Medicion de La Productividad completo.E.T PDF

0(',&,Ð1'(/$352'8&7,9,'$''(/9$/25$*5(*$'2<
686$3/,&$&,21(635É&7,&$6
&RQ,QWHUUHODFLyQHQWUH3URGXFWLYLGDG\5HQWDELOLGDG
0DVD\RVKL6KLPL]X
.L\RVKL:DLQDL
(OHQD$YHGLOOR&UX]
7UDGXFLGR3RU
'U-RVp$OIUHGR5RD
7RGRV ORV GHUHFKRV 5HVHUYDGRV
6DQWLDJR GH &DOL -XQLR GH

3$57(,6(*8,0,(172$/&5(&,0,(172'(/$352'8&7,9,'$'$
75$9e6'(/0e72'2'(/$ 0(',&,Ð1'(/$
352'8&7,9,'$''(/9$/25$*5(*$'2039$

,QWURGXFFLyQDOD0HGLFLyQGHOD3URGXFWLYLGDG
¢3RUTXpPHGLUODSURGXFWLYLGDG"
6L VH WLHQH FRPR PHWD PHMRUDU OD SURGXFWLYLGDG VH UHTXLHUH QHFHVDULDPHQWH PHGLU OD
SURGXFWLYLGDG /RV LQGLFDGRUHV GH UHQWDELOLGDG WUDGLFLRQDOHV VRQ DGHFXDGRV SHUR SDUD
ORJUDU XQD PHGLFLyQ VLJQLILFDWLYD GHEHQ HVWDU OLJDGRV FRQ OD SURGXFWLYLGDG \D TXH OD
UHQWDELOLGDGHVDIHFWDGDHQJUDQPHGLGDSRUORVHVIXHU]RVGHPHMRUDUODSURGXFWLYLGDG
$GHPiV ODV PHGLFLRQHV GH OD SURGXFWLYLGDG IRUWDOHFHQ OD SODQHDFLyQ HVWUDWpJLFD GH ODV
RUJDQL]DFLRQHV1RVyORSURYHHQLQGLFDGRUHVSDUDFHUFLRUDUVHVLORVREMHWLYRVHVWUDWpJLFRV
VHKDQDOFDQ]DGRRQR\KDVWDTXHSXQWRVLQRTXHWDPELpQUHODFLRQDQHVWDVPHGLGDVFRQ
HO FRPSRUWDPLHQWR GH OD SURGXFWLYLGDG (V PiV FRQ XQ VLVWHPD GH PHGLFLyQ GH
SURGXFWLYLGDGWRGDVODVSHUVRQDVVHUiQPiVFRQVFLHQWHVGHORTXHHVODSURGXFWLYLGDG/D
SURGXFWLYLGDGSDVDGHVHUXQFRQFHSWRDEVWUDFWRDWHQHUXQVLJQLILFDGRPiVFRQFUHWR
8WLOL]DU HO FRPSRUWDPLHQWR GH ORV tQGLFHV GH SURGXFWLYLGDG GXUDQWH XQ WLHPSR
GHWHUPLQDGR FRPR XQD KHUUDPLHQWD GH GLDJQyVWLFR UHYHODUi iUHDV SUREOHPiWLFDV TXH
UHTXLHUHQGHXQDDWHQFLyQLQPHGLDWD\D\XGDUiDHQIDWL]DUHQODVGHPD\RUSULRULGDG
&RQ XQ Q~PHUR FUHFLHQWH GH HPSUHVDV FRQVLGHUDQGR GLIHUHQWHV HVTXHPDV GH LQFHQWLYRV
H[LVWH OD QHFHVLGDG GH DVRFLDU HO LQFUHPHQWR HQ VDODULRV FRQ HO FUHFLPLHQWR GH OD
SURGXFWLYLGDG
)LQDOPHQWHXQVLVWHPDGHPHGLFLyQGHSURGXFWLYLGDGFRQILDEOHTXHHVWp FRPSOHWDPHQWH
LQWHJUDGR FRQ HO VLVWHPD ILQDQFLHUR GH XQD RUJDQL]DFLyQ FRQWULEXLUi HQ OD SUiFWLFD D OD
LQVWLWXFLRQDOL]DFLyQGHODSURGXFWLYLGDG
&RQH[LyQHQWUHSURGXFWLYLGDG\UHQWDELOLGDG
/DSURGXFWLYLGDGSURYHHXQDDOWHUQDWLYDSDUDGHYHODUODVXWLOLGDGHVYHUODUHQWDELOLGDG&RQ

HOILQGHFRPSUHQGHUODUHODFLyQHQWUHUHQWDELOLGDG\SURGXFWLYLGDGFRQVLGpUHVHORVFDVRV
TXHLOXVWUDQHVWDUHODFLyQYHUWDEOD

7DEOD&DVRVGH5HQWDELOLGDG²3URGXFWLYLGDG
6L (QWRQFHV
&DVR
3URGXFWLYLGDG 5HQWDELOLGDG 4XpSRGUtDSDVDU 4XpGHEHUtDKDFHUVH
6LWXDFLyQILQDQFLHUDHV 0DQWHQHURFRQWLQXDU
$OWD $OWD VyOLGD\HVWDEOH HOPHMRUDPLHQWRGHOD
SURGXFWLYLGDG
/DDOWDUHQWDELOLGDG 0HMRUDUOD
SRGUtDQRVHU SURGXFWLYLGDG
%DMD $OWD
VRVWHQLEOHHQHOODUJR
SOD]R
/DFRPSDxtDVHYHUi 0HMRUDUODUHQWDELOLGDG
SURQWDPHQWH DWUDYpVGHHVWUDWHJLDV
RSHUDQGRDSpUGLGD\ GHPHUFDGR
$OWD %DMD FHUFDGHOFLHUUH LQYHVWLJDFLyQGH
PHUFDGRVSXEOLFLGDG\
SURPRFLRQHV\
SROtWLFDVGHSUHFLR
&LHUUHEDQFDUURWD 0HMRUDUSURGXFWLYLGDG
\GHVDUUROODU\
%DMD %DMD
IRUWDOHFHUORV
PHUFDGRV
&DVRHVWDHVODVLWXDFLyQLGHDOFRQSURGXFWLYLGDG\UHQWDELOLGDGDOWDVORTXHVLJQLILFDTXH
ODHPSUHVDFRQHVWHGHVHPSHxRHVILQDQFLHUDPHQWHPX\VyOLGD\HVWDEOH(VWDVLWXDFLyQVH
SXHGHVRVWHQHURDILUPDUDWUDYpVGHPHMRUDVFRQWLQXDVHQODSURGXFWLYLGDG
(QHOFDVRODHPSUHVDFXHQWDFRQXQDDOWDUHQWDELOLGDGDSHVDUGHODEDMDSURGXFWLYLGDG
6H SRGUtD SHQVDU HQ HVWH FDVR TXH OD HPSUHVD QR QHFHVLWD PROHVWDUVH HQ PHMRUDU VX
SURGXFWLYLGDG\DTXHVXUHQWDELOLGDGVHJXLUiVLHQGRDOWDFRPRHQORVFDVRVGHPRQRSROLR
6LQ HPEDUJR HQ HO ODUJR SOD]R HVWD EDMD SURGXFWLYLGDG LUi FRQVXPLHQGR ODV JDQDQFLDV
OHQWDPHQWH 3RU OR WDQWR HV HO PRPHQWR SDUD TXH OD HPSUHVD HPSLHFH D FRQVLGHUDU HO
PHMRUDUVXSURGXFWLYLGDG
(OFDVRHVORFRQWUDULRDOFDVRGRQGHHOUHQGLPLHQWRGHODHPSUHVDVHFDUDFWHUL]DSRUOD
EDMDUHQWDELOLGDGDSHVDUGHODDOWDSURGXFWLYLGDG(VWDVLWXDFLyQVHSUHVHQWDFXDQGRIDFWRUHV
H[WHUQRVDIHFWDQODRSHUDFLyQGHODHPSUHVDFRPRFXDQGRORVPHUFDGRVHVWiQVDWXUDGRV
ORV SUHFLRV VRQ PX\ DOWRV R H[LVWH XQD LQFRPSDWLELOLGDG HQWUH HO SURGXFWR \ HO PHUFDGR
%DMRHVWDVLWXDFLyQODHPSUHVDHVWDUiRSHUDQGRDSpUGLGDHQSRFRWLHPSRSRUORWDQWROD
UHQWDELOLGDG GHEH PHMRUDUVH D WUDYpV GHO IRUWDOHFLPLHQWR GH ODV HVWUDWHJLDV GH PHUFDGRV
FRQTXLVWDQGR QXHYRV PHUFDGRV DPSOLDQGR ODV LQYHVWLJDFLRQHV GH PHUFDGRV ODV
SURPRFLRQHV\SROtWLFDGHSUHFLRV
3RU ~OWLPR HO FDVR LOXVWUD OD VLWXDFLyQ PHQRV GHVHDGD ² EDMD UHQWDELOLGDG \ EDMD
SURGXFWLYLGDG(QHVWHSXQWRHOFLHUUH\ODEDQFDUURWDHVLQHYLWDEOH6LQHPEDUJRDOJXQDV

HPSUHVDVFRQIURQWDGDVSRUHVWHWLSRGHVLWXDFLyQKDQORJUDGRUHYLYLURUHVXFLWDUDWUDYpV
GHOPHMRUDPLHQWRGHODSURGXFWLYLGDG\VLPXOWiQHDPHQWHGHVDUUROODQGR\IRUWDOHFLHQGRVX
SRVLFLyQHQHOPHUFDGR
0HGLFLyQGHOD3URGXFFLyQ
/D 3URGXFWLYLGDG GHVGH HO SXQWR GH YLVWD HVWULFWDPHQWH HFRQyPLFR VH GHILQH GH OD
VLJXLHQWHPDQHUD
3URGXFWR
3URGXFWLYLGDG=
,QVXPR
0LGH TXp WDQ ELHQ VH XWLOL]DQ ORV UHFXUVRV R LQVXPRV HQ OD IDEULFDFLyQ GH OD SURGXFFLyQ
GHVHDGD(QWUHPD\RUVHDHOtQGLFHPHMRUVHUiODSURGXFWLYLGDG
&XDQGRVHPLGHODSURGXFWLYLGDGHOSULPHUSDVRHVFXDQWLILFDUODSURGXFFLyQ&RQVLGpUHVH
ODVVLJXLHQWHVPHGLFLRQHVGHODSURGXFFLyQ
&DQWLGDG3URGXFLGD
([SUHVDU HO SURGXFWR HQ WpUPLQRV GH FDQWLGDGHV ItVLFDV HV OD PDQHUD PiV DSURSLDGD GH
PHGLUSDUDHIHFWRVGHODQiOLVLVGHSURGXFWLYLGDG3RUHMHPSORODSURGXFFLyQGHXQDIiEULFD
GH]DSDWRVHVHOQ~PHURGHSDUHVGH]DSDWRV
(VWDPDQHUDGHPHGLUHVVHQFLOODVLHOSURGXFWRHVKRPRJpQHRGHORFRQWUDULRVHGHEH
DGRSWDUXQVLVWHPDGHSRQGHUDFLyQSDUDVXPDUGLIHUHQWHVWLSRVGHSURGXFWRV
9DORUGHODSURGXFFLyQ
$O WUDWDU FRQ SURGXFWRV KHWHURJpQHRV SXHGH VHU PiV FRQYHQLHQWH H[SUHVDU pVWDV HQ
WpUPLQRVPRQHWDULRVFRPRHOYDORU GH OD SURGXFFLyQ (VWH FRPSUHQGH HO YDORU GH YHQWD
GH ODV XQLGDGHV GH SURGXFWR WHUPLQDGR HQ XQ SHULRGR GDGR (Q RWUDV SDODEUDV HV HO
SURGXFWRGHODVFDQWLGDGHVItVLFDVREWHQLGDVGXUDQWHHOSHULRGRSRUHOSUHFLRGHYHQWD
$O XWLOL]DU HO EDODQFH GH SpUGLGDV \ JDQDQFLDV SDUD FDOFXODU HO 9DORU GH OD 3URGXFFLyQ OD
HFXDFLyQVHUi
9DORUGHOD3URGXFFLyQ 9HQWDV1HWDV&DPELRHQHO,QYHQWDULRGHSURGXFWR
WHUPLQDGR\SURGXFWRHQSURFHVR

9DORU$JUHJDGR
2WUD PHGLGDGHO SURGXFWR H[SUHVDGD HQ FLIUDV PRQHWDULDV HV HO YDORU DJUHJDGR (O 9DORU
$JUHJDGR VH GHILQH FRPR OD ÚLTXH]Dµ FUHDGD HQ WpUPLQRV GH SURGXFWRV \R VHUYLFLRV
JHQHUDGRVSRUXQDRUJDQL]DFLyQ
(QWpUPLQRVFRQWDEOHVODHFXDFLyQGHOYDORUDJUHJDGRVHV
9DORU$JUHJDGR 9HQWDV1HWDV²9DORUGHODV&RPSUDVKHFKDVD
WHUFHURV&DPELRGHLQYHQWDULR
'HODVWUHVIRUPDVDQWHULRUHVHO9DORU$JUHJDGRHVODPHMRUIRUPDGHPHGLUODSURGXFFLyQ
HVSHFLDOPHQWHWUDWiQGRVHGHSURGXFWRVKHWHURJpQHRVSXHVWRTXHH[FOX\HODVFRPSUDVGH
PDWHULDOHVHQHUJtD\VHUYLFLRVGHWHUFHURVORVFXDOHVQRVRQHOUHVXOWDGRGHODFDSDFLGDGGH
RSHUDFLyQLQWHUQDGHXQDHPSUHVDHQXQVHQWLGRHVWULFWRHO9DORU$JUHJDGRUHSUHVHQWDOD
YHUGDGHUDSURGXFFLyQ
(QOD0HGLFLyQGHOD3URGXFWLYLGDGGHO9DORU$JUHJDGR039$HO9DORU$JUHJDGRFRPR

PHGLGDGHODSURGXFFLyQVHLQFOXLUiHQORVFiOFXORVGHUHIHUHQWHVD039$
0HGLFLyQGH/RV,QVXPRV
(OVLJXLHQWHSDVRSDUDPHGLUODSURGXFWLYLGDGHVFXDQWLILFDUORVLQVXPRVeVWRVVHUHILHUHQD
ORV UHFXUVRV WDQJLEOHV H LQWDQJLEOHV QHFHVDULRV SDUD SURGXFLU ELHQHV R VHUYLFLRV 6H
FODVLILFDQFRPRLQVXPRVODPDQRGHREUDFDSLWDO\ORVELHQHVLQWHUPHGLRV
&RQUHVSHFWRDODPDQRGHREUDH[LVWHQWUHVPDQHUDVGHPHGLUODDVDEHU
1~PHURGHHPSOHDGRV
&RVWRVGHOSHUVRQDO
7RWDOGHKRUDVKRPEUHWUDEDMDGDV
(QWUH ODV WUHV HO Q~PHUR GH HPSOHDGRV HV OD PiV IiFLO GH REWHQHU \ HVWi H[SUHVDGD HQ
WpUPLQRVItVLFRV/DVHJXQGDPiVIiFLOHVODGHOFRVWRGHOSHUVRQDOSRUTXHVHSXHGHREWHQHU
GHO EDODQFH GH SpUGLGDV \ JDQDQFLDV DO VXPDU WRGRV ORV UXEURV GH JDVWR UHODWLYRV D ORV
WUDEDMDGRUHVVDODULRV\VXHOGRVERQRVSULPDVHWF
(OWRWDOGHKRUDV²KRPEUHWUDEDMDGDVVHUHILHUHDOWRWDOGHKRUDVWUDEDMDGDVSRUHOWRWDOGH
WUDEDMDGRUHV ([FOX\H ODV KRUDV SDJDGDV SHUR QR WUDEDMDGDV WDOHV FRPR IHVWLYRV
HQIHUPHGDGHVRSHUPLVRGHYDFDFLRQHVROLFHQFLDV(VFRQVLGHUDGDODPHGLGDPiVSUHFLVD\
VHH[SUHVDHQWpUPLQRVItVLFRV6LQHPEDUJRQRPXFKDVHPSUHVDVWLHQHQHVWRVUHJLVWURV

(OLQVXPRGHFDSLWDOSXHGHPHGLUVHHQWpUPLQRVItVLFRVSRUHMHPSORKRUDV²PiTXLQDSDUD
WLSRV HVSHFtILFRV GH PiTXLQDV \ HTXLSRV R SRU HO YDORU PRQHWDULR SRU HMHPSOR DFWLYRV
ILMRVPDTXLQDULD\HTXLSRWRWDOGHDFWLYRV
/RV ELHQHV LQWHUPHGLRV FRQVLVWHQ HQ FRPSUDV GH PDWHULDOHV HQHUJtD \ VHUYLFLRV PHGLEOHV
HQWpUPLQRVItVLFRVSRUHMHPSORNJWRQHODGDVGHPDWHULDONZKHQHUJtDFRPSUDGD\RSRU
YDORUPRQHWDULRSRUHMHPSORYDORUGHODHQHUJtDFRPSUDGDFRVWRGHPDWHULDOFRPSUDGR
HWF
(Q HO 039$ VH UHTXLHUH LQFOXLU FRPR LQVXPRV DO FDOFXODU ORV tQGLFHV GH O$ 039$ OR
VLJXLHQWH
,QVXPRGHPDQRGHREUD
D 1~PHURGHHPSOHDGRV
E &RVWRVGHOSHUVRQDOS
,QVXPRVGHFDSLWDO
D &DSLWDORSHUDWLYRWRWDO
(VWH VH GHILQH FRPR HO WRWDO GH DFWLYRV PHQRV SDJRV GH FRQVWUXFFLyQ LQYHUVLRQHV
FRVWRGHHPLVLyQGHDFFLRQHVLQWHUHVHVGXUDQWHODFRQVWUXFFLyQDFWLYRVGLIHULGRV
E $FWLYRVILMRV
F ,QYHQWDULRGHDFWLYRV
G &XHQWDVSRUFREUDU

(O&RQFHSWRGH9DORU$JUHJDGR
'HILQLFLyQ\6LJQLILFDGRGH9DORU$JUHJDGR
&RPR VH GHILQLy DQWHULRUPHQWH (O 9DORU $JUHJDGR HV OD ÚLTXH]Dµ FUHDGD SRU ORV
SURGXFWRV \R VHUYLFLRV JHQHUDGRV SRU XQD RUJDQL]DFLyQ (QWUH PiV SURGXFWLYD VHD OD
RUJDQL]DFLyQPD\RUYDORUDJUHJDGRVHFUHDYHUILJXUD
(035(6$
9DORU$JUHJDGR
3DJRVSRU
3URYHHGRUHV PDWHULDOHV &OLHQWH
\HQHUJtD
)LJXUD
(OYDORUDJUHJDGRHVLPSRUWDQWH\DTXHHVODIXHQWHGHORVLQJUHVRVGHXQDRUJDQL]DFLyQGH
OD FXDO VH GHULYDQ WRGRV ORV FRVWRV QHFHVDULRV SDUD VREUHYLYLU HO FUHFLPLHQWR \ ORV
GLYLGHQGRV SDUD ORV DFFLRQLVWDV SRU OR WDQWR HV HVHQFLDO TXH ODV HPSUHVDV WHQJDQ
DFWXDOL]DGRVORVLQGLFDGRUHVGH9DORU$JUHJDGR
0pWRGRVGHFiOFXORGHO9DORU$JUHJDGR
(O9DORU$JUHJDGRVHSXHGHGHWHUPLQDUGHGRVPDQHUDVHOPpWRGRGHODUHVWDRPpWRGR
GH FUHDFLyQ \ HO PpWRGR GH DGLFLyQ R PpWRGR GH GLVWULEXFLyQ (Q DPERV PpWRGRV HO
EDODQFHGHSpUGLGDV\JDQDQFLDVVHUiODEDVHSDUDORVFiOFXORV
0pWRGRGHODUHVWD
&RPRVXQRPEUHORLQGLFDDODVYHQWDVQHWDVVHOHUHVWDQDOJXQRVUXEURVGHFRVWRVeVWRV
VRQODFRPSUDGHPDWHULDOHVODFRPSUDGHHQHUJtD\RWUDVFRPSUDVKHFKDVDWHUFHURV6LOD
HPSUHVD HV PDQXIDFWXUHUD HO FDPELR HQ HO LQYHQWDULR GH SURGXFWR HQ SURFHVR \ GH
SURGXFWR WHUPLQDGR VH OH VXPD D OD UHVWD DQWHULRU SDUD REWHQHU HO 9DORU $JUHJDGR YHU
ILJXUD\HVTXHPD(VWHPpWRGRPXHVWUDFRPRVHFUHDHO9DORU$JUHJDGR

3DUD ODV HPSUHVDV PDQXIDFWXUHUDV ODV YHQWDV QHWDV HVWiQ FRQVWLWXLGDV SRU HO LQJUHVR
REWHQLGRSRUODHPSUHVDDOYHQGHUODSURGXFFLyQDVXVFOLHQWHVHQXQSHULRGRGDGR/DV
FRPSUDV GH PDWHULDOHV FRUUHVSRQGHQ D OD FRPSUD GH PDWHULD SULPD R GHPiV LQVXPRV
UHTXHULGRVHQHOSURFHVRSURGXFWLYR/DFRPSUDGHHQHUJtDVHUHILHUHDHQHUJtD\VHUYLFLRV
HOHFWULFLGDGDJXD2WUDVFRPSUDVKHFKDVDWHUFHURVLQFOX\HUXEURVFRPRVXPLQLVWURVGH
IiEULFD VXPLQLVWURV GH RILFLQD VHUYLFLR GH DVHR GH VHJXULGDG GH UHSDUDFLyQ \
PDQWHQLPLHQWRVHJXURVJDVWRVGHSXEOLFLGDGSDJRDFRQVXOWRUHV\HVSHFLDOLVWDVHWF
3DUD ODV HPSUHVDV QR PDQXIDFWXUHUDV HO ,QJUHVR 2SHUDWLYR 7RWDO VH UHILHUH DO LQJUHVR
GHULYDGR SRU VHUYLFLRV SUHVWDGRV D VXV FOLHQWHV SRU HMHPSOR HO DOTXLOHU GH HTXLSRV
VHUYLFLRV FOtQLFRV HVSHFLDOHV WHOHFRPXQLFDFLRQHV HWF /DV FRPSUDV LQFOX\HQ HQHUJtD
VXPLQLVWURV\RWURVELHQHVRVHUYLFLRVDGTXLULGRVDWHUFHURV
0pWRGRGH$GLFLyQ
(Q HVWH PpWRGR D GLIHUHQFLD GHO DQWHULRU VH VXPDQ ORV VLJXLHQWHV UXEURV JDVWRV GHO
SHUVRQDO FRVWRV ILQDQFLHURV UHQWDV GHSUHFLDFLyQ LPSXHVWRV XWLOLGDGHV QHWDV DQWHV GH
LPSXHVWRV\RWURVUXEURVQRRSHUDWLYRV(VWHPpWRGRPXHVWUDFRPRVHGLVWULEX\HHOYDORU
DJUHJDGRYHUILJXUD HVTXHPD

&Ð026(&5($(/9$/25$*5(*$'2
0pWRGRGHODUHVWD
9
( 9$/25'(/$6
&2035$6+(&+$6$
1 7(5&(526
3$57,&,3$&,Ð1'(/$*(5(1&,$
7
,1&/8<((/
$ &$0%,2(1(/ 3$57,&,3$&,Ð1
,19(17$5,2 '(/75$%$-2
6
1(7$6
&2672 87,/,'
'(/ $'(6
2727$/'( 3(562
,1*5(626 9$/25 1$/
23(5$&,21$/(6 $*5(*$'2 ',5 &2672 0$17(1,
,17(5(6(6 '(3
$/48,/(5 ,038(
&Ð026(',675,%8<((/9$/25$*5(*$'2
)LJXUD 0pWRGRGH$GLFLyQ

(VTXHPD
&iOFXORGHO9DORU$JUHJDGR
0pWRGRGHOD5HVWD
3URGXFWRHQ 3URGXFWR
SURFHVR WHUPLQDGR
&RPSUDGH
0DWHULDOHV
,QYHQWDULR ,QYHQWDULR

)LQDO )LQDO
&RPSUDGH

9HQWDV HQHUJtD 9DORU
(+) =
1HWDV $JUHJDGR
,QYHQWDULR ,QYHQWDULR
,QLFLDO ,QLFLDO
2WUDVFRPSUDV
DWHUFHURV
9HQWDV1HWDV²9DORUFRPSUDVDWHUFHURVFDPELRHQHOLQYHQWDULR 9DORU$JUHJDGR
0pWRGRGH$GLFLyQ
*DVWRV 2WURV
HQHO &RVWRV $OTXLOHUHV 'HSUHFLD ,PSXHVWRV 8WLOLGDG JDVWRVQR 9DORU
3HUVRQDO ILQDQFLHURV FLyQ QHWD RSHUDWLYRV DJUHJDGR
9DORU $JUHJDGR *DVWRV 3HUVRQDOHV &RVWR )LQDQFLHUR $OTXLOHU 'HSUHFLDFLyQ ,PSXHVWRV 8WLOLGDG QHWD 2WURV JDVWRV QR RSHUDFLRQDOHV

/RV JDVWRVGHOSHUVRQDO LQFOX\HQ WRGR OR TXH ORV HPSOHDGRV UHFLEHQ R OR TXHVH OHV SDJD
GLUHFWDPHQWHFRPRVDODULRV\VXHOGRVERQRV\SUpVWDPRVHWF
/RV FRVWRV ILQDQFLHURV VH UHILHUHQ D ORV LQWHUHVHV SRU SUpVWDPRV /RV DOTXLOHUHV LQFOX\HQ
WRGDV ODV IDFWXUDV SRU DOTXLOHU GH WHUUHQRV HGLILFLRV PDTXLQDULD \ HTXLSR PHGLRV GH
GHVSDFKR\WUDQVSRUWH\FXDOTXLHURWURDFWLYRILMR
/D GHSUHFLDFLyQ HV HO FRVWR GH ORV DFWLYRV ILMRV DGTXLULGRV GLIHUHQWHV D ORV UHFXUVRV
QDWXUDOHV HV HO SURFHVR GH DGMXGLFDU HO FRVWR GH XQ DFWLYR GXUDQWH VX YLGD ~WLO (Q ODV
HPSUHVDVHQODVTXHORVFRVWRVGH, 'RSURJUDPDVSDUDHOGHVDUUROORGHOSHUVRQDOVRQ
DPRUWL]DGRV GXUDQWH XQ WLHPSR HO FRVWR GH OD DPRUWL]DFLyQ SRU DxR VH LQFOX\H HQ HO
PpWRGRGHDGLFLyQ
/RVLPSXHVWRVVyORLQFOX\HQORUHODFLRQDGRFRQODVRSHUDFLRQHVWDOHVFRPRLPSXHVWRVDOD
LPSRUWDFLyQ WDULIDV OLFHQFLDV GH FRQVXPR HWF < VH H[FOX\H LPSXHVWR D OD UHQWD (Q
DOJXQDVHPSUHVDVHVWHUXEURVHDJUXSDFRQODVOLFHQFLDV\GHUHFKRV
8WLOLGDGQHWDDQWHVGHLPSXHVWRVHVHOLQJUHVRQHWRDQWHVGHOLPSXHVWRDODUHQWD6HFDOFXOD
UHVWDQGRRWURVJDVWRVWDOHVFRPRLQWHUHVHVFRVWRVEDQFDULRVUHVHUYDSRUFXHQWDVGHGLItFLO
UHFDXGR FXDQWDV LUUHJXODUHV HWF GHO LQJUHVR RSHUDFLRQDO 2WURV LQJUHVRV LQJUHVRV GH
RWUDVIXHQWHVQRVHFRQVLGHUDQHQHOFiOFXORGHO9DORU$JUHJDGR\DTXHHVWRVLQJUHVRVQR
VHUHODFLRQDQFRQORRSHUDFLRQDO/RTXHVHHVWiHYDOXDQGRHVHO9DORU$JUHJDGRGHULYDGR
GHODVRSHUDFLRQHV\QRGHORREWHQLGRGHRWUDVIXHQWHV
2WUR JDVWR QR RSHUDFLRQDO HV OD DJORPHUDFLyQ GH WRGRV ORV JDVWRV HQ ORV TXH VH KD
LQFXUULGR SHUR TXH QR HVWiQ GLUHFWDPHQWH UHODFLRQDGRV FRQ ODV RSHUDFLRQHV WDOHV FRPR
GRQDFLRQHV\FRQWULEXFLRQHVGHFDULGDGUHVHUYDSDUDFXHQWDVGXGRVDVFXHQWDVLUUHJXODUHV
SpUGLGDVHWF
(QHVWHSXQWRVHGHEHUHFDOFDUTXHHVQHFHVDULRGHWHUPLQDUHO9DORU$JUHJDGRSRUORVGRV
PpWRGRVFRPRIRUPDGHYDOLGDFLyQ/RVGRVPpWRGRVGHEHQDUURMDUHOPLVPRUHVXOWDGR
'HQRVHUDVtGHEHQUHYLVDUVHORVUXEURVGHJDVWRUHFODVLILFDUORVUHFDOFXODUORVKDVWDTXHVH
LJXDOHQODVFLIUDVGHOYDORUDJUHJDGRREWHQLGDVSRUORVGRVPpWRGRV
/D 0HFiQLFD *HQHUDO GH OD 0HGLFLyQ GH OD 3URGXFWLYLGDG

GHO9DORU$JUHJDGR039$
'HILQLFLyQ\6LJQLILFDGRGHO039$
/D0HGLFLyQGHOD3URGXFWLYLGDGGHO9DORU$JUHJDGR039$HVXQDWpFQLFDGLVHxDGDSDUD

GHWHUPLQDU HO GHVHPSHxR SURGXFWLYR GH XQD RUJDQL]DFLyQ \ VXV OtQHDV GH SURGXFWRV
EDViQGRVHHQ(O9DORU$JUHJDGR

&RPRXQDKHUUDPLHQWDGHGLDJQyVWLFRHO039$SHUPLWHDODRUJDQL]DFLyQLGHQWLILFDUiUHDV
SUREOHPiWLFDV R iUHDV SULRULWDULDV TXH QHFHVLWDQ PHMRUDUVH \ HVWDEOHFHU LQGLFDGRUHV GH
SURGXFWLYLGDGEDVDGRVHQHOYDORUDJUHJDGRSDUDWRGDODHPSUHVD
$GHPiV039$SURYHHLQIRUPDFLyQSDUDODWRPDGHGHFLVLRQHVQHFHVDULDVSDUD
8QDHYDOXDFLyQFRPSDUDWLYDGHOQLYHOGHSURGXFWLYLGDGGHXQDRUJDQL]DFLyQFRPRXQ
WRGR\HOGHVHPSHxRGHVXVOtQHDVGHSURGXFWRV
/RVJDVWRVGHSHUVRQDO\ODSODQHDFLyQGHODPDQRGHREUDHQWpUPLQRVGHOQ~PHUR
ySWLPRGHHPSOHDGRV
5HDOL]DU XQ EHQFKPDUNLQJ HQ WpUPLQRV GH OD 3URGXFWLYLGDG GHO 9DORU $JUHJDGR GHO
6DODULR FRQ OR FXDO OD RUJDQL]DFLyQ SXHGH FRPSDUDU HO GHVHPSHxR DFWXDO GH OD
SURGXFWLYLGDGODERUDO
(YDOXDUHOLPSDFWRGHORVSURJUDPDVGHPHMRUDPLHQWRGHODSURGXFWLYLGDGDGRSWDGRV
SRUODRUJDQL]DFLyQ
0HMRUDU ORV SODQHV GH OD FRPSDxtD HVWDEOHFLHQGR PHMRUHV \ PiV UHDOLVWDV PHWDV \
REMHWLYRV
*DQDQFLDVGHULYDGDVGHOD3URGXFWLYLGDG
6LJQLILFDGRGHORVtQGLFHVGHOD309$
(Q HO OLEUR ´9DOXH $GGHG 3URGXFWLYLW\ 0HDVXUHPHQW DQG 3UDFWLFDO $SSURDFK WR 0DQDJHPHQW
,PSURYHPHQWµHVFULWRSRU6KLPL]X:DLQDL\1DJDLVHSUHVHQWDXQOLVWDGRGHYHLQWLRFKR
UD]RQHV 6LQ HPEDUJR HQ HVWD PRQRJUDItD TXH HV XQD LQWURGXFFLyQ D OD 039$ VyOR VH
FRQVLGHUDQ RQFH UD]RQHV TXH IXHURQ VHOHFFLRQDGRV SRU 0 6KLPL]X FRPR ODV PiV
LPSRUWDQWHVHQWUHODV\VHUiQPX\~WLOHVFRPRSXQWRGHSDUWLGDSDUDODLPSOHPHQWDFLyQ
GHOD039$
/DWDEODSUHVHQWDODVUD]RQHVVXIyUPXOD\VXVLJQLILFDGR/RVGDWRVUHTXHULGRVSDUDHO
FiOFXOR GH HVWDV UD]RQHV VH REWLHQHQ GH ORV HVWDGRV ILQDQFLHURV \ GHO 9DORU $JUHJDGR
FDOFXODGR
5HODFLyQHQWUHORV,QGLFHVGH5HQWDELOLGDG\GH3URGXFWLYLGDG
/DV UD]RQHV GH 039$ VRQ XQD FRPELQDFLyQ GH ODV UD]RQHV GH UHQWDELOLGDG \ GH OD
SURGXFWLYLGDG(QFXDQWRDFyPRHVWDVUD]RQHVVHUHODFLRQDQHQWUHHOODVHVYDOLRVRPLUDUD
HVWDVUD]RQHVGHVGHGRVDVSHFWRV²HOODERUDO\HOJHUHQFLDO
(Q HO HVTXHPD VH LOXVWUD OD LQWHUUHODFLyQ GH ODV UD]RQHV GH OD UHQWDELOLGDG \ GH OD
SURGXFWLYLGDG/RVHOHPHQWRVDODL]TXLHUGDVHUHODFLRQDQPiVFRQODSDUWHODERUDOPLHQWUDV
TXH ORV GH OD GHUHFKD VH UHODFLRQDQ PiV FRQ OD SDUWH JHUHQFLDO (O REMHWLYR GH OD SDUWH
ODERUDOHVHOGHLQFUHPHQWDUHOtQGLFHGHOQLYHOGHVDODULRVPLHQWUDVTXHODSDUWHJHUHQFLDO
EXVFDPHMRUDUHOtQGLFHGHFDSLWDOWRWDOXWLOL]DGRV

,QLFLDQGR SRU HO ODGR ODERUDO VH WLHQH TXH VL HO WUDEDMR GHVHD LQFUHPHQWDU HO QLYHO GH
VDODULRV HOOR VH SXHGH DOFDQ]DU PHGLDQWH HO LQFUHPHQWR GH OD SURGXFWLYLGDG ODERUDO /D
SDUWLFLSDFLyQ GHO WUDEDMR WLHQGH D SHUPDQHFHU FRQVWDQWH HQ HO ODUJR SOD]R (VWR VLJQLILFD
TXHGHEHUtDHOHYDUVHODVFDSDFLGDGHVGHORVHPSOHDGRV
/D SURGXFWLYLGDG ODERUDO SXHGH LQFUHPHQWDUVH PHGLDQWH OD DSOLFDFLyQ GH WpFQLFDV GH
DGPLQLVWUDFLyQ TXH LQFUHPHQWHQ OD SURGXFWLYLGDG GHO FDSLWDO D WUDYpV GH , ' \ RWUDV
LQYHUVLRQHVGHFDSLWDO
/DSURGXFWLYLGDGGHOFDSLWDOSRURWUDSDUWHSXHGHPHMRUDUVHPHGLDQWHHOLQFUHPHQWRGHOD
UD]yQGHO9DORU$JUHJDGR\ODUD]yQGHXWLOL]DFLyQGHOFDSLWDOHQRWUDVSDODEUDVPHGLDQWHHO
PHMRUDPLHQWRGHODUD]yQGHUHQGLPLHQWRGHORVPDWHULDOHV
)LQDOPHQWH VL OD UD]yQ GHO 9DORU $JUHJDGR OD XWLOL]DFLyQ GH FDSLWDO \ OD GLVWULEXFLyQ GHO
FDSLWDOVHPHMRUDHOUHVXOWDGRVHUiHOLQFUHPHQWRGHODUD]yQGHFDSLWDOWRWDO\XWLOLGDGHV
TXHHVODUHQWDELOLGDG
3RUORWDQWRPHGLDQWHHOLQFUHPHQWRGHODSURGXFWLYLGDGODERUDO\GHOFDSLWDOODJHUHQFLD\
HOSHUVRQDOGHEHQWUDEDMDUFRQMXQWDPHQWHSDUDORJUDUVXVUHVSHFWLYDVPHWDV
7DEOD,QGLFHVGHODSURGXFWLYLGDGGHO9DORU$JUHJDGR
,1',&( )Ð508/$ 6,*1,),&$'2

5D]yQGHOFDSLWDOWRWDO 8WLOLGDGDQWHVGHLPSXHVWR 0XHVWUDODFDQWLGDGGH
\XWLOLGDGHV XWLOLGDGFUHDGDDWUDYpVGHOD
&DSLWDOWRWDORSHUDWLYR
XWLOL]DFLyQGHOFDSLWDOWRWDO
5D]yQGHODXWLOLGDG 8WLOLGDGDQWHVGHOLPSXHVWR 0XHVWUDTXpWDQWRGHOD
DQWHVGHOLPSXHVWR\ XWLOLGDGHVJHQHUDGDSRU
ODVYHQWDV ,QJUHVRVRSHUDFLRQDOHV XQLGDGGHYHQWDVRLQJUHVRV
5HODFLyQGHO9DORU 0XHVWUDTXpWDQWRGHOYDORU
$JUHJDGR\ODVYHQWDV 9DORU$JUHJDGR DJUHJDGRHVJHQHUDGRSRU
5D]yQGHOYDORU ,QJUHVRVRSHUDFLRQDOHV XQLGDGGHYHQWDVHLQJUHVRV
DJUHJDGR
5HODFLyQGHODXWLOLGDG 0XHVWUDDOYDORUDJUHJDGR
DQWHVGHLPSXHVWR\HO DWULEXLGRDOFDSLWDO
YDORUDJUHJDGRUD]yQ 8WLOLGDGDQWHVGHLPSXHVWR UHSUHVHQWDGRSRUODXWLOLGDG
GHODSDUWLFLSDFLyQGHO DQWHVGHLPSXHVWR(VWDHV
FDSLWDO 9DORU$JUHJDGR ODSDUWLFLSDFLyQDVLJQDGDDO
FDSLWDOUHVXOWDQWHGHOD
DFWLYLGDGGHOQHJRFLR

,1',&( )Ð508/$ 6,*1,),&$'2
5HODFLyQGHODURWDFLyQ 0XHVWUDODDFWLYLGDGGHO
GHOFDSLWDOWRWDO\ODV ,QJUHVRVRSHUDFLRQDOHVWRWDOHV FDSLWDORSHUDFLRQDOPXHVWUD
YHQWDVUD]yQGHOD ODYHORFLGDGGHOD
URWDFLyQGHOFDSLWDO &DSLWDO2SHUDLRQDO UHFXSHUDFLyQGHOFDSLWDO
RSHUDWLYR
9HQWDVSRUHPSOHDGRV ,QJUHVRVRSHUDFLRQDOHVWRWDOHV 0XHVWUDTXpWDQWRGHODV
YHQWDVRLQJUHVRVVHJHQHUDQ
1RGH(PSOHDGRV SRUFDGDHPSOHDGR
8WLOLGDGQHWDDQWHVGH 8WLOLGDGDQWHVGHLPSXHVWR 0XHVWUDTXpWDQWRGHOD
LPSXHVWRSRU XWLOLGDGHVJHQHUDGDSRU
HPSOHDGR 1RGH(PSOHDGRV FDGDHPSOHDGR
3URGXFWLYLGDGGHOYDORU 0XHVWUDTXpWDQWRGHOYDORU
DJUHJDGRGHOVDODULR 9DORU$JUHJDGR DJUHJDGRHVFUHDGRSRU
SURGXFWLYLGDGODERUDO &RVWRGHO3HUVRQDO XQLGDGGHOFRVWRGHO
SHUVRQDO
3URGXFWLYLGDGGHO9DORU 9DORU$JUHJDGR 0XHVWUDTXpWDQWRGHOYDORU
$JUHJDGR DJUHJDGRHVFUHDGRSRU
SURGXFWLYLGDGODERUDO 1RGH(PSOHDGRV HPSOHDGR
6DODULRSRUHPSOHDGR &RVWRGHO3HUVRQDO 0XHVWUDHOVDODULRRFRVWR
ODERUDOSRUHPSOHDGR
1RGH(PSOHDGRV
5D]yQGHOD 0XHVWUDTXpWDQWRGHO
'LVWULEXFLyQVLPSOHGH &RVWRGHO3HUVRQDO YDORUDJUHJDGRHV
ODPDQRGHREUD 9DORU$JUHJDGR DWULEXLEOHDOFRVWRGHO
SDUWLFLSDFLyQODERUDO SHUVRQDO

(VTXHPD
5HODFLyQHQWUH3URGXFWLYLGDG\5HQWDELOLGDG
Ì1',&('(/9$/25
$*5(*$'2
352'8&7,9,'$'
&$3,7$/
9DORU$JUHJDGR
352'8&7,9,'$' 9DORUSURGXFFLyQR
/$%25$/ YHQWDV
9DORU$JUHJDGR
1,9(/ &DSLWDOWRWDO [
6$/$5,$/ Ì1',&('(
9DORU$JUHJDGR 87,/,=$&,Ð1'(/
1RGH(PSOHDGRV &$3,7$/
&RVWRGHO3HUVRQDO
[ [ 9DORUSURGXFFLyQR
1RGHHPSOHDGRV ,17(16,'$''(/ YHQWDV 5(17$%,/,'$'
3$57,&,3$&,21 &$3,7$/
&DSLWDO7RWDO
/$%25$/ 8WLOLGDG
[
&DSLWDOWRWDO &DSLWDO7RWDO
&RVWRGHO3HUVRQDO 1RGH(PSOHDGRV
9DORU$JUHJDGR
3$57,&,3$&,21
'(/&$3,7$/
8WLOLGDG
9DORU$JUHJDGR

$QiOLVLVGHODV5D]RQHVGHOD039$
/D PHGLFLyQSRUVtVRODQRWLHQHVLJQLILFDGRDOJXQR(VVyOR XQD KHUUDPLHQWD \ QR XQ ILQ
/RVUHVXOWDGRVGHODPHGLFLyQGHEHQVHUDQDOL]DGRVFRQUHVSHFWRDKDOOD]JRVVLJQLILFDWLYRV
DGHPiVGHODVIRUWDOH]DV\GHELOLGDGHV([LVWHQPXFKDVPDQHUDVGHHYDOXDUHOGHVHPSHxR
GH XQD RUJDQL]DFLyQ FRQ EDVH HQ ODV UD]RQHV GH OD 039$ /RV PpWRGRV DQDOtWLFRV TXH
SXHGHQXWLOL]DUVHHQWUHRWURVVRQORVVLJXLHQWHV
$QiOLVLVKLVWyULFRXKRUL]RQWDOWHQGHQFLDVRDQiOLVLVGHVHULHVGHWLHPSRV
$QiOLVLVYHUWLFDO
$QiOLVLVGHUHJUHVLyQ
%HQFKPDUNLQJFRQODUD]yQGHODSURGXFWLYLGDGGHO9DORU$JUHJDGRSRUVDODULRV
$QiOLVLVGHOSXQWRGHHTXLOLEULR
$QiOLVLVGH7HQGHQFLD
/DVUD]RQHVGHO039$GHEHQFDOFXODUVHSDUDXQGHWHUPLQDGRWLHPSRSUHIHULEOHPHQWHSDUD
ORV ~OWLPRV R PiV DxRV FRQ HO ILQ GH HVWDEOHFHU XQD WHQGHQFLD 'HSHQGLHQGR WDQWR GHO
IDFWRU LQWHUQR DO LQWHULRU GH OD HPSUHVD FRPR GH IDFWRUHV H[WHUQRV TXH DIHFWDQ D OD
RUJDQL]DFLyQ /DV UD]RQHV PRVWUDUiQ JHQHUDOPHQWH XQD WHQGHQFLD OD FXDO SXHGH VHU
FUHFLHQWHGHFUHFLHQWHRFRQVWDQWH
/RV IDFWRUHV H[WHUQRV TXH SXHGHQ DIHFWDU HO GHVHPSHxR GH XQD RUJDQL]DFLyQ VRQ SRU
HMHPSOR HO DO]D GH SUHFLR GHO SHWUyOHR OD WDVD GH FDPELR UDFLRQDPLHQWR HOpFWULFR HWF
0LHQWUDV TXH ORV HIHFWRV GH ORV IDFWRUHV LQWHUQRV HVWiQ UHODFLRQDGRV FRQ OD IRUPD GH
RSHUDUGHODRUJDQL]DFLyQTXpWDQHILFLHQWHPHQWHVHHVWiQXWLOL]DQGRORVUHFXUVRVTXpWDQ
HIHFWLYRVVRQORVVLVWHPDVTXHVHHVWiQXWLOL]DQGRTXpWDQSURGXFWLYRVVRQORVHPSOHDGRV
HWF3DUDHVWHWLSRGHGLDJQyVWLFRSXHGHVHUGHJUDQD\XGDXWLOL]DUHODQiOLVLVYHUWLFDO
$QiOLVLV9HUWLFDO
(ODQiOLVLVYHUWLFDOGHODVUD]RQHVGHOD039$HPSLH]DFRQODUD]yQGHUHQWDELOLGDG OD
UD]yQ GHO FDSLWDO WRWDO \ ODV XWLOLGDGHV YHU WDEOD \ (VTXHPD 3DUD FRPSUHQGHU OD
WHQGHQFLDGHHVWDUD]yQHVLPSRUWDQWHDQDOL]DUVXVFRPSRQHQWHVFRPRVRQODUD]yQGHOD
XWLOLGDG \ ODV YHQWDV \ OD UD]yQ GH OD URWDFLyQ GHO FDSLWDO WRWDO \ ODV YHQWDV 6L HVWDV GRV
UD]RQHV SUHVHQWDQ WHQGHQFLDV GHFUHFLHQWHV DVt PLVPR VH HVSHUDUi XQD WHQGHQFLD
GHFUHFLHQWHGH OD UD]yQ GHO FDSLWDO WRWDO \ ODV XWLOLGDGHV 6L VROR XQR GH ORV FRPSRQHQWHV
PXHVWUD XQD WHQGHQFLD QHJDWLYD HQWRQFHV OD WHQGHQFLD GH OD UD]yQ GHO FDSLWDO WRWDO \
XWLOLGDGHVTXHSXHGHVHUFUHFLHQWHRGHFUHFLHQWHGHSHQGHGHTXHWDQJUDQGHHVHOHIHFWR
GHHVWHFRPSRQHQWHFRPSDUDGRFRQHORWUR

(VTXHPD
8WLOLGDG
$OTXLOHU 5D]yQ
&RVWRV
GH OD
'HSUHFLDFLyQ XWLOLGDG
&RVWR GH
PDQWHQLPLHQWR
&RVWR DGPLQLVWUDWLYR
,PSXHVWRV
8WLOLGDG
SRU
3URGXFWR $ YHQWDV
9$ SRU
3URGXFWR % OtQHD GH
SURGXFW
3URGXFWR &
5D]yQ
GHO
0DWHULDOHV 9$
(QHUJtD
&RVWR
6XEFRQWUDWDFLyQ 9DULDEOH
5D]yQ GHO
&DSLWDO
2WUDV &RPSUDV
7RWDO \ ODV
XWLOLGDGHV
5HQGLPLHQW
R &XHQWDV
[ FREUDU
7LSR GH
5RWDFLyQ 03
0DWHULDO
5RWDFLy
5RWDFLyQ 33 Q GH ORV
,QYHQWDU
5D]yQ
5RWDFLyQ 37
GH OD
URWDFLyQ
GHO
FDSLWDO
7LSR GH
0DT \ (TXLSR WRWDO \
0DTXLQDUL 5RWDFLy ODV
Q GH ORV YHQWDV
7HUUHQRV DFWLYRV
ILMRV
(TXLSRVGH
WUDQVSRUWH
03 PDWHULDV SULPDV 33 SURGXFWR HQ SURFHVR 37 SURGXFWR WHUPLQDGR

3DUDSURIXQGL]DUHQHODQiOLVLVVHGHEHGLULJLUODDWHQFLyQDFDGDXQRGHORVFRPSRQHQWHV
GHODVUD]RQHVFRPHQ]DQGRFRQODUD]yQGHODVXWLOLGDGHV\ODVYHQWDV/DWHQGHQFLDGHHVWD
UD]yQ VH YH PX\ DIHFWDGD SRU HO FRPSRUWDPLHQWR GH VXV FRPSRQHQWHV ORV FXDOHV VRQ OD
UD]yQGHODXWLOLGDGFRQHOYDORUDJUHJDGR\ODUD]yQGHOYDORUDJUHJDGR\ODVYHQWDV
8QD WHQGHQFLD GHVIDYRUDEOH GH OD UD]yQ GH XWLOLGDG \ HO YDORU DJUHJDGR UHTXHULUi XQD
HYDOXDFLyQ GH FyPR VH HVWi GLVWULEX\HQGR HO 9DORU $JUHJDGR QR VRODPHQWH OR TXH
FRUUHVSRQGHDODXWLOLGDGVLQRWDPELpQHOFRVWRGHOSHUVRQDO\ORVFRVWRVGHDGPLQLVWUDFLyQ
FRPRORVRQORVFRVWRVGHDOTXLOHUGHSUHFLDFLyQFRVWRILQDQFLHUR\ORVLPSXHVWRV(QHVWH
FDVR VH QHFHVLWDUi XQD UHYLVLyQ GH ORV FRVWRV ILMRV GH OD RUJDQL]DFLyQ 3DUHFHUtD SRU HVWH
FRPSRUWDPLHQWR TXH OD RUJDQL]DFLyQ QR HVWi JHQHUDQGR VXILFLHQWH 9DORU $JUHJDGR SDUD
FXEULUHVWRVFRVWRVILMRV\ODVXWLOLGDGHVVHHVWiQVDFULILFDQGRHQHVWHSURFHVR
3RU RWUD SDUWH VL OD WHQGHQFLD GHO tQGLFH GHO 9DORU $JUHJDGR HV GHFUHFLHQWH VH GHEH
UHDOL]DU XQD YDORUDFLyQ GH FyPR VH HVWi JHQHUDQGR HO 9DORU $JUHJDGR GHQWUR GH OD
RUJDQL]DFLyQ3XHGHVHUQHFHVDULRWHQHUTXHHYDOXDUODVOtQHDVGHSURGXFWRVGHODHPSUHVD
PHGLDQWH XQ HVWXGLR TXH GHWHUPLQH TXp WDQWR GHO 9DORU $JUHJDGR HV JHQHUDGR SRU FDGD
SURGXFWR SDUD TXH OD HPSUHVD SXHGD GDU SULRULGDG D ORV SURGXFWRV FRQ XQ PD\RU 9DORU
$JUHJDGR$GHPiVSXHGHVHUSURYHFKRVRH[DPLQDUTXpFRPSRQHHOFRVWRYDULDEOHFRQHO
ILQ GH UHGXFLU R HOLPLQDU FRVWRV LQQHFHVDULRV D WUDYpV GH OD XWLOL]DFLyQ HILFLHQWH GH ORV
PDWHULDOHVHQHUJtD\RWURVUHFXUVRV
9ROYLHQGRDORWURFRPSRQHQWHGHODUD]yQGHOFDSLWDOWRWDO\ODXWLOLGDGHVGHFLUODUD]yQGH
ODURWDFLyQGHOFDSLWDOWRWDO\ODVYHQWDV6LPXHVWUDXQDWHQGHQFLDQHJDWLYDVHQHFHVLWDUiXQD
UHYLVLyQGHORVSULQFLSDOHVFRPSRQHQWHVGHHVWDUD]yQTXHVRQODURWDFLyQGHODVFXHQWDV
SRUFREUDUODURWDFLyQGHOLQYHQWDULR\ODURWDFLyQGHORVDFWLYRVILMRV
6LODWHQGHQFLDGHODURWDFLyQGHODVFXHQWDVSRUFREUDUHVGHVIDYRUDEOHHVXQWHPDTXHVH
OHGHEHGHMDUDORVFRQWDGRUHVSDUDTXHODPHMRUHQ
3RU RWUD SDUWH OD URWDFLyQ GHO LQYHQWDULR VL HV XQD ILUPD PDQXIDFWXUHUD UHTXHULUi PiV
DQiOLVLV GH ODV WHQGHQFLDV GH VXV FRPSRQHQWHV ORV FXDOHV VRQ OD URWDFLyQ GH OD PDWHULD
SULPDODURWDFLyQGHOSURGXFWRHQSURFHVR\ODURWDFLyQGHOSURGXFWRWHUPLQDGR3DUDOD
URWDFLyQGHODPDWHULDSULPDHVPX\~WLOUHDOL]DUXQDQiOLVLVSDUDFDGDWLSRGHPDWHULDO
3DUDHODQiOLVLVGHODURWDFLyQGHORVDFWLYRVILMRVSUREDEOHPHQWHVHUHTXHULUiLQYHVWLJDU OD
WHQGHQFLD GH OD URWDFLyQ GH DFWLYRV ILMRV HVSHFtILFRV WDOHV FRPR PDTXLQDULD \ HTXLSR
WHUUHQRV HTXLSRVGH WUDQVSRUWH HWF7DPELpQ D\XGDUtD VL ORV PDWHULDOHV \ ORV HTXLSRVVH
FODVLILFDUDQVHJ~QVXVFDUDFWHUtVWLFDV
$QiOLVLVGH5HJUHVLyQ
(ODQiOLVLVGHUHJUHVLyQHVSDUWLFXODUPHQWH~WLOSDUDGHWHUPLQDUODFRUUHODFLyQHQWUHHO9DORU
$JUHJDGR \ HO FRVWR GHO SHUVRQDO 6LQ HPEDUJR QR VH WUDWDUi FRQ OD PHFiQLFD GH FyPR
KDOODU OD HFXDFLyQ GH UHJUHVLyQ QL ORV FRHILFLHQWHV GH UHJUHVLyQ &RQ OD D\XGD GH XQD

