You are on page 1of 58

6(5,(





















PDQXDOHV

OHPHQWRVFRQFHSWXDOHV\
DSOLFDFLRQHVGHPLFURHFRQRPtD
SDUDODHYDOXDFLyQGHSUR\HFWRV




-HVVLFD&XDGURV
-XDQ)UDQFLVFR3DFKHFR
)HUQDQGR&DUWHV
(GXDUGR&RQWUHUDV

















,QVWLWXWR/DWLQRDPHULFDQR\GHO&DULEHGH
3ODQLILFDFLyQ(FRQyPLFD\6RFLDO ,/3(6 

6DQWLDJRGH&KLOHMXOLRGH

(VWH GRFXPHQWR IXH SUHSDUDGR SRU -HVVLFD &XDGURV \ -XDQ )UDQFLVFR 3DFKHFR IXQFLRQDULRV GHO ,QVWLWXWR
/DWLQRDPHULFDQR \ GHO &DULEH GH 3ODQLILFDFLyQ (FRQyPLFD \ 6RFLDO ,/3(6  \ SRU ORV FRQVXOWRUHV )HUQDQGR
&DUWHV\(GXDUGR&RQWUHUDV
/DV RSLQLRQHV H[SUHVDGDV HQ HVWH GRFXPHQWR TXH QR KD VLGR VRPHWLGR D UHYLVLyQ HGLWRULDO VRQ GH H[FOXVLYD
UHVSRQVDELOLGDGGHORVDXWRUHV\SXHGHQQRFRLQFLGLUFRQODVGHOD2UJDQL]DFLyQ























3XEOLFDFLyQGHODV1DFLRQHV8QLGDV
,661;
/&/
/&,3/
&RS\ULJKW1DFLRQHV8QLGDVMXOLRGH7RGRVORVGHUHFKRVUHVHUYDGRV
,PSUHVRHQ1DFLRQHV8QLGDV6DQWLDJRGH&KLOH

/RV(VWDGRVPLHPEURV\VXVLQVWLWXFLRQHVJXEHUQDPHQWDOHVSXHGHQUHSURGXFLUHVWDREUDVLQDXWRUL]DFLyQSUHYLD6RORVHOHV
VROLFLWDTXHPHQFLRQHQODIXHQWHHLQIRUPHQDODV1DFLRQHV8QLGDVGHWDOUHSURGXFFLyQ



&(3$/6HULH0DQXDOHV1R

(OHPHQWRVFRQFHSWXDOHV\DSOLFDFLRQHVGHPLFURHFRQRPtDSDUDODHYDOXDFLyQGHSUR\HFWRV

QGLFH

3UHVHQWDFLyQ
5HVXPHQ
,

(OHPHQWRVFRQFHSWXDOHVGHPLFURHFRQRPtD
$ &RPSRUWDPLHQWRGHOFRQVXPLGRU
 7HRUtDGHOD8WLOLGDG
 'HPDQGD\XWLOLGDGPDUJLQDO
 )XQFLyQGHGHPDQGD
 ([FHGHQWHGHOFRQVXPLGRU
 (ODVWLFLGDGGHODGHPDQGD
% &RPSRUWDPLHQWRGHOSURGXFWRU
 )XQFLRQHVGHSURGXFFLyQ
 &RVWRVGH3URGXFFLyQ
 )DFWRUHVGHSURGXFFLyQ
 &XUYDGHRIHUWD
 ([FHGHQWHGHOSURGXFWRU
 (ODVWLFLGDGGHODRIHUWD
& (TXLOLEULRGHPHUFDGR
 'HPDQGDGHPHUFDGR
 2IHUWDGHPHUFDGR
 (TXLOLEULRFRPSHWLWLYR
' 'LVWRUVLRQHV
 ,PSXHVWR
 6XEVLGLR
( %LHQHVWUDQVDEOHVLQWHUQDFLRQDOPHQWH
 %LHQHVH[SRUWDEOHV
 %LHQHVLPSRUWDEOHV

,, (IHFWRVGHORVSUR\HFWRVHQORVHTXLOLEULRVGHPHUFDGR
$ 0HGLFLyQ\YDORUDFLyQGHEHQHILFLRV$QiOLVLV
HQHOPHUFDGRGHOSURGXFWRILQDO


&(3$/6HULH0DQXDOHV1R

%
&
'

(OHPHQWRVFRQFHSWXDOHV\DSOLFDFLRQHVGHPLFURHFRQRPtDSDUDODHYDOXDFLyQGHSUR\HFWRV

0HGLFLyQ\YDORUDFLyQGHEHQHILFLRV/DSUiFWLFDGHODVPHWRGRORJtDVGH(63
0HGLFLyQ\YDORUDFLyQGHFRVWRVVRFLDOHV$QiOLVLVHQORVPHUFDGRV
GHORVLQVXPRV
0HGLFLyQGHEHQHILFLRVVRFLDOHV0HUFDGRGHOSURGXFWRHVLPSHUIHFWR

,,,

(MHUFLFLRV\DSOLFDFLRQHV
$ (OHPHQWRVGHPLFURHFRQRPtD
% (IHFWRVGHORVSUR\HFWRVHQORVHTXLOLEULRVGHPHUFDGR
& $SOLFDFLRQHVDSUR\HFWRV
 'HVDUUROOR

,9

&RQFOXVLRQHV

%LEOLRJUDItD
6HULH0DQXDOHVQ~PHURVSXEOLFDGRV
QGLFHGHFXDGURV
&8$'52
&8$'52
&8$'52
&8$'52
&8$'52
&8$'52
&8$'52
&8$'52

(-(03/2180e5,&2
&$1$67$'(75(6%,(1(6&21/$0,60$5(/$&,18035(&,2
&$17,'$'&21680,'$'(/%,(1$',67,172635(&,26
'$'2 
&/&8/2&26729$5,$%/(0(',2
(-(03/2'()81&,1'(352'8&&,1
&26726727$/(66(*1&20%,1$&,21(6
2)(57$'(+(/$'26
&219(56,1$35(&,2681,7$5,26325)8(17(6$/7(51$7,9$6
'((1(5*$

QGLFHGHJUiILFRV
*5$),&2
*5),&2
*5),&2
*5),&2
*5),&2
*5),&2
*5),&2
*5),&2
*5),&2
*5),&2
*5),&2
*5),&2
*5),&2
*5),&2
*5),&2
*5),&2
*5),&2
*5),&2
*5),&2
*5),&2
*5),&2

&859$'(87,/,'$'727$/
&859$'(87,/,'$'0$5*,1$/
&859$'('(0$1'$
&859$'('(0$1'$0(168$/'(-8$1325+(/$'2
()(&72'(81&$0%,2(1(/,1*5(62(1/$&859$'('(0$1'$
0(168$/'(-8$1325+(/$'2
(;&('(17('(/&21680,'25
9$5,$&,1'((/$67,&,'$'35(&,2$/2/$5*2'(/$&859$
'('(0$1'$
&203$5$&,1(/$67,&,'$'(635(&,2'('26&859$6
'('(0$1'$
&$626'('(0$1'$3(5)(&7$0(17((/67,&$6(,1(/67,&$6
&26720$5*,1$/
&26726'(352'8&&,1
&859$'(2)(57$
(;&('(17('(/352'8&725
'(0$1'$'(0(5&$'2
(48,/,%5,2&203(7,7,92
(48,/,%5,2'(0(5&$'2&21,038(672
(48,/,%5,2'(0(5&$'2&2168%6,',2
(48,/,%5,2(&2120$$%,(57$$/&20(5&,2,17(51$&,21$/
%,(1(;3257$%/(
(48,/,%5,2(&2120$$%,(57$$/&20(5&,2,17(51$&,21$/
%,(1,03257$%/(
9$/25$&,1'(%(1(),&,2662&,$/(6%58726'(81352<(&72
9$/25$&,1'(%(1(),&,2662&,$/(6%58726'(81352<(&72
2)(57$,1),1,7$0(17((/67,&$

&(3$/6HULH0DQXDOHV1R

(OHPHQWRVFRQFHSWXDOHV\DSOLFDFLRQHVGHPLFURHFRQRPtDSDUDODHYDOXDFLyQGHSUR\HFWRV

*5),&2 9$/25$&,1'(%(1(),&,2662&,$/(6%58726'(81352<(&72
'(0$1'$3(5)(&7$0(17(,1(/67,&$
*5),&2 9$/25$&,1'(&2672662&,$/(6%58726'(81352<(&72
()(&72(1(/0(5&$'2'(/,16802< 
*5),&2 9$/25$&,1'(%(1(),&,2662&,$/(6(10(5&$'2&21
,03(5)(&&,21(6,038(672(63(&),&2



&(3$/6HULH0DQXDOHV1R

(OHPHQWRVFRQFHSWXDOHV\DSOLFDFLRQHVGHPLFURHFRQRPtDSDUDODHYDOXDFLyQGHSUR\HFWRV

3UHVHQWDFLyQ

/RVDxRVGHO,/3(6
(O ,QVWLWXWR /DWLQRDPHULFDQR \ GHO &DULEH GH 3ODQLILFDFLyQ (FRQyPLFD \
6RFLDO ,/3(6  GH OD &RPLVLyQ (FRQyPLFD SDUD $PpULFD /DWLQD \ HO
&DULEH &(3$/ IXHFRQFHELGRDSULQFLSLRVGHORVDxRVVHVHQWDFRQHOILQ
GHDSR\DUDORVJRELHUQRVGHODUHJLyQHQHOFDPSRGHODSODQLILFDFLyQ\OD
JHVWLyQ S~EOLFD PHGLDQWH OD SUHVWDFLyQ GH VHUYLFLRV GH FDSDFLWDFLyQ
DVHVRUtDHLQYHVWLJDFLyQTXHSHUPLWDQFRQWULEXLUDORVHVIXHU]RVQDFLRQDOHV
\VXEQDFLRQDOHVRULHQWDGRVDPHMRUDUODFDOLGDGGHODVSROtWLFDVS~EOLFDV\
IRUWDOHFHUODVFDSDFLGDGHVLQVWLWXFLRQDOHV
'HVGH VX FUHDFLyQ HQ  HO ,/3(6 KD LGR FRQVROLGDQGR XQD
VLJQLILFDWLYD SUHVHQFLD TXH OR KD FRQYHUWLGR HQ XQ SDWULPRQLR GH OD
UHJLyQ6XSHUPDQHQWHYRFDFLyQGHVHUYLFLRVHKDWUDGXFLGRHQXQDDPSOLD
JDPD GHDFWLYLGDGHVGHVSOHJDGDVDORODUJRGHVXKLVWRULD&DEHGHVWDFDU
VX DSR\R D ORV JRELHUQRV HQ HO GLVHxR \ SHUIHFFLRQDPLHQWR GH ODV
HVWUXFWXUDV LQVWLWXFLRQDOHV RULHQWDGDV FRQ YLVLyQ GH ODUJR SOD]R DO
GHVDUUROOR HFRQyPLFR \ VRFLDO /DV PRGDOLGDGHV GH HVWD FRRSHUDFLyQ KDQ
VLGRREMHWRGHVXFHVLYDVDGDSWDFLRQHVGHDFXHUGRFRQORVSURFHVRVUHDOHV
\ FRQ ORV UHTXHULPLHQWRV H[SUHVDGRV SRU ORV JRELHUQRV D QLYHO FHQWUDO
UHJLRQDO\JOREDO
3DUDLOXVWUDUODPDJQLWXGGHODWDUHDEDVWDFRQVLJQDUTXHHO,/3(6
HQHOiPELWRGHODIRUPDFLyQKDLPSDUWLGRGLVWLQWRVWLSRVGHFXUVRVGHORV
TXH \D KDQ HJUHVDGR PiV GH  SDUWLFLSDQWHV /DV DFWLYLGDGHV GH
FRRSHUDFLyQ WpFQLFDDEDUFDQ D WRGRV ORV SDtVHV GH OD UHJLyQ \ KDQ HVWDGR
UHVSDOGDGDV SRU XQ VRVWHQLGR HVIXHU]R GH UHIOH[LyQ H LQYHVWLJDFLyQ
SODVPDGRHQXQFRQVLGHUDEOHQ~PHURGHWH[WRVPDQXDOHVPHWRGROyJLFRV\



&(3$/6HULH0DQXDOHV1R

(OHPHQWRVFRQFHSWXDOHV\DSOLFDFLRQHVGHPLFURHFRQRPtDSDUDODHYDOXDFLyQGHSUR\HFWRV

GH GLIXVLyQ GH H[SHULHQFLDV TXH VXPDQ PiV GH  WtWXORV 6H KDQ SXEOLFDGR PiV GH  OLEURV
PXFKRVGHHOORVFRQGHFHQDVGHHGLFLRQHV\FHUFDGHXQPLOODUGHDUWtFXORV\GRFXPHQWRVGHWUDEDMR
GHDPSOLDGLYXOJDFLyQ
(QFHOHEUDPRVHOTXLQFXDJpVLPRDQLYHUVDULRGHODIXQGDFLyQGHO,/3(6ORFXDODGHPiVGH
UHSUHVHQWDUXQRUJXOORFRQVWLWX\HXQGHVDItR\ODUHQRYDFLyQGHOFRPSURPLVRGHO,QVWLWXWRFRQODUHJLyQ
(VWD\HOPXQGRKDQFDPELDGRHQHVWDVFLQFRGpFDGDVORVSDtVHVKDQDYDQ]DGRHQVXGHVDUUROORSHURVH
PDQWLHQHQ DVLJQDWXUDV SHQGLHQWHV TXH FRQYRFDQ DO ,/3(6 D UHVSRQGHU D QXHYDV GHPDQGDV ORV SDtVHV
UHIOH[LRQDQ\GLVFXWHQVREUHHOOHJDGRGHOHVTXHPDGHGHVDUUROORVHJXLGRHQODVGRV~OWLPDVGpFDGDVOD
IyUPXODSDUDUHGXFLUODVGHVLJXDOGDGHV\ORTXHSDUHFHVHUXQUHQRYDGRLQWHUpVSRUODSODQLILFDFLyQ\ODV
SROtWLFDVSDUDHOGHVDUUROORWHUULWRULDOHVLQFOX\HQWHVFHQWUDGDVHQREMHWLYRVGHLJXDOGDGTXHGHULYDHQHO
GHEDWHVREUHHOSDSHO\ODVSROtWLFDVGH(VWDGR
/D UHJLyQ WUDQVLWD FRQ UHVLOLHQFLD SRU XQD FULVLV TXH DIHFWD FRQ PD\RU LQWHQVLGDG DO PXQGR
GHVDUUROODGRDFW~DVREUHODEDVHGHODSUHQGL]DMHGHFULVLVDQWHULRUHV\DWLVEDHOIXWXURFRQXQDPLUDGDGH
PiV ODUJR DOFDQFH EXVFDQGR FDPLQRV SDUD DYDQ]DU FRQ PiV UDSLGH] \ HILFDFLD KDFLD XQ GHVDUUROOR
VRVWHQLGRHLQFOX\HQWHFRPRSODQWHDOD&(3$/HQ/DKRUDGHODLJXDOGDG%UHFKDVSRUFHUUDUFDPLQRV
SRUDEULU
/DV SROtWLFDV GH (VWDGR GHEHQ DSXQWDU D KRUL]RQWHV GH ODUJR SOD]R 3RU HOOR ORV SDtVHV HVWiQ
SRQLHQGR FUHFLHQWH DWHQFLyQ HQ OD FRQVWUXFFLyQ GH YLVLRQHV GH IXWXUR HQ TXH OD UHGXFFLyQ GH OD
GHVLJXDOGDG HV XQD DVSLUDFLyQ JHQHUDOL]DGD (Q HVH HPSHxR OD SODQLILFDFLyQ SXHGH VHU XQ LQVWUXPHQWR
SRGHURVRFDSD]GHDUWLFXODULQWHUHVHVGHDFWRUHVGLVWLQWRV (VWDGRVRFLHGDGJRELHUQRHQWRUQRH[WHUQR 
GH HVSDFLRV GLYHUVRV OR QDFLRQDO \ OR ORFDO  FRQ SROtWLFDV S~EOLFDV GH (VWDGR SODQHV \ SURJUDPDV
QDFLRQDOHV\VXEQDFLRQDOHV FRQYLVLyQGHODUJRSOD]R VXVWHQWDELOLGDG 
(O,/3(6FRODERUD\GLDORJDFRQORVSDtVHVVREUHHVWHQXHYRHQIRTXH\FRQFHSWRGHSODQLILFDFLyQ
TXH UHVSRQGH D DJHQGDV QDFLRQDOHV GH GHVDUUROOR FX\D FRQVWUXFFLyQ \ HMHFXFLyQ VRQ D GLIHUHQFLD GHO
SDVDGRFDGDYH]PiVSDUWLFLSDWLYDVFRPRUHIOHMRGHODYDQFHGHPRFUiWLFRGHORVSDtVHVGHODUHJLyQ
(O ,/3(6 DSXQWD D VHU XQD HQWLGDG UHJLRQDO GH H[FHOHQFLD HQ OD JHQHUDFLyQ \ GLIXVLyQ GH
FRQRFLPLHQWR\SURSXHVWDVVREUHHOSDSHOGHO(VWDGRHQORVSURFHVRVGHGHVDUUROOR\HQHOPHMRUDPLHQWR
GH OD SODQLILFDFLyQ \ OD JHVWLyQ S~EOLFD (Q HVR HVWDPRV HPSHxDGRV HQ HO ,QVWLWXWR FRQ VX SURSLD
LGHQWLGDG\FRPRSDUWHGHOHVIXHU]RFRQMXQWRGHOD&(3$/
&RPSDUWLPRV FRQ ORV OHFWRUHV GH HVWD SXEOLFDFLyQ HO IHVWHMR SRU ORV  DxRV GH OD LQVWLWXFLyQ
ULQGLHQGRWULEXWR\KRPHQDMHDORVKRPEUHV\PXMHUHVTXHKDQVHUYLGRGHVGHHO,/3(6DODUHJLyQFRQ
HQWXVLDVPR SURIHVLRQDOLVPR \ GHGLFDFLyQ DVt FRPR D TXLHQHV KDQ DFRPSDxDGR HVWD ODERU GHVGH OD
&(3$/ \ RWURV RUJDQLVPRV $ TXLHQHV WHQHPRV KR\ HO KRQRU \ OD RFDVLyQ KLVWyULFD GH VHU SDUWH GHO
,QVWLWXWRHQVXVSULPHURVDxRVQRVFRUUHVSRQGHGDU\VHUSDUWHGHHVHUHFRQRFLPLHQWRLQVWLWXFLRQDO\
UDWLILFDUHOFRPSURPLVRFRQHOGHVDUUROORGHODUHJLyQ




-RUJH0iWWDU
'LUHFWRU
,QVWLWXWR/DWLQRDPHULFDQR\GHO&DULEH
GH3ODQLILFDFLyQ(FRQyPLFD\6RFLDO ,/3(6



&(3$/6HULH0DQXDOHV1R

(OHPHQWRVFRQFHSWXDOHV\DSOLFDFLRQHVGHPLFURHFRQRPtDSDUDODHYDOXDFLyQGHSUR\HFWRV

5HVXPHQ

(VWD SXEOLFDFLyQ IXH HODERUDGD FRQ HO REMHWLYR GH VHU XQ HOHPHQWR GH
DSR\RDODGRFHQFLDLPSDUWLGDHQORVFXUVRVGH3UHSDUDFLyQ\(YDOXDFLyQ
GH 3UR\HFWRV SRU ORV SURIHVLRQDOHV GHO ,QVWLWXWR /DWLQRDPHULFDQR \ GHO
&DULEHGH3ODQLILFDFLyQ(FRQyPLFD\6RFLDO ,/3(6 
(O FRQWHQLGR GH HVWH PDQXDO VH KD HVWUXFWXUDGR SHQVDQGR
IXQGDPHQWDOPHQWH HQ DTXHOORV SURIHVLRQDOHV TXH SURYLHQHQ GH iUHDV
GLVWLQWDV D OD HFRQRPtD \ TXH UHTXLHUHQ FRPSUHQGHU HQ IRUPD EiVLFD \
PX\ GLGiFWLFD ORV FRQFHSWRV EiVLFRV GH OD PLFURHFRQRPtD SDUD VX
SRVWHULRUDSOLFDFLyQHQPDWHULDVGHHYDOXDFLyQVRFLDOGHSUR\HFWRV
(VWHPDQXDOHVWiHVWUXFWXUDGRGHODVLJXLHQWHIRUPDFRQWHPSODWUHV
VHFFLRQHVGRVGHFDUiFWHUPiVWHyULFR\ODRWUDGHRUGHQPiVSUiFWLFR(Q
ODSULPHUDVHHQWUHJDQHOHPHQWRVEiVLFRVGHPLFURHFRQRPtDUHODFLRQDGRV
FRQ HO FRPSRUWDPLHQWR GHO FRQVXPLGRU \ GHO SURGXFWRU GHILQLFLRQHV GHO
HTXLOLEULR GH PHUFDGR GH XQ ELHQ GRPpVWLFR HQ XQD HFRQRPtD VLQ
GLVWRUVLRQHV ODV GLVWRUVLRQHV GH PHUFDGR H[LVWHQWHV DVt FRPR WDPELpQ
DERUGD WHPDV GHO HTXLOLEULR GH PHUFDGR FXDQGR HO ELHQ HV WUDQVDEOH
LQWHUQDFLRQDOPHQWH (Q OD VHJXQGD VHFFLyQ VH DERUGD HO HIHFWR GH XQ
SUR\HFWRHQHOHTXLOLEULRGHPHUFDGR\VHDQDOL]DQORVEHQHILFLRV\FRVWRV
VRFLDOHV GLUHFWRV JHQHUDGRV SRU HVH SUR\HFWR )LQDOPHQWH OD WHUFHUD
VHFFLyQ SUHVHQWD DOJXQDV DSOLFDFLRQHV \ HMHUFLFLRV SDUD IDFLOLWDU OD
FRPSUHQVLyQGHORVFRQFHSWRVYLVWRVHQODVGRVVHFFLRQHVSUHYLDV







&(3$/6HULH0DQXDOHV1R

(OHPHQWRVFRQFHSWXDOHV\DSOLFDFLRQHVGHPLFURHFRQRPtDSDUDODHYDOXDFLyQGHSUR\HFWRV

, (OHPHQWRVFRQFHSWXDOHV
GHPLFURHFRQRPtD

(VWH PDQXDO WLHQH SRU REMHWLYR LQWHQWDU VHU XQD UHVHxD SDUD DTXHOORV
DOXPQRVTXHQRKDQWHQLGRODRSRUWXQLGDGGHYHUDQWHULRUPHQWHHOHPHQWRV
GH PLFURHFRQRPtD DSOLFDGD SDUD SUHSDUDFLyQ \ HYDOXDFLyQ GH SUR\HFWRV
3UHWHQGHVHUVHQFLOORSDUDVXFRPSUHQVLyQ\SRUVXSXHVWRDEDUFDVyORXQD
SDUWH GH WRGD OD WHPiWLFD H[LVWHQWH VREUH HVWD iUHD GH HVWXGLR VH KD
XWLOL]DGR HQ OD SULPHUD SDUWH ELEOLRJUDItD SUHIHUHQWHPHQWH GH 6DPXHOVRQ
3\1RUGKDXV: SRUVXDPSOLDGLIXVLyQ\UHFRQRFLPLHQWR

$ &RPSRUWDPLHQWRGHOFRQVXPLGRU
(Q HVWD VHFFLyQ VH UHYLVDQ EUHYHPHQWH ORV SULQFLSDOHV HOHPHQWRV TXH
H[SOLFDQHOFRPSRUWDPLHQWRGHOFRQVXPLGRU3DUHHOORVHYHUiSULPHUROD
WHRUtDGHODXWLOLGDGOXHJRVHDERUGDUDQODUHODFLyQHQWUHODGHPDQGD\OD
XWLOLGDG PDUJLQDO GHO FRQVXPR OD IXQFLyQ GH GHPDQGD HO H[FHGHQWH GHO
FRQVXPLGRU\ILQDOPHQWHVHWUDWDUiQFRQFHSWRVFRPRODHODVWLFLGDGSUHFLR
HLQJUHVRGHODGHPDQGD

 7HRUtDGHOD8WLOLGDG
(VWHDSDUWDGRVHUHILHUHDODHOHFFLyQ\ODWHRUtDGHOD8WLOLGDGTXHHQOD
HFRQRPtDLQWHQWDH[SOLFDUODFRQGXFWDGHOFRQVXPLGRU
/D HFRQRPtD VH EDVD HQ OD SUHPLVD IXQGDPHQWDO GH TXH HO
FRQVXPLGRUWLHQGHDHOHJLUORVELHQHV\VHUYLFLRVTXHPiVYDORUD
(O FRQFHSWR GH XWLOLGDG SDUD ORV HFRQRPLVWDV QR HV XQD IXQFLyQ R
VHQWLPLHQWR SVLFROyJLFR TXH SXHGH VHU REVHUYDGR R PHGLGR HV XQ


