6(5,(
JHVWLyQS~EOLFD
(
OJRELHUQRHOHFWUyQLFRHQOD JHVWLyQS~EOLFD
$OHMDQGUD1DVHU *DVWyQ&RQFKD ,QVWLWXWR/DWLQRDPHULFDQR\GHO&DULEHGH 3ODQLILFDFLyQ(FRQyPLFD\6RFLDO,/3(6 6DQWLDJRGH&KLOHDEULOGH
(VWH GRFXPHQWR IXH SUHSDUDGR SRU $OHMDQGUD 1DVHU \ *DVWyQ &RQFKD $VLVWHQWH GH 3URJUDPD \ &RQVXOWRU UHVSHFWLYDPHQWHGHO,QVWLWXWR/DWLQRDPHULFDQR\GHO&DULEHGH3ODQLILFDFLyQ(FRQyPLFD\6RFLDO,/3(6 GHOD &RPLVLyQ(FRQyPLFDSDUD$PpULFD/DWLQD\HO&DULEH&(3$/ UHVSHFWLYDPHQWH /DV RSLQLRQHV H[SUHVDGDV HQ HVWH GRFXPHQWR TXH QR KD VLGR VRPHWLGR D UHYLVLyQ HGLWRULDO VRQ GH H[FOXVLYD UHVSRQVDELOLGDGGHORVDXWRUHV\SXHGHQQRFRLQFLGLUFRQODVGHOD2UJDQL]DFLyQ 3XEOLFDFLyQGHODV1DFLRQHV8QLGDV ,661 ,6%1 (,6%1 /&/3 /&,3/ 1GHYHQWD6,,* &RS\ULJKW1DFLRQHV8QLGDVDEULOGH7RGRVORVGHUHFKRVUHVHUYDGRV ,PSUHVRHQ1DFLRQHV8QLGDV6DQWLDJRGH&KLOH /RV(VWDGRVPLHPEURV\VXVLQVWLWXFLRQHVJXEHUQDPHQWDOHVSXHGHQUHSURGXFLUHVWDREUDVLQDXWRUL]DFLyQSUHYLD6yORVHOHV VROLFLWDTXHPHQFLRQHQODIXHQWHHLQIRUPHQDODV1DFLRQHV8QLGDVGHWDOUHSURGXFFLyQ
&(3$/6HULH*HVWLyQS~EOLFD1R
(OJRELHUQRHOHFWUyQLFRHQODJHVWLyQS~EOLFD
ËQGLFH
5HVXPHQ ,QWURGXFFLyQ , *RELHUQRHOHFWUyQLFR*( 'HILQLFLRQHVHYROXFLyQ WHQGHQFLDV\EHQHILFLRV $ *REHUQDELOLGDGHOHFWUyQLFD % *RELHUQRDELHUWR2SHQJRYHUQPHQW & 0RGHORVGHHYROXFLyQGHOJRELHUQRHOHFWUyQLFR ' %HQHILFLRVGHOJRELHUQRHOHFWUyQLFR *RELHUQRDFLXGDGDQR*& *RELHUQRDHPSUHVD*% *RELHUQRDHPSOHDGR*( *RELHUQRDJRELHUQR** 0HMRUDPLHQWRGHODFDOLGDGGHORVVHUYLFLRVS~EOLFRV (ILFLHQFLD\SURGXFWLYLGDGHQORVSURFHVRV\RSHUDFLyQ JXEHUQDPHQWDO 7UDQVSDUHQFLD\UHQGLFLyQGHFXHQWDV 3DUWLFLSDFLyQFLXGDGDQD 0DUFRUHJXODWRULRTXHUHVSDOGHHOJRELHUQRHOHFWUyQLFR 0DUFROHJDO\UHJXODWRULRTXHIRPHQWHODVRFLHGDGGHOD LQIRUPDFLyQ ( %XURFUDFLDHQHOVHFWRUS~EOLFR\FRQFHSWRGHYHQWDQLOOD ~QLFDHOHFWUyQLFDGHO(VWDGR ) /DVQXHYDVWHQGHQFLDVHQ*( 5HFXSHUDFLyQGHGHVDVWUHV 0D\RUFRRUGLQDFLyQHQWUHJRELHUQRVFHQWUDOHV\JRELHUQRV ORFDOHV &ORXGFRPSXWLQJ