FDOFXODGRUD FLHQWtILFD \ FRQ GDWRV KLVWyULFRV HQWUH D DxRV GHO YDORU DJUHJDGR \ GHO
FRVWRGHSHUVRQDOVHSXHGHFRPSXWDUHOYDORUGHODVFRQVWDQWHV´Dµ\Éµ\HOFRHILFLHQWH
ÚµGHODHFXDFLyQGHODUHJUHVLyQFRPRVHPXHVWUDDFRQWLQXDFLyQ
\ DE[
GRQGH [ YDORUDJUHJDGR
\ FRVWRGHOSHUVRQDO
DE FRQVWDQWHV
+DEUiXQDDOWDFRUUHODFLyQFXDQGRHOFRHILFLHQWHGHFRUUHODFLyQHVPD\RURLJXDODO
(VWR VLJQLILFD TXH SRU FDGD LQFUHPHQWR HQ HO YDORU DJUHJDGR VH SUHVHQWD XQ FUHFLPLHQWR
FRUUHVSRQGLHQWH HQ HO FRVWR GHO SHUVRQDO 3RU OR WDQWR HQ WpUPLQRV GH SODQHDFLyQ
DGPLQLVWUDWLYDLQFUHPHQWRVHQHOYDORUDJUHJDGRSXHGHMXVWLILFDUXQLQFUHPHQWRHQHOFRVWR
GHOSHUVRQDO
6LQHPEDUJRVLHOFRHILFLHQWHGHFRUUHODFLyQHVPHQRUDOEDMDFRUUHODFLyQHQWUHYDORU
DJUHJDGR\HOFRVWRGHOSHUVRQDOHODQWHULRUFiOFXORGHOYDORUDJUHJDGRQRHVYiOLGR3RUOR
WDQWRHVLPSHUDWLYRXQDUHYLVLyQ\UHFDOFXODUHO9DORU$JUHJDGR
%HQFKPDUNLQJGHODUD]yQSURGXFWLYLGDGGHO9DORU$JUHJDGRSRUVDODULRV
([WHQGLHQGR HO DQiOLVLV GH UHJUHVLyQ VH SXHGH UHDOL]DU XQ EHQFKPDUNLQJ GH OD UD]yQ
SURGXFWLYLGDGGHO9DORU$JUHJDGRSRUVDODULRVXWLOL]DQGRODHFXDFLyQGHUHJUHVLyQ3XHVWR
TXHODSURGXFWLYLGDGGHO9DORU$JUHJDGRSRUVDODULRVVHREWLHQHDSDUWLUGHODGLYLVLyQGHO
9DORU$JUHJDGRHQWUHHOFRVWRGHOSHUVRQDOFRPRVHPXHVWUDDFRQWLQXDFLyQ
9DORU$JUHJDGR
3URGXFWLYLGDGGHO9DORU $JUHJDGRSRUVDODULR =
&RVWRGHO3HUVRQDO
3RU OR WDQWR OD HFXDFLyQ GH OD UHJUHVLyQ \ D E[ TXHGD [\ E FRPR VH
PXHVWUDHQVHJXLGD
\ DE[
\²D E[
HOLPLQDQGR´Dµ\DTXHHVXQDFRQVWDQWHQRVTXHGD
\ E[
SRUORWDQWR
[
=
\ E
[
GRQGH HVODSURGXFWLYLGDGGHOYDORUDJUHJDGRSRUVDODULRV
\
(QWRQFHV OD FLIUD UHVXOWDQWH VH FRQYLHUWH HQ XQ UHIHUHQWH SDUD OD SURGXFWLYLGDG GHO 9DORU
$JUHJDGRFRQWUDODFXDOVHFRPSDUDQORVYDORUHVDFWXDOHVGHODUD]yQ/RLGHDOVHUtDTXHORV

YDORUHVGHODUD]yQSURGXFWLYLGDGGHO9DORU$JUHJDGRSRUVDODULRVHQHOSHULRGRGHHVWXGLR
UHVXOWDUDQ VXSHULRUHV R LJXDOHV DO UHIHUHQWH 6LQ HPEDUJR VL HVWH UHVXOWDGR QR VH SXHGH
ORJUDUSRUORPHQRVODUD]yQGHEHPRVWUDUXQDWHQGHQFLDFUHFLHQWH
$QiOLVLVGHO3XQWRGH(TXLOLEULR3(
$OGHVDUUROODUHODQiOLVLVYHUWLFDOVHUHVDOWyODQHFHVLGDGGHSURIXQGL]DUHQORTXHFRQVWLWX\H
FRVWRV ILMRV\FRVWRVYDULDEOHV\FyPRVHUHODFLRQDQFRQODVYHQWDV(QFRQVHFXHQFLDTXH
GHEHUHDOL]DUVHXQDQiOLVLVGHOSXQWRGHHTXLOLEULR
([LVWHQ GRV PpWRGRV SDUD GHWHUPLQDU ORV FRVWRV ILMRV \ ORV FRVWRV YDULDEOHV (O SULPHUR
UHTXLHUHGHXQDPLQXFLRVDFODVLILFDFLyQGHFDGDJDVWRHQHOHVWDGRGHSpUGLGDV\JDQDQFLDV
SDUDVDEHUTXpFRQVLGHUDODHPSUHVDFRPRFRVWRILMRRFRPRFRVWRYDULDEOH
(O VHJXQGR HV XQ PpWRGR PiV DEUHYLDGR 5HJUHVDQGR DO FiOFXOR GHO 9DORU $JUHJDGR
XWLOL]DQGRORVPpWRGRVGHDGLFLyQ\GHUHVWDVHFRQVLGHUDURQFRPRFRVWRVILMRVWRGRVORV
tWHPVGHJDVWRVH[FOX\HQGRODXWLOLGDGDQWHVGHLPSXHVWRFXDQGRVHXWLOL]yHOPpWRGRGH
DGLFLyQ7RGDVODVFRPSUDVDWHUFHURVPDWHULDOHVHQHUJtDVHUYLFLRVHWFTXHVHWXYLHURQ
HQFXHQWDDOXWLOL]DUHOPpWRGRGHODUHVWDVHFRQVLGHUDQFRPRFRVWRVYDULDEOHV
(QWDQWRQRH[LVWDPXFKDGLVFUHSDQFLDHQWUHORVGRVPpWRGRVHOVHJXQGRPpWRGRSXHGH
XWLOL]DUVH SDUD HO FiOFXOR GHO SXQWR GH HTXLOLEULR 6LQ HPEDUJR SDUD PD\RU H[DFWLWXG VH
FRQVLGHUDPHMRUXWLOL]DUHOSULPHUPpWRGR
8QDYH]HVWRVFRVWRVKDQVLGRGHWHUPLQDGRVHOSXQWRGHHTXLOLEULRSXHGHFDOFXODUVHGHOD
VLJXLHQWHPDQHUD
9HQWDV &RVWR7RWDO
9HQWDV &RVWRV)LMRV&RVWR9DULDEOH
9HQWDV²&RVWR9DULDEOH &RVWR)LMR
 &RVWR9DULDEOH 
9HQWDV  = &RVWR)LMR
 9HQWDV 
&RVWR)LMR
3( = VLFRVWRYDULDEOH
 &RVWR9DULDEOH 
 
 9HQWDV 
/DSRVLFLyQGHOSXQWRGHHTXLOLEULRHQWpUPLQRVGHODVYHQWDVVHREWLHQHDSDUWLUGH
3(
3RVLFLyQGHO3( =
9HQWDV

0LHQWUDVTXHHOPDUJHQGHVHJXULGDGVHREWLHQHDSDUWLUGH
0DUJHQGH6HJXULGDG ²3RVLFLyQGHO3(
3RUORWDQWRDOHYDOXDUHOGHVHPSHxRGHXQDRUJDQL]DFLyQXWLOL]DQGRHODQiOLVLVGHOSXQWRGH
HTXLOLEULRXQDDOWDSRVLFLyQGHO3(FRQVHFXHQWHPHQWHXQSHTXHxRPDUJHQGHVHJXULGDG
SRVHHXQULHVJRHQVXQHJRFLR\DTXHUHTXHULUiGHXQPD\RUYROXPHQGHYHQWDVSDUDOOHJDU
DOHTXLOLEULR
/RLGHDOVHUtDGLVPLQXLUODSRVLFLyQGHO3(KDVWDWHQHUORDOUHGHGRUGHXQDXQ(O
DXWRU 0 6KLPL]X \ ORV FRDXWRUHV GH HVWH OLEUR UHDOL]DURQ XQD OLVWD GH PDQHUDV SDUD
GLVPLQXLUHO3(ORVFXDOHVVHPXHVWUDQDFRQWLQXDFLyQ
'LVPLQXLUORVFRVWRVYDULDEOHVFRVWRSRUXQLGDG
'LVPLQXLUORVFRVWRVILMRV
,QFUHPHQWDUHOYROXPHQGHYHQWDV
,QFUHPHQWDUHOSUHFLRGHYHQWD
&RQYHUWLUDOJXQRVFRVWRVILMRVHQFRVWRVYDULDEOHV

8WLOL]DFLyQ GH ORV 5HVXOWDGRV GH OD 039$ SDUD HO
0HMRUDPLHQWRGHOD3URGXFWLYLGDG
1R HV VXILFLHQWHFRQVyOR VHUFDSDFHVGHFDOFXODUODVUD]RQHV\ GHWHUPLQDU WHQGHQFLDV QL
WDPSRFRFRQHODQiOLVLVGHOFRPSRUWDPLHQWR\WHQGHQFLDVGHHVWDVUD]RQHVSDUDORJUDUXQ
HQWHQGLPLHQWR VLJQLILFDWLYR /D RUJDQL]DFLyQ QR SRGUi GHVSHJDU HQ VX FDPLQR GH
FUHFLPLHQWRGHODSURGXFWLYLGDG\GHVDUUROORDPHQRVTXHORVUHVXOWDGRVGHHVWRVFiOFXORV
\DQiOLVLVVHDQXWLOL]DGRVSDUDHOPHMRUDPLHQWRGHODSURGXFWLYLGDG
7HQLHQGRORVUHVXOWDGRVGHOD039$FRPREDVHODJHUHQFLDSXHGHSODQHDUSDUDORJUDUXQ
FRQWLQXRPHMRUDPLHQWRHQODSURGXFWLYLGDG\VXVWHQWDUDVtHOFUHFLPLHQWR\HOGHVDUUROORGH
ODRUJDQL]DFLyQ
(QHOFRUWRSOD]RORVUHVXOWDGRVGHOD039$VHSXHGHXWLOL]DULQPHGLDWDPHQWHSDUD
'HWHUPLQDUHOQ~PHURySWLPRGHHPSOHDGRV
)RUPXODFLyQGHXQSODQDGPLQLVWUDWLYRGHO9DORU$JUHJDGR
/OHYDU D FDER XQ GLDJQyVWLFR PiV GHWDOODGR XWLOL]DQGR HO HQIRTXH GHO PDUJHQ GH
XWLOLGDGSRUOtQHDGHSURGXFWRXQLGDGGHSURGXFFLyQ
1~PHURÐSWLPRGH(PSOHDGRV
3DUD GHWHUPLQDU OD FDQWLGDG ySWLPD GH HPSOHDGRV TXH XQD RUJDQL]DFLyQ GHEH PDQWHQHU
HVWDHGHEHUHODFLRQDUFRQHOREMHWLYRGH9DORU$JUHJDGRTXHWHQJDODRUJDQL]DFLyQ
8QLQFUHPHQWRHQHOQ~PHURGHHPSOHDGRVGHEHHVWDUMXVWLILFDGRFRQXQLQFUHPHQWRHQHO
9DORU$JUHJDGR
(O(VTXHPDPXHVWUDFyPRVHREWLHQHODHFXDFLyQSDUDGHWHUPLQDUHOQ~PHURySWLPRGH
HPSOHDGRVDSDUWLUGHODHFXDFLyQH[SDQGLGDGHSURGXFWLYLGDGGHOYDORUDJUHJDGRVDODULDO
(VTXHPD
3URGXFWLYLGDG GHO YDORU 9HQWDV SRU ×
HPSOHDGR UD]yQ GHO YDORU DJUHJDGR \ ODV YHQWDV
  =
 DJUHJDGRVDODULDO  1LYHO VDODULDO
9DORU DJUHJDGR 9HQWDV × UD]yQGHO YDORU DJUHJDGR\ ODV YHQWDV

=
&RVWRSHUVRQDO 9HQWDV × UD]yQ FRVWR GHO SHUVRQDO
FRVWRGHO SHUVRQDO
YHQWDV × UD]yQGHO YDORU DJUHJDGR SRU YHQWDV ×
YDORU DJUHJDGR
1R GH HPSOHDGRV =
QLYHO VDODULDO
× 3 × /U
6
1R ySWLPRGH HPSOHDGRV = Q
: × X

GRQGH 6 9HQWDVSODQHDGDVGHVSXpVGHQDxRV
3 5D]yQGHO9DORU$JUHJDGRSODQHDGRGHVSXpVGHQDxRV
/U 3DUWLFLSDFLyQODERUDOSODQHDGDGHVSXpVGHQDxRV
: &RVWRDFWXDOGHOSHUVRQDOSRUHPSOHDGR
X 7DVDSODQHDGDGHOFUHFLPLHQWRDQXDOGHOVDODULR
Q 1~PHURGHDxRVFRQWHPSODGRV
3DUDGHWHUPLQDUHOQ~PHURySWLPRGHHPSOHDGRVSDUDXQGHWHUPLQDGRDxRSODQHDGRVH
FRPLHQ]DFRQODILMDFLyQGHREMHWLYRVFRQEDVHHQHODxRDFWXDOSDUD
9HQWDVSODQHDGDV
5D]yQSODQHDGDGHOYDORUDJUHJDGR
,QFUHPHQWRSODQHDGRVDODULDODQXDO
/DV YHQWDV SODQHDGDV R HO REMHWLYR GH YHQWDV VH GHWHUPLQD DSOLFDQGR XQD WDVD GH
FUHFLPLHQWR D ODV YHQWDV DFWXDOHV (VWH LQFUHPHQWR SUR\HFWDGR SXHGH EDVDUVH HQ ORV
UHJLVWURVKLVWyULFRVGHOFRPSRUWDPLHQWRGHODVYHQWDV'HHVWRVGDWRVVHSXHGHFDOFXODUOD
WDVD SURPHGLR GH FUHFLPLHQWR DQXDO \ HVWH YDORU VH DSOLFD D ODV YHQWDV DFWXDOHV SDUD
REWHQHUODVYHQWDVSODQHDGDVSDUDHOVLJXLHQWHDxR
/D UD]yQ SODQHDGD GHO 9DORU $JUHJDGR JHQHUDOPHQWH OD GHWHUPLQD OD JHUHQFLD /D PHWD
SXHGHVHUHOPLVPRYDORUGHODxRHQFXUVRRXQLQFUHPHQWRFX\DPDJQLWXGGHSHQGHGHO
QLYHOGHFRQILDQ]D\RSWLPLVPRGHODJHUHQFLD
(O LQFUHPHQWR SODQHDGR GH OD UD]yQ VDODULDO VH GHULYD GHO LQFUHPHQWR SURPHGLR DQXDO GHO
FRVWRGHOSHUVRQDOSDUDHOSHULRGRGHOHVWXGLR
&RQ EDVH HQ ODV PHWDV DQWHULRUHV \ HQ ORV GDWRV GHO SUHVHQWH DxR VH SXHGH FDOFXODU OD
SDUWLFLSDFLyQODERUDOSODQHDGD\HOFRVWRDFWXDOGHSHUVRQDOSRUHPSOHDGR
/DSDUWLFLSDFLyQODERUDOSODQHDGDVHGHWHUPLQDFRPRVLJXH
 3DUWLFLSDF LyQ ODERUD  *DVWR GHO 3HUVRQDO 3ODQHDGR
  =
 SODQHDGD  9DORU $JUHJDGR 3ODQHDGR
 3DUWLFLSDF LyQ ODERUD   JDVWR DFWXDO

  = 

 ×
(1 + 7DVD GH LQFUHPHQWR VDODULDO SODQHDGR )
 SODQHDGR   GHO SHUVRQD  (YHQWDV SODQHDGDV )× (UD]yQ SODQHDGD GHO 9$ )
(O UHVXOWDGRGHODSDUWLFLSDFLyQ ODERUDO SODQHDGD SXHGHVHU PD\RU R PHQRU TXH OD UD]yQ
DFWXDO /D RUJDQL]DFLyQ SXHGH RSWDU SRU PDQWHQHU OD UD]yQ DFWXDO R XWLOL]DU HO YDORU
FDOFXODGR
(OFRVWRDFWXDOGHOSHUVRQDOSRUHPSOHDGRVHFDOFXODGHODVLJXLHQWHPDQHUD
&RVWR $FWXDO GHO 3HUVRQDO SRU (PSOHDGR =

&RVWR GHO 3HUVRQDO
1~PHUR GH (PSOHDGRV

$OUHHPSOD]DUORVYDORUHVHQODHFXDFLyQH[SXHVWDHQHOHVTXHPDVHREWHQGUiHOQ~PHUR
ySWLPRGHHPSOHDGRVSDUDHODxRSODQHDGR
(VWDHVVyORXQDIRUPDGHKDOODUHOQ~PHURySWLPRGHHPSOHDGRV([LVWHQRWUDVYtDVSDUD
KDOODU HVWH YDORU GHSHQGLHQGR GH ORV REMHWLYRV WUD]DGRV $O PRGLILFDU XQR GH HVWRV
REMHWLYRVVHDIHFWDUiHQJUDQPHGLGDWRGDODVLWXDFLyQ
6L HO UHVXOWDGR REWHQLGR GHO Q~PHUR ySWLPR GH HPSOHDGRV LPSOLFD TXH OD JHUHQFLD GHEH
GHVSHGLU DOJXQRV GH VXV HPSOHDGRV HOOD SXHGH RSWDU SRU PDQWHQHU VX IXHU]D ODERUDO
LQWDFWD 'HHVWDPDQHUDHOHQIRTXHVHUiODJHQHUDFLyQGHXQPD\RUYROXPHQGHYHQWDV H
LQFUHPHQWR GH OD UD]yQ GHO 9DORU $JUHJDGR OR TXH VLJQLILFD XQ LQFUHPHQWR HQ OD
SURGXFWLYLGDGODVYHQWDVVHSXHGHQGHWHUPLQDUXWLOL]DQGRODPLVPDHFXDFLyQGHOHVTXHPD

6LQHPEDUJRHQHVWHSXQWRVHGHEHGHVWDFDUTXHHVWDPHWRGRORJtDHVVRODPHQWHXQDJXtD
SDUDODDGPLQLVWUDFLyQ(OUHVXOWDGRILQDOGHEHHVWDUEDVDGRHQRWURVIDFWRUHVFRQVLGHUDGRV
SRUORVGLUHFWLYRV
3ODQ*HUHQFLDOGHO9DORU$JUHJDGR
&XDOTXLHUDTXHVHDODPHWDILQDOSODQWHDGDSRUODDGPLQLVWUDFLyQVHSXHGHIRUPXODUXQSODQ
SDUD HO 9DORU $JUHJDGR FRPR VH PXHVWUD HQ OD WDEOD \ HO HVTXHPD 8WLOL]DQGR ORV
UHVXOWDGRVGHODxRDFWXDOFRPRWUDPSROtQVHSXHGHQGHWHUPLQDUORVUHVXOWDGRVHVSHUDGRV
SDUDHODxRSUR\HFWDGR
6H GHEHQ GHWHUPLQDU PHWDV SDUD ORV VLJXLHQWHV DVSHFWRV SRU SDUWH GH OD DGPLQLVWUDFLyQ
SDUDODFRQVLGHUDFLyQHQHOSODQJHUHQFLDOGHO9DORU$JUHJDGR
,QFUHPHQWRGHODUD]yQVDODULDO
1~PHURGHHPSOHDGRV
5D]yQGHOYDORUDJUHJDGR
,QFUHPHQWRHQYHQWDV
(VWRVREMHWLYRVVHUiQOXHJRHYDOXDGRVHQWpUPLQRVGHLQFUHPHQWRVHQODUD]yQGHXWLOLGDG
ODUD]yQGHO9DORU$JUHJDGR\ODUD]yQGHXWLOLGDG\YHQWDV

7DEOD3ODQJHUHQFLDOGH9DORU$JUHJDGR
5HVXOWDGR 3ODQHDGR &RPHQWDULRV

9HQWDV
9DORUGHOH[WHULRU
9DORU$JUHJDGR&RVWRGH$FWLYLGDG
5D]yQGHO9DORU$JUHJDGR
9DORU$JUHJDGR9HQWDV
&RVWRGHOSHUVRQDO
D 6DODULREiVLFR
E 2WURV
F %RQRV
%iVLFRPHV
G 'LVWULEXFLyQSURSRUFLRQDO
H 'LVWULEXFLyQILMD
I 'LVWULEXFLyQVLPSOH
J 1XPHURGHHPSOHDGRV
K 1LYHOVDODULDOVDODULRSRUHPSOHDGR
L ,QFUHPHQWRGHODUD]yQVDODULDO
WDVDSURPHGLRGHFUHFLPLHQWRDQXDO
M 3URGXFWLYLGDGGHO9DORU$JUHJDGR
YDORUDJUHJDGRQXPHURGHHPSOHDGRV
N ,QFUHPHQWR HQ OD UD]yQ GH OD
SURGXFWLYLGDGGHOYDORUDJUHJDGR
&RVWRV ILMRV $OTXLOHU GHSUHFLDFLyQ
RWURV YDORUHV LQYHUWLGRV LQWHUHVHV
LPSXHVWRV
3ROtWLFD EDVDGD HQ ORV FRVWRV ILMRV
DGPLQLVWUDFLyQGHFRVWR
3ROtWLFD EDVDGD HQ OD UD]yQ GH ORV FRVWRV
ILMRVDGPLQLVWUDFLyQGHFRVWRV
8WLOLGDGDQWHVGHLPSXHVWR
5D]yQGHODXWLOLGDG\HOYDORUDJUHJDGR
5D]yQGHODXWLOLGDG\ODVYHQWDV

(VTXHPD
&XDGURGHOSODQJHUHQFLDOEDVDGRHQ9DORU$JUHJDGR
7RWDO
UHVXOWDGR WDVD GH
1R GH 9HQWDV SRU YDULDFLyQ 'LYLVLyQ $
9HQWDV
HPSOHDGR HPSOHDGR SODQ
'LYLVLyQ %
I
= x 'LYLVLyQ GH
&RQWURO HWF
&RQVXPR SRU
9$ 9HQWDV 9DORU GHO H[WHULRU 0DWHULDO 3UHFLR XQLGDG SURGFXWR 9ROXPHQ GH YHQWDV
II
= -
6XEFRQWUDWLVWD
2WURV

(QIRTXHGHODXWLOLGDGPDUJLQDO
8QGLDJQyVWLFRPiVGHWDOODGRUHTXLHUHXQDH[WHQVLyQGHOHQIRTXHGH9DORU$JUHJDGRSDUD
OOHJDUDODVOtQHDVGHSURGXFWRRXQLGDGHVRSHUDFLRQHVSHGHSDUWDPHQWRVGLYLVLRQHVHWF
8WLOL]DQGRHOHQIRTXHGHODXWLOLGDGPDUJLQDOSRUOtQHDGHSURGXFWRODHPSUHVDSXHGHGDUOH
SULRULGDGDORVSURGXFWRVFRQXQDOWRYDORUDJUHJDGR
(Q WpUPLQRV GH XQLGDG GH RSHUDFLyQ OD HPSUHVD SXHGH FRQFHQWUDUVH HQ ODV GLYLVLRQHV
RSHUDFLRQDOHVRGHSDUWDPHQWRVFRQXQQLYHOPiVDOWRGH9DORU$JUHJDGR
&RQ HO HQIRTXH GH OD XWLOLGDG PDUJLQDO HQ YHV GH GLVSHUVDU UHFXUVRV HQ WRGR WLSR GH
SURGXFWRV R SDUD WRGDV ODV XQLGDGHV RSHUDFLRQDOHV VH ORJUDUi XQ PD\RU LPSDFWR HQ HO
GHVHPSHxR VL ORV UHFXUVRV \ ORV HVIXHU]RV SDUD HO PHMRUDPLHQWR GH OD SURGXFWLYLGDG VH
FRQFHQWUDQ HQ OtQHD GH SURGXFWR R XQLGDGHV GH RSHUDFLyQ FRQ XQ DOWR UHQGLPLHQWR GHO
YDORUDJUHJDGR

3$57(,,0(',&,Ð1'(/$352'8&7,9,'$''(/
9$/25$*5(*$'2<$1É/,6,6
$'0,1,675$7,92

6LJQLILFDGRGHOD3URGXFWLYLGDGGHO9DORU$JUHJDGR\VX
$SOLFDFLyQDO$QiOLVLV$GPLQLVWUDWLYR
(VWUDWHJLD&RUSRUDWLYD\OD3ODQHDFLyQ$GPLQLVWUDWLYDSDUDHO
0HMRUDPLHQWRGHOD3URGXFWLYLGDGHQXQ$PSOLR6HQWLGR
/D HVWUDWHJLD FRUSRUDWLYD HV XQ VLVWHPD GH WRPD GH GHFLVLRQHV OD FXDO LQFOX\H XQ
FRQRFLPLHQWR GH ORV FDPELRV HVWUXFWXUDOHV GHQWUR \ IXHUD GH OD HPSUHVD
&RQVHFXHQWHPHQWH ORV UHFXUVRV DGPLQLVWUDWLYRV VRQ DVLJQDGRV DSURSLDGDPHQWH SDUD
DVHJXUDUODVXSHUYLYHQFLD\HOGRPLQLRGHODHPSUHVD
/DFDXVDGLUHFWDGHODVGLILFXOWDGHVGHXQDHPSUHVDHVDYHFHVPX\VHQFLOODSHURDPHQXGR
WDOGHVHPSHxRHVHOUHVXOWDGRGHPXFKRVIDFWRUHVFRPSOHMRVORVFXDOHVQRVRQIiFLOHVGH
GHVFXEULUHQODPD\RUtDGHORVFDVRV&XDQGRVHH[DPLQDXQDHPSUHVDHQSUREOHPDVGHVGH
XQSXQWRGHYLVWDHVWUDWpJLFRODFDXVDHQFXDOTXLHUFDVRSXHGHFDUDFWHUL]DUFHFRPRXQD
LQFRPSDWLELOLGDG HQWUH OD HVWUDWHJLD UHFLpQ DGRSWDGD HO PHUFDGR DFWXDO R HO PHGLR
FRPSHWLWLYR
3RU OR WDQWR HV HVHQFLDO WRPDU SDVRV DSURSLDGRV HQ WpUPLQRV GH HVWUDWHJLD FRUSRUDWLYD
SDUDUHFXSHUDUVHGHODVIDOHQFLDVHFRQyPLFDV
7yPHVHSRUHMHPSORDODHPSUHVD'(VXQDPHGLDQDHPSUHVDTXHKDDGRSWDGRXQSODQ
JHUHQFLDODXQPHGLDQR\ODUJRSOD]R FX\RV SULQFLSDOHV HOHPHQWRVVRQ ORV VLJXLHQWHV YHU
WDEODV\

7DEOD3URFHVRGHIRUPXODFLyQGHXQ3ODQ*HUHQFLDOGHPHGLDQRDODUJR
SOD]R
3UHPLVD 3URQyVWLFR GHO HQWRUQR JHUHQFLDO \ GH OD GHPDQGD SRU

GHSDUWDPHQWR
0HWD 3URSyVLWRV GHO SODQ D ODUJR SOD]R RILFLQD GH OD JHUHQFLD GH
SODQHDFLyQFRUSRUDWLYD3UHVLGHQWHGHODHPSUHVD
3ODQ(VWUDWpJLFR 3ODQ SDUD LQFUHPHQWDU OD SURGXFWLYLGDG QXHYR SODQ GH
QHJRFLRV FRPLWp RILFLQD GH OD JHUHQFLD GH SODQHDFLyQ
FRUSRUDWLYD3UHVLGHQWHGHODHPSUHVD
3ODQEiVLFR 3ODQGHYHQWDVHTXLSR\SODQGHSURGXFFLyQGHSDUWDPHQWRV
UHOHYDQWHV RILFLQD GH OD JHUHQFLD GH SODQHDFLyQ FRUSRUDWLYD
3UHVLGHQWHGHODHPSUHVD
3ODQSDUDORVIDFWRUHV 3ODQ GH PDWHULDV SULPDV SODQ GH QHJRFLRV SODQ
GHODSURGXFFLyQ RUJDQL]DFLRQDOGHSDUWDPHQWRVUHOHYDQWHV
&RRUGLQDFLyQ\ 3ULPHUSODQGHXWLOLGDG\FDSLWDOGHSDUWDPHQWRGHILQDQ]DV
GHFLVLyQJOREDO 3UHVLGHQWHGHODHPSUHVD6HJXQGRSODQGHXWLOLGDG\FDSLWDO
GHFLVLyQGHORVGLUHFWRUHVGHODHPSUHVD3UHVLGHQWHGH
ODHPSUHVD

7DEOD*XtDSDUDHO3ODQD0HGLDQR3OD]R
(VWDELOLGDG 5D]yQ GH OLTXLGH] UD]yQ FRUULHQWH UD]yQ ILMD UD]yQ ILMD GH
FRQIRUPLGDGDODUJRSOD]RUD]yQGHGHUHFKRGHFDSLWDOUD]yQ
GH HQGHXGDPLHQWR UD]yQ HQWUH ORV LQJUHVRV RSHUDFLRQDOHV \
HO JDVWR UD]yQ GHUHFODPR GH YHQWDV UD]yQ GH GHSHQGHQFLD
GHSUpVWDPRV
5HQWDELOLGDG 8WLOLGDG RSHUDFLRQDO UHVSHFWR D ODV YHQWDV DGHPiV XWLOLGDG
UHVSHFWR D YHQWDV XWLOLGDG UHVSHFWR DO FDSLWDO XWLOLGDG
UHVSHFWRDOFDSLWDOILQDQFLHURXWLOLGDGUHVSHFWRDOFDSLWDOWRWDO
XWLOL]DGRFRVWRVUHVSHFWRDODVYHQWDVXWLOLGDGQHWDUHVSHFWR
DODVYHQWDVQyPLQDUHVSHFWRDODVYHQWDV
&UHFLPLHQWR 7DVDGHFUHFLPLHQWRGHODV YHQWDV WDVD GH FUHFLPLHQWR GH OD
RSHUDFLyQSURGXFWLYDWDVDVGHFUHFLPLHQWRGHOWRWDOGHFDSLWDO
XWLOL]DGR WDVD GH FUHFLPLHQWR GH OD XWLOLGDG DQWHV GH OD
DPRUWL]DFLyQFDSLWDOILQDQFLHUR
3URGXFWLYLGDG HQ XQ 7DVDGHO9DORU$JUHJDGREUXWRSURGXFWLYLGDGODERUDOYHQWDV
VHQWLGRHVWUHFKR SHUFiSLWD XWLOLGDG QHWD SHUFiSLWD JDVWRV GH SHUVRQDO SHU
FiSLWD HILFLHQFLD GH OD LQYHUVLyQ HQ HTXLSR HILFLHQFLD GH OD
LQYHUVLyQ GHO FDSLWDO WRWDO XWLOL]DGR WDVD GH HTXLSDPHQWR
ODERUDOWDVDGHDVLJQDFLyQODERUDO
2WURVtQGLFHV 7DVDGHXWLOL]DFLyQGHOFDSLWDOWRWDOURWDWLYR
'HRWUDPDQHUDXQDHPSUHVDJUDQGHIRUPXOyXQSODQDSURSLDGRSDUDHOSHUVRQDOFRQHO
ILQ GH DQWLFLSDU XQ FUHFLPLHQWR DFHOHUDGR GHO FRVWR GHO SHUVRQDO HO SODQ VH PXHVWUD D
FRQWLQXDFLyQYHUWDEOD

7DEOD)RUPXODFLyQGHO1~PHURÐSWLPRGH(PSOHDGRV
 1~PHUR ySWLPR  2EMHWLYR GH YHQWDV × UD]yQ GHO 9$ SODQHDGR × UD]yQ GH OD GLVWULEXFL yQ ODERUDO SODQHDGD
  =
 GH HPSOHDGRV  1LYHO VDODULDO × + SODQHDGD UD]yQ GHO LQFUHPHQWR VDODULDO × UD]yQ GH HQYHMHFLPL HQWR
GH ORV HPSOHDGRV × UD]yQ GH GHGVFXHQWR GHO WUDEDMR SRU KRUD
6LVWHPDGH&RQWUROGHOD)XHU]D/DERUDO
5D]yQ GH FDSLWDO
3ODQ D ODUJR SOD]R 2EMHWLYR GH YHQWDV
5D]yQ 9$ 5D]yQ JDVWR GH
SODQHDGD SHUVRQDO
3ODQ
SUHVXSXHVWDO 2EMHWLYR GH 9$
5D]yQ GH XWLOLGDG
D FRUWR SOD]R
3ODQ GH GLVWULEXFLyQ
GHO 9$
,QYHUVLyQ HQ
0i[LPR DOFDQFH VDODULDO
PRGHUQL]DFLyQ
6XHOGRV \ VDODULRV
%RQRV
(QIRTXH 0DFUR
5HWLURV
%LHQHVWDU
,QFUHPHQWR GH VXHOGRV \ VDODULRV SRU HPSOHDGR
3ODQ GH PRGHUQL]DFLyQ GHO HTXLSR
SURGXFWLYR
5D]yQ GH LQFUHPHQWR VDODULDO
3ODQ GH PHFDQL]DFLyQ GHO WUDEDMR
GH RILFLQD
5D]yQ GH HQYHMHFLPLHQWR GHO SHUVRQDO
3ODQ FRPSUHVLYR RUJDQL]DFLRQDO
3ODQ GH VLPSOLILFDFLyQ GHO WUDEDMR

5D]yQ GH GHVFXHQWR GHO WUDEDMR SRU KRUD
3ODQ GH DPSOLDFLyQ GH
VXEFRQWUDWDFLRQHV
3ODQ GH XWLOL]DFLyQ HIHFWLYD GH OD
IXHU]D ODERUDO
1R WRWDO GH HPSOHDGRV 'LYLVLRQHV JHUHQFLD SODQWD GHSWR
5D]yQ GLUHFWD H
LQGLUHFWD
5D]yQ QLYHO GH HVFRODULGDG

)XQFLRQHV
(QIRTXH 0LFUR
Razón de hombres
y mujeres
'LYLVLRQZLVH FRPSRVLFLyQ PDQSRZHU
$QiOLVLV GH SXHVWRV GH WUDEDMR

7LHPSR HVWiQGDU
:RUN SODFH ZLVH 1R GH HPSOHDGRV
7UDEDMDGRUHV GLUHFWRV UD]yQ GLUHFWRV LQGLUHFWRV 7UDEDMDGRUHV LQGLUHFWRV

7LHPSR HVWiQGDU
(VWXGLR GH WLHPSRV

$ SDUWLU GH DPERV HMHPSORV TXHGD FODUR TXH ORV tQGLFHV TXH VLUYHQ FRPR JXtD SDUD OD
IRUPXODFLyQGHORVSODQHVJHUHQFLDOHVVHEDVDQHQODLQIRUPDFLyQILQDQFLHUDGHODHPSUHVD
LQFOX\HQGR OD SURGXFWLYLGDG GH HVWD (V HVHQFLDO SDUD LQFUHPHQWDU OD SURGXFWLYLGDG HQ XQ
VHQWLGRDPSOLRHOKDFHUXVRGHHVWRVtQGLFHVDQDOtWLFRVGHWLSRDGPLQLVWUDWLYRLQFOX\HQGROD
SURGXFWLYLGDGSDUDODHVWUDWHJLDFRUSRUDWLYD\ODSODQHDFLyQJHUHQFLDO
$QiOLVLV *HUHQFLDO \ OD 8WLOL]DFLyQ GH ORV ÌQGLFHV GH

3URGXFWLYLGDG
8VRGHO,QGLFHGHO9DORU$JUHJDGR
1RUPDOPHQWH H[LVWHQ WUHV PDQHUDV GH MX]JDU HO 9DORU HQ OD DGPLQLVWUDFLyQ FRUSRUDWLYD
(VWDVVRQ
&RPSDUDFLyQSRUGLIHUHQFLDVHQFDQWLGDGFRPSDUDFLyQGHOYDORUDEVROXWRHVGHFLUFXDO
HVPD\RUHQXWLOLGDGRFXDOFRQOOHYDPHQRUFRVWR
&RPSDUDFLyQSRUHILFLHQFLDQRHVXQDVLPSOHFRPSDUDFLyQHQWUHORVYDORUHVDEVROXWRV
GH GRV Q~PHURV VLQR XQD FRPSDUDFLyQ TXH WRPD HQ FXHQWD ORV LQVXPRV \ ORV
SURGXFWRVRHOWDPDxRGHOYDORUSRUXQLGDGSRUHMHPSORODUD]yQGHOFDSLWDOUHVSHFWR
DODXWLOLGDG
&RPSDUDFLyQSRUFODVLILFDFLRQHVGHWHUPLQDFLyQ\FRPSDUDFLyQGHODUHODFLyQHQWUHORV
FRVWRV SURSRUFLRQDOHV \ ORV FRVWRV ILMRV R OD UHODFLyQ UHVSHFWR DO WLHPSR HQ TXH VH
REWLHQHUHQWDELOLGDGHQXQSXQWRGHUHIHUHQFLD
8QD FRPSDUDFLyQ PHGLDQWH HO tQGLFH GH OD SURGXFWLYLGDG GHO 9DORU $JUHJDGR HV
SULQFLSDOPHQWH XQ MXLFLR GHO YDORU GH OD HILFLHQFLD GH DFXHUGR DO VHJXQGR PpWRGR 6LQ
HPEDUJRODUHODFLyQHQWUHODUD]yQGHODXWLOLGDGPDUJLQDO\ODUD]yQGHO9DORU$JUHJDGR
WDPELpQHVWDUHODFLRQDGDFRQHOWHUFHUPpWRGR8QDHPSUHVDGHEHGHFLGLUVLGDSULRULGDGD
OD FDQWLGDG DEVROXWD GH OD GLIHUHQFLD HQ XWLOLGDG R D OD HILFLHQFLD R LQFUHPHQWR HQ
SURGXFWLYLGDG (Q RWUDV SDODEUDV FXDQGR VH FRPSDUD OD GLIHUHQFLD HQ OD PDJQLWXG GH OD
XWLOLGDG XQDHPSUHVDGHEHWDPELpQFRQVLGHUDUIXWXUDV UHODFLRQHV HQWUH HO FRVWR WRWDO GHO
SHUVRQDO\HO9DORU$JUHJDGRHQWHQGLHQGRODLPSRUWDQFLDGHODSURGXFWLYLGDG(QOHQJXDMH
VHQFLOORXQDEDMDHQODSURGXFWLYLGDGWHQGUiHIHFWRVOHQWRV\JUDGXDOHVTXHHYHQWXDOPHQWH
OOHYDUiQDODHPSUHVDDOFRODSVRILQDQFLHUR
$ FRQWLQXDFLyQ VH SUHVHQWDQ DOJXQRV HMHPSORV GH tQGLFHV GHO 9DORU $JUHJDGR TXH QR
SXHGHQ REWHQHUVH PHGLDQWH PpWRGRV FRPSDUDWLYRV R D SDUWLU GH ORV HVWDGRV ILQDQFLHURV
FRQYHQFLRQDOHV
$ 0HGLFLyQ\(YDOXDFLyQ
9DORU$EVROXWR
(MHPSOR/DXWLOLGDGHOFRVWRHWFGHXQDHPSUHVD

/DXWLOLGDGHOFRVWRHWFGHXQSURGXFWR
(ILFLHQFLD
(MHPSOR9DORUSRUXQLGDGHWF
3URGXFWLYLGDGUD]yQGHODXWLOLGDG\HOFDSLWDOHWF
3XQWRGH(TXLOLEULR
(MHPSORFRVWRYDULDEOHFRVWRILMR
3DUD XQ PD\RU HQWHQGLPLHQWR FRQVLGpUHVH HO VHJXQGR WLSR GH PHGLFLyQ \ HYDOXDFLyQ D
SDUWLUGHGHWHUPLQDUODSURGXFWLYLGDGGHO9DORU$JUHJDGR
([ 6DODULR &RPLVLyQGH9HQWDVLQFHQWLYR

7UDEDMDGRUGHWLHPSRFRPSOHWR GHO9DORU$JUHJDGR
7UDEDMDGRUGHPHGLRWLHPSR GHO9DORU$JUHJDGR
'RQGHHO9$ 9HQWDV²&RVWRGH9HQWDV &RVWRV)LMRV8WLOLGDG
6XSRQLHQGR TXH XQ WUDEDMDGRU GH WLHPSR FRPSOHWR SXHGH YHQGHU YHFHV PiV TXH HO
WUDEDMDGRUGHPHGLRWLHPSRFXiOVHUtDODFRQWULEXFLyQDODXWLOLGDGGHOWUDEDMDGRUGHWLHPSR
FRPSOHWRFRPSDUDGRFRQODGHOWUDEDMDGRUGHPHGLRWLHPSR"
&DVR9$

&RVWR)LMR 6DODULR&RPLVLRQHVGHYHQWDV

&RQWULEXFLyQDOD8WLOLGDGGHOWUDEDMDGRUGHWLHPSRFRPSOHWR
9$6DODULR\&RPLVLRQHVGH9HQWD

&RQWULEXFLyQGHOWUDEDMDGRUGHPHGLRWLHPSR
9$GHOGHPHGLRWLHPSR ô9$GHOGHWLHPSRFRPSOHWR
ô
&RQWULEXFLyQDODXWLOLGDG ²GH

&DVR9$
7UDEDMDGRUGHWLHPSRFRPSOHWR²
7UDEDMDGRUGHPHGLRWLHPSR²
(O3XQWRGH(TXLOLEULRHVWDUtDHQWUH9$²GHOWUDEDMDGRUWLHPSRFRPSOHWR
9$²GHOWUDEDMDGRUGHPHGLRWLHPSR

&RPSDUDFLyQGHO3XQWRGH(TXLOLEULR
&RPSDUDFLyQGHOD3URGXFWLYLGDGGHO9DORU$JUHJDGR
9$
9$ 7UDEDMDGRUWLHPSRFRPSOHWR
6DODULR
9$
7UDEDMDGRUPHGLRWLHPSR
6DODULR

9$
9$ 7UDEDMDGRUWLHPSRFRPSOHWR
6DODULR

9$
7UDEDMDGRUPHGLRWLHPSR

6DODULR
'HVGH HOSXQWRGHYLVWDGHODSURGXFWLYLGDG HV PD\RU OD FRQWULEXFLyQGHO WUDEDMDGRU GH

PHGLRWLHPSR
6LWXDFLyQ
3RU OR WDQWR LQFOXVR VL HO YDORU DEVROXWR GHO 9 $ HV PD\RU QR QHFHVDULDPHQWH OD
SURGXFWLYLGDGGHO9$GHEHVHUPiVDOWD/DSURGXFWLYLGDGGHO9$DIHFWDORVUHVXOWDGRVGH
ODDGPLQLVWUDFLyQHQHOODUJRSOD]R
(QWRQFHVFXiOHVODSULRULGDGHOYDORUDEVROXWRRHOLQFUHPHQWRGHODSURGXFWLYLGDG"
/DLPSRUWDQFLDGHODSURGXFWLYLGDG
3XHGH VH PX\ YDOLRVR FRQVLGHUDU DPERV OD FRPSDUDFLyQ GHO YDORU DEVROXWR \ DO PLVPR
WLHPSR OD UHODFLyQ HQWUH HO Q~PHUR GH HPSOHDGRV \ HO JDVWR GHO SHUVRQDO FRQ HO 9DORU
$JUHJDGR
(VLPSRUWDQWHFRPSUREDUVLODSURGXFWLYLGDGHVWiFUHFLHQGRRGHFUHFLHQGRHQHOSURFHVR
GHOLQFUHPHQWRGHYHQWDV\HOYDORUDEVROXWRGHO9$
%,QGLFHV$GPLQLVWUDWLYRV
$QiOLVLVGHOQHJRFLR
$QiOLVLVGH&UHFLPLHQWR
$QiOLVLVGH5HQWDELOLGDG
$QiOLVLVGH5RWDFLyQ
$QiOLVLVGHOD3URGXFWLYLGDGHQXQVHQWLGRHVWUHFKR
$QiOLVLVGH6HJXULGDG

6LQHPEDUJRPXFKRVtQGLFHVQRVLJQLILFDQXQPHMRUDQiOLVLV
/RV tQGLFHV DGPLQLVWUDWLYRV HQ HO DQiOLVLV GH ORV QHJRFLRV WDO FRPR VH DFDEDQ GH OLVWDU
XVXDOPHQWH FDUHFHQ GH OD VLJXLHQWH LQIRUPDFLyQ OD FXDO QR HV REOLJDWRULD HQ ORV HVWDGRV
ILQDQFLHURV
9DORU$JUHJDGR
*DVWRGHO3HUVRQDO
&UHFLPLHQWRGHO9DORU$JUHJDGR
5D]yQGHODXWLOLGDG\HO9DORU$JUHJDGR
3URGXFWLYLGDGGHO9DORU$JUHJDGRUHVSHFWRDVDODULRV
'HORVDQWHULRUHVHO9$\HO9DORU$JUHJDGRUHVSHFWRDVDODULRVVRQORVPiVLPSRUWDQWHV
5HODFLyQ HQWUH 3URGXFWLYLGDG \ 5HQWDELOLGDG \ OD

'LVWULEXFLyQGHORV5HVXOWDGRV
&RPR VH GLMR DQWHULRUPHQWH GHVGH HO SXQWR GH YLVWD GH HFRQRPtDV LQGLYLGXDOHV XQD
HPSUHVD HV XQRUJDQL]DFLyQ GHO FDSLWDO TXH FDSWD FDSLWDO \ OR XWLOL]D FRQ HO SURSyVLWR GH
LQFUHPHQWDUOR 3RU WDQWR HO SUREOHPD SDUD XQD HPSUHVD HV PD[LPL]DU OD HILFLHQFLD GHO
FDSLWDOLQYHUWLUOR\XWLOL]DUORRHQRWUDVSDODEUDVREWHQHUXQDUHQWDELOLGDG
'HVGHHOSXQWRGHYLVWDPDFURGHODHFRQRPtDQDFLRQDOXQDHPSUHVDHVXQDRUJDQL]DFLyQ
GH IDFWRUHV GH SURGXFFLyQ WDOHV FRPR HO WUDEDMR \ FDSLWDO ORV FXDOHV VH LQYLHUWHQ SDUD
SURGXFLUELHQHV\VHUYLFLRV'HVGHHVWDSHUVSHFWLYDODSURGXFWLYLGDGVHHQWLHQGHFRPROD
HILFLHQFLD FRQ OD FXDO OD SURGXFFLyQ HV OOHYDGD D FDER 3RU WDQWR OD UHQWDELOLGDG \ OD
SURGXFWLYLGDGGHEHUiQDGRSWDUGLIHUHQWHVSXQWRVGHYLVWD\WHQHUFDGDXQDXQVLVWHPDGH
DQiOLVLVGLIHUHQWH1RREVWDQWHVHSXHGHQLQWHUUHODFLRQDUFRPRVHPXHVWUDHQORVFXDGURV
\
3RUWDQWRHVLPSRUWDQWHLQFUHPHQWDU\DVLJQDUHO9DORU$JUHJDGRGHPDQHUDEDODQFHDGD
\DTXHILQDOPHQWHDIHFWDHQ~OWLPRWpUPLQRHOSURGXFWRLQWHUQREUXWR3,%(VWRVHSXHGH
ORJUDU HVSHFLDOPHQWH D WUDYpV GH OD FRRSHUDFLyQ HQWUH OD DGPLQLVWUDFLyQ \ HO WUDEDMR (O
FXDGURSUHVHQWDXQHMHPSORGHFyPRVHLQFUHPHQWy\VHDVLJQyODSURGXFWLYLGDGDXQD
HPSUHVDHQ6LQJDSXU
(O HVIXHU]R GH XQD FRPSDxtD SRU HOHYDU VX UHQWDELOLGDG LQYROXFUD HO LQFUHPHQWR HQ OD
SURGXFWLYLGDGFRQWULEX\HQGRDVtDODFUHDFLyQGHULTXH]DHQODHFRQRPtDQDFLRQDO$GHPiV
HOHVIXHU]RGHXQDHPSUHVDSDUDLQFUHPHQWDUVXSURGXFWLYLGDGDVHJXUDXQDPD\RUSRUFLyQ
GHULTXH]DSDUDGLVWULEXLU

&XDGUR/RVtQGLFHVGH9DORU$JUHJDGR\OD5HQWDELOLGDG\HO
HQFDGHQDPLHQWRGHO7UDEDMR\OD$GPLQLVWUDFLyQ
5HODFLyQ 1 )yUPXO 3HULRGR $xR
,QGLFHV
$GPLQLVWUDFLyQ 3HUVRQDO R D WHQGHQFLD
&DSLWDO WRWDO FRQ 3

UHVSHFWR D OD XWLOLGDG .
8WLOLGDG DQWHV GH
3
LPSXHVWR UHVSHFWR
6
D ODV YHQWDV
8WLOLGDG DQWHV GH
LPSXHVWR UHVSHFWR 3
DO 9DORU $JUHJDGR 9$
SDUWLFLSDFLyQ GHO
FDSLWDO
9DORU $JUHJDGR
9$
UHVSHFWR D YHQWDV R
6
SURGXFFLyQ
5RWDFLyQ GHO FDSLWDO
6
WRWDO UHVSHFWR D ODV .
YHQWDV
9HQWDV R SURGXFFLyQ 6

SRU HPSOHDGR /
8WLOLGDG DQWHV GH
3
LPSXHVWR SRU
/
HPSOHDGR
3URGXFWLYLGDG GHO 9$

FDSLWDO WRWDO .
,QWHQVLGDG GH FDSLWDO .

