7RGR KRPEUH HVWi REOLJDGR D KRQUDU FRQ VX FRQGXFWD SULYDGD WDQWR FRPR FRQ OD S~EOLFD D VX SDWULD -RVp 0DUWt
,1',&(
5XWDV WXUtVWLFDV 7RXULVW URXWHV 1XHVWUD SRUWDGD 7HOpIRQRV GH LPSRUWDQFLD LPSRUWDQW SKRQH QXPEHUV &KLVWHV 5HÀH[LRQHV )iEXOD 3RHPDV &XHQWR ¢6DEtD XVWHG TXH" &RVWD]XO HQ OD FRFLQD *XtD GHO EDUPDQ 6DOXG \ EHOOH]D ¢&XDO HV HO FROPR" 1HJRFLRV (VWDGtVWLFDV +LVWRULD (QWUHWHQLPLHQWR &XOWXUD 7HOpIRQRV GH LPSRUWDQFLD 0DQ]DQLOOR LPSRUWDQW SKRQH QXPEHUV 0DQ]DQLOOR (WLTXHWD (IHPpULGHV (QJOLVK WLSV +XPRU LQ HQJOLVK 7RXJKWV )DEOH (O 0XQGR GHO -LQHWH SRU ,*$57(f2 3HUURV GH UD]D 1DWXUDOH]D +RUyVFRSRV
&ROLPD
6HFFLRQHV
6HUYLFLRV 3HULyGLFRV \ PHGLRV &RPHUFLRV *DVWURQRPtD 7XULVPR 0pGLFRV 9HWHULQDULRV 6RFLDO &RPDOD &XDXKWHPRF 7RQLOD
7HFRPiQ
6HUYLFLRV &RPHUFLRV *DVWURQRPtD 0DQ]DQLOOR 6HUYLFLRV 3HULyGLFRV \ PHGLRV &RPHUFLRV *DVWURQRPtD 7XULVPR 0pGLFRV %LHQHV 5DtFHV 5HYLVWD LPSUHVD HQ ORV WDOOHUHV GH ,PSUHV HQ =DSRSDQ -DO HGLFLyQ GHO PHV GH 6HSWLHPEUH VH UHSDUWH HQ HO HVWDGR GH &ROLPD VXU GH -DOLVFR \ RHVWH GH 0LFKRDFiQ /DV UHÀH[LRQHV IUDVHV SRHPDV \ HQ JHQHUDO ORV HVFULWRV TXH DTXt DSDUHFHQ QR VRQ HO UHÀHMR GH VXV HGLWRUHV VRQ WDQ VROR XQD UHFRSLODFLyQ FRQ ¿QHV GH HQWUHWHQLPLHQWR /RV QRPEUHV \ PDUFDV TXH VH SXEOLFLWDQ VRQ SURSLHGDG GH ORV DQXQFLDQWHV 6H SURKtEH OD UHSURGXFFLyQ WRWDO R SDUFLDO
$181&,(6( (1 &267$=8/ 7HO &HO
(67$ 5(9,67$ (6 *5$78,7$
5XWDV WXUtVWLFDV 7RXULVW URXWHV 5XWD WXUtVWLFD &ROLPD
5XWD WXUtVWLFD -DOLVFR
/D SDWULD HV SULPHUR
9LFHQWH *XHUUHUR
1XHVWUD SRUWDGD
/D EDQGHUD GH 0p[LFR 6tPEROR GH QXHVWUD LQGHSHQGHQFLD 1XHVWUD SRUWDGD GH HVWH PHV VH HQJDODQD FRQ XQD WRPD GHO IRWyJUDIR FROLPHQVH $OIUHGR 0HQGR]D XQ SURIHVLRQDO GH OD IRWRJUDItD $OI 0HQGR]D FRPR HO PLVPR VH KDFH OODPDU WRPD IRWRJUDItDV SURIHVLRQDOHV GH VLWLRV \ REMHWRV HPEOHPiWLFRV GH QXHVWUR HVWDGR DVt FRPR IRWRV SRU HQFDUJR \ IDPLOLDUHV (Q HVWD RFDVLyQ OH SHGLPRV XQD WRPD GH QXHVWUR SULQFLSDO VtPEROR SDWULR /D EDQGHUD HV XQR GH QXHVWURV VtPERORV GH OD LQGHSHQGHQFLD GH 0p[LFR D SHVDU TXH OD SULPHU EDQGHUD GH 0p[LFR R¿FLDO IXH XVDGD KDVWD HO DxR DxRV GHVSXpV GHO LQLFLR GH QXHVWUD LQGHSHQGHQFLD 6LQ HPEDUJR OD DFWXDO EDQGHUD GH 0p[LFR IXH DGRSWDGD HO GH VHSWLHPEUH GH SRU HO SUHVLGHQWH *XVWDYR 'tD] 2UGD] (O (VFXGR 1DFLRQDO IXH GLVHxDGR SRU 3HGUR 0RFWH]XPD 'LD] ,QIDQWH \ )UDQFLVFR +HOJXHUD $XQTXH WUDGLFLRQDOPHQWH OD ,QGHSHQGHQFLD 0H[LFDQD VH FHOHEUD HO GH VHSWLHPEUH D OD PHGLD QRFKH pVWD FRPHQ]y FRQ HO *ULWR GH 'RORUHV TXH VH GLR HQ OD PDGUXJDGD GHO GH VHSWLHPEUH GH (O SULPHU IHVWHMR TXH VH KL]R SRU HVWH KHFKR KLVWyULFR VH OOHYy D FDER HO GH VHSWLHPEUH GH HQ +XLFKDSDQ +LGDOJR FXDQGR HO JHQHUDO ,JQDFLR /ySH] 5D\yQ \ $QGUpV 4XLQWDQD 5RR DQWH LQWHJUDQWHV GHO (MpUFLWR ,QVXUJHQWH FHOHEUDURQ OD I H F K D H Q O D T X H F R P H Q ] y O D O X F K D G H ,QGHSHQGHQFLD 8Q DxR GHVSXpV -RVp 0DUtD 0RUHORV \ 3DYyQ SXEOLFy HQ VX WH[WR 6HQWLPLHQWRV GH OD 1DFLyQ TXH VH PDUFDUtD HO GtD GH VHSWLHPEUH GH WRGRV ORV DxRV FRPR HO GtD DQLYHUVDULR HQ TXH VH OHYDQWy OD YR] GH OD ,QGHSHQGHQFLD \ QXHVWUD VDQWD /LEHUWDG FRPHQ]y SXHV HQ HVH GtD IXH HQ HO TXH VH GHVSOHJDURQ ORV ODELRV GH OD 1DFLyQ SDUD UHFODPDU VXV GHUHFKRV FRQ HVSDGD HQ PDQR SDUD VHU RtGD UHFRUGDQGR VLHPSUH HO PpULWR GHO JUDQGH KpURH HO VHxRU 'RQ 0LJXHO +LGDOJR \ VX FRPSDxHUR 'RQ ,JQDFLR $OOHQGH IRWRJUDItD
FHOXODU DOIPHQGR]D#KRWPDLO FRP
/D SDWULD HV LPSHFDEOH \ GLDPDQWLQD 5DPyQ /ySH] 9HODUGH
7HOpIRQRV GH LPSRUWDQFLD ,PSRUWDQW SKRQH QXPEHUV (PHUJHQFLDV (PHUJHQF\
(PHUJHQFLDV (PHUJHQF\ &UX] 5RMD HPHUJHQFLDV (PHUJHQF\ 5HG &URVV &UX] 5RMD 5HG &URVV 3URWHFFLyQ FLYLO &LYLO SURWHFWLRQ ,066 6RFLDO 6HFXULW\ ,QVWLWXWH +RVSLWDO FLYLO &LYLO KRVSLWDO &HQWUR PpGLFR SDUWLFXODU 0HGLFDO FHQWHU SULYDWHO\ RZQHG %DQFR GH VDQJUH %ORRG EDQN %RPEHURV &ROLPD &ROLPD V )LUH GHSDUWPHQW %RPEHURV 9LOOD GH $OYDUH] 9 $ ¶V )LUH GHSDUWPHQW ,6667( 6WDWH VRFLDO ZRUNHUV LQVWLWXWH 3ROLFLD PXQLFLSDO 0XQLFLSDO SROLFH 6HJXULGDG S~EOLFD 3XEOLF VHFXULW\ SROLFH 7UiQVLWR GHO HVWDGR 7UDI¿F SROLFH 'LUHFWRU GH WUDQVSRUWH 3ROLFLD -XGLFLDO GHO (VWDGR 6WDWH -XGLFLDO 3ROLFH 3ROLFLD -XGLFLDO )HGHUDO )HGHUDO -XGLFLDO 3ROLFH 3ROLFLD )HGHUDO 3UHYHQWLYD )HGHUDO +LJKZD\ 3ROLFH 3*5 )HGHUDO LQYHVWLJDWRUV
7D[LV 7D[L FDEV 6LWLR 0DGHUR \ -XiUH] 6LWLR $ODPHGD 6LWLR 1~xH] 6LWLR 7tYROL 6LWLR )iWLPD 6LWLR *XDGDODMDULWD 6LWLR ,QIRQDYLW 6LWLR 2ULHQWDO 6LWLR 3DUTXH +LGDOJR 5DGLR 7D[L 5DGLR 7D[L
$XWREXVHV IRUDQHRV %XV OLQHV /D /tQHD $XWREXVHV GH 2FFLGHQWH (VWUHOOD %ODQFD (71 2PQLEXV GH 0p[LFR )OHFKD $PDULOOD 3ULPHUD 3OXV $XWRWUDQVSRUWHV GHO VXU URMRV $XWRWUDQVSRUWHV 0DGULG URMRV )HUURFDUULOHV 1DFLRQDOHV GH 0p[LFR
'HSHQGHQFLDV )HGHUDOHV (VWDWDOHV \ 0XQLFLSDOHV D =RQD 0LOLWDU &)( (PHUJHQFLDV &)( &RUUHRV GH 0p[LFR 7HOpJUDIRV ,QHD ,QVWLWXWR )HGHUDO (OHFWRUDO ,QVWLWXWR 1DFLRQDO GHO &RQVXPLGRU 6HFUHWDUtD GH (GXFDFLyQ 3~EOLFD 6HFUHWDUtD GH OD 5HIRUPD $JUDULD &HQWUR GH 6DOXG 6XSUHPR 7ULEXQDO GH -XVWLFLD 7ULEXQDO 8QLWDULR $JUDULR 3URFXUDGXUtD )HGHUDO GHO &RQVXPLGRU 3URFXUDGXUtD *HQHUDO GH OD 5HS~EOLFD 6HFUHWDUtD GH $JULFXOWXUD \ 5HFXUVRV +LGUiXOLFRV 6HFUHWDUtD GH (FRQRPtD 6HFUHWDUtD GH &RPXQLFDFLRQHV \ 7UDQVSRUWHV 6HFUHWDUtD GH 'HVDUUROOR 6RFLDO 6HFUHWDUtD GH +DFLHQGD \ &UpGLWR 3~EOLFR 6HFUHWDUtD GH OD 'HIHQVD 1DFLRQDO 6HFUHWDUtD GH $JULFXOWXUD *DQDGHUtD 'HVDUUROOR 5XUDO 3HVFD \ $OLPHQWDFLyQ 6$*$53$ 6HFUHWDUtD GH 6DOXG 6HFUHWDUtD GHO 7UDEDMR \ 3UHYLVLyQ 6RFLDO 3(0(; 3*( &HQWUR GH $SR\R D OD 0XMHU &HQWUR GH ,QWHJUDFLyQ -XYHQLO 6HJXULGDG SDUD HO WXULVWD
3DUD VHUYLU D OD SDWULD QXQFD VREUD HO TXH OOHJD QL KDFH IDOWD HO TXH VH YD
9HQXQVWLDQR &DUUDQ]D
&ROLPD 6HUYLFLRV
HO PHMRU DXWRODYDGR GH &ROLPD 6DOD FOLPDWL]DGD $JXD IUtD :LIL 79
/DYDGR \ DVSLUDGR /DYDGR GH 0RWRU /DYDGR GH &KDVLV \ YDVHOLQD /DYDGR GH LQWHULRUHV (QFHUDGR 3XOLGR (QFHUDGR ([SUHVV 3XOLGR GH IDURV /LPSLH]D GH ULQHV 5HKDELOLWDFLyQ GH 3OiVWLFRV 5HKDELOLWDFLyQ GH $VLHQWRV
9,6Ë7$126 (1 &8$/48,(5$ '( 18(675$6 68&856$/(6
0DWUL] ',26$ $Y 0DUtD $KXPDGD (VT FRQ 1DUDQMDO HQ 9LOOD GH ÈOYDUH] &ROLPD &RO &DPSHVWUH D HVSDOGDV GH ORV %RPEHURV GH OD 9LOOD +RUDULRV /XQ D 6iE DP SP 'RP DP SP
0DWUL] ',26$ $Y 3DEOR 6LOYD &RO /RV 2OLYRV 9LOOD GH ÈOYDUH] $ XQD FXDGUD GH OD (VFXHOD 6HFXQGDULD ³/$ (7,´ +RUDULRV /XQ D 6iE DP DP PDGUXJDGD
'RP DP SP
0DWUL] ',26$ $Y 0DUtD $KXPDGD GH *yPH] 1R &RO 6HQGHURV GHO &DUPHQ D XQ FRVWDGR GHO 2;;2
+RUDULRV /XQ D 6iE DP DP PDGUXJDGD
'RP DP SP 0DWUL] ',26$ 9,3 $Y 9HQXVWLDQR &DUUDQ]D 81 &267$'2 '(/ $5&( +RUDULRV /XQ D 6iE DP SP 'RP DP SP
1RWDUtD 3~EOLFD 1R /LF 5RJHOLR $ *DLWiQ \ *DLWiQ 7,78/$5
/LF /DXUD * *DLWiQ &UX] $'6&5,7$
/LF (QULTXH 3ODVFHQFLD *DUFtD $8;,/,$5
7(/()2126 \ QRWDULD UJ#KRWPDLO FRP ,QGHSHQGHQFLD 1R &G 9LOOD GH ÈOYDUH] &ROLPD
(O HJRtVWD OR PLVPR TXH HO HVFODYR QR WLHQH SDWULD QL KRQRU
%HQLWR -XiUH]
&ROLPD 6HUYLFLRV
%8)(7( < 127$5,$ 3Ã&#x2019;%/,&$ 1R
127$5< 38%/,& /(*$/ 6(59,&(6 (1*/,6+ 632.(1
&RUUHJLGRUD 1R &ROLPD &RO 7HOV \
6X $JHQWH GH 6HJXURV PiV FRQILDEOH
/,& 5$Ã&#x2019;/ =$5$=Ã&#x2019;$ 0217(5526$ $VHVRU )LQDQFLHUR
(GR GH 0p[LFR &RO $OWD 9LVWD 9LOOD GH Ã&#x2C6;OYDUH] &ROLPD
7HO &HO UDXO]DUD]XDPRQWHUURVD#JPDLO FRP
-HDQHWWH &HUQDV (VWLOLVWD &RVPHWyORJD
&RUWHV SODQFKDGR PDTXLOODMH XxDV SHLQDGR GHSLODFLyQ FRQ FHUD SHGLFXUH PDQLFXUH DSOLFDFLyQ GH H[WHQVLRQHV \ H[WHQVLRQHV GH SHVWDxDV &LWDV +RUDULR D \ D SP $JXDVFDOLHQWHV Â&#x2021; &RO /RV $QJHOHV &KLVWH
/OHJD XQ JDOOHJR D OD IHUUHWHUtD \ GLFH %XHQDV ¢FXDQWR FXHVWD XQD SDOD" ³0LO SHVHWDV´ FRQWHVWD HO GHSHQGLHQWH 3HUR VL HQ OD WLHQGD GH DO ODGR FXHVWD WDQ VROR RFKRFLHQWDV SHVHWDV < ¢SRUTXp QR FRPSUD OD SDOD HQ OD WLHQGD GH DO ODGR" (V TXH VH OHV KDQ DFDEDGR TXH \D QR WLHQHQ PiV %XHQR SXHV FXDQGR VH QRV DFDEHQ D QRVRWURV ODV SDODV WDPELpQ ODV YHQGHUHPRV HQ RFKRFLHQWDV SHVHWDV 9DOH JHQLDO HQWRQFHV YROYHUp RWUR GtD
1R KD\ RWUD QREOH]D TXH OD GH OD YLUWXG HO VDEHU HO SDWULRWLVPR \ OD FDULGDG
-RVp 0DUtD 0RUHORV
&ROLPD 6HUYLFLRV
)$%5,&$&,21 '( 38(57$6 < 9(17$1$6 $57,67,&$6 < &20(5&,$/(6 7XEHURV &RO 3RUYHQLU D OD YXHOWD GH OD GLUHFFLyQ GH 7UDQVLWR \ 9LDOLGDG
7HO &HO
*5832 6 $ '( & 9 +21(67,'$' $ 72'$ 358(%$ (1 *$62/,1$ < ',(6(/ Â&#x2021; 6HUYLFLR GH 9HQWD GH 9DOHV Â&#x2021; $FHSWDPRV WRGR WLSR GH 7DUMHWDV GH 'pELWR \ &UpGLWR &DUPHQ 6HUGiQ 7HO (VWDPRV IUHQWH D 6RULDQD 9LOOD GH Ã&#x2C6;OYDUH] (Q OD *ORULHWD GH OD 'LRVD GHO $JXD
Â&#x2021; ,PSUHVLyQ HQ JUDQ IRUPDWR Â&#x2021; $QXQFLRV OXPLQRVRV Â&#x2021;
%OYG &DPLQR 5HDO 1R % *ORULHWD FXDUWHO PLOLWDU 7HO )D[ 5HÃ&#x20AC;H[LRQHV &XDQGR EXVFDV QR HQFXHQWUDV SRUTXH WH PDQWLHQHV RFXSDGR D HQ HO UHVXOWDGR TXH GHVHDV REWHQHU GH FRQIRUPLGDG FRQ WXV DSHJRV 3HUR FXDQGR VROR REVHUYDV VLQ EXVFDU HQFXHQWUDV SRUTXH VLQ LQWHUIHULU UHVWDEOHFHV WX QDWXUDO VLQWRQtD FRQ HO LQ¿QLWR (V XQD SDUDGRMD GH OD YLGD OD YLGD HV XQD PDUDYLOORVD LURQtD
(O WUXFR HVWi HQ GDUOH D FDGD SHUVRQD OD PLVPD LPSRUWDQFLD TXH WH GDQ D WL 3DUD HPSH]DU XQ JUDQ SUR\HFWR KDFH IDOWD YDOHQWtD 3DUD WHUPLQDU XQ JUDQ SUR\HFWR KDFH IDOWD SHUVHYHUDQFLD 0DGXUDU HV DSUHQGHU D TXHUHU ERQLWR H[WUDxDU HQ VLOHQFLR UHFRUGDU VLQ UHQFRUHV \ ROYLGDU GHVSDFLWR +D\ SDODEUDV TXH VRQ FRPR HO DLUH TXH VH UHVSLUDQ DO OHHUODV TXH OOHJDQ WDQ DGHQWUR TXH WH DFDULFLDQ HO DOPD
/D SDWULD HV GH VXV GXHxRV HQWUH ORV TXH SRU VXSXHVWR QR ¿JXUD HO SXHEOR
1LNLWR 1LSRQJR
&ROLPD 3HULyGLFRV \ 0HGLRV
5HÃ&#x20AC;H[LRQHV
/D SHRU HQIHUPHGDG GH XQ LJQRUDQWH HV LJQRUDU VX SURSLD LJQRUDQFLD &DGD VHU KXPDQR WLHQH GHQWUR GH Vt DOJR PXFKR PiV LPSRUWDQWH TXH pO PLVPR R HOOD PLVPD VX GRQ $PDPH FXDQGR PHQRV OR PHUH]FD SRUTXH VHUi FXDQGR PiV OR QHFHVLWH 6H SXHGH KDFHU PXFKR FRQ HO RGLR SHUR PXFKR PiV FRQ HO DPRU (O KRPEUH GRPLQD HO PXQGR SHUR OD PXMHU GRPLQD DO KRPEUH 1R FUHDV TXH HVWiV HQ HO FDPLQR FRUUHFWR VyOR SRUTXH HV XQ FDPLQR WUDQVLWDGR 7~ FRQWURODV WXV DFFLRQHV HO GHVWLQR ORV UHVXOWDGRV 6L DPDV OR TXH KDFHV QXQFD VHUi WUDEDMR /D YLGD HV XQD FDUFHO FRQ ODV SXHUWDV DELHUWDV 6L D YHFHV HVSHUDPRV PiV GH ORV GHPiV HV SRUTXH HVWDPRV GLVSXHVWRV D KDFHU PXFKR PiV SRU HOORV 1R VH UHFXHUGDQ ORV GtDV VH UHFXHUGDQ ORV PRPHQWRV
(O PHMRU SDWULRWLVPR HV HO SDWULRWLVPR DFWLYR \ VLOHQFLRVR
1LNLWR 1LSRQJR
&ROLPD 3HULyGLFRV \ 0HGLRV
)iEXOD
/26 '26 $0,*26 < (/ 262 ,EDQ GRV DPLJRV SDVHDQGR SRU HO ERVTXH FXDQGR GH UHSHQWH DSDUHFLy XQ RVR TXH DYDQ]DED KDFLD HOORV
(O SULPHUR GH ORV DPLJRV TXH YLR DO RVR VH VXELy DSUHVXUDGDPHQWH D XQ iUERO \ VH RFXOWy HQWUH ODV UDPDV (O RWUR TXH VH KDEtD TXHGDGR VROR HQ HO FDPLQR DO GDUVH FXHQWD GHO SHOLJUR VH DFRVWy HQ HO VXHOR \ SHUPDQHFLy LQPyYLO ¿QJLpQGRVH PXHUWR (O RVR VH DFHUFy OHQWDPHQWH KDFLD pO \ HPSH]y D ROIDWHDUOR 3HUR FRPR VHJ~Q GLFHQ HVWRV DQLPDOHV QR VH DOLPHQWDQ QXQFD GH FDGDYHUHV HO RVR DO QR VHQWLU HO PHQRU PRYLPLHQWR HQ HO MRYHQ \ FUH\HQGR TXH YHUGDGHUDPHQWH HVWDED PXHUWR VH GLR OD PHGLD YXHOWD \ VH DOHMy GLFLHQGR
(VWH HVWi WDQ PXHUWR FRPR PL DEXHOR
&XDQGR \D QR KXER QLQJ~Q SHOLJUR HO RWUR EDMy GHO iUERO \ OH GLMR UHQGR D VX FRPSDxHUR (VWDQGR DUULED GHO iUERO SXGH REVHUYDU TXH HO RVR VH SXVR PX\ FHUFD GH WL \ WH VXVXUUy DOJR DO RtGR ¢4XH IXp OR TXH WH GLMR" 0H GLMR TXH HV XQ FREDUGH HO TXH DEDQGRQD D VX DPLJR TXH VH KDOOD HQ SHOLJUR
