%RO ,QY 0DU &RV ,661 6DQWD 0DUWD &RORPELD (48,12,'(26(&+,12'(50$7$ (&+,12,'($&2/(&7$'26(1/$)5$1-$ 683(5,25'(/7$/8'&217,1(17$/ '(/&$5,%(&2/20%,$12 5(680(1 ! ! " #" $! %&& ''& #( ) ! *+ ,! - * - & $# - + . ' ( # # " #"( ) ! , $ ( !" # $%675$&7 /0 1 , 1 ! $ 1 "" $$ #" 1 $# %&& '&& #( 21 $ 1 # *+ ,! " * - & $# - + ' ( $ 1 $ # 1 #" ""( 3 $ 4 ,( $% &'( ! # * ! "# ___________________________________________________________ ,1752'8&&,Ð1 (O FRQRFLPLHQWR GH OD FODVH (FKLQRLGHD HQ HO &DULEH FRORPELDQR HV HVFDVR WDQWR HQ DJXDV VRPHUDV FRPR SURIXQGDV 3DUD ODV SULPHUDV VH FRQRFHQ WUDEDMRV WD[RQyPLFRV FRQ DOJXQDV QRWDV ELRHFROyJLFDV GH OD FRVWD QRUWH GH &RORPELD $OODLQ \ GHO 3DUTXH 1DFLRQDO 1DWXUDO 7D\URQD *DOOR DGHPiV ÉOYDUH] SUHVHQWy XQ OLVWDGR SUHOLPLQDU GH ORV HTXLQRGHUPRV GHO &DULEH FRORPELDQR GHQWUR GHO FXDO VH FLWDURQ DOJXQDV HVSHFLHV GH HVWD FODVH &RQ UHVSHFWR D ODV DJXDV SURIXQGDV ORV SRFRV UHJLVWURV TXH VH WLHQHQ KDQ VLGR HO UHVXOWDGR GH DOJXQRV FUXFHURV GH LQYHVWLJDFLyQ TXH WRPDURQ PXHVWUDV HQ DOJXQDV HVWDFLRQHV XELFDGDV HQ DJXDV FRORPELDQDV GHQWUR GH ORV FXDOHV VH GHVWDFDQ ORV UHDOL]DGRV SRU HO EDUFR 25(*21 HQ HO 59 -+21 (//,27 3,//6%85< GH OD XQLYHUVLGDG GH 0LDPL HQ \ \ OD H[SHGLFLyQ &,2+,19(0$560,7+621,$1 HQ HMHFXWDGD HQ VX WRWDOLGDG HQ DJXDV FRORPELDQDV (VWD LQYHVWLJDFLyQ DPSOtD HO FRQRFLPLHQWR GH ORV HTXLQRLGHRV HQ HO &DULEH FRORPELDQR DO H[SORUDU XQ KiELWDW SRFR FRQRFLGR FRPR HV OD SDUWH SURIXQGD GH OD SODWDIRUPD \ HO WDOXG FRQWLQHQWDO É5($'((678',2 (O iUHD GH HVWXGLR VH ORFDOL]D HQ HO &DULEH FRORPELDQR HQWUH 3XQWD (VWUHOOD HQ OD *XDMLUD 1 : \ $UEROHWHV HQ $QWLRTXLD 1 : (VWH HVWXGLR VH UHDOL]y HQ HO VHFWRU &DULEH 2FHiQLFR &2& IUHQWH D ORV VHFWRUHV HFROyJLFRV FRVWHURV *XDMLUD *8$ 3DORPLQR 3$/ 7D\URQD 7$< 0DJGDOHQD 0$* $UFKLSLpODJRV FRUDOLQRV $5&2 \ 'DULpQ '$5 )LJXUD ORV FXDOHV WLHQHQ VX OtPLWH H[WHUQR HQ OD LVyEDWD GH P ,19(0$5 /D SODWDIRUPD FRQWLQHQWDO FRORPELDQD HV YDULDEOH SUHVHQWD VXV SXQWRV GH DPSOLWXG Pi[LPD DO QRUWH GH 3XQWD *DOOLQDV HQ OD SHQtQVXOD GH OD *XDMLUD \ DO IUHQWH GHO JROIR GH 0RUURVTXLOOR HQ HO VHFWRU GH OD 6LHUUD 1HYDGD GH 6DQWD 0DUWD OD SODWDIRUPD HV SUiFWLFDPHQWH DXVHQWH \ HO WDOXG GHVFLHQGH EUXVFDPHQWH GHVGH OD FRVWD IUHQWH DO UtR 0DJGDOHQD SUHVHQWD XQD DPSOLWXG GH NP 7DEDUHV HW DO /RV VHGLPHQWRV HQ OD SODWDIRUPD VH KDQ DJUXSDGR HQ FXDWUR GRPLQLRV 'RPLQLR FDUERQDWDGR GH OD *XDMLUD ORGRV DUHQRVRV FDUERQDWDGRV =RQD GHOWDLFD GHO 0DJGDOHQD DUHQDV WHUUtJHQDV \ ORGRV DUHQRVRV WHUUtJHQRV $PELHQWH DUUHFLIDO GH ORV DUFKLSLpODJRV DUUHFLIHV FRUDOLQRV \ DUHQDV ELRFOiVWLFDV \ OD 3URYLQFLD WHUUtJHQD GHO 6LQ~'DULpQ ORGRV WHUUtJHQRV \ DUHQDV ELRFOiVWLFDV 0ROLQD HW DO (O WDOXG FRQWLQHQWDO FRPLHQ]D DSUR[LPDGDPHQWH D ORV P \ WHUPLQD D P GH SURIXQGLGDG HQ OD _______________________________________________________________________________________________ &XHQFD &RORPELDQD KDFLD HO QRUWH GH OD SHQtQVXOD GH /D *XDMLUD GHVFLHQGH HQ IRUPD UHJXODU GHVGH HO VXU GH OD *XDMLUD KDVWD %DUUDQTXLOOD SUHVHQWD XQ UHOLHYH LUUHJXODU HO FXDO HV FRUWDGR SRU FXDWUR FDxRQHV SULQFLSDOHV 5DQFKHUtD $JXMD 0DJGDOHQD \ 7XULSDQi \ GRV YDOOHV /D *XDMLUD \ 7DJDQJD 'HVGH HO FDxRQ 7XULSDQi XELFDGR DO RHVWH GHO UtR 0DJGDOHQD KDVWD &DUWDJHQD HO WDOXG SUHVHQWD XQD SHQGLHQWH FRQVWDQWH \ XQD PRUIRORJtD SRFR DFFLGHQWDGD (QWUH &DUWDJHQD \ HO *ROIR GH 0RUURVTXLOOR VH YXHOYH D SUHVHQWDU XQ UHOLHYH LUUHJXODU FDUDFWHUL]DGR SRU QXPHURVDV FROLQDV \ HQ HO H[WUHPR VXU HO WDOXG FRQWLQHQWDO HV UHJXODU \ GHVFLHQGH FRQ XQD VXDYH SHQGLHQWH 7DEDUHV HW DO ! (" 5 !( ) " 5 67 $ 8!9 687- :# 6:;7- 2 62<7- 6871. 67 3. 637 6 %&&&7 'H DFXHUGR D OD HVWUDWLILFDFLyQ GH OD FROXPQD GH DJXD HQ HO &DULEH FRORPELDQR HQWUH ORV \ P VH HQFXHQWUD OD &DSD GH $JXD ,QWHUPHGLD 6XEDQWiUWLFD TXH WLHQH XQD VDOLQLGDG GH D \ XQD WHPSHUDWXUD DSUR[LPDGD GH & *LUDOGR ___________________________________________________________ ! /RV PRYLPLHQWRV GH ODV PDVDV GH DJXD VXSHUILFLDOHV HQ HO &DULEH FRORPELDQR GHSHQGHQ SULQFLSDOPHQWH GH OD DFFLyQ GH ORV YLHQWRV \ GH OD pSRFD FOLPiWLFD 'XUDQWH OD pSRFD VHFD 'LFLHPEUH0D\R OD &RUULHQWH GHO &DULEH GD OXJDU D OD IRUPDFLyQ GH OD &RQWUDFRUULHQWH GH 3DQDPi OD FXDO VH GHVSOD]D GH IRUPD SDUDOHOD D OD FRVWD \ GHELGR D OD SUHVHQFLD GH ORV YLHQWRV $OLVLRV OOHJD ~QLFDPHQWH KDVWD ORV DOUHGHGRUHV GH OD GHVHPERFDGXUD GHO UtR 0DJGDOHQD 'XUDQWH OD pSRFD OOXYLRVD -XQLR1RYLHPEUH OD FRQWUDFRUULHQWH DOFDQ]D KDVWD ODV FRVWDV GH OD *XDMLUD 3XMRV HW DO /RV YLHQWRV $OLVLRV VRQ ORV FDXVDQWHV GHO IHQyPHQR GH VXUJHQFLD GH DJXDV VXESURIXQGDV IUtDV \ ULFDV HQ QXWULHQWHV TXH VH SUHVHQWD FRQ PD\RU LQWHQVLGDG IUHQWH D ODV FRVWDV GH OD *XDMLUD GXUDQWH OD pSRFD VHFD %ODQFR &RUSHV (O PD\RU DSRUWDQWH GH DJXDV FRQWLQHQWDOHV HV HO UtR 0DJGDOHQD FX\DV GHVFDUJDV DO VHU HPSXMDGDV SRU ORV YLHQWRV $OLVLRV DIHFWDQ OD ]RQD FRVWHUD DO VXURHVWH GH OD GHVHPERFDGXUD GHO UtR 0DJGDOHQD %ODQFR 0$7(5,$/(6<0e72'26 /D H[SHGLFLyQ ,19(0$50$&52)$81$ , VH UHDOL]y D ILQDOHV GH H LQLFLRV GH D OR ODUJR GHO &DULEH FRORPELDQR PHGLDQWH FXDWUR FUXFHURV D ERUGR GHO %, $QFyQ (O iUHD GH HVWXGLR HIHFWLYD FRUUHVSRQGLy D IRQGRV DUUDVWUDEOHV GH OD IUDQMD VXSHULRU GHO WDOXG FRQWLQHQWDO GRQGH VH UHDOL]DURQ DUUDVWUHV GHQWUR GH HVWDFLRQHV FRQ XQD UHG GHPHUVDO D SURIXQGLGDGHV HQWUH \ P 7DEOD $O VXELU OD UHG D OD FXELHUWD GHO EDUFR VH YDFLy VX FRQWHQLGR VREUH XQ WDPL] GH RMR GH PDOOD GH PP OD FDSWXUD IXH ODYDGD \ ORV RUJDQLVPRV IXHURQ VHSDUDGRV HQ JUXSRV WD[RQyPLFRV SULQFLSDOHV SHFHV HTXLQRGHUPRV FUXVWiFHRV PROXVFRV \ RWURV 'HQWUR GH ORV HTXLQRGHUPRV ORV HUL]RV VH VHSDUDURQ GH ODV GHPiV FODVHV VH VHOHFFLRQDURQ SRU WDPDxRV \ D PHGLGD