• No se han encontrado resultados

Las empresas del País Vasco ante la secesión

N/A
N/A
Protected

Academic year: 2021

Share "Las empresas del País Vasco ante la secesión"

Copied!
29
0
0

Texto completo

(1)

0,.(/%8(6$-2267+(,-67+20$6%$80(57 \0Ï1,&$0$57Ë1(=3(//,7(52

,QVWLWXWRGH$QiOLVLV,QGXVWULDO\)LQDQFLHUR GHOD8QLYHUVLGDG&RPSOXWHQVHGH0DGULG

(2)

)D[ 7HO HPDLOMRRVW#FFHHXFPHV ,PSULPH6HUYLFLRGH5HSURJUDItDGHOD)DFXOWDGGH&LHQFLDV(FRQyPLFDV\(PSUHVDULDOHV 8&0 (VWHGRFXPHQWRSXHGHVHUUHFXSHUDGRDWUDYpVGH,17(51(7HQODVVLJXLHQWHVGLUHFFLRQHV 7KLVILOHLVDYDLODEOHYLDWKH,17(51(7DWWKHIROORZLQJDGGUHVVHV KWWSZZZXFPHVEXFPFHHLDLI KWWSQHWHFPFFDFXN:R3(FKWPO

(3)

0,.(/%8(6$-2267+(,-67+20$6%$80(57 \0Ï1,&$0$57Ë1(=3(//,7(52 ,QVWLWXWRGH$QiOLVLV,QGXVWULDO\)LQDQFLHUR GHOD8QLYHUVLGDG&RPSOXWHQVHGH0DGULG 5(680(1

(Q HVWH WH[WR VH UHFRJHQ ORV UHVXOWDGRV GH XQD HQFXHVWD TXH VH KD UHDOL]DGR SDUD HYDOXDU OD SRVLEOH LQFLGHQFLD GH OD SROtWLFD VHFHVLRQLVWD GHO *RELHUQR 9DVFR ²FRQRFLGD FRPR3ODQ ,EDUUHW[H² HQODVHPSUHVDVPHGLDQDV\JUDQGHVGHODUHJLyQ(QHOORVVHFRPSUXHEDTXHODV HPSUHVDVYDVFDVHVWiQIXHUWHPHQWHLQWHUUHODFLRQDGDVFRQHOPHUFDGRQDFLRQDOHVSDxROSRUOR TXHODVHFHVLyQSXHGHLPSOLFDULPSRUWDQWHVSpUGLGDVSDUDHOODV$GHPiVVHFRQVWDWDTXHHVWDV HPSUHVDVVRQVHQVLEOHVDOWHUURULVPR\DODVLWXDFLyQSROtWLFDDOSODQLILFDUVXVLQYHUVLRQHV\DO WRPDU VXV GHFLVLRQHV GH ORFDOL]DFLyQ GH VXV LQVWDODFLRQHV IXHUD GHO 3DtV 9DVFR 9DORUDQ QHJDWLYDPHQWH HO3ODQ ,EDUUHW[H WDQWR HQ HO FRUWR FRPR HQ HO ODUJR SOD]R 8Q SRUFHQWDMH VLJQLILFDWLYRGHHOODVFRQVLGHUDQTXHVXDQXQFLR ²TXHWXYROXJDUHQVHSWLHPEUHGH² KD SURGXFLGR HIHFWRV SHUMXGLFLDOHV VREUH WRGR HQ VXV YHQWDV \ HQ VX UHODFLyQ FRQ ORV FOLHQWHV $VLPLVPR PiV GHO SRU KDQ HVWXGLDGR GH PDQHUD IRU PDO R LQIRUPDO OD DGRSFLyQ GH SRVLEOHVPHGLGDVSDUDHQIUHQWDUODVFRQVHFXHQFLDVGHO3ODQ(QWUHHVDVPHGLGDVXQDFXDUWDSDUWH GHODVHPSUHVDVFRQWHPSODODSRVLELOLGDGGHDEDQGRQDUHO3DtV9DVFR

3DODEUDVFODYH6HFHVLyQ3ODQ,EDUUHW[H(PSUHVDV3DtV9 DVFR(VSDxD

$%675$&7

7KHSUHVHQWWH[WWDNHVDFFRXQWRIWKHUHVXOWVRIDQHQTXLU\GRQHLQRUGHUWRHYDOXDWHWKHSRVVLEOH LPSDFWWKDWWKHVHFHVVLRQLVWSROLWLFRIWKH%DVTXH *RYHUQPHQW ²NQRZQDV3ODQ ,EDUUHW[H²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²ZKLFK WRRN SODFH RQ 6HSWHPEHU ² KDV SURGXFHG QHJDWLYH HIIHFWV HVSHFLDOO\ RQ WKHLU VDOHV DQG RQWKHLUUHODWLRQ WRFXVWRPHUV)RUW\ SHUFHQWRIWKHPKDYHVWXGLHGIRUPDOO\RULQIRUPDOO\WKHSRV VLELOLW\RIWDNLQJPHDVXUHVDLPHG DWDIIURQWLQJWKHFRQVHTXHQFHVRIWKHSODQ2XWRIWKHVHDTXDUWHUSDUWRIWKHILUPVKDVWDNHQLQWR DFFRXQWWKHSRVVLELOLW\RIOHDYLQJWKH%DVTXHFRXQWU\ .H\ZRUGV6HFHVVLRQ3ODQ,EDUUHW[HILUPV%DVTXHFRXQWU\6SDL Q (VWHWUDEDMRKDFRQWDGRSDUDVXUHDOL]DFLyQFRQXQDD\XGDILQDQFLHUDGHO,QVWLWXWRGH(VWXGLRV)LVFDOHV 0LQLVWHULRGH+DFLHQGD/RVDXWRUHVDJUDGHFHQHVWDD\XGDVLQFX\RFRQFXUVRQRKXELHUDVLGRSRVLEOH OOHYDUDWpUPLQRODLQYHVWLJDFLyQ

(4)

,1752'8&&,Ï1

'HVGH TXH HQ DJRVWR GH ORV SDUWLGRV QDFLRQDOLVWDV TXH JRELHUQDQ HQ HO 3DtV 9DVFR ²HV GHFLU HO 3DUWLGR 1DFLRQDOLVWD 9DVFR 319 \ (XVNR $ONDUWDVXQD ($² VXVFULELHURQXQDFXHUGRFRQODRUJDQL]DFLyQWHUURULVWD(7$FRQODILQDOLGDGGH ©GDU SDVRVHIHFWLYRVSDUDODFUHDFLyQGHXQDLQVWLWXFLyQ~QLFD\VREHUDQDTXHDFRMDHQVX VHQR D $UDED %L]NDLD*LSX]NRD/DSXUGL 1DIDUURD \ =XEHURD « \ HQ HO FDPLQR GH FUHDFLyQGHHVDLQVWLWXFLyQVXSUHPDLPSXOVDUDSR\DU\SDFWDUWRGDVODVLQLFLDWLYDVTXH WHQJDQ FRPR REMHWLYR OD VXSHUDFLyQ LQVWLWXFLRQDO \ HVWDWDO H[LVWHQWH DFWXDOPHQWHª OD FXHVWLyQGHODVHFHVLyQKDHVWDGRHQODSULPHUDOtQHDGHODDJHQGDSROtWLFDGHO*RELHUQR 9DVFR(OSULPHUSDVRTXHVHGLRSDUDVXFRQVHFXFLyQIXHOD'HFODUDFLyQGH/L]DUUD

VXVFULWDHQVHSWLHPEUHGHOPLVPRDxRSRUORVUHIHULGRVSDUWLGRVDGHPiVGH,]TXLHUGD 8QLGD+HUUL%DWDVXQD\RWUDVRUJDQL]DFLRQHV(QHOODVHHVWDEOHFtDHOREMHWLYRGHORJUDU XQDFXHUGRFRQORV(VWDGRVHVSDxRO\IUDQFpVVHJ~QHOFXDOVHKDEUtD©GHGHSRVLWDUHQ ORV FLXGDGDQRV GH (XVNDO +HUULD OD ~OWLPD SDODEUD UHVSHFWR D OD FRQIRUPDFLyQ GH VX IXWXUR\GHUHVSHWDUODGHFLVLyQSRUSDUWHGHORV(VWDGRVLPSOLFDGRVª6LQHPEDUJR ORV UHVXOWDGRV GH ODV HOHFFLRQHV DXWRQyPLFDV GH QR SHUPLWLHURQ DYDQ]DU HQ XQ SUR\HFWROHJLVODWLYRWHQGHQWHDGDUPDWHULDOLGDGMXUtGLFDDOGHVHRVHFHVLRQLVWDSRUORTXH KDEUtDTXHHVSHUDUDODOHJLVODWXUDDELHUWDHQGHVSXpVGHXQDVQXHYDVHOHFFLRQHV SDUDTXHHO*RELHUQR9DVFRDYDQ]DUDHQHVHVHQWLGR<GHHVWHPRGRIXHHQVHSWLHPEUH GHFXDQGRHOOHKHQGDNDUL,EDUUHW[HSURSXVRDQWHHO3DUODPHQWR9DVFRHOSUR\HFWR GH8QQXHYRHVWDWXVGHOLEUHDVRFLDFLyQFRQHO(VWDGRHVSDxROSDUDXQDQXHYDHWDSD FRQHOILQGH©DOFDQ]DUXQSDFWRSDUDODFRQYLYHQFLDEDVDGRHQHOUHFRQRFLPLHQWRGHO GHUHFKR GHO 3XHEOR 9DVFR D VHU FRQVXOWDGR SDUD GHFLGLU VX SURSLR IXWXURª (VWH SUR\HFWRJHQHUDOPHQWHFRQRFLGRFRPR3ODQ,EDUUHW[HVHKDLGRFRQFUHWDQGRDORODUJR GH XQ DxR FRQILJXUiQGRVH FRPR XQ SUR\HFWR GH OH\ TXH DXQTXH VH SUHVHQWDUi IRUPDOPHQWHHQRFWXEUHGHKDVLGRGHVYHODGRHQVXFRQWHQLGRIXQGDPHQWDOSRUHO OHKHQGDNDUL XQ PHV DQWHV GH HVD IHFKD \ SXEOLFDGR D WUDYpV GH XQD ILOWUDFLyQ SHULRGtVWLFDHQMXOLRGHOPLVPRDxR

1RVHHQWUDUiDTXtHQHODQiOLVLVGHOUHIHULGRSUR\HFWRSDUDGHVWDFDUVXGXGRVD FDOLGDG GHPRFUiWLFD R VX VHJXUR FRQWHQLGR LQFRQVWLWXFLRQDO QL SDUD GLVHFFLRQDU VX IRUPXODFLyQ6LPSOHPHQWHVHVHxDODUiTXHVXILQDOLGDG~OWLPDHVGDUVDWLVIDFFLyQDODV DVSLUDFLRQHV GH OD PLQRUtD QDFLRQDOLVWD H[LVWHQWH HQ HO 3DtV 9DVFR VHSDUDQGR pVWH GH (VSDxDDWUDYpVGHXQSURFHVRGHVHFHVLyQ8QKHFKRGHHVWHWLSRGHSURGXFLUVHQRVyOR LPSOLFDUtDODUXSWXUDGHORVYtQFXORVSROtWLFRVGHODUHJLyQFRQ(VSDxDVLQRWDPELpQFRQ OD 8QLyQ (XURSHDSXHVDO VHUpVWD XQD RUJDQL]DFLyQ GH (VWDGRV QDFLRQDOHV FXDOTXLHU VHJUHJDFLyQ HQ XQR GH HOORV FRQOOHYDUtD SDUD OD HQWLGDG VHJUHJDGD VX VHSDUDFLyQ GHO FRQMXQWRGHIRUPDTXHVyORSRGUtDUHLQJUHVDUHQpOWUDVXQSURFHVRGHQHJRFLDFLyQTXH

&IU3DFWR319±($(7$LQFOXLGRHQ%DUEHUtD\8Q]XHWDSiJVD &IU'HFODUDFLyQGH/L]DUUDLQFOXLGDHQ%DUEHUtD\8Q]XHWDSiJVD 9LGHOWH[WRHQ%DUEHUtD\8Q]XHWDSiJVD 9LG³(VWDWXWRSROtWLFRGHOD&RPXQLGDG/LEUH$VRFLDGDGH(XVNDGL´$%&GHMXOLRGHSiJV D 9LGVREUHHVWHWHPD2QDLQGtD\*XHYDUD 9LGHOFRPSOHWRDQiOLVLVGHO\DFLWDGRSUR\HFWRGH³(VWDWXWRSROtWLFR«´UHDOL]DGRDORODUJRGHXQD VHULHGHRFKRDUWtFXORVSRU3HQGiV

(5)

VHJXUDPHQWH VHUtD PX\ GLILFXOWRVR GHELGR D TXH FXDOTXLHUD GH ORV PHQFLRQDGRV (VWDGRVLQFOXLGRHOVHFFLRQDGRWHQGUtDGHUHFKRDYHWDUHVDHQWUDGD

3XHV ELHQ OR UHOHYDQWH GH XQD VLWXDFLyQ GH HVWH WLSR D ORV HIHFWRV GH OD LQYHVWLJDFLyQTXHDTXtVHH[SRQHHVTXHHOKHFKRVHFHVLRQLVWDSRUORTXH LPSOLFDGH UXSWXUDUDGLFDOGHOPDUFRLQVWLWXFLRQDOGHODVUHODFLRQHVHFRQyPLFDVJHQHUDXQPDUFR GHLQFHUWLGXPEUHHLQHVWDELOLGDGTXHSXHGHSHUMXGLFDUVHULDPHQWHDODVHPSUHVDV\SRU HQGHDODHFRQRPtDYDVFD(OORQRVHUtDVLQRHOUHVXOWDGRGHODFRQMXQFLyQGHFXDWUR IDFWRUHVLQWHUUHODFLRQDGRVTXHVHUHIXHU]DQPXWXDPHQWH ‰ (QSULPHUOXJDUGHODDSDULFLyQGHEDUUHUDVDOFRPHUFLRH[WHULRUYDVFRFRQ (VSDxD\ORVGHPiVSDtVHVGHOD8QLyQ(XURSHD(OHVWDWXVGHO3DtV9DVFR VHUtDHOGHXQSDtVWHUFHUR\SRUWDQWRVXVRSHUDFLRQHVFRPHUFLDOHVHVWDUtDQ VXMHWDVDOFRUUHVSRQGLHQWHWUDWDPLHQWRDUDQFHODULRDVtFRPRDODUHDOL]DFLyQ GH WUiPLWHV HQ IURQWHUD FRQ ORV FRQVLJXLHQWHV VREUHFRVWHV ILVFDOHV \ GH WUDQVDFFLyQ

‰ (Q VHJXQGR WpUPLQR GH OD H[FOXVLyQ GHO 3DtV 9DVFR GHO iUHD GHO(XUR /D UHJLyQWHQGUtDTXHDGRSWDUXQDQXHYDXQLGDGPRQHWDULD\VRSRUWDUORVFRVWHV DGLFLRQDOHVGHODVRSHUDFLRQHVFDPELDULDVDGHPiVGHOULHVJRLQKHUHQWHDODV IOXFWXDFLRQHVGHOWLSRGHFDPELRGHVXPRQHGDFRQODHXURSHD

