6(5,(
PDQXDOHV
3ODQLILFDFLyQHVWUDWpJLFD
HLQGLFDGRUHVGHGHVHPSHxR HQHOVHFWRUS~EOLFR 0DULDQHOD$UPLMR
,QVWLWXWR/DWLQRDPHULFDQR\GHO&DULEHGH 3ODQLILFDFLyQ(FRQyPLFD\6RFLDO,/3(6 6DQWLDJRGH&KLOHMXQLRGH
(VWHGRFXPHQWRIXHSUHSDUDGRSRU0DULDQHOD$UPLMRGHOÈUHDGH3ROtWLFDV3UHVXSXHVWDULDV\GH*HVWLyQ3~EOLFD GHO ,QVWLWXWR /DWLQRDPHULFDQR \ GHO &DULEH GH 3ODQLILFDFLyQ (FRQyPLFD \ 6RFLDO ,/3(6 GH OD &RPLVLyQ (FRQyPLFD SDUD $PpULFD /DWLQD \ HO &DULEH &(3$/ 6H DJUDGHFH D ORV SURIHVLRQDOHV GHO ÈUHD GH 3ROtWLFDV 3UHVXSXHVWDULDV\*HVWLyQ3~EOLFD\FRQVXOWRUHVTXHKDQSDUWLFLSDGRHQORVFXUVRVGH3ODQLILFDFLyQ(VWUDWpJLFD\ FRQVWUXFFLyQGHLQGLFDGRUHVGHGHVHPSHxRHQHOVHFWRUS~EOLFRLPSDUWLGRVSRU,/3(6 /DV RSLQLRQHV H[SUHVDGDV HQ HVWH GRFXPHQWR TXH QR KD VLGR VRPHWLGR D UHYLVLyQ HGLWRULDO VRQ GH H[FOXVLYD UHVSRQVDELOLGDGGHODDXWRUD\SXHGHQQRFRLQFLGLUFRQODVGHOD2UJDQL]DFLyQ
3XEOLFDFLyQGHODV1DFLRQHV8QLGDV ,661; ,6%1 (,6%1 /&/3 /&,3/ 1GHYHQWD6,,* &RS\ULJKW1DFLRQHV8QLGDVMXQLRGH7RGRVORVGHUHFKRVUHVHUYDGRV ,PSUHVRHQ1DFLRQHV8QLGDV6DQWLDJRGH&KLOH /RV (VWDGRV PLHPEURV \VXVLQVWLWXFLRQHVJXEHUQDPHQWDOHVSXHGHQUHSURGXFLUHVWDREUDVLQDXWRUL]DFLyQSUHYLD6yORVH OHVVROLFLWDTXHPHQFLRQHQODIXHQWHHLQIRUPHQDODV1DFLRQHV8QLGDVGHWDOUHSURGXFFLyQ
&(3$/6HULH0DQXDOHV1
3ODQLILFDFLyQHVWUDWpJLFDHLQGLFDGRUHVGHGHVHPSHxRHQHOVHFWRUS~EOLFR
ËQGLFH
,
,QWURGXFFLyQ
,, $VSHFWRVFRQFHSWXDOHVGHODHYDOXDFLyQ GHOGHVHPSHxRLQVWLWXFLRQDO $ (VSHFLILGDGGHODHYDOXDFLyQHQHOiPELWRS~EOLFR ,,, /DSODQLILFDFLyQHVWUDWpJLFDFRPRLQVWUXPHQWR GHODJHVWLyQSRUUHVXOWDGRV $ &RQFHSWRV % &RPSRQHQWHVGHOSURFHVRGHSODQLILFDFLyQ HVWUDWpJLFD ,9 5HTXLVLWRVGHODSODQLILFDFLyQHVWUDWpJLFD HQHOiPELWRS~EOLFR 9 3ODQLILFDFLyQHVWUDWpJLFD\SODQLILFDFLyQ RSHUDWLYDDQXDO $ $UWLFXODQGRGHFLVLRQHVHVWUDWpJLFDV FRORVDVSHFWRVRSHUDWLYRV /DFXDQWLILFDFLyQGHORVELHQHV\VHUYLFLRV« /RVSURFHVRVDGPLQLVWUDWLYRV /DYLQFXODFLyQSURJUDPiWLFDFRQODVDVLJQDFLRQHV SUHVXSXHVWDULDV 9, &RPSRQHQWHVGHOSURFHVRGHSODQLILFDFLyQHVWUDWpJLFD $ 0LVLyQ 5HGDFFLyQGHODPLVLyQ« $VSHFWRVSUiFWLFRVSDUDODIRUPXODFLyQGHODPLVLyQ 9tQFXORHQWUHODPLVLyQLQVWLWXFLRQDO\ODPLVLyQGHORV SURJUDPDVRHQWLGDGHVGHSHQGLHQWHV 'HILQLHQGRORVSURGXFWRV\ORVXVXDULRV
