDO GH ORV FDVRV FRQ SHUVLVWHQFLD GHO GXFWXV DUWHULRVR GHO VH SURGXFHQ FRPR XQ GHIHFWR DLVODGR SHUR ORV UHVWDQWHV VH SXHGHQ
DVRFLDU D FRPXQLFDFLyQ LQWHUYHQWULFXODU FRDUWDFLyQ HVWHQRVLV DyUWLFD R
SXOPRQDU DGHPiV GH RWURV TXH IXQFLRQDQ FRPR GXFWXV FRPSHQVDWRULRV
FRPRHQOD7HWUDORJtDGH)DOORW
(OGXFWXVDUWHULRVRFRQHFWDODDRUWDGHVFHQGHQWHRSXHVWR\GLVWDOGH
GRQGH VH RULJLQD OD DUWHULD VXEFODYLD L]TXLHUGD FRQ OD DUWHULD SXOPRQDU
L]TXLHUGDGLVWDODODELIXUFDFLyQGHODDUWHULDSXOPRQDUSHURHQRFDVLRQHV
VH KD HQFRQWUDGR HO GXFWXV GH ODGR GHUHFKR DXVHQWHRHQDPERVODGRVOD
FXDOVHFRQVLGHUDXQDUDUH]D
(OGLiPHWURGHOFRQGXFWRYDULDGHVGHDPPKDVWDyFPSHUR
SXHGH YDULDU HQ ORQJLWXG IRUPD \ FDOLEUH SXGLHQGR VHU ODUJR WRUWXRVR \
HVWUHFKRRFRUWR\DQFKR
(OGXFWXVIHWDOFRPSUHQGHFDSDV,QWLPDGHQVD\FRPSXHVWDGH
WHMLGR DUHRODU 0HGLD P~VFXOR FLUFXODU PX\ IXHUWH ORQJLWXGLQDO \
REOLFXR\$GYHQWLFLDOD FXDOHVODFDSDH[WHUQD
/XHJR GHO FLHUUH DQDWyPLFR SRU ILEURVLV VH IRUPD HO OLJDPHQWR
DUWHULRVR QRUPDOPHQWH GH D PP GH ORQJLWXG \ FRQHFWD OD DUWHULD
SXOPRQDUFRQODDRUWD
)(7,2/2*Ë$
(QHOGHORVFDVRVVRQGHRULJHQPXOWLIDFWRULDOHQWUHODVFXDOHV
GHVWDFDQ ODV HQIHUPHGDGHV PDWHUQDV FRPR LQIHFFLRQHV UXEpROD GHVGH XQ
LQIOXHQ]DVtILOLVWXEHUFXORVLVWR[RSODVPRVLVHQXQGHIHFWRV
FURPRVyPLFRV FRPR WULVRPtDV XQ HVWiQ DVRFLDGRV D DJHQWHV
WHUDWyJHQRVFRPRGURJDVQD]HSDQFRUWLFRVWHURLGHVWDOLGRPLQDEXVXOIiQ
FRFDLQD\GHHQKLMRVGHSDGUHVFRQFDUGLRSDWtDFRQJpQLWDDGHPiV
GHHQFRQWUDUVHPXFKRHQSUHPDWXURV\RFRQEDMRSHVRDOQDFHUFXDQGRVH
XVD DWURSLQD SURVWDJODQGLQDV ((,QWHUOHXTXLQDV \ HQ SDFLHQWHV FRQ
KLSR[HPLDDOQDFHU
*),6,23$72/2*Ë$
(O GXFWXV DUWHULRVR VH PDQWLHQH DELHUWR SRU OD SURGXFFLyQ \
FLUFXODFLyQGHSURVWDJODQGLQD(\SURVWDJODQGLQD,ODVFXDOHVLQGXFHQD
ODUHODMDFLyQGHODPXVFXODWXUDGXFWDOHQHOSHUtRGRIHWDOFRQXQDSUHVLyQ
SDUFLDOGHR[tJHQR GHPP+J(OGXFWXVHVXQDHVWUXFWXUDIXQGDPHQWDO
SDUDHOLQWHUFDPELRJDVHRVR\GHORVPHWDEROLWRVHQODSODFHQWD'XUDQWHHO
QDFLPLHQWR DO LQLFLDUVH OD UHVSLUDFLyQ ORV SXOPRQHV VH H[SDQGHQ
UHGXFLHQGRODUHVLVWHQFLDYDVFXODUSXOPRQDU\HOHYDQGRHOIOXMRSXOPRQDU\
OD SUHVLyQ SDUFLDO GH R[tJHQR D PP+J SURGXFLHQGR FRQWUDFFLRQHV
FRUWDV GHO P~VFXOR OLVR GXFWDO DSRVLFLyQ GH ORV FRMLQFLOORV GH OD tQWLPD
$GHPiV ODV FDSDV tQWLPD \ PHGLD SUROLIHUDQ IRUPDQGR PRQWtFXORV
HVSDFLRV OOHQRV GH PDWHULDO PXFRLGH \ URWXUD GH OD PHPEUDQD HOiVWLFD
LQWHUQD GDQGR OXJDU DO LQLFLR GHO FLHUUH GHO GXFWXV OLEHUDQGR GXUDQWH HO
SULPHU GtD GH YLGD DFHWLOFROLQD FDWHFRODPLQDV \ EUDGLTXLQLQDV
6LQ HPEDUJR HQ SDFLHQWHVFRQGHIHFWRVHQODHVWUXFWXUDGHODSDUHG
GXFWDOHQODFWDQWHVSUHPDWXURV\HQDTXHOORVFRQVtQGURPHGHVXIULPLHQWR
IHWDOHQHOPRPHQWRGHQDFHUKLSR[HPLDHQORVFXDOHVQRVHOOHYDDFDER
HO FLHUUH GHO GXFWXV DUWHULDO VH SURGXFH XQD PD\RU SUHVLyQ DyUWLFD
SURYRFDQGRTXHODVDQJUHSURFHGHQWHGHODDRUWDSDVHDODDUWHULDSXOPRQDU
HO YROXPHQ GH VDQJUH GHSHQGHUi GHO WDPDxR GHO GXFWXV DUWHULDO \ GH OD
UHODFLyQ HQWUH ODV UHVLVWHQFLDV YDVFXODUHV SXOPRQDUHV \ VLVWpPLFDV 6L HO
GXFWXVHVSHTXHxRODVSUHVLRQHVHQODDUWHULDSXOPRQDU\HQHOYHQWUtFXOR\
ODDXUtFXODGHUHFKDVRQQRUPDOHVSHURVLHOGXFWXVHVJUDQGHODVSUHVLRQHV
SXOPRQDUHV VH SXHGHQ HOHYDU KDVWD LJXDODU OD SUHVLyQ VLVWpPLFD WDQWR
GXUDQWHODVtVWROHFRPRHQODGLiVWROH(QXQFRQGXFWRJUDQGHSXHGHSDVDU
KDVWDHOGHOJDVWRGHOYHQWUtFXORL]TXLHUGRKDFLDORVSXOPRQHVHQ
GRQGHVHUHR[LJHQDDXPHQWDQGRODFRQJHVWLyQ\ODUHVLVWHQFLDYDVFXODUHV
SXOPRQDUHVSXGLHQGROOHJDUHOIOXMRVDQJXtQHRSXOPRQDUDYDORUHVWDQDOWRV
FRPR OLWURV SRU PLQXWR OXHJR UHJUHVD D OD DXUtFXOD \ HO YHQWUtFXOR
L]TXLHUGR VREUHFDUJDQGR HO ODGR L]TXLHUGR GHO FRUD]yQ (O YHQWUtFXOR
L]TXLHUGR HQ FRQWUDVWH FRQ HO GHUHFKR SRVHH XQD VXSHUILFLH UHODWLYDPHQWH
SHTXHxDHQUHODFLyQFRQHOYROXPHQFRQWHQLGRDFDXVDGHVXFRQILJXUDFLyQ
FLOtQGULFD 3HUR WLHQH XQD HVSHVD FDSD PXVFXODU FLUFXODU LGHDO SDUD
GHVDUUROODUDOWDVSUHVLRQHVLQWHUQDVGXUDQWHODFRQWUDFFLyQSRUORTXHHVWi
HVWUXFWXUDGR SDUD IXQFLRQDU FRPR XQD ERPED GH DOWD SUHVLyQ \ SRGHU DVt
H[SXOVDU HO IOXMR VDQJXtQHR KDFLD OD FLUFXODFLyQ VLVWpPLFD TXH HV GH DOWD
SUHVLyQ\DOWDUHVLVWHQFLDWROHUDQGRPXFKRPHMRUODVREUHFDUJDGHYROXPHQ
TXHSURYRFDHOGXFWXV
(O FRUD]yQ SXHGH DGDSWDUVH DO DXPHQWR GHO YROXPHQ GHO UHWRUQR
YHQRVRSXOPRQDUJUDFLDVDWUHVPHFDQLVPRVSULQFLSDOHVGHDXWRUUHJXODFLyQ
/D DXWRUUHJXODFLyQ LQWUtQVHFD GH OD DFFLyQ GH OD ERPED GHO FRUD]yQ R
KHWHURPpWULFD TXH FRQVLVWH HQ XQ DXPHQWR GH OD FRQWUDFFLyQ YHQWULFXODU
VHFXQGDULDDODXPHQWRGHOYROXPHQVLVWyOLFRSURGXFLGRSRUODHORQJDFLyQ
GH ODV ILEUDV PLRFiUGLFDV SRU HO PD\RU DIOXMR VDQJXtQHR SHUR WLHQH XQ
OtPLWHILVLROyJLFRPiVDOOiGHOFXDOODIXHU]DFRQWUiFWLOGLVPLQX\HHQYH]GH
DXPHQWDU/DDXWRUUHJXODFLyQSRUODDFFLyQGHORVLRQHVFDOFLR\SRWDVLR
X KRPHRPpWULFD R VHD OD HOHYDFLyQ GH OD IXHU]D GH FRQWUDFFLyQ FDUGtDFD
VHFXQGDULD DO LQFUHPHQWR GHO PHWDEROLVPR PLRFiUGLFR FRQVHFXWLYR D OD
VDOLGDGHOLyQSRWDVLRRODHQWUDGDGHOLyQFDOFLRGHQWURGHOPLRFLWR\/D
DXWRUUHJXODFLyQLQWUtQVHFDGHODIUHFXHQFLDFDUGtDFDTXHKDFHTXHDXQHQ
HOFRUD]yQGHVLQHUYDGRHODXPHQWRGHODSUHFDUJDSURYRTXHXQDDFHOHUDFLyQ
GHODIUHFXHQFLDSRVLEOHPHQWHUHODFLRQDGRDOHVWLUDPLHQWRGHODVILEUDVGHO
QyGXORVLQXVDO
$ SHVDU GH HVWRV PHFDQLVPRV FRPSHQVDWRULRV HO YHQWUtFXOR
L]TXLHUGR VH SXHGH GLODWDU FRQVLGHUDEOHPHQWH VLHQGR QHFHVDULR HO XVR GH
LQRWUySLFRVSRVLWLYRVSDUDDXPHQWDUODFRQWUDFWLOLGDG
(Q DOJXQRV FDVRV GH SHUVLVWHQFLD GH XQ FRQGXFWR JUDQGH GLiPHWUR
PD\RUTXHHOGHODDRUWDODUHVLVWHQFLDYDVFXODUSXOPRQDUSXHGHDXPHQWDU