 6DPXHOVRQ3DXO\1RUGKDXV:LOOLDP(FRQRPtD0F*UDZ+LOO'HFLPRVH[WDHGLFLyQ



&(3$/6HULH0DQXDOHV1R

(OHPHQWRVFRQFHSWXDOHV\DSOLFDFLRQHVGHPLFURHFRQRPtDSDUDODHYDOXDFLyQGHSUR\HFWRV

LQVWUXPHQWRFLHQWtILFRTXHVHXWLOL]DSDUDD\XGDUDFRPSUHQGHUSRUTXpORVFRQVXPLGRUHVVRQUDFLRQDOHV
\TXHFRQVXVOLPLWDGRVUHFXUVRVGHFLGHQODFRPELQDFLyQGHELHQHVTXHOHVUHSRUWDQVDWLVIDFFLyQ
/D8WLOLGDG0DUJLQDOHVHOFDPELRHQODXWLOLGDGWRWDOGHOFRQVXPLGRUDODXPHQWDUHQXQDXQLGDG
HO FRQVXPR GH XQ GHWHUPLQDGR ELHQ /D WHRUtD HFRQyPLFD VXSRQH TXH D PHGLGD TXH DXPHQWDPRV HO
FRQVXPR GH XQ ELHQ LQFUHPHQWDPRV OD XWLOLGDG WRWDO SHUR ODV ~OWLPDV XQLGDGHV FRQVXPLGDV QRV
UHSRUWDUiQXQPHQRULQFUHPHQWRHQODXWLOLGDGWRWDOTXHODVSULPHUDV(VWHFRPSRUWDPLHQWRHVFRQRFLGR
FRPR /H\ GH OD 8WLOLGDG 0DUJLQDO 'HFUHFLHQWH HO FXDO H[SUHVD TXH D PHGLGD TXH FRQVXPLPRV PiV
XQLGDGHVGHXQELHQOD8WLOLGDG7RWDODXPHQWDSHURDXQDWDVDFDGDYH]PHQRU
(Q HO FXDGUR VLJXLHQWH VH SUHVHQWD XQD UHODFLyQ TXH HMHPSOLILFD OR GLFKR GRQGH VHPXHVWUD TXH
SDUDODSULPHUDXQLGDGFRQVXPLGDODXWLOLGDGPDUJLQDOHVGH\ODXWLOLGDGWRWDOHVGHWDPELpQVLQ
HPEDUJRSDUDODVHJXQGDXQLGDGFRQVXPLGDODXWLOLGDGPDUJLQDOHVGHSRUORTXHODXWLOLGDGWRWDOHVGH
 FRQVLGHUDQGRXWLOLGDGGHODSULPHUD\VHJXQGDXQLGDGGHELHQFRQVXPLGD $VtVXFHVLYDPHQWHKDVWD
OOHJDUDODXQLGDGTXH\DQRUHSRUWDQLQJXQDXWLOLGDGDGLFLRQDO XWLOLGDGPDUJLQDOFHUR FRQVHUYiQGRVH
HQWRQFHV XQD XWLOLGDG WRWDO GH  SRU OR WDQWR SDUD OD VH[WD XQLGDG FRQVXPLGD FRPR SDUD OD TXLQWD
WHQGUtDPRVODPLVPDXWLOLGDGWRWDO

&8$'52
(-(03/2180e5,&2
8WLOLGDGWRWDO
8

&DQWLGDGGHELHQ
&RQVXPLGD
4

8WLOLGDG0DUJLQDO
80




































)XHQWH(ODERUDFLyQSURSLD


'H HVWH HMHPSOR VH GHVSUHQGHQ ORV JUiILFRV  \  GH &XUYD GH 8WLOLGDG 7RWDO \ GH &XUYD GH
8WLOLGDGPDUJLQDO

*5$),&2
&859$'(87,/,'$'727$/


8WLOLGDG



















&DQWLGDG


)XHQWH(ODERUDFLyQHQEDVHDFXDGUR




&(3$/6HULH0DQXDOHV1R

(OHPHQWRVFRQFHSWXDOHV\DSOLFDFLRQHVGHPLFURHFRQRPtDSDUDODHYDOXDFLyQGHSUR\HFWRV

(VWDFXUYDFyQFDYDPXHVWUDFODUDPHQWHTXHDPHGLGDTXHDXPHQWDPRVODFDQWLGDGFRQVXPLGDOD
VDWLVIDFFLyQ R XWLOLGDG QR DXPHQWD SURSRUFLRQDOPHQWH \ OOHJD D XQ SXQWR GRQGH \D QR KD\ QLQJ~Q
LQFUHPHQWRGHXWLOLGDGYpDVHFRQDWHQFLyQHOJUiILFRHQORVSXQWRVFRUUHVSRQGLHQWHVDODVFDQWLGDGHV
GH\DKtODFXUYD VH PXHVWUDSODQDORTXHLQGLFDTXHQRKD\LQFUHPHQWRHQOD XWLOLGDGWRWDO(VWR
TXLHUH GHFLU TXH HO FRQVXPLGRU D SDUWLU GH FLHUWD FDQWLGDG GH FRQVXPR \D QR LQFUHPHQWDUtD VX
VDWLVIDFFLyQDOFRQVXPLUXQLGDGHVDGLFLRQDOHVGHHVHELHQ
'HOPLVPRPRGRHQHOJUiILFRVHPXHVWUDXQDFXUYDFRQSHQGLHQWHQHJDWLYDTXHWLHQHVXRULJHQ
HQODFROXPQDGHXWLOLGDGPDUJLQDOGHOFXDGURODTXHLQGLFDXQGHFUHFLPLHQWRGHODXWLOLGDGPDUJLQDOD
PHGLGDTXHVHDXPHQWDHOFRQVXPRGHOELHQ

*5),&2
&859$'(87,/,'$'0$5*,1$/

8WLOLGDG0DUJLQDO 80 




















&DQWLGDG
)XHQWH(ODERUDFLyQSURSLDHQEDVHDFXDGUR


3DUDHOHMHPSORSRGUtDPRVGHFLUTXHODXWLOLGDGGHODSULPHUDXQLGDGHVDOWDPHQWHYDORUDGD\TXHD
SDUWLUGHODVHJXQGDXQLGDGFRQVXPLGDKDVWDODVH[WDODXWLOLGDGGHFDHKDVWDKDFHUVHFHUR



'HPDQGD\XWLOLGDGPDUJLQDO

/DGHPDQGDLQGLYLGXDOGHXQELHQFRUUHVSRQGHDODFDQWLGDGGHXQELHQRVHUYLFLRTXHVHUiDGTXLULGRSRU
XQFRQVXPLGRUDORVGLIHUHQWHVSUHFLRV GDGRXQQLYHOGHFDOLGDGGHWHUPLQDGRGHOELHQRVHUYLFLR 
/DVFXUYDVGHGHPDQGDLQGLYLGXDOVHGHULYDQGHODVFXUYDVGH8WLOLGDG0DUJLQDOYLVWDVSUHYLDPHQWH
\GHTXHHOFRQVXPLGRULQWHQWDPD[LPL]DUVXXWLOLGDGVXMHWRDODUHVWULFFLyQSUHVXSXHVWDULDTXHHQIUHQWD
SDUDORFXDOHOLJHXQDFDQDVWDGHELHQHVSRUODTXHPXHVWUDXQDPD\RUSUHIHUHQFLD
6XSRQJDPRVTXHODFDQDVWDGHELHQHVDODTXHSXHGHDFFHGHUXQFRQVXPLGRUWLHQHVyORFDUQHFDIp
\ KXHYRV 7RGRV \ WRGDV TXH VHPDQDOPHQWH YDPRV DO VXSHUPHUFDGR VDEHPRV TXH HVWRV ELHQHV WLHQHQ
SUHFLRV GLIHUHQWHV (O FRQVXPLGRU HQIUHQWDGR D XQ SUHVXSXHVWR UHVWULQJLGR WUDWDUi GH VHOHFFLRQDU OD
FDQDVWD FRPELQDFLyQGHELHQHV TXHOHSHUPLWDPD[LPL]DUVXELHQHVWDUSDUDHOORDVLJQDUiSULPHURVXV
HVFDVRV UHFXUVRV GLVSRQLEOHV DO FRQVXPR GH DTXHO ELHQ TXH SUHVHQWH OD PD\RU 8WLOLGDG 0DUJLQDO SRU
XQLGDG PRQHWDULD JDVWDGD 803  VXSRQJDPRV TXH HQ QXHVWUR FDVR VHD FDIp $ PHGLGD TXH QXHVWUR
FRQVXPLGRU FRPSUD PiV XQLGDGHV GH FDIp VX 8WLOLGDG 0DUJLQDO GLVPLQX\H 8WLOLGDG 0DUJLQDO
GHFUHFLHQWH \GDGRTXHHOSUHFLRGHOFDIpVHPDQWLHQHFRQVWDQWHWDPELpQGLVPLQX\HODUHODFLyQ803
3RUORWDQWRHQDOJ~QPRPHQWRJDVWDUXQD8QLGDG0RQHWDULDPiVHQFDIpOHDSRUWDUiPHQRVDVXXWLOLGDG
WRWDO TXH JDVWDUOD HQ RWUR ELHQ GH OD FDQDVWD SRU OR TXH HQ HVH PRPHQWR OH FRQYHQGUi FRPSUDU SRU
HMHPSORFDUQH/R PLVPRRFXUULUiHQHVWHFDVR\HQDOJ~QPRPHQWRVHGDUiTXHODUHODFLyQ803GH
FRPSUDU XQD XQLGDG DGLFLRQDO GH FDUQH VHUi PHQRU TXH OD GH FRPSUDU XQD XQLGDG GH KXHYRV \ SRU OR
WDQWRHQHVHPRPHQWROHFRQYHQGUiGHVWLQDUVXVUHFXUVRVDHVWH~OWLPRELHQ


&(3$/6HULH0DQXDOHV1R

(OHPHQWRVFRQFHSWXDOHV\DSOLFDFLRQHVGHPLFURHFRQRPtDSDUDODHYDOXDFLyQGHSUR\HFWRV

(O SURFHVR GHVFULWR VH OOHYD DGHODQWH KDVWD TXH HO FRQVXPLGRU JDVWD HO SUHVXSXHVWR WRWDO
GLVSRQLEOH HO FXDO VH DVLJQD DO FRQVXPR GH HVWRV WUHV ELHQHV GH PDQHUD TXH VH FXPSOD TXH OD XWLOLGDG
PDUJLQDOTXHOHEULQGDOD~OWLPDXQLGDGPRQHWDULDJDVWDGDHQXQELHQHVLJXDODODXWLOLGDGPDUJLQDOTXH
OHEULQGDOD~OWLPDXQLGDGPRQHWDULDJDVWDGDHQFXDOTXLHURWURTXHHVORPLVPRTXHGHFLUTXHUHODFLyQ
803UHFLRHVODPLVPDSDUDWRGRVORVELHQHVGHVXFDQDVWD FXDGUR 

&8$'52
&$1$67$'(75(6%,(1(6&21/$0,60$5(/$&,18035(&,2
3UHFLR
 

%LHQ
&DUQH

8WLOLGDG0DUJLQDO
 

803UHFLR
 





 

&DIp





  

+XHYRV





 

)XHQWH(ODERUDFLyQSURSLD


(VWR LPSOLFD TXH HQ XQD FDQDVWD GH ELHQHV WRGRV GHEHUtDQ PDQWHQHU OD PLVPD UHODFLyQ HQWUH
XWLOLGDG PDUJLQDO \ XQLGDG PRQHWDULD JDVWDGD (VWD HV OD FRQGLFLyQ IXQGDPHQWDO GHO HTXLOLEULR GHO
FRQVXPLGRU\SXHGHH[SUHVDUVHFRPR

80 ELHQ

80 ELHQ 

80 ELHQ 

3

3

3

 O 80 GH OD UHQWD 

/D8WLOLGDG0DUJLQDOSRUXQLGDGPRQHWDULDTXHHVFRP~QDWRGRVORVELHQHVGHXQDFDQDVWDHQHO
HTXLOLEULRGHOFRQVXPLGRUHVGHQRPLQDGD8WLOLGDG0DUJLQDOGHOD5HQWD\ODGHQRPLQDUHPRVFRQOD
OHWUDJULHJD
'HVGH HVWD SHUVSHFWLYD HV UDFLRQDO FRPSUDU XQ ELHQTXH FXHVWHHO GREOH TXH RWURPLHQWUDV pVWH
UHSRUWHHOGREOHGHODXWLOLGDGPDUJLQDO
'HOPLVPRPRGRVLXQELHQUHSRUWDUiPiVXWLOLGDGPDUJLQDOSRUXQLGDGPRQHWDULDTXHRWURVVH
YHUtD DXPHQWDGD OD XWLOLGDG GHVYLDQGR GLQHUR GH ORV ELHQHV TXH UHSRUWDQ PHQRV XWLOLGDG PDUJLQDO SDUD
JDVWDUORHQRWURVGHPD\RUXWLOLGDGPDUJLQDO
$VtWDPELpQVLHQXQDFDQDVWDGHELHQHVKXELHUDXQRTXHPHUHSRUWDUDPHQRVXWLOLGDGPDUJLQDO
SRU XQLGDG PRQHWDULD TXH HO UHVWR GHMDUtD GH FRQVXPLUOR KDVWD TXH OD XWLOLGDG PDUJLQDO SRU XQLGDG
PRQHWDULDGHHVHELHQVHLJXDODUDFRQHOUHVWR
8WLOL]DQGRHVWDUHJODLQWHQWDUHPRVGHULYDUOD&XUYDGH'HPDQGD,QGLYLGXDO8QDQiOLVLVVLPSOH
SDUWHSRUPDQWHQHUFRQVWDQWHODXWLOLGDGPDUJLQDOSRUFDGDXQLGDGPRQHWDULDGHUHQWD 6LVXELPRVHO
SUHFLRSRUHMHPSORGHOELHQ\QRYDULDPRVODVXQLGDGHVFRQVXPLGDVWHQHPRVTXH 80ELHQ3 
HVGHFLUTXHOD80SRUXQLGDGPRQHWDULDJDVWDGDGHOELHQVHUiLQIHULRUDODGHWRGRVORVGHPiVELHQHV
3DUDUHVWDEOHFHUHOHTXLOLEULRHOFRQVXPLGRUWHQGUiTXHDMXVWDUODFDQWLGDGGHFRQVXPRGHOELHQKDVWD
TXHVHFXPSODODLJXDOGDGHQWUHWRGRVORVELHQHVSDUDHOORGHEHUiGLVPLQXLUHOFRQVXPRGHHVHELHQOR
TXHLQFUHPHQWDUiVXXWLOLGDGPDUJLQDO
9HDPRVXQHMHPSORQXPpULFRSDUDHOELHQ FXDGUR (OSUHFLRGHOELHQ 3 RULJLQDOPHQWHHV
XP XQLGDGHVPRQHWDULDV  \OD80SRUXPGHUHQWD GHODFDQDVWDHVFRQVWDQWH'DGDHVWDV
FRQGLFLRQHVODFDQWLGDGGHOELHQFRQVXPLGDHVGHXQLGDGHV
6LQHPEDUJRVLWRGRVORVGHPiVSUHFLRVGHODFDQDVWDVHPDQWLHQHQFRQVWDQWHV\3VXEHDXP
HO FRQVXPR GH  XQLGDGHV GHO ELHQ  UHSRUWD XQD 803  LQIHULRU D  3DUD UHVWDEOHFHU HO
HTXLOLEULR HVWH LQGLYLGXR GHEH UHGXFLU HO FRQVXPR GHO ELHQ  OR TXH VH ORJUDFRQVXPLHQGR  XQLGDGHV
80  'HOPLVPRPRGRVL3VXEHKDVWDXPGHEHUiGLVPLQXLUVXFRQVXPRDVyORXQLGDG
80  \DTXHHVHQLYHOGHFRQVXPRSHUPLWHTXHVHFXPSODODLJXDOGDGGHXWLOLGDGPDUJLQDOVREUH
SUHFLRJDVWDGRHQWRGRVORVELHQHVGHODFDQDVWD


&(3$/6HULH0DQXDOHV1R

(OHPHQWRVFRQFHSWXDOHV\DSOLFDFLRQHVGHPLFURHFRQRPtDSDUDODHYDOXDFLyQGHSUR\HFWRV

(QWRQFHVDQWHODVVXELGDVGHSUHFLRVODVFDQWLGDGHVFRQVXPLGDVGHOELHQGHEHUiQDMXVWDUVHGH
PDQHUDTXH803GHOELHQVHDVLHPSUHLJXDOD

&8$'52
&$17,'$'&21680,'$'(/%,(1$',67,172635(&,26'$'2 
803
&DQWLGDG

8

80
3 XP

3 XP

3 XP




























































)XHQWH(ODERUDFLyQSURSLD


6L JUDILFDPRV HVWRV UHVXOWDGRV JUiILFR   YHUHPRV XQD FXUYD TXH XQH WUHV SXQWRV \ TXH
FRUUHVSRQGH D OD FXUYD GH GHPDQGD (VWD FXUYD UHSUHVHQWD OD FDQWLGDG FRQVXPLGD GHO ELHQ  D FDGD
SUHFLRSDUDXQQLYHOGHWHUPLQDGRGHLQJUHVR\GHSUHFLRVGHORVRWURVELHQHV

*5),&2
&859$'('(0$1'$



3UHFLR










&DQWLGDG



)XHQWH(ODERUDFLyQHQEDVHDFXDGUR


&RPR SRGHPRV DSUHFLDU OD FXUYD GH GHPDQGD WLHQH XQD SHQGLHQWH QHJDWLYD \D TXH FXDQGR HO
SUHFLR DXPHQWD FHWHULV SDULEXV  HO FRQVXPR GHO ELHQ  VH UHGXFH \ YLFHYHUVD (VWD FRQGLFLyQ HV
FRQRFLGDFRPR/H\GHOD'HPDQGD
2WUDIRUPDGHHQWHQGHUODFXUYDGHGHPDQGDHVTXHUHSUHVHQWDODPi[LPDGLVSRVLFLyQDSDJDUGH
XQ LQGLYLGXR SRU GLVWLQWDV XQLGDGHV GHO ELHQ (VWD Pi[LPD GLVSRVLFLyQ D SDJDU UHSUHVHQWD HO YDORU HQ
XQLGDGHVPRQHWDULDV TXHOHDVLJQDHOLQGLYLGXRDOFRQVXPRGHFDGDXQLGDGGHOELHQ\GDGRTXHOD80
GHOFRQVXPRHVGHFUHFLHQWHODGLVSRVLFLyQDSDJDUSRUFDGDXQLGDGDGLFLRQDOHVPHQRU



 ([SUHVLyQGHOODWtQTXHVLJQLILFDWRGRORGHPiVSHUPDQHFHFRQVWDQWH(QHVWHFDVRKDFHUHIHUHQFLDDTXHHOLQJUHVR\HOSUHFLRGH
ORVRWURVELHQHVSHUPDQHFHQFRQVWDQWHV QRYDUtDQ 



&(3$/6HULH0DQXDOHV1R



(OHPHQWRVFRQFHSWXDOHV\DSOLFDFLRQHVGHPLFURHFRQRPtDSDUDODHYDOXDFLyQGHSUR\HFWRV

)XQFLyQGHGHPDQGD

/DIXQFLyQGHGHPDQGDFRUUHVSRQGHDXQDH[SUHVLyQPDWHPiWLFDTXHYLQFXODODIRUPDHQTXHYDUtDOD
GHPDQGD GH XQ ELHQ FRQ UHVSHFWR D FDPELRV HQ ODV YDULDEOHV TXH OD H[SOLFDQ SRU HMHPSOR 3UHFLR GHO
ELHQ,QJUHVR3UHFLRGHELHQHVVXVWLWXWRV3UHFLRGHELHQHVFRPSOHPHQWDULRV\JXVWRV 'HHVWDIRUPDOD
IRUPDJHQHUDOGHODIXQFLyQGHGHPDQGDVHH[SUHVDDOJHEUDLFDPHQWHGHODVLJXLHQWHIRUPD

4L

I 3L  ,  3V  3F  * GRQGH4LGHVODFDQWLGDGGHPDQGDGDGHOELHQL3LHVVXSUHFLR,HVHO

LQJUHVRGLVSRQLEOH3VHVHOSUHFLRGHORVELHQHVVXVWLWXWRV3FHVHOSUHFLRGHORVELHQHVFRPSOHPHQWDULRV
\*UHSUHVHQWDORVJXVWRV
6L PDQWHQHPRV OD FRQGLFLyQ GH FHWHULV SDULEXV \ VyOR UHODFLRQDPRV OD FDQWLGDG GHPDQGDGD GHO
ELHQFRQYDULDFLRQHVHQVXSUHFLRODIRUPDUHGXFLGDGHODIXQFLyQGHGHPDQGDVHH[SUHVDFRPR

4L

I 3L GRQGH4LGHVODFDQWLGDGGHPDQGDGDGHOELHQL\3LHVVXSUHFLR/DIXQFLyQLQYHUVD

GHHVWDIRUPDUHGXFLGDHVODTXHJUiILFDPHQWHGHQRPLQDPRVFXUYDGHGHPDQGD 3L

I 4L 

/D IXQFLyQ GH GHPDQGD SXHGH FRUUHVSRQGHU D XQD IXQFLyQ OLQHDO HQ FX\R FDVR HV SRVLEOH
H[SUHVDUODGHODVLJXLHQWHIRUPDJHQpULFD

4L

D  E u 3L GRQGHDHVODFRQVWDQWHRFRHILFLHQWHGHSRVLFLyQ\EHVODSHQGLHQWHGHODUHFWD

HQ YDORU DEVROXWR  1yWHVH TXH HO YDORU GH OD FRQVWDQWH D  HV HO UHVXOWDGR GH ODV RWUDV YDULDEOHV TXH
FRQVLGHUDPRVEDMRODFRQGLFLyQGHFHWHULVSDULEXVSRUORTXHFDPELRVHQHVDVYDULDEOHVDIHFWDUiQVXYDORU
7RPHPRV FRPR HMHPSOR OD VLJXLHQWH IRUPD JHQHUDO GH OD IXQFLyQ GH GHPDQGD PHQVXDO SRU
KHODGRVGH-XDQ

4 G KHODGRV

   u 3KHODGRV   u ,   u 3MXJR GH IUXWD 

6L-XDQWLHQHXQ,QJUHVR , GHXP\HOSUHFLRGHOMXJRGHIUXWDHVXP ELHQVXVWLWXWRGHO


KHODGR DOUHHPSOD]DUHVRVYDORUHVHQODIXQFLyQGHGHPDQGDJHQHUDOWHQHPRV

4 G KHODGRV

   u 3KHODGRV   u    u  

3RUORWDQWRODIXQFLyQUHGXFLGDGHODGHPDQGDPHQVXDOGH-XDQSRUKHODGRHV

4 G KHODGRV

   u 3KHODGRV 

(VWD IXQFLyQ QRV GLFH TXH VL HO SUHFLR GHO OLWUR GH KHODGR HV GH  XP VH OR UHJDODQ  OD FDQWLGDG
PHQVXDOGHKHODGRTXHFRQVXPLUi-XDQHV[ OLWURV6LHOSUHFLRHVGHXPODFDQWLGDGGHPDQGDGD
GHKHODGRVHUiGH[ OLWURVDOPHV\VLHOSUHFLRHVGHXP-XDQQRFRQVXPLUiKHODGR
$OJUDILFDUODIRUPDLQYHUVDGHHVWDIXQFLyQHVGHFLUGHMDQGRHOSUHFLRHQIXQFLyQGHODFDQWLGDG
FRQVXPLGDREWHQHPRV

3KHODGRV

  4 G KHODGRV


   u 4 G KHODGRV


(VWDHVODH[SUHVLyQPDWHPiWLFDGHODFXUYDGHGHPDQGDPHQVXDOGH-XDQSRUKHODGRWDOFRPRVH
PXHVWUDHQHOJUiILFR






&(3$/6HULH0DQXDOHV1R

(OHPHQWRVFRQFHSWXDOHV\DSOLFDFLRQHVGHPLFURHFRQRPtDSDUDODHYDOXDFLyQGHSUR\HFWRV

*5),&2
&859$'('(0$1'$0(168$/'(-8$1325+(/$'2
)XQFLyQOLQHDO, XP\3MXJRIUXWD XP 

3 [4G

KHODGR

3UHFLRKHODGRV XP 






















Cantidad demandada de helado al mes (litros)

)XHQWH(ODERUDFLyQSURSLD


([LVWHQGLYHUVDVIRUPDVIXQFLRQDOHVGHODFXUYDGHGHPDQGDHVGHFLUODUHODFLyQHQWUHODFDQWLGDG
GHPDQGDGDGHXQELHQ\VXSUHFLRSXHGHWRPDUGLYHUVDVIRUPDVSRUHMHPSORFXDGUiWLFDORJDUtWPLFD
HQWUHRWUDV
3HUR TXp SDVD FRQ OD FXUYD GH GHPDQGD FXDQGR HO LQJUHVR R ORV SUHFLRV GH ORV RWURV ELHQHV
VXVWLWXWRVRFRPSOHPHQWDULRV RORVJXVWRVYDUtDQ"
$ODXPHQWDUHOLQJUHVRODFXUYDGHGHPDQGDVHGHVSOD]DDODGHUHFKDORFXDOVLJQLILFDTXHDXQ
PLVPRQLYHOGHSUHFLRHOFRQVXPRGHOELHQDXPHQWD(VWRORSRGHPRVDQDOL]DUJUiILFDPHQWHDSDUWLUGH
QXHVWURHMHPSORGHODIXQFLyQGHGHPDQGDGH-XDQSRUKHODGR6XSRQJDPRVTXHVXLQJUHVRDXPHQWDGH
XPDXPHQHVHFDVRODFRQVWDQWHGHODIXQFLyQGHGHPDQGDSDVDUiGHD FDOF~OHOR8G
D SDUWLU GH OD IXQFLyQ JHQHUDO GH GHPDQGD SRU KHODGR GH -XDQ  SRU OR TXH OD FXUYD GH GHPDQGD VH
GHVSOD]DUiDODGHUHFKDWDOFRPRVHREVHUYDHQHOJUiILFR
6L HO SUHFLR GH PHUFDGR GHO OLWUR GH KHODGR HV GH  XP FRQ OD GHPDQGD LQLFLDO ,  XP 
FRQVXPLUtDOLWURVGHKHODGRDOPHVVLQHPEDUJRFRQODQXHYDGHPDQGD ,  HOFRQVXPRVHUiDO
PLVPRSUHFLRGHOLWURV
*5),&2
()(&72'(81&$0%,2(1(/,1*5(62(1/$&859$'('(0$1'$
0(168$/'(-8$1325+(/$'2
, XPH, XP 
35
30
3UHFLRKHODGRV XP 

25
20
15
10
5
0
0

20

10

30

40

50

60

70

&DQWLGDGGHPDQGDGDGHKHODGRDOPHV OLWURV 
Q (I=100 u.m.)

