You are on page 1of 159

EL TRANSPORTE

MARÍTIMO EN

CONFERENCIA DE LAS NACIONES UNIDAS SOBRE COMERCIO Y DESARROLLO

NACIONES UNIDAS
&21)(5(1&,$'(/$61$&,21(681,'$662%5(
&20(5&,2<'(6$552//2
*LQHEUD

(/75$163257(0$5Ë7,02
(1
,QIRUPHGHODVHFUHWDUtDGHOD81&7$'


1$&,21(681,'$6
1XHYD<RUN\*LQHEUD




LL (OWUDQVSRUWHPDUtWLPRHQ


127$

(O ,QIRUPH VREUH HO 7UDQVSRUWH 0DUtWLPR HV XQD SXEOLFDFLyQ SHULyGLFD SUHSDUDGD SRU OD VHFUHWDUtD GH OD
81&7$' GHVGH  FRQ HO ILQ GH DXPHQWDU OD WUDQVSDUHQFLD GH ORV PHUFDGRV PDUtWLPRV \ DQDOL]DU ORV
DFRQWHFLPLHQWRV SHUWLQHQWHV /DV FRUUHFFLRQHV GH IRQGR R GH IRUPD TXH UHVXOWHQ QHFHVDULDV D OD OX] GH ODV
REVHUYDFLRQHVTXHKDJDQORVJRELHUQRVVHSXEOLFDUiQHQXQDFRUUHFFLyQ

 

/DV VLJQDWXUDV GH ORV GRFXPHQWRV GH ODV 1DFLRQHV 8QLGDV VH FRPSRQHQ GH OHWUDV PD\~VFXODV \ FLIUDV
/DPHQFLyQGHXQDGHHVWDVVLJQDWXUDVLQGLFDTXHVHKDFHUHIHUHQFLDDXQGRFXPHQWRGHODV1DFLRQHV8QLGDV

 

/DV GHQRPLQDFLRQHV HPSOHDGDV HQ HVWH GRFXPHQWR \ OD IRUPD HQ TXH DSDUHFHQ SUHVHQWDGRV ORV GDWRV TXH
FRQWLHQH QR LPSOLFDQ GH SDUWH GH OD 6HFUHWDUtD GH ODV 1DFLRQHV 8QLGDV MXLFLR DOJXQR VREUH OD FRQGLFLyQ
MXUtGLFDGHSDtVHVWHUULWRULRVFLXGDGHVR]RQDVRGHVXVDXWRULGDGHVQLUHVSHFWRGHODGHOLPLWDFLyQGHVXV
IURQWHUDVROtPLWHV

 

(OFRQWHQLGRGHHVWDSXEOLFDFLyQSRGUiFLWDUVHRUHSURGXFLUVHOLEUHPHQWHVLHPSUHTXHVHPHQFLRQHVXRULJHQ
FRQLQGLFDFLyQGHODVLJQDWXUDGHOGRFXPHQWR YpDVHLQIUD 'HEHUiUHPLWLUVHDODVHFUHWDUtDGHOD81&7$'
HQ3DODLVGHV1DWLRQV&+*LQHEUD6XL]DXQHMHPSODUGHODSXEOLFDFLyQTXHFRQWHQJDORVSDVDMHV
FLWDGRVRUHSURGXFLGRV


81&7$'507

38%/,&$&,Ï1'(/$61$&,21(681,'$6

1~PHURGHYHQWD6,,'

ISBN-13: 978-92-1-312329-4

,661
 ËQGLFH,QWURGXFFLyQ\5HVXPHQ LLL

Ë1',&(

&DStWXOR 3iJLQD

 /,67$'(&8$'526*5È),&26<5(&8$'526 Y

 6,*/$6<127$6(;3/,&$7,9$6  L[

 ,1752'8&&,Ï1 [

 5(680(1'(/2635,1&,3$/(6$&217(&,0,(1726  [L

 /$(92/8&,Ï1'(/75È),&20$5Ë7,02,17(51$&,21$/ 

$ &RQVLGHUDFLRQHVJHQHUDOHVVREUHODHFRQRPtDPXQGLDO  

% (OWUiILFRPDUtWLPRPXQGLDO  

 (6758&785$<3523,('$''(/$)/27$081',$/  

$ /DHVWUXFWXUDGHODIORWDPXQGLDO 

% /DSURSLHGDGGHODIORWDPXQGLDO 

& (OUHJLVWURGHEXTXHV  

' /DFRQVWUXFFLyQQDYDO\HOPHUFDGRGHVHJXQGDPDQR  

 352'8&7,9,'$''(/$)/27$081',$/<2)(57$<'(0$1'$
(1(/75$163257(0$5Ë7,02081',$/ 

$ 3URGXFWLYLGDG  

% 2IHUWD\GHPDQGDHQHOWUDQVSRUWHPDUtWLPRPXQGLDO  

& &RPSDUDFLyQGHODVFLIUDVGHFDUJDFRQODSURSLHGDGGHODIORWD  

 &20(5&,2<0(5&$'2'()/(7(6 

$ (OPHUFDGRGHIOHWHVGHOSHWUyOHR\VXVSURGXFWRV  

% (OPHUFDGRGHIOHWHVGHFDUJDVHFDDJUDQHO  

& (OPHUFDGRGHIOHWHVGHORVEXTXHVGHOtQHDUHJXODU 

' (VWLPDFLyQGHORVFRVWRVWRWDOHVGHORVIOHWHVHQHOFRPHUFLRPXQGLDO 

 '(6$552//232578$5,2  

$ 7UiILFRSRUWXDULRGHFRQWHQHGRUHV 

% 0HMRUDVHQHOGHVHPSHxRSRUWXDULR 

& &DPELRLQVWLWXFLRQDO 

' 5HFDUJRVSRUUD]RQHVGHVHJXULGDGHQORVSXHUWRV  


LY (OWUDQVSRUWHPDUtWLPRHQ

Ë1',&( FRQWLQXDFLyQ 

&DStWXOR 3iJLQD

 (/&20(5&,2</$(),&,(1&,$'(/75$163257(  

$ 1HJRFLDFLRQHVVREUHODIDFLOLWDFLyQGHORVLQWHUFDPELRVHQOD2UJDQL]DFLyQ
0XQGLDOGHO&RPHUFLR 

% &XHVWLRQHVMXUtGLFDVTXHDIHFWDQDOWUDQVSRUWHXQSDQRUDPDJHQHUDOGHORV
DFRQWHFLPLHQWRVUHFLHQWHVUHODFLRQDGRVFRQODVHJXULGDGGHODFDGHQDORJtVWLFD
PDUtWLPD\PXQGLDO\FRQHOSHUVRQDOQDYHJDQWH  

& 3URGXFFLyQ\DUULHQGRGHFRQWHQHGRUHV 

' (YROXFLyQGHOWUDQVSRUWHLQWHUQR  

( 3URYHHGRUHVGHVHUYLFLRVORJtVWLFRV 

) 6LWXDFLyQGHODVFRQYHQFLRQHV 

 (;$0(1'(/2$&217(&,'2(1/$65(*,21(6(/È)5,&$
68%6$+$5,$1$ 

$ /DVLWXDFLyQHFRQyPLFD  

% /DHVWUXFWXUDGHOFRPHUFLR  

& (OWUDQVSRUWHPDUtWLPR  

' ËQGLFHGHFRQH[LyQGHOWUDQVSRUWHPDUtWLPRHQORVSDtVHVDIULFDQRV  

( (OWUDQVSRUWHLQWHUQR  

) (OWUDQVSRUWHDpUHR 

* /RVFRVWRVGHOWUDQVSRUWH\VXSHVRHQORTXHVHSDJDSRUODVLPSRUWDFLRQHV 

$QH[RV

 ,  &ODVLILFDFLyQGHORVSDtVHV\WHUULWRULRV  

 ,,  7UiILFRPDUtWLPRPXQGLDOSRUJUXSRVGHSDtVHV\
HQPLOORQHVGHWRQHODGDV  

,,, D  )ORWDVPHUFDQWHVGHOPXQGRSRUSDEHOORQHVGHPDWUtFXODSRUJUXSRVGHSDtVHV\
SRUWLSRVGHEXTXHDOžGHHQHURGH HQPLOHVGH75%  

,,, E  )ORWDVPHUFDQWHVGHOPXQGRSRUSDEHOORQHVGHPDWUtFXODSRUJUXSRVGHSDtVHV\
SRUWLSRVGHEXTXHDOžGHHQHURGH HQPLOHVGH730  
 ËQGLFH,QWURGXFFLyQ\5HVXPHQ Y

Ë1',&( FRQWLQXDFLyQ 

/LVWDGHFXDGURVJUiILFRV\UHFXDGURV

&XDGUR 3iJLQD

 &UHFLPLHQWRHFRQyPLFRPXQGLDO 

 &UHFLPLHQWRHQYROXPHQGHOFRPHUFLRGHPHUFDQFtDVSRUUHJLRQHVJHRJUiILFDV 

 (YROXFLyQGHOWUiILFRPDUtWLPRLQWHUQDFLRQDOHQORVDxRVTXHVHLQGLFD 

 7UiILFRPDUtWLPRPXQGLDOHQORVDxRVTXHVHLQGLFDSRUWLSRVGHFDUJD\JUXSRVGHSDtVHV  

 (OWUiILFRPDUtWLPRPXQGLDOHQWRQHODGDVPLOODHQORVDxRVTXHVHLQGLFD 

 )ORWDPXQGLDOSRUSULQFLSDOHVWLSRVGHEXTXH 

 'LVWULEXFLyQGHODIORWDPXQGLDO\FDSDFLGDGHQ7(8GHORVEXTXHVSRUWDFRQWHQHGRUHV
WRWDOPHQWHFHOXODUHVSRUJUXSRVGHSDtVHVHQ\ 

 'LVWULEXFLyQSRUHGDGGHODIORWDPHUFDQWHPXQGLDOSRUWLSRVGHEXTXH
DOžGHHQHURGH 

 (QWUHJDVGHEXTXHVQXHYRVHQORVDxRVTXHVHLQGLFD  

 (YROXFLyQGHORVGHVJXDFHV 

 9HQWDVSDUDGHVJXDFHFRPXQLFDGDVGHDSRUWLSRVGHEXTXH 

 (GDGPHGLDGHOWRQHODMHGHVJXD]DGRGHDSRUWLSRVGHEXTXH  

 'LVWULEXFLyQGHOWRQHODMHPXQGLDO HQ730 SRUJUXSRVGHSDtVHVGHPDWUtFXOD


HQ\ 

 'LVWULEXFLyQGHOWRQHODMHPXQGLDOSRUWLSRVGHEXTXH\JUXSRVGHSDtVHV
HQ\ 

 (VWUXFWXUDGHODIORWDPHUFDQWHGHORVSULQFLSDOHVJUXSRVGHSDtVHVDOžGHHQHURGH 

 /RVSDtVHV\WHUULWRULRVPDUtWLPRVPiVLPSRUWDQWHVDOžGHHQHURGH 

 'LVWULEXFLyQGHOWRQHODMHGHODVSULQFLSDOHVIORWDVGHOLEUHPDWUtFXODDOžGHHQHURGH 

 7RQHODMHTXHHVSURSLHGDGGHQDFLRQDOHVGHOSDtVRWHUULWRULRGHPDWUtFXOD\HVWi
DEDQGHUDGRHQGLFKRSDtVHQSRUFHQWDMHGHODIORWDWRWDOGHORVUHJLVWURVGHOLEUHPDWUtFXOD
\ORVUHJLVWURVLQWHUQDFLRQDOHVPiVLPSRUWDQWHVDOžGHHQHUR 

 1DFLRQDOLGDGHIHFWLYDGHODVSULQFLSDOHVIORWDVGHOLEUHPDWUtFXODDOžGHHQHURGH  

 3HGLGRVGHORVSULQFLSDOHVWLSRVGHEXTXHHQ  

 7RQHODMHPXQGLDOHQFDUJDGRDOžGHHQHURGH  

 3UHFLRVUHSUHVHQWDWLYRVGHORVEXTXHVQXHYRVHQORVDxRVTXHVHLQGLFD 

 3UHFLRVGHORVEXTXHVGHVHJXQGDPDQRGHFLQFRDxRVGHHGDG 


YL (OWUDQVSRUWHPDUtWLPRHQ

Ë1',&( FRQWLQXDFLyQ 

/LVWDGHFXDGURVJUiILFRV\UHFXDGURV FRQWLQXDFLyQ 

&XDGUR 3iJLQD

 &DUJDWUDQVSRUWDGD\WRQHODGDVPLOODSRU730GHODIORWDPXQGLDOWRWDOHQORVDxRV
TXHVHLQGLFD  

 3URGXFWLYLGDGHVWLPDGDGHSHWUROHURVJUDQHOHURVFDUJXHURVPL[WRV\UHVWRGHODIORWD
HQORVDxRVTXHVHLQGLFD HQWRQHODGDVWUDQVSRUWDGDVSRU730  

 3URGXFWLYLGDGHVWLPDGDGHSHWUROHURVJUDQHOHURVFDUJXHURVPL[WRV\UHVWRGHODIORWD
HQORVDxRVTXHVHLQGLFD HQPLOHVGHWRQHODGDVPLOODSRU730  

 ([FHVRGHRIHUWDGHWRQHODMHGHODIORWDPHUFDQWHPXQGLDOHQORVDxRVTXHVHLQGLFD  

 $QiOLVLVGHOH[FHVRGHRIHUWDGHWRQHODMHSRUSULQFLSDOHVWLSRVGHEXTXH
HQORVDxRVTXHVHLQGLFD 

 &RPSDUDFLyQHQWUHHOPRYLPLHQWRWRWDOGHFDUJD\ODSURSLHGDGGHODIORWD
SRUJUXSRVGHSDtVHVHQ\ 

 $FWLYLGDGPDUtWLPDGHODVSULQFLSDOHVQDFLRQHVFRPHUFLDQWHV  

 ËQGLFHVGHIOHWHVGHSHWUROHURV  

 ËQGLFHVGHIOHWHVGHFDUJXHURV  

 &UHFLPLHQWRGHODIORWDPXQGLDOGHSRUWDFRQWHQHGRUHVFHOXODUHV  

 /RVSULQFLSDOHVRSHUDGRUHVGHFRQWHQHGRUHVDPHGLDGRVGHVHSWLHPEUHGH
SRUQ~PHURGHEXTXHV\FDSDFLGDGWRWDOGHWUDQVSRUWH 

 7DULIDVPHGLDVGHORVIOHWDPHQWRVSRUWLHPSRGHORVSRUWDFRQWHQHGRUHV 

 7DULIDVGHORVIOHWHV PHGLDVGHOPHUFDGR HQODVWUHVSULQFLSDOHVUXWDVFRPHUFLDOHV


GHORVEXTXHVGHOtQHDUHJXODU  

 )OXMRVHVWLPDGRVGHFDUJDHQODVSULQFLSDOHVUXWDVFRPHUFLDOHV  

 5HSDUWRGHODFDSDFLGDGHQHOWUiILFR(XURSD/HMDQR2ULHQWH  

 ËQGLFHVGHORVIOHWHVGHORVEXTXHVGHOtQHDUHJXODU 

 3URSRUFLyQGHODVWDULIDVGHORVIOHWHVGHORVEXTXHVGHOtQHDUHJXODUUHVSHFWRGHORV
SUHFLRVGHDOJXQRVSURGXFWRV 

 (VWLPDFLyQGHOFRVWRWRWDOGHOWUDQVSRUWHGHODVLPSRUWDFLRQHVHQHOFRPHUFLRPXQGLDO
SRUJUXSRVGHSDtVHV  

 (OWUiILFRGHORVSXHUWRVGHFRQWHQHGRUHVGHSDtVHV\WHUULWRULRVHQGHVDUUROOR
HQ\  

 /RVSULQFLSDOHVWHUPLQDOHVGHFRQWHQHGRUHV\VXPRYLPLHQWR  

 )ORWDPXQGLDOGHFRQWHQHGRUHV  


 ËQGLFH,QWURGXFFLyQ\5HVXPHQ YLL

Ë1',&( FRQWLQXDFLyQ 

/LVWDGHFXDGURVJUiILFRV\UHFXDGURV FRQWLQXDFLyQ 

&XDGUR 3iJLQD

 3URGXFFLyQGHFRQWHQHGRUHV  

 3,%UHDOGHORVSDtVHVHQGHVDUUROORGHOÈIULFDVXEVDKDULDQD  

 1~PHURGHSDtVHVFRQWDVDVDQXDOHVSRVLWLYDVGHFUHFLPLHQWRGHO3,%HQ\ 

 (OFRPHUFLRGHPHUFDQFtDVHQÈIULFD  

 &RPSRVLFLyQGHOFRPHUFLRDIULFDQRSRUEORTXHV  

 'HVWLQRGHODVH[SRUWDFLRQHVDIULFDQDVHQWpUPLQRVGHYDORU  

 (OFRPHUFLRHQÈIULFDGHORVSULQFLSDOHVJUXSRVGHSDtVHVHQ 

 /DIORWDPHUFDQWHGHORVSDtVHVDIULFDQRV  

 'LVWULEXFLyQSRUHGDGGHODIORWDGHORVSDtVHVDIULFDQRV 

 (OWUiILFRGHFRQWHQHGRUHVHQWUHODFRVWDRFFLGHQWDOGHÈIULFD\(XURSD 

 7UiILFRWRWDO\GHWUDQVERUGRHQORVSXHUWRV\DxRVTXHVHLQGLFD  

 /RVPD\RUHVSXHUWRVGHFRQWHQHGRUHVGHÈIULFDHQ  

 ËQGLFHGHFRQH[LyQGHOWUDQVSRUWHPDUtWLPRSRUOtQHDVUHJXODUHV 

 7UiILFRHQWUiQVLWRGHORVSXHUWRVGHOÈIULFDRFFLGHQWDOHQ  

 3ULQFLSDOHVDHURSXHUWRVDIULFDQRVGHFDUJD 

 (VWLPDFLyQGHOFRVWRWRWDOGHOWUDQVSRUWHGHODVLPSRUWDFLRQHVGHORVSDtVHVDIULFDQRVHQ 

 (VWLPDFLyQGHOFRVWRGHOWUDQVSRUWHGHODVLPSRUWDFLRQHVGHDOJXQRVSDtVHVVLQOLWRUDO
GHÈIULFDHQORVDxRVTXHVHLQGLFD 

*UiILFR

 9DULDFLyQDQXDOGHODSURGXFFLyQLQGXVWULDOGHOD2&'(\GHOWUiILFRPDUtWLPR
PXQGLDOHQ  

 (OWUiILFRPDUtWLPRLQWHUQDFLRQDOHQGHWHUPLQDGRVDxRV  

 (OWUiILFRPDUtWLPRPXQGLDOSRUJUXSRVGHSDtVHV 

 /DIORWDPXQGLDOSRUSULQFLSDOHVWLSRVGHEXTXHHQDOJXQRVDxRV  

 7RQHODMHPXQGLDOSRUJUXSRVGHSDtVHVDOžGHHQHURGH  

 7RQHODGDVPLOODSRU730GHODIORWDPXQGLDOWRWDO  

 (YROXFLyQGHOH[FHVRGHFDSDFLGDGSRUSULQFLSDOHVWLSRVGHEXTXHHQORVDxRVTXHVHLQGLFD 


YLLL (OWUDQVSRUWHPDUtWLPRHQ

Ë1',&( FRQWLQXDFLyQ 

/LVWDGHFXDGURVJUiILFRV\UHFXDGURV FRQWLQXDFLyQ 

*UiILFR 3iJLQD

 (VWLPDFLyQGHORVFRVWRVWRWDOHVGHORVIOHWHVGHODVLPSRUWDFLRQHVHQHOFRPHUFLR
PXQGLDOSRUJUXSRVGHSDtVHV  

 (YROXFLyQGHORVSUHFLRVGHFRQWHQHGRUHVQXHYRV 

 (OÈIULFDVXEVDKDULDQDDOJXQRVFRUUHGRUHVGHWUDQVSRUWHLQWHUQR  

5HFXDGUR

 &ODVLILFDFLyQGHORVEXTXHV\UHJLVWURVXWLOL]DGDHQHOLQIRUPHVREUHHOWUDQVSRUWH
PDUtWLPR  [LY

 (VWXGLRGHODRIHUWD\GHPDQGDGHSHUVRQDOQDYHJDQWH\FXHVWLRQHVVREUHVHJXURV 

 (VWDGRVFRQWUDWDQWHVGHORVFRQYHQLRVVREUHWUDQVSRUWHPDUtWLPRTXHVHLQGLFDQ
DOžGHDJRVWRGH  

 ËQGLFHGHFRQH[LyQGHOWUDQVSRUWHPDUtWLPRSRUOtQHDVUHJXODUHV  


 ËQGLFH,QWURGXFFLyQ\5HVXPHQ L[

6,*/$6<127$6(;3/,&$7,9$6

6LJODV

$6($1 $VRFLDFLyQGH1DFLRQHVGHO$VLD6XGRULHQWDO
&$1 &RPXQLGDG$QGLQDGH1DFLRQHV
&&* &RQVHMRGH&RRSHUDFLyQGHO*ROIR
&(( &RPXQLGDG(FRQyPLFD(XURSHD
&(3$/ &RPLVLyQ(FRQyPLFDSDUD$PpULFD/DWLQD\HO&DULEH
&(3( &RPLVLyQ(FRQyPLFDSDUD(XURSD
&(63$2 &RPLVLyQ(FRQyPLFD\6RFLDOSDUD$VLD2FFLGHQWDO
&(63$3 &RPLVLyQ(FRQyPLFD\6RFLDOSDUD$VLD\HO3DFtILFR
FLI FRVWRVHJXUR\IOHWH
&20(6$ 0HUFDGR&RP~QSDUDHOÈIULFD2ULHQWDO\0HULGLRQDO
)(8 )RUW\IRRWHTXLYDOHQWXQLW XQLGDGHTXLYDOHQWHDXQFRQWHQHGRUGHSLHV 
)0, )RQGR0RQHWDULR,QWHUQDFLRQDO
IRE IUDQFRDERUGR
*1/ JDVQDWXUDOOLFXDGR
*3/ JDVGHSHWUyOHROLFXDGR
,(' LQYHUVLyQH[WUDQMHUDGLUHFWD
,,&/ ,QVWLWXWRGH$UUHQGDGRUHV,QWHUQDFLRQDOHVGH&RQWHQHGRUHV
PESG PLOORQHVGHEDUULOHVSRUGtD
0&&$ 0HUFDGR&RP~Q&HQWURDPHULFDQR
0(5&2685 0HUFDGR&RP~QGHO6XU
PPF PLOORQHVGHPHWURVF~ELFRV
QHS QRHVSHFLILFDGRHQRWUDSDUWH
2&'( 2UJDQL]DFLyQGH&RRSHUDFLyQ\'HVDUUROOR(FRQyPLFRV
20& 2UJDQL]DFLyQ0XQGLDOGHO&RPHUFLR
20, 2UJDQL]DFLyQ0DUtWLPD,QWHUQDFLRQDO
23(3 2UJDQL]DFLyQGH3DtVHV([SRUWDGRUHVGH3HWUyOHR
3'(0 SDtVHVGHVDUUROODGRVGHHFRQRPtDGHPHUFDGR
3,% SURGXFWRLQWHULRUEUXWR
30$ SDtVHVPHQRVDGHODQWDGRV
7'5 WRQHODGDVGHGHVSOD]DPLHQWRHQURVFD
7(8 7ZHQW\IRRWHTXLYDOHQWXQLW XQLGDGHTXLYDOHQWHDXQFRQWHQHGRUGHSLHV 
7/&$1 7UDWDGRGH/LEUH&RPHUFLRGH$PpULFDGHO1RUWH
730 WRQHODGDVGHSHVRPXHUWR
75% WRQHODGDVGHUHJLVWUREUXWR
8( 8QLyQ(XURSHD
81&7$' &RQIHUHQFLDGHODV1DFLRQHV8QLGDVVREUH&RPHUFLR\'HVDUUROOR
:6 :RUOGVFDOH tQGLFHDHVFDODPXQGLDO 

[ (OWUDQVSRUWHPDUtWLPRHQ

1RWDVH[SOLFDWLYDV

• /DSDODEUDGyODUHVGHQRWDGyODUHVGHORV(VWDGRV8QLGRVGH$PpULFDDPHQRVTXHVHLQGLTXHRWUD
FRVD

• 3RUWRQHODGDVVHHQWLHQGHWRQHODGDVPpWULFDVDPHQRVTXHVHLQGLTXHRWUDFRVD

• &RPRDYHFHVVHUHGRQGHDQODVFLIUDVORVSRUFHQWDMHV\GDWRVSDUFLDOHVSUHVHQWDGRVHQORVFXDGURVQR
VLHPSUHVXPDQHOWRWDOFRUUHVSRQGLHQWH

• 'RVSXQWRV  LQGLFDQTXHORVGDWRVIDOWDQRQRFRQVWDQSRUVHSDUDGR

• /DUD\D  LQGLFDTXHODFDQWLGDGHVQXODRLQIHULRUDODPLWDGGHODXQLGDGXWLOL]DGD

• (QDOJXQRVFXDGURVORVGDWRVTXHVHLQGLFDQSDUDDxRVDQWHULRUHVVHKDQUHYLVDGR\DFWXDOL]DGR\SRU
WDQWR GLILHUHQ GH ORV TXH ILJXUDQ HQ HGLFLRQHV DQWHULRUHV GH HVWD SXEOLFDFLyQ 7DO FRVD RFXUUH VREUH
WRGRHQODGLVWULEXFLyQGHOWRQHODMHPXQGLDOSRUJUXSRVGHSDtVHV\HQSDUWLFXODUHQODFODVLILFDFLyQGH
ORVSULQFLSDOHVSDtVHVGHOLEUHPDWUtFXOD+DVWDODHGLFLyQGHGHOSUHVHQWHLQIRUPHHQODPD\RUtD
GH ORV FXDGURV HVH JUXSR FRPSUHQGtD FXDWUR SDtVHV \ XQ WHUULWRULR D VDEHU %DKDPDV %HUPXGDV
&KLSUH /LEHULD \ 3DQDPi PLHQWUDV TXH HQ DOJXQRV RWURV WDPELpQ ILJXUDEDQ 0DOWD \ 9DQXDWX (Q
0DOWD\9DQXDWXVHLQFOX\HURQHQWRGRVORVFXDGURVHQTXHVHKDFtDUHIHUHQFLDDORVSULQFLSDOHV
SDtVHVGHOLEUHPDWUtFXOD(VWDUHFODVLILFDFLyQDIHFWDVREUHWRGRDODSDUWHGHORVSDtVHVHQGHVDUUROORGH
(XURSDHQHOWRQHODMHPXQGLDOWRWDO$OLJXDOTXHHQODHGLFLyQDQWHULRUGHHVWHLQIRUPHODFREHUWXUDGH
ORVSDtVHVGHOLEUHPDWUtFXODFRPSUHQGHQXHYHSDtVHV\XQWHUULWRULR6HIDFLOLWDQGDWRVSRUVHSDUDGRGH
VHLV GH HOORV D VDEHU %DKDPDV %HUPXGDV &KLSUH /LEHULD 0DOWD \ 3DQDPi PLHQWUDV TXH ORV
FRUUHVSRQGLHQWHV D ORV RWURV FXDWUR SDtVHV \ GRV WHUULWRULRV D VDEHU $QWLJXD \ %DUEXGD ODV ,VODV
&DLPiQ*LEUDOWDU/X[HPEXUJR6DQ9LFHQWH\ODV*UDQDGLQDV\9DQXDWXDSDUHFHQHQJOREDGRVHQXQ
VRORJUXSR

• &XDQGR HQ ORV FXDGURV \ HQ HO WH[WR VH KDFH UHIHUHQFLD D SDtVHV HO WpUPLQR VH DSOLFD D SDtVHV
WHUULWRULRVR]RQDVVHJ~QHOFDVR

,1752'8&&,Ï1

(O SUHVHQWH LQIRUPH HV XQD SXEOLFDFLyQ DQXDO ODVDFWLYLGDGHVPDUtWLPDVGHORVSDtVHVHQGHVDUUROOR


SUHSDUDGD SRU OD VHFUHWDUtD GH OD &RQIHUHQFLD GH ODV HQFRPSDUDFLyQFRQRWURVJUXSRVGHSDtVHV7DPELpQ
1DFLRQHV 8QLGDV VREUH &RPHUFLR \ 'HVDUUROOR 6X VHxDODODFRUUHODFLyQHQWUHHOGHVDUUROORGHOFRPHUFLR
SURSyVLWRHVHVWXGLDUORVSULQFLSDOHVDFRQWHFLPLHQWRV PXQGLDO \ HO WUDQVSRUWH PDUtWLPR HQ JHQHUDO /D
HQ HO WUDQVSRUWH PDUtWLPR PXQGLDO \ IDFLOLWDU HYROXFLyQ UHJLRQDO HQ HO ÈIULFD VXEVDKDULDQD HV HO
HVWDGtVWLFDV SHUWLQHQWHV 6H FHQWUD HQ OR RFXUULGR HQ DVXQWRTXHVHWUDWDHQHOFDStWXORHVSHFLDOGHHVWHDxR
 ËQGLFH,QWURGXFFLyQ\5HVXPHQ [L

5(680(1'(/2635,1&,3$/(6
$&217(&,0,(1726

(YROXFLyQGHODHFRQRPtDPXQGLDO\GHOWUiILFR • /D IORWD GH SHWUROHURV \ OD GH JUDQHOHURV GH


PDUtWLPRLQWHUQDFLRQDO FDUJDVHFDTXHFRQMXQWDPHQWHUHSUHVHQWDQHO
GHOWRWDOGHODIORWDPXQGLDOFUHFLHURQXQ\XQ
• (QODSURGXFFLyQPXQGLDOFUHFLy UHVSHFWLYDPHQWH+XERXQDXPHQWRGHO
ORTXHVXSXVRXQTXLQWRPHQRVTXHHQ DxRHQ HQODIORWDGHEXTXHVSRUWDFRQWHQHGRUHVSDVDQGRGH
HO TXH HO LQFUHPHQWR IXH GH   /RV SDtVHV DPLOORQHVGH730\GHOHQODGH
GHVDUUROODGRV GH HFRQRPtD GH PHUFDGR UHJLVWUDURQ EXTXHV TXH WUDQVSRUWDQ JDV OLFXDGR TXH SDVy GH
XQ FUHFLPLHQWR GH  PLHQWUDV TXH HO GH ORV DPLOORQHVGH730
SDtVHVHQGHVDUUROORIXHSRUWpUPLQRPHGLRGH
/DV SUHYLVLRQHV SDUD  VRQ SUXGHQWHPHQWH
• /DHGDGPHGLDGHODIORWDPXQGLDOGHVFHQGLy
RSWLPLVWDVHQWRUQRD
PX\ OLJHUDPHQWH D  DxRV FDVL HO  GH OD
IORWD WHQtD  DxRV R PiV /RV FDUJXHURV
• (Q YROXPHQ ODV H[SRUWDFLRQHV PXQGLDOHV GH FRQYHQFLRQDOHVSUHVHQWDEDQODHGDGPHGLDPiVDOWD
PHUFDQFtDVDXPHQWDURQIUHQWHDOGH  DxRV  \ ORV SRUWDFRQWHQHGRUHV HUDQ ORV PiV
(O FUHFLPLHQWR UHIOHMy ORV EXHQRV UHVXOWDGRV TXH MyYHQHV DxRV 
VLJXLHURQ REWHQLHQGR &KLQD \ DOJXQRV SDtVHV HQ
GHVDUUROOR
• /RV EXTXHV DEDQGHUDGRV HQ ORV SDtVHV
• (OtQGLFHGHODSURGXFFLyQLQGXVWULDOWRWDOHQ GHVDUUROODGRV GH HFRQRPtD GH PHUFDGR \ HQ ORV
OD 2&'( VH LQFUHPHQWy HQ XQ  JUDFLDV DO SULQFLSDOHV SDtVHV GH OLEUH PDWUtFXOD UHSUHVHQWDURQ
GHVHPSHxR GH ORV (VWDGRV 8QLGRV HO -DSyQ \ HQ HO  \ HO  GH OD IORWD PXQGLDO
PHQRUPHGLGDORVSDtVHVHXURSHRVGHOD2&'( UHVSHFWLYDPHQWH (Q ORV VHJXQGRV HO WRQHODMH
H[SHULPHQWy XQ DXPHQWR GH  GRV WHUFLRV GH
• (O FRPHUFLR PDUtWLPR PXQGLDO PHUFDQFtD HVD IORWD FRUUHVSRQGHQ D SDtVHV GH HFRQRPtD GH
HPEDUFDGD  UHJLVWUy RWUR DXPHQWR DQXDO PHUFDGR \ D SDtVHV HQ GHVDUUROOR /D SDUWH GH ORV
FRQVHFXWLYRDOFDQ]DQGRODFLIUDVLQSUHFHGHQWHVGH SDtVHV HQ GHVDUUROOR VH FLIUy HQ HO  HV GHFLU
 PLOORQHV GH WRQHODGDV /D WDVD DQXDO GH HQ  PLOORQHV GH 730 GH ORV TXH 
FUHFLPLHQWRIXHGHLQIHULRUDOGH PLOORQHVHVWDEDQPDWULFXODGRVHQ$VLD
(VSUREDEOHTXHHOFUHFLPLHQWRSURVLJDHQ
3URGXFWLYLGDGGHODIORWDPXQGLDO\RIHUWD\
• (OWRWDOGHODVDFWLYLGDGHVPDUtWLPDVPHGLGDV GHPDQGD
HQ WRQHODGDVPLOOD DVFHQGLy D  PLOHV GH
PLOORQHV GH WRQHODGDVPLOOD IUHQWH D ORV 
• /RV SULQFLSDOHV LQGLFDGRUHV GH OD
PLOHVGHPLOORQHVGH
SURGXFWLYLGDG GH OD IORWD PXQGLDO HVWR HV ODV
'HVDUUROORGHODIORWDPXQGLDO WRQHODGDV WUDQVSRUWDGDV SRU 730 \ ORV PLOHV GH
WRQHODGDVPLOOD SRU 730 DXPHQWDURQ D  \ 
• /D IORWD PHUFDQWH PXQGLDO DXPHQWy KDVWD UHVSHFWLYDPHQWH $PERV SRUFHQWDMHV VXSXVLHURQ XQ
DOFDQ]DU ORV  PLOORQHV GH WRQHODGDV GH SHVR SHTXHxRGHVFHQVRUHVSHFWRGHODxRDQWHULRU
PXHUWR 730 DSULQFLSLRVGHFRQXQQRWDEOH
FUHFLPLHQWR GHO  HO PiV DOWR GHVGH  • (O H[FHGHQWH PXQGLDO GH WRQHODMH DXPHQWy
FXDQGR OD IORWD PHUFDQWH PXQGLDO HPSH]y D OLJHUDPHQWHVLWXiQGRVHHQPLOORQHVGH730HQ
UHFXSHUDUVHGHODGHSUHVLyQGHORVDxRVRFKHQWD/D RVHDHOGHODIORWDPHUFDQWHPXQGLDO(O
HQWUHJD GH EXTXHV QXHYRV H[SHULPHQWy XQ H[FHVR GH FDSDFLGDG GHO VHFWRU GH SHWUROHURV VH
LQFUHPHQWRVLWXiQGRVHHQPLOORQHVGH730\ PDQWXYR HQ QLYHOHV PRGHVWRV SDUD FLIUDUVH HQ 
HO WRQHODMH GHVJXD]DGR \ SHUGLGR VH FLIUy HQ XQRV PLOORQHV GH 730 PLHQWUDV TXH OD FDSDFLGDG
PRGHVWRV  PLOORQHV GH 730 OR TXH VXSXVR XQD VREUDQWH GHO VHFWRU GH JUDQHOHURV GLVPLQX\y D 
JDQDQFLDQHWDGHPLOORQHVGH730 PLOORQHVGH730
[LL (OWUDQVSRUWHPDUtWLPRHQ

/RVPHUFDGRVGHIOHWHV 'HVDUUROORSRUWXDULR

• (O DxR  DUURMy UHVXOWDGRV FRQWUDSXHVWRV • (O WUiILFR PXQGLDO GH ORV SXHUWRV GH
SDUD HO PHUFDGR GH EXTXHV WDQTXH $XQTXH HO FRQWHQHGRUHV VLJXLy DXPHQWDQGR FRQ XQD WDVD GH
YROXPHQ WRWDO GH SHWUyOHR FUXGR WUDQVSRUWDGR SRU FUHFLPLHQWRGHOHQSDUDDOFDQ]DU
YtD PDUtWLPD DXPHQWy XQ  ORV tQGLFHV GH ORV PLOORQHV GH 7(8 3RU ORV SXHUWRV GH ORV SDtVHV \
IOHWHV PHGLRV GH FXDWUR GH ODV FLQFR FDWHJRUtDV GH WHUULWRULRV HQ GHVDUUROOR SDVDURQ  PLOORQHV GH
EXTXHVWDQTXHIXHURQLQIHULRUHVDORVUHJLVWUDGRVHQ 7(8HVGHFLUHOGHOWRWDO(QKDEtD
TXHIXHXQEXHQDxRSDUDORVSURSLHWDULRVGH SDtVHV \ WHUULWRULRV HQ GHVDUUROOR TXH WHQtDQ
SHWUROHURV 1R REVWDQWH VyOR GRV GH HVRV FLQFR WHUPLQDOHV SRU ORV TXH WUDQVLWDEDQ PiV GH 
tQGLFHV GLVPLQX\HURQ UHDOPHQWH HQ  /RV 7(8 (Q  SRU ORV  PD\RUHV SXHUWRV
tQGLFHV GH ORV IOHWHV PHGLRV GH ORV JUDQGHV PXQGLDOHV GH FRQWHQHGRUHV SDVDURQ  PLOORQHV
SHWUROHURV\GHORVGHWDPDxR6XH]PD[\$IUDPD[ GH7(8
DXPHQWDURQ HQ  HQ   \ 
UHVSHFWLYDPHQWH (OFRPHUFLR\ODHILFLHQFLDGHOWUDQVSRUWH

• (Q  HO WUiILFR PDUtWLPR GH ORV


• (Q GLFLHPEUH GH  HQ OD 'HFODUDFLyQ
SULQFLSDOHVJUDQHOHVHQSDUWLFXODUPLQHUDOGHKLHUUR
0LQLVWHULDO GH OD 5HXQLyQ GH OD 2UJDQL]DFLyQ
\ FDUEyQ FUHFLy XQ  (O HTXLOLEULR HQWUH OD
0XQGLDO GHO &RPHUFLR FHOHEUDGD HQ +RQJ .RQJ
RIHUWD\ODGHPDQGDVHWUDGXMRHQWDULIDVPiVEDMDV
&KLQD ORV0LQLVWURVUHDILUPDURQHOPDQGDWR\ODV
GHORVIOHWDPHQWRVWDQWRSRUWLHPSRFRPRSRUYLDMH
PRGDOLGDGHV GH ODV QHJRFLDFLRQHV VREUH OD
FRQGHVFHQVRVDQXDOHVGHORVtQGLFHVPHGLRVGH
IDFLOLWDFLyQGHOFRPHUFLRTXHILJXUDQHQHODQH[R'
\UHVSHFWLYDPHQWH
GHOOODPDGR3DTXHWHGH-XOLR

• $ ILQDOHV GH  OD HYROXFLyQ GH ORV IOHWHV


HQ ODV SULQFLSDOHV UXWDV FRQWHQHGRUL]DGDV OD • /D IORWD PXQGLDO GH SRUWDFRQWHQHGRUHV
WUDQVSDFtILFD OD WUDQVDWOiQWLFD \ OD $VLD(XURSD DXPHQWy XQ  HQ  SDUD FLIUDUVH HQ 
DUURMDED WDPELpQ UHVXOWDGRV FRQWUDSXHVWRV HQ PLOORQHV GH 7(8 /D SDUWH GH ORV WUDQVSRUWLVWDV
FRPSDUDFLyQ FRQ ORV QLYHOHV YLJHQWHV D ILQDOHV GH PDUtWLPRV HQ HVH WRWDO DOFDQ]y HO  HQUD]yQ GH
 (Q OD WUDQVSDFtILFD \ HQ OD $VLD(XURSD ODV ODVJUDQGHVFRPSUDVGXUDQWHHODxR
GLUHFFLRQHV SUHGRPLQDQWHV TXH VRQ GHVGH $VLD D
$PpULFD GHO 1RUWH HQ OD SULPHUD \ GHVGH $VLD D ([DPHQGHODHYROXFLyQUHJLRQDO
(XURSD HQ OD VHJXQGD ODV WDULIDV UHJLVWUDURQ
GHVFHQVRV GH  \  UHVSHFWLYDPHQWH (Q ODV • 'XUDQWH HO SHUtRGR GH  D  HO
RWUDVGLUHFFLRQHVPHMRUDURQVLQHPEDUJRHQ\ GHVHPSHxR HFRQyPLFR GH ORV SDtVHV GHO ÈIULFD
 (Q OD UXWD WUDQVDWOiQWLFD DXPHQWDURQ  VXEVDKDULDQD VH PDQWXYR SRU GHEDMR GHO UHJLVWUDGR
HQGLUHFFLyQRHVWH \ HQGLUHFFLyQHVWH  SRU ODV HFRQRPtDV HQ GHVDUUROOR HQ VX FRQMXQWR
$XQTXH DOJXQRV SDtVHV WXYLHURQ LQFUHPHQWRV
/RVFRVWRVWRWDOHVGHORVIOHWHVHQHOFRPHUFLR DQXDOHV GHO 3,% VXSHULRUHV D ODV PHWDV TXH VH
PXQGLDOSRUJUXSRV FRQVLGHUDEDQDSURSLDGDVSDUDDOFDQ]DUORVREMHWLYRV
GH GHVDUUROOR GHO 0LOHQLR HVWDEOHFLGRV SRU ODV
• (OFRVWRWRWDOGHOWUDQVSRUWHHQSURSRUFLyQGHO 1DFLRQHV 8QLGDV FRQ PLUDV D UHGXFLU D OD PLWDG OD
YDORU WRWDO GH ODV LPSRUWDFLRQHV VH FLIUy HQ  SREUH]DHQODJUDQPD\RUtDQRORJUyDOFDQ]DU
HQ (VH IDFWRU GH IOHWH IXH GH  HQ ORV HVDV PHWDV (Q  ORV SDtVHV GHO ÈIULFD
SDtVHV GHVDUUROODGRV GH HFRQRPtD GH PHUFDGR HQ VXEVDKDULDQD HIHFWXDURQ HO  GH ODV
FRPSDUDFLyQFRQHOGHPLHQWUDVTXHHQ H[SRUWDFLRQHV DIULFDQDV \ HO  GH ODV
ORV SDtVHV HQ GHVDUUROOR IXH GH  LQIHULRU DO LPSRUWDFLRQHVFRUUHVSRQGLHQGRHOUHVWRD6XGiIULFD
UHJLVWUDGRHQ+XERXQDGLVPLQXFLyQHQ \DORVSDtVHVGHÈIULFDGHO1RUWH(OLQFUHPHQWRGHO
ORVSDtVHVHQGHVDUUROORGHÈIULFD IUHQWHD FRPHUFLR IXH SDUWLFXODUPHQWH EXHQR HQ ORV SDtVHV
HQ $VLD IUHQWHD \2FHDQtD  SURGXFWRUHV GH SHWUyOHR GHO ÈIULFD RFFLGHQWDO \
IUHQWH D   (Q ORV SDtVHV HQ GHVDUUROOR GH FHQWUDO
$PpULFD\(XURSDVLQHPEDUJRHOIDFWRUDXPHQWyD
  HQ   \   HQ   • (QHOWRQHODMHWRWDOGHODIORWDPHUFDQWH
UHVSHFWLYDPHQWH DIULFDQD LQFOXLGD OD PDWUtFXOD OLEUH GH /LEHULD VH
 ËQGLFH,QWURGXFFLyQ\5HVXPHQ [LLL

FLIUy HQ  730 OR TXH VXSRQH HO  • (Q YDULRV SDtVHV VH KDQ HVWDEOHFLGR
GH OD IORWD PXQGLDO 6LQ OD OLEUH PDWUtFXOD GH DVRFLDFLRQHV HQWUH HO VHFWRU S~EOLFR \ HO SULYDGR
/LEHULD HO WRQHODMH WRWDO GH OD IORWD PHUFDQWH SDUD PRGHUQL]DU \ H[SDQGLU ODV LQIUDHVWUXFWXUDV
DIULFDQDIXHGH730HVWRHVHOGH SRUWXDULDV \ IHUURYLDULDV H[LVWHQWHV $O XQLU UHGHV
ODIORWDPXQGLDO/RVSDtVHVGHOÈIULFDVXEVDKDULDQD QDFLRQDOHVHOIHUURFDUULOSRGUtDIDFLOLWDUDORVSDtVHV
KDQHVWDGRDXPHQWDQGRVXSDUWHHQODIORWDDIULFDQD VLQOLWRUDOGHOÈIULFDRULHQWDO\PHULGLRQDOHODFFHVR
VLQ FRQWDU OD GH OLEUH PDWUtFXOD DO LQFUHPHQWDUVH D ORV SXHUWRV (O WUiILFR PDUtWLPR LQWHUQDFLRQDO HQ
GHVGHHOHQDOHQ(VDIORWD FRQWHQHGRUHV GH ORV SDtVHV GHO ÈIULFD VXEVDKDULDQD
VH GLVWULEX\H SRU LJXDO HQWUH GLIHUHQWHV WLSRV GH HVWi PX\ GHVHTXLOLEUDGR D IDYRU GH ODV
EXTXH FRQ OD H[FHSFLyQ GH ORV SRUWDFRQWHQHGRUHV LPSRUWDFLRQHV \ VH FHQWUD HQ (XURSD +HFKRV
TXH UHSUHVHQWDURQ VyOR HO  HQ  /D HGDG UHFLHQWHV VLQ HPEDUJR SRGUtDQ FRQWULEXLU D TXH
PHGLD GH HVD IORWD HV GH  DxRV EDVWDQWH SRU DXPHQWDUD HO WUiILFR D $PpULFD GHO 1RUWH \ DO
HQFLPDGHOSURPHGLRPXQGLDO /HMDQR2ULHQWHFRQFUHWDPHQWHD&KLQD
[LY (OWUDQVSRUWHPDUtWLPRHQ


5HFXDGUR

&ODVLILFDFLyQGHORVEXTXHV\UHJLVWURVXWLOL]DGDHQHO,QIRUPHVREUHHOWUDQVSRUWHPDUtWLPR

  &RPRHQODHGLFLyQGHODxRDQWHULRUHQODPD\RUtDGHORVFXDGURVGHOSUHVHQWHLQIRUPHVHKDQXWLOL]DGR
FLQFRFDWHJRUtDVGHEXTXHV(QWRGRVORVFXDGURVEDVDGRVHQGDWRVIDFLOLWDGRVSRU/OR\G
V5HJLVWHU)DLUSOD\HO
WRQHODMH PtQLPR HV GH  75% VDOYR HQ ORV FXDGURV UHODWLYRV D OD SURSLHGDG HQ TXH HO WRQHODMH PtQLPR HV
GH75%'LFKDVFDWHJRUtDVFRPSUHQGHQORVWLSRVSULQFLSDOHVGHEXTXHTXHVHLQGLFDDFRQWLQXDFLyQ

&DWHJRUtDVXWLOL]DGDVHQ
%XTXHVFRPSUHQGLGRVHQHVDVFDWHJRUtDV
HOSUHVHQWHLQIRUPH
3HWUROHURV 3HWUROHURV
*UDQHOHURV 0LQHUDOHURV\JUDQHOHURVPLQHUDOHURVJUDQHOHURVSHWUROHURV
&DUJXHURV %XTXHV IULJRUtILFRVEXTXHVHVSHFLDOL]DGRVEXTXHVURUREXTXHV
GH FDUJD JHQHUDO GH XQD R YDULDV FXELHUWDV  FDUJXHURV PL[WRV
FDUJD\SDVDMH 
%XTXHVSRUWDFRQWHQHGRUHV 7RWDOPHQWHFHOXODUHV
2WURVEXTXHV %XTXHV WDQTXH SDUD WUDQVSRUWDU SHWUyOHRSURGXFWRV TXtPLFRV
EXTXHV WDQTXH SDUD SURGXFWRV TXtPLFRV RWURV EXTXHV WDQTXH
FDUJXHURVGHJDVOLFXDGREXTXHVURURPL[WRVEXTXHVGHSDVDMH
JDEDUUDV WDQTXH JDEDUUDV GH FDUJD JHQHUDO HPEDUFDFLRQHV GH
SHVFDEXTXHVGHVXPLQLVWURGHSODWDIRUPDVGHH[WUDFFLyQ\WRGRV
ORVGHPiVWLSRVGHEXTXHV
7RWDOGHWRGRVORVEXTXHV &RPSUHQGHWRGRVORVWLSRVGHEXTXHVPHQFLRQDGRV

/OR\G
V 5HJLVWHU  )DLUSOD\ SURSRQH ODV VLJXLHQWHV GLUHFWULFHV SDUD ORV FXDGURV GHO LQIRUPH GHO SUHVHQWH DxR
UHODWLYRVDODHYROXFLyQGHODIORWDPHUFDQWH

3ULQFLSDOHVSDtVHV\WHUULWRULRVGHOLEUHPDWUtFXOD

  /RVEXTXHVGHHVWHJUXSRGHSDtVHVHQDUERODQORVSDEHOORQHVGH%DKDPDV%HUPXGDV&KLSUH/LEHULD
0DOWDR3DQDPi

*UXSRVGHEXTXHVSRUWDPDxRDSUR[LPDGRDTXHVHKDFHUHIHUHQFLDHQHVWDSXEOLFDFLyQ
FRQDUUHJORDODWHUPLQRORJtDJHQHUDOPHQWHXVDGDHQHOWUDQVSRUWHPDUtWLPR

3HWUROHURVSDUDHOWUDQVSRUWHGHFUXGRV
6XSHUSHWUROHURV 730RPiV
*UDQGHVSHWUROHURV D730
6XH]PD[ D730
$IUDPD[ D730
*UDQHOHURVGHFDUJDVHFD
7DPDxR(O&DER 730RPiV
3DQDPD[ D730
7DPDxRPHGLDQRJUDQGH D730
7DPDxRPHGLDQR D730

)XHQWH/OR\G
V5HJLVWHU)DLUSOD\



&DStWXOR

/$(92/8&,Ï1'(/75È),&20$5Ë7,02
,17(51$&,21$/

(QHOSULPHUFDStWXORGHOLQIRUPHVHRIUHFHXQSDQRUDPDGHODGHPDQGDGHVHUYLFLRVGHWUDQVSRUWHPDUtWLPR
MXQWR FRQ DOJXQRV GDWRV EiVLFRV VREUH OD VLWXDFLyQ HFRQyPLFD PXQGLDO \ XQ H[DPHQ GH OD HYROXFLyQ GHO
WUiILFRPDUtWLPRLQWHUQDFLRQDO\VXVSUHYLVLRQHV

$&216,'(5$&,21(6*(1(5$/(6 8QLyQ(XURSHDIXHHVFDVRHQFRQWDQVyORXQ
62%5(/$(&2120Ë$081',$/  DOUHGHGRU GH XQ WHUFLR PHQRV TXH HO DxR
DQWHULRU (VH FUHFLPLHQWR VLQ HPEDUJR IXH
 /DSURGXFFLyQPXQGLDO GHVLJXDO UHJLVWUDQGR ORV GLH] PLHPEURV QXHYRV XQ
LQFUHPHQWRPX\DSUHFLDEOHGHOPLHQWUDVTXHHQ
2EVHUYDFLRQHVJHQHUDOHV ORV SULQFLSDOHV SDtVHV RFFLGHQWDOHV IXH EDVWDQWH
LQIHULRU DO ORJUDGR HO DxR DQWHULRU \ HQ HO FDVR GH
/RV GDWRV SUHOLPLQDUHV GLVSRQLEOHV SDUD  ,WDOLDKXERHVWDQFDPLHQWR
LQGLFDQ TXH HO FUHFLPLHQWR GH OD SURGXFFLyQ
PXQGLDO IXH GH  LQIHULRU HQ DOUHGHGRU GH XQ
TXLQWRDOILQDOPHQWHUHJLVWUDGRHQ(VWH (O FUHFLPLHQWR HFRQyPLFR GH ORV SDtVHV HQ
EXHQ UHVXOWDGR PHMRU TXH ORV ORJUDGRV HQ  \ GHVDUUROOR VH FLIUy HQ  FDVL HO GREOH GHO
 YpDVH HO FXDGUR   UHIOHMy HO KHFKR GH TXH SURPHGLR PXQGLDO SHUR LQIHULRU DO QRWDEOH 
SUiFWLFDPHQWH WRGDV ODV UHJLRQHV GHO PXQGR KDELGR HQ  /D &RPXQLGDG GH (VWDGRV
H[SHULPHQWDURQ XQ FUHFLPLHQWR HFRQyPLFR DXQTXH ,QGHSHQGLHQWHV \ ORV SDtVHV HQ GHVDUUROOR GH $VLD
DULWPRVGLVWLQWRV UHJLVWUDURQ ODV WDVDV GH FUHFLPLHQWR PiV DOWDV FRQ
 \  UHVSHFWLYDPHQWH (Q OD SULPHUD ORV
(O FUHFLPLHQWR HFRQyPLFR GH ORV SDtVHV UHVXOWDGRV VH GHELHURQ D XQRV LQJUHVRV GH
GHVDUUROODGRVVHUHGXMRDXQLQIHULRUDO H[SRUWDFLyQ PiV HOHYDGRVTXH HVWLPXODURQ HO JDVWR
UHJLVWUDGR HO DxR DQWHULRU  (O GHVHPSHxR GH ORV S~EOLFR \ SULYDGR (O GHVHPSHxR GH &KLQD \ OD
(VWDGRV 8QLGRV IXH EXHQR VREUH WRGR GXUDQWH HO ,QGLDIXHHVSHFLDOPHQWHEXHQRFRQDXPHQWRVGHOD
VHJXQGR VHPHVWUH FRQ XQD GHPDQGD LQWHULRU SURGXFFLyQ GH  \  UHVSHFWLYDPHQWH /RV
VRVWHQLGD \ D SHVDU GH ODVFRQWLQXDV VXELGDV HQORV SDtVHV HQ GHVDUUROOR GH $PpULFD /DWLQD ÈIULFD \
WLSRV UHDOHV GH LQWHUpV OR TXH VH WUDGXMR HQ XQ 2ULHQWH 0HGLR WXYLHURQ WDVDV GH FUHFLPLHQWR
DXPHQWR GH OD SURGXFFLyQ GH  GXUDQWH HO DxR FRPSUHQGLGDV HQWUH  \  (Q VX FRQMXQWR ORV
/D HFRQRPtD MDSRQHVD SURVLJXLy VX H[SDQVLyQ SDtVHVHQGHVDUUROORVLQFRQWDUD&KLQDDXPHQWDURQ
UHSLWLHQGRODDSUHFLDEOHWDVDGHFUHFLPLHQWRGHODxR VX SURGXFFLyQ HQ  HO GREOH GH OR ORJUDGR SRU
DQWHULRU GH  (O FUHFLPLHQWR HFRQyPLFR GH OD ORVSDtVHVGHVDUUROODGRV


 (OWUDQVSRUWHPDUtWLPRHQ

&XDGUR

&UHFLPLHQWRHFRQyPLFRPXQGLDOD
9DULDFLyQSRUFHQWXDOUHVSHFWRGHODxRDQWHULRU 

5HJLyQDJUXSDFLRQHVE    F


0XQGR    
3DtVHVGHVDUUROODGRV    
 GHORVFXDOHV    
 (VWDGRV8QLGRV    
 -DSyQ    
 8QLyQ(XURSHD    
  GHODFXDO    
  $OHPDQLD    
  )UDQFLD    
  ,WDOLD    
  5HLQR8QLGR    
3DtVHVHQGHVDUUROOR    
3DtVHVHQGHVDUUROORFRQH[FOXVLyQGH&KLQD    
)XHQWH&iOFXORVSUHOLPLQDUHVGHODVHFUHWDUtDGHOD81&7$'EDVDGRVHQHO+DQGERRNRI6WDWLVWLFVGHOD
81&7$')0,3HUVSHFWLYDVGHODHFRQRPtDPXQGLDODEULOGH-30RUJDQ*OREDO'DWD:DWFK(FRQRPLF
,QWHOOLJHQFH8QLW (,8 &RXQWU\)RUHVFDVW\2&'((FRQRPLF2XWORRN1ž
D
/RVFiOFXORVVHEDVDQHQHO3,%HQGyODUHVFRQVWDQWHVGH
E
/DVUHJLRQHV\ORVJUXSRVGHSDtVHVFRUUHVSRQGHQDORVTXHVHGHILQHQHQHO+DQGERRNRI6WDWLVWLFVGHOD
81&7$'
F
'DWRVSUHOLPLQDUHV

3HUVSHFWLYDV GHO1RUWHFRQXQLQFUHPHQWRGHOEDVDGRHQOD
UHFXSHUDFLyQ GH ODV H[SRUWDFLRQHV DJUtFRODV
/DVSUHYLVLRQHVSDUDLQGLFDQTXHODHFRQRPtD PLHQWUDV ORV UHVXOWDGRV GH ORV SDtVHV GH OD 8QLyQ
PXQGLDO FUHFHUi DSUR[LPDGDPHQWH XQ  \ (XURSHD IXHURQ LQIHULRUHV FRQ XQ  (O
VHJXLUi KDFLpQGROR PRGHVWDPHQWH HQ ORV DxRV FRPSRUWDPLHQWRGHODVH[SRUWDFLRQHVGHHVRVSDtVHV
LQPHGLDWDPHQWHSRVWHULRUHV IXH GHVLJXDO \ PHMRU SDUD ORV GLH] PLHPEURV
QXHYRV TXH DXPHQWDURQ HO YROXPHQ GH VXV
 (OFRPHUFLRGHPHUFDQFtDV H[SRUWDFLRQHV HQ XQ  (O LQFUHPHQWR GH ODV
H[SRUWDFLRQHVGHORVSDtVHVHQGHVDUUROORGHÈIULFD
(YROXFLyQUHFLHQWHGHOFRPHUFLRLQWHUQDFLRQDO \ HO 2ULHQWH 0HGLR $VLD \ $PpULFD /DWLQD IXH
WRGDYtD PHMRU FRQ   \ 
(QHOYROXPHQGHODVH[SRUWDFLRQHVPXQGLDOHV
UHVSHFWLYDPHQWH (O DXPHQWR PD\RU GH ODV
DXPHQWy XQ  YpDVH HO FXDGUR   GHVSXpV GHO
H[SRUWDFLRQHV EDVWDQWH SRU HQFLPD GHO  WXYR
QRWDEOH  UHJLVWUDGR HO DxR DQWHULRU /D
OXJDUXQDYH]PiVHQ&KLQD
GHVDFHOHUDFLyQ IXH HVSHFLDOPHQWH SURQXQFLDGD HQ
ORV SULPHURV PHVHV GHO DxR SHUR KXER XQD
UHFXSHUDFLyQDSDUWLUGHILQDOHVGHMXQLRDSHVDUGH /DVFLIUDVSUHOLPLQDUHVGHOFUHFLPLHQWRGHOYROXPHQ
ORV DOWRV SUHFLRV GHO SHWUyOHR \ GH ORV SURGXFWRV GHODVLPSRUWDFLRQHVLQGLFDQXQDWDVDGHGRVGtJLWRV
EiVLFRV\GHODVGXGDVVREUHODSHUVLVWHQFLDGHXQD SDUD ORV SDtVHV GH OD &RPXQLGDG GH (VWDGRV
IXHUWHGHPDQGDHQHOPHUFDGRFKLQR(OGHVHPSHxR ,QGHSHQGLHQWHV FRQ XQ  7DPELpQ KXER
VRVWHQLGR GH OD HFRQRPtD HVWDGRXQLGHQVH SHUPLWLy FUHFLPLHQWRVGHGRVGtJLWRVHQODVLPSRUWDFLRQHVGH
TXHHOFRPHUFLRDXPHQWDUDGXUDQWHHODxR ORV SDtVHV HQ GHVDUUROOR GH &HQWURDPpULFD \
6XGDPpULFD \ GH ÈIULFD \ HO 2ULHQWH 0HGLR FRQ
(Q ORV SDtVHV GHVDUUROODGRV HO YROXPHQ GH ODV SRUFHQWDMHVGH\UHVSHFWLYDPHQWH&KLQD
H[SRUWDFLRQHV DXPHQWy HVSHFLDOPHQWH HQ $PpULFD ILJXUy PX\ SRFR GHWUiV FRQ XQ FUHFLPLHQWR GH ODV

 ,/DHYROXFLyQGHOWUiILFRPDUtWLPRLQWHUQDFLRQDO 

LPSRUWDFLRQHVGH(QVXFRQMXQWRORVSDtVHV FX\DV LPSRUWDFLRQHV DXPHQWDURQ  EDVWDQWH


GHVDUUROODGRV VH GHVHPSHxDURQ SHRU HQ HVWH PHMRUHV TXHORV GHORV SDtVHV HXURSHRV \ HO-DSyQ
SDUWLFXODU FRQ XQRV UHVXOWDGRV HQ 1RUWHDPpULFD FRQWDVDVGH\UHVSHFWLYDPHQWH

&XDGUR

&UHFLPLHQWRHQYROXPHQGHOFRPHUFLRGHPHUFDQFtDVSRUUHJLRQHVJHRJUiILFDV

([SRUWDFLRQHV 3DtVHVUHJLRQHV ,PSRUWDFLRQHV


      
    0XQGR QG QG QG
    $PpULFDGHO1RUWH   
    8QLyQ(XURSHD     
QG    ÈIULFD\2ULHQWH0HGLR QG  
    $PpULFD/DWLQD   
QG    $VLD   
QG    -DSyQ QG  
QG    &KLQD QG  
QG    &RPXQLGDGGH(VWDGRV,QGHSHQGLHQWHV   

)XHQWH1RWLFLDVGHOD20&&RPHUFLR0XQGLDO&RPXQLFDGRGHSUHQVDGHOGHDEULOGH\&RPHUFLR
0XQGLDO&RPXQLFDGRGHSUHQVDGHOGHDEULOGH

7HQGHQFLDVGHODVLPSRUWDFLRQHV\H[SRUWDFLRQHV PDQWXYR HQ  HQ HO SULPHU WULPHVWUH SDUD


DFHOHUDUVHGHVSXpV\DOFDQ]DUHQHO~OWLPR(O
(Q  ODV SHUVSHFWLYDV GHO FUHFLPLHQWR GH ODV tQGLFHPHGLRIXHFRQXQLQFUHPHQWRGH
H[SRUWDFLRQHV VH EDVDQ HQ OD DFHOHUDFLyQ GH OD SDUD HO DxR VXSHULRU DO  UHJLVWUDGR SRU HO
DFWLYLGDG HFRQyPLFD GH ORV SDtVHV GH OD 8QLyQ YHFLQR &DQDGi /D SURGXFFLyQ LQGXVWULDO GHO RWUR
(XURSHD \D TXH ODV SRVLELOLGDGHV GH XQ PD\RU PLHPEUR GHO 7/&$1 0p[LFR VH FRQWUDMR HQ
FUHFLPLHQWR HQ ORV (VWDGRV 8QLGRV \ HQ ODV UHDOLGDG (O tQGLFH GHO -DSyQ IOXFWXy HQ WRUQR D
SULQFLSDOHV HFRQRPtDV GHO /HMDQR 2ULHQWH VH GXUDQWHFDVLWRGRHODxR\VXELyDHQHO
FRQVLGHUDQOLPLWDGDV$SHVDUGHODVLQFHUWLGXPEUHV FXDUWR WULPHVWUH (O GHVHPSHxR GH OD 5HS~EOLFD GH
VREUH ORV SUHFLRV GH ORV SURGXFWRV EiVLFRV \ VX &RUHD IXH QRWDEOH GHVSXpV GH XQ SULPHU VHPHVWUH
RIHUWD VH HVSHUD TXH ODV H[SRUWDFLRQHV SXHGDQ SRFREULOODQWHHQTXHVHPDQWXYRHQHOtQGLFH
DXPHQWDUDOUHGHGRUGHOHQHVWHDxR VXELyDHQHOWHUFHUWULPHVWUH\DHQHO
FXDUWR'XUDQWHHODxRHVHSDtVORJUyXQLQFUHPHQWR
 /DSURGXFFLyQLQGXVWULDOGHORVSDtVHVGH GHO  GH VX SURGXFFLyQ LQGXVWULDO (Q (XURSD
OD2&'( ORVUHVXOWDGRVIXHURQFRQWUDSXHVWRV(OtQGLFHPHGLR
(OtQGLFHGHSURGXFFLyQLQGXVWULDO   GH GHO DxR GH DOJXQRV SDtVHV RFFLGHQWDOHV VH PDQWXYR
ORVSDtVHVGHOD2&'(RWURLQGLFDGRUIXQGDPHQWDO FRQVWDQWH HQ )UDQFLD HQ   R GLVPLQX\y HQ
SDUD HO VHFWRU GHO WUDQVSRUWH PDUtWLPR HQ WRGR HO ,WDOLD GHVGH  D   PLHQWUDV HQ RWURV SDtVHV
PXQGRIXHHQSURPHGLRGHHQFRQXQ KXER DXPHQWRV DSUHFLDEOHV HQ $OHPDQLD GHVGH
LQFUHPHQWR GHO  UHVSHFWR GH OD PHGLD GHO DxR  D   /RV SDtVHV GH (XURSD RULHQWDO VH
DQWHULRU FXDQGR HO tQGLFH FUHFLy  YpDVH HO GHVHPSHxDURQELHQ(OtQGLFHDQXDOPHGLRDXPHQWy
JUiILFR  HQ3RORQLDSDVDQGRGHD\
HQ OD 5HS~EOLFD &KHFD GHVGH  D  (Q
/RVUHVXOWDGRVGHVHGHELHURQDOLQFUHPHQWRGH DPERV SDtVHV HO LQFUHPHQWR GH OD DFWLYLGDG
ODDFWLYLGDGLQGXVWULDOHQDOJXQDVGHODVSULQFLSDOHV LQGXVWULDO IXH FRQWLQXR GXUDQWH HO DxR /DV
HFRQRPtDVHQSDUWLFXODUGXUDQWHHO~OWLPRWULPHVWUH SHUVSHFWLYDV GH OD 2&'( SDUD  DSXQWDQ D XQ
GHO DxR (Q ORV (VWDGRV 8QLGRV HO tQGLFH VH QLYHOGHSURGXFFLyQFRQVWDQWH


 (OWUDQVSRUWHPDUtWLPRHQ 

*UiILFR

9DULDFLyQDQXDOGHODSURGXFFLyQLQGXVWULDOGHOD2&'(
\GHOWUiILFRPDUtWLPRPXQGLDOHQ

9DULDFLyQ
SRUFHQWXDO







   

3URGXFFLyQLQGXVWULDOGHOD2&'( 7UiILFRPDUtWLPRPXQGLDO


 )XHQWH2&'(0DLQ(FRQRPLF,QGLFDWRUVDEULOGH

% (/75È),&20$5Ë7,02081',$/ VHJXQGD SRU RUGHQ GH LPSRUWDQFLD FRQ 


PLHQWUDVTXHODGH2FHDQtDIXHGH(OGHVJORVH
 (OFRPHUFLRPDUtWLPRHQJHQHUDO FRUUHVSRQGLHQWH D GHWHUPLQDGRV EORTXHV
FRPHUFLDOHV DUURMD OR VLJXLHQWH 8QLyQ (XURSHD
(OWUiILFRPDUtWLPRPXQGLDOH[SHULPHQWyXQDXPHQWR 8(   &RQVHMR GH &RRSHUDFLyQ GHO *ROIR
FRQVLGHUDEOH HQ  DOFDQ]DQGR XQ WRWDO GH &&*   7UDWDGR GH /LEUH &RPHUFLR GH
PLOORQHV GHWRQHODGDV GH PHUFDQFtDVFDUJDGDV $PpULFDGHO1RUWH 7/&$1 $VRFLDFLyQGH
/DWDVDGHFUHFLPLHQWRDQXDOFDOFXODGDDSDUWLUGHORV 1DFLRQHV GHO $VLD 6XGRULHQWDO $6($1  
GDWRV SURYLVLRQDOHV GLVSRQLEOHV SDUD  IXH GHO 0HUFDGR &RP~Q GHO 6XU 0(5&2685   \
FRPRSXHGHYHUVHHQHOFXDGUR\HOJUiILFR 0HUFDGR &RP~Q SDUD HO ÈIULFD 2ULHQWDO \
0HULGLRQDO &20(6$ 
(O GHVJORVH SRU FRQWLQHQWHV GH ODV PHUFDQFtDV
HPEDUFDGDV IXH FRPR VLJXH OD SDUWH GH ÈIULFD HQ /DV SUHYLVLRQHV SDUD  LQGLFDQ TXH ODV WDVDV
ODV H[SRUWDFLRQHV PXQGLDOHV VH FLIUy HQ  DQXDOHV GH FUHFLPLHQWR SUREDEOHPHQWH VH
PLHQWUDV OD GH (XURSD DOFDQ]y HO  $VLD IXH DSUR[LPDUiQ D ODV GH  PLHQWUDV TXH VH HVSHUD
FRQ PXFKR HO FRQWLQHQWH FRQ OD SDUWH PD\RU GHO TXH OD GLVWULEXFLyQ GHO WRQHODMH PXQGLDO SRU
WRQHODMH WRWDO GH PHUFDQFtDV H[SRUWDGDV SRU YtD FRQWLQHQWHV \ SRU EORTXHV FRPHUFLDOHV
PDUtWLPD FRQ  /D SDUWH GH $PpULFD IXH OD VHOHFFLRQDGRVIOXFW~HPX\SRFR


 ,/DHYROXFLyQGHOWUiILFRPDUtWLPRLQWHUQDFLRQDO 

&XDGUR

(YROXFLyQGHOWUiILFRPDUtWLPRLQWHUQDFLRQDOHQORVDxRVTXHVHLQGLFDD
0HUFDQFtDVFDUJDGDV 

&DUJDVHFD
7RWDO WRGDVODV
&DUJDGHEXTXHVWDQTXH 'HODFXDO
7RWDO PHUFDQFtDV 
$xR SULQFLSDOHVJUDQHOHVE
0LOORQHVGH 9DULDFLyQ 0LOORQHVGH 9DULDFLyQ 0LOORQHVGH 9DULDFLyQ 0LOORQHVGH 9DULDFLyQ
WRQHODGDV SRUFHQWXDO WRQHODGDV SRUFHQWXDO WRQHODGDV SRUFHQWXDO WRQHODGDV SRUFHQWXDO
        
        
        
        
        
        
        
E        

)XHQWH (VWLPDFLRQHVGHODVHFUHWDUtDGHOD81&7$'EDVDGDVHQHODQH[R,,\HQGDWRVIDFLOLWDGRVSRUIXHQWHVHVSHFLDOL]DGDV
D
,QFOXLGRHOWUiILFRLQWHUQDFLRQDOGHPHUFDQFtDVFDUJDGDV\GHVFDUJDGDVHQSXHUWRVGHODUHGGHORV*UDQGHV/DJRV\HOUtR6DQ/RUHQ]R
E
0LQHUDOGHKLHUURFHUHDOHVFDUEyQEDX[LWDDO~PLQD\IRVIDWR
F
(VWLPDFLRQHV

*UiILFR

(OWUiILFRPDUtWLPRLQWHUQDFLRQDOHQGHWHUPLQDGRVDxRV

0LOORQHVGHWRQHODGDVFDUJDGDV









          

3HWUyOHRFUXGR\SURGXFWRVGHULYDGRV &LQFRJUDQHOHVSULQFLSDOHV 2WUDFDUJDVHFD



 )XHQWH(OWUDQVSRUWHPDUtWLPRYDULRVQ~PHURV

 (OWUiILFRGHORVEXTXHVWDQTXH FUXGR\HOUHVWRDSURGXFWRVGHULYDGRV/DSDUWHGH


HVWH WUiILFR HQ HO FRPHUFLR PDUtWLPR PXQGLDO
(YROXFLyQJHQHUDO GLVPLQX\yOLJHUDPHQWHDO
(Q  ORV SHWUROHURV WUDQVSRUWDURQ HQ WRGR HO 3URGXFFLyQGHSHWUyOHRFUXGR
PXQGR  PLOORQHV GH WRQHODGDV FRQ XQ
FUHFLPLHQWRGHODORODUJRGHODxR$OUHGHGRU (QODSURGXFFLyQDOFDQ]yXQDPHGLDGH
GHO  GH HVWH WUiILFR FRUUHVSRQGLy D SHWUyOHR PLOORQHV GH EDUULOHV SRU GtD PESG  FRQ XQ

 (OWUDQVSRUWHPDUtWLPRHQ 

LQFUHPHQWR GH  UHVSHFWR GH ODV FLIUDV GHO DxR ORJUDGR HQ HO SHUtRGR GH  D  /D
DQWHULRU OR TXH VXSXVR HO VHJXQGR DXPHQWR GH OD SURGXFFLyQ GH ,QGRQHVLD GLVPLQX\y SRU WHUFHU DxR
SURGXFFLyQ DQXDO UHJLVWUDGR GHVGH  /D FRQVHFXWLYRHQXQKDVWDPESG/DSDUWHGH
SURGXFFLyQ GH SHWUyOHR HQ ORV SDtVHV GH OD 2&'( ORV SURGXFWRUHV GH OD 23(3 GLVWLQWRV GH ORV GH
HQSDUWLFXODUORV(VWDGRV8QLGRV0p[LFR1RUXHJD 2ULHQWH0HGLRVXSXVRHOHQ
\ ORV SDtVHV SURGXFWRUHV GH SHWUyOHR GH OD 8QLyQ
(XURSHD GLVPLQX\y HQ XQ  D  PESG FRQ (QWUH ORV GHPiV SDtVHV SURGXFWRUHV GH SHWUyOHR OD
ORTXHODSDUWHGHPHUFDGRGHHVWHJUXSRGHVFHQGLy )HGHUDFLyQ GH 5XVLD VH GHVHPSHxy ELHQ FRQ XQ
D DXPHQWRGHKDVWDPESGHTXLYDOHQWHDXQD
SDUWH GH PHUFDGR GHO  GH OD SURGXFFLyQ
/RV SDtVHV GH OD 23(3 DXPHQWDURQ VX SURGXFFLyQ PXQGLDO/DGHO%UDVLOGLVPLQX\yPHQRVGHXQ
 KDVWD  PESG OD FLIUD PiV DOWD GH ORV SDUD VLWXDUVH HQ  PESG \ OD GH &KLQD FUHFLy
~OWLPRV GLH] DxRV (Q FRQVHFXHQFLD VX SDUWH GH KDVWDPESG/DSDUWHGHPHUFDGRGHHVRV
PHUFDGR SDVy GH  GH OD SURGXFFLyQ PXQGLDO SDtVHVIXHGH\UHVSHFWLYDPHQWH$OJXQRV
HQ  D  HQ  /RV GHPiV SDtVHV SHTXHxRV SURGXFWRUHV UHFLHQWHV UHJLVWUDURQ
SURGXFWRUHV GH SHWUyOHR D VDEHU OD )HGHUDFLyQ GH LQFUHPHQWRV PX\ QRWDEOHV *XLQHD (FXDWRULDO
5XVLD &KLQD HO %UDVLO \ YDULRV SHTXHxRV DXPHQWy VX SURGXFFLyQ XQ  \ 9LHW 1DP XQ
SURGXFWRUHVLQFUHPHQWDURQVXSURGXFFLyQPHGLDXQ  SDUDDOFDQ]DU DPERV XQ PLVPR QLYHO GH 
SDUDVLWXDUVHHQPESG&RQHOORVXSDUWH PESG
GHPHUFDGRFUHFLyOLJHUDPHQWHKDVWDHO
'XUDQWH HO DxR  OD SURGXFFLyQ GH SHWUyOHR
(QWUH ORV JUDQGHV SURGXFWRUHV GH OD 2&'( OD FUXGR FUHFLy JUDFLDV D XQD GHPDQGD FRQVWDQWH (Q
SURGXFFLyQGHORV(VWDGRV8QLGRVGLVPLQX\y HQHUROD23(3HPSH]yDUHFRUWDUODSURGXFFLyQSRU
D  PESG OD SDUWH GH PHUFDGR FRUUHVSRQGLHQWH HQFLPD GHO QLYHO GH ORV FRQWLQJHQWHV HQ  PESG
IXH GH   PLHQWUDV TXH OD GH 0p[LFR DXPHQWy SHURGHMyVLQYDULDUHVHQLYHOHQPESG&XDQGR
 SDUD FLIUDUVH HQ  PESG   /D OD GHPDQGD DXPHQWy HQ PDU]R \ MXQLR HO QLYHO GH
SURGXFFLyQ GH 1RUXHJD GLVPLQX\y D  PESG ORVFRQWLQJHQWHVGHSURGXFFLyQVXELyHQPESG
GHVFHQVRGH LQIHULRUDODGHORVSDtVHVGHOD 'HVSXpV HQ VHSWLHPEUH VH KLFLHURQ GHFODUDFLRQHV
8(TXHEDMyDPESG GHVFHQVRGH &DVL SDUD DVHJXUDU DO PHUFDGR TXH HQ FDVR QHFHVDULR VH
WRGD OD FDtGD GH OD SURGXFFLyQ GH HVRV SDtVHV VH GLVSRQGUtD GH  PESG DGLFLRQDOHV /DV
GHELy D OD UHGXFFLyQ UHJLVWUDGD HQ HO 5HLQR 8QLGR LQWHUUXSFLRQHV SRU YDULDV UD]RQHV DIHFWDURQ D OD
TXH QR REVWDQWH PDQWXYR VX SDUWH GHOOHyQ FRQ  SURGXFFLyQ HQ YDULRV SDtVHV D SULQFLSLRV GHO DxR
PESG KXHOJXLVWDV TXH SHGtDQ XQ GHVDUUROOR GH OD
FRPXQLGDG HQ HO GHOWD GHO 1tJHU SHUWXUEDURQ ODV
(OPD\RUSURGXFWRUOD$UDELD6DXGLWDREWXYR RSHUDFLRQHV GH 6KHOO HQ 1LJHULD HQ MXOLR ODV
PESGFRQXQLQFUHPHQWRGHUHVSHFWRGHODxR DFWLYLGDGHV GH &KHYURQ HQ $QJROD VH YLHURQ
DQWHULRU6XSDUWHGHPHUFDGRDXPHQWyOLJHUDPHQWH PHQRVFDEDGDV SRU GLVSXWDV VREUH VDODULRV HQ
D  /DV FDQWLGDGHV REWHQLGDV SRU ORV  WUHV DJRVWRXQLQFHQGLRHQXQDSODWDIRUPDGHH[WUDFFLyQ
JUDQGHV SURGXFWRUHV GH 2ULHQWH 0HGLR 5HS~EOLFD GH %3 HQ HO PDU GHO 1RUWH UHGXMR OD SURGXFFLyQ \
,VOiPLFD GHO ,UiQ (PLUDWRV ÈUDEHV 8QLGRV \ HQ HO VLJXLHQWH PHV OD HVWDFLyQ GH KXUDFDQHV HQ HO
.XZDLW WDPELpQ UHJLVWUDURQ XQ FUHFLPLHQWR GH XQ &DULEHGLVPLQX\yVXVWDQFLDOPHQWHODSURGXFFLyQHQ
VRORGtJLWRFRQ\SDUDFLIUDUVHHQ HO JROIR GH 0p[LFR /D GHPDQGD VH HTXLOLEUD D
 \  PESG UHVSHFWLYDPHQWH 6XV SDUWHV GH PHQXGR FRQ OD SURGXFFLyQ JUDFLDV D ODV UHVHUYDV
PHUFDGR IXHURQ   \  (O PD\RU HVWUDWpJLFDV GH SHWUyOHR GH TXH GLVSRQHQ DOJXQRV
LQFUHPHQWRHQHVDUHJLyQFRUUHVSRQGLyDO,UDTFX\D SDtVHVHQPD\ROD,QGLDGHFLGLyHVWDEOHFHUXQDGH
SURGXFFLyQ DXPHQWy  SDUD VLWXDUVH HQ  HVDV UHVHUYDV SDUD FXEULU ODV QHFHVLGDGHV GHO SDtV
PESG/RVSDtVHVDIULFDQRVGHOD23(3DXPHQWDURQ GXUDQWHGRVVHPDQDV\HQVHSWLHPEUHXQDSHTXHxD
VX SURGXFFLyQ VXVWDQFLDOPHQWH 1LJHULD REWXYR  SDUWH GH ORV  PLOORQHV GH EDUULOHV GH OD UHVHUYD
PESG FRQ XQ LQFUHPHQWR GH  /RV GRV HVWUDWpJLFD GH ORV (VWDGRV 8QLGRV VH XVy SDUD
SURGXFWRUHV GH ÈIULFD GHO 1RUWH $UJHOLD \ FRPSHQVDUODVSHQXULDVRFDVLRQDGDVSRUODHVWDFLyQ
-DPDKLUL\D ÈUDEH /LELD± FRQVLJXLHURQ QLYHOHV GH GHKXUDFDQHV
SURGXFFLyQGH\PESGFRQPHMRUDVGH\
 UHVSHFWLYDPHQWH  3RU OR GHPiV 9HQH]XHOD $ SHVDU GH ORV DXPHQWRV HQ OD SURGXFFLyQ ORV
DXPHQWy VX SURGXFFLyQ HQ XQ  KDVWD  SUHFLRVVHPRYLHURQDODO]DGXUDQWHFDVLWRGRHODxR
PESG DXQTXH HVWDFLIUD VLJXH SRU GHEDMRGHO QLYHO (OPHFDQLVPRSRUHOTXHORVQLYHOHVGHSURGXFFLyQ

 ,/DHYROXFLyQGHOWUiILFRPDUtWLPRLQWHUQDFLRQDO 

VHDUPRQL]DEDQFRQORVSUHFLRVGHQWURGHXQDEDQGD FXDUWDSDUWHGHODSURGXFFLyQPXQGLDO(XURSD\OD
GHWHUPLQDGDGHDQWHPDQRVHVXVSHQGLyHQHQHUR(Q )HGHUDFLyQ GH 5XVLD UHJLVWUDURQ FUHFLPLHQWRV SRU
MXQLR OD UHXQLyQ GHO * VHxDOy HO FDUiFWHU GHEDMR GHO SURPHGLR JHQHUDO FRQ  \ VX SDUWH
VXPDPHQWH YROiWLO GH ORV SUHFLRV PXQGLDOHV GHO HQODSURGXFFLyQPXQGLDOIXHGHO)XHURQODV
SHWUyOHRFUXGR7DPELpQHQHVHPHVODFHVWDGHOD UHILQHUtDVGH&KLQDODVTXHH[SHULPHQWDURQHOPD\RU
23(3GHSUHFLRVGHSHWUyOHRFUXGRIXHVXVWLWXLGD DXPHQWRGHSURGXFFLyQFRQPESGDUDt]GHXQ
SRURWUDFRQVWLWXLGDSRUSUHFLRV(OSUHFLRGHHVWD LQFUHPHQWRGH(VDFDQWLGDGVXSRQHHO
~OWLPDFHVWDUHJLVWUyXQDHYROXFLyQDODO]DDORODUJR GH OD SURGXFFLyQ PXQGLDO /DV UHILQHUtDV GH
GHODxRFXDQGRFRPHQ]yHQWRUQRDGyODUHVSRU $PpULFD /DWLQD LQFUHPHQWDURQ VX SURGXFFLyQ HQ
EDUULO SDUD OOHJDU D XQ Pi[LPR GH  GyODUHV HQ SDUDFLIUDUVHHQPESG/DGHODVUHILQHUtDV
YHUDQR\EDMDUDXQRVGyODUHVDILQDOHVGHDxR GH2ULHQWH0HGLRÈIULFD\$XVWUDOLDVHPDQWXYRR
VHUHGXMRHQFXDQWtDPtQLPDHQ&RUUHVSRQGLy
/RV SDtVHV WRPDURQ PHGLGDV SDUD DXPHQWDU OD DHVWDVUHJLRQHVHOGHODSURGXFFLyQPXQGLDO
SURGXFFLyQ GH SHWUyOHR HQ PXFKRV FDVRV HQ /DVUHILQHUtDVMDSRQHVDVUHJLVWUDURQXQGHVFHQVRGHO
\DFLPLHQWRV VXEPDULQRV (O 5HLQR 8QLGR DXPHQWy  D  PESG \ FRQVHUYDURQ XQD SDUWH GH PHUFDGR
VX LQYHUVLyQ HQ HVRV \DFLPLHQWRV D XQ Pi[LPR GH GH
FDVL  PLOORQHV GH GyODUHV HQ XQ SHUtRGR GH
VLHWH DxRV SDUD DPSOLDU OD YLGD SURGXFWLYD GH ORV (QHODxRODDFWLYLGDGGHUHILQRHQORV(VWDGRV
SR]RVH[LVWHQWHV\VRQGHDURWURVQXHYRV$OUHGHGRU 8QLGRVVHYLRPX\PHQRVFDEDGDSRUODHVWDFLyQGH
GH  SHUIRUDFLRQHV GH H[SORUDFLyQ VH KLFLHURQ KXUDFDQHV HQ HO &DULEH (Q OD FRVWD GHO JROIR GH
GXUDQWHHODxRFDVLXQDFXDUWDSDUWHPiVTXHHODxR 0p[LFR .DWULQD KL]R TXH VH FHUUDUDQ  UHILQHUtDV
DQWHULRU (Q DEULO RFKR RSHUDGRUHV GH ,QGRQHVLD FRQXQDSURGXFFLyQGHPESGPLHQWUDVTXH5LWD
TXH QR KDEtDQ HMHUFLGR VXV GHUHFKRV D H[SORWDU  DIHFWy D  UHILQHUtDV /D FDSDFLGDG GH UHILQR VH
\DFLPLHQWRV PDUJLQDOHV UHFLELHURQ LQFHQWLYRV SDUD UHGXMR  GXUDQWH YDULDV VHPDQDV $FFLGHQWHV
DSURYHFKDUORV H LQFUHPHQWDU OD SURGXFFLyQ GH FRPR HO TXH KXER HQ 7H[DV &LW\ HQ PD\R TXH
SHWUyOHR GHO SDtV SRU HQFLPD GHO QLYHO GH  PESG FDXVyPXHUWRV\PXFKRVKHULGRVWDPELpQDIHFWy
SHUR D PHGLDGRV GH DxR ,QGRQHVLD HUD \D XQ D HVD FDSDFLGDG (Q RWUDV SDUWHV PRYLPLHQWRV
LPSRUWDGRU QHWR GH SHWUyOHR FUXGR /D QXHYD OH\ VLQGLFDOHV FHUUDURQ FLQFR GH ODV VHLV UHILQHUtDV
VREUH HQHUJtD DSUREDGD HQ ORV (VWDGRV 8QLGRV HQ RSHUDGDVSRU7RWDOHQ)UDQFLDGXUDQWHXQRVGtDVGH
DJRVWRH[RQHUDEDGHDOJXQRVLPSXHVWRVIHGHUDOHVD HVH PLVPR PHV $ WHQRU GH XQ DFXHUGR GH 
ORV SURGXFWRUHV GH SHWUyOHR \ JDV TXH SHUIRUDUDQ PLOORQHV GH GyODUHV HQ HO TXH SDUWLFLSDQ
\DFLPLHQWRVDPiVGHPHWURVGHSURIXQGLGDGHQ ([[RQ0RELO 6DXGL $UDPFR \ 6LQRSHF HQ )XMLDQ
HOJROIRGH0p[LFR(ODFXHUGRGHSD]ORJUDGRHQHO &KLQD  VH DPSOLy OD  FDSDFLGDG GH UHILQR \ VH
6XGiQ SHUPLWLy TXH VH SXVLHUD HQ PDUFKD XQ SXVLHURQHQPDUFKDLQVWDODFLRQHVQXHYDV
SUR\HFWRGHPLOORQHVGHGyODUHVSDUDGHVDUUROODU
ORV FDPSRV SHWUROtIHURV GHO 7KDU -DWK PHULGLRQDO 3URGXFFLyQGHJDVQDWXUDO
FRQXQFRQVRUFLRHQHOTXHSDUWLFLSDEDQFRPSDxtDV
GH 0DODVLD \ OD ,QGLD $UJHOLD DSUREy XQD OH\ SDUD (Q  OD SURGXFFLyQ GH JDV QDWXUDO DVFHQGLy D
DFHOHUDU ODV OLFLWDFLRQHV GH H[SORWDFLyQ GH  PLOORQHV GH PHWURV F~ELFRV FRQ XQ
\DFLPLHQWRVQXHYRV$ILQDOHVGHDxRHQHO%UDVLO DXPHQWRGHUHVSHFWRGH(VWDSURGXFFLyQ
HO DSURYHFKDPLHQWR GH VXV LQVWDODFLRQHV PiV HTXLYDOHDPLOORQHVGHWRQHODGDVGHSHWUyOHR
UHFLHQWHV GH SURGXFFLyQ VXEPDULQD \ GH EXTXHV GH R  PESG /RV SULQFLSDOHV SURGXFWRUHV VRQ OD
DOPDFHQDPLHQWR \ GHVFDUJD GH SHWUyOHR FRQ HO )HGHUDFLyQ GH 5XVLD FRQ  PLOORQHV GH
SUR\HFWRGHPLOORQHVGHGyODUHVGH$OEDFRUD PHWURV F~ELFRV PPF  \ ORV (VWDGRV 8QLGRV FRQ
/HVWHKDUtDDOSDtVDXWRVXILFLHQWH  PPF DPERV SDtVHV UHSUHVHQWDQ MXQWRV HO
GHODSURGXFFLyQWRWDO3URGXFWRUHVGHPHQRU
/DVLWXDFLyQGHODVUHILQHUtDV LPSRUWDQFLD VRQ HO &DQDGi FRQ  PPF HO
5HLQR 8QLGR FRQ  PPF OD 5HS~EOLFD
/DSURGXFFLyQPXQGLDOGHODVUHILQHUtDVDVFHQGLyD ,VOiPLFD GHO ,UiQ FRQ  PPF $UJHOLD FRQ
 PESG HQ  OR TXH VXSRQH XQ LQFUHPHQWR  PPF  ,QGRQHVLD FRQ  PPF \ OD
GHO  HQ FRPSDUDFLyQ FRQ HO DxR DQWHULRU /DV $UDELD6DXGLWDFRQPPF2WURVSURGXFWRUHV
UHILQHUtDV GH ORV (VWDGRV 8QLGRV DXPHQWDURQ VX VH HQFXHQWUDQ GLVSHUVRV SRU 2ULHQWH 0HGLR
SURGXFFLyQHQSRFRPiVGHOPLHQWUDVTXHODVGH $PpULFD/DWLQD\$VLD\VXHOHQREWHQHUJDVQDWXUDO
0p[LFR \ HO &DQDGi OD PDQWXYLHURQ SUiFWLFDPHQWH FRPR UHVXOWDGR GH OD SURGXFFLyQ GH SHWUyOHR
LJXDO (VRV SDtVHV UHSUHVHQWDURQ DOJR PiV GH OD $SUR[LPDGDPHQWH XQ TXLQWR GH OD SURGXFFLyQ GH

 (OWUDQVSRUWHPDUtWLPRHQ 

JDV QDWXUDO VH H[SRUWD SULQFLSDOPHQWH D WUDYpV GH SRU  DxRV SRU HO TXH OD SULPHUD VXPLQLVWUDUi
JDVRGXFWRV TXH WUDQVSRUWDQ HQ WRUQR D ODV WUHV  PLOORQHV GH SLHV F~ELFRV GH JDV QDWXUDO DO
FXDUWDVSDUWHVGHWRGDVODVH[SRUWDFLRQHV DxRDODVHJXQGD

$SULQFLSLRVGH6LQRSHFHPSH]yODSURGXFFLyQ /RVHQYtRVGHSHWUyOHRFUXGR
HQ HO \DFLPLHQWR GH JDV .HOD  HQ OD FXHQFD GHO
7DULP OD PD\RU ]RQD SURGXFWRUD GH &KLQD $ (QORVHPEDUTXHVGHFUXGRVDXPHQWDURQ
ILQDOHV GH DxR ([[RQ0RELO  FRPHQ]y OD KDVWD  PLOORQHV GH WRQHODGDV YpDVH HOFXDGUR
H[SORWDFLyQ GHO \DFLPLHQWR 6DNKDOLQ   /DVSULQFLSDOHV]RQDVGHFDUJDVLJXLHURQVLHQGR
IRUWDOHFLHQGRODSRVLFLyQGHOD)HGHUDFLyQGH5XVLD ORV SDtVHV  HQ GHVDUUROOR GH $VLD RFFLGHQWDO FRQ
FRPR HO PD\RU SURGXFWRU PXQGLDO GH JDV QDWXUDO  PLOORQHV GH WRQHODGDV ORV GH ÈIULFD
/D FRQVROLGDFLyQ GHO VHFWRU VH KL]R SDWHQWH FRQ OD RFFLGHQWDO FRQ  PLOORQHV ORV GH ÈIULFD GHO
FRPSUDSRUYDORUGHPLOORQHVGHGyODUHVGH 1RUWH FRQ  PLOORQHV \ ORV GH OD ]RQD GHO
6LEQHIWXQDFRPSDxtDSHWUROtIHUDSRU*D]SURPHO &DULEHFRQPLOORQHV/DVSULQFLSDOHV]RQDVGH
PD\RUSURGXFWRUPXQGLDOGHJDVQDWXUDOORTXHKL]R GHVFDUJDVHXELFDURQHQORVSDtVHVGHVDUUROODGRVGH
TXHODVRFLHGDGUHVXOWDQWHUHSUHVHQWDUDGHORUGHQGHO HFRQRPtDGHPHUFDGRGH$PpULFDGHO1RUWH 
 GH OD SURGXFFLyQ GH SHWUyOHR GH 5XVLD PLOORQHVGHWRQHODGDV (XURSD PLOORQHV \HO
*D]SURPWDPELpQHQWUyHQXQFDQMHGHDFWLYRVFRQ -DSyQ  PLOORQHV  /RV SDtVHV HQ GHVDUUROOR GH
6KHOODFX\RWHQRUODVHJXQGDSHUPLWHDODSULPHUD $VLDPHULGLRQDO\RULHQWDOUHFLELHURQPLOORQHV
SDUWLFLSDU FRQ XQHQ VX SUR\HFWR 6DNKDOLQ D GHWRQHODGDVHQ/RVKHFKRVPiVLPSRUWDQWHV
FDPELRGHDFFHGHUDORVHQRUPHVFDPSRVGHJDVGH DFDHFLGRV GXUDQWH HO DxR IXHURQ HO DXPHQWR
=DSRO\DUQR\H1HRFRPLDQ (Q (XURSD OD VXVWDQFLDO GH ODV H[SRUWDFLRQHV UXVDV KDVWD VLWXDUVH
IOH[LELOLGDG HQ OD SURGXFFLyQ \ GLVWULEXFLyQ GH JDV HQ  PLOORQHV GH WRQHODGDV \ GH ODV
VH SXVR GH PDQLILHVWR FXDQGR HO 5HLQR 8QLGR LPSRUWDFLRQHV FKLQDV TXH DVFHQGLHURQ D 
FRQFHUWy DFXHUGRV FRQ %pOJLFD SDUD KDFHU XQ XVR PLOORQHV GH WRQHODGDV $ SULQFLSLRV GH 
LQYHUVR GH XQ JDVRGXFWR \ FRQ 1RUXHJD SDUD 0DXULWDQLDKL]RVXSULPHUHQYtRGHSHWUyOHRFUXGR
FRRSHUDU HQ OD FRQVWUXFFLyQ \ H[SORWDFLyQ GH VX FXDQWtD IXH GH  PLOOyQ GH EDUULOHV SURFHGHQWHV
JDVRGXFWRV IXWXURV (Q RWUDV SDUWHV OD 5HS~EOLFD GHO\DFLPLHQWRGH&KLQJHWWL\VXGHVWLQRIXH&KLQD
,VOiPLFDGHO,UiQ\OD,QGLDVXVFULELHURQXQDFXHUGR
&XDGUR

7UiILFRPDUtWLPRPXQGLDODHQORVDxRVTXHVHLQGLFDSRUWLSRVGHFDUJD\JUXSRVGHSDtVHVE

0HUFDQFtDVFDUJDGDV 0HUFDQFtDVGHVFDUJDGDV
*UXSRGHSDtVHV $xR 3HWUyOHR &DUJD 7RWDOGH 3HWUyOHR 7RWDOGH
WRGDVODV &DUJDVHFD WRGDVODV
&UXGRV 'HULYDGRVF VHFD &UXGRV 'HULYDGRV F

PHUFDQFtDV PHUFDQFtDV
 &RPHUFLRGHWRGDVODVPHUFDQFtDV
7RWDOPXQGLDO         
         
         
         
         
         
         
         
 3RUFHQWDMHGHOFRPHUFLRSRUJUXSRVGHSDtVHV
7RWDOPXQGLDO         
         
         
         
         
         
         
         


 ,/DHYROXFLyQGHOWUiILFRPDUtWLPRLQWHUQDFLRQDO 

&XDGUR FRQWLQXDFLyQ 

0HUFDQFtDVFDUJDGDV 0HUFDQFtDVGHVFDUJDGDV
*UXSRGHSDtVHV $xR 3HWUyOHR &DUJD 7RWDOGH 3HWUyOHR 7RWDOGH
WRGDVODV &DUJDVHFD WRGDVODV
&UXGRV 'HULYDGRVF VHFD &UXGRV 'HULYDGRVF
PHUFDQFtDV PHUFDQFtDV
3'(0         
        
        
         
         
         
         
         
(XURSDFHQWUDO\         
RULHQWDOG         
         
         
         
         
         
         
3DtVHVVRFLDOLVWDVGH         
$VLDH         
         
         
         
         
         
         
3DtVHVHQGHVDUUROOR         
        
         
         
         
         
         
         
'HORVFXDOHVHQ         
ÈIULFD         
         
         
         
         
         
         
$PpULFD         
         
         
         
         
         
         
         
$VLD         
         
         
         
         
         
         
         
(XURSD         
         
         
         
         
         
         
         


 (OWUDQVSRUWHPDUtWLPRHQ 

&XDGUR FRQWLQXDFLyQ 

0HUFDQFtDVFDUJDGDV 0HUFDQFtDVGHVFDUJDGDV
*UXSRGHSDtVHV $xR 7RWDOGH 7RWDOGH
&DUJD
3HWUyOHR WRGDVODV 3HWUyOHR &DUJDVHFD WRGDVODV
VHFD
PHUFDQFtDV PHUFDQFtDV
2FHDQtD         
         
         
         
         
         
         
         

)XHQWH 5HFRSLODFLyQGHODVHFUHWDUtDGHOD81&7$'FRQGDWRVSURSRUFLRQDGRVSRUORVSDtVHVLQIRUPDQWHV\RWUDVIXHQWHVHVSHFLDOL]DGDV
D
,QFOXLGRHOWUiILFRLQWHUQDFLRQDOGHPHUFDQFtDVFDUJDGDV\GHVFDUJDGDVHQSXHUWRVGHODUHGGHORV*UDQGHV/DJRV\HOUtR6DQ/RUHQ]R
E
9pDVH HO DQH[R , SDUD OD FRPSRVLFLyQ GH HVRV JUXSRV \ VX QRWDG VREUH HO UHJLVWUR GHO FRPHUFLR GH ORV SDtVHV VLQ OLWRUDO 'HVGH  ODDQWLJXD
<XJRVODYLDLQFOXLGDFRQDQWHULRULGDGHQWUHORVSDtVHVGHVDUUROODGRVGHHFRQRPtDGHPHUFDGRSDVyDIRUPDUSDUWHGHOJUXSRGHSDtVHVHQGHVDUUROOR
GH(XURSD
F
&RPSUHQGHQ JDV QDWXUDO OLFXDGR *1/  JDV GH SHWUyOHR OLFXDGR *3/  QDIWD JDVROLQD FRPEXVWLEOH GH DYLDFLyQ TXHURVHQR SHWUyOHRV OLJHURV
IXHOyOHRSHVDGR\RWURV
G
/RVGDWRVGH\LQFOX\HQDORTXHFRQVWLWXtDHQWRQFHVOD8566
H
(VWLPDFLyQ

/DV H[SRUWDFLRQHV GH SHWUyOHR FUXGR GHVGH HO GyODUHV/DH[SORWDFLyQGH\DFLPLHQWRVSHWUROtIHURV


&iXFDVR HPSH]DURQ D GLVFXUULU XWLOL]DQGR UXWDV XELFDGRV PiV DO HVWH REOLJDUi D TXH YDULDV
QXHYDV $ PHGLDGRV GH  ORV SULPHURV HQYtRV FRPSDxtDVHVWDEOH]FDQWHUPLQDOHVGHH[SRUWDFLyQHQ
FRPHQ]DURQ GHVGH HO SXHUWR PHGLWHUUiQHR GH ,QGLJD 9DUDQGH\ \ 'LNVRQ HQ HO PDU GH .DUD
&H\KDQ 7XUTXtD  SXQWR GH OOHJDGD GHO ROHRGXFWR HPSOHDQGR SUREDEOHPHQWH EXTXHV WDQTXH GH GREOH
GHNPTXHFRPLHQ]DHQ%DN~ $]HUEDL\iQ \ DFFLyQ HQ OXJDU GH EXTXHV URPSHKLHORV SDUD
UHGXMR ORV ULHVJRV DPELHQWDOHV SODQWHDGRV SRU HO WUDQVSRUWDUHOSHWUyOHRRDEULUSDVR
WUiQVLWR GH SHWUROHURV SRU HO HVWUHFKR GH ORV
'DUGDQHORV (Q RWUD PHGLGD SDUD HYLWDU HO XVR GH (Q RWURV OXJDUHV ORV HQYtRV GH SHWUyOHR VH YLHURQ
HVWH ~OWLPR OD )HGHUDFLyQ GH 5XVLD %XOJDULD \ REVWDFXOL]DGRV SRU GHVDVWUHV QDWXUDOHV HVFDVH] GH
*UHFLD FRQYLQLHURQ HQ FRQVWUXLU HO ROHRGXFWR FDUJDPHQWRV \ HSLVRGLRV GH SLUDWHUtD /D /223 OD
WUDQVEDOFiQLFRGHNPGHVGH%RXUJDV %XOJDULD  ~QLFD LQVWDODFLyQ TXH KD\ HQ ORV (VWDGRV 8QLGRV
D$OH[DQGURXSRXOLV *UHFLD FRQXQFRVWRHVWLPDGR SDUD GHVFDUJDU VXSHUSHWUROHURV HVWXYR FHUUDGD GRV
GHPLOORQHVGHGyODUHV VHPDQDV SRU HO KXUDFiQ .DWULQD \ KXHOJDV HQ
\DFLPLHQWRV HQ HO (FXDGRU \ ODV DFWLYLGDGHV GH OD
/RV HPEDUTXHV GH SHWUyOHR GHVGH OD )HGHUDFLyQ GH JXHUULOOD FRQWUD ROHRGXFWRV HQ &RORPELD UHGXMHURQ
5XVLDHQHO%iOWLFRDXPHQWDURQHOWUDQVERUGRGHVGH ORV HQYtRV GXUDQWH EUHYHV SHUtRGRV \ DOJXQRV
EXTXHV $IUDPD[ D VXSHUSHWUROHURV HQ HO PDU GHO EXTXHVFLVWHUQDTXHKLFLHURQHVFDODHQ%DVRUD ,UDT 
1RUWHSDUDVXWUDQVSRUWHXOWHULRUDO/HMDQR2ULHQWH\ VHxDODURQODSUHVHQFLDGHSLUDWDV
HO&DULEH(VDVDFWLYLGDGHVGHWUDQVERUGRWDPELpQVH
KLFLHURQ HQ ORV WHUPLQDOHV GH GHVFDUJD IUHQWH D /RVHQYtRVGHSURGXFWRVGHULYDGRVGHOSHWUyOHR
&KLQD \ HO &DULEH GRQGH VH UHJLVWUDURQ 
RSHUDFLRQHV PHQVXDOHV $ SULQFLSLRV GH DxR VH (O FRPHUFLR PXQGLDO GH SURGXFWRV GHULYDGRV GHO
SXEOLFy XQD YHUVLyQ DFWXDOL]DGD GH OD *XtD GH SHWUyOHR DXPHQWy  HQ  SDUD VLWXDUVH HQ
WUDQVERUGRV GH OD &iPDUD 1DYLHUD ,QWHUQDFLRQDO \ PLOORQHVGHWRQHODGDV6XVSDXWDV\YROXPHQ
GHO )RUR 0DUtWLPR ,QWHUQDFLRQDO GH &RPSDxtDV IXHURQ VLPLODUHV D ORV GH DxRV DQWHULRUHV WHQLHQGR
3HWUROHUDV GRQGH VH UHFRPLHQGDQ SURFHGLPLHQWRV ORV HPEDUTXHV GHVGH SXHUWRV EiOWLFRV HQ SHTXHxRV
DGHFXDGRVSDUDUHGXFLUORVULHVJRVDPELHQWDOHV SHWUROHURVXQDUHSHUFXVLyQHQRWURVSDtVHV'XUDQWH
HO ~OWLPR WULPHVWUH GHO DxR KXER XQ LQFUHPHQWR GH
0iVDOQRUWHHQHOPDUGH%DUHQWV\HOPDU%ODQFR ORV HQYtRV D 1RUWHDPpULFD SDUD SDOLDU ORV GDxRV
VHSUHYpKDFHUWUDQVERUGRVGHSHWUyOHRFUXGRGHVGH FDXVDGRV D ODV UHILQHUtDV GHO JROIR GH 0p[LFR
0XUPDQVNFRQXQDLQYHUVLyQGHPLOORQHVGH GXUDQWH OD HVWDFLyQ GH KXUDFDQHV 2WUR KHFKR OD