‰ (Q WHUFHU OXJDU QR VRQ GHVFDUWDEOHV XQDV UHDFFLRQHV DGYHUVDV GH ORV FRQVXPLGRUHV VREUH WRGR ORV HVSDxROHV FRQ UHVSHFWR D ORV SURGXFWRV GH RULJHQ YDVFR 'H SURGXFLUVH D ORV HIHFWRV QHJDWLYRV GH OD QXHYD VLWXDFLyQ FDPELDULD VH DxDGLUtD XQD SpUGLGD DGLFLRQDO GH PHUFDGRV GH GLItFLO UHFXSHUDFLyQ

‰ <ILQDOPHQWHGHOGHWHULRURJHQHUDOGHOFOLPDGHFRQILDQ]DHPSUHVDULDOTXH UHGXQGDUtDHQXQDUHGXFFLyQGHH[SHFWDWLYDV\SRUHQGHHQXQDUHYLVLyQDOD EDMDGHORVSODQHVGHLQYHUVLyQ

/DFXHVWLyQTXHVHSODQWHDHQWRQFHV HVODTXHDOXGHDODVSRVLEOHVUHDFFLRQHV HPSUHVDULDOHV HQ XQ SDQRUDPD GH UHEDMD GH H[SHFWDWLYDV \ GH DXPHQWR GH OD LQFHUWLGXPEUH DQWH XQD VHJXUD SpUGLGD GH PHUFDGRV (O FRQRFLPLHQWR SURVSHFWLYR GH HVWHDVXQWRHVSUHFLVDPHQWHHOTXHQRVSURSRQHPRVHQHVWHWUDEDMR&RQHVHILQKHPRV UHDOL]DGR XQD HQFXHVWD HQWUH ODV HPSUHVDV GH PD\RU UHOLHYH SRU VX GLPHQVLyQ GRPLFLOLDGDVHQHO3DtV9DVFR²FRQVLGHUDQGRFRPRWDOHVDODVTXHHPSOHDQDRPiV WUDEDMDGRUHV²FX\RVGHWDOOHVWpFQLFRVVHUHVHxDQHQHOUHFXDGUR3DUDOOHYDUODD 9LGSDUDXQH[WHQVRFRPHQWDULRGHHVWHDVXQWR2UWHJD\GH$UHLO]D$EXQGDQGRHQHVWDWHVLVOD &RPLVLyQ(XURSHDHQUHVSXHVWDDXQDSUHJXQWDIRUPXODGDSRUODHXURGLSXWDGD5RVD'tH]FRPXQLFyDO 3DUODPHQWR (XURSHR HO GH RFWXEUH GH TXH ©HO 7UDWDGR GH OD 8( QR SXHGH HQ QLQJ~Q FDVR FRQVWLWXLU OD EDVH MXUtGLFD TXH FXEUD OD LQLFLDWLYD GHO VHxRU ,EDUUHW[Hª 6REUH HVWH \ RWURV DUJXPHQWRV DGLFLRQDOHVEDVDGRVHQORVWUDEDMRVGHOD&RQYHQFLyQHXURSHDYLG%XHVD

/RV SURQXQFLDPLHQWRV HPSUHVDULDOHV HQ HVWH VHQWLGR UHDOL]DGRV D WUDYpV GH VXV RUJDQL]DFLRQHV SDWURQDOHV KDQ VLGR PX\ FODURV 9LG ODV GHFODUDFLRQHV GHO &tUFXOR GH (PSUHVDULRV 9DVFRV \ DVtFRPRODVPDQLIHVWDFLRQHVGHOSUHVLGHQWHGH&RQIHEDVNFRQRFDVLyQGHODURQGDGHFRQVXOWDV GHOOHKHQGDNDULFHOHEUDGDHQRFWXEUHGH(VWDV~OWLPDVVHVLQWHWL]DQHQ%XHVDSiJV\ (Q %XHVD VH KDQ WUDWDGR FRQ PiV GHWDOOH HVWRV DVSHFWRV \ SDUD DOJXQRV GH HOORV VH H[SRQHQ HYLGHQFLDVTXHORVDYDODQ

(6)

5HFXDGUR

)LFKDWpFQLFDGHODHQFXHVWD

7HQLHQGRHQFXHQWDORVILQHVGHODLQYHVWLJDFLyQVHFRQVLGHUyTXHODHQFXHVWDGHEtDGLULJLUVHD ODVHPSUHVDVPiV UHOHYDQWHVGH ODHFRQRPtD YDVFDVLQUHVWULFFLRQHVHQFXDQWRDORVVHFWRUHV FRQVLGHUDGRV H[FHSFLyQ KHFKD GHO ILQDQFLHUR 3RU WDO PRWLYR VH ILMy HO WDPDxR PtQLPR GH GLFKDVHPSUHVDVHQWUDEDMDGRUHV\VHSURFHGLyDHVWDEOHFHUHOXQLYHUVRDHQFXHVWDUeVWHVH GHWHUPLQy D SDUWLU GH ORV UHJLVWURV FRQWHQLGRV HQ OD %DVH GH GDWRV6$%, TXH VHQXWUH GHODV PHPRULDVEDODQFHV\FXHQWDVGHUHVXOWDGRVTXHREOLJDWRULDPHQWHGHEHQSUHVHQWDUODVVRFLHGDGHV HQHO5HJLVWUR0HUFDQWLO&RPRUHVXOWDGRVHHVWDEOHFLyHOWDPDxRLQLFLDOGHOXQLYHUVRHQ HPSUHVDV6LQHPEDUJRHOHQYtRGHOFXHVWLRQ DULRSXVRGHUHOLHYHODH[LVWHQFLDGHFDVRVGH HPSUHVDV LORFDOL]DEOHV SRU FDPELRV HQ VX GRPLFLOLR R HQ VX Q~PHUR GH ID[ R SRU RWUDV FLUFXQVWDQFLDVSRUORTXHHOXQLYHUVRTXHGyILQDOPHQWHILMDGRHQHPSUHVDV

(OFXHVWLRQDULRIXHHQYLDGRDODVHPSUH VDVHQWUHORVPHVHVGHMXOLR\VHSWLHPEUHGHELHQ SRUFRUUHRRUGLQDULR ²HQFDVRV² ELHQSRUID[²HQFDVRV²3DUDODPD\RUSDUWHGH ODVHPSUHVDVVHUHDOL]yXQDWDUHDGH VHJXLPLHQWR WHOHIyQLFRDILQGHHVWLPXODUODUHVSXHVWD\ UHVSRQGHU D ODV GXGDV GH ORV GHVWLQDWDULRV GHO FXHVWLRQDULR /D UHFHSFLyQ GH pVWH VH FHUUy D FRPLHQ]RGHOPHVGHRFWXEUHKDELpQGRVHREWHQLGRXQWRWDOGHUHVSXHVWDVYiOLGDV

6HJ~QVHFRPHQWDHQHOWH[WRHQXQSRUGHODVHPSUHVDVFRQWDFWDGDVWHOHIyQLFDPHQWHVH FRQVWDWDURQ GLILFXOWDGHV SDUD REWHQHU UHVSXHVWDV GHELGR D OD QDWXUDOH]D SROtWLFD GHO DVXQWR WUDWDGRHQHOFXHVWLRQDULRORTXHVHSXHGHLQWHUSUHWDUFRPRXQDH[SUHVLyQGHOPLHGRTXHH[LVWH GHQWURGHODVRFLHGDGYDVFD3RUHOORHVGLItFLODFHSWDUODKLSyWHVL VGHDOHDWRULHGDGHQFXDQWRDOD PRWLYDFLyQGHORVHPSUHVDULRVSDUDFRQWHVWDUDODHQFXHVWD1RREVWDQWHVLWDOIXHUDHOFDVRHO PDUJHQGHHUURUGHORVUHVXOWDGRVREWHQLGRVVHUtDGHOrSRUFRQXQQLYHOGHFRQILDQ]D GHOSRU FDERVHUHDOL]DURQJHVWLRQHVFRQYDULDVHQWLGDGHVHPSUHVDULDOHVWDQWRQDFLRQDOHVFRPR YDVFDVEXVFDQGRTXHDWUDYpVGHVXDYDOSXGLHUDIDFLOLWDUVHODUHVSXHVWDDOFXHVWLRQDULR 6LQHPEDUJRVXUHVXOWDGRIXHLQIUXFWXRVRSRUORTXHKXERTXHGHVDUUROODUODHQFXHVWD VLQVXDSR\R$GHPiVHQHOFXUVRGHOWUDEDMRVHDGYLUWLyXQDLPSRUWDQWHGLILFXOWDGSDUD TXHODVHPSUHVDVSDUWLFLSDUDQGHELGRDTXHHQPXFKDVRFDVLRQHVVHFRQVLGHUyTXHOD HQFXHVWD HUD GH QDWXUDOH]D SROtWLFD \ VH H[SUHVDURQ UHWLFHQFLDV DO UHVSHFWR 0iV HQ FRQFUHWRHQDSUR[LPDGDPHQWHHOSRUGHORVFDVRVDWUDYpVGHFRQYHUVDFLRQHV WHOHIyQLFDVORVUHVSRQVDEOHVGHODVHPSUHVDVVHxDODURQTXHVXPRWLYDFLyQSULQFLSDOSDUD QR FRQWHVWDU WHQtD TXH YHU FRQ HO FRQWHQLGR SROtWLFR GHO FXHVWLRQDULR ²TXH SRU OR GHPiV FRPR SXHGH YHUVH HQ HO DSpQGLFH HV H[SOtFLWR \ QR VH RFXOWD WUDV QLQJ~Q HXIHPLVPR²(VWHWLSRGHUHDFFLRQHV²TXHVHJXUDPHQWHIRUPDQSDUWHGHOD©HVSLUDO GHVLOHQFLRªDODTXHFRQGXFHODH[WHQVLyQGHOPLHGRHQODVRFLHGDGYDVFD² QRKDQ IDFLOLWDGRODREWHQFLyQGHUHVSXHVWDV$~QDVtVHKDQORJUDGRFXHVWLRQDULRVYiOLGRV OR TXH VH FRQVLGHUD VXILFLHQWH SDUD ORV ILQHV GH OD LQYHVWLJDFLyQ SXHV DO VHU pVWD GH QDWXUDOH]D EiVLFDPHQWH FXDOLWDWLYD \ QR SHUVHJXLU OD HVWLPDFLyQ GH YDULDEOHV FXDQWLWDWLYDVVXPDUJHQGHHUURUHVDFHSWDEOH

(O FRQWHQLGR GHO FXHVWLRQDULR VH KD HVWDEOHFLGR WHQLHQGR HQ FXHQWD FXDWUR DVSHFWRV GLIHUHQWHV (O SULPHUR DOXGH D OD LGHQWLILFDFLyQ GH ODV HPSUHVDV \ D VXV SULQFLSDOHVYDULDEOHVGHFODVLILFDFLyQ²VHFWRUFDSLWDOGHFRQWURO\WDPDxR²GHODVTXH ODSULPHUDGHELGRDODGLPHQVLyQILQDOGHODPXHVWUDHQFXHVWDGDQRKDVLGRXWLOL]DGDHQ HOSURFHVRGHORVGDWRV(QHOVHJXQGRVHLQGDJDVREUHORVPHUFDGRV\ODORFDOL]DFLyQGH ODV LQVWDODFLRQHV GH OD HPSUHVD ²SXHV VH SUHVXPH TXH DPERV IDFWRUHV SXHGHQ FRQGLFLRQDU ODV RSLQLRQHV DFHUFD GHO3ODQ ,EDUUHW[H \ ODV UHDFFLRQHV R HVWUDWHJLDV D

(7)

DGRSWDU DQWH pO² \ VH LQFOX\HQ GRV SUHJXQWDV GHVWLQDGDV D FRQRFHU OD SHUFHSFLyQ VXEMHWLYD GH ORV HPSUHVDULRV VREUH OD HYROXFLyQ UHFLHQWH GH VX QHJRFLR (O WHUFHUR VH FHQWUDHQORVIDFWRUHVTXHGHWHUPLQDQODLQYHUVLyQ\ORFDOL]DFLyQFRQVLGHUDQGRWDQWRORV GHQDWXUDOH]DHFRQyPLFDFRPRORVGHWLSRSROtWLFR²\HVSHFtILFDPHQWHHOWHUURULVPR² FRQREMHWRGHHYDOXDUODLQIOXHQFLDGHpVWRVVREUHODH[SHULHQFLDGHODVHPSUHVDVYDVFDV HQHOSDVDGR<HOFXDUWRVHUHILHUHDODYDORUDFLyQTXHODVHPSUHVDVUHDOL]DQDFHUFDGHO SRVLEOH LPSDFWR GHO3ODQ ,EDUUHW[H VREUH VXV QHJRFLRV D OD UHSHUFXVLyQ TXH FRQ UHVSHFWR D ODVYHQWDV\ D ODVUHODFLRQHVGHOD HPSUHVDFRQVXVSURYHHGRUHV\FOLHQWHV KD\DSRGLGRWHQHU\DHODQXQFLRGHHVDSROtWLFD\DODVHYHQWXDOHVHVWUDWHJLDVTXHODV HPSUHVDVSXHGHQOOHJDUDDGRSWDUSDUDUHDFFLRQDUDQWHHOOD /$6(035(6$6(1&8(67$'$6 /DVHPSUHVDVTXHKDQFRQWHVWDGRDODHQFXHVWD²TXHFRPR\DVHKDVHxDODGR VHHQFXDGUDQHQORVVHFWRUHVLQGXVWULDOHV\GHVHUYLFLRVQRILQDQFLHURV² VHGLVWULEX\HQ SRUWDPDxRV\VHJ~QHOWLSRGHFDSLWDOGHFRQWUROWDOFRPRVHPXHVWUDHQHOJUiILFR 6RQSULQFLSDOPHQWHHPSUHVDVSHTXHxDVFRQXQHPSOHRGHKDVWDWUDEDMDGRUHV SRURPHGLDQDVGHHQWUH\RFXSDGRVSRUFRUUHVSRQGLHQGROD PHQRUSURSRUFLyQDODVGHJUDQGLPHQVLyQSRU(VWDVHPSUHVDVVHDQRWDQHQ VXFRQMXQWRXQDVYHQWDVSUy[LPDVDORV PLOORQHVGH ¼DQXDOHVORTXHHTXLYDOHD XQSURPHGLRGHPLOORQHVGH¼SRUXQLGDGHQFXHVWDGD6XHPSOHRWRWDOHVDVXYH] GH WUDEDMDGRUHV GH PDQHUD TXH OD PHGLD SRU HPSUHVD VH VLW~D HQ DVDODULDGRV(VWD~OWLPDFLIUDHVVXSHULRUDODTXHVHGHULYDGHORVUHJLVWURVTXHPDQWLHQH HO,QVWLWXWR9DVFRGH(VWDGtVWLFDVHJ~QORVFXDOHVHOWDPDxRPHGLRGHODVHPSUHVDVGH PiVGHHPSOHDGRVHVGHWUDEDMDGRUHV\SRUWDQWRFDEHVHxDODUTXHODPXHVWUD HQFXHVWDGDWLHQHFRQUHVSHFWRDOXQLYHUVRHPSUHVDULDOYDVFRXQFLHUWRVHVJRKDFLDODV XQLGDGHV GH GLPHQVLyQ PiV HOHYDGD 3RU HOOR GDGD OD WUDVFHQGHQFLD GH HVWDV ~OWLPDV SDUDHOFRQMXQWRGHODHFRQRPtDSXHGHSHQVDUVHTXHORVUHVXOWDGRVREWHQLGRVDWUDYpVGH