WRWDO /
3URGXFWLYLGDG GHO
9DORU $JUHJDGR 9$
:
UHVSHFWR D VDODULRV
3URGXFWLYLGDG GHO 9$

9DORU $JUHJDGR /
6DODULR SRU
:
HPSOHDGR QLYHO
/
VDODULDO
'LVWULEXFLyQ GHO :

VDODULR XQLWDULR 9$
5HFtSURFR GHO QLYHO

/
VDODULDO GHVDUUROOR
:
GHO SHUVRQDO
3 8WLOLGDGHV $QWHV GH ,PSXHVWRV

. &DSLWDO 2SHUDFLRQDO 7RWDO
6 9HQWDV 7RWDOHV R ,QJUHVRV 2SHUDFLRQDOHV 7RWDOHV
9$ 9DORU $JUHJDGR
/ 1~PHUR GH (PSOHDGRV
: 6DODULRV R *DVWR 7RWDO HQ HO 3HUVRQDO

&XDGUR(VWDGRGHO9DORU$JUHJDGR
9DORU $JUHJDGR HQ
H[FOX\HORVLQJUHVRVSRULQYHUVLyQHPSUHVDVDVRFLDGDV\HPSUHVDV
6XPLQLVWURV PLOORQHV 9HQWDV PLOORQHV
&RQYHUWLGDV
*HQHUDQGR
(Q 9DORU
$JUHJDGR
9DORU$JUHJDGR
6DODULR GH PLOORQHV
HPSOHDGRV
(7&
*RELHUQR
LPSXHVWRV

6XPLQLVWURV
,QWHUHVHV GH SDUD
SUHVWDPRV

'LYLGHQGRV
DFFLRQLVWDV

5HVHUYD GH
OD HPSUHVD
SDUD 3DUD
LQYHUVLRQHV LQYHUVLRQHV HQ
7RWDO
1XHYRV 3UR\HFWRV
3DUD UHQRYDFLyQ
GH LQVWDODFLRQHV
DFWXDOHV

&DStWXOR 3ODQHDFLyQ GH OD 3URGXFWLYLGDG GH OD (PSUHVD
XWLOL]DQGRHO9DORU$JUHJDGR
3UHSDUDU XQ 6LVWHPD SDUD 3URPRYHU HO 0RYLPLHQWR GH OD

3URGXFWLYLGDG
/RV UHVXOWDGRV GHO QHJRFLR VRQ HO UHIOHMR GH ODV DFWLYLGDGHV FRUSRUDWLYDV WDOHV FRPR ODV
YHQWDVODDGTXLVLFLyQGHPDWHULDOHVODSURGXFFLyQ\GHPiV(OSDSHOGHODDGPLQLVWUDFLyQHV
HO GH SURYHHU GLUHFWULFHV SDUD OD HPSUHVD \ FRRUGLQDU WRGDV ODV DFWLYLGDGHV SDUD ORJUDU OD
UHDOL]DFLyQGHHVWDVPHWDV
(O 3XQWR &ODYH SDUD 3UHSDUDU XQ 6LVWHPD SDUD 3URPRYHU XQ
0RYLPLHQWRGH3URGXFWLYLGDG
8Q VLVWHPD DGHFXDGR \ XQD DFWLWXG DSURSLDGD HQWUH ODV SHUVRQDV TXH RSHUDQ HO VLVWHPD
JHQHUDUiQPRWLYDFLyQSDUDHOWUDEDMR(ODVSHFWRPiVLPSRUWDQWHDOFRQVLGHUDUPHMRUDU OD
SURGXFWLYLGDGHVHOIDFWRUKXPDQR8QVLVWHPDFDUHFHUiGHVLJQLILFDGR VL QR ORJUD LQGXFLU
DFFLRQHVGHODVSHUVRQDHQRWUDVSDODEUDVXQVLVWHPDLGHDOPRWLYDDODJHQWHSDUDDFWXDUR
OHV RIUHFH LQLFLDWLYDV SDUD TXH WRPHQ DFFLRQHV /DV SHUVRQDV PXHYHQ DO VLVWHPD \
VLPXOWiQHDPHQWH HO VLVWHPD PRWLYD D ODV SHUVRQDV SDUD DFWXDU 1R LPSRUWD TXp WDQ
H[FHOHQWH SXHGD OOHJDU D VHU XQ VLVWHPD VyOR VHUi WDQ EXHQR FRPR ODV SHUVRQDV OR
SHUPLWDQ3RUHOFRQWUDULRVLKD\H[FHOHQWHVSHUVRQDVHQODRUJDQL]DFLyQSHURHOVLVWHPDHV
LQDGHFXDGRODHPSUHVDQRWHQGUiPXFKRSURJUHVR3RUORWDQWRODUHODFLyQPXWXDHQWUH
ODVSHUVRQDV\HOVLVWHPDHVPX\LPSRUWDQWH
$O RUJDQL]DU XQ VLVWHPD HV PX\ LPSRUWDQWH KDFHUOR WDQ VHQFLOOR \ WDQ FODUR FRPR VHD
SRVLEOHFRQVLGHUDQGRORVVLJXLHQWHSXQWRV
6HOHFFLRQDUHVWiQGDUHVDGHFXDGRVSDUDHYDOXDUODFRQWULEXFLyQ
8QDHPSUHVDGHEHVHUFDSD]GHREWHQHUXWLOLGDGHVSDUDVREUHYLYLU
/RTXHJHQHUDOPHQWHOHLQWHUHVDDODDGPLQLVWUDFLyQVRQORVYDORUHVPtQLPRVDFHSWDEOHV
6LQ HPEDUJR ODV XWLOLGDGHV SXHGHQ REWHQHUVH ~QLFDPHQWH VL OD HPSUHVD JHQHUD 9DORU
$JUHJDGR3RUORWDQWRHVPX\LPSRUWDQWHFRPHQ]DUDFRPSUHQGHUODXWLOLGDGGHVGHHO
SXQWRGHYLVWDGHO9DORU$JUHJDGR
(VWDEOHFHUXQREMHWLYRFODURGHFRQWULEXFLyQ
/RV REMHWLYRV GHEHQ GHWHUPLQDUVH HQ OD F~VSLGH \ WUDVODGDUORV DO QLYHO GH GLYLVLyQ DO
QLYHO GHSDUWDPHQWR DO QLYHO GH VHFFLyQ \ VHJXLU KDVWD OOHJDU D OD XQLGDG GH RSHUDFLyQ
PiVSHTXHxDGHODRUJDQL]DFLyQ
&ODULILFDUUHVSRQVDELOLGDGHV\DXWRULGDG

$OUHDOL]DUHVWDWDUHDVHGHEHHYLWDU
• $PELJHGDGHVHQODVOtQHDVGHUHVSRQVDELOLGDG
• 5HVSRQVDELOLGDGHVVLQDXWRULGDG
• 1RGHOHJDUDXWRULGDGSDUDHYDOXDUHOGHVHPSHxR
'HWHUPLQDU HVWUDWHJLDV TXH GHEHQ LPSOHPHQWDUVH SDUD DOFDQ]DU ORV REMHWLYRV (VWDV
GHEHQVHUIRUPXODGDVSRUSHUVRQDVTXHWHQJDQUHVSRQVDELOLGDG
(YDOXDUODHIHFWLYLGDGGHODVHVWUDWHJLDVSODQWHDGDV
'XUDQWHORVSHUtRGRVGHUHYLVLyQ\HYDOXDFLyQVHGHEHUHDOL]DUXQDFRPSDUDFLyQHQWUH
ORVREMHWLYRV\ORVUHVXOWDGRVDFWXDOHV'HSHQGLHQGRGHOUHVXOWDGRGHWHUPLQDUVLH[LVWH
OD QHFHVLGDG GH WRPDU DFFLRQHV GH FXEULPLHQWR \ GH SUXHED R SDUD PDQWHQHU HO
SURJUHVRORJUDGRRGLULJLGDVDOPHMRUDPLHQWRFRQWLQXR
/DLPSRUWDQFLDGHXQD0HWD0i[LPD
(OREMHWLYRGHLPSOHPHQWDUXQVLVWHPDDGPLQLVWUDWLYRHVHOGHREWHQHUEXHQRVUHVXOWDGRVD
SDUWLUGHXQGHVHPSHxRHILFLHQWH\HIHFWLYRGHODHPSUHVD
3DUDSUHSDUDU\RSHUDUXQQXHYRVLVWHPDQRVyORVHUHTXLHUHGHWLHPSRVLQRWDPELpQGH
GLQHUR 3RU OR WDQWR HV PX\ LPSRUWDQWH TXH GHVGH HO SULQFLSLR VH FRQVLGHUH OD PHWD
Pi[LPD ² OD VROLGH] GH OD HPSUHVD (QIRFDUVH VRODPHQWH HQ HO DVSHFWR ILQDQFLHUR SXHGH
OOHYDUDVXERSWLPL]DFLRQHV/RYHUGDGHUDPHQWHLPSRUWDQWHHVFyPRHOGHVHPSHxRGHODV
iUHDVIXQFLRQDOHVFRQWULEX\HQDODRUJDQL]DFLyQFRPRXQWRGR
&XiO HV OD &RQ HO ILQ GH FRQVHJXLU PD\RUHV 3DUD HOOR TXp

PHWD LQJUHVRV QHWRV TXp WDUHD VH GHEH VLVWHPD GHEH
Pi[LPD" PDQWHQHU D OD YLVWD LQVWDODUVH"
%XHQD (VWUDWHJLD 2EWHQHU 3HQVDU FyPR 2UJDQL]DQGR

PD\RUHV LQJUHVRV PHMRUDU HO
GHVHPSHxR 6LVWHPD
GHO WUDEDMR
%XHQD (VWUDWHJLD 6DOWDU DO 6LVWHPD
/D0DQHUD%iVLFDGH5DFLRFLQLR3ODQHDU+DFHU9HULILFDU
(VFODURGHVGHHOFLFORGHDGPLQLVWUDFLyQGH´SODQHDUKDFHU\YHULILFDUµTXHHO´SODQHDUµHV
XQ EXHQ SXQWR GH SDUWLGD 6LQ HPEDUJR FRQ HO iQLPR GH KDFHU XQ SODQ YHUGDGHUDPHQWH
~WLO HV LPSRUWDQWH FRPSUHQGHU HO HVWDGR DFWXDO $ SDUWLU GH ODV REVHUYDFLRQHV H

LQYHVWLJDFLRQHVGHODVLWXDFLyQDFWXDOVHSXHGHGHWHUPLQDUiUHDVGHPHMRUDPLHQWRFRPRVH
PXHVWUDDFRQWLQXDFLyQ
([DPLQDU \ HYDOXDU
FXLGDGRVDPHQWH ORV UHVXOWDGRV
3ODQHDU GHVGH HO SXQWR GH YLVWD GHO
9DORU $JUHJDGR
+DFHU 'HILQLU REMHWLYRV FODURV 0HMRUDU HO

GHVHPSHxR GHO
WUDEDMR
9HULILFDU (ODERUDU XQ SODQ SUiFWLFR 'HVHPSHxR GH ODV

RSHUDFLRQHV GHO
QHJRFLR
3DVRV SDUD OD VROXFLyQ GH SUREOHPDV GHVDUUROOR GHO VLVWHPD \ DSUR[LPDFLyQ DO
PHMRUDPLHQWRGHODVDFWLYLGDGHVVRQORVVLJXLHQWHV
(WDSD 3DVRV
5HFROHFFLyQGHGDWRVGHXQSUREOHPDDGPLQLVWUDWLYR
6tQWHVLVGHORVUHTXHULPLHQWRVDGPLQLVWUDWLYRV
,QYHVWLJDFLyQ
,GHQWLILFDFLyQGHREVWiFXORV
3URSXHVWDVGHPHGLGDVSDUDUHPRYHUORVREVWiFXORV
&RQFLHQWL]DFLyQGHODDVLJQDFLyQGHXQDWDUHDWpFQLFD
(VSHFLILFDFLyQGHOPRGHORGHOVLVWHPDDVHUGLVHxDGR
,GHQWLILFDFLyQGHGDWRVUHODFLRQDGRV
'LVHxR (VWUXFWXUDFLyQGHXQPRGHORFUHDWLYRDFRUGHDODVHVSHFLILFDFLRQHV
'HVDUUROOR\HYDOXDFLyQGHPRGHORVDOWHUQDWLYRV
3UHVHQWDFLyQ GHO PRGHOR RULJLQDO \ VXV DOWHUQDWLYDV SDUD VX
DSUREDFLyQ
'LVHxRGHXQSURJUDPDSDUDLQWURGXFLUHOQXHYRVLVWHPD
2ULHQWDFLyQ GH ORV LQWHUHVDGRV HQ OD LPSOHPHQWDFLyQ GHO QXHYR
/DQ]DPLHQWR VLVWHPD
/LVWDGRGHDFFLRQHVFRQMXQWDVSDUDODSXHVWDHQSUiFWLFDGHOVLVWHPD
&RQILUPDFLyQGHORVUHVXOWDGRVORJUDGRVSRUHOVLVWHPD

&yPR(VWDEOHFHUODV0HWDV\ORV2EMHWLYRV
(PSH]DUSRUORV2EMHWLYRVGHOD(PSUHVD
/DV PHWDV \ REMHWLYRV LQGLYLGXDOHV \ GLYLVLRQDOHV GHQWUR GH XQD HPSUHVD FRPR XQ WRGR
LQFOX\HQ´KDVWDFXiQGR\GyQGHµORVFXDOHVVHFDUDFWHUL]DQHQWpUPLQRVGHIHFKDVPHWDV\
YDORUHVPtQLPRVDDOFDQ]DU/DVDFWLYLGDGHVGHODHPSUHVDVHGLULJHQHQSURGHFXPSOLUFRQ
ODVPHWDV\ORVREMHWLYRV/RVHPSOHDGRVWDPELpQWLHQHQVXVSURSLDVPHWDV
3RUHMHPSORWyPHVHHOFDVRGHXQYHQGHGRUTXHKDORJUDGRYHQGHUDXWRPyYLOHVHQHO
~OWLPRPHV3XHGHLQWHQWDUVXELUVXFXRWDGHYHQWDVSDUDHOPHVDFWXDOHQFDUURV2WUR
HMHPSORHVHOGHXQVXSHUYLVRUGHXQDVHFFLyQPHFiQLFDTXHGHVHDDXPHQWDUHOtQGLFHGH
UHQGLPLHQWRGHODPDWHULDSULPDKDVWDHO
(VWDVPHWDVGHEHQHVWDUUHODFLRQDGDVFRQORVREMHWLYRVGHODRUJDQL]DFLyQFRPRXQWRGR(V
GHFLU ODV PHWDV LQGLYLGXDOHV HVWiQ VLVWHPDWL]DGDV FRQYLUWLpQGRVH HQ LQWHUpV FRP~Q GH OD
HPSUHVD/RVREMHWLYRVGHODHPSUHVDGHEHQVHUILMDGRVSRUODDOWDJHUHQFLDSDUDLPSDUWLU
GLUHFWULFHV/DVDFWLYLGDGHVGLUHFWDPHQWHUHODFLRQDGDVFRQORVUHVXOWDGRVVRQHMHFXWDGDVSRU
ORVGHSDUWDPHQWRVRVHFFLRQHVGHRSHUDFLRQHV
3DUD OD ILMDFLyQ GH PHWDV FODUDV ORV UROHV \ ODV UHVSRQVDELOLGDGHV GHEHQ KDFHUVH
H[SOtFLWDPHQWHDODVGLYLVLRQHV\DORVLQGLYLGXRVGHWDOPDQHUDTXHHOORVSXHGDQFRQWULEXLU
DODFRQVHFXFLyQGHORVREMHWLYRVGHODHPSUHVD
3DUDODFODULILFDFLyQGHODVPHWDVORVREMHWLYRVGHODHPSUHVDVHWUDVODGDQDOUHVSRQVDEOHGH
FDGDFHQWUR(VWHFHQWURVHGLYLGHHQGRV&HQWURGH8WLOLGDG\&HQWURGH&RVWRV
8Q&HQWURGH8WLOLGDGHVODGLYLVLyQGHREWHQFLyQGHLQJUHVRVUHVSRQVDEOHGHODJHQHUDFLyQ
GH9DORU$JUHJDGR\GHODREWHQFLyQGHXWLOLGDGHV3RURWURODGRXQ&HQWURGH&RVWRVH
UHILHUHDODVGLYLVLRQHVGHVHUYLFLRV\FRQWUROHVUHVSRQVDEOHVGHPDQWHQHUORVFRVWRVGHQWUR
GHO UDQJR SHUPLWLGR (Q HVWH VHQWLGR OD &RQWULEXFLyQ 'LYLVLRQDO \ HO 9DORU $JUHJDGR VRQ
~WLOHVSDUDODILMDFLyQGHPHWDVHQFDGDGLYLVLyQ

/DWDEODGH&RQWULEXFLyQ'LYLVLRQDO\HOFXDGUR(IHFWLYR8VRGHO9DORU$JUHJDGR
(OVLJXLHQWHFXDGURLOXVWUDODVUHODFLRQHVHQWUHODVPHWDV\ORVREMHWLYRVGHODHPSUHVDFRQOD
&RQWULEXFLyQ'LYLVLRQDO\HO9DORU$JUHJDGR
)LQ
0HWD 2EMHWLYRV
7DUHD 2SHUDFLRQHV 6DOLGD

,QVXPR 3URFHVRV 3URGXFWR

≡ ≡5HVXOWDGR
6ROLFLWXG $VLJQDFLyQ 7DUHD 7DUHD
&RQWUL 3ODQ
R QHFHVLGDG X RUGHQ 7DUHD EXFLyQ JHUHQFLDO
'HEHU )XQFLyQ
5HVSRQVDELOLGDG
'HOHJDFLyQ
3RVLFLyQ 7UDEDMR *UDGR GH /LEHUWDG
GH OD VXSHUYLVLyQ
&DOLILFDFLyQ &RPSHWHQFLD 'HVHPSHxR
$XWRULGDG 5HVSRQVDELOLGDG
2EMHWLYRV GH OD (PSUHVD
3ODQ *HUHQFLDO
8WLOLGDG
*DQDQFLDVQHWDVUHIOHMDGDVHQHO9DORU Agregado)
3ODQJHUHQFLDOSDVDDORVFHQWURVUHVSRQVDEOHVHQIRUPD
GHPHWDVSDUDFDGDXQR

&(1752 5(63216$%/(
0HWDVGH'HSDUWDPHQWR &HQWURGH&RVWRV
&HQWURGH8WLOLGDG 0HWDVGH6HFFLyQ
5HVSRQVDEOHGH
5HVSRQVDEOHGH 0HWDVGH6XEVHFFLyQ PDQWHQHUORVFRVWRV
FRQWULEXLUDODXWLOLGDG GHQWURGHXQUDQJR
SHUPLWLGR
'LYLVLyQGH9HQWDV 'LYLVLyQ0DQXIDFWXUD 'LYLVLyQGHDVXQWRV
'LYLVLyQGH&RPSUDV JHQHUDOHV
HWF )LQDQ]DVSODQHDFLyQ
HWF
(VWDVGLYLVLRQHV
FDPELDQD&HQWURVGH
8WLOLGDGDOXWLOL]DU
VLVWHPDVGH
WUDQVIHUHQFLDVLQWHUQRV
&RQWULEXFLyQ'LYLVLRQDO
9DORU$JUHJDGR'LYLVLRQDO
(QHOFDVRGHORV&HQWURVGH&RVWRVODPHWDVHILMDHQWpUPLQRVGHOJUDGRGHUHGXFFLyQGH
FRVWRVTXHVHUiQFRQWURODGRVSRUFDGDGLYLVLyQ
(QHOFDVRGHORV&HQWURGH8WLOLGDGVHGHFLGHHOYDORUGHODFRQWULEXFLyQDODVXWLOLGDGHV
FRPRPHWDGHFDGDXQRGRQGH
&RVWRGHFRQWULEXFLyQ 9DORU$JUHJDGRREWHQLGRSRUODGLYLVLyQ²JDVWRVGHODGLYLVLyQ
&RQILUPDFLyQGHODVPHWDVFRQHOSURQyVWLFR
/DSHUVRQDHQFDUJDGDGHXQDVHFFLyQJHUHQWHGHVHFFLyQRUJDQL]D\GLULJHUHXQLRQHVFRQ
VXV FRODERUDGRUHV SDUD GLVFXWLU ODV PHWDV (VWDV UHXQLRQHV VRQ LPSRUWDQWHV SDUD GHILQLU \
FODULILFDUODVPHWDV

(VSHFtILFDPHQWH
D /DPHWDGHODVHFFLyQFRPRXQWRIRHVDFRUGDGD\DSR\DGDSRUFDGDPLHPEURDWUDYpV
GHOHQWHQGLPLHQWRPXWXR6HJXLGDPHQWHVHUHDOL]DXQSODQGHDFFLyQSDUDGHWHUPLQDU
TXpVHGHEHKDFHUSRUTXLpQFyPR\KDVWDFXiQGR
E &DGDPLHPEURDFHSWDVXVUHVSRQVDELOLGDGHVOXHJRGHFRPSUHQGHUODVPHWDV\SROtWLFDV
GHODVHFFLyQ
F (OSURFHVRSRUHOFXDOHOJHUHQWH\VXVFRODERUDGRUHVOOHJDQDXQHQWHQGLPLHQWRSXHGH
TXHQRVHDVHQFLOORSXHVHQPXFKRVFDVRVHOUHVXOWDGRHVSHUDGRSXHGHVHUGLIHUHQWH
HQWUH HOORV (VWR SXHGH UHTXHULU DOJXQRV DMXVWHV GXUDQWH OD GLVFXVLyQ 3RU HMHPSOR VL
H[LVWHXQDJUDQFDQWLGDGGHWUDEDMRDGPLQLVWUDWLYRHQODVHFFLyQ\HVWHWUDEDMRDIHFWDODV
YHQWDV SXHGH VHU QHFHVDULR XQ DMXVWH HQ ORV PpWRGRV GH WUDEDMR (V SRVLEOH TXH VH
UHTXLHUDFRQWUDWDUPiVSHUVRQDOSDUDORJUDUFXPSOLUFRQODVPHWDV
G $MXVWHVHQORVPpWRGRVGHWUDEDMRRQXHYDVFRQWUDWDFLRQHVSXHGHQYDULDUODPDJQLWXG
GHODFRQWULEXFLyQDODVXWLOLGDGHVQHFHVDULDVSDUDJHQHUDU9DORU$JUHJDGR
6LHO´PL[µGHOSURGXFWRFDPELDRVLVHDGRSWDXQDSROtWLFDGHUHGXFFLyQGHSUHFLRVSDUD
LQFUHPHQWDU HO YROXPHQ GH YHQWDV HO 9DORU $JUHJDGR YDULDUi &RQVHFXHQWHPHQWH HO
SURQyVWLFRGHYHQWDVGHEHVHUDMXVWDGR
H &XDQGRODVFLIUDVGHO9DORU$JUHJDGRRHOUHQGLPLHQWRFDPELDQH[LVWHODQHFHVLGDGGH
UHXQLUVH \ GLVFXWLU FRQ HO ´VWDIIµ FyPR VH UHDOL]DUiQ ORV DMXVWHV QHFHVDULRV 6L QR HV
SRVLEOHSDUDHOJHUHQWHGHODVHFFLyQORJUDUVXVPHWDVDSHVDUGHUHSHWLGDVUHXQLRQHVHQ
ODVHFFLyQHVWHOHSXHGHSHGLUDOJHUHQWHGHODGLYLVLyQTXHFDPELHVXVPHWDV(QHVWH
FDVRODSHWLFLyQVHOOHYDDXQQLYHOPiVDOWRGHQWURGHOFHQWURUHVSRQVDEOH
I )UHFXHQWHVGLVFXVLRQHVVHOOHYDQDFDERHQFDGDQLYHOKDVWDTXHILQDOPHQWHVHFRQILUPD
ODPHWDGHFDGDQLYHO\SDUDOHODPHQWHVHGHVDUUROODXQSODQGHDFFLyQ
(YDOXDFLyQGHO5HVXOWDGR
ODPHWDFRQILUPDGDDVRFLDGDFRQHOSODQGHDFFLyQKDFHTXHODHYDOXDFLyQGHOUHVXOWDGRVHD
PiVVHQFLOODHQFRPSDUDFLyQFRQODFRQWULEXFLyQDODXWLOLGDGHWF
/D GLYLVLyQ TXH QR SXHGH VXSHUDU ODV FDXVDV TXH QR LPSLGLHURQ TXH VH JHQHUDUD HO
VXILFLHQWH9DORU$JUHJDGRRHOLQFUHPHQWRGHORVFRVWRVUHYLVDUiORVUHVXOWDGRVRORVFRVWRV
TXHDXPHQWDURQ
(VWRV SUREOHPDV VRQ DSWRV SDUD WUDQVIRUPDUORV HQ PHQVDMHV GLULJLGRV D OD VROXFLyQ GH
SUREOHPDV3RUHMHPSOR´,QFUHPHQWHPRVHO9DORU$JUHJDGRµ´HOLPLQHPRVORVGHIHFWRVµ
´PHMRUHPRVODVSURPRFLRQHVGHYHQWDVµ´HFRQRPLFHPRVYLiWLFRVµHWF
6LQ HPEDUJR HVWRV PHQVDMHV QR VRQ ~WLOHV SDUD OD VROXFLyQ GH ORV SUREOHPDV DFWXDOHV \D
TXH JHQHUDOPHQWH HVWiQ PH]FODGRV FRQ RWUDV FRVDV /RV SUREOHPDV FRQVLVWHQ HQ OD
GLVFUHSDQFLDHQWUHODVLWXDFLyQGHVHDGD\ODVLWXDFLyQDFWXDO\HVPX\SUREDEOHTXHVyORVH
FRQVLGHUHQ ORV IHQyPHQRV VXSHUILFLDOHV R ORV VtQWRPDV GHO SUREOHPD /R YHUGDGHUDPHQWH
LPSRUWDQWHHVWUDWDUGHDQDOL]DUDIRQGRHOSRUTXpVHSUHVHQWDQHVWRVSUREOHPDV\FXiOHV
VHUiQORVSDVRVSDUDVROXFLRQDUORV6LQRVHGHWHFWDODYHUGDGHUDFDXVDSRUODTXHH[LVWHQ
ORV SUREOHPDV HQ WDOHV iUHDV \ VL QR VH WRPDQ ODV PHGLGDV QHFHVDULDV ORV SUREOHPDV QR

SXHGHQ UHVROYHUVH /RV UXEURV TXH VH SUHVHQWDQ D FRQWLQXDFLyQ VRQ FDUDFWHUtVWLFRV GH
SUREOHPDVGHODDGPLQLVWUDFLyQ
&DUDFWHUtVWLFDVGHSUREOHPDVDGPLQLVWUDWLYRV²3UREOHPDVPL[WRV
L )HQyPHQRVPXOWLIDFWRULDOHV
LL 3UHRFXSDFLRQHVP~OWLSOHV²,QWHUDFFLyQ
LLL (IHFWRVGLYHUVLILFDGRV²DOJXQDVYHFHVFRQIOLFWLYRV
LY 9DORUSOXUDUtVWLFR
Y 3URFHVRVFRPSOHMRV²LQWHUUHODFLRQDGRV
YL ,QIOXHQFLDPX\DPSOLD
YLL 'LIHUHQWHVSHUVSHFWLYDV²SRUiQJXORV
YLLL $OFDQFHDPELJR²GLItFLOGHFRQILQDUHQiUHDV
L[ 0RYLPLHQWRVGLQiPLFRV²1RREVWDQWHHVWDEOH
6ROXFLyQGH3UREOHPDV
*HQHUDOPHQWHHVIiFLOLGHQWLILFDUSXQWRVIXHUWHVPLHQWUDVTXHHVGLItFLOEXVFDUORVSXQWRV
GpELOHV \DTXH VH HQFXHQWUDQ RFXOWRV 6LQ HPEDUJR HVWDV iUHDV SXHGHQVHU GHWHFWDGDV D
WUDYpVGHODQiOLVLVGHVXYHUGDGHUDVFDUDFWHUtVWLFDV
&XDQGRVHFXHQWDFRQPHWDVFODUDV\ODVDFFLRQHVSDUDORJUDUODPHWDVHLPSOHPHQWDQVLQ
GLILFXOWDGHV ORV UHVXOWDGRV VHUiQ ORV SODQHDGRV (Q FRQWUDVWH ODV GLVFUHSDQFLDV HQWUH ODV
PHWDV \ ORV UHVXOWDGRV VLJQLILFD TXH KDQ VXUJLGR DOJXQRV LPSUHYLVWRV (VWRV VH FRQRFHQ
FRPRODVFDXVDVGHOSUREOHPD
8WLOL]DQGR GDWRV GHO iUHD D PHMRUDU SXHGH LGHQWLILFDUVH IiFLOPHQWH DVt FRPR HO WUDEDMR
SUiFWLFR TXH GHEH UHDOL]DUVH &XDQGR HO WUDEDMR \ ODV WDUHDV VH UHYLVDQ GHVGH GLVWLQWRV
SXQWRV GH YLVWD \ VH UHPXHYH ODV FDXVDV YHUGDGHUDV HQWRQFHV ORV SUREOHPDV VH
WUDQVIRUPDQHQRSRUWXQLGDGHV
5HIHULUVHDORVSDVRVSDUDODVVROXFLRQHVGHSUREOHPDVHQ
ODYtD%iVLFDSDUD8WLOL]DUOD3ODQHDFLyQHO+DFHU\HO5HYLVDU
3XQWR,PSRUWDQWHGHO9DORU$JUHJDGR
3DUDUHVXPLUODLPSRUWDQFLDGHOYDORU$JUHJDGRFRQVLGpUHVHORVVLJXLHQWHVSXQWRV
(O9DORU$JUHJDGRVHFDOFXODUHVWDQGRGHODVYHQWDVHOYDORUGHODVREWHQLpQGRVHDVtORV
YHUGDGHURVLQJUHVRVQHWRVGHODHPSUHVD
(O 9DORU $JUHJDGR VH XWLOL]D WDQWR SDUD OOHYDU D FDER HO QHJRFLR DFWXDO GH OD HPSUHVD
FRPRSDUDDVLJQDUUHFXUVRVSDUDIXWXUDVLQYHUVLRQHV

/D KDELOLGDG SDUD JHQHUDU 9DORU $JUHJDGR SXHGH PHGLUVH D SDUWLU GH OD UD]yQ GH OD
SURGXFWLYLGDGGHO9DORU$JUHJDGRRVLPSOHPHQWHVHREWLHQHGHO9DORU$JUHJDGRSRU
HPSOHDGR6LQHPEDUJRGHEHH[DPLQDUVHFRQFXLGDGRODIXHQWH\VXVWHQWRGHODVFLIUDV
,QWHJUDU HO 9DORU $JUHJDGR DO VLVWHPD DGPLQLVWUDWLYR GH OD HPSUHVD \ OD REWHQFLyQ GH
EXHQRVUHVXOWDGRVDSDUWLUGHOHVWHORFRQYLHUWHHQXQDIRUWDOH]DGHODHPSUHVD
6LQHPEDUJRORVUHVXOWDGRVQRVHREWLHQHQGHIRUPDLQPHGLDWDSXHVHOSURFHVRHVOHQWR\
JUDGXDO8QLPSRUWDQWHSUHUHTXLVLWRHVTXHODHPSUHVDFRQR]FD\FRPSUHQGDHOVLJQLILFDGR
GH OD DSOLFDFLyQGHO 9DORU $JUHJDGR$GHPiVORVHPSOHDGRVGHEHQWUDEDMDU XQLGRV FRPR
XQHTXLSR
3XHGHQ REWHQHUVH EXHQRV UHVXOWDGRV D WUDYpV GH HVWH SURFHVR VL ODV SHUVRQDV GH OD
HPSUHVD HQWLHQGHQ HO VLJQLILFDGR GH OD DSOLFDFLyQ GHO 9DORU $JUHJDGR \ WUDEDMDQ MXQWRV
FRPRPLHPEURVGHXQHTXLSR

3. /D PHGLFLyQ GH OD 3URGXFWLYLGDG \ HO $QiOLVLV GHO 9DORU
$JUHJDGRD1LYHOGH(PSUHVD
/DPHGLFLyQGHO9DORU$JUHJDGRVHSXHGHLQLFLDUUHDOL]DQGRODPHGLFLyQGHHVWHDXQQLYHO
QDFLRQDOHQHVWHFDVRVHUtDHO31%3URGXFWR1DFLRQDO%UXWR\HO3,%3URGXFWR,QWHUQR
%UXWR FRQ HO ILQ GH GHWHUPLQDU OD ULTXH]D JHQHUDGD SRU OD HFRQRPtD QDFLRQDO
6HJXLGDPHQWHVHFRQVLGHUDUtDQORVQLYHOHVGHFRQWUROHLQGXFFLyQKDVWDOOHJDUDQLYHOHVPiV
EDMRVDOQLYHOGHVXEVHFWRUHVGRQGHVHSXHGHQLQLFLDUFRPSDUDFLRQHVGHODVRSHUDFLRQHV
DGPLQLVWUDWLYDV
6LQ HPEDUJR HO HQIRTXH SULQFLSDO VHUtD OOHJDU D OD PHGLFLyQ D QLYHO GH HPSUHVD
(VSHFtILFDPHQWH OD GLVFXVLyQ GHEH FHQWUDUVH HQ HO SUREOHPD GH OD PHGLFLyQ D QLYHO GH
HPSUHVD $XQTXH VH FXHQWD FRQ YDULRV PpWRGRV SDUD UHDOL]DU HVWDV PHGLFLRQHV
GHSHQGLHQGR GHO REMHWLYR WUD]DGR VyOR FRQWDQGR FRQ XQ PpWRGR XQLIRUPH VHUYLUi SDUD
UHDOL]DUFRPSDUDFLRQHV
3URGXFWLYLGDG
)yUPXOD
3URGXFWR
3URGXFWLYLGDG=
,QVXPR
6LJQLILFDGRGHOD)yUPXOD
,QGLFD TXp WDQ HILFLHQWH VH IXH OD SURGXFFLyQ SDUD REWHQHU ORV ELHQHV R VHUYLFLRV
GHVHDGRV
,QVXPR 6H UHILHUH D ORV IDFWRUHV GH SURGXFFLyQ FRQ pQIDVLV HQ ORV IDFWRUHV
WUDEDMR\FDSLWDO
,16802 0(','$'(/)$&725'(352'8&7,9,'$'
7UDEDMR 3URGXFWLYLGDGODERUDO
&DSLWDO 3URGXFWLYLGDGGHOFDSLWDO
3URGXFWR &RUUHVSRQGHDO9DORU$JUHJDGRHOFXDOHVHTXLYDOHQWHDOYDORUQHWRGHOD
SURGXFFLyQ (VWH VH REWLHQH DO UHVWDU HO YDORU GH ODV FRPSUDV D WHUFHURV R FRVWR
SDJDGRVSRUDGHODQWDGRDOYDORUGHODVYHQWDVRDOYDORUGHODSURGXFFLyQ
5HVXOWDGR
(QWUHPiVDOWDVHDODSURGXFWLYLGDGPiVHILFLHQWHVHUiODDGPLQLVWUDFLyQGHOQHJRFLR\
PD\RUVHUiODFRQWULEXFLyQDODHFRQRPtDQDFLRQDO

9DORU$JUHJDGR
)yUPXOD
D 0pWRGRGHO%DQFRGH-DSyQ(VWDGtVWLFDVGH1HJRFLRVHQ*UDQGHV(PSUHVDV
9DORU $JUHJDGR 8WLOLGDG SHULyGLFD FRVWR GHO SHUVRQDO FRVWRV ILQDQFLHURV
UHQWD*UDYDPHQ3~EOLFR&RVWRVGH'HSUHFLDFLyQ
E 0pWRGRGHOD$JHQFLDGH3HTXHxDV\0HGLDQDV(PSUHVDV
,QGXVWULD PDQXIDFWXUHUD FRPR UHJLVWUD HQ ODV HVWDGtVWLFDV VREUH tQGLFHV
$GPLQLVWUDWLYRVSDUDODSHTXHxD\PHGLDQDHPSUHVD
9DORU$JUHJDGR &DQWLGDG3URGXFLGD 3URGXFFLyQ²&RVWRGLUHFWRGHPDWHULDOHV

HO FRVWR GH OD FRPSUD GH SDUWHV FRVWRV SRU VXEFRQWUDWRV
FRVWRVLQGLUHFWRVGHPDWHULDOHV
/DVIyUPXODVDQWHULRUHVPXHVWUDQFyPRVHSXHGHREWHQHUHO9DORU$JUHJDGRDSDUWLU
GHGDWRVILQDQFLHURV
(/ PpWRGR GH DGLFLyQ LQFOX\H OD VXPD GH WRGRV ORV FRVWRV GH ORV IDFWRUHV GH
SURGXFFLyQLQFOXLGRVHQHOEDODQFHGHSpUGLGDV\JDQDQFLDV\ODGHFODUDFLyQGHFRVWRV
GHPDQXIDFWXUD(VWHPpWRGRVHFRQRFHFRPRHOPpWRGRGHO%DQFRGH-DSyQ
(OPpWRGRGHODUHVWDFRPRORLPSOLFDVXQRPEUHVHUHVWDQORVFRVWRVGHFRPSUDGH
ELHQHV\VHUYLFLRVGHOYDORUGHODVYHQWDVRGHODSURGXFFLyQ(VWHPpWRGRVHFRQRFH
FRPRHOPpWRGRGHOD$JHQFLDGH3HTXHxDV\0HGLDQDV(PSUHVDV
6LJQLILFDGR
7HyULFDPHQWHHO9DORU$JUHJDGRSXHGHFODVLILFDUVHHQEUXWR\QHWR
9DORU$JUHJDGR%UXWR
LQFOX\HFRVWRVGHGHSUHFLDFLyQ
9DORU$JUHJDGR
9DORU$JUHJDGR1HWR
1RLQFOX\HFRVWRVGHGHSUHFLDFLyQ
(O PpWRGR GHO %DQFR GH -DSyQ \ HO PpWRGR GH OD $JHQFLD GH 3HTXHxDV \ 0HGLDQDV
(PSUHVDV XWLOL]DQ HO 9DORU $JUHJDGR EUXWR SXHV DPERV PpWRGRV LQFOX\HQ ORV FRVWRV
GHGHSUHFLDFLyQ
F 0pWRGRGHO&HQWURGH3URGXFWLYLGDG-DSRQpV
9DORU$JUHJDGR 9DORUYHQWDVQHWDV²^&RVWRGHODV0DWHULDV3ULPDV&RVWRVILMRV

&RVWRV GH GHSUHFLDFLyQ LQYHQWDULRV LQLFLDOHV ² LQYHQWDULRV ILQDOHV
YDORUGHDMXVWHGHOYDORUDJUHJDGR

(Q HVWH PpWRGR VH DSOLFD HO 9DORU $JUHJDGR QHWR $GHPiV HVWH PpWRGR FRQHFWD DO
9DORU$JUHJDGRFRQODVFXHQWDVQDFLRQDOHV
G 'HILQLFLyQ$OFDQFH
&RVWRVGHOSHUVRQDO$VLJQDFLyQSDUDSHQVLRQHVLQFOX\HQGRODSURYLVLyQSDUDOD
DFWXDOL]DFLyQ GH SHQVLRQHV ERQRV SUHVWDFLRQHV OHJDOHV \ FRVWRV GH ELHQHVWDU
DGHPiVGHORVVXHOGRV\VDODULRV
&RVWRVILQDQFLHURV&RVWRVGHLQWHUHVHV\GHVFXHQWRVLQFOX\HQGRORVLQWHUHVHV
GH ORV ERQRV GH OD FRPSDxtD OD DPRUWL]DFLyQ GHO YDORU GH ORV ERQRV \ OD
DPRUWL]DFLyQ GH ORV JDVWRV GH HPLVLyQ GH ERQRV 'LVWULEXFLyQ D LQYHUVLRQLVWDV
H[WHUQRVDODHPSUHVD
&RVWRV GH GHSUHFLDFLyQ 6RQ ORV IRQGRV DSURSLDGRV SDUD HVWD FDWHJRUtD \ TXH
ILJXUDQ HQ OD FXHQWD GH SpUGLGDV \ JDQDQFLDV 1R VH LQFOX\H OD GHSUHFLDFLyQ
HVSHFLDODVLJQDGDDSpUGLGDVH[WUDRUGLQDULDV
3URGXFWLYLGDG/DERUDO
)yUPXOD
9DORU$JUHJDGR
3URGXFWLYLGDG/DERUDO,
1RGH(PSOHDGRV
9DORU$JUHJDGR
3URGXFWLYLGDG/DERUDO,,
&RVWRGHO3HUVRQDO
8WLOL]DHOSURPHGLRGHQ~PHURGHHPSOHDGRVSURPHGLRGHFRVWRGHSHUVRQDO
(O Q~PHUR GH HPSOHDGRV HQ HO GHQRPLQDGRU GH OD SULPHUD IyUPXOD LQFOX\H D ORV
HMHFXWLYRVGLUHFWLYRV\DXGLWRUHV\VHUHILHUHDOWRWDOGHHPSOHDGRVLQFOX\HQGRORVGH
WLHPSRSDUFLDO\ORVGHWLHPSRFRPSOHWR/DIyUPXOD,VHUHILHUHDODGLVWULEXFLyQGHO
9DORU $JUHJDGR HQWUH HO Q~PHUR GH HPSOHDGRV R OD FRQWULEXFLyQ GH FDGD XQR D OD
JHQHUDFLyQGHOHVWH
/D IyUPXOD ,, VH UHILHUH D OD SURGXFWLYLGDG SRU HO YDORU GHO FRVWR GH SHUVRQDO \
UHSUHVHQWD HO GHVHPSHxR GH OD SURGXFWLYLGDG GHO 9DORU $JUHJDGR GHO VDODULR HQ OD
HPSUHVD(QHVWHFDVRVHVXSRQHTXHODSURGXFWLYLGDGODERUDOSHUPDQHFHUiFRQVWDQWH
HQHOODUJRSOD]R
6HHQIDWL]DHVWHSXQWRGHYLVWDSRUTXHVHREVHUYDTXHODSURGXFWLYLGDGSRUHOYDORUGHO
FRVWR GHO SHUVRQDO GLVPLQX\H D SHVDU GHO DXPHQWR GH OD SURGXFWLYLGDG SRU SHUVRQD
HVWRV FDVRV VH REVHUYDQ HQ HPSUHVDV GRQGH OD UD]yQ HQWUH TXLHQHV REWLHQHQ ORV
PHMRUHVVDODULRV\ODIXHU]DODERUDOHVDOWD

5HVXOWDGR
6HJ~Q OD SXEOLFDFLyQ GHO %DQFR GH -DSyQ ´ (VWDGtVWLFDV GH 1HJRFLRV GH *UDQGHV
(PSUHVDVµ GH OD SURGXFWLYLGDG SRU SHUVRQD GH OD LQGXVWULD HV HQ SURPHGLR
PLOORQHV GH \HQV PLHQWUDV TXH OD SURGXFWLYLGDG ODERUDO SURPHGLR GH OD
LQGXVWULDPDQXIDFWXUHUDHVGHPLOORQHVGH\HQV
$GHPiVHO9DORU$JUHJDGRSRUSHUVRQDHVGH PLOORQHVGH\HQVHQODLQGXVWULD
PDQXIDFWXUHUD FRQ XQ Q~PHUR SURPHGLR GH HPSOHDGRV GH GH DFXHUGR D
´'LUHFWRULR$GPLQLVWUDWLYRSDUDOD3HTXHxD\0HGLDQD(PSUHVDµ
3XQWRVD&RQVLGHUDU
6HGHEHSUHVWDUHVSHFLDODWHQFLyQDOKHFKRTXHVHSUHVHQWDQYDULDFLRQHVFRQVLGHUDEOHV
VHJ~QHOWLSRGHLQGXVWULD
(VPiVHO&HQWURGH3URGXFWLYLGDG-DSRQpVKDYHQLGRSURPRYLHQGRODSURGXFWLYLGDGD
WUDYpV GHO DSR\R D WUHV SULQFLSLRV GH OD SURGXFWLYLGDG GHVGH VX FUHDFLyQ HQ
(VWRV VRQ EXVFDU XQ LQFUHPHQWR GH HPSOHR XQLU D ORV WUDEDMDGRUHV \ OD
DGPLQLVWUDFLyQSDUDUHDOL]DUFRQVXOWDVORJUDUXQDGLVWULEXFLyQMXVWD/RTXHVLJQLILFD
TXH´WDQWRORVWUDEDMDGRUHVFRPRODDGPLQLVWUDFLyQGHEHQFRPSUHQGHUWRWDOPHQWHVX
UHVSRQVDELOLGDG FRUSRUDWLYD FRQ OD VRFLHGDG GHVGH HO SXQWR GH YLVWD GH OD HFRQRPtD
QDFLRQDOµ
&DQWLGDG9HQGLGD&DQWLGDGGH3URGXFFLyQSRU3HUVRQD
)yUPXOD
&DQWLGDG9HQGLGD
&DQWLGDG9HQGLGD &DQWLGDGGH3URGXFFLyQ
&DQWLGDGGH3URGXFFLyQ =
1~PHURGH(PSOHDGRV
SRU3HUVRQD
3URPHGLR
/DSURGXFWLYLGDGODERUDOVHSXHGHH[SUHVDUGHODVLJXLHQWHPDQHUD
9DORU$JUHJDGR
3URGXFWLYLGDGODERUDO =
1~PHURGH(PSOHDGRV
3URPHGLR
&DQWLGDG9HQGLGD 9DORU$JUHJDGR
= X
1~PHURGH(PSOHDGRV &DQWLGDG9HQGLGD&DQWLGDG
3URPHGLR GH3URGXFFLyQ
&DQWLGDGYHQGLGDSRU 5D]yQGHO9DORU$JUHJDGR
HPSOHDGR

8QUHTXHULPLHQWRIXQGDPHQWDOHVFDOFXODUODFDQWLGDGGHSURGXFFLyQSRUSHUVRQDSDUD
DQDOL]DU OD SURGXFWLYLGDG VLQ HPEDUJR HQ HVWH FDVR VH XWLOL]DUi GLFKD FDQWLGDG FRPR
LQGLFDGRUGHODSURGXFFLyQEUXWDSRUSHUVRQD3XHVWRTXHODFDQWLGDGGHSURGXFFLyQ
SRUSHUVRQDHVPX\GLItFLOGHREWHQHUGHOHVWDGRGHSpUGLGDV\JDQDQFLDV
5HVXOWDGR
&LHUWDPHQWHODFDQWLGDGYHQGLGDSRUSHUVRQDGLILHUHFRQVLGHUDEOHPHQWHGHSHQGLHQGR
GHO WLSR GH LQGXVWULD VLQ HPEDUJR GH DFXHUGR FRQ OD SXEOLFDFLyQ ´(VWDGtVWLFD GH
1HJRFLRVµGHO%DQFRGHO-DSyQGHODFDQWLGDGSURPHGLRYHQGLGDSRUSHUVRQDHQ
HO WRWDO GH OD LQGXVWULD HV GH PLOORQHV GH \HQV PLHQWUDV TXH OD FDQWLGDG
SURPHGLR HQ OD LQGXVWULD PDQXIDFWXUHUD HV GH PLOORQHV GH \HQV 3RU RWUD
SDUWHODFDQWLGDGSURPHGLRSURGXFLGDSRUSHUVRQDHQODLQGXVWULDPDQXIDFWXUHUDHVGH
PLOORQHV GH \HQV VHJ~Q OD HGLFLyQ GHO ´'LUHFWRULR $GPLQLVWUDWLYR SDUD OD
3HTXHxD\0HGLDQD(PSUHVDµGHOPLVPRDxR
3XQWRVD&RQVLGHUDU
6HGHEHSUHVWDUXQDDWHQFLyQHVSHFLDODODVFDUDFWHUtVWLFDVGHWHUPLQDGDVGHFDGDWLSR
GHLQGXVWULD
5D]yQ5HODFLRQDGD
5D]yQHQWUHSHUVRQDO\HTXLSR\ODUD]yQGHXWLOL]DFLyQGHODFDSDFLGDG
)yUPXOD
9DORU$JUHJDGR
5D]yQGHO9DORU$JUHJDGR = ;
&DQWLGDG9HQGLGD
&DQWLGDGGH3URGXFFLyQ
/DUD]yQGHO9DORU$JUHJDGRDOLJXDOTXHODFDQWLGDGYHQGLGDSRUSHUVRQDFRQVWLWX\HQ
XQIDFWRUPX\LPSRUWDQWHGHODSURGXFWLYLGDGODERUDO1DWXUDOPHQWHODUD]yQGHO9DORU
$JUHJDGRGHEHVHUPD\RUSDUDORJUDUXQDPD\RUFRPSHWLWLYLGDGEDVDGDHQXQPD\RU
9DORU$JUHJDGR
3RURWURODGRODUD]yQGHO9DORU$JUHJDGRWDPELpQVHSXHGHHVWLPDUGHODVLJXLHQWH
PDQHUD
&RVWRVSDJDGRVSRU
²5D]yQGH3DJRVSRU$GHODQWDGR DQWLFLSDGR
'RQGHUD]yQGHSDJRVSRUDGHODQWDGR =
&DQWLGDG9HQGLGD
&DQWLGDG3URGXFLGD

/RFRQWUDULRDODUD]yQGHO9DORU$JUHJDGRHVODUD]yQGHSDJRVSRUDQWLFLSDGR
$GLFLRQDOPHQWHODFDQWLGDGYHQGLGDLQFOXLGDHQHOSXQWRGHHTXLOLEULRVHHVWLPDDSDUWLU
GHODVLJXLHQWHIyUPXODGHOSXQWRGHHTXLOLEULR3(
&RVWR)LMR
&DQWLGDG9HQGLGDHQ3( =
²5D]yQGHO&RVWR9DULDEOH
'RQGH5D]yQGHOPDUJHQGHXWLOLGDG ²5D]yQGHO&RVWR9DULDEOH
3XHGHREVHUYDUVHHQHOGHQRPLQDGRUGHODIyUPXODDQWHULRUTXHODUD]yQGHODXWLOLGDG
PDUJLQDO HVWi FRQHFWDGD FRQ OD XWLOLGDG \D TXH FXDOTXLHU PHMRUDPLHQWR HQ HO 9DORU
$JUHJDGRGLVPLQX\HHOSXQWRGHHTXLOLEULR(VWRVHEDVDHQHOVXSXHVWRTXHODUD]yQGH
ODXWLOLGDGPDUJLQDOVHDSUR[LPDDODUD]yQGHO9DORU$JUHJDGRGDGRTXHODPD\RUtDGH
ORVFRVWRVYDULDEOHVFDHQGHQWURGHORVFRVWRVSDJDGRVSRUDQWLFLSDGR
3RU OR WDQWR HV FUXFLDO UHYLVDU HQ GHWDOOH ORV FRVWRV SDJDGRV SRU DQWLFLSDGR SRU
HMHPSOR OD UD]yQ GH FRVWR GH PDWHULDOHV \ OD UD]yQ GH SXEOLFLGDG SDUD YHQWDV HWF
SDUD GHWHUPLQDU SRUTXp HO 9DORU $JUHJDGR HV DOWR R EDMR (VWH D VX YH] TXHGDUi
UHODFLRQDGR FRQ WHPDV GH ODV FXHQWDV GH OD HFRQRPtD QDFLRQDO OD PDQHUD FRPR VH
XWLOL]DQGHISUPDHIHFWLYDORVUHFXUVRVOLPLWDGRV
5HVXOWDGR
(O 9DORU $JUHJDGR GLILHUH FRQVLGHUDEOHPHQWH GHSHQGLHQGR GHO WLSR GH LQGXVWULD 'H
DFXHUGR DO HMHPSODU GH ´(VWDGtVWLFD GH 1HJRFLRVµ GHO %DQFR GHO -DSyQ GH HO
9DORU$JUHJDGRVHFDOFXODSRUHOPpWRGRGHO%DQFRGH-DSyQHO9DORU$JUHJDGRHVGH
HQ SURPHGLR SDUD HO WRWDO GH OD LQGXVWULD PLHQWUDV TXH SDUD OD LQGXVWULD
PDQXIDFWXUHUDHV/DV LQGXVWULDV FRQ PD\RU UD]yQ GH 9DORU $JUHJDGR VRQ OD
IDUPDFpXWLFDODLQGXVWULDGHOFDXFKR\ODGHWUDQVSRUWHV
3XQWRVD&RQVLGHUDU
/DUD]yQGHFRVWRSDJDGRSRUDQWLFLSDGRGHEHVHUREMHWRGHPD\RUHVWXGLR\DTXH
VHUHILHUHDORVFRQWUDWRVFRQWHUFHURV
6HGHEHSUHVWDUXQDDWHQFLyQHVSHFLDODODVFDUDFWHUtVWLFDVGHFDGDWLSRSDUWLFXODUGH
LQGXVWULD
5D]yQ5HODFLRQDGD
3URGXFWLYLGDG ODERUDO &DQWLGDG 9HQGLGD SRU 3HUVRQD &DQWLGDG 3URGXFLGD SRU
3HUVRQD

5D]yQGHO7UDEDMR²(TXLSRV
)yUPXOD
$FWLYRV)LMRV7DQJLEOHV
([FOX\HHGLILFLRVHQFRQVWUXFFLyQ
5D]yQ7UDEDMR(TXLSRV =
1~PHURGH(PSOHDGRV
8WLOL]DYDORUHVSURPHGLRV
/DUD]yQGHODSURGXFFLyQEUXWDSRUSHUVRQDSXHGHGLYLGLUVHHQODUD]yQGHWUDEDMR\
HTXLSRV \ OD UD]yQ GH XWLOL]DFLyQ GHO HTXLSR FRPR VH PXHVWUD HQ ODV VLJXLHQWHV
IyUPXODV
&DQWLGDG9HQGLGD
&DQWLGDG9HQGLGDSRU3HUVRQD &DQWLGDGGH3URGXFFLyQ
&DQWLGDGGH3URGXFFLyQ =
1~PHURGH(PSOHDGRV
$FWLYRV)LMRV7DQJLEOHV &DQWLGDG9HQGLGD
([FOX\HHGLILFLRVHQFRQVWUXFFLyQ &DQWLGDGGH3URGXFFLyQ
= X
1~PHURGH(PSOHDGRV $FWLYRV)LMRV7DQJLEOHV
/DUD]yQWUDEDMR\HTXLSRVVHUHILHUHDODFDQWLGDGGHLQYHUVLyQHQHTXLSRSRUSHUVRQD
(QWUHPD\RUVHDHVWDUD]yQODLQYHUVLyQHQUDFLRQDOL]DFLyQVHKDFHPiVDYDQ]DGD(VWR
HV LQHYLWDEOH SDUD OD SODQHDFLyQ GHO PHMRUDPLHQWR GH OD SURGXFWLYLGDG
&RQVHFXHQWHPHQWH HVWR WDPELpQ VH UHODFLRQD FRQ OD WDVD GH FUHFLPLHQWR GH OD
HFRQRPtD QDFLRQDO D WUDYpV GH ORV H[FHGHQWHV JHQHUDGRV SRU OD LQYHUVLyQ GH ODV
FRUSRUDFLRQHV&RPRUHIHUHQFLDODUD]yQWUDEDMR\HTXLSRVVHH[SUHVDHQWpUPLQRVGH
FDQWLGDG\QRGHSRUFHQWDMH
5HVXOWDGR
(QJHQHUDOODUD]yQWUDEDMR\HTXLSRVWLHQGHDVXELUPiVHQODVLQGXVWULDVGHSURFHVRV
TXH HQ ODV LQGXVWULDV GH PDQR GH REUD LQWHQVLYD 8QD UD]yQ WUDEDMR \ HTXLSRV DOWD
PXHVWUD TXH OD LQYHUVLyQ HQ UDFLRQDOL]DFLyQ KD DOFDQ]DGR XQD HWDSD DYDQ]DGD 6LQ
HPEDUJR WDPELpQ VH SXHGH LQWHUSUHWDU FRPR XQD VREUH LQYHUVLyQ HQ HO QHJRFLR
(QWUHWDQWRVLODPD\RUtDGHORVHTXLSRVVHWLHQHQHQDUUHQGDPLHQWRVXUJHODQHFHVLGDG
GH DxDGLU HVWH FRVWR D ORV FRVWRV ILMRV WDQJLEOHV FRQVLGHUiQGRORV FRPR SDUWH GH OD
LQYHUVLyQHQHTXLSR

3XQWRVD&RQVLGHUDU
/DH[LVWHQFLDGHXQDVREUHLQYHUVLyQ
(OJUDGRGHDUUHQGDPLHQWRROHDVLQJILQDQFLHUR
5D]RQHV5HODFLRQDGDV
&DQWLGDG 9HQGLGD &DQWLGDG GH 3URGXFFLyQ SRU 3HUVRQD 5D]yQ GH XWLOL]DFLyQ GHO
HTXLSR
5D]yQWUDEDMR\HTXLSRVHQ´(VWDGtVWLFDGH1HJRFLRVGH*UDQGHV(PSUHVDVµGHO%DQFR
GHO-DSyQ
,QGXVWULD0DQXIDFWXUHUD PLOORQHVGH<HQV
,QGXVWULD&RPHUFLDO PLOORQHVGH<HQV
5D]yQGHOD8WLOL]DFLyQGHO(TXLSR
)yUPXOD
5D]yQGH8WLOL]DFLyQGHO(TXLSRWDVDGHUHWRUQR
VREUHORVDFWLYRVILMRVWDQJLEOHV
5D]yQGH &DQWLGDG9HQGLGD
8WLOL]DFLyQ =
GHO(TXLSR $FWLYRV)LMRV7DQJLEOHV
/D UD]yQ GH XWLOL]DFLyQ GHO HTXLSR MXQWR FRQ OD UD]yQ WUDEDMR \ HTXLSRV FRQVWLWX\HQ
IDFWRUHVLPSRUWDQWHVHQODSURGXFFLyQEUXWDSRUSHUVRQD1DWXUDOPHQWHHQWUHPD\RU
VHD ODUD]yQGHXWLOL]DFLyQ GHO HTXLSR PiV DFWLYDV VHUiQ ODV RSHUDFLRQHV SURGXFWLYDV
6LQHPEDUJREDViQGRVHHQFDVRVDQWHULRUHVSRVLEOHPHQWHHVWDQRHVQHFHVDULDPHQWH
FLHUWDFRPRORHVHOFDVRHQTXHORVYLHMRVHTXLSRVVRQXWLOL]DGRVVLQUHDOL]DUQLQJXQD
LQYHUVLyQHQODUDFLRQDOL]DFLyQ(QHVWDVLWXDFLyQODXWLOL]DFLyQGHOHTXLSRHVPX\DOWD
(QFRQWUDVWHFRQVLGpUHVHXQFDVRGRQGHHOHTXLSRQRHVWRWDOPHQWHXWLOL]DGRGHELGRD
VREUHLQYHUVLyQ3RUORWDQWRODUD]yQGHXWLOL]DFLyQGHOHTXLSRHVPX\EDMD
3RUFRQVLJXLHQWHVHUi\DFXHVWLyQGHODDGPLQLVWUDFLyQTXpGHFLGLU
5HVXOWDGRV
*HQHUDOPHQWHODUD]yQGHXWLOL]DFLyQGHOHTXLSRWLHQGHDVHUPD\RUHQLQGXVWULDVGH
PDQR GH REUD LQWHQVLYD GRQGH VH FXHQWD FRQ XQD PHQRU FDQWLGDG GH HTXLSRV
PLHQWUDV TXHHVWDWLHQGHDVHUPHQRUHQLQGXVWULDVGHSURFHVRVGRQGHHVQHFHVDULR
FRQWDUFRQXQDDOWDLQYHUVLyQHQSODQWD\HTXLSR
+DEODQGR GH OD UD]yQ GH XWLOL]DFLyQ GHO HTXLSR FRPR WDO HV YHUGDG TXH HQWUH ´0iV
$OWR0HMRUµSHURQRVHSXHGHOOHJDUDODFRQFOXVLyQTXHHQWRGDVODVRFDVLRQHVHVWRHV
LQFRQGLFLRQDOPHQWHFLHUWR
(V QHFHVDULR UHDOL]DU XQ MXLFLR JHQHUDO WHQLHQGR HQ FXHQWD ODV FDUDFWHUtVWLFDV
SDUWLFXODUHVGHFDGDWLSRGHLQGXVWULDHWF