KDVWDVREUHSDVDUODUHVLVWHQFLDVLVWpPLFDXVXDOPHQWHHQSDFLHQWHVPD\RUHV
GHFLQFRDxRVORTXHSURGXFHXQFRQGXFWR ³UHYHUVR´HQGRQGHVHSURGXFH
XQ FRUWRFLUFXLWR GH GHUHFKD D L]TXLHUGD HV GHFLU HO IOXMR GH VDQJUH GH OD
DUWHULDSXOPRQDUSDVDDODDRUWDWRUiFLFDGHVFHQGHQWHGHVDWXUDQGRODVDQJUH
R[LJHQDGDGHODDRUWDSURGXFLHQGRFLDQRVLVHQODPLWDGLQIHULRUGHOFXHUSR
VtQGURPHGH(LVHQPHQJHU3HURHQODDFWXDOLGDGHVWHKDOOD]JRHVPX\UDUR
GHELGRDOGLDJQyVWLFR\WUDWDPLHQWRWHPSUDQR
+0$1,)(67$&,21(6&/,1,&$6
/D VLQWRPDWRORJtD GHSHQGH GH OD HGDG GHO HQIHUPR GHO WDPDxR GHO
GXFWXV OD UHVLVWHQFLD YDVFXODU SXOPRQDU \ ODV DQRPDOtDV FRQFRPLWDQWHV
(QHOSUHWpUPLQRSXHGHWHQHUWUHVIRUPDVFOtQLFDV$SDULFLyQSUHFR]GHO
VRSORHQODVIDVHVLQLFLDOHVGHO6tQGURPHGH'LVWUHVV5HVSLUDWRULRJUDYHHQ
HO SULPHUR \ VHJXQGR GtD GH YLGD $SDULFLyQ WUDV XQD PHMRUtD GHO
6tQGURPHGH'LVWUHVV5HVSLUDWRULRHQWUHHOFXDUWR\RFWDYRGtD\6LJQRV
GH GXFWXV GHVSXpV GH ORV SULPHURV GtDV VLQ SDWRORJtD SXOPRQDU
FRQFRPLWDQWH\ODLQVXILFLHQFLDFDUGtDFDVHHVWDEOHFHFRQOHQWLWXG0LHQWUDV
TXHORVODFWDQWHVDWpUPLQRVXHOHQFXUVDUDVLQWRPiWLFRVGXUDQWHVHLVXRFKR
VHPDQDVKDVWDTXHODUHVLVWHQFLDYDVFXODUSXOPRQDUVHUHGXFHSHUPLWLHQGR
XQD GHVYLDFLyQ DEXQGDQWH GH L]TXLHUGD D GHUHFKD /RV VtQWRPDV PiV
FRPXQHV VRQ SDOSLWDFLRQHV IDWLJD GLVQHD LUULWDELOLGDG \ VH DOLPHQWDQ HQ
IRUPDGHILFLHQWH
/RV SDFLHQWHV FRQ GXFWXV DUWHULRVR SHUVLVWHQWH SUHVHQWDQ XQ VRSOR
iVSHURFRQWLQXRGHVFULWRFRPRGH³PDTXLQDULD´TXHVHLQLFLDGHVSXpVGHO
SULPHU UXLGR DFRPSDxD D OD ~OWLPD SDUWH GH HVWH UXLGR RFXSD OD SDXVD
FRUWD DFRPSDxD HO VHJXQGR UXLGR \ OXHJR GHVDSDUHFH GXUDQWH OD SDXVD
ODUJDHOFXDO*LEVRQORGHVFULELyFRPRSDWRJQRPyQLFRVHHVFXFKDPHMRU
HQHOVHJXQGRHVSDFLRLQWHUFRVWDOL]TXLHUGRSHURQRUPDOPHQWHVHWUDQVPLWH
FRQ DPSOLWXG D WRGR HO WyUD[ \ HO FXHOOR (Q DOJXQRV SDFLHQWHV HO IOXMR
WXUEXOHQWR HQ OD UHJLyQ GHO GXFWXV HV WDQ LQWHQVR TXH VH DFRPSDxD GH
IUpPLWRJHQHUDOPHQWHVLVWyOLFRSHURDYHFHVRFXSDWRGRHOFLFORFDUGtDFR
<HQRWURVSDFLHQWHVQRVHHVFXFKDHOVRSORRVyORVHHVFXFKDXQRVLVWyOLFR
KDVWDXQRRGRVDxRVGHHGDGSRUHODXPHQWRSHUVLVWHQWHGHODUHVLVWHQFLD
YDVFXODU SXOPRQDU TXH OLPLWD HO IOXMR GH VDQJUH D WUDYpV GHO FRQGXFWR
GXUDQWHODGLiVWROH&XDQGRKD\LQVXILFLHQFLDFDUGtDFDVHDXVFXOWDJDORSH
&RPRHQHOGXFWXVFRQEDMDUHVLVWHQFLDYDVFXODUSXOPRQDUHOFRUWRFLUFXLWR
HVGHL]TXLHUGDDGHUHFKDQRVHSURGXFHFLDQRVLVSHURSXHGHH[LVWLUUHWUDVR
GHO FUHFLPLHQWR KHSDWRPHJDOLD SXOVRV VDOWRQHV SRU HO DXPHQWR GH OD
SUHVLyQ VLVWyOLFD WDTXLSQHD WDTXLFDUGLD \ FDUGLRPHJDOLD
,&203/,&$&,21(6
&XDQGR HO GXFWXV HV JUDQGH OD LQVXILFLHQFLD FDUGtDFD FRQJHVWLYD
DSDUHFHHQORVODFWDQWHVSHURVLHOGXFWXVHVPRGHUDGRKDVWDODVHJXQGDR
WHUFHUDGpFDGDGHYLGDDSDUHFHLQVXILFLHQFLDYHQWULFXODUL]TXLHUGD
6H SURGXFH KLSHUWHQVLyQ SXOPRQDU HQ QLxRV PHQRUHV GH GRV DxRV
FXDQGRSRVHHQXQFRQGXFWRQRUHVWULFWLYR\DXPHQWRHQHOIOXMRSXOPRQDU
VLQ HPEDUJR OD KLSHUWHQVLyQ JHQHUDOPHQWH HV HOHYDGD ~QLFDPHQWH HQ
SDFLHQWHV PD\RUHV FRQ GXFWXV DUWHULRVR SHUVLVWHQWH /D KLSHUWHQVLyQ
SXOPRQDUHQHVWRVFDVRVVHGHEHDODWUDQVPLFLyQGHODSUHVLyQVLVWpPLFDD
WUDYpVGHOGXFWXVJUDQGHTXHSXHGHHYHQWXDOPHQWHSURGXFLUHOVtQGURPHGH
(LVHQPHQJHU
/DHQGRFDUGLWLVEDFWHULDQDSRU6WUHSWRFRFFXVYLULGDQVUDUDYH]RFXUUH
HQ QLxRV HV PiVFRP~QGHVSXpVGHOSULPHUGHFHQLRSUHVHQWiQGRVHHQXQ
GHSDFLHQWHVQRWUDWDGRV(OFKRUURGHVDQJUHDDOWDSUHVLyQTXH
SDVDGHODDRUWDSRUHOFRQGXFWRFKRFDFRQODSDUHGGHODDUWHULDSXOPRQDU
HOIRFRGHODLQIHFFLyQXVXDOPHQWHVHUHODFLRQDFRQIOXMRWXUEXOHQWR\DTXH
SRUORJHQHUDOODVYHJHWDFLRQHVGHODHQGRFDUGLWLVEDFWHULDQDVHORFDOL]DQHQ
HVDDUHD
(QSDFLHQWHVSUHPDWXURVFRQGXFWXVJUDQGHVIUHFXHQWHPHQWHRFXUUHQ
FRPSOLFDFLRQHV FRPR VtQGURPH GH LQVXILFLHQFLD UHVSLUDWRULD HQWHURFROLWLV
QHFURWL]DQWH \ KHPRUUDJLD LQWUDYDVFXODU 0XFKDV YHFHV VH SURGXFH
LQVXILFLHQFLD FDUGtDFD FRQJHVWLYD GLItFLO GH FRQWURODU \ WDPELpQ GLVSODVLD
EURQFRSXOPRQDU
-0(72'26',$*1267,&26
5DGLRJUDItDGH7yUD[
/RV VLJQRV GHSHQGHUiQ GHO WDPDxR GHO GXFWXV \D
TXHSXHGHHQFRQWUDUVHXQDVLOXHWDFDUGtDFDGHWDPDxRQRUPDORPRGHUDGR
KDVWD XQD FDUGLRPHJDOLD VLJQLILFDWLYD /DV FiPDUDV DIHFWDGDV VRQ OD
DXUtFXOD \ HO YHQWUtFXOR L]TXLHUGR DGHPiV SXHGH HQFRQWUDUVH HO ERWyQ
DyUWLFR\ODDUWHULDSXOPRQDUQRUPDOHVRSURPLQHQWHVFRQDXPHQWRGHODV
OtQHDV YDVFXODUHV SXOPRQDUHV $GHPiV HQ DGXOWRV OD FDOFLILFDFLyQ GHO
GXFWXVSXHGHYLVXDOL]DUVH
(OHFWURFDUGLRJUDPD
6L HO FRUWRFLUFXLWR GH L]TXLHUGD D GHUHFKD HV
KHPRGLQiPLFDPHQWH LQVLJQLILFDQWH HO (&* SXHGH VHU QRUPDO 3HUR VL HV
JUDQGHHO(&*UHIOHMDKLSHUWURILDYHQWULFXODUL]TXLHUGDRELYHQWULFXODU6L
VHHQFXHQWUDLPSRUWDQWHKLSHUWURILDYHQWULFXODUGHUHFKD VHGHEHGHVFDUWDUOD
SRVLELOLGDGGHXQDSDWRORJtDFDUGLDFDDGLFLRQDO
(FRFDUGLRJUDPD
6L HO GXFWXV HV SHTXHxR ODV FiPDUDV FDUGtDFDV VRQ GH
WDPDxR QRUPDO 3HUR VL HV JUDQGH ODV GLPHQVLRQHV GH OD DUWHULD DRUWD
DVFHQGHQWHODDXUtFXOD\HOYHQWUtFXORL]TXLHUGRVVHHQFXHQWUDQDXPHQWDGDV
\ UHIOHMDQ VREUHFDUJD GH YROXPHQ (O WDPDxR GH OD DXUtFXOD L]TXLHUGD VH
PLGHFRPSDUiQGRODFRQODUDt]GHODDRUWD5HODFLyQ$,$R6LPLGHPiV
GH HVSUREDEOHTXHKD\DXQDGHVYLDFLyQGHL]TXLHUGDDGHUHFKD
SHUR HVWD UHODFLyQ SXHGH VHU QRUPDO HQ ORV ODFWDQWHV FRQ SHUVLWHQFLD GHO
FRQGXFWR DUWHULRVR TXH KDQ VLGR VRPHWLGRV D UHVWULFFLyQ GH OtTXLGRV R D
WUDWDPLHQWRV FRQ GLXUpWLFRV /D SUR\HFFLyQ VXSUDHVWHUQDO \ SDUDHVWHUQDO
FRUWRSHUPLWHQODYLVXDOL]DFLyQGLUHFWDGHOFRQGXFWR/DLQWHUURJDFLyQFRQ
'RSSOHU UHYHOD XQ IOXMR WXUEXOHQWR VLVWyOLFR \ GLDVWyOLFR HQ OD DUWHULD
SXOPRQDU
\
XQ
IOXMR
GLDVWyOLFR
UHWUyJUDGR
HQ
OD
DRUWD
3DUD SRGHU GHWHUPLQDU OD FRQWUDFWLOLGDG GHO YHQWUtFXOR L]TXLHUGR VH
