&DStWXOR &RPSRQHQWHVSDVLYRV

/RVFRPSRQHQWHVSDVLYRVFRPSUHQGHQODVUHVLVWHQFLDVFDSDFLWRUHV

LQGXFWRUHVWUDQVIRUPDGRUHVHWF

(QHVWHFDStWXORDQDOL]DUHPRVORVWUHVFRPSRQHQWHVSDVLYRVPiVLPSRUWDQWHV

5HVLVWHQFLDV&DSDFLWRUHVH,QGXFWRUHV

5HVLVWHQFLDV

/DUHVLVWHQFLDHVXQRGHORVFRPSRQHQWHVLPSUHVFLQGLEOHVHQODFRQVWUXFFLyQ

GHFXDOTXLHUHTXLSRHOHFWUyQLFR\DTXHSHUPLWHGLVWULEXLUDGHFXDGDPHQWHOD WHQVLyQ\FRUULHQWHHOpFWULFDDWRGRVORVSXQWRVQHFHVDULRV

(OYDORUGHODUHVLVWHQFLDVHH[SUHVDHQRKPDOFXDOUHSUHVHQWDPRVFRQHO

VtPEROR:

6LVRPHWHPRVORVH[WUHPRVGHXQDUHVLVWHQFLDDOSDVRGHXQDFRUULHQWH

FRQWLQXDVHSURGXFLUiHQODPLVPDXQDFDtGDGHWHQVLyQSURSRUFLRQDODVXYDORU

/DLQWHQVLGDGTXHODDWUDYLHVHVHUiWDPELpQSURSRUFLRQDODODWHQVLyQDSOLFDGD\DO YDORUHQRKPVGHODUHVLVWHQFLD3DUDFDOFXODUGLFKDUHODFLyQQRKD\PDVTXH DSOLFDUOD/H\GH2KP, 95

+D\GRVIRUPDVGHDVRFLDUUHVLVWHQFLDVHQXQFLUFXLWRDVRFLDFLyQVHULH\

DVRFLDFLyQSDUDOHOR

/DUHVLVWHQFLDHTXLYDOHQWHGHODFRPELQDFLyQVHULHHV

57 5 5 5 5Q ORFXDOQRVLQGLFDTXHXQDVRODUHVLVWHQFLDGHYDORU57 VHFRPSRUWDUiGHOD

PLVPDIRUPDTXHODVQUHVLVWHQFLDV555  5QFRQHFWDGDVHQVHULH 6LODFRPELQDFLyQHVSDUDOHORHQWRQFHVODUHVLVWHQFLDHTXLYDOHQWHHV 57 5 5 5 5Q

,JXDOPHQWHTXHHQODDVRFLDFLyQVHULH555  5Q1yWHVHTXHVLHPSUHHO

YDORUGHODUHVLVWHQFLD57 GHXQDDVRFLDFLyQSDUDOHORHVPHQRUTXHODPHQRU5Q GHO SDUDOHOR

/DVUHVLVWHQFLDVWLHQHQXQFyGLJRGHFRORUHVTXHLQGLFDVXYDORU(VWHFyGLJR

HVWiFRPSXHVWRSRUEDQGDVGHFRORUHVGLYLGLGDVHQGRVJUXSRVHOSULPHUR

FRQVLVWHGHWUHVRFXDWURGHHVWDVEDQGDVGHODVFXDOHVODVSULPHUDVGRVRWUHV LQGLFDQHOYDORUQRPLQDOGHODUHVLVWHQFLD\OD~OWLPDHVXQPXOWLSOLFDGRUSDUD

REWHQHUODHVFDOD(OVHJXQGRJUXSRHVWiFRPSXHVWRSRUXQDVRODEDQGD\HVOD WROHUDQFLDH[SUHVDGDHQSRUFLHQWRGLFKDWROHUDQFLDQRVGDHOFDPSRGHYDORUHV GHQWURGHOFXDOVHHQFXHQWUDHOYDORUFRUUHFWRGHODUHVLVWHQFLD 'tJLWRV 1HJUR 0DUUyQ 5RMR 1DUDQMD $PDULOOR 9HUGH $]XO 9LROHWD *ULV %ODQFR

         