3XQWRVD&RQVLGHUDU
/DH[LVWHQFLDGHXQDVREUHLQYHUVLyQ
(O JUDGR GH DUUHQGDPLHQWR R OHDVLQJ ILQDQFLHUR GHSHQGLHQGR GH OD FDWHJRUtD GHO
HTXLSR
5D]yQ5HODFLRQDGD
&DQWLGDGYHQGLGD&DQWLGDGGH3URGXFFLyQSRUSHUVRQDUD]yQWUDEDMR\HTXLSR
5D]yQGH8WLOL]DFLyQGHO(TXLSR
´(VWDGtVWLFDGH1HJRFLRVGH*UDQGHV(PSUHVDVGHO%DQFRGHO-DSyQµ
,QGXVWULD &RPHUFLDO
Tasa de Rotación (Frecuencia)
3
,QGXVWULD 0DQXIDFWXUHUD
2
0
1977 1978 1979 1990 1991
AÑO
3URGXFWLYLGDGGHO&DSLWDO7RWDO(ILFLHQFLDGHO&DSLWDO7RWDO,QYHUWLGR
3URGXFWLYLGDGGHO&DSLWDO7RWDO 9DORU$JUHJDGR
(ILFLHQFLDGHO&DSLWDO7RWDO = ;
,QYHUWLGR 3DVLYR7RWDO\9DORU1HWR
/D HILFLHQFLD GHO FDSLWDO WRWDO LQYHUWLGR VH UHODFLRQD FRQ OD SURGXFWLYLGDG GHO FDSLWDO
WRWDO TXH PLGH TXp WDQWR GHO SRUFHQWDMH GHO 9DORU $JUHJDGR VH JHQHUD D WUDYpV GHO
WRWDOGHFDSLWDOLQYHUWLGRSDUDODRSHUDFLyQGHODRUJDQL]DFLyQ

´/D HILFLHQFLD GHO FDSLWDO WRWDO LQYHUWLGRµ HV HO WpUPLQR XWLOL]DGR HQ OD SXEOLFDFLyQ
´(VWDGtVWLFDGH1HJRFLRVGH*UDQGHV(PSUHVDVµGHO%DQFRGHO-DSyQ
5HVXOWDGR
/DHILFLHQFLDGHOFDSLWDOWRWDOLQYHUWLGRVHSXHGHGLYLGLUHQODURWDFLyQGHOFDSLWDOWRWDO\
ODUD]yQGH9DORU$JUHJDGR
(ILFLHQFLD GHO &DSLWDO 7RWDO ,QYHUWLGR
(ILFLHQFLD GHO &DSLWDO = 9DORU $JUHJDGR
7RWDO ,QYHUWLGR ;
3DVLYR WRWDO \ 9DORU 1HWR
&DQWLGDG 9HQGLGD
&DQWLGDG 3URGXFLGD Valor Agregado
= X
3DVLYR WRWDO \ 9DORU 1HWR &DQWLGDG 9HQGLGD
&DQWLGDG 3URGXFLGD
8WLOL]D YDORUHV SURPHGLRV
5D]RQHV5HODFLRQDGDV
'H ODV IyUPXODVDQWHULRUHVVH GHVSUHQGH TXH VH GHEH H[DPLQDU WDQWR OD URWDFLyQ GHO
FDSLWDOWRWDOFRPRODUD]yQGH9DORU$JUHJDGR
(ILFLHQFLDGHOFDSLWDOWRWDOLQYHUWLGRWRPDGRGH´(VWDGtVWLFDGH1HJRFLRVGH
*UDQGHV(PSUHVDVµSXEOLFDGRSRUHO%DQFRGHO-DSyQ
3DUDHO$xR
&ODVLILFDFLyQSRUWLSRGH,QGXVWULD 5D]yQ
,QGXVWULD0DQXIDFWXUHUD
5DPDV
&RQIHFFLRQHV3URGXFWRVOiFWHRV
&HUYH]D/LFRUHV
,QGXVWULD4XtPLFD
(OHFWUyQLFD0HFiQLFD
$XWRPRWUL]
,QGXVWULD&RPHUFLDO
,QGXVWULDGHOD&RQVWUXFFLyQ
,QGXVWULDGH6HUYLFLRV

3URGXFWLYLGDGGHO&DSLWDOHQ(TXLSRV\0DTXLQDULD(ILFLHQFLDGH
OD,QYHUVLyQHQ(TXLSRV\0DTXLQDULD
)yUPXOD
3URGXFWLYLGDGGHO&DSLWDOHQ 9DORU$JUHJDGR
(TXLSRV\0DTXLQDULD ;
(ILFLHQFLDGH,QYHUVLyQHQ(TXLSRV
=
$FWLYRV)LMRV7DQJLEOHV
\0DTXLQDULD
([FOX\HHGLILFLRVHQ
FRQVWUXFFLyQ
/DSURGXFWLYLGDGGHOFDSLWDOHQHTXLSRV\PDTXLQDULDVHUHODFLRQDFRQODHILFLHQFLDGHOD
LQYHUVLyQ HQ HTXLSRV \ PDTXLQDULD OD FXDO PLGH TXp WDQWR GHO SRUFHQWDMH GHO 9DORU
$JUHJDGRVHJHQHUDDWUDYpVGHODLQYHUVLyQTXHKDFHODRUJDQL]DFLyQSDUDRSHUDU(O
WpUPLQR´(ILFLHQFLDGH,QYHUVLyQHQ(TXLSRV\0DTXLQDULDµVHXWLOL]DHQODSXEOLFDFLyQ
GHO %DQFR GHO -DSyQ WLWXODGD ´(VWDGtVWLFD GH 1HJRFLRV GH *UDQGHV (PSUHVDVµ /D
SURGXFWLYLGDGGHOFDSLWDOHQHTXLSRV\PDTXLQDULDWDPELpQVHUHILHUHDODSURGXFWLYLGDG
GHPDTXLQDULD\HTXLSRVHOHFFLRQDGRVHQSHTXHxDV\PHGLDQDVHPSUHVDV
5HVXOWDGR
/D SURGXFWLYLGDG GHO FDSLWDO HQ HTXLSR \ PDTXLQDULD SXHGH GLYLGLUVH HQ UD]yQ GH
XWLOL]DFLyQGHODPDTXLQDULDUD]yQGHURWDFLyQGHORVDFWLYRVILMRV\ODUD]yQGH9DORU
$JUHJDGR
3URGXFWLYLGDG GHO &DSLWDO= 9DORU $JUHJDGR ;

HQ (TXLSRV \ 0DTXLQDULD $FWLYRV )LMRV 7DQJLEOHV
([FOX\H HGLILFLRV HQ
FRQVWUXFFLyQ
&DQWLGDG 9HQGLGD
&DQWLGDG 3URGXFLGD ;;
9DORU $JUHJDGR
=
$FWLYRV )LMRV 7DQJLEOHV &DQWLGDG 9HQGLGD
([FOX\H HGLILFLRV HQ &DQWLGDG 3URGXFLGD
FRQVWUXFFLyQ
8WLOL]D YDORUHV SURPHGLRV
3XQWRVD&RQVLGHUDU
([DPLQDU WDQWR OD UD]yQ GH XWLOL]DFLyQ GH PDTXLQDULD FRPR OD UD]yQ GH 9DORU
$JUHJDGR

3UHVWDU DWHQFLyQ HVSHFLDO DO JUDGR GH XWLOL]DFLyQ GH ORV DOTXLOHUHV ILQDQFLHURV (O
DOTXLOHUILQDQFLHURVHGHEHLQFOXLUHQODPDTXLQDULDVLHOORHVQHFHVDULR
3URGXFWLYLGDGGHO&DSLWDOHQ(TXLSR\0DTXLQDULD 7RPDGRGHO´(VWDGtVWLFDGH1HJRFLRV
GH*UDQGHV(PSUHVDVµSXEOLFDGRSRUHO%DQFRGHO-DSyQ
150
140
&RPHUFLR
Productividad de Capital de Equipo y Maquinaria (%)
130
120
110
100
0DQXIDFWXUD
90
80
70
60
50
40
30
20
10
0
82 83 84 85 86 87 88 89 90 91
Años
5D]yQGH,QWHQVLGDGGHO&DSLWDO
)yUPXOD
,QWHQVLGDGGHO&DSLWDO 3DVLYR7RWDO\9DORU1HWR
UD]yQ =
1~PHURGH(PSOHDGRV
8WLOL]DUYDORUSURPHGLR

/DLQWHQVLGDGGHOFDSLWDOVHUHILHUHDODUD]yQGHOFDSLWDOWRWDOGHPDTXLQDULD\HTXLSR
SRUHPSOHDGR7DPELpQVHSXHGHUHIHULUDODUD]yQWUDEDMR\HTXLSRVHQVHQWLGRPiV
DPSOLR
/D SURGXFWLYLGDG ODERUDO VH HVWLPD DO PXOWLSOLFDU OD SURGXFWLYLGDG GHO FDSLWDO WRWDO
HILFLHQFLD GHO FDSLWDO WRWDO LQYHUWLGR SRU OD UD]yQ GH LQWHQVLGDG GHO FDSLWDO FRPR VH
9DORU$JUHJDGR
3URGXFWLYLGDG 3DVLYR7RWDO\9DORU1HWR
/DERUDO = X
3DVLYR7RWDO\9DORU 1XPHURGH(PSOHDGRV
1HWR 5D]yQGH,QWHQVLGDGGH&DSLWDO
3URGXFWLYLGDGGHO
&DSLWDO7RWDO
9DORU$JUHJDGR
=
1XPHURGH(PSOHDGRV
8WLOL]DUYDORUHVSURPHGLRV
3RUHMHPSOR
3URGXFWLYLGDG7RWDOGHO&DSLWDO
9DORU$JUHJDGR0LOORQHV
;
3DVLYR 7RWDO \ 9DORU 1HWR
PLOORQHV 3URGXFWLYLGDG
; /DERUDO
3DVLYR7RWDO\9DORU1HWR PLOORQHV
PLOORQHV
PLOORQHV
5D]yQGH,QWHQVLGDGGHO&DSLWDO7RWDO
1~PHURGH(PSOHDGRV
3HUVRQDV

´5D]yQGHLQWHQVLGDGGHOFDSLWDOµHVXQWpUPLQRXWLOL]DGRHQ´(VWDGtVWLFDGH1HJRFLRV
GH*UDQGHV(PSUHVDVµSXEOLFDGRSRUHO%DQFRGHO-DSyQ
5HVXOWDGR
*HQHUDOPHQWH ODV FRQGLFLRQHV VRQ PHMRUHV FXDQGR ODV UD]RQHV GH LQWHQVLGDG GHO
FDSLWDO VRQ DOWDV 3HUR HV LPSRUWDQWH GHVWDFDU TXH OD UD]yQ GH LQWHQVLGDG GHO FDSLWDO
WDPELpQFRQOOHYDSUREOHPDVHQWpUPLQRVGHH[FHVRGHFDSLWDOVLODUD]yQHVPX\DOWD
3XQWRVD&RQVLGHUDU
<D TXH OD LQWHQVLGDG GHO FDSLWDO UHODFLRQD OD SURGXFWLYLGDG GHO FDSLWDO FRQ OD
SURGXFWLYLGDG ODERUDO HV LPSRUWDQWH TXH VH HYLWH OD HYDOXDFLyQ LQGHSHQGLHQWH GH OD
LQWHQVLGDGGHOFDSLWDO(VWHVHGHEHH[DPLQDUHQUHODFLyQDODSURGXFWLYLGDGGHOFDSLWDO\
DODSURGXFWLYLGDGODERUDO
3DUWLFLSDFLyQ 5HODWLYD GHO 7UDEDMR 5D]yQ GH 'LVWULEXFLyQ

/DERUDO
)yUPXOD
&RVWRV GHO 3HUVRQDO

3DUWLFLSDFLyQ5HODWLYDGHO7UDEDMR
= ;
5D]yQGHGLVWULEXFLyQODERUDO
9DORU$JUHJDGR
/D SDUWLFLSDFLyQ UHODWLYD GHO WUDEDMR UD]yQ GH GLVWULEXFLyQ ODERUDO VH UHILHUH DO
SRUFHQWDMH GH ORV FRVWRV GHO SHUVRQDO HQ HO 9DORU $JUHJDGR /RV FRVWRV GHO SHUVRQDO
SHUWHQHFHQ DO WUDEDMR FXDQGR VH KDFH UHIHUHQFLD D ORV IDFWRUHV GH SURGXFFLyQ
HVSHFtILFDPHQWH HO FDSLWDO \ HO WUDEDMR <D TXH HVWD UD]yQ HV OD SDUWH DWULEXLGD DO
WUDEDMRVXVIOXFWXDFLRQHVWLHQHQJUDQLPSRUWDQFLDGHVGHHOSXQWRGHYLVWDGHOD´MXVWD
GLVWULEXFLyQµHQWUHWUDEDMDGRUHV\ODDGPLQLVWUDFLyQ
3RUHOFRQWUDULRVLVHREWLHQHHOUHFLSURFRGHODIyUPXODDQWHULRUVHREWLHQH
9DORU$JUHJDGR
&RVWRVGHO3HUVRQDO
4Xp HV OD SURGXFWLYLGDG SRU HO FRVWR GH SHUVRQDO R OD SURGXFWLYLGDG GHO 9DORU
$JUHJDGRFRQUHVSHFWRDVDODULRV
(VWRVLJQLILFDTXHODSDUWLFLSDFLyQUHODWLYDGHOWUDEDMR5D]yQGHGLVWULEXFLyQODERUDO
GHEH SUHIHULEOHPHQWH VHU ILMD R FRQVWDQWH R FUHFLHQWH HQ HO ODUJR SOD]R FRPR

FRQGLFLyQSDUDODVXSHUYLYHQFLDGHODHPSUHVD/DSURGXFWLYLGDGGHO9DORU$JUHJDGR
UHVSHFWRDVDODULRVSXHGHGLYLGLUVHHQ
3URGXFWLYLGDGGHO9DORU$JUHJDGRUHVSHFWRD6DODULRV
&DQWLGDG YHQGLGD
9DORU $JUHJDGR 1R GH (PSOHDGRV R SURGXFLGD 9DORU $JUHJDGR
= X X
&RVWR GHO 3HUVRQDO &RVWR GHO 1R GH (PSOHDGRV &DQWLGDG YHQGLGD
3HUVRQDO R SURGXFLGD
(V PiV OD SDUWLFLSDFLyQ UHODWLYD GHO WUDEDMR UD]yQ GH GLVWULEXFLyQ ODERUDO SXHGH
GLYLGLUVH HQ HO QLYHO GH FRVWR GH SHUVRQDO \ HQ OD SURGXFWLYLGDG ODERUDO FRPR VH

&RVWRVGHO3HUVRQDO
3DUWLFLSDFLyQ5HODWLYDGHO7UDEDMR ;
5D]yQGHGLVWULEXFLyQODERUDO =
9DORU$JUHJDGR
&RVWRVGHO3HUVRQDO 9DORU$JUHJDGR
= +
1R GH HPSOHDGRV 1R GH HPSOHDGRV
5HVXOWDGRV3XQWRVD&RQVLGHUDU
3RU HMHPSOR OD SDUWLFLSDFLyQ UHODWLYD GHO WUDEDMR UD]yQ GH GLVWULEXFLyQ ODERUDO VH
HVWLPDHQXQVLHOFRVWRGHOSHUVRQDOSRUSHUVRQDHVGHPLOORQHVGH\HQV\HO
9DORU $JUHJDGR SRU SHUVRQD HV GH PLOORQHV GH \HQV HQ HO SHULRGR DFWXDO 6LQ
HPEDUJRVXSRQLHQGRTXHHO9DORU$JUHJDGRGLVPLQX\HDPLOORQHVGH\HQVGHELGR
D OD UHGXFFLyQ GH OD SURGXFWLYLGDG ODERUDO \ QR RFXUUH QLQJ~Q FDPELR HQ HO QLYHO GHO
FRVWRGHOSHUVRQDOVHPDQWLHQHHQPLOORQHVHQWRQFHVODSDUWLFLSDFLyQUHODWLYD GHO
WUDEDMRTXHGDHQHOHVGHFLUTXHVLVHWLHQHXQDPD\RUSDUWLFLSDFLyQUHODWLYDGHO
WUDEDMRUD]yQGHGLVWULEXFLyQODERUDOQRVLJQLILFDXQDPHMRUtDHQWRGRVORVFDVRV(V
PiV VH KDQ REVHUYDGR PXFKRV FDVRV HQ ORV FXDOHV HO SUREOHPD UHFDH HQ XQD
SDUWLFLSDFLyQUHODWLYDGHOWUDEDMRUD]yQGHGLVWULEXFLyQODERUDOPX\DOWD
$XQPiVHVQHFHVDULRTXHVHLQFUHPHQWHQHOYDORUGHSURGXFWLYLGDGGHODVYHQWDVRGH
OD SURGXFFLyQ YHQWDV SRU HPSOHDGR R FDQWLGDG GH SURGXFFLyQ SRU HPSOHDGR \ OD
UD]yQGHO9DORU$JUHJDGRSDUDPDQWHQHUODSURGXFWLYLGDGGHHVWHUHVSHFWRDVDODULRV
FRQVWDQWHV HQ OD IyUPXOD DQWHULRU \D TXH ORV VDODULRV WLHQGHQ D DXPHQWDU PiV
UiSLGRTXHHOQ~PHURGHHPSOHDGRVSRUDxR0LHQWUDVWDQWRWDPELpQVHSXHGHRSHUDU
OD HPSUHVD GH DFXHUGR DO 9DORU $JUHJDGR HQIRFiQGRVH HQ OD FRUUHODFLyQ HQWUH ORV
FRVWRVGHOSHUVRQDO\HO9DORU$JUHJDGR(VWHHQIRTXHSXHGHVHUH[SXHVWRHQHOSODQ
GH DGPLQLVWUDFLyQ GHO 9DORU $JUHJDGR TXH VHUi IRUPXODGR SRU OD HPSUHVD /D
DGPLQLVWUDFLyQ GHEH SODQHDU FRUUHFWDPHQWH ORV FRVWRV GH SHUVRQDO FDQWLGDG YHQGLGD
FDQWLGDGGHSURGXFFLyQJDQDQFLDV\SpUGLGDV\ODUD]yQGH9DORU$JUHJDGR

/D HVWUXFWXUD GHO 9DORU $JUHJDGR HQ OD ,QGXVWULD 0DQXIDFWXUHUD EDMR HO PpWRGR GHO
%DQFR GH -DSyQ (VWDGtVWLFD GH 1HJRFLRV GH *UDQGHV (PSUHVDV SXEOLFDGR SRU HO
%DQFRGHO-DSyQSDUDHODxR
8WLOLGDG
5HFXUUHQWH
&RVWR)LQDQFLHUR
&RVWR GH 3HUVRQDO
$OTXLOHU
&RVWRGH'HSUHFLDFLyQ
,PSXHVWRV\
REOLJDFLRQHV
S~EOLFDV
5HIHUHQFLD&DQWLGDGGH9DORU$JUHJDGRSRUSHUVRQD

PLOHVGH\HQV
5D]yQUHODFLRQDGD3URGXFWLYLGDG/DERUDO\1LYHO6DODULDO

5D]yQGH3DUWLFLSDFLyQGHO&DSLWDO
)yUPXOD
8WLOLGDG5HFXUUHQWHR
8WLOLGDGGHO3HUtRGR
5D]yQGH3DUWLFLSDFLyQGHO&DSLWDO = ;
9DORU$JUHJDGR
(VWDUD]yQPXHVWUDODGLVWULEXFLyQGHO9DORU$JUHJDGRHQWUHVXFDSLWDOSURSLR(VWHHV
XQLPSRUWDQWHLQGLFDGRUUHODFLRQDGRFRQODMXVWDGLVWULEXFLyQHQWUHORVWUDEDMDGRUHV\OD
DGPLQLVWUDFLyQ
5HVXOWDGRV\3XQWRVD&RQVLGHUDU
$O PXOWLSOLFDU HVWD UD]yQ FRQ OD SURGXFWLYLGDG GHO FDSLWDO WRWDO HILFLHQFLD GHO FDSLWDO
WRWDOVHUHODFLRQDFRQODUD]yQGHFDSLWDOWRWDO\ODXWLOLGDGHOFXDOHVXQLQGLFDGRUGHOD
UHQWDELOLGDGJOREDO
9DORU$JUHJDGR 8WLOLGDG5HFXUUHQWHR 8WLOLGDG5HFXUUHQWHR

8WLOLGDG GHO 3HULRGR 8WLOLGDG GHO 3HULRGR
X =
3DVLYR 7RWDO \ 9DORU $JUHJDGR 3DVLYR7RWDO\&DSLWDO3URSLR
&DSLWDO 3URSLR 5D]yQ GH 8WLOLGDG5HFXUUHQWHR
3URGXFWLYLGDG GHO 3DUWLFLSDFLyQ GHO 8WLOLGDGGHO3HULRGR5D]yQGHO
&DSLWDO 7RWDO &DSLWDO &DSLWDO7RWDO
(VWHLQGLFDGRUUHODFLRQDODSURGXFWLYLGDGGHOFDSLWDOFRQODUHQWDELOLGDG6LQHPEDUJR
XQDDOWDXWLOLGDGHQODUD]yQGHSDUWLFLSDFLyQQRVLHPSUHVLJQLILFDTXHODVLWXDFLyQVHD
PHMRU
(VQHFHVDULRHYDOXDUODPDJQLWXGGHOHIHFWRVREUHODUHQWDELOLGDG
1LYHO6DODULDO
)yUPXOD
1LYHO6DODULDO &RVWRGHO3HUVRQDO
=
0LOHV 1~PHUR GH(PSOHDGRV

6LJQLILFDHOFRVWRGHSHUVRQDOSRUHPSOHDGRSRUDxRGRQGHHOQ~PHURGHHPSOHDGRV
VH SXHGH HVWUDWLILFDU VHJ~Q HO SURPHGLR GH HGDG GH ORV HPSOHDGRV VH[R \ WLSR
WUDEDMDGRUHVGHWLHPSRSDUFLDORWLHPSRFRPSOHWR
(O FRVWR GH SHUVRQDO VH UHILHUH DO WRWDO GH FRVWRV UHODFLRQDGRV FRQ FXDOTXLHU WLSR GH
FRPSHQVDFLyQTXHHOHPSOHDGRUHFLEH6HLQFOX\HODFXRWDGHSHQVLyQODWUDQVIHUHQFLD
DODFXHQWDGHSHQVLyQSUHVWDFLRQHVOHJDOHVERQRVHWF
6LQ HPEDUJR SDUD ORV SODQHV GH DGPLQLVWUDFLyQ GHO 9DORU $JUHJDGR HQ XQD HPSUHVD
EDVDGRVHQODFRUUHODFLyQSRVLWLYDHQWUHHO9DORU$JUHJDGR\HOFRVWRGHOSHUVRQDOHO
9DORU$JUHJDGRGHEHGHWHUPLQDUVHSRUFDGDHPSUHVD
3RU HMHPSOR SDUD HPSUHVDV SHTXHxDV R PHGLDQDV HO GHVHPEROVR GH SDJRV SDUD OD
SHQVLyQ GH VXV HPSOHDGRV HQ XQ VyOR FRQWDGR SXHGH GHVHVWDELOL]DU OD FRUUHODFLyQ
HQWUHHO9DORU$JUHJDGR\HOFRVWRGHOSHUVRQDOGHELGRDODVJUDQGHVVXPDVGHGLQHUR
LQYROXFUDGDV 3RU OR WDQWR OD HPSUHVD GHEH GHVDUUROODU VX SURSLD PHWRGRORJtD SDUD
WUDEDMDUFRQHVWHKHFKRHQHOFiOFXORGHO9DORU$JUHJDGR
5HVXOWDGR
/R LGHDO VHUtD TXH HO QLYHO VDODULDO FUHFLHUD DQXDOPHQWH 6LQ HPEDUJR HO QLYHO VDODULDO
GHSHQGHGHODSURGXFWLYLGDGODERUDO\GHODUD]yQGHSDUWLFLSDFLyQGHOWUDEDMRYHU OD
VLJXLHQWHHFXDFLyQ&XDQGRODUD]yQGHGLVWULEXFLyQGHOWUDEDMRVHPDQWLHQHFRQVWDQWH
VH SXHGH SDJDU XQ DOWR QLYHO VDODULDO FRQ EDVH HQ LQFUHPHQWRV VRVWHQLEOHV GH OD
SURGXFWLYLGDGODERUDO
1LYHO6DODULDO &RVWR GHO 3HUVRQDO

0LOHVGH\HQV =
1~PHURGH(PSOHDGRV
3URPHGLR
9DORU$JUHJDGR &RVWR GHO 3HUVRQDO

= +
1RGHHPSOHDGRV 9DORU$JUHJDGR
3XQWRVD&RQVLGHUDU
5HODFLyQGHOQLYHOVDODULDOFRQODSURGXFWLYLGDGODERUDO
&RPSRVLFLyQGHORVHPSOHDGRVHQWpUPLQRVGHHGDGVH[RWLSRGHWUDEDMDGRUHWF
3ULQFLSLRGHOD3URGXFWLYLGDG(VWiQGDU
)yUPXOD
5D]yQGHOLQFUHPHQWRUDFLRQDOGHOVDODULR
5D]yQGH,QFUHPHQWRGHOD 5D]yQ GH LQFUHPHQWR 5D]yQGHLQFUHPHQWR

= 3URGXFWLYLGDG/DERUDO - ( GHO FRVWR GH LQYHUVLyQ
SRU empleado
- GHSURGXFWLYLGDG
ODERUDO
)
[&RHILFLHQWHGHDMXVWH

1RWD
5D]yQGH&RVWRGH,QYHUVLyQ
&RHILFLHQWHGHDMXVWH =
'HSUHFLDFLyQ&RVWR)LQDQFLHUR$OTXLOHU*UDYDPHQ3~EOLFR
= 9DORU$JUHJDGR
/D FDUDFWHUtVWLFDGHOD IyUPXODHVHO FiOFXOR GH WDVDV GH LQFUHPHQWR UDFLRQDOHVHQ ORV
VDODULRVEDVDGDVHQUHODFLRQHVDUPRQLRVDV\GHFRRSHUDFLyQHQWUHORVWUDEDMDGRUHV\OD
DGPLQLVWUDFLyQ
6H SXHGHQ PDQHMDU DOJXQRV FDPELRV HQ ORV IDFWRUHV LQFOXLGRV HQ HVWD HFXDFLyQ /D
ILORVRItDEDVHHVODFRRSHUDFLyQHQWUHWUDEDMDGRUHV\ODDGPLQLVWUDFLyQODFXDOVXSRQH
TXHODVGLILFXOWDGHVGHEHQPDQHMDUVHSRUDPEDVSDUWHV\GHLJXDOPDQHUDUHSDUWLUORV
EHQHILFLRV
&RQVHFXHQWHPHQWHGHGHILQLUVHXQLQFUHPHQWRySWLPRHQHOFRVWRGHOSHUVRQDO
(MHPSOR
/DFRPSRVLFLyQGHO9DORU$JUHJDGRGHODHPSUHVD.SDUDHOSHUtRGRHVODVLJXLHQWH
9DORU$JUHJDGRSRUHPSOHDGR
&RVWRGH,QYHUVLyQSRUHPSOHDGR
&RVWRGHO3HUVRQDOSRUHPSOHDGR
8WLOLGDGSRUHPSOHDGR
6HHVSHUDTXHODSURGXFWLYLGDGODERUDOVHLQFUHPHQWHHQXQHOSUy[LPRSHUtRGR
6LQ HPEDUJR SDUD ORJUDU HVWD PHWD HO FRVWR GH LQYHUVLyQ GHEHUtD DXPHQWDU HQ XQ

'HELGRDTXHHOLQFUHPHQWRHQHOFRVWRGHLQYHUVLyQHVPD\RUTXHHOLQFUHPHQWRHQOD
SURGXFWLYLGDG ODERUDO OR TXH GHEHUi LQFUHPHQWDUVH OD UD]yQ GHO FRVWR GH SHUVRQDO
GHEHUiVHUXQDFXHUGRIUDQFRWHQLHQGRHQFXHQWDODFRRSHUDFLyQHQWUHWUDEDMDGRUHV\
ODDGPLQLVWUDFLyQ
8WLOL]DQGRODDQWHULRUIyUPXODXQLQFUHPHQWRUDFLRQDOHQHOQLYHOVDODULDOVHREWHQGUtD
GHODVLJXLHQWHPDQHUD
5D]yQ GHO LQFUHPHQWR UDFLRQDO [

GHO VDODULR [

&RHILFLHQWHGH$MXVWH = =
²

&RPRUHVXOWDGRFDGDUD]yQGHGLVWULEXFLyQSDUDHOSUy[LPRSHUtRGRGHEHFDPELDUGHOD
VLJXLHQWHPDQHUD
3DUDHO3HUtRGR 3DUDHO3Uy[LPR3HUtRGR
9DORU$JUHJDGRSRUHPSOHDGR FUHFH
&RVWRGHLQYHUVLyQSRUHPSOHDGR FUHFH
&RVWRGHO3HUVRQDOSRUHPSOHDGR FUHFH
8WLOLGDGSRUHPSOHDGR FUHFH
(VWH FXDGUR LOXVWUD OD QHFHVLGDG GH FRPSDUWLU ODV FDUJDV TXH WUDH HO LQFUHPHQWR GHO
FRVWRGHLQYHUVLyQ(OWUDEDMRSXHGHFRQWULEXLUDWUDYpVGHOFRVWRODERUDOPLHQWUDVOD
DGPLQLVWUDFLyQFRODERUDFRQODVXWLOLGDGHV
$FHUFDPLHQWRDODFRPSHQVDFLyQSRUWUDEDMDGRUHV\DGPLQLVWUDFLyQ

8WLOLGDGSRU
(VWH &RVWR GH ,QYHUVLyQ &RVWR GH 3HUVRQDO
HPSOHDGR
3HULRGR SRUHPSOHDGR SRUHPSOHDGR 3URGXFWLYLGDG
/DERUDO
6XSRQLHQGR OD PLVPD WDVD GH LQFUHPHQWR GHO SDUD HO VLJXLHQWH SHUtRGR VH REWLHQH
TXH
3URGXFWLYLGDG
[ [ [ /DERUDO
7DVDGHFUHFLPLHQWR
GHO
6LHOFRVWRGHLQYHUVLyQVHLQFUHPHQWDHQXQVXSHUDQGRODWDVDGHLQFUHPHQWRGHOD
SURGXFWLYLGDGODERUDOHQVHREWLHQHORVLJXLHQWH
3URGXFWLYLGDG
/DERUDO
[ [ [ 7DVDGH
FUHFLPLHQWR
GHO
3DUD UHYLVLyQ WDQWR SRU ORV WUDEDMDGRUHV FRPR OD DGPLQLVWUDFLyQ

=

2SWLPL]DFLyQGHO1~PHURGH(PSOHDGRV
)yUPXOD
9DORU$JUHJDGR[5D]yQGH'LVWULEXFLyQ/DERUDO
2SWLPL]DFLyQ 5D]yQ GH 3DUWLFLSDFLyQ GHO WUDEDMR
3HUVRQDO
=
&RVWRGHO3HUVRQDOSRU(PSOHDGR
&RQVLGpUHVHODVLJXLHQWHFRPSRVLFLyQGHOFRVWRGHSHUVRQDO
1RGH(PSOHDGRV[1LYHO6DODULDO
= 5D]yQGHO9DORU$JUHJDGR[5D]yQGHGLVWULEXFLyQ
ODERUDO5D]yQGHSDUWLFLSDFLyQGHOWUDEDMR
8WLOL]DQGRHVWDIyUPXODFRQHOILQGHTXHODHPSUHVDPDQWHQJDDOWRVFRVWRVODERUDOHV
GHEHVHJXLUVHODVLJXLHQWHPHWRGRORJtD
,QFUHPHQWDUODFRPSRVLFLyQGHOFRVWRGHOSHUVRQDODWUDYpVGHOLQFUHPHQWRGHO9DORU
$JUHJDGR
0DQWHQHU XQ DOWR QLYHO HQ HO FRVWR GHO SHUVRQDO D WUDYpV GHO LQFUHPHQWR GH ODV
KDELOLGDGHVGHORVHPSOHDGRV
3RU OR WDQWR HO Q~PHUR ySWLPR GH HPSOHDGRV GHEH VHU REWHQLGR D WUDYpV GHO 9DORU
$JUHJDGR\HOQLYHOGHOFRVWRGHOSHUVRQDODXQTXHH[LVWHRWURPpWRGRTXHVHEDVDHQ
ORVWDOOHUHVGHDQiOLVLVGHSXHVWRVGHWUDEDMRGHOD,QJ,QGXVWULDO(VWDIyUPXODWRPDXQ
SXQWRGHYLVWDPDFUR
(MHPSOR
/RVGDWRVGHODHPSUHVD*VRQORVVLJXLHQWHV
9DORU$JUHJDGR 00
5D]yQGH'LVWULEXFLyQ/DERUDO

UD]yQGHSDUWLFLSDFLyQGHOWUDEDMR
&RVWRGHO3HUVRQDOSRUHPSOHDGR 0LOHV
1~PHURGHHPSOHDGRV

6XSRQLHQGR TXH OD HPSUHVD PDQWLHQH HO PLVPR 9DORU $JUHJDGR H LJXDO UD]yQ GH
GLVWULEXFLyQ ODERUDO GHO SHUtRGR DQWHULRU PLHQWUDV TXH HO FRVWR GHO SHUVRQDO VH
LQFUHPHQWDDPLOHVHQWRQFHVHOQ~PHURySWLPRGHHPSOHDGRVVHUi
9DORU $JUHJDGR 0LOORQHV [ 5D]yQ GH

1~PHURySWLPRGH 'LVWULEXFLyQ /DERUDO
(PSOHDGRV
= &RVWR GHO 3HUVRQDO SRU (PSOHDGR
PLOHV
HPSOHDGRV
(OQ~PHURySWLPRGHHPSOHDGRVHVGH
(VWHSULQFLSLRGHODSURGXFWLYLGDGHVDSR\DGRSRUHO&HQWURGH3URGXFWLYLGDGGHO-DSyQ
-3& FRQWLHQH WUHV SULQFLSLRV LQFUHPHQWR HQ HPSOHR FRRSHUDFLyQ FRQMXQWD GH
WUDEDMDGRUHV ² DGPLQLVWUDFLyQ \ XQD MXVWD GLVWULEXFLyQ ORJUDGD D WUDYpV GH OD
FRRSHUDFLyQ GH ORV WUDEDMDGRUHV \ OD DGPLQLVWUDFLyQ FRPR IDFWRUHV GH SURGXFFLyQ
GLULJLGRVSRUODJHUHQFLD

(MHPSOR GH OD 0HGLFLyQ \ $QiOLVLV GHO 9DORU $JUHJDGR D
1LYHOGH(PSUHVD\VXV$SOLFDFLRQHVHQOD$GPLQLVWUDFLyQ
²&DVRGHOD&RPSDxtD-
7DEOD 0pWRGRV SDUD FDOFXODU HO 9DORU $JUHJDGR

)yUPXOD
%2- 9DORU$JUHGR ,QJUHVR%UXWR&RVWRGHO3HUVRQDO&RVWR)LQDQFLHUR
$OTXLOHU,PSXHVWRV\2EOLJDFLRQHV3~EOLFDV&RVWRGH'HSUHFLDFLyQ
IXHQWH ´$QiOLVLV $GPLQLVWUDWLYR GH *UDQGHV &RUSRUDFLRQHVµ GHO
'HSDUWDPHQWRGH(VWDGtVWLFD%2-
02) 9DORU $JUHJDGR &RVWR GH ORV )DFWRUHV ,QJUHVR RSHUDFLRQDO QHWR
,PSXHVWRV\2EOLJDFLRQHV3~EOLFDV
&RVWR GH ORV )DFWRUHV &RVWR GHO 3HUVRQDO &RVWR )LQDQFLHUR
$OTXLOHU
,QJUHVRRSHUDFLRQDOQHWR ,QJUHVR2SHUDFLRQDO²&RVWR)LQDQFLHUR
)XHQWH´(VWDGtVWLFDV&RUSRUDWLYDVµHGLFLyQHVSHFLDOGH´5HYLVWD0HQVXDOGH
(VWDGtVWLFD)LVFDO\0RQHWDULDµSRU02)
0,7, 9DORU $JUHJDGR 5HPXQHUDFLyQ VDODULRV VXHOGRV \ SUHVWDFLRQHV
%HQHILFLRV GHO 0DUJHQ &RVWR )LQDQFLHUR H[FOX\H LQJUHVRV SRU LQYHUVLyQ
ILQDQFLHUD 'LYLGHQGRV 5HVHUYDV ,QWHUQDV ,PSXHVWRV \ 2EOLJDFLRQHV
3~EOLFDV
9DORU $JUHJDGR %UXWR 9DORU $JUHJDGR &RVWR GH 'HSUHFLDFLyQ GH ORV
DFWLYRV ILMRV &RVWR GH 5HSDUDFLyQ 3ULPDV GH DOTXLOHU \ VHJXURV GH ORV
DFWLYRVILMRVWDQJLEOHV
)XHQWH´$QiOLVLV$GPLQLVWUDWLYRGHHPSUHVDV-DSRQHVDVµSRU0,7,
05, 9DORU$JUHJDGR &RVWRGHO3HUVRQDO$OTXLOHU&RVWRGH'HSUHFLDFLyQ
&RVWR )LQDQFLHUR ,PSXHVWRV \ 2EOLJDFLRQHV 3~EOLFDV 3DUWLGDV SDUD
,PSXHVWRV,QJUHVR'LVSRQLEOH
)XHQWH´$QiOLVLVGHOD$GPLQLVWUDFLyQGH1HJRFLRVµSRU05,
-'% 9DORU$JUHJDGR1HWR ,QJUHVR2SHUDFLRQDO&RVWRGHO3HUVRQDO$OTXLOHU
,PSXHVWRV\2EOLJDFLRQHV3~EOLFDV5HJDOtDV
9DORU$JUHJDGR%UXWR 9DORU$JUHJDGR1HWR&RVWRGH'HSUHFLDFLyQ
)XHQWH ´*XtD GH ORV ,QGLFHV $GPLQLVWUDWLYRV GH *UDQGHV ,QGXVWULDVµ SRU HO
,QVWLWXWRGH,QYHVWLJDFLyQGH,QYHUVLyQGH&DSLWDO-'%
60($ 9DORU GH &RQYHUVLyQ 9DORU GH 3URGXFFLyQ ² &RVWR GLUHFWR GH ORV
0DWHULDOHV&RVWRGH&RPSUDVGHLQVXPRV3DJRDFRQWUDWLVWDV&RVWR
LQGLUHFWRGH0DWHULDOHV
)XHQWHV´,QGLFHV$GPLQLVWUDWLYRVGH3HTXHxRV1HJRFLRVµSRU60($
5XFNHU 9DORUGH3URGXFFLyQ 9HQWDV²3DJRV([WHUQRV &RVWRSRUKRUDGHWUDEDMR

HQODSODQWD&RVWR$GPLQLVWUDFLyQ&RUSRUDWLYR
&RVWR$GPLQLVWUDFLyQ&RUSRUDWLYR &RVWRVGHOD3URSLHGDG2WURV&RVWRV
2SHUDFLRQDOHV
&RVWRVGHOD3URSLHGDG ,QWHUHVHVGHSUpVWDPRV ,PSXHVWR D OD UHQWD
'LYLGHQGRV5HVHUYDVSDUDUHFHVLyQ\IXWXUDVH[SDQVLRQHV
2WURV &RVWRV 2SHUDFLRQDOHV 2WURV FRVWRV GLIHUHQWHV GH ORV FRVWRV GH
DGPLQLVWUDFLyQGHODSODQWD\FRVWRODERUDO
)XHQWH´(O3ODQ5XFNHUµSRU0RWRKLVD,PDVDND
-3& 9DORU $JUHJDGR 9HQWDV 1HWDV ² >&RVWR GH 0DWHULD 3ULPD *DVWRV
SDJDGRV&RVWR GH 'HSUHFLDFLyQ ,QYHQWDULR ,QLFLDO ² ,QYHQWDULR )LQDO
$MXVWHVDO9DORU$JUHJDGR@
$MXVWHVDO9DORU$JUHJDGR 7UDQVIHUHQFLDVDRWUDVFXHQWDVYDULDFLRQHVHQORV
FRVWRVHWF
)XHQWH´'HFODUDFLyQGHOD*DQDQFLDGHOD3URGXFWLYLGDGµSRU-3&
%2- %DQFRGHO-DSyQ
02) 0LQLVWHULRGH)LQDQ]DV-DSyQ
0,7, 0LQLVWHULRGH&RPHUFLR([WHULRUH,QGXVWULD-DSyQ
05, ,QVWLWXWRGH,QYHVWLJDFLyQ0LWVXELVKL-DSyQ
-'% %DQFRGH'HVDUUROOR-DSRQpV
60($ $JHQFLDGH3HTXHxDV\0HGLDQDV$JHQFLDV-DSyQ
5XFNHU $OODQ:5XFNHU
-3& &HQWURGH3URGXFWLYLGDG-DSRQpV
(OEDODQFH*HQHUDOHO(VWDGRGH3pUGLGDV\*DQDQFLDV\HO(VWDGRGH&RVWRGH0DQXIDFWXUD
GHODFRPSDxtD-VHPXHVWUDQHQODV7DEODV\UHVSHFWLYDPHQWH
(O (VWDGR GHO 9DORU $JUHJDGR FRQ EDVH HQ HVWRV WUHV HVWDGRV ILQDQFLHURV \ ODV GLYHUVDV
UD]RQHVGHSURGXFWLYLGDGFDOFXODGDVDSDUWLUGHORVHVWDGRVILQDQFLHURVVHPXHVWUDQHQODV
7DEODV\UHVSHFWLYDPHQWH

7DEOD%DODQFHJHQHUDO3iJLQD
0LOORQHV GH <HQV
3(5Ì2'2 3(5Ì2'2
$&7,926
$17(5,25 $&78$/
$FWLYRV&RUULHQWHV
&DMD\%DQFRV
&XHQWDVSRU&REUDUYHUQRWD
,QFOX\HFXHQWDVSRUFREUDUGHHPSUHVDV
DILOLDGDV
&XHQWDVSRUFREUDUSRUFRPHUFLR
,QFOX\HFXHQWDVSRUFREUDUGHHPSUHVDV
DILOLDGDV
6HJXURV
3URGXFWRWHUPLQDGR
3URGXFWRHQSURFHVR
0DWHULDSULPD
&RVWRGHSDJRVSRUDGHODQWDGR
,QJUHVRDFXPXODGR
1RWDVGHFREURSRUYHQWDVGHDFWLYRVILMRV
2WURVDFWLYRVFRUULHQWHV
5HVHUYDSDUDFXHQWDVGXGRVDV

727$/
$FWLYRV)LMRV
$FWLYRVILMRVWDQJLEOHV
,QFOX\H FXHQWDV GH SDJR SRU FRQVWUXFFLRQHV HQ
SURFHVR
$FWLYRVILMRVLQWDQJLEOHV
,QYHUVLRQHV\RWURV

727$/
$FWLYRVGLIHULGRV

&RVWRVGHGHVDUUROOR
727$/$&7,926
1RWD'HVFXHQWRHQFXHQWDVSRUFREUDUSDUDVHUVXPDGDV
3HUtRGRDQWHULRUPLOORQHV
3HUtRGRDFWXDOPLOORQHV

7DEOD%DODQFHJHQHUDOSiJLQD
0LOORQHV GH <HQV
3(5Ì2'2 3(5Ì2'2
3$6,92<&$3,7$/
$17(5,25 $&78$/
3DVLYR&RUULHQWH
1RWDVGHSDJR
&XHQWDVSRUSDJDUSRUFRPHUFLR
3DJRGHSUpVWDPRVDFRUWRSOD]R
3DJRGHGHXGD
&RVWRVDFXPXODGRV
$YDQFHVUHFLELGRV
,QJUHVRQRJDQDGR
'HSyVLWRVUHFLELGRV
1RWDVGHSDJRSRUHTXLSRV
'HXGDGHVHUYLFLRVGHHTXLSRV
3DJR GH SUpVWDPRV D ODUJR SOD]R SRU SDJDUVH
DQWHVGHDxR

727$/
3DVLYR)LMR
3DJRGHSUpVWDPRVDODUJRSOD]R
5HVHUYDVSDUDHOUHWLURGHHPSOHDGRV
1RWDVGHSDJRSRUHTXLSRV
'HXGDGHVHUYLFLRVGHHTXLSRV
727$/
727$/3$6,92

&DSLWDO
,QJUHVRDFXPXODGR
727$/&$3,7$/
727$/3$6,92<&$3,7$/

7DEOD(VWDGRGH3pUGLGDV\*DQDQFLDV
0LOORQHV GH <HQV
,7(0 9$/25
9HQWDV
&RVWR GH 9HQWDV
,QYHQWDULR ,QLFLDO
&RVWR GH 0DQXIDFWXUD
727$/
,QYHQWDULR )LQDO
7UDQVIHUHQFLD D RWUDV FXHQWDV
8WLOLGDG EUXWD VREUH YHQWDV
&RVWRV GH YHQWDV JHQHUDOHV \ DGPLQLVWUDWLYDV
&RVWR GLUHFWR GH YHQWDV
5HPXQHUDFLyQ D GLUHFWRUHV
6DODULRV EiVLFRV
7UDQVIHUHQFLDV UHWLURV GH HPSOHDGRV
$VLJQDFLyQ SDUD SDJDU LPSXHVWRV
5HQWD GH DFWLYRV
,PSXHVWRV
&RVWRV GH GHSUHFLDFLyQ
7UDQVIHUHQFLDV D UHVHUYDV SDUD GHXGDV GXGRVDV
2WURV FRVWRV

,QJUHVR 2SHUDFLRQDO
,QJUHVR 1R 2SHUDFLRQDO

&RVWRV QR RSHUDWLYRV
3DJR GH LQWHUHVHV \ GHVFXHQWRV
$PRUWL]DFLyQ GH FXHQWDV GLIHULGDV
2WURV

,QJUHVR 2UGLQDULR
,QJUHVR ([WUDRUGLQDULR
8WLOLGDG VREUH YHQWDV GH DFWLYRV ILQDQFLHURV
8WLOLGDG VREUH YHQWDV GH DFWLYRV ILMRV
3pUGLGDV H[WUDRUGLQDULDV
3pUGLGDV HQ LQYHQWDULR
3pUGLGD HQ YHQWDV GH DFWLYRV ILMRV
3pUGLGDV HQ HO YDORU GH DFWLYRV ILQDQFLHURV
5HVHUYDV DGLFLRQDOHV SDUD UHWLUR GH HPSOHDGRV
,QJUHVR 1HWR
3pUGLGD GHO SHUtRGR DQWHULRU

5HWHQFLyQ LQDSURSLDGD GH XWLOLGDGHV

7DEOD&XHQWDGHO&RVWRGH0DQXIDFWXUD
0LOORQHV GH <HQV
,7(0 &$17,'$'
&RVWRGH0DWHULDOHV
,QYHQWDULR,QLFLDO
&RPSUDGH0DWHULDOHV
7RWDO
,QYHQWDULR)LQDO
&RVWR/DERUDO
6DODULRVEiVLFRV
7UDQVIHUHQFLDDUHVHUYDVSDUDUHWLURGHHPSOHDGRV
$VLJQDFLyQSDUDSDJRVLPSUHYLVWRV
3DJRVYDULRV

*DVWRV*HQHUDOHV
5HQWDSRUDFWLYRV
&RVWRVGHUHSDUDFLyQ
(OHFWULFLGDG
,PSXHVWRV
&RVWRVGHGHSUHFLDFLyQ
2WURVFRVWRV
&RVWRV7RWDOHVGH0DQXIDFWXUD
,QYHQWDULR,QLFLDOGH3URGXFWRVHQ3URFHVR
7RWDO
,QYHQWDULR)LQDOGH3URGXFWRVHQ3URFHVR
&RVWRVGH0DQXIDFWXUDGHO3HUtRGR$FWXDO
1RWD1~PHURSURPHGLRGHHPSOHDGRVSDUDHOSHUtRGRDFWXDO

7DEOD(VWDGRGH9DORU$JUHJDGR0LOORQHV GH <HQV
,7(0 &$17,'$'
3URGXFFLyQ
9HQWDV
,QFUHPHQWRGLVPLQXFLyQ HQ HO YDORU GHO SURGXFWR \ HQ HO
SURGXFWR VHPL WHUPLQDGR
'LVPLQXFLyQ HQ HO YDORU GHO SURGXFWR
,QFUHPHQWR HQ HO YDORU GH SURGXFWR HQ SURFHVR
7UDQVIHUHQFLD GHVGH RWUDV FXHQWDV
7RWDO
3DJRV SRU DQWLFLSDGR
&RVWR GH PDWHULD SULPD
&RVWR GH PDQXIDFWXUD
&RVWR GH GHSUHFLDFLyQ
&RVWR GH UHSDUDFLyQ
&RVWR GH HOHFWULFLGDG
2WURV FRVWRV
&RVWRV GH YHQWDV JHQHUDOHV \ GH DGPLQLVWUDFLyQ
&RVWR GLUHFWR GH YHQWDV
&RVWR GH GHSUHFLDFLyQ
7UDQVIHUHQFLD D UHVHUYD SDUD FXHQWDV GXGRVDV
2WURV FRVWRV
&RVWRV 1R ² RSHUDFLRQDOHV
$PRUWL]DFLyQ GH FXHQWDV GLIHULGDV
2WURV
7RWDO
9DORU $JUHJDGR
&RVWRV GHO 3HUVRQDO
&RVWR ODERUDO
3DJRV GH LQWHUHVHV \ GHVFXHQWRV
$OTXLOHU
,PSXHVWRV
&RVWRV GH YHQWDV JHQHUDOHV \ GH DGPLQLVWUDFLyQ ILMR
8WLOLGDG DQWHV GH LQJUHVRV QR RSHUDFLRQDOHV
,QJUHVR QR RSHUDFLRQDO
,QJUHVR FRUULHQWH

7DEOD5D]RQHVGH3URGXFWLYLGDG0LOORQHVGH<HQV
)Ð508/$ 5$=Ð1
3URGXFWLYLGDG ODERUDO 9DORU $JUHJDGR
0DQR GH 2EUD HPS
3URGXFWLYLGDG GHO &DSLWDO WRWDO 9DORU $JUHJDGR
3URPHGLR GHO &DSLWDO 7RWDO
5D]yQ GH 9DORU $JUHJDGR
9DORU $JUHJDGR
3URGXFFLyQ
5D]yQ GH SDJRV SRU
DGHODQWDGR 3DJRV SRU DGHODQWDGR
3URGXFFLyQ
5D]yQ GHO FRVWR GH PDWHULD
SULPD &RVWR GH PDWHULDOHV
3URGXFFLyQ
5D]yQ GH FRVWR GH
PDQXIDFWXUD &RVWR GH PDQXIDFWXUD
3URGXFFLyQ
5D]yQ GHO FRVWR GH YHQWDV
JHQHUDO \ DGPLQLVWUDFLyQ &RVWR GH YHQWDV JHQHUDO \
$GPLQLVWUDFLyQ
3URGXFFLyQ
5D]yQ GHO FRVWR QR
RSHUDFLRQDO &RVWR 1R ² 2SHUDFLRQDOHV
3URGXFFLyQ
3URGXFFLyQ SRU HPSOHDGR
3URGXFFLyQ
0DQR GH 2EUD HPS
5D]yQ GH WUDEDMR ² (TXLSRV 3URPHGLR GH DFWLYRV ILMRV WDQJLEOHV
H[FOX\H ORV SDJRV D FXHQWDV GH
FRQVWUXFFLRQHV HQ SURJUHVR
0DQR GH 2EUD HPS
5D]yQ GH OD XWLOL]DFLyQ GH
HTXLSRV 3URGXFFLyQ
3URPHGLR GH DFWLYRV ILMRV WDQJLEOHV
H[FOX\H ORV SDJRV D FXHQWDV GH
FRQVWUXFFLRQHV HQ SURJUHVR
5D]yQ GH 8WLOL]DFLyQ GHO
&DSLWDO WRWDO 3URGXFFLyQ
&DSLWDO WRWDO SURPHGLR
3DUWLFLSDFLyQ ODERUDO
&RVWR GHO 3HUVRQDO
9DORU $JUHJDGR
5D]yQ GHO FRVWR GH SHUVRQDO &RVWR GHO 3HUVRQDO
3URGXFFLyQ
&RVWR GH SHUVRQDO SRU &RVWR GHO 3HUVRQDO
HPSOHDGR 0DQR GH 2EUD HPSO

)Ð508/$ 5$=Ð1
3DUWLFLSDFLyQ GHO FDSLWDO SURSLR 8WLOLGDG DQWHV GH LQJUHVRV QR
RSHUDFLRQDOHV
3DUWLFLSDFLyQ GHO FDSLWDO 9DORU $JUHJDGR
H[WHUQR
,QWHUHVHV SDJDGRV
3DUWLFLSDFLyQ GHO FDSLWDO UHDO 9DORU $JUHJDGR
$OTXLOHU
3DUWLFLSDFLyQ S~EOLFD 9DORU $JUHJDGR
,PSXHVWRV
9DORU $JUHJDGR
3URGXFWLYLGDG/DERUDO
6HYDDDQDOL]DUODSURGXFWLYLGDGGHODFRPSDxtD-FRQEDVHHQHOHVWDGRGHO9DORU$JUHJDGR
GHODWDEOD (Q GLFKR HVWDGR \ FRPR UHIHUHQFLD VH PXHVWUD D FRQWLQXDFLyQ OD UHODFLyQ
HQWUH HO FiOFXOR GHO 9DORU $JUHJDGR PHGLDQWH HO PpWRGR GH OD UHVWD \ HO FiOFXOR SRU HO
PpWRGRGHDGLFLyQ
9DORU$JUHJDGR0>0pWRGRGHODUHVWD@,QJUHVRQRRSHUDFLRQDO0

9DORU$JUHJDGR0>0pWRGRGHDGLFLyQ@ LQJUHVRFRUULHQWH0
&RVWRGH3HUVRQDO0,QWHUHVHV\GHVFXHQWRV0$OTXLOHU
0,PSXHVWRV0
/D SURGXFWLYLGDG ODERUDO GH OD FRPSDxtD - HV PLOORQHV SRU HPSOHDGR HV
UHODWLYDPHQWH EDMD &RPR VH PHQFLRQy DQWHULRUPHQWH OD SURGXFWLYLGDG ODERUDO SXHGH
GHVFRPSRQHUVH HQ YHQWDV SRU HPSOHDGR \ HQ OD UD]yQ GH 9DORU $JUHJDGR FRPR VH
3URGXFWLYLGDG/DERUDO 9HQWDVSRU(PSOHDGR[5D]yQGH9DORU$JUHJDGR
$SHVDUGHTXHODVYHQWDVSRUHPSOHDGRGHODHPSUHVDVRQDOWDVPLOORQHVDODxR
ODUD]yQGH9DORU$JUHJDGRHVFRQVLGHUDGDPHQWHEDMDSRUORFXDOODSURGXFWLYLGDG
GHODFRPSDxtDHVPiVELHQEDMD
/DVYHQWDVSRUHPSOHDGRVHSXHGHQGHVJORVDUD~QPiVHQODUD]yQGHWUDEDMRHTXLSR\HQ
ODUD]yQGHXWLOL]DFLyQGHORVHTXLSRVWDOFRPRVHPXHVWUDDFRQWLQXDFLyQ
9HQWDVSRUHPSOHDGR UD]yQGHWUDEDMRHTXLSR[UD]yQGHXWLOL]DFLyQGHORVHTXLSRV