PLGHQHOYROXPHQYHQWULFXODUDOILQDOGHODGLiVWROH\DOILQDOGHODVtVWROH
7DO YH] PiV LPSRUWDQWH HV OD GHWHUPLQDFLyQ GHO YROXPHQ SRU ODWLGR R
)UDFFLyQ GH (\HFFLyQ TXH LQGLFD OD FDQWLGDG GH VDQJUH TXH VH H[SXOVD
GXUDQWHFDGDFRQWUDFFLyQ YHQWULFXODU\SXHGHVHUFRQVLGHUDFRPRXQtQGLFH
GH OD PDJQLWXG GHO DFRUWDPLHQWR GH OD ILEUD PXVFXODU VLHQGR IXQFLyQ
LQYHUVD GH OD SUHVLyQ DyUWLFD R SRVFDUJD $GHPiV VH WUDWD GH XQR GH ORV
SDUiPHWURV IXQFLRQDOHV TXH SULPHUR VH PRGLILFD DXQ DQWHV GH GHWHFWDUVH
GLODWDFLyQ YHQWULFXODU HQ FDVRV GH HQIHUPHGDG PLRFiUGLFD 3DUD VX
GHWHUPLQDFLyQVHXWLOL]DODIyUPXODVLJXLHQWH
)( 9)'9)6
9)'
9)' 9ROXPHQDOILQDOGHODGLiVWROH
9)6 9ROXPHQDOILQDOGHODVtVWROH
(O YROXPHQ UHVLGXDO R IUDFFLyQ GH DFRUWDPLHQWR HV OD FDQWLGDG GH
VDQJUH TXH TXHGD HQ HO YHQWUtFXOR GHVSXpV GH OD VtVWROH \ HV
FRPSOHPHQWDULR GH OD )UDFFLyQ GH (\HFFLyQ \D TXH DXPHQWD PLHQWUDV
GLVPLQX\HpVWD6HSXHGHGHWHUPLQDUFRQODVLJXLHQWHIyUPXOD
)$ 9)'± 9)6
9)'
9)' 9ROXPHQDOILQDOGHODGLiVWROH
9)6 9ROXPHQDOILQDOGHODVtVWROH
&DWHWHULVPRFDUGtDFR
(VWiLQGLFDGRHQORVSDFLHQWHVFRQKDOOD]JRVDWtSLFRV
R HQ DTXHOORV TXH VH VRVSHFKDQ OHVLRQHV FDUGtDFDV DVRFLDGDV 6HJ~Q HO
WDPDxR GHO GXFWXV SXHGH KDEHU XQD SUHVLyQ QRUPDO R DXPHQWDGD HQ HO
YHQWUtFXOR GHUHFKR \ OD DUWHULD SXOPRQDU /D SUHVHQFLD GH VDQJUH
R[LJHQDGDHQODDUWHULDSXOPRQDUFRQILUPDHOFRUWRFLUFXLWRGHL]TXLHUGDD
GHUHFKD /DV PXHVWUDV GH VDQJUH WRPDGDV GH DPEDV YHQDV FDYDV OD
DXUtFXOD GHUHFKD \ HO YHQWUtFXOR GHUHFKR GHEHQ PRVWUDU XQ FRQWHQLGR
QRUPDOGHR[tJHQR6HSXHGHSDVDUHOFDWpWHUGHVGHODDUWHULDSXOPRQDUSRU
HOFRQGXFWRSDUDODDRUWDGHVFHQGHQWH\FRQODLQ\HFFLyQGHFRQWUDVWHGHOD
DRUWD DVFHQGHQWH VH RSDFLILFDODDUWHULDSXOPRQDU DSDUWLUGHODDRUWD\VH
LGHQWLILFDHOFRQGXFWR
(O FDWHWHULVPR FDUGtDFR QR HV QHFHVDULR HQ QLxRV \ DGXOWRV MyYHQHV
FRQFXDGURFOtQLFRFOiVLFR\DTXHVHUHVHUYDSDUDORVSDFLHQWHVGHPD\RU
HGDGFRQFXDGURDWtSLFRVRVSHFKDGHDQRPDOtDVFRQFRPLWDQWHVRVLH[LVWHQ
GXGDVVREUHODUHYHUVLELOLGDGGHODUHVLVWHQFLDSXOPRQDU
.',$*1267,&2',)(5(1&,$/
7URQFRDUWHULRVR
9HQWDQDDRUWRSXOPRQDU
&KDVTXLGRYHQRVR
)tVWXODGHOVHQRGHYDOVDOYD
&RPXQLFDFLyQLQWHUYHQWULFXODUFRQLQVXILFLHQFLDDyUWLFD
)tVWXODDUWHULRYHQRVDFRURQDULD
)tVWXODDUWHULRYHQRVDSXOPRQDU
9DVFXODWXUDFRODWHUDOVLVWpPLFDDVLVWpPLFDRVLVWpPLFDDSXOPRQDU
/75$7$0,(1720e',&2
0HGLGDVJHQHUDOHV
D5HVWULFFLyQKtGULFDFFNJGtDFRPRWUDWDPLHQWR\SUHYHQFLyQGHOD
GHVFRPSHQVDFLyQKHPRGLQiPLFD\HYLWDODVUHDSHUWXUDVGHOGXFWXVXQDYH]
FHUUDGR
E )XURVHPLGD PJNJGtD SDUD FRQWUDVWDU HO HIHFWR ROLJ~ULFR GH OD
LQGRPHWDFLQD
F 'URJDV YDVRDFWLYDV FXDQGR H[LVWD LQVXILFLHQFLD FDUGtDFD TXH QR VH
SXHGD FRQWURODU FRQ ODV PHGLGDV DQWHULRUHV HVWi FRQWUDLQGLFDGD OD
LQGRPHWDFLQD(OPiVHPSOHDGR HVODGLJR[LQD
G &LHUUH IDUPDFROyJLFR LQGRPHWDFLQD XQ LQKLELGRU GH OD SURVWDJODQGLQ
VLQWHWDVDDODVVLJXLHQWHVGRVLV
LKUVUD'RVLVPJNJ\GD<UD'RVLVPJNJ
LLGtDVUD'RVLVPJNJ\GD\UD'RVLVPJNJ
LLL!GtDVUD'RVLVPJNJ\GD\UD'RVLVPJNJ
&DGDGRVLVVHDGPLQLVWUDFDGDKRUDVLQWUDYHQRVDSUHIHUHQWHRSRUYtD
RUDO
/D LQFLGHQFLD GH UHDSHUWXUDV GHO GXFWXV YDUtD HQWUH HO \
SXHGHDXPHQWDUSURSRUFLRQDOPHQWHDODLQPDGXUH]GHOQLxR
(QWUHORVHIHFWRVVHFXQGDULRVGHHVWDGURJDHVWiQODGLVPLQXFLyQGHO
IOXMR VDQJXtQHR FHUHEUDO UHQDO PHVHQWpULFR \ HVSOiFQLFR DGHPiV GH
DOWHUDFLyQ GH OD IXQFLyQ SODTXHWDULD 3RU OR TXH HVWi FRQWUDLQGLFDGR HQ
LQVXILFLHQFLDUHQDOVDQJUDGRVDFWLYRVSODTXHWRSHQLDHKLSHUELOLUUXELQHPLD
HQWHURFROLWLVQHFURWL]DQWH\KHPRUUDJLDLQWUDYHQWULFXODU
075$7$0,(17248,5Ò5*,&2
(O WUDWDPLHQWR TXLU~UJLFR HVWi
LQGLFDGR HQ SDFLHQWHV FRQ XQ FRQGXFWR DUWHULRVR JUDQGH \ VL SRVHHQ
VtQWRPDVGHIDOODFRQJHVWLYDGHEHQVHURSHUDGRVORPiVSURQWRSRVLEOHHQ
FXDQWR VH KDFH HO GLDJQyVWLFR (Q QLxRV DVLQWRPiWLFRV OD FLUXJtD VH
SRVSRQH VL VH GHVHD SHUR GHEH HIHFWXDUVH GXUDQWH ORV DxRV SUHHVFRODUHV
0LHQWUDVTXHHQSDFLHQWHVPiVJUDQGHVHOGXFWXVGHEHFHUUDUVHDOUHDOL]DUVH
HOGLDJQyVWLFR3HURFXDQGRH[LVWHXQDXPHQWRGHODUHVLVWHQFLDSXOPRQDU
LUUHYHUVLEOH !8, FRQ LQYHUVLyQ GHO IOXMR GXFWDO HO FLHUUH GHO GXFWXV HV
FRQWUDLQGLFDGR
/D WpFQLFD TXLU~UJLFD LQFOX\H \D VHD XQDWRUDFRWRPtDSRVWHURODWHUDO
L]TXLHUGD WUDQVSOHXUDO R H[WUDSOHXUDO (O FLHUUH GHO GXFWXV VH ORJUD FRQ
JDUILRVPHWiOLFRVRSRUGLYLVLyQ\VXWXUDGHDPERVFDERVYDVFXODUHV
&RPSOLFDFLRQHV SRVWRSHUDWRULDV DXQTXH PX\ UDUDV SXHGHQ LQFOXLU
LQIHFFLRQHV QHXPRWyUD[ TXLORWyUD[ KHPRUUDJLDV WUDXPD GHO QHUYLR
IUpQLFR OHVLyQ GHO QHUYLR UHFXUUHQWH ODUtQJHR L]TXLHUGR UHFDQDOL]DFLyQ \
FRODSVROREDUSXOPRQDU
/RVUHVXOWDGRVGHVSXpVGHODOLJDGXUDGHOGXFWXVVRQH[FHOHQWHVFRQ
XQD H[SHFWDWLYD GH YLGD QRUPDO WDQWR OD PRUELOLGDG FRPR OD PRUWDOLGDG
GHEHQPDQWHQHUVHFHUFDGH
175$7$0,(172325&$7(7(5,602&$5'Ë$&2
(QODDFWXDOLGDG
VH SXHGH FHUUDU HO GXFWXV DUWHULRVR SHUVLVWHQWH SHUFXWiQHDPHQWH FRQ
GLVSRVLWLYRV FRQ HO REMHWR GH HYLWDU XQD LQWHUYHQFLyQ TXLU~UJLFD
GLVPLQX\HQGR VXIULPLHQWR \ FRVWRV KRVSLWDODULRV /D PD\RUtD GH
GLVSRVLWLYRVGLVHxDGRVSDUDWDOILQSXHGHQXVDUVHHQSDFLHQWHVPD\RUHVGH
NJ FRQ XQ p[LWR JOREDO PD\RU GHO 3RU HO PRPHQWR HVWD WpFQLFD
H[FOX\H D QLxRV GH EDMR SHVR R FRQ GXFWXV GH GLiPHWUR PD\RU GH PP
([LVWHQ YDULRV WLSRV GH GLVSRVLWLYRV (O SULPHUR GLVHxDGR SRU
5DVKNLQG LQFOX\H XQD VRPEULOOD FXELHUWD GH HVSXPD FRQ JDQFKRV TXH HV
ILMDGD DO LQWHULRU GHO FRQGXFWR DUWHULRVR JXLDGR D WUDYpV GH OD DUWHULD
IHPRUDO
6XEVLJXLHQWHVGLVHxRVLQFOXtDQ
'LVSRVLWLYRGHERWyQVXSULQFLSDOGHVYHQWDMDSDUDHOXVRSHGLiWULFR
