1(*2&,26),'8&,$5,26


,102%,/,$5,26
&RQHOSURSyVLWRGHEULQGDUPD\RUHVKHUUDPLHQWDVSDUDTXHHOFRQVXPLGRUILQDQFLHURFRQR]FD
VXVGHUHFKRV\REOLJDFLRQHV\WRPHGHFLVLRQHVLQIRUPDGDVOD6XSHULQWHQGHQFLD)LQDQFLHUDGH
&RORPELD SUHVHQWD HVWD FDUWLOOD OD FXDO FRQWLHQH XQD GHVFULSFLyQ JHQHUDO GH ORV SULQFLSDOHV
DVSHFWRV D WHQHU HQ FXHQWD DO YLQFXODUVH HQ XQ SUR\HFWR LQPRELOLDULR DGPLQLVWUDGR SRU XQD
VRFLHGDGILGXFLDULD

£(OSULPHULQWHUHVDGRHQOD
VHJXULGDGGHVXLQYHUVLyQGHEHVHU
8VWHG

(VWDFDUWLOODWLHQHXQSURSyVLWRH[FOXVLYDPHQWHLQIRUPDWLYR\QRDERUGDORVDVSHFWRVSDUWLFXODUHVTXHULJHQODUHODFLyQFRQWUDFWXDOGHFDGDSUR\HFWR\QRUHOHYDDOD


6RFLHGDG)LGXFLDULDGHFXPSOLUFRQORVGHEHUHVGHLQIRUPDFLyQ\DVHVRUtDDVXFDUJR
 352<(&726,102%,/,$5,26<),'8&,$

/RVSUR\HFWRVLQPRELOLDULRVDORVTXHKDFHUHIHUHQFLDHVWDFDUWLOODVRQDTXHOODVFRQVWUXFFLRQHV
TXHVHUHDOL]DQFRQODSDUWLFLSDFLyQGHXQDILGXFLDULD\DODVFXDOHVVHYLQFXODQWHUFHURVFRQ
FXDOTXLHUDGHORVVLJXLHQWHVSURSyVLWRV

$GTXLULUODSURSLHGDGGHXQLQPXHEOHSRUHMHPSORDODGTXLULUXQDYLYLHQGD

 5HDOL]DUXQDLQYHUVLyQTXHFRQVLVWHHQDSRUWDUVXVUHFXUVRVSDUDODFRQVWUXFFLyQGHXQ
LQPXHEOHSRVWHULRUPHQWHH[SORWDUOR\SDUWLFLSDUGHORVUHVXOWDGRVHFRQyPLFRVGHULYDGRV
GHGLFKDH[SORWDFLyQ(QHVWRVFDVRVHVLPSRUWDQWHWHQHUHQFXHQWDTXH

D6HKDFHGXHxRGHXQDSDUWLFLSDFLyQHQHOQHJRFLRILGXFLDULR
D/RVULHVJRVVRQGLIHUHQWHVDFXDQGRVHDGTXLHUHSOHQDPHQWHODSURSLHGDGGHXQLQPXHEOH

(QWRGRFDVR

D/DV SDUWLFLSDFLRQHV ILGXFLDULDV VyOR VH SRGUiQ RIUHFHU D WUDYpV GH XQ ILGHLFRPLVR
DGPLQLVWUDGRSRUXQDVRFLHGDGILGXFLDULDYLJLODGDSRUOD6XSHULQWHQGHQFLD)LQDQFLHUDGH
&RORPELD 6)& 
D/DSXEOLFLGDGGHOSUR\HFWRGHEHLQGLFDUFODUDPHQWHHOQRPEUHGHODILGXFLDULD\HOSDSHOTXH
FXPSOHHQHOSUR\HFWR
D6LGLFKDLQIRUPDFLyQQRHVFODUDFRQVXOWHFRQORVSURPRWRUHVGHOSUR\HFWRHOORVHVWiQHQ
ODREOLJDFLyQGHH[SOLFDUOH


&RPHUFLDOPHQWHWDPELpQVHFRQRFHQFRPRGHUHFKRVILGXFLDULRV),',6HQWUHRWURV
€48(+$&(/$),'8&,$5,$"
Š
/DVRFLHGDGILGXFLDULDHVXQDHQWLGDGYLJLODGDSRUOD6)&\SDUWLFLSDFRQHOSURSyVLWRGHSURPRYHU
ODFRQILDQ]D\WUDQVSDUHQFLDHQODDGPLQLVWUDFLyQGHORVUHFXUVRVGHODVSHUVRQDVTXHVHYLQFXOHQ
DORVSUR\HFWRVLQPRELOLDULRV

'HEHUHVGHODILGXFLDULD
3DUWH,,W®WXOR,,FDS®WXOR,
&LUFXODU([WHUQDGH
7HQJDHQFXHQWDTXH

š D(OQHJRFLRILGXFLDULRVHUHJXODGHIRUPDLQLFLDO
SRUORTXHHVWDEOHFHQODVSDUWHVHQHOFRQWUDWR

D/RVFRQWUDWRVGHEHQVHUFODURV\FRQWHPSODUORV


SURFHGLPLHQWRV\PHFDQLVPRVQHFHVDULRVSDUD
HODGHFXDGRIXQFLRQDPLHQWRGHOSUR\HFWR
%JMJHFODJB
*OGPSNBDJØO D&XDQGRVXUJHQGLIHUHQFLDVHQODLQWHUSUHWDFLyQ
1SFWJTJØO GHORVFRQWUDWRVGHEHQVHUUHVXHOWDVSRUMXHFHV
"TFTPSÓB RiUELWURV
-FBMUBE
Z
CVFOB
GF
1SPUFDDJØO
Z
EFGFOTB

(VIXQGDPHQWDOFRQRFHUORVFRQWUDWRVILGXFLDULRVTXHUHJXODQODSDUWLFLSDFLyQHQGHWHUPLQDGRSUR\HFWR
\D VHD FRPR FRPSUDGRU GH XQLGDGHV LQPRELOLDULDV R FRPR LQYHUVLRQLVWD HQ OD DGTXLVLFLyQ GH
SDUWLFLSDFLRQHVILGXFLDULDV
 £,QIyUPHVH(Op[LWRGHVXLQYHUVLyQGHSHQGHHQJUDQPHGLGDGHODQiOLVLVTXHKDJDGHIRUPD
MXLFLRVDDOSUR\HFWRSXHVFRPRHQODDGTXLVLFLyQGHFXDOTXLHUELHQXVWHGFRUUHDOJXQRVULHVJRV
TXHGHEHHYDOXDU