/DUD]yQGHWUDEDMR²HTXLSRSDUDHVWHFDVRHVGHPLOORQHVSRUHPSOHDGRHOFXDO
HVEDVWDQWHDOWRORTXHHVFDUDFWHUtVWLFRHQORVSURFHVRVLQGXVWULDOHVPLHQWUDVTXHODUD]yQ
GH XWLOL]DFLyQ GH ORV HTXLSRV HV GH YHFHV HQ WpUPLQRV GH OD URWDFLyQ GH ORV
DFWLYRV ILMRV WDQJLEOHV HV EDVWDQWH EDMR 6H SXHGH REVHUYDU TXH ODV YHQWDV SRU HPSOHDGR
VRQDOWDVGHELGRDTXHODUD]yQGHWUDEDMR²HTXLSRHVSDUWLFXODUPHQWHDOWD
/DUD]yQGH9DORU$JUHJDGRHVHORSXHVWRDODUD]yQGHSDJRVSRUDGHODQWDGR(QHOFDVR
GHODFRPSDxtD-ODUD]yQGHSDJRVSRUDGHODQWDGRHVGHTXHVHGLVWULEX\HGHOD
VLJXLHQWH PDQHUD HQ OD UD]yQ GHO FRVWR GH PDWHULD SULPD HQ OD UD]yQ GHO
FRVWRGHPDQXIDFWXUDODUD]yQGHOFRVWRGHYHQWDVJHQHUDOHV\GHDGPLQLVWUDFLyQ\
HOUD]yQGHORVFRVWRVQRRSHUDFLRQDOHV(OEDMRYDORUGHODUD]yQGHO9DORU$JUHJDGR
VHGHEHDODOWRYDORUGHODUD]yQGHSDJRVSRUDGHODQWDGR
3URGXFWLYLGDGGHO&DSLWDO
/DSURGXFWLYLGDGGHO&DSLWDOWRWDOGHODFRPSDxtD-HVGHODFXDOHVEDVWDQWHEDMD/D
SURGXFWLYLGDGGHOFDSLWDOWRWDOSXHGHGLYLGLUVHHQODUD]yQGHXWLOL]DFLyQGHOFDSLWDOWRWDO\OD
UD]yQGH9DORU$JUHJDGRWDOFRPRVHPXHVWUDHQVHJXLGD
3URGXFWLYLGDGGHOFDSLWDOWRWDO UD]yQGHXWLOL]DFLyQGHOFDSLWDOWRWDO
[UD]yQGH9DORU$JUHJDGR
/D UD]yQ GH XWLOL]DFLyQ GHO FDSLWDO WRWDO GH OD FRPSDxtD - HV GH YHFHV HQ
WpUPLQRVGHODURWDFLyQGHOFDSLWDOWRWDO/DH[SOLFDFLyQGHTXHVHDEDMDHVTXHODUD]yQGH
XWLOL]DFLyQGHHTXLSRHVGHYHFHVHQWpUPLQRVGHODURWDFLyQGHORVDFWLYRV
ILMRV WDQJLEOHV /D UD]yQ GH 9DORU $JUHJDGR WDPELpQ HV EDMD FRPR \D VH SODQWHy 3RU OR
WDQWRODEDMDSURGXFWLYLGDGGHOFDSLWDOWRWDOGHODFRPSDxtDVHSXHGHDGMXGLFDUODEDMRYDORU
GHODUD]yQGHXWLOL]DFLyQGHOFDSLWDOWRWDO\GHODUD]yQGHO9DORU$JUHJDGR
3DUWLFLSDFLyQ/DERUDO
6HSXHGHDILUPDUTXHODFRPSDxtD-FXHQWDFRQXQDSDUWLFLSDFLyQODERUDOJUDQGH
/D SDUWLFLSDFLyQ ODERUDO SXHGH GLYLGLUVH HQ OD UD]yQ GHO FRVWR GH SHUVRQDO \ OD UD]yQ GH
9DORU$JUHJDGRFRPRVHPXHVWUDDFRQWLQXDFLyQ
3DUWLFLSDFLyQ/DERUDO 5D]yQGHOFRVWRGHSHUVRQDO+5D]yQGH9DORU$JUHJDGR
(QODFRPSDxtD-ODUD]yQGHOFRVWRGHSHUVRQDO\ODUD]yQGHO9DORU$JUHJDGRWLHQHQ XQ
YDORUGH\UHVSHFWLYDPHQWH/DUD]yQGHOFRVWRGHSHUVRQDOQRHV
DOWDSHURODSDUWLFLSDFLyQODERUDOHVDOWDGHELGRDOEDMRYDORUGHODUD]yQGH9DORU$JUHJDGR
/DSDUWLFLSDFLyQODERUDOWDPELpQSXHGHGLYLGLUVHHQHOFRVWRGHSHUVRQDOSRUHPSOHDGRFRQ
EDVH HQ XQ DxR \ OD SURGXFWLYLGDG ODERUDO (Q OD FRPSDxtD - HO FRVWR GH SHUVRQDO SRU

HPSOHDGR \ OD SURGXFWLYLGDG ODERUDO WLHQHQ XQ YDORU GH PLOORQHV \ PLOORQHV
UHVSHFWLYDPHQWH$XQTXHHOFRVWRGHSHUVRQDOGHODFRPSDxtDQRHVPX\DOWRHOQLYHOGHOD
SURGXFWLYLGDG ODERUDO HV PiV ELHQ EDMR 3RU OR WDQWR OD SDUWLFLSDFLyQ ODERUDO OOHJD KDVWD

3DUWLFLSDFLyQGHO&DSLWDO3URSLR\2WURV&DSLWDOHV
2WUDV SDUWLFLSDFLRQHV HQ OD FRPSDxtD - VRQ SDUWLFLSDFLyQ GHO FDSLWDO SURSLR
SDUWLFLSDFLyQGHOFDSLWDOH[WHUQRSDUWLFLSDFLyQGHOFDSLWDOUHDOSDUWLFLSDFLyQ
S~EOLFD
&RPR VH PHQFLRQy DQWHULRUPHQWH OD SURGXFWLYLGDG ODERUDO GH OD FRPSDxtD - HV EDMD /D
UD]yQ GH WUDEDMR HTXLSR HV PX\ DOWD DO LJXDO TXH OD SURGXFFLyQ SRU HPSOHDGR 6LQ
HPEDUJRODSURGXFWLYLGDGODERUDOHVEDMDGHELGRDODEDMDUD]yQGH9DORU$JUHJDGRTXHVH
WLHQH5HVSHFWRDODGLVWULEXFLyQGH9DORU$JUHJDGRODSDUWLFLSDFLyQODERUDO\H[WHUQD HV
JUDQGHPLHQWUDVTXHODGLVWULEXFLyQGHOFDSLWDOSURSLRHVPX\SHTXHxD
7UDGLFLRQDOPHQWHODSODQHDFLyQGHOFRVWRGHSHUVRQDO\GHODPDQRGHREUDFRPRSDUWHGH
ODSODQHDFLyQDGPLQLVWUDWLYDKDVLGRVyORXQDVLPSOHH[WHQVLyQHQUHVSXHVWDDOLQFUHPHQWR
HQ ODV YHQWDV UHDOHV R HVSHUDGDV SDUD HVWLPDU HO Q~PHUR GH QXHYRV HQJDQFKHV \ ORV
UHTXHULPLHQWRV DVRFLDGRV FRQ HO FRVWR GH SHUVRQDO 6LQ HPEDUJR FRQ HO LQFUHPHQWR
FRQVWDQWHHQORVVDODULRVHVQHFHVDULRHQIDWL]DUSURGXFWLYLGDGODERUDOFXDQGRVHUHDOL]DHO
SODQGHPDQRGHREUD
(QHOHVWXGLRGHHVWHFDVRVHH[DPLQDUiHOQLYHOGHSURGXFWLYLGDGODERUDODFWXDOPHGLDQWH
ODXWLOL]DFLyQGHYDULRVIDFWRUHVDQDOtWLFRVWDOHVFRPRHO9DORU$JUHJDGRSRUHPSOHDGR\OD
SDUWLFLSDFLyQ ODERUDO OXHJR VH FDOFXODUi HO SRVLEOH QLYHO GH SURGXFWLYLGDG ODERUDO SDUD ORV
VLJXLHQWHVDxRVFRQEDVHHQHQVD\RVGHDFXHUGRDOUHVXOWDGRGHODQiOLVLV
8QD HPSUHVD HV XQD RUJDQL]DFLyQ GH IDFWRUHV SURGXFWLYRV WUDEDMR \ FDSLWDO SHUR HQ OD
DFWXDO HFRQRPtD FDSLWDOLVWD WDPELpQ HV XQD RUJDQL]DFLyQ GH FDSLWDO TXH EXVFD \ RSHUD
UHFXUVRV PRQHWDULRV 3RU OR WDQWR HO FRVWR GH SHUVRQDO \ OD SODQHDFLyQ GH OD IXHU]D GH
WUDEDMR WDPELpQ GHEHQ PDQHMDUVH \ DGPLQLVWUDUVH FRQ UHODFLyQ D OD UHQWDELOLGDG
(VSHFtILFDPHQWHHOFRVWRGHSHUVRQDO\ODSODQHDFLyQGHODIXHU]DGHWUDEDMRWUDEDMDGRVHQ
WpUPLQRVGHSURGXFWLYLGDGODERUDOGHEHQVHUDMXVWDGRV\DEVRUELGRVHQXQSODQIRUPXODGR
HQWpUPLQRVGHUHQWDELOLGDG8QDGHODVFDUDFWHUtVWLFDVGHHVWHFDVRGHHVWXGLRHVTXH WDO
DMXVWHVHUHDOLFHGHPDQHUDFRQFUHWD

$QiOLVLVGHO9DORU$JUHJDGR\VX$SOLFDFLyQDOD$GPLQLVWUDFLyQGH
1HJRFLRV ² (VWXGLR GHO &DVR GH OD &RPSDxtD 7 XQD WLHQGD GH
OLEURVXELFDGDHQXQDFXLGDG$
3DUDDOHMDUVHGHXQDDGPLQLVWUDFLyQGtDDGtD\SDVDUDXQDDGPLQLVWUDFLyQGHSODQHDFLyQOD
FRPSDxtD 7 WLHQGD GH OLEURV HQ OD FXLGDG $ LQLFLy UHYLVDQGR VX UHQWDELOLGDG KDFH SRFR
WLHPSR $XQTXH OD FRPSDxtD KD UHDOL]DGR YDULRV HVWXGLRV DQDOtWLFRV EDVDGRV HQ FLIUDV HO
SUREOHPDGHFyPRGHWHUPLQDUXQQLYHOySWLPRGHODIXHU]DODERUDOEDVDGRHQODUHODFLyQ
GHOFRVWRGHSHUVRQDOFRQODVSpUGLGDVRJDQDQFLDVHVWiSRUUHVROYHUVH
(OLQFUHPHQWRHQHOQLYHOVDODULDOVHUHGXMRFRQVLGHUDEOHPHQWHGHELGRDODUHFHVLyQFDXVDGD
SRU OD FULVLV GHO SHWUyOHR SHUR HO FRVWR GHO SHUVRQDO VH PDQWLHQH FRPR XQD JUDQ FDUJD
VREUH OD UHQWDELOLGDG GH OD FRUSRUDFLyQ (O SUHVLGHQWH GH OD FRPSDxtD 7 FUHH TXH DO
HVWDEOHFHUXQDDGPLQLVWUDFLyQEDVDGDHQODVKDELOLGDGHVFRQXQDOWRQLYHOGHFRPSHWHQFLD
HVOD~QLFDVROXFLyQDHVWDGLILFXOWDG
(O HVWDGR GH SpUGLGDV \ JDQDQFLDV SDUD HO SHUtRGR DQWHULRU VH PXHVWUD HQ OD 7DEOD
([DPLQDODSURGXFWLYLGDGODERUDOGHODFRPSDxtD\ODFDUJDGHOFRVWRGHSHUVRQDO\UHDOLFH
XQHVWXGLRDGHFXDGRVREUHODIRUPXODFLyQGHXQSODQGHIXHU]DODERUDODGHFXDGR

9HQWDV
0LOORQHV GH <HQV
&RVWR GH 9HQWDV

8WLOLGDG EUXWD GH YHQWDV
&RVWRV GH YHQWDV JHQHUDOHV \ DGPLQLVWUDWLYRV
5HPXQHUDFLyQ GH GLUHFWRUHV
6DODULRV
&RVWR SRU PDUJHQ GH EHQHILFLRV
&RVWRV GH SXEOLFLGDG
&RVWRV GH HPSDTXH \ IOHWHV
&RVWRV GH HPEDODMH
&RVWRV GH FRPXQLFDFLyQ
&RVWRV GH YLDMH \ WUDQVSRUWH
$JXD FRPEXVWLEOH \ OX]
&RPEXVWLEOH SDUD YHKtFXORV
*DVWRV YDULRV
&RVWRV GH HQWUHWHQLPLHQWR
,PSXHVWRV
&RVWRV GH UHSDUDFLyQ
$OTXLOHU WLHUUD \ HGLILFLRV
&RVWRV GH GHSUHFLDFLyQ
3ULPDV GH VHJXURV
3DJR D FRPLVLRQHV
2WURV
8WLOLGDG RSHUDFLRQDO
8WLOLGDG QR RSHUDFLRQDO
&RVWRV QR RSHUDFLRQDOHV
3DJR GH LQWHUHVHV
2WURV
,QJUHVR FRUULHQWH
,QJUHVR H[WUDRUGLQDULR
3pUGLGDV H[WUDRUGLQDULDV
8WLOLGDG DQWHV GH LPSXHVWRV
3URYLVLyQ SDUD LPSXHVWRV
8WLOLGDG QHWD
8WLOLGDG DFXPXODGD GH SHUtRGRV DQWHULRUHV
5HWHQFLyQ LQGHELGD GH LQJUHVRV

1RWDV 1~PHURGHHPSOHDGRV
&DSLWDOWRWDO PLOORQHV
5D]yQGHHTXLGDG

&DUDFWHUtVWLFDVGHO&DVR\$VSHFWRVD&RQVLGHUDU
(OFRVWRGHSHUVRQDOGHODFRPSDxtDSXHGHFRQVLGHUDUVHGHODVLJXLHQWHPDQHUD
&RVWRGH3HUVRQDO7RWDOFRVWRGHODFRPSDxtD
1~PHURGHHPSOHDGRV[1LYHOVDODULDOLQJUHVRSRULQGLYLGXR
9DORU$JUHJDGR[3DUWLFLSDFLyQODERUDO
'H HVWDV IyUPXODV VH DSUHFLD TXH ORV ~QLFRV PHGLRV SRU ORV FXDOHV OD FRPSDxtD SXHGH
PDQWHQHUDOWRVQLYHOHVVDODULDOHVVRQORVVLJXLHQWHV
$XPHQWDU HO WRSH GHO FRVWR WRWDO GH SHUVRQDO D WUDYpV GHO LQFUHPHQWR HQ HO YDORU
DJUHJDGR
$XPHQWDU HO FRVWR GH SHUVRQDO SRU HPSOHDGR R FXEULU HO DOWR QLYHO GH VDODULRV D
WUDYpVGHODXPHQWRHQODVKDELOLGDGHVGHORVHPSOHDGRV
/DSODQHDFLyQGHODIXHU]DODERUDOGHEHUHDOL]DUVHQRVRORDXPHQWDQGRODIXHU]DGHWUDEDMR
UHTXHULGDHQFDGDSXHVWRGHWUDEDMRVLQRWDPELpQDWUDYpVGHODUHDOL]DFLyQGHXQHVWXGLR
PDFURTXHFRQVLGHUHORVQLYHOHVGHYDORUDJUHJDGR\GHOFRVWRGHSHUVRQDO
7UDGLFLRQDOPHQWH OD SODQHDFLyQ GH OD IXHU]D ODERUDO FRPR SDUWH GH OD SODQHDFLyQ
DGPLQLVWUDWLYDVHKDEDVDGRVLPSOHPHQWHHQHOLQFUHPHQWRGHYHQWDVRVLPSOHPHQWHVHKD
FDOFXODGR OD FDQWLGDG GH QXHYDV SHUVRQDV UHTXHULGDV (Q XQD pSRFD FRQ LQFUHPHQWRV
FRQVWDQWHVHQORVVDODULRVODSODQHDFLyQGHODIXHU]DODERUDOGHEHLQFOXLUSDUWLGDVSDUDWDOHV
LQFUHPHQWRV/DIyUPXODXWLOL]DGDFRP~QPHQWHHQHVWHFDVRHVODVLJXLHQWH
9DORU $JUHJDGR [ 3DUWLFLSDFLyQ ODERUDO

)XHU]D ODERUDO ySWLPD =
&RVWR GH SHUVRQDO SRU HPSOHDGR
'HHVWDIyUPXODHOREMHWLYRGHODIXHU]DODERUDOGHQWURGHQDxRVVHFDOFXODDVt
6 [ 3 [ /U
2EMHWLYR GH OD )XHU]D ODERUDO =
: [ X [ F [ W
Q
GRQGH
6 9HQWDV SODQHDGDV GHVSXpV GH Q DxRV
3 5D]yQ GHO 9DORU $JUHJDGR SODQHDGR GHVSXpV GH Q DxRV
/U 3DUWLFLSDFLyQ ODERUDO SODQHDGD GHVSXpV GH Q DxRV
: &RVWR DFWXDO GHO SHUVRQDO SRU HPSOHDGR
X 7DVD SODQHDGD GHO FUHFLPLHQWR DQXDO GHO VDODULR
F 7DVD GH PHMRUDPLHQWR GHO IDFWRU GH FDOLGDG GHO SHUVRQDO
W )DFWRU GH UHGXFFLyQ GH KRUDV GH WUDEDMR

9HQWDV SODQHDGDV \ RWURV IDFWRUHV YHQWDV SODQHDGDV UD]yQ GHO 9DORU $JUHJDGR \
SDUWLFLSDFLyQ ODERUDO VRQ YDORUHV PHWDV D VHU DOFDQ]DGRV HQ ´Qµ DxRV SHU HMHPSOR
DxRVDxRVHWF
7DVDSODQHDGDGHLQFUHPHQWRHQVDODULR(VWHHVXQWDVDDQXDOGHLQFUHPHQWRVDODULDO/D
7DEODPXHVWUDORVVDODULRV GHVSXpVGHDxRVFDOFXODGRVFRQEDVHHQHQVD\RVFRQ
WDVDVGHLQFUHPHQWRDQXDOGHOKDVWDHO
)DFWRU GH FDOLGDG GHO SHUVRQDO HVWD HV XQD YDULDEOH TXH WRPD HQ FXHQWD HO
HQYHMHFLPLHQWR GHO SHUVRQDO PHMRUDPLHQWR HQ VXV QLYHOHV GH HGXFDFLyQ \ RWURV
IDFWRUHV(OIDFWRUSXHGHVHULJXDORPHQRUDGHSHQGLHQGRGHODVGLIHUHQFLDVHQWUHORV
VDODULRV SURPHGLRV GH ORV HPSOHDGRV DFWXDOHV \ ORV GH ORV QXHYRV HPSOHDGRV
*HQHUDOPHQWH HVWH IDFWRU VH LQFUHPHQWD D PHGLGD TXH DXPHQWD HO SURPHGLR GH
PDGXUH]
)DFWRUGHUHGXFFLyQGHKRUDVGHWUDEDMRHVWHIDFWRUWRPDHQFXHQWDODWHQGHQFLDDOD
UHGXFFLyQGHODVKRUDVGHWUDEDMR3RUHMHPSORVLODVKRUDVGHWUDEDMRVHGLVPLQX\HQGH
D FRPR UHVXOWDGR GH XQ UHDFRPRGDFLyQ GHO VLVWHPD GH GtDV GH WUDEDMR
VLJQLILFDUtD TXH ORV VDODULRV VH LQFUHPHQWDUtDQ HQ XQ > KRUDV UHGXFFLyQ GH
KRUDVKRUDVKRUDVGHWUDEDMRDQWHVGHODUHGXFFLyQ@3RUORWDQWRODUHGXFFLyQHQ
ODVKRUDVGHWUDEDMRHVXQIDFWRUHVHQFLDOHQODSODQHDFLyQGHODIXHU]DODERUDO
7DEOD7DVD6DODULDOSDUD9DULDV7DVDVGH,QFUHPHQWR
1~PHURGHDxRVQ
7DVD GH
LQFUHPHQWR
X
X
X
X
X
X
$ODSOLFDUODVFLIUDVGHODFRPSDxtD7DODIyUPXODDQWHULRUVHDQDOL]DUiHQSULPHUOXJDUOD
UHODFLyQ GH OD SURGXFWLYLGDG ODERUDO GH OD HPSUHVD FRQ VX FRVWR GH SHUVRQDO \ IXHU]D GH
WUDEDMR \ OXHJR VH IRUPXOD XQ SODQ DSURSLDGR GH FRVWR GH SHUVRQDO \ IXHU]D ODERUDO 6LQ
HPEDUJRHVWRQRHVVXILFLHQWH<DTXHODVHPSUHVDVFDSLWDOLVWDVHVWiQFRPSURPHWLGDVFRQ
ODSURGXFFLyQVXSURGXFWLYLGDGGHEHWDPELpQDVHJXUDUVXUHQWDELOLGDGFRUSRUDWLYD3RUOR
WDQWRHVQHFHVDULRXQHVWXGLRGHFyPRVHUHIOHMDHOUHVXOWDGRGHODQiOLVLVUHDOL]DGRHQOD

UHQWDELOLGDGGHODHPSUHVDHQWpUPLQRVGHOSXQWRGHHTXLOLEULR\HQODUD]yQGHEHQHILFLR
GHOWRWDOGHOSDVLYR\DFWLYRQHWR
0HGLFLyQGHOD3URGXFWLYLGDG
3$62(;$0,1$5/$352'8&7,9,'$'/$%25$/</26,1',&(6
5(/$&,21$'26$75$9e6'(/&$/&8/2'(/9$/25
$*5(*$'2
([LVWHQYDULRVPpWRGRVSDUDHOFiOFXORGHO9DORU$JUHJDGR6LVHXWLOL]DHOPpWRGRGHO%DQFR
GHO-DSyQHO9DORU$JUHJDGRGHODFRPSDxtD7HVHOVLJXLHQWH
7DEOD9DORU$JUHJDGRGHOD&RPSDxtD7
,QJUHVR FRUULHQWH

0LOORQHV GH <HQV
&RVWR GHO 3HUVRQDO

5HPXQHUDFLyQ D 'LUHFWRUHV
6DODULRV
0DUJHQ GH %HQHILFLRV
&RVWR )LQDQFLHUR
$OTXLOHU
,PSXHVWRV
&RVWRV GH 'HSUHFLDFLyQ
727$/

3$62$/,67$5/26,1',&(6'(352'8&7,9,'$'
7DEOD,QGLFHVGH3URGXFWLYLGDGGHOD&RPSDxtD7
)Ð508/$ 5$=Ð1
3URGXFWLYLGDG ODERUDO 9DORU$JUHJDGR0 0
0DQRGH2EUDHPS
9HQWDV SRU HPSOHDGR 9HQWDV0

0DQRGH2EUDHPS 0
5D]yQ GH 9DORU $JUHJDGR 9DORU$JUHJDGR0

9HQWDV0
5D]yQ GHO FRVWR GH &RVWRGHO3HUVRQDO0

SHUVRQDO 9HQWDV0

3DUWLFLSDFLyQ ODERUDO &RVWRGHO3HUVRQDO0
9DORU$JUHJDGR0

&RVWR GH 3HUVRQDO SRU &RVWRGHO3HUVRQDO0
(PSOHDGR 0DQRGH2EUDHPS
0
3$62$1$/,=$5/26,1',&(6'(352'8&7,9,'$'
/D SURGXFWLYLGDG ODERUDO GH OD FRPSDxtD 7 YDORU DJUHJDGR SRU HPSOHDGR HV GH
PLOORQHV$XQTXHQRHVSDUWLFXODUPHQWHQLPX\DOWRQLPX\EDMRVHOHFRQVLGHUDPiVELHQ
EDMR
/DSURGXFWLYLGDGODERUDOVHGLYLGHHQ
3URGXFWLYLGDG/DERUDO 9HQWDVSRUHPSOHDGR[5D]yQGH9DORU$JUHJDGR
/DV YHQWDV SRU HPSOHDGR \ OD UD]yQ GH 9DORU $JUHJDGR GH OD FRPSDxtD VRQ
PLOORQHV\UHVSHFWLYDPHQWH$XQTXHODVYHQWDVSRUHPSOHDGRVRQDOWDVHOYDORUGHOD
UD]yQ HV EDMD HV SRU HOOR TXH HO QLYHO GH OD SURGXFWLYLGDG ODERUDO HV EDMD 6LQ HPEDUJR
GHELGRDODQDWXUDOH]DGHOQHJRFLRGHYHQWDGHOLEURVHVQRUPDOTXHHO9DORU$JUHJDGRVHD
EDMR3RUORWDQWRLQFUHPHQWDUODVYHQWDVSRUHPSOHDGRVHUiODFODYHGHODHPSUHVDSDUD
PHMRUDUODSURGXFWLYLGDGGHODFRPSDxtD
&RPR VHH[SXVRDQWHVODVYHQWDVSRUHPSOHDGRSXHGHQGLYLGLUVHGHODVLJXLHQWHPDQHUD
6HRPLWLUiQDQiOLVLVSRVWHULRUHVGHELGRDODOtQHDGHQHJRFLRGHODFRPSDxtD

9HQWDVSRUHPSOHDGR 5D]yQGHWUDEDMRHTXLSR[5D]yQGHXWLOL]DFLyQGHHTXLSR
/DSDUWLFLSDFLyQODERUDOGHODFRPSDxtDHVGHEDVWDQWHDOWD
/DSDUWLFLSDFLyQODERUDOVHSXHGHGLYLGLUHQ
3DUWLFLSDFLyQ/DERUDO 5D]yQGHOFRVWRGHSHUVRQDO5D]yQGH9DORU$JUHJDGR
/DUD]yQGHOFRVWRGHSHUVRQDO\ODUD]yQGH9DORU$JUHJDGRGHODFRPSDxtDVRQ\
UHVSHFWLYDPHQWH $XQTXH HO SULPHUR QR HV SDUWLFXODUPHQWH DOWR OD SDUWLFLSDFLyQ
ODERUDOHVFRPSDUDWLYDPHQWHDOWDGHELGRDOEDMRYDORUGHODUD]yQGH9DORU$JUHJDGR
/DSDUWLFLSDFLyQODERUDOWDPELpQSXHGHGLYLGLUVHHQ
3DUWLFLSDFLyQ/DERUDO &RVWRGHSHUVRQDOSRUHPSOHDGR3URGXFWLYLGDGODERUDO
3DUD OD FRPSDxtD 7 HO FRVWR GH SHUVRQDO SRU HPSOHDGR HV GH PLOORQHV \ OD
SURGXFWLYLGDGODERUDOHVGHPLOORQHV/DUD]yQSRUODTXHHOFRVWRGHSHUVRQDOSRU
HPSOHDGRVHDFRPSDUDWLYDPHQWHSHTXHxRHVTXHPXFKRVGHORVHPSOHDGRVVRQMyYHQHV\
OD FRPSDxtD FXHQWD FRQ DOJXQRV HPSOHDGRV GH PHGLR WLHPSR 3RU OR WDQWR HO FRVWR GH
SHUVRQDOGHODFRPSDxtDHVFRPSDUDWLYDPHQWHEDMRUHVSHFWRDOHVWiQGDUJHQHUDO'HHVWD
PDQHUDVHSXHGHDSUHFLDUTXHHOFRVWRGHSHUVRQDOSRUHPSOHDGRHVEDMR\ODSDUWLFLSDFLyQ
ODERUDOHVDOWDGHELGRDTXHODSURGXFWLYLGDGODERUDOHVLJXDOPHQWHEDMD
(YDOXDFLyQGHOD3URGXFWLYLGDG
3$62$1$/,=$5/$5(17$%,/,'$'</$352'8&7,9,'$'/$%25$/
8QDQiOLVLVGHVGHHOSXQWRGHYLVWDGHOD5D]yQGHXWLOLGDGGHOWRWDOGHOSDVLYR\DFWLYR
QHWR
/D 5D]yQ GH XWLOLGDG GHO WRWDO GHO SDVLYR \ DFWLYR QHWR $ SDUWLU GH DKRUD VH OH UHIHULUi
FRPR5D]yQGH8WLOLGDGHVODVLJXLHQWH
8WLOLGDGEUXWD0
5D]yQ GH 8WLOLGDG = =
&DSLWDO WRWDO 0
6LODUD]yQGHXWLOLGDGQHFHVDULDSDUDPDQWHQHUHOQHJRFLRVHFDOFXODHVWDEOHFLHQGRODWDVDGH
LQWHUpV VREUH HO FDSLWDO SURSLR OD WDVD GH ULHVJR FRUSRUDWLYR \ OD WDVD GH LPSXHVWR D OD
XWLOLGDG D \ UHVSHFWLYDPHQWH GH OD IyUPXOD VH REWLHQH FRPR VH

5D]yQGH8WLOLGDGUHTXHULGD >7DVDGHLQWHUpVGHO FDSLWDO SURSLR [ WDVD GH
HTXLGDG7DVDGHULHVJR@>²WDVDGHLPSXHVWRDODXWLOLGDG@

&RQVHFXHQWHPHQWHODWDVD GH XWLOLGDG VXILFLHQWH HV GH UD]yQ GH XWLOLGDG
WDVDGHXWLOLGDGUHTXHULGD3RUORWDQWRODUHQWDELOLGDGGHOODFRPSDxtDVHHVWDEOHFH
FRPREDMD
/DUD]yQGHXWLOLGDGVHSXHGHGLYLGLUHQ
5D]yQ GH XWLOLGDG 5RWDFLyQ GHO FDSLWDO WRWDO [ 5D]yQ GHO LQJUHVR FRUULHQWH \ ODV YHQWDV
$OH[DPLQDUHQHVWRVGRVFRPSRQHQWHVSRUTXpODEDMDUHQWDELOLGDGVHHQFXHQWUDTXH
/DURWDFLyQGHOFDSLWDOWRWDOGHODFRPSDxtDHVGHYHFHVFRPRVHPXHVWUD
9HQWDV 0
5RWDFLyQ GHO FDSLWDO WRWDO = = YHFHV
&DSLWDO WRWDO 0
(VWD WDVD GH URWDFLyQ QR SUHVHQWD QLQJ~Q SUREOHPD \D TXH VH FRQVLGHUD FDVL FRPR
SURPHGLRSDUDODVOLEUHUtDV3RURWURODGRODUD]yQGHOLQJUHVRFRUULHQWH\ODVYHQWDVHVGH
FRPRVHPXHVWUDHQVHJXLGD\HVPX\EDMD
5D]yQ GHO LQJUHVR FRUULHQWH ,QJUHVR FRUULHQWH 0

\ ODV YHQWDV =
9HQWDV 0
=
/DVUD]RQHVGHOLQJUHVRHQYDULRVHWDSDV\ODVUD]RQHVGHYDULRVFRVWRV\ODVYHQWDVVRQORV
VLJXLHQWHV
8WLOLGDG EUXWD UHVSHFWR D YHQWDV

5D]yQ GH 8WLOLGDG EUXWD = 0
=
9HQWDV 0
,QJUHVR RSHUDFLRQDO 0
5D]yQ GHO LQJUHVR RSHUDFLRQDO = =
5D]yQGHFRVWRV\YHQWDV 9HQWDV 0
&RVWR GH YHQWDV 0
5D]yQ GH FRVWRV \ YHQWDV = =
9HQWDV 0

FRVWRV GH YHQWDV JHQHUDOHV \ DGPLQLVWUDFLyQ
5D]yQ GH ORV FRVWRV GH YHQWDV 0
JHQHUDOHV \ DGPLQLVWUDFLyQ FRQ ODV = =
YHQWDV 9HQWDV 0
,QFOX\HQGR
&RVWR GH SHUVRQDO 0

5D]yQ GH FRVWRV GH SHUVRQDO = =
9HQWDV0
1RWD
&RVWR GH 3HUVRQDO 5HPXQHUDFLyQ D GLUHFWRUHV VDODULRV PDUJHQ GH EHQHILFLRV

,QJUHVR QR RSHUDFLRQDO 0
5D]yQ GH LQJUHVR QR RSHUDFLRQDO = =
9HQWDV 0
&RVWR QR RSHUDFLRQDO 0
5D]yQ GHO FRVWR QR RSHUDFLRQDO = =
9HQWDV 0
$OH[DPLQDUHVWDVIyUPXODVVHHQFXHQWUDTXHODUD]yQGHODXWLOLGDGEUXWD\ODVYHQWDVGHO
VHGHEHQFRQVLGHUDUFRPRPi[LPDV\DTXHHOFRVWRGHFRPSUDHVFDVLFRQVWDQWH
GHELGR D ODV SUiFWLFDV GH OD LQGXVWULD GH LPSUHQWD 3RU RWUD SDUWH OD UD]yQ GHO LQJUHVR
FRUULHQWH \ ODV YHQWDV HV EDMR GHO /D UD]yQ GH FRVWRV GH YHQWDV JHQHUDOHV \
DGPLQLVWUDFLyQ GHO QR HV FRQVLGHUDEOHPHQWH DOWR VL VH FRPSDUD FRQ HO HVWiQGDU
JHQHUDO VLQ HPEDUJR \ \D TXH OD UD]yQ GH XWLOLGDG EUXWD SRU YHQWDV HV EDMD FRPR \D VH
PHQFLRQyVHSXHGHDVHJXUDUTXHHVWDUD]yQGHFRVWRHVWDDIHFWDQGRODUHQWDELOLGDGGHOD
FRPSDxtD
/DUD]yQGHOFRVWRGHSHUVRQDOHVGHUHSUHVHQWDQGRPiVGHODPLWDGGHOFRVWR GH
YHQWDV JHQHUDOHV \ DGPLQLVWUDWLYR (VWH YDORU QR VH FRQVLGHUD DOWR GDGR TXH OD UD]yQ GH
XWLOLGDGEUXWDSRUYHQWDVHVFRPSDUDWLYDPHQWHEDMDFRQUHVSHFWRDODVREVHUYDGDVHQHVWH
WLSRGH QHJRFLRSHURFRQVWLWX\HXQDFDUJDFRQVLGHUDEOHDODUHQWDELOLGDGGHODFRPSDxtD
3RU OR WDQWR OD FDUJD GHO FRVWR GH SHUVRQDO \ OD UHVXOWDQWH FDUJD GHO FRVWR GH YHQWDV
JHQHUDOHV \ DGPLQLVWUDWLYR VRQ UHVSRQVDEOHV GHO EDMR YDORU GH OD UD]yQ XWLOLGDG EUXWD SRU
YHQWDV6HMX]JDTXHODFDXVDGHODEDMDUHQWDELOLGDGGHODFRPSDxtDUHFDHHQHVWRVFRVWRV
$QiOLVLVXWLOL]DQGRODPHWRGRORJtDGHO3XQWRGH(TXLOLEULR
$ FRQWLQXDFLyQ VH DQDOL]DUi HO FRVWR GH SHUVRQDO FRQ UHODFLyQ DO SXQWR GH HTXLOLEULR (O
SXQWRGHHTXLOLEULRGHODFRPSDxtDVHFDOFXOyGHODVLJXLHQWHPDQHUD

&RVWRV9DULDEOHV
&RVWRGHYHQWDV 0
&RVWRGHSXEOLFLGDG 0
&RVWRGHHPSDTXH\IOHWHV 0
&RVWRGHHPSDTXH 0
&RPEXVWLEOHSDUDYHKtFXORV 0
&RPLVLRQHVSDJDGDV 0
7RWDO&RVWRVYDULDEOHV 0
5D]yQGHOFRVWRYDULDEOH
&RVWR YDULDEOH 0

5D]yQ GHO FRVWR YDULDEOH = =
9HQWDV 0
&RVWRV ILMRV
&RVWR GH YHQWDV 0
&RVWRV GH YHQWDV JHQHUDOHV \ DGPLQLVWUDWLYRV 0
&RVWRV QR RSHUDFLRQDOHV 0
7RWDO FRVWRV ILMRV 0
&RVWRVYDULDEOHV 0
,QJUHVRVQRRSHUDFLRQDOHV 0
7RWDOGHVSXpVGHGHGXFFLRQHV 0
3XQWRGHHTXLOLEULR
&RVWR ILMR 0

3XQWR GH HTXLOLEULR = = 0
² UD]yQ GHO FRVWR YDULDEOH
3RVLFLyQGHOSXQWRGHHTXLOLEULR
=
3XQWRGHHTXLOLEULR0
3RVLFLyQ GHO SXQWR GH HTXLOLEULR =
9HQWDV0

0DUJHQ GH VHJXULGDG ² SRVLFLyQ GHO SXQWR GH HTXLOLEULR
&RPRVHPXHVWUDDQWHULRUPHQWHODSRVLFLyQGHOSXQWRGHHTXLOLEULRHVPX\DOWDPLHQWUDV
TXHHOPDUJHQGHVHJXULGDGHVVyORGHO
(ODOWRYDORUGHODUD]yQGHFRVWRYDULDEOHHVPiVRPHQRVQRUPDOSDUDHOWLSRGH

QHJRFLR3RUORWDQWRODDOWDSRVLFLyQGHOSXQWRGHHTXLOLEULRGHEHDWULEXtUVHOHDORVFRVWRV
ILMRV/RVFRVWRVILMRVGHODFRPSDxtDVRQGH0\VXUD]yQVREUHODVYHQWDVHVGH
(OFRVWRGHSHUVRQDOHVGH0UHSUHVHQWDHOGHOWRWDOGHFRVWRVILMRV
\ OD UD]yQ GHO FRVWR GH SHUVRQDO VREUH ODV YHQWDV HV GH FRPR VH GHVFULELy
DQWHULRUPHQWH
3RU OR WDQWRHVDFHUWDGRGHFLUTXHUHGXFLU OD FDUJD GHO FRVWR GHSHUVRQDO HV OD YtD SDUD
UHGXFLUODFDUJDGHORVFRVWRVILMRV
3$62 $3/,&$5 /26 ,1',&(6 '( 9$/25 $*5(*$'2 3/$1($'26 $ /$

)Ð508/$'(/$Ð37,0$)8(5=$/$%25$/
3ODQGHSHUVRQDO\IXHU]DGHWUDEDMRHQUHODFLyQDOD3URGXFWLYLGDG/DERUDO
3ULPHUR VH H[DPLQDUi HO FRVWR GH SHUVRQDO \ HO SODQ GH IXHU]D GH WUDEDMR GHVGH OD
SHUVSHFWLYDGHODIXHU]DODERUDOREMHWLYR
2EMHWLYR GH OD )XHU]D ODERUDO = 6 [ 3 [ /U

: [ X [ F [ W
Q
GRQGH
6 9HQWDV SODQHDGDV GHVSXpV GH Q DxRV
3 5D]yQ GHO 9DORU $JUHJDGR SODQHDGR GHVSXpV GH Q DxRV
/U 3DUWLFLSDFLyQ ODERUDO SODQHDGD GHVSXpV GH Q DxRV
: &RVWR DFWXDO GHO SHUVRQDO SRU HPSOHDGR
X 7DVD SODQHDGD GHO FUHFLPLHQWR DQXDO GHO VDODULR
F 7DVD GH PHMRUDPLHQWR GHO IDFWRU GH FDOLGDG GHO SHUVRQDO
W )DFWRU GH UHGXFFLyQ GH KRUDV GH WUDEDMR
/RVtQGLFHVGH9DORU$JUHJDGRGHODFRPSDxtDVRQORVVLJXLHQWHV
3URGXFWLYLGDG /DERUDO = 9DORU $JUHJDGR 0 0

=
0DQR GH 2EUD HPS
9HQWDV 0
9HQWD SRU HPSOHDGR = = 0
0DQR GH 2EUD HPS

9DORU $JUHJDGR 0
5D]yQ GH 9DORU $JUHJDGR = =
9HQWDV 0
&RVWR GH 3HUVRQDO 0
3DUWLFLSDFLyQ GHO WUDEDMR = =
9DORU $JUHJDGR 0
&RVWR GH 3HUVRQDO SRU = &RVWR GH 3HUVRQDO 0
= 0

(PSOHDGR 0DQR GH 2EUD HPS
&RQEDVHHQHVWRVYDORUHVDFWXDOHVVHGHWHUPLQDUiHOWDPDxRySWLPRGHODIXHU]DODERUDO
GHQWURGHDxRVILMDQGRODVPHWDVUHTXHULGDVFRPRVLJXH
0HWDSDUDYHQWDVVXSRQHXQFUHFLPLHQWRDQXDOGH
0HWD GH 9HQWDV 9HQWDV DFWXDOHV 0 [ 0
5D]yQGH9DORU$JUHJDGRSODQHDGD«««««««««««««««
3DUWLFLSDFLyQODERUDOSODQHDGD«««««««««««««««««
7DVDGHFUHFLPLHQWRGHVDODULRVSODQHDGDDQXDO««««««««««
5D]yQGHKRUDVGHWUDEDMRSUHVHQWHV\IXWXUDV«««««««««
7DVDGHPHMRUDPLHQWRGHOIDFWRUGHFDOLGDGGHOSHUVRQDO««1RFRQVLGHUDGR
/DPHWDSDUDODIXHU]DODERUDOFRQEDVHHQHVWDVPHWDVTXHGD
0HWD GH )XHU]D = 0[[ 0

/DERUDO =
0 [ [
0 [ [
0
= = HPSOHDGRV
0
(VWRVLJQLILFDTXHHOQ~PHURySWLPRGHHPSOHDGRVDWHQHUGHQWURGHDxRVGHEHVHUGH
SDUDREWHQHUODUHQWDELOLGDGILMDGD3RUORWDQWRODIXHU]DODERUDODFWXDOGHEHUHGXFLUVHD
6L VH PDQWLHQH OD IXHU]D ODERUDO DFWXDO OD SDUWLFLSDFLyQ ODERUDO GHQWUR GH DxRV VHUi GH

9DORU$JUHJDGR3ODQHDGR 0HWDGHYHQWDV0[5D]yQGH9DORU$JUHJDGR

SODQHDGR 0

&RVWR GH SHUVRQDO HVSHUDGR 0 [ [ [ 0
3RUORWDQWR
3DUWLFLSDFLyQ /DERUDO = &RVWR GHO SHUVRQDO 0 =

9DORU $JUHJDGR SODQHDGR 0
%DViQGRVHHQHODQWHULRUDQiOLVLVVHFDOFXODUiHOYROXPHQGHYHQWDVTXHWHQGUiODFRPSDxtD
7VLVHPDQWLHQHODDFWXDOIXHU]DODERUDO
/DIyUPXODGHODPHWDGHODIXHU]DODERUDOSUHVHQWDGDDQWHULRUPHQWHSXHGHPRGLILFDUVHGH
ODVLJXLHQWHPDQHUD
9HQWDV 3ODQHDGDV = P [ : [ X [ F [ W
Q
3 [ /U
GRQGH
P IXHU]DODERUDOGHQWURGHQDxRV
VLPHQODIyUPXODHV
[ 0 0
0HWD GH 9HQWDV = = = 0
[
3RUORWDQWRVLVHPDQWLHQHODDFWXDOIXHU]DODERUDOHOYROXPHQGHYHQWDVGHQWURGHDxRV
VHUiGHYHFHVPiVJUDQGHORTXHVLJQLILFDTXHODFRPSDxtDGHEHORJUDUXQLQFUHPHQWR
DQXDOGHYHQWDVGHO
,QFUHPHQWR HQ OD WDVD GH YHQWDV DQXDO

0HWD GH 9HQWDV < 0 − =
=
9HQWDV $FWXDOHV <0
3$62 $1$/,=$5 /$ 5(/$&,Ð1 (175( /26 ,1',&(6 3/$1($'26 '(
9$/25$*5(*$'2</$0(7$
(O FRVWR GHO SHUVRQDO \ HO SODQ GH OD IXHU]D GH WUDEDMR GHVGH HO SXQWR GH YLVWD GH OD
UHQWDELOLGDG
6H KDQ HQFRQWUDGR GRV SRVLEOH PDQHUDV GH KDFHU IUHQWH D OD VLWXDFLyQ GH HVWH FDVR
UHGXFLUHOQ~PHURGHHPSOHDGRVDHQORVSUy[LPRVDxRV\LQFUHPHQWDUODVYHQWDVD
XQDWDVDGHODQXDOVLQUHGXFLUHOQ~PHURGHHPSOHDGRV
'HHVWDVGRVODVHJXQGDVHUtDPX\GLItFLOGHORJUDUHQXQDHFRQRPtDGHSRFRFUHFLPLHQWR
3RU OR WDQWR VH H[DPLQDUi VL OD SDUWLFLSDFLyQ ODERUDO SODQHDGD GH HVWH FDVR GHEH
LQHYLWDEOHPHQWHILMDUVHFRPRPHWD

3$625((;$0,1$5<&20352%$5/$6,78$&,21$&78$/
&RPR VH GLVFXWLy DQWHULRUPHQWH ORV FRVWRV VH GLYLGHQ HQ FRVWRV YDULDEOHV \ ILMRV (O
UHVXOWDGRGHODQiOLVLVHODERUDGRDWUDYpVGHOOLEURVHUHVXPHGHODVLJXLHQWHPDQHUD
5D]yQGHOFRVWRYDULDEOH«««««««««««««««««
&RVWRILMR«««««««««««««««««««« 0
,QFOX\H&RVWRGHOSHUVRQDO«««««««««««« 0
2WURV««««««««««««««««« 0
3XQWRGHHTXLOLEULR«««««««««««««««« 0
3RVLFLyQGHOSXQWRGHHTXLOLEULR««««««««««««««
0DUJHQGHVHJXULGDG««««««««««««««««««
3ODQGH0HMRUDPLHQWRGHOD3URGXFWLYLGDG
3$6235(3$5$5$/7(51$7,9$6
6LVHFDOFXODHOSXQWRGHHTXLOLEULRVXSRQLHQGRTXHODUD]yQGHOFRVWRYDULDEOHGLVPLQX\HD
ODFDtGDFRUUHVSRQGHDXQLQFUHPHQWRHQODUD]yQGH9DORU$JUHJDGRUD]yQ
SODQHDGD²UD]yQDFWXDO\TXHODSDUWLFLSDFLyQODERUDO\ODIXHU]DGHWUDEDMR
VHUiQ \ UHVSHFWLYDPHQWH FRPR VH SODQHy LQLFLDOPHQWH R \
UHVSHFWLYDPHQWHVLQODUHGXFFLyQGHODIXHU]DODERUDO7DPELpQVHDVXPHTXHHOFRVWRILMR
H[FOX\HQGR HO FRVWR GH SHUVRQDO VH LQFUHPHQWDUi D XQD WDVD GHO DQXDO \ WHQGUiQ HO
VLJXLHQWHYDORUGHQWURGHDxRV
&RVWR ILMR H[FOX\HQGR HO FRVWR GH SHUVRQDO 0 [

0
3$62(;$0,1$5/$6$/7(51$7,9$6
5HQWDELOLGDGFXDQGRODSDUWLFLSDFLyQODERUDOHVGH)XHU]DODERUDO
&RVWRV ILMRV &RVWR GH 3HUVRQDO 0

PHWD YHQWD 0 [ OD UD]yQ GH YDORU
DJUHJDGR [ SDUWLFLSDFLyQ ODERUDO 3ODQHDGD
2WURV 0
7RWDO 0
3XQWRGHHTXLOLEULR
&RVWR ILMR 0

3XQWR GH HTXLOLEULR 0
3RVLFLyQ GHO SXQWR GH HTXLOLEULR = =
9HQWDV 0
6LHOYROXPHQGHYHQWDVHVGH0
*DQDQFLD 0[²²0 0
5D]yQGHOLQJUHVRRSHUDFLRQDO\ODVYHQWDV
=
8WLOLGDGEUXWD0
5D]yQGHOLQJUHVRRSHUDFLRQDO\ODVYHQWDV =
6LODURWDFLyQGHOFDSLWDOWRWDOHVGHYHFHV 9HQWDV 0
5D]yQ GH UHQWDELOLGDG VREUH HO WRWDO SDVLYR \ DFWLYR QHWR [
5D]yQGHUHQWDELOLGDGVXILFLHQWHUHTXHULGD 5D]yQGHUHQWDELOLGDGVREUH
HOWRWDOSDVLYR\DFWLYRQHWRUHTXHULGR
5HQWDELOLGDGFXDQGRODSDUWLFLSDFLyQODERUDOHVGHIXHU]DODERUDO
&RVWRV ILMRV &RVWR GH 3HUVRQDO 0

>&RVWR GHO SHUVRQDO DFWXDO 0 [
[ [ @
2WURV 0
7RWDO 0
3XQWRGHHTXLOLEULR
&RVWR ILMR <0

9HQWDV 0
6LHOYROXPHQGHYHQWDVHVGH0
*DQDQFLD 0[²²0 0
5D]yQGHOLQJUHVRFRUULHQWH\ODVYHQWDV
8WLOLGDG EUXWD 0
5D]yQ GHO LQJUHVR FRUULHQWH \ ODV YHQWDV = =
9HQWDV 0

6LODURWDFLyQGHOFDSLWDOWRWDOHVGHYHFHV
5D]yQ GH UHQWDELOLGDG VREUH HO WRWDO SDVLYR \ DFWLYR QHWR [
5D]yQGHUHQWDELOLGDGVXILFLHQWHUHTXHULGD
3$62&203$5$5$/7(51$7,9$6
&RPR VH DQDOL]y DQWHULRUPHQWH VL OD SDUWLFLSDFLyQ ODERUDO SODQHDGD VH ILMD HQ XQ HO
SXQWRGHHTXLOLEULREDMDD\ODUD]yQGHUHQWDELOLGDGGHOWRWDOGHSDVLYRV\DFWLYRV
QHWRVXEHKDVWDXQODUD]yQGHUHQWDELOLGDGVXILFLHQWHVHLQFUHPHQWDDXQ3RU
RWUD SDUWH VL OD SDUWLFLSDFLyQ ODERUDO SODQHDGD VH ILMD HQ XQ \ VH PDQWLHQH OD DFWXDO
IXHU]DODERUDOODSRVLFLyQGHOSXQWRGHHTXLOLEULREDMDDPLHQWUDVTXHODUD]yQGH
UHQWDELOLGDG GHO WRWDO SDVLYRV \ DFWLYR QHWR VyOR VXEH DO WDPELpQ OD UD]yQ GH
UHQWDELOLGDGVXILFLHQWHVyORVXEHXQSRFRDO
3$6235(3$5$5275$$/7(51$7,9$
• $MXVWH GHO FRVWR GH SHUVRQDO \ HO SODQ GH IXHU]D ODERUDO GHVGH HO SXQWR GH YLVWD GH OD
3URGXFWLYLGDGODERUDO\OD5HQWDELOLGDG
)LMDUODSDUWLFLSDFLyQODERUDOSODQHDGDHQHVLGHDOSDUDODUHQWDELOLGDGGHODFRPSDxtD
6LQ HPEDUJR \D TXH XQ LQFUHPHQWR HQ YHQWDV HV QDWXUDOPHQWH DFRPSDxDGR SRU XQ
LQFUHPHQWRHQODFDUJDGHWUDEDMRVXUJLUiQSUREOHPDVVLODIXHU]DODERUDOVHUHGXFH3RUOR
WDQWRVHH[DPLQDUiRWUDSRVLELOLGDGFRQVLVWHQWHHQILMDUODUD]yQGHXWLOLGDGVXILFLHQWHHQXQ
PDQWHQLHQGRODDFWXDOIXHU]DODERUDO\XWLOL]DQGRDOJXQRVHPSOHDGRVGHPHGLRWLHPSR
SDUDFXEULUODVWDVDVGHLQFUHPHQWRVDODULDO
,PSOHPHQWDFLyQGHO3ODQGH0HMRUDPLHQWRGHOD3URGXFWLYLGDG
3$62(;$0,1$5/$60(-25$6$6(52%7(1,'$6&21(/3/$1
$/7(51$7,92
/D SDUWLFLSDFLyQ ODERUDO OD PHWD GHO LQFUHPHQWR VDODULDO HWF HQ UHODFLyQ D HVWH SODQ
DOWHUQDWLYRVHFDOFXODQFRPRVHREVHUYDDFRQWLQXDFLyQ
5D]yQ GH XWLOLGDG WRWDO GHO SDVLYR \ DFWLYR QHWR REMHWLYR [
6LODURWDFLyQGHOFDSLWDOWRWDOHVGHYHFHV

5D]yQGHOLQJUHVRFRUULHQWH\ODVYHQWDV
,QJUHVRFRUULHQWH 0HWDGHYHQWDV0[ 0
&RVWRWRWDO 0HWDGHYHQWDV0

²0HWD8WLOLGDG0 0
&RVWRYDULDEOH 0HWDGHYHQWDV0[ 0
&RVWRILMR &RVWRVWRWDOHV0²&RVWRYDULDEOH0

0
3XQWRGHHTXLOLEULR
&RVWR ILMR 0


9HQWDV 0
7HFKRGHOFRVWRGHSHUVRQDOHQORVFRVWRVILMRV
&RVWRVILMRV0²&RVWRVILMRVH[FOX\HQGRFRVWRGHSHUVRQDO0
0
5D]yQ GHO FRVWR GH SHUVRQDO &RVWR GHO SHUVRQDO 0 0HWD GH YHQWDV
0
3DUWLFLSDFLyQGHOWUDEDMR &RVWRGHOSHUVRQDO00HWDGHO9DORU$JUHJDGR

0
&RVWR GHO SHUVRQDO 0
5D]yQ GHO FRVWR GHO SHUVRQDO = = 0
)XHU]D ODERUDO HPS
7DVDGHFUHFLPLHQWRGHOVDODULRSRUHPSOHDGRGHVSXpVGHDxRV
&RVWRGHOSHUVRQDOSRUHPSOHDGR0
=
= &RVWR GH SHUVRQDO SRU HPSOHDGR DFWXDO 0
[ 5D]yQ GH KRUDV GH WUDEDMR GHO SUHVHQWH UHVSHFWR DO IXWXUR