HV HO WDPDxR ) GHO LQWURGXFWRU SRU OR TXH VX XVR HVWi OLPLWDGR D
DGXOWRV
7DSyQGH,YDOyQWDPELpQUHTXLHUHGHLQWURGXFWRUHVGHJUDQWDPDxR
ORTXHQRSHUPLWHVXXVRHQQLxRV
2FOXVRUGH3&$GH5DVKNLQGVXSULQFLSDOSUREOHPDFRQVLVWHHQOD
GLILFXOWDGSDUDPDQLSXODUODSUyWHVLVSUHVHQFLDGHIXJDVUHVLGXDOHV
FRORFDFLyQ LQDSURSLDGD \ HPEROL]DFLyQ DVt FRPR OD QHFHVLGDG GH
LQWURGXFWRUHV GH PD\RU FDOLEUH TXH QR SHUPLWH VX XWLOL]DFLyQ HQ
SDFLHQWHVSHTXHxRV\WDPELpQVXFRVWRHOHYDGRHQUHODFLyQFRQRWURV
GLVSRVLWLYRVHLQFOXVRFRQHOFLHUUHTXLU~UJLFR
(VSLUDO GH *LDQWXUFR VX XWLOL]DFLyQ HV FDGD GtD PiV IUHFXHQWH
GHELGRDTXHHOHVSLUDOSXHGHVHUGHSRVLWDGRDWUDYpVGHFDWpWHUHVGH
SHTXHxRFDOLEUHD)DGHPiVGHVXUHGXFLGRFRVWRHQUHODFLyQ
FRQORVRWURVGLVSRVLWLYRV6XSULQFLSDOGHVYHQWDMDHVHQFRQGXFWRV
DUWHULRVRVGHPiVGHPPHQORVTXHVHUHTXLHUHODXWLOL]DFLyQGH
PiV GH XQ HVSLUDO OR TXH DXPHQWD HO ULHVJR GH HPEROL]DFLyQ 6LQ
HPEDUJRHQHOGHORVFDVRVVHREWLHQHODLQWHUUXSFLyQWRWDOGHO
IOXMR GXFWDO HQ HO UHVWR TXHGDQ FRUWRFLUFXLWRV UHVLGXDOHV SHTXHxRV
TXH HQ JHQHUDO WHUPLQDQ SRU GHVDSDUHFHU HVSRQWiQHDPHQWH
&RQWUDLQGLFDFLRQHV SDUD HO FLHUUH SHUFXWiQHR GH GXFWXV DUWHULDO VH
OLPLWDQHVHQFLDOPHQWHGLiPHWURGHOFRQGXFWRDUWHULDOPD\RU GHPPD
PHQRVTXHVHFRORTXHQPiVGHXQGLVSRVLWLYRORTXHDXPHQWDHOULHVJRGH
HPEROL]DFLyQ
9,0(72'2/2*,$
$ 7LSRGHHVWXGLR
'HVFULSWLYR
% 6XMHWRGHHVWXGLR
3DFLHQWHVDTXLHQHVVHOHVGLDJQRVWLFySHUVLVWHQFLD
GHOFRQGXFWRDUWHULRVRFRPR FDUGLRSDWtDDLVODGD\VHOHVUHDOL]yFLHUUHGHO
GXFWXVDUWHULRVRGHOGHIHEUHURDOGHDEULOGHO
& 3REODFLyQGHHVWXGLR
6HLQFOX\HURQWRGRVORVSDFLHQWHVDTXLHQHVVH
OHV FRUULJLy OD SHUVLVWHQFLD GHO FRQGXFWR DUWHULRVR GXUDQWH HO WLHPSR GH
HVWXGLR \ FXPSOLHURQFRQORVFULWHULRVGHLQFOXVLyQ6RQSDFLHQWHVFRQ
WUDWDPLHQWR TXLU~UJLFR \ SDFLHQWHV FRQ RFOXVLyQ FRQ SUyWHVLV
HQGRYDVFXODUWLSRHVSLUDOGH*LDQWXUFR
' &ULWHULRVGHLQFOXVLyQ\H[FOXVLyQGHVXMHWRVGHHVWXGLR
,QFOXVLyQ
D 3DFLHQWH IHPHQLQR \ PDVFXOLQR GH 81,&$5 FRQGLDJQyVWLFR
GH SHUVLVWHQFLD GHO FRQGXFWR DUWHULRVR FRPR FDUGLRSDWtD
DLVODGD
E 3DFLHQWHV FRQ WUDWDPLHQWR TXLU~UJLFR R FRQ RFOXVLyQ FRQ
SUyWHVLVHQGRYDVFXODUWLSRHVSLUDOGH*LDQWXUFR
([FOXVLyQ
D 3DFLHQWHVRSHUDGRVHQRWURVKRVSLWDOHV
E 3DFLHQWHV FRQ SDWRORJtD FDUGtDFD DVRFLDGD D OD SHUVLVWHQFLD GHO
FRQGXFWRDUWHULRVR
F 3DFLHQWHVTXHQRFXPSOLHURQFRQHFRFDUGLRJUDPDVVHULDGRV
( 9DULDEOHVDHVWXGLDU
1RPEUHGH
ODYDULDEOH
6H[R
(GDG
'LPHQVLR
QHVGH
DXUtFXOD\
YHQWUtFXOR
L]TXLHUGRV
)UDFFLyQGH
H\HFFLyQ
'HILQLFLyQ
&RQFHSWXDO
'HILQLFLyQ
2SHUDFLRQDO
(VFDOD 8QLGDGGH
GH
0HGLFLyQ
0HGLFLyQ
&RQGLFLyQRUJiQL 'LIHUHQFLDItVLFD 1RPLQDO 0DVFXOLQR
FDTXHGLVWLQJXHDO TXHGLVWLQJXHHO
)HPHQLQR
YDUyQGHODPXMHU
KRPEUHGHOD
PXMHUUHJLVWUDGR
HQHOKLVWRULDO
PpGLFRGHFDGD
SDFLHQWH
7LHPSRGHYLGD 7LHPSRGHYLGD &XDQWL
0HVHV
WUDQVFXUULGRGHVGH WUDQVFXUULGRGHV WDWLYD
$xRV
ODIHFKDGH
GHODIHFKDGHQD
QDFLPLHQWR
FLPLHQWRKDVWDOD
IHFKDGHUHDOL]D
FLyQGHOFLHUUH
([WHQVLyQR
0HGLFLRQHVHQ &XDQWL
0LOt
WDPDxR WDQWRGHOD 0RGR0GHOHFR WDWLYD
PHWURV
DXUtFXODFRPRGHO FDUGLRJUDPDHQ
YHQWUtFXORL]
SDUDHVWHUQDOODU
TXLHUGRV
JRRFRUWRGHO
YHQWUtFXOR\GHOD
DXUtFXODL]TXLHU
GD\ODDRUWDSDUD
GHWHUPLQDUVX
UHODFLyQ
&DQWLGDGGHVDQJUH 6HGHWHUPLQDSRU &XDQWL 3RUFHQWDMH
TXHVHH[SXOVD HFRFDUGLRJUDPD WDWLYD
GXUDQWHFDGD
PLGLHQGRORVYR
FRQWUDFFLyQ
O~PHQHVGHOYHQ
WUtFXORL]TXLHUGR
DOILQDOGHODGLiV
WROH\DOILQDOGH
ODVtVWROHOXHJRVH
UHVWDHOVHJXQGR
GHOSULPHUR\VH
GLYLGHHQWUHHO
SULPHUR
)UDFFLyQ &DQWLGDGGHVDQJUH 6HGHWHUPLQDSRU
GHDFRUWD
TXHTXHGDHQHO HFRFDUGLRJUDPD
PLHQWR
YHQWUtFXORGHVSXpV PLGLHQGRORVYR
GHODVtVWROH
O~PHQHVGHOYHQ
WUtFXORL]TXLHUGR
DOILQDOGHODGLiV
WROH\ DOILQDOGH
ODVtVWROHOXHJR
VHGLYLGHHOVH
JXQGRHQWUHHO
SULPHUR
9RO~PHQHV 0HGLFLRQHVTXHVH 0HGLFLRQHVSRU
GHOYHQ UHDOL]DQSRUPHGLR HFRFDUGLRJUDPD
WUtFXORL] GHHFRFDUGLRJUDPD HQFXDWURFiPD
TXLHUGR
SDUDGHWHUPLQDUOD UDV\GRVFiPDUDV
FDQWLGDGGHVDQJUH GLEXMDQGRHOFRQ
FRQWHQLGDHQHO
WRUQRGHOYHQ
YHQWUtFXORDOILQDO WUtFXORL]TXLHUGR
GHODGLiVWROH\DO WDQWRHQGLiVWROH
ILQDOGHODVtVWROH FRPRHQVtVWROH
(VWDQFLD
7LHPSR
7LHPSRHQKRUDV
KRVSLWDODULD WUDQVFXUULGRGHVGH
RGtDVTXHHO
TXHHOSDFLHQWH
SDFLHQWHHVWXYR
LQJUHVDDOKRVSLWDO HQHOKRVSLWDO
SDUDVX
SDUDVX
SURFHGLPLHQWR
UHFXSHUDFLyQ
KDVWDVXHJUHVR
UHIHULGRHQHO
H[SHGLHQWH
FOtQLFR
&RPSOLFD 'DxRVHFXQGDULR 'DxRTXHVXIUHHO
FLRQHVSRVW SURYRFDGRSRUOD SDFLHQWHGXUDQWH
RSHUDWRULDV OLJDGXUDGHOGXFWXV ROXHJRGHOD
DUWHULRVRGXUDQWH\ FLUXJtDUHIHULGR
GHVSXpVGHO
HQHOH[SHGLHQWH
SURFHGLPLHQWR
FOtQLFR
&XDQWL
WDWLYD
3RUFHQWDMH
&XDQWL
WDWLYD
0LOLOLWURV
&XDQWL
WDWLYD
+RUDV
'tDV
1RPLQDO
1HXPR
WyUD[
4XLORWyUD[
/HVLyQ1
ODUtQJHR
UHFXUUHQWH
L]TXLHUGR
3DUiOLVLV
GHOQHUYLR
IUpPLFR
(QGRFDU
GLWLV
5HFDQD
OL]DFLyQ
&RPSOLFD 'DxRVHFXQGDULR
FLRQHVSRVW SURYRFDGRSRUOD
FRORFDFLyQ
FRORFDFLyQGHO
GHHVSLUDO HVSLUDOGXUDQWH\
GHVSXpVGHO
SURFHGLPLHQWR
0RUWDOLGDG
6HJXL
PLHQWR
&DQWLGDGSURSRU
FLRQDOGHGHIXQ
FLRQHVFRUUHVSRQ
GLHQWHDSREODFLyQ
RWLHPSR
GHWHUPLQDGRV
(YDOXDFLyQFOtQLFD
\HFRFDUGLRJUiILFD
SDUDYHUOD
HYROXFLyQGHO
SDFLHQWHDFRUWR
SOD]R
'DxRVTXHVXIUH 1RPLQDO
HOSDFLHQWH
GXUDQWHROXHJR
GHODFRORFDFLyQ
GHOHVSLUDO
UHIHULGRHQHO
H[SHGLHQWH
FOtQLFR
'HIXQFLyQGHO
SDFLHQWH
SUHVHQWDGDHQVX
VHJXLPLHQWRSRVW
SURFHGLPLHQWR
(PEROL
]DFLyQ
5HFDQDOL
]DFLyQ
(QGDUWH
ULWLV
(VWHQRVLV
GHDUWHULD
SXOPRQDU
L]TXLHUGD
&RDUWDFLyQ
DyUWLFD
DGTXLULGD
0LJUDFLyQ
GHOUHVRUWH
$XVHQFLD
GHSXOVRV
GHDUWHULD
IHPRUDO
6DQJUDGR
H[FHVLYR
HQHOVLWLR
GHOD
SXQFLyQ
+HPDWR
PDVHQHO
VLWLRGHOD
SXQFLyQ
1RPLQDO
6L
1R
(YDOXDFLyQGHO 1RPLQDO
SDFLHQWHSRU
PHGLRGH
HFRFDUGLRJUDPD