0XOWLSOLFDGRU 3ODWHDGR  'RUDGR  1HJUR  0DUUyQ  5RMR  1DUDQMD  $PDULOOR  9HUGH  $]XO 

7ROHUDQFLD 3ODWHDGR “ 'RUDGR “ 0DUUyQ “

'HHVWDIRUPDVLWHQHPRVXQDUHVLVWHQFLDFX\RFyGLJRGHFRORUHVVHDYHUGH

QHJURQDUDQMDGRUDGR WHQGUHPRVXQDUHVLVWHQFLDGH: \VXWROHUDQFLDHV GHO“

(QHOPHUFDGRQRHVSRVLEOHHQFRQWUDUWRGRVORVYDORUHVGHUHVLVWHQFLDVLQR

VRODPHQWHORVHVWDQGDUL]DGRVORVFXDOHVVRQ 

















































/DSULPHUOtQHDHVFRUUHVSRQGLHQWHDYDORUHVFRQGHWROHUDQFLD /DVGRVSULPHUDVFRUUHVSRQGHQDYDORUHVFRQHOGHWROHUDQFLD

/DWDEODFRPSOHWDUHSUHVHQWDORVYDORUHVSDUDODVUHVLVWHQFLDVFX\DWROHUDQFLD

HVGHO

3DUDREWHQHUWRGDODJDPDGHYDORUHVVHPXOWLSOLFDQORVYDORUHVDQWHULRUHVSRU

ORVPXOWLSOLFDGRUHV\DHVSHFLILFDGRVHQODWDEODGHFyGLJRVGHFRORUHV

$GHPiVGHHVWDUODVUHVLVWHQFLDVFDUDFWHUL]DGDVSRUVXYDORU\WROHUDQFLDpVWDV

HVWiQGHILQLGDVSRUVXSRGHUGHGLVLSDFLyQGHSRWHQFLDORVYDORUHVPiVWtSLFRV

VRQ\:FRQWROHUDQFLDVGHO\

7DPELpQH[LVWHQUHVLVWHQFLDVGHYDORUYDULDEOHOODPDGDVUHVLVWHQFLDVYDULDEOHVR

SRWHQFLyPHWURVORVFXDOHVVRQPX\XWLOL]DGRVFXDQGRHVQHFHVDULRUHDOL]DUVREUH XQFLUFXLWRDOJ~QWLSRGHDMXVWHLQWHUQR7DPELpQVHXVDQSDUDKDFHUFRUUHFFLRQHV H[WHUQDVWDOHVFRPRHOFDVRGHFRQWUROGHYROXPHQWRQROXPLQRVLGDGHWF

&DSDFLWRUHV

/RV FDSDFLWRUHVWDPSRFRQXQFDHVWiQDXVHQWHVHQORVFLUFXLWRVHOHFWUyQLFRV

pVWRVFRQVLVWHQEiVLFDPHQWHGHGRVSODFDVPHWiOLFDVVHSDUDGDVSRUXQPDWHULDO

DLVODQWHOODPDGRGLHOpFWULFR (VWHPDWHULDOGLHOpFWULFRSXHGHVHUDLUHPLFDSDSHO FHUiPLFDHWF

(OYDORUGHXQFDSDFLWRUVHGHWHUPLQDSRUODVXSHUILFLHGHODVSODFDV\SRUOD

GLVWDQFLDHQWUHHOODVODTXHHVWiGHWHUPLQDGDSRUHOHVSHVRUGHOGLHOpFWULFRGLFKR

YDORUVHH[SUHVDHQWpUPLQRVGHFDSDFLGDG/DXQLGDGGHPHGLGDGHGLFKD

FDSDFLGDGHVHOIDUDGLR) /RVYDORUHVGHFDSDFLGDGXWLOL]DGRVHQODSUiFWLFDVRQ PXFKRPiVFKLFRVTXHODXQLGDGSRUORWDQWRGLFKRVYDORUHVHVWDUiQH[SUHVDGRV HQPLFURIDUDGLRVP) [ ) QDQRIDUDGLRVK) [ ) R SLFRIDUDGLRVU) [ ) 