3RUORWDQWRODWDVDGHOLQFUHPHQWRVDODULDODQXDOSDUD[VHREWLHQHGHODVLJXLHQWHIyUPXOD
[ SRUORWDQWR[
SRUORWDQWRODWDVDGHLQFUHPHQWRDQXDOHVWLPDGDHVGHO
3$62(;$0,1$5/$)$&7,%,/,'$''(/$$/7(51$7,9$
6L ORV VDODULRV GH ORV GH SODQWD UHJXODUHV VH LQFUHPHQWDQ D XQD WDVD DQXDO GHO FRQ HO
SURSyVLWR GH PRWLYDUORV HO FRVWR GH SHUVRQDO SRU HPSOHDGR DO FDER GH DxRV VHUi GH
PLOORQHV3RUORWDQWRVLHOQ~PHURGHHPSOHDGRVGHSODQWDHQHVHWLHPSRHVGH
HO FRVWR WRWDO GHO SHUVRQDO VHUi GH PLOORQHV 0 [ 6L OD GLIHUHQFLD
HQWUHHVWDFDQWLGDG\HOWHFKRGHOFRVWRGHSHUVRQDOHVGHPLOORQHV0²
0 VH DVLJQD DO SDJR GH VDODULRV GH SHUVRQDO GH PHGLR WLHPSR HO VDODULR
SURPHGLR GH pVWRV VHUtD GH PLOORQHV 0 (VWH SODQ VH FRQVLGHUD
IDFWLEOH
3$62,03/(0(17$5(/3/$1'($'0,1,675$&,Ð1'(/9$/25
$*5(*$'2
(O SODQ DGPLQLVWUDWLYR D DxRV GH OD FRPSDxtD 7 WRPDQGR HQ FXHQWD OD UHQWDELOLGDG HQ
WpUPLQRVGH9DORU$JUHJDGRGHODSURGXFWLYLGDGODERUDOVHUHVXPHGHODVLJXLHQWHPDQHUD
7DEOD3ODQ$GPLQLVWUDWLYRGHO9DORU$JUHJDGR
0HWDGH9HQWDVWDVDGHFUHFLPLHQWRDQXDOGHO 0
5D]yQGH9DORU$JUHJDGRSODQHDGDUD]yQDFWXDOHVGH
3DUWLFLSDFLyQODERUDOSODQHDGDSDUWLFLSDFLyQDFWXDO
,QFUHPHQWRHQODWDVDVDODULDOSODQHDGDDQXDO
5D]yQGHKRUDVGHWUDEDMRDFWXDOHV\IXWXUDV
5D]yQGHXWLOLGDGVREUHWRWDOSDVLYRV\DFWLYRQHWRPHWD
5RWDFLyQGHOFDSLWDOWRWDOPHWD YHFHV
5D]yQGHOLQJUHVRFRUULHQWHVREUHYHQWDV
0DUJHQGHVHJXULGDG

0HGLFLyQ GH OD 3URGXFWLYLGDG GHVSXpV GH ,PSOHPHQWDU HO 3ODQ
GH0HMRUDPLHQWR
3$62 0(',&,Ð1 '( /26 5(68/7$'26 '( /$ ,03/(0(17$&,21 '(/
3/$1 '( 0(-25$0,(172 5HSHWLFLyQ GHO FLFOR GH PHGLFLyQ GH OD
SURGXFWLYLGDG
/RV SDVRV SDUD PHGLU OD SURGXFWLYLGDG HYDOXDU SODQLILFDU PHMRUDV H LPSOHPHQWDUODV VH
UHVXPHQHQOD)LJXUD
)LJXUD 3DVRV SDUD OD PHGLFLyQ GH OD 3URGXFWLYLGDG

0HGLFLyQGHOD &DOFXODUHOYDORUDJUHJDGRSDUDH[DPLQDUODSURGXFWLYLGDGODERUDO\
3URGXFWLYLGDG RWURVtQGLFHVUHODFLRQDGRV
3UHSDUDUtQGLFHVGHSURGXFWLYLGDG
$QDOL]DUORVtQGLFHVGHSURGXFWLYLGDG
(YDOXDFLyQ ([DPLQDUODUHQWDELOLGDG\ODSURGXFWLYLGDGODERUDO
$SOLFDUORVtQGLFHVGHYDORUDJUHJDGRVSODQHDGRVDODIyUPXODGHOD
ySWLPDIXHU]DODERUDO
([DPLQDUODUHODFLyQHQWUHORVtQGLFHVGHYDORUDJUHJDGRSODQHDGRV
\HOREMHWLYRGHIXHU]DODERUDO
5HH[DPLQDU\FRPSUREDUODVLWXDFLyQDFWXDO
3ODQHDUHO 3UHSDUDUDOWHUQDWLYDV
PHMRUDPLHQWR ([DPLQDUDOWHUQDWLYDV
&RPSDUDUODVDOWHUQDWLYDV
3UHSDUDURWUDDOWHUQDWLYD
,PSOHPHQWDU ([DPLQDUHOPHMRUDPLHQWRDVHUREWHQLGRSRUODDOWHUQDWLYD
ODVPHMRUDV ([DPLQDUODIDFWLELOLGDGGHODDOWHUQDWLYD
,PSOHPHQWDUHOSODQGHDGPLQLVWUDFLyQGHYDORUDJUHJDGR
0HGLFLyQ 0HGLUORVUHVXOWDGRVGHODLPSOHPHQWDFLyQGHOSODQ

0HGLFLyQGHOD3URGXFWLYLGDGGHO9DORU$JUHJDGR\
$GPLQLVWUDFLyQGHODV0HMRUDVVHJXLGDVSRU3DVRVSDUDOD
6ROXFLyQGH3UREOHPDV
(O&LFORGHOD3URGXFWLYLGDG
0HGLFLyQGHOD3URGXFWLYLGDG
(YDOXDFLyQGHOD3URGXFWLYLGDG
3ODQHDFLyQGHOD3URGXFWLYLGDG
0HMRUDPLHQWRGHOD3URGXFWLYLGDG
&LFOR GH (WDSD
3DVRV SDUD OD 6ROXFLyQ GH
(MHPSOR
3URGXFWLYLGDG 3UREOHPDV
0HGLFLyQ ,QYHVWLJDFLyQ 5HFROHFFLyQ GH GDWRV GH XQ 3DVR ([DPLQDU OD
SUREOHPD DGPLQLVWUDWLYR SURGXFWLYLGDG ODERUDO \ RWURV
6tQWHVLV GH QHFHVLGDGHV tQGLFHV UHODFLRQDGRV
DGPLQLVWUDWLYDV 3DVR 3UHSDUD ORV tQGLFHV
3HUFHSFLyQ GH ORV 3DVR $QDOL]DU ORV tQGLFHV
LQFRQYHQLHQWHV SDUD VROXFLRQDU
HO SUREOHPD
3URSRQHU PHGLGDV SDUD
HOLPLQDU ORV LQFRQYHQLHQWHV
(YDOXDFLyQ 'LVHxR &RQRFLPLHQWR GH OD WDUHD 3DVR ([DPLQDU OD
WpFQLFD DVLJQDGD UHQWDELOLGDG \ OD
(VSHFLILFDFLyQ GH XQ PRGHOR SURGXFWLYLGDG ODERUDO
GHO VLVWHPD D VHU GLVHxDGR 3DVR $SOLFDU ORV tQGLFHV
,GHQWLILFDFLyQ GH GDWRV SODQHDGRV D OD IyUPXOD
UHODFLRQDGRV UHODFLRQDGD
(VWUXFWXUDU XQ PRGHOR 3DVR ([DPLQDU OD UHODFLyQ
FUHDWLYR DFRUGH D ODV HQWUH HO SODQ \ HO REMHWLYR
HVSHFLILFDFLRQHV
'HVDUUROOR \ HYDOXDFLyQ GH
XQ PRGHOR DOWHUQDWLYR
3UHVHQWDFLyQ GHO PRGHOR
RULJLQDO \ ODV DOWHUQDWLYDV SDUD
VX DSUREDFLyQ
3ODQHDFLyQ ,QWURGXFFLyQ (ODERUDU HO HVTXHPD GHO 3DVR 5HH[DPLQDU \
SURJUDPD SDUD LQWURGXFLU HO FRPSUREDU OD VLWXDFLyQ
PRGHOR DSUREDGR FRPR HO DFWXDO
QXHYR VLVWHPD 3DVR 3UHSDUDU DOWHUQDWLYDV
3HUVXDGLU D TXLHQHV OHV 3DVR ([DPLQDU
FRQFLHUQHQ ODV QHFHVLGDGHV DOWHUQDWLYDV
SDUD OD LPSOHPHQWDFLyQ GHO 3DVR &RPSDUDU
QXHYR VLVWHPD DOWHUQDWLYDV
$OLVWDU OD FRRSHUDFLyQ SDUD 3DVR 3UHSDUDU RWUDV
LPSOHPHQWDU HO VLVWHPD DOWHUQDWLYDV
&RQILUPDFLyQ GH ORV
UHVXOWDGRV REWHQLGRV SRU HO
VLVWHPD

,PSOHPHQWDFLyQ 3DVR ([DPLQDU HO
PHMRUDPLHQWR D VHU
REWHQLGR
3DVR ([DPLQDU OD
IDFWLELOLGDG GH OD DOWHUQDWLYD
3DVR ,PSOHPHQWDU HO SODQ
5HSHWLFLyQ GHO &LFOR GH 0HMRUDPLHQWR GH OD 3URGXFWLYLGDG DGPLQLVWUDWLYR GH 9$
0HGLFLyQ 3DVR 0HGLU ORV UHVXOWDGRV
GH OD LPSOHPHQWDFLyQ GHO
SODQ GH PHMRUDPLHQWR
5HIHUHQFLD
$QiOLVLVGHO3XQWRGH(TXLOLEULR)yUPXOD\5HODFLyQFRQHO9$
&RVWR )LMR
%(3 =
• − 5D]yQ GHO &RVWR 9DULDEOH
6 9HQWDV
) &RVWRILMR
9 &RVWRYDULDEOH
3 8WLOLGDG
6[ 9HQWDVHQHO3XQWRGH(TXLOLEULR
6[ )²96
3 6²)9
5 965D]yQGHOFRVWRYDULDEOH
3 >6[²5@²)
3 6 6[²5²) ∴6[²5 )6[ )²5
• 8WLOLGDG0DUJLQDO
9HQWDV &RVWR9DULDEOH&RVWR)LMR8WLOLGDG
9HQWDV²&RVWR9DULDEOH²&RVWR)LMR 8WLOLGDG
9HQWDV²&RVWR9DULDEOH &RVWR)LMR8WLOLGDG
8WLOLGDG0DUJLQDO &RVWR)LMR8WLOLGDG
9HQWDV²&RVWR9DULDEOH 8WLOLGDG0DUJLQDO
3RUORWDQWR

8WLOLGDG0DUJLQDO²&RVWR)LMR 8WLOLGDG
8WLOLGDG0DUJLQDO
5D]yQGHXWLOLGDGPDUJLQDO =
9HQWDV
9HQWDV²&RVWR9DULDEOH
=
9HQWDV
= ²5D]yQGH&RVWR9DULDEOH
• 5D]yQGH9DORU$JUHJDGR
&RVWR9DULDEOH 9DORUWUDtGRGHDIXHUD
9HQWDVR3URGXFFLyQ²9DORUWUDtGRGHDIXHUD 9DORU$JUHJDGR
9DORU$JUHJDGR
5D]yQGHYDORUDJUHJDGR =
9HQWDVR3URGXFFLyQ
²5D]yQGHFRVWRYDULDEOH 5D]yQGH9DORU$JUHJDGR
• 9DORU$JUHJDGR
9DORU$JUHJDGR 9HQWDVR3URGXFFLyQ²9DORUWUDtGRGHDIXHUD
&RVWR GH 3HUVRQDO ,QWHUHVHV $OTXLOHU ,PSXHVWRV

'HSUHFLDFLyQXWLOLGDGUHFXUUHQWH0pWRGRGHO%DQFRGH-DSyQ
$QiOLVLVGHO9DORU$JUHJDGR$QiOLVLVGHODFRPSRVLFLyQGHORVtWHPVGHO9$
(MHPSORGHDSOLFDFLyQGHO3XQWRGH(TXLOLEULR
9HQWDV0LOHV
&RVWR0LOHV &RVWR)LMR0LOHV
8WLOLGDG0LOHV
1RWD9ROXPHQGHYHQWDVSLH]DV
3XQWRGH(TXLOLEULR[R9ROXPHQGH9HQWDV;·

&RVWR)LMR I
5D]yQGHO&RVWR9DULDEOH YV
&RVWR9DULDEOHSRU8QLGDG YPP 9ROXPHQGH9HQWDV
3UHFLRSRUXQLGDG 3
I
;= ,
Y

V
I
;
= ,
Y
3
P
&RVWRWRWDO²
&RVWRILMR

; = = =
² 9HQWDV

;· = = XQLGDGHV
²
6 Y
= =
P P
6LODV9HQWDVRHO9ROXPHQGH9HQWDVHVWiQSRUGHILQLUHQWRQFHVDFXiQWRDVFLHQGHOD
XWLOLGDGGH;R;·
9HQWDVSRUGHILQLU 6 9ROXPHQGH9HQWDVSRUGHILQLU 0
3RU HMHPSOR VL ODV YHQWDV VRQ GH PLOHV R HO YROXPHQ GH YHQWDV HV
XQLGDGHVHQWRQFHV
; [²²

;· [²²
; 6[²YV²I«,,
;· 0[3²YP²I«,,·
3DUD DOFDQ]DU OD XWLOLGDG PHWD FXiQWDV YHQWDV ; R TXp YROXPHQ GH YHQWDV ;· VH
QHFHVLWD"
3RUHMHPSORVLODXWLOLGDGPHWDHVGH

; +
=
− =
;
=

−
+

= XQLGV
J 8WLOLGDGPHWD
I+J
;= = ,,,
Y
−
V
I+J
;
= = ,,,
Y
−
P
6LORVFRVWRVILMRVVHLQFUHPHQWDQRGLVPLQX\HQFXiOHVVHUiQORVYDORUHVGHODVYHQWDV
;RYROXPHQGHYHQWDV;·"
3RUHMHPSORHOFRVWRILMRVHLQFUHPHQWDHQSRULQYHUVLyQHQHTXLSRVFyPRTXHGD
HOSXQWRGHHTXLOLEULR"
; +

=
− =
;
+
XQLGV
=
− =
+
= =
I D
; ,9
−
Y
+
= =
I D
;
,9
−
Y
6LHOFRVWRYDULDEOHSRUXQLGDGFDPELDHQγHQWRQFHVFXiOHVHOSXQWRGHHTXLOLEULR
SRUYHQWDV;RSRUYROXPHQGHYHQWDV;·
3RUHMHPSORHOFRVWRYDULDEOHSRUXQLGDGVHLQFUHPHQWDHQXQ

; = − = 0LOHV
[ ( + ) −
=
;
= + = XQLGV
− [ ( + ) PLOHV
=
; = Y I + Y 9
V [ ( ± 9 )
;
= YI + Y 9
3 P [ ( ± Y )
6LHOSUHFLRSRUXQLGDGFDPELDHQXQιFXiOHVHOSXQWRGHHTXLOLEULRGHYHQWDVRHO
YROXPHQGHYHQWDV"
3RU HMHPSOR VL HO SUHFLR SRU XQLGDG GLVPLQX\H HQ FyPR TXHGD HO SXQWR GH
HTXLOLEULRGHYHQWDV;RHOYROXPHQGHYHQWDV;·
;= = 0LOHV

− [  

=
−

;
= [ (
+ ) −
=
= XQLGV
−
; = Y I + Y  9,
V [  ± U 
;
= I 9,
3 [ ( + U )− PY

$QiOLVLVGHOD5HODFLyQHQWUH9DORU$JUHJDGR
3URGXFWLYLGDG8WLOLGDG0DUJLQDO0H]FODGH3URGXFWR\
$GPLQLVWUDFLyQGHORV)RQGRVGH7UDEDMR
&DXVD3ULQFLSDOGHO'HFUHFLPLHQWRGHO9DORU$JUHJDGR
(VWD VHFFLyQ VH UHILHUH D ODV SULQFLSDOHV FDXVDV GHO GHFUHFLPLHQWR GHO 9DORU $JUHJDGR \
SXHGH TXH VyOR LOXVWUH HO DQiOLVLV GH OD UHODFLyQ HQWUH XWLOLGDG \ OD SURGXFWLYLGDG HVWH 8Q
HQIRTXHSUiFWLFRPiVGHWDOODGRVHSUHVHQWDHQODSDUWH,,,GHOOLEURXWLOL]DQGRHOHMHPSORGH
ODFRPSDxtD;;HQ)LOLSLQDV
/RVVLJXLHQWHVIDFWRUHVFRQWULEX\HQDOGHFUHFLPLHQWRGHO9DORU$JUHJDGR
7DEOD
&DXVDV3ULQFLSDOHVGH'HFUHFLPLHQWRGHO9$
&DPELRHQOD0H]FODGHO3URGXFWR (M ,QFUHPHQWR HQ HO tQGLFH GH YHQWDV GH

SURGXFWRVGHEDMR9DORU$JUHJDGR
&DPELRHQODSROtWLFDGHSUHFLRV (M'HVFXHQWRHQHOSUHFLRSDUDDXPHQWDUHO
YROXPHQGHYHQWDV
&DPELRHQHOFRVWRGHORVPDWHULDOHV (M 0DQWHQHU ILMRV ORV SUHFLRV PLHQWUDV ORV
FRVWRV GH PDWHULDOHV SRU XQLGDG DXPHQWDQ
%DMR tQGLFH GH SURGXFFLyQ GHELGR D OD SRFD
KDELOLGDGGHOSHUVRQDO
&DPELR HQ OD FRQWULEXFLyQ GH 9$ (M 8VR IUHFXHQWH GH VXEFRQWUDWRV SDUD
SRUVXEFRQWUDWDFLyQ FXPSOLUODVRUGHQHVFUHFLHQWHVGHORVFOLHQWHV

7DEOD
5D]yQGH9DORU$JUHJDGR
9$9HQWDV²YDORUH[WHUQR&RVWRSDJDGRSRUDQWLFLSDGR
=
9HQWDV YHQWDV
 &DQWLGDGYHQGLGD   3UHFLRGHYHQWD   &RVWRSDJDGRSRU 

∑  SRUSURGXFWR  ×   −  
   SRUSURGXFWR   DQWLFLSDGRSRUSURGXFWR 
=
∑ &DQWLGDGYHQGLGDSRUSURGXFWR[3UHFLRGHYHQWD
 3 4

 3UHFLRGHYHQWD  &RVWRSDJDGRSRUDQWLFLSDGR 5D]yQGHPH]FODGHOSURGXFWR
1
  −   ×
 SRUSURGXFWR   SRUSURGXFWR 
=  
3UHFLRGHYHQWDSRUSURGXFWR
2
6HJXLGDPHQWHVHGHEHUHDOL]DUHODQiOLVLVGHHVWRVIDFWRUHV/DPHWRGRORJtDVHH[SOLFDHQ
GHWDOOHHQHOSXQWRGHHVWHFDStWXOR\HO3ODQGH$GPLQLVWUDFLyQGHO9DORU$JUHJDGRFRQ
HO &RVWR GH 3HUVRQDO VH SUHVHQWD HQ OD SDUWH ,,, $ FRQWLQXDFLyQ SUHVHQWDUHPRV
H[SOLFDFLRQHVPiVVHQFLOODV
3ULPHUR GHVGH HO SXQWR GH YLVWD GH OD UHQWDELOLGDG HV QHFHVDULR H[DPLQDU OD UD]yQ GH
XWLOLGDGGHOFDSLWDOWRWDOOXHJRVHGHEHDQDOL]DUHVWDUD]yQHQIXQFLyQGHODUD]yQGHXWLOLGDG
SRUYHQWDV\ODUD]yQGHURWDFLyQGHOFDSLWDOWRWDO'HVSXpVODUD]yQGHXWLOLGDGSRUYHQWDV
VHGLYLGHHQODUD]yQGH9DORU$JUHJDGR\ODUD]yQGHXWLOLGDGGHOPLVPRFRQHOSURSyVLWR
GHEXVFDUORVIDFWRUHVFUtWLFRVTXHDIHFWDQODUD]yQGHXWLOLGDGGHOFDSLWDOWRWDO
/DUD]yQGHXWLOLGDGSRU9DORU$JUHJDGRVLJQLILFDODSRVLFLyQTXHRFXSDODUD]yQGHXWLOLGDG
HQHVWH\VLODUD]yQGHFRVWRILMRRFXSDHQHOYDORUDJUHJDGRXQDPD\RUSRUFLyQHQWRQFHV
VXUD]yQGHXWLOLGDGHVEDMD&RPRFRQVHFXHQFLDVLODUD]yQGHXWLOLGDGGHOYDORUDJUHJDGR
HVPiVEDMDVHUHTXHULUiXQDQiOLVLVGHWDOODGRGHFDGDtWHPGHOFRVWRILMR
3RURWURODGRODUD]yQGH9DORU$JUHJDGRVLJQLILFDHVWRPLVPR\ODVYHQWDVSRUORWDQWR
XQD PHQRU UD]yQ GH YDORU DJUHJDGR VH FRQVLGHUD FRPR HO HIHFWR GH PDQHMDU PXFKRV
SURGXFWRVORVFXDOHVWLHQHXQDEDMDUD]yQGHXWLOLGDGPDUJLQDOHQRWUDVSDODEUDVFRPRHO
HIHFWRGHXQDPD\RUSURSRUFLyQGHODUD]yQGHFRVWRYDULDEOH(QWRQFHVVHQHFHVLWDUiXQ
PD\RUDQiOLVLVGHFDGDtWHPGHORVFRVWRVYDULDEOHV
3DUDPDQWHQHUXQDUHODFLyQFHUFDQDHQWUHODPHGLFLyQGHO9DORU$JUHJDGR\HODQiOLVLVGH
DGPLQLVWUDFLyQ GH QHJRFLRV FRQ HO SURSyVLWR GH PHMRUDU OD SURGXFWLYLGDG GHQWUR GH OD
HPSUHVD GH XQD PDQHUD SUiFWLFD HV LPSRUWDQWH HO DFHUFDPLHQWR HVWUDWpJLFR D SROtWLFDV
HVSHFtILFDV WDOHV FRPR OD PH]FOD GHO SURGXFWR FRVWR YDULDEOH ² FRVWR SDJDGR SRU
DQWLFLSDGRHOFRQWHQLGRGHORVFRVWRVILMRVHQODFRPSRVLFLyQGHO9DORU$JUHJDGRHWF

$ FRQWLQXDFLyQ VH PXHVWUD XQ UHVXPHQ GH XQ DQiOLVLV VLPSOLILFDGR GHO 9DORU $JUHJDGR GH
XQDHPSUHVD
$QiOLVLV6LPSOLILFDGRGHO9DORU$JUHJDGRGHXQD(PSUHVD
'DWRVUHODFLRQDGRVFRQHODQiOLVLV
$ &KHTXHDUHOYDORUDEVROXWRGHO9DORU$JUHJDGR²VLHVWiFUHFLHQGRRQR
% &KHTXHDUODSURGXFWLYLGDGGHO9DORU$JUHJDGRFRQUHVSHFWRDVDODULRV
/DWDUHDGHODHPSUHVDHVDXPHQWDUHO9DORU$JUHJDGRHQSURSRUFLyQDOLQFUHPHQWR
HQVDODULRV
'DWRVQHFHVDULRV
• 9HQWDV
• &DSLWDOWRWDO
• 9DORU$JUHJDGR
• 8WLOLGDG
• &RVWRVGHOSHUVRQDO
• 1~PHURGHHPSOHDGRV
3URGXFWLYLGDG GHO 5HFtSURFR GHO 1LYHO 9HQWDV SRU 5D]yQ GH 9DORU

YDORU DJUHJDGR GH 6DODULRV SHUVRQD $JUHJDGR
UHVSHFWR D VDODULRV
9DORU $JUHJDGR = 1R GH HPSOHDGRV x 9HQWDV x
9DORU $JUHJDGR
&RVWR GH &RVWR GH Costo de Ventas
3HUVRQDO 3HUVRQDO Personal
'HEH VHU FRQVWDQWH 7HQGHQFLD D &UHFH R QR FUHFH &UHFH R QR FUHFH
R FUHFLHQWH GHFUHFHU
,QFUHPHQWDU HO 1R XWLOLFH 8WLOLFH FRPSUDV
FRVWR GH SHUVRQDO FDPELRV EUXVFRV GH FRVDV GH YDORU
SRU HPSOHDGR GH SHUVRQDO
&KHTXHDU HO 9DORU $JUHJDGR SRU (PSOHDGR 5HGXFFLyQ GH &RVWRV
3URGXFWLYLGDG GHO 9DORU $JUHJDGR
0HWRGRORJtD PDUJLQDO
9DORU $JUHJDGR
1R GH HPSOHDGRV

&3URGXFWLYLGDG GHO 9DORU $JUHJDGR 0DUJLQDO
,QFUHPHQWR GHO 9DORU $JUHJDGR

,QFUHPHQWR HQ HO 1R GH HPSOHDGRV
$QiOLVLVEiVLFRHQWUH5HQWDELOLGDG\3URGXFWLYLGDG
&KHTXHDUOD5HQWDELOLGDGGHO&DSLWDO7RWDO
&KHTXHDUORV)DFWRUHV5HODFLRQDGRVFRQOD5HQWDELOLGDGGHO&DSLWDO7RWDO
8WLOLGDG 9HQWDV 8WLOLGDG
&DSLWDO 7RWDO =
&DSLWDO 7RWDO
x
9HQWDV
5D]yQ GH 8WLOLGDG 5D]yQ GH 5D]yQ GH 8WLOLGDG
GHO &DSLWDO 7RWDO 5RWDFLyQ GHO VREUH 9HQWDV
&DSLWDO 7RWDO
YHFHV
9DORU $JUHJDGR [ 8WLOLGDG
9HQWDV 5D]yQ GH 9DORU $JUHJDGR
9DORU $JUHJDGR 5D]yQ GH 8WLOLGDG GHO
9DORU $JUHJDGR
5D]yQ GH
GLVWULEXFLyQ GHO FDSLWDO
6LODUD]yQGH9DORU$JUHJDGRHVEDMD

6L OD HPSUHVD HVWi FRPHUFLDQGR PXFKRV SURGXFWRV FKHTXHDU FXiOHV WLHQHQ SRFR
9DORU$JUHJDGR\FXiOHVQR
&KHTXHDUHOYDORUGHODVFRPSUDVDWHUFHURVRORVFRVWRVYDULDEOHV\DTXHODFDXVD
GHOEDMRYDORUGHODUD]yQGHSHQGHGHODOWRSHVRGHOYDORUGHODVFRPSUDV
5HDOL]DUXQDQiOLVLVGHORVFRPSRQHQWHVGHOYDORUGHODVFRPSUDVGHPDWHULDOHVSDUWHV\
VXEFRQWUDWDFLRQHV
6LODUD]yQGHXWLOLGDGSRU9DORU$JUHJDGRHVEDMD\ODUHQWDELOLGDGHVEDMDVLJQLILFDTXH
ODUD]yQGHXWLOLGDGGHORVFRPSRQHQWHVGH9DORU$JUHJDGRHVLJXDOPHQWHEDMD
(QRWUDVSDODEUDVODSRUFLyQGHORVFRVWRVILMRVGHORVFRPSRQHQWHVGHO9DORU$JUHJDGR
VRQDOWRV
6HGHEHFKHTXHDUFRPSRQHQWHSRUFRPSRQHQWHGHORVFRVWRVILMRV
5HVXPHQGHO$QiOLVLV
$QiOLVLVGHODSROtWLFDGHODPH]FODGHOSURGXFWR
&RPELQDFLyQGHSURGXFWRVFRQPD\RU9DORU$JUHJDGR
$QiOLVLVGHORV&RVWRV)LMRV
$QiOLVLVGHO&RVWR9DULDEOH

1RWDV
9DORUGHODVFRPSUDVDWHUFHURV≅&RVWR9DULDEOH
&RVWR)LMR8WLOLGDG&RVWRGHSHUVRQDO≅9DORU$JUHJDGR
(VWRQRVLJQLILFDTXHXQLQFUHPHQWRHQORVFRVWRVILMRVFRQOOHYHXQLQFUHPHQWRHQHO9DORU
$JUHJDGR

7DEOD$QiOLVLV5HODFLRQDOHQWUH8WLOLGDG 3URGXFWLYLGDGGHO9DORU$JUHJDGR
5D]yQ GH 5D]yQ GH 5D]yQ GH

XWLOLGDG GHO URWDFLyQ XWLOLGDG 5D]yQ GH 5RWDFLyQ GHO $QiOLVLV GHO FRVWR
&DSLWDO 7RWDO SURSRUFLRQDO
&DSLWDO 7RWDO 5D]yQ GH &UHFLPLHQWR
8WLOLGDG 9HQWDV 8WLOLGDG GH ODV 9HQWDV
;
&DSLWDO WRWDO =
&DSLWDO WRWDO 9HQWDV
&RVWR 3URSRUFLRQDO 5D]yQ GH 9DORU $JUHJDGR
9$ 8WLOLGDG
9HQWDV ; 9$
&RVWR )LMR 5D]yQ GH ,QFUHPHQWR $QiOLVLV GH PH]FOD GHO
9HQWDV
GHO 9DORU $JUHJDGR SURGXFWR
9$
9$
,QFUHPHQWR GHFUHFLPLHQWR 8WLOLGDG GHO
GH OD 8WLOLGDG &DSLWDO 7RWDO 5D]yQ GH 8WLOLGDG 0DWHULDO
VREUH ODV YHQWDV
3XQWR 9DORU DEVROXWR GHO 9$ &RVWR GH YHQWDV
'HFUHFLPLHQWR GHO 9DORU 5D]yQ GH 9DORU
$JUHJDGR VDODULDO 8WLOLGDG $JUHJDGR Análisis
6XEFRQWUDWDFLyQ
del costo
1RWD 9DORU $JUHJDGR GH OD Fijo
3URGXFWLYLGDG VDODULDO (PSDTXH \ IOHWHV
9$
9DORU $JUHJDGR GH &RVWR GHO 3HUVRQDO
&DSLWDO WRWDO = OD 3URGXFWLYLGDG
5HFtSURFR GHO FRVWR GH SHUVRQDO (PSOHDGRV &RVWR GHO FDSLWDO 'HSUHFLDFLyQ
GH HPSOHDGRV 9HQWDV 9$ &RVWR GH SXEOLFLGDG $OTXLOHU
x x
FRVWR GHO SHUVRQDO GH HPSOHDGRV 9HQWDV &RVWR GH , ' ,QWHUpV
&RUUHODFLyQ GHO 2WURV FRVWRV DGPLQV
9$ YDORU DJUHJDGR
GH HPSOHDGRV

7DEOD(VWUXFWXUDGHOSODQGH$GPLQLVWUDFLyQGHO9DORU$JUHJDGR
9HQWDV &RHILFLHQWH
1R EiVLFR
9DORU GH WHUFHURV 6DODULR
FRVWRV SDJDGRV PHQVXDO \
SRU DQWLFLSDGR 1LYHO HILFLHQFLD
VDODULDO
9DORU $JUHJDGR 2WURV
(VWiQGDU GH FRHILFLHQWHV
5D]yQ GH 9DORU GLVWULEXFLyQ
$JUHJDGR ODERUDO &RHILFLHQ &RHILFLHQWH
WH ([WUDRU GH ERQR
FRP~Q
5D]yQ GH GLQDULR
5D]yQ LQFUHPHQWR
GLVWULEXFLyQ VDODULDO
&RVWR GHO 3HUVRQDO SURSRUFLRQDO
3URGXFWLYLGDG &RHILFLHQWH
5D]yQ GH GHO 9$ GH ERQR
GLVWULEXFLyQ ILMD HVSHFtILFR
5D]yQ GH
GLVWULEXFLyQ
JHQHUDO
&RVWR GH 'HSUHFLDFLyQ
PDQWHQLPLHQWR &RVWR ILMR
DGPLQLVWUDWLYR SUHGHWHUPLQDGR 'HVDUUROOR
SUHDUUHJODGR , '
3ROtWLFD EDVDGD HQ 3XEOLFLGDG
HO FRVWR ILMR 'HVDUUROOR
YDULDEOH , '
(QWUHQDPLHQWR ELHQHVWDU
3ROtWLFD EDVDGD HQ OD
8WLOLGDG DQWHV GH GHSUHFLDFLyQ H LQWHUpV
LPSXHVWR HWF YDULDEOH
5D]yQ GH XWLOLGDG
VREUH HO 9$
5D]yQ GH XWLOLGDG 5D]yQ GH 9$ [ 5D]yQ GH XWLOLGDG SRU 9$
VREUH ODV YHQWDV
∗ (MHPSOR GHO FRHILFLHQWH FXDQGR OD UD]yQ HQWUH HO VDODULR EiVLFR \ RWURV HV \ XQ ERQR DQXDO
GH PHVHV GH VDODULR EiVLFR SRU HMHPSOR
&RHILFLHQWH GH ERQRV = [ 6DODULR
2WURV
EiVLFR [
[
[

0H]FODGHO3URGXFWRHQXQD9DULHGDGGH3URGXFWRV\$FWLYLGDGHV
0XOWLHPSUHVDV
(Q OD VHFFLyQ VH H[DPLQDURQ HO FRVWR ILMR FRVWR GH PDQWHQLPLHQWR DGPLQLVWUDWLYR
FRVWRYDULDEOHFRVWRSURSRUFLRQDOFRPSUDVKHFKDVDWHUFHURVUD]yQGHXWLOLGDGPDUJLQDO
FDVLLJXDODODUD]yQGHYDORUDJUHJDGRHWF
6LQHPEDUJRDFWXDOPHQWHODPD\RUtDGHODVHPSUHVDVHVWiQSURGXFLHQGR\YHQGLHQGRJUDQ
FDQWLGDGGHYDULHGDGHVGHSURGXFWRV\RSHUDQDFWLYLGDGHVGHQHJRFLRVPXOWLSURSyVLWRV
(Q HVWH PRPHQWR VH H[DPLQDUi HO HQIRTXH SDUD FRPSUHQGHU OD PH]FOD GHO SURGXFWR HQ
GLFKRVFDVRVWHQLHQGRHQFXHQWDHODQiOLVLVGHOSXQWRGHHTXLOLEULR
3XQWRGHHTXLOLEULRDWUDYpVGHOPpWRGRGHOFRVWR
&iOFXORGHOSXQWRGHHTXLOLEULRGHODHPSUHVDFRPRXQWRGRDWUDYpVGHODUD]yQGHXWLOLGDG
PDUJLQDOGHFDGDSURGXFWR\DFWLYLGDG
(MHPSOR
/DVUD]RQHVGHXWLOLGDGPDUJLQDO\YHQWDVGHORVSURGXFWRV$%&'GHODHPSUHVD[[[SDUD
XQSHULRGRGHWLHPSRGDGRVRQODVVLJXLHQWHV
5D]yQGH8WLOLGDGPDUJLQDO 9HQWDV
$
%
&
'
&RVWRILMRQRDVLJQDGRDFDGDSURGXFWRHVGH
&iOFXOR GH OD XWLOLGDG PDUJLQDO SDUD FDGD SURGXFWR \ HO DJUHJDGR SDUD FRPSDUDU FRQ HO
FRVWRILMR
5D]yQGHXWLOLGDG 8WLOLGDG
9HQWDV &RVWRILMR 8WLOLGDG
PDUJLQDO PDUJLQDO
$
%
&
'
7RWDO

3DVR2UGHQDFLyQGHORVSULQFLSDOHVSURGXFWRVLQFOX\HQGRHOFRVWRILMR
8WLOLGDGPDUJLQDO $JUHJDGR &RVWRILMR 8WLOLGDG

$
%
&
'
(QHVWHHMHPSORODVYHQWDVGHOSURGXFWR$QRHVVXILFLHQWHSDUDFXEULUORVFRVWRV

ILMRV GH SHUR FXDQGR VH DxDGHQ ODV YHQWDV GHO SURGXFWR % VH REWLHQH XQD
XWLOLGDGGHSRUORWDQWRVHHVSHUDTXHHOSXQWRGHHTXLOLEULRHVWHHQWUH²GHODV
YHQWDVGH%VLHPSUHTXHVHFXEUDGHORVFRVWRVILMRVFRQODXWLOLGDGGHOSURGXFWR$
TXHVHREWLHQHGHODVYHQWDVGHXQLGDGHV(OSXQWRGHHTXLOLEULRVHFDOFXODHQHVWH
FDVRXWLOL]DQGRORVUHVWDQWHVGHFRVWRILMR
3DUD FXEULU OD FDQWLGDG UHVWDQWH GH ORV FRVWRV ILMRV VHUtD LQVXILFLHQWH ODV YHQWDV GH ORV
SURGXFWRVDQWHULRUHVRSRUODUD]yQGHXWLOLGDGPDUJLQDOGHORVVLJXLHQWHVSURGXFWRV
3( 3XQWR GH (TXLOLEULR GHO SURGXFWR % &RVWR )LMR ² 8WLOLGDG 0DUJLQDO GHO
SURGXFWR $ ¸ UD]yQ GH XWLOLGDG PDUJLQDO GHO SURGXFWR %

3( GHO WRWDO GH YHQWDV 9HQWDV GHO SURGXFWR $ 9HQWDV GHO SURGXFWR %

(VWRVUHVXOWDGRVVHPXHVWUDQHQHOFXDGUR
&XDGUR
8QLGDG 0LOORQHV
5
8WLOLGDG
PDUJLQDO 4
8WLOLGDG

&RVWR 3 &RVWR)LMR
ILMR

%
*DQDQFLD
SpUGLGD 2 8WLOLGDGPDUJLQDO
8WLOLGDG
PDUJLQDO
3XQWRGH
1 WRWDO
$ HTXLOLEULR

9HQWDV(Q0LOORQHV

3XQWRGH(TXLOLEULRFDOFXODGRFRQEDVHHQFRVWRHVWiQGDU
(VWHPpWRGRVHXWLOLGDGSDUDFDOFXODUHO3(XWLOL]DQGRODVUD]RQHVGHXWLOLGDGPDUJLQDOGHORV
SURGXFWRV HO FXDO FRQVLVWH HQ XQD EDVH GH FRVWR HVWiQGDU R XWLOL]DQGR ODV UD]RQHV GHO
SURGXFWRRDFWLYLGDGPiVLPSRUWDQWH
8WLOL]DQGR HO PLVPR FDVR DQWHULRU ODV PD\RUHV YHQWDV VRQ ODV GHO SURGXFWR $ OR
FXDOVLJQLILFDHQVHQWLGRUHVWULQJLGRTXHHO3(FRQEDVHHQODUD]yQGHXWLOLGDGPDUJLQDOGHO
HV
3( HQ VHQWLGR UHVWULQJLGR &RVWR )LMR

= 5D]yQ GH 8WLOLGDG 0DUJLQDO
(OFXDGURTXHGDUtDDVt
8QLGDG 0LOORQHV
5
8WLOLGDG
PDUJLQDO 4
&RVWR &RVWR)LMR
ILMR 3
*DQDQFLD
2
SpUGLGD
3XQWRGH
1 HTXLOLEULR
0 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15
9HQWDV(Q0LOORQHV
&XDQGRVHXWLOL]DHOPpWRGRHVWiQGDUHVQHFHVDULRFRQYHUWLUODVYHQWDVGHFDGDSURGXFWRX
DFWLYLGDG XWLOL]DQGR ODV UD]RQHV GH XWLOLGDG PDUJLQDO GH RWUD PDQHUD OD XWLOLGDG WRWDO GHO
SHUtRGRQRSXHGHPHGLUVH

(OFiOFXORSDUDHVWHHMHPSORVHUtDHOVLJXLHQWH
5D]yQGHXWLOLGDG 9HQWDV
9HQWDV 8WLOLGDGPDUJLQDO &RHILFLHQFLD
PDUJLQDO FRQYHUWLGDV
40
$
40
30
%
40
& 20

40
10
'
40

6H SXHGH DSUHFLDU TXH HO WRWDO GH YHQWDV HV GH GH $ % & \ ' SURGXFLUiQ XQD
XWLOLGDGPDUJLQDOGHHTXLYDOHQWHDGHYHQWDVGH$HQHOPLVPRSHULRGR
'HVGHHOSXQWRGHYLVWDGHXQLGDGHVVLODVYHQWDV\HOYROXPHQVRQXQLGDGHVGH$
XQLGDGHVGH%XQLGDGHVGH&\XQLGDGHVGH'ODXWLOLGDGPDUJLQDOSDUD
FDGD XQLGDG GH SURGXFWR \ HO FRHILFLHQWH HTXLYDOHQWH GH OD XWLOLGDG PDUJLQDO GH FDGD
SURGXFWREDVDGRHQHOSURGXFWR$HV
&RHILFLHQWHHTXLYDOHQWHGHOD8WLOLGDG0DUJLQDOSRU3URGXFWR
8WLOLGDGPDUJLQDO 3URGXFFLyQ\ 8WLOLGDGPDUJLQDO &RHILFLHQWH
PLOHV YHQWDVXQLGV SRUSURGXFWR HTXLYDOHQWH
$
%
&
'
$O DSOLFDU HVWRV FRHILFLHQWHV ODV YHQWDV \ OD SURGXFFLyQ TXHGDQ HQ XQLGDGHV GHO
SURGXFWR$
3URGXFFLyQ\9HQWDV&RQYHUWLGDV
3URGXFFLyQ\ &RHILFLHQWH 3URGXFFLyQ\
YHQWDVDFWXDO HTXLYDOHQWH YHQWDVFRQYHUWLGDV
$ XQLGV
%
&
'

3RU OR WDQWRODXWLOLGDGPDUJLQDOWRWDO SURGXFWR $ [ PDUJHQ GH XWLOLGDG

(VWHHQIRTXHKDFHSRVLEOHPHGLUODSURGXFWLYLGDGGHFDGDSHUtRGRRPHV3RUHMHPSORVLOD
SURGXFFLyQ\ODVYHQWDVGHOSURGXFWR$VHLQFUHPHQWDGHXQLGDGHVDSHUR%\
& GLVPLQX\HQ D XQLGDGHV \ XQLGDGHV UHVSHFWLYDPHQWH \ ' VH PDQWLHQH
FRQVWDQWHHOWRWDOGHXQLGDGHVQRYDULD
&XiOVHUtDHOUHVXOWDGRGHHVWHFDVR"
3URGXFFLyQ\9HQWDV&RQYHUWLGDV
3URGXFFLyQ\ &RHILFLHQWH 3URGXFFLyQ\
YHQWDVDFWXDO HTXLYDOHQWH YHQWDVFRQYHUWLGDV
$ XQLGV XQLGV
%
&
'

/D FRPSDUDFLyQ GHO SHUtRGR DQWHULRU XQLGDGHV \ HO SHUtRGR DFWXDO
XQLGDGHVPXHVWUDXQLQFUHPHQWRGHO
(QHVWHFDVRODXWLOLGDGPDUJLQDO\ODXWLOLGDGVRQODVVLJXLHQWHV
8WLOLGDG0DUJLQDO\8WLOLGDG
8WLOLGDGPDUJLQDO 8WLOLGDG
9HQWDV &RVWRILMR 8WLOLGDG
SRUSURGXFWR PDUJLQDO
$ XQLGV PLOHV
%
&
'
7RWDO
3(SRUHO0pWRGRGHO&RVWR3URPHGLR
(Q HVWH PpWRGR VH XWLOL]D HO YDORU SURPHGLR SRQGHUDGR GH OD XWLOLGDG PDUJLQDO GH FDGD
SURGXFWR5HWRPDQGRHOHMHPSORDQWHULRUHOFiOFXORSRUHVWHPpWRGRVHUtDHOVLJXLHQWH
5D]yQGHXWLOLGDG 5D]yQGH 9DORUSURPHGLRSRQGHUDGRGHOD

9HQWDV
PDUJLQDO YHQWDV XWLOLGDGPDUJLQDOGHFDGDSURGXFWR
$ $[%
=

% [&[
=

& '[
=

' $%
=
&'

$OXWLOL]DUHOYDORUSURPHGLRSRQGHUDGRGHHO3(GHODFRPSDxtDHV
3( =
&RVWR )LMR
5D]yQ GH XWLOLGDG PDUJLQDO =
\ODXWLOLGDGHQFDVRGHTXHODVYHQWDVVHDQHVLJXDOD
9HQWDV[5D]yQGHXWLOLGDGPDUJLQDO&RVWRILMR
(OFXDGURLOXVWUDHVWDVUHODFLRQHV
&XDGUR3(SRUHO0pWRGRGHO&RVWR3URPHGLR
8QLGDG 0LOORQHV
8WLOLGDG
PDUJLQDO 4
&RVWR &RVWR)LMR
ILMR 3
*DQDQFLD
2
SpUGLGD
3XQWRGH
HTXLOLEULR
1
0 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15
9HQWDV(Q0LOORQHV
(OPpWRGRGHOFRVWRSURPHGLRPXHVWUDODUHODFLyQGHO3XQWRGH(TXLOLEULRFRQODVYHQWDV
ODV FXDOHV GHEHQ FXEULU OD WRWDOLGDG GH OR LQFXUULGR SRU OD FRPELQDFLyQ GH OD YDULHGDG GH
SURGXFWRVHLQGLFDUODXWLOLGDGHVWLPDGDGHODVYHQWDV
3RU HQGH DO FDPELDU OD FRPELQDFLyQ GH OD YDULHGDG GH SURGXFWRV OD UD]yQ GH OD XWLOLGDG
PDUJLQDOFRQHOSURPHGLRSRQGHUDGRGHEHFDPELDUDOLJXDOTXHHO3XQWRGH(TXLOLEULR

3RUHMHPSORFRPRVHPXHVWUDHQHOPpWRGRGHOFRVWRVWDQGDUGVLODPH]FODGHOSURGXFWR
YDUtD OD UD]yQ GH OD XWLOLGDG PDUJLQDO \ HO 3XQWR GH (TXLOLEULR FDPELDUiQ GH OD VLJXLHQWH
PDQHUDDSHVDUGHTXHODVYHQWDVSHUPDQH]FDQFRQVWDQWHV
5D]yQGH8WLOLGDG0DUJLQDOHQ3URPHGLR
3URGXFFLyQ\9HQWDV 5D]yQGH 5D]yQGH8WLOLGDG 5D]yQGH 8WLOLGDG0DUJLQDOHQ
DFWXDOHV 9HQWDV 0DUJLQDO 9HQWDV SURPHGLR
$XQLGDGHV PLO
[

% PLO
[

& PLO
[

' PLO
[

XQLGDGHV PLO
3XQWRGH(TXLOLEULR
&RVWR)LMR0LO 0LO
5D]yQ GH 8WLOLGDG 0DUJLQDO
8WLOLGDGHQFDVRGHTXHODVYHQWDVVHDQ0LO
9HQWDV 0LO[5D]yQGH8WLOLGDG0DUJLQDO²&RVWR)LMR0LO 0LO
$FHUFDPLHQWR (VWUDWpJLFR D WUDYpV GHO 3ULQFLSLR *HQHUDO GH OD

8WLOLGDG0DUJLQDO\OD0H]FODGH3URGXFWR
$ODQDOL]DUODXWLOLGDGPDUJLQDOSDUDFDGDSURGXFWRRDFWLYLGDGVHSXHGHFRQILUPDUFXiOHVHO
SURGXFWR R DFWLYLGDG PiV EHQHILFLRVD VH SXHGH GHFLGLU TXp SURGXFWRV R DFWLYLGDGHV
QHFHVLWDQSURPRFLyQRFXiOSURGXFWRRDFWLYLGDGGHEHHOLPLQDUVH
/RVSULQFLSLRVJHQHUDOHVGHVGHHVWHSXQWRGHYLVWDVRQ
(QWUHPD\RUVHDODUD]yQGHXWLOLGDGPDUJLQDOGHXQSURGXFWRRDFWLYLGDGLQFOX\HQGROD
PD\RU UD]yQ GH XWLOLGDG PDUJLQDO SRU XQLGDG OD HPSUHVD VHUi PiV UHQWDEOH 6L XQD
FRPSDxtDVHHQFXHQWUDHQVDOGRURMRODVSpUGLGDVGLVPLQXLUiQ3RUORWDQWRVHGHEHQ
UHDOL]DU HVIXHU]RV SDUD LQFUHPHQWDU OD UD]yQ GH XWLOLGDG PDUJLQDO GH ORV SURGXFWRV R
DFWLYLGDGHV

$ SHVDU GH TXH DOJXQRV SURGXFWRV \ DFWLYLGDGHV SXHGHQ WHQHU XQD UD]yQ GH XWLOLGDG
PDUJLQDO EDMDV VL H[LVWH OD FDSDFLGDG VXILFLHQWH HQ SURGXFFLyQ \ HQ YHQWDV VH GHEH
FRQWLQXDUFRQHVWDVDFWLYLGDGHVPLHQWUDVTXHODUD]yQGHXWLOLGDGPDUJLQDOSHUPDQH]FD
SRVLWLYD
6LH[LVWHQSURGXFWRVRDFWLYLGDGHVFRQODUD]yQGHXWLOLGDGPDUJLQDOQHJDWLYDODXWLOLGDG
GLVPLQX\H3RUORWDQWRHVYHQWDMRVRSDUDODHPSUHVDSDUDUHVWHWLSRGHSURGXFFLyQ\
YHQWDV 6LQ HPEDUJR VH SXHGH HVWDU D OD H[SHFWDWLYD TXH OD UD]yQ SDVH D SRVLWLYD D
WUDYpV GH DOJXQDV HVWUDWHJLDV LQFUHPHQWDU OD SURGXFFLyQ \ YHQWDV GH RWURV SURGXFWRV
FRQODUD]yQGHXWLOLGDGPDUJLQDOPD\RUHWF
&DVRGHHVWXGLR²$QiOLVLVGHOD8WLOLGDG0DUJLQDO\OD0H]FODGH
3URGXFWR
&DVR
/DFRPSDxtD,QGXVWULDV+/WGDVXIULyXQDSpUGLGDGHPLOORQHVHQHODxRILVFDOTXH
WHUPLQy HQ GLFLHPEUH GH [[ 3DUD DQDOL]DU ODV FDXVDV H LPSOHPHQWDU PHGLGDV SDUD
HVWHSUREOHPDHOSUHVLGHQWHSLGLyXQHVWDGRGHLQJUHVRVSRUFDGDWLSRGHSURGXFWR7DEOD
HOFXDOVHSUHSDUy\VHSUHVHQWyDOD-XQWD'LUHFWLYD
'HDFXHUGRDHVWRVFiOFXORVSRUFDGDNLORJUDPRGHOSURGXFWR%KXERXQDSpUGLGDGH\
SRU HO SURGXFWR ' VH SHUGLy /RV SURGXFWRV $ \ & ORJUDURQ XWLOLGDGHV SRU OR TXH VH
SHQVyTXHODSURGXFFLyQGHORVSURGXFWRV%\'GHEHUtDFDQFHODUVHSHURODMXQWDGLUHFWLYD
QROOHJRDXQDFRQFOXVLyQ
7DEOD(VWDGRGHSpUGLGDV\JDQDQFLDVSRUSURGXFWR
SUHVHQWDGRDODUHXQLyQGHODMXQWDGLUHFWLYD
XQLGDG 0LOHV
$ % & ' 7RWDO

9HQWDV
&RVWRGHYHQWDV
8WLOLGDGEUXWD
&RVWRVGHYHQWDV\
DGPLQLVWUDFLyQ
8WLOLGDGRSHUDFLRQDO
&RVWRVQRRSHUDWLYRV
8WLOLGDGQHWD
9ROXPHQGHYHQWDVWRQ

1RWD/RVFRVWRVQRRSHUDFLRQDOHVVHHVWLPDQFRPRHOGHFDGDSURGXFWR
9HQWDV7RWDOHV[
$[
%[
&[
'[
&DUDFWHUtVWLFDVGHO&DVRHQ(VWXGLR\$VSHFWRV3UREOHPiWLFRV
(O SXQWR PiV LPSRUWDQWH HQ HO FXDO VH GHEH HQIRFDU FXDQGR VH LQWHQWD DXPHQWDU OD
UHQWDELOLGDGHV´GHWHQHUODSURGXFFLyQ\YHQWDVGHORVSURGXFWRVQRUHQWDEOHV\GLULJLUORV
HVIXHU]RVKDFLDDTXHOORVTXHVRQUHQWDEOHVµ
3HURFyPRVHGHWHUPLQDFXiOHVSURGXFWRVQRVRQUHQWDEOHV"3DUDHOORVHQHFHVLWDUHDOL]DU
XQDQiOLVLVGHODXWLOLGDGPDUJLQDO
&RPR VH PHQFLRQy DQWHULRUPHQWH SURGXFLU \ YHQGHU SURGXFWRV FRQ XQD DOWD UD]yQ GH
XWLOLGDGPDUJLQDOHVREYLDPHQWHXQSULQFLSLRSDUDXQDDGPLQLVWUDFLyQVyOLGD6LH[LVWHXQD
SRVLELOLGDG SDUD OD SURGXFFLyQ R YHQWDV HVWR HV VL H[LVWH XQ VREUDQWH HQ HO JUDGR GH
RSHUDFLyQHQYH]GHSHQVDUHQFDQFHODUODSURGXFFLyQ\ODVYHQWDVHVSUHIHULEOHREWHQHU
XQPDUJHQGHXWLOLGDGDVtHVWHVHDPX\SHTXHxRSRUODSURGXFFLyQ\YHQWDVLQFOXVLYHVLKD\
QHFHVLGDGGHUHGXFLUORVSUHFLRV(VWRVHGHEHDTXHORVFRVWRVDGLFLRQDOHVGHSURGXFFLyQ\
YHQWDVHQORVTXHVHLQFXUUHHQHVWHFDVR~QLFDPHQWHLQFOX\HQHOLQFUHPHQWRHQODFDQWLGDG
GHPDWHULDOSULPDHWFYDORUFRPSUDGRDWHUFHURV\ORVFRVWRVILMRVtWHPVFRQVWLWX\HQWHV
GHO9DORU$JUHJDGR²FRVWRVDGPLQLVWUDWLYRVFDVLQRLQFOX\HQFRVWRDGLFLRQDO
3RUHMHPSORORVFRVWRVQRRSHUDFLRQDOHVVHSXHGHQVXSRQHUTXHHVWiQFRPSXHVWRVSRUORV
FRVWRVGHLQWHUpVTXHVRQH[DFWDPHQWHHOGHORVJDVWRV(QRWUDVSDODEUDVORVFRVWRV
QR RSHUDFLRQDOHV HQ HVWH FDVR VH SXHGHQ DWULEXLU D FDGD SURGXFWR HQ SURSRUFLyQ D ODV
YHQWDV
3HUR ORV FRVWRV DVt GLVWULEXLGRV HV GHFLU ORV FRVWRV ILMRV VRQ FRVWRV TXH VH FRQVLGHUDQ
QHFHVDULRVSDUDPDQWHQHUODDGPLQLVWUDFLyQKDVWDFLHUWRSXQWR\QRVHSXHGHQDWULEXLUDORV
SURGXFWRV(VWH´FRVWRGHDFWLYLGDGHVµVHFRQVLGHUDRFXOWR\QRWLHQHSHVRHQODWRPDGH
GHFLVLRQHV GH OD JHUHQFLD 3RU OR WDQWR DO FDOFXODU ODV SpUGLGDV \ JDQDQFLDV SDUD FDGD
SURGXFWR FRPR HQ HVWH HMHPSOR QR VH WLHQH FODUR D TXp SURGXFWR VH OH GHEH DVLJQDU OD
PD\RUFDUJDGHOFRVWRILMRGHODFRPSDxtD
3RU OR FXDO SULPHUR VH GHEHQ DQDOL]DU ORV FRVWRV GLVWLQJXLHQGR FRVWRV ILMRV \ YDULDEOHV
SDUDGHVSXpVGHWHUPLQDUODXWLOLGDGPDUJLQDOSDUDFDGDSURGXFWRSDUDMX]JDUTXpSURGXFWR
GHEHGHVFRQWLQXDUVH
5HVXOWDGRVGHOD,QYHVWLJDFLyQ
(OHVWDGRGHSpUGLGDV\JDQDQFLDVDQDOL]DGRGHVGHODUHQWDELOLGDGGHOSURGXFWR