Q (I=120 u.m.)

)XHQWH(ODERUDFLyQSURSLD



&(3$/6HULH0DQXDOHV1R

(OHPHQWRVFRQFHSWXDOHV\DSOLFDFLRQHVGHPLFURHFRQRPtDSDUDODHYDOXDFLyQGHSUR\HFWRV

8QDGLVPLQXFLyQGHOLQJUHVRWHQGUtDHOHIHFWRLQYHUVRHVGHFLUGHVSOD]DUtDODFXUYDGHGHPDQGDD
ODL]TXLHUGDSRUORTXHDXQPLVPRQLYHOGHSUHFLRVHOFRQVXPRGHOELHQGLVPLQXLUtD
8Q DXPHQWR HQ HO SUHFLR GH ORV ELHQHV VXVWLWXWRV WLHQH XQ HIHFWR VLPLODU HQ FXDQWR DO VHQWLGR R
GLUHFFLyQGHOGHVSOD]DPLHQWRGHODFXUYDGHGHPDQGDTXHXQDXPHQWRGHOLQJUHVR GHVSOD]DPLHQWRDOD
GHUHFKD /RPLVPRRFXUUHFRQHODXPHQWRGHOJXVWR SRUHMHPSORTXHVHSRQJDGHPRGDHOELHQ 
8Q DXPHQWR HQ HO SUHFLR GH ORV ELHQHV FRPSOHPHQWDULRV WLHQH XQ HIHFWR VLPLODU HQ FXDQWR DO
VHQWLGR R GLUHFFLyQ GHO GHVSOD]DPLHQWR GH OD FXUYD GH GHPDQGD TXH XQD GLVPLQXFLyQ GHO LQJUHVR
GHVSOD]DPLHQWRDODL]TXLHUGD /RPLVPRRFXUUHFRQODGLVPLQXFLyQGHOJXVWR SRUHMHPSORTXHSDVH
GHPRGDHOELHQ 



([FHGHQWHGHOFRQVXPLGRU

(OH[FHGHQWHGHOFRQVXPLGRUFRUUHVSRQGHDODGLIHUHQFLDHQWUHORTXHHOFRQVXPLGRUHVWDEDGLVSXHVWRD
SDJDUSRUXQGHWHUPLQDGRELHQ\ORTXHHIHFWLYDPHQWHSDJySRUpO
3DUDFRPSUHQGHUPHMRUHVWHFRQFHSWRVHWRPDFRPRUHIHUHQFLDODFXUYDGHGHPDQGDGH-XDQSRU
KHODGR , XP 6LHOSUHFLRGHOKHODGRHVGHXPSRUOLWURpOFRQVXPLUiOLWURVDOPHV\D
TXH HQ HVH SXQWR OD Pi[LPD GLVSRVLFLyQ D SDJDU 'D3  SRU HO YLJpVLPR OLWUR HV LJXDO DO SUHFLR 1R OH
FRQYHQGUiFRQVXPLUPiVSXHVODPi[LPD'D3SRUODVXQLGDGHVDGLFLRQDOHVHVPHQRUTXHODVXP
TXHFXHVWDHOSURGXFWR 
6LQ HPEDUJR WDO FRPR VH DSUHFLD HQ HO JUiILFR  OD 'D3SRU ODV XQLGDGHV GHKHODGR SUHYLDV HV
PD\RUTXHHOSUHFLR/XHJRSRUFDGDXQDGHHVDVXQLGDGHV-XDQREWLHQHXQH[FHGHQWHHTXLYDOHQWHDOiUHD
VRPEUHDGD(VWDiUHDVHGHQRPLQD([FHGHQWHGHO&RQVXPLGRU (& 

*5),&2
(;&('(17('(/&21680,'25
3 [4G

KHODGR

3UHFLRKHODGRV XP 






















&DQWLGDGGHPDQGDGDGHKHODGRDOPHV OLWURV 


)XHQWH(ODERUDFLyQSURSLD


(QHOFDVRHVWXGLDGRHO(&VHFDOFXODFRPRHOiUHDGHOWULiQJXORHVGHFLU
(&

   u   


 XP


(VWRVLJQLILFDTXH-XDQHVWDEDGLVSXHVWRDSDJDUSRUORVOLWURVGHKHODGRXP PiVGHOR
TXHHIHFWLYDPHQWHSDJy *DVWR(IHFWLYR [ XP 


 8GSXHGHFRQVWDWDUORUHHPSOD]DQGR4GKHODGR HQODIXQFLyQGHODFXUYDGHGHPDQGDREWHQLHQGRXQ3 Pi[LPD'D3 GHXP



&(3$/6HULH0DQXDOHV1R



(OHPHQWRVFRQFHSWXDOHV\DSOLFDFLRQHVGHPLFURHFRQRPtDSDUDODHYDOXDFLyQGHSUR\HFWRV

(ODVWLFLGDGGHODGHPDQGD

/DHODVWLFLGDGSUHFLRGHODGHPDQGDUHSUHVHQWDODVHQVLELOLGDGGHODFDQWLGDGGHPDQGDGDIUHQWHDXQ
FDPELRHQHOSUHFLRGHOELHQ/DHODVWLFLGDGSUHFLRGHODGHPDQGDVHFDOFXODGHODVLJXLHQWHIRUPD
' 4
' 3

KS

'4
'3

4
3

4  4
3  3

4
3

4  4 3
u
3  3 4


3RU HMHPSOR FDOFXOHPRV OD HODVWLFLGDG SUHFLR GH OD GHPDQGD SRU KHODGR GH QXHVWUR DPLJR -XDQ
JUiILFR &DOFXOHPRVODHODVWLFLGDGSUHFLRGHODGHPDQGDVLHOSUHFLREDMDGHDXPSRUOLWUR
4  4

KS

3  3

4

  
  

3






 






&RPRSRGHPRVDSUHFLDUODHODVWLFLGDGSUHFLRGHODGHPDQGDHVQHJDWLYDORFXDOVHH[SOLFDSRUOD
SHQGLHQWH GH OD FXUYD GH GHPDQGD (O YDORU  LQGLFD TXH HQ HO UDQJR GH SUHFLRV HVWXGLDGRV XQD
GLVPLQXFLyQGHGHOSUHFLRLPSOLFDXQDXPHQWRGHHQODFDQWLGDGGHPDQGDGD RXQDXPHQWRGHO
SUHFLRHQLPSOLFDXQDGLVPLQXFLyQGHHQODFDQWLGDGGHPDQGDGDGHOELHQ 
&XDQGR OD HODVWLFLGDG SUHFLR GH OD GHPDQGD HV PD\RU TXH  HQ YDORU DEVROXWR  VH GLFH TXH OD
GHPDQGDHVHOiVWLFD\DTXHXQFDPELRHQHOSUHFLRGHOELHQJHQHUDXQHIHFWRPiVTXHLQYHUVDPHQWH
SURSRUFLRQDO HQ OD FDQWLGDGGHPDQGDGD GHO ELHQ 6L SRU HO FRQWUDULR OD HODVWLFLGDG HV PHQRU TXH  HQ
YDORUDEVROXWR VHGLFHTXHODGHPDQGDHVLQHOiVWLFD\DTXHXQDYDULDFLyQHQHOSUHFLRGHOELHQJHQHUD
XQHIHFWRLQYHUVRSURSRUFLRQDOPHQWHPHQRUHQODFDQWLGDGFRQVXPLGD
&XiOHVODHODVWLFLGDGSUHFLRGHODGHPDQGDVLHOSUHFLREDMDGHDXP"
4  4

KS

3  3

4

  
  

3






 






(QHVWHDUFRGHODFXUYDGHGHPDQGDODHODVWLFLGDGHV LQHOiVWLFD 
&RPR VH SXHGH DSUHFLDU OD HODVWLFLGDG SUHFLR GH OD GHPDQGD QR HV FRQVWDQWH HQ WRGD OD FXUYD GH
GHPDQGDVLQRTXHYDUtDDORODUJRGHHOOD&RPRPXHVWUDHOJUiILFRODFXUYDGHGHPDQGDWLHQHXQD]RQD
HOiVWLFD  XQD]RQDLQHOiVWLFD  \XQSXQWRFRQHODVWLFLGDGSUHFLRXQLWDULD   


*5),&2
9$5,$&,1'((/$67,&,'$'35(&,2
$/2/$5*2'(/$&859$'('(0$1'$
3 XP 

 

!

&DQWLGDG
)XHQWH(ODERUDFLyQSURSLD



&(3$/6HULH0DQXDOHV1R

(OHPHQWRVFRQFHSWXDOHV\DSOLFDFLRQHVGHPLFURHFRQRPtDSDUDODHYDOXDFLyQGHSUR\HFWRV

(QHOJUiILFRDOFRPSDUDUODVGRVFXUYDVGHGHPDQGDTXHVHSUHVHQWDQ $\% VHSXHGHGHFLU


TXHODFXUYDGHGHPDQGD$HVPiVHOiVWLFDTXHODFXUYDGHGHPDQGD%RDOWHUQDWLYDPHQWHTXHODFXUYD
GHGHPDQGD%HVPiVLQHOiVWLFDTXHODFXUYDGHGHPDQGD$1yWHVHTXHIUHQWHDXQPLVPRFDPELRHQ
SUHFLR GLVPLQXFLyQGH3D3 HOHIHFWRHQODFDQWLGDGGHPDQGDGDHVPD\RUHQ$TXHHQ% 4$!4% 

*5),&2
&203$5$&,1(/$67,&,'$'(635(&,2
'('26&859$6'('(0$1'$
'%

3 XP 

'$

3


3

44%4$

&DQWLGDG

)XHQWH(ODERUDFLyQSURSLD


([LVWHQ GRV FDVRV H[WUHPRV GH FXUYDV GH GHPDQGD L  3HUIHFWDPHQWH HOiVWLFD  \ LL 
SHUIHFWDPHQWHLQHOiVWLFD  

*5),&2
&$626'('(0$1'$3(5)(&7$0(17((/67,&$6(,1(/67,&$6
3 XP 


'HPDQGDSHUIHFWDPHQWHHOiVWLFD


3 XP  'HPDQGDSHUIHFWDPHQWHLQHOiVWLFD



&DQWLGDG

&DQWLGDG

)XHQWH(ODERUDFLyQSURSLD


/DHODVWLFLGDGSUHFLRGHODGHPDQGDGHSHQGHGHORVVLJXLHQWHVIDFWRUHV
x /DH[LVWHQFLDGHELHQHVVXVWLWXWRV\HOJUDGRGHVXVWLWXLELOLGDG0LHQWUDVPD\RUHVHOQ~PHURGH
VXVWLWXWRVGHXQELHQ\PD\RUHVHOJUDGRGHVXVWLWXLELOLGDGPiVHOiVWLFDHVODFXUYDGHGHPDQGD


&(3$/6HULH0DQXDOHV1R

(OHPHQWRVFRQFHSWXDOHV\DSOLFDFLRQHVGHPLFURHFRQRPtDSDUDODHYDOXDFLyQGHSUR\HFWRV

x /D LPSRUWDQFLD GHO ELHQ HQ HO SUHVXSXHVWR WRWDO GHO FRQVXPLGRU 0LHQWUDV PD\RU HV HO
SRUFHQWDMHGHOJDVWRHQHOELHQHQHOSUHVXSXHVWRWRWDOGHOFRQVXPLGRUPiVHOiVWLFDHVODFXUYD
GHGHPDQGD
x (OSHULRGRGHWLHPSRGLVSRQLEOHSDUDUHDOL]DUDMXVWHVDFDPELRVHQSUHFLRV(QHOFRUWRSOD]R
UHVXOWD GLItFLO KDFHU DMXVWHV HQ HO JDVWR \ VXVWLWXLU SRU OR TXH HQ OD PHGLGD TXH PD\RU HV HO
SHULRGR GH WLHPSR GLVSRQLEOH SDUD UHDOL]DU DMXVWHV PiV HOiVWLFD HV OD FXUYD GH GHPDQGD (Q
RWUDV SDODEUDV OD HODVWLFLGDG GH OD FXUYD GH GHPDQGD GH ODUJR SOD]R HV SRU OR JHQHUDO PiV
HOiVWLFDTXHODGHPDQGDGHFRUWRSOD]R
([LVWHQRWUDVHODVWLFLGDGHVGHODGHPDQGDODHODVWLFLGDGLQJUHVR [, \ODHODVWLFLGDGFUX]DGD [3\ 
/DHODVWLFLGDGLQJUHVRPLGHODVHQVLELOLGDGHQODFDQWLGDGGHPDQGDGHOELHQ;UHVSHFWRDFDPELRVHQHO
LQJUHVRPLHQWUDVTXHODHODVWLFLGDGFUX]DGDPLGHODVHQVLELOLGDGUHVSHFWRDOSUHFLRGHRWURELHQ < 
;  ; 

K ; ,

,  , 

;  ; 
; 

K ;  3\

,

3\  3\ 

;

3\ 


(ODVWLFLGDG,QJUHVR [, 


(ODVWLFLGDG&UX]DGD [3\ 

 [, %LHQQRUPDO

[3\!;H<VRQELHQHVVXVWLWXWRV

[, !%LHQVXSHULRU

[3\;H<VRQELHQHVFRPSOHPHQWDULRV

[, %LHQLQIHULRU

[3\ ;H<VRQELHQHVLQGHSHQGLHQWHV

% &RPSRUWDPLHQWRGHOSURGXFWRU
(Q HO DSDUWDGR DQWHULRU HVWXGLDPRV OD GHPDQGD TXH UHSUHVHQWD OD FDQWLGDG TXH ODV SHUVRQDV HVWiQ
GLVSXHVWDV D FRPSUDU GH XQ ELHQ GHVHDGR GH DFXHUGR D XQ SUHFLR HVWDEOHFLGR \ GH DFXHUGR DO FXDO
VDWLVIDFHQ VXV QHFHVLGDGHV LQWHQWDQGR PD[LPL]DU VX ELHQHVWDU (VWR QRV SHUPLWH FRPSUHQGHU FyPR VH
FRPSRUWDQORVLQGLYLGXRVTXHVRQSRVLEOHVFRQVXPLGRUHV
$KRUD ELHQ SHUR TXLpQHV VXPLQLVWUDQ HVWRV ELHQHV" 3DUD HQWHQGHU HO FRQFHSWR GH RIHUWD HV
SUHFLVR HQWHQGHU TXLpQHV VRQ ORV TXH SURYHHQ D ORV FRQVXPLGRUHV GH ORV ELHQHV \ VHUYLFLRV GHQWUR GHO
PHUFDGR\VXFRPSRUWDPLHQWRUDFLRQDO



)XQFLRQHVGHSURGXFFLyQ

/D UHODFLyQ HQWUH OD FDQWLGDG GHIDFWRUHV GLVSRQLEOHV \ OD FDQWLGDG GH SURGXFFLyQ SRVLEOH VH GHQRPLQD
IXQFLyQ GH SURGXFFLyQ 2 GLFKR GH RWUR PRGR OD IXQFLyQ GH SURGXFFLyQ HV OD UHODFLyQ WpFQLFD TXH
WUDQVIRUPDORVIDFWRUHVHQSURGXFWRV 
3RU HMHPSOR SHQVHPRV HQ HO VLPSOH KHFKR GH SURGXFLUSDVWHOHV/D FDQWLGDG GH SDVWHOHV TXH VH
SRGUiQSURGXFLUGHSHQGHUiQGHODFDQWLGDGGHWUDEDMDGRUHV\GHOFDSLWDOTXHWHQJDQSDUDWUDEDMDU
/D IXQFLyQ GH SURGXFFLyQ SDUD HVWH FDVR QRV GLUi TXH XQ WUDEDMDGRU VLQ QLQJ~Q HTXLSDPLHQWR
FXOLQDULRSXHGHKDFHUSDVWHOSRUGtD$KRUDELHQVLOHDJUHJDPRVDHVWHPLVPRSDVWHOHURXQDFRFLQD
HVWHSRGUtDIDEULFDUSDVWHOHVSRUGtDSRURWURODGRVLVHJXLPRVDXPHQWDQGRORVIDFWRUHVGHSURGXFFLyQ
FRPRSRUHMHPSORKRUQRVLQGXVWULDOHVODSURGXFFLyQWRWDOSRUGtDVHUiGHSDVWHOHVSRUGtD
0DWHPiWLFDPHQWHH[LVWHQYDULDVIRUPDVGHH[SUHVDUXQDIXQFLyQGHSURGXFFLyQXQDGHHOODVHV
ODVLJXLHQWH
4 ) ./ 
4UHSUHVHQWDHOQLYHOGHSURGXFFLyQ.ODFDQWLGDGGHFDSLWDO\/HOQLYHOGHWUDEDMR


 (VWLPDFLyQGHXQDIXQFLyQGHSURGXFFLyQ&DVRGH&RVWD5LFD$QD*HRUJLQD$]RIHLID90DUOHQH9LOODQXHYD63iJ0DU]R



&(3$/6HULH0DQXDOHV1R

(OHPHQWRVFRQFHSWXDOHV\DSOLFDFLRQHVGHPLFURHFRQRPtDSDUDODHYDOXDFLyQGHSUR\HFWRV

&DEHPHQFLRQDUTXHH[LVWHJUDQFDQWLGDGGHIXQFLRQHVGHSURGXFFLyQGLVWLQWDVSDUDWRGRWLSRGH
SURGXFWRVRVHUYLFLRVODVFXDOHVQRQHFHVDULDPHQWHHVWiQHVFULWDVHQQLQJ~QPDQXDO3RURWURODGRHQ
WLHPSRVHQGRQGHODWHFQRORJtDFDPELD\DYDQ]DFDGDGtDPiVODVIXQFLRQHVGHSURGXFFLyQTXHDOJXQD
YH]IXHURQ~WLOHV\DQRORVVRQSRUORTXHYDQTXHGDQGRREVROHWDV
6LQHPEDUJRSDUDODHFRQRPtDWDQWRHQVXSUiFWLFDFRPRHQODWHRUtDODVIXQFLRQHVGHSURGXFFLyQ
VRQKHUUDPLHQWDV~WLOHVSDUDGHVFULELUODFDSDFLGDGSURGXFWLYDGHXQDHPSUHVD3DUDHVWHFDVRVHXWLOL]D
XQDIXQFLyQWLSLFDGHSURGXFFLyQGHOWLSR&REE



&RVWRVGH3URGXFFLyQ

3DUDWRGRLQGLYLGXRUHDOL]DUXQDDFFLyQRGHMDUGHUHDOL]DUODWLHQHXQFRVWR\DVHDPRQHWDULRGHWLHPSR
HWF 'H LJXDO IRUPD SDUD TXLHQ HVWD D FDUJR GH WRGR SURFHVR SURGXFWLYR ORV FRVWRV VHUiQ VLQ GXGD XQ
FRQFHSWRTXHQRGHMDUiQXQFDGHODGR\DTXHHVWRVHVWDUiQSUHVHQWHHQWRGDODHWDSDGHSURGXFFLyQ
$VtFRPRXQLQGLYLGXRSUHWHQGHPD[LPL]DUVXVEHQHILFLRVODVHPSUHVDVWDPELpQORTXHUUiQ\XQDGH
ODVIRUPDVPiVHILFLHQWHVSDUDKDFHUORHVDWUDYpVGHOFRQWURO\JHVWLyQGHFRVWRV(QXQPXQGRGHHVFDVH]ODV
HPSUHVDVGHEHQVDEHUPX\ELHQHQFyPRJDVWDHOGLQHURLQYHUWLGRHQFDGDIDFWRUGHSURGXFFLyQ
6LQ HPEDUJR KD\ TXH GHFLU TXH ORV FRVWRV QR VROR LQIOX\HQ HQ HO QLYHO GH SURGXFFLyQ ODV
HPSUHVDV UHVSRQVDEOHV WRPDQ HQ FXHQWD ORV FRVWRV D OD KRUD GH WRPDU FXDOTXLHU GHFLVLyQ FRPR SRU
HMHPSORVLHVUHQWDEOHRQRFRQWUDWDUPDVSHUVRQDORSDJDUSRUKRUDVH[WUDVRELHQVLVHJXLULQYLUWLHQGRHQ
VXSURSLRSDtVRDEULUVXVPHUFDGRV(VWDVGHFLVLRQHVQRVyORHVWiQPRWLYDGDVSRUHOGHVHRHtPSHWXGHO
HPSUHVDULRWDPELpQQHFHVLWDQGHXQEXHQDQiOLVLVGHFRVWRV
D 
&RVWRILMR
/RVFRVWRVILMRVFRUUHVSRQGHQDORVJDVWRVTXHODHPSUHVDGHEHLQFXUULUSURGX]FDRQRSURGX]FD(VWRV
JDVWRVHVWiQFRPSXHVWRVSRUHMHPSORGHOJDVWRILMRGHVXHOGRVDORVSURIHVLRQDOHVDODUUHQGDPLHQWRGHO
OXJDUGHWUDEDMRRPDTXLQDULDVORVJDVWRVSRUORVLQWHUHVHVGHORVFUpGLWRVDFRUGDGRVHQWUHRWURV(VWH
WLSRGHFRVWRVWDOFRPRORGLFHHOFRQFHSWRVRQILMRV\QRYDUtDQVHJ~QYDUtDHOQLYHOGHSURGXFFLyQ
(Q OD SULPHUD FROXPQD GHO FXDGUR  SRGHPRV YHU XQ HMHPSOR GH FRVWR ILMR TXH HQ HVWH FDVR
FRUUHVSRQGHDGyODUHV&RPRVHSXHGHDSUHFLDUHOYDORUGHHVWHFRVWRQRFDPELDHQORDEVROXWRFRQ
ODFDQWLGDGSURGXFLGD
E  &RVWRYDULDEOH
/RV FRVWRV YDULDEOHV VRQ DTXHOORV JDVWRV TXH YDUtDQ VHJ~Q OD FDQWLGDG GH SURGXFFLyQ SRU HMHPSOR OD
FDQWLGDG GH WHOD TXH HPSOHDUi XQ GLVHxDGRU D OD KRUD GH FRQIHFFLRQDU VXV YHVWLGRV PLHQWUDV PiV
GHPDQGD WHQJD PiV WHOD QHFHVLWDUi R OD FDQWLGDG GH WUDEDMDGRUHV GH XQ KRWHO HQ WHPSRUDGD DOWD OD
HQHUJtDSDUDSRQHUHQIXQFLRQDPLHQWRODPDTXLQDULDGHXQDIiEULFDHWF
3RU OR JHQHUDO HO FRVWR YDULDEOH FRPLHQ]D VLHQGR FHUR FXDQGR OD FDQWLGDG SURGXFLGD HV FHUR
'LFKDVLWXDFLyQYDFDPELDQGRGHDFXHUGRVHFRPLHQ]DFRQODHWDSDSURGXFWLYD
(QHOFXDGURVHYHFRPRHVHOFRPSRUWDPLHQWR\FyPRORVFRVWRVYDULDEOHVYDQFDPELDQGRDOR
ODUJRGHODHWDSDSURGXFWLYD&XDQGRODSURGXFFLyQHVFHUR FROXPQDGRV HOFRVWRYDULDEOHWDPELpQHV
FHURHQFDPELRVLODFDQWLGDGGHSURGXFFLyQHVHOFRVWRYDULDEOHVXEHDGyODUHVSDUDXQLGDGHV
GHSURGXFFLyQHOFRVWRYDULDEOHVXEHDGyODUHV\DVtVXFHVLYDPHQWH
F 
&RVWRVWRWDOHV
/RV FRVWRV WRWDOHV FRUUHVSRQGH D OD VXPD GHO FRVWR ILMR \ ORV FRVWRV YDULDEOHV 5HSUHVHQWD HO JDVWR
PRQHWDULR WRWDO HQ TXH GHEH LQFXUULU OD HPSUHVD SDUD FDGD QLYHO GH SURGXFFLyQ 3RU HMHPSOR ILMHPRV
QXHVWUD DWHQFLyQ DO FXDGUR  HQ HOOD SRGUHPRV YHU HO WRWDO GH FRVWRV D ORV FXDOHV ODV HPSUHVDV GHEHQ
LQFXUULUHQVXHWDSDSURGXFWLYD3DUDHOFDVRGHXQLGDGSURGXFLGDVHGHEHJDVWDUHOWRWDOGHOJDVWRILMR
HQHVWHFDVRHVSHFtILFRGyODUHV
3DUDHOFDVRGHXQLGDSURGXFLGDHOJDVWRWRWDOHVGHGyODUHVTXHVHFRPSRQHGHGyODUHV
GHJDVWRILMRPiVGyODUHVGHJDVWRYDULDEOH'HHVWDIRUPDVXPDQGRFRVWRILMRPiVFRVWRYDULDEOH
SRGUHPRVREWHQHUORVUHVWDQWHVFRVWRVWRWDOHV