&XDQGRVHDSOLFDXQDWHQVLyQFRQWLQXDHQWUHODVSODFDVGHXQFDSDFLWRUQR

KDEUiFLUFXODFLyQGHFRUULHQWHSRUHOPLVPRGHELGRDODSUHVHQFLDGHOGLHOpFWULFR

SHURVHSURGXFLUiXQDDFXPXODFLyQGHFDUJDHOpFWULFDHQODVSODFDVSRODUL]iQGRVH HOFDSDFLWRU

8QDYH]H[WUDtGDODWHQVLyQDSOLFDGDHOFDSDFLWRUSHUPDQHFHUiFDUJDGRGHELGR

DODDWUDFFLyQHOpFWULFDHQWUHODVFDUDVGHOPLVPRVLDFRQWLQXDFLyQVH

FRUWRFLUFXLWDQGLFKDVFDUDVVHSURGXFLUiODGHVFDUJDGHODVPLVPDVSURGXFLHQGR XQDFRUULHQWHGHGHVFDUJDHQWUHDPEDV

6LDKRUDOHDSOLFDPRVXQDWHQVLyQDOWHUQDVHVRPHWHUiDOFDSDFLWRUDXQD

WHQVLyQFRQWLQXDGXUDQWHPHGLRFLFOR\DODPLVPDWHQVLyQSHURHQVHQWLGR

LQYHUVRGXUDQWHODRWUDPLWDGGHOFLFOR(OGLHOpFWULFRWHQGUiTXHVRSRUWDUHVIXHU]RV DOWHUQRVTXHYDUtDQGHVHQWLGRPX\UiSLGDPHQWH\SRUORWDQWRVXSRODUL]DFLyQ GHEHUiFDPELDUFRQIRUPHHOFDPSRHOpFWULFRFDPELDVXVHQWLGRHQWRQFHVVL DXPHQWDPRVODIUHFXHQFLDHOGLHOpFWULFR\DQRSRGUiVHJXLUHVWRVFDPELRV

SURGXFLpQGRVHHYHQWXDOPHQWHXQDGLVPLQXFLyQHQODFDSDFLGDG(QVtQWHVLVOD FDSDFLGDGGHXQFDSDFLWRUGLVPLQX\HFRQIRUPHDXPHQWD

/RVFRQGHQVDGRUHVDOLJXDOTXHODVUHVLVWHQFLDVVHSXHGHQFRQHFWDUWDQWRHQ

VHULHFRPRHQSDUDOHOR

/DFDSDFLGDGHTXLYDOHQWHVHULHHV

&7 & & & &Q \ODFDSDFLGDGHTXLYDOHQWHSDUDOHORHV &7 & & & &Q ([LVWHPXFKDYDULHGDGGHFDSDFLWRUHVDORTXHDWLSRVVHUHILHUH([LVWHQORV

FHUiPLFRVTXHHVWiQFRQVWUXLGRVQRUPDOPHQWHSRUXQDEDVHWXEXODUGHGLFKR

PDWHULDOFRQVXVVXSHUILFLHVLQWHULRU\H[WHULRUPHWDOL]DGDVFRQSODWDVREUHODV

FXDOHVVHHQFXHQWUDQORVWHUPLQDOHVGHOPLVPR6HDSOLFDQWDQWRHQEDMDVFRPRHQ DOWDVIUHFXHQFLDV

2WURWLSRHVHOGHSOiVWLFRTXHHVWiIDEULFDGRFRQGRVWLUDVGHSROLpVWHU

PHWDOL]DGRHQXQDFDUD\DUUROODGDVHQWUHVt(VWHWLSRGHFDSDFLWRUVHHPSOHDD IUHFXHQFLDVEDMDVRPHGLDV&RQ HVWHWLSRGHFDSDFLWRUVHSXHGHQFRQVHJXLU FDSDFLGDGHVHOHYDGDVDWHQVLRQHVGHKDVWD9