TXH VH OLPSLDEDQ IXHURQ LQWURGXFLGRV HQ EROVDV SOiVWLFDV SHUIRUDGDV TXH OXHJR VH OOHYDURQ D FDQHFDV SOiVWLFDV FRQ DOFRKRO HWtOLFR DO ORV RUJDQLVPRV PiV SHTXHxRV R PX\ GHOLFDGRV VH VHSDUDURQ \ VH GHSRVLWDURQ HQ IUDVFRV SOiVWLFRV GH GLIHUHQWHV WDPDxRV FRQ DOFRKRO (Q HO ODERUDWRULR VH VHSDUDURQ SRU PRUIRWLSR VH KL]R HO FRQWHR SDUD FDGD DUUDVWUH \ VH REWXYLHURQ LPiJHQHV GLJLWDOHV GH ORV HMHPSODUHV HQ PHMRU HVWDGR HPSOHDQGR XQ HVFiQHU FRQYHQFLRQDO 5H\HV \ 1DYDV FiPDUDV IRWRJUiILFDV \ XQ PLFURVFRSLR HOHFWUyQLFR GH EDUULGR _______________________________________________________________________________________________ ,19 ,19 ,19 ,19 ,19 ,19 ,19 ,19 ,19 ,19 ,19 ,19 ,19 ,19 ,19 ,19 ,19 ,19 ,19 ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( 3WD*DOOLQD 3WD*DOOLQD % 3RUWHWH % 3RUWHWH &DER 9HOD &DER 9HOD 'LEXOOD 'LEXOOD 3DORPLQR 3DORPLQR 5 3LHGUDV 5 3LHGUDV &KHQJXH 1HQJXDQJH 1HQJXDQJH 1HQJXDQJH &RQFKD ,VOD $JXMD ,VOD $JXMD *8$ *8$ *8$ *8$ *8$ *8$ 3$/ 3$/ 3$/ 3$/ 3$/ 3$/ 7$< 7$< 7$< 7$< 7$< 7$< 7$< 7DEOD 8ELFDFLyQ GH ODV HVWDFLRQHV GH OD H[SHGLFLyQ ,19(0$50DFURIDXQD , D OR ODUJR GHO 0DU FDULEH FRORPELDQR ,19 ,19 ,19 ,19 ,19 ,19 ,19 ,19 ,19 ,19 ,19 ,19 ,19 ,19 ,19 ,19 ,19 ,19 ,19 ,19 ( ( (( (( (( (( (( (( (( (( (( (( (( (( (( (( (( (( (( (( (( 0$* 0$* 0$* 0$* 0$* 0$* 0$* 0$* $5&2 $5&2 $5&2 $5&2 $5&2 $5&2 '$5 '$5 '$5 '$5 '$5 '$5 7DEOD &RQWLQXDFLyQ 8ELFDFLyQ GH ODV HVWDFLRQHV GH OD H[SHGLFLyQ ,19(0$50DFURIDXQD , D OR ODUJR GHO 0DU FDULEH FRORPELDQR /D LGHQWLILFDFLyQ VH UHDOL]y XWLOL]DQGR ODV FODYHV \ GHVFULSFLRQHV GH ORV VLJXLHQWHV DXWRUHV 0RUWHQVHQ \ )DUIDQWH &KHVKHU 6HUDI\ \ 3KHODQ GHVSXpV VH FRQILUPy \ FRPSOHPHQWy FRQ D\XGD GH HVSHFLDOLVWDV \ GH ORV HVSHFtPHQHV WLSR \ GH UHIHUHQFLD GHSRVLWDGRV HQ HO 101+ /D FODYH \ OD OLVWD WD[RQyPLFD VH HODERUDURQ FRQ EDVH HQ ORV FULWHULRV GH 6HUDI\ \ 6PLWK (O PDWHULDO FROHFWDGR KDFH SDUWH GHO 0XVHR GH +LVWRULD 1DWXUDO 0DULQD GH &RORPELD 0+10& HQ GRQGH VH FDWDORJDURQ HQ ILFKDV WD[RQyPLFDV TXH KDFHQ SDUWH GH OD EDVH GH GDWRV GHO 6LVWHPD GH ,QIRUPDFLyQ VREUH %LRGLYHUVLGDG 0DULQD GHO ,19(0$5 GRQGH VH LQFOX\HURQ FODYHV WD[RQyPLFDV HVTXHPDV JHQHUDOHV \ XQ JORVDULR GH OD FODVH (Q HVWH DUWtFXOR ODV ILFKDV GH ODV HVSHFLHV TXH VRQ SULPHURV UHJLVWURV LQFOX\HQ UHIHUHQFLDV GH LGHQWLILFDFLyQ VLQRQLPLDV PDWHULDO H[DPLQDGR GLDJQRVLV GHVFULSFLyQ GLVWULEXFLyQ JHRJUiILFD SURIXQGLGDG GLPHQVLRQHV \ FRPHQWDULRV SDUD ODV HVSHFLHV TXH \D HVWDEDQ UHJLVWUDGDV QR VH SUHVHQWD GHVFULSFLyQ (Q HO PDWHULDO H[DPLQDGR VH XWLOL]DQ ODV DEUHYLDWXUDV '7 'LiPHWUR GH OD WHVWD /7 /DUJR GH OD WHVWD $17 $QFKR GH OD WHVWD \ $/7 $OWR GH OD WHVWD ,19(0$5(48, 1~PHUR GH FDWiORJR HQ HO 0+10& 8610 1~PHUR GH FDWiORJR GH HMHPSODUHV GRQDGRV DO 101+ R GH HMHPSODUHV FROHFWDGRV HQ &RORPELD TXH VH HQFXHQWUDQ GHSRVLWDGRV HQ HO 101+ /D LQIRUPDFLyQ GH HVWRV HMHPSODUHV VH LQFOX\H HQ OD GLVWULEXFLyQ JHRJUiILFD GH ODV HVSHFLHV \ HQ ORV SULPHURV UHJLVWURV KDFHQ SDUWH GHO PDWHULDO H[DPLQDGR 5(68/7$'26 6H FROHFWDURQ LQGLYLGXRV GH OD FODVH (FKLQRLGHD GLVWULEXLGRV HQ yUGHQHV IDPLOLDV JpQHURV \ HVSHFLHV TXH VH OLVWDQ D FRQWLQXDFLyQ VLJXLHQGR D 6HUDI\ \ D 6PLWK 6H UHVDOWDQ FRQ DVWHULVFR ORV SULPHURV UHJLVWURV SDUD HO &DULEH FRORPELDQR 3K\OXP (FKLQRGHPDWD GH %UXJXLHUH &ODVH (FKLQRLGHD /HVNH 2UGHQ &LGDURLGD &ODXV )DPLOLD &LGDULGDH *UD\ 3KLOLSSL 0RUWHQVHQ 2UGHQ (FKLQRWKXURLGD &ODXV ___________________________________________________________ ! )DPLOLD (FKLQRWKXULLGDH :\YLOOH7KRPVSRQ :\YLOOH7KRPVRQ :\YLOOH7KRPVRQ 2UGHQ 'LDGHPDWRLGD 'XQFDQ )DPLOLD $VSLGRGLDGHPDWLGDH 'XQFDQ $ $JDVVL] 2UGHQ $UEDFLRLGD *UHJRU\ )DPLOLD $UEDFLLGDH *UD\ $ $JDVVL] 2UGHQ 7HPQRSOHXURLGD 0RUWHQVHQ )DPLOLD 7HPQRSOHXULGDH $ $JDVVL] $ $JDVVL] 2UGHQ &O\SHDVWHURLGD $ $JDVVL] )DPLOLD )LEXODULLGDH *UD\ 0RUWHQVHQ 2UGHQ 6SDWDQJRLGD &ODXV )DPLOLD 6FKL]DVWHULGDH /DPEHUW $ $JDVVL] )DPLOLD %ULVVLGDH *UD\ 0RUWHQVHQ )DPLOLD /RYHQLLGDH /DPEHUW $ $JDVVL] )DPLOLD $VWHURVWRPDWLGDH 3LFWHW $ $JDVVL] $ $JDVVL] $ $JDVVL] $ $JDVVL] ________________________________________________________________________________________________ &ODYHSDUDORVÐUGHQHVGHOD&ODVH(FKLQRLGHDHQFRQWUDGRVHQODIUDQMDVXSHULRUGHOWDOXGFRQWLQHQWDO GHO0DU&DULEHFRORPELDQRPRGLILFDGDGH6HUDI\ 3HULSURFWR GHQWUR GHO VLVWHPD DSLFDO« 3HULSURFWR IXHUD GH VLVWHPD DSLFDO 3ODFDV DPEXODFUDOHV FRQ SLHV DPEXODFUDOHV FRQWLQXDQGR HQ VHULHV GH SODFDV VREUH HO SHULVWRPD 3ODFDV DPEXODFUDOHV FRQ SLHV DPEXODFUDOHV TXH QR FRQWLQ~DQ VREUH HO SHULVWRPD ~QLFDPHQWH XQ SDU VLPSOH GH SODFDV EXFDOHV VREUH pVWH 7HVWD UtJLGD SODFDV LQWHUDPEXODFUDOHV FRQ XQ VROR WXEpUFXOR SULPDULR JUDQGH \ VX UHVSHFWLYD HVSLQD&,'$52,'$ 7HVWD IOH[LEOH FRQ SODFDV LPEULFDGDV R XQLRQHV PHPEUDQRVDV LQWHUVWLFLDOHV SODFDV LQWHUDPEXODFUDOHV FRQ PiV GH XQ WXEpUFXOR SULPDULR FRQ VXV UHVSHFWLYDV HVSLQDV(&+,127+852,'$ 7XEpUFXORV SHUIRUDGRV WXEpUFXORV SULPDULRV FUHQXODGRV ',$'(0$72,'$ 7XEpUFXORV QR SHUIRUDGRV 3HULSURFWR FRQ FXDWUR R FLQFR YDOYDV WULDQJXODUHV IRUPDQGR XQD SLUiPLGH DQDO$5%$&,2,'$ 3HULSURFWR VLQ ODV FXDWUR YDOYDV WULDQJXODUHV TXH IRUPDQ XQD SLUiPLGH DQDO RULILFLRV EUDQTXLDOHV GHOJDGRV \ VRPHURV 7(0123/(852,'$ /LQWHUQD GH $ULVWyWHOHV SUHVHQWH HQ MXYHQLOHV \ DGXOWRV 3RURV DPEXODFUDOHV IRUPDQGR SpWDORV GLVWLQWLYRV iUHDV DPEXODFUDOHV WDQ DPSOLDV R PiV DPSOLDV TXH ODV iUHDV LQWHUDPEXODFUDOHV GH OD VXSHUILFLH RUDO &/<3($67(52,'$ /LQWHUQD GH $ULVWyWHOHV QXQFD SUHVHQWH )tORGRV DOJXQDV YHFHV SUHVHQWHV ERFD DQWHURYHQWUDO SODVWURQ XQLGR DO ODEUXP $PEXODFURV , \ 9 XQLGRV DO VLVWHPD DSLFDO«««««63$7$1*2,'$ ___________________________________________________________ " 25'(1&,'$52,'$&/$86 )$0,/,$&,'$5,'$(*5$< *e1(526W\ORFLGDULV0RUWHQVHQ &ODYH SDUD ODV (VSHFLHV GHO *pQHUR 6W\ORFLGDULV HQFRQWUDGRV HQ OD IUDQMD VXSHULRU GHO WDOXG FRQWLQHQWDOGHO0DU&DULEHFRORPELDQRPRGLILFDGDGH3KHODQ0RUWHQVHQ *UiQXORV UHGRQGHDGRV HVSDUFLGRV XQLIRUPHPHQWH VREUH ODV SODFDV GHO VLVWHPD DSLFDO OtQHD DPEXODFUDO PHGLD \ WRGDV ODV VXWXUDV LQWHUDPEXODFUDOHV GHVQXGDV \ EODQFDV HVSLQDV PDUJLQDOHV \ HVFURELFXODUHV FRQ XQD EDQGD URML]D ELHQ GHILQLGD VREUH OD OtQHD PHGLD GH FDGD XQD GH HOODV HVSLQDV SULPDULDV VREUH DOJXQRV HVSHFtPHQHV EDQGHDGDV WUDQVYHUVDOPHQWH«« *UiQXORV HORQJDGRV GLVWDQFLDGRV HQWUH HOORV XELFDGRV D FDGD ODGR GH XQ DQLOOR GHVQXGR GH FRORU FDIp URML]R TXH URGHD HO VLVWHPD DSLFDO OtQHD DPEXODFUDO PHGLD \ WRGDV ODV VXWXUDV LQWHUDPEXODFUDOHV GHVQXGDV \ FDIp URML]DV HVSLQDV PDUJLQDOHV \ HVFURELFXODUHV VLQ EDQGD URML]D R FXDQGR VH SUHVHQWD HV YHUGH SiOLGD 6W\ORFLGDULVDIILQLV3KLOLSSL ),*85$$ 5HIHUHQFLDVGHLGHQWLILFDFLyQ 0RUWHQVHQ ILJ SOV ILJV ILJ 3KHODQ SOV ILJV ILJV ILJV 7RPPDVL ILJV 6HUDI\ ILJ 6LQRQLPLDVHQ 3KHODQ 0DWHULDOH[DPLQDGR HMHPSODUHV ,19(0$5(48, '7 PP $/7 PP ( HMHPSODU 8610 ( HMHPSODU 8610 ( 'LDJQRVLV 7XEpUFXORV QR FUHQXODGRV SHGLFHODULRV JOREtIHURV VLQ GLHQWH WHUPLQDO VXWXUDV DPEXODFUDOHV H LQWHUDPEXODFUDOHV GHVQXGDV \ EODQFDV HVSLQDV HVFURELFXODUHV FRQ EDQGDV FDIp URML]DV 3KHODQ 'LVWULEXFLyQJHRJUiILFD 6H GLVWULEX\H HQ HO $WOiQWLFR QRUWH RFFLGHQWDO HQ 0DU\ODQG \ %HUPXGD HQ OD FRVWD FRQWLQHQWDO \ %DKDPDV DOUHGHGRU GH OD )ORULGD KDVWD )ORZHU *DUGHQ 7H[DV HO *ROIR GH 0p[LFR ODV $QWLOODV 0D\RUHV \ 0HQRUHV \ D OR ODUJR GH ODV FRVWDV GH 9HQH]XHOD (Q HO $WOiQWLFR 1RUWH RULHQWDO HV FRQRFLGD HQ HO 0HGLWHUUiQHR 3RUWXJDO ODV ,VODV &DQDULDV \ ODV ,VODV GH &DER 9HUGH 6HUDI\ ________________________________________________________________________________________________ (Q HO &DULEH FRORPELDQR *DOOR OD UHJLVWUD IUHQWH D 7$< \ WDPELpQ VH KD FROHFWDGR IUHQWH D *8$ 3$/ < 0$* 3URIXQGLGDG P 0iV FRP~Q HQWUH P 6HUDI\ 'LPHQVLRQHV '7 GH PP 6HUDI\ ___________________________________________________________ 6W\ORFLGDULVOLQHDWD0RUWHQVHQ ),*85$%&' 5HIHUHQFLDVGHLGHQWLILFDFLyQ 0RUWHQVHQ 3KHODQ SOV ILJ ILJV 6HUDI\ 6LQRQLPLDVHQ 0RUWHQVHQ 0DWHULDOH[DPLQDGR HMHPSODU ,19(0$5(48, '7 PP $/7 PP ( HMHPSODUHV ,19(0$5(48, '7 PP $/7 PP ( HMHPSODUHV ,19(0$5(48, '7 PP $/7 PP ( HMHPSODU ,19(0$5(48, '7 PP $/7 PP ( HMHPSODUHV ,19(0$5(48, '7 PP $/7 PP ( HMHPSODU ,19(0$5(48, '7 PP $/7 PP ( HMHPSODUHV ,19(0$5(48, '7 PP $/7 PP ( HMHPSODU ,19(0$5(48, '7 PP $/7 PP ( HMHPSODU ,19(0$5(48, '7 $/7 PP ( HMHPSODU 8610 ( ( HMHPSODU 8610 ( ( 'LDJQRVLV 6LVWHPD DSLFDO FRQ XQ DQLOOR GHVQXGR GH FRORU FDIp URML]R 6XWXUDV DPEXODFUDOHV H LQWHUDPEXODFUDOHV FDIp URML]DV (VSLQDV HVFURELFXODUHV WRWDOPHQWH EODQFDV VLQ EDQGDV GH FRORU 3KHODQ 'HVFULSFLyQ 7HVWD DSODQDGD GRUVDO \ YHQWUDOPHQWH \ FRQ HO iPELWR UHGRQGR $PEXODFURV PRGHUDGDPHQWH RQGXODGRV FRQ WXEpUFXORV PDUJLQDOHV HQ VHULHV XQLIRUPHV FRP~QPHQWH XQR SRU SODFD 'RV JUiQXORV DGLFLRQDOHV VREUH HO ERUGH PiV EDMR GH OD SODFD MXVWR GHEDMR GHO WXEpUFXOR PDUJLQDO 7RGRV HVRV JUiQXORV SXHGHQ VHU LQGLVWLQJXLEOHV VLQ XQD SUHSDUDFLyQ HVSHFLDO GH OD WHVWD /DV DUHRODV GH ODV SODFDV LQWHUDPEXODFUDOHV VRQ PX\ JUDQGHV \ ELHQ VHSDUDGDV ODV TXH VH HQFXHQWUDQ HQ OD UHJLyQ DPELWDO VRQ PRGHUDGDPHQWH SURIXQGDV (Q HVSHFtPHQHV JUDQGHV QR VH REVHUYDQ FUHQXODFLRQHV VREUH ORV WXEpUFXORV SHUR HQ RUJDQLVPRV SHTXHxRV VL (O DQLOOR HVFURELFXODU GH ORV WXEpUFXORV HV LQFRQVSLFXR =RQD PHGLD GH ODV SODFDV JHQLWDOHV VLQ WXEpUFXORV JUDQXODUHV IRUPDQGR XQ DQLOOR GHVQXGR GH FRORU URML]R HQ HO VLVWHPD DSLFDO /RV JUiQXORV TXH VH HQFXHQWUDQ D FDGD ODGR GHO DQLOOR GHVQXGR VRQ GH DSDULHQFLD HORQJDGD GLVSXHVWRV UDGLDOPHQWH /DV VXWXUDV DPEXODFUDOHV H LQWHUDPEXODFUDOHV VRQ GH FRORU FDIp URML]R LQFOX\HQGR ORV RUJDQLVPRV GH SRFRV PLOtPHWURV GH GLiPHWUR (VSLQDV SULPDULDV ODUJDV EODQFDV \ FRQ HVStQXODV GHOLFDGDV OD ORQJLWXG GH pVWDV YD GH D YHFHV HO GLiPHWUR GH OD WHVWD /DV HVSLQDV PDUJLQDOHV \ HVFURELFXODUHV VRQ EODQFDV DXVHQWiQGRVH ODV EDQGDV GH FRORU 3KHODQ 'LVWULEXFLyQJHRJUiILFD 6H GLVWULEX\H HQ ODV $QWLOODV \ FHUFD D OD ERFD GHO *ROIR GH 0p[LFR 0RUWHQVHQ 3KHODQ \ 6HUDI\ (Q HO &DULEH FRORPELDQR ________________________________________________________________________________________________ # IXH FROHFWDGD IUHQWH D 3XQWD *DOOLQDV EDKtD +RQGD FDER GH OD 9HOD *8$ UtR 3LHGUDV 3$/ LVOD $JXMD 1HQJXDQMH 7$< &DUWDJHQD 0$* LVODV GHO 5RVDULR $5&2 \ 3XHUWR (VFRQGLGR '$5 3URIXQGLGDG P 6HUDI\ 'LPHQVLRQHV '7 PP $/7 PP &RPHQWDULRV $OJXQRV HMHPSODUHV SXHGHQ SUHVHQWDU XQD OtQHD YHUGH ROLYD HQ ODV HVSLQDV HVFURELFXODUHV \ PDUJLQDOHV 25'(1(&+,127+852,'$&/$86 )$0,/,$(&+,127+85,,'$(:<9,//(7+20621 &ODYH SDUD ORV *pQHURV GH OD )DPLOLD (FKLQRWKXULGDH HQFRQWUDGRV HQ OD IUDQMD VXSHULRU GHO WDOXG FRQWLQHQWDOGHO0DU&DULEHFRORPELDQRPRGLILFDGDGH6HUDI\0RUWHQVHQ (VSLQDV SULPDULDV GHO ODGR RUDO HQ IRUPD GH EDWH UHFXELHUWDV SRU XQD FDSD JUXHVD GH SLHO /DV SODFDV DPEXODFUDOHV FRPSXHVWDV GH OD VXSHUILFLH RUDO HVWiQ IRUPDGDV SRU XQD SODFD SULPDULD FHQWUDO JUDQGH FRQ GRV SODFDV VHFXQGDULDV PiV SHTXHxDV DUULED \ DEDMR WRGDV HQ FRQWDFWR FRQ ODV SODFDV LQWHUDPEXODFUDOHV )LJXUD % (VSLQDV SULPDULDV GHO ODGR RUDO FRQ XQ FDVFR EODQFR HQ OD SXQWD QR HQ IRUPD GH EDWH \ QR FXELHUWDV SRU SLHO /DV SODFDV DPEXODFUDOHV FRPSXHVWDV GH OD VXSHUILFLH RUDO HVWiQ IRUPDGDV SRU XQD SODFD SULPDULD FHQWUDO JUDQGH FRQ GRV SODFDV VHFXQGDULDV PX\ SHTXHxDV WRWDOPHQWH HQFHUUDGDV SRU OD SODFD SULPDULD ODV FXDOHV QR HVWiQ HQ FRQWDFWR FRQ ODV SODFDV LQWHUDPEXODFUDOHV )LJXUD )«««««« *e1(52$UDHRVRPD0RUWHQVHQ $UDHRVRPDIHQHVWUDWXP:\YLOOH7KRPVRQ ),*85$() 