 ,/DHYROXFLyQGHOWUiILFRPDUtWLPRLQWHUQDFLRQDO 

FUHDFLyQ GH 3HWURFDULEH XQD FRPSDxtD SHWUROHUD (XURSH*DV3LSHOLQH 1(*3 GHPLOODVEDMRHO


DXVSLFLDGD SRU 9HQH]XHOD SDUD DEDVWHFHU GH PDU%iOWLFR
SURGXFWRV GHO SHWUyOHR D ORV SDtVHV LQVXODUHV GHO
&DULEHKDUiTXHDXPHQWHQORVHQYtRVDHVD]RQD  /RVHQYtRVGHFDUJDVHFD

/RVHQYtRVGH*1/ (YROXFLyQJHQHUDO

(QHODxRHOWUDQVSRUWHPXQGLDOGHFDUJDVHFD
/RV HPEDUTXHV GH *1/ DXPHQWDURQ XQ 
DXPHQWy   \ DVFHQGLy D  PLOORQHV GH
GXUDQWH  \ DOFDQ]DURQ  PLOORQHV GH
WRQHODGDV YpDVH HO FXDGUR   /RV FLQFR JUDQGHV
PHWURV F~ELFRV PPF  GH JDV QDWXUDO OR TXH
SURGXFWRV TXH VH WUDQVSRUWDQ D JUDQHO D VDEHU
UHSUHVHQWD DSUR[LPDGDPHQWH HO  GH OD
PLQHUDOGHKLHUURFDUEyQFHUHDOHVEDX[LWDDO~PLQD
SURGXFFLyQPXQGLDO/D]RQDGHPD\RULPSRUWDFLyQ
\ IRVIDWR UHJLVWUDURQ XQ DXPHQWR GH  SDUD
HV HO /HMDQR 2ULHQWH GRQGH ORV SULQFLSDOHV
VLWXDUVH HQ  PLOORQHV GH WRQHODGDV (O
LPSRUWDGRUHV VLJXLHURQ VLHQGR HO-DSyQFRQ 
FRPHUFLRGHORVGHPiVSURGXFWRVFRPRRWUDFDUJDD
PPF \ OD 5HS~EOLFD GH &RUHD FRQ  /RV
JUDQHO \ PHUFDQFtDV WUDQVSRUWDGDV HQ EXTXHV GH
HQYtRV SURFHGLHURQ GH ,QGRQHVLD  PPF 
OtQHDUHJXODUDXPHQWyDXQDWDVDPiVEDMDGH
0DODVLD  PPF  4DWDU  PPF  \
KDVWD   PLOORQHV GH WRQHODGDV /D SDUWH GH OD
$XVWUDOLD  PPF  (O LQFUHPHQWR GHO
FDUJDVHFDHQHOWUiILFRPDUtWLPRPXQGLDOVXSXVRHO
VXPLQLVWUR GHVGH HO *ROIR 3pUVLFR VH REVHUYD HQ HO
 GH WRGDV ODV PHUFDQFtDV WUDQVSRUWDGDV
QRWDEOH DXPHQWR GHO  GH ODV H[SRUWDFLRQHV GH
GXUDQWHHODxR
4DWDU
3URGXFFLyQPXQGLDOGHDFHUREUXWR
(Q HO 0HGLWHUUiQHR ODV H[SRUWDFLRQHV GH $UJHOLD
IXHURQ GH   PPF GH ORV TXH  VH /D SURGXFFLyQ PXQGLDO GH DFHUR GH IXQGLFLyQ HQ
GLULJLHURQ D )UDQFLD \  D (VSDxD 1LJHULD UHJLVWUyXQDXPHQWRGHO\IXHGH
VXPLQLVWUy DO PHUFDGR HXURSHR  PPF \ PLOORQHVGHWRQHODGDVIUHQWHDORVPLOORQHV
WDPELpQ DXQTXH HQ PHQRU PHGLGD  PPF D GHVLHQGRHOVHJXQGRDxRHQTXHVHUHEDVyOD
7XUTXtD\PPFDORV(VWDGRV8QLGRV/DPD\RU PDUFDGHORVPLOORQHVGHWRQHODGDV(OKHFKR
SDUWH GH ODV H[SRUWDFLRQHV GH  PPF PiV LPSRUWDQWH IXH VLQ GXGD OD FRQWLQXDFLyQ GHO
SURFHGHQWHV GH 7ULQLGDG \ 7DEDJR VH GLULJLHURQ DO QRWDEOH FUHFLPLHQWR GH OD SURGXFFLyQ GH DFHUR HQ
PHUFDGR GH ORV (VWDGRV 8QLGRV TXH UHFLELy &KLQD TXH FRQ XQ DXPHQWR GHO  VH VLWXy HQ
DVLPLVPR  PPF GHO 2ULHQWH 0HGLR 4DWDU \  PLOORQHV GH WRQHODGDV (O DxR  IXH HO
2PiQ \PPFGH$UJHOLD FXDUWR  FRQVHFXWLYR HQ TXH HO VHFWRU VLGHU~UJLFR
FUHFLyPiVGHO\&KLQDUHSUHVHQWDDFWXDOPHQWH
/RVHQYtRVGH*1/HPSH]DURQDOOHJDUDORVSDtVHV PiV GHO  GH OD SURGXFFLyQ PXQGLDO GH DFHUR
LPSRUWDGRUHV (Q ORV (VWDGRV 8QLGRV HO SULPHU GHIXQGLFLyQ(QWRGD$VLDHVDSURGXFFLyQDXPHQWy
VXPLQLVWURSURFHGLyGH7ULQLGDGHQPDU]R\OOHJyDO  KDVWD  PLOORQHV GH WRQHODGDV FRQ XQD
QXHYR WHUPLQDO HQ HO PDU FRQVWUXLGR SRU (O 3DVR PRGHVWD FRQWUDFFLyQ HQ HO -DSyQ GHO  SDUD
XELFDGR D  PLOODV GH OD FRVWD GH /XLVLDQD HQ HO FLIUDUVH HQ  PLOORQHV GH WRQHODGDV 2WURV
JROIR GH 0p[LFR 3RFRV PHVHV GHVSXpV HO SULPHU LPSRUWDQWHV SURGXFWRUHV DVLiWLFRV UHJLVWUDURQ
HQYtRGHJDVUXVROOHJyDXQWHUPLQDOHQ0DU\ODQG DXPHQWRV OD SURGXFFLyQ GH OD ,QGLD VH LQFUHPHQWy
(QHORWURODGRGHO$WOiQWLFRHO5HLQR8QLGRUHFLELy HQXQQRWDEOH\ODGHOD5HS~EOLFDGH&RUHD
HO SULPHU VXPLQLVWUR GH *1/ HQ  DxRV HQ HO OR KL]R HQ XQ H[LJXR  SDUD VLWXDUVH HQ  \
WHUPLQDO GH OD ,VOD GH *UDLQ FHUFD GH /RQGUHV PLOORQHVGHWRQHODGDVUHVSHFWLYDPHQWH
SURFHGHQWH GH $UJHOLD (JLSWR KL]R VX SULPHUD
H[SRUWDFLyQ GH *1/ GHVGH 'DPLHWWD D (VSDxD (Q RWUDV UHJLRQHV \ SDtVHV OD HYROXFLyQ GH OD
ILJXUDQGR HQWUH ORV GHPiV GHVWLQRV ORV (VWDGRV SURGXFFLyQIXHFRQWUDSXHVWD(Q$PpULFDGHO1RUWH
8QLGRV /RV VXPLQLVWURV IXWXURV VH KDUiQ WDPELpQ OD SURGXFFLyQ VH UHGXMR  D  PLOORQHV GH
PHGLDQWHJDVRGXFWRVVXEPDULQRVHQPD\R,WDOLD\ WRQHODGDV HQ ORV (VWDGRV 8QLGRV  D 
$UJHOLDFRQYLQLHURQHQLQFUHPHQWDUODFDSDFLGDGGHO PLOORQHV GH WRQHODGDV HQ HO &DQDGi \  D 
JDVRGXFWR 7UDQVPHG HQ XQ FXDUWR KDVWD  PLOORQHV GH WRQHODGDV HQ 0p[LFR /D SURGXFFLyQ
PLOORQHVGHSLHVF~ELFRVDODxR\HQVHSWLHPEUHOD WDPELpQVHUHGXMRHQORVSDtVHVGHOD8QLyQ
)HGHUDFLyQ GH 5XVLD \ $OHPDQLD VH SXVLHURQ GH (XURSHD SDUD FLIUDUVH HQ  PLOORQHV GH
DFXHUGR SDUD FRQVWUXLU HO JDVRGXFWR 1RUWKHUQ WRQHODGDV UHJLVWUiQGRVH ORV PD\RUHV GHVFHQVRV HQ

 (OWUDQVSRUWHPDUtWLPRHQ 

/X[HPEXUJR \ 3RORQLD FRQ  DXQTXH DOJXQRV GHO QLYHO GHO DxR  (O PD\RU LQFUHPHQWR
SDtVHV ORJUDURQ H[SDQGLU VXV PRGHVWDV FDOFXODGR IXH HO GH &KLQD FRQ XQ  SDUD
SURGXFFLRQHV FRPR *UHFLD   \ $XVWULD \ FLIUDUVHHQPLOORQHVGHWRQHODGDVORTXHVXSXVR
(VORYHQLD   ,WDOLD IXH HO SDtV TXH VH XQD GHVDFHOHUDFLyQ GH OD WDVD GH FUHFLPLHQWR TXH
GHVHPSHxy PHMRU FRQ XQ LQFUHPHQWR GH VX GXUDQWH YDULRV DxRV KDEtD VXSHUDGR HO  &RQ
SURGXFFLyQ GH  KDVWD  PLOORQHV GH WRGR HO LQFUHPHQWR DQXDO GH &KLQD IXH VXSHULRU DO
WRQHODGDV /RV SDtVHV GH OD &RPXQLGDG GH (VWDGRV FRQVXPR DQXDO GH $PpULFD /DWLQD 2WUDV UHJLRQHV
,QGHSHQGLHQWHV OD DQWLJXD 8QLyQ 6RYLpWLFD  FRQSHUVSHFWLYDVIDYRUDEOHVGHXQDPD\RUGHPDQGD
PDQWXYLHURQFDVLFRQVWDQWHVXSURGXFFLyQHQ DSDUHQWHGHDFHURIXHURQHO2ULHQWH0HGLR\ÈIULFD
PLOORQHVGHWRQHODGDVFRQXQDFRQWUDFFLyQPtQLPD GRQGHVHUHJLVWUyXQFUHFLPLHQWRGHSRUWpUPLQR
GH  (O PD\RU SURGXFWRU OD )HGHUDFLyQ GH PHGLR SDUD DUURMDU XQD GHPDQGD FRQMXQWD GH 
5XVLD DXPHQWy VX SURGXFFLyQ GH DFHUR  SDUD PLOORQHV GH WRQHODGDV (Q ORV SDtVHV GH OD &(, VH
DOFDQ]DU  PLOORQHV GH WRQHODGDV SHUR OD HVSHUDEDXQFUHFLPLHQWRDXQDWDVDDOJRLQIHULRUGHO
SURGXFFLyQ GH 8FUDQLD \ OD GH .D]DMDVWiQ VH ORTXHUHGXQGDUtDHQXQFRQVXPRWRWDODSDUHQWH
UHGXMHURQ  D  PLOORQHV GH WRQHODGDV \ GH DFHUR GH  PLOORQHV GH WRQHODGDV (Q
DPLOORQHVGHWRQHODGDVUHVSHFWLYDPHQWH 6XGDPpULFD VH FDOFXODED TXH VH PDQWHQGUtD HO
(QRWURVSDtVHVHXURSHRVODSURGXFFLyQGHDFHURGH FRQVXPRHQPLOORQHVGHWRQHODGDVDOUHFXSHUDUVH
6HUELD\0RQWHQHJURDXPHQWyHQXQQRWDEOH FDVLWRGDVODVHFRQRPtDVGHODUHFHVLyQGH(Q
KDVWD  PLOORQHV GH WRQHODGDV FRQ XQD WDVD TXH ORV SULQFLSDOHV FHQWURV GH FRQVXPR GH (XURSD \
FXDGUXSOLFy OD GH 7XUTXtD FX\D SURGXFFLyQ VH $PpULFD GHO 1RUWH VH HVSHUDED TXH OD GHPDQGD VH
LQFUHPHQWy  SDUD VLWXDUVH HQ  PLOORQHV GH UHGXMHUD XQ  D  PLOORQHV GH WRQHODGDV \ XQ
WRQHODGDV DPLOORQHVGHWRQHODGDVUHVSHFWLYDPHQWH

(Q HO 2ULHQWH 0HGLR OD SURGXFFLyQ GH DFHUR GH (Q  ORV HOHYDGRV SUHFLRV DOFDQ]DGRV SRU HO
IXQGLFLyQ FUHFLy  KDVWD  PLOORQHV GH DFHURHQHODxRDQWHULRUHPSH]DURQDGHMDUVHVHQWLU
WRQHODGDV H[SHULPHQWDQGR HO PD\RU SURGXFWRU OD HQ ORV FRQVXPLGRUHV (O SUHFLR GHO DFHUR GH
5HS~EOLFD,VOiPLFDGHO,UiQXQLQFUHPHQWRGH UHIHUHQFLD HQ (XURSD GLVPLQX\y XQ WHUFLR HQ HO
KDVWD  PLOORQHV GH WRQHODGDV /D SURGXFFLyQ GH SULPHU VHPHVWUH GHO DxR KDVWD  GyODUHV OD
DFHURHQÈIULFDWDPELpQDXPHQWySDUDFLIUDUVH WRQHODGD $VLPLVPR ORV SUHFLRV DO FRQWDGR GH
HQ  PLOORQHV GH WRQHODGDV /D GH 6XGiIULFD VH ODPLQDGRV HQ FDOLHQWH GLVPLQX\HURQ GHVGH  D
PDQWXYR FRQVWDQWH HQ  PLOORQHV GH WRQHODGDV GyODUHVODWRQHODGDHQORVSULPHURVGLH]PHVHV
PLHQWUDV TXH OD GH (JLSWR \ OD GH OD -DPDKLUL\D GHODxR(QODVDFHUHUtDVFKLQDVWDPELpQVHUHJLVWUy
ÈUDEH /LELD DXPHQWDURQ  \  FRQ XQD XQD SURQXQFLDGD FDtGD GH ORV SUHFLRV LQWHUQRV
SURGXFFLyQ HQWUH DPERV SDtVHV GH  PLOORQHV GH EXVFiQGRVH FRPR DOWHUQDWLYD OD H[SRUWDFLyQ FRQ
WRQHODGDV /D SURGXFFLyQ GH DFHUR GH $XVWUDOLD PHGLGDV GH ODV DXWRULGDGHV FRQWUD XQ H[FHVR GH
FUHFLy\FRPSHQVyODFRQWUDFFLyQGHGH SURGXFFLyQ  (Q FRQMXQWR ODV PX\ IUDJPHQWDGDV
1XHYD =HODQGLD SDUD DUURMDU XQD SURGXFFLyQ VLGHUXUJLDVVHHQFRQWUDURQFRQJUDQGHVDO]DVHQODV
FRQMXQWD GH  PLOORQHV GH WRQHODGDV (Q PDWHULDVSULPDVDODXPHQWDUHOPLQHUDOGHKLHUURXQ
6XGDPpULFD OD SURGXFFLyQ GHVFHQGLy  D  \HOFDUEyQGHFRTXHXQ\GLVPLQXLUORV
PLOORQHV GH WRQHODGDV FRQ XQD GLVPLQXFLyQ GH SUHFLRV GH VXV SURGXFWRV 1R REVWDQWH KXER XQ
HQHO%UDVLOHOPD\RUSURGXFWRUTXHUHGXMRVX LQWHQWR GH KDFHU XQ SURFHVR GH FRQFHQWUDFLyQ SRU
SURGXFFLyQDPLOORQHVGHWRQHODGDVUHGXFFLyQ SDUWHGH0LWWDOHOPD\RUSURGXFWRUGHDFHURFRQXQ
TXH QR SXGR YHUVH FRPSHQVDGD SRU OD H[SDQVLyQ  GHO WRWDO PXQGLDO DO RIUHFHU VLQ p[LWR FRPSUDU
UHJLVWUDGD HQ SURGXFWRUHV PHQRUHV FRPR OD $UFHORU XQD JUDQ VLGHUXUJLD HXURSHD $ ILQDOHV GH
$UJHQWLQD9HQH]XHOD&RORPELD\HO3HU~ DxR&KLQDHVWDEOHFLyOLFHQFLDVGHLPSRUWDFLyQSDUD
HOPLQHUDOGHKLHUURTXHIUHQDURQODGHPDQGDGHORV
(QHOPLVPRDxRODSURGXFFLyQPXQGLDOGHDUUDELR HQYtRV GHVGH OD ,QGLD FRQ SUHFLRV DO FRQWDGR \ D
TXHHVRWURLQGLFDGRU~WLOSDUDSUHGHFLUHOWUiILFRGH SULQFLSLRVGHVHHVSHUDEDTXHHOSUHFLRGHHVH
JUDQHOHV UHJLVWUy XQ VDOXGDEOH DXPHQWR GH  PLQHUDOVXELHUDHQWUHXQ\XQ
SDUDFLIUDUVHHQPLOORQHVGHWRQHODGDV
(OWUiILFRGHPLQHUDOGHKLHUUR
&RQVXPRPXQGLDOGHDFHUR
(O DXJH GH OD SURGXFFLyQ GH DFHUR VH UHIOHMy HQ HO
(O FRQVXPR DSDUHQWH GH DFHUR HQ  IXH GH  LQFUHPHQWR GHO  GH ORV HPEDUTXHV GH PLQHUDO
PLOORQHVGHWRQHODGDVHVGHFLUXQSRUHQFLPD GHKLHUURGXUDQWHSDUDDOFDQ]DUXQWRWDOGH

 ,/DHYROXFLyQGHOWUiILFRPDUtWLPRLQWHUQDFLRQDO 

PLOORQHV GH WRQHODGDV $XVWUDOLD \ HO %UDVLO TXH PLOORQHVGHWRQHODGDVFRQXQFUHFLPLHQWRGHO


UHSUHVHQWDQ FDVL HO  GH ODV H[SRUWDFLRQHV /RV HQYtRV GH FDUEyQ FRTXLILFDEOH DXPHQWDURQ D
PXQGLDOHVUHJLVWUDURQFUHFLPLHQWRVGH\ XQDWDVDDOJRPHQRUDPLOORQHVGHWRQHODGDV
KDVWD  \  PLOORQHV GH WRQHODGDV
UHVSHFWLYDPHQWH /D ,QGLD DXPHQWy VXV $XVWUDOLDTXHHVFRQPXFKRHOPD\RUH[SRUWDGRUGH
H[SRUWDFLRQHV HQ XQ  SDUD VLWXDUODV HQ  FDUEyQGHFRTXHTXHGyUHOHJDGDDXQVHJXQGROXJDU
PLOORQHV GH WRQHODGDV /DV H[SRUWDFLRQHV GH HQODVH[SRUWDFLRQHVGHFDUEyQSDUDSURGXFLUYDSRU
6XGiIULFDVHPDQWXYLHURQLJXDOFRQPLOORQHVGH DO YHUVH VXSHUDGD SRU ,QGRQHVLD /DV H[SRUWDFLRQHV
WRQHODGDV ([SRUWDGRUHV PHQRUHV FRPR HO &DQDGi DXVWUDOLDQDV WRWDOHV GHO DxR VH HVWLPDURQ HQ 
6XHFLD 0DXULWDQLD \ HO 3HU~ YLHURQ DXPHQWDU VXV PLOORQHVGHWRQHODGDVGHORUGHQGHXQWHUFLRGHODV
H[SRUWDFLRQHV D WDVDV GH XQ VROR GtJLWR (O PD\RU H[SRUWDFLRQHV PXQGLDOHV /DV GH ,QGRQHVLD IXHURQ
LPSRUWDGRUIXHFRQPXFKR&KLQDFRQPLOORQHV GH FHUFD GH  PLOORQHV GH WRQHODGDV HVWR HV
GHWRQHODGDVXQLQFUHPHQWRGHPiVGHPLOORQHV DOUHGHGRU GHO  GH ODV H[SRUWDFLRQHV PXQGLDOHV
GH WRQHODGDV UHVSHFWR GHO DxR DQWHULRU (O -DSyQ \ 2WURV H[SRUWDGRUHV GH FDUEyQ SDUD FHQWUDOHV
ORV  SDtVHV GH OD 8( LPSRUWDURQ  \  WpUPLFDV WDOHV FRPR &KLQD 6XGiIULFD \ &RORPELD
PLOORQHV GH WRQHODGDV UHVSHFWLYDPHQWH FRQ VXPLQLVWUDURQ   \ PLOORQHV GH WRQHODGDV
YRO~PHQHV SDUHFLGRV D ORV GHO DxR DQWHULRU UHVSHFWLYDPHQWH
OLJHUDPHQWH VXSHULRUHV SDUD HO SULPHUR H LQIHULRUHV
SDUD ORV VHJXQGRV (VWRV SDtVHV UHSUHVHQWDURQ PiV /RVSULQFLSDOHVLPSRUWDGRUHVIXHURQORVSDtVHVGHOD
GH ODV WUHV FXDUWDV SDUWHV GH ODV LPSRUWDFLRQHV 8(\HO-DSyQFRQDOUHGHGRUGHO\HOGHODV
PXQGLDOHV /DV GH OD 5HS~EOLFD GH &RUHD VH LPSRUWDFLRQHV PXQGLDOHV UHVSHFWLYDPHQWH /D SDUWH
PDQWXYLHURQ LJXDO HQ XQRV  PLOORQHV GH GHVWLQDGDDFHQWUDOHVWpUPLFDVHQODVLPSRUWDFLRQHV
WRQHODGDV/DVLPSRUWDFLRQHVGH$PpULFDHO2ULHQWH GHFDUEyQYDUtDGHVGHORVWUHVFXDUWRVHQHOFRQMXQWR
0HGLR \ ÈIULFD VH FLIUDURQ HQ   \  GH ORV SDtVHV GH OD 8( D DSUR[LPDGDPHQWH HO 
PLOORQHVGHWRQHODGDVUHVSHFWLYDPHQWH HQHO-DSyQ2WURVLPSRUWDGRUHVVRQOD5HS~EOLFDGH
&RUHD \OD 3URYLQFLDFKLQD GH7DLZiQ FRQ HO 
/D IXHUWH GHPDQGD \ ORV SUHFLRV DOWRV KDVWD  FDGDXQR3RUORGHPiVODVLPSRUWDFLRQHVFKLOHQDV
GyODUHVODWRQHODGDGHOPLQHUDOGHKLHUURVXVFLWDURQ GH FDUEyQ SDUD FHQWUDOHV WpUPLFDV GLVPLQX\HURQ HQ
XQDROHDGDGHLQYHUVLRQHVHQHVWHVHFWRUPLQHURTXH FDVL  PLOORQHV GH WRQHODGDV PLHQWUDV TXH ODV GH
HVWi PX\ FRQFHQWUDGR /RV H[SRUWDGRUHV FDUEyQ GH FRTXH GHO %UDVLO DXPHQWDURQ GHO RUGHQ
DXVWUDOLDQRV %+3 %LOOLWRQ \ 57= DQXQFLDURQ GHOKDVWDPLOORQHVGHWRQHODGDVHQ
LQYHUVLRQHV GH  PLOORQHV \  PLOORQHV GH
GyODUHVHQODUHJLyQGH3LOEDUDHQPLQDVWUDQVSRUWH /DV SHUVSHFWLYDV GHO FRPHUFLR GH FDUEyQ VRQ
GHO PLQHUDO D OD FRVWD \ GHVDUUROOR SRUWXDULR (Q HO EXHQDV6HSUHYpTXHODVH[SRUWDFLRQHVGHFDUEyQGH
%UDVLOVHDQXQFLyXQSUR\HFWRGHPLOORQHVGH FRTXH GHVGH 6LEHULD RULHQWDO DO -DSyQ DXPHQWHQ D
GyODUHV TXH FRPSUHQGtD XQD WXEHUtD VXEWHUUiQHD GH WHQRU GH ORV FRQWUDWRV VXVFULWRV D ILQDOHV GH DxR
EDMD SUHVLyQ GH  NP \ XQ QXHYR SXHUWR SDUD 'XUDQWHVHDUELWUDURQPHGLGDVSDUDLQWURGXFLU
H[SRUWDUPLOORQHVGHWRQHODGDVGHPLQHUDODODxR PHMRUDVORJtVWLFDVTXHVDFDUDQSOHQRSURYHFKRDORV
0LWWDO DQXQFLy XQD LQYHUVLyQ GH  PLOORQHV GH WHUPLQDOHVGHH[SRUWDFLyQHQ6XGiIULFD\$XVWUDOLD
GyODUHV HQ /LEHULD TXH FRPSUHQGtD DFWLYLGDGHV VH DQXQFLDURQ LQYHUVLRQHV HQ ORV IHUURFDUULOHV TXH
PLQHUDV GH WUDQVSRUWH \ SRUWXDULDV SDUD UHGXFLU OD OOHJDQ D HVRV WHUPLQDOHV $VLPLVPR ODV
GHSHQGHQFLDGHVXVDFHUHUtDVGHSURYHHGRUHVDMHQRV H[SRUWDFLRQHV GH FDUEyQ SDUD FHQWUDOHV WpUPLFDV VH
(Q $XVWUDOLD OD YLJRURVD GHPDQGD \ ORV SUHFLRV EHQHILFLDUtDQ GH OD PHQRU FRQJHVWLyQ HQ ORV
HOHYDGRVWDPELpQKLFLHURQTXHVHGHFLGLHUDFUHDUXQ WHUPLQDOHV DXVWUDOLDQRV \ GH OD H[SDQVLyQ GHO
FDQRQ GHO  FXDQGR VH DEULHUDQ R DPSOLDUDQ WHUPLQDOVXGDIULFDQRGH5LFKDUGV%D\
LQVWDODFLRQHV PLQHUDV HQ FRPSDUDFLyQ FRQ HO 
YLJHQWHKDVWDHQWRQFHV (OWUiILFRGHFHUHDOHV

(OWUiILFRGHFDUEyQ /RV HPEDUTXHV PXQGLDOHV GH JUDQRV HQ  VH


HVWLPDQ HQ  PLOORQHV GH WRQHODGDV  FRQ XQ
(OWUDQVSRUWHPDUtWLPRGHFDUEyQDXPHQWyXQ DXPHQWR GH  UHVSHFWR GH ORV  PLOORQHV GH
HQ  \ DOFDQ]y XQ Pi[LPR KLVWyULFR GH  WRQHODGDVGHODxRDQWHULRU/RVHQYtRVVHGLYLGLHURQ
PLOORQHVGHWRQHODGDV&RPRHQDxRVDQWHULRUHVHO FDVL SRU LJXDO HQWUH WULJR \ FHUHDOHV VHFXQGDULRV
FDUEyQSDUDFHQWUDOHVWpUPLFDVUHSUHVHQWyHOGH FRPR PDt] FHEDGD VRMD VRUJR DYHQD \ FHQWHQR
HVHFRPHUFLRPXQGLDO\ORVHQYtRVDOFDQ]DURQ (Q  ODV SULQFLSDOHV ]RQDV GH FDUJD IXHURQ

 (OWUDQVSRUWHPDUtWLPRHQ 

$PpULFD GHO 1RUWH \ OD FRVWD RULHQWDO GH 7DPELpQ GHVGH HVWD UHJLyQ VH KLFLHURQ
6XGDPpULFD TXH UHSUHVHQWDURQ  \  GH ODV H[SRUWDFLRQHVGHDO~PLQDFXDQGRVHSXVRHQPDUFKD
H[SRUWDFLRQHV PXQGLDOHV UHVSHFWLYDPHQWH (Q HVH HO QXHYR SUR\HFWR .DPVDU HQ *XLQHD /DV
DxR HO PD\RU H[SRUWDGRU ORV (VWDGRV 8QLGRV H[SRUWDFLRQHV GH EDX[LWD \ DO~PLQD GH -DPDLFD
GLVPLQX\y VXV HQYtRV HQ  FDVL  ,PSRUWDGRUHV VXSHUDURQ OD FLIUD GH  PLOORQHV GH WRQHODGDV
WUDGLFLRQDOHVFRPRHO-DSyQOD5HS~EOLFDGH&RUHD GHVWLQiQGRVH WRGD OD EDX[LWD DO PHUFDGR GH ORV
\ ORV SDtVHV GH OD 8QLyQ (XURSHD PDQWXYLHURQ (VWDGRV 8QLGRV (Q *X\DQD HVWDED HQ PDUFKD XQ
FRQVWDQWHVVXVFRPSUDVHQHOH[WHULRUSHURPXFKRV JUDQ SODQ GH H[SRUWDFLyQ SDUD VXPLQLVWUDU XQ
RWURVSDtVHVUHJLVWUDURQLQFUHPHQWRVVXVWDQFLDOHVHQ PtQLPR GH  PLOORQHV GH WRQHODGDV GH EDX[LWD D
VXV LPSRUWDFLRQHV /DV GH ORV SDtVHV GHO 2ULHQWH (XURSD GXUDQWH  DxRV /DV H[SRUWDFLRQHV GH
0HGLR DXPHQWDURQ HQ FHUFD GHO  FRQ XQ EDX[LWD \ DO~PLQD GHVGH $XVWUDOLD TXH VRQ ODV
FUHFLPLHQWR HQ HO ,UDT GHPiV GHO  /RVSDtVHV PD\RUHVGHOPXQGRDXPHQWDURQPX\SRFRGXUDQWH
GH&HQWURDPpULFDDXPHQWDURQVXVLPSRUWDFLRQHVXQ HODxRGHVWLQiQGRVHDOUHGHGRUGHODPLWDGDSDtVHV
 PLHQWUDV TXH ODV GH 6XGDPpULFD VH DVLiWLFRV
PDQWXYLHURQLJXDO/RVSDtVHVDIULFDQRVUHJLVWUDURQ
XQ LQFUHPHQWR GHO  HQ VXV LPSRUWDFLRQHV GH /D SURGXFFLyQ WRWDO GH DOXPLQLR SULPDULR DXPHQWy
FHUHDOHVHQ HQXQSDUDVLWXDUVHHQPLOORQHVGH
WRQHODGDV )XH PX\ QRWDEOH HO LQFUHPHQWR GH OD
8QDVPX\EXHQDVFRVHFKDVGXUDQWHHQYDULRV SURGXFFLyQ HQ &KLQD TXH UHJLVWUy XQ DXPHQWR GH
SDtVHV GH OD 8QLyQ (XURSHD KLFLHURQ TXH VH  SDUD DOFDQ]DU  PLOORQHV GH WRQHODGDV \
VXEYHQFLRQDUDODH[SRUWDFLyQGHWULJRSDUDLPSHGLU WDPELpQ HQ RWURV SDtVHV GHO $VLD RULHQWDO \
TXHVHDFXPXODUDQH[LVWHQFLDV(QRWURVOXJDUHVHO PHULGLRQDOFX\DSURGXFFLyQFUHFLyKDVWD
FRPHUFLRGHYDULHGDGHVPRGLILFDGDVJHQpWLFDPHQWH PLOORQHV GH WRQHODGDV 3DtVHV GH RWUDV UHJLRQHV
GH FHUHDOHV VHFXQGDULRV UHTXLULy PHGLGDV DXPHQWDURQVXSURGXFFLyQDWDVDVGHXQVRORGtJLWR
HVSHFtILFDVSDUDHYLWDUFRPSOLFDFLRQHV3RUFDXVDGH FRQ XQD PHMRUD HQ $PpULFD GHO 1RUWH GH D 
XQD PDOD FRVHFKD HQ HO %UDVLO OD GHPDQGD GH PLOORQHVGHWRQHODGDV(QWRGDVODVGHPiVUHJLRQHV
FHUHDOHVSDUDIRUUDMHREOLJyDHQWDEODUQHJRFLDFLRQHV ODH[SDQVLyQIXHPRGHVWDHQÈIULFDHQ
DQWHV GH TXH SXGLHUD DFHSWDUVH FHUHDO DUJHQWLQR $PpULFD /DWLQD \  HQ (XURSD RFFLGHQWDO
PRGLILFDGR JHQpWLFDPHQWH (Q HO -DSyQ VH FHQWUDO \ RULHQWDO 2FHDQtD WXYR XQ OLJHUR DXPHQWR
UHFKD]DURQ VHLV HQYtRV HVWDGRXQLGHQVHV GH PDt] GHHQVXSURGXFFLyQ
PRGLILFDGR JHQpWLFDPHQWH TXH FRQWHQtD XQD
YDULHGDGQRDXWRUL]DGD$OUHGHGRUGHODPLWDGGHORV (QORVHQYtRVGHIRVIRULWDVHPDQWXYLHURQHQ
HQYtRVGHPDt]HVWDGRXQLGHQVHDO-DSyQVHVRPHWHQ  PLOORQHV GH WRQHODGDV (O SULQFLSDO H[SRUWDGRU
D SUXHEDV \ SURFHGLPLHQWRV TXH JDUDQWL]DQ OD TXH UHSUHVHQWD DSUR[LPDGDPHQWH XQ WHUFLR GH ODV
FDOLGDGSHURHOORWDPELpQHQWUDxDUHWUDVRV\FRVWRV H[SRUWDFLRQHV PXQGLDOHV FRQWLQXy VLHQGR
DGLFLRQDOHV 0DUUXHFRV TXH H[SRUWy XQRV  PLOORQHV GH
WRQHODGDV /DV YHQWDV GH RWURV SDtVHV GH ÈIULFD
/DVSHUVSHFWLYDVGHHVWHFRPHUFLRHVSHFLDOPHQWHGH FRPRHO7RJRIRUPDURQXQWHUFLRGHHVHWRWDO'HO
ORVFHUHDOHVVHFXQGDULRVIXHURQEXHQDVHQUD]yQGHO RUGHQ GH  PLOORQHV GH WRQHODGDV SURFHGLHURQ GHO
PD\RU FRQVXPR GHFDUQH\ GH DYHV GH FRUUDO HQ HO 2ULHQWH 0HGLR HVSHFLDOPHQWH GH -RUGDQLD /RV
/HMDQR 2ULHQWH 1R REVWDQWH D SULQFLSLRV GH  SDtVHVGHO/HMDQR2ULHQWH FRPR&KLQD LPSRUWDURQ
ORVWHPRUHVVREUHODGLIXVLyQGHODJULSHDYLDUHQ DOUHGHGRUGHPLOORQHVGHWRQHODGDVHQ
&KLQD SURYRFDURQ XQD FDtGD FRQVLGHUDEOH GH ODV
LPSRUWDFLRQHVGHVRMDDOKDEHUXQDPHQRUGHPDQGD 6HFRQVLGHUDTXHHOFRPHUFLRGHJUDQHOHVGHPHQRU
GHSLHQVRVSDUDDQLPDOHV LPSRUWDQFLDIRUPDGRVSRUXQDPH]FODKHWHURJpQHD
GH PHUFDQFtDV DOFDQ]y ORV  PLOORQHV GH
2WURFRPHUFLRGHJUDQHOHV WRQHODGDV HQ  FDVL XQ  DSUR[LPDGDPHQWH
SRU HQFLPD GH ODV ~OWLPDV HVWLPDFLRQHV HIHFWXDGDV
6H HVWLPD TXH GXUDQWH HO DxR  ORV HQYtRV GH SDUD HO DxR DQWHULRU 6H FDOFXOD TXH ORV HQYtRV GH
EDX[LWD\DO~PLQDTXHVRQLQVXPRVSULPDULRVGHOD SURGXFWRV VLGHU~UJLFRV \ IRUHVWDOHV VXSHUDQ
LQGXVWULD GHO DOXPLQLR DXPHQWDURQ  OLJHUDPHQWHORVPLOORQHVGHWRQHODGDVKDELHQGR
VLWXiQGRVH HQ  PLOORQHV GH WRQHODGDV /DV DXPHQWDGR PiV UiSLGDPHQWH HO FRPHUFLR GH ORV
H[SRUWDFLRQHV GH EDX[LWD GHVGH ÈIULFD RFFLGHQWDO SULPHURV TXH HO GH ORV VHJXQGRV (O FRPHUFLR GH
IXHURQGHORUGHQGHODPLWDGGHOWRWDOPXQGLDO\VH SURGXFWRV DJUtFRODV HQ SDUWLFXODU D]~FDU DUUR]
GLULJLHURQ D OD 8( \ D SDtVHV GH (XURSD RULHQWDO WDSLRFD\KDULQDV VHPLOODVROHDJLQRVDV\VRMD \GH

 ,/DHYROXFLyQGHOWUiILFRPDUtWLPRLQWHUQDFLRQDO 

IHUWLOL]DQWHV IRVIDWRV SRWDVD D]XIUH \ XUHD  (Q OD PD\RU GH ODV UXWDV (VWH2HVWH OD
UHSUHVHQWy PiV GH  PLOORQHV GH WRQHODGDV (O WUDQVSDFtILFD VH HVWLPD TXH HO WUiILFR WRWDO DOFDQ]y
YROXPHQ \ OD GLUHFFLyQ GHO FRPHUFLR GHO D]~FDU  PLOORQHV GH 7(8 HQ  (O WUiILFR GH
SRGUtDQ GHSHQGHU GH OD GHFLVLyQ TXH WRPDUDQ ORV FRQWHQHGRUHV HQ OD GLUHFFLyQ SUHGRPLQDQWH GHVGH
SDtVHVKDELGDFXHQWDGHODVQRUPDVDUELWUDGDVSRUOD $VLDD$PpULFDGHO1RUWHDVFHQGLyDPLOORQHV
20& (Q DEULO HVWD ~OWLPD IDOOy TXH ODV GH7(8PLHQWUDVTXHHQODGLUHFFLyQRSXHVWDKDFLD
H[SRUWDFLRQHV VXEYHQFLRQDGDV GH D]~FDU GH OD HO 2HVWH HO WUiILFR IXH LQIHULRU D OD PLWDG
8QLyQ (XURSHD LQIULQJtDQ HO OtPLWH LPSXHVWR HQ VLWXiQGRVHHQPLOORQHVGH7(86HPDQWXYRHQ
 GH  PLOORQHV GH WRQHODGDV DQXDOHV FX\D FRQVHFXHQFLD HO DQWHULRU GHVHTXLOLEULR \ HO
H[SRUWDFLyQ FDEtD VXEYHQFLRQDU &XDQGR SRFR UHSRVLFLRQDPLHQWR GH ORV FRQWHQHGRUHV YDFtRV
GHVSXpVOD8(GHFLGLyUHFRUWDUODVVXEYHQFLRQHV\ VLJXLyVLHQGRXQDGHODVSULQFLSDOHVSUHRFXSDFLRQHV
ORV FXSRV GH SURGXFFLyQ GUiVWLFDPHQWH DOJXQRV GHORVSRUWHDGRUHV6HHVWLPDTXHSRUODUXWD$VLD
SDtVHV HQ GHVDUUROOR SURGXFWRUHV GH D]~FDU GH (XURSD VH WUDQVSRUWDURQ HQ   PLOORQHV GH
ÈIULFD HO 3DFtILFR \ HO &DULEH HVWLPDURQ TXH 7(8 (Q HVWH FDVR WDPELpQ VH UHJLVWUy XQ
SHUGHUtDQ PiV GH  PLOORQHV GH GyODUHV HQ GHVHTXLOLEULR HQWUH HO WUiILFR HQ GLUHFFLyQ 2HVWH D
LQJUHVRV DQXDOHV (Q VHSWLHPEUH OD 8( GHFLGLy SDUWLUGH$VLDTXHDOFDQ]yPLOORQHVGH7(8\
DXPHQWDU ODV H[SRUWDFLRQHV HQ FDVL  PLOORQHV GH HO WUiILFR HQ GLUHFFLyQ (VWH TXH VH HVWLPy HQ 
WRQHODGDV HQRMDQGR DVt D JUDQGHV SDtVHV PLOORQHV GH 7(8 &RQ WRGR HO GHVHTXLOLEULR IXH
SURGXFWRUHV GH D]~FDU FRPR HO %UDVLO $XVWUDOLD \ PHQRV SURQXQFLDGR TXH HO TXH H[LVWH D WUDYpV GHO
7DLODQGLD TXH WHPtDQ TXH ORV SUHFLRV VH 3DFtILFR (Q OD UXWD WUDQVDWOiQWLFD OD PHQRU GH ODV
GHVSORPDUDQ HQ ORV PHUFDGRV PXQGLDOHV /RV TXH YDQ HQ GLUHFFLyQ (VWH2HVWH VH FDOFXOD TXH HO
HQYtRV GH XQ FLHUWR Q~PHUR GH PLQHUDOHV FRTXH WUiILFRGHFRQWHQHGRUHVIXHGHPLOORQHVGH7(8
PLQHUDOHVQRIHUURVRVPHWDOHVVDOFHPHQWRHWF VH &RPR HO WUiILFR HQ OD GLUHFFLyQ SUHGRPLQDQWH GH
HVWLPDQ HQ XQRV  PLOORQHV GH WRQHODGDV (Q (XURSDD$PpULFDGHO1RUWHDVFHQGLyDPLOORQHV
WpUPLQRV JHQHUDOHV ODV SUHYLVLRQHV VREUH HVWDV GH7(8\HOHIHFWXDGRHQGLUHFFLyQRSXHVWDIXHGH
PHUFDQFtDV LQGLFDQ SDUD  XQ YROXPHQ  PLOORQHV HO GHVHTXLOLEULR IXH PHQRV DFXVDGR
VHPHMDQWH GH ORV HQYtRV FRQ IOXFWXDFLRQHV D FRUWR (Q OtQHDV JHQHUDOHV HO WUiILFR HQ HVDV WUHV UXWDV
SOD]RGHOFRPHUFLRGHSURGXFWRVDJUtFRODVDVtFRPR (VWH2HVWH VH FLIUy HQ FDVL  PLOORQHV GH 7(8
OD GHSHQGHQFLD GH ORV ELHQHV LQGXVWULDOHV GH ODV VLHQGR XQD LPSRUWDQWH FDUDFWHUtVWLFD GH WRGDV HOODV
GHFLVLRQHVDODUJRSOD]RVREUHLQYHUVLRQHV ODUHXELFDFLyQGHFRQWHQHGRUHVYDFtRV

 (OWUDQVSRUWHFRQWHQHGRUL]DGRGHPHUFDQFtDV /DV UXWDV 1RUWH6XU JLUDQ HQ WRUQR D ORV JUDQGHV
HQEXTXHVGHOtQHDUHJXODU FHQWURV GH SURGXFFLyQ \ FRQVXPR GH (XURSD HO
/HMDQR 2ULHQWH \ $PpULFD GHO 1RUWH \ FRQHFWDQ
(O UHVWR GH FDUJD VHFD XQRV  PLOORQHV GH HVWRV FHQWURV FRQ ORV SDtVHV HQ GHVDUUROOR 6H
WRQHODGDVVHWUDQVSRUWDFDGDYH]HQ PD\RU PHGLGD FRQVLGHUD TXH HQ  VH KDEtDQ WUDQVSRUWDGR SRU
SRUODVUXWDVTXHVLJXHQORVEXTXHVGHOtQHDUHJXODU ODV UXWDV 1RUWH6XU KDVWD  PLOORQHV GH 7(8
(Q DOJXQDV UHJLRQHV ORV VHUYLFLRV HVSHFLDOL]DGRV \ DXPHQWDQGR \ UHGXFLpQGRVH HO WUiILFR HQ UD]yQ GH
XQLWDUL]DGRV FRPR VLVWHPDV GH URGDGXUD EXTXHV ODVFRQGLFLRQHVHFRQyPLFDVTXHSUHYDOHFtDQHQXQR
IULJRUtILFRV \ GH WUDQVSRUWH GH DXWRPyYLOHV \ RWUR H[WUHPR (O WUiILFR GH FRQWHQHGRUHV HQ ODV
FRH[LVWHQFRQVHUYLFLRVDXWyQRPRVGHFDUJDJHQHUDO UXWDVTXHXQHQ(XURSDFRQÈIULFD\2FHDQtDVHFLIUD
GHWLSRWUDGLFLRQDOVLUYLHQGRDOJXQRVGHpVWRVFRPR HQ\PLOORQHVGH7(8UHVSHFWLYDPHQWH\VH
UHVSDOGRGHOWUiILFRSULQFLSDOHQFRQWHQHGRUHV3HVH GLVWULEX\y FDVL SRU LJXDO HQ GLUHFFLyQ 6XU \ HQ
D TXH OD PD\RUtD GH ODV UXWDV VHJXLGDV SRU ORV GLUHFFLyQ 1RUWH $TXpO HQWUH (XURSD \ $PpULFD
FRQWHQHGRUHV HVWiQ \D GHVDUUROODGDV HQ  KXER FHQWUDO \ PHULGLRQDO IXH XQDV FXDWUR YHFHV PD\RU
SRVLELOLGDGHV GH FUHFLPLHQWR \ HO WUiILFR FUHFLy D FRQ  PLOORQHV GH 7(8 \ WDPELpQ PiV
WDVDVGHGRVGtJLWRVHQYDULDVUXWDVHVWLPiQGRVHHO GHVHTXLOLEUDGR \D TXH ORV HQYtRV HQ GLUHFFLyQ 6XU
WRWDOHQPiVGHPLOORQHVGH7(8(OWUiILFRGH QROOHJDURQDPLOORQHVGH7(8(OWUiILFRHQHVH
PHUFDQFtDVHQFRQWHQHGRUHVGLILHUHGHOGHRWUDFDUJD PRGR GH WUDQVSRUWH HQWUH $PpULFD GHO 1RUWH \
VHFDDJUDQHOSRUHOPD\RUXVRGHOWUDQVERUGRSDUD &HQWURDPpULFD\6XGDPpULFDIXHWRGDYtDPD\RUGHO
OOHJDU D ORV GHVWLQRV ILQDOHV FRQ HO ILQ GH RUGHQ GH  PLOORQHV GH 7(8 H LJXDOPHQWH
FRPSOHPHQWDU ODV HVFDODV GLUHFWDV GH ORV EXTXHV GHVHTXLOLEUDGR HVWLPiQGRVH HO PRYLPLHQWR HQ
PD\RUHV/RVFRQWHQHGRUHVVLJXHQUXWDV(VWH2HVWH GLUHFFLyQ6XUHQPLOORQHVGH7(8(OWUiILFRGH
OD WUDQVSDFtILFD OD (XURSD/HMDQR 2ULHQWH \ OD FRQWHQHGRUHV HQWUH $VLD \ 2FHDQtD VH FLIUD HQ 
WUDQVDWOiQWLFD 1RUWH6XU\UXWDVUHJLRQDOHV PLOORQHVGH7(8DXQTXHHVWiELHQHTXLOLEUDGR6H

 (OWUDQVSRUWHPDUtWLPRHQ 

FDOFXODED TXH SRU OD UXWD UHJLRQDO GH $VLD LPSRUWDGDV GH $PpULFD /DWLQD VH FRQVLGHUy
QRURULHQWDO D $VLD VXGRULHQWDO GLVFXUULHURQ  LPSURSLDSRUOD20&
PLOORQHVGH7(8HQ
 (OWUDQVSRUWHPDUtWLPRPXQGLDOSRUJUXSRV
(Q MXQLR GH  HO FDQDO GH 3DQDPi XQD YtD GHSDtVHV
SULQFLSDOSDUDEXTXHVGHOtQHDUHJXODU\JUDQHOHURV
HPSH]yDDSOLFDUODSULPHUDGHODVVXELGDVGHOSHDMH (QHOFXDGUR\HO JUiILFRILJXUDHOGHVJORVHGH
DQXQFLDGDVHODxRDQWHULRU(OFDQDOHVWDEDRSHUDQGR ORVPLOORQHVGHWRQHODGDVGHOWUiILFRPDUtWLPR
DPiVGHOGHVXFDSDFLGDG\ORVWUDEDMRVSDUD PXQGLDOSRUJUDQGHVVHJPHQWRVGHSURGXFWRV\SRU
LQFUHPHQWDUOD GHQWUR GH ORV OtPLWHV GH OD JUXSRV GH SDtVHV /D SDUWH GH ORV SDtVHV
LQIUDHVWUXFWXUD H[LVWHQWH HVWDEDQ HQ PDUFKD \ VH GHVDUUROODGRV GH HFRQRPtD GH PHUFDGR HQ ODV
HVSHUDED TXH VDWLVILFLHUDQ OD GHPDQGD HVWLPDGD PHUFDQFtDV FDUJDGDV \ GHVFDUJDGDV HQ HO DxR 
KDVWD HO DxR  (Q  SURVLJXLHURQ ORV IXHHO\HOUHVSHFWLYDPHQWHGHOYROXPHQ
HVWXGLRV WpFQLFRV HQFDPLQDGRV D H[SDQGLU HVD WRWDO PXQGLDO (Q HVRV SDtVHV HO SHWUyOHR FUXGR \
LQIUDHVWUXFWXUD FX\RV UHVXOWDGRV VHUtDQ SXEOLFDGRV VXV GHULYDGRV VXSXVLHURQ  \  GH ODV
SRU OD $XWRULGDG GHO FDQDO HQ DEULO GH  6H H[SRUWDFLRQHV PXQGLDOHV WRWDOHV HQ WDQWR TXH ODV
SUHYp FRQVWUXLU XQ WHUFHU FRQMXQWR GH H[FOXVDV FRQ LPSRUWDFLRQHV GH SHWUyOHR FUXGR UHSUHVHQWDURQ
FDSDFLGDG SDUD SRUWDFRQWHQHGRUHV GH  7(8 \ORVGHULYDGRV(QHODQH[R,,SXHGH
FRQ XQ FRVWR GH  PLOORQHV GH GyODUHV SDUD VX YHUVHXQGHVJORVHPiVGHWDOODGRSRUUHJLRQHV(QWUH
WHUPLQDFLyQHQ6XILQDQFLDFLyQSURFHGHUtDGH ODV HFRQRPtDV GH PHUFDGR (XURSD VLJXH VLHQGR HO
ORVLQJUHVRV\GHIRQGRVDOOHJDGRVHQORVPHUFDGRV H[SRUWDGRU PiV LPSRUWDQWH GH FUXGRV \ GH
GH FDSLWDO SRU OD $XWRULGDG SURSRQLpQGRVH HO SURGXFWRV GHO SHWUyOHR FRQ XQ WRWDO GH 
*RELHUQR KDFHU XQ UHIHUpQGXP DQWHV GH VHJXLU PLOORQHV GH WRQHODGDV  GHO WRWDO PXQGLDO 
DGHODQWHFRQHOSODQ $PpULFD GHO 1RUWH HV HO PD\RU LPSRUWDGRU GH
SHWUyOHR FUXGR \ GHULYDGRV FRQ  PLOORQHV GH
(Q  SDtVHV \ JUXSRV GH SDtVHV OOHJDURQ D WRQHODGDV  VHJXLGDGHFHUFDSRU(XURSDFRQ
DFXHUGRV\VHYLHURQDIHFWDGRVSRUODVGHFLVLRQHVGH PLOORQHVGHWRQHODGDV  \HO-DSyQFRQ
OD 20& VREUH OD VROXFLyQ GH GLIHUHQFLDV PLOORQHVGHWRQHODGDV  
FRPHUFLDOHV (O LQFUHPHQWR GH ODV H[SRUWDFLRQHV
FKLQDV HQ HO SULPHU VHPHVWUH FXDQGR WHUPLQy HO (Q HO VHJPHQWR GH FDUJD VHFD D JUDQHO OD SDUWH GH
UpJLPHQGHFRQWLQJHQWHVFRQGXMRDXQDFXHUGRSRU ORV SDtVHV GHVDUUROODGRV GH HFRQRPtD GH PHUFDGR
HO TXH OD 8( OLPLWy HO FUHFLPLHQWR GH ODV GLVPLQX\yDHQHOFDVRGHODVH[SRUWDFLRQHV
LPSRUWDFLRQHV GH WH[WLOHV \ SUHQGDV GH YHVWLU 6LQ \DHQHOGHODVLPSRUWDFLRQHV(QHODQH[R,,
HPEDUJR HQ MXOLR \ DJRVWR ODV H[LVWHQFLDV HUDQ ILJXUD WDPELpQ OD GLVWULEXFLyQ UHJLRQDO GH HVH
FXDQWLRVDVVXSHUDQGRORHVWDEOHFLGRHQHODFXHUGR WUDQVSRUWH (XURSD VLJXH VLHQGR HO PD\RU PHUFDGR
\ODVPHUFDQFtDVVHDFXPXODURQHQODVIURQWHUDVGH GH FDUJD VHFD SDUD ODV H[SRUWDFLRQHV \ ODV
OD8((ODVXQWRVH]DQMyHQVHSWLHPEUHDODVLJQDU LPSRUWDFLRQHV FRQ  PLOORQHV GH WRQHODGDV
OD PLWDG GH HVDV H[LVWHQFLDV DO FRQWLQJHQWH GHO DxR  GH ODV H[SRUWDFLRQHV PXQGLDOHV  \ 
VLJXLHQWH $ OD GHFLVLyQ GH PDU]R GH OD 20& TXH PLOORQHV GH WRQHODGDV  GH ODV LPSRUWDFLRQHV
GHFODUyLOHJDOHVODVVXEYHQFLRQHVHVWDGRXQLGHQVHVD PXQGLDOHV UHVSHFWLYDPHQWH'RVSDtVHVGH$PpULFD
ODSURGXFFLyQ\ODVH[SRUWDFLRQHVGHDOJRGyQVLJXLy GHO1RUWH (VWDGRV8QLGRV\&DQDGi \RWURVGRVGH
XQPHVPiVWDUGHXQDGHFLVLyQSDUHFLGDUHVSHFWRGH 2FHDQtD $XVWUDOLD \ 1XHYD =HODQGLD  IXHURQ
ODV H[SRUWDFLRQHV VXEYHQFLRQDGDV GH D]~FDU GH OD WDPELpQ JUDQGHV H[SRUWDGRUHV GH JUDQHOHV VHFRV
8( D OD TXH VH SLGLy TXH UHVSHWDUD HO OtPLWH D OD FRQ SRUFHQWDMHV GH  \  UHVSHFWLYDPHQWH
H[SRUWDFLyQ GH  PLOORQHV GH WRQHODGDV ILMDGR HQ (VWR GHPXHVWUD HO SHVR TXH WLHQHQ HQ HVRV
8QRVSRFRVPHVHVGHVSXpVXQDSURSXHVWDGH HPEDUTXHVWUHVJUDQGHVSURGXFWRVDVDEHUPLQHUDO
OD 8( GH LPSRQHU XQ DUDQFHO D ODV EDQDQDV GHKLHUURFDUEyQ\FHUHDOHV


 ,/DHYROXFLyQGHOWUiILFRPDUtWLPRLQWHUQDFLRQDO 

*UiILFR

(OWUiILFRPDUtWLPRPXQGLDOSRUJUXSRVGHSDtVHV
9DULDFLyQSRUFHQWXDOGHOWRQHODMH 

Mercancías cargadas Mercancías descargadas

P a ís e s e n
P a ís e s e n
de s a rro llo
de s a ro llo
49%
3 0 ,4 %

P a ís e s
s o c ia lis t a s
de A s ia
7 ,3 %
P D EM
P D EM 5 8 ,2 %
P a ís e s
E uro pa 3 8 ,7 %
s o c ia lis t a s
o rie nt a l de A s ia E uro pa
5% 10 ,3 % o rie nt a l
1,1%


 )XHQWH5HFRSLODFLyQGHODVHFUHWDUtDGHOD81&7$'FRQGDWRVSURSRUFLRQDGRVSRUORVSDtVHVLQIRUPDQWHV\RWUDVIXHQWHVHVSHFLDOL]DGDV

'XUDQWH HO DxR  OD SDUWH GH ORV SDtVHV HQ 2FHDQtD  GH ODV H[SRUWDFLRQHV PXQGLDOHV \
GHVDUUROOR HQ HO WRWDO GH ODV H[SRUWDFLRQHV GHODVLPSRUWDFLRQHV 
WUDQVSRUWDGDV SRU YtD PDUtWLPD IXH GHO  \ HO
GH ODV LPSRUWDFLRQHV GHO  /D HVWUXFWXUD GHO (Q WUiILFRV HVSHFtILFRV VH REVHUYDURQ WDPELpQ
FRPHUFLR GH ORV SDtVHV HQ GHVDUUROOR FRQWUDVWD GLYHUJHQFLDV FRQVLGHUDEOHV /D SDUWH GH ORV SDtVHV
PXFKR FRQ OD GH ORV SDtVHV GHVDUUROODGRV GH HQ GHVDUUROOR GH $VLD HQ ODV H[SRUWDFLRQHV
HFRQRPtD GH PHUFDGR /D SDUWH FRQMXQWD GH ORV PXQGLDOHV GH FUXGRV IXH GHO  \ HQ ODV GH
SDtVHVHQGHVDUUROORHQODVH[SRUWDFLRQHVWRWDOHVGH SURGXFWRV GHULYDGRV GHO  (VWR UHIOHMD OD
SHWUyOHR FUXGR \ GHULYDGRV IXH HO  \ HO  LPSRUWDQFLD GH ORV SURGXFWRUHV GH SHWUyOHR GH
UHVSHFWLYDPHQWH(QFXDQWRDODVLPSRUWDFLRQHVORV 2ULHQWH 0HGLR \ GH ODV DFWLYLGDGHV GH UHILQR HQ HO
SRUFHQWDMHVIXHURQHQHOFDVRGHORVFUXGRV\ /HMDQR2ULHQWH/DSDUWHGHORVSDtVHVHQGHVDUUROOR
 HQ HO GH ORV SURGXFWRV GHO SHWUyOHR (Q HO GHÈIULFDHQODVH[SRUWDFLRQHVGHFUXGR  IXH
VHFWRUGHFDUJDVHFDODSDUWHGHODVH[SRUWDFLRQHVGH VXSHULRUDODGHORVSDtVHVHQGHVDUUROORGH$PpULFD
ORV SDtVHV HQ GHVDUUROOR VXSXVR HO  GH ODV  (QFDPELRHQHOFDVRGHODVH[SRUWDFLRQHV
H[SRUWDFLRQHV PXQGLDOHV PLHQWUDV TXH OD GH ODV GH GHULYDGRV GHO SHWUyOHR RFXUULy OR FRQWUDULR
LPSRUWDFLRQHVGLVPLQX\yOLJHUDPHQWHDO VLHQGR GHO  SDUD ORV SDtVHV HQ GHVDUUROOR GH
ÈIULFD \ GHO  SDUD ORV GH $PpULFD /DWLQD
7DPELpQ HQ ODV H[SRUWDFLRQHV GH FDUJD VHFD
(QWUH ORV JUXSRV GH SDtVHV HQ GHVDUUROOR KXER FRUUHVSRQGLy D ORV SDtVHV HQ GHVDUUROOR DVLiWLFRV OD
YDULDFLRQHV UHJLRQDOHV UHODFLRQDGDV FRQ VX 3,% $ SDUWH PD\RU   VHJXLGRV GH ORV SDtVHV HQ
ORV SDtVHV HQ GHVDUUROOR GH $VLD FRUUHVSRQGLy OD GHVDUUROORDPHULFDQRV  \DIULFDQRV  
SDUWH PD\RU GH H[SRUWDFLRQHV H LPSRUWDFLRQHVFRQ
\GHODVH[SRUWDFLRQHVHLPSRUWDFLRQHV (Q ODV LPSRUWDFLRQHV GH FUXGRV OD SDUWH GH ORV
PXQGLDOHV UHVSHFWLYDPHQWH /D SDUWH GH ORV SDtVHV SDtVHV HQ GHVDUUROOR GH $VLD IXH HO  GHOWRWDO
HQGHVDUUROORGH$PpULFD/DWLQDIXHHOGHODV PXQGLDO /D SDUWH GH ORV SDtVHV HQ GHVDUUROOR GH
H[SRUWDFLRQHV PXQGLDOHV \ HO  GH ODV $PpULFD \ ÈIULFD IXH  \  UHVSHFWLYDPHQWH
LPSRUWDFLRQHV PXQGLDOHV /RV SRUFHQWDMHV GH ORV (QODVLPSRUWDFLRQHVGHSURGXFWRVGHOSHWUyOHRORV
SDtVHVDIULFDQRVIXHURQGHORUGHQGHODPLWDGGHORV SRUFHQWDMHV FRUUHVSRQGLHQWHV GH ORV SDtVHV HQ
DPHULFDQRV  GH ODV H[SRUWDFLRQHV PXQGLDOHV \ GHVDUUROOR GH $VLD $PpULFD \ ÈIULFD IXHURQ 
 GH ODV LPSRUWDFLRQHV %DVWDQWH PHQRU IXH OD \/DVLPSRUWDFLRQHVGHFUXGRVGHORVSDtVHV
SDUWHGHORVSDtVHVHQGHVDUUROORGH(XURSD GH HQ GHVDUUROOR GH (XURSD VXSXVLHURQ HO  GH ODV
ODV H[SRUWDFLRQHV H LPSRUWDFLRQHV PXQGLDOHV  \ GH LPSRUWDFLRQHVPXQGLDOHVFRQXQSRUFHQWDMHVLPLODU

 (OWUDQVSRUWHPDUtWLPRHQ 

SDUD ODV LPSRUWDFLRQHV GH SURGXFWRV GHO SHWUyOHR &RPRHOYROXPHQGHFDUJDFUHFLyHOOD


/DV LPSRUWDFLRQHV GH FUXGRV GH ORV SDtVHV HQ GLVWDQFLDPHGLDUHFRUULGDDXPHQWyGXUDQWHHODxR
GHVDUUROORGH2FHDQtDIXHURQFDVLQXODVHQUD]yQGH
ODHVFDVDFDSDFLGDGGHUHILQRGHODUHJLyQHQWDQWR (O LQFUHPHQWR GH OD GHPDQGD GH WUDQVSRUWH GH
TXH OD SDUWH GH ODV LPSRUWDFLRQHV GH GHULYDGRV GHO SHWUyOHR FUXGR \ GHULYDGRV KL]R TXH ODV WRQHODGDV
SHWUyOHRIXHGHO PLOODDXPHQWDUDQXQDOJRPHQRVTXHHO
GHODxRDQWHULRU&RQVWLWX\HHOORXQLQGLFLRGHTXHORV
/D SURSRUFLyQ FRUUHVSRQGLHQWH D ORV SDtVHV VXPLQLVWURV GH SHWUyOHR FUXGR UHFRUUHQ PD\RUHV
VRFLDOLVWDV GH $VLD HQ ODV H[SRUWDFLRQHV PXQGLDOHV GLVWDQFLDVSRUHMHPSORGHVGHODVIXHQWHVHQHOPDUGH
GH  IXH  \ HQ ODV LPSRUWDFLRQHV  %DUHQWV HO %iOWLFR \ HO PDU 1HJUR D GHVWLQRV HQ
(VRV SRUFHQWDMHV UHIOHMDQ HO LPSRUWDQWH SDSHO GHO (XURSD \ $PpULFD GHO 1RUWH \ GHVGH ÈIULFD
FRPHUFLR HQ HO GHVDUUROOR GH &KLQD \ VX UiSLGR RFFLGHQWDO DO /HMDQR 2ULHQWH HVSHFLDOPHQWH &KLQD
FUHFLPLHQWR HFRQyPLFR (O FRPHUFLR GH ORV SDtVHV 3DUDWRGRVORVWLSRVGHFDUJDVHFDODVWRQHODGDVPLOOD
GH (XURSD FHQWUDO \ RULHQWDO LQFOXLGD OD H[ 8QLyQ DXPHQWDURQ DVLPLVPR XQ  PLHQWUDV TXH HO
6RYLpWLFD  DOFDQ]y VX SDUWH PiV HOHYDGD HQ ODV WRQHODMHWUDQVSRUWDGRVHLQFUHPHQWyXQ3DUDODV
H[SRUWDFLRQHVFRQHOHQUD]yQGHORVHQYtRV FLQFR SULQFLSDOHV FDUJDV VHFDV ODV WRQHODGDVPLOOD
GH SHWUyOHR FUXGR \ VXV GHULYDGRV GHVGH HO PDU UHJLVWUDURQXQDVXELGDGHOIUHQWHDXQHQ
1HJUR \ HO %iOWLFR /DV LPSRUWDFLRQHV SRU YtD HO YROXPHQ GH FDUJD OR TXH LQGLFD XQD PD\RU
PDUtWLPD GH HVRV SDtVHV UHSUHVHQWDURQ HO  GHO XWLOL]DFLyQGHORVEXTXHV3RUORTXHUHVSHFWDDOUHVWR
WRWDO PXQGLDO \ VH YLHURQ FRPSOHPHQWDGDV SRU ODV GH OD FDUJD VHFD HV GHFLU PHUFDQFtDV GH PHQRU
WUDQVSRUWDGDVSRUWLHUUDGHVGHRWURVSDtVHVHXURSHRV LPSRUWDQFLD \ DTXHOODV WUDQVSRUWDGDV HQ EXTXHV GH
OtQHDVHDPSOLDURQWDPELpQODVOtQHDVGHVXPLQLVWUR
 /DGHPDQGDGHWUDQVSRUWHPDUtWLPR \DTXHODVWRQHODGDVPLOODDXPHQWDURQXQKDVWD
DOFDQ]DU  ELOORQHV PLHQWUDV TXH OD FDUJD
(QHOFXDGURILJXUDQGDWRVVREUHODGHPDQGDWRWDO WUDQVSRUWDGD FUHFLy  (VWR UHIOHMD ODV GLVWDQFLDV
GH VHUYLFLRV GH WUDQVSRUWHPDUtWLPR HQ WpUPLQRV GH PiVODUJDVHQWUHORVSXQWRVGHRULJHQ\ORVGHVWLQRV
WRQHODGDPLOOD(QHODxRHVHWUDQVSRUWHVXPy \ HO HIHFWR GXUDGHUR GHO WUDVODGR GH LQGXVWULDV DO
ELOORQHVGHWRQHODGDVPLOODWUDVDXPHQWDUHO /HMDQR2ULHQWH

&XDGUR

(OWUiILFRPDUtWLPRPXQGLDOHQWRQHODGDVPLOODHQORVDxRVTXHVHLQGLFD
(QPLOHVGHPLOORQHVGHWRQHODGDPLOOD 

3HWUyOHR
/RVFLQFR 2WUDV
&UXGR 0LQHUDO 7RWDO
$xR &DUEyQ &HUHDOHVD JUDQHOHV FDUJDV
&UXGR 'HULYDGRV PiV GHKLHUUR PXQGLDO
SULQFLSDOHV VHFDV
GHULYDGRV
         
         
         
         
         
         
         
         
         
         
)XHQWH)HDUQOH\V5HYLHZ
D
&RPSUHQGHWULJRPDt]FHEDGDDYHQDFHQWHQRVRUJR\JUDQRVGHVRMD




&DStWXOR

(6758&785$<3523,('$'
'(/$)/27$081',$/

(Q HVWH FDStWXOR VH HVWXGLD OD GLQiPLFD GHVGH HO ODGR GH OD RIHUWD GHO WUDQVSRUWH PDUtWLPR PXQGLDO
/DLQIRUPDFLyQ \ ORV GDWRV DEDUFDQ HQ IRUPD FRPSOHWD OD HVWUXFWXUD \ OD SURSLHGDG GH OD IORWD PXQGLDO
7DPELpQVHH[DPLQDQODVHQWUHJDV\ORVGHVJXDFHVHOWRQHODMHTXHVXSRQHQORVSHGLGRVDORVDVWLOOHURVORV
SUHFLRVGHORVEXTXHVQXHYRV\HOPHUFDGRGHVHJXQGDPDQR

$/$(6758&785$'(/$)/27$  UHVSHFWR GHO DxR  FXDQGR OD IORWD


081',$/ PXQGLDO DXPHQWy  UHVSHFWR GHO WRQHODMH GH
 (VWH ~OWLPR LQFUHPHQWR HV HO PD\RU GHVGH
 7LSRVSULQFLSDOHVGHEXTXH  FXDQGR D SULQFLSLRV GH HVH DxR OD IORWD
(QHOJUiILFR\HQHOFXDGURVHSUHVHQWDQVHULHV PXQGLDO HPSH]y D H[SDQGLUVH GHVSXpV GH OD
FURQROyJLFDV GH GDWRV FRPSDUDWLYRV GH OD IORWD FRQWUDFFLyQ GH ORV DxRV RFKHQWD /DV HQWUHJDV GH
PXQGLDO HQ   \  $O ž GH HQHUR GH EXTXHV QXHYRV UHSUHVHQWDURQ  PLOORQHV GH
 ORV EXTXHV PHUFDQWHV GH WRGR HO PXQGR 730PLHQWUDVTXHVHGHVJXD]DURQRSHUGLHURQ
GHVSOD]DEDQ  PLOORQHV GH WRQHODGDV GH SHVR PLOORQHV GH 730 (O UHVXOWDGR IXH XQD JDQDQFLD
PXHUWR 730  (VD FLIUD VXSRQH XQ LQFUHPHQWR GH QHWDGHPLOORQHVGH730HQ

*UiILFR
/DIORWDPXQGLDOSRUSULQFLSDOHVWLSRVGHEXTXHHQDOJXQRVDxRV
 0LOORQHVGH730

 
 
 
 
 
 
 
 
 
 
 
            

3HWUROHURV *UDQHOHURV &DUJHURV 3RUWDFRQWHQHGRUHV 2WURV


)XHQWH5HFRSLODFLyQGHODVHFUHWDUtDGHOD81&7$'FRQGDWRVVXPLQLVWUDGRVSRU/OR\G
V5HJLVWHU)DLUSOD\


 (OWUDQVSRUWHPDUtWLPRHQ 

&XDGUR

)ORWDPXQGLDOSRUSULQFLSDOHVWLSRVGHEXTXHD
&LIUDVDFRPLHQ]RVGHDxRHQPLOHVGH730 

9DULDFLyQ
7LSRVSULQFLSDOHV    SRUFHQWXDO

3HWUROHURV    
    
*UDQHOHURV    
    
0LQHUDOHURVJUDQHOHURVSHWUROHURV    
    
0LQHUDOHURVJUDQHOHURV    
    
&DUJXHURV    
    
3RUWDFRQWHQHGRUHV    
    
2WURVWLSRGHEXTXH    
    
%XTXHVSDUDHOWUDQVSRUWHGHJDVOLFXDGR    
    
%XTXHVWDQTXHGHSURGXFWRVTXtPLFRV    
    
%XTXHVWDQTXHGLYHUVRV    
    
7UDQVERUGDGRUHV\EXTXHVGHSDVDMH    
   
2WURV    
    
7RWDOPXQGLDO    
    

)XHQWH5HFRSLODFLyQGHODVHFUHWDUtDGHOD81&7$'FRQGDWRVGH/OR\G
V5HJLVWHU)DLUSOD\
D
/RVSRUFHQWDMHVILJXUDQHQFXUVLYD

(Q  HO WRQHODMH GH SHWUROHURV DXPHQWy HQ XQ OLFXDGR SULQFLSDOPHQWH *1/ \ *3/  VLJXLy
\HOGHJUDQHOHURVHQXQ(VWRVGRVWLSRV DXPHQWDQGRXQDxRPiVDXQULWPRDSUHFLDEOH\HO
UHSUHVHQWDURQ FRQMXQWDPHQWH HO  GHO WRQHODMH GH WUDQVERUGDGRUHVEXTXHV GH SDVDMH OR KL]R D XQD
WRWDOFRQXQOLJHURGHVFHQVRUHVSHFWRGHOGH PRGHVWDWDVDGH
 /D IORWD GH FDUJXHURV R EXTXHV GH FDUJD
JHQHUDO FUHFLy  HQ  LQYLUWLHQGR OD  /DIORWDPXQGLDOGHSRUWDFRQWHQHGRUHV
WHQGHQFLD GH DxRV DQWHULRUHV HVWD FDWHJRUtD
UHSUHVHQWD HQ OD DFWXDOLGDG HO  GHO WRWDO GH OD /D IORWD PXQGLDO GH SRUWDFRQWHQHGRUHV WRWDOPHQWH
IORWD PXQGLDO (QOR TXH UHVSHFWDDOWRQHODMHHO GH FHOXODUHV VLJXLy DXPHQWDQGR FRQVLGHUDEOHPHQWH
ORV EXTXHV SRUWDFRQWHQHGRUHV DXPHQWy HQ  HQHQ OR TXH KDFH WDQWR DO Q~PHUR GH EXTXHV
PLOORQHV GH 730 HV GHFLU XQ  \ DKRUD FRPRDODFDSDFLGDGHQ7(8DFRPLHQ]RVGH
UHSUHVHQWD HO  GH OD IORWD WRWDO PXQGLDO (VWH KDEtDEXTXHV FRQ XQD FDSDFLGDG WRWDO GH
LQFUHPHQWR UHIOHMD OD FUHFLHQWH SURSRUFLyQ GH  7(8 OR TXH UHSUHVHQWD XQ DXPHQWR GHO
PDQXIDFWXUDVTXHVHGHVSOD]DQHQFRQWHQHGRUHV(O  HQ HO Q~PHUR GH EXTXHV \ GHO  HQ OD
WRQHODMH HQ 730 GH EXTXHV TXH WUDQVSRUWDQ JDV FDSDFLGDG7(8FRQUHVSHFWRDODxRDQWHULRU YpDVH
HO FXDGUR   (OWDPDxR GH ORV EXTXHV WDPELpQ

 ,,(VWUXFWXUD\SURSLHGDGGHODIORWDPXQGLDO 

VLJXLy DXPHQWDQGR FRQ XQD FDSDFLGDG PHGLD GH VHSURGXMRODHQWUDGDHQVHUYLFLRGHRWURGHORV


WUDQVSRUWH SRU XQLGDG TXH SDVy GH7(8 HQ PD\RUHV SRUWDFRQWHQHGRUHV HO 06& %UX[HOOHV GH
D7(8HQFRPRFRQVHFXHQFLDGH 7(8\DSULQFLSLRVGHORKL]RHO&RVFR
OD FRQVWUXFFLyQ GH EXTXHV PD\RUHV SDUD ORJUDU *XDQJ]KRX GH  7(8 (Q  ORV
HFRQRPtDV GH HVFDOD /D WHQGHQFLD D FRQVWUXLU SRUWDFRQWHQHGRUHV FRQ FDSDFLGDG HQWUH
SRUWDFRQWHQHGRUHV PD\RUHV FRQWLQXy WHQLHQGR HO D7(8UHSUHVHQWDEDQHOGHODIORWDGHHVD
PD\RU EXTXH HQFDUJDGR XQD FDSDFLGDG QRPLQDO FODVHLQFOXLGRVORVSHGLGRVQXHYRVPLHQWUDVTXHOD
RILFLDO GH  7(8 DXQTXH VH FUHH TXH XQRV SDUWHGHORVSRUWDFRQWHQHGRUHVGH7(8\PiV
PHJDEXTXHV SHGLGRV SRU 0DHUVN /LQH OOHJDUiQ D IXHGHO
7(8(QWUHWDQWRHQHOVHJXQGRVHPHVWUHGH

&XDGUR

'LVWULEXFLyQGHODIORWDPXQGLDO\FDSDFLGDGHQ7(8GHORVEXTXHVSRUWDFRQWHQHGRUHV
WRWDOPHQWHFHOXODUHVSRUJUXSRVGHSDtVHVHQ\D
&LIUDVGHFRPLHQ]RVGHDxR 

3DEHOORQHVGHPDWUtFXODSRU 1~PHURGHEXTXHV &DSDFLGDGHQ7(8\SRUFHQWDMHV


JUXSRVGHSDtVHV      
7RWDOPXQGLDO      
      
3DtVHVGHVDUUROODGRVGHHFRQRPtD
GHPHUFDGR      
      
3ULQFLSDOHVSDtVHVGHOLEUHPDWUtFXOD      
      
7RWDOGHODVHFRQRPtDVGHPHUFDGR
GHVDUUROODGDV\GHORVSULQFLSDOHV
SDtVHVGHOLEUHPDWUtFXOD      
      
3DtVHVGH(XURSDFHQWUDO\RULHQWDO
LQFOXLGDODH[8566       
      
3DtVHVVRFLDOLVWDVGH$VLD      
      
3DtVHVHQGHVDUUROOR      
      
GHORVFXDOHVHQ      
ÈIULFD      
      
$PpULFD      
      
$VLD      
      
(XURSD      
      
2FHDQtD      
      
2WURVSDtVHV\EXTXHVQRDVLJQDGRV      
      

)XHQWH5HFRSLODFLyQGHODVHFUHWDUtDGHOD81&7$'FRQGDWRVGH/OR\G
V5HJLVWHU)DLUSOD\
D
/RVSRUFHQWDMHVILJXUDQHQFXUVLYD


 (OWUDQVSRUWHPDUtWLPRHQ 

 'LVWULEXFLyQSRUHGDGGHODIORWDPHUFDQWH  LQFOXVR GHVSXpV GH XQRV PHQRUHV


PXQGLDO GHVJXDFHV TXH HQ  VXPDURQ XQ WRWDO
GHPLOORQHVGH730 IUHQWHDPLOORQHVHQ
(OFXDGURRIUHFHGDWRVVREUHODGLVWULEXFLyQSRU   /D HGDG PHGLD GH OD IORWD GH JUDQHOHURV
HGDGPHGLDGHODIORWDPHUFDQWHPXQGLDOSRUWLSRV IXH GHDxRV HQ DOJR PHQRV TXH HQ HO
GH EXTXH \ SRU JUXSRV GH SDtVHV \ WHUULWRULRV (O DxR DQWHULRU PLHQWUDV TXH ORV SRUWDFRQWHQHGRUHV
SURPHGLRGHHGDGGHHVDIORWDHQGLVPLQX\y VLJXLHURQVLHQGRORVEXTXHVPiVMyYHQHVFRQXQD
PX\SRFRSDUDVLWXDUVHHQDxRV3RUWLSRGH HGDG PHGLD GH  DxRV GH HGDG HQ   OD
EXTXH OD HGDG PHGLGD GH ORV SHWUROHURV PLVPD TXH HQ HO DxR DQWHULRU  (VWD WHQGHQFLD VH
GLVPLQX\y OLJHUDPHQWH DDxRV HQ  /D UHIOHMDHQODSDUWHGHWRQHODMHHQWUH\DxRVGH
SURSRUFLyQ GH HVWRV EXTXHV FRQ  R PiV DxRV HGDGDVDEHUXQTXHHVODPiVHOHYDGDGH
GLVPLQX\y D  HQ  GHVGH HO HQ WRGDVODVFDWHJRUtDVGHEXTXHV

&XDGUR

'LVWULEXFLyQSRUHGDGGHODIORWDPHUFDQWHPXQGLDOSRUWLSRVGHEXTXHDOžGHHQHURGH
3RUFHQWDMHGHODV730WRWDOHV 

D D D D DxRV (GDGPHGLD (GDGPHGLD


*UXSRGHSDtVHV 7LSRVGHEXTXH
DxRV DxRV DxRV DxRV \PiV DxRV D DxRV D
7RWDOPXQGLDO 7RGRVORVEXTXHV       
3HWUROHURV       
*UDQHOHURV       
&DUJXHURV       
3RUWDFRQWHQHGRUHV       
7RGRVORVGHPiV       
3DtVHVGHVDUUROODGRVGH 7RGRVORVEXTXHV       
HFRQRPtDGHPHUFDGR 3HWUROHURV       
*UDQHOHURV       
&DUJXHURV       
3RUWDFRQWHQHGRUHV       
7RGRVORVGHPiV       
3ULQFLSDOHVSDtVHVGH 7RGRVORVEXTXHV       
OLEUHPDWUtFXOD 3HWUROHURV       
*UDQHOHURV       
&DUJXHURV       
3RUWDFRQWHQHGRUHV       
7RGRVORVGHPiV       
7RWDOSDUFLDO 7RGRVORVEXTXHV       
3HWUROHURV       
*UDQHOHURV       
&DUJXHURV       
3RUWDFRQWHQHGRUHV       
7RGRVORVGHPiV       
3DtVHVGH(XURSDFHQWUDO 7RGRVORVEXTXHV       
\RULHQWDO 3HWUROHURV       
*UDQHOHURV       
&DUJXHURV       
3RUWDFRQWHQHGRUHV       
7RGRVORVGHPiV       
3DtVHVVRFLDOLVWDVGH$VLD 7RGRVORVEXTXHV       
3HWUROHURV       
*UDQHOHURV       
&DUJXHURV       
3RUWDFRQWHQHGRUHV       
7RGRVORVGHPiV       


 ,,(VWUXFWXUD\SURSLHGDGGHODIORWDPXQGLDO 

&XDGUR FRQWLQXDFLyQ 

D D D D DxRV (GDGPHGLD (GDGPHGLD


*UXSRGHSDtVHV 7LSRVGHEXTXH
DxRV DxRV DxRV DxRV \PiV DxRV D DxRV D
3DtVHVHQGHVDUUROOR 7RGRVORVEXTXHV       
FRQH[FOXVLyQGHORV 3HWUROHURV       
SDtVHVGHOLEUHPDWUtFXOD 
*UDQHOHURV       
&DUJXHURV       
3RUWDFRQWHQHGRUHV       
7RGRVORVGHPiV       

)XHQWH5HFRSLODFLyQGHODVHFUHWDUtDGHOD81&7$'FRQGDWRVGH/OR\G
V5HJLVWHU)DLUSOD\
D
3DUDFDOFXODUODHGDGPHGLDVHKDVXSXHVWRTXHODVHGDGHVGHORVEXTXHVHVWiQXQLIRUPHPHQWHGLVWULEXLGDVHQWUHORVOtPLWHVLQIHULRU\VXSHULRUGH
FDGDJUXSRGHHGDG3DUDORVEXTXHVGHDxRVRPiVVHKDVXSXHVWRTXHHOSXQWRPHGLRHVDxRV

3RU JUXSRV GH SDtVHV ORV SDtVHV GHVDUUROODGRV GH WRQHODGDV GH SHVR PXHUWR FRQ HQWUHJDV TXH
HFRQRPtDGHPHUFDGRWXYLHURQHQORVEXTXHVGH DVFHQGLHURQDPLOORQHVGH730HQ YpDVH
HGDGPiVEDMDFRQDxRV DxRVHQ (Q HO FXDGUR   OR TXH FRQVWLWX\H XQ PX\ QRWDEOH
HVWRVSDtVHVKDFRQWLQXDGRODWHQGHQFLDUHFLHQWHDTXH DXPHQWR FRQ UHVSHFWR D ODV FLIUDV GH  
VHUHGX]FDODHGDGPHGLDGHVXIORWD$VLPLVPRHQHVH PLOORQHV GH 730  (O Q~PHUR WRWDO GH EXTXHV
JUXSR OD HGDG PHGLD GH ORV SHWUROHURV GLVPLQX\y HQWUHJDGRVDXPHQWyDXQLGDGHVGHVGH
OLJHUDPHQWHDDxRVHQIUHQWHDHQ ODV  GH  (VWD HOHYDGD FLIUD VH PDQWXYR
7DOFRVDUHIOHMDODSUHIHUHQFLDGHOD8QLyQ(XURSHDSRU VREUH WRGR JUDFLDV D ODV HQWUHJDV GH SHWUROHURV
WRQHODMH QXHYR TXH YLHQH PRWLYDGD SRU QXHYRV FRQ  PLOORQHV GH 730 OR TXH VXSXVR
SUHRFXSDFLRQHV DPELHQWDOHV \ SRU OD SDUWLFLSDFLyQ PLOORQHVGH730PiVTXHODVHQWUHJDVGH
DFWLYD GH OD 20, HQ OD DGRSFLyQ \ DSOLFDFLyQ GH (O Q~PHUR GH SHWUROHURV HQWUHJDGRV DOFDQ]y 
LQVWUXPHQWRV SDUD SURPRYHU XQ WUDQVSRUWH PDUtWLPR XQLGDGHV HQ   HQ   FRQ XQ WDPDxR
VHJXUR \ HFROyJLFR /RVSULQFLSDOHV SDtVHV GH OLEUH PHGLR GH  730 LQIHULRU DO GHO DxR DQWHULRU
PDWUtFXODWXYLHURQODVHJXQGDHGDGPiVEDMDGHWRGRV HVWR VH GHEH D OD UHQRYDFLyQ GH ORV SHWUROHURV
ORVEXTXHV DxRVHQIUHQWHDHQ  SHTXHxRV HQ OD IORWD PXQGLDO +DVWD VHSWLHPEUH
/DHGDGPHGLDGHWRGRVORVEXTXHVUHJLVWUDGRVHQORV GHVHKDEtDQHQWUHJDGRVXSHUSHWUROHURV
SDtVHVHQGHVDUUROOR VLQFRQWDUDORVSULQFLSDOHVSDtVHV 6XH]PD[\$IUDPD[/DVHQWUHJDVGHJUDQHOHURV
GH OLEUH PDWUtFXOD  VH PDQWXYR HQ  DxRV HQ  DXPHQWDURQ HQ  PLOORQHV GH 730 FRQ XQD WDVD
LJXDOTXHHODxRDQWHULRU(QHVWHJUXSRODHGDGPHGLD GH FUHFLPLHQWR GHO RUGHQ GHO  (O Q~PHUR GH
GH ORV EXTXHV GH FDUJD JHQHUDO IXH GH  DxRV JUDQHURV HQWUHJDGRV IXH GH  XQLGDGHV HQ 
PLHQWUDVTXHORVSRUWDFRQWHQHGRUHVH[SHULPHQWDURQXQ  HQ   FRQ XQ WDPDxR PHGLR GH 
OLJHURDXPHQWRVLWXiQGRVH HQDxRV (QOD 730VXSHULRUDOGHODxRDQWHULRUWDOFRVDVHGHELy
HGDG PHGLD GHO WRQHODMH UHJLVWUDGR HQ ORV SDtVHV D OD HQWUDGD HQ VHUYLFLR GH JUDQHOHURV PD\RUHV
VRFLDOLVWDV GH $VLD IXH GH  DxRV /RV SDtVHV GH +DVWD VHSWLHPEUH GH  VH KDEtDQ HQWUHJDGR 
(XURSD FHQWUDO \ RULHQWDO VLJXLHURQ FRQWDQGR FRQ OD EXTXHV GH WDPDxR (O &DER  3DQDPD[  GH
IORWD PiV YLHMD  DxRV HQ  IUHQWH D  HQ WDPDxR PHGLDQR JUDQGH \  GH WDPDxR PHGLDQR
  HQ OD TXH ORV EXTXHV GH PiV GH  DxRV /D FRQVWUXFFLyQ GH RWURV WLSRV GH EXTXH FRPR
UHSUHVHQWDEDQPiVGHOGHODIORWDWRWDOVLHQGRORV FDUJXHURV\SRUWDFRQWHQHGRUHVGLVPLQX\yPHQRVHQ
JUDQHOHURVORVEXTXHVPiVYLHMRVFRQDxRV Q~PHURTXHHQWRQHODGDVGHSHVRPXHUWRFLIUiQGRVH
HQXQLGDGHV\PLOORQHVGH730HQ
 /DHQWUHJDGHEXTXHVQXHYRV +DVWD VHSWLHPEUH GH  VH KDEtDQ HQWUHJDGR
SRUWDFRQWHQHGRUHV \  EXTXHV GH FDUJD
(O WRQHODMH GH QXHYD FRQVWUXFFLyQ DOFDQ]y HO QLYHO JHQHUDO
PiV DOWR KDVWD DKRUD UHJLVWUDGR HQ WpUPLQRV GH


 (OWUDQVSRUWHPDUtWLPRHQ 

&XDGUR

(QWUHJDVGHEXTXHVQXHYRVHQORVDxRVTXHVHLQGLFD

3HWUROHURVD &DUJXHURVPL[WRVD *UDQHOHURVD 2WURVE 7RWDO


$xR 1žGH 0LOORQHV 1žGH 0LOORQHV 1žGH 0LOORQHV 1žGH 0LOORQHV 1žGH 0LOORQHV
EXTXHV GH730 EXTXHV GH730 EXTXHV GH730 EXTXHV GH730 EXTXHV GH730
          
          
          
          
          
          
          
          
          
          
          
F          

)XHQWH5HFRSLODFLyQGHODVHFUHWDUtDGHOD81&7$'FRQGDWRVGH)HDUQOH\V5HYLHZYDULRVQ~PHURV
D
%XTXHVGHPiVGH730
E
&DUJXHURVSDUDQDYHJDFLyQGHDOWXUDGHPiVGHWRQHODGDVGHUHJLVWUREUXWR 75% 
F
&LIUDVSURYLVLRQDOHV

 'HVJXDFHGHEXTXHV FDPELRQRVHSURFHGLyDVtFRQQLQJ~Q3DQDPD[QL


FRQQLQJ~QFDUJXHURPL[WR/DHGDGPHGLDGHWRGRV
ORV JUDQHOHURV GHVJXD]DGRV IXH GH DxRV HQ
(QORVFXDGURV\VHUHFRJHQODVWHQGHQFLDV  FDVL  PiV TXH HQ ORV  PHVHV DQWHULRUHV
GHO WRQHODMH WLSRV \ HGDG PHGLD GH ORV EXTXHV /RV SRUWDFRQWHQHGRUHV WDPELpQ WXYLHURQ XQD YLGD
GHVJXD]DGRV (Q  HO WRQHODMH WRWDO YHQGLGR FRPHUFLDO OLJHUDPHQWH PD\RU HQ  SHUR ORV
SDUD GHVJXDFH GLVPLQX\y  UHVSHFWR GHO DxR EXTXHV GH  FDUJD JHQHUDO VH HQYLDURQ DQWHV DO
DQWHULRU D PLOORQHV GH 730 TXH HTXLYDOHQ DO GHVJXDFHFRQXQDHGDGPHGLDGHDxRVIUHQWHD
 GHOSHVR PXHUWR WRWDO PXQGLDOIUHQWH D  ORVGHODxRDQWHULRU
HQ  /DPD\RU SDUWH GH ORV GHVJXDFHV
FRUUHVSRQGLy D SHWUROHURV PLHQWUDV TXH QR VH
GHVJXD]DURQSRUWDFRQWHQHGRUHVQLFDUJXHURVPL[WRV $SHVDUGHORVSUHFLRVUpFRUGRIUHFLGRVSRUDOJXQRV
/D YHQWD GH DTXpOORV FRQ WDO ILQ GLVPLQX\y D  GHVJXD]DGRUHV HQ %DQJODGHVK IUHFXHQWHPHQWH
PLOORQHV GH 730 HQ FRPSDUDFLyQ FRQ ORV  DOFDQ]DURQ ORV  GyODUHV SRU WRQHODGD GH
PLOORQHV GHO DxR DQWHULRU (Q  ~QLFDPHQWH VH GHVSOD]DPLHQWR HQ URVFD 7'5  HO WRQHODMH
YHQGLy SDUD VX GHVJXDFH  VXSHUSHWUROHURJUDQ GHVJXD]DGR GLVPLQX\y HQ  SRU FDXVD GH XQRV
SHWUROHURIUHQWHDODVXQLGDGHVYHQGLGDVHQ IOHWHV IDYRUDEOHV TXH LQFLWDURQ D ORV DUPDGRUHV D
/RVGHVJXDFHVGHSHWUROHURVGHGLPHQVLyQ6XH]PD[ WHQHUVXVEXTXHVHQDFWLYR(VHWRQHODMHQLVLTXLHUD
VHPDQWXYLHURQHQXQLGDGHVHQPLHQWUDVORV DXPHQWyFXDQGRHQDEULOGHHQWUyHQYLJRUHO
GH WDPDxR $IUDPD[ GLVPLQX\HURQ GHVGH  5HJODPHQWR * GH 0$532/ TXH VH DSOLFD D
XQLGDGHV HQ  D  HQ  7DPELpQ WRGRV ORV EXTXHV WDQTXH PRQRFDVFR GH XQ FLHUWR
GLVPLQX\HURQORVGHVJXDFHVGHSHWUROHURVGHPHQRU WDPDxR \ TXH WUDQVSRUWDQ GHWHUPLQDGDV FDUJDV GH
WDPDxRHQVHYHQGLHURQFRQWDOILQEXTXHV SHWUyOHR(QORVSUy[LPRVDxRVVHGHMDUiQVHQWLUODV
IUHQWHDXQLGDGHVHQ/DHGDGPHGLDGHORV FRQVHFXHQFLDV GH HVD QRUPD (QMXOLR GH  
SHWUROHURV YHQGLGRV SDUD GHVJXDFH DXPHQWy SDtVHV \ OD 8( KDEtDQ QRWLILFDGR D OD 20, OD
OLJHUDPHQWH D  DxRV HQ  (O WRQHODMH GH GHVDSDULFLyQ SDXODWLQD GH ORV PRQRFDVFRV
JUDQHOHURV YHQGLGRV SDUD FKDWDUUD GLVPLQX\y D  UHVHUYiQGRVH RWURV SDtVHV VX GHFLVLyQ VREUH VL
PLOORQHV GH 730 HQ  (Q HVWH DxR VH DFHSWDUtDQHVRVEXTXHVGHVSXpVGHODxR(QHO
GHVJXD]DURQ  EXTXH GH WDPDxR (O &DER  GH FDVR GH XQ FXPSOLPLHQWRFDEDO DOJXQRV SUHYpQ XQ
WDPDxRPHGLDQRJUDQGH\GHWDPDxRPHGLDQR(Q SDQRUDPD GH FODUD LQFDSDFLGDG GH OD LQGXVWULD GHO

 ,,(VWUXFWXUD\SURSLHGDGGHODIORWDPXQGLDO 

GHVJXDFH \D TXH WHQGUtDQ TXH KDFHUVH FDUJR FDGD OD ,QGLD HO Q~PHUR GH LQVWDODFLRQHV GH GHPROLFLyQ
DxRGHXQRVEXTXHVWDQTXHHQOXJDUGHORV DFWLYDVHQ$ODQJIXHGHORUGHQGHDFXDQGRHO
XVXDOHV SRWHQFLDO HV GH XQDV  LQVWDODFLRQHV (Q HO
3DNLVWiQVHVHxDOyTXHVyORPX\SRFDVLQVWDODFLRQHV
(Q  %DQJODGHVK HO SDtV TXH ILJXUDED FRQ HVWDEDQ DFWLYDV DXQTXH HO *RELHUQR LQWURGXMR
PXFKR D OD FDEH]D GHO DxR DQWHULRU VLJXLy LQFHQWLYRV ILVFDOHV SDUD D\XGDU D HVH VHFWRU
HMHUFLHQGR XQ JUDQ FRQWURO VREUH HO PHUFDGR DO 7DPELpQ VH FRPXQLFy TXH HQ &KLQD ODV
DGTXLULUODPD\RUtDGHOWRQHODMHGLVSRQLEOH\ORJUDU LQVWDODFLRQHV GH GHVJXDFH QR KDEtDQ WUDEDMDGR
XQRV EXHQRV SUHFLRV GH UHYHQWD D ODV DFHUHUtDV GXUDQWH HO DxR EXVFDQGR ORV GHVJXD]DGRUHV RWUDV
2WURV SDtVHV VLPLODUHV IXHURQ OD ,QGLD &KLQD \ HO IXHQWHVGHLQJUHVRDOQRSRGHURSHUDUHQYLVWDGHORV
3DNLVWiQDXQTXHFRQXQDDFWLYLGDGGHFUHFLHQWH(Q HOHYDGRVSUHFLRVRIUHFLGRVHQRWURVSDtVHV

&XDGUR

(YROXFLyQGHORVGHVJXDFHV

7RQHODMHGHVJXD]DGR      


9HQWDVSDUDGHVJXDFH PLOORQHVGH730       
'HVJXDFHVHQSRUFHQWDMHGHODIORWDPXQGLDOWRWDO      

)XHQWH 5HFRSLODFLyQ GH OD VHFUHWDUtD GH OD 81&7$' FRQ GDWRV GH )HDUQOH\V 5HYLHZ YDULRV Q~PHURV \ /OR\G
V
5HJLVWHU)DLUSOD\

&XDGUR

9HQWDVSDUDGHVJXDFHFRPXQLFDGDVGHDSRUWLSRVGHEXTXH
(QPLOORQHVGH730\SRUFHQWDMHV 

0LOORQHVGH730 3RUFHQWDMHV
$xR &DUJXHURV )ORWD &DUJXHURV
3HWUROHURV *UDQHOHURV 2WURV 7RWDO 7RWDO 3HWUROHURV *UDQHOHURV 2WURV 7RWDO
PL[WRV PXQGLDO PL[WRV
            
            
            
            
            
            

)XHQWH5HFRSLODFLyQGHODVHFUHWDUtDGHOD81&7$'FRQGDWRVGH)HDUQOH\V5HYLHZYDULRVQ~PHURV

&XDGUR

(GDGPHGLDGHOWRQHODMHGHVJXD]DGRGHDSRUWLSRVGHEXTXHD
$xRV 

$xR 3HWUROHURV *UDQHOHURV 3RUWDFRQWHQHGRUHV &DUJXHURV


    
    
    
    
    
    

)XHQWH5HFRSLODFLyQGHODVHFUHWDUtDGHOD81&7$'FRQGDWRVGHO,QVWLWXWRGH(FRQRPtD\/RJtVWLFDGHO7UDQVSRUWH
0DUtWLPR  6KLSSLQJ6WDWLVWLFVDQG0DUNHW5HYLHZHQHURIHEUHURFXDGUR,
D
%XTXHVGH75%RPiV

 (OWUDQVSRUWHPDUtWLPRHQ 

% /$3523,('$''(/$)/27$081',$/ 7308QRVGRVWHUFLRVGHORVSURSLHWDULRVHIHFWLYRV


GH HVDV IORWDV SHUWHQHFHQ D SDtVHV GHVDUUROODGRV GH
 'LVWULEXFLyQGHOWRQHODMHWRWDOSRUJUXSRVGH HFRQRPtDGHPHUFDGR/DSDUWHGHODIORWDPXQGLDO
SDtVHV UHJLVWUDGD HQ SDtVHV HQ GHVDUUROOR KD VHJXLGR
/D IORWD PXQGLDO WRWDOVLJXLy DXPHQWDQGR HQ  DXPHQWDQGRFRQPLOORQHVPiVGH730  
FRQ XQ LQFUHPHQWR GH  KDVWD  PLOORQHV GH HQ KDVWD  PLOORQHV GH730 /D IORWD GH
730 YpDQVHHOJUiILFR\HOFXDGUR /DWDVDGH ORVSDtVHVHQGHVDUUROORGH$VLDFRQXQFUHFLPLHQWR
FUHFLPLHQWRGHOWRQHODMHHQORVSDtVHVGHVDUUROODGRV GH  PLOORQHV GH 730   KDVWD 
GHHFRQRPtDGHPHUFDGRIXHLQIHULRUDODGHODIORWD PLOORQHVUHSUHVHQWDEDHOGHODIORWDWRWDOGH
PXQGLDOWRWDOFRQXQ GHVGHPLOORQHVD ORV SDtVHV HQ GHVDUUROOR /D IORWD GH ORV SDtVHV HQ
  PLOORQHV GH 730  (OOR SRGUtD VHU GHVDUUROORGHÈIULFD\$PpULFDVHPDQWXYRHQ
FRQVHFXHQFLDGHDOJXQRVLQFHQWLYRVDSOLFDGRVHQORV \PLOORQHVGH730UHVSHFWLYDPHQWH0RGHVWRV
SDtVHVGHOD8(SDUDDWUDHUWRQHODMHHQODVVHJXQGDV DXPHQWRV VH UHJLVWUDURQ HQ ODV IORWDV GH ORV SDtVHV
PDWULFXODVQDFLRQDOHVWDOHVFRPRODLQWURGXFFLyQGH HQ GHVDUUROOR GH (XURSD \ 2FHDQtD FRQ  \ 
LPSXHVWRVEDVDGRVHQHOWRQHODMH\ODDWHQXDFLyQGH PLOORQHV GH 730 UHVSHFWLYDPHQWH /D IORWD GH ORV
ORVUHTXLVLWRVVREUHWULSXODFLRQHV(OWRQHODMHGHORV SDtVHV VRFLDOLVWDV GH $VLD DXPHQWy  SDUD
SULQFLSDOHV SDtVHV GH OLEUHPDWUtFXOD DXPHQWy VLWXDUVHHQPLOORQHVGH730PLHQWUDVTXHODGH
OLJHUDPHQWH HQ  FRQ XQ LQFUHPHQWR GH  ORVSDtVHVGH(XURSDFHQWUDO\RULHQWDOGLVPLQX\yXQ
PLOORQHVGH730SDUDFLIUDUVHHQPLOORQHVGH SRFRKDVWDPLOORQHVGH730

*UiILFR

7RQHODMHPXQGLDOSRUJUXSRVGHSDtVHVDOžGHHQHURGH
9DULDFLyQSRUFHQWXDOGH730 

 (XURSD

2FHDQtD

3ULQFLSDOHVSDtVHVGHOLEUH (XURSDFHQWUDO\RULHQWDO
PDWUtFXOD ÈIULFD



$PpULFD
 $VLD
3DtVHVHQGHVDUUROOR
 


3DtVHVVRFLDOLVWDVGH$VLD

3'(0




)XHQWH5HFRSLODFLyQGHODVHFUHWDUtDGHOD81&7$'FRQGDWRVVXPLQLVWUDGRVSRU/OR\G
V5HJLVWHU)DLUSOD\


 ,,(VWUXFWXUD\SURSLHGDGGHODIORWDPXQGLDO 

&XDGUR

'LVWULEXFLyQGHOWRQHODMHPXQGLDO HQ730 SRUJUXSRVGHSDtVHVGHPDWUtFXOD


HQ\D
&LIUDVGHFRPLHQ]RVGHDxR 

7RQHODMH\SRUFHQWDMHVEHQPLOORQHVGH730
3DEHOORQHVGHPDWUtFXODSRUJUXSRVGHSDtVHV F
  G   
7RWDOPXQGLDO     
     
3DtVHVGHVDUUROODGRVGHHFRQRPtDGHPHUFDGR     
     
3ULQFLSDOHVSDtVHVGHOLEUHPDWUtFXOD     
     
3DtVHVGH(XURSDFHQWUDO\RULHQWDO LQFOXLGDOD
H[8566      
     
3DtVHVVRFLDOLVWDVGH$VLD     
     
3DtVHVHQGHVDUUROOR     
     
GHORVFXDOHVHQ  
ÈIULFD     
$PpULFD     
$VLD     
(XURSD     
2FHDQtD     
2WURVSDtVHVEXTXHVQRDVLJQDGRV     
     

)XHQWH5HFRSLODFLyQGHODVHFUHWDUtDGHOD81&7$'FRQGDWRVVXPLQLVWUDGRVSRU/OR\G
V5HJLVWHU)DLUSOD\
D
([FOXLGDVODIORWDGHUHVHUYDGHORV(VWDGRV8QLGRV\ODVIORWDVHVWDGRXQLGHQVH\FDQDGLHQVHGHORV*UDQGHV/DJRVTXHHQ
WHQtDQUHVSHFWLYDPHQWH\PLOORQHVGH730
E
/RVSRUFHQWDMHVILJXUDQHQFXUVLYDO
F
&LIUDVGHPHGLDGRVGHDxR
G
&LIUDVGHILQDOHVGHDxR