$ FRQWLQXDFLyQ VH PXHVWUD OR DSUHQGLGR DO H[DPLQDU OD LQIRUPDFLyQ GHO FRVWR GH
PDQXIDFWXUDGHODFRPSDxtD+
(OFRVWRGHPDWHULDOHV\RWURVFRVWRVYDULDEOHVSDUDFDGDSURGXFWRVRQGHODVYHQWDV
SDUDHOSURGXFWR$SDUD%SDUD&\HOSDUD'
$GHPiV GHORVFRVWRVGHYHQWDV\ DGPLQLVWUDFLyQORVFRVWRVILMRVVHKDQDWULEXLGRDFDGD

SURGXFWR FRPR HO GH ODV YHQWDV 6H YHULILFy TXH ORV FRVWRV GH YHQWDV \ GH
DGPLQLVWUDFLyQTXHSHUPDQHFHQGHVSXpVGHGHGXFLUODFDQWLGDGDWULEXLGDDFDGDSURGXFWR
VRQORVFRVWRVYDULDEOHVGHFDGDXQR
(VWHUHVXOWDGRPXHVWUDODUD]yQGHXWLOLGDGPDUJLQDOSDUDFDGDSURGXFWR\OD7DEODHV
HOHVWDGRGHSpUGLGDV\JDQDQFLDVTXHPXHVWUDODUHQWDELOLGDGGHFDGDSURGXFWR
7DEOD(VWDGRGH3pUGLGDV\*DQDQFLDVEDVDGRHQ5HQWDELOLGDGGHFDGD3URGXFWR
$ % & ' 7RWDO

9HQWDV
&RVWR 9DULDEOH
&RVWR GH
0DQXIDFWXUD
&RVWR GH YHQWDV \
DGPLQLVWUDFLyQ
7RWDO
8WLOLGDG 0DUJLQDO > @
5D]yQ GH XWLOLGDG PDUJLQDO
&RVWR )LMR
&RVWR GH 0DQXIDFWXUD
&RVWR GH YHQWDV \
DGPLQLVWUDFLyQ
&RVWRV QR ²
RSHUDFLRQDOHV
7RWDO
8WLOLGDG 1HWD
1RWD&iOFXORGHOFRVWRYDULDEOHGHPDQXIDFWXUD
$ 9HQWDV[
% 9HQWDV[
& 9HQWDV[
' 9HQWDV[
1RWD&iOFXORGHOFRVWRGHYHQWDV\GHDGPLQLVWUDFLyQ
$ &RVWR WRWDO GH YHQWDV \ GH DGPLQLVWUDFLyQ
² YHQWDV [ 7DVD GH DVLJQDFLyQ GHO FRVWR ILMR
% &RVWR WRWDO GH YHQWDV \ DGPLQLVWUDFLyQ
& &RVWR WRWDO GH YHQWDV \ DGPLQLVWUDFLyQ

' &RVWR WRWDO GH YHQWDV \ DGPLQLVWUDFLyQ
E-X]JDQGRODGLVFRQWLQXLGDGGHORVSURGXFWRV%\'
6H GHEH FRQWLQXDU HO SURGXFWR % \ HOLPLQDU HO SURGXFWR ' 'HELGR D TXH HO PDUJHQ GH
XWLOLGDG GH % HV GHO HO PiV DOWR GH WRGRV ORV SURGXFWRV \ FRPR VH PXHVWUD HQ OD
VLJXLHQWHWDEODODXWLOLGDGPDUJLQDOSRUWRQHODGDWDPELpQHVODPD\RUORTXHORKDFHPiV
UHQWDEOH
8WLOLGDG0DUJLQDOSRU3URGXFWRHQOD3URGXFFLyQ
$ 8WLOLGDG0DUJLQDO7RWDO÷WRQ
% 8WLOLGDG0DUJLQDO7RWDO÷WRQ
& 8WLOLGDG0DUJLQDO7RWDO÷WRQ
' 8WLOLGDG0DUJLQDO7RWDO÷WRQ
8QD DOWD UD]yQ GH XWLOLGDG PDUJLQDO R XQD DOWD UD]yQ GH XWLOLGDG PDUJLQDO SRU XQLGDG
VLJQLILFD XQD DOWD FDSDFLGDG SDUD VRSRUWDU ORV FRVWRV ILMRV SRU OR TXH DO GHVFRQWLQXDU XQ
SURGXFWRGHHVWDVFDUDFWHUtVWLFDVVyORVHDXPHQWDODSpUGLGD
3RUHOFRQWUDULRODUD]yQGHXWLOLGDGPDUJLQDOGHOSURGXFWR'HVQHJDWLYDORTXHVLJQLILFD
TXHDODXPHQWDUODSURGXFFLyQGHHVWHSURGXFWRODSpUGLGDDXPHQWDUiHVWHHVXQSURGXFWR
QRUHQWDEOH
&-X]JDQGRODGLVFRQWLQXLGDGGHOSURGXFWR'
'HDFXHUGRDODLQYHVWLJDFLyQVHFRQFOX\yTXHDOPHMRUDUORVHTXLSRVGHPDQXIDFWXUD HO
FRVWR ILMR GHO SURGXFWR ' VH LQFUHPHQWDUi HQ PLO SRU DxR SHUR HO FRVWR YDULDEOH GH
PDQXIDFWXUDUHVSHFWRDODVYHQWDVVHUHGXFLUiGHODFWXDODO&RQHVWRVGDWRVVH
GHEHQPHMRUDUORVHTXLSRVGHPDQXIDFWXUDGHOSURGXFWR'"
/DFRQFOXVLyQHV´1Rµ<DTXHFRPRVHPXHVWUDHQODWDEODDOPHMRUDUORVHTXLSRVGH
PDQXIDFWXUDGHOSURGXFWR'UHVXOWDUtDDOUHGXFLUORVFRVWRVYDULDEOHVGHPDQXIDFWXUD GHO
DOHQXQDXWLOLGDGPDUJLQDOGHVyOR

7DEOD&iOFXORVGH3pUGLGDV\*DQDQFLDVDO0HMRUDUORV(TXLSRV
GH0DQXIDFWXUDGHO3URGXFWR'
$FWXDO 0HMRUDGR
9HQWDV
&RVWRYDULDEOH
&RVWRGHPDQXIDFWXUD [
&RVWRGHYHQWDV\DGPLQLVWUDFLyQ [
8WLOLGDGPDUJLQDO 6G$GH[S
5D]yQGHXWLOLGDGPDUJLQDO ²[

,QFUHPHQWRGHO&RVWR)LMR
8WLOLGDGGHODGLYLVLyQGHOSURGXFWR'

6LQ HPEDUJR GHVSXpV GH PHMRUDU HO HTXLSR HO FRVWR ILMR VH LQFUHPHQWDUtD HQ SRU
DxR \ VL HVWD PHMRUD HV VyOR SDUD OD SURGXFFLyQ GH ' HQWRQFHV HV OyJLFR TXH VHD HO
SURGXFWR'TXHVXVWHQWHHVWHFRVWR
3HURODXWLOLGDGPDUJLQDOTXHSXHGDVXVWHQWDUHVWHFRVWRILMRDODWDVDGHXWLOLGDGPDUJLQDO
GHOSURGXFWR'GHOVXSRQLHQGRTXHODVYHQWDVSHUPDQHFHQHQHVVRODPHQWH
GH H LQFOXVR VXSRQLHQGR TXH JUDFLDV D ORV QXHYRV HTXLSRV VH SRGUtD GXSOLFDU ODV
YHQWDVGHOSURGXFWR'HVWRVRODPHQWHEDVWDUtDSDUDFXEULUHOFRVWRILMRDGLFLRQDOGH
&DPELRDO3ODQGH$GPLQLVWUDFLyQ&RPSHQVDWRULR
$O FRQILUPDU TXH HO SURGXFWR ' HV XQ SURGXFWR QR UHQWDEOH OD FRPSDxtD + GHFLGH
GHVFRQWLQXDUVXSURGXFFLyQ6HGHFLGLyTXHORVUHFXUVRVOLEHUDGRVVHUiQDVLJQDGRVDRWURV
SURGXFWRV\XQDQiOLVLVGHODVWHQGHQFLDVGHOPHUFDGRUHYHODURQORVVLJXLHQWHVKHFKRV
(O SURGXFWR $ IXH GHVDUUROODGR RULJLQDOPHQWH SRU OD FRPSDxtD + SHUR SRVWHULRUPHQWH
YDULDV HPSUHVDV ODQ]DURQ SURGXFWRV PX\ VLPLODUHV SRU OR TXH VX SUHFLR GH YHQWD KD
GHFDtGR DxR WUDV DxR 6LQ HPEDUJR GHVGH KDFH DOJ~Q WLHPSR OD VLWXDFLyQ SDUHFH KDEHUVH
FDOPDGR3HURQRVHHVSHUDQLQJ~QDXPHQWRHQODVYHQWDV
3DUDORVSURGXFWRV%\&H[LVWHXQSHTXHxRH[FHVRHQODFDSDFLGDGGHSURGXFFLyQ\HQHO
PRPHQWR H[LVWH UHODWLYDPHQWH SRFD FRPSHWHQFLD SRU OR TXH HV SRVLEOH DXPHQWDU ODV
YHQWDVPDQWHQLHQGRHOPLVPRSUHFLRVLQTXHORVFRVWRVILMRVDXPHQWHQRVHLQFUHPHQWHHO
FRVWRYDULDEOHSRUXQLGDG3HURODDFWXDOFDSDFLGDGGHORVHTXLSRVOLPLWDHOLQFUHPHQWRGH

YHQWDV SDUD DPERV SURGXFWRV DO GH ODV YHQWDV GH GLFLHPEUH GHO SHUtRGR [[ HV
GHFLUWRQVSDUD%\WRQVSDUD&
/D FRPSDxtD + GHFLGLy XQD PHWD GH XWLOLGDG GH SRU DxR \ SUHSDUDU XQ SODQ GH
XWLOLGDGSDUDORJUDUHVWDPHWD6HSUHSDUyXQHVWLPDGRGHOHVWDGRGHLQJUHVRVSDUDDVHJXUDU
XQDXWLOLGDGQHWDGHDWUDYpVGHOVLJXLHQWHSURFHGLPLHQWR
3DVR
/RV FRVWRV ILMRV GH OD FRPSDxtD + VRQ GH FRPR VH LOXVWUD HQ OD 7DEOD $O
DGLFLRQDUDHVWHHVWDGRODPHWDDQXDOGHXWLOLGDGQHWDGHVHUHTXLHUHGHXQDXWLOLGDG
PDUJLQDOGH
3DVR
6L HVWD XWLOLGDG PDUJLQDO UHTXHULGD VH DVLJQD D ORV SURGXFWRV $ % \ & OD PD\RU WDVD GH
XWLOLGDGPDUJLQDORXWLOLGDGPDUJLQDOSRUXQLGDGVHUiREWHQLGDSRU%VHJXLGDHQVXRUGHQ
SRU&\$3HURHOSURGXFWR$HVXQSURGXFWRGHVDUUROODGRSRUODFRPSDxtD+\VXWDVDGH
YDULDFLyQGHXWLOLGDGPDUJLQDOFRPSDUDGDFRQHOSURGXFWR&HVGHVyOR
(Q SDUWH SDUD PDQWHQHU OD LPDJHQ FRUSRUDWLYD VH GHFLGLy PDQWHQHU LJXDO OD FDQWLGDG GH
SURGXFFLyQ \ YHQWDV GHO SURGXFWR $ (VWR DVHJXUDUi XQD XWLOLGDG PDUJLQDO GH OD
PLVPDTXHODGHODQWHULRUSHUtRGR
3DVR
(Q FXDOTXLHU FDVR VH HVSHUD XQ LQFUHPHQWR HQ OD SURGXFFLyQ GH % GHO SRU OR TXH
SDUD OD SURGXFFLyQ GHO SURGXFWR % HO FXDO WLHQH XQD DOWD XWLOLGDG PDUJLQDO VH ILMD XQ
LQFUHPHQWR GHO (VWR DXPHQWDUtD ODV YHQWDV GHO SURGXFWR % D [
JHQHUDQGRXQDXWLOLGDGPDUJLQDOGHYHQWDV[
3DVR
2EWHQLHQGR XQD XWLOLGDG PDUJLQDO GH GHO SURGXFWR $ \ GH GH % DO UHVWDU
HVWDV FDQWLGDGHV GH OD XWLOLGDG PDUJLQDO PHWD HV GH TXHGD XQ VREUDQWH GH
TXHGHEHVHUODXWLOLGDGPDUJLQDOGHO SURGXFWR & OR TXH GHWHUPLQD FXiQWR GH &
GHEHSURGXFLUVH
²²
3XHVWRTXHODWDVDGHXWLOLGDGPDUJLQDOGH&HVGHOODVYHQWDVQHFHVDULDVGH&VHUtDQ
GH÷
&RQ XQD WDVD GH LQFUHPHQWR HQ ODV YHQWDV GH & TXH DOFDQFH D ÷
H[LVWHHOHVSDFLRQHFHVDULRSDUDTXHOOHJXHDXQ
3RUORWDQWRHOHVWDGRGHLQJUHVRVHVWLPDGRVHPXHVWUDHQODWDEOD

7DEOD(VWDGRGH3pUGLGDV\*DQDQFLDV(VWLPDGRSDUDOOHJDUDGH8WLOLGDG1HWD
$ % & 7RWDO
9HQWDV
&RVWR9DULDEOH
8WLOLGDG0DUJLQDO
5D]yQGHXWLOLGDGPDUJLQDO
&RVWR)LMR
8WLOLGDG1HWD
(Q HVWH HVWDGR GH LQJUHVRV HVWLPDGRV OD FLIUD GH YHQWDV GH UHSUHVHQWD VyOR XQ
DXPHQWR GHO FRPSDUDGR FRQ OD FLIUD DQWHULRU GH ÷
\ HO Q~PHUR GH WRQHODGDV D VHU SURGXFLGDV \ YHQGLGDV HV GH WRQV GH
SURGXFWR$WRQVGH%\WRQVGH&7DEODSURGXFWR&÷
WRQV PLOHVXQLGDG÷ WRQV
(QWRWDOVRQWRQVXQSRFRPHQRVGHORTXHVHSURGXMRDQWHULRUPHQWHWRQV
/D PH]FOD GH SURGXFWR KDFH SRVLEOH TXH OD FRPSDxtD + HOHYH XQ SRFR VXV YHQWDV \
DXPHQWD VLJQLILFDWLYDPHQWH VX UHQWDELOLGDG D SHVDU GH TXH OD FDQWLGDG GH SURGXFFLyQ
GLVPLQX\H
&DVRGH(VWXGLR²$QiOLVLV8WLOLGDG0DUJLQDO\3ROtWLFDGH3UHFLR
(O KRWHO < TXH VH HQFXHQWUD XELFDGR HQ XQ iUHD YDFDFLRQDO HQ HO FDPSR HQIUHQWD XQ
GHWHULRURHQHOGHVHPSHxRGHVXQHJRFLRGHELGRDODUHFHVLyQ/DDOWDJHUHQFLD\HOVWDIIVH
KDQGDGRFXHQWDGHODVLWXDFLyQ\KDQHPSH]DGRDH[DPLQDUORVGDWRVILQDQFLHURVSDVDGRV
FRQHOiQLPRGHPHMRUDUORVUHVXOWDGRVHQHOSUy[LPRSHUtRGR/RVGDWRVILQDQFLHURV\GH
RSHUDFLyQVRQORVVLJXLHQWHV

7DEOD%DODQFH*HQHUDO
8QLGDG0LOHV
$FWLYRVFRUULHQWHV 3DVLYR&RUULHQWH
&DMD 1RWDVGHSDJR
&XHQWDVSRUFREUDU &XHQWDVSRUSDJDUFRPHUFLR
,QYHQWDULR 3UHVWDPRVGHFRUWRSOD]R
3DJRVSRUDQWLFLSDGR &XHQWDVSRUSDJDU
3DJRVGLIHULGRV 'HSyVLWRVUHFLELGRV
$YDQFHV 7RWDO
,QWHUHVHVSRUFREUDU $FWLYRVILMRV
7RWDO 3UpVWDPRVGHODUJRSOD]R
$FWLYRVILMRV 7RWDO3DVLYR
(GLILFLRV 9DORUQHWR
9HKtFXORV
(TXLSRV\HQFHUHV 5HVHUYDOHJDO
7HUUHQRV 'pILFLW
$FWLYRV ILMRV LQWDQJLEOHV H 'pILFLWGHOSHULRGR
LQYHUVLRQHV 7RWDO9DORU1HWR
7RWDO
7RWDO$FWLYR 7RWDOGHSDVLYRV\YDORUQHWR
8QLGDG0LOHV
&RVWRGH9HQWDV 9HQWDV
&RVWRGHYHQWDV\DGPLQLVWUDWLYR ,QJUHVRVQRRSHUDFLRQDOHV
&RVWRVQRRSHUDFLRQDOHV 3pUGLGDGHOSHULRGR
7RWDO 7RWDO

7DEOD5HVXOWDGRVGHOD2SHUDFLyQGHO1HJRFLR
&OLHQWHVSRUSDVDUQRFKH ,QJUHVRRSHUDFLRQDO &RVWRGH
7DVDGH
0HV 7RWDO 5D]yQ 5HVXOWDGR 5D]yQ XQLGDGSHU
RFXSDFLyQ
3HUVRQDV PHQVXDO DFWXDOV PHQVXDO FiSLWD

7RWDO
1RWD/DUD]yQGHRSHUDFLyQIXHFDOFXODGDFRQEDVHHQKXpVSHGHVSRUGtD
(QHVWHSURFHVRHVQHFHVDULRDFODUDUSRUHMHPSORORVVLJXLHQWHVSXQWRV
(QTXpSRUFHQWDMHGHEHHVWDUODUD]yQGHRSHUDFLyQSDUDTXHQRKD\DSpUGLGD"
6LVHHVWDEOHFHXQDSROtWLFDGHSUHFLRGLIHUHQFLDHQWHPSRUDGDEDMDFXiOGHEHUtDVHUHO
SUHFLRPtQLPR"
&DUDFWHUtVWLFDV\3UREOHPDVGHHVWH(MHPSOR
/RVKRWHOHVGHYHUDQHRRIUHFHQKRVSHGDMHV\FRPLGDV\ORVSUREOHPDVGHODJHUHQFLDVRQ
PX\ GLIHUHQWHV D ORV TXH QRUPDOPHQWH VH SUHVHQWDQ HQ ODV HPSUHVDV TXH SURGXFHQ \
YHQGHQSURGXFWRV$FRQWLQXDFLyQVHPXHVWUDXQDOLVWDGHHVWDVFDUDFWHUtVWLFDVHVSHFLDOHV
/RVELHQHVHVWiQILMRVHQXQOXJDU
(V GHFLU HVSDFLDOPHQWH \ ItVLFDPHQWH VH HQFXHQWUDQ HQ XQ OXJDU &RPR UHJOD
JHQHUDOXQKRWHOGHYHUDQHRYHQGHHOYLDMH\HODPELHQWHXQKRWHOSXHGHVyORH[LVWLU
HQXQOXJDU

1RH[LVWHXQDHODVWLFLGDGHQODVYHQWDV
(VWH VH UHILHUH D ODV UHVWULFFLRQHV TXH LPSRQH HO WLHPSR 8QD KDELWDFLyQ SDUD XQ
FLHUWRGtDVyORSXHGHYHQGHUVHSRUHVHGtD(VSRUHOORTXHODUD]yQGHRFXSDFLyQ
GHSLH]DVHVWDQLPSRUWDQWH
([LVWHXQOtPLWHHQHOYROXPHQGHYHQWDV
/DFDQWLGDGHVILMDHVLPSRVLEOHYHQGHUPiVGHODFDSDFLGDGGHOKRWHO
5HVXOWDGRVGHOD,QYHVWLJDFLyQ
7DEODGHGHVFRPSRVLFLyQGHOFiOFXORGHOFRVWR
3ULPHUR ORV FRVWRV VH GHVFRPSRQHQ HQ FRVWRV ILMRV \ YDULDEOHV HO UHVXOWDGR GH HVWD
GLYLVLyQVHPXHVWUDHQODWDEOD

7DEOD7DEODGHGHVFRPSRVLFLyQGHOFiOFXORGHOFRVWR
8QLGDG0LOHV
&RVWRILMR &RVWR
7LWXOR&RQWDEOH 5HVXOWDGR 'LYLVLyQHVWiQGDU
I YDULDEOHU
&RVWR GH YHQWDV &RVWR GH SUHSDUDU
ODV FRPLGDV
6DODULR GHO GLUHFWRU
6DODULRV \ SUHVWDFLRQHV
6DODULR WHPSRUDO VH
$VLJQDFLRQHV SDUD ELHQHVWDU WRPD FRPR FRVWR
6XPLQLVWURV GH RILFLQD YDULDEOH
9LiWLFRV
,PSXHVWRV H LPSRVLFLRQHV S~EOLFDV
&RPXQLFDFLyQ
$JXD \ FDOHIDFFLyQ
5HSDUDFLRQHV
6HJXURV
$OTXLOHU
(QWUHWHQLPLHQWR
3XEOLFLGDG
9DULRV
'HSUHFLDFLyQ
)OHWHV \ YHKtFXORV
&RPLVLyQ SDUD VHUYLFLRV GH 3URSLQDV SRU
SDVDMHURV UHFRJHU SDVDMHURV
VH FXHQWDQ FRPR
&9
3UHPLRV \ VHUYLFLRV DILOLDGRV
/RV VHUYLFLRV VH
,QWHUHVHV SDJDGRV SRU JDVWRV QR FXHQWDQ FRPR &9
RSHUDWLYRV
,QWHUHVHV UHFLELGRV SRU JDVWRV QR
RSHUDWLYRV

*UiILFRGH8WLOLGDG
8Q JUiILFR GH XWLOLGDG EDVDGR HQ HO DQiOLVLV GH ORV FRVWRV DQWHULRUHV VH PXHVWUD HQ HO
*UiILFR\HQHO\WDPELpQHQODWDEOD(OSXQWRGHHTXLOLEULRHV
&RVWR)LMR
3XQWR GH (TXLOLEULR = &RVWR 9DULDEOH
-
9HQWDV
&RVWR)LMR

=
²

(QHVWHFDVRHOQ~PHURGHKXpVSHGHVDWHQGLGRV\ODWDVDGHRFXSDFLyQGHOKRWHOVRQORV
VLJXLHQWHV
1~PHURGHKXpVSHGHVDWHQGLGRV
÷FRVWRGHXQLGDGSRUSHUVRQD KXpVSHGHV
7DVDGHRFXSDFLyQGHOKRWHO
÷SHUVRQDVGtDV[SHUVRQDV
&XDGUR*UiILFRGH8WLOLGDG

3XQWR GH (TXLOLEULR

&RVWR

9HQWDV
FRVWR ILMR
FRVWR

JDQDQFLD R
SpUGLGD

YHQWDV

&RVWR

YDULDEOH

57.8%
WDVD GH RFXSDFLyQ

GHO KRWHO

)RUPXODFLyQGHO3ODQGH8WLOLGDG
3ODQGH,QJUHVRGHO1HJRFLR
%DVDGRVHQHODQiOLVLVDQWHULRUVLODWDVDGHRFXSDFLyQVHILMDHQHO\HOFRVWRSURPHGLR
SRUXQLGDGSRUKXpVSHGHVGHHOSODQGHLQJUHVRGHOQHJRFLRGHODWDEODGDXQ
FiOFXORGHOQ~PHURGHKXpVSHGHVSRUQRFKH\HOLQJUHVRGHOQHJRFLRSRUFDGDPHV

7DEOD²,QJUHVR\&RVWRSRU+XpVSHG
3UHFLR8QLWDULR &RVWRSRUKXpVSHG
7DVDGH 1~PHURGH 8WLOLGDGSRU
SRUKXpVSHG
RFXSDFLyQ KXpVSHGHV &9 &) WRWDO KXpVSHG
SURPHGLR

1RWD2FXSDFLyQSLH]DV[GtDV[
&RVWR ILMR WRWDO PLOHV XWLOLGDG PDUJLQDO SRU SUHFLR
SHUVRQDV
PLOHVUD]yQGHXWLOLGDGPDUJLQDO PLOHV²YHQWDV
&XDGUR*UiILFRGH8WLOLGDG
10,000
9,360
9,000 8,750
8,240
8,000
7,820
7,000 7,470
7,160
8WLOLGDG SRU KXpVSHG
6,000 &RVWR )
5,000
4,000
&RVWR 9
3,000
2,000
45 50 55 60 65 70

7DEOD²3ODQGH,QJUHVRVGHO1HJRFLR
&OLHQWHVTXHSDVDQQRFKH 7DVDGH ,QJUHVRGHO1HJRFLR ,QJUHVR
0HV 5D]yQ 1~PHURGH RFXSDFLyQ 5D]yQ &DQWLGDG SRU
PHQVXDO KXpVSHGHV PHQVXDO WRWDO·V KXpVSHG

WRWDO
(OSURFHGLPLHQWRSDUDHVWHSODQGHLQJUHVRVGHOQHJRFLRHVHOVLJXLHQWH
3DVR
3ULPHUREDViQGRVHHQODWDEODGHGHVHPSHxRSUHVHQWDGDHQOD7DEODHOUHVXOWDGRGHO
QHJRFLR UHIHULGR DQWHULRUPHQWH GHEH UHFROHFWDUVH LQIRUPDFLyQ VREUH OD SURSRUFLyQ
PHQVXDOGHOQ~PHURGHKXpVSHGHVTXHVHTXHGDQSRUODQRFKH\ORVLQJUHVRVGHOQHJRFLR
3DVR
(OQ~PHURDQXDOGHKXpVSHGHVTXHSDVDQODQRFKHEDViQGRVHHQXQDWDVDGHRFXSDFLyQGHO
KRWHO GHO VHUtDQ SHUVRQDV GtDV [ SHUVRQDV [ HVWD FLIUD HV
VXVWLWXLGD SRU HO WRWDO GH KXpVSHGHV TXH SDVDQ OD QRFKH OXHJR OD FDQWLGDG HVSHUDGD GH
KXpVSHGHVSRUPHVVHFDOFXODDSDUWLUGHPXOWLSOLFDUHVWHYDORUSRUODUD]yQPHQVXDOSDUD
FDGDPHV3RUHMHPSORSDUD-XQLRVRQKXpVSHGHV[ KXpVSHGHV
3DVR
3DUDFDOFXODUODWDVDGHRFXSDFLyQVHGLYLGHHOQ~PHURHVSHUDGRGHKXpVSHGHVSRUQRFKH
HQWUHHOQ~PHURILMRSDUDFDGDPHVSRUHMHPSORSDUDMXQLRVRQGtDV[KXpVSHGHV

KXpVSHGHV\ SDUDMXOLRVRQGtDV[KXpVSHGHV KXpVSHGHV (Q HO
FDVRGH-XQLRVHWLHQHQKXpVSHGHV÷KXpVSHGHV
3DVR
(O LQJUHVR WRWDO DQXDO GHO QHJRFLR VXSRQLHQGR XQD WDVD GH RFXSDFLyQ GHO HV GH
PLOHVKXpVSHGHV[5HPSOD]DQGRHVWHYDORUSRUHOWRWDOGHOLQJUHVR
GHOQHJRFLRODFDQWLGDGHVSHUDGDGHLQJUHVRSRUPHVVHREWLHQHDOPXOWLSOLFDUHVWHYDORU
SRUODUD]yQPHQVXDO3RUHMHPSORSDUDMXQLRVHWLHQHTXH[
3DVR
(O LQJUHVR SRU KXpVSHGVRQ ORV LQJUHVRVHVSHUDGRV GHO QHJRFLR GLYLGLGR SRU HO Q~PHUR
HVSHUDGRGHKXpVSHGHVSRUQRFKH
3ODQGH8WLOLGDG
(Q OD 7DEOD VH PXHVWUD OD XWLOLGDG PDUJLQDO HO FRVWR ILMR \ HO HVWDGR GH SpUGLGDV \
JDQDQFLDVSRUFDGDPHVEDVDGRHQHOSODQGHQHJRFLRPRVWUDGRDUULED/DIRUPXODFLyQGH
ODXWLOLGDGPDUJLQDODGLFLRQDOVHPXHVWUDHQODSDUWHGHUHFKDGHODWDEOD
/DWDVDGHXWLOLGDGPDUJLQDOGHOLQJUHVRGHOQHJRFLRGHOKRWHO<HVDSUR[LPDGDPHQWH
3RUORWDQWRHOWRWDODQXDOGHXWLOLGDGPDUJLQDOUHVSHFWRDOSODQGHLQJUHVRVGHOQHJRFLRHV
GHPLOHV[ PLOHV
6LVHWRPDQORVUHVXOWDGRVDFWXDOHVGHOSODQORVFRVWRVILMRVDVFLHQGHQDPLOHV3RU
ORWDQWRODXWLOLGDGDQXDOHVGHPLOHV²PLOHV PLOHV
/RDQWHULRUHVHOSODQEiVLFRVXSRQLHQGRXQDWDVDGHRFXSDFLyQGHO3HURDOREVHUYDU
OD WDEOD H[LVWH XQD SpUGLGD FRQVLGHUDEOH GXUDQWH ORV PHVHV GH MXQLR MXOLR VHSWLHPEUH \
GLFLHPEUH(VWDVLWXDFLyQVXJLHUHFRQVLGHUDUWDVDVGHGHVFXHQWRHVSHFLDOHVHQHVWRVPHVHV
SDUDLQFUHPHQWDUODWDVDGHRFXSDFLyQ
/DPLWDGGHODGHUHFKDGHODWDEODHVHOFiOFXORTXHUHVXOWDFXDQGRODWDVDGHRFXSDFLyQGH
HVWRV PHVHV QR UHQWDEOHV VH LQFUHPHQWD \ HO SUHFLR SRU KXpVSHG VH UHGXFH D 'D
FRPR UHVXOWDGR WDO FRPR VH DSUHFLD XQ LQFUHPHQWR GH PLOHV HQ OD XWLOLGDG WRWDO
DQXDO (Q RWUDV SDODEUDV H[LVWH XQD DPSOLD OLEHUWDG SDUD XWLOL]DU OD SROtWLFD GLIHUHQFLDO GH
SUHFLRVFRQEDVHHQ
'H HVWD PDQHUD OD FRPSDxtD < REWLHQH XQD XWLOLGDG GH PLOHV DO WRPDU VX PHWD
EiVLFDGHWDVDGHRFXSDFLyQ\XQFRVWRSRUKXpVSHGGHSURPHGLRDQXDOXQSRFR
PD\RUHQWHPSRUDGDDOWD\XQSRFRPHQRUHQWHPSRUDGDEDMD
7DPELpQVHGHFLGLyPHMRUDUHOQHJRFLRDODGRSWDUXQDPH]FODGHYHQWDVDWUDYpVGHXQD
SROtWLFD GLIHUHQFLDO GH SUHFLRV $O LQFUHPHQWDU OD WDVD GH RFXSDFLyQ HQ ORV PHVHV GH EDMD
UHQWDELOLGDGVHORJUDXQLQFUHPHQWRGHPLOHVHQODXWLOLGDG

7DEOD3ODQGH8WLOLGDG
8WLOLGDG
,QJUHVRGHO 8WLOLGDG 3pUGLGDR 7DVDGH 1~PHURGH ,QJUHVR &RVWR 8WLOLGDG
&RVWRILMR PDUJLQDO
0HV QHJRFLR PDUJLQDO XWLOLGDG RFXSDFLyQ KXpVSHGHV SRU YDULDEOHSRU DGLFLRQDO
·V SRU
·V ·V ·V UHYLVDGD DGLFLRQDOHV KXpVSHG KXpVSHG ·V
KXpVSHG

7RWDO

3URGXFWLYLGDGGHO)RQGRGH7UDEDMR
$QiOLVLV GHO ,QFUHPHQWR \ 'HFUHFLPLHQWR GHO )RQGR GH 7UDEDMR

SRU5RWDFLyQGHO3HUtRGR
)RQGR GH 7UDEDMR &XHQWDV SRU FREUDU $FWLYRV GH LQYHQWDULR ²

&XHQWDVSRUSDJDU
$QiOLVLVSRULQFUHPHQWRRGHFUHFLPLHQWRGHODFDQWLGDGGLVSRQLEOH/DFDQWLGDGGLVSRQLEOH
VHREWLHQHDOPXOWLSOLFDUODFDQWLGDGGHFRQVXPRSRUHOSHUtRGRGHURWDFLyQ/XHJRFXDQGR
OD FDQWLGDG GH FRQVXPR DXPHQWD OD FDQWLGDG GLVSRQLEOH VH LQFUHPHQWDUi FRQGXFLHQGR D
SHUtRGRVGHURWDFLyQPiVODUJRVORFXDOLQFUHPHQWDODFDQWLGDGGLVSRQLEOH
&RQVXPR
3HUtRGRGH &DQWLGDG GLVSRQLEOH &DQWLGDGGLVSRQLEOH
URWDFLyQ =
&DQWLGDG FRQVXPLGD
3HUtRGRGH
URWDFLyQ
3RUORWDQWR&DQWLGDGGLVSRQLEOH &DQWLGDGGHFRQVXPR[3HULRGRGHURWDFLyQ
6LODFDQWLGDGGHFRQVXPRHQHOSHULRGRDFWXDOVHSUHVHQWDFRPR X·
URWDFLyQGHOSHULRGRDFWXDOVHUHSUHVHQWDSRU W·
\ODFDQWLGDGFRQVXPLGDHQHOSHULRGRDQWHULRU X
\ODURWDFLyQGHOSHULRGRDQWHULRU W
HQWRQFHV
LQFUHPHQWR\GHFUHFLPLHQWRGHODFDQWLGDGGLVSRQLEOHHV
X·[W·²X[W
&RORFDQGR X· [ W VL HO SHULRGR GH URWDFLyQ HV LJXDO HQ HVWD IyUPXOD HO LQFUHPHQWR \
GHFUHFLPLHQWRGHODFDQWLGDGGLVSRQLEOHVHUiX·[W·²X·[WX·[W²X[W
(VWRHV>X·²W·²X·[W@LQFUHPHQWRRGHFUHFLPLHQWRGHODFDQWLGDGGLVSRQLEOHFDPELDQGR
HOSHUtRGRGHURWDFLyQ
>X·[W²X[W@LQFUHPHQWRRGHFUHFLPLHQWRGHODFDQWLGDGGLVSRQLEOHSRUFDPELRHQ OD
FDQWLGDGFRQVXPLGD
(MHPSOR
3DUDHOFDVRGHSURGXFWRWHUPLQDGR
&RVWR GH YHQWDV PHQVXDO HQ HO SHUtRGR DFWXDO X·

3HUtRGR GH URWDFLyQ GH SURGXFWR WHUPLQDGR HQ HO SHUtRGR DFWXDO W· PHVHV
&RVWR GH YHQWDV PHQVXDO HQ HO DQWHULRU SHUtRGR X
3HUtRGR GH URWDFLyQ GH SURGXFWR WHUPLQDGR HQ HO SHUtRGR DQWHULRU W PHVHV
3URGXFWR WHUPLQDGR GLVSRQLEOH HQ HO SHUtRGR DFWXDO X· [ W· [
3URGXFWR WHUPLQDGR GLVSRQLEOH HQ HO SHULRGR DQWHULRU X[W [

,QFUHPHQWRRGHFUHFLPLHQWRHQODFDQWLGDGGLVSRQLEOH
X·[W·²X[W X·[W·[X·W²X·[W²X[W
²[²[²
²²
²
(Q HVWH FDVR W VH FDPELR SRU W· HV GHFLU HO SURGXFWR WHUPLQDGR VH LQFUHPHQWR HQ
GHELGRDOFDPELRHQODURWDFLyQGHOSHUtRGRSRURWURODGRXVHFDPELySRUX·HVGHFLUVH
LQFUHPHQWyHQHOLQYHQWDULRGHSURGXFWRWHUPLQDGRSRUXQGHFUHFLPLHQWRGHHQHO
SURGXFWRWHUPLQDGRGHELGRDOFDPELRHQODFDQWLGDGFRQVXPLGD
8QSXQWRFUXFLDOHQHOFRQWUROGHOLQYHQWDULRVHUtD>X·[W·²X·[W@XQDSDUWHGH
(VWRVVHPXHVWUDQHQHOVLJXLHQWHJUiILFR
&DQWLGDGGH3URGXFWR7HUPLQDGR'LVSRQLEOHHQHO3HUtRGR$QWHULRU

&DQWLGDGGHSURGXFWRWHUPLQDGR
&DQWLGDG
- GLVSRQLEOHHQHOSHUtRGRDQWHULRU
FRQVXPLGD
[PHV
(u)

3HUtRGRGHURWDFLyQW0HV
&DQWLGDGGH3URGXFWR7HUPLQDGR'LVSRQLEOHHQHO3HUtRGR$FWXDO

&DQWLGDG &DQWLGDGGHSURGXFWRWHUPLQDGR
FRQVXPLGD - GLVSRQLEOHHQHOSHUtRGRDFWXDO
[PHV
(u)

3HUtRGRGHURWDFLyQW0HV

,QFUHPHQWR\'HFUHFLPLHQWRHQ3HUtRGR$QWHULRU\HQHO3HULRGR$FWXDO
X·[W²X[W
&DQWLGDG
FRQVXPLGD
&DQWLGDGGH3URGXFWR7HUPLQDGR
'LVSRQLEOH X·[W·
-
X X·[W
X· 3HUtRGR$QWHULRU X[W
3HUtRGR$FWXDO X·[W·

3HUtRGRGHURWDFLyQWW·0HV
&RPR VH PXHVWUD HQ HO JUiILFR DO FDPELDU X SRU X· OD FDQWLGDG GH SURGXFWR WHUPLQDGR
GLVSRQLEOHGLVPLQX\HHQ
$OFDPELDUWSRUW·ODFDQWLGDGGLVSRQLEOHGHSURGXFWRWHUPLQDGRVHLQFUHPHQWDHQ
>X[W@²>X·[W@ ²

>X·[W·@²>X[W@ ²
(VGHFLUVLHOSHUtRGRGHURWDFLyQGHOLQYHQWDULRHVHOPLVPRTXHHOGHOSHUtRGRDQWHULRU
GH VLQ HPEDUJR XQD DPSOLDFLyQ GHO SHUtRGR GH URWDFLyQ GH PHV JHQHUD XQ
DXPHQWRHQORVLQYHQWDULRVGH
(VWRVLJQLILFDTXHKXERIDFWRUHVLQDSURSLDGRVHQODDGPLQLVWUDFLyQ
(VWHWLSRGHDQiOLVLVHVPX\LPSRUWDQWHQRVyORSDUDHOSURGXFWRWHUPLQDGRVLQRSDUDWRGRV
ORtWHPVGHOFRQWUROGHLQYHQWDULRHQFRQVHFXHQFLDHVPX\LPSRUWDQWHHQHOFRQWUROGHOD
SURGXFFLyQ\ODDGPLQLVWUDFLyQGHODVYHQWDV
&DVRGH(VWXGLRGH)RQGR$GPLQLVWUDWLYRDWUDYpVGHO,QFUHPHQWR\
'HFUHFLPLHQWRGHO)RQGRGH7UDEDMR
&DVR/RVHVWDGRVILQDQFLHURVUHFLHQWHVGHOD&RPSDxtD(VHSUHVHQWDQDFRQWLQXDFLyQ6H
UHDOL]DUi XQ DQiOLVLV GHO LQFUHPHQWR R GHFUHFLPLHQWR GHO IRQGR GH WUDEDMR D SDUWLU GH ORV
HVWDGRV ILQDQFLHURV \ VH H[DPLQDUi FyPR GHEHUiQ VHU ODV YHQWDV \ OD SURGXFFLyQ HQ HO
IXWXUR

%DODQFH*HQHUDO
3HULRGR 3HULRGR 3HULRGR 3HULRGR

$FWLYRV 3DVLYR\SDWULPRQLR
DQWHULRU DFWXDO DQWHULRU DFWXDO
(IHFWLYR\GHSyVLWRV &XHQWDVSRUSDJDU
&XHQWDVSRUFREUDU 'HXGDVGHFRUWRSOD]R
3URGXFWRWHUPLQDGR 'HXGDVGHODUJRSOD]R
3URGXFWRHQSURFHVR 3DWULPRQLR
0DWHULDO 6XSHUiYLW
$FWLYRILMR
7RWDO 7RWDO
(VWDGRGH3pUGLGDV\*DQDQFLDV
1RPEUHGHOD&XHQWD 3HUtRGRDQWHULRU 3HUtRGRDFWXDO

9HQWDV
&RVWRGHYHQWDV
8WLOLGDGEUXWD

&RVWRGHYHQWD\DGPLQLVWUDFLyQ
8WLOLGDGRSHUDFLRQDO

,QJUHVRVQRRSHUDFLRQDOHV
*DVWRVQRRSHUDFLRQDOHV
8WLOLGDGQHWD

(VWDGRGHO&RVWRGH0DQXIDFWXUD
1RPEUHGHOD&XHQWD 3HUtRGRDQWHULRU 3HUtRGRDFWXDO

0DWHULDO
&RPSUDGH0DWHULDO
&RVWRODERUDO
&RVWRVRSHUDWLYRV
&RVWRWRWDOGHPDQXIDFWXUD
3URGXFWRHQSURFHVRLQLFLR
3URGXFWRHQSURFHVRILQDO
&RVWRWRWDOGHPDQXIDFWXUDHQHOSHUtRGR
&iOFXORGHO,QFUHPHQWRR'HFUHFLPLHQWRGHO9DORUGHO)RQGRGH7UDEDMR
3DVR
&iOFXORGHO)RQGRGH7UDEDMR
)RQGRGHWUDEDMRHQHOSHUtRGRDQWHULRU
FXHQWDVSRUFREUDU SURGXFWRWHUPLQDGR SURGXFWRHQSURFHVR
PDWHULD ²FXHQWDVSRUSDJDU

)RQGRGHWUDEDMRHQHOSHUtRGRDFWXDO
FXHQWDVSRUFREUDU SURGXFWRWHUPLQDGR SURGXFWRHQSURFHVR
PDWHULDOHV ²FXHQWDVSRUSDJDU

,QFUHPHQWRHQHOIRQGRGHWUDEDMR
FDSLWDO GH WUDEDMR DO ILQDO GHO SHUtRGR DFWXDO ² FDSLWDO GH WUDEDMR DO ILQDO GHO
SHUtRGRDQWHULRU

3DVR
(OIRQGRGHWUDEDMRVHLQFUHPHQWDD(OSUREOHPDHVVLHVWHLQFUHPHQWRGHSHQGHGHO
LQFUHPHQWRHQYHQWDV\SURGXFFLyQRGHRWURVIDFWRUHV
&iOFXORSDUDFDGDSHUtRGRGHURWDFLyQ
$QiOLVLVGHO3HUtRGRGH5RWDFLyQ
3HUtRGRGHURWDFLyQGHODVFXHQWDVSRUFREUDU
&XHQWDV SRU FREUDU

3HUtRGRDQWHULRU PHVHV
9HQWDV ÷
&XHQWDV SRU FREUDU
3HUtRGR DFWXDO PHVHV
9HQWDV ÷
3HULRGRGHURWDFLyQGHORVSURGXFWRVWHUPLQDGRV
3URGXFWR WHUPLQDGR

3HUtRGRDQWHULRU PHVHV
&RVWR GH YHQWDV ÷
3URGXFWR WHUPLQDGR
&RVWR GH YHQWDV ÷
3HUtRGRGHURWDFLyQGHOSURGXFWRHQSURFHVR
3URGXFWR HQ SURFHVR

3HUtRGRDQWHULRU PHV
PDWHULDO FRVWR
WRWDO GH PDQXIDFWXUD ÷ ÷
3URGXFWR HQ SURFHVR

3HUtRGRDFWXDO PHV
PDWHULDO FRVWR
WRWDO GH PDQXIDFWXUD ÷ ÷
3HUtRGRGHURWDFLyQGHPDWHULDOHV
0DWHULDOHV
3HUtRGRDQWHULRU PHV
&RVWR GH PDWHULDOHV ÷
0DWHULDOHV
&RVWR GH PDWHULDOHV ÷
3HUtRGRGHURWDFLyQGHODVFXHQWDVSRUSDJDU
&XHQWDV SRU SDJDU
3HUtRGR DQWHULRU PHVHV
0DWHULDO FRPSUDGR ÷

&XHQWDV SRU SDJDU
3HUtRGRDFWXDO PHVHV
0DWHULDO FRPSUDGR ÷
7DEODGH$QiOLVLVGHO,QFUHPHQWR²'HFUHFLPLHQWRGHO)RQGRGH7UDEDMRGHOD&RPSDxtD
GH0DQXIDFWXUDV(
&XHQWDVSRUFREUDU ,QFUHPHQWR
,QFUHPHQWRSRUFDPELRHQHOSHUtRGRGHURWDFLyQ
X·[W·FDQWLGDGGLVSRQLEOHHQHOSHUtRGRDFWXDO
X·[WYHQWDV[÷
3DVR
1RWD
&RQVWUXLUOD
3HUtRGRGHURWDFLyQDFWXDOPHVHV &XHQWDSRUFREUDUGLVSRQLEOHV
7DEODGH
$QiOLVLVGHO SRUSHUtRGR
,QFUHPHQWRR
9HQWDV ÷
GHFUHFLPLHQWR
GHO)RQGR FRQVXPR
3HUtRGRGHURWDFLyQHQHODQWHULRUSHUtRGRPHVHV
,QFUHPHQWRSRUFDPELRHQYHQWDV
X·[W
X[WFDQWLGDGGLVSRQLEOHSHUtRGRDQWHULRU

,QFUHPHQWRGH3URGXFWR7HUPLQDGR
X·[WFRVWRGHYHQWDV[÷
1RWD
3HUtRGR GH URWDFLyQ HQ HO SHUtRGR DFWXDO 3URGXFWR WHUPLQDGR
GLVSRQLEOH
&RVWR GH 9HQWDV

÷
FRQVXPR
3HUtRGRGHURWDFLyQHQHOSHUtRGRDQWHULRU
,QFUHPHQWRSRUFDPELRHQODVYHQWDV
X·[W
X[WFDQWLGDGGLVSRQLEOHSHUtRGRDQWHULRU
X FRVWRGHYHQWDV÷
W

,QFUHPHQWRGHOWUDEDMRHQSURFHVR
X·[WFRVWRGHPDWHULDOFRQVXPLGR

FRVWRGHPDQXIDFWXUDFRQVXPLGR
[ [

\ WUDEDMR HQ SURFHVR
1RWD G HQ SURFHVR FDQWLGDG GLVSRQLEOH
&RQVXPRGH \
0DWHULDO
F
PDWHULDOHQ
HOSHUtRGR &DQWLGDG GLVSRQLEOH PDWHULDO
DFWXDO FRVWR GH PDQXIDFWXUD ÷

PHV
D
÷ ÷
3HUtRGR GH URWDFLyQ E

$UHD \ D F [ E DF [E E \

DF

$UHD &DQWLGDG GH WUDEDMR HQ SURFHVR GLVSRQLEOH D SDUWLU GHO EDODQFH JHQHUDO
,QFUHPHQWR SRU FDPELR HQ OD SURGXFFLyQ

X· [ W
X [ W FDQWLGDG GLVSRQLEOH HQ HO SHUtRGR DQWHULRU

,QFUHPHQWRGH0DWHULDO
X·[W·FDQWLGDGGLVSRQLEOHHQHOSHULRGRDFWXDO
X·[WPDWHULDO[

,QFUHPHQWRSRUFDPELRGHSURGXFFLyQ
X·[W
X[WFDQWLGDGGLVSRQLEOHHQHOSHUtRGRDQWHULRU
,QFUHPHQWRGHODV&XHQWDVSRUSDJDU
,QFUHPHQWRSRUFDPELRHQHOSHUtRGRGHUHWRUQR
X·[W·FDQWLGDGGLVSRQLEOHHQSHUtRGRDFWXDO
&XHQWDVSRUSDJDU
1RWD3HUtRGRGHURWDFLyQPHVHV
0DWHULDOFRPSUDGR÷
3HUtRGRGHURWDFLyQ[PDWHULDOFRPSUDGR÷
(QFDVRTXHHOSHUtRGRGHURWDFLyQGHPDWHULDOHVHOGHQRPLQDGRUHV
PDWHULDOFRPSUDGR²PDWHULDOQRFRQVXPLGRX·[W
0DWHULDOFRPSUDGR[[DQWHULRUURWDFLyQPHV
,QFUHPHQWRSRUFDPELRHQHOPDWHULDOFRPSUDGR
X·[W
X[WFDQWLGDGGLVSRQLEOHHQHOSHUtRGRDQWHULRU
,QFUHPHQWRHQHO)RQGRGH7UDEDMR
,QFUHPHQWRSRUFRQVXPR

3DVR $QiOLVLV GH FDXVD \ HIHFWR SRU HO LQFUHPHQWR R GHFUHFLPLHQWR GHO )RQGR GH 7UDEDMR
$QiOLVLVGH /DFRPSRVLFLyQGHOLQFUHPHQWRGHOIRQGRGHWUDEDMRGHHV
FDXVD\ GHELGR DO FDPELR HQ HO SHUtRGR GH URWDFLyQ \ SRU HO
HIHFWRSRU
FDPELRGHO LQFUHPHQWRHQHOFRQVXPR
SHUtRGR D ,QFUHPHQWR SRU FDPELR HQ HO SHUtRGR GH URWDFLyQ HV HO
VLJXLHQWH
3URGXFWRWHUPLQDGR
GHLQFUHPHQWRDOSDVDUGHPHVHVWDPHVHVW·
7UDEDMRHQSURFHVR
GHLQFUHPHQWRDOFDPELDUGHPHVWDPHVW·
0DWHULDO
GHLQFUHPHQWRDOSDVDUGHPHVWDPHVHVW·
,QFUHPHQWRWRWDOGHORVDFWLYRVGHLQYHQWDULRDOFDPELDUHOSHUtRGR
GHURWDFLyQHVGH
6LQHPEDUJRXQLQFUHPHQWRHQODVFXHQWDVSRUSDJDUSRUFDPELRHQ
HOSHUtRGRGHURWDFLyQSDVDQGRGHPHVHVWDPHVHVW·HVGH

(OEDODQFHHQWUHHOLQFUHPHQWRGHORVDFWLYRVGHLQYHQWDULR\
ODVFXHQWDVSRUSDJDUHV²
3DVR E (OLQFUHPHQWRGHELGRDOFDPELRHQHOFRQVXPRVHJXLGRSRUXQ
$QiOLVLVGH
FDXVD\HIHFWR LQFUHPHQWRHQYHQWDV\SURGXFFLyQHVHOVLJXLHQWH
SRUFDPELRHQ
HOFRQVXPRD
WUDYpVGH ,QFUHPHQWRHQODVFXHQWDVSRUSDJDU
YHQWDV\ ,QFUHPHQWRHQSURGXFWRWHUPLQDGR
SURGXFFLyQ
,QFUHPHQWRHQWUDEDMRHQSURFHVR 621
,QFUHPHQWRHQPDWHULDOHV
,QFUHPHQWR WRWDO HQ ORV DFWLYRV GH LQYHQWDULR WDOHV FRPR SURGXFWR
WHUPLQDGRWUDEDMRHQSURFHVRPDWHULDO\RWURVHVGH3RURWUR

ODGRHOLQFUHPHQWRHQODVFXHQWDVSRUSDJDUHVGH3RUORWDQWR
HOLQFUHPHQWRHQODFDQWLGDGGLVSRQLEOHSRULQFUHPHQWRGHFRQVXPR
HV
LQFUHPHQWRFXHQWDVSRUFREUDULQFUHPHQWRHQORVDFWLYRVGH
LQYHQWDULR²LQFUHPHQWRHQODVFXHQWDSRUSDJDU
LQFUHPHQWR1RWD IRQGRGHWUDEDMRWRWDO
HQHOFDVR
(VWHIXHFDXVDGRSRUHOLQFUHPHQWRHQODRSHUDFLyQ\VHSXHGH
FRQVLGHUDU FRPR XQ LQFUHPHQWR QDWXUDO \D TXH QR H[LVWtD XQ
SUREOHPDHVSHFtILFRGHDGPLQLVWUDFLyQHQODFDQWLGDGGLVSRQLEOH
3DVR (O LQFUHPHQWR FDXVDGR SRU HO FDPELR HQ HO SHUtRGR GH URWDFLyQ
([DPLQDUORV HVSHFLDOPHQWH SRU ORV FDPELRV HQ ORV DFWLYRV GH LQYHQWDULR VXJLHUH
HIHFWRVGHOD HVWDQFDPLHQWRHQHOIRQGR3RUORWDQWRVHSXHGHFRQFOXLUTXHH[LVWH
SURGXFWLYLGDG\ XQD GHILFLHQFLD HQ HO FRQWURO GH OD FDQWLGDG GLVSRQLEOH FRQWURO GH
UHQWDELOLGDGHQOD LQYHQWDULR\FRQWUROGHODSURGXFFLyQ
DGPLQLVWUDFLyQ
/DV GHXGDV GH FRUWR SOD]R GH OD &RPSDxtD 0DQXIDFWXUDV ( VH
LQFUHPHQWDURQGHSHUtRGRDQWHULRUDSHUtRGRDFWXDO
6H SXHGH HVSHUDU XQ LQFUHPHQWR HQ HO FDSLWDO GH WUDEDMR GH
PHQFLRQDGRDQWHULRUPHQWHHOFXDOVHUtDWRPDGRFRPRSUpVWDPRGH
FRUWRSOD]R
6LHOFRQWUROGHLQYHQWDULRHQHOSHUtRGRDFWXDOVHHMHFXWDGHPDQHUD
SURGXFWLYDVHSRGUiHYLWDUHOLQFUHPHQWRHQGHORVDFWLYRVGH
LQYHQWDULRGHELGRDOFDPELRGHSHUtRGRGHURWDFLyQ
6LHVDVtHOLQFUHPHQWRGHODGHXGDDFRUWRSOD]RQRVHUi GH