€&”02)81&,21$/$),'8&,$,102%,/,$5,$
(1&2/20%,$"
8Q ILGHLFRPLVRR QHJRFLRILGXFLDULRHVXQQHJRFLRMXUtGLFRHQYLUWXGGHOFXDOXQDSHUVRQD
OODPDGD ILGHLFRPLWHQWHWUDQVILHUHXQRRPiVELHQHVHVSHFtILFRVDRWUDOODPDGD ILGXFLDULR 


TXLHQVHREOLJDDDGPLQLVWUDUORVRYHQGHUORVSDUDFXPSOLUXQDILQDOLGDGGHWHUPLQDGDHQSURYHFKR
GHpVWHRGHXQWHUFHUROODPDGREHQHILFLDULR 


€48((681),'(,&20,62,102%,/,$5,2"
Š
(VXQQHJRFLRILGXFLDULRHQYLUWXGGHOFXDOVHWUDQVILHUHXQELHQLQPXHEOHDODHQWLGDGILGXFLDULD
SDUD TXH DGPLQLVWUH \ GHVDUUROOH XQ SUR\HFWR LQPRELOLDULR GH DFXHUGR FRQ ODV LQVWUXFFLRQHV
VHxDODGDVHQHOFRQWUDWR\WUDQVILHUDODVXQLGDGHVFRQVWUXLGDVDTXLHQHVUHVXOWHQEHQHILFLDULRV
GHOUHVSHFWLYRFRQWUDWR

(VWHWLSRGHILGXFLDFXHQWDFRQXQDUHJXODFLyQHVSHFtILFDHQFDPLQDGDDJDUDQWL]DUHO

VXPLQLVWURFODUR\VXILFLHQWHGHLQIRUPDFLyQDORVFRQVXPLGRUHV 

&XDQGRVHKDEODGHILGXFLDULRKDFHPRVUHIHUHQFLDDODV6RFLHGDGHV)LGXFLDULDVYLJLODGDVSRUOD6)&


$UWtFXORGHO&yGLJRGH&RPHUFLR



(VWDVQRUPDVODVHQFXHQWUDQHQHO&DStWXOR,7tWXOR,,GHOD3DUWH,,GHOD&LUFXODU([WHUQDGHH[SHGLGDSRUHVWD6XSHULQWHQGHQFLD &LUFXODU%iVLFD-XUtGLFD 
TXHSXHGHVHUFRQVXOWDGDHQQXHVWURVLWLRZHEZZZVXSHUILQDQFLHUDJRYFR
352'8&726),'8&,$5,269,1&8/$'26$/
'(6$552//2'(352<(&726,102%,/,$5,26

 (VTXHPDVGRQGHVHFRPHUFLDOL]DQSDUWLFLSDFLRQHVILGXFLDULDV

 (VTXHPDGHILGXFLDFRPSOHWDTXHVHUHILHUHDDTXHOORVQHJRFLRVTXHWLHQHQFRPR
ILQDOLGDG GHVDUUROODU SUR\HFWRV LQPRELOLDULRV SDUD TXH WHUFHURV DGTXLHUDQ OD
SURSLHGDGGHOLQPXHEOH

 (VTXHPD GH DGPLQLVWUDFLyQ GH UHFXUVRV GLQHUDULRV WDPELpQ GHQRPLQDGRV

SUHYHQWDVHQHOFXDOODILGXFLDULDORVDGPLQLVWUDKDVWDODFRQVHFXFLyQGHOSXQWRGH


HTXLOLEULR

9HiPRVORHQGHWDOOH

&RPHUFLDOL]DFL´QGHSDUWLFLSDFLRQHVILGXFLDULDV

6RQ DTXHOORV QHJRFLRV HQ YLUWXG GH ORV FXDOHV XQD SHUVRQD QDWXUDO R MXUtGLFD PHGLDQWH OD
WUDQVIHUHQFLDGHODSURSLHGDGDXQDVRFLHGDGILGXFLDULDGHXQRRPiVELHQHVGHWHUPLQDGRVSUHYp
ODFRPHUFLDOL]DFLyQGHSDUWLFLSDFLRQHVILGXFLDULDVHQXQILGHLFRPLVRODVFXDOHVRWRUJDQDORV
LQYHUVLRQLVWDV HO GHUHFKR D SDUWLFLSDU GH ORV UHVXOWDGRV HFRQyPLFRV GHULYDGRV GHO
FXPSOLPLHQWRGHXQDILQDOLGDGHVSHFtILFDVLQTXHLPSOLTXHODSURSLHGDGGHOELHQREMHWR
GHOSUR\HFWR\VLQSHUMXLFLRGHORIUHFLPLHQWRGHEHQHILFLRVDGLFLRQDOHV
 (VLPSRUWDQWHWHQHUHQFXHQWDTXHODVLQYHUVLRQHVSDUWLFLSDWLYDVHQQHJRFLRVILGXFLDULRVQRVH
OLPLWDQ~QLFDPHQWHDQHJRFLRVLQPRELOLDULRVVLQRTXHSXHGHQRIUHFHUVHSDUWLFLSDFLRQHVSDUDOD
H[SORWDFLyQGHRWURWLSRGHELHQHV(QPDWHULDLQPRELOLDULDHVWHHVTXHPDHVXWLOL]DGRSDUDOD
FRQVWUXFFLyQ\RSHUDFLyQGHSUR\HFWRVWDOHVFRPRKRWHOHVFHQWURVFRPHUFLDOHV\RILFLQDVHQWUH
RWURV

(VWRVQHJRFLRVVHFDUDFWHUL]DQSRUWHQHUWUHVIDVHVL  HVWUXFWXUDFLyQTXHSXHGHLQFOXLUXQD
IDVHGHSUHYHQWDVLL GHVDUUROORGHOSUR\HFWRRFRQVWUXFFLyQ\LLL RSHUDFLyQGHOQHJRFLR