/DFLIUDVHKDFDOFXODGRDSDUWLUGHO'LUHFWRULRGH$FWLYLGDGHV(FRQyPLFDVGH(867$7SDUD )XHQWH(ODERUDFLyQSURSLD 7DPDxRGHODVHPSUHVDV1žGHWUDEDMDGRUHV &DSLWDOGHFRQWUROGHODVHPSUHVDV *UiILFR&DUDFWHUtVWLFDVHVWUXFWXUDOHVGHODVHPSUHVDVHQFXHVWDGDV +DVWD 'HD 'HD 0iVGH )DPLOLDU *UXSRV QDFLRQDOHV *UXSRV H[WUDQMHURV

(8)

OD HQFXHVWD DGTXLHUHQ XQD HVSHFLDO VLJQLILFDFLyQ GHVGH OD SHUVSHFWLYD SURVSHFWLYD TXH LQVSLUDHVWHWUDEDMR

3RU RWUD SDUWH HO JUiILFR VHxDOD WDPELpQ TXH ODV HPSUHVDV GH OD PXHVWUD VH GLVWULEX\HQ FDVL D SDUWHV LJXDOHV HQWUH ORV WUHV WLSRV GH FDSLWDO GH FRQWURO TXH VH KDQ FRQVLGHUDGRDXQTXHHVWiDOJRPiVUHSUHVHQWDGRHOVXEFRQMXQWRGHHPSUHVDVIDPLOLDUHV SRU TXH ORV GH ODV TXH VH HQFXDGUDQ D ORV JUXSRV GH FDSLWDO QDFLRQDO R H[WUDQMHURSRUHQFDGDFDVR

8QDFRQVLGHUDFLyQFRQMXQWDGHODVGRVYDULDEOHVUHVHxDGDV²WDPDxR\FDSLWDOGH FRQWURO² SHUPLWH GHVWDFDU ILQDOPHQWH TXH HQWUH ODV XQLGDGHV GH GLPHQVLyQ PiV UHGXFLGD VH DQRWD XQD IUHFXHQFLD PD\RU GH HPSUHVDVIDPLOLDUHV (Q FDPELR HQWUH ODV PiV JUDQGHV DSDUHFH XQ SRUFHQWDMH PD\RU GH HPSUHVDV HQFXDGUDGDV HQ JUXSRV QDFLRQDOHV 3HUR QR HV DVt FRQ UHVSHFWR D ODV HPSUHVDV GH FDSLWDO H[WUDQMHUR FX\D IUHFXHQFLDHVSDUHFLGDHQWRGRVORVHVWUDWRVGHWDPDxRYpDVHHOFXDGUR6LQHPEDUJR KD\TXHDxDGLUTXHHVWDVGLIHUHQFLDVQRVRQGHPDVLDGRJUDQGHV\TXHHQWRGRFDVRQR UHVXOWDQ HVWDGtVWLFDPHQWH VLJQLILFDWLYDV VHJ~Q VHxDOD HO YDORU GH OD FKL±FXDGUDGR GH 3HDUVRQFLQFOXLGDHQHOFXDGUR

&XDGUR'LVWULEXFLyQGHODVHPSUHVDVGHODPXHVWUD VHJ~QVXWDPDxR\FDSLWDOGHFRQWURO3RUFHQWDMHV

&DSLWDOGHFRQWURO 7DPDxR1žGH

WUDEDMDGRUHV )DPLOLDU *UXSRV

QDFLRQDOHV H[WUDQMHURV*UXSRV

727$/ 9HUWLFDO +DVWD 'HD 'HD 0iVGH 727$/ 3URPHPRULD7HVWGHODF9DORU6LJQLILFDFLyQ )XHQWH(ODERUDFLyQSURSLD

(O WHVW GH ODF VH KD DSOLFDGR D SDUWLU GH XQD WDEXODFLyQ GH ODV UHVSXHVWDVHQFLQFRLQWHUYDORVGHWDPDxR²FRUUHVSRQGLHQWHVDODVFLQFR SULPHUDV FDWHJRUtDV FRQVLGHUDGDV HQ HO FXHVWLRQDULR² GH ORV TXH ORV GRV~OWLPRVVHPXHVWUDQ DTXtDJUHJDGRVSDUDSUHVHUYDUHOFRPSURPLVR GHFRQILGHQFLDOLGDGDGTXLULGRSRUHOHTXLSRGHLQYHVWLJDFLyQ

0(5&$'26 /2&$/,=$&,Ï1 < 326,&,Ï1 &203(7,7,9$ '( /$6(035(6$6

/D HFRQRPtD YDVFD VH HQFXHQWUD HVWUHFKDPHQWH YLQFXODGD D OD HVSDxROD ²\ WDPELpQDXQTXHFRQPHQRVLQWHQVLGDGDODHXURSHD²GHPDQHUDTXHHOSRU GHVXVH[SRUWDFLRQHVGHELHQHV\VHUYLFLRVVHGLULJHQDOPHUFDGRIRUPDGRSRUODVGHPiV UHJLRQHV GH (VSDxD \ GH OD PLVPD PDQHUD XQ SRU GH VXV LPSRUWDFLRQHV SURFHGHQ GH HVDV UHJLRQHV 7DO YLQFXODFLyQ HV UHVXOWDGR GH XQD ODUJD WUD\HFWRULD

(VWDHVODUD]yQSRUODTXHHQDOJXQRVGHORVDQiOLVLVTXHPiVDGHODQWHVHPXHVWUDQVHKDUHFXUULGRD XQDVHJPHQWDFLyQGHODPXHVWUDHQGRVLQWHUYDORVGHWDPDxR²KDVWD\PiV GHWUDEDMDGRUHV² SDUDODTXHODGLIHUHQFLDFLyQHQWUHODVHPSUHVDVGHFDGDJUXSRGHFDSLWDOHVPiVFODUD

/RV GDWRV FLWDGRV UHIHULGRV D VH H[WUDHQ GH ODV&XHQWDV (FRQyPLFDV TXH HODERUD (867$7 >ZZZHXVWDWHV@

(9)

KLVWyULFDTXHKDFRQGXFLGRQRVyORDODDXVHQFLDGHIURQWHUDVVLQRDODH[LVWHQFLDGHXQD JUDQ DILQLGDG FXOWXUDO DO HPSOHR GH XQ PLVPR LGLRPD \ D TXH VH FRPSDUWDQ LQVWLWXFLRQHVFRPXQHVWRGRORFXDOWLHQHVXH[SUHVLyQHFRQyPLFDHQHOKHFKRGHTXH FRPR VH KD SXHVWR GH UHOLHYH HQ OD HVWLPDFLyQ GH PRGHORV GH JUDYHGDG SDUD ODV H[SRUWDFLRQHV YDVFDV pVWDV VHDQ FRQ UHVSHFWR DO UHVWR GH (VSDxD YHLQWH YHFHV PiV LQWHQVDV TXH FRQ UHODFLyQ D FXDOTXLHU RWUR SDtV GH XQ WDPDxR HTXLYDOHQWH 3RU HOOR FDEHHVSHUDUTXHODVPHGLDQDV\JUDQGHVHPSUHVDVGHO3DtV9DVFRUHIOHMHQHVWHKHFKR WDQWRSRUORTXHFRQFLHUQHDODGLVWULEXFLyQGHVXVPHUFDGRVFRPRSRUORTXHDOXGHDOD ORFDOL]DFLyQGHVXVDFWLYLGDGHV

(QQXHVWUDHQFXHVWDVHKDQWUDWDGRWUHVGLPHQVLRQHVGHHVWHDVXQWR/DSULPHUD VH FRQFUHWD HQ OD HVSHFLILFDFLyQ GHO PHUFDGR SULQFLSDO KDFLD HO TXH VH RULHQWDQ ODV HPSUHVDVeVWHFRPR UHIOHMDHOJUiILFRHVGHQDWXUDOH]DUHJLRQDOVyORHQXQDTXLQWD SDUWH GH ORV FDVRV HQ WDQWR TXH HQ ORV GHPiV ODV YHQWDV VH RULHQWDQ SUHIHUHQWHPHQWH KDFLD ORV PHUFDGRV GHO UHVWR GH (VSDxD R GHO H[WUDQMHUR 6H HYLGHQFLD DVt OD HVWUHFKD YLQFXODFLyQ TXH OD PD\RUtD GH HVWDV HPSUHVDV VRVWLHQHQ FRQ HO PHUFDGR QDFLRQDO H LQWHUQDFLRQDO (OOR HV DGHPiV XQ KHFKR TXH WUDVFLHQGH DO WLSR GH HPSUHVD GH TXH VH WUDWHSXHV VHJ~QVH GHVWDFDHQHOFXDGURQRVHFRQVWDWDQGLIHUHQFLDVVLJQLILFDWLYDV HQWUHHOODVHQIXQFLyQGHVXWDPDxR6LQHPEDUJRFXDQGRVHWRPDHQFRQVLGHUDFLyQHO FDSLWDO GH FRQWURO VH SXHGH FRPSUREDU TXH HQWUH ODV HPSUHVDV TXH VH LQWHJUDQ HQ JUXSRV HQ HVSHFLDO ORV GH FDSLWDO H[WUDQMHUR KD\ XQD PD\RU SURSRUFLyQ GH ODV TXH WLHQHQVXSULQFLSDOPHUFDGRIXHUDGHO3DtV9DVFR 9LG0LQRQGR(Q%XHVDVHH[SOLFDQORVSULQFLSDOHVUHVXOWDGRVGHHVWHWUDEDMR 6HFRQVLGHUDSULQFLSDOHOPHUFDGRDOTXHGHGLULJHHOSRURPiVGHODVYHQWDVGHOD HPSUHVD )XHQWH(ODERUDFLyQSRSLD *UiILFR0HUFDGRSULQFLSDOGHODVHPSUHVDVHQFXHVWDGDV 3RUFHQWDMHVVREUHHOWRWDOGHODPXHVWUD 5HJLRQDO 1DFLRQDO\H[WUDQMHUR

(10)

&XDGUR'LVWULEXFLyQGHODVHPSUHVDV VHJ~QVXPHUFDGRSULQFLSDO\WDPDxR3RUFHQWDMHV

0HUFDGRSULQFLSDO 7DPDxR1žGH

WUDEDMDGRUHV 5HJLRQDO 1DFLRQDO\ H[WUDQMHUR 727$/ 9HUWLFDO +DVWD 'HD 'HD 0iVGH 727$/ 3URPHPRULD7HVWGHODF9DORU6LJQLILFDFLyQ )XHQWH(ODERUDFLyQSURSLD

)UXWR GH HVD YLQFXODFLyQ D ORV PHUFDGRV H[WHUQRV D OD UHJLyQ XQD SDUWH LPSRUWDQWH GH ODVHPSUHVDV YDVFDV PDQWLHQHQ GLVWLQWRV WLSRV GH LQVWDODFLRQHVIXHUDGH HOOD$VtHQHOJUiILFRVHVHxDODTXHHQXQSRUGHORVFDVRVHOORRFXUUHFRQ UHVSHFWRDODVSODQWDVIDEULOHV\RWUDVLQVWDODFLRQHVGHSURGXFFLyQ \ORPLVPRVHSXHGH VHxDODU SDUD HO SRU GH ODV HPSUHVDV HQ OR TXH VH UHILHUH D ODV LQVWDODFLRQHV GHVWLQDGDVDODFRPHUFLDOL]DFLyQGHORVSURGXFWRV\VHUYLFLRVTXHVHRIHUWDQ

(VWDSUHVHQFLDItVLFDGHODVHPSUHVDVHQHOUHVWRGH(VSDxDRHQHOH[WUDQMHURQR HVLJXDOHQWRGRVORVFDVRVSXHVFRPRVHPXHVWUDHQHOFXDGURHVHQWUHODVHPSUHVDV GHPD\RUGLPHQVLyQ ²\HQWUHODVTXHHPSOHDQHQWUH\WUDEDMDGRUHV² GRQGH PiV IUHFXHQWHPHQWH VH FXHQWD FRQ SODQWDV SURGXFWLYDV IXHUD GHO HVSDFLR UHJLRQDO H[LVWLHQGRDHVWHUHVSHFWRXQDGLIHUHQFLDVLJQLILFDWLYDHQWUHODVXQLGDGHVGHORVGLVWLQWRV WDPDxRV 6LQ HPEDUJR QR RFXUUH OR PLVPR SRU OR TXH FRQFLHUQH D ODV LQVWDODFLRQHV FRPHUFLDOHVGHDFXHUGRFRQHOUHVXOWDGRGHOWHVWHVWDGtVWLFRXWLOL]DGRDXQTXHWDPELpQHQ HVWHFDVRHOSRUFHQWDMHGHHPSUHVDVTXHODVSRVHHQIXHUDGHO3DtV9DVFRVHDPiVHOHYDGR HQ HO HVWUDWR GH ODV PiV JUDQGHV $GHPiV SDUD DPERV WLSRV GH LQVWDODFLRQHV VH KD FRQVWDWDGR TXH VX SUHVHQFLD IXHUD GHO3DtV9DVFRHV PiVSUREDEOH HQWUH ODVHPSUHVDV TXHSHUWHQHFHQDJUXSRVLQGXVWULDOHVHQHVSHFLDODORVGHFDSLWDOIRUiQHR )XHQWH(ODERUDFLyQSRSLD ,QVWDODFLRQHVGHFRPHUFLDOL]DFLyQ *UiILFR/RFDOL]DFLyQGHODVLQVWDODFLRQHVGHODVHPSUHVDV3RUFHQWDMHV ,QVWDODFLRQHVGHSURGXFFLyQ 6yORHQ HO3DtV 9DVFR (Q(VSDxD\

H[WUDQMHUR 6yORHQHO3DtV

9DVFR

(Q(VSDxD\ H[WUDQMHUR

(11)

&XDGUR'LVWULEXFLyQGHODVHPSUHVDVVHJ~QODORFDOL]DFLyQGHVXVLQVWDODFLRQHVSURGXFWLYDV \FRPHUFLDOHV\VXWDPDxR3RUFHQWDMHV ,QVWDODFLRQHVSURGXFWLYDV ,QVWDODFLRQHVFRPHUFLDOHV 7DPDxR1žGH WUDEDMDGRUHV 6yORHQHO3DtV 9DVFR (Q(VSDxD\H[WUDQMHUR 727$/ 9HUWLFDO 6yORHQHO3DtV 9DVFR (Q(VSDxD\H[WUDQMHUR 727$/ 9HUWLFDO +DVWD 'HD 'HD 0iVGH 727$/