&(3$/6HULH*HVWLyQS~EOLFD1R
(OJRELHUQRHOHFWUyQLFRHQODJHVWLyQS~EOLFD
3DUWLFLSDFLyQFLXGDGDQD (*RYHUQPHQWEHQFKPDUNLQJ &DPELRVGHSRGHUDOLQWHULRUGHO(VWDGR ,,
/RVSUR\HFWRV7,&¶VHQHOVHFWRUS~EOLFR
,,,
)RUPXODFLyQGHXQD(VWUDWHJLDGH*RELHUQR(OHFWUyQLFR $ )RUPXODQGRXQDHVWUDWHJLD 'LDJQyVWLFRGHODVLWXDFLyQDFWXDO 9LVLyQREMHWLYRV\PHWDVHVWUDWpJLFDVGHO*( (QWRUQROHJDO\UHJXODWRULR 3ROtWLFDGHFRPXQLFDFLRQHV $JHQGDSULRUL]DGDGHSUR\HFWRV 'HILQLFLyQ\RUJDQL]DFLyQGHODLQVWLWXFLRQDOLGDGUHVSRQVDEOH $QiOLVLVGH³VWDNHKROGHUV´ % /DVDJHQGDVRSODQLILFDFLyQGH*(HQHOPXQGR
,9
5HIOH[LyQILQDO
%LEOLRJUDItD 6HULHJHVWLyQS~EOLFDQ~PHURVSXEOLFDGRV ËQGLFHGHFXDGURV &8$'52
(-(03/26'(,1,&,$7,9$6'(*(&/$6,),&$'$6 '($&8(5'2$/%(1(),&,$'2 &8$'52 (-(03/2'(/$&255(/$&,Ï1(175(/26(/(0(1726'(/$ 3/$1,),&$&,Ï1 (675$7e*,&$'(/*( ËQGLFHGHGLDJUDPDV ',$*5$0$ 02'(/2&21&(378$/'(23(1*29(510(17 ',$*5$0$ 02'(/2'(0$'85(='(/$6,1,&,$7,9$6 '(*( ',$*5$0$ 02'(/25(/$&,21$/'(6(59,&,26'(/$$'0,1,675$&,Ï13Ò%/,&$ ***(*%*& ',$*5$0$ 02'(/25(/$&,21$/(1/$*(67,Ï1'(352'DZHV%ORQLDU].HOO\@/RVFDPELRVFXOWXUDOHVHVWUXFWXUDOHV\ GHSUiFWLFDVVRQHVHQFLDOHVSDUDHVWHp[LWR\GHODPDQRGHODV7,TXHSHUPLWDQKDELOLWDUGLFKRVFDPELRV \TXHJHQHUHQPHFDQLVPRVLQQRYDGRUHVHQHOGHVDUUROORGHODVDFWLYLGDGHVGHO*RELHUQR 3RU VX SDUWH FXDOTXLHU SUR\HFWR DVRFLDGR D XQ VHUYLFLR HOHFWUyQLFR QR SXHGH LPSOHPHQWDUVH D FDEDOLGDGVLQRFRQRFHPRVHOFRQWH[WRHVWUDWpJLFRGHODRUJDQL]DFLyQ (OSULQFLSDOUROGHODJREHUQDELOLGDGHOHFWUyQLFDHV
%,'0DQXDOJRE(VWUDWHJLDVGH*RELHUQR(OHFWUyQLFRHQORVSDtVHVGHODUHJLyQODGHILQLFLyQGHXQPRGHORGHDQiOLVLV\HVWXGLR GHFDVRV(QHUR