/DV UHYROXFLRQHV \ ORV SURQXQFLDPLHQWRV QR VRQ ODV HVFXHODV HQ ODV TXH VH KD GH DSUHQGHU HO SDWULRWLVPR
-XDQ %DXWLVWD 0RUDOHV
&ROLPD &RPHUFLRV
3DWULD WH GR\ GH WX GLFKD OD FODYH Vp VLHPSUH LJXDO ¿HO D WX HVSHMR GLDULR
5DPyQ /ySH] 9HODUGH
&ROLPD &RPHUFLRV
FXDGURV HQPDUFDGRV FUHDFLRQHV
-LPpQH] 7HO &HQWUR &ROLPD &RO -XQWR D OD PHQXGHUtD /D -LPHQp]
&KLVWH
%HQDQFLR HVWi HQ XQ EDU DFRPSDxDGR GH 3DFRUUR FXDQGR FRPLHQ]D HO QRWLFLHUR GH ODV KUV (O FRQGXFWRU FXHQWD OD KLVWRULD GH XQ KRPEUH TXH HVWi HQ HO WHFKR GH XQ HGL¿FLR \ TXH DPHQD]D FRQ VDOWDU DO YDFtR 3DFRUUR PLUD D %HQDQFLR \ OH SUHJXQWD ¢&UHHV TXH YD D VDOWDU" (VR SDUHFH GLFH %HQDQFLR 3XHV \R FUHR TXH QR UHVSRQGH 3DFRUUR %HQDQFLR FRORFD XQ ELOOHWH GH VREUH OD EDUUD \ GLFH ¢$SRVWDPRV" -XVWR HQ HO PRPHQWR HQ TXH 3DFRUUR SRQH VX ELOOHWH VREUH OD EDUUD HO KRPEUH VDOWD \ VH PDWD %HQDQFLR PX\ DIHFWDGR OH GD VX ELOOHWH D 3DFRUUR \ OH GLFH 8QD DSXHVWD HV XQD DSXHVWD 7RPD WX GLQHUR /XHJR 3DFRUUR DGPLWH <R KDEtD YLVWR HO QRWLFLHUR GH ODV KUV \ VDEtD TXH VH WLUDUtD %HQDQFLR UHVSRQGH <R WDPELpQ OR KDEtD YLVWR SHUR MDPiV SHQVp TXH VH YROYHUtD D WLUDU
1L OD VROHGDG HQ TXH YLYHV QL WX IDPLOLD QL W~ PLVPR SRGUiQ VHU IHOLFHV VL WX SDWULD HV GHVJUDFLDGD
0DUWH 5 *yPH]
&ROLPD &RPHUFLRV
0iV GH $xRV GH 6HUYLFLR FRQ &DOLGDG \ ([SHULHQFLD QRV 5HVSDOGDQ
)$%5,&$026 Â&#x2021; &RUWLQDV GH WHODV GHFRUDWLYDV Â&#x2021; &RUWLQHURV 0DGHUD +RWHOHURV \ 'HFRUDWLYRV Â&#x2021; &RUWLQDV $QWLEDFWHULDQDV Â&#x2021; 3HUVLDQDV 9HUWLFDOHV 3 9 & 7HOD \ $OXPLQLR Â&#x2021; 3HUVLDQDV +RUL]RQWDOHV $OXPLQLR \ 3 9 & Â&#x2021; 3HUVLDQDV URPDQDV \ HQUUROODEOHV ',675,%8,026 Â&#x2021; 3DQHO -DSRQpV Â&#x2021; 3DVWR VLQWpWLFR Â&#x2021; $OIRPEUD Â&#x2021; 3HUVLDQDV SOLVDGDV \ FHOXODUHV Â&#x2021; 3LVRV GH PDGHUD ODPLQDGR Â&#x2021; 3HUVLDQDV GH PDGHUD Â&#x2021; /LQROHXP 3 9 & Â&#x2021; 7ROGRV GH ORQD SOiVWLFD \ WHOD DFUtOLFD Â&#x2021; 3LVRV SDUD JLPQDVLR Â&#x2021; 3XHUWDV SOHJDEOHV Â&#x2021; /RVHWD YLQtOLFD Â&#x2021; 0DOOD VRPEUD Â&#x2021; 7DSLFHUtD HQ JHQHUDO Â&#x2021; (GUHGRQHV Â&#x2021; 3DSHO WDSL] ZZZ FRUWLQDVUDPRV FRP Â&#x2021; )RWRPXUDOHV /DYDGR GH SHUVLDQDV \ FRUWLQDV YHQWDV#FRUWLQDVUDPRV FRP
$Y ,QVXUJHQWHV HVT %OYG &DPLQR 5HDO )UHQWH D OD JORULHWD GHO ',) 7HO '(6& HQ SHUVLDQDV 7HO )D[ URPDQDV HQUUROODEOHV &HO
/D SDWULD QR HV XQD UHDOLGDG KLVWyULFD R SROtWLFD VLQR tQWLPD
5DPyQ /ySH] 9HODUGH
&ROLPD &RPHUFLRV
3RHPDV
81 18(92 35,1&,3,2
(VWR\ FD\HQGR HQ HO YDFtR GHVGH HO SULQFLSLR GH ORV VLJORV
0L FDLGD HV YHUWLFDO HQ OD QHJUXUD GHO FRVPRV
(Q HO LQ¿QLWR VH DSXQWD XQ QXHYR VRO YR\ KDFLD HVH ¿QDO R WDO YH] D XQ QXHYR SULQFLSLR
0, 92=
0L YR] YLHQH GHO VRO FXQD GHO IXHJR GH OD YLGD \ GH OD PXHUWH
0L YR] QDFLy HQ HO VRO \ YDJD HQ HO FRVPRV HQWUH HO SROYR GH HVWUHOODV
3RU VLJORV IXH PL YR] XQD URFD VROLWDULD 2WURV HQHUJtD FyVPLFD HQ OD QHJUXUD LQVRQQGDEOH GHO HVSDFLR
3HUR XQ GtD PL YR] OOHJDUi D WXV RLGRV PH EDxDUiV GH O~] \ GH QXHYR VHUp XQ VRO /LSR /HSH
(O JRELHUQR VH JRELHUQD SRU HO SXHEOR (O SXHEOR OHJLVOD $O SXHEOR OH FRUUHVSRQGH UHIRUPDU YDULDU VXV LQVWLWXFLRQHV
)UDQFLVFR =DUFR
&ROLPD &RPHUFLRV 3HFHV SHFHUDV DOLPHQWRV \ DFFHVRULRV 7RUWXJDV MDSRQHVDV 7LDQJXLV GHO SROLGHSRUWLYR GH 9LOOD GH Ã&#x2C6;OYDUH] SRU OD HQWUDGD DO EDFKLOOHUDWR GH OD 8 GH & 3UHFLRV HVSHFLDOHV D WLHQGDV GH PDVFRWDV -XDQD &KDFyQ Ã&#x2C6;OYDUH]
7HO )/25(5,$
3, $ 'RQGH ORV VHQWLPLHQWRV IORUHFHQ
0RUHORV &ROLPD 7HO 6DQ )HUQDQGR &ROLPD 7HO 0 $ GH *yPH] % 9 GH $OY 7HO
5HÃ&#x20AC;H[LyQ
7(1*2 81 68(f2 7HQJR XQ VXHxR XQ VROR VXHxR VHJXLU VRxDQGR 6XHxR FRQ OD OLEHUWDG VXHxR FRQ OD MXVWLFLD FRQ OD LJXDOGDG TXLVLHUD QR WHQHU QHFHVLGDG GH VRxDUODV 6XHxR FRQ PLV KLMRV JUDQGHV VDQRV IHOLFHV YRODQGR FRQ VXV DODV VLQ ROYLGDU QXQFD HO QLGR 6XHxR FRQ HO DPRU FRQ DPDU \ VHU DPDGR GDQGR WRGR VLQ PHGLUOR UHFLELHQGR WRGR VLQ SHGLUOR 6XHxR FRQ OD SD] HQ HO PXQGR HQ PL SDtV HQ Pt PLVPR« \ PH SUHJXQWR ¢FXiO VHUi OD PiV GLItFLO GH DOFDQ]DU" 6XHxR TXH PLV FDEHOORV VH EODQTXHDQ SHUR QR LPSLGHQ TXH PL PHQWH \ PL FRUD]yQ VLJDQ MyYHQHV \ VH DQLPHQ D OD DYHQWXUD VLJDQ QLxRV \ FRQVHUYHQ OD FDSDFLGDG GH MXJDU 6XHxR TXH WHQGUp OD IXHU]D OD YROXQWDG \ HO FRUDMH SDUD D\XGDU D FRQFUHWDU PLV VXHxRV HQ OXJDU GH SHGLU PLODJURV TXH QR PHUH]FR 6XHxR TXH FXDQGR OOHJXH HO ¿QDO SRGUp GHFLU TXH YLYt VRxDQGR \ TXH PL YLGD IXH XQ VXHxR VRxDGR HQ XQD ODUJD \ SOiFLGD QRFKH GH OD HWHUQLGDG 0DUWLQ /XWKHU .LQJ
(Q FXDQWR D ORV DEXVRV GH DXWRULGDG QDGD HV PiV IUHFXHQWH HQ HVWH PXQGR
,JQDFLR 5DPtUH]
&ROLPD &RPHUFLRV
Â&#x2021; 0HFiQLFD HQ JHQHUDO Â&#x2021; (VSHFLDOLVWD IXHO LQMHFWLRQ Â&#x2021; )UHQRV $PRUWLJXDGRUHV Â&#x2021; 6XVSHQVLyQ OODQWDV &OXWFK Â&#x2021; %RRVWHU +\GURYDF (PHUJHQFLDV \ &HO 6HUYLFLR D 'RPLFLOLR $Y GH 1RYLHPEUH &RO 9LYHURV &ROLPD &RO
/26 35(&,26 0$6 %$-26 '(/ 0(5&$'2
6L QR OR WHQHPRV 6H OR FRQVHJXLPRV %HOLVDULR 'RPtQJXH] &ROLPD &RO 7HO \ 68&856$/ 7(&20$1
0$75,=
$Y ,QVXUJHQWHV 7HFRPiQ &RO 7HO
%OYG 0 GH OD 0DGULG 0DQ]DQLOOR &RO 7HO \
68&856$/ 0$1=$1,//2
£68 0(-25 (/(&&,21 6HUYLFLR ([SUHVV D GRPLFLOLR
Â&#x2021; )$-,//$6 Â&#x2021; 32/,1(6 Â&#x2021; '8(/$6Â&#x2021; 75,3/$<Â&#x2021; &,0%5$3/$<Â&#x2021; Â&#x2021; &$2%,//$ Â&#x2021; /,6721$'2 '( &$2%,//$ Â&#x2021; Â&#x2021; $*/20(5$'2 Â&#x2021; 0') Â&#x2021; &('5,//2 0DGHUD GH 3LQR SDUD OD FRQVWUXFFLyQ \ FDUSLQWHUtD HQ WRGDV ODV PHGLGDV $Y GH 1RYLHPEUH &ROLPD &RO 7HO \ 6XFXUVDO $Y ,QVXUJHQWHV 7HFRPiQ &RO 7HO \
&$51(6 )5(6&$6 Â&#x2021; 5HV Â&#x2021; &HUGR Â&#x2021; 3ROOR Â&#x2021; &RQHMR Â&#x2021; &RGRUQL] Â&#x2021; &RUWHV )LQRV +25$5,2 '(
/81(6 $ 6Ã&#x2030;%$'2 $0 $ 30 '20,1*26 $0 $ 30
&$/,'$' $/ 0(-25 35(&,2 6(59,&,2 $ '20,&,/,2
+(5,%(572 -$5$ ,1)21$9,7 /$ (67$1&,$ &2/,0$ &2/
4XH HO SXHEOR \ HO JRELHUQR UHVSHWHQ ORV GHUHFKRV GH WRGRV
%HQLWR -XiUH]
&ROLPD *DVWURQRPtD
)HOLSH 6HYLOOD GHO 5tR $WHQFLyQ HVSHFLDO GH VX DPLJR -HV~V *DUFtD 6XiUH] 7HO $QDVWDVLR %UL]XHOD $WHQFLyQ HVSHFLDO GH VX DPLJR &DUORV *DUFtD 6XiUH] 7HO 6HUYLFLR D GRPLFLOLR 8Q JREHUQDQWH VROR VH UHDOL]D FRQ DXWHQWLFLGDG FXDQGR VDEH VHUYLUOR
-DLPH *DUFtD 7HUUpV
&ROLPD *DVWURQRPtD
'RQ &OHWR
&XHQWR
'HVGH TXH \R UHFRUGDED DO ¿OR GHO PHGLRGtD VH HVFXFKDED HQ OD SXHUWD HO OODPDGR TXH KDFtD 'RQ &OHWR FRQ XQD SLHGUD TXH WRPDED GHO DUUR\R \ OXHJR PL PDGUH PH GDED DPRURVD XQ EXHQ WDFR TXH LED D HQWUHJDU HQ ODV PDQRV DUUXJDGDV GHO YLHMR TXLHQ FRQ ³HO 6HxRU OHV Gp PiV´ FRQWLQXDED VX FDPLQR KDFLD ODV GHPiV FDVDV GHO EDUULR 8Q GtD FXDQGR OH HQWUHJXp HO WDFR D 'RQ &OHWR GHVSXpV GH JXDUGDUOR FXLGDGRVDPHQWH GHQWUR GHO FRVWDO OHYDQWy VX JUXHVR ERUGyQ TXH XWLOL]y D PDQHUD GH JXLWDUUD \ HQWRQy R SRU OR PHQRV WUDWy GH HQWRQDU XQD PHORGtD HQ WDQWR TXH VXV GHGRV GH XxDV ODUJDV \ VXFLDV SDUHFtDQ UDVJXHDU VREUH HO SDOR (UD XQD FDQFLyQ TXH KDEODED GH XQ QLxR TXH DO PRULU VH KDEtD LGR DO FLHOR \ D SHVDU GH HOOR VX PDGUH OORUDED VX DXVHQFLD ³1R OORUHV QR OORUHV HO QLxR GHFtD $TXt GHVGH HO FLHOR 7H HQYtR PLV DPRUHV 3HUGyQDPH QLxR \ OD PDGUH OORUDED 4XH 'LRV PH SHUGRQH 7H TXLHUR D PL ODGR´ < GLFLHQGR HVWDV ~OWLPDV SDODEUDV FRQWLQXy VX FDPLQR 'RQ &OHWR FRQWLQ~D HQ OD SiJLQD
3DUD TXH XQ JRELHUQR DGPLQLVWUH ELHQ D XQ SXHEOR HV SUHFLVR TXH OR FRQR]FD
)UDQFLVFR =DUFR
&ROLPD *DVWURQRPtD
(V WX PHMRU RSFLyQ &(1752 1$785,67$
Â&#x2021;5HSRVWUHUtD \ SDQDGHUtD LQWHJUDO
Â&#x2021;<RJKXUW GH IUXWDV Â&#x2021;&RPSOHPHQWRV QXWULFLRQDOHV Â&#x2021;(QHUJpWLFDV GH IUXWDV 3RU VDOXG \ QXWULFLyQ
3URPRFLyQ
0LpUFROHV
/OHYD KDPEXUJXHVDV < OD D *5$7,6
Â&#x2021;+DPEXUJXHVDV YHJHWDULDQDV
5LFR \ VDOXGDEOH
0DGHUR 7HO /XQHV D 6iEDGR GH D P D S P 'RPLQJRV GH D P D S P \ GH S P D S P $Y 'H ORV 0DHVWURV 7HO /XQHV D 6iEDGR GH D P D S P &XHQWR YLHQH GH OD SiJLQD YROYLHQGR HO EDVWyQ KDFLD OD WLHUUD $O ¿QDOL]DU ODV OOXYLDV GHMy GH YLVLWDUQRV /DV OOXYLDV VH IXHURQ \ YLQLHURQ GHVSXpV GH ODV FDEDxXHODV /XHJR IXH 1DYLGDG \ HO 1LxR 'LRV QRV OOHYy XQ SRFR GH DOHJUtD D WRGRV ORV QLxRV GHO SXHEOR TXH HVSHUiEDPRV VX OOHJDGD $OJXQRV GLMHURQ KDEHUOR YLVWR \R HQ UHDOLGDG QR OR YL SHUR Vt LPDJLQp VX FDUUHWD OOHQD GH MXJXHWHV WLUDGD SRU GRV EXH\HV MRVFRV FRQGXFLGRV SRU 'RQ &OHWR 3DVDGR HO GtD GH 5H\HV DSDUHFLy XQD PDxDQD FHUFD GH OD HVTXLQD FRQ XQD JXLWDUUD D FXHVWDV YLVWLHQGR XQ UDtGR WUDMH GH VROGDGR 0DPi DKt YLHQH 'RQ &OHWR GLMH DFHUFiQGRPH DO IRJyQ HQ GRQGH VH LQÃ&#x20AC;DEDQ GRV EODQFDV \ WtPLGDV WRUWLOODV < PL PDGUH VDFy ODV WRUWLOODV EODQFDV \ SHUIXPDGDV \ SXVR VREUH HOODV XQD EXHQD FXFKDUDGD GH IULMROHV 6DOt D OD SXHUWD D HVSHUDU DO YLHMR FRQ OD RFXOWD DOHJUtD GH DTXHO TXH YD D VDOXGDU D XQ DPLJR DXVHQWH < 'RQ &OHWR OOHJy FRQ HO VHPEODQWH DOHJUH \ GHVFROJDQGR OD JXLWDUUD HPSH]y D FDQWDU ³1R OORUHV QR OORUHV HO QLxR GHFtD « < HO YLHMR UHtD PRYLHQGR VXV SXSLODV TXH UHÃ&#x20AC;HMDEDQ ORV WHMDGRV FHUFDQRV HQ WDQWR TXH PLV RMRV VH OOHQDEDQ GH OiJULPDV QR Vp VL GH DOHJUtD QR Vp VL GH WULVWH]D DO SXQWR TXH VH SHUGLy GH PL SUHVHQFLD OD ¿JXUD GHO YLHMR \ DSUHFLy DO GHUUHGRU GH VX FXHUSR XQ KDOR EULOODQWH &XDQGR WHUPLQy OD FDQFLyQ FRQWLQ~D HQ OD SiJLQD
/D PRUDO HV OD IXHU]D OODPDGD D JREHUQDU DO PXQGR HQ OD YLGD PRGHUQD
$OYDUR 2EUHJyQ
&ROLPD *DVWURQRPtD &ROLPD *DVWURQRPLD
9HQ D GLYHUWLUWH FRQ WX IDPLOLD 3DUD QLxRV \ MyYHQHV Â&#x2021; 7LUROHVD Â&#x2021; 3DVHR D FDEDOOR Â&#x2021; -XHJRV LQIDQWLOHV Â&#x2021; 3LQWXUD HQ FHUiPLFD 3DUD ORV SDSiV SRGUiQ GLVIUXWDU GH QXHVWUR H[TXLVLWR ERUUHJR DO SDVWRU FKDPRUUR \ FRVWLOODV DO KRUQR FRQHMR DVDGR HQ HO PHMRU FOLPD GH OD FLXGDG \ XQD YLVWD HVSHFWDFXODU
0~VLFD YLYD GH D GH OD WDUGH
5HVHUYDFLRQHV DO \ (VWDPRV HQ HO 2FRWLOOR &XDXKWpPRF $ VROR PLQ GH &ROLPD +RUDULR 6$%$'26 < '20,1*26 GH D KUV 5DQFKR &ROLQD GH 6DQ 0LJXHO
/ ,' $ ' < 6$ % & $ 2 ( 1 1 , 7$ 6 6 $ + 8 5 $ 5
<
2
&$
£621 /2 0(-25 -RUJH *DUFtD 6XiUH] %HQLWR -XiUH] $ (Q 9LOOD GH Ã&#x2C6;OYDUH] &RO
3DWW\ *DUFtD 6XiUH] $Y 3DEOR 6LOYD (Q 9LOOD GH Ã&#x2C6;OYDUH] &ROLPD 6HUYLFLR D 'RPLFLOLR
6LOYLD *DUFtD 6XiUH] $Y 1LxRV +pURHV &RO ,QIRQDYLW D /D (VWDQFLD &RQWUD HVTXLQD GHO &21$/(3 'HVFDQVDPRV ORV -XHYHV 6HUYLFLR D 'RPLFLOLR
/D SULPHU REOLJDFLyQ GH XQ JRELHUQR HV KDFHU MXVWLFLD OHJDO \ HPSHxDUVH HQ SURWHJHU FRQ OD MXVWLFLD PRUDO
)UDQFLVFR %XOQHV
&ROLPD *DVWURQRPtD
¢6DEtD XVWHG TXH" 3RU 'U -XVWLQR 0 /HSH +HUUHUD
/DV EDOOHQDV QR VRQ SHFHV 6RQ FHWiFHRV PDPtIHURV DGDSWDGRV WRWDOPHQWH D OD YLGD DFXiWLFD 5HVSLUDQ DLUH GH PRGR TXH GHEHQ VDOLU D OD VXSHU¿FLH FRQ IUHFXHQFLD 6X ³QDUL]´ HVWi HQ OD FDEH]D \ VH OODPD ³HVSLUiFXOR´ &RPR PDPtIHURV TXH VRQ VXV FUtDV QDFHQ YLYDV GHVSXpV GH XQ HPEDUD]R GH HQWUH GLH] \ GRFH PHVHV 6H DOLPHQWDQ ORV SULPHURV PHVHV FRQ OD OHFKH GH OD PDGUH TXH HV SURGXFLGD HQ OD IDEXORVD FDQWLGDG GH TXLQLHQWRV OLWURV GLDULRV 1DFHQ FRQ ODV DOHWDV KDFLD DGHODQWH OD FROD SULPHUR OD FDEH]D DO ~OWLPR /RV LQYHVWLJDGRUHV FUHHQ TXH HVWR VXFHGH SDUD TXH OD FUtD WHQJD PHQRV SRVLELOLGDGHV GH DKRJDUVH DO QDFHU ,QPHGLDWDPHQWH OD PDGUH OR HPSXMD KDFLD OD VXSHU¿FLH SDUD TXH UHVSLUH 6RQ PDPtIHURV GH VDQJUH FDOLHQWH SRU OR TXH WLHQHQ TXH PDQWHQHU XQD WHPSHUDWXUD FRUSRUDO HOHYDGD 3XHVWR TXH SUiFWLFDPHQWH FDUHFHQ GH SHOR VH EDVDQ HQ ODV FDSDV GH JUDVD SDUD PDQWHQHUVH FDOLHQWHV /D EDOOHQD D]XO HV HO DQLPDO PiV JUDQGH TXH KD H[LVWLGR PiV TXH HO PiV JUDQGH GLQRVDXULR DVt FRPR HO PiV ODUJR SXHGHQ VHU GH KDVWD PHWURV GH ODUJR