HQVXHVWDGRSRVW
\DOPHVGHO
SURFHGLPLHQWR
6L
1R
) ,QVWUXPHQWRVGHUHFROHFFLyQ\PHGLFLyQGHODVYDULDEOHVRGDWRV
6HHVWXGLDURQSDFLHQWHVGHVH[RIHPHQLQR\GHVH[RPDVFXOLQR
DTXLHQHVVHFRUULJLyODSHUVLVWHQFLDGHOFRQGXFWRDUWHULRVRFRPRSDWRORJtD
FDUGLDFD ~QLFD UHFLELHURQ WUDWDPLHQWR TXLU~UJLFR \ RFOXVLyQ FRQ
SUyWHVLVHQGRYDVFXODUWLSRHVSLUDOGH*LDQWXUFR
/RVSDFLHQWHVIXHURQGLYLGLGRVHQGRVJUXSRVGHSHQGLHQGRGHOWLSR
GH SURFHGLPLHQWR WUDWDPLHQWR TXLU~UJLFR X RFOXVLyQ FRQ HVSLUDO GH
*LDQWXUFRFRQVLGHUDGRVSDUDFDGDXQRGHORVSURFHGLPLHQWRVGHSHQGLHQGR
GHO GLiPHWUR GH HVWUHFKH] GHO FDYR SXOPRQDU GHO GXFWXV DUWHULRVR
GHWHUPLQDGR SRU HFRFDUGLRJUDPD ELGLPHQVLRQDO KDELpQGRVH FRQVLGHUDGR
SDUDRFOXVLyQFRQHVSLUDOGH*LDQWXUFRDTXHOORVFX\RGLiPHWURIXHLJXDOR
PHQRU GH PP \ SDUD FRUUHFFLyQ TXLU~UJLFD DTXHOORV FRQ YDORUHV
PD\RUHV
/RV SDUiPHWURV HFRFDUGLRJUiILFRV HYDOXDGRV SDUD GHWHUPLQDU HO
JUDGRGHIXQFLyQYHQWULFXODUIXHURQIUDFFLyQGHDFRUWDPLHQWRGHOYHQWUtFXOR
L]TXLHUGR \ IUDFFLyQ GH H\HFFLyQ GHO YHQWUtFXOR L]TXLHUGR $GHPiV VH
GHWHUPLQyODUHODFLyQDXUtFXODL]TXLHUGDDUWHULDDRUWD\ORVGLiPHWURVGH
DXUtFXOD\YHQWUtFXORL]TXLHUGRV\HOYROXPHQGHOYHQWUtFXORL]TXLHUGRHQ
GLiVWROH \ VtVWROH 6H XWLOL]DURQ ORV FRUWHV SDUDHVWHUQDO ODUJR \ PRGR 0
SDUDHVWHUQDO FRUWR DSLFDO FiPDUDV \ DSLFDO FiPDUDV (VWDV
GHWHUPLQDFLRQHVIXHURQKHFKDVHIHFWXDQGRHFRFDUGLRJUDPDVKRUDVDQWHV
GHODLQWHUYHQFLyQ\KRUDV\PHVGHVSXpVGHOSURFHGLPLHQWR
(OHVWXGLRVHOOHYyDFDERHQOD8QLGDGGH&LUXJtD&DUGLRYDVFXODUGH
*XDWHPDODSRUHO&DUGLyORJR3HGLiWUD0DXULFLR2&RQQHOO\ODHVWXGLDQWH
0yQLFD %HDWUL] *LUyQ (VWUDGD GXUDQWH ORV PHVHV GH IHEUHUR D PD\R GHO
SUHVHQWH DxR UHDOL]DQGR ORV HFRFDUGLRJUDPDV \D PHQFLRQDGRV D ORV SDFLHQWHV \ OOHQDQGR ODV UHVSHFWLYDV EROHWDV DVt FRPR UHYLVDQGR ORV
H[SHGLHQWHVFOtQLFRVHQHODUFKLYRGHOD8QLGDG
/DEROHWDGHUHFROHFFLyQGHGDWRVHVWiGLYLGLGDHQ
D 'DWRV JHQHUDOHV GHO SDFLHQWHDVtFRPRVXWHOpIRQRSDUDSRGHUOR
ORFDOL]DU HQ FDVR GH TXH IDOWH D VX HFRFDUGLRJUDPD FRQWURO \ HO
Q~PHURGHFLQWD\GHSDFLHQWHGHOFDVVHWWHHQGRQGHHVWiJUDEDGD
ODLQIRUPDFLyQGHOHFRFDUGLRJUDPD
E 'DWRVHFRFDUGLRJUiILFRVVREUHODVGLPHQVLRQHVGHODDXUtFXOD\HO
YHQWUtFXORL]TXLHUGRODIUDFFLyQGHH\HFFLyQ\GHDFRUWDPLHQWR\
ORVYRO~PHQHVGHOYHQWUtFXORL]TXLHUGRWDQWRHOSUHSRVW\PHV
GHVSXpVGHOSURFHGLPLHQWR
F 'DWRVGHOSURFHGLPLHQWRWLSRGHODFRUUHFFLyQWLHPSRGHHVWDGtD
KRVSLWDODULDFRPSOLFDFLRQHV
* 5HFXUVRV
0DWHULDOHVItVLFRV
D
E
F
G
H
I
J
K
8QLGDGGH&LUXJtD&DUGLRYDVFXODUGH*XDWHPDOD
'HSDUWDPHQWRGHDUFKLYRGHOD8QLGDG
0iTXLQDGHHFRFDUGLRJUDItDGRSSOHUGHOD8QLGDG
&RPSXWDGRUDH,PSUHVRUD
'LVNHWV
,QWHUQHW/LEURV$UWtFXORV\5HYLVWDV
0DWHULDOGHHVFULWRULR
)RWRFRSLDGRUD
+XPDQRV
D
E
F
G
H
I
J
K
L
M
N
O
'U0DXULFLR2&RQQHOO
'U6DOYDGRU*UDQDGRV*iQGDUD
'U$OGR&DVWDxHGD
'U0D[/XQD
'U)UHGG\GH0DWWD
'U(QULTXH%DULOODV
'U*XLOOHUPR*DLWDQ
7pFQLFRHQ(FRFDUGLRJUDItD+DQRL5RGUtJXH]3pUH]
3HUVRQDOGH+HPRGLQiPLD
3HUVRQDOGH6DOD GHRSHUDFLRQHV
3HUVRQDOGH$UFKLYR
(QIHUPHUDVGH&RQVXOWDH[WHUQD\HQFDPDPLHQWR
D
E
F
G
H
ÒWLOHVGHHVFULWRULR4
$OTXLOHUGHHTXLSRGHFRPSXWDFLyQ4
)RWRFRSLDV
4
7UDQVSRUWH4
,PSUHVLyQGHWHVLV4
4
(FRQyPLFRV
&8$'521R
',675,%8&,Ï1325*5832'(('$'<6(;2
(13$&,(17(6$48,(1(66( /(6&255,*,Ï/$
3(56,67(1&,$'(/&21'8&72
0DVFXOLQR
(GDG
)UHFXHQFLD ± DxRV
± DxRV
± DxRV
DxRV
!GHDxRV
7RWDO
)XHQWH%ROHWDGHUHFROHFFLyQGHGDWRV
81,&$5)(%$%5
)HPHQLQR
)UHFXHQFLD
7RWDO
)UHFXHQFLD
&8$'521R
(9$/8$&,Ï1'(/$60(',&,21(6(&2&$5',2*5È),&$6
(13$&,(17(6&2175$7$0,(17248,5Ò5*,&2'(/
&21'8&72$57(5,2623(56,67(17(
1R (GDG
DP
DP
DP
DP
DP
DP
DP
DP
DP
3UH
$R
$,
9,'
3 3P 3UH 3 3P 3UH 3
3P
5HIHUHQFLD DQH[R 1R $R $QLOOR YDOYXODU DyUWLFR $, $XUtFXOD ,]TXLHUGD 9,' 9HQWUtFXOR,]TXLHUGRHQ'LiVWROH3UH 3UHLQWHUYHQFLyQ3 3RVWLQWHUYHQFLyQ± KRUDV
3P 3RVWLQWHUYHQFLyQPHV
)XHQWH%ROHWDGHUHFROHFFLyQGHGDWRV
81,&$5)(%$%5
&8$'521R
(9$/8$&,Ï1'(/$60(',&,21(6(&2&$5',2*5È),&$6
(13$&,(17(6$48,(1(66(2&/8<Ï&21
35Ï7(6,6(1'29$6&8/$5(/&21'8&72
$57(5,2623(56,67(17(
1R (GDG
DP
DP
D
DP
DP
DP
DP
DP
DP
DP
D
DP
3UH
$R
3
3P
3UH
$,
3
3P
9,'
3UH 3 3P
5HIHUHQFLD DQH[R 1R $R $QLOOR YDOYXODU DyUWLFR $, $XUtFXOD ,]TXLHUGD 9,' 9HQWUtFXOR,]TXLHUGRHQ'LiVWROH3UH 3UHLQWHUYHQFLyQ3 3RVWLQWHUYHQFLyQ± KRUDV
3P 3RVWLQWHUYHQFLyQPHV
)XHQWH%ROHWDGHUHFROHFFLyQGHGDWRV
81,&$5)(%$%5
&8$'521R
',675,%8&,Ï1325('$'<6(;2<(9$/8$&,Ï1'(
/$60(',&,21(6(&2&$5',2*5È),&$6(13$&,(17(6
&2175$7$0,(17248,5Ò5*,&2'(/&21'8&72
$57(5,2623(56,67(17(
1R (GDG 6H[R
DP
)
DP
)
DP
)
DP
)
DP
0
DP
)
DP
)
DP
)
DP )
&3'$
3UH
)$9,
3 3P
)(9,
3UH 3
3P
) )HPHQLQR 0 0DVFXOLQR &3'$ FDYR SXOPRQDU GHO GXFWXV DUWHULRVR YDORUHV HQ
PLOtPHWURV)$9, )UDFFLyQGHDFRUWDPLHQWRGHOYHQWUtFXORL]TXLHUGRYDORUHVHQSR FHQWDMH
)(9, )UDFFLyQGHH\HFFLyQGHOYHQWUtFXORL]TXLHUGRYDORUHVHQSRUFHQWDMH
)XHQWH%ROHWDGHUHFROHFFLyQGHGDWRV
81,&$5)(%$%5
&8$'521R
',675,%8&,Ï1325('$'<6(;2<(9$/8$&,Ï1'(/$6
0(',&,21(6(&2&$5',2*5È),&$6(13$&,(17(6$
48,(1(66(2&/8<Ï&2135Ï7(6,6(1'29$6&8/$5(/
&21'8&72$57(5,2623(56,67(17(
1R (GDG 6H[R &3'$
DP
)
DP
)

0
DP
)
DP
)
DP
)
DP
)
DP 0
DP
)
DP
)

)
DP )
)$9,
3UH 3
3P
)(9,
3UH 3
3P
) )HPHQLQR 0 0DVFXOLQR &3'$ FDYR SXOPRQDU GHO GXFWXV DUWHULRVR YDORUHV HQ
PLOtPHWURV )$9, )UDFFLyQGHDFRUWDPLHQWRGHOYHQWUtFXORL]TXLHUGRYDORUHVHQSRUFHQWDMH
)(9, )UDFFLyQGHH\HFFLyQGHOYHQWUtFXORL]TXLHUGRYDORUHVHQSRUFHQWDMH
)XHQWH%ROHWDGHUHFROHFFLyQGHGDWRV
81,&$5)(%$%5
9,,$1È/,6,6<',6&86,Ï1'( 5(68/7$'26
6H HVWXGLDURQ SDFLHQWHV GH VH[R IHPHQLQR \ GH VH[R