/DVUHJODVTXHJRELHUQDQODUHODFLyQHQWUHORV
LQYHUVLRQLVWDV HO FRQVWUXFWRU HO JHVWRU HO
RSHUDGRU\FXDOTXLHURWURTXHSDUWLFLSHHQOD
FRQVWUXFFLyQ \ RSHUDFLyQ GHO QHJRFLR HVWiQ
FRQWHQLGDVHQHOFRQWUDWRGHILGXFLDHOFXDOHV 1SPZFDUP
JONPCJMJBSJP
VXVFULWRLQLFLDOPHQWHHQWUHHOFRQVWUXFWRUFRPR
ILGHLFRPLWHQWH\ODVRFLHGDGILGXFLDULDFRPR

JHVWRUDGHOYHKtFXORILGXFLDULR $PNFSDJBMJ[BEPS
&RPHUFLDOL]DORV
SUR\HFWRV\UHFLEH

3RVWHULRUPHQWHVHYLQFXODQORVLQYHUVLRQLVWDV
FRPLVLyQSDJDGDSRUOD
FRQVWUXFWRUD $POTUSVDUPS
R DGTXLUHQWHV GH OD SDUWLFLSDFLyQ (VWD 5HFLEHGLQHURGHOD6)
FRQVWUX\HLQPXHEOHOR
YLQFXODFLyQVHSRGUiGDUDOPLVPRWLHPSRRHQ DGPLQLVWUD 2SHUDGRU
+RWHOHUR
ODPHGLGDHQTXHVHYD\DQGHVDUUROODQGRODV
HWDSDVDWUiVPHQFLRQDGDV

(VWRV FRQWUDWRV GHEHQ FRQWDU FRQ OD *OWFSTJPOJTUBT

4PDJFEBE
'JEVDJBSJB
(QWUHJDQGLQHURV\
DXWRUL]DFLyQ GH OD 6XSHULQWHQGHQFLD UHFLEHQXQGHUHFKR 4'
ILGXFLDULRTXHOHVJHQHUD
)LQDQFLHUD GH &RORPELD FRQ HO ILQ GH TXH UHQGLPLHQWRV

FXPSODQ ORV UHTXLVLWRV GH OH\ QR LQFOX\DQ

FOiXVXODV DEXVLYDV QL HVWLSXODFLRQHV TXH
*OWFSTJPOJTUB
EF
SHUPLWDQHODEXVRSRUSDUWHGHODILGXFLDULDR
4FHVOEP
.FSDBEP
GHOFRQVWUXFWRU

(VWDWXWR2UJiQLFRGHO6LVWHPD)LQDQFLHUR$UW±1~Pž³$SUREDFLyQSUHYLDGHOPRGHORGHFRQWUDWR/RVPRGHORVUHVSHFWLYRVHQFXDQWRHVWpQGHVWLQDGRVDVHUYLU


FRPREDVHSDUDODFHOHEUDFLyQGHFRQWUDWRVSRUDGKHVLyQRSDUDODSUHVWDFLyQPDVLYDGHOVHUYLFLRVHUiQHYDOXDGRVSUHYLDPHQWHSRUOD6XSHULQWHQGHQFLD%DQFDULDDO
LJXDOTXHWRGDPRGLILFDFLyQRDGLFLyQTXHSUHWHQGDLQWURGXFLUVHHQODVFRQGLFLRQHVJHQHUDOHVFRQVLJQDGDVHQORVPLVPRV´
 $QWHVGHYLQFXODUVHDXQQHJRFLRDWUDYpVGHOFXDOVHFRPHUFLDOLFHQSDUWLFLSDFLRQHVILGXFLDULDV
LQIyUPHVHVREUHHOSUR\HFWR\VXVULHVJRV9HULILTXHFRQHOSURPRWRUFRPHUFLDORODILGXFLDULDTXH
HOPRGHORGHOFRQWUDWRKD\DVLGRDXWRUL]DGRSRUOD6XSHULQWHQGHQFLD)LQDQFLHUDGH&RORPELD

$XQTXHSDUDHVWHHVTXHPDDSOLFDQODVPLVPDVQRUPDVGHUHYHODFLyQGHLQIRUPDFLyQ\SXEOLFLGDGGHORV
GHPiVQHJRFLRVLQPRELOLDULRVUHFXHUGHTXH

D /DV SDUWLFLSDFLRQHV ILGXFLDULDV QR RWRUJDQ GHUHFKRV \ REOLJDFLRQHV HTXLYDOHQWHV D ORV GH XQ
DFFLRQLVWDGHXQDVRFLHGDGFRPHUFLDO
D6XVGHUHFKRV\SDUWLFLSDFLyQVHGHWHUPLQDQGHDFXHUGRFRQORGHVFULWRHQHOFRQWUDWRGHILGXFLD
SRUORWDQWRHVIXQGDPHQWDOFRPSUHQGHUFODUDPHQWHFDGDXQDGHODVFOiXVXODVTXHFRPSRQHQHO
FRQWUDWR


6LGHFLGHLQYHUWLUHQSURGXFWRVILGXFLDULRVHQPDWHULDLQPRELOLDULDSUHJXQWHSRU

y /RVULHVJRVTXHDIURQWD
y /DIRUPDGHSDUWLFLSDFLyQHQODWRPDGHGHFLVLRQHVTXHDIHFWHQHOGHVDUUROORGHOSUR\HFWR
y /DLQIRUPDFLyQTXHOHVHUiVXPLQLVWUDGD
y 4XpSXHGHKDFHUVLQRHVWiGHDFXHUGRFRQGHFLVLRQHVDGRSWDGDVSRUORVyUJDQRVGHFLVRULRV
HVWDEOHFLGRVHQHOFRQWUDWR
y /DIRUPDFRPRVHUHVROYHUiQORVFRQIOLFWRV FRPRWULEXQDOHVGHDUELWUDPHQWRMXHFHVHQWUHRWURV

