6DOXGUHSURGXFWLYD 25*$1,=$&,Ï1081',$/'(/$6$/8'

(1)

&216(-2(-(&87,92 (%$GG

UHXQLyQ GHGLFLHPEUHGH

3XQWRGHORUGHQGHOGtDSURYLVLRQDO

6DOXGUHSURGXFWLYD

3UR\HFWRGHHVWUDWHJLDSDUDDFHOHUDUHODYDQFHKDFLDHOORJUR GHORVREMHWLYRV\PHWDVLQWHUQDFLRQDOHVGHGHVDUUROOR

(O'LUHFWRU*HQHUDOWUDQVPLWHDGMXQWRDO&RQVHMR(MHFXWLYRSDUDVXFRQVLGHUDFLyQHOSUR\HFWR GHHVWUDWHJLDSDUDDFHOHUDUHODYDQFHKDFLDODFRQVHFXFLyQGHORVREMHWLYRV\PHWDVLQWHUQDFLRQDOHVGH GHVDUUROORUHODFLRQDGRVFRQODVDOXGUHSURGXFWLYD

(2)

(3)

$1(;2

6$/8'5(352'8&7,9$

**352<(&72'((675$7(*,$3$5$$&(/(5$5(/$9$1&(**

**+$&,$(//2*52'(/262%-(7,926<0(7$6,17(51$&,21$/(6 '('(6$552//2**

,1752'8&&,Ï1

/DVDOXGUHSURGXFWLYD\VH[XDOHVIXQGDPHQWDOSDUDODVSHUVRQDVODVSDUHMDV\ODVIDPLOLDVDVt FRPRSDUDHOGHVDUUROORVRFLDO\HFRQyPLFRGHODVFRPXQLGDGHV\QDFLRQHV3UHRFXSDGDSRUODOHQWL WXGGHORVDYDQFHVORJUDGRVGXUDQWHHOSDVDGRGHFHQLRKDFLDODPHMRUDGHODVDOXGUHSURGXFWLYD\VH [XDO\FRQVFLHQWHGHTXHORVREMHWLYRVLQWHUQDFLRQDOHVGHGHVDUUROORQRVHDOFDQ]DUtDQVLQXQUHQRYDGR FRPSURPLVRGHODFRPXQLGDGLQWHUQDFLRQDOOD$VDPEOHD0XQGLDOGHOD6DOXGDGRSWyODUHVROXFLyQ :+$HQODTXHSHGtDDOD206TXHHODERUDVHXQDHVWUDWHJLDSDUDDFHOHUDUHODYDQFHKDFLDOD FRQVHFXFLyQGHORV REMHWLYRV \ PHWDV LQWHUQDFLRQDOHV GH GHVDUUROORUHODFLRQDGRVFRQ OD VDOXGUHSUR GXFWLYD(QODFLWDGDUHVROXFLyQVHUHDILUPDQORVSURJUDPDV\SODQHVGHDFFLyQDFRUGDGRVSRUORVJR ELHUQRVHQOD&RQIHUHQFLD,QWHUQDFLRQDOVREUHOD3REODFLyQ\HO'HVDUUROOR(O&DLUR\OD&XDUWD

&RQIHUHQFLD0XQGLDOVREUHOD0XMHU%HLMLQJGHODV1DFLRQHV8QLGDV\VXVUHVSHFWLYDVFRQIH UHQFLDVGHVHJXLPLHQWRFHOHEUDGDVDOFDERGHFLQFRDxRV

(QUHVSXHVWDDHVDUHVROXFLyQ\HQFRQVRQDQFLDFRQODVFRQVXOWDVFHOHEUDGDVFRQORV(VWDGRV 0LHPEURV\RWURVDVRFLDGRVOD206KDSUHSDUDGRXQSUR\HFWRGHHVWUDWHJLDTXHVHEDVDHQODVPHGL GDVDGRSWDGDVSRUORV(VWDGRV0LHPEURVGHFRQIRUPLGDGFRQODUHVROXFLyQ:+$6DOXGUHSUR GXFWLYDIXQFLyQGHOD206HQODHVWUDWHJLDPXQGLDOHQODTXHVHLQVWDEDDORV(VWDGRV0LHPEURVD TXHVLJXLHUDQHODERUDQGR\IRUWDOHFLHQGRVXVSURJUDPDVGHVDOXGUHSURGXFWLYD

(OSUR\HFWRGHHVWUDWHJLDGHVFULWRHQHOSUHVHQWHGRFXPHQWRYDGHVWLQDGRDXQDPSOLRS~EOLFR LQWHJUDGRSRULQVWDQFLDVQRUPDWLYDVGHRUJDQLVPRVLQWHUQDFLRQDOHVJRELHUQRVDVRFLDFLRQHVSURIHVLR QDOHVRUJDQL]DFLRQHVQRJXEHUQDPHQWDOHV\RWUDVLQVWLWXFLRQHV(QODSDUWH,VHGRFXPHQWDQODVSULQ FLSDOHVGLVFUHSDQFLDVHQWUHORVREMHWLYRVPXQGLDOHV\ODVUHDOLGDGHVPXQGLDOHV\VHGHVFULEHQORVSULQ FLSDOHVREVWiFXORVSDUDHODGHODQWRVHxDODQGRHQSDUWLFXODUODVGHVLJXDOGDGHVHQWUHORVVH[RVODSREUH ]D\HOQLYHOGHH[SRVLFLyQGHORVDGROHVFHQWHVDORVULHVJRV(QODSDUWH,,VHRIUHFHXQDGHVFULSFLyQ GHWDOODGDGHOSUR\HFWRGHHVWUDWHJLDTXHVHLQVSLUDHQSULQFLSLRVEDVDGRVHQORVGHUHFKRVKXPDQRVUH FRQRFLGRVLQWHUQDFLRQDOPHQWH7UDVGHVWDFDUORVDVSHFWRVIXQGDPHQWDOHVGHORVVHUYLFLRVGHVDOXGUH SURGXFWLYD\VH[XDOVHVXJLHUHQPRGRVSDUDODDGRSFLyQGHHQIRTXHVLQQRYDGRUHVSRUORVSDtVHV\OD 2UJDQL]DFLyQ3RU~OWLPRVHUHDILUPDHOFRPSURPLVRLQVWLWXFLRQDOGHOD206GHFRODERUDUFRQVXV DVRFLDGRVSDUDDOHQWDU\DSR\DUDORV(VWDGRV0LHPEURVHQVXVHVIXHU]RVHQFDPLQDGRVDDOFDQ]DUORV 2EMHWLYRVGH'HVDUUROORGHO0LOHQLRGHODV1DFLRQHV8QLGDV\RWUDVPHWDVLQWHUQDFLRQDOPHQWHFRQYH QLGDVUHODFLRQDGDVFRQODVDOXGUHSURGXFWLYD\VH[XDO

/DGHILQLFLyQGHVDOXGUHSURGXFWLYDSURSXHVWDSRUOD206\DSUREDGDHQOD&RQIHUHQFLD,QWHUQDFLRQDOVREUHOD 3REODFLyQ\HO'HVDUUROORLQFOX\HODVDOXGVH[XDOYpDVHHOUHFXDGURTXHILJXUDHQODS

(4)

, 2%-(7,926081',$/(6<5($/,'$'(6081',$/(6

/RV2EMHWLYRVGH'HVDUUROORGHO0LOHQLRGHQRPLQDGRVHQDGHODQWH©ORV2EMHWLYRVªGLPDQDQ WHVGHOD'HFODUDFLyQGHO0LOHQLRDGRSWDGDHQSRUSDtVHVRIUHFHQXQQXHYRPDUFRLQVWLWX FLRQDOSDUDHYDOXDUORVSURJUHVRVUHDOL]DGRVKDFLDHOGHVDUUROORVRVWHQLEOH\ODHOLPLQDFLyQGHODSREUH ]D 'H ORV RFKR 2EMHWLYRV WUHV PHMRUDU OD VDOXG PDWHUQD UHGXFLU OD PRUWDOLGDG \ FRPEDWLU HO 9,+6,'$HOSDOXGLVPR\RWUDVHQIHUPHGDGHVHVWiQGLUHFWDPHQWHYLQFXODGRVFRQODVDOXGUHSUR GXFWLYD\VH[XDOPLHQWUDVTXHRWURVFXDWURHUUDGLFDUODSREUH]DH[WUHPD\HOKDPEUHORJUDUODHQVH xDQ]DSULPDULDXQLYHUVDOSURPRYHUODLJXDOGDGHQWUHORVVH[RV\ODDXWRQRPtDGHODPXMHU\JDUDQWL]DU ODVRVWHQLELOLGDGGHOPHGLRDPELHQWHJXDUGDQXQDHVWUHFKDUHODFLyQFRQODVDOXGLQFOXLGDODVDOXG UHSURGXFWLYD(QWUHODVPHWDVHVSHFtILFDVILJXUDQODVTXHVLJXHQ

UHGXFLUHQWUH\ODPRUWDOLGDGPDWHUQDHQWUHVFXDUWDVSDUWHV

UHGXFLUHQGRVWHUFHUDVSDUWHVHQWUH\ODPRUWDOLGDGGHORVQLxRVPHQRUHVGHFLQ FRDxRV

KDEHUGHWHQLGR\FRPHQ]DGRDUHGXFLUSDUDHODxRODSURSDJDFLyQGHO9,+6,'$

(QHQHOYLJpVLPRSULPHUSHULRGRH[WUDRUGLQDULRGHVHVLRQHVGHOD$VDPEOHD*HQHUDOVH DFRUGyXQDVHULHGHSDUiPHWURVDGLFLRQDOHVSDUDHYDOXDUODHMHFXFLyQGHO3URJUDPDGH$FFLyQGHOD

&RQIHUHQFLD,QWHUQDFLRQDOVREUHOD3REODFLyQ\HO'HVDUUROOR$VtSRUHMHPSORSDUDODSURSRU FLyQGHSDUWRVDVLVWLGRVSRUSHUVRQDOFDOLILFDGRGHEHUtDDOFDQ]DUXQDPHGLDPXQGLDOGHO\VLWXDUVH DOPHQRVHQXQHQORVSDtVHVFRQDOWDVWDVDVGHPRUWDOLGDGPDWHUQD

/DGHILQLFLyQGHVDOXGUHSURGXFWLYDDGRSWDGDHQHQOD&RQIHUHQFLD,QWHUQDFLRQDOVREUHOD 3REODFLyQ\HO'HVDUUROORYpDVHHOUHFXDGURHVSHFLILFDODVFDUDFWHUtVWLFDVHVHQFLDOHVTXHGLIHUHQFLDQ ODVDOXGUHSURGXFWLYD\VH[XDOGHORVGHPiVFDPSRVGHODVDOXG/DVDOXGVH[XDOQRVHOLPLWDDOSHULR GRUHSURGXFWLYRGHXQDSHUVRQD\HVWiHVWUHFKDPHQWHUHODFLRQDGDFRQGLYHUVRVIDFWRUHVVRFLRFXOWXUD OHVODVIXQFLRQHVFDUDFWHUtVWLFDVGHXQRXRWURVH[R\HOUHVSHWR\ODSURWHFFLyQGHORVGHUHFKRVKXPD QRVHQHVSHFLDODXQTXHQRH[FOXVLYDPHQWHORVUHODFLRQDGRVFRQODVH[XDOLGDG\ODVUHODFLRQHVLQ WHUSHUVRQDOHV

'HILQLFLyQGHVDOXGUHSURGXFWLYD\VH[XDO\GHGHUHFKRVUHSURGXFWLYRV\VH[XDOHV UHFRJLGDHQHO3URJUDPDGH$FFLyQGHOD&RQIHUHQFLD,QWHUQDFLRQDO

VREUHOD3REODFLyQ\HO'HVDUUROOR

³/DVDOXGUHSURGXFWLYDHVXQHVWDGRJHQHUDOGHELHQHVWDU ItVLFR PHQWDO \ VRFLDO \ QR GH PHUD DXVHQFLD GH HQIHUPHGDGHV R GROHQFLDV HQ WRGRV ORV DVSHFWRV UHODFLRQDGRV FRQ HO VLVWHPD UHSURGXFWLYR \ VXV IXQFLRQHV \ SURFHVRV (Q FRQVHFXHQFLD OD VDOXG UHSURGXFWLYD HQWUDxD OD FDSDFLGDGGHGLVIUXWDUGHXQDYLGDVH[XDOVDWLVIDFWRULD\VLQULHVJRV\GHSURFUHDU\ODOLEHUWDGSDUD GHFLGLUKDFHUORRQRKDFHUORFXiQGR\FRQTXpIUHFXHQFLD(VWD~OWLPDFRQGLFLyQOOHYDLPSOtFLWRHO GHUHFKR GHO KRPEUH \ OD PXMHU D REWHQHU LQIRUPDFLyQ \ GH SODQLILFDFLyQ GH OD IDPLOLD GH VX HOHFFLyQDVtFRPRDRWURVPpWRGRVSDUDODUHJXODFLyQGHODIHFXQGLGDGTXHQRHVWpQOHJDOPHQWH SURKLELGRV \ DFFHVR D PpWRGRV VHJXURV HILFDFHV DVHTXLEOHV \ DFHSWDEOHV HO GHUHFKR D UHFLELU VHUYLFLRVDGHFXDGRVGHDWHQFLyQGHODVDOXGTXHSHUPLWDQORVHPEDUD]RV\ORVSDUWRVVLQULHVJRV\

GHQ D ODV SDUHMDV ODV Pi[LPDV SRVLELOLGDGHV GH WHQHU KLMRV VDQRV (Q FRQVRQDQFLD FRQ HVWD GHILQLFLyQGHVDOXGUHSURGXFWLYDODDWHQFLyQGHODVDOXGUHSURGXFWLYDVHGHILQHFRPRHOFRQMXQWR

1DFLRQHV8QLGDVGRFXPHQWR$6$GGSiUU

(5)

GHPpWRGRVWpFQLFDV\VHUYLFLRVTXHFRQWULEX\HQDODVDOXG\DOELHQHVWDUUHSURGXFWLYRVDOHYLWDU\

UHVROYHUORVSUREOHPDVUHODFLRQDGRVFRQODVDOXGUHSURGXFWLYD,QFOX\HWDPELpQODVDOXGVH[XDO FX\R REMHWLYR HV HO GHVDUUROOR GH OD YLGD \ GH ODV UHODFLRQHV SHUVRQDOHV \ QR PHUDPHQWH HO DVHVRUDPLHQWR\ODDWHQFLyQHQPDWHULDGHUHSURGXFFLyQ\GHHQIHUPHGDGHVGHWUDQVPLVLyQVH[XDO´

3iUUDIR

³7HQLHQGRHQFXHQWDODGHILQLFLyQTXHDQWHFHGHORVGHUHFKRVUHSURGXFWLYRVDEDUFDQFLHUWRV GHUHFKRV KXPDQRV TXH \D HVWiQ UHFRQRFLGRV HQ ODV OH\HV QDFLRQDOHV HQ ORV GRFXPHQWRV LQWHUQDFLRQDOHVVREUHGHUHFKRVKXPDQRV\HQRWURVGRFXPHQWRVSHUWLQHQWHVGHODV1DFLRQHV8QLGDV DSUREDGRVSRUFRQVHQVR(VRVGHUHFKRVVHEDVDQHQHOUHFRQRFLPLHQWRGHOGHUHFKREiVLFRGHWRGDV ODVSDUHMDVHLQGLYLGXRVDGHFLGLUOLEUH\UHVSRQVDEOHPHQWHHOQ~PHURGHKLMRVHOHVSDFLDPLHQWRGH ORVQDFLPLHQWRV\HOLQWHUYDORHQWUHpVWRV\DGLVSRQHUGHODLQIRUPDFLyQ\GHORVPHGLRVSDUDHOOR\

HOGHUHFKRDDOFDQ]DUHOQLYHOPiVHOHYDGRGHVDOXGVH[XDO \UHSURGXFWLYD7DPELpQLQFOX\HVX GHUHFKRDDGRSWDUGHFLVLRQHVUHODWLYDVDODUHSURGXFFLyQVLQVXIULUGLVFULPLQDFLyQFRDFFLRQHV QL YLROHQFLD GH FRQIRUPLGDG FRQ OR HVWDEOHFLGR HQ ORV GRFXPHQWRV GH GHUHFKRV KXPDQRV´

3iUUDIR

BBBBBBBBBBBBBBBB

1DFLRQHV8QLGDVGRFXPHQWR$&21),QIRUPHGHOD&,3'

/DDGRSFLyQGHHVWDVGHILQLFLRQHVLQWHJUDOHVHQOD&RQIHUHQFLD,QWHUQDFLRQDOVREUHOD3REODFLyQ

\HO'HVDUUROORPDUFyHOLQLFLRGHXQDQXHYDHUD\ORVORJURVDOFDQ]DGRVGXUDQWHHO~OWLPRGHFHQLRVRQ QXPHURVRV\GHHQYHUJDGXUD3RUHMHPSORORVFRQFHSWRVGHVDOXGUHSURGXFWLYD\VH[XDO\GHGHUHFKRV UHSURGXFWLYRV \ VH[XDOHV \D HVWiQ DPSOLDPHQWH DFHSWDGRV DXQTXH FRQFRQWDGDV H[FHSFLRQHV \ KDQ HPSH]DGRDVHUXWLOL]DGRVSRUODVLQVWLWXFLRQHVLQWHUQDFLRQDOHVHVSHFLDOL]DGDVHQFXHVWLRQHVGHVDOXG\

GHVDUUROORORVJRELHUQRVQDFLRQDOHVODVRUJDQL]DFLRQHVQRJXEHUQDPHQWDOHV\RWURVDFWRUHV(QSUiF WLFDPHQWHWRGRVORVSDtVHV\DVHDQGHVDUUROODGRVHQGHVDUUROORRHQWUDQVLFLyQVHKDQGHILQLGRQXHYDV SROtWLFDV\SURJUDPDVGHVDOXGUHSURGXFWLYD6XDGRSFLyQKDSURGXFLGRHQDOJXQRVOXJDUHVFDPELRV QRWDEOHVHQORVPRGRVFRQYHQFLRQDOHVGHSUHVWDFLyQGHORVVHUYLFLRVGHVDOXGPDWHUQRLQIDQWLO\SODQL ILFDFLyQIDPLOLDU

$GHPiVGHDGRSWDUVHHVWDYLVLyQ\HVWHFRPSURPLVRPXQGLDOHVHQORWRFDQWHDODVDOXGUHSUR GXFWLYD\VH[XDOVHKDQIRUMDGRQXHYDVDOLDQ]DVDQLYHOGHSDtVHVUHJLRQDO\PXQGLDO$VLPLVPRVH KDQUHFDEDGRQXHYRVGDWRVHQ]RQDVSUHYLDPHQWHGHVDWHQGLGDVFRPRSRUHMHPSORODFDUJDGHPRUELOL GDGDWULEXLEOHDORVSUREOHPDVGHVDOXGUHSURGXFWLYD\VH[XDORVXUHODFLyQFRQODSREUH]D\ODYLROHQ FLDGHJpQHUR(OQ~PHURGHSUiFWLFDVySWLPDVHQPDWHULDGHVDOXGUHSURGXFWLYD\VH[XDOEDVDGDVHQ FULWHULRVFLHQWtILFRVKDUHJLVWUDGRXQDXPHQWRVXVWDQFLDOTXHKDYHQLGRDFRPSDxDGRGHXQDDPSOLD FLyQGHODVLQYHVWLJDFLRQHVFOtQLFDV\FRPSRUWDPHQWDOHV\ODUHFRSLODFLyQGHFULWHULRVQRUPDV\GLUHF WULFHVLQWHUQDFLRQDOPHQWHUHFRQRFLGRV

/DH[SHULHQFLDKDGHPRVWUDGRTXHLQFOXVRHQORVHQWRUQRVGHLQJUHVRVEDMRVORVHQIRTXHVLQQR YDGRUHVFRQFHELGRVSDUDSDtVHVHVSHFtILFRVSXHGHQSURSLFLDUUHGXFFLRQHVFRQVLGHUDEOHVSRUHMHPSOR HQODPRUWDOLGDG\PRUELOLGDGPDWHUQDV(OGHVDItRFRQVLVWHDKRUDHQIRUPXODUHVWUDWHJLDVQDFLRQDOHV QRYHGRVDVTXHWHQJDQSRUREMHWRDVHJXUDUODDFFHVLELOLGDGGHORVVHUYLFLRVGHVDOXGSDUDODVSHUVRQDV TXHPiVORVQHFHVLWHQFRPRORVDGROHVFHQWHV\ORVSREUHVGHPRGRTXHVHSXHGDQDOFDQ]DUORVREMHWL YRVLQWHUQDFLRQDOHV&RPRVHGHVSUHQGHGHORVGDWRVSUHVHQWDGRVDFRQWLQXDFLyQQXPHURVRVSDtVHV DFXVDQHQODDFWXDOLGDGWDVDVSHUVLVWHQWHPHQWHHOHYDGDVGHPRUWDOLGDG\PRUELOLGDGPDWHUQDVPRUWDOL GDG SHULQDWDO LQIHFFLRQHV GHO DSDUDWR UHSURGXFWRU H LQIHFFLRQHV GH WUDQVPLVLyQ VH[XDO LQFOXLGR HO 9,+HPEDUD]RVQRGHVHDGRVDERUWRVSHOLJURVRV\FRPSRUWDPLHQWRVVH[XDOHVGHULHVJR

(6)

6LWXDFLyQPXQGLDO

(PEDUD]RVSDUWRV\VDOXGGHOUHFLpQQDFLGR

6HJ~QODVHVWLPDFLRQHVTXHGDQHPEDUD]DGDVFDGDDxRPLOORQHVGHPXMHUHVGHODVFXDOHV XQRVRFKRPLOORQHVSDGHFHQFRPSOLFDFLRQHVSRWHQFLDOPHQWHPRUWDOHVUHODFLRQDGDVFRQHOHPEDUD]R TXHHQPXFKRVFDVRVSURYRFDQHQIHUPHGDGHV\ GLVFDSDFLGDG SURORQJDGDV 6HFDOFXOD TXH HQ IDOOHFLHURQPXMHUHVGXUDQWHHOHPEDUD]RRHOSDUWRGHELGRDFDXVDVJHQHUDOPHQWHSUHYHQLEOHV (QHOSODQRPXQGLDOODWDVDGHPRUWDOLGDGPDWHUQDQRKDUHJLVWUDGRFDPELRVVLJQLILFDWLYRVGXUDQWHHO

~OWLPRGHFHQLR

/DVGHVLJXDOGDGHVUHJLRQDOHVVRQHQRUPHVHOGHODVGHIXQFLRQHVPDWHUQDVVHFRQFHQWUDHQ ORVSDtVHVHQGHVDUUROOR(OULHVJRGHGHIXQFLyQUHODFLRQDGDFRQODPDWHUQLGDGDORODUJRGHODYLGDHV GHHQWUHHQHOÈIULFDVXEVDKDULDQD\GHHQWUHHQ$VLD6XGRULHQWDOIUHQWHDHQWUHHQ ORVSDtVHVLQGXVWULDOL]DGRV

/DPD\RUtDGHODVGHIXQFLRQHVPDWHUQDVVHGHEHQDFRPSOLFDFLRQHVGXUDQWHHOSDUWRSRUHMHP SORSDUWRVVHYHUDPHQWHREVWUXLGRVVREUHWRGRHQHOFDVRGHSULPHURVHPEDUD]RVSUHFRFHVKHPR UUDJLDV\FRPSOLFDFLRQHVKLSHUWHQVLYDVHQHOSXHUSHULRVHSWLFHPLD\KHPRUUDJLDVRWUDVXQDERUWR SHOLJURVR(QWUHORVIDFWRUHVFRP~QPHQWHDVRFLDGRVDHVDVGHIXQFLRQHVFDEHFLWDUODDXVHQFLDGHSHU VRQDOGHVDOXGFDOLILFDGRGXUDQWHHOSDUWRODIDOWDGHVHUYLFLRVFDSDFHVGHDVHJXUDUXQDDWHQFLyQREV WpWULFDGHXUJHQFLD\GHUHVSRQGHUDODVFRPSOLFDFLRQHVUHODFLRQDGDVFRQORVDERUWRVSHOLJURVRV\OD LQHILFDFLDGHORVVLVWHPDVGHHQYtRGHSDFLHQWHV

0iVGHOGHODVPXMHUHVTXHYLYHQHQODVUHJLRQHVPiVSREUHVGHOSODQHWDHOSRUFHQWDMH VXSHUDHQDOJXQRVSDtVHVHOGDQDOX]VLQODD\XGDGHXQDVLVWHQWHGHSDUWHUtDFDOLILFDGR(QHO ÈIULFDVXEVDKDULDQDHVDSURSRUFLyQQRKDYDULDGRGXUDQWHHO~OWLPRGHFHQLR(QORVSDtVHVLQGXVWULDOL ]DGRVORVVHUYLFLRVGHDWHQFLyQSUHQDWDOHVWiQGLVSRQLEOHV\VRQDPSOLDPHQWHXWLOL]DGRV(QFDPELRD ILQDOHVGHOGHFHQLRGHSUiFWLFDPHQWHODPLWDGGHODVPXMHUHVHPEDUD]DGDVGHO$VLDPHULGLRQDO\

XQDWHUFHUDSDUWHGHODVPXMHUHVGHODVUHJLRQHVGHO$VLDRFFLGHQWDO\HOÈIULFDVXEVDKDULDQDQRUHFLELH URQQLQJ~QWLSRGHDVLVWHQFLDSUHQDWDOPLHQWUDVTXHHQHO$VLDRULHQWDO\HQODUHJLyQGH$PpULFD/DWL QD\HO&DULEHHVDSURSRUFLyQHUDLQIHULRUDXQDTXLQWDSDUWH

'HORVPLOORQHVGHGHIXQFLRQHVGHQLxRVPHQRUHVGHFLQFRDxRVUHJLVWUDGDVHQHOPXQGR HQWHURPLOORQHVVHSURGXFHQGXUDQWHORVVLHWHSULPHURVGtDVGHOSHULRGRQHRQDWDO$GHPiVVHFDO FXODTXHPLOORQHVGHQLxRVQDFHQPXHUWRV0XFKDVGHHVDVGHIXQFLRQHVHVWiQUHODFLRQDGDVFRQHO PDOHVWDGRGHVDOXGGHODPDGUH\FRQODIDOWDGHFXLGDGRVDSURSLDGRVGXUDQWHHOHPEDUD]RHOSDUWR

\HO SRVSDUWR (Q ORV SDtVHV HQ GHVDUUROORODWDVD GH PRUWDOLGDG QHRQDWDO GHIXQFLyQ HQ ORV SULPH URVGtDV GH YLGD TXH VLJXH VLHQGR OD PLVPD TXH D FRPLHQ]RV GHO GHFHQLR GH DVFLHQGH D XQDVGHIXQFLRQHVSRUFDGDQDFLGRVYLYRV3RURWUDSDUWHODGHIXQFLyQGHXQDPDGUHSXHGH FRPSURPHWHUVHULDPHQWHODVXSHUYLYHQFLDGHVXVKLMRV

3RU©DVLVWHQWHVGHSDUWHUtDFDOLILFDGRVªR©SHUVRQDOVDQLWDULRFDOLILFDGRªVHHQWLHQGHSURIHVLRQDOHVGHODVDOXGSRU HMHPSORSDUWHUDVPpGLFRVRHQIHUPHURVTXHKDQUHFLELGRODIRUPDFLyQDSURSLDGD\WLHQHQODFRPSHWHQFLDQHFHVDULDSDUD SUHVWDUDWHQFLyQHQSDUWRVQRUPDOHV\GXUDQWHHOSXHUSHULR\TXHVRQFDSDFHVGHGHWHFWDUSRVLEOHVFRPSOLFDFLRQHV\FXDQGR VHDQHFHVDULRIDFLOLWDUFXLGDGRVGHXUJHQFLD\RGHULYDUORVFDVRVDQLYHOHVVXSHULRUHVGHDVLVWHQFLDVDQLWDULD

(7)

3ODQLILFDFLyQIDPLOLDU

/DWDVDGHXWLOL]DFLyQGHDQWLFRQFHSWLYRVKDDXPHQWDGR VXVWDQFLDOPHQWH HQ PXFKRV SDtVHVHQ GHVDUUROORDFHUFiQGRVHHQDOJXQRVFDVRVDORVQLYHOHVGHORVSDtVHVGHVDUUROODGRV6LQHPEDUJRODV HQFXHVWDVLQGLFDQTXHHQPXFKRVSDtVHVHQGHVDUUROOR\SDtVHVHQWUDQVLFLyQPiVGHPLOORQHVGH SDUHMDVQRYHQDWHQGLGDVVXVQHFHVLGDGHVSDUDXQDDQWLFRQFHSFLyQVHJXUD\HILFD]SHVHDVXH[SUHVR GHVHRGHHYLWDURHVSDFLDUIXWXURVHPEDUD]RV

(QWUHXQ\XQGHODVPXMHUHVFDVDGDVLQFOXLGDVODVTXHYLYHQHQFRQFXELQDWRQRWLH QHQFXELHUWDVVXVQHFHVLGDGHVGHSODQLILFDFLyQIDPLOLDU/RVGDWRVVXJLHUHQTXHWDPELpQH[LVWHQQHFH VLGDGHVGHVDWHQGLGDVHQWUHORVDGROHVFHQWHV\DGXOWRVVROWHURVVH[XDOPHQWHDFWLYRV&DGDDxRVHUH JLVWUDQXQRVPLOORQHVGHHPEDUD]RVLQYROXQWDULRVRQRGHVHDGRVGHORVTXHDOJXQRVVHGHEHQDID OODVDQWLFRQFHSWLYDVSXHVWRTXHQRH[LVWHQLQJ~QPpWRGRHILFD]DO

$ERUWRVSHOLJURVRV

6H HVWLPD TXH GH ORV PLOORQHV DSUR[LPDGDPHQWH GH HPEDUD]RV LQYROXQWDULRV TXH VH LQWH UUXPSHQFDGDDxRXQRVPLOORQHVVRQREMHWRGHDERUWRVSHOLJURVRV(OGHOFRQMXQWRGHORV DERUWRVSHOLJURVRVVHGDHQMyYHQHVFRQHGDGHVFRPSUHQGLGDVHQWUHORV\ORVDxRV6HJ~QODV HVWLPDFLRQHVORVDERUWRVSHOLJURVRVVHFREUDQFDGDDxRODYLGDGHPXMHUHVORTXHUHSUHVHQWD XQGHOWRWDOGHGHIXQFLRQHVUHODFLRQDGDVFRQHOHPEDUD]R$GHPiVOOHYDQDVRFLDGDXQDFRQVLGH UDEOHFDUJDGHPRUELOLGDG/RVHVWXGLRVLQGLFDQSRUHMHPSORTXHDOPHQRVXQDGHFDGDFLQFRPXMHUHV TXH VH VRPHWHQ D DERUWRV SHOLJURVRV SDGHFH LQIHFFLRQHV GHO DSDUDWR UHSURGXFWRU FRPR UHVXOWDGR GH HOOR(QDOJXQRVFDVRVVHWUDWDGHLQIHFFLRQHVJUDYHVTXHFDXVDQHVWHULOLGDG

,QIHFFLRQHVGHWUDQVPLVLyQVH[XDOLQFOXLGRHO9,+HLQIHFFLRQHVGHODSDUDWR UHSURGXFWRU

6HHVWLPDTXHFDGDDxRVHUHJLVWUDQPLOORQHVGHFDVRVQXHYRVGHLQIHFFLRQHVEDFWHULDQDVGH WUDQVPLVLyQVH[XDOTXHHQVXPD\RUtDVRQWUDWDEOHV0XFKDVGHHOODVQRUHFLEHQWUDWDPLHQWRSRUTXH VRQGLItFLOHVGHGLDJQRVWLFDURSRUODIDOWDGHVHUYLFLRVFRPSHWHQWHV\DVHTXLEOHV $GHPiV GH HVWR WDPELpQVHSURGXFHQDQXDOPHQWHPLOORQHVGHFDVRVGHLQIHFFLRQHVYtULFDVPD\RUPHQWHLQFXUDEOHVHQ WUHHOODVFLQFRPLOORQHVGHQXHYDVLQIHFFLRQHVSRU9,+GHODVFXDOHVVHGDQHQODFWDQWHVYtF WLPDVGHODWUDQVPLVLyQGHOYLUXVGHODPDGUHDOQLxR

(O SDSLORPDYLUXV KXPDQR HV XQD LQIHFFLyQ GH WUDQVPLVLyQ VH[XDO HVWUHFKDPHQWH DVRFLDGD DO FiQFHUFHUYLFRXWHULQRTXHFDGDDxRHVGLDJQRVWLFDGRDPiVGHPXMHUHV\FDXVDGH IXQFLRQHV7UHVFXDUWDVSDUWHVGHWRGRVORVFDVRVGHFiQFHUFHUYLFRXWHULQRVHFRQFHQWUDQHQORVSDtVHV HQGHVDUUROORGRQGHORVSURJUDPDVGHGHWHFFLyQ\WUDWDPLHQWRSUHVHQWDQJUDYHVGHILFLHQFLDVRVRQLQH [LVWHQWHV

&DGDDxRVHSURGXFHQPiVGHPLOORQHVGHLQIHFFLRQHVGHWUDQVPLVLyQVH[XDOJHQHUDOPHQWH FXUDEOHVHQMyYHQHVGHDDxRVGHHGDG(VDVLQIHFFLRQHVSURSLFLDQODDGTXLVLFLyQ\SURSDJDFLyQ GHO9,+&DVLODPLWDGGHQXHYDVLQIHFFLRQHVSRUHO9,+VHUHJLVWUDQHQMyYHQHV3HVHDTXH~OWLPD

(ODERUWRSHOLJURVRVHGHILQHFRPRXQDLQWHUYHQFLyQGHVWLQDGDDODLQWHUUXSFLyQGHXQHPEDUD]RQRGHVHDGRSUDFWL FDGD\DVHDSRUSHUVRQDVTXHFDUHFHQGHODSUHSDUDFLyQQHFHVDULDRHQXQHQWRUQRTXHQRUH~QHODVFRQGLFLRQHVPpGLFDVPt QLPDVRDPERVYpDVH2UJDQL]DFLyQ0XQGLDOGHOD6DOXG7KH3UHYHQWLRQDQG0DQDJHPHQWRI8QVDIH$ERUWLRQLQIRUPHGH XQJUXSRGHWUDEDMRWpFQLFR*LQHEUDDEULOGHGRFXPHQWR:+2060

(8)

PHQWHVHKDQREVHUYDGRWHQGHQFLDVSRVLWLYDVHQWUHORVMyYHQHVHQSDUWLFXODUODVPXMHUHVGHDOJXQRV SDtVHVDIULFDQRVHQJHQHUDOHOQ~PHURGHLQIHFFLRQHVSRU9,+HQHOÈIULFDVXEVDKDULDQDHVGRVYHFHV PD\RUHQWUHMyYHQHVGHVH[RIHPHQLQRTXHHQWUHMyYHQHVGHVH[RPDVFXOLQR6HHVWLPDTXHHQHO Q~PHURGHMyYHQHVVXEVDKDULDQDVTXHYLYtDQFRQHO9,+6,'$RVFLODEDHQWUHXQ\XQPLHQ WUDVTXHHOSRUFHQWDMHFRUUHVSRQGLHQWHDORVKRPEUHVMyYHQHVGHHVDPLVPDUHJLyQVHVLWXDEDHQWUHHO

\HO(QRWUDVUHJLRQHVHQGHVDUUROORODSURSRUFLyQGHPXMHUHVFRQ9,+6,'$WDPELpQHVPiV HOHYDGDTXHODGHORVYDURQHV3RURWUDSDUWHVHWLHQHFRQVWDQFLDGHTXHODVLQIHFFLRQHVGHODSDUDWR UHSURGXFWRUFRPRODYDJLQRVLVEDFWHULDQDRODFDQGLGLDVLVJHQLWDOTXHQRVHWUDQVPLWHQSRUYtDVH[XDO HVWiQPX\H[WHQGLGDVDXQTXHVXSUHYDOHQFLD\VXVFRQVHFXHQFLDVD~QQRHVWiQVXILFLHQWHPHQWHGRFX PHQWDGDV

/DV LQIHFFLRQHVGH WUDQVPLVLyQVH[XDO FRQVWLWX\HQ DVLPLVPR XQD GH ODV SULQFLSDOHV FDXVDV GH LQIHUWLOLGDGHQWUH\PLOORQHVGHSDUHMDVVXIUHQGHLQIHUWLOLGDGFRQODFRQVLJXLHQWHLPSRVLELOLGDG GHSURFUHDUDPHQXGRGHELGRDREVWUXFFLRQHVWXEiULFDVFDXVDGDVSRULQIHFFLRQHVGHWUDQVPLVLyQVH [XDOQRWUDWDGDVRPDOWUDWDGDV

(VWRVDVSHFWRVUHODFLRQDGRVFRQODPDODVDOXGUHSURGXFWLYD\VH[XDOODPRUWDOLGDG\PRUELOL GDGPDWHUQDV\SHULQDWDOHVGLYHUVRVWLSRVGHFiQFHULQIHFFLRQHVGHWUDQVPLVLyQVH[XDO9,+6,'$

UHSUHVHQWDQMXQWRVFHUFDGHOGHODFDUJDGHPDODVDOXGGHODVPXMHUHV\GHOGHODGHORVKRP EUHV$KRUDELHQHVDVHVWDGtVWLFDVQRUHIOHMDQODFDUJDWRWDOGHPDODVDOXG/DYLROHQFLDGHJpQHUR\

DOJXQDVDIHFFLRQHVJLQHFROyJLFDVFRPRWUDVWRUQRVPHQVWUXDOHVJUDYHVLQFRQWLQHQFLDXULQDULDRIHFDO GHELGDDItVWXODVREVWpWULFDVSURODSVRXWHULQRSpUGLGDVGHODJHVWDFLyQ\GLVIXQFLRQHVVH[XDOHVSUR EOHPDVWRGRVHOORVTXHWLHQHQLPSRUWDQWHVFRQVHFXHQFLDVVRFLDOHVSVtTXLFDV\ItVLFDVHVWiQHQHVWRV PRPHQWRVPX\VXEHVWLPDGRV/D206HVWLPDTXHODVSUiFWLFDVVH[XDOHVSHOLJURVDVFRQVWLWX\HQHQ WpUPLQRVPXQGLDOHVHOVHJXQGRIDFWRUGHULHVJRPiVLPSRUWDQWHSDUDODVDOXG

2EVWiFXORVSDUDHOORJURGHDYDQFHV

'HVLJXDOGDGHVHQWUHKRPEUHV\PXMHUHV

(QPDWHULDGHVDOXGODVGLVSDULGDGHVHQWUHORVVH[RVDPHQXGRVRQLPSUHVLRQDQWHV/DVIDPL OLDVDYHFHVLQYLHUWHQPHQRVHQODQXWULFLyQODDWHQFLyQVDQLWDULDODHVFRODUL]DFLyQ\ODIRUPDFLyQSUR IHVLRQDOGHODVQLxDVTXHGHORVQLxRV/DGLVFULPLQDFLyQVH[XDO\ODEDMDSRVLFLyQVRFLDOGHODVQLxDV\

PXMHUHVVXHOHQDFDUUHDUSUREOHPDVGHVDOXGItVLFD\PHQWDOHLUDFRPSDxDGDVGHPDORVWUDWRVItVLFRVR SVtTXLFRV\XQUHGXFLGRQLYHOGHFRQWUROVREUHVXVSURSLDVYLGDVHQSDUWLFXODUVXYLGDVH[XDO\UHSUR GXFWLYD

/DYLROHQFLDFRQWUDHOVH[RIHPHQLQRHQVXVP~OWLSOHVPDQLIHVWDFLRQHVUHSHUFXWHHQODVDOXG UHSURGXFWLYD\VH[XDOGHODPXMHU(QSDUWLFXODUODYLROHQFLDLQIOLJLGDSRUODSDUHMDTXHVHGDHQWRGDV ODVSDUWHVGHOSODQHWDLQFOX\HPDORVWUDWRVItVLFRVVH[XDOHV\SVtTXLFRV/RVHVWXGLRVGHPXHVWUDQTXH HQWUHXQ\XQGHODVPXMHUHVVRQVRPHWLGDVDDFWRVGHYLROHQFLDGXUDQWHHOHPEDUD]RORTXH WLHQHFRQVHFXHQFLDVWDQWRSDUDHOODVPLVPDVFRPRSDUDVXVEHEpVSRUHMHPSORDERUWRVSDUWRVSUHPD WXURVRLQVXILFLHQFLDSRQGHUDO6HJ~QVHGHVSUHQGHGHORVGDWRVGLVSRQLEOHVHQDOJXQRVSDtVHVFHUFD GHXQDFXDUWDSDUWHGHODVPXMHUHVVRQVRPHWLGDVSRUVXSDUHMDDDFWRVGHYLROHQFLDVH[XDO/DVYLROD FLRQHV\DJUHVLRQHVVH[XDOHVFRPHWLGDV\DVHDSRUFRQRFLGRVRSRUH[WUDxRVWDPELpQHVWiQPX\H[

WHQGLGDV(OWUiILFRGHPXMHUHV\QLxRV\ODSURVWLWXFLyQIRU]DGDFRQVWLWX\HQDVLPLVPRXQJUDYHSUR EOHPDVREUHWRGRHQDOJXQDVUHJLRQHV7RGRHOORWLHQHQRWDEOHVFRQVHFXHQFLDVHQODVDOXGUHSURGXFWL YD\VH[XDOSRUHMHPSORHPEDUD]RVQRGHVHDGRVDERUWRVSHOLJURVRVVtQGURPHVGHGRORUFUyQLFRLQ IHFFLRQHVGHWUDQVPLVLyQVH[XDOLQFOXLGRHO9,+\WUDVWRUQRVJLQHFROyJLFRV

(9)

([SRVLFLyQDULHVJRVGXUDQWHODDGROHVFHQFLD

(QODPD\RUtDGHORVSDtVHVORVWDE~HV\QRUPDVUHODFLRQDGRVFRQODVH[XDOLGDGTXHLQFOX\HQ SUiFWLFDVFRPRORVPDWULPRQLRVSUHPDWXURVODPXWLODFLyQJHQLWDOIHPHQLQDRODLQLFLDFLyQVH[XDOSUH FR]VHHULJHQFRPRLPSRUWDQWHVREVWiFXORVSDUDIDFLOLWDULQIRUPDFLyQ\SUHVWDUVHUYLFLRVGHVDOXGUH SURGXFWLYD\GHPiVPRGDOLGDGHVGHDSR\RTXHSUHFLVDQORVMyYHQHVSDUDPDQWHQHUVHVDQRV<VLQHP EDUJRHOFRPSRUWDPLHQWRVH[XDO\UHSURGXFWLYRGXUDQWHODDGROHVFHQFLDHGDGHVFRPSUHQGLGDVHQWUH ORV\ORVDxRVWLHQHFRQVHFXHQFLDVWDQWRLQPHGLDWDVFRPRDODUJRSOD]R(QDOJXQRVOXJDUHVGHO PXQGRODDFWLYLGDGVH[XDOFRPLHQ]DGXUDQWHODDGROHVFHQFLD\FRQLQGHSHQGHQFLDGHTXHVHGpGHQWUR RIXHUDGHOPDWULPRQLRDPHQXGRQRHVWiH[HQWDGHULHVJRV/RVDGROHVFHQWHVUDUDYH]FXHQWDQFRQOD FDSDFLGDGRHODSR\RQHFHVDULRVSDUDRSRQHUUHVLVWHQFLDDSUHVLRQHVTXHORVHPSXMDQDPDQWHQHUUHOD FLRQHV VH[XDOHVSDUD QHJRFLDUODDGRSFLyQ GH SUiFWLFDV PHQRV DUULHVJDGDV R SDUD SURWHJHUVH FRQWUD HPEDUD]RVLQYROXQWDULRVHLQIHFFLRQHVGHWUDQVPLVLyQVH[XDO(QODVQLxDVHOHPEDUD]RHQWUDxDDGH PiVXQDOWRULHVJRGHPRUWDOLGDG\PRUELOLGDGPDWHUQDV$WHQGHUODVQHFHVLGDGHV\SURWHJHUORVGHUH FKRVGHORVPLOORQHVGHDGROHVFHQWHVTXHH[LVWHQHQHOPXQGRHVSULPRUGLDOSDUDSURWHJHUODVD OXGGHHVWD\GHIXWXUDVJHQHUDFLRQHV

'HVLJXDOGDGHVUHODFLRQDGDVFRQODSREUH]D\HODFFHVRDORVVHUYLFLRVGHVDOXG

3UiFWLFDPHQWHHQHOPXQGRHQWHURODSREUH]DYDGHSDUFRQXQDFFHVRQRHTXLWDWLYRDORVVHUYL FLRVGHVDOXGHQHVSHFLDOORVGHVDOXGPDWHUQD/DFDUJDDWULEXLEOHDODPDODVDOXGUHSURGXFWLYD\VH [XDOHVHVSHFLDOPHQWHLPSRUWDQWHHQORVSDtVHVPiVSREUHVGRQGHORVVHUYLFLRVVDQLWDULRV WLHQGHQ D HVWDUGLVSHUVRVRItVLFDPHQWHLQDFFHVLEOHVGRWDGRVGHSHUVRQDOUHFXUVRV\HTXLSRHVFDVRV\IXHUDGHO DOFDQFHGHPXFKRVSREUHV&RQGHPDVLDGDIUHFXHQFLDODVPHMRUDVORJUDGDVHQPDWHULDGHVHUYLFLRV GHVDOXGS~EOLFDEHQHILFLDQGHXQPRGRGHVSURSRUFLRQDGRDODVSHUVRQDVPiVDFRPRGDGDVORTXHKDFH TXHWHyULFDPHQWHSRGUtDGDUVHODFLUFXQVWDQFLDGHTXHVHDOFDQFHQDOJXQRVGHORVREMHWLYRVLQWHUQDFLR QDOHVGHVDOXGVLQLQFOXLUDOTXLQWLOGHLQJUHVRVPiVEDMRVQLDORVJUXSRVPiVYXOQHUDEOHVGHODSR EODFLyQ

'HVGHHOGHFHQLRGHVHKDQLQWURGXFLGRHQQXPHURVRVSDtVHVGLIHUHQWHVUHIRUPDVGHOVHFWRU VDQLWDULRTXHKDQUHSHUFXWLGRHQODGLVSRQLELOLGDG\DFFHVLELOLGDGGHORVVHUYLFLRVGHVDOXGHQWUHHOORV ORVFHQWUDGRVHQODVDOXGUHSURGXFWLYD\VH[XDO0HFDQLVPRVGHILQDQFLDFLyQWDOHVFRPRORVVLVWHPDV GHVHJXURSUHSDJRRODVSUHVWDFLRQHVFRQGLFLRQDGDVDOQLYHOGHUHFXUVRVDPHQXGRQRKDQORJUDGRDVH JXUDUHOQLYHOGHVHDGRGHDFFHVRHTXLWDWLYRSDUDORVSREUHV3RUFRQVLJXLHQWHGHEHSRQHUVHHVSHFLDO DWHQFLyQHQDVHJXUDUTXHORVJUXSRVGHVIDYRUHFLGRVSXHGDQDFFHGHUDORVVHUYLFLRVGHSUHYHQFLyQ \ WUDWDPLHQWR \ D ODV LQWHUYHQFLRQHV FDSDFHV GH VDOYDU YLGDV SRU HMHPSOR ORV FXLGDGRV REVWpWULFRV GH XUJHQFLD

2WURVGHVDItRV

(QDxRVUHFLHQWHVKDGLVPLQXLGRODD\XGDJHQHUDOSDUDHOGHVDUUROORSHURKDQDSDUHFLGRQXHYRV PHFDQLVPRVGHILQDQFLDFLyQH[WHUQDHQIDYRUGHODVDOXGFRPRORVGRFXPHQWRVGHHVWUDWHJLDGHOXFKD FRQWUDODSREUH]DORVHQIRTXHVVHFWRULDOHV\HODSR\RSUHVXSXHVWDULRGLUHFWR$GHPiV LPSRUWDQWHV IXHQWHVQXHYDVGHILQDQFLDPLHQWRGHOVHFWRUGHODVDOXGFRPRHO)RQGR0XQGLDOGH/XFKDFRQWUDHO 6,'$OD7XEHUFXORVLV\OD0DODULDFRQFHQWUDQORVUHFXUVRVHQHQIHUPHGDGHVHLQWHUYHQFLRQHVHVSHFt ILFDV(VLPSRUWDQWHTXHFRQWULEX\DQDODFUHDFLyQGHFDSDFLGDGVRVWHQLEOHHQORVVLVWHPDVGHVDOXG LQFOXLGRVORVVHUYLFLRVGHVDOXGUHSURGXFWLYD\VH[XDO

(QQXPHURVRVSDtVHVXQLPSRUWDQWHREVWiFXORSDUDODDPSOLDFLyQGHVHUYLFLRVLQWHJUDOHVGHVD OXGUHSURGXFWLYD\VH[XDO\ODPHMRUDGHODFDOLGDGGHODDWHQFLyQVRQODVFDUHQFLDVHQPDWHULDGHUH

(10)

FXUVRVKXPDQRVeVWDVFRPSUHQGHQODLQVXILFLHQFLDJUDYHGHSHUVRQDOODIDOWDGHFDSDFLWDFLyQGHOSHU VRQDOGLVSRQLEOHODUiSLGDURWDFLyQGHOSHUVRQDOFDOLILFDGR\SUREOHPDVSDUDVXUHWHQFLyQ\HOXVR\OD GLVWULEXFLyQLQHILFDFHVGHOSHUVRQDOFRQHOTXH\DFXHQWDHOVLVWHPD(OEDMRQLYHOGHORVVDODULRVRHO LPSDJRGHpVWRVODVGHILFLHQFLDVHQPDWHULDGHFDSDFLWDFLyQ\VXSHUYLVLyQ\ODVPDODVFRQGLFLRQHVOD ERUDOHVVRQODVFDXVDVSULQFLSDOHVGHOGHVHPSHxRLQVDWLVIDFWRULRGHORVSURIHVLRQDOHVGHODVDOXG\ORV HOHYDGRVQLYHOHVGHURWDFLyQ8QDSODQLILFDFLyQHVWUDWpJLFDSDUDHOGHVDUUROOR\ODUHWHQFLyQGHXQSHU VRQDOGHVDOXGGHELGDPHQWHFDSDFLWDGRTXHLQFOX\DSRUHMHPSORDVLVWHQWHVGHSDUWHUtDFDOLILFDGRVHV SULPRUGLDOSDUDHOORJURGHDYDQFHVHQHOFDPSRGHODDWHQFLyQGHVDOXGUHSURGXFWLYD\VH[XDO

$GHPiVGHORVREVWiFXORVFRQORVTXHWURSLH]DQORVSREUHV\RWURVJUXSRVGHVIDYRUHFLGRVSDUD DFFHGHUDORVVHUYLFLRVGHVDOXGHQJHQHUDOFRPRODGLVWDQFLDItVLFDTXHORVVHSDUDGHORVVHUYLFLRVOD IDOWDGHWUDQVSRUWHHOFRVWRGHORVVHUYLFLRV\ODVGLVFULPLQDFLRQHVHQHOWUDWRGLVSHQVDGRDORVXVXD ULRVODVDOXGUHSURGXFWLYDSUHVHQWDGLILFXOWDGHVHVSHFLDOHVeVWDVVRQFRQVHFXHQFLDGHIDFWRUHVVRFLD OHV\FXOWXUDOHVFRPRORVWDE~HVTXHURGHDQODUHSURGXFFLyQ\ODVH[XDOLGDGODIDOWDGHDXWRQRPtDGH ODPXMHUSDUDDGRSWDUGHFLVLRQHVHQHVWDHVIHUDODHVFDVDLPSRUWDQFLDFRQIHULGDDODVDOXGIHPHQLQD\

ODVDFWLWXGHVQHJDWLYDVRFRQGHQDWRULDVGHORVPLHPEURVGHODIDPLOLD\GHORVGLVSHQVDGRUHVGHDWHQ FLyQ GH VDOXG (V LPSRUWDQWH TXH ODV FRPXQLGDGHV \ ORV SUHVWDGRUHV ORFDOHV GH DWHQFLyQ GH VDOXG HIHFW~HQXQH[DPHQJOREDOGHODVFUHHQFLDVDFWLWXGHV\YDORUHV\DTXHHOORRIUHFHUiXQEXHQSXQWRGH SDUWLGDSDUDODVXSHUDFLyQGHHVWRVREVWiFXORVIXQGDPHQWDOHV

(QORVGRV~OWLPRVGHFHQLRVVHKDQUHJLVWUDGRDYDQFHVHQWHFQRORJtDVGHVDOXGUHSURGXFWLYDTXH VDOYDQYLGDV\HQSUiFWLFDVFOtQLFDV\SURJUDPiWLFDVHILFDFHV6LQHPEDUJRSHVHDODH[LVWHQFLDGHED VHVGHGDWRVHOHFWUyQLFDV\KHUUDPLHQWDVLQWHUDFWLYDVPXFKRVVLVWHPDVGHVDOXG\SURYHHGRUHVGHVHU YLFLRVVDQLWDULRVWLHQHQXQDFFHVROLPLWDGRRQXORDHVDVQXHYDVIXHQWHVGHLQIRUPDFLyQ(QPXFKRV SDtVHVVHHPSUHQGHQSUR\HFWRVH[SHULPHQWDOHVHILFDFHVSRUHMHPSORSDUDODLQWURGXFFLyQGHWHFQR ORJtD\PHMRUHVSUiFWLFDVTXHOXHJRQRSDVDQDDSOLFDUVHHQXQDHVFDODPD\RU/DDXVHQFLDGHXQD SODQLILFDFLyQHVWUDWpJLFDDSURSLDGDEDVDGDHQGDWRVFXDOLWDWLYRV\FXDQWLWDWLYRVDGHFXDGRVKDOLPLWDGR ODFRPSUHQVLyQGHORVIDFWRUHVFDXVDQWHVGHODPDODFDOLGDGGHORVVHUYLFLRV\ODIDOWDGHDFFHVRGHODV SHUVRQDVDORVPLVPRVDVtFRPRVXXVRGHILFLHQWH

(QODPD\RUtDGHORVSDtVHVH[LVWHQOH\HVSROtWLFDV\QRUPDVTXHSXHGHQREVWDFXOL]DUHODFFHVR DORVVHUYLFLRVSRUHMHPSORODQRDGPLVLyQGHSHUVRQDVVROWHUDVDORVVHUYLFLRVGHDQWLFRQFHSFLyQ OLPLWDULQQHFHVDULDPHQWHODVIXQFLRQHVGHOSHUVRQDOGHVDOXGSRUHMHPSORLPSHGLPHQWRVSDUDTXHODV SDUWHUDVUHDOLFHQLQWHUYHQFLRQHVTXHVDOYDQYLGDVFRPRUHWLUDUODSODFHQWDSURKLELUODSUHVWDFLyQGH DOJXQRVVHUYLFLRVSRUHMHPSORODHQWUHJDGHDQWLFRQFHSWLYRVGHHPHUJHQFLDVLQUHFHWDRUHVWULQJLUOD LPSRUWDFLyQGHDOJXQRVIiUPDFRV\HTXLSRWHFQROyJLFRHVHQFLDOHV(VSUREDEOHTXHODHOLPLQDFLyQGH HVDVOLPLWDFLRQHVFRQWULEX\DGHXQPRGRVLJQLILFDWLYRDPHMRUDUHODFFHVRGHODVSHUVRQDVDORVVHUYL FLRVGHVDOXG

**,, /$(675$7(*,$3$5$$&(/(5$5(/$9$1&(**

(OREMHWLYRJHQHUDOGHODHVWUDWHJLDHVDFHOHUDUHODYDQFHKDFLDODFRQVHFXFLyQGHORVREMHWLYRVGH VDOXGUHSURGXFWLYDLQWHUQDFLRQDOPHQWHDFRUGDGRV\HQ~OWLPDLQVWDQFLDDOFDQ]DUSDUDWRGRVHOJUDGR PiVDOWRSRVLEOHGHVDOXGUHSURGXFWLYD\VH[XDO

(OSULQFLSLRUHFWRUORVGHUHFKRVKXPDQRV

/DHVWUDWHJLDGHOD206SDUDDFHOHUDUHODYDQFHVHDVLHQWDVREUHLQVWUXPHQWRVGHGHUHFKRVKX PDQRVLQWHUQDFLRQDOPHQWHDFRUGDGRV\VREUHGHFODUDFLRQHVPXQGLDOHVGHFRQVHQVRHQWUHORVTXHFDEH

(11)

FLWDUHOGHUHFKRGHWRGDVODVSHUVRQDVDGLVIUXWDUGHOJUDGRPi[LPRGHVDOXGTXHVHSXHGDORJUDUHO GHUHFKREiVLFRGHWRGDVODVSDUHMDVHLQGLYLGXRVDGHFLGLUOLEUH\UHVSRQVDEOHPHQWHHOQ~PHURGHKLMRV HOHVSDFLDPLHQWRGHORVQDFLPLHQWRV\HOLQWHUYDORHQWUHpVWRV\DGLVSRQHUGHODLQIRUPDFLyQ\GHORV PHGLRVSDUDHOORHOGHUHFKRGHODPXMHUDWHQHUFRQWUROVREUHODVFXHVWLRQHVUHODWLYDVDVXVH[XDOLGDG LQFOXLGDVXVDOXGVH[XDO\UHSURGXFWLYD\GHFLGLUOLEUHPHQWHUHVSHFWRGHHVDVFXHVWLRQHVVLQYHUVHVX MHWDDODFRHUFLyQODGLVFULPLQDFLyQ\ODYLROHQFLDHOGHUHFKRGHKRPEUHV\PXMHUHVDHOHJLUOLEUH PHQWHFyQ\XJH\FRQWUDHUPDWULPRQLRVyORSRUVXOLEUHDOEHGUtR\VXSOHQRFRQVHQWLPLHQWRHOGHUHFKR DWHQHUDFFHVRDLQIRUPDFLyQSHUWLQHQWHVREUHODVDOXG\HOGHUHFKRGHWRGDSHUVRQDDGLVIUXWDUGHORV EHQHILFLRVGHOSURJUHVRFLHQWtILFR\GHVXVDSOLFDFLRQHV$ILQGHYHODUSRUHOUHVSHWRGHHVRVGHUHFKRV ODVSROtWLFDVORVSURJUDPDV\ODVLQWHUYHQFLRQHVGHEHQSURPRYHUODLJXDOGDGHQWUHORVVH[RVSUHVWDU XQDDWHQFLyQSULRULWDULDDODVSREODFLRQHV\JUXSRVGHSREODFLyQSREUHV\VXEDWHQGLGRVHQSDUWLFXODU ORVDGROHVFHQWHV\XQDSR\RHVSHFLDODDTXHOORVSDtVHVHQORVTXHODFDUJDDWULEXLEOHDODPDODVDOXG UHSURGXFWLYD\VH[XDOVHDSDUWLFXODUPHQWHLPSRUWDQWH

$VSHFWRVIXQGDPHQWDOHVGHORVVHUYLFLRVGHVDOXGUHSURGXFWLYD\VH[XDO

/RVFLQFRDVSHFWRVIXQGDPHQWDOHVGHODVDOXGUHSURGXFWLYD\VH[XDOVRQPHMRUDUODDWHQFLyQ SUHQDWDOSHULQDWDOSRVSDUWR\QHRQDWDORIUHFHUVHUYLFLRVGHSODQLILFDFLyQIDPLOLDUGHDOWDFDOLGDG LQFOXLGRVVHUYLFLRVGHDWHQFLyQDSHUVRQDVFRQSUREOHPDVGHLQIHUWLOLGDGHOLPLQDUORVDERUWRVSHOL JURVRVFRPEDWLUODVHQIHUPHGDGHVGHWUDQVPLVLyQVH[XDOHQSDUWLFXODUHO9,+ODVLQIHFFLRQHVGHO DSDUDWRUHSURGXFWRUHOFiQFHUFHUYLFRXWHULQR\RWUDVDIHFFLRQHVJLQHFROyJLFDV\SURPRYHUODVDOXG VH[XDO'DGDODHVWUHFKDYLQFXODFLyQHQWUHORVGLIHUHQWHVDVSHFWRVUHODFLRQDGRVFRQODVDOXGUHSURGXF WLYD\VH[XDOHVSUREDEOHTXHODVLQWHUYHQFLRQHVHIHFWXDGDVHQXQDHVIHUDWHQJDQUHSHUFXVLRQHVSRVLWL YDVHQODVGHPiV(VSULPRUGLDOTXHORVSDtVHVUHIXHUFHQORVVHUYLFLRVH[LVWHQWHV\ORVDSURYHFKHQFR PRYtDGHDFFHVRSDUDHOGHVDUUROORGHQXHYDVLQWHUYHQFLRQHVSURFXUDQGRDVHJXUDUODPD\RUVLQHUJLD SRVLEOH

(QODPD\RUtDGHORVSDtVHVODVSULQFLSDOHVYtDVGHDFFHVRVHUiQORVVHUYLFLRVGHDWHQFLyQSUH QDWDOSHULQDWDO\SRVSDUWRTXHFRQIRUPDQODHVSLQDGRUVDOGHODDWHQFLyQSULPDULDGHVDOXG$ILQGH UHGXFLUODPRUELOLGDG\PRUWDOLGDGPDWHUQDVDVtFRPRODPRUWDOLGDGSHULQDWDOHVIXQGDPHQWDOTXHWR GRVORVSDUWRVVHDQDWHQGLGRVSRUSHUVRQDOVDQLWDULRFDOLILFDGR\TXHVHRIUH]FDQFXLGDGRVREVWpWULFRV GHXUJHQFLDLQWHJUDOHVSDUDWUDWDUFRPSOLFDFLRQHV3DUDSUHVWDUVHUYLFLRVGHHVWDtQGROHVHSUHFLVDQ VLVWHPDVHILFDFHVGHHQYtRGHFDVRVTXHFXEUDQODFRPXQLFDFLyQ\HOWUDQVSRUWHHQWUHORVSXQWRVGH VHUYLFLR/RVVHUYLFLRVGHVDOXGPDWHUQDEULQGDQXQDRSRUWXQLGDGFODYHSDUDDFHUFDUODSODQLILFDFLyQ IDPLOLDUDODPXMHU7DPELpQFRQVWLWX\HQXQH[FHOHQWHPHGLRSDUDRIUHFHUDODVPXMHUHVVHUYLFLRVGH SUHYHQFLyQDSR\RSVLFROyJLFRDQiOLVLV\WUDWDPLHQWRHQUHODFLyQFRQHO9,+\SDUDSUHYHQLUVXWUDQV PLVLyQGXUDQWHHOHPEDUD]RHOSDUWRRHODPDPDQWDPLHQWR'HKHFKROD~QLFDIRUPDGHDVHJXUDUGH ELGDPHQWHHVDVLQWHUYHQFLRQHVHVDWUDYpVGHHVRVVHUYLFLRV(VWDVFXHVWLRQHVVHDQDOL]DQFRQPD\RU GHWHQLPLHQWRHQODHVWUDWHJLDGHOD2065HGXFLUORV5LHVJRVGHO(PEDUD]R

(ODERUWRSHOLJURVRXQDFDXVDSUHYHQLEOHGHPRUWDOLGDG\PRUELOLGDGPDWHUQDVGHEHDERUGDUVH FRPRSDUWHGHO2EMHWLYRGH'HVDUUROORGHO0LOHQLRUHODWLYRDODPHMRUDGHODVDOXGPDWHUQD\GHRWURV REMHWLYRV\PHWDVLQWHUQDFLRQDOHVGHGHVDUUROOR(OORH[LJHODDGRSFLyQGHYDULDVPHGLGDVXUJHQWHV HQWUHHOODVHOUREXVWHFLPLHQWRGHORVVHUYLFLRVGHSODQLILFDFLyQIDPLOLDUFRQREMHWRGHSUHYHQLUHPEDUD ]RVLQYROXQWDULRV\HQODPHGLGDHQTXHODOH\ORSHUPLWDDVHJXUDUODGLVSRQLELOLGDG\DFFHVLELOLGDGGH ORVVHUYLFLRVSHUWLQHQWHV(VQHFHVDULRDVLPLVPRFDSDFLWDUDORVGLVSHQVDGRUHVGHDWHQFLyQGHVDOXGHQ HOPDQHMRGHWpFQLFDVPRGHUQDV\SURYHHUORVGHORVIiUPDFRV\VXPLQLVWURVPpGLFRVDSURSLDGRVGHQ WURGHORVOtPLWHVSHUPLWLGRVSRUODOH\ DVHJXUDQGROD GLVSRQLELOLGDGGHWRGRVHVWRV PHGLRVSDUD OD DVLVWHQFLDJLQHFROyJLFD\REVWpWULFDSUHVWDUDODVPXMHUHVFRQHPEDUD]RVLQYROXQWDULRVDSR\RVRFLDO\

GHRWUDtQGROH\HQODPHGLGDGHORSHUPLWLGRSRUODOH\RIUHFHUOHVVHUYLFLRVGHDERUWRHQHOQLYHOGH DWHQFLyQSULPDULDGHVDOXG/DVPXMHUHVTXHSDGH]FDQFRPSOLFDFLRQHVUHODFLRQDGDVFRQDERUWRVSHOL

(12)

JURVRVGHEHQWHQHUDFFHVRDXQWUDWDPLHQWRLQPHGLDWR\KXPDQRGLVSHQVDGRHQHOPDUFRGHXQVHUYL FLRGHDWHQFLyQSRVWDERUWR

(Op[LWRGHORVVHUYLFLRVGHSODQLILFDFLyQIDPLOLDUHQODPD\RUtDGHORVSDtVHVGHOPXQGRTXHGD GHPRVWUDGRSRUHOLPSRUWDQWHLQFUHPHQWRGHOXVRGHDQWLFRQFHSWLYRVHQORVSDtVHVHQGHVDUUROORGX UDQWHORV~OWLPRVGRVRWUHVGHFHQLRV(VRVSURJUDPDVFRQVWLWX\HQXQDSDUWHHVHQFLDOGHORVVHUYLFLRV GHVWLQDGRVDUHGXFLUODPRUELOLGDG\PRUWDOLGDGPDWHUQDV\SHULQDWDOHV\DTXHSHUPLWHQDODVPXMHUHV SRVSRQHUHVSDFLDU\OLPLWDUORVHPEDUD]RV'DGRTXHHVRVVHUYLFLRVVHRFXSDQGHXQPRGRGLUHFWRGH ODVFRQVHFXHQFLDVGHODVUHODFLRQHVVH[XDOHVWDPELpQRIUHFHQXQHQRUPHSRWHQFLDOSDUDHQFDEH]DUOD SURPRFLyQGHODVDOXGVH[XDO\ORVHVIXHU]RVHQFDPLQDGRVDODSUHYHQFLyQGHLQIHFFLRQHVGHWUDQVPL VLyQVH[XDO\GHO9,+

%XHQD SDUWH GH ORV GLDJQyVWLFRV \ WUDWDPLHQWRV GH ODV LQIHFFLRQHV GH WUDQVPLVLyQ VH[XDO VRQ HIHFWXDGRVSRUIDUPDFpXWLFRVYHQGHGRUHVGHPHGLFDPHQWRV\FXUDQGHURVWUDGLFLRQDOHVDPHQXGRGH XQPRGRLQHILFD]/RVUHLWHUDGRVLQWHQWRVGHDFHUFDUVHDODV PXMHUHV PHGLDQWHODLQWHJUDFLyQ GHOD JHVWLyQGHODVLQIHFFLRQHVGHWUDQVPLVLyQVH[XDOHQORVVHUYLFLRVH[LVWHQWHVGHVDOXGPDWHUQRLQIDQWLO

\RSODQLILFDFLyQIDPLOLDUVyORKDQFRVHFKDGRUHVXOWDGRVOLPLWDGRV 1R REVWDQWH OD H[SHULHQFLDGH PXHVWUDTXHODLQFRUSRUDFLyQGHODSUHYHQFLyQGHODVLQIHFFLRQHVGHWUDQVPLVLyQVH[XDOHQORVVHUYLFLRV GHSODQLILFDFLyQIDPLOLDUHQSDUWLFXODUSRUPHGLRGHODSR\RSVLFRVRFLDO\FRQYHUVDFLRQHVVREUHODVH [XDOLGDG\ODVUHODFLRQHVGHSDUHMDUHGXQGDHQXQPD\RUXVRGHORVVHUYLFLRV\XQDPHMRUFDOLGDGGHOD DWHQFLyQGLVSHQVDGD(VRVHQIRTXHVVHSXHGHQSHUIHFFLRQDU\PHMRUDUFRQPLUDVDDPSOLDUVXFREHUWX UD\KDFHUORVH[WHQVLYRVDORVKRPEUHVORVMyYHQHV\RWURVJUXSRVTXHDQWHVQRHVWDEDQHQHOSXQWRGH PLUDGHODDWHQFLyQIDPLOLDU$GHPiVODGLVSHQVDFLyQGHWUDWDPLHQWRVGHVRVSHFKDDJUXSRVGHDOWR ULHVJR\ODDSOLFDFLyQGHSURJUDPDVLQWHJUDOHVGHFRQWUROGHODVLQIHFFLRQHVGHWUDQVPLVLyQVH[XDOED VDGRV HQ OD FRPXQLGDG SRGUtDQ FRQWULEXLU VREUHPDQHUD D OD UHGXFFLyQ GH ODV WDVDV GH WUDQVPLVLyQ GHO9,+

(OIRUWDOHFLPLHQWRGHORVVHUYLFLRVGHVDOXGUHSURGXFWLYDSUHVHQWDQXPHURVRVEHQHILFLRVDGLFLR QDOHV8QRGHHOORVHVODDWHQFLyQTXHVHSUHVWDDODYLROHQFLDGLULJLGDFRQWUDODPXMHUDVXQWRTXHHQ HVWRVPRPHQWRVVHHVWiDERUGDQGRHQGLIHUHQWHVHQWRUQRVQDFLRQDOHVSRUHMHPSORPHGLDQWHODDGPL QLVWUDFLyQGHDQWLFRQFHSWLYRVGHHPHUJHQFLDHODERUWRHQODPHGLGDHQTXHORSHUPLWDODOH\VLVH VROLFLWDHOWUDWDPLHQWRGHLQIHFFLRQHVGHWUDQVPLVLyQVH[XDO\ODSURILOD[LVSRVWH[SRVLFLyQDO9,+HQ FDVR GH YLRODFLyQ OD UHDOL]DFLyQ GH SUXHEDV SDUD OD GHWHFFLyQ GHO FiQFHU FHUYLFRXWHULQR \ HO WUDWD PLHQWRGHHVWDHQIHUPHGDGODSUHYHQFLyQGHODLQIHUWLOLGDGSULPDULDRVHFXQGDULD\HOWUDWDPLHQWRGH DIHFFLRQHVJLQHFROyJLFDV/DH[LVWHQFLDGHVHUYLFLRVGHVDOXGUHSURGXFWLYD\VH[XDOELHQFRQFHELGRV\

SUHVWDGRVGHXQPRGRHILFD]HQSDUWLFXODUDTXHOORVTXHFXHQWHQFRQODSDUWLFLSDFLyQGHODFRPXQLGDG SXHGHFRQWULEXLUWDPELpQDPHMRUDUODVUHODFLRQHVHQWUHXVXDULRV\GLVSHQVDGRUHVDXPHQWDUODSDUWLFL SDFLyQGHORVKRPEUHV\UHIRU]DUODDXWRQRPtDGHODPXMHUSDUDWRPDUGHFLVLRQHVUHODFLRQDGDVFRQOD UHSURGXFFLyQ

7RGRVORVVHUYLFLRVGHVDOXGUHSURGXFWLYD\VH[XDOGHVHPSHxDQXQSDSHOFUXFLDOHQODIDFLOLWD FLyQGHLQIRUPDFLyQ\DVHVRUDPLHQWRSDUDSURPRYHUODVDOXGVH[XDO(ODFFHVRDODLQIRUPDFLyQDSUR SLDGDSXHGHFRQWULEXLULJXDOPHQWHDPHMRUDUODFRPXQLFDFLyQHQODSDUHMD\DODDGRSFLyQGHGHFLVLR QHVPiVVDOXGDEOHVHQORUHIHUHQWHDODVH[XDOLGDGLQFOXLGDVODDEVWLQHQFLD\HOXVRGHSUHVHUYDWLYRV

0HGLGDV

/D206SURSRQHODDGRSFLyQDQLYHOGHSDtVHVGHPHGLGDVHQODVHVIHUDVHQXPHUDGDVDFRQWL QXDFLyQ\HVWiGHFLGLGDDD\XGDUDORV(VWDGRV0LHPEURVDGHVDUUROODU\IRUWDOHFHUVXFDSDFLGDGSDUD PHMRUDUODVDOXGUHSURGXFWLYD\VH[XDO/DLGHQWLILFDFLyQGHSUREOHPDVHOHVWDEOHFLPLHQWRGHSULRUL GDGHV\ODIRUPXODFLyQGHHVWUDWHJLDVSDUDXQDUiSLGDLQWHUYHQFLyQGHEHQHIHFWXDUVHSDtVSRUSDtVPH

(13)

GLDQWHSURFHVRVGHFRQVXOWDHQORVTXHSDUWLFLSHQWRGRVORVLQWHUHVDGRVGLUHFWRV6HSURSRQHQFLQFR HVIHUDVJHQHUDOHVGHDFWXDFLyQFRQVLVWHQWHVHQIRUWDOHFHUODFDSDFLGDGGHORVVLVWHPDVGHVDOXGPHMR UDUODLQIRUPDFLyQSDUDHOHVWDEOHFLPLHQWRGHSULRULGDGHVPRYLOL]DUODYROXQWDGSROtWLFDFUHDUPDUFRV OHJLVODWLYRV\UHJODPHQWDULRVGHDSR\R\UHIRU]DUODYLJLODQFLDODHYDOXDFLyQ\HOUHQGLPLHQWRGHFXHQWDV

)RUWDOHFHUODFDSDFLGDGGHORVVLVWHPDVGHVDOXG

8QUHTXLVLWRSULPRUGLDOSDUDHOORJURGHORV2EMHWLYRVGH'HVDUUROORGHO0LOHQLRUHODFLRQDGRV FRQODVXSHUYLYHQFLDPDWHUQRLQIDQWLO\HO9,+6,'$\WDPELpQGHORVREMHWLYRVPiVDPSOLRVGHVDOXG UHSURGXFWLYD\VH[XDOHVODH[LVWHQFLDGHXQVLVWHPDHILFD]GHVHUYLFLRVGHDWHQFLyQGHVDOXGHVHQFLDOHV HQORVQLYHOHVSULPDULRVHFXQGDULR\WHUFLDULR(QDOJXQRVSDtVHVKDEUiTXHUHIRU]DUVXVWDQFLDOPHQWH ODFDSDFLGDGGHORVVHUYLFLRVEiVLFRVGHVDOXGFRQPLUDVDSRVLELOLWDUODSUHVWDFLyQGHXQDDPSOLDYD ULHGDGGHVHUYLFLRVHVHQFLDOHVGHVDOXGUHSURGXFWLYD\VH[XDO/DVODERUHVGHSODQLILFDFLyQ D QLYHO QDFLRQDOUHODFLRQDGDVFRQODVDOXGUHSURGXFWLYD\VH[XDOGHEHUiQDERUGDUFXHVWLRQHVFRPRODGLVSRQL ELOLGDGGHPHFDQLVPRVVRVWHQLEOHVGHILQDQFLDFLyQORVUHFXUVRVKXPDQRVODFDOLGDGGHORVVHUYLFLRV SUHVWDGRV\HOXVRTXHVHKDFHGHpVWRV

0HFDQLVPRVVRVWHQLEOHVGHILQDQFLDFLyQ/DLPSRUWDQFLDFUXFLDOGHODVQHFHVLGDGHVHQPDWHULD GHVDOXGUHSURGXFWLYD\VH[XDOGHEHTXHGDUUHIOHMDGDHQODSODQLILFDFLyQ\HOGHVDUUROORHVWUDWpJLFRGH ORVVHFWRUHVVDQLWDULRVQDFLRQDOHV&RPRPHGLRVSDUDHOIRUWDOHFLPLHQWRGHOVLVWHPDGHVDOXGVHKDQ SURPRYLGRUHIRUPDVGHOVHFWRUVDQLWDULRHLQLFLDWLYDVFRQH[DVSRUHMHPSORHQIRTXHVVHFWRULDOHVGHOD ILQDQFLDFLyQSRUGRQDQWHV/DGLILFXOWDGHVWULEDDKRUDHQDVHJXUDUTXHHVDVLQLFLDWLYDV\GHPiVPHFD QLVPRVGHILQDQFLDFLyQIRPHQWHQVHUYLFLRVGHVDOXGUHSURGXFWLYD\VH[XDOLQWHJUDOHV\GHEXHQDFDOL GDG\SHUPLWDQDYDQ]DUKDFLDHODFFHVRXQLYHUVDO

(QHVWDHVIHUDHVQHFHVDULRDGRSWDUODVPHGLGDVVLJXLHQWHV

GDUDODVDOXGUHSURGXFWLYD\VH[XDOXQOXJDUGHVWDFDGRGHQWURGHORVSURFHVRVQDFLRQDOHV GHSODQLILFDFLyQ\IRUPXODFLyQGHHVWUDWHJLDVSRUHMHPSORHQORVGRFXPHQWRVGHHVWUDWHJLDGH OXFKDFRQWUDODSREUH]D\HQODVHVWUDWHJLDV206GHFRRSHUDFLyQHQORVSDtVHV

DVHJXUDUTXHODVDOXGUHSURGXFWLYD\VH[XDOTXHGHGHELGDPHQWHUHIOHMDGDHQORVSODQHVQD FLRQDOHVSDUDHOVHFWRUVDQLWDULRLQFOXLGRVORVUHODWLYRVDODLQLFLDWLYD©WUHVPLOORQHVSDUDª ODV SURSXHVWDV SUHVHQWDGDV DO )RQGR 0XQGLDO GH /XFKD FRQWUD HO 6,'$ OD 7XEHUFXORVLV \ OD 0DODULD\RWUDVLQLFLDWLYDVSHUWLQHQWHV

FRQIHULUHQORVFRQMXQWRVGHVHUYLFLRVHVHQFLDOHVSULRULGDGDODVDOXGUHSURGXFWLYD\VH [XDOHQHOPDUFRGHUHIRUPDVGHOVHFWRUGHODVDOXG\HQIRTXHVVHFWRULDOHV\

FXDQGR VH LQWURGX]FDQ QXHYRV PHFDQLVPRV GH ILQDQFLDFLyQ FRPR OD FRPSDUWLFLyQ GH FRVWRVGLVHxDUPHGLRVTXHSHUPLWDQDORVDGROHVFHQWHVORVSREUHV\RWURVJUXSRVGHVIDYRUHFL GRVKDFHUXVRGHHVRVVHUYLFLRVVXSHUYLVDUORVHIHFWRVGHHVDVSROtWLFDV\DGDSWDUODVDODVFRQGL FLRQHVORFDOHV

5HFXUVRVKXPDQRV/DFDSDFLWDFLyQFRQWUDWDFLyQGLVWULEXFLyQ\UHWHQFLyQGHSHUVRQDOGHVD OXGFDOLILFDGRVRQIXQGDPHQWDOHVSDUDODPHMRUDGHODVDOXG\ODDWHQFLyQVDQLWDULDHQJHQHUDO0XFKDV LQWHUYHQFLRQHV HVHQFLDOHVUHODFLRQDGDV FRQ OD VDOXGUHSURGXFWLYD \ VH[XDO SXHGHQ VHU UHDOL]DGDVSRU SURIHVLRQDOHVGHQLYHOLQWHUPHGLR\SRUSHUVRQDOSDUDPpGLFR(OUHWRHVWiHQGHWHUPLQDUTXpSURIHVLR QDOHVGHVDOXGGHQLYHOVXSHULRUTXpFRQRFLPLHQWRVHVSHFLDOL]DGRV\TXpWLSRVGHFDSDFLWDFLyQVRQORV PiVQHFHVDULRVSDUDSUHVWDUORVVHUYLFLRVGHVDOXGUHSURGXFWLYD\VH[XDODORVTXHVHSUHWHQGHGDUSULR

(14)

ULGDG'HEHUiQFUHDUVHODVFRQGLFLRQHVSURSLFLDVSDUDTXHORVDJHQWHVGHVDOXGGHVDUUROOHQVXSRWHQFLDO DOPi[LPR\HVWpQPRWLYDGRVSDUDWUDEDMDUFRQWRGRVORVJUXSRVGHSREODFLyQHQSDUWLFXODUORVPiV SREUHV

GHWHUPLQDUODVQHFHVLGDGHVHVHQFLDOHVGHOVLVWHPDGHVDOXGHQORUHIHUHQWHDOQ~PHUR\OD GLVWULEXFLyQGHDJHQWHVVDQLWDULRVHQWRGRVORVQLYHOHVLQGLFDQGRORVFRQRFLPLHQWRVHVSHFLDOL]D GRVUHTXHULGRVSDUDOOHYDUDFDERODVLQWHUYHQFLRQHVGHVDOXGUHSURGXFWLYD\VH[XDODODVTXHVH SUHWHQGHGDUSULRULGDG

HYDOXDU\PHMRUDUHOHQWRUQRODERUDOODVFRQGLFLRQHVGHHPSOHR\ODVXSHUYLVLyQ LGHDUXQDHVWUDWHJLDSDUDPRWLYDU\UHWHQHUDOSHUVRQDOFDOLILFDGR\

SURPRYHUSROtWLFDVTXHSHUPLWDQDORVDJHQWHVGHDWHQFLyQVDQLWDULDXWLOL]DUSOHQDPHQWH VXVFDSDFLGDGHV

&DOLGDGGHORVVHUYLFLRVSUHVWDGRV/DVSUiFWLFDVDFWXDOL]DGDVTXHVHDSOLFDQHQORVKRVSLWDOHV GRFHQWHV\HQSUR\HFWRVHVSHFLDOHVDPHQXGRQRVRQDGRSWDGDVHQHOFRQMXQWRGHOVLVWHPDORTXHKDFH TXHHOGHVHPSHxRJHQHUDOVLJDVLHQGRGHILFLHQWH\TXHSHUVLVWDQGHVLJXDOGDGHVWDQWRHQORUHODWLYRDOD FDOLGDGFRPRDODFFHVR'HQWURGHODGHVFHQWUDOL]DFLyQGHODVODERUHVGHSODQLILFDFLyQ\GHODVUHVSRQ VDELOLGDGHVTXHVXHOHQLUDVRFLDGDVDODVUHIRUPDVGHOVHFWRUGHODVDOXGGHEHKDFHUVHHVSHFLDOKLQFDSLp HQIDFLOLWDUODDGRSFLyQ\HOSHUIHFFLRQDPLHQWRGHEXHQDVSUiFWLFDVSDUDHOFRQMXQWRGHOVLVWHPD6H GHEHQHVWDEOHFHUVLVWHPDVORJtVWLFRVSDUDXQVXPLQLVWURVRVWHQLGRGHORVSURGXFWRVHVHQFLDOHV

OOHYDUDFDERXQDSODQLILFDFLyQHVWUDWpJLFDHQODTXHSDUWLFLSHQSURIHVLRQDOHV\DGPLQLV WUDGRUHVVDQLWDULRVFRQPLUDVDHYDOXDUODFDOLGDGDFWXDOGHODDWHQFLyQGHVDOXG\GHWHUPLQDUHO PRGRPiVDGHFXDGRGHPHMRUDUODWHQLHQGRHQFXHQWDODVOLPLWDFLRQHVGHUHFXUVRVH[LVWHQWHVHQ FDGDFDVR

HODERUDU\SRQHUDSUXHEDHVWUDWHJLDVSDUDODDPSOLDFLyQGHLQWHUYHQFLRQHVGHGHPRVWUDGD HILFDFLD

IRUPXODUDGRSWDU\VHJXLUGHFHUFDQRUPDVSDUDODSUiFWLFDFOtQLFDHQORVVHFWRUHVSULYDGR

\S~EOLFR

UHFOXWDUDVRFLDGRVHQWUHODVRUJDQL]DFLRQHVQRJXEHUQDPHQWDOHV\ORVVHFWRUHVSULYDGR\

FRPHUFLDOSDUDSRWHQFLDUDOPi[LPRODGLVSRQLELOLGDG\XWLOL]DFLyQGHORVVHUYLFLRVGHVDOXGUH SURGXFWLYD\

SURPRYHUHOLQWHUFDPELRGHODVHQVHxDQ]DVH[WUDtGDVGHQWURGHORVSDtVHV\HQWUHHOORV 8WLOL]DFLyQGHORVVHUYLFLRV$XQFXDQGRH[LVWDQVHUYLFLRVGHVDOXGSXHGHKDEHUQXPHURVRV PRWLYRVGHtQGROHVRFLDOHFRQyPLFDRFXOWXUDOSRUORVFXDOHVODVSHUVRQDVQRKDJDQXVRGHHOORV HQSDUWLFXODUHQUHODFLyQFRQODVDOXGUHSURGXFWLYD\VH[XDO3DUDLGHQWLILFDU\VXSHUDUORVREVWiFXORV HVLPSUHVFLQGLEOHWUDEDMDUFRQODVPXMHUHVORVMyYHQHV\RWURVJUXSRVGHODFRPXQLGDGDILQGHFRP SUHQGHUPHMRUODVQHFHVLGDGHVDQDOL]DUORVSUREOHPDV\KDOODUVROXFLRQHVDFHSWDEOHV

(15)

UHDOL]DULQYHVWLJDFLRQHVRSHUDWLYDV\VRFLDOHVSDUDLGHQWLILFDUORVIDFWRUHVTXHREVWDFXOL]DQ ODXWLOL]DFLyQGHORVVHUYLFLRVGLVSRQLEOHVHLGHDU\SRQHUDSUXHEDPHGLGDVTXHFRQWULEX\DQD VXSHUDUORV\

HPSOHDUHQIRTXHVSDUWLFLSDWLYRVTXHSHUPLWDQWUDEDMDUFRQODVFRPXQLGDGHV ODV LQVWLWX FLRQHVGHOVHFWRUS~EOLFR\GHOVHFWRUSULYDGR\ODVRUJDQL]DFLRQHVQRJXEHUQDPHQWDOHVHQODVX SHUDFLyQGHHVRVREVWiFXORV\SURPRYHUXQDXWLOL]DFLyQDGHFXDGDGHORVVHUYLFLRVGLVSRQLEOHV

0HMRUDUODLQIRUPDFLyQSDUDHOHVWDEOHFLPLHQWRGHSULRULGDGHV

(ODQiOLVLVGHORVGDWRVHSLGHPLROyJLFRV\VRFLROyJLFRVHVIXQGDPHQWDOSDUDFRQRFHUHOWLSROD PDJQLWXG\ODGLVWULEXFLyQGHODH[SRVLFLyQDORVULHVJRVUHSURGXFWLYRV\VH[XDOHV\ODPDODVDOXGHQOD SREODFLyQHQWHQGHUODGLQiPLFDTXHLPSXOVDODSUHFDULHGDGGHODVDOXGUHSURGXFWLYD\VH[XDO\HVFOD UHFHUVXVYLQFXODFLRQHVFRQODSREUH]DODSHUWHQHQFLDDXQRXRWURVH[R\ODYXOQHUDELOLGDGVRFLDO/D LQWURGXFFLyQGHPHMRUDVHQHODFRSLR\HODQiOLVLVGHGDWRVLQFOXLGDLQIRUPDFLyQVREUHORVFRVWRV\OD FRVWRHILFDFLDUHVXOWDSULPRUGLDOSDUDHOHJLUHQWUHSULRULGDGHVGHDFFLyQFRQFXUUHQWHV\FHQWUDUODVLQ WHUYHQFLRQHVUHODFLRQDGDVFRQHOVLVWHPDVDQLWDULRHQODVHVIHUDVGRQGHHVSUREDEOHTXHGHQPHMRUHV UHVXOWDGRVWHQLHQGRHQFXHQWDORVUHFXUVRVGLVSRQLEOHV

(OSURFHVRGHHVWDEOHFLPLHQWRGHSULRULGDGHVVREUHODEDVHGHGDWRVGHEXHQDFDOLGDGGHEHFRQ WDUQRREVWDQWHFRQODSDUWLFLSDFLyQGHP~OWLSOHVLQWHUHVDGRVGHORVJRELHUQRVRUJDQLVPRVELODWHUDOHV

\PXOWLODWHUDOHVDVRFLDFLRQHVSURIHVLRQDOHVDJUXSDFLRQHVGHPXMHUHV\RWURVVHFWRUHVGHODVRFLHGDG FLYLO/DUHXQLyQGHWRGRVHVWRVDFWRUHVWDQGLYHUVRVFRQVXVGLIHUHQWHVSHUVSHFWLYDVFRQWULEXLUiDOD FUHDFLyQGHXQDPSOLRFRQVHQVRIRPHQWDUiODFRODERUDFLyQ\DXPHQWDUiODVSRVLELOLGDGHVGHp[LWRGH ODV LQWHUYHQFLRQHV /RV LQWHUHVDGRV GLUHFWRV GHEHQ VRSHVDU FXLGDGRVDPHQWH OD FRVWRHILFDFLD FRQ OD HTXLGDG\H[DPLQDUODQHFHVLGDGGHDXPHQWDUODVLQYHUVLRQHVSDUDOOHJDUDORVSREUHV\DRWURVJUXSRV VXEDWHQGLGRV

IRUWDOHFHUODFDSDFLGDGSDUDUHFDEDU\DQDOL]DUGDWRVUHODWLYRVDODVLWXDFLyQVDQLWDULD\VXV GHWHUPLQDQWHVIXQGDPHQWDOHV\DOIXQFLRQDPLHQWRGHORVVHUYLFLRVGHVDOXGDQLYHOORFDOGLVWUL WDO\GHSDtV\

ILMDUSULRULGDGHVVREUHODEDVHGHORVGDWRVGLVSRQLEOHVPHGLDQWHXQSURFHVRFRQVXOWLYRHQ HOTXHSDUWLFLSHQP~OWLSOHVLQWHUHVDGRVGLUHFWRVSUHVWDQGRDWHQFLyQDODHTXLGDGGHDFFHVRHQ SDUWLFXODUSDUDORVSREUHV\RWURVJUXSRVVXEDWHQGLGRV

0RYLOL]DUODYROXQWDGSROtWLFD

/D FUHDFLyQ GH XQ HQWRUQR GLQiPLFR GHQWUR GHO FXDO H[LVWD XQ VyOLGR DSR\R LQWHUQDFLRQDO QDFLRQDO\ORFDOSDUDODVLQLFLDWLYDVGHVDOXGUHSURGXFWLYD\VH[XDOEDVDGDVHQORVGHUHFKRVFRQWULEXLUi D VXSHUDU OD LQHUFLD LPSXOVDU ODV LQYHUVLRQHV \ HVWDEOHFHU ULJXURVRV QLYHOHV \ PHFDQLVPRV SDUD XQ GHVHPSHxRUHVSRQVDEOH(OORH[LJHODSDUWLFLSDFLyQQRVyORGHORVPLQLVWHULRVGHVDOXGVLQRWDPELpQ GHORV GH ILQDQ]DV \ HGXFDFLyQ \ SRVLEOHPHQWH GH RWURV VHFWRUHV MXQWR FRQ VXV LQVWLWXFLRQHV KRPyORJDVDQLYHOGLVWULWDO\ORFDO(OFRPSURPLVRSROtWLFR\ODFDSDFLGDGGHSURPRFLyQGHEHQVHUOR VXILFLHQWHPHQWHVyOLGRVSDUDVRVWHQHUSROtWLFDV\SURJUDPDVDGHFXDGRVHQSDUWLFXODUSDUDORVJUXSRV VXEDWHQGLGRV

(16)

FRQVROLGDUXQILUPHDSR\RHQIDYRUGHODLQYHUVLyQHQVDOXGUHSURGXFWLYD\VH[XDOVREUH ODEDVHGHGDWRVUHODWLYRVDORVEHQHILFLRVSDUDODVDOXGS~EOLFD\ORVGHUHFKRVKXPDQRV

PRYLOL]DUDORVLQWHUHVDGRVFODYHSDUDTXHDSR\HQXQSURJUDPDGHDFFLyQQDFLRQDOSDUDOD SURPRFLyQGHODVDOXGUHSURGXFWLYD\VH[XDOSRUHMHPSORSURIHVLRQDOHVGHODVDOXGMXULVWDV JUXSRVGHGHIHQVDGHORVGHUHFKRVKXPDQRVDJUXSDFLRQHVGHPXMHUHVPLQLVWHULRVHVWDWDOHVGL ULJHQWHV\SDUWLGRVSROtWLFRV\OtGHUHVUHOLJLRVRV\FRPXQLWDULRV\KDFHUXQXVRFRQFHUWDGRGH ORVPHGLRVGHFRPXQLFDFLyQ\

UHXQLUXQFRQMXQWRGHVyOLGRVDUJXPHQWRVEDVDGRVHQFULWHULRVFLHQWtILFRVDIDYRUGHOD LQYHUVLyQHVWUDWpJLFDHQODVDOXGVH[XDO\UHSURGXFWLYDGHORVDGROHVFHQWHV\ORVGHUHFKRVFRQH [RVDVHJXUDUTXHHVWDVFXHVWLRQHVRFXSHQXQOXJDUGHVWDFDGRGHQWURGHOSURJUDPDGHDFFLyQQD FLRQDOGLYXOJDULQIRUPDFLyQVREUHODQDWXUDOH]DODVFDXVDV\ODVFRQVHFXHQFLDVGHORVSUREOH PDV\QHFHVLGDGHVGHVDOXGUHSURGXFWLYDGHORVDGROHVFHQWHVSRUHMHPSORVXYXOQHUDELOLGDGDQWH ODVLQIHFFLRQHVGHWUDQVPLVLyQVH[XDOFRPRHO9,+ORVHPEDUD]RVQRGHVHDGRVORVDERUWRVSH OLJURVRVORVPDWULPRQLRVSUHPDWXURVRODVJHVWDFLRQHVSUHFRFHV\ODFRHUFLyQ\YLROHQFLD VH [XDOHVWDQWRGHQWURFRPRIXHUDGHOPDWULPRQLR

&UHDUPDUFRVOHJLVODWLYRV\UHJODPHQWDULRVGHDSR\R

/D HOLPLQDFLyQ GH UHVWULFFLRQHV LQQHFHVDULDV GH ODV SROtWLFDV \ GLVSRVLFLRQHV QRUPDWLYDV FRQ PLUDVDFUHDUXQPDUFRGHDSR\RSDUDODVDOXGUHSURGXFWLYD\VH[XDOHVVXVFHSWLEOHGHPHMRUDUQRWD EOHPHQWHHODFFHVRDORVVHUYLFLRV

6HSUHFLVDQGLVSRVLFLRQHVQRUPDWLYDVTXHDVHJXUHQODGLVSRQLELOLGDGFRQWLQXDGD\HTXLWDWLYDGH FLHUWRVSURGXFWRVSRUHMHPSORIiUPDFRVRHTXLSR\VXPLQLVWURVPpGLFRV\TXHJDUDQWLFHQHOFXPSOL PLHQWRGHODVRSRUWXQDVQRUPDVGHFDOLGDGLQWHUQDFLRQDOHV(VQHFHVDULRFRQWDUDGHPiVFRQXQPDU FRUHJODPHQWDULRHILFD]TXHJDUDQWLFHODUHVSRQVDELOL]DFLyQWDQWRGHOVHFWRUS~EOLFRFRPRGHOSULYDGR HQORTXHUHVSHFWDDODSUHVWDFLyQGHXQDDWHQFLyQGHVDOXGGHDOWDFDOLGDGSDUDHOFRQMXQWRGHODSREOD FLyQ

UHYLVDUODVOH\HV\SROtWLFDV\FXDQGRVHDQHFHVDULRPRGLILFDUODVSDUDDVHJXUDUTXHIDFL OLWHQXQDFFHVRHTXLWDWLYR\XQLYHUVDODODHGXFDFLyQODLQIRUPDFLyQ\ORVVHUYLFLRVUHODFLRQDGRV FRQODVDOXGVH[XDO

DVHJXUDUTXHH[LVWDQODVGLVSRVLFLRQHVUHJODPHQWDULDV\ODVQRUPDVQHFHVDULDVSDUDJDUDQ WL]DUODGLVSRQLELOLGDGFRQWLQXD\HTXLWDWLYDGHORVSURGXFWRVTXHVHSUHFLVHQIiUPDFRV\HTXLSR

\VXPLQLVWURVPpGLFRV\TXHpVWRVFXPSODQODVQRUPDVGHFDOLGDGLQWHUQDFLRQDOHVSHUWLQHQWHV\

HVWDEOHFHUFULWHULRVGHGHVHPSHxR\HODERUDUPHFDQLVPRVGHYLJLODQFLD\UHQGLPLHQWRGH FXHQWDVSDUDODSUHVWDFLyQGHORVVHUYLFLRV\SDUDODFRODERUDFLyQ\ODHMHFXFLyQGHODERUHVFRP SOHPHQWDULDVHQWUHORVVHFWRUHVSULYDGRQRJXEHUQDPHQWDO\S~EOLFR

(17)

5HIRU]DUODYLJLODQFLDODHYDOXDFLyQ\HOUHQGLPLHQWRGHFXHQWDV

/DYLJLODQFLD\HYDOXDFLyQVRQIXQGDPHQWDOHVSDUDGHWHUPLQDUTXpPHGLGDVGDQEXHQUHVXOWDGR

\FXiOHVQR\DYHULJXDUSRUTXpPRWLYR7DPELpQSXHGHQFRQWULEXLUDGHWHFWDUQHFHVLGDGHVFDPELDQ WHVRUHSHUFXVLRQHVLQHVSHUDGDV\DVHDQSRVLWLYDVRQHJDWLYDV

HVWDEOHFHU\IRUWDOHFHUPHFDQLVPRVGHYLJLODQFLD\HYDOXDFLyQVREUHODEDVHGHXQSODQ TXHHVWDEOH]FDFODUDPHQWHORVREMHWLYRVDDOFDQ]DUORVPHGLRVORVSOD]RV\XQFRQMXQWRGHILQLGR GHLQGLFDGRUHVFRQVyOLGRVGDWRVGHUHIHUHQFLD

KDFHUXQVHJXLPLHQWRGHODVUHIRUPDVVDQLWDULDVORVHQIRTXHVDGRSWDGRVSDUDHOFRQMXQWR GHOVHFWRU\ODDSOLFDFLyQGHRWURVPHFDQLVPRVGHILQDQFLDFLyQFRPRORVGRFXPHQWRVGHHVWUD WHJLDGHOXFKDFRQWUDODSREUH]DODFRPSDUWLFLyQGHJDVWRVRHODSR\RSUHVXSXHVWDULRGLUHFWRSD UDDVHJXUDUTXHUHGXQGHQHQEHQHILFLRGHORVSREUHV\RWURVJUXSRVVRFLDORHFRQyPLFDPHQWH PDUJLQDGRV\FRQWULEXLUDIRUWDOHFHUORVVHUYLFLRVGHVDOXGUHSURGXFWLYD\VH[XDOHQWRGRVORV QLYHOHV\

HODERUDU PHFDQLVPRV SRU HMHPSOR FRPLWpV ORFDOHV R UHXQLRQHV FRPXQLWDULDV TXH SHU PLWDQLQFUHPHQWDUHOUHQGLPLHQWRGHFXHQWDVDQLYHOGHFHQWURV\GLVWULWRV

&RPSURPLVRGHOD206SDUDODFRQVHFXFLyQGHORVREMHWLYRVPXQGLDOHVGHVDOXG UHSURGXFWLYD

(QWRGDVODVHVIHUDVGHDFFLyQDUULEDGHVFULWDVOD206SURVHJXLUi\UHIRU]DUiODDVLVWHQFLDWpF QLFDSUHVWDGDDORVSDtVHV

DSR\DQGRODVLQYHVWLJDFLRQHVRULHQWDGDVDODDGRSFLyQGHPHGLGDV\ODVLQLFLDWLYDVGHIRUWDOH FLPLHQWRGHODFDSDFLGDGLQYHVWLJDGRUD

UDFLRQDOL]DQGRQRUPDV\FULWHULRVSRQLHQGRHVSHFLDOFXLGDGRHQTXHpVWRVVHEDVHQHQSUXH EDVFLHQWtILFDV\

DVHJXUDQGRTXHHQWRGRVORVQLYHOHVGHOD2UJDQL]DFLyQVHOOHYHQDFDERIXQFLRQHVGHSUR PRFLyQPXQGLDOGHODVDOXGUHSURGXFWLYD\VH[XDO

(QHOPDUFRGHWRGDVHVDVDFWLYLGDGHVVHDERUGDUiQ\IRPHQWDUiQVLVWHPiWLFDPHQWHODHTXLGDG LQFOXLGDODLJXDOGDGHQWUHORVVH[RV\ORVDVSHFWRVGHODVDOXGUHSURGXFWLYD\VH[XDOUHODFLRQDGRVFRQ ORVGHUHFKRVKXPDQRV

(QHOSODQRPXQGLDOOD206

UHGREODUiVXVHVIXHU]RVSDUDODDSOLFDFLyQGHODLQLFLDWLYD5HGXFLUORV5LHVJRVGHO(PED UD]RFRPRFRPSRQHQWHSULRULWDULRGHODHVWUDWHJLDGHVDOXGUHSURGXFWLYD\VH[XDOVREUHWRGRHQ ORTXHUHVSHFWDDORVSDtVHVTXHSUHVHQWDQODVWDVDVPDVDOWDVGHPRUWDOLGDGPDWHUQD

VHJXLUiIRUWDOHFLHQGRVXVOD]RVGHDVRFLDFLyQFRQRWUDVRUJDQL]DFLRQHVGHOVLVWHPDGHODV 1DFLRQHV8QLGDVHQSDUWLFXODUHO)18$3HO81,&()\HO2186,'$HO%DQFR0XQGLDO ODV DVRFLDFLRQHV GH SURIHVLRQDOHV GH OD VDOXG ODV RUJDQL]DFLRQHV QR JXEHUQDPHQWDOHV \ RWURV

(18)

DVRFLDGRVFRQPLUDVDDVHJXUDUODFRODERUDFLyQ\ODDFWXDFLyQFRRUGLQDGDGHXQDDPSOLDYDULH GDGGHDFWRUHV/DQXHYDDOLDQ]DSDUDXQDPDWHUQLGDGVLQULHVJR\ODVDOXGGHOUHFLpQQDFLGR TXHVHUiDFRJLGDSRUOD206GHVHPSHxDUiXQSDSHOFUXFLDODHVWHUHVSHFWR

SURPRYHUi\IRUWDOHFHUiORVVHUYLFLRVGHVDOXGUHSURGXFWLYD\VH[XDOFRPRSLODUIXQGD PHQWDOSDUDODSUHYHQFLyQ\HOWUDWDPLHQWRGHO9,+6,'$HQSDUWLFXODUPHGLDQWHODSODQLILFD FLyQIDPLOLDUODDWHQFLyQSUHQDWDOSHULQDWDO\SRVSDUWRHOFRQWUROGHODVLQIHFFLRQHVGHWUDQVPL VLyQVH[XDOODSURPRFLyQGHSUiFWLFDVVH[XDOHVVLQULHVJR\ODSUHYHQFLyQGHODWUDQVPLVLyQGHO 9,+GHODPDGUHDOQLxR/D206FRQIHULUiDVLPLVPRDWHQFLyQDODVDOXGUHSURGXFWLYD\VH[XDO UHIRU]DQGRVXFRODERUDFLyQFRQRWURVSURJUDPDVIXQGDPHQWDOHVGHVDOXGS~EOLFDFRPRORVFHQ WUDGRVHQODLQPXQL]DFLyQODQXWULFLyQ\ODSUHYHQFLyQRHQHOWUDWDPLHQWRGHODPDODULD\ODWX EHUFXORVLVHQSDUWLFXODUHQWUHODVPXMHUHVHPEDUD]DGDV\

DVHJXUDUiHOUHQGLPLHQWRGHFXHQWDVPHGLDQWHODHODERUDFLyQGHLQIRUPHVVREUHORVSUR JUHVRVORJUDGRVHQPDWHULDGHVDOXGUHSURGXFWLYD\VH[XDOFRPRSDUWHGHORVHVIXHU]RVHQFDPL QDGRVDOORJURGHORV2EMHWLYRVGH'HVDUUROORGHO0LOHQLR