A?
HQWUHYLVWD
] &)2*&+ À¹, !" "*"/$¿+ & -,!" !"1"/*&+ / 2* 3&! ^
SRU +HOHQD 3DXOLQR
GHV GH $ D = 2 GHVLJQ FXLGDGR SHQVDGR SDUD UHVSRQGHU D P¼OWLSODV H[LJ¬QFLDV HVW«WLFDV H IXQFLRQDLV ,QRYDPRV FRP D IRWROXPLQHVF¬QFLD LQFRUSRUDGD HP Y£ULDV VROX©·HV 0DV LQRYDPRV WDPE«P QD UHOD©¥R FRP RV GLVWULEXLGRUHV QD HQYROY¬QFLD GD PDUFD FRP RV VHXV FOLHQWHV HQͤP V¥R Y£ULDV DV GLPHQV·HV RQGH DSRUWDPRV LQRYD©¥R
"/+ +!, )&3"&/ 8 &/"1,/ "/ ) ! /" 1" %8 "*-/"0 -,/12$2"0 !" # /& , " ,*"/ & )&7 ÅÃ, !" &)2*&+ ÅÃ, !" "*"/$È+ & 8 ,+1,2 À /"3&01 ], ")" 1/& &01 ^ ,*, ,*"Å,2 , !"0 #&, !" ) +Å / 2* +,3 * / +, *"/ !, " .2 &0 0 -"/0-"1&3 0 #212/ 0 - / , /"0 &*"+1, ! *"0* : "3&01 ], ")" 1/& &01 ^ J,"Kr ,*, + 0 "2 /" 1" %i "/+ +!, )&3"&/ J Kr $ &UHDWHFK VXUJLX DWUDY«V GH XP SURFHV VR PXLWR VLPSOHV GH HVFXWD GH PHUFDGR $ SHUFH©¥R « D GH TXH R PHUFDGR PXGRX H TXH Q¥R H[LVWLDP UHVSRVWDV DGHTXDGDV D HVVD PXGDQ©D H IRL HVVD D PRWLYD©¥R SDUD GHVHQYROYHU HVWH SURMHWR 'H SRLV FRQKHFHU DV SHVVRDV FHUWDV FRP R SHUILO DGHTXDGR H FRP DV FRPSHW¬QFLDV TXH HUDP DV QHFHVV£ULDV WRUQRX HVWH SURMHWR XPD UHDOLGDGH
,"r , - 00 !, !& =; !" * /Å,8 * / /" 1" % #,& -/"0"+9 1 ! , *"/ !, -,/12$2È0 1/ 3Ç0 !" 2* "3"+1, + 0 3"0 / % *`0 "* &) ,3 !" & : ,*, !" ,//"2 "01 -/"0"+9 1 ÅÃ, " , .2" -,/1 * !" &+,3 !,/ , *"/ !, ! )2*&+ ÅÃ, !" *"/$È+ & i r 2 HYHQWR FRUUHX PXLWR EHP (UD LPSRUWDQW¯VVLPR PDUFDU D HQWUDGD QR PHUFDGR FRP XP HYHQWR IRUWH GHPRQVWUDQGR D LPDJHP H D TXD OLGDGH TXH WHPRV QRV QRVVRV SURGXWRV (VWH HYHQWR HUD GHWHUPLQDQWH XPD YH] TXH QD IDVH GH DUUDQTXH GH XP TXDOTXHU SURMHWR R GHVDͤR GR UHFRQKHFLPHQWR GD QRWRULHGDGH GD LGHQWLͤFD©¥R FRP D PDUFD « HQRU PH H R HYHQWR DFDERX SRU SDVVDU D PHQVDJHP TXH TXHU¯DPRV TXH « D GH TXH ̸HVWDPRV F£̹ TXH HVWDPRV SDUD ͤFDU H SDUD QRV DͤUPDUPRV FRPR XP SOD\HU GH JUDQGH UHOHY¤QFLD QR PHUFDGR ( HVWHV REMHWLYRV IRUDP ODUJDPHQWH DWLQJLGRV 4XDQWR DR YDORU DFUHVFHQWDGR GR SURMHWR QR PHUFDGR « PXLWR JUDQ GH H FRQWHPSOD Y£ULDV GLPHQV·HV GD FDGHLD GH YDORU 1R SURGXWR SR GHPRV UHOHYDU D HOHWUµQLFD TXH FRPR WXGR R UHVWR « FRPSOHWDPHQWH GHVHQYROYLGR H IDEULFDGR HP 3RUWXJDO H LQFRUSRUD FDUDWHU¯VWLFDV FRPR R $XWRWHVWH HP WRGRV RV PRGHORV H UHVSRQGH D WRGDV DV QHFHVVLGD ZZZ RHOHFWULFLVWD SW R HOHFWULFLVWD
