=?
DUWLJR W«FQLFR
, $2& - / )&$ ÅÃ, !" !&0-,0&1&3,0 !" 21,* ÅÃ, /"!"0 &+!201/& &0
(QJ | 1XQR 'LDV
*HVWRU GH SURGXWR QD ) )RQVHFD 6 $ )RQWH 7KH JXLGH WR FRQQHFWLQJ DXWRPDWLRQ GHYLFHV WR LQGXVWULDO QHWZRUNV +06
*,0 002*&/ .2" ,+01/Ð& *")%,/ *Á.2&+ !" 21,* ÅÃ, &+!201/& ) 1Ç %,'" # /& ! : *"/ !, !" 21,* ÅÃ, #& &+1"/"00 !, + 02 +,3 &+3"+ÅÃ, " /" " " -"!&!,0 !"00 *Á.2&+ 8 !" #Á /& 0 !" 1,!,0 ,0 +1,0 !, *2+!,Z ,/12$ )8 2Ç & 8 -Ã, )"* +% 8 %&+ 8 / 0&) J- / &1 / -"+ 0 )$2+0K: -/, )"* Ç .2" 1,! 0 "01 0 #Á /& 0 20 * !&#"/"+1"0 ,+1/,) !,/"0 " !&#"/"+1"0 /"!"0 &+!201/& &0 " 02 *Á.2&+ 1"/Á !" ,*2+& / ,* 1,! 0 "01 0 /"!"0: ,*, Ç .2" -,!" ,+0"$2&/ ,+"1&3&! !" *2)1&9/"!" !" 2* #,/* .2" 0"' ! -1Á3") , 0"2 -/Ð-/&, 0&01"* i .2& "01Á 2* $2& - / 0 &+ ,0 -/&+ &- &0 #,/* 0 !" )&$ ÅÃ, !" !&0-,0&1&3,0 ,2 *Á.2&+ 0 /"!"0 &+!201/& &0Z &+ , #,/* 0 !" 0" )&$ / 2* /"!": /È0 " ,+1/ 0r <: ,+01/2&/ , !&0-,0&1&3, !" )&$ ÅÃ, !" / &7 (VWD « D HVFROKD VH TXLVHUPRV WHU R FRQWUROR WRWDO GD VROX©¥R 7HU£ GH VHU H[HFXWDGR WRGR R GHVLJQ GR KDUGZDUH FRQVWUX©¥R H DVVHPEOD JHP GH WRGDV DV SH©DV QHFHVV£ULDV 7HU£ GH GHVHQYROYHU WRGR R VRIWZDUH QHFHVV£ULR TXH SHUPLWD D FRPXQLFD©¥R HQWUH R VHX VLVWHPD H D UHGH 6H RSWDU SRU HVWD VROX©¥R GHYHU£ DGTXLULU H FRQVWUXLU FRQKHFLPHQWR GDV UHGHV GHͤQLGDV QRV VHXV HTXLSDPHQWRV EHP FRPR GDV UHGHV LQGXVWULDLV RQGH YDL WHU TXH VH OLJDU $ GHVYDQWDJHP « TXH LU£ QHFHVVLWDU GH PXLWR WHPSR SDUD GHVHQYROYHU R SURMHWR FRP UHFXUVRV DORFDGRV D SDUWLU GR VHX FRUSR GH FRPSHW¬QFLDV LQWHUQDV TXH Q¥R Y¥R HV WDU D WUDEDOKDU QD PHOKRU P£TXLQD GH WRGRV RV WHPSRV 'HYHU£ DLQGD DFRPSDQKDU DV HYROX©·HV GH WRGDV DV UHGHV H VHPSUH TXH ZZZ RHOHFWULFLVWD SW R HOHFWULFLVWD
UHFHEHU XPD VROLFLWD©¥R SDUD XPD QRYD UHGH GHYHU£ FRPH©DU HVWH SURFHVVR QRYDPHQWH 6H QHFHVVLWDU DSHQDV GH VH OLJDU D XPD UHGH LQGXVWULDO HVWD SRGHU£ VHU XPD RS©¥R YL£YHO PDV DVVLP TXH FRPH©DUHP D DSDUH FHU QRYRV SHGLGRV SDUD UHGHV GLIHUHQWHV D PDLRULD GDV HPSUHVDV DFKDP TXH HVWD RS©¥R H[LJH PXLWR WHPSR H UHFXUVRV ( PDLV LPSRU WDQWH HVWD RS©¥R UHWLUD UHFXUVRV GR VHX FRUSR GH FRPSHW¬QFLDV 5HVXPLQGR FRQVWUXLU XP GLVSRVLWLYR GH UDL] G£ XP FRQWUROR WRWDO GD VROX©¥R PDV H[L JH PXLWRV UHFXUVRV H WHPSR