3URPHPRULD7HVWGHODF9DORU6LJQLILFDFLyQ 9DORU6LJQLILFDFLyQ )XHQWH(ODERUDFLyQSURSLD

(OWHUFHULQGLFDGRUGHODYLQFXODFLyQH[WHUQDGHODVHPSUHVDVVHREWLHQHDOPHGLU HOSRUFHQWDMHTXHVXSRQHHOHPSOHRGHPDQRGHREUDHQHOH[WHULRUGHODUHJLyQYDVFD $VtHQHOJUiILFRVHPXHVWUDTXHSDUDDSUR[LPDGDPHQWHODVWUHVFXDUWDVSDUWHVGHODV HPSUHVDVHQFXHVWDGDVHVHLQGLFDGRUHVLQIHULRUDOSRU\TXHSRUHOFRQWUDULRHQ HO FXDUWR UHVWDQWH VH VXSHUD HVH OtPLWH 3RU WDQWR HQ XQD IUDFFLyQ DSUHFLDEOH GH ODV HPSUHVDV ODVDFWLYLGDGHVH[WUDUUHJLRQDOHV KDQFRQGXFLGR D TXH OD PD\RUSDUWHGHVXV WUDEDMDGRUHVVHORFDOLFHQIXHUDGHO3DtV9DVFR(OORSRURWUDSDUWHRFXUUHGHXQDIRUPD EDVWDQWH SDUHFLGD HQWUH WRGRV ORV HVWUDWRV GH HPSUHVDV H[FHSFLyQ KHFKD GH ODV PiV JUDQGHV²HQWUHODVTXHPiVGHODPLWDGFXHQWDQFRQ PiVWUDEDMDGRUHVIXHUDTXHGHQWUR GH OD UHJLyQ² GDQGR OXJDU D XQD GLIHUHQFLD HVWDGtVWLFDPHQWH VLJQLILFDWLYD YpDVH HO FXDGUR < XQ UHVXOWDGR VLPLODU VH REWLHQH FRQ UHODFLyQ D ODV HPSUHVDV ILOLDOHV GH PXOWLQDFLRQDOHVRTXHVHHQFXDGUDQHQDOJ~QJUXSRLQGXVWULDO )XHQWH(ODERUDFLyQSRSLD *UiILFR/RFDOL]DFLyQSULQFLSDOGHOHPSOHRHQODV HPSUHVDV3RUFHQWDMHV (QHO3DtV 9DVFR (Q(VSDxD \H[WUDQMHUR

(12)

&XDGUR/RFDOL]DFLyQSULQFLSDOGHOHPSOHR HQODVHPSUHVDV3RUFHQWDMHV /RFDOL]DFLyQSULQFLSDO 7DPDxR1žGH WUDEDMDGRUHV (QHO3DtV 9DVFR (Q(VSDxD\H[WUDQMHUR 727$/ 9HUWLFDO +DVWD 'HD 'HD 0iVGH 727$/ 3URPHPRULD7HVWGHODF9DORU6LJQLILFDFLyQ )XHQWH(ODERUDFLyQSURSLD

)LQDOPHQWH SDUD FRPSOHWDU HVWD YLVLyQ GH ODV HPSUHVDV HQFXHVWDGDV FRQYLHQH KDFHU UHIHUHQFLD D OD SRVLFLyQ TXH RFXSDQ IUHQWH D VXV FRPSHWLGRUHV (OOR VH KDFH UHFXUULHQGR D OD RSLQLyQ VXEMHWLYD GH ORV HQWUHYLVWDGRV DFHUFD GH FyPR KDQ HYROXFLRQDGRHQHO~OWLPRTXLQTXHQLRVXVYHQWDV\VXVLQYHUVLRQHVFRQUHODFLyQDODV GHRWUDVHPSUHVDVYDVFDVHVSDxRODV\H[WUDQMHUDVFRQODVTXHFRPSLWHQ(VDRSLQLyQVH H[SUHVD VREUH XQD HVFDOD GH /LNHUW FRQ FLQFR YDORUHV HQ OD TXH HO PtQLPR FRUUHVSRQGH D OD LGHD GH XQ PHQRU FUHFLPLHQWR \ HO Pi[LPR D OD GH XQ PD\RU FUHFLPLHQWR TXHGDQGR HO YDORU LQWHUPHGLR SDUD ORV TXH FRQVLGHUDQ TXH QR KDQ HYROXFLRQDGRQLPHMRUQLSHRUTXHORVFRPSHWLGRUHV3RUWDQWRORVtQGLFHVGHYDORUDFLyQ TXHVHREWLHQHQFRPRSURPHGLRGHODVUHVSXHVWDVREWHQLGDVKDQGHLQWHUSUHWDUVHHQHO VHQWLGR GH TXH OD SRVLFLyQ GH ODVHPSUHVDV PHMRUDDODGHVXVULYDOHVVLHPSUHTXHVX FXDQWtDVHDVXSHULRUDWUHV\ORFRQWUDULRFXDQGRVHDLQIHULRUDHVWHYDORU

/RV UHVXOWDGRV GH OD HQFXHVWD VREUH HVWH DVXQWR TXH VH KDQ UHIOHMDGR HQ HO JUiILFRVHxDODQTXHHQJHQHUDOODVHPSUHVDVFRQVXOWDGDVVHDXWRYDORUDQHQXQDPHMRU SRVLFLyQ FRPSHWLWLYD TXH VXV ULYDOHV GHO SURSLR 3DtV 9DVFR \ HQ PHQRU PHGLGD GHO UHVWR GH (VSDxD D OD YH] TXH VH FRQVLGHUDQ HQ SLH GH LJXDOGDG FRQ UHVSHFWR D VXV FRPSHWLGRUHVH[WUDQMHURVHQHVSHFLDOHQORTXHDODLQYHUVLyQVHUHILHUH'HEHKDFHUVH QRWDU D HVWH UHVSHFWR TXH HO SRUFHQWDMH GH HPSUHVDV TXH VRQ FDSDFHV GH SURQXQFLDUVH VREUHHOWHPDHVHOHYDGRFXDQGRODUHIHUHQFLDVHHVWDEOHFHHQORVFRPSHWLGRUHVORFDOHVH LQFOXVRHQORVQDFLRQDOHVSHURVHUHGXFHEDVWDQWHFXDQGRVHILMDHQORVIRUiQHRVORTXH YLHQH D VHxDODU TXH VREUH WRGR HQ HVWH ~OWLPR FDVR HO FRQRFLPLHQWR GHO HQWRUQR FRPSHWLWLYRTXHWLHQHQORVHQWUHYLVWDGRVHVFRQIUHFXHQFLDGHILFLHQWH3HURPiVDOOiGH HVWD FRQVWDWDFLyQ OR TXH GHEH UHWHQHUVH HV TXH GH DFXHUGR FRQ ORV UHVXOWDGRV GH OD HQFXHVWD H[LVWH HQWUH ORV HPSUHVDULRV YDVFRV XQ FLHUWR RSWLPLVPR HQ FXDQWR D VX FDSDFLGDGSDUDDIURQWDUODFRPSHWHQFLDHQORVPHUFDGRV

)$&725(6 '(7(50,1$17(6 '( /$ ,19(56,Ï1 < /$ /2&$/,=$&,Ï17(5525,602<6,78$&,Ï132/Ë7,&$

8QD YH] TXH VH KDQ GHVFULWR ORV UDVJRV EiVLFRV GH ODV HPSUHVDV YDVFDV \ ORV DVSHFWRVUHIHUHQWHVDVXYLQFXODFLyQDOPHUFDGRHVSDxROSXHGHHQWUDUVHHQHOQ~FOHRGH ORV WHPDV TXH PiV LQWHUHVDQ HQ HVWD LQYHVWLJDFLyQ 3DUD HOOR VH FRPHQ]DUi KDFLHQGR UHIHUHQFLDDORVIDFWRUHVTXHGHWHUPLQDQODVGHFLVLRQHVGHLQYHUVLyQ\ORFDOL]DFLyQ(Q SDUWLFXODUGDGDVODVFLUFXQVWDQFLDVGHO3DtV9DVFRLQWHUHVDYDORUDUVLGHDFXHUGRFRQOD H[SHULHQFLDDFXPXODGDSRUODVHPSUHVDVHOWHUURULVPR\ODVLWXDFLyQSROtWLFDKDQMXJDGR DOJ~QSDSHOHQHVDVGHFLVLRQHV

(13)

6LJXLHQGRHOSODQWHDPLHQWRGHODWHRUtDHFRQyPLFDFRQYHQFLRQDOODVGHFLVLRQHV GHLQYHUVLyQGHODVHPSUHVDVJXDUGDQUHODFLyQFRQODH[LVWHQFLDGHXQDEUHFKDHQWUHOD FDQWLGDGGHFDSLWDOSRUHOODVGLVSRQLEOH\ODTXHFRQVLGHUDQGHVHDEOHSDUDRSWLPL]DUVX DFWLYLGDGSURGXFWLYD(VDEUHFKDVHUiWDQWRPiVLPSRUWDQWHFXDQWRPD\RUVHSHUFLEDHO YROXPHQGHODGHPDQGDDVDWLVIDFHU\FXDQWRPHQRUVHDHOFRVWHGHOFDSLWDOFRQUHVSHFWR DO GHO WUDEDMR $VLPLVPR HQ HOOD LQIOXLUi HO FDPELR WHFQROyJLFR SXHVOD DSDULFLyQ GH QXHYDVWHFQRORJtDVPiVHILFLHQWHVGHMDUiREVROHWRHOFDSLWDOGLVSRQLEOH\WDPELpQRWURV IDFWRUHV GH QDWXUDOH]D SROtWLFD TXH SXHGDQ LQWURGXFLU LQFHUWLGXPEUH HQ HO VLVWHPD HFRQyPLFR 3RU WDQWR FDEH HVSHUDU TXH ODV LQYHUVLRQHV VH YHDQ LQIOXLGDV SRU OD HYROXFLyQGHODGHPDQGDORVVDODULRV\ORVWLSRVGHLQWHUpVDVtFRPRSRUHOSURJUHVR WpFQLFR\HQHOFDVRFRQFUHWRTXHQRVRFXSDSRUHOIHQyPHQRGHOWHUURULVPR ²TXHHQ HO 3DtV 9DVFR \ FRQ PHQRV LQWHQVLGDG HQ HO UHVWR GH (VSDxD KD FRQVWLWXLGR XQD DPHQD]DDODHVWDELOLGDGGXUDQWHODVWUHV~OWLPDVGpFDGDV² \SRUODVLWXDFLyQSROtWLFD JHQHUDO²TXHHQHOFDVRYDVFRGXUDQWHORVDxRVDORVTXHVHUHILHUHQXHVWUDHQFXHVWD HVWiGHWHUPLQDGDSRUODSRODUL]DFLyQHQWUHQDFLRQDOLVPR\FRQVWLWXFLRQDOLVPR²

$FHUFD GH WRGRV HVWRV HOHPHQWRV VH KD SHGLGR OD RSLQLyQ GH ORV HPSUHVDULRV HQFXHVWDGRVGHPDQHUDTXHSXGLHUDQLQGLFDUVLORVUHIHULGRVIDFWRUHVKDQHMHUFLGRXQD LQIOXHQFLD SRVLWLYD R QHJDWLYD VREUH ODV LQYHUVLRQHV UHDOL]DGDV GXUDQWH HO ~OWLPR TXLQTXHQLRWDQWRHQHO3DtV9DVFRFRPRHQVXFDVRHQHOUHVWRGH(VSDxDDVtFRPR YDORUDU OD LPSRUWDQFLD GH HVD LQIOXHQFLD GHQWUR GH XQD HVFDOD GH /LNHUW GH XQR SRFR LPSRUWDQWHDFLQFRPX\LPSRUWDQWH

&RQUHVSHFWRDORSULPHURODSUiFWLFDFRLQFLGHQFLDGHORVHQFXHVWDGRVHQVHxDODU OD LQIOXHQFLD SRVLWLYD GH OD GHPDQGD ²TXH KD UHVXOWDGR VHUH[SDQVLYD HQ ORV ~OWLPRV

'HO3DtV9DVFR 'HOUHVWRGH(VSDxD 'HOH[WUDQMHUR 'HO3DtV9DVFR 'HOUHVWRGH(VSDxD 'HOH[WUDQMHUR *UiILFR3RVLFLyQGHODVHPSUHVDVIUHQWHDVXVFRPSHWLGRUHV 2SLQLRQHVVREUHODHYROXFLyQGHODVYHQWDV\ODLQYHUVLyQ ËQGLFHVGHYDORUDFLyQVREUHXQDHVFDODGHD 0HQRV ,JXDO 0iV (YROXFLyQGHODVYHQWDV HQHO~OWLPRTXLQTXHQLR (YROXFLyQGHODLQYHUVLyQ HQHO~OWLPRTXLQTXHQLR &RPSHWLGRUHV )XHQWH(ODERUDFLyQSURSLD 1RWD(QWUHSDUpQWHVLVVHLQGLFDHOSRUFHQWDMHGHHPSUHVDVTXHYDORUDQFDGDtWHP

(14)

DxRV²HOFDPELRWHFQROyJLFR\ORVWLSRVGHLQWHUpV²FX\REDMRQLYHOUHGXFHORVFRVWHV GH OD LQYHUVLyQ² DVt FRPR OD QHJDWLYD GHO FUHFLPLHQWR GH ORV VDODULRV ²SHVH D OR PRGHUDGRGHORVLQFUHPHQWRVSDFWDGRVHQORVFRQYHQLRVFROHFWLYRV² \GHOWHUURULVPR\ OD VLWXDFLyQ SROtWLFD QRV H[LPH GH HQWUDU HQ PD\RUHV GHWDOOHV < HQ FXDQWR D OR VHJXQGRHQHOJUiILFRVHPXHVWUDQORVUHVXOWDGRVREWHQLGRVHQIRUPDGHXQtQGLFHGH YDORUDFLyQGHODLPSRUWDQFLDGHORVIDFWRUHVUHVHxDGRVTXHH[SUHVDHOSURPHGLRGHODV UHVSXHVWDVREWHQLGDV'HVXREVHUYDFLyQVHGHVSUHQGHQODVVLJXLHQWHVFRQVLGHUDFLRQHV

