NÚMERO 62 - PRIMERA QUINCENA DE AGOSTO DE 2012
AGRONEGOCIOS CHAMPIÑÓN, UN NUEVO SEGMENTO LA META ES CRECER LA PRODUCCIÓN PÁG. 8
CRISIS POR MIEL ADULTERADA
LOS APICULTORES AFIRMAN QUE HOY EN DÍA EL 90% DE LO QUE EL CONSUMIDOR ENCUENTRA EN EL MERCADO COLOMBIANO ES JARABE DE AZÚCAR. PÁG. 6-7
LEA EN LA PRÓXIMA EDICIÓN: CONSEJOS PARA TRANSPORTAR EQUINOS
ACIÓN
A T I U T A GR 99.800 L C I R CU
1 S L AR E P M E EJ
DESDE EL EJE CAFETERO SE EXPORTARÁ
PLÁTANO PÁG. 12-13
MBNMBNMO DSD DGFDFG DFG DFG DFG DFG DFG DG DFG DFG DFG DFG DFG DFG DCA. PÁG. 0
APRENDA A AHORRAR EN EL CUIDADO DE LAS MASCOTAS
ADOPTANDO DIFERENTES PRÁCTICAS PREVENTIVAS ES POSIBLE TENER UN ANIMAL EN CONDICIONES ÓPTIMAS Y A BAJOS COSTOS. PÁG. 21
ESPECIAL FERIA DE LAS FLORES EN MEDELLÍN
CONOZCA LOS EVENTOS DESTACADOS DE LA CELEBRACIÓN Y ÚNASE A LAS CABALGATAS, EXPOSICIONES Y CAMINATAS. PÁG. 17-20
$"-&/%"3*0 '&3*"13*.&3" 26*/$&/" "(0450 %&
"(0
"(0
-" &9104*$*¶/ %&- 4&$503 07*/0 &/ #3"4*-
$0/(3&40 %& -" "(3*$6-563" 4645&/5"#-&
%FM BM EF BHPTUP TF MMFWB SÃ B DBCP MB TFYUB &YQPTJDJÓO /BDJPOBM EFM BT 3B[BT %PSQFS Z 8IJUF %PSQFS FO FM NBSDP EF MB &YQPTJDJÓO &TUBUBM 1FDVBSJB (SBOFYQPFT FO 4F SSB #SBTJM &TUF FWFOUP RVF DPOUBSÃ DPO VOB EFMFHBDJÓO DPMPNCJBOB EFM TFDUPS PWJOP QSFTFOUBSÃ MP NFKPS EF FTUF TFHNFOUP QFDVBSJP FO FM NVOEP */'03.&4 */'0!"4007*/04 03(
"(0 7*3#"$ 13&1"3" &- 13¶9*.0 &7&/50 $"/*(&/
4BOUB .BSUB TF IBSÃ FM QSJNFS 4FNJOBSJP *OUFSOBDJPOBM EF 3JFHP Z %SFOBKF RVF TF EFTB SSPMMBSÃ FO FM NBSDP EFM $POHSFTP EF "DPEBM RVF WB EFM BM EFM NJTNP NFT %VSBOUF FM FWFOUP EF SJFHP QBSUJDJQBSÃO DPOGFSFODJTUBT JTSBFMÎFT RVJFOFT TPO MPT MÎEF SFT NVOEJBMFT FO FM UFNB "EFNÃT TF QPESÃO FTUBCMF DFS SFMBDJPOFT EF OFHPDJP DPO PUSBT FNQSFTBT
EFSÎB RVF TF EFTBSSPMMBSÃ FO USF FM Z EF PDUVCSF EF FTUF BÒP 4F FTQFSB RVF QBSUJDJQFO NÃT EF BOJNBMFT FO DPODVSTP EF MPT DVBMFT TFSÃO CPWJOPT PWJOPT Z FRVJOPT "EFNÃT MPT BTJTUFOUFT QPESÃO PCTFSWBS SB[BT CPWJOBT EPCMF QSP QÓTJUP PWJOBT Z FRVJ OBT &O UPUBM TF FTQFSB MB QSF TFODJB EF FYQPTJUPSFT QSPDFEFOUFT EF OBDJPOFT
*/'03.&4
*/'03.&4
7&/5"/" "(301&$6"3*"
.BSHBSJUB .BUÎBT &%*503" "(30/&(0$*04
0$5
4&1 %FOPNJOBEP i-B BHSJDVMUVSB DPNP NPUPS EF EFTBSSPMMP FDPOÓNJDPu FM Z EF BHPTUP TF IBSÃ FM $POHSFTP *OUFSOBDJPOBM EF "HSJDVMUVSB TVTUFOUBCMF FWFOUP RVF TF IBSÃ FO FM NBSDP EF MB 'JFT UB /BDJPOBM EF MB "HSJDVMUVSB FO 1BMNJSB 7BMMF EFM $BVDB -PT BTJTUFOUFT QPESÃO DPNQBSUJS DPO QPOFOUFT UFNBT SFMBDJPOB EPT DPO MBT BMUFSOBUJWBT QSP EVDUJWBT RVF QFSNJUBO BGSPO UBS SFUPT DPNP FM 5-$
-B NVMUJOBDJPOBM 7JSCBD ZB UJFOF UPEP MJTUP QBSB MMFWBS B DBCP FM QSÓYJNP FWFOUP $BOJ HFO FM DVBM TF FYUFOEFSÃ B */'03.&4 WBSJBT DJVEBEFT EFM QBÎT &M QSJNFSP EF FMMPT TF IBSÃ FM EF BHPTUP FO 1FSFJSB FM TF HVOEP FM EFM NJTNP NFT FO #BSSBORVJMMB Z FM UFSDFSP FM EF BHPTUP FO #VDBSBNBO HB &O MBT USFT WFSTJPOFT QBSUJ DJQBSÃ )FMPJTB +VTUFO NÊEJDB WFUFSJOBSJB EF MB 6OJWFSTJEBE 'FEFSBM 'MVNJOFOTF EF #SBTJM Z BVUPSB EF MJCSPT SFMBDJPOB &OUSF FM Z EF BHPTUP FO EPT DPO MBT NBTDPUBT EF DPNQBÒÎB Z MPT DVJEBEPT OF DFTBSJPT
"(0
4&.*/"3*0 %& 3*&(0 : %3&/"+& &/ 4"/5" ."35"
$0/(3&40 %& -" &- $0/(3&40 "5"-"$ 5&$/*$"µ" "7*$6-563" &/ -" $"1*5"- %&- 7"--& &/ $"-* &O FM $FOUSP EF &WFOUPT 7BMMF EFM 1BDÎGJDP EF $BMJ TF SFBMJ[B SÃ FM $POHSFTP "UBMBD 5FDOJDB ÒB FWFOUP RVF TF DPO DFOUSBSÃ FO MB DBÒB EF B[ÙDBS DPNP GVFOUF EF FOFSHÎB &M FODVFOUSP UFOESÃ MVHBS FOUSF FM Z EF TFQUJFNCSF */'03.&4 888 5&$/*$"/" 03(
0$5 $6.#3& .6/%*"- %& -" ("/"%&3±" &/ '3"/$*" &O MB DJVEBE EF $MFSNPOU 'SBODJB TF MMFWBSÃ B DBCP MB $VNCSF .VOEJBM EF MB (BOB
"(0
*/'03.&4
'FOBWJ MMFWBSÃ B DBCP FOUSF FM Z EF PDUVCSF FO $BMJ 7BMMF EFM $BVDB FM $POHSFTP Z &YQPTJDJÓO /BDJPOBM "WÎDPMB -B KPSOBEB RVF TF IBSÃ FO FM $FOUSP EF &WFOUPT 7BMMF EFM 1BDÎGJDP DPOUBSÃ DPO MB QBSUJ DJQBDJÓO EF SFDPOPDJEPT DPO GFSFODJTUBT BEFNÃT EF VOB NVFTUSB DPNFSDJBM EF MBT EJGF SFOUFT FNQSFTBT EFM TFDUPS RVF FTUÃO FO CÙTRVF EB EF OFHPDJPT */'03.&4
&910*/5&3/"$*0/"- &26*/"
(Q HO PDUFR GH OD )HULD GH ODV )ORUHV HQ 0HGHOOtQ VH UHDOL]DUi OD ([SRLQWHUQDFLR QDO (TXLQD *UDGR $ TXH LUi GHO DO GH DJRVWR */'03.&4
"(0
.&+03"3 ."/&+0 %& -"4 13"%&3"4
³(VWUDWHJLDV GH PDQHMR GH SUDGHUDV SDUD PHMRUDU OD SURGXFWLYLGDG GHO KDWR JDQDGHUR´ HV HO QRPEUH GH OD FKDUOD TXH VH UHDOL]DUi HO GH DJRVWR HQ HO +RWHO 'RQ *UHJRULR HQ &DUWDJR 9DOOH (O HQFXHQWUR OR RUJDQL]D &RJDQFHYDOOH
*/'03.&4 35(6,'(17( (-(&87,92 ',$5,2 /$ 5(38%/,&$ -25*( +(51È1'(= 5(675(32 ',5(&725 *(1(5$/ )(51$1'2 48,-$12 9(/$6&2 *(5(17( *(1(5$/ -8$1 &$5/26 +(51È1'(= '( /$ &8(67$
&%*503" ."3("3*5" ."5±"4 3&%"$$*¶/ 5&3&4*5" $-*4 %*"/" "33*&5" 9*.&/" 3".±3&; "%3*"/" 36*; "/" ."3±" #&%0:" 5"5*"/" "3"/(0 %*4&µ0 & */'0(3"'±" &26*10 %& %*4&µ0 -" 3&16#-*$" '050(3"'±" +BWJFS +JNÊOF[ $PMQSFOTB #MPPNCFSH 4UPDL YDIOH 3' 0'*$*/"4 $BMMF % #JT /P " #PHPUÃ % $ $PMPNCJB $PONVUBEPS 0GJDJOB $FOUSP #BSSBORVJMMB $BMJ $BSUBHFOB .BOJ[BMFT .FEFMMÎO 1FSFJSB #VDBSBNBOHB &EJUPSJBM &M (MPCP 4 " &M DPOUFOJEP EFM QFSJÓEJDP "(30/&(0$*04 FT EF QSPQJFEBE EF &%*503*"- &- (-0#0 4 " RVFEB QSPIJCJEB TV SFQSPEVDDJÓO UPUBM P QBSDJBM FO DVBMRVJFS NFEJP DPOPDJEP P QPS DPOPDFSTF BTÎ DPNP TV USBEVDDJÓO B DVBM RVJFS JEJPNB TJO BVUPSJ[BDJÓO FTDSJUB EF TV UJUVMBS 5IF DPOUFOU PG UIF OFXTQBQFS "(30/&(0$*04 JT QSPQFSUZ PG &%*503*"- &- (-0#0 4 " JUT SFQSPEVDUJPO UPUBM PS JO QBSU CZ BOZ LOPXO PG GVUVSF NFBOT BOE JUT USBOTMBUJPO UP BOZ MBOHVBHF JT UPUBMMZ GPSCJEEFO XJUIPVU QSFWJPVT XSJUUFO XXX MBSFQVCMJDB DPN DP EJBSJP!MBSFQVCMJDB DPN DP QFSNJTTJPO GSPN UIF PXOFS ¥ $01: 3*()54 &%*503*"- &- (-0#0 4 " -BT PQJOJPOFT FYQSFTBEBT FO MPT BSUÎDVMPT RVF GJSNBO MPT DPMBCPSBEPSFT TPO MJCSFT Z EF FMMBT TPO SFTQPOTBCMFT TVT BVUPSFT /P DPNQSPNFUFO FM QFOTBNJFOUP FEJUPSJBM EF "(30/&(0$*04
&M BQPSUF EF MB UFDOPMPHÎB BM EFTBSSPMMP EFM BHSP &XDQGR VH KDEOD GH EXVFDU XQD PD\RU SURGXF WLYLGDG HQ ORV FXOWLYRV DGHPiV GH SHQVDU HQ PH MRUHV SUiFWLFDV \ FRQWUROHV XQD DOWHUQDWLYD PiV TXH FRPSUREDGD HV HO XVR GH WUDQVJpQLFRV $ QLYHO PXQGLDO HVWD HV XQD SRVLELOLGDG TXH VH YLH QH DGRSWDQGR KDFH GpFD GDV < SDUD QR LU PX\ OHMRV %UDVLO HV XQR GH ORV OtGHUHV PXQGLDOHV FRQ FXOWLYRV EDMR HVWDV FDUDFWHUtVWLFDV HQWUH ORV TXH HVWiQ VR\D WULJR \ PDt] \ H[SHULPHQWDOPHQWH FDxD (VWR KDFH TXH HVWH SDtV VHD XQ UHIHUHQWH QHFH VDULR SDUD &RORPELD $XQTXH VRQ FODUDV ODV YHQWDMDV \ GH KHFKR HQ HO SDtV \D VH VLHPEUDQ FLHQWRV GH KHFWiUHDV GH DOJRGyQ PDt] \ IORUHV JHQpWLFDPHQ WH PRGLILFDGDV HO VHFWRU DJURSHFXDULR WLHQH PD\R UHV SRVLELOLGDGHV GH FUHFHU HQ HVWH VHJPHQWR \ PiV FXDQGR HO FDPELR FOLPiWLFR KD DIHFWDGR WDQWR OD SUR GXFWLYLGDG \ KD SXHVWR HQ ULHVJR OD VRVWHQLELOLGDG GH DOJXQRV FXOWLYRV 3HUR D SHVDU GH TXH HV HQWHQGLEOH TXH HQ &RORP ELD OD OHJLVODFLyQ VHD HVWULF WD \ VH EXVTXH JDUDQWL]DU OD FDOLGDG GH OR TXH VH VLHP EUH OR FLHUWR HV TXH VH GH EHUtD DJLOL]DU OD DSUREDFLyQ GH XQ PD\RU Q~PHUR GH WUDQVJpQLFRV SXHV VROR GH HVWD PDQHUD VH FRQWULEXLUi DO GHVDUUROOR GHO DJUR +R\ HQ HO SDtV WLHQH DSUREDGRV OD VR\D VLQ HP EDUJR WRGDYtD QR VH VLHP EUD \ \D VH H[SORUDQ DOWHU QDWLYDV FRQ SDSD \ FDxD SHUR D~Q QR VDOHQ DO PHUFD GR /D SUHRFXSDFLyQ HQWRQ FHV VH VDEHU FXiQGR ODV WHQ GUHPRV GLVSRQLEOHV SXHV VHJXUDPHQWH WHQGUiQ GH PDQGD .."5*"4!-"3&16#-*$" $0. $0
$*3$6-" (3"5*4 $0/
3&416&45"4 13*.&3" 26*/$&/" "(0450 %&
i#VTDBNPT USBOTGFSJS FM DPOPDJNJFOUPu y$ÓNP TF DPNQSVF CB MB USBOTGFSFODJB EF DPOPDJNJFOUP
)UDQFLVFR $QWRQLR &HEDOORV HV HO QXHYR GLUHFWRU GHO &HQWUR GH ,QYHV WLJDFLyQ /D 6HOYD &RUSRLFD HQ $Q WLRTXLD (Q HQWUHYLVWD FRQ $JURQH JRFLRV KDEOy GH ORV UHWRV TXH OOHJD D DVXPLU HQ HO FDUJR
(O QLYHO GH DGDSWDFLyQ GH HVH FR QRFLPLHQWR SXHGH YHUVH D WUDYpV GH ODV HQFXHVWDV GH VDWLVIDFFLyQ GH ORV PXHVWUHRV TXH VH KDFHQ HQ FDPSR \ HQ JHQHUDO FRQ ORV UHQGLPLHQWRV TXH GDQ DFWXDOPHQWH ORV FXOWLYRV TXH OLGHUDPRV
TFEF EF $PSQPJDB y$ÓNP FODVFOUSB MB (VWD VHGH FXHQWD FRQ XQD PX\ EXHQD LQIUDHVWUXFWXUD ItVLFD WLHQH XQ H[FHOHQWH JUXSR KXPDQR KD\ VHLV H[SHUWRV 3+' \ RWURV PiV HV WiQ HQ IRUPDFLyQ 7HQHPRV XQ PX\ EXHQ HTXLSR GH DX[LOLDUHV
y$VÃMFT TFDUPSFT UJFOFO NÃT QSPZFD DJÓO FO "OUJPRVJB
UBOUF FTUF DFOUSP y1PS RVÊ FT JNQPS (Q HO PDUFR GH QXHVWUR URO FRPR DFWRU \ VRSRUWH HQ HO GHVDUUROOR GH OD FLHQFLD \ OD WHFQRORJtD DJURLQGXV WULDO QRV KHPRV HQFDUJDGR GHVGH HVWH FHQWUR GH OD JHVWLyQ GH ODV DJHQGDV QDFLRQDOHV GH LQYHVWLJD FLyQ HQ FDGHQDV GH ODV TXH WLHQH HO SDtV HVWDEOHFLGDV HQ PDWH ULD GH DJULFXOWXUD \ GLQDPL]DQGR OD FRQVWUXFFLyQ GH ORV SURJUDPDV
y$VÃMFT TPO MPT PC KFUJWPT JONFEJBUPT
/R SULPHUR HV JHQHUDU LQYHVWLJD FLyQ TXH QRV SHUPLWD VHJXLU GiQGROH UHVSXHVWD D OD GHPDQGD GHO VHFWRU SURGXFWLYR VHD HO HPSUHVDULDO HO LQ GXVWULDO R HO GH ORV FDPSHVLQRV
'3"/$*4$0 $&#"--04 %JSFDUPS EF $PSQPJDB MB TFMWB
y$ÓNP USBOTGFSJS FTF DPOPDJ NJFOUP B MPT QSPEVDUPSFT
/D &RUSRUDFLyQ KD YHQLGR PDQWHQLHQGR ODV XQLGDGHV GH SHUPDQHQFLD TXH UHDOL]DQ HYHQWRV GH FDSDFLWDFLyQ VHD FRQ WUDEDMRV GH FDPSR SDUD DQDOL]DU HVSHFLHV VX SURGXFWLYLGDG R DQDOL]DU WH PDV VDQLWDULRV (VR VH KDFH FRQ GtDV GH FDPSR VHPLQDULRV HQFXHQWURV \ XQD JUDQ FDQWLGDG GH DFWLYLGDGHV TXH VH KDQ YHQLGR GHVDUUROODQGR
MPT 5-$ y&TUÃ QSFQBSBEP FM BHSP QBSB 'HVDIRUWXQDGDPHQWH ODV SROtWLFDV S~EOLFDV DO UHVSHFWR WLHQHQ XQ UHWUDVR FRQVLGHUDEOH \ SRU HMHPSOR HO ,&$ TXH GHEHUtD DYDODU OD FDOLGDG H
&257(6Ë$
LQRFXLGDG GH HVWRV SURGXFWRV QR HVWi HQ FDSDFL GDG GH KDFHUORV
y$VÃM FT FM SPM RVF UJFOF $PSQPJDB FO MB USBOTGFSFODJB EF UFDOPMPHÎB 1RVRWURV WHQHPRV OD IXQFLyQ GH VRSRUWH WHQH PRV DGHPiV WRGD OD WDUHD GH IRUWDOHFHU WRGR HO SURFHVR GH WUDVIHUHQFLD GH FRQRFLPLHQWR \D QR FRPR XQD HQWLGDG SUHVWDGRUD GH VHUYLFLR GH DVLV WHQFLD WpFQLFD VLQR FRPR XQ IRUPDGRU GH IRUPD GRUHV (VD HV OD SUHPLVD TXH PDQHMDPRV SXHV GH HVR GHSHQGH TXH ORV DYDQFHV WHFQROyJLFRV HQ HO FDPSR VH GHQ \ DVt VH PHMRUHQ ORV UHQGLPLHQWRV \ ODV SHUVSHFWLYDV
6HUtDQ HO IUXWDO ODV KRUWDOL]DV DURPiWLFDV \ ROHDJLQRVDV FRPR OD VR\D $GHPiV GH HVWR $QWLRTXLD HVWD LQWHUHVDGR HQ HO FRUGyQ GHO FD FDR FDXFKR TXH SHUPLWLUi HO GHVD UUROOR GH HVWRV GRV VHJPHQWRV
y$ÓNP QFSDJCF RVF TFSÃ FM DPNQPSUB NJFOUP EF FTUB TFEF (VSHUDPRV VHU HO VRFLR SRU H[FH OHQFLD GHO VHFWRU SURGXFWLYR HQ WpU PLQRV GH VROXFLyQ \ GH FRQRFL PLHQWR
y2VÊ QSPZFDUPT UJFOF FO FM UJOUF SP (VWDPRV WUDEDMDGR HQ HO FRUUH GRU WHFQROyJLFR GH $QWLRTXLD \ \D HVWDPRV HQ FRQYHUVDFLRQHV PX\ DGHODQWDGDV FRQ HO 6HQD
¼-5*."4 /05*$*"4 13*.&3" 26*/$&/" "(0450 %&
(0#*&3/0
$0.&3$*0
$6-5*704
"M &TUBEP MF IBO SPCBEP IFDUÃSFBT
#BOBOFSPT QJEFO CBKBS UBTBT EF JOUFSÊT
-PT BMHPEPOFSPT BKVTUBSÃO TV OJWFM EF QSPEVDDJÓO
6HJ~Q HO 0LQLVWHULR GH $JUL FXOWXUD DO *RELHUQR OH KDQ UR EDGR DOUHGHGRU GH KHFWiUHDV GH WHUUHQRV EDOGtRV \ DKRUD HO REMHWLYR HV TXH HQWUHQ D IRUPDU SDUWH GHO SURJUDPD GH UHVWLWXFLyQ \ WLWXOD FLyQ GH WLHUUDV (O PLQLVWUR -XDQ &DPLOR 5HVWUHSR VH xDOy TXH \D VH FRQRFHQ ORV DOFDQFHV GHO SUR\HFWR GH OH\ DXQTXH H[SOLFy TXH WRGD YtD VH HQFXHQWUD HQ HWDSD GH FRQVXOWDV FRQ ODV FRPXQLGDGHV LQGtJHQDV \ DIURGHVFHQ GLHQWHV (Q HVH VHQWLGR GLMR TXH HQWUH ORV DVSHF WRV GHO SUR\HFWR KD\ XQ FDStWXOR HVSHFLDO SDUD OD IRUPDOL]DFLyQ GH OD WLHUUDV SXHV OD WLWXODFLyQ HQ HO FDPSR HV PX\ SUHFDULD 'H KHFKR DOUHGHGRU GH GH TXLHQHV WUDED MDQ OD WLHUUD QR WLHQHQ WtWXORV GH SURSLHGDG \ HVR GLILFXOWD HO DFFHVR DO FUpGLWR \ ORV LQ FHQWLYRV TXH RIUHFH HO *RELHUQR (VWH SUR\HFWR HV QHFHVDULR SRUTXH VROX FLRQD OD LQYHUVLyQ S~EOLFD HQ OR UXUDO TXH KR\ HV GLVSHUVD \ QR KDQ GLVPLQXLGR ODV FLIUDV GH SREUH]D HQ HO FDPSR ³$Vt PLVPR ODV QRUPDV DJUDULDV HVWiQ GLVSHUVDV GHVDF WXDOL]DGDV QR VH HQFXHQWUDQ DUPRQL]DGDV \ QR UHVSRQGHQ D ODV QHFHVLGDGHV´ GLMR
/D UHYDOXDFLyQ WLHQH HQ µMD TXH¶ D ORV SURGXFWRUHV GH ED QDQR GHO SDtV TXLHQHV GHSHQ GHQ HQ JUDQ SDUWH GH ODV H[SRU WDFLRQHV GH DKt TXH SLGDQ XQD EDMD FRQVL GHUDEOH HQ ODV WDVDV 6HJ~Q HO SUHVLGHQWH GH $XJXUD 5REHUWR +R\RV HVWD VLWXDFLyQ KD DIHFWDGR GH PDQHUD LPSRUWDQWH ORV LQJUH
1&$6"3*0
"VNFOUÓ FM DPOTVNP EF DBSOF EF DFSEP &RQ NLOR JUDPRV SHU Fi SLWD HO GHSDU WDPHQWR GH $Q WLRTXLD VH XELFy FRPR HO GH PD\RU FRQVXPR GH FDUQH GH FHUGR HQ HO SDtV FLIUD FRPSDUDEOH FRQ ORV SURPH GLRV GHO PHUFDGR PXQGLDO (Q RWUDV ]RQDV FRPR 9DOOH (MH &DIHWHUR \ %RJRWi HO FRQVXPR HV VXSHULRU D ORV NLORJUDPRV