D6XSDUWLFLSDFLyQHQHOILGHLFRPLVRQROHGDGHUHFKRQLSDUWLFLSDFLRQHVHQODVRFLHGDGFRQVWUXFWRUD
RSURPRWRUDGHOSUR\HFWR

y 6XLQYHUVLyQORUHODFLRQDFRQHOSUR\HFWRREMHWRGHOILGHLFRPLVR\QRFRQHOFRQVWUXFWRUR
SURPRWRUGHOSUR\HFWR
y 3UHJXQWH SRU OD SDUWLFLSDFLyQ D PHGLDQR \ ODUJR SOD]R GHO FRQVWUXFWRU \R SURPRWRU GHO
SUR\HFWR HQ DOJXQRV FDVRV HVWRV FRQWLQ~DQ FRQ OD SURSLHGDG GH XQD IUDFFLyQ GH
SDUWLFLSDFLRQHVILGXFLDULDV
 D/RVEHQHILFLRVTXHHVSHUDUHFLELUGHSHQGHQGHOGHVHPSHxRGHOSUR\HFWRTXHDVXYH]VHYHQ
DIHFWDGRVSRUYDULDEOHVHFRQyPLFDV\SRUODPLVPDJHVWLyQGHORSHUDGRURDGPLQLVWUDGRU

y 'HQXQFLH VL HQ DOJ~Q PRPHQWR D WUDYpV GH XQ HVTXHPD GH FRPHUFLDOL]DFLyQ GH
SDUWLFLSDFLRQHVILGXFLDULDVOHJDUDQWL]DQUHQWDELOLGDGHV
y 5HFXHUGHTXHXVWHGHVWiUHDOL]DQGRXQDLQYHUVLyQGHUHFXUVRV12HVWiSUHVWiQGRORV
y (QHOFRQWUDWRGHEHHVWLSXODUVHODSHULRGLFLGDGHQTXHVHHIHFWXDUiQORVSDJRVGHODVXWLOLGDGHV
RODDVXQFLyQGHODVSpUGLGDVTXHDUURMHHOSUR\HFWR
y 'HEHWHQHUFODUDODIRUPDHQTXHVHFXDQWLILFDUiVXSDUWLFLSDFLyQ\VHYDORUDUiQORVGHUHFKRV
ILGXFLDULRV
y 3UHJXQWHVLHOSUR\HFWRWLHQHRWURVEHQHILFLRVDGLFLRQDOHV XVRGHLQVWDODFLRQHVSRUHMHPSOR \
VLpVWRVWLHQHQDOJ~QFRVWRDGLFLRQDORXQLPSDFWRVREUHHOEHQHILFLRHVSHUDGR

,PSRUWDQWH ,QGDJXH SRU ORV ULHVJRV \ ODV SUR\HFFLRQHV GH EHQHILFLRV TXH OH SUHVHQWHQ VREUH ORV

UHFXUVRVWyPHODVFRPRHVWLPDGDV\HQQLQJ~QPRPHQWRFRPRDOJRVHJXURRJDUDQWL]DGR

D/DILGXFLDULDQRJDUDQWL]DQLODYLDELOLGDGGHOSUR\HFWRQLVXDGHFXDGDRSHUDFLyQ1RFXEUHORV
ULHVJRVGHFRQVWUXFFLyQ\RORVULHVJRVILQDQFLHURVSURSLRVGHODLQYHUVLyQ

y (QODIDVHGHSUHYHQWDXQDGHODVPD\RUHVERQGDGHVGHOQHJRFLRILGXFLDULRHVTXHGXUDQWHOD
UHFHSFLyQ GH ORV UHFXUVRV \ DQWHV GHO LQLFLR GH OD FRQVWUXFFLyQ OD ILGXFLDULD PDQWLHQH
VHSDUDGRVVXVUHFXUVRVGHORVGHOFRQVWUXFWRU\GHORVGHPiVLQYHUVLRQLVWDVSRUORTXHVLHO
SXQWRGHHTXLOLEULRQRVHFXPSOHORVUHFXUVRVVHUiQGHYXHOWRV
y 8QDYH]DOFDQ]DGRHOSXQWRGHHTXLOLEULRORVUHFXUVRVGHORVLQYHUVLRQLVWDVVRQHQWUHJDGRVDO
FRQVWUXFWRUSDUDODHMHFXFLyQGHODREUD
y 'XUDQWHODHMHFXFLyQWDPELpQVHFRUUHQULHVJRVDMHQRVDODUHVSRQVDELOLGDGGHODILGXFLDULD
FRPRORVUHODFLRQDGRVFRQIHQyPHQRVQDWXUDOHVUHWUDVRV\RSUREOHPDVHQHOGLVHxRHQWUH
RWURV
 y 3UHJXQWH VL HO SUR\HFWR FXHQWD FRQ VHJXURV SyOL]DV  TXH OR DPSDUHQ IUHQWH D ORV ULHVJRV
PHQFLRQDGRVDQWHULRUPHQWHHVWROHSHUPLWLUiWHQHUXQDPD\RUVHJXULGDGHQVXLQYHUVLyQ
y $SDUWLUGHODWHUFHUDHWDSDODGHRSHUDFLyQHVFXDQGRHOSUR\HFWRLQLFLDODVDFWLYLGDGHVSDUD
ODVTXHKDVLGRGHVWLQDGR
y (QODIDVHGHRSHUDFLyQHVFXDQGRVXLQYHUVLyQSXHGHJHQHUDUEHQHILFLRVVLQHPEDUJRSXHGH
YHUVHDIHFWDGRSRURWURWLSRGHULHVJRVFRPRORVILQDQFLHURVGHJHVWLyQRSHUDWLYRV\OHJDOHV
HQWUHRWURV

D/DVSDUWLFLSDFLRQHVILGXFLDULDVSXHGHQWHQHUXQDQHJRFLDELOLGDGOLPLWDGDHQHOPHUFDGR

y $XQTXHHVWiKDFLHQGRXQDLQYHUVLyQODVSDUWLFLSDFLRQHVILGXFLDULDVQRWLHQHQXQPHUFDGR 
HQHOTXHVHQHJRFLHQFRPRORHVSRUHMHPSORHOGHODVDFFLRQHVHQOD%ROVDGH9DORUHVGH
&RORPELD
y /DQHJRFLDELOLGDGGHODVSDUWLFLSDFLRQHVHVPiVOLPLWDGD\GHSHQGHGHOLQWHUpVSURSLRGHODV
SHUVRQDVHQYHQGHU\HQFRPSUDU
y 6HGHEHWHQHUSUHVHQWHTXHVLHQDOJ~QPRPHQWRWLHQHODXUJHQFLDGHYHQGHUSXHGHDIHFWDU
QHJDWLYDPHQWHHOSUHFLRGHVXSDUWLFLSDFLyQ