‰ &RQ UHIHUHQFLD D ODV LQYHUVLRQHV TXH VH UHDOL]DQ GHQWUR GHO 3DtV 9DVFR HO SULQFLSDO IDFWRU GHWHUPLQDQWH HV HO TXH VH UHILHUH D OD HYROXFLyQ GH OD GHPDQGD RFXSDQGR HO FDPELR WHFQROyJLFR HO VHJXQGR SXHVWR (Q DPERV FDVRVHOtQGLFHVHVLW~DFODUDPHQWHSRUHQFLPDGHOYDORUTXHVHxDODHOQLYHO GHLQGLIHUHQFLDHQWUHORTXHHV\ORTXHQRHVLPSRUWDQWH²HVGHFLUHOYDORU WUHV² 'HEH DQRWDUVHDGHPiV TXHODYDORUDFLyQGHOIDFWRUGHGHPDQGDHV PiVLQWHQVDHQWUHODVHPSUHVDVTXHHPSOHDQDPiVGHWUDEDMDGRUHV TXHHQWUHODVGHWDPDxRPiVUHGXFLGRH[LVWLHQGRDHVWHUHVSHFWRXQD GLIHUHQFLDHVWDGtVWLFDPHQWHVLJQLILFDWLYD

3RU RWUD SDUWH HQ HO QLYHO GH LQGLIHUHQFLD VH VLW~D OD YDORUDFLyQ GH ORV IDFWRUHVDOXVLYRVDORVVDODULRV\ORVWLSRVGHLQWHUpVGHPDQHUDTXHVLQVHU LUUHOHYDQWHV QR VH FRQVLGHUDQ GH HVSHFLDO LPSRUWDQFLD 6yOR HQWUH ODV HPSUHVDV GH FDSLWDO H[WUDQMHUR VH DQRWD XQD H[FHSFLyQ FRQ UHVSHFWR D OD HYDOXDFLyQ GH OD LQIOXHQFLD GHO FUHFLPLHQWR GH ORV VDODULRV DO REWHQHUVH XQ tQGLFHVLJQLILFDWLYDPHQWHPiVHOHYDGRTXHHOSURPHGLR (YROXFLyQGHODGHPDQGD &DPELRWHFQROyJLFR &UHFLPLHQWRVDODULDO 7LSRVGHLQWHUpV 7HUURULVPR9LROHQFLDFDOOHMHUD 6LWXDFLyQSROtWLFD (YROXFLyQGHODGHPDQGD &DPELRWHFQROyJLFR &UHFLPLHQWRVDODULDO 7LSRVGHLQWHUpV 7HUURULVPR9LROHQFLDFDOOHMHUD 6LWXDFLyQSROtWLFD *UiILFR)DFWRUHVGHWHUPLQDQWHVGHODLQYHUVLyQHQODVHPSUHVDVYDVFDV ËQGLFHVGHYDORUDFLyQVREUHXQDHVFDODGHD ,QYHUVLRQHVHQHO 3DtV9DVFR ,QYHUVLRQHVHQHO UHVWRGH(VSDxD 3RFR LPSRUWDQWH LPSRUWDQWH0X\ )XHQWH(ODERUDFLyQSURSLD 1RWD(QWUHSDUpQWHVLVVHLQGLFDHOSRUFHQWDMHGHHPSUHVDVTXHYDORUDQFDGDIDFWRU

(15)

)LQDOPHQWH WDQWR HO WHUURULVPR FRPR FRQ PiV LPSRUWDQFLD OD VLWXDFLyQ SROtWLFDJHQHUDOVHYDORUDQSRUHQFLPDGHOQLYHOGHLQGLIHUHQFLDDXQTXHVLQ VHSDUDUVH PXFKR GH pO $PERV IDFWRUHV VRQ HYDOXDGRV FRQ XQ pQIDVLV PX\ VXSHULRUDODPHGLDSRUODVHPSUHVDVGHFDSLWDOH[WUDQMHURGHPDQHUDTXHODV SXQWXDFLRQHVREWHQLGDVSDUDODLQFLGHQFLDGHOWHUURULVPR\ODVLWXDFLyQ SROtWLFDVXSHUDQLQFOXVRDODUHIHULGDDODGHPDQGD(OORHVSOHQDPHQWH FRPSDWLEOH FRQ ORV UHVXOWDGRV GH ORV HVWXGLRV HQ ORV TXH VH VHxDOD TXH HO WHUURULVPR KD SHUMXGLFDGR OD UHFHSFLyQ GH FDSLWDO H[WUDQMHUR HQ HO 3DtV 9DVFR < RWUR WDQWR VH SXHGH VHxDODU SHUR FRQ PHQRU GLIHUHQFLD FRQ UHODFLyQDODVHPSUHVDVHQFXDGUDGDVHQJUXSRVGHFDSLWDOQDFLRQDO ²GRQGH ODYDORUDFLyQGHDPERVIDFWRUHVHVGH\UHVSHFWLYDPHQWH²

‰ (QFXDQWRDORVGHWHUPLQDQWHVGHODLQYHUVLyQTXHVHUHDOL]DHQHOUHVWRGH (VSDxD OR SULPHUR TXH GHEH REVHUYDUVH HV TXH HO Q~PHUR GH UHVSXHVWDV D HVWDSUHJXQWDHVVHQVLEOHPHQWHPiVEDMRTXHHOFRUUHVSRQGLHQWHDODDQWHULRU OR TXH VH H[SOLFD SRU HO KHFKR GH TXH QR WRGDV ODV HPSUHVDV SRVHHQ LQVWDODFLRQHVIXHUDGHO3DtV9DVFR ²WDOFRPRVHKDPRVWUDGRPiVDWUiV² /RVHQFXHVWDGRVTXHFRQWHVWDQFRQVLGHUDQRWUDYH]TXHHOIDFWRUGHGHPDQGD HVHOPiVLPSRUWDQWH\VLW~DQGHWUiVDOFDPELRWHFQROyJLFRVLQTXHSXHGDQ FRQVWDWDUVH GLIHUHQFLDV VLJQLILFDWLYDV HQWUH ORV GLVWLQWRV WLSRV GH HPSUHVDV $VLPLVPR VLW~DQ HO FUHFLPLHQWR GH ORV VDODULRV HQ XQ QLYHO VXSHULRU DO GH LQGLIHUHQFLDORTXHVHGHEHDOpQIDVLVTXHKDFHQHQHVWHSXQWRODVHPSUHVDV GHFDSLWDOH[WUDQMHUR²FRQXQtQGLFHLJXDOD²

<ORVGHPiVIDFWRUHVSRURWURODGRDSDUHFHQYDORUDGRVSRUGHEDMRGHOQLYHO GHLQGLIHUHQFLDHQOD]RQDGHSRFDLPSRUWDQFLD(OORWLHQHXQLQWHUpVHVSHFLDO HQORTXHDOXGHDOWHUURULVPR\DODVLWXDFLyQSROtWLFDJHQHUDOSRUFRQWUDVWH FRQ HO UHVXOWDGR TXH UHIOHMDQ ORV tQGLFHVUHIHULGRV D OD LQYHUVLyQ HQ HO 3DtV 9DVFR<VRQGHQXHYRHQHVWHFDVRODVHPSUHVDVGHFDSLWDOH[WUDQMHURODV TXHVHGLIHUHQFLDQGHODVGHPiVDOGDUXQUHOLHYHHVSHFLDODHVWRVGRV~OWLPRV HOHPHQWRVFRQXQDSXQWXDFLyQGH\UHVSHFWLYDPHQWH (QUHVXPHQHOSULQFLSDOGHWHUPLQDQWHGHODVLQYHUVLRQHVHVSDUDORVHQFXHVWDGRV ODHYROXFLyQGHODGHPDQGDFRQVLGHUiQGRVHWDPELpQUHOHYDQWHHOFDPELRWHFQROyJLFRD ODYH]TXHORVRWURVIDFWRUHVHFRQyPLFRVDGTXLHUHQXQWRQRPHQRU(OWHUURULVPR\OD VLWXDFLyQSROtWLFDVHDQRWDQFRPRHOHPHQWRVGHFLHUWRUHOLHYHEiVLFDPHQWHSRUORTXH FRQFLHUQH D OD LQYHUVLyQ GHQWUR GHO 3DtV 9DVFR < HQ HOORV HQIDWL]DQ VREUH WRGR ODV HPSUHVDVGHFDSLWDOH[WUDQMHURDVtFRPRFRQPHQRUQLYHOODVTXHSHUWHQHFHQDJUXSRV GHFDSLWDOQDFLRQDO

(OWHUURULVPR\HODPELHQWHSROtWLFRGHO3DtV9DVFRVRQDGXFLGRVFRQIUHFXHQFLD FRPR IDFWRUHV TXH SXHGHQ KDEHU LQGXFLGR XQ GHVSOD]DPLHQWR GH ODV HPSUHVDV YDVFDV KDFLDHOH[WHULRUGHODUHJLyQ'HHVWHPRGRHQUHVSXHVWDDODVDJUHVLRQHVYLROHQWDVRD OD H[WRUVLyQ D OD TXH VH KDQ YLVWR VRPHWLGDV SRU (7$ X RWUDV RUJDQL]DFLRQHV DILQHV DOJXQDVGHHOODVSRGtDQKDEHUDGRSWDGRGHFLVLRQHVGHGHVORFDOL]DFLyQGHVXSURGXFFLyQ R GH VXV LQVWDODFLRQHV WUDVODGiQGRODV D RWUDV ]RQDV GH (VSDxD R DO H[WUDQMHUR (Q OD HQFXHVWD VH KD LQGDJDGR DFHUFD GH HVWH DVXQWR REWHQLpQGRVH ORV UHVXOWDGRV TXH VH PXHVWUDQHQORVJUiILFRV\(OSULPHURVHxDODTXHFDVLXQSRUGHODVHPSUHVDV

(16)

FRQVLGHUDQTXHHOWHUURULVPR\ODYLROHQFLDFDOOHMHUDKDQHMHUFLGRXQDFLHUWDLQIOXHQFLD HQ OD GHWHUPLQDFLyQ GH VX VDOLGD KDFLD RWUDV UHJLRQHV HVSDxRODV \ HVD LQIOXHQFLD OD HVWLPDQLPSRUWDQWHDODOX]GHOtQGLFHGHYDORUDFLyQFRQVWUXLGRFRQVXVUHVSXHVWDV2WUR WDQWRVHSXHGHGHFLUFRQUHVSHFWRDODPDQHUDHQTXHVHHQMXLFLDODLQFLGHQFLDGHOFOLPD SROtWLFRTXHVHYLYHHQHO3DtV9DVFRVLHQGRGHVWDFDEOHTXHHQHVWHFDVRVRQD~QPiV ODVHPSUHVDVTXHVHxDODQVXLQIOXHQFLDSRVLWLYDHQODGHVORFDOL]DFLyQ (QFXDQWRDOWUDVODGRGHODVLQVWDODFLRQHVRODDFWLYLGDGDOH[WUDQMHURVRQVyOR XQDGHFDGDGLH]ODVHPSUHVDVTXHVHxDODQTXHHQODVGHFLVLRQHVFRUUHVSRQGLHQWHVHO WHUURULVPR R OD VLWXDFLyQ SROtWLFD KD\DQ HMHUFLGR XQD FLHUWD LQIOXHQFLD (VWD ~OWLPD VH YDORUDWDPELpQFRQFLHUWDLPSRUWDQFLDDXQTXHDOJRPHQRUTXHHQHOFDVRDQWHULRU

3RU RWUD SDUWH FRQ UHODFLyQ D WRGR HVWR GHEH DxDGLUVH TXH DSHQDV VH KDQ HQFRQWUDGR GLIHUHQFLDV VLJQLILFDWLYDV HQWUH ORV GLVWLQWRV WLSRV GH HPSUHVDV $Vt QR VH DSUHFLDQRSLQLRQHVGLYHUJHQWHVHQWUHODVHPSUHVDVFXDQGRODVUHVSXHVWDVDODHQFXHVWDVH GHVDJUHJDQ VHJ~Q HO WDPDxR < OR PLVPR RFXUUH FRQ UHVSHFWR DO FDSLWDO GH FRQWURO FXDQGRVHHYDO~DODLQFLGHQFLDGHOFOLPDSROtWLFR3HURQRHVDVtHQODYDORUDFLyQGHOD LPSRUWDQFLDGHOWHUURULVPRTXHDSDUHFHPiVHQIDWL]DGDTXHODPHGLDSRUODVHPSUHVDV SHUWHQHFLHQWHVDJUXSRVQDFLRQDOHV\PHQRVSRUODVGHFDSLWDOH[WUDQMHUR )XHQWH(ODERUDFLyQSURSLD *UiILFR 1RLQIOX\H 1V1F 6tLQIOX\H 3RFRLPSRUWDQWH 0X\LPSRUWDQWH ËQGLFHGHYDORUDFLyQ ,QIOXHQFLDGHOWHUURULVPR\ODYLROHQFLD FDOOHMHUDHQODGHVORFDOL]DFLyQGHODVHPSUHVDVYDVFDV HQHOUHVWRGH(VSDxD 1V1F 6tLQIOX\H 1RLQIOX\H ,QIOXHQFLDGHOFOLPDSROtWLFRGHO3DtV9DVFR HQODGHVORFDOL]DFLyQGHODVHPSUHVDVYDVFDVHQ HOUHVWRGH(VSDxD 3RFRLPSRUWDQWH 0X\LPSRUWDQWH ËQGLFHGHYDORUDFLyQ

(17)

(9$/8$&,Ï1'(/µ3/$1,%$55(7;(¶

(O DQXQFLR GHO 3ODQ ,EDUUHW[H KD VLGR FRQVLGHUDGR SRU ODV RUJDQL]DFLRQHV HPSUHVDULDOHVVHJ~QVHKDVHxDODGR\DFRPRXQHOHPHQWRSHUWXUEDGRUGHODVUHODFLRQHV HFRQyPLFDVSRUODVQRWDEOHVGRVLVGHLQFHUWLGXPEUHLQVWLWXFLRQDOTXHLQWURGXFH\SRUORV ULHVJRV SROtWLFRV TXH FRQOOHYD3RUHOOR HV LPSRUWDQWH WUDWDUGH HYDOXDUVX SHUFHSFLyQ SRUODVHPSUHVDVDVtFRPRREVHUYDUFXiOHVVRQODVUHDFFLRQHVGHpVWDVDQWHVXSRVLEOH FRQVHFXFLyQ(QQXHVWUDHQFXHVWDVHKDQDERUGDGRWDPELpQHVWRVDVSHFWRVFRPHQ]DQGR SRU XQD YDORUDFLyQ JHQHUDO GH ORV HQWUHYLVWDGRV DFHUFD GH OD HYHQWXDO UHSHUFXVLyQ GHO 3ODQSDUDVXVHPSUHVDVWDQWRHQHOFRUWRFRPRHQHOODUJRSOD]R(VDYDORUDFLyQTXHVH UHFRJHHQHOJUiILFRSHUPLWHGHVWDFDUORVLJXLHQWH

