&XOWLYR GHYLG

8QD$OWHUQDWLYDSDUDOD'LYHUVLILFDFLyQ

&XOWLYRGH9LGHQ0LVLRQHV +PIU#ITU#NGLCPFTQ 2KGMWP[4CSWGN 4[DCM +06#%GTTQ#\WN /KUKQPGU

(QOD~OWLPDGpFDGDORVFXOWLYRVWUDGLFLRQDOHVHQ0LVLRQHV \HUEDPDWHWpWXQJ DWUDYLHVDQXQDFULVLVHFRQyPLFD VLJQDGDSRUXQYDORUGHOSURGXFWRPX\SRUGHEDMRGHORVFRVWRV GHSURGXFFLyQ$HOORVHVXPDXQDHVWUXFWXUDVRFLRSURGXFWLYD PLQLIXQGLVWDFRQXQDFDtGDHQODUHQWDELOLGDGGHOUXEURWDEDFR TXHOOHYDDODVIDPLOLDVDJUtFRODVDEXVFDUDOWHUQDWLYDVGH GLYHUVLILFDFLyQSURGXFWLYD(QWUHHOODVHVWiODYLWLFXOWXUDFRQ HPSUHQGLPLHQWRVHQWRGDODSURYLQFLD (QHOVLJORSDVDGR\KDVWDODSURYLQFLD GH 0LVLRQHV OOHJy D FRQWDU FRQ XQD &RRSHUDWLYD 9LWLYLQtFROD HQ HO $OWR 3DUDQi (QDTXHOHQWRQFHVODSURGXFFLyQVHEDVDED HQ OD YDULHGDG ,VDEHO TXH HQ VX pSRFD GH HVSOHQGRU OOHJy WDPELpQ D %XHQRV $LUHV RULJLQDQGRHOFRQRFLGR´YLQRGHODFRVWDµ (OUHVXUJLUGHORVYLxHGRVHQ0LVLRQHVQRVH GHEHDQXHYDVSODQWDFLRQHVGH,VDEHOVLQR DODSURYHFKDPLHQWRGHORVDGHODQWRVWpFQL FRV\GHFXOWLYRSRUWDLQMHUWRVVLVWHPDVGH FRQGXFFLyQ\FRQWUROGHSODJDV\HQIHUPH GDGHV VXPDGRD OD DSDULFLyQ GH PDWHULDO JHQpWLFRVXSHULRU 3RGUtD DOJXLHQ SUHJXQWDUVH ¢3RU TXp SODQ WDU XYDV HQ 0LVLRQHV" (Q HO PDUFR GH ORV SUR\HFWRVGHGLYHUVLILFDFLyQTXHOOHYDDGH ODQWH GHVGH HO DxR  OD (VWDFLyQ ([SHULPHQWDO $JURSHFXDULD &HUUR $]XO GHO ,17$ D WUDYpV GHO 'HSDUWDPHQWR GH )UXWDOHV SXHGH GHFLUVH TXH H[LVWHPiV GH XQDUD]yQ/DPiVLPSRUWDQWHHVHFRQyPL FDGDGRTXHODVYDULHGDGHVKtEULGDV\DPH ULFDQDVWDQWRGHPHVDFRPRGREOHSURSy VLWR FRPLHQ]DQ D FRVHFKDUVH OD SULPHUD TXLQFHQD GH QRYLHPEUH UHVXOWDQGR IUXWD SULPLFLD HQ OD UHJLyQ $GHPiV HO PHUFDGR GHYLQRVGHYDULHGDGHVDPHULFDQDVHVSUR PLVRULRGHELGRDOFDUDFWHUtVWLFRVDERUIUXWD GRDIUDPEXHVDGRTXHWLHQHQORVPLVPRV\ TXH FXHQWD FRQ VX IUDQMD GH GHPDQGD )LQDOPHQWH HQ OD ]RQD H[LVWH XQ DSHJR D HVWH FXOWLYR GH ORV GHVFHQGLHQWHV GH LQPL JUDQWHVTXHDQWDxRVHGHGLFDEDQDOPLVPR (O SUHVHQWH LQIRUPH EULQGD DOJXQRV DVSHF WRVGHOD SURGXFFLyQGHXYDV HQ 0LVLRQHV EDVDGRV HQ OD H[SHULHQFLD GH ORV ~OWLPRV FLQFR DxRV REWHQLGD HQ HO ,17$ \ HQ FKD FUDVGHSURGXFWRUHV