'H QDGD VLUYHQ ODV OH\HV FXDQGR VH FHOD VX REVHUYDFLyQ \ QR VH FDVWLJD D ORV GHOLQFXHQWHV
)UDQFLVFR -DYLHU &ODYLMHUR
&ROLPD *DVWURQRPtD
(O &KDUFR GH OD +LJXHUD 5(67$85$17( 086(2 '(6'(
'HVD\XQRV &RPLGDV 0HULHQGDV FROLPRWDV &RPLGD D OD FDUWD &DUQHV \ PDULVFRV &RPLGD UHJLRQDO FROLPHQVH (QFKLODGDV GXOFHV DFRPSDxDGDV FRQ WXED \ WDWHPDGR 3DTXHWH GHVD\XQR GH DP D SP OXQHV D GRPLQJR &RPLGD FRUULGD SP D SP OXQHV D YLHUQHV 6HUYLFLR GH HVWDFLRQDPLHQWR H LQWHUQHW $FHSWDPRV WDUMHWDV GH FUpGLWR
-DUGtQ GH 6DQ -RVp &HQWUR &ROLPD 7HO
%8))(7 '( *8,6$'26 0(;,&$126 3$5$ '(6$<8126 < 0(18'2
'LDULDPHQWH GH D P D S P $Y 7HFQROyJLFR 9LOOD GH Ã&#x2C6;OYDUH] &RO 7HO )UHQWH D OD &RPHUFLDO 0H[LFDQD
8Q QXHYR FRQFHSWR < DGHPiV GH QXHVWUR WUDGLFLRQDO PHQXGR GLVIUXWH GHO PDV HQ 0HQXGHULD FRPSOHWR \ YDULDGR DOPXHU]R FRQ HO VDERU FDVHUR TXH QRV FDUDFWHUL]D Â&#x2021; 3HSHQD Â&#x2021; FDUQH GH FHUGR \ UHV ' ( 1 8 ( 5, $ FRQ FKLOH Â&#x2021; 7DWHPDGR Â&#x2021; 0 Â&#x2021; /HQJXD HQ VDOVD YHUGH Â&#x2021; Â&#x2021; 4XHVDGLOODV Â&#x2021; Â&#x2021; &KLODTXLOHV FROLPRWHV Â&#x2021; Â&#x2021; +XHYRV DO JXVWR Â&#x2021; Â&#x2021; 7RUWLOODV GHO FRPDO D VX PHVD Â&#x2021; Â&#x2021; $PELHQWH IDPLOLDU Â&#x2021;
&ROLPD
'LDULDPHQWH GHVGH ODV GH OD PDxDQLWD
$Y -DYLHU 0LQD 7HO &ROLPD &RO 68&856$/ $Y 1LxRV +pURHV 1Â&#x17E; &ROLPD &RO D XQ ODGR GH &21$/(3 7HO 'H DP D SP '(6&$16$026 /26 0$57(6 /( 2)5(&(026 ',$5,$0(17( 5,&2 0(18'2 &21 7257,//$6 '(/ &20$/ $ 68 0(6$
$GHPiV SUHSDUDPRV XQD JUDQ YDULHGDG GH GHOLFLRVRV JXLVDGRV PH[LFDQRV SDUD TXH XVWHG PLVPR VH VLUYD WHQHPRV &$51(6 $6$'$6 6,1&521,=$'$6 48(6$',//$6 &RQWDPRV FRQ DEVROXWD OLPSLH]D VHULHGDG \ SUHFLRV HFRQyPLFRV
/D FRUUXSFLyQ QR YLYH GHO DPELHQWH OD GLIXQGH FRPR SHVWH HO PDO JREHUQDQWH
-RVp 9DVFRQFHORV
&ROLPD *DVWURQRPtD
(O 0HMRU 3R]ROH GH &ROLPD 3R]ROH VHFR FRQ FDOGR URMR \ GH SROOR 7RVWDGDV \ VRSHV ORPR RUHMD SDWD FRVWLOOD \ WURPSD
6RSLWRV WDFRV HQFKLODGDV \ Ã&#x20AC;DXWDV $WROH \ WDPDOHV 3$5$ 2&$6,21(6 £3$5$ ),(67$6 < 5(81,21(6 +$= 786 3(','26 &21 $17,&,3$&,21
(63(&,$/(6
$Y -DYLHU 0LQD &ROLPD &RO 7HO \
.J GH SR]ROH
6(59,&,2 $ '20,&,/,2
$ELHUWR WRGRV ORV GtDV GH DP D SP
3URPRFLyQ 0HJD 'RV SROORV SRU 3URPRFLyQ &KLFRV 'RV SROORV SRU 0HJD 3ROOR 3ROOR 0HGLDQR 3ROOR &KLFR
££/OiPDQRV
$Y 6DQ )HUQDQGR $ 6HUYLFLR D GRPLFLOLR
Â&#x2021; 3DVWDV Â&#x2021; &DO]RQL Â&#x2021; &DUQHV Â&#x2021; 3L]]DV Â&#x2021; (QVDODGDV Â&#x2021; 0DULVFRV
+RUDULR /XQHV D -XHYHV SP D SP 9LHUQHV \ 6iEDGRV SP D SP 'HVFDQVDPRV ORV 'RPLQJRV
%OYG &DPLQR 5HDO $ HO 'LH]PR 7HO /RV JRELHUQRV FLYLOHV QR GHEHQ WHQHU UHOLJLyQ
%HQLWR -XiUH]
&ROLPD *DVWURQRPtD
'HOHLWDQGR GLDULDPHQWH DO SDODGDU PiV H[LJHQWH GH ODV KUV $ OD D P KUV 0Ã&#x2019;6,&$ 9,9$ ',$5,$0(17(
%OYG &DPLQR 5HDO HVTXLQD ,6(1&2 7HO &KLVWH
(VWDED 'LRV FUHDQGR DQLPDOHV \ OHV GHFtD 6HUiV EXUUR WUDEDMDUiV LQFDQVDEOHPHQWH GH VRO D VRO FDUJDQGR EROVDV VREUH HO ORPR FRPHUiV SDVWR QR WHQGUiV LQWHOLJHQFLD \ YLYLUiV DxRV (O EXUUR FRQWHVWy 6HxRU VHUp EXUUR SHUR YLYLU DxRV HV GHPDVLDGR GDPH VROR DxRV < 'LRV VH ORV FRQFHGLy 'HVSXpV 'LRV FUHy DO SHUUR \ OH GLMR 6HUiV SHUUR FXLGDUiV ODV FDVDV GH ORV KRPEUHV \ VHUiV VX PHMRU DPLJR FRPHUiV ORV KXHVRV TXH WH GHQ \ YLYLUiV DxRV (O SHUUR FRQWHVWy 6HxRU VHUp SHUUR SHUR YLYLU DxRV HV GHPDVLDGR GDPH DSHQDV DxRV < 'LRV VH ORV FRQFHGLy (QWRQFHV 'LRV FUHy DO PRQR \ OH GLMR 6HUiV PRQR VDOWDUiV GH UDPD HQ UDPD KDUiV SD\DVDGDV VHUiV GLYHUWLGR \ YLYLUiV DxRV < HO PRQR FRQWHVWy 6HxRU VHUp PRQR SHUR YLYLU DxRV HV GHPDVLDGR GDPH VRODPHQWH DxRV < 'LRV VH ORV FRQFHGLy )LQDOPHQWH 'LRV FUHy DO KRPEUH \ OH GLMR 6HUiV KRPEUH HO ~QLFR VHU UDFLRQDO VREUH OD ID] GH OD WLHUUD 8VDUiV WX LQWHOLJHQFLD SDUD SUHGRPLQDU VREUH HO UHLQR DQLPDO 'RPLQDUiV DO PXQGR \ YLYLUiV DxRV < HO KRPEUH UHVSRQGLy 6HxRU VHUp KRPEUH SHUR YLYLU DxRV HV PX\ SRFR 'DPH 6HxRU ORV DxRV TXH HO EXUUR QR TXLVR ORV DxRV TXH OH TXLWDVWH DO SHUUR \ ORV TXH HO PRQR WH UHJUHVy < 'LRV VH ORV FRQFHGLy \ GHVGH HQWRQFHV (O KRPEUH YLYH DxRV FRPR KRPEUH 6H FDVD \ SDVD DxRV WUDEDMDQGR FRPR EXUUR OOHYDQGR WRGR HO SHVR VREUH ORV KRPEURV GHVSXpV FXDQGR ORV KLMRV VH YDQ 9LYH DxRV FRPR SHUUR FXLGDQGR OD FDVD SDUD GHVSXpV OOHJDU D YLHMR MXELODUVH \ ¿QDOPHQWH 9LYH DxRV FRPR PRQR VDOWDQGR GH FDVD HQ FDVD R GH KLMR HQ KLMR \ GLYLUWLHQGR D ORV QLHWRV FRQ VXV SD\DVDGDV
(O GLFWDGRU EXHQR HV XQ DQLPDO WDQ UDUR TXH OD 1DFLyQ TXH SRVHH XQR GHEH SURORQ JDUOH QR VyOR HO SRGHU VLQR KDVWD OD YLGD
)UDQFLVFR %XOQHV
&ROLPD *DVWURQRPtD
'(6$<8126 < &20,'$6 5HJLRQDOHV H ,QWHUQDFLRQDOHV &RPH DTXt R OOpYDOR D FDVD
(O VD]yQ HV QXHVWUR QHJRFLR
7HQHPRV VHUYLFLR D GRPLFLOLR &DUQH DVDGD *XLVRV GHOLFLRVRV 3ROORV DVDGRV .LOR GH &DUQH $VDGD 6XVKL [ )HOLSH 6HYLOOD GHO 5tR &ROLPD &RO 7HO /XQHV D 6iEDGR D P D +V ([FHOHQWH FRPLGD GHO PDU SDUD GHOHLWDU ORV SDODGDUHV PiV H[LJHQWHV &DUQHV 7DFRV \ DQWRMLWRV PH[LFDQRV 75$%$-$026 /26 'Ã&#x2039;$6 '(/ $f2 +RUDULR GH DP D KV
0DFORYLR +HUUHUD \ &RQ VHUYLFLR D 'RPLFLOLR 7HOV \
0~VLFD 9LYD
$PELHQWH )DPLOLDU
7RGRV ORV GtDV [ HQ FXEHWDV
/XQHV %LUULD GH UHV \ SXHUFR DO KRUQR 9LHUQHV (]TXLVLWRV &DOPDQWHV FKLFKDUURQHV FDUQLWDV GHO FDVR D VXV PHVD &KDPRUUR FRVWLOOD \ FDEH]D GH SXHUFR DO KRUQR /RV 9LHUQHV 'HVD\XQRV 0H[LFDQRV 'HVGH ODV DP &DOPDQWHV &KLFKDUURQHV &DUQLWDV 7RUWLOODV DO FRPDO \ PXFKR PiV
*UHJRULR 7RUUHV 4XLQWHUR &RO )iWLPD &ROLPD &RO 7HO
+$0%85*8(6$6 $/ &$5%21 $Y 7HFQROyJLFR % D XQ FRVWDGR GH )FLD *XDGDODMDUD
6HUYLFLR D GRPLFLOLR 7HO %OYG &DPLQR 5HDO $ PHGLD FXDGUD GHO ',)
6HUYLFLR D GRPLFLOLR 7HO $Y 3DEOR 6LOYD HQ 9LOOD GH Ã&#x2C6;OYDUH] 6HUYLFLR D GRPLFLOLR 7HO
8Q JRELHUQR HV WDQWR PHMRU FXDQWR PHQRV VH KDFH VHQWLU
/XLV 0RQWHV GH 2FD
&ROLPD *DVWURQRPtD
3(3,Ã&#x2C6;1 ,QJUHGLHQWHV
.J GH SROOR R FDUQH GH FHUGR SUHFRFLGR *UV GH VHPLOOD GH FDODED]D *UV GH DMRQMROt *UV GH FDFDKXDWH *UV GH PDL] GH DFHLWH *UV GH JXDMLOOR IULWRV \ FRFLGRV *UV GH DMR &RPLQRV
3UHSDUDFLyQ 6H OLF~D FRQ OD VHPLOOD GH FDODED]D DMRQMROt FDFDKXDWH DMR \ FRPLQR FRQ XQ SRFR GH FDOGR GH SROOR $SDUWH HQ XQ VDUWpQ FRQ DFHLWH FDOLHQWH VH IUtH HO KDULQD D TXH GRUH \ VH DJUHJD OR OLFXDGR VLQ GHMDU GH EDWLU KDVWD TXH HVSHVH
&yFWHO 'HVWRUQLOODGRU ,QJUHGLHQWHV 2] GH YRGND 2] GH MXJR GH QDUDQMD KLHOR
3UHSDUDFLyQ 9LHUWD YRGND HQ XQ YDVR ODUJR FRQ KLHOR /XHJR DxDGD HO MXJR GH QDUDQMD 6LUYD \ GLVIUXWH
/DV OH\HV GH H[FHSFLyQ \ FLUFXQVWDQFLDV VRQ HVSDGDV GH GRV ¿ORV
/RUHQ]R GH =DYDOD
&ROLPD *DVWURQRPtD
&$51(6 $6$'$6 &257(6 $0(5,&$126 ),/(7(6 48(626 )81','26 3$55,//$'$6 &$=8(/,7$6 (63(&,$/(6 &$51(6 *5$7,1$'$6 48(6$',//$6 )5,-2/(6 &(%2//,7$6 (16$/$'$6 32//2 0$5,6&26 $EULPRV ORV VLHWH GtDV GH OD VHPDQD GH D P D S P 6(59,&,2 $ '20,&,/,2
$Y &RQVWLWXFLyQ 7HOV \
&DUQH DVDGD SRU NLOR UHV FHUGR QDWXUDO DGREDGD FKRUL]R FDUQLWDV VDOFKLFKD DUUDFKHUD 25'(1(6 < 7$&26 &$51,7$6 /(1*8$ 3$1=$ &8(52 &$51(
$Y 7HFQROyJLFR IUHQWH D OD &RPHUFLDO 0H[LFDQD
6HUYLFLR D GRPLFLOLR 7HO / ,' $ ' < 6 $ % & $ 2 ( 1 1 , 7$ 6 6 $ + 8 5 $ 5
<
2
&$
£621 /2 0(-25
(VWKHOD *DUFLD 6XiUH] %OYG &DPLQR 5HDO (O 'LH]PR HQ &ROLPD &RO
/$6 0(-25(6 &$51(6 $6$'$6
'(6'( (/ 6,*/2 3$6$'2
&21 6(59,&,2 $ '20,&,/,2
(Q &ROLPD GRQGH VLHPSUH *XHUUHUR 1R FHUFD GHO 0HUFDGLWR 2EUHJyQ
7HOV
3(','26 $ '20,&,/,2 &HO
+RUDULR GH DP D SP
³7,72´
(67,/2 858$3$1
$Y (QULTXH &RURQD 0RU¿Q 1R /RFDO ³$´ 9LOOD GH Ã&#x2C6;OYDUH] )UHQWH ORFDO )LHVWDV ³9LOOD $OED´
4XH WRGR HO TXH VH TXHMH FRQ MXVWLFLD WHQJD XQ WULEXQDO TXH OR HVFXFKH OR DPSDUH \ OR GH¿HQGD FRQWUD HO IXHUWH \ HO DUELWUDULR
-RVp 0DUtD 0RUHORV
&ROLPD *DVWURQRPtD
(Q OD 9LOOD OD PHMRU WUDGLFLyQ 'HVGH (/$%25$'2 325 -8/,2 &(6$5 &$67,//2 *7=
$9 0$18(/ $/9$5(= 1R $ 9,//$ '( $/9$5(= &2/,0$
7(/
£/D H[SHULHQFLD GHO VDERU /D*UDQ)LHVWD3DVWHOHULD ODJUDQILHVWDSDVWHOHULD#OLYH FRP P[ ZZZ SDVWHOHULDODJUDQILHVWD FRP
$Y &RQVWLWXFLyQ
7HO
¢4XH WDQWR VDEH XVWHG UHDOPHQWH VREUH ODV YHQWDMDV GH KDFHU HMHUFLFLR" 3XHV OH GLUp TXH HVWD FRPSUREDGR TXH HO HMHUFLFLR QR VRODPHQWH D\XGD D PRGHODU VX FXHUSR VLQR TXH UHGXFH ORV ULHVJRV GH FiQFHU \ GH HQIHUPHGDGHV FDUGtDFDV /D DFWLYLGDG ItVLFD DFHOHUD ORV HOHPHQWRV GH GHVHFKR D WUDYpV GHO WXER LQWHVWLQDO GH WDO IRUPD TXH QR VH LUULWH HO FyORQ &RPSUREDGR WDPELpQ HVWi TXH ODV SHUVRQDV VHGHQWDULDV WLHQHQ YHFHV PiV SRVLELOLGDGHV GH GHVDUUROODU FiQFHUHV GLJHVWLYRV $GHPiV GHEHPRV SHQVDU TXH HO FRUD]yQ HV XQ P~VFXOR \ FRPR WRGRV ORV P~VFXORV FRQ HO HMHUFLFLR VH YXHOYHQ PiV IXHUWHV \ H¿FLHQWHV 3RU WRGR pVWR YHPRV TXH FDGD YH] PiV PpGLFRV UHFRPLHQGDQ HMHUFLFLR SXHV HVWiQ FRQYHQFLGRV TXH HV OR PDV VDQR \ VDOXGDEOH 6L XVWHG SXHGH DVLVWLU D XQ JLPQDVLR TXH EXHQR SXHV HV PHMRU HQ JUXSR TXH XQD VROD SHUVRQD SHUR VL QR SXHGH KDFHUOR EDVWD FRQ TXH FRQR]FD XQD UXWLQD HQ GRQGH WRGRV ORV P~VFXORV GH VX FXHUSR WUDEDMHQ \ HV VX¿FLHQWH HVR VL KD\ TXH VHU FRQVWDQWHV VL SXHGH KDFHUOR WRGRV ORV GtDV PXFKR PHMRU SHUR VL QR WLHQH HO WLHPSR VX¿FLHQWH EDVWDUi FRQ GtDV SRU VHPDQD SDUD PDQWHQHUVH VDQR \ HQ IRUPD KDJD GHO HMHUFLFLR XQ SODFHU QR XQD REOLJDFLyQ YHUi TXH OH UHGLWXDUi HQ VX VDOXG 3DUD SRVHHU XQD EXHQD VDOXG \ HVD VXVSLUDGD DUPRQtD HQ IRUPDV GHEHPRV OXFKDU OD OXFKDU OD OXFKD QXQFD WHUPLQD QR GHEHV GH FHVDU VHDPRV SHUVHYHUDQWHV +DVWD OD SUy[LPD
/RV JRELHUQRV WLUiQLFRV WRGR OR FRUURPSHQ \ WRGR OR IDOVHDQ
5LFDUGR )ORUHV 0DJyQ
&ROLPD 7XULVPR
+27(/ 5,2 £ 1 2 % 8 6 4 8 ( / $ 6 ( 6 7 5 ( / / $ 6
Â&#x2021; FyPRGDV KDELWDFLRQHV Â&#x2021; $LUH DFRQGLFLRQDGR 9HQWLODGRU GH WHFKR Â&#x2021; ,QWHUQHW LQDOiPEULFR Â&#x2021; $OEHUFD FRQ FKDSRWHDGHUR Â&#x2021; (VWDFLRQDPLHQWR WHFKDGR Â&#x2021; $FHSWDPRV WDUMHWDV GH FUpGLWR ZZZ KRWHOKRVSHGDMHVGHOUH\ FRP $Y 5H\ &ROLPiQ D PHGLD FXDGUD GHO -DUGtQ 1~xH] 7HO \
+$%,7$&,21(6 < 68,7(6 '( /8-2
$LUH DFRQGLFLRQDGR 7 9 \ 3DUDEyOLFD -DFX]]L
0~VLFD $PELHQWDO 7HOpIRQR 6HUYLFLR GH %DU \ 5HVWDXUDQW ODV KRUDV
&$55(7(5$ /,%5( &2/,0$ -,48,/3$1 .0 7(/6 &XHQWR YLHQH GH OD SiJLQD \ OR YL GH QXHYR IUHQWH D Pt WHQtD VREUH XQR GH VXV KRPEURV XQD PDULSRVD TXH SDUHFtD SDOSLWDU DO FRPSiV GH PL FRUD]yQ /XHJR VH SHUGLy FDOOH DUULED \ \R YROYt FRQ PL PDGUH TXH VHJXtD VXGRURVD MXQWR DO FRPDO DUGLHQWH 'HVSXpV \R HVSHUDED D 'RQ &OHWR DQVLRVDPHQWH SDUD YHUOH WRFDU OD JXLWDUUD D OD TXH OH IDOWDEDQ GRV FXHUGDV \ ODV TXH WHQtD DXQTXH PH SDUHFtDQ GHVD¿QDGDV \R ODV HVFXFKDED FRQ LQIDQWLO DOHJUtD $O FDER GH XQ WLHPSR PL PDGUH PH UHSUHQGLy GLFLHQGR FXDQGR VH GD XQD FDULGDG QR VH SLGH QDGD D FDPELR \ W~ OD GDV SRU XQD FDQFLyQ 0DxDQD FXDQGR YHQJD HO YLHMR \ OH GHV XQD WRUWLOOD FRQWLQ~D HQ OD SDJLQD
/D GLVFUHFLyQ HV XQD DOWD \ SUHFLRVD YLUWXG HQ ORV KRPEUHV \ HQ ORV JREHUQDQWHV
/XLV 0RQWHV GH 2FD
&ROLPD 0pGLFRV 3$72/2*2 78025(6 3$3$1,&2/$286 < /Ë48,'26 &25325$/(6