 'LVWULEXFLyQGHOWRQHODMHPXQGLDOSRUWLSRVGH HQHOVHFWRUGHORVSHWUROHURVODSDUWHGHORVSDtVHV


EXTXH\JUXSRVGHSDtVHV GHVDUUROODGRV GH HFRQRPtD GH PHUFDGR IXH
OLJHUDPHQWH LQIHULRU \ GLVPLQX\y D  (Q
(QHOFXDGURILJXUDQGDWRVPiVGHWDOODGRVVREUH FDPELRODGHORVSDtVHVGHOLEUHPDWUtFXODVXELyDO
OD GLVWULEXFLyQ GH ODV IORWDV SRU WLSRV GH EXTXH \  (VWH SHTXHxR LQFUHPHQWR HQ FRPSDUDFLyQ
JUXSRVGHSDtVHVHQ\ FRQ HO SRUFHQWDMH GHO DxR DQWHULRU   UHIOHMD OD
 $ SHVDU GHO WRQHODMH UHODWLYDPHQWH PHQRU GH WHQGHQFLD GH ORV SURSLHWDULRV D DEDQGHUDU ORV
SHWUROHURV GH ORV TXH VH LQIRUPy TXH VH KDEtDQ SHWUROHURV FRQ ORV SULQFLSDOHV SDEHOORQHV GH
YHQGLGRSDUDGHVJXDFHHQFRPSDUDFLyQFRQOD FRQYHQLHQFLD/RVSDtVHVHQGHVDUUROORPDQWXYLHURQ
SDUWHGHHVHWLSRGHEXTXHVHQODIORWDPXQGLDOWRWDO OD WHQGHQFLD DO DO]D GHO DxR DQWHULRU \ DXPHQWDURQ
GLVPLQX\y  HQ  +XER HQ FDPELR XQ VX SDUWH D  HQ  /D SURSRUFLyQ GH ORV
LQFUHPHQWR GH  HQ OD SURSRUFLyQ GH ORV SDtVHV HQ GHVDUUROOR VH LQFUHPHQWy  HQ 
JUDQHOHURVHQODIORWDPXQGLDOWRWDOSDUDUHSUHVHQWDU SDUD UHSUHVHQWDU HO  GH OD IORWD PXQGLDO GH
HO  /D SDUWH GH ORV FDUJXHURV VLJXLy EXTXHV WDQTXH PLHQWUDV OD GH ORV SDtVHV HQ
GLVPLQX\HQGRVLWXiQGRVHHQHOPLHQWUDVTXHOD GHVDUUROORGH$PpULFDGLVPLQX\yDO
GH ORV SRUWDFRQWHQHGRUHV PDQWXYR VX WHQGHQFLD
DVFHQGHQWHDOFDQ]DQGRHO/DFRUUHVSRQGLHQWH (QHOVHFWRUGHORVJUDQHOHURVODSDUWHGHOWRQHODMH
DRWURVWLSRVGHEXTXHVHPDQWXYRHQ(Q GHORVSDtVHVGHVDUUROODGRVGHHFRQRPtDGHPHUFDGR

 (OWUDQVSRUWHPDUtWLPRHQ 

HQODIORWDPXQGLDOGLVPLQX\yPX\OLJHUDPHQWH FRUUHVSRQGHDORVSDtVHVHQGHVDUUROORGLVPLQX\yD
SXQWRVHQSDUDFLIUDUVHHQHOXQWHUFLR /DSDUWHHQHVHWLSRGHEXTXHVGHORVSDtVHV
DSUR[LPDGDPHQWH GH VX SDUWH HQ  /RV GH (XURSD FHQWUDO \ RULHQWDO VH PDQWXYR FRQVWDQWH
SULQFLSDOHV SDtVHV GH OLEUH PDWUtFXOD UHGXMHURQ VX HQPLHQWUDVTXHODGHORVSDtVHVVRFLDOLVWDVGH
SDUWLFLSDFLyQTXHSDVyGHOHQDO $VLD DXPHQWy OLJHUDPHQWH GHVGH HQ  D
HQ   HQ   /D SURSRUFLyQ TXH HQ

&XDGUR

'LVWULEXFLyQGHOWRQHODMHPXQGLDOSRUWLSRVGHEXTXH\JUXSRVGHSDtVHV
HQ\DE

2WURV
7RWDOHQ730 3HWUROHURV *UDQHOHURVF &DUJXHURV 3RUWDFRQWHQHGRUHV
EXTXHV
 $xR 3RUFHQWDMH
0LOORQHV
GHOWRWDO 3RUFHQWDMHGHOWRQHODMHWRWDOSRUWLSRGHEXTXHG
GH730
PXQGLDO
7RWDOPXQGLDO        
       
       
       
       
       
3DtVHVGHVDUUROODGRV        
GHHFRQRPtDGH        
PHUFDGR        
       
       
       
3DtVHVGHOLEUH        
PDWUtFXOD        
       
       
       
       
(XURSDFHQWUDO\        
RULHQWDO        
       
       
       
       
3DtVHVVRFLDOLVWDVGH        
$VLD        
       
       
       
       
3DtVHVHQGHVDUUROOR        
       
       
       
       
       


 ,,(VWUXFWXUD\SURSLHGDGGHODIORWDPXQGLDO 

&XDGUR FRQWLQXDFLyQ 

2WURV
7RWDOHQ730 3HWUROHURV *UDQHOHURVF &DUJXHURV 3RUWDFRQWHQHGRUHV
EXTXHV
 $xR 3RUFHQWDMH
0LOORQHV
GHOWRWDO 3RUFHQWDMHGHOWRQHODMHWRWDOSRUWLSRGHEXTXHG
GH730
PXQGLDO
GHORVFXDOHV        
ÈIULFD        
        
        
        
        
        
$PpULFD        
        
        
        
        
        
$VLD        
        
        
        
        
        
(XURSD        
        
        
        
        
        
2FHDQtD        
        
        
        
        
        
2WURVSDtVHV\
EXTXHVQRDVLJQDGRV        
        
        
        
        
        

)XHQWH5HFRSLODFLyQGHODVHFUHWDUtDGHOD81&7$'FRQGDWRVVXPLQLVWUDGRVSRU/OR\G
V5HJLVWHU)DLUSOD\9pDVHHODQH[R,,,E SDUDPiVGHWDOOHV
D
([FOXLGDVODIORWDGHUHVHUYDGHORV(VWDGRV8QLGRV\ODVIORWDVHVWDGRXQLGHQVH\FDQDGLHQVHGHORV*UDQGHV/DJRV
E
/RVGDWRVKDVWDVRQDOžGHMXOLR\GHVGHDOGHGLFLHPEUH
F
0LQHUDOHURV\JUDQHOHURVLQFOXLGRVORVPLQHUDOHURVSHWUROHURV\ORVPLQHUDOHURVJUDQHOHURVSHWUROHURV
G
/RVSRUFHQWDMHVGHVHFDOFXODURQFRQDUUHJORDODV75%


 (OWUDQVSRUWHPDUtWLPRHQ 

(Q HO VHFWRU GH ORV EXTXHV GH FDUJD JHQHUDO ORV JUXSRVGHSDtVHVDOžGHHQHURGH(QHO
SDtVHV GHVDUUROODGRV GH HFRQRPtD GLVPLQX\HURQ VX WRQHODMHGHORVSHWUROHURVGHORVSDtVHVGHVDUUROODGRV
SDUWH DO  GH OD IORWDPXQGLDO \ ORV SDtVHV GH GH HFRQRPtD GH PHUFDGR DXPHQWy HQ  PLOORQHV
OLEUH PDWUtFXOD UHJLVWUDURQ WDPELpQ XQ OLJHUR GH730KDVWDPLOORQHVSHURVXSRUFHQWDMHGH
GHVFHQVR D  /RV SDtVHV HQ GHVDUUROOR OD IORWD WRWDO GHO JUXSR GLVPLQX\y GHVGH  HQ
DXPHQWDURQ HQ FDPELR VX SDUWH GHVGH  HQ D/DSDUWHGHORVJUDQHOHURVDXPHQWyDO
 D  HQ  UHJLVWUiQGRVH LQFUHPHQWRV  FRQ XQ LQFUHPHQWR GH  PLOORQHV GH 730
HQ ORV SDtVHV GH $VLD \ 2FHDQtD /RV FDUJXHURV /D GH ORV FDUJXHURV \ OD GH SRUWDFRQWHQHGRUHV
FRQWLQXDURQVLHQGRHOSULQFLSDOGHORVFLQFRWLSRVGH UHJLVWUDURQ HYROXFLRQHV RSXHVWDV FRQ XQ GHVFHQVR
EXTXHHQORVSDtVHVHQGHVDUUROOR DOGHORVSULPHURV\XQDXPHQWRDOGHORV
VHJXQGRVHQFRPSDUDFLyQFRQ\HQ
(Q  ORV SDtVHV GHVDUUROODGRV GH HFRQRPtD GH /RV SULQFLSDOHV SDtVHV GH OLEUH PDWUtFXOD
PHUFDGR DXPHQWDURQ VX SDUWH GHO WRQHODMH HQ SHVR LQFUHPHQWDURQVXVIORWDVWRWDOHVHQPLOORQHVGH
PXHUWR GH ORV SRUWDFRQWHQHGRUHV HQ  KDVWD HO 730 (O FDStWXOR PiV LPSRUWDQWH FRUUHVSRQGLy D
 /D SURSRUFLyQ TXH FRUUHVSRQGH D ORV SHWUROHURV \ JUDQHOHURV TXH FRQMXQWDPHQWH
SULQFLSDOHV SDtVHV GH OLEUHPDWUtFXOD GLVPLQX\y  UHSUHVHQWDEDQHO GH VXVIORWDVDFRPLHQ]RVGH
SXQWRV SDUD VLWXDUVH HQ HO  /D SDUWH GH ORV (QODSDUWHGHORVSHWUROHURVDXPHQWyHQ
SDtVHV HQ GHVDUUROOR VH PDQWXYR HQ  PLOORQHVGH730\VHVLWXyHQPLOORQHVGH
LQFUHPHQWiQGRVH OD GH ORV SDtVHV HQ GHVDUUROOR GH 730HVWRHVHOGHOWRWDOGHODIORWDGHOJUXSR
$VLDDOHQWDQWRTXHORVSDtVHVHQGHVDUUROOR PLHQWUDV OD GH ORV JUDQHOHURV VH LQFUHPHQWy HQ 
GH $PpULFD GLVPLQX\HURQ OLJHUDPHQWH VX SDUWH DO PLOORQHV GH 730 SDUD VLWXDUVH HQ  IUHQWH DO
 \ ORV GH ÈIULFD PDQWXYLHURQ OD VX\D HQ  GHO DxR DQWHULRU /D SDUWH GH ORV FDUJXHURV
HO DXPHQWy HQ  HQ  PLOORQHV GH 730
FRQVWLWX\HQGRHOGHODIORWDWRWDOGHOJUXSRFRQ
 (VWUXFWXUDGHODIORWDGHORVSULQFLSDOHV XQOLJHURGHVFHQVRUHVSHFWRGHOGH/DIORWD
JUXSRVGHSDtVHV GHSRUWDFRQWHQHGRUHVGHHVRVSDtVHVFUHFLyHQHQ
(Q HO FXDGUR  VH SUHVHQWDQ GDWRV VREUH OD PLOORQHVGH730SDUDUHSUHVHQWDUHOGHVX
HVWUXFWXUD GH OD IORWD PHUFDQWH GH ORV SULQFLSDOHV IORWDWRWDO HQ 

&XDGUR

(VWUXFWXUDGHODIORWDPHUFDQWHGHORVSULQFLSDOHVJUXSRVGHSDtVHVDOžGHHQHURGHD
(QPLOORQHVGH730\SRUFHQWDMHV 

3DtVHV
GHVDUUROODGRV 3DtVHV 3DtVHV (XURSDFHQWUDO\ 3DtVHV
)ORWDPXQGLDO
GHHFRQRPtD GHOLEUHPDWUtFXOD HQGHVDUUROOR RULHQWDO VRFLDOLVWDVGH$VLD

GHPHUFDGR
0LOORQHV 0LOORQHV 0LOORQHV 0LOORQHV 0LOORQHV 0LOORQHV
     
GH730 GH730 GH730 GH730 GH730 GH730
)ORWDWRWDO            
3HWUROHURV            
*UDQHOHURV            
&DUJXHURV            
3RUWDFRQWHQHGRUHV            
2WURVEXTXHV            

)XHQWH5HFRSLODFLyQGHODVHFUHWDUtDGHOD81&7$'FRQGDWRVVXPLQLVWUDGRVSRU/OR\G
V5HJLVWHU)DLUSOD\
D
%XTXHVGH75%RPiVH[FOXLGDVODIORWDGHUHVHUYDGHORV(VWDGRV8QLGRV\ODVIORWDVHVWDGRXQLGHQVH\FDQDGLHQVHGHORV*UDQGHV/DJRV

(Q ORV SDtVHV HQ GHVDUUROOR OD GLVWULEXFLyQ GHO SDUWHGHORVFDUJXHURVREXTXHVGHFDUJDJHQHUDOHQ


WRQHODMH VH FDUDFWHUL]y SRU XQD SURSRUFLyQ HOSULPHUJUXSRDXPHQWyHQDPLOORQHVGH
UHODWLYDPHQWH DOWD GH SHWUROHURV \ JUDQHOHURV TXH 730 IUHQWH D  PLOORQHV HQ  HQ WDQWR TXH
VXSXVLHURQ HO  \ HO  UHVSHFWLYDPHQWH HQ ORV SRUWDFRQWHQHGRUHV LQFUHPHQWDURQ WDPELpQ VX
(QFLIUDVDEVROXWDVHOWRQHODMHGHDPERVWLSRV WRQHODMH HQ  PLOORQHV GH 730 \ HQ WpUPLQRV
GHEXTXHIXHHQHVHDxRGH\PLOORQHVGH SRUFHQWXDOHV DO  HQ  GHVGH HO  GHO DxR
730 IUHQWH D ORV  \  PLOORQHV GH ORV DQWHULRU(QORVSDtVHVGH(XURSDFHQWUDO\RULHQWDO
SDtVHV GHVDUUROODGRV GH HFRQRPtD GH PHUFDGR /D ORV FDUJXHURV RFXSDURQ XQ OXJDU UHODWLYDPHQWH

 ,,(VWUXFWXUD\SURSLHGDGGHODIORWDPXQGLDO 

GHVWDFDGRUHSUHVHQWDQGRHOHQIUHQWHDO 7DLZiQ WHQtDQ HO  GH VX WRQHODMH WRWDO


HQ3RUORGHPiVORVSRUWDFRQWHQHGRUHV UHJLVWUDGR FRQ RWURV SDEHOORQHV 3HVH D HVWD
GLVPLQX\HURQ OLJHUDPHQWH D  PLOORQHV GH 730 WHQGHQFLD JHQHUDO GHQWUR GH ORV SDtVHV GHO JUXSR
TXH HTXLYDOHQ D DOUHGHGRU GHO  GHO WRWDO /RV KD\ JUDQGHV GLIHUHQFLDV HQWUH HOORV /RV EXTXHV GH
SDtVHV VRFLDOLVWDV GH $VLD VLJXLHURQ WHQLHQGR XQD OD $UDELD 6DXGLWD \ GH +RQJ .RQJ &KLQD 
SDUWH SUHGRPLQDQWH WDQWR GH JUDQHOHURV FRPR GH PDWULFXODGRVHQRWURVSDtVHVUHSUHVHQWDURQHO\
FDUJXHURV (O WRQHODMH DEVROXWR GH HVWRV WLSRV GH HOUHVSHFWLYDPHQWHPLHQWUDVTXHOD,QGLDOD
EXTXHVXELyHQD\PLOORQHVGH730 5HS~EOLFD ,VOiPLFD GHO ,UiQ 7DLODQGLD \ )LOLSLQDV
UHVSHFWLYDPHQWH (Q FDPELR VX SDUWH HQ HO WRWDO KLFLHURQ XQ XVR PHQRU GH HVD SUiFWLFD TXH DIHFWy
H[SHULPHQWy XQD GLVPLQXFLyQ SDUD VLWXDUVH HQ ~QLFDPHQWH DO    \  GH VXV IORWDV
 HQ HQHOFDVRGHORVJUDQHOHURV UHVSHFWLYDV (Q HO FDVR GH ORV SDtVHV GHVDUUROODGRV
\HQ HQ HQHOGHORVEXTXHVGH GH HFRQRPtD GH PHUFDGR VLQ HPEDUJR OD SDUWH GH
FDUJD JHQHUDO (O WRQHODMH DEVROXWR GH ORV WRQHODMHUHJLVWUDGRFRQSDEHOOyQH[WUDQMHURDXPHQWy
SRUWDFRQWHQHGRUHV DXPHQWy HQ D  PLOORQHV DO  HQ  (Q DOJXQRV SDtVHV SRGUtD GDUVH
GH730HVGHFLUDO IUHQWHDOHQ  OD WHQGHQFLD RSXHVWD 3RU HMHPSOR HQ 
$OHPDQLDDXPHQWyVXWRQHODMHWRWDODPLOORQHV
&(/5(*,6752'(%848(6 GH730 PLOORQHVHQHODxRDQWHULRU PLHQWUDV
VX IORWD DEDQGHUDGD HQ HO H[WUDQMHUR GLVPLQX\y GHO
 /RVSDtVHV\WHUULWRULRVPDUtWLPRVPiV DO
LPSRUWDQWHV
 0DWUtFXODOLEUH
(Q HO FXDGUR  ILJXUD OD FODVLILFDFLyQ SRU OR TXH
KDFHDOSHVRPXHUWRUHJLVWUDGR\FRQWURODGRGHORV (Q HO FXDGUR  ILJXUD OD GLVWULEXFLyQ GHO WRQHODMH
 SDtVHV \ WHUULWRULRV PDUtWLPRV PiV LPSRUWDQWHV GHORVVHLVSULQFLSDOHVSDtVHVGHOLEUHPDWUtFXODSRU
(QHQWUHWRGRVHOORVFRQWURODEDQHOGH WLSRV GH EXTXH MXQWR FRQ ORV WRWDOHV
OD IORWD PHUFDQWH PXQGLDO LJXDO TXH HO DxR FRUUHVSRQGLHQWHVDRWURVVHLVSDtVHVFRQPHQRVSHVR
DQWHULRU  *UHFLD \ HO-DSyQ VHJXtDQ D OD FDEH]D GH HQHVWHFDStWXOR(OWRWDOGHOWRQHODMHUHJLVWUDGRDOž
ODOLVWD&KLSUH\8FUDQLDTXHRFXSDEDQORVOXJDUHV GH HQHUR GH  HQ ORV VHLV SULPHURV SDtVHV
\HQVHYLHURQVXVWLWXLGRVHQSRU DXPHQWy  D  PLOORQHVGH730 GHVGHORV
GRVSDtVHVTXHILJXUDEDQSRUSULPHUDYH]HQODOLVWD PLOORQHVGHODxRDQWHULRUFXDQGRHVHWRQHODMH
&URDFLD H ,VUDHO TXH RFXSDURQUHVSHFWLYDPHQWH ORV VH LQFUHPHQWy PHQRV GHO  3DQDPi VLJXLy
OXJDUHV\+XERFDPELRVGHSRVLFLyQHQRWURV HQFDEH]DQGR OD OLVWD FRQ XQD H[SDQVLyQ GH 
SDtVHV/D3URYLQFLDFKLQDGH7DLZiQHO&DQDGi PLOORQHV GH 730 (VWD PDWUtFXOD SHUPLWH XQ
)LOLSLQDV 6LQJDSXU \ 7XUTXtD VXELHURQ XQ SXHVWR UHJLVWUR GXDO HV GHFLU XQ EXTXH H[WUDQMHUR IOHWDGR
6XHFLD WUHV SXHVWRV \ %pOJLFD .XZDLW \ ORV VLQWULSXODFLyQGXUDQWHXQSHUtRGRGHKDVWDGRVDxRV
(PLUDWRV ÈUDEHV 8QLGRV FXDWUR 2WURV SDtVHV SXHGH PDWULFXODUVH HQ HO SDtV GXUDQWH HVH PLVPR
EDMDURQ XQ SXHVWR 5HS~EOLFD ,VOiPLFD GHO ,UiQ \ SHUtRGR VLQ SHUGHU VX UHJLVWUR DQWHULRU  GHVFXHQWRV
$UDELD 6DXGLWD  GRV SXHVWRV (VSDxD \ HQORVJDVWRVGHUHJLVWUR\H[HQFLRQHVILVFDOHVSDUD
5HLQR8QLGR  WUHV %UDVLO \ 0DODVLD  \ FLQFR ORV EHQHILFLRV SURGXFLGRV SRU ODV RSHUDFLRQHV GHO
)UDQFLD  EXTXH/DIORWDGH/LEHULDWDPELpQDXPHQWy
(QPD\RGHODVFLIUDVVREUHLQPRYLOL]DFLRQHV
(VRV  SDtVHV \ WHUULWRULRV PiV LPSRUWDQWHV GH EXTXHV SXEOLFDGDV D WHQRU GHO 0HPRUDQGR GH
VLJXLHURQHQDEDQGHUDQGREXTXHVFRQSDEHOOyQ HQWHQGLPLHQWR GH 3DUtV VLWXDEDQ D HVH SDtV D OD
H[WUDQMHUR (O WRQHODMH WRWDO DVt UHJLVWUDGR DOFDQ]y FDEH]DGHODOLVWDGHORVGLH]SDEHOORQHVFRQPHMRUHV
HVHDxRPLOORQHVGH730TXHUHSUHVHQWDEDHO UHVXOWDGRV(VHUHJLVWURKDFRQWUDWDGRDHVSHFLDOLVWDV
GHORVSDtVHVIUHQWHDORVPLOORQHV HQVHJXULGDGLQWHUQDFLRQDOSDUDIRUPDUVXSURSLDUHG
GH 730 \ HO  HQ  (Q ORV SDtVHV \ GH DXGLWRUHV \ VH SURSRQHWRPDU PHGLGDV VLPLODUHV
WHUULWRULRV HQ GHVDUUROOR FRQWLQXy OD WHQGHQFLD SDUD DSOLFDU HO &yGLJR LQWHUQDFLRQDO HQ PDWHULD GH
UHFLHQWH D PDWULFXODU VXV EXTXHV FRQ EDQGHUD VHJXULGDG \ RWUDV PHGLGDV UHODFLRQDGDV FRQ OD
H[WUDQMHUD (Q  ORV  SDtVHV \ WHUULWRULRV HQ FDOLGDG(OWRQHODMHFRPELQDGRGH3DQDPi\/LEHULD
GHVDUUROORTXHILJXUDQHQHOFXDGURLQFOXLGR+RQJ VXSRQH HO  GHO WRWDO GH ORV VHLV SULQFLSDOHV
.RQJ &KLQD  SHUR H[FOXLGD OD 3URYLQFLD FKLQD GH SDtVHVGHOLEUHPDWUtFXOD


 (OWUDQVSRUWHPDUtWLPRHQ 

&XDGUR

/RVSDtVHV\WHUULWRULRVPDUtWLPRVPiVLPSRUWDQWHVDOžGHHQHURGHD

1~PHURGHEXTXHV 7RQHODMHGHSHVRPXHUWR
3DEHOOyQ
3DtVGHGRPLFLOLRE 7RWDOHQ
3DEHOOyQ 3DEHOOyQ 3DEHOOyQ 3DEHOOyQ H[WUDQMHUR
7RWDO 7RWDO SRUFHQWDMHGHOD
QDFLRQDOF H[WUDQMHUR QDFLRQDO H[WUDQMHUR HQSRUFHQWDMH
IORWDPXQGLDO
GHOWRWDO
*UHFLD        
-DSyQ        
$OHPDQLD        
&KLQD        
(VWDGRV8QLGRV        
1RUXHJD        
+RQJ.RQJ &KLQD         
5HS~EOLFDGH&RUHD        
7DLZiQ3URYLQFLDGHFKLQDGH        
6LQJDSXU        
5HLQR8QLGR        
'LQDPDUFD        
)HGHUDFLyQGH5XVLD        
,WDOLD        
,QGLD        
6XL]D        
%pOJLFD        
$UDELD6DXGLWD        
7XUTXtD        
,UiQ 5HS~EOLFD,VOiPLFDGHO         
0DODVLD        
3DtVHV%DMRV        
&DQDGi        
6XHFLD        
,QGRQHVLD        
.XZDLW        
)LOLSLQDV        
)UDQFLD        
%UDVLO        
(PLUDWRVÈUDEHV8QLGRV        
(VSDxD        
7DLODQGLD        
,VUDHO        
&URDFLD        
$XVWUDOLD        
7RWDO SDtVHV         
7RWDOPXQGLDO        

)XHQWH5HFRSLODFLyQGHODVHFUHWDUtDGHOD81&7$'FRQGDWRVVXPLQLVWUDGRVSRU/OR\G
V5HJLVWHU)DLUSOD\
D
%XTXHVGH75%RPiVH[FOXLGDVODIORWDGHUHVHUYDGHORV(VWDGRV8QLGRV\ODVIORWDVHVWDGRXQLGHQVH\FDQDGLHQVHGHORV*UDQGHV/DJRV
E
6HHQWLHQGHSRUSDtVGHGRPLFLOLRHOSDtVHQTXHUDGLFDODSDUWLFLSDFLyQPD\RULWDULDHQODIORWD(QYDULRVFDVRVGHWHUPLQDUHVWRKDVXSXHVWRXQDFXHVWLyQGHDSUHFLDFLyQ
3RUHMHPSOR*UHFLDILJXUDFRPRSDtVGHGRPLFLOLRGHORVEXTXHVGHSURSLHGDGGHXQWLWXODUJULHJRFRQUHSUHVHQWDFLyQOHJDOHQ1XHYD<RUN/RQGUHV\(O3LUHRDXQTXHHO
SURSLHWDULRHVWpGRPLFLOLDGRHQORV(VWDGRV8QLGRV
F
&RPSUHQGH ORV EXTXHV TXH HQDUERODQ SDEHOOyQ QDFLRQDO SHUR HVWiQ PDWULFXODGRV HQ WHUULWRULRV GHSHQGLHQWHV R WHUULWRULRV DXWyQRPRV DVRFLDGRV (Q HO FDVR GHO 5HLQR
8QLGRORVEXTXHVGHEDQGHUDEULWiQLFDVHLQFOX\HQHQWUHORVTXHHVWiQDEDQGHUDGRVFRQSDEHOOyQQDFLRQDOH[FHSWRHQHOFDVRGHODV%HUPXGDV TXHILJXUDQHQHOFXDGUR
FRPRWHUULWRULRGHOLEUHPDWUtFXOD 


 ,,(VWUXFWXUD\SURSLHGDGGHODIORWDPXQGLDO 

2WURV GRV SDtVHV LPSRUWDQWHV HQ HVH UHJLVWUR  EXTXH GH HVRV VHLV SDtVHV UHSUHVHQWD HO  GHO
%DKDPDV\0DOWDWDPELpQLQFUHPHQWDURQVXVIORWDV SHVR PXHUWR WRWDO \ HO  VL VH LQFOX\H D ORV
HQ\UHVSHFWLYDPHQWHPLHQWUDV&KLSUH\ SDtVHVGHPHQRULPSRUWDQFLDGHOLEUHPDWULFXOD/RV
ODV %HUPXGDV GLVPLQX\HURQ HQ FDPELR ODV VX\DV FDUJXHURV XQLGDGHV  UHSUHVHQWDEDQ HO 
(Q%HUPXGDVUHGXMRVXIORWDXQD GHO Q~PHUR WRWDO GH EXTXHV VHJXLGRV GH ORV
PLOORQHV GH 730 XQD FLIUD LQIHULRU D OD UHJLVWUDGD JUDQHOHURV EXTXHVFRQHOGHOWRWDO 
HQ 6DQ 9LFHQWH \ ODV *UDQDGLQDV \ $QWLJXD \
%DUEXGD &KLSUH GLVPLQX\y VX IORWD HQ  D  1DFLRQDOLGDGGHORVEXTXHV
PLOORQHVGH730\HQVHFRQYLUWLyHQHO (QHOFXDGURSXHGHYHUVHODSDUWLFLSDFLyQGHORV
TXLQWR SDtV GH OLEUH PDWUtFXOD GHVSXpV GH /LEHULD QDFLRQDOHV HQ ORV UHJLVWURV GH PDWUtFXOD OLEUH H
3DQDPiODV,VODV0DUVKDOO\&URDFLDTXHILUPyXQ LQWHUQDFLRQDOHV PiV LPSRUWDQWHV GXUDQWH ORV WUHV
DFXHUGR UHFtSURFR FRQ ORV (VWDGRV 8QLGRV TXH ~OWLPRV DxRV 6H FRPSDUDQ ORV GDWRV UHODWLYRV DO
SHUPLWH OD LQVSHFFLyQ R LQPRYLOL]DFLyQ HQ DJXDV WRQHODMHUHJLVWUDGRHQORVSDtVHVHQXPHUDGRVFRQORV
LQWHUQDFLRQDOHV GH EXTXHV FRQ EDQGHUD FKLSULRWD GHOWRQHODMHUHJLVWUDGR\SURSLHGDGGHQDFLRQDOHVGH
VRVSHFKRVRV GH WUDQVSRUWDU DUPDV GH GHVWUXFFLyQ HVRVSDtVHV/RVSDtVHVRWHUULWRULRVFX\RUHJLVWUR
PDVLYD (O DQiOLVLV SRU WLSR GH EXTXH GH ORV VHLV VH LQGLFD DSDUHFHQ GLYLGLGRV HQ WUHV JUXSRV 
SULQFLSDOHV SDtVHV GH OLEUH PDWUtFXOD LQGLFDED TXH JUDQGHV SDtVHV GH PDWUtFXOD OLEUH  GH PDWUtFXOD
ORVSHWUROHURVPDQWHQtDQVXSDUWHHQHOSHVRPXHUWR OLEUH GH LPSRUWDQFLD PHQRU \  GH PDWUtFXOD
WRWDOHQ HQHODxRDQWHULRU PLHQWUDV LQWHUQDFLRQDO(QORVUHJLVWURVGHOLEUHPDWUtFXODOD
ORVJUDQHOHURVGLVPLQX\HURQOLJHUDPHQWHVXSDUWHDO SDUWH GHO WRQHODMH SURSLHGDG GH QDFLRQDOHV GH HVRV
(OWRQHODMHFRPELQDGRGHHVWRVGRVWLSRVGH SDtVHVHVPtQLPDPX\SRUGHEDMRGHO

&XDGUR

'LVWULEXFLyQGHOWRQHODMHGHODVSULQFLSDOHVIORWDVGHOLEUHPDWUtFXODDDOžGHHQHURGH

7RWDODO
3HWUROHURV *UDQHOHURV &DUJXHURV 3RUWDFRQWHQHGRUHV 2WURV 7RWDO žGHHQHUR
3DEHOOyQ GH
0LOHVGH 0LOHVGH 0LOHV 0LOHV 0LOHV 0LOHV 0LOHV
1ž 1ž 1ž 1ž 1ž 1ž
730 730 GH730 GH730 GH730 GH730 GH730
3DQDPi             
/LEHULD             
%DKDPDV             
0DOWD             
&KLSUH             
%HUPXGDV             
7RWDOSDUFLDO             
6DQ9LFHQWH\ODV
*UDQDGLQDV             
$QWLJXD\
%DUEXGD             
,VODV&DLPiQ             
/X[HPEXUJR             
9DQXDWX             
*LEUDOWDU             
7RWDO             
7RWDOGHODVVHLVSULQFLSDOHVIORUHVGHOLEUHPDWUtFXODDOžGHHQHURGH
             
7RWDOGHODVVHLVSULQFLSDOHVIORWDVGHOLEUHPDWUtFXODDOžGHHQHURGH
             
7RWDOGHODVVHLVSULQFLSDOHVIORWDVGHOLEUHPDWUtFXODDOžGHHQHURGH
             

)XHQWH5HFRSLODFLyQGHODVHFUHWDUtDGHOD81&7$'FRQGDWRVVXPLQLVWUDGRVSRU/OR\G
V5HJLVWHU)DLUSOD\
D
%XTXHVGH75%RPiV(VWHFXDGURQRHVFRPSOHWDPHQWHFRPSDUDEOHFRQORVFXDGURV\TXHWRPDQFRPREDVHORVEXTXHVGH75%RPiV


 (OWUDQVSRUWHPDUtWLPRHQ 

&XDGUR

7RQHODMHTXHHVSURSLHGDGGHQDFLRQDOHVGHOSDtVRWHUULWRULRGHPDWUtFXOD\HVWiDEDQGHUDGR
HQGLFKRSDtVHQSRUFHQWDMHGHODIORWDWRWDOGHORVUHJLVWURVGHOLEUHPDWUtFXOD
\ORVUHJLVWURVLQWHUQDFLRQDOHVPiVLPSRUWDQWHVDOžGHHQHURD
(QPLOHVGH730 

3DUWLFLSDFLyQGHQDFLRQDOHVGHOSDtVGHPDWUtFXOD\GH
7RQHODMHWRWDODEDQGHUDGR
QDFLRQDOHVGHSDtVHVTXHWLHQHQXQDUHODFLyQ
HQHOSDtVGHPDWUtFXOD
SULYLOHJLDGDFRQHOSDtVGHPDWUtFXOD
3DtVRWHUULWRULRGHPDWUtFXOD
(QWRQHODMHGHODIORWD (QSRUFHQWDMHGHODIORWD

UHJLVWUDGD UHJLVWUDGD
        
 6HLVSULQFLSDOHVSDtVHVGHOLEUHPDWUtFXOD
3DQDPi         
/LEHULD         
%DKDPDV         
0DOWD         
&KLSUH         
%HUPXGDV         
 6HLVSDtVHVGHOLEUHPDWUtFXODGHPHQRULPSRUWDQFLD
6DQ9LFHQWH\ODV*UDQDGLQDV         
$QWLJXD\%DUEXGD         
,VODV&DLPiQ         
/X[HPEXUJR         
9DQXDWX         
*LEUDOWDU         
7RWDOGHSDtVHVGHOLEUH
PDWUtFXOD         
 2FKRUHJLVWURVLQWHUQDFLRQDOHV
6LQJDSXU         
5HJLVWUR,QWHUQDFLRQDO0DUtWLPR
GH1RUXHJD 1,6          
+RQJ.RQJ &KLQD          
,VODV0DUVKDOO         
,VODGH0DQ         
5HJLVWUR,QWHUQDFLRQDO0DUtWLPR
GH'LQDPDUFD ',6          
7HUULWRULR$QWiUWLFR)UDQFpV         
$QWLOODV1HHUODQGHVDV         

)XHQWH5HFRSLODFLyQGHODVHFUHWDUtDGHOD81&7$'FRQGDWRVVXPLQLVWUDGRVSRU/OR\G
V5HJLVWHU)DLUSOD\
D
%XTXHVGH75%RPiV(VWHFXDGURQRHVFRPSOHWDPHQWHFRPSDUDEOHFRQORVFXDGURV\TXHWRPDQFRPREDVHORVEXTXHVGH75%
RPiV

+D\TXHVHxDODUTXHHQDOJXQRVSDtVHVGHPDWUtFXOD .HUJXHOHQ   \ ORV 3DtVHV %DMRV FRQ ODV


LQWHUQDFLRQDO ORV QDFLRQDOHV GH HVRV SDtVHV R $QWLOODV1HHUODQGHVDV  $VtHQORVUHJLVWURV
WHUULWRULRV WLHQHQ XQD SDUWH DSUHFLDEOH GHO WRQHODMH LQWHUQDFLRQDOHV OD SDUWH GHO WRQHODMH TXH HV
PDWULFXODGRHQHOORVFRPRHVHOFDVRGH'LQDPDUFD SURSLHGDG GH QDFLRQDOHV GH ORV SDtVHV HQ TXH VH
1RUXHJD+RQJ.RQJ &KLQD \6LQJDSXU(QRWURV EDVDQ HVRV UHJLVWURV R GH QDFLRQDOHV GH SDtVHV TXH
FDVRV ORV QDFLRQDOHV GH XQ SDtV TXH WLHQH XQD WLHQHQ UHODFLyQ SULYLOHJLDGD FRQ HO WHUULWRULR GHO
UHODFLyQSULYLOHJLDGDFRQXQWHUULWRULRTXHWHQJDXQ UHJLVWURYDUtDHQWUHHO\PiVGHO$OJXQRV
UHJLVWUR SRVHHQ XQD SDUWH VLJQLILFDWLYD GHO WRQHODMH SDtVHV\WHUULWRULRVFRQODSDUWHPiVFRQVLGHUDEOHD
PDWULFXODGRHQHVHWHUULWRULR7DORFXUUHHQHO5HLQR VDEHU 1RUXHJD +RQJ .RQJ &KLQD  \ 'LQDPDUFD
8QLGR FRQ OD ,VOD GH 0DQ   ORV (VWDGRV RFXSDEDQ ORV OXJDUHV VH[WR VpSWLPR \ GXRGpFLPR
8QLGRV FRQ OD ,VODV 0DUVKDOO   )UDQFLD FRQ UHVSHFWLYDPHQWH HQWUH ORV  SDtVHV PDUtWLPRV PiV
HO 7HUULWRULR )UDQFpV $QWiUWLFR HV GHFLU ODV ,VODV LPSRUWDQWHVHQ

 ,,(VWUXFWXUD\SURSLHGDGGHODIORWDPXQGLDO 

/RVDVSHFWRVILVFDOHV\UHJXODGRUHVUHYLVWHQPXFKD TXH VXSXVR XQ DXPHQWR PRGHUDGR GHO  HQ


LPSRUWDQFLD D OD KRUD GH HVWDEOHFHU HVRV UHJLVWURV FRPSDUDFLyQ FRQ HO LQFUHPHQWR GHO  GHO DxR
LQWHUQDFLRQDOHV PXFKDV YHFHV FRQ UHIHUHQFLD D OR DQWHULRU YpDVH HO FXDGUR   (Q HO VHFWRU GH ORV
TXH KDFHQ RWURV SDtVHV (Q PD\R GH  )UDQFLD SHWUROHURVODWHQGHQFLDSRVLWLYDGHODxRDQWHULRUVH
FUHy XQ 5HJLVWUR ,QWHUQDFLRQDO )UDQFpV 5,)  SDUD LQYLUWLyFRQSHGLGRVIUHQWHDODVXQLGDGHV
VXVWLWXLU DO 7HUULWRULR $QWiUWLFR )UDQFpV TXH VH GH  (O Pi[LPR VH DOFDQ]y HQ IHEUHUR FRQ 
VXSULPLUi D OR ODUJR GH ORV GRV SUy[LPRV DxRV (O SHGLGRV VHJXLGR GH PDU]R \ MXQLR FRQ  \  HQ
5,)SHUPLWHFLHUWDVH[HQFLRQHVILVFDOHVSUHVFULEHHO FDGD XQR GH HVRV PHVHV (Q  ORV SHGLGRV GH
Q~PHUR PtQLPR GH WULSXODQWHV GH QDFLRQDOLGDG JUDQHOHURV GH QXHYD FRQVWUXFFLyQ DXPHQWDURQ D
IUDQFHVD R GH OD 8QLyQ (XURSHD \ ILMD HO QLYHO GH  OR TXH VXSXVR XQ  PiV TXH HQ HO DxR
VDODULRV \ ODV FRQGLFLRQHV ODERUDOHV (Q HO -DSyQ DQWHULRU FRQWUDWRV 
GXUDQWH HO DxR VH KLFLHURQ SHWLFLRQHV SDUD TXH VH
HVWDEOHFLHUDXQVHJXQGRUHJLVWURFRQLPSXHVWRVSRU /RVSHGLGRVGHSRUWDFRQWHQHGRUHVVXELHURQWDPELpQ
WRQHODMHDQiORJRVDORVTXHVHDSOLFDQHQRWUDSDUWH FDVL XQ  HQ  KXER  FRQWUDWRV IUHQWH D
 HQ  (VH DXPHQWR VLJXLy UHIOHMDQGR OD
(QHOFXDGURVHLQGLFDODYHUGDGHUDQDFLRQDOLGDG WHQGHQFLDUHFLHQWHDFRQVWUXLUSRUWDFRQWHQHGRUHVGH
GH ORV EXTXHV DEDQGHUDGRV HQ ORV  SULQFLSDOHV GLPHQVLRQHV VXSHULRUHV D ODV TXH SHUPLWH HO &DQDO
SDtVHV GH OLEUH PDWUtFXOD (Q   SDtVHV R GH 3DQDPi (Q  VH VHxDOy TXH  QDYLHURV HQ
WHUULWRULRVUHSUHVHQWDEDQHOGHOWRQHODMHWRWDO DFWLYRKDEtDQHQFDUJDGRSRUWDFRQWHQHGRUHVFRQ
GHODVIORWDVGHOLEUHPDWUtFXOD HQHODxR FDSDFLGDG GH PiV GH  7(8 /RV SHGLGRV GH
DQWHULRU  /D SURSLHGDG VH FRQFHQWUD HVSHFLDOPHQWH SURSLHWDULRV TXH QRHVWDEDQ HQ DFWLYR IXHURQ GH 
HQSDtVHVRWHUULWRULRV &KLQD*UHFLD$OHPDQLD SRUWDFRQWHQHGRUHV FRQ XQD FDSDFLGDG WRWDO GH
+RQJ .RQJ &KLQD  5HS~EOLFD GH &RUHD -DSyQ 7(8
1RUXHJD 6XL]D 3URYLQFLD FKLQD GH 7DLZiQ \
(VWDGRV 8QLGRV  TXH FRQWURODQ HO  GHO SHVR
PXHUWRGHORVEXTXHVDEDQGHUDGRVHQORVSDtVHVGH /RV SHGLGRV GH EXTXHV QXHYRV GH FDUJD JHQHUDO
OLEUHPDWUtFXODHQWDQWRTXHORVSULPHURVSDtVHVR DXPHQWDURQ HQ XQ  HQ  D  FRQWUDWRV
WHUULWRULRV &KLQD $OHPDQLD *UHFLD -DSyQ \ IUHQWH D ODV  XQLGDGHV GH  /RV SHGLGRV GH
(VWDGRV 8QLGRV  FRQWURODQ HO  (O -DSyQ WUDQVERUGDGRUHV GLVPLQX\HURQ OLJHUDPHQWH D 
ILJXUy HQ  HQ SULPHU OXJDU FRQ OD PD\RU FRQWUDWRV HQHODxRSUHFHGHQWH 
SURSRUFLyQ  GHODIORWDGHORVSDtVHVGHOLEUH
PDWUtFXOD (VH PLVPR SDtV FRQWDED WDPELpQ FRQ OD  /DFDUWHUDGHSHGLGRV
PD\RU SURSLHGDG GH WRQHODMH DEDQGHUDGR HQ HO
H[WUDQMHURFRQPLOORQHVGH730HVGHFLUHO (Q HO FXDGUR  ILJXUD GHVJORVDGR HO WRQHODMH
 GHO WRWDO PXQGLDO PDWULFXODGR HQ RWURV PXQGLDOHQFDUJDGRSRUJUXSRVGHSDtVHV\SRUWLSRV
SDtVHV VHJXLGR GH *UHFLD FRQ  PLOORQHV GH SULQFLSDOHV GH EXTXH (VWH WRQHODMH VH VLWXDED D
730 HVWR HV HO  GHO WRQHODMH WRWDO (O WRWDO FRPLHQ]RVGHODxRHQPLOORQHVGH730
DEDQGHUDGR HQ HO H[WUDQMHUR SRU DPERV SDtVHV FRQ XQ DXPHQWR VXVWDQFLDO GHO  UHVSHFWR GHO
UHSUHVHQWyHOGHOWRWDOPXQGLDOUHJLVWUDGRGH DxR DQWHULRU /RV SHGLGRV GH ORV SDtVHV
HVHPRGR GHVDUUROODGRV GH HFRQRPtD GH PHUFDGR VXPDURQ
 PLOORQHV GH 730 TXH UHSUHVHQWDURQ HO 
(Q HO FXDGUR  VH SUHVHQWD WDPELpQ XQ SDQRUDPD GHO WRWDO PXQGLDO HQFDUJDGR IUHQWH D ORV 
JHQHUDO GH FyPR HQ  ORV  SDtVHVUHJLVWUDEDQ PLOORQHV GH 730 R VHD HO  D FRPLHQ]RV GH
VXVEXTXHVHQSDtVHVGHOLEUHPDWUtFXOD(QWpUPLQRV  /RV SULQFLSDOHV SDtVHV GH OLEUH PDWUtFXOD
JHQHUDOHV OD SDUWH GH ORV  SULQFLSDOHV SDtVHV VH WHQtDQ SHGLGRV TXH DVFHQGtDQ D  PLOORQHV GH
PDQWXYRHQHOPLHQWUDVTXHODGHORVSDtVHV 730RORTXHHVORPLVPRDOGHWRGRVORV
GH OLEUH PDWUtFXOD GH PHQRU LPSRUWDQFLD IXH GHO HQFDUJRV PXQGLDOHV IUHQWH D ORV  PLOORQHV GH
XQSRFRPHQRVTXHHODxRDQWHULRU   730 \ HO  D FRPLHQ]RV GHO DxR DQWHULRU /D
SDUWH GH ORV SDtVHV GH (XURSD FHQWUDO \ RULHQWDO HQ
'/$&216758&&,Ï11$9$/<(/ VHPDQWXYRHQPLOORQHVGH730HVGHFLU
0(5&$'2'(6(*81'$0$12 HO  GHO WRWDO PXQGLDO HQFDUJDGR /D GH ORV
 /RVSHGLGRVGHEXTXHVQXHYRV SDtVHV VRFLDOLVWDV GH $VLD VH GXSOLFy FRQ FUHFHV HQ
 UHVSHFWR GHO DxR DQWHULRU WHUPLQDQGR HO DxR
(Q HO DxR  VH FHUUDURQ  FRQWUDWRV SDUD OD FRQPLOORQHVGH730ORTXHVXSRQtDHOGH
FRQVWUXFFLyQGHEXTXHVGHORVVHLVJUDQGHVWLSRVOR WRGRVORVSHGLGRVPXQGLDOHV

 (OWUDQVSRUWHPDUtWLPRHQ 

&XDGUR
1DFLRQDOLGDGHIHFWLYDGHODVSULQFLSDOHVIORWDVGHOLEUHPDWUtFXODDOžGHHQHURGH

3DQDPi /LEHULD %DKDPDV 0DOWD &KLSUH


3DtVRWHUULWRULR
GHGRPLFLOLR 0LOHV 0LOHV 0LOHV 0LOHV 0LOHV
1žGH 1žGH 1žGH 1žGH 1žGH
GH  GH  GH  GH  GH 
EXTXHV EXTXHV EXTXHV EXTXHV EXTXHV
730 730 730 730 730
*UHFLD               
-DSyQ               
$OHPDQLD               
&KLQD               
(VWDGRV8QLGRV               
1RUXHJD               
+RQJ.RQJ &KLQD                
5HS~EOLFDGH&RUHD               
7DLZiQ3URYLQFLD
FKLQDGH               
6LQJDSXU               
5HLQR8QLGR               
'LQDPDUFD               
)HGHUDFLyQGH5XVLD               
,WDOLD               
,QGLD               
6XL]D               
%pOJLFD               
$UDELD6DXGLWD               
7XUTXtD               
,UiQ 5HS~EOLFD
,VOiPLFDGHO                
0DODVLD               
3DtVHV%DMRV               
&DQDGi               
6XHFLD               
,QGRQHVLD               
.XZDLW               
)LOLSLQDV               
)UDQFLD               
%UDVLO               
(PLUDWRVÈUDEHV
8QLGRV               
(VSDxD               
7DLODQGLD               
,VUDHO               
&URDFLD               
$XVWUDOLD               
7RWDOSDUFLDO
SDtVHV                
2WURV               
7RWDO               



 ,,(VWUXFWXUD\SURSLHGDGGHODIORWDPXQGLDO 

&XDGUR FRQWLQXDFLyQ 

6HLVSDtVHVGHOLEUHPDWUtFXOD 7RWDOGHODIORWDFRQ
%HUPXGDV 7RWDOSDUFLDO
GHPHQRULPSRUWDQFLD SDEHOOyQH[WUDQMHUR
3DtVRWHUULWRULR
0LOHV 0LOHV 0LOHV 0LOHV GHGRPLFLOLR
1žGH 1žGH 1žGH 1žGH
GH  GH  GH  GH
EXTXHV EXTXHV EXTXHV EXTXHV
730 730 730 730
           *UHFLD
           -DSyQ
           $OHPDQLD
           &KLQD
           (VWDGRV8QLGRV
           1RUXHJD
           +RQJ.RQJ &KLQD
           5HS~EOLFDGH&RUHD
7DLZiQ3URYLQFLD
           FKLQDGH
           6LQJDSXU
           5HLQR8QLGR
           'LQDPDUFD
           )HGHUDFLyQGH5XVLD
           ,WDOLD
           ,QGLD
           6XL]D
           %pOJLFD
           $UDELD6DXGLWD
           7XUTXtD
,UiQ5HS~EOLFD
           ,VOiPLFDGHO 
           0DODVLD
           3DtVHV%DMRV
           &DQDGi
           6XHFLD
           ,QGRQHVLD
           .XZDLW
           )LOLSLQDV
           )UDQFLD
           %UDVLO
(PLUDWRVÈUDEHV
           8QLGRV
           (VSDxD
           7DLODQGLD
           ,VUDHO
           &URDFLD
           $XVWUDOLD
7RWDOSDUFLDO
            SDtVHV 
           2WURV
           7RWDO

)XHQWH5HFRSLODFLyQGHODVHFUHWDUtDGHOD81&7$'FRQGDWRVVXPLQLVWUDGRVSRU/OR\G
V5HJLVWHU)DLUSOD\


 (OWUDQVSRUWHPDUtWLPRHQ 

&XDGUR

3HGLGRVGHORVSULQFLSDOHVWLSRVGHEXTXHDHQ

%XTXHVGH
%XTXHVWDQTXH *UDQHOHURV %XTXHVPL[WRV &DUJXHURV 3RUWDFRQWHQHGRUHV SDVDMH 7RWDOE
$xR WUDQVERUGDGRUHV
0LOHV 0LOHV 0LOHV 0LOHV 0LOHV 0LOHV 0LOHV
1ž 1ž 1ž 1ž 1ž 1ž 1ž
GH730 GH730 GH730 GH730 GH730 GH730 GH730
              
              
              
              
              
              
              
              
              
              
(QHUR              
)HEUHUR              
0DU]R              
$EULO              
0D\R              
-XQLR              
-XOLR              
$JRVWR              
6HSWLHPEUH              
2FWXEUH              
1RYLHPEUH              
'LFLHPEUH              
7RWDO              

)XHQWH5HFRSLODFLyQGHODVHFUHWDUtDGHOD81&7$'FRQGDWRVGHO,QVWLWXWRGH(FRQRPtD\/RJtVWLFDGHO7UDQVSRUWH0DUtWLPR6KLSSLQJ6WDWLVWLFVDQG0DUNHW5HYLHZ
HQHURIHEUHURGHFXDGUR,,/DVFLIUDVGHVGHHVWiQEDVDGDVHQGDWRVGHHVDPLVPDSXEOLFDFLyQ/DVGHFRUUHVSRQGHQDOQ~PHURGHHQHURIHEUHUR
GHFRQLQIRUPDFLyQPHQVXDOIDFLOLWDGDSRU%DLUG3XEOLFDWLRQV $XVWUDOLD 
D
%XTXHVGH75%RPiV
E
(QHVHWRWDOQRTXHGDQFRPSUHQGLGRVORVGDWRVUHODWLYRVDORVFRQWUDWRVSDUDODFRQVWUXFFLyQGHEXTXHVGHRWURVWLSRV

&XDGUR

7RQHODMHPXQGLDOHQFDUJDGRDOžGHHQHURGH
(QPLOHVGH730 

2WURV
*UXSRGHSDtVHVGHPDWUtFXOD 7RWDO 3HWUROHURV *UDQHOHURV &DUJXHURV 3RUWDFRQWHQHGRUHV
EXTXHV
7RWDOPXQGLDO      
3DtVHVGHVDUUROODGRVGHHFRQRPtDGH
PHUFDGR      
3ULQFLSDOHVSDtVHVGHOLEUHPDWUtFXOD      
3DtVHVGH(XURSDFHQWUDO\RULHQWDO      
3DtVHVVRFLDOLVWDVGH$VLD      
7RWDOGHSDtVHVHQGHVDUROOR      
GHORVFXDOHVHQ      
ÈIULFD      
$PpULFD      
$VLD      
(XURSD      
2FHDQtD      

)XHQWH5HFRSLODFLyQGHODVHFUHWDUtDGHOD81&7$'FRQGDWRVVXPLQLVWUDGRVSRU/OR\G
V5HJLVWHU)DLUSOD\


 ,,(VWUXFWXUD\SURSLHGDGGHODIORWDPXQGLDO 

/D SDUWH GH ORV SDtVHV HQGHVDUUROOR HQORV SHGLGRV  /RVSUHFLRVGHEXTXHVQXHYRV\GHVHJXQGD
UHJLVWUy XQ LQFUHPHQWR GH PiV GHO GREOH FRQ PDQR
UHVSHFWR DO DxR DQWHULRU \ VXSXVR  PLOORQHV GH
730 HVWR HV HO  GHO WRQHODMH PXQGLDO (OFXDGURLQGLFDORVSUHFLRVSRUWLSRVSULQFLSDOHVGH
HQFDUJDGRDFRPLHQ]RVGH/RVSHGLGRVGHORV EXTXHV QXHYRV (Q  HVRV SUHFLRV IOXFWXDURQ
SDtVHV HQ GHVDUUROOR GH $VLD WDPELpQ VH VXVWDQFLDOPHQWH D WHQRU GHO WDPDxR \ WLSR GH EXTXH
PXOWLSOLFDURQ SRU PiV GH GRV FLIUiQGRVH HQ  DXQTXHODVYDULDFLRQHVIXHURQPHQRUHVTXHHQ6H
PLOORQHV GH 730 D FRPLHQ]RV GH  UHJLVWUDURQ DO]DV UHODWLYDPHQWH PRGHUDGDV GH ORV
UHSUHVHQWDQGR HO  GH ORV HQFDUJRV WRWDOHV GH SUHFLRVGHORVSHWUROHURVTXHRVFLODURQHQWUHXQPtQLPR
ORV SDtVHV HQ GHVDUUROOR /RV SHGLGRV GH EXTXHV GH\XQPi[LPRGH(QORVSUHFLRV
QXHYRV SRU SDtVHV DIULFDQRV VH FLIUDURQHQ  QROOHJDURQDORVPD\RUHVQLYHOHVGHODxRDQWHULRUSHUR
730 D SULQFLSLRV GH  \ ORV GH ORV SDtVHV HQ HVWXYLHURQPX\SRUHQFLPDGHOSURPHGLRKLVWyULFR/RV
GHVDUUROOR GH $PpULFD VH VLWXDURQ HQ  SUHFLRVGHORVJUDQHOHURVGLVPLQX\HURQFRQGHVFHQVRV
730 SURQXQFLDGRVHQORVEXTXHVPHGLDQRVJUDQGHV\HQORV
GH WDPDxR (O &DER /RV SUHFLRV GH ORV JUDQHOHURV
3DQDPD[ QXHYRV \ GH ORV SRUWDFRQWHQHGRUHV FHOXODUHV
(Q  ORV SHGLGRV GH SHWUROHURV DXPHQWDURQ XQ GH7(8VH PDQWXYLHURQHVWDEOHV \QRDUURMDURQ
 D  PLOORQHV GH 730 UHSUHVHQWDQGR HO YDULDFLRQHV HQ FRPSDUDFLyQ FRQ HO DxR DQWHULRU 6H
 GHO WRWDO GH ORV SHGLGRV PXQGLDOHV /RV REVHUYDURQ VXELGDV GH SUHFLRV GH  \  HQ ORV
SDtVHV HQ GHVDUUROOR UHDOL]DURQ SHGLGRV TXH EXTXHVTXHWUDQVSRUWDQ*1/\*3/3RUORJHQHUDOOD
VXSRQtDQ  PLOORQHV GH 730 OR TXH FRQVWLWX\H WHQGHQFLD D OD EDMD GH ORV SUHFLRV GH ORV DVWLOOHURV
HO  GH WRGRV ORV SHWUROHURV HQFDUJDGRV GXUDQWHHODxRUHIOHMyORVPHQRUHVSHGLGRVHQUD]yQGH
FRUUHVSRQGLHQGR D ORV SDtVHV HQ GHVDUUROOR GH $VLD XQDV SUHYLVLRQHV PiV PRGHVWDV VREUH HO FRPHUFLR
PLOORQHVGH730HVGHFLUHOGHOWRWDOGH LQWHUQDFLRQDO
ORV SDtVHV HQ GHVDUUROOR $ FRPLHQ]RV GH  HO
Q~PHURGHSHGLGRVGHJUDQHOHURVVHKDEtDGXSOLFDGR (QFRQJUXHQFLDFRQODHYROXFLyQGHORVSUHFLRVGHORV
FRQ UHVSHFWR D  SDUD VLWXDUVH HQ PLOORQHV EXTXHVQXHYRVODVYDULDFLRQHVHQORVSUHFLRVGHORV
GH 730 OR TXH VXSXVR HO  GH ORV SHGLGRV EXTXHVGHVHJXQGDPDQRTXHILJXUDQHQHOFXDGUR
PXQGLDOHV (Q HVH WLSR GH EXTXH ORV SDtVHV SDUDSHWUROHURV\JUDQHOHURVVHGLIHUHQFLDQGHODVGHO
GHVDUUROODGRV GH HFRQRPtD GH PHUFDGR \ ORV DxRDQWHULRUHQTXHHVRVSUHFLRVDXPHQWDURQPHQRVH
SULQFLSDOHVSDtVHVGHOLEUHPDWUtFXODVXPDEDQHO LQFOXVR DOJXQRV GLVPLQX\HURQ /RV JUDQHOHURV GH
\ HO FRQ XQWRWDO GH (O YROXPHQ GH ORV WDPDxR PHGLDQR JUDQGH +DQG\PD[  \ 3DQDPD[
SRUWDFRQWHQHGRUHV HQFDUJDGRV VH PDQWXYR HQ  UHJLVWUDURQ LQFUHPHQWRV GH  \ 
HQ  PLOORQHV GH 730 OR TXH UHSUHVHQWDED HO UHVSHFWLYDPHQWH PLHQWUDV TXH ORV JUDQHOHURV GH
 GH ORV SHGLGRV PXQGLDOHV 'H HVRV SHGLGRV WDPDxR(O&DERVXELHURQXQ
FRUUHVSRQGLyDORVSDtVHVGHVDUUROODGRVGHHFRQRPtD
(Q FRQMXQWR ODV DFWLYLGDGHV GH FRPSUD \ YHQWD
GH PHUFDGR HO  \ D ORV SULQFLSDOHV SDtVHV GH
FRQWLQXDURQ HQ  HQ ORV EXTXHV QXHYRV \ GH
OLEUHPDWUtFXODXQ$SULQFLSLRVGHORV
VHJXQGDPDQRDSHVDUGHORVDOWRVSUHFLRVGHXQRV\
SHGLGRV GH SRUWDFRQWHQHGRUHV GH SDtVHV HQ
RWURV 7DO FRVD VH GHEH SUREDEOHPHQWH D TXH KXER
GHVDUUROOR VH GXSOLFDURQ FRQ FUHFHV KDVWD 
XQRV IOHWHV HOHYDGRV \ EXHQRV EHQHILFLRV /DV
PLOORQHVGH730HVGHFLUHOGHORVSHGLGRV
WUDQVDFFLRQHVGHVHJXQGDPDQRGHEXTXHVWDQTXHVH
WRWDOHV GH SRUWDFRQWHQHGRUHV /RV SDtVHV HQ
FLIUDURQ HQ  PLOORQHV GH 730 HQ  FDVL XQ
GHVDUUROOR GH $VLD WHQtDQ HQFDUJDGRV  PLOORQHV
PHQRVTXHODFLIUDGH(QORVJUDQHOHURVHO
GH730HVWRHVHOGHORVSHGLGRVWRWDOHVGH
WRQHODMH GH VHJXQGD PDQR VH VLWXy HQ  PLOORQHV
ORVSDtVHVHQGHVDUUROOR
GH730FRQXQGHVFHQVRGHOUHVSHFWRGH


 (OWUDQVSRUWHPDUtWLPRHQ 

&XDGUR

3UHFLRVUHSUHVHQWDWLYRVGHORVEXTXHVQXHYRVHQORVDxRVTXHVHLQGLFDD
(QPLOORQHVGHGyODUHV 

9DULDFLyQ
7LSR\WDPDxRGHORVEXTXHV        SRUFHQWXDO

*UDQHOHURVGHD730        
3HWUROHURVGHD730        
*UDQHOHURVGHD730        
3HWUROHURVGHD730        
*UDQHOHURVGH730        
3HWUROHURVGHD703        
*1/GHDP        
*3/GHP        
&DUJXHURVGH730        
3RUWDFRQWHQHGRUHVSXURVGH7(8        

)XHQWH5HFRSLODFLyQGHODVHFUHWDUtDGHOD81&7$'FRQGDWRVGH/OR\G
V6KLSSLQJ(FRQRPLVWYDULRVQ~PHURV
D
'HVGHORVSUHFLRVFRUUHVSRQGHQDOWDPDxRPD\RUGHFDGDFODVH

&XDGUR

3UHFLRVGHORVEXTXHVGHVHJXQGDPDQRGHFLQFRDxRVGHHGDG
$ILQDOHVGHDxRHQPLOORQHVGHGyODUHV 

9DULDFLyQ
%XTXH       SRUFHQWXDO

3HWUROHURVGH730       
3HWUROHURVGHD730D       
3HWUROHURVGHD730D       
3HWUROHURVGHD730D       
*UDQHOHURVGH730       
*UDQHOHURVGH730       
*UDQHOHURVGH730       

)XHQWH5HFRSLODFLyQGHODVHFUHWDUtDGHOD81&7$'FRQGDWRVGH)HDUQOH\V5HYLHZ
D
/RVSUHFLRVFRUUHVSRQGHQDOWDPDxRPD\RUGHFDGDFODVH




&DStWXOR

352'8&7,9,'$''(/$)/27$081',$/<
2)(57$<'(0$1'$(1(/75$163257(
0$5Ë7,02081',$/

(QHVWHFDStWXORVHRIUHFHLQIRUPDFLyQVREUHODSURGXFWLYLGDGGHODIORWDPXQGLDO\VHDQDOL]DHOHTXLOLEULR
HQWUHODRIHUWD\ODGHPDQGDGHWRQHODMH/RVLQGLFDGRUHVEiVLFRVVRQXQDFRPSDUDFLyQHQWUHJHQHUDFLyQGH
FDUJD\SURSLHGDGGHODIORWDODVWRQHODGDVGHPHUFDQFtDVWUDQVSRUWDGDV\ODVWRQHODGDVPLOODSRU730\
HOH[FHVRGHRIHUWDGHWRQHODMHHQORVSULQFLSDOHVVHFWRUHVGHOPHUFDGRPDUtWLPR

$352'8&7,9,'$' JUDQHOHURV FDUJXHURV PL[WRV \ HO UHVWR GH OD IORWD


(Q ORV PLOHV GH WRQHODGDVPLOOD SRU730 GH
/RVSULQFLSDOHVLQGLFDGRUHVGHODSURGXFWLYLGDGGHOD ORVSHWUROHURVVHPDQWXYLHURQHQPLHQWUDVTXH
IORWD PXQGLDO HQ WRQHODGDV \ WRQHODGDVPLOOD SRU ODV FLIUDV FRUUHVSRQGLHQWHV GH JUDQHOHURV \
730 ILJXUDQ HQ HO JUiILFR  \ HO FXDGUR  /DV FDUJXHURVPL[WRVGLVPLQX\HURQGHD\GH
WRQHODGDV GH FDUJD WUDQVSRUWDGD SRU 730 DUHVSHFWLYDPHQWH(QHOUHVWRGHODIORWD
GLVPLQX\HURQHQOLJHUDPHQWHD\ORVPLOHV WDPELpQGLVPLQX\HURQGHD
GH WRQHODGDVPLOOD SRU WRQHODGD GH SHVR PXHUWR
DXPHQWDURQ D  (O GHVFHQVR PDUJLQDO GH OD % 2)(57$<'(0$1'$(1(/
SURGXFWLYLGDG PHGLGD HQ WRQHODGDV GH FDUJD 75$163257(0$5Ë7,02081',$/
WUDQVSRUWDGD SRU WRQHODGD GH SHVR PXHUWR 730 
UHIOHMD OD PD\RU WDVD GH H[SDQVLyQ GH OD IORWD HQ  /DFDSDFLGDGH[FHGHQWH
FRPSDUDFLyQ FRQ HO FUHFLPLHQWR GH OD FDUJD
WUDQVSRUWDGD(OGHVFHQVRGHODSURGXFWLYLGDGPHGLGR (QHOFXDGURVHRIUHFHXQUHVXPHQGHODUHODFLyQ
HQ WRQHODGDVPLOOD SRU 730 VH H[SOLFD WDPELpQ SRU HQWUHRIHUWD\GHPDQGDGHWRQHODMH(OH[FHVRWRWDO
HVD H[SDQVLyQ TXH VXSHUy DO FUHFLPLHQWR GHO WUiILFR GHFDSDFLGDGHQIXHOLJHUDPHQWHVXSHULRUDOD
PDUtWLPR\DODVGLVWDQFLDVUHFRUULGDV GHO DxR DQWHULRU FRQ  PLOORQHV GH 730 OR TXH
HQ EXHQD PHGLGD VH GHELy DO HOHYDGR Q~PHUR GH
(QHOFXDGURVHIDFLOLWDQGDWRVFRPSOHPHQWDULRV EXTXHVQXHYRVHQVHUYLFLRGXUDQWHHO~OWLPRDxR/D
VREUH OD SURGXFWLYLGDG HQ WpUPLQRV GH FDUJD SURSRUFLyQGHEXTXHVVREUDQWHVHQODIORWDPHUFDQWH
WUDQVSRUWDGD SRU 730 \ WLSR GH EXTXH (Q HO FDVR PXQGLDOVHPDQWXYRHQODUHGXFLGDFLIUDGHO
GHORVSHWUROHURVHVHLQGLFDGRUVHPDQWXYRHQ
PLHQWUDVTXHHQHOGHJUDQHOHURV\FDUJXHURVPL[WRV  (OPHFDQLVPRGHRIHUWD\GHPDQGDSRUWLSR
GLVPLQX\y OLJHUDPHQWH GH  D  \ GH  D GHEXTXH
WRQHODGDVSRU730UHVSHFWLYDPHQWH(QHOUHVWR
GH OD IORWD WDPELpQ GLVPLQX\y GH  D  (Q  OD RIHUWD GH FDSDFLGDG HQ HO VHFWRU GH ORV
WRQHODGDVSRU730 SHWUROHURVDXPHQWyPLOORQHVGH730KDVWDXQ
WRWDOGHPLOORQHVGH730HQUD]yQGHTXHORV
(QHOFXDGURILJXUDQGDWRVLQGLFDWLYRVVREUHODV EXTXHV QXHYRV HQWUHJDGRV VXSHUDURQ DO WRQHODMH
WRQHODGDVPLOOD WUDQVSRUWDGDV HQ SHWUROHURV GHVJXD]DGRUHWLUDGRRSHUGLGR YpDQVHHOFXDGUR


 (OWUDQVSRUWHPDUtWLPRHQ 

\ HO JUiILFR   /D FDSDFLGDG VREUDQWH DXPHQWy GHODIORWDWRWDOGHJUDQHOHURV3RUORTXHKDFHD


OLJHUDPHQWHDPLOORQHVGH730HVWRHVDO ORVFDUJXHURVFRQYHQFLRQDOHVHOH[FHVRGHFDSDFLGDG
GH OD IORWD WRWDO GH EXTXHV WDQTXH (Q HVH PLVPR VH PDQWXYR LJXDO TXH HQ  FRQ XQD RIHUWD TXH
DxR OD RIHUWD WRWDO GH JUDQHOHURV DXPHQWy HQ  VXSHUyDODGHPDQGDHQVyORPLOORQHVGH730OR
PLOORQHV GH 730 SDUD SDVDU D  PLOORQHV GH TXH VXSRQH HO GH OD IORWD PXQGLDO GH HVWH
730 (O H[FHVR GH WRQHODMH GH HVWH WLSR GH EXTXH VHFWRU(VDFDSDFLGDGH[FHGHQWHKDVLGRLQIHULRUD
DOFDQ]y  PLOORQHV GH 730 OR TXH HTXLYDOH DO PLOOyQGH730GXUDQWHORV~OWLPRVDxRV

*UiILFR

7RQHODGDVPLOODSRU730GHODIORWDPXQGLDOWRWDO

0LOHVGHWRQHODGDVPLOOD

32
30
28
26
24
1996 1997 1998 1999 2000 2001 2002 2003 2004 2005

Miles de toneladas-milla por TPM



)XHQWH&iOFXORVGHOD81&7$'

&XDGUR

&DUJDWUDQVSRUWDGD\WRQHODGDVPLOODSRU730GHODIORWDPXQGLDO
WRWDOHQORVDxRVTXHVHLQGLFD

)ORWDPXQGLDO &DUJDWRWDO 7RWDOGH 7RQHODGDV 0LOHVGH


$xR PLOORQHV PLOORQHVGH WRQHODGDVPLOOD WUDQVSRUWDGDV WRQHODGDVPLOOD
GH730  WRQHODGDV  PLOHVGHPLOORQHV  SRU730 SRU730
     
     
     
     
     

)XHQWH)ORWDPXQGLDO/OR\G¶V5HJLVWHU)DLUSOD\ GDWRVGHPHGLDGRVGHDxRSDUD\GHILQDOHVGHDxRSDUDWRGDV
ODV GHPiV IHFKDV  FDUJD WRWDO WUDQVSRUWDGD VHFUHWDUtD GH OD 81&7$' WRQHODGDVPLOOD )HDUQOH\V 5HYLHZ YDULRV
Q~PHURV'DWRVUHFRSLODGRVSRUODVHFUHWDUtDGHOD81&7$'


 ,,,3URGXFWLYLGDGGHODIORWDPXQGLDO\RIHUWD\GHPDQGDHQHOWUDQVSRUWHPDUtWLPRPXQGLDO 

&XDGUR

3URGXFWLYLGDGHVWLPDGDGHSHWUROHURVJUDQHOHURVFDUJXHURVPL[WRVD\UHVWRGHODIORWDEHQORVDxRVTXHVHLQGLFD
(QWRQHODGDVWUDQVSRUWDGDVSRU730 

7RQHODGDVGH 7RQHODGDVGH 7RQHODGDVGHSHWUyOHR


SHWUyOHR 7RQHODGDV FDUJDVHFD 7RQHODGDV \GHJUDQHOHV 7RQHODGDV 7RQHODGDV 7RQHODGDV
WUDQVSRUWDGDVHQ WUDQVSRUWDGDV WUDQVSRUWDGDVHQ WUDQVSRUWDGDV WUDQVSRUWDGDVHQ WUDQVSRUWDGDV WUDQVSRUWDGDV WUDQVSRUWDGDV
$xR
EXTXHVWDQTXHGH SRU730GH JUDQHOHURVGHPiV SRU730GH FDUJXHURVPL[WRVGH SRU730GH SRUHOUHVWRGHOD SRU730GHO
PiVGH730 EXTXHVWDQTXH GH730 JUDQHOHURV PiVGH730 FDUJXHURVPL[WRV IORWD PLOORQHV  UHVWRGHODIORWD
PLOORQHV  PLOORQHV  PLOORQHV 
        
        
        
        
        
        

)XHQWH5HFRSLODFLyQ GH ODVHFUHWDUtDGH OD81&7$'FRQ GDWRVGH )HDUQOH\V5HYLHZ YDULRV Q~PHURV :RUOG %XON 7UDGHV \ :RUOG %XON )OHHW YDULRV Q~PHURV \RWUDV
IXHQWHVHVSHFLDOL]DGDV
D
3HWUROHURVJUDQHOHURV\FDUJXHURVPL[WRV PLQHUDOHURVJUDQHOHURVSHWUROHURV LQGLFDGRVHQHOFXDGUR
E
(OUHVWRGHODIORWDVHUHILHUHDFDUJXHURVSRUWDFRQWHQHGRUHV\RWURVEXTXHVLQGLFDGRVHQHOFXDGUR

&XDGUR

3URGXFWLYLGDGHVWLPDGDGHSHWUROHURVJUDQHOHURVFDUJXHURVPL[WRVD
\UHVWRGHODIORWDEHQORVDxRVTXHVHLQGLFD
(QPLOHVGHWRQHODGDVPLOODSRU730 

7RQHODGDVPLOOD 7RQHODGDV 7RQHODGDVPLOOD 7RQHODGDVPLOODGH 7RQHODGDV 7RQHODGDV


7RQHODGDV 7RQHODGDVPLOOD
GHSHWUyOHRHQ PLOODSRU GHFDUJDVHFDHQ SHWUyOHR\JUDQHOHV PLOODSRU PLOODSRU
PLOODSRU HQHOUHVWRGHOD
$xR EXTXHVWDQTXH 730GH JUDQHOHURV VHFRVHQFDUJXHURV 730GH 730GHO
730GH IORWD PLOHVGH
PLOHVGH EXTXHV PLOHVGH PL[WRV PLOHVGH FDUJXHURV UHVWRGHOD
JUDQHOHURV PLOORQHV 
PLOORQHV  WDQTXH PLOORQHV  PLOORQHV  PL[WRV IORWD
        
        
        
        
        
        

)XHQWH5HFRSLODFLyQ GH ODVHFUHWDUtDGH OD81&7$'FRQ GDWRVGH )HDUQOH\V5HYLHZ YDULRV Q~PHURV :RUOG %XON 7UDGHV \ :RUOG %XON )OHHW YDULRV Q~PHURV \RWUDV
IXHQWHVHVSHFLDOL]DGDV
D
3HWUROHURVJUDQHOHURV\FDUJXHURVPL[WRV PLQHUDOHURVJUDQHOHURVSHWUROHURV LQGLFDGRVHQHOFXDGUR
E
(OUHVWRGHODIORWDVHUHILHUHDFDUJXHURVSRUWDFRQWHQHGRUHV\RWURVEXTXHVLQGLFDGRVHQHOFXDGUR

&XDGUR

([FHVRGHRIHUWDGHWRQHODMHGHODIORWDPHUFDQWHPXQGLDOHQORVDxRVTXHVHLQGLFD
&LIUDVGHILQDOHVGHDxR 

      


 0LOORQHVGH730
)ORWDPHUFDQWHPXQGLDO      
([FHGHQWHWRWDOD      
)ORWDHQDFWLYLGDGE      
 3RUFHQWDMHV
([FHGHQWHWRWDOHQSRUFHQWDMHGHODIORWDPHUFDQWHPXQGLDO      

)XHQWH5HFRSLODFLyQGHODVHFUHWDUtDGHOD81&7$' FRQGDWRVVXPLQLVWUDGRVSRU/OR\G¶V5HJLVWHU)DLUSOD\ \/OR\G¶V6KLSSLQJ


(FRQRPLVWYDULRVQ~PHURV
D
(VWLPDFLyQ GH ODV FLIUDV PHGLDV DQXDOHV 6H HQWLHQGH SRU H[FHGHQWH GH WRQHODMH HO TXH QR HV H[SORWDGR SOHQDPHQWH SRU GLYHUVDV
FDXVDVH[SORWDFLyQDYHORFLGDGUHGXFLGDEXTXHVGHVDUPDGRVWRQHODMHLQDFWLYRHWF
E
'LIHUHQFLDHQWUHODIORWDPXQGLDO\HOH[FHGHQWHGHWRQHODMH


 (OWUDQVSRUWHPDUtWLPRHQ 

&XDGUR

$QiOLVLVGHOH[FHVRGHRIHUWDGHWRQHODMHSRUSULQFLSDOHV
WLSRVGHEXTXHHQORVDxRVTXHVHLQGLFDD
3URPHGLRVDQXDOHVHQPLOORQHVGH730 

      E


)ORWDPXQGLDOGHSHWUROHURV      
 ([FHGHQWHWRWDOGHSHWUROHURVF      
 3URSRUFLyQGHOH[FHGHQWHHQODIORWDPXQGLDOGH
SHWUROHURV SRUFHQWDMH       
)ORWDPXQGLDOGHJUDQHOHURV      
 ([FHGHQWHWRWDOGHJUDQHOHURVG      
 3URSRUFLyQGHOH[FHGHQWHHQODIORWDPXQGLDOGH
JUDQHOHURV SRUFHQWDMH       
)ORWDPXQGLDOGHFDUJXHURVFRQYHQFLRQDOHV      
 ([FHGHQWHGHODFDUJXHURVFRQYHQFLRQDOHV      
 3URSRUFLyQGHOH[FHGHQWHHQODIORWDPXQGLDOGH
FDUJXHURVFRQYHQFLRQDOHV SRUFHQWDMH       
)ORWDPXQGLDOGHEXTXHVXQLWDUL]DGRV      
 ([FHGHQWHGHEXTXHVXQLWDUL]DGRV      
 3URSRUFLyQGHOH[FHGHQWHHQODIORWDPXQGLDOGHEXTXHV
XQLWDUL]DGRV SRUFHQWDMH       

)XHQWH5HFRSLODFLyQGHODVHFUHWDUtDGHOD81&7$'FRQGDWRVGH/OR\G¶V6KLSSLQJ(FRQRPLVWYDULRVQ~PHURV
D
/DVXPDVGHWRGRVORVVHFWRUHVDJUXSDGRVHQHOSUHVHQWHFXDGURVRQORVSURPHGLRVFRUUHVSRQGLHQWHVDORVDxRVLQGLFDGRV\SRUOR
WDQWRQRFRLQFLGHQFRQORVWRWDOHVPXQGLDOHVTXHILJXUDQHQHOFXDGUR4XHGDQH[FOXLGRVGHOSUHVHQWHFXDGURORVSHWUROHURV\ORV
JUDQHOHURVGHPHQRVGH730\ORVFDUJXHURVFRQYHQFLRQDOHV\ORVEXTXHVXQLWDUL]DGRVGHPHQRVGH730
E
/RVGDWRVGHFRUUHVSRQGHQDFLIUDVKDVWDRFWXEUHGHHVHDxRUHFRSLODGRVHQGLFLHPEUHGH
F
,QFOXLGRXQGHPLQHUDOHURVJUDQHOHURVSHWUROHURV
G
/D IORWD GH EXTXHV XQLWDUL]DGRV FRPSUHQGH ORV SRUWDFRQWHQHGRUHV WRWDOPHQWH FHOXODUHV ORVSRUWDFRQWHQHGRUHV PL[WRV ORVEXTXHV
URUR\ORVEXTXHVSRUWDJDEDUUDV

*UiILFR

(YROXFLyQGHOH[FHVRGHFDSDFLGDGSRUSULQFLSDOHVWLSRVGHEXTXHHQORVDxRVTXHVHLQGLFD

0LOORQHVGH730

25

20

15

10

5 

0 
2000  2001 2002 2003 
2004 2005

3HWUROHURV *UDQHOHURV &DUJXHURV



)XHQWH5HFRSLODFLyQGHODVHFUHWDUtDGHOD81&7$'FRQGDWRVGH/OR\G¶V6KLSSLQJ(FRQRPLVWYDULRVQ~PHURV


 ,,,3URGXFWLYLGDGGHODIORWDPXQGLDO\RIHUWD\GHPDQGDHQHOWUDQVSRUWHPDUtWLPRPXQGLDO 

&&203$5$&,Ï1'(/$6&,)5$6'( HO  GH  DO  $GHPiV HVRV SDtVHV
&$5*$&21/$3523,('$''(/$ FXHQWDQ FRQ XQD SHTXHxD SDUWH GH VX IORWD
)/27$ DEDQGHUDGD FRQ SDEHOORQHV GH OLEUH PDWUtFXOD \
HQWUH XQD FRVD \ RWUD OD SDUWHGH HVH JUXSRIXH GHO
(Q HO FXDGUR  VH UHVXPH OD FRUUHODFLyQ HQWUH HO GHODIORWDPXQGLDO
YROXPHQ GH FDUJD JHQHUDO HQ ORV GLIHUHQWHV JUXSRV
(Q HO FXDGUR  VH IDFLOLWD LQIRUPDFLyQ VREUH OD
GH SDtVHV \ OD SURSLHGDG GH VXV IORWDV /RV SDtVHV
SURSLHGDGGHODIORWDGHODVSULQFLSDOHVQDFLRQHVTXH
GHVDUUROODGRV GH HFRQRPtD GH PHUFDGR JHQHUDURQ
SUDFWLFDQ HO FRPHUFLR (VDV QDFLRQHV VRQ WDPELpQ
FDVLHOGHOWUiILFRPDUtWLPRPXQGLDOHQ
ODV PD\RUHV SURSLHWDULDV GH WRQHODMH OR TXH VH
IUHQWH DO  GH  'XUDQWH HVH PLVPR
H[SOLFD SRUTXH HO WUDQVSRUWH PDUtWLPR SURSLFLD HO
SHUtRGRVX SDUWHHQ HOWRQHODMH GHODIORWD PXQGLDO
FRPHUFLR \IRUPD SDUWH GH OD SROtWLFDFRPHUFLDOHQ
VHUHGXMRGHDSUR[LPDGDPHQWHHOHQD
JHQHUDO /D FDSDFLGDG PDUtWLPD \ OD SURSLHGDG GH
DOUHGHGRU GHO  HQ  6LQ HPEDUJR DO
XQ WRQHODMH FRQVLGHUDEOH HQ SDUWLFXODU VLUYHQ SDUD
WRQHODMHFRQSDEHOOyQQDFLRQDOKDGHDJUHJDUVHHOGH
SURPRYHU HO FRPHUFLR GH XQ SDtV (Q HO FXDGUR VH
ORV EXTXHV SURSLHGDG GH QDFLRQDOHV GH XQ SDtV
GHVWDFDQ WDPELpQ ODV VHPHMDQ]DV \ GLIHUHQFLDV
FRQFUHWRSHURUHJLVWUDGRHQHOH[WUDQMHUR\VXPDGRV
H[LVWHQWHV HQ ORV VHUYLFLRV PDUtWLPRV GH ODV
DPERV OD SDUWH GH GLFKRV SDtVHV VXEH DO  /D
SULQFLSDOHV QDFLRQHV FRPHUFLDQWHV /DV PiV
SDUWHGHORVSDtVHVHQGHVDUUROORHQORVPRYLPLHQWRV
LPSRUWDQWHV GH pVWDV FRPR HO -DSyQ &KLQD
PXQGLDOHV GH FDUJD VH KD PDQWHQLGR HQ WRUQR DO
LQFOXLGR +RQJ .RQJ  OD 5HS~EOLFD GH &RUHD
 (O WRQHODMH GH VX SURSLHGDG PDWULFXODGR HQ
'LQDPDUFD \ 6XHFLD GHVWDFDQ HQWUH ODV QDFLRQHV
SDEHOORQHV QDFLRQDOHV VXELy GHO  GH OD IORWD
TXHFXHQWDQFRQVHUYLFLRVPDUtWLPRVSDUDHOWUiILFR
PXQGLDOHQDODSULQFLSLRVGH(O
FRQ RWURV SDtVHV 2WUDV GH ODV SULQFLSDOHV QDFLRQHV
WRQHODMH UHJLVWUDGR HQ RWURV SDEHOORQHV TXH HV
TXHFRPHUFLDQVRQJUDQGHVLPSRUWDGRUDVRXVXDULDV
SURSLHGDG HIHFWLYD GH QDFLRQDOHV GH SDtVHV HQ
GHVHUYLFLRVGHWUDQVSRUWHPDUtWLPRVLQSHUMXLFLRGH
GHVDUUROOR VH KD LQFUHPHQWDGR D FDVL XQ TXLQWR GH
PDQWHQHU XQ SXHVWR UHOHYDQWH HQ PDWHULD GH
HVHWLSRGHWRQHODMHORTXHKDFHTXHHOWRQHODMHWRWDO
SURSLHGDG \ HQ PHQRU PHGLGD HQ HO WRQHODMH
GHORVSDtVHVHQGHVDUUROORVHDDSUR[LPDGDPHQWHHO
PDWULFXODGR FRQ SDEHOOyQ QDFLRQDO /RV (VWDGRV
GHODIORWDPXQGLDO/DSDUWHGHFDUJDPXQGLDO
8QLGRV $OHPDQLD )UDQFLD \ HO 5HLQR 8QLGR
JHQHUDGDSRUORVSDtVHVGH(XURSDFHQWUDO\RULHQWDO
ILJXUDQHQHVHJUXSR(QORV(VWDGRV8QLGRV
VH PDQWXYR HQ WRUQR DO  HQ VLQ YDULDFLyQ
JHQHUDURQ HQ WRUQR DO  GHO WUiILFR PXQGLDO \
UHVSHFWRGHORVQLYHOHVGHDxRVDQWHULRUHVSHURFRQ
SRVHtDQ HO GHO WRQHODMH WRWDO FRQ VyOR
XQFODURGHVFHQVRFRQUHVSHFWRDOQLYHOGHOGH
DOUHGHGRU GH XQ FXDUWR GH HVH WRQHODMH DEDQGHUDGR
/DSURSRUFLyQGHVXIORWDWDPELpQGLVPLQX\y
HQHOSDtV'HOPLVPRPRGR)UDQFLDJHQHUyHO
GHVGHHODPHQRVGHOHQ(QHVWHDxR
GHOWUiILFRPXQGLDOSHURODSURSRUFLyQGHOWRQHODMH
ORV SDtVHV VRFLDOLVWDV GH $VLD DXPHQWDURQ VX
SURSLR IXH GH  GH FX\R SRUFHQWDMH OD PLWDG
SDUWLFLSDFLyQ HQ HO WUiILFR PXQGLDO DO  H
FRUUHVSRQGtDDSDEHOOyQQDFLRQDO
LQFUHPHQWDURQVXSDUWHHQHOWRQHODMHPXQGLDOGHVGH


 (OWUDQVSRUWHPDUtWLPRHQ 

&XDGUR

&RPSDUDFLyQHQWUHHOPRYLPLHQWRWRWDOGHFDUJD\ODSURSLHGDGGHODIORWD
SRUJUXSRVGHSDtVHVHQ\

7RWDOGHPHUFDQFtDV
)ORWDPHUFDQWH
FDUJDGDV\ 3RUFHQWDMHGHO 3RUFHQWDMHGHO
*UXSRVGHSDtVHV $xR PLOORQHVGH
GHVFDUJDGDV PLOORQHV WRWDOPXQGLDO WRWDOPXQGLDO
730 
GHWRQHODGDV 
3DtVHVGHVDUUROODGRVGHHFRQRPtD     
GHPHUFDGR     
    
    
    
    
D D
3ULQFLSDOHVSDtVHVGHOLEUH   
D D
PDWUtFXOD   
D D
  
D D
  
D D
  
D D
  
3DtVHVHQGHVDUUROOR     
    
    
    
    
    
3DtVHVGH(XURSDFHQWUDO\RULHQWDO     
LQFOXLGDODH[8566      
    
    
    
    
3DtVHVVRFLDOLVWDVGH$VLD     
    
    
    
    
    
7RWDOPXQGLDOE     
    
    
    
    
    

)XHQWH/DGHORVDQH[RV,,\,,,E 
D
(OYROXPHQGHORVSDtVHVHQGHVDUUROORFRPSUHQGHWRGDVODVPHUFDQFtDVFDUJDGDV\GHVFDUJDGDV
E
,QFOXLGRHOWRQHODMHQRDVLJQDGRTXHILJXUDHQHODQH[R,,,E 


 ,,,3URGXFWLYLGDGGHODIORWDPXQGLDO\RIHUWD\GHPDQGDHQHOWUDQVSRUWHPDUtWLPRPXQGLDO 

&XDGUR

$FWLYLGDGPDUtWLPDGHODVSULQFLSDOHVQDFLRQHVFRPHUFLDQWHV
$SULQFLSLRVGH 

3RUFHQWDMHGHOFRPHUFLR 3RUFHQWDMHGHODIORWD
3DtVWHUULWRULR PXQGLDOJHQHUDGRHQ PXQGLDOHQWpUPLQRV
WpUPLQRVGHYDORU GH730
(VWDGRV8QLGRV  
$OHPDQLD  
&KLQD  
-DSyQ  
)UDQFLD  
5HLQR8QLGR  
3DtVHV%DMRV  
,WDOLD  
&DQDGi  
%pOJLFD  
+RQJ.RQJ &KLQD   
5HS~EOLFDGH&RUHD  
(VSDxD  
0p[LFR  
6LQJDSXU  
7DLZiQ3URYLQFLDFKLQDGH  
)HGHUDFLyQGH5XVLD  
0DODVLD  
$XVWULD  
6XL]D  
6XHFLD  
$XVWUDOLD  
7DLODQGLD  
,QGLD  
%UDVLO  
7RWDO  

)XHQWH5HFRSLODFLyQGHODVHFUHWDUtDGHOD81&7$'FRQGDWRVVXPLQLVWUDGRVSRUOD2UJDQL]DFLyQ0XQGLDOGHO&RPHUFLR




&DStWXOR

&20(5&,2<0(5&$'2'()/(7(6

(QHVWHFDStWXORVHGHVFULEHQODVFRQGLFLRQHV\ODVWHQGHQFLDVGHOWUDQVSRUWHPDUtWLPR\GHORVPHUFDGRVGH
IOHWHVKDFLpQGRVHUHIHUHQFLDDORVSULQFLSDOHVVHFWRUHVGHFDUJDVDJUDQHO\GHEXTXHVGHOtQHDVHVHxDODQ
ODV WDULIDV GH HVRV IOHWHV HQ SURSRUFLyQ GH ORV SUHFLRV GH ORV SURGXFWRV EiVLFRV \ VH HVWLPDQ ORV SDJRV\
FRVWRVGHOWUDQVSRUWHHQSRUFHQWDMHGHOYDORUGHODVLPSRUWDFLRQHVHQHOFRPHUFLRPXQGLDO

$(/0(5&$'2'()/(7(6'(/ FUXGR \ VXV SURGXFWRV VXELHURQ GXUDQWH HO DxR (O


3(75Ï/(2<686352'8&726 tQGLFH GH ORV JUDQGHV SHWUROHURVVXSHUSHWUROHURV
DXPHQWyGHD\ORVGHORVEXTXHVGHWDPDxR
 (OFRPHUFLRPDUtWLPRGHOFUXGR\VXV (O &DER \ $IUDPD[ WHUPLQDURQ HO DxR HQ 
GHULYDGRV GHVSXpVGHHPSH]DUHQ\UHVSHFWLYDPHQWH
(O tQGLFH GH ORV SHWUROHURV GH WDPDxR PHGLDQR
(QORVIOHWHVGHORVSHWUROHURVIOXFWXDURQFRPR GLVPLQX\y GH  D  FRQ XQ GHVFHQVR PiV
FRQVHFXHQFLD GH ODV GHFLVLRQHV GH OD 23(3 GH SURQXQFLDGR SDUD ORV EXTXHV TXH WUDQVSRUWDQ
DMXVWDU ORV QLYHOHV GH SURGXFFLyQ SDUD HYLWDU XQ GHULYDGRV GHO SHWUyOHR GHVGH  D  &RQ OD
H[FHVR GH RIHUWD R GH FRPSHQVDU OD HVFDVH] GH H[FHSFLyQ GH ORV TXH VH UHILHUHQ D ORV EXTXHV GH
VXPLQLVWURV HQ RWURV SDtVHV /D FRQWLQXD GHPDQGD WDPDxR (O &DER WRGRV ORV tQGLFHV HUDQ HQ
GHORVSULQFLSDOHVSDtVHVFRQVXPLGRUHV\GH&KLQD GLFLHPEUH GH  LQIHULRUHV D ORV YLJHQWHV HQ HO
ODV LQWHUUXSFLRQHV GH OD SURGXFFLyQ KDELGDV HQ PLVPRPHVGHODxRDQWHULRU
ÈIULFD\ODVFDXVDGDVHQHOJROIRGH0p[LFRSRUXQD
HVWDFLyQ GH IXHUWHV KXUDFDQHV WDPELpQ DIHFWDURQ D /RVtQGLFHVPHGLRVGHORVIOHWHVGHFXDWURFDWHJRUtDV
HVRVIOHWHV GH SHWUROHURV FRQ H[FHSFLyQ GH ORV TXH DFDUUHDQ
SURGXFWRVGHULYDGRVHVWXYLHURQHQSRUGHEDMR
(Q  HV SUREDEOH TXH ORV HQYtRV GH SHWUyOHR GHODVPHGLDVFRUUHVSRQGLHQWHVD(QJUDQGHV
FUXGR \ VXV GHULYDGRV VH YHDQ LQIOXLGRV SRU ODV SHWUROHURVVXSHUSHWUROHURV OD PHGLD GH 
GHFLVLRQHV GH OD 23(3 VREUH ORV QLYHOHV GH UHJLVWUDGDGXUDQWHHODxRIXHXQWHUFLRPHQRUTXHHO
SURGXFFLyQ SRU HO YROXPHQ GH ODV H[SRUWDFLRQHV SURPHGLR GHO DxR DQWHULRU 3DUD HO WRQHODMH GH
UXVDV \ SRU OD IXHU]D GH OD GHPDQGD HQ (XURSD WDPDxR6XH]PD[\$IUDPD[ODVPHGLDVIXHURQ
RFFLGHQWDO$PpULFDGHO1RUWHHO-DSyQ\&KLQD \  UHVSHFWLYDPHQWH DOUHGHGRU GH XQ TXLQWR
PHQRVTXHODVFLIUDVGHODxRDQWHULRU/RVEXTXHVGH
 /RVIOHWHVGHORVEXTXHVWDQTXH
WDPDxR PHGLR WXYLHURQ XQ tQGLFH PHGLR GH  HQ
(Q WpUPLQRV JHQHUDOHV  IXH XQ DxR GH LQIHULRUHQFHUFDGHXQDOGHODxRDQWHULRU
UHVXOWDGRV FRQWUDSXHVWRV SDUD ORV SURSLHWDULRV GH 6yOR ORV SHWUROHURV TXH WUDQVSRUWDQ GHULYDGRV
SHWUROHURV &RPR LQGLFD HO FXDGUR  WUHV GH ORV UHJLVWUDURQXQDPRGHVWDVXELGDHQVXtQGLFHPHGLR
FLQFRtQGLFHVGHIOHWHVGHORVEXTXHVTXHWUDQVSRUWDQ GHVGHDHQ


 (OWUDQVSRUWHPDUtWLPRHQ 

&XDGUR

ËQGLFHVGHIOHWHVGHSHWUROHURV
&LIUDVPHQVXDOHV 

 /OR\G
V6KLSSLQJ(FRQRPLVW %DOWLF7DQNHU
ËQGLFHGH ËQGLFHGH
 !    'HULYDGRV
FUXGRV GHULYDGRV
       
2FWXEUH       
1RYLHPEUH       
'LFLHPEUH       
3URPHGLR       
       
(QHUR       
)HEUHUR       
0DU]R       
$EULO       
0D\R       
-XQLR       
-XOLR       
$JRVWR       
6HSWLHPEUH       
2FWXEUH       
1RYLHPEUH       
'LFLHPEUH       
3URPHGLR       
       
(QHUR       
)HEUHUR       
0DU]R       
$EULO       
0D\R       

)XHQWH5HVXPHQHQ/OR\G¶V6KLSSLQJ(FRQRPLVWYDULRVQ~PHURVORVtQGLFHVGH%DOWLF7DQNHUFRUUHVSRQGHQDOSULPHU
GtDKiELOGHOPHVtQGLFHVUHFRJLGRVHQ/OR\G¶V6KLS0DQDJHU TXHGHMDURQGHSXEOLFDUVHHQPDU]RGH 

*UDQGHVSHWUROHURV\VXSHUSHWUROHURV HO3DFLILF5XE\SDUDDFDUUHDUWHQ:6
FRQHQWUHJDXQDVHPDQDPiVWDUGH3DUDVXPLQLVWURV
'XUDQWHHOSULPHUWULPHVWUHGHWRGRVORVIOHWHV DOD5HS~EOLFDGH&RUHDORVIOHWHVGHIHEUHURIXHURQ
GLVPLQX\HURQ GHVGH ORV Pi[LPRV WDQ QRWDEOHV WDPELpQ EXHQRV +\XQGDL IOHWy HO %DQGDLVDQ SDUD
DOFDQ]DGRVHQHO~OWLPRWULPHVWUHGHODxRDQWHULRU$ OOHYDUWHQ:6FRQHQWUHJDDPHGLDGRV
SULQFLSLRV GH  ODV WDULIDV GHVGH HO *ROIR GHPDU]R8QFXDGURVLPLODUVHGLRHQODVUXWDVHQ
3pUVLFRDO-DSyQOD5HS~EOLFDGH&RUHD(XURSD\HO GLUHFFLyQ RHVWH GXUDQWH HO PLVPR PHV &66$ IOHWy
&DULEHFRVWD HVWH GH ORV (VWDGRV 8QLGRV IXHURQ GH HO )URQW &KDPSLRQ SDUD XQ HQYtR GH  W HQ
 :6  :6  :6 \  :6 UHVSHFWLYDPHQWH  :6 FRQ GHVWLQR HO 5HLQR 8QLGRFRQWLQHQWH
(QHOPHVVLJXLHQWHVHGXSOLFDURQHQWRGDVODVUXWDV PLHQWUDV ,UYLQJ 2LO IOHWy HO $PDQWHD HQ  :6
\ OXHJR EDMDURQ VXDYHPHQWH HQ PD\R D ORV QLYHOHV SDUD WUDQVSRUWDU  W D OD FRVWD HVWH GH
LQLFLDOHV 'RV HMHPSORV LOXVWUDQ OD FXDQWtD GH ODV 1RUWHDPpULFD
PHMRUDVGHORVIOHWHVGXUDQWHHOPHVGHIHEUHURHQOD
UXWDDO-DSyQ$SULQFLSLRVGHPHV,GHPLWVXIOHWyHO (QMXQLRODVWDULIDVVHKXQGLHURQFLIUiQGRVHHQVyOR
7DND\DPDHQ:6SDUDWUDQVSRUWDUWGH :6HQWRGDVODVUXWDVVDOYRHQODTXHVHGLULJHDO
SHWUyOHRFUXGRFRQHQWUHJDHQODVHJXQGDVHPDQDGH &DULEH \ D OD FRVWD HVWH GH 1RUWHDPpULFD GRQGH
PDU]R$ILQDOHVGHIHEUHUR&RVPRKDEtDFRQWUDWDGR IXHURQ WRGDYtD SHRUHV FRQ  :6 )OHWHV GH

 ,9&RPHUFLR\PHUFDGRGHIOHWHV 

SULQFLSLRVGHMXQLRDO-DSyQ\OD5HS~EOLFDGH&RUHD PHGLDGRVGHHQHURWWUDQVSRUWDGDVGHVGHOD
PXHVWUDQ HVRV IOHWHV WDQ EDMRV 'RV FRPSDxtDV ,VOD GH .KDUJ D (VSDxD HQ WDQ VyOR  :6 $
,GHPLWVX \ -RPR IOHWDURQ ORV SHWUROHURV 6X]XND \ PHGLDGRV GH HQHUR 9HOD FRQWUDWy VHLV EXTXHV SDUD
$VLDQ -HZHO SDUD WUDQVSRUWDU VHQGDV UHPHVDV GH HQYtRV GH  W GHVGH 5DV 7DQXUD DO *ROIR GH
 W DO -DSyQ HQ  :6 PLHQWUDV /*&DOWH[ 0p[LFRFRQWDULIDVFRPSUHQGLGDVHQWUH:6\
FRQWUDWy HO 1HZ 9LWDOLW\  \ RWUR EXTXH VLQ :6 $XQTXH EDMRV ORV IOHWHV GH HQHUR GH 
HVSHFLILFDUSDUDWUDQVSRUWDUFDGDXQRWDOD IXHURQGHORUGHQGHOVXSHULRUHVDORVKDELGRV
5HS~EOLFDGH&RUHDWDPELpQHQ:6(VDPLVPD HQHQHURGH
WDULID IXH OD TXH SDJy (QJHQ SDUD IOHWDU HO 6KLQNR
/DQGHV FRQ GHVWLQR 6XGiIULFD FRQWUDWiQGRVH (QORVPHVHVVLJXLHQWHVODVWDULIDVHQWRGDVODVUXWDV
SHWUROHURVSDUDGLULJLUVHDOPDU5RMRHQVyOR:6 GLVPLQX\HURQWRGDYtDPiVDOFDQ]iQGRVHXQPtQLPR
TXHIXHODWDULIDSDJDGDSRU+HOOHQLFSDUDTXHHO7, GH  :6 HQ DEULO SDUD YLDMHV GHVGH HO *ROIR
$IULFD DFDUUHDUD  W \ WDPELpQ SRU 7XSUDV 3pUVLFR FRQ GHVWLQR HO -DSyQ \ OD 5HS~EOLFD GH
SDUDTXHHO,UDQ1DMLPOOHYDUDW(VWDEDMD &RUHD \ VLWXiQGRVH HQ  :6 SDUD GHVWLQRV HQ
WDULID IXH WDPELpQ D OD TXH 6LQR&KHP IOHWy HO (XURSDRFFLGHQWDO$WtWXORGHHMHPSOR1,7&IOHWy
2ULHQWDO9HQWXUHSDUDWUDQVSRUWDUWD&KLQD HO6HDNLQJHQDEULOSDUDWUDQVSRUWDUWGHVGH
\HQODVUXWDVDO&DULEH5R\DO'XWFK6KHOOFRQWUDWy HO *ROIR 3pUVLFR DO 5HLQR 8QLGRFRQWLQHQWH HQ 
HO )RUPRVD 3HWURFKDOOHQJHU SDUD OOHYDU  W :6PLHQWUDVHQPD\R1*7FRQWUDWyHO7DWDNLSDUD
PLHQWUDVTXH.3&DOTXLOyHO$PDQWHDSDUDDFDUUHDU DFDUUHDUWDO-DSyQHQ:6/DVWDULIDVVH
 W /RV IOHWHV FRQ GHVWLQR D (XURSD UHFXSHUDURQ OLJHUDPHQWH HQ MXQLR DOFDQ]iQGRVH OD
VHSWHQWULRQDO IXHURQ XQ SRFR PHMRUHV FRQ  :6 FRWDGH:6HQWRGDVODVUXWDVFRQODH[FHSFLyQ
TXHIXHODWDULIDSDJDGDSRU5R\DO'XWFK6KHOOSDUD GH ORV GHVWLQRV HQ (XURSD QRURFFLGHQWDO GRQGH VH
TXHHO$URVDWUDQVSRUWDUDW UHJLVWUyXQIOHWHPHGLRGH:6/DVWDULIDVIXHURQ
GH\:6SDUDGHVWLQRVHQHO-DSyQOD
/RV IOHWHV VH UHFXSHUDURQ PRGHVWDPHQWH HQ MXOLR 5HS~EOLFD GH &RUHD \ HO JROIR GH 0p[LFR
FRQXQDPD\RUVXELGDHQODVUXWDVHQGLUHFFLyQHVWH UHVSHFWLYDPHQWH (MHPSORV UHSUHVHQWDWLYRV HQ HVH
HQ WRUQR D  :6 PDQWHQLpQGRVH DTXpOODV HQ PHVVRQORVIOHWDPHQWRVGHO(IILH0DHUVNSRU5R\DO
GLUHFFLyQRHVWHHQXQRV:6/XHJRODVWDULIDVVH 'XWFK6KHOOSDUDOOHYDUWD:6GHVGHHO
GHVSORPDURQGHQXHYRHQDJRVWRDWDQVyOR:6 *ROIR 3pUVLFR DO 5HLQR 8QLGRFRQWLQHQWH \ HO GHO
SHUR HPSH]DURQ D PHMRUDU HQ VHSWLHPEUH \ HQ 3DFLILF&U\VWDOSRU1*7SDUDWUDQVSRUWDUW
RFWXEUHVHVLWXDEDQHQ:6SDUDODVUXWDVKDFLD GHVGHHO*ROIR3pUVLFRDO-DSyQHQ:6
HO HVWH \ SRU HQFLPD GH  :6 HQ GLUHFFLyQ RHVWH
(Q QRYLHPEUH VH DOFDQ]y XQ Pi[LPR FRQ  :6 3HWUROHURVGHWDPDxR6XH]PD[
SDUD HO -DSyQ FRPR GHVWLQR \ HQ  :6 SDUD OD
5HS~EOLFDGH&RUHD\OXHJRVHDWHQXDURQDILQDOHV /D IOXFWXDFLyQ GH ORV IOHWHV GHO WRQHODMH 6XH]PD[
GHDxRUHJLVWUiQGRVHSDUDHVRVGHVWLQRVSURPHGLRV UHIOHMyODVFRQGLFLRQHVSDUWLFXODUHVTXHULJHQHQODV
GH:6\:6UHVSHFWLYDPHQWH(VDPLVPD UXWDV VHUYLGDV SRU HVRV EXTXHV /DV WDULIDV GHVGH
WHQGHQFLD VH REVHUYy HQ ORV HQYtRV D (XURSD ÈIULFD RFFLGHQWDO FRPHQ]DURQ HO DxR HQ  :6
QRURFFLGHQWDO \ DO &DULEH \ OD FRVWD HVWH GH SDUDGHVWLQRVHQ(XURSDSHUROXHJREDMDURQGXUDQWH
1RUWHDPpULFD 3DUD HVRV GHVWLQRV ODV WDULIDV GH FDVLWRGRHODxR\HQDJRVWRHUDQFDVLODPLWDGFRQ
QRYLHPEUHIXHURQ:6\:6 PLHQWUDVODV  :6 /RV IOHWDPHQWRV PiV EDMRV IXHURQ
GH GLFLHPEUH VH FLIUDURQ HQ  :6 \  :6 SUREDEOHPHQWH ORV GH &66$ TXH FRQWUDWy HO 6)&
UHVSHFWLYDPHQWH3DUDGHVWLQRVHQ&KLQDODVWDULIDV &DXFDVXV SDUD WUDQVSRUWDU  W D GHVWLQRV GHO
EDMDURQ OHQWDPHQWH 8QLSHF IOHWy GRV EXTXHV HO 5HLQR8QLGRFRQWLQHQWHHQVyOR:6\ORVGH%3
+HEHL0RXQWDLQ\HO*UDQG([SORUHUSDUDVHQGDV $PRFR TXH DOTXLOy HO <DQQLV 3 SDUD XQD UHPHVD
UHPHVDV GH  W HQ  :6 \  :6 VLPLODU D 7ULHVWH ,WDOLD  FRQ OD PLVPD  WDULID (Q
UHVSHFWLYDPHQWHDILQDOHVGHDxR RFWXEUH VLQ HPEDUJR ORV IOHWHV PHGLRV VH KDEtDQ
GXSOLFDGRFRQFUHFHVVLWXiQGRVHHQ:6+XER
(QHQHURGHORVIOHWHVUHJLVWUDURQXQGHWHULRUR YDULRVFDVRVGHUHPHVDVGHWFRQHVDWDULID
D~Q PD\RU GHVFHQGLHQGR PiV GHO  SDUD 3HWURJDO FRQWUDWy HQ  :6 HO $VWUR 3HUVHXV FRQ
GHVWLQRVHQ2ULHQWH\PiVGHOSDUDDTXpOORVHQ GHVWLQR 3RUWXJDO $GGD[ IOHWy HO $VWUR 3KRHQL[ HQ
2FFLGHQWH<DHQODV~OWLPDVVHPDQDVGHGLFLHPEUH :6SDUDGHVWLQRVHQHO5HLQR8QLGRFRQWLQHQWH
GH  ODV WDULIDV KDEtDQ EDMDGR \ (QL SDJy  :6 SRU HO 1LNDWRU FRQ GHVWLQR HQ
FRQVLGHUDEOHPHQWHSXHVHQODWHUFHUDVHPDQDGHHVH /DYHUD )UDQFLD /RVIOHWHVPHGLRVGHQRYLHPEUH\
PHV5HSVROIOHWyHO8QLYHUVDO%UDYHSDUDHQWUHJDUD GLFLHPEUH IXHURQ  :6 \  :6