LGLD;;,

/2&$/,=$&,Ð1 /DV QXHYDV SODQWDFLRQHV HVWiQ ORFDOL]DGDV HQVXHORVDOWRV\RULHQWDGDVKDFLDHO1RUWH R1RUGHVWH'HHVWDPDQHUDHOSDUUDOUHFLEH OD PD\RU FDQWLGDG GH LQVRODFLyQ SRVLEOH \ QRHVWiH[SXHVWRDORVYLHQWRVIUtRVGHO6XU (O IDFWRU OX] WLHQH LPSRUWDQFLD GHVGH HO SXQWRGHYLVWDVDQLWDULR\WDPELpQLQFLGHHQ ODFDOLGDGGHODIUXWD $OJXQRVYLxHGRVVHKDQSODQWDGRHQ]RQDV GH VXHORV WRVFRVRV \ RWURV HQ FKDFUDV GH VXHORV URMRV HQ DPEDV KDQ PRVWUDGR EXHQD DGDSWDFLyQ VLHPSUH HQ SURIXQGLGD GHVLJXDOHVRVXSHULRUHVDP/RVVXH ORV PLVLRQHURV VRQ SREUHV HQ FDOFLR SRU HVWDUD]yQSUHYLRDODSODQWDFLyQVHUHDOL]D HO HQFDODGR GHO PLVPR HQ ORV SULPHURV  FPGHOVXHOR3DUDHVWRHVQHFHVDULRDJUH JDUGHDWRQHODGDVGHFDOSRUKHFWiUHD VHJ~Q DQiOLVLV GH VXHOR \ ULTXH]D GH OD HQPLHQGD /D DSOLFDFLyQ VH UHDOL]D HQ OD OtQHDGHSODQWDFLyQ 3/$17$&,Ð1 (Q 0LVLRQHV ODV SODQWDFLRQHV FRPHUFLDOHV GHYLG GHEHQ VHU UHDOL]DGDV VREUH SRUWDLQ MHUWRV WROHUDQWHV D 0DUJDURGHV (XUKL]RFRFFXV EUDVLOLHQVLV +HPSHO  \ KRQJRVGHOVXHOR(O,17$KDLQWURGXFLGRHO SLH 3DXOVHQ  TXH WLHQH ODV FDUDFWHUtVWLFDV PHQFLRQDGDV \ DGHPiV HV XQDFRPELQDFLyQDGHFXDGDFRQODVYDULHGD GHV TXH VH SODQWDQ /D SODQWDFLyQ GH ODV HVWDFDVVHUHDOL]DGXUDQWHHOPHVGHMXOLRHQ HO OXJDU GHILQLWLYR SDUD VHU LQMHUWDGDV HO VLJXLHQWH LQYLHUQR /D GHQVLGDG DGRSWDGD HVGHSODQWDVSRUKHFWiUHD 3DUD SURFHGHU D OD LQMHUWDFLyQ OD SULPHU