5HIHUHQFLDVGHLGHQWLILFDFLyQ 0RUWHQVHQ ILJ SOV 0RUWHQVHQ ILJ 6HUDI\ 6LQRQLPLDVHQ 0RUWHQVHQ ___________________________________________________________ $ 0DWHULDOH[DPLQDGR HMHPSODU FRQVHUYDGR HQ VHFR ,19(0$5(48, '7 PP ( HMHPSODUHV ,19(0$5(48, '7 PP ( HMHPSODUHV ,19(0$5(48, '7 PP ( HMHPSODUHV FRQVHUYDGRV HQ VHFR ,19(0$5(48, '7 PP ( HMHPSODUHV ,19(0$5(48, '7 PP ( HMHPSODU FRQVHUYDGR HQ VHFR ,19(0$5(48, '7 PP ( HMHPSODUHV ,19(0$5(48, '7 PP ( HMHPSODU ,19(0$5(48, '7 PP ( 'LDJQRVLV 3HGLFHODULRV WULGHQWDGRV JUDQGHV FRQ YDOYDV QR PX\ GHOJDGDV \ H[WUHPRV DFXVDGRV 6REUH HO ODGR RUDO HQ ORV DPEXODFURV ORV SDUHV GH SRURV GH ODV SODFDV SULPDULDV HVWiQ FHUFD DO ERUGH GLVWDO GH pVWDV HQ ORV LQWHUDPEXODFURV ORV WXEpUFXORV SULPDULRV GHO ERUGH DGUDGLDO HVWiQ RUJDQL]DGRV HQ VHULHV PX\ UHJXODUHV D OR ODUJR GH OD OtQHD PHGLD KD\ JHQHUDOPHQWH XQ WXEpUFXOR SULPDULR FDGD GRV SODFDV IRUPDQGR WDPELpQ VHULHV UHJXODUHV TXH FRQYHUJHQ KDFLD HO iPELWR 0RUWHQVHQ 'LVWULEXFLyQ JHRJUiILFD 6H GLVWULEX\H HQ HO $WOiQWLFR 1RUWH GHVGH ODV FRVWDV GH )ORULGD KDVWD HO 6XU GH &XED 0RUWHQVHQ (Q HO &DULEH FRORPELDQR *RQ]iOH] OD UHJLVWUD IUHQWH D '$5 \ WDPELpQ VH KD FROHFWDGR IUHQWH D 0$* $5&2 \ '$5 3URIXQGLGDG P 0RUWHQVHQ 'LPHQVLRQHV '7 PP 0RUWHQVHQ &RPHQWDULRV 7LHQH XQD FRORUDFLyQ YLROHWD LQWHQVD KDFLD HO FHQWUR TXH GLVPLQX\H JUDGXDOPHQWH KDFLD HO iPELWR 5HJLyQ RUDO GH FRORU JULV FRQ HVSLQDV GH H[WUHPRV EODQFRV 0RUWHQVHQ (VWD HVSHFLH HV PX\ VLPLODU D 0RUWHQVHQ GLILHUH GH pVWD SULQFLSDOPHQWH SRU OD IRUPD GH ODV YDOYDV GH ORV SHGLFHODULRV WULGHQWDGRV ODV FXDOHV HQ VRQ PiV JUXHVDV \ SUHVHQWDQ H[WUHPRV ILQRV \ DJXGRV \ HQ VRQ GHOJDGDV \ WLHQHQ WHUPLQDFLRQHV FXUYDV 0RUWHQVHQ *e1(523KRUPRVRPD:\YLOOH7KRPVRQ 3KRUPRVRPDSODFHQWD:\YLOOH7KRPVRQ ),*85$$% 5HIHUHQFLDVGHLGHQWLILFDFLyQ 0RUWHQVHQ ILJV SO ILJV ILJV ILJV 0RUWHQVHQ ILJ 6HUDI\ ________________________________________________________________________________________________ % 6LQRQLPLDVHQ 0RUWHQVHQ HQ DGLFLyQ &ODUN 0RUWHQVHQ 6HUDI\ 0DWHULDO H[DPLQDGR HMHPSODU ,19(0$5(48, '7 PP ( HMHPSODU ,19(0$5(48, '7 PP ( HMHPSODU 0$& '7 PP ( HMHPSODU ,19(0$5(48, '7 PP ( HMHPSODUHV ,19(0$5(48, '7 PP ( HMHPSODUHV ,19(0$5(48, '7 PP ( HMHPSODUHV ,19(0$5 (48, '7 PP ( HMHPSODU 8610 ( ( 'LDJQRVLV (VSLQDV SULPDULDV DGRUDOHV HQ IRUPD GH EDWH \ UHYHVWLGDV SRU XQD EROVD GH SLHO JUXHVD 3ODFDV DPEXODFUDOHV VREUH OD VXSHUILFLH RUDO FRPSXHVWDV SRU XQD SODFD SULPDULD FHQWUDO JUDQGH FRQ XQD SODFD VHFXQGDULD PiV SHTXHxD DUULED \ DEDMR WRGDV HQ FRQWDFWR FRQ ODV SODFDV LQWHUDPEXODFUDOHV 0RUWHQVHQ \ 6HUDI\ 'LVWULEXFLyQJHRJUiILFD 6H GLVWULEX\H HQ HO $WOiQWLFR 1RUWH GHVGH ,VODQGLD KDVWD ODV $]RUHV \ HO *ROIR GH *XLQHD \ GHVGH HO (VWUHFKR 'DYLV KDVWD HO *ROIR GH 0p[LFR $QWLOODV 9HQH]XHOD \ &RORPELD 0RUWHQVHQ &ODUN 7RPPDVL $OODLQ 0RUWHQVHQ \ 6HUDI\ HQ GRQGH VH KD FROHFWDGR IUHQWH D *8$ 3$/ 7$< 0$* $5&2 \ '$5 3URIXQGLGDG P 0RUWHQVHQ \ 6HUDI\ 'LPHQVLRQHV '7 PP 0RUWHQVHQ &RPHQWDULRV (O FRORU HQ RUJDQLVPRV YLYRV HV PRUDGR HQ OD SDUWH YHQWUDO \ JULV HQ OD SDUWH GRUVDO FRQ PDQFKDV PRUDGDV 0RUWHQVHQ 9DULRV DXWRUHV KDQ FRQVLGHUDGR VXEHVSHFLHV \ YDULHGDGHV SDUD 6HUDI\ \ YDU 0RUWHQVHQ &ODUN (Q HVWH WUDEDMR OD LGHQWLILFDFLyQ VH UHDOL]y KDVWD HO QLYHO GH HVSHFLH SRUTXH ODV FDUDFWHUtVWLFDV QHFHVDULDV SDUD VHSDUDUODV Q~PHUR GH SODFDV FRURQDOHV DERUDOHV \ HO WDPDxR \ GLVSRVLFLyQ GH ORV WXEpUFXORV QR VRQ FRQVLVWHQWHV ___________________________________________________________ & ! " # ________________________________________________________________________________________________ 25'(1',$'(0$72,'$'81&$1 )$0,/,$$63,'2',$'(0$7,'$('81&$1 *e1(52$VSLGRGLDGHPD$$JDVVL] $VSLGRGLDGHPDMDFRE\L$$JDVVL] ),*85$& 5HIHUHQFLDVGHLGHQWLILFDFLyQ 0RUWHQVHQ 7RPPDVL ILJ 6HUDI\ 6LQRQLPLDVHQ 0RUWHQVHQ 0DWHULDO H[DPLQDGR HMHPSODU ,19(0$5(48, '7 PP $/7 PP ( HMHPSODUHV ,19(0$5(48, '7 $/7 PP ( HMHPSODUHV ,19(0$5(48, '7 PP $/7 PP ( HMHPSODU ,19(0$5(48, '7 PP $/7 PP ( HMHPSODUHV ,19(0$5(48, '7 PP $/7 PP ( HMHPSODUHV ,19(0$5(48, '7 $/7 ( HMHPSODU 8610 ( ( 'LDJQRVLV $OWXUD GH OD WHVWD FDVL LJXDO DO GLiPHWUR GH HVWD 3ODFDV DPEXODFUDOHV FRPSXHVWDV 7XEpUFXORV SULPDULRV GH FRORU YHUGH VREUH ODV SODFDV DPEXODFUDOHV H LQWHUDPEXODFUDOHV 0RUWHQVHQ \ 6HUDI\ 'LVWULEXFLyQ JHRJUiILFD 6H GLVWULEX\H GHVGH %DKDPDV KDVWD HO *ROIR GH 0p[LFR <XFDWiQ $QWLOODV 0D\RUHV \ 0HQRUHV \ &RORPELD $JDVVL] 0RUWHQVHQ $OODLQ \ 6HUDI\ HQ GRQGH VH KD FROHFWDGR IUHQWH D 0$* $5&2 \ '$5 3URIXQGLGDG P 6HUDI\ 'LPHQVLRQHV '7 PP $/7 PP 6HUDI\ &RPHQWDULRV /RV HVSHFtPHQHV MyYHQHV '7 PP WLHQHQ ODV HVSLQDV SULPDULDV YHUGH SiOLGR \ OD WHVWD \ ODV HVSLQDV VHFXQGDULDV EODQFDV OR TXH SXHGH SHUVLVWLU HQ OD PDGXUH] 6LQ HPEDUJR HQ OD PD\RUtD FXDQGR DOFDQ]DQ '7! PP DSDUHFH XQ FRORU PRUDGR VREUH OD SDUWH DSLFDO \ HQ OD EDVH GH ODV HVSLQDV SULPDULDV VXSHULRUHV HO FXDO DOFDQ]D OD WRWDOLGDG GHO DQLPDO H[FHSWXDQGR ODV HVSLQDV SULPDULDV ODV FXDOHV WRPDQ XQD FRORUDFLyQ YHUGH RVFXUD &ODUN /RV HMHPSODUHV FROHFWDGRV SUHVHQWDQ VLHWH SODFDV SHULSURFWDOHV VHLV JUDQGHV \ XQD PiV SHTXHxD \ QR VHLV FRPR GHVFULEH $JDVVL] ___________________________________________________________ #! 