+PTÊ 0NBS 1JO[ÓO QSFTJEFOUF EF 'FEFDBDBP EJKP RVF IBZ RVF BEPQUBS NFKPSFT QSÃDUJDBT &RQ OD ILQDQFLDFLyQ \ VXEVL GLRV GH )LQDJUR D OD UHQRYD FLyQ GH FXOWLYRV GH FDFDR SRU PLOORQHV SDUD HO ~OWLPR WULPHVWUH GH \ FRQ OD SURPRFLyQ GH SDUWH GH )HGHFDFDR GH OD DGRSFLyQ GH PH MRUHV SUiFWLFDV SDUD LQFUHPHQWDU OD SURGXF WLYLGDG HO *RELHUQR \ ORV HPSUHVDULRV EXV FDQ VDFDU GH OD FULVLV DO VHFWRU &RQ HVWH UHVSDOGR VH HVSHUD SDVDU GH KHFWiUHDV VHPEUDGDV D KHFWiUHDV HVWH DxR DOFDQ]DQGR DGHPiV XQ UHQGLPLHQWR SURPHGLR DQXDO SRU KHFWiUHD GH NLORV SDUD HO PHGLDQR SOD]R ³3D VDU GH D KHFWiUHDV VHP EUDGDV GH FDFDR HQ HO SDtV WUDHUi XQ HIHFWR IRUPLGDEOH HQ JHQHUDFLyQ GH HPSOHR´ H[ SOLFy HO PLQLVWUR GH $JULFXOWXUD -XDQ &D PLOR 5HVWUHSR 6HJ~Q FLIUDV GHO JUHPLR DFWXDOPHQWH YL YHQ GH HVWD DFWLYLGDG XQDV IDPLOLDV HQ PXQLFLSLRV 3RU VX SDUWH HO SUHVL GHQWH GH )HGHFDFDR -RVp 2PDU 3LQ]yQ GLMR TXH OD PHMRU PDQHUD GH VXSHUDU ODV GL ILFXOWDGHV HV D WUDYpV GH PHMRUHV SUiFWLFDV HQ ORV FXOWLYRV \ FRQ HO XVR GH WHFQRORJtD TXH D\XGD D DXPHQWDU UHQGLPLHQWRV
6HJ~Q GDWRV GHO 0LQLVWH ULR GH $JULFXOWXUD HQ ORV ~OWLPRV DxRV HO FRQVXPR VH LQFUHPHQWy HQ ³(O FUHFLPLHQWR VRVWHQL GR HQ HO FRQVXPR LQWHUQR HV OD PHMRU GHIHQVD IUHQWH DO 7/&´ GLMR HO PLQLVWUR -XDQ &DPLOR 5HVWUHSR TXLHQ DJUHJy TXH FRQ HVWRV GDWRV VH GHEH FRQVROLGDU OD PHMRUD GHO HVWDWXV VDQLWDULR HQ OD SURGXFFLyQ
&RQ OD H[SHFWDWLYD GH SURGX FLU H[DFWDPHQWH OR TXH GHPDQ GD OD LQGXVWULD QDFLRQDO \ QR DFXPXODU JUDQGHV FDQWLGDGHV GH LQYHQWDULRV TXH OOHYDQ ORV SUHFLRV D OD EDMD ORV SURGXFWRUHV GH DOJRGyQ GH OD FRVWD DMXV WDUiQ VX SURGXFFLyQ HQ D WRQH ODGDV $XQTXH FRQ HVWD PHGLGD VH DVHJXUD OD FRPSUD GH OD FRVHFKD \ VH OLPLWDQ ORV SUREOH PDV GH FRPHUFLDOL]DFLyQ \ HO GHWHULRUR GH OD UHQWDELOLGDG HVWH DMXVWH HQWUH ORV SURGXFWR UHV UHSUHVHQWD XQD GLVPLQXFLyQ GH GHO iUHD DVt FRPR XQD PHQRU SURGXFFLyQ SDUD ORV GHSDUWDPHQWRV DOJRGRQHURV GH OD FRVWD 6HJ~Q OD SUHVLGHQWD GH &RQDOJRGyQ /X] $PSDUR )RQVHFD HV HYLGHQWH HO HVIXHU]R TXH YLHQH KDFLHQGR HO *RELHUQR SDUD GHIHQGHU HVWH FXOWLYR GH FLFOR FRUWR
1&$6"3*0
4VTQFOEFO JOHSFTP EF HBOBEP PWJOP
$6-5*704
#VTDBOEP TBMJEBT B MB DSJTJT EF MPT DBDBPDVMUPSFT
VRV GH TXLHQHV YLYHQ GH HVWD DFWLYLGDG ³/D FRQVWDQWH UHYDOXDFLyQ HO HQGHXGDPLHQWR ORV DOWRV FRVWRV ODERUDOHV TXH UHSUHVHQWDQ HO GH ORV FRVWRV WRWDOHV \ RWURV DVSHF WRV HVWiQ SURYRFDQGR OD LQVRVWHQLELOLGDG GH OD DFWLYLGDG \ OD SpUGLGD´ 3DUD ORV EDQDQHURV OD ~QLFD PDQHUD GH PHMRUDU OD VLWXDFLyQ HV FRQ PiV UHFXUVRV
(O ,QVWLWXWR &RORPELDQR $JURSHFXDULR VXVSHQGLy GHVGH HO GH MXOLR \ KDVWD HO GH HQHUR GH HO LQJUH VRV DO SDtV GH RYHMDV \ FDEUDV SURYH QLHQWHV GH 6DQWLDJR GH &KLOH /D PHGLGD IXH HO UHVXOWDGR GH OD SUHVHQFLD GH OD HQIHUPHGDG $ERUWR (Q ]RyWLFR GH ODV RYHMDV R &ODPLGLRVLV 2YL QD (VWD SDWRORJtD VH PDQLILHVWD GXUDQWH ODV GRV R WUHV VHPDQDV GH SUHxH] JH QHUDQGR DERUWRV HQ ORV DQLPDOHV R HQ RWURV FDVRV HO QDFLPLHQWR GH FRUGHURV GpELOHV TXH QR YLYHQ PiV GH KRUDV /D LPSRUWDFLyQ GH HVWDV HVSH FLHV UHSUHVHQWD XQ ULHVJR SDUD HO HVWDWXV VDQLWDULR QDFLRQDO 'XUDQWH HO SHULRGR HVWDEOHFL GR HO ,&$ KDUi XQ VHJXLPLHQWR HVWULFWR D OD HYROXFLyQ GH OD HQIHU PHGDG PHGLDQWH OD LQIRUPDFLyQ RIL
FLDO DFWXDOL]DGD TXH VHUi HQYLDGD GHVGH &KLOH 'H HVWD PDQHUD VH HYLWDUi HO LQJUH VR GH HVWRV DQLPDOHV TXH SXHGHQ FRQWD PLQDU HO KDWR TXH KD\ HVWDEOHFLGR HQ HO SDtV
103 $*&/50 %& -" $04&$)"
%& ."±; &/ &45"%04 6/*%04 &45¦ "'&$5"%" 103 -" 4&26±" &450 '"703&$&3¦ -04 13&$*04 */5&3/04 %&- $&3&"- $0.&3$*0
/P IBCSÃ BVNFOUP FO FM QSFDJP EF MB MFDIF "TPMFDIF
13010/&/5&4
26& 4& 13&4&/5"30/ "- $0/$6340 A&.13&/%*.*&/504 : "40$*"5*7*%"% .6+&3 363"- "41*3"/ " 3&$*#*3 .¦4 %& .*--0/&4 %& "10:0 &$0/¶.*$0 &OUSFHBO UÎUVMPT EF QSFEJPT CBMEÎPT FO 5PMJNB
"CSFO DVSTP EF FNQSFTBSJ[BDJÓO WJSUVBM
&
QBSUJS EFM EF BHPTUP Z QPS TFNBOBT 'JOBHSP MMF WBSÃ B DBCP FM DVSTP EF FNQSFTBSJ[BDJÓO WJSUVBM $PO FTUF QSPHSBNB RVF FT HSBUVJUP Z FT EJDUBEP QPS QSPGFTPSFT EF MB 6OJ WFSTJEBE &YUFSOBEP TF JNQBSUJSÃ DBQBDJUBDJÓO FO QFOTBNJFOUP FT USBUÊHJDP NFSDBEFP PQFSBDJÓO EF OFHPDJP GJOBO[BT SFHJTUSPT Z QMBOJGJDBDJÓO EF DSÊEJUP
M *ODPEFS FOUSFHÓ SFTP MVDJPOFT EF BEKVEJDBDJÓO EF CBMEÎPT FO $IBQBSSBM 5PMJNB &M ÃSFB UPUBM TVQFSB MBT IFD UÃSFBT $PO FTUF QSPDFTP TF CFOF GJDJBO GBNJMJBT DBNQFTJOBT EF MBT DVBMFT TPO NVKFSFT DBCF[B EF IPHBS &O FM NBSDP EF FTUB JOJ DJBUJWB FM #BODP "HSBSJP TVTDSJCJÓ VO BDVFSEP QBSB GJOBODJBS VO QMBO EF TVCTJEJP EF WJWJFOEBT
"
$ UDt] GH XQ DEDVWHFLPLHQWR VXILFLHQWH \ DOWRV H[FHGHQWHV HQ ODV ]RQDV GH SURGXFFLyQ TXH VH HQFXHQWUDQ HQ HO SDtV $VROH FKH H[SOLFy TXH HQ HVWRV PRPHQWRV QR VH SUHVHQWDUi XQ DXPHQWR HQ ORV SUHFLRV GH ORV SURGXFWRV OiFWHRV SUHFLVDPHQWH SRUTXH VRQ WLHPSRV GH DEXQGDQFLD 6HJ~Q HO GLUHFWRU HMHFXWLYR GHO JUHPLR -RUJH $QGUpV 0DUWtQH] SRU HVWD pSRFD OD LQGXVWULD UHDOL]D HQWUHJDV GH SURGXFWR SUR PRFLRQDGDV ³GH PDQHUD FRKHUHQWH FRQ OD VLWXDFLyQ GH VREUH RIHUWD´ 6HJ~Q HVWDGtVWLFDV GHO 0LQLVWHULR GH $JULFXOWXUD ODV FRPSUDV GH OHFKH GH SDUWH GH OD LQGXVWULD D ORV JDQDGHURV VH KDQ LQ FUHPHQWDGR HQ HQ HO ~OWLPR DxR FRQ PLOORQHV GH OLWURV DFRSLDGRV $GHPiV ORV LQYHQWDULRV GH OHFKH OtTXLGD GH OD LQGXVWULD DVFLHQGHQ D PLOORQHV GH OLWURV
$6-5*704 13*.&3" 26*/$&/" "(0450 %&
'SFTB VO DVMUJWP SFOUBCMF Z DPO QSPZFDDJÓO FO FM FYUFSJPS /D SURGXFFLyQ GH IUHVD HQ HO SDtV WLHQH XQ EXHQ QLYHO GH SURGXFWLYLGDG DV SHFWR TXH VH UHIOHMD HQ ORV DXPHQWRV TXH KD WHQLGR HVWD DFWLYLGDG HQ ORV ~OWL i&- $0/46.0 %& PRV DxRV (Q ORV ~OWLPRV VLHWH 4&.*--" )" .&+03"%0 -" 130%6$$*¶/ : DxRV ODV iUHDV GHVWLQDGDV 130%6$5*7*%"% %&- DO FXOWLYR GH IUHVD HQ &R $6-5*70 : -0 .&+03 &4 ORPELD KDQ FUHFLGR SUR 64"3 -04 ."5&3*"-&4 JUHVLYDPHQWH SDVDQGR GH $&35*'*$"%04u KHFWiUHDV FHQVDGDV %*"/" ."3$&-" 05&30 (FSFOUF ,BCBMB 5SBEJOH $PNQBOZ $* 4"4 RILFLDOPHQWH HQ D KHFWiUHDV HQWUH ORV (QWUH WDQWR ODV LPSRU DxRV \ FRQ OR WDFLRQHV GHO DxR SDVDGR FXDO HVWH VHJPHQWR KD OR IXHURQ FHUR HQ FRPSDUD JUDGR XQD SDUWLFLSDFLyQ FLyQ FRQ ODV GH TXH GHO HQ HO PHUFDGR GH DVFHQGLHURQ D 86 WRGRV ORV IUXWDOHV WUDQVLWR < GHVGH KDFH FLQFR DxRV ULRV GHO SDtV ODV LPSRUWDFLRQHV UHSUH (Q HO iUHD VHP VHQWDURQ ORV 86 EUDGD WRWDO GH IUHVD HQ HO D PD\R GH SDtV IXH GH KHFWi /RV GRV ~QLFRV SDtVHV UHDV VLHQGR HO iUHD FRVH RULJHQ GH IUHVD LPSRUWDGD FKDGD KHFWiUHDV VRQ (VWDGRV 8QLGRV FRQ SDUD XQ WRWDO GH WR XQ \ &KLOH FRQ QHODGDV HQ ORV GHSDUWD /D DGRSFLyQ GH WHFQR PHQWRV SURGXFWRUHV ORJtD HQ HO FXOWLYR GH IUHVD FRQGLFLRQHV FOLPiWLFDV GH &XQGLQDPDUFD $QWLR KD FUHFLGR GH PDQHUD SUR MDQ GH VHU XQ REVWiFXOR TXtD 1RUWH GH 6DQWDQGHU SRUFLRQDO D OD HYROXFLyQ GH SDUD OD SURGXFFLyQ \ TXH %R\DFi &DXFD &DTXHWi ODV iUHDV \ OD GHPDQGD GH JUDFLDV D OD DGRSFLyQ GH 1DULxR 4XLQGtR 6DQWDQ OD IUXWD WpFQLFDV DJURQyPLFDV GH GHU \ 9DOOH GH &DXFD VRQ (Q OD DFWXDOLGDG HO PR DYDQ]DGD HVWDV VH FRQ ORV SULQFLSDOHV GHSDUWD GHOR QDFLRQDO GH SURGXF YLHUWDQ HQ YHQWDMDV TXH PHQWRV TXH SURGXFHQ DF FLyQ GH IUHVD HQ ORV FXOWL SHUPLWDQ PHMRUDU HO DEDV WXDOPHQWH OD PD\RU FDQWL YRV LQFRUSRUD SUiFWLFDV WHFLPLHQWR GHO PHUFDGR GDG GH IUHVD PiV HVSHFLDOL]DGDV FRPR QDFLRQDO \ TXH SRFR D (Q WpUPLQRV JHRJUiIL HO XVR GH VLVWHPDV GH ULHJR SRFR IUHVDV SUHPLXP FRV KR\ HQ GtD HO FXOWLYR \ IHUWLUULHJR ORFDOL]DGR GH FRPR 6DQ $QGUHDV ORJUHQ VH HQFXHQWUD FRQFHQWUDGR DOWD IUHFXHQFLD DFROFKDGR WUDVSDVDU ODV IURQWHUDV QD HQ OD VDEDQD GH %RJRWi SOiVWLFR PDWHULDO GH VLHP FLRQDOHV HVSHFtILFDPHQWH HQ ORV EUD LPSRUWDGR GH DOWD FDOL /D FRQVWDQWH RIHUWD GH PXQLFLSLRV SHULIpULFRV GH GDG \ PiV UHFLHQWHPHQWH YDULHGDGHV FRPR HVWD ~OWL OD FDSLWDO GHO SDtV HQWUH OD DGRSFLyQ GH GLYHUVDV PD HV SRVLEOH JUDFLDV DO ORV FXDOHV VH GHVWDFDQ )D WpFQLFDV GH FXELHUWD \ SUR WUDEDMR SLRQHUR \ VREUHVD FDWDWLYi 6LEDWp 6RDFKD \ WHFFLyQ GHO FXOWLYR FRPR OLHQWH GH PHMRUDPLHQWR *XDVFD HQWUH RWUDV SREOD PDFURW~QHOHV YHJHWDO \ GHVDUUROOR TXH KD FLRQHV $ IXWXUR VH HVSHUD TXH OOHYDGR D FDER OD 8QLYHUVL 6HJ~Q HVWDGtVWLFDV RIL &RORPELD VHD XQ SDtV SLR GDG GH &DOLIRUQLD SRU PiV FLDOHV HO DxR SDVDGR HO QHUR HQ 6XUDPpULFD HQ OD GH VHVHQWD DxRV \ VX 0DV SDtV DOFDQ]y ORV 86 SURGXFFLyQ GH IUHVD \ WHU /LFHQFH SDUD HO PXQGR PLOORQHV HQ H[SRUWDFLRQHV RWURV EHUULHV SXHV VXV (XURVHPLOODV \ HQ OR TXH YD FRUULGR GHO ODV YHQWDV LQWHUQD FLRQDOHV OOHJDQ D 86 PLOORQHV (QWUH ORV SULQFLSDOHV SDtVHV GHVWLQR GH H[SRUWD -B TFNJMMB EF GSFTB FT VO QSPEVDUP JNQPSUBEP EF &TUBEPT 6OJEPT B USBWÊT EF VO DPOWFOJP DPO MB 6OJWFSTJEBE EF FLyQ HVWiQ ODV $QWLOODV +R $BMJGPSOJB ZB JOTQFDDJPOBEP QPS FM *OTUJUVUP $PMPNCJBOP ODQGHVDV FRQ HO VH "HSÎDPMB *$" MB DVBM USBF CFOFGJDJP EPOEF TV QSPEVDDJÓO JXLGR GH 3DQDPi NÎOJNB FT EF VO LJMP Z NFEJP QPS QMBOUB -PT QSPCMFNBT RVF $UXED \ (VSDxD TF QSFTFOUBO TFHÙO %JBOB .BSDFMB 0UFSP (BS[ÓO HFSFOUF EF OR TXH UHSUHVHQWD ,BCBMB FT MB TFNJMMB JMFHBM QPS MP RVF FT EJGÎDJM DPNQFUJS EPOEF OP IBZ FYJHFODJBT OBDJPOBMFT " TV WF[ iUJFOF NFOPT NLORJUDPRV GH IUHVD GH QSPEVDDJÓO Z FM BHSJDVMUPS HBTUB NÃT FO JOTVNPT Z GFSUJMJ[BO RFKR SDtVHV FRPSUDGRUHV UFT MP RVF BVNFOUB MPT DPTUPTu 1PS FMMP FT JNQPSUBOUF IBDFS VTP EF QSPEVDUPT RVF NFKPSFO MB QSPEVDDJÓO GH IUHVD FRORPELDQD
(Q &RORPELD OD WRWDOL GDG GH ODV SODQWDFLRQHV GH OD DFWXDOLGDG DOEHUJDQ H[ FOXVLYDPHQWH PDWHULDOHV GH HVWH SURJUDPD GH PHMR UDPLHQWR $6*%"%0 %&- $6-5*70 (O ULHJR HV XQ DFWRU IXQGDPHQWDO HQ OD SURGXF FLyQ GH IUHVDV HQ ODV SULQ FLSDOHV ]RQDV GH SURGXF FLyQ VH GDQ GRV pSRFDV PX\ ELHQ PDUFDGDV 'H GLFLHPEUH D DEULO HV pSRFD VHFD \ OD OOXYLRVD GH PD\R D QRYLHPEUH /D SULQFLSDO FRVHFKD VH LQLFLD HQ QRYLHPEUH R GL FLHPEUH \ OD SODQWD VH PDQWLHQH HQ SURGXF
FLyQ GXUDQWH WRGD OD pSRFD VHFD 'XUDQWH HO FUHFL PLHQWR GH OD SODQWD HV FR P~Q OD SURGXFFLyQ FRQV WDQWH GH WDOORV OR TXH JH QHUD XQD JUDQ DFXPXOD FLyQ GH KRMDV \ UDPDV PXHUWDV FRQVHFXHQFLD WDPELpQ GHO FDORU SURGXFL GR SRU OD FREHUWXUD GH SR OLHWLOHQR QHJUR SRU OR TXH IUHFXHQWHPHQWH HV DWDFDGD SRU KRQJRV GH OD IUXWD \ DGHPiV HVH HV XQ IDFWRU LPSRUWDQWH TXH GLILFXOWD OD FRVHFKD SRU OR TXH VH GHEH SRGDU \ OLPSLDU "OUJMMBT )PMBOEFTBT FM QSJODJQBM NFSDBEP EF FYQPSUBDJÓO EF MBT GSFTBT
4&.*--" $&35*'*$"%" 130%6$5*7" : %& $"-*%"%
www.kabala.com.co Cra. 5 No. 16-11 Cota – Cundinamarca Tel: 8764798 - Cel. 3112314162
Insumos para cultivo de fresa
La innovación único camino para el éxito... Variedades de esquejes de fresa de la Universidad de California
Albión – Camino Real – San Andreas – Monterrey – Ventana – Portolas – Benicia - Mojave
&- %"50
;0/"4 %& $0-0.#*" $0/$&/53"/ "$56"-.&/5& -" .":03 130%6$$*¶/ %& '3&4"4 &/ 50%0 &- 5&33*503*0 /"$*0/"-
/&(0$*04 13*.&3" 26*/$&/" "(0450 %&
.JFM JOEVTUSJBMJ[BEB JOWBEF FM (Q OD DFWXDOLGDG HO VHF WRU DStFROD HQ &RORPELD HQ IUHQWD XQD GLItFLO VLWXDFLyQ \D TXH OD PD\RUtD GH ORV SURGXFWRV TXH VH HQFXHQ WUDQ HQ HO PHUFDGR QR VRQ GH PLHO DXWpQWLFD (VWR KD JHQHUDGR QRWDEOHV SUREOH PDV SDUD ORV SURGXFWRUHV GH PLHO HQ HO SDtV 3DUD -XGLWK )LJXHURD GRFHQWH GH OD 8QLYHUVLGDG 1DFLRQDO GHVDIRUWXQDGD PHQWH HO PHUFDGR GH OD PLHO GH DEHMDV HQ &RORPELD FXHQWD FRQ DOWRV tQGLFHV GH DGXOWHUDFLyQ (VWH SUREOH PD KD VLGR UHSRUWDGR HQ RFDVLRQHV UHSHWLGDV (Q XQ HVWXGLR GHO 0HU FDGR 1DFLRQDO SDUD 3UR GXFWRV GH OD $SLFXOWXUD LQ GLFy TXH PiV GHO GH ODV PLHOHV GHO PHUFDGR HUDQ DGXOWHUDGDV (Q HQ HO GLDJQyV WLFR GH OD DFWLYLGDG DStFROD \ GH OD FULDQ]D GH DEHMDV UHDOL]DGD SRU 7HOPR 0DUWt QH] GHVGH OD 'LUHFFLyQ GH &DGHQDV 3URGXFWLYDV GHO 0LQLVWHULR GH $JULFXOWXUD \ 'HVDUUROOR 5XUDO \ FRQ FR ODERUDFLyQ GHO ,QVWLWXWR ,Q WHUDPHULFDQR GH &RRSHUD FLyQ SDUD OD $JULFXOWXUD ,,&$ PRVWUy TXH SRU OR PHQRV HO GH ORV SUR GXFWRV GH WRGRV ORV FDQDOHV GHO PHUFDGR HVWDEDQ VLHQGR IDOVLILFDGRV $Vt PLVPR HQ HO GRFXPHQWR GH GLDJQRVWLFR 3URGXFWLYR \ &RPHUFLDO GH OD FDGHQD DStFROD GH ORV SURJUDPDV SDUD OD 6XVWLWX FLyQ GH ORV &XOWLYRV ,OtFLWRV \ 'HVDUUROOR $OWHUQDWLYR GH $FFLyQ 6RFLDO \ OD 2ILFLQD GH ODV 1DFLRQHV 8QLGDV &RQWUD OD 'URJD \ HO 'HOLWR HVWLPy TXH OD SURGXFFLyQ QDFLRQDO GH PLHO HV GH WRQHODGDV SRU DxR \
TXH ORV FRORPELDQRV FRQVX PHQ FHUFD GH WRQH ODGDV DQXDOHV HQ GRQGH ODV WRQHODGDV DGLFLRQD OHV HQ HO PHUFDGR FRUUHV SRQGHQ SULQFLSDOPHQWH D ODV PLHOHV DGXOWHUDGDV \ HQ SHTXHxD SURSRUFLyQ D LP SRUWDFLRQHV ([LVWHQ UDVWURV GH IDOVLIL FDFLyQ GH PLHO HQ HO SDtV GHV GH KDFH DOUHGHGRU GH DxRV $QWHULRUPHQWH OD HOD ERUDFLyQ HUD PiV FDVHUD SHUR DKRUD H[LVWHQ LQGXV WULDV HQFDUJDGDV GH VXUWLU D ORV SULQFLSDOHV DOPDFHQHV GH FDGHQD \ WLHQGDV QDWXULVWDV ³(Q OD DFWXDOLGDG VH KDFH XQD YDORUDFLyQ REMHWLYD QR PHQRV GHO GHO SURGXFWR TXH OD JHQWH HQFXHQWUD HQ ORV VXSHUPHUFDGRV HQ ODV JUDQGHV FDGHQDV \ HQ ODV SOD ]DV GH PHUFDGR FRUUHVSRQ GHQ D MDUDEH GH D]~FDU LQYHU WLGR \ HIHFWLYDPHQWH OD LQ