&(3$/6HULH0DQXDOHV1R

(OHPHQWRVFRQFHSWXDOHV\DSOLFDFLRQHVGHPLFURHFRQRPtDSDUDODHYDOXDFLyQGHSUR\HFWRV

G  &RVWRPDUJLQDO
(O FRVWR PDUJLQDO HV XQR GH ORV FRQFHSWRV PiV LPSRUWDQWHV GH OD DFWLYLGDG HFRQyPLFD SURGXFWLYD \
UHSUHVHQWDHOFDPELRGHOFRVWRWRWDOFXDQGRODHPSUHVDDXPHQWDHQXQDXQLGDGVXSURGXFFLyQ
6XSRQJDPRVTXHXQDIiEULFDGHFDO]DGRVSURGXFHSDUHVGH]DSDWRVFRQXQFRVWRGH
GyODUHV6LVHSURGXFHXQDXQLGDGDGLFLRQDOHOFRVWRWRWDOVHUiGHGyODUHVORTXHVLJQLILFDTXHHO
FRVWRPDUJLQDOGHHVHSDUGH]DSDWRHVGH86 8686 
(Q FLHUWRV FDVRV HO FRVWR PDUJLQDO GH SURGXFLU XQD XQLGDG PiV HV FRQVLGHUDEOHPHQWH EDMR 3RU
HMHPSOR ODV OtQHDV DpUHDV XQD YH] TXH VH KD GHFLGLGR TXH VH UHDOL]DUi XQ GHWHUPLQDGR LWLQHUDULR \
H[LVWLHQGR FDSDFLGDG GLVSRQLEOH HQ HO YXHOR HO FRVWR DGLFLRQDO GH RWUR SDVDMHUR QR HV PiV TXH XQD
JDVHRVDJUDWXLWDSXHVWRGRHOUHVWRGHORVFRVWRVVRQILMRV FRPEXVWLEOH\WULSXODFLyQ 
(QHOFXDGURSRGHPRVYHUFRPRYDUtDQORVFRVWRVPDUJLQDOHV3DUDREWHQHUHVWRVUHVXOWDGRVVH
GHEHUHVWDUGHOFRVWRWRWDOGHODFROXPQD  FRQHOFRVWRWRWDOGHODXQLGDGDQWHULRU3RUHMHPSORHOFRVWR
PDUJLQDOGHODWDXQLGDGHV 
(QHOJUiILFRSRGHPRVYHUODIRUPDTXHDGRSWDODFXUYDGHOFRVWRPDUJLQDO/DFXUYDGHOFRVWR
PDUJLQDOHQODPD\RUtDGHODVDFWLYLGDGHVSURGXFWLYDVDFRUWRSOD]RWLHQHIRUPDGH8ODFXDOWLHQHXQ
SXQWRPtQLPR\OXHJRFRPLHQ]DDDVFHQGHU
*5),&2
&26720$5*,1$/


&RVWR 86 


























&DQWLGDG
)XHQWH(ODERUDFLyQSURSLD


H 
&RVWR0HGLR
3DUDFDOFXODUHOFRVWRPHGLRVHGHEHUHDOL]DUODGLYLVLyQHQWUHORVFRVWRVWRWDOHV\FDQWLGDGWRWDOSURGXFLGD
&RVWR 0HGLR

&RVWR 7RWDO
3U RGXFFLyQ

&7
T

&0H 

&RPRSRGHPRVYHUHQHOFXDGURGHFRVWRVFXDQGRVHSURGXFHVyORXQDXQLGDGHOFRVWRPHGLRHV
LJXDODOFRVWRWRWDO\DTXH OXHJRFXDQGRVHSURGXFHQXQLGDGHVYHPRVTXHHOFRVWRPHGLR
HV  GyODUHV $O YHU HO FXDGUR QRWDUHPRV TXH ORV FRVWRV PHGLRV FRPLHQ]DQ FRQ YDORUHV DOWRV SHUR
OXHJR GHVFLHQGHQ KDVWD DOFDQ]DU XQ FRVWR PtQLPR HQ QXHVWUR HMHPSOR GH  GyODUHV  XQLGDGHV 
SDUDOXHJRFRPHQ]DUDVXELUQXHYDPHQWH
I &RVWRILMRPHGLR
(OFRVWRILMRPHGLR &)0H FRUUHVSRQGHDOFRVWRILMRWRWDOGLYLGLGRSRUODFDQWLGDGGHSURGXFFLyQ'DGR
TXHHOFRVWRILMRFRUUHVSRQGHDXQDFLIUDFRQVWDQWHDOVHUGLYLGLGRSRUFDQWLGDGHVGHSURGXFFLyQFDGDYH]
PiVDOWDVORVUHVXOWDGRVVHUiQGHVFHQGHQWHVWDOFRPRVHPXHVWUDHQHOFXDGUR VpSWLPDFROXPQD 




&(3$/6HULH0DQXDOHV1R

(OHPHQWRVFRQFHSWXDOHV\DSOLFDFLRQHVGHPLFURHFRQRPtDSDUDODHYDOXDFLyQGHSUR\HFWRV

J &RVWRYDULDEOHPHGLR
6H GHILQH DO FRVWR YDULDEOH PHGLR &90H  FRPR HO FRVWR YDULDEOH WRWDO GLYLGLGR SRU OD FDQWLGDG
SURGXFLGD (Q HO FXDGUR  SRGHPRV REVHUYDU HO RFWDYD FROXPQD OD FXDO HV LQLFLDOPHQWH GHFUHFLHQWH
KDVWDODFXDUWDXQLGDG \OXHJRFUHFLHQWH

&8$'52
&/&8/2&26729$5,$%/(0(',2
&DQWLGDG












&)LMR

&9DU

&7RWDO

&0J

















































&0HGLR












&)0H

&90H

























)XHQWH(ODERUDFLyQSURSLD

'HOFXDGURVHGHULYDHOJUiILFRHQGRQGHSRGHPRVREVHUYDUORVGLVWLQWRVFRPSRUWDPLHQWRV
GHORVYDORUHVGHFDGDFRVWR&RPRDVtWDPELpQSRGHPRVDSUHFLDUFyPRODFXUYDGH&RVWR0DUJLQDOVH
LQWHUVHFWDFRQODFXUYDGH&RVWR0HGLRFXDQGRODFXUYDGH&0HDOFDQ]DVXPtQLPR

*5),&2
&26726'(352'8&&,1





&RVWR 86 


















&RVWRILMR
&)LMR







&RVWRYDU
&9DU





&DQWLGDG
&RVWRWRWDO
&7RWDO




&RVWR0J
&0J




&RVWRPHGLR
&0HGLR


)XHQWH(ODERUDFLyQHQEDVHFXDGUR


&RPRVHSXHGHDSUHFLDUHQHOJUiILFRODFXUYDGHFRVWRVILMRVWRWDOHVVHPDQWLHQHFRQVWDQWHHQ
WRGRHOSURFHVR\ODFXUYDGHFRVWRVYDULDEOHVWRWDOHVVHYDLQFUHPHQWDGRGHDFXHUGRVHYDSURGXFLHQGR
PiV(QFDPELRODFXUYDGHFRVWRVPDUJLQDOHVSRUORJHQHUDODGTXLHUHXQDIRUPDGHX\DTXHFRPLHQ]D
FRQYDORUHVPX\DOWRVOXHJRGHVFLHQGHDXQSXQWRPtQLPRSDUDOXHJRFRPHQ]DUDVXELUQXHYDPHQWH





&(3$/6HULH0DQXDOHV1R



(OHPHQWRVFRQFHSWXDOHV\DSOLFDFLRQHVGHPLFURHFRQRPtDSDUDODHYDOXDFLyQGHSUR\HFWRV

)DFWRUHVGHSURGXFFLyQ

(Q FXDOTXLHU HWDSD SURGXFWLYD DO HPSUHVDULR OH VXUJHQ PXFKDV SUHJXQWDV SUHYLDPHQWH D OD HWDSD GH
SURGXFFLyQFRPRWDO8QDGHHOODVWLHQHTXHYHUFRQOD FDQWLGDGGHLQVXPRVTXHXWLOL]DUiSDUDDTXHOOD
WDUHD6LQHPEDUJRHOFXHVWLRQDPLHQWRPiVLPSRUWDQWHSDUDWRGRSURGXFWRUHVVDEHUODFRPELQDFLyQPiV
DGHFXDGDSDUDGRVIDFWRUHVGHSURGXFFLyQ
3DUD HOOR HV TXH HO HPSUHVDULR XWLOL]DUi XQD KHUUDPLHQWD TXH OH SHUPLWLUi GLPHQVLRQDU HVWDV
FRPELQDFLRQHV OD IXQFLyQ GH SURGXFFLyQ &RQ HOOD SRGUHPRV YHU ODV GLVWLQWDV FRPELQDFLRQHV GH
SURGXFFLyQFRQORVIDFWRUHVQHFHVDULRVSDUDOOHYDUDFDERODWDUHDSURGXFWLYD$FRQWLQXDFLyQVHHOOHFWRU
SRGUiYHUDWUDYpVGHXQHMHPSORQXPpULFRFyPRHOHPSUHVDULRWRPDODGHFLVLyQGHFyPRFRPELQDUGRV
IDFWRUHVGHODPDQHUDPiVHILFLHQWHSRVLEOH
7RPHPRVHOFDVRGHVyORGRVIDFWRUHVGHSURGXFFLyQWLHUUD FDSLWDO \WUDEDMR3DUDHOORKDUHPRV
XQ FXDGUR GH IXQFLyQ GH SURGXFFLyQ HO FXDO QRV SHUPLWLUi DSUHFLDU GH TXp PDQHUD HVWRV IDFWRUHV VH
FRPELQDQ\FXDOGHWRGRVHVWRVHVODPiVHILFLHQWH(OFXDGURHVXQHMHPSORQXPpULFRGHXQDIXQFLyQ
GH SURGXFFLyQ TXH HYLGHQFLD WRGDV ODV FRPELQDFLRQHV SRVLEOHV GH SURGXFFLyQ $ ORV ODGRV GHO FXDGUR
HVWiQODVFDQWLGDGHVGHFDGDIDFWRUGHSURGXFFLyQDODL]TXLHUGD7LHUUDTXHYDGHVGHD\HQODSDUWH
LQIHULRU GHO FXDGUR HO 7UDEDMR TXH WDPELpQ YD GH  D  3RU HQGH VL TXHUHPRV VDEHU TXH FDQWLGDG VH
SURGXFH FXDQGR WHQHPRV  XQLGDGHV GH 7LHUUD \  XQLGDGHV GH 7UDEDMR VyOR QRV EDVWD FRQ XELFDU ORV
SXQWRV GH LQWHUVHFFLyQ GHGLFKDV FRRUGHQDGDV \ SRGUHPRV YHU HO QLYHO GH SURGXFFLyQ (Q HVWH FDVR HQ
QLYHO GH SURGXFFLyQ HV LJXDO D  'HO PLVPR PRGR SRGHPRV YHU TXH FRQ  XQLGDGHV GH 7LHUUD \ 
XQLGDGHVGH7UDEDMRVHREWLHQHXQDSURGXFFLyQGHXQLGDGHV
5HFRUGHPRV TXH OD IXQFLyQ GH SURGXFFLyQ QRV PXHVWUD HO QLYHO Pi[LPR TXH VH SXHGH SURGXFLU
FRQODVFDOLILFDFLRQHVWpFQLFDV\ODWHFQRORJtDGLVSRQLEOHHQXQGHWHUPLQDGRPRPHQWR

&8$'52
(-(03/2'()81&,1'(352'8&&,1
7LHUUD

































































































7UDEDMR
)XHQWH(ODERUDFLyQSURSLD


/DH[SUHVLyQPDWHPiWLFDGHHVWDIXQFLyQGHSURGXFFLyQHVODVLJXLHQWH< [.[/
'RQGH<HVODFDQWLGDGSURGXFLGD.HVHOFDSLWDO ODWLHUUDHQQXHVWURHMHPSOR \/HVHOWUDEDMR
D 
/H\GHO3URGXFWR0DUJLQDO'HFUHFLHQWH
$ WUDYpV GHO FXDGUR  SRGHPRV YHU WDPELpQ FRPR VH FRPSRUWD OD /H\ GHO UHQGLPLHQWR GHFUHFLHQWH
5HFRUGHPRV TXH HO SURGXFWR PDUJLQDO GHO WUDEDMR VH WUDGXFH HQ FXiQWR YDUtD OD SURGXFFLyQ FRQ OD
LQFRUSRUDFLyQGHXQDXQLGDGPiVGHWUDEDMR
(QHOFXDGURVLQRVVLWXDPRVHQFXDOTXLHUSXQWRSRGUHPRVFDOFXODUHOYDORUGHOSURGXFWRPDUJLQDO
GHO WUDEDMR UHVWDQGR HO QLYHO GH SURGXFFLyQ GH OD ILOD TXH VH HQFXHQWUD LQPHGLDWDPHQWH VLJXLHQWH GH
QXHVWURSXQWRGHRULJHQ



&(3$/6HULH0DQXDOHV1R

(OHPHQWRVFRQFHSWXDOHV\DSOLFDFLRQHVGHPLFURHFRQRPtDSDUDODHYDOXDFLyQGHSUR\HFWRV

3RU HMHPSOR FXDQGR WHQJDPRV  XQLGDGHV GH 7LHUUD \  XQLGDGHV GH WUDEDMR HO SURGXFWR
PDUJLQDOGHXQWUDEDMDGRUPiVVHUi\DTXH  X7LHUUD\X7UDEDMR FRQ
XQ WUDEDMDGRU PiV X7LHUUD \ X7UDEDMR    &DEH UHFRUGDU TXH OD FDQWLGDG GH WLHUUD VH
PDQWLHQHFRQVWDQWH
/RPLVPRRFXUUHSDUDFDOFXODUHOSURGXFWRPDUJLQDOGHODWLHUUDPDQWHQLHQGRFRQVWDQWHHOWUDEDMR
VHUHDOL]DHOPLVPRHMHUFLFLRDQWHULRU3RUHMHPSORFRQXQLGDGHVGHWLHUUD\GHWUDEDMRREWHQGUHPRV
XQDFDQWLGDGGHXQLGDGHV6LPDQWHQHPRVFRQVWDQWHHOIDFWRUWUDEDMR\OHDJUHJDPRVXQDXQLGDGPiV
GH7LHUUDWHQGUHPRVORTXHQRVOOHYDDGHGXFLUTXHHOSURGXFWRPDUJLQDOGHXQDXQLGDPiVGHWLHUUD
HVGHXQLGDGHV
3RU PHGLR GH ORV DQWHULRUHV HMHPSORV SRGHPRV YHULILFDU OD DILUPDFLyQ GH TXH OD OH\ VH FXPSOH
SRUTXH HO IDFWRU ILMR GLVPLQX\H HQ UHODFLyQ FRQ HO YDULDEOH 'H HVWD PDQHUD FDGD XQLGDG GHO IDFWRU
YDULDEOHWLHQHFDGDYH]PiVXQDXQLGDGPHQRVSDUDWUDEDMDUGHOIDFWRUILMRSRUORTXHHVQDWXUDOTXHHO
SURGXFWRILQDOVHYHDUHGXFLGR
3RU RWUR ODGR VL OR DQWHULRU UHVXOWD YHUGDGHUR WDPELpQ HV FLHUWR TXH VL DXPHQWDPRV HQ LJXDO
FDQWLGDG ORV IDFWRUHV HVWRV LUiQ DVFHQGLHQGR HQ XQLGDGHV FRQVWDQWHV 3RU HMHPSOR FXDQGR OD WLHUUD
DXPHQWD GH  D  \ HO WUDEDMR OR KDFH HQ LJXDO FDQWLGDG HO LQFUHPHQWR VHUi HO PLVPR VL DXPHQWDPRV
DPERVGHD
9HDPRV HO FXDGUR  HQ ODV SULPHUDV FRRUGHQDGDV WHQHPRV  VL DXPHQWDPRV GH  D 
VLPXOWiQHDPHQWHWLHUUD\WUDEDMRWHQGUHPRVVLORKDFHPRVGHDDPERVIDFWRUHVWHQGUHPRVXQYDORU
GH\DVtVXFHVLYDPHQWHSRGUHPRVGDUQRVFXHQWDTXHHOLQFUHPHQWRRFXUULGRHVXQLGDGHVFRQVWDQWH
E  3URGXFLUFRQORVFRVWRVPiVEDMRV
/D DQWHULRU IXQFLyQ GH SURGXFFLyQ QRV PXHVWUDV ODV GLVWLQWDV FRPELQDFLRQHV GH ORV IDFWRUHV FRQ ORV
FXDOHV SRGHPRV SURGXFLU XQD FDQWLGDG Pi[LPD VHJ~Q ORV DYDQFHV WHFQROyJLFRV \ ORV DGHFXDGRV
FRQRFLPLHQWRVWpFQLFRV
&RPRSRGHPRVYHUHQHOFXDGURSURSRQGUHPRVTXHHOQLYHOGHVHDGRGHSURGXFFLyQVHUiGH
GHO FXDO H[LVWHQ FXDWUR FRPELQDFLRQHV SRVLEOHV $KRUD ELHQ FyPR HOHJLU OD FRPELQDFLyQ TXH QRV
UHSRUWHXQDPD\RUPD[LPL]DFLyQGHQXHVWURVEHQHILFLRV"
3DUDWRGRLQJHQLHURFXDOTXLHUDGHHVWDVFRPELQDFLRQHVUHVXOWDFRQYHQLHQWHSHURSDUDORVGHVHRV
GH XQ HPSUHVDULR OD WDUHD GH HOHJLU OD TXH OH UHVXOWH OD PiV EDUDWD HQ WpUPLQRV GH FRVWRV VHUi OD
FRPELQDFLyQGHILQLWLYD
+DJDPRV HO VLJXLHQWH HMHUFLFLR FRPR VDEHPRV WHQHPRV FXDWUR FRPELQDFLRQHV 7LHUUD 7UDEDMR 
TXHQRVUHSRUWDQHOPLVPRQLYHOGHSURGXFFLyQ $HVWRVQLYHOHVGHSURGXFFLyQOHDVLJQDUHPRVXQD
OHWUDDFDGDXQR
$  X7LHUUD\X7UDEDMR 
%  X7LHUUD\X7UDEDMR 
&  X7LHUUD\X7UDEDMR 
'  X7LHUUD\X7UDEDMR 
$FRQWLQXDFLyQOHSRQGUHPRVYDORUHVDFDGDIDFWRUGHSURGXFFLyQSRUHMHPSORVXSRQGUHPRVTXH
HOYDORUGHODWLHUUDHVGHGyODUHV \HO YDORUGHO WUDEDMRHVGyODUHV'HHVWDPDQHUDVDEUHPRVTXH
FRPELQDFLyQHVODPiVHILFLHQWH
3DUD HQWHQGHU GH PHMRU PDQHUD HO HMHPSOR DQWHULRU YHDPRV HO FXDGUR  FRQ ORV YDORUHV GH ORV
FRVWRVGHFDGDFRPELQDFLyQ\ORVFRVWRVWRWDOHV







&(3$/6HULH0DQXDOHV1R

(OHPHQWRVFRQFHSWXDOHV\DSOLFDFLRQHVGHPLFURHFRQRPtDSDUDODHYDOXDFLyQGHSUR\HFWRV

&8$'52
&26726727$/(66(*1&20%,1$&,21(6
&RPELQDFLyQGHIDFWRUHV
7LHUUD

7UDEDMR

&RVWRVWRWDOHV
37LHUUD
37UDEDMR
GyODUHV 

$  

[ 

[ 



%  

[ 

[ 



& 

; 

[ 



' 

; 

[ 



)XHQWH(ODERUDFLyQSURSLD


3DUDHOFDVRGHODSULPHUDFRPELQDFLyQHOFRVWRWRWDOGHORVIDFWRUHVHVGH'yODUHV(QODFDVR
GH OD VHJXQGD FRPELQDFLyQ HO FRVWR WRWDO GH pVWD UHSUHVHQWD HO FRVWR PiV HOHYDGR SRU OR FXDO HO
HPSUHVDULRQRRSWDUiSRUGLFKDRSFLyQ3RURWURODGRODDOWHUQDWLYD'UHVXOWDVHUODPiVHILFLHQWH\DTXH
FRQDTXHOODFRPELQDFLyQGHXGHWLHUUD \XGHWUDEDMRVHREWLHQHXQWRWDOGHGyODUHVORTXHVH
WUDGXFHHQTXHHVODFRPELQDFLyQPiVFRQYHQLHQWHSDUDSURGXFLUODFDQWLGDGGHXQLGDGHV



&XUYDGHRIHUWD

/D RIHUWD GLFH UHODFLyQ FRQ OD FDQWLGDG GH SURGXFWRV TXH ORV HPSUHVDULRV RIUHFHQ VHJ~Q VX SUHFLR GH
PHUFDGR PDQWHQLHQGR WRGR OR GHPiV FRQVWDQWH FRPR ORV SUHFLRV GH ORV LQVXPRV ODV SROtWLFDV
JXEHUQDPHQWDOHVORVSUHFLRVGHELHQHVDILQHVHWF
3DUD SRGHU HQWHQGHU OD FXUYD GH RIHUWD WHQHPRV TXH HQWHQGHU TXH OD UHODFLyQ H[LVWHQWH HQWUH HO
SUHFLR \ OD FDQWLGDG RIUHFLGD HV GLUHFWDPHQWH SURSRUFLRQDO 3RU HMHPSOR VL HO SUHFLR GH ORV KHODGRV HV
DOWRORVSURGXFWRUHVWHQGUiQPiVLQFHQWLYRVSDUDSRQHUXQDPD\RUFDQWLGDGGHHVWRVHQHOPHUFDGRQR
REVWDQWHVLORVSUHFLRVGHORVKHODGRVGHFDHQORVHPSUHVDULRVQRWHQGUiQPXFKRVLQFHQWLYRVSDUDIDEULFDU
PiVKHODGR\VHJXUDPHQWHSRQGUiQVXVHVIXHU]R\GLQHURHQODSURGXFFLyQGHRWURELHQ
3DUD HQWHQGHU PHMRU FyPR VH FRPSRUWD OD FXUYD GH RIHUWD SDVDUHPRV D FRQVWUXLU XQD WDEOD GH
RIHUWDODFXDOUHSUHVHQWDODVFDQWLGDGHVTXHVHSRQGUiQHQHOPHUFDGRVHJ~QVHDVXSUHFLR3DUDOXHJR
WUDVSDVDU GLFKD LQIRUPDFLyQ DO JUDILFR GH FXUYD GH RIHUWD \ DVt HQWHQGHU GH PHMRU PDQHUD HO
FRPSRUWDPLHQWRGHHVWD
D  &yPRHQWHQGHUODFXUYDGH2IHUWD
&XDQGRKDEODPRVGHRIHUWDKDFHPRVUHIHUHQFLDDORVSURGXFWRV\VHUYLFLRVTXHORVHPSUHVDULRVSRQHQHQHO
PHUFDGR 3RU HQGH ORV SURGXFWRUHV DO PRPHQWR GH SURGXFLU QR OR KDFHQ GH PDQHUD GHVLQWHUHVDGD R SRU
FDULGDGHOORVSHUVLJXHQEHQHILFLRVHOFXDOVHWUDGXFHHQJHQHUDUULTXH]DVDSDUWLUGHODDFFLyQSURGXFWLYD
3RUHOORHVTXHORVHPSUHVDULRVSRQHQHVSHFLDODWHQFLyQHQORVFRVWRVGHSURGXFFLyQVHUiQHVWRV
ORTXHGHDOJXQDXRWUDIRUPDDIHFWDUDQHOFRPSRUWDPLHQWRGHODFXUYDGHRIHUWDPLHQWUDVDPHQRUFRVWR
GHSURGXFFLyQHQUHODFLyQDOSUHFLRGHOPDUFDGRPD\RUVHUiHOLQFHQWLYRSDUDVHJXLUSURGXFLHQGRDKRUD
ELHQ VL ORV FRVWRV GH SURGXFFLyQ VRQ PiV FRVWRVRV TXH HO ELHQ ILQDO ORV SURGXFWRUHV VHQFLOODPHQWH QR
VHJXLUiQIDEULFDQGRRSURGXFLHQGR
(VWRV FRVWRV GH SURGXFFLyQ GHSHQGHQ HQ PXFKRV FDVRV GH ORV SUHFLRV GH ORV IDFWRUHV GH
SURGXFFLyQ\GHORVDYDQFHVWHFQROyJLFRV(OSUHFLRGHORVIDFWRUHVLQFLGHGLUHFWDPHQWHHQODFDQWLGDG
RIUHFLGDDOPHUFDGR3RUHMHPSORVLVXEHHOSUHFLRGHODOX]RGHOJDVQDWXUDOQHFHVDULRVSDUDSURGXFLU
SDQ ORV HPSUHVDULR TXH RFXSHQ GH HVWDV IXHQWHV GH HQHUJtD SDUD KDFHU HO SDQ VH YHUiQ REOLJDGR HQ
GLVPLQXLUODRIHUWDGHOSDQ\DTXHOHVUHVXOWDPiVFDURTXHDQWHV3RURWURODGRRWUDGHORVIDFWRUHVTXH
LQFLGHQ HQ ORV FRVWRV GH SURGXFFLyQ HV OD WHFQRORJtD HVWD HQ OD PD\RU SDUWH GH ORV FDVRV UHGXFH ORV
FRVWRVFXDQGRVHHPSOHDHILFLHQWHPHQWH3RUHMHPSORSDUDFRQVWUXLUXQDXWRPyYLOHQQXHVWURVGtDV\DQR
VHUHTXLHUHGHODPLVPDFDQWLGDGGHPDQRGHREUDTXHKDFHDxRVDWUiVKR\WRGRHVWDFRPSXWDUL]DGR\
VRQORVURERWVORVHQFDUJDGRVGHKDFHUGLFKDWDUHDORFXDOSHUPLWHEDMDUORVWLHPSRVGHSURGXFFLyQSRU
FDGDDXWR\WDPELpQOHSHUPLWHDOHPSUHVDULRDKRUUDUVHHOVDODULRGHORVWUDEDMDGRUHV