'5 -8$1 /Ï3(= %/$1&2 &pGXOD 3URIHVLRQDO
8QLYHUVLGDG $XWyQRPD GH *XDGDODMDUD +RVSLWDO GH (VSHFLDOLGDGHV &HQWUR 0pGLFR ³/D 5D]D´ +RVSLWDO GH 2QFRORJtD &HQWUR 0pGLFR 1DFLRQDO 6LJOR ;;, /XQHV D 9LHUQHV D P D S P \ S P D S P 6iEDGR D P D S P =DUDJR]D 1R &ROLPD &RO 7HO )D[ ( PDLO ODESDWBFRO#KRWPDLO FRP
¢&~DO HV HO FROPR "
¢'H XQ IDUPDFpXWLFR" &HUUDU VX IDUPDFLD SRUTXH QR OH TXHGy PiV UHPHGLR ¢'H XQ FD]DGRU" 4XH VX KLMR VH KDJD SDWR ¢'H XQ OLEUR" 7HQHU WtWXOR VLQ KDEHU LGR D OD XQLYHUVLGDG ¢'H RWUR OLEUR" 7HQHU SDVWD \ QR SRGHU ODYDUVH ORV GLHQWHV ¢'H XQ WD[LVWD" )UHQDU HQ VHFR GXUDQWH XQ DJXDFHUR ¢'H XQD YDFD" 4XH YHD HO EHLVERO \ R ORV WRURV ¢'H XQ PHVHUR" 4XH QR VLUYD HQ VX FDVD ¢'H XQ IRWyJUDIR" 1R SRGHU UHYHODU VXV VHFUHWRV ¢'H RWUR IRWyJUDIR" 4XH VH OH UHEHOHQ ORV KLMRV ¢'H XQ DYH" 7HQHU SOXPDV \ R SRGHU HVFULELU ¢'H XQ UHVWDXUDQWH" &HUUDU SDUD FRPHU ¢'H XQD FRVWXUHUD" 3HUGHU HO KLOR GH OD FRQYHUVDFLyQ ¢'H XQ GLQDPLWHUR" 4XH OR H[SORWHQ HQ VX WUDEDMR
(O JRELHUQR GHEH VHU ¿HO GH OD EDODQ]D
$OYDUR 2EUHJyQ
&ROLPD 0pGLFRV
'U -DLPH (GXDUGR 6LOYD 6 $1*,2/2*2
7UDWDPLHQWR GH
Â&#x2021; (QIHUPHGDGHV GH OD &LUFXODFLyQ Â&#x2021; 9DULFHV FRQ LQ\HFFLyQ FLUXJtD \ ODVHU Â&#x2021; /HVLRQHV HQ HO SLH GHO GLDEpWLFR Â&#x2021; Ã&#x2019;OFHUDV \ KHULGDV GH GLItFLO FLFDWUL]DFLyQ
&LWDV (63(&,$/,'$'(6 0(',&$6 '( /$ 9,//$ (QULTXH &RURQD 0RUILQ 1R 7HO 85*(1&,$6 &(/
Â&#x2021; 2UWRGRQFLD Â&#x2021; &RVPpWLFD GHQWDO Â&#x2021; 5HKDELOLWDFLyQ Â&#x2021; (QGRGRQFLD Â&#x2021; %ODQTXHDPLHQWR 'HQWLVWDV ££&XLGDPRV 0DUtD GH ORV Ã&#x2030;QJHOHV %ODQFR %DUDMDV OD 6215,6$ (VWHU 1RUD 3UHFLDGR &KiYH]
GH WRGD OD )DPLOLD
7HO
0DUFR $QWRQLR *XHGHD /ySH]
7HO
$FHSWDPRV 72'$6 ODV WDUMHWDV GH FUpGLWR
9LFWRULD 1R &ROLPD &HQWUR
6KHQ 7L %DODQFH &RQWURO GH 3HVR \ 1XWULFLyQ
.DUHQW $OHMDQGUD 2VRUQR +HUQiQGH] 1XWULyORJD
&pGXOD 3URIHVLRQDO GH 0D\R % &RO )iWLPD /XQHV D 9LHUQHV D P D S P 6iEDGR D P D S P
7HO 5HÃ&#x20AC;H[LRQHV
/RV JUDQGHV FDPELRV VLHPSUH YLHQHQ DFRPSDxDGRV GH XQD IXHUWH VDFXGLGD 1R HV HO ¿Q GHO PXQGR (V HO LQLFLR GH XQR QXHYR *UDQGHV VRQ DTXHOORV TXH D SHVDU GH VHU MX]JDGRV SRU VHU TXLHQHV VRQ QR FDPELDQ SDUD FRPSODFHU D QDGLH 1XQFD OOHJDUiV D VDEHU OD YHUGDG VL QR HVFXFKDV ODV GRV SDUWHV GH OD KLVWRULD +D\ YHFHV TXH OD VROHGDG HV OD PHMRU FRPSDxtD
*REHUQDU HTXLYDOH D WRPDU GHFLVLRQHV VREUH OD PDUFKD
0LJXHO $OHPiQ 9DOGpV
2WRUULQRODULQJyORJR
&ROLPD 0pGLFRV &LUXJtD (VWpWLFD \ )XQFLRQDO GH 1DUL] &UDQHRPD[LORIDFLDO \ &XHOOR $/(5*,$ 5(63,5$725,$
'5 (15,48( 725,6 3(f$ 85*(1&,$6 /$'$ &(/ &2168/7$ 35(9,$ &,7$ 7(/ - $9,(5 0,1$ 1R 3/$17$ $/7$ ,17 9,//$ '( È/9$5(= &2/ &(57,),&$'2 325 (/ &216(-2 0(;,&$12 '( &$5',2/2*Ë$ (1 &$5',2/2*Ë$ < &$5',2/2*Ë$ ,17(59(1&,21,67$
'U -RVp ÈQJHO &UX] 7RUUHV &$5',Ï/2*2 &/Ë1,&2 ( ,17(59(1&,21,67$
( PDLO MDF #KRWPDLO FRP
&OtQLFD &yUGRED =DUDJR]D 1R &ROLPD &RO 7HOV \ 8UJHQFLDV &HO 3RHPD
*ORVD &ROLPRWD ³&DPLQR 5HDO GH &ROLPD GLFHQ TXH \R QR OR Vp HQ FRPSDxtD GH PL FKDWD GH URGLOODV DQGDUp´ $UULHUR VR\ PL FKDWLWD HQ HO FDPLQR PH FULp VXELHQGR \ EDMDQGR ORPDV £< GLFHQ TXH QR OR Vp &DPLQLWR GH PL WLHUUD IRUMDGR FRQ PL FDQWDU HQWUH VRPEUD GH SDOPHUDV \ HO SHUIXPH GHO D]DKDU 9HQWD PRUHQD FRQPLJR VR\ DUULHUR PX\ FDEDO FRQR]FR ELHQ HO FDPLQR £'H URGLOODV OR KH GH DQGDU &DPLQR 5HDO GH &ROLPD GLFHQ TXH \R QR OR Vp SUHJ~QWHQVHOR D PL FKDWD \ OXHJR PH GLFH XVWHG
1HFHVLWDPRV JREHUQDQWHV DXVWHURV GH DOWD WDOOD PRUDO H LQWHOHFWXDO FRQ YLVLyQ DMXVWDGD GHO SRUYHQLU
-HV~V 6LOYD +HU]RJ
5HÃ&#x20AC;H[LyQ
/$ )/25 '( /$ +21(67,'$' &XHQWD XQD OH\HQGD TXH SRU HO DxR $ & YLYtD HQ &KLQD XQ SUtQFLSH TXH HVWDED D SXQWR GH VHU FRURQDGR HPSHUDGRU SHUR GH DFXHUGR FRQ OD OH\ DQWHV GH VHU FRURQDGR GHEtD FDVDUVH 6DELHQGR HVWR GHFLGLy KDFHU XQ FRQFXUVR HQWUH ODV PXFKDFKDV GH OD FRUWH SDUD YHU TXLpQ SRGtD VHU GLJQD GH VX SURSXHVWD $O GtD VLJXLHQWH HO SUtQFLSH DQXQFLy TXH UHFLELUtD HQ XQD FHOHEUDFLyQ HVSHFLDO D WRGDV ODV SUHWHQGLHQWHV \ OHV ODQ]DUtD XQ GHVDItR FLR 8QD DQFLDQD TXH VHUYtD HQ HO SDODFLR HVFXFKy ORV FRPHQWDULRV VREUH ORV V SUHSDUDWLYRV \ VLQWLy WULVWH]D SRUTXH VDEtD TXH VX MRYHQ KLMD WHQtD XQ SURIXQGR DPRU SRU HO SUtQFLSH &XDQGR OOHJy D FDVD OH FRQWy D VX KLMD ORV SODQHV GHO SUtQFLSH \ HOOD VLQ GXGDUOR OH GLMR TXH WDPELpQ TXHUtD SDUWLFLSDU HQ OD SUXHED /D DQFLDQD QR SRGtD FUHHUOR \ OH GLMR ¢+LMD PtD TXH YDV D KDFHU DOOi" 7RGDV ODV PXFKDFKDV PiV EHOODV \ ULFDV GH OD OD FRUWH HVWDUiQ DOOt 6iFDWH HVD LG LGHD LQVHQVDWD GH OD FDEH]D 6p TXH GHEHV HVWDU VXIULHQGR SHUR QR KDJDV TXH HO VXIULPLHQWR VH YXHOYD ORFXUD /D KLMD UHVSRQGLy 1R WH SUHRFXSHV TXHULGD PDGUH QR HVWR\ VXIULHQGR \ WDPSRFR HVWR\ ORFD <R Vp TXH MDPiV VHUp HVFRJLGD SHUR HV PL RSRUWXQLGDG GH HVWDU SRU OR PHQRV SRU DOJXQRV PRPHQWRV FHUFD GHO SUtQFLSH \ FRQ HVWR \D PH FRQIRUPR 3RU OD QRFKH OD MRYHQ OOHJy DO SDODFLR $OOt HVWDEDQ WRGDV ODV MyYHQHV PiV EHOODV GHO OXJDU YHVWLGDV FRQ VXV PHMRUHV URSDV \ FRQ ODV PiV EULOODQWHV MR\DV (QWRQFHV HO SUtQFLSH DQXQFLy HO GHVDItR 'DUp D FDGD XQD GH XVWHGHV XQD VHPLOOD $TXHOOD TXH PH WUDLJD OD Ã&#x20AC;RU PiV EHOOD GHQWUR GH VHLV PHVHV VHUi OD HVFRJLGD
(0%27(//$'25
786 5()5(6&2
Â&#x2021; 5$',2 3(','26 Â&#x2021;
&2/,0$ &21087$'25
/D PD\RUtD GH ORV PH[LFDQRV SLHQVD VLHQWH \ DGRUD WRGDV ODV FRVDV TXH VRQ XQ SRFR PiJLFDV PtVWLFDV
-XDQ 6RULDQR
5HÃ&#x20AC;H[LyQ VH FRQYHUWLUi HQ Pt HVSRVD \ IXWXUD HPSHUDWUL] GH &KLQD /D SURSXHVWD GHO SUtQFLSH VHJXtD ODV WUDGLFLRQHV GH DTXHO SXHEOR TXH YDORUDED PXFKR OD HVSHFLDOLGDG GH FXOWLYDU DOJR VHDQ Ã&#x20AC;RUHV FRVWXPEUHV DPLVWDGHV UHODFLRQHV HWF (O WLHPSR SDVy \ OD GXOFH MRYHQ FRPR QR WHQtD PXFKD KDELOLGDG HQ HO DUWH GH OD MDUGLQHUtD FXLGDED FRQ PXFKD SDFLHQFLD \ WHUQXUD VX VHPLOOD SXHV VDEtD TXH VL OD EHOOH]D GH OD Ã&#x20AC;RU VXUJtD FRPR VX DPRU QR WHQGUtD TXH SUHRFXSDUVH FRQ HO UHVXOWDGR 3DVDURQ WUHV PHVHV \ OD VHPLOOD VHJXtD FRPR HO SULPHU GtD /D MRYHQ LQWHQWy WRGRV ORV PpWRGRV TXH FRQRFtD SHUR LQWH WH QDGD RFXUULy 'tD WUDV GtD YHtD PiV OHMRV VX QD VXHxR VLQ HPEDUJR VX DPRU HUD FDGD GtD PiV SURIXQGR )LQDOPHQWH SDVDURQ ORV VHLV PHVHV \ QDGD EURWy GH DTXHOOD VHPLOOD 'H WRGDV PDQHUDV OD PXFKDFKD OH FRPXQLFy D VX PDGUH TXH VLQ LPSRUWDU ODV FLUFXQVWDQFLDV HOOD UHJUHVDUtD DO SDODFLR HQ OD IHFKD \ KRUD DFRUGDGD VyOR SDUD HVWDU FHUFD GHO SUtQFLSH SRU XQRV PRPHQWRV (O GtD OOHJy VXV PDQRV HVWDEDQ PR Y D F t D V P L H Q W U D V W R G D V O D V R W U D V SUHWHQGLHQWHV WHQtDQ XQD KHUPRVD Ã&#x20AC;RU HQ VXV PDQRV )LQDOPHQWH OOHJy HO PRPHQWR HVSHUDGR \ HO SUtQFLSH REVHUYy D FDGD XQD GH ODV SUHWHQGLHQWHV FRQ PXFKR FXLGDGR \ DWHQFLyQ 'HVSXpV GH SDVDU SRU WRGDV XQD D XQD DQXQFLy VX UHVXOWDGR /D EHOOD MRYHQ GH ODV PDQRV YDFtDV VHUtD VX IXWXUD HVSRVD 7RGRV ORV SUHVHQWHV WXYLHURQ ODV PiV LQHVSHUDGDV UHDFFLRQHV 1DGLH HQWHQGtD SRU TXp pO KDEtD HVFRJLGR MXVWDPHQWH D DTXHOOD TXH QR KDEtD FXOWLYDGR QDGD (QWRQFHV FRQ FDOPD HO SUtQFLSH OR H[SOLFy (VWD PXFKDFKD HV OD ~QLFD TXH FXOWLYy OD Ã&#x20AC;RU TXH OD KL]R GLJQD GH FRQYHUWLUVH HQ PL HVSRVD \ HPSHUDWUL] SRUTXH WRGDV ODV VHPLOODV TXH RV HQWUHJXp HUDQ HVWpULOHV
5$ $*$ 6 $ '( & 9
26 )$925,726
0$1=$1,//2
&$6,0,52 &$67,//2
7(&20$1 0(/$48(
&' *8=0$1 -$/
7$0$=8/$ -$/
0p[LFR KD VLGR XQ DGLFWR LQFRUUHJLEOH D OD GURJD GH OD GHXGD
-XDQ -RVp +LQRMRVD
&ROLPD 0pGLFRV
'(50$72/2*2
'5 58%(1 6$+$*81 217,9(526
81,9(56,'$' '( *8$'$/$-$5$ ,167,7872 '(50$72/2*,&2 '( *8$'$/$-$5$ , (1)(50('$'(6 '( /$ 3,(/ $*8'$6 < &521,&$6 (1 $'8/726 < 1,f26
',$*1267,&2 35(9(1&,21 < 75$7$0,(172 '( &$1&(5 '( /$ 3,(/ < 78025(6 %(1,*126 &,58*,$ &5,2&,58*,$ < (/(&752&,58*,$ 75$16725126 '( /$ 3,(/ 8f$6 < 3(/2
&260(72/2*,$ 0(',&$
3((/,1* 48,0,&2 0,&523,(/ %,20(',& /,03,(=$6 )$&,$/(6 $6(625,$ (1 &260(7,&26 $&1( &,&5$7,&(6 0$1&+$6 < (19(-(&,0,(172 35(0$7852
&/Ã&#x2039;1,&$ '( /$ 3,(/
7(/6 \
$9 9(1867,$12 &$55$1=$ (64 &$//( D '( /$ 3$/$3$ )5$&& /$6 3$/0$6 &2/,0$ &2/
&KLVWHV
(O PDHVWUR GH OD HVFXHOD DGYLHUWH TXH DOJXLHQ VH HVWi UREDQGR ODV PDQ]DQDV GHO iUERO GH VX MDUGtQ 8Q GtD HO SURIHVRU OH SUHJXQWD D 3HSLWR HO FXDO VH VLHQWD VLHPSUH DO IRQGR GH OD FODVH ³¢(UHV W~ HO TXH VH HVWi UREDQGR ODV PDQ]DQDV GH PL MDUGtQ"´ ³/R VLHQWR SURIHVRU SHUR GHVGH DTXt QR VH HVFXFKD QDGD´ ³9DPRV D YHU VL HV FLHUWR <R PH VLHQWR HQ WX SXSLWUH \ W~ WH VLHQWDV HQ PL HVFULWRULR´ (QWRQFHV 3HSLWR OH JULWD GHVGH HO HVFULWRULR DO PDHVWUR ³0DHVWUR ¢HUD XVWHG HO TXH YL VDOLHQGR GH OD FDVD GH OD GLUHFWRUD KR\ WHPSUDQLWR SRU OD PDxDQD"´ &RPSXQJLGR HO SURIHVRU OH UHVSRQGH ³£7LHQHV UD]yQ 3HSLWR GHVGH DTXt DWUiV QR VH HVFXFKD QDGD ´ 8Q KRPEUH DO YHU OORUDQGR D VX PXMHU OH SUHJXQWD ¢3HUR TXp WH SDVD" (V TXH KDEtD FRFLQDGR XQD UHFHWD ULTXtVLPD \ VH OD KD FRPLGR HO SHUUR 1R WH SUHRFXSHV \D FRPSUDUHPRV RWUR SHUUR
(O YLFLR GRPLQDQWH HQ OD PDVD GH OD SREODFLyQ HV OD SURSHQVLyQ DO URER
/XFDV $ODPiQ
&ROLPD 9HWHULQDULRV
&RPHUFLDOL]DGRUD 9HWHULQDULD
(/ *5$1(52 $OLPHQWR SDUD WRGDV ODV HVSHFLHV )RUUDMHV 3DVWXUDV 0HGLFDPHQWRV $FFHVRULRV 6HUYLFLR GH $VHVRUtD 0pGLFD 9HWHULQDULD
(QWUHJDPRV D GRPLFLOLR 7HO %OYG &DUORV GH OD 0DGULG %HMDU &RO -XDQD GH $VEDMH 3RU 6DOLGD D 3LKXDPR
$*529(7(5,1$5,$³(/ *$1$'(52´ Â&#x2021; $OLPHQWR SDUD WRGDV ODV HVSHFLHV DQLPDOHV Â&#x2021; 3DFDV GH $OIDOID $UUR] \ 7ULJR Â&#x2021; 0DWHULDV SULPDV SDUD OD HODERUDFLyQ GH $OLPHQWRV &DUORV GH OD 0DGULG %HMDU 6DOLGD D 3LKXDPR &ROLPD &RO 7HO
5HÃ&#x20AC;H[LRQHV
&DGD GRORU WH KDFH PiV IXHUWH FDGD WUDLFLyQ PiV LQWHOLJHQWH FDGD GHVLOXFLyQ PiV KiELO \ FDGD H[SHULHQFLD PiV VDELR 1XQFD SHUPLWDV TXH OD VROHGDG WH KDJD UHJUHVDU FRQ DOJXLHQ TXH W~ VDEHV TXH QR HV SDUD WL 7RGRV FUHHQ TXH VRQ VDQWRV FXDQGR KDEODQ GH ORV SHFDGRV GH ORV GHPiV $SUHQGH D FDOODU REVHUYDU \ HVFXFKDU DQWHV GH WRPDU GHFLVLRQHV (O WLHPSR QR VLHPSUH FXUD WRGR SHUR QRV HQVHxD D YLYLU FRQ pO 2FXUUD OR TXH RFXUUD VROR WLHQHV GRV RSFLRQHV TXH VHD XQ EXHQ UHFXHUGR R TXH VHD XQD JUDQ OHFFLyQ $ YHFHV HV GHPDVLDGR WDUGH SDUD GHFLU ³(VWDPRV D WLHPSR´ 4XH LURQtD PHQWLU D XQD SHUVRQD SDUD QR SHUGHUOD \ £SHUGHUOD SRU KDEHU PHQWLGR /DV SDODEUDV VDOLGDV GHO FRUD]yQ VRQ ODV ~QLFDV TXH QR VH SXHGHQ GLVIUD]DU FRQ PHQWLUDV 8QR GH ORV VHFUHWRV PiV JUDQGHV GH OD IHOLFLGDG HV WHQHU PDOD PHPRULD
$ VHPHMDQ]D GHO KRPEUH ORV SDtVHV PDGXUDQ SRU HO GRORU \ HVWH DVSHFWR FRQVLGHUR D 0p[LFR XQR GH ORV PiV PDGXURV
5RGROIR 8VLJOL
&ROLPD 9HWHULQDULRV
=DUDJR]D 1R &RO &HQWUR &ROLPD &RO
+263,7$/ 9(7(5,1$5,2 < 9(7(5,1$5,$ 9,'$ $1,0$/ 'U *HUDUGR 6HUUDQR 6iQFKH] Â&#x2021; 3RVJUDGXDGR HQ ERYLQRV Â&#x2021; 'LSORPDGR HQ FOtQLFD GH HTXLQRV Â&#x2021; 'LSORPDGR HQ PHGLFLQD \ FLUXJtD GH SHTXHxDV HVSHFLHV Â&#x2021; 'LSORPDGR HQ FDOLGDG WRWDO
%OYG &DPLQR 5HDO $ 7HO &ROLPD &RO $Y &DPLQR 5HDO 7HO (O 7UDSLFKH &RO &HO Â&#x2021; &KLVWHV
(O WLSR VH YH GHSULPLGR FXDQGR UHJUHVD D FDVD GHVSXpV GH YHU DO GRFWRU ¢4XH WH VXFHGH" /H SUHJXQWD VX HVSRVD (O PpGLFR GLFH TXH GHER WRPDU XQD GH pVWDV StOGRUDV EODQFDV FDGD GtD SRU HO UHVWR GH PL YLGD ¢< TXH WLHQH HVR GH PDOR" £4XH VROR PH GLR VLHWH 6H HQFXHQWUDQ GRV DPLJRV \ GLFH XQR 1R VH TXH KDFHU FRQ PL ELVDEXHOR VH FRPH ODV XxDV WRGR HO WLHPSR $O PtR OH SDVD LJXDO \ OH TXLWp OD PDxD HQ XQ PRPHQWR ¢&yPR" ¢/H DPDUUDVWH ODV PDQRV" 1R OH HVFRQGt ORV GLHQWHV (Q XQ FDUUR LED XQD SDUHMD GH FDVDGRV SHUR LEDQ SHOHDGRV DO SDVDU IUHQWH D XQD JUDQMD HO QRYLR YLR XQRV FRFKLQLWRV \ OH GLMR D VX PXMHU ¢)DPLOLDUHV WX\RV" \ HOOD OH FRQWHVWD £6L PLV VXHJURV