&(3$/6HULH*HVWLyQS~EOLFD1R
(OJRELHUQRHOHFWUyQLFRHQODJHVWLyQS~EOLFD
x (VWDEOHFHUODVHVWUXFWXUDV\SURFHVRVTXHDVHJXUHQTXHODV7,VHDOLQHDQFRQODV HVWUDWHJLDVGHJRELHUQR
x 4XHORVULHVJRV\RSRUWXQLGDGHVVRQDGHFXDGDPHQWHDGPLQLVWUDGRV\ x 4XHODLQYHUVLyQHQ7,WLHQHUHWRUQRVSRVLWLYRV &RPSOHPHQWDULDPHQWH VH HVWDEOHFHQ ODV VLJXLHQWHV SUHJXQWDV EiVLFDV TXH WRGD RUJDQL]DFLyQ 7, GHEHVHUFDSD]GHUHVSRQGHU\TXHVRQIXQGDPHQWDOHVSDUDDVHJXUDUXQDGHFXDGRXVRGHODV7,QRVyOR HQHOiPELWRGHJRELHUQRVLQRTXHHQFXDOTXLHUWLSRGHRUJDQL]DFLyQ x ¢4XpGHFLVLRQHVGHEHQVHUKHFKDV" x ¢4XLpQGHEHWRPDUHVDVGHFLVLRQHV" x ¢&yPRHVDVGHFLVLRQHVVHUiQKHFKDV" x ¢&yPRVHPRQLWRUHDUiQORVUHVXOWDGRVSDUDDVHJXUDUTXHORVREMHWLYRVVHFXPSODQ" $XQTXHSXHGDSDUHFHUREYLRVHKDGHPRVWUDGRHQODSUiFWLFDTXHPXFKDVYHFHVORVSUR\HFWRV7, QRFXPSOHQQLQJXQDGHODVWUHVFRQGLFLRQHVPHQFLRQDGDVPiVDUULED /DJREHUQDELOLGDGHOHFWUyQLFDSDUHFHVHUXQFRQFHSWRQXHYRSHURHQULJRUQRHVDVtORTXHVLHV QXHYRHVHOUHFRQRFLPLHQWRH[SOtFLWRTXHODJREHUQDELOLGDGHOHFWUyQLFDWLHQHXQSRGHURVRLPSDFWRHQOD FDSDFLGDG GH ORV JRELHUQRV SDUD PHMRUDU VX JHVWLyQ S~EOLFD $XQTXH HO URO GH ORV &,2 &KLHI ,QIRUPDWLRQ2IILFHU HVIXQGDPHQWDO\FRPRHOORVPLVPRVORGHVFULEHQFRPRHOSULQFLSDOIDFLOLWDGRUGH HVWH SURFHVR OD PD\RUtD GH ODV GH ODV LQLFLDWLYDV H[LWRVDV GH DFXHUGR DO &HQWHU IRU 7HFKQRORJ\ LQ *RYHUQPHQW&7* VHIRFDOL]DURQHQODFRQVWUXFFLyQGHFRQILDQ]DVGHORVLQYROXFUDGRVRVWDNHKROGHUV FUHDQGRPRGHORVTXHDSR\DUiQODVSROtWLFDV\ODVSULRULGDGHVSURJUDPiWLFDV $OUHVSHFWRXQLQWHUHVDQWHHMHPSORGHORDQWHULRUHVXQSUR\HFWRGHVDUUROODGRSRUOD&7*HQ HQ HO HVWDGR GH 1XHYD @ (VWUDWHJLDV GH *RELHUQR (OHFWUyQLFR HQ ORV SDtVHV GH OD 5HJLyQ /D