‰ (QHOFRUWRSOD]RPiVGHOSRUGHODVHPSUHVDVVHxDODQXQDLQFLGHQFLD QHJDWLYDGHODSURSXHVWDHIHFWXDGDORVHOOHKHQGDNDULGHO*RELHUQR9DVFR\ VyORXQDGpFLPDSDUWHGHORVHQFXHVWDGRVYHQHQHOODXQHOHPHQWRSRVLWLYR TXHGDQGR HO WHUFLR UHVWDQWH SDUD ORV TXH QR VH FRQVLGHUDQ DIHFWDGRV (VWi FODUR SRU WDQWR TXH HO3ODQ ,EDUUHW[H GHVSLHUWD SRFRHQWXVLDVPR HQWUH ORV HPSUHVDULRVPHGLDQRV\JUDQGHVTXHRSHUDQHQHO3DtV9DVFR )XHQWH(ODERUDFLyQSURSLD *UiILFR 6tLQIOX\H 1V1F 1RLQIOX\H 3RFRLPSRUWDQWH 0X\LPSRUWDQWH ËQGLFHGHYDORUDFLyQ ,QIOXHQFLDGHOWHUURULVPR\ODYLROHQFLD FDOOHMHUDHQODGHVORFDOL]DFLyQGHODVHPSUHVDVYDVFDV HQHOH[WUDQMHUR 1RLQIOX\H 6tLQIOX\H 1V1F ,QIOXHQFLDGHOFOLPDSROtWLFRGHO3DtV9DVFR HQODGHVORFDOL]DFLyQGHODVHPSUHVDVYDVFDVHQ HOH[WUDQMHUR ËQGLFHGHYDORUDFLyQ 3RFRLPSRUWDQWH 0X\LPSRUWDQWH

(18)

‰ &XDQGRHOKRUL]RQWHGHODHYDOXDFLyQVHVLW~DHQHOODUJRSOD]RODVRSLQLRQHV WLHQGHQ D SRODUL]DUVH GH PDQHUD TXH DXPHQWD KDVWD HO SRU OD SURSRUFLyQ GH HPSUHVDV TXH SUHYpQ XQD LQFLGHQFLD QHJDWLYD GHO 3ODQ

,EDUUHW[H \ VREUHWRGRVHLQFUHPHQWDKDVWDHOSRUODGHODVTXHOD

MX]JDQ SRVLWLYD (Q WRGR FDVR OD GLIHUHQFLD HQWUH DPERV H[WUHPRV VLJXH VLHQGR QRWRULD SRU ORV TXH HQ JHQHUDO FDEH FRQFOXLU TXH OD UHIHULGD SURSXHVWDWLHQGHDYHUVHFRPRSHUMXGLFLDOSDUDODVHPSUHVDVYDVFDV

‰ 6L VH DWLHQGH D ORV GLIHUHQWHV WLSRV GH HPSUHVDV ORV UHVXOWDGRV VHxDODQ OD H[LVWHQFLD GH RSLQLRQHV VLJQLILFDWLYDPHQWH GLVWLQWDV HQWUH HOORV (O SHUILO WtSLFRGHODVHPSUHVDVTXHFRQVLGHUDQQHJDWLYRVORVHIHFWRVGHO3ODQWDQWRHQ HOFRUWRFRPRHQHOODUJRSOD]RHVHOGHODTXHIRUPDSDUWHGHXQJUXSRGH FDSLWDOQDFLRQDORTXHVHLQWHJUDHQXQJUXSRPXOWLQDFLRQDOFX\DGLPHQVLyQ VXSHUD ORV WUDEDMDGRUHV \ FX\RV PHUFDGRV H LQVWDODFLRQHV VH H[WLHQGHQ VREUH HO FRQMXQWR GH (VSDxD < HO TXH FRUUHVSRQGH D ODV TXH YHQ SRVLWLYDPHQWH OD SURSXHVWD GH ,EDUUHW[H HV HO GH XQD HPSUHVD GH FDSLWDO IDPLOLDU FX\R WDPDxR QR OOHJD D HPSOHDGRV \ TXH VH RULHQWD SUHIHUHQWHPHQWHDOPHUFDGRORFDO

3RURWUDSDUWHVHKDSUHJXQWDGRDODVHPSUHVDVDFHUFDGHORVHIHFWRVTXH\DVH KDQSRGLGRSURGXFLUGHVGHHODQXQFLRGHO3ODQ,EDUUHW[HHQVHSWLHPEUHGH$HVWH UHVSHFWR GHEH WHQHUVH HQ FXHQWD TXH VHJ~Q KD WUDVFHQGLGR D ORV PHGLRV GH FRPXQLFDFLyQVHKDQGDGRDOJXQRVFDVRVGHSpUGLGDGHPHUFDGRVSXGLpQGRVHKDEODU VHJ~Q ORV GLULJHQWHV SDWURQDOHV GH ©FRQWUDWRV UHVFLQGLGRV GH LQYHUVLRQHV FRPSURPHWLGDV \ QR UHDOL]DGDV \ GH SODQHV GH LQYHUVLyQ WUXQFDGRV DVt FRPR GH ODV UHWLFHQFLDV TXH HPSLH]DQ D PRVWUDU KDFLD ODV HPSUHVDV YDVFDV ODV JUDQGHV FRPSDxtDV HVSDxRODVª3XHVELHQSDUDREWHQHUXQDYDORUDFLyQFXDOLWDWLYDGHHVWDFXHVWLyQVHKDQ HVWLPDGRORVtQGLFHVTXHILJXUDQHQHOJUiILFRDSDUWLUGHODVUHVSXHVWDVGDGDVSRUORV HQWUHYLVWDGRV(QpOVHREVHUYDTXHSDUDWRGRVORVDVSHFWRVSODQWHDGRVORVtQGLFHVVH VLW~DQSRUGHEDMRGHOQLYHOGHQHXWUDOLGDG\TXHSRUWDQWRHQSURPHGLRVHFRQVLGHUD &IU&RUFXHUD(Q%XHVDVHUHFRJHQHVWRV\RWURVWHVWLPRQLRVVREUHHODVXQWRSODQWHDGR )XHQWH(ODERUDFLyQSURSLD 5HSHUFXVLyQGHO3ODQ,EDUUHW[HDFRUWRSOD]R 5HSHUFXVLyQGHO3ODQ,EDUUHW[HDODUJRSOD]R *UiILFR2SLQLRQHVVREUHODLQFLGHQFLDGHO3ODQ,EDUUHW[HHQODVHPSUHVDV 1HJDWLYD 1RDIHFWD 0X\ QHJDWLYD 3RVLWLYD 0X\SRVLWLYD 0X\ SRVLWLYD 3RVLWLYD 0X\ QHJDWLYD 1HJDWLYD 1RDIHFWD

(19)

TXHHO3ODQKDFRQGXFLGR\DHQORVPHVHVWUDQVFXUULGRVGHVGHVXSUHVHQWDFLyQDXQRV HIHFWRVQHJDWLYRV7DOHVHIHFWRVVHSHUFLEHQGHXQDPDQHUDSDUWLFXODUPHQWHGHVIDYRUDEOH FRQUHVSHFWRDODVYHQWDVTXHODVHPSUHVDVUHDOL]DQIXHUDGHO3DtV9DVFRHQHOUHVWRGH (VSDxD ²OR TXH HV GHVWDFDGR SRU XQ WHUFLR GH ORV HQWUHYLVWDGRV² DVt FRPR FRQ UHIHUHQFLD D ODVUHODFLRQHV FRQ ORV FOLHQWHV ²FX\R GHWHULRURVH PDQLILHVWD SRUHO SRUGHORVPLVPRV²

&RPRHQRWUDVSUHJXQWDVGHODHQFXHVWDWDPELpQHQHVWHFDVRVHKDQHQFRQWUDGR GLIHUHQFLDVVLJQLILFDWLYDVSDUDDOJXQRVWLSRVGHHPSUHVDV0iVHQFRQFUHWRHOGHWHULRUR GH ODV YHQWDV VREUH WRGR HQ (VSDxD \ HO HPSHRUDPLHQWR GH ODV UHODFLRQHV FRQ OD FOLHQWHODDSDUHFHQGHXQDPDQHUDGHVWDFDGDHQWUHODVHPSUHVDVGHFDSLWDOH[WUDQMHURR TXHVHHQFXDGUDQHQJUXSRVLQGXVWULDOHVQDFLRQDOHVFX\DRULHQWDFLyQKDFLDHOFRQMXQWR GHOPHUFDGRHVSDxROHVPiVDFXVDGD\TXHFXHQWDQFRQLQVWDODFLRQHVFRPHUFLDOHVGHQWUR GH pO (Q RWUDV SDODEUDV HO 3ODQ ,EDUUHW[H SDUHFH KDEHU HPSHRUDGR OD SRVLFLyQ FRPSHWLWLYDGHODVHPSUHVDVYDVFDVTXHFRQPiVLQWHQVLGDGVHLQWHJUDQHQHOPHUFDGR QDFLRQDOGH(VSDxD

(Q ODV FLUFXQVWDQFLDV GHVFULWDV HQ ORV SiUUDIRV DQWHULRUHV SRU HO LPSRUWDQWH FDPELRGHOHQWRUQRTXHSXHGHOOHJDUDVXSRQHUHO3ODQ,EDUUHW[HFDEUtDHVSHUDUTXHODV HPSUHVDVKXELHUDQLQLFLDGRXQSURFHVRGHDQiOLVLVGHVXVFRQVHFXHQFLDVFRQODILQDOLGDG GHUHYLVDUVXSODQLILFDFLyQHVWUDWpJLFD/DSUHJXQWDGHQXHVWUDHQFXHVWDVREUHHVWHWHPD GHMD FODUR VLQ HPEDUJR TXH HVWR QR KD VLGR DVt HQ OD PD\RU SDUWH GH ORV FDVRV GH PDQHUD TXH VyOR XQ SRU GH ORV HQWUHYLVWDGRV VHxDODQ KDEHUOR HPSUHQGLGR YpDVHHOJUiILFR'HpVWRVFDVLGRVWHUFLRVORKDQKHFKRGHXQDPDQHUDLQIRUPDOD WUDYpVGHGLVFXVLRQHV\FRPHQWDULRVTXHQRVHKDQSODVPDGRGRFXPHQWDOPHQWH\ORV 9HQWDVHQJHQHUDO 9HQWDVHQ(VSDxD ([SRUWDFLRQHV 5HODFLyQFRQORVFOLHQWHV 5HODFLyQFRQORV SURYHHGRUHV *UiILFR,QFLGHQFLDGHODQXQFLRGHO3ODQ,EDUUHW[HVREUHODDFWLYLGDG FRPHUFLDOGHODVHPSUHVDV ËQGLFHVGHYDORUDFLyQVREUHXQDHVFDODGHD

'HVIDYRUDEOH 1HXWUDO )DYRUDEOH

)XHQWH(ODERUDFLyQSURSLD

(20)

GHPiV KDQ HQWUDGR HQ XQ SURFHVR PiV HVWUXFWXUDGR SRU PHGLR GH UHXQLRQHV H[SUHVDPHQWHFRQYRFDGDVSDUDHOORRGHLQIRUPHVHVFULWRVOOHJiQGRVHLQFOXVRHQXQRV SRFRV FDVRV D OD IRUPXODFLyQ GH XQ SODQGHFRQWLQJHQFLD/RV DQiOLVLV HVWDGtVWLFRVQR KDQ SHUPLWLGR HQFRQWUDU GLIHUHQFLDV VLJQLILFDWLYDV HQ HVWH WHPD HQWUH ODV HPSUHVDV GH GLVWLQWRVWDPDxRVRGHGLYHUVRFDSLWDOGHFRQWURO

)LQDOPHQWH OD HQFXHVWD KD LQGDJDGR DFHUFD GH ODV SRVLEOHV HVWUDWHJLDV TXH ODV HPSUHVDVSXGLHUDQHPSUHQGHUSDUDDIURQWDUORVHIHFWRVGHO3ODQ,EDUUHW[HVLHPSUHTXH ODVFLUFXQVWDQFLDVSROtWLFDVH[SHULPHQWHQXQHPSHRUDPLHQWR/DVUHVSXHVWDVREWHQLGDV TXHVHKDQUHIOHMDGRHQHOJUiILFRGHVWDFDQTXHDSUR[LPDGDPHQWHXQDFXDUWDSDUWHGH ORV HQWUHYLVWDGRV HVWiQ FRQVLGHUDQGR HO DEDQGRQR GHO 3DtV 9DVFR GH PDQHUD TXH WUDVODGDUtDQVXVDFWLYLGDGHVGHSURGXFFLyQDRWURVOXJDUHV$VLPLVPRHQXQSRU GH ORV FDVRV VH FRQWHPSOD OD GHVORFDOL]DFLyQ GH OD VHGH FHQWUDO GH OD HPSUHVD 'HEH KDFHUVHQRWDUTXHDPEDV HVWUDWHJLDVSXHGHQSHUMXGLFDUVHULDPHQWHDODHFRQRPtDYDVFD SXHVSXHGHQLPSOLFDUWDQWRXQDSpUGLGDGHDFWLYLGDG\HPSOHRFRPRXQDUHGXFFLyQGH LQJUHVRVILVFDOHVSDUDODVKDFLHQGDVIRUDOHV/DVRWUDVDOWHUQDWLYDVUHFRJLGDVHQHOJUiILFR VRQ FRQWHPSODGDV VLQ HPEDUJR SRU XQ PHQRU SRUFHQWDMH GH ORV HQWUHYLVWDGRV GH PDQHUDTXHVyORXQRVSRFRVVHxDODQODSRVLELOLGDGGHSDOLDUORVHIHFWRVQHJDWLYRVGHOD SROtWLFDGHO*RELHUQR9DVFRPHGLDQWHODUHDOL]DFLyQGHFDPSDxDVSXEOLFLWDULDVHOXVRGH PDUFDVDOWHUQDWLYDVIXHUDGHODUHJLyQRODUHDOL]DFLyQGHGHVLQYHUVLRQHVSDUDDMXVWDUOD DFWLYLGDGDODGHPDQGD

'DGD ODWUDVFHQGHQFLDTXHSXGLHUDQDOFDQ]DUODVHVWUDWHJLDVGHGHVORFDOL]DFLyQ HV FRQYHQLHQWH VHxDODU FXiOHV VRQ ORV WLSRV GH HPSUHVDV TXH FRQ PD\RU pQIDVLV ODV FRQWHPSODQ3DUDHOORHQHOFXDGURVHKDQUHFRJLGRORVGDWRVTXHFRUUHVSRQGHQDODV *UiILFR¢+DQHVWXGLDGRODVHPSUHVDVSRVLEOHVPHGLGDVFRQUHODFLyQDO 3ODQ,EDUUHW[H" 3RUFHQWDMHVVREUHHOWRWDOGHODVHPSUHVDV 12 1V1F 6, 5HXQLRQHVIRUPDOHV 3ODQGH FRQWLQJHQFLD 'LVFXVLRQHV LQIRUPDOHV )XHQWH(ODERUDFLyQSURSLD

(21)

&XDGUR(VWUDWHJLDGHWUDVODGRGHODSURGXFFLyQ\RGHODVHGHFHQWUDOGHODHPSUHVDIXHUD GHO3DtV9DVFR3RUFHQWDMHV &DSLWDOGH&RQWURO 2ULHQWDFLyQ SUHIHUHQWHGHODV YHQWDV &DSLWDO