7DPELpQH[LVWHQFDSDFLWRUHVHOHFWUROtWLFRVORVFXDOHVSUHVHQWDQODPD\RU

FDSDFLGDGGHWRGRVSDUDXQGHWHUPLQDGRWDPDxR3XHGHQVHUGHDOXPLQLRRGH

WiQWDOR/RVSULPHURVHVWiQIRUPDGRVSRUXQDKRMDGHGLFKRPHWDOUHFXELHUWDSRU

XQDFDSDGHy[LGRGHDOXPLQLRTXHDFW~DFRPRGLHOpFWULFRVREUHHOy[LGRKD\XQD OiPLQDGHSDSHOHPEHELGRHQXQOtTXLGRFRQGXFWRUOODPDGRHOHFWUROLWR\VREUHHOOD XQDVHJXQGDOiPLQDGHDOXPLQLR6RQGHSRODULGDGILMDHVGHFLUTXHVRODPHQWH SXHGHQIXQFLRQDUVLVHOHVDSOLFDODWHQVLyQFRQWLQXDH[WHULRUFRQHOSRVLWLYRDO iQRGRFRUUHVSRQGLHQWH6RQXVDGRVHQEDMD\PHGLDIUHFXHQFLD

/RVFDSDFLWRUHVHOHFWUROtWLFRVGHWiQWDORVRQPX\VLPLODUHVDORVGHDOXPLQLR

,QGXFWDQFLDV

(OSDVRGHFRUULHQWHSRUXQFRQGXFWRUYDDFRPSDxDGRSRUHIHFWRVPDJQpWLFRV

HVGHFLUTXHVHFUHDXQFDPSRPDJQpWLFRSRUODFLUFXODFLyQGHFRUULHQWH

&XDQGRDGLFKRFDPSRPDJQpWLFRVHOHWUDQVILHUHHQHUJtDODIXHQWHGH)(0

HIHFW~DWUDEDMRORTXHUHTXLHUHSRWHQFLDHOpFWULFD\HVWDSRWHQFLDHVLJXDODOD

FRUULHQWHPXOWLSOLFDGDSRUODWHQVLyQHQWRQFHVGHEHUiKDEHUXQDFDtGDGHWHQVLyQ

HQHOFLUFXLWRPLHQWUDVODHQHUJtDVHDOPDFHQDHQHOFDPSR(VWDFDtGDGHWHQVLyQ HV SURGXFWRGHXQDWHQVLyQRSXHVWDTXHHVLQGXFLGDHQHOFLUFXLWRPLHQWUDVHO FDPSRYDUtDFXDQGRHVWHWRPDYDORUFRQVWDQWHHQWRQFHVOD)(0LQGXFLGD

GHVDSDUHFH&RPROD)(0LQGXFLGDVHRSRQHDODDSOLFDGDHQWRQFHVpVWDVH RSRQHDODVYDULDFLRQHVHQHOFDPSR PDJQpWLFR

/DDPSOLWXGGHHVWD)(0HVSURSRUFLRQDO DODYDULDFLyQGHODFRUULHQWH\OD

LQGXFWDQFLDGHOFLUFXLWR/DLQGXFWDQFLDGHSHQGHGHODVFDUDFWHUtVWLFDVItVLFDVGHO FRQGXFWRU6LDXQFRQGXFWRUVHORHQUROODWHQGUiXQDPD\RULQGXFWDQFLDTXH FXDQGR QRORHVWDEDDGHPiVDPHGLGDTXHDXPHQWDODFDQWLGDGGHYXHOWDV