=: "/0,+ )&7 / 0,)2ÅÃ, - /1&/ !" 2* %&- !" ,*2+& ÅÃ, 8P FKLS GH FRPXQLFD©¥R « FRPSRVWR SRU XP SURFHVVDGRU GH UHGH HP TXH « GHVFDUUHJDGR R UHVSHWLYR SURFHVVR GH WDUHIDV GH FRPXQLFD©¥R DO«P GH WRGDV DV DSOLFD©·HV QHFHVV£ULDV ¢ OLJD ©¥R GDV Y£ULDV UHGHV LQGXVWULDLV &RP XPD VR OX©¥R EDVHDGD HP FKLS H[LVWH D QHFHVVLGDGH GH VH SURMHWDU WRGR R KDUGZDUH HP UHGRU GR FKLS 'R SRQWR GH YLVWD GR VRIWZDUH WHU£ XPD VROX©¥R FRPSOHWD HP TXH Q¥R H[LVWH D QHFHVVLGDGH GH VH SUHRFXSDU FRP DWXDOL]D©·HV QHP PDQXWHQ ©¥R GHSRLV GH HVFROKLGR H LQVWDODGR R FKLS (P JHUDO RV PHOKRUHV IRUQHFHGRUHV GH FKLSV IRU QHFHP DWXDOL]D©·HV GH VRIWZDUH VHPSUH TXH DV UHGHV V¥R UHGHͤQLGDV RX QRYDV IXQFLRQDOL GDGHV HVWLYHUHP GLVSRQ¯YHLV 3RU H[HPSOR SDUD UHGHV GH (WKHUQHW LQGXVWULDLV H[LVWHP VROX©·HV GH FKLS HP TXH H[LVWH D SRVVLELOLGDGH GH XVDU R PHVPR FKLS SDUD UHGHV GLIHUHQWHV 6µ « QH FHVV£ULR UHSURJUDPDU R FKLS FRP R VRIWZDUH GD UHVSHWLYD UHGH (WKHUQHW H D VXD P£TXLQD ͤFD SURQWD D FRPXQLFDU FRP HVVD UHGH 8P FKLS « XPD ERD VROX©¥R SDUD TXHP IDEULFD XPD V«ULH HOHYDGD GH SURGXWRV H TXHU PLQLPL]DU RV FXVWRV SRLV FRQVHJXH HVFROKHU H[DWDPHQWH TXDLV RV FRPSRQHQWHV TXH SUHFL VD SDUD FRORFDU HP UHGRU GR FKLS 1R HQWDQWR UHTXHU WUDEDOKR GH HQJHQKDULD H GHVLJQ GH SUR MHWR QD IDVH LQLFLDO FRP D QHFHVVLGDGH GH XVDU UHFXUVRV FRP FRQKHFLPHQWR GH FRPXQLFD©·HV HP UHGHV SDUD R GHVHQYROYLPHQWR GH WRGDV DV FRQFH©·HV H KDUGZDUH SDUD OLJD©¥R DR FKLS 5HVXPLQGR D VROX©¥R FRP FKLS « PDLV IOH[¯YHO PDV H[LJH PXLWRV UHFXUVRV QD IDVH GH SURMHWR
>: + ,/-,/ / 2* -) &+1"$/ ! 'Á -/,+1 8PD SODFD LQWHJUDGD « EDVLFDPHQWH XPD VROX©¥R GH FRPXQLFD©¥R FRPSOHWD FRP WRGR R KDUGZDUH H VRIWZDUH LQFOX¯GR HP TXH Vµ « QHFHVV£ULR DGLFLRQDU FRQHWRUHV GH OLJD©¥R SUµSULRV (VWD VROX©¥R « PXLWDV YH]HV SUHIHU¯YHO VH H[LVWHP UHVWUL©·HV PH F¤QLFDV RX FODVVHV GH ,3 D FRQVLGHUDU YLV WR TXH SRGH VHU LQFRUSRUDGD GH XPD IRUPD PXLWR IOH[¯YHO 7DO FRPR QD VROX©¥R GR FKLS HVWD M£ YHP FRP WRGRV RV VRIWZDUHV QHFHVV£ULRV SDUD OL JD©¥R HQWUH D VXD P£TXLQD H DV Y£ULDV UHGHV 'HSRLV GH GHVHQKDGD