&(3$/6HULH0DQXDOHV1R

(OHPHQWRVFRQFHSWXDOHV\DSOLFDFLRQHVGHPLFURHFRQRPtDSDUDODHYDOXDFLyQGHSUR\HFWRV

2WURVGHORVHOHPHQWRVTXHGHWHUPLQDQD ODFXUYDGHRIHUWDVRQORV LPSXHVWRVORVVXEVLGLRV \ODV


SROtWLFDVGHORVJRELHUQRV6LSRUHMHPSORDXPHQWDHOLPSXHVWRDOPDt]RVHOHJLVODVREUHHOVDODULRPtQLPR
HVWDEOHFLHQGR XQR QXHYR HVWR HQFDUHFH HQ FLHUWD PHGLGD ORV FRVWRV GH SURGXFFLyQ OR TXH SURYRFDUi XQ
GHVSOD]DPLHQWRGHODFXUYDGHRIHUWDKDFLDDGHQWURGHOJUiILFRPRGLILFDQGRDVtODFDQWLGDGRIUHFLGD
3RURWURODGRODH[SHFWDWLYDGHSUHFLRVIXWXURVSXHGHDIHFWDUHOGHVHRGHORVSURGXFWRUHVGHRIUHFHU
XQELHQHQHOPHUFDGR6LSRUHMHPSORORVHPSUHVDULRVGHOPDt]FRPHQ]DUDQDHVSHFXODUXQDSRVLEOHDO]D
GHOSUHFLRHVWRVQRSRQGUiQHQHOPHUFDGRWRGDVXSURGXFFLyQ\DTXHHVSHUDUtDQTXHHVWRVVXIUDQHODO]D
HVSHFXODGRDOWHUDQGRGHHVWDPDQHUDODFDQWLGDGDFWXDORIUHFLGD
&DEHUHFRUGDUTXHODFXUYDGHRIHUWDVXIUHGHVSOD]DPLHQWRVKDFLDDGHQWURRIXHUDGHOJUiILFRGH
DFXHUGRDODDOWHUDFLyQGHORVIDFWRUHVTXHDFDEDPRVGHPHQFLRQDUORTXHSURYRFDUiXQDPD\RURPHQRU
FDQWLGDGRIUHFLGD
1RREVWDQWHXQFDPELRHQHOSUHFLRGHXQELHQJHQHUDUiXQPRYLPLHQWRDORODUJRGHODFXUYD
GHRIHUWD

&8$'52
2)(57$'(+(/$'26


3UHFLR
'yODUHVSRUFDMD 
$
%
&
'
(

&DQWLGDGRIUHFLGD
&DMDVDQXDOHV 













)XHQWH(ODERUDFLyQSURSLD


(OFXDGURQRVPXHVWUDODVGLVWLQWDVFRPELQDFLRQHVGHFDQWLGDGGHKHODGRVRIUHFLGDVDOPHUFDGRVHJ~Q
HOSUHFLRGHHVWRV3RGHPRVQRWDUTXHH[LVWHXQDUHODFLyQSRVLWLYDHQWUHHOSUHFLR\ODFDQWLGDGRIUHFLGD

*5),&2
&859$'(2)(57$




























(




'






&






%






 

 





 


&DQWLGDGGHKHODGRV
&DMDVDQXDOHV 

)XHQWH(ODERUDFLyQSURSLD





&(3$/6HULH0DQXDOHV1R



(OHPHQWRVFRQFHSWXDOHV\DSOLFDFLRQHVGHPLFURHFRQRPtDSDUDODHYDOXDFLyQGHSUR\HFWRV

([FHGHQWHGHOSURGXFWRU

(OH[FHGHQWHGHOSURGXFWRUFRUUHVSRQGHDODGLIHUHQFLDHQWUHHOLQJUHVRTXHREWLHQHHOSURGXFWRUSRUOD
YHQWDGHXQQ~PHURGHWHUPLQDGRGHXQLGDGHVGHOELHQ\VXFRVWRHIHFWLYRGHSURGXFFLyQ
7RPHPRVFRPRHMHPSORHOFDVRGHODRIHUWDGHKHODGRVGHOFXDGUR6LHOSUHFLRGHPHUFDGRHV
86FDMDHOSURGXFWRUIDEULFDUiFDMDVOXHJRHOLQJUHVRWRWDOTXHREWHQGUiHOSURGXFWRUHVGH
FDMDV[86FDMD 86(OFRVWRWRWDOGHIDEULFDFLyQGHODVFDMDVHVHOiUHDEDMRODFXUYD
GHRIHUWDHVGHFLU

  
u  86   


&RVWR 7RWDO

/DIyUPXODGHOFiOFXORDQWHULRUVHGHULYDGHFDOFXODUHOiUHDEDMRODFXUYDGHRIHUWDFRPRODVXPD
GHOiUHDGHOUHFWiQJXOR   PiVHOiUHDGHOWULiQJXOR    6HGHMDSURSXHVWRYHULILFDU
TXHVHOOHJDDODUHODFLyQGHODHFXDFLyQDQWHULRU
3RU OR WDQWR HO ([FHGHQWH GHO 3URGXFWRU (3 HV HO iUHD VRPEUHDGD GHO JUiILFR (VWD iUHD HV
HTXLYDOHQWHD8686 86

*5),&2
(;&('(17('(/352'8&725


3UHFLR
KHODGR














&DQWLGDGGHKHODGRV FDMDVDQXDOHV 


)XHQWH(ODERUDFLyQSURSLD




(ODVWLFLGDGGHODRIHUWD

/DHODVWLFLGDGSUHFLRGHODRIHUWD QRVLQGLFDODVHQVLELOLGDGGHODFDQWLGDGRIUHFLGDIUHQWHDFDPELRV
HQHOSUHFLRGHOELHQ6XH[SUHVLyQPDWHPiWLFDHV
R

HS

' 4
' 3

'4 
4
'3

4   4  
3  3

4

3

4   4   3 
u 
3  3
4 

'RQGH4RHVODFDQWLGDGRIUHFLGDGHOELHQ\3HVVXSUHFLR
(OYDORUGHODHODVWLFLGDGGHODRIHUWDHVSRVLWLYR\VXUDQJRYDHQWUH\&XDQGR ODRIHUWD
HVSHUIHFWDPHQWHLQHOiVWLFD\FXDQGR HVSHUIHFWDPHQWHHOiVWLFD



&(3$/6HULH0DQXDOHV1R

(OHPHQWRVFRQFHSWXDOHV\DSOLFDFLRQHVGHPLFURHFRQRPtDSDUDODHYDOXDFLyQGHSUR\HFWRV

& (TXLOLEULRGHPHUFDGR
(Q ORV FDStWXORV  \  KHPRV DQDOL]DGR ODV FXUYDV GH GHPDQGD \ RIHUWD LQGLYLGXDOHV (Q HVWH FDStWXOR
UHYLVDUHPRVODRIHUWD\GHPDQGDGHPHUFDGR\FyPRODLQWHUDFFLyQHQWUHHVWDVGRVIXHU]DVGHPHUFDGRGD
FRPRUHVXOWDGRXQHTXLOLEULRGHPHUFDGR



'HPDQGDGHPHUFDGR

/DGHPDQGDGHPHUFDGRHVODVXPDGHODVGHPDQGDVLQGLYLGXDOHVGHWRGRVORVFRQVXPLGRUHVTXHH[LVWHQHQ
XQPHUFDGRGHWHUPLQDGR*UiILFDPHQWHVHREWLHQHFRPRODVXPDKRUL]RQWDOGHODVGHPDQGDVLQGLYLGXDOHV
HVGHFLUODVXPDGHFDQWLGDGHVGHPDQGDGDVGHWRGRVORVFRQVXPLGRUHVDXQGHWHUPLQDGRSUHFLR
(QHOJUiILFRVHPXHVWUDXQFDVRVLPSOLILFDGRGHXQPHUFDGRFRQVyORGRVLQGLYLGXRV $\% $
SUHFLRVLJXDOHVRVXSHULRUHV3QRKD\GHPDQGDGHQLQJXQRGHORVFRQVXPLGRUHVSRUORWDQWRODGHPDQGD
GHPHUFDGRHVFHUR$SUHFLRVHQWUH3\3VyORGHPDQGDHOFRQVXPLGRU$ OD'D3GHOFRQVXPLGRU%HV
PHQRUTXH3 SRUORWDQWRODGHPDQGDGHPHUFDGRHVLJXDODODGHPDQGDGHOLQGLYLGXR$
3DUDSUHFLRVPHQRUHVD3VHLQFRUSRUDDOFRQVXPRHO LQGLYLGXR%SRUORWDQWROD GHPDQGDGH
PHUFDGRHVODVXPDGHODVGHPDQGDVLQGLYLGXDOHV3RUHMHPSORDOSUHFLR3ODGHPDQGDGHPHUFDGRHV
ODVXPDGHODVFDQWLGDGHVGHPDQGDGDVSRUHOLQGLYLGXR$\HO% 4$4%$OSUHFLR3 ODGHPDQGD
GHPHUFDGRHVLJXDOD4$4%
*5),&2
'(0$1'$'(0(5&$'2




3 



3


3 







'HPDQGD,QGLYLGXR$

'HPDQGD,QGLYLGXR%

'HPDQGDGH0HUFDGR

4$4$4$4%4%4$4$4%4$4%


)XHQWH(ODERUDFLyQSURSLD


/D GHPDQGD GH PHUFDGR GHSHQGH GH ODV PLVPDV YDULDEOHV GH ODV TXH GHSHQGH ODV GHPDQGDV
LQGLYLGXDOHV ,QJUHVRSUHFLRELHQHVVXVWLWXWRVSUHFLRELHQHVFRPSOHPHQWDULRV\JXVWR SHURDGHPiVGHO
WDPDxRGHOPHUFDGR 7 6LDXPHQWDHOQ~PHURGHFRQVXPLGRUHVHQHOPHUFDGRODFXUYDGHPHUFDGRVH
GHVSOD]DDODGHUHFKD



2IHUWDGHPHUFDGR

/DRIHUWDGHPHUFDGRVHREWLHQHGHPDQHUDVLPLODUDODGHPDQGDGHPHUFDGRHVGHFLUFRPRODVXPDGH
ODVFDQWLGDGHVRIUHFLGDVSRUWRGRVORVSURGXFWRUHVGHOPHUFDGRDFDGDQLYHOGHSUHFLRV



(TXLOLEULRFRPSHWLWLYR

/RVSULQFLSDOHVVXSXHVWRVGHHVWHPRGHORVRQ
x /RV SURGXFWRUHV SURGXFHQ D WUDYpV GH XQD WHFQRORJtD TXH WUDQVIRUPD LQVXPRV HQ HO ELHQ
PD[LPL]DQGRVXVXWLOLGDGHV RPLQLPL]DQGRFRVWRV 


&(3$/6HULH0DQXDOHV1R

(OHPHQWRVFRQFHSWXDOHV\DSOLFDFLRQHVGHPLFURHFRQRPtDSDUDODHYDOXDFLyQGHSUR\HFWRV

x /RVFRQVXPLGRUHVFRQVXPHQELHQHVPD[LPL]DQGRVXIXQFLyQGHXWLOLGDG
x ([LVWHQ PXFKRV SURGXFWRUHV \ FRQVXPLGRUHV 3RU OR TXH ORV DJHQWHV HFRQyPLFRV VRQ
WRPDGRUHVGHSUHFLRVSRUORTXHFDGDXQRSXHGHSURGXFLU\FRQVXPLUODFDQWLGDGTXHGHVHHDO
SUHFLRFRPSHWLWLYR\VXMHWRDVXVUHVWULFFLRQHVWHFQROyJLFDV\SUHVXSXHVWDULDV
x (OELHQHVKRPRJpQHR HVWHVXSXHVWRH[FOX\HODSRVLELOLGDGGHGLIHUHQFLDUSURGXFWRV 
x 9DULDEOHVFRPRHOSUHFLRGHORVRWURVELHQHVODVSUHIHUHQFLDV\HOLQJUHVRGHORVFRQVXPLGRUHV
ODWHFQRORJtDHWFSHUPDQHFHQFRQVWDQWHV FHWHULVSDULEXV 
x +D\LQIRUPDFLyQSHUIHFWD\QRH[LVWHQFRVWRVGHWUDQVDFFLyQ
(VWDVFRQGLFLRQHVLPSOLFDQTXHWRGDVODVWUDVDQFFLRQHVGHOELHQVHKDUiQDXQSUHFLR~QLFR
(Q HVWD HVWUXFWXUD GH PHUFDGR OD PD[LPL]DFLyQ LQGLYLGXDO TXH ORV SURGXFWRUHV KDFHQ GH VXV
EHQHILFLRV\ORVFRQVXPLGRUHVGHVXIXQFLyQGHXWLOLGDGOOHYDDTXHHOHTXLOLEULRUHVXOWDQWHRFXUUHHQOD
LQWHUVHFFLyQGHODFXUYDGHRIHUWDFRQODGHGHPDQGD(QHVHSXQWRVHGHWHUPLQDQHOSUHFLR\FDQWLGDG
WUDQVDGD 3&\4& 

*5),&2
(48,/,%5,2&203(7,7,92

)XHQWH(ODERUDFLyQSURSLD


(VWH HTXLOLEULR PD[LPL]D HO H[FHGHQWH WRWDO HO GH ORV FRQVXPLGRUHV PiV HO GH ORV SURGXFWRUHV 
TXHVHSXHGHREWHQHUHQHOPHUFDGRGHOELHQ\HQHVHVHQWLGRHVXQHTXLOLEULRHILFLHQWHSXHVDSURYHFKD
WRGRHOSRWHQFLDOGHEHQHILFLRVTXHVHSXHGHREWHQHUHQHVWH PHUFDGR(VWHHTXLOLEULRVHDOFDQ]DHQOD
LQWHUVHFFLyQGHODVGRVFXUYDVHVWHHVHO~QLFRSXQWRHQHOTXHSDUDXQDFDQWLGDGSURGXFLGD\WUDQVDGDHQ
HOPHUFDGRVHWLHQHXQ~QLFRSUHFLR 3F WDQWRSDUDODRIHUWDFRPRSDUDODGHPDQGD
3RGHPRVDQDOL]DUGHIRUPDDOWHUQDWLYDODQHFHVDULDWHQGHQFLDKDFLDHVWHHTXLOLEULRVXSRQLHQGRTXH
SRUDOJXQDUD]yQORVSURGXFWRUHVGHFLGHQRIHUWDVXQDFDQWLGDGPD\RUTXH4F6LSURGXMHUDQXQDFDQWLGDG
4F!4FHQHVHFDVRORVLQJUHVRVPDUJLQDOHV GHWHUPLQDGRVSRUHOSUHFLRGHGHPDQGD3' VHUtDQPHQRUHV
TXH ORV FRVWRV PDUJLQDOHV GHWHUPLQDGRV SRU HO SUHFLR GH RIHUWD 32  GH HVWD IRUPD ORV SURGXFWRUHV
LQFUHPHQWDQ VX XWLOLGDG VL GHFLGHQ UHGXFLU OD SURGXFFLyQ \D TXH HQ HVH FDVR VXV LQJUHVRV WRWDOHV
GLVPLQX\HQPHQRVGHORTXHGLVPLQX\HQVXVFRVWRVWRWDOHV HODUHDEDMRODFXUYDGHGHPDQGDHQWUH4F\
4FHVPHQRUTXHHOiUHDEDMRODFXUYDGHRIHUWDHQWUH4F\4F \SRUORWDQWRUHGXFLUiQODSURGXFFLyQ6L
SRUDOJ~QPRWLYRORVSURGXFWRUHVRIHUWDUDQXQDFDQWLGDG4F4FORVLQJUHVRVPDUJLQDOHVVHUtDQPD\RUHV
TXHORVFRVWRVPDUJLQDOHV\SRUORWDQWROHVUHVXOWDUHQWDEOHDXPHQWDUODSURGXFFLyQ\DTXHDODXPHQWDUOD
FUHFHQ ORV LQJUHVRV WRWDOHV HQ PD\RU SURSRUFLyQ TXH ORV FRWRV WRWDOHV FRQ OR FXDO ORJUDUtDQ DXPHQWDU OD
XWLOLGDG9HPRVDVtTXHODFDQWLGDG4FHVODTXHSHUPLWHPD[LPL]DUODXWLOLGDGGHORVSURGXFWRUHV



&(3$/6HULH0DQXDOHV1R

(OHPHQWRVFRQFHSWXDOHV\DSOLFDFLRQHVGHPLFURHFRQRPtDSDUDODHYDOXDFLyQGHSUR\HFWRV

(VWH SXQWR GH HTXLOLEULR FXPSOH DGHPiV FRQ OD SURSLHGDG GH PD[LPL]DU VLPXOWiQHDPHQWH ORV
H[FHGHQWHVGHSURGXFWRUHV\FRQVXPLGRUHV ODViUHDVJULVHVGHOJUiILFRDQWHULRU ORFXDOVHFRQRFHFRPR
HTXLGDGHQHOVHQWLGRGH3DUHWLDQRODGHQRPLQDFLyQSURYLHQHGHOOODPDGRySWLPRGH3DUHWRTXHHVDTXpO
HQHOFXDOQDGLHSXHGHPHMRUDUVLQRHVDFRVWDGHSHUMXGLFDUDRWUR1RWHPRVTXHHOySWLPRGH3DUWHR\
OD HTXLGDG 3DUHWLDQD QR WLHQHQ UHODFLyQ FRQ OD HTXLGDG HQ WpUPLQRV GH GLVWULEXFLyQ GHO LQJUHVR /D
HTXLGDG 3DUHWLDQD VH UHODFLRQD FRQ OD PD[LPL]DFLyQ GH H[FHGHQWHV GH FRQVXPLGRUHV \ SURGXFWRUHV OR
TXHVHSXHGHLQWHUSUHWDUFRPRHTXLGDGHQWUHGLFKRVDJHQWHVHFRQyPLFRV

' 'LVWRUVLRQHV
(Q HVWD VHFFLyQ UHYLVDUHPRV EUHYHPHQWH HO HIHFWR HQ HO HTXLOLEULR GH PHUFDGR GH DOJXQDV GLVWRUVLRQHV
JHQHUDGDVSRUODLQWHUYHQFLyQGHO(VWDGRHQXQPHUFDGRTXHRSHUDHQFRPSHWHQFLDSHUIHFWD



,PSXHVWR

/DDSOLFDFLyQGHXQLPSXHVWRHVSHFtILFRDODSURGXFFLyQRFRQVXPRGHXQELHQJHQHUDXQHTXLOLEULRGLVWLQWR
DO HTXLOLEULR GH FRPSHWHQFLD SHUIHFWD VLQ GLVWRUVLyQ (  WDOFRPR PXHVWUD HO JUiILFR  (Q HVWH QXHYR
HTXLOLEULRODFDQWLGDGFRQVXPLGD\SURGXFLGDHVODPLVPD 4 SHURHOSUHFLRTXHSDJDHOFRQVXPLGRU 3F 
HVPD\RUTXHHOSUHFLRTXHUHFLEHHOSURGXFWR 3S VLHQGRODGLIHUHQFLDHOPRQWRGHOLPSXHVWR W 
/DFDQWLGDGGHHTXLOLEULRFRQLPSXHVWR 4 HVPHQRUDODFDQWLGDGGHHTXLOLEULRVLQLPSXHVWR\HO
SUHFLRSDJDGRSRUHOFRQVXPLGRUHVPD\RUTXHHOTXHpVWHSDJDUtDHQODVLWXDFLyQVLQLPSXHVWRPLHQWUDV
TXHHOSURGXFWRUUHFLEHXQSUHFLRPHQRUTXHHOUHFLELUtDVLQLPSXHVWR(O(VWDGRUHFDXGDHOPRQWR4[W
iUHDURMD 

*5),&2
(48,/,%5,2'(0(5&$'2&21,038(672
3  




3F



( 

W



3S



4&DQWLGDG
)XHQWH(ODERUDFLyQSURSLD




6XEVLGLR

/D DSOLFDFLyQ GH XQ VXEVLGLR D OD SURGXFFLyQ R FRQVXPR GH XQ ELHQ JHQHUD XQ HTXLOLEULR GLVWLQWR DO
HTXLOLEULR GH FRPSHWHQFLD SHUIHFWD VLQ GLVWRUVLyQ (  WDO FRPR PXHVWUD HO JUiILFR  (Q HVWH QXHYR
HTXLOLEULRODFDQWLGDGFRQVXPLGD\SURGXFLGDHVODPLVPD 4 SHURHOSUHFLRTXHSDJDHOFRQVXPLGRU
3F HVPHQRUTXHHOSUHFLRTXHUHFLEHHOSURGXFWR 3S VLHQGRODGLIHUHQFLDHOPRQWRGHOVXEVLGLR V 
/DFDQWLGDGGHHTXLOLEULRFRQVXEVLGLR 4 HVPD\RUDODFDQWLGDGGHHTXLOLEULRVLQVXEVLGLR\HO
SUHFLRSDJDGRSRUHOFRQVXPLGRUHVPHQRUTXHHOTXHpVWHSDJDUtDHQODVLWXDFLyQVLQVXEVLGLRPLHQWUDV
TXHHOSURGXFWRUUHFLEHXQSUHFLRPD\RUTXHHOUHFLELUtDVLQLPSXHVWR(O(VWDGRWLHQHXQDJDVWRSRUHO
PRQWR4[V iUHDD]XO 


&(3$/6HULH0DQXDOHV1R

(OHPHQWRVFRQFHSWXDOHV\DSOLFDFLRQHVGHPLFURHFRQRPtDSDUDODHYDOXDFLyQGHSUR\HFWRV

*5),&2
(48,/,%5,2'(0(5&$'2&2168%6,',2
3  




3F


( 

V

3S

4&DQWLGDG
)XHQWH(ODERUDFLyQSURSLD

( %LHQHVWUDQVDEOHVLQWHUQDFLRQDOPHQWH
(Q HVWD VHFFLyQ VH UHYLVDUi HO HTXLOLEULR GH PHUFDGR SDUD ELHQHV WUDQVDEOHV LQWHUQDFLRQDOPHQWH ELHQHV
LPSRUWDEOHV\H[SRUWDEOHV 