,"r Á - 00 / * )$2+0 *"0"0 -Ð0 -/"0"+1 ÅÃ, ! * / : ,*, "01Á , *"/ !, -,/12$2È0 /" $&/ À *"0* i r 1D YHUGDGH R HYHQWR GH ODQ©DPHQWR GD PDUFD DR PHUFDGR SRU WXJX¬V IRL PHVPR LVVR /DQ©DPHQWR GD 0DUFD 6µ GHSRLV « TXH VH VHJXLUDP DOJXQV SDVVRV GD LQGXVWULDOL]D©¥R TXH DLQGD Q¥R WLQKDP VLGR WRWDOPHQWH FRQFOX¯GRV (VVH SURFHVVR DFDERX SRU SHUPLWLU TXH HP PDLR LQLFL£VVHPRV D FRPHUFLDOL]D©¥R GDV SULPHLUDV JDPDV (&2 H (&2 : $VVLP TXH R ͤ]HPRV REWLYHPRV ORJR UHD©·HV PXLWR IDYR U£YHLV 7RGDV DV SHVVRDV TXH FRQWDFWDUDP FRP R SURGXWR WHFHUDP JUDQGHV HORJLRV TXHU W«FQLFD TXHU HVWHWLFDPHQWH $V SULPHLUDV LQV WDOD©·HV GR SURGXWR FRUUHUDP PXLWR EHP H R IHHGEDFN ¢ LQVWDOD©¥R IRL WDPE«P H[FHOHQWH (VWDPRV EDVWDQWH VDWLVIHLWRV FRP DV UHD©·HV &RP RV GLVWULEXLGRUHV LQLFLDPRV DV QRVVDV UHOD©·HV FRPHUFLDLV GH XPD IRUPD VµOLGD H HTXLOLEUDGD SDUD JDUDQWLU XPD UHVSRVWD ¢ DOWXUD GDV UHVSRQVDELOLGDGHV TXH DVVXPLPRV $R Q¯YHO GR UHFRQKHFLPHQWR GD PDUFD SHQVR TXH RV HFRV GR HYHQWR GH ODQ©DPHQWR DVVLP FRPR D FRPXQLFD©¥R GLUHFLRQDGD DRV QRVVRV FOLHQWHV H PDLV UHFHQWHPHQWH D SXEOLFD©¥R GR Y¯GHR GH ODQ©DPHQWR WHU¥R GHVSROHWDGR PXLWD FXULRVLGDGH XP IDFWR UHIOHWLGR QDV SHVTXLVDV VREUH D PDUFD QDV YLVLWDV DR ZHEVLWH H DR )DFHERRN
]) +À / 2* "*-/"0 +"01 # 0" ½ "*-/""+!"!,/^
AA
HQWUHYLVWD R PDLV DWUDHQWH H TXDQGR R « R YDORU DVVRFLDGR GLVSDUD H WRUQD VH LQFRPSRUW£YHO SRU LVVR WDPE«P XPD RSRUWXQLGDGH
,"r #2+ &,+ )&! !" 1Ç +& )& ! À #& &)&! !" +Ã, -,!"* 0"/ !"0 2/ ! 0 "* -/,!21,0 ,*, ,0 3,00,0: ,*, ,+0"$2"* 09 0"$2/ / "01 0 / 1"/Ë01& 0i r 6DEH TXH TXDQGR IDODPRV GH ,OXPLQD©¥R GH (PHUJ¬QFLD IDODPRV SRWHQFLDOPHQWH GH VDOYDU YLGDV 2X VHMD Q¥R IDODPRV DSHQDV GH HV W«WLFD RX GH VXSHUͤFLDOLGDGHV IDODPRV GH TXH D LOXPLQD©¥R GH HPHU J¬QFLD SRGH GHWHUPLQDU XPD YLGD ,VVR FRQͤJXUD XPD JUDQGH UHV SRQVDELOLGDGH SDUD XPD PDUFD TXH IDEULTXH HVWH WLSR GH SURGXWRV 'LWR LVWR SDUD QµV D ͤDELOLGDGH PDLV GR TXH XP PHUR FXLGDGR GH GHVHQYROYLPHQWR RX GH IDEULFR « LPSHUDWLYR 2V QRVVRV SURGXWRV IRUDP GHVHQYROYLGRV UHVSHLWDQGR ULJRURVDPHQWH DV 1RUPDV TXH RV UHJHP FRPR « R FDVR GD (1 H IRUDP VXEPHWLGRV DRV WHVWHV TXH R DWHVWDP 2 SDVVR VHJXLQWH H TXH M£ IRL LQLFLDGR « R GD FHUWLͤFD©¥R SRU HQWLGDGHV LQWHUQDFLRQDLV ,JXDOPHQWH LPSRUWDQWH « D IXQFLRQDOLGD GH W«FQLFD PDLV XPD YH] QHVWHV SURGXWRV Q¥R « Vµ XPD VXSHUͤFLDOL GDGH $ UHVSRVWD GHVWHV SURGXWRV HP VLWXD©·HV GH HPHUJ¬QFLD « YLWDO H SDUD WDO D PDQXWHQ©¥R GHVWHV SURGXWRV « LPSRUWDQW¯VVLPD $V IXQFLRQDOLGDGHV W«FQLFDV FRPR R $XWRWHVWH H RX D PRQLWRUL ]D©¥R FHQWUDOL]DGD TXH IDU£ PXLWR EUHYHPHQWH SDUWH GD RIHUWD V¥R DX[LOLDUHV IXQGDPHQWDLV ¢ HͤFD] PDQXWHQ©¥R GRV HTXLSDPHQWRV 3HU PLWHP VDEHU R HVWDGR GDV EDWHULDV GDV O¤PSDGDV GRV /('V H FRP LVVR GH XPD IRUPD PDLV HͤFD] WUDWDU D PDQXWHQ©¥R
]&*-,/1¸+ & .2" ! *,0 , ,+1/,), !" .2 )&! !" ½ "+,/*"^ ,"r * ! 0 * &093 )& 0 ! /" 1" % Ç &+ ,/-,/ ÅÃ, !" # /&9 , <;;F -,/12$2È0: )Ç* !" ),23Á3") Ç 1 * Ç* 2* #,/* !" ,*-/,*"1"/ ,0 #,/+" "!,/"0 " ,0 - / "&/,0 +, -/,'"1,: 01 1"* 0&!, 2* 1 )% $ +% i r 6LP R IDEULFR SRUWXJX¬V « XPD PDLV YDOLD PDV Q¥R « SRU VHU SRUWXJX¬V « SRU VHU 08,72 %20 6HULD HIHWLYDPHQWH PDLV VLP SOHV FRSLDU DOJR M£ IHLWR RX FRPSUDU GH DOJXPD PDUFD GDV LPHQVDV TXH H[LVWHP SHOR PXQGR H GLVWULEXLU HP 3RUWXJDO RX PHVPR PDQ GDU ID]HU D TXDOTXHU XP GRV PHUFDGRV DVL£WLFRV FRQKHFLGRV SHOR VHX SUH©R FRPSHWLWLYR 0DV D RS©¥R Q¥R IRL HVVD H SRU LQ¼PHUDV UD]·HV $ TXHVW¥R « TXH R TXH VH SUHWHQGLD SDUD R SURGXWR Q¥R H[LVWLD WHULD GH VHU GHVHQYROYLGR DO«P GLVVR D LPSRUW¤QFLD TXH GDPRV DR FRQWUROR GH TXDOLGDGH « HQRUPH VRPDGR FRP D HVWUDW«JLD GH IOH[LELOLGDGH TXH SUH WHQGHPRV SDUD D HPSUHVD Q¥R HUD FRPSDW¯YHO FRP RXWUD DERUGDJHP $O«P GLVVR R PRPHQWR TXH YLYHPRV WHYH WDPE«P LQIOX¬QFLD Q¥R SRVVR QHJDU 6H « YHUGDGH TXH WHPRV HPSUHVDV PXLWR ERDV HP 3RUWXJDO SDUD GHVHQYROYHU H IDEULFDU WDPE«P « YHUGDGH TXH D FULD©¥R GH PDUFDV IRUWHV FRP FDSDFLGDGH SDUD VH LQWHUQDFLRQDOL]DUHP « XP GHV¯JQLR TXH WHP GH VHU QDFLRQDO FRP R TXDO HX FRQFRUGR H SHOR TXDO IDUHL WXGR SRU TXH VH HIHWLYH $ EDWDOKD HVW£ SRU LVVR JDQKD LQGHSHQGHQWHPHQWH GR IXWXUR