 (OWUDQVSRUWHPDUtWLPRHQ 

UHVSHFWLYDPHQWH XQDV FLIUDV TXH LQGLFDQ TXH ODV :6 SDUD OOHYDU  W GHVGH 6XSVD *HRUJLD  D
WDULIDVIXHURQEXHQDV\ILUPHVKDVWDILQDOHVGHDxR HVHPLVPRGHVWLQR
1RREVWDQWHHQHQHURGHVHFRQWUDMHURQHQXQD
FXDUWD SDUWH KDVWD  :6 FRQ XQD WHQGHQFLD (Q HQHUR GH  ODV WDULIDV EDMDURQ HQ WRGDV ODV
FODUDPHQWH D OD EDMD D ILQDOHV GH HQHUR 3HWURSOXV UXWDV'HVGHÈIULFDRFFLGHQWDODGHVWLQRVHQ(XURSD
IOHWy HO .DWKHULQH .QXGVHQ HQ  :6 SDUD OOHYDU VHSWHQWULRQDO \ HQ HO &DULEHFRVWD HVWH GH
WD/DYHUD )UDQFLD \FRQHVDPLVPDWDULID 1RUWHDPpULFDODVFLIUDVGHHQHURIXHURQGH:6
&66$ FRQWUDWy HO 6RQDQJRO .L]RPED SDUD XQD \:6/DWDULIDPHGLDTXHULJLyHQHVHPLVPR
UHPHVD VLPLODU FRQ GHVWLQRV HQ HO 5HLQR PHV SDUD WRQHODMH 6XH]PD[ TXH RSHUDED SRU HO
8QLGRFRQWLQHQWH 0HGLWHUUiQHRIXHGH:6

/RV IOHWHV GHVGH ÈIULFD RFFLGHQWDO D GHVWLQRV HQ HO /DV WDULIDV HQ WRGDV ODV UXWDV IOXFWXDURQ GHVGH
&DULEHFRVWD HVWH GH ORV (VWDGRV 8QLGRV IHEUHURKDVWDPD\RFRQXQDFODUDWHQGHQFLDDODEDMD
FRPHQ]DURQ HO DxR HQ  :6 \ PHMRUDURQ KDVWD \XQDSHTXHxDUHFXSHUDFLyQHQMXQLR(OIOHWHPHGLR
PDU]R FXDQGR VH FLIUDURQ HQ  :6 &RQWUDWRV PiVEDMRVHREVHUYyHQDEULOFRQ:6HQODUXWD
UHSUHVHQWDWLYRVGHHVHPHVIXHURQHOIOHWDPHQWRSRU TXH FUX]D HO 0HGLWHUUiQHR /DV WDULIDV HQ HOOD \
5R\DO 'XWFK 6KHOO GHO -DQHW SDUD WUDQVSRUWDU GHVGH ÈIULFDRFFLGHQWDO D(XURSD \ HO &DULEHFRVWD
WD:6\HOGH&RQRFRTXHFRQWUDWyHO HVWH GH 1RUWHDPpULFD IXHURQ  :6  :6 \
.DPOHVK HQ  :6 (Q ORV PHVHV VLJXLHQWHV ODV :6UHVSHFWLYDPHQWH8QFRQWUDWRLOXVWUDWLYRHV
WDULIDV EDMDURQ KDVWD DJRVWR FXDQGR WRFDURQ IRQGR HO TXH KL]R HQ MXQLR &66$ GHO ,6, 2OLYH SDUD
FRQ  :6 6LQ HPEDUJR HQ RFWXEUH VH KDEtDQ WUDQVSRUWDU WDO 5HLQR 8QLGRFRQWLQHQWH HQ
FDVL GXSOLFDGR FRQ  :6 \ VLJXLHURQ VXELHQGR :6(QHVHPLVPRPHV&66$WDPELpQIOHWyHO
KDVWD ILQDOHV GH DxR FRQ XQD WDULID PHGLD HQ :LOPLQD SDUD OOHYDULJXDOFDQWLGDG GHVGH $UJHOLDD
GLFLHPEUHGH:6'XUDQWHHVHPHVHOPHUFDGR GHVWLQRVHQHO0HGLWHUUiQHRD:6
GLRPXHVWUDVGHGHELOLWDUVH6XQ2LOIOHWyHO'DNRWD
SDUDWUDQVSRUWDUWD)LODGHOILDDFRPLHQ]RV 3HWUROHURVGHWDPDxR$IUDPD[
GHPHVD:6\WUHVVHPDQDVGHVSXpVFRQWUDWyHO
6RQDQJRO /XDQGD HQ  :6 SDUD XQD UHPHVD (VWH WLSR GH EXTXH VH XWLOL]D HQ HO FRPHUFLR GHVGH
VLPLODU FRQ HO PLVPR GHVWLQR /RV IOHWHV VH (XURSD QRURFFLGHQWDO HO &DULEH HO 0HGLWHUUiQHR H
FRQWUDMHURQHQHQHURGHHQDOUHGHGRUGHO ,QGRQHVLD/DVUXWDVGHVGH(XURSDQRURFFLGHQWDOVH
HQHVDUXWD GLULJHQDHVDPLVPDUHJLyQ\DGHVWLQRVHQHO&DULEH
\ HQ OD FRVWD HVWH GH 1RUWHDPpULFD /RV IOHWHV HQ
3DUDHQYtRVSRUHO0HGLWHUUiQHR\GHVGHHVWD]RQDD HOODV FRPHQ]DURQ HO DxR HQ  :6 \  :6
(XURSD QRURFFLGHQWDO ODV WDULIDV HPSH]DURQ HO DxR UHVSHFWLYDPHQWH /RV PHVHV VLJXLHQWHV IXHURQ
HQ  :6 \  :6 UHVSHFWLYDPHQWH (Q ORV YROiWLOHV FRQ WDULIDV EDMDV VHJXLGDV GH RWUDV DOWDV
PHVHV VLJXLHQWHV ORV IOHWHV VLJXLHURQ XQD WHQGHQFLD SHURHQFRQMXQWRKXERXQDWHQGHQFLDDODEDMDKDVWD
VLPLODUFODUDPHQWHDODEDMDFRQXQPtQLPRHQMXOLR ORVPHVHVGHOYHUDQRFXDQGRVHDOFDQ]DURQ:6
GH:6HQODUXWDD(XURSDQRURFFLGHQWDO\HQ \  :6 'HVSXpV ODV WDULIDV VH PDQWXYLHURQ
DJRVWR FRQ  :6 HQ OD UXWD TXH FUX]D HO PRURVDV FRQ XQD EXHQD UHFXSHUDFLyQ HQ RFWXEUH
0HGLWHUUiQHR /D UHFXSHUDFLyQ IXH VLPXOWiQHD \ VH FXDQGR VH OOHJy D  :6 \  :6
DOFDQ]y  :6 HQ RFWXEUH HQ DPEDV UXWDV UHVSHFWLYDPHQWH &RQWUDWRV UHSUHVHQWDWLYRV GH HVH
$OJXQRV FRQWUDWRV UHSUHVHQWDWLYRV GH HVH PHV PHV IXHURQ HO GH ([[RQ 0RELO  TXH IOHWy HO
IXHURQORV:6FRQYHQLGRVSRU7DPRLOSDUDTXH &DWKHULQH .QXGVHQ HQ  :6 SDUD XQ HQYtR GH
HO 6HDSULQFH DFDUUHDUD  W GHVGH OD  W GHVGH HO PDU GHO 1RUWH DO 5HLQR
-DPDKLUL\DÈUDEH/LELDDO5HLQR8QLGRFRQWLQHQWH\ 8QLGRFRQWLQHQWH \ HO GH .RFK TXH FRQWUDWy HO
ORV  :6 SDJDGRV SRU 5HSVRO SDUD TXH HO ,UDQ )XFVLDSDUDWUDQVSRUWDUXQDUHPHVDVLPLODUGHVGHHO
6XVDQJHUR WUDQVSRUWDUD XQD UHPHVD VLPLODU GHVGH FRQWLQHQWH D ODV FRVWD HVWH GH 1RUWHDPpULFD D 
6LGL .HULU (JLSWR  D (VSDxD /DV WDULIDV HQ HVDV :6
UXWDV VH GLVSDUDURQ KDVWD ILQDOHV GH DxR FRQ IOHWHV
PHGLRVHQQRYLHPEUH\GLFLHPEUHGH:6\ /DV UXWDV GHVGH HO &DULEH WLHQHQ GHVWLQRV HQ OD
:6$ILQDOHVGHGLFLHPEUH&OHDUODNHIOHWyHO&DSH SURSLD UHJLyQ \ HQ OD FRVWD HVWH GH 1RUWHDPpULFD
%DWD\HO6HD6SLULWSDUDWUDQVSRUWDUVHQGDVUHPHVDV /DV IOXFWXDFLRQHV HQ VXV WDULIDV UHSLWLHURQ ODV
GH  W GHVGH 1RYRURVVL\VN )HGHUDFLyQ GH UHJLVWUDGDV HQ (XURSD QRURFFLGHQWDO (O DxR
5XVLD  D GHVWLQRV GHO 0HGLWHUUiQHR HQ  :6 FRPHQ]yHQ:6\ORVDOWLEDMRVVHPDQWXYLHURQ
PLHQWUDV1HZWRQFRQWUDWyHO,UDQ6DUYHVWDQHQ KDVWDDJRVWRFXDQGRVHDOFDQ]yXQPtQLPRFRQ

 ,9&RPHUFLR\PHUFDGRGHIOHWHV 

:6 HQ VHSWLHPEUH KXER XQD UHFXSHUDFLyQ TXH VH (O DxR  FRPHQ]y FRQ XQD FRUUHFFLyQ GH ORV
DFHQWXyHQRFWXEUHFXDQGRVHOOHJyD:6'RV IOHWHV HQ WRGDV HVDV UXWDV 3DUD DTXpOODV SRU HO
HMHPSORV IXHURQ ORV GH &RQRFR TXH IOHWy HO (DJOH 0HGLWHUUiQHRRSRU(XURSDQRURFFLGHQWDOIXHURQGH
$XULJDHQ:6SDUDOOHYDUWDXQGHVWLQR  :6 \  :6 HQ HQHUR GLVPLQX\HQGR  \
HQHOJROIRGH0p[LFR\9LWROTXHFRQWUDWyHQ UHVSHFWLYDPHQWHGHVGHHOPHVDQWHULRU3DUDODV
:6HO0LQHUYD/LVDSDUDXQDUHPHVDVLPLODUGHVGH UXWDV GHVGH HO &DULEH D OD FRVWD HVWH GH
0DPRQDO &RORPELD  D OD FRVWD HVWH GH 1RUWHDPpULFDODVWDULIDVDXPHQWDURQHQUHDOLGDGXQ
1RUWHDPpULFD/DVWDULIDVDOFDQ]DURQXQPi[LPRHQ SRFRKDVWDXQSURPHGLRGH:6HQHVHPHV
QRYLHPEUH FRQ  :6 \ EDMDURQ HQ GLFLHPEUH
D:6 (QORVPHVHVVLJXLHQWHVODVWDULIDVVLJXLHURQEDMDQGR
HQ WRGDV ODV UXWDV 'H HQHUR D MXQLR HQ ODV TXH
GLVFXUUHQ SRU HO 0HGLWHUUiQHR \ SRU (XURSD
(QODVUXWDVDWUDYpVGHO0HGLWHUUiQHR\GHVGHDOOtD QRURFFLGHQWDO\HQODVTXHYDQGHVGHHO&DULEHDOD
(XURSD QRURFFLGHQWDO WDPELpQ KXER YRODWLOLGDG FRVWD HVWH GH 1RUWHDPpULFD \ GHVGH ,QGRQHVLD DO
UHJLVWUiQGRVH XQD PRGHVWD WHQGHQFLD DO DO]D HQ OD /HMDQR2ULHQWHHOGHVFHQVRIXHGH\
VHJXQGD HQWUH HQHUR \ PD\R /DV WDULIDV D UHVSHFWLYDPHQWH(QFDGDXQDGHHVDVUXWDV\SRUHO
FRPLHQ]RVGHDxRIXHURQGH:6\:6HQ PLVPR RUGHQ ORV IOHWHV HQ MXQLR IXHURQ  :6
HVDVUXWDVSDUDVLWXDUVHHQPD\RHQ:6\  :6  :6 \  :6 /D FXDQWtD GH HVH
:6 UHVSHFWLYDPHQWH &RQWUDWRV WtSLFRV HQ HVH PHV GHVFHQVR VH REVHUYD HQ DOJXQRV FRQWUDWRV
IXHURQ HQYtRV GHVGH HO PDU 1HJUR FRPR HO GHO FRQFHUWDGRV HQ HVH SHUtRGR 3RU HMHPSOR HQ DEULO
$HJHDQ/HJHQGHQ:6SDUDWUDQVSRUWDUW &66$IOHWyHO$QQD.QXWVHQSDUDDFDUUHDUW
GHVGH1RYRUVVL\VNDXQGHVWLQRHQHO0HGLWHUUiQHR D:6GHQWURGHOD]RQDGH(XURSDQRURFFLGHQWDO
SDUD5R\DO'XWFK6KHOO\HOGHO(DJOH&ROXPEXVHQ PLHQWUDV&KLQD2LOFRQWUDWyHO1HZ$VVXUDQFHSDUD
 :6 SDUD XQD UHPHVD VLPLODU FRQWUDWDGD SRU OOHYDU  W GHVGH ,QGRQHVLD D 'DOLDQ HQ 
9LWRO GHVGH %DWXPL DO 5HLQR 8QLGRFRQWLQHQWH (Q :6 (Q HO PHV VLJXLHQWH 6HPSUD IOHWy HO 16
ODVVHPDQDVVLJXLHQWHVODVWDULIDVEDMDURQKDVWDMXOLR &RQFRUG SDUD WUDQVSRUWDU  W HQ  :6
FXDQGRWRFDURQIRQGRFRQ:6HQODVUXWDVGHO GHQWUR GH OD UHJLyQ GHO &DULEH \ 209 FRQWUDWy HO
0HGLWHUUiQHR \ FRQ  :6 HQ ORV GHVWLQRV HQ 1RUGPDUN SDUD WUDQVSRUWDU  W GHVGH 7DUWRXV
(XURSD QRURFFLGHQWDO 'HVSXpV ORV IOHWHV VH 6LULD D7ULHVWH ,WDOLD HQ:6
UHFXSHUDURQ\DOFDQ]DURQXQPi[LPRHQQRYLHPEUH
FRQ  :6 \  :6 HQ HVDV UXWDV FRQ XQD 3HWUROHURVGHWDPDxRPHGLDQR
PRGHVWDFRUUHFFLyQHOPHVVLJXLHQWHSDUDVLWXDUVHHQ
:6\:6UHVSHFWLYDPHQWH /DVWDULIDVPHGLDVDOFRQWDGRGHEXTXHVGHWDPDxR
PHGLDQR TXH WUDQVSRUWDQ SHWUyOHR FUXGR GHVGH HO
/DV WDULIDV GH ODV UXWDV GHVGH ,QGRQHVLD DO /HMDQR &DULEH DO JROIR GH 0p[LFR \ D OD FRVWD HVWH GH
2ULHQWH FRPHQ]DURQ HO DxR HQ  :6 \ VXELHURQ 1RUWHDPpULFDFRPHQ]DURQHODxRHQ:6SHUR
KDVWDPDU]RFXDQGRDOFDQ]DURQXQPi[LPRGH ORV PHVHV VLJXLHQWHV IXHURQ YROiWLOHV \ SRFR
:6 (Q HVWH ~OWLPR PHV ([[RQ IOHWy HO 3ODWUHV \ ER\DQWHV/DFDtGDGHODVWDULIDVD:6HQDEULO
&6. FRQWUDWy HO 9DOLDQW HQ  :6 \  :6 VH KDEtD YLVWR SUHFHGLGD \ IXH VHJXLGD GH FLIUDV
UHVSHFWLYDPHQWHSDUDUHPHVDVGHWDO-DSyQ PHQVXDOHV GH  :6 \  :6 UHVSHFWLYDPHQWH
\ 6.6 IOHWy HO (VSHUDQ]D SDUD XQ HQYtR VLPLODU D 'HO PLVPR PRGR HO PtQLPR UHJLVWUDGR HQ DJRVWR
8OVDQ 5HS~EOLFDGH&RUHD HQ:6/RVPHVHV FRQ  :6 VH VLWXy HQWUH GRV SURPHGLRV
VLJXLHQWHV UHJLVWUDURQ XQ GHWHULRUR GH ODV WDULIDV PHQVXDOHV GH  :6 HQ MXOLR \  :6 HQ
KDVWD MXQLR FXDQGR VH DOFDQ]y XQ PtQLPR GH  VHSWLHPEUH(QRFWXEUHODVFLIUDVPHGLDVVHVLWXDURQ
:6 /XHJR KXER XQD SHTXHxD UHFXSHUDFLyQ KDVWD HQ:6GHVSXpVGHTXHORVKXUDFDQHVJROSHDUDQ
VHSWLHPEUH\HQRFWXEUHORVIOHWHVHUDQGH:6 DO OLWRUDO HVWDGRXQLGHQVH $OJXQRV FRQWUDWRV VH
VLHQGR ORV GRV PHVHV ~OWLPRV H[FHSFLRQDOPHQWH KLFLHURQ SRU HQFLPD GHO SURPHGLR 9DOHUR IOHWy HO
EXHQRV FRQ  :6 \  :6 UHVSHFWLYDPHQWH *HRUJLV 1LNRORV HQ  :6 SDUD OOHYDU  W
&RPR FRQWUDWRV UHSUHVHQWDWLYRV FDEH FLWDU HO GH GHVGH$UXEDDXQGHVWLQRHQORV(VWDGRV8QLGRVHQ
+\XQGD\ D PHGLDGRV GH GLFLHPEUH FXDQGR IOHWy HO HOJROIRGH0p[LFR\&LWJRFRQWUDWyHQ:6HO
1HZ $UJRV\ SDUD OOHYDU  W D 'DHVDQ 1HGDVSDUDXQDUHPHVDVLPLODUGHVGH%DMR*UDQGH
5HS~EOLFDGH&RUHD HQ:6\HOGH/*&DOWH[ 9HQH]XHOD  WDPELpQ D 1RUWHDPpULFD /RV ~OWLPRV
TXH FRQWUDWy HO (VSHUDQ]D SDUD XQ HQYtR VLPLODU D GRVPHVHVGHODxRUHJLVWUDURQWDULIDVTXHEDMDURQD
<RVX 5HS~EOLFDGH&RUHD HQ:6 :6HQQRYLHPEUH\D:6HQGLFLHPEUH


 (OWUDQVSRUWHPDUtWLPRHQ 

/RV SHWUROHURV GH FDSDFLGDG VLPLODU TXH RSHUDQ HQ UHJLyQDO&DULEHDXPHQWDURQHQUHDOLGDGD:6


HO0HGLWHUUiQHR\GHVGHDOOtDO&DULEH\ODFRVWDHVWH \:6
GH$PpULFDGHO1RUWHWXYLHURQHQVXWDULIDVPHQRUHV
IOXFWXDFLRQHV&RQFUHWDPHQWHORVIOHWHVGHQWURGHOD (QORVPHVHVVLJXLHQWHVODVWDULIDVEDMDURQD~QPiV
]RQDGHO0HGLWHUUiQHRVXSHUDURQODFRWDGH:6 HQ WRGDV ODV UXWDV FRQ HO GHFOLYH PiV SURQXQFLDGR
GXUDQWH FDVL WRGR HO SHUtRGR FRPSUHQGLGR HQWUH HQOD]RQDGHO0HGLWHUUiQHR+XERXQPX\DFXVDGR
HQHUR \ VHSWLHPEUH HQ HQHUR IXHURQ GH  :6 \ GHVFHQVR GHO  GHVGH HQHUR KDVWD MXQLR FRQ XQ
VyORHQDEULO\HQDJRVWREDMyHVDFLIUDD:6\ PtQLPRGH:6HQPDU]R/DVFLIUDVGHPD\R\
 :6 UHVSHFWLYDPHQWH (O ~OWLPR WULPHVWUH IXH MXQLRIXHURQGH:6\:6UHVSHFWLYDPHQWH
HVSHFLDOPHQWH EXHQR FRQ SURPHGLRV PHQVXDOHV 2WUDV UXWDV UHJLVWUDURQ XQD WHQGHQFLD VLPLODU D OD
VXSHULRUHVDODFRWDGH:6:6HQRFWXEUH EDMDHQHOPLVPRSHUtRGRFRQXQHQDTXpOODV
\  :6 \  :6 HQ QRYLHPEUH \ GLFLHPEUH GHVGHHO&DULEHDODFRVWDHVWHGH1RUWHDPpULFD\XQ
UHVSHFWLYDPHQWH   SDUD ODV TXH YDQ GHVGH (XURSD QRURFFLGHQWDO
DO&DULEHFRVWDHVWH8QHMHPSORGHHVDWHQGHQFLDHV
/DV WDULIDV GH ORV SHWUROHURV TXH YDQ GHVGH HO HOIOHWDPHQWRGHO7KHRGRURV,9DPHGLDGRVGHPD\R
0HGLWHUUiQHR DO &DULEH \ D OD FRVWD HVWH GH SDUDWUDQVSRUWDUWDWUDYpVGHO0HGLWHUUiQHR
1RUWHDPpULFD H[SHULPHQWDURQ VLQ HPEDUJR XQD HQ:6
WHQGHQFLD D OD EDMD HQ HQHUR IXHURQ GH  :6 \
FDVL WRGR HO WLHPSR VH PDQWXYLHURQ SRU GHEDMR GHO 3HWUROHURVTXHVyORWUDQVSRUWDQGHULYDGRV
QLYHO GH  :6 VLHQGR DJRVWR HO PHV GRQGH VH
UHJLVWUyODFLIUDPiVEDMDFRQ:6(QODVUXWDV /DVWDULIDVGHORVJUDQGHVSHWUROHURVGHHVHWLSRHQ
GHVGH HO 0HGLWHUUiQHR KXER HQ RFWXEUH XQ DO]D HQ OD JDPD GH  D  730 \ ORV
ODV WDULIDV D  :6 SDUD GHVWLQRV DO RWUR ODGR GHO FRPSUHQGLGRV HQWUH  \  730 TXH
$WOiQWLFR VLWXDFLyQ TXH LQFOXVR PHMRUy HQ RSHUDQ GHVGH HO *ROIR 3pUVLFR DO -DSyQ WXYLHURQ
QRYLHPEUHFXDQGRHOSURPHGLRGHHVHPHVVHFLIUy GXUDQWHFDVLWRGRHODxRXQDWHQGHQFLDGHVFHQGHQWH
HQ  :6 (Q HO PHV VLJXLHQWH VH SURGXMR XQD /RV IOHWHV PHQVXDOHV PHGLRV GH HVRV GRV WLSRV GH
UHGXFFLyQD:6 EXTXH LQLFLDURQ HO DxR HQ  :6 \  :6
UHVSHFWLYDPHQWH \ GXUDQWH ORV PHVHV VLJXLHQWHV
&RQWUDWRV UHSUHVHQWDWLYRV HQ OD UHJLyQ GHO TXHGDURQEDVWDQWHSRUGHEDMRGHHVRVSURPHGLRV(Q
0HGLWHUUiQHRGXUDQWHHVHPHVGHRFWXEUHHQTXHVH DPERVFDVRVHOPHVSHRUIXHMXQLRFRQFLIUDVGH
GLHURQ ORV IOHWHV PiV DOWRV IXHURQ ORV GH 1HZWRQ :6 \  :6 UHVSHFWLYDPHQWH ÒQLFDPHQWH HQ
TXHIOHWyHO3HDUOSRU:6SDUDOOHYDUW RFWXEUHKXERXQDPHMRUD$ORVSHWUROHURVPD\RUHV
GHVGH*UHFLDDXQGHVWLQRHQHO0HGLWHUUiQHR\TXH FRUUHVSRQGLy XQD WDVD PHGLD GH  :6 PLHQWUDV
GRVVHPDQDVGHVSXpVFRQWUDWyHQ:6HO0DHUVN DTXHOORVFRPSUHQGLGRVHQWUH\730
5LFKPRQG SDUD OOHYDU  W GHVGH /DYHUD UHJLVWUDURQ  :6 /D VXELGD HQWUH ORV PHVHV GH
)UDQFLD  D RWUR GHVWLQR HQ HO 0HGLWHUUiQHR 3DUD MXQLR \ RFWXEUH SDUD HO WLSR GH SHWUROHUR GH PD\RU
WUDQVSRUWHV DO &DULEH \ D OD FRVWD HVWH GH WDPDxR VH DGYLHUWH HQ ORV IOHWDPHQWRV KHFKRV SRU
1RUWHDPpULFD HQ HO ~OWLPR WULPHVWUH FDEH FLWDU ORV 9LWRO SDUD XQD UHPHVD GH  W GHVGH HO *ROIR
FRQWUDWRVGH9LWROHQGLFLHPEUH(VDFRPSDxtDIOHWy 3pUVLFR DO -DSyQ HQ MXQLR FRQWUDWy HO 2ULHQWDO
HO /DXUHQ HQ  :6 \ GRV VHPDQDV GHVSXpV HO *UHHQHQ:6\HQRFWXEUHHO5DLQLHU6SLULWHQ
+DONL HQ  :6 SDUD VHQGRV HQYtRV GH  W  :6 /D PLVPD WHQGHQFLD VH REVHUYy HQ ORV
GHVGH HO 0HGLWHUUiQHR D OD FRVWD HVWH GH SHWUROHURV GH OD JDPD GH  D  730
1RUWHDPpULFD +DQZDK IOHWy HO 'LINR %LUWKD HQ MXQLR HQ  :6
SDUD WUDQVSRUWDU  W DO -DSyQ PLHQWUDV HQ
(Q RWUDV SDUWHV ORV IOHWHV WDPELpQ UHIOHMDURQ HVH RFWXEUH3URMHFWRUFRQWUDWyHQ:6HO$OWLXVSDUD
ER\DQWH QLYHO GHO 0HGLWHUUiQHR GXUDQWH HO ~OWLPR XQ HQYtR VLPLODU DO PLVPR SDtV /DV WDULIDV TXH VH
WULPHVWUHGHODxR(QRFWXEUH/LWDVFRIOHWyHO%DOWLF DSOLFDURQ D GHVWLQRV HQ OD 5HS~EOLFD GH &RUHD
&DSWDLQ , HQ  :6 SDUD WUDQVSRUWDU  W IXHURQVHPHMDQWHVDODVDQWHULRUHVSDUDDPERVWLSRV
GHVGH 6DQ 3HWHUVEXUJR )HGHUDFLyQ GH 5XVLD  D ODV GH EXTXH HQ RFWXEUH 9LWRO IOHWy HO (PHUDOG +LOO
,VODV&DQDULDV (VSDxD  SDUDOOHYDUWDOD5HS~EOLFDGH&RUHD-DSyQ
PHULGLRQDO HQ  :6 'HVSXpV GH RFWXEUH ORV
(QHQHURGHODVWDULIDVEDMDURQHQDOJXQDVGH IOHWHVEDMDURQGH:6D:6SDUDSHWUROHURV
HVDV UXWDV /DV FLIUDV PHGLDV GHVGH HO &DULEH HQ OD JDPD GH  D  730 VLHQGR ODV
GLVPLQX\HURQ PRGHUDGDPHQWH D  :6 /DV FLIUDV GH ORV EXTXHV FRPSUHQGLGRV HQWUH  \
FRUUHVSRQGLHQWHV DO 0HGLWHUUiQHR \ GHVGH HVWD 730GH:6\:6UHVSHFWLYDPHQWH

 ,9&RPHUFLR\PHUFDGRGHIOHWHV 

$ OR ODUJR GHO DxR HO IOHWDPHQWR SRU WLHPSR FRPSUHQGLGRV HQWUH  \  730 TXH
GHWHUPLQDGR HTXLYDOHQWH SDUD XQ SHWUROHUR GH RSHUDQ GHVGH 6LQJDSXU VH UHJLVWUy XQ LQFUHPHQWR
 730 GLVPLQX\y GHVGH  GyODUHV SDUHFLGRFRQ:63HWUROHURVPHQRUHVVLPLODUHV
GLDULRV HQ HQHUR D VyOR  GyODUHV HQ DJRVWR TXH YDQ GHVGH HO &DULEH D OD FRVWD HVWH GH
DXPHQWDQGRDGyODUHVHQRFWXEUHSDUDDFDEDU 1RUWHDPpULFD WXYLHURQ DXPHQWRV D~Q PHMRUHV GHO
HODxRHQGyODUHV RUGHQGHOKDVWD:6

/RV IOHWHV GH ORV EXTXHV WDQTXH HQ OD JDPD GH (Q ORV PHVHV VLJXLHQWHV ORV IOHWHV GLVPLQX\HURQ
D730TXHRSHUDQGHVGHHO&DULEHDO DSUHFLDEOHPHQWH SDUD ORV SHWUROHURV PD\RUHV
JROIR GH 0p[LFR \ OD FRVWD HVWH GH 1RUWHDPpULFD LQFOXLGRV ORV GH OD JDPD GH  D  730
WDPELpQ UHJLVWUDURQ  XQD WHQGHQFLD D OD EDMD \ HQ TXH VH GLULJHQ GHVGH HO *ROIR 3pUVLFR DO-DSyQ (Q
PHQRV WLHPSR \D TXH GHVGH HQHUR D DJRVWR ODV DOJXQRV FDVRV ODV YDULDFLRQHV PHQVXDOHV GH ODV
WDULIDV PHGLDV SDVDURQ GH  :6 D  :6 (Q WDULIDVSDUDDPERVWLSRVGHEXTXHIXHURQGHPiVGHO
VHSWLHPEUHKXERXQDEXHQDUHFXSHUDFLyQKDVWD /DVFLIUDVGHMXQLRIXHURQGH:6SDUDORV
:6 SDUD OXHJR EDMDU DOJR HQ RFWXEUH D  :6 EXTXHV WDQTXH GH  D  730 \ GH 
&RQWUDWRV UHSUHVHQWDWLYRV GH SHWUROHURV GH HVH :6SDUDDTXHOORVGHD730ORTXH
WDPDxR IXHURQ ORV GH +HVV GXUDQWH HO DxR SDUD VXSXVRXQRVGHVFHQVRVUHVSHFWLYDPHQWHGHO\HO
HQYtRVGHWGHVGH6W&URL[DODFRVWDHVWHGH  HQWUH HQHUR \ MXQLR 8Q EXHQ HMHPSOR GH HVD
ORV(VWDGRV8QLGRVHQHQHURODWDULIDTXHVHDMXVWy WHQGHQFLD HV OD FRQWUDWDFLyQ D ILQDOHV GH MXQLR GHO
IXHGH:6SDUDHO.ULWRQHQDJRVWRODFLIUDIXH *XOI6WUHDPSRU0%.SDUDOOHYDUWGHVGHHO
GH:6SDUDHO(OND%HQH\XQPHVPiVWDUGHVH *ROIR 3pUVLFR DO -DSyQ HQ  :6 \ OD GHO
FRQWUDWy HO .ULWL $WNL HQ  :6 eVWRV IXHURQ ORV $ORQLVVRV SRU 9LWRO SDUD DFDUUHDU  W SRU OD
PHVHVPHMRUHV\DTXHORVSURPHGLRVGHQRYLHPEUH PLVPD UXWD HQ  :6 /DV WDULIDV GH EXTXHV
\ GLFLHPEUH VH TXHGDURQ HQ  :6 \  :6 WDQTXH GH  D  730 TXH RSHUDQ GHVGH
UHVSHFWLYDPHQWH HO &DULEH D OD FRVWD HVWH GH 1RUWHDPpULFD \ GHVGH
6LQJDSXUHQGLUHFFLyQHVWHWDPELpQEDMDURQGXUDQWH
/RV SHWUROHURV PHQRUHV HQ OD JDPD GH  D HOPLVPRSHUtRGRSHURVHPDQWXYLHURQFHUFDGHOD
730TXHRSHUDQGHVGH6LQJDSXUDGHVWLQRV FRWDGH:6(QMXQLRODVFLIUDVIXHURQGH
HQ$VLDRULHQWDOFRPHQ]DURQHODxRHQ:6SDUD :6 SDUD WUDQVSRUWHV GHVGH HO &DULEH D OD FRVWD
GLVPLQXLUHQORVPHVHVVLJXLHQWHVVLWXiQGRVHPD\R RULHQWDOGH1RUWHDPpULFD\GH:6SDUDHQYtRV
\ MXQLR SRU GHEDMR GH OD FRWD GH  :6 (VWH GHVGH 6LQJDSXU KDFLD HO HVWH 8Q HMHPSOR
~OWLPR PHV IXH HO GH WDULIDV PiV EDMDV FRQ XQ UHSUHVHQWDWLYRIXHHOIOHWDPHQWRGHO$OH[DQGUD3DUN
SURPHGLRGHVyOR:6(QHVHPHV5R\DO'XWFK DSULQFLSLRVGHMXQLRSRU%3$PRFRSDUDWUDQVSRUWDU
6KHOOIOHWyHO2FHDQ0RRQEHDPSDUDOOHYDUW WGHVGH6LQJDSXUD&KLQDVHSWHQWULRQDO
D 3DVLU *XGDQJ 0DODVLD SRU  GyODUHV \ HO
%ULJKW 3DFLILF SDUD XQD UHPHVD VLPLODU D +RQJ (OPHUFDGRGHIOHWDPHQWRVGHSHWUROHURVSRUWLHPSR
.RQJ &KLQD SRUGyODUHV6LQRSHFFRQWUDWy GHWHUPLQDGR
HQ  :6 HO 'D 4LQJ  SDUD RWUR HQYtR GH
 W D &KLQD VHSWHQWULRQDO /DV WDULIDV  SDUD (Q HVH PHUFDGR OD DFWLYLGDG VXSHUy HO PLOOyQ GH
RWURV GHVWLQRV IXHURQ SDUHFLGDV \ DVt SRU HMHPSOR 730GXUDQWHFDVLWRGRHODxRFRQODH[FHSFLyQGH
VHFHUUDURQGRVFRQWUDWRVSDUDWUDQVSRUWDUWD HQHUR MXQLR \ GLFLHPEUH FXDQGR VyOR VH IOHWDURQ
OD FRVWD RULHQWDO GH OD ,QGLD SRU  GyODUHV   \  PLOORQHV GH 730 /RV PHVHV GH
/XHJR ORV IOHWHV PHGLRV GH ORV SHWUROHURV GH HVH PD\RU PRYLPLHQWR IXHURQ PDU]R DEULO RFWXEUH \
WDPDxR VH UHFXSHUDURQ OHQWDPHQWH FRQ XQD VXELGD QRYLHPEUH FXDQGR VH VHxDODURQ FLIUDV GH  
DSUHFLDEOHHQVHSWLHPEUHD:6TXHVHPDQWXYR  \  PLOORQHV GH 730 UHVSHFWLYDPHQWH (Q
HQ RFWXEUH FXDQGR VH OOHJy D  :6 /RV GRV PDU]RHOGHORVIOHWDPHQWRVVHKDFtDSDUDPiV
PHVHV VLJXLHQWHV IXHURQ PHQRV QRWDEOHV FRQ GH GRV DxRV \ HO  FRUUHVSRQGtD D JUDQGHV
SURPHGLRVGH\:6UHVSHFWLYDPHQWH SHWUROHURVVXSHUSHWUROHURV \ D EXTXHV GH WRQHODMH
VXSHULRUDOTXHSHUPLWHHOFDQDOGH6XH]FDVLHQODV
(Q HQHUR GH  PHMRUDURQ ODV WDULIDV GH FDVL PLVPDV SURSRUFLRQHV (Q MXOLR HO  GH ORV
WRGRV ORV WDPDxRV GH EXTXHV \ HQ FDVL WRGDV ODV FRQWUDWRV HUDQ GH  D  PHVHV FRQ XQ  GH
UXWDV/RVSHWUROHURVPD\RUHVGHODJDPDGH EXTXHV 6XH]PD[ \ XQ  GH EXTXHV $IUDPD[
D730TXHRSHUDQGHVGHHO*ROIR3pUVLFRDO (Q RFWXEUH HO  GH ORV IOHWDPHQWRV HUD SDUD
-DSyQYLHURQXQFUHFLPLHQWRGHVXVWDULIDVGHO SHUtRGRVLQIHULRUHVDXQDxRHOYHUVDEDVREUH
KDVWD  :6 (Q ORV EXTXHV WDQTXH PHQRUHV JUDQGHV SHWUROHURVVXSHUSHWUROHURV \ XQ WHUFLR VH

 (OWUDQVSRUWHPDUtWLPRHQ 

UHIHUtDDEXTXHV$IUDPD[(QHVHPHVODWDULIDSDUD PLQHUDO GH KLHUUR \ FDUEyQ HQWUH SXQWRV GH $VLD


XQ VXSHUSHWUROHUR GH FLQFR DxRV HUD GH  FRPRODVTXHWLHQHQVXRULJHQHQOD ,QGLD&KLQDH
GyODUHVGLDULRV(QVXFRQMXQWRORVIOHWHVWRWDOHVVH ,QGRQHVLD\HQODVTXHGLVFXUUHQGHQWURGH(XURSD
FLIUDURQ HQ  PLOORQHV GH 730 HQ  DOJR FRQRULJHQHQ6XHFLD7DPELpQVHXWLOL]DURQDOJXQRV
PHQRVTXHORVPLOORQHVGH EXTXHV GH HVH WLSR GHVGH HO JROIR GH 0p[LFR \ OD
FRVWD RULHQWDO GH 6XGDPpULFD SDUD HO WUDQVSRUWH GH
'XUDQWH HO DxR ORV JUDQGHV SHWUROHURV FHUHDOHV
VXSHUSHWUROHURVUHSUHVHQWDURQGHORUGHQGHOGH
ORV IOHWDPHQWRV FRUUHVSRQGLHQGR D ORV EXTXHV 3DUDDFDUUHDUpVWRVDGLVWLQWRVGHVWLQRVHQSDUWLFXODU
WDQTXHPiVSHTXHxRVGHPHQRVGH730RWUR DSXHUWRVFRQUHVWULFFLRQHVGHFDODGRVHHPSOHDURQ
 /RV SHWUROHURV PD\RUHV VH GHVHPSHxDURQ EXTXHVPHQRUHVFRPRORVGHWDPDxRPHGLR(VWRV
HVSHFLDOPHQWH ELHQ HQ VHSWLHPEUH FXDQGR EXTXHVVHXWLOL]DURQWDPELpQHQODVUXWDVGHEDX[LWD
UHSUHVHQWDURQ HO  GHO WRQHODMH IOHWDGR HQ HVH DO~PLQD\IRVIRULWD
PHV FRQ WDULIDV GH  GyODUHV GLDULRV /RV
IOHWDPHQWRV D FRUWR SOD]R GH KDVWD XQ DxR  /RVIOHWHVGHFDUJDVHFD
VXSXVLHURQ DOUHGHGRU GH OD PLWDG GHO WRWDO
FRUUHVSRQGLHQGRDORVGHPiVGHGRVDxRVXQ /RV IOHWHV GH WRGRV ORV VHFWRUHV \ WDPDxRV GH ORV
EXTXHVTXHWUDQVSRUWDQFDUJDVHFDWHUPLQDURQ
/DFXDQWtDGHIOHWHVHQHQHURGHGXSOLFyODGHO HQ QLYHOHV SRU GHEDMR GH ORV YLJHQWHV D FRPLHQ]RV
DxRDQWHULRU\VXSXVRPLOORQHVGH730GHORV GHDxR(OËQGLFHGH&DUJD6HFDGHO%iOWLFRUHJLVWUy
TXH OD PLWDG FRUUHVSRQGLy D FRQWUDWRV GH ODUJD XQDFDtGDGHDVLHQGRHOPHVPiVEDMR
GXUDFLyQ MXOLRGRQGHDSHQDVVHOOHJyD(VHtQGLFHIXH
HQGHGHORUGHQGHXQPHQRVTXH
/RV IOHWDPHQWRV FUHFLHURQ PiV DSULVD HQ IHEUHUR \ HOSURPHGLRKDELGRHODxRDQWHULRU(OGHWHULRURGH
PDU]RFRQXQWRWDOGHPLOORQHV\PLOORQHVGH ODV WDULIDV IXH PiV SURQXQFLDGR HQ HO WRQHODMH
730UHVSHFWLYDPHQWH$EULOUHJLVWUyXQDUHGXFFLyQ 3DQDPD[WDOFRPRPXHVWUDODUHGXFFLyQGHFDVLHO
HQHOQ~PHURRHOWDPDxRGHORVEXTXHVIOHWDGRVR  HQ HO FRUUHVSRQGLHQWH ËQGLFH %iOWLFR SDUD HVH
HQ DPEDV FRVDV D OD YH] \D TXH ORV IOHWDPHQWRV WLSR GH EXTXHV PD\RU TXH OD UHJLVWUDGD HQ ORV GH
WRWDOHV PHGLGRV SRU WRQHODMH FRQWUDWDGR WDPDxR (O &DER GRQGH OD FLIUD FRUUHVSRQGLHQWH
GLVPLQX\HURQDPLOORQHVGHORVTXHORVGHODUJD GLVPLQX\yPHQRVGHXQFXDUWR
GXUDFLyQUHSUHVHQWDURQHO(VDDFWLYLGDGFUHFLy
GHQXHYRHQORVPHVHVVLJXLHQWHVFRQPLOORQHV 7DOFRPRVHLQGLFDHQHOFXDGURORVIOHWDPHQWRV
PLOORQHV\PLOORQHVGH730HQPD\RMXQLR SRU WLHPSR GH FDUJXHURV WUDPS GLVPLQX\HURQ HQ
\MXOLRUHVSHFWLYDPHQWH&RQODH[FHSFLyQGHPD\R  D  OR TXH VXSXVR XQD FRQWUDFFLyQ GHO
ORV IOHWDPHQWRV GHODUJD GXUDFLyQ SUHGRPLQDURQ HQ DORODUJRGHODxR/RVIOHWDPHQWRVSRUYLDMH
ODVWUDQVDFFLRQHV GHHVRVEXTXHVEDMDURQDDILQDOHVGHDxRFRQ
XQDFDtGDGHOGHVGHHQHUR(OtQGLFHPHGLRGH
% (/0(5&$'2'()/(7(6'(&$5*$ ORV IOHWDPHQWRV SRU WLHPSR IXH HQ  GH 
6(&$$*5$1(/ SXQWRV PHQRV TXH HQ HO DxR DQWHULRU PLHQWUDV TXH
HQHOFDVRGHORVIOHWDPHQWRVSRUYLDMHHOtQGLFHGH
 (OWUiILFRPDUtWLPRGHFDUJDVHFD  SXQWRV VXSXVR  SXQWRV PHQRV TXH HQ 
/RV SURPHGLRV UHJLVWUDGRV HQ  VLQ HPEDUJR
(QODVUXWDVTXHWUDQVSRUWDQPLQHUDOGHKLHUURGHVGH HVWXYLHURQ EDVWDQWH SRU HQFLPD GH ODV FLIUDV GH
$XVWUDOLD DO /HMDQR 2ULHQWH \ GHVGH HO %UDVLO DO 
/HMDQR 2ULHQWH \ (XURSD VH FRQWUDWDQ JUDQGHV
EXTXHV GH WDPDxR (O &DER 'XUDQWH HO DxR OD /DV PHQRUHV WDULIDV IXHURQ DFRPSDxDGDV GH XQ
HOHYDGD \ VRVWHQLGD GHPDQGD GH PLQHUDO GH KLHUUR DXPHQWRGHORVJDVWRVGHODVQDYLHUDV3RUHMHPSOR
SRUSDUWHGH&KLQD\ODFRQJHVWLyQTXHSDGHFtDQORV ORVSUHFLRVPHGLRVGHOFRPEXVWLEOHGHOWLSR,)2
SXHUWRV GH FDUJD \ GHVFDUJD KLFLHURQ TXH VH HQ 6LQJDSXU VXELHURQ GHVGH  GyODUHV SRU
VROLFLWDUDQ HVWRV EXTXHV HQ HO 3DFtILFR /RV GH WRQHODGD HQ HQHUR D  GyODUHV HQ GLFLHPEUH
GLPHQVLRQHV 3DQDPD[ VH HPSOHDURQ HQ YDULV UXWDV 7DPELpQDOJXQRVKHFKRVUHJLVWUDGRVGXUDQWHHODxR
HQ SDUWLFXODU HQ ODV WUDQVDWOiQWLFDV GH FDUEyQ \ DXJXUDURQ FDPELRV HQ ORV JDVWRV IXWXURV SRU
PLQHUDOGHKLHUURGHVGHODFRVWDHVWHGH$PpULFDGHO HMHPSORHQPDQRGHREUD\VHJXURV GHSURSLHWDULRV
1RUWH \ HQ ODV TXH SDUWtDQ GHVGH 6XGiIULFD 6H \ DUPDGRUHV YpDVH HO UHFXDGUR 
HPSOHy WDPELpQ WRQHODMH 3DQDPD[ HQ ODV UXWDV GH

 ,9&RPHUFLR\PHUFDGRGHIOHWHV 



5HFXDGUR

(VWXGLRGHODRIHUWD\GHPDQGDGHSHUVRQDOQDYHJDQWH\FXHVWLRQHVVREUHVHJXURV

/D DFWXDOL]DFLyQ GHO HVWXGLR %,0&2,6) 0DQSRZHU  VH FRPSOHWy HQ GLFLHPEUH 6H WUDWD GH OD
HYDOXDFLyQPiVFRPSOHWDGHODRIHUWD \GHPDQGDGHSHUVRQDOQDYHJDQWH\VHKDSXEOLFDGRFDGDFLQFR
DxRVGHVGH(VWHDxRHOHVWXGLRLQGLFDEDTXHODGLVFUHSDQFLDHQWUHODRIHUWD\GHPDQGDGHRILFLDOHV
VHKDEtDDFRUWDGR(QODDFWXDOL]DFLyQGHODRIHUWDGHRILFLDOHVVHFLIUDEDHQFRQXQGpILFLW
UHVSHFWRGHODGHPDQGDGHHVGHFLUXQ/DVFLIUDVGHVRQFRQXQGpILFLWGH
GHPDQGDGHVyORHVWRHVHO/RVSDtVHVGHOD2&'(VLJXHQVLHQGRXQDIXHQWHLPSRUWDQWH
GHRILFLDOHVKDELHQGRDXPHQWDGRVXLPSRUWDQFLD(XURSDRULHQWDO\HQPXFKDPHQRUPHGLGDORVSDtVHV
DVLiWLFRV(ORWURSHUVRQDOVLQHPEDUJRVHJXtDHQFRQWUiQGRVHFRQXQJUDQH[FHVRGHRIHUWDHQ
pVWDVHHVWLPDEDHQFRQXQH[FHGHQWHGHORTXHVXSRQHXQ\HQODFLIUD
HUD GH  FRQ XQ VREUDQWH GH  OR TXH HTXLYDOtD DO  (VWDV ~OWLPDV FLIUDV VLQ
HPEDUJR VRQ PHQRV VyOLGDV \D TXH KD\ GXGDV VREUH HO Q~PHUR H[DFWR GH SHUVRQDO GLVWLQWR GH ORV
RILFLDOHVGLVSRQLEOHSDUDVHUYLFLRVLQWHUQDFLRQDOHV\QR~QLFDPHQWHHQHOSODQRQDFLRQDO/RVSDtVHVGH
$VLD RULHQWDO VXGRULHQWDO \ PHULGLRQDO VRQ ORV SULQFLSDOHV SURYHHGRUHV GH HVH SHUVRQDO HQ WRGR HO
PXQGR6HHVWLPDTXHSDUDHOGpILFLWGHRILFLDOHVVXELUiDO\HOGHORWURSHUVRQDODO

(Q IHEUHUR GH  VH FRQYRFy OD  UHXQLyQ PDUtWLPD  GH OD 2,7 SDUD FRQVROLGDU HQ XQD ~QLFD
FRQYHQFLyQ ORV YDULRV WUDWDGRV \ UHFRPHQGDFLRQHV DGRSWDGRV D OR ODUJR GH ORV DxRV \ HVWDEOHFHU ODV
FRQGLFLRQHVODERUDOHVGHOSHUVRQDOQDYHJDQWH/DQXHYD&RQYHQFLyQVREUHHOWUDEDMRPDUtWLPRVHDSUREy
FRQ HO DSR\R PX\ PD\RULWDULR GH PiV GH  SDtVHV 6H HVSHUDED TXH RIUHFLHUD XQD GHFODUDFLyQ GH
GHUHFKRVSDUDPiVGHPLOORQHVGHWUDEDMDGRUHVGHEXTXHVPHUFDQWHVVLQSHUMXLFLRGHGHMDUXQJUDGR
VXILFLHQWH GH GLVFUHFLyQ QDFLRQDO SDUD DSOLFDU HVRV GHUHFKRV FRQ WUDQVSDUHQFLD \ UHVSRQVDELOLGDG (O
REMHWLYRJHQHUDOHVORJUDUXQWUDQVSRUWHPDUtWLPRGHFDOLGDGTXHHVFUXFLDOSDUDODHFRQRPtDPXQGLDO
3HVTXHURV\HPEDUFDFLRQHVWUDGLFLRQDOHV FRPRGKRZV\MXQFRV QRHVWiQLQFOXLGRVHQOD&RQYHQFLyQ
(QODVHFFLyQ%GHOFDStWXORVHKDFHXQDDPSOLDSUHVHQWDFLyQGHHVWHWUDWDGR

$VHJXUDGRUHV \ UHDVHJXUDGRUHV VH YLHURQ DIHFWDGRV SRU GHVDVWUHV QDWXUDOHV HQ YDULDV UHJLRQHV GHO
PXQGR 0XQLFK 5H HVWLPy ODV SpUGLGDV WRWDOHV HQ PDWHULD GH VHJXURV HQ   PLOORQHV GH GyODUHV
FRUUHVSRQGLHQGR DO KXUDFiQ .DWULQD  PLOORQHV $OJXQRV DVHJXUDGRUHV PDUtWLPRV DUELWUDURQ
PHGLGDVSDUDFXEULUORVULHVJRVH[WUDRUGLQDULRV3 ,&OXEGHO5HLQR8QLGRTXHDVHJXUDGHORUGHQGH
PLOORQHVGHWRQHODGDVEUXWDVVHxDOyXQGpILFLWQHWRGHPLOORQHVGHGyODUHVHQIHEUHURGH\
GHFLGLyFXEULUVHPiV1RREVWDQWHODFRPSHWHQFLDHQHOVHJXURGHORVFDVFRVGHORVEXTXHVPDQWXYRODV
VXELGDVGHODVSULPDVHQXQPRGHVWRQLYHO$OJXQRVDVHJXUDGRUHVORQGLQHQVHVODVHOHYDURQVyORXQ
HQVXFDUWHUDHQJHQHUDO

6HKLFLHURQSHWLFLRQHVSDUDTXHORV(VWDGRV8QLGRVPDQWXYLHUDQVXSDSHOGHUHDVHJXUDGRUGHDFWRVGH
WHUURULVPRGHDFXHUGRFRQOD/H\VREUHHOSDUWLFXODUTXHH[SLUDHQ$PHGLDGRVGHHO&RPLWp
&RQMXQWR VREUH VLWXDFLRQHVEpOLFDV GHO PHUFDGR GH VHJXURV GH /RQGUHV GHFODUy HOHVWUHFKR GH0DODFD
XQD]RQDFRQULHVJRGHJXHUUD(OORREHGHFLyDORVUHLWHUDGRVLQFLGHQWHVGHSLUDWHUtDUHJLVWUDGRVHQHVH
iUHD HQ ORV ~OWLPRV DxRV $XQTXH HO &RPLWp HV SXUDPHQWH DVHVRU OD GHFODUDFLyQ SHUPLWH D ORV
DVHJXUDGRUHV FRPXQLFDU FRQ VLHWH GtDV GH DQWHODFLyQ OD FDQFHODFLyQ GH ODV FRQGLFLRQHV GH ODV SyOL]DV
YLJHQWHV\UHFDEDUSULPDVDGLFLRQDOHV

/D SLUDWHUtD WDPELpQ VH GHVDUUROOy HQ RWUDV ]RQDV (Q HO &XHUQR GH ÈIULFD VH UHJLVWUDURQ LQFLGHQWHV
UHSHWLGDPHQWHFRQ6RPDOLDFRPRSXQWRGHSDUWLGD(QDJRVWROD2ILFLQD0DUtWLPD,QWHUQDFLRQDOVHxDOy
QXHYHLQFLGHQWHVHQGRVVHPDQDVFRQDOJXQRVGHORVDWDTXHVDPLOODVGHODFRVWD(QQRYLHPEUHXQ
EXTXH PHUFDQWH WDLODQGpV TXH WUDQVSRUWDED D]~FDU GHVGH HO %UDVLO DO <HPHQ IXH VHFXHVWUDGR FRQ OD
WULSXODFLyQ GH  FRPR UHKHQHV SDUD SHGLU XQ UHVFDWH (Q HQHUR GH  XQ EXTXH GH JXHUUD
HVWDGRXQLGHQVHGHWXYRDXQGKRZDUPDGR\UHVFDWyDODWULSXODFLyQFDXWLYDGHDTXHOPHUFDQWH


 (OWUDQVSRUWHPDUtWLPRHQ 

&XDGUR

ËQGLFHVGHIOHWHVGHFDUJXHURV
&LIUDVPHQVXDOHV 

)OHWDPHQWRVSRUWLHPSR )OHWDPHQWRVSRUYLDMH
GHFDUJXHURVWUDPSD GHFDUJXHURVWUDPSE
3HUtRGR
     
     
(QHUR      
)HEUHUR      
0DU]R      
$EULO      
0D\R      
-XQLR      
-XOLR      
$JRVWR      
6HSWLHPEUH      
2FWXEUH      
1RYLHPEUH      
'LFLHPEUH      
3URPHGLRDQXDO      

1RWD7RGRVORVtQGLFHVVHKDQUHGRQGHDGRDOHQWHURPiVSUy[LPR
D
 5HFRSLODGRV SRU 0DULWLPH 5HVHDUFK \ SXEOLFDGRV HQ ,QVWLWXWH RI 6KLSSLQJ (FRQRPLFV DQG /RJLVWLFV ,6/ 
6KLSSLQJ6WDWLVWLFVDQG0DUNHW5HYLHZ
E
5HFRSLODGRVSRU/OR\G¶V6KLSSLQJ(FRQRPLVW\SXEOLFDGRVHQ,6/6KLSSLQJ6WDWLVWLFVDQG0DUNHW5HYLHZ

)OHWDPHQWRVSRUWLHPSRGHFDUJXHURV YLDMHV  HQODUXWDWUDQVDWOiQWLFD\GyODUHVHQODUXWDD


$XVWUDOLD'LFKRVIOHWHVVXSRQtDQPHQRVGHODPLWDG
$OJXQRVFRQWUDWRVUHSUHVHQWDWLYRVFRQFHUWDGRVSDUD GHORVYLJHQWHVHQHOPLVPRPHVGHODxRDQWHULRU
EXTXHV GH GLIHUHQWHV WDPDxRV HQ UXWDV FOiVLFDV
LOXVWUDQODHYROXFLyQGHODVWDULIDVHQ6HIOHWy (Q ORV PHVHV VLJXLHQWHV ORV IOHWHV HQ OD UXWD
WRQHODMH GH WDPDxR (O &DER SDUD YLDMHV GH LGD \ WUDQVDWOiQWLFD PHMRUDURQ FRQ XQDV IOXFWXDFLRQHV
YXHOWD HQ ODV UXWDV WUDQVDWOiQWLFDV \ HQ ODV GH PHQVXDOHV HUUiWLFDV (Q PD\R VH UHJLVWUy OD FLIUD
6LQJDSXU-DSyQ D $XVWUDOLD HQ  \  PiV EDMD FRQ  GyODUHV GLDULRV \ HQ MXQLR VH
GyODUHV GLDULRV (VRV IOHWHV VXELHURQ GHVSXpV \ REWXYRGyODUHVORTXHVXSRQtDXQPiV
DOFDQ]DURQ XQ Pi[LPR HQ DEULO HQ OD UXWD TXH HQ HQHUR /DV WDULIDV GHVGH 6LQJDSXU-DSyQ D
WUDQVDWOiQWLFD FRQ  GyODUHV GLDULRV \ HQ $XVWUDOLD WDPELpQ PHMRUDURQ SHUR IOXFWXDURQ
IHEUHURHQODUXWDD$XVWUDOLDFRQGyODUHV(Q LJXDOPHQWH FRQ DOWLEDMRV GHVGH HQHUR D MXQLR /DV
ORV PHVHV VLJXLHQWHV EDMDURQ \ WRFDURQ IRQGR HQ FLIUDV PiV DOWDV VH ORJUDURQ HQ PD\R FRQ 
MXOLR HQ ODV GRV UXWDV FRQ  \  GyODUHV GyODUHVGLDULRV(QMXQLRORVEXTXHVTXHKDFtDQHVD
GLDULRVUHVSHFWLYDPHQWH(QHO~OWLPRWULPHVWUHKXER UXWD REWHQtDQ  GyODUHV GLDULRV HV GHFLU XQ
XQD UHFXSHUDFLyQ FRQ XQDV WDULIDV HQ RFWXEUH GHO DXPHQWR GHO  UHVSHFWR GH HQHUR (QWUH ORV
RUGHQ GHO GREOH GH ODV GH YHUDQR FRQ  \ FRQWUDWRVUHSUHVHQWDWLYRVFHUUDGRVHVHPHVSDUDHVDV
GyODUHVGLDULRVUHVSHFWLYDPHQWH(VWDVFLIUDV UXWDV ILJXUDQ HO IOHWDPHQWR GHO *ROGHQ :LQG SDUD
OXHJR GHVFHQGLHURQ HQ ORV ~OWLPRV GRV PHVHV \ ORV WUDQVSRUWDU  W GHVGH -DSyQ$XVWUDOLD
SURPHGLRV GH GLFLHPEUH IXHURQ GH  GyODUHV RFFLGHQWDO&KLQDSRUGyODUHVGLDULRV\HOGHO
GLDULRVHQODUXWDWUDQVDWOiQWLFD\GHGyODUHV &HFLOLD SRU 6.6 SDUD OOHYDU  W HQ OD UXWD
HQODGH6LQJDSXU-DSyQD$XVWUDOLD WUDQVDWOiQWLFDSRUGyODUHVGLDULRV

(VD FDtGD SURVLJXLy HQ HQHUR GH  FXDQGR ODV /D HYROXFLyQ GH ORV IOHWHV GHO WRQHODMH 3DQDPD[
QDYLHUDV HVWDEDQ UHFLELHQGR  GyODUHV GLDULRV VLJXLy XQD WHQGHQFLD VLPLODU %XTXHV IOHWDGRV D

 ,9&RPHUFLR\PHUFDGRGHIOHWHV 

FRPLHQ]RVGHDxRSDUDYLDMHVGHLGD\YXHOWDGHVGH FRPLHQ]RV GH DxR /DV VHPDQDV VLJXLHQWHV IXHURQ


(XURSD VHSWHQWULRQDO D OD FRVWD RULHQWDO GH GHFHSFLRQDQWHV \ HO DxR WHUPLQy FRQ ODV WDULIDV HQ
6XGDPpULFD ORJUDURQ  GyODUHV GLDULRV GyODUHVGLDULRVPHQRVGHODPLWDGGHODVTXH
PLHQWUDVTXHORVEXTXHVTXHRSHUDQGHVGHHO/HMDQR KDEtDHQHOPLVPRPHVGHODxRDQWHULRU
2ULHQWHD$XVWUDOLDVHFRQWUDWDURQDGyODUHV
(VDV WDULIDV PHMRUDURQ HQ ODV VHPDQDV VLJXLHQWHV \ (Q HQHUR GH  VH UHJLVWUy XQD PRGHVWD
DOFDQ]DURQXQPi[LPRHQPDU]RHQDPEDVUXWDVFRQ UHFXSHUDFLyQGHOFXDQGRORVIOHWHVSDUDYLDMHVGH
\GyODUHVGLDULRVUHVSHFWLYDPHQWH(Q LGD \ YXHOWDHQWUH HQ HO /HMDQR 2ULHQWH \ $XVWUDOLD
ORV PHVHV VLJXLHQWHV VH GHVSORPDURQ D  IXHURQGHGyODUHVGLDULRV&RQODH[FHSFLyQ
GyODUHVGLDULRVHQMXOLRHQODUXWDGHO/HMDQR2ULHQWH GH IHEUHUR GRQGH KXER XQ OLJHUR GHFOLYH HO
D $XVWUDOLD \ XQ PHV GHVSXpV HQ OD GH (XURSD GHVHPSHxRGHORVEXTXHV+DQG\PD[TXHRSHUDQHQ
VHSWHQWULRQDODODFRVWDRULHQWDOGH6XGDPpULFDFRQ HVD UXWD PHMRUy JUDGXDOPHQWH D OR ODUJR GHO PHV
 GyODUHV GLDULRV /D UHFXSHUDFLyQ GHO ~OWLPR VLJXLHQWHFRQXQPi[LPRGHGyODUHVGLDULRV
WULPHVWUH VH LQLFLy HQ RFWXEUH FXDQGR ORV IOHWHV D HQMXQLR
$XVWUDOLDIXHURQGHGyODUHVGLDULRV\ORVGH
ORV EXTXHV TXH VH GLULJHQ D OD FRVWD RULHQWDO GH (O WRQHODMH GH WDPDxR PHGLDQR IOHWDGR SDUD YLDMHV
6XGDPpULFD DOFDQ]DURQ  GyODUHV GLDULRV (Q GHLGD\YXHOWDHQWUH(XURSDVHSWHQWULRQDO\ODFRVWD
ODV UHVWDQWHV VHPDQDV GHO DxR VH UHJLVWUy XQ RFFLGHQWDO GH ÈIULFD FRPHQ]y HO DxR FRQ XQDV
GHWHULRUR GH HVD UHFXSHUDFLyQ \ ODV WDULIDV GH WDULIDVGHGyODUHVGLDULRVTXHPHMRUDURQHQ
GLFLHPEUHIXHURQGHGyODUHVGLDULRVGHVGHHO ODVVHPDQDVVLJXLHQWHVKDVWDDEULOHQTXHVHOOHJyD
9LHMR&RQWLQHQWHDODFRVWDRULHQWDOGH6XGDPpULFD (QPDU]RHVDWDULIDVHPDQWXYRVLQFDPELRV
\GHGyODUHVHQODUXWDGHO/HMDQR2ULHQWHD \VyORGLVPLQX\yDSDUWLUGHMXQLRSDUDWRFDUIRQGR
$XVWUDOLD HQ DJRVWR FRQ  GyODUHV (Q ORV GRV PHVHV
VLJXLHQWHV ORV IOHWHV VH PDQWXYLHURQ HQ 
(QHQHURGHKXERXQGHWHULRURD~QPD\RUGH GyODUHVGLDULRVSHURHPSH]DURQDGHVSORPDUVHHQWUH
ODV WDULIDV (Q OD UXWD WUDQVDWOiQWLFD D OD FRVWD QRYLHPEUH\ILQDOHVGHDxRFRQVyORGyODUHV
RULHQWDO GH 6XGDPpULFD IXHURQ GH  GyODUHV GLDULRV (VWD FLIUD HV PHQRU TXH OD GH ORV PLVPRV
GLDULRV \ HQ OD TXH YD GHVGH HO /HMDQR 2ULHQWH D PHVHVGH\(QHQHURGHODVWDULIDV
$XVWUDOLD UHVXOWDURQ PX\ SRFR PHMRUHV FRQ  EDMDURQD~QPiVDGyODUHV
GyODUHV GLDULRV /RV IOHWHV EDMDURQ WRGDYtD PiV HQ
IHEUHUR KDVWD XQ PtQLPR GH  GyODUHV SDUD )OHWDPHQWRVSRUWLHPSRGHFDUJXHURV SHUtRGRV 
UHFXSHUDUVHHQORVPHVHVVLJXLHQWHVFRQXQPi[LPR
GH  GyODUHV GLDULRV HQ MXQLR (Q OD UXWD GHO /DVHVWLPDFLRQHVGHORVIOHWDPHQWRVGHEXTXHVSDUD
/HMDQR 2ULHQWH D $XVWUDOLD ODV FLIUDV IXHURQ VyOR SHUtRGRV GH  PHVHV \ HQWUHJDUiSLGD LQGLFDQ TXH
OLJHUDPHQWH PHMRUHV  GyODUHV HQ HQHUR FRQ ORV EXHQRV QLYHOHV GH FRPLHQ]RV GH DxR
VXELGDVHQORVPHVHVVLJXLHQWHVKDVWDGyODUHV GHVFHQGLHURQ HQ HO SULPHU VHPHVWUH SHUR VH
GLDULRVHQMXQLR(OIOHWDPHQWRDILQDOHVGHMXQLRGHO UHFXSHUDURQ GHVSXpV /RV EXTXHV GH WDPDxR (O
$ODEDPDSRU%XQJHSDUDWUDQVSRUWDUWGHVGH &DERGHFLQFRDxRV\730RPiVHVWDEDQ
ÈPVWHUGDP D OD FRVWD HVWH GH 1RUWHDPpULFD SRU REWHQLHQGRGyODUHVGLDULRVHQHQHURGH
GyODUHVGLDULRVLOXVWUDODWHQGHQFLDGHODUXWD \ VyOR  GyODUHV HQ DJRVWR HQ RFWXEUH KXER
WUDQVDWOiQWLFD 'XUDQWH HO PLVPR SHUtRGR 02/ XQD OLJHUD UHFXSHUDFLyQ KDVWD  GyODUHV SDUD
FRQWUDWy HO 7RUP 0DUWD SDUD OOHYDU  W HQ OD EDMDU D  GyODUHV HQ GLFLHPEUH %XTXHV
UXWD -DSyQ$XVWUDOLD6LQJDSXU-DSyQ SRU  PHQRUHVHQODJDPDGHD730FRQ
GyODUHVGLDULRV HGDGHV HQWUH  \  DxRV FRPHQ]DURQ HO DxR HQ
 GyODUHV GLDULRV TXH FD\HURQ D  HQ
/RVEXTXHVGHWDPDxRPHGLDQRJUDQGH +DQG\PD[  DJRVWRDQWHVGHUHFXSHUDUVHKDVWDHQRFWXEUH
FRQWUDWDGRV SDUD YLDMHV GH LGD \ YXHOWD HQWUH HO \FDHUGHQXHYRDGyODUHVHQGLFLHPEUH
/HMDQR 2ULHQWH \ $XVWUDOLD VH SDJDURQ D 
GyODUHVGLDULRVHQHQHURGHFRQVXELGDVKDVWD /RV EXTXHV 3DQDPD[ GH FLQFR DxRV GH HGDG GH
PDU]RHQTXHVHOOHJyDGyODUHV/XHJRKXER D730HPSH]DURQHQGyODUHV
XQ PRYLPLHQWR D  OD EDMD KDVWD MXOLR HQ TXH ODV GLDULRV HQ HQHUR EDMDURQ D  HQ DJRVWR \
WDULIDV VH VLWXDURQ WDQ VyOR HQ  GyODUHV SHUR VXELHURQ D  HQ RFWXEUH (Q ODV VHPDQDV
OD WHQGHQFLD VH LQYLUWLy XQ SRFR HQ ORV PHVHV VLJXLHQWHVKXERXQGHVSORPHGHODVWDULIDV\HODxR
VLJXLHQWHV\HQVHSWLHPEUHODVFLIUDVHUDQGH WHUPLQy HQ  GyODUHV GLDULRV 8QD SDXWD
GyODUHV GLDULRV WRGDYtD PHQRUHV TXHODV YLJHQWHVD VLPLODUVHGLRHQORVEXTXHVGHDxRVGHHGDGGH

 (OWUDQVSRUWHPDUtWLPRHQ 

 D  730 FX\RV IOHWHV EDMDURQ GHVGH $ ILQDOHV GH MXQLR %+3%LOOLWRQ IOHWy HO %XON
 D  GyODUHV GLDULRV HQ DJRVWR DQWHV GH 3DWULRWSDUDWUDQVSRUWDUWSRUGyODUHV
UHFXSHUDUVH KDVWD  HQ RFWXEUH SDUD KXQGLUVH GLDULRV 'XUDQWH HO PLVPR SHUtRGR &DUJLOO SDJy
KDVWDGyODUHVHQGLFLHPEUH GyODUHVGLDULRVSRUHO&6.*UDQGHXUSDUDXQ
HQYtRGHW
/D PHMRUD GH ORV IOHWHV GH ORV EXTXHV GH WDPDxR
PHGLDQR JUDQGH +DQG\PD[  GH GLH] DxRV IXH )OHWDPHQWRVSRUYLDMHGHFDUJXHURV
PRGHVWD GHVGH  GyODUHV GLDULRV HQ HQHUR D
GyODUHVHQPDU]R(QHOPHVVLJXLHQWHHVDV $ORODUJRGHODxRODVWDULIDVGHOWRQHODMHGHWDPDxR
FLIUDVEDMDURQ\WRFDURQIRQGRHQDJRVWRFRQ (O&DERIXHURQDOWDV(QHOWUDQVSRUWHGHPLQHUDOGH
GyODUHV GLDULRV \ XQD PtQLPD PHMRUD HQ HO ~OWLPR KLHUUR GHVGH HO %UDVLO D &KLQD ORV IOHWHV
WULPHVWUHDQWHVGHTXHVHGHVSORPDUDQHQGLFLHPEUH FRPHQ]DURQHODxRHQGyODUHVSRUWRQHODGD\
D  GyODUHV GLDULRV /DV WDULIDV GH ORV EXTXHV VH PDQWXYLHURQ HQ WRUQR D ORV  GyODUHV KDVWD
GH FLQFR DxRV GH HGDG GH HVH WDPDxR VH MXQLR HQ TXH VH GHVSORPDURQ D  GyODUHV (Q
PDQWXYLHURQ FDVL FRQVWDQWHV HQ HO SULPHU VHPHVWUH ORVPHVHVVLJXLHQWHVKXERXQDVXDYHUHFXSHUDFLyQ\
GHODxRHQGyODUHVGLDULRVHQHQHUR\ VH OOHJy HQ RFWXEUH D  GyODUHV SRU WRQHODGD
GyODUHVHQMXQLR'HVSXpVORVIOHWHVEDMDURQDXQRV SHUROXHJRKXERXQDFRQWUDFFLyQWHUPLQDQGRHODxR
 GyODUHV GXUDQWH FDVL WRGD OD VHJXQGD PLWDG HQ  GyODUHV /D HYROXFLyQ GH ODV WDULIDV SDUD
GHO DxR \ HQ GLFLHPEUH HUDQ GH  GyODUHV (O OOHYDU FDUEyQ GHVGH 5LFKDUGV %D\ 6XGiIULFD  D
WRQHODMHGHWDPDxRPHGLRGHXQRVDxRVWDPELpQ (XURSD RFFLGHQWDO IXH PHQRV QRWDEOH FRQ XQDV
UHJLVWUyWHQGHQFLDVVLPLODUHVGyODUHVGLDULRV WDULIDVHQ HQHUR GH  GyODUHVOD WRQHODGD \ XQD
HQ HQHUR KDVWD VyOR  HQ DJRVWR VLQ FDPELRV PHMRUD SRU HQFLPD GH ORV  GyODUHV KDVWD DEULO
OXHJR KDVWD QRYLHPEUH \ XQD GLVPLQXFLyQ HQ EDMDQGR HQWRQFHV KDVWD RFWXEUH FRQ XQ PtQLPR HQ
GLFLHPEUHDGyODUHVGLDULRV DJRVWRGHVyORGyODUHV(QGLFLHPEUHODFLIUD
HUDGHGyODUHVSRUWRQHODGD
7RGDVODVWDULIDVEDMDURQD~QPiVHQHQHURGH
/RV EXTXHV GH WDPDxR (O &DER GH FLQFR DxRV GH $TXt WDPELpQ HO GHVHPSHxR GH ORV IOHWHV GHO
HGDG VH FRQWUDWDURQ D  GyODUHV SRU GtD WRQHODMH 3DQDPD[ TXH WUDQVSRUWD FHUHDOHV HQWUH HO
PLHQWUDVTXHHOWRQHODMH3DQDPD[GHODPLVPDHGDG JROIRGH0p[LFR\(XURSDRFFLGHQWDOIXHEXHQRHQ
VHIOHWyDGyODUHV(VWDVFLIUDVHUDQPHQRVGH HO SULPHU VHPHVWUH /DV WDULIDV FRPHQ]DURQ HO DxR
ODPLWDGTXHODVGHOPLVPRPHVTXHHODxRDQWHULRU HQ  GyODUHV OD WRQHODGD \ VyOR EDMDURQ GH OD
%XTXHV 3DQDPD[ GH  DxRV VH FRQWUDWDURQ D FRWD GH ORV  GyODUHV HQ MXQLR HQ ODV VHPDQDV
 GyODUHV GLDULRV 7DPELpQ KXER XQDV EDMDV VLJXLHQWHV EDMDURQ PiV KDVWD XQ PtQLPR HQ DJRVWR
PRGHVWDV SDUD ORV +DQG\PD[ GH  DxRV \ ORV GH  GyODUHV  (Q RFWXEUH ORV IOHWHV VH KDFtDQ D
EXTXHVGHWDPDxRPHGLDQRGHDxRVFRQ\  GyODUHV SRU WRQHODGD SDUD FDHU OXHJR \ HQ
GyODUHVGLDULRVUHVSHFWLYDPHQWH GLFLHPEUH VH VLWXDEDQ HQ  GyODUHV /D
HYROXFLyQ GH ODV WDULIDV GH ORV EXTXHV GH WDPDxR
/DV  WDULIDV GH ORV EXTXHV GH WDPDxR (O &DER GH PHGLDQR TXH WUDQVSRUWDQ FKDWDUUD GHVGH OD FRVWD
FLQFR DxRV GH HGDG IOXFWXDURQ GXUDQWH ORV PHVHV RFFLGHQWDOGHORV(VWDGRV8QLGRVDOD5HS~EOLFDGH
VLJXLHQWHV SHUR VH PDQWXYLHURQ SRU HQFLPD GH OD &RUHDIXHSRFRER\DQWH/DVWDULIDVFRPHQ]DURQHO
FRWD GH ORV  GyODUHV GLDULRV (Q MXQLR HVRV DxRHQGyODUHVODWRQHODGDHQHQHURSDUDFDHU
EXTXHVREWXYLHURQGyODUHVGLDULRVXQDFLIUD SRUGHEDMRGHORVGyODUHVGHVGHMXOLR\WHUPLQDU
VXSHULRUHQDOUHGHGRUGHODODGHFRPLHQ]RVGH HODxRHQGyODUHV
DxR/RVIOHWHVGHORVEXTXHV3DQDPD[GHODPLVPD
HGDGEDMDURQXQSRFRSHURDXPHQWDURQGHVSXpVGH (QHQHURGHWRGDVHVDVWDULIDVEDMDURQPHQRV
HQHURSDUDFLIUDUVHHQGyODUHVGLDULRV(QORV GH  /RV EXTXHV GH WDPDxR (O &DER TXH
GH  DxRV VH UHJLVWUy XQD WHQGHQFLD SDULJXDO FRQ WUDQVSRUWDQ PLQHUDO GH KLHUUR GHVGH 6XGDPpULFD D
 GyODUHV GLDULRV HQ MXQLR HV GHFLU XQ &KLQDREWXYLHURQGyODUHVSRUWRQHODGDPLHQWUDV
LQFUHPHQWR GH DOUHGHGRU GHO  HQ FRPSDUDFLyQ TXH ORV TXH WUDQVSRUWDQ FDUEyQ GHVGH 6XGiIULFD D
FRQHQHUR/RVEXTXHV+DQG\PD[\ORVGHWDPDxR (XURSD FRQVLJXLHURQ  GyODUHV /DV WDULIDV GH
PHGLDQR PHMRUDURQ VXV WDULIDV HVSHFLDOPHQWH HQ ORV EXTXHV 3DQDPD[ TXH FUX]DQ HO $WOiQWLFR FRQ
MXQLR %XTXHV GH WRGDV ODV HGDGHV HQ OD SULPHUD FHUHDOHV HUDQ GH  GyODUHV SRU WRQHODGD XQD
FDWHJRUtDORJUDURQXQRVGyODUHVPLHQWUDVORV FLIUDTXHVXEtDDGyODUHVFXDQGRVHWUDWDEDGH
GHWDPDxRPHGLDQRGHDxRVGHHGDG\GH DFDUUHDUFKDWDUUDSRUHO3DFtILFRKDVWDOD5HS~EOLFD
D730FRQVLJXLHURQGyODUHVGLDULRV GH&RUHD

 ,9&RPHUFLR\PHUFDGRGHIOHWHV 

/RV IOHWHV GH ORV EXTXHV GH WDPDxR (O &DER TXH SRUWDFRQWHQHGRUHV FRPSOHWDPHQWH FHOXODUHV
WUDQVSRUWDQPLQHUDOGHKLHUURPHMRUDURQOLJHUDPHQWH DQDOL]DGRV HQ HO FXDGUR  GHO FDStWXOR  /D
HQIHEUHUR\PDU]RFRQXQLQFUHPHQWRGHORUGHQGHO FDSDFLGDG WRWDO GHO WUDQVSRUWH PDUtWLPR HQ
 SHUR HQ DEULO \ PD\R YROYLHURQ D ORV QLYHOHV FRQWHQHGRUHV DXPHQWy HQ  PLOORQHV GH 7(8 HQ
GH HQHUR SDUD UHFXSHUDUVH~QLFDPHQWH HQMXQLR (Q  KDVWD OOHJDU D  PLOORQHV FRQ XQ DO]D GH
HVWH PHV HVRV EXTXHV FREUDEDQ  GyODUHV SRU /RVSRUWDFRQWHQHGRUHVWRWDOPHQWHFHOXODUHV
WRQHODGD 3RU HMHPSOR D SULQFLSLRV GH MXQLR LQFUHPHQWDURQVXSDUWHHQHVWHWRWDOHQFDVLXQ
&26&26IOHWyHO&RORJQ\SDUDOOHYDUWGH SDVDQGR D VHU HO  D FRPLHQ]RV GH  FRQ
PLQHUDO GH KLHUUR GHVGH *XD\DFiQ &KLOH  D XQ WRWDO GH  PLOORQHV GH 7(8 /D SDUWH GH ORV
;LQJDQJ &KLQD DGyODUHVODWRQHODGD(QORV EXTXHV GH FDUJD JHQHUDO VXSXVR HO  /RV
GHPiV WLSRV GH FDUJD VH UHJLVWUy XQD HYROXFLyQ EXTXHV PRQRFDVFR UHSUHVHQWDURQ  PLOORQHV GH
VLPLODU 3RU HMHPSOR ORV EXTXHV TXH WUDQVSRUWDQ 7(8  \ORVPXOWLFDVFRVXPDURQPLOORQHV
FDUEyQ GHVGH 6XGiIULFD D &KLQD YLHURQ FUHFHU VXV GH 7(8 DOUHGHGRU GHO   'XUDQWH HO DxR ORV
WDULIDV DOFDQ]DQGR ORV  GyODUHV SRU WRQHODGD HQ PRQRFDVFR \ ORV PXOWLFDVFR VH PDQWXYLHURQ HQ ORV
MXQLR (Q OD WHUFHUD VHPDQD GH HVWH PHV %+3 PLVPRVQLYHOHVTXHHODxRDQWHULRU/RVEXTXHVGH
%LOOLWRQ FRQWUDWy HO 6ZLVV 0DULQH 9HVVHO SDUD FDUJD \ GH SDVDMHURV SRU URGDGXUD VXSXVLHURQ 
WUDQVSRUWDUWGHFDUEyQGHVGH5LFKDUGV%D\ PLOORQHV GH 7(8 PHQRV TXH HQ HO DxR DQWHULRU
D5RWWHUGDPDGyODUHVSRUWRQHODGD/RVIOHWHV VLHQGR VX SDUWH HQ HO WUDQVSRUWH WRWDO GH
GH ORV EXTXHV 3DQDPD[ TXH WUDQVSRUWDQ FHUHDOHV FRQWHQHGRUHV GHO  /RV JUDQHOHURV TXH SXHGHQ
HQWUH1RUWHDPpULFD\HOUHVWRGHOPXQGRUHJLVWUDURQ OOHYDU FRQWHQHGRUHV PDQWXYLHURQ VX FDSDFLGDG HQ
XQDV SpUGLGDV PRGHVWDV SHUR VH UHFXSHUDURQ HQ  PLOORQHV GH 7(8 \ VX SDUWH HQ HO WRWDO
MXQLR SDUD ORJUDU  GyODUHV SRU WRQHODGD XQD GLVPLQX\yD(OSRUFHQWDMHUHVWDQWHGHORUGHQ
VXELGD GHO  HQ FRPSDUDFLyQ FRQ HQHUR /DV GHOHUDFDSDFLGDGGHWUDQVSRUWH7(8GLVSRQLEOH
WDULIDV GH ORV EXTXHV TXH OOHYDQ FKDWDUUD GHVGH ORV HQ EXTXHV IULJRUtILFRV EXTXHV WDQTXH
(VWDGRV 8QLGRV D OD 5HS~EOLFD GH &RUHD EDMDURQ HVSHFLDOL]DGRV\GHSDVDMH
OLJHUDPHQWH HQ HO SHUtRGR GH IHEUHUR D PD\R SHUR
PHMRUDURQOLJHUDPHQWHHQMXQLRKDVWDGyODUHV
SRUWRQHODGD $GHPiV FRQWLQXy D XQ ULWPR DFHOHUDGR HO
FUHFLPLHQWR GH OD IORWD GH SRUWDFRQWHQHGRUHV
&(/0(5&$'2'()/(7(6'(/26
WRWDOPHQWH FHOXODUHV D TXH VH KL]R UHIHUHQFLD HQ HO
%848(6'(/Ë1($5(*8/$5
FDStWXOR  &RPR VH LQGLFD HQ HO FXDGUR  ORV
 (YROXFLyQGHORVPHUFDGRV QXHYRV EXTXHV LQFRUSRUDGRV D OD IORWD HQ 
VXPDURQ  7(8 \ QR VH VHxDOy WRQHODMH
$VSHFWRVJHQHUDOHV GHVJXD]DGRORTXHHVFRPSUHQVLEOHDODOX]GHORV
EXHQRVIOHWHVREWHQLGRVSRUFDVLWRGDVODVFDWHJRUtDV
(OLPSDFWRGHODFRQWHQHGRUL]DFLyQHQHOWUDQVSRUWH GH SRUWDFRQWHQHGRUHV (O FUHFLPLHQWR GH OD IORWD
HQ EXTXHV GH OtQHD UHJXODU HV PD\RU GH OR TXH VH FHOXODU DOFDQ]y XQ Pi[LPR KLVWyULFR FRQ SHGLGRV
GHVSUHQGHGHOWDPDxR\HOFUHFLPLHQWRGHODIORWDGH GH7(8DILQDOHVGHDxR
&XDGUR

&UHFLPLHQWRGHODIORWDPXQGLDOGHSRUWDFRQWHQHGRUHVFHOXODUHV
(QPLOHVGH7(8DFRPLHQ]RVGHDxR 

$xR 'HVJXDFHVHQ7(8 $GLFLRQHVHQ7(8 )ORWDHQ7(8 3HGLGRVHQ7(8


    
    
    

)XHQWH 6HFUHWDUtD GH OD 81&7$' FRQ GDWRV GH &RQWDLQHULVDWLRQ ,QWHUQDWLRQDO Q~PHUR GH IHEUHUR GH  SiJ  Q~PHUR GH
IHEUHURGHSiJQ~PHURGHHQHURGHSiJ\&ODUNVRQ&,0HQHURGHSiJ


 (OWUDQVSRUWHPDUtWLPRHQ 

(Q  ORV SHGLGRV GH EXTXHV JUDQGHV SRUWDFRQWHQHGRUHV FHOXODUHV \ FRPSOHPHQWDQ VXV
SURVLJXLHURQVREUHWRGRGXUDQWHHOSULPHUVHPHVWUH IORWDV FRQWUDWDQGR EXTXHV D RWUDV QDYLHUDV HQ
$ILQDOHVGHDxRHOGHORVSHGLGRVFRQVLVWtDQ SDUWLFXODUDFRPSDxtDVILQDQFLHUDVDOHPDQDV &RPR
HQSRUWDFRQWHQHGRUHVFHOXODUHVGHPiVGH VH REVHUYD HQ HO FXDGUR   HQWUH VHSWLHPEUH GH
7(8GHORVTXHVXSHUDEDQODV7(8/DV  \ VHSWLHPEUH GH  ORV GLH] PD\RUHV
HQWUHJDVVHGLVWULEXLUiQSRULJXDOGXUDQWHHOSHUtRGR RSHUDGRUHV GH SRUWDFRQWHQHGRUHV LQFUHPHQWDURQ VX
GH/RVSHGLGRVGHEXTXHVGHXQWDPDxR FDSDFLGDGXQKDVWDPLOORQHVGH7(8TXH
VXSHULRUDOTXHSHUPLWHHOFDQDOGH3DQDPiFHVDURQ VXSRQtDQ HO  GH WRGD OD FDSDFLGDG GH FDUJD
HQ MXQLR FXDQGR ORV QDYLHURV WUDQVILULHURQ VX PXQGLDOHQFRQWHQHGRUHV'HOPLVPRPRGRODSDUWH
DWHQFLyQ D EXTXHV PHQRUHV FRQ  SHGLGRV (VD GH ORV  RSHUDGRUHV PiV LPSRUWDQWHV DXPHQWy
VLWXDFLyQSURVLJXLyHQORVPHVHVVLJXLHQWHVSHURHO  KDVWD  PLOORQHV GH 7(8 HV GHFLU HO
HOHYDGR QLYHO GH SHGLGRV \ ORV PD\RUHV SUHFLRV GH  GH OD FDSDFLGDG WRWDO PXQGLDO GH FDUJD HQ
ORV DVWLOOHURV KLFLHURQ TXH ORV QXHYRV HQFDUJRV FRQWHQHGRUHV8QFODURUHIOHMRGHOLPSXOVRTXHHVWi
GLVPLQX\HUDQ\HQQRYLHPEUHVyORVHKDEtDQKHFKR FREUDQGRODFRQVROLGDFLyQGHOVHFWRUHVTXHQRKD\D
SHGLGRVORTXHVXSRQtDODFLIUDPiVEDMDGHORV QLQJXQD HQWUDGD QXHYD HQ OD OLVWD GH ORV 
WUHV ~OWLPRV DxRV $ ILQDOHV GH  HQWUy HQ RSHUDGRUHV PiV LPSRUWDQWHV 6HLV GH HOORV
IXQFLRQDPLHQWR XQ WHUFLR GH ORV RFKR PDQWXYLHURQVXSRVLFLyQHQWUHHOORVORVSULPHURV
SRUWDFRQWHQHGRUHV FRQ FDSDFLGDG GH  7(8 HO *UXSR $3 0ROOHU \ 06& TXH HQWUH DPERV
HQFDUJDGRVSRU06&TXHHPSH]DURQDRSHUDUHQOD UHSUHVHQWDQHOGHODFDSDFLGDGWRWDOGHFDUJD
UXWD $VLD(XURSD 6RQ ORV PD\RUHV PXQGLDO HQ SRUWDFRQWHQHGRUHV /RV  UHVWDQWHV
SRUWDFRQWHQHGRUHV TXH H[LVWHQ \ WLHQHQ XQDV FDPELDURQGHOXJDUHQHOFXDGUR(OTXHPiVVXELy
GLPHQVLRQHV PX\ QRWDEOHV HVORUD GH  P IXH&6$9 SXHVWRV VHJXLGRGH&KLQD6KLSSLQJ\
PDQJD GH  P \ FDODGR GH  P  XQD EXHQD +DPEXUJ6XG SXHVWRV +DSDJ/OR\G SXHVWRV 
YHORFLGDG QXGRV \XQDFDSDFLGDG WGH \3 21HGOOR\G&26&2\./LQH SXHVWR (O
DUTXHREUXWR730 TXHLQFOX\HWRPDV TXH EDMy PiV GH OXJDU IXH &3 6KLSV  SXHVWRV 
GHFRUULHQWHSDUDXQLGDGHVIULJRUtILFDV VHJXLGR GH +DQMLQ'656HQDWRU \ 1<. TXH
SHUGLHURQSXHVWRV \(YHUJUHHQ02/\+\XQGDL
(O DXJH GH ORV JUDQGHV EXTXHV PDQWXYR YLYR HO TXHFHGLHURQSXHVWRFDGDXQR 
WHPDGHVXGHVSOLHJXH/RVPD\RUHVVHOLPLWDUtDQD
ODV JUDQGHV UXWDV SULQFLSDOHV (VWH2HVWH SRU FDXVD /D FRQFHQWUDFLyQ FREUy IXHU]D HQ  $ OD
GHO YROXPHQ UHTXHULGR SDUD OOHQDUORV \ SRU OD DGTXLVLFLyQ GH 3 2 1HGOOR\G DQXQFLDGD SRU $3
DFFHVLELOLGDG DORVSXHUWRV 3RUWDQWR HVWRV EXTXHV 0ROOHU SRU XQ YDORU GH   PLOORQHV GH GyODUHV
PX\ JUDQGHV UHFDODQ ~QLFDPHQWH HQ XQ FRQWDGR VLJXLyXQDRIHUWDGH+DSDJ/OR\GGHPLOORQHV
Q~PHUR GH FHQWURV GH WUDQVERUGR WDPELpQ PX\ GH GyODUHV SDUD DGTXLULU &3 6KLSV \ OD GHO *UXSR
JUDQGHVHQDPERVH[WUHPRVGHODUXWD/DDSOLFDFLyQ &0$&*0 GH  PLOORQHV GH GyODUHV SDUD
GHPHGLGDVGHVHJXULGDGHQPXFKRVGHORVSXHUWRV KDFHUVHFRQORVLQWHUHVHV QDYLHURVGH  %ROORUHTXH
LPSRUWDQWHV MXHJD D IDYRU GH ODV HVFDODV HQ XQ FRPSUHQGHQ 'HOPDV27$/6HWUDPDU &RPR ORV
UHGXFLGR Q~PHUR GH HOORV /RV EXTXHV GH yUJDQRV UHJXODGRUHV WDUGDQ WLHPSR HQ H[DPLQDU \
GLPHQVLRQHV VXSHULRUHV D ORV TXH SHUPLWH HO &DQDO DSUREDU HVDV WUDQVDFFLRQHV HQ HO FXDGUR  QR
GH3DQDPiTXH\DQRRSHUDQHQODVJUDQGHVUXWDV ILJXUD HO RUGHQ UHVXOWDQWH TXH FRQVROLGDUi D $ 3
OR KDFHQ DKRUD HQ RWUDV VHFXQGDULDV GRQGH HQ 0ROOHU HQ SULPHUD SRVLFLyQ FRQ XQ  GH OD
DOJXQRV SDtVHV VH HVWi SODQWHDQGR OD FXHVWLyQ GH OD FDSDFLGDG WRWDO PXQGLDO GH FDUJD HQ
DFFHVLELOLGDGDORVSXHUWRV SRUWDFRQWHQHGRUHV /D SDUWH HVWLPDGD SDUD +DSDJ
/OR\GV \ SDUD &0$&*0 IXH GH  \ 
/D FRQFHQWUDFLyQ GHO WUDQVSRUWH PDUtWLPR HQ UHVSHFWLYDPHQWH $OJXQRV GH ORV HIHFWRV GH HVDV
EXTXHVGHOtQHD WUDQVDFFLRQHV IXHURQODUHWLUDGDGH 3 2 1HGOOR\G
GHPiVGHXQDGRFHQDGHFRQIHUHQFLDV\FRQVRUFLRV
(OSURFHVRGHFRQFHQWUDFLyQGHORV~OWLPRVDxRVVH \ OD UHRUJDQL]DFLyQ GH ORV VHUYLFLRV GH ORV
KD WUDGXFLGR HQ XQD FUHFLHQWH FDSDFLGDG GH FDUJD WUDQVSRUWLVWDVSDUWLFLSDQWHVHQODVWUDQVDFFLRQHVFRQ
SRU ORV PD\RUHV RSHUDGRUHV GH EXTXHV GH OtQHD OD UHGXFFLyQ GH DJHQFLDV \ HO GHVSOD]DPLHQWR GH
eVWRV VRQ WDPELpQ ORV PD\RUHV SURSLHWDULRV GH WHUPLQDOHVHQYDULDVUHJLRQHV


 ,9&RPHUFLR\PHUFDGRGHIOHWHV 

&XDGUR

/RVSULQFLSDOHVRSHUDGRUHVGHFRQWHQHGRUHVDPHGLDGRVGHVHSWLHPEUH
GHSRUQ~PHURGHEXTXHV\FDSDFLGDGWRWDOGHWUDQVSRUWH
7(8 

1~PHURGH &DSDFLGDG &DSDFLGDG


&ODVLILFDFLyQ 2SHUDGRU 3DtV7HUULWRULR EXTXHV 7(8HQ
7(8HQ
HQ 
 *UXSR$30ROOHU 'LQDPDUFD   
 06& 6XL]D   
 3 21HGOOR\G 5HLQR8QLGR3DtVHV%DMRV   
 (YHUJUHHQ 3URYLQFLDFKLQDGH7DLZiQ   
 *UXSR&0$&*0 )UDQFLD   
 12/$3/ 6LQJDSXU   
 &KLQD6KLSSLQJ &KLQD   
 &26&2 &KLQD   
 +DQMLQ'656HQDWRU 5HS~EOLFDGH&RUHD$OHPDQLD   
 1<. -DSyQ   
7RWDOSDUFLDO     
 22&/ +RQJ.RQJ &KLQD    
 &6$9 &KLOH   
 02/ -DSyQ   
 ./LQH -DSyQ   
 +DSDJ/OR\G $OHPDQLD   
 =LP ,VUDHO   
 +DPEXUJ6XG $OHPDQLD   
 <DQJ0LQJ 3URYLQFLDFKLQDGH7DLZiQ   
 *UXSR&36KLSV &DQDGi   
 +\XQGDL 5HS~EOLFDGH&RUHD   
7RWDOSDUFLDO     
)ORWDHVWLPDGDDOžGHMXOLRGH\   

)XHQWH 5HFRSLODFLyQ GH OD VHFUHWDUtD GH OD 81&7$' FRQ GDWRV GH &RQWDLQHULVDWLRQ ,QWHUQDWLRQDO QRYLHPEUH GH  SiJ 
&RQWDLQHULVDWLRQ,QWHUQDWLRQDO<HDUERRNSiJ\6KLSSLQJ6WDWLVWLFVDQG0DUNHW5HYLHZRFWXEUHGHSiJ

1RWD7RGDVODVILOLDOHVHVWiQFRQVROLGDGDV

/D FRPSDUDFLyQ GH ORV UHVXOWDGRV ILQDQFLHURV GH FRQYHQLRV OR TXH LPSOLFD FLHUWR JUDGR GH DFXHUGR
 \  SDUD DOJXQRV GH ORV SRUWHDGRUHV VREUH ODV FXHVWLRQHV RSHUDWLYDV \ FRPHUFLDOHV HQ
DQWHULRUHV VXJLHUH XQD PD\RU UHQWDELOLGDG GHO HVSHFLDO OD ILMDFLyQ GH SUHFLRV \ HO Q~PHUR GH
WUDQVSRUWH PDUtWLPR (O UHWRUQR FRQ UHVSHFWR D ODV VDOLGDV 7UDGLFLRQDOPHQWH ODV UHJODPHQWDFLRQHV GH
YHQWDVDXPHQWyGHDSDUD$30ROOHU\ PXFKRV SDtVHV KDQ RIUHFLGR H[LPLU GH ODV PHGLGDV
GHDSDUD3 21HGOOR\G(VRVSRUFHQWDMHV DQWLWUXVW D ORV SRUWHDGRUHV TXH VRQ SDUWH HQ HVRV
HQ HO FDVR GH ORV WUHV WUDQVSRUWLVWDV MDSRQHVHV VH DFXHUGRV SRU HQWHQGHU TXH ODV YHQWDMDV VXSHUDQ D
LQFUHPHQWDURQ GHVGH XQR D GRV GtJLWRV SDVDQGR ORV LQFRQYHQLHQWHV (Q  OD &RPLVLyQ (XURSHD
02/ GH  D  1<. GH  D  \ . FRPSOHWy VX H[DPHQ GHO VLVWHPD UHJXODGRU GH
/LQH GH  D  (Q ORV GHPiV VH GLR XQD WUDQVSRUWH PDUtWLPR \ HQ GLFLHPEUH KL]R XQD
VLWXDFLyQVLPLODU\=LPVHxDOyXQRVLQFUHPHQWRVGH SURSXHVWD RILFLDO SDUD DQXODU HO 5HJODPHQWR
VXVEHQHILFLRVHQUHODFLyQFRQODVYHQWDVGHVGHD TXHH[LPHHQEORTXHDORVWUDQVSRUWLVWDVGH
\&6$9GHVGHD DOJXQDV QRUPDV GH OD OHJLVODFLyQ VREUH OD
FRPSHWHQFLD7DPELpQDQXQFLyXQDSURSXHVWDGHODV
$OJXQRV WUDQVSRUWLVWDV RIUHFHQ VHUYLFLRV HQ YDULDV GLUHFWULFHVTXHGHEHUtDQVHJXLUORVSRUWHDGRUHVTXH
UXWDV \ VRQ SDUWH GH FRQIHUHQFLDV DOLDQ]DV \R SRGUtDQ LQFOXLU XQ tQGLFH GH SUHFLRV SDUD ODV

 (OWUDQVSRUWHPDUtWLPRHQ 

SULQFLSDOHV UXWDV \ XQ LQWHUFDPELR GH GDWRV VREUH FDSDFLGDG HQWUH  \  7(8 UHJLVWUDURQ
YRO~PHQHV HQ XQ IRUR QXHYR GHO VHFWRU 3RFR LQFUHPHQWRV UHVSHFWLYRV GH  \  SDUD
GHVSXpV HO -DSyQ FXHVWLRQy HO DFLHUWR GH WHQHU FLIUDUVHHQ\GyODUHVGLDULRVSDUDSOD]DV
GLIHUHQWHVUHTXLVLWRVOHJDOHVHQFDGDH[WUHPRGHODV GH  WRQHODGDV \ ORV EXTXHV FRQ DSDUHMR HQ OD
UXWDV FRPHUFLDOHV 2WUR KHFKR IXH OD H[HQFLyQ HQ JDPD GH  D  7(8 GH FDSDFLGDG VH
EORTXH SRU OD &RPLVLyQ GH &RPSHWHQFLD GH GHVHPSHxDURQ LJXDOPHQWH ELHQ FRQ DXPHQWRV GHO
6LQJDSXU D SDUWLU GHO ž GH HQHUR GH  GH ODV  KDVWD  GyODUHV SRU GtD /RV EXTXHV VLQ
OH\HV VREUH OD FRPSHWHQFLD SDUD FRQVRUFLRV DSDUHMR GH HVWD ~OWLPD FDSDFLGDG  H[SHULPHQWDURQ
FRQIHUHQFLDV\RWURVDFXHUGRV XQLQFUHPHQWRDOJRPHQRUHQVXVIOHWHVGHO
SDUD VLWXDUVH HQ  GyODUHV /RV EXTXHV FRQ
 /RVIOHWHVGHORVVHUYLFLRVFRQWHQHGRUL]DGRV DSDUHMRGHD7(8TXHKDFHQPHQRV\PiV
GH  QXGRV UHJLVWUDURQ LQFUHPHQWRV PHQRUHV SHUR
(OIOHWDPHQWRGHSRUWDFRQWHQHGRUHV QR GHVGHxDEOHV GH  \  UHVSHFWLYDPHQWH
KDVWD  \  GyODUHV SRU GtD SDUD SOD]DV GH
/D HYROXFLyQ GHO WUDQVSRUWH PXQGLDO SRU OtQHDV FRQWHQHGRUHV GH  WRQHODGDV 3RU ~OWLPR ORV
UHJXODUHV TXHGD PX\ ELHQ UHIOHMDGD HQ HO PHUFDGR SRUWDFRQWHQHGRUHVHQODJDPDGHD7(8
GHIOHWDPHQWRVGHSRUWDFRQWHQHGRUHV(VWHPHUFDGR GH FDSDFLGDG \ ORV EXTXHV FRQ DSDUHMRVLQ DSDUHMR
HVWi HQ JUDQ PHGLGD GRPLQDGR SRU SURSLHWDULRV GH  D  7(7 WXYLHURQ VXELGDV PX\
DOHPDQHV\PiVFRQFUHWDPHQWHSRUPLHPEURVGHOD VLPLODUHV GHO RUGHQ GHO  SDUD DOFDQ]DU  \
$VRFLDFLyQGH&RUUHGRUHV0DUtWLPRVGH+DPEXUJR GyODUHVUHVSHFWLYDPHQWH
9+66 TXHFRQWURODQDSUR[LPDGDPHQWHHOGH
WRGRVORVIOHWHVGHSRUWDFRQWHQHGRUHVGLVSRQLEOHVHQ /D HYROXFLyQ GH ODV WDULIDV PHQVXDOHV GH ORV
HO PHUFDGR OLEUH 'HVGH  OD $VRFLDFLyQ IOHWDPHQWRV SRU WLHPSR IXH GHVFHQGHQWH SDUD WRGRV
SXEOLFD HO ËQGLFH GH +DPEXUJR HQ HO TXH ILJXUD ORV EXTXHV GH FDVL WRGRV ORV WLSRV \ WDPDxRV
XQ DQiOLVLV GHO PHUFDGR GH ORV IOHWDPHQWRV SRU $TXHOORV FRQ DSDUHMR \ FDSDFLGDG GH  D 
WLHPSRGHHVHWLSRGHEXTXHVSRUSHUtRGRVPtQLPRV 7(8IXHURQOD H[FHSFLyQDOVXELUVXV WDULIDV 
GH WUHV PHVHV 6H HOLJLy  FRPR DxR GH GXUDQWHHODxRSDUDOOHJDUDGyODUHVGLDULRVOD
UHIHUHQFLD SRU VHU HO ~OWLPR HQ TXH SXGR REWHQHUVH SOD]D GH WRQHODGDV HQXQ FRQWHQHGRU7RGRVORV
XQQLYHOGHIOHWHVUHQWDEOH'HVGHMXOLRGHODV GHPiVIOHWHVPHQVXDOHVDOFDQ]DURQXQPi[LPRHQHO
WDULIDV VH SXEOLFDQ SDUD GRV WLSRV GH EXTXH VLQ SULPHUVHPHVWUH\WHUPLQDURQHQGLFLHPEUHEDVWDQWH
DSDUHMRGHFDUJD\GHVFDUJDFRQFDSDFLGDGGHKDVWD SRU GHEDMR GH ODV FLIUDV GH SULQFLSLRV GH DxR /DV
 7(8 GRV WLSRV GH EXTXH FRQ DSDUHMR \ VLQ pO UHGXFFLRQHV PiV QRWDEOHV IXHURQ GHO RUGHQ GH XQ
FRQFDSDFLGDGGHPiVGH7(8\VHLVWLSRVGH WHUFLR \ DIHFWDURQ D ORV EXTXHV FRQ DSDUHMR FRQ
EXTXHFRQDSDUHMR\FDSDFLGDGGHKDVWD7(8 FDSDFLGDGHV HQ ODV JDPDV VLJXLHQWHV  D 
(Q HO FXDGUR  VH UHFRJH OD HYROXFLyQ GH ORV 7(8D7(8\D7(8/RV
IOHWDPHQWRVSRUWLHPSR EXTXHV PD\RUHV FRQ FDSDFLGDG VXSHULRU D 
7(8 VH GHVHPSHxDURQ PXFKR PHMRU FRQ XQDV
/DVWDULIDVPHGLDVGHORVIOHWDPHQWRVSRUWLHPSRGH UHGXFFLRQHV  HQ VXV WDULIDV GH DOUHGHGRU GHO 
FDVL WRGRV ORV WLSRV GH SRUWDFRQWHQHGRUHV SDUD WHUPLQDU HO DxR HQ XQRV  GyODUHV GLDULRV OD
DXPHQWDURQ HQ  FRQ OD H[FHSFLyQ GH DTXHOORV SOD]D GH  WRQHODGDV (Q FDVL WRGDV ODV FDWHJRUtDV
FRQ DSDUHMR HQ OD JDPD GH  D  7(8 GH GHEXTXHVORVIOHWHVIXHURQEXHQRVHQGLFLHPEUHHQ
FDSDFLGDG \ FRQ DSDUHMRVLQ DSDUHMR HQ OD JDPD GH FRPSDUDFLyQ FRQ ORV DOFDQ]DGRV HQ FDVL WRGRV ORV
D7(8FX\RVIOHWHVGLVPLQX\HURQ PHVHV GH ORV ~OWLPRV FXDWUR DxRV 1R REVWDQWH OD
DGyODUHVSRUGtDSDUDSOD]DVGHFRQWHQHGRUHV FXDQWtD GH OD FDtGD GH ODV WDULIDV IXH DSUHFLDEOH
GH  WRQHODGDV \  D  GyODUHV FRPR LQGLFD HO IOHWDPHQWR HQ QRYLHPEUH GHO
UHVSHFWLYDPHQWH (Q ODV GHPiV FDWHJRUtDV GH %X[ODJRRQ GH  7(8 TXH  VH FRQWUDWy SDUD 
EXTXHV ORV PD\RUHV LQFUHPHQWRV GH ODV WDULIDV PHVHV HQ  GyODUHV GLDULRV OR TXH VXSRQtD
PHGLDV FRUUHVSRQGLHURQ D ORV GH PHQRU WDPDxR  GyODUHV PHQRV GH OR TXH REWXYR  PHVHV
$Vt ORV EXTXHV FRQ DSDUHMR \ VLQ DSDUHMR FRQ DQWHV