)DPLOLDU 1DFLRQDOHV*UXSRV ([WUDQMHUR&DSLWDO 9DVFR3DtV 5HVWRGH(VSDxD

(PSUHVDVVLQ LQVWDODFLRQHV FRPHUFLDOHVIXHUD GHO3DtV9DVFR (PSUHVDVFRQ LQVWDODFLRQHV FRPHUFLDOHVIXHUD GHO3DtV9DVFR 12 6, 1V1F 7RWDO 3URPHPRULD7HVWGHODF9DORU

6LJQLILFDFLyQ 6LJQLILFDFLyQ9DORU 9DORU6LJQLILFDFLyQ )XHQWH(ODERUDFLyQSURSLD

YDULDEOHV SDUD ODV TXH VH KDQ REWHQLGR UHVXOWDGRV HVWDGtVWLFDPHQWH VLJQLILFDWLYRV HQ FXDQWRDODH[LVWHQFLDGHGLIHUHQFLDVHQWUHXQDRRWUDVHPSUHVDV'HDFXHUGRFRQHOORVOD SUREDELOLGDGGHTXHHVDVHVWUDWHJLDVVHDQDGRSWDGDVHVPD\RUHQWUHODVHPSUHVDVTXHVH LQWHJUDQHQJUXSRVLQGXVWULDOHVGHFDSLWDOQDFLRQDORTXHVRQILOLDOHVGHPXOWLQDFLRQDOHV HQWUHODVTXHRULHQWDQVXVYHQWDVGHPDQHUDSUHIHUHQWHKDFLDHOPHUFDGRHVSDxRORHQWUH ODVTXH FXHQWDQFRQ LQVWDODFLRQHVFRPHUFLDOHVGHQWUR GH pVWH(Q XQDSDODEUDVRQODV HPSUHVDV GH PD\RU UHOLHYH FRPSHWLWLYR SDUD OD HFRQRPtD YDVFD ODV TXH FRPR FRQVHFXHQFLDGHO3ODQ,EDUUHW[HSXHGHQDFDEDUYLpQGRVHLPSHOLGDV DDEDQGRQDUHO3DtV 9DVFRSDUDSUHVHUYDUVXDFWLYLGDG\VXVPHUFDGRV &DPSDxDVSXEOLFLWDULDV 0DUFDVDOWHUQDWLYDVIXHUDGHO 3DtV9DVFR 7UDVODGRGHODSURGXFFLyQ IXHUDGHO3DtV9DVFR 7UDVODGRGHODVHGHFHQWUDO IXHUDGHO3DtV9DVFR 'HVLQYHUVLRQHVHQ(VSDxD SRUUHGXFFLyQGHODVYHQWDV *UiILFR(VWUDWHJLDVGHODVHPSUHVDVSDUDSDOLDUORVHIHFWRVGHO3ODQ ,EDUUHW[H 3RUFHQWDMHGHOWRWDOGHHPSUHVDVTXHKDQSODQLILFDGRRHVWiQUHDOL]DQGRODVDFWLYLGDGHVTXHVHVHxDODQ )XHQWH(ODERUDFLyQSURSLD

(22)

%,%/,2*5$)Ë$

%DUEHUtD -/ \ 8Q]XHWD 3 &yPR KHPRV OOHJDGR D HVWR /D FULVLV YDVFD7DXUXV 0DGULG

%DUULRV 6 \ 6WUREO ( ³7HUURULVP DQG WKH ORFDWLRQ RI IRUHLJQ G LUHFW LQYHVWPHQW´ &25(8QLYHUVLWp&DWKROLTXHGH/RXYDLQ/RXYDLQPLPHR

%XHVD 0(FRQRPtD GH OD VHFHVLyQORVFRVWHV GH ODµQR(VSDxD¶HQHO3DtV9DVFR

,QVWLWXWR GH $QiOLVLV ,QGXVWULDO \ )LQDQFLHUR 8QLYHUVLGDG &RPSOXWHQVH GH 0DGULG 'RFXPHQWRGH7UDEDMRQžGLFLHPEUH

&tUFXOR GH (PSUHVDULRV 9DVFRV ³'HFODUDFLyQ GHO &tUFXOR GH (PSUHVDULRV 9DVFRV´

3DSHOHVGH(UPXDQžHQHUR

&tUFXORGH(PSUHVDULRV9DVFRV³1RWDLQIRUPDWLYDGHO&tUFXORGH(PSUHVDULRV9DVFRV´

$%&GHVHSWLHPEUHGH

&RUFXHUD--³&RQIHEDVNGLEXMy DOOHKHQGDNDULXQRVFXURSDQRUDPDHFRQyPLFR´ (O &RUUHRGHGLFLHPEUHGH

'RPtQJXH] ,ULEDUUHQ ) /DV UDtFHV GHO PLHGR (XVNDGL XQD VRFLHGDG DWHPRUL]DGD $JXLODU0DGULG

0LQRQGR $³%RUGHUVDOVRPDWWHULQ(XURSH1HZKRPHELDVHYLGHQFHEDVHGRQWKH 6SDLQ±%DVTXH&RXQWU\¶VFDVH´8QLYHUVLGDGGH'HXVWR ±(67(6DQ6HEDVWLiQPLPHR 2QDLQGtD0\*XHYDUD(¢(VGHPRFUiWLFR³HO3ODQ,EDUUHW[H´" )XQGDFLyQSDUDOD

/LEHUWDG%LOEDR>5HFXSHUDEOHHQZZZSDUDODOLEHUWDGHV@

2UWHJD$\GH$UHLO]D-0³(VFLVLyQ\SHUPDQHQFLDHQOD8($SUR[LPDFLyQDXQ PDUFRWHyULFRVLQSUHFHGHQWHV´&ODYHVGH5D]yQ3UiFWLFDQžPDU]R

3HQGiV%D³/DLQYHQFLyQGHOVXM HWRFRQVWLWX\HQWH´$%&GHMXOLRGH 3HQGiV%E³$XWRGHWHUPLQDFLyQ\GHUHFKRVKLVWyULFRV´$%&GHMXOLRGH 3HQGiV%F³1DFLRQDOLGDGSDUWLGRV\UHIHUpQGXP´$%&GHMXOLRGH 3HQGiV%G³)UDJPHQWRVGHO SRGHUMXGLFLDO´$%&GHMXOLRGH 3HQGiV%H³/D&RQVWLWXFLyQGHVSUHFLDGD´$%&GHMXOLRGH 3HQGiV%I³7RGDVODVFRPSHWHQFLDV´$%&GHDJRVWRGH 3HQGiV%J³(XVNDGLHQHOPXQGR´$%&GHDJRVWRGH

(23)
(24)

$17(/$6,78$&,Ï132/Ë7,&$$&78$/

(Q HO PDUFR GH VX SURJUDPD GH HVWXGLRV VREUH HFRQRPtD UHJLRQDO HO ,QVWLWXWR GH $QiOLVLV ,QGXVWULDO \ )LQDQFLHUR,$,)GHOD8QLYHUVLGDG&RPSOXWHQVHKDHPSUHQGLGRODUHDOL]DFLyQGHXQDLQYHVWLJDFLyQDFHUFDGH ODVUHSHUFXVLRQHVTXHODVLWXDFLyQSROtWLFDGHO3DtV9DVFRHVWiWHQLHQGRVREUHVXVHPSUHVDV/DLQYHVWLJDFLyQ SUHWHQGHYDORUDUODLQFLGHQFLDGHOWHUURULVPR\GHODFWXDOSUR\HFWRGHO*RELHUQR9DVFRFRQUHVSHFWRDOHVWDWXV GHOLEUHDVRFLDFLyQFRQ(VSDxDHO3ODQ,EDUUHW[HVREUHODVGHFLVLRQHVGHLQYHUVLyQORFDOL]DFLyQ\JHVWLyQGH ODVHPSUHVDV1XHVWURSURSyVLWRHVHVHQFLDOPHQWHDFDGpPLFR\HQWRGRFDVRDMHQRDFXDOTXLHULQWHUpVSROtWLFR GHQDWXUDOH]DSDUWLGLVWD\SUHWHQGHVHUYLUDXQPHMRUFRQRFLPLHQWRGHODVSRVLEOHVUHSHUFXVLRQHVHFRQyPLFDV GHOUHIHULGRSUR\HFWR

/RVGDWRV GHHVWDHQFXHVWDVHFRQVLGHUDQFRQILGHQFLDOHV/DVUHVSXHVWDVREWHQLGDVHQQLQJ~QFDVRVHUiQREMHWR GHXQWUDWDPLHQWRQRPLQDORLQGLYLGXDOL]DGRQLVXFRQWHQLGRGLIXQGLGR$SDUWLUGHHOODVVHUHDOL]DUiXQWUDEDMR GH FDUiFWHUHVWDGtVWLFRTXHVHUYLUiSDUDHODQiOLVLVFRUUHVSRQGLHQWH(O,$,)\OD8QLYHUVLGDG&RPSOXWHQVHVH FRPSURPHWHQDUHVSHWDU\KDFHUUHVSHWDUHVDFRQILGHQFLDOLGDGHQWUHWRGRVORVPLHPEURVGHOHTXLSRGHWUDEDMR TXHUHDOL]DODLQYHVWLJDFLyQ 6LXVWHGGHVHDFRQRFHUPHMRUHO,$,)\VXVDFWLYLGDGHVSXHGHFRQVXOWDUQXHVWUDSiJLQDZHEHQODGLUHFFLyQ KWWSZZZXFPHVEXFPFHHLDLI (QHVDPLVPDSiJLQDSXHGHFRQVXOWDUQXHVWUDFROHFFLyQGH'RFXPHQWRVGH7UDEDMR\GHVFDUJDUVXFRQWHQLGR JUDWXLWDPHQWH 3RU IDYRUHQYtHQRVVXUHVSXHVWDDODHQFXHVWDSRUFRUUHRDODGLUHFFLyQ ,QVWLWXWRGH$QiOLVLV,QGXVWULDO\)LQDQFLHUR )DFXOWDGGH&LHQFLDV(FRQyPLFDV\(PSUHVDULDOHV 8QLYHUVLGDG&RPSOXWHQVHGH0DGULG &DPSXVGH6RPRVDJXDV 3R]XHORGH$ODUFyQ0DGULG 7DPELpQSXHGHKDFHUORSRUID[DOQ~PHUR 6LGHVHDHIHFWXDUFXDOTXLHUFRQVXOWDFRQUHODFLyQDODHQFXHVWDQRGXGHHQOODPDUDOQ~PHUR A A A ,'$726'(,'(17,),&$&,Ï1<$&7,9,'$''(/$(035(6$ 5D]yQ6RFLDOGHOD(PSUHVDR*UXSRBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB $FWLYLGDGSULQFLSDOBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB ¢/DHPSUHVDIRUPDSDUWHGHXQJUXSRGHHPSUHVDV" 12 6, 'HFDSLWDOQDFLRQDO 'HFDSLWDOH[WUDQMHUR 1~PHURGHSHUVRQDVHPSOHDGDVHQ +DVWD 'HD 'HD 'HD 'HD 0iVGH

(25)

0HUFDGRV GHODVYHQWDV 3DtV9DVFR 5HVWRGH(VSDxD 2WURVSDtVHVGHOD8QLyQ(XURSHD 5HVWRGHO0XQGR 727$/ 6HxDOHSRUIDYRUHQGyQGHVHORFDOL]DQODVLQVWDODFLRQHVGHSURGXFFLyQ\FRPHUFLDOL]DFLyQGHODHPSUHVDR JUXSR ,QVWDODFLRQHVGH3URGXFFLyQ ,QVWDODFLRQHV&RPHUFLDOHV 3DtV9DVFR 3DtV9DVFR 5HVWRGH(VSDxD 5HVWRGH(VSDxD 2WURVSDtVHVGHOD8QLyQ(XURSHD 2WURVSDtVHVGHOD8QLyQ(XURSHD 5HVWRGHO0XQGR 5HVWRGHO0XQGR ¢&yPRVHGLVWULEX\HGHPDQHUDDSUR[LPDGDHOHPSOHRWRWDOGHODHPSUHVDRJUXSRSRUiUHDVJHRJUiILFDV" GHOHPSOHR 3DtV9DVFR 5HVWRGH(VSDxD 2WURVSDtVHVGHOD8QLyQ(XURSHD 5HVWRGHO0XQGR 727$/ 'XUDQWHORV~OWLPRVDxRV¢FyPRKDQHYROXFLRQDGRODVYHQWDVGHODHPSUHVDRJUXSRFRQUHVSHFWRDODVGH VXVFRPSHWLGRUHV"6HxDOHHQXQDHVFDODGHDVHJ~QVXDSUHFLDFLyQVLKDQFUHFLGRPHQRVLJXDORPiVTXH ODVGHORVFRPSHWLGRUHVGHFDGDiUHDJHRJUiILFD

&RPSHWLGRUHVGH 0HQRV ,JXDO 0iV

3DtV9DVFR 5HVWRGH(VSDxD ([WUDQMHURV 'XUDQWHORV~OWLPRVDxRV¢FyPRKDQHYROXFLRQDGRODVLQYHUVLRQHVGHODHPSUHVDRJUXSRFRQUHVSHFWRD ODVGHVXVFRPSHWLGRUHV"6HxDOHHQXQDHVFDODGHDVHJ~QVXDSUHFLDFLyQVLKDQFUHFLGRPHQRVLJXDOR PiVTXHODVGHORVFRPSHWLGRUHVGHFDGDiUHDJHRJUiILFD

&RPSHWLGRUHVGH 0HQRV ,JXDO 0iV

3DtV9DVFR

5HVWRGH(VSDxD

(26)

HQHO3DtV9DVFR\HQRWURVOXJDUHVGH(VSDxD ,QYHUVLRQHVHQHO3DtV9DVFR

)DFWRUHV ,QIOXHQFLD3RVLWLYD ,QIOXHQFLD1HJDWLYD LPSRUWDQWH3RFR LPSRUWDQWH0X\

(YROXFLyQGHODGHPDQGD &DPELRWHFQROyJLFR &UHFLPLHQWRGHORVVDODULRV 7LSRVGHLQWHUpV 7HUURULVPR9LROHQFLDFDOOHMHUD 6LWXDFLyQSROtWLFDHQJHQHUDO ,QYHUVLRQHV HQHOUHVWRGH(VSDxD