25'(1$5%$&,2,'$*5(*25< )$0,/,$$5%$&,,'$(*5$< *e1(52&RHORSOHXUXV$$JDVVL] &RHORSOHXUXVIORULGDQXV$$JDVVL] ),*85$'( 5HIHUHQFLDVGHLGHQWLILFDFLyQ 0RUWHQVHQ ILJV SO ILJV ILJV 7RPPDVL 6HUDI\ ILJ 6LQRQLPLDVHQ0RUWHQVHQ 0DWHULDO H[DPLQDGR HMHPSODUHV ,19(0$5(48, '7 PP $/7 PP ( HMHPSODU 8610 ( ( 'LDJQRVLV 7HVWD EDMD VXESHQWDJRQDO 3ODFDV DPEXODFUDOHV FRPSXHVWDV WULJHPLQDGDV FRQ WXEpUFXORV HQ VHULHV UHJXODUHV 3ODFDV LQWHUDPEXODFUDOHV GH FRORU URMR EULOODQWH GHVQXGDV DGDSLFDOPHQWH \ FRQ WXEpUFXORV HQ OD SDUWH DGRUDO 3LUiPLGH DQDO SUHVHQWH )LJXUD ( (VSLQDV SULPDULDV GRV R PiV YHFHV PiV ODUJDV TXH HO GLiPHWUR GH OD WHVWD GH FRORU URMR EULOODQWH \ GH IRUPD WULDQJXODU HQ XQ FRUWH WUDQVYHUVDO GH OD SDUWH PHGLD 0RUWHQVHQ \ 6HUDI\ 'LVWULEXFLyQJHRJUiILFD 'HVGH &DER &RG 0DVVDFKXVHWWV OD FRVWD RHVWH GH )ORULGD *ROIR GH 0p[LFR \ OD SHQtQVXOD GH <XFDWiQ $QWLOODV 0D\RUHV \ 0HQRUHV \ D OR ODUJR GH ODV FRVWDV GH $PpULFD &HQWUDO \ $PpULFD GHO 6XU KDVWD 6XULQDP \ &RORPELD $OODLQ 6HUDI\ HQ GRQGH VH KD FROHFWDGR IUHQWH D 7$< 3URIXQGLGDG 6HJ~Q 0RUWHQVHQ HVWD HVSHFLH VH HQFXHQWUD HQWUH P VLHQGR PiV FRP~Q HQWUH P 6HUDI\ UHGXFH FRQVLGHUDEOHPHQWH HO UDQJR D P FRQVLGHUiQGROD PiV FRP~Q HQWUH P 'LPHQVLRQHV '7 PP 6HUDI\ &RPHQWDULRV /DV iUHDV LQWHUDPEXODFUDOHV GH OD WHVWD SUHVHQWDQ JHQHUDOPHQWH XQ FRORU PiV FODUR TXH ODV iUHDV DPEXODFUDOHV HO VLVWHPD DSLFDO HV RVFXUR (O HMH GH ODV HVSLQDV SULPDULDV HV XVXDOPHQWH GH FRORU FDUPtQ HQ OD SDUWH GH DUULED \ PiV FODUR VREUH OD SDUWH GH DEDMR HO FROODU HV PiV RVFXUR \ RSDFR (O FRORU GH ODV HVSLQDV SXHGH VHU FDVL EODQFR FRPR ODV HVSLQDV SULPDULDV RUDOHV 0RUWHQVHQ ________________________________________________________________________________________________ # 25'(17(0123/(852,'$0257(16(1 )$0,/,$7(0123/(85,'$($$*$66,= *e1(527ULJRQRFLGDULV$$JDVVL] 7ULJRQRFLGDULVDOELGD$$JDVVL] ),*85$) 5HIHUHQFLDVGHLGHQWLILFDFLyQ 0RUWHQVHQ ILJV SO ILJV 6HUDI\ 6LQRQLPLDVHQ 0RUWHQVHQ 0DWHULDO H[DPLQDGR HMHPSODUHV ,19(0$5(48, '7 PP $/7 PP ( 'LDJQRVLV 6LVWHPD DSLFDO XVXDOPHQWH URML]R 7HVWD EDMD JHQHUDOPHQWH PHQRV GHO GHO '7 3HULSURFWR FRQ SODFDV WULDQJXODUHV JUDQGHV HQ HO ERUGH \ SODFDV SHTXHxDV HQ HO FHQWUR 6H IRUPDQ JUDQGHV GHSUHVLRQHV HQ ODV SODFDV GH OD WHVWD 0RUWHQVHQ 'HVFULSFLyQ 7HVWD PX\ EDMD DSODQDGD WDQWR HQ OD SDUWH DERUDO FRPR RUDO OLJHUDPHQWH KXQGLGD HQ HO SHULVWRPD *HQHUDOPHQWH VH SUHVHQWDQ WDPDxRV SHTXHxRV /RV SDUHV GH SRURV DPEXODFUDOHV HVWiQ DUUHJODGRV HQ XQD VHULH OHYHPHQWH FXUYDGD GRQGH OD OtQHD PHGLD GH FDGD SODFD HVWi XQ SRFR PiV KDFLD DIXHUD TXH ODV RWUDV WXEpUFXORV SULPDULRV DPEXODFUDOHV HQ VHULHV UHJXODUHV PiV R PHQRV GHO PLVPR WDPDxR D ORV GH ODV SODFDV LQWHUDPEXODFUDOHV VH SUHVHQWDQ SRFRV WXEpUFXORV VHFXQGDULRV XQR VREUH OD VXSHUILFLH GH FDGD SODFD DOWHUQDQGR FRQ ORV SULPDULRV \ XQR KDFLD OD HVTXLQD PHGLD GH OD SODFD IRUPDQGR XQD VHULH LQWHUQD (Q ORV LQWHUDPEXODFURV ORV WXEpUFXORV VHFXQGDULRV VRQ PiV QXPHURVRV SDUWLFXODUPHQWH VREUH OD ]RQD DGUDGLDO DO ODGR GH ORV WXEpUFXORV SULPDULRV /RV WXEpUFXORV SULPDULRV HQ ODV SODFDV DPEXODFUDOHV H LQWHUDPEXODFUDOHV SXHGHQ VHU GLVWLQWLYDPHQWH FUHQXODGRV \ KDFLD OD EDVH FRQVSLFXDPHQWH GHQWDGRV SRU ODV GHSUHVLRQHV TXH VH IRUPDQ HQ ODV SODFDV ODV SDUWHV GRQGH QR VH SUHVHQWDQ GHSUHVLRQHV IRUPDQ XQD UHG VREUH OD FXDO VH GHVWDFDQ ORV WXEpUFXORV ÓQLFDPHQWH VH SUHVHQWDQ XQR R GRV WXEpUFXORV VREUH ODV SODFDV JHQLWDOHV \ XQR R GRV PiV SHTXHxRV VREUH ODV SODFDV RFXODUHV 6H SUHVHQWD XQD SDUHMD GH VXUFRV GLVSXHVWRV HQ IRUPD UDGLDGD VREUH ODV SODFDV JHQLWDOHV OOHJDQGR D WRFDU ODV SODFDV RFXODUHV (O SHULSURFWR HVWi FXELHUWR SRU FXDWUR SODFDV JUDQGHV \ EULOODQWHV GRQGH OD PiV JUDQGH UHSUHVHQWD OD SODFD VXUDQDO \ SRU XQ JUXSR GH SHTXHxDV SODFDV DGMXQWDV D OD DEHUWXUD DQDO VXEFHQWUDO /DV HVSLQDV SULPDULDV VRQ WDQ ODUJDV FRPR HO '7 OHYHPHQWH HVWULDGDV ODV VHFXQGDULDV VRQ HVSLQRVDV /DV HVSLQDV SHULVWRPLDOHV VRQ ___________________________________________________________ #" GLVWLQWLYDPHQWH FXUYDGDV \ OLJHUDPHQWH DSODQDGDV 8VXDOPHQWH VH SUHVHQWDQ DOJXQRV SHGLFHODULRV RILFpIDORV \ UDUDPHQWH XQRV SRFRV WULILORV VREUH ODV iUHDV EXFDOHV 3UHVHQWDQ RULILFLRV EUDQTXLDOHV 0RUWHQVHQ 'LVWULEXFLyQJHRJUiILFD $PSOLDPHQWH GLVWULEXLGR \ DSDUHQWHPHQWH PX\ FRP~Q HQ HO *ROIR GH 0p[LFR \ ODV $QWLOODV WDPELpQ VH HQFXHQWUD HQ HO $WOiQWLFR RULHQWDO GHVGH OD EDKtD GH %LVFD\D KDVWD ODV LVODV $]RUHV \ 0DGHLUD 0RUWHQVHQ \ 6HUDI\ (Q HO &DULEH FRORPELDQR VH FROHFWy IUHQWH D ,VOD $JXMD 7$< 3URIXQGLGDG P 6HUDI\ 'LPHQVLRQHV '7 PP /D WDOOD Pi[LPD HVWD GDGD SRU 0RUWHQVHQ \ OD PtQLPD SRU ORV HMHPSODUHV H[DPLQDGRV &RPHQWDULRV /D WHVWD HV SULQFLSDOPHQWH EODQFD FRQ HO ILOR GLVWDO GHO VLVWHPD DSLFDO GH FRORU QDUDQMD EULOODQWH R YHUGHDPDULOOHQWR /DGR DERUDO FRQ DOJXQDV PDQFKDV GH FRORU YHUGRVR PHGLDOPHQWH D OR ODUJR GH ODV VHULHV GH WXEpUFXORV SULPDULRV LQWHUDPEXODFUDOHV (VSLQDV EODQFDV 0RUWHQVHQ 25'(1&/<3($67(52,'$$$*$66,= )$0,/,$),%8/$5,,'$(*5$< *e1(52(FKLQRF\DPXV93KHOVXP/HVNH (FKLQRF\DPXVJUDQGLSRUXV0RUWHQVHQ ),*85$$% 5HIHUHQFLDVGHLGHQWLILFDFLyQ 0RUWHQVHQ 6HUDI\ 6LQRQLPLDVHQ 0RUWHQVHQ 0DWHULDO H[DPLQDGR 9,926 HMHPSODU ,19(0$5(48, /7 PP $17 PP $/7 PP ( HMHPSODU ,19(0$5(48, /7 PP $17 PP $/7 PP ( HMHPSODU ,19(0$5(48, /7 PP $17 PP $/7 PP ( HMHPSODU ,19(0$5(48, /7 PP $17 PP $/7 PP ( 08(5726 HMHPSODUHV ,19(0$5 (48, /7 PP $17 PP $/7 PP ( HMHPSODU ,19(0$5(48, /7 PP $17 PP $/7 PP ( HMHPSODU ,19(0$5(48, /7 PP $17 PP $/7 PP ( HMHPSODUHV 8610 'LDJQRVLV 3RURV RFXODUHV FDVL LJXDO GH JUDQGHV D ORV SRURV JHQLWDOHV SpWDORV SHTXHxRV H LQFRQVSLFXRV )LJXUD % 0RUWHQVHQ ________________________________________________________________________________________________ # $ % & '( ( ) * ! + Α$ , ___________________________________________________________ # 'HVFULSFLyQ )RUPDV SHTXHxDV HVFDVDPHQWH H[FHGHQ ORV PP 0DV R PHQRV HORQJDGRV UDUDPHQWH FRQ HO iPELWR UHGRQGR 7HVWD XVXDOPHQWH EDMD DSODQDGD FRQ HO ODGR RUDO SODQR R FyQFDYR 3HULSURFWR LQIUDPDUJLQDO HO FXDO SXHGH VHU RYDO WUDQVYHUVR R UHGRQGR XVXDOPHQWH FXELHUWR FRQ SODFDV UDGLDGDV PX\ UHJXODUHV ODV FXDOHV QXQFD HVWiQ FXELHUWDV FRQ HVSLQDV 3pWDORV PiV R PHQRV GHVDUUROODGRV VLQ DOFDQ]DU HO ERUGH GH OD WHVWD ODV