 
&XDGUR

7DULIDVPHGLDVGHORVIOHWDPHQWRVSRUWLHPSRGHORVSRUWDFRQWHQHGRUHV
(QGyODUHVSRUSOD]DGHWRQHODGDVGtD 

7LSRGH 3URPHGLRVDQXDOHV 3URPHGLRVPHQVXDOHVHQ 3URPHGLRVPHQVXDOHVHQ


EXTXH                          
6LQDSDUHMR       
D                          
D                          
&RQ
DSDUHMRVLQ
DSDUHMR       
D                          
DD                          
&RQDSDUHMR       
D                          
D                          
DE                          
DF                          
D                          
D                          
D
(VWDFDWHJRUtDVHFUHyHQ/RVGDWRVGHOSULPHUVHPHVWUHGHHVHDxRFRUUHVSRQGHQDEXTXHVFHOXODUHVGHODJDPDGHD7(8TXHKDFHQQXGRVFRPRPtQLPR
E
4XHKDFHQGHDQXGRV
F
4XHKDFHQPiVGHQXGRV
,9&RPHUFLR\PHUFDGRGHIOHWHV





 (OWUDQVSRUWHPDUtWLPRHQ

/DVWDULIDVGHORVIOHWHVHQODVSULQFLSDOHVUXWDV  FRQ  GyODUHV SRU 7(8 SDUD ORV


FRQWHQHGRUHV TXH YDQ GHVGH $PpULFD GHO 1RUWH D
$ILQDOHVGHODVWDULIDVHQVyORXQDHVWRHVOD $VLD TXH HQ HO FDVR GH ORV TXH VH GLULJHQ GHVGH
WUDQVDWOiQWLFD GH ODV WUHV  SULQFLSDOHV UXWDV (XURSDD$VLDFRQ\GyODUHV
FRQWHQHGRUL]DGDVHVWDEDQFODUDPHQWHSRUHQFLPDGH
ORV QLYHOHV YLJHQWHV D ILQDOHV GH  YpDVH HO (Q OD UXWD WUDVDWOiQWLFD HQ  VH UHJLVWUy XQ
FXDGUR   (Q HVWD UXWD ORV IOHWHV DXPHQWDURQ HO LQFUHPHQWR FRQVWDQWH GH ORV IOHWHV HQ DPEDV
 KDVWD  GyODUHV SRU 7(8 HQ GLUHFFLyQ GLUHFFLRQHV (Q GLUHFFLyQHVWHSUHGRPLQDQWH HQHO
RHVWH TXH HV OD SUHGRPLQDQWH PLHQWUDV HO SULPHU  WULPHVWUH KXER XQ PRGHVWR DXPHQWR GHO
LQFUHPHQWR SDUD ORV FRQWHQHGRUHV TXH YDQ KDFLD HO  TXH IXH VHJXLGR GH XQ LQFUHPHQWR PiV
HVWHIXH GH  SDUD FLIUDUVH HQ  GyODUHV SRU DSUHFLDEOH GHO  HQ HO VHJXQGR WULPHVWUH HQ HO
7(8 (Q ODV GRV RWUDV UXWDV TXH XQHQ $VLD VHJXQGR VHPHVWUH ORV LQFUHPHQWRV IXHURQ WDPELpQ
HVSHFLDOPHQWH HO /HMDQR 2ULHQWH FRQ $PpULFD GHO EXHQRV DOUHGHGRU GHO  HQ FDGD WULPHVWUH (Q OD
1RUWH \ (XURSD ODV WDULIDV GLVPLQX\HURQ HQ ORV GLUHFFLyQ FRQWUDULD $PpULFD GHO 1RUWH(XURSD HQ
WUDPRV SUHGRPLQDQWHV GH $VLD1RUWHDPpULFD XQ OD SULPHUD PLWDG GHO DxR KXER LQFUHPHQWRV
SDUDVLWXDUVHHQGyODUHVSRU7(8\HQ WULPHVWUDOHV GH ODV WDULIDV GH  \ 
$VLD(XURSD XQ  KDVWD  GyODUHV 6LQ UHVSHFWLYDPHQWH /D DFHOHUDFLyQ VH SURGXMR HQ HO
HPEDUJR KXER VXELGDV HQ ORV WUDPRV HQ GLUHFFLyQ VHJXQGRVHPHVWUHTXHUHJLVWUyVXELGDVWULPHVWUDOHV
FRQWUDULD GH DPEDV UXWDV HO DO]D IXH PD\RU GHO GH\

&XDGUR

7DULIDVGHORVIOHWHV PHGLDVGHOPHUFDGR HQODVWUHVSULQFLSDOHVUXWDVFRPHUFLDOHV


GHORVEXTXHVGHOtQHDUHJXODU
(QGyODUHVSRU7(8 

7UDQVSDFtILFD (XURSD$VLD 7UDQVDWOiQWLFD


 $VLD(VWDGRV (VWDGRV (XURSD $VLD (VWDGRV (XURSD(VWDGRV
8QLGRV 8QLGRV$VLD $VLD (XURSD 8QLGRV(XURSD 8QLGRV
      
3ULPHUWULPHVWUH      
9DULDFLyQSRUFHQWXDO      
6HJXQGRWULPHVWUH      
9DULDFLyQSRUFHQWXDO      
7HUFHUWULPHVWUH      
9DULDFLyQSRUFHQWXDO      
&XDUWRWULPHVWUH      
9DULDFLyQSRUFHQWXDO      
      
3ULPHUWULPHVWUH      
9DULDFLyQSRUFHQWXDO      
6HJXQGRWULPHVWUH      
9DULDFLyQSRUFHQWXDO      
7HUFHUWULPHVWUH      
9DULDFLyQSRUFHQWXDO      
&XDUWRWULPHVWUH      
9DULDFLyQSRUFHQWXDO      
      
3ULPHUWULPHVWUH      
9DULDFLyQSRUFHQWXDO      

1RWD ,QIRUPDFLyQ GH VHLV GH ODV SULQFLSDOHV QDYLHUDV GH EXTXHV GH OtQHD /DV WDULIDV FRPSUHQGHQ VLHPSUH WRGDV ODV SDUWLGDV LQFOXLGD OD SDUWH GHO
WUDQVSRUWHLQWHUPRGDOWHUUHVWUHHQVXFDVR7DPELpQVRQVLHPSUHSURPHGLRVGHWRGRVORVSURGXFWRVWUDQVSRUWDGRVSRUORVSULQFLSDOHVSRUWHDGRUHV/DV
WDULIDVKDVWDORV(VWDGRV8QLGRVRGHVGHHOORVVHUHILHUHQDODPHGLDGHODVWUHVFRVWDV/DVWDULIDVKDVWD(XURSD\GHVGHHOODVHUHILHUHQDOSURPHGLRGH
OD (XURSD VHSWHQWULRQDO \ OD PHGLWHUUiQHD /DV WDULIDV KDVWD $VLD \ GHVGH HOOD VH UHILHUHQ DO FRQMXQWR GH $VLD VXGRULHQWDO $VLD RULHQWDO \ HO
-DSyQ5HS~EOLFDGH&RUHD

(QODUXWDWUDQVSDFtILFDTXHHVODGHPD\RUYROXPHQ WUDPRSUHGRPLQDQWHGH$VLD$PpULFDGHO1RUWH(Q
GHWUiILFRGHODVWUHVSULQFLSDOHVODHYROXFLyQGHORV HVWDGLUHFFLyQODVWDULIDVVHFRQWUDMHURQHQHOSULPHU
IOHWHV HQ  IXH GHFHSFLRQDQWH VREUH WRGR HQ HO WULPHVWUH HO VHJXQGR \ HO FXDUWR FRQ OD H[FHSFLyQ


 ,9&RPHUFLR\PHUFDGRGHIOHWHV 

GHO WHUFHU WULPHVWUH HQ HO TXH KXER XQ DXPHQWR GH (VHyUJDQRHVWLPyTXHODVFRPSDxtDVGHVXVSDtVHV
 KDVWD  GyODUHV SRU 7(8 1R REVWDQWH GHVHPEROVDEDQ  PLOORQHV GH GyODUHV DQXDOHV
HVWD FLIUD IXH XQ SRFR LQIHULRU D ODV TXH VH SRU HVRV \ RWURV UHFDUJRV \ PDQLIHVWDURQ TXH
UHJLVWUDURQ HQ HO VHJXQGR VHPHVWUH GH  /D EXVFDUtDQXQDHVWUXFWXUDVHQFLOODSDUDODVWDULIDVGHO
HYROXFLyQ GH ODV WDULIDV HQ OD GLUHFFLyQ FRQWUDULD WUDQVSRUWH PDUtWLPR TXH FRPSUHQGLHVH HVDV \ RWUDV
GHVGH $PpULFD GHO 1RUWH D $VLD IXH OLJHUDPHQWH WDVDV 'RV PHVHV GHVSXpV HQ ,QGRQHVLD VH
PHMRUORVIOHWHVEDMDURQHQODSULPHUDPLWDGGHODxR DQXQFLDURQ UHGXFFLRQHV HQ ORV SDJRV SRU HVWLED
\OXHJRDXPHQWDURQXQKDVWDGyODUHVSRU GHVGH  D  GyODUHV SRU7(8 \ HQ HO UHFDUJR GH
7(8HQHOWHUFHUWULPHVWUH\VHPDQWXYLHURQHQHVH PDQLSXODFLyQ GHVGH  D  GyODUHV SRU 7(8 D
QLYHO KDVWD ILQDOHV GH  $ SULQFLSLRV GH HVWH FDPELR GH HOLPLQDU OD FRUUXSFLyQ /D PHGLGD VH
DxR HO $FXHUGR 7UDQVSDFtILFR GH (VWDELOL]DFLyQ DUELWUy D UDt] GH ODV LQYHVWLJDFLRQHV GHO 0LQLVWHULR
DSOLFyXQRVUHFDUJRVDORVFRQWHQHGRUHVSURFHGHQWHV GH 7UDQVSRUWH VREUH FRUUXSFLyQ HQ ORV SULQFLSDOHV
GH $VLD SRU HMHPSOR HO LQFUHPHQWR SRU SXHUWRV GHO SDtV \ GH ODV QHJRFLDFLRQHV FRQ
FRPEXVWLEOHSDUDORVFRQWHQHGRUHVGHSLHVVXELy WUDQVSRUWLVWDV H[WUDQMHURV SDUD UHGXFLU ODV WDVDV GH
GHVGH  D  GyODUHV UHFDUJR TXH SDUD HO PDQLSXODFLyQ FRQ HO SURSyVLWR GH IRPHQWDU OD
WUDQVSRUWH SRU WLHUUD SRU IHUURFDUULO LQWHUPRGDO R FRPSHWLWLYLGDGGHORVH[SRUWDGRUHV/DGHFLVLyQIXH
SRU FDUUHWHUD WDPELpQ DXPHQWy GHVGH  D  DFRJLGD FRQ VDWLVIDFFLyQ SRU HO &RQVHMR GH
GyODUHV SDUD HVH WLSR GH FRQWHQHGRUHV (Q HO WHUFHU $UPDGRUHV $VLiWLFRV SHUR GHMy SHUSOHMRV D ORV
WULPHVWUH HO $FXHUGR 7UDQVSDFtILFR GH GLULJHQWHVGHOVHFWRUTXHFXHVWLRQDURQVXOyJLFDHQ
(VWDELOL]DFLyQ HQ GLUHFFLyQ RHVWH HPSH]y D FREUDU XQDVXQWRFRPHUFLDOHQWUHSRUWHDGRUHV\FDUJDGRUHV
XQ JUDYDPHQ SRU HO FRQVXPR GH GLpVHO SDUD FXEULU (QOD,QGLDVHHVWDEDFRQVLGHUDQGRXQSUR\HFWRGH
ORV VXVWDQFLDOHV DXPHQWRV GH ORV JDVWRV SRU FyGLJR GHO WUDQVSRUWH PDUtWLPR SDUD ORJUDU XQDV
FRPEXVWLEOH HQ ORV PRYLPLHQWRV GH FDPLRQHV PHMRUHV UHODFLRQHV FRPHUFLDOHV HQWUH WUDQVSRUWLVWDV
UHODFLRQDGRVFRQODH[SRUWDFLyQHQ1RUWHDPpULFD \ XVXDULRV $ SULQFLSLRV GH  HO 0LQLVWHULR GH
&RPXQLFDFLRQHVGH&KLQDGLFWDPLQyTXHHOVLVWHPD
/DHYROXFLyQGHORVIOHWHVHQHOWUDPRSUHGRPLQDQWH GH WDVDV GH PDQLSXODFLyQYLJHQWH HQORVWHUPLQDOHV
HQ GLUHFFLyQ RHVWH GH OD UXWD $VLD(XURSD IXH OD HUD DQWLFRPSHWLWLYR PLHQWUDV HO &RQVHMR GH
SHRU /DV WDULIDV VH GHVSORPDURQ GXUDQWH WUHV $UPDGRUHV GH &KLQD PDQLIHVWy VX RSLQLyQ GH TXH
WULPHVWUHVVLELHQVHPDQWXYLHURQHQHOVHJXQGRHQ HVDV WDVDV IRUPDQ SDUWH GH ORV IOHWHV \ QR SRGtDQ
 GyODUHV SRU 7(8 (Q FRPSDUDFLyQ OD FRQVLGHUDUVHSRUVHSDUDGR
HYROXFLyQ GHO WUDPR (XURSD$VLD IXH EULOODQWH FRQ
XQRVLQFUHPHQWRVHQHOVHJXQGR\FXDUWRWULPHVWUHV  /DRIHUWD\GHPDQGDGHORVSULQFLSDOHV
HQ ORV IOHWHV GH  \  SDUD VLWXDUVH HQ  \ VHUYLFLRVGHOWUDQVSRUWHPDUtWLPR
GyODUHVSRU7(8UHVSHFWLYDPHQWH$ILQDOHVGH
DxR OD &RQIHUHQFLD GH )OHWHV GHO /HMDQR 2ULHQWH (QODGHPDQGDGHVHUYLFLRVFRQWHQHGRUL]DGRV
HPSH]y D DSOLFDU SRU YH] SULPHUD XQUHFDUJR HQOD VLJXLy DXPHQWDQGR 7RGDV ODV HVWLPDFLRQHV VREUH
HVWDFLyQ DOWD GH  GyODUHV SRU 7(8 \ VXELy ORV IOXMRV GH FDUJD HQ ODV WUHV SULQFLSDOHV UXWDV
SURSRUFLRQDOPHQWHPiVODVWDULIDVSDUDPHUFDQFtDV FRQWHQHGRUL]DGDV EDVDGDV HQ ODV FLIUDV SDUD ORV
GHEDMRYDORUWDOHVFRPRSURGXFWRVGHGHVHFKR SRU SULPHURVQXHYHPHVHVGHTXHVHLQGLFDQHQHO
HMHPSOR SDSHO SOiVWLFRV \ FKDWDUUD  FRQIRUPH VH FXDGUR  PRVWUDURQ VXELGDV (Q UHDOLGDG HVRV
LQFUHPHQWy OD  SUHVLyQ SDUD XQ UiSLGR DJUHJDGRV SXHGHQ RFXOWDU DOJXQDV DFWLYLGDGHV GH
UHSRVLFLRQDPLHQWRGHORVFRQWHQHGRUHVHQHO/HMDQR FRPHUFLR LQWUDUUHJLRQDO \ GH WUDQVERUGR 1R
2ULHQWH REVWDQWHUHYHODQODFRQVWDQWHH[SDQVLyQGHOWUiILFR
GHVGHHO/HMDQR2ULHQWHHVSHFLDOPHQWHGHVGH&KLQD
(Q VHSWLHPEUH HO &RQVHMR GH OD )HGHUDFLyQ GH FRQWLQHQWDOD$PpULFDGHO1RUWH\(XURSDDVtFRPR
$UPDGRUHVGHOD$6($1SODQWHyODFXHVWLyQGHODV XQD DFWLYLGDG TXH HV \D HVWDEOH D WUDYpV GHO
WDVDV GH PDQLSXODFLyQ FREUDGDV HQ ORV WHUPLQDOHV $WOiQWLFR


 (OWUDQVSRUWHPDUtWLPRHQ

&XDGUR

)OXMRVHVWLPDGRVGHFDUJDHQODVSULQFLSDOHVUXWDVFRPHUFLDOHV
(QPLOORQHVGH7(8 

7UDQVSDFtILFD $VLD(XURSD 7UDQVDWOiQWLFD


$xR $VLD(VWDGRV (VWDGRV8QLGRV (VWDGRV (XURSD(VWDGRV
$VLD(XURSD (XURSD$VLD
8QLGRV $VLD 8QLGRV(XURSD 8QLGRV
      
      
9DULDFLyQSRUFHQWXDO      

)XHQWH5HFRSLODFLyQGHODVHFUHWDUtDGHOD81&7$'FRQGDWRVGH&RQWDLQHULVDWLRQ,QWHUQDWLRQDORFWXEUHGHSiJ

(Q HO FRPHUFLR WUDQVSDFtILFR  UHJLVWUy XQD VXHUWH TXH OD QHFHVLGDG GH UHSRVLFLRQDU
FRQWLQXDFLyQ GHO DXJH GH DxRV DQWHULRUHV HQ FRQWHQHGRUHV YDFtRV GLVPLQX\y DXQTXH VLJXLy
SDUWLFXODU HQ GLUHFFLyQ HVWH (O IOXMR FRQVWDQWH GH VLHQGRDSUHFLDEOH(QFRQMXQWRDORODUJRGHODxRVH
ELHQHV LQGXVWULDOHV \ GH FRQVXPR GHVGH IiEULFDV ORJUy XQ PHMRUHTXLOLEULRGH RIHUWD \ GHPDQGD FRQ
UHXELFDGDV HQ &KLQD FRQWLQHQWDO \ RWURV SDtVHV XQD UHGXFFLyQ GH FDSDFLGDG GHO  DO WUDQVIHULU
DVLiWLFRV MXQWDPHQWH FRQ OD DSUHFLDFLyQ GHO GyODU DOJXQRV GHORV EXTXHV DODV UXWDV TXHVH GLULJHQ DO
HVWDGRXQLGHQVH VH WUDGXMR HQ XQ DXPHQWR GH GRV /HMDQR2ULHQWH3DUDHODxRVHHVWLPyODXWLOL]DFLyQ
GtJLWRVGHOFRPHUFLRHQGLUHFFLyQHVWH6LQHPEDUJR GH ORV EXTXHV HQ DSUR[LPDGDPHQWH HO  HQ
ORVYRO~PHQHVGHFDUJDHQODGLUHFFLyQFRQWUDULDQR GLUHFFLyQ RHVWH \ HQ HO  HQ GLUHFFLyQ HVWH
FUHFLHURQ DO PLVPR ULWPR \ ORV GHVHTXLOLEULRV GH $OJXQRVFDUJDGRUHVVHxDODURQGLILFXOWDGHVHQORJUDU
FRQWHQHGRUHVVHKLFLHURQPiVSURQXQFLDGRVLQFOXVR HVSDFLR SDUD VXV FDUJDPHQWRV HQ GLUHFFLyQ RHVWH
DXQTXHODFDUJDHQDPEDVGLUHFFLRQHVVHGLVWULEX\H SHUR D ILQDOHV GHO DxR FRPHQ]y D GHVSOHJDUVH PiV
DKRUDSRULJXDODORODUJRGHODxR(QVXFRQMXQWROD FDSDFLGDG FXDQGR HQ ODV UXWDV GHO /HMDQR 2ULHQWH
RIHUWD IXH PX\ D OD SDU GH OD GHPDQGD FRQ XQD HPSH]DURQ D RSHUDU EXTXHV QXHYRV \ RWURV VH
XWLOL]DFLyQGHEXTXHVTXHDOSDUHFHUVXSHUyHO UHFXSHUDURQSDUDODUXWDWUDQVDWOiQWLFD
HQ GLUHFFLyQ HVWH (O DXPHQWR GH OD RIHUWD VHORJUy
VXVWLWX\HQGREXTXHVPHQRUHVSRURWURVPD\RUHVHQ
XQ VHUYLFLR GH OD 1HZ :RUOG $OOLDQFH (Q OD UXWD (XURSD$VLD HO WUiILFR DXPHQWy PiV
SRUWDFRQWHQHGRUHV GH  7(8 UHHPSOD]DURQ DSULVDDWDVDVGHGRVGtJLWRVHQGLUHFFLyQRHVWH/D
WRGRV ORV GH  7(8 \ &KLQD 6KLSSLQJ KL]R OR PD\RUGHPDQGDHQHVDUXWDIXHPiVSURQXQFLDGDHQ
PLVPR DO XWLOL]DU HQ RWUR VHUYLFLR EXTXHV GH  HOVHJXQGRVHPHVWUHGH\FRQWULEX\yDODJXGR
7(8HQOXJDUGHORVGH7(8/RVWHPRUHVGH GHVHTXLOLEULR GH FRQWHQHGRUHV JHQHUDGR SRU XQDV
TXHVHUHSLWLHUDQORVHPERWHOODPLHQWRVHQSXHUWRVGH FDUJDV PiV OLJHUDV HQ GLUHFFLyQ RHVWH \ RWUDV PiV
&DOLIRUQLD FRQGXMHURQ D HVFDODV DGLFLRQDOHV HQ SHVDGDVHQGLUHFFLyQHVWH$OUHGHGRUGHOGHORV
SXHUWRV PiV DO QRUWH GH OD FRVWD \ HOOR LPSXOVy OD FDUJDPHQWRV KDFLD HO RHVWH GH OD &RQIHUHQFLD GH
GHPDQGD GH EXTXHV 7DPELpQ GHO RUGHQ GH XQ )OHWHV GHO /HMDQR 2ULHQWH SURFHGtD GH &KLQD \ ORV
TXLQWRGHODFDSDFLGDGVHGHVSOHJyHQODUXWDTXHQR VHUYLFLRV GH ORV WUDQVSRUWLVWDV PHGLDQWH FLUFXLWRV
UHTXLHUH WUDQVSRUWH WHUUHVWUH D WUDYpV GHO FDQDO GH DXPHQWDURQODFREHUWXUDGHOSDtVFRQPiVSXHUWRVGH
3DQDPi SDUD OOHJDU D SXHUWRV GH OD FRVWD HVWH GH HVFDOD$ILQDOHVGHDxRKDEtDGHHVRVFLUFXLWRV
$PpULFDGHO1RUWHGRQGHVHXELFDQPXFKRVFHQWURV FXELHUWRV SRU  EXTXHV GH ORV TXH  HUDQ GH
GH GLVWULEXFLyQ GH ORV JUDQGHV PLQRULVWDV GLPHQVLRQHVVXSHULRUHVDODVTXHSHUPLWHHOFDQDOGH
HVWDGRXQLGHQVHV (VRV PLVPRV GHVWLQRV VH 3DQDPiLQFOXLGRVFRQXQDFDSDFLGDGGHPiVGH
DOFDQ]DURQ WUDQVSRUWDQGR D WUDYpV GHO $WOiQWLFR  7(8 (O SULPHUR GH ORV PD\RUHV
FDUJDPHQWRVDVLiWLFRVSRUVHUYLFLRVGHVGHHO/HMDQR SRUWDFRQWHQHGRUHV HQ VHUYLFLR HO 3DPHOD GH 06&
2ULHQWH D (XURSD TXH GLVFXUUHQ SRU HO FDQDO GH GH7(8VHGHVSOHJyDPHGLDGRVGHHQ
6XH] HVD UXWD PLHQWUDV TXH RWURV WUDQVSRUWLVWDV PHQRUHV
FRPR 3,/ \ :DQ +DL HVWDEDQ XVDQGR EXTXHV GH
7(8GHFDSDFLGDG7DOFRPRLQGLFDHOFXDGUR
/D UXWD WUDQVDWOiQWLFD UHJLVWUy DXPHQWRV HQ VX ODSDUWHGHOD&RQIHUHQFLDGH)OHWHVGHO/HMDQR
FRPHUFLR GH XQ VROR GtJLWR /DV FRUULHQWHV 2ULHQWH HQ OD FDSDFLGDG HPSOHDGD GHVPLQX\y D
FRPHUFLDOHVHQHOWUDPRSUHGRPLQDQWHTXHVHGLULJH ORTXHVLJQLILFDTXHODSDUWHGHODVQDYLHUDV
D OD FRVWD HVWH GH 1RUWHDPpULFD VH LQFUHPHQWDURQ TXH QR SHUWHQHFHQ D OD &RQIHUHQFLD WDOHV FRPR
PHQRV TXH ODV TXH YDQ HQ GLUHFFLyQ FRQWUDULD GH +DQMLQ &KLQD 6KLSSLQJ (YHUJUHHQ &RVFR \ RWURV

 ,9&RPHUFLR\PHUFDGRGHIOHWHV 

DXPHQWy /RV VHUYLFLRV GH +DQMLQ FXHQWDQ FRQ GHVSOLHJDQXQDFDSDFLGDGPD\RUTXHODGH./LQH\


FDSDFLGDG VLPLODU D OD GH &0$&*01RUDVLD \ <DQJ0LQJ
RWURV PLHQWUDV TXH ORV GH &KLQD 6KLSSLQJ
&XDGUR

5HSDUWRGHODFDSDFLGDGHQHOWUiILFR(XURSD/HMDQR2ULHQWH

2SHUDGRU 0HGLDGRVGH 0HGLDGRVGH


*UDQG$OOLDQFH  
0DHUVN6HDODQG  
1HZ:RUOG$OOLDQFH  
&0$&*01RUDVLD\RWURV  
./LQH\<DQJ0LQJ  
7RWDO  

)XHQWH6HFUHWDUtDGHOD81&7$'FRQGDWRVGH/OR\G¶V6KLSSLQJ(FRQRPLVWVHSWLHPEUHGHSiJ

(Q ODV UXWDV VHFXQGDULDV 1RUWH6XU \ HQ ODV FRQJHVWLyQ HQ 'XUEDQ HO GHVWLQR GH FDVL WRGDV ODV
UHJLRQDOHV WDPELpQ KXER DXPHQWRV DSUHFLDEOHV GHO LPSRUWDFLRQHV DXPHQWy OD GHPDQGD GH EXTXHV \ VH
WUiILFR \ VH LPSXOVDURQ ORV IOXMRV KDVWD HQWRQFHV HVWLPD HQ  7(8 OD FDSDFLGDG TXH GXUDQWH HO
LQFLSLHQWHV HQ UXWDV PHQRUHV (O PRYLPLHQWR GH DxRDxDGLHURQODVQDYLHUDVSRUHMHPSOR06&LQLFLy
FRQWHQHGRUHV HQWUH $VLD QRURULHQWDO \ VXGRULHQWDO XQ VHUYLFLR QXHYR FRQ VHLV EXTXHV GH  7(8
VXELy  HQ GLUHFFLyQ VXU SHUR VyOR  HQ $GHPiVODFDSDFLGDGGHVSOHJDGDHQHVDUXWDVHYLR
GLUHFFLyQ QRUWH TXH HV HO WUDPR SUHGRPLQDQWH /D FRPSOHWDGD FRQ OD DVLJQDGD D ODV GH $VLDFRVWD HVWH
JUDQ DFWLYLGDG GH WUDQVERUGR HQ $VLD VXGRULHQWDO GH 6XGDPpULFD \ $VLDFRVWD RHVWH GH ÈIULFD GRQGH
FRQWLQXyDSHVDUGHSRFRVDXPHQWRVHQODFDSDFLGDG RSHUDEDQ VHUYLFLRV LQGHSHQGLHQWHV FRQ FDUiFWHU
GHORVEXTXHVSRUFDXVDGHTXHHOHOHYDGRQLYHOGHO SHQGXODU(QSDUWLFXODUODSULPHUDGHHVDVUXWDVWXYR
WRQHODMH IOHWDGR LPSHGtD TXH ORV WUDQVSRUWLVWDV FRQ LPSRUWDQFLD \D TXH ODV H[SRUWDFLRQHV GHO %UDVLO D
VHUYLFLRV GH HQODFH H[SDQGLHUDQ VXV VHUYLFLRV $VLDVHHVWLPDURQHQHQ7(8
VXVWDQFLDOPHQWH (O WUiILFR GHVGH $VLD D $XVWUDOLD
1XHYD =HODQGLD WDPELpQ FUHFLy D  WDVDV GH GRV (OWUiILFRGHFRQWHQHGRUHVHQWUH(XURSD\HO&DULEH
GtJLWRV SHUR IXH DEVRUELGR SRU ORV VHUYLFLRV \ 6XGDPpULFD FUHFLy HQ  SDUD FLIUDUVH HQ 
H[LVWHQWHV VREUH WRGR SRU ORV WUHV PD\RUHV PLOORQHVGH7(8(OWUDPRHQGLUHFFLyQQRUWHTXH
FRQVRUFLRV TXH XVDQ SRUWDFRQWHQHGRUHV GH  HV HO SUHGRPLQDQWH VH LQFUHPHQWy FRQ XQ  D
7(8 $OJXQD FDUJD GHVGH (XURSD D $XVWUDOLD XQD WDVD LQIHULRU DO TXH WLHQH VX RULJHQ HQ (XURSD
1XHYD =HODQGLD XWLOL]DED HVD UXWD PHGLDQWH TXH UHJLVWUy XQD VXELGD GHO  SDUD VLWXDUVH HQ
WUDQVERUGRVHQ$VLDVXGRULHQWDO(OUHWRUQRKDFLDHO  PLOORQHV GH 7(8 1DYLHUDV FRPR (XURVDO \
QRUWH GH FRQWHQHGRUHV YDFtRV VLQ HPEDUJR VH &DURQ UHRUJDQL]DURQ VXV RSHUDFLRQHV SDUD OOHJDU D
FRQYLUWLy HQ XQ PRWLYR GH SUHRFXSDFLyQ SDUD GHVWLQRV D OR ODUJR GH OD FRVWD RFFLGHQWDO GH
DOJXQRV SRUWHDGRUHV TXH WXYLHURQ TXH FRQWUDWDU 6XGDPpULFD FRQ EXTXHV GH  7(8 GH
YLDMHV DG KRF FRQ HVH ILQ UHFXUULHQGR RWURV D FDSDFLGDG OR TXH UHGXQGy WDPELpQ HQ FDSDFLGDG
FDUJDUORVHQHOSXHQWHGHJUDQHOHURV DGLFLRQDOGLVSRQLEOHSDUDGHVWLQRVHQHO&DULEH'HO
PLVPRPRGRWUDQVSRUWLVWDVPHQRUHVFRQEXTXHVGH
(OWUiILFRGHVGH$VLDD6XGiIULFDVHGHVHPSHxyD~Q  7(8 PHMRUDURQ VXV VHUYLFLRV HVSHFLDOL]DGRV
PHMRUFRQXQLQFUHPHQWRGHOHQGHVSXpV TXHXQHQGLIHUHQWHVGHVWLQRVHQ(XURSDFRQLVODVGHO
GHO LQFUHPHQWR GHO  HQ HO DxR DQWHULRU FXDQGR &DULEH\IDFLOLWDURQODLPSRUWDFLyQSRUHVWDV~OWLPDV
XQRV7(8VHGLULJLHURQDOVXU$OUHGHGRUGH GH ELHQHV DVLiWLFRV TXH VH UHH[SLGHQ D WUDYpV GHO
ORV GRV WHUFLRV GH HVH FRPHUFLR SURFHGtD GH &KLQD $WOiQWLFR
TXHH[SRUWDEDELHQHVGHFRQVXPRHQFRQWHQHGRUHVGH
WLSR FRQYHQFLRQDO GH  SLHV GH DOWXUD /RV  (OtQGLFHGHORVIOHWHVPDUtWLPRV
FDUJDPHQWRV HQ GLUHFFLyQ QRUWH HUDQ PiV SHVDGRV
SXOSD \ SURGXFWRV TXtPLFRV \ VH WUDQVSRUWDEDQ HQ (Q HO FXDGUR  SXHGH YHUVH OD HYROXFLyQ GH ORV
FRQWHQHGRUHVGHSLHVORTXHVHWUDGXMRHQPXFKR IOHWHVGHODVPHUFDQFtDVFDUJDGDVRGHVFDUJDGDVSRU
UHSRVLFLRQDPLHQWR GH FRQWHQHGRUHV YDFtRV /D EXTXHV GH OtQHD HQ SXHUWRV GHO VHFWRU

 (OWUDQVSRUWHPDUtWLPRHQ

$PEHUHV+DPEXUJRHQHO SHUtRGRGHD KLFLHURQDXQDWDVDPHQRUGHOHOORVHWUDGXMRHQ


(O tQGLFH JOREDO PHGLR GH  DXPHQWy  SXQWRV XQDGLVPLQXFLyQGHOFRHILFLHQWHGHOWUDQVSRUWHGHVGH
GHVGH HO QLYHO GH  D     ORTXH HQDHQ(OSUHFLRGHOFDIpGH
UHIOHMy HO DXPHQWR GH ODV WDULIDV HQ HO WUiILFR WDQWR &RORPELD H[SRUWDGR D (XURSD GHVGH SXHUWRV GHO
GH HQWUDGD FRPR GH VDOLGD (O tQGLFH PHGLR GH $WOiQWLFR\HO3DFtILFRDXPHQWyVXVWDQFLDOPHQWHGHO
HQWUDGDV FUHFLy  SXQWRV KDVWD  GXUDQWH HO DxR RUGHQ GHO  HQ HVH DxR VL ELHQ ORV IOHWHV VH
/DV FLIUDV PHQVXDOHV LQGLFDQ TXH ODV WDULIDV GXSOLFDURQHQHVDVGRVUXWDV&RPRFRQVHFXHQFLDGH
UHJLVWUDURQ FRQVWDQWHV PHMRUDV HQ HO VHJXQGR HVRV FDPELRV ORV FRHILFLHQWHV VH LQFUHPHQWDURQ D
VHPHVWUH UHIOHMDQGR HO PD\RU YROXPHQ SURFHGHQWH \UHVSHFWLYDPHQWH
GHO /HMDQR 2ULHQWH \ HQ PXFKD PHQRU PHGLGD D
WUDYpVGHO$WOiQWLFR(QHOWUiILFRGHVDOLGDVHOQLYHO '(67,0$&,Ï1'(/26&26726
PHGLRGHVXELySXQWRVSDUDVLWXDUVHHQ 727$/(6'(/26)/(7(6(1(/
$TXt WDPELpQ OD VHJXQGD PLWDG GHO DxR IXH PHMRU &20(5&,2081',$/
TXH OD SULPHUD FRQ XQ ~OWLPR WULPHVWUH
HVSHFLDOPHQWH EXHQR (VD VLWXDFLyQ UHIOHMy DOJXQD  /DVWHQGHQFLDVGHOYDORUGHODVLPSRUWDFLRQHV
DWHQXDFLyQ GHO JUDQ GHVHTXLOLEULR FRPHUFLDO HQ OD PXQGLDOHV\GHOFRVWRGHOWUDQVSRUWH
UXWD(XURSD/HMDQR2ULHQWH
(OFRPHUFLRLQWHUQDFLRQDOHQWUDxDVHUYLFLRVGLYHUVRV
 /RVIOHWHVGHORVEXTXHVGHOtQHDHQSRUFHQWDMH WDOHV FRPR DSURYLVLRQDPLHQWR SURGXFFLyQ
GHORVSUHFLRVGHDOJXQRVSURGXFWRVEiVLFRV FRPHUFLDOL]DFLyQ WUDQVDFFLRQHV \ WUDQVSRUWH \ HO
FRUUHVSRQGLHQWHIOXMRGHLQIRUPDFLyQ(QHOFXDGUR
(Q HO FXDGUR  ILJXUDQ GDWRV VREUH ODV WDULIDV GHO  VH SUHVHQWDQ HQ UHODFLyQ FRQ HO VHFWRU GHO
WUDQVSRUWHGHPHUFDQFtDVHQEXTXHVGHOtQHDUHJXODU WUDQVSRUWH HVWLPDFLRQHV VREUH ORV SDJRV WRWDOHV GH
HQSRUFHQWDMHGHORVSUHFLRVGHPHUFDGRGHDOJXQRV HVWH ~OWLPR SDUD ODV LPSRUWDFLRQHV \ VX FRVWR HQ
SURGXFWRV EiVLFRV \ HQ GHWHUPLQDGDV UXWDV SRUFHQWDMH GHO YDORU WRWDO GH HVWDV LPSRUWDFLRQHV
FRPHUFLDOHVSDUDFLHUWRVDxRVHQWUH\(Q SRUJUXSRVGHSDtVHV(QHOYDORUPXQGLDOGH
ODVOiPLQDVGHFDXFKRHODXPHQWRGHORVIOHWHV\ORV ODV LPSRUWDFLRQHV FLI  DXPHQWy  PLHQWUDV
UHFDUJRVSRUHOIDFWRUGHDMXVWHGHOFRPEXVWLEOHIXH TXH ORV IOHWHV WRWDOHV SDJDGRV SRU ORV VHUYLFLRV GHO
VXSHULRU DO LQFUHPHQWR GHOSUHFLRIRE PHGLR \ VH WUDQVSRUWHDXPHQWDURQXQFRPRUHIOHMRGHOD
WUDGXMRHQXQDVXELGDGHODSURSRUFLyQGHOFRVWRGHO WHQGHQFLD DO DO]D GH ORV IOHWHV YLJHQWHV GXUDQWH HO
WUDQVSRUWHUHVSHFWRGHORVSUHFLRVDOHQ DxR/DSDUWHGHORVIOHWHVPXQGLDOHVHQHOYDORUGH
(O SUHFLR IRE GHO \XWH FUHFLy GHO RUGHQ GH  ODVLPSRUWDFLRQHVVHPDQWXYRHQHQ(Q
PLHQWUDV ORV IOHWHV OR KLFLHURQ HQ XQ  HVWR HVDSDUWHHUDGHXQSRFRPHQRVTXHHO
H[SOLFDHODXPHQWRGHODSURSRUFLyQFLWDGDDO  UHJLVWUDGR HQ  /DV FRPSDUDFLRQHV
HQ  3DUD HO FDFDR HQ JUDQR SURFHGHQWH GH UHJLRQDOHV LQGLFDQ TXH HO FRVWR GH ORV IOHWHV HQ ODV
*KDQD KXER XQD UHGXFFLyQ PtQLPD GH ORV SUHFLRV LPSRUWDFLRQHV GH ORV SDtVHV GHVDUUROODGRV GH
GHO  FRQ XQD VXELGD HQ FDPELR GHO  HQ ORV HFRQRPtDGHPHUFDGRVLJXHVLHQGRLQIHULRUDOGHORV
IOHWHVGHVXHUWHTXHODSURSRUFLyQGHpVWRVUHVSHFWR SDtVHVHQGHVDUUROORFRQOLJHUDVIOXFWXDFLRQHVHQOD
GHORVSUHFLRVDXPHQWyGHHQDHQ GLIHUHQFLD HQWUH DPERV JUXSRV (Q  HO YDORU
(OSUHFLRFLIGHODFHLWHGHFRFRUHJLVWUyXQD WRWDO GH ODV LPSRUWDFLRQHV GH ORV SDtVHV
FDtGDGHOHQWUDVHOQRWDEOHLQFUHPHQWRGH GHVDUUROODGRV GH HFRQRPtD GH PHUFDGR DXPHQWy
DOUHGHGRUGHOHQHODxRDQWHULRUORTXHXQLGRD PLHQWUDVTXHHOFRVWRGHORVIOHWHVORKL]RHQ
ODVXELGDGHOGHORVIOHWHVHQUHGXQGyHQ XQ  DVt HO FRVWR GH HVWRV ~OWLPRV HQ
XQDSURSRUFLyQGHpVWRVUHVSHFWRGHORVSUHFLRVGHO SRUFHQWDMH GHO YDORU GH ODV LPSRUWDFLRQHV VXELy D
 VLPLODU D OD GH  /D SURSRUFLyQ GH ORV  HQ IUHQWHD HQ 
IOHWHVUHVSHFWRGHOORVSUHFLRVIREGHOWpFUHFLyGH SDUD ORV SDtVHV HQ GHVDUUROOR (VWD GLIHUHQFLD VH
DSRUFDXVDGHXQDVXELGDGHFDVLHO H[SOLFD VREUH WRGR SRU ODV HVWUXFWXUDV JOREDOHV GHO
HQ ODV WDULIDV GHOWUDQVSRUWH PDUtWLPR \ XQ DO]D GHO FRPHUFLR ODV LQIUDHVWUXFWXUDV UHJLRQDOHV ORV
HQORVSUHFLRVHQ(OSUHFLRGHOFDIpTXHVH VLVWHPDV ORJtVWLFRV \ ODV HVWUDWHJLDV GH GLVWULEXFLyQ
HQYtD GHVGH HO %UDVLO D (XURSD DXPHQWy HQ XQ PiV HILFDFHV GH ORV SRUWHDGRUHV GH ORV SDtVHV
QRWDEOH  HQ HO  PLHQWUDV TXH ORV IOHWHV OR GHVDUUROODGRVGHHFRQRPtDGHPHUFDGR


 ,9&RPHUFLR\PHUFDGRGHIOHWHV 

&XDGUR

ËQGLFHVGHORVIOHWHVGHORVEXTXHVGHOtQHDUHJXODU
&LIUDVPHQVXDOHV  

ËQGLFHJHQHUDO ËQGLFHGHODVHQWUDGDV ËQGLFHGHODVVDOLGDV


0HV
        
(QHUR         
)HEUHUR         
0DU]R         
$EULO         
0D\R         
-XQLR         
-XOLR         
$JRVWR         
6HSWLHPEUH         
2FWXEUH         
1RYLHPEUH         
'LFLHPEUH         
3URPHGLRDQXDO         

)XHQWH 5HFRSLODFLyQ GH OD VHFUHWDUtD GH OD 81&7$' FRQ HO ËQGLFH GH %XTXHV GH /tQHD GHO 0LQLVWHULR DOHPiQ GH 7UDQVSRUWH
&iOFXORVPHQVXDOHVSRQGHUDGRVGHORVIOHWHVSDUDFDUJDVHPEDUFDGDVRGHVHPEDUFDGDVSRUEXTXHVGHOtQHDGHFXDOTXLHUSDEHOOyQHQ
SXHUWRVGHOVHFWRU$PEHUHV+DPEXUJR

&XDGUR

3URSRUFLyQGHODVWDULIDVGHORVIOHWHVGHORVEXTXHVGHOtQHDUHJXODUUHVSHFWR
GHORVSUHFLRVGHDOJXQRVSURGXFWRV

7DULIDVHQSRUFHQWDMHGHOSUHFLRD
3URGXFWR 5XWD
     
&DXFKR 6LQJDSXU0DODVLD(XURSD      
<XWH %DQJODGHVK(XURSD      
&DFDRHQJUDQR *KDQD(XURSD      
$FHLWHGHFRFR 6UL/DQND(XURSD   QG   
7p 6UL/DQND(XURSD      
&DIp %UDVLO(XURSD      
&DIp &RORPELD $WOiQWLFR (XURSD      
&DIp &RORPELD 3DFtILFR (XURSD      

)XHQWH5HFRSLODFLyQGHODVHFUHWDUtDGHOD81&7$'FRQGDWRVGHOD$VRFLDFLyQ5HDOGH1DYLHURVGHORV3DtVHV%DMRV GDWRVGH 
\GHODVFRQIHUHQFLDVGHODVUXWDVVHxDODGDV GDWRVGH 
D
3DUDHOFDIp %UDVLO(XURSD\&RORPELD(XURSD \HODFHLWHGHFRFRVHLQGLFDQSUHFLRVFLI FRVWRVHJXUR\IOHWH 3DUDHOFDFDRHQJUDQR
*KDQD(XURSD  VH GDQ ORV SUHFLRV GLDULRV PHGLRV GH /RQGUHV 3DUD HO Wp VH LQGLFDQ ORV SUHFLRV GH VXEDVWD HQ .HQ\D /RV GH ORV GHPiV
SURGXFWRVVRQIRE/DVWDULIDVGHORVIOHWHVLQFOX\HQFXDQGRH[LVWHQORVUHFDUJRVSRUFRPEXVWLEOH\ORVIDFWRUHVGHDMXVWHPRQHWDULR\XQ
UHFDUJRSRUOLPSLH]DGHODVFLVWHUQDV VyORSDUDHODFHLWHGHFRFR /DFRQYHUVLyQGHODVWDULIDVDRWUDVPRQHGDVVHEDVDHQODVSDULGDGHVTXH
ILJXUDQ HQ HO &RPPRGLW\ 3ULFH %XOOHWLQ SXEOLFDGR SRU OD 81&7$' /DV WDULIDV DQXDOHV VH FDOFXODURQ SURPHGLDQGR GLYHUVRV FRQWLQJHQWHV
IOHWDGRV GXUDQWH HO DxR SRQGHUDGRV SRU VX GXUDFLyQ 3DUD HO SHUtRGR GH  D  ORV SUHFLRV GH ORV SURGXFWRV VH KDQ WRPDGR GH OD
SXEOLFDFLyQFLWDGDGHOD81&7$' YpDVHODSiJLQDZHEGHHVWD~OWLPD 

 7HQGHQFLDVUHJLRQDOHV LQDGHFXDGDV HQ SDUWLFXODU HQ OR TXH VH UHILHUH DO
WUDQVSRUWH HQ WUiQVLWR \ OD EDMD SURGXFWLYLGDG GHO
/RV FRVWRV WRWDOHV GHO WUDQVSRUWH HQ ORV SDtVHV HQ WUDQVSRUWHWHUUHVWUH
GHVDUUROOR FUHFLHURQ VyOR XQ  HQ  'HQWUR
GH HVWH JUXSR ORV SDtVHV HQ GHVDUUROOR DIULFDQRV
UHJLVWUDURQXQSHTXHxRGHVFHQVRGHOHQ $ ORV SDtVHV HQ GHVDUUROOR GH $VLD FRUUHVSRQGLy HO
DOHQ(VWRVHGHELyDPHMRUDVVRVWHQLGDV GHOYDORUGHODVLPSRUWDFLRQHV\HOGH
HQ OD PDQLSXODFLyQ GH OD FDUJD HQ ORV WHUPLQDOHV ORVIOHWHVSDJDGRVSRUWRGRVORVSDtVHVHQGHVDUUROOR
TXH FRPSHQVDQ OD LQVXILFLHQFLD GH ODV HQIUHQWHD\UHVSHFWLYDPHQWHHQ
LQIUDHVWUXFWXUDV \ ODV SUiFWLFDV GH JHVWLyQ  /D SURSRUFLyQ GHO WUDQVSRUWH UHVSHFWR GH ORV

 (OWUDQVSRUWHPDUtWLPRHQ

SUHFLRV GH ODV LPSRUWDFLRQHV KD IOXFWXDGR HQ HVWD /RVSHTXHxRVSDtVHVLQVXODUHVGH2FHDQtDVLJXLHURQ


UHJLyQHQWRUQRDOGHVGH WHQLHQGR OD PD\RU SURSRUFLyQ GH WRGRV ORV SDtVHV
HQ   HODxR DQWHULRU  /DVODUJDV
(QORVSDtVHVHQGHVDUUROORGH$PpULFDHVDSURSRUFLyQ GLVWDQFLDVTXHORVVHSDUDQGHVXVSULQFLSDOHVVRFLRV
DXPHQWyDOHQIUHQWHDOHQ/RV FRPHUFLDOHV ORV EDMRV YRO~PHQHV GH FDUJD \ ORV
SDtVHVHQGHVDUUROORGH(XURSDUHJLVWUDURQXQPRGHVWR DOWRV JDVWRV GH WUDQVERUGR \ HQODFH FRQWULEX\HQ D
DXPHQWRDOGHVGHHOGH HOHYDUORVFRVWRVGHWUDQVSRUWH

&XDGUR

(VWLPDFLyQGHOFRVWRWRWDOGHOWUDQVSRUWHGHODVLPSRUWDFLRQHV
HQHOFRPHUFLRPXQGLDODSRUJUXSRVGHSDtVHV
(QPLOHVGHPLOORQHVGHGyODUHV 

(VWLPDFLyQGHOFRVWR 9DORUGHODV &RVWRGHOWUDQVSRUWHHQ


$xR *UXSRGHSDtVHV WRWDOGHOWUDQVSRUWHGH LPSRUWDFLRQHV SRUFHQWDMHGHOYDORUGH
ODVLPSRUWDFLRQHV FLI  ODVLPSRUWDFLRQHV
 7RWDOPXQGLDO   
 3DtVHVGHVDUUROODGRVGHHFRQRPtDGH
  
PHUFDGR
 7RWDOGHSDtVHVHQGHVDUUROOR   
 GHORVFXDOHVHQ   
  ÈIULFD   
  $PpULFD   
  $VLD   
  (XURSD   
  2FHDQtD   
 7RWDOPXQGLDO   
 3DtVHVGHVDUUROODGRVGHHFRQRPtDGH   
PHUFDGR
 7RWDOGHSDtVHVHQGHVDUUROOR   
 GHORVFXDOHVHQ   
  ÈIULFD   
  $PpULFD   
  $VLD   
  (XURSD   
  2FHDQtD   
 7RWDOPXQGLDO   
 3DtVHVGHVDUUROODGRVGHHFRQRPtDGH   
PHUFDGR
 7RWDOGHSDtVHVHQGHVDUUROOR   
 GHORVFXDOHVHQ   
  ÈIULFD   
  $PpULFD   
  $VLD   
  (XURSD   
  2FHDQtD   


 ,9&RPHUFLR\PHUFDGRGHIOHWHV 

&XDGUR FRQWLQXDFLyQ 

(VWLPDFLyQGHOFRVWR 9DORUGHODV &RVWRGHOWUDQVSRUWHHQ


$xR *UXSRGHSDtVHV WRWDOGHOWUDQVSRUWHGH LPSRUWDFLRQHV SRUFHQWDMHGHOYDORUGH
ODVLPSRUWDFLRQHV FLI  ODVLPSRUWDFLRQHV
 7RWDOPXQGLDO   
 3DtVHVGHVDUUROODGRVGHHFRQRPtDGH   
PHUFDGR
 7RWDOGHSDtVHVHQGHVDUUROOR   
 GHORVFXDOHVHQ   
  ÈIULFD   
  $PpULFD   
  $VLD   
  (XURSD   
  2FHDQtD   

)XHQWH(VWLPDFLRQHVGHODVHFUHWDUtDGHOD81&7$'EDVDGDVHQGDWRVGHLPSRUWDFLRQHVGHPHUFDQFtDVGHODSXEOLFDFLyQGHOD81&7$'+DQGERRN
RI6WDWLVWLFV FXDGUR \HQLQIRUPDFLyQVREUHIOHWHV\VHJXURVGH)0,%DODQFHRI3D\PHQWV6WDWLVWLFVRQ&'520 HQHURGH 
D
/RVGDWRVGHHVWHFXDGURQRVRQFRPSDUDEOHVFRQORVSXEOLFDGRVHQHGLFLRQHVDQWHULRUHVGHHVWDSXEOLFDFLyQSRUFDXVDGHORVFDPELRVHQIXHQWHV\
PHWRGRORJtD /RV WRWDOHV PXQGLDOHV FRPSUHQGHQ WRGRV ORV SDtVHV SHUR ORV  DJUHJDGRV UHJLRQDOHV GH ODV LPSRUWDFLRQHV \ HO FRVWR GH VX WUDQVSRUWH
GXUDQWHORV~OWLPRVDxRVSRGUtDQHVWDUGLVWRUVLRQDGRVHQUD]yQGHODOHQWLWXGFRQTXHLQIRUPDQDOJXQRVSDtVHV/DHVWLPDFLyQGHOFRVWRGHORVIOHWHV
REWHQLGDFRQGDWRVGHODVEDODQ]DVGHSDJRVVHVXHOHQFRQVLGHUDUDOJRLQIHULRUHVDORVFRVWRVUHDOHV/DVHVWLPDFLRQHVGHHVWRV~OWLPRVHQSRUFHQWDMH
GHOYDORUGHODVLPSRUWDFLRQHVVRQPHGLDVSRQGHUDGDV

*UiILFR

(VWLPDFLyQGHORVFRVWRVWRWDOHVGHORVIOHWHVGHODVLPSRUWDFLRQHV
HQHOFRPHUFLRPXQGLDOSRUJUXSRVGHSDtVHV


7RWDOGHORVIOHWHVHQSRUFHQWDMHGHOWRWDOGHLPSRUWDFLRQHV










   

7RWDOPXQGLDO 3'(0 3DtVHVHQGHVDUUROOR



)XHQWH&XDGUR




&DStWXOR

'(6$552//232578$5,2

(VWHFDStWXORWUDWDGHOPRYLPLHQWRGHORVSXHUWRVGHFRQWHQHGRUHVGHORVSDtVHVHQGHVDUUROORGHODVPHMRUDV
HQHOGHVHPSHxRSRUWXDULRGHORVFDPELRVLQVWLWXFLRQDOHVHQORVSXHUWRV\GHODVPHGLGDVGHVHJXULGDGTXH
VHKDQDGRSWDGRHQHOORV

$75È),&232578$5,2'( DxR D RWUR SRU FDXVD D YHFHV GH ODV IXHUWHV


&217(1('25(6 IOXFWXDFLRQHV GHO WUiILFR FRPR HQ HO FDVR GHO
WUDQVERUGR \ D YHFHV SRU XQD PHMRU FRPXQLFDFLyQ
(Q HO FXDGUR  ILJXUDQ ODV ~OWLPDV FLIUDV GHORVGDWRVRSRUODIDOWDGHpVWRVHQDOJXQRVDxRV
GLVSRQLEOHV GHO WUiILFR PXQGLDO FRPXQLFDGR GH ORV
SXHUWRV GH FRQWHQHGRUHV HQ ORV SDtVHV \ WHUULWRULRV 3DUD HO DxR  VH GLVSRQH GH FLIUDV SUHOLPLQDUHV
HQGHVDUUROORGXUDQWHHOSHUtRGRGHD(O VREUH ORV  SXHUWRV GH FRQWHQHGRUHV PiV
FUHFLPLHQWR GHO WUiILFR PXQGLDO GH FRQWHQHGRUHV LPSRUWDQWHV GHO PXQGR FX\RV UHVXOWDGRV VH
WRWDO GH PRYLPLHQWRV PHGLGRV HQ 7(8  DXPHQWy H[SRQHQHQHOFXDGUR(OWUiILFRGHFRQWHQHGRUHV
HQ XQ QRWDEOH  HQ  6H WUDWD GH XQ HQHVRVSXHUWRVDVFHQGLyDPLOORQHVGH7(8
FUHFLPLHQWR GHO RUGHQ GH XQD PLWDG PiV TXH HO WUDV UHJLVWUDU XQ FUHFLPLHQWR GH GRV GtJLWRV HQ ORV
UHJLVWUDGRHODxRDQWHULRUTXHIXHGHO\UHIOHMD GRVDxRVDQWHULRUHV(QODOLVWDILJXUDEDQSXHUWRV
ODFRQWLQXDH[SDQVLyQGHORVEXTXHVGHOtQHDUHJXODU GH SDtVHV \ WHUULWRULRV HQ GHVDUUROOR \ GH SDtVHV
HQ  (Q HVH DxR HO PRYLPLHQWR IXH GH  VRFLDOLVWDV GH $VLD PLHQWUDV ORV  UHVWDQWHV VH
PLOORQHV GH 7(8 FRQ XQ DXPHQWR DQXDO GH  HQFRQWUDEDQHQSDtVHVGHVDUUROODGRVGHHFRQRPtDGH
PLOORQHV GH 7(8 GHVGH HO QLYHO GH  GH  PHUFDGR 'H pVWRV KDEtD  HQ (XURSD \  HQ ORV
PLOORQHV (VWDGRV 8QLGRV &DWRUFH SXHUWRV HVWDEDQ XELFDGRV
HQ$VLDGHHOORVHQ&KLQDHQ$VLDVXGRULHQWDO
/DWDVDGHFUHFLPLHQWRGHORVSDtVHV\WHUULWRULRVHQ  HQ $VLD RFFLGHQWDO \ RWUR HQ $VLD RULHQWDO 3RU
GHVDUUROOR IXH GHO  FRQ XQ WUiILFR SXHUWRV FKLQRV GLVFXUUtD HO  GHO PRYLPLHQWR
GHPLOORQHVGH7(8TXHUHSUHVHQWDHO PXQGLDO
GHOWRWDOPXQGLDO(VDWDVDIXHLQIHULRUDODORJUDGD
HQ  XQ FRQVLGHUDEOH FXDQGR HOWUiILFR 6LQJDSXU UHFXSHUy OD SULPHUD SRVLFLyQ GHVSXpV GH
HQORVSDtVHVHQGHVDUUROORIXHGHPLOORQHVGH VHLV DxRV FRQ XQD EXHQD WDVD GH FUHFLPLHQWR GHO
7(8 +XER  SDtVHV FRQ FUHFLPLHQWRV GH GRV PLHQWUDV+RQJ.RQJ &KLQD SDVyDOVHJXQGR
GtJLWRV HQ  \  GH XQ WRWDO GH  TXH OXJDU HQ UD]yQ GH XQD PRGHVWD WDVD GH LQFUHPHQWR
UHJLVWUDQ PRYLPLHQWRV VXSHULRUHV D  7(8 GH/RVSXHUWRVGH&KLQDFRQWLQHQWDOVLJXLHURQ
(VRV SDtVHV IXHURQ 0DODVLD ORV (PLUDWRV ÈUDEHV UHJLVWUDQGR UHVXOWDGRV PX\ QRWDEOHV 6KDQJKDL \
8QLGRV HO %UDVLO 7DLODQGLD OD $UDELD 6DXGLWD 6KHQ]KHQ SUHVHQWDURQ XQRV QRWDEOHV DXPHQWRV GH
2PiQ 3DQDPi 6UL /DQND OD 5HS~EOLFD ,VOiPLFD  \  UHVSHFWLYDPHQWH /RV WUHV SXHUWRV
GHO ,UiQ ODV %DKDPDV HO 3DNLVWiQ *XDWHPDOD VLJXLHQWHVORJUDURQPDQWHQHUVXVSXHVWRVHQODOLVWD
+RQGXUDV HO 8UXJXD\ .HQ\D OD 5HS~EOLFD 8QLGD GHVSXpVGHSUHVHQWDUUHVXOWDGRVFRQWUDSXHVWRVHQHO
GH7DQ]DQtDHO6XGiQ4DWDU\HO7RJR/DWDVDGH FUHFLPLHQWR GH VX WUiILFR %XVDQ TXH H[SHULPHQWy
FUHFLPLHQWR GH ORV SDtVHV HQ GHVDUUROOR YDUtD GH XQ XQD PRGHVWD PHMRUD .DRVKLXQJ TXH WXYR XQD


 (OWUDQVSRUWHPDUtWLPRHQ

FDtGD \ 5RWWHUGDP GRQGH KXER XQ FUHFLPLHQWR GH 7DQMXQJ 3HOHSDV EDMy WUHV SXHVWRV  1XHYD <RUN
GRV GtJLWRV +DPEXUJR \ 'XEDL VXSHUDURQ D /RV GRV SXHVWRV  \ $PEHUHV 3RUW .ODQJ \ /DHP
ÈQJHOHVTXHSDVyGHODRFWDYDDODGpFLPDSRVLFLyQ &KDEDQJ XQ SXHVWR FDGD XQR  8Q SXHUWR TXH
SRU FDXVD GH XQ UHGXFLGR DXPHQWR GHO WUiILFR GHO DSDUHFtD SRU SULPHUD YH] *XDQJ]KRX SDVy D
 IUHQWH D OD WDVD GH GRV GtJLWRV UHJLVWUDGD SRU RFXSDUHOžSXHVWR
ORVRWURVGRVSXHUWRV'HORVGLH]UHVWDQWHVSXHUWRV
1LQJER \ 7LDQMLQ DYDQ]DURQ GRV SXHVWRVFDGD XQR (VWRVSXHUWRVSULQFLSDOHVUHSUHVHQWDURQHO
PLHQWUDV /RQJ %HDFK \ 4LQJGDR OR KLFLHURQ HQ XQ GHO WUiILFR SRUWXDULR PXQGLDO GH FRQWHQHGRUHV HQ
SXHVWR 2WURV SHUGLHURQ SRVLFLRQHV HQ OD OLVWD  HQ 
&XDGUR

(OWUiILFRGHORVSXHUWRVGHFRQWHQHGRUHVGHSDtVHV\WHUULWRULRV
HQGHVDUUROORHQ\
(Q7(8 

9DULDFLyQ 9DULDFLyQ
3DtVRWHUULWRULR    SRUFHQWXDO SRUFHQWXDO
 
+RQJ.RQJ &KLQD      
6LQJDSXU     
5HS~EOLFDGH&RUHD     
0DODVLD     
(PLUDWRVÈUDEHV8QLGRV     
,QGRQHVLD     
%UDVLO     
7DLODQGLD     
,QGLD     
)LOLSLQDV     
$UDELD6DXGLWD     
2PiQ     
3DQDPi     
6UL/DQND     
0p[LFR     
0DOWD     
&KLOH     
(JLSWR     
-DPDLFD     
$UJHQWLQD     
,UiQ 5HS,VOiPLFDGHO      
%DKDPDV     
3DNLVWiQ     
&RORPELD     
9HQH]XHOD     
*XDWHPDOD     
&RVWD5LFD     
3HU~     
&{WHG
,YRLUH     
(FXDGRU     
0DUUXHFRV   QG  QG
+RQGXUDV     
5HS~EOLFD'RPLQLFDQD     
1LJHULD   QG  QG
8UXJXD\     
.HQ\D     
/tEDQR     
*KDQD   QG  QG
-RUGDQLD     
6HQHJDO   QG  QG
<HPHQ     
&KLSUH     
0DXULFLR     
5HS~EOLFD8QLGDGH7DQ]DQtD     
&XED     
$QJROD   QG  QG

 9'HVDUUROORSRUWXDULR 

&XDGUR FRQWLQXDFLyQ 

9DULDFLyQ 9DULDFLyQ
3DtVRWHUULWRULR    SRUFHQWXDO SRUFHQWXDO
 
6XGiQ     
%DKUHLQ     
5HXQLyQ     
4DWDU     
7RJR     
'MLERXWL     
(VORYHQLD     
*XDP     
*XDGDOXSH     
0DGDJDVFDU   QG  QG
7RWDO     
2WURVFRPXQLFDGRD     
7RWDOFRPXQLFDGRE     
7RWDOPXQGLDO     

)XHQWH&XDGURUHFRSLODGRFRQLQIRUPDFLyQTXHILJXUDHQ&RQWDLQHULVDWLRQ,QWHUQDWLRQDO<HDUERRN\FRQGDWRVUHFDEDGRVSRU
ODVHFUHWDUtDGHOD81&7$'GLUHFWDPHQWHGHRSHUDGRUHVGHWHUPLQDOHV\DXWRULGDGHVSRUWXDULDV
D
 &RPSUHQGH SDtVHV \ WHUULWRULRV HQ GHVDUUROOR TXH FRPXQLFDURQ PHQRV GH  7(8 SRU DxR R GRQGH VH DGYLUWLy XQD IDOWD
VXVWDQFLDOGHGDWRV
E
&LHUWRVSXHUWRVQRUHVSRQGLHURQDODHQFXHVWD6LELHQQRHUDQORVSXHUWRVPD\RUHVODVRPLVLRQHVWRWDOHVSXHGHQHVWLPDUVHHQWUHHO\HO

&XDGUR

/RVSULQFLSDOHVWHUPLQDOHVGHFRQWHQHGRUHV\VXPRYLPLHQWR
(QPLOORQHVGH7(8\YDULDFLyQSRUFHQWXDO 

0LOORQHVGH7(8 9DULDFLyQSRUFHQWXDO
3XHUWR
    
6LQJDSXU     
+RQJ.RQJ &KLQD      
6KDQJKDL     
6KHQ]KHQ     
%XVDQ     
.DRVKLXQJ     
5RWWHUGDP     
+DPEXUJR     
'XEDL     
/RVÈQJHOHV     
/RQJ%HDFK     
$PEHUHV     
4XLQJGDR     
3RUW.ODQJ     
1LQJER     
7LDQMLQ     
1XHYD<RUN     
*XDQJ]KRX     
7DQMXQJ3HOHSDV     
/DHP&KDEDQJ     
7RWDOGHORVSULQFLSDOHV     

)XHQWH&RQWDLQHULVDWLRQ,QWHUQDWLRQDOPDU]RGHSiJ


 (OWUDQVSRUWHPDUtWLPRHQ

% 0(-25$6(1(/'(6(03(f2 FRUUHFWRUDV 7DPELpQ SDUD DWHQGHU DO FRPHUFLR


32578$5,2 LQWHUQDFLRQDO VH GHVLJQDURQ  SXHUWRV GH HQODFH
JHVWLRQDGRV SRU FRPSDxtDV FRPHUFLDOHV SRU
(QORVSULQFLSDOHVSXHUWRVVHxDODURQDXPHQWRV HMHPSOR 3HOLQGR  FRQ XQ JUDQ Q~PHUR GH SXHUWRV
VLQ SUHFHGHQWHV HQ VX WUiILFR 6KDQJKDL FRPXQLFy QDFLRQDOHV \ UHJLRQDOHV EDMR OD MXULVGLFFLyQ GH
 PLOORQHV GH WRQHODGDV GH FDUJD VXSHUDQGR D DXWRULGDGHV ORFDOHV TXH VH FHQWUDUtDQ HQ HO WUiILFR
6LQJDSXUTXHUHJLVWUyPLOORQHV(VWH~OWLPRVLQ LQWHUQR
HPEDUJRPDQWXYRODSULPHUDSRVLFLyQSRUWRQHODMH
GH EXTXHV FRQ  PLOORQHV GH DUTXHR EUXWR (QVHWRPDURQGLVSRVLFLRQHVHQYDULRVSXHUWRV
GHVSXpV GH XQ LQFUHPHQWR DQXDO GH  (Q TXHHQEXHQDPHGLGDORJUDURQHYLWDUTXHVHUHSLWLHUD
(XURSD 5RWWHUGDP UHJLVWUy XQ LQFUHPHQWR GHO  OD FRQJHVWLyQ UHJLVWUDGD HO DxR DQWHULRU
HQ HO WUiILFR GH FDUJD KDVWD PLOORQHV GH (PSOHDGRUHVGHORVSXHUWRVGH/RVÈQJHOHV\/RQJ
WRQHODGDV \ ORV  SXHUWRV S~EOLFRV HVSDxROHV %HDFK GHFLGLHURQ HQ FRQVXOWD FRQ HO VLQGLFDWR GH
DOFDQ]DURQ XQD FLIUD VLQ SUHFHGHQWHV GH WUDEDMDGRUHV GH PXHOOHV \ DOPDFHQHV  ,QWHUQDWLRQDO
PLOORQHV GH WRQHODGDV7DPELpQ GXUDQWH HO DxR VH /RQJVKRUH DQG :DUHKRXVH 8QLRQ ,/:8 
VHxDODURQ UpFRUGV GH SURGXFWLYLGDG HQ %XVDQ FRQWUDWDU  WUDEDMDGRUHV WHPSRUHURV HQ
5HS~EOLFD GH &RUHD  HQ XQ WHUPLQDO GH WHUPLQDOHV GH HVRV SXHUWRV 7DPELpQ OD
FRQWHQHGRUHV JHVWLRQDGR SRU +3+ (Q MXQLR VH GLVSRQLELOLGDG GH XQD OLVWD GH  SHUVRQDV
FDUJDURQ  FRQWHQHGRUHV SRU KRUD HQ XQ EXTXH LQWHUHVDGDVHQWUDEDMDUHQORVPXHOOHVGLRFRQILDQ]D
XWLOL]DQGR FXDWUR JU~DV \ GLVSRVLWLYRV JHPHORV GH HQTXHORVWHUPLQDOHVVHUtDQFDSDFHVGHVHUYLUDORV
L]DGD \ HQ RFWXEUH VH VHxDOy XQ QXHYR UpFRUG EXTXHVDGHFXDGDPHQWH(QWUHODVPHGLGDVSUiFWLFDV
FXDQGRVHFDUJDURQFRQWHQHGRUHVSRUKRUDHQHO DSOLFDGDV HQ HVRV SXHUWRV HQ HO VHJXQGR VHPHVWUH
.07&6KDQJKDL GHODxRILJXUDURQODUHGXFFLyQGHOWLHPSRGHWUiQVLWR
HQ DOPDFpQ GH ORV FRQWHQHGRUHV LPSRUWDGRV GHVGH
(ODIiQSRUORJUDUXQDPHMRUSURGXFWLYLGDGFRQGXMR FLQFR D FXDWUR GtDV \ GH DTXHOORV TXH VH H[SRUWDQ
D XVDU FDUUHWLOODVSyUWLFR DXWRPDWL]DGDV HQ HO GHVGHVLHWHDVHLVGtDVDVtFRPRHOHVWDEOHFLPLHQWR
WHUPLQDO GH FRQWHQHGRUHV HQ OD ,VOD )LVKHUPDQ HQ GHO VLVWHPD 3LHU3DVV SRU HO TXH DOUHGHGRU GHO 
%ULVEDQH $XVWUDOLD  (O RSHUDGRU GHO WHUPLQDO GHOWUiILFRSRUFDUUHWHUDUHODFLRQDGRFRQORVSXHUWRV
3DWULFN \ HO IDEULFDQWH GHO HTXLSR .DOPDU KDEtDQ VHKDUtDGXUDQWHODQRFKH\HQORVILQHVGHVHPDQD
HVWDGRHQVD\DQGRHOVLVWHPDGHVGHHODxRTXH
/DV PHGLGDV WDPELpQ VH UHIHUtDQ DO WUDQVSRUWH
ILQDOPHQWH HPSH]y D XWLOL]DUVH HQ GLFLHPEUH GH
WHUUHVWUH8QDJUDQFRPSDxtDGHFDPLRQHVTXHRSHUD
 (O WHUPLQDO GH  KD TXH FRPSUHQGH WUHV
HQ YDULRV SXHUWRV GH OD FRVWD RFFLGHQWDO GH ORV
PXHOOHVRSHUDSHUPDQHQWHPHQWHFRQFDUUHWLOODV
(VWDGRV 8QLGRV DERUGy OD HVFDVH] GH FRQGXFWRUHV
SyUWLFR TXH QR QHFHVLWDQ SHUVRQDO \ IXQFLRQDQ HQ
RFDVLRQDGD SRU XQRV EDMRV VDODULRV PHGLDQWH HO
FXDOHVTXLHUD FRQGLFLRQHV FOLPiWLFDV (VH DIiQ
RIUHFLPLHQWR GHSUHVWDFLRQHV HQ PDWHULD GHVDOXG \
WDPELpQ HQWUDxy FDPELRV HQ ODV  SUiFWLFDV \
OD FRQWUDWDFLyQ GH SHUVRQDO VLQGLFDGR VLHQGR OD
UHJODPHQWRVFRPHUFLDOHVGHOD)HGHUDFLyQGH5XVLD
SULPHUD YH] HQ  DxRV TXH HO VLQGLFDWR GH
/DV WDULIDV IHUURYLDULDV UHJLRQDOHV DSOLFDEOHV D ODV
FRQGXFWRUHV KDEtD VXVFULWR XQ FRQYHQLR FROHFWLYR
FDUJDV TXH VH WUDQVSRUWDQ D ORV SXHUWRV PDUtWLPRV
$VLPLVPR ORV GRV SULQFLSDOHV IHUURFDUULOHV 8QLRQ
GHO%iOWLFRDXPHQWDURQHQFRQJUXHQFLDFRQODVTXH
3DFLILF \ %XUOLQJWRQ 1RUWKHUQ 6DQWD )H
VHDSOLFDQDORVFDUJDPHQWRVTXHVHGLULJHQDWUDYpV
GHVSOHJDURQ PiV PDWHULDO PyYLO \ SHUVRQDO SDUD
GH OD IURQWHUD D SXHUWRV GH ORV (VWDGRV EiOWLFRV
VHUYLUORVSULQFLSDOHVSXHUWRVGHODFRVWDRFFLGHQWDO
7DPELpQVHGHFLGLyHOLPLQDUDOJXQRVLPSXHVWRVTXH
JUDYDQODPDQLSXODFLyQGHODFDUJDHQSXHUWRVUXVRV (QODFRVWDHVWHGHORV(VWDGRV8QLGRVVHDUELWUyXQD
DVt FRPR IDFLOLWDU HO DUUHQGDPLHQWR GH ORV PHGLGD FRPSOHPHQWDULD SDUD GLVSRQHU GH PiV
WHUPLQDOHVSRUODUJRVSHUtRGRVGHWLHPSR&RQPLUDV HVSDFLR HQ ORV WHUPLQDOHV GH +DPSWRQ 5RDGV WDO
D XQ PHMRU GHVHPSHxR SRUWXDULR ODV DXWRULGDGHV FRVD UHGXMR HO PXFKR HVSDFLR RFXSDGR SRU ORV
LQGRQHVLDV FRQVLGHUDURQ QHFHVDULR DERUGDU OD EDVWLGRUHVGHORVGLVWLQWRVDUPDGRUHVREOLJiQGRORVD
FXHVWLyQ GH ORV LQWHUHVHV HQ MXHJR \ OD XWLOL]DUORVGHIRUPDFRQMXQWD(OORUHGXMRVXQ~PHUR
UHRUJDQL]DFLyQGHORVSXHUWRVGHOSDtV'HVSXpVGH \ FRQWULEX\y D GLVPLQXLU ORV WLHPSRV GH
KDEHUVH FDOFXODGR TXH ORV FREURV LOHJDOHV LQPRYLOL]DFLyQ \ PDQWHQLPLHQWR \ WDPELpQ VH
GXSOLFDEDQORVFRVWRVGHH[SRUWDFLyQSRUFRQWHQHGRU WUDGXMRHQXQDPD\RUXWLOL]DFLyQGHOHTXLSR
HQ HO SXHUWR SULQFLSDO GHO SDtV 7DQMXQJ 3ULRN VH
GHFLGLy TXH KDEtD TXH SXEOLFDU ORV QRPEUHV GH ORV (Q6RXWKDPSWRQ 5HLQR8QLGR XQSODQREOLJDWRULR
FXOSDEOHVFRPRXQSULPHUSDVRVHJXLGRGHPHGLGDV GHUHVHUYDGHYHKtFXORVUHGXMRVXWLHPSRGHSDUDGD

 9'HVDUUROORSRUWXDULR 

HQHOWHUPLQDODPHQRVGHPLQXWRV(VWDEOHFHXQ VHSWLHPEUH OD SUHRFXSDFLyQ SRU ORV SODQHV GH


SDJR GH  GyODUHV SRU UHVHUYD VDOYR HQ HO FDVR GH SULYDWL]DFLyQVHWUDGXMHURQHQXQDKXHOJDGHXQGtD
ORVWUDQVSRUWHVTXHVHKDFHQHQODVKRUDVPXHUWDV\ HQ SXHUWRV SHUXDQRV (Q QRYLHPEUH WHUPLQDOHV GH
XQD PXOWD GH  GyODUHV SRU OOHJDU FRQ UHWUDVR /D 6\GQH\\0HOERXUQHSDUDURQGXUDQWHXQWXUQRHQWUH
DPSOLDFLyQ GH OD VXSHUILFLH \ HO GLVSRQHU GH PiV SURWHVWDV GH ORVWUDEDMDGRUHV FRQWUD XQSUR\HFWR GH
HTXLSR PHMRUDURQ HO IXQFLRQDPLHQWR GH HVH OH\VREUHUHODFLRQHVLQGXVWULDOHV(QOD5HS~EOLFDGH
WHUPLQDO (Q RWUR SXHUWR GHO 5HLQR 8QLGR &RUHDORVSXHUWRVSDUDURQGXUDQWHPHGLRGtDSRUXQ
)HOL[VWRZH VH FRQWUDWy D  WUDEDMDGRUHV PiV SODQ JXEHUQDPHQWDO TXH SUHWHQGtD WHUPLQDU FRQ HO
FXDQGR HQWUDURQ HQ VHUYLFLR QXHYDV LQVWDODFLRQHV PRQRSROLRVLQGLFDOGHOWUDEDMRHQORVPXHOOHV
(QHVHSDtVVHGHVSOHJyXQHVIXHU]RFRQMXQWRHQHO
VHFWRU SDUD SURGXFLU XQD JXtD GH ODV PHMRUHV 2WURV SUREOHPDV ODERUDOHV WDPELpQ DIHFWDURQ DO
SUiFWLFDV TXH GHVFULEH FyPR ODV SDUWHV TXH GHVHPSHxR HQ YDULRV SXHUWRV GXUDQWH  (Q
LQWHUYLHQHQ HQ ORV PRYLPLHQWRV GH ODV PHUFDQFtDV PD\R ORV FRQGXFWRUHV GH FDPLRQHV EORTXHDURQ ODV
GHVGH ORV EXTXHV D VX GHVWLQR SRGtDQ DGRSWDU SXHUWDV GHO SXHUWR GH 0RPEDVD .HQ\D  SDUD
PHGLGDVFRQWUDODFRQJHVWLyQ/DJXtDVLQHPEDUJR RSRQHUVHDXQUHJODPHQWRTXHORVREOLJDEDDILMDUGH
UHFRQRFH FODUDPHQWH TXH HVDV PHGLGDV QR VH DQWHPDQR VXV GtDV GH FDUJD FRQ PLUDV D TXH FDGD
SURSRQtDQ VXVWLWXLU D OD PD\RU FDSDFLGDG SRUWXDULD MRUQDGD SUHVWDUD VHUYLFLR XQ Pi[LPR GH 
TXHUHTXLHUHHOSDtVDSOD]RPHGLDQR FDPLRQHV(QMXQLRXQRVWUDEDMDGRUHVGHORV
WUDQVSRUWLVWDV SRU FDUUHWHUD TXH PXHYHQ ORV
/RV XVXDULRV GH ORV SXHUWRV HVWDEDQ GHVHRVRV GH FRQWHQHGRUHVHQWUHHOPXHOOH\ODHVWDFLyQGHFDUJD
SUREDUDOWHUQDWLYDVSDUDHYLWDUORVHPERWHOODPLHQWRV HQ0XPEDL ,QGLD FHVDURQHOWUDEDMR(OPRWLYRHUD
(Q ORV (VWDGRV 8QLGRV 02/ HVWDED GXSOLFDQGR OD TXHUHU SURWHJHU VXV HPSOHRV DO PRGLILFDUVH ODV
FDSDFLGDG GHO WHUPLQDO HQ 2DNODQG HQ OD FRVWD FRQGLFLRQHVGHODVVXEDVWDVGHODDXWRULGDGSRUWXDULD
RHVWHKDFLHQGRORPLVPRWDPELpQHQRWURWHUPLQDO SDUD SRGHU DVLJQDU ODV DFWLYLGDGHV D XQD VROD
HQ -DFNVRQYLOOH HQ OD FRVWD HVWH SDUD FRQWDU FRQ FRPSDxtD (Q HO VLJXLHQWH PHV XQD KXHOJD GH VHLV
VHUYLFLRV D $VLD TXH QR WXYLHVHQ TXH XWLOL]DU VHPDQDV GH XQRV  GXHxRV LQGHSHQGLHQWHV GH
WUDQVSRUWHSRUWLHUUD6DYDQQDKVLWXDGRPiVDOQRUWH FDPLRQHV \ GH  FRPSDxtDV SDUDOL]DURQ HO SXHUWR
HQ OD FRVWD RULHQWDO VHxDOy XQRV LQFUHPHQWRV GH 9DQFRXYHU &DQDGi  (O PRWLYR GH OD SURWHVWD
FRQVWDQWHV GH WUiILFR GXUDQWH HO DxR FRPR HUDORJUDUPD\RUHVLQJUHVRVSDUDFRPSHQVDUHODO]D
FRQVHFXHQFLD GH ODV LPSRUWDFLRQHV DVLiWLFDV TXH GHO FRPEXVWLEOH (Q DJRVWR ORV IXQFLRQDULRV GH
OOHJDEDQDORVFHQWURVGHGLVWULEXFLyQGHORVJUDQGHV DGXDQDV GH 6DQWRV %UDVLO  UHGXMHURQ VX WLHPSR GH
PLQRULVWDV HVWDGRXQLGHQVHV XELFDGRV HQ WRUQR DO WUDEDMR D OD PLWDG GXUDQWH XQ SHUtRGR GH FXDWUR
SXHUWR $O RWUR ODGR GHO RFpDQR $WOiQWLFR HO VHPDQDVSDUDRSRQHUVHDODSURSXHVWDGHIXVLRQDUORV
WHUPLQDO LQQRYDGRU SHUR SRFR DSURYHFKDGR GH FRQRWURVIXQFLRQDULRVIHGHUDOHV
&HUHV3DUDJRQ HQ ÈPVWHUGDP ORJUy ILQDOPHQWH
KDFHUVH FRQ GRV VHULHV GH VHUYLFLRV GH *UDQG (O IXQFLRQDPLHQWR GH DOJXQRV SXHUWRV VH YLR PX\
$OOLDQFH FRQ HVFDODV ELVHPDQDOHV GH EXTXHV GH PHQRVFDEDGRSRUFDWiVWURIHVQDWXUDOHV/DHVWDFLyQ
1<. GH KXUDFDQHV HQ HO &DULEH IXH HVSHFLDOPHQWH
GHVWUXFWLYD FXDQGR .DWULQD \ 5LWD DVRODURQ
/DV KXHOJDV REVWDURQ OD FDSDFLGDG GH DOJXQRV FLXGDGHV\SXHUWRVGHOJROIRGH0p[LFR/RVGDxRV
SXHUWRV GH DWHQGHU DO  WUiILFR 'XUDQWH HO SULPHU FDXVDGRVHQHOSXHUWRGH1XHYD2UOHiQVSRU.DWULQD
VHPHVWUH GHO DxR HO SHUVRQDO GH /H +DYUH SHUWXUEy IXHURQVHYHURV\HVWXGLRVKHFKRVSRFRGHVSXpVGHO
HOWUDEDMRQRFWXUQR\GHILQGHVHPDQDSUHRFXSDGR GHVDVWUH LQGLFDEDQ TXH UHFXSHUDU HO  GH OD
SRUVXFRQYHQLRFROHFWLYR$ILQDOHVGHVHSWLHPEUH FDSDFLGDGGHOSXHUWROOHYDUtDGHWUHVDFXDWURPHVHV
XQD KXHOJD GH  GtDV DIHFWy D 0DUVHOOD OR TXH /DV PHGLGDV LQPHGLDWDV GH UHKDELOLWDFLyQ VH
REOLJy D FDQFHODU ODV HVFDODV GH  EXTXHV FRQ FHQWUDURQ HQ VXPLQLVWUDU JHQHUDGRUHV \ HQ DORMDU D
 WUDEDMDGRUHV GHVSHGLGRV /DV SpUGLGDV ORV WUDEDMDGRUHV \ VXV IDPLOLDV HQ EXTXHV 'HVSXpV
HVWLPDGDV GH  FRPSDxtDV DVFHQGLHURQ D  YLQR HO DVLJQDU FRQWUDWRV GH OLPSLH]D \
PLOORQHVGHGyODUHV/DVLWXDFLyQGHORVRSHUDULRVGH UHFRQVWUXFFLyQ 9DULDV FDGHQDV ORJtVWLFDV GH
JU~DVTXHDFWXDOPHQWHIRUPDQSDUWHGHOSHUVRQDOGH WUDQVSRUWLVWDV PDUtWLPRV VH YLHURQ WRWDOPHQWH
OD DXWRULGDG SRUWXDULD \ TXH VH FXHVWLRQD SRU WUDVWRUQDGDV SRU OD GHYDVWDFLyQ RFDVLRQDGD SRU
DTXHOORV RSHUDGRUHV GH WHUPLQDOHV GH FRQWHQHGRUHV .DWULQD HQ YDULRV SXHUWRV XQ  GH ORV
TXHHVWiQFRQVWUX\HQGRLQVWDODFLRQHVQXHYDVHQHVRV FRQWHQHGRUHV IULJRUtILFRV SDUD EDQDQDV TXHGDURQ
GRV SXHUWRV RFXSy XQ OXJDU GHVWDFDGR HQ HO GDxDGRV HQ *XOISRUW TXHVH YLR PX\ GDPQLILFDGR
WUDVIRQGR GH HVDV VLWXDFLRQHV 7DPELpQ HQ /RVFRVWRVGHUHFRQVWUXFFLyQVHHVWLPDURQHQ

 (OWUDQVSRUWHPDUtWLPRHQ

PLOORQHVGHGyODUHVSRUOD$GPLQLVWUDFLyQ0DUtWLPD PDQLSXODFLyQGHFRQWHQHGRUHVGH$PEHUHVGHVGH
GH ORV (VWDGRV 8QLGRV (O WUiILFR VH GHVYLy D RWURV DPLOORQHVDQXDOHVGH7(8
OXJDUHV\VHUHGREODURQORVSUHSDUDWLYRVHQ+RXVWRQ
\ RWURV SXHUWRV GH 7H[DV FXDQGR XQDV VHPDQDV 'XUDQWH HO DxR 5RWWHUGDP VLJXLy FRQ VXV SODQHV
GHVSXpV VH DFHUFy HO KXUDFiQ 5LWD eVWH DIHFWy D SDUD GHVDUUROODU 0DDVYODNWH  TXH DJUHJDUi 
%HDXPRQW 3RUW $UWKXU \ /DNH &KDUOHV \ FDXVy KD SDUD FRQWHQHGRUHV OD LQGXVWULD TXtPLFD \
PXFKRVGDxRVHQ+RXVWRQ/DVSpUGLGDVKDELGDVHQ DFWLYLGDGHV GH GLVWULEXFLyQ \ DxDGLUi  NP GH
ODLQIUDHVWUXFWXUDGHOWUDQVSRUWHIXHURQSHTXHxDVHQ PXHOOH DO SXHUWR DFWXDO /D LQYHUVLyQ GH DOUHGHGRU
FRPSDUDFLyQ FRQ ODV HVWLPDGDV HQ HO VHFWRU GH ODV GH  PLOORQHV GH GyODUHV \D UHJLVWUD UHWUDVRV \
SODWDIRUPDV VXEPDULQDV GH SHWUyOHR FRQ  VHHVSHUDTXHVHYHDFXOPLQDGDFXDQGRODVDFWXDOHV
PLOORQHV GH GyODUHV HQ HO FDVR GH .DWULQD \  LQYHUVLRQHV HQ (XURPD[ KHFKDV SRU (&7 \ 3 2
PLOORQHV HQ HO GH 5LWD 8QDV VHPDQDV PiV WDUGH HO 1HGOOR\GV TXH LQFUHPHQWDQ HQ  PLOORQHV GH
KXUDFiQ%HWDDIHFWyDODVLQVWDODFLRQHVSRUWXDULDVD 7(8DQXDOHVODFDSDFLGDGGHOSXHUWRDFWXDOTXHGHQ
ORODUJRGHODFRVWDFDULEHxDGH1LFDUDJXD(O&OXE VDWXUDGDVDILQDOHVGHOGHFHQLR
77 VXJLULy XQDV VXELGDV HQ ODV SULPDV GH ORV
VHJXURV GH DOUHGHGRU GHO  \ DXPHQWy ODV (OGHVDUUROORGHFDSDFLGDGSRUWXDULDQXHYDQRVHYLR
UHVHUYDVSDUDODVLQVWDODFLRQHVVXVFHSWLEOHVGHYHUVH LQWHUUXPSLGR HQ HO /HMDQR 2ULHQWH (Q &KLQD HO
GDPQLILFDGDV SRU KXUDFDQHV (Q RWUDV SDUWHV OD QXHYR SXHUWR PDUtWLPR GH <DQJVKDQ HPSH]y D
PDOD YLVLELOLGDG FDXVDGD SRU JUDQGHV LQFHQGLRV RSHUDU HQ QRYLHPEUH SDUD VHUYLU D 6KDQJKDL \ OD
IRUHVWDOHV HQ ,QGRQHVLD REOLJy D VXVSHQGHU UHJLyQ GHO GHOWD GHO UtR <DQJW]H (O SXHUWR FXHQWD
WHPSRUDOPHQWH ODV DFWLYLGDGHV HQ 3RUW .ODQJ FRQ FXDWUR PXHOOHV FRQ FDSDFLGDG GH  PLOORQHV
0DODVLD  \ ODV  JUDQGHV OOXYLDV SURYRFDURQ TXH VH GH7(8\HVWiVLWXDGRHQXQSDUGHLVODVXELFDGDVHQ
KXQGLHUD XQ PXHOOH FDUJDGR GH VDO HQ &RFKLQ OD EDKtD GH +DQJ]KRX (VH SXHUWR HVWi XQLGR FRQ
,QGLD  WLHUUD ILUPH SRU XQD FDUUHWHUD GH  NP GH VHLV
FDUULOHV\VXVLQYHUVRUHVVRQ6KDQJKDL,QWHUQDWLRQDO
'XUDQWH HO DxR VH WRPDURQ PHGLGDV SDUD VHJXLU 3RUW *URXS 6,3*  \ 6KDQJKDL 3RUW &RQWDLQHU
DXPHQWDQGRODFDSDFLGDGGHORVSXHUWRVGHOD]RQD VLHQGR HVWH ~OWLPR HO RSHUDGRU 'LHFLVpLV VHUYLFLRV
/H +DYUH+DPEXUJR (Q PDU]R ODV DXWRULGDGHV GHWUDQVSRUWHHQFRQWHQHGRUHVD(XURSDTXHFRUUHQD
KRODQGHVDV ILQDOPHQWH DSUREDURQ DXPHQWDU HO FDUJR GH 0DHUVN 6HDODQG 22&/ $3/ +DSDJ
FDODGRGHO6FKHOGW&RQHOORVHSRGUiGUDJDUDSDUWLU /OR\G \ &0$ &*0 VH GHVSOD]DURQ GHVGH ORV
GH  FRQ OR TXH VH GLVSRQGUi GH  P GH WHUPLQDOHVGHOUtR:DLJDRTLDRFHUFDGH6KDQJKDLDO
FDODGR FRQ LQGHSHQGHQFLD GH ODV PDUHDV SDUD ORV QXHYRSXHUWR&RQWDUFRQWHUPLQDOHVULEHUHxRVWDOHV
EXTXHV TXH VH GLULJHQ D $PEHUHV 2WUD LQYHUVLyQ FRPR ORV GH -LDQJ\LQJ HQ OD SURYLQFLD GH -LXDQVX
SDUDPHMRUDUODFRQH[LyQGHHVWHSXHUWRFRQOD]RQD SRGUtD UHGXFLU ORV FRVWRV GH H[SRUWDFLyQ HQ 
GHO5XKUHO,URQ5KLQH XQDOtQHDGHIHUURFDUULOTXH GyODUHVSRU7(8\HVRVWHUPLQDOHVVHYHQFRPRXQ
FUX]DSRUWHUULWRULRKRODQGpV VLJXHHQHVWXGLR/D FRPSOHPHQWR GHO QXHYR SXHUWR PDUtWLPR /D
LPSRUWDQFLD GH ORV IHUURFDUULOHV SDUD DFFHGHU D ODV VHJXQGDIDVHGHOGHVDUUROORGHWDPDxR\FDSDFLGDG
]RQDVVHUYLGDVSRUORVSXHUWRVVHSXVRGHPDQLILHVWR VLPLODUHV FRVWDUi VHJ~Q ODV HVWLPDFLRQHV 
SRU OD DODUPD GH %UHPHQ DQWH ODV QHJRFLDFLRQHV PLOORQHV GH GyODUHV \ VH WHUPLQDUi HQ 
SDUD TXH '% OD FRPSDxtD IHUURYLDULD QDFLRQDO KDELpQGRVH LQYLWDGR D SDUWLFLSDU FRPR LQYHUVRUHV D
DOHPDQD  SDUWLFLSDUD HQ ++/$ HO RSHUDGRU GHO DOJXQRV RSHUDGRUHV LQWHUQDFLRQDOHV D VDEHU +3+
SXHUWR GH +DPEXUJR (Q HVWH SXHUWR HO RSHUDGRU $30 7HUPLQDOV \ &RVFR 3DFLILF &XDQGR HVWp
LQWHUQDFLRQDO (XURJDWH UHFLELy OD DSUREDFLyQ SDUD FRPSOHWR HQ  VH HVSHUD TXH HVWH SXHUWR WHQJD
FRQVWUXLUXQWHUPLQDOGHPLOORQHVGH7(8DODxR XQD FDSDFLGDG GH  PLOORQHV GH 7(8 \ RIUHFHUi
GHVGH(QMXOLRHPSH]yDIXQFLRQDUXQQXHYR SURWHFFLyQ WRWDO FRQWUD HO PDO WLHPSR \ ORV HIHFWRV
WHUPLQDO GH  PLOORQHV GH 7(8 DQXDOHV HQ GHODHVWDFLyQGHWLIRQHV
'HXJDQFNGRFNHQ$PEHUHV HQODPDUJHQL]TXLHUGD
GHO 6FKHOGW  (VWH WHUPLQDO RSHUDGR SRU $QWZHUS (Q+RQJ.RQJ &KLQD 0RGHUQ7HUPLQDOVLQYLUWLy
*DWHZD\ FRQ 3 21HGOOR\GV FRPR SULQFLSDO  PLOORQHV GH GyODUHV SDUD PHMRUDU VXV
DFFLRQLVWD WHQGUtD XQD FDSDFLGDG ILQDO GH  LQVWDODFLRQHV\UHFLELUSRUWDFRQWHQHGRUHVGH
PLOORQHV GH 7(8 DO DxR FXDQGR VH WHUPLQDUD D XQ 7(8(Q.DRKVKLXQJ 3URYLQFLDFKLQDGH7DLZiQ 
FRVWR GH PiV GH  PLOORQHV GH GyODUHV 2WUD HO SODQ DQXQFLDGR GH PLOORQHV GH GyODUHV
VHFFLyQGHOPLVPRPXHOOHRSHUDGDSRU36$HPSH]y FDQWLGDG TXH HQ VX PLWDG VH HVSHUD DSRUWHQ
D XWLOL]DUVH D ILQDOHV GH DxR &RQ HO WLHPSR LQYHUVRUHV SULYDGRV DxDGLUtD  PLOORQHV DQXDOHV
'HXJDQFNGRFN GXSOLFDUi OD FDSDFLGDG GH GH7(8HQ(VWHSODQVHKDKHFKRGHVSXpVGH

 9'HVDUUROORSRUWXDULR 

KDEHUVH UHQRYDGR ORV DUULHQGRV GH WUDQVSRUWLVWDV DXQTXH HO RSHUDGRU GHO DFWXDO \ ~QLFR WHUPLQDO GHO
PDUtWLPRV FRPR 0DHUVN 6HDODQG +\XQGDL 0DULQH SXHUWRFXHVWLRQyODQHFHVLGDGGHTXHVHFRQVWUX\HUD
\ <DQJ 0LQJ 0iV DO QRUWH 4LQJGDR HVWDED RWUR (Q RWUDV SDUWHV GHO SDtV VH SLGLy TXH VH
FRQWDFWDQGR D LQYHUVRUHV HQWUH HOORV D 36$ SDUD PHMRUDUD HO SXHUWR GH $]KLNNDO HQ HO (VWDGR GH
ILQDQFLDUODH[SDQVLyQGHPLOORQHVGHGyODUHV .HUDODSDUDORJUDUXQGHVDUUROORHFRQyPLFRUHJLRQDO
TXH GXSOLFDUi OD FDSDFLGDG KDVWD  PLOORQHV HTXLOLEUDGR\SRUUD]RQHVFRPHUFLDOHVGHSHVR
DQXDOHVGH7(8HQHOSUy[LPRTXLQTXHQLR\&RVFR
\ &KLQD 6KLSSLQJ HVWDEDQ HVWXGLDQGR VX 7DPELpQVHHVWDEDH[SDQGLHQGRODFDSDFLGDGGHORV
SDUWLFLSDFLyQHQODH[SDQVLyQGHPLOORQHVGH SXHUWRV GH FRQWHQHGRUHV HQ 0DODVLD \ 2PiQ (Q
GyODUHVGH7LDQMLQ(OQXHYRSXHUWRGH%XVDQ1RUWH .ODQJ HO RSHUDGRU :HVWSRUW FRPSOHWy VX QRYHQR
5HS~EOLFD GH &RUHD  ILQDQFLDGR SRU 'XEDL 3RUW PXHOOHSDUDVHUYLUDEXTXHVHQODJDPDGHD
,QWHUQDWLRQDO \ 6DPVXQJ HPSH]y D IXQFLRQDU D  7(8 \ DJUHJy  PLOOyQ DQXDO GH 7(8 SDUD
SULQFLSLRV GH  GRV DxRV DQWHV GH OR SUHYLVWR DOFDQ]DU XQD FDSDFLGDG WRWDO GH  PLOORQHV (Q
SDUD EHQHILFLDUVH GHO FRPHUFLR LQWHUQDFLRQDO \ 7DQMXQJ VH HVWDEDQ FRQVWUX\HQGR SRU 3HOHSDV GRV
UHJLRQDO WDPELpQ UHFLELy ERQLILFDFLRQHV ILVFDOHV PXHOOHVPiVTXHVHWHUPLQDUiQHQFRQPLUDVD
SDUDODFDUJDTXHGLVFXUUHSRUpO\TXHVHHVWLPDQHQ ORJUDU XQ WRWDO GH GLH] (Q 6DODODK VH DSUREy OD
GyODUHVSRUFRQWHQHGRU(VWHSXHUWRKL]RS~EOLFD FRQVWUXFFLyQGHGRVPXHOOHVDGLFLRQDOHVGHPGH
XQD OLFLWDFLyQ SDUD XQD QXHYD H[SDQVLyQ GH FXDWUR FDODGR FRQ XQ URPSHRODV GH NP /DV REUDV
PXHOOHV (Q &KLQD PHULGLRQDO VH FRQYLQR XQ SODQ LEDQ D FRPHQ]DU LQPHGLDWDPHQWH HQ HVWD LQYHUVLyQ
GH FRRSHUDFLyQ HVWUDWpJLFD GH  PLOORQHV GH GH  PLOORQHV GH GyODUHV GH XQD HPSUHVD PL[WD
GyODUHV HQWUH &RVFR \ OD DGPLQLVWUDFLyQ LQVXODU TXH LQFUHPHQWDUi OD FDSDFLGDG GHO SXHUWR HQ 
SURYLQFLDOGH+DLQDQSDUDFUHDUXQFHQWURPDUtWLPR PLOOyQ DQXDO GH7(8 KDVWD  PLOORQHVHQ  (O
GH DFWLYLGDGHV SRUWXDULDV ORJtVWLFDV GH WUDQVSRUWH RSHUDGRU SRUWXDULR LED KDFHU XQD LQYHUVLyQ
PDUtWLPR \ GH  DVWLOOHURV 0iV DO VXU ,&76, XQ FRPSOHPHQWDULD GH  PLOORQHV GH GyODUHV SDUD
RSHUDGRU LQWHUQDFLRQDO GH )LOLSLQDV DQXQFLy XQD DGTXLULU HTXLSR (Q 6RKDU HVWDED HQ PDUFKD OD
LQYHUVLyQ GH  PLOORQHV GH GyODUHV SDUD DXPHQWDU VHJXQGD IDVH GH HVH SXHUWR LQGXVWULDO &RPSUHQGtD
ODFDSDFLGDGGHVGHDPLOORQHVGH7(8DUDt] XQD UHILQHUtD SDUD SURGXFLU W GH SURSLOHQR
GHODUHFXSHUDFLyQGHOFRPHUFLRGHOSDtVGHVSXpVGH LQVWDODFLRQHV HQHUJpWLFDV \ GH GHVDOLQL]DFLyQ XQD
VXUHFLHQWHUHFHVLyQ DFHUHUtD\XQDSODQWDSDUDSURGXFLUPLOORQHVGHW
DQXDOHVGHXUHD/DLQIUDHVWUXFWXUDFRQVWUXLGDSRUHO
(Q OD ,QGLD HVWDED HQ PDUFKD XQD H[SDQVLyQ GH OD *RELHUQR D VDEHU URPSHRODV FDQDO GH HQWUDGD
FDSDFLGDG GHO WHUPLQDO GH FRQWHQHGRUHV HQ DJXDVGHOSXHUWRFRQXQFDODGRGHP\XQPXHOOH
-DZDKDUODO 1HKUX 3RUW 7UXVW -13  UHFRQYLUWLHQGR GHNP\DVHKDEtDFRPSOHWDGR
0DHUVN XQD YLHMD LQVWDODFLyQ SDUD JUDQHOHV HQ XQ
WHUFHUWHUPLQDOGHFRQWHQHGRUHVHQOD]RQDSRUWXDULD /D LQYHUVLyQ HQ SXHUWRV TXH VRQ FHQWURV GH HQODFH
$ PHGLDGRV GH  HOOR DxDGLUi  PLOORQHV WDPELpQIXHDSUHFLDEOH&0$&*0HORSHUDGRUGHO
DQXDOHV GH 7(8 D ORV WHUPLQDOHV \D XWLOL]DGRV DO )UHHSRUWGH0DOWDGHFLGLyDFHOHUDUVXLQYHUVLyQGH
Pi[LPR GH -13 \ GH 1KDYD 6KHYD RSHUDGRV SRU  PLOORQHV GH GyODUHV HQ HTXLSR SDUD UHFLELU
3 2 3RUWV /RV SODQHV GH H[SDQVLyQ GH -13 EXTXHV GH KDVWD  7(8 LQFOXLGDV FXDWUR
SDUHFtDQ EULOODQWHV GHVSXpV GH VX DSUREDFLyQ SRU JU~DVSyUWLFRSDUDPRYHUFRQWHQHGRUHVWDPELpQ
YDULDVLQVWDQFLDVDGPLQLVWUDWLYDV\GHRIHUWDVILUPHV ILJXUDEDHQHOSODQXQDVIDOWDGRDGLFLRQDOGHKD\
GHO%DQFRGH&RRSHUDFLyQ,QWHUQDFLRQDOGHO-DSyQ\ XQDQXHYDSXHUWD(O)UHHSRUWGH%DKDPDV\DHVOR
GHO&LWLEDQN(ODXPHQWRGHOFDODGR\ODDPSOLDFLyQ EDVWDQWH SURIXQGR SDUD UHFLELU ORV PD\RUHV EXTXHV
GHO FDQDO GH DFFHVR DO SXHUWR FRQ XQ SUHVXSXHVWR TXHQDYHJDQ\VHSURSRQHFRQYHUWLUVHWDPELpQHQXQ
HVWLPDGR HQ  PLOORQHV GH GyODUHV XQD OtQHD FHQWURGHGLVWULEXFLyQDOFRQYHQLUDUUHQGDUKDD
IHUURYLDULD D 1XHYD 'HOKL XQD DXWRYtD GH RFKR XQ JUXSR FKLQR GRQGH ODV PHUFDQFtDV SRGUtDQ
FDUULOHV DOD ]RQD VHUYLGDSRU HO SXHUWR \ HO SXHQWH DOPDFHQDUVH \ PRVWUDUVH (Q 3DQDPi +3+ HVWDED
VREUH HO PDU GH  NP GHQRPLQDGR 0XPEDL LQYLUWLHQGR  PLOORQHV GH GyODUHV SDUD H[SDQGLU
7UDQV +DUERXU ILJXUDEDQ HQWUH ORV SUR\HFWRV &ULVWyEDO \ %DOERD HQ DPERV H[WUHPRV GHO FDQDO
$OUHGHGRU GH XQ FXDUWR GH HVWRV ~OWLPRV VH LEDQ D FRQPXHOOHVGHPGHFDODGRHQORVGRVSXHUWRV
ILQDQFLDUSRUHO*RELHUQRFRVWHiQGRVHHOUHVWRFRQ (O *RELHUQR SDQDPHxR GHVYHOy SODQHV SDUD
SHDMHV TXH FREUDUi HO FRQWUDWLVWD VHOHFFLRQDGR SDUD FRQVWUXLU GRV PHJDFHQWURV GH GLVWULEXFLyQ HQ OD
FRQVWUXLU \ JHVWLRQDU ODV LQVWDODFLRQHV 7DPELpQ HQ FRVWDGHO3DFtILFRGHHVHSDtVQROHMRVGHODHQWUDGD
HVH DxR HO *RELHUQR DSUREy OD FRQVWUXFFLyQ GH XQ GHOFDQDO/DDOWHUQDWLYDPD\RUSHUPLWLUtDGLVSRQHU
VHJXQGR WHUPLQDO GH FRQWHQHGRUHV HQ &KHQQDL GHXQDFDSDFLGDGHQORVWHUPLQDOHVGHPLOORQHV