%LHQHVH[SRUWDEOHV

8Q ELHQ H[SRUWDEOH VH FDUDFWHUL]D SRU TXH HO SUHFLR LQWHUQDFLRQDO H[SUHVDGR HQ PRQHGD QDFLRQDO HV
PD\RU TXH HO SUHFLR GH HTXLOLEULR TXH VH SURGXFLUtD HQ HO PHUFDGR GRPpVWLFR VL OD HFRQRPtD VH
PDQWXYLHUDFHUUDGDDOFRPHUFLRLQWHUQDFLRQDO
7DO FRPR PXHVWUD HO *UiILFR  (  VHUtD HO HTXLOLEULR GRPpVWLFR VL HV TXH OD HFRQRPtD HVWi
FHUUDGD DO FRPHUFLR LQWHUQDFLRQDO 6LQ HPEDUJR HQ XQD HFRQRPtD DELHUWD GDGR TXH HO SUHFLR
LQWHUQDFLRQDOHQPRQHGDQDFLRQDO 3, HVPD\RUTXHHOSUHFLRTXHUHFLELUtDQORVSURGXFWRUHVYHQGLHQGR
LQWHUQDPHQWH 3  HOORV WLHQHQ LQFHQWLYRV D H[SRUWDU VX SURGXFFLyQ (Q HVWH HVFHQDULR HO SUHFLR
LQWHUQDFLRQDO 3, VH WUDQVIRUPD WDPELpQ HQ HO HTXLOLEULR LQWHUQR \D TXH ORV SURGXFWRUHV QR WLHQHQ
LQFHQWLYRVDYHQGHUDXQSUHFLRPHQRUTXH3, VyORYHQGHQHQHOPHUFDGRLQWHUQRVLHVTXHUHFLEHQOR
PLVPR TXH REWHQGUtDQ H[SRUWDQGR VX SURGXFFLyQ  $O SUHFLR 3, ORV FRQVXPLGRUHV LQWHUQRV VyOR
GHPDQGDUiQ4GHPDQGD\ORVSURGXFWRUHVSURGXFLUiQ4RIHUWDOXHJRHOH[FHGHQWHGHRIHUWDTXHVHJHQHUDHV
H[SRUWDGRDOUHVWRGHOPXQGR ; 

*5),&2
(48,/,%5,2(&2120$$%,(57$$/&20(5&,2
,17(51$&,21$/%,(1(;3257$%/(
3  




3, (
L
[3 IRE


3




( 

4GHPDQGD4RIHUWD

;

)XHQWH(ODERUDFLyQSURSLD



&DQWLGDG

&(3$/6HULH0DQXDOHV1R

(OHPHQWRVFRQFHSWXDOHV\DSOLFDFLRQHVGHPLFURHFRQRPtDSDUDODHYDOXDFLyQGHSUR\HFWRV

&DEH QRWDU TXH 3, FRUUHVSRQGH DO 3UHFLR )2% 3LIRE  PXOWLSOLFDGR SRU OD WDVD GH FDPELR (
H[SUHVDGDHQ PRQHGD QDFLRQDO SRU 86  (O SUHFLR )2% )UHH RQ %RDUG  FRUUHVSRQGH DO SUHFLR TXH
UHFLEHHOH[SRUWDGRUSRUHOSURGXFWRSXHVWRHQHOEDUFR



%LHQHVLPSRUWDEOHV

8Q ELHQ LPSRUWDEOH VH FDUDFWHUL]D SRU TXH HO SUHFLR GH HTXLOLEULR HQ HO PHUFDGR GRPpVWLFR VL OD
HFRQRPtD VH PDQWXYLHUD FHUUDGD DO FRPHUFLR LQWHUQDFLRQDO HV PD\RU TXH HO SUHFLR LQWHUQDFLRQDO
H[SUHVDGRHQPRQHGDQDFLRQDO
7DOFRPRPXHVWUDHOJUiILFR( VHUtDHOHTXLOLEULRGRPpVWLFRVLHVTXHODHFRQRPtDHVWiFHUUDGD
DO FRPHUFLR LQWHUQDFLRQDO 6LQ HPEDUJR HQ XQD HFRQRPtD DELHUWD GDGR TXH HO SUHFLR LQWHUQDFLRQDO HQ
PRQHGDQDFLRQDO 3, HVPHQRUTXHHOSUHFLRLQWHUQR 3 ORVFRQVXPLGRUHVWLHQHQLQFHQWLYRVDFRPSUDUORV
SURGXFWRV DO UHVWR GHO PXQGR (Q HVWH HVFHQDULR HO SUHFLR LQWHUQDFLRQDO 3, VH WUDQVIRUPD WDPELpQ HQ HO
HTXLOLEULRLQWHUQR\DTXHORVFRQVXPLGRUHVQRWLHQHQLQFHQWLYRVDFRPSUDUDXQSUHFLRPD\RUTXH3, VyOR
FRPSUDQHQHOPHUFDGRLQWHUQRVLHVTXHHOSUHFLRHVLJXDODOTXHREWHQGUtDQH[SRUWDQGRVXSURGXFFLyQ $O
SUHFLR3,ORVFRQVXPLGRUHVLQWHUQRVGHPDQGDUiQ4GHPDQGD\ORVSURGXFWRUHVVyORSURGXFLUiQ4RIHUWDOXHJRHO
H[FHGHQWHGHGHPDQGDTXHVHJHQHUDHVVDWLVIHFKRPHGLDQWHLPSRUWDFLRQHV
&DEHQRWDUTXHHQHVWHFDVR3,FRUUHVSRQGHDO3UHFLR&,) 3LFLI PXOWLSOLFDGRSRUODWDVDGHFDPELR
(H[SUHVDGDHQPRQHGDQDFLRQDOSRU86 (OSUHFLR&,) &RVW,QVXUHQFHDQG)UHLJKW FRUUHVSRQGH
DOSUHFLRTXHSDJDHOLPSRUWDGRUSRUHOSURGXFWRSXHVWRHQHOSXHUWRGHGHVWLQR \SRUORWDQWRLQFOX\H
ORVFRVWRVPiVORVVHJXURV\HOIOHWH 

*5),&2
(48,/,%5,2(&2120$$%,(57$$/&20(5&,2
,17(51$&,21$/%,(1,03257$%/(
3  








( 

3


3, ([3LFLI





4GHPDQGD4RIHUWD&DQWLGDG



0

)XHQWH(ODERUDFLyQSURSLD






&(3$/6HULH0DQXDOHV1R

(OHPHQWRVFRQFHSWXDOHV\DSOLFDFLRQHVGHPLFURHFRQRPtDSDUDODHYDOXDFLyQGHSUR\HFWRV

,, (IHFWRVGHORVSUR\HFWRVHQ
ORVHTXLOLEULRVGHPHUFDGR

$ 0HGLFLyQ\YDORUDFLyQGHEHQHILFLRV
$QiOLVLVHQHOPHUFDGRGHOSURGXFWRILQDO
(Q HVWD VHFFLyQ DQDOL]DUHPRV ORV EHQHILFLRV GLUHFWRV TXH JHQHUD XQ
SUR\HFWR ORV FXDOHV FRUUHVSRQGHQ D OD YDORUDFLyQ GH ORV HIHFWRV TXH HO
SUR\HFWR WLHQH VREUH HO PHUFDGR GHO ELHQ R VHUYLFLR TXH HV SURGXFLGR R
HQWUHJDGRSRUHOSUR\HFWR
$OLJXDOTXHXQSULYDGRHVWLPDVXVEHQHILFLRVEUXWRV LQJUHVRVSRU
YHQWDV  WRPDQGR GDWRV GHO PHUFDGR GHO ELHQ ILQDO HVWLPDUHPRV ORV
EHQHILFLRVVRFLDOHVEUXWRVGLUHFWRVPLUDQGRVyORDGLFKRPHUFDGR'HHVWD
IRUPDHOEHQHILFLRVRFLDOGHDFXHUGRDOHQIRTXHGHHILFLHQFLD SRGUi
VHUHVWLPDGRDSDUWLUGHODQiOLVLVGHORVHTXLOLEULRVGHRIHUWD\GHPDQGDVLQ
\FRQSUR\HFWR
$QDOLFHPRV HO HIHFWR GH XQ SUR\HFWR HQ HO PHUFDGR GH XQ ELHQ ;
JUiILFR   FRQ FXUYDV GH RIHUWD \ GHPDQGD OLQHDOHV \ QRUPDOHV HV
GHFLU QR FDVRV H[WUHPRV GH HODVWLFLGDGHV  \ HQ HO TXH QR H[LVWHQ
GLVWRUVLRQHVGHPHUFDGR



 (OHQIRTXHGHHILFLHQFLDXWLOL]DFRPRXQLGDGGHPHGLGD QXPHUDULR HOLQJUHVRQDFLRQDOPHGLGRDSUHFLRVGRPpVWLFRV\QRFRQVLGHUD


ORVHIHFWRVGLVWULEXWLYRV(VWHHQIRTXHVHEDVDHQORVVLJXLHQWHVSRVWXODGRVSDUDPHGLUHOFDPELRHQELHQHVWDUTXHH[SHULPHQWDXQ
LQGLYLGXRRVRFLHGDGDOFDPELDUHOFRQVXPR\SURGXFFLyQGHXQELHQL /D&XUYDGH'HPDQGD,QGLYLGXDOGHXQELHQUHSUHVHQWDOD
Pi[LPDGLVSRVLFLyQDSDJDUGHXQLQGLYLGXRSRUFRQVXPLUGLVWLQWDVXQLGDGHVGHOELHQSRUORWDQWRHOiUHDEDMRODFXUYDGHGHPDQGD
UHIOHMDHOFDPELRHQHOELHQHVWDUGHOLQGLYLGXRDOYDULDUHOFRQVXPRGHOELHQLL /D&XUYDGH2IHUWD,QGLYLGXDOGHXQELHQUHSUHVHQWD
HOFRVWRPDUJLQDOGHSURGXFFLyQGHFDGDXQLGDGGHOELHQSDUDHORIHUHQWHSRUORWDQWRHOiUHDEDMRODFXUYDGHRIHUWDUHIOHMDHOFRVWR
GHRSRUWXQLGDGDOYDULDUODSURGXFFLyQGHHVHELHQ\LLL &XDQGRHYDOXDPRVORVEHQHILFLRVQHWRVRORVFRVWRVGHXQDDFFLyQ SUR\HFWR
SURJUDPDRSROtWLFD ORVFRVWRVRORVEHQHILFLRVGHEHQVHUDJUHJDGRVVLQWHQHUHQFXHQWDDTXpLQGLYLGXR RLQGLYLGXRV YDQDSDUDU
HVWHVXSXHVWRLPSOLFDHOELHQHVWDUGHHQODVPDQRVGHXQULFR DOELHQHVWDUGHHQODVPDQRVGHXQSREUH



&(3$/6HULH0DQXDOHV1R

(OHPHQWRVFRQFHSWXDOHV\DSOLFDFLRQHVGHPLFURHFRQRPtDSDUDODHYDOXDFLyQGHSUR\HFWRV

(QODVLWXDFLyQ6LQ3UR\HFWRVHWLHQHXQHTXLOLEULRHQHOSXQWRGHWHUPLQDGRSRUHOSDUGHSUHFLR\
FRQVXPR VLQ SUR\HFWR 3 ;  ([FOXVLYDPHQWH SRU VLPSOLFLGDG GLGiFWLFD VXSRQJDPRV TXH H[LVWH XQ
QXHYRLQYHUVLRQLVWDLQWHUHVDGRHQLQJUHVDUDHVWHPHUFDGRFRQXQSUR\HFWRTXHWLHQHXQDFDSDFLGDGGH
SURGXFFLyQGHXQLGDGHVGHOELHQ;/D~QLFDIRUPDGHTXHHVWDQXHYDSURGXFFLyQVHDDEVRUELGDSRU
HOPHUFDGRHVTXHHOSUHFLRGHOELHQEDMHD3HVWDEOHFLpQGRVHSRUORWDQWRXQQXHYRHTXLOLEULR 3; 
/RVHIHFWRVHQHVWHFDVRVHUiQORVVLJXLHQWHV
x 'LVPLQXFLyQ GH OD FDQWLGDG SURGXFLGD SRU ORV DQWLJXRV SURGXFWRUHV $O QXHYR SUHFLR 3 ORV
DQWLJXRVSURGXFWRUHVGLVPLQXLUiQVXFDQWLGDGSURGXFLGDGHVGH;D;RS
x $XPHQWR GH OD FDQWLGDG FRQVXPLGD $O QXHYR SUHFLR 3  ORV FRQVXPLGRUHV DXPHQWDUiQ OD
FDQWLGDGFRQVXPLGDGHOELHQ;HQ ;; XQLGDGHV
(VWRVHIHFWRVJHQHUDQGRVEHQHILFLRVVRFLDOHVFXDQWLILFDEOHVL EHQHILFLRSRUOLEHUDFLyQRPHQRU
XVRGHUHFXUVRV\LL EHQHILFLRSRUHODXPHQWRGHOFRQVXPR
x (OiUHDURMD $ GHOJUiILFRUHSUHVHQWDXQEHQHILFLRSRUOLEHUDFLyQGHUHFXUVRV XQDKRUURGH
FRVWRVGHSURGXFFLyQ (QHIHFWRDOUHGXFLUODFDQWLGDGRIHUWDGDSRUORVDQWLJXRVSURGXFWRUHV
KDVWD;RSVHOLEHUDQORVUHFXUVRVTXHHVWRVSURGXFWRUHVGHVWLQDEDQDSURGXFLUODV ;;RS 
XQLGDGHVGHOELHQ
x (O iUHD D]XO %  FRUUHVSRQGH DO EHQHILFLR SRU PD\RU FRQVXPR 'HFLPRV TXH HO EHQHILFLR
FRUUHVSRQGH D GLFKD iUHD \D TXH HO YDORU TXH ORV FRQVXPLGRUHV DVLJQDQ D FDGD XQD GH ODV
XQLGDGHVGHPDQGDGDVFRUUHVSRQGHDXQSXQWRGHODFXUYDGHGHPDQGD Pi[LPD'D3 SRUOR
WDQWR HO YDORU GH ODV ;; XQLGDGHV DGLFLRQDOHV VHUi WRGD HO iUHD EDMR OD FXUYD GH GHPDQGD
HQWUHHVRVGRVSXQWRV


*5),&2
9$/25$&,1'(%(1(),&,2662&,$/(6%58726'(81352<(&72

3






2VS

FS
 2 


D

3


3



F

E
$

%

;RS;;&DQWLGDG
)XHQWH(ODERUDFLyQSURSLD


/ODPHPRV%6% %HQHILFLR6RFLDO%UXWR DODVXPDGHODViUHDV$\%TXHUHODFLyQH[LVWHHQWUH
GLFKREHQHILFLRVRFLDO\HOEHQHILFLRSULYDGREUXWR%3%"
(O EHQHILFLR SULYDGR EUXWR LQJUHVRV SULYDGRV SRU YHQWD  TXHGD GHWHUPLQDGR SRU HO SUHFLR FRQ
SUR\HFWR3PXOWLSOLFDGRSRUODSURGXFFLyQGHOSUR\HFWR  ;;RS &RQORTXH
%3%  3 [   3 [ ;;RS  JUiILFDPHQWH HVWH EHQHILFLR FRUUHVSRQGH DO iUHD ;RSFDE; GH
GRQGHVHSXHGHYHUTXHHO%3%HVPHQRUTXHHO%6%PiVD~QVHFXPSOHTXH%6% %3%iUHDGHO
WULiQJXORDEF



&(3$/6HULH0DQXDOHV1R

(OHPHQWRVFRQFHSWXDOHV\DSOLFDFLRQHVGHPLFURHFRQRPtDSDUDODHYDOXDFLyQGHSUR\HFWRV

&DEH VHxDODU TXH HO DQiOLVLV DQWHULRU HV YiOLGR EDMR ORV VXSXHVWRV VLJXLHQWHV PHUFDGR
SHUIHFWDPHQWH FRPSHWLWLYR \ SUR\HFWRV HVWUXFWXUDOHV pVWD ~OWLPD GHILQLFLyQ HV OD TXH FDUDFWHUL]D D
SUR\HFWRV TXH SRU VX PDJQLWXG SURYRFDQ FDPELRV VLJQLILFDWLYRV HQ ORV HTXLOLEULRV GH PHUFDGR
GHVSOD]DPLHQWRVGHODRIHUWDFRPRHOUHSUHVHQWDGRHQHOJUiILFRDQWHULRU DKRUDELHQODPD\RUtDGHORV
SUR\HFWRV QR VRQ GH HVWH WLSR VLQR PiV ELHQ PDUJLQDOHV QR SURYRFDQ FDPELRV VLJQLILFDWLYRV HQ ORV
HTXLOLEULRV GH PHUFDGR  (Q HO FDVR GH SUR\HFWRV PDUJLQDOHV ORV GHVSOD]DPLHQWRV GH OD RIHUWD VHUiQ
GHVSUHFLDEOHVFRPRFRQVHFXHQFLDORVSUHFLRVFRQ\VLQSUR\HFWRVHUiQSUiFWLFDPHQWHLJXDOHV\SRUHQGH
HOEHQHILFLRVRFLDO\HOSULYDGRVHUiQSUiFWLFDPHQWHLJXDOHV(QWpUPLQRVJUiILFRVWHQGUtDPRVTXHHOiUHD
GHOWULiQJXORDEFVHUtDPX\SHTXHxD\SRUORWDQWRGHVSUHFLDEOHSDUDHIHFWRVGHODYDORUL]DFLyQ

% 0HGLFLyQ\YDORUDFLyQGHEHQHILFLRV/DSUiFWLFD
GHODVPHWRGRORJtDVGH(63
/RVSUR\HFWRVHVWUXFWXUDOHVRQRPDUJLQDOHVHVSRVLEOHFODVLILFDUORVVHJ~QVXHIHFWRHQHOPHUFDGR
x 3UR\HFWRV TXH LQFUHPHQWDQ OD GLVSRQLELOLGDG GHO ELHQ (Q pVWD FDWHJRUtD VH KDQ LQFOXLGR
SUR\HFWRVGHORVVHFWRUHV
 $JXDSRWDEOHUXUDO
 $JXDSRWDEOHXUEDQD
 (OHFWULILFDFLyQUHVLGHQFLDO
 5LHJR
 7HOHIRQtDUXUDO
 $OFDQWDULOODGR
(Q HVWRV FDVRV ORV SUR\HFWRV JHQHUDQ XQ LQFUHPHQWR GH RIHUWD TXH SURYRFD XQD GLVPLQXFLyQ GH
SUHFLRV\XQLQFUHPHQWRGHOFRQVXPR7DPELpQORVFDPELRVGHSUHFLRVDOWHUDQORVQLYHOHVGHSURGXFFLyQ
GHORVDQWLJXRVRIHUHQWHVREOLJiQGRORVDOLEHUDUUHFXUVRV
(Q DOJXQRV SUR\HFWRV WDOHV FRPR LQVWDODFLyQ GH ORV VHUYLFLRV GH HOHFWULFLGDG WHOHIRQtD \ DJXD
SRWDEOH GDGD OD VLPSOLFLGDG GH OD IXQFLyQ GH SURGXFFLyQ VH DVXPH XQD FXUYD GH RIHUWD LQILQLWDPHQWH
HOiVWLFD FRQORTXHHODQiOLVLVJUiILFRDQWHULRUSDVDUtDDVHUHOVLJXLHQWH

*5),&2
9$/25$&,1'(%(1(),&,2662&,$/(6%58726'(81352<(&72
2)(57$,1),1,7$0(17((/67,&$

3














3

3

D
E






;;&DQWLGDG
)XHQWH(ODERUDFLyQSURSLD



2VS

2FS

&(3$/6HULH0DQXDOHV1R

(OHPHQWRVFRQFHSWXDOHV\DSOLFDFLRQHVGHPLFURHFRQRPtDSDUDODHYDOXDFLyQGHSUR\HFWRV

1RWHPRVTXHEDMRHVWHPRGHOR;RSVHKDFHFHURGHVSXpVGHOSUR\HFWRORTXHHTXLYDOHDGHFLUTXH
ODV DQWLJXDV ILUPDV QR VRQ FDSDFHV GH SURGXFLU DO QXHYR QLYHO GH SUHFLRV 3 \ WHUPLQDQ SRU VDOLU GHO
PHUFDGR R HQ HVWH FDVR ORV VLVWHPDV VXVWLWXWRV XWLOL]DGRV HQ OD VLWXDFLyQ VLQ SUR\HFWR VRQ WRWDOPHQWH
UHHPSOD]DGRV SRU HO QXHYR VLVWHPD  %DMR HVWH HVTXHPD HO FiOFXOR VH LQLFLD FRQ OD HVWLPDFLyQ GH OD
FDQWLGDGYHQGLGDVLQSUR\HFWR;\HOSUHFLRVLQSUR\HFWR3/XHJRVHREVHUYDQORVFRQVXPRV\SUHFLRV
HQ XQD ORFDOLGDG VLPLODU FRQ SUR\HFWR SDUD DSUR[LPDU ; \ 3FS 6L DVXPLPRV XQD GHPDQGD OLQHDO VH
REWLHQHTXHHO%6%VHFDOFXODFRPR
%6%

;  u 3 

;   ;  u 3  3
 3 u ;   ; 


;  u 3 

3  3 u ;   ;  


/DHFXDFLyQDQWHULRUYDUtDVLVHFRQVLGHUDTXHODFXUYDGHGHPDQGDQRHVOLQHDOVLQRGHHODVWLFLGDG
FRQVWDQWH KLSHUEyOLFD  HVWH HV FRPXQPHQWH HO FDVR GH SUR\HFWRV GH HOHFWULILFDFLyQ WHOHIRQtD H
LQVWDODFLyQGHDJXDSRWDEOH
x 3UR\HFWRVTXHOLEHUDQUHFXUVRVDTXpOORVGRQGHHOHIHFWRSUHGRPLQDQWHHVHOiUHD$GHVFULWD
DQWHULRUPHQWH JUiILFR (QpVWDFDWHJRUtDVHLQFOX\HQORVSUR\HFWRVGHORVVHFWRUHV
 $HURSXHUWRV
 'HIHQVDVIOXYLDOHV
 (GLILFDFLyQS~EOLFD
 ,QIRUPiWLFD
 0DQWHQLPLHQWRYLDOXUEDQR
 0XHOOHV\FDOHWDVSHVTXHUDV
 5HHPSOD]RGHHTXLSRV
 7UDQVSRUWHFDPLQHUR
 9LDOLGDGXUEDQD
(O VXSXHVWR LPSOtFLWR HQ pVWRV FDVRV HV TXH ODV DOWHUDFLRQHV GH SUHFLRV SURYRFDGDV SRU OD
HMHFXFLyQGHOSUR\HFWRQRDOWHUDQVLJQLILFDWLYDPHQWHODFDQWLGDGGHPDQGDGDORTXHHTXLYDOHDVXSRQHU
TXHODVGHPDQGDVVRQWRWDOPHQWHLQHOiVWLFDV  (QHVWHFDVRVyORVHJHQHUDEHQHILFLRVRFLDOGHOWLSR
DKRUURGHFRVWRV JUiILFR 


*5),&2
9$/25$&,1'(%(1(),&,2662&,$/(6%58726'(81352<(&72
'(0$1'$3(5)(&7$0(17(,1(/67,&$
2VS

FS






3

3

;RS;
)XHQWH(ODERUDFLyQSURSLD



&(3$/6HULH0DQXDOHV1R

(OHPHQWRVFRQFHSWXDOHV\DSOLFDFLRQHVGHPLFURHFRQRPtDSDUDODHYDOXDFLyQGHSUR\HFWRV

x 3UR\HFWRV GH GLItFLO PHGLFLyQ \ YDORUDFLyQ GH EHQHILFLRV DTXpOORV HQ ORV TXH QR H[LVWH XQ
PHUFDGR REVHUYDEOH HQ HO FXDO VH SXHGDQ GHWHUPLQDU ODV FDQWLGDGHV \ SUHFLRV FRQ \ VLQ
SUR\HFWR(QpVWDFDWHJRUtDVHLQFOX\HQORVSUR\HFWRVGHORVVHFWRUHV
 (GXFDFLyQ
 -XVWLFLD
 3DYLPHQWDFLyQGHSREODFLRQHV
 6DOXG
 7UDWDPLHQWRGHUHVLGXRVVyOLGRV
 6HJXULGDGFLXGDGDQD
 'HSRUWH\UHFUHDFLyQ
 $UWH\FXOWXUD PHWRGRORJtDHQSURFHVRGHHODERUDFLyQ 
(QHVWRVFDVRVVHDVXPHTXHODSURYLVLyQGHHVWRVVHUYLFLRVHVVRFLDOPHQWHUHQWDEOH\SRUORWDQWR
ODVPHWRGRORJtDVQRSUHWHQGHQPHGLUEHQHILFLRVVLQRDOWHUQDWLYDVGHPtQLPRFRVWR FDVRGHHGXFDFLyQ 
R ELHQ VH DSUR[LPDQ D ORV EHQHILFLRV SRU PHGLR GH OD LGHQWLILFDFLyQ \ PHGLFLyQ GH LPSDFWRV QR
YDORUDEOHV HFRQyPLFDPHQWH  OR TXH VH WUDGXFH HQ PHWRGRORJtDV GH FRVWR HIHFWLYLGDG R FRVWR LPSDFWR
FDVRGH6DOXG6HJXULGDG&LXGDGDQD'HSRUWHV\RWUDV 