&XOWLYR GHYLG

9DULHGDG 1LiJDUD 5RVDGD /D SODQWD GH 1LiJDUDHVU~VWLFD\GHYLJRUPHGLR(VXQD XYDGREOHSURSyVLWRHVGHFLUSDUDFRQVXPR

IUHVFR\SDUDYLQLILFDU(VPX\DSUHFLDGDSRU VX VDERU \ DURPD PX\ FDUDFWHUtVWLFR SUR SLHGDGHV TXH FRQILHUH D ORV YLQRV TXH VH HODERUDQFRQHOOD(Q0LVLRQHVWLHQHODYHQ WDMD GH FRVHFKDUVH HQ pSRFD QDYLGHxD OR TXH DVHJXUD VX PHUFDGR WDQWR SRU OD RFD VLyQHVSHFLDOGHODVIHVWLYLGDGHVFRPRSRU VHUSULPLFLDUHVSHFWRGHODVYDULHGDGHVGHO VXUTXHDSDUHFHQUHFLpQHQHQHUR /DYDULHGDG1LiJDUDEODQFDSURYLHQHGHXQ FUX]DPLHQWR GH ORV FXOWLYDUHV &RQFRUG \ &DVVLG\(VWDVXYDVVHFRVHFKDQHQHQHURD SDUWLUGHODVHJXQGDVHPDQDHVGHFLUGHMDQ GH VHU SULPLFLD QR REVWDQWH GHELGR D VX EXHQ FRPSRUWDPLHQWR FRPSOHWDQ OD RIHUWD GH XYDV PLVLRQHUDV $FWXDOPHQWH VH HVWiQ HYDOXDQGR HQ OD FROHFFLyQ GHO ,17$ &HUUR $]XO GLYHUVRV PDWHULDOHV WDQWR GH RULJHQ DPHULFDQR FRPR YLQtIHUDV $OJXQDV DSUR[L PDFLRQHV SHUPLWHQ GHVWDFDU D (LQVHW 6HHGOHVV XQ FXOWLYDU VLQ VHPLOODV SURGXFWR GHO FUX]DPLHQWR GH )UHGRQLD SRU &DQQHU +XQLVD;6XOWDQLQD GHH[FHOHQWHFDOLGDGGH XYDGH PHVD7LHQH EXHQDSURGXFFLyQSHUR D~QGHEHVROXFLRQDUVHVXWHQGHQFLDDOGHV JUDQH/DVED\DVVRQRYRLGHV\EULOODQWHV6H FRVHFKDQ HQ QRYLHPEUH HQOD PLVPDpSRFD TXH 9HQXV 7DPELpQ SXHGHQ PHQFLRQDUVH GRVYDULHGDGHVEODQFDVYLQtIHUDV/DSULPH UD XQD KtEULGD GH XYD DPHULFDQD FRQ 5LHVOLQJ UHQDQR HV OD VHOHFFLyQ ,15$  6H OH GHQRPLQD 9LOOHQDYH SRUTXH SURYLHQH GH9LOOHQDYH'·RULyQXQ&HQWUR([SHULPHQWDO HQ)UDQFLD3URGXFHXQYLQRGHDURPDIORUDO FRQEXHQDHVWUXFWXUD\FXHUSRVHKDQREWH QLGR EXHQRV ULQGHV OR TXH VXPDGR D VX UHVLVWHQFLDDOPLOGLR\VXFDOLGDGSDUDYLQLIL FDUSHUPLWHUHFRPHQGDUOD/DVHJXQGDHVOD