PDVFXOLQR D TXLHQHV VH FRUULJLy OD SHUVLVWHQFLD GHO FRQGXFWR DUWHULRVR UHFLELHURQWUDWDPLHQWRTXLU~UJLFR\RFOXVLyQFRQSUyWHVLVHQGRYDVFXODU
WLSRHVSLUDOGH*LDQWXUFRYHUFXDGUR
/DUHODFLyQGHVH[RIHPHQLQRFRQUHVSHFWRDOPDVFXOLQRIXHGH
/DHGDGGHORVSDFLHQWHVRVFLOyHQWUHDxRPHVHV\DxRVPHVHVFRQ
XQDPHGLDGH([FOX\HQGRSDFLHQWHVPD\RUHVGHDxRVQXHVWUDPHGLD
EDMy D (VWH KHFKR IXH VLPLODU WDQWR HQ ORV SDFLHQWHV TXH UHFLELHURQ
WUDWDPLHQWRTXLU~UJLFRFRPRHQORVTXHHOWUDWDPLHQWRIXHFRQRFOXVLyQFRQ
SUyWHVLVHQGRYDVFXODUYHUFXDGUR
/RVSDFLHQWHVIXHURQGLYLGLGRVHQGRVJUXSRVGHSHQGLHQGRGHOWLSR
GH SURFHGLPLHQWR WUDWDPLHQWR TXLU~UJLFR X RFOXVLyQ FRQ HVSLUDO GH
*LDQWXUFR \ VH UHDOL]y XQ DQiOLVLV GH YDULDQ]D GH FODVLILFDFLRQHV SRU
UDQJRV GH )ULHGPDQ SDUD HYDOXDU ORV GLIHUHQWHV SDUiPHWURV GH IXQFLyQ
YHQWULFXODUPHGLGRVSRUHFRFDUGLRJUDPDELGLPHQVLRQDO
/RV SDFLHQWHV IXHURQ FRQVLGHUDGRV SDUD FDGD XQR GH ORV
SURFHGLPLHQWRVGHSHQGLHQGRGHOGLiPHWURGHHVWUHFKH]GHOFDYRSXOPRQDU
GHO GXFWXV DUWHULRVR GHWHUPLQDGR SRU HFRFDUGLRJUDPD ELGLPHQVLRQDO
KDELpQGRVH FRQVLGHUDGR SDUD RFOXVLyQ FRQ HVSLUDO GH *LDQWXUFR DTXHOORV
FX\RGLiPHWURIXHLJXDORPHQRUGHPP\SDUDFRUUHFFLyQTXLU~UJLFD
DTXHOORVFRQYDORUHVPD\RUHVYHUFXDGURV\
/RV SDUiPHWURV HFRFDUGLRJUiILFRV HYDOXDGRV SDUD GHWHUPLQDU HO
JUDGRGHIXQFLyQYHQWULFXODUIXHURQIUDFFLyQGHDFRUWDPLHQWRGHOYHQWUtFXOR
L]TXLHUGR \ IUDFFLyQ GH H\HFFLyQ GHO YHQWUtFXOR L]TXLHUGR $GHPiV VH
GHWHUPLQyODUHODFLyQDXUtFXODL]TXLHUGDDUWHULDDRUWD\ORVGLiPHWURVGH
DXUtFXOD\YHQWUtFXORL]TXLHUGRV\HOYROXPHQGHOYHQWUtFXORL]TXLHUGRHQ
GLiVWROH \ VtVWROH (VWDV GHWHUPLQDFLRQHV IXHURQ KHFKDV HIHFWXDQGR
HFRFDUGLRJUDPDVKRUDVDQWHVGHODLQWHUYHQFLyQ\KRUDV\PHV
GHVSXpVGHOSURFHGLPLHQWR
6H GHPRVWUy SUHYLR DO SURFHGLPLHQWR FRUUHFWLYR GHO FRQGXFWR
DUWHULRVR SHUPHDEOH SRU PHGLR GH HFRFDUGLRJUDPD ELGLPHQVLRQDO
GLODWDFLyQGHDXUtFXODL]TXLHUGDYHQWUtFXORL]TXLHUGRRGHDPEDVFDYLGDGHV
FDUGtDFDV HQ SDFLHQWHV 'H HVWRV SDFLHQWHV FRUUHVSRQGLHURQ DO
JUXSR GH ORV TXH IXHURQ VRPHWLGRV D FLUXJtD \ D ORV TXH VH FRORFy
HVSLUDOYHUFXDGURV\JUiILFDV 6H REVHUYy H[FOXVLYDPHQWH GLODWDFLyQ GH DXUtFXOD L]TXLHUGD HQ SDFLHQWHV GH DXUtFXOD \ YHQWUtFXOR L]TXLHUGRV HQ \ ~QLFDPHQWH GH
YHQWUtFXOR L]TXLHUGR HQ \ QR IXH SRVLEOH PHGLU DGHFXDGDPHQWH DPEDV
FDYLGDGHVFDUGtDFDVHQSDFLHQWHV\HQ SDFLHQWHVODVGLPHQVLRQHVGHODV
FDYLGDGHV L]TXLHUGDV IXHURQ QRUPDOHV GH DFXHUGR D OD HGDG GHO SDFLHQWH
YHUFXDGUR\JUiILFDV
(Q ORV SDFLHQWHV HQ TXLHQHV VH GHPRVWUy GLODWDFLyQ GH DOJXQD R
DPEDV FDYLGDGHV FDUGLDFDV HO GLiPHWUR SURPHGLR GHO FDYR SXOPRQDU GHO
GXFWXV DUWHULRVR IXH GH PP \ HQ TXLHQHV ODV GLPHQVLRQHV GH ODV
FDYLGDGHV L]TXLHUGDV IXHURQ QRUPDOHV GH PP YHU FXDGUR 'HPRVWUDQGR TXH HO WDPDxR GHO FRQGXFWR DUWHULRVR HVWi HQ UHODFLyQ
GLUHFWDPHQWHFRQODVREUHFDUJDGHYROXPHQ
'HORVSDFLHQWHVHQTXLHQHVLQLFLDOPHQWHVHGHPRVWUyGLODWDFLyQGH
DXUtFXOD L]TXLHUGD HVWD SHUVLVWLy GLODWDGD HQ HO HFRFDUGLRJUDPD GH KRUDVGHVSXpVGHVXFRUUHFFLyQ~QLFDPHQWHHQSDFLHQWH\VXGLPHQVLyQ
IXH QRUPDO HQ ORV SDFLHQWHV HQ HOHFRFDUGLRJUDPDHIHFWXDGRDOPHVGHO
SURFHGLPLHQWRYHUFXDGUR
(QWRGRVORVSDFLHQWHVHQTXLHQHVSUHYLRDODFRUUHFFLyQGHOFRQGXFWR
DUWHULRVR SDFLHQWHV VH GHPRVWUy GLODWDFLyQ GH DXUtFXOD \ YHQWUtFXOR
L]TXLHUGRVVHREVHUYyHQHOHFRFDUGLRJUDPDHIHFWXDGRKRUDVGHVSXpV
GHOPLVPRDOJ~QJUDGRGHPHMRUtDHQUHODFLyQDTXHODVGLPHQVLRQHVGHODV
FDYLGDGHVFDUGLDFDVKDEtDQGLVPLQXLGRGHWDPDxR6HREVHUYyVLQHPEDUJR
TXH SHUVLVWtDQ FRQ GLODWDFLyQ GH OD DXUtFXOD L]TXLHUGD SDFLHQWHV FRQ
GLODWDFLyQ GH YHQWUtFXOR L]TXLHUGR \ FRQ FDYLGDGHV L]TXLHUGDV GH
GLPHQVLyQQRUPDOHQ(QHVWRVPLVPRVSDFLHQWHVVHREVHUYyDOPHV
TXH HQ ORV SDFLHQWHV HQ TXLHQHV SUHYLDPHQWH VH KDEtD REVHUYDGR
GLODWDFLyQ GH OD DXUtFXOD L]TXLHUGD HVWD DXQTXH OD GLPHQVLyQ KDEtD
GLVPLQXLGRSHUVLVWtDLJXDOPHQWHGLODWDGD'HORVSDFLHQWHVHQTXLHQHVVH
REVHUYyGLODWDFLyQGHYHQWUtFXORL]TXLHUGRHVWDSHUVLVWLy~QLFDPHQWHHQ
SRU OR TXH DO PHV HQ GH HVWRV SDFLHQWHV ODV GLPHQVLRQHV GH ODV
FDYLGDGHVL]TXLHUGDVGHOFRUD]yQHUDQQRUPDOHVYHUFXDGUR\JUiILFDV
'H ORV SDFLHQWHV HQ TXLHQHV DO LQLFLR VH REVHUYy ~QLFDPHQWH
GLODWDFLyQGHOYHQWUtFXORL]TXLHUGRHVWHVHREVHUYyGHGLPHQVLyQQRUPDOD
SDUWLUGHOHFRFDUGLRJUDPDHIHFWXDGR± KRUDVGHVSXpVGHOWUDWDPLHQWR
/R DQWHULRUPHQWH H[SXHVWR VLJQLILFD TXH GH ORV SDFLHQWHV HQ TXLHQHV
SUHYLRDOSURFHGLPLHQWRVHREVHUYyVREUHFDUJDGHYROXPHQVHFXQGDULDDOD
FDUGLRSDWtDHQWRGRVORVFDVRVHVWDKDEtDPHMRUDGRVHJ~QODVGLPHQVLRQHV
HFRFDUGLRJUiILFDVDODV± KRUDV\VHKDEtDQQRUPDOL]DGRHQ
$OPHVODVGLPHQVLRQHVIXHURQQRUPDOHVHQGHORVSDFLHQWHV
YHUFXDGURV\JUiILFDV
(Q UHODFLyQ D OD IUDFFLyQ GH H\HFFLyQ TXH HV HO FRFLHQWH HQWUH HO
YROXPHQVLVWyOLFR\HOYROXPHQWHOHGLDVWyOLFR\UHSUHVHQWDXQLQGLFHJOREDO
GHOJUDGRGHDFRUWDPLHQWRGHODVILEUDVYHQWULFXODUHVVHKDFRQVLGHUDGRXQD
GHODVPHGLFLRQHVPiV~WLOHVGHODIXQFLyQGHOYHQWUtFXORL]TXLHUGRFRPR
ERPED6HH[SUHVDHQSRUFHQWDMH\VXYDORU QRUPDOHVGH
'HWRGRVORVSDFLHQWHVHVWXGLDGRV~QLFDPHQWHHQGHHOORVHOYDORU
LQLFLDO IXH FRQVLGHUDGR DQRUPDO FRQ YDORUHV GH \ HQ ORV UHVWDQWHVHOYDORURVFLOyHQWUH\FRQXQYDORUSURPHGLRGH
6LQHPEDUJRXQDYH]FRUUHJLGDODFDUGLRSDWtDVHGHWHUPLQyODH[LVWHQFLDGH
GLVIXQFLyQ YHQWULFXODU HQ SDFLHQWHV YHU FXDGURV \ HVWR
GHELGRSUREDEOHPHQWHDODGLVPLQXFLyQV~ELWDGHODSUHFDUJDFRPRIDFWRU
OLPLWDQWHGHOJDVWRFDUGLDFR\FRPRDJHQWHFDXVDQWHGHXQDPRGLILFDFLyQ
HQODUHODFLyQORQJLWXGWHQVLyQDFWLYDGHOPLRFDUGLRTXHHVHOSULQFLSLRHQ
TXHVHEDVDODOH\GH6WDUOLQJ(OHOHPHQWRFRP~QHQHVWRVSDFLHQWHV
IXH HO PD\RU WDPDxR GHO FRQGXFWR DUWHULRVR HOHPHQWR TXH KDEtD WDPELpQ