&(3$/6HULH0DQXDOHV1
3ODQLILFDFLyQHVWUDWpJLFDHLQGLFDGRUHVGHGHVHPSHxRHQHOVHFWRUS~EOLFR
% 9LVLyQ 5HGDFFLyQGHODYLVLyQ & 2EMHWLYRVHVWUDWpJLFRV 3DVRVEiVLFRVSDUDODGHILQLFLyQGHORVREMHWLYRVHVWUDWpJLFRV $QiOLVLVGHORVDVSHFWRVLQWHUQRV\H[WHUQRVDODHQWLGDG 5HGDFFLyQGHORVREMHWLYRVHVWUDWpJLFRV /RVREMHWLYRVHVWUDWpJLFRVHQHOSURFHVRGHSODQLILFDFLyQHVWUDWpJLFD 1LYHOHVGHWRPDGHGHFLVLyQ\YtQFXORVHQWUHORVREMHWLYRVHVWUDWpJLFRVVHFWRULDOHV LQVWLWXFLRQDOHV\GHORVSURJUDPDVRHQWLGDGHV (VWUDWHJLD\SODQHVGHDFFLyQ (VWDEOHFLPLHQWRGHHVWUDWHJLDV\SODQHVGHDFFLyQ 3ODQHVGHDFFLyQ 9,, ,QGLFDGRUHVGHGHVHPSHxR $ &RQFHSWRV % ¢3DUDTXpVHXWLOL]DQORVLQGLFDGRUHV" & 7LSRVGHLQGLFDGRUHVGHGHVHPSHxR ' ,QGLFDGRUHVGHVGHHOSXQWRGHYLVWDGHODHWDSDGHOSURFHVRSURGXFWLYR ( ,QGLFDGRUHVGHVGHHOSXQWRGHYLVWDGHOGHVHPSHxR HILFLHQFLDHILFDFLDHFRQRPtD\FDOLGDG (ILFDFLD &REHUWXUD )RFDOL]DFLyQ &DSDFLGDGSDUDFXEULUODGHPDQGDDFWXDO 5HVXOWDGRILQDO (ILFLHQFLD ,PSRUWDQFLDGHODQiOLVLVGHHILFLHQFLDSDUDODJHVWLyQ (FRQRPtD &DOLGDGGHVHUYLFLR ) ,QWHJUDFLyQGHORVLQGLFDGRUHVGHGHVHPSHxR * &RQVWUXFFLyQGH,QGLFDGRUHVSDVRVEiVLFRV 3$62(VWDEOHFHUODVGHILQLFLRQHVHVWUDWpJLFDVFRPRUHIHUHQWHSDUDODPHGLFLyQ 3$62(VWDEOHFHUODViUHDVGHGHVHPSHxRUHOHYDQWHVDPHGLU 3$62)RUPXODUHOQRPEUHGHOLQGLFDGRU\GHVFULELUODIyUPXODGHFiOFXOR 3$629DOLGDUORVLQGLFDGRUHVDSOLFDQGRFULWHULRVWpFQLFRV 3$625HFRSLODUORVGDWRV 3$62(VWDEOHFHUODVPHWDV 3$62(VWDEOHFHUODIXHQWHGHORVGDWRVRPHGLRVGHYHULILFDFLyQ 3$62(VWDEOHFHUVXSXHVWRV 3$620RQLWRUHDU\HYDOXDU 3$62&RPXQLFDUHLQIRUPDU 9,, $SOLFDFLyQGHODSODQLILFDFLyQHVWUDWpJLFD\ORVLQGLFDGRUHV GHGHVHPSHxRHQHOVHFWRUS~EOLFR $ ÈPELWRVGHDSOLFDFLyQGHODSODQLILFDFLyQHVWUDWpJLFD &RQFOXVLRQHV %LEOLRJUDItD 6HULH0DQXDOHVQ~PHURVSXEOLFDGRV
&(3$/6HULH0DQXDOHV1
3ODQLILFDFLyQHVWUDWpJLFDHLQGLFDGRUHVGHGHVHPSHxRHQHOVHFWRUS~EOLFR
ËQGLFHGHFXDGURV &8$'52 &8$'52
&8$'52 &8$'52 &8$'52 &8$'52 &8$'52 &8$'52 &8$'52 &8$'52 &8$'52 &8$'52 &8$'52 &8$'52
7,326'((9$/8$&,Ï1