GXVWULDOL]DFLyQ HVWi SUHVHQWH HQ OD PHGLGD TXH KD\ JUDQ GHV HPSUHVDV TXH LQFOXVR DO FDQ]DQ D VHU PiV JUDQGHV TXH FXDOTXLHUD GHO VHFWRU DStFROD´ H[SOLFy 0DUWtQH] 6HJ~Q 5DPyQ *DOYLV SUHVLGHQWH GH OD $VRFLDFLyQ GH $SLFXOWRUHV \ &ULDGHURV GH $EHMDV GH %R\DFi OD SR
EODFLyQ QR SXHGH GLVWLQJXLU D VLPSOH YLVWD OD PLHO DGXO WHUDGD ³1RV LPSUHVLRQDQ ORV EDMRV FRVWRV GH OD SUR GXFFLyQ GH HVWDV PLHOHV 8Q NLOR GH PLHO YLUJHQ SRGUtD FRVWDU HQ HO PHUFDGR DOUH GHGRU GH PLHQ WUDV TXH OD KHFKD FRQ D]~ FDU LQGXVWULDO OD HVWiQ YHQ
GLHQGR D DSUR[L PDGDPHQWH (VWDPRV SHU MXGLFDGRV SRUTXH QR SRGH PRV FRPSHWLU FRQ HVWRV ED MRV SUHFLRV´ DJUHJy 3DUD D WRPDU DFFLRQHV FRQWUD HO WHPD GH OD IDOVLIL FDFLyQ TXH SHUMXGLFD QRWD EOHPHQWH D ORV SURGXFWRUHV GH PLHO YLUJHQ GHO SDtV HO
VHFWRU VH HQFXHQWUD HQ XQ SURFHVR GH UHFROHFFLyQ GH PXHVWUDV SDUD HVWXGLDUODV \ FRQ ORV UHVXOWDGRV KDFHU ODV UHVSHFWLYDV GHQXQFLDV D ODV DXWRULGDGHV FRPSHWHQWHV ³(Q HVWH PRPHQWR FRPR VHFWRU HVWDPRV UHFRJLHQGR PXHVWUDV GH PLHOHV GH WRGR HO SDtV VH HVWiQ DQDOL]DQGR
-B QSPEVDDJÓO EF NJFM FO FM QBÎT MMFHB BOVBMNFOUF B MBT UPOFMBEBT
&- %"50
103 $*&/50 %& -" .*&- 26& 4& &45¦ $0.&3$*"-*;"/%0 "$56"-.&/5& &/ $0-0.#*" $033&410/%& " +"3"#& %& ";¼$"3 */7&35*%0
"/¦-*4*4
&M DVMUJWP UFDOJGJDBEP EF QMÃUBOP VO
$PO MB BEPQDJÓO EF MBT CVFOBT QSÃDUJDBT TF QVFEF QSPEVDJS QMÃUBOP DPO DPTUPT RVF OP TVQFSFO MPT QPS SBDJNP
(O SOiWDQR HV XQD GH ODV SODQWDV PiV FXOWLYDGDV HQ HO SDtV \ D VX YH] XQD GH ODV GH PD\RU FRQVXPR VLHQGR SURWDJRQLVWD HQ OD FDQDVWD EiVLFD IDPLOLDU $O LJXDO TXH PXFKRV SURGXFWRV DJUtFRODV WLHQH FDELGD HQ XQD DPSOLD YDULH GDG GH PHUFDGRV WDQWR WUD GLFLRQDOHV FRQ H[LJHQFLDV PtQLPDV GH FDOLGDG \ SUH VHQWDFLyQ FRPR LQGXVWULD OHV SDUD VX WUDQVIRUPDFLyQ PHUFDGRV HVSHFLDOL]DGRV FRPR JUDQGHV VXSHUILFLHV \ DOPDFHQHV GH FDGHQD \ PHUFDGR LQWHUQDFLRQDO KD FLD ORV SDtVHV FRQ 7/& (VWD YHUVDWLOLGDG KD SHU PLWLGR XQD DPSOLD JDPD GH HVTXHPDV GH SURGXFFLyQ
UHSODQWHDU VL ELHQ FRQ WHFQRORJtDV GL HV FLHUWR TXH XQ YHUVDV \ UHVXOWDGRV UDFLPR GH PD\RU GLIHUHQWHV VLQ HP SHVR WLHQH PHMRU EDUJR HO UHWR TXH SUHVHQWDFLyQ HVWH VH SURSRQH HV HO VL IDFWRU QR JDUDQWL]D JXLHQWH $OFDQ]DU /4503 +"*.& $"45"µ0 7¦426&; TXH VHD UHQWDEOH \ SURGXFFLRQHV DOUH *OHFOJFSP "HSÓOPNP "5$ $PMJOBHSP &KF $BGFUFSP VRVWHQLEOH REWH GHGRU GH ODV WR QHODGDV +D DxR FRQ FDOL QHUOR HO YHUGDGHUR QHJRFLR GDGHV ySWLPDV LQFOXVR VX GHO SOiWDQR HVWi HQ ORJUDU OD ILFLHQWHV SDUD SDUWLFLSDU HQ FRVHFKD PiV SUy[LPD SRVL HO PHUFDGR GH H[SRUWDFLyQ EOH GHO VLJXLHQWH UDFLPR GH \ FX\RV FRVWRV GH SURGXF OD PLVPD XQLGDG SURGXFWL FLyQ SRU UDFLPR QR VXSHUHQ YD HV GHFLU HO UDFLPR GHO KLMR ORV (VWD UHODFLyQ VROR VH 3DUD HPSH]DU HQ QLQ J~Q PRPHQWR VH HVWi KD KDFH IDYRUDEOH VL FRQ HO SD EODQGR GH SHVR GH UDFLPR TXHWH WHFQROyJLFR DSXQWD PiV ELHQ VH KDEOD GH SUR PRV D FXEULU GH XQD IRUPD GXFFLyQ SRU XQLGDG GH iUHD EDODQFHDGD ORV UHTXHUL HQ XQ SHULRGR GH XQ DxR PLHQWRV QXWULFLRQDOHV FRQ (VWH HV XQ PLWR TXH VH GHEH WHPSODQGR ORV DVSHFWRV IL
WRVDQLWDULRV GH DFXHUGR FRQ HO PRPHQWR ILVLROyJLFR GH OD SODQWD 6LPXOWiQHR DO XVR UDFLR QDO GHO VXHOR FRPR DGPL QLVWUDGRU GH ORV QXWULHQWHV FRQWHQLGRV HQ pO HV QHFHVD ULR FRQWHPSODU DOWHUQDWLYDV GH PHMRUDPLHQWR GH OD FD SDFLGDG GH LQWHUFDPELR FD WLyQLFR FRQ IHUWLOL]DQWHV TXtPLFR ± RUJiQLFRV GLVH xDGRV SDUD OLEHUDU HO IyVIR UR ILMDGR SUHFLSLWDU HO $OX PLQLR +LHUUR \ 0DQJDQH VR PLQLPL]DU HO LPSDFWR QHJDWLYR GHO S+ HQ OD GLV SRQLELOLGDG GH QXWULHQWHV \ TXH SXHGD DSRUWDU ODV ERQ GDGHV GHO VLOLFLR HQ VX IRU PD DVLPLODEOH SDUD IDYRUH FHU OD VDQLGDG GHO FXOWLYR
/&(0$*04 13*.&3" 26*/$&/" "(0450 %&
NFSDBEP OBDJPOBM \ SURFHGHUHPRV D WRPDU ODV DFFLRQHV OHJDOHV QHFHVDULDV DQWH HO 0LQLVWHULR GH 6DOXG \ HO 0LQLVWHULR GH &RPHUFLR FRQ HO ILQ GH TXH WRPHQ ODV PHGLGDV FRUUHVSRQGLHQ WHV´ DFODUy -DQHWK $JXLODU UHSUHVHQWDQWH OHJDO GH OD &RRSHUDWLYD GH $SLFXOWRUHV GHO &DXFD &RRDSLFD
$XQTXH QR KD\ FODULGDG VREUH HO IXWXUR GHO VHFWRU $JXLODU DVHJXUy TXH VL VH WRPDQ PHGLGDV \ VH ORJUD FRQWURODU OD YHQWD GH PLHO QR DXWpQWLFD VH DEULUtD XQ HVSDFLR GH FRPHUFLDOL]DFLyQ LPSRUWDQWH SDUD HO VHFWRU DStFROD HQ PLUDV WDPELpQ KDFLD OD H[SRUWDFLyQ
i4* &- &45"%0 /0 50." $"35"4 &/ &- "46/50 1"3" $0/530-"3 %& '03." &'*$"; &45& 130#-&." &7*%&/$*0 6/ 53*45& 1"/03"." 1"3" &- 4&$503 "1±$0-" &/ &- 1"±4u 5&-.0 ."35±/&; 3FQSFTFOUBOUF -FHBM EF "QJBSJPT -PT $ÎUSJDPT
i" 1&4"3 %&- &4'6&3;0 : 53"#"+0 %& -04 "1*$6-503&4 %&- 1"±4 : %& /0405304 $0.0 &.13&4" -"4 .*&-&4 */%6453*"-*;"%"4 4*(6&/ */7"%*&/%0 &- .&3$"%0 /"$*0/"-u +6"/ +04 3*$"3%0 (FSFOUF (FOFSBM "QJBSJPT &M 1JOBS
4*(6&/ -04 &4'6&3;04 1"3" )"$&3 -04 "/¦-*4*4 4FHÙO MB EPDFOUF EF MB 6OJWFSTJEBE /BDJPOBM +VEJUI 'JHVFSPB QPS NÃT EF EJF[ BÒPT IBO SFBMJ[BEP FTUVEJPT EF JOWFTUJHBDJÓO DPO MPT QSPEVDUPT EF BCFKBT FOUSF FMMPT MB NJFM )B EFTBSSPMMBEP QSPHSBNBT QBUSPDJOBEPT QPS FM .JOJTUFSJP EF "HSJDVMUVSB Z DVFOUBO DPO MBCPSBUPSJPT QBSB MB SFBMJ[BDJÓO EF BOÃMJTJT EFM TFDUPS BQÎDPMB "MMÎ TF FTUÃO IBDJFOEP MPT FTUVEJPT GJTJDPRVÎNJDPT EF NJFMFT RVF EFUFSNJOBO MPT QBSÃNFUSPT EF BVUFOUJDJEBE "EFNÃT MB 6OJWFSTJEBE IB USBCBKBEP DPO FM TFDUPS QSPEVDUJWP QBSB DPNQSFOEFS MBT EJTUJOUBT DBSBDUFSÎTUJDBT RVF QPTFFO MBT NJFMFT QSPEVDJEBT FO .BHEBMFOB 4BOUBOEFS $VOEJOBNBSDB Z #PZBDÃ DPO FM PCKFUP EF RVF QVFEBO TFS DPNFSDJBMJ[BEBT DPNP QSPEVDUPT DPO %FOPNJOBDJÓO EF 0SJHFO
-PT BQJDVMUPSFT IBDFO VO MMBNBEP B MPT DPMPNCJBOPT QBSB FM DVJEBEP EF MBT BCFKBT RVF TPO CÃTJDBT FO MB BHSJDVMUVSB EFM QBÎT
SFUP QSPEVDUJWP BM BMDBODF EF UPEPT (V PX\ SUREDEOH TXH XQ EXHQ SDTXHWH WHFQROy JLFR DSOLFDGR UHIOHMH HO UH VXOWDGR HVSHUDGR HQ WpUPL QRV GH FRVWR EHQHILFLR SHUR VH GHEH FRQVLGHUDU OD
DGYHUVLGDG FOLPiWLFD FRPR IDFWRU TXH SXHGH UHWUDVDU OD H[SUHVLyQ GH OD WDVD GH UHWRUQR GHO FXOWLYR HQWHQ GLGD FRPR HO WLHPSR WUDQV FXUULGR HQWUH OD FRVHFKD
GHO SULPHU \ VHJXQGR UDFL PR GH OD PLVPD XQLGDG SURGXFWLYD 3DUD PHMRUDU GLFKD WDVD GH UHWRUQR VH KD GHVDUUROOD GR XQD DOWHUQDWLYD GH ELRHV
WLPXODFLyQ TXH DSURYHFKD OD UHFLUFXODFLyQ GH QXWULHQ WHV GH OD SODQWD DO PRPHQWR GH VX FRVHFKD \ TXH SHUPL WH GRVLILFDU KDFLD HO KLMR R UHWRUQR HO WUDQVSRUWH
$PO FTUB JOJDJBUJWB TF BQSPWFDIBSÃO UFSSFOPT RVF IBTUB FM NPNFOUP OP IBO TJEP FYQMPUBEPT P TPO TVCVUJMJ[BEPT
7JDIBEB UFOESÃ [POB EF EFTBSSPMMP FNQSFTBSJBM (O GHVDUUROOR HPSUHVD ULDO \ SURGXFWLYR GHO GHSDU WDPHQWR GHO 9LFKDGD VROR VH GDUi FRQ SURSXHVWDV FRQ FUHWDV TXH DSXQWHQ D DSUR YHFKDU ODV WLHUUDV GLVSRQL EOHV SHUR WDPELpQ TXH EH QHILFLHQ D ORV SURGXFWRUHV GH OD ]RQD TXH HQ VX JUDQ PD\RUtD VRQ SHTXHxRV %DMR HVWH SDUiPHWUR HO ,QVWLWXWR &RORPELDQR GH 'HVDUUROOR 5XUDO ,QFRGHU FRQFHUWy XQ GRFXPHQWR EDVH SDUD LQLFLDU OD =RQD GH 'HVDUUROOR (PSUHVDULDO ='( HO FXDO IXH GHVDUUR OODGR GH OD PDQR GH ODV DXWR ULGDGHV ORFDOHV HPSUHVD ULRV JUHPLRV GH OD UHJLyQ Ot GHUHV FDPSHVLQRV GHVSOD]D GRV H LQGtJHQDV GH OD ]RQD ³(VWDPRV HVWUXFWXUDQGR HO ERUUDGRU GH HVD PHWRGR ORJtD SDUD GDUOH FRQWHQLGR 6H DQDOL]y FyPR HV OD ILJXUD FyPR VH FRQVWLWX\H KDVWD GyQGH YD D OOHJDU TXp QR FLyQ GH GHVDUUROOR WHUULWRULDO WLHQH \ FyPR YDPRV D KDFHU SDUD UHJODPHQWDUOD GH DTXt HQ DGHODQWH´ H[SOLFy -KHQL IHU 0RMLFD VXEJHUHQWH GH 7LHUUDV 5XUDOHV GHO ,QFRGHU (Q HVH VHQWLGR HO ,QVWL WXWR GHILQLy XQ SDFWR WHUUL WRULDO SDUD HVWDEOHFHU OD Ot QHD TXH VH VHJXLUi SDUD HMH FXWDU HO SUR\HFWR $Vt PLV PR VH HVWDEOHFLHURQ ODV ED VHV SDUD OR TXH VHUtD XQD HYHQWXDO ='( ³6H YDQ D LQFRUSRUDU WR GDV ODV YDULDEOHV GHO GHVD UUROOR GH OD $OWLOODQXUD GHO
1&3.*5*3¦ .&+03"3 -"4 7±"4 $PO MB DPOGPSNBDJÓO EF MB ;POB EF %FTBSSPMMP &NQSFTBSJBM OP TPMP TF QSP NPWFSÃO MBT JOWFSTJPOFT FO MPT TFDUPSFT EJSFDUBNFOUF SFMBDJPOBEPT DPO FM BHSP TJOP RVF BEFNÃT TF NFKPSBSÃ MP RVF UJFOF RVF WFS DPO JOGSBFTUSVDUVSB FO FTQFDJBM MB WJBM i-B ;%& OPT QFSNJUJSÃ FOUSBS B GPSNBS QBSUF EFM NFSDBEP OBDJPOBM F JOUFSOB DJPOBM /P TPMBNFOUF FTUBSF NPT IBCMBOEP EFM DBNQP BHSÎDPMB Z HBOBEFSP TJOP EFM EFTBSSPMMP WJBMu FYQMJDÓ $BSMPT $VÊMMBS BMDBMEF EFM NVOJDJQJP EF -B 1SJNBWFSB FO FM 7JDIBEB SURJUHVR PXOWLGLPHQVLRQDO \ UXUDO LQWHJUDO´ H[SOLFy OD GLUHFWLYD 3DUD TXH OD LQLFLDWLYD WHQJD p[LWR OD LGHD HV VHJXLU HO HMHPSOR GH OD $OWLOODQXUD XQD ]RQD HQWUH HO 0HWD \ HO 9LFKDGD TXH HVWi HQ SOHQR GHVDUUROOR \ TXH KR\ HV FRQ VLGHUDGD XQR GH ORV SRORV FRQ PiV IXWXUR GHO SDtV ³1RV EHQHILFLDUHPRV FRQ XQRV PRGHORV ~QLFRV GH GHVDUUROOR 'H WDO PDQH UD TXH VL VH YD D FUHDU XQD ]RQD FRQ XQ Q~PHUR GHWHU PLQDGR GH KHFWiUHDV HQ DO J~Q VLWLR GHO 9LFKDGD ORV FDPSHVLQRV GHEHQ SDUWLFL SDU WHQHU VXV WLHUUDV \ JH QHUDU XQD XWLOLGDG H[WUD´ GLMR 6HUJLR (VSLQRVD JR EHUQDGRU GHO 9LFKDGD
/&(0$*04 13*.&3" 26*/$&/" "(0450 %&
$IBNQJÒÓO VO QSPEVDUP DPO QPUFODJBM /D SURGXFFLyQ PXQGLDO GH FKDPSLxRQHV DVFHQGLy HQ D WRQH ODGDV \ HO iUHD FXOWLYDGD D KHFWiUHDV GDGDV ODV FLUFXQVWDQFLDV OD SURGXF FLyQ QDFLRQDO QR HV FRPSH WLWLYD DO JHQHUDU HQWUH \ WRQHODGDV SRU PHV GH FXOWLYRV TXH SURYHHQ HO SURGXFWR SRU OR TXH VH FRPHUFLDOL]D LQWHUQDPHQWH (O FXOWLYR GH KRQJRV HQ &RORPELD \ RWURV SDtVHV GH /DWLQRDPpULFD SRGUtD VHU QR VyOR XQD DOWHUQDWLYD GH DOLPHQWDFLyQ D EDMR FRVWR VLQR XQD RSRUWXQLGDG GH JHQHUDU QXHYRV SURGXFWRV \ PHUFDGRV VL VH WLHQH HQ FXHQWD TXH OD SURGXFFLyQ GH UHVLGXRV DJUtFRODV \ DJURLQGXVWULDOHV HQ ORV SDt VHV HQ GHVDUUROOR VH FDOFXOD DO UHGHGRU GH PLOOR QHV GH WRQHODGDV DO DxR /DV LPSRUWDFLRQHV PXQ GLDOHV GH FKDPSLxRQHV VH PDQWXYLHURQ HQ XQ QLYHO HVWDEOH KDVWD HO DxR FXDQGR OD VXPD DVFHQGLy D 86 PLOORQHV /RV SULQFLSDOHV SURGXFWRUHV PXQGLDOHV GH VHWDV \ KRQ JRV VRQ &KLQD \ (VWDGRV 8QLGRV FRQ SDUWLFLSDFLRQHV GH \ UHVSHFWLYD PHQWH &RPHUFLDOL]DU HO SURGXF WR GH IRUPD SURFHVDGD FRPR FKDPSLxRQHV VHFRV \ HQODWDGRV WLHQH PD\RU LP SRUWDQFLD FRPHUFLDO DGH PiV GH VHU YLVXDOPHQWH DWUDFWLYRV SDUD HO FRQVXPR 1RUPDOPHQWH ORV KRQ JRV FRPHVWLEOHV VRQ FXOWL YDGRV HQ SDVWR ERxLJD R HQ RWURV PDWHULDOHV RUJiQLFRV 3DUD DSURYHFKDU ORV GHVH FKRV VLQ DIHFWDU HO HTXLOL EULR GH ORV HFRVLVWHPDV 6HJ~Q HVWXGLR D QLYHO PXQGLDOPHQWH VH SURGXFHQ PiV GH PLOORQHV GH WRQH ODGDV GH KRQJRV FRPHVWL EOHV XQ GHO KRQJR
$JDULFXV XQ GHO KRQJR 6KLWDNHH \ XQ GHO KRQJR GH OD SDMD R 9ROYDULHOOD (QWUH WDQWR H[LVWHQ YDULHGDGHV GH KRQJRV FRPHVWLEOHV 8QD GH HOODV HV HO 6KLWDNH DOWDPHQWH DSHWH FLGR HQ PHUFDGRV LQWHUQD FLRQDOHV SRU VX VDERU \ VX FDSDFLGDG GH HVWLPXODU HO VLVWHPD LQPXQROyJLFR 6X FXOWLYR HV IiFLO \ FRQ OOHYD XQ LPSRUWDQWH DKRUUR HQHUJpWLFR \ VRQ DOLPHQWRV GH DOWD FDOLGDG $GHPiV GH SURWHtQD SURSRUFLRQDQ JUDVDV IyVIR UR KLHUUR YLWDPLQDV WLDPL QD ULERIODYLQD iFLGR DVFyU ELFR HUJRVWHULQD \ QLDFLQD \ VRQ EDMRV HQ FDORUtDV \ FDUERKLGUDWRV (VWH SURGXFWR VH GD HQ FRQGLFLRQHV FRQWURODGDV GH WHPSHUDWXUD KXPHGDG \ OX] \ QXWUH GH PDWHULD RU JiQLFD GH PDQHUD TXH SXH GHQ HPSOHDUVH SDUD GLYHU VRV FXOWLYRV DGHPiV GH RWURV UHVLGXRV GH SURGXF FLRQHV DJURSHFXDULDV FRPR ORV GHVHFKRV GH FXOWLYRV GH PDt] VRUJR DYHQD FHEDGD \ SURFHVRV LQGXV WULDOHV GH
&- %"50
50/&-"%"4 $)".1*µ¶/
$0.0 .¦9*.0 4& 130%6$&/ .&/46"-.&/5& &/ $0-0.#*" -" .&5" &4 */$3&.&/5"3 &- 3&/%*.*&/50
-B QSPEVDDJÓO EF DIBNQJÒÓO FO FM QBÎT TF EFTUJOB FO TV UPUBMJEBE BM DPOTVNP JOUFSOP
OD FDxD GH D]~FDU R OD SDO PD DIULFDQD /D SURGXFFLyQ GH KRQ JRV FRPHVWLEOHV VH GHEH WH QHU ODV LQVWDODFLRQHV QHFH VDULDV \ VHQFLOODV FRQ HVSD FLR OLEUH \ OLPSLR (QWUH WDQWR HO HVSDFLR TXH VHD GHVWLQDGR SDUD OD VLHPEUD GHEH HVWDU FHUUDGR \ VLQ FRUULHQWHV GH DLUH TXH SXHGDQ REVWUXLU HQ HO SUR FHVR GH SURGXFFLyQ DO VHU XQ SURGXFWR VHQVLEOH HQ VX HWDSD GH FUHFLPLHQWR DGH PiV GHO SURFHVR GH OLPSLH ]D FRQ HO TXH GHEH FRQWDU FRQVLGHUDQGR TXH GHEH HVWD D WHPSHUDWXUDV TXH QR VR EUHSDVHQ ORV JUDGRV FHQ WtJUDGRV FRQ KXPHGDG UH ODWLYD TXH SHUPLWD D ORV KRQJRV WHQHU XQD IUXFWLILFD FLyQ SRU HQFLPD GHO /D VHPLOOD GHO KRQJR JHUPLQD HQ XQ FRPSR[ GH QRPLQDGR VXVWUDWR TXH HV XQ PDWHULDO RUJiQLFR TXH OH SHUPLWLUi FUHFHU FRQ OR QXWULHQWHV QHFHVDULRV \ DVt SRGUi PXOWLSOLFDUVH HV GH FLU SURGXFLU RWUDV VHWDV 'XUDQWH HO SURFHVR GH JHUPLQDFLyQ HO KRQJR UH TXLHUH GH FRPSRQHQWHV SDUD VX FUHFLPLHQWR HVWRV SXHGHQ REWHQHUVH GH UHVL GXRV DJUtFRODV GH GLYHUVDV SODQWDFLRQHV TXH OH SUR