/DILGXFLDULDWLHQHODIDFXOWDGGHQHJDUODYLQFXODFLyQGHXQWHUFHUR
SRUORTXHSDUDVXQHJRFLDFLyQUHTXLHUHODDSUREDFLyQH[SUHVDGHOD
VRFLHGDGILGXFLDULDFRQHOILQGHSUHYHQLUTXHVHXWLOLFHHVWDILJXUD
SDUDODYDGRGHDFWLYRVRILQDQFLDFLyQGHOWHUURULVPRHQWUHRWURV
 /RV FRQWUDWRV D WUDYpV GH ORV FXDOHV VH FRPHUFLDOL]DQ SDUWLFLSDFLRQHV ILGXFLDULDV GHEHQ FRQWHQHU
LQIRUPDFLyQ TXH XVWHG WLHQH GHUHFKR D FRQRFHU DQWHV GH OD YLQFXODFLyQ HQWUH pVWD HV LPSRUWDQWH
GHVWDFDU

y (OQ~PHURGHSDUWLFLSDFLRQHVDHQDMHQDU\OD FDOLGDGHVTXHGHEHQUHXQLU\ODVFDXVDOHVSDUD
LQGLFDFLyQGHODVRWUDVIXHQWHVGHUHFXUVRVTXH VXUHPRFLyQDVtFRPRHOyUJDQRHVWDEOHFLGR
FRQVWLWX\DQODFRQGLFLyQHFRQyPLFDSDUDLQLFLDU HQHOFRQWUDWRDFDUJRGHODDGRSFLyQGHWDOHV
FDGDXQDGHODVIDVHVGHSUR\HFWR GHFLVLRQHV
y /DV FRQGLFLRQHV ILQDQFLHUDV WpFQLFDV \ y / D  R E O L J D F L y Q  G H O  S U R P R W R U  G H  G D U
MXUtGLFDVTXHVHGHEHQFXPSOLUSDUDGDULQLFLRD F X P S O L P L H Q W R  D  O D V  G L V S R V L F L R Q H V  G H
ODV HWDSDV GH GHVDUUROOR GHO SUR\HFWR \ VX SXEOLFLGDG
RSHUDFLyQ y /RVFDQDOHVDWUDYpVGHORVFXDOHVODVRFLHGDG
y /DSURKLELFLyQH[SUHVDGHTXHHOFRQVWUXFWRU ILGXFLDULD UHPLWLUi \ VXPLQLVWUDUi D ORV
UHVSRQVDEOH GHO SUR\HFWR R ORV SURPRWRUHV ILGHLFRPLWHQWHVODLQIRUPDFLyQUHODFLRQDGDFRQ
DXWRUL]DGRV GLUHFWDPHQWH R SRU PHGLR GH VXV HOFXPSOLPLHQWRGHODILQDOLGDGGHOFRQWUDWR
DJHQWHVRHPSOHDGRV UHFLEDQGLQHURVGHORV y /DV UHJODV \ HO SURFHGLPLHQWR SDUD OOHYDU D
 DGTXLUHQWHVGHODVSDUWLFLSDFLRQHV\ODLQGLFDFLyQ FDER OD FHVLyQ GH ODV SDUWLFLSDFLRQHV ORV
GH TXH HO GHVHPEROVR GH ORV UHFXUVRV FXDOHV QR SXHGHQ LQFOXLU FRQGLFLRQDPLHQWRV
UHFDXGDGRVDWUDYpVGHOQHJRFLRILGXFLDULRVHUi TXHDIHFWHQLQMXVWLILFDGDPHQWHHOGHUHFKRGH
FRQ SRVWHULRULGDG DO PRPHQWR GH DOFDQ]DU HO ORV SDUWLFLSDQWHV GH FHGHU VX SRVLFLyQ
SXQWRGHHTXLOLEULR\FRQIRUPHDODVFRQGLFLRQHV FRQWUDFWXDOHQFXDOTXLHUPRPHQWRDVtFRPRHO
HVWDEOHFLGDVHQHOFRQWUDWRSDUDWDOILQ GHEHUGHODVRFLHGDGILGXFLDULDGHYHULILFDUHO
y /D LQGLFDFLyQ H[SUHVD GH FRQWDU FRQ XQ FXPSOLPLHQWRGHORVPLVPRVDOPRPHQWRGHOD
LQWHUYHQWRU DXGLWRU R DVHVRU H[WHUQR FHVLyQ
LQGHSHQGLHQWH GH ORV ILGHLFRPLWHQWHV TXLHQ y /DILGXFLDULDHVODYRFHUD\DGPLQLVWUDGRUDGH
GHEHUi VXSHUYLVDU ODV DFWLYLGDGHV DGHODQWDGDV SDWULPRQLR DXWyQRPR \ SRU HQGH VX
SRU HO SURPRWRU \R JHVWRU GXUDQWH WRGDV ODV R E O L J D F L y Q  H V  O D  G H  L Q I R U P D U  D  O R V
HWDSDVGHOILGHLFRPLVR 

ILGHLFRPLWHQWHVFXDOTXLHUVLWXDFLyQGHODFXDO
y /RVyUJDQRVDVHVRUHV\RDGPLQLVWUDGRUHV OOHJXH D WHQHU FRQRFLPLHQWR \ TXH DIHFWH HO
y (O SURFHGLPLHQWR SDUD OD GHVLJQDFLyQ \ FXPSOLPLHQWRGHODILQDOLGDGGHOQHJRFLR
UHHPSOD]R GHO SURPRWRU \R GHO RSHUDGRU ODV


'HDFXHUGRFRQODVUHJODVGHOD&LUFXODU([WHUQDGH
(QDTXHOORVHYHQWRVHQTXHHOSUR\HFWRHVWpUHODFLRQDGRFRQHOGHVDUUROORGHSUR\HFWRVGHFRQVWUXFFLyQODDFWLYLGDGGHOLQWHUYHQWRUVHUHJLUiSRUODVGLVSRVLFLRQHV