 (OWUDQVSRUWHPDUtWLPRHQ

GH 7(8 FRQ XQD LQYHUVLyQ GH  PLOORQHV GH LQVWDODURQ JU~DVSyUWLFRV SDUD EXTXHV GH PD\RUHV
GyODUHV\ODXWLOL]DFLyQGHXQD]RQDHQWLHUUDGH GLPHQVLRQHVGHODVTXHSHUPLWHHOFDQDOGH3DQDPi
KD/DVDOWHUQDWLYDVPHQRUHVWDOFRPRODTXHRIUHFH GXUDQWH OD VHJXQGD PLWDG GHO DxR SHUR HO SULPHU
XQD FDSDFLGDG GH  PLOORQHV GH 7(8 SHUPLWH EXTXH GH  7(8 HQ OOHJDU D HVH SXHUWR VyOR
XQRV DKRUURV QR PX\ FXDQWLRVRV GHO RUGHQ GH  SXGRXWLOL]DUORVVHUYLFLRVGH753
PLOORQHVGHGyODUHVHQODLQYHUVLyQWRWDO(QHOSODQ
VHSUHYpTXHLQYHUVRUHVSULYDGRVVHKDJDQFDUJRGHO &&$0%,2,167,78&,21$/
SUR\HFWRPLHQWUDVHO*RELHUQRRIUHFHUiDFFHVRSRU
WLHUUD\ORVHQODFHVGHWUDQVSRUWH(QRWUDVSDUWHVVH 'XUDQWH HO DxR ORV SDtVHV DGRSWDURQ GLIHUHQWHV
KL]RXQDVROLFLWXGSDUDSUHVWDUVHUYLFLRDORVSDtVHV GLVSRVLFLRQHV LQVWLWXFLRQDOHV HQ UHODFLyQ FRQ ORV
HVFDQGLQDYRV \ EiOWLFRV GHVGH XQ FHQWUR GH SXHUWRV FRPHUFLDOHV (Q 3XHUWR (VSDxD 7ULQLGDG 
GLVWULEXFLyQ TXH VH HVWDEOHFHUtD HQ 6FDSD )ORZ VH OLFLWy HQ HO VHJXQGR VHPHVWUH XQ FRQWUDWR GH
,VODV2UNQH\HQ(VFRFLD \PiVFRQFUHWDPHQWHHO FLQFR DxRV SDUD JHVWLRQDU HO WHUPLQDO GH
SXHUWRGH*GDQVN 3RORQLD REWXYRPLOORQHVGH FRQWHQHGRUHV \ D SULQFLSLRV GH  3RUWLD XQD
GyODUHVSDUDGHVDUUROODUXQWHUPLQDOGHFRQWHQHGRUHV ILOLDO GH 0HUVH\ ± HO RSHUDGRU GH /LYHUSRRO ± VH
GHPLOORQHVGH7(8DGHPiVGHOGHPLOORQHV KL]R FRQ HO FRQWUDWR (Q 7DRPDVLQD 0DGDJDVFDU 
GH 7(8 TXH HVWi FRQVWUX\HQGR +3+ HQ HO YHFLQR HOFRQWUDWRGHDxRVSDUDH[SORWDU\GHVDUUROODUOD
SXHUWR GH *G\QLD (Q HVWH SXHUWR HO WHUPLQDO GH VHFFLyQ RULHQWDO GHO SXHUWR VH DVLJQy D ,&76, (Q
FRQWHQHGRUHVSDUDHO%iOWLFRHVWi\DIXQFLRQDQGR\ 0HUVLQ 7XUTXtD  36$ MXQWDPHQWH FRQ XQ JUXSR
VH SURSRQH DXPHQWDU VX FDSDFLGDG KDVWD  ORFDO SDJy  PLOORQHV GH GyODUHV SDUD JDQDU OD
PLOORQHVGH7(8 OLFLWDFLyQ \ GLULJLU HO SXHUWR GXUDQWH  DxRV (Q
3URJUHVR 0p[LFR  XQ RSHUDGRU HVSDxRO GH
(Q 6XGDPpULFD ODV PD\RUHV LQYHUVLRQHV %DUFHORQD HPSH]y D JHVWLRQDU HO SXHUWR FRQ XQD
FRUUHVSRQGLHURQ DO %UDVLO LPSXOVDGDV SRU OD OH\ FRQFHVLyQ GH  DxRV (Q (O &DOODR 3HU~  VH
5HSRUWR SURPXOJDGD D ILQDOHV GH  (VD DQXQFLy XQD OLFLWDFLyQ SDUD FRQVWUXLU \ RSHUDU HO
GLVSRVLFLyQVXVSHQGLyWHPSRUDOPHQWHORVLPSXHVWRV SULPHU WHUPLQDO GH FRQWHQHGRUHV HQ HO H[WUHPR VXU
VREUH ODV PDQXIDFWXUDV VLHPSUH TXH VH LPSRUWDVHQ GHOSXHUWR(Q,VUDHOODDXWRULGDGQDFLRQDOSRUWXDULD
HQHOSDtVDQWHVGHILQDOHVGH$PHGLDGRVGH IXHVXVWLWXLGDSRUXQDFRPSDxtDTXHVHKL]RFDUJR
 DXWRULGDGHV SRUWXDULDV \ RSHUDGRUHV KDEtDQ GHORVDFWLYRVGHORVSXHUWRV\GHVXGHVDUUROOR(VD
KHFKR SHGLGRV GH HTXLSR SRUWXDULR SRU YDORU GH FRPSDxtD HV SURSLHWDULD GHO WHUUHQR GH ORV SXHUWRV
XQRV  PLOORQHV GH GyODUHV 'RV RSHUDGRUHV GH GH (OLDW $VKRO \ +DLID GRQGH VH HVWDEOHFLHURQ
6DQWRV DSRUWDURQ  PLOORQHV GH GyODUHV \ ODV RSHUDGRUHVSRUVHSDUDGR(Q&RORPELDHOLQLFLRGH
FRPSUDV GH RSHUDGRUHV GH 6XDSH 5LR *UDQGH GR QHJRFLDFLRQHVFRQHOHOHYDGRQ~PHURGHRSHUDGRUHV
6XO \ 3DUDQDJXD VH HVWLPDURQ HQ  PLOORQHV GH DFWLYRVHQHVRVSXHUWRVFRQPLUDVDJHQHUDUPD\RUHV
GyODUHV SDUD FDGD XQR (Q UHODFLyQ FRQ HOOR LQYHUVLRQHV IXH XQ SULPHU SDVR SDUD DSOLFDU HQ
LQYHUVRUHV SULYDGRV HO JUXSR ORFDO %DWLVWHOOD \ HO %XHQDYHQWXUD %DUUDQTXLOOD \ 6DQWD 0DUWD HO
WUDQVSRUWLVWD PDUtWLPR +DPEXUJ 6XG GHFLGLHURQ PRGHOR EDVDGR HQODSURSLHGDG GH ORV WHUUHQRV (Q
FRQVWUXLU HO SXHUWR GH ,WDSRD HQ OD EDKtD GH 6mR 6XGiIULFDVHRSWySRUHOPRGHORGHRSHUDGRUHV\VH
)UDQFLVFR GR 6XO SDUD ORV HQYtRV GH FDUJD DUULQFRQDURQ ORV SODQHV SDUD DWUDHU FRPSDxtDV
UHIULJHUDGD GH FDUQH DYHV GH FRUUDO \ IUXWDV SULYDGDVTXHVHKLFLHUDQFDUJRGHORVWHUPLQDOHVGH
SURFHGHQWHV SULQFLSDOPHQWH GH ORV (VWDGRV GH 'XUEDQ\&RHJD
3DUDQi \ 6DQWD &DWDULQD $FWXDOPHQWH HVRV
SURGXFWRV VH H[SRUWDQ GHVGH ORV SXHUWRV GH 6mR /DV FRQWURYHUVLDV HQWUH DXWRULGDGHV SRUWXDULDV \
)UDQFLVFRGR6XO\WDPELpQGH,WDMDLGRQGH0DHUVN RSHUDGRUHV LQWHUQDFLRQDOHV GH ORV WHUPLQDOHV VH
6HDODQG FRPSUy XQD SDUWLFLSDFLyQ GHO  HQ HO DFXPXODURQ R ELHQ GHVDSDUHFLHURQ HQ GLIHUHQWHV
WHUPLQDO GH FRQWHQHGRUHV GH 7HFRQYL /D LQYHUVLyQ PRPHQWRVHQGLVWLQWRVSDtVHV$SULQFLSLRVGHDxR
HQHOQXHYRSXHUWRGH,WDSRDTXHHVWDUiWHUPLQDGRD HOyUJDQRTXHVHHQFDUJDHQOD,QGLDGHUHJXODUODV
PHGLDGRV GH  FRQ XQ FDODGR GH  P \ XQD WDULIDV GH ORV SULQFLSDOHV SXHUWRV 7DULII $XWKRULW\
FDSDFLGDG GH  PLOORQHV DQXDOHV GH 7(8 HUD GH IRU 0DMRU 3RUWV7$03  GLVSXVR TXH ORV LQJUHVRV
 PLOORQHV GH GyODUHV WHQLHQGR HO %DQFR GH ORV RSHUDGRUHV SULYDGRV GH ORV WHUPLQDOHV
,QWHUDPHULFDQR GH 'HVDUUROOR XQD SDUWLFLSDFLyQ GHO WHQGUtDQ TXH VHU ORV PLVPRV TXH ORV GH ODV
 (O (VWDGR GH 6DQWD &DWDULQD FRQVWUX\y XQD LQVWDODFLRQHV VLPLODUHV HVWDWDOHV 7DO FRVD DIHFWy D
FDUUHWHUD GH  NP SDUD XQLU HO SXHUWR FRQ OD UHG XQ RSHUDGRU TXH FLQFR DxRV DQWHV KDEtD VLGR
EUDVLOHxD (Q %XHQRV $LUHV $UJHQWLQD  GRV DXWRUL]DGRDDSOLFDUWDULIDVXQVXSHULRUHVDODV
RSHUDGRUHV ([ROJDQ \ 753 SURSLHGDG GH 3 2 HVWDWDOHV $ PHGLDGRV GH DxR HO 0LQLVWHULR GH

 9'HVDUUROORSRUWXDULR 

7UDQVSRUWH 0DUtWLPR GH HVH SDtV KDEtD IRUPXODGR GyODUHV SRU 3' 3RUWV HO SURSLHWDULR GHO SXHUWR GH
XQ ERUUDGRU GH GLUHFWULFHV TXH SHUPLWLUtD D ODV 7HHV \ RWUR LQYHUVRU 3HHO KL]R XQD RIHUWD QR
FRPSDxtDV QDFLRQDOHV SDUWLFLSDU HQ OLFLWDFLRQHV GH HVSHFLILFDGDSRU0HUVH\'RFNVDQG+DUERXU&RHO
WHUPLQDOHV GH FRQWHQHGRUHV \ RIUHFHU KDVWD XQ  SURSLHWDULR GHO /LYHUSRRO \ GH RWURV SXHUWRV
SRUGHEDMRGHODRIHUWDPiVHOHYDGDSDUDHTXLOLEUDU EULWiQLFRV PHQRUHV (Q $XVWUDOLD HO RSHUDGRU GH
ODV SXMDV /DV GLUHFWULFHV WDPELpQ GHILQtDQ FRPR WHUPLQDOHV 3DWULFN IXH DGTXLULGR SRU 7ROO +ROGLQJV
HQWLGDGLQGLDWRGDFRPSDxtDHQODTXHUHVLGHQWHVHQ SRUPLOORQHVGHGyODUHVHVWD~OWLPDFRPSDxtD
HVH SDtV WXYLHUDQ XQD SDUWLFLSDFLyQ PD\RULWDULD \ HVXQFRQJORPHUDGRTXHVHGHGLFDDODORJtVWLFD\HV
UHTXHUtDQ TXH TXLHQHV JDQDVHQ XQD OLFLWDFLyQ HO PD\RU GH $XVWUDOLD FRQ LQWHUHVHV HQ $VLD
PDQWXYLHVHQ HVD SDUWLFLSDFLyQ GXUDQWH OD GXUDFLyQ VXGRULHQWDO $ ILQDOHV GH DEULO VH SURGXMR OD
GHO FRQWUDWR $ ILQDOHV GH DxR VH SURKLELy D GRV WUDQVDFFLyQPiVQRWDEOHFXDQGR36$FRPSUyHO
RSHUDGRUHV LQWHUQDFLRQDOHV FKLQRV TXH SXMDUDQ SRU GHORVDFWLYRVPXQGLDOHVGH+3+SRUPLOORQHV
XQ WHUPLQDO HQ 0XPEDL SRU UD]RQHV GH VHJXULGDG GHGyODUHV
(Q 3DQDPi VH UHVROYLHURQ FXHVWLRQHV SHQGLHQWHV
FRQ +3+ DO DFHSWDU OD FRPSDxtD LQGHPQL]DU DO $GHPiV GH OD DFWLYLGDG SURSLDPHQWH GLFKD GH
*RELHUQR SRU ORV SDJRV ILMRV GH DOTXLOHU TXH QR VH IXVLRQHV\DGTXLVLFLRQHVHVRVRSHUDGRUHVPXQGLDOHV
KDEtDQDERQDGRHQORV~OWLPRVWUHVDxRVSRUFDXVD WDPELpQILUPDURQDFXHUGRVVREUHSXHUWRVHVSHFtILFRV
GH XQ FRQWURYHUWLGR GHFUHWR SURPXOJDGR SRU OD TXHSRGUtDQDIHFWDUDOWUDQVSRUWHPDUtWLPR(QMXQLR
DGPLQLVWUDFLyQDQWHULRU\GHVHPEROVDUPLOORQHV GH+3+FRQILUPyTXHKDEtDYHQGLGRXQ
GH GyODUHV SRU OD LQIUDHVWUXFWXUD UHFLELGD HQ YLUWXG GHVXWHUPLQDO+,7HQ+RQJ.RQJ &KLQD D36$SRU
GHO FRQWUDWR GH DxRV (Q ORIXWXUR +3+ SDJDUi  PLOORQHV GH GyODUHV 8Q PHV GHVSXpV \ HQ HO
XQRV GHUHFKRV GH  GyODUHV SRU 7(8 VLPLODU D ORV PLVPR SXHUWR HQWUy HQ YLJRU XQ DFXHUGR GH
TXHVHDSOLFDQDRWURVGRVRSHUDGRUHV FRODERUDFLyQ GH '3 :RUOG FRQ +3+ \ HO *UXSR
:KDUI RWUR RSHUDGRU $ WHQRU GH HVH DFXHUGR HO
/DV IXVLRQHV \ DGTXLVLFLRQHV GH RSHUDGRUHV WUiILFR VREUDQWH GHO SULPHUR SRGUtD GHULYDUVH D
LQWHUQDFLRQDOHV GH WHUPLQDOHV VLJXLHURQ VLQ LQVWDODFLRQHVRSHUDGDVSRUODVRWUDVFRPSDxtDV
GLVPLQXLU(QFRQVHFXHQFLDODOLVWDGHGHORV
FXDWUR SULQFLSDOHV RSHUDGRUHV PXQGLDOHV +3+ /RV DFXHUGRV GH ORV RSHUDGRUHV PXQGLDOHV FRQ
36$ $30 7HUPLQDOV \ 3 2 3RUWV FRQ XQ OtQHDV GH WUDQVSRUWH PDUtWLPR VH UHIHUtDQ D ODV
PRYLPLHQWR FRQMXQWR GH  PLOORQHV GH 7(8 SDUWLFLSDFLRQHV HQ ORV WHUPLQDOHV R D FRQYHQLRV
DOUHGHGRU GHO WHUFLR GHO WUiILFR PXQGLDO FDPELDUi VREUHORVVHUYLFLRVTXHVHSUHVWDUtDQDORVEXTXHVHQ
HQ UD]yQ GH OR RFXUULGR D ILQDOHV GH  '3 HOORV8QHMHPSORGHORSULPHURHVODSDUWLFLSDFLyQ
:RUOG XQ RSHUDGRU LQWHUQDFLRQDO GH WHUPLQDOHV GH GHO  GH &0$ &*0 HQ $QWZHUS *DWHZD\
'XEDL SURVLJXLy VX DJUHVLYR SODQ GH H[SDQVLyQ HQ FHGLGD SRU &RVFR \ 3 21HGOOR\GV TXH
QRYLHPEUHDORIUHFHUFRPSUDU3 23RUWVSRU FRQVHUYDEDQ XQ  FDGD XQR SHUWHQHFLHQGR HO
PLOORQHV GH GyODUHV 3RFDV VHPDQDV GHVSXpV UHVWR GH OD SURSLHGDG D 3 2 3RUWV \ 'XLVSRUW FRQ
DOJXQRV GH ORV LQYHUVRUHV TXH SDUWLFLSDEDQ HQ OD  \  UHVSHFWLYDPHQWH (O FRQVRUFLR TXH VH
RIHUWD MXQWR FRQ '3 :RUOG UHGXMHURQ VX KL]R FRQ HO WHUPLQDO PHGLWHUUiQHR GH 7iQJHU HQ
SDUWLFLSDFLyQ\HQFDPELR7HPDVHNODFRPSDxtD RFWXEUH HV RWUR HMHPSOR (Q HVH FDVR HO RSHUDGRU
PDWUL]GH36$DQXQFLyTXHDXPHQWDUtDVXSDUWHHQ (XURJDWH&RQWVKLS VH DOLy FRQ ORV WUDQVSRUWLVWDV
OD SURSLHGDG GH 3 2 3RUWV 7HPDVHN KL]R XQD 06&\&0$&*0PDQWHQLHQGRODFRPSDxtDORFDO
RIHUWDSRU3 23RUWVGHORUGHQGHOVXSHULRUDOD XQD SDUWLFLSDFLyQ PLQRULWDULD /RV DFXHUGRV VREUH
GH'3:RUOGSHURpVWDDVXYH]DXPHQWyODVX\DHQ VHUYLFLRV FRQFHUWDGRV SRU WUDQVSRUWLVWDV PDUtWLPRV
FDVL  \ D ILQDOHV GH HQHUR GH ILQDOPHQWH SDUHFLHURQDGTXLULUPD\RULPSRUWDQFLDHQWLHPSR\
VH KL]R FRQ 3 2 3RUWV SRU  PLOORQHV GH FREHUWXUD FRPR FXDQGR . /LQH FRQILUPy TXH
GyODUHV(QIHEUHURKXERXQDIXHUWHRSRVLFLyQHQORV HVWDED EXVFDQGR XQ FRQYHQLR GH VHUYLFLRV GH 
(VWDGRV 8QLGRV D OD WUDQVDFFLyQ SRU PRWLYRV GH DxRV FRQ 36$ TXH HQJOREDED D VXV WHUPLQDOHV HQ
VHJXULGDG\DTXHXQRVWHUPLQDOHVGH3 23RUW WRGRHOPXQGR7DOFRVDSDUHFtDVHUXQDDOWHUQDWLYD
HVWDEDQXELFDGRVHQHOSDtV/DRSRVLFLyQVHUHGXMR DO PRGHOR GH JHVWLyQ H[FOXVLYD SRU SDUWH GH RWURV
FXDQGR'3:RUOGLQGLFyVXGLVSRVLFLyQDWUDQVIHULU SRUWHDGRUHV GXUDQWH HO DxR 06& VH KL]R FRQ
HVRVWHUPLQDOHVDXQDHQWLGDGHVWDGRXQLGHQVH FDUiFWHU H[FOXVLYR FRQ WHUPLQDOHV HQ 9DOHQFLD
(VSDxD  \ HVWDEOHFLy XQD HPSUHVD FRQMXQWD FRQ
(QODVVHPDQDVVLJXLHQWHVVHUHJLVWUDURQRWURVKHFKRV 36$ SDUD RSHUDU XQ WHUPLQDO GH WUHV PXHOOHV HQ
HQ YDULRV SDtVHV (Q HO 5HLQR 8QLGR LQYHUVRUHV 6LQJDSXU (O DQWHULRU 3ULPHU 0LQLVWUR GH 6LQJDSXU
DXVWUDOLDQRV KLFLHURQ XQD RIHUWD GH  PLOORQHV GH GLMRTXHORVSXHUWRV\DQRHVWDEDQFRPSLWLHQGRFRQ

 (OWUDQVSRUWHPDUtWLPRHQ

RWURV SXHUWRV VLQR FRQ DOLDQ]DV GH SXHUWRV \ WDVDGHRFXSDFLyQGHORVWHUPLQDOHVGHFRQWHQHGRUHV


WUDQVSRUWLVWDVPDUtWLPRV HQ OD UHJLyQ HUD \D PX\ VXSHULRU DO  8Q
WUDQVSRUWLVWD SURPLQHQWH KL]R XQ YLJRURVR
$OJXQRV YHtDQ YHQWDMDV HQ OD IXVLyQ R OD OODPDPLHQWRDUHSUHVHQWDQWHVGHOVHFWRUSDUDTXHVH
FRRSHUDFLyQ GH DXWRULGDGHV SRUWXDULDV YHFLQDV (Q KLFLHUDQ PiV YLVLEOHV \ FRQYHQFLHUDQ D ODV
HO &DQDGi VH VROLFLWy TXH 9DQFRXYHU VH IXVLRQDUD DXWRULGDGHVGHTXHHUDQQHFHVDULDVXQDVLQYHUVLRQHV
FRQ RWURV FXDWUR SXHUWRV (Q HO HVWUHFKR GH PD\RUHV \ PiV UiSLGDV (Q $OHPDQLD HO SXHUWR GH
*LEUDOWDU VH SURSXJQy XQD FRRSHUDFLyQ PiV +DPEXUJR KL]R XQD SURSXHVWD SDUD TXH VH ILMDUDQ
HVWUHFKDHQWUH$OJHFLUDV*LEUDOWDU\7iQJHU(OUHWR XQRV SOD]RV Pi[LPRV HQ ODV DFWXDFLRQHV MXGLFLDOHV
TXH HQIUHQWD XQD DXWRULGDG SRUWXDULD LQGLYLGXDO DO UHODFLRQDGDV FRQ GHPDQGDV SUHVHQWDGDV SRU SDUWHV
WUDWDUFRQORVSRUWHDGRUHVVHSXVRGHPDQLILHVWRHQ LQWHUHVDGDV \ SDUD TXH HO Q~PHUR GH DXWRULGDGHV
RWURV OXJDUHV (Q HO FDVR GH (O 3LUHR VH FRQVLGHUy TXH LQWHUYHQtDQ HQ HO SURFHVR GH DSUREDFLyQ VH
TXH OD DXWRULGDG SRUWXDULD KDEtD DEXVDGR GH VX UHGXMHUD
SRVLFLyQGRPLQDQWHSDUDRWRUJDUXQFRQWUDWRGHGLH]
DxRV D XQ JUDQ WUDQVSRUWLVWD PDUtWLPR TXH KDEtD &RQ HO WUDVIRQGR GH OD QHFHVLGDG XUJHQWH GH XQD
H[SXOVDGR GH OD DFWLYLGDG D RWUR PHQRU HO FXDO PD\RU FDSDFLGDG GH FRQWHQHGRUHV HQ (XURSD HO
DFDEy HQ EDQFDUURWD 3RU HVH PRWLYR OD &RPLVLyQ SURFHGLPLHQWR VHJXLGR HQ HO 5HLQR 8QLGR SDUD
GHOD&RPSHWHQFLDVDQFLRQyDDTXHOODDXWRULGDGFRQ DSUREDU ORV SODQHV GH PHMRUDV SRUWXDULDV VH YLR
XQD PXOWD TXH HTXLYDOtD DO  GH VX FLIUD GH VRPHWLGR D WHQVLRQHV $O UHFKD]DUVH HO SUR\HFWR
QHJRFLRV DQXDO (O SXHUWR GH /RV ÈQJHOHV OLTXLGy $%3 SDUD OD EDKtD GH 'LEGHQ SRU PRWLYRV
XQD UHFODPDFLyQ GHO WUDQVSRUWLVWD PDUtWLPR &KLQD HFROyJLFRV TXHGDURQ HQ FRQVLGHUDFLyQ WUHV SODQHV
6KLSSLQJ FRQ HO SDJR GH  PLOORQHV GH GyODUHV XQGHVDUUROORSRU+3+GHODIDVHHQ)HOL[VWRZH\
/DUHFODPDFLyQVHUHIHUtDDORVUHWUDVRVHQODHQWUDGD HQODEDKtDGH%DWKVLGHXQVHJXQGRHQ+DUZLFK\
HQ IXQFLRQDPLHQWR GH XQ WHUPLQDO \ ODV HOWHUFHURHQ/RQGRQ*DWHZD\SURPRYLGRSRU3 2
PRGLILFDFLRQHV HQ ORV EXTXHV SDUD XWLOL]DU 3RUWV(VRVSUR\HFWRVDxDGLUtDQPLOORQHVDQXDOHV
HOHFWULFLGDGFRQHFWiQGRVHDORVPXHOOHVHQOXJDUGH GH 7(8 D OD FDSDFLGDG SRUWXDULD DFWXDO /RQGRQ
UHFXUULU D VXV PRWRUHV GLpVHO PLHQWUDV HVWiQ *DWHZD\ UHFLELy XQD DSUREDFLyQ SUHOLPLQDU HQ
DWUDFDGRV &XHVWLRQHV DPELHQWDOHV VH HQFRQWUDEDQ VHSWLHPEUHGH\ORVRWURVSODQHVVHDSUREDURQ
HQODUDt]GHHOORODVGHPRUDVVHGHEtDQDDFFLRQHV HQORVSULPHURVPHVHVGH(QHVWHSURFHVRDG
OHJDOHV HPSUHQGLGDV SRU JUXSRV HFRORJLVWDV TXH KRF KXER SXQWRV FRQWURYHUWLGRV $OJXQDV SDUWHV
DGXFtDQTXHGHEtDQFRPSOHWDUVHWRGDVODVDXGLWRUtDV LQVLVWLHURQ HQ OD LQFyPRGD SRVLFLyQ GH WRGRV HVRV
VREUHHOPHGLRDPELHQWHDQWHVGHTXHVHDXWRUL]DUD SODQHVFXDQGRVHFRPSDUDQFRQORVGHRWURVSXHUWRV
OD FRQVWUXFFLyQ VL ELHQ XWLOL]DU HOHFWULFLGDG GHVGH HXURSHRV TXH UHFLEHQ IRQGRV RILFLDOHV SDUD
WLHUUDHUDXQDPHGLGDSDUDUHGXFLUODFRQWDPLQDFLyQ GHVDUUROODU OD LQIUDHVWUXFWXUD 2WURV FXHVWLRQDURQ HO
DWPRVIpULFDHQOD]RQDXUEDQD DFLHUWR GH XQRV SUR\HFWRV GH GHVDUUROOR VHVJDGRV
KDFLD HO VXU HQ GHWULPHQWR GH ODV UHJLRQHV PiV
(QSDtVHVGH(XURSDRFFLGHQWDOKDEtDHOVHQWLPLHQWR SREUHVGHO5HLQR8QLGRVHSWHQWULRQDO8QRVWHUFHURV
JHQHUDOL]DGR GH TXH ODV GHPRUDV \ ORV FRVWRV VHxDODURQODGLILFXOWDGGHSHGLUDORVRSHUDGRUHVTXH
UHODFLRQDGRV FRQ HO SURFHVR GH SODQLILFDFLyQ \ ILQDQFLDUDQLQIUDHVWUXFWXUDVIHUURYLDULDV\FDUUHWHUDV
DSUREDFLyQ GH ODV PHMRUDV SRUWXDULDV HUDQ SDUD TXH VXV SODQHV SRUWXDULRV IXHUDQ YLDEOHV
H[FHVLYRV /D H[SDQVLyQ GH 0DDVYODNWH  HQ FXDQGR KDEUtD RWURV EHQHILFLDULRV GH HVDV
5RWWHUGDPWXYRTXHSRVSRQHUVHDOPHQRVPHVHV LQIUDHVWUXFWXUDV (QWUH WDQWR ORV SXHUWRV GH
SRUFDXVDGHODVFXHVWLRQHVVXVFLWDGDVHQXQWULEXQDO /LYHUSRRO7HHVLGH\%ULVWROHVWDEDQSUHSDUDQGRVXV
DGPLQLVWUDWLYR VREUH HO LPSDFWR DPELHQWDO GHO SURSLRVSODQHVGHGHVDUUROOR(O~OWLPRGHHOORVHUD
SUR\HFWR'HOPLVPRPRGRHOFRVWRGHOSURFHVRGH HVSHFLDOPHQWH DPELFLRVR DO UHTXHULU XQD LQYHUVLyQ
SODQLILFDFLyQ HVWR HV HO FRVWR GH VDFDUOR D GH  PLOORQHV GH GyODUHV SDUD DWHQGHU D
LQIRUPDFLyQ S~EOLFD GH ODV SUHVHQWDFLRQHV GH ORV SRUWDFRQWHQHGRUHV GH  7(8 HQ XQD
SODQHV RILFLDOHV \ GH ORV JDVWRV MXUtGLFRV GH  LQVWDODFLyQGHPLOORQHVGH7(8DQXDOHV(VWDED
SUR\HFWRVHQYDULRVSDtVHVDVFHQGLyDPLOORQHV SUHYLVWR TXH HO H[DPHQ GH OD SROtWLFD SRUWXDULD
GH GyODUHV FRQ XQD SDUWLGD SDUD HO SUR\HFWR GH OD LQLFLDGDSRUHO*RELHUQRHQWHUPLQDUDHQ
EDKtDGH'LGEHQ 5HLQR8QLGR TXHVXSXVRHOODVROD GHVSXpV GH FRQVXOWDV H[KDXVWLYDV FRQ ODV SDUWHV
 PLOORQHV GH GyODUHV 'HPRUDV \ FRVWRV HVWDEDQ LQWHUHVDGDV
DIHFWDQGR QHJDWLYDPHQWH DO KHFKR GH GLVSRQHU GH
FDSDFLGDGDGLFLRQDOHQORVGRVDxRVVLJXLHQWHVGHOR 'XUDQWH FDVL WRGR HO DxR  OD &RPLVLyQ GH
TXHKDEtDPXFKDQHFHVLGDGSXHVVHHVWLPDEDTXHOD 7UDQVSRUWH GHO 3DUODPHQWR (XURSHR \ ORV yUJDQRV

 9'HVDUUROORSRUWXDULR 

GH ORV VHFWRUHV LQWHUHVDGRV HVWXGLDURQ OD GLUHFWLYD GH  GyODUHV SRU 7(8 SDUD PHMRUDU OD
SURSXHVWD SRU OD 8( VREUH VHUYLFLRV SRUWXDULRV LQIUDHVWUXFWXUD IHUURYLDULD OD FDOLGDG GHO DLUH \ OD
+XER TXHMDV GH TXH HVD VHJXQGD YHUVLyQ GHO WH[WR VHJXULGDG HQ ORV SXHUWRV SHUR OD LGHD TXHGy
KDEtDVLGRSUHSDUDGDVLQWHQHUHQFXHQWDHOUHFKD]R SRVSXHVWDLQGHILQLGDPHQWHSRUODIXHUWHRSRVLFLyQD
GH OD DQWHULRU HQ  \ VH GHVSOHJDURQ HVIXHU]RV TXH ORV PHGLRV FRPHUFLDOHV VXVWLWX\HUDQ DO VHFWRU
SDUDUHGDFWDUXQDYHUVLyQPRGLILFDGDTXHVRVOD\DUD S~EOLFRDODKRUDGHLQYHUWLU(Q$OHPDQLDHOFRVWR
ODV REMHFLRQHV D ORV SULQFLSDOHV SXQWRV GH FRQVWUXLU HO SXHUWR GH -DGH :DVHU DXPHQWy XQ
FRQWURYHUWLGRV HQWUH HOORV HO GHUHFKR GH ORV  DO VXELU HO SUHFLR GHO DFHUR \ GH RWURV
DUPDGRUHVDODPDQLSXODFLyQGHODVPHUFDQFtDVSRU PDWHULDOHV
FXHQWDSURSLD\ORVSURFHGLPLHQWRVGHOLFLWDFLyQGH
ODV LQVWDODFLRQHV (Q QRYLHPEUH OD YHUVLyQ '5(&$5*263255$=21(6'(
HQPHQGDGD VH SXVR D YRWDFLyQ HQ OD &RPLVLyQ GH 6(*85,'$'(1/2638(5726
7UDQVSRUWH DXQTXH DOJXQRV VH SUHJXQWDURQ VL QR
VHUtD PHMRU UHWLUDUOD GHVSXpV GH XQD YRWDFLyQ
FRQIXVD VH GHFLGLy UHPLWLU OD YHUVLyQ VLQ PRGLILFDU (Q  VLJXLHURQ FREUiQGRVH UHFDUJRV SDUD
DOSOHQRGHO3DUODPHQWR$OOtODGLUHFWLYDSURSXHVWD PHMRUDUODVHJXULGDG3RUHMHPSOR3DWULFN&RUSXQ
VH UHFKD]y ILQDOPHQWH SRU XQD JUDQ PD\RUtD HQ RSHUDGRUSRUWXDULRGH$XVWUDOLDDSOLFyXQJUDYDPHQ
HQHURGH GH  GyODUHV SRU FRQWHQHGRU D SDUWLU GHO ž GH
HQHUR GH  SDUD FRVWHDU PiV JXDUGDV YDOODV
LOXPLQDFLyQ \ FiPDUDV GH WHOHYLVLyQ HQ FLUFXLWR
(QHO&DQDGiVHSUHVWyPXFKDDWHQFLyQDODVXQWRGH FHUUDGR(QPDU]RWUHVRSHUDGRUHVGHWHUPLQDOHVHQ
OD ILQDQFLDFLyQ S~EOLFD GH ODV LQIUDHVWUXFWXUDV /DV 6KHQ]KHQ &KLQD  HPSH]DURQ D DSOLFDU XQ UHFDUJR
HQPLHQGDV D OD /H\ GH  VREUH DVXQWRV GH  GyODUHV SRU7(8 FRQ ILQHV GH VHJXULGDG PiV
PDUtWLPRV GHMy HO FDPLQR H[SHGLWR SDUD XQD WDUGH0RGHUQ7HUPLQDOVXQRGHORVRSHUDGRUHVHQ
ILQDQFLDFLyQ GLUHFWD SRU HO *RELHUQR IHGHUDO GH ORV +RQJ .RQJ &KLQD  DQXQFLy TXH FREUDUtD XQ
JUDQGHVSUR\HFWRVGHLQIUDHVWUXFWXUD(QRFWXEUHVH GHUHFKR GH  GyODUHV SRU FRQWHQHGRU FDUJDGR
DQXQFLyXQDDVLJQDFLyQGHPLOORQHVGHGyODUHV GHVGH PD\R GH  $ PHGLDGRV GH  VH
SDUD HOLPLQDU ORV FXHOORV GH ERWHOOD HQ FDUUHWHUDV DQXQFLy XQD WDVD GH VHJXULGDG GH  GyODUHV SRU
IHUURFDUULOHV \ IURQWHUDV FDXVDGRV SRU HO DXPHQWR FRQWHQHGRU GH  SLHV TXH SDVDUD SRU SXHUWRV
GHO FRPHUFLR FRQ $VLD HQ HO SXHUWR GH 9DQFRXYHU FKLQRV (VH GHUHFKR VHUi XQLIRUPH HQ WRGRV ORV
(Q ORV (VWDGRV 8QLGRV OD IDOWD GH ILQDQFLDFLyQ SXHUWRV\GXUDUiWUHVDxRV
FRQGXMR
 D TXH HQ &DOLIRUQLD VH SURSXVLHUDXQDWDVD




&DStWXOR

(/&20(5&,2</$(),&,(1&,$
'(/75$163257(

(QHVWHFDStWXORVHSUHVHQWDLQIRUPDFLyQVREUHORV~OWLPRVDFRQWHFLPLHQWRVUHODFLRQDGRVFRQHOWUDQVSRUWH
OD IDFLOLWDFLyQ GHO FRPHUFLR \ HO WUDQVSRUWH PXOWLPRGDO DVt FRPR VREUH OD VLWXDFLyQ GH ORV SULQFLSDOHV
FRQYHQLRVPDUtWLPRV

$1(*2&,$&,21(662%5(/$ ODVPHUFDQFtDVPHGLDQWHODDSOLFDFLyQGHODVQRUPDV
)$&,/,7$&,Ï1'(/26,17(5&$0%,26 LQWHUQDFLRQDOHV YLJHQWHV HQ HO PDUFR GH $FXHUGR
(1/$25*$1,=$&,Ï1081',$/'(/ VREUH 9DORUDFLyQ HQ $GXDQD GH OD 20& HO
&20(5&,2 &RQYHQLR GHO 6LVWHPD $UPRQL]DGR HO )RUPXODULR
FODYH GH ODV 1DFLRQHV 8QLGDV HO &RQYHQLR GH
'HVGH  ORV PLHPEURV GH OD 2UJDQL]DFLyQ .\RWR GH OD 20$  7DPELpQ TXH SRGUtD
0XQGLDO GHO &RPHUFLR 20&  KDQ HVWDGR WRPDUVHFRPRQRUPDRSXQWRGHUHIHUHQFLDEiVLFRHO
QHJRFLDQGRFyPRDFODUDU\PHMRUDUORVDUWtFXORV9 FRQMXQWRGHGDWRVGHVDUUROODGRGHQWURGHOPRGHORGH
9,,,\;GHO*$77(ODUWtFXOR9WUDWDGHODOLEHUWDG GDWRV GH OD 20$ (',)$&71DFLRQHV 8QLGDV
GH WUiQVLWR HO 9,,, GH ORV GHUHFKRV \ IRUPDOLGDGHV UHJODPHQWR GH ODV 1DFLRQHV 8QLGDV SDUD OD
UHIHUHQWHV D OD LPSRUWDFLyQ \ D OD H[SRUWDFLyQ \ HO $GPLQLVWUDFLyQ HO &RPHUFLR \ HO 7UDQVSRUWH  \ HO
;GHODSXEOLFDFLyQ\DSOLFDFLyQGHORVUHJODPHQWRV )RUPXODULR FODYH GH ODV 1DFLRQHV 8QLGDV 2WUDV
FRPHUFLDOHV (Q MXOLR GH  HQ HO OODPDGR SURSXHVWDV LQGLFDQ TXH HQ ORV FDVRV HQ TXH ODV
3DTXHWH GH-XOLR \ HQ VX DQH[R ' ORV PLHPEURV GHFODUDFLRQHV GH PHUFDQFtDV \ RWURV GRFXPHQWRV
GH OD 20& FRQYLQLHURQ ODV PRGDOLGDGHV TXH VH MXVWLILFDQWHV VH SUHVHQWHQ HOHFWUyQLFDPHQWH \ VHDQ
VHJXLUiQSDUDHPSUHQGHUODVQHJRFLDFLRQHVVREUHOD DXWHQWLFDGRV PHGLDQWH ILUPDV HOHFWUyQLFDV R
IDFLOLWDFLyQGHOFRPHUFLR SURFHGLPLHQWRV HOHFWUyQLFRV QR VH  SHGLUi QLQJ~Q
RWURRULJLQDOGHHVRVGRFXPHQWRV\TXHGHEHUtDQ
LQWURGXFLUVH VLVWHPDV HOHFWUyQLFRV EDVDGRV HQ HO
3URSXHVWDV HVSHFtILFDV VREUH ODV WHFQRORJtDV GH OD ,QWHUFDPELR $XWRPiWLFR \ (OHFWUyQLFR GH 'DWRV
LQIRUPDFLyQ\ODVFRPXQLFDFLRQHV ,(' HQVXVWLWXFLyQGHORVSURFHGLPLHQWRVEDVDGRV
HQSDSHOHQWRGDVODVDGXDQDV\HQ~OWLPDLQVWDQFLD
0XFKDVGHODVSURSXHVWDVWpFQLFDVTXHVHHVWXGLDURQ HQWRGRVORVGHPiVRUJDQLVPRVUHODFLRQDGRVFRQOD
HQ HO *UXSR GH 1HJRFLDFLyQ VREUH OD )DFLOLWDFLyQ DGPLQLVWUDFLyQ GH ODV LPSRUWDFLRQHV \
GHO&RPHUFLR *1)& GXUDQWH\SULQFLSLRVGH H[SRUWDFLRQHV
 VH RFXSDEDQ GH ODV WHFQRORJtDV GH OD
LQIRUPDFLyQ\ODVFRPXQLFDFLRQHV 7,& (QORTXH
DWDxH D ORV GRFXPHQWRV HOHFWUyQLFRV \ D OD 3RUORTXHVHUHILHUHDODSXEOLFDFLyQHQ,QWHUQHWGH
SUHVHQWDFLyQ HOHFWUyQLFD GH GDWRV VH VHxDOy TXH ODV UHJODPHQWDFLRQHV FRPHUFLDOHV HQWUH ODV
SDUD FRQFRUGDU XQ FRQMXQWR GH IRUPXODULRV \ SURSXHVWDV KHFKDV HQ OD 20&  ILJXUD HO
GRFXPHQWRV HOHFWUyQLFRV FRPXQHV HV HVHQFLDO OD HVWDEOHFLPLHQWR GH PHFDQLVPRV GH SXEOLFLGDG \
DUPRQL]DFLyQ GH ORV GRFXPHQWRV GH LPSRUWDFLyQ \ DFFHVRDODLQIRUPDFLyQUHODWLYDDORVSURFHGLPLHQWRV
ORVGDWRVQHFHVDULRVSDUDHOGHVSDFKRGHDGXDQDGH DGXDQHURV SDUD WRGRV ORV 0LHPEURV PHGLDQWH


 (OWUDQVSRUWHPDUtWLPRHQ

PHGLRVRILFLDOHVIiFLOPHQWHGLVSRQLEOHVFRQLQFOXVLyQ (Q HO FRQWH[WR GHO FRPHUFLR GH WUiQVLWR  HQ XQD
GHO IRUPDWR HOHFWUyQLFR VLHPSUH TXH VHD SRVLEOH \ SURSXHVWD VH GHFtD TXH &RPR QRUPD JHQHUDO OD
GH PDQHUD RSRUWXQD 'HO PLVPR PRGR VH VXJLHUH LGHQWLILFDFLyQ GH HVDV PHUFDQFtDV VH DVHJXUD
TXH ODV LQIRUPDFLRQHV GHEHUtDQ VHU SXEOLFDGDV GH PHGLDQWHSUHFLQWRV$GHPiVGHHVDWtSLFDIXQFLyQGH
PDQHUDFODUD\VLVWHPiWLFDDWUDYpVGHPHGLRVGHIiFLO ORV SUHFLQWRV VH KDQ GHVDUUROODGR SUHFLQWRV
DFFHVR TXH SXHGDQ FRQVXOWDUVH GH IRUPD DPSOLD HOHFWUyQLFRV SDUD OD GHWHFFLyQ \ UDVWUHR GH
JUDWXLWDPHQWHRDXQSUHFLRSURSRUFLRQDODOFRVWRGH FDPLRQHV
ORV VHUYLFLRV SUHVWDGRV \ TXH &DGD 0LHPEUR
GHEHUtD QRWLILFDU D ORV GHPiV 0LHPEURV SRU /D&RQIHUHQFLD0LQLVWHULDOGH+RQJ.RQJ &KLQD 
FRQGXFWRGHOD6HFUHWDUtDORVPHGLRVGHDFFHVRDOD
LQIRUPDFLyQ SXEOLFDGD HOHFWUyQLFDPHQWH /D (QOD'HFODUDFLyQ0LQLVWHULDOGHOD20&DSUREDGD
SXEOLFDFLyQ HQ ,QWHUQHW VH LQWHUSUHWD FRPR XQ HOGHGLFLHPEUHGHHQ+RQJ.RQJ &KLQD 
PpWRGR DO TXH ORV 0LHPEURV SXHGHQ UHFXUULU D ILQ ORV PLQLVWURV UHLWHUDURQ HO PDQGDWR \ ODV
GH FXPSOLU ODV REOLJDFLRQHV DFWXDOHV HQ PDWHULD GH PRGDOLGDGHV SDUD QHJRFLDU OD IDFLOLWDFLyQ GHO
SXEOLFDFLyQTXHOHVFRUUHVSRQGHHQYLUWXGGHODUWtFXOR FRPHUFLR TXH ILJXUD HQ HO DQH[R ' GHO 3DTXHWH GH
;GHO*$77GH -XOLR /RV PLQLVWURV VXVFULELHURQ DGHPiV ODV
UHFRPHQGDFLRQHV GHO LQIRUPH GHO *1)&
6REUH OD DXWRPDWL]DFLyQ HQ XQD SURSXHVWD VH 5HFRPHQGDURQ TXH ORV 0LHPEURV GH OD 20&
VXJLHUH OD $XWRPDWL]DFLyQ GH ORV SURFHGLPLHQWRV WHQJDQSUHVHQWHVORVSOD]RVJHQHUDOHVSDUDWHUPLQDU
GH DGXDQDV \ GH RWURV RUJDQLVPRV SDUD OD ODV QHJRFLDFLRQHV \ OD QHFHVLGDG FRQVLJXLHQWH GH
LPSRUWDFLyQ \ OD H[SRUWDFLyQ FRQ LQFOXVLyQ GH OD FHQWUDUVHHQODUHGDFFLyQGHORVWH[WRVSDUDWHQHUORV
SRVLELOLGDG GH SUHVHQWDU HQ IRUPDWR HOHFWUyQLFR ODV ERUUDGRUHV QR PXFKR GHVSXpV GH OD &RQIHUHQFLD
GHFODUDFLRQHV GH DGXDQD \ GH RWUR WLSR (Q OD 0LQLVWHULDOGH+RQJ.RQJDILQGHSRGHUFRQFOXLUD
PLVPDSURSXHVWDWDPELpQVHSLGHTXHVHEXVTXHOD WLHPSR XQDV QHJRFLDFLRQHV EDVDGDV HQ WH[WRV HQ
DXWRPDWL]DFLyQGHOSDJRGHGHUHFKRV\RWUDVWDVDV\ WRGRVORVDVSHFWRVGHOPDQGDWR
FDUJDV(QRWUDVHGLFHTXH&XDQGRVHDSOLTXHOD
DXWRPDWL]DFLyQ HQ ORV FDVRV HQ TXH VH H[LMD OD 'HVGH FRPLHQ]RV GH  XQ JUDQ Q~PHUR GH ODV
SUHVHQWDFLyQ ItVLFD GH GRFXPHQWDFLyQ HQ YLUWXG GH SURSXHVWDV KHFKDV HQ HO *1)& KDQ UHVXPLGR ELHQ
SURFHGLPLHQWRV PDQXDOHV  ODV DGXDQDV GHEHUtDQ ORV DVXQWRV WUDWDGRV HQ SURSXHVWDV DQWHULRUHV
DFHSWDUQRUPDOPHQWHFRSLDV\QRDFHSWDU\RH[LJLU 0XFKDV GH ODV TXH VH KDQ KHFKR UHFLHQWHPHQWH VH
~QLFDPHQWH ORV RULJLQDOHV GH ORV GRFXPHQWRV IRUPXODURQ SRU JUXSRV GH SDtVHV TXH KDEtDQ
H[FHSWRHQFLUFXQVWDQFLDVFODUDPHQWHGHILQLGDV&RQ SUHVHQWDGR FRQ DQWHULRULGDG ODV SURSXHVWDV
ODWUDQVPLVLyQDXWRPDWL]DGDGHGRFXPHQWRVVLHPSUH SHUWLQHQWHVSRUVHSDUDGR/DVQHJRFLDFLRQHVVHKDQ
HVGLItFLOVLQRLPSRVLEOHLGHQWLILFDUXQGRFXPHQWR EDVDGR DVt HQ EXHQD SDUWH HQ WH[WRV HV GHFLU HO
RULJLQDO VL pVWH VH LPSULPH R VL VH UHDOL]D XQD *1)& HVWi GLVFXWLHQGR OD UHGDFFLyQ FRQFUHWD GH
IRWRFRSLD DOJXQDV GH ODV FXHVWLRQHV WpFQLFDV $ PHGLDGRV GH
 HO Q~PHUR WRWDO GH SURSXHVWDV VREUH OD PHVD
2WUDV SURSXHVWDV UHODFLRQDGDV FRQ ODV 7&, VH VXSHUDEDHOFHQWHQDU
UHILHUHQ D XQD YHQWDQLOOD ~QLFD HOHFWUyQLFD (O XVR
GH XQD YHQWDQLOOD ~QLFD EDVDGD HQ PHGLRV 7UDWR HVSHFLDO \ GLIHUHQFLDGR DVLVWHQFLD WpFQLFD H
HOHFWUyQLFRV SRU SDUWH GH ORV 0LHPEURV SDUD LPSODQWDFLyQGHFDSDFLGDG
SUHVHQWDU GH XQD VROD YH] \ DQWH XQD PLVPD
DXWRULGDG WRGD OD GRFXPHQWDFLyQ H LQIRUPDFLyQ 9DULDVSURSXHVWDVSUHVHQWDGDVHQHO*1)&GXUDQWH
UHODFLRQDGDFRQORVSURFHGLPLHQWRVGHLPSRUWDFLyQ HOSULPHUVHPHVWUHGHDERUGDEDQHODVXQWRGHO
\ H[SRUWDFLyQ HV DOWDPHQWH UHOHYDQWH SDUD HO WUDWRHVSHFLDO\GLIHUHQFLDGR(QHODQH[R'GHO
IXQFLRQDPLHQWRGHOFRPHUFLRGDGRTXHLQFUHPHQWD 3DTXHWH GH -XOLR VH VHxDOD TXH ORV UHVXOWDGRV GH
ODFRRUGLQDFLyQHQWUHDJHQFLDVSHUPLWHXQXVRPiV ODV QHJRFLDFLRQHV WHQGUiQ SOHQDPHQWH HQ FXHQWD HO
HILFLHQWH GH ORV UHFXUVRV S~EOLFRV \  SULYDGRV \ SULQFLSLR GHO WUDWR HVSHFLDO \ GLIHUHQFLDGR SDUD ORV
PHMRUD HO GHVHPSHxR GH ODV DJHQFLDV S~EOLFDV SDtVHV HQ GHVDUUROOR \ PHQRV DGHODQWDGRV (O
/D YHQWDQLOOD ~QLFD QR VXSRQH QHFHVDULDPHQWH OD DOFDQFH GH ORV FRPSURPLVRV \ HO PRPHQWR GH
DSOLFDFLyQ \ XWLOL]DFLyQ GH XQD WHFQRORJtD GH OD FRQWUDHUORV JXDUGDUiQ UHODFLyQ FRQ OD FDSDFLGDG GH
LQIRUPDFLyQ \ ODV FRPXQLFDFLRQHV DYDQ]DGD DSOLFDFLyQ GH ORV 0LHPEURV HQ GHVDUUROOR \ PHQRV
DXQTXH VH SXHGH PHMRUDU OD IDFLOLWDFLyQ VL VH DGHODQWDGRV8QPHFDQLVPRSURSXHVWRHQHO*1)&
LGHQWLILFDQ\DGRSWDQHVHWLSRGHWHFQRORJtDV TXH SHUVLJXH OOHYDU D OD SUiFWLFD HO PDQGDWR GHO

 9,(OFRPHUFLR\ODHILFLHQFLDGHOWUDQVSRUWH 

DQH[R ' FRQVLVWH HQ FXDWUR IDVHV SULQFLSDOHV   *HQHUDO VLPSOHPHQWH WRPy QRWD GH ODV
FDSDFLGDG GH DXWRHYDOXDFLyQ   QRWLILFDFLyQ   REVHUYDFLRQHV GHO 'LUHFWRU *HQHUDO (VWR VLJQLILFD
GHVDUUROOR GH FDSDFLGDG \   FRQILUPDFLyQ GH OD TXHVHUtDSRVLEOHUHDQXGDUODVQHJRFLDFLRQHVVLQXQD
DGTXLVLFLyQ GH FDSDFLGDG \ FXPSOLPLHQWR GH OD GHFLVLyQIRUPDODOUHVSHFWRWHQLHQGRFDGD0LHPEUR
REOLJDFLyQ&RQHVHPHFDQLVPRVHHVSHUDDVHJXUDU XQGHUHFKRGHYHWRVREUHHVDUHDQXGDFLyQ
TXH ORV 0LHPEURV GH OD 20& PHQRV DGHODQWDGRV
WHQGUiQTXHDVXPLUFRPSURPLVRVVyORHQODPHGLGD % &8(67,21(6-85Ë',&$648($)(&7$1
FRPSDWLEOH FRQ ODV QHFHVLGDGHV GH FDGD XQR HQ $/75$163257(813$125$0$
PDWHULD GH GHVDUUROOR ILQDQFLHUDV \ FRPHUFLDOHV R *(1(5$/'(/26$&217(&,0,(1726
FRQVXFDSDFLGDGDGPLQLVWUDWLYDHLQVWLWXFLRQDO 5(&,(17(65(/$&,21$'26&21/$
6(*85,'$''(/$&$'(1$
(Q HO DQH[R ' VH UHFRQRFH WDPELpQ TXH OD /2*Ë67,&$0$5Ë7,0$<081',$/<
SUHVWDFLyQ GH DVLVWHQFLD WpFQLFD \ DSR\R D OD &21(/3(5621$/1$9(*$17(
FUHDFLyQ GHFDSDFLGDG HV IXQGDPHQWDOSDUD TXH ORV
SDtVHV HQ GHVDUUROOR \ PHQRV DGHODQWDGRV SXHGDQ  6HJXULGDGGHODFDGHQDORJtVWLFDPDUtWLPD\
SDUWLFLSDU SOHQDPHQWH HQ ODV QHJRFLDFLRQHV \ PXQGLDO
EHQHILFLDUVH GH HOODV 6H LQYLWDUi D ODV
RUJDQL]DFLRQHV LQWHUQDFLRQDOHV SHUWLQHQWHV HQWUH
HOODVHO%DQFR0XQGLDOHO)0,OD2&'(OD20$ /D VHJXULGDG GH OD FDGHQD PDUtWLPD \ PXQGLDO GH
\ OD 81&7$' D HPSUHQGHU HVIXHU]RV GH VXPLQLVWUR VLJXH RFXSDQGR XQ OXJDU GHVWDFDGR GHO
FRODERUDFLyQ HQ HVH SDUWLFXODU 'HVGH  HO SURJUDPD LQWHUQDFLRQDO \ YDULDV RUJDQL]DFLRQHV
%DQFR0XQGLDO OD 20& \ OD 81&7$' PHGLDQWH LQWHUQDFLRQDOHV FRQWLQ~DQ VX ODERU SDUD GHVDUUROODU
XQDFRODERUDFLyQHQWUHVt\FRQHO)0,OD2&'(\ QRUPDV \ UHFRPHQGDU SUiFWLFDV HQ HVH SDUWLFXODU
OD 20$ KDQ HVWDGR RUJDQL]DQGR HYHQWRV (QWUH ORV DFRQWHFLPLHQWRV LQWHUQDFLRQDOHV PiV
HQFDPLQDGRVDFUHDUFDSDFLGDGSDUDTXHDFRPSDxHQ LPSRUWDQWHVHQHVDHVIHUDILJXUDQORVVLJXLHQWHV
DO SURFHVR GH QHJRFLDFLyQ /DV FRPLVLRQHV
UHJLRQDOHV GH ODV 1DFLRQHV 8QLGDV HVWiQ WDPELpQ (Q HQHUR GH  VH FHOHEUy HQ HO -DSyQ XQD
SUHSDUDQGR VHPLQDULRV \ UHDOL]DQGR HVWXGLRV &RQIHUHQFLD 0LQLVWHULDO VREUH 6HJXULGDG GHO
UHODFLRQDGRV FRQ ODV QHJRFLDFLRQHV GH OD 20& HQ 7UDQVSRUWH ,QWHUQDFLRQDO GH DOWR QLYHO (Q HOOD
VXVUHJLRQHVUHVSHFWLYDV VH UHFRQRFLy HQWUH RWUDV FRVDV OD JUDYH DPHQD]D
TXH VXSRQHQ SDUD HO WUDQVSRUWH PDUtWLPR
(VWH PDQGDWR GHO DQH[R ' VXVFULEH ODV LQWHUQDFLRQDOORVDFWRVGHWHUURULVPR\ODQHFHVLGDG
UHFRPHQGDFLRQHV GHO *1)& GH TXH VH LQYLWH D ODV HQ WRGR PRPHQWR GH KDFHU IUHQWH D ORV DVSHFWRV
RUJDQL]DFLRQHV LQWHUQDFLRQDOHV SHUWLQHQWHV D TXH YXOQHUDEOHV (Q HVH VHQWLGR VH DFRJLHURQ FRQ
VLJDQ SUHVWDQGR DVLVWHQFLD D ORV 0LHPEURV HQ HO VDWLVIDFFLyQ ODV DFWLYLGDGHV GH ODV RUJDQL]DFLRQHV
SURFHVRGHLGHQWLILFDUODVQHFHVLGDGHV\SULRULGDGHV LQWHUQDFLRQDOHV SHUWLQHQWHV HQ SDUWLFXODU OD
GH SDtVHV FRQFUHWRV DVt FRPR ODV LPSOLFDFLRQHV HQ 2UJDQL]DFLyQ 0DUtWLPD ,QWHUQDFLRQDO \ OD
PDWHULD GH FRVWRV GH ODV PHGLGDV SRVLEOHV 2UJDQL]DFLyQ 0XQGLDO GH $GXDQDV \ VH LQYLWy D
UHFRQRFLpQGRVH GHELGDPHQWH ODV LPSRUWDQWHV HVDV RUJDQL]DFLRQHV D TXH PHGLDQWH XQD
FRQWULEXFLRQHV TXH \D VH KDQ KHFKR \ VH DOLHQWD D FRRSHUDFLyQ HQWUH Vt H[DPLQDUDQ FyPR DUELWUDU
TXH SURVLJD \ VH LQWHQVLILTXH VX ODERU FRQ FDUiFWHU PHGLGDVDSURSLDGDVSDUDDXPHQWDUODVHJXULGDGGHO
PiVJHQHUDOHQDSR\RGHODVQHJRFLDFLRQHV WUDQVSRUWH PDUtWLPR GH FRQWHQHGRUHV HQ OD FDGHQD
LQWHUQDFLRQDO GHVXPLQLVWUR $GHPiV VHLQYLWyD OD
6XVSHQVLyQGHODVQHJRFLDFLRQHV 20, D KDFHU XQ HVWXGLR \ HQ VX FDVR IRUPXODU
UHFRPHQGDFLRQHVSDUDIRPHQWDUODVHJXULGDGGHORV
(Q MXOLR GH  SRU FDXVD GH GLIHUHQFLDV EXTXHV GLVWLQWDV GH ODV TXH \D VH UHFRJHQ HQ HO
SHUVLVWHQWHV HO &RQVHMR *HQHUDO GH OD 20& FDStWXOR ;, GHO &RQYHQLR 62/$6 \ GHO &yGLJR
UHVSDOGyODUHFRPHQGDFLyQGHO'LUHFWRU*HQHUDOGH 3%,3 6H HQFDUHFLy D ORV (VWDGRV D TXH VLJXLHUDQ
OD 20& GH TXH VH VXVSHQGLHUD OD 5RQGD GH DSOLFDQGR HQ VXV LQVWDODFLRQHV SRUWXDULDV ORV
1HJRFLDFLRQHV &RPHUFLDOHV GH 'RKD OR TXH SRU UHTXLVLWRVGHOFDStWXOR;,GH62/$6\GHO&yGLJR
WDQWR KL]R TXH VH LQWHUUXPSLHUDQ ODV UHXQLRQHV GHO 3%,3 $VLPLVPR VH GHFLGLy FRPSDUWLU ODV PHMRUHV
*UXSR GH 1HJRFLDFLyQ VREUH OD )DFLOLWDFLyQ GHO SUiFWLFDV HQ OD DSOLFDFLyQ GH HVRV LQVWUXPHQWRV
&RPHUFLR (Q  UHDOLGDG ORV 0LHPEURV GH OD 20& VHJXLUSUHVWDQGRDVLVWHQFLD\DSR\RSDUDODFUHDFLyQ
QR WRPDURQ XQD GHFLVLyQ IRUPDO GH VXVSHQGHU ODV GH FDSDFLGDG \ SURPRYHU PiV OD FRRSHUDFLyQ SDUD
FRQYHUVDFLRQHVVLQRTXHOD3UHVLGHQFLDGHO&RQVHMR IRUPDUDOSHUVRQDO

 (OWUDQVSRUWHPDUtWLPRHQ

(Q UHODFLyQ FRQ OD VHJXULGDG GH OD FDGHQD ORV RSHUDGRUHV HFRQyPLFRV TXH LQWHUYLHQHQ HQ OD
LQWHUQDFLRQDO GH VXPLQLVWUR XQ KHFKR LPSRUWDQWH FDGHQD ORJtVWLFD LQWHUQDFLRQDO 6X SURSyVLWR HV TXH
IXH OD DGRSFLyQ SRU XQDQLPLGDG HQ MXQLR GH  PHMRUH OD FDSDFLGDG GH HVDV DGPLQLVWUDFLRQHV SDUD
GHO0DUFR 1RUPDWLYR SDUD $VHJXUDU\ )DFLOLWDU HO GHWHFWDU\PDQHMDUHQYtRVGHDOWRULHVJRDQWHVGHVX
&RPHUFLR *OREDO SRU HO &RQVHMR GH OD OOHJDGD\TXHVHORJUHXQDJHVWLyQPiVHILFLHQWHGH
2UJDQL]DFLyQ 0XQGLDO GH $GXDQDV (O 0DUFR ODVPHUFDQFtDVFRQORTXHVHDFHOHUDUiHOGHVSDFKR
1RUPDWLYR VH EDVD HQ GRV SLODUHV D VDEHU ORV \HOOHYDQWDPLHQWRGHODVPLVPDV
DFXHUGRV GH FRODERUDFLyQ $GXDQDV$GXDQDV \ ORV
GH FRODERUDFLyQ $GXDQDV(PSUHVDV \ FRQVWD GH (O 0DUFR 1RUPDWLYR HVWDEOHFH HO FRQFHSWR GH
FXDWURHOHPHQWRV 2SHUDGRU (FRQyPLFR $XWRUL]DGR 2($  TXH
SDUWLFLSDHQODFDGHQDORJtVWLFDFRPHUFLDO\UHFLEHOD
 (O0DUFRDUPRQL]DORVUHTXLVLWRVUHODWLYRVD DSUREDFLyQDOFXPSOLUFLHUWRVFULWHULRVGHILQLGRVFRQ
ODLQIRUPDFLyQHOHFWUyQLFDSUHYLDVREUHORV FDUiFWHU JHQHUDO HQ ODV QRUPDV GHO SLODU GH
HQYtRVGHVWLQDGRVDOLQWHULRU\DOH[WHULRUR FRODERUDFLyQ $GXDQDV(PSUHVDV GHO 0DUFR DQH[R
TXHHVWiQHQWUiQVLWR   (VRV RSHUDGRUHV GHEHUtDQ SRGHU SDUWLFLSDU HQ
SURFHGLPLHQWRV VLPSOLILFDGRV \ UiSLGRV SDUD
 &DGDSDtVTXHDGRSWHHO0DUFRVH VXPLQLVWUDU XQ PtQLPR GH LQIRUPDFLyQ /D 20$
FRPSURPHWHDXWLOL]DUXQHQIRTXHFRKHUHQWH HVWi SUHSDUDQGR XQRV UHTXLVLWRV GHWDOODGRV GH
GHDQiOLVLVGHULHVJRVSDUDDERUGDUODV DSOLFDFLyQ GHO 0DUFR SDUD OD VHJXULGDG GH ORV
FXHVWLRQHVUHODFLRQDGDVFRQODVHJXULGDG FDUJDPHQWRV\ORV2($

 (O0DUFRHVWLSXODTXHDQWHXQDSHWLFLyQ $MXQLRGHPLHPEURVGHOD20$KDEtDQ


UD]RQDEOHGHOSDtVGHGHVWLQREDVDGDHQXQD H[SUHVDGR VX LQWHQFLyQ GH DSOLFDU HO 0DUFR
PHWRGRORJtDFRPSDUDEOHGHGHWHFFLyQGH 1RUPDWLYR 0XFKRV GH HOORV QHFHVLWDUiQ FUHDU
ULHVJRVODDGPLQLVWUDFLyQGHDGXDQDVGHOSDtV FDSDFLGDG &RQ PLUDV D D\XGDU D ORV SDtVHV HQ
GHGHVSDFKROOHYDUiDFDERXQDLQVSHFFLyQGH GHVDUUROORHQSDUWLFXODUHQODDSOLFDFLyQGHO0DUFR
ORVFRQWHQHGRUHV\GHODFDUJDGHDOWRULHVJR OD'LUHFFLyQGH&UHDFLyQGH&DSDFLGDGGHOD20$
GHVWLQDGRVDOH[WHULRUGHSUHIHUHQFLD KDHPSUHQGLGRUHFLHQWHPHQWHXQJUDQSURJUDPDHQ
XWLOL]DQGRHTXLSRVGHGHWHFFLyQQRLQYDVLYRV VX HVIHUD GH DFWXDFLyQ FRQRFLGR FRPR
WDOHVFRPRPiTXLQDVGHUD\RV;GHJUDQ &2/80%86DFX\RWHQRUVHKDUiQPLVLRQHVSDUD
SRWHQFLD\GHWHFWRUHVGHUDGLDFLyQ KDFHUGLDJQyVWLFRVTXHHYDOXDUiQODVQHFHVLGDGHV\
VH DUELWUDUi XQ SODQ GH DFFLyQ FRQ HO ILQ GH
 (O0DUFRGHILQHODVYHQWDMDVTXHREWHQGUiQ HQFRQWUDUGRQDQWHVGLVSXHVWRVDILQDQFLDUSUR\HFWRV
GHODVDGXDQDVORVPHGLRVFRPHUFLDOHVTXH TXH SHUPLWDQ D ODV DGPLQLVWUDFLRQHV GH DGXDQDV
FXPSODQODVQRUPDVPtQLPDVUHODWLYDVDOD DSOLFDU HO 0DUFR 1RUPDWLYR 'H PRPHQWR QR HV
VHJXULGDGGHODFDGHQDORJtVWLFD\TXH SRVLEOH DTXLODWDU GHELGDPHQWH ODV FRQVHFXHQFLDV
DSOLTXHQODVPHMRUHVSUiFWLFDV TXH WHQGUi SDUD HO FRPHUFLR OD DSOLFDFLyQ GH HVWH
QXHYR PDUFR VREUH OD VHJXULGDG GH OD FDGHQD
(O0DUFR1RUPDWLYRVHEDVDHQORVSULQFLSLRVGHODV ORJtVWLFD JOREDO 0XFKR GHSHQGHUi GH TXH ODV
DGXDQDV PRGHUQDV TXH ILJXUDQ HQ HO &RQYHQLR 3<0(VREUHWRGRHQORVSDtVHVHQGHVDUUROORVHDQ
UHYLVDGR GH .\RWR TXHHQWUy HQ YLJRU HQ IHEUHUR FDSDFHV GH FXPSOLU FRQ ORV UHTXLVLWRV WDOHV FRPR
GH  WDOHV FRPR XQD JHVWLyQ GH ULHVJRV EDVDGD ORV TXH VH UHILHUHQ DO XVR GH FRPXQLFDFLRQHV
HQ LQIRUPDFLyQ HOHFWUyQLFD SUHYLD FRQ XVR GH HOHFWUyQLFDV \ GH WHFQRORJtD PRGHUQD \ ORV TXH
WHFQRORJtD PRGHUQD \ XQD DVRFLDFLyQ FRQ HO VHFWRU JXDUGDQUHODFLyQFRQHOUHFRQRFLPLHQWRGHORV2($
FRPHUFLDO 6H EDVD HQ OD VHJXULGDG GH OD FDGHQD \ GH TXH SXHGD ORJUDUVH GH XQ PRGR HIHFWLYR HO
ORJtVWLFD H[LVWHQWH \ HQ LQLFLDWLYDV \ SURJUDPDV GH UHFRQRFLPLHQWR PXWXR GH OD FRQGLFLyQ GH HVRV
IDFLOLWDFLyQ TXH \D VH DSOLFDQ HQ HO SODQR QDFLRQDO RSHUDGRUHV
SRUHMHPSOR\HQSDUWLFXODUHQORV(VWDGRV8QLGRV
(Q OD 8QLyQ (XURSHD WDPELpQ VH HVWi GLVFXWLHQGR
(O0DUFRVHSURSRQHD\XGDUDODVDGPLQLVWUDFLRQHV OD LGHD GH XQ PDUFR YROXQWDULR SDUD TXH VH
GH DGXDQDV D TXH HYDO~HQ \ DERUGHQ ORV ULHVJRV \ UHFRQR]FD D ORV RSHUDGRUHV VHJXURV
DGRSWHQ XQ HQIRTXH VHOHFWLYR EDVDGR HQ 5HFLHQWHPHQWH OD &RPLVLyQ (XURSHD SXEOLFy XQD
LQIRUPDFLyQ SDUD HOHJLU OD LQVSHFFLyQ GH FRPXQLFDFLyQFRQXQDSURSXHVWDGHUHJODPHQWRGH
FRQWHQHGRUHVFHUUDGRVSULQFLSDOPHQWHVREUHODEDVH OD &( TXH LQWURGXFLUtD XQ SODQ YROXQWDULR GH
GH LQIRUPDFLyQ HOHFWUyQLFD SUHYLD VXPLQLVWUDGD SRU VHJXULGDGDFX\RWHQRUORVRSHUDGRUHVGHODFDGHQD

 9,(OFRPHUFLR\ODHILFLHQFLDGHOWUDQVSRUWH 

GHVXPLQLVWURDXPHQWDUtDQODVPHGLGDVGHVHJXULGDG • 06&&LUF 2ULHQWDFLyQ VREUH OD


DFDPELRGHLQFHQWLYRVWDOHVFRPRXQWUDWDPLHQWR DXWRHYDOXDFLyQ YROXQWDULD SRU ODV
DFHOHUDGR WDQWR GHQWUR GH OD 8( FRPR HQ VXV DGPLQLVWUDFLRQHV\SDUDODSURWHFFLyQGHORV
IURQWHUDV H[WHULRUHV \ REWHQGUtDQ OD FRQGLFLyQ GH EXTXHV
RSHUDGRU VHJXUR &RQ WDO ILQ ORV (VWDGRV
PLHPEURV SRGUtDQ DSURYHFKDU HOORV PLVPRV ORV • 06&&LUF,PSOHPHQWDFLyQHILFD]GHO
DFWXDOHV VLVWHPDV R SURFHGLPLHQWRVR ELHQ FUHDU XQ FDStWXOR ;, GHO &RQYHQLR 62/$6 \ GHO
VLVWHPD HVSHFtILFR SDUD OD VHJXULGDG GH OD FDGHQD &yGLJR3,%3
ORJtVWLFD(OSODQFXEULUtDHOWUDQVSRUWHLQWHUPRGDO\
VHUtD XQ FRPSOHPHQWR GH OD OHJLVODFLyQ DQWHULRU (Q UHODFLyQ FRQ HO &yGLJR 3,%3 KD\ TXH VHxDODU
VREUHWHUURULVPRHQPDWHULDGHWUDQVSRUWHPDUtWLPR TXHODVHFUHWDUtDGHOD81&7$'HVWiKDFLHQGRXQD
\GHSXHUWRV3DUDREWHQHUODFRQGLFLyQGHRSHUDGRU HQFXHVWD HQ JUDQ HVFDOD SDUD FRQRFHU ODV
VHJXURXQDJHQWHWHQGUtDTXHDSOLFDUXQVLVWHPDGH H[SHULHQFLDV \ RSLQLRQHV GH SDUWHV GLUHFWDPHQWH
JHVWLyQ GH OD  VHJXULGDG \ GHPRVWUDU TXH FXEUH DIHFWDGDV SRU HO QXHYR UpJLPHQ GH VHJXULGDG
HVIHUDV WDOHV FRPR SURWHFFLyQ GH HGLILFLRV FRQWURO PDUtWLPDHVSHFLDOPHQWHHQORTXHDWDxHDORVFRVWRV
GHODFFHVR\SURFHGLPLHQWRVHQPDWHULDGHSHUVRQDO UHODFLRQDGRV FRQ OD DSOLFDFLyQ GHO &yGLJR (QWUH
$O LJXDO TXH RFXUUH FRQ ORV UHTXLVLWRV GHO 0DUFR HVDVSDUWHVILJXUDQJRELHUQRVQDYLHUDV\DUPDGRUHV
1RUPDWLYR GH OD 20$ FDGD (VWDGR PLHPEUR TXH VH GHGLFDQ DO WUDQVSRUWH LQWHUQDFLRQDO \ ORV
WHQGUtD TXH UHFRQRFHU OD FRQGLFLyQ GH RSHUDGRU SXHUWRV TXH XWLOL]DQ HVRV EXTXHV 6H HVSHUD TXH VH
VHJXURRWRUJDGDSRURWUR(VWDGRPLHPEUR GLVSRQJD GH ORV UHVXOWDGRV GH OD HQFXHVWD D ILQDOHV
GH
+D\ TXH VHxDODU TXH OD 2UJDQL]DFLyQ 0DUtWLPD
,QWHUQDFLRQDO 20,  KD HPSH]DGR D HVWXGLDU 3RU OR TXH VH UHILHUH D RWURV DFRQWHFLPLHQWRV
SURSXHVWDV SDUD LQWHJUDU HQ OD OHJLVODFLyQ LPSRUWDQWHV HQ OD 20, PHUHFH OD SHQD VHxDODU OR
LQWHUQDFLRQDOSURFHGLPLHQWRVGHSURWHFFLyQGHORV TXH VH KD DYDQ]DGR HQ OD LQWURGXFFLyQ GH OD
FDUJDPHQWRV EDVDGRV HQ HO 0DUFR 1RUPDWLYR GH OD ,GHQWLILFDFLyQ\VHJXLPLHQWRGHODUJRDOFDQFHGHORV
20$ R FRPSDWLEOHV FRQ pO $Vt HOHPHQWRV EXTXHV /5,7  &RPR DQWHFHGHQWHV KD\ TXH
IXQGDPHQWDOHVGHODVSDXWDVGHOD20$SRGUiQDVX UHFRUGDU TXH H[LVWH \D XQ UHTXLVLWR REOLJDWRULR
GHELGR WLHPSR FRQYHUWLUVH HQ SDUWH GHO GHUHFKR HVSHFLDOHQ62/$6SDUDTXHFLHUWDVFDWHJRUtDVGH
LQWHUQDFLRQDO VREUH HO WUDQVSRUWH PDUtWLPR GH EXTXHV VH  HTXLSHQ FRQ 6LVWHPDV GH ,GHQWLILFDFLyQ
PHUFDQFtDVWDOHVFRPRHO&RQYHQLRGHVREUH $XWRPDWL]DGRV 6,$  (VWRV VLVWHPDV VRQ
IDFLOLWDFLyQGHOWUiILFRPDUtWLPRLQWHUQDFLRQDOHQVX PHFDQLVPRV GH LQIRUPDFLyQ HOHFWUyQLFD DXWRPiWLFD
IRUPDHQPHQGDGD\HO&RQYHQLRLQWHUQDFLRQDOSDUD D ERUGR GH ORV EXTXHV TXH SURSRUFLRQDQ
ODVHJXULGDGGHODYLGDKXPDQDHQHOPDU 62/$6  LQIRUPDFLyQ EiVLFD VREUH OD LGHQWLGDG SRVLFLyQ
FRQODVPRGLILFDFLRQHVLQWURGXFLGDV FXUVR\YHORFLGDGDRWUDVHVWDFLRQHVUHFHSWRUDV6,$
\DLQVWDODFLRQHVHQWLHUUD/RVVLVWHPDVTXHVHXVDQ
/DV HQPLHQGDV D 62/$6 TXH DGRSWy OD 20, HQ DFWXDOPHQWH VRQ FDSDFHV GH WUDQVPLWLU LQIRUPDFLyQ
LQFOXLGRHQSDUWLFXODUHO&yGLJRLQWHUQDFLRQDO FRQ XQ DOFDQFH GH XQDV  PLOODV QiXWLFDV HQ DOWD
SDUD OD SURWHFFLyQ GH ORV EXTXHV \ GH ODV PDU &RQ HO ILQ GH DPSOLDU FRQVLGHUDEOHPHQWH OD
LQVWDODFLRQHV SRUWXDULDV &yGLJR 3%,3  VLJXHQ FDSDFLGDG GH VHJXLPLHQWR GH ORV JRELHUQRV
UHSUHVHQWDQGRHOFRQMXQWRGHQRUPDVPiVLPSRUWDQWH FRQWUDWDQWHV GH 62/$6 VH KD SURSXHVWR OD
SDUD OD VHJXULGDG GH EXTXHV H LQVWDODFLRQHV (O LQWURGXFFLyQGHOVLVWHPD/5,7
&yGLJR3%,3HQWUyHQYLJRUHOžGHMXOLRGH\
HO &RPLWp GH 6HJXULGDG 0DUtWLPD &60  KD 'HVSXpV GH PXFKR  GHEDWH HO &60 DGRSWy HQ
SXEOLFDGR EDVWDQWHV FLUFXODUHV GH RULHQWDFLyQ TXH PD\RGHXQRVUHJODPHQWRVQXHYRVGHOD/5,7
D\XGDQ D TXH VH DSOLTXHQ \ FXPSODQ ORV UHTXLVLWRV SDUD TXH VH LQFOX\DQ HQ HO FDStWXOR 9 GH 62/$6
GHO &yGLJR 0iV UHFLHQWHPHQWH HQ VX ž SHUtRGR 6HJXULGDG GH OD 1DYHJDFLyQ  MXQWDPHQWH FRQ
GH VHVLRQHV GH PD\R GH  HO &60 DGRSWy XQ QRUPDV DVRFLDGDV GH GHVHPSHxR \ UHTXLVLWRV
QXHYR FRQMXQWR GH FLUFXODUHV GH RULHQWDFLyQ HQ IXQFLRQDOHV (O &60 WDPELpQ DSUREy HO
SDUWLFXODUODVVLJXLHQWHV HVWDEOHFLPLHQWR GH XQ JUXSR HVSHFLDO GH DFFLyQ
VREUHLQJHQLHUtD/5,7
• 06&&LUF 2ULHQWDFLyQ VREUH OD
DXWRHYDOXDFLyQ YROXQWDULD SRU ORV JRELHUQRV (O VLVWHPD /5,7 VHUi XQ UHTXLVLWR REOLJDWRULR SDUD
FRQWUDWDQWHV GHO &RQYHQLR 62/$6 \ ODV ORVEXTXHVTXHHPSUHQGDQYLDMHVLQWHUQDFLRQDOHVHQ
LQVWDODFLRQHVSRUWXDULDV SDUWLFXODU EXTXHV GH SDVDMH LQFOXLGRV ORV GH JUDQ

 (OWUDQVSRUWHPDUtWLPRHQ

YHORFLGDG  EXTXHV GH FDUJD LQFOXLGRV ORV GH JUDQ PHGLDQWH SHQDV DSURSLDGDV TXH WHQJDQ HQ
YHORFLGDG GHWRQHODGDVGHDUTXHREUXWR\PiV FXHQWDVXJUDYHGDG
\ XQLGDGHV PyYLOHV GH SHUIRUDFLyQ VXEPDULQD /DV
QRUPDV GH 62/$6 HVWDEOHFHQ XQ DFXHUGR • ,QFOXVLyQ HQ HO &RQYHQLR 68$ GH  GH
PXOWLODWHUDOSDUDFRPSDUWLULQIRUPDFLyQGHOD/5,7 GLVSRVLFLRQHV VREUH FRRSHUDFLyQ \
HQWUH ORV (VWDGRV FRQWUDWDQWHV VREUH LGHQWLGDG SURFHGLPLHQWRV TXH VH VHJXLUiQ VL XQ (VWDGR
XELFDFLyQIHFKD\KRUDGHODSRVLFLyQGHORVEXTXHV 3DUWH GHVHD DERUGDU HQ DOWD PDU XQ EXTXH
SRUPRWLYRVGHVHJXULGDG\SDUDE~VTXHGD\UHVFDWH DEDQGHUDGR HQ RWUR (VWDGR 3DUWH FXDQGR
0DQWLHQH HO GHUHFKR GH ORV (VWDGRV GH DTXHO (VWDGR WHQJD PRWLYRV UD]RQDEOHV SDUD
DEDQGHUDPLHQWR D SURWHJHU LQIRUPDFLyQ VREUH ORV VRVSHFKDU TXH VH KD FRPHWLGR R YD D
EXTXHVGHVXSDEHOOyQFXDQGRSURFHGDVLQSHUMXLFLR FRPHWHUVH XQ GHOLWR VHJ~Q HO &RQYHQLR 6H
GH SHUPLWLU TXH ORV (VWDGRV FRVWHURV DFFHGDQ D UHTXHULUi OD DXWRUL]DFLyQ GHO (VWDGR GH
LQIRUPDFLyQ VREUH EXTXHV TXH QDYHJXHQ D XQD EDQGHUDDQWHVGHVXELUDERUGR
GLVWDQFLD GH KDVWD  PLOODV QiXWLFDV GH VXV
FRVWDV 6L ELHQ HO 6,$ HV XQ VLVWHPD GH • ,QFOXVLyQ HQ HO &RQYHQLR 68$ GH  GH
UDGLRGLIXVLyQORVGDWRVREWHQLGRVFRQOD/5,7VyOR XQDGLVSRVLFLyQHQHOVHQWLGRGHTXHQLQJXQR
HVWDUiQ D GLVSRVLFLyQ GH ORV UHFHSWRUHV TXH FRQ GH ORV GHOLWRV VH FRQVLGHUDUi XQ GHOLWR
DUUHJOR D OD UHJODPHQWDFLyQ HVWpQ IDFXOWDGRV SDUD SROtWLFR FRQ ILQHV GH H[WUDGLFLyQ \ GH XQD
UHFLELU OD LQIRUPDFLyQ (Q ODV GLVSRVLFLRQHV GLVSRVLFLyQ TXH HVWDEOH]FD HQ TXp
UHJODPHQWDULDV SHUWLQHQWHV VH KDQ LQWURGXFLGR FRQGLFLRQHV XQD SHUVRQD GHWHQLGD SRGUi
VDOYDJXDUGLDVVREUHODFRQILGHQFLDOLGDGGHORVGDWRV WUDQVIHULUVHDRWUR(VWDGR3DUWH
(QODVQRUPDVVHHVWDEOHFHXQFDOHQGDULRJUDGXDOGH
DSOLFDFLyQSDUDORVEXTXHVTXHVHFRQVWUX\DQDQWHV /RV3URWRFRORVTXHGDURQDELHUWRVDODILUPDHOGH
GHODHQWUDGDHQYLJRUSUHYLVWDSDUDHOžGHHQHURGH IHEUHURGH\VHJXLUiQDVtKDVWDHOGHIHEUHUR
DVtFRPRDOJXQDVH[HQFLRQHVSDUDORVEXTXHV GH'HVSXpVVHJXLUiQDELHUWRVSDUDDGKHULUVHD
TXH RSHUHQ H[FOXVLYDPHQWH HQ FLHUWDV ]RQDV \ \D HOORV 6HWHQWD \ XQ (VWDGRV ILUPDURQ HO $FWD )LQDO
GLVSRQJDQGHO6,$ GHOD&RQIHUHQFLD

(Q OD 20, VH HVWi SURFXUDQGR LQFRUSRUDU  7UDEDMDGRUHVGHOPDU


GLVSRVLFLRQHV UHODWLYDV D OD VHJXULGDG D RWURV
LQVWUXPHQWRV OHJDOHV LQWHUQDFLRQDOHV WDOHV FRPR HO 8QDIXHU]DODERUDOGHFDVLPLOORQHVGHSHUVRQDV
&RQYHQLR ,QWHUQDFLRQDO VREUH 1RUPDV GH PXFKDV GH HOODV GH SDtVHV HQ GHVDUUROOR WUDEDMDQ
)RUPDFLyQ 7LWXODFLyQ \ *XDUGLD SDUD OD *HQWH GH HPEDUFDGRVHQHOVHFWRUGHOWUDQVSRUWHPDUtWLPRHQ
0DU &RQYHQLR 67:&  \ HO &yGLJR WRGR HO PXQGR 8QD LPSRUWDQWH IXQFLyQ GHO PDUFR
FRUUHVSRQGLHQWH HQ TXH VH GHVHQYXHOYHQ HVRV WUDEDMDGRUHV HV OD
FDSDFLGDG GH ODV UHJODPHQWDFLRQHV SDUD JDUDQWL]DU
WDQWR OD VHJXULGDG FRPR XQ WUDWR HTXLWDWLYR (Q
3RU ~OWLPR KD\ TXH VHxDODU TXH ODV HQPLHQGDV DO HVWH FRQWH[WR KD\ TXH VHxDODU XQ QXHYR H
&RQYHQLRSDUDODUHSUHVLyQGHDFWRVLOtFLWRVFRQWUDOD LPSRUWDQWH FRQYHQLR LQWHUQDFLRQDO UHFLHQWHPHQWH
VHJXULGDG GH OD QDYHJDFLyQ PDUtWLPD &RQYHQLR VXVFULWR FRQ ORV DXVSLFLRV GH OD 2UJDQL]DFLyQ
68$ GH   \ VX 3URWRFROR GH  VH ,QWHUQDFLRQDOGHO7UDEDMR
DSUREDURQ HO  GH RFWXEUH GH  FRQ ORV
DXVSLFLRV GH OD 20, 8QD YH] TXH VH DSOLTXHQ HQ &RQHOILQGHDFWXDOL]DU\FRQVROLGDUODVPiVGH
JHQHUDO\GHPRGRXQLIRUPHSRUORV(VWDGRV3DUWHV QRUPDV ODERUDOHV LQWHUQDFLRQDOHV TXH VH KDQ
HQ OD 20, ORV 3URWRFRORV 68$ GH  GHVDUUROODGRHQHOWUDQVFXUVRGHDxRVVHDSUREy
SURSRUFLRQDUiQ XQD EDVH OHJDO SDUD HO DUUHVWR XQ QXHYR \ UHIXQGLGR &RQYHQLR VREUH HO WUDEDMR
GHWHQFLyQ\H[WUDGLFLyQGHSHUVRQDVHQHOFDVRGHXQ PDUtWLPR D ILQDOHV GHO ž SHUtRGR GH VHVLRQHV
DWDTXH WHUURULVWD FRQWUD OD QDYHJDFLyQ (QWUH ODV PDUtWLPR GH OD &RQIHUHQFLD ,QWHUQDFLRQDO GHO
HQPLHQGDV SULQFLSDOHV LQWURGXFLGDV HQ ORV 7UDEDMRGHOD2,7FHOHEUDGDGHODOGHIHEUHUR
3URWRFRORVGHILJXUDQODVVLJXLHQWHV GH(O&RQYHQLRDEDUFDFDVLWRGRHOWUDQVSRUWH
PDUtWLPR FRPHUFLDO HQ HO SODQR PXQGLDO \ SXHGH
• 8QD DPSOLDFLyQ GH OD OLVWD GH GHOLWRV TXH \D FRQVLGHUDUVH XQ LQVWUXPHQWR MXUtGLFR IXQGDPHQWDO
ILJXUDQ HQ HO &RQYHQLR 68$ GH  \ VX TXH HV SUREDEOH VH FRQYLHUWD HQ XQ SXQWR GH
3URWRFROR /RV GHOLWRV HQXPHUDGRV GHEHUiQ UHIHUHQFLD ~QLFR VREUH ODV QRUPDV ODERUDOHV
KDFHUVH SXQLEOHV SRU FDGD (VWDGR 3DUWH UHODWLYDV DO WUDEDMR PDUtWLPR &RQVWLWX\H XQD

 9,(OFRPHUFLR\ODHILFLHQFLDGHOWUDQVSRUWH 

FRGLILFDFLyQ FRPSOHWD GH ODV UHVSRQVDELOLGDGHV \ PHGLDQWH OD LQFOXVLyQ HQ VXV OH\HV \ UHJODPHQWRV
GHUHFKRVHQORTXHDWDxHDORVDVSHFWRVODERUDOHV\ &RPSUHQGHQORVLJXLHQWH
VRFLDOHV GHO VHFWRU PDUtWLPR \ VHUi XQD UHVSXHVWD
JOREDO HILFD] SDUD XQD LQGXVWULD GH DOFDQFH D OD OLEHUWDG GH DVRFLDFLyQ \ OD OLEHUWDG
YHUGDGHUDPHQWHPXQGLDO VLQGLFDO \ HO UHFRQRFLPLHQWR HIHFWLYR GHO
GHUHFKRGHQHJRFLDFLyQFROHFWLYD
(O &RQYHQLR FRPSUHQGH WUHV SDUWHV GLVWLQWDV SHUR
UHODFLRQDGDVDVDEHUORV$UWtFXORVODV5HJODV\HO E  ODHOLPLQDFLyQGHWRGDVODVIRUPDVGHWUDEDMR
&yGLJR /RV $UWtFXORV \ ODV 5HJODV HVWDEOHFHQ ORV IRU]RVRXREOLJDWRULR
GHUHFKRV \ SULQFLSLRV IXQGDPHQWDOHV \ ODV
REOLJDFLRQHVEiVLFDVGHORV(VWDGRVTXHUDWLILTXHQHO F  ODDEROLFLyQHIHFWLYDGHOWUDEDMRLQIDQWLO\
&RQYHQLR (Q HO &yGLJR ILJXUDQ ORV SRUPHQRUHV
SDUD DSOLFDU ODV 5HJODV &RPSUHQGH OD SDUWH $ G  OD HOLPLQDFLyQ GH OD GLVFULPLQDFLyQ HQ HO
QRUPDV REOLJDWRULDV  \ OD SDUWH % QRUPDV QR HPSOHR\ODRFXSDFLyQ
REOLJDWRULDV 
/RV GHUHFKRV HQ HO HPSOHR \ ORV GHUHFKRV VRFLDOHV
/DV 5HJODV \ HO &yGLJR VH RUJDQL]DQ HQ OtQHDV GH OD JHQWH GHO PDU VH UHJXODQ SRU VHSDUDGR HQ HO
JHQHUDOHVEDMRFLQFRWtWXORV DUWtFXOR ,9 GHO &RQYHQLRTXH HVWDEOHFH TXH7RGD
ODJHQWHGHPDUWLHQHGHUHFKRDXQOXJDUGHWUDEDMR
• 7tWXOR  5HTXLVLWRV PtQLPRV SDUD WUDEDMDU D VHJXUR\SURWHJLGRHQHOTXHVHFXPSODQODVQRUPDV
ERUGRGHEXTXHV GH VHJXULGDG D FRQGLFLRQHV GH HPSOHR MXVWDV D
FRQGLFLRQHVGHFHQWHVGHWUDEDMR\GHYLGDDERUGR
• 7tWXOR&RQGLFLRQHVGHHPSOHR \DODSURWHFFLyQGHODVDOXGDODDWHQFLyQPpGLFD
D PHGLGDV GH ELHQHVWDU \ D RWUDV IRUPDV GH
• 7tWXOR  $ORMDPLHQWR LQVWDODFLRQHV GH SURWHFFLyQVRFLDO
HVSDUFLPLHQWRDOLPHQWDFLyQ
/RV(VWDGRVFRQWUDWDQWHVGHQWURGHORVOtPLWHVGHVX
MXULVGLFFLyQ GHEHUiQ DVHJXUDU TXH ORV GHUHFKRV HQ
• 7tWXOR  3URWHFFLyQ GH OD VDOXG DWHQFLyQ
HOHPSOHR\ORVGHUHFKRVVRFLDOHVGHODJHQWHGHPDU
PpGLFDELHQHVWDU\SURWHFFLyQVRFLDO
VH HMHU]DQ SOHQDPHQWH PHGLDQWH OD OHJLVODFLyQ
QDFLRQDO ORV FRQYHQLRV FROHFWLYRV DSOLFDEOHV OD
• 7tWXOR  &XPSOLPLHQWR \ FRQWURO GH SUiFWLFD\RWUDVPHGLGDV
DSOLFDFLyQ
2WUDV GLVSRVLFLRQHV GHWDOODGDV VREUH HO
7DO FRPR VH DFODUD HQ OD QRWD H[SOLFDWLYD D ODV FXPSOLPLHQWR ILJXUDQ HQ HO DUWtFXOR 9 \ HO WtWXOR 
5HJODV \ HO &yGLJR GHO &RQYHQLR VREUH HO WUDEDMR GHO &RQYHQLR /RV (VWDGRV FRQWUDWDQWHV VRQ
PDUtWLPR HO &RQYHQLR WLHQH WUHV SURSyVLWRV UHTXHULGRVSDUDTXHHQWUHRWUDVFRVDVHVWDEOH]FDQ
EiVLFRVDVDEHU XQ VLVWHPD SDUD JDUDQWL]DU HO FXPSOLPLHQWR GH ORV
UHTXLVLWRVGHOSUHVHQWH&RQYHQLRORFXDOLQFOX\HOD
• HVWDEOHFHU HQ VXV  DUWtFXORV \ 5HJODPHQWR  UHDOL]DFLyQ GH LQVSHFFLRQHV SHULyGLFDV OD
XQFRQMXQWRVyOLGRGHSULQFLSLRV\GHUHFKRV SUHVHQWDFLyQGHLQIRUPHVODDSOLFDFLyQGHPHGLGDV
GH VXSHUYLVLyQ \ HO UHFXUVR D ORV SURFHGLPLHQWRV
• SHUPLWLU D WUDYpV GHO &yGLJR  TXH ORV MXGLFLDOHV SUHYLVWRV SRU OD OHJLVODFLyQ DSOLFDEOH
0LHPEURV WHQJDQ XQ JUDGR FRQVLGHUDEOH GH /RVEXTXHVFRQPiVGHWGHDUTXHREUXWR\TXH
IOH[LELOLGDG HQ OD PDQHUD GH DSOLFDU HVRV KDJDQ YLDMHV LQWHUQDFLRQDOHV R YLDMHV HQWUH SXHUWRV
SULQFLSLRV\GHUHFKRV\ H[WUDQMHURV OOHYDUiQ XQ &HUWLILFDGR GH WUDEDMR
PDUtWLPR\XQD'HFODUDFLyQGHFRQIRUPLGDGODERUDO
• DVHJXUDUTXHODDSOLFDFLyQ\HOFRQWUROGHOD PDUtWLPD
DSOLFDFLyQ GH ORV SULQFLSLRV \ GHUHFKRV VH
KDJD GH PDQHUD DSURSLDGD D WUDYpV GHO (O &RQYHQLR HQWUDUi HQ YLJRU FXDQGR KD\D VLGR
7tWXOR  UDWLILFDGRSRU(VWDGRVPLHPEURVGHOD2,7TXH
HQ WRWDO WHQJDQ DO PHQRV HO  GHO WRQHODMH
(Q HO DUWtFXOR ,,, GHO &RQYHQLR ILJXUDQ YDULRV PXQGLDO (O &RQYHQLR VH FRQVLGHUD TXH HV XQD
GHUHFKRV\SULQFLSLRVIXQGDPHQWDOHVTXHKDQGHVHU LPSRUWDQWH FRQWULEXFLyQ DO WUDQVSRUWH PDUtWLPR GH
UHVSHWDGRVSRUFDGDXQRGHORV(VWDGRVFRQWUDWDQWHV FDOLGDGFRQVWLWX\HQGRHOFXDUWRSLODUGHOUpJLPHQ

 (OWUDQVSRUWHPDUtWLPRHQ

UHJXODGRU PDUtWLPR LQWHUQDFLRQDO GHVSXpV GH ORV  \ EDMy XQ SRFR D  GyODUHV D ILQDOHV GH
WUHV &RQYHQLRV FODYH GH OD 20, D VDEHU HO MXQLR /RV SUHFLRV GH ORV FRQWHQHGRUHV VRQ DOWRV
&RQYHQLRLQWHUQDFLRQDOSDUDODVHJXULGDGGHODYLGD SRUTXHORVPDWHULDOHVFRQORVTXHHVWiQFRQVWUXLGRV
KXPDQD HQ HO PDU 62/$6  HO &RQYHQLR VREUH VRQ FRVWRVRV HO DFHUR &RUWHQ OOHJy D  GyODUHV
1RUPDVGH)RUPDFLyQ7LWXODFLyQ\*XDUGLDSDUDOD SRUWRQHODGDDILQDOHVGH\VyORHPSH]yDEDMDU
*HQWHGH0DU 67&: \HO&RQYHQLR,QWHUQDFLRQDO D ILQDOHV GH  FXDQGR VX SUHFLR IXH GH 
SDUD OD 3UHYHQFLyQ GH ORV 9HUWLGRV GH ORV %XTXHV GyODUHV HO PtQLPR UHJLVWUDGR HQ GRV DxRV (VWR
0$532/  LQIOX\yHQORVSUHFLRVGHORVFRQWHQHGRUHV YpDVHHO
JUiILFR   TXH GXUDQWH OD VHJXQGD PLWDG GH 
&352'8&&,Ï1<$55,(1'2'( LQLFLDURQ XQD WHQGHQFLD GHVFHQGHQWH SDUD WRGRV ORV
&217(1('25(6 WLSRV /RV SUHFLRV GH ORV FRQWHQHGRUHV GH XVR
JHQHUDO GLVPLQX\HURQ HQ XQD FXDUWD SDUWH PLHQWUDV
(Q ORV WUHV ~OWLPRV DxRV OD IORWD GH FRQWHQHGRUHV ORVGHORVIULJRUtILFRVORKLFLHURQDODPRGHVWDWDVD
FUHFLy D XQD WDVD PHGLD GH  YpDVH HO FXDGUR GH
  \ VH HVSHUDED TXH GH  PLOORQHV GH 7(8 D
ILQDOHVGHSDVDUDDPLOORQHVDILQDOHVGH /D GHPDQGD GH FRQWHQHGRUHV SRU ORV DUUHQGDGRUHV
 (O ULWPR GH H[SDQVLyQ IXH SDUWLFXODUPHQWH WDPELpQIORMHyHQHOVHJXQGRVHPHVWUHGHSRU
HOHYDGRHQFXDQGRDOFDQ]yODQRWDEOHFLIUDGH ORVEDMRVSUHFLRVGHORVDUULHQGRV(VRVSUHFLRVSDUD
 TXH GLVPLQX\y HQ  D  /D XQFRQWHQHGRUGHXVRJHQHUDOGHSLHVGLVPLQX\y
SURSLHGDG GH HVD IORWD HQ WpUPLQRV JHQHUDOHV VH SRUWpUPLQR PHGLRDPHQRVGHGyODUDOGtDHQHO
GLYLGHSRULJXDOHQWUHSURSLHWDULRV\DUUHQGDGRUHVGH SULPHU WULPHVWUH GH  \ OD WHQGHQFLD D OD EDMD
FRQWHQHGRUHV$ILQDOHVGHVHFDOFXODEDTXHOD SURVLJXLyGXUDQWHHODxRKDVWDHOSULPHUWULPHVWUHGH
SDUWHGHORVVHJXQGRVDOFDQ]DUtDORVPLOORQHVGH  FXDQGR VH FLIUy HQ  GyODUHV /DFDtGD GH
7(8TXHUHSUHVHQWDEDGHORUGHQGHOGHODIORWD ORV SUHFLRV GH HVRV DUULHQGRV IXH GHO RUGHQ GH XQ
PXQGLDO WHUFLRHQSDUDWRGRVORVWLSRVGHFRQWHQHGRUHV
FRQ XQ GHVFHQVR PHQRV SURQXQFLDGR SDUD ORV
(QORV~OWLPRVGRVDxRVORVSRUWHDGRUHVDXPHQWDURQ IULJRUtILFRV
VX IORWD GH FRQWHQHGRUHV D XQD WDVD GHO 
VXSHULRU D OD GH ORV DUUHQGDGRUHV HQ UD]yQ GH OD (Q  OD SURGXFFLyQ GH FRQWHQHGRUHV GLVPLQX\y
HQWUDGD HQ VHUYLFLR GH PXFKRV SRUWDFRQWHQHGRUHV XQ YpDVHHOFXDGUR 'HORVPLOORQHV
QXHYRV GXUDQWH HO SHUtRGR (Q  VLQ HPEDUJR GH 7(8 IDEULFDGRV HQ  FDVL HO 
ORVVHJXQGRVDXPHQWDURQDOJRPiVVXIORWDTXHORV FRUUHVSRQGLyDFRQWHQHGRUHVGHFDUJDVHFD$SHVDU
SULPHURV FRQ XQD WDVD GH FUHFLPLHQWR GHO  GH HVD FDtGD HQ OD SURGXFFLyQ ORV IDEULFDQWHV
IUHQWHDOGHORVSRUWHDGRUHV DFXPXODEDQ H[LVWHQFLDV GH XQRV  PLOORQHV GH
7(8GXUDQWHHOWHUFHUWULPHVWUHGHODxRSRUFDXVDGH
/RVSUHFLRVGHORVFRQWHQHGRUHVVHH[SOLFDQWDPELpQ ORV PHQRUHV SHGLGRV GH XQRV GHVDQLPDGRV
SRUODVHVFDVDVFRPSUDVGHXQLGDGHVQXHYDVSRUORV DUUHQGDGRUHV TXH VH HQIUHQWDEDQ FRQ XQRV SUHFLRV
DUUHQGDGRUHV (O SUHFLR GH ORV FRQWHQHGRUHV SDUD EDMRVGHORVDUULHQGRV&RQVHFXHQFLDGHHOORIXHTXH
FDUJDV VHFDV DXPHQWy PiVGHO  HQ  SRUOD ORV UHFRUWHV GH SURGXFFLyQ VH FRQFHQWUDURQ HQ HO
VXELGDGHORVSUHFLRVGHODFHUR\ODPDGHUD\VXELy VHJXQGR VHPHVWUH &KLQD GRPLQy OD SURGXFFLyQ GH
D~QPiVHQHOSULPHUVHPHVWUHGH(OSUHFLRGH FRQWHQHGRUHVFRUUHVSRQGLHQGRDOVROR*UXSR&,0&
XQFRQWHQHGRUGHSLHVSDUDFDUJDVHFDHQJHQHUDO HO  GH OD SURGXFFLyQ PXQGLDO HQ 
DOFDQ]y  GyODUHV D ILQDOHV GH  \  $OUHGHGRUGHRWURFRUULyDFDUJRGH6LQJDPDV
GyODUHV HQ MXQLR GH  'HO PLVPR PRGR XQ +ROGLQJV RWUR IDEULFDQWHFKLQR /RVIDEULFDQWHV GH
FRQWHQHGRUIULJRUtILFRGHWLSRF~ELFR\GHSLHVGH FRQWHQHGRUHV GH HVH SDtV WLHQHQ PXFKD FDSDFLGDG
DOWXUD FRVWDED  GyODUHV D ILQDOHV GH  GLVSRQLEOH SDUD DXPHQWDU VX SURGXFFLyQ D FRUWR
SUHFLR TXH VH PDQWXYR HQ HO SULPHU WULPHVWUH GH SOD]R


 9,(OFRPHUFLR\ODHILFLHQFLDGHOWUDQVSRUWH 

&XDGUR

)ORWDPXQGLDOGHFRQWHQHGRUHV
(QPLOHVGH7(8 

)ORWDGH )ORWDGH
$ILQDOHVGHDxR )ORWDPXQGLDO
DUUHQGDGRUHV SRUWHDGRUHV
   
   
   
   