YHDQ FRQGLFLRQHV IDYRUD EOHV SDUD XQ FUHFLPLHQWR GH FDOLGDG FRPR OD SXOSD GH FDIp IUHVFD 3DUD SUHYHQLU DJHQWHV FRQWDPLQDQWHV HQ OD JHUPL QDFLyQ GH OD VHPLOOD HV UH FRPHQGDEOH OD HVWHULOL]D FLyQ GHO VXVWUDWR \ GHO UHFL SLHQWH GRQGH HVWDUi SDUD HOOR H[LVWHQ YDULDV PHWRGR ORJtD FRPR OD YDSRUL]DFLyQ D JUDGRV FHQWtJUDGRV HQ IUtR GRQGH VH VXPHUJHQ ORV VXVWUDWRV HQ DJXD \ FDUER QDWR GH FDOFLR \ D SDUWLU GH DOOt VH GD XQ SURFHVR GH VH OHFFLyQ PDQLSXODFLyQ GRQGH HO UHVXOWDGR HQ OD GH VLQIHFFLyQ /XHJR GH XQ SURFHVR GH UHJXODFLyQ GH OD KXPHGDG HPEROVDGR GHO VXVWUDWR OD VHPLOOD VH VLHPEUD UHJDGD HQ XQD EROVD R UHFLSLHQWH TXH FRQWHQJD JUDPRV GH VXVWUDWR \ VH WLHQH TXH GDU PX\ SRFD PDQLSXODFLyQ D OD VHPLOOD SDUD TXH QR DX PHQWHQ ORV ULHVJRV GH FRQ WDPLQDFLyQ \ GH SHUGLGD GHO SURFHVR GH HVWHULOL]DFLyQ GH VXVWUDWR \ GHO FRQWHQHGRU GRQGH HVWDUi OD VHPLOOD GHO KRQJR
&4 .¦4 26& 6/ 4*.1-& "-*.&/50 &YJTUFO VO NJMMÓO Z NFEJP EF FTQFDJFT EF IPOHPT EF MPT DVBMFT TPO HSBOEFT %F MPT RVF TF DVMUJWBO FO FM NVOEP QFSP IBZ QSFGFSFO DJB QPS TJFUF WBSJFEBEFT -P IBO EFOPNJOBEP FM "MJNFOUP EFM 'VUVSP FO UÊSNJOPT EF QSPUFÎOB DSVEB MPT IPOHPT DPNFTUJCMFT TF FODVFOUSBO QPS EFCBKP EF DBSOFT BOJNB MFT 4JO FNCBSHP MPT IPOHPT DPNFTUJCMFT DIBNQJÒPOFT FTUÃO QPS FODJNB EF NVDIPT PUSPT BMJNFOUPT JODMVZFOEP MB MFDIF %BEP B RVF DPOUJF OFO OJWFMFT DPOTJEFSBCMFT EF QSPUFÎOBT Z MPT OVFWF BNJ OPÃDJEPT FTFODJBMFT RVF SFRVJFSF FM TFS IVNBOP &M DPOUFOJEP QSPUFJDP FO IPO HPT DPNFTUJCMFT TVQFSB B PUSPT QSPEVDUPT EF DPOTVNP EÃOEPMF VO WBMPS OVUSJDJPOBM B TV DPOTVNP Z QPS FOEF DBVUJWB BM TFS VO QSPEVDUP OBUVSBM
i&/ -" ;0/" $"'&5&3" )*$*&30/ &/4":04 %& )0/(04 "1307&$)"/%0 &4& "$5*70 0$6-50 5"/ "#6/%"/5& &- %&41&3%*$*0 %&- $"' 26& 4*37& $0.0 #"4&u 1&%30 .&%*/" 'VOEBEPS :P DSFP FO $PMPNCJB
i50%0 130%6$50 %& $0/46.0 %&#& $0/5"3 $0/ -"4 $0/%*$*0/&4 "1301*"%"4 1"3" 5&/&3 /0 40-0 &- .&3$"%0 4*/0 5".#*/ "5&/%&3 -" %&."/%"u 1&%30 $"$6" "HSÓOPNP
"(3±$0-" 13*.&3" 26*/$&/" "(0450 %&
#JPGÃCSJDBT GBWPSFDFO FM BVNFOUP EF MB QSPEVDUJWJEBE FO FM DBDBP /DV ELRIiEULFDV GH FDFDR FXHQWDQ FRQ LQQRYDFLyQ WHFQROyJLFD SHUPDQHQWH OR TXH KD SHUPLWLGR TXH HVWH SURGXFWR VHD UHFRQRFLGR D QLYHO LQWHUQDFLRQDO FRPR ILQR HQ DURPD \ VDERU (V SRU HVR TXH D WUDYpV GH HVWRV VLVWHPDV VH FRQWL Q~DQ EXVFDQGR QXHYRV PR GHORV GH SURGXFFLyQ GH SODQWDV GH FDFDR OR TXH DO PLVPR WLHPSR SHUPLWH PH MRUDU OD FDOLGDG \ ORV FRVWRV (O SURJUDPD GH &RUSRL FD FRQVLVWH HQ YDULDV XQLGD GHV LQWHJUDOHV SDUD OD PXO WLSOLFDFLyQ \ SURGXFFLyQ GH FORQHV GH FDFDR GRQGH VH LQFRUSRUD OD WHFQRORJtD \ TXH KR\ VH HVWiQ LPSOH PHQWDGR HQ 0DJGDOHQD &HVDU $QWLRTXLD 6DQWDQ GHU &XQGLQDPDUFD $UDX FD 0HWD 7ROLPD +XLOD &DTXHWi 1DULxR \ %R\DFi (Q OD DFWXDOLGDG HQ OD HVWDFLyQ H[SHULPHQWDO /D 6XL]D HQ 5LRQHJUR 6DQWDQ GHU SURSLHGDG GH &RUSRLFD VH GHVDUUROOD HO SUR\HFWR GH ELRIiEULFDV HO FXDO HV IL QDQFLDGR SRU HO 0LQLVWHULR GH $JULFXOWXUD \ 'HVDUUROOR 5XUDO GRQGH VH KD YHQLGR HVWDEOHFLHQGR ODV EDVHV GH SURGXFFLyQ PDVLYD GH PD WHULDO FHUWLILFDGR SDUD OD VLHPEUD FRQ ORV PHMRUHV FORQHV SDUD ODV GLIHUHQWHV UHJLRQHV DJURHFROyJLFDV ODV FXDOHV WLHQHQ XQ SRWHQFLDO GH SURGXFFLyQ VXSHULRU D ORV NLORJUDPRV SRU KHFWiUHD (Q HO GHVDUUROOR GH HVWH SUR\HFWR VH LQWURGXMR XQ QXHYR PRGHOR GH LQQRYD FLyQ WHFQROyJLFD SDUD OD SURGXFFLyQ GH SODQWDV FOR QDGDV GH FDFDR (Q HVWH QXHYR VLVWHPD GH LQQRYDFLyQ VH GHVDUUROOD OD LQMHUWDFLyQ TXH SHUPLWH UHSURGXFLU HO iUERO GH FDFDR
HQ PHVHV OR TXH HV XQ JUDQ DGHODQWR VL VH FRQVLGH UD TXH HO PpWRGR WUDGLFLR QDO QRUPDOPHQWH WDUGD PiV GH PHVHV 7DPELpQ VH HPSOHD XQ HILFD] VLVWHPD GH VLHPEUD D WUDYpV GH WXEHWHV SOiVWLFRV RSWLPL]DQGR HO XVR GHO HV SDFLR GLVPLQX\HQGR FRVWRV \ HYLWDQGR OD FRQWDPLQD FLyQ DPELHQWDO SRU HO XVR GH SOiVWLFRV \ GH IRUPD VHQFLOOD WRGR HO SURFHVR GHO QXHYR PRGHOR GH LQQRYD FLyQ WHFQROyJLFD SDUD OD SURGXFFLyQ GH SODQWDV FOR QDGDV GH FDFDR (QWUH ODV YHQWDMDV TXH RIUHFHQ ODV ELRIiEULFDV GH FDFDR HVWiQ HO GHVDUUROOR UDGLFDO GLULJLGR HYLWDQGR HO HQUROODPLHQWR GH OD SODQWD OD SRGD GH UDtFHV SDUD FRQ WURODU HO FUHFLPLHQWR \ HO IiFLO GUHQDMH SDUD TXH QR VH DFXPXOH HO DJXD $ VX YH] RIUHFH D OD SODQWD XQD ODUJD YLGD GRQGH ORV WXEHWHV DGDSWDGRV VH SXHGH UHXWLOL ]DU GHELGR D TXH WLHQHQ XQD YLGD ~WLO GH DxRV (QWUH RWUDV DFFLRQHV ID YRUHFHQ ODV FRQGLFLRQHV GHO VXHOR \ HO FLFOR DGDSWDGR GH OD SODQWD SDUD XQ SURJUHVR HIHFWLYR y$¶.0 '6/$*0/"/ /D EDVH GH ODV ELRIiEUL FDV VRQ ORV MDUGLQHV FORQD OHV TXH VH HQFDUJDQ GH OD SURGXFFLyQ GH VHPLOODV FHU WLILFDGDV SDUD SDWURQHV FRPR MDUGLQHV SDUD OD SUR GXFFLyQ GH YDUHWDV SRUWD \HPDV \ HO YLHUR TXH HV HO iUHD GHOLPLWDGD GH WHUUHQR DGHFXDGR SDUD OD PXOWLSOL FDFLyQ \ SURGXFFLyQ GH SODQWDV YLJRURVDV (O SUR\HFWR GH LQQRYD FLyQ IDYRUHFH HO VHFWRU GHO FDFDR DSR\D SUR\HFWRV SUR GXFWLYRV TXH VH GHVDUUROODQ
-BT CJPGÃCSJDBT EF $PSQPJDB IBO DPNQSPCBEP RVF MBT QMBOUBT EF DBDBP B USBWÊT EF MB JOKFSUBDJÓO NFKPSBO TV OJWFM EF DSFDJNJFOUP HQ ODV UHJLRQHV ILQDQFLDGRV SRU HO *RELHUQR 1DFLRQDO \ GHSDUWDPHQWDO SHUPLWLHQ GR DXPHQWDU SURGXFWLYLGDG GH XQR GH ORV SURGXFWRV PiV LPSRUWDQWHV GHO SDtV 8QD SODQWD GH FDFDR GH ELRIiEULFD WHQGUi XQD YLGD GH DxRV FRPR PtQLPR GHELGR DO PDQHMR DGHFXDGR HQ HO YLYHUR GRQGH VH GH WHUPLQD FyPR VHUi HO FRP SRUWDPLHQWR \ GH TXp IRU PD WHQGUi p[LWR OD SODQWD %DMR HVWRV SDUiPHWURV HV FODUR TXH OD SODQWD TXH SUR YLHQH GH XQD ELRIiEULFD VHUi PXFKR PiV SURGXFWLYD \ YLJRURVD DVSHFWRV FODYH VL VH WLHQH HQ FXHQWD TXH HVWD HV XQD DSXHVWD GH SDtV
$-0/"$*¶/ %& -"4 1-"/5"4 (&/&3" .¦4 3&/%*.*&/50 1BSB QSPEVDJS NBUFSJBM DMPOBEP BEFDVBEP FT OFDFTBSJP TFHVJS VOB TFSJF EF OPSNBT EF JNQMFNFOUBDJÓO BEFDVBEBT Z MFHB MFT MP RVF HBSBOUJ[B MB QVSF[B WBSJFUBM FM FTUBEP TBOJUBSJP Z MB DBMJEBE JOEVTUSJBM "EFNÃT FT MB ÙOJDB GPSNB EF QSPEVDJS DMP OFT EF DBDBP DFSUJGJDBEPT QBSB MB TJFNCSB " TV WF[ FT MB NBOFSB NÃT GÃDJM EF NPEFSOJ[BS MB DBDBPDVMUVSB FO FM QBÎT %F MB BMUB TPCSFWJWFODJB Z EFTBSSPMMP EFM DBNQP TF EFGJOF MB DBMJEBE EF MB QMBOUB EF DBDBP QPS MP RVF TF EFCFO UPNBS VOB TFSJF EF NFEJEBT EF DPOUSPM EFCJEP B RVF UPEB QMBOUB TVNJ OJTUSBEB QPS MBT CJPGÃCSJDBT EFCF DVNQMJS VOB TFSJF EF SFRVJ TJUPT RVF HBSBOUJ[BO VO SFOEJNJFOUP Z NFKPSBNJFOUP FO MB QSPEVDDJÓO QVFT FT VO QSPEVDUP DMPOBEP EFM DBDBP RVF QFS NJUFO BSSBJHBNJFOUP Z DSFDJNJFOUP ÓQUJNP
i-"4 #*0'¦#3*$"4 4& $0/45*56:&/ &/ 6/" 7&3%"%&3" 6/*%"% &.13&4"3*"- %0/%& 4& )"$& 640 &'&$5*70 %& -04 3&$63404 : 4& %" 6/" &41&$*"-*;"$*¶/ %& -"#03&4u (*-%"3%0 1"-&/$*" %JSFDUPS EFM DFOUSP MB 4VJ[B $PSQPJDB 4BOUBOEFS
&- %"50
3&(*0/&4 "1-*$"30/
&- 130:&$50 %& -"4 #*0'¦#3*$"4 &/ &- 1"±4 -"4 $6"-&4 .&+03"/ -"4 $0/%*$*0/&4 %&- $6-5*70 %&- $"$"0
$6-5*704 13*.&3" 26*/$&/" "(0450 %&
$PMPNCJB BWBO[B FO MB BEPQDJÓO EF CJPUFDOPMPHÎB /D DGRSFLyQ GH ORV FXOWL YRV JHQpWLFDPHQWH PRGLIL FDGRV VH KD LQFUHPHQWDQGR DxR WUDV DxR GH PDQHUD VRVWHQLGD GHVGH HO OR TXH KD LGR GH OD PDQR GH XQ ULJXURVR PDUFR UHJXOD WRULR SDUD HYDOXDU \ FRQWUR ODU OD VLHPEUD GH HVWRV FXO WLYRV HQ HO SDtV &RORPELD OH KD DSRVWDGR DO XVR LQYHVWLJDFLyQ H LP SOHPHQWDFLyQ GH OD ELRWHF QRORJtD PRGHUQD D WUDYpV GH XQD QRUPDWLYLGDG VyOLGD TXH SHUPLWD HO EXHQ XVR \ DSOLFDFLyQ GH HVWD \ DVt DSURYHFKDUOD FRPR XQD KH UUDPLHQWD GH GHVDUUROOR FRPSHWLWLYLGDG \ VRVWHQLEL OLGDG HQ OD DJULFXOWXUD 0DUtD $QGUHD 8VFiWH JXL GLUHFWRUD HMHFXWLYD GH $JUR %LR FRQVLGHUD TXH ³HO *RELHUQR ODV LQVWLWXFLRQHV &O FO $PMPNCJB TF TFNCSBSPO VO UPUBM EF IFDUÃSFBT EF NBÎ[ USBOTHÊOJDP UHJXODWRULDV FLHQWtILFDV OD LQGXVWULD \ ORV PLVPRV PHMRU UHQGLPLHQWR HQ VX GH FXOWLYRV WUDQVJpQLFRV VR\D OLEUH GH JUDVDV WUDQV R DJULFXOWRUHV KDQ UHFRQRFL SURGXFFLyQ (Q GH TXH ORV DJULFXOWRUHV DOUHGH HQULTXHFLGD FRQ 2PHJD GR HO SRWHQFLDO \ HO YDORU SDUWDPHQWRV GH &RORPELD GRU GHO WHUULWRULR QDFLRQDO HWF \ SDUD XVR LQGXVWULDO TXH HVWD KHUUDPLHQWD WHF VHPEUDURQ FXOWLYRV JHQpWL KDQ DGRSWDGR KD FRQVHJXL FRQ SURGXFWRV FRQ FDUDFWH QROyJLFD \ VRVWHQLEOH EULQ FDPHQWH PRGLILFDGRV (Q GR SURWHJHU ORV FXOWLYRV GH UtVWLFDV ~WLOHV FRPR SDSD GD DO VHFWRU SURGXFWLYR WUD WRWDO VH VHPEUDURQ PL SODJDV PDOH]DV \ HQIHUPH FRQ PD\RU FRQWHQLGR GH DO \HQGR EHQHILFLRV FRPR OD OORQHV GH KHFWiUHDV HQWUH GDGHV \ PD\RU UHVLVWHQFLD PLGyQ SDUD VHU XVDGR HQ OD SURWHFFLyQ GH FXOWLYRV PD DOJRGyQ PDt] \ FODYHOHV \ DO FDPELR FOLPiWLFR VH LQGXVWULD SDSHOHUD R FDxD TXtD H[FHVRV GH KXPHGDG \ GH D]~FDU FRQ PD\RU FRQWH \RU UHQGLPLHQWR \ PHMRUD URVDV D]XOHV (Q HO FDVR GHO FXOWLYR KHODGDV TXH UHGXQGD HQ QLGR GH D]~FDU SDUD OD SUR HQ OD FDOLGDG GH YLGD GH ORV PDt] VH VHPEUy XQ WRWDO GH LQFUHPHQWRV VLJQLILFDWLYRV GXFFLyQ GH ELRFRPEXVWL SURGXFWRUHV´ /DV FLIUDV GHPXHVWUDQ KHFWiUHDV \ SDUD DO GHO UHQGLPLHQWR \ OD SUR EOHV (Q JHQHUDO HO FDPSR TXH FDGD YH] PiV ORV DJUL JRGyQ VH VHPEUy GXFFLyQ GH DSOLFDFLyQ \ ODV SHUVSHF $Vt PLVPR KD LPSDFWD WLYDV D IXWXUR VRQ PX\ SUR FXOWRUHV XWLOL]DQ ORV FXOWLYRV KHFWiUHDV GR D ORV FRQVXPLGRUHV FRQ PHWHGRUDV JHQpWLFDPHQWH PRGLILFD SURGXFWRV FRQ FDUDFWHUtVWL GRV YLpQGRORV FRPR XQD 105&/$*"- 3DUD $QGUpV &DPSR FD 'H DFXHUGR FRQ $JUR FDV GH FDOLGDG QXWULFLRQDO xLFXOWRU GHO 9DOOH GHO &DX KHUUDPLHQWD SDUD SURWHJHU VXV FRVHFKDV \ REWHQHU XQ %LR OD VHJXQGD JHQHUDFLyQ FRPR DUUR] FRQ YLWDPLQD $ FD OD DGTXLVLFLyQ GH VHPL
OODV WUDQVJpQLFDV GH FDxD GH D]~FDU KD SHUPLWLGR PD\R UHV UHQGLPLHQWRV HQ VXV FXOWLYRV \ SRU HQGH PD\RU UHQWDELOLGDG ³/D DGTXLVL FLyQ GH XQD QXHYD YDULHGDG GH VHPLOOD GHVDUUROODGD SRU &HQLFDxD KD SHUPLWLGR OD SURGXFFLyQ GH WRQHOD GDV SRU KHFWiUHD \ UHQGL PLHQWRV GH HQ D]~FDU´ GLMR &DPSR 3&(6-"$*¶/ (O ,QVWLWXWR &RORPELDQR $JURSHFXDULR ,&$ HV HO TXH HVWXGLD HYDO~D \ GHWHU PLQD OD DSUREDFLyQ R QR GH RUJDQLVPRV JHQpWLFDPHQWH PRGLILFDGRV GH XVR DJUtFROD /DV VHPLOODV JHQpWLFDPHQWH PRGLILFDGDV VRQ VRPHWLGDV D GLIHUHQWHV HVWXGLRV GH ELR
VHJXULGDG SUXHEDV GH GH VHPSHxR DJURQyPLFR H LQ FOXVR VX DSUREDFLyQ VH KDFH SRU VXEUHJLRQHV /RV UHVXOWDGRV GH HVWD HYDOXDFLyQ \ VX DQiOLVLV TXH SXHGH WRPDU HQWUH \ DxRV VRQ HO VRSRUWH WpFQL FR FLHQWtILFR SDUD TXH OD HQ WLGDG HQFDUJDGD GH DSUREDU R QR XQD VHPLOOD GH HVWH WLSR &RQ HO ILQ GH JDUDQWL ]DU QLYHOHV DGHFXDGRV GH VHJXULGDG HQ HO XVR DJURLQ GXVWULDO GH RUJDQLVPRV YL YRV PRGLILFDGRV HO JRELHU QR QDFLRQDO H[SLGLy HQ HO 'HFUHWR SRU HO FXDO VH UHJODPHQWD OD /H\ GH \ VH HVWDEOHFH HO PDUFR UHJXODWRULR GH ORV 2UJDQLVPRV 9LYRV 0RGLIL FDGRV 290
4F FYQPSUBSÃ QJUBIBZB DPMPNCJBOB B $IJMF
&M QFSNJTP QBSB FM JOHSFTP EF MB QJUBIBZB TF EJP IBDF EPT TFNBOBT
/XHJR GH OD DSUREDFLyQ SRU SDUWH GH OD DXWRULGDG VDQLWDULD GH &KLOH \D HVWi WRGR GDGR SDUD TXH &RORP ELD HPSLHFH D H[SRUWDU SL WDKD\D DO SDtV DXVWUDO (O DYDO RWRUJDGR KDELOLWD D OD SODQWD HPSDFDGRUD \ OD FiPDUD GH WUDWDPLHQWR GH YDSRU FDOLHQWH GH OD $VRFLD FLyQ GH 3URGXFWRUHV \ &R
PHUFLDOL]DGRUHV GHO 3LWDKD \D $VRSLWD\D ³6H FRQYLHUWH HQ XQ SR VLWLYR LQGLFDGRU GHO WUDEDMR FRRUGLQDGR HQWUH ORV VHFWR UHV S~EOLFR \ SULYDGR SDUD DSURYHFKDU RSRUWXQLGDGHV FRPHUFLDOHV HQ ORV PHUFD GRV LQWHUQDFLRQDOHV HQ EH QHILFLR GH SHTXHxRV SUR GXFWRUHV DVRFLDGRV SXHV DO
DXPHQWDU VXV H[SRUWDFLR QHV \ GLYHUVLILFDU ORV PHU FDGRV H[WHUQRV SXHGHQ FRQVROLGDU XQD DFWLYLGDG DJURH[SRUWDGRUD SURPLVR ULD´ GLMR 0DUtD &ULVWLQD 7R UUHV 9LOODPLO VXEJHUHQWH GH 5HJXODFLyQ 6DQLWDULD \ )L WRVDQLWDULD GHO ,QVWLWXWR &R ORPELDQR $JURSHFXDULR (Q HVH VHQWLGR HO UHWR SDUD ORV
SURGXFWRUHV GH IUXWDV GHO SDtV HV PDQWHQHU ORV HVWiQ GDUHV GH VDQLGDG GH ORV FXO WLYRV ODV EXHQDV SUiFWLFDV DJUtFRODV \ ODV EXHQDV SUiF WLFDV GH ORV WUDWDPLHQWRV FXDUHQWHQDULRV \ GH HPSD TXH SDUD EHQHILFLDUVH GHO UHFRQRFLPLHQWR LQWHUQDFLR QDO VDQLWDULR DVt FRPR GH OD FDOLGDG GH ORV SURGXFWRV
$6-5*704 13*.&3" 26*/$&/" "(0450 %&
"/¦-*4*4
&O MPT -MBOPT 0SJFOUBMFT FTUÃ BQSPCBEB MB TFNJMMB EF TPZB USBOTHÊOJDB
(VWH GHFUHWR DSOLFD DO PRYLPLHQWR WUDQVIURQWHUL ]R HO WUiQVLWR OD PDQLSXOD FLyQ \ OD XWLOL]DFLyQ GH ORV 290 TXH SXHGDQ WHQHU HIHFWRV DGYHUVRV SDUD HO PHGLR DPELHQWH \ OD GLYHU VLGDG ELROyJLFD WHQLHQGR HQ FXHQWD ORV ULHVJRV SDUD OD VDOXG KXPDQD OD SUR GXFWLYLGDG \ OD SURGXFFLyQ DJURSHFXDULD 'H DFXHUGR FRQ HO ,QVWL WXWR &RORPELDQR $JURSH FXDULR OD LPSRUWDFLyQ GH WUDQVJpQLFRV HQ &RORPELD GHSHQGH GH XQ HVWXGLR HQ GRQGH VH HYDO~D FDVR SRU FDVR \ SDVR SRU SDVR SDUD GHWHUPLQDU TXH VX XVR HV VHJXUR WDQWR SDUD OD VDOXG KXPDQD DQLPDO FRPR SDUD HO PHGLR DPELHQWH
5SBOTHÊOJDPT DPO GVUVSP
i4&.#3 6/" 4&.*--" 53"/4(/*$" &/ 6/"4 $0/%*$*0/&4 %& $-*." %*'±$*-&4 : )" %"%0 6/" 3&416&45" .6: #6&/" &/ 53.*/04 %& 130%6$$*¶/ : 3&/%*.*&/504u "/%34 $".10 $BÒJDVMUPS EFM 7BMMF EFM $BVDB
i"6/26& 5".#*/ 3&26*&3&/ %& $6*%"%04 -04 $6-5*704 53"/4(/*$04 $0/53*#6:&/ " -" 3&%6$$*¶/ %& -04 $04504 %& 130%6$$*¶/u 1-*/*0 16$)& $VMUJWBEPS EF NBÎ[ Z BMHPEÓO USBOTHÊOJDP
$&/5304 %& */7&45*("$*¶/ 4*(6&/ -04 %&4"330--04