FRQWHQLGDVHQHOQXPHUDOGHO'HFUHWRGH\GHPiVQRUPDVTXHORPRGLILTXHQRDGLFLRQHQ
 $GLFLRQDOPHQWHHOFRQWUDWRPHGLDQWHHOFXDOXVWHGFRPRFRQVXPLGRUILQDQFLHURVHYLQFXOD
SDUWtFLSH GHEHLQFOXLUGHPDQHUDSUHFLVDL WRGDVODVFRQGLFLRQHVGHOQHJRFLRILGXFLDULRLL ORV
GHUHFKRV\REOLJDFLRQHVGHFDGDXQDGHODVSDUWHVLLL ODGXUDFLyQLY ODHVWLPDFLyQGHFRVWRVGHO
SUR\HFWR\Y ODVSHQDOLGDGHVSRULQFXPSOLPLHQWRGHODVSDUWHV

(VTXHPDGHSUHYHQWDV

(QHVWHHVTXHPDODIXQFLyQGHODILGXFLDULDHVUHFLELUORVGLQHURVGHVWLQDGRVDODVHSDUDFLyQGH
ORVLQPXHEOHVSRUSDUWHGHORVFRPSUDGRUHVGHXQLGDGHVKDVWDTXHVHFXPSODQODVFRQGLFLRQHV
WpFQLFDV\ILQDQFLHUDVHVWDEOHFLGDVHQHOFRQWUDWRORTXHFRP~QPHQWHVHFRQRFHFRPRDOFDQ]DU
HO³SXQWRGHHTXLOLEULR´

/RJUDGRHVWHSXQWRORVUHFXUVRVVRQHQWUHJDGRVDOFRQVWUXFWRUPRPHQWRHQHOFXDOILQDOL]DHO
REMHWRGHOFRQWUDWRGHHVWHWLSRGHILGXFLD

*HQHUDOPHQWH HVWRV UHFXUVRV VRQ LQYHUWLGRV HQ XQ )RQGR GH ,QYHUVLyQ &ROHFWLYD  ),& 


DGPLQLVWUDGR SRU OD VRFLHGDG ILGXFLDULD UHODFLRQDGD FRQ HO QHJRFLR DO FXDO HO FRQVXPLGRU
ILQDQFLHUR VH YLQFXOD PHGLDQWH XQ FRQWUDWR FRQ FRQGLFLRQHV XQLIRUPHV SDUD WRGRV ORV
FRQVXPLGRUHV FRQWUDWRGHDGKHVLyQ 

/RVUHFXUVRVGHORVLQYHUVLRQLVWDVVRQGHSRVLWDGRVHQGLFKRIRQGRHLQYHUWLGRVGHDFXHUGRFRQHO
UHJODPHQWRGHOIRQGRGHLQYHUVLyQKDVWDTXHVHFXPSODQORVUHTXLVLWRVSDUDHOGHVHPEROVRDO
FRQVWUXFWRU(QFDVRFRQWUDULRORVGLQHURVSHUPDQHFHUiQHQHOIRQGRKDVWDHOPRPHQWRGHKDFHU
ODGHYROXFLyQDORVLQYHUVLRQLVWDV

/DUHJXODFLyQVREUHHOWHPDODHQFRQWUDUiHQHO&DStWXOR,7tWXOR,,3DUWH,,&(GHGRQGHVHHQFXHQWUDQODVFDUDFWHUtVWLFDVGHUHFKRV\REOLJDFLRQHVUHODWLYDV


DHVWHSURGXFWR

3RUUHJXODFLyQHVWHSURGXFWRWDPELpQSXHGHVHUDGPLQLVWUDGRSRUODVVRFLHGDGHVFRPLVLRQLVWDVGHEROVDGHYDORUHV\ODVVRFLHGDGHVDGPLQLVWUDGRUDVGHLQYHUVLyQ
 3DUDWHQHUHQFXHQWD«

&RPHUFLDOL]D
D&XDQGRWUDQVILHUHORVUHFXUVRVDOD ILGXFLDULD
HOSUR\HFWR pVWD GHEH YHODU SRUTXH SUHYLR DO JLUR GH ORV
UHFXUVRV VH KD\DQ FXPSOLGR ODV FRQGLFLRQHV
WpFQLFDV\ILQDQFLHUDVGHVFULWDVHQHOFRQWUDWR
1SPZFDUP
£&RQy]FDODVSXHVSXHGHQVHUGLIHUHQWHVHQWUH
XQSUR\HFWR\RWUR
$PNQSBEPSFT
D,QIyUPHVHVREUHORVSOD]RVHQORVTXHVHHVWLPD
ORJUDU HO SXQWR GH HTXLOLEULR \ FXiOHV VRQ VXV

6XVFULEHQHQFDUJR GHUHFKRVHQFDVRGHTXHGLFKRVSOD]RVQRVH
$POTUSVDUPS
ILGXFLDULR\DSRUWDQ
UHFXUVRV
FXPSODQ\VHUHTXLHUDQSUyUURJDV
6XVFULEHHOFRQYHQLR
FRPHUFLDO
D$QDOLFHPX\ELHQODVPXOWDVTXHVHHVWLSXODQHQ
4PDJFEBE
'JEVDJBSJB FDVR GH TXH QR SXHGD FXPSOLU FRQ ORV SDJRV
,QYLHUWHORVUHFXUVRV DFRUGDGRV \ GHED GHVLVWLU GH OD FRPSUD DVt
9HULILFDHO
FXPSOLPLHQWR FRPRSRUHOUHWUDVRHQORVSDJRV
GHFRQGLFLRQHV

6L QR VH ORJUDQ FXPSOLU ODV D $OJXQDV ILGXFLDULDV  VyOR DGPLQLVWUDQ ORV
$GPLQLVWUDHQFDUJRV
ILGXFLDULRVLQGLYLGXDOHV
FRQGLFLRQHVVHGHYXHOYHQORV
GLQHURV D ORV FRPSUDGRUHV
UHFXUVRV HQ OD HWDSD GH SUHYHQWD \ XQD YH]
MXQWRFRQORVUHQGLPLHQWRV DOFDQ]DGR HO SXQWR GH HTXLOLEULR \D QR
'POEP
*OWFSTJØO 6LVHFXPSOHQODVFRQGLFLRQHV SDUWLFLSDQHQODHWDSDGHFRQVWUXFFLyQ,QGDJXH
GHJLURSDFWDGDVVHHQWUHJDQ
ORV UHFXUVRV DO FRQVWUXFWRU VREUH HO DOFDQFH GH OD SDUWLFLSDFLyQ GH OD
MXQWR FRQ ORV UHQGLPLHQWRV
S D U D  H O  G H V D U U R O O R  G H O ILGXFLDULD
SUR\HFWR
D/D PLVLyQ SULQFLSDO GH OD ILGXFLDULD HQ HVWH HVTXHPD HV YHULILFDU HO FXPSOLPLHQWR GH ORV
UHTXLVLWRVSUHYLRVDOJLURGHORVUHFXUVRVSHURQRSXHGHJDUDQWL]DUOHXQUHQGLPLHQWRGHORV
PLVPRV