VLGR HO FDXVDQWH GH XQD PD\RU VREUHFDUJD GH YROXPHQ FRPR \D KHPRV
GHVFULWRDQWHULRUPHQWHYHUFXDGURV\JUiILFDV
(OGLiPHWURGHOFDYRSXOPRQDUGHOGXFWXVDUWHULRVRHQORVSDFLHQWHV
TXH PDQLIHVWDURQ GLVIXQFLyQ YHQWULFXODU IXH HO SURPHGLR GH PP HQ
UHODFLyQ FRQ HO GH ORV SDFLHQWHV FX\D IXQFLyQ YHQWULFXODU QR VH REVHUYy
DIHFWDGDTXHIXHGHPPYHUFXDGURV\(QHOJUXSRTXHPDQLIHVWy
GLVPLQXFLyQ VLJQLILFDWLYD GH OD IUDFFLyQ GH H\HFFLyQ GHO YHQWUtFXOR
L]TXLHUGR HQ HO HFRFDUGLRJUDPD HIHFWXDGR D ODV KRUDV GHVSXpV GHO
SURFHGLPLHQWR VH UHJLVWUy XQD PHMRUtD HQ HO HVWXGLR HIHFWXDGR DO PHV GH
UHDOL]DGRHOSURFHGLPLHQWRVLQHPEDUJRHVWRVYDORUHVSHUVLVWtDQHQJHQHUDO
SRUGHEDMRGHORQRUPDOFRQXQYDORUSURPHGLRGH\XQDPHGLDQDGH
&RQ WRGR OR DQWHULRU GHPRVWUDPRV FRPR \D VH VDEtD TXH ODV
DOWHUDFLRQHV KHPRGLQiPLFDV HVWiQ HQ UHODFLyQ GLUHFWD FRQ HO GLiPHWUR GHO
FRQGXFWR DUWHULRVR SHUR WDPELpQ TXH OD PHGLFLyQ GHO PLVPR SRU PpWRGR
HFRFDUGLRJUiILFRSXHGHVHUXQHOHPHQWRSUHGLFWLYR\TXH XQGLiPHWURHQHO
FDYRSXOPRQDUGHOFRQGXFWRDUWHULRVRGHPPGHEHUtDVHUFRQVLGHUDGR
SDUDHYDOXDUHOXVRGHJOXFyVLGRFDUGLDFRGLJLWDORHYDOXDUPHGLFDPHQWRV
LQKLELGRUHVGHODHQ]LPDFRQYHUWLGRUDGHDQJLRWHQVLQDFRQHOILQGHHYLWDU
HOSHUtRGRGHGLVIXQFLyQYHQWULFXODUGDGRFRPR\DVHGHVFULELyHVGHELGR
D OD PRGLILFDFLyQ GH OD ORQJLWXG LQLFLDO GHO P~VFXOR DO GLVPLQXLU
V~ELWDPHQWHODSUHFDUJD
'H WRGRV ORV SDFLHQWHV FRQ SHUVLVWHQFLD GHO FRQGXFWR DUWHULRVR TXH
IXHURQRFOXLGRV~QLFDPHQWHSDFLHQWHVWUDWDGRVFRQSUyWHVLVHQGRYDVFXODU
WLSRHVSLUDOGH*LDQWXUFRVHGHPRVWUyIOXMRDWUDYpVGHOGXFWXVFLUFXQVFULWR
DOGLVSRVLWLYRDOPHVGHODLQWHUYHQFLyQVLQVHUFDWDORJDGRGHFRUWRFLUFXLWR
DSHVDUGHQRKDEHUVHREVHUYDGRHQHODQJLRJUDPDFRQWURO LQPHGLDWDPHQWH
GHVSXpVGHOSURFHGLPLHQWR\HQHOHFRFDUGLRJUDPDFRQWUROHIHFWXDGRD
KRUDVGHVSXpVGHODLQWHUYHQFLyQ
(Q ORV SDFLHQWHV HQ TXLHQHV VH RFOX\y HO FRQGXFWR DUWHULRVR
SHUVLVWHQWH FRQ SUyWHVLV HQGRYDVFXODU WLSR HVSLUDO GH *LDQWXUFR OD ~QLFD
FRPSOLFDFLyQIXHODPLJUDFLyQGHXQHVSLUDODODUDPDSXOPRQDUL]TXLHUGD
HVSLUDO TXH QR IXH SRVLEOH H[WUDHU VLQ HPEDUJR HO FRQGXFWR VH RFOX\y
SRVWHULRUPHQWHFRQGLVSRVLWLYRV
(Q ORV SDFLHQWHV FRQ WUDWDPLHQWR TXLU~UJLFR SUHVHQWDURQ
QHXPRWyUD[ GH ORV FXDOHV VROR HQ XQR IXH QHFHVDULR FRORFDUOH WXER
LQWHUFRVWDO2WUDSDFLHQWHSUHVHQWyGHUUDPHSOHXUDOL]TXLHUGRSRUORTXHIXH
QHFHVDULRWDPELpQFRORFDUOHWXERLQWHUFRVWDO
(OWLHPSRGHKRVSLWDOL]DFLyQJHQHUDOIXHGHGtDV(QORVSDFLHQWHV
FRQ SUyWHVLVHQGRYDVFXODUIXHGHGtDV\HQORVSDFLHQWHVFRQWUDWDPLHQWR
TXLU~UJLFRIXHGHGtDV(OPD\RUWLHPSRGHHVWDQFLDKRVSLWDODULDIXHGH
GtDVHQSDFLHQWHVFRQGLVIXQFLyQYHQWULFXODUL]TXLHUGDLPSRUWDQWHGHODV
TXHXQDDGHPiVWXYRGHUUDPHSOHXUDOVLJQLILFDWLYRTXHUHTXLULyGHGUHQDMH
WRUiFLFRSRUGtDV
(OLQGLFHGHPRUWDOLGDGIXHGH
&21&/86,21(6
$XQTXH OD SHUVLVWHQFLD GHO FRQGXFWR DUWHULRVR HQ WRGRV ORV
SDFLHQWHV IXH RFOXLGD VDWLVIDFWRULDPHQWH HO SWHV
FXUVDURQHQHOSHUtRGRSRVWLQWHUYHQFLyQLQPHGLDWDFRQDOJ~Q
JUDGR GH GLVIXQFLyQ YHQWULFXODU WRPDQGR FRPR YDORU QRUPDO
VXIUDFFLyQGHH\HFFLyQGHOYHQWUtFXORL]TXLHUGRGH
(OWDPDxRGHOFRQGXFWRDUWHULRVRHVWiHQUHODFLyQGLUHFWDFRQ
ODVREUHFDUJD GHYROXPHQ
8QGLiPHWURHQHOVHJPHQWRSXOPRQDUGHPPGHEHUiVHU
FRQVLGHUDGRFRPRHOHPHQWRSUHGLFWLYRSDUDLQLFLDUXQHVWXGLR
FOtQLFRFRQXVRGHGLJLWDORHYDOXDUPHGLFDPHQWRVLQKLELGRUHV
GHHQ]LPDFRQYHUWLGRUDGHDQJLRWHQVLQDSDUDGRFXPHQWDUYDORU
³SURILOiFWLFR´GHOWUDWDPLHQWR
5(&20(1'$&,21(6
,QLFLDUXQHVWXGLRFOtQLFRFRQWURODGRGREOHFLHJRHQSDFLHQWHVFRQ
SHUVLVWHQFLDGHOFRQGXFWRDUWHULRVRHQTXLHQHVHOFDYRSXOPRQDUGHO
GXFWXV DUWHULRVR VHD PD\RU R LJXDO D PP FRPSDUDQGR ORV
UHVXOWDGRV\ODHYROXFLyQGHSDFLHQWHVWUDWDGRVTXLU~UJLFDPHQWHYUV
RFOXVLyQFRQSUyWHVLVHQGRYDVFXODU
$GPLQLVWUDU GLJLWDO HQ ORV SDFLHQWHV FRQ SHUVLVWHQFLD GHO FRQGXFWR
DUWHULRVRDTXLHQHVVHGHWHUPLQHSRUHFRFDUGLRJUDILDXQDGLPHQVLyQ
GHO VHJPHQWR SXOPRQDU GH PP R PiV D~Q FRQ IXQFLyQ
YHQWULFXODU QRUPDO IUDFFLyQ GH H\HFFLyQ GHO YHQWUtFXOR L]TXLHUGR
PD\RURLJXDOD
(IHFWXDUHFRFDUGLRJUDItD'RSSOHUSRVWRSHUDWRULRLQPHGLDWRHQWRGRV
ORV SDFLHQWHV D TXLHQHV VH FRUULMD OD SHUVLVWHQFLD GHO FRQGXFWR
DUWHULRVR
5(680(1
/D SHUVLVWHQFLD GHO FRQGXFWR DUWHULRVR HV GH ODV FDUGLRSDWtDV
FRQJpQLWDV PiVIUHFXHQWHV\HQWUHVXVFRPSOLFDFLRQHVPiVVHYHUDV
HVWiODLQVXILFLHQFLDYHQWULFXODUL]TXLHUGD
(O HVWXGLR LQFOX\y D SDFLHQWHV FRQ SHUVLVWHQFLD GHO FRQGXFWR
DUWHULRVRVLQFDUGLRSDWtDDVRFLDGDTXHIXHURQWUDWDGRVGHIHEUHURDDEULOGHO
HQOD8QLGDGGH&LUXJtD&DUGLRYDVFXODUGH*XDWHPDODGHORVFXDOHV
UHFLELHURQWUDWDPLHQWRTXLU~UJLFR\RFOXVLyQFRQSUyWHVLVHQGRYDVFXODU
WLSRHVSLUDOGH*LDQWXUFR\DTXLHQHVVHOHVUHDOL]yHFRFDUGLRJUDPD'RSSOHU
SUHLQWHUYHQFLyQ SRVWLQWHUYHQFLyQ LQPHGLDWD KRUDV \ SRVW
LQWHUYHQFLyQWDUGtDPHV
'HPRVWUiQGRVH TXH HQ ORV SDFLHQWHV FRQ GLODWDFLyQ GH DOJXQD R
DPEDV FDYLGDGHV FDUGLDFDV HO GLiPHWUR SURPHGLR GHO FDYR SXOPRQDU GHO
GXFWXVDUWHULRVR&3'$IXHGHPP\HQORVSDFLHQWHVTXHSUHVHQWDURQ
GLVIXQFLyQ YHQWULFXODU IUDFFLyQ GH H\HFFLyQ GH PP
'HWHUPLQDQGR TXH HO WDPDxR GHO GXFWXV HVWi HQ UHODFLyQ GLUHFWD FRQ OD
VREUHFDUJDGHYROXPHQ
(QWUHODVFRPSOLFDFLRQHVXQSDFLHQWHWXYRPLJUDFLyQGHXQUHVRUWHD
OD UDPD SXOPRQDU L]TXLHUGD HO FXDO QR IXH SRVLEOH H[WUDHU \ SDFLHQWHV
QHFHVLWDURQ WXER LQWHUFRVWDO XQR SRU GHUUDPH SOHXUDO \ RWUR SRU
QHXPRWyUD[(OJUDGRGHPRUWDOLGDGIXHGH
6H UHFRPLHQGD UHDOL]DU HFRFDUGLRJUDPD 'RSSOHU SRVWRSHUDWRULR
LQPHGLDWR\FRQVLGHUDUHOXVRGHGLJLWDOHQSDFLHQWHVFRQXQ&3'$GH
PP R PiV D~Q FRQ IXQFLyQ YHQWULFXODU QRUPDO WRPDQGR FRPR YDORU
QRUPDOXQDIUDFFLyQGHH\HFFLyQ!