(O GUDPD GH HVWH SDtV HV TXH QR KHPRV DFDEDGR GH YHQFHU D OD VHUSLHQWH
-RVp &OHPHQWH 2UR]FR
&ROLPD 6RFLDO %,(19(1,'26 $ &$6$ +2*$5 6$1 -26e '( /26 +8e5)$126 0DQHUDV GH D\XGDU 7UDEDMR GLUHFWR &RQ ORV PHQRUHV UHDOL]DQGR D F W L Y L G D G H V T X H I R P H Q W H Q \ Y D \ D Q HQFDPLQDGDV D GHVDUUROODU FDSDFLGDGHV ItVLFDV \ PHQWDOHV HQ HOORV &RQWULEXFLRQHV DOLPHQWDULDV )ULMRO DUUR] DFHLWH FHUHDO OHFKH FDUQH SROOR DWXQD SHVFDGR HWF 0DWHULDO GH KLJLHQH FRUSRUDO -DEyQ SDVWD GHQWDO SDSHO KLJLpQLFR FKDPSR GHVRGRUDQWH WRDOODV IHPHQLQDV HWF 3UR $\XGD 3DUWLFLSDQGR \ R DVLVWLHQGR D ODV DFWLYLGDGHV TXH UHDOL]D OD LQVWLWXFLyQ SDUD UHFDXGDFLyQ GH IRQGRV HFRQyPLFRV $SRUWDFLyQ HFRQyPLFD 3DUD PDWHULDOHV GH PDQWHQLPLHQWR 3ORPHUtD HOHFWULFLGDG \ DOEDxLOHUtD 6H FXHQWD FRQ UHFLERV GHGXFLEOHV GH LPSXHVWRV
&8(17$ %$1$0(; $VRFLDFLyQ GH $\XGD $ & &XHQWD 1R 6XF &ODEH LQWHUEDQFDULD +$1 6,'2 &8$5(17$ $f26 '( /8&+$ (1 /$ 48( 1,f26 < 1,f$6 +8e5)$126 6( 7251$521 (1 &,8'$'$126 '(&(17(6 < 75$%$-$'25(6 1(&(6,7$026 78 $<8'$ (&21Ï0,&$ 85*(17( 3$5$ 6(*8,5 $'(/$17( 18(675$6 38(57$6 (67È1 $%,(57$6 £*UDFLDV
&DVD +RJDU 6DQ -RVp GH ORV +XpUIDQRV $VRFLDFLyQ GH $\XGD $ & 3URO ,QGHSHQGHQFLD QR &ROLPD &ROLPD & 3 7HOpIRQR )D[ FKLOGMRVHSK#KRWPDLO FRP
$181&,(6( (1
OOiPHQRV \ FRQ JXVWR OR DQWHQGHUHPRV FRQWDFWR#FRVWD]XO P[ ZZZ FRVWD]XO P[
+DEODU GH ODV SRVLELOLGDGHV GHO PH[LFDQR HV KDEODU GH ODV SRVLELOLGDGHV GHO KRPEUH VLQ PiV
/HRSROGR =HD
&RPDOD
7KH &RPDOD V WRS %UHDG 6WRUH ´< eO FRQ XQD VROD PLUDGD PXOWLSOLFy ORV SDQHV \ ORV EHQGLMR´ ,JQDFLR $OOHQGH &HQWUR &RPDOD &ROLPD 7HO 1HJRFLRV
,QLFLDU XQD HPSUHVD SXHGH VHU HO FDPLQR PiV DUULHVJDGR SHUR WDPELpQ HO TXH WH SXHGH WUDHU PD\RUHV EHQH¿FLRV SRU OR WDQWR VL FUHHV HQ HOOR GHEHV FRQWLQXDU KDVWD HO ¿QDO \ HYLWDU TXH WX HVWDGR GH iQLPR \ WXV JDQDV EDMHQ (VR Vt GHEHV WRPDU ULHVJRV LQWHOLJHQWHV \ FDOFXODGRV 7UDWD GH PHMRUDU DTXHOODV KDELOLGDGHV TXH WH KDUiQ PiV H¿FD] \ SURGXFWLYR HQ OR TXH KDJDV SRU HMHPSOR HO FiOFXOR R OD OHFWXUD +D] XQD OLVWD GH ODV WDUHDV TXH GHEHV OOHYDU D FDER \ MHUDUTXt]DODV SDUD LUODV UHDOL]DQGR GH DFXHUGR D VX SULRULGDG 5HFXHUGD TXH WHQGUiV TXH VHU PX\ RUJDQL]DGR SDUD TXH WRGR VH KDJD ELHQ \ D WLHPSR 6L TXLHUHV WHQHU p[LWR URGpDWH GH JHQWH H[LWRVD \ TXH HVSHUH TXH W~ WDPELpQ OR VHDV $O LQLFLDU WX QHJRFLR GHEHV KDFHUOR HQ DOJR TXH YHUGDGHUDPHQWH WH DSDVLRQH 'HEHV WRPDU HQ FXHQWD TXH VL YDV D KDFHU DOJR HO UHVWR GH WX YLGD SRU OR PHQRV WLHQH TXH VHU DOJR TXH WH PRWLYH D UHDOL]DUOR $ OR ODUJR GH WX FDPLQR GH HPSUHQGLPLHQWR KDEUi PXFKD JHQWH TXH WH GLUi TXH OR SULPHUR TXH GHEHV KDFHU HV DGTXLULU H[SHULHQFLD HQ XQD JUDQ HPSUHVD R TXH WUDWH GH FRQYHQFHUWH GH TXH WX LGHD QR VHUi H[LWRVD SHUR OD YHUGDG HV TXH VL UHDOPHQWH GHVHDV LQLFLDU WX QHJRFLR \ HVR HV OR TXH UHDOPHQWH WH KDFH IHOL] HQWRQFHV DGHODQWH
'HVJUDFLDGD SURSHQVLyQ GH ORV PH[LFDQRV D JDVWDU SUyGLJDPHQWH FXDQWR WLHQHQ VLQ SHQVDU HQ HO SRUYHQLU
/XFDV $ODPiQ
&RPDOD /$ 0(-25 23&,Ï1 3$5$ 68 3$/$'$5 (/ 5(*$/2 ,'($/ 3$5$ 5(*5(62 '( 9,$-( 3RQFKHV GH $JXD \ GH /HFKH HQ WRGRV ORV VDERUHV 7DPELpQ KD\ 5RPSRSH \ 3URGXFWRV /iFWHRV &HEDOORV (QWUDQGR D &RPDOD ODGR L]TXLHUGR ,JQDFLR $OOHQGH 7HO (VWDGtVWLFDV
0DV GHO GH ORV ERVTXHV GHO PXQGR HVWiQ HQ 6LEHULD 6H HVWLPD TXH JOREDOPHQWH HQ HO PXQGR VLHPSUH KD\ DO PHQRV XQ GH OD SREODFLyQ TXH VH HQFXHQWUD ERUUDFKD /RJLWHFK HVWLPD TXH OD SUREDELOLGDG GH TXH XQ FRQWURO UHPRWR SHUGLGR HVWp HQWUH ORV FRMLQHV GH XQ VRIi HV GH XQ $OUHGHGRU GH XQ GH ORV VXHxRV VRQ HQ EODQFR \ QHJUR (Q SURPHGLR XQD SHUVRQD VH UtH YHFHV HQ XQ GtD /DV XxDV GH ODV PDQRV FUHFHQ YHFHV PiV UiSLGR TXH ODV GH ORV SLHV (O GH ODV PXMHUHV XWLOL]D XQ VRVWpQ GH OD WDOOD LQFRUUHFWD (O GH SHUVRQDV HQ ((88 UHDOL]D FRPSUDV FRQ 6PDUWSKRQHV (O GH ORV FRQVXPLGRUHV VH LQIRUPDQ SRU LQWHUQHW DQWHV GH FRPSUDU XQ SURGXFWR &DGD DxR HO GH ORV iWRPRV GH WX FXHUSR VRQ VXVWLWXLGRV (O GH OD JHQWH TXH DWLHQGH ORV DQXQFLRV GH FLWDV DPRURVDV HV JHQWH FDVDGD (O GH ORV HVWXGLDQWHV GH VHFXQGDULD UHFRQRFHQ KDEHU VXIULGR OD URWXUD GH ~WLOHV X RWURV REMHWRV OOHYDGRV D OD HVFXHOD (O GH ORV FKLFRV GH VH[WR JUDGR GLFH TXH IXH LQVXOWDGR R DPHQD]DGR (QWUH XQ \ XQ GH ORV HVWXGLDQWHV XQLYHUVLWDULRV KR\ HQ GtD WLHQH XQ WUDEDMR GH PHGLD MRUQDGD R MRUQDGD FRPSOHWD (VR HV HO GREOH GH ORV TXH HVWXGLDQWHV TXH WUDEDMDEDQ KDFH DxRV (Q ORV (VWDGRV 8QLGRV OD FDQWLGDG GH SHUVRQDV TXH PLUDQ WHOHYLVLyQ UHJXODUPHQWH VH UHGXMR HQ HQWUH \
/R TXH QXHVWUR SXHEOR QHFHVLWD HV XQ LGHDO FROHFWLYR TXH VHD FDSD] GH KDFHUOR WHQHU FRQ¿DQ]D HQ VX SURSLR HVIXHU]R
9LFHQWH /RPEDUGR 7ROHGDQR
&XDXKWpPRF *$62/,1(5$ (/ &2%$12 *DV 6WDWLRQ
6REUH OD DXWRSLVWD HQWUH OD HQWUDGD DO $HURSXHUWR 1DFLRQDO \ OD &LXGDG GH &ROLPD FDVL IUHQWH DO 'HVWDFDPHQWR GH OD 3ROLFLD )HGHUDO 3UHYHQWLYD &DPLQRV
&DIHWHUtD 6QDFN %DU %DxRV OLPSLRV $FHLWHV $GLWLYRV 7HOpIRQR S~EOLFR 0LQLVXSHU &DMHUR DXWRPiWLFR
$WHQFLyQ (VPHUDGD
.P $XWRSLVWD &ROLPD *XDGDODMDUD 7HO
(/ /8*$5 '21'( (/ 7,(032 6( '(7892 /RV 3LQRV &XDXKWpPRF &ROLPD &DUUHWHUD OLEUH D &XDXKWpPRF SULPHUD FDOOH D OD L]TXLHUGD PWV
7HO Â&#x2021; Â&#x2021;
-XHYHV D 'RPLQJR SP D SP &DPSHVWUH &DUQHV $VDGDV '20,1*26 0Ã&#x2019;6,&$ 9,9$ +LVWRULD
/$ ,1'(3(1'(1&,$ '( 0e;,&2 (1 &2/,0$ (O PRYLPLHQWR GH ,QGHSHQGHQFLD LQLFLDGR SRU HO SDGUH +LGDOJR HQ HO SXHEOR GH 'RORUHV SURQWR WXYR UHSHUFXVLyQ HQ OD 9LOOD GH &ROLPD SXHV HO YLFDULR GH OD 3DUURTXLD GH 6DQ )UDQFLVFR GH $OPROR\DQ GRQ -RVp $QWRQLR 'tD] TXLHQ HUD DPLJR tQWLPR \ FRQ¿GHQWH GH +LGDOJR WDQ SURQWR FRPR VXSR GH OD LQLFLDFLyQ GHO PRYLPLHQWR OR KL]R VDEHU D XQ QXPHURVR JUXSR GH DPLJRV LQGtJHQDV GH &RPDOD =DFXDOSDQ -XOXDSDQ &RTXLPDWOiQ 7HFRPiQ 7DPDOD ,[WODKXDFiQ &DXWiQ \ 6DQ )UDQFLVFR GH $OPROR\DQ SDUD TXH HVWXYLHVHQ SUHSDUDGRV DO OHYDQWDPLHQWR 3RU XQD L Q G L V F U H F L y Q V H I U X V W U y H V W D W H Q W D W L Y D DSUHKHQGLpQGRVH D YDULRV FRPSURPHWLGRV (O SDGUH 'tD] SRVWHULRUPHQWH VH LQFRUSRUy DO PRYLPLHQWR HQ OD FLXGDG GH *XDGDODMDUD GRQGH IXH GHVLJQDGR SRU HO SDGUH +LGDOJR FRPR ,QWHQGHQWH GHO (MpUFLWR ,QVXUJHQWH (O GH QRYLHPEUH GH WRPDURQ OD 9LOOD GH &ROLPD ORV FDSLWDQHV LQVXUJHQWHV 5DIDHO $UWHDJD \ -RVp $QWRQLR 7RUUHV KLMR GHVWLWX\HQGR D ODV DXWRULGDGHV HVSDxRODV \ FRQ¿ULHQGR SRGHI D GRQ 0DUWtQ $QJXLDQR FRPR GHSRVLWDULR \ 7HVRUHUR *HQHUDO GH ORV ELHQHV GH ORV HXURSHRV HVSDxROHV YHFLQRV GH &ROLPD FRQWLQ~D HQ OD SiJLQD
$YHULJXDU GyQGH HO HVSDxRO VH YXHOYH PH[LFDQR HV XQ HQLJPD GLJQR GH =HQyQ
$OIRQVR 5H\HV
YLHQH GH OD SiJLQD
+LVWRULD
&XDQGR ORV LQVXUJHQWHV $UWHDJD \ 7RUUHV WXYLHURQ QRWLFLDV GH TXH HO SDGUH +LGDOJR LED UXPER D *XDGDODMDUD DEDQGRQDURQ &ROLPD GHMDQGR QXHYDV DXWRULGDGHV \ OOHYiQGRVH FRPR SULVLRQHURV D YHLQWH GH ORV HVSDxROHV PiV QRWDEOHV \ ULFRV TXH YLYtDQ HQ &ROLPD GH ORV FXDOHV RQFH SHUHFLHURQ GHFDSLWDGRV HQ ODV %DUUDQTXLWDV GH %HOpQ HQ ORV VXEXUELRV GH *XDGDODMDUD \ HO UHVWR ORJUy VDOYDUVH JUDFLDV D OD LQWHUYHQFLyQ GHO SDGUH +LGDOJR SRU OD RSRUWXQD FOHPHQFLD TXH HQ VX IDYRU OH VROLFLWy HO EDFKLOOHU GRQ )UDQFLVFR 5DPtUH] GH 2OLYD SHUVRQD PX\ HVWLPDGD SRU HO /LEHUWDGRU FXDQGR KDEtD HVWDGR HQ &ROLPD (O GH PDU]R GH HQWUy D &ROLPD HO HMpUFLWR UHDOLVWD DO PDQGR GHOVDQJXLQDULR FRURQHO 0DQXHO GHO 5tR FRPLVLRQDGR SRU HO JHQHUDO UHDOLVWD 7RVHQGR 3RUOLHU TXH VH KDOODED HQ =DSRWOiQ FRQ¿VFiQGRVH GH LQPHGLDWR ORV ELHQHV GHO SUHVEtWHUR GRQ -RVp $QWRQLR 'tD] YLFDULR GH 6DQ )UDQFLVFR GH $OPROR\DQ TXH KDEtD DEUD]DGR OD FDXVD LQVUXJHQWH $ SDUWLU GH HQWRQFHV OD YLOOD GH &ROLPD XQDV YHFHV HVWXYR HQ SRGHU GH ORV LQVXUJHQWHV \ RWUDV GH ORV UHDOLVWDV 6RQ GLJQRV GH HVSHFLDO PDQFLyQ ORV QRPEUHV GH ORV FROLPHQVHV 3HGUR \ 0DQXHO 5HJDODGR WtR \ VREULQR TXH VRVWXYLHURQ D FRVWD GH LQQXPHUDEOHV VDFUL¿FLRV OD OODPD GH OD LQVXUJHQFLD HQ HO WHUULWRULR GH &ROLPD $ HVWRV QRPEUHV GHEHQ DJUHJDUVH WDPELpQ ORV GH ,JQDFLR 6DQGRYDO -RVp &DOL[WR 0DUWtQH] \ 0RUHQR D TXLHQ DSRGDEDQ ³&DGHQDV´ HO OHJR *DOODJD HO FXUD YHQHJDV )HUPtQ Ã&#x2019;UWL] \ GHVGH OXHJR HO PiV DPHULWDGR GH WRGRV HOORV HO SDGUH -RVp $QWRQLR 'LD] $ ¿QHV GH ORV LQVXUJHQWHV GH &RLOPD YtFWLPDV GH LPSODFDEOH \ VDQJXLQDULD SHUVHFXFLyQ DEDQGRQDURQ HO WHUULWRULR SDUD LQFRUSRUDUVH D ODV IXHU]DV TXH HQ HO (VWDGR GH *XHUUHUR PDQWHQtDQ YLYD OD OXFKD SRU OD LQGHSHQGHQFLDV GH QXHVWUDV 3DWULD /RV UHDOLVWDV PiV GHVWDFDGRV HQ &RLOPD SRU VX FUXHOGDG IXHURQ HO FRURQHO 0DQXHO GHO 5tR HO JHQHUDO 5RVHQGR 3RUOLHU HO FDSLWiQ -RVp 3RUOLHU HO FDSLWiQ -RVp 0DQXHO %D]DYLOYDVR \ HO FRPDQGDQWH -XDQ 1 &XpOODU ([WUDLGR GHO OLEUR +LVWRULD GH &ROLPD GHO 3URIHVRU 5LFDUGR *X]PiQ 1DYD &KLVWH
¢(V FLHUWR TXH PXULy WX KHUPDQR" 6L GHVFDQVH ³HQ SH]´ 'LUiV HQ SD] 1R HQ SH] SRUTXH VH OR WUDJy XQD EDOOHQD
0L YHUGDGHUD HQIHUPHGDG HV 0p[LFR XQ H[WUDxR YLUXV
-RVp /XLV &XHYDV
7RQLOD
>ae Fda`Ua`We
5(67$85$17(
(1 (/ )5(6&2 &/,0$ '( 721,/$ -$/ $ 0,18726 '( &2/,0$
'HOLFLRVRV GHVD\XQRV FDPSLUDQRV \ FRPLGDV GH DP D
(QWUDGDV -RFRTXH SDQHODV TXHVRV WRVWDGDV VRSHV TXHVDGLOODV WDFRV (QVDODGDV HWF &DUQHV DVDGDV FKRUL]R FHVLQD \ FRUWH DPHULFDQR &DPDURQHV DO JXVWR (VSHFLDOLGDGHV 6DOPyQ FRVWLOODV DO KRUQR OHQJXD FKDPRUUR SROOR &RGRUQL] PROFDMHWHV WDWHPDGR ODVDJQD \ PiV 3RVWUHV 3OiWDQR DVDGR Ã&#x20AC;DQ SD\ WDUWDOHWD QLHYH HWF
.P &DUUHWHUD OLEUH &ROLPD &G *X]PiQ &UXFHUR HQWUDGD D 7RQLOD MXQWR D OD *DQDGHUD
&HO \ +27(/ 5(67$85$17
'RQGH VH UH~QHQ HO EXHQ FRPHU FRQ HO GHVFDQVR \ HO FOLPD FRQ OD KLVWRULD 'HVD\XQRV \ &RPLGDV GH DP D SP (VSHFLDOLGDG &KLOHV HQ 1RJDGD 'RPLQJRV GH %XIIHW
7HO
+27(/ FRQ WUDGLFLyQ H KLVWRULD 63$ 6iEDGRV \ 'RPLQJRV /D (VSHUDQ]D ² 7RQLOD -DOLVFR .P $XWRSLVWD &ROLPD ² *XDGDODMDUD (QWURQTXH 7RQLOD /D (VSHUDQ]D +DFLHQGD GH OD (VSHUDQ]D
(Q 0p[LFR VL &DtQ QR PDWD D $EHO $EHO PDWD D &DtQ
$OYDUR 2EUHJyQ
7RQLOD YLHQH GH OD SiJLQD
&XHQWR