$PMPNCJB DVFOUB DPO WBSJPT DFOUSPT EF JOWFTUJHBDJÓO EPOEF TF MMFWBO B DBCP EFTBSSPMMPT FO CJPUFDOPMPHÎB FO QSPEVDUPT BHSÎDPMBT UBM FT FM DBTP EF FM $JBU FOUJEBE RVF USBCBKB FO EFTBSSPMMP EF TFNJMMBT DPNP ZVDB BSSP[ Z QBTUPT -B $PSQPSBDJÓO FO *OWFTUJHBDJPOFT #JPMÓHJDBT EF .FEFMMÎO BWBO[B FO FM EFTBSSPMMP EF VOB QBQB HFOÊUJDBNFOUF NPEJGJDBEB SFTJTUFOUF B MB QPMJMMB HVBUFNBMUFDB Z $FOJDBÒB IB EFTBSSPMMBEP DVMUJWPT EF DBÒB SFTJTUFOUFT BM TÎOESPNF EF IPKBT BNBSJMMBT FOUSF PUSBT
&- %"50
.*--0/&4 %& )&$5¦3&"4 $0/ 4&.*--"4 (&/5*$".&/5& .0%*'*$"%"4 '6&30/ 4&.#3"%"4 &/ &- 1"±4 %63"/5& &-
GH GHWHUPLQDU OD /RV FXOWLYRV VHJXULGDG WUDQVJpQLFRV VRQ OD $PpULFD HV HO WHFQRORJtD TXH VH FRQWLQHQWH TXH KD KD DGRSWDGR FRQ UHJLVWUDGR HO PD\RU PD\RU UDSLGH] HQ OD QLYHO GH DGRSFLyQ KLVWRULD GH OD DJUL ."3±" "/%3&" (O FDVR %UDVLO HYL FXOWXUD 'HELGR D 64$¦5&(6* %JSFDUPSB &KFDVUJWB GHQFLD TXH OD DUWL ODV YHQWDMDV \ DSRU EF "HSP #JP WH D OD VRVWHQLELOLGDG TXH FXODFLyQ HQWUH ODV SROtWLFDV RIUHFH SURGXFWRUHV GH GH JRELHUQR \ OD LQYHVWLJD SDtVHV VHPEUDURQ FXOWLYRV FLyQ DVt FRPR OD ULJXURVLGDG ELRWHFQROyJLFRV HQ SDUD FLHQWtILFD KDQ SHUPLWLGR TXH XVRV HQ OD DOLPHQWDFLyQ KX D RFXSH HO VHJXQGR OX PDQD GH IRUUDMHV \ SURGXF JDU GHVSXpV GH (VWDGRV 8QL GRV FRQ PLOORQHV GH FLyQ GH ILEUDV WH[WLOHV (Q ORV ~OWLPRV DxRV IDF KHFWiUHDV VHPEUDGDV &RORPELD WLHQH XQD UHJX WRUHV FRPR HO FDPELR FOLPi WLFR \ OD FUHFLHQWH SREODFLyQ ODFLyQ VyOLGD \ H[SHULHQFLD PXQGLDO KDQ OOHYDGR D FLHQ VLHQGR HMHPSOR SDUD PXFKRV WtILFRV D WUDEDMDU HQ HO GHVD SDtVHV GH OD UHJLyQ (O ,&$ UUROOR GH YDULHGDGHV SDUD WUDEDMD HQ HO DQiOLVLV \ DSUR EDFLyQ GH HVWH WLSR GH FXOWL DIURQWDU WDOHV UHWRV 'XUDQWH OD SULPHUD ROD GH YRV SDUD TXH ORV SURGXFWRUHV OD ELRWHFQRORJtD DJUtFROD PR WHQJDQ DFFHVR $ QLYHO FR GHUQD OD LQYHVWLJDFLyQ HVWXYR PHUFLDO KD\ DSUREDGDV DOJX HQIRFDGD DO GHVDUUROOR GH QDV WHFQRORJtDV SDUD DOJR FXOWLYRV JHQpWLFDPHQWH PR GyQ PDt] VR\D \ URVDV \ FOD GLILFDGRV WUDQVJpQLFRV FRQ YHOHV $Vt PLVPR OD 8QLYHU FDUDFWHUtVWLFDV TXH OH SHUPL VLGDG 1DFLRQDO OD &RUSRUD WLHUDQ DO DJULFXOWRU KDFHU FLyQ GH ,QYHVWLJDFLRQHV %LR IUHQWH DO DWDTXH GH SODJDV OyJLFDV \ HO &LDW OH DSXHVWDQ D HVWD WHFQRORJtD UHDOL]DQGR HQIHUPHGDGHV \ PDOH]DV /D VHJXQGD JHQHUDFLyQ LQYHVWLJDFLRQHV SDUD GHVD RIUHFH PHMRUHV FXOWLYRV FRQ UUROODU QXHYDV YDULHGDGHV /RV HVIXHU]RV TXH VH KD FDUDFWHUtVWLFDV TXH D\XGDQ D HQIUHQWDU UHWRV FRPR OD VH FHQ HQ PDWHULD GH LQYHVWLJD TXtD LQXQGDFLRQHV WHPSH FLyQ \ GHVDUUROOR VHUiQ OD UDWXUDV H[WUHPDV VXHORV VD EDVH SDUD RIUHFHU RSRUWXQL OLQRV \ EULQGD OD SRVLELOLGDG GDGHV TXH JDUDQWLFHQ OD SUR GH WHQHU DOLPHQWRV FRQ PD \HFFLyQ GH XQ FDPLQR VRVWH QLEOH \ PiV FRPSHWLWLYR SDUD \RU FRQWHQLGR QXWULFLRQDO 6X DGRSFLyQ KD UHTXHULGR HO VHFWRU DJUtFROD 6L H[LVWH OD TXH JRELHUQRV PXHVWUHQ YR YROXQWDG SROtWLFD SDUD HO GH OXQWDG SROtWLFD SDUD LQFOXLU VDUUROOR \ DGRSFLyQ GH DSOL HVWH WLSR GH WHFQRORJtDV \ DVt FDFLRQHV ELRWHFQROyJLFDV LQ RIUHFHU RSFLRQHV SDUD VXV QRYDGRUDV VLVWHPDV GH UH DJULFXOWRUHV (VWR DGHPiV JXODFLyQ EDVDGRV HQ FULWHULRV GHEH LU DFRPSDxDGR GHO FLHQWtILFRV \ HILFDFHV HQ FRPSRQHQWH GH DQiOLVLV GH WLHPSR \ FRVWRV ODV SHUVSHF EDVH FLHQWtILFD SXHV HV D WUD WLYDV SDUD DxRV SRVWHULRUHV YpV GH OD FLHQFLD TXH VH SXH VHUiQ PX\ SURPHWHGRUDV
5&." $&/53"13*.&3" 26*/$&/" "(0450 %&
i&M DMJNB FT MB JODFSUJEVNCSF EFM OFHPDJPu (O FOLPD HV KR\ OD JUDQ LQ FyJQLWD TXH VXUJH SDUD HO FXOWLYR GHO SOiWDQR HQ HO SDtV WUDV WUHV DxRV GH LQYLHUQR HQ ORV TXH DIORUDURQ SODJDV \ EDMy OD SURGXFFLyQ (VR OR WLHQH FODUR 0DULQR 0RQWR\D XQ HPSUHVDULR GHO SOiWDQR TXLQGLDQR TXLHQ VH xDOD TXH VL ELHQ HO QHJRFLR HV UHQWDEOH DKRUD ORV RMRV GH ORV SURGXFWRUHV GHEHQ HVWDU PiV DELHUWRV (O VRO GH HVWRV GtDV OOHJD FRPR XQ DERQR JUDWLV SHUR GH SUHVHQWDUVH XQ IHQyPHQR GH (O 1LxR DKt OD FRVD FDPELD GH FRORU /RV YHQGDYDOHV VRQ HO RWUR HQH PLJR GHO UHQJOyQ ยณ(O FOLPD HV OD LQFHUWL GXPEUH GHO QHJRFLR /RV YHQGDYDOHV KDFHQ PXFKR GDxR DFDEDPRV GH VDOLU GH XQ LQYLHUQR \ KD\ H[SHFWDWL YD FRQ HO YHUDQR SRUTXH VL HV LQWHQVR FDXVD GDxRยด VHxDOy 0RQWR\D HUD FDILFXOWRU SHUR OD FULVLV GH HVWH UHQJOyQ OR OOHYR D FRQYHUWLU VXV KHFWi UHDV HQ SOiWDQR WHFQLILFDGR FXOWLYR DO TXH HVWi GHGLFDGR KDFH PiV GH DxRV ยข&yPR HVWi KR\ HO QHJRFLR" 6H KD FRPSOLFDGR SRU HO FOLPD 6RQ FXOWLYRV TXH UH TXLHUHQ GH EXHQD OX] HV GHFLU VRO \ HO LQYLHUQR OR UHWUDVD *HQHUD PXFKRV SUREOHPDV FRQ SODJDV \ KRQJRV \ KR\ WHQHPRV HQ IHUPHGDGHV TXH DQWHV QR KDEtD FRPR OD HOHIDQWLDVLV TXH DFDED FRQ OD SODQWD FLyQ (VWRV SUREOHPDV EDMD URQ OD SURGXFFLyQ R \ OD UHQWDELOLGDG GHO QHJRFLR TXH GH WRGDV IRU PDV GD XWLOLGDGHV /RV SUH FLRV KR\ VRQ UHJXODUHV \ ORV LQVXPRV VXELHURQ
(Q VX FDVR ยขTXp UHQ WDELOLGDG PDQHMD" +DFH DxRV HUD JDVWRV \ UHQWDELOLGDG +R\ OD SURSRUFLyQ SXHGH VHU \ DSUR[LPD GDPHQWH (VSHUDPRV TXH HVWH DxR VHD PiV UHQWDEOH \ TXH IDYRUH]FD HO FOLPD \ QR VH GHQ YHQGDYDOHV ยข&XiO HV VX SURGXF FLyQ" 7HQJR KHFWiUHDV \ OD SURGXFFLyQ YDUtD $FWXDO PHQWH VRQ HQWUH \ WR QHODGDV KHFWiUHD DxR /D SURGXFFLyQ YDUtD SRU IDFWR UHV FRPR HO FOLPD OD WLHUUD HO FXLGDGR TXH VH WHQJD HQ IHUWLOL]DFLyQ \ VDQLGDG 3XH GHQ KDEHU ILQFDV GH WR QHODGDV FRPR RWUDV GH R (VWH DxR HVSHUR OOHJDU D ODV WRQHODGDV ยข'yQGH YHQGH" 0iV TXH WRGR D LQWHUPH GLDULRV HQ %RJRWi TXH VH HQFDUJDQ GH VDFDU HO SOiWD QR GH ODV ILQFDV FRQ VX HTXLSR \ QRVRWURV VXSHUYL VDPRV 7RGR HV PHUFDGR LQWHUQR (Q XQD pSRFD H[ SRUWDPRV FXDQGR HVWDED PHMRU HO GyODU SHUR VH YRO YLy SRFR UHQWDEOH HV PX FKR PHMRU HO PHUFDGR GR PpVWLFR 6H KDQ PDQHMDGR SUHFLRV GH HQ SURPH GLR R PiV SRU NLOR SHUR KR\ HVWi SRU GHEDMR GH HVR ยข< FXiO HV HO SUHFLR LGHDO" 3XHGH VHU GH XQRV NLOR (O SUHFLR QR GHEH VHU P\ DOWR SRUTXH GHVHVWLPXOD HO FRQVXPR QL PX\ EDMR SRUTXH DIHFWD HO LQJUHVR GHO SURGXFWRU +D\ TXH EXVFDU HO HTXLOLEULR
INDICADORES DEL CULTIVO Fuente: Cadena hortofrutรญcola, Augura
Enfermedades y plagas Sigatoka Negra Pรฉrdida parcial o total del follaje, reducciรณn de vigor, pรฉrdida de peso de los racimos y maduraciรณn precoz de los mismos Se evidencia a travรฉs de pequeรฑas manchas blanco-amarillo que luego se vuelven rojas, y que son visibles por el envรฉs de la hoja Se controla con la construcciรณn de drenajes adecuados, deshijes y deshojes continuos
Moko Afecta a las plantas en todos los estados de desarrollo y los sรญntomas varรญan de acuerdo al sitio y estado de la infecciรณn Se nota en el amarillamiento y ๏ฌ acidez de las hojas mรกs viejas, pero se pueden presentar otros sรญntomas Se controla a travรฉs de la instalaciรณn de programas de control y cuarentena, erradicaciรณn de las plantas y malezas afectadas
Gusano Tornillo Las larvas se alimentan del seudotallo de manera ascendente, lo que provoca el debilitamiento y pรฉrdida del racimo El control se logra usando semillas sanas, manejo adecuado de malezas y de la poblaciรณn por hectรกrea
Nemรกtodos
&KF $BGFUFSP (O (MH &DIHWHUR HV GH OH MRV KR\ HO SULQFLSDO SURGXF WRU \ DEDVWHFHGRU GH SOiWD QR SDUD HO PHUFDGR LQWHU QR (Q HVWD ]RQD FDIHWHUD SRU WUDGLFLyQ KD\ FXOWLYD GDV VHJ~Q UHJLVWURV GH OD )HGHUDFLyQ 1DFLRQDO GH 3ODWDQHURV )HGHSOiWDQR XQDV KHFWiUHDV \ HQ GHSDUWDPHQWRV FRPR HO 4XLQGtR GRQGH KD\ VHP EUDGDV FDVL HTXLSD UDQ ODV HVWDEOHFLGDV HQ FDIp TXH VRQ XQDV /R TXH KD RFXUULGR HQ HVWH GHSDUWDPHQWR HV TXH FDIHWHURV WUDGLFLRQDOHV FRQ DxRV HQ HO VHFWRU VH WUDQV IRUPDURQ HQ SODWDQHURV 0XHVWUD GH HOOR HV TXH KDFH DxRV OD SURSRUFLyQ HQ 4XLQGtR HUD KHFWiUHDV HQ FDIp \ HQ SOiWDQR 6yOR HQWUH \ VHJ~Q GDWRV GH OD )HGHUDFLyQ GH &DIHWH URV KHFWiUHDV KDQ GHMDGR GH VHU FDIHWHUDV 6LQ HPEDUJR HQ RWUDV UHJLRQHV FRPR 5LVDUDOGD GRQGH KD\ ODV iUHDV GH SOiWD QR FUHFLHURQ SHUR DVRFLD GDV DO FDIp 4XLQGtR VXUWH HO GHO PHUFDGR QDFLRQDO \ HV GH KHFKR KR\ HO PD\RU DEDVWHFHGRU GH SOiWDQR SDUD HO FRQVXPR LQWHUQR
2WURV GH ORV JUDQGHV SUR GXFWRUHV VRQ ORV /ODQRV 8UDEi \ ]RQDV DOHGDxDV 5LVDUDOGD \ &DOGDV (Q &R ORPELD KD\ FXOWLYDGDV XQDV KHFWiUHDV \ RWUDV
6OB QMBUBOFSB QVFEF SFOUBS IBTUB NJMMPOFT QPS IFDUร SFB
#"/"/&304 &/ %*'ยฑ$*- 4*56"$*ยถ/
Son insectos que se alimentan de los frutos haciendo roeduras de poca profundidad, afectando la calidad de los racimos
Colaspis Se controla con un buen manejo de malezas, drenajes funcionales y embolse prematuro
Mapaitero La mejor forma de contrarrestarlo es con la ubicaciรณn y destrucciรณn de nidos, y manteniendo los alrededores del cultivo sin malezas
Trips El manejo de malezas y el embolse prematuro es la mejor manera de controlarlo
&M HSFNJP CBOBOFSP FO DBCF [B EF "VHVSB MF QJEJร BQPZP BM (PCJFSOP BOUF MB EVSB TJUVBDJร O EFM TFDUPS i-B SFWB MVBDJร O FM OJWFM EF FOEFVEB NJFOUP MPT BMUPT DPTUPT MBCP SBMFT RVF SFQSFTFOUBO DFSDB EFM EF MPT DPTUPT UPUBMFT EF QSPEVDDJร O FM BMUP WBMPS EF MPT JOTVNPT Z MPT QSFDJPT JOUFSOBDJPOBMFT EFM QFUSร MFP FTUร O QSPWPDBOEP MB JOTPTUF OJCJMJEBE EF MB BDUJWJEBE Z MB Qร SEJEB QSFPDVQBOUF Z DPOT UBOUF EF MB DPNQFUJUJWJEBE DPO QBร TFT WFDJOPTu EJKP FM QSFTJEFOUF EFM HSFNJP 3PCFSUP )PZPT RVJFO QJEJร OVFWBT Mร OFBT EF DSร EJUP
Cultivo de plรกtano
Diagrama de ๏ฌ ujo e
Selecciรณn y prep
.BSJOP .POUPZB TFร BMB RVF FM QMร UBOP FT VO OFHPDJP EJGร DJM QPS GBDUPSFT DPNP FM DMJNB 1FSP QFSTJTUF QPSRVF MP MMFWB FO MB TBOHSF
Siembra Manejo del cultivo
)&$5ยฆ3&"4
&/ 26*/%ยฑ0 )": 6/"4 )&$5ยฆ3&"4 &/ 1-ยฆ5"/0 .*&/53"4 &/ $"'ยญ )": )"$& "ยต04 -" 130103$*ยถ/ &3" : 3&41&$5*7".&/5&
&- &.13&4"3*0 4&ยต"-" 26& &- 1-ยฆ5"/0 &4 6/ $6-5*70 %& $6*%"%0 : %& ."/&+0 )": 26& 5&/&3 6/" #6&/" '&35*-*;"$*ยถ/ : 4"/*%"%
Meses
-04 $6*%"%04
Alistamiento
0
2
6
9
10
15
Transporte
5&." $&/53"13*.&3" 26*/$&/" "(0450 %&
Nutriciรณn y productividad
P WPMWFSร B B FYQPSUBS QMร UBOP HQ EDQDQR FULROOR ยณ4XLQGtR HV HO GHSDUWD PHQWR PiV SURGXFWLYR HQ OD DFWXDOLGDG (VWi HQ DOUH GHGRU GH WRQHODGDV DxR SRU KHFWiUHD HQ SURPHGLR
HQ FXOWLYRV WHFQLILFDGRVยด GLMR HO SUHVLGHQWH GH OD )H GHUDFLyQ 1DFLRQDO GH 3OD WDQHURV )HGHSOiWDQR 6LO YHULR *RQ]iOH] /D SURGXF FLyQ DFWXDO SURPHGLR GH
HVWH DOLPHQWR HQ &RORPELD HV GH XQRV PLOORQHV GH WRQHODGDV SRU DxR GH ODV FXDOHV VH H[SRUWDQ 3HUR SDUD DEDVWHFHU HO FRQVXPR LQWHUQR TXH KD
FUHFLGR \ VH XELFD HQ XQRV NLORV SHU FiSLWD DxR VH LPSRUWDQ WRQHOD GDV GHO (FXDGRU 6LQ HP EDUJR HO SDtV OOHJy D WHQHU SURGXFFLRQHV GH KDVWD PLOORQHV GH WRQHODGDV (O LQYLHUQR GH ORV ~OWLPRV DxRV EDMy OD SURGXFFLyQ H LQWHQVLILFy OD KXPHGDG TXH SURSDJy HQIHUPHGDGHV FRPR PRNR \ VLJDWRND \ RWUDV QXHYDV HQWUH HOODV HOHIDQWLDVLV DIHFWDQGR FDVL WRGD OD ]RQD SURGXFWRUD GHO SDtV /RV HVWLPDWLYRV GH ODV DJUHPLDFLRQHV GHO VHFWRU LQGLFDQ TXH OD SURGXFFLyQ VH YLQR D PHQRV HQWUH \ 8Q UHIOHMR GH HVR KR\ HVWi HQ 8UDEi OD SULQ FLSDO ]RQD H[SRUWDGRUD GH SOiWDQR GHO SDtV 6HJ~Q GLMR *RQ]iOH] OD ]RQD KD VLGR DIHFWDGD SRU YHQGDYD OHV \ YHUDQR \ DOOt HO SUR GXFWR HVWi HVFDVR (VWR OOH YDUtD D TXH OD ]RQD FDIHWH UD TXH DEDVWHFH HO PHUFD GR LQWHUQR \ DKRUD HVWi HQ FRVHFKD HQWUH D H[SRUWDU SDUD TXH &RORPELD PDQ WHQJD ORV FXSRV ยณ/D UHJLyQ HVWi SUHSDUD GD SDUD HOOR 1R H[SRUWD SRUTXH HO PHUFDGR LQWHUQR HV PiV UHQWDEOH TXH HO H[ WHUQR (Q OD FLUFXQVWDQFLD DFWXDO WRFDUtD H[SRUWDU XQRV FRQWHQHGRUHV VHPD QDOHV SDUD PDQWHQHU ORV FXSRV 'HEHPRV SRQHUQRV GH DFXHUGR GH WDO IRUPD TXH QR VH DIHFWHQ OD GH PDQGD LQWHUQD \ ORV SUH FLRVยด DJUHJy 1R REVWDQWH HO SUHVLGHQWH GH OD )HGHUD FLyQ GH 3URGXFWRUHV GH 3Oi WDQR GH &RORPELD )HGHSOD FRO RWUD DJUHPLDFLyQ GHO VHFWRU -RVp +HUQiQGH] FRQVLGHUD TXH XQD HYHQWXDO H[SRUWDFLyQ GHSHQGH GHO DXPHQWR GHO SUHFLR SDUD MXVWLILFDU HO HMHUFLFLR ยณ'H OR FRQWUDULR VHJXL PRV YHQGLHQGR DO PHUFDGR QDFLRQDO 1RVRWURV H[SRUWi EDPRV SHUR OR SDUDPRV SRUTXH HV PiV QHJRFLR YHQ GHU HO SOiWDQR HQ &RORP ELDยด GLMR
en la cadena del plรกtano Composiciรณn de los plรกtanos por cada 100 gramos
paraciรณn del terreno
Calorรญas
Cosecha
92
74,2
Potasio
gramos
366
1,03
30#&350 )0:04 1SFTJEFOUF EF "VHVSB
i6/" &91035"$*ยถ/ %&1&/%& %& 26& 4& "6.&/5& &- 13&$*0 1"3" +645*'*$"3 &- &+&3$*$*0 %& -0 $0/53"3*0 4&(6*.04 7&/%*&/%0 &/ $0-0.#*"u
Garantice el retorno en su cultivo a travรฉs de un balance entre aminoรกcidos y algas marinas. FERTILIZANTE EDร FICOS
+04ยญ )&3/ยฆ/%&; 1SFTJEFOUF EF 'FEFQMBDPM
&- %"50
1&404 10%3ยฑ" 46#*3 &/ 13ยถ9*.04 %ยฑ"4 &- 13&$*0 %&- ,*-0 %& 1-ยฆ5"/0 &/ $0-0.#*" 1"3" 26&%"3 103 &/$*." %&
Asegure la calidad de su racimo, con el รบnico silicio activado con materia orgรกnica del mercado.
Con AGRIMINS LO QUE EMPIEZA BIEN, TERMINA BIEN. Nutriciรณn completa y balanceada desde el inicio hasta el final.