%,%/,2*5$)Ë$
%DXJKPDQ.1XHYRVWUDWDPLHQWRVPpGLFRVSDUDGLVIXQFLyQDYDQ]DGD
GHOYHQWUtFXORL]TXLHUGR2SFLRQHVWHUDSpXWLFDVDYDQ]DGDVGH
LQVXILFLHQFLDGHOYHQWUtFXORL]TXLHUGR(Q&OtQLFDVFDUGLROyJLFDVGH
1RUWH$PpULFD3KLODGHOSKLD,QWHUDPHULFDQD0F*UDZ+LOO
SSS
%HKUPDQ5(HWDO&RQGXFWRDUWHULRVRSHUVLVWHQWH(QVX1HOVRQ
7UDWDGRGH3HGLDWUtD'HFLPRTXLQWDHGLFLyQ$UDYDFD,QWHUDPHULFDQD
0F*UDZ+LOOWSS
%UDXQZDOG(3DWHQWGXFWXVDUWHULRVXV,Q+HDUWGLVHDVHDWH[WERRN
RIFDUGLRYDVFXODUPHGLFLQH4XLQWDHGLFLyQ3KLODGHOSKLD
6DXQGHUVSSS
&DUGLRSDWtDVFRQJpQLWDV'HIHFWRVFDUGtDFRVGHQDFLPLHQWR
KWWSZZZFRQJHQHVVHFRQJHQKWP
&DVWDxHGD$5HWDO3DWHQWGXFWXVDUWHULRVXV,QFDUGLDFVXUJHU\RI
WKHQHRQDWHDQGLQIDQW 3KLODGHOSKLD:%6DXQGHUVSS
&D]]DQLJD0HWDO&RQWULEXFLyQGHO'RSSOHUFRORUDOGLDJQyVWLFRGH
GXFWXVDUWHULRVRELODWHUDO
KWWSZZZGR\PDQHWHVUHFQDWFDEUKWPOBKWP
&RWUDQ56HWDO&RQGXFWRDUWHULRVRSHUPHDEOH(QVX
SDWRORJtDHVWUXFWXUDO\IXQFLRQDO4XLQWDHGLFLyQ0DGULG
,QWHUDPHULFDQD0F*UDZ+LOOSSS
'XFWXVDUWHULRVRSHUVLVWHQWH
KWWSZZZGUZHEVDFRPDUWKJUHYLVWDYRYRHVSGXFWXVKWP
'XFWXVDUWHULRVXVSHUVLVWHQWH
KWWSZZZVHQHRQDWDOHVVHQHRQDWDOGDSKWP
)DZFHWW':&RUD]yQ(QVX7UDWDGRGH+LVWRORJtD 8QGpFLPD
HGLFLyQ0p[LFR,QWHUDPHULFDQD0F*UDZ+LOOSSS
)HLJHQEDXP+(FKRFDUGLRJUDSKLFHYDOXDWLRQRIFDUGLDFFKDPEHUV
,Q (FKRFDUGLRJUDSK\ 4XLQWDHGLFLyQ)LODGHOILD/HD\)HELJHU
SSS
*X\WRQ$&0~VFXORFDUGtDFRHOFRUD]yQFRPRERPED (QVX
7UDWDGRGH )LVLRORJtD0pGLFD2FWDYDHGLFLyQ0DGULG
,QWHUDPHULFDQD0F*UDZ+LOOSSS
+DUULVRQ'$HWDO&RQJHQLWDOKHDUWGLVHDVHLQDGXOWV1(QJO-0HG
-DQ
.LPEDOO75HWDO(IIHFWRIOLJDWLRQRISDWHQWGXFWXVDUWHULRVXVRQ
OHIWYHQWULFXODUSHUIRUPDQFHDQGLWVGHWHUPLQDQWVLQSUHPDWXUH
QHRQDWHV-$$&-DQ
/LOO\/63DWHQWGXFWXVDUWHULRVXV,QSDWKRSK\VLRORJ\RIKHDUW
GLVHDVH6HJXQGDHGLFLyQ%DOWLPRUH:LOOLDPV\:LONLQVS
SS
0RQUHDO-/'XFWXVDUWHULRVRSHUVLVWHQWH(QVXHQFLFORSHGLDGH
PHGLFLQD\HQIHUPHULD0RVE\%DUFHORQD2FpDQRW
0RRUH./\7913HUVDXG(PEULRORJtDGHODSDUDWRFDUGLRYDV
FXODU(QVXHPEULRORJtDEiVLFD4XLQWDHGLFLyQ0p[LFR')
0F*UDZ+LOO,QWHUDPHULFDQD6$SSS
1DYDV9iVTXH]-XDQ%HUQDUGR(YROXFLyQFOtQLFDGHOFLHUUHGHO
GXFWXVDUWHULRVRSHUVLVWHQWHFRQUHVRUWHHVSLUDO*LDQWXUFR7HVLV
0pGLFR\&LUXMDQR8QLYHUVLGDGGH6DQ&DUORV)DFXOWDGGH
&LHQFLDV0pGLFDV*XDWHPDODS
2K-.$VVHVVPHQWRIYHQWULFXODUIXQFWLRQ,QWKHHFKR0DQXDO
0LQQHVRWD/LWWOH%URZQDQGFRPSDQ\SS
2SLH/+HWDO9HQWULFXODU)XQFWLRQ,QWKH+HDUWSK\VLRORJ\
DQGPHWDEROLVP6HJXQGDHGLFLyQ1HZ<RUN5DYHQSUHVV
SSS
3DXSHULR+0HWDO&ORVLQJWKHSDWHQWDUWHULDOGXFWSOXJV
XPEUHOODVDQGFRLOV&DUGLRO\RXQJ 3pUH]0-+HPyOLVLVLQWUDYDVFXODUWUDVHOFLHUUHSHUFXWiQHRGHO
FRQGXFWRDUWHULRVR5HY(VSFDUGLRO 6DELVWRQ'&HWDO3HUVLVWHQFLDGHOFRQGXFWRDUWHULRVR(QVX7UDWDGR
GH3DWRORJtD4XLU~UJLFD 'HFLPRFXDUWDHGLFLyQ0p[LFR
,QWHUDPHULFDQD0F*UDZ+LOOWSS
6DGOHU7:(PEULRORJtDGHODSDUDWRFDUGLRYDVFXODU(QVXHPEULR
ORJtDPpGLFD 6pSWLPDHGLFLyQ$UJHQWLQD0pGLFDSDQDPHULFDQD
SSS
6FKZDUW]6,&RQGXFWRDUWHULRVRSHUVLVWHQWH(QVXSULQFLSLRVGHFL
UXJtD6H[WDHGLFLyQ0p[LFR,QWHUDPHULFDQD0F*UDZ+LOOW
SS
6RVD*(HWDO([SHULHQFLDHQODFRORFDFLyQGHSUyWHVLVHQGRYDV
FXODUHVFRLOVSDUDHOFLHUUHGHFRQGXFWRDUWHULRVRSHUPHDEOHHQHO
+RVSLWDO&HQWUDO0LOLWDU5HYVDQLGPLOLWPH[6HS
7DNDGD*HWDO3RVWQDWDOFKDQJHVLQOHIWYHQWULFXODU YROXPHDQG
FRQWUDFWLOLW\LQKHDOWK\WHUPLQIDQWV3HDWU&DUGLRO0DU$SU
7DNDKDVKL<HWDO&KDQJHVLQOHIWYHQWULFXODUYROXPHDQGV\VWROLF
IXQFWLRQEHIRUHDQGDIWHUWKHFORVXUHRIGXFWXVDUWHULRVXVLQIXOOWHUP
LQIDQWV(DUO\+XP'HY -DQ
9DUJDV-)XQFLyQYHQWULFXODUVLVWyOLFD\GLDVWyOLFD(QVX
HFRFDUGLRJUDItDWUDQVWRUiFLFDWUDQVHVRIiJLFD\GRSSOHUHQFRORU
0p[LFR6DOYDWSSS
9pOH]+&DUGLRORJtD(QVXIXQGDPHQWRVGHPHGLFLQD &XDUWD
HGLFLyQ0HGHOOtQ&RUSRUDFLyQSDUDLQYHVWLJDFLRQHVELROyJLFDV
SSS
8QLYHUVLGDGGH6DQ&DUORVGH*XDWHPDOD
)DFXOWDGGH&LHQFLDV0pGLFDV
8QLGDGGH7HVLV
(9$/8$&,Ï1'(/$)81&,219(175,&8/$5,=48,(5'$
/8(*2'(/&,(55('(/$3(56,67(1&,$'(/
&21'8&72$57(5,262
%2/(7$'(5(&2/(&&,Ï1'('$726
5HVSRQVDEOH%U0yQLFD%HDWUt]*LUyQ(VWUDGD
$'$726*(1(5$/(6
)HFKD&LQWD3WH7HOpIRQR
1RPEUH5HJ0HG
(GDG6H[R)HFKDGHQDF
%'$726(&2&$5',2*5È),&26
(-(3$5$(67(51$//$5*2
6pSWXP
9HQWUtFXORL]TGLiVWROH
3DUHGSRVWHULRU
9HQWUtFXORL]TVtVWROH
$RUWD
$XUtFXODL]TXLHUGD
5HODFLyQ$R$,
)UDFFLyQGHH\HFFLyQ
)UDFFLyQGHDFRUWDPLHQWR
(-(3$5$(67(51$/&2572
9HQWUtFXORL]TGLiVWROH
9HQWUtFXORL]TVtVWROH
9HQWUtFXORGHUHFKR
$UHDYHQWUtFXORL]TGLiVWROH
$UHDYHQWUtFXORL]TVtVWROH
$3,&$/&È0$5$6
ÈUHDYHQWUtFXORL]TGLiVWROH
ÈUHDYHQWUtFXORL]TVtVWROH
9ROXPHQYHQWUtFXORL]TGLiVWROH
9ROXPHQYHQWUtFXORL]TVtVWROH
$3,&$/&È0$5$6
ÈUHDYHQWUtFXORL]TGLiVWROH
ÈUHDYHQWUtFXORL]TVtVWROH
9ROXPHQYHQWUtFXORL]TGLiVWROH
9ROXPHQYHQWUtFXORL]TVtVWROH
35(
3267
0(6
1RWD6HUHDOL]DUiHMHSDUDHVWHUQDOFRUWRVyORVLHMHSDUDHVWHUQDOODUJRHVPDOR
&'$726'(/352&(',0,(172
7LSRGHSURFHGLPLHQWRBBBBBBBBBBBBBBBBBBBBBBB
)HFKDGHOSURFHGLPLHQWR
7LHPSRGHHVWDGtDKRVSLWDODULDBBBBBBBBBBBBBBBBB
&RPSOLFDFLRQHV6LBBBBB1RBBBBBB&XDOHV
3RVWRSHUDWRULDV
1HXPRWyUD[
4XLORWyUD[
/HVLyQGHOQHUYLR
ODUtQJHRUHFXUUHQWH
L]TXLHGR
3DUiOLVLVGHOQHUYLR
IUpPLFR
(QGRFDUGLWLV
LQIHFFLRVD
5HFDQDOL]DFLyQ
0XHUWH
6L
3RVW&RORFDFLyQGH&RLO
(PEROL]DFLyQ
5HFDQDOL]DFLyQ
(VWHQRVLVGHODDUWHULD
SXOPRQDUL]TXLHUGD
$XVHQFLDGHSXOVRVGHOD
DUWHULDIHPRUDO
6DQJUDGRH[FHVLYRHQHOVLWLR
GHODSXQFLyQ
(QGDUWHULWLV
&RDUWDFLyQDyUWLFDDGTXLULGD
0LJUDFLyQGHOUHVRUWH
+HPDWRPDVVLWLRGHSXQFLyQ
0XHUWH
6L