QR TXLHUDV TXH WH FDQWH \ GpMDOH LU < DVt OR KLFH &XDQGR HO YLHMR VH DSUHVWDED D FDQWDU OH Gt ODV JUDFLDV SLGLpQGROH TXH QR OR KLFLHUD HQWRQFHV PH PLUy ¿MDPHQWH FRPR VRUSUHQGLGR SRU DTXHO FDPELR \ GHVSXpV VLJXLy OHQWDPHQWH VX FDPLQR /RV GtDV SDVDURQ \ \R SHUGt GH YLVWD D 'RQ &OHWR KDVWD TXH XQD YH] HQ XQ SXHEOR YHFLQR DxRV GHVSXpV OR YROYt D YHU MXQWR D XQD SXHUWD URGHDGR GH PDULSRVDV FDQWDQGR DQWH ORV DVRPEUDGRV RMRV GH RWUR QLxR ³1R OORUHV QR OORUHV HO QLxR GHFtD « < RWUD YH] FRPR DTXHOOD PDxDQD SDUHFLy HVIXPDUVH VX ¿JXUD DQWH PLV RMRV DVRPEUDGRV TXHGDQGR VyOR XQ KDOR HVSOHQGHQWH 3DVDURQ ORV DxRV \ \R IRUPp PL SURSLR KRJDU FXDQGR PL PDGUH FDQVDGD \D GH OOHYDU ORV DxRV VREUH VXV KRPEURV YROYLy D OD WLHUUD GH GRQGH KDEtD QDFLGR < FRPR KL]R PL SDGUH WUDEDMp SDUD PDQWHQHU D PLV KLMRV \ FRPR KL]R PL PDGUH PL PXMHU VH SDVDED ODV PDxDQDV MXQWR DO IRJyQ DUGLHQWH KDFLHQGR PLODJURV FRQ VXV PDQRV SDUD TXH PLV KLMRV FRPLHUDQ 8Q GRPLQJR FXDQGR GHVFDVDED EDMR XQ iUERO TXH KDEtD HQ HO SDWLR WRFDURQ D QXHVWUD SXHUWD \ HVFXFKp D PL PXMHU TXH JULWDED GHVGH OD FRFLQD £QR WHQHPRV QDGD SRU DKRUD <R PH OHYDQWp \ IXL KDVWD HOOD SDUD SUHJXQWDUOH D TXLHQ OH KDEtD GLULJLGR DTXHOODV SDODEUDV \ HOOD PH FRQWHVWy FRPR FRQ JDQDV GH TXH QR OD R\HUD (V HO YLHMR TXH YLHQH WRGRV ORV GtDV D QXHVWUD SXHUWD 6L DSHQDV JDQDV SDUD GDUOHV GH FRPHU D WXV KLMRV ¢4Xp SRGHPRV GDUOH D pO" &RUUt D OD FDOOH \ DOFDQFp D YHU HQ PHGLR GHO DUUR\R D XQ KRPEUH HQFRUYDGR OOHYDQGR XQD JXLWDUUD HQ VXV HVSDOGDV DOJXQDV PDULSRVDV YRODEDQ WUDV pO \ URGHDED VX FXHUSR XQ KDOR EULOODQWH &RQ ORV RMRV OOHQRV GH OiJULPDV YROYt KDVWD PL PXMHU \ OH GLMH OOHQR GH SHVDGXPEUH PLHQWDV \R YLYD QR TXLHUR TXH VH OH QLHJXH D QDGLH XQD WRUWLOOD DXQTXH WHQJDPRV PHQRV TXH FRPHU /XHJR HVFXFKp FRPR PX\ OHMDQR HO YLHMR HVWULELOOR TXH OH R\HUD D 'RQ &OHWR ³1R OORUHV QR OORUHV HO QLxR GHFtD « 'RQ &OHWR QR YROYLy PiV (Q UHDOLGDG VXSH PiV WDUGH TXH HO YLHMR KDEtD PXHUWR \ OR TXH YL IXH TXL]i OD ¿JXUD GHO UHFXHUGR \ HO UHFXHUGR GH PL PDGUH TXH WDO YH] PH PLUDED GHVGH ODV YHQWDQDV GHO FLHOR $XWRU /LSR /HSH &KLVWH
8Q SDFLHQWH FRQ GRORU GH PXHODV SUHJXQWD 'RFWRU ¢YR\ D SHUGHU OD PXHOD" < HO GHQWLVWD FRQWHVWD (VR QR OR Vp VHxRU \R VH OD YR\ D HQWUHJDU HQ XQD EROVLWD \ VL OD SLHUGH HV VX SUREOHPD
(VD ¿JXUD GHO IXHUR FRQVWLWXFLRQDO HV SURWHFFLyQ SDUD GHOLQFXHQWHV GHEH DFDEDUVH FRQ HOOD
9LFHQWH )R[
7HFRPiQ 6HUYLFLRV
$QD &ULVWLQD *DUFtD GH 0RQUR\ GH 1RYLHPEUH &HQWUR 7HFRPiQ &RO 7HO &HO DQDJBEHQLDQ\#KRWPDLO FRP (QWUHWHQLPLHQWR
$',9,1$1=$6 (V EODQFR FRPR OD OHFKD \ QHJUR FRPR HO FDUEyQ HV GXOFH FRPR OD PLHO \ DJULR FRPR HO OLPyQ (Q HO DJXD VH KDFH \ HQ HOOD VH GHVKDFH 3RU WHQHU OX] DVt PH OODPDQ \ FXDQGR OOHJR OD OX] DSDJDQ 3XHGH VHU GRPHVWLFDGR \ DXQTXH VXHOH PX\ VXFLR VHU WHUPLQD VLHQGR XQ ERFDGR 0H WRPDQ GH ORV SLHV SDUD JROSHDU DO GHUHFKR \ DO UHYpV &KLTXLWR FRPR XQ JDOOR \ FDUJD FRPR XQ FDEDOOR 'RV KHUPDQRV VRQ XQR YD D PLVD \ HO RWUR &RPH \ QR WLHQH ERFD DQGD \ QR WLHQH SLHV ¢4XH HV" 3DUD XQRV VR\ PX\ FRUWR SDUD RWURV UHJXODU SDUD ORV WULVWHV PX\ ODUJR SDUD 'LRV /D HWHUQLGDG 1RPEUH GH FLXGDG WHQJR \ D WRGR HO TXH IURWR DOJR OH GHVSUHQGR 1R HV DOPHQGUD QR HV DYHOODQD GLPH HQWRQFHV TXH HV (Q WRGRV OV GtDV GH OD VHPDQD PH KDOODUiV SHUR QR DVt HQ 'RPLQJR HQ HO TXH QR PH HQFRQWUDUiV 'HODQWH R GHWUiV GH Pt YDV DXQTXH FRUUDV R UHWURFHGDQ QXQFD PH DOFDQ]DUi 'RV EXHQDV SLHUQDV WHQHPRV \ QR SRGHPRV DQGDU SHUR HO KRPEUH VLQ QRVRWURV QR VH SXHGH SUHVHQWDU (O DPRU /D VDO (O GtD (O FHUGR (O PDUWLOOR (O ]DSDWR 9LQR EODQFR \ YLQR WLQWR (O IXHJR (O WLHPSR /D OLPD /D QXH] /D OHWUD 6 /D VRPEUD /RV SDQWDORQHV
&DPELHPRV GH UDt] VLQ FDPELDU ODV UDLFHV
9LFHQWH )R[
7HFRPiQ &RPHUFLRV 5(6
&(5'26
%XFKH (VSDOGLOOD &XHUR 7ULSD /HQJXD /DELR 3DSDGD 6HVRV 0DQLWDV 3DWD GH UHV (VSDOGLOOD +tJDGR 7RFLQLOOD 3XQWDV 27526 3LHUQD V K 0pGXOD 3DSDV IULWDV ERUUHJR FDQDO /HQJXDV HVSDOGD GH ERUUHJR SROOR HPSDQL]DGR &KDPRUUR 0DQHMDPRV WRGR WLSR GH FRUWHV ILQRV 5LE H\H 7RFLQR
7 %RQH 1HZ <RUN 3UHDP ULE )LOHWH UHV $UUDFKHUD PDULQDGD
'HVFDQVDPRV ORV 0LpUFROHV :HGQHVGD\ FORVHG
2FDPSR 7HO
+$&(026 (175(*$6 $ 72'2 (/ (67$'2 '( &2/,0$
/D -RYHQ GH ORV 3HQGLHQWHV GH 3HUODV
&XOWXUD
(VWD HV XQD REUD GH SHTXHxR IRUPDWR FP [ FP SLQWDGD SRU HO DUWLVWD KRODQGpV -RKKDQHV 9HUPHHU GH 'HOI PiV FRQRFLGR FRPR VLPSOHPHQWH 9HUPHHU TXLHQ YLYLy HQWUH /D REUD SHUWHQHFH DO EDUURFR KRODQGpV \ DXQTXH HQ XQ SULPHU PRPHQWR HO HVSHFWDGRU SRGUtD SHQVDU TXH VH WUDWD GH XQ UHWUDWR HO JpQHUR GH HVWD REUD HV HO WURQLH WtSLFR GH +RODQGD PLVPR TXH FRQVLVWtD HQ OD UHSUHVHQWDFLyQ GH XQ UHWUDWR GH PHGLR FXHUSR R WUHV FXDUWRV FRQ XQ H[DJHUDGR JHVWR UHDOL]DGR HQ SHTXHxR IRUPDWR OD ¿QDOLGDG GH OD REUD HUD PRVWUDU OD KDELOLGDG GHO DUWLVWD UHSUHVHQWDQGR QR SHUVRQDV VLQR JHVWRV /D REUD UHSUHVHQWD XQD MRYHQ GH SHU¿O TXH JLUD OD FDEH]D KDFLD HO HVSHFWDGRU /D LGHQWLGDG GH OD MRYHQ HV GHVFRQRFLGD DXQTXH DOJXQDV WHRUtDV OD UHODFLRQDQ FRQ OD KLMD GHO SLQWRU \ RWUDV FRQ XQD D\XGDQWH GRPpVWLFD /D MRYHQ DSDUHFH UHSUHVHQWDGD HQ SULPHU SODQR DWDYLDGD FRQ XQD FDSD R YHVWLGR PDUUyQ GHO TXH VREUHVDOH XQD FDPLVD EODQFD 6X SHOR DSDUHFH UHFRJLGR HQ XQ WXUEDQWH GH WRQRV D]XOHV \ DPDULOORV TXH OH RWRUJD VHQVXDOLGDG &RPR ~QLFD MR\D XQ SHQGLHQWH GH SHUOD DGRUQD OD RUHMD GH OD MRYHQ DFWXDQGR FRPR SXQWR IRFDO GH W R G D O D FRPSRVLFLyQ 6X U R V W U R ¿ Q R \ GHOLFDGR WUDVPLWH VHQVXDOLGDG FRQ OD ERFD PHGLR D E L H U W D \ O D PLUDGD ¿MD HQ HO HVSHFWDGRU /D MRYHQ GH ORV S H Q G L H Q W H V G H SHUODV HV XQR GH ORV FXDGURV PiV IDPRVRV GH HVWH KRODQGpV
8QD H[FHSFLyQ RWRUJDGD VH FRQYLHUWH HQ XQ GHUHFKR HVSHUDGR OD VLJXLHQWH YH] TXH VH VROLFLWD
7HFRPiQ *DVWURQRPtD
5HVWDXUDQW
(/ 2$6,6
6REUH OD 3OD\D GHO 5HDO £0iV GH WUHV GpFDGDV GH EXHQ VD]yQ 7RGR D ODV EUDVDV HVSHFLDOLGDG HQ 3 H V F D G R $ V D G R G H O L F L R V R V FDPDURQHV HPSDQL]DGRV DO PRMR \ D VX JXVWR $WHQFLyQ HVSHFLDO GH OD )DPLOLD (VFDOHUD $OFRFHU
$ELHUWR GLDULDPHQWH D P D S P
$OO FKDUFRDOHG EURLOHG VHDIRRG 6SHFLDOW\ FKDUFRDOHG ILVK JUHDW VKULPS DQ\ VW\OH (O 5HDO %HDFK
3DVW
HOHUt
D \ 5
HSRV
W H U t D
)LQD
DQDJBEHQLDQ\#KRWPDLO FRP
GH 1RYLHPEUH GH 1RYLHPEUH 6(59,&,2 $ '20,&,/,2 6,1 &2672 $',&,21$/ 7(/6 < &HO DQDJBEHQLDQ\#KRWPDLO FRP
&XDQGR ORV MHIHV KDEODQ VREUH PHMRUDU OD SURGXFWLYLGDG QXQFD VH UH¿HUHQ D HOORV PLVPRV
0DQ]DQLOOR 6HUYLFLRV (PHUJHQFLDV (PHUJHQF\
(PHUJHQFLDV (PHUJHQF\ (PHUJHQFLDV HQ 0DQ]DQLOOR 0DQ]DQLOOR (PHUJHQF\ *UHHQ $QJHOV 7XULVW WUDYHOHUV $' 6HJXULGDG S~EOLFD 3XEOLF VDIHW\ %RPEHURV )LUH GHSDUWPHQW 3URWHFFLyQ FLYLO &LYLO SURWHFWLRQ *UXDV 0HLOOyQ 0HLOORQ WRZLQJ VHUYLFH 7UiQVLWR /RFDO WUD¿F SROLFH &UX] URMD 5HG FURVV +RVSLWDO JHQHUDO *HQHUDO +RVSLWDO &HQWUR GH VDOXG +HDOWK FHQWHU &HQWUR PpGLFR (FKDXU\ (FKDXU\ SULYDWH KRVSLWDO 0HGLFD SDFt¿FR 0HGLFD SDFL¿FR SULYDWH KRVSLWDO +RVSLWDO 0DQ]DQLOOR SULYDWH KRVSLWDO 8QLGDG GH 'LDJQyVWLFR ,QWHJUDO SULYDWH KRVSLWDO
$XWREXVHV \ WD[LV %XV OLQHV 7D[L FDEV
(71 (OLWH )XWXUD (VWUHOOD EODQFD 3ULPHUD 3OXV /D /LQHD 3OXV 2PQLEXV GH 0p[LFR &RVWD 7RXUV 5DGLR WD[L 5DGLR GLVSDWFKHG WD[L VHUYLFH
'HSHQGHQFLDV )HGHUDOHV (VWDWDOHV \ 0XQLFLSDOHV
3URIHFR &RQVXPHU FRPSODLQWV 0LJUDFLyQ ,PPLJUDWLRQ 'LUHFFLyQ GH WXULVPR 7RXULVP GLUHFWRU 3UHVLGHQFLD PXQLFLSDO 2I¿FH PD\RU ,066 0H[LFDQ VRFLDO VHFXULW\ ,6667( *REHUPHQW HPSOR\HUV VRFLDO VHFXULW\
,QIRUPDFLyQ GH YXHORV )OLJKW ,QIRUPDWLRQ
$HURSXHUWR $HURPDU $ODVND $LUOLQHV
8Q PHPRUDQGXP QR VH HVFULEH SDUD LQIRUPDU D ORV OHFWRUHV VLQR SDUD SURWHJHU D TXLHQ OR UHGDFWD
0DQ]DQLOOR 3HULyGLFRV \ PHGLRV
ZZZ JXLD FRVWD]XO FRP
0$1=$1,//2 &(1752 'RZQWRZQ 0DQ]DQLOOR
&(175$/ &$0,21(5$ &58&(52 '(/ 7$-2 6$1 3('5,72
%$+Ë$ '( 0$1=$1,//2 0DQ]DQLOOR %D\
$ 0$1=$1,//2 &(1752
*/25,(7$
$ &2/,0$ &2/
)DUPDFLD +RPHRSiWLFD 6DQWD &ODUD +RWHO &RORQLDO +RWHO 6WDU +RWHO /DV %ULVDV +RWHOLWR (VFRQGLGR &ROHJLR 7HUUDQRYD
&58&(52 /$6 %5,6$6 &(175$/ &$0,21(5$
127$ 3DUD OOHJDU D 9LOODV /RV $QJHOHV
HQWUDU SRU OD HQWUDGD GH /DV +DGDV GHVGH HO %OYG 3DUD OOHJDU DO 5HVWDXUDQW /D %RTXLWD \ 3DOPD 5HDO HQWUDU SRU HO 1DUDQMR OHWUHUR D 5HVW /¶5HFLI DYDQ]DU NPV SRU FXUYDV R ELHQ HQWUDU SRU &OXE 6DQWLDJR \ FUX]DU HO HVWHUR D SLp R HQ ERWH HVWi EDMLWR
$/ $181&,$56( (1
68 $181&,2 6( 38%/,&$ 7$0%,e1 0(6 $ 0(6 (1 18(675$ 5(9,67$ (/(&75Ï1,&$ (1 ,17(51(7 6,1 &2672 (;75$ 9,6,7( ZZZ FRVWD]XO P[ 7DPELpQ HVWDPRV HQ ZZZ )DFHERRN FRP 5HYLVWD&RVWD]XO
(QWUH PiV VROXFLRQHV SUHVHQWH SDUD VROXFLRQDU XQ SUREOHPD PiV VH FRPSOLFDUi pVWH
0DQ]DQLOOR 3HULyGLFRV \ PHGLRV $ $(5238(572 3/$<$ '( 252 7R ´3OD\D GH 2URµ ,QWO $LUSRUW 9,'$ '(/ 0$5
(/ 1$5$1-2 0,5$0$5
&/8% 6$17,$*2
%$+,$ '( 6$17,$*2 6DQWLDJR %D\
6$17,$*2
6$17,$*2
/$ 3817$
/$6 +$'$6
,17(56(&&,Ï1 /$6 +$'$6
6$/$+8$
3OD]D 0DQ]DQLOOR &RPHUFLDO 0H[LFDQD
6RULDQD 9LOODV /RV $QJHOHV +RWHO 3OD\D GH 6DQWLDJR 'ROSKLQ &RYH ,QQ 3OD\DVRO +RWHO +DZDLL &HQWUR $UWHVDQDO 3ULPDYHUDV 5HVWDXUDQW -XDQLWRV 5HVWDXUDQW /D %RTXLWD 3DOPD 5HDO 0LQLVXSHU /RV 1DUDQMRV 7DFRV GH &DUQLWDV ³(O 7RULWR´ <RQDWXUDO 6XSHUPHUFDGR /D 9LDQGD 7DSLFHUtD &KDSXOD 3HSHV +LGHDZD\ %RVWRQ 5HVWDXUDQW :LQZ %DU +RWHO &RVWD %UDYD
127( 7R JHW WR 9LOODV /RV $QJHOHV
HQWHU WKURXJK /DV +DGDV IURP WKH %RXOHYDUG 7R JHW WR 5HVWDXUDQW /D %RTXLWD 3DOPD 5HDO HQWHU E\ (O 1DUDQMR E\ WKH 5HVW /¶5HFLI VLJQ JR WKURXJK NPV RI FXUYHV RU HQWHU WKURXJK &OXE 6DQWLDJR DQG FURVV WKH VWUHWFK E\ IRRW RU ERDW VKDOORZ ZDWHU
/D JHQWH TXH WUDEDMD VHQWDGD JDQD PiV TXH OD JHQWH TXH WUDEDMD SDUDGD
0DQ]DQLOOR 3HULyGLFRV \ PHGLR
(WLTXHWD
$ GLDULR VLQ DSHQDV GDUVH FXHQWD ODV SHUVRQDV HVWDPRV SRQLHQGR HQ SUiFWLFD UHJODV GH HWLTXHWD VRFLDO TXH DSUHQGLPRV HQ OD QLxH] \ R OD MXYHQWXG 0XFKDV SHUVRQDV FUHHQ TXH HVWDV QRUPDV QR YDQ FRQ HOODV SHUR HVWiQ HTXLYRFDGDV (VWDV QRUPDV VRQ JHQHUDOHV \ GH XVR FRWLGLDQR 'HVGH HO VDOXGR DO HQWUDU HQ XQ UHFLQWR FHUUDGR R¿FLQD WLHQGD EDU KDVWD OD IRUPD GH DJDUUDU ORV FXELHUWRV 7RGDV HVWDV DFFLRQHV VRQ FRPXQHV D WRGDV ODV SHUVRQDV (O EXHQ FRPSRUWDPLHQWR KD\ TXH WHQHUOR HQ WRGR OXJDU PRPHQWR \ FLUFXQVWDQFLD 1R YDOH HVR GH VHU VROR HGXFDGR HQ OD PHVD SHUR QR HQ OD FDOOH HQ FDVD R HQ OD R¿FLQD $OJXQRV WLSV R FRQVHMRV JHQHUDOHV GH XVR FRWLGLDQR 6DOXGRV 6DOXGDU D ORV YHFLQRV TXH QRV HQFRQWUDPRV HQ ODV HVFDOHUDV HQ HO SRUWDO R HQ HO DVFHQVRU &XDQGR HQWUDPRV HQ XQD R¿FLQD R HQ XQ HVWDEOHFLPLHQWR FRPHUFLDO &RUWHVtD &HGHU HO SDVR VXMHWDU XQD SXHUWD D\XGDU D XQD SHUVRQD TXH VH FDH DO VXHOR HFKDU XQD PDQR D XQD SHUVRQD TXH QHFHVLWD D\XGD FRQ XQRV SDTXHWHV FRQ XQDV EROVDV FRQ XQ FRFKH GH EHEp HWF FRQWLQ~D HQ OD SiJLQD
(Q ORV QHJRFLRV FRPR HQ HO DMHGUH] HO JDQDGRU HV HO TXH FRPHWH HO SHQ~OWLPR HUURU
0DQ]DQLOOR &RPHUFLRV 3URGXFWRV +22',$ FRQ
Â&#x2021; <RJXUWK Â&#x2021; %LyQLFRV Â&#x2021; +DPEXUJXHVDV Â&#x2021; -XJRV \ OLFXDGRV Â&#x2021; 3DQ LQWHJUDO Â&#x2021; &HUHDOHV \ ILEUDV Â&#x2021; 3URGXFWRV QDWXULVWDV
[
9LWDPLQDV \ PLQHUDOHV QDWXUDOHV \ XQD JUDQ YDULHGDG GH SURGXFWRV QDWXULVWDV
GH GHVFWR
£9LVtWDQRV
/RV -XHYHV
+$0%85*8(6$6
0$75,= -XiUH] 1R 6DQWLDJR 0DQ]DQLOOR &RO 7HOV
&RPHUFLDO 0H[LFDQD /RFDO ) 6XFXUVDO 6DODKXD /i]DUR &iUGHQDV 1R 7HO
6XFXUVDO /D -R\D $Y 0DQ]DQLOOR /RFDO )UDFF /D -R\D
6XFXUVDO 9DOOH 3DVHR GH ODV *DYLRWDV /RFDO %DUULR 9 9DOOH GH ODV *DU]DV 7HO
&+$38/$
7$3,&(5,$ < &5,67$/(6 &5,67$/(6 3$5$ 72'2 7,32 '( $8726 $0(5,&$126 < (8523(26 5HSDUDFLyQ GH Â&#x2021;&KDSDV Â&#x2021;(OHYDGRUHV Â&#x2021;&DxXHODV Â&#x2021;+XOHV (PSDTXHV Â&#x2021;7DSLFHUtD HQ JHQHUDO Â&#x2021;3R,DUL]DGRV %/9' 0,*8(/ '( /$ 0$'5,' +857$'2 $O YHU HO ORJR ³$3$6&2´ D OD YXHOWD GH PDWHULDOHV 0RQWHUUH\
.0 ,17 7(/ 0$1=$1,//2 &2/
(WLTXHWD YLHQH GH OD SiJLQD
3HGLU ODV FRVDV SRU IDYRU \ GDU ODV JUDFLDV SRU FXDOTXLHU D\XGD R GHWDOOH GH FRUWHVtD TXH KHPRV UHFLELGR 6HU DPDEOH HQ JHQHUDO HQ WRGRV ORV DFWRV FRWLGLDQRV FRPR WUDEDMDU FRQGXFLU FDPLQDU SRU OD FDOOH KDEODU (Q OD PHVD /D VHUYLOOHWD VH FRORFD HQ HO UHJD]R QR DQXGDGD DO FXHOOR 1R GHEHPRV HPSH]DU D FRPHU KDVWD TXH OR KDJDQ ORV DQ¿WULRQHV R ORV PiV FXDOL¿FDGRV SRU UDQJR R HGDG GH OD PHVD 1R VH EHEH KDVWD TXH QR VH WHUPLQD GH FRPHU HO DOLPHQWR TXH WHQJDPRV HQ OD ERFD /DV FRSDV VH GHEHQ WRPDU SRU HO WDOOR