& 0HGLFLyQ\YDORUDFLyQGHFRVWRVVRFLDOHV$QiOLVLV
HQORVPHUFDGRVGHORVLQVXPRV
$Vt FRPR SDUD DQDOL]DU ORV EHQHILFLRV VRFLDOHV VH DQDOL]y HO HIHFWR JHQHUDGR HQ HOPHUFDGR GHO ELHQ R
VHUYLFLRJHQHUDGRSRUHOSUR\HFWRSDUDDQDOL]DUORVFRVWRVVRFLDOHVGLUHFWRVGHEHPRVDQDOL]DUORVHIHFWRV
TXHJHQHUDHOSUR\HFWRVREUHORVPHUFDGRVGHORVLQVXPRVXWLOL]DGRV
(VWH DQiOLVLV VH GHEH UHDOL]DU SDUD FDGD XQR GH ORV LQVXPRV XWLOL]DGRV SRU HO SUR\HFWR VLQ
HPEDUJRPRVWUDUHPRVHOFDVRJHQpULFRGHXQLQVXPR<FXDOTXLHUD
(Q HO PHUFDGR GHO LQVXPR WHQGUHPRV XQ HTXLOLEULR LQLFLDO HQ HO SXQWR GHWHUPLQDGR SRU HO SDU GH
SUHFLRV\FRQVXPRVVLQSUR\HFWR 3< (OSUR\HFWRUHTXHULUiODFDQWLGDGGHOLQVXPR<ORTXHSURYRFDUi
XQDSUHVLyQHQHVWHPHUFDGRHOHYiQGRVHHOSUHFLRKDVWD3\DOFDQ]iQGRVHHOQXHYRHTXLOLEULR 3< 7DO
FRPRVHREVHUYDHQHOJUiILFRORVHIHFWRVGHODXPHQWRGHOSUHFLRGHOLQVXPRVRQORVVLJXLHQWHV
x $XPHQWR GH OD FDQWLGDG SURGXFLGD $O QXHYR SUHFLR 3  ORV SURGXFWRUHV GHO LQVXPR
DXPHQWDUiQODFDQWLGDGSURGXFLGDHQ << XQLGDGHV
x 'LVPLQXFLyQGHODFDQWLGDGFRQVXPLGDSRUORVDQWLJXRVGHPDQGDQWHV$OQXHYRSUHFLR3ORV
DQWLJXRVGHPDQGDQWHVGLVPLQXLUiQVXFDQWLGDGFRQVXPLGDGHVGH<D<RG






&(3$/6HULH0DQXDOHV1R

(OHPHQWRVFRQFHSWXDOHV\DSOLFDFLRQHVGHPLFURHFRQRPtDSDUDODHYDOXDFLyQGHSUR\HFWRV

*5),&2
9$/25$&,1'(&2672662&,$/(6%58726'(81352<(&72
()(&72(1(/0(5&$'2'(/,16802< 

















3<




3

3

DE

F

%

$

<RG<<&DQWLGDG<
)XHQWH(ODERUDFLyQSURSLD



(VWRVHIHFWRVJHQHUDQGRVFRVWRVVRFLDOHVFXDQWLILFDEOHVL &RVWRSRUPD\RUXVRGHUHFXUVRV\LL 
FRVWRSRUPHQRUFRQVXPR
x (O iUHD $ GHO JUiILFR  UHSUHVHQWD HO FRVWR VRFLDO SRU PD\RU XVR GH UHFXUVRV DVRFLDGR DO
DXPHQWRHQODSURGXFFLyQGHOLQVXPRHQ ;; XQLGDGHV(VWRVHGHEHDTXHODFXUYDGHRIHUWD
UHSUHVHQWDHOFRVWRPDUJLQDOGHSURGXFFLyQHVGHFLUHOFRVWRGHSURGXFLUFDGDXQLGDGDGLFLRQDO
x (OiUHD%FRUUHVSRQGHDOFRVWRVRFLDOSRUPHQRUFRQVXPRGHORVRWURVGHPDQGDQWHV'HFLPRV
TXHHOFRVWRFRUUHVSRQGHDGLFKDiUHD\DTXHHOYDORUTXHORVFRQVXPLGRUHVDVLJQDQDFDGDXQD
GHODVXQLGDGHVGHPDQGDGDVFRUUHVSRQGHDXQSXQWRGHODFXUYDGHGHPDQGD Pi[LPD'D3 
SRU OR WDQWR ORV DQWLJXRV GHPDQGDQWHV OH DVLJQDQ D ODV <<RG  XQLGDGHV TXH GHMDQ GH
FRQVXPLUXQYDORUHTXLYDOHQWHDOiUHDEDMRODFXUYDGHGHPDQGDHQWUHHVRVGRVSXQWRV
'HHVWDIRUPDHOFRVWRVRFLDOGHOLQVXPRFRUUHVSRQGHDODVXPDGHDPEDViUHDVHVGHFLU
&6<

3  3
3  3
RG
u <  <  
u <  <



3  3
RG
u <  <


3  3
u, 


4Xp UHODFLyQ H[LVWH HQWUH GLFKRFRVWR VRFLDO \ HO FRVWR SULYDGR GHO LQVXPR < &3< " (O FRVWR
SULYDGRGHOLQVXPRTXHGDGHWHUPLQDGRSRUVXSUHFLRHQODVLWXDFLyQFRQSUR\HFWR3PXOWLSOLFDGRSRUOD
FDQWLGDG GH LQVXPR TXHGHPDQGD HO SUR\HFWR  OR TXH JUiILFDPHQWH FRUUHVSRQGHDO iUHD <RGDE<
TXHHVPD\RUTXHHOFRVWRVVRFLDOHQHOiUHDGHOWULiQJXORDEF
6LHOHIHFWRGHOSUR\HFWRVREUHHOPHUFDGRGHOLQVXPRHVPDUJLQDO QRDOWHUDVLJQLILFDWLYDPHQWHHO
SUHFLR HOWULiQJXORDEFSXHGHVHUGHVSUHFLDGR\SRGHPRVFRQVLGHUDUTXH&6< &3<

' 0HGLFLyQGHEHQHILFLRVVRFLDOHV0HUFDGRGHOSURGXFWR
HVLPSHUIHFWR
+DVWDDKRUDKHPRVVXSXHVWRTXHHOPHUFDGRGHOELHQILQDO\HOGHORVLQVXPRVVRQWRGRVSHUIHFWDPHQWH
FRPSHWLWLYRV\SRUORWDQWRVHFXPSOHTXHHQHOHTXLOLEULRH[LVWHXQVyORSUHFLR6LQHPEDUJRHQODYLGD
UHDOODPD\RUtDGHORVPHUFDGRVWLHQHQLPSHUIHFFLRQHVPRWLYDGDV\DVHDSRUODH[LVWHQFLDGHLPSXHVWRV
VXEVLGLRV PRQRSROLRV PRQRSVRQLRV H[WHUQDOLGDGHV QHJDWLYDV R SRVLWLYDV SUREOHPDV GH DVLPHWUtD GH
LQIRUPDFLyQHQWUHRWURV


&(3$/6HULH0DQXDOHV1R

(OHPHQWRVFRQFHSWXDOHV\DSOLFDFLRQHVGHPLFURHFRQRPtDSDUDODHYDOXDFLyQGHSUR\HFWRV

(QFXDOTXLHUDGHORVFDVRVDQWHULRUHVRFXUULUiTXHHOHTXLOLEULRQRVHDOFDQ]DGRQGHODRIHUWDVH
FRUWD FRQ OD GHPDQGD VLQR HQ DOJXQD FDQWLGDG WUDQVDGD D OH GHUHFKD R D OD L]TXLHUGD GH HVH SXQWR
7RPHPRVFRPRHMHPSORXQFDVRGRQGHHOHTXLOLEULRVHDOFDQ]DDODL]TXLHUGDGHOSXQWRGHFRPSHWHQFLD
SHUIHFWDHVGHFLUVHWUDQ]DXQDFDQWLGDGPHQRUTXHODGHFRPSHWHQFLDSHUIHFWD SRUHMHPSORH[LVWHQFLD
GHXQLPSXHVWRHVSHFtILFR\DVHDDOFRQVXPRRSURGXFFLyQGHXQELHQ 
(Q HVWH FDVR HO HTXLOLEULR LQLFLDO VHUi XQR HQ TXH OD FDQWLGDG GHPDQGDGD GHO ELHQ HV ; \ ORV
SUHFLRV GH HTXLOLEULR VHUiQ 3S \ 3F JUiILFR   VLHQGR HVWRV ORV SUHFLRV SDUD HO SURGXFWRU \ HO
FRQVXPLGRU UHVSHFWLYDPHQWH /D GLIHUHQFLD HQWUH DPERV SUHFLRV FRUUHVSRQGH DO PRQWR XQLWDULR GHO
LPSXHVWRHOFXDOHVUHFDXGDGRSRUHO(VWDGR

*5),&2
9$/25$&,1'(%(1(),&,2662&,$/(6(10(5&$'2&21
,03(5)(&&,21(6,038(672(63(&),&2

3;


3F
3F




33
33


;RS;;&DQWLGDG;
)XHQWH(ODERUDFLyQSURSLD


(O EHQHILFLR VRFLDO EUXWR HQ HVWH FDVR FRUUHVSRQGH D OD VXPD GH DPEDV iUHDV DVRFLDGDV DO
EHQHILFLR VRFLDO SRU DXPHQWR GHO FRQVXPR \ SRU DKRUUR GH UHFXUVRV WDO FRPR HQ HO FDVR HQ TXH HO
PHUFDGRHUDSHUIHFWDPHQWHFRPSHWLWLYR6LQHPEDUJRDKRUDHO%6%VHFDOFXODFRPR
%6%

3 S  3 S

3 F  3F
u ;   ; RS  

u ;  ;  

4XpUHODFLyQH[LVWHHQWUHGLFKREHQHILFLRVRFLDO\HOEHQHILFLRSULYDGREUXWR%3%"(OEHQHILFLR
SULYDGR EUXWR LQJUHVRV SULYDGRV SRU YHQWD  TXHGD GHWHUPLQDGR SRU HO SUHFLR FRQ SUR\HFWR 3
PXOWLSOLFDGRSRUODSURGXFFLyQGHOSUR\HFWR %3 3[ 3RUORWDQWR\DQRUHVXOWDFODURYHUTXHHO%3%
VHDPHQRUTXHHO%6% FRPRRFXUUtDHQFRQGLFLRQHVGHFRPSHWHQFLD 



&(3$/6HULH0DQXDOHV1R

(OHPHQWRVFRQFHSWXDOHV\DSOLFDFLRQHVGHPLFURHFRQRPtDSDUDODHYDOXDFLyQGHSUR\HFWRV

,,, (MHUFLFLRV\DSOLFDFLRQHV

$ (OHPHQWRVGHPLFURHFRQRPtD
 

(QHOPHUFDGRGHPiVFDUDVGHFDUQDYDOODVIXQFLRQHVGHGHPDQGD\
RIHUWDGHPHUFDGRVRQODVVLJXLHQWHV
;' 3 GHPDQGD 
;6 3 RIHUWD 
L

&DOFXOHSUHFLR\FDQWLGDGGHHTXLOLEULR

(Q HTXLOLEULR GH PHUFDGR VH FXPSOH OD VLJXLHQWH FRQGLFLyQ 


;'

; 6 /XHJR
   3   3
 3  3   
3 

 UHHPSOD]DQGR HQ ; '    u  

/XHJR  3U HFLR HTXOLEULR  \ ; 

LL &DOFXOHHOH[FHGHQWHGHOSURGXFWRU\GHOFRQVXPLGRU
3



;'

&(3$/6HULH0DQXDOHV1R















(OHPHQWRVFRQFHSWXDOHV\DSOLFDFLRQHVGHPLFURHFRQRPtDSDUDODHYDOXDFLyQGHSUR\HFWRV





([FHGHQWHFRQVXPLGRU











 FDQWLGDGPiVFDUDV

([FHGHQWH GHO 3U RGXFWRU

 u    u



([FHGHQWHSURGXFWRU

  


 u

  


 


([FHGHQWH GHO &RQVXPLGRU

  
u 


 



1RWDUTXHHO([FHGHQWHGHO3URGXFWRUVyORFRQVLGHUDHOiUHDDFKXUDGDRVRPEUHDGDHQURMR(O
iUHDEDMRHOHMH; KDVWDHOSUHFLRQHJDWLYRGH QRWLHQHVHQWLGRHFRQyPLFR

LLL &yPRFDPELDHOHTXLOLEULRGHPHUFDGRVLXQLQFUHPHQWRGHOLQJUHVRGHODSREODFLyQPRGLILFD
ODFXUYDGHGHPDQGDGHPHUFDGRD;' 3


























FDQWLGDGPiVFDUDV


(Q HTXLOLEULR GH PHUFDGR VH FXPSOH OD VLJXLHQWH FRQGLFLyQ 

; ' ; 6 /XHJR
   3   3

 3  3   
 3 

 UHHPSOD]DQGR HQ ; '    u   ; 6
3

/XHJR  3U HFLR HTXOLEULR  \ ; 
LY &DOFXOHODHODVWLFLGDGSUHFLRGHODGHPDQGDSDUDXQDYDULDFLyQGHOSUHFLRGHD+DJDOR
PLVPRSDUDXQFDPELRHQHOSUHFLRGHD'yQGHHVPiVHOiVWLFDODFXUYDGHGHPDQGD"



&(3$/6HULH0DQXDOHV1R

 ; '

6L 3
K

(OHPHQWRVFRQFHSWXDOHV\DSOLFDFLRQHVGHPLFURHFRQRPtDSDUDODHYDOXDFLyQGHSUR\HFWRV

  

' ; '
' 3

K G


  


K
K








(Q HO RWUR FDVR  6L 3  ; '


G

 ; '

   u  \ VL 3

' ; '
' 3

  
  



   u   \ VL 3  ; '
















&RPRVHSXHGHDSUHFLDUODFXUYDHVPiVHOiVWLFDPLHQWUDVPD\RUHVHOSUHFLR
Y

4XpSDVDFRQHOHTXLOLEULRGHPHUFDGRVLHO(VWDGRGHFLGHILMDUXQSUHFLRPi[LPR SDUDODV
PiVFDUDV GH  VXSRQJD HVFHQDULR LLL FRQ OD FXUYD GH GHPDQGD PiV GHVSOD]DGD KDFLD OD
GHUHFKD &yPRFDPELDHOH[FHGHQWHGHOFRQVXPLGRU\HOGHOSURGXFWRU"/DVRFLHGDGHVWi
PHMRUTXHDQWHVGHODILMDFLyQGHOSUHFLRPi[LPR"



























FDQWLGDGPiVFDUDV


6L 3



'

   u 

   u 

? GDGR TXH ;


'





; 6 ([FHVR GH GHPDQGD

&yPRVHHTXLOLEUDHOPHUFDGR"
8QDSRVLELOLGDG VLQRH[LVWHPHUFDGRQHJUR HVDWUDYpVGHODVILODVSDUDREWHQHUHOSURGXFWR(QHVWH
FDVRHOFRQVXPLGRUSDJDSRUHOSURGXFWR\ODGLIHUHQFLDHQWLHPSRGHHVSHUD'DGRTXHODXQLGDG
HVYDORUDGDSRUORVFRQVXPLGRUHVHQ FDOF~OHOR8GPLVPR HOFRVWRGHOWLHPSRDSDJDUHV

([FHGHQWH GHO 3U RGXFWRU 3



([FHGHQWH GHO 3U RGXFWRU 3



'([FHGHQWH GHO 3U RGXFWRU

  
u 

  
u 







 

&(3$/6HULH0DQXDOHV1R

(OHPHQWRVFRQFHSWXDOHV\DSOLFDFLRQHVGHPLFURHFRQRPtDSDUDODHYDOXDFLyQGHSUR\HFWRV

  
u  

  
([FHGHQWH GHO &RQVXPLGRU 3   FRV WR WLHPSR
u 

'([FHGHQWH GHO &RQVXPLGRU 
([FHGHQWH GHO &RQVXPLGRU 3



 

3RUORWDQWRODVRFLHGDGHVWiSHRUTXHDQWHV/RVFRQVXPLGRUHV \SURGXFWRUHVHVWiQSHRUFRQOD
PHGLGDGHILMDFLyQGHOSUHFLR
 

(Q ORV ~OWLPRV  DxRV HO SUHFLR UHDO GH ORV DXWRPyYLOHV KD GLVPLQXLGR VLQ HPEDUJR KR\ VH
SURGXFHQPXFKRVPiVDXWRVTXHKDFHDxRV(VWRGHPXHVWUDTXHODOH\GHODRIHUWDHVVyORXQD
ILFFLyQWHyULFD\HQODSUiFWLFDQRVHFXPSOH

5/DOH\GHODRIHUWDVHxDODTXHDPD\RUSUHFLRPD\RUHVODFDQWLGDGRIUHFLGDGHOELHQFHWHULV
SDULEXV6LQHPEDUJRHQHOFDVRGHOPHUFDGRGHORVDXWRPyYLOHVORVFDPELRVTXHKDH[SHULPHQWDGROD
HFRQRPtD PXQGLDO KDQ KHFKR TXH OD FRQGLFLyQ GH FHWHULV SDULEXV UHTXHULGD SRU OD OH\ GH RIHUWD QR VH
KD\DPDQWHQLGR3RUORWDQWRODEDMDHQORVSUHFLRVUHDOHVGHORVDXWRPyYLOHVHQORV~OWLPRVDxRV\HO
DXPHQWRHQODSURGXFFLyQGHDXWRPyYLOHVQRHVXQDGHPRVWUDFLyQGHTXHODOH\GHODRIHUWDQRVHFXPSOH
HQODSUiFWLFD
$OJXQRVGHORVIDFWRUHVTXHKDQDIHFWDGRODFRQGLFLyQGHFHWHULVSDULEXVVRQORVVLJXLHQWHV
x $XPHQWRGHOLQJUHVRSHUFiSLWDGHODSREODFLyQ GHVSOD]DPLHQWRGHODGHPDQGD 
x 0HMRUDV WHFQROyJLFDV TXH KDQ KHFKR UHGXFLU HO FRVWR GH SURGXFFLyQ GH DXWRPyYLOHV
GHVSOD]DPLHQWRGHODRIHUWD 

2

3  

2

3
3
'
'
4

 

4

4


/DHVFDQGDORVDDO]DGHORVSUHFLRVGHODVYHUGXUDVHVXQDFODUDGHPRVWUDFLyQGHODLQHVFUXSXORVD
DFWLWXG GH DOJXQRV FRPHUFLDQWHV \ DJULFXOWRUHV TXLHQHV EXVFDQ MXVWLILFDFLyQ HQ OD JUDYH VHTXtD
TXHDIHFWyDOSDtVHQHO~OWLPRWLHPSRSDUDKDFHUSUHYDOHFHUVXVPH]TXLQRVLQWHUHVHV

5 /D WHRUtD PLFURHFRQyPLFD QRV GD XQD EXHQD MXVWLILFDFLyQ SDUD HO DXPHQWR GH SUHFLRV GH ORV
SURGXFWRV DJUtFRODV FXDQGR VH SURGXFH XQD VHTXtD /D VHTXtD UHGXFH OD SURGXFFLyQ DJUtFROD \ HVWR VH
WUDGXFHHQXQDPHQRURIHUWDSRUORWDQWRSDUDTXHHOPHUFDGRVHHTXLOLEUHORVSUHFLRVGHEHQDXPHQWDU
GHORFRQWUDULRVHSURGXFLUtDH[FHVRGHGHPDQGD\XQDLQHILFLHQWHDVLJQDFLyQGHUHFXUVRV




&(3$/6HULH0DQXDOHV1R

3  

2

(OHPHQWRVFRQFHSWXDOHV\DSOLFDFLRQHVGHPLFURHFRQRPtDSDUDODHYDOXDFLyQGHSUR\HFWRV

$O GLVPLQXLU OD RIHUWD HO SUHFLR GH


HTXLOLEULRVHLQFUHPHQWDGHVGH3D36LHO
SUHFLRVHPDQWXYLHUDHQ3VHSURGXFLUtDXQ
H[FHVRGHGHPDQGDHTXLYDOHQWHD 44 
OR TXH SURGXFLUtD LQHILFLHQFLDV FRPR ILODV
SDUD FRQVHJXLU HO SURGXFWR R ELHQ TXH
REWHQJDQ HO ELHQ SHUVRQDV TXH OR YDORUDQ
PHQRV TXH 3 PHQRU GLVSRVLFLyQ D SDJDU 
\ VH TXHGHQ VLQ FRQVXPLU HO ELHQ DTXHOODV
SHUVRQDVTXHORYDORUDQPiV

2

3

3

'




 

4

4

4

/DGHPDQGDGHVDOGHPHVDGHEHVHUEDVWDQWHLQHOiVWLFD$~QVLHOSUHFLRFDPELDUDVHJXUDPHQWH
QR DIHFWDUtD OD FDQWLGDG GH VDO TXH OD JHQWH XWLOL]D HQ ORV KXHYRV GXURV ODV SDSDV IULWDV \ ORV
DOLPHQWRVVLPLODUHV(VFLHUWDHVWDDILUPDFLyQ"

5/DGHPDQGDGHVDOGHPHVDHVFDVLSHUIHFWDPHQWHLQHOiVWLFD\DTXHQRSRVHHVXVWLWXWRV\SRU
TXHHOJDVWRTXHVHHIHFW~DHQHVWHELHQUHSUHVHQWDXQDSHTXHxtVLPDSURSRUFLyQGHOJDVWRWRWDOGHOKRJDU
'HELGRDHVWRFDPELRVHQHOSUHFLRQRDIHFWDUiQODFDQWLGDGGHPDQGDGDGHOELHQHQXQKRJDU

3  

3

3

4

&DQWLGDG6DO


% (IHFWRVGHORVSUR\HFWRVHQORVHTXLOLEULRVGHPHUFDGR
 

(QHOSXHEORGH6DQ)UDQFLVFRVHYHQGHQDOPHV.JGHSDQ5HFLHQWHPHQWHXQSURGXFWRU
KD UHDOL]DGR XQ SUR\HFWR TXH OH SHUPLWH DXPHQWDU VX SDUWLFLSDFLyQ HQ HO PHUFDGR \ FRQ VX
SURGXFFLyQORJUDUHGXFLUHQXQHOSUHFLRGHOSDQOOHJDQGRDXQSUHFLRILQDOGH.J6L
ODHODVWLFLGDGGHODRIHUWDHQOD]RQDUHOHYDQWHHV\ODHODVWLFLGDGGHODGHPDQGDFDOFXOH
\JUDILTXHFXDQGRFRUUHVSRQGD
L

FDPELRHQFRQVXPR\HQSURGXFFLyQ



&(3$/6HULH0DQXDOHV1R

(OHPHQWRVFRQFHSWXDOHV\DSOLFDFLRQHVGHPLFURHFRQRPtDSDUDODHYDOXDFLyQGHSUR\HFWRV


3
  

3




 

X




3 



' 4
' 3
/XHJR 

4 G   4 G 

4G 

' 3

4G

  K u '  3 u 4 G 

4G

   u  u 

   u 



;

3 


4RS4G XQLGDGHVPHV 


4 RS

  H u '  3 u 4 RS 

4 RS

   u  u  

4 RS

   u 

4 RS



(OFDPELRHQFRQVXPRHVLJXDOD4G4G  XQLGDGHVPHQVXDOHV\HOFDPELR


HQSURGXFFLyQGHORVRWURVSURGXFWRUHVHVLJXDOD4RS4RS  XQLGDGHVPHQVXDOHV
LL SURGXFFLyQGHOSUR\HFWR
/DSURGXFFLyQGHOSUR\HFWRHVLJXDOD4G4G  XQLGDGHVPHQVXDOHV
LLL EHQHILFLRSULYDGRGHOSUR\HFWR
(OEHQHILFLRSULYDGRGHOSUR\HFWRHVLJXDOD 4G4G [3 [ PHQVXDOHV
LY EHQHILFLRVRFLDOGHOSUR\HFWRHVLJXDOD
963

   u

  
  
    u



 u

  


   PHV


 

/D $VRFLDFLyQ 1DFLRQDO GH 3URGXFWRUHV GH $XWRPyYLOHV $13$  KD VROLFLWDGR DO JRELHUQR GH
0DFRQGR SURKLELU ODV LPSRUWDFLRQHV GH DXWRPyYLOHV TXH DFWXDOPHQWH WLHQHQ XQD SURWHFFLyQ
DUDQFHODULDGH LPSXHVWRDORVDXWRPyYLOHVLPSRUWDGRV 6LHOSUHFLR&,)GHORVDXWRPyYLOHV
LPSRUWDGRV FRVWRGHOYHKtFXORPiVORVVHJXURV\IOHWH HVGH86HOWLSRGHFDPELRGH
PHUFDGRHVGH86\ODVFXUYDVGHRIHUWD\GHPDQGDLQWHUQDVVRQ
4R [3 \ 4G [3

'RQGH3HVHOSUHFLRHQHOPHUFDGRLQWHUQR4XpRSLQDXVWHGVREUHODSURSXHVWD"OHFRQYLHQHDO
SDtVHVWDPHGLGD"

4R
4

0

  u  u   



  u  u   



4G   4R

 ([FHVR GH GHPDQGD TXH HV FXELHUWR FRQ LPSRUWDFLRQHV



&(3$/6HULH0DQXDOHV1R

(OHPHQWRVFRQFHSWXDOHV\DSOLFDFLRQHVGHPLFURHFRQRPtDSDUDODHYDOXDFLyQGHSUR\HFWRV


X 











0 

(IHFWRVGHSURKLELUODVLPSRUWDFLRQHV
x 0HQRU&RQVXPR  
x 0D\RUSURGXFFLyQQDFLRQDO  
x 5HGXFFLyQGHLPSRUWDFLRQHV 
&RVWRV\EHQHILFLRVVRFLDOHV
x &RVWRSRUPHQRUFRQVXPR   [ 
x &RVWRSRUPD\RUXVRGHUHFXUVRV   [ 
x %HQHILFLRSRUDKRUURGHGLYLVDV [ 
3RU OR WDQWR QR OH FRQYLHQH DO SDtV HVWD PHGLGD \D TXH VL VH SURKtEH LPSRUWDU HO SDtV SHUGHUtD
  