GHILQLFLyQGHXQPRGHORGHDQiOLVLV\HVWXGLRGHFDVRV:DVKLQJWRQ'& %RQQHIR\-XDQ&ULVWyEDO\$UPLMR0DULDQHOD³,QGLFDGRUHVGHGHVHPSHxRHQ HO VHFWRU S~EOLFR´ 6HULH 0DQXDOHV 1R GHO ,/3(6 KWWS ZZZHFODFFOFJLELQJHW3URGDVS"[PO SXEOLFDFLRQHV[PO3 [PO [VO LOSHVWSOSI[VO EDVH LOSHVWSOWRSERWWRP[VOW &(3$/ >@ ³3ROtWLFDV S~EOLFDV SDUD HO GHVDUUROOR GH VRFLHGDGHV GH LQIRUPDFLyQ HQ $PpULFD /DWLQD \ HO &DULEH´ 'LYLVLyQ 'HVDUUROOR 3URGXFWLYR(PSUHVDULDOKWWSZZZHFODFFOFJLELQJHW3URGDVS"[PO SXEOLFDFLRQHV[PO3[PO [VO GGSHWSOSI[VO EDVH VR FLQIRWSOWRSERWWRP[VOW &KLOH*RELHUQR(OHFWUyQLFRHQ&KLOH(VWDGRGHO$UWH0LQLVWHULR6HFUHWDULD *HQHUDO GH OD 3UHVLGHQFLD 3UR\HFWR GH 5HIRUPD \ 0RGHUQL]DFLyQ GHO (VWDGR&KLOH )RXQWDLQ -DQH ( 7KH %URRNLQJV ,QVWLWXWLRQ ³%XLOGLQJ WKH 9LUWXDO 6WDWH,QIRUPDWLRQ7HFKQRORJ\DQG,QVWLWXWLRQDO&KDQJH´ ,WHPV ,QWHUQDWLRQDO DQG +HUQiQ 0RUHQR (VFREDU >@ ³(*RYHUQPHQW DUFKLWHFWXUHV WHFKQLFDO DQG SROLWLFDO VLWXDWLRQ LQ /DWLQ $PHULFD´ KWWSZZZHFODFFOFJLELQJHW3URGDVS"[PO SXEOLFDFLRQHV[PO 3[PO [VO GGSHWSOLSI[VO EDVH VRFLQIRWSOWRSERWWRP[VOW 0RRUH >@ 0DUN + 0RRUH &UHDWLQJ 3XEOLF 9DOXH 6WUDWHJLF 0DQDJHPHQWLQ*RYHUQPHQW+DUYDUG8QLYHUVLW\3UHVV
&(3$/6HULH*HVWLyQS~EOLFD1R
(OJRELHUQRHOHFWUyQLFRHQODJHVWLyQS~EOLFD
0RUHQR (VFREDU +HUQiQ +XJR 6LQ 7ULDQD \ 6pUJLR &DLQR 6LOYHLUD 1HWWR >@ ³&RQFHSWXDOL]DFLyQ GH DUTXLWHFWXUD GH JRELHUQR HOHFWUyQLFR \ SODWDIRUPD GH LQWHURSHUDELOLGDG SDUD $PpULFD /DWLQD \ HO &DULEH KWWSZZZHFODFFOFJLELQJHW3URGDVS"[PO SXEOLFDFLRQHV[PO 3[PO [VO GGSHWSOSI[VO EDVH VRFLQIRWSOWRS ERWWRP[VOW ³(*RYHUQPHQW DUFKLWHFWXUHV WHFKQLFDO DQG SROLWLFDO VLWXDWLRQ LQ /DWLQ $PHULFD´ ,WHPV ,QWHUQDWLRQDO DQG +HUQiQ 0RUHQR (VFREDU >@ KWWSZZZHFODFFOFJLELQJHW3URGDVS"[PO SXEOLFDFLRQHV[PO 3[PO [VO GGSHWSOLSI[VO