)XHQWH&RQWDLQHULVDWLRQ,QWHUQDWLRQDOVHSWLHPEUHGHSiJ

*UiILFR

(YROXFLyQGHORVSUHFLRVGHFRQWHQHGRUHVQXHYRV
(QGyODUHV 


Dólares

3.500

3.000

2.500

2.000

1.500

1.000

500

0
2000 2001 2002 2003 2004 2005
SLHV SLHV &~ELFRVGHSLHV 

)XHQWH6HFUHWDUtDGHOD81&7$'FRQGDWRVGH&RQWDLQHULVDWLRQ,QWHUQDWLRQDOYDULRVQ~PHURV


 (OWUDQVSRUWHPDUtWLPRHQ

&XDGUR

3URGXFFLyQGHFRQWHQHGRUHV
(QPLOHVGH7(8 

7LSRVGHFRQWHQGRU 3URGXFFLyQ 3URGXFFLyQ


&DUJDVHFD  
7RWDOPHQWHIULJRUtILFRV  
&LVWHUQDV  
7LSRVUHJLRQDOHV  
7RWDO  

)XHQWH&RQWDLQHULVDWLRQ,QWHUQDWLRQDOHQHURGHSiJ

'(92/8&,Ï1'(/75$163257( DXPHQWDQGRDXQDWDVDPiVUiSLGDTXHODGHODFRVWD
,17(512 RHVWH

7UDQVSRUWHSRUIHUURFDUULO\FDUUHWHUD 'XUDQWH HO VHJXQGR VHPHVWUH GHO DxR VH ILUPDURQ


DFXHUGRV SDUD DSOLFDU OD /H\ GH FDUUHWHUDV GH ORV
(VWDGRV 8QLGRV 86 +LJKZD\ %LOO  TXH ILQDQFLDUi
(Q  HO WUiILFR LQWHUPRGDO HQ OD UHG IHUURYLDULD
LQYHUVLRQHV HQ WUDQVSRUWH GHO RUGHQ GH 
GH ORV (VWDGRV 8QLGRV DXPHQWy  \ OD PHMRU
PLOORQHV GH GyODUHV GXUDQWH HO SHUtRGR GH  D
VLWXDFLyQ ILQDQFLHUD GH ODV FRPSDxtDV GH
(VDGLVSRVLFLyQTXHVHKDEtDSRVSXHVWRGHVGH
IHUURFDUULOHV LQGXMR D KDFHU LQYHUVLRQHV TXH
 SRU YDULRV PRWLYRV VH FRQVLGHUD FUXFLDO SDUD
LPSXOVDUDQ ORV VHUYLFLRV D ORV SXHUWRV GH OD FRVWD
VXIUDJDU SUR\HFWRV TXH KDJDQ IUHQWH DO FUHFLPLHQWR
RHVWH 8QLRQ 3DFLILF \ %16) DxDGLHURQ  \ 
GHOWUiILFRGHPHUFDQFtDVFRPRVXFHGHHQHOFHQWUR
ORFRPRWRUDV UHVSHFWLYDPHQWH \ WDPELpQ KLFLHURQ
GHHQODFHVIHUURYLDULRVGH&KLFDJR
FRQWUDWDFLRQHV VXVWDQFLDOHV GH  \ 
WUDEDMDGRUHVFRQPLUDVDDXPHQWDUHOSHUVRQDOPX\ 7DPELpQ HQ  HQ OD 8QLyQ (XURSHD ODV
GLVPLQXLGR SRU MXELODFLRQHV WHPSUDQDV GXUDQWH HO FRPSDxtDV IHUURYLDULDV VLJXLHURQ FRQVROLGDQGR VXV
DxR DQWHULRU $VLPLVPR ORV WUHQHV FRPSOHWRV VH VHUYLFLRV WUDQVIURQWHUL]RV FRPR FRQVHFXHQFLD GH OD
DPSOLDURQKDVWDSLHV XQRVP DOGLULJLUVH OLEHUDOL]DFLyQSDUFLDOGHDOUHGHGRUGHOGH
D]RQDVSUy[LPDVDORVSXHUWRVDXQTXHHOORVXVFLWy OD UHG IHUURYLDULD GH PHUFDQFtDV \ GH OD SUHYLVLyQ
XQD UHVSXHVWD QR GHO WRGR VDWLVIDFWRULD GH ODV GH XQD OLEHUDOL]DFLyQ FRPSOHWD GHO WUiILFR
DXWRULGDGHVSRUWXDULDVTXHWHPtDQXQDFRQJHVWLyQHQ WUDQVIURQWHUL]R HQ  5DLOLRQ DQWHV 'HXWVFKH
ORV WHUPLQDOHV $GHPiV &DQDGLDQ 3DFLILF GHFLGLy %DKQ &DUJR TXH SUHYLDPHQWH VH KDEtD IXVLRQDGR
LQYHUWLU  PLOORQHV GH GyODUHV SDUD H[SDQGLU VXV FRQ ODV FRPSDxtDV KRODQGHVD \ GDQHVD TXH
OtQHDV D 9DQFRXYHU (Q VX FRQMXQWR HVDV PHGLGDV WUDQVSRUWDQ PHUFDQFtDV SRU IHUURFDUULO SDUD
FRQWULEX\HURQ D LPSHGLU TXH DSDUHFLHUDQ FRQYHUWLUVH HQ OD PD\RU VRFLHGDG GH HVH WLSR HQ
HPERWHOODPLHQWRVHQODFRVWDRHVWHGH1RUWHDPpULFD (XURSD HVWDEOHFLy XQD ILOLDO LWDOLDQD \ XQD
GXUDQWH HO DxR 0iV DO QRUWH HVWDED DXPHQWDQGR OD DVRFLDFLyQFRQOD61&) ODFRPSDxtDIUDQFHVD DVt
FDSDFLGDG \ &1 DQXQFLy PHMRUDV SRU YDORU GH  FRPR XQD SDUWLFLSDFLyQ GHO  HQ OD FRPSDxtD
PLOORQHV GH GyODUHV GH VX UHG IHUURYLDULD SDUD VXL]DFRUUHVSRQGLHQWH$KRUDVHFRQVLGHUDTXHKDFH
UHVSRQGHU D ODV LQYHUVLRQHV HQ HO WHUPLQDO GH HO  GHO WUDQVSRUWH GH FDUJD WUDQVDOSLQR /D
FRQWHQHGRUHV TXH 3RUW 5XSHUW &DQDGi  SRQGUi HQ 61&) VH SURSRQH HVWDEOHFHU XQ HQODFH GH OD UXWD
PDUFKDHQ WUDQVDOSLQDGHPHUFDQFtDVSRUHO5LQSDUDFRPSHWLU
FRQODTXHGLVFXUUHSRU$OHPDQLD6HHVWDEOHFLyXQ
7DPELpQ VH KLFLHURQ DOJXQDV LQYHUVLRQHV SDUD JUXSRGHFLQFRWUDQVSRUWLVWDVSULYDGRV5DLO&KHP
SUHVWDUVHUYLFLRDGHVWLQRVDORODUJRGHODFRVWDHVWH TXH HPSH]y D FRPSOHWDU ORV VHUYLFLRV GH WUHQHV GH
GH1RUWHDPpULFD1RUIRON6RXWKHUQGHFLGLyLQYHUWLU PHUFDQFtDVGHVGH5RWWHUGDPDOD5HS~EOLFD&KHFD
 PLOORQHV GH GyODUHV SDUD PHMRUDU OD FRQVHLVWUHQHVGHFHUHDOHVDODVHPDQD(Q(VSDxD
LQIUDHVWUXFWXUD \ ORV VHUYLFLRV DXQTXH HVD FRVWD VH DQXQFLDURQ SODQHV SDUD ILQDQFLDU OD
UHSUHVHQWDVyORHOGHODPHUFDQFtDWUDQVSRUWDGD LQIUDHVWUXFWXUD GHO WUDQVSRUWH LQFOXLGRV ORV
SRU OD FRPSDxtD HO WUiILFR FRUUHVSRQGLHQWH HVWi IHUURFDUULOHV FRQ XQ FRVWR GH  PLOORQHV GH


 9,(OFRPHUFLR\ODHILFLHQFLDGHOWUDQVSRUWH 

GyODUHVHQHOSUy[LPRGHFHQLRHQDVRFLDFLyQFRQHO FRPR SDUWH GH XQ SUR\HFWR PiV DPSOLR SDUD


VHFWRUSULYDGR GHVDUUROODUORVYtQFXORVLQWHUUHJLRQDOHVGHWUDQVSRUWH
FRQODILQDQFLDFLyQGHOD&XHQWDSDUDHO'HVDUUROOR
$XQTXH WRGDYtD KD\ GHILFLHQFLDV HQ OD UHG GH ODV 1DFLRQHV 8QLGDV (O SUR\HFWR VHxDOD FXiOHV
IHUURYLDULD HXURSHD WDOHV FRPR GLIHUHQFLDV HQ OD VRQ HVRV HQODFHV HQWUH (XURSD \ $VLD \ OXHJR
WHQVLyQ HOpFWULFD HO DQFKR GH YtD \ ODV VHxDOHV DVt SUHSDUDUi HVWXGLRV DQDOtWLFRV VREUH ORV WLHPSRV \
FRPR HQ ORV VLVWHPDV GH IXQFLRQDPLHQWR \ FRVWRV GHO WUiQVLWR D OR ODUJR GH ODV UXWDV
VHJXULGDG ORV SDVRV TXH KDQ GDGR ORV JRELHUQRV \ VHOHFFLRQDGDV OD DSOLFDFLyQ GH ORV DFXHUGRV \
ODV FRPSDxtDV IHUURYLDULDV HVWiQ SDXODWLQDPHQWH FRQYHQFLRQHV LQWHUQDFLRQDOHV GH WUDQVSRUWH \ HO
VXEVDQiQGRODV $GHPiV GHQWUR GHO PDUFR GHO UHIRU]DPLHQWRV GH ORV yUJDQRV QDFLRQDOHV TXH VH
GLiORJR VREUH HO WUDQVSRUWH HQWUH OD )HGHUDFLyQ GH RFXSDQ GH IRUPXODU \ HMHFXWDU HO GHVDUUROOR GHO
5XVLD \ OD 8( FHOHEUDGR HQ RFWXEUH GH  VH WUDQVSRUWH QDFLRQDO \ GH ORV SODQHV GH IDFLOLWDFLyQ
FRQYLQR HQ XQ PHPRUDQGR GH DFXHUGR VREUH OD 7DPELpQ GLIXQGH LQIRUPDFLyQ VREUH OR TXH VH KD
LQWHURSHUDELOLGDG GH OD UHG HXURSHD FRQ HO VLVWHPD KHFKR \ VREUH ODV OHFFLRQHV DSUHQGLGDV HQ UXWDV
IHUURYLDULRUXVR HVSHFtILFDV \ EULQGD DSR\R DO HVWDEOHFLPLHQWR
LQVWLWXFLRQDOGHUHGHVHQWUHTXLHQHVSDUWLFLSDQHQHO
(VWiQ HQ PDUFKD SODQHV SDUD HVWDEOHFHU XQD UHG GHVDUUROORGHOWUDQVSRUWHHXURDVLiWLFR
LQWHUPRGDO LQWHUQDFLRQDO HQ $VLD WDO FRPR VH
GHFLGLy HQ OD &RQIHUHQFLD 0LQLVWHULDO VREUH (QWUHWDQWR ORV UHVXOWDGRV HQ  GHO )HUURFDUULO
,QIUDHVWUXFWXUD FHOHEUDGD HQ 6H~O 5HS~EOLFD GH 7UDQVLEHULDQR QR IXHURQ EXHQRV \D TXH HO WUiILFR
&RUHD  HQ QRYLHPEUH GH  \ HQ QRYLHPEUH GH HQWUHHO/HMDQR2ULHQWH\(XURSDGLVPLQX\yXQ
WXYROXJDUHQ%DQJNRNFRQORVDXVSLFLRVGHOD KDVWDTXHGDUSRUGHEDMRGHODV7(8)XHURQ
&(63$3 XQD UHXQLyQ SDUD GHVDUUROODU XQ DFXHUGR YDULRV ORV PRWLYRV DGXFLGRV SDUD H[SOLFDU HVD
LQWHUJXEHUQDPHQWDO VREUH XQD UHG IHUURYLDULD VLWXDFLyQ SpUGLGD GH FDUJDPHQWRV HQ WUiQVLWR
WUDQVDVLiWLFD 6H HVSHUD TXH HVD UHG VHD XQ GHPRUDV DGXDQHUDV D OD KRUD GH WUDPLWDU OD
FDWDOL]DGRUSDUDXQPD\RUGHVDUUROORIHUURYLDULRHQ GRFXPHQWDFLyQ \ GHILFLHQFLDV GHO PDWHULDO PyYLO
$VLD TXH DWHQGHUtD D OD FUHFLHQWH GHPDQGD GH $GHPiV HO DQXQFLR GH XQD VXELGD GHO  HQ ODV
WUDQVSRUWHWHUUHVWUH\HQWUiQVLWRSRUWRGDODUHJLyQ WDULIDVDSDUWLUGHVXVFLWyODVTXHMDVDLUDGDVGH
TXHVHKDYLVWRLPSXOVDGRSRUHOIXHUWHFUHFLPLHQWR ORV H[SHGLGRUHV GH OD )HGHUDFLyQ GH 5XVLD \ OD
GH&KLQD(OWH[WRILQDOGHHVHDFXHUGRVHSUHVHQWDUi 5HS~EOLFDGH&RUHD
SDUDVXDSUREDFLyQHQDEULOGH
(QRWUDVSDUWHVHOSUR\HFWRVDXGtGHXQHQODFHSRU
(O DFXHUGR 7$5 LGHQWLILFD H LQFOX\H ODV OtQHDV WLHUUD DYDQ]y HQ DJRVWR GH  KDVWD OD IDVH GH
IHUURYLDULDV H[LVWHQWHV GH LPSRUWDQFLD LQWHUQDFLRQDO VHOHFFLyQ SUHYLD SDUD KDFHU OD FRQFHVLyQ GH ORV
HQ ORV SDtVHV PLHPEURV D VDEHU $UPHQLD WUDEDMRVGHFRQVWUXFFLyQ\WDPELpQGHH[SORWDFLyQ
$]HUEDL\iQ %DQJODGHVK &DPER\D &KLQD (OSUR\HFWRXQLUiSXHUWRVGHO*ROIR3pUVLFRFRQORV
)HGHUDFLyQ GH 5XVLD *HRUJLD ,QGLD ,QGRQHVLD GHO PDU 5RMR D WUDYpV GH OD SHQtQVXOD DUiELJD \
.D]DMDVWiQ .LUJXLVWiQ 0DODVLD 0RQJROLD FRPSUHQGH XQ JUDQ FHQWUR GH GLVWULEXFLyQ ORJtVWLFD
0\DQPDU 1HSDO 3DNLVWiQ 5HS~EOLFD GH &RUHD HQ5LDG(OFRVWRHVWLPDGRGHOFRQWUDWRHVGH
5HS~EOLFD 'HPRFUiWLFD 3RSXODU /DR 5HS~EOLFD PLOORQHV GH GyODUHV \ VH RWRUJDUi HQ  6H
,VOiPLFD GHO ,UiQ 5HS~EOLFD 3RSXODU 'HPRFUiWLFD HVWDEOHFHUiQPiVGHNPGHYtDVQXHYDV\VH
GH &RUHD 6LQJDSXU 6UL /DQND 7D\LNLVWiQ PHMRUDUiQNPGHODVTXH\DH[LVWHQ
7DLODQGLD 7XUTXtD 7XUNPHQLVWiQ 8]EHNLVWiQ \
9LHW 1DP 7DPELpQ VH SURSRQH HVWDEOHFHU XQD UHG ( 3529(('25(6'(6(59,&,26
IHUURYLDULD FRQWLQXD TXH SHUPLWD GHVSOD]DPLHQWRV /2*Ë67,&26
HILFLHQWHV ILDEOHV \ HFRQyPLFRV GH PHUFDQFtDV \
SDVDMHURV $GHPiV GHO WUDQVSRUWH SRU WLHUUD \ PDU ORV
SRUWHDGRUHV UHTXLHUHQ RWURV VHUYLFLRV SDUD VXV
(O DVXQWR GH FRQHFWDU (XURSD \ $VLD \ VX LPSDFWR LQWHUFDPELRV LQWHUQDFLRQDOHV WDOHV FRPR WUDQVSRUWH
VREUH HO GHVDUUROOR VH GLVFXWLy HQ XQD UHXQLyQ DpUHR DOPDFHQDPLHQWR VHUYLFLRV GH WUDQVLWDULRV
RUJDQL]DGD SRU ODV FRPLVLRQHV UHJLRQDOHV &(3( \ JUXSDMH \R IUDJPHQWDFLyQ GH ORV HQYtRV \
&(63$3GHODV1DFLRQHV8QLGDV\SDtVHVGHOD VHJXLPLHQWR HOHFWUyQLFR GH ORV PLVPRV $OJXQRV
UHJLyQHXURDVLiWLFDHQMXOLRGHSDUDSRQHUVHGH VHUYLFLRV R WRGRV HOORV VRQ VXPLQLVWUDGRV SRU
DFXHUGR VREUH ODV SULQFLSDOHV UXWDV SRU FDUUHWHUD FRPSDxtDV ORJtVWLFDV R SRU WHUFHURV TXH DSRUWDQ OD
IHUURFDUULO\FXUVRVIOXYLDOHV/DUHXQLyQVHRUJDQL]y ORJtVWLFD 3 FRPR VRQ D YHFHV OODPDGRV  \ TXH

 (OWUDQVSRUWHPDUtWLPRHQ

DKRUD GHVHPSHxDQ XQ SDSHO PX\ LPSRUWDQWH HQ HO GHVDUUROODGDV SRU HVDV FRPSDxtDV \ VXHOHQ KDFHUVH
WUDQVSRUWH LQWHUQDFLRQDO 6H KD VHxDODGR TXH FDGD HQ SDtVHV HQ GHVDUUROOR D PHQXGR HQ FRPSHWHQFLD
XQD GH ODV FRPSDxtDV VLJXLHQWHV 1LSSRQ ([SUHV FRQFRPSDxtDVORFDOHV
.XHKQH  1DJHO 6FKHQNHU '3/ \ 3DQDOSLQD VH
RFXSDURQ GH PiV GH  PLOORQHV GH7(8 HQ  )6,78$&,Ï1'(/$6&219(1&,21(6
SRU FXHQWD GH ORV SRUWHDGRUHV (VH PLVPR DxR ORV
SULQFLSDOHVGLH]SURYHHGRUHVGHVHUYLFLRVORJtVWLFRV +D\YDULDVFRQYHQFLRQHVLQWHUQDFLRQDOHVVREUHODV
GH WRGR HO PXQGR FRPXQLFDURQ XQRV LQJUHVRV GH DFWLYLGDGHVFRPHUFLDOHV\WpFQLFDVGHOWUDQVSRUWH
PiVGHPLOORQHVGHGyODUHVSRUFRPSDxtDFRQ PDUtWLPR(QHOUHFXDGURILJXUDODVLWXDFLyQDOž
FLIUDV SDUD ODV GRV PiV LPSRUWDQWHV GH  \ GHDJRVWRGHGHORVFRQYHQLRVPDUtWLPRV
 PLOORQHV GH GyODUHV UHVSHFWLYDPHQWH /DV LQWHUQDFLRQDOHVDGRSWDGRVFRQORVDXVSLFLRVGHOD
SULQFLSDOHV HPSUHVDV GH WUDQVSRUWH PDUtWLPR WLHQHQ 81&7$'6HHQFRQWUDUiLQIRUPDFLyQFRPSOHWD\
ILOLDOHVTXHKDFHQHVDPLVPDDFWLYLGDG\DPHQXGR DFWXDOL]DGDGHHVDV\RWUDVFRQYHQFLRQHVSHUWLQHQWHV
VH GHGLFDQ VREUH WRGR D SUHVWDU VHUYLFLRV DO HQODSiJLQDZHEGHODV1DFLRQHV8QLGDV
WUDQVSRUWLVWDGHOTXHGHSHQGHQ ZZZXQRUJODZ(VWDSiJLQDRIUHFHWDPELpQ
HQODFHVHQWUHRWUDVFRQODVSiJLQDVGHODV
/D H[SDQVLyQ GH HVRV VXPLQLVWUDGRUHV GH VHUYLFLRV VLJXLHQWHVRUJDQL]DFLRQHVHQODVTXHILJXUD
ORJtVWLFRV VH KD SURGXFLGR HQ ORV ~OWLPRV DxRV LQIRUPDFLyQVREUHORVFRQYHQLRVDGRSWDGRVEDMRORV
VREUHWRGRPHGLDQWHODDGTXLVLFLyQGHFRPSHWLGRUHV DXVSLFLRVGHFDGDRUJDQL]DFLyQ2UJDQL]DFLyQ
PHQRUHV (Q  HQ (XURSD .XHKQH  1DJHO 0DUtWLPD,QWHUQDFLRQDO ZZZLPRRUJKRPHKWPO 
DEVRUELy D $&5 /RJLVWLFV SRU  PLOORQHV GH 2UJDQL]DFLyQ,QWHUQDFLRQDOGHO7UDEDMR
GyODUHV \ '3/ KL]R OR PLVPR FRQ ([HO SRU  ZZZLORRUJ \&RPLVLyQGHODV1DFLRQHV8QLGDV
PLOORQHV GH GyODUHV /RV VHUYLFLRV GH WUiQVLWR SDUDHO'HUHFKR0HUFDQWLO,QWHUQDFLRQDO
RFXSDQ XQ OXJDU SURPLQHQWH HQWUH ODV DFWLYLGDGHV ZZZXQFLWUDORUJ 


 9,(OFRPHUFLR\ODHILFLHQFLDGHOWUDQVSRUWH 


5HFXDGUR

(VWDGRVFRQWUDWDQWHVGHORVFRQYHQLRVVREUHWUDQVSRUWHPDUtWLPRTXHVHLQGLFDQ
DOžGHDJRVWRGH

)HFKDGHHQWUDGDHQ
7LWXORGHO&RQYHQLR YLJRURFRQGLFLRQHVSDUD (VWDGRVFRQWUDWDQWHV
ODHQWUDGDHQYLJRU
&RQYHQFLyQVREUHXQ&yGLJR (QWUyHQYLJRUHOGH $OHPDQLD$UDELD6DXGLWD$UJHOLD%DQJODGHVK
GH&RQGXFWDGHODV RFWXEUHGH %DUEDGRV%pOJLFD%HQLQ%XOJDULD%XUNLQD)DVR
&RQIHUHQFLDV0DUtWLPDV %XUXQGL&DER9HUGH&DPHU~Q&KLOH&KLQD&RQJR
&RVWD5LFD&{WHG
,YRLUH&XED'LQDPDUFD(JLSWR
(VORYDTXLD(VSDxD(WLRStD)HGHUDFLyQGH5XVLD
)LOLSLQDV)LQODQGLD)UDQFLD*DEyQ*DPELD*KDQD
*XDWHPDOD*XLQHD*X\DQD+RQGXUDV,QGLD,QGRQHVLD
,UDT,WDOLD-DPDLFD-RUGDQLD.HQ\D.XZDLW/tEDQR
/LEHULD0DGDJDVFDU0DODVLD0DOt0DUUXHFRV
0DXULFLR0DXULWDQLD0p[LFR0R]DPELTXH1tJHU
1LJHULD1RUXHJD3DtVHV%DMRV3DNLVWiQ3HU~3RUWXJDO
4DWDU5HLQR8QLGRGH*UDQ%UHWDxDH,UODQGDGHO1RUWH
5HS~EOLFD&HQWURDIULFDQD5HS~EOLFD&KHFD5HS~EOLFD
GH&RUHD5HS~EOLFD'HPRFUiWLFDGHO&RQJR5HS~EOLFD
8QLGDGH7DQ]DQtD5XPDQLD6HQHJDO6HUELD6LHUUD
/HRQD6RPDOLD6UL/DQND6XGiQ6XHFLD7RJR
7ULQLGDG\7DEDJR7~QH]8UXJXD\9HQH]XHOD
=DPELD  
&RQYHQLRGHODV1DFLRQHV (QWUyHQYLJRUHOžGH $OEDQLD$XVWULD%DUEDGRV%RWVZDQD%XUNLQD)DVR
8QLGDVVREUHHO7UDQVSRUWH QRYLHPEUHGH %XUXQGL&DPHU~Q&KLOH(JLSWR*DPELD*HRUJLD
0DUtWLPRGH0HUFDQFtDV *XLQHD+XQJUtD-RUGDQLD.HQ\D/HVRWKR/tEDQR
5HJODVGH+DPEXUJR  /LEHULD0DODZL0DUUXHFRV1LJHULD3DUDJXD\
5HS~EOLFDÈUDEH6LULD5HS~EOLFD&KHFD5HS~EOLFD
8QLGDGH7DQ]DQtD5XPDQLD6DQ9LFHQWH\ODV
*UDQDGLQDV6HQHJDO6LHUUD/HRQD7~QH]8JDQGD
=DPELD  
&RQYHQLR,QWHUQDFLRQDOVREUH (QWUyHQYLJRUHOGH (FXDGRU(VSDxD(VWRQLD)HGHUDFLyQGH5XVLD0yQDFR
ORV3ULYLOHJLRV\ODV+LSRWHFDV VHSWLHPEUHGH 1LJHULD5HS~EOLFDÈUDEH6LULD6DQ9LFHQWH\ODV
0DUtWLPDV *UDQDGLQDV7~QH]8FUDQLD9DQXDWX  
&RQYHQLRGHODV1DFLRQHV 7RGDYtDQRKDHQWUDGRHQ %XUXQGL&KLOH*HRUJLD/tEDQR/LEHULD0DODZL
8QLGDVVREUHHO7UDQVSRUWH YLJRUUHTXLHUHSDtVHV 0DUUXHFRV0p[LFR5ZDQGD6HQHJDO=DPELD  
,QWHUQDFLRQDO&RPELQDGRGH FRQWUDWDQWHV
0HUFDQFtDV
&RQYHQLRGHODV1DFLRQHV 7RGDYtDQRKDHQWUDGRHQ $OEDQLD%XOJDULD&{WHG
,YRLUH(JLSWR*HRUJLD*KDQD
8QLGDVVREUHODV&RQGLFLRQHV YLJRUUHTXLHUHSDUWHV +DLWt+XQJUtD,UDT-DPDKLUL\DÈUDEH/LELD/LEHULD
GH0DWULFXODFLyQGH FRQWUDWDQWHVFRQDOPHQRV 0p[LFR2PiQ5HS~EOLFDÈUDEH6LULD  
(PEDUFDFLRQHV HOGHOWRQHODMH
PXQGLDOFRQDUUHJORDO
DQH[R,,,GHO&RQYHQLR
&RQYHQLR,QWHUQDFLRQDO 7RGDYtDQRKDHQWUDGRHQ $UJHOLD%XOJDULD(VSDxD(VWRQLD/HWRQLD/LEHULD
UHODWLYRDO(PEDUJR YLJRUUHTXLHUHSDUWHV 5HS~EOLFDÈUDEH6LULD  
3UHYHQWLYRGH%XTXHV FRQWUDWDQWHV

)XHQWH3DUDODVLWXDFLyQRILFLDODFWXDOGHHVWRVFRQYHQLRVYpDVHZZZXQRUJODZ




&DStWXOR

(;$0(1'(/2$&217(&,'2(1
/$65(*,21(6(/È)5,&$
68%6$+$5,$1$

(VWH FDStWXOR H[DPLQD \ DQDOL]D HO FRPHUFLR PDUtWLPR JOREDO H LQWUDUUHJLRQDO HQ ÈIULFD GHVGH 
SRQLHQGRHODFHQWRHQORVSDtVHVVXEVDKDULDQRV7DPELpQHVWXGLDORRFXUULGRHQHOWUDQVSRUWH\ORVVHUYLFLRV
FRQH[RVHQSDUWLFXODUHQORVSDtVHVVLQOLWRUDO

$/$6,78$&,Ï1(&21Ï0,&$ SDtVHV GHO ÈIULFD VXEVDKDULDQD HVWiQ FODVLILFDGRV


FRPR SDtVHV PHQRV DGHODQWDGRV 30$  HV GHFLU
$ PHGLDGRV GH  HQ ORV  PLOORQHV GH WLHQHQ XQRV LQGLFDGRUHV HFRQyPLFRV \ VRFLDOHV
NLOyPHWURVFXDGUDGRVGHÈIULFDKDEtDSDtVHVFRQ EDMRV(QUHDOLGDGHVRVSDtVHVVRQODPD\RUtDGHORV
XQD SREODFLyQ HVWLPDGD GH  PLOORQHV GH 30$GHOPXQGR
SHUVRQDV(VRVSDtVHVSRGUtDQGLYLGLUVHHQWpUPLQRV
JHQHUDOHVHQWUHVJUXSRVFRQDUUHJORDVXVLWXDFLyQ (QHOFXDGURVHSUHVHQWDODVLWXDFLyQJHRJUiILFD
JHRJUiILFD ORV FLQFR SDtVHV $UJHOLD (JLSWR \HFRQyPLFDGHORVSDtVHVGHOÈIULFDVXEVDKDULDQD
-DPDKLUL\D ÈUDEH /LELD 0DUUXHFRV \ 7~QH] TXH MXQWDPHQWH FRQ HO LQFUHPHQWR PHGLR GHO 3,%
FRUUHVSRQGHQDO*UXSRGHODQH[R, VLWXDGRVDOR GXUDQWH ORV SHUtRGRV GH  D  \ GH  D
ODUJRGHODFRVWDVHSWHQWULRQDOGHOFRQWLQHQWHIRUPDQ \ODHVWLPDFLyQGHHVHLQGLFDGRU3,%HQ
HO SULPHU JUXSR HO VHJXQGR HV 6XGiIULFD JUXSR  6H DxDGHQ ORV PLVPRV GDWRV HFRQyPLFRV SDUD ORV
GHO DQH[R ,  TXH FRPSUHQGH XQD JUDQ SDUWH GHO GHPiV SDtVHV GH ÈIULFD \ SDUD HO FRQMXQWR GH ODV
H[WUHPR PHULGLRQDO GHO FRQWLQHQWH \ TXH VXHOH HFRQRPtDVHQGHVDUUROOR\GHODVGHVDUUROODGDV
FRQVLGHUDUVH FRPR XQ VROR JUXSR \ ORV  SDtVHV
UHVWDQWHV XELFDGRV HQWUH DPERV TXH VH GHVLJQDQ (O GHVHPSHxR GH ODV HFRQRPtDV HQ GHVDUUROOR GH
FROHFWLYDPHQWHFRPRHOÈIULFDVXKVDKDULDQD TXHVH ÈIULFD VLJXH HVWDQGR SRU GHEDMR GHO UHJLVWUDGR SRU
FRUUHVSRQGHPX\GHFHUFDFRQORV*UXSR\ ODVHFRQRPtDVHQGHVDUUROORHQVXFRQMXQWR'XUDQWH
GHODQH[R, \FRQVWLWX\HQHOWHUFHUJUXSR HO SHUtRGR GH  D  VyOR HQ  IXH HO
LQFUHPHQWR DQXDO PHGLR GHO 3,% GH ORV SDtVHV
/RVSDtVHVGHOÈIULFDVXEVDKDULDQDIRUPDQXQJUXSR DIULFDQRV VXSHULRU DO DXPHQWR FRUUHVSRQGLHQWH GH
GLYHUVR FRQ QHFHVLGDGHV PX\ GLIHUHQWHV D WHQRU GH ODVHFRQRPtDVHQGHVDUUROOR(QORVGHPiVDxRV\HQ
VX VLWXDFLyQ JHRJUiILFD +D\  SDtVHV FRQ OLWRUDO ODV SUHYLVLRQHV SDUD  ODV GLVSDULGDGHV VRQ
/ VLQOLWRUDO 36/ \LQVXODUHV , VLWXDGRVHQ DSUHFLDEOHVDIDYRUGHODVVHJXQGDV/DLGHDGHTXH
HO RFpDQR $WOiQWLFR \ HO ËQGLFR (Q WpUPLQRV OD VLWXDFLyQ QHFHVLWD FRUUHJLUVH VH KL]R SDWHQWH HQ
HFRQyPLFRV VLQ HPEDUJR PXFKRV GH HVRV SDtVHV IRURV DPSOLRV WDOHV FRPR HO * \ OD 8QLyQ
FRPSDUWHQUDVJRVFRPXQHV7UHLQWD\FXDWURGHORV $IULFDQD


 (OWUDQVSRUWHPDUtWLPRHQ

&XDGUR

3,%UHDOGHORVSDtVHVHQGHVDUUROORGHOÈIULFDVXEVDKDULDQD
9DULDFLyQDQXDOHQSRUFHQWDMH 

7LSRGHSDtV 9DULDFLyQDQXDOHQSRUFHQWDMH
*UXSRGHSDtVHVGHODUHJLyQ
*HRJUDItD (FRQRPtD      
3DtVHVGHOÈIULFDVXEVDKDULDQD        
D  ÈIULFDRFFLGHQWDO        
%HQLQ & 30$      
%XUNLQD)DVR 36/ 30$      
&DER9HUGH , 3('      
&{WHG¶,YRLUH &       
*DPELD & 30$      
*KDQD &       
*XLQHD & 30$      
*XLQHD%LVVDX & 30$      
/LEHULD & 30$      
0DXULWDQLD & 30$      
0DOt 36/ 30$      
1tJHU 36/ 30$      
1LJHULD &       
6HQHJDO & 30$      
6LHUUD/HRQD & 30$      
7RJR & 30$      
E  ÈIULFDFHQWUDO        
$QJROD & 30$      
%XUXQGL 36/ 30$      
&DPHU~Q &       
&KDG 36/ 30$      
&RQJR &       
*DEyQ &       
*XLQHD(FXDWRULDO , 30$      
5HS~EOLFD&HQWURDIULFDQD 36/ 30$      
5HS~EOLFD'HPRFUiWLFDGHO&RQJR 36/ 30$      
5ZDQGD 36/ 30$      
6DQWR7RPp\3UtQFLSH , 30$      
F  ÈIULFDPHULGLRQDO        
%RWVZDQD 36/       
/HVRWKR 36/ 30$      
0DODZL 36/ 30$      
0R]DPELTXH & 30$      
1DPLELD &       
6ZD]LODQGLD 36/       
=DPELD 36/ 30$      
=LPEDEZH 36/       
G  &XHUQRGHÈIULFD\ÈIULFDRULHQWDO        
'MLERXWL & 30$      
(ULWUHD & 30$      
(WLRStD 36/ 30$      
.HQ\D &       
5HS~EOLFD8QLGDGH7DQ]DQtD & 30$      
6RPDOLD & 30$      
6XGiQ & 30$      
8JDQGD 36/ 30$      


 9,,([DPHQGHORDFRQWHFLGRHQODVUHJLRQHVHOÈIULFDVXEVDKDULDQD 

&XDGUR FRQWLQXDFLyQ 

7LSRGHSDtV 9DULDFLyQDQXDOHQSRUFHQWDMH
*UXSRGHSDtVHVGHODUHJLyQ
*HRJUDItD (FRQRPtD      
H  3DtVHVDIULFDQRVGHORFpDQRËQGLFR        
&RPRUDV , 30$      
0DGDJDVFDU , 30$      
0DXULFLR ,       
6H\FKHOOHV ,       
 3DtVHVGHODFRVWDQRUWHGHÈIULFD        
$UJHOLD &       
(JLSWR &       
-DPDKLUL\DÈUDEH/LELD &       
0DUUXHFRV &       
7~QH] &       
 6XGiIULFD &       
ÈIULFDVXEVDKDULDQD        
(FRQRPtDVHQGHVDUUROORGHÈIULFD        
(FRQRPtDVHQGHVDUUROOR        
(FRQRPtDVGHVDUUROODGDV        

)XHQWH+DQGERRNRI6WDWLVWLFVGHOD81&7$'FXDGUR/RVGDWRVGHSURFHGHQGHODEDVHGHGDWRV:HRGHO)0,

6H KDQ GDGR SDVRV SDUDUHGXFLU HVDV GLIHUHQFLDV HQ ODV  PLVLRQHV GH SD] GH ODV 1DFLRQHV 8QLGDV VH
ORV DxRV YHQLGHURV /D 1XHYD $OLDQ]D SDUD HO GHVHQYXHOYHQ HQ SDtVHV GHO ÈIULFD VXEVDKDULDQD 
'HVDUUROOR GH ÈIULFD 1(3$'  TXH KD VHxDODGR D GHVSOD]DPLHQWR GH SREODFLRQHV SRU HVD
OD LQIUDHVWUXFWXUD FRPR XQR GH ORV SULQFLSDOHV LQHVWDELOLGDG VHFXHODV GH ORV FRQIOLFWRV DUPDGRV
SDUiPHWURV SDUD TXH FUH]FD OD HFRQRPtD \ VH LQWHUQRVRFRQSDtVHVYHFLQRV\RVFLODFLRQHVGHORV
UHGX]FD OD SREUH]D HVWDEOHFLy XQ 6HUYLFLR SDUD SUHFLRVGHORVSULQFLSDOHVSURGXFWRVTXHVHH[SRUWDQ
SUHSDUDU HO 3UR\HFWR GH ,QIUDHVWUXFWXUDV GH OD \GHOQLYHODQXDOGHLQYHUVLyQH[WUDQMHUDVREUHWRGR
1(3$'\QRPEUyDO%DQFR$IULFDQRGH'HVDUUROOR HQ OD E~VTXHGD \ H[WUDFFLyQ GH SHWUyOHR (Q ORV
FRPR HO RUJDQLVPR SULQFLSDO GH DSR\R WpFQLFR (Q ~OWLPRV DxRV ODV PHGLGDV SDUD FRQWURODU ODV FULVLV
 VH DSUREDURQ DVt GRV SUR\HFWRV GH XQD PHMRU DGPLQLVWUDFLyQ HQ ORV SURSLRV SDtVHV \
LQWHUFRQH[LyQ GH HQHUJtD XQ ROHRGXFWR \ XQ XQD VLWXDFLyQ LQWHUQDFLRQDO IDYRUDEOH SDUHFH TXH
SUR\HFWR GH WHOHFRPXQLFDFLRQHV 3RVWHULRUPHQWH D KDQ VXDYL]DGR ODV EUXVFDV IOXFWXDFLRQHV DQWHULRUHV
PHGLDGRV GH  VH LQWURGXMHURQ XQRV iJLOHV GHOFUHFLPLHQWRDQXDOHQODPD\RUtDGHORVSDtVHV
PHFDQLVPRV GH ILQDQFLDFLyQ SDUD FRQYHUWLU HVH
VHUYLFLR HQ XQD DFWLYLGDG FRQMXQWD H LQFRQGLFLRQDO
GHWRGRVORVGRQDQWHVHQFDPLQDGDDUHVSDOGDUDORV 9DULRV GH HVWRV IDFWRUHV DIHFWDURQ D ORV UHVXOWDGRV
JRELHUQRV \ ORV RUJDQLVPRV ORFDOHV D OD KRUD GH HFRQyPLFRVGHORVSDtVHVGHOÈIULFDRFFLGHQWDOTXH
HQ VX FRQMXQWR IXHURQ DOHQWDGRUHV GXUDQWH HO
IRUPXODU SUR\HFWRV GH LQIUDHVWUXFWXUD YLDEOHV \
DWUDHULQYHUVLRQHVPHGLDQWHXQDDVRFLDFLyQHQWUHHO SHUtRGRGHD GHSDtVHVUHJLVWUDURQ
XQFUHFLPLHQWRGHVXSURGXFFLyQDQXDO DSHVDUGHO
VHFWRUS~EOLFR\HOSULYDGR7DPELpQDPHGLDGRVGHO
 VLQ UHODFLyQ FRQ OR DQWHULRU VH FRQGRQy OD HIHFWR GH OD DSUHFLDFLyQ GHO HXUR TXH WDPELpQ
GHXGD GH  SDtVHV FRQ LQVWLWXFLRQHV ILQDQFLHUDV LQIOX\y QHJDWLYDPHQWH HQ ORV SDtVHV GH OD ]RQD GHO
IUDQFR (Q SDUWLFXODU ORV UHVXOWDGRV GH *KDQD
PXOWLODWHUDOHV 8QRV  PLOORQHV GH GyODUHV
TXHGDURQ DVt FDQFHODGRV ILJXUDQGR HQWUH ORV LQGLFDUtDQ XQD WHQGHQFLD SRVLWLYD DFHOHUDGD (O
JDVRGXFWR VXEPDULQR GH  PLOORQHV GH GyODUHV
EHQHILFLDULRV XQD PD\RUtD GH SDtVHV DIULFDQRV D
VDEHU %HQLQ %XUNLQD )DVR (WLRStD *KDQD IUHQWH DO ÈIULFD RFFLGHQWDO TXH XQH OD UHJLyQ GHO
0DGDJDVFDU0DOt0DXULWDQLD0R]DPELTXH1tJHU GHOWDHQ1LJHULDFRQ7DNRUDGLHQ*KDQDHPSH]yD
FRQVWUXLUVH HQ  SDUD VXPLQLVWUDU HQHUJtD
5HS~EOLFD 8QLGD GH 7DQ]DQtD 5ZDQGD 6HQHJDO
8JDQGD\=DPELD VXILFLHQWH D *KDQD \ ORV SDtVHV YHFLQRV \ VH
HPSUHQGLyDUDt]GHODVLQJHQWHVVXELGDVGHSUHFLRV
(O GHVHPSHxR HFRQyPLFR GH FDGD SDtV VLQ GHO FRPEXVWLEOH GHO  HQ  /D SODJD GH
HPEDUJR SXHGH IOXFWXDU GH XQ DxR D RWUR SRU ODQJRVWDTXHGHVWUX\yJUDQGHVH[WHQVLRQHVGHWLHUUDV
GLYHUVRV PRWLYRV WDOHV FRPR FDWiVWURIHV QDWXUDOHV GH FXOWLYRV HQ OD UHJLyQ \ PDORJUy XQ WHUFLR GH OD
LQHVWDELOLGDGSROtWLFDQDFLRQDORLQWHUQDFLRQDO GH SURGXFFLyQGHFHUHDOHVGH0DOtHQIXHHQSDUWH

 (OWUDQVSRUWHPDUtWLPRHQ

UHVSRQVDEOH GHO PDJUR UHVXOWDGR GHO 1tJHU GXUDQWH PD\RGHFXDQGRWHUPLQDURQORVFRPEDWHVHQ


HVHDxR\GHTXHKXELHUDHQHVWHSDtV]RQDVFRQXQD ODUHJLyQGH3RROSHUPLWLHURQORVDFXHUGRVGH
JUDYH PDOQXWULFLyQ (O FUHFLPLHQWR PiV EDMR HQ SDUDH[WUDHUPDJQHVLRFRQXQDWHFQRORJtDGHSR]RV
IXHHOGH%HQLQ\VHSURGXMRHQXQDVLWXDFLyQ GH DJXD VDODGD TXH UHVSHWD HO PHGLR \ FRQVWUXLU
GH LQIODFLyQ DO DO]D \ GHO FLHUUH GH OD IURQWHUD SRU IXQGLFLRQHVGHPDJQHVLR\DOXPLQLRHQ.RXLORXDOR
SDUWH GH 1LJHULD (O HOHYDGR LQFUHPHQWR GH OD ODUJR GH OD FRVWD DWOiQWLFD (O SUR\HFWR VH YLR
SURGXFFLyQHQ6LHUUD/HRQDGHVGHLQGLFyXQD GHVSXpVGHPRUDGRFXDQGRVHDJUHJDURQSODQHVSDUD
UHFXSHUDFLyQFRQUHVSHFWRDOGHWHULRURWDQJUDQGHGH FRQVWUXLUXQDSUHVDTXHIDFLOLWDUDHQHUJtDTXHHQXQ
ORVDxRVDQWHULRUHV'HVSXpVGHORVPDORVUHVXOWDGRV SULQFLSLRVHSUHYLySURSRUFLRQDUDXQSDtVYHFLQR(O
GH  1LJHULD OD PD\RU HFRQRPtD GHO ÈIULFD FUHFLPLHQWR DQXDO UHODWLYDPHQWH PRGHVWR GH 6DQWR
VXEVDKDULDQD ORJUy PHMRUDU PXFKR VXFUHFLPLHQWR 7RPp \ 3UtQFLSH SRGUi PHMRUDU FRQ OD SURGXFFLyQ
DSHVDUGHODYLROHQFLDHQHOQRUWH\VXUGHOSDtV\GH GH SHWUyOHR HQ H[SORWDFLRQHV VXEPDULQDV (VWH SDtV
KXHOJDVHQHOYLWDOVHFWRUGHOSHWUyOHR(QGRVSDtVHV DFRUGy FRQ 1LJHULD XQ GHVDUUROOR FRQMXQWR GH OD
VHUHJLVWUyXQDFRQWUDFFLyQGHODSURGXFFLyQGXUDQWH ]RQD PDUtWLPD \ XQ UHSDUWR WUDQVSDUHQWH GH ORV
XQDxRVyOR/DVFLIUDVSHRUHVIXHURQODVGH*XLQHD LQJUHVRVFRQDUUHJORDXQDSURSRUFLyQFRQYHQLGD
%LVVDX GRQGH SDUHFH TXH OD FULVLV WRFy IRQGR HVH
DxR HO HVFDVR FUHFLPLHQWR GHO DxR VLJXLHQWH (Q 6XGiIULFD ODV EXHQDV FRVHFKDV \ VXV PD\RUHV
FRLQFLGLy FRQ HOHFFLRQHV SDUD UHVWDXUDU HO SRGHU LQYHUVLRQHV HQ PXFKRV SDtVHV H[SOLFDQ HO
FLYLO \IXHVHJXLGR GH XQPHMRU UHVXOWDGR HQ  FUHFLPLHQWRDQXDOGHODSURGXFFLyQHQFDVLWRGRVORV
/RVGHVyUGHQHVSROtWLFRVLQWHUQRVIXHURQODFDXVDGH DxRVKDVWD\ODVEXHQDVSUHYLVLRQHVSDUD
ORV UHVXOWDGRV QHJDWLYRV GH &{WH G
,YRLUH HQ  /RVSDtVHVVLJXLHURQUHJLVWUDQGRHQVXPD\RUSDUWH
 \  $ SHVDU GH ORV HQIUHQWDPLHQWRV FRQ XQ FUHFLPLHQWR HFRQyPLFR D SHVDU GH OD LQIODFLyQ
IXHU]DV H[WUDQMHUDV HQYLDGDV HQ PLVLyQ GH SD] HQ HQ 0DODZL HQ  ILJXUDQGR XQ SDtV VLQ OLWRUDO
 KXER XQDUHFXSHUDFLyQ \ ODV SUHYLVLRQHV SDUD %RWVZDQDHQHOSULPHUOXJDUGHORVSDtVHVDIULFDQRV
 HUDQ WDPELpQ SRVLWLYDV /D QRUPDOL]DFLyQ SRU OR TXH KDFH DO EXHQ JRELHUQR GXUDQWH HVH DxR
WRGDYtD HVWDED SRU OOHJDU HQ /LEHULD GRQGH QL /D H[FHSFLyQ GH HVD VLWXDFLyQ IDYRUDEOH HV
VLTXLHUD VH KDQ DFRSLDGR GDWRV GXUDQWH PXFKRV =LPEDEZH FX\D HFRQRPtD VH KD FRQWUDtGR HQ ORV
DxRV ~OWLPRVFLQFRDxRV\DKRUDHVXQLPSRUWDGRUQHWRGH
FHUHDOHV
(Q ÈIULFD FHQWUDO  GH ORV  SDtVHV UHJLVWUDURQ
PHMRUDVDQXDOHVHQVXSURGXFFLyQGXUDQWHWRGRVORV (Q ÈIULFD RULHQWDO \ HQ HO &XHUQR GH ÈIULFD OD
DxRV GHO SHUtRGR GHO  D  (O ILQDO GH OD 5HS~EOLFD 8QLGD GH 7DQ]DQtD HO 6XGiQ \ 8JDQGD
JXHUUDHQ$QJROD\ODPD\RUSURGXFFLyQGHSHWUyOHR REWXYLHURQEXHQRVUHVXOWDGRV
H[SOLFDQ ORV GRV GtJLWRV GHO FUHFLPLHQWR HQ  \
ODV SUHYLVLRQHV SDUD  (Q HVWH ~OWLPR DxR HVH /D GHPDQGD GHHQHUJtD SDUD OD FUHFLHQWH HFRQRPtD
SDtV ILUPy QXHYH DFXHUGRV GH FRRSHUDFLyQ FRQ GHOD5HS~EOLFD8QLGDGH7DQ]DQtDIXHODUD]yQGH
&KLQDHQWUHHOORVHOGHVDUUROORGHXQDUHILQHUtD\GH TXHHQWUDUDHQIXQFLRQDPLHQWRDILQDOHVGHHO
XQD UHG GH WHOHFRPXQLFDFLRQHV DVt FRPR HO SUR\HFWR HQHUJpWLFR 6RQJDV 6XPLQLVWUD HQHUJtD
VXPLQLVWURDODUJRSOD]RGHSHWUyOHR\JDVD&KLQD REWHQLGD FRQ JDV QDWXUDO D OD FDSLWDO JUDFLDV D XQD
(OQRWDEOHFUHFLPLHQWRDQXDOGHODSURGXFFLyQHQHO SODQWDGHWUDQVIRUPDFLyQHQODLVODGH6RQJR\GHXQ
&KDG\OD*XLQHD(FXDWRULDOVHGHELyDOSHWUyOHR\D JDVRGXFWR GH NP D 'DUHV6DODDP (VH SDtV
VXVDFWLYLGDGHVFRQH[DV(QHOROHRGXFWRSDUD WDPELpQ SUHSDUDED SODQHV SDUD XQ GHVDUUROOR
H[SRUWDU SHWUyOHR FKDGLDQR GHVGH OD FXHQFD GHO HFRQyPLFR GH OD ]RQD HQ WRUQR DO ODJR 9LFWRULD
'RED \ SRU SXHUWRV FDPHUXQHVHV HVWDED HQ SOHQR FRQFUHWDPHQWH SDUD XWLOL]DU DJXD GH ULHJR SHUR VH
IXQFLRQDPLHQWR \ OD ERQDQ]D GHO SHWUyOHR HQ OD HVWLPDED TXH HOOR VXSRQGUtD XQD DPHQD]D SDUD HO
*XLQHD (FXDWRULDOVH GHMyVHQWLU HQ ORV SODQHVSDUD VXVWHQWRGHSDtVHVDORODUJRGHOUtR1LOR7UDVXQDV
FRQVWUXLUXQQXHYRDHURSXHUWRHQODFDSLWDOGHOSDtV QHJRFLDFLRQHVVHFRQYLQRHQDFWXDOL]DUHOWUDWDGRGH
DVtFRPRXQDFHQWUDOHOpFWULFDGHJDV/RVDFXHUGRV  DQWHV GH WRPDU PHGLGD DOJXQD (Q HO 6XGiQ
GHSD]GHSDUDWHUPLQDUODJXHUUDHQHO&RQJR ODV SHUVSHFWLYDV SDUD DXPHQWDU OD SURGXFFLyQ GH
\ HVWDEOHFHU XQ JRELHUQR GH WUDQVLFLyQ GH GRVDxRV SHWUyOHRPHMRUDURQFRQHODFXHUGRSDUDSRQHUILQDO
QR LPSLGLy HQIUHQWDPLHQWRV HVSRUiGLFRV HQ ODV FRQIOLFWR DUPDGR HQ HO VXU GHO SDtV HQ PD\R GH
UHJLRQHV RULHQWDOHV HQ ORV DxRV VLJXLHQWHV TXH  $XQTXH VH VHxDODURQ GHVyUGHQHV HQ ODV
LQFOXVRDIHFWDURQDORVSDtVHVYHFLQRVGH5ZDQGD\ SURYLQFLDV RFFLGHQWDOHV HQ ORV PHVHV VLJXLHQWHV
%XUXQGL SHUR SHUPLWLHURQ XQ FUHFLPLHQWR GHVGH HVWDEDQ HQ PDUFKD SODQHV FRQMXQWRV FRQ VRFLRV
 /D HVWDELOLGDG ORJUDGD HQ HO &RQJR GHVGH LQGLRVSDUDH[SDQGLUODVUHILQHUtDVGH-DUWXP\3RUW

 9,,([DPHQGHORDFRQWHFLGRHQODVUHJLRQHVHOÈIULFDVXEVDKDULDQD 

6XGDQ \ SDUD FRQVWUXLU XQ ROHRGXFWR FRQ PLUDV D PLOORQHVGHGyODUHV/DVFLIUDVILJXUDQHQHO


H[SRUWDUSURGXFWRVGHOSHWUyOHR\XQQXHYRSXHUWR FXDGUR(VWDGLIHUHQFLDVHGHEHVREUHWRGRDODO]D
&RQIOLFWRV LQWHUQRV HVWiQ WDPELpQ DIHFWDQGR D ODV GH ORV SUHFLRV GH ORV SURGXFWRV GH H[SRUWDFLyQ HQ
UHJLRQHV VHSWHQWULRQDOHV GH 8JDQGD GRQGH ODV SDUWLFXODU GHO SHWUyOHR FUXGR (Q VX FRQMXQWR OD
SURYLQFLDV GHO VXU VH EHQHILFLDQ GH GHVHPEROVRV SDUWHGHÈIULFDHQHOFRPHUFLRPXQGLDOHVPRGHVWD
VXVWDQFLDOHVGHGRQDQWHV(QODUHJLyQVHUHJLVWUDURQ \SDUHFHVHUHVWDEOH(QHUDHOGHOYDORU
UHVXOWDGRV QHJDWLYRV GXUDQWH XQ DxR HQ (ULWUHD HQ GH ODV H[SRUWDFLRQHV \ HO  GHO GH ODV
\HQ(WLRStDHQ(VRVSDtVHVPDQWXYLHURQ LPSRUWDFLRQHV 'LH] DxRV GHVSXpV HQ  ORV
XQDWUHJXDDSHVDUGHOUHFKD]RSRU(WLRStDGHOIDOOR YDORUHV FRUUHVSRQGLHQWHV VRQ  SDUD ODV
GH OD &RUWH ,QWHUQDFLRQDO GH -XVWLFLD TXH  HQ  H[SRUWDFLRQHV\SDUDODVLPSRUWDFLRQHV&LIUDV
DVLJQy D (ULWUHD XQD FLXGDG PX\ GLVSXWDGD /D SUHOLPLQDUHV SDUD  SDUHFHQ LQGLFDU XQD
VHTXtD TXH DIHFWy D  PLOORQHV GH SHUVRQDV IXH OD FRQWLQXDFLyQGHHVDWHQGHQFLD
FDXVD GH OD FRQWUDFFLyQ GH OD HFRQRPtD HWtRSH HQ
/DEXHQDFRVHFKDGHODxRVLJXLHQWHQROOHJyD (O GHVJORVH GHO FRPHUFLR GH ORV WUHV SULQFLSDOHV
WRGRHOSDtV\ODVSREODFLRQHVTXHYLYHQFHUFDGHOD JUXSRVGHSDtVHVGHOFRQWLQHQWHILJXUDHQHOFXDGUR
IURQWHUD FRQ 6RPDOLD DO QRUWH VH YLHURQ PX\  (Q  ORV SDtVHV GH ÈIULFD VXEVDKDULDQD
DIHFWDGDV SRU XQD VHTXtD ORFDO TXH REOLJy D KLFLHURQ HO  GH ODV H[SRUWDFLRQHV DIULFDQDV \
UHDVHQWDU D HVDV SREODFLRQHV HQ ]RQDV PHMRUHV GHO HO  GH ODV LPSRUWDFLRQHV SDUD ORV SDtVHV GH
SDtV7DPELpQHQ(ULWUHDWXYRTXHUHFXUULUDOD ÈIULFD GHO 1RUWH OD SDUWH GH ODV H[SRUWDFLRQHV FRQ
D\XGD DOLPHQWDUtD SRU XQD SODJD GH ODQJRVWD  IXH VXSHULRU D OD GH ODV LPSRUWDFLRQHV FRQ
PLHQWUDV HVWi LQWHQWDQGR H[SORWDU PLQDV UHFLpQ \D6XGiIULFDFRUUHVSRQGLyHOGHODV
GHVFXELHUWDVGHRUR\FREUH6RPDOLDVHYLRWDPELpQ H[SRUWDFLRQHV\HOGHODVLPSRUWDFLRQHV(VDV
SHUWXUEDGDDXQTXHVHKDEtDFRQYHQLGRXQ*RELHUQR SURSRUFLRQHV VH KDQ PDQWHQLGR HQ JHQHUDO HVWDEOHV
GH WUDQVLFLyQ EDVDGR HQ .HQ\D \ DO LJXDO TXH GXUDQWHHOSHUtRGR
/LEHULD WHQtD XQD HFRQRPtD EiVLFDPHQWH QR
HVWUXFWXUDGD (Q .HQ\D HO *RELHUQR HOHJLGR HQ (Q HO FXDGUR  VH LQGLFD HO GHVWLQR GH ODV
 VH GHGLFy VREUH WRGR D PHMRUDU OD H[SRUWDFLRQHVDIULFDQDVHQYDORU(Q(XURSD
WUDQVSDUHQFLDHFRQyPLFD HVSHFLDOPHQWHOD8QLyQ(XURSHDIXHHOPHUFDGRGH
DOUHGHGRU GHO  GH ODV H[SRUWDFLRQHV DIULFDQDV
(OGHVHPSHxRGHORVSDtVHVLQVXODUHVHQHORFpDQR PLHQWUDV $PpULFD GHO 1RUWH IXH HO GHVWLQR GH
ËQGLFR VH YLR DIHFWDGR SRU FLFORQHV WDO FRPR DSUR[LPDGDPHQWHHO/DSDUWHGHO-DSyQ&KLQD
RFXUULy GRV YHFHV HQ 0DGDJDVFDU HQ  \ SRU \RWURVSDtVHVDVLiWLFRVIXHGHORUGHQGHOTXH
SUREOHPDVHVWUXFWXUDOHVHQ6H\FKHOOHV HV PiV R PHQRV OD PLVPD TXH FRUUHVSRQGH D ODV
H[SRUWDFLRQHV DO 2ULHQWH 0HGLR $PpULFD /DWLQD \
&RQWHPSODUVyORHOFUHFLPLHQWRDQXDOGHO3,%HQVX RWURVSDtVHV(OUHVWRGHODVH[SRUWDFLRQHVDIULFDQDV
FRQMXQWR SRVLWLYR GH ORV SDtVHV DIULFDQRV SRGUtD GHPiVRPHQRVHOVHGLULJHDPHUFDGRVGHOD
LQGXFLU D HUURU HVSHFLDOPHQWH D OD OX] GH ORV SURSLDÈIULFD
REMHWLYRVGHGHVDUUROORGHO0LOHQLRGHODV1DFLRQHV
8QLGDVGHUHGXFFLyQGHODSREUH]DDODPLWDGSDUDHO /DV H[SRUWDFLRQHV DIULFDQDV HQ  D OD 8QLyQ
DxR  7DO FRPR LQGLFDQ HQ HO FXDGUR  ODV (XURSHDSXHGHQGHVJORVDUVHFRPRVLJXHFUXGRJDV
FLIUDV GH  \ ODV HVWLPDFLRQHV SDUD HO  OD \SURGXFWRVGHOSHWUyOHRUHSUHVHQWDURQHOGH
PD\RUtD GH ORV SDtVHV WLHQHQ WDVDV DQXDOHV GH ODV H[SRUWDFLRQHV WRWDOHV FRUUHVSRQGLHQGR XQ
FUHFLPLHQWR LQIHULRUHV DO  TXH HV OD QHFHVDULD  D ODV PDQXIDFWXUDV \ XQ  D ORV
SDUDDOFDQ]DUHVRVREMHWLYRV SURGXFWRV DJUtFRODV /RV SRUFHQWDMHV UHVSHFWLYRV
SDUD ODV H[SRUWDFLRQHV DIULFDQDV D $PpULFD GHO
% /$(6758&785$'(/&20(5&,2 1RUWH IXHURQ   \ 
UHVSHFWLYDPHQWH 7DPELpQ HQ  OD SDUWH GH ORV
'XUDQWH HO SHUtRGR GH  D  HO YDORU GH ODV FRPEXVWLEOHVHQODVH[SRUWDFLRQHVGHÈIULFDD&KLQD
H[SRUWDFLRQHV GH ÈIULFD DXPHQWy  SDUD IXH GHO  PLHQWUDV OD SURSRUFLyQ GH ODV
FLIUDUVH HQ  PLOORQHV GH GyODUHV \ HO YDORU PDQXIDFWXUDV \ GH ORV SURGXFWRV DJUtFRODV IXH HQ
GH ODV LPSRUWDFLRQHV FUHFLy  KDVWD  FDGD FDVR GHO  'XUDQWH HVH PLVPR DxR OD
PLOORQHV GH GyODUHV (Q ORV ~OWLPRV FLQFR DxRV ODV SDUWH GH ORV FRPEXVWLEOHV HQ ODV H[SRUWDFLRQHV DO
H[SRUWDFLRQHV VH LQFUHPHQWDURQ XQ  SDUD -DSyQIXHPXFKRPHQRUFRQPLHQWUDVODGH
VLWXDUVH HQ  PLOORQHV GH GyODUHV PLHQWUDV ODV PDQXIDFWXUDV \ SURGXFWRV DJUtFRODV IXHURQ GHO
ODVLPSRUWDFLRQHVORKLFLHURQXQSDUDOOHJDUD HQFDGDFDVR

 (OWUDQVSRUWHPDUtWLPRHQ

&XDGUR

1~PHURGHSDtVHVFRQWDVDVDQXDOHVSRVLWLYDV
GHFUHFLPLHQWRGHO3,%HQ\

&XDQWtDGHOFUHFLPLHQWRDQXDOGHO3,%  


'HD  
'HD  
0iVGH  
7RWDO  

&XDGUR

(OFRPHUFLRGHPHUFDQFtDVHQÈIULFD

0LOHVGHPLOORQHVGHGyODUHV 9DULDFLyQSRUFHQWXDODQXDO 3DUWHPXQGLDOHQSRUFHQWDMH


$xR
([SRUWDFLRQHV ,PSRUWDFLRQHV ([SRUWDFLRQHV ,PSRUWDFLRQHV ([SRUWDFLRQHV ,PSRUWDFLRQHV
      
      
      
      
      
      
      
      
      
      
      
      
      
      
      

)XHQWH6HFUHWDUtDGHOD81&7$'FRQ(VWDGtVWLFDVGHO&RPHUFLR,QWHUQDFLRQDOGHOD20&FXDGURV$\$GHODSpQGLFH\
FRQODPLVPDSXEOLFDFLyQGHODxRFXDGUR$GHODSpQGLFH

&XDGUR

&RPSRVLFLyQGHOFRPHUFLRDIULFDQRSRUEORTXHV

0LOHVGHPLOORQHVGHGyODUHV 3RUFHQWDMH
$xR 7RGD ÈIULFD ÈIULFD ÈIULFD ÈIULFD
6XGiIULFD 6XGiIULFD 
ÈIULFD VXEVDKDULDQD GHO1RUWH VXEVDKDULDQD GHO1RUWH
 ([SRUWDFLRQHV        
 ,PSRUWDFLRQHV        
 ([SRUWDFLRQHV        
 ,PSRUWDFLRQHV        
 ([SRUWDFLRQHV        
 ,PSRUWDFLRQHV        

)XHQWH6HFUHWDUtDGHOD81&7$'FRQ(VWDGtVWLFDVGHO&RPHUFLR,QWHUQDFLRQDOGHOD20&DSpQGLFHVREUHFRPHUFLRSRUUHJLRQHV\SDtVHV
FXDGURV$\$


 9,,([DPHQGHORDFRQWHFLGRHQODVUHJLRQHVHOÈIULFDVXEVDKDULDQD 

&XDGUR

'HVWLQRGHODVH[SRUWDFLRQHVDIULFDQDVHQWpUPLQRVGHYDORU

0LOHVGHPLOORQHVGHGyODUHV 3RUFHQWDMHV
'HVWLQRGHODVH[SRUWDFLRQHV
     
([SRUWDFLRQHVDWRGRHOPXQGR      
8QLyQ(XURSHD      
$PpULFDGHO1RUWH      
-DSyQ      
&KLQD      
2WURVSDtVHVGH$VLD      
$PpULFDODWLQD      
2ULHQWH0HGLR      
'HQWURGHÈIULFD      
2WURV      

)XHQWH6HFUHWDUtDGHOD81&7$'FRQ(VWDGtVWLFDVGHO&RPHUFLR,QWHUQDFLRQDOGHOD20&FXDGUR$GHODSpQGLFH

/DVH[SRUWDFLRQHVGHVGHHOÈIULFDVXEVDKDULDQDDORV H[SRUWDFLRQHVHLPSRUWDFLRQHVGHQWURGHFDGDJUXSR
(VWDGRV 8QLGRV SDVDURQ GH  PLOORQHV GH \ FRQ HO UHVWR GH ÈIULFD (Q VX FRQMXQWR HO
GyODUHV HQ  D  PLOORQHV HQ  FRPHUFLR GHQWUR GH ORV JUXSRV \ FRQ HO UHVWR GH
&RUUHVSRQGLyDORVSDtVHVH[SRUWDGRUHVGHSHWUyOHROD ÈIULFD VLJXH VLHQGR EDMR \ SRFR GLYHUVLILFDGR /D
PD\RU SDUWH GHO LQFUHPHQWR GH HVRV DxRV /DV 8QLyQ (FRQyPLFD \ 0RQHWDULD GHO ÈIULFD
H[SRUWDFLRQHVQLJHULDQDVFDVLVHWULSOLFDURQD 2FFLGHQWDO 8(0$2  RFXSD XQ SULPHU OXJDU HQOR
PLOORQHV GH GyODUHV HQ  PLHQWUDV ODV GH OD TXH DWDxH D ODV H[SRUWDFLRQHV GHQWUR GH XQ JUXSR
*XLQHD (FXDWRULDO VH GXSOLFDURQ FRQ FUHFHV KDVWD   VHJXLGD GH OD &RPXQLGDG (FRQyPLFD GH
 PLOORQHV GH GyODUHV\ ODV DQJROHxDV FUHFLHURQ ORV (VWDGRV GH ÈIULFD 2FFLGHQWDO &('($2 
XQWHUFLRDPLOORQHVGHGyODUHV/RVSHTXHxRV   \ GH OD &RPXQLGDG GHO ÈIULFD 0HULGLRQDO
SURGXFWRUHV GH SHWUyOHR UHJLVWUDURQ DXPHQWRV D~Q SDUD HO 'HVDUUROOR 6$'&    /RV
PiV FRQVLGHUDEOHV HO &KDG GHVGH  PLOORQHV GH LQWHUFDPELRVFRQHOUHVWRGHÈIULFDVHPDQWLHQHQHQ
GyODUHV D  PLOORQHV \ HO &RQJR GHVGH  XQ PRGHVWR QLYHO FRQ OD8(0$2 HQ SULPHU OXJDU
PLOORQHV GH GyODUHV D  PLOORQHV /D HQ FXDQWR D ODV H[SRUWDFLRQHV   VHJXLGD GH
GLYHUVLILFDFLyQ GH ODV H[SRUWDFLRQHV GHO ÈIULFD OD &RPXQLGDG (FRQyPLFD GH ORV 3DtVHV GH ORV
VXEVDKDULDQD DO PHUFDGR HVWDGRXQLGHQVH VH HVWi *UDQGHV/DJRV &(3*/   \GHOD8QLyQGHO
SURPRYLHQGR DFWLYDPHQWH FRPR FRQVHFXHQFLD GH OD 5tR0DQR  /DSDUWHGHODVLPSRUWDFLRQHVGH
/H\ VREUH HO FUHFLPLHQWR \ ODV SRVLELOLGDGHV GH HVRV JUXSRV SURFHGHQWHV GHO UHVWR GH ÈIULFD IXHURQ
ÈIULFDGHDFX\RWHQRUORVJUDQGHVPLQRULVWDV GHO  SDUD OD &(3*/ GHO  SDUD OD
HVWDGRXQLGHQVHV DGTXLHUHQ ELHQHV DIULFDQRV GH &RPXQLGDG (FRQyPLFD GH ORV (VWDGRV GHO ÈIULFD
FRQVXPR /DV SRVLELOLGDGHV GH TXH DXPHQWHQ ODV &HQWUDO &(($&  GHO  SDUD OD &RPXQLGDG
H[SRUWDFLRQHV DJUtFRODV VLQ HPEDUJR SDUHFH (FRQyPLFD \ 0RQHWDULD GHO ÈIULFD &HQWUDO
GHSHQGHU WDPELpQ GH ODV GHFLVLRQHV GH OD 20& $ &(0$& \GHOSDUDOD8(02$(Q
SULQFLSLRV GH  HVD 2UJDQL]DFLyQ VH SURQXQFLy HOFRPHUFLRGHHVRVJUXSRVFRQHOUHVWRGHOPXQGR
FRQWUDODVVXEYHQFLRQHVHQORV(VWDGRV8QLGRVDORV IXH PiV VXVWDQFLDO \D TXH HQ SURPHGLR PiV GHO
SURGXFWRUHV GHDOJRGyQ GH HVH SDtV \ DO PRVWUDU VX GHOPLVPRVHGLULJHDSDtVHVGHIXHUDGHÈIULFD
VDWLVIDFFLyQ FXDWUR SDtVHV GHO ÈIULFD RFFLGHQWDO RSURFHGHGHHOORV
SURGXFWRUHVGHDOJRGyQUHLWHUDURQVXSHWLFLyQGHTXH
VH HOLPLQDUDQ HVDV VXEYHQFLRQHV HQ VX WRWDOLGDG (Q &(/75$163257(0$5Ë7,02
FRQMXQWR OD SDUWH GH ODV H[SRUWDFLRQHV GHO ÈIULFD
VXEVDKDULDQDDORV(VWDGRV8QLGRVUHSUHVHQWy (Q  OD IORWD PHUFDQWH GH ORV SDtVHV DIULFDQRV
GHOWRWDO\GHMySHTXHxDODSDUWHGHODVLPSRUWDFLRQHV LQFOXLGDODGHOLEUHPDWUtFXOD SRUHMHPSOR/LEHULD 
SURFHGHQWHVGHHVHSDtVTXHVXSXVLHURQVyORGH HUDGH730ORTXHVXSRQtDHOGH
ORVPLOORQHVGHGyODUHVUHJLVWUDGRVHQ OD IORWD PXQGLDO YpDVH HO FXDGUR   /D IORWD
DIULFDQD VLQ OD GH OLEUH PDWUtFXOD VH FLIUy HQ
(Q HO FXDGUR  ILJXUDQ ORV SULQFLSDOHV JUXSRV 730ORTXHHTXLYDOtDDOGHODIORWD
DIULFDQRV HQ PDWHULD GH FRPHUFLR \ VX SDUWH GH ODV GH ORV SDtVHV HQ GHVDUUROOR \ DO  GH OD IORWD

 (OWUDQVSRUWHPDUtWLPRHQ

PXQGLDO $PERV SRUFHQWDMHV UHJLVWUDURQ GXUDQWH HQWUH\PLHQWUDVHOTXHH[FOX\HD


PXFKR WLHPSR XQ GHVFHQVR HO TXH FRPSUHQGH OD OD OLEUH PDWUtFXOD EDMy GH  D  GXUDQWH HO
IORWD GH OLEUH PDWUtFXOD GLVPLQX\y GHVGH HO  DO PLVPRSHUtRGR

&XDGUR

(OFRPHUFLRHQÈIULFDGHORVSULQFLSDOHVJUXSRVGHSDtVHVHQ

3DUWHGHODV 3DUWHGHODV
H[SRUWDFLRQHV LPSRUWDFLRQHV
 SRUFHQWDMH  SRUFHQWDMH 
'HQWUR 5HVWR 'HQWUR 5HVWR
GHOJUXSR GHÈIULFD GHOJUXSR GHÈIULFD
&RPXQLGDG(FRQyPLFDGHORV3DtVHVGHORV*UDQGHV/DJRV    
&(3*/ 
%XUXQGL5HS~EOLFD'HPRFUiWLFDGHO&RQJR5ZDQGD
0HUFDGR&RP~QSDUDHOÈIULFD2ULHQWDO\0HULGLRQDO    
&20(6$ 
$QJROD%XUXQGL&RPRUDV(JLSWR(WLRStD(ULWUHD'MLERXWL.HQ\D
0DGDJDVFDU0DODZL0DXULFLR5HS~EOLFD'HPRFUiWLFDGHO&RQJR
5ZDQGD6H\FKHOOHV6XGiQ6ZD]LODQGLD8JDQGD=DPELD
=LPEDEZH
&RPXQLGDG(FRQyPLFDGHORV(VWDGRVGHOÈIULFD&HQWUDO    
&(($& 
$QJROD%XUXQGL&DPHU~Q&KDG&RQJR*XLQHD(FXDWRULDO*DEyQ
5HS~EOLFD&HQWURDIULFDQD5HS~EOLFD'HPRFUiWLFDGHO&RQJR
5ZDQGD6DQWR7RPp\3UtQFLSH
&RPXQLGDG(FRQyPLFDGHORV(VWDGRVGHÈIULFD2FFLGHQWDO    
&('($2 
%HQLQ%XUNLQD)DVR&DER9HUGH&{WHG¶,YRLUH*DPELD*KDQD
*XLQHD*XLQHD%LVVDX/LEHULD0DOt1tJHU1LJHULD6HQHJDO6LHUUD
/HRQD7RJR
8QLyQGHO5tR0DQR 850     
*XLQHD/LEHULD6LHUUD/HRQD
&RPXQLGDGGHOÈIULFD0HULGLRQDOSDUDHO'HVDUUROOR 6$'&     
$QJROD%RWVZDQD/HVRWKR0DODZL0DXULFLR0R]DPELTXH
1DPLELD5HS~EOLFDGHO&RQJR5HS~EOLFD8QLGDGH7DQ]DQtD
6H\FKHOOHV6XGiIULFD6ZD]LODQGLD=DPELD=LPEDEZH
&RPXQLGDG(FRQyPLFD\0RQHWDULDGHOÈIULFD&HQWUDO    
&(0$& 
&DPHU~Q&KDG&RQJR*DEyQ*XLQHD(FXDWRULDO5HS~EOLFD
&HQWURDIULFDQD
8QLyQ(FRQyPLFD\0RQHWDULDGHOÈIULFD2FFLGHQWDO 8(0$2     
%HQLQ%XUNLQD)DVR&{WHG¶,YRLUH*XLQHD%LVVDX0DOt1tJHU
6HQHJDO7RJR
8QLyQGHO0DJUHEÈUDEH 80$      
$UJHOLD-DPDKLUL\DÈUDEH/LELD0DUUXHFRV0DXULWDQLD7~QH]

)XHQWH(VWLPDFLRQHVGHODVHFUHWDUtDGHOD81&7$'FRQGDWRVGHO)RQGR0RQHWDULR,QWHUQDFLRQDO\GHO'HSDUWDPHQWRGH$VXQWRV
(FRQyPLFRV\6RFLDOHVGHODV1DFLRQHV8QLGDV+DQGERRNRI6WDWLVWLFVGHOD81&7$'FXDGUR &RPHUFLRGHQWURGHORV
JUXSRVUHJLRQDOHVRFRPHUFLDOHV 


 9,,([DPHQGHORDFRQWHFLGRHQODVUHJLRQHVHOÈIULFDVXEVDKDULDQD 

&XDGUR

/DIORWDPHUFDQWHGHORVSDtVHVDIULFDQRV
(QPLOHVGH730 

 $xR 7RWDO 3HWUROHURV *UDQHOHURV &DUJXHURV 3RUWDFRQWHQHGRUHV 2WURV


7RWDOPXQGLDO       
      
      
      
      
)ORWDGHORVSDtVHV       
DIULFDQRVLQFOXLGDODGH       
OLEUHPDWUtFXOD       
      
      
6LQLQFOXLUODGHOLEUH       
PDWUtFXOD       
      
      
      
/LEHULD       
      
      
      
      
1RUWHGHÈIULFD       
      
      
      
      
6XGiIULFD       
      
      
      
      
ÈIULFDVXEVDKDULDQD       
      
      
      
      
ÈIULFDRFFLGHQWDO       
      
      
      
      
ÈIULFDFHQWUDO       
       
       
       
       
ÈIULFDRULHQWDO       
       
       
       
       


 (OWUDQVSRUWHPDUtWLPRHQ

&XDGUR FRQWLQXDFLyQ 

 $xR 7RWDO 3HWUROHURV *UDQHOHURV &DUJXHURV 3RUWDFRQWHQHGRUHV 2WURV


2FpDQRËQGLFR       
       
       
       
       

)XHQWH5HFRSLODFLyQGHODVHFUHWDUtDGHOD81&7$'FRQGDWRVVXPLQLVWUDGRVSRU/OR\G¶V5HJLVWHU)DLUSOD\

(QODIORWDPHUFDQWHGHORVSDtVHVGHOQRUWHGH /DV HVWLPDFLRQHV PiV  UHFLHQWHV GHO WRWDO GH


ÈIULFD $UJHOLD (JLSWR -DPDKLUL\D ÈUDEH /LELD PHUFDQFtDV FDUJDGDV \ GHVFDUJDGDV HQ SXHUWRV
0DUUXHFRV \ 7~QH]  \ GH 6XGiIULFD HUD GH  DIULFDQRV IOXFW~DQ HQ WRUQR D ORV  PLOORQHV GH
PLOORQHV GH 730 OR TXH VXSRQtD HO  GH OD WRQHODGDV DQXDOHV VLHQGR OD SDUWH GH ORV SDtVHV
IORWDPHUFDQWHGHWRGDÈIULFDVLQHOUHJLVWURGHOLEUH VXEVDKDULDQRV GHO RUGHQ GH XQD WHUFHUD SDUWH HVWR
PDWUtFXOD(OUHVWRFRUUHVSRQGtDDODIORWDPHUFDQWH HV XQRV  PLOORQHV GH WRQHODGDV (OOR KDFH TXH
GHORVSDtVHVGHOÈIULFDVXEVDKDULDQD(VWRV~OWLPRV FRUUHVSRQGD DO FRQWLQHQWH HO  GH WRGDV ODV
VLQ HPEDUJR KDQ DXPHQWDGR VX WRQHODMH GHVGH PHUFDQFtDV FDUJDGDV \ GHVFDUJDGDV HQ HO PXQGR
 D  PLOORQHV GH 730 HQ ORV PLHQWUDV TXH HO SRUFHQWDMH GHO ÈIULFD VXEVDKDULDQD
~OWLPRV WUHV DxRV \ VX SDUWH HQ OD IORWD PHUFDQWH HVXQSRFRPHQRVGHO
DIULFDQD VLQ ORV SULQFLSDOHV UHJLVWURV GH OLEUH
PDWUtFXOD VH LQFUHPHQWy GHVGH HO  HQ  DO (Q ODV FLIUDV WRWDOHV GH ORV SDtVHV VXEVDKDULDQRV VH
HQ(OPD\RUDXPHQWRVHSURGXMRHQORV UHJLVWUD XQ GHVHTXLOLEULR FRQVLGHUDEOH \D TXH ODV
SDtVHVGHORFpDQRËQGLFRTXHGXSOLFDURQFRQFUHFHV PHUFDQFtDV FDUJDGDV VXSRQHQ SRU WpUPLQR PHGLR
VXWRQHODMHGXUDQWHHOSHUtRGR PLOORQHVGHWRQHODGDVDQXDOHVPLHQWUDVTXHODV
PHUFDQFtDV GHVFDUJDGDVVRQ PHQRV GH XQWHUFLR GH
/D IORWD PHUFDQWHGHORV SDtVHV GH ÈIULFD VLQOD GH HVHWRWDOFRQPLOORQHVGHWRQHODGDV(OJUXHVRGH
OLEUH PDWUtFXOD VH GLVWULEX\H SRU LJXDO HQWUH ORV ODV SULPHUDV HVWLPDGR HQ FDVL  PLOORQHV GH
GLIHUHQWHVWLSRVGHEXTXHFRQODH[FHSFLyQGHOPX\ WRQHODGDVFRUUHVSRQGHDFUXGRVH[SRUWDGRVSRUORV
EDMR QLYHO GH WRQHODMH FHOXODU FRQWHQHGRUL]DGR TXH SDtVHV H[SRUWDGRUHV GH SHWUyOHR GH ÈIULFD
UHSUHVHQWDVyORHOGHOWRWDO RFFLGHQWDO FRQFUHWDPHQWH 1LJHULD HO *DEyQ
$QJROD\UHFLHQWHPHQWHOD*XLQHD(FXDWRULDO&DVL
WRGR OR GHPiV FRUUHVSRQGH D JUDQHOHV HVWR HV
$ ILQDOHV GH  OD HGDG PHGLD GH OD IORWD
EDX[LWD GHVGH *XLQHD \ PLQHUDO GH KLHUUR GHVGH
PHUFDQWH GH ORV SDtVHV HQ GHVDUUROOR GH ÈIULFD
0DXULWDQLDTXHIOXFW~DQHQWRUQRDORVPLOORQHV
LQFOXLGRVORVSULQFLSDOHVUHJLVWURVGHOLEUHPDWUtFXOD
GH WRQHODGDV DQXDOHV (O WRQHODMH UHVWDQWH GH ODV
HUDGHDxRVLQIHULRUSRUWDQWRDODHGDGPHGLD
PHUFDQFtDVHPEDUFDGDV\DOUHGHGRUGHOGHODV
GHODIORWDPHUFDQWHPXQGLDOFRQDxRV YpDVH
GHVHPEDUFDGDVFRUUHVSRQGHDFDUJDJHQHUDOTXHVH
HOFXDGUR 1RREVWDQWHODGHHVDIORWDVLQWHQHU
WUDQVSRUWD FDGD YH] PiV HQ FRQWHQHGRUHV
HQ FXHQWD HO UHJLVWUR GH OLEUH PDWUtFXOD HUD PXFKR
$SUR[LPDGDPHQWH XQD GpFLPD SDUWH GH ODV
PD\RU FRQ  DxRV (Q DPERV FDVRV ORV
PHUFDQFtDVGHVHPEDUFDGDVVRQSURGXFWRVUHILQDGRV
SRUWDFRQWHQHGRUHVHUDQORVGHPHQRVHGDGFRQ
GHOSHWUyOHRWDOFRPRJDVROLQD
\  DxRV UHVSHFWLYDPHQWH PLHQWUDV TXH ORV
FDUJXHURVHUDQORVPiVYLHMRVFRQ\DxRV /DFDUJDJHQHUDOVHWUDQVSRUWDHQEXHQDPHGLGDSRU
UHVSHFWLYDPHQWH 1R FDEH FRPSDUDU OD HGDG PHGLD VHUYLFLRV FRQWHQHGRUL]DGRV 7DPELpQ KD\ VHUYLFLRV
GH  FRQ ODV HGDGHV LQGLFDGDV HQ HO PLVPR GH DSR\R SDUD OD FDUJD JHQHUDO HQ PXFKRV SXHUWRV
FXDGURSDUD\DTXHSDUDHOVHJXQGRGHORVGRV DVt FRPR SDUD FRQMXQWRV GH SXHUWRV HVSHFtILFRV 3RU
DxRV VyOR VH LQGLFD OD HGDG PHGLD GH OD IORWD GHO HMHPSORHQHO&XHUQRGHÈIULFD\HQODSDUWHRULHQWDO
ÈIULFD VXEVDKDULDQD 3DUD HVWRV ~OWLPRV SDtVHV VLQ GHOFRQWLQHQWHKD\XQWUiILFRGHGKRZV PLHQWUDVHQ
HPEDUJRVtHVSRVLEOHFRPSDUDUODHGDGGHODIORWD ÈIULFD RFFLGHQWDO SUHYDOHFHQ RWURV WUiILFRV
HQWUH\ HVSHFLDOL]DGRVFRPRORVGHWURQFRV\PDGHUD


 9,,([DPHQGHORDFRQWHFLGRHQODVUHJLRQHVHOÈIULFDVXEVDKDULDQD 

&XDGUR

'LVWULEXFLyQSRUHGDGGHODIORWDGHORVSDtVHVDIULFDQRV
(QSRUFHQWDMHGHODV730WRWDOHV 

D D D D DxRV (GDGPHGLD )LQDOHV


3DtVRJUXSR 7LSRVGHEXTXH
DxRV DxRV DxRV DxRV \PiV DILQDOHVGH GH
7RWDOPXQGLDO 7RGRVORVEXTXHV       
 3HWUROHURV       
*UDQHOHURV       
&DUJXHURVHQJHQHUDO       
3RUWDFRQWHQHGRUHV       
2WURV       
)ORWDPHUFDQWHGHORV 7RGRVORVEXTXHV       
SDtVHVHQGHVDUUROORGH 3HWUROHURV       
ÈIULFDLQFOXLGRVORV *UDQHOHURV       
UHJLVWURVGHOLEUH &DUJXHURVHQJHQHUDO       
PDWUtFXOD YpDVHODQRWD 
3RUWDFRQWHQHGRUHV       
2WURV       
)ORWDPHUFDQWHGHORV 7RGRVORVEXTXHV       
SDtVHVHQGHVDUUROORGH 3HWUROHURV       
ÈIULFDVLQLQFOXLUHVRV *UDQHOHURV       
UHJLVWURV YpDVHODQRWD 
&DUJXHURVHQJHQHUDO       
3RUWDFRQWHQHGRUHV       
2WURV       
$QJROD 7RGRVORVEXTXHV       
 3HWUROHURV       
 *UDQHOHURV       
 &DUJXHURVHQJHQHUDO       
 3RUWDFRQWHQHGRUHV       
 2WURV       
$UJHOLD 7RGRVORVEXTXHV       QG
 3HWUROHURV       QG
 *UDQHOHURV       QG
 &DUJXHURVHQJHQHUDO       QG
 3RUWDFRQWHQHGRUHV       QG
 2WURV       QG
%HQLQ 7RGRVORVEXTXHV       
3HWUROHURV       
*UDQHOHURV       
&DUJXHURVHQJHQHUDO       
3RUWDFRQWHQHGRUHV       
2WURV       
&DER9HUGH 7RGRVORVEXTXHV       
3HWUROHURV       
*UDQHOHURV       
&DUJXHURVHQJHQHUDO       
3RUWDFRQWHQHGRUHV       
2WURV       
&DPHU~Q 7RGRVORVEXTXHV       
3HWUROHURV       
*UDQHOHURV       
&DUJXHURVHQJHQHUDO       
3RUWDFRQWHQHGRUHV       
2WURV       


 (OWUDQVSRUWHPDUtWLPRHQ

&XDGUR FRQWLQXDFLyQ 

D D D D DxRV (GDGPHGLD )LQDOHV


3DtVRJUXSR 7LSRVGHEXTXH
DxRV DxRV DxRV DxRV \PiV DILQDOHVGH GH
&RPRUDV 7RGRVORVEXTXHV       
3HWUROHURV       
*UDQHOHURV       
&DUJXHURVHQJHQHUDO       
3RUWDFRQWHQHGRUHV       
2WURV       
&RQJR 7RGRVORVEXTXHV       
3HWUROHURV       
*UDQHOHURV       
&DUJXHURVHQJHQHUDO       
3RUWDFRQWHQHGRUHV       
2WURV       
&{WHG¶,YRLUH 7RGRVORVEXTXHV       
 3HWUROHURV       
 *UDQHOHURV       
 &DUJXHURVHQJHQHUDO       
 3RUWDFRQWHQHGRUHV       
 2WURV       
'MLERXWL 7RGRVORVEXTXHV       
 3HWUROHURV       
 *UDQHOHURV       
 &DUJXHURVHQJHQHUDO       
 3RUWDFRQWHQHGRUHV       
 2WURV       
(JLSWR 7RGRVORVEXTXHV       QG
 3HWUROHURV       QG
 *UDQHOHURV       QG
 &DUJXHURVHQJHQHUDO       QG
 3RUWDFRQWHQHGRUHV       QG
 2WURV       QG
(ULWUHD 7RGRVORVEXTXHV       
 3HWUROHURV       
 *UDQHOHURV       
 &DUJXHURVHQJHQHUDO       
 3RUWDFRQWHQHGRUHV       
 2WURV       
(WLRStD 7RGRVORVEXTXHV       
 3HWUROHURV       
 *UDQHOHURV       
 &DUJXHURVHQJHQHUDO       
 3RUWDFRQWHQHGRUHV       
 2WURV       
*DEyQ 7RGRVORVEXTXHV       
 3HWUROHURV       
 *UDQHOHURV       
 &DUJXHURVHQJHQHUDO       
 3RUWDFRQWHQHGRUHV       
 2WURV       
*DPELD 7RGRVORVEXTXHV       
 3HWUROHURV       
 *UDQHOHURV       
 &DUJXHURVHQJHQHUDO       
 3RUWDFRQWHQHGRUHV       
 2WURV       


 9,,([DPHQGHORDFRQWHFLGRHQODVUHJLRQHVHOÈIULFDVXEVDKDULDQD 

&XDGUR FRQWLQXDFLyQ 

D D D D DxRV (GDGPHGLD )LQDOHV


3DtVRJUXSR 7LSRVGHEXTXH
DxRV DxRV DxRV DxRV \PiV DILQDOHVGH GH
*KDQD 7RGRVORVEXTXHV       
 3HWUROHURV       
 *UDQHOHURV       
 &DUJXHURVHQJHQHUDO       
 3RUWDFRQWHQHGRUHV       
 2WURV       
*XLQHD 7RGRVORVEXTXHV       
 3HWUROHURV       
 *UDQHOHURV       
 &DUJXHURVHQJHQHUDO       
 3RUWDFRQWHQHGRUHV       
 2WURV       
*XLQHD%LVVDX 7RGRVORVEXTXHV       
 3HWUROHURV       
 *UDQHOHURV       
 &DUJXHURVHQJHQHUDO       
 3RUWDFRQWHQHGRUHV       
 2WURV       
*XLQHD(FXDWRULDO 7RGRVORVEXTXHV       
 3HWUROHURV       
 *UDQHOHURV       
 &DUJXHURVHQJHQHUDO       
 3RUWDFRQWHQHGRUHV       
 2WURV       
-DPDKLUL\DÈUDEH/LELD 7RGRVORVEXTXHV       QG
 3HWUROHURV       QG
 *UDQHOHURV       QG
 &DUJXHURVHQJHQHUDO       QG
 3RUWDFRQWHQHGRUHV       QG
 2WURV       QG
.HQ\D 7RGRVORVEXTXHV       
 3HWUROHURV       
 *UDQHOHURV       
 &DUJXHURVHQJHQHUDO       
 3RUWDFRQWHQHGRUHV       
 2WURV       
0DGDJDVFDU 7RGRVORVEXTXHV       
 3HWUROHURV       
 *UDQHOHURV       
 &DUJXHURVHQJHQHUDO       
 3RUWDFRQWHQHGRUHV       
 2WURV       
0DUUXHFRV 7RGRVORVEXTXHV       QG
 3HWUROHURV       QG
 *UDQHOHURV       QG
 &DUJXHURVHQJHQHUDO       QG
 3RUWDFRQWHQHGRUHV       QG
 2WURV       QG
0DXULFLR 7RGRVORVEXTXHV       
 3HWUROHURV       
 *UDQHOHURV       
 &DUJXHURVHQJHQHUDO       
 3RUWDFRQWHQHGRUHV       
 2WURV       


 (OWUDQVSRUWHPDUtWLPRHQ

&XDGUR FRQWLQXDFLyQ 

D D D D DxRV (GDGPHGLD )LQDOHV


3DtVRJUXSR 7LSRVGHEXTXH
DxRV DxRV DxRV DxRV \PiV DILQDOHVGH GH
0DXULWDQLD 7RGRVORVEXTXHV       
 3HWUROHURV       
 *UDQHOHURV       
 &DUJXHURVHQJHQHUDO       
 3RUWDFRQWHQHGRUHV       
 2WURV       
0R]DPELTXH 7RGRVORVEXTXHV       
 3HWUROHURV       
 *UDQHOHURV       
 &DUJXHURVHQJHQHUDO       
 3RUWDFRQWHQHGRUHV       
 2WURV       
1LJHULD 7RGRVORVEXTXHV       
 3HWUROHURV       
 *UDQHOHURV       
 &DUJXHURVHQJHQHUDO       
 3RUWDFRQWHQHGRUHV       
 2WURV       
5HS~EOLFD'HPRFUiWLFD
GHO&RQJR 7RGRVORVEXTXHV       
 3HWUROHURV       
 *UDQHOHURV       
 &DUJXHURVHQJHQHUDO       
 3RUWDFRQWHQHGRUHV       
 2WURV       
5HS~EOLFD8QLGD
GH7DQ]DQtD 7RGRVORVEXTXHV       
 3HWUROHURV       
 *UDQHOHURV       
 &DUJXHURVHQJHQHUDO       
 3RUWDFRQWHQHGRUHV       
 2WURV       
6DQWD(OHQD 7RGRVORVEXTXHV       
 3HWUROHURV       
 *UDQHOHURV       
 &DUJXHURVHQJHQHUDO       
 3RUWDFRQWHQHGRUHV       
 2WURV       
6DQWR7RPp\3UtQFLSH 7RGRVORVEXTXHV       
 3HWUROHURV       
 *UDQHOHURV       
 &DUJXHURVHQJHQHUDO       
 3RUWDFRQWHQHGRUHV       
 2WURV       
6HQHJDO 7RGRVORVEXTXHV       
 3HWUROHURV       
 *UDQHOHURV       
 &DUJXHURVHQJHQHUDO       
 3RUWDFRQWHQHGRUHV       
 2WURV       


 9,,([DPHQGHORDFRQWHFLGRHQODVUHJLRQHVHOÈIULFDVXEVDKDULDQD 

&XDGUR FRQWLQXDFLyQ 

D D D D DxRV (GDGPHGLD )LQDOHV


3DtVRJUXSR 7LSRVGHEXTXH
DxRV DxRV DxRV DxRV \PiV DILQDOHVGH GH
6H\FKHOOHV 7RGRVORVEXTXHV       
 3HWUROHURV       
 *UDQHOHURV       
 &DUJXHURVHQJHQHUDO       
 3RUWDFRQWHQHGRUHV       
 2WURV       
6LHUUD/HRQD 7RGRVORVEXTXHV       
 3HWUROHURV       
 *UDQHOHURV       
 &DUJXHURVHQJHQHUDO       
 3RUWDFRQWHQHGRUHV       
 2WURV       
6RPDOLD 7RGRVORVEXTXHV       
 3HWUROHURV       
 *UDQHOHURV       
 &DUJXHURVHQJHQHUDO       
 3RUWDFRQWHQHGRUHV       
 2WURV       
6XGiQ 7RGRVORVEXTXHV       
 3HWUROHURV       
 *UDQHOHURV       
 &DUJXHURVHQJHQHUDO       
 3RUWDFRQWHQHGRUHV       
 2WURV       
7RJR 7RGRVORVEXTXHV       
 3HWUROHURV       
 *UDQHOHURV       
 &DUJXHURVHQJHQHUDO       
 3RUWDFRQWHQHGRUHV       
 2WURV       
7~QH] 7RGRVORVEXTXHV       QG
 3HWUROHURV       QG
 *UDQHOHURV       QG
 &DUJXHURVHQJHQHUDO       QG
 3RUWDFRQWHQHGRUHV       QG
 2WURV       QG

1RWD/DHGDGGHODIORWDDILQDOHVGHVyORVHLQGLFDSDUDORVSDtVHVGHOÈIULFDVXEVDKDULDQD

(O WUiILFRHQ FRQWHQHGRUHVFRQ (XURSD HV HO PD\RU PHQRUHV FRPR *ROG 6WDU /LQH GH +RQJ .RQJ
GHORVTXHUHJLVWUDÈIULFD\HQVHFLIUyHQ &KLQD  TXH HVWi HVSHFLDOL]DGR HQ HO FRPHUFLR
PLOORQHV GH 7(8 HQ FXDQWR DO TXH GLVFXUUH HQWUH LQWUDVLiWLFR SHUR TXH HVWi H[SDQGLpQGRVH
ÈIULFD \ $PpULFD GHO 1RUWH IXH VyOR XQD GpFLPD UiSLGDPHQWH KDFLD ODV GRV FRVWDV GHO ÈIULFD
SDUWH GH HVD FLIUD $GHPiV HO WUiILFR PiV VXEVDKDULDQD $ ILQDOHV GH  HVD FRPSDxtD
LPSRUWDQWH HVWi PX\ GHVHTXLOLEUDGR UHSUHVHQWDQGR HVWDEOHFLyVHUYLFLRVGLUHFWRVGHVGH&KHQQDL ,QGLD 
HOTXHVHGLULJHDOQRUWHHQFRQWHQHGRUHV~QLFDPHQWH D GHVWLQRV GHO ÈIULFD RFFLGHQWDO YtD OD LVOD GH OD
XQ WHUFLR GHO WRWDO (O WUiILFR HQ FRQWHQHGRUHV FRQ 5HXQLyQ 1R REVWDQWH OD DEVRUFLyQ GH EXHQD SDUWH
$VLD HVWi FUHFLHQGR DSULVD HQ SDUWLFXODU HO GHO GHO FRPHUFLR GHO ÈIULFD VXEVDKDULDQD SRU ORV
ÈIULFD VXEVDKDULDQD (Q HO WUDQVSRUWH LQWHUQDFLRQDO SULQFLSDOHVSRUWHDGRUHVGHFRQWHQHGRUHVGHOPXQGR
GH HVWD VXEUHJLyQ SUHGRPLQDQ GRV SRUWHDGRUHV D SURVLJXLy HQ  FRQ OD FRPSUD GH WRGDV ODV
VDEHU'HOPDVXQDILOLDOGH%ROORUH\0DHUVNFRQ DFWLYLGDGHV GH ORV VHUYLFLRV GH OtQHD UHJXODU GH
SDUWHV HVWLPDGDV HQ  \  UHVSHFWLYDPHQWH (O %ROORUHSRU&0$&*0TXHSDJyPLOORQHVGH
UHVWR FRUUHVSRQGH D RWURV WUDQVSRUWLVWDV PDUtWLPRV GyODUHV /RV SULQFLSDOHV WUDQVSRUWLVWDV PDUtWLPRV

 (OWUDQVSRUWHPDUtWLPRHQ

UHFXUUHQ PXFKDV YHFHV D JUDQGHV FHQWURV GH GRVDxRV(QODVGHPRUDVHQPXHOOHVHKDEtDQ


GLVWULEXFLyQ SRU HMHPSOR 0DHUVN XVD $OJHFLUDV GLVSDUDGRKDVWDKRUDVSRUEXTXH\ODRFXSDFLyQ
(VSDxD  \ 6DODODK 2PiQ  \ 06& XWLOL]D /DV GH ORV IRQGHDGHURV HUD VXSHULRU DO  (VRV
3DOPDV (VSDxD  SDUD FXEULU HVH WUiILFR (Q HO HPERWHOODPLHQWRVKLFLHURQQHFHVDULRWRPDUPHGLGDV
H[WUHPR PHULGLRQDO D SHVDU GH OD FRQJHVWLyQ HQ FRUUHFWRUDV WDOHV FRPR DGTXLULU PiV HTXLSR GH
'XUEDQ \ GH XQD EDMD SURGXFWLYLGDG RWURV PDQLSXODFLyQ UHYLVDU ODV RSHUDFLRQHV GH ORV
SRUWHDGRUHVXVDQHVHSXHUWR WHUPLQDOHV\DGRSWDUXQVLVWHPDGHDSURYHFKDPLHQWR
GH ORV DWUDTXHV $XQTXH HQ HO FDVR GH 'MLERXWL OD
(Q HO FXDGUR  VH LQGLFD HO WUiILFR HQ OD UXWD SDUWHGHWUDQVERUGRVXSXVRVyORHOWDOFRVDVH
FRQWHQHGRUL]DGD TXH XQH OD FRVWD RFFLGHQWDO GH FRQVLGHUy LQDFHSWDEOH SRU HO FOLHQWH SULQFLSDO 3,/
ÈIULFDFRQ(XURSD3DUD\VHGDQGDWRV\ TXHVHWUDVODGyD$GpQGHVXHUWHTXHODVDFWLYLGDGHV
SDUD  VyOR SUHYLVLRQHV (O GHVHTXLOLEULR GH ORV GH WUDQVERUGR KDEtDQ GHVFHQGLGR HQ  D
LQWHUFDPELRVHVXQRGHORVSULQFLSDOHVUDVJRVGHHVD ~QLFDPHQWH HO  8QD SDUWH VXVWDQFLDO GHO WUiILFR
UXWDUHSUHVHQWDQGRHOWUiILFRKDFLDHOVXUDOUHGHGRU TXHGLVFXUUHSRUHVHSXHUWRHVFDUJDHQWUiQVLWRSDUD
GHOGHOWRWDO (WLRStD SDtV VLQ OLWRUDO /DV DFWLYLGDGHV GH
WUDQVERUGR DXPHQWDURQ HQ 'DUHV6DODDP GHVGH HO
$ORODUJRGHODFRVWDRULHQWDO\HQHORFpDQRËQGLFR GHO WUiILFR GH  DO  GRV DxRV GHVSXpV
OD DSDULFLyQ GH DFWLYLGDGHV GH WUDQVERUGR \ ODV VLQPHQRVFDEDUODFDOLGDGGHOVHUYLFLR
PHGLGDVFRQVLJXLHQWHVSDUDHYLWDUTXHVHSURGXMHUD
FRQJHVWLyQ IXHURQ HO UDVJR SULQFLSDO GHORV~OWLPRV (O GHVDUUROOR GHO WUDQVERUGR QR SXHGH YHUVH VLQ
DxRV YpDVH HO FXDGUR   /DV DFWLYLGDGHV GH WHQHU SUHVHQWH OD SDUWLFLSDFLyQ GH RSHUDGRUHV
WUDQVERUGRRFXSDURQOXJDUGHVWDFDGRHQ3RUW/RXLV HVSHFLDOL]DGRVGHORVWHUPLQDOHVGHFRQWHQHGRUHVHQ
FXDQGR YDULDV OtQHDV PDUtWLPDV VXEVFULELHURQ OD PDQLSXODFLyQ GH ORV FDUJDPHQWRV (Q 0DXULFLR
DFXHUGRV SDUD XVDU HVH SXHUWR FRPR FHQWUR GH KDEtD XQD HPSUHVD S~EOLFD TXH VH RFXSDED GH HVD
GLVWULEXFLyQ \ GH UHVXOWDV GH HOOR OD SDUWH GH HVD PDQLSXODFLyQ PLHQWUDV +3+ HVWDED RSHUDQGR HQ
DFWLYLGDG HQ HO WRWDO DXPHQWy GH  D  HQ VyOR 'DU\'3,HQ'MLERXWL

&XDGUR

(OWUiILFRGHFRQWHQGHGRUHVHQWUHODFRVWDRFFLGHQWDOGHÈIULFD\(XURSD
(QPLOHVGH7(8 

$xR 'LUHFFLyQVXU 'LUHFFLyQQRUWH


  
  
  

)XHQWH&RQWDLQHULVDWLRQ,QWHUQDWLRQDOVHSWLHPEUHGHSiJ

&XDGUR

7UiILFRWRWDO\GHWUDQVERUGRHQORVSXHUWRV\DxRVTXHVHLQGLFD
(QPLOHVGH7(8 

'HVFULSFLyQ 'DUHV6DODDP 3RUW/RXLV 'MLERXWL


7UiILFRHQ   
7UDQVERUGR   
3RUFHQWDMHGHWUDQVERUGR   
7UiILFRHQ   
7UDQVERUGR   
3RUFHQWDMHGHWUDQVERUGR   
7UiILFRHQ   
7UDQVERUGR   
3RUFHQWDMHGHWUDQVERUGR   

)XHQWH 6HFUHWDUtD GH OD 81&7$' EDViQGRVH HQ OD SUHVHQWDFLyQ GH OD $VRFLDFLyQ GH *HVWLyQ GH 3XHUWRV GH ÈIULFD 2ULHQWDO \
0HULGLRQDOHQHO)RURVREUHHOWUDQVSRUWHGHO%DQFR0XQGLDOPDU]RGH:DVKLQJWRQ'&

 9,,([DPHQGHORDFRQWHFLGRHQODVUHJLRQHVHOÈIULFDVXEVDKDULDQD 

(QHOFXDGURILJXUDQORVSULQFLSDOHVSXHUWRV \(JLSWRPiVGHXQUXEURFRQFXDWUR\GRVSXHUWRV
GHFRQWHQHGRUHVHQÈIULFDHQ\VXWUiILFRHQ UHVSHFWLYDPHQWH$XQTXHPXFKRVGHORVSXHUWRV
HVHDxR\HODQWHULRU3RUHVRVSXHUWRVGLVFXUUHQODV DIULFDQRVWXYLHURQXQDXPHQWRLPSRUWDQWHGHWUiILFR
WUHVFXDUWDVSDUWHVGHWRGRHOWUiILFRGHFRQWHQHGRUHV HQORV~OWLPRVDxRVHOWUiILFRWRWDOHQUHODFLyQFRQ
GHORVSXHUWRVDIULFDQRV)LJXUDQGHORVSDtVHV HOGHWRGRHOPXQGRVLJXHVLHQGRPRGHVWRGHO
FRQOLWRUDOHLQVXODUHVFRUUHVSRQGLHQGRD6XGiIULFD RUGHQGHO