VLQRDOUHGHGRUGHD
(VSRVLEOHLQFUHPHQWDUHQODXWLOLGDGDQXDODOGHFUHFHUHQ
ORVSUpVWDPRVVLVHVXSRQHHOGHLQWHUpV
(VWHFDVRLOXVWUDTXHHOPHMRUDPLHQWRGHODSURGXFWLYLGDGHQOD
DGPLQLVWUDFLyQFRQWULEXLUiQHQJUDQPHGLGDDODUHQWDELOLGDG

3$57( ,,, (-(03/2 '( 81 (678',2 35(/,0,1$5 <
',$*1Ð67,&2$/$ &203$fÌ$ ;;'( ),/,3,1$6
&21 (/ (1)248( '(/ 0(-25$0,(172
*(5(1&,$/ %$6$'2 (1 /$ 0(',&,Ð1 '(/
9$/25$*5(*$'2

/RVDXWRUHVGHHVWHOLEURKDQWHQLGRODRSRUWXQLGDGGHYLVLWDUODHPSUHVD;;GH)LOLSLQDV
SDUDUHDOL]DUXQDQiOLVLVJHUHQFLDOHQFRPSDxtDGHODVSHUVRQDVGHO'HYHORSPHQW$FDGHP\
GH ODV )LOLSLQDV < 3URGXFWLYLW\ DQG 'HYHORSPHQW &HQWHU '$33' /D FRUSRUDFLyQ KD
LPSOHPHQWDGRHOSURJUDPDGH
6FRQODJXtDGHO'$3'3&6LQHPEDUJRODVDFWLYLGDGHV
GHODV
6VHKDQUHWUDVDGRGHELGRDODJUDQFDQWLGDGGHPDWHULDOHV\WUDEDMRHQSURFHVRHQ
ODIiEULFD
/RVWUDEDMDGRUHVH[SUHVDURQTXHHVWDVLWXDFLyQHUDIUHFXHQWH\DOJXQDVYHFHVIOXFWXDQWH
/D DOWD JHUHQFLD GH HVWD FRPSDxtD HVWXYR GH DFXHUGR FRQ HO DQiOLVLV GHVDUUROODGR SRU ORV
DXWRUHV VREUH HO GHVHPSHxR GH OD SURGXFWLYLGDG GHO 9DORU $JUHJDGR GH OD HPSUHVD \
HQWUHJDURQORVGDWRVQHFHVDULRVDORVDXWRUHV
6HJXLGDPHQWHVHGHVFULEHHOHQIRTXHXWLOL]DGRTXHVHEDVDHQ OD SURGXFWLYLGDG GHO 9DORU

$JUHJDGR

6HFFLyQ,(VWXGLR\'LDJQyVWLFR
$QiOLVLV\HYDOXDFLyQGHODVLWXDFLyQDFWXDO\E~VTXHGDGHSUREOHPDVHQORVSXQWRVFUXFLDOHV
GHORVSUREOHPDVGHODFRUSRUDFLyQ
5HFRPHQGDFLRQHV
&RPR FRQFOXVLyQ OD DOWD JHUHQFLD GH HVWD FRUSRUDFLyQ GHVFXEULy SUREOHPDV FUXFLDOHV \
JUDQ FDQWLGDGGHSpUGLGDVD SHVDU GH TXH OD FRUSRUDFLyQ HVWDED GDQGR XWLOLGDGHV &RPR
FRQVHFXHQFLD GH OD FRQFLHQWL]DFLyQ GH ORV SUREOHPDV SRU SDUWH GH OD DOWD JHUHQFLD VH
LPSOHPHQWDURQODVDFWLYLGDGHVGH
6GHPDQHUDHQWXVLDVWDDSXQWDQGRDOPHMRUDPLHQWRHQ
HOIXWXUR
6HSXHGHGHFLUTXHDOFRPELQDUHOHQIRTXHGHSURGXFWLYLGDGEDVDGRHQHO9DORU$JUHJDGR
FRQUHQWDELOLGDG\HOHQIRTXHGHSURGXFWLYLGDGItVLFDHQODSODQWDHVXQDDSUHFLDFLyQPX\
LPSRUWDQWHGHVGHHOSXQWRGHYLVWDGHOPHMRUDPLHQWRGHODJHUHQFLD

(VWDGRGH3pUGLGDV\*DQDQFLDV
3DUDILQDOGHODxR)LVFDOMXQLR
FRQ&LIUDVFRPSDUDWLYDVSDUD
(QSHVRV)LOLSLQRV

9HQWDV1HWDV
&RVWRGH9HQWDV
8WLOLGDGEUXWDGHYHQWDV
&RVWRVGHRSHUDFLyQ
&RVWRV\JDVWRVGHYHQWDV
*DVWRVJHQHUDOHVGHDGPLQLVWUDFLyQ
7RWDOFRVWRVGHRSHUDFLyQ
,QJUHVRVRSHUDFLRQDOHVQHWRV
2WURVJDVWRVHLQJUHVRV
,QWHUHVHV\RWURVJDVWRVEDQFDULRVQHWRV
8WLOLGDGDQWHVGHLPSXHVWRV

3URYLVLyQSDUDLPSXHVWRV
8WLOLGDGQHWD
9HUQRWDVSDUDORV(VWDGRV)LQDQFLHURV

(VWDGR GH &RVWRV GH %LHQHV 0DQXIDFWXUDGRV \ 9HQGLGRV SDUD ILQDO GHO DxR
)LVFDOMXQLRFRQFLIUDVFRPSDUDWLYDVSDUD
(QSHVRV)LOLSLQRV

0DWHULDV3ULPDV
,QYHQWDULR,QLFLDO
&RPSUDGH0DWHULDOHV
,QYHQWDULR)LQDO
0DWHULDV3ULPDV8WLOL]DGDV
0DQRGH2EUD'LUHFWD

&RVWRV'LUHFWRV
&RVWRV,QGLUHFWRVGH2SHUDFLyQ
0DQRGHREUDLQGLUHFWD
'HSUHFLDFLyQ
&DOHIDFFLyQ$JXD\HQHUJtD
0DQWHQLPLHQWR
6XPLQLVWURVGHIDEULFDFLyQ
%HQHILFLRVODERUDOHV
6HUYLFLRV6DOXG
6HUYLFLRVGHVHJXULGDG
*DVROLQD\DFHLWH
+HUUDPLHQWDV
6HJXUR
/DERUDWRULR
*DVWRVYDULRV
7RWDO&RVWRV,QGLUHFWRVGH2SHUDFLyQ
&RVWR7RWDOGH0DQXIDFWXUD

%LHQHVWHUPLQDGRVLQLFLDOHV
%LHQHVWHUPLQDGRVILQDOHV

&RVWRGHELHQHVPDQXIDFWXUDGRV\YHQGLGRV

3URJUDPDGH&RVWRV\*DVWRVGH9HQWDVSDUDILQDOGHODxR)LVFDOMXQLR
FRQFLIUDVFRPSDUDWLYDVSDUD
(QSHVRV)LOLSLQRV

&RPLVLRQHVGH9HQWDV

6XHOGRV\6DODULRV
*DVWRVGH(QWUHJD
*DVWRVGH&RQWDLQHUV
5HSDUDFLRQHV\0DQWHQLPLHQWR
$OTXLOHUHV9HKtFXORVGH7UDQVSRUWH
*DVWRVGH5HSUHVHQWDFLyQ
*DVWRVGH'HSUHFLDFLyQ
*DVWRVGH7UDQVSRUWH
%HQHILFLRVGHORV(PSOHDGRV
%RQRV\3UHVWDPRV
6HJXURVGH9HKtFXORVGH7UDQVSRUWH
*DVWRVGH3XEOLFLGDG
*DVWRVGH0HGLFLQD
*DVWRV9DULRVGH9HQWDV
7RWDO&RVWRV\*DVWRVGH9HQWDV

3URJUDPDGH*DVWRV*HQHUDOHV\$GPLQLVWUDWLYRVSDUDILQDOGHODxR)LVFDOMXQLR
FRQFLIUDVFRPSDUDWLYDVSDUD
(QSHVRV)LOLSLQRV

6XHOGRV\6DODULRV

%RQRV\3UHVWDPRV
'HSUHFLDFLyQ
$OTXLOHUGHOHTXLSRGHWUDQVSRUWH
0DQWHQLPLHQWR
%HQHILFLRV/DERUDOHV
&RPXQLFDFLRQHV
*DVWRVGH5HSUHVHQWDFLyQ
6HJXURV
,PSXHVWRV
$UULHQGRGHRILFLQD
6XPLQLVWURVGHRILFLQD
*DVWRVGHWUDQVSRUWH
+RQRUDULRVSURIHVLRQDOHV
6HUYLFLRVPpGLFRV
&RQWULEXFLRQHVFDULWDWLYDV
+RQRUDULRVGLUHFWLYRV
/LEURV\SHULyGLFRV
*DVWRVYDULRV
7RWDOJDVWRVJHQHUDOHV\DGPLQLVWUDWLYRV

.
)RUPDWRGH 3HULRGR
UHFROHFFLyQGH &RUSRUDFLyQ4XtPLFD
LQIRUPDFLyQ
$xRILVFDO 7DVDGH
,QIRUPDFLyQ LQFUHPHQWR
DQXDO
$,QJUHVRVWRWDOHVGH
RSHUDFLyQRYHQWDV
QHWDV
7DVDGH&UHFLPLHQWR

%8WLOLGDGHVDQWHVGH
LPSXHVWRV
&&DSLWDOWRWDOGH
RSHUDFLyQ
$FWLYRV7RWDOHV
0HQRV
,QYHUVLRQHV
0HQRVFRVWRVGH
, 'GLIHULGRV
'1~PHURGH
HPSOHDGRV
5HJXODU
0HGLRWLHPSRR
WHPSRUDOHV
(+RUDVKRPEUH
WUDEDMDGDV

&iOFXORGHO9DORU
$JUHJDGR &RUSRUDFLyQ4XtPLFD
0pWRGRGH$GLFLyQ
)LQDOGH$xR
,QIRUPDFLyQ

$ *DVWRVGHO3HUVRQDO
7UDEDMRGLUHFWR
7UDEDMRLQGLUHFWR
6HUYLFLRVPpGLFRV
%HQHILFLRVDOWUDEDMDGRU
&RPLVLRQHVGHYHQWDV
6XHOGRV\VDODULRV
6HUYLFLRVPpGLFRV
%RQRV\SUHVWDPRV
6XHOGRV\VDODULRV
6HUYLFLRVPpGLFRV
%RQRV\SUHVWDPRV
+RQRUDULRVGLUHFWRU
6XE7RWDO
7DVDGH&UHFLPLHQWR
3URPHGLR DQXDO GH OD WDVD GH
FUHFLPLHQWR
% &RVWRVILQDQFLHURV
,QWHUHVHV \ RWURV JDVWRV
EDQFDULRV

&iOFXORGHO9DORU$JUHJDGR
&RUSRUDFLyQ4XtPLFD
0pWRGRGHDGLFLyQ
)LQDOGH$xR
,QIRUPDFLyQ

&5HQWD
$UUHQGDPLHQWRGHOHVSDFLRGHRILFLQD
$UUHQGDPLHQWRGHOHTXLSRGHWUDQVSRUWH
$UUHQGDPLHQWRGHOYHKtFXORGHHQWUHJDV
6XE7RWDO
''HSUHFLDFLyQ$PRUWL]DFLyQ
'HSUHFLDFLyQ
'HSUHFLDFLyQ
'HSUHFLDFLyQ
$PRUWL]DFLyQGHOFRVWRGH, '
6XE7RWDO
(,PSXHVWRV
,PSXHVWRVJDVWRVGHOLFHQFLD
)*DQDQFLDVQHWDV
*2WURVtWHPVQRRSHUDFLRQDOHV
'HXGDVPDODV
3URYLVLyQFXHQWDVPDODV
&RQWULEXFLRQHVFDULWDWLYDV
6XE7RWDO
9DORU$JUHJDGR
$%&'()*
7DVDGHFUHFLPLHQWR
3URPDQXDOGHODWDVDGHFUHFLPLHQWR R

&iOFXORGHOYDORUDJUHJDGR
&RUSRUDFLyQ4XtPLFD
0pWRGRGHUHVWD
)LQDOGH$xR
,QIRUPDFLyQ

$ 9HQWDVQHWDVRLQJUHVRVWRWDOHVGH
RSHUDFLyQ
% $GTXLVLFLyQGHPDWHULDOHV
0DWHULDSULPDXWLOL]DGD
6XPLQLVWURVXWLOL]DGRV
6XE7RWDO
& 3DJRGHHQHUJtD
&DOHIDFFLyQHQHUJtD\DJXD
*DVROLQDDFHLWH\OXEULFDQWHV
6XE7RWDO
' 2WURVVXPLQLVWURVH[WHUQRV
5HSDUDFLyQ\PDQWHQLPLHQWR
*DVWRVGHVHJXULGDGGHODSODQWD
+HUUDPLHQWDV
6HJXUR
*DVWRVGHODERUDWRULR
*DVWRVYDULRV
*DVWRVGHHQYtR
*DVWRVGHOFRQWDLQHU

&RUSRUDFLyQ4XtPLFD
0pWRGRGHUHVWD
)LQDOGH$xR
,QIRUPDFLyQ

*DVWRVGHUHSUHVHQWDFLyQ
*DVWRVGHWUDQVSRUWH
6HJXURGHYHKtFXORVGHHQWUHJD
3XEOLFLGDG
*DVWRVYDULRVGHYHQWDV
&RPXQLFDFLRQHV
*DVWRVGHUHSUHVHQWDFLyQ
6HJXUR
6XPLQLVWURXVDGRVGHRILFLQD
*DVWRVGHWUDQVSRUWH
+RQRUDULRVSURIHVLRQDOHV
6XEVFULSFLRQHV
*DVWRVYDULRVJHQHUDOHV
6XE7RWDO
7RWDODGTXLVLFLyQ$&'
9HQWDV²7RWDODGTXLVLFLyQ
$ ,QYHQWDULRHQSURFHVRV
,QYHQWDULRLQLFLDOMXOLR

&RUSRUDFLyQ4XtPLFD
0pWRGRGHUHVWD
)LQDOGH$xR
,QIRUPDFLyQ

,QYHQWDULRILQDOMXQLR
6XE7RWDO((
$ ,QYHQWDULRILQDOGHELHQHV
,QYHQWDULRLQLFLDOMXOLR
,QYHQWDULRILQDOMXQLR
6XE7RWDO))
&DPELRHQLQYHQWDULR()
9DORU$JUHJDGR
>$%&'()@
7DVDGHFUHFLPLHQWR
3URPHGLRWDVDGHFUHFLPLHQWR R

$QiOLVLVGHOD
SURGXFWLYLGDGGHO &RUSRUDFLyQ4XtPLFD
YDORUDJUHJDGR
)LQDOGH$xRV
5D]yQ )RUPXOD 7HQGHQFLD

5D]yQGHXWLOLGDG 8WLO$QWHVGH
,PSXHVWRV

GHOFDSLWDOWRWDO &DSLWDOWRWDOGH
RSHUDFLyQ
5D]yQGHODXWLOLGDG 8WLO$QWHVGH
DQWHVGHLPSXHVWR\ ,PSXHVWRV

ODVYHQWD 7RWDOGHLQJUHVRV
RSHUDFLRQDOHV
5D]yQGHO9DORU
9DORU$JUHJDGR
$JUHJDGR\ODV
7RWDOLQJUHVRV
YHQWDV
RSHUDFLRQDOHV
5D]yQGHODXWLOLGDG 8WLOLGDGDQWHVGH
DQWHVGHLPSXHVWR\ LPSXHVWR

HO9DORU$JUHJDGR
9DORU$JUHJDGR
5D]yQGHODURWDFLyQ 7RWDOLQJUHVRV
GHOFDSLWDOWRWDO\ODV RSHUDFLRQDOHV

YHQWDV &DSLWDOWRWDOGH
RSHUDFLyQ

$QiOLVLVGHOD
SURGXFWLYLGDGGHO &RUSRUDFLyQ4XtPLFD
9DORU$JUHJDGR
)LQDOGH$xRV
5D]yQ )RUPXOD 7HQGHQFLD

7RWDOLQJUHVRV
9HQWDVSRUHPSOHDGR RSHUDFLRQDOHV
&DSLWDOWRWDOGH
3
RSHUDFLyQ
8WLOLGDGDQWHVGH
8WLO$QWHVGH
LPSXHVWRSRU ,PSXHVWRV
WUDEDMDGRU3 1RGHHPSOHDGRV
3URGXFWLYLGDGGHO
9DORUDJUHJDGR
YDORUDJUHJDGRGHO
*DVWRVGHOSHUVRQDO
VDODULR
8WLOLGDGDQWHVGH
3URGXFWLYLGDGGHO LPSXHVWR
YDORUDJUHJDGR3 1RGHHPSOHDGRV
6DODULRSRU *DVWRVGHOSHUVRQDO

HPSOHDGR3 1RGHHPSOHDGRV
5D]yQVLPSOHGHOD *DVWRVGHOSHUVRQDO

SDUWLFLSDFLyQ 9DORUDJUHJDGR
ODERUDO

3RUFHQWDMHHQWUHOD3URGXFWLYLGDG\OD5HQWDELOLGDG
&DSLWDOWRWDO 5D]yQGHOD5RWDFLyQGHO 5D]yQGHOD8WLOLGDGDQWHV

= x
5D]yQGHXWLOLGDG &DSLWDO7RWDO\ODVYHQWDV GHLPSXHVWR\9HQWDV
8DQWHVGH 9HQWDV 8DQWHVGH

,PSXHVWR 1HWDV ,PSXHVWR
= x
&DSLWDOWRWDO &DSLWDOWRWDO 9HQWDV1HWDV
GHRSHUDFLyQ GHRSHUDFLyQ
5D]yQGHOD8WLOLGDGDQWHV 5D]yQGHO9DORU$JUHJDGR 5D]yQGHOD8WLOLGDGDQWHV
= x
GHLPSXHVWR\9HQWDV \9HQWDV GHLPSXHVWR\9$

YDULDFLyQYDULDFLyQYDULDFLyQ
5D]yQGHOD8WLOLGDGDQWHV 5D]yQGHO9DORU$JUHJDGR 5D]yQGHOD8WLOLGDGDQWHV

= x
GHLPSXHVWR\9HQWDV \9HQWDV GHLPSXHVWR\9$
8DQWHVGH 9DORU 8DQWHVGH

,PSXHVWR $JUHJDGR ,PSXHVWR
= x
9HQWDV1HWDV 9HQWDV1HWDV 9DORU
$JUHJDGR

5D]yQGHODURWDFLyQGHO
&DSLWDO7RWDO\ODVYHQWDV
9HQDV
1HWDV
&DSLWDOWRWDO YDULDFLyQ
GHRSHUDFLyQ

5RWDFLyQGH 5RWDFLyQGH 5RWDFLyQGH
FXHQWDVGH ,QYHQWDULR $FWLYRV)LMRV
LQJUHVRV
9HQWDV 9HQWDV 9HQWDV

1HWDV 1HWDV 1HWDV
&XHQWDVGH ,QYHQWDULR (GLILFLRVSODQWDV
,QJUHVRV 7RWDO \HTXLSRV

5RWDFLyQ 5RWDFLyQGH 5RWDFLyQGH

,QYHQWDULRGH ,QYHQWDULRGH ,QYHQWDULRGH
0DWHULDV3ULPDV 3URGXFWRHQ 3URGXFWR
3URFHVR 7HUPLQDGR

;;;&RUSRUDFLyQ4XtPLFD
5D]RQHV
$xRV
5D]yQ )yUPXOD

5RWDFLyQGH 9HQWDV1HWDV
FXHQWDVGH
LQJUHVRV &XHQWDVGH
,QJUHVRV
5RWDFLyQGH 9HQWDV1HWDV
LQYHQWDULR ,QYHQWDULR7RWDO
9HQWDV1HWDV
5RWDFLyQGH
DFWLYRVILMRV $FWLYRVILMRV
(GLILFLRVSODQWDV\
HTXLSRV

$QiOLVLVGHO3XQWRGH(TXLOLEULR
;;;&RUSRUDFLyQ

4XLPLFD
9HQWDV
&RVWRV)LMRV
&RVWR9DULDEOH
3XQWRGH(TXLOLEULR3(
3RVLFLyQGHO3(
0DUJHQGH6HJXULGDG

$QiOLVLVGHOD5D]yQGH5RWDFLyQGHORV$FWLYRV)LMRV
%*
5D]yQ GH URWDFLyQ 9HQWDV
GH DFWLYRV ILMRV = YHFHV
YHFHV
÷
5HIHUHQFLD,QGXVWULD0DQXIDFWXUHUD-DSRQHVD YHFHV
%*
5D]yQ GH URWDFLyQ
SURPHGLR
GH DFWLYRV ILMRV
= PHVHV
PHVHV
÷ YHQWDV ÷ PHVHV
3*
,QYHUVLRQHV HQ DFWLYRV ILMRV LQFOX\HQGR RWUDV LQYHUVLRQHV VHUi GH PHVHV GH ODV YHQWDV \ DO PLVPR WLHPSR
ORV DFWLYRV ILMRV UHWLUDUVH SRU PHVHV GH YHQWDV
5D]yQ GH URWDFLyQ
9HQWDV
GH DFWLYRV ILMRV = YHFHV
WDQJLEOHV ÷
GHSUHFLDFLyQ HGLILFLRV SODQWDV \ HTXLSRV
5HIHUHQFLD,QGXVWULD0DQXIDFWXUHUD-DSRQHVD YHFHV
%* $FWLYRV )LMRV (GLILFLRV SODQWD \

5D]yQ GH DFWLYRV
HTXLSRV RWURV
ILMRV = DxRV
GHSUHFLDFLyQ 'HSUHFLDFLyQ
'HVGH HO SXQWR GH YLVWD GH OD SODQWD GH SURGXFFLyQ QR H[LVWH SUREOHPD DOJXQR \D TXH OD UD]yQ GH URWDFLyQ GHO
DFWLYR ILMR HV PX\ DOWD
'RQGH%* %DODQFH*HQHUDO
3* (VWDGRGH3pUGLGD\*DQDQFLD

$QiOLVLV GH OD 5RWDFLyQ GH ORV $FWLYRV GH ,QYHQWDULR 3URGXFWRV
WHUPLQDGRVSURGXFWRVDOLQLFLR\DOILQDOGHOSHUtRGR
%*
5D]yQ GH URWDFLyQ 3URGXFWR WHUPLQDGR ÷
GH SURGXFWR =
WHUPLQDGR HQ HO PHVHV
SHUtRGR &RVWR GH ORV SURGXFWRV YHQGLGRV ÷
8QD URWDFLyQ PiV H[DFWD VH VHOHFFLRQy HO SURGXFWR PDV UHSUHVHQWDWLYR
(MHPSOR 3URGXFWR 5RWDFLyQ PHV 5D]yQ GH YHQWDV
3URGXFFLyQ HVWLPDGD $ [
% [
& [
2UGHQ GH WUDEDMR GH SURGXFFLyQ [
7RWDO
3XQWRGH&RQWURO
(VWLPDGRGHOWLSRGHSURGXFFLyQRSURGXFFLyQSRUSHGLGR
3XHGHVHUQHFHVDULRXQDQiOLVLVGLULJLGRDOSURGXFWRRDODGLYLVLyQ
5HIHUHQFLD(VWLPDFLyQGHOWLSRGHSURGXFFLyQGHODLQGXVWULDPDQXIDFWXUHUDMDSRQHVD
PHVHQSURPHGLR
%*
5D]yQGHURWDFLyQ 9HQWDV
GHLQYHQWDULR = YHFHV
,QYHQWDULRWRUDO ÷
,QYHQWDULRHQSURPHGLR
%*
5D]yQGHURWDFLyQ 9HQWDV
GHODFWLYR = YHFHV
FRUULHQWH ÷
5HIHUHQFLD,QGXVWULDPDQXIDFWXUHUDMDSRQHVDHQSURPHGLR YHFHV

$QiOLVLVGH$OPDFHQDPLHQWRGHO0DWHULDO

06 0DWHULDO HQ SURPHGLR HQ $OPDFHQDGR
HO SHUtRGR HQ HO SHULRGR
$OPDFHQDPLHQWR
= = PHVHV
GH PDWHULD
0DWHULDO FRQVXPLGR FRQVXPLGR
PHQVXDO SURPHGLR HQ HO
SHUtRGR
(V DSUR[LPDGDPHQWH PHVHV GH FDQWLGDG

FRQVXPLGD HV GHFLU SDVDQ PHVHV GHVGH
TXH VH FRPSUD KDVWD TXH VH XVD HO PDWHULDO
0DWHULDOHQSURPHGLRHQHOSHUtRGR
06 ,QYHQWDULR,QLFLD ,QYHQWDULR)LQDO ÷
0DWHULDOFRQVXPLGRHQSURPHGLRPHQVXDOHQHOSHUtRGR
0DWHULD3ULPDXWLOL]DGD÷

06 0DWHULDO HQ SURPHGLR HQ $OPDFHQDGR
HO SHUtRGR HQ HO SHUtRGR
$OPDFHQDPLHQWR
GH PDWHULD
= = PHVHV
0DWHULDO FRQVXPLGR FRQVXPLGR

PHQVXDO SURPHGLR HQ HO
SHUtRGR
0DWHULDOHQSURPHGLRHQHOSHUtRGR
06 ,QYHQWDULR,QLFLD ,QYHQWDULR)LQDO ÷
0DWHULDOFRQVXPLGRHQSURPHGLRPHQVXDOHQHOSHUtRGR
0DWHULD3ULPDXWLOL]DGD÷
1RWD/DUD]yQGHOFRVWRGHPDWHULDOVHJ~QHOWRWDOGHFRPSUDVHV
0DWHULDSULPDXWLOL]DGDHQ

7RWDOFRPSUDV

(VWHHVXQSXQWRFUXFLDOSDUDLQFUHPHQWDUHO9DORU$JUHJDGR
$QiOLVLVGHOD5RWDFLyQGHO7UDEDMR3URGXFWRHQ3URFHVR
5RWDFLyQGHOWUDEDMRHQSURFHVRHQHOSHUtRGR
(VWR HV GHVGH TXH HQWUD DO SURFHVR HO PDWHULDO KDVWD TXH VDOH FRPR SURGXFWR
WHUPLQDGR
Período de rotación Trabajo en proceso (en promedio)

del trabajo en =
proceso (Meses) &RVWRGHPDWHULDO&RVWRGHORVELHQHVPDQXIDFWXUDGRV

3URPHGLRPHQVXDO
(MHPSOR
7UDEDMRHQSURFHVR
0DWHULD SULPD XWLOL]DGD &RVWR GH ORV ELHQHV PDQXIDFWXUDGRV
2
7UDEDMRHQSURFHVR 7UDEDMRHQSURFHVR
= =

&RVWR GH
SURFHVDPLHQWR
&RVWR GH ELHQHV
PDQXIDFWXUDGRV
&RQVXPR PHV
&RVWRGHO PDWHULDO 0DWHULDO
PDWHULDO FRVWR GH ELHQHV
XWLOL]DGRPHV PDQXIDFWXUDGRV

÷

3HUtRGRGHURWDFLyQ3HUtRGRGHSURFHVDPLHQWR [
/DGLPHQVLyQWRWDOGHHVWHYDORUHVODEDVH[GHODDOWXUDGHOFHQWUR6LODGLPHQVLyQVH
PXHVWUD OD GLPHQVLyQ FRQVXPR >PDWHULDO FRVWR GH ORV ELHQHV
PDQXIDFWXUDGRV÷@ [
3HUtRGR GH 5D]yQ GH 5RWDFLyQ

URWDFLyQ GHO 3URGXFFLyQ 7RWDO
SURGXFWR
(QIRTXHKDFLDHOSURGXFWR
VLHVQHFHVDULR ([ $ PHVHV
% PHVHV
& PHV
7RWDO PHVHV

&RQFOXVLRQHV6LJQLILFDWLYDV
$ 5D]RQHV
/D UD]yQ GH XWLOLGDG GHO FDSLWDO WRWDO PXHVWUD XQD WHQGHQFLD FUHFLHQWH GHVGH
KDVWDSHURGHFOLQDHQ\HQ
/DUD]yQGHURWDFLyQGHOWRWDOGHDFWLYRVFRPLHQ]DXQDWHQGHQFLDGHFUHFLHQWHGHVGH
KDVWD
8Q GHVJORVH GH OD 5RWDFLyQ GHO 7RWDO $FWLYRV UHYHOD XQD 5RWDFLyQ GH ,QYHQWDULR
GHFUHFLHQGR UiSLGDPHQWH GHVGH D PiV D~Q HQWUH \ /D
5RWDFLyQGHORV$FWLYRV)LMRVGHFUHFLyGHVGHKDVWD
/DV 9HQWDV SRU HPSOHDGR FUHFLHURQ GHVGH KDVWD SHUR PXHVWUDQ XQD
WHQGHQFLDGHFUHFLHQWHGHVGHKDVWD
/D 3URGXFWLYLGDG GHO 9DORU $JUHJDGR SRU 6DODULR D SHVDU GH TXH FXHQWD FRQ XQD
WHQGHQFLD FUHFLHQWH GHVGH KDVWD PXHVWUD XQ GHVHPSHxR PX\ SRU
GHEDMRGHOEHQFKPDUNTXHHVGHO
/D3DUWLFLSDFLyQ/DERUDOHVWLPDGDGHPDQHUDVHQFLOODSRUOD5D]yQGH'LVWULEXFLyQ
/DERUDOPXHVWUDXQDWHQGHQFLDGHFUHFLHQWHGHVGHKDVWD
% (QHO$QiOLVLVGHO3XQWRGH(TXLOLEULR
(OFRVWRILMRPXHVWUDXQDWHQGHQFLDFUHFLHQWHGHVGHKDVWDFRQXQDWDVD
GHFUHFLPLHQWRPD\RUHQWUH\
8QDQiOLVLVPiVGHWDOODGRGHPRVWUyTXHHOLQFUHPHQWRGUDPiWLFRVHGHELyD
• /RVVDODULRVILMRV\ORVEHQHILFLRVGHORVHPSOHDGRV
• 'HSUHFLDFLyQ
• 5HSDUDFLRQHV\PDQWHQLPLHQWR
(OFRVWRYDULDEOHFUHFLyGHVGHKDVWDSHURGHFUHFLyHQWUH\
(OSXQWRGHHTXLOLEULRPXHVWUDXQDWHQGHQFLDFUHFLHQWHGHVGHKDVWD
/DSRVLFLyQGHOSXQWRGHHTXLOLEULRHQWpUPLQRVGHYHQWDVIXHEDVWDQWHDOWRHQ
\GHMDQGRXQPDUJHQGHVHJXULGDGPX\SHTXHxR

5HFRPHQGDFLRQHV
ÉUHDVSULRULWDULDVSDUDPHMRUDU
5RWDFLyQGH,QYHQWDULR
(QSDUWLFXODUQLYHOGHLQYHQWDULR
(VWXGLRDGLFLRQDOGHOLQYHQWDULRQHFHVLWDPHMRUDPLHQWR
D 0DWHULDVSULPDV
E 7UDEDMRHQSURFHVR
F ,QYHQWDULRGHSURGXFWRWHUPLQDGR
5RWDFLyQGHORV$FWLYRV)LMRV
(QSDUWLFXODUPDTXLQDULD\HTXLSRV
D 8WLOL]DFLyQRFDSDFLGDGGHODPDTXLQDULD\HTXLSRV
E 5HGXFFLyQGHORVWLHPSRV
&RVWR9DULDEOH
(QSDUWLFXODU
D (VWDQGDUL]DFLyQ
• 8WLOL]DFLyQGHORVPDWHULDOHVSDUDOD5D]yQGH9DORU$JUHJDGR
• 0HMRUDPLHQWRGHOSURFHVR
E &RQWDELOLGDGGHFRVWRV
• &RQWDELOLGDGGHFRVWRVGHDFXHUGRDOSUHFLRGHOPHUFDGR
• &RQWDELOLGDG GH FRVWRV GLUHFWRV SDUD OD SROtWLFD GH PHUFDGR HQIRFDGR DO
SURGXFWR
3XQWRVGH9DORU$JUHJDGR
(VWXGLR,QYHVWLJDFLyQ IXWXUD GH OD FRPSRVLFLyQ GHO 9DORU $JUHJDGR LQFOX\HQGR HO
&RVWRGH0DQWHQLPLHQWR*HUHQFLDO
D 3HUVRQDO
E ,QWHUpV
F $OTXLOHU

G 'HSUHFLDFLyQ
H ,PSXHVWRV
6HFFLyQ,,3ODQHDFLyQ*HUHQFLDO\&RQWURO
(Q HO GHVDUUROOR GH OD 6HFFLyQ , VH HVWDEOHFLy OD SODQHDFLyQ JHUHQFLDO \ HO FRQWURO SDUD HO
IXWXURGHVDUUROORGHODFRUSRUDFLyQ
eVWDV QR VRQ WDQ SHUIHFWDV \D TXH QR VH FXHQWD FRQ DOJXQRV GDWRV GHELGR D TXH VRQ
FRQILGHQFLDOHVGHODFRUSRUDFLyQ6LQHPEDUJRHVWRVHQIRTXHVVHUiQPX\LPSRUWDQWHVHQHO
IXWXURGHELGRDTXHODPHGLFLyQGHO9DORU$JUHJDGRQRDSXQWDDODPHGLFLyQFRPRWDOVLQR
DOPHMRUDPLHQWRPLHQWUDVVHSUHYLHQHOD*HUHQFLDVLQUXPER
/RVHQIRTXHVGHODVVHFFLRQHV,\,,VHH[SOLFDQGHO&DStWXORDO&DStWXOR6HHVSHUDTXH
SHUVRQDVLQWHUHVDGDVHQORVWHPDVGHSURGXFWLYLGDGXWLOLFHQHVWHWLSRGHHQIRTXHVGHQWUR
GHVXVSURSLDVRUJDQL]DFLRQHVSDUDLQFUHPHQWDUODSURGXFWLYLGDG\PHMRUDUVXGHVHPSHxR

$QiOLVLVGHOD5D]yQGH3URGXFWLYLGDGGHO9DORU$JUHJDGRGHO6DODULR
Productividad del 9HQWDVSRU(PSOHDGR[5D]yQGHO9$VHJ~QYHQWDV

Valor Agregado =
del Salario 1LYHO6DODULDO
9DORU$JUHJDGR 1RGH(PSOHDGRV 9HQWDV V. A.

= x x
*DVWR3HUVRQDO *DVWR3HUVRQDO 1RGH(PSOHDGRV 9HQWDV

*UiILFRGHOD3URGXFWLYLGDGGHO9DORU$JUHJDGRGHO6DODULR

9DORU$JUHJDGR[
&RVWRGHO3HUVRQDO\
3URGXFWLYLGDG GHO 9DORU
$JUHJDGRGHO6DODULR[\
Costo de Personal
(y)
0

•

•
0
•

•
•
0
•
0 0 0 0 0 Valor Agregado

(x)

6LPXODFLyQGHO1~PHURÐSWLPRGH(PSOHDGRV
$xRDFWXDO $xR3ODQHDGR
UD6LPXODFLyQ LQFUHPHQWRHQYHQWDVLQFUHPHQWRHQQLYHOVDODULDO
6 0HWDGHYHQWDV 9HQWDVDFWXDOHV

[
3 5D]yQGH9$HVSHUDGR
5D]yQDFWXDO
8 7DVDGHLQFUHPHQWRVDODULDOHVSHUDGD
/U 3DUWLFLSDFLyQODERUDOHVSHUDGD
3DUWLFLSDFLyQDFWXDO
&RVWRGHSHUVRQDOHVSHUDGR
=
9DORU$JUHJDGRHVSHUDGR
(Costo de personal esperado actual) x (1 + U)

=
Meta de ventas x Razón de Valor Agregado
[

=
[

&RVWRGHSHUVRQDOHVSHUDGR
: 1LYHOVDODULDO =
GHHPSOHDGRVDFWXDO

6[3[/U
ySWLPRGHHPSOHDGRV
:[X
[[

=
(107,202.08) x (1.25)
ySWLPRGHHPSOHDGRV R
DVHUGHVSHGLGR

6LPXODFLyQ 0DQWHQHUHOPLVPRQ~PHURGHHPSOHDGRVGHODxRDFWXDO
&XiQWDVYHQWDVH[WUDVVHGHEHQJHQHUDU"
n
GHHPSOHDGRV[:[X
S =
3[/U
1
[[
=
[
6

YHFHV

6LPXODFLyQ LQFUHPHQWRHQYHQWDVLQFUHPHQWRHQHOQLYHOVDODULDO
6 [

3
[

/U
[
X
:
[[

ySWLPRGHHPSOHDGRV
[

*UiILFRGH&RQWUROGHO9DORU$JUHJDGR
5D]yQ GH XWLOLGDG VHJ~Q 9$

0.222
&RVWR GH 0 0.1 0.2 0.3
3HUVRQDO &RVWR )LMR

0 Utilidad
0
Punto de
/tQHD GH
Equilibrio
UHJUHVLyQ
0
0
9DORU
0 0 0 0 0 $JUHJDGR
0
0
0
0
0
0
0

9HQWDV

5D]yQ GH 9$

3ODQ GH $GPLQLVWUDFLyQ GHO 9DORU $JUHJDGR
5HVXOWDGRV 3ODQHDFLyQ SDUD 1RWDV
9HQWDV GH LQFUHPHQWR

9DORU GH 7HUFHURV ²
9DORU $JUHJDGR \ [
[ \ ²

5D]yQ GHO 9DORU $JUHJDGR 'HILQLGR SRU OD JHUHQFLD
9DORU $JUHJDGR
9HQWDV
*DVWRV GHO 3HUVRQDO ,QFUHPHQWR
D 6DODULR EiVLFR
E 2WURV
F %RQRV
%iVLFR [ 0HV
G 'LVWULEXFLyQ SURSRUFLRQDO \ [
H 'LVWULEXFLyQ ILMD 
I 'LVWULEXFLyQ VLPSOH
J 1~PHUR GH HPSOHDGRV 'HILQLGR SRU OD JHUHQFLD
K 1LYHO 6DODULDO J
6DODULR SRU HPSOHDGR

5HVXOWDGRV 3ODQHDFLyQSDUD 1RWDV
D 7DVDGHLQFUHPHQWRVDODULDO 'HILQLGRSRUODJHUHQFLD
7DVD GH FUHFLPLHQWR DQXDO
SURPHGLR
E 3URGXFWLYLGDGGHO9DORU$JUHJDGR
9DORU$JUHJDGR R
GH(PSOHDGRV [
F 7DVD GH LQFUHPHQWR GH OD
3URGXFWLYLGDGGHO9DORU$JUHJDGR
&RVWRILMR ²²
$OTXLOHU'HSUHFLDFLyQ&RVWRGH
LQWHUpV,PSXHVWRV
3ROtWLFDEDVDGDHQHO&RVWR)LMR
3ROtWLFD EDVDGD HQOD 5D]yQ GH &RVWR
)LMRVHJ~QHO9DORU$JUHJDGR
8WLOLGDGDQWHVGH,PSXHVWR ²²
5D]yQGHXWLOLGDGVHJ~QHO9$
5D]yQGHXWLOLGDGVHJ~QYHQWDV ²

(MHPSORGH5HSRUWHGH&RQWUROGHO9DORU$JUHJDGRPHQVXDO
,WHP 0HV 7RWDO

3UHVXSXHVWR $FWXDO $JUHJDGR
7RWDO&RVWRGH3HUVRQDO
D 3DJRPHQVXDO
6DODULREiVLFR\ERQRVVDODULDOHV
E %RQRGHUHVHUYD
9DORU$JUHJDGRHVWiQGDUD[E[
D 'LVWULEXFLyQSURSRUFLRQDO
²3RUFLyQILMD÷
E 3URGXFWLYLGDGGHO9$GHOVDODULR

9DORU$JUHJDGR$FWXDO

%DODQFH² ²
9$LQFUHPHQWRRGHFUHPHQWR

3DUWLFLSDFLyQGHODVJDQDQFLDV
D(PSOHDGRV
E$GPLQLVWUDFLyQ
F7RWDO
1RWD< ;; <²[
/DSRUFLyQILMDGHOPHVHV÷

7RWDO
9HQWDV GH HPSOHDGRV 'LYLVLyQ $
9HQWDV SRU HPSOHDGR
'LYLVLyQ %
5HVXOWDGRV 5D]yQ GH
I = x 'LYLVLyQ GH
I 3ODQ YDULDFLyQ
FRQWURO HFW
I
9$ 9HQWDV 9DORU GH WHUFHURV 0DWHULDO 3UHFLR 8QLGDG &RQVXPR SRU SURGXFWR &DQWLGDG YHQGLGD
II = -
6XEFRQWUDWRV
2WURV
=
9HQWDV 5D]yQ GH 9$ 9$ GH HPSOHDGRV 3URGXFWLYLGDG GHO 9$

III x = = x
9$ 'LVWULEXFLyQ SURSRUFLRQDO &RVWR GH 3HUVRQDO %RQR SUpVWDPRV GH HPSOHDGRV 1LYHO VDODULDO
IV +
-
x = = x
+
-
9$ 5D]yQ GH GLVWULEXFLyQ 'LVWULEXFLyQ SDUD OD &LD &RVWR ILMR 8WLOLGDG DQWHV GH LPSXHVWR
V
x = = +
9$ [ ² 5D]yQ GH GLVWULEXFLyQ ODERUDO &RVWR GH PDQWHQLPLHQWR

Medicion de La Productividad completo.E.T PDF

Încărcat de

Informații document

Titlu original

Drepturi de autor

Formate disponibile

Partajați acest document

Partajați sau inserați document

Opțiuni de partajare

Vi se pare util acest document?

Este necorespunzător acest conținut?

Drepturi de autor:

Formate disponibile

Medicion de La Productividad completo.E.T PDF

Încărcat de

Drepturi de autor:

Formate disponibile

0(',&,Ð1'(/$352'8&7,9,'$''(/9$/25$*5(*$'2<

 7RGRV ORV GHUHFKRV 5HVHUYDGRV

6DQWLDJR GH &DOL -XQLR GH 

/DSURGXFWLYLGDGSURYHHXQDDOWHUQDWLYDSDUDGHYHODUODVXWLOLGDGHV YHUODUHQWDELOLGDG &RQ

(QOD0HGLFLyQGHOD3URGXFWLYLGDGGHO9DORU$JUHJDGR 039$ HO9DORU$JUHJDGRFRPR

 /D 0HFiQLFD *HQHUDO GH OD 0HGLFLyQ GH OD 3URGXFWLYLGDG

/D0HGLFLyQGHOD3URGXFWLYLGDGGHO9DORU$JUHJDGR 039$ HVXQDWpFQLFDGLVHxDGDSDUD

,1',&( )Ð508/$ 6,*1,),&$'2

03  PDWHULDV SULPDV 33 SURGXFWR HQ SURFHVR 37 SURGXFWR WHUPLQDGR

9DORU DJUHJDGR 9HQWDV × UD]yQGHO YDORU DJUHJDGR\ ODV YHQWDV

 3DUWLFLSDF LyQ ODERUD   JDVWR DFWXDO

&RVWR $FWXDO GHO 3HUVRQDO SRU (PSOHDGR =

5HVXOWDGR 3ODQHDGR &RPHQWDULRV

3UHPLVD 3URQyVWLFR GHO HQWRUQR JHUHQFLDO \ GH OD GHPDQGD SRU

GH ORV HPSOHDGRV × UD]yQ GH GHGVFXHQWR GHO WUDEDMR SRU KRUD

3ODQ D ODUJR SOD]R 2EMHWLYR GH YHQWDV

5D]yQ 9$ 5D]yQ JDVWR GH

,QFUHPHQWR GH VXHOGRV \ VDODULRV SRU HPSOHDGR

3ODQ GH PRGHUQL]DFLyQ GHO HTXLSR

3ODQ GH VLPSOLILFDFLyQ GHO WUDEDMR

3ODQ GH XWLOL]DFLyQ HIHFWLYD GH OD

1R WRWDO GH HPSOHDGRV 'LYLVLRQHV JHUHQFLD SODQWD GHSWR

5D]yQ QLYHO GH HVFRODULGDG

'LYLVLRQZLVH FRPSRVLFLyQ PDQSRZHU

$QiOLVLV GH SXHVWRV GH WUDEDMR

:RUN SODFH ZLVH 1R GH HPSOHDGRV

7UDEDMDGRUHV GLUHFWRV  UD]yQ GLUHFWRV  LQGLUHFWRV  7UDEDMDGRUHV LQGLUHFWRV

 $QiOLVLV *HUHQFLDO \ OD 8WLOL]DFLyQ GH ORV ÌQGLFHV GH

([ 6DODULR &RPLVLyQGH9HQWDV LQFHQWLYR

&DVR  9$ 

'HVGH HOSXQWRGHYLVWDGHODSURGXFWLYLGDG HV PD\RU OD FRQWULEXFLyQGHO WUDEDMDGRU GH

 5HODFLyQ HQWUH 3URGXFWLYLGDG \ 5HQWDELOLGDG \ OD

5HFtSURFR GHO QLYHO

3 8WLOLGDGHV $QWHV GH ,PSXHVWRV

6XPLQLVWURV  PLOORQHV 9HQWDV  PLOORQHV

 3UHSDUDU XQ 6LVWHPD SDUD 3URPRYHU HO 0RYLPLHQWR GH OD

&XiO HV OD &RQ HO ILQ GH FRQVHJXLU PD\RUHV 3DUD HOOR TXp

%XHQD (VWUDWHJLD 2EWHQHU 3HQVDU FyPR 2UJDQL]DQGR

+DFHU 'HILQLU REMHWLYRV FODURV 0HMRUDU HO

9HULILFDU (ODERUDU XQ SODQ SUiFWLFR 'HVHPSHxR GH ODV

7DUHD 2SHUDFLRQHV 6DOLGD

9DORU$JUHJDGR &DQWLGDG3URGXFLGD 3URGXFFLyQ² &RVWRGLUHFWRGHPDWHULDOHV

9DORU$JUHJDGR 9DORUYHQWDVQHWDV²^ &RVWRGHODV0DWHULDV3ULPDV&RVWRVILMRV

 &DQWLGDG9HQGLGD &DQWLGDGGH3URGXFFLyQ SRU3HUVRQD

3URGXFWLYLGDG GHO &DSLWDO= 9DORU $JUHJDGR ; 

 3DUWLFLSDFLyQ 5HODWLYD GHO 7UDEDMR 5D]yQ GH 'LVWULEXFLyQ

&RVWRV GHO 3HUVRQDO

5HIHUHQFLD &DQWLGDGGH9DORU$JUHJDGRSRUSHUVRQD

9DORU$JUHJDGR 8WLOLGDG5HFXUUHQWHR 8WLOLGDG5HFXUUHQWHR

1LYHO6DODULDO &RVWR GHO 3HUVRQDO

9DORU$JUHJDGR &RVWR GHO 3HUVRQDO

5D]yQGH,QFUHPHQWRGHOD 5D]yQ GH LQFUHPHQWR 5D]yQGHLQFUHPHQWR

5D]yQ GHO LQFUHPHQWR UDFLRQDO      [ 

  

9DORU $JUHJDGR  0LOORQHV [ 5D]yQ GH

7DEOD  0pWRGRV SDUD FDOFXODU HO 9DORU $JUHJDGR

$FWLYRVGLIHULGRV  

727$/  

727$/3$6,92  

727$/3$6,92<&$3,7$/  

9DORU$JUHJDGR 0 >0pWRGRGHODUHVWD@,QJUHVRQRRSHUDFLRQDO 0

&RVWR GH 9HQWDV 

9DORU $JUHJDGR [ 3DUWLFLSDFLyQ ODERUDO

0(',&,Ð1'(/$352'8&7,9,'$''(/9$/25$5($'2<

7RGRV ORV GHUHFKRV 5HVHUYDGRV

6DQWLDJR GH &DOL -XQLR GH

/DSURGXFWLYLGDGSURYHHXQDDOWHUQDWLYDSDUDGHYHODUODVXWLOLGDGHVYHUODUHQWDELOLGDG&RQ

(QOD0HGLFLyQGHOD3URGXFWLYLGDGGHO9DORU$JUHJDGR039$HO9DORU$JUHJDGRFRPR

/D 0HFiQLFD *HQHUDO GH OD 0HGLFLyQ GH OD 3URGXFWLYLGDG

/D0HGLFLyQGHOD3URGXFWLYLGDGGHO9DORU$JUHJDGR039$HVXQDWpFQLFDGLVHxDGDSDUD

03 PDWHULDV SULPDV 33 SURGXFWR HQ SURFHVR 37 SURGXFWR WHUPLQDGR

5D]yQ 9$ 5D]yQ JDVWR GH

1R WRWDO GH HPSOHDGRV 'LYLVLRQHV JHUHQFLD SODQWD GHSWR

'LYLVLRQZLVH FRPSRVLFLyQ PDQSRZHU

:RUN SODFH ZLVH 1R GH HPSOHDGRV

7UDEDMDGRUHV GLUHFWRV UD]yQ GLUHFWRV LQGLUHFWRV 7UDEDMDGRUHV LQGLUHFWRV

$QiOLVLV *HUHQFLDO \ OD 8WLOL]DFLyQ GH ORV ÌQGLFHV GH

([ 6DODULR &RPLVLyQGH9HQWDVLQFHQWLYR

&DVR9$

'HVGH HOSXQWRGHYLVWDGHODSURGXFWLYLGDG HV PD\RU OD FRQWULEXFLyQGHO WUDEDMDGRU GH

5HODFLyQ HQWUH 3URGXFWLYLGDG \ 5HQWDELOLGDG \ OD

6XPLQLVWURV PLOORQHV 9HQWDV PLOORQHV

3UHSDUDU XQ 6LVWHPD SDUD 3URPRYHU HO 0RYLPLHQWR GH OD

&XiO HV OD &RQ HO ILQ GH FRQVHJXLU PD\RUHV 3DUD HOOR TXp

9DORU$JUHJDGR &DQWLGDG3URGXFLGD 3URGXFFLyQ²&RVWRGLUHFWRGHPDWHULDOHV

9DORU$JUHJDGR 9DORUYHQWDVQHWDV²^&RVWRGHODV0DWHULDV3ULPDV&RVWRVILMRV

&DQWLGDG9HQGLGD&DQWLGDGGH3URGXFFLyQSRU3HUVRQD

3URGXFWLYLGDG GHO &DSLWDO= 9DORU $JUHJDGR ;

3DUWLFLSDFLyQ 5HODWLYD GHO 7UDEDMR 5D]yQ GH 'LVWULEXFLyQ

5HIHUHQFLD&DQWLGDGGH9DORU$JUHJDGRSRUSHUVRQD

5D]yQ GHO LQFUHPHQWR UDFLRQDO [

9DORU $JUHJDGR 0LOORQHV [ 5D]yQ GH

7DEOD 0pWRGRV SDUD FDOFXODU HO 9DORU $JUHJDGR

$FWLYRVGLIHULGRV

727$/

727$/3$6,92

727$/3$6,92<&$3,7$/

9DORU$JUHJDGR0>0pWRGRGHODUHVWD@,QJUHVRQRRSHUDFLRQDO0

&RVWR GH 9HQWDV

,QJUHVR FRUULHQWH

9HQWDV SRU HPSOHDGR 9HQWDV0

5D]yQ GH 9DORU $JUHJDGR 9DORU$JUHJDGR0

5D]yQ GHO FRVWR GH &RVWRGHO3HUVRQDO0

5D]yQ GHO LQJUHVR FRUULHQWH ,QJUHVR FRUULHQWH 0

&RVWR GH SHUVRQDO 0

&RVWR GH 3HUVRQDO 5HPXQHUDFLyQ D GLUHFWRUHV VDODULRV PDUJHQ GH EHQHILFLRV

&RVWR YDULDEOH 0

&RVWR ILMR 0

(ODOWRYDORUGHODUD]yQGHFRVWRYDULDEOHHVPiVRPHQRVQRUPDOSDUDHOWLSRGH

3$62 $3/,&$5 /26 ,1',&(6 '( 9$/25 $5($'2 3/$1($'26 $ /$

3URGXFWLYLGDG /DERUDO = 9DORU $JUHJDGR 0 0

0HWD GH 9HQWDV 9HQWDV DFWXDOHV 0 [ 0

0HWD GH )XHU]D = 0[[ 0

9DORU$JUHJDGR3ODQHDGR 0HWDGHYHQWDV0[5D]yQGH9DORU$JUHJDGR

3DUWLFLSDFLyQ /DERUDO = &RVWR GHO SHUVRQDO 0 =

&RVWR ILMR H[FOX\HQGR HO FRVWR GH SHUVRQDO 0 [

&RVWRV ILMRV &RVWR GH 3HUVRQDO 0

*DQDQFLD 0[²²0 0

&RVWRV ILMRV &RVWR GH 3HUVRQDO 0

3XQWR GH HTXLOLEULR 0

*DQDQFLD 0[²²0 0

&RVWRWRWDO 0HWDGHYHQWDV0

&RVWRYDULDEOH 0HWDGHYHQWDV0[ 0

&RVWRILMR &RVWRVWRWDOHV0²&RVWRYDULDEOH0

&RVWR ILMR 0

3XQWR GH HTXLOLEULR 0

3DUWLFLSDFLyQGHOWUDEDMR &RVWRGHOSHUVRQDO00HWDGHO9DORU$JUHJDGR

)LJXUD 3DVRV SDUD OD PHGLFLyQ GH OD 3URGXFWLYLGDG

SUREOHPD DGPLQLVWUDWLYR SURGXFWLYLGDG ODERUDO \ RWURV

6tQWHVLV GH QHFHVLGDGHV tQGLFHV UHODFLRQDGRV

DGPLQLVWUDWLYDV 3DVR 3UHSDUD ORV tQGLFHV

3HUFHSFLyQ GH ORV 3DVR $QDOL]DU ORV tQGLFHV

3URSRQHU PHGLGDV SDUD

HOLPLQDU ORV LQFRQYHQLHQWHV

(YDOXDFLyQ 'LVHxR &RQRFLPLHQWR GH OD WDUHD 3DVR ([DPLQDU OD

WpFQLFD DVLJQDGD UHQWDELOLGDG \ OD

(VSHFLILFDFLyQ GH XQ PRGHOR SURGXFWLYLGDG ODERUDO

GHO VLVWHPD D VHU GLVHxDGR 3DVR $SOLFDU ORV tQGLFHV

,GHQWLILFDFLyQ GH GDWRV SODQHDGRV D OD IyUPXOD

(VWUXFWXUDU XQ PRGHOR 3DVR ([DPLQDU OD UHODFLyQ

FUHDWLYR DFRUGH D ODV HQWUH HO SODQ \ HO REMHWLYR

3UHVHQWDFLyQ GHO PRGHOR

3ODQHDFLyQ ,QWURGXFFLyQ (ODERUDU HO HVTXHPD GHO 3DVR 5HH[DPLQDU \