,"r 0 !&01/& 2&!,/"0 0Ã,8 0"* !Ó3&! 8 2* -) 6"/ *2&1, &*-,/9 1 +1" + "01/ 1Ç$& !"#&+&! -") /" 1" %: ,*, -"+0 * # 7È9 9),0 !"/&/ À 3,00 * / i r 0XLWR PDLV GR TXH LPSRUWDQWHV RV GLVWULEXLGRUHV V¥R SDUD PLP XP HOR IXQGDPHQWDO QD FDGHLD GH YDORU GR PHUFDGR 2V GLVWULEXLGR UHV V¥R PXLWDV GDV YH]HV RV UHVSRQV£YHLV SRU WUDQVIRUPDU SHTXHQDV HPSUHVDV HP JUDQGHV PDUFDV RX SRU UHOHJDU SDUD VHJXQGR SODQR JUDQGHV HPSUHVDV &RPR WDO Q¥R SRGLDP QXQFD VHU GHVYDORUL]DGRV QR ODQ©DPHQWR GH XPD PDUFD $ HVWUDW«JLD SDUD TXH WUDEDOKHP FRQQRVFR Q¥R GHSHQGH DSHQDV GHVWD SHUFH©¥R VREUH D UHGH GH GLVWULEXL©¥R PDV HVVHQFLDOPHQWH GR TXH DFUHGLWDPRV TXH GHYD VHU D GLVWULEXL©¥R GH UHVXOWDGRV SHOD FDGHLD GH YDORU H SHODV RUJDQL]D©·HV 9HPRV FRQVWDQWHPHQWH PXO WLQDFLRQDLV GHWLGDV SRU DFLRQLVWDV LQGLIHUHQFLDGRV TXH VXJDP GR PHUFDGR WRGRV RV VHXV UHFXUVRV H TXH UHLQYHVWHP PXLWR SRXFR $ QRVVD HVWUDW«JLD WHP FRPR SURSµVLWR FULDU XPD LGHQWLͤFD©¥R GR GLV WULEXLGRU FRP D PDUFD REYLDPHQWH PDV WDPE«P WHP R REMHWLYR GH JHUDU D GLVWULEXL©¥R MXVWD GR UHVXOWDGR FULDGR SHOD FDGHLD GH YDORU H JHUDU R UHLQYHVWLPHQWR
,"r ,*, "01Á !" ,//"/ , +, !" =;<? " , .2" "0-"/ /" 1" % !, #212/,i r $ &UHDWHFK « XPD HPSUHVD PXLWR UHFHQWH VHQGR R DQR GH DUUDQTXH 1R HQWDQWR WHPRV HQRUPHV H[SHWDWLYDV SDUD HVWH DQR Q¥R QRV TXHUHPRV SUHFLSLWDU H IDOKDU SRU LVVR HVWH DQR PDLV LPSRUWDQWH GR TXH DV YHQGDV VHU£ DVVHJXUDU D WRGRV RV FOLHQ WHV TXH R SURGXWR DSUHVHQWDGR HVWHMD QRV PDLV DOWRV SDGU·HV GH TXDOLGDGH $LQGD DVVLP SRVVR SDUWLOKDU TXH HVWDPRV PXLWR VDWLVIHLWRV FRP R TXH FRQVHJXLPRV DW« DR PRPHQWR H DV YHQGDV TXH FRPH©DP DJRUD D DFHOHUDU LQGR D PXLWR ERP ULWPR D FDPLQKR GRV QRVVRV REMHWLYRV
,"r / .2 +!, 2* &+1"/+ &,+ )&7 ÅÃ, ! /" 1" %i r 3DUD M£ DOL£V SDUD RQWHP $ LQWHUQDFLRQDOL]D©¥R « LQHYLWDYHOPHQ WH XP FDPLQKR LPSRUWDQWH SDUD QµV -£ LQLFLDPRV DOJXQV FRQWDFWRV TXH VH UHYHODUDP PXLWR LQWHUHVVDQWHV H IUXWXRVRV QRPHDGDPHQWH QR PHUFDGR HVSDQKRO $VVHJXUDPRV D SUHVHQ©D HP DOJXPDV IHLUDV LQ WHUQDFLRQDLV FRPR « R FDVR GD )$&,0 HP 0R©DPELTXH H GD 3URMHNWD HP $QJROD 7HPRV R REMHWLYR GH QRV GDUPRV D FRQKHFHU QHVVDV JHR JUDͤDV DSURYHLWDQGR D M£ JUDQGH SUHVHQ©D GH HPSUHVDV SRUWXJXHVDV QHVVHV PHUFDGRV 4XHUHPRV SHUFHEHU ORFDOPHQWH FRPR SRGHPRV DGHTXDU R QRVVR PRGHOR LQGXVWULDO GH QHJµFLR RX DW« PHVPR GH FR PXQLFD©¥R H D SDUWLU GD¯ JHUDU YHQGDV 'H VHJXLGD WHUHPRV D©·HV M£ SUHSDUDGDV VREUH Y£ULRV PHUFDGRV RQGH DFUHGLWDPRV SRGHU HQWUDU H FRQVHJXLU UHVXOWDGRV ZZZ RHOHFWULFLVWD SW R HOHFWULFLVWD