B1 0,045
Grasa
gramos
i.6$)04 '"$503&4 13070$"/ -" */4045&/*#*-*%"% %& -" "$5*7*%"% : -" 1ยญ3%*%" %& $0.1&5*5*7*%"% $0/ 1"ยฑ4&4 7&$*/04 130%6$503&4u
A 81*
gramos
0,48
BIO ESTIMULANTES
C 9,1
miligramos
Proteรญna
Empaque
6/"4 '".*-*"4 7*7&/ %&- 1-ยฆ5"/0 "-3&%&%03 %& &45ยฆ &/ &- 3"/(0 %& 1&26&ยต04 130%6$503&4
en miligramos
Agua Selecciรณn de la semilla
&.1-&0
Vitaminas
Maduro fresco
en sus cultivos
B2 0,10 Fibra
2,4 gramos
20
miligramos
Fรณsforo
E 0,27 *IU
Av. Cra. 15 No. 106 - 65 piso 5 Tel.: (571) 619 4300 Lรญnea Nacional: 018000 116 700 Bogotรก D.C., Colombia info@colinagro.com.co
$0.&3$*0 13*.&3" 26*/$&/" "(0450 %&
&M MBDUPTVFSP FT VO QSPEVDUP EFSJWBEP EF MB GBCSJDBDJÓO EF RVFTPT
&- %"50
.*- 50/&-"%"4 %& 130%6$504 -¦$5&04 )"/ */(3&4"%0 "- 1"±4 )"45" -0 26& 4& 3&(*453¶ " +6/*0 %& &45& "µ0
*NQPSUBDJPOFT EF MBDUPTVFSP FTUÃO CBKP MB MVQB EFM (PCJFSOP (3&.*0 3&1035" %&.03"4 &/ -" &/53&(" %& $3%*504
/DV LPSRUWDFLRQHV GH ODFWRVXHUR GHVDWDURQ SUHR FXSDFLyQ HQWUH HO VHFWRU JD QDGHUR OXHJR GH TXH DO 0USP BTQFDUP RVF IB EFTQFSUBEP QSFPDVQBDJÓO QPS QBSUF EF 7/& FRQ (VWDGRV 8QLGRV QR 'FEFHÃO FT FM EF MPT DSÊEJUPT QBSB FM TFDUPS BHSPQFDVBSJP ZB VH OH HVWDEOHFLy XQ FRQWLQ RVF TFHÙO FYQSFTÓ FM QSFTJEFOUF EFM HSFNJP +PTÊ 'ÊMJY JHQWH 3RU HVWD UD]yQ SXH -BGBVSJF FTUPT OP MMFHBO MP RVF OP QFSNJUF SFIBDFS CVFOB GHQ HQWUDU FDQWLGDGHV GHV QBSUF EF MBT FYQMPUBDJPOFT B VOJEBEFT QSPEVDUJWBT HBOBEFSBT FRQWURODGDV GH HVWH SURGXF NVDIBT EF MBT DVBMFT IBO RVFEBEP FO EJGÎDJMFT TJUVBDJPOFT EFTQVÊT EF VO GFOÓNFOP EF MB A/JÒB EF DBTJ EPT BÒPT MBSHPT WR DO SDtV Z VO A/JÒP RVF ZB BNFOB[B DPO TFS UBO HSBWPTP DPNP MP GVF $QWH OD VLWXDFLyQ HO PL FO TV NPNFOUP FM JOWJFSOP *OEJDÓ RVF MPT DSÊEJUPT OP MMFHBO QLVWUR GH $JULFXOWXUD \ 'H QPSRVF MB NJTNB GPSNB DPNP TF EJTUSJCVZF FM DSÊEJUP B USBWÊT VDUUROOR 5XUDO -XDQ &DPLOR EF MB CBODB QSJWBEB OP MF QFSNJUF BM QFRVFÒP QSPEVDUPS 5HVWUHSR 6DOD]DU UHLWHUy IBDFSTF B MPT SFDVSTPT TXH HO *RELHUQR QR WROHUDUi i&- 5&.03 &4 .6: (3"/%& 40#3& OD LPSRUWDFLyQ GHVPHVXUD $0.0 4& /&(0$*"30/ &45"4 GD GH ODFWRVXHURV \ DGYLU *.1035"$*0/&4 &- .*/*45&3*0 */%*$¶ WLy TXH GH VHU QHFHVDULR VH 26& 4& 50."3¦/ -"4 .&%*%"4 1"3" 4"-7"(6"3%"3 &45" 4*56"$*¶/u LQYRFDUi OD FOiXVXOD GH VDO -6*4 '&3/"/%0 4"-$&%0 YDJXDUGLD SDUD LPSHGLUOR $ÃNBSB (SFNJBM EF MB MFDIF EF 'FEFHÃO ³(O WHPD GH ORV ODFWRVXH URV YD D VHJXLU EDMR OD OXSD WXDFLyQ $ PHGLDGRV GH MX QLVWUR +D\ TXH HVWDU YLJL HVFUXWDGRUD GHO 0LQLVWHULR QLR GH HVWH DxR VH UHJLVWUD ODQWHV SRU VL OOHJDQ LPSRU GH $JULFXOWXUD´ VHxDOy HO URQ PLO WRQHODGDV GH WDFLRQHV VXEVLGLDGDV SDUD WLWXODU GH OD FDUWHUD DJURSH SURGXFWRV OiFWHRV LPSRUWD TXH pVWDV QR GLVWRUVLRQHQ HO FXDULD GRV 1RV SUHRFXSD TXH QR YDORU UHDO (VSHUDPRV TXH 'LMR TXH VH DQDOL]DUi KD\D XQ PDQHMR GHO WUDWDGR DUUDQTXH XQ &RQSHV OHFKH KDVWD OR TXH OODPy ³HO ~OWL HQ JHQHUDO SRUTXH HQWUy UR SHUR TXH VHD HQ ILUPH´ PR HQWUHVLMR´ GH OD OHWUD FDVL TXH HO GREOH GH OR HVWD SXQWXDOL]y /XLV )HUQDQGR PHQXGD GH ORV 7/& SDUD EOHFLGR´ PDQLIHVWy 6DOFHGR SURWHJHU OD LQGXVWULD OHFKH -XDQ &DPLOR 5HVWUHSR 6DOFHGR H[SOLFy WDPELpQ UD FRORPELDQD SDUD TXH QR TXH D SHVDU GH TXH OD 'LDQ LQIRUPy WDPELpQ TXH FRQ VHD YtFWLPD GH XQD FRPSH HQWUy D UHYLVDU HO WHPD HO HO 0LQLVWHULR GH 6DOXG VH WHQFLD GHVOHDO LPSDFWR VREUH ORV SURGXF HVWi HVWXGLDQGR OD H[SHGL /XLV )HUQDQGR 6DOFHGR WRV VH SURGXMR DVt OD HQWL FLyQ GH XQD UHJODPHQWDFLyQ VHFUHWDULR WpFQLFR GH OD &i GDG KD\D DFWXDGR UiSLGR TXH GLJD FXiO GHEH VHU HO PDUD *UHPLDO GH OD /HFKH ³1RV SUHRFXSD TXH QR VH FRQWHQLGR PtQLPR GH GH )HGHJiQ UHLWHUy OR TXH GHQ ODV PHGLGDV FRQ OD SURWHtQDV TXH GHEH DFUHGL KD GLFKR HO JUHPLR ³(O WH 8QLyQ (XURSHD \ FRQ (VWD WDU XQD EHELGD TXH VH SUH PRU HV PX\ JUDQGH VREUH GRV 8QLGRV $O *RELHUQR OH VHQWH FRPR OiFWHD FRQ OR FRPR VH QHJRFLDURQ HVWDV GHFLPRV TXH HVWp PX\ DWHQ FXDO VDOGUtDQ GHO PHUFDGR LPSRUWDFLRQHV HO PLQLVWUR WR DO PDQHMR \ FRQWURO GH YDULRV ODFWRVXHURV LQGLFy TXH VH WRPDUiQ PH ODV LPSRUWDFLRQHV (VWD VL ³(O *RELHUQR QR YD D GLGDV SDUD LPSOHPHQWDU WXDFLyQ VH YLR FRQ 0HUFR SHUPLWLU \ OR TXLHUR UHLWH VDOYDJXDUGLDV VL HV QHFHVD VXU QR VH PDQHMy \ KXER UDU FRQ WRGD ILUPH]D TXH ULR +D\ XQ DJUDYDQWH \ HV XQ GDxR TXH DIHFWy ORV SUH ORV 7/& VH YD\DQ D FRQYHU HO GyODU HO WHPD FDPELDULR FLRV GHO SURGXFWRU (O *R WLU HQ XQ IDFWRU TXH DUUXLQH (VWDUHPRV PX\ DWHQWRV GH ELHUQR HVWDUi DWHQWR D ODV \ TXH DUUDVH FRQ HO HPSOHR FRPR HYROXFLRQDUi HVWD VL PHGLGDV TXH DQXQFLy HO PL UXUDO´ SXQWXDOL]y
"(3±$0-" 13*.&3" 26*/$&/" "(0450 %&
"HSJDVMUVSB VSCBOB FT VOB BMUFSOBUJWB &XOWLYDU YHUGXUDV \ KRU WDOL]DV HQ XQD WHUUD]D EDO FyQ R MDUGtQ HV GH JUDQ LP SRUWDQFLD SRUTXH SHUPLWH GLVSRQHU GH XQD IXHQWH VDQD GH DOLPHQWRV 6L VH GHVWLQD XQ HVSDFLR GHQWUR GHO MDUGtQ SDUD SODQ WDU ODV YHQWDMDV VRQ LQQX PHUDEOHV SRUTXH VH SXHGHQ REWHQHU SURGXFWRV FRQ SUR SLHGDGHV VXSHULRUHV TXH ODV TXH RIUHFHQ ORV DOLPHQWRV TXH VH YHQGHQ HQ ORV HVWD EOHFLPLHQWRV FRPHUFLDOHV +D\ JUDQGHV EHQHILFLRV SDUD OD VDOXG \ SDUD OD HFR QRPtD IDPLOLDU \ SRU HVR HQ OD FLXGDG HVWiQ DXPHQ WDQGR ODV SHUVRQDV TXH VH GHGLFDQ D FXOWLYDU DOLPHQ WRV \ WLHQHQ DOOt XQD IXHQWH GH LQJUHVR UHQWDEOH \ SHU PDQHQWH 6HJ~Q 'LHJR $ORQVR *X WLpUUH] FRRUGLQDGRU WpFQLFR HQ $JULFXOWXUD 8UEDQD GHO -DUGtQ %RWiQLFR -RVp &HOHV WLQR 0XWLV HVWD SUiFWLFD VH KD SURSDJDGR D OR ODUJR GHO WHUULWRULR QDFLRQDO GH KH FKR OD DJULFXOWXUD XUEDQD GHVGH VLHPSUH VH KD UHDOL ]DGR 6LQ HPEDUJR KD WR PDGR IXHU]D HQ ORV ~OWLPRV DxRV JUDFLDV DO DSR\R GH ORV JRELHUQRV ORFDOHV $Vt PLVPR SDUD HO LQJH QLHUR DJUyQRPR *HUPiQ $QWRQLR /RWHUR GHQWUR GH ODV YHQWDMDV GH WHQHU XQD KXHUWD HQ FDVD HVWi OD HFR QRPtD \ OD FRQILDQ]D DO FRQVXPLU VREUH ORV SURGXF WRV SRUTXH VH HVWi VHJXUR GH TXH QR WLHQHQ QLQJXQD DOWHUDFLyQ TXtPLFD \ OD GLV SRQLELOLGDG GH HOORV 'HQWUR GH ODV FLXGDGHV TXH HQ OD DFWXDOLGDG VH HQ FXHQWUDQ DSR\DQGR HVWH WLSR GH LQLFLDWLYDV HVWiQ 0HGHOOtQ 0DQL]DOHV ,ED JXp &DUWDJHQD %XJD &DOL 3RSD\iQ 9LOODYLFHQFLR \ %RJRWi &XOWLYDU HQ FDVD KDFH TXH ORV DOLPHQWRV SDUD HO FRQVXPR VHDQ PiV VDQRV \ VLQ DJURTXtPLFRV VH HYLGHQ FLD XQD UHGXFFLyQ \ DSURYH FKDPLHQWR GH ORV UHFXUVRV RUJiQLFRV VH SRWHQFLDOL]D HO XVR GH DJXDV OOXYLDV UHFLFOD GDV \ DGHPiV VH HVWLPXOD HQ OD FRPXQLGDG ODV SUiFWL FDV GH FRQVHUYDFLyQ 6HJ~Q HO H[SHUWR GHO -DU GtQ %RWiQLFR HVWH SURJUD PD FRQWULEX\H D TXH VH GLV PLQX\DQ ORV FRVRV DVRFLD GRV DO WUDQVSRUWH GH DOL PHQWRV FRQVXPR UHVSRQ VDEOH \ DXWRVXILFLHQFLD ID PLOLDU VH ORJUD DFFHVR GH ORV FRQVXPLGRUHV SREUHV D ORV DOLPHQWRV \ VH FRQYLHUWH HQ XQD IXHQWH GH LQJUHVR SDUD HO Q~FOHR IDPLOLDU 3DUD LQFHQWLYDU OD VLHP EUD HQ ORV KRJDUHV GH OD FLX GDG OD HQWLGDG RIUHFH XQ FXUVR EiVLFR GH DJULFXOWXUD XUEDQD HQ HO TXH HQVHxDQ
GLVHxR \ SODQHDFLyQ GHO HV SDFLR VLHPEUD \ SURSDJD FLyQ VXHORV \ VXVWUDWRV PDQHMR LQWHJUDGR GHO FXOWL YR XUEDQR IHUWLOL]DFLyQ RU JiQLFD \ QXWULFLyQ YHJHWDO $GHPiV DVLVWHQFLD WpFQLFD GRPLFLOLDULD SDUD HO IRUWDOH FLPLHQWR GHO PRQWDMH \ PDQWHQLPLHQWR GH OD KXHU WD XUEDQD ³6H OHV DSR\D FRQ DOJX QRV LQVXPRV FRPR VHPL OODV FRPSRVW \ OD DVLVWHQFLD WpFQLFD 9DOH OD SHQD DQRWDU TXH HO -DUGtQ %RWiQLFR FRPR FHQWUR GH GHVDUUROOR FLHQWtILFR \ WHFQROyJLFR KD LQYHVWLJDGR HQ OtQHDV HQWUH HOODV TXH VRQ VRFLDOL ]DGDV \ YDOLGDGDV FRQ ODV FRPXQLGDGHV´ H[SOLFy 'LVSRQHU GH XQD VXSHU ILFLH GH XQRV R PH WURV FXDGUDGRV SDUD FXOWL YDU YHUGXUDV X KRUWDOL]DV HVWi DO DOFDQFH GH SRFRV HQ ODV JUDQGHV FLXGDGHV $~Q DVt FRQ XQ WHUUHQR PiV UH GXFLGR VH SXHGH OOHJDU D SURGXFLU PXFKDV YHUGXUDV X KRUWDOL]DV 3&$0.&/%"$*0/&4 3DUD UHDOL]DU XQD KXHUWD HQ FDVD HO IXQFLRQDULR UH FRPLHQGD FRPR SULPHUD PHGLGD XELFDU HO HVSDFLR GHQWUR HQ HO FXDO VH SXHGD GHVDUUROODU OD DJULFXOWXUD XUEDQD (VWH GHEH WHQHU FRPR FRQGLFLRQHV EiVLFDV OD HQ WUDGD GH OX] VRODU OD PD\RU
&41&$*&4 $6-5*7"#-&4 &/ -" $"1*5"- %&- 1"±4 &O MB 4BCBOB EF #PHPUÃ TF QVFEFO QSPEVDJS NÃT EF FTQFDJFT WFHFUBMFT FOUSF IPSUBMJ[BT HSBOPT UVCÊSDVMPT DFSFBMFT TFVEP DFSFBMFT NFEJDJOBMFT Z FTQFDJFT GSVUBMFT -B BHSJDVMUVSB VSCBOB RVF TF QVFEF QSBDUJDBS FO ÃSFBT QFSJVSCBOBT Z VSCBOBT QSPEVDF CVFOB QBSUF EF MBT FTQFDJFT DVMUJWBCMFT FO FTUF QJTP UÊSNJDP &T JNQPSUBOUF TJO FNCBSHP FM DPOPDJNJFOUP EFM DPNQPSUBNJFOUP BHSPOÓNJDP EF MBT EJGFSFOUFT FTQFDJFT QBSB MPHSBS VOB NFKPS QSPEVDDJÓO DVBOEP TV TJFNCSB TF IBDF FO SFDJQJFOUFT HVBDBMFT P FO QFRVFÒBT ÃSFBT EF TVFMP CMBOEP FO MPT QBUJPT USBTFSPT EF MBT DBTBT &OUSF MPT QSPEVDUPT RVF TF QVFEFO DVMUJWBS FTUÃO MBT BDFMHBT FM BKP FM BQJP MB DFCPMMB MBSHB FM DJMBOUSP FM DPMJGMPS MB FTQJOBDB MB MFDIVHB Z FM QFSFKJM FOUSF PUSPT
-PT DVMUJWPT FO MBT DBTBT TPO QSJODJQBMNFOUF EF IPSUBMJ[BT 4JO FNCBSHP MP JNQPSUBOUF FT RVF TFBO EF DSFDJNJFOUP SÃQJEP FDQWLGDG GH KRUDV SRVLEOHV GXUDQWH HO GtD XELFDUOD FHU FD GH XQD IXHQWH GH DJXD WHQHU HVSDFLR SDUD DOPDFH QDU HO DJXDOOXYLD \ FRQWDU FRQ XQD ]RQD SDUD HO HVWD EOHFLPLHQWR GH ORV VHPLOOH URV FRQ HO ILQ GH GHVDUUROODU OD HODERUDFLyQ GH DERQRV RUJiQLFRV ³6H GHEHQ GHILQLU OD HV SHFLHV ODV FXDOHV HVWiQ
FRQGLFLRQDGDV SRU ORV JXV WRV GHO DJULFXOWRU ODV FRQ GLFLRQHV FOLPiWLFDV \ HO WLSR GH GHVDUUROOR YHJHWD WLYR TXH SUHVHQWDQ ODV SODQWDV D SDUWLU GHO FXDO VH SXHGH GHILQLU Vt GH DFXHU GR DO HVSDFLR HV FRQYH QLHQWH R QR VX VLHPEUD GH ELGR D OD SURGXFFLyQ SRU iUHD GHO FXOWLYR´ GLMR HO H[SHUWR
$JUHJy TXH ³FXDQGR VH FXHQWD FRQ SRFR HVSDFLR HV SUHIHULEOH HOHJLU KRUWDOL]DV GH FUHFLPLHQWR UiSLGR \ QR FXOWLYDU GRQGH KD\D GHPD VLDGD VRPEUD ³ DJUHJy HO IXQFLRQDULR $GLFLRQDOPHQWH /RWHUR DFRQVHMD LQIRUPDUVH ELHQ HQ HO PRPHQWR TXH VH GHFL GD FXOWLYDU VREUH ODV FRQGL FLRQHV TXH GHEH FXPSOLU \ ORV SURGXFWRV PiV DSURSLD GRV GH DFXHUGR DO FOLPD ³7HQHU EXHQ FRQRFLPLHQWR VREUH HO WHPD \ EXHQD GLV SRQLELOLGDG GH DJXD VRQ SULPRUGLDOHV SDUD FXOWLYDU´ DxDGLy (Q HO PDUFR GHO SUR\HF WR ³,QYHVWLJDFLyQ \ IRUPDFLyQ SDUD HO DSURYH FKDPLHQWR GH ORV XVRV SR WHQFLDOHV GH HVSHFLHV YHJH WDOHV DQGLQDV \ H[yWLFDV GH FOLPD IUtR D WUDYpV GH FXOWL YRV XUEDQRV´ VH SURPXHYH HO XVR VRVWHQLEOH GH HV SHFLHV YHJHWDOHV DQGLQDV \ H[yWLFDV GH FOLPD IUtR FRPR DOWHUQDWLYD SDUD OD REWHQFLyQ GH DOLPHQWRV SDUD VX DXWRFRQVXPR DGHPiV FRQ HO iQLPR GH FRQWULEXLU DO PHMRUDPLHQ WR QXWULFLRQDO \ GLYHUVLIL FDU ORV SDWURQHV DOLPHQWD ULRV GH OD FRPXQLGDG 6HJ~Q /RWHUR ORV SUR GXFWRV PiV FRPXQHV GHQ WUR GH KXHUWDV VRQ HO WRPD WH \ OD FHEROOD SRU VHU LQVX PRV XWLOL]DGRV D GLDULR HQ OD FRFLQD
4FNCSBS FO DBTB BTFHVSB BMJNFOUPT DPOGJBCMFT Z NVDIP NÃT TBMVEBCMFT
i-" "(3*$6-563" 63#"/" )" 50."%0 '6&3;" &/ -04 ¼-5*.04 "µ04 &/ &- 1"±4 (3"$*"4 "- "10:0 : $0/53*#6$*¶/ %& (0#*&3/04 -0$"-&4 $0.0 &- %& #0(05¦u %*&(0 "-0/40 (65*33&; $PPSEJOBEPS UÊDOJDP EFM +BSEÎO #PUÃOJDP
&- %"50
&41&$*&4 7&(&5"-&4
%& $-*." '3±0 40/ -" "-5&3/"5*7" 26& 13010/& &- +"3%±/ #05¦/*$0 1"3" -" "(3*$6-563" 63#"/" &/ #0(05¦
&41&$*"- '&3*" %& -"4 '-03&4 13*.&3" 26*/$&/" "(0450 %&
&M SFDPSSJEP UJFOF VOB EJTUBODJB EF LN Z QBTBSÃ QPS &OWJHBEP *UBHVÎ Z .FEFMMÎO
5PEP MJTUP QBSB FM EFTGJMF B DBCBMMP $ SDVR GH KHUUDGXUD FDEDOORV \ VXV MLQHWHV UHFRUUHUiQ (QYLJDGR ,WDJXt \ 0HGHOOtQ GXUDQWH OD YHU VLyQ Q~PHUR GHO 'HVILOH D &DEDOOR TXH VH UHDOL]DUi HO GRPLQJR GH DJRVWR HQ HO PDUFR GH OD )HULD GH ODV )ORUHV 8Q WRWDO GH SROL FtDV YHWHULQDULRV HQ SXQWRV GH DWHQFLyQ SHUVRQDV GHGLFDGDV D OD OR JtVWLFD GHO HYHQWR SXHV WRV GH FRQWURO HQFDU JDGRV GHO HVSDFLR S~EOLFR \ DJHQWHV GH WUiQVLWR DVLVWLUiQ D ORV ELQRPLRV \ D ORV PLO HVSHFWDGRUHV GHO GHVILOH TXH VH GHVDUUR OODUi SRU XQ WUD\HFWR GH NLOyPHWURV $XQTXH HQ HO HYHQWR SDUWLFLSDUiQ DOJXQRV SHU FKHURQHV OD RUJDQL]DFLyQ GHO GHVILOH DILUPy TXH FXDO TXLHU FDEDOOR VHUi DGPLWLGR VL QR LPSXOVD ]RUUDV R FD UUHWLOODV HQ HO GHVILOH 1DWDOLD +HUQiQGH] GL UHFWRUD ORJtVWLFD GHO HYHQWR DILUPD TXH HVWH DxR OD RUJD
QL]DFLyQ GHO 'HVILOH D &DED OOR TXLVR GDUOH XQ QXHYR VLJQLILFDGR DO FRQFHSWR GH HVWD WUDGLFLRQDO FHOHEUD FLyQ SDUD TXH DVt FRPR HO 'HVILOH GH $XWRV &OiVLFRV \ HO 'HVILOH GH 6LOOHWHURV OD FDEDOJDWD FRQJUHJXH D QL xRV \ DGXOWRV \ VH FRQYLHUWD HQ HO HYHQWR IDPLOLDU GH FLH UUH GH OD )HULD GH ODV )ORUHV 3RU HVWD UD]yQ GXUDQWH HO UHFRUULGR QR VH DGPLWLUi OD SUHVHQFLD GH EXUURWHFDV QL GH SHUVRQDV HQ HVWDGR GH DOL FRUDPLHQWR +HUQiQGH] UH FDOFy TXH DXQTXH OD ,QGXV WULD GH /LFRUHV GH $QWLRTXLD HV XQR GH ORV SDWURFLQDGRUHV GHO HYHQWR QR VH YHQGHUi DO FRKRO D ORV SDUWLFLSDQWHV GX UDQWH HO UHFRUULGR 2WUD GH ODV QRYHGDGHV GH OD YHUVLyQ Q~PHUR GHO 'HVILOH D &DEDOOR VHUi HO FDPELR HQ HO UHFRUULGR /D RUJDQL]DFLyQ UHGLVHxy HO WUD\HFWR SDUD JDUDQWL]DU TXH PXFKDV PiV SHUVRQDV SXHGDQ DSUHFLDU ORV ELQR PLRV \ FRPSDUWLU FRQ VXV IDPLOLDV ODV DFWLYLGDGHV PX