&XDGUR

/RVPD\RUHVSXHUWRVGHFRQWHQHGRUHVGHÈIULFDHQ

3RVLFLyQ 7(8 9DULDFLyQ


 3XHUWR  3DtV
   SRUFHQWXDO
 'XUEDQ 6XGiIULFD   
 'DPLHWWD (JLSWR   
 $ELGMiQ &{WHG
,YRLUH   
 &LXGDGGHO&DER 6XGiIULFD   
 &DVDEODQFD 0DUUXHFRV   
 /DJRV 1LJHULD   
 0RPEDVD .HQ\D   
 7HPD *KDQD   
 'DNDU 6HQHJDO   
 3RUW(OL]DEHWK 6XGiIULFD   
 3RUW/RXLV 0DXULFLR   
 'DUHV6DODDP 5HS~EOLFD8QLGDGH7DQ]DQtD   
 /XDQGD $QJROD   
 3RUW6XGDQ 6XGiQ   
 3RUW5HXQLRQ 5HXQLyQ   
 /RPp 7RJR   
 'MLERXWL 'MLERXWL   
 6RNKQD (JLSWR   
 7RDPDVLQD 0DGDJDVFDU   
 (DVW/RQGRQ 6XGiIULFD   
7RWDOGHORVSXHUWRV   
7RWDOGHWRGRVORVSXHUWRVDIULFDQRV   
3URSRUFLyQGHORVPD\RUHVSXHUWRVHQHOWRWDOGH
SXHUWRVDIULFDQRV   

)XHQWH&RQWDLQHULVDWLRQ,QWHUQDWLRQDO<HDUERRN

/D PD\RU SDUWH GHO WUiILFR GH FRQWHQHGRUHV HQ SDWHQWH HQ ÈIULFD RFFLGHQWDO FRQ OD FRQFHVLyQ HQ
ÈIULFD WLHQH OXJDU HQ WHUPLQDOHV TXH SHUWHQHFHQ DO PDU]R GH  GHO WHUPLQDO GH FRQWHQHGRUHV 9ULGL
VHFWRUS~EOLFRFRQXQ\HQ\ HQ $ELGMiQ D 6('9 XQDILOLDO GH %ROORUH  \ HQ
UHVSHFWLYDPHQWH /D SDUWH GH RSHUDGRUHV GHGRVRWURVWHUPLQDOHVHQ/DJRVHQDEULOHO
LQWHUQDFLRQDOHVGHWHUPLQDOHVGHFRQWHQHGRUHVHQODV WHUPLQDO GH $SDSD VH FRQFHGLy D 0DHUVN \ HQ
UHVWDQWHVRSHUDFLRQHVKDVHJXLGRDXPHQWDQGRGHVGH VHSWLHPEUH HO GH OD ,VOD GH 7LQ &DQ D %ROORUH
HQDHQ(QpVWHXQGHVJORVH DVRFLDGR FRQ *ROG 6WDU /LQHV /DV DFWLYLGDGHV GH
SRU RSHUDGRUHV PXHVWUD HO UHSDUWR VLJXLHQWH  66$ WUDQVSRUWH EDVDGDV HQ WLHUUD GH %ROORUH WDOHV FRPR
0DULQH'3,$307HUPLQDOV+3+ WHUPLQDOHV SRUWXDULRV VHUYLFLRV GH WUDQVLWDULRV
\3 23RUWV DJHQFLDV PDUtWLPDV \ FRPSDxtDV GH WUDQVSRUWH SRU
IHUURFDUULO \ FDUUHWHUD QR VH WUDQVILULHURQ D &0$
/RV JRELHUQRV VLJXLHURQ EXVFDQGR XQD PD\RU &*0 \ RFXSDQ OXJDU LPSRUWDQWH HQ YDULRV SXHUWRV
HILFLHQFLD GH ODV RSHUDFLRQHV DVt FRPR PiV GH OD UHJLyQ FRPR 'RXDOD &DPHU~Q  &RWRQ~
LQYHUVLRQHVPHGLDQWHHOPRGHORGHODDVLJQDFLyQGH %HQLQ \7HPD *KDQD 
WHUUHQRV HQ ODV ]RQDV SRUWXDULDV 7DO FRVD VH KL]R

 (OWUDQVSRUWHPDUtWLPRHQ

(Q6XGiIULFDVHVLJXLyXQSURFHGHUGLVWLQWRGXUDQWH EHQHILFLDQ GH XQRV VHUYLFLRV GH WUDQVSRUWH PDUtWLPR


 /RV SXHUWRV GH HVH SDtV VH YLHURQ DIHFWDGRV UHJXODUHV\IUHFXHQWHVTXHORVFRORFDHQHOFHQWURGH
SRUODIDOWD GH LQYHUVLRQHV\ SRU OD RSRVLFLyQ GH OD OD DFWLYLGDG FRPHUFLDO LQWHUQDFLRQDO PLHQWUDV TXH
PDQR GH REUD RUJDQL]DGD D FDPELDU HO DFWXDO DTXHOORVFRQXQtQGLFHPiVEDMRVHHQFXHQWUDQHQOD
VLVWHPD LQVWLWXFLRQDO 6H DXWRUL]y D 7UDQVQHW HO SHULIHULD GH HVD DFWLYLGDG 3RU WDQWR HVH LQGLFDGRU
KROGLQJTXHVHGHGLFDDDFWLYLGDGHVGHWUDQVSRUWHHQ PLGH OD FRQH[LyQ GH XQ SDtV FRQ HO FRPHUFLR
HOSODQRQDFLRQDOLQFOXLGRVSXHUWRVDLQYHUWLUKDVWD LQWHUQDFLRQDO(QHOUHFXDGURVHGHVFULEHHOtQGLFH\
 PLOORQHV GH GyODUHV SDUD UHKDELOLWDU HOPRGRHQTXpVHHODERUD
IHUURFDUULOHV \ SXHUWRV HQ ORV SUy[LPRV FLQFR DxRV
UHFXUULHQGR D VXV UHVHUYDV \ D HPSUpVWLWRV HQ ORV
PHUFDGRVGHFDSLWDO (Q HO FXDGUR  ILJXUD HO tQGLFH GH ORV SDtVHV
DIULFDQRVHQ\/RVWUHVTXHVHHQFXHQWUDQ
&DEH HQFRQWUDU XQD LQGLFDFLyQ GH OD HYROXFLyQ GH DODFDEH]D\TXHVRQORVPHMRUFRQHFWDGRVIXHURQ
ORV IOHWHV HQ  HQ OD UHQRYDFLyQ GH ODV (JLSWR 6XGiIULFD \ &{WH G
,YRLUH PLHQWUDV 6DQWR
WDULIDVDQXQFLDGDSRUHO$FXHUGR&RPHUFLDO(XURSD 7RPp \ 3UtQFLSH (ULWUHD \ 6RPDOLD IXHURQ ORV SHRU
ÈIULFD 2FFLGHQWDO (:$7$  GXUDQWH HVH SHUtRGR FRQHFWDGRV
(VH DFXHUGR VH HVWDEOHFLy SDUD ORV SRUWHDGRUHV
PDUtWLPRVDILQDOHVGHHQFRQIRUPLGDGFRQHO 9DULRV SDtVHV HQWUH HOORV ORV GRV SULPHURV
UHJODPHQWRGHOD8(\DIHFWDDEXHQDSDUWH PHMRUDURQVXtQGLFHHQWUH\6XYDORUHQ
GHOWUiILFRLQWHUQDFLRQDOGHOÈIULFDVXEVDKDULDQD(Q HOFDVRGH(JLSWR\6XGiIULFDSDVyGHD\GH
 KXER UHQRYDFLRQHV GH ODV WDULIDV HQ DEULO \  D  UHVSHFWLYDPHQWH (JLSWR VH EHQHILFLD GHO
RFWXEUH SDUD ORV FRQWHQHGRUHV GH  SLHV TXH VH FDQDO GH 6XH] JUDFLDV D OD UHFLHQWH HQWUDGD HQ
GLULJHQ DO VXU \ TXH VH FLIUDURQ HQHXURV FDGD VHUYLFLRGHLQVWDODFLRQHVSRUWXDULDVGHWUDQVERUGR\
YH] (Q  ODV UHQRYDFLRQHV VH SURGXMHURQ HQ WDPELpQ GH PiV HVFDODV HQ SXHUWR GH EXTXHV TXH
PDU]R \ RFWXEUH SDUD HVH WLSR GH FRQWHQHGRUHV /D RSHUDQ HQ OD ER\DQWH UXWD $VLD(XURSD 6XGiIULFD
GHPDU]RIOXFWXyHQWUH\HXURVFRQDUUHJOR GLVIUXWDGHXQDDPSOLDEDVHGHFDUJDSURFHGHQWHGH
DOSXHUWRGHGHVWLQRPLHQWUDVTXHODGHRFWXEUHIXH VX SURSLD HFRQRPtD \ GH OD GH ORV SDtVHV YHFLQRV
GH  HXURV SDUD WRGRV ORV SXHUWRV (Q RFWXEUH &DWRUFHRWURVSDtVHVDIULFDQRVWDPELpQPHMRUDURQVX
KXERUHQRYDFLRQHVGHODVWDULIDVHQGLUHFFLyQQRUWH tQGLFH HQ  $QJROD &DER 9HUGH 'MLERXWL
SDUDFDUJDFRQYHQFLRQDOGHHXURVSRUWRQHODGD *DPELD *KDQD *XLQHD *XLQHD%LVVDX .HQ\D
(Q  VH DQXQFLDURQ UHQRYDFLRQHV WDULIDUtDV HQ 0DXULWDQLD 5HS~EOLFD 8QLGD GH 7DQ]DQtD
HQHUR \ MXOLR SDUD ORV FRQWHQHGRUHV GH  SLHV TXH 6H\FKHOOHV 6XGiQ 6DQWR 7RPp \ 3UtQFLSH \
VH WUDQVSRUWDQ KDFLD HO VXU GH  \  HXURV 7~QH] FRUUHVSRQGLHQGRD'MLERXWL*XLQHD%LVVDX
UHVSHFWLYDPHQWH 3DUD ORV TXH VH GLULJHQ KDFLD HO .HQ\D \ 0DXULWDQLD ORV PD\RUHV DXPHQWRV (O
QRUWH WDPELpQ KXER UHQRYDFLRQHV HQ HVH PHV GH  FUHFLPLHQWR GHO tQGLFH GH HVRV SDtVHV VH GHEH DO
\HXURVSRUWRQHODGDGHFDUJD LQFUHPHQWR UHFLHQWH GHO FRPHUFLR PXQGLDO \ D ODV
PHMRUDV HQ ORV VHUYLFLRV GH WUDQVSRUWH PDUtWLPR
'Ë1',&('(&21(;,Ï1'(/ GHULYDGDV GH ODV UHIRUPDV SRUWXDULDV \ GH OD
75$163257(0$5Ë7,02(1/26 SDUWLFLSDFLyQGHOVHFWRUSULYDGRHQODPDQLSXODFLyQ
3$Ë6(6$)5,&$126 GHODFDUJD/DVFRQFHVLRQHVRWRUJDGDVDRSHUDGRUHV
LQWHUQDFLRQDOHVGHWHUPLQDOHVLQFOXLGRVORVDILOLDGRV
(O DFFHVR D VHUYLFLRV UHJXODUHV \ IUHFXHQWHV GH D QDYLHUDV D\XGDURQ D PHMRUDU HO GHVHPSHxR \
WUDQVSRUWH PDUtWLPR HV XQ PHGLR LPSRUWDQWH SDUD DWUDMHURQQRVyORDODVFRPSDxtDVPDUtWLPDVFRQODV
SURSLFLDU HO FRPHUFLR \ IDFWRU GHWHUPLQDQWH GH OD TXH HVWiQ YLQFXODGRV VLQR WDPELpQ D PiV
FRPSHWLWLYLGDGGHODVQDFLRQHV(QODVHFUHWDUtD SRUWHDGRUHV (Q RWURV FDVRV LQWHUYLQLHURQ GLYHUVRV
GH OD 81&7$' GHVDUUROOy XQD PHGLGD HVSHFtILFD IDFWRUHV(Q*KDQDODPHMRUDGHOtQGLFHVHGHELyHQ
SDUD HO FRPHUFLR HQ EXTXHV GH OtQHD UHJXODU GH SDUWH D OD PD\RU FDSDFLGDG GHVSOHJDGD SRU ORV
FRQWHQHGRUHV HO ËQGLFH GH FRQH[LyQ GH WUDQVSRUWH VHUYLFLRVGHOtQHDVUHJXODUHVSDUDDEVRUEHUHOWUiILFR
PDUtWLPR SRU OtQHDV UHJXODUHV SDUD FXDQWLILFDU HVH GHVYLDGRGHVGHODYHFLQD&{WHG
,YRLUHPLHQWUDVHQ
IDFWRU GH FRPSHWLWLYLGDG (OtQGLFH VH FRQVWUX\H 'MLERXWL HOOR RFXUULy D UDt] GH TXH KXELHUD PiV
WRPDQGR HQ FRQVLGHUDFLyQ QXHYH HOHPHQWRV \ YDUtD HVFDODV GH EXTXHV SDUD DWHQGHU DO PD\RU FRPHUFLR
GH  D  /RV SDtVHV FRQ XQ tQGLFH HOHYDGR VH SURFHGHQWHGHOD(WLRStDVLQOLWRUDO


 9,,([DPHQGHORDFRQWHFLGRHQODVUHJLRQHVHOÈIULFDVXEVDKDULDQD 

5HFXDGUR
ËQGLFHGHFRQH[LyQGHOWUDQVSRUWHPDUtWLPRSRUOtQHDVUHJXODUHV
(O ËQGLFH GH FRQH[LyQ GHO WUDQVSRUWH PDUtWLPR SRU OtQHDV UHJXODUHV VH FHQWUD HQ HO WUiILFR
FRQWHQHGRUL]DGR \ VH FRQVWUX\H FRQ GDWRV TXH ILJXUDQ HQ &RQWDLQHULVDWLRQ ,QWHUQDWLRQDO 2QOLQH
ZZZFLRQOLQHFRXN 6HFDOFXOySRUYH]SULPHUDHQMXOLRGHSDUDSDtVHV\VHDFWXDOL]yHQ
MXOLRGHSDUDUHIOHMDUORVFDPELRVDQXDOHVHQHVHWLSRGHWUDQVSRUWH
6RQQXHYHORVIDFWRUHVRYDULDEOHVTXHVHFRQVLGHUDQDOFDOFXODUHOtQGLFH7RGRVHOORVVHUHILHUHQDORV
SXHUWRVGHXQGHWHUPLQDGRSDtV Q~PHURGHSRUWDFRQWHQHGRUHVHQORVVHUYLFLRVGHODVOtQHDVUHJXODUHV
TXHSDUWHQGHHVRVSXHUWRVRVHGLULJHQDHOORV FDSDFLGDGGHFDUJDGHORVFRQWHQHGRUHVGHVSOHJDGRV
PHGLGDHQ7(8 Q~PHURSHUFiSLWDGHEXTXHVGHVSOHJDGRV FDSDFLGDGSHUFiSLWDGHWUDQVSRUWHGH
ORV FRQWHQHGRUHV GHVSOHJDGRV   Q~PHUR GH FRPSDxtDV GH WUDQVSRUWH HQ EXTXHV GH OtQHD UHJXODU TXH
SUHVWDQVHUYLFLRVHQORVSXHUWRVGHOSDtV Q~PHURGHVHUYLFLRVSUHVWDGRVSRUHVDVFRPSDxtDV WDPDxR
Pi[LPRGHORVEXTXHVGHVSOHJDGRV WDPDxRPHGLRGHORVEXTXHVGHVSOHJDGRV\ Q~PHURPHGLRGH
EXTXHVRSHUDGRVSRUFRPSDxtDGHWUDQVSRUWHHQEXTXHVGHOtQHDUHJXODU
&DGD XQD GH ODV YDULDEOHV VH KD QRUPDOL]DGR SDUD DVHJXUDU TXH WRGDV HOODV WLHQHQ HO PLVPR YDORU
Pi[LPRGH\HOYDORUPtQLPRGH2EYLDPHQWHHOtQGLFHHVFHURSDUDORVSDtVHVVLQOLWRUDO&RPR
XQVHJXQGRSDVRHOYDORUPHGLRGHFDGDYDULDEOHVHFDOFXODSDUDFDGDSDtV\VHILMDHQHQ
TXHHVHODxREDVH
8Q JUDQ Q~PHUR GH EXTXHV \ XQD JUDQ FDQWLGDG GH FDSDFLGDG GH FDUJD GHVSOHJDGD LQGLFDQ TXH ORV
WUDQVSRUWLVWDV PDUtWLPRV GH XQ GHWHUPLQDGR SDtV WLHQHQ PiV RSRUWXQLGDGHV SDUD HPEDUFDU VXV
H[SRUWDFLRQHV FRQWHQHGRUL]DGDV \ HVWiQ PHMRU FRQHFWDGRV FRQ PHUFDGRV H[WUDQMHURV 7RPDQGR HQ
FXHQWDODSREODFLyQGHXQSDtVHVSRVLEOHGLVWLQJXLUHOFDVRHVSHFLDOGHODVQDFLRQHVTXHHVWpQSRFR
SREODGDV\WHQJDQXQDEDVHQDFLRQDOSHTXHxDGHFDUJDSHURTXHGLVIUXWDQGHXQRVQLYHOHVGHFRQH[LyQ
DOWRV HQ EXTXHV GH OtQHD UHJXODU SRU VX SRVLFLyQ FRPR FHQWURV GH WUDQVERUGR &XDQWR PD\RU VHD HO
Q~PHURGHQDYLHUDVTXHSUHVWDQVHUYLFLRVHQORVSXHUWRVGHXQGHWHUPLQDGRSDtV\FXDQWRPiVJUDQGH
VHD HO Q~PHUR GH HVRV VHUYLFLRV PiV FRQHFWDGR HVWDUi HO SDtV FRQ ORV PHUFDGRV LQWHUQDFLRQDOHV
(OWDPDxR GH ORV EXTXHV GHVSOHJDGRV SRU ORV SRUWHDGRUHV UHYLVWH LQWHUpV SRU VX UHODFLyQ FRQ ODV
HFRQRPtDVGHHVFDODTXHFDEHREWHQHU\DTXHFXiQWRPD\RUVHDHOWDPDxRGHORVEXTXHVGHVSOHJDGRV
PiVSUREDEOHHVTXHORVFRPHUFLDQWHVGHXQSDtVVHEHQHILFLHQGHWDULIDVGHIOHWHPiVEDMDVJUDFLDVD
ODVHFRQRPtDVGHHVFDODTXHREWLHQHQODVQDYLHUDV


2WURV SDtVHV UHJLVWUDURQ XQD FDtGD GH VX tQGLFH (O  SDtVHV PDQWXYLHURQ VX tQGLFH GH  $UJHOLD
GH&{WHG
,YRLUHEDMyGHDFRPRFRQVHFXHQFLD %HQLQ&DPHU~Q*DEyQ/LEHULD-DPDKLUL\DÈUDEH
GH KDEHUVH GHVYLDGR FRPHUFLR D SXHUWRV GH SDtVHV /LELD 0DUUXHFRV 0R]DPELTXH 1DPLELD 1LJHULD
YHFLQRV 1R REVWDQWH HVH SDtV VLJXLy RFXSDQGR XQ 5HS~EOLFD'HPRFUiWLFDGHO&RQJR\6LHUUD/HRQD 
OXJDU HOHYDGR JUDFLDV D XQ WUiILFR ORFDO TXH QR
GLVPLQX\H \ D ODV DFWLYLGDGHV GH WUDQVERUGR 2WURV /DGLIHUHQFLDTXHH[LVWHHQWUHHOtQGLFHGHORVSDtVHV
QXHYH SDtVHV YLHURQ GLVPLQXLU VX SRVLFLyQ HQ  TXH ILJXUDQ D OD FDEH]D \ DTXpOORV D OD FROD GHO
&RPRUDV &RQJR (ULWUHD *XLQHD (FXDWRULDO FXDGUR GHEHUtD FRQWHPSODUVH HQ SHUVSHFWLYD \D
0DGDJDVFDU 0DXULFLR 6HQHJDO 6RPDOLD \ 7RJR  TXH VyOR VH UHILHUH D ORV VHUYLFLRV GH WUDQVSRUWH
UHJLVWUiQGRVH ODV EDMDV PiV SURQXQFLDGDV HQ PDUtWLPR HQ FRQWHQHGRUHV 1R REVWDQWH HQ UD]yQ
&RPRUDV (ULWUHD 0DGDJDVFDU \ 6RPDOLD (O GHO SUHGRPLQLR GHO FRPHUFLR H[WUDUUHJLRQDO HQ ORV
GUiVWLFRGHFOLYHGHOtQGLFHGH0DXULFLRVHGHEHDOD LQWHUFDPELRV WRWDOHV GH ORV SDtVHV DIULFDQRV \ GHO
FRQJHVWLyQGHTXHFRQGXMRDDOJXQDVQDYLHUDV HOHYDGR YDORU TXH WLHQHQ ODV PHUFDQFtDV TXH VH
FRPR 02/ \ 3 2 1HGOOR\G D PRGLILFDU VX GHVSOD]DQ HQ FRQWHQHGRUHV HO tQGLFH RIUHFH XQD
SURJUDPDFLyQ VXVWLWX\HQGR OD ~OWLPD HO WUDQVERUGR EXHQD HYDOXDFLyQ GH OD FDSDFLGDG GH ORV SDtVHV
HQ 3RUW /RXLV FRQ XQ VHUYLFLR GLUHFWR GHVGH DIULFDQRV SDUD SDUWLFLSDU HQ ORV VHJPHQWRV PiV
6LQJDSXU D ODV LVODV GHO RFpDQR ËQGLFR 3RU ~OWLPR UHQWDEOHVGHOFRPHUFLRLQWHUQDFLRQDO

 (OWUDQVSRUWHPDUtWLPRHQ

&XDGUR

ËQGLFHGHFRQH[LyQGHOWUDQVSRUWHPDUtWLPRSRUOtQHDVUHJXODUHV

3DtV ËQGLFHGH ËQGLFHGH


(JLSWR  
6XGiIULFD  
&{WHG
,YRLUH  
*KDQD  
0DXULFLR  
1LJHULD  
*DEyQ  
7RJR  
6HQHJDO  
'MLERXWL  
%HQLQ  
$QJROD  
&DPHU~Q  
&RQJR  
0DXULWDQLD  
*XLQHD  
1DPLELD  
.HQ\D  
6H\FKHOOHV  
5HS~EOLFD8QLGDGH7DQ]DQtD  
*DPELD  
/LEHULD  
6LHUUD/HRQD  
0DUUXHFRV  
$UJHOLD  
*XLQHD(FXDWRULDO  
&RPRUDV  
6XGiQ  
0R]DPELTXH  
0DGDJDVFDU  
*XLQHD%LVVDX  
7~QH]  
-DPDKLUL\DÈUDEH/LELD  
&DER9HUGH  
5HS~EOLFD'HPRFUiWLFDGHO&RQJR  
6DQWR7RPp\3UtQFLSH  
6RPDOLD  
(ULWUHD  

)XHQWH  81&7$' 7UDQVSRUW 1HZVOHWWHU 1ž  SULPHU WULPHVWUH GH  SiJ  81&7$' 7UDQVSRUW 1HZVOHWWHU 1ž  WHUFHU
WULPHVWUHGHSiJ

((/75$163257(,17(512 UHSUHVHQWDQ XQ  (VD SDUWH UHVXOWD OLJHUDPHQWH


VXSHULRUDODTXHVHHQFXHQWUDHQ$PpULFD/DWLQD\
/DUHGGHWUDQVSRUWHLQWHUQRHVHQÈIULFDGHORUGHQ HQORV(VWDGRV8QLGRVGRQGHVHVLW~DHQDOUHGHGRU
GHPLOORQHVGHNLOyPHWURVODUHGGHFDUUHWHUDV GHO  /D GHQVLGDG GH ODV UHGHV DIULFDQDV GH
HV FDVL LJXDO PLHQWUDV ORV IHUURFDUULOHV VyOR WUDQVSRUWH SRU FDUUHWHUD \ IHUURFDUULO VLQ HPEDUJR

 9,,([DPHQGHORDFRQWHFLGRHQODVUHJLRQHVHOÈIULFDVXEVDKDULDQD 

HVFRQVLGHUDEOHPHQWHLQIHULRU\VXSRQH~QLFDPHQWH PDSD  (QÈIULFD RFFLGHQWDO ORV SXHUWRV HVWiQ


 \  NP SRU NLOyPHWUR FXDGUDGR GH WHUULWRULR XQLGRV FRQ ORV SDtVHV VLQ OLWRUDO PHGLDQWH YDULRV
UHVSHFWLYDPHQWH HV GHFLU DSUR[LPDGDPHQWH GLH] FRUUHGRUHV 6RQ ORV TXH HQOD]DQ 'DNDU 6HQHJDO 
YHFHV PHQRV TXH ODV GHQVLGDGHV TXH WLHQHQ ORV FRQ %DPDNR  NP  $ELGMiQ &{WH G
,YRLUH 
(VWDGRV 8QLGRV $GHPiV VyOR DOUHGHGRU GH OD FRQ 8DJDGXJ~  NP  \ GHVSXpV FRQ %DPDNR
FXDUWD SDUWH GH OD UHG GH FDUUHWHUDV HVWi DVIDOWDGD  NP  7HPD *KDQD  FRQ 8DJDGXJ~  NP 
YDULDQGR PXFKR OD FDOLGDG GH HVD UHG YLDULD GH XQ /RPp 7RJR  FRQ 8DJDGXJ~ NP  \ GHVSXpV
SDtVDRWUR FRQ%DPDNR NP /RPp 7RJR FRQ1LDPH\
 NP  \ &RWRQ~ %HQLQ  FRQ 1LDPH\ 
/RV FRUUHGRUHV GH WUDQVSRUWH VRQ XQ UDVJR NP  HVWH ~OWLPR SRGtD FRPELQDUVH FRQ WUDQVSRUWH
LPSRUWDQWHGHOFRPHUFLRLQWHUQDFLRQDOGHORVSDtVHV IHUURYLDULR +D\ HQODFHV SRU IHUURFDUULO HQ GRV
GHOÈIULFDVXEVDKDULDQD\DTXHXQHQDORVSDtVHVVLQ FRUUHGRUHV D VDEHU 'DNDU%DPDNR  NP  \
OLWRUDOFRQSXHUWRVGHORVSDtVHVGHWUiQVLWR YpDVHHO $ELGMiQ8DJDGXJ~ NP 

*UiILFR

(OÈIULFDVXEVDKDULDQDDOJXQRVFRUUHGRUHVGHWUDQVSRUWHLQWHUQR

Már Mediterráneo


TÚNEZ 
MARRUECOS



Sáhara ARGELIA
Occidental LIBIA EGIPTO
Mar Rojo


MAURITANIA

MALÍ

NÍGER ERITREA
SENEGAL

CHAD

SUDÁN
GAMBIA BURKINA
FASO
 DJIBOUTI
GUINEA-BISSAU
GUINEA NIGERIA

SIERRA
 ETIOPÍA
LEONA CÔTE
D'IVOIRE GHANA REPÚBLICA


CENTROAFRICANA
LIBERIA CAMERÚN
TOGO BENIN

REPÚBLICA UGANDA SOMALIA


GUINEA
ECUATORIAL
CONGO

DEMOCRÁTICA
DEL CONGO
KENYA
GABÓN

 RWANDA

BURUNDI
Océano Índico

Atlántico Sur ANGOLA

 TANZANÍA

ANGOLA
 MALAWI


ZAMBIA MOZAMBIQUE
(QODFHVSUHYLVWRVSRUIHUURFDUULORFDUUHWHUD

(QODFHVSRUIHUURFDUULORFDUUHWHUDH[LVWHQWHV

MADAGASCAR
NAMIBIA ZIMBABWE

 BOTSWANA

 LESOTHO
SWAZILANDIA

 SUDÁFRICA
Océano Índico

1RWD/RVFRUUHGRUHVVHLQGLFDQVyORGHIRUPDHVTXHPiWLFD


 (OWUDQVSRUWHPDUtWLPRHQ

(OWUiILFRSRUHVRVFRUUHGRUHVIOXFW~DFRQDUUHJORD KDQ IRU]DGR HO WUiILFR D GHVSOD]DUVH SRU HO SXHUWR


OR TXH RFXUUH HQ ORV SDtVHV FRVWHURV GH WUiQVLWR YHFLQR GH 7HPD TXH HQ DEVRUELy HO  GH
'HVGHFRPLHQ]RVGHOGHFHQLRGHVyUGHQHVSROtWLFRV HVH WUiILFR HQ WUiQVLWR 7DPELpQ FRQGXMR D XQ SODQ
LQWHUQRV KDQ UHGXFLGR VXVWDQFLDOPHQWH OD SDUWH GH GH  PLOORQHV GH GyODUHV SDUD H[SDQGLU HO
$ELGMiQHQHVHWUiILFRHQWUiQVLWR(QHUDVyOR SHTXHxR SXHUWR GH 7DNRUDGL FRQ PLUDV D LPSHGLU
GHO YpDVHHOFXDGUR \ODVGLILFXOWDGHVSDUD TXHODFRQJHVWLyQOOHJDUDDQLYHOHVLQDERUGDEOHVHQ
XWLOL]DUODVUXWDVWHUUHVWUHVDWUDYpVGH&{WHG
,YRLUH ORVSXHUWRVGH*KDQD
&XDGUR

7UiILFRHQWUiQVLWRGHORVSXHUWRVGHOÈIULFDRFFLGHQWDOHQ
(QPLOHVGHWRQHODGDVPpWULFDV 

&RPHUFLR &RPHUFLRLQWHUQDFLRQDOSRUGLIHUHQWHVSXHUWRV
3DtVHVVLQOLWRUDO
LQWHUQDFLRQDO 'DNDU $ELGMiQ 7HPD 7DNRUDGL /RPp &RWRQ~
%XUNLQD)DVR       
1tJHU       
0DOt       
7RWDO       
3RUFHQWDMHGHFDGDSXHUWR       

)XHQWH6HFUHWDUtDGHOD81&7$'FRQHOUHVXPHQGHODVHVWDGtVWLFDVSRUWXDULDVTXHILJXUDQHQODWHVLVGRFWRUDOGH0LFKDHO/XJXMH
OHtGDHQHQOD8QLYHUVLGDG0DUtWLPD0XQGLDO :RUOG0DULWLPH8QLYHUVLW\:08 WLWXODGD$FRPSDUDWLYHVWXG\RILPSRUW
WUDQVLW FRUULGRUV RI ODQGORNHG FRXQWULHV LQ :HVW $IULFD TXH HV XQ HVWXGLR FRPSDUDGR GH ORV FRUUHGRUHV GH WUiQVLWR SDUD ODV
LPSRUWDFLRQHVGHORVSDtVHVVLQOLWRUDOHQÈIULFDRFFLGHQWDO

(Q ÈIULFD FHQWUDO VLQ HPEDUJR OD 5HS~EOLFD TXHVyORHOGHODFDUJDFRQWHQHGRUL]DGDXWLOL]D


&HQWURDIULFDQD\HO&KDGGHSHQGHQGHXQ~QLFRSDtV HOIHUURFDUULOHQWUH0RPEDVD .HQ\D \ORVWUHV
GHWUiQVLWRHVWRHVHO&DPHU~Q$OUHGHGRUGHO SDtVHVVLQOLWRUDOGH8JDQGD5ZDQGD\%XUXQGL
GHO WUiILFR SRU FDUUHWHUD TXH VH GLULJH D HVRV GRV PLHQWUDVTXHSDUDHOFRUUHGRUWDQ]DQLRGHVGH'DUOD
SDtVHV GLVFXUUH ~QLFDPHQWH SRU GRV FDUUHWHUDV  OD SDUWHHVGHO1RREVWDQWHVHKDSURFXUDGR
GHO FRUUHGRU 'RXDOD1JDRXQGHUH%DQJXL  DXPHQWDUODSURGXFWLYLGDGGHORVIHUURFDUULOHVHQHVD
NP  \ OD GH 'RXDOD1JDRXQGHUH1GMDPHQD  UHJLyQ'XUDQWH\ODVWDULIDVSDUD
NP &RPRODFRQGLFLyQGHHVDVFDUUHWHUDVHVPDOD WUDQVSRUWDUXQFRQWHQHGRUGHSLHVHQWUH
ODV ODUJDV GHPRUDV DIHFWDQ DO PRYLPLHQWR GH 0RPEDVD\(PEDNDVL HOSXHUWRGHFDUJDVHFD
PHUFDQFtDV\ODVTXHYLDMDQGHVGH'RXDODD%DQJXL SUy[LPRD1DLUREL VHUHGXMHURQHQGyODUHVKDVWD
WDUGDQFLQFRGtDVHQODHVWDFLyQVHFD\KDVWDGLH]HQ \VHKLFLHURQSODQHVSDUDFRQWDUFRQWUHQHVGH
ODHVWDFLyQGHODVOOXYLDV2WUDVUXWDVTXHVHXWLOL]DQ PHUFDQFtDVFRPSOHWRVTXHOOHJDUiQD.DPSDOD
GHVGHRWURVSDtVHVFRVWHURVWDOHVFRPRHO&RQJRHO 8JDQGD HQPHQRVGHKRUDV/DSDUWHGHORV
*DEyQ\1LJHULDUHYLVWHQPHQRVLPSRUWDQFLD IHUURFDUULOHVDXPHQWDUiHQHOIXWXURFRPR
FRQVHFXHQFLDGHODVLQYHUVLRQHVTXHYDQDKDFHU
0iV DO VXU VH WLHQH HO SURSyVLWR GH PHMRUDU ORV FRPSDxtDVIHUURYLDULDVGHOVHFWRUSULYDGR
FRUUHGRUHV \D TXH KD\ SODQHV SDUD PHMRUDU PXFKR
ORV IHUURFDUULOHV D SOD]R PHGLDQR (O SUpVWDPR GH (O VLVWHPD GH FRQFHVLRQHV GH RSHUDGRUHV
 PLOORQHV GH GyODUHV GH &KLQD D $QJROD SDUD IHUURYLDULRV VH KD GHPRUDGR HQ PXFKRV SDtVHV SRU
GHVDUUROODU OD LQIUDHVWUXFWXUD FRPSUHQGH OD YDULRV IDFWRUHV HQWUH HOORV OD SURPXOJDFLyQ GH
UHKDELOLWDFLyQGHOIHUURFDUULOGH%HQJXHODTXHFUX]D OH\HV $ ILQDOHV GH  VH GHFLGLy TXH ORV WUHV
HO SDtV SDUD XQLU ODV SURYLQFLDV PHULGLRQDOHV GHO IHUURFDUULOHV GHO ÈIULFD RULHQWDO .HQ\D 8JDQGD \
&RQJR ULFDV HQ PLQHUDOHV FRQ HO SXHUWR GH /RELWR 5HS~EOLFD 8QLGD GH 7DQ]DQtD  VHUtDQ SULYDWL]DGRV
6LQUHODFLyQFRQHOOR=DPELDILUPyXQDFXHUGRFRQ SRU VHSDUDGR DXQTXH VH HVWDED H[DPLQDQGR XQ
XQD FRPSDxtD SULYDGD SDUD FRQVWUXLU XQ HQODFH SURFHGLPLHQWRFRQMXQWR8QSURJUDPDGHUHGXFFLyQ
IHUURYLDULRTXHXQDODVQXHYDV PLQDVGH.DQVDQVKL GHODIXHU]DGHWUDEDMRHUDXQRGHORVSUREOHPDVTXH
\ /XPZDQD HQ VX SURYLQFLD QRURFFLGHQWDO FRQ OD KDEtDTXHUHVROYHU3RUORTXHDWDxHDOD5HS~EOLFD
OtQHDGH%HQJXHOD 8QLGD GH 7DQ]DQtD HOOR DIHFWDED D XQRV
WUDEDMDGRUHV \ VH HVWLPDED TXH VX GHVSLGR FRVWDUtD
(QÈIULFDRULHQWDOWDPELpQSUHGRPLQDHQORV  PLOORQHV GH GyODUHV (Q .HQ\D IXH PHQHVWHU
FRUUHGRUHVHOWUDQVSRUWHSRUFDUUHWHUD6HHVWLPDED PRGLILFDU OD /H\ GH IHUURFDUULOHV $ PHGLDGRV GH

 9,,([DPHQGHORDFRQWHFLGRHQODVUHJLRQHVHOÈIULFDVXEVDKDULDQD 

VHILUPyXQPHPRUDQGRGHHQWHQGLPLHQWRSRU FRQHFWDU FRQ ORV SDtVHV YHFLQRV GH 0R]DPELTXH \


.HQ\D \ 8JDQGD VREUH ODV PRGDOLGDGHV GH OD =DPELD$VtGHVGHORVSXHUWRVGH1DFDOD\%HLUDHQ
FRQFHVLyQ FRQ HO ILQ GH TXH KXELHUD XQ VROR 0R]DPELTXH FDEUtD HQYLDU PHUFDQFtDV D =DPELD D
FRQFHVLRQDULR HQ OD OtQHD GH 0RPEDVD .HQ\D  D WUDYpV GH 0DODZL VLHPSUH TXH VH GLVSXVLHUD GHO
.DPSDOD 8JDQGD  GXUDQWH  DxRV /D ORQJLWXG HQODFHIHUURYLDULRGHNPGHVGH0FKLQML 0DODZL 
WRWDO GH HVD OtQHD HUD GH NP HQ FRPSDUDFLyQ D&KLSDWD =DPELD 
FRQ ORV  NP GH OD UHG NHQLDWD PiV WUHV
VHFFLRQHVHQ8JDQGDNPHQODOtQHDSULQFLSDO (Q&'1REWXYRPLOORQHVGHGyODUHVGH
0DODED.DPSDODHOUDPDOGH3RUW%HOO\ODOtQHDGH XQD LQVWLWXFLyQ ILQDQFLHUD IHGHUDO GH ORV (VWDGRV
NPTXHXQH7RURURFRQ6RURWL/DGXUDFLyQGH 8QLGRV SDUD UHFRQVWUXLU  NP GH OtQHD HQWUH
ODFRQFHVLyQHUDGHDxRVSDUDODVPHUFDQFtDV\GH &XDPED 0R]DPELTXH  \(QWUHODJRV 0DODZL TXH
SDUDORVWUHQHVGHSDVDMHURV6HILMyPXFKRWLHPSR XQLUi ODV UHGHV GH &($5 \ &'1 \ GDUi D 0DODZL
SDUD DWUDHU D VXILFLHQWHV OLFLWDGRUHV \ HVWDEOHFHU OD DFFHVRDOPDUHQ1DFDOD(VWRKL]RTXHDSULQFLSLRV
HVWUXFWXUD GH SDUWLFLSDFLyQ GH ORV DFFLRQLVWDV GH  VH RWRUJDUD XQD FRQFHVLyQ GH  DxRV D
LQFOXLGRV LQWHUHVHV ORFDOHV $ PHGLDGRV GH  &'1 6LQ UHODFLyQ FRQ HOOR OD $JHQFLD GH
SUHVHQWDURQ VXV RIHUWDV ORV OLFLWDGRUHV 'HVDUUROOR,QWHUQDFLRQDOGHORV(VWDGRV8QLGRVKL]R
SUHFXDOLILFDGRV FRQ GRV FRQVRUFLRV GH OD ,QGLD \ HQ  XQD GRQDFLyQ SDUD HIHFWXDU XQ HVWXGLR GH
6XGiIULFD SUHVHQWHV HQ ODV OLFLWDFLRQHV GH 7DQ]DQtD YLDELOLGDGGHODOtQHDGH0FKLQMLD&KLSDWDSRUXQ
\GHODOtQHDFRQMXQWD.HQ\D8JDQGD6HHVSHUDTXH FRVWR HVWLPDGR GH  PLOORQHV GH GyODUHV &RQ
TXLHQ JDQH HVWD ~OWLPD FRQFHVLyQ VH KDJD FDUJR GH SRVWHULRULGDG GXUDQWH HO PLVPR DxR HO %DQFR
OD OtQHD GXUDQWH HO SULPHU VHPHVWUH GH  0XQGLDO FRQFHGLy XQSUpVWDPR GH  PLOORQHV GH
PLHQWUDV TXH HQ OR TXH UHVSHFWD D OD 5HS~EOLFD GyODUHVD&)0SDUDUHFRQVWUXLUNPGHODOtQHD
8QLGD GH 7DQ]DQtD HO JDQDGRU GHFODUDGR HVWi D OD TXH XQH HO SXHUWR GH %HLUD FRQ OD IURQWHUD GH
HVSHUDGHTXHVHUHVXHOYDODREMHFLyQSODQWHDGDSRU 0DODZL
RWUROLFLWDGRU
'XUDQWH HO SHUtRGR GH  D  OD
0iV DO VXU HQ 0R]DPELTXH \ 0DODZL HQWUDURQ HQ UHFRQVWUXFFLyQ \ PHMRUD GH RWURV IHUURFDUULOHV
MXHJR RWURV IDFWRUHV /RV WUDEDMRV GH UHKDELOLWDFLyQ LQFOXLGDODVSULYDWL]DFLRQHVVHHQFRQWUDEDQHQIDVHV
HQ OD OtQHD GHVGH 0DSXWR 0R]DPELTXH  D OD GLIHUHQWHV (Q  FRQ XQ SUpVWDPR GHO %DQFR
IURQWHUD VXGDIULFDQD WXYLHURQ TXH HVSHUDU D TXH VH 0XQGLDO HVWDED HQ HVWXGLR SULYDWL]DU ORV
FHUWLILFDUDTXHQRKDEtDPLQDVHQHOWHUUHQRORTXH IHUURFDUULOHV 7$=$5$ TXH YDQ GHVGH 'DU D
VH SURGXMR D ILQDOHV GH  /XHJR HQ  VH =DPELD SDtV VLQ OLWRUDO 'XUDQWH HO PLVPR DxR
HQWDEODURQQHJRFLDFLRQHVFRQ6SRRUQHWHORSHUDGRU LQWHUHVHV VXGDIULFDQRV KLFLHURQ XQ HVWXGLR WpFQLFR
IHUURYLDULRVXGDIULFDQRSDUDFRQWUDWDUODOtQHD(QHO GH OD OtQHD GHVGH -DUWXP D 3RUW 6XGDQ FRPR SDVR
IHUURFDUULO VHSWHQWULRQDO GHVGH 1DFDOD SUHYLR SDUD DGTXLULU PDWHULDO PyYLO 7DPELpQ OD
0R]DPELTXH DODIURQWHUDGH0DODZLVHHVWDEOHFLy FRQFHVLyQGHODOtQHDGHVGHHOSXHUWRGH'MLERXWLD
XQDHPSUHVDFRQMXQWDDILQDOHVGHOGHFHQLRGH $GGLV $EHED (WLRSLD  DWUDMR D PHGLD GRFHQD GH
HQWUH &)0 OD FRPSDxtD IHUURYLDULD QDFLRQDO  \ SDUWHV LQWHUHVDGDV (Q 6ZD]LODQGLD D PHGLDGRV GH
&'1 XQ FRQVRUFLR GH RWURV LQWHUHVHV S~EOLFRV \  VH DSUREy HO PDUFR MXUtGLFR SDUD SRGHU
SULYDGRV ORFDOHV FRQ XQ LQYHUVRU IHUURYLDULR DUUHQGDU ORV IHUURFDUULOHV GHVSXpV GH TXH VH
HVWDGRXQLGHQVH\KXERQHJRFLDFLRQHVGXUDQWHDxRV KXELHUDQ PHMRUDGR  NP GH OtQHD FRQ
FRQ PXFKDV GLILFXOWDGHV SDUD HQFRQWUDU ILQDQFLDFLyQLWDOLDQD
ILQDQFLDFLyQ
$GHPiVODPHMRUDGHOPDUFRLQVWLWXFLRQDO\GHORV
(QWUH WDQWR ORV IHUURFDUULOHV GH 0DODZL VH WUiPLWHVEXURFUiWLFRVFRQWULEX\HDDSURYHFKDUPHMRU
DGMXGLFDURQ HQ UpJLPHQ GH FRQFHVLyQ HQ  \ ODV SRVLELOLGDGHV GH ORV FRUUHGRUHV H[LVWHQWHV WDO
UHVXOWy JDQDGRU &($5 XQ RSHUDGRU HQWUH FX\RV FRPR PXHVWUD HO SUR\HFWR SLORWR GH DVLVWHQFLD
DFFLRQLVWDV ILJXUDEDQ ORV GH OD HPSUHVD FRQMXQWD WpFQLFDHPSUHQGLGRSRUOD81&7$'HQHOFRUUHGRU
PR]DPELTXHxD &($5WDPELpQ VH KDUtD FDUJR 7UDQV&DSULYLTXHXQHODEDKtDGH:DOYLV 1DPLELD 
GXUDQWHDxRVGHODUHGIHUURYLDULDGHNPGH FRQ/XVDND =DPELD 
0DODZL GRQGH KD\ XQ PRYLPLHQWR GH SDVDMHURV \
PHUFDQFtDV FRPEXVWLEOHV PDt] FHPHQWR HWF  D ) (/75$163257($e5(2
ORV PHUFDGRV SULQFLSDOHV GH /LORQJZH \ %ODQW\UH
/RVLQYHUVRUHVVHSHUFDWDURQGHTXHHOSRWHQFLDOGH (OWUDQVSRUWHDpUHRGHVHPSHxDXQSDSHOLPSRUWDQWH
HVD UHG HUD JUDQGH \D TXH SXHGH VHUYLU SDUD HQODFRPSHWLWLYLGDGGHODVPHUFDQFtDVDIULFDQDVHQ

 (OWUDQVSRUWHPDUtWLPRHQ

ORV PHUFDGRV PXQGLDOHV (Q  ORV  FRQHODxRDQWHULRU(QDHURSXHUWRVVHUHJLVWUyXQ


DHURSXHUWRV DIULFDQRV GRQGH VH FDUJDQ \ GHVFDUJDQ FUHFLPLHQWRGHOWUiILFRGHGRVGtJLWRVORTXHHVXQD
PHUFDQFtDVPDQHMDURQGHORUGHQGHPLOORQHVGH LQGLFDFLyQ GHO GLQDPLVPR GH HVH WUiILFR (O
WRQHODGDV OR TXH HTXLYDOH DO  GH WRGDV ODV DHURSXHUWR GH -RKDQQHVEXUJR VH FRORFy HQ SULPHU
PHUFDQFtDVTXHGLVFXUUHQSRUDHURSXHUWRVHQWRGRHO SXHVWRFRQWGHPHUFDQFtDVSHURVXWUiILFR
PXQGR DXPHQWy VyOR HQ XQ PRGHVWR  (XURSD HV HO
SULQFLSDO VRFLR FRPHUFLDO GH HVH FRPHUFLR FRQ
(Q HO FXDGUR  ILJXUDQ ORV  SULQFLSDOHV DOUHGHGRU GHO  GH ORV HQYtRV WRWDOHV GHVGH OD
DHURSXHUWRV DIULFDQRV HQ  \ OD WDVD GH UHJLyQRFRQGHVWLQRDHOOD\VHSUHYpVXH[SDQVLyQ
FUHFLPLHQWR GH FDUJD PDQLSXODGD HQ FRPSDUDFLyQ DUDt]GHODDPSOLDFLyQGHOD8(

&XDGUR

3ULQFLSDOHVDHURSXHUWRVDIULFDQRVGHFDUJD

)OHWHHQWRQHODGDV ,QFUHPHQWRSRUFHQWXDO
3RVLFLyQ $HURSXHUWR
HQ GHVGHHODxRDQWHULRU
 -RKDQQHVEXUJR  
 (O&DLUR  
 1DLUREL  
 .LQVKDVD  
 /DJRV  
 (QWHEEH  
 &DVDEODQFD  
 $FFUD  
 %UD]]DYLOOH  
 6W'HQLV  
 $GGLV$EHED  
 $UJHO  
 7~QH]  
 'DNDU  
 /XVDND  
 0ZDQ]D  
 /XDQGD  
 $QWDQDQDULYR  
 /LEUHYLOOH  
 'DUHV6DODDP  

)XHQWH&RQVHMR,QWHUQDFLRQDOGH$HURSXHUWRV ZZZDLUSRUWVRUJ 

*/26&26726'(/75$163257(<68 ODV HFRQRPtDV HQ GHVDUUROOR \ TXH FDVL WULSOLFD OD


3(62(1/248(6(3$*$325/$6 PHGLDPXQGLDO
,03257$&,21(6
(O SURPHGLR UHJLRQDO RFXOWD GLIHUHQFLDV HQWUH ODV
(OIDFWRUGHOFRVWRHQHOFRPHUFLRGHLPSRUWDFLyQ ]RQDV FRPHUFLDOHV (O IDFWRU GHO FRVWR SDUD HO
FRPHUFLRGHLPSRUWDFLyQGHORVSDtVHVGHOQRUWHGH
(Q HO FXDGUR  ILJXUDQ HVWLPDFLRQHV GH ORV SDJRV ÈIULFDHVHOPiVEDMRFRQVHJXLGRSRUHOGH
SRU HO WUDQVSRUWH GH ODV LPSRUWDFLRQHV DVt FRPR OD ORVSDtVHVGHÈIULFDPHULGLRQDO\ÈIULFDFHQWUDOFRQ
FXDQWtDGHHVRVSDJRVHQSRUFHQWDMHGHOYDORUWRWDO  \  UHVSHFWLYDPHQWH /RV SDtVHV GH ÈIULFD
GH ODV LPSRUWDFLRQHV HO OODPDGR IDFWRU GHO FRVWR R RFFLGHQWDO \ GHO &XHUQR GH ÈIULFD \ GH ÈIULFD
GHOIOHWHSDUDYDULRVJUXSRVGHSDtVHV(QWDO RULHQWDO UHJLVWUDURQ  \  UHVSHFWLYDPHQWH
SRUFHQWDMHHQORVSDtVHVHQGHVDUUROORGHÈIULFDIXH (QHOFRQMXQWRGHÈIULFDVXEVDKDULDQDHVHIDFWRUVH
GHOPX\SRUHQFLPDGHODPHGLDGHOGH FLIUyHQ


 9,,([DPHQGHORDFRQWHFLGRHQODVUHJLRQHVHOÈIULFDVXEVDKDULDQD 

&XDGUR

(VWLPDFLyQGHOFRVWRWRWDOGHOWUDQVSRUWHGHODVLPSRUWDFLRQHVGHORVSDtVHVDIULFDQRVHQ
(QPLOHVGHPLOORQHVGHGyODUHV 

(VWLPDFLyQGHO &RVWRGHOWUDQVSRUWH
9DORUGHODV
FRVWRWRWDOGHO HQSRUFHQWDMHGHO
$xR  *UXSRGHSDtVHV LPSRUWDFLRQHV
WUDQVSRUWHGHODV YDORUGHODV
FLI 
LPSRUWDFLRQHV LPSRUWDFLRQHV
 7RWDOPXQGLDO   
 (FRQRPtDVGHVDUUROODGDV   
 (FRQRPtDVHQGHVDUUROOR
GHODVFXDOHVHQ   
 ÈIULFD   
 GHODFXDOHQ   
 1RUWHGHÈIULFD   
 ÈIULFDPHULGLRQDO   
 ÈIULFDRFFLGHQWDO   
 &XHUQRGHÈIULFD\ÈIULFDRULHQWDO   
 ÈIULFDFHQWUDO   
 ÈIULFDVXEVDKDULDQD   

)XHQWH(OYDORUGHODVLPSRUWDFLRQHVVHEDVDHQGDWRVGHO+DQGERRNRI6WDWLVWLFV FXDGUR GHOD81&7$'HOFRVWRGHO


WUDQVSRUWH\GHOVHJXURVRQGDWRVGHO%DODQFHRI3D\PHQWV6WDWLVWLFVRQ&'520 HQHURGH GHO)0,HOIDFWRUGHOFRVWRVH
HVWLPDFRPRXQSURPHGLRSRQGHUDGREDVDGRHQHOWDPDxRGHODVHFRQRPtDV(VWHFXDGURQRHVFRPSDUDEOHFRQORVTXHILJXUDQHQ
HGLFLRQHVDQWHULRUHVGH(OWUDQVSRUWHPDUtWLPRHQUD]yQGHORVFDPELRVHQODVIXHQWHV\ODPHWRGRORJtD

)DFWRU GHO FRVWR SDUD HO FRPHUFLR GH LPSRUWDFLyQ FRPR WRGRV ORV GLUHFWRV H LQGLUHFWRV TXH JXDUGDQ
GHDOJXQRVSDtVHVVLQOLWRUDO UHODFLyQ FRQ HO WUDQVSRUWH GH ODV PHUFDQFtDV GHVGH
VX SXQWR GH FDUJD KDVWD VX GHVWLQR (QWUH ORV
/RV SDtVHV HQ GHVDUUROOR VLQ OLWRUDO GH ÈIULFD SULQFLSDOHV HOHPHQWRV TXH H[SOLFDQ ORV HOHYDGRV
VLJXLHURQ VXIULHQGR XQRV FRVWRV GH WUDQVSRUWH FRVWRVGHOWUDQVSRUWHGHORVSDtVHVHQGHVDUUROORVLQ
H[FHVLYRV WDO FRPR LQGLFD HO FXDGUR  (OOR OLWRUDO ILJXUDQ XQRV PHGLRV GH WUDQVSRUWH
LQFUHPHQWDED ORV SUHFLRV DO FRQVXPR GH ORV ELHQHV LQHILFLHQWHV \ VX JHVWLyQ XQ FRPHUFLR
LPSRUWDGRV \ HQ HO FDVR GH ODV H[SRUWDFLRQHV GHVHTXLOLEUDGR LQIUDHVWUXFWXUDV LQDGHFXDGDV HQ
PHQRVFDEDED VX FRPSHWLWLYLGDG HQ ORV PHUFDGRV JHQHUDO \ XQDV GLVSRVLFLRQHV RILFLDOHV LQHILFDFHV R
H[WHULRUHV /RV FRVWRV GHO WUDQVSRUWH VH GHILQHQ HQJRUURVDV
&XDGUR

(VWLPDFLyQGHOFRVWRGHOWUDQVSRUWHGHODVLPSRUWDFLRQHVGHDOJXQRVSDtVHV
VLQOLWRUDOGHÈIULFDHQORVDxRVTXHVHLQGLFD
(QPLOORQHVGHGyODUHV 

(VWLPDFLyQGHOFRVWR &RVWRGHOWUDQVSRUWHHQ
9DORUGHODV
$xR  *UXSRGHSDtVHV WRWDOGHOWUDQVSRUWHGHODV SRUFHQWDMHGHOYDORUGH
LPSRUWDFLRQHV FLI 
LPSRUWDFLRQHV ODVLPSRUWDFLRQHV
 ÈIULFDPHULGLRQDO   
 0DODZL   
 =DPELD   
 ÈIULFDRFFLGHQWDO   
 %XUNLQD)DVR   
 0DOt   
 1tJHU   
 ÈIULFDRULHQWDO   
 %XUXQGL   
 5ZDQGD   
 8JDQGD   

)XHQWH(OYDORUGHODVLPSRUWDFLRQHVVHEDVDHQGDWRVGHO+DQGERRNRI6WDWLVWLFV FXDGUR GHOD81&7$'HOFRVWRGHOWUDQVSRUWH\GHO


VHJXURVRQGDWRVGHO%DODQFHRI3D\PHQWV6WDWLVWLFVRQ&'520 HQHURGH GHO)0,(VWHFXDGURQRHVFRPSDUDEOHFRQORVTXHILJXUDQHQ
HGLFLRQHVDQWHULRUHVGH(OWUDQVSRUWHPDUtWLPRHQUD]yQGHORVFDPELRVHQODVIXHQWHV\ODPHWRGRORJtD

 (OWUDQVSRUWHPDUtWLPRHQ

1RWDV

/RVWRWDOHVTXHILJXUDQHQ %36WDWLVWLFDO5HYLHZRI:RUOG(QHUJ\MXQLRGHFRPSUHQGHQSHWUyOHRFUXGR
HVTXLVWRVDUHQDVSHWUROtIHUDV\OtTXLGRVGHOJDVQDWXUDO /*1 HVGHFLUHOFRQWHQLGROLTXLGRGHOJDVQDWXUDOFXDQGRVH
UHFXSHUDSRUVHSDUDGR

0HGLGRDž&\PLOLEDUHV

9pDVHZZZYKVVGHHQJOLVKKD[WKPO

 (O WH[WR \ ORV DQH[RV HVWiQ GLVSRQLEOHV HQ OD SiJLQD ZHE GH OD 20& HQ ZZZZWRRUJVSDQLVKWUDWRSBHGGDBH
GUDIWBWH[WBJFBGJBMXO\BHKWP3DUDLQIRUPDFLyQPiVGHWDOODGD\SDUDORVHQODFHVFRQODVSURSXHVWDVYpDVHHOWHPD
FRQH[RHQ*OREDO)DFLOLWDWLRQ3DUWQHUVKLS $VRFLDFLyQPXQGLDOSDUDODIDFLOLWDFLyQ ZZZJISWWRUJWRSLFVZWR

717):

717):

717):

717):

717):

717):

717):

717):

717):

717):

717):

717):

 9pDVH KWWSZZZZWRRUJVSDQLVKWKHZWRBHPLQLVWBHPLQBHILQDOBWH[WBHKWPWUDGID SDUD OD 'HFODUDFLyQ
0LQLVWHULDO

9pDQVHHQSDUWLFXODUODVSURSXHVWDV717):717):\717):

 717): GLVSRQLEOH HQ OD SiJLQD ZHE GH OD 20& HQ  KWWSGRFVRQOLQHZWRRUJ'')'RFXPHQWV
WWQ7):GRF

9pDVHWDPELpQHOSURJUDPDGHVHPLQDULRV\RWURVHYHQWRVHQZZZJISWWRUJ

/D&RQIHUHQFLDVHFHOHEUyHQ7RNLRORVGtDV\GHHQHURGH6XSURSyVLWRHUDLQWHUFDPELDURSLQLRQHVH
LQIRUPDFLyQVREUHODVHJXULGDGGHOWUDQVSRUWHLQWHUQDFLRQDODpUHRWHUUHVWUH\ PDUtWLPR\GLVFXWLUTXpDVSHFWRVKDEUtD
TXH DERUGDU GH XQ PRGR LQWHUQDFLRQDOPHQWH FRRUGLQDGR \ FRRSHUDWLYR 3DUD PiV LQIRUPDFLyQ YpDVH
KWWSZZZPOLWJRMSHQJOLVK

3DUDPiVGHWDOOHVYpDVH0LQLVWHULDO6WDWHPHQWRQ6HFXULW\LQ,QWHUQDWLRQDO0DULWLPH7UDQVSRUW

/DUHIHUHQFLDVHUHILHUHDODVHQPLHQGDVDO&RQYHQLRSDUDODVHJXULGDGGHODYLGDKXPDQDHQHOPDU 62/$6 
TXH VH DSUREDURQ HQ  3DUD PiV LQIRUPDFLyQ YpDVH OD SiJLQD ZHE GH OD 20, HQ ZZZLPRRUJ 9pDVH WDPELpQ
(OWUDQVSRUWHPDUtWLPRHQGHOD81&7$'SiJ

3DUDPiVLQIRUPDFLyQYpDVHZZZZFRRPGRUJ

 (Q HVD IHFKD OD 20$ WHQtD  (VWDGRV PLHPEURV &XDGR VH HVFULEHQ HVWDV OtQHDV HVH Q~PHUR KDEtD DXPHQWDGR
D

 1RWDV 


 &RQYHQLR ,QWHUQDFLRQDO SDUD OD VLPSOLILFDFLyQ \ DUPRQL]DFLyQ GH ORV SURFHGLPLHQWRV DGXDQHURV UHYLVDGR  MXQLR
GH

9pDVHHOGLVFXUVRGHO6HFUHWDULR*HQHUDO$GMXQWRGHOD20$HQOD&RQIHUHQFLDGHOD2UJDQL]DFLyQGH'LUHFWRUHV
GH$GXDQDVGHOD5HJLyQ$VLD3DFtILFRFHOHEUDGDHOGHDEULOGHHQ%HLMLQJ &KLQD  ZZZZFRRPGRUJ 

 &RPXQLFDFLyQ GH OD &RPLVLyQ DO &RQVHMR DO 3DUODPHQWR (XURSHR DO &RPLWp (FRQyPLFR \ 6RFLDO (XURSHR \ DO
&RPLWpGHODV5HJLRQHVUHODWLYDDODPHMRUDGHODVHJXULGDGGHODFDGHQDGHVXPLQLVWUR 3URSXHVWDGH5HJODPHQWRGHO
3DUODPHQWR(XURSHR\GHO&RQVHMRUHODWLYRDODPHMRUDGHODVHJXULGDGGHODFDGHQDGHVXPLQLVWUR&20  
GHIHEUHURGH

9pDVH0HMRUDGHODSURWHFFLyQHQFRODERUDFLyQFRQOD2UJDQL]DFLyQ0XQGLDOGH$GXDQDV 20$ 06&GH
IHEUHURGH9pDVHWDPELpQ0HGLGDVSDUDLQFUHPHQWDUODSURWHFFLyQPDUtWLPD,QIRUPHGHO*UXSRGH7UDEDMRVREUH
6HJXULGDG0DUtWLPD SDUWH, 06&:3GHGHPD\RGH(O&RPLWpGH6HJXULGDG0DUtWLPD &60 HQVX
žSHUtRGRGHVHVLRQHVFHOHEUDGRHQPD\RGHH[DPLQyHOWUDQVSRUWHGHXQLGDGHVFHUUDGDV\GHFRQWHQHGRUHVGH
FDUJDWUDQVSRUWDGRVSRUEXTXHV\UHPLWLyHODVXQWRDO*UXSRGH7UDEDMRVREUHODLQWHUDFFLyQHQWUHEXTXH\SXHUWRGHO
&RPLWpGH)DFLOLWDFLyQSDUDXQH[DPHQPiVGHWHQLGRLQFOXLGRHOGHVDUUROORGHHQPLHQGDVDO&RQYHQLR62/$6

 3DUD XQ YLVLyQ JHQHUDO GH ODV UHVSRQVDELOLGDGHV GH JRELHUQRV LQVWDODFLRQHV SRUWXDULDV \ QDYLHURV \ DUPDGRUHV HQ
YLUWXG GHO &yGLJR YpDVH 81&7$' &RQWDLQHU 6HFXULW\ 0DMRU ,QLWLDWLYHV DQG 5HODWHG ,QWHUQDWLRQDO 'HYHORSPHQWV
81&7$'6'7(7/%SiUUVD9pDVHWDPELpQ(OWUDQVSRUWHPDUtWLPRHQSiJ

 /DV FLUFXODUHV GHO &60 HVWiQ GLVSRQLEOHV HQ OD SiJLQD ZHE GH DO 20, ZZZLPRRUJ  9pDVH WDPELpQ 81&7$'
(OWUDQVSRUWHPDUtWLPRHQSiJ

(QWUHRWUDVFLUFXODUHVDGRSWDGDVILJXUDQ06&&LUF'LUHFWULFHVVREUHIRUPDFLyQ\WLWXODFLyQGHORVRILFLDOHV
GH SURWHFFLyQ GH OD LQVWDODFLyQ SRUWXDULD 06&&LUF 2ULHQWDFLRQHV VREUH OD SURYLVLyQ GH LQIRUPDFLyQ SDUD
LGHQWLILFDUDORVEXTXHVDOWUDQVPLWLUDOHUWDVGHSURWHFFLyQGHOEXTXH06&&LUF3ODQSURYLVLRQDOSDUDTXHORV
EXTXHV SDUD ILQHV HVSHFLDOHV FXPSODQ ODV PHGLGDV HVSHFLDOHV SDUD LQFUHPHQWDU OD SURWHFFLyQ PDUtWLPD \
06&&LUF 5HFRUGDWRULRDGLFLRQDOGHODREOLJDFLyQGHQRWLILFDUDORV(VWDGRVGHDEDQGHUDPLHQWRODVPHGLGDV
GHFRQWURO\FXPSOLPLHQWR8QDOLVWDFRPSOHWDGHWRGDVODVFLUFXODUHVSHUWLQHQWHVILJXUDHQ06&&LUF

(VWDFLUFXODUHVXQDYHUVLyQUHYLVDGDGH06&&LUF

/DLQIRUPDFLyQVREUHORVUHVXOWDGRVGHRWUDHQFXHVWDKHFKDSRUOD)HGHUDFLyQ,QWHUQDFLRQDOGHORV7UDEDMDGRUHVGHO
7UDQVSRUWH ),77 GRQGHVHVHxDODDODDWHQFLyQGHO&60HQWUHRWURVSUREOHPDVHQFRQWUDGRVSRUSHUVRQDOQDYHJDQWH
SDUDREWHQHUSHUPLVRVHQSXHUWRDUDt]GHODDSOLFDFLyQGHO&yGLJR3%,3SXHGHHQFRQWUDUVHHQHOGRFXPHQWRGHOD20,
06&TXHVHSUHVHQWySDUDVXH[DPHQHQHOžSHUtRGRGHVHVLRQHVGHO&60 DGHPD\RGH 

&DStWXOR9GH62/$6

 /D FXHVWLyQ GH OD /5,7 KD VLGR HVWXGLDGD SRU HO &RPLWp GH 6HJXULGDG 0DUtWLPR &60  \ SRU HO 6XEFRPLWp GH
UDGLRFRPXQLFDFLRQHV \ GH E~VTXHGD \ VDOYDPHQWR &206$5  3DUD PD\RU LQIRUPDFLyQ YpDVH PiV UHFLHQWHPHQWH HO
,QIRUPHGHO&206$5SDUDHO&RPLWpGH6HJXULGDG0DUtWLPD &206$5VHFFLyQGHOTXHWDPELpQILJXUDXQ
H[WUDFWRHQHOGRFXPHQWR06&$GG\DQH[RV\ \ 0HGLGDVSDUDLQFUHPHQWDUODSURWHFFLyQPDUtWLPD
,QIRUPHGHO*UXSRGH7UDEDMRVREUH6HJXULGDG0DUtWLPD SDUWH,, 06&:3$GG9pDVHWDPELpQODSiJLQDZHE
GHOD20, ZZZLPRRUJ 

5HVROXFLRQHV06&  06&  \06&  

1yWHVHTXHVHKDLQVLVWLGRHQTXHODUHJODPHQWDFLyQQRFUHDEDRHVWDEOHFtDQLQJ~QGHUHFKRQXHYRGHORV(VWDGRVHQ
UHODFLyQ FRQ ORV EXTXHV TXH QR IXHUDQ ORV TXH \D H[LVWtDQ HQ HO iPELWR GHO GHUHFKR LQWHUQDFLRQDO YpDVH OD QRWD GHO
6HFUHWDULR*HQHUDOSDUDVXH[DPHQSRUHO&RQVHMRHQVXžSHUtRGRGHVHVLRQHVGRFXPHQWR&$GGGHGH
PD\RGH

6LELHQHQODIDVHDFWXDOQRHVWiWRGDYtDFODURFXiOVHUiHOFRVWRSDUDORV(VWDGRVTXHTXLHUDQUHFLELULQIRUPDFLyQGHO
VLVWHPD /5,7 VH HQFRQWUDUi XQD UHIHUHQFLD D ORV GLYHUVRV JUDYiPHQHV SUREDEOHV HQ &206$5  06&
$GG HQHOSiUU

3DUDXQSDQRUDPDJHQHUDOGHRWUDVHQPLHQGDVD62/$6\GHORVFyGLJRVREOLJDWRULRV\ODVSDXWDVDGRSWDGRVSRUHO
&60HQVXžSHUtRGRGHVHVLRQHVGHPD\RGHYpDVHODSiJLQDZHEGHOD20, ZZZLPRRUJ 


 (OWUDQVSRUWHPDUtWLPRHQ


&RQYHQLRSDUDODUHSUHVLyQGHDFWRVLOtFLWRVFRQWUDODVHJXULGDGGHODQDYHJDFLyQPDUtWLPD &RQYHQLR68$ 

3URWRFRORSDUDODUHSUHVLyQGHDFWRVLOtFLWRVFRQWUDODVHJXULGDGGHODVSODWDIRUPDVILMDVHPSOD]DGDVHQODSODWDIRUPD
FRQWLQHQWDO 3URWRFROR68$ 

 3URWRFROR GH  GHO &RQYHQLR SDUD OD UHSUHVLyQ GH DFWRV LOtFLWRV FRQWUD OD VHJXULGDG GH OD QDYHJDFLyQ PDUtWLPD
 &RQYHQLR68$ \3URWRFRORGHDO3URWRFRORSDUDODUHSUHVLyQGHDFWRVLOtFLWRVFRQWUDODVHJXULGDGGHODV
SODWDIRUPDVILMDVHPSOD]DGDVHQODSODWDIRUPDFRQWLQHQWDO 3URWRFROR68$ 

3DUDPiVLQIRUPDFLyQYpDVHODSiJLQDZHEGHOD20,ZZZLPRRUJ

(O3URWRFRORGHTXHPRGLILFDHO&RQYHQLR68$UHTXLHUHVXDGRSFLyQSRU(VWDGRVPLHPEURVSDUDHQWUDUHQ
YLJRU(O3URWRFRORGHDO3URWRFROR68$UHTXLHUHODDGRSFLyQSRUVyOR(VWDGRVPLHPEURVSHURVXHQWUDGDHQ
YLJRUHVWiFRQGLFLRQDGDDTXHHQWUHQHQYLJRUODVHQPLHQGDVDO&RQYHQLR68$

&RQYLHQHVHxDODUTXHHO*UXSRGH7UDEDMRPL[WRHVSHFLDOGHH[SHUWRV20,2,7VREUHHOWUDWRMXVWRGHODJHQWHGHPDU
TXH VH UHXQLy GHO  DO  GH PDU]R GH   KD DGRSWDGR XQ SUR\HFWR GH UHVROXFLyQ FRQ GLUHFWULFHV VREUH HO WUDWR
HTXLWDWLYRGHODJHQWHGHPDUTXHVHREVHUYDUiHQFDVRGHDFFLGHQWHPDUtWLPR(VDVGLUHFWULFHVIXHURQDSUREDGDVSRUHO
&RPLWp-XUtGLFRGHOD20,HQVXžSHUtRGRGHVHVLRQHVGHPD\RGH\VHWUDQVPLWLyDO&RQVHMRGH$GPLQLVWUDFLyQ
GH OD 2,7 SDUD VX H[DPHQ \ DSUREDFLyQ PiV DGHODQWH HQ HVH DxR (O REMHWLYR GH HVDV GLUHFWULFHV HV DVHJXUDU D ORV
WUDEDMDGRUHV GHO PDU XQ WUDWR MXVWR HQ FDVR GH DFFLGHQWH PDUtWLPR \ GXUDQWH XQD LQYHVWLJDFLyQ \ GHWHQFLyQ SRU ODV
DXWRULGDGHVS~EOLFDV\TXHODGHWHQFLyQGHMHGHVHUQHFHVDULD3DUDHOWH[WRGHODVGLUHFWULFHVYpDVHHOGRFXPHQWRGHOD
20,/(*GHGHPD\RGH

3DUDODVGHILQLFLRQHV\HOiPELWRGHDSOLFDFLyQYpDVHHODUWtFXOR,,GHO&RQYHQLReVWHVHDSOLFDUiDWRGRVORVEXTXHV
TXHVHGHGLTXHQDDFWLYLGDGHVFRPHUFLDOHVFRQH[FHSFLyQGHORVEXTXHVGHGLFDGRVDODSHVFD\GHODVHPEDUFDFLRQHVGH
FRQVWUXFFLyQ WUDGLFLRQDO FRPR ORV GKRZV \ ORV MXQFRV  /D GHILQLFLyQ GH EXTXH WDPELpQ H[FOX\H D DTXHOORV TXH
QDYHJDQH[FOXVLYDPHQWHHQDJXDVLQWHULRUHVRHQDJXDVVLWXDGDVGHQWURGHRHQODVLQPHGLDFLRQHVGHDJXDVDEULJDGDVR
GH]RQDVHQODVTXHULMDQUHJODPHQWDFLRQHVSRUWXDULDV(O&RQYHQLRVHDSOLFDDWRGDSHUVRQDHPSOHDGDRFRQWUDWDGDR
TXHWUDEDMHHQFXDOTXLHUSXHVWRDERUGRGHXQEXTXHDOTXHVHDSOLTXHHOSUHVHQWH&RQYHQLR

 9pDVH &RQIHUHQFLD ,QWHUQDFLRQDO GHO 7UDEDMR ž SHUtRGR GH VHVLRQHV PDUtWLPR   ,QIRUPH ,, ,QIRUPH GHO
'LUHFWRU*HQHUDOVREUHORVDFRQWHFLPLHQWRVHQHOVHFWRUPDUtWLPRSiJ

 &RQIHUHQFLD ,QWHUQDFLRQDO GHO 7UDEDMR ž SHUtRGR GH VHVLRQHV PDUtWLPR   ,QIRUPH , %  3URSXHVWD GH
&RQYHQLRUHIXQGLGRVREUHHOWUDEDMRPDUtWLPRSiJ

$UWtFXOR,9 GHO&RQYHQLR

([LVWHQVLQHPEDUJRGRVHVIHUDVSULQFLSDOHVVREUHIOH[LELOLGDGHQODDSOLFDFLyQYpDVHHODUWtFXOR9, \ GRQGHVH
GLFH TXH SRGUiQ DSOLFDUVH ORV UHTXLVLWRV GHWDOODGRV HQ OD SDUWH $ GHO &yGLJR PHGLDQWH PHGLGDV VXVWDQFLDOPHQWH
HTXLYDOHQWHV D ODV TXH VH GHILQHQ 9pDVH WDPELpQ OD QRWD H[SOLFDWLYD D ODV 5HJODV \ HO &yGLJR &RQIHUHQFLD
,QWHUQDFLRQDOGHO7UDEDMRžSHUtRGRGHVHVLRQHV PDUtWLPR ,QIRUPH, %  3URSXHVWDGH&RQYHQLRUHIXQGLGR
GHO&RQYHQLRVREUHHOWUDEDMRPDUtWLPRSiJ

$UWtFXOR9 GHO&RQYHQLR9pDVHWDPELpQOD5HJOD ,QVSHFFLyQ\FRQWUROGHODDSOLFDFLyQ 

$UWtFXOR9 GHO&RQYHQLR

9pDVHHOFRPXQLFDGRGHSUHQVDGHOD2,7,/2GHGHIHEUHURGH


 $QH[R,&ODVLILFDFLyQGHORVSDtVHV\WHUULWRULRV 

$QH[R,

&ODVLILFDFLyQGHORVSDtVHV\WHUULWRULRVDEFG

*UXSR &DQDGi (VWDGRV8QLGRV

*UXSR $OHPDQLD ,VUDHO


 $XVWULD ,WDOLD
 %pOJLFD /X[HPEXUJR
 'LQDPDUFD 0yQDFR
 (VSDxD 1RUXHJD
 )LQODQGLD 3DtVHV%DMRV
 )UDQFLD 3RUWXJDO
 *LEUDOWDU 5HLQR8QLGRGH*UDQ%UHWDxDH,UODQGD
*UHFLD GHO1RUWH
 ,UODQGD 6XHFLD
 ,VODQGLD 6XL]D
 ,VODV)HURH 7XUTXtD

*UXSR -DSyQ 

*UXSR $XVWUDOLD 1XHYD=HODQGLD

*UXSR 6XGiIULFD 

*UXSR $OEDQLD .LUJXLVWiQ


 $UPHQLD /HWRQLD
 $]HUEDL\iQ /LWXDQLD
 %HODU~V 3RORQLD
 %XOJDULD 5HS~EOLFD&KHFD
 (VORYDTXLD 5HS~EOLFDGH0ROGRYD
 (VWRQLD 5XPDQLD
 )HGHUDFLyQGH5XVLD 7D\LNLVWiQ
 *HRUJLD 7XUNPHQLVWiQ
 +XQJUtD 8FUDQLD
 .D]DMDVWiQ 8]EHNLVWiQ

*UXSR &KLQD 9LHW1DP


 5HS~EOLFD3RSXODU'HPRFUiWLFD 
GH&RUHD

*UXSR ÈIULFDGHO1RUWH 
 $UJHOLD 0DUUXHFRV
 (JLSWR 7~QH]
 -DPDKLUL\DÈUDEH/LELD 


 (OWUDQVSRUWHPDUtWLPRHQ

$QH[R, FRQWLQXDFLyQ 

*UXSR ÈIULFDRFFLGHQWDO 
 $QJROD *XLQHD(FXDWRULDO
 %HQLQ /LEHULD
 %XUNLQD)DVR 0DOt
 &DER9HUGH 0DXULWDQLD
 &DPHU~Q 1LJHULD
 &RQJR 5HS~EOLFD'HPRFUiWLFDGHO&RQJR
 &{WHG¶,YRLUH 6DQWD(OHQD
 *DEyQ 6DQWR7RPp\3UtQFLSH
 *DPELD 6HQHJDO
 *KDQD 6LHUUD/HRQD
 *XLQHD 7RJR
 *XLQHD%LVVDX 

*UXSR ÈIULFDRULHQWDO 
 %XUXQGL 0R]DPELTXH
 &RPRUDV 5HS~EOLFD8QLGDGH7DQ]DQtD
 'MLERXWL 5HXQLyQ
 (ULWUHD 6H\FKHOOHV
 (WLRStD 6RPDOLD
 .HQ\D 6XGiQ
 0DGDJDVFDU 8JDQGD
 0DODZL =DPELD
 0DXULFLR 

*UXSR &DULEH\$PpULFDGHO1RUWH 
 $QJXLOD ,VODV7XUFDV\&DLFRV
 $QWLJXD\%DUEXGD ,VODV9tUJHQHV (VWDGRV8QLGRV 
 $UXED ,VODV9tUJHQHV 5HLQR8QLGR 
 %DKDPDV -DPDLFD
 %DUEDGRV 0DUWLQLFD
 %HUPXGDV 0RQWVHUUDW
 &XED 5HS~EOLFD'RPLQLFDQD
 'RPLQLFD 6DLQW.LWWV\1HYLV
 *UDQDGD 6DQ3HGUR\0LTXHOyQ
 *URHQODQGLD 6DQWD/XFtD
 *XDGDOXSH 6DQ9LFHQWH\ODV*UDQDGLQDV
 +DLWt 7ULQLGDG\7DEDJR
 ,VODV&DLPiQ 

*UXSR &HQWURDPpULFD 
 %HOLFH +RQGXUDV
 &RVWD5LFD 0p[LFR
 (O6DOYDGRU 1LFDUDJXD
 *XDWHPDOD 3DQDPi


 $QH[R,&ODVLILFDFLyQGHORVSDtVHV\WHUULWRULRV 

$QH[R, FRQWLQXDFLyQ 

*UXSR $PpULFDGHO6XU&RVWDVHSWHQWULRQDO 
 $QWLOODVKRODQGHVDV 6XULQDPH
 *XD\DQD 9HQH]XHOD
 *X\DQDIUDQFHVD 

*UXSR $PpULFDGHO6XU&RVWDRFFLGHQWDO 
 &KLOH (FXDGRU
 &RORPELD 3HU~

*UXSR $PpULFDGHO6XU&RVWDRULHQWDO 
 $UJHQWLQD ,VODV0DOYLQDV )DONODQG H
 %ROLYLD 3DUDJXD\
 %UDVLO 8UXJXD\

*UXSR $VLDRFFLGHQWDO 
 $UDELD6DXGLWD .XZDLW
 %DKUHLQ /tEDQR
 &KLSUH 2PiQ
 (PLUDWRVÈUDEHV8QLGRV 4DWDU
 ,UiQ5HS~EOLFD,VOiPLFDGHO 5HS~EOLFDÈUDEH6LULD
 ,UDT <HPHQ
 -RUGDQLD 

*UXSR $VLDPHULGLRQDO\RULHQWDO 
 %DQJODGHVK 0DODVLD
 %KXWiQ 0DOGLYDV
 %UXQHL'DUXVVDODP 0\DQPDU
 &DPER\D 3DNLVWiQ
 )LOLSLQDV 5HS~EOLFDGH&RUHD
 +RQJ.RQJ &KLQD  6LQJDSXU
 ,QGLD 6UL/DQND
 ,QGRQHVLD 7DLODQGLD
 0DFDR &KLQD  

*UXSR %RVQLD\+HU]HJRYLQD 0DOWD


 &URDFLD 0RQWHQHJUR
 (VORYHQLD 6HUELD
 ([5HS~EOLFD<XJRVODYDGH0DFHGRQLD 

*UXSR )LML 3DSXD1XHYD*XLQHD


 *XDP 3ROLQHVLDIUDQFHVD
 ,VOD&KULVWPDV $XVWUDOLD  6DPRD
 ,VODV6DORPyQ 6DPRDDPHULFDQD
 ,VOD:DNH 7RQJD
 .LULEDWL 7XYDOX
 1DXUX 9DQXDWX
 1XHYD&DOHGRQLD 


 (OWUDQVSRUWHPDUtWLPRHQ

1RWDV
D
 (VWD FODVLILFDFLyQ KD VLGR HVWDEOHFLGD VyOR D HIHFWRV HVWDGtVWLFRV \ QR LPSOLFD MXLFLR DOJXQR DFHUFD GHO QLYHO GH
GHVDUUROORQLGHODVLWXDFLyQSROtWLFDGHQLQJ~QSDtVRWHUULWRULR
E
3DUDODSUHVHQWDFLyQGHODVHVWDGtVWLFDVVHKDQXWLOL]DGRORVJUXSRVVLJXLHQWHVGHSDtVHV\WHUULWRULRV

3DtVHVGHVDUUROODGRVGHHFRQRPtDGHPHUFDGR*UXSRV\
3DtVHVGH(XURSDFHQWUDO\RULHQWDO\5HS~EOLFDVGHODH[8QLyQ6RYLpWLFD*UXSR
3DtVHVVRFLDOLVWDVGH$VLD*UXSR
3DtVHV\WHUULWRULRVHQGHVDUUROOR*UXSRV\

GHHOORV

HQÈIULFD*UXSRV\
HQ$PpULFD*UXSRV\
HQ$VLD*UXSRV\
HQ(XURSD*UXSR
HQ2FHDQtD*UXSR
F
(QDOJXQRVFXDGURVFXDQGRSURFHGHORVSDtVHVGHOLEUHPDWUtFXODILJXUDQHQXQJUXSRVHSDUDGR(VHJUXSRFRPSUHQGH
%DKDPDV%HUPXGDV&KLSUH/LEHULD0DOWD3DQDPi\9DQXDWX
G
/DVHVWDGtVWLFDVGHOWUiILFRVHEDVDQHQGDWRVUHJLVWUDGRVHQORVSXHUWRVGHFDUJD\GHVFDUJD(OWUiILFRSURYHQLHQWHGH
SDtVHVYHFLQRVRFRQGHVWLQRDHOORVVHDWULEX\HDORVSDtVHVHQTXHHVWiQVLWXDGRVORVSXHUWRVSRUHVWHPRWLYRORVSDtVHV
VLQOLWRUDOQRILJXUDQHQHVWRVFXDGURV(QFDPELRORVFXDGURVHVWDGtVWLFRVVREUHODVPDULQDVPHUFDQWHVFRQWLHQHQGDWRV
GHORVSDtVHVVLQOLWRUDOTXHSRVHHQIORWDV
H
/DVREHUDQtDGHODV,VODV0DOYLQDV )DONODQG HVREMHWRGHOLWLJLRHQWUHHO*RELHUQRGHOD$UJHQWLQD\HO*RELHUQRGHO
5HLQR8QLGRGH*UDQ%UHWDxDH,UODQGDGHO1RUWH


 $QH[R,,7UiILFRPDUtWLPRPXQGLDOSRUJUXSRVGHSDtVHV 

$QH[R,,
D
7UiILFRPDUtWLPRPXQGLDO SRUJUXSRVGHSDtVHV\
(QPLOORQHVGHWRQHODGDV 

0HUFDQFtDVFDUJDGDV 7RWDOGH 0HUFDQFtDVGHVFDUJDGDV 7RWDOGH


=RQDE $xR 3HWUyOHR &DUJD PHUFDQFtDV 3HWUyOHR &DUJD PHUFDQFtDV
&UXGR 'HULYDGRVH VHFD FDUJDGDV &UXGR 'HULYDGRVH VHFD GHVFDUJDGDV
3DtVHVGHVDUUROODGRVGHHFRQRPtDGHPHUFDGR
$PpULFDGHO1RUWH         
        
        
        
        
        
        
(XURSD         
        
        
        
        
        
        
-DSyQ         
        
        
        
        
        
        
$XVWUDOLD\1XHYD=HODQGLD         
        
        
        
        
        
        
6XGiIULFD         
        
        
        
        
        
        
7RWDOSDUFLDOGHORV3'(0         
        
        
        
        
        
        
3DtVHVGH(XURSDFHQWUDO\         
RULHQWDOG         
        
        
        
        
        


 (OWUDQVSRUWHPDUtWLPRHQ

$QH[R,, FRQWLQXDFLyQ 

0HUFDQFtDVFDUJDGDV 7RWDOGH 0HUFDQFtDVGHVFDUJDGDV 7RWDOGH


=RQDE $xR 3HWUyOHR &DUJD PHUFDQFtDV 3HWUyOHR &DUJD PHUFDQFtDV
&UXGR 'HULYDGRVH VHFD FDUJDGDV &UXGR 'HULYDGRVH VHFD GHVFDUJDGDV
3DtVHVVRFLDOLVWDVGH$VLDH         
        
        
        
        
        
        
3DtVHV\WHUULWRULRVHQGHVDUUROOR
ÈIULFDGHO1RUWH         
        
        
        
        
        
        
ÈIULFDRFFLGHQWDO         
        
        
        
        
        
        
ÈIULFDRULHQWDO         
        
        
        
        
        
        
7RWDOSDUFLDOGHORVSDtVHVHQ         
GHVDUUROORGHÈIULFD         
        
        
        
        
        
&DULEH$PpULFD&HQWUDO\         
$PpULFDGHO1RUWH         
        
        
        
        
        
$PpULFDGHO6XUFRVWD         
VHSWHQWULRQDO\RULHQWDO         
        
        
        
        
        


 $QH[R,,7UiILFRPDUtWLPRPXQGLDOSRUJUXSRVGHSDtVHV 

$QH[R,, FRQWLQXDFLyQ 

0HUFDQFtDVFDUJDGDV 7RWDOGH 0HUFDQFtDVGHVFDUJDGDV 7RWDOGH


=RQDE $xR 3HWUyOHR &DUJD PHUFDQFtDV 3HWUyOHR &DUJD PHUFDQFtDV
&UXGR 'HULYDGRVH VHFD FDUJDGDV &UXGR 'HULYDGRVH VHFD GHVFDUJDGDV
$PpULFDGHO6XUFRVWD         
RFFLGHQWDO         
        
        
        
        
        
7RWDOSDUFLDOGHORVSDtVHVHQ         
GHVDUUROORGH$PpULFD         
        
        
        
        
        
$VLDRFFLGHQWDO         
        
        
        
        
        
        
$VLDPHULGLRQDO\RULHQWDO QHS          
        
        
        
        
        
        
7RWDOSDUFLDOGHORVSDtVHVHQ         
GHVDUUROORGH$VLD         
        
        
        
        
        
3DtVHVHQGHVDUUROORGH(XURSD I        
I        
        
        
        
        
        
3DtVHVHQGHVDUUROORGH2FHDQtD         
QHS          
     í   
        
        
        
        


 (OWUDQVSRUWHPDUtWLPRHQ

$QH[R,, FRQWLQXDFLyQ 

0HUFDQFtDVFDUJDGDV 7RWDOGH 0HUFDQFtDVGHVFDUJDGDV 7RWDOGH


=RQDE $xR 3HWUyOHR &DUJD PHUFDQFtDV 3HWUyOHR &DUJD PHUFDQFtDV
&UXGR 'HULYDGRVH VHFD FDUJDGDV &UXGR 'HULYDGRVH VHFD GHVFDUJDGDV
7RWDOSDUFLDOGHORVSDtVHVHQ         
GHVDUUROOR         
        
        
        
        
        
7RWDOPXQGLDO         
        
        
        
        
        
        

)XHQWH(VWDGtVWLFDVFRPSLODGDVSRUODVHFUHWDUtDGHOD81&7$'FRQGDWRVIDFLOLWDGRVSRUORVSDtVHVLQIRUPDQWHV\IXHQWHVHVSHFLDOL]DGDV
D
,QFOXLGRHOWUiILFRLQWHUQDFLRQDOGHPHUFDQFtDVFDUJDGDV\GHVFDUJDGDVHQSXHUWRVGHODUHGGHORV*UDQGHV/DJRV\HOUtR6DQ/RUHQ]R
E
(QHO$QH[R,ILJXUDODFRPSRVLFLyQGHORVJUXSRV
F
&RPSUHQGHQ*1/*3/QDIWDJDVROLQDFRPEXVWLEOHGHDYLDFLyQTXHURVHQRSHWUyOHROLJHURIXHOSHVDGR\RWURV
G
,QFOXLGDODH[8566
H
(VWLPDFLRQHV
I
<XJRVODYLDVHFODVLILFyFRPRSDtVHQGHVDUUROORGH(XURSDDSDUWLUGH/RVGDWRVGH\GHHVHSDtVVHLQFOX\HURQHQHOJUXSRGH
3DtVHVGHVDUUROODGRVGHHFRQRPtDGHPHUFDGR(XURSD


 $QH[R,,,D )ORWDVPHUFDQWHVGHOPXQGR HQPLOHVGH75%  

$QH[R,,,D 

)ORWDVPHUFDQWHVGHOPXQGRSRUSDEHOORQHVGHPDWUtFXODDSRUJUXSRV
GHSDtVHV\SRUWLSRVGHEXTXHEDOžGHHQHURGH
(QPLOHVGH75% 

%XTXHVGH
 )ORWDWRWDO 3HWUROHURV *UDQHOHURV &DUJXHURVF 3RUWDFRQWHQHGRUHV
RWURVWLSRV
7RWDOPXQGLDOG      
3DtVHV\WHUULWRULRVGHVDUUROODGRVGHHFRQRPtDGHPHUFDGR
$OHPDQLD      
$XVWUDOLD      
$XVWULD      
%pOJLFD      
&DQDGi      
'LQDPDUFD      
(VSDxD      
(VWDGRV8QLGRV      
)LQODQGLD      
)UDQFLD      
*LEUDOWDU      
*UHFLD      
,UODQGD      
,VODQGLD      
,VUDHO      
,WDOLD      
-DSyQ      
/X[HPEXUJR      
1RUXHJD      
1XHYD=HODQGLD      
3DtVHV%DMRV      
3RUWXJDO      
5HLQR8QLGR      
6XGiIULFD      
6XHFLD      
6XL]D      
7XUTXtD      
7RWDOSDUFLDO      
3ULQFLSDOHVSDtVHV\WHUULWRULRVGHOLEUHPDWUtFXOD
%DKDPDV      
%HUPXGDV      
&KLSUH      
/LEHULD      
0DOWD      
3DQDPi      
7RWDOSDUFLDO      
(XURSDFHQWUDO\RULHQWDO\H[8566
$OEDQLD      
$]HUEDL\iQ      
%XOJDULD      
(VORYDTXLD      
(VWRQLD      
)HGHUDFLyQGH5XVLD      
*HRUJLD      
.D]DMVWiQ      


 (OWUDQVSRUWHPDUtWLPRHQ

$QH[R,,,D  FRQWLQXDFLyQ 

%XTXHVGH
 )ORWDWRWDO 3HWUROHURV *UDQHOHURV &DUJXHURVF 3RUWDFRQWHQHGRUHV
RWURVWLSRV
/HWRQLD      
/LWXDQLD      
3RORQLD      
5XPDQLD      
7XUNPHQLVWiQ      
8FUDQLD      
7RWDOSDUFLDO      
3DtVHVVRFLDOLVWDVGH$VLD
&KLQD      
5HS~EOLFD3RSXODU'HPRFUiWLFDGH
&RUHD      
9LHW1DP      
7RWDOSDUFLDO      
3DtVHV\WHUULWRULRVHQGHVDUUROORGHÈIULFD
$QJROD      
$UJHOLD      
%HQLQ      
&DER9HUGH      
&DPHU~Q      
&RPRUDV      
&RQJR      
&{WHG
,YRLUH      
'MLERXWL      
(JLSWR      
(WLRStD      
*DEyQ      
*DPELD      
*KDQD      
*XLQHD      
*XLQHD(FXDWRULDO      
*XLQHD%LVVDX      
-DPDKLUL\DÈUDEH/LELD      
.HQ\D      
0DGDJDVFDU      
0DUUXHFRV      
0DXULFLR      
0DXULWDQLD      
0R]DPELTXH      
1LJHULD      
5HS~EOLFD8QLGDGH7DQ]DQtD      
6DQWD(OHQD      
6DQWR7RPp\3UtQFLSH      
6HQHJDO      
6H\FKHOOHV      
6LHUUD/HRQD      
6RPDOLD      
6XGiQ      
7RJR      
7~QH]      
7RWDOSDUFLDO      
      


 $QH[R,,,D )ORWDVPHUFDQWHVGHOPXQGR HQPLOHVGH75%  

$QH[R,,,D  FRQWLQXDFLyQ 

%XTXHVGH
 )ORWDWRWDO 3HWUROHURV *UDQHOHURV &DUJXHURVF 3RUWDFRQWHQHGRUHV
RWURVWLSRV
3DtVHV\WHUULWRULRVHQGHVDUUROORGH$PpULFD
$QJXLOD      
$QWLJXD\%DUEXGD      
$UJHQWLQD      
%DUEDGRV      
%HOLFH      
%ROLYLD      
%UDVLO      
&KLOH      
&RORPELD      
&RVWD5LFD      
&XED      
'RPLQLFD      
(FXDGRU      
(O6DOYDGRU      
*UDQDGD      
*XDWHPDOD      
*X\DQD      
+DLWt      
+RQGXUDV      
,VODV&DLPiQ      
,VODV0DOYLQDV )DONODQG H      
,VODV7XUFDV\&DLFRV      
,VODV9tUJHQHV 5HLQR8QLGR       
-DPDLFD      
0p[LFR      
1LFDUDJXD      
3DUDJXD\      
3HU~      
5HS~EOLFD'RPLQLFDQD      
6DLQW.LWWV\1HYLV      
6DQ9LFHQWH\ODV*UDQDGLQDV      
6XULQDPH      
7ULQLGDG\7DEDJR      
8UXJXD\      
9HQH]XHOD      
7RWDOSDUFLDO      
3DtVHV\WHUULWRULRVHQGHVDUUROORGH$VLD
$UDELD6DXGLWD      
%DKUHLQ      
%DQJODGHVK      
%UXQHL'DUXVVDODP      
(PLUDWRVÈUDEHV8QLGRV      
)LOLSLQDV      
+RQJ.RQJ &KLQD       
,QGLD      
,QGRQHVLD      
,UiQ 5HS~EOLFD,VOiPLFDGHO       
,UDT      
-RUGDQLD      
.XZDLW      


 (OWUDQVSRUWHPDUtWLPRHQ

$QH[R,,,D  FRQWLQXDFLyQ 

%XTXHVGH
 )ORWDWRWDO 3HWUROHURV *UDQHOHURV &DUJXHURVF 3RUWDFRQWHQHGRUHV
RWURVWLSRV
/tEDQR      
0DODVLD      
0DOGLYDV      
0\DQPDU      
2PiQ      
3DNLVWiQ      
4DWDU      
5HS~EOLFDÈUDEH6LULD      
5HS~EOLFDGH&RUHD      
6LQJDSXU      
6UL/DQND      
7DLODQGLD      
7RWDOSDUFLDO      
3DtVHVHQGHVDUUROORGH(XURSD
&URDFLD      
(VORYHQLD      
7RWDOSDUFLDO      
3DtVHVHQGHVDUUROORGH2FHDQtD
)LML      
,VODV6DORPyQ      
.LULEDWL      
3DSXD1XHYD*XLQHD      
7RQJD      
7XYDOX      
9DQXDWX      
7RWDOSDUFLDO      
7RWDOGHSDtVHV\WHUULWRULRVHQ
GHVDUUROOR      
2WURVSDtVHVVLQHVSHFLILFDU      


 $QH[R,,,E )ORWDVPHUFDQWHVGHOPXQGR HQPLOHVGH730  

$QH[R,,,E 

)ORWDVPHUFDQWHVGHOPXQGRSRUSDEHOORQHVGHPDWUtFXODDSRUJUXSRGHSDtVHV
\SRUWLSRVGHEXTXHEDOžGHHQHURGH
(QPLOHVGH730 

%XTXHVGH
 )ORWDWRWDO 3HWUROHURV *UDQHOHURV &DUJXHURVF 3RUWDFRQWHQHGRUHV
RWURVWLSRV
7RWDOPXQGLDOG      
3DtVHV\WHUULWRULRVGHVDUUROODGRVGHHFRQRPtDGHPHUFDGR
$OHPDQLD      
$XVWUDOLD      
$XVWULD      
%pOJLFD      
&DQDGi      
'LQDPDUFD      
(VSDxD      
(VWDGRV8QLGRV      
)LQODQGLD      
)UDQFLD      
*LEUDOWDU      
*UHFLD      
,UODQGD      
,VODQGLD      
,VUDHO      
,WDOLD      
-DSyQ      
/X[HPEXUJR      
1RUXHJD      
1XHYD=HODQGLD      
3DtVHV%DMRV      
3RUWXJDO      
5HLQR8QLGR      
6XGiIULFD      
6XHFLD      
6XL]D      
7XUTXtD      
7RWDOSDUFLDO      
3ULQFLSDOHVSDtVHV\WHUULWRULRVGHOLEUHPDWUtFXOD
%DKDPDV      
%HUPXGDV      
&KLSUH      
/LEHULD      
0DOWD      
3DQDPi      
7RWDOSDUFLDO      
(XURSDFHQWUDO\RULHQWDO\H[8566
$OEDQLD      
$]HUEDL\iQ      
%XOJDULD      
(VORYDTXLD      
(VWRQLD      
)HGHUDFLyQGH5XVLD      
*HRUJLD      
.D]DMVWiQ      


 (OWUDQVSRUWHPDUtWLPRHQ

$QH[R,,, E  FRQWLQXDFLyQ 

%XTXHVGH
 )ORWDWRWDO 3HWUROHURV *UDQHOHURV &DUJXHURVF 3RUWDFRQWHQHGRUHV
RWURVWLSRV
/HWRQLD      
/LWXDQLD      
3RORQLD      
5XPDQLD      
7XUNPHQLVWiQ      
8FUDQLD      
7RWDOSDUFLDO      
3DtVHVVRFLDOLVWDVGH$VLD
&KLQD      
5HS~EOLFD3RSXODU'HPRFUiWLFDGH
&RUHD      
9LHW1DP      
7RWDOSDUFLDO      
3DtVHV\WHUULWRULRVHQGHVDUUROORHQÈIULFD
$QJROD      
$UJHOLD      
%HQLQ      
&DER9HUGH      
&DPHU~Q      
&RPRUDV      
&RQJR      
&{WHG
,YRLUH      
'MLERXWL      
(JLSWR      
(WLRStD      
*DEyQ      
*DPELD      
*KDQD      
*XLQHD      
*XLQHD(FXDWRULDO      
*XLQHD%LVVDX      
-DPDKLUL\DÈUDEH/LELD      
.HQ\D      
0DGDJDVFDU      
0DUUXHFRV      
0DXULFLR      
0DXULWDQLD      
0R]DPELTXH      
1LJHULD      
5HS~EOLFD8QLGDGH7DQ]DQtD      
6DQWD(OHQD      
6DQWR7RPp\3UtQFLSH      
6HQHJDO      
6H\FKHOOHV      
6LHUUD/HRQD      
6RPDOLD      
6XGiQ      
7RJR      
7~QH]      
7RWDOSDUFLDO      
      


 $QH[R,,,E )ORWDVPHUFDQWHVGHOPXQGR HQPLOHVGH730  

$QH[R,,, E  FRQWLQXDFLyQ 

%XTXHVGH
 )ORWDWRWDO 3HWUROHURV *UDQHOHURV &DUJXHURVF 3RUWDFRQWHQHGRUHV
RWURVWLSRV
3DtVHV\WHUULWRULRVHQGHVDUUROORGH$PpULFD
$QJXLOD      
$QWLJXD\%DUEXGD      
$UJHQWLQD      
%DUEDGRV      
%HOLFH      
%ROLYLD      
%UDVLO      
&KLOH      
&RORPELD      
&RVWD5LFD      
&XED      
'RPLQLFD      
(FXDGRU      
(O6DOYDGRU      
*UDQDGD      
*XDWHPDOD      
*X\DQD      
+DLWt      
+RQGXUDV      
,VODV&DLPiQ      
,VODV0DOYLQDV )DONODQG H      
,VODV7XUFDV\&DLFRV      
,VODV9tUJHQHV 5HLQR8QLGR       
-DPDLFD      
0p[LFR      
1LFDUDJXD      
3DUDJXD\      
3HU~      
5HS~EOLFD'RPLQLFDQD      
6DLQW.LWWV\1HYLV      
6DQ9LFHQWH\ODV*UDQDGLQDV      
6XULQDPH      
7ULQLGDG\7DEDJR      
8UXJXD\      
9HQH]XHOD      
7RWDOSDUFLDO      
3DtVHV\WHUULWRULRVHQGHVDUUROORGH$VLD
$UDELD6DXGLWD      
%DKUHLQ      
%DQJODGHVK      
%UXQHL'DUXVVDODP      
(PLUDWRVÈUDEHV8QLGRV      
)LOLSLQDV      
+RQJ.RQJ &KLQD       
,QGLD      
,QGRQHVLD      
,UiQ 5HS~EOLFD,VOiPLFDGHO       
,UDT      
-RUGDQLD      
.XZDLW      


 (OWUDQVSRUWHPDUtWLPRHQ

$QH[R,,, E  FRQWLQXDFLyQ 

%XTXHVGH
 )ORWDWRWDO 3HWUROHURV *UDQHOHURV &DUJXHURVF 3RUWDFRQWHQHGRUHV
RWURVWLSRV
/tEDQR      
0DODVLD      
0DOGLYDV      
0\DQPDU      
2PiQ      
3DNLVWiQ      
4DWDU      
5HS~EOLFDÈUDEH6LULD      
5HS~EOLFDGH&RUHD      
6LQJDSXU      
6UL/DQND      
7DLODQGLD      
7RWDOSDUFLDO      
3DtVHVHQGHVDUUROORGH(XURSD
&URDFLD      
(VORYHQLD      
7RWDOSDUFLDO      
3DtVHVHQGHVDUUROORGH2FHDQtD
)LML      
,VODV6DORPyQ      
.LULEDWL      
3DSXD1XHYD*XLQHD      
7RQJD      
7XYDOX      
9DQXDWX      
7RWDOSDUFLDO      
7RWDOGHSDtVHV\WHUULWRULRVHQ
GHVDUUROOR      
2WURVSDtVHVVLQHVSHFLILFDU      

1RWDVGHODQH[R,,,

)XHQWH/OR\G
V5HJLVWHU)DLUSOD\
D
/DVGHQRPLQDFLRQHVHPSOHDGDVHQHVWHFXDGUR\ODIRUPDHQTXHVHSUHVHQWDQORVGDWRVVHUHILHUHQDORVSDEHOORQHVGHPDWUtFXOD\QRLPSOLFDQGH
SDUWH GH OD 6HFUHWDUtD GH ODV 1DFLRQHV 8QLGDV MXLFLR DOJXQR VREUH OD FRQGLFLyQ MXUtGLFD GH SDtVHV R WHUULWRULRV R GH VXV DXWRULGDGHV QL VREUH OD
GHOLPLWDFLyQGHVXVIURQWHUDV
E
%XTXHVGH75%RPiVH[FOXLGDVODVIORWDVHVWDGRXQLGHQVH\FDQDGLHQVHGHORV*UDQGHV/DJRV\ODIORWDGHUHVHUYDGHORV(VWDGRV8QLGRV
F
,QFOXLGRVORVPL[WRVGHSDVDMH\FDUJD
G
&RQH[FOXVLyQGHODVHVWLPDFLRQHVGHODIORWDGHUHVHUYDGHORV(VWDGRV8QLGRV\GHODVIORWDVHVWDGRXQLGHQVH\FDQDGLHQVHGHORV*UDQGHV/DJRVTXH
UHSUHVHQWDEDQUHVSHFWLYDPHQWHPLOORQHVGH75% PLOORQHVGH730 PLOORQHVGH75% PLOORQHVGH730 \PLOORQHVGH75% 
PLOORQHVGH730 
H
/DVREHUDQtDGHODV,VODV0DOYLQDV )DONODQG HVREMHWRGHOLWLJLRHQWUHHO*RELHUQRGHOD$UJHQWLQD\HO*RELHUQRGHO5HLQR8QLGRGH*UDQ%UHWDxDH
,UODQGDGHO1RUWH

You might also like