)DFWRUHV ,QIOXHQFLD3RVLWLYD ,QIOXHQFLD1HJDWLYD LPSRUWDQWH3RFR LPSRUWDQWH0X\

(YROXFLyQGHODGHPDQGD &DPELRWHFQROyJLFR &UHFLPLHQWRGHORVVDODULRV 7LSRVGHLQWHUpV 7HUURULVPR9LROHQFLDFDOOHMHUD 6LWXDFLyQSROtWLFDHQJHQHUDO 6HxDOHSRUIDYRUVLGXUDQWHORV~OWLPRVDxRVHOWHUURULVPRRHOFOLPDSROtWLFRGHO3DtV9DVFRKDQLQIOXLGRHQODV GHFLVLRQHVGHORFDOL]DFLyQGHLQVWDODFLRQHVSURGXFWLYDVR FRPHUFLDOHVGHODHPSUHVDRJUXSRHQRWUDVUHJLRQHVGH(VSDxD RHQHOH[WUDQMHUR(QFDVRDILUPDWLYRYDORUHVXLPSRUWDQFLD /RFDOL]DFLyQGHLQVWDODFLRQHVHQUHJLRQHVGH(VSDxDGLVWLQWDVDO3DtV9DVFR 12 6, LPSRUWDQWH3RFR LPSRUWDQWH0X\ 7HUURULVPR9LROHQFLDFDOOHMHUD &OLPDSROtWLFRGHO3DtV9DVFR /RFDOL]DFLyQGHLQVWDODFLRQHVHQHOH[WUDQMHUR 12 6, LPSRUWDQWH3RFR LPSRUWDQWH0X\ 7HUURULVPR9LROHQFLDFDOOHMHUD &OLPDSROtWLFRGHO3DtV9DVFR ,9(9$/8$&,Ï1'(/$,1&,'(1&,$'(/&/,0$32/Ë7,&2$&78$/ +DFHXQRVPHVHVHO/HKHQGDNDULGHO*RELHUQR9DVFRKDDQXQFLDGRXQDLQLFLDWLYDSROtWLFDFX\DSULQFLSDOSURSXHVWDHV TXHHO3DtV9DVFRDGTXLHUDXQHVWDWXVGHOLEUHDVRFLDFLyQFRQ(VSDxD3ODQ,EDUUHW[H¢&RQVLGHUDTXHHVWDSURSXHVWDYDD VHUDFRUWR\DODUJRSOD]RQHJDWL YDRSRVLWLYDSDUDVXHPSUHVDRJUXSR"

1HJDWLYD 1RDIHFWD 3RVLWLYD

$FRUWRSOD]R

(27)

'HVIDYRUDEOH 1HXWUDO )DYRUDEOH

9HQWDVHQJHQHUDO

9HQWDVHQ(VSDxDIXHUDGHO3DtV9DVFR

([SRUWDFLRQHV

5HODFLyQFRQORVFOLHQWHV

5HODFLyQFRQORVSURYHHGRUHV

6HxDOH SRU IDYRU VL HQ VX HPSUHVD R JUXSR D UDt] GHO DQXQFLR GHO3ODQ ,EDUUHW[H VH KDQ DQDOL]DGR SRVLEOHVPHGLGDVDDGRSWDUHQHOFDVRGHTXHSXGLHUDDXPHQWDUODWHQVLyQSROtWLFDRGHTXHHPSHRUHHOFOLPD SROtWLFRHQHO3DtV9DVFR(QFDVRDILUPDWLYRVHxDOHODPRGDOLGDGTXHKDDGRSWDGRHVHDQiOLVLV 12 6, 'LVFXVLRQHVLQIRUPDOHV 5HXQLRQHVIRUPDOHV ,QIRUPHVHVFULWRV (ODERUDFLyQGHXQSODQGHFRQWLQJHQFLD

)LQDOPHQWH ¢SXHGH VHxDODUVL HQ VX RSLQLyQ DOJXQD GH ODV VLJXLHQWHVRSFLRQHVSXHGH VHUDSOLFDEOH D VX HPSUHVDRJUXSRHQHOFDVRGHTXHHPSHRUHHOFOLPDSROtWLFRHQHO3DtV9DVFR"(QFDVRDILUPDWLYRSRUIDYRU LQGLTXHVLVHKDSODQLILFDGR\VLVHHVWiUHDOL]DQGR 12 6, 12 6, 6HKDSODQLILFDGR &DPSDxDVSXEOLFLWDULDV 6HHVWiUHDOL]DQGR 6HKDSODQLILFDGR 8VRGHPDUFDVDOWHUQDWLYDVIXHUDGHO3DtV9DVFR 6HHVWiUHDOL]DQGR 6HKDSODQLILFDGR 7UDVODGRGHODSURGXFFLyQIXHUDGHO3DtV9DVFR 6HHVWiUHDOL]DQGR 6HKDSODQLILFDGR 7UDVODGRGHODVHGHFHQWUDOIXHUDGHO3DtV9DVFR 6HHVWiUHDOL]DQGR 6HKDSODQLILFDGR 'HVLQYHUVLRQHVHQ(VSDxDSRUUHGXFFLyQGHYHQWDV 6HHVWiUHDOL]DQGR A A A /DHQFXHVWDKDWHUPLQDGR/HDJUDGHFHPRVVXFRODERUDFLyQ6LGHVHDUHFLELUJUDWXLWDPHQWHXQLQIRUPHFRQORV UHVXOWDGRVIXQGDPHQWDOHVGHHVWDHQFXHVWDSRUIDYRUVHxDOHODFDVLOODTXHILJXUDDFRQWLQXDFLyQ 6,GHVHRUHFLELUHOLQIRUPH 12GHVHRUHFLELUHOLQIRUPH

(28)

*RYHUQPHQWZLWKLQWKH6SDQLVKSURGXFWLRQVWUXFWXUH-RRVW+HLMV

,'HLQQRYDFLyQWHFQROyJLFDHQODVUHJLRQHVHVSDxRODV0LNHO%XHVD

3DWURQHVGH,QQRYDFLyQ\SROtWLFDWHFQROyJLFD$QWRQLR)RQIUtD0HVD

'H ORV PRGHORV GH LQQRYDFLyQ D ORV UHJtPHQHV WHFQROyJLFRV VFKXPSHWHULDQRV

$QWRQLR)RQIUtD0HVDH,QpV*UDQGD*D\R

)RUPDV GH ,QWHUQDFLRQDOL]DFLyQ 8Q HVWXGLR DSOLFDGR $GROIR *XWLpUUH] GH

*DQGDULOOD6DOGDxD\/XLV -DYLHU+HUDV/ySH]([LVWHODYHUVLyQHQLQJOpVGH HVWHGRFXPHQWR

'LIXVLyQGHORVFUpGLWRVGHO&'7,HQODVHPSUHVDVLQQRYDGRUDVGHO3DtV9DVFR\

1DYDUUD-RRVW+HLMV

,QQRYDWLRQ DQG ,QWHUQDWLRQDOLVDWLRQ 3ROLFLHV LQ 6SDLQ 6SHFLDO &RQVLGHUDWLRQ RI

/HVV'HYHORSHG$UHDV-RVp0ROHUR\$QWRQLR)RQIUtD

(O &RQWURO GH ORV LQWHUFDPELRV LQWHUQDFLRQDOHV GH DUPDPHQWR \ WHFQRORJtDV GH

GREOHXVRHOFDVRGH(VSDxD0LNHO%XHVD

3DWURQHVWHFQROyJLFRV\FRPSHWLWLYLGDGXQDQiOLVLVGHODVHPSUHVDVLQQRYDGRUDV

HQHO3DtV9DVFR0LNHO%XHVD\$UDQW]D=XELDXUUH

3XEOLFILQDQFHRIWKH5 'DFWLYLWLHVLQHQWHUSULVHV5ROHDQGLPSDFWRIWKH6SDQLVK

ORZLQWHUHVWFUHGLWVIRU5 '-RRVW+HLMV

,QWHUYHQFLRQLVPR HVWDWDO GXUDQWH HO IUDQTXLVPR WDUGtR XQ DQiOLVLV GHO

FRQGLFLRQDPLHQWRLQGXVWULDO0LNHO%XHVD\/XLV(3LUHV

1XHYDVSDXWDVGHLQWHUQDFLRQDOL]DFLyQGHOD,'GHODVHPSUHVDVPXOWLQDFLRQDOHV

HVWDGRXQLGHQVHV$QD%HOOYHU

6LVWHPDV QDFLRQDOHV \ UHJLRQDOHV GH LQQRYDFLyQ \ SROtWLFD WHFQROyJLFD 8Q

DSUR[LPDFLyQWHyULFD-RRVW+HLMV

-XVWLILFDFLyQ GH OD SROtWLFD GH LQQRYDFLyQ GHVGH XQ HQIRTXH WHyULFR \

PHWRGROyJLFR-RRVW+HLMV

/RV VLVWHPDV QDFLRQDOHV GH LQQRYDFLyQ XQD UHYLVLyQ GH OD OLWHUDWXUD0LNHO

1DYDUUR

(ODQiOLVLV\ODSROtWLFDGHFOXVWHUV0LNHO1DYDUUR

/RV VLVWHPDV UHJLRQDOHV GH LQQRYDFLyQ GHO 3DtV 9DVFR \ 1DYDUUD 0LNHO %XHVD

&HQWUDOLVDWLRQRUGLVSHUVLRQ"DVSDWLDODQDO\VLVRIWKHLPSDFWRIWKHVLQJOHPDUNHW

(29)

(FRQRPtDGHODVHFHVLyQ/RVFRVWHVGHODµ1R (VSDxD¶HQHO3DtV9DVFR0LNHO%XHVD

7KH VSDQLVK SXEOLF ILQDQFLDO VXSSRUW DFFHVLEOH IRU VPDOO DQG PHGLXP VL]HG ILUPV

RUJDQLVDWLRQVSURJUDPHVLQVWUXPHQW VDQGPHDVXUHV-RRVW+HLMV

/RV GHWHUPLQDQWHV GH OD FDSDFLGDG LQQRYDGRUD UHJLRQDO XQD DSUR[LPDFLyQ

HFRQRPpWULFDDOFDVRHVSDxRO5HFRSLODFLyQGHHVWXGLRV\SULPHURVUHVXOWDGRV7KRPDV

%DXPHUW\-RRVW+HLMV

5HFXUVRV\UHVXOWDGRVGHORVVLVWHPDVGHLQQRYDFLyQHODERUDFLyQGHXQDWLSRORJtD

GHVLVWHPDVUHJLRQDOHVGHLQQRYDFLyQHQ(VSDxD0yQLFD0DUWtQH]3HOOLWHUR

0HGLGDGHODFDSDFLGDGLQQRYDGRUDGHODV&RPXQLGDGHV$XWyQRPDVFRQVWUXFFLyQ

GH XQ tQGLFH UHJLRQDO GH LQQRYDFLyQ 0yQLFD 0DUWtQH] 3HOOLWHUR \ 7KRPDV %DXPHUW

,QQRYDFLyQWHFQROyJLFD\FRPSHWLWLYLGDGDQiOLVLVPLFURHFRQyPLFRGHODFRQGXFWD

H[SRUWDGRUDHQ0p[LFR6DOYDGRU(VWUDGD\-RRVW+HLMV

,QGLFDGRUHVGHODVRFLHGDGGHODLQIRUPDFLyQHQ(VSDxD6DOYDGRU(VWUDGD

/RV FHQWURV WHFQROyJLFRV \ HO VLVWHPD UHJLRQDO GH LQQRYDFLyQ (O FDVR GHO 3DtV

9DVFR0LNHO1DYDUUR$UDQFHJXL\$UDQW]D=XELDXUUH*RHQD

&LHQFLD\7HFQRORJtDHQOD(VSDxDGHPRFUiWLFDODIRUPDFLyQGHXQVLVW HPDQDFLRQDO

GHLQQRYDFLyQ0LNHO%XHVD

/DV HPSUHVDVHQ HO 3DtV9DVFRDQWHODVHFHVLyQ0LNHO%XHVD -RRVW+HLMV7KRPDV

%DXPHUW\0yQLFD0DUWtQH]3HOOLWHUR 1RUPDVGHHGLFLyQSDUDHOHQYtRGHWUDEDMRV 7H[WR:RUGSDUD:LQGRZV 7LSRGHOHWUDGHOWH[WR7LPHV1HZ5RPDQ1RUPDO (VSDFLDGRLQWHUOLQHDO6HQFLOOR 7LSRGHOHWUDGHODVQRWDVGHSLHGHSiJLQD7LPHV1HZ5RPDQ1RUPDO 1XPHUDFLyQGHSiJLQDV,QIHULRUFHQWUR &XDGURV\JUiILFRVDJXVWRGHODXWRULQGLFDQGRSURJUDPDVXWLOL]DGRV (QODSiJLQDGHQWURGHXQUHFXDGURVHQFLOORGHEHILJXUDUHOWtWXORHQQHJULOOD\PD\~VFXODV DXWRU HQ QHJULOOD \ PD\~VFXODV H LQVWLWXFLyQ D OD TXH SHUWHQHFH HO DXWRU HQ OHWUD QRUPDO \ PLQ~VFXODV

(Q OD SULPHUD SiJLQD GHO WUDEDMR VH GHEHUi LQFOXLU XQ5HVXPHQHQ HVSDxRO H LQJOpV OtQHDV

Pi[LPRDFRPSDxDGRGHSDODEUDVFODYH

/RV WUDEDMRV KDEUiQ GH VHU HQYLDGRV HQ SDSHO \ HQ VRSRUWH PDJQpWLFR D OD GLUHFFLyQ GHO ,QVWLWXWR GH $QiOLVLV,QGXVWULDO\)LQDQFLHUR

Referencias

Documento similar

$ HIHFWRV GH REWHQHU XQD PHWRGRORJtD GH WUDVODGR GH HVSHFLILFDFLRQHV WHPSRUDOHV DO GRPLQLR GH OD IUHFXHQFLD TXH PLQLPL]D HO. VREUHGLVHxR \ OD LWHUDFLyQ

DÀUPDU FRQ SOHQD FRQFLHQFLD GH OR TXH GLJR TXH QLQJXQR GH ORV FRQVLGHUD. 

HQWUH ODV IXQFLRQHV GH ORV SODQLÀFDGRUHV \ ORV FRPSUDGRUHV GHO PHGLR

frqvwlwx|ìqgrvh hq xqd slh}d fodyh sdud odv srvwhulruhv wduhdv hq ho ghvduuroor gh vriwzduh1 Orv pìwrgrv irupdohv grwdq gh suhflvlöq | uljru do prghor frqfhswxdo/ shur

Ho fxduwr phfdqlvpr txh shuplwh phglu ho ghvdmxvwh hgxfdwlyr hq ho phu0 fdgr gh wudedmr hv xq surfhglplhqwr vxemhwlyr= hq ìo hv ho surslr wuded0 mdgru ho txh ghwhuplqd vl vh

(Q FRQWUDVWH ORV FOLHQWHV \ VHUYLGRUHV TXH XVDQ 8'3 VH FDUDFWHUL]DQ SRU QR WHQHU JDUDQWtDV VREUH OD ILDELOLGDG GH OD HQWUHJD &amp;XDQGR XQ FOLHQWH HQYtD

/R SULPHUR TXH KDFH GHQWUR GHO FRQVWUXFWRU HV DVLJQDU ORV SDUiPHWURV GH  HQWUDGDDYDULDEOHVGHODFODVH. 

Dvð/ sdud jdudqwl}du od frqvlvwhqfld gh xq frqmxqwr gh dfflrqhv hq ho ex}öq edvwduä frq dvh0 jxudu txh glfkdv dfflrqhv qr hvwäq hq frq lfwr1 Hvwr sxhgh ghwhfwduvh dxwrpäwlfdphqwh/