D VROX©¥R SDUD WHU D UHGH TXH SUHWHQGH EDVWD WURFDU D SODFD LQWH JUDGD SDUD DOWHUDU D UHGH RX ID]HU GRZQORDG GR UHVSHWLYR VRIWZDUH QR FDVR GD (WKHUQHW $OJXPDV GHVWDV SODFDV M£ V¥R SU« FHUWLͤ FDGDV SDUD DV Y£ULDV UHGHV UHGX]LQGR DVVLP RV FXVWRV GH FHUWLͤFD©¥R 1R HQWDQWR HVWD VROX©¥R UHTXHU DOJXP WUDEDOKR GH HQJHQKDULD GH SURMHWR QD IDVH LQL FLDO SDUD R GHVHQYROYLPHQWR GH WRGDV DV OLJD ©·HV ¢ SODFD (VWD VROX©¥R « XPD RS©¥R YL£YHO SDUD DSOLFD©·HV FRP JUDQGHV YROXPHV GH HTXLSDPHQWRV 5HVXPLQGR VRIWZDUH H KDUGZDUH LQFOX¯ GRV DSHQDV QHFHVV£ULR DGLFLRQDU FRQHWRUHV H FRPSRQHQWHV SHULI«ULFRV
?: Ð!2), !" ,*2+& ÅÃ, ,*-)"1, 8P PµGXOR FRP PXOWL FRQHWLYLGDGH SURQWR D LQVWDODU « D VROX©¥R PDLV SRSXODU SDUD LQWHJUDU SURGXWRV GH DXWRPD©¥R QXPD UHGH LQGXVWULDO $VVLP DV HPSUHVDV SRGHP FRQFHQWUDU VH DSHQDV QD FRQVWUX©¥R GRV VHXV SURGXWRV RX GDV VXDV P£TXLQDV OLEHUWDQGR VH GR WHPSR GHVSHQGLGR H DORFD©¥R GH UHFXUVRV SDUD R GHVHQYROYLPHQWR GD FRQHWLYLGDGH GRV VHXV HTXLSDPHQWRV &RP XP PµGXOR GH FRPXQLFD©¥R FRP SOHWR Vµ K£ QHFHVVLGDGH GH GHͤQLU R PRGR GH OLJD©¥R FRP R PµGXOR H SUHSDUDU R VHX SURGXWR RX P£TXLQD SDUD FRPXQLFDU FRP R PHVPR 0XLWRV IDEULFDQWHV RIHUHFHP FRQHWL YLGDGH SDUD D PDLRULD GDV UHGHV GR PHUFDGR VHQGR DSHQDV QHFHVV£ULR PXGDU R PµGXOR SDUD PXGDU D UHGH
DUWLJR W«FQLFR &RP XPD VROX©¥R H[WHUQD WRWDO RX XP PL[ HQWUH FRPSUD H[WHUQD H GHVHQYROYLPHQ WR LQWHUQR *DWHZD\ RX &KLS 3ODFD LQWHJUD GD 0µGXOR WHU£ XPD VROX©¥R XQLILFDGD TXH DEUDQJH WRGDV DV FDPDGDV QHFHVV£ULDV SDUD D OLJD©¥R D XPD UHGH 1¥R K£ QHFHV VLGDGH GH VH SUHRFXSDU FRP DWXDOL]D©·HV GH VRIWZDUH H FHUWLILFD©·HV GH UHGH XPD YH] TXH HVW£ LQFOX¯GR HP DOJXPD GHVVDV VROX©·HV 0DLV LPSRUWDQWH VH H[LVWLU D QHFHVVL GDGH GH DOWHUDU R VHX SURGXWR RX P£TXLQD SDUD RXWUD UHGH Q¥R SUHFLVD GH FULDU WXGR GH QRYR EDVWDQGR DOWHUDU R PµGXOR RX R VRIW ZDUH GD VROX©¥R GH UHGH RX XWLOL]DU QRYR *DWHZD\ 6H SUHFLVDU DSHQDV GH VH OLJDU D XPD UHGH SRGH VHU XPD VROX©¥R YL£YHO GHVHQ YROYHU R VLVWHPD GH FRPXQLFD©¥R LQWHU QDPHQWH 0DV DVVLP TXH QHFHVVLWDU GH VH OLJDU D GXDV RX PDLV UHGHV D PDLRULD GRV ID EULFDQWHV GH GLVSRVLWLYRV RX P£TXLQDV