VHULHV GH SRURV VRQ SDUDOHODV 3RURV RFXODUHV FDVL LJXDO GH JUDQGHV D ORV SRURV JHQLWDOHV 'LVWULEXFLyQJHRJUiILFD 6H GLVWULEX\H HQ HO $WOiQWLFR RFFLGHQWDO HQ )ORULGD HO *ROIR GH 0p[LFR \ ODV $QWLOODV HQ HO $WOiQWLFR RULHQWDO HQ ODV ,VODV $]RUHV 0RUWHQVHQ \ 6HUDI\ (Q HO &DULEH FRORPELDQR VH FROHFWy IUHQWH D 5tR 3LHGUDV 3$/ &KHQJXH 7$< &LpQDJD *UDQGH GH 6DQWD 0DUWD %RFDV GH &HQL]D 0$* \ DO 1RURHVWH GH ODV LVODV 6DQ %HUQDUGR $5&2 \ HQ 6DQ $QGUpV \ 3URYLGHQFLD 6$1 3URIXQGLGDG P 0RUWHQVHQ \ 6HUDI\ 'LPHQVLRQHV /7 PP $17 PP $/7 PP 25'(163$7$1*2,'$&/$86 &ODYH SDUD ODV )DPLOLDV GHO 2UGHQ 6SDWDQJRLGD HQFRQWUDGRV HQ OD IUDQMD VXSHULRU GHO WDOXG FRQWLQHQWDOGHO0DU&DULEHFRORPELDQRPRGLILFDGDGH0RUWHQVHQ\6HUDI\ 3pWDORV ELHQ GHVDUUROODGRV IDVFLROD SHULSpWDOD SUHVHQWH 3pWDORV LPSHUIHFWDPHQWH GHVDUUROODGRV R PX\ UXGLPHQWDULRV IDVFLROD SHULSpWDOD DXVHQWH )DVFLROD VXEDQDO DXVHQWH IDVFLROD ODWHURDQDO SUHVHQWH 6&+,=$67(5,'$( )DVFLROD VXEDQDO SUHVHQWH%5,66,'$( 7XEpUFXORV SULPDULRV FRQ DUHRODV SURIXQGDPHQWH KXQGLGDV /29(1,,'$( 7XEpUFXORV SULPDULRV VLQ DUHRODV KXQGLGDV )RUPDV JUDQGHV \ SHTXHxDV $PEXODFURV VXESHWDORLGHV$67(526720$7,'$( ________________________________________________________________________________________________ ## )$0,/,$6&+,=$67(5,'$(/$0%(57 *e1(52+\SVHODVWHU+/&ODUN +\SVHODVWHUOLPLFROXV$$JDVVL] ),*85$& 5HIHUHQFLDV GH LGHQWLILFDFLyQ $JDVVL] SO ,,, 0RUWHQVHQ 6HUDI\ 6LQRQLPLDVHQ 0RUWHQVHQ 0DWHULDOH[DPLQDGR HMHPSODU ,19(0$5(48, /7 PP $17 PP $/7 PP ( HMHPSODU ,19(0$5(48, /7 PP $17 PP $/7 PP ( 'LDJQRVLV /RV SDUHV GH SpWDORV SRVWHULRUHV PLGHQ PiV GH OD PLWDG GH OD ORQJLWXG GH ORV SpWDORV DQWHULRUHV 6LVWHPD DSLFDO FHQWUDO $OWXUD GH OD WHVWD PD\RU DO GH OD ORQJLWXG GH pVWD 3pWDORV GLVWLQWLYDPHQWH KXQGLGRV /D IDVFLROD SHULSpWDOD HQWUD HQ ORV LQWHUDPEXODFURV \ 9DOYDV GH ORV SHGLFHODULRV WULGHQWDGRV IXHUWHPHQWH HVSLQRVDV 0RUWHQVHQ 6HUDI\ 'LVWULEXFLyQJHRJUiILFD 6H GLVWULEX\H HQ HO *ROIR GH 0p[LFR \ DOUHGHGRUHV &D\RV GH OD )ORULGD FRVWD HVWH GH OD )ORULGD %DKDPDV \ HO &DULEH LQFOX\HQGR &RORPELD 0RUWHQVHQ $OODLQ \ 6HUDI\ HQ GRQGH VH KD FROHFWDGR IUHQWH D 0$* \ '$5 3URIXQGLGDG P 0RUWHQVHQ \ 6HUDI\ 'LPHQVLRQHV (Q OD ELEOLRJUDItD QR VH HQFXHQWUDQ WDOODV UHJLVWUDGDV SDUD HVWD HVSHFLH /RV HMHPSODUHV FROHFWDGRV HQ HO &DULEH FRORPELDQR YDUtDQ HQWUH PP GH /7 PP GH $17 \ PP GH $/7 &RPHQWDULRV (O FRORU GHO HVSHFLPHQ HV FDIp DPDULOOHQWR $JDVVL] ___________________________________________________________ #$ )$0,/,$%5,66,'$(*5$< *e1(52%ULVVRSVLV/$JDVVL] %ULVVRSVLVDWODQWLFD0RUWHQVHQ ),*85$'()* 5HIHUHQFLDV GH LGHQWLILFDFLyQ &KHVKHU ILJV SOV WDEODV )DUIDQWH ILJ SO 0DUWtQH] ILJ 0RUWHQVHQ SO ILJ SO ILJ 6HUDI\ ILJ 7XUQHU \ 1RUOXQG ILJV $ % & $ % ( * , 6LQRQLPLDVHQ 0RUWHQVHQ 0DWHULDO H[DPLQDGR 9,926 HMHPSODUHV ,19(0$5(48, /7 PP $17 PP $/7 PP ( HMHPSODU ,19(0$5 (48, /7 PP $17 PP $/7 PP ( HMHPSODU KtEULGR ,19(0$5(48, /7 PP $17 PP $/7 PP ( HMHPSODUHV ,19(0$5(48, /7 PP $17 PP $/7 PP ( HMHPSODUHV ,19(0$5(48, /7 PP $17 PP $/7 PP ( 08(5726 HMHPSODU ,19(0$5(48, /7 PP $17 PP $/7 PP ( 'LDJQRVLV /DV SULPHUDV SODFDV DPEXODFUDOHV TXH HQWUDQ HQ OD IDVFLROD VXEDQDO VRQ OD ,D \ OD 9E )LJXUD ( /D VXWXUD DGUDGLDO GH OD SULPHUD SODFD DQDO VREUHSDVD YHFHV OD ORQJLWXG GHO PDUJHQ SHULSURFWDO 6XWXUD LQWHUDGLDO ODUJD VXWXUD DGDSLFDO \ DGRUDO QR GLVSXHVWDV SDUDOHODPHQWH SODFD DGDSLFDOPHQWH HORQJDGD \ DFXVDGD )LJXUD ) /DELR GHO ODEUXP FXUYR \ UHGRQGHDGR )DVFLROD SHULSpWDOD FUX]DQGR ODV SODFDV E \ E )LJXUD * 7XUQHU \ 1RUOXQG 'LVWULEXFLyQ JHRJUiILFD $PSOLDPHQWH GLVWULEXLGD HQ ODV FRVWDV GHO $WOiQWLFR RFFLGHQWDO GHVGH &DUROLQD GHO 1RUWH &DER +DWWHUDV )ORULGD *ROIR GH 0p[LFR $QWLOODV 0D\RUHV \ 0HQRUHV KDVWD ODV FRVWDV GH VXU $PpULFD LQFOX\HQGR &RORPELD &KHVKHU 6HUDI\ HQ GRQGH KD VLGR UHJLVWUDGD SDUD *8$ 0$* $5&2 \ '$5 &KHVKHU \ $OODLQ 3URIXQGLGDG \ P 6HUDI\ 'LPHQVLRQHV 3XHGHQ DOFDQ]DU PP GH /7 PP GH $17 \ PP GH $/7 &KHVKHU ________________________________________________________________________________________________ #% &RPHQWDULRV /RV MyYHQHV SUHVHQWDQ XQD FRORUDFLyQ FODUD FDVL EODQFD 'HVSXpV GH SDVDU ORV PP GH /7 ORV LQGLYLGXRV VH RVFXUHFHQ OOHJDQGR D DOFDQ]DU XQ FRORU YHUGH ROLYD RVFXUR R FDIp FODUR DO VHU DGXOWRV )DUIDQWH HV PX\ VLPLODU D VLPSOH YLVWD D 0RUWHQVHQ GLILHUH GH pVWD SRU HO Q~PHUR GH ODV SODFDV TXH FUX]D OD IDVFLROD SHULSpWDOD SRU OD IRUPD GH ODV SODFDV SHULSURFWDOHV HO ODEUXP HO SHULSURFWR \ OD SDUWH SRVWHULRU GHO FDSDUD]yQ 7XUQHU \ 1RUOXQG 8QR GH ORV HMHPSODUHV FROHFWDGRV HQ OD HVWDFLyQ SRGUtDQ VHU KtEULGRV HQWUH \ VLPLODUHV D ORV UHJLVWUDGRV SRU &KHVKHU SDUD HO &DULEH FRORPELDQR )$0,/,$/29(1,,'$(/$0%(57 *e1(52+RPRODPSDV$$JDVVL] +RPRODPSDVIUDJLOLV$$JDVVL] ),*85$$ 5HIHUHQFLDVGHLGHQWLILFDFLyQ 0RUWHQVHQ ILJV SOV ILJV ILJ ILJV )DUIDQWH SO ILJV 6HUDI\ 6LQRQLPLDVHQ 0RUWHQVHQ 0DWHULDO H[DPLQDGR HMHPSODU ,19(0$5(48, GHWHULRUDGR ( HMHPSODU ,19(0$5(48, /7 PP $17 PP $/7 PP ( 'LDJQRVLV $UHRODV GH ORV WXEpUFXORV SULPDULRV KXQGLGDV IRUPDQGR EROVDV LQWHUQDV 1R SUHVHQWD WXEpUFXORV SULPDULRV DERUDOHV VREUH HO LQWHUDPEXODFUR 7UHV UDUDPHQWH FXDWUR SRURV JHQLWDOHV 7XEpUFXORV SULPDULRV QR FUHQXODGRV /D SURORQJDFLyQ SRVWHULRU GHO ODEUXP QR YD PiV DOOi GHO ILQDO GH OD VHJXQGD SODFD DPEXODFUDO DGMXQWD 0RUWHQVHQ 6HUDI\ 'LVWULEXFLyQJHRJUiILFD 6H HQFXHQWUD HQ HO HVWUHFKR GH )ORULGD HO *ROIR GH 0p[LFR ODV $QWLOODV \ HO 0DU &DULEH LQFOX\HQGR &RORPELD 0RUWHQVHQ $OODLQ \ 6HUDI\ ([SHGLFLyQ ,19(0$50$&52)$81$ , 7$< \ 0$* 3URIXQGLGDG \ P 0RUWHQVHQ \ 6HUDI\ 'LPHQVLRQHV 3XHGH DOFDQ]DU PP GH /7 PP GH $17 \ PP GH $/7 &ODUN ___________________________________________________________ #& , ________________________________________________________________________________________________ # &RPHQWDULRV 6HJ~Q 0RUWHQVHQ VH KDQ HQFRQWUDGR HMHPSODUHV JULVHV FRQ WLQWHV YLROHWD \ FRQ OD WHVWD PDQFKDGD FRQ SXQWRV RVFXURV WDPELpQ FDIp SiOLGR FRORU FUHPD R FDVL EODQFR )$0,/,$$67(526720$7,'$(3,&7(7 &ODYHSDUDORV*pQHURVGHOD)DPLOLD$VWHURVWRPDWLGDHHQFRQWUDGRVHQODIUDQMDVXSHULRUGHOWDOXG FRQWLQHQWDOGHO0DU&DULEHFRORPELDQRPRGLILFDGDGH0RUWHQVHQ )RUPDV SHTXHxDV $PEXODFURV HQ OD SDUWH DERUDO PX\ UXGLPHQWDULRV ORV SDUHDGRV SUHVHQWDQ SRURV GREOHV )RUPDV JUDQGHV $PEXODFURV VXESHWDORLGHV 'HSUHVLyQ IURQWDO PiV R PHQRV FRQVSLFXD )DVFLRODV VXEDQDO \ PDUJLQDO SUHVHQWHV 1R SUHVHQWDQ GHSUHVLyQ IURQWDO $PEXODFURV , \ 9 VREUH HO ODGR RUDO FXELHUWRV FRQ WXEpUFXORV SULPDULRV 3HULSURFWR LQIUDPDUJLQDO $PEXODFUR , \ 9 VREUH HO ODGR RUDO GHVQXGRV 3HULSURFWR VXSUDPDUJLQDO $PEXODFUR IURQWDO QR SHWDORLGH GLIHUHQWH GH ORV SDUHDGRV *e1(52$UFKDHRSQHXVWHV*UHJRU\ $UFKDHRSQHXVWHVK\VWUL[$$JDVVL] ),*85$% 5HIHUHQFLDVGHLGHQWLILFDFLyQ 0RUWHQVHQ ILJV SOV ILJ ILJV ILJ ILJV ILJV ILJV )DUIDQWH SO ILJV 6HUDI\ 0DWHULDOH[DPLQDGR HMHPSODU ,19(0$5(48, /$ PP $/7 PP $17 PP ( HMHPSODUHV GHWHULRUDGRV ,19(0$5(48, /$ PP $17 PP $/7 PP ( HMHPSODUHV ,19(0$5(48, /$ PP $17 PP $/7 PP ( ___________________________________________________________ $! 'LDJQRVLV $PEXODFURV , \ 9 FRQ WXEpUFXORV SULPDULRV VREUH HO ODGR RUDO 3HULSURFWR LQIUDPDUJLQDO 0RUWHQVHQ 'HVFULSFLyQ 7HVWD GH JUDQ WDPDxR EDMD DUTXHDGD HQ OD VXSHUILFLH DERUDO RYRLGH DWHQXDGD HQ HO H[WUHPR SRVWHULRU FRQ HO PD\RU GLiPHWUR WUDQVYHUVDO OLJHUDPHQWH DQWHULRU %RUGH IURQWDO UHGRQGHDGR VLQ GHSUHVLyQ IURQWDO 6XSHUILFLH RUDO SODQD QRWDEOHPHQWH KXQGLGD DOUHGHGRU GHO SHULVWRPD (O SHULSURFWR HV LQIUDPDUJLQDO SHUR DVFLHQGH REOLFXDPHQWH KDFLD HO ODGR DERUDO $PEXODFURV ELHQ GHVDUUROODGRV SHUR QR IRUPDQ GHSUHVLRQHV /RV SpWDORV DOFDQ]DQ GH OD GLVWDQFLD GHVGH HO iSLFH KDVWD HO iPELWR (Q VX SDUWH GLVWDO ODV SODFDV VH DPSOtDQ FRQVLGHUDEOHPHQWH \ ORV SDUHV GH SRURV HVWiQ GLVWDQWHV GHO FHQWUR /D ]RQD HQWUH ORV SRURV HV UHODWLYDPHQWH GHVQXGD FRQ SRFRV WXEpUFXORV SULPDULRV JUDQGHV \ FRQ QXPHURVRV PLOLDUHV SHTXHxRV (Q HO DPEXODFUR IURQWDO ORV SRURV VRQ GREOHV HQ OD SDUWH GH DUULED GHVSXpV VH UHGXFHQ D XQD VROD DEHUWXUD PX\ HVWUHFKD $GRUDOPHQWH ORV DPEXODFURV HVWiQ PX\ GHVDUUROODGRV SUHVHQWiQGRVH ILORGRV PX\ FRQVSLFXRV ORV DPEXODFURV SRVWHULRUHV HVWiQ FRPSOHWDPHQWH FXELHUWRV GH WXEpUFXORV JUDQGHV \ SHTXHxRV (Q ORV LQWHUDPEXODFURV FDGD SODFD HV FDVL GHVQXGD HQ OD SDUWH DERUDO VRVWHQLHQGR XQD R GRV HVSLQDV SULPDULDV ODUJDV DOJXQDV VHFXQGDULDV HVSDUFLGDV \ DOJXQRV WXEpUFXORV PLOLDUHV 6REUH OD SDUWH RUDO HVWDV SODFDV HVWiQ GHQVDPHQWH FXELHUWDV FRQ WXEpUFXORV SULPDULRV XQRV SRFRV VHFXQGDULRV \ WRGRV ORV HVSDFLRV HVWiQ GHQVDPHQWH FXELHUWRV FRQ SHTXHxRV PLOLDUHV (O ODEUXP HV FRUWR \ DPSOLR WHUPLQDQGR DO ILQDO GH OD WHUFHUD SODFD DPEXODFUDO DGMXQWD 6LVWHPD DSLFDO OLJHUDPHQWH DQWHULRU FRQ FXDWUR SRURV JHQLWDOHV /DV HVSLQDV SULPDULDV GHO ODGR DERUDO VRQ UHFWDV ODUJDV PX\ IXHUWHV \ OLVDV VREUH OD SDUWH SRVWHULRU GH OD WHVWD SXHGHQ DOFDQ]DU XQD ORQJLWXG GH KDVWD PP /RV SHGLFHODULRV VRQ WULGHQWDGRV \ SXHGHQ SUHVHQWDU GRV IRUPDV XQD PX\ GHOJDGD \ RWUD PiV IXHUWH 0RUWHQVHQ )DUIDQWH 'LVWULEXFLyQ JHRJUiILFD 6H GLVWULEX\H HQ HO *ROIR GH 0p[LFR \ DJXDV DG\DFHQWHV \ GHVGH OD +DEDQD &XED KDVWD OD LVOD *XDGDOXSH 0RUWHQVHQ \ 6HUDI\ (Q HO &DULEH FRORPELDQR VH FROHFWy IUHQWH D %RFDV GH &HQL]D 0$* 3URIXQGLGDG P 6HUDI\ 'LPHQVLRQHV /$ PP $17 PP $/7 PP /D WDOOD TXH VH SUHVHQWD SHUWHQHFH D XQ HMHPSODU FROHFWDGR GXUDQWH HVWH WUDEDMR HO FXDO VXSHUD ODV WDOODV UHJLVWUDGDV SDUD HVWD HVSHFLH /$ PP $17 PP $/7 PP &ODUN &RPHQWDULRV (Q MXYHQLOHV HO FRORU HV FDIp SiOLGR $O VREUHSDVDU ORV PP GH /$ SXHGHQ SUHVHQWDU XQ FRORU S~USXUD LQWHQVR \ EULOODQWH )DUIDQWH R FRORU FKRFRODWH FRQ ODV HVSLQDV DERUDOHV GH FRORU JULV DPDULOOHQWR (Q DOJXQRV OD WHVWD ________________________________________________________________________________________________ $ \ ODV HVSLQDV VRQ GH FRORU S~USXUD YHUGRVR \ RWURV VRQ GH FRORU URMR S~USXUD RVFXUR FRQ ODV HVSLQDV EULOODQWHV &ODUN \ 0RUWHQVHQ $UFKDHRSQHXVWHV KLVWU\[ QR HV XQD HVSHFLH PX\ DEXQGDQWH KD VLGR UHJLVWUDGD FRPR FDVR H[FHSFLRQDO D P GH SURIXQGLGDG HQ HO %DQFR 6DED 6H FRQVLGHUD XQ SULPHU UHJLVWUR SDUD HO &DULEH FRORPELDQR *e1(52/LQRSQHXVWHV$$JDVVL] /LQRSQHXVWHVORQJLVSLQXV$$JDVVL] ),*85$& 5HIHUHQFLDVGHLGHQWLILFDFLyQ 0RUWHQVHQ 6HUDI\ 0DWHULDO H[DPLQDGR HMHPSODU ,19(0$5(48, /7 PP $17 PP $/7 PP ( HMHPSODU 8610 ( HMHPSODUHV 8610 ( HMHPSODU 8610 ( HMHPSODU 8610 ( HMHPSODU 8610 ( HMHPSODU 8610 ( HMHPSODUHV 8610 ( HMHPSODUHV 8610 ( HMHPSODU 8610 ( HMHPSODU 8610 ( HMHPSODU 8610 ( HMHPSODU 8610 ( HMHPSODU 8610 ( HMHPSODU 8610 ( HMHPSODU 8610 ( HMHPSODU 8610 ( HMHPSODU 8610 ( 'LDJQRVLV $PEXODFURV SDUHDGRV PHQRV GH GH OD GLVWDQFLD HQWUH HO iSLFH \ HO iPELWR FRQ ODV VHULHV GH SRURV FRQYHUJLHQGR GLVWDOPHQWH 7XEpUFXORV SULPDULRV DOJR QXPHURVRV VH SUHVHQWD PiV GH XQD VHULH HQ OD SDUWH DERUDO GH FDGD SODFD LQWHUDPEXODFUDO (VSLQDV SULPDULDV OLVDV VLQ DVHUUDFLRQHV 0RUWHQVHQ 'LVWULEXFLyQ JHRJUiILFD 6H GLVWULEX\H HQ HO *ROIR GH 0p[LFR GHVGH &XED KDVWD %DUEDGRV \ HQ &RORPELD $JDVVL] 0RUWHQVHQ )DUIDQWH $OODLQ HQ GRQGH VH FROHFWy IUHQWH D %RFDV GH &HQL]D 0$* 3URIXQGLGDG P 6HUDI\ 'LPHQVLRQHV PP GH /7 PP GH $17 \ PP GH $/7 &ODUN &RPHQWDULRV /D FRORUDFLyQ GHO HMHPSODU FROHFWDGR HV JULV FODUR (Q ORV HMHPSODUHV MXYHQLOHV FRPR HV HO FDVR GHO HVSpFLPHQ FROHFWDGR QR VRQ FODUDV ODV FDUDFWHUtVWLFDV GLDJQRVWLFDV \D TXH ORV SHWDORV QR VH REVHUYDQ FDVL FHUUDGRV GLVWDOPHQWH \ ODV HVSLQDV SULPDULDV