WDUHDHVVHOHFFLRQDUODYDULHGDG(QODSUR YLQFLD VH KDQ LQWURGXFLGR \ HYDOXDGR FRQ p[LWR GRV YDULHGDGHV 9HQXV \ 1LiJDUD /D SULPHUD GHO WLSR KtEULGD 9 ODEUXVFD [ 9 YLQtIHUD  \ OD VHJXQGD DPHULFDQD SXUD 9 ODEUXVFD  $ FRQWLQXDFLyQ VH GHVFULEHQ EUHYHPHQWH ODV YDULHGDGHV PHQFLRQDGDV TXH VRQ GLIXQGLGDVSRUHO,17$DFWXDOPHQWH 9DULHGDG 9HQXV )XH LQWURGXFLGD HQ 0LVLRQHV HQ HO DxR SRU HO ,17$&HUUR $]XO (V XQD SODQWD YLJRURVD GH UiSLGR FUHFLPLHQWR YHJHWDWLYR ORV EURWHV FUHFHQ VHPLHUHFWRVORTXHREOLJDDDWDUORVUiSLGD PHQWHDORVDODPEUHVGHVXVWHQWDFLyQSDUD HYLWDU TXH ORV YLHQWRV GH SULPDYHUD ORV TXLHEUHQ(QOD]RQDODVXYDVVHFRVHFKDQ DSDUWLUGHODSULPHUDTXLQFHQDGHQRYLHP EUH /RV UDFLPRV VRQ GH WDPDxR PHGLR FLOLQGURFyQLFRV GHIRUPDDODGD PHGLDQD PHQWHFRPSDFWRV/DVED\DVVRQQHJUDV\ VLELHQWLHQHQVHPLOODVHVWDVQRVHSHUFLEHQ DOPDVWLFDUSRUVXFRQVLVWHQFLDEODQGDTXH VHFRQIXQGHFRQODSXOSD(OVDERUHVDIUDP EXHVDGR PX\ FDUDFWHUtVWLFR 6H FRVHFKD FRQ  JUDGRV %UL[ 6H DGDSWD ELHQ DO SLH 3DXOVHQ  SURGXFLHQGR DEXQGDQWHV FRVHFKDV (O SURPHGLR GH SURGXFFLyQ SRU KHFWiUHD DO WHUFHU DxR IXH GH  NJ HV GHFLUNJSODQWD6XSRWHQFLDOSURGXFWL YRHVGHXQRVNJKDHQSODQWDFLRQHV GHDxRV

8CTKGFCF8GPWU

8CTKGFCF0K±ICTC4QUCFC

LGLD;;,



&XOWLYR GHYLG

0RVFDWHO 3RHORYVNL $PEDV KDQ PRVWUDGR EXHQDVDSWLWXGHVVLHPSUH\FXDQGRVHUHDOL FHQDGHFXDGRVPDQHMRVVDQLWDULRVHVSHFLDO PHQWH GH DQWUDFQRVLV SDUD OD 5LHVOLQJ \ GH PLOGLR \ DQWUDFQRVLV HQ OD 0RVFDWHO 5HVSHFWRGHODVWLQWDVSDUDYLQRVHGHVWDFD HOEXHQFRPSRUWDPLHQWRHQHOORWHFROHFFLyQ GHODYDULHGDG6\UDKPXQGLDOPHQWHUHFRQR FLGD SRU VX H[FHOHQFLD YLQtIHUD 7DPELpQ VH HQFXHQWUDQHQHYDOXDFLyQODVYDULHGDGHVGH PHVDWHPSUDQDV2UD3ULPD\&DUGLQDO 7$5($'(,1-(57$&,Ð1 +DVWD HO DxR SDVDGR VH UHDOL]DURQ LQMHUWRV GHS~DHQHOPHVGHMXOLRHVGHFLUD\HPD GRUPLGD (Q OD SULPHUD TXLQFHQD GH QRYLHPEUHGHODxRHO,17$&HUUR$]XO UHDOL]yWDPELpQFRQp[LWRLQMHUWRVD\HPD GHVSLHUWD REWHQLHQGR UHVXOWDGRV GH  GHSUHQGLPLHQWRSRUORTXHDPERVWLSRVGH LQMHUWR SXHGHQ VHU UHFRPHQGDGRV (VWR SXHGH VHU YHQWDMRVR GHVGH HO SXQWR GH YLVWD RSHUDWLYR \ HFRQyPLFR SXHVWR TXH SHUPLWH WHQHU LPSODQWDGD OD TXLQWD HQ XQ DxR\QRDORVGRVDxRVFRPRHQHOFDVRGH ORVLQMHUWRVGHLQYLHUQR

LGLD;;,

&21'8&&,Ð1

(Q OD UHJLyQ SRU UD]RQHV VDQLWDULDV HVWi SURKLELGRVXVWHQWDUODSODQWDVREUHODVWtSL FDVHVSDOGHUDV TXHVH XVDQHQRWUDViUHDV SURGXFWRUDV(O,17$&HUUR$]XOWUDVYDULRV DxRVGHWUDEDMR XWLOL]D \DFRQVHMDHOVLVWH PDGHVXVWHQWDFLyQGHWLSRPHFHGRUDHQ