& $SOLFDFLRQHVDSUR\HFWRV
(O SXHEOR GH 9HPRVSRFR QR FXHQWD FRQ HQHUJtD HOpFWULFD SRU UHG SRU OR TXH GHEHQ XWLOL]DU VXVWLWXWRV
FRPRYHODVSLODV \NHURVHQH(OPXQLFLSLRHVWiHVWXGLDQGRHOSUR\HFWRGHLQVWDODUHOVHUYLFLRHQGLFKD
ORFDOLGDG\OHVROLFLWDD8GTXHUHDOLFHVXHYDOXDFLyQVRFLDO
'H DFXHUGR D OD LQIRUPDFLyQ UHFRSLODGD H[LVWHQ  KRJDUHV GH EDMRV LQJUHVRV  GH LQJUHVRV
PHGLRV \  GH LQJUHVRV DOWRV 3DUD GHWHUPLQDU OD VLWXDFLyQ DFWXDO GH FRQVXPR \ SUHFLRV VH UHDOL]y XQD
HQFXHVWDDWRGDVODVIDPLOLDVGH9HPRVSRFRFX\RVUHVXOWDGRVVHSUHVHQWDQDFRQWLQXDFLyQ

&8$'52
&219(56,1$35(&,2681,7$5,26325)8(17(6$/7(51$7,9$6'((1(5*$
)XHQWHGH
(QHUJtD
9HODV X 

)DFWRUHV
FRQYHUVLyQ
DN:K

&RQVXPR0HQVXDO3URPHGLR
>)XHQWH0HV)DPLOLD@
,QJ%DMRV

,QJ0HGLRV

,QJ$OWRV

3UHFLR
8QLWDULR
>IXHQWH@











%DWHUtDV FDUJDV 











3LODV Q 































.HURVHQH OW 
'LHVHO OW 

)XHQWH(QFXHVWDHQORFDOLGDGGH9HPRVSRFR 



&(3$/6HULH0DQXDOHV1R

(OHPHQWRVFRQFHSWXDOHV\DSOLFDFLRQHVGHPLFURHFRQRPtDSDUDODHYDOXDFLyQGHSUR\HFWRV

8QD YH] HMHFXWDGR HO SUR\HFWR HO SUHFLR TXH GHEHUiQ SDJDU ODV IDPLOLDV HV GH  .:+ FRVWR
PDUJLQDOGHSURGXFFLyQ \XQFDUJRILMRPHQVXDOGHSRUIDPLOLD/RVUHJLVWURVGHFRQVXPRGHOSXHEOR
GH &KLWDTXHYHPRV ORFDOLGDG YHFLQD GH 9HPRVSRFR TXH FXHQWD HQ OD DFWXDOLGDG FRQ HQHUJtD HOpFWULFD 
LQGLFDQTXHDORSHUDUHOSUR\HFWRHOFRQVXPRPHQVXDOVHUiGH.ZKSDUDODVIDPLOLDVGHEDMRVLQJUHVRVGH
NZKSDUDODVIDPLOLDVGHLQJUHVRVPHGLR\NZKSDUDODVIDPLOLDVGHLQJUHVRVDOWRV
(O HVWXGLR HVWLPDFLyQ GH OD IRUPD IXQFLRQDO GH OD FXUYD GH GHPDQGD SRU HQHUJtD HOpFWULFD
UHVLGHQFLDOUHDOL]DGRSRUOD6HFUHWDUtDGH3ODQLILFDFLyQ1DFLRQDOFRQFOX\yTXHODIXQFLyQGHGHPDQGDHV
GHOWLSR4 $[3K'RQGH$HVXQDFRQVWDQWH3HVHOSUHFLRGHODHQHUJtDHOpFWULFD\HVODHODVWLFLGDG
SUHFLRGHODGHPDQGD
&RQHVWDLQIRUPDFLyQVHOHSLGHTXHFDOFXOHHOEHQHILFLRVRFLDOEUXWRGHOSUR\HFWRSDUDHODxR

 'HVDUUROOR
D  'HWHUPLQDFLyQVLWXDFLyQVLQSUR\HFWR
/RSULPHURTXHGHEHPRVKDFHUHVGHWHUPLQDUODVLWXDFLyQLQLFLDOGHPHUFDGRSDUDFDGDWLSRGHFRQVXPLGRU
HVGHFLUGHWHUPLQDUHOSUHFLR\ODFDQWLGDGGHHTXLOLEULRSDUDFDGDXQRHQODVLWXDFLyQVLQSUR\HFWR
3DUDHOORGHEHPRVVHJXLUORVVLJXLHQWHVSDVRV
x &DOFXODUODFDQWLGDGPHQVXDOGHPDQGDGD HQ.:+ 
x &DOFXODUHOSUHFLRSURPHGLRSRU.:+
3DUDFDOFXODUODFDQWLGDGPHQVXDOGHPDQGDGDSRUFDGDWLSRGHFRQVXPLGRUGHEHPRVPXOWLSOLFDUOD
FDQWLGDGFRQVXPLGDPHQVXDOPHQWHGHFDGDIXHQWHDOWHUQDWLYDGHHQHUJtDSRUVXIDFWRUGHWUDQVIRUPDFLyQ
GH XQLGDGHV D .:+ FROXPQD  GHO FXDGUR (Q HO FDVR GH XQD IDPLOLD GH LQJUHVRV EDMRV HO UHVXOWDGR
VHUtDHOVLJXLHQWH

.ZK
.ZK
.ZK
u  OLWUR .HURVHQH
u  SLODV  
4 IDPLOLD LQJUHVRV EDMRV .ZK  PHV 
u  YHODV  
YHOD
SLODV
OLWUR .HURVHQH
4 IDPLOLD LQJUHVRV EDMRV .ZK  PHV 


/XHJRSDUDGHWHUPLQDUHOSUHFLRSURPHGLRHQODVLWXDFLyQVLQSUR\HFWRGHEHPRVFDOFXODUHOJDVWR
PHQVXDOGHODVLWXDFLyQVLQSUR\HFWR \GLYLGLUHVWH YDORUSRUODFDQWLGDGWRWDOFRQVXPLGD6LJXLHQGRHO
FiOFXORFRQODIDPLOLDGHLQJUHVRVEDMRVWHQHPRVORVLJXLHQWH
* IDPLOLD

LQJUHVRV EDMRV

4 IDPLOLD

LQJUHVRV EDMRV




u  OLWUR .HURVHQH u 
  PHV  YHODV u    YHOD   SLODV u 
SLODV
SLOD


.ZK  PHV 

/XHJR
3   .ZK

*DVWR
4






E  'HWHUPLQDFLyQVLWXDFLyQFRQSUR\HFWR
(OSUHFLRFRQSUR\HFWRHVXQGDWRGHOSUR\HFWR .ZK (OFDUJRILMRTXHGHEHQSDJDUODVSHUVRQDVHV
UHOHYDQWHSDUDWRPDUODGHFLVLyQGHLQFRUSRUDUVHRQRDOSUR\HFWR FRQHFWDUVHDOVLVWHPD SHURXQDYH]
TXH HVWDGHFLVLyQ VH WRPy OD GHFLVLyQGH FRQVXPR GHSHQGH H[FOXVLYDPHQWH GHO SUHFLR GHO .ZK SDUWH
YDULDEOHGHODWDULID 
/D FDQWLGDG FRQVXPLGD VH REWLHQH HQ HVWH FDVR SRU FRPSDUDFLyQ FRQ XQD IDPLOLD GH
FDUDFWHUtVWLFDVVRFLRHFRQyPLFDVVLPLODUHVGHXQDORFDOLGDGFHUFDQD SRUORWDQWRSRGHPRVVXSRQHUTXHHO
FOLPDHVEDVWDQWHVLPLODU\ODWDULIDFREUDGDWDPELpQ SHURTXHGLVSRQHGHHQHUJtDHOpFWULFD(QHOFDVRGH
ODVIDPLOLDVGHLQJUHVRVEDMRVHOFRQVXPRPHQVXDODOGLVSRQHUGHHQHUJtDHOpFWULFDHVGH.ZK




&(3$/6HULH0DQXDOHV1R

(OHPHQWRVFRQFHSWXDOHV\DSOLFDFLRQHVGHPLFURHFRQRPtDSDUDODHYDOXDFLyQGHSUR\HFWRV

/XHJR
3FRQSUR\HFWR  .ZK 
4FRQSUR\HFWR  .ZKPHV 
F  &iOFXORGHO%HQHILFLR6RFLDO%UXWR
+DVWDDKRUDGLVSRQHPRVGHODLQIRUPDFLyQFRUUHVSRQGLHQWHDORVSXQWRV$\%GHOJUiILFRVLJXLHQWH
.ZK











$

%

.ZKPHV

6HJ~Q OR LQGLFD OD 6HFUHWDUtD GH 3ODQLILFDFLyQ 1DFLRQDO OD IXQFLyQ GH GHPDQGD SRU HQHUJtD
HOpFWULFDHVGHOWLSR4 $[3K'RQGH$HVXQDFRQVWDQWH3HVHOSUHFLRGHODHQHUJtDHOpFWULFD\HVOD
HODVWLFLGDGSUHFLRGHODGHPDQGD
&RQODLQIRUPDFLyQGLVSRQLEOHSRGHPRVFDOFXODU\$

4
/Q 
4
K
3
/Q 
3
/XHJR 


/Q



/Q

4
3K
/XHJR 

$

$








/DIRUPDIXQFLRQDOGHILQLGDFRUUHVSRQGHDXQDKLSpUERODHTXLOiWHUDOXHJRWLHQHODIRUPDTXHVH
LQGLFDHQODVLJXLHQWHILJXUDOXHJRHO%6%HVHOiUHDVRPEUHDGD



&(3$/6HULH0DQXDOHV1R

(OHPHQWRVFRQFHSWXDOHV\DSOLFDFLRQHVGHPLFURHFRQRPtDSDUDODHYDOXDFLyQGHSUR\HFWRV




.ZK



















.ZKPHV

3DUDFDOFXODUHOiUHDVRPEUHDGDGHEHPRVXWLOL]DUODVLJXLHQWHIyUPXOD HVWDVHREWLHQHFDOFXODQGR
HOiUHDGHOUHFWiQJXOR3R4RPiVODLQWHJUDOGHODIXQFLyQGHGHPDQGDTXHFRUUHVSRQGHDOiUHDEDMROD
FXUYDGHGHPDQGDHQWUH4\4

%6%UHV W

34 

4 KW KW  4 KW KW


  K W $W

  KW

/XHJRSDUDXQDIDPLOLDGHLQJUHVRVEDMRVHO%6%HV

%6%UHV W

 u  

%6%UHV W



        


   u   

/HFRQYLHQHDHVWDIDPLOLDFRQHFWDUVH"
(OSDJRTXHGHEHUiUHDOL]DUPHQVXDOPHQWHHVHOVLJXLHQWH

*DVWR

*DVWR 9DULDEOH  *DVWR )LMR

 u   

   PHV 


/XHJROHFRQYLHQHSXHVHO%6%PHQVXDOHVGH\WLHQHXQFRVWRGHSRUORWDQWRVX
H[FHGHQWHQHWRPHQVXDOHVGH
&DOFXOHHO%6%GHODVRWUDVIDPLOLDV LQJUHVRVPHGLRV\DOWRV &XiOHVHO%6%DQXDOTXHJHQHUD
HOSUR\HFWR"



&(3$/6HULH0DQXDOHV1R

(OHPHQWRVFRQFHSWXDOHV\DSOLFDFLRQHVGHPLFURHFRQRPtDSDUDODHYDOXDFLyQGHSUR\HFWRV

,9&RQFOXVLRQHV

/DHYDOXDFLyQVRFLDOGHSUR\HFWRVHVODDSOLFDFLyQSUiFWLFDGHODHFRQRPtD
GHO ELHQHVWDU D OD WRPD GH GHFLVLRQHV GH LQYHUVLyQ VLHQGR SRU OR WDQWR
QHFHVDULR SDUD ORV SURIHVLRQDOHV TXH VH GHGLFDQ D OD IRUPXODFLyQ \
HYDOXDFLyQGHSUR\HFWRVWHQHUFRQRFLPLHQWRVEiVLFRVGHWHRUtDHFRQyPLFD
HQSDUWLFXODUVREUHHOFRPSRUWDPLHQWRGHOFRQVXPLGRU\GHOSURGXFWRU
(VWDSXEOLFDFLyQIXHHODERUDGDFRQHOREMHWLYRGHVHUXQHOHPHQWR
GH DSR\R D OD GRFHQFLD LPSDUWLGD HQ ORV FXUVRV GH 3UHSDUDFLyQ \
(YDOXDFLyQ GH 3UR\HFWRV SRU ORV SURIHVLRQDOHV GHO ,QVWLWXWR
/DWLQRDPHULFDQR \ GHO &DULEH GH 3ODQLILFDFLyQ (FRQyPLFD \ 6RFLDO
,/3(6  SHQVDQGR IXQGDPHQWDOPHQWH HQ DTXHOORV SURIHVLRQDOHV TXH
SURYLHQHQGHiUHDVGLVWLQWDVDODHFRQRPtD\TXHUHTXLHUHQFRPSUHQGHUHQ
IRUPDEiVLFD\PX\GLGiFWLFDORVFRQFHSWRVGHODPLFURHFRQRPtDSDUDVX
SRVWHULRUDSOLFDFLyQHQPDWHULDVGHHYDOXDFLyQVRFLDOGHSUR\HFWRV
/D SULPHUD VHFFLyQ GH HVWH GRFXPHQWR VH FRQFHQWUy HQ DVSHFWRV
WHyULFRVEiVLFRVGHPLFURHFRQRPtDUHYLViQGRVHDVSHFWRVUHODFLRQDGRVFRQ
HO FRPSRUWDPLHQWR GHO FRQVXPLGRU HQ GyQGH FRQVWDWDPRV TXH HO
FRQVXPLGRU GHWHUPLQD VXV DFFLRQHV LQWHQWDQGR PD[LPL]DU VX QLYHO GH
XWLOLGDG VXMHWR D XQD UHVWULFFLyQ SUHVXSXHVWDULD UHYLViQGRVH FRQFHSWRV
LPSRUWDQWHV FRPR XWLOLGDG PDUJLQDO GHPDQGD LQGLYLGXDO OH\ GH OD
GHPDQGDH[FHGHQWHGHOFRQVXPLGRUHODVWLFLGDG/XHJRVHUHYLVyDVSHFWRV
UHODFLRQDGRVFRQHOFRPSRUWDPLHQWRGHOSURGXFWRUTXLHQWRPDGHFLVLRQHV
LQWHQWDQGRPD[LPL]DUVXXWLOLGDGHFRQyPLFDRJDQDQFLDSDUDRFXDOGHEH
GHWHUPLQDUODFRPELQDFLyQGHIDFWRUHVSURGXFWLYRVTXHOHSHUPLWDSURGXFLU
DO PHQRU FRVWR VXUJLHQGR FRQFHSWRV FRPR SURGXFFLyQ PDUJLQDO FRVWR
PDUJLQDORIHUWDH[FHGHQWHGHOSURGXFWRU\HODVWLFLGDGRIHUWD
8QDYH]DQDOL]DGRVORVFRQFHSWRVEiVLFRVGHWHRUtDGHOFRQVXPLGRU
\GHOSURGXFWRUDQDOL]yFyPRODVXPDKRUL]RQWDOGHODGHPDQGD\RIHUWD
LQGLYLGXDOHV FRQVWLWX\HQ OD GHPDQGD \ RIHUWD GH PHUFDGR ODV TXH DO
LQWHUDFWXDU HQ XQ PHUFDGR VLQ GLVWRUVLRQHV JHQHUDQ XQ HTXLOLEULR TXH


&(3$/6HULH0DQXDOHV1R

(OHPHQWRVFRQFHSWXDOHV\DSOLFDFLRQHVGHPLFURHFRQRPtDSDUDODHYDOXDFLyQGHSUR\HFWRV

HVWDEOHFH XQ SUHFLR \ FDQWLGDG SURGXFLGD \ FRQVXPLGD TXH VH LJXDODQ (VWH HTXLOLEULR SXHGH YHUVH
DIHFWDGR HQ SUHVHQFLD GH GLVWRUVLRQHV GH PHUFDGR WDOHV FRPR LPSXHVWRV R VXEVLGLRV HQWUH RWUDV
GLVWRUVLRQHV
/D VHJXQGD VHFFLyQ GH HVWH GRFXPHQWR UHYLVy HO HIHFWR GH XQ SUR\HFWR VREUH HO PHUFDGR GHO
SURGXFWR \ GH ORV LQVXPRV XWLOL]DGRV HQ VX SURGXFFLyQ SHUPLWLHQGR HQWHQGHU ORV EHQHILFLRV \ FRVWRV
VRFLDOHVGLUHFWRVTXHHOSUR\HFWRJHQHUDUi\TXLpQHVVHUiQORVSULQFLSDOHVDIHFWDGRVREHQHILFLDGRVSRUpO
)LQDOPHQWH OD WHUFHUD VHFFLyQ HQWUHJD XQ FRQMXQWR GH HMHUFLFLRV SUiFWLFRV TXH OH SHUPLWLUiQ DO
HVWXGLDQWHDSOLFDUORVFRQRFLPLHQWRVWHyULFRVFRQHOREMHWRGHIDFLOLWDUVXFRPSUHQVLyQ
(VHOGHVHRGHORVDXWRUHVTXHHVWHGRFXPHQWRSHUPLWDDORVDOXPQRV\OHFWRUHVQRHVSHFLDOLVWDVHQ
HFRQRPtD D FRPSUHQGHU ORV IDFWRUHV TXH HVWiQ GHWUiV GH OD WRPD GH GHFLVLRQHV GH FRQVXPLGRUHV \
SURGXFWRUHV \ OHV VLUYD GH KHUUDPLHQWD SDUD HVWXGLDU HO HIHFWR TXH ODV GHFLVLRQHV GH LQYHUVLyQ S~EOLFD
WLHQHVREUHORVGLVWLQWRVPHUFDGRV



&(3$/6HULH0DQXDOHV1R

(OHPHQWRVFRQFHSWXDOHV\DSOLFDFLRQHVGHPLFURHFRQRPtDSDUDODHYDOXDFLyQGHSUR\HFWRV

%LEOLRJUDItD

(QJHO (GXDUGR 'HSDUWDPHQWR GH ,QJHQLHUtD ,QGXVWULDO 8QLYHUVLGDG GH &KLOH


$SXQWHV,1$
'L[LW $YLQDVK \ 1DOHEXII %DUU\ 3HQVDU (VWUDWpJLFDPHQWH D HGLFLyQ
$QWRQL%RVFK%DUFHORQD(VSDxD
.UHSV'DYLG&XUVRGH7HRUtD0LFURHFRQyPLFDDHGLFLyQ0F*UDZ+LOO
0DGULG(VSDxD
1DOHEXII %DUU\ \ %UDQGHQEXUJHU $GDP &RRSHWHQFLD D HGLFLyQ
(GLWRULDO1RUPD%RJRWi&RORPELD
1LFKROVRQ : 0LFURHFRQRPLF 7KHRU\ %DVLF 3ULQFLSOHV DQG ([WHQVLRQV
'U\GHQ3UHVV&KLFDJR86$
6DPXHOVRQ3(FRQRPtD(GLWRULDO0FJUDZ+LOO0p[LFR')0p[LFR

7LUROH -HDQ 2UJDQL]DFLyQ ,QGXVWULDO D HGLFLyQ (GLWRULDO $ULHO 6$
%DUFHORQD(VSDxD
9DULDQ +DO $QiOLVLV 0LFURHFRQyPLFR D HGLFLyQ $QWRQL %RVFK
%DUFHORQD(VSDxD
BBB0LFURHFRQRPtD ,QWHUPHGLD D HGLFLyQ $QWRQL %RVFK %DUFHORQD
(VSDxD



&(3$/6HULH0DQXDOHV1R

(OHPHQWRVFRQFHSWXDOHV\DSOLFDFLRQHVGHPLFURHFRQRPtDSDUDODHYDOXDFLyQGHSUR\HFWRV

6HULH


PDQXDOHV

1~PHURVSXEOLFDGRV
(OOLVWDGRFRPSOHWRGHHVWDFROHFFLyQDVtFRPRODVYHUVLRQHVHOHFWUyQLFDVHQSGI
HVWiQGLVSRQLEOHVHQQXHVWURVLWLRZHEZZZFHSDORUJSXEOLFDFLRQHV

 (OHPHQWRV FRQFHSWXDOHV \ DSOLFDFLRQHV GH PLFURHFRQRPtD SDUD OD HYDOXDFLyQ GH SUR\HFWRV -HVVLFD &XDGURV -XDQ
)UDQFLVFR3DFKHFR)HUQDQGR&DUWHV(GXDUGR&RQWUHUDV /&//&,3/ 
 0HWRGRORJLDSDUDHODERUDomRGHHVWUDWpJLDVGHGHVHQYROYLPHQWRORFDO,YiQ6LOYD/LUD\&DUORV6DQGRYDO(VFXGHUR
/&/ 
 $YDQFH GH OD &XHQWD 6DWpOLWH GH 6HUYLFLRV GH 6DOXG HQ OD 5HJLyQ GH ODV $PpULFDV )HGHULFR 'RUtQ /&/ 

 *XtDSDUDDVHJXUDUODFDOLGDGGHORVGDWRVFHQVDOHV*ODG\V0DVVp /&/3 
 /D FDSDFLWDFLyQ GH VXSHUYLVRUHV\ HPSDGURQDGRUHV HQ ORV FHQVRV GH 0DUtD &HFLOLD 5RGUtJXH] /&/ 

 5HFRPHQGDFLRQHVSDUDORVFHQVRVGHODGpFDGDGHHQ$PpULFD/DWLQD /&/3 
 0RGHORGHDQiOLVLVGHOJDVWRVRFLDO\SULPHU2EMHWLYRGH'HVDUUROORGHO0LOHQLR5RGULJR0DUWtQH]$PDOLD3DOPD
0DUtD3D]&ROOLQDR\&ODXGLD5REOHV /&/3 
 *XtD SDUD OD HODERUDFLyQ GH XQ SUR\HFWR FHQVDO *ODG\V 0DVVp /&/3  1 GH YHQWD 6,,* 86
 
 3ODQLILFDFLyQHVWUDWpJLFDHLQGLFDGRUHVGHGHVHPSHxRHQHOVHFWRUS~EOLFR0DULDQHOD$UPLMR /&/3 1GH
YHQWD6,,* 86 
 )RUPXODFLyQ GH SURJUDPDV FRQ OD PHWRGRORJtD GH PDUFR OyJLFR /&/3  1 GH YHQWD 6,,* 86
 
 &RQWHRLQWHUFHQVDOGHSREODFLyQ\YLYLHQGD /&/3 1GHYHQWD6,,* 86 
 0DQXDOGHOXVXDULRGHO2EVHUYDWRULRGH&RPHUFLRH,QWHJUDFLyQGH&HQWURDPpULFD-RVp'XUiQ/LPD$QGUpV<DxH]
\0DULDQROYDUH] /&/3 1GHYHQWD6,,* 86 
 *DVWR VRFLDO PRGHOR GH PHGLFLyQ \ DQiOLVLV SDUD $PpULFD /DWLQD \ HO &DULEH /&/3  1 GH YHQWD
6,,* 86 
 0HWDHYDOXDFLyQHQVLVWHPDVQDFLRQDOHVGHLQYHUVLyQS~EOLFD-XDQ)UDQFLVFR3DFKHFR /&/3 1GHYHQWD
6,,* 86 
 (YDOXDFLyQ GH LQYHUVLRQHV EDMR LQFHUWLGXPEUH WHRUtD \ DSOLFDFLRQHV D SUR\HFWRV HQ &KLOH (GXDUGR &RQWUHUDV
/&/3 1GHYHQWD6,,* 86 
 /DHFRQRPtDGHLQJUHVRVWULEXWDULRV8QPDQXDOGHHVWLPDFLRQHVWULEXWDULDV)HUQDQGR50DUWtQ /&/3 1
GHYHQWD6,,* 86 




x

(OOHFWRULQWHUHVDGRHQDGTXLULUQ~PHURVDQWHULRUHVGHHVWDVHULHSXHGHVROLFLWDUORVGLULJLHQGRVXFRUUHVSRQGHQFLDDOD8QLGDGGH
'LVWULEXFLyQ&(3$/&DVLOOD'6DQWLDJR&KLOH)D[  FRUUHRHOHFWUyQLFRSXEOLFDWLRQV#HFODFFO






'LUHFFLyQ

&yGLJRSRVWDOFLXGDGSDtV

1RPEUH
$FWLYLGDG

7HO)D[(PDLO



You might also like