D(VWDEOH]FDFRQFODULGDGTXpSDVDUiFRQORVUHQGLPLHQWRVGHHVRVUHFXUVRVXQDYH]ORJUDGRHOSXQWRGH
HTXLOLEULRSXHVHQDOJXQRVFDVRVVRQDERQDGRVDOYDORUGHFRPSUDTXHXVWHGGHEHSDJDUHQRWURV
FDVRVVHLQGLFDTXHORVUHQGLPLHQWRVVRQGHOFRQVWUXFWRUSRUORTXHVyOROHWHQGUiQHQFXHQWDHOGLQHUR
HIHFWLYDPHQWHDSRUWDGR

D6LXVWHGSDFWDHQHOFRQWUDWRTXHORVUHQGLPLHQWRVVRQGHOFRQVWUXFWRUODUHWHQFLyQHQODIXHQWHSRU
UHQGLPLHQWRVGHEHHVWDUDFDUJRGHpVWH

D&RPRJHQHUDOPHQWHORVUHFXUVRVHVWiQHQ)RQGRVGH,QYHUVLyQ&ROHFWLYDTXHSXHGHQOOHJDUDWHQHU
GHVYDORUL]DFLRQHVTXHDIHFWHQHOPRQWRGHORVUHFXUVRVDSRUWDGRVVHGHEHHVWLSXODUTXLpQDVXPHOD
SpUGLGDGHYDORUL]DFLyQGHGLFKRVUHFXUVRV
 
D/DILGXFLDULDQRUHVSDOGDSDWULPRQLDOPHQWHHOSUR\HFWRQLHVUHVSRQVDEOHGHORVDVSHFWRVWpFQLFRVGHO
PLVPRSRUORTXHVHUHFRPLHQGDLQGDJDUVREUHODVFREHUWXUDVGHOSUR\HFWR SyOL]DV \VLORVPLVPRV
FRQWDUiQFRQLQWHUYHQWRUHV

D,QIyUPHVHVREUHODWUD\HFWRULD\H[SHULHQFLDGHOFRQVWUXFWRUFDSDFLGDGHFRQyPLFDRWURVSUR\HFWRV
DGHODQWDGRVHVWDGRVILQDQFLHURVEDVHGHGDWRVGHODVDXWRULGDGHVDGPLQLVWUDWLYDVORFDOHV\FRQR]FD
ODVREOLJDFLRQHVGHOFRQVWUXFWRU\ODVGHODILGXFLDULD

D&RPRHQDOJXQRVHVTXHPDVODILGXFLDULDQRSDUWLFLSDQLUHYLVDODSURPHVDGHFRPSUDYHQWDLQIyUPHVH
VREUHODVREOLJDFLRQHVTXHDGTXLHUHDWUDYpVGHHVWHLQVWUXPHQWRMXUtGLFR

&RQR]FD D TXp WLHQH GHUHFKR HQ ODV UHQGLFLRQHV GH FXHQWDV UHODFLRQDGDV FRQ HVWH WLSR GH
QHJRFLRVHQHOQXPHUDO&DStWXOR,7tWXOR,,3DUWH,,GHOD&LUFXODU([WHUQDGHGHOD
6XSHULQWHQGHQFLD)LQDQFLHUDGH&RORPELD
 (VTXHPDLQPRELOLDULRFRPSOHWR

(VWHHVTXHPDLQFOX\HODIDVHGHSUHYHQWDODIDVHGHFRQVWUXFFLyQ\HQRFDVLRQHVODIDVHGH
HVFULWXUDFLyQGHORVSUR\HFWRV

$OLQFOXLUODIDVHGHFRQVWUXFFLyQVHFRQVWLWX\HXQSDWULPRQLRDXWyQRPRSDUDHQWUHJDUDWtWXOR
GHILGXFLDPHUFDQWLOHOORWHGRQGHVHFRQVWUXLUiHOSUR\HFWR(QpVWHVHUHJLVWUDQWRGRVORVFRVWRV
HQORVTXHVHLQFXUUHGXUDQWHHOGLVHxR\FRQVWUXFFLyQGHOSUR\HFWRHLQJUHVDQORVUHFXUVRVGHO
FRQVWUXFWRU\HQDOJXQRVFDVRVORVFUpGLWRVEDQFDULRVFRQORVTXHVHILQDQFLDODREUD ³FUpGLWR
FRQVWUXFWRU´ DVtFRPRVXVUHFXUVRVXQDYH]FXPSOLGRHOSXQWRGHHTXLOLEULR

'JEFJDPNJUFOUF
(FSFOUF
EFM
QSPZFDUP
 $SRUWDHOORWHDO3$
3UHYLRHVWXGLRGHWtWXORV 7FFEPS
P
&RQVWLWXFLyQGHO3DWULPRQLR
$XWyQRPR 3$ *OUFSWFOUPS

$WLHQGHLQVWUXFFLRQHV 'JEVDJBSJB
GHJLURSUHYLRYLVWR
EXHQRGHOLQWHUYHQWRU $XWRUL]DJLURVGHDFXHUGRDODYDQFH
GHREUD

7UDQVILHUHQUHFXUVRVGH (O3$LQYLHUWHORV
FXRWDVLQLFLDOHV UHFXUVRV

'POEP
*OWFSTJØO
7UDQVILHUHODV
1FSTPOBT
WJODVMBEBT XQLGDGHV
+LSRWHFDHOLQPXHEOH
BM
QSPZFDUP
DPNQSBEPSFT

'HFUHWDSXQWRGHHTXLOLEULR
(O3$DXWRUL]DODHQWUHJDGH
UHFXUVRV $POTUSVDUPS
(Q OD HWDSD GH FRQVWUXFFLyQ OD ILGXFLDULD WLHQH OD REOLJDFLyQ GH JLUDU ORV UHFXUVRV SUHYLD
YHULILFDFLyQ GH UHTXLVLWRV LQGLFDGRV HQ HO FRQWUDWR WDO FRPR SXHGH VHU OD DXWRUL]DFLyQ GHO
LQWHUYHQWRU

6LELHQODILGXFLDULDQRHVUHVSRQVDEOHGHORVULHVJRVWpFQLFRVGHODREUDGHEHHVWDUDWHQWDD
FXDOTXLHUKHFKRTXHSXHGDDIHFWDUVXWHUPLQDFLyQRTXHUHWUDVHORVSOD]RVSDUDLQIRUPDUOHVDORV
DGTXLULHQWHV

)LQDOL]DGDODFRQVWUXFFLyQLQLFLDODIDVHGHHVFULWXUDFLyQHQODTXHFRPRVHLQGLFySXHGHRQR
SDUWLFLSDUODVRFLHGDGILGXFLDULD


,QIyUPHVHDTXpWtWXOROHHQWUHJDUiQHOGHUHFKRGHGRPLQLRGHVXLQPXHEOH\ODV
LPSOLFDFLRQHV TXH WLHQH XQR X RWUR 7UDGLFLRQDOPHQWH HO DFWR MXUtGLFR TXH
FRUUHVSRQGHDHVWHWLSRGHWUDQVIHUHQFLDVHVODILJXUDGHFRPSUDYHQWD

6LWLHQHTXHMDVRGXGDVHQODHMHFXFLyQGHXQQHJRFLRILGXFLDULRFRPXQtTXHVHFRQHO'HIHQVRU
GHO&RQVXPLGRU)LQDQFLHURUHVSHFWLYR\RFRQOD6XSHULQWHQGHQFLD)LQDQFLHUDGH&RORPELDD
WUDYpVGHFXDOTXLHUDGHORVFDQDOHVSUHYLVWRV

5HFXHUGHODLQIRUPDFLyQHVODKHUUDPLHQWDPiVLPSRUWDQWHSDUDHYDOXDUODJHVWLyQGHOD ILGXFLDULD\
FRQRFHUHOHVWDGRGHVXLQYHUVLyQ
 )LQDOPHQWHHQODGLIXVLyQGHSURJUDPDVSXEOLFLWDULRVODILGXFLDULDGHEH

D([SOLFDU FRQ FODULGDG FXiO HV HO WLSR GH GHO GHVDUUROOR GH OD JHVWLyQ TXH HVWi
JHVWLyQTXHGHVDUUROODUiODILGXFLDULDHQHO GHVHPSHxDQGRHO ILGXFLDULRSDUDORFXDO
SUR\HFWRGHPDQHUDTXHUHVXOWHQFODURVH VHXWLOL]DFRPRPHFDQLVPRODVUHQGLFLRQHV
LQHTXtYRFRV ORV SDUiPHWURV GHQWUR GH ORV GHFXHQWDV
FXDOHV VH GHVDUUROODUi OD DFWLYLGDG GH OD
VRFLHGDGILGXFLDULD D,QGDJXH VL OD ILGXFLDULD HO SURPRWRU R
FRQVWUXFWRU FXHQWDQ FRQ RWURV PHGLRV GH
/RDQWHULRULPSOLFDH[SOLFDUORVGHUHFKRV\ GLYXOJDFLyQGHLQIRUPDFLyQTXHOHSHUPLWDQ
REOLJDFLRQHV TXH OH RWRUJD HO WLSR GH FRQRFHUHODYDQFHGHOSUR\HFWRHQHOTXH
YLQFXODFLyQDOQHJRFLRILGXFLDULRVHJ~QVH SDUWLFLSD DVt FRPR ORV KHFKRV PiV
 WUDWH GH XQD ILGXFLD GH DGPLQLVWUDFLyQ \ UHSUHVHQWDWLYRV
SDJRVGHWHVRUHUtDRGHSUHYHQWDV
D/DVVRFLHGDGHVILGXFLDULDVGHEHQSXEOLFDU
D(Q ORV SXQWRV GH YHQWD GH ORV SUR\HFWRV HQVXSiJLQDZHEORVPRGHORVGHFRQWUDWRV
LQPRELOLDULRV VH GHEHQ H[SRQHU DO S~EOLFR GH DGKHVLyQ \ GH SUHVWDFLyQ PDVLYD
FDUWHOHV R DILFKHV IiFLOPHQWH YLVLEOHV HQ DSUREDGRVSRUOD6)&LQGLFDQGRHOQ~PHUR
GRQGH VH H[SOLTXH GH PDQHUD VHQFLOOD HO GHUDGLFDFLyQ\ODIHFKDGHDSUREDFLyQ
IXQFLRQDPLHQWRGHO ILGHLFRPLVR\HOSDSHO
TXH GHVHPSHxD OD ILGXFLDULD GHQWUR GHO D(QODVDODGHYHQWDVGHOSUR\HFWRGHEHUiQ
SUR\HFWR SXEOLFDU XQD FRSLD DO PHQRV HQ WDPDxR
RULJLQDO GH OD SUHVHQWH FDUWLOOD \ GHEHUiQ
D/DV ILGXFLDULDV WLHQHQ OD REOLJDFLyQ GH HQWUHJDUOH XQD FRSLD GH pVWD MXQWR FRQ HO
PDQWHQHULQIRUPDGRVDORVSDUWLFLSDQWHVGHO FRQWUDWR
QHJRFLR ILGXFLDULR VREUH OD VXHUWH GH ORV
UHVSHFWLYRVQHJRFLRVILGXFLDULRVDVtFRPR
683(5,17(1'(1&,$),1$1&,(5$'(&2/20%,$

$BMMF

/P




#PHPUÈ
%$
$PONVUBEPS

$FOUSP
EF
DPOUBDUP


TVQFS!TVQFSGJOBODJFSBHPWDP

XXXTVQFSGJOBODJFSBHPWDP
7FOUBOJMMB
ÁOJDB
7JSUVBM

TVQFSJOUFOEFODJBGJOBODJFSB

!4'$TVQFSWJTPS

TVQFSGJOBODJFSB

TVQFSGJOBODJFSBDPM