1R VH KDEOD WDPSRFR FRQ OD ERFD OOHQD
/RV FXELHUWRV VH XWLOL]DQ GH IXHUD KDFLD DGHQWUR ORV SULPHURV TXH VH XWLOL]DQ ORV PiV DOHMDGRV GHO SODWR /RV FXELHUWRV XWLOL]DGRV VLHPSUH GHEHQ TXHGDU HQ HO SODWR \ QR VH GHEHQ FRORFDU GH QXHYR VREUH HO PDQWHO R OD VHUYLOOHWD
(Q ODV UHXQLRQHV GH QHJRFLRV XQ UHFXUVR LQPHMRUDEOH HV OD KDELOLGDG SDUD ERVWH]DU VLQ DEULU OD ERFD
0DQ]DQLOOR &RPHUFLRV
5()5,*(5$&,21
0$1=$1,//2
9(17$ '( (48,32 ( ,167$/$&,21 '( $,5( $&21',&,21$'2 ,1'8675,$/ &20(5&,$/ '20(67,&2 $8720275,= :H VHUYH LQVWDOO DQG UHSDLU DLU FRQGLWLRQLQJ IRU FDUV ,QGXVWULDO &RPHUFLDO DQG 'RPHVWLF 5HIULJHUDWLRQ &RQVWLWXFLyQ \ 5HIRUPD $JUDULD &RO 0RUHORV &DUUHWHUD D /DV %ULVDV 7HO )D[ 8Q FRQFHSWR HQ 6XSHUPHUFDGR IUHQWH D OD HQWUDGD GHO &OXE 6DQWLDJR 68 0(5&$'2 9LQRV /LFRUHV FHUYH]D UHIUHVFRV < 68 )$50$&,$ ODWHUtD OiFWHRV IUXWDV \ YHUGXUDV FDUQHV IUtDV TXHVRV IDUPDFLD HWF $ QHZ FRQFHSW LQ VXSHUPDUNHW 5LJWK DFFURVV WKH HQWUDQFH WR &OXE 6DQWLDJR :LQHV DQG OLFTXRUV GDLU\ SURGXFWV FDQQHU\ FROG PHDWV YHJHWDEOHV IUXLWV DQG SKDUPDF\ &DUUHWHUD 0DQ]DQLOOR D %DUUD GH 1DYLGDG .P
/$ 9,$1'$
$%$5527(6 IUXWDV \ YHUGXUDV OiFWHRV VDOFKLFKRQHUtD KLHOR FHUYH]D UHIUHVFRV PHGLFLQDV SRSXODUHV PHUFHUtD SDSHOHUtD UHJDORV 6DOHSHOR ,JDUWHxR \ GH WRGR XQ SRFR 9,126 < /,&25(6
)UXLWV YHJHWDEOHV GDLU\ SURGXFWV GHOLFDWHVVHQ LFH FROG EHHU VRGD SRS DQDOJHVLFV SDSHU VWRUH JLIWV DQG D OLWWOH RI HYHU\WKLQJ /RQJ 'LVWDQFH 3KRQH 6HUYLFH DYDLODEOH 7HQHPRV VHUYLFLR GH LQWHUQHW WHOpIRQR ORFDO \ ODUJD GLVWDQFLD &UXFHUR D 3DOPD 5HDO \ D 9LGD GHO 0DU HQ HO 1DUDQMR 7HO 62026 352'8&725(6 ',5(&726 '( 32//2 <D QR VDOJDV GH WX &DVD £QRVRWURV OR OOHYDPRV <
3ROOR HQWHUR 3HFKXJD 3LHUQD \ PXVOR )LOHWH GH 3HFKXJD )LOHWH GH SLHUQD \ PXVOR )LOHWH GH SHFKXJD $GREDGR )LOHWH GH SLHUQD \ PXVOR $GREDGR /RQJDQL]D GH SROOR
Â&#x2021; ,QGHSHQGHQFLD &RO &HQWUR IUHQWH D PHUFDGR GH 0D\R Â&#x2021; /ySH] 0DWHRV &RO 7DSHL[WOHV Â&#x2021; (XVHELR +HUQiQGH] &RO 6DODKXD Â&#x2021; (VSLUXOD HVT %XOOLDV / &RO 0DULPDU Â&#x2021; /i]DUR &iUGHQDV &RO &RORPRV Â&#x2021; GH )HEUHUR &RO 0LUDPDU Â&#x2021; )FR 9LOOD &RO /DV -R\DV Â&#x2021; $Y (OtDV =DPRUD 9HUGX]FR 0HUFDGR GHO 9DOOH /RFDO 1R Â&#x2021; $Y (OtDV =DPRUD 9HUGX]FR $
/RV WHPDV WULYLDOHV FRQVXPHQ PiV WLHPSR SRUTXH VDEHPRV PiV GH HOORV TXH GH ORV WHPDV PiV LPSRUWDQWHV
(IHPpULGHV (IHPpULGHV
6HSWLHPEUH (UXSFLyQ GHO 9ROFiQ 3RSRFDWHSHWO /RV YHFLQRV GH OD YLOOD GH &ROLPD SUHVWDQ MXUDPHQWR D 6DQ )HOLSH GH -HV~V FRPR 3DWURQR LQVWLWX\HQGR OD ¿HVWD GHO GH IHEUHUR 9LVLWy &ROLPD HO DU]RELVSR GH 0p[LFR /XLV 0DULD 0DUWtQH] /D ORFRPRWRUD ³6DQWDFUX]´ UHFRUUH ORV SULPHURV NLORPHWURV GH YtD SURFHGHQWH GH 0DQ]DQLOOR (O GH 1RYLHPEUH HO IHUURFDUULO REWLHQH OD DXWRUL]DFLyQ SDUD UHFRUUHU HO WUDPR KDVWD $UPHUtD 6H LQLFLDQ ODV GHIXQFLRQHV FDXVDGDV SRU OD HSLGHPLD GH ³FROHUD PXUEXV´ TXH VH GHVDUUROOy HQ WRGR HO WHUULWRULR GH &ROLPD +DVWD HO GH -XQLR GH IXHURQ UHJLVWUDGDV YtFWLPDV (JUHVD OD SULPHUD JHQHUDFLyQ GH LQJHQLHURV WRSyJUDIRV JHRGHVWDV GH OD (VFXHOD GH ,QJHQLHULD GH OD 8QLYHUVLGDG GH &ROLPD /D &iPDUD GH &RPHUFLR GH &ROLPD DFRUGy HPLWLU FKHTXHV GH \ SRU OD QRWRULD HVFDVH] GH PRQHGD IUDFFLRQDULD 6H FDQWD SRU SULPHUD YH] HO +LPQR 1DFLRQDO 0H[LFDQR ,QLFLR GH OD LQGHSHQGHQFLD GH 0p[LFR &ROLPD YXHOYH D VHU HOHYDGR D OD FDWHJRUtD GH 7HUULWRULR GH OD )HGHUDFLyQ )XQGDFLyQ GHO EDFKLOOHUDWR GH 7HFRPiQ GH OD 8QLYHUVLGDG GH &ROLPD 6X SULPHU GLUHFWRU HV HO GRFWRU &LSULDQR -LPpQH] 1~xH] 3RU UHVROXFLyQ SUHVLGHQFLDO HO (MLGR ³(O SHGUHJDO´ GHO PXQLFLSLR GH &RPDOD HV GRWDGR GH KHFWiUHDV HQ EHQH¿FLR GH FDPSHVLQRV (V ¿UPDGR HO FRQWUDWR PHGLDQWH HO FXDO VH FRQVWUXLUi OD YtD IHUUHD 0DQ]DQLOOR *XDGDODMDUD (O *RELHUQR GHO (VWDGR GH &ROLPD FUHD HO &HQWUR GH 5HKDELOLWDFLyQ SDUD 1LxRV FRQ 'H¿FLHQFLD 0HQWDO GH $XGLFLyQ \ GH /HQJXDMH HQ OD FLXGDG GH &ROLPD 8Q FLFOyQ FDXVD HQRUPHV SpUGLGDV PDWHULDOHV HQ ODV FRVWDV GH &ROLPD \ 0LFKRDFiQ 7RPD G HOD $OKyQGLJD GH *UDQDGLWDV SRU HO (MHUFLWR ,QVXUJHQWH 6H LQDXJXUy HQ &RTXLPDWOiQ OD %LEOLRWHFD ³0DQXHO 9HOi]TXH] $QGUDGH´ SURPRYLGD SRU OD &123 HVWDWDO GLULJLGD SRU HO SURIHVRU -XDQ 2VHJXHUD 9HOi]TXH] 8Q FLFOyQ D]RD ODV FRVWDV FROLPHQVHV \ FDXVD GDxRV D OD DJULFXOWXUD
/D FRQJUXHQFLD HV HO ~OWLPR UHIXJLR GH ORV SRFR LPDJLQDWLYRV
0DQ]DQLOOR *DVWURQRPtD
/RV 0HMRUHV 7DFRV GH &DUQLWDV FRQ 7RUWLOOLWDV DO &RPDO &DUQLFHUtD
³(/ 725,72´ FDUQH GH UHV FHUGR \ GHULYDGRV +LGDOJR \ 5HIRUPD HQ 6DQWLDJR D XQD FXDGUD GHO PHUFDGR GH 6DQWLDJR 7HO
5HVWDXUDQW %DU /D %RTXLWD $%,(572 $/ 3Ò%/,&2 /D PHMRU YLVWD GH OD SHQtQVXOD GH -XOXDSDQ 3DOPD 5HDO &RFLQD 0H[LFDQD H ,QWHUQDFLRQDO 'HVD\XQRV FRPLGDV \ FHQDV &KHI -XDQ 3DXO $QJXLDQR 6RORULR 0H[LFDQ ,QWHUQDWLRQDO &XLVLQH LQ 3DOPD 5HDO E\ ³/D %RTXLWD´
7HO
(QWUH SRU &OXE 6DQWLDJR R SRU (O 1DUDQMR ( PDLO SDOPDBUEJW#KRWPDLO FRP
(QJOLVK WLSV
+RZ GR \RX VD\"
7KDQN \RX <RX¶UH ZHOFRPH 1R WKDQN \RX :KDW¶V \RXU QDPH" 0\ QDPH LV 'R \RX VSHDN HQJOLVK , GRQ W VSHDN VSDQLVK 3OHDVH VSHDN VORZO\ , OLNH LW , GRQ W OLNH LW , GRQ¶W NQRZ /HDYH PH DORQH SOHDVH 2QH PRPHQW SOHDVH ,W¶V WRR H[SHQVLYH ,W¶V FKHDS *RRG PRUQLQJ *RRG DIWHUQRRQ *RRG HYHQLQJ QLJKW 6XSHUPDUNHW 3RVW RI¿FH 3ROLFH +RWHO )URQW GHVN %HDFK &DU
*UDFLDV 'H QDGD 1R JUDFLDV ¢&RPR VH OODPD" 0L QRPEUH HV ¢+DEOD XVWHG LQJOpV" 1R KDEOR HVSDxRO 3RU IDYRU KDEOH PiV GHVSDFLR 0H JXVWD 1R PH JXVWD 1R Vp 3RU IDYRU GpMHPH HQ SD] 8Q PRPHQWR SRU IDYRU (V PX\ FDUR (V EDUDWR %XHQRV GtDV %XHQDV WDUGHV %XHQDV QRFKHV 6XSHUPHUFDGR 2¿FLQD SRVWDO 3ROLFLD +RWHO RK WHO
5HFHSFLyQ 3OD\D &DUUR FRFKH
&XDOTXLHU DFFLyQ TXH QR WHQJD H[SOLFDFLyQ OyJLFD VHUi FRQVLGHUDGD FRPR ³SROtWLFD GH OD HPSUHVD´
0DQ]DQLOOR *DVWURQRPtD +$0%85*8(6,$
'HVD\XQRV &RPLGDV &HQDV
&DVHWD GH /DUJD 'LVWDQFLD \ &RSLDV 0DFKDFD %%4 &KLFNHQ 5LEH KDPEXUJXHVDV -XDQLWRV 'HSRUWHV 1RWLFLDV 6SRUWV 5HVWDXUDQW 1HZV 7 9 &LEHUFDIp -XDQLWRV#GHOILQ FROLPDQHW FRP ,QWHUQHW ( PDLO 0DOWHDGDV ([SUHVVR $%,(572 ',$5,$0(17( &DSXFKLPR '( $ +56
%OYG &RVWHUR 0LJXHO GH /D 0DGULG .P 0DQ]DQLOOR &ROLPD 7HO ID[
ZZZ MXDQLWRV FRP MXDQLWRV#SURGLJ\ QHW P[
+XPRU LQ HQJOLVK
³:KHQ *RG VHQGV \RX KHOS GRQ W DVN TXHVWLRQV´
6KH KXUULHG WR WKH SKDUPDF\ WR JHW PHGLFDWLRQ JRW EDFN WR KHU FDU DQG IRXQG WKDW VKH KDG ORFNHG KHU NH\V LQVLGH 7KH ZRPDQ IRXQG DQ ROG UXVW\ FRDW KDQJHU OHIW RQ WKH JURXQG 6KH ORRNHG DW LW DQ VDLG ³, GRQ W NQRZ KRZ WR XVH WKLV´ 6KH ERZHG KHU KHDG DQ DVNHG *RG WR VHQ KHU VRPH KHOS :LWKLQ PLQXWHV D EHDW XS ROG PRWRUF\FOH SXOOHG XS GULYHQ E\ D EHDUGHG PDQ ZKR ZDV ZHDULQJ DQ ROG ELNHU VNXOO UDJ +H JRW RII KLV F\FOH DQG DVNHG LI KH FRXOG KHOS 6KH VDLG ³<HV P\ GDXJKWHU LV VLFN , YH ORFNHG P\ NH\V LQ P\ FDU , PXVW JHW KRPH 3OHDVH FDQ \RX XVH WKLV KDQJHU WR XQORFN P\ FDU"´ +H VDLG ³6XUH´ +H ZDONHG RYHU WR WKH FDU DQG LQ OHVV WKDQ D PLQXWH WKH FDU ZDV RSHQ 6KH KXJJHG WKH PDQ DQG WKURXJK WHDUV VDLG ³7KDQN <RX *RG IRU VHQGLQJ PH VXFK D YHU\ QLFH PDQ´ 7KH PDQ KHDUG KHU OLWWOH SUD\HU DQG UHSOLHG ³/DG\ , DP 127 D QLFH PDQ , MXVW JRW RXU RI SULVLRQ \HVWHUGD\ , ZDV LQ SULVLRQ IRU FDU WKHIW´ 7KH ZRPDQ KXJJHG WKH PDQ DJDLQ VREELQJ ³2K WKDQN <RX *RG <RX HYHQ VHQW PH D SURIHVVLRQDO ´ 7KRXJKWV
(YHU\WKLQJ LQ OLIH LV WHPSRUDU\ 6R LI WKLQJV DUH JRLQJ JRRG HQMR\ LW EHFDXVH LW ZRQ¶W ODVW IRUHYHU $QG LI WKLQJV DUH JRLQJ EDG GRQ¶W ZRUU\ ,W FDQ¶W ODVW IRUHYHU HLWKHU 6RPH WLPHV WKH EHVW WKLQJ \RX FDQ GR LV QRW WKLQN QRW ZRQGHU QRW LPDJLQH QRW REVHVV -XVW EUHDWKH DQG KDYH IDLWK WKDW HYHU\WKLQJ ZLOO ZRUN RXW IRU WKH EHVW ,I \RX WDON WR D PDQ LQ D ODQJXDJH KH XQGHUVWDQG WKDW JRHV WR KLV KHDG LI \RX WDON WR KLP LQ KLV RZQ ODQJXDJH WKDW JRHV WR KLV KHDUW
1R VHD LUUHPSOD]DEOH 6L QR VH OH SXHGH UHPSOD]DU QR SRGUi SURPRYpUVHOH
0DQ]DQLOOR 7XULVPR
7KH EHVW 3DQRUDPLF YLHZ RI WKH WZLQ ED\V RI 6DQWLDJR DQG 0DQ]DQLOOR DQG WKH /DV +DGDV *ROI &RXUVH
9LOODV WRWDOPHQWH HTXLSDGDV /D PiV LPSUHVLRQDQWH YLVWD SDQRUiPLFD GH 0DQ]DQLOOR
$Y GH OD &LPD D PWV GH OD HQWUDGD VXSHULRU GHO +RWHO 3OD]D ODV *ORULDV
3HQtQVXOD GH 6DQWLDJR 7HOV 3KRQHV \ )D[ ZZZ YLOODVORVDQJHOHV FRP $181&,(6( (1
OOiPHQRV \ FRQ JXVWR OR DQWHQGHUHPRV FRQWDFWR#FRVWD]XO P[ ZZZ FRVWD]XO P[
/R ~QLFR TXH QRV VDOYD GH OD EXURFUDFLD HV VX LQH¿FDFLD
0DQ]DQLOOR 7XULVPR
(O +RWHO &RORQLDO
HVWi VLWXDGR IUHQWH DO 3XHUWR GH 0DQ]DQLOOR \ HO PRQXPHQWR GHO 3H] 9HOD R SOD]D SULQFLSDO 1RV UHVSDOGD DxRV GH H[SHULHQFLD RWRUJDQGROH XQ SUHVWLJLR UHFRQRFLGR SRU OD HODERUDFLyQ GH XQD SHOtFXOD GHQWUR GHO KRWHO 5HVWDXUDQW EDU /RV &DQGLOHV &RQ FDSDFLGDG SDUD SHUVRQDV VH SXHGHQ UHDOL]DU HYHQWRV FRPR 4XLQFH DxRV &RPLGDV HPSUHVDULDOHV 0HQX GLDULR GHVGH SHVRV FRQ 6RSD JXLVDGRV D HVFRMHU 3RVWUH 9LHUQHV SDHOOD YDOHQFLDQD $GHPiV FRQWDPRV FRQ XQD H[WHQVD FDUWD GH DOLPHQWRV EHELGDV QDFLRQDOHV ,17(51(7 ,1$/$0%5,&2 *5$78,72 7HOpIRQRV 7HOpIRQRV &RQWDFWR 061 'LUHFFLyQ )FR * KRWHOFRORQLDOPDQ]#KRWPDLO FRP %RFDQHJUD 1R 5HUVHUYDFLRQHV (VT FRQ $Y 0p[LFR UHVHUYDFLRQHV#KRWHFRORQLDOPDQ]DQLOOR FRP &3 *HUHQFLD 0DQ]DQLOOR &ROLPD JHUHQFLD#KRWHOFRORQLDOPDQ]DQLOOR FRP
)DEOH
7KH 'RJ DQG WKH :ROI $ JDXQW :ROI ZDV DOPRVW GHDG ZLWK KXQJHU ZKHQ KH KDSSHQHG WR PHHW D +RXVH GRJ ZKR ZDV SDVVLQJ E\ ³$K &RXVLQ VDLG WKH 'RJ , NQHZ KRZ LW ZRXOG EH \RXU LUUHJXODU OLIH ZLOO VRRQ EH WKH UXLQ RI \RX :K\ GR \RX QRW ZRUN VWHDGLO\ DV , GR DQG JHW \RXU IRRG UHJXODUO\ JLYHQ WR \RX"´ ³, ZRXOG KDYH QR REMHFWLRQ VDLG WKH :ROI LI , FRXOG RQO\ JHW D SODFH ´ ³, ZLOO HDVLO\ DUUDQJH WKDW IRU \RX VDLG WKH 'RJ FRPH ZLWK PH WR P\ PDVWHU DQG \RX VKDOO VKDUH P\ ZRUN ´ 6R WKH :ROI DQG WKH 'RJ ZHQW WRZDUGV WKH WRZQ WRJHWKHU 2Q WKH ZD\ WKHUH WKH :ROI QRWLFHG WKDW WKH KDLU RQ D FHUWDLQ SDUW RI WKH 'RJ V QHFN ZDV YHU\ PXFK ZRUQ DZD\ VR KH DVNHG KLP KRZ WKDW KDG FRPH DERXW ³2K LW LV QRWKLQJ VDLG WKH 'RJ 7KDW LV RQO\ WKH SODFH ZKHUH WKH FROODU LV SXW RQ DW QLJKW WR NHHS PH FKDLQHG XS LW FKDIHV D ELW EXW RQH VRRQ JHWV XVHG WR LW ´ ,V WKDW DOO" VDLG WKH :ROI 7KHQ JRRG E\H WR \RX 0DVWHU 'RJ %HWWHU VWDUYH IUHH WKDQ EH D IDW VODYH
(QWUH PiV ODUJR VHD HO WtWXOR GH XQ SXHVWR PHQRU VHUi OD LPSRUWDQFLD GHO WUDEDMR
0DQ]DQLOOR 7XULVPR
%OYG 0LJXHO GH OD 0DGULG 0DQ]DQLOOR &ROLPD 0p[LFR & 3 7HO ZZZ KRWHOFRVWDEUDYD FRP P[ ( PDLO UHVHUYDFLRQHV#KRWHOFRVWDEUDYD FRP P[
/D 3XQWD /DV +DGDV 0DQ]DQLOOR &ROLPD 0p[LFR SHSH#SHSHVKLGHDZD\ FRP 6SDQLVK
(QJOLVK
7ROO )UHH 86$ DQG &DQDGD 0DQ]DQLOOR $LUSRUW &RGH =/2 &XDQGR GLFHQ TXH QR VH SHUGHUiQ IXHQWHV GH HPSOHR HVWiQ PLQWLHQGR
(O 0XQGR GHO -LQHWH (O 0XQGR GHO -LQHWH SRU ,*$57(f2