i4& 7&/%&3¦/ ("--"3%&5&4 $"%" 6/0 103 6/ 7"-03 %& -0 26& 3&$"6%&.04 4& 7" " %&45*/"3 1"3" -"4 0#3"4 %& -" '6/%"$*¶/ $"#"-("5" '&3*" %& -"4 '-03&4u /"5"-*" )&3/¦/%&; %JSFDUPSB MPHÎTUJDB EFM EFTGJMF B DBCBMMP
.ÃT EF QPMJDÎBT QBSUJDJQBSÃO EVSBOUF UPEP FM SFDPSSJEP RVF TF EFGJOJÓ EFM %FTGJMF B $BCBMMP EF FTUF BÒP VLFDOHV \ FXOWXUDOHV TXH HQ FXHQWUDQ D OR ODUJR GHO UH FRUULGR (O GLQHUR UHFDXGDGR FRQ OD YHQWD GH ORV VHLV PLO JD OODUGHWHV TXH WHQGUiQ XQ SUHFLR GH FDGD XQR VH GHVWLQDUi SULQFL SDOPHQWH D REUDV GH EHQH ILFLR SDUD QLxRV FRQ 6tQGUR PH GH 'RZQ (VWH DxR HO GHVILOH VH GH VDUUROODUi HQ KRPHQDMH D ORV DxRV GHO SHULyGLFR (O &RORPELDQR FRPR UHFR
QRFLPLHQWR D VX ³LPSRUWDQ WH SDSHO GHQWUR GH OD KLVWR ULD GH &RORPELD \ GH $Q WLRTXLD´ 'XUDQWH HO HYHQWR QR VH SHUPLWLUi HO WUiQVLWR GH GRV MLQHWHV VREUH XQ PLVPR FD EDOOR \ OD VDOLGD GH ORV ELQR PLRV GHEH UHDOL]DUVH HQWUH HO PHGLR GtD \ ODV GRV GH OD WDUGH /RV HVSHFWDGRUHV QR SRGUiQ YHU HO 'HVILOH HQ ORV SXHQWHV GH OD $YHQLGD 5H JLRQDO QL SRGUiQ SRUWDU HQ YDVHV GH YLGULR
&- 53":&$50 %&- %&4'*-& " $"#"--0
&- %"50
4FSÃ VO SFDPSSJEP EF LJMÓ NFUSPT RVF QBSUJSÃ BM NFEJP EÎB EFTEF MB &TUBDJÓO "ZVSÃ EFM .FUSP IBDJB FM OPSUF MB "WFOJEB 3FHJPOBM IBTUB FM QVFOUF EF MB $BMMF QBSB DSV[BS FM SÎP Z UPNBS MB "VUPQJTUB 4VS IBTUB FM QVFO UF EFM 1BOEFRVFTP FO &OWJHBEP Z HJSBS BM PSJFOUF IBTUB MMFHBS OVFWBNFOUF BM EFTFNCBSRVF TPCSF MB "WFOJEB 3FHJPOBM 4FHÙO /BUBMJB )FSOÃOEF[ EJSFDUPSB MPHÎTUJDB EFM EFTGJMF B DBCBMMP UBNCJÊO TF QSPIJCJSÃO FM VTP EF BFSPTPMFT EF FTQVNB FTQVFMBT QFSSFSPT GVFUFT Z [VSSJBHPT MB QSFTFODJB EF [PSSBT Z DPDIFT DBSSFUJMMFSPT JS FO DPOUSBGMVKP Z MB QSFTFO DJB EF OJÒPT B DBCBMMP TJO MB DPNQBÒÎB EF VO BEVMUP SFT QPOTBCMF
.*- "4*45&/5&4
"- %&4'*-& " $"#"--0 &41&3" -" "-$"-%±" %& .&%&--±/ : -" '6/%"$*¶/ $"#"-("5" '&3*" %& -"4 '-03&4
&41&$*"- '&3*" %& -"4 '-03&4 13*.&3" 26*/$&/" "(0450 %&
$FSDB EF FRVJOPT QBSUJDJQBSÃO FO &YQPJOUFSOBDJPOBM 'HVGH HO SUy[LPR GH DJRVWR \ KDVWD HO PDUWHV OD $VRFLDFLyQ GH &ULDGRUHV GH &DEDOORV &ULROORV &R ORPELDQRV GH 6LOOD $VGH VLOOD UHDOL]DUi HQ 0HGHOOtQ OD YHUVLyQ Q~PHUR GH OD ([SRLQWHUQDFLRQDO (TXLQD )HULD GH ODV )ORUHV *UDGR $ (Q HVWH HYHQWR SDUWLFL SDUiQ HMHPSODUHV GH ORV FXDWUR DQGDUHV WURWH \ JD ORSH WURFKH \ JDORSH WUR FKD SXUD \ SDVR ILQR HQ FRPSHWHQFLDV TXH HVWDUiQ GLYLGLGDV HQ FLQFR FDWHJR UtDV VHJ~Q OD HGDG GH ORV DQLPDOHV SDUD FDGD VH[R \ HQ ODV FXDWUR PRGDOLGDGHV $Vt ODV FDWHJRUtDV SDU WLFLSDQWHV VRQ GH D PHVHV GH HGDG GH D GH D GH D \ ORV PD\RUHV GH -RUJH /RQGRxR 'H /D &XHVWD SUHVLGHQWH GH $V GHVLOOD DILUPy TXH HQ FDGD XQR GH HVRV DQGDUHV HVWD UiQ ORV PHMRUHV HMHPSOD UHV GHO UDQNLQJ D QLYHO QD FLRQDO GHELGR D TXH ³OD ([SRLQWHUQDFLRQDO (TXLQD )HULD GH ODV )ORUHV HV UHFR QRFLGD FRPR HO HYHQWR HTXLQR PiV LPSRUWDQWH GHO SDtV´ 'XUDQWH ORV GtDV HQ ORV TXH VH OOHYDUi D FDER OD H[ SRVLFLyQ VH HVSHUD OD SDUWL FLSDFLyQ GH FHUFD GH HMHPSODUHV \ OD SUHVHQFLD GH HVSHFWDGRUHV GH GLIHUHQWHV SDUWHV GH &R ORPELD \ GHO PXQGR (O ViEDGR GH DJRVWR VH HVWDUi MX]JDQGR OD WUR FKD SXUD (O GRPLQJR GH DJRVWR HO SDVR ILQR (O OX QHV GH DJRVWR HO WURWH \ JDORSH \ HO PDUWHV GH
i"4%&4*--" &41&3" -" 1"35*$*1"$*¶/ %& $&3$" %& &+&.1-"3&4 : -" 13&4&/$*" %& &41&$5"%03&4 .6$)04 %& &--04 %& %*'&3&/5&4 1"35&4 %& $0-0.#*" : %&- .6/%0u +03(& -0/%0µ0 %& -" $6&45" 1SFTJEFOUF EF "TEFTJMMB
"4%&4*--" 130.0$*0/" &- $"#"--0 $3*0--0 -B "TPDJBDJÓO EF $SJBEPSFT EF $BCBMMPT $SJPMMPT $PMPNCJBOPT EF 4JMMB FTUÃ QSPNPDJPOBOEP FM DBCBMMP DSJPMMP B OJWFM NVOEJBM 6OB EF MBT FTUSBUFHJBT QBSB IBDFSMP FT FTUB &YQPJOUFSOBDJPOBM &RVJOB 'FSJB EF MBT 'MPSFT RVF IB TJEP EJGVOEJEB FO QBÎTFT DPNP 1VFSUP 3JDP 3FQÙCMJDB %PNJOJDBOB "SVCB $VSB[BP 7FOF[VFMB 1BOBNÃ Z FM TVS EF MPT &TUBEPT 6OJEPT FOUSF PUSPT -POEPÒP BGJSNÓ RVF FM FWFOUP FT MB NFKPS FTUSBUFHJB EF QSPNPDJÓO EFM DBCBMMP DSJPMMP DPMPNCJBOP i%VSBOUF FTUB WFSTJÓO FTQFSBNPT MB QSFTFODJB EF NVDIPT FYUSBOKFSPT Z MFT EBNPT VOB DPSEJBM CJFOWFOJEBu
"TEFTJMMB FTQFSB MB QSFTFODJB EF FTQFDUBEPSFT EVSBOUF MPT DVBUSP EÎBT EFM FWFOUP FRVJOP FO .FEFMMÎO VH YDORUL]D DO UHFLELU ORV UH FRQRFLPLHQWRV \ HVWR OR KDFH PiV DSHWHFLGR HQWUH ORV FULDGRUHV &- $"#"--0 $3*0--0
-BT DPNQFUFODJBT FO MBT RVF QBSUJDJQBSÃO MPT FRVJOPT FO FM NBSDP EF MB &YQPJOUFSOBDJPOBM 'FSJB EF MBT 'MPSFT TF EJWJEJSÃO FO DBUFHPSÎBT TFHÙO FM BOEBS FM TFYP Z MB FEBE EF MPT FKFNQMBSFT DJRVWR VH HVWDUi MX]JDQGR OD WURFKD \ HO JDORSH \ OD WRWDOLGDG GH ORV JUDQGHV FDPSHRQDWRV GH ODV FXDWUR PRGDOLGDGHV ÈOYDUR 0HVD GLUHFWRU WpFQLFR GH OD H[SRVLFLyQ DILUPD TXH HVWH HYHQWR HV PX\ LPSRUWDQWH GHELGR D OD SDUWLFLSDFLyQ GH HMHPSODUHV LQWHUQDFLRQDOHV D OD WUDGL FLyQ TXH WLHQH GHQWUR GHO
SDtV \ D OD EXHQD SRVLFLyQ TXH WLHQHQ ORV H[SRVLWRUHV TXH DVLVWHQ DGHPiV GH TXH RWRUJD HO JUDGR PiV DOWR GH FDOLILFDFLyQ /RV JDQDGRUHV VHUiQ HOH JLGR SRU WUHV MXHFHV TXH ORV FDOLILFDUiQ VHJ~Q ORV FULWH ULRV GH IHQRWLSR FRORU DSORPRV \ FROD DGLHVWUD PLHQWR \ ORV PRYLPLHQWRV GHO DQLPDO DUPRQtD FD
GHQFLD \ EUtR (O SULPHU \ VHJXQGR OXJDUHV GH ODV FDWHJRUtDV VHUiQ SUHPLD GRV \ HO JUDQ FDPSHyQ GH OD H[SRVLFLyQ UHFLELUi XQ JDOODUGHWH \ XQ SXQWDMH SDUD OD IHULD QDFLRQDO 6HJ~Q 0HVD DXQTXH DO JDQDU OD ([SRLQWHUQDFLRQDO (TXLQD )HULD GH ODV )ORUHV QR VH HQWUHJD GLQHUR HO PD \RU SUHPLR HV TXH HO FDEDOOR
3DUD /RQGRxR ODV FDUDF WHUtVWLFDV PiV GHVWDFDEOHV GHO FDEDOOR FULROOR FRORP ELDQR VRQ ³OD VXDYLGDG \ DJLOLGDG GH VXV PRYLPLHQ WRV \ OD HQHUJtD R HO EUtR FRQ TXH WUDEDMD´ /RV DQLPDOHV QDFLRQDOHV VRQ WDQ DSHWHFLGRV TXH WLH QHQ SUHVHQFLD HQ PXFKRV SDtVHV FRPR 3XHUWR 5LFR 5HS~EOLFD 'RPLQLFDQD $UXED &XUD]DR 9HQH]XHOD 3DQDPi \ VXU GH ORV (VWDGRV 8QLGRV \ HQ DOJXQRV SDtVHV HXURSHRV FRPR $OHPDQLD 6XL]D \ &KHFRVORYDTXLD /D SUy[LPD H[SRVLFLyQ GH FDED OORV GH SDVR D QLYHO PXQGLDO VH UHDOL]DUi HO DxR HQWUDQWH HQ 5HS~EOLFD 'RPLQLFDQD
! ! "
Inglaterra, Costa Rica, El Salvador y Colombia Auditorio Fernando Gómez Martínez, Politécnico Colombiano Jaime Isaza Cadavid - Medellín APOYAN
INVITAN
INVITAN:
www.caficulturasostenible.com ¸ # $ %&' ( 250 5475 ¸ $ %&' 3137937813 ¸ coordinador)
*
ORGANIZAN:
&- %"50
&+&.1-"3&4 /"$*0/"-&4 & */5&3/"$*0/"-&4 1"35*$*1"3±"/ &/ -" 7&34*¶/ /¼.&30 %& -" &910*/5&3/"$*0/"- &26*/"
&41&$*"- '&3*" %& -"4 '-03&4 13*.&3" 26*/$&/" "(0450 %&
.ÃT EF QFSTPOBT TF SFVOJSÃO FO MB DBNJOBUB EF NBTDPUBT $OUHGHGRU GH SHUVRQDV GH WRGDV ODV HGD GHV DGXOWRV PD\RUHV DGXO WRV QLxRV VH HVSHUD SDUWL FLSHQ HQ OD YHUVLyQ GH OD FDPLQDWD FDQLQD \ GH PDV FRWDV TXH VH GHVDUUROODUi HQ HO PDUFR GH OD )HULD GH ODV )ORUHV HQ OD FDSLWDO GH $Q WLRTXLD GHO DO GH DJRV WR GH (O SXQWR GH HQFXHQWUR GH OD FDPLQDWD HV HO 3XHQWH GH %DUUDQTXLOOD D ODV D P \ WHQGUi XQ UHFRUULGR GH NLOyPHWURV KDVWD OOHJDU D ODV LQVWDODFLRQHV GH 7LH UUDJUR XELFDGDV HQ HO 3XHQWH *XD\DTXLO 'H DFXHUGR FRQ /HRQDU GR 3pUH] FRRUGLQDGRU GHO HYHQWR TXH RUJDQL]D OD HP SUHVD 7LHUUDJUR OD LGHD FRQ HVWD DFWLYLGDG HV IRPHQWDU HO FXLGDGR UHVSHWR \ DPRU SRU ODV PDVFRWDV \ OD WH QHQFLD UHVSRQVDEOH GH ODV PLVPDV ³(VWH HV XQ HYHQWR FRQ JUDQ DIOXHQFLD GH JHQWH HQ OD )HULD GH ODV )ORUHV TXH FRQYRFD D ORFDOHV \ WXULVWDV GH WRGDV ODV HGDGHV SDUD TXH GLVIUXWHQ HQ XQ HVSDFLR DUPRQLRVR FRQ VXV IDPLOLD UHV DPLJRV PiV FHUFDQRV \ PDVFRWDV GH WRGR WLSR SH UURV JDWRV FRQHMRV KDPV WHU DYHV JDOOLQDV UHSWLOHV \ FHUGRV /D LGHD HV TXH VDO JDQ GH OD PRQRWRQtD \ VH DQLPHQ D KDFHU SDUWH GH XQ HVSDFLR VDOXGDEOH HQ GRQGH WHQGUiQ OD RSRUWXQLGDG GH KDFHU GHSRUWH \ GLVIUXWDU GH ODV QRYHGDGHV TXH WUDH HVWD YHUVLyQ GHO GHVILOH´ GLMR 3pUH] 'HQWUR GH ODV QRYHGDGHV GH OD MRUQDGD HVWi OD VDOD GH ULIDV \ GH REVHTXLRV HQ GRQGH VH HQWUHJDUiQ EROVRV PDQRV OLEUHV JRUUDV DFFH VRULRV SDUD PDVFRWDV \ PiV GH PXHVWUDV GH FRQFHQWUDGRV GH WRGDV ODV PDUFDV $GHPiV FRQWDUi FRQ XQD DPSOLD PXHVWUD FRPHU FLDO HQ OD TXH ORV SDUWLFL SDQWHV SRGUiQ DFFHGHU D WRGDV ODV QRYHGDGHV \ ~OWL PDV LQQRYDFLRQHV HQ DFFH VRULRV SDUD PDVFRWDV FD PDV MXJXHWHV FRUUHDV JLPQDVLRV PLFURFKLSV SDUD XELFDFLyQ \ DUHQHURV DGH
&+&3$*$*0 $-"7& &/ -04 "/*."-&4 &M FKFSDJDJP FO MPT BOJNBMFT FT VO UFNB GVOEBNFOUBM QBSB HBSBOUJ[BS VO BEFDVBEP FTUB EP GÎTJDP Z VOBT CVFOBT DPO EJDJPOFT EF TBMVE Z NFOUBM 4FHÙO .BSUIB ;BNVEJP NÊEJDB WFUFSJOBSJB EF MB $MÎOJDB %ST ;BNVEJP FT JNQPSUBOUF RVF MBT QFSTPOBT MMFWFO B IBDFS FKFSDJDJP B TVT NBTDPUBT QFSSP HBUPT QPS MP NFOPT DPO VOB QFSJPEJDJ EBE EF EÎBT B MB TFNBOB QVFT FTUP QFSNJUJSÃ RVF FM BOJNBM FTUJNVMF TVT NÙTDV MPT TF SFMBKF Z MJCFSF FOFSHÎBT SFQSJNJEBT -B FYQFSUB FYQMJ DÓ RVF FO FM DBTP EF MPT DBDIPSSPT FT JOEJTQFOTBCMF RVF MBT KPSOBEBT EF FKFSDJDJP BVNFOUFO TJ FT QPTJCMF EJB SJBNFOUF QVFT FMMP FWJUBSÃ RVF FO MB QFSNBOFODJB EF MB DBTB SFBMJDFO EBÒPT i&M FKFS DJDJP EFCF JS BDPNQBÒBEP EF VO BEFDVBEP QMBO BMJNFOUJ DJP DPO BMUP DPOUFOJEP EF QSPUFÎOBT EFQFOEJFOEP EFM UJQP EF NBTDPUB Z SB[Bu DPO DMVZÓ ;BNVEJP PiV GH SURGXFWRV DOLPHQWL FLRV \ YLWDPtQLFRV SDUD PDVFRWDV $GLFLRQDOPHQWH KDEUi VHUYLFLR YHWHULQDULR JUDWXL WR \ ]RQD GH KLGUDWDFLyQ SDUD ODV SHUVRQDV \ VXV PDVFRWDV 3pUH] GHVWDFy TXH (P SUHVDV 9DULDV GH 0HGHOOtQ GRQDUi EROVLWDV SDUD UHFR JHU ORV H[FUHPHQWRV VyOLGRV GH ODV PDVFRWDV FRQ HO ILQ GH IRPHQWDU HO UHVSHWR SRU ORV HVSDFLRV S~EOLFRV GH OD FLXGDG \ DVt HGXFDU D ODV SHUVRQDV SDUD TXH VH UHV SRQVDELOLFHQ FXDQGR ORV VD FDQ D OD XUEH /D FDUUR]D GH 7LHUUDJUR *XLDQGR HQFHQGHUi GH DOH JUtD HO FLHUUH GH OD MRUQDGD D OD TXH VH VXPDUiQ FRPSDU VDV JUXSRV GH GDQ]DV \ OD EDQGD FLXGDG GH 0HGHOOtQ 5&/(" &/ $6&/5" 6L \D GHFLGLy SDUWLFLSDU HQ OD YHUVLyQ GH OD FD PLQDWD FDQLQD \ GH PDVFR WDV GH OD )HULD GH ODV )OR UHV HV QHFHVDULR WRPDU ODV PHGLGDV QHFHVDULDV SDUD JDUDQWL]DU OD WUDQTXLOLGDG GH ORV DQLPDOHV GXUDQWH OD MRUQDGD \ HYLWDU OHVLRQHV
&T SFDPNFOEBCMF RVF MPT QBSUJDJQBOUFT UPNFO UPEBT MBT QSFDBVDJPOFT QBSB RVF OP TF QSFTFOUFO BDDJEFOUFT EVSBOUF MB KPSOBEB
i-" $".*/"5" $"/*/" : %& ."4$05"4 .& (645" #"45"/5& 10326& &4 6/ &41"$*0 &41&$*"- 1"3" $0.1"35*3 &/ '".*-*" $0/ -04 ".*(04 : $0/ -"4 ."4$05"4u
i&45& &7&/50 &4 .6: *.1035"/5& 1"3" -"4 1&340/"4 26& ".".04 -"4 ."4$05"4 10326& &4 &- ¼/*$0 %±" %&- "µ0 &/ .&%&--±/ &/ 26& 50%0 (*3" "-3&%&%03 %& &--"4u
$"-6%*" $"3%0/" "TJTUFOUF B MB $BNJOBUB $BOJOB EF MB 'FSJB EF MBT 'MPSFT
."#&- -¶1&; $PNVOJDBDJPOFT 5JFSSBHSP
-B DBNJOBUB FTUÃ BCJFSUB B UPEBT MBT QFSTPOBT RVF RVJFSBO QBSUJDJQBS Z B UPEBT MBT FTQFDJFT BOJNBMFT JUDYHV (Q HVH VHQWLGR $JURQHJRFLRV OH WUDH XQD VHULH GH FRQVHMRV TXH GHEH WHQHU HQ FXHQWD D OD KRUD GH SDUWLFLSDU /D KLGUDWDFLyQ GH OD PDVFRWD HV IXQGDPHQWDO SRU HVR HV LPSRUWDQWH HO VX PLQLVWUR GH DJXD FRPR EH ELGD \ HFKDUOH HQ VX FXHUSR SDUD UHIUHVFDU 3RU OR ODUJR GHO UHFR UULGR ODV PDVFRWDV SXHGHQ
VXIULU OHVLRQHV HQ ODV DOPR KDGLOODV SRU OR TXH HV QHFH VDULR VXSHUYLVDUODV WRGR HO WLHPSR 6L VX PDVFRWD HV GH UD]D EUDQTXLFHIDOHD %XO 'RJ \ WLHQH VREUH SHVR HV QHFHVDULR TXH HO UHFRUULGR VH KDJD GHVSDFLR \ VLQ HV IRU]DU D OD PDVFRWD GHELGR D TXH SXHGH SUHVHQWDU GLIL FXOWDG SDUD UHVSLUDU (Q FDVR GH TXH VXFHGD KD\ TXH
DFXGLU D OD HVWDFLyQ GH YHWH ULQDULD JUDWXLWD 6L VX PDVFRWD QR HVWi DFRVWXPEUDGD D ODUJDV MRU QDGDV GH HMHUFLFLR HV LP SRUWDQWH KDFHU SDXVDV GH GHVFDQVR 6L VH WUDWD GH UD ]DV SHTXHxDV GXUDQWH HO UH FRUULGR GHEH SURFXUDU FDU JDUODV 6L UHFRQRFH TXH VX PDVFRWD HV GH WHPSHUD PHQWR IXHUWH \ DJUHVLYD HV FODYH TXH WRPH PHGLGDV SUHYHQWLYDV \ ODV OOHYH D OD MRUQDGD FRQ ER]DO \ DVt HYL WDU TXH DJUHGDQ D RWUDV SHU VRQDV R D PDVFRWDV 3URFXUH TXH OD PDV FRWD HVWp D VX ODGR WRGR HO WLHPSR SDUD HYLWDU TXH VH H[WUDYtH (Q HVH VHQWLGR HV UHFRPHQGDEOH XVDU HO FROODU +DFHU HO UHVSHFWLYR SODQ GH YDFXQDFLyQ SDUD JDUDQWL]DU TXH HQ FDVR GH XQ DFFLGHQWH HO DQLPDO QR WUDQVPLWLUi DOJXQD HQIHU PHGDG
&- %"50
,*-¶.&5304 3&$033*%0
26& $0/5&.1-" -" $".*/"5" $"/*/" : %& ."4$05"4 &/ -" '&3*" %& -"4 '-03&4 &- %&4'*-& */*$*" &/ &- 16&/5& #"33"/26*--" " -"4 " .
&41&$*"- '&3*" %& -"4 '-03&4 13*.&3" 26*/$&/" "(0450 %&
0SRVÎEFBT QÃKBSPT Z GMPSFT PUSB USBEJDJÓO 0HGHOOtQ FLXGDG GH ODV IORUHV VHUi OD FDSLWDO GH ODV RUTXtGHDV HQ HO -DUGtQ %RWi QLFR 'HVGH PDxDQD \ KDVWD HO GH DJRVWR VH OOHYDUi D FDER HVWD H[SRVLFLyQ XQD GH ODV PiV WUDGLFLRQDOHV \ H[yWL FDV GH OD )HULD GH ODV )ORUHV (VWH DxR ORV HVSHFWDGR UHV SRGUiQ GLVIUXWDU GH RU TXtGHDV GH ORV GLIHUHQWHV SDtVHV LQYLWDGRV 6HUiQ H[SRVLWRUHV QDFLRQDOHV \ PiV GH VWDQGV FRPHU FLDOHV GRQGH VH SRGUiQ DG TXLULU ODV FROHFFLRQHV GH RU TXtGHDV HQ WRGD VX YDULH GDG $GHPiV VHUiQ H[KLEL GDV HQ HO 2UTXLGHRUDPD SRU ORV SDUWLFLSDQWHV 7DPELpQ VH H[SRQGUiQ YLYHURV GH SODQWDV RUQD PHQWDOHV RUTXtGHDV DUWH VDQtDV QDFLRQDOHV \ H[WUDQ MHUDV \ XQD YDULHGDG GH FR PLGDV WtSLFDV FRORPELDQDV 1¦+"304 6HJ~Q OD 6RFLHGDG &R ORPELDQD GH $UTXLGHRORJtD &RORPELD HV HO SDtV FRQ OD PD\RU GLYHUVLGDG GH DYHV HQ HO PXQGR WDQ VyOR GHO WHUULWRULR PXQGLDO WLHQH FHUFD GHO GH ODV DYHV
GHO SODQHWD FRQYLUWLpQGRVH HQ HO PHMRU GHVWLQR SDUD DYLVWDPLHQWR GH DYHV 'H HVWD IRUPD WRGRV ORV DPDQWHV GH ODV DYHV SRGUiQ REVHUYDU ORV FROLEUtHV ODV WRUFD]DV SHULFRV \ WRURURL HQWUH PXFKDV PiV $GH PiV HO FXFDUDFKHUR SDLVD UHFLpQ GHVFXELHUWR HQ PD\R GH D WDQ VyOR PLQXWRV GHO FDxyQ VHFR GHO UtR &DXFD HQ HO GHSDUWD PHQWR GH $QWLRTXLD '&3*" %& "35&4"/±"4 /D 6RFLHGDG &RORPELD QD GH 2UTXLGHRORJtD \ 2U TXtGHDV 3iMDURV \ )ORUHV GHVGH OD SULPHUD H[SRVL FLyQ VLHPSUH LQYROXFUD D ODV GLVWLQWDV UHJLRQHV GH &RORPELD FRQ VXV DUWHVD QtDV FRPR HOHPHQWRV TXH OH DSRUWDEDQ JUDQ ULTXH]D D ORV GLVHxRV \ FRQ HO REMHWL YR GH JHQHUDU DGPLUDFLyQ \ YDORU SRU SDUWH GH ORV YLVL WDQWHV ³&RQ HVWD SUHVHQFLD WDQ LPSRUWDQWH GH QXHVWUDV DU WHVDQtDV KHPRV HQVHxDGR D YHU YDORUDU \ FRQVHUYDU OR TXH VLJQLILFDQ HVWRV EHOORV HOHPHQWRV TXH VRQ WUDED
i-" &9104*$*¶/ .6/%*"- %& 0326±%&"4 /04 &/4&µ¶ " "13&$*"3 -" #&--&;" %& -"4 '-03&4 "%&.¦4 %& -" #*0%*7&34*%"% %&- 1"±4u #":30/ 1*/&%" (SVQP EF PSHBOJ[BEPSFT EFM FWFOUP
&- %"50
%±"4 %63"3¦ .ÃT EF FYQPTJUPSFT FTUBSÃO FTUF BÒP FO FM FWFOUP
4& $0/.&.03"/ -04 "µ04 %& -"4 &9104*$*0/&4
MDGRV GH XQD PDQHUD DUWH VDQDO DSURYHFKDQGR ODV IL EUDV DUFLOODV PLQHUDOHV PDGHUDV \ PXFKRV RWURV UHFXUVRV GHO FDPSR TXH WLH QH QXHVWUR ULFR SDtV´ GHV WDFy %D\URQ 3LQHGD GH OD 6RFLHGDG
&O TF DFMFCSÓ FO .FEFMMÎO MB 7** $POGFSFODJB .VOEJBM EF 0SRVJEFPMPHÎB Z &YQPTJDJÓO .VOEJBM EF 0SRVÎEFBT EJSJHJEB QPS MB TFÒPSB )FMFOB #BSBZB EF 0TQJOB -B &YQPTJDJÓO TF SFBMJ [Ó FO FM 0SRVJEFPSBNB DPMPTBM JOWFSOBEFSP DPO UFDIP USBTMÙ DJEP EF NFUSPT EF BMUVSB Z VO ÃSFB EF NFUSPT DVBESB EPT DBÎEBT EF BHVB SJBDIVFMPT ÃSCPMFT Z WFHFUBDJÓO USPQJDBM DPOGPSNBSPO FM BNCJFOUF FO FM RVF TF FYIJCJFSPO MBT NÃT CFMMBT PSRVÎEFBT EFM NVOEP &M EF BCSJM EFM NJTNP BÒP UVWP MVHBS MB JOBVHVSBDJÓO DPO QSFTFODJB EFM QSFTJEFOUF EF MB 3FQÙCMJDB .JTBFM 1BTUSBOB #PSSFSP
-" &9104*$*¶/ &/ &- +"3%±/ #05¦/*$0 %& .&%&--±/ %& 0326±%&"4 1¦+"304 : '-03&4
."4$05"4 13*.&3" 26*/$&/" "(0450 %&
"IPSSF FO FM DVJEBEP EF TV NBTDPUB 7HQHU XQD PDVFRWD HQ EXHQDV FRQGLFLRQHV ItVLFDV \ PHQWDOHV LPSOLFD OD LQYHU VLyQ GH JUDQGHV FDQWLGDGHV GH GLQHUR VREUH WRGR FXDQ GR VH WUDWD GH OD DOLPHQWD FLyQ \ OD VDOXG 6LQ HPEDUJR PXFKRV GH HVRV JDVWRV SXHGHQ HYL WDUVH VL VH WLHQHQ XQDV SUiFWLFDV DGHFXDGDV HQWRU QR DO FXLGDGR GH ODV PDVFR WDV TXH LPSOLTXHQ XQ SODQ VDQLWDULR SUHYHQWLYR SODQ GH YDFXQDFLyQ GHVSDUDVL WDFLyQ \ XQD DGHFXDGD DOL PHQWDFLyQ ([SHUWRV FRQVXOWDGRV SRU $JURQHJRFLRV FRLQFLGHQ HQ TXH JUDQ SDUWH GHO GLQHUR TXH HV LQYHUWLGR SRU ODV SHU VRQDV HQ ODV FOtQLFDV YHWHUL QDULDV VH SXHGH HYLWDU VL VH WRPDQ PHGLGDV FRUUHFWLYDV 3DUD *LRYDQQL *RQ]iOH] PpGLFR YHWHULQDULR OD SUH YHQFLyQ HV OD PHMRU IRUPD GH HYLWDU HQIHUPHGDGHV FUyQLFDV PROHVWDV \ FRVWR VDV 3RU HOOR HV LPSUHVFLQ GLEOH OOHYDU D OD PDVFRWD D ODV YLVLWDV SHULyGLFDV SUH YLVWDV \ KDFHU WRGDV ODV YD FXQDV QHFHVDULDV (Q HO FDVR GH ORV FDFKR UURV HV QHFHVDULR TXH VH OH UHDOLFH OD SULPHUD YDFXQD FLyQ GXUDQWH ORV SULPHURV FXDWUR PHVHV PLHQWUDV TXH ORV DGXOWRV GHEHQ VHU YDFX QDGRV FDGD WUHV PHVHV \ OD GHVSDUDVLWDFLyQ PHQVXDO PHQWH 6HJ~Q *RQ]iOH] WDQ VROR HO FXPSOLPLHQWR GH HVRV SDVRV OH SXHGH VLJQLIL FDU D ODV SHUVRQDV DKRUURV GH JUDQGHV FDQWLGDGHV GH GLQHUR SXHV ODV HQIHUPH GDGHV VXHOHQ GDUOHV D ODV PDVFRWDV TXH QR KDQ FXP SOLGR FRQ HVWRV UHTXLVLWRV /D EXHQD DOLPHQWDFLyQ WDPELpQ MXHJD XQ SDSHO PX\ LPSRUWDQWH D OD KRUD GH HYLWDU HQIHUPHGDGHV GH ELGR D TXH ODV SHUVRQDV
1BSB EJTNJOVJS MBT WJTJUBT B MB QFMVRVFSÎB FT DMBWF CBÒBS MPT QFSSPT FO TFDP
i*.1-&.&/5"3 6/ 1-"/ 4"/*5"3*0 %& %&41"3"4*5"$*¶/ : 7"$6/"$*¶/ 1"3" &7*5"3 &/'&3.&%"%&4 ":6%" " ")033"3 $04504u
5&/(" &/ $6&/5" r 6/" "%&$6"%"
(*07"//* (0/;¦-&; .ÊEJDP 7FUFSJOBSJP
"-*.&/5"$*¶/ &7*5" $04504"4 &/'&3.&%"%&4 r &9*45& -" 01$*¶/ %& #"µ04 &/ 4&$0 1"3" ."/5&/&3 46 ."4$05" -*.1*" r ;00/04*4 )"$& 1-"/&4 %& 7"$6/"$*¶/ $0/53" -" 3"#*" (3"56*504
i)": $0/$&/53"%04 %& 50%04 -04 13&$*04 -0 26& 4& 16&%& )"$&3 &4 $0.13"3 -04 &$0/¶.*$04 : $0.1-&.&/5"3 $0/ .6-5*7*5".±/*$04u +&*..: $033&%03 .ÊEJDP 7FUFSJOBSJP Z ;PPUFDOJTUB
VXHOHQ GDU D VXV PDVFRWDV FRPLGD GH VDO TXH SURGXFH YyPLWRV \ GLDUUHDV HQ ORV DQLPDOHV TXH WHUPLQDQ VLHQGR PRWLYR GH KRVSLWDOL ]DFLyQ ³/D KRVSLWDOL]DFLyQ GXUDQWH XQD VHPDQD SXHGH VLJQLILFDU JDVWRV SRU PL OORQHV GH DOOt OD LPSRUWDQ FLD GH TXH VH OHV GH D ODV PDVFRWDV FRPLGD HVSHFLDOL ]DGD HQ DQLPDOHV FRQ ORV FRPSRQHQWHV YLWDPtQLFRV QHFHVDULRV´ GLMR -HLPP\ &RUUHGRU PpGLFR YHWHULQD ULR \ ]RRWHFQLVWD $XQTXH KD\ XQD RIHUWD DPSOLD GH SUHFLRV GH FRQ FHQWUDGRV HQ HO PHUFDGR OD H[SHUWD UHFRPLHQGD SDUD DKRUUDU FRPSUDU FRQFHQWUD GRV HFRQyPLFRV \ DGLFLRQDU XQ PXOWLYLWDPtQLFR $JUHJy TXH FRQWUDULR D OR TXH ODV SHUVRQDV SLHQVDQ OD FRPSUD H[FHVLYD GH MXJXHWHV D VXV PDVFRWDV SXHGH DFDUUHDU JUDQGHV SUREOHPDV GH VDOXG VREUH WRGR HQ HO FDVR GH ORV
&- %"50
.*--0/&4 %& 1&404
/0 -04 $0.13& 130$63& "%015"3 -04 "/*."-&4 "EPQUBS BOJNBMFT TJFNQSF TF DPOWJFSUF FO VOB CVFOB PQDJÓO Z NÃT DVBOEP TF USBUB EF BIPSSBS DPTUPT 7JTJUBS MPT SFGVHJPT Z BTPDJBDJPOFT EF BEPQDJÓO EF NBTDPUBT FT VOB CVFOB BMUFSOBUJWB EFCJEP B RVF FO FM QBÎT FYJTUFO VO HSBO OÙNFSP EF BOJNBMFT BCBOEPOBEPT QFSSPT HBUPT DBCBMMPT Z DPOFKPT FOUSF PUSPT RVF SFRVJFSFO EF VOB GBNJMJB &M ÙOJDP HBTUP RVF TF EFCF UFOFS FO DVFOUB FT FM QMBO EF WBDVOBT Z FM DIJQ EF MPDBMJ[BDJÓO Z HBSBOUJ[BS VO DVJEBEP EF DBMJEBE B MB NBTDPUB FMFHJEB FDFKRUURV $ILUPD TXH XQR GH ORV FDVRV PiV IUHFXHQWHV SRU OR TXH OOHJDQ ORV DQLPD OHV D ODV FOtQLFDV YHWHULQDULDV
HV OD REVWUXFFLyQ SRU OD LQ JHVWD GH REMHWRV FRPR SHOR WDV \ KXHVRV &XDQGR VH WUDWD GH ORV JDVWRV GH SHOXTXHUtD
ORV H[SHUWRV UHFRPLHQGDQ HYLWDU TXH ORV DQLPDOHV HVWpQ PX\ H[SXHVWRV D SROYR \ VXV WDQFLDV Wy[LFDV HQ ODV FDOOHV FRQ HO ILQ GH HYLWDU DFXGLU GH PDQHUD FRQVWDQWH D OD SHOX TXHUtD /RV EDxRV HQ VHFR VRQ XQD EXHQD RSFLyQ HFR QyPLFD 6ROR VH GHEH SRQHU SROYR \ SDxLWRV K~PHGRV VR EUH OD PDVFRWD )LQDOPHQWH VH UHFR PLHQGD SURFXUDU HVWDU DWHQWRV HQ SURPRFLRQHV HQ YDFXQDV \ DOLPHQWRV HQ ODV WLHQGDV GH PDVFRWDV
16&%& $045"3 -" )041*5"-*;"$*¶/ %& 6/" ."4$05" %63"/5& 6/" 4&."/" &/ 6/" $-±/*$" 7&5&3*/"3*"
*/%*$"%03&4 13*.&3" 26*/$&/" "(0450 %&
'&3*" %& ("/"%04 1-"/5" %& #&/&'*$*0 46#"45"
$PTUP UPUBM &Y 1VFSUP 64 5PO
1SFDJP QVFTUP #PHPUÈ 5PO
$)*$"(0 $ "(0 $)*$"(0 $ 4&1
5035" %& 40:"
'6&/5& #.$ 4 " %FQBSUBNFOUP 5ÏDOJDP $PO CBTF DJGSBT %FQBSUBNFNUP EF 0QFSBDJPOFT
$)*$"(0 $ "(0 $)*$"(0 $ 4&1
"IVZBNB "SWFKB WFSEF FO WBJOB $FCPMMB DBCF[POB CMBODB $FCPMMB KVODB $IPDPMP NB[PSDB )BCJDIVFMB 1FQJOP DPIPNCSP 1JNFOUØO 3FNPMBDIB 5PNBUF ;BOBIPSJB 'SVUBT GSFTDBT "HVBDBUF #BOBOP $PDP (SBOBEJMMB (VBZBCB -JNØO DPNÞO -JNØO 5BIJUÓ -VMP .BOEBSJOB .BOHP UPNNZ .BSBDVZÈ .PSB EF $BTUJMMB /BSBOKB 7BMFODJB 1BQBZB NBSBEPM 1J×B 5PNBUF EF ÈSCPM 5VCÏSDVMPT Z QMÈUBOPT "SSBDBDIB 1BQB OFHSB 1BQB DSJPMMB 1MÈUBOP HVJOFP 1MÈUBOP IBSUØO WFSEF :VDB
"$&*5& $36%0 40:"
$)*$"(0 $ "(0 $)*$"(0 $ 4&1 53*(0
$)*$"(0 $ 4&15 $)*$"(0 $ %*$ ."¶; "."3*--0
$)*$"(0 $ 4&15 $)*$"(0 $ %*$ "330; $"4$"3"
$)*$"(0 $ 4&15 $)*$"(0 $ /07
ʰ+6- ʰ+6- ʰ+6- ʰ+6- ʰ+6- ʰ+6- ʰ+6- ʰ+6- ʰ+6-
%BJMZ 8FJHIUFE "WFSBH
$"3(" &/ $0-0.#*" /FX :PSL (FSNBOZ %BJMZ &JHIUFE "WFSBH
#3";*-*"/ /"563"-4 /FX :PSL (FSNBOZ %BJMZ &JHIUFE "WFSBH
/FX :PSL
$04504 %& 3&'&3&/$*" 103 50/&-"%" 1"3" 6/ 53"$50$".*»/ "SNFOJB # RVJMMB
'VFOUF .JOJTUFSJP EF 5SBOTQPSUF
## +' (
%* (*
&' -/%
( "(
$'#&%
)*&
",
##1%
O E O E O E O E O E O E O E O E O E O E O E O E O E O E O E O E O E O E O E O E O E O E O E O E O E O E O E O E O E O E O E O E O E
O E O E O E O E O E O E O E O E O E O E O E O E O E O E O E O E O E O E O E O E O E O E O E O E O E O E O E O E O E O E O E O E O E
O E O E O E O E
$JFSSF
7BS
";Á$"3
O E O E O E O E
O E O E O E O E
O E O E O E O E
O E O E O E O E O E
O E O E O E O E O E O E
O E O E O E O E
O E O E O E O E O E
0DU %FD .BS .BZ +VM 0DU %FD
#PHPUÈ # NBOHB # WFOUVSB
$BMJ $BSUBHFOB
$ÞDVUB
";Á$"3
'VUVSF ";6$"3
'VUVSF
$PTUP EF USBTMBEP TFHÞO PSJHFO EFTUJOP %VJUBNB *CBHVÏ *QJBMFT .BOJ[BMFT .FEFMMÓO
1MB[P
$JFSSF
7BS
'656304 $"$"0 ʤ ʥ
4FQ %FD .BS .BZ +VM
$0#3& ʰ $&/5"704 103 -*#3"
+VM +VM +VM +VM +VM
'VFOUF 0*$
'VFOUF 0*$
$PTUP UPUBM QPS UPOFMBEB $PTUP EF 5SBTMBEP 5PUBM IPSBT BDPSEBEBT EF FTQFSB DBSHVF Z EFTDBSHVF
"SNFOJB #BSSBORVJMMB #PHPUÈ #VDBSBNBOHB #VFOBWFOUVSB $BMJ $BSUBHFOB $ÞDVUB %VJUBNB *CBHVÏ *QJBMFT /BSJ×P .BOJ[BMFT .FEFMMÓO /FJWB 1BTUP 1FSFJSB 1PQBZÈO 4BOUBNBSUB 5VNBDP 7JMMBWJDFODJP :PQBM
O E
1MB[P
30#645"4 'SBODF %BJMZ &JHIUFE "WFSBH
'VFOUF 0*$
0SJHFO %FTUJOP
'656304
$"'² &/ $*'3"4 *DP DPNQPTJUF /FX :PSL (FSNBOZ JOEJDBUPS 1SJDF
7BSJFEBE QSFEPNJOBOUF FO FM NFSDBEP 7BS 7BSJBDJØO QPSDFOUVBM DPO SFTQFDUP BM QSPNFEJP EFM EÓB BOUFSJPS EF NFSDBEP / % /P %JTQPOJCMF 'VFOUF %"/&
'VFOUF *OGPBTFSDB $#05 &MBCPSØ 6OJEBE EF 1MBOFBDJØO #.$
13&$*04 %&- $"'² %BUF
+0
#0(05« .&%&--¶/ $"-* 1&3&*3" #6$"3"."/(" #"33"/26*--" $Á$65" 13&$*0 7"3 13&$*0 7"3 13&$*0 7"3 13&$*0 7"3 13&$*0 7"3 13&$*0 7"3 13&$*0 7"3
)035"-*;"4 : 7&3%63"4
'3¶+0- 40:"
13&$*0 ,(
+6-*0 %& $PUJ[BDJØO 'VUVSP 64 5PO
130%6$504 "(3¶$0-"4 #0-&5¶/ %*"3*0 %& 13&$*04 .":035*45"4 %& +6-*0 %&
$)*$"(0 ʰ 6 4 " 1PTJDJØO
+ %* ( "2% "&% # * (&)
'VFOUF $FOUSBM (BOBEFSB 4 "
%". # )
3 +*
!"% !"%/
($ %"
."$)04 $&#"%04 ,H FO QJF .BDIPT EF -FWBOUF B×P .BDIPT EF -FWBOUF .BDIPT $FCBEPT B×PT .BDIPT $FCBEPT B×PT .BDIPT %FTUFUF #07*/0 )&.#3" )&.#3"4 $&#"%"4 ,H QJF )FNCSBT EF -FWBOUF B×P )FNCSBT EF -FWBOUF )FNCSBT EF $SÓB B×PT )FNCSBT EF $SÓB B×PT 7BDBT DPO DSÓB "UBPT 7BDBT EF -FDIF 3FWPMUVSB #PWJOP JOEVTUSJBM LH FO QJF 103$*/04 $&3%04 $&#"%04 LH FO QJF $PDBT %FTDBSUF ,H FO QJF 1BESPOFT %FTDBSUF ,H FO QJF &26*/04 $"#"--"3 4*--" .VMBS TJMMB 1BSB BCBTUPT 1-"/5" %& #&/&'*$*0 */(3&40 %& '*/$" "/*."-&4 505"- 4"$3*'*$*0 #PWJOPT 1PSDJOPT 505"- 4&.07*&/5&4 */(3&4"%04 " $&/53"- ("/"%&3" 4 "
130.&%*0 10
+
1SPNFEJP
4JUJP EF FOUSFHB
"DFJUF $SVEP EF 1BMNB 7BMMF EFM $BVDB "DFJUF $SVEP EF 1BMNB ;POB EF QSPEVDDJØO "SSP[ #MBODP SFFNQBDBEP
/JWFM /BDJPOBM "SSP[ #MBODP 4BDP #PHPUÈ % $ "SSP[ $ÈTDBSB )ÞNFEP $BTBOBSF "SSP[ $ÈTDBSB )ÞNFEP &TQJOBM "SSP[ $ÈTDBSB )ÞNFEP /JWFM /BDJPOBM "SSP[ $ÈTDBSB )ÞNFEP 7JMMBWJDFODJP $BGÏ 1BTJMMB "OUJPRVJB $BGÏ 1BTJMMB &KF $BGFUFSP 'JCSB EF "MHPEØO /JWFM /BDJPOBM 'SJKPM $BSHBNBOUP "OUJPRVJB 'SJKPM $BSHBNBOUP /JWFM /BDJPOBM 'SJKPM 4PZB /BM /JWFM /BDJPOBM .BÓ[ "NBSJMMP *NQPSUBEP "OUJPRVJB .BÓ[ "NBSJMMP *NQPSUBEP #BSSBORVJMMB .BÓ[ "NBSJMMP *NQPSUBEP #VFOBWFOUVSB .BÓ[ "NBSJMMP *NQPSUBEP *OUFSJPS .BÓ[ "NBSJMMP *NQPSUBEP 4BOUBOEFS .BÓ[ "NBSJMMP *NQPSUBEP 7BMMF EFM $BVDB .BÓ[ "NBSJMMP /BM /JWFM /BDJPOBM .BÓ[ #MBODP /BM *OUFSJPS .BÓ[ #MBODP /BM /JWFM /BDJPOBM .BÓ[ #MBODP /BM 7BMMF EFM $BVDB 4PSHP /BM /JWFM /BDJPOBM
"/*."-&4
.«9*.0
+ ( $ %
%&- "- +6-*0 %&
.¶/*.0
%FM BM EF KVMJP EF #07*/0 ."$)04
& &*/
#0-4" .&3$"/5*- %& $0-0.#*"
/FJWB
1BTUP
1FSFJSB
1PQBZÈO
4 NBSUB
5VNBDP 7 DFODJP
:PQBM
40$*"-&4 13*.&3" 26*/$&/" "(0450 %&
-04 &7&/504 .¦4 %&45"$"%04 %&- 4&$503 &/ -04 ¼-5*.04 %±"4 -" "$5*7*%"% 3&-"$*0/"%" $0/ &- "(30 4& $&/53¶ &/ -" $"1"$*5"$*¶/ : '03."$*¶/ %& -04 &.13&4"3*04 26& &45¦/ &/ &- /&(0$*0
$)"3-" %& -" 4"$ /D 6RFLHGDG GH $JULFXOWRUHV GH &R ORPELD UHDOL]y OD VHJXQGD YHUVLyQ GHO 6HPLQDULR ,QWHUQDFLRQDO GH 'HVDUUROOR 5XUDO (O HYHQWR TXH WXYR FRPR SULQFL SDO REMHWLYR JHQHUDU XQ GHEDWH LQFOX \HQWH GH OD SROtWLFD GH GHVDUUROOR UXUDO FRQWy FRQ OD SDUWLFLSDFLyQ GH HPSUH VDULRV GHO VHFWRU DVt FRPR OtGHUHV GH RSLQLyQ (QWUH ORV DVLVWHQWHV HVWXYLHURQ HO SUHVLGHQWH GH OD 6$& 5DIDHO 0HMtD \ HO PLQLV WUR GH $JULFXOWXUD -XDQ &DPLOR 5HVWUHSR
*7 7&34*¶/ $"/*(/ &M QSPHSBNB EF BDUVBMJ[BDJÓO DPOUJOVB EF 7JSCBD TF SFBMJ[Ó FO #PHPUÃ .FEFMMÎO Z $BMJ &O MB GPUP +VBO .FKÎB HFSFOUF EF EJTUSJUP EF 7JSCBD +VMJBOB 7BMFODJB EF MB $MÎOJDB EFM (BUP %BOJFMMF (VOO .PPSF $BSMPT .BZPSHB EF NFSDBEFP EF 7JSCBD Z 0MHB +JNÊOF[
4"-6% &/ -04 '&-*/04 $PNP QBSUF EF MBT DIBSMBT EF 7JSCBD VOP EF MPT UFNBT GVF MB TBMVE EF MPT GFMJOPT &O MB GPUP %BOJMP .BSUÎOF[ FTQFDJBMJTUB EF 7JSCBD $PMPNCJB %BOJFMMF (VOO .PPSF ¶TDBS .PODBZP EF MB $MÎOJDB %PCFSNBO Z 'SBODJTDP 7JMMB EF 7JSCBD $PMPNCJB
'0304 -3 : &- 1&3*¶%*$0 "(30/&(0$*04 -0 */7*5"/ "- 13*/$*1"- &7&/50 %&- 4&$503
'030
3&504 : 010356/*%"%&4 %&- 4&$503 "(301&$6"3*0 '3&/5& " -04 5-$ T
6O DBNQP QBSB &- $".10 4&15*&.#3& %&
1"530$*/"/
"10:"/
%S +6"/ $".*-0 3&453&10 4"-";"3
&- $6#0 $0-46#4*%*0 $SB /P #0(05¦ $0-0.#*"
.JOJTUSP EF "HSJDVMUVSB
3FUPT Z PQPSUVOJEBEFT EFM TFDUPS BHSPQFDVBSJP
%S "/%34 .0/$"%"
'PSUBMF[BT Z EFCJMJEBEFT EFM TFDUPS BHSPQFDVBSJP GSFOUF B MPT 5-$ &TUBEPT 6OJEPT Z $PSFB
1SFTJEFOUF EF 'FOBWJ
{&TUB SFBMNFOUF QSFQBSBEP FM TFDUPS BHSPQFDVBSJP QBSB BGSPOUBS FM 5-$
%S -6*4 &%6"3%0 (0.&;
5FDOPMPHÓB DPNP IFSSBNJFOUB QBSB NFKPSBS MB DPNQFUJUJWJEBE EF MPT QSPEVDUPSFT
1SFTJEFOUF EF 'JOBHSP
*OTDSÎCBTF MMBNBOEP FO #PHPUÃ
&YU
03("/*;"
-ÎOFB (SBUVJUB /BDJPOBM /0 464$3*1503&4
464$3*1503&4 -3 : (36104 %& 0 .¦4
%FTDVFOUP
& NBJM GPSPTMBSFQVCMJDB!MBSFQVCMJDB DPN DP