EDVH VRFLQIRWSOWRSERWWRP[VOW 1DFLRQHV8QLGDV8QLWHG1DWLRQV(*RYHUQPHQW6XUYH\/HYHUDJLQJH JRYHUQPHQWDWDWLPHRI)LQDQFLDODQGHFRQRPLFFULVLV 35@ 0,16(*35(6 ³&DWDVWUR GH 7UiPLWHV 3~EOLFRV \ *HQHUDFLyQ GH 9HQWDQLOODV 3~EOLFDV´ 3UR\HFWR GH 5HIRUPD \ 0RGHUQL]DFLyQGHO(VWDGR 5LYHUD ( >@ 1XHYD (FRQRPtD *RELHUQR (OHFWUyQLFR \ 5HIRUPD GHO (VWDGR(GLWRULDO8QLYHUVLWDULD&KLOH
&(3$/6HULH*HVWLyQS~EOLFD1R
(OJRELHUQRHOHFWUyQLFRHQODJHVWLyQS~EOLFD
6HULH
JHVWLyQS~EOLFD
1~PHURVSXEOLFDGRV (OOLVWDGRFRPSOHWRDVtFRPRORVDUFKLYRVSGI HVWiQGLVSRQLEOHVHQZZZFHSDORUJSXEOLFDFLRQHV (OJRELHUQRHOHFWUyQLFRHQODJHVWLyQS~EOLFD$OHMDQGUD1DVHU*DVWyQ&RQFKD/&/3/&,3/ 1RGH YHQWD6,,*86 &RPSHWLWLYLGDG5HGHVGH(PSUHVDV\&RRSHUDFLyQ(PSUHVDULDO0DUFR'LQL/&/3 1RGHYHQWD6* 86 5HJODVILVFDOHVHQ$UJHQWLQDHOFDVRGHOD/H\GH5HVSRQVDELOLGDG)LVFDO\ORVSURJUDPDVGHDVLVWHQFLDILQDQFLHUD $ULHO'0HODPXG/&/3/&,3/ 1RGHYHQWD6,,*86 /DSROtWLFDWULEXWDULDKHWHURGR[DHQORVSDtVHVGH$PpULFD/DWLQD'DUtR*RQ]iOH]/&/3/&,3/ 1R GHYHQWD3,,*86 7UDQVIHUrQFLDV ILVFDLV LQWHUJRYHUQDPHQWDLV QR %UDVLODYDOLDomR GDV WUDQVIHUrQFLDV IHGHUDLV FRP rQIDVH QR VLVWHPD ~QLFRGHVD~GH$QJHOR-RVp0RQW¶$OYHUQH'XDUWH$OH[DQGUH0DQRHO$QJHORGD6LOYD(YHUOGR0DQRHO/X]-RVp &DUORV*HUDUGR/&/3/&,3/ 1RGHYHQWD3,,*86 5HJODV ILVFDOHV /RV SURJUDPDV GH DVLVWHQFLD ILQDQFLHUD \ OD OH\ GH UHVSRQVDELOLGDG ILVFDO /&/3 /&,3/ 1GHYHQWD6,,*86 HQSUHSDUDFLyQ (ILFLHQFLD GR JDVWR S~EOLFR QD $PpULFD /DWLQD XPD DQiOLVH FRPSDUDWLYD D SDUWLU GR PRGHOR VHPLSDUDPpWULFR FRPHVWLPDWLYD HP GRLV HVWiJLRV 0iUFLR %UXQR 5LEHLUR /&/3/&,3/ 1R GH YHQWD 3,,* 86 /DSROtWLFDILVFDOHQWLHPSRVGHERQDQ]D5LFDUGR0DUWQHU/&/3/&,3/ 1RGHYHQWD6,,* 86 'HVFHQWUDOL]DomRILVFDOSROtWLFDVVRFLDLVHWUDQVIHUrQFLDGHUHQGDQR%UDVLO-RVp5REHUWR5$IRQVR/&/3 /&,3/ 1RGHYHQWD6,,*86 &RVWD5LFDDQiOLVLVFUtWLFRGHOSURFHVRSUHVXSXHVWDULR5REHUWR)DOODV0RUD)DELiQ4XLUR]ÈOYDUH]/&/3 /&,3/ 1RGHYHQWD6,,*86 3UHVXSXHVWDU HQ &RORPELD EXVFDQGR OD JREHUQDELOLGDG ILVFDO D WUDYpV GHO SUHVXSXHVWR &DUROLQD 5HQWDUtD -XDQ &DUORV(FKHYHUUL/&//&,3/ 1RGHYHQWD6,,86 3UHVXSXHVWDU HQ $UJHQWLQD DQWHV \ GHVSXpV GH OD FULVLV GH OD GHXGD S~EOLFD (QVHxDQ]DV SRVLELOLGDGHV \ UHFRPHQGDFLRQHV5REHUWR0DUWLUHQH/&//&,3/ 1GHYHQWD6,,*86 5HYDORUL]DFLyQGHODSODQLILFDFLyQGHOGHVDUUROOR/XLV/LUD/&/3/&,3/ 1RGHYHQWD6,,* 86 3UHVXSXHVWDUHQ3HU~1HOVRQ6KDFN/&/3/&,3/ 1GHYHQWD6,,*86 *REHUQDELOLGDG ILVFDO HQ (FXDGRU 0DUtD 'RORUHV $OPHLGD 9HUyQLFD *DOODUGR $QGUpV 7RPDVHOOL /&/3 /&,3/ 1GHYHQWD6,,*86 *OREDOL]DFLyQ \ WHUULWRULR /XLV 0DXULFLR &XHUYR /&/3 /&,3/ 1R GH YHQWD 6,,* 86 6LVWHPDV GH EXHQDV SUiFWLFDV HQ GHVDUUROOR HFRQyPLFR ORFDO 8QD UHYLVLyQ SUHOLPLQDU GH OD H[SHULHQFLD 6RUHO\ 0DUWtQH]\/XLV0DXULFLR&XHUYR/&/3/&,3/ 1RGHYHQWD6,,* 3ODQLILFDU\SUHVXSXHVWDUHQ8UXJXD\/RVDYDWDUHVGHXQSUHVXSXHVWRTXLQTXHQDO,VDDF8PDQVN\/&/ /&,3/ 1GHYHQWD6,,*86 3ROtWLFDILVFDO\SURWHFFLyQVRFLDO5LFDUGR0DUWQHU(GXDUGR$OGXQDWH/&//&,3/ 1GHYHQWD 6,,*86 (O IDOVR HVSHMR GH OD FLXGDG ODWLQRDPHULFDQD /XLV 0DXULFLR &XHUYR /&/ /&,3/ 1 GH YHQWD 6,,*86 )XQFLRQHVEiVLFDVGHODSODQLILFDFLyQHFRQyPLFD\VRFLDO-XDQ0DUWLQ/&/3/&,3/ 1GHYHQWD 6,,*86
&(3$/6HULH*HVWLyQS~EOLFD1R
(OJRELHUQRHOHFWUyQLFRHQODJHVWLyQS~EOLFD
x
(OOHFWRULQWHUHVDGRHQDGTXLULUQ~PHURVDQWHULRUHVGHHVWDVHULHSXHGHVROLFLWDUORVGLULJLHQGRVXFRUUHVSRQGHQFLDDOD8QLGDGGH 'LVWULEXFLyQ&(3$/&DVLOOD'6DQWLDJR&KLOH)D[ FRUUHRHOHFWUyQLFRSXEOLFDWLRQV#FHSDORUJ
1RPEUH $FWLYLGDG 'LUHFFLyQ &yGLJRSRVWDOFLXGDGSDtV 7HO)D[ (PDLO