L150H/L180H/L220H/L250H

Libro de instrucciones

L150H/L180H/L220H/L250H

Traducido de las instrucciones originales

Spanish

Ref. no. PUB20037973& Spanish


Volvo, Eskilstuna
 California
Proposition 65 Warning
Diesel engine exhaust and some of its constituents are
known to the State of California to cause cancer, birth
defects, and other reproductive harm.

California
Proposition 65 Warning
Battery posts, terminals and other related accessories
contain lead and lead compounds, chemicals known
to the State of California to cause cancer and other
reproductive harm.
Wash hands after handling.
L150H/L180H/L220H/L250H

3UHIDFLR LIBRO DE INSTRUCCIONES

(VWHOLEURGHLQVWUXFFLRQHVHVW£GHVWLQDGRDVHUXQDJX¯DSDUDHOXVR\
PDQWHQLPLHQWRFRUUHFWRVGHODP£TXLQD/HDHVWHPDQXDO
FXLGDGRVDPHQWHDQWHVGHHPSH]DU\PRYHUODP£TXLQDRDQWHVGHOOHYDU
DFDERQLQJ¼QPDQWHQLPLHQWRSUHYHQWLYR
0DQWHQJDHVWHPDQXDOHQODFRPSDUWLPHQWRGHDOPDFHQDPLHQWRFRQOODYH
GHPDQHUDTXHVLHPSUHHVW«GLVSRQLEOHSDUDFRQVXOWD6XVWLW¼\DOR
LQPHGLDWDPHQWHVLVHSLHUGH QGLFH
(OOLEURGHLQVWUXFFLRQHVGHVFULEHODVDSOLFDFLRQHVSDUDODVFXDOHVOD
P£TXLQDIXHSULQFLSDOPHQWHGLVH³DGD+DVLGRHVFULWRSDUDTXHVHDY£OLGR
HQWRGRVORVPHUFDGRV3RUFRQVLJXLHQWHSRUIDYRULJQRUHFXDOTXLHU
VHFFLµQTXHQRWHQJDUHODFLµQFRQVXP£TXLQDRFRQHOWUDEDMRTXHXVWHG
UHDOL]DFRQVXP£TXLQD 3UHVHQWDFLµQ
127$
6LHOPDQXDOFXEUHP£VGHXQDP£TXLQDODLQIRUPDFLµQVHUHILHUHDWRGDV
ODVP£TXLQDVVDOYRTXHVHHVSHFLILTXHGHRWURPRGR
127$
3DQHOHVGHLQVWUXPHQWRV
'HSHQGLHQGRGHOPHUFDGRGHGHVWLQRODVP£TXLQDVVHSXHGHQIDEULFDU
FRQPRWRUHVFRQRVLQVLVWHPDGHSRVWUDWDPLHQWRGHORVJDVHVGHHVFDSH
&RPSUXHEHHOPRGHORGHPRWRUHQODSHJDWLQDDGLFLRQDOVREUHORVJDVHV
GHHVFDSHYHDODS£JLQD6LHOPRGHORGHPRWRUHV'-HOPRWRU 2WURVPDQGRV
FXHQWDFRQXQVLVWHPDGHSRVWUDWDPLHQWRGHORVJDVHVGHHVFDSH6LHO
PRGHORGHPRWRUHV'(HOPRWRUQRFXHQWDFRQXQVLVWHPDGH
SRVWUDWDPLHQWRGHORVJDVHVGHHVFDSH/DLQIRUPDFLµQGHHVWHPDQXDO
TXHVRORVHDSOLFDDXQRGHORVPRGHORVGHPRWRUHVW£PDUFDGDDO
UHVSHFWRLQGLFDQGRVLVHUHILHUHDO'-RDO'( ,QVWUXFFLRQHVGHIXQFLRQDPLHQWR
$OGLVH³DUHVWDP£TXLQDVHKDLQYHUWLGRPXFKRWLHPSRHQORJUDUODPHMRU
HILFLHQFLD\VHJXULGDGSRVLEOHV6LQHPEDUJRORVDFFLGHQWHVRFXUUHQ\OD
PD\RU¯DGHHOORVVHSXHGHQDWULEXLUDXQHUURUKXPDQR8QDSHUVRQD
FRQVFLHQWHGHODVHJXULGDG\XQDP£TXLQDELHQPDQWHQLGDFRQVWLWX\HQ 7«FQLFDGHFRQGXFFLµQ
XQDFRPELQDFLµQILDEOHSRWHQWH\UHQWDEOH3
3RUORWDQWROHDODV
LQVWUXFFLRQHVGHVHJXULGDG\V¯JDODV
1RVHVIRU]DPRVFRQWLQXDPHQWHHQGHVDUUROODU\PHMRUDUODHILFLHQFLDGH
QXHVWURVSURGXFWRVUHDOL]DQGRFDPELRVDVXGLVH³R1RVUHVHUYDPRVHO 6HJXULGDGGXUDQWHHO
GHUHFKRDUHDOL]DUPRGLILFDFLRQHVGHGLVH³RDORVSURGXFWRVLQFOXVR
VHUYLFLR
GHVSX«VGHTXHKD\DQVLGRVXPLQLVWUDGRV$GHP£VQRVUHVHUYDPRVHO
GHUHFKRDFDPELDUGDWRV\HTXLSRVDV¯FRPRODVLQVWUXFFLRQHVGHVHUYLFLR
\PDQWHQLPLHQWRVLQSUHYLRDYLVR
6HUYLFLR\PDQWHQLPLHQWR

(VSHFLILFDFLRQHV

QGLFHDOIDE«WLFR

5HI1R&
(OLGLRPDRULJLQDOHVHOLQJO«V7UDGXFLGRGHODVLQVWUXFFLRQHVRULJLQDOHV

&RS\ULJKWk9ROYR&RQVWUXFWLRQ(TXLSPHQW7RGRVORVGHUHFKRVUHVHUYDGRV
 3UHIDFLR

1RUPDVGHVHJXULGDG
(ORSHUDGRUGHODP£TXLQDWLHQHODUHVSRQVDELOLGDGGHFRQRFHU\FXPSOLU
ODVLQVWUXFFLRQHVGHVHJXULGDGQDFLRQDOHV\UHJLRQDOHVSHUWLQHQWHVTXH
PDUFDODOH\/DVLQVWUXFFLRQHVGHVHJXULGDGGHHVWHOLEURGHLQVWUXFFLRQHV
VHDSOLFDQFRPRUHTXLVLWRE£VLFRSHURGHEHU¯DQVHJXLUVHODVQRUPDV
ORFDOHVRQDFLRQDOHVTXHVHDQP£VHVWULFWDV

3(/,*52
(OV¯PERORGHVHJXULGDGFRPELQDGRFRQHVWDSDODEUDGHVH³DOLQGLFDXQD
VLWXDFLµQSHOLJURVDTXHVLQRVHHYLWDUHVXOWDU£HQJUDYHVOHVLRQHVROD
PXHUWH(OSHOLJURHVW£OLPLWDGRDODVVLWXDFLRQHVP£VH[WUHPDV

$'9(57(1&,$
(OV¯PERORGHVHJXULGDGFRPELQDGRFRQHVWDSDODEUDGHVH³DOL]DFLµQ
LQGLFDXQDVLWXDFLµQSHOLJURVDODFXDOVLQRVHHYLWDSXHGHUHVXOWDUHQ
PXHUWHROHVLRQHVJUDYHV

$7(1&,•1
(OV¯PERORGHVHJXULGDGFRPELQDGRFRQHVWDSDODEUDGHVH³DOL]DFLµQ
LQGLFDXQDVLWXDFLµQSHOLJURVDODFXDOVLQRVHHYLWDSXHGHUHVXOWDUHQ
OHVLRQHVPHQRUHVRPRGHUDGDV

$9,62
,QGLFDXQDVLWXDFLµQSRWHQFLDOPHQWHSHOLJURVDTXHSXHGHSURYRFDUGD³RV
HQODP£TXLQD
127$
6HXVDQSDUDUHIHULUVHDLQIRUPDFLµQGHLQVWDODFLµQRSHUDFLµQR
PDQWHQLPLHQWRTXHHVLPSRUWDQWHSHURQRHVW£UHODFLRQDGDFRQXQSHOLJUR
c&RQR]FDODFDSDFLGDG\ORVO¯PLWHVGHVXP£TXLQD
 3UHIDFLR 
1¼PHURVGHLGHQWLILFDFLµQ 
1¼PHURVGHLGHQWLILFDFLµQ
,QWURGX]FDHOQ¼PHURGHLGHQWLILFDFLµQGHODP£TXLQD\GHORV
FRPSRQHQWHVDEDMR&LWHHOQ¼PHURFXDQGRVHGLULMDDOIDEULFDQWH\SDUD
HOSHGLGRGHSLH]DVGHUHSXHVWR/DSRVLFLµQGHODVSODFDVHVW£PRVWUDGD
HQODS£JLQD

)DEULFDQWH 9ROYR&RQVWUXFWLRQ(TXLSPHQW
6((VNLOVWXQD
6XHFLD

1¼PHURGHLGHQWLILFDFLµQGHSURGXFWRGHP£TXLQD3,1

0RWRU

&DMDGHFDPELRV

(MHGHODQWHUR

(MHWUDVHUR

3OXPD

&DELQD

(QY¯HVXVRSLQLRQHVVREUHHOOLEURGHLQVWUXFFLRQHVDRP#YROYRFRP
/D¼OWLPDLQIRUPDFLµQHVW£GLVSRQLEOHHQ3526,6
 QGLFH 


QGLFH
3UHIDFLR 
1¼PHURVGHLGHQWLILFDFLµQ 
3UHVHQWDFLµQ
0DUFD&(GLUHFWLYD(0& 
(TXLSRGHFRPXQLFDFLµQLQVWDODFLµQ 
&RPSRQHQWHVGHVHJXULGDG 
/HWUHURVGHLGHQWLILFDFLµQ 

3HJDWLQDVGHLQIRUPDFLµQ\DGYHUWHQFLD 
3DQHOHVGHLQVWUXPHQWRV 
3DQHOGHLQVWUXPHQWRVGHODQWHUR
8QLGDGGHSDQWDOOD 
3DQHOGHLQVWUXPHQWRVSRVWHGHODFDELQD 
3DQHOGHLQVWUXPHQWRVSDUWHVXSHULRU 
3DQHOGHLQVWUXPHQWRVSDUWHWUDVHUD 
3DQHOGHFRQWURO 
2WURVPDQGRV 
0DQGRV
&DELQD 
&RQIRUWGHOFRQGXFWRU 
6LVWHPDFOLPDWL]DGRU 
,QVWUXFFLRQHVGHIXQFLRQDPLHQWR 
5HJODVGHVHJXULGDGSDUDODXWLOL]DFLµQGHODP£TXLQD 
0HGLGDVTXHGHEHQDSOLFDUVHDQWHVGHODFRQGXFFLµQ
$UUDQTXHGHOPRWRU
6LVWHPDKLGU£XOLFRFDOHQWDPLHQWR
(VSHMRVDMXVWH 
&DPELRGHPDUFKD 
'LUHFFLµQ 
)UHQR 
6LVWHPDSRVWUDWDPLHQWRGHORVJDVHVGHHVFDSH
3DUDGD
(VWDFLRQDPLHQWR
6LODP£TXLQDTXHGDDWDVFDGD 
5HVFDWH\UHPROFDGR
7UDQVSRUWHGHODP£TXLQD 
7«FQLFDGHFRQGXFFLµQ
&RQGXFFLµQHFRQµPLFD 
9LEUDFLRQHVHQWRGRHOFXHUSR
7UDEDMRGHQWURGH]RQDVSHOLJURVDV 
,PSOHPHQWRV
3RUWDLPSOHPHQWRV 
)XQFLµQKLGU£XOLFDD\D 
/LEHUDFLµQGHSUHVLµQ 
&XFKDUDV 
+RUTXLOODVSDUDSDOOHWV
+RUTXLOODVGHPDGHUD 
%UD]RGHPDQLSXODFLµQGHPDWHULDOHV 
%UD]RVGHHOHYDFLµQGHVFHQVRDOWHUQDWLYR 
(OHYDFLµQGHREMHWRV 
'LDJUDPDGHVH³DOL]DFLµQ 
 QGLFH

6HJXULGDGGXUDQWHHOVHUYLFLR 
3RVLFLµQGHPDQWHQLPLHQWR 
$QWHVGHOVHUