This document provides an overview of the automotive and auto parts industry in the state of San Luis Potosi, Mexico in 2009. It covers the national context of the industry's importance to the Mexican economy. For San Luis Potosi, it describes the industry's economic impact, its productive structure, competitive advantages, and a directory of companies. The automotive and auto parts production in San Luis Potosi is diverse and integrated by recognized firms participating in national and international markets. The document aims to update and describe characteristics of the industry's structure and evolution in the state.

2. ,QGXVWULD $XWRPRWUL] GH
$XWRSDUWHV GHO (VWDGR GH
6DQ /XLV 3RWRVt

3. RSLD ILHO GHO HVWDGR TXH JXDUGD DFWXDOPHQWH HO (VFXGR GH OD LXGDG GH 6DQ /XLV 3RWRVt DKRUD GH OD
HQWLGDG FRQWHQLGR HQ OD pGXOD 5HDO HQ TXH OH FRQILUPy HO 7tWXOR GH FLXGDG HO 5H GH (VSDxD )HOLSH
,9 HO GH DJRVWR GH

4. 217(1,'2
3iJ
,QWURGXFFLyQ
3DUWH , 0DUFR GH 5HIHUHQFLD 1DFLRQDO
,PSRUWDQFLD HQ OD HFRQRPtD PH[LFDQD
RPHUFLR H[WHULRU GH OD LQGXVWULD DXWRPRWUL]
,QGXVWULD GH DXWRSDUWHV PH[LFDQD
3DUWH ,, /D ,QGXVWULD $XWRPRWUL] GH $XWRSDUWHV HQ HO (VWDGR GH 6DQ /XLV 3RWRVt
,PSRUWDQFLD HFRQyPLFD GH OD LQGXVWULD DXWRPRWUL] GH DXWRSDUWHV
)RUWDOH]DV RSRUWXQLGDGHV GHELOLGDGHV DPHQD]DV
(VWUXFWXUD SURGXFWLYD
3URYHHGRUHV GH DXWRSDUWHV GH SULPHUR VHJXQGR WHUFHU QLYHO
RPHUFLDOL]DFLyQ
3DUWH ,,, 9HQWDMDV RPSHWLWLYDV
/RFDOL]DFLyQ JHRJUiILFD LGHDO HQ OD 5HS~EOLFD 0H[LFDQD
)iFLO DFFHVR D PHUFDGRV PDWHULDV SULPDV
$PSOLD RIHUWD GH PDQR GH REUD FDOLILFDGD
$PELHQWH ODERUDO HVWDEOH
'LVSRQLELOLGDG GH LQIUDHVWUXFWXUD LQGXVWULDO SDUD OD DFWLYLGDG
DXWRPRWUL] GH DXWRSDUWHV
,QGXVWULD GH DXWRSDUWHV GLYHUVLILFDGD
(VWtPXORV ILVFDOHV
*RELHUQR SURPRWRU SDUWLFLSDWLYR
6HJXULGDG 3~EOLFD
3DUWH ,9 'LUHFWRULR GH (PSUHVDV GH OD ,QGXVWULD $XWRPRWUL] GH $XWRSDUWHV
$QH[RV

5. ,1752'8,Ð1
/D LQGXVWULD DXWRPRWUL] GH DXWRSDUWHV VH FRQVLGHUD FRPR XQ LQGLFDGRU GH UHIHUHQFLD GHO GHVDUUROOR
LQGXVWULDO PDQXIDFWXUHUR 5HSUHVHQWD XQD DFWLYLGDG HVWUDWpJLFD SDUD HO GHVDUUROOR HFRQyPLFR GH 6DQ /XLV
3RWRVt (V XQD GH ODV SULQFLSDOHV UDPDV GHO VHFWRU PDQXIDFWXUHUR HQ HO (VWDGR SRU ODV UHPXQHUDFLRQHV TXH
JHQHUD IRUPDFLyQ GH FDSLWDO YDORU TXH DJUHJD D VXV SURGXFWRV 6X HMH HFRQyPLFR HV OD IDEULFDFLyQ GH
DXWRSDUWHV
(VWD DFWLYLGDG WLHQH XQD SURGXFFLyQ GH DXWRSDUWHV GLYHUVLILFDGD VH LQWHJUD SRU UHFRQRFLGDV ILUPDV TXH
SDUWLFLSDQ HQ ORV PHUFDGRV QDFLRQDO H LQWHUQDFLRQDO
(O REMHWR GHO SUHVHQWH GRFXPHQWR HV DFWXDOL]DU GHVFULELU DOJXQDV FDUDFWHUtVWLFDV GH VX HVWUXFWXUD
HYROXFLyQ
3DUD HOOR VH LQFOXHQ VyOR HVWDEOHFLPLHQWRV FRQ SHUVRQDOLGDG MXUtGLFD PRUDO VH VXVWHQWD HQ LQIRUPDFLyQ
GLUHFWD SURSRUFLRQDGD GH IHEUHUR D MXQLR GH SRU ODV HPSUHVDV GH OD LQGXVWULD DXWRPRWUL] GH
DXWRSDUWHV TXH DFWXDOPHQWH RSHUDQ HQ HO (VWDGR DVt FRPR HQ GDWRV HVWDGtVWLFRV GLVSRQLEOHV GH OD
$VRFLDFLyQ 0H[LFDQD GH OD ,QGXVWULD $XWRPRWUL] $ OD $VRFLDFLyQ 1DFLRQDO GH 3URGXFWRUHV GH $XWREXVHV
DPLRQHV 7UDFWRFDPLRQHV $ HO %DQFR 1DFLRQDO GH RPHUFLR ([WHULRU 61 HO ,QVWLWXWR 1DFLRQDO GH
(VWDGtVWLFD *HRJUDItD H ,QIRUPiWLFD OD 6HFUHWDUtD GH (FRQRPtD GH OD SURSLD 6HFUHWDUtD GH 'HVDUUROOR
(FRQyPLFR GH *RELHUQR GHO (VWDGR
(O GRFXPHQWR VH FRPSRQH GH FXDWUR SDUWHV TXLQFH DQH[RV
(Q OD SULPHUD SDUWH VH HVWDEOHFH XQ PDUFR GH UHIHUHQFLD QDFLRQDO HQ HO TXH VH GHVWDFD VX LPSRUWDQFLD HQ OD
HFRQRPtD PH[LFDQD
(Q OD VHJXQGD VH PXHVWUD GLFKD LQGXVWULD HQ HO FRQWH[WR GHO (VWDGR GH 6DQ /XLV 3RWRVt D WUDYpV GH
LQGLFDGRUHV FRPR HO SURGXFWR LQWHUQR EUXWR Q~PHUR GH HPSUHVDV LQVWDODGDV SURGXFWRV HODERUDGRV
HVWUXFWXUD SURGXFWLYD ORFDOL]DFLyQ QLYHOHV GH FRPHUFLDOL]DFLyQ HQ HO PHUFDGR ORFDO H[WHUQR
/D WHUFHUD SDUWH VHxDOD ODV YHQWDMDV FRPSHWLWLYDV TXH 6DQ /XLV 3RWRVt RIUHFH D ORV LQYHUVLRQLVWDV TXH GHVHDQ
LQVWDODUVH HQ VX WHUULWRULR
(Q OD FXDUWD SDUWH VH SUHVHQWD XQ GLUHFWRULR DFWXDOL]DGR GH HPSUHVDV GH OD LQGXVWULD DXWRPRWUL] GH
DXWRSDUWHV TXH LQFOXH GDWRV JHQHUDOHV FRPR GLUHFFLyQ PXQLFLSLR FyGLJR SRVWDO WHOpIRQR ID[ ZHE H
PDLO GLUHFWRU JHQHUDO R JHUHQWH SURGXFWRV TXH H[SRUWDQ H LPSRUWDQ UDQJR GH SHUVRQDO
$GLFLRQDOPHQWH HO OHFWRU HQFRQWUDUi HQ ORV DQH[RV LQIRUPDFLyQ FXDQWLWDWLYD FXDOLWDWLYD FRPSOHPHQWDULD
TXH OH VHUi GH DOJXQD XWLOLGDG SDUD DPSOLDU VX FRQRFLPLHQWR VREUH HVWD UDPD LQGXVWULDO
/D 6HFUHWDUtD GH 'HVDUUROOR (FRQyPLFR GH *RELHUQR GHO (VWDGR DJUDGHFH D ODV LQVWLWXFLRQHV HPSUHVDV GH
OD LQGXVWULD DXWRPRWUL] GH DXWRSDUWHV VX DSRR FRODERUDFLyQ HVSHUD GH ODV PLVPDV DVt FRPR GH ORV
XVXDULRV GH OD SUHVHQWH LQIRUPDFLyQ ODV VXJHUHQFLDV REVHUYDFLRQHV TXH FRQVLGHUHQ SHUWLQHQWH SDUD
VXSHUDU OD FDOLGDG GHO GRFXPHQWR (VWH SURGXFWR WDPELpQ VH HQFXHQWUD D VX GLVSRVLFLyQ HQ YHUVLyQ
HOHFWUyQLFD HQ OD SiJLQD GH LQWHUQHW ZZZVGHVOSJREP[
2FWXEUH GH

6. 3DUWH ,
0DUFR GH
5HIHUHQFLD 1DFLRQDO
L
F
R
Q
D
O
H
1
U
I
W
,
G
0
5
3

7. /D LQGXVWULD DXWRPRWUL] D QLYHO PXQGLDO HV XQR GH ORV VHFWRUHV PDQXIDFWXUHURV PiV GLQiPLFRV GHELGR
D OD GHUUDPD HFRQyPLFD LQWHJUDFLyQ FRQ RWUDV UDPDV LQGXVWULDOHV DOWRV QLYHOHV GH FRPSHWLWLYLGDG
(VWD LQGXVWULD FUHFLy D XQD WDVD SURPHGLR DQXDO GH HQWUH HO DxR (Q HVH SHULRGR OD
SURGXFFLyQ GH YHKtFXORV OLJHURV SDVy GH PLOORQHV PLO XQLGDGHV D PLOORQHV PLO
XQLGDGHV
*UiILFR 1R
3URGXFFLyQ 0XQGLDO GH $XWRPyYLOHV
0LOHV GH XQLGDGHV

8. )XHQWH 2UJDQL]DFLyQ ,QWHUQDFLRQDO GH RQVWUXFWRUHV GH $XWRPyYLOHV 2,$ SRU VXV VLJODV HQ IUDQFpV

9. 0DR
(Q ORV SULQFLSDOHV SDtVHV SURGXFWRUHV GH DXWRPyYLOHV IXHURQ -DSyQ KLQD (VWDGRV 8QLGRV GH
$PpULFD FRQ HO GH OD SURGXFFLyQ WRWDO 3RU VX SDUWH 0p[LFR SDVR GHO RQFHDYR DO GpFLPR OXJDU
HQ GLFKR DxR FRPR IDEULFDQWH GH YHKtFXORV OLJHURV VX SURGXFFLyQ UHSUHVHQWy GHO WRWDO
PXQGLDO

10. *UiILFR 1R
3ULQFLSDOHV 3DtVHV 3URGXFWRUHV GH 9HKtFXORV $XWRPRWULFHV
0LOHV GH XQLGDGHV

11. K :
D
/
h
)XHQWH iPDUD GH 'LSXWDGRV + RQJUHVR GH OD 8QLyQ HQWUR GH (VWXGLRV GH ODV )LQDQ]DV 3~EOLFDV 6LWXDFLyQ $FWXDO GHO 6HFWRU $XWRPRWUL] HQ
0p[LFR ,
([LVWHQ PiV GH HPSUHVDV GH DXWRSDUWHV HVWDEOHFLGDV HQ 0p[LFR OD JUDQ PDRUtD GH HOODV VRQ GH
RULJHQ H[WUDQMHUR 1XHVWUR SDtV HV HO SULQFLSDO SURYHHGRU GH OD LQGXVWULD DXWRPRWUL] HVWDGRXQLGHQVH
VHJXLGR GH DQDGi -DSyQ GXUDQWH HO
,03257$1,$ (1 /$ (2120Ì$ 0(;,$1$
/D LQGXVWULD DXWRPRWUL] HQ 0p[LFR VH LQWHJUD SRU OD IDEULFDFLyQ HQVDPEOH GH YHKtFXORV DXWRPRWRUHV
DXWRPyYLOHV FDPLRQHV OLJHURV DXWREXVHV FDPLRQHV SHVDGRV WUDFWRFDPLRQHV

12. SRU OD IDEULFDFLyQ GH
PRWRUHV DXWRSDUWHV DFFHVRULRV
$FWXDOPHQWH OD XELFDFLyQ JHRJUiILFD GH OD LQGXVWULD DXWRPRWUL] WHUPLQDO HQ 0p[LFR VH FRQFHQWUD HQ ODV
UHJLRQHV QRUWH FHQWUR EDMtR
,1'8675,$ $8720275,= '( $8723$57(6 '(/ (67$'2 '( 6$1 /8,6 32726Ê

13. 0DSD 1R
/RFDOL]DFLyQ GH OD ,QGXVWULD $XWRPRWUL] 7HUPLQDO HQ 0p[LFR
,/,h ,h
%$
EtKZd,
$-
dZh^
$
$
Dy/ / ' W /K /E D Z
/, )
E'/E^
25
^KEKZ
1
1,
,/,h ,h
$
Z DK^ 'D
dKzKd Z/W W hs
W/ hW Ky^ 2$+8,/$
K dZh^
%
%$
K ,h/
-
-$
d/:h E
' Z/
$
E s/^d Z dZh^
/,)
25
EhsK
1,
,$
^
^/E
^W
KE 'D
68
hZ E'K
K
5
KZ ,ZDK^/K YZK
d DW^ ^ E/
W
 d ^
^W
E
E
'^
z
z
h hd/d E KZ
,Zz^Z ^ d/K
Z
Z/
W hs
d
d
E'/E^ hs 'dK zh d E
K
YZK
ZK
'^ : /^K ,/ 'K
E/^^ E
E
W E'/E^
Ed
Dy d y
/
Yh
K/D D/,K E s
,KE W 'h : Z DKZ Wh Z DW,
Z
h d ^K
*8(55(52
^/ K
'D
hs K y
dKh ,/ W ^
' D E'/E^
,Zz^Z W hs dKh
Wh
st
^ Ed/ 'K
D E W hs W E'/E^
dKh
Dt W /s E/^^ E
dhd/d E W hs
D ^ dZh^
sKsK dKh
dZh^
‡1257( ‡(1752 ‡%$-Ë2
)XHQWH 6HFUHWDUtD GH (FRQRPtD $EULO GH 6HFUHWDUtD GH 'HVDUUROOR (FRQyPLFR GH *RELHUQR GHO (VWDGR GH 6DQ /XLV 3RWRVt 6HSWLHPEUH GH
RQ OD ILUPD GHO 7UDWDGR GH /LEUH RPHUFLR GH $PpULFD GHO 1RUWH 7/$1

14. HQ RWURV DFXHUGRV
FRPHUFLDOHV ODV HPSUHVDV DXWRPRWULFHV PH[LFDQDV DPSOLDURQ VX LQWHJUDFLyQ DO VLVWHPD GH SURGXFFLyQ GH OD
LQGXVWULD DXWRPRWUL] HVWDGRXQLGHQVH $VLPLVPR VH LQFUHPHQWy HO YROXPHQ GH FRPHUFLR H[WHULRU GH HVD
LQGXVWULD ORV IOXMRV GH LQYHUVLyQ H[WUDQMHUD SURYHQLHQWHV GH RWURV SDtVHV
0$52 '( 5()(5(1,$ 1$,21$/

15. (Q SDUWLFXODU GXUDQWH HO DxR HVWD LQGXVWULD HPSOHy PLOOyQ WUDEDMDGRUHV PLO HQ DXWRSDUWHV
PLO HQ WLHQGDV PHFiQLFDV PLO HQ PHUFDGR PLO HQ YHQWDV GLVWULEXFLyQ HQ 2(0ŽV OR FXDO
UHSUHVHQWy HO GHO WRWDO GH SHUVRQDO RFXSDGR HQ OD LQGXVWULD PDQXIDFWXUHUD JHQHUy HO GHO
SURGXFWR LQWHUQR EUXWR PDQXIDFWXUHUR GH ODV H[SRUWDFLRQHV WRWDOHV ORV IOXMRV GH LQYHUVLyQ
H[WUDQMHUD GLUHFWD HQ DXWRSDUWHV IXHURQ HO GHO WRWDO GH ORV IOXMRV GH LQYHUVLyQ H[WUDQMHUD GLUHFWD
GHVWLQDGD D OD LQGXVWULD PDQXIDFWXUHUD
(O YROXPHQ GH OD SURGXFFLyQ DXWRPRWUL] SRU PHUFDGR HQ WpUPLQRV GH XQLGDGHV VH PXHVWUD D FRQWLQXDFLyQ
*5$),2 1R
3URGXFFLyQ 7RWDO GH 9HKtFXORV HQ 0p[LFR
1~PHUR GH XQLGDGHV

16. D / D
)XHQWH $VRFLDFLyQ 0H[LFDQD GH OD ,QGXVWULD $XWRPRWUL] $ 2FWXEUH GH /D ,QGXVWULD $XWRPRWUL] HQ 0p[LFR ,1(*,
(V LPSRUWDQWH GHVWDFDU TXH OD FDGHQD SURGXFWLYD GH HVWD LQGXVWULD FRQVWD GH UDPDV SURGXFWLYDV GH ODV
FXDOHV VRQ PDQXIDFWXUHUDV HVWiQ UHODFLRQDGDV FRQ OD FRPHUFLDOL]DFLyQ GH ORV YHKtFXORV (QWUH ODV
SULQFLSDOHV UDPDV GH DSRR GH OD LQGXVWULD PDQXIDFWXUHUD VH HQFXHQWUDQ ODV GH IDEULFDFLyQ GH WH[WLOHV
DFHUR DFFHVRULRV GH SOiVWLFR TXtPLFRV HQWUH RWUDV TXH VXPLQLVWUDQ ELHQHV LQWHUPHGLRV SDUD OD
IDEULFDFLyQ GH YHKtFXORV DXWRSDUWHV OR FXDO JHQHUD HPSOHRV LQGLUHFWRV SDUD OD LQGXVWULD
,1'8675,$ $8720275,= '( $8723$57(6 '(/ (67$'2 '( 6$1 /8,6 32726Ê

17. ',$*5$0$ 1R
0p[LFR
DGHQD 3URGXFWLYD GH OD ,QGXVWULD $XWRPRWUL]
Ws
)XHQWH 6LVWHPD GH ,QIRUPDFLyQ (PSUHVDULDO 0H[LFDQR 6HFUHWDUtD GH (FRQRPtD 0DR GH
0$52 '( 5()(5(1,$ 1$,21$/

18. (QWUH ODV IRUWDOH]DV TXH SUHVHQWD HO VHFWRU DXWRPRWUL] GH DXWRSDUWHV VH HQFXHQWUDQ HO RSHUDU HQ XQ
DPELHQWH GH ORFDOL]DFLyQ JHRJUiILFD SULYLOHJLDGD FRVWRV ODERUDOHV FRPSHWLWLYRV UHSUHVHQWDQ GH D
GHO YDORU DJUHJDGR GH XQ DXWR

19. IXHU]D GH WUDEDMR FDSDFLWDGD SURGXFWLYD H[LVWHQFLD GH XQD VyOLGD FDGHQD
GH SURYHHGRUHV FRQ XQ DOWR JUDGR GH LQWHJUDFLyQ FDSDFLGDG GH SURGXFFLyQ -,7 -XVWR D 7LHPSR

20. HVFDODPLHQWR KDFLD DFWLYLGDGHV GH DOWR YDORU DJUHJDGR LQQRYDFLyQ HPSUHVDULDO FRPR XQD SUDFWLFD
FRQVWDQWH SHUPDQHQWH HQ ODV HPSUHVDV PH[LFDQDV DPSOLD UHG GH DFXHUGRV FRPHUFLDOHV PHUFDGR
LQWHUQR HQ FUHFLPLHQWR
$GHPiV RIUHFH GLYHUVDV RSRUWXQLGDGHV GH QHJRFLRV VHJ~Q HO QLYHO GH SURYHHGXUtD (VWDV RSRUWXQLGDGHV
SRU VLVWHPDV SURGXFWRV VH LQGLFDQ D FRQWLQXDFLyQ
8$'52 1R
0p[LFR
2SRUWXQLGDGHV GH 1HJRFLR 6HJ~Q 1LYHO GH 3URYHHGXUtD
6,67(0$6 352'8726
3ULPHU 1LYHO
(VWDPSDGRV 7ROGR SDUWHV GH FDUURFHUtD
0RWRUHV *DVROLQD GLHVHO
(MHV (MHV GH WUDFFLyQ
(OpFWULFR $UQHVHV
7UDQVPLVLyQ DMD GH FDPELRV
3DQHO GH ,QVWUXPHQWRV 9HORFtPHWURV
3DUWHV GH 0RWRU 3LVWRQHV FLJHxDOHV
2WURV 7RUQLOORV WXHUFDV SHUQRV
6HJXQGR 7HUFHU 1LYHO
(OpFWULFR $UQHVHV FRQHFWRUHV FDEOH
DUURFHUtD 0ROGXUDV SDUWHV SOiVWLFDV
,QWHULRUHV $OIRPEUDV SDUWHV GH DVLHQWRV
$FFHVRULRV 5DGLRV ULQHV
2WURV 3DUWHV GH +LHUUR $FHUR
)XHQWH /D ,QGXVWULD $XWRPRWUL] HQ 0p[LFR 2SRUWXQLGDGHV GH 1HJRFLRV %DQFRPH[W 61
,1'8675,$ $8720275,= '( $8723$57(6 '(/ (67$'2 '( 6$1 /8,6 32726Ê

21. (Q HO FDVR GH ODV HPSUHVDV GHQRPLQDGDV 2(0·6 )DEULFDQWHV GH (TXLSR 2ULJLQDO

22. 7LHU 2QH VH FRQVLGHUDQ
FRPR RSRUWXQLGDGHV GH QHJRFLR ODV VLJXLHQWHV
8$'52 1R
0p[LFR
2SRUWXQLGDGHV GH 1HJRFLR GH ODV (PSUHVDV 2(0Ž6 7,(5 21(
3URGXFWRV 'HPDQGDGRV SRU ODV 2(06
$ /RJtVWLFD
3DUWHV GH 0RWRU 'LVHxR 0DQWHQLPLHQWR 3URGXFFLyQ
GH 'DGRV 0ROGHV +HUUDPHQWDMHV
RPSRQHQWHV SDUD 'LUHFFLRQHV
6XVSHQVLRQHV
3URGXFWRV 'HPDQGDGRV SRU 7LHU 2QH
)RUMD %DOHURV
(VWDPSDGR 0DTXLQDGRV
3OiVWLFR 'DGRV 0ROGHV
$OXPLQLR +HUUDPHQWDMHV -LJV )L[WXUH
/RJtVWLFD
)XHQWH %DQFR 1DFLRQDO GH RPHUFLR ([WHULRU 61 %DQFRPH[W

23. 0DR GH
(Q HVSHFLDO ORV SURGXFWRV HVSHFtILFRV GH ODV 2(0ŽV SDUD DSRDU OD FDGHQD GH SURGXFFLyQ VRQ FKDVLV EDVHV
GH IUHQRV HVWUXFWXUDV GH FKDVLVHV OtQHDV GH PDQHMR VLVWHPDV GH HVFDSH PyGXORV GH VXVSHQVLRQHV
HOpFWULFRV JHQHUDGRUHVDOWHUQDGRUHV VLVWHPDV GH HQFHQGLGR GH PRWRUHV LQWHULRUHV FRQVRODV GH SLVR
FRPSRQHQWHV SDUD DVLHQWRV YHVWLGXUDV 6 HVWDPSDGR SDUWHV GH FDUURFHUtDV ULQHV H[WHULRU FULVWDOHV
HVSHMRV PROGXUDV H[WHUQDV GH FDUURFHUtD SOiVWLFRV GH H[WUXFFLyQ KYDF EROVDV GH DLUH YRODQWHV
FLQWXURQHV GH VHJXULGDG UHPDFKHV KHELOODV GH FLQWXURQHV GH VHJXULGDG 350 FDEH]DV PRQREORFNV
IXQGLFLRQHV GH DOXPLQLR SLVWRQHV FDGHQDV GH GLVWULEXFLyQ IXQGLFLRQHV GH KLHUUR YiOYXODV
0$52 '( 5()(5(1,$ 1$,21$/

24. 20(5,2 (;7(5,25 '( /$ ,1'8675,$ $8720275,=
(O FRPHUFLR H[WHULRU GH OD LQGXVWULD DXWRPRWUL] UHFLELy XQ IXHUWH LPSXOVR FRQ HO 7/$1 (VWD LQGXVWULD
LQFOXHQGR OD DFWLYLGDG PDTXLODGRUD FRQWULEXy D XQR GH ORV PDRUHV LQWHUFDPELRV FRPHUFLDOHV FRQ HO
H[WUDQMHUR RFXSDQGR HO WHUFHU OXJDU HQ ODV H[SRUWDFLRQHV HQ 0p[LFR GXUDQWH HO DxR
/DV H[SRUWDFLRQHV DXWRPRWULFHV FRQ PDTXLOD

25. SDVDURQ GH 86 PLOORQHV GH GyODUHV HQ HO D
86 PLOORQHV GH GyODUHV HQ HO XQ VXSHUiYLW FRPHUFLDO GH 86 PLOORQHV GH
GyODUHV HQ HO ~OWLPR DxR
8$'52 1R
0p[LFR
RPHUFLR ([WHULRU GH OD ,QGXVWULD $XWRPRWUL]
S
RQ PDTXLOD

26. ,03257$,21(6 (;3257$,21(6
86 PLOO 86 PLOO
$XWRV DPLRQHV $XWRV DPLRQHV
$XWRSDUWHV $XWRSDUWHV
0RWRUHV 3DUWHV 0RWRUHV 3DUWHV
2WURV
25,*(1

27. '(67,12

28. 9HKtFXORV $XWRSDUWHV 9HKtFXORV $XWRSDUWHV
(8$ (8$ (8$ (8$
$OHPDQLD -DSyQ $OHPDQLD DQDGi
-DSyQ $OHPDQLD DQDGi $XVWUDOLD
2WURV 2WURV 2WURV 2WURV
S FLIUDV SUHOLPLQDUHV
)XHQWH /D ,QGXVWULD $XWRPRWUL] HQ 0p[LFR $QXDULR (VWDGtVWLFR GHO RPHUFLR ([WHULRU GH ORV (VWDGRV 8QLGRV 0H[LFDQRV
,1(*,
'HQWUR GH ORV HQVDPEODGRUDV QDFLRQDOHV *HQHUDO 0RWRUV 6$ VH XELFy HQ SULPHU OXJDU FRQ HO GH ODV
H[SRUWDFLRQHV 1,66$1 6$ VH SRVLFLRQy FRPR OtGHU HQ OD YHQWD LQWHUQD GH YHKtFXORV FRQ HO
,1'8675,$ $8720275,= '( $8723$57(6 '(/ (67$'2 '( 6$1 /8,6 32726Ê

29. (Q WpUPLQRV GH YDORU ORV SULQFLSDOHV SURGXFWRV TXH VH H[SRUWDQ VRQ DXWRPyYLOHV WLSR WXULVPR SDUWHV
DFFHVRULRV GH YHKtFXORV YHKtFXORV SDUD WUDQVSRUWH GH PHUFDQFtDV ODV GHPiV SDUWHV GH YHKtFXORV
DFFHVRULRV GH YHKtFXORV WUDFWRUHV WUDFWRUHV GH FDUUHWHUD SDUD VHPLUUHPROTXHV UHPROTXHV GHPiV
YHKtFXORV QR DXWRPRWRUHV RWURV YHKtFXORV WHUUHVWUHV VXV SDUWHV FKDVLVHV FRQ PRWRU FDUURFHUtDV
DXWRPyYLOHV SDUD XVRV HVSHFLDOHV
,1'8675,$ '( $8723$57(6 0(;,$1$
(O YDORU JHQHUDGR HQ OD SURGXFFLyQ SRU OD LQGXVWULD GH DXWRSDUWHV DVFHQGLy D PLO PLOORQHV GH GyODUHV
HQ HO DxR /RV VLVWHPDV TXH SUHVHQWDURQ XQD PDRU GHPDQGD HQ WpUPLQRV GH VX YROXPHQ GH
SURGXFFLyQ IXHURQ ORV FRUUHVSRQGLHQWHV D OD IDEULFDFLyQ GH SDUWHV SDUD PRWRU SDUWHV HOpFWULFDV
WUDQVPLVLRQHV HPEUDJXHV VXV SDUWHV /DV DXWRSDUWHV PH[LFDQDV PiV FRPSHWLWLYDV SDUD HO DEDVWHFLPLHQWR
JOREDO VRQ
',$*5$0$ 1R
0p[LFR
$XWRSDUWHV 0H[LFDQDV PDV RPSHWLWLYDV SDUD HO $EDVWHFLPLHQWR *OREDO
D
^ d
d
D D
Z
d
K
)XHQWH %DQFR 1DFLRQDO GH RPHUFLR ([WHULRU 61 %DQFRPH[W

30. 0DR GH
0$52 '( 5()(5(1,$ 1$,21$/

31. 0p[LFR HV HO SULQFLSDO SURYHHGRU GH DXWRSDUWHV GH OD LQGXVWULD DXWRPRWUL] HVWDGRXQLGHQVH /DV
H[SRUWDFLRQHV GH DXWRSDUWHV SURYHQLHQWHV GH 0p[LFR KDFLD HO UHVWR GHO PXQGR UHSUHVHQWDQ HO GHO
YDORU GH OD SURGXFFLyQ QDFLRQDO GH GLFKDV H[SRUWDFLRQHV VH GLULJHQ KDFLD ORV (VWDGRV 8QLGRV GH
$PpULFD (O RULJHQ H[WUDQMHUR GH ODV PDQXIDFWXUDV GH DXWRSDUWHV HQ 0p[LFR HV XQR GH ORV PiV
GLYHUVLILFDGRV HQ HO PXQGR
*5$),2 1R
(PSUHVDV ,QWHUQDFLRQDOHV GH $XWRSDUWHV HQ 0p[LFR SRU 3DtV GH 2ULJHQ
Z h ^
h
h Z h
h
h :
:
)XHQWH ,QGXVWULD 1DFLRQDO GH $XWRSDUWHV 0H[LFR1RZ 0DU]R$EULO
,1'8675,$ $8720275,= '( $8723$57(6 '(/ (67$'2 '( 6$1 /8,6 32726Ê

32. 3RU UHJLyQ ORV SURYHHGRUHV GH SULPHU QLYHO VH ORFDOL]DQ HQ HO 1RUWH HQ HO UHVWR GH OD 5HSXEOLFD 0H[LFDQD
0$3$ 1R
0p[LFR
3URYHHGRUHV GH 3ULPHU 1LYHO
5HJLyQ 1RUWH

33. )XHQWH %DQFR 1DFLRQDO GH RPHUFLR ([WHULRU 61 %DQFRPH[W

34. 0DR GH
0$52 '( 5()(5(1,$ 1$,21$/

35. 0$3$ 1R
0p[LFR
3URYHHGRUHV GH 3ULPHU 1LYHO
5HJLyQ HQWUR 6XU

36. )XHQWH %DQFR 1DFLRQDO GH RPHUFLR ([WHULRU 61 %DQFRPH[W

37. 0DR GH
,1'8675,$ $8720275,= '( $8723$57(6 '(/ (67$'2 '( 6$1 /8,6 32726Ê

38. 3RU RWUD SDUWH ORV SURYHHGRUHV GH VHJXQGR WHUFHU QLYHO SHTXHxD PHGLDQD LQGXVWULD

39. VH ORFDOL]DURQ HQ
HQWLGDGHV IHGHUDWLYDV HQ HO DxR
0$3$ 1R
0p[LFR
3URYHHGRUHV GH 6HJXQGR 7HUFHU 1LYHO
ÈUHD
+LGDOJR
XLGDG GH 0p[LFR
(VWDGR GH 0p[LFR
0RUHORV
3XHEOD
7OD[FDOD
3(48(f$
)XHQWH %DQFR 1DFLRQDO GH RPHUFLR ([WHULRU 61 %DQFRPH[W

40. 0DR GH
0$52 '( 5()(5(1,$ 1$,21$/

41. (O WRWDO GH HPSUHVDV VH GLVWULEXHQ HQ VLHWH SODWDIRUPDV GH IDEULFDFLyQ
*5É),2 1R
0p[LFR
,QGXVWULD $XWRPRWUL] GH $XWRSDUWHV 6HJ~Q 3ODWDIRUPD GH )DEULFDFLyQ
3RUFHQWDMH

42. K
^
W
,
D W
)XHQWH /D ,QGXVWULD $XWRPRWUL] HQ 0p[LFR ,1(*,
,1'8675,$ $8720275,= '( $8723$57(6 '(/ (67$'2 '( 6$1 /8,6 32726Ê

43. (Q VtQWHVLV ORV SULQFLSDOHV SURYHHGRUHV GH DXWRSDUWHV HQ 0p[LFR VH PXHVWUDQ D FRQWLQXDFLyQ
0$3$ 1R
3ULQFLSDOHV 3URYHHGRUHV GH $XWRSDUWHV HQ 0p[LFR
0$52 '( 5()(5(1,$ 1$,21$/

44. 6$1 /8,6 32726Ë
)XHQWH 7RPDGR GH 0p[LFR 1RZ ,QGXVWULD 1DFLRQDO GH $XWRSDUWHV $ 0D ² -XQH
,1'8675,$ $8720275,= '( $8723$57(6 '(/ (67$'2 '( 6$1 /8,6 32726Ê

45. 1XHVWUR SDtV WDPELpQ KD SDUWLFLSDGR HQ QHJRFLDFLRQHV FRPHUFLDOHV FRQ GLIHUHQWHV SDtVHV 3DUWLFXODUPHQWH
HO 7/$1 VHxDOD HQWUH ODV SULQFLSDOHV GLVSRVLFLRQHV GHO $QH[R $ OD HOLPLQDFLyQ GHO UHTXLVLWR GH 9DORU
$JUHJDGR 1DFLRQDO 9$1

46. HO FXDO REOLJD D ODV HPSUHVDV GHO VHFWRU D LQFRUSRUDU LQVXPRV VHUYLFLRV GH
RULJHQ QDFLRQDO R UHJLRQDO HQ XQ SRUFHQWDMH GHWHUPLQDGR 5HJOD GH 2ULJHQ

47. 3DUD OD LQGXVWULD WHUPLQDO HO
9$1 GLVPLQXy JUDGXDOPHQWH GH HQ D HQ HQ HO FDVR GH OD LQGXVWULD GH
DXWRSDUWHV QDFLRQDO HO 9$1 VH UHGXMR D HQ
(Q VH DOFDQ]y OD HOLPLQDFLyQ WRWDO HQ 0p[LFR GH DUDQFHOHV GH LPSRUWDFLyQ SDUD DXWRPyYLOHV QXHYRV
DXWRSDUWHV RULJLQDULRV GH (VWDGRV 8QLGRV DQDGi $GHPiV D SDUWLU GH HVH DxR FXDOTXLHU SHUVRQD SXHGH
LPSRUWDU YHKtFXORV QXHYRV GH (VWDGRV 8QLGRV DQDGi ODV HPSUHVDV DUPDGRUDV QR WHQGUiQ TXH FXPSOLU
FRQ HO UHTXLVLWR GH EDODQ]D FRPHUFLDO SRVLWLYD HO FXDO IXH GLVPLQXHQGR JUDGXDOPHQWH GHVGH OD HQWUDGD HQ
YLJRU GHO 7/$1 HQ
,JXDOPHQWH 0p[LFR HOLPLQDUi FXDOTXLHU UHVWULFFLyQ TXH OLPLWH HO Q~PHUR GH YHKtFXORV DXWRPRWRUHV TXH XQD
HPSUHVD GH OD LQGXVWULD WHUPLQDO SXHGH LPSRUWDU HQ UHODFLyQ FRQ HO Q~PHUR WRWDO GH YHKtFXORV DXWRPRWRUHV
TXH GLFKD HPSUHVD YHQGH HQ 0p[LFR
RQ UHODFLyQ D YHKtFXORV XVDGRV HO 7/$1 HVWDEOHFH TXH OD OLEHUDFLyQ WRWDO D OD LPSRUWDFLyQ GH DXWRV
XVDGRV VHUi HQ HO DxR TXH D SDUWLU GH VH SRGUiQ LPSRUWDU D 0p[LFR YHKtFXORV XVDGRV
RULJLQDULRV GH DQDGi R GH (VWDGRV 8QLGRV GH $PpULFD TXH WHQJDQ SRU OR PHQRV HO WLHPSR LQGLFDGR HQ OD
VLJXLHQWH WDEOD
8$'52 1R
0p[LFR
/LEHUDFLyQ 7RWDO D OD ,PSRUWDFLyQ GH $XWRPyYLOHV 8VDGRV VHJ~Q $xRV GH $QWLJHGDG
d
)XHQWH 3iUUDIR $SpQGLFH $ 7UDWDGR GH /LEUH RPHUFLR GH $PpULFD GHO 1RUWH
0$52 '( 5()(5(1,$ 1$,21$/

48. /RV 7UDWDGRV GH OLEUH RPHUFLR $FXHUGRV RPHUFLDOHV TXH VH KDQ HVWDEOHFLGRV D OD IHFKD VRQ
0$3$ 1R
0p[LFR
7UDWDGRV GH /LEUH RPHUFLR $FXHUGRV RPHUFLDOHV
$OHPDQLD $XVWULD %pOJLFD KLSUH 'LQDPDUFD (VSDxD (VORYDTXLD (VORYHQLD (VWRQLD
)LQODQGLD )UDQFLD *UHFLD +XQJUtD ,UODQGD ,WDOLD /HWRQLD /LWXDQLD /X[HPEXUJR 0DOWD
3DtVHV %DMRV 3RORQLD 3RUWXJDO 5HLQR 8QLGR 5HS~EOLFD GH %XOJDULD 5HS~EOLFD KHFD
5XPDQLD 6XHFLD
$ SDUWLU GHO GH HQHUR GH LQJUHVDURQ D OD 8( OD 5HS~EOLFD GH %XOJDULD 5XPDQLD
$ SDUWLU GHO GH QRYLHPEUH GH 9HQH]XHOD D QR SDUWLFLSD HQ HO 7/ GHO *
$FXHUGRV GH RPSOHPHQWDFLyQ (FRQyPLFD $(V

49. )XHQWH 6HFUHWDUtD GH (FRQRPtD
,1'8675,$ $8720275,= '( $8723$57(6 '(/ (67$'2 '( 6$1 /8,6 32726Ê

50. /D ,QGXVWULD
3DUWH ,,
$XWRPRWUL] GH
$XWRSDUWHV HQ HO
H
W
,
U
3
D R
/
D
,
G
Q
H
6
L
X
U
W
$
V
P
]
O
3
S
t
(
(VWDGR GH 6DQ /XLV
3RWRVt

51. (Q OD DFWXDOLGDG OD LQGXVWULD DXWRPRWUL] GH DXWRSDUWHV GHO (VWDGR GH 6DQ /XLV 3RWRVt UHSUHVHQWD XQ VHFWRU
FODYH HQ VX HVWUDWHJLD GH PRGHUQL]DFLyQ H LQWHJUDFLyQ D OD HFRQRPtD PXQGLDO (V XQD GH ODV UDPDV PiV
GLQiPLFDV GHELGR D ODV UHPXQHUDFLRQHV TXH JHQHUD VX SDUWLFLSDFLyQ HQ HO FRPHUFLR H[WHULRU DPSOLDFLyQ GH
VX IRUPDFLyQ GH FDSLWDO YDORU TXH DJUHJD D VXV SURGXFWRV H LQWHJUDFLyQ FRQ RWURV VHFWRUHV LQGXVWULDOHV
/D SURGXFFLyQ GH DXWRPyYLOHV SULQFLSDOPHQWH OD GH DXWRSDUWHV SDUWLFLSDQ DFWLYDPHQWH HQ ORV PHUFDGRV
QDFLRQDO H LQWHUQDFLRQDO OR TXH SHUPLWH SURPRYHU OD IRUPDFLyQ GHO FOXVWHU DXWRPRWUL] GH DXWRSDUWHV
TXH HO (VWDGR VH FRQVROLGH JUDGXDOPHQWH FRPR XQ FHQWUR GLVWULEXLGRU HQ HO FHQWUR GHO SDtV
'H ODV HPSUHVDV TXH HVWiQ RSHUDQGR OD GH PDRU DQWLJHGDG HV 3URGXFWRV (VSHFLDOL]DGRV GH $FHUR 6$
GH 9 OD FXDO LQLFLD VXV DFWLYLGDGHV D SULQFLSLR GH OD GpFDGD GH ORV VHVHQWD (Q ORV DxRV VHWHQWD OOHJD
*UXSR $UDXMR 6HUUDQR 6$ GH 9 *UXSR ,QGXVWULDO ) 6$ GH 9 /D SURGXFFLyQ GH HVWDV HPSUHVDV VH
RULHQWD D IDEULFDU DXWRSDUWHV UHODFLRQDGDV FRQ DUQHVHV WRPDFRUULHQWHV WXEHUtD GH DFHUR DO FDUEyQ H LQR[LGDEOH
DVt FRPR FRPSRQHQWHV GH HPEUDJXH GLVFRV SDVWDV GH HPEUDJXH
(Q ORV DxRV RFKHQWDV OD SODQWD SRWRVLQD SURYHHGRUD GH DXWRSDUWHV VH DPSOtD VH FRQVROLGD GH PRGR
LPSRUWDQWH HQ ORV QRYHQWDV (Q HVWRV DxRV VH WLHQH XQ UHJLVWUR GH HPSUHVDV GH DXWRSDUWHV SRU OR TXH HV
QRWRULD OD H[SDQVLyQ GH OD LQGXVWULD SRU PHGLR GH OD SUHVHQFLD GH OD LQYHUVLyQ H[WUDQMHUD GH ODV
H[SRUWDFLRQHV
(QWUH ODV HPSUHVDV GH PDRU LPSRUWDQFLD SRU VX LQYHUVLyQ GHVWDFDQ 0HULWRU /96 6$ GH 9 'DLPOHU
9HKtFXORV RPHUFLDOHV 0p[LFR 6 GH 5/ GH 9 5HP RPSRQHQWHV 6 GH 5/ GH 9 5HP )DEULFDFLyQ
6 GH 5/ GH 9 9DOHR 6LVWHPDV (OpFWULFRV 6 GH 5/ GH 9 'LYLVLyQ $OWHUQDGRUHV

52. 9DOHR 6LVWHPDV
(OpFWULFRV 6$ GH 9 9DOHR 6LVWHPDV (OpFWULFRV 6$ GH 9 :LSSHU 6VWHP

53. 9HDQFH 3URGXFWRV
,QGXVWULDOHV 6 GH 5/ GH 9 XPPLQV )LOWUDFLyQ 6 GH 5/ GH 9 5REHUW %RVFK 6LVWHPDV GH )UHQRV 6$
GH 9 9DOHR 6LVWHPDV (OpFWULFRV 6$ GH 9 'LYLVLyQ 7pUPLFR 0RWRU

54. H ,QR[LGDEOHV GH 6DQ /XLV 6$ GH
9
(Q OD SULPHUD GpFDGD GHO VLJOR YHLQWLXQR ORV DOWRV HVWiQGDUHV GH FDOLGDG FRQYLHUWHQ D 6DQ /XLV 3RWRVt HQ
XQD SODWDIRUPD GH SURGXFFLyQ FRPHUFLDOL]DFLyQ GH OD PDRU LPSRUWDQFLD SDUD FXDOTXLHU HPSUHVD KDFLD
ORV GLYHUVRV PHUFDGRV (Q HVWRV DxRV VH LQVWDODQ HPSUHVDV SURYHHGRUDV GH SDUWHV XQD DUPDGRUD 3RU
VX LQYHUVLyQ ODV SULQFLSDOHV HPSUHVDV VRQ 9DOHR 6LVWHPDV (OpFWULFRV 6$ GH 9 'LYLVLyQ 7UDQVPLVLRQHV

55. (DWRQ 7UXFN RPSRQHQWV 6 GH 5/ GH 9 'UDH[OPDLHU RPSRQHQWV $XWRPRWLYH GH 0p[LFR 6 GH 5/ GH
9 RQWLWHFK 0H[LFDQD 6$ GH 9 3ODQWD %HQHFNH .DOLNR

56. 7RRGD *RVHL $XWRPRWLYH 6HDOLQJ 0p[LFR
+LWFKLQHU 0DQXIDFWXULQJ RPSDQ GH 0p[LFR 6 GH 5/ GH 9 $XPD 6$ GH 9 7KVVHQ .UXSS %LOVWHLQ
6DVD 6 GH 5/ GH 9 6DELF ,QQRYDWLYH 3OiVWLF 0p[LFR 6 GH 5/ GH 9 DSDUR RPSRQHQWHV

57. 9HKLFXODUHV GH 0p[LFR 6 GH 5/ GH 9 .ZDQJ -,1 6/3 0p[LFR 6$ GH 9 0DFQS 0H[LFDQD 6$ GH
9 3ROPHU 7HFK 0p[LFR 6$ GH 9
*5$),2 1R
6DQ /XLV 3RWRVt
(PSUHVDV ,QVWDODGDV GH OD ,QGXVWULD $XWRPRWUL] GH $XWRSDUWHV
$FXPXODGR

58. 1RWD /DV HPSUHVDV LQVWDODGDV VRQ XQLGDGHV SURGXFWRUDV
)XHQWH 6HFUHWDUtD GH 'HVDUUROOR (FRQyPLFR GH *RELHUQR GHO (VWDGR GH 6DQ /XLV 3RWRVt ,QYHVWLJDFLyQ GLUHFWD -XQLR GH
,03257$1,$ (21Ð0,$ '( /$ ,1'8675,$ $8720275,= '( $8723$57(6
+DVWD HO DxR HO (VWDGR GH 6DQ /XLV 3RWRVt VH VLWXy GHQWUR GH ODV SULPHUDV HQWLGDGHV TXH PiV
DSRUWDURQ D OD 3URGXFFLyQ %UXWD 7RWDO 1DFLRQDO GH OD ,QGXVWULD $XWRPRWUL] 6X SDUWLFLSDFLyQ HQ HVWH DxR IXH
GH
,
,1'8675,$ $8720275,= '( $8723$57(6 '(/ (67$'2 '( 6$1 /8,6 32726Ê

59. *5$),2 1R
0p[LFR
3URGXFFLyQ %UXWD 7RWDO GH OD ,QGXVWULD $XWRPRWUL] 1DFLRQDO SRU (QWLGDG )HGHUDWLYD
3RUFHQWDMH

60. RDKXLOD
3XHEOD
*XDQDMXDWR
0p[LFR
KLKXDKXD
1XHYR /HyQ
$JXDVFDOLHQWHV
4XHUpWDUR
0RUHORV
6RQRUD
6DQ /XLV 3RWRVt
-DOLVFR
7DPDXOLSDV
%DMD DOLIRUQLD
'LVWULWR )HGHUDO
'XUDQJR
7OD[FDOD
2WUDV
W
1RWD /D ,QGXVWULD $XWRPRWUL] LQFOXH ODV UDPDV )DEULFDFLyQ GH DXWRPyYLOHV FDPLRQHV )DEULFDFLyQ GH FDUURFHUtDV UHPROTXHV )DEULFDFLyQ GH SDUWHV SDUD
YHKtFXORV DXWRPRWRUHV )DEULFDFLyQ GH SURGXFWRV GH KXOH
)XHQWH HQVRV (FRQyPLFRV ,1(*,
/D DFWLYLGDG GH OD ,QGXVWULD $XWRPRWUL] WXYR XQD SDUWLFLSDFLyQ GHO FRQ UHODFLyQ D OD 3URGXFFLyQ
%UXWD 7RWDO PDQXIDFWXUHUR HVWDWDO DO JHQHUDUVH XQ YDORU GH PLOORQHV HQ HO DxR
/$ ,1'8675,$ $8720275,= '( $8723$57(6 (1 (/ (67$'2 '( 6$1 /8,6 32726Ê

61. +DVWD HVH DxR OD SURGXFFLyQ IXH JHQHUDGD SRU OD RSHUDFLyQ GH HPSUHVDV ODV FXDOHV HODERUDURQ HQ VX
FRQMXQWR GLIHUHQWHV SURGXFWRV GH DXWRSDUWHV 'HVWDFDQ HQWUH RWURV PRWRUHV ULQHV DXWRPRWULFHV FiPDUDV
OODQWDV FDEOHV HOpFWULFRV GH WHOHFRPXQLFDFLRQHV DUQHVHV DOWHUQDGRUHV HPEUDJXHV WUDQVPLVLRQHV EDUUDV
HVWDELOL]DGRUDV UHVRUWHV HQVDPEOHV GH PDQJXHUD SDUD IUHQRV GH XVR DXWRPRWUL] HQVDPEOH GH WXER SDUD
DLUH DFRQGLFLRQDGR PDQJXHUDV GH KXOH SDUD VLVWHPDV GH FDOHIDFFLyQ DXWRPRWUL] WXEHUtD SDUD VLVWHPDV GH
GLUHFFLyQ DXWRPRWUL] EROVDV JUDQGHV GH DLUH ELJ VSULQJV

62. PDQJXHUDV SDUD UDGLDGRU PDQJXLOODV
VXVSHQVLyQ SDUD DVLHQWR WXEHUtD GH DFHUR DO FDUEyQ ELHODV GDPSHUV ILOWURV SROHDV DPRUWLJXDGRUHV GH
DLUH EDQGDV GH WUDQVPLVLyQ WUDQVSRUWDGRUDV HVFDSHV VLOHQFLDGRUHV IUHQRV SDUD DXWR VHQVRU GH
YHORFLGDG PDQJXHUD GH KXOH UHIRU]DGD VLQ UHIRU]DU WXERV GH SOiVWLFRV WXERV GH SOiVWLFRV FRQ DFFHVRULRV
PDUFKDV DXWRPRWULFHV (Q VX FRQMXQWR HVWDV HPSUHVDV SURSRUFLRQDURQ HPSOHR GLUHFWR D
SHUVRQDV
(Q OD DFWXDOLGDG HO XQLYHUVR GH OD LQGXVWULD DXWRPRWUL] GH DXWRSDUWHV HQ HO (VWDGR HV GH XQLGDGHV
XQD DUPDGRUD SURYHHGRUDV 3RU VX Q~PHUR GH WUDEDMDGRUHV HO GHO WRWDO VRQ PLFURHPSUHVDV
SHTXHxDV PHGLDQDV JUDQGHV HPSUHVDV
(VWDV FRPSDxtDV HVWiQ YLQFXODGDV D LPSRUWDQWHV FRUSRUDWLYRV QDFLRQDOHV R H[WUDQMHURV $OJXQDV GH HOODV
VRQ 9DOHR 6LVWHPDV (OpFWULFRV 6$ GH 9 'LYLVLyQ 7UDQVPLVLRQHV

63. (DWRQ 7UXFN RPSRQHQWV 6 GH 5/ GH
9 0HULWRU /96 6$ GH 9 'UDH[OPDLHU RPSRQHQWV $XWRPRWLYH GH 0p[LFR 6 GH 5/ GH 9 'DLPOHU
9HKtFXORV RPHUFLDOHV 0p[LFR 6 GH 5/ GH 9 3URGXFWRV (VSHFLDOL]DGRV GH $FHUR 6$ GH 9 5HP
RPSRQHQWHV 6 GH 5/ GH 9 5HP )DEULFDFLyQ 6 GH 5/ GH 9 RQWLWHFK 0H[LFDQD 6$ GH 9
3ODQWD %HQHFNH .DOLNR

64. 7RRGD *RVHL $XWRPRWLYH 6HDOLQJ 0p[LFR 9DOHR 6LVWHPDV (OpFWULFRV 6 GH 5/ GH
9 'LYLVLyQ $OWHUQDGRUHV

65. +LWFKLQHU 0DQXIDFWXULQJ RPSDQ GH 0p[LFR 6 GH 5/ GH 9 $XPD 6$ GH
9 9DOHR 6LVWHPDV (OpFWULFRV 6$ GH 9 9HDQFH 3URGXFWRV ,QGXVWULDOHV 6 GH 5/ GH 9 7KVVHQ
.UXSS %LOVWHLQ 6DVD 6 GH 5/ GH 9 XPPLQV )LOWUDFLyQ 6 GH 5/ GH 9 5REHUW %RVFK 6LVWHPDV GH
)UHQRV 6$ GH 9 9DOHR 6LVWHPDV (OpFWULFRV 6$ GH 9 'LYLVLyQ 7pUPLFR 0RWRU

66. ,QR[LGDEOHV GH 6DQ
/XLV 6$ GH 9 RQWLWHFK 0H[LFDQD 6$ GH 9 RQWLWHFK 0H[LFDQD 6$ GH 9 RQWLWHFK 9LEUDWLRQ
RQWURO

67. (SWHF 6$ GH 9 6DELF ,QQRYDWLYH 3OiVWLF 0p[LFR 6 GH 5/ GH 9 ,QGXVWULDV 6HUYLFLRV
3OiVWLFRV 6DQ /XLV 6$3, GH 9 :DEWHF GH 0p[LFR 6 GH 5/ GH 9 DSDUR RPSRQHQWHV 9HKLFXODUHV
GH 0p[LFR 6 GH 5/ GH 9 $ILPVD 6$ GH 9 *UXSR ,QGXVWULDO ) 6$ GH 9 .ZDQJ -,1 6/3
0p[LFR 6$ GH 9 0DFQS 0H[LFDQD 6$ GH 9 3ROPHU 7HFK 0p[LFR 6$ GH 9 XPPLQV 6 GH 5/
GH 9
(VWDV (PSUHVDV WLHQHQ RSHUDFLRQHV GLUHFWDV GH H[SRUWDFLyQ SULQFLSDOPHQWH KDFLD $OHPDQLD $UJHQWLQD
$XVWUDOLD $XVWULD %UDVLO DQDGi KLOH KLQD RORPELD RUHD RVWD 5LFD (FXDGRU (O 6DOYDGRU (VORYHQLD
,
,1'8675,$ $8720275,= '( $8723$57(6 '(/ (67$'2 '( 6$1 /8,6 32726Ê

68. (VSDxD (VWDGRV 8QLGRV GH $PpULFD )UDQFLD +RQGXUDV +XQJUtD -DPDLFD -DSyQ 1XHYD DOHGRQLD 3HU~
5HLQR 8QLGR 5HSXEOLFD 'RPLQLFDQD 9HQH]XHOD
'H D OD DFWLYLGDG DXWRPRWUL] GH DXWRSDUWHV FREUy XQ LPSXOVR LPSRUWDQWH HQ 6DQ /XLV 3RWRVt
WRGD YH] TXH VH FRQFHUWy OD LQVWDODFLyQ GH QXHYDV HPSUHVDV RWUDV DPSOLDURQ VXV LQVWDODFLRQHV /D
LQYHUVLyQ FRQFHUWDGD IXH GH PLOORQHV OD RFXSDFLyQ GH SHUVRQDV
*5$),2 1R
6DQ /XLV 3RWRVt
(PSUHVDV ([SRUWDGRUDV GH OD ,QGXVWULD $XWRPRWUL] GH $XWRSDUWHV
'LVWULEXFLyQ SRUFHQWXDO

69. E
/
)XHQWH 6HFUHWDUtD GH 'HVDUUROOR (FRQyPLFR GH *RELHUQR GHO (VWDGR GH 6DQ /XLV 3RWRVt ,QYHVWLJDFLyQ GLUHFWD
-XQLR GH
/$ ,1'8675,$ $8720275,= '( $8723$57(6 (1 (/ (67$'2 '( 6$1 /8,6 32726Ê

70. (Q JHQHUDO FXDWUR FDUDFWHUtVWLFDV GHVWDFDQ HQ ODV FRPSDxtDV LQVWDODGDV HQ 6DQ /XLV 3RWRVt 3ULPHUD HO
FDSLWDO GH HPSUHVDV IXH FLHQ SRU FLHQWR H[WUDQMHUR VHJXQGD H[LVWHQ HPSUHVDV FHUWLILFDGDV EDMR OD
QRUPD ,6276 WHUFHUD HO GH ORV LQVXPRV TXH XWLOL]DURQ ODV HPSUHVDV HQ OD JHQHUDFLyQ GH VXV
SURGXFWRV HV GH RULJHQ QDFLRQDO FXDUWD VH LQVWDOy HQ HO (VWDGR 0XQLFLSLR GH 9LOOD GH 5HHV

71. OD HPSUHVD
GH HQVDPEOH DXWRPRWUL] *HQHUDO 0RWRUV GH 0p[LFR 6 GH 5/ GH 9 FXDV SULQFLSDOHV FDUDFWHUtVWLFDV VRQ
ODV VLJXLHQWHV
8$'52 1R
6DQ /XLV 3RWRVt
0XQLFLSLR GH 9LOOD GH 5HHV

72. *HQHUDO 0RWRUV GH 0p[LFR 6 GH 5/ GH 9
7LSR GH ,QGXVWULD 7HUPLQDO (QVDPEODGRUD

73. 3URGXFFLyQ DXWRV VXEFRPSDFWRV SRU KRUD
,QLFLR GH 2SHUDFLRQHV -XQLR GH
(PSOHRV
2ULJHQ GH OD ,QYHUVLyQ (VWDGRV 8QLGRV GH $PpULFD
/RFDOL]DFLyQ GH OD 3ODQWD
,
,1'8675,$ $8720275,= '( $8723$57(6 '(/ (67$'2 '( 6$1 /8,6 32726Ê

74. )257$/(=$6 2325781,'$'(6 '(%,/,'$'(6 $0(1$=$6
/DV SULQFLSDOHV IRUWDOH]DV RSRUWXQLGDGHV GHELOLGDGHV DPHQD]DV GH OD LQGXVWULD DXWRPRWUL] GH
DXWRSDUWHV GHO (VWDGR HQ RSLQLyQ GH ORV GLIHUHQWHV DFWRUHV SDUWLFLSDQWHV VH LQGLFDQ GH PDQHUD UHVXPLGD D
FRQWLQXDFLyQ
8$'52 1R
6DQ /XLV 3RWRVt
$QiOLVLV )2'$
)257$/(=$6 '(%,/,'$'(6
8ELFDFLyQ JHRJUiILFD GHO (VWDGR 6LVWHPD ILVFDO FRPSOLFDGR DOWRV FRVWRV
0DQR GH REUD DOWDPHQWH FDOLILFDGD GH ORV HQHUJpWLFRV
3URYHHGXUtD GH FDOLGDG $OWD GHSHQGHQFLD GHO PHUFDGR
RQRFLPLHQWR H[SHULHQFLD HQ OD QRUWHDPHULFDQR
IDEULFDFLyQ GH SDUWHV 5HGXFLGR QXPHUR GH HPSUHVDV
,QIUDHVWUXFWXUD ItVLFD HGXFDWLYD ORJtVWLFD FHUWLILFDGDV HQ VLVWHPDV GH FDOLGDG
FRPSHWLWLYD )DOWD GH FDSLWDO SDUD OD LQYHUVLyQ
*RELHUQR IDFLOLWDGRU
$0(1$=$6 2325781,'$'(6
,QVWDODFLyQ GH QXHYDV SODQWDV 6LWXDFLyQ HFRQyPLFD LQWHUQDFLRQDO
HQVDPEODGRUDV QDFLRQDO LQHVWDEOH
'HVDUUROOR GH SURYHHGRUHV 7 7 7 GH 5HGXFFLyQ GH OD GHPDQGD GH
VHUYLFLRV DXWRPyYLOHV QXHYRV DXWRSDUWHV
0HMRUD GH SURFHVRV SURGXFWRV $OWRV QLYHOHV GH FRPSHWLWLYLGDG GH ORV
UHODFLRQDGRV FRQ OD LQGXVWULD DXWRPRWUL] IDEULFDQWHV SURYHHGRUHV DVLiWLFRV
GH DXWRSDUWHV RUHD KLQD

75. 'HVDUUROOR GH YHKtFXORV DPLJDEOHV FRQ HO UHFLHQWHV QLYHOHV GH GHVHPSOHR
PHGLR DPELHQWH
)XHQWH 6HFUHWDUtD GH 'HVDUUROOR (FRQyPLFR GH *RELHUQR GHO (VWDGR GH 6DQ /XLV 3RWRVt ,QYHVWLJDFLyQ GLUHFWD -XQLR GH
/$ ,1'8675,$ $8720275,= '( $8723$57(6 (1 (/ (67$'2 '( 6$1 /8,6 32726Ê

76. (6758785$ 352'87,9$
*HRJUiILFDPHQWH OD PDRU DFWLYLGDG SURGXFWLYD GH OD LQGXVWULD DXWRPRWUL] GH DXWRSDUWHV VH ORFDOL]D HQ HO
PXQLFLSLR GH 6DQ /XLV 3RWRVt GH ODV HPSUHVDV VH XELFDQ HQ ODV =RQDV ,QGXVWULDOHV S~EOLFDV ´6DQ /XLV
3RWRVtµ ´'HO 3RWRVtµ DVt FRPR HQ ORV SDUTXHV SULYDGRV HO UHVWDQWH HQ VX PDQFKD XUEDQD HQ HO
LQWHULRU GHO (VWDGR
(Q VX FRQMXQWR GLFKDV HPSUHVDV JHQHUDURQ XQD 3URGXFFLyQ %UXWD 7RWDO TXH DOFDQ]y XQ YDORU GH
PLOORQHV HQ /D PDRU SDUWLFLSDFLyQ OH FRUUHVSRQGLy D OD UDPD GH IDEULFDFLyQ GH SDUWHV SDUD YHKtFXORV
DXWRPRWRUHV FRQ HO GH GLFKR YDORU WRWDO SRU VX SDUWH OD IDEULFDFLyQ GH SURGXFWRV GH KXOH
FRQWULEXy FRQ HO OD IDEULFDFLyQ GH DXWRPyYLOHV FDPLRQHV GH FDUURFHUtDV UHPROTXHV
FRQWULEXHURQ FRQ HO UHVWDQWH
(Q HVWH SURFHVR GH JHQHUDFLyQ GH YDORU OD SDUWLFLSDFLyQ GH OD LQYHUVLyQ H[WUDQMHUD DOHPDQD FDQDGLHQVH
IUDQFHVD LQJOHVD MDSRQHVD VREUH WRGR QRUWHDPHULFDQD LPSULPLHURQ XQ PDRU GLQDPLVPR D OD HVWUXFWXUD
SURGXFWLYD SRU OD LQWURGXFFLyQ GH WpFQLFDV GH SURGXFFLyQ PiV LQWHJUDGDV
*5$),2 1R
6DQ /XLV 3RWRVt
3URGXFFLyQ %UXWD 7RWDO GH OD ,QGXVWULD GH $XWRPRWUL] SRU 5DPD GH $FWLYLGDG
W
W
Z
)XHQWH ,1(*, 6DQ /XLV 3RWRVt HQVR (FRQyPLFR
/D SURGXFFLyQ GH DXWRSDUWHV WDPELpQ VH KD WUDGXFLGR HQ XQD PDRU GHUUDPD HFRQyPLFD
,
,1'8675,$ $8720275,= '( $8723$57(6 '(/ (67$'2 '( 6$1 /8,6 32726Ê

77. /RV VDODULRV FRQVWLWXHQ XQD YHQWDMD UHODWLYD D TXH VH HQFXHQWUDQ SRU DEDMR GH ORV TXH UHJLVWUDQ YDULDV
HQWLGDGHV TXH WLHQHQ XQD DOWD FRQFHQWUDFLyQ GH OD LQGXVWULD DXWRPRWUL] 'H DFXHUGR D OD RPLVLyQ 1DFLRQDO
GH ORV 6DODULRV 0tQLPRV HO PtQLPR JHQHUDO SRU KRUDWUDEDMR HV GH SDUD 6DQ /XLV 3RWRVt D GLIHUHQFLD
GH TXH VH SDJDQ HQ DOJXQDV HQWLGDGHV GHO 1RUWH HQWUR GH OD 5HS~EOLFD 0H[LFDQD HQ HO
DxR
3DUWLFXODUPHQWH HQ ORV RILFLRV UHODFLRQDGRV FRQ OD LQGXVWULD DXWRPRWUL] GH DXWRSDUWHV VH WLHQHQ SRU KRUD
ORV FRVWRV VLJXLHQWHV XQ RILFLDO PHFiQLFR HQ UHSDUDFLyQ GH DXWRPyYLOHV FDPLRQHV JDQD XQ RILFLDO
HOHFWULFLVWD HQ UHSDUDFLyQ GH DXWRPyYLOHV FDPLRQHV XQ RILFLDO KRMDODWHUR HQ UHSDUDFLyQ GH
DXWRPyYLOHV FDPLRQHV XQ RILFLDO SLQWRU GH DXWRPyYLOHV FDPLRQHV XQ RILFLDO WDSLFHUR GH
YHVWLGXUDV GH DXWRPyYLOHV XQ OXEULFDGRU GH DXWRPyYLOHV FDPLRQHV RWURV YHKtFXORV GH PRWRU
/D DFWLYLGDG GH OD LQGXVWULD DXWRPRWUL] GH DXWRSDUWHV GHO (VWDGR REVHUYy XQ FUHFLPLHQWR PiV GLQiPLFR
TXH HO GH OD LQGXVWULD DXWRPRWUL] QDFLRQDO HQ YDULDEOHV FRPR SHUVRQDO RFXSDGR SURGXFFLyQ EUXWD WRWDO
(OOR KD SHUPLWLGR TXH VHD XQD LQGXVWULD DOWDPHQWH JHQHUDGRUD GH HPSOHR FRQ UHPXQHUDFLRQHV SURPHGLR
GH PLOHV DO DxR SRU SHUVRQD
3529(('25(6 '( $8723$57(6 '( 35,0(52 6(*81'2 7(5(5 1,9(/
/D LQGXVWULD GH DXWRSDUWHV GHO (VWDGR GHEH VX GHVDUUROOR SULQFLSDOPHQWH DO LPSXOVR GH ODV HPSUHVDV GH
RULJHQ DOHPiQ HVWDGRXQLGHQVH IUDQFpV MDSRQpV 6DQ /XLV 3RWRVt WLHQH XQD GH ODV LQGXVWULDV GH
SURYHHGRUHV GH DXWRSDUWHV PiV LPSRUWDQWH GHO SDtV FRQ HPSUHVDV SURYHHGRUDV GH SULPHUR 7

78. VHJXQGR 7

79. WHUFHU QLYHO 7

80. /DV HPSUHVDV SURYHHGRUDV 7 KDQ ORJUDGR GHVDUUROODU XQ PDRU JUDGR GH DXWRPDWL]DFLyQ IOH[LELOLGDG
SURGXFWLYD VLPSOLILFDQGR VXV SURFHVRV GH SURGXFFLyQ UHGXFLHQGR ORV FRVWRV GH HQVDPEODMH H
LQFUHPHQWDQGR OD VLVWHPDWL]DFLyQ GH VXV SURFHVRV SHUPLWLpQGROHV DGDSWDUVH D ODV QHFHVLGDGHV GH ODV
JUDQGHV DUPDGRUDV *UDQ SDUWH GH HVWDV HPSUHVDV FXHQWDQ FRQ DOWRV QLYHOHV GH FDOLGDG WLHQHQ
LPSRUWDQWHV DOLDQ]DV WHFQROyJLFDV FHQWURV SDUD HO GHVDUUROOR H LQQRYDFLyQ WHFQROyJLFD SURYHHQ GH
FRPSRQHQWHV D ODV DUPDGRUDV TXH VH HQFXHQWUDQ HQ HO SDtV DVt FRPR ODV TXH VH ORFDOL]DQ HQ HO H[WUDQMHUR
SULQFLSDOPHQWH HQ (VWDGRV 8QLGRV GH $PpULFD
/$ ,1'8675,$ $8720275,= '( $8723$57(6 (1 (/ (67$'2 '( 6$1 /8,6 32726Ê

81. 3RU VX SDUWH ODV HPSUHVDV SURYHHGRUDV 7 7 HVWiQ LQWHJUDGDV SULQFLSDOPHQWH SRU FDSLWDO QDFLRQDO
ORFDO /DV HPSUHVDV 7 UHDOL]DQ DFWLYLGDGHV GH SURYHHGXUtD GH VRSRUWH D ODV 7 FRPR SLH]DV PDTXLQDGDV
IXQGLFLRQHV HVWDPSDGRV IRUMDV HQWUH RWUDV (Q HO FDVR GH ODV HPSUHVDV 7 HVWDV OOHYDQ D FDER DFWLYLGDGHV
GH SURYHHGXUtD GH VRSRUWH D ODV 7 FRPR DFDEDGRV SURFHVRV GH FRUWH GREOH] IRUPDGR SLQWXUD HQWUH
RWUDV
0$3$ 1R
6DQ /XLV 3RWRVt
/RFDOL]DFLyQ GH 3URYHHGRUHV GH $XWRSDUWHV GH 3ULPHU 6HJXQGR 7HUFHU 1LYHO
,
,1'8675,$ $8720275,= '( $8723$57(6 '(/ (67$'2 '( 6$1 /8,6 32726Ê

82. 8$'52 1R
6DQ /XLV 3RWRVt
/RFDOL]DFLyQ GH 3URYHHGRUHV GH $XWRSDUWHV GH 3ULPHU 6HJXQGR 7HUFHU 1LYHO
8QLGDGHV

83. 7 7 7 7 7 7
352'872 727$/
0, 3 0( * 0, 3 0( * 0, 3 0( * 0, 3 0( *
727$/
$FHUR
$FHLWHV *UDVDV/XEULFDQWHV
$OWHUQDGRUHV 0DUFKDV
$OXPLQLR
$QLOOR 0D]D 5RWRU
$PRUWLJXDGRUHV
ÈUERO GH /HYDV
$UPD]RQHV 'XFWRV )LOWURV
$UQHVHV
$VLHQWRV
%DUUDV
%LVDJUDV )UHQRV
%ROVDV GH $LUH 'XFWRV GH $LUH $FRQGLFLRQDGR
%XMHV
DUFD]DV /LPSLDGRUHV
DUURFHUtD 6XVSHQVLyQ
RQGHQVDGRUHV (QIULDGRUHV
RQYHUWLGRU
KDVLV 6XVSHQVLRQ
'LVFRV GH (PEUDJXH RPSRQHQWHV
(PEUDJXHV
(VSHMRV
(QVDPEOH
(QVDPEODGR
(VWDPSDGRV
(VWUXFWXUDV SDUD DVLHQWRV
)LOWURV
)XQGLFLyQ
)OHFKDV 3ODWRV 9DOYXODV
)UHQRV
+XOHV
,QWHULRUHV
/DPSDUDV
/ODQWDV iPDUDV
0DQJXHUDV
0DTXLQDGRV
0DTXLQDGRV +HUUDPLHQWD
0DTXLQDULD (TXLSR
0RWRUHV $OWHUQDGRUHV
3DLOHULD 3HVDGD
3HGDOHV
3LQWXUD 5HFXEULPLHQWRV 0HWiOLFRV
3OiVWLFRV RPSXHVWRV
5HIDFFLRQHV
5HJXODGRUHV GH 9HQWDQD
5LQHV
6LVWHPDV GH $LUH $FRQGLFLRQDGR GH 'LUHFFLyQ
6HOORV
7DSDV DUFD]DV
7RUQLOORV
7XERV GH $FHUR
7URTXHODGRV
0, 0LFUR
3 3HTXHxD
0( 0HGLDQD
* *UDQGH
)XHQWH 6HFUHWDUtD GH 'HVDUUROOR (FRQyPLFR GH *RELHUQR GHO (VWDGR GH 6DQ /XLV 3RWRVt ,QYHVWLJDFLyQ GLUHFWD -XQLR GH
/$ ,1'8675,$ $8720275,= '( $8723$57(6 (1 (/ (67$'2 '( 6$1 /8,6 32726Ê

84. 20(5,$/,=$,Ð1
/DV YHQWDV DO PDRUHR GH DXWRPyYLOHV HQ HO (VWDGR GH 6DQ /XLV 3RWRVt UHSUHVHQWDQ HQ SURPHGLR HO
GHO PHUFDGR QDFLRQDO VHJ~Q VH DSUHFLD HQ OD LQIRUPDFLyQ VLJXLHQWH
8$'52 1R
9HQWDV DO 0DRUHR GH $XWRPyYLOHV HQ 0p[LFR HQ HO (VWDGR GH
6DQ /XLV 3RWRVt
1~PHUR GH XQLGDGHV

85. $f2 0e;,2 6$1 /8,6 32726Ë
3
3 LIUDV SUHOLPLQDUHV
)XHQWH $VRFLDFLyQ 0H[LFDQD GH OD ,QGXVWULD $XWRPRWUL] $ /D ,QGXVWULD $XWRPRWUL] HQ 0p[LFR
,1(*,
3RU FDWHJRUtD HO PDRU Q~PHUR GH XQLGDGHV GHPDQGDGDV FRUUHVSRQGH D ORV DXWRPyYLOHV VXEFRPSDFWRV
SRSXODUHV

86. (QVHJXLGD VH HQFXHQWUDQ ORV DXWRV FRPSDFWRV GH OXMR GHSRUWLYRV (VWDV XQLGDGHV VH
GLVWULEXHQ SRU DJHQFLDV FRPHUFLDOHV
,
,1'8675,$ $8720275,= '( $8723$57(6 '(/ (67$'2 '( 6$1 /8,6 32726Ê

87. (Q WpUPLQRV GH FRPHUFLR H[WHULRU OD LQIRUPDFLyQ GLVSRQLEOH PXHVWUD TXH ODV H[SRUWDFLRQHV GH OD LQGXVWULD
DXWRPRWUL] GH DXWRSDUWHV SRWRVLQD DOFDQ]DURQ XQ YDORU GH 86 PLOORQHV GH GyODUHV HQ HO DxR
VLHWH DxRV GHVSXpV VH LQFUHPHQWDURQ XQ SRFR PiV GH WUHV PHGLD YHFHV DO DOFDQ]DU 86 PLOORQHV GH
GyODUHV HQ HO DxR
*5$),2 1R
6DQ /XLV 3RWRVt
([SRUWDFLRQHV 7RWDOHV GH OD ,QGXVWULD $XWRPRWUL]
0LOHV GH GyODUHV

88. / d
)XHQWH 'LUHFFLyQ *HQHUDO GH 6HUYLFLRV DO RPHUFLR ([WHULRU 6XEVHFUHWDUtD GH ,QGXVWULD 6HFUHWDUtD GH (FRQRPtD 0DU]R GH
/$ ,1'8675,$ $8720275,= '( $8723$57(6 (1 (/ (67$'2 '( 6$1 /8,6 32726Ê

89. 3DUWH ,,,
H
W
9
M
Q
U
D
3
R
L
S
V
P
Y
9HQWDMDV
RPSHWLWLYDV

90. /D HVWUXFWXUD HFRQyPLFD GHO (VWDGR GH 6DQ /XLV 3RWRVt VH HVWi WUDQVIRUPDQGR JUDGXDOPHQWH 6XV
DFWLYLGDGHV SURGXFWLYDV VH LQWHJUDQ FDGD YH] PiV OR TXH SURSLFLD QRWDEOHV FDPELRV HQ VXV PpWRGRV GH
SURGXFFLyQ 3DUWLFXODUPHQWH HQ OD LQGXVWULD DXWRPRWUL] GH DXWRSDUWHV VH SUDFWLFDQ SURFHVRV GH
IDEULFDFLyQ PiV LQWHJUDGRV HILFLHQWHV OR TXH SHUPLWH TXH VH HODERUHQ QXHYRV SURGXFWRV FRQ DOWRV QLYHOHV
GH FDOLGDG YDORU DJUHJDGR
6H WLHQH XQ JRELHUQR SURPRWRU FRPSHWLWLYR TXH EULQGD HVWDELOLGDG HFRQyPLFD VRFLDO D ORV HPSUHVDULRV
GH OD LQGXVWULD DXWRPRWUL] GH DXWRSDUWHV TXH GHFLGHQ LQVWDODUVH HQ VX WHUULWRULR
/D SODQWD LQGXVWULDO GHO (VWDGR VH XELFD HQWUH ODV SULPHUDV GHO SDtV SRU HO HPSOHR TXH JHQHUD HO VHFWRU
PDQXIDFWXUHUR FRQVWLWXH HO HMH SURGXFWLYR GH OD HQWLGDG SRU DSRUWDU FDVL XQD FXDUWD SDUWH GH VX SURGXFWR
LQWHUQR EUXWR
/D H[LVWHQFLD GH HVWRV HOHPHQWRV JHQHUD XQ LQWHUpV SDUD TXH VH HVWDEOH]FDQ HPSUHVDV GHO VHFWRU DOWDPHQWH
HILFLHQWHV HQ WpUPLQRV GH FDOLGDG ORJtVWLFD TXH DSURYHFKDQ ODV YHQWDMDV FRPSDUDWLYDV FRPSHWLWLYDV GHO
(VWDGR UHODFLRQDGDV FRQ ODV YtDV GH DFFHVR FHUFDQtD D ORV PHUFDGRV QDFLRQDOHV H LQWHUQDFLRQDOHV UHFXUVRV
KXPDQRV FDOLILFDGRV HTXLSDPLHQWR XUEDQR XQD WUDGLFLyQ GH WUDEDMR HVIXHU]R TXH JDUDQWL]DQ DO FDSLWDO
QDFLRQDO H[WUDQMHUR RSHUDU FRQ QLYHOHV DGHFXDGRV GH UHQWDELOLGDG
/2$/,=$,Ð1 *(2*5É),$ ,'($/ (1 /$ 5(3Ó%/,$ 0(;,$1$
/D XELFDFLyQ GH 6DQ /XLV 3RWRVt HQ HO FHQWUR GH OD 5HS~EOLFD SHUPLWH D VX SODQWD DXWRPRWUL] GH
DXWRSDUWHV WHQHU DFFHVR UiSLGR D OD PDRUtD GH ODV HPSUHVDV HQVDPEODGRUDV GHO SDtV
(Q XQ UDGLR GH NP VH WLHQH XQ PHUFDGR SRWHQFLDO HVWLPDGR HQ PLOORQHV GH FRQVXPLGRUHV DO
GHO 3,% UHDO QDFLRQDO OR FXDO UHSUHVHQWD XQD RSRUWXQLGDG SDUD HO LQWHUFDPELR FRPHUFLDO GH
DXWRPyYLOHV VXV SDUWHV FRQ ORV (VWDGRV 8QLGRV GH $PpULFD DQDGi $PpULFD /DWLQD SDtVHV HXURSHRV
DVLiWLFRV

91. 0$3$ 1R
(VWDGR GH 6DQ /XLV 3RWRVt
3KRHQL[
6DQ 'LHJR (67$'26 81,'26 '( $0e5,$
'DOODV 6KUHYHSRUW
7XFVRQ )RUW :RUWK
(O 3DVR 2GHVVD
:DFR
$XVWLQ
+RXVWRQ
6DQ $QWRQLR
/DUHGR
%URZQVYLOOH
6DQ /XLV
3RWRVt
*2/)2 '( 0e;,2
2e$12 3$Ë),2
%HOLFH
%(/,(
*8$7(0$/$
*XDWHPDOD
'HVGH 6DQ /XLV 3RWRVt HO PXQGR HVWi FHUFD H LQWHJUDGR D VX JHRJUDItD 6L VH FRQVLGHUDQ YXHORV GLUHFWRV 6DQ
/XLV 3RWRVt HVWi D WDQ VyOR KRUDV GH (XURSD ODV RSRUWXQLGDGHV TXH UHSUHVHQWDQ VXV PLOORQHV GH
KDELWDQWHV D KRUDV GH -DSyQ OD VHJXQGD HFRQRPtD PiV JUDQGH GHO PXQGR D KRUDV GH %HLMLQJ
FDSLWDO GH OD QDFLyQ PiV SREODGD GHO PXQGR D KRUDV GH 0HGLR 2ULHQWH HQ GRQGH FLXGDGHV FRPR
'XEDL GHPDQGDQ FDGD YH] PiV LQVXPRV GH FDOLGDG SDUD VXV LQGXVWULDV HQ H[SDQVLyQ
5HVSHFWR GH $PpULFD /DWLQD 6DQ /XLV 3RWRVt HVWi D KRUDV GH $UJHQWLQD FXRV FHUFD GH PLOORQHV GH
KDELWDQWHV WLHQHQ XQ LQJUHVR DQXDO SURPHGLR GH GyODUHV D KRUDV GH KLOH FXRV KDELWDQWHV WLHQHQ
XQR GH ORV LQJUHVRV SURPHGLR PiV DOWRV GH /DWLQRDPpULFD D KRUDV GH %UDVLO FRQ TXLHQ KD HVWDEOHFLGR
YtQFXORV FRPHUFLDOHV ILQDQFLHURV D WUDYpV GH XQ $FXHUGR GH RPSOHPHQWDFLyQ (FRQyPLFD
,1'8675,$ $8720275,= '( $8723$57(6 '(/ (67$'2 '( 6$1 /8,6 32726Ê

92. )É,/ $(62 $ 0(5$'26 0$7(5,$6 35,0$6
(O FUHFLPLHQWR DFHOHUDGR HO IRUWDOHFLPLHQWR GH OD LQIUDHVWUXFWXUD FDUUHWHUD HVWiQ JHQHUDQGR P~OWLSOHV
RSRUWXQLGDGHV GH GHVDUUROOR HFRQyPLFR DO LQWHJUDU OD SODQWD SURGXFWLYD DXWRPRWUL] GH DXWRSDUWHV GHO
(VWDGR D ORV PHUFDGRV QDFLRQDOHV H LQWHUQDFLRQDOHV DO UHGXFLU ORV WLHPSRV GH UHFRUULGR ORV FRVWRV GH
RSHUDFLyQ SRU WUDQVLWDU HQ FDUUHWHUDV GH PHMRUHV FDUDFWHUtVWLFDV KDFLHQGR PiV UHQWDEOH OD HQWUHJD GH ORV
SURGXFWRV
3RU HO (VWDGR FUX]DQ GRFH FDUUHWHUDV IHGHUDOHV TXH OR FRPXQLFDQ D WRGR HO SDtV DUUHWHUD 1R
6XU1RUWH

93. /HyQ ² 6LODR ² 9LOOD GH 5HHV ² (QWURQTXH DUUHWHUD 1R DUUHWHUD 1R 6XU1RUWH

94. 6DQ
/XLV 3RWRVt ² =DFDWHFDV DUUHWHUD 1R 6XU1RUWH

95. 0p[LFR ² 6DQ /XLV 3RWRVt 3LHGUDV 1HJUDV RDK
DUUHWHUD 1R 1RUWH(VWH

96. 0DWHKXDOD ² 6DQ 7LEXUFLR DUUHWHUD 1R 1RUWH(VWH

97. 6DQ /XLV 3RWRVt ²
0DWHKXDOD DUUHWHUD 1R 6XU(VWH

98. -DOSDQ ² 6DQ /XLV 3RWRVt 0p[LFR ² 6DQ /XLV 3RWRVt ² 3LHGUDV 1HJUDV
RDK DUUHWHUD 1R (VWH2HVWH

99. 7DPSLFR ² 6DQ /XLV 3RWRVt %DUUD GH 1DYLGDG -DO DUUHWHUD 1R
(VWH2HVWH

100. 6DQ /XLV 3RWRVt ² *XDGDODMDUD -DO DUUHWHUD 1R 6XU1RUWH

101. 0p[LFR ² 1XHYR /DUHGR
7DPSV DUUHWHUD 1R 1RUWH(VWH

102. (QWURQTXH 7XOD ² LXGDG 9LFWRULD DUUHWHUD 1R 6XU(VWH

103. 7DPD]XQFKDOH ² 6DQ )HOLSH 2UL]DWOiQ DUUHWHUD 1R 1RUWH(VWH

104. 6DQ -XDQ GHO 5tR ² LXGDG 9DOOHV
(O KHFKR GH TXH HO (VWDGR VH HQFXHQWUH HTXLGLVWDQWH GH ODV FLXGDGHV GH 0p[LFR 0RQWHUUH *XDGDODMDUD
TXH HVWp FRPXQLFDGR SRU FDUUHWHUD IHUURFDUULO D ORV PiV LPSRUWDQWHV SXQWRV GHO WHUULWRULR QDFLRQDO HQWUH
RWURV D ORV SXHUWRV GH 7DPSLFR $OWDPLUD HQ HO *ROIR GH 0p[LFR /i]DUR iUGHQDV 0DQ]DQLOOR HQ HO
2FpDQR 3DFtILFR DVt FRPR D ODV FLXGDGHV IURQWHUL]DV GH %URZQVYLOOH 0F $OOHQ /DUHGR 7; SRU ODV TXH VH
UHDOL]D XQ DOWR SRUFHQWDMH GH FRPHUFLR H[WHULRU HVWi FRQWULEXHQGR D TXH OD LQGXVWULD DXWRPRWUL] GH
DXWRSDUWHV LQFUHPHQWH VXV LQWHUFDPELRV IXQGDPHQWDOPHQWH FRQ ORV SDtVHV GH $PpULFD GHO 1RUWH (XURSD
/DWLQRDPpULFD
6X FRPHUFLR H[WHULRU VH IDFLOLWD D WUDYpV GH OD LQVWDODFLyQ GH 3XQWRV GH 'HVSDFKR $GXDQHUR GH OD $GXDQD
HO 5HFLQWR )LVFDOL]DGR HQ HO $HURSXHUWR ,QWHUQDFLRQDO ´3RQFLDQR $UULDJDµ
+R 6DQ /XLV 3RWRVt HV FRQVLGHUDGR HO FHQWUR ORJtVWLFR GH 0p[LFR XHQWD FRQ WUHV VHFFLRQHV DGXDQHUDV
GRV 5HFLQWRV )LVFDOL]DGRV (VWUDWpJLFRV 5)(

105. ,QWHUSXHUWR 7HUPLQDO ,QWHUPRGDO GH DUJD VHFFLyQ
DGXDQHUD5)(

106. /RJLVWLN )UHH 7UDGH =RQH VHFFLyQ DGXDQHUD5)(

107. HO HQWUR /RJtVWLFR ,QWHUQDFLRQDO (VWDIHWD
VHFFLyQ DGXDQHUD

108. 9(17$-$6 203(7,7,9$6

109. 3RU OR DQWHULRU OD ORJtVWLFD ORV VHUYLFLRV OLJDGRV D OD DFWLYLGDG LQGXVWULDO FRPHUFLDO VH KDQ FRQYHUWLGR HQ
XQD KHUUDPLHQWD HVWUDWpJLFD SDUD ODV HPSUHVDV GH OD LQGXVWULD DXWRPRWUL] GH DXWRSDUWHV DO UHGXFLU ORV
WLHPSRV GH PRYLOL]DFLyQ GH ODV PHUFDQFtDV DVHJXUDQGR TXH pVWDV VH HQFXHQWUHQ HQ HO OXJDU PRPHQWR
SUHFLVR HQ IRUPD FRVWR DGHFXDGR
,JXDOPHQWH OD H[WHQVD UHG GH 7UDWDGRV GH /LEUH RPHUFLR HVWi EHQHILFLDQGR D OD LQGXVWULD DXWRPRWUL] GH
DXWRSDUWHV D TXH OH DVHJXUDQ DFFHVR SUHIHUHQFLDO GH VXV SURGXFWRV VHUYLFLRV D ORV PHUFDGRV GH
1RUWHDPpULFD OD 8QLyQ (XURSHD ORV SDtVHV GH OD $VRFLDFLyQ (XURSHD GH /LEUH RPHUFLR ,VUDHO ORV SDtVHV
VRFLRV GH $PpULFD /DWLQD -DSyQ
3DUWLFXODUPHQWH GHVGH OD FLXGDG GH 6DQ /XLV 3RWRVt HQ XQ UDGLR GH NLOyPHWURV VH XELFD HO GH ODV
SODQWDV HQVDPEODGRUDV DXWRPRWULFHV GH 0p[LFR OR TXH IDYRUHFH DO IDEULFDQWH GH OD HQWLGDG HQ HO
VXPLQLVWUR GH DXWRSDUWHV
,1'8675,$ $8720275,= '( $8723$57(6 '(/ (67$'2 '( 6$1 /8,6 32726Ê

110. 0$3$ 1R
ÉUHD GH ,QIOXHQFLD /RFDOL]DFLyQ GH OD ,QGXVWULD $XWRPRWUL]
7HUPLQDO HQ OD 5HS~EOLFD 0H[LFDQD
)XHQWH 7RPDGR GH 0p[LFR 1RZ $VRFLDFLyQ 0H[LFDQD GH OD ,QGXVWULD $XWRPRWUL] $ 0D-XQH
9(17$-$6 203(7,7,9$6

111. ,1'8675,$ $8720275,= '( $8723$57(6 '(/ (67$'2 '( 6$1 /8,6 32726Ì

112. 8$'52 1R
6DQ /XLV 3RWRVt
8ELFDFLyQ GH OD ,QGXVWULD $XWRPRWUL] 7HUPLQDO
(035(6$ 8%,$,Ï1 .0
5DPRV $UL]SH RDK
KUVOHU 6DOWLOOR RDK
7ROXFD (GR 0p[
KLKXDKXD KLK
)RUG XDXWLWODQ (GR 0p[
+HUPRVLOOR 6RQ
5DPRV $UL]SH RDK
6LODR *WR
*HQHUDO 0RWRUV 7ROXFD (GR 0p[
9LOOD GH 5HHV 6/3
+RQGD (O 6DOWR -DO
$JXDVFDOLHQWHV $JV
1LVVDQ XHUQDYDFD 0RUHORV
/HUPD (GR GH 0p[
7RRWD 7HFDWH %
9RONVZDJHQ 3XHEOD 3XH
)XHQWH $VRFLDFLyQ 0H[LFDQD GH OD ,QGXVWULD $XWRPRWUL] $ 6HFUHWDUtD GH
RPXQLFDFLRQHV 7UDQVSRUWHV 2FWXEUH GH 5HYLVWD 0H[LFR 1RZ 1XPEHU
0D-XQH KWWSZZZDPLDFRPP[XELFDFLyQKWPO
$03/,$ 2)(57$ '( 0$12 '( 2%5$ $/,),$'$
/D GLVFLSOLQD H[SHULHQFLD GHVWUH]D GH OD PDQR GH REUD SRWRVLQD OH SHUPLWH DGDSWDUVH FRQ UDSLGH] D ODV
QXHYDV WHFQRORJtDV SURFHVRV GH WUDEDMR GHO VHFWRU DXWRPRWUL] GH DXWRSDUWHV GHO (VWDGR 6H GLVSRQH GH
XQ UHFXUVR KXPDQR SUHGRPLQDQWHPHQWH MRYHQ (O GH OD SREODFLyQ HFRQyPLFDPHQWH DFWLYD WLHQH
HQWUH DxRV (V OD IXHQWH GHO GHVDUUROOR HFRQyPLFR RSHUDGRUD GLUHFWD GH ORV SURFHVRV GH
LQWHJUDFLyQ SURGXFWLYD GH OD LQGXVWULD DXWRPRWUL] GH DXWRSDUWHV SRU VX FRQRFLPLHQWR LQQRYDFLyQ
FDSDFLGDG GH HPSUHQGHU
/D HVWUXFWXUD SREODFLRQDO SHUPLWH DO (VWDGR GLVSRQHU GH PLO QXHYRV WUDEDMDGRUHV FDGD DxR 6X
SUHSDUDFLyQ HVFRODU HV LJXDO D OD PHGLD QDFLRQDO (O GH OD SREODFLyQ GH D DxRV VDEH OHHU
HVFULELU
9(17$-$6 203(7,7,9$6

113. 7DPELpQ VH FXHQWD FRQ LQVWLWXFLRQHV GH FDSDFLWDFLyQ HVSHFLDOL]DGD GRQGH HVWD IXHU]D GH WUDEDMR DSUHQGH
KDELOLGDGHV TXH OH SHUPLWHQ RSHUDU WpFQLFDV GH SURGXFFLyQ DGHFXDGDV /DV XQLYHUVLGDGHV H LQVWLWXFLRQHV GH
HQVHxDQ]D VXSHULRU MXQWR FRQ ORV WHFQROyJLFRV HVFXHODV GH QLYHO WpFQLFR PHGLR SURJUDPDV GH
DGLHVWUDPLHQWR JXEHUQDPHQWDO FRQVWLWXHQ XQD LQIUDHVWUXFWXUD TXH DSRD FUHFLHQWHPHQWH HO
SHUIHFFLRQDPLHQWR GH HVWD PDQR GH REUD
$0%,(17( /$%25$/ (67$%/(
6DQ /XLV 3RWRVt RIUHFH XQD DWPyVIHUD GH WUDEDMR H[FHOHQWH (Q ORV ~OWLPRV GLH] DxRV WRGRV ORV FRQIOLFWRV GH
KXHOJD KDQ VLGR VROXFLRQDGRV GH PDQHUD VDWLVIDFWRULD SDUD ODV SDUWHV LQYROXFUDGDV
(OOR UHIOHMD XQ FRPSURPLVR FRQ HO WUDEDMR GH ODV SULQFLSDOHV RUJDQL]DFLRQHV VLQGLFDOHV RQIHGHUDFLyQ GH
7UDEDMDGRUHV GH 0p[LFR 70

114. RQIHGHUDFLyQ 5HJLRQDO 2EUHUD 0H[LFDQD 520

115. RQIHGHUDFLyQ
5HYROXFLRQDULD GH 2EUHURV DPSHVLQRV 52

116. )HGHUDFLyQ $XWpQWLFD GH 7UDEDMDGRUHV GHO (VWDGR
3RWRVLQR $7

117. FXDV UHODFLRQHV REUHURSDWURQDO VH GHVHQYXHOYHQ HQ XQ FOLPD GH HVWDELOLGDG FRQFRUGLD
',6321,%,/,'$' '( ,1)5$(6758785$ ,1'8675,$/ 3$5$ /$ $7,9,'$'
$8720275,= '( $8723$57(6
/D LQIUDHVWUXFWXUD HV XQ FRPSRQHQWH HVHQFLDO SDUD OD DWUDFFLyQ H[SDQVLyQ GH OD DFWLYLGDG DXWRPRWUL]
DXWRSDUWHV GH 6DQ /XLV 3RWRVt 6H GLVSRQH GH XQD LQIUDHVWUXFWXUD LQGXVWULDO TXH DUWLFXOD HVWD DFWLYLGDG D
WUDYpV GH OD IRUPDFLyQ GH FOXVWHUV GHVDUUROOR GH SURYHHGRUHV H LQVWLWXFLRQHV GH DSRR
([LVWHQ VHLV ]RQDV LQGXVWULDOHV S~EOLFDV 'RV VH HQFXHQWUDQ HQ HO PXQLFLSLR GH 6DQ /XLV 3RWRVt IRUPDQGR XQ
HVSDFLR FRQWLQXR OD GH OD ´LXGDG GH 6DQ /XLV 3RWRVtµ FRQ XQD H[WHQVLyQ GH KHFWiUHDV LQFOXHQGR
ODV VXSHUILFLHV GH ORV SDUTXHV SULYDGRV

118. OD ´'HO 3RWRVtµ LQFOXHQGR ODV VXSHUILFLHV GH ORV SDUTXHV S~EOLFR
SULYDGRV

119. FRQ XQD VXSHUILFLH GH KHFWiUHDV
(VWDV iUHDV LQGXVWULDOHV EULQGDQ FHUWH]D HQ OD SURSLHGDG GH OD WLHUUD HQ OD IDFWLELOLGDG HQ HO VXPLQLVWUR GH
VHUYLFLRV UHODFLRQDGRV FRQ ORV UHFLQWRV ILVFDOL]DGRV HVWUDWpJLFRV HVSXHODV LQWHUFRQHFWDGDV D OD
LQIUDHVWUXFWXUD GH FDUJD GH IHUURFDUULOHV JDV QDWXUDO HQHUJtD HOpFWULFD WHOHFRPXQLFDFLRQHV FHUFDQtD FRQ ODV
SULQFLSDOHV YtDV GH FRPXQLFDFLyQ FDUUHWHUD DVHQWDPLHQWRV KDELWDFLRQDOHV FHQWURV HGXFDWLYRV DJXD
WUDWDGD HTXLSDPLHQWR XUEDQR
,1'8675,$ $8720275,= '( $8723$57(6 '(/ (67$'2 '( 6$1 /8,6 32726Ê

120. /D WHUFHUD ]RQD LQGXVWULDO HV OD GH ´9LOOD GH 5HHVµ ORFDOL]DGD HQ HO PXQLFLSLR GHO PLVPR QRPEUH 6X
VXSHUILFLH HV GH KHFWiUHDV (VWH GHVDUUROOR LQGXVWULDO FXHQWD FRQ XQ DFFHVR LPSRUWDQWH DO VLVWHPD GH
FRPXQLFDFLyQ FDUUHWHUR IHGHUDO HVWDWDO DVt FRPR D YtDV IpUUHDV (Q HVWH PXQLFLSLR WDPELpQ VH HQFXHQWUD HO
3DUTXH ,QGXVWULDO ´/RJLVWLNµ KD