DXPHQWDWDPELpQHOYDORUGHODLQGXFWDQFLD6HDXPHQWDUiPDVD~QODLQGXFWDQFLD FXDQGRHODUUROODPLHQWRVHKDJDDOUHGHGRUGHXQKLHUUR

/DLQGXFWDQFLDVHPLGHHQKHQULRV+ \ORVYDORUHV XWLOL]DGRVSDUDODVGLVWLQWDV

DSOLFDFLRQHVYDUtDQDPSOLDPHQWH

7RGRVORVFRQGXFWRUHVWLHQHQLQGXFWDQFLDVLHVGHFRUWDORQJLWXGVXLQGXFWDQFLD

VHUiSHTXHxDSHURKDEUiTXHWHQHUODHQFXHQWDVLODFRUULHQWHYDUtDUiSLGDPHQWH HQHOPLVPR

3DUDHOFiOFXORGHODLQGXFWDQFLDGHXQDUUROODPLHQWRVHXWLOL]DODVLJXLHQWH

IyUPXOD

/P+  G Q GO  / ,QGXFWDQFLDHQPLFURKHQULRV 

G GLiPHWURGHODERELQDHQSXOJDGDV  O ORQJLWXGGHODERELQDHQSXOJDGDV  Q Q~PHURGHHVSLUDV

&DStWXOR

7HRUHPDVGH&RUULHQWH&RQWLQXD

eVWRVVRQ~WLOHVDODKRUDGHUHVROYHUFLHUWRVFLUFXLWRVHQGRQGHODV

DVRFLDFLRQHVGHFRPSRQHQWHVUHYLVWHQDOJXQDFRPSOHMLGDG/RVPDVLPSRUWDQWHV VRQ/H\HVGH.LUFKRII\WHRUHPDVGH7KpYHQLQ\1RUWRQ

/H\HVGH .LUFKRII

6RQGRV\VHODVFRQRFHFRQHOQRPEUHGHOH\GHORVQRGRVRQXGRV\OH\GHODV

PDOODVRSULPHUDOH\GH.LUFKRII\VHJXQGDOH\GH.LUFKRIIUHVSHFWLYDPHQWH

/H\GHORVQRGRV/DVXPDGHODVLQWHQVLGDGHVGHFRUULHQWHTXHOOHJDQDXQ

QRGRHVLJXDOD ODVXPDGHODVLQWHQVLGDGHVGHFRUULHQWHTXHVDOHGHpO

/H\GHODVPDOODV(QXQFLUFXLWRFHUUDGRPDOOD ODVXPDDOJHEUDLFDGHODV

IXHU]DVHOHFWURPRWULFHVHQODPDOODHVLJXDODODVXPDGHORVSURGXFWRVGHFDGD UHVLVWHQFLDGHODPLVPDSRUODFRUULHQWHTXHFLUFXODSRUHOOD

7HRUHPDGH7KpYHQLQ

&XDQGRWHQHPRVXQFLUFXLWRGHVFRQRFLGRHQHOFXDOWHQHPRVDFFHVLEOHVGRV

ERUQHVGHOPLVPRSRGHPRVDSOLFDUHOWHRUHPDGH7KpYHQLQSDUDREWHQHUXQ FLUFXLWRHTXLYDOHQWHGHpVWH

(OWHRUHPDGLFHORVLJXLHQWH7RGRFLUFXLWRTXHWHQJDGRVWHUPLQDOHVDFFHVLEOHV

$\% SRGUiVHUUHSUHVHQWDGRSRUXQHTXLYDOHQWHFRPSXHVWR SRUXQDIXHQWHGH

WHQVLyQHTXLYDOHQWH97+ FRQHFWDGDHQVHULHFRQXQDUHVLVWHQFLDHTXLYDOHQWH57+ 3DUDREWHQHUORVYDORUHVGH97+\57+VHKDFH

57+VHUiODUHVLVWHQFLDTXHSUHVHQWHHOFLUFXLWRHQWUHORVWHUPLQDOHV$\%

FXDQGRVHFRUWRFLUFXLWHQHQODFLUFXLWHUtDRULJLQDOWRGDVODVIXHQWHVGHWHQVLyQ\VH GHMHQDFLUFXLWRDELHUWRORVJHQHUDGRUHVGHFRUULHQWH

97+VHUiODWHQVLyQSUHVHQWHHQWUHORVERUQHV$\%FRQpVWRVDELHUWRVVLQ

FRQHFWDU 

(QODILJXUDDSOLFDPRVHOWHRUHPDGH7KpYHQLQDOFLUFXLWRD\REWXYLPRVVX

HTXLYDOHQWH7KpYHQLQTXHHVHOFLUFXLWRG

7HRUHPDGH1RUWRQ

(VWHWHRUHPDH[SUHVDTXHWRGDFLUFXLWHUtDTXHSUHVHQWHGRVWHUPLQDOHV

DFFHVLEOHV$\% SRGUiVHUVXVWLWXLGDSRUXQFLUFXLWRLGHDOHTXLYDOHQWHTXHHVWi IRUPDGRSRUXQDUHVLVWHQFLDHTXLYDOHQWH5QHQSDUDOHORFRQXQDIXHQWHLGHDOGH FRUULHQWH,Q

(OYDORUGH5QVHREWLHQHGHLGpQWLFD IRUPDTXHODUHVLVWHQFLDHTXLYDOHQWH

7KpYHQLQ57+ H,QHVODFRUULHQWHTXHFLUFXODSRUODUDPD$%

&DStWXOR

&RUULHQWHDOWHUQD