VRQ DVHUUDGDV 6H FRQILUPR OD LGHQWLGDG GH HVWH HVSpFLPHQ DO UHYLVDU HMHPSODUHV GH HVWD HVSHFLH GH GLIHUHQWHV WDOODV HQFRQWUDQGR TXH D PHGLGD TXH VH LQFUHPHQWD HO WDPDxR HPSLH]DQ D REVHUYDUVH GLFKDV FDUDFWHUtVWLFDV ___________________________________________________________ $" *e1(523DODHREULVVXV$$JDVVL] 3DODHREULVVXVKLOJDUGL$$JDVVL] ),*85$' 5HIHUHQFLDVGHLGHQWLILFDFLyQ 0RUWHQVHQ SOV ILJV ILJV 6HUDI\ 6LQRQLPLDVHQ 0RUWHQVHQ 0DWHULDO([DPLQDGR HMHPSODU ,19(0$5(48, /$ PP $17 PP $/7 PP ( HMHPSODUHV ,19(0$5(48, /$ PP $17 PP $/7 PP ( HMHPSODU ,19(0$5(48, HMHPSODU 8610 ( ( 'LDJQRVLV )RUPDV SHTXHxDV JHQHUDOPHQWH PHQRV GH PP GHO /$ 3pWDORV PX\ UXGLPHQWDULRV 3DUHV GH SRURV YLVLEOHV D VLPSOH YLVWD 3ODFDV DPEXODFUDOHV XELFDGDV GHQWUR GH ORV SpWDORV JHQHUDOPHQWH GH IRUPD KH[DJRQDO QR PiV DQFKDV TXH DOWDV 'RV SRURV JHQLWDOHV 6HUDI\ 'HVFULSFLyQ 7HVWD UHJXODUPHQWH RYDO DUTXHDGD DERUDOPHQWH \ DSODQDGD HQ OD SDUWH RUDO OD SDUWH ILQDO SRVWHULRU WLHQH XQD IRUPD VXEYHUWLFDO OLJHUDPHQWH UHGRQGHDGD /DV FDUDFWHUtVWLFDV SURPHGLR GH ORV DPEXODFURV VRQ OD IRUPD VXESHWDORLGH \ OD SUHVHQFLD GH SRURV GREOHV GLVSXHVWRV HQ SDUHV DPEXODFUDOHV HQ OD SDUWH DERUDO (Q ORV DGXOWRV ORV SDUHV GH SRURV FRQWLQ~DQ FDVL KDVWD OOHJDU DO iPELWR DO OOHJDU D OD IDVFLROD VXEDQDO ~QLFDPHQWH VH HQFXHQWUD XQ SLH DPEXODFUDO D FDGD ODGR GHQWUR GH HOOD (O ODEUXP QR VH SURORQJD PiV DOOi GH OD SULPHUD SODFD DPEXODFUDO DGMXQWD 'RV SRURV JHQLWDOHV DXQTXH WDPELpQ VH SUHVHQWDQ RUJDQLVPRV FRQ FXDWUR SRURV /RV SRURV DQWHULRUHV VRQ PXFKR PiV SHTXHxRV TXH ORV SRVWHULRUHV 3ODFDV JHQLWDOHV FDVL FRPSOHWDPHQWH IXVLRQDGDV (O SHULSURFWR HV RYDO \ SXQWXGR DERUDOPHQWH 1R KD\ HVSLQDV SULPDULDV VREUH HO ODGR DERUDO (VSLQDV VHFXQGDULDV UHFWDV ([LVWHQ YDULRV WLSRV GH SHGLFHODULRV SHGLFHODULRV JOREtIHURV GLVWULEXLGRV HQ OD SDUWH GRUVDO GHO RUJDQLVPR ODV YDOYDV WHUPLQDQ HQ GRV ODUJRV GLHQWHV H[FHSFLRQDOPHQWH HQ XQR HO WDOOR SXHGH HVWDU KLQFKDGR /RV SHGLFHODULRV WULGHQWDGRV RFXUUHQ HQ GRV IRUPDV GLVWLQWDV XQD FRQ ODV YDOYDV GHOJDGDV ODV FXDOHV SXHGHQ VHU WUHV R FXDWUR \ OD RWUD IRUPD WLHQH ODV YDOYDV PXFKR PiV IXHUWHV 0RUWHQVHQ 'LVWULEXFLyQ JHRJUiILFD 6H GLVWULEX\H HQ ODV $QWLOODV \ HO *ROIR GH 0p[LFR 0RUWHQVHQ \ 6HUDI\ (Q HO &DULEH FRORPELDQR VH FROHFWy IUHQWH D ,VOD $JXMD 7$< 3URIXQGLGDG P 6HUDI\ ________________________________________________________________________________________________ $ 'LPHQVLRQHV /$ JHQHUDOPHQWH PP 6HUDI\ (O PD\RU WDPDxR UHJLVWUDGR IXH GH PP GH /$ 0RUWHQVHQ &RPHQWDULRV (Q DOFRKRO HV GH FRORU FUHPD *e1(523DOHRSQHXVWHV$$JDVVL] 3DOHRSQHXVWHVFULVWDWXV$$JDVVL] ),*85$( 5HIHUHQFLDVGHLGHQWLILFDFLyQ 0RUWHQVHQ ILJV SOV ILJV ILJ ILJV ILJV )DUIDQWH SO ILJV &KHVKHU SO ILJV DG ILJV EH ILJV DI ILJV DI ILJV DG J 7RPPDVL ILJ 6HUDI\ 6LQRQLPLDVHQ &KHVKHU 0DWHULDO ([DPLQDGR HMHPSODU ,19(0$5(48, /$ PP $17 PP $/7 PP ( HMHPSODU ,19(0$5(48, /$ PP $17 PP $/7 PP ( 'LDJQRVLV 1R SUHVHQWD WXEpUFXORV SULPDULRV HQWUH ORV SRURV GH ORV DPEXODFURV QL D OR ODUJR GH OD OtQHD PHGLD GHO LQWHUDPEXODFUR R SODFDV GHVGH HO SHULVWRPD KDVWD HO SpWDOR HQ HO DPEXODFUR ,9 D HQ HO DPEXODFUR 9 &KHVKHU 'LVWULEXFLyQ JHRJUiILFD 'HVGH %DUEDGRV KDVWD HO QRUWH GHO HVWUHFKR GH )ORULGD \ &XED \ GHVGH HO *ROIR GH 0p[LFR KDVWD &RORPELD &KHVKHU $OODLQ HQ GRQGH VH FROHFWy IUHQWH D '$5 3URIXQGLGDG \ P &KHVKHU \ 6HUDI\ 'LPHQVLRQHV 3XHGH DOFDQ]DU WDOODV GH PP GH /$ PP GH $17 \ PP GH $/7 )DUIDQWH &RPHQWDULRV 3DOHRSQHXVWHV FULVWDWXV HV GH FRORU PRUDGR RVFXUR DXQTXH SXHGH YDULDU KDVWD PRUDGRFDIp D PRUDGR PX\ RVFXUR \ HQ SRFRV FDVRV FDVL QHJUR 0RUWHQVHQ HQ DOFRKRO VH FRQVHUYD HO FRORU PRUDGR +DVWD HVWD HUD OD ~QLFD HVSHFLH GHO JpQHUR 3DOHRSQHXVWHV $FWXDOPHQWH H[LVWHQ GRV 3 FULVWDWXV \ 3 WKRORIRUPLV &KHVKHU TXH VH GLIHUHQFLDQ SRUTXH OD ~OWLPD SUHVHQWD ORV ___________________________________________________________ $ SDUHV GH SpWDORV FRQ WXEpUFXORV HQWUH ORV SRURV D SODFDV GHVGH HO SHULVWRPLR KDVWD HO SpWDOR HQ HO DPEXODFUR ,9 \ D HQ HO DPEXODFUR 9 &21&/86,21(6 'HQWUR GHO 3K\OXP (FKLQRGHUPDWD OD &ODVH (FKLQRLGHD HV OD PiV GLYHUVD HQ HO &DULEH FRORPELDQR FRQ XQ WRWDO GH HVSHFLHV UHJLVWUDGDV $OODLQ &D\FHGR ÉOYDUH] \ *DOOR &RQ HO PDWHULDO FROHFWDGR SRU OD H[SHGLFLyQ ,19(0$50$&52)$81$ , HVWH LQYHQWDULR VH KD LQFUHPHQWDGR HQ FLQFR HVSHFLHV (VWRV SULPHURV UHJLVWURV DPSOtDQ FRQVLGHUDEOHPHQWH OD GLVWULEXFLyQ JHRJUiILFD GH HVWDV HVSHFLHV \D TXH VyOR KDQ VLGR UHJLVWUDGDV SDUD HO *ROIR GH 0p[LFR \ ODV $QWLOODV $GHPiV GH ODV ORFDOLGDGHV DQWHULRUHV \ KDQ VLGR OLVWDGDV SDUD HO $WOiQWLFR 2ULHQWDO $*5$'(&,0,(1726 /RV DXWRUHV DJUDGHFHQ DO ,QVWLWXWR GH ,QYHVWLJDFLRQHV 0DULQDV \ &RVWHUDV ´-RVp %HQLWR 9LYHV 'H $QGUpLVµ ,19(0$5 D ORV SUR\HFWRV &DUDFWHUL]DFLyQ GH OD PDFURIDXQD GHO &DULEH FRORPELDQR )DVH µ FyGLJR HO FXDO FRQWy FRQ OD FRODERUDFLyQ GHO ,QVWLWXWR &RORPELDQR SDUD HO 'HVDUUROOR GH OD &LHQFLD \ OD 7HFQRORJtD ´)UDQFLVFR -RVp GH &DOGDVµ &2/&,(1&,$6 \ ´)DXQD PDULQD FRORPELDQD FDUDFWHUL]DFLyQ GH OD PDFURIDXQD GH OD SODWDIRUPD FRQWLQHQWDO GHO PDU &DULEH FRORPELDQR HVWDGR GHO FRQRFLPLHQWR GH OD PDFURIDXQD GH OD SODWDIRUPD FRQWLQHQWDO GHO RFpDQR 3DFtILFR FRORPELDQR \ WUDQVIHUHQFLD WHFQyORJLFD \ GH LQIRUPDFLyQ DO 6,1$ 8$(6311 &2532*8$-,5$ < &9&µ FRQWUDWR 1R $Vt PLVPR DO SHUVRQDO GHO 1DWLRQDO 0XVHXP RI 1DWXUDO +LVWRU\ GH :DVKLQJWRQ \ GHO /DERUDWRULR GH 6LVWHPiWLFD \ (FRORJtD GH (TXLQRGHUPRV GHO ,QVWLWXWR GH &LHQFLDV GHO 0DU \ /LPQRORJtD GH OD 8QLYHUVLGDG 1DFLRQDO $XWyQRPD GH 0p[LFR SRU WRGD OD FRODERUDFLyQ 0X\ HVSHFLDOPHQWH DO 'U 5LFK 0RRL SRU VX YDOLRVD D\XGD HQ OD FRQILUPDFLyQ GH ODV HVSHFLHV %,%/,2*5$)Ì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