8Q -LQHWH DKRUD &DEDOJD SRU ORV &LHORV 6 X W U D \ H F W R U L D H[SDQGLy PiV GH PHGLR VLJOR GHQWUR GHO PXQGR HFXHVWUH ¿JXUDQGR HQ VXV ~OWLPRV DxRV FRPR UHFRQRFLGR ORFXWRU GHO DUWH \ GHO GHSRUWH GH OD FKDUUHUtD HQ 0p[LFR 6X YLEUDQWH YR] L O X P L Q y F L H Q W R V G H HYHQWRV D QLYHO UHJLRQDO QDFLRQDO H LQWHUQDFLRQDO 'HVGH VX LQIDQFLD GHQWUR GH OD FKDUUHUtD HQ 0p[LFR HQ ORV DxRV FLQFXHQWD SDUWLFLSy HQ MLQHWHDGDV \ HYHQWRV GH D FDEDOOR GHQWUR \ IXHUD GHO SDtV GXUDQWH WRGD XQD YLGD 6LQ GXGD DOJXQD HO ,QJ $UWXUR ,JDUW~D $UDL]D PHMRU FRQRFLGR FRPR ³(O ,JDUWHxR´ GHMD KXHOOD \ YDFtR GHQWUR GHO PXQGR GHO FKDUUR PH[LFDQR OD HVFDUDPX]D \ VXV DPLJRV GH D FDEDOOR LQÃ&#x20AC;XHQFLDQGR D FLHQWRV GH MLQHWHV MyYHQHV \ D¿FLRQDGRV GH QXHVWUR JUDQ GHSRUWH QDFLRQDO 1DFLGR HQ OD &LXGDG GH 0p[LFR XQ GtD GH RFWXEUH GH VH IRUPy GHQWUR GH OD FKDUUHUtD OHJDGR IDPLOLDU TXH OH KHUHGy VX SDGUH 2FWDYLDQR ,JDUW~D 9LOODVHxRU 6XV KHUPDQRV ¿QRV MLQHWHV WRGRV OR DFRPSDxDURQ HQ VX GHVDUUROOR ,QFXUVLRQy HQ HO PXQGR GH OD FKDUUHUtD GHO 2FFLGHQWH GHO SDtV HQ HO SROR \ OD HTXLWDFLyQ 6H DVHQWy HQ OD &LXGDG GH &ROLPD &ROLPD D LQLFLRV GH OD GpFDGD GH ORV RFKHQWD MXJDQGR XQ LPSRUWDQWH SDSHO GHQWUR GH OD FRPXQLGDG HFXHVWUH FROLPHQVH (O SDVDGR YLHUQHV GH DJRVWR GHO SUHVHQWH DxR IDOOHFLy HO ,QJ $UWXUR ,JDUWXD $UDL]D (O ,JDUWHxR FKDUUR PH[LFDQR DPLJR TXHULGR GH OD FRPXQLGDG HTXLQD VX DPRU \ GHGLFDFLyQ DO PXQGR GH ORV FDEDOORV TXH OR YLR QDFHU PDUFDURQ HO FRUD]yQ GH PXFKRV TXH OR FRQRFtDQ (Q &ROLPD -DOLVFR \ 0LFKRDFiQ VH ULQGH WULEXWR \ KRPHQDMH $OJXQD YH] OHt TXH ODV DOHJUtDV FXDQGR VH FRPSDUWHQ VH DJUDQGDQ /DV DOHJUtDV TXH VROtD FRPSDUWLU DTXHO D TXLHQ OODPDEDQ ³(O ,JDUWHxR´ GHQWUR \ IXHUD GH ORV UXHGRV OLHQ]RV \ FDEDOOHUL]DV HQ GRQGH PXFKRV OR DFRPSDxDPRV GHVGH OD LQIDQFLD DJUDQGDURQ ORV FRUD]RQHV GH TXLHQHV OR FRQRFtDQ GHMDQGR KXHOOD FRPR YLHMRV FDVFRV HQWUH ORV FDPLQRV \ SUDGHUDV TXH QRV WRFy FRPSDUWLU FRQ pO +DVWD OXHJR $UWXUR ,JDUW~D $UDL]D SDGUH DEXHOR FKDUUR MLQHWH ORFXWRU HVFULWRU \ SLQWRU WH OOHYR FRQPLJR HQ PL FRUD]yQ 6HUJLR 0DULDQR ,JDUW~D 2OYHU
/DV MXQWDV \ UHXQLRQHV QR VRQ VXVWLWXWRV GHO SURJUHVR
0DQ]DQLOOR 7XULVPR
(O KRWHO PDV OXMRVR GH OD ]RQD GH ODV %ULVDV 3OD\D $OEHUFD -DFX]]L %DU 6DOyQ GH (YHQWRV %RGDV HQ OD 3OD\D $Y 'HO 0DU (QWUDQGR SRU HO %OY / &iUGHQDV
7HO
0DLO KRWHOLWR HVFRQGLGR#JPDLO FRP 0D ZZZ KRWHOLWRHVFRQGLGR FRP P[
Â&#x2021;+DELWDFLRQHV FRQ DLUH DFRQGLFLRQDGR Â&#x2021; &DUWD GH DOLPHQWRV \ EHELGDV QDFLRQDOHV H LPSRUWDGRV Â&#x2021; 7HOHFDEOH Â&#x2021; 7HOpIRQR Â&#x2021; $FHSWDPRV VX WDUMHWD \ 8V GyODUHV Â&#x2021; (VWDFLRQDPLHQWR Â&#x2021; ,QWHUQHW LQDOiPEULFR \ DOEHUFD $Y /i]DUR &iUGHQDV &RO 0RUHORV 7HO
+RWHO 6WDU GH 0DQ]DQLOOR 6 $ 'H & 9
7(/6 )$;
$9 /Ã&#x2C6;=$52 &Ã&#x2C6;5'(1$6 1R )5$&& 3/$<$ $=8/ 0$1=$1,//2 &2/,0$ Â&#x2021; +DELWDFLRQHV FRQ $LUH $FRQGLFLRQDGR Â&#x2021; &DUWD GH DOLPHQWRV \ %HELGDV 1DFLRQDOHV H ,PSRUWDGDV Â&#x2021; 7HOH &DEOH Â&#x2021; 7HOpIRQR Â&#x2021; $FHSWDPRV 7DUMHWD GH &UpGLWR \ 'yODUHV Â&#x2021; (VWDFLRQDPLHQWR 3URSLR Â&#x2021; ,QWHUQHW ,QDOiPEULFR Â&#x2021; $OEHUFD \ $FFHVR SULYDGR D 3OD\D
/2 0(-25 72'26 /26 6(59,&,26
&(5&$ '(/ 0$5 &(5&$ '( 72'2
+27(/
+DELWDFLRQHV 6HQFLOODV F FDPD .LQJ 6L]H \ 'REOHV $LUH DFRQGLFLRQDGR $JXD &DOLHQWH $OEHUFDV 5HVWDXUDQWH 79 SRU &DEOH 6HUYLEDU 3URPRFLyQ 7DULIDV HVSHFLDOHV D *UXSRV KDELWDFLyQ VHQFLOOD
+$:$,,
,QIRUPHV \ 5HVHUYDFLRQHV 0DQ]DQLOOR .P %OYG &RVWHUR 0LJXHO GH OD 0DGULG IUHQWH DO EDQFR +6%& 6DQWLDJR ( PDLO UHVHUYDFLRQHV#KRWHOKDZDLL FRP P[ ZZZ KRWHOKDZDLL FRP P[
8QD EXURFUDFLD H¿FLHQWH HV OD SHRU DPHQD]D D OD OLEHUWDG
0DQ]DQLOOR 7XULVPR
3HUURV GH UD]D
3HUUR &KLKXDKXD /RV SHUURV FKLKXDKXD R &KLKXDKXHxRV VRQ SHUURV DOJR SHTXHxRV SHUR FRQ XQ JUDQ FDULVPD \ PXFKD JUDFLD $ SHVDU GH QR WHQHU XQ JUDQ SRUWH HO FKLKXDKXD KD VDELGR JDQDUVH XQ OXJDU HQ HO FRUD]yQ GH PLOHV GH SHUVRQDV DOUHGHGRU GHO PXQGR 3RU PXFKR WLHPSR VH KDEtD FRQVLGHUDGR TXH HVWD GLYHUWLGD PDVFRWD HUD OD PiV SHTXHxD GHO PXQGR SHUR HQ OD DFWXDOLGDG VH VDEH TXH H[LVWHQ RWURV WLSRV GH SHUURV FRPR HO \RUNVKLUH WHUULH TXH WLHQH XQ SRUWH DXQ PHQRU TXH HO &KLKXDKXHxR SHUR VLQ GXGD DOJXQD HVWD PDVFRWD VH HQFXHQWUD HQWUH ODV PiV GLPLQXWDV GHO PXQGR HQWHUR 6L ELHQ /D IHGHUDFLyQ &LQROyJLFD ,QWHUQDFLRQDO QR GHWHUPLQD PHGLGDV H[DFWDV SDUD HVWD UD]D GH SHUURV SHUR VL H[SRQH TXH HO SHUUR FKLKXDKXD HV VX HWDSD DGXOWD QR SXHGH VXSHUDU ORV NLORJUDPRV HV XQD REYLHGDG GHFLU TXH DOJXQDV RWUDV SRFDV UD]DV SXHGHQ FXPSOLU FRQ HVWD QRUPDWLYD &RQMXQWDPHQWH FRQ VX GLPLQXWR SRUWH HVWD FODVH GH DQLPDO WDPELpQ SRVHH RWUDV FDUDFWHUtVWLFDV ~QLFDV TXL]iV OD PiV QRWRULD HV TXH HOORV WLHQHQ OD FDEH]D HQ IRUPD FDVL GH XQ UHGRQGR \ FRQ IRUPD GH PDQ]DQD 7DPELpQ SRGHPRV DxDGLU D ODV FDUDFWHUtVWLFDV ~QLFDV GHO FKLKXDKXD TXH SRVHHQ XQ FUiQHR TXH QR VH FRQVROLGD KDVWD OD DGXOWH] GHO DQLPDO \ HQ DOJXQRV SRFRV FDVRV WDPSRFR VH RVL¿FD HQ VX PDGXUH] HVWD SDUWLFXODU FDUDFWHUtVWLFD TXH VROR SRVHHQ ORV FKLKXDKXDV ORV KDFH WHQHU SDUWHV EODQGDV \ VHQVLEOHV HQ VX FDEH]D (O FKLKXDKXD VXHOH WHQHU XQD PLUDGD PX\ H[SUHVLYD \ HVWR VH GHEH D OD IRUPD UHGRQGD \ VDOWRQD GH ORV RMRV ODV RUHMDV GH HVWH SHUUR VRQ HQ IRUPD GH WULDQJXOR SHUR HQ OD SXQWD VXSHULRU SRVHHQ XQ VHPL FLUFXOR FRPR WHUPLQDFLyQ 3DUD OD )HGHUDFLyQ &LQROyJLFD ,QWHUQDFLRQDO H[LVWHQ GRV WLSRV GH SHUURV FKLKXDKXDV ORV GH SHOR ODUJR \ ORV GH SHOR FRUWR DPERV WLSRV SRVHHQ FXDOLGDGHV FDVL LGpQWLFDV FRQ OD GLIHUHQFLD REYLD TXH XQRV WLHQHQ HO SHOR FRUWR \ SHJDGR DO FXHUSR \ ORV RWURV SRVHHQ XQRV FHQWtPHWURV H[WUD TXH PXFKDV YHFHV HV ODFLR SHUR RWUDV YHFHV SXHGH VHU RQGXODGR \ VLHPSUH H[LVWH OD PLVPD YDULHGDG GH FRORUHV SDUD ORV GRV WLSRV
(O HVIXHU]R LQYHUWLGR SDUD MXVWL¿FDU XQ HUURU HVWi HQ SURSRUFLyQ GLUHFWD D OD PDJQLWXG GHO HUURU
0DQ]DQLOOR 0pGLFRV )$50$&,$ +20(23$7,&$
´6$17$ &/$5$µ
)$50$&,$ +20(23$7,&$
0HGLFDPHQWRV +RPHRSiWLFRV GH 3UHVWLJLR 3URGXFWRV 1DWXUDOHV (;3(5,(1&,$ &$/,'$' < 6(59,&,2 0$6 '( $f26 126 5(63$/'$1
+20(23$7+,& 3+$50$&<
+RPHRSDWKLF 3URGXFWV RI 3UHVWLJH $OO 1DWXUDO 3URGXFWV 3(50$1(17 0(',&$/ +20(23$7+,& $77(1'$1&(
&(1752 &DUULOOR 3XHUWR 0DQ]DQLOOR &RO WHO 1DWXUDOH]D
6LQ GHMDU KXHOOD HQ HO FDPSR
&XDQGR EXVTXHV \ REVHUYHV FXDOTXLHU WLSR GH DQLPDO HQ HO FDPSR FRPR FXDOTXLHU RWUD DFWLYLGDG GHEH UHDOL]DUVH UHVSHWDQGR D OD QDWXUDOH]D \ VLJXLHQGR DOJXQDV QRUPDV VHQFLOODV TXH D\XGDUiQ D PDQWHQHU HO DPELHQWH OR PiV QDWXUDO SRVLEOH 6L QHFHVLWDV UHPRYHU URFDV R WURQFRV FDtGRV KD]OR FRQ PXFKR FXLGDGR \ FRQ OD D\XGD GH DOJ~Q HTXLSR EiVLFR FRPR JXDQWHV JDQFKRV R HQ VX GHIHFWR XQD YDUD JUXHVD 3URFXUD YROYHUORV D FRORFDU HQ VX VLWLR RULJLQDO \D TXH PXFKRV GH HVWRV OXJDUHV VRQ KRJDU GH JUDQ YDULHGDG GH RUJDQLVPRV FRPR DOJXQRV LQVHFWRV R SHTXHxRV PDPtIHURV 3RU QLQJ~Q PRWLYR PROHVWHV D ORV DQLPDOHV FRQ SLHGUDV R SDORV \ PXFKR PHQRV ORV PDWHV R FDSWXUHV SDUD FRPHUFLDOL]DUORV R FRQVHUYDUORV FRPR PDVFRWDV \D TXH HVWD HV XQD GH ODV FDXVDV SULQFLSDOHV GH OD SpUGLGD GH HVSHFLHV HQ HO PHGLR VLOYHVWUH (VWH WLSR GH FRQGXFWDV HVWiQ SHQDGDV SRU OD OH\HV HQ 0p[LFR \ HQ OD PD\RU SDUWH GHO PXQGR (YLWD GHVWUR]DU iUEROHV SODQWDV R WURQFRV FDtGRV FRQ HVWR FRQWULEXLUiV D PDQWHQHU HO KiELWDW GH ODV HVSHFLHV (V PX\ LPSRUWDQWH TXH QR GHMHV EDVXUD \ GHVSHUGLFLRV HQ HO FDPSR \D TXH PXFKRV GH HVWRV REMHWRV SXHGHQ VHU DWUDFWLYRV D OD YLVWD GH ORV DQLPDOHV \ SRU FXULRVLGDG SXHGHQ XWLOL]DUORV FRPR DOLPHQWR $O FRPpUVHORV OHV SURYRFDUi SUREOHPDV HQ VX DOLPHQWDFLyQ R LQFOXVR HQ FDVRV PX\ H[WUHPRV TXH PXHUDQ LQWR[LFDGRV R DV¿[LDGRV
/D HIHFWLYLGDG GH XQ FRPLWp HVWi HQ SURSRUFLyQ LQYHUVD DO Q~PHUR GH VXV PLHPEURV
+RUyVFRSR +RURVFRSH 3URFXUD GDUWH XQ GHVFDQVR GHVSXpV GH WUDEDMDU 6L SXHGHV WUDWD GH LU DO FLQH R DO WHDWUR PiV VHJXLGR 7X FRORU GH HVW PHV HV HO D]XO 7U\ WR JHW VRPH UHVW DIWHU ZRUN ,I \RX FDQ FDWFK D PRYLH RU JR WR WKH WKHDWUH PRUH RIWHQ <RXU OXFN\ FRORU IRU WKLV PRQWK LV EOXH 1R WH FLHUUHV D ODV SHUVRQDV TXH WUDWDQ GH DFHUFDUVH WDQWR D WL SXHGHQ UHVXOWDU EXHQDV DPLVWDGHV 7X FRORU GH HVWH PHV HV HO QDUDQMD 'RQ W SXVK DZD\ WKRVH ZKR WU\ WR JHW FORVH WR \RX VRPH PD\ WXUQ RXW WR EH JRRG IULHQGV <RXU OXFN\ FRORU LV RUDQJH 1R WH GHVHVSHUHV \ WUDWD GH WRPDV ODV FRVDV FRQ FDOPD YHQGUiQ PHMRUHV GtDV 7RGR VLHPSUH VH UHVXHOYH 7X FRORU GH HVWH PHV HV HO EODQFR %H PRUH SDWLHQW DQG WU\ WR WDNH WKLQJV FDOPO\ EHWWHU GD\V ZLOO FRPH (YHU\WKLQJ ZLOO EH VROYHG <RXU OXFN\ FRORU IRU WKLV PRWK LV ZKLWH (O DKRUUR \ HO PDQHMR DSURSLDGR GH WXV ¿QDQ]DV WH D\XGDUiQ D FRQWURODU PHMRU WX VLWXDFLyQ 7X FRORU GH HVWH PHV HV HO DPDULOOR 6DYLQJ DQG EHWWHU PDQDJLQJ \RXU HDUQLQJV ZLOO KHOS \RXU FXUUHQW VLWXDWLRQ <RXU OXFN\ FRORU IRU WKLV PRQWK LV \HOORZ $XQTXH PXFKDV FRVDV SDUH]FDQ UXWLQD VHQWLUiV HO VDERU GH OD YLGD HQ WRGR XQ SRFR GLVIU~WDOR 7X FRORU GH HVWH PHV HV HO FHOHVWH (YHQ WKRXJK VRPH WKLQJV PD\ VHHP URXWLQH \RX ZLOO HQMR\ OLIH D OLWWOH PRUH <RXU OXFN\ FRORU IRU WKLV PRQWK HV OLJKW EOXH &RQWUROD WX FDUiFWHU \ WXV UHDFFLRQHV 7HQ XQ SRFR PiV GH SDFLHQFLD DQWH ODV VLWXDFLRQHV GLItFLOHV 7X FRORU GH HVWH PHV HV HO YHUGH 7U\ WR EHWWHU FRQWURO \RXU UHDFWLRQV LQ WRXJK VLWXDWLRQV 3DWLHQWH LV D YLUWXH <RXU OXFN\ FRORU IRU WKLV PRQWK LV JUHHQ 3URFXUD SRQHU HQ SUiFWLFD HVH HQFDQWR SHUVXDVLYR TXH SRVHHV WDUGH R WHPSUDQR FRQVHJXLUiV OR TXH TXLHUHV 7X FRORU HV HO URMR 8VH WKDW SHUVXDVLYH JLIW \RX KDYH DQG VRRQHU RU ODWHU \RX OO JHW ZKDW \RX ZDQW <RXU OXFN\ FRORU IRU WKLV PRQWK LV UHG &RQFpQWUDWH HQ WX WUDEDMR \ YHUiV PHMRUHV UHVXOWDGRV 3LHQVD SRVLWLYDPHQWH VLHPSUH 7X FRORU GH HVWH PHV HV HO D]XO &RQFHQWUDWH RQ \RXU ZRUN DQG \RX ZLOO VHH EHWWHU UHVXOWV %H SRVLWLYH <RXU OXFN\ FRORU IRU WKLV PRQWK LV EOXH $SURYHFKD WX WLHPSR OLEUH SDUD DSUHQGHU DOJR QXHYR 9LVLWD D YLHMDV DPLVWDGHV \ OOpYDOHV DOJ~Q UHJDOR 7X FRORU GH HVWH PHV HV HO PRUDGR 7DNH DGYDQWDJH RI \RXU IUHH WLPH DQG OHDUQ VRPHWKLQJ QHZ 9LVLW ROG IULHQGV <RXU OXFN\ FRORU IRU WKLV PRQWK LV SXUSOH 7XV QHUYLRV HVWiQ XQ SRFR DOWHUDGRV SURFXUD GRUPLU XQ PtQLPR GH VLHWH KRUDV GLDULDV 'HVFDQVD 7X FRORU GH VXHUWH HV HO URVD <RXU QHUYHV KDYH EHHQ RQ HGJH ODWHO\ 7U\ WR JHW VHYHQ KRXUV IR VOHHS HYHU\GD\ *HW D JRRG UHVW <RXU OXFN\ FRORU LV SLQN 'HGtFDWH D KDFHU DTXHOOR TXH GHVHDV WDQWR /DV FRVDV PHMRUDUiQ \ FDPELDUiQ D WX IDYRU 7X FRORU GH HVWH PHV HV HO YHUGH 'HGLFDWH \RXUVHOI WR WKDW ZLFK \RX ZLVK VR PXFK 7KLQJV WDNH D WXUQ IRU WKH EHVW <RXU OXFN\ FRORU IRU WKLV PRQWK LV JUHHQ 7H VHQWLUiV IDYRUHFLGR HQ WUDQVDFFLRQHV HFRQyPLFDV $VXQWRV VHQWLPHQWDOHV PDUFKDQ YLHQWR HQ SRSD 7X FRORU GH HVWH PHV HV QDUDQMD <RX ZLOO IHHO IDYRUHG LQ FHUWDLQ EXVLQHVV WUDQVDFWLRQV 5RPDQFH LV ZHOO XQGHU ZD\ <RXU OXFN\ FRORU IRU WKLV PRQWK LV RUDQJH
1DGLH QXQFD KD HULJLGR XQ PRQXPHQWR D XQ FRPLWp
0DQ]DQLOOR %LHQHV 5DLFHV
0DQ]DQLOOR 5HDO (VWDWH 5HVLGHQFLDO DQG FRPHUFLDO SURSHUWLHV IRU VDOH DQG IRU UHQW 5( 0$; 3HUOD 3DFL¿FR RIIHUV \RX D ZLGH UDQJH RI 5HVLGHQWLDO DQG &RPPHUFLDO 3URSHUWLHV LQ 0DQ]DQLOOR FLW\ DQG &ROLPD FLW\ ,W LV IRU VXUH RQH RI WKH PRVW LPSRUWDQW 5HDO (VWDWH $JHQFLHV LQ &ROLPD 6WDWH DQG WKH PRVW VXFFHVVIXO ,QWHUQDWLRQDO 5HDO (VWDWH 1HWZRUN 5( 0$; 3HUOD 3DFL¿FR V RI¿FH LV ORFDWHG LQ WKH EHDXWLIXO 3RUW RI 0DQ]DQLOOR 0p[LFR 7KLV RI¿FH LV RSHQ VXFFHVVIXOO\ VLQFH ³1RERG\ LQ WKH ZRUOG VHOOV PRUH UHDO HVWDWH WKDQ 5( 0$; ´ %OYG 0 GH OD 0DGULG + 6DQWLDJR 0DQ]DQLOOR 0p[LFR 7HO &HO LQIR#UHPD[PDQ]DQLOOR FRP
(Q VLVWHPDV FRPSOHMRV QR H[LVWH QLQJXQD UHODFLyQ HQWUH OD LQIRUPDFLyQ UHFRSLODGD \ ODV GHFLVLRQHV UHDOL]DGDV