SHU FHEH D FRPSOH[LGDGH GHVVD WDUHID RV FXV WRV GH GHVHQYROYLPHQWR H D QHFHVVLGDGH GH UHFXUVRV LQWHUQRV TXH QHVWHV FDVRV V¥R PXLWR HOHYDGRV 7RGR R GHVHQYROYLPHQWR WHP GH FRPH©DU GR ]HUR XP QRYR VRIWZDUH H KDUGZDUH H XP QRYR SURMHWR GH GHVHQYRO YLPHQWR HVW£ HP FDXVD 0XLWDV HPSUHVDV M£ SHUFHEHUDP TXH TXDQGR D FRQHWLYLGDGH PXOWL UHGH « QHFHVV£ULD XPD VROX©¥R GH FRPXQLFD©¥R UHDG\ PDGH SRGH UHGX]LU RV FXVWRV GH GHVHQYROYLPHQWR DW«
*DWHZD\V
0µGXOR FRPXQLFD©¥R
*DWHZD\V
0µGXOR FRPXQLFD©¥R 3ODFD LQWHJUDGD &KLS
7HPSR
'HVHQYROYLPHQWR LQWHUQR
&RQWUROR
),*85$ &21752/2 62%5( $ 62/8Â&#x2030;Â&#x2026;2 '( &21(7,9,'$'(
PDLV GHVHQYROYLPHQWR LQWHUQR SRGHP UHGX]LU VH RV FXVWRV GH FRPSUD PDV LU£ WHU FRQVLGHU£YHLV UHFXUVRV DORFDGRV DR ' HSDUWDPHQWR GH 'HVHQYROYLPHQWR H LVVR VLJQLILFD FXVWRV LQWHUQRV $R DQDOL]DU VH RV FXVWRV YHUVXV WHPSR QDV FLQFR VROX©·HV DQWHULRUPHQWH GHVFUL WDV Q¥R K£ XPD TXH VHMD U£SLGD H EDUDWD DR PHVPR WHPSR 'HYH VHU FRQVLGHUDGR R FXVWR QD FRPSUD GH XPD VROX©¥R M£ GHVHQ YROYLGD H GR WHPSR QHFHVV£ULR DR GHVHQ YROYLPHQWR GH XPD VROX©¥R GH UDL]
,+1/,), 2XWUR DVSHWR D FRQVLGHUDU « D FDSDFLGDGH GH FRQWUROR TXH VH TXHU VREUH D VROX©¥R 6H SURMHWDU D VXD SUµSULD VROX©¥R PD[LPL]D R FRQWUROR H Q¥R WHP GH FRQͤDU HP IRUQHFH GRUHV H[WHUQRV PDV LVVR DXPHQWD RV FXV WRV H RV UHFXUVRV H[LJLGRV ¢ VXD HTXLSD GH GHVHQYROYLPHQWR
"), &! !" !" 1/ +0#"/¿+ & !" ! !,0 "+1/" *·.2&+ " /"!" &+!201/& ) 'HVHQYROYLPHQWR ,QWHUQR
&KLS
3ODFD LQWHJUDGD
201,0 3"/020 "*-,
&XVWRV
=A
$OJXQV GLVSRVLWLYRV LQGXVWULDLV QHFHVVLWDP DSHQDV GH FRPDQGRV GH LQ¯FLR H ILP D SDUWLU GD UHGH Q¥R VHQGR GHSHQGHQWHV GD U£SLGD WUDQVIHU¬QFLD GH GDGRV HQWUH D P£TXLQD H D UHGH 2XWURV GLVSRVLWLYRV QR HQWDQWR FRPR XQLGDGHV VLQFURQL]DGDV H P£TXLQDV GH PRYLPHQWR H[LJHP XPD WUDQVIHU¬QFLD GH GDGRV TXDVH LQVWDQW¤QHD FRP R P¯QLPR GH DWUDVR SRVV¯YHO ([LVWHP KRMH VROX©·HV GH FRPXQLFD©¥R TXH RIHUHFHP PXLWR EDL [D ODW¬QFLD HQWUH D UHGH H D P£TXLQD D TXH HVW¥R OLJDGDV $OJXPDV VROX©·HV KLJK HQG RIHUHFHP WUDQVIHU¬QFLD GH GDGRV GH DW« E\WHV HP FDGD VHQWLGR H XPD ODW¬QFLD DW« PV
HVW¥R FRQVWDQWHPHQWH D VHU GHVHQYROYL GRV H DWXDOL]DGRV SHODV RUJDQL]D©·HV GRV VWDQGDUGV GDV UHVSHFWLYDV UHGHV 6H H[LVWLU D QHFHVVLGDGH GH VH FXPSULU FRP HVVHV UH FXUVRV QD DSOLFD©¥R « QHFHVV£ULR WHU XPD VROX©¥R GH FRPXQLFD©¥R TXH RV VXSRUWH H HP TXH VHMD SRVVLYHO HIHWXDU DWXDOL]D©·HV
"$2/ +Ã&#x20AC; $ VHJXUDQ©D HVW£ D WRUQDU VH FDGD YH] PDLV LPSRUWDQWH GHVGH TXH DV I£EULFDV VH WRUQDUDP PDLV H PDLV OLJDGDV ¢ ,QWHUQHW ,QHYLWDYHOPHQWH DEUHP VH DV SRUWDV D DWD TXHV FLEHUQ«WLFRV 3DUD SURWH©¥R FRQWUD HVWH WLSR GH DWDTXHV « QHFHVV£ULD XPD VR OX©¥R GH FRPXQLFD©¥R FRP IXQFLRQDOLGDGHV GH ͤUHZDOO FRPR DVVLQDWXUDV GH VRIWZDUH LPSHGLQGR DV OLJD©·HV QÂ¥R DXWRUL]DGDV ¢ P£TXLQD
+1¹,8 .2 ) ½ *")%,/ 0,)2Ã&#x20AC;¹,i &RPR VH SRGH YHU H[LVWHP Y£ULRV WLSRV GH VROX©·HV SRU RQGH HVFROKHU H PXLWRV DVSH WRV D FRQVLGHUDU QD HVFROKD GH XPD VROX©¥R GH FRPXQLFD©¥R $ HVFROKD GHVVD VROX©¥R GHSHQGH GDV VXDV QHFHVVLGDGHV GH IOH[LEL OLGDGH YHORFLGDGH GH FRPXQLFD©¥R H FODUR TXDQWR WHPSR UHFXUVRV H HVIRU©R YDL TXHU LQYHVWLU $O«P GLVVR DV VXDV QHFHVVLGDGHV SRGHP PXGDU ¢ PHGLGD TXH R PHUFDGR HYR OXL RX QRYDV WHFQRORJLDV VXUJHP DVVLP HV WDU£ VHPSUH HP YDQWDJHP TXDQGR WHP XPD VROX©¥R IOH[¯YHO H IDFLOPHQWH DWXDOL]DGD 1Â¥R LPSRUWD TXDO D VROX©¥R TXH HVFROKH SRGH WHU D FHUWH]D GH TXH R VHX LQYHVWLPHQ WR YDL YDOHU D SHQD $ FRQHWLYLGDGH HP UHGHV LQGXVWULDLV « FDGD YH] PDLV LPSRUWDQWH H R PXQGR GD DXWRPD©¥R WRUQD VH FDGD YH] PDLV LQWHUOLJDGR
),*85$ &86726 9(5686 7(032
2-,/1" /" 2/0,0 "0-" Ã&#x201A;#& ,0 ! /"!" $QWHV GH HVFROKHU XPD VROX©¥R GH FRPXQLFD©¥R « QHFHVV£ULR FRQVLGHUDU TXDQWR WHPSR VH TXHU GHGLFDU SDUD GH VHQYROYHU XP VLVWHPD GH FRPXQLFD©¥R SDUD GLIHUHQWHV UHGHV H DGLFLRQDOPHQWH TXDQWR GLQKHLUR VH HVW£ GLVSRVWR D JDV WDU QXPD VROX©¥R ILQDO 6H VH HVFROKHU ZZZ RHOHFWULFLVWD SW R HOHFWULFLVWD
$V UHGHV LQGXVWULDLV YDULDP PXLWR HP FRP SOH[LGDGH H GHVHPSHQKR GHVGH VLVWHPDV GH , 2V GH VLVWHPDV GH DFLRQDPHQWRV DW« ¢V UHGHV (WKHUQHW LQGXVWULDLV DYDQ©DGDV )XQFLRQDOLGDGHV GDV UHGHV FRPR SHUILV GH DFLRQDPHQWRV SHUILV GH HQHUJLD VHJX UDQ©D PRWLRQ H UHOµJLR GH VLQFURQL]D©¥R
),*85$ &+,3 3/$&$ 0Â&#x2022;'8/2 ( *$7(:$< (;(03/26 '$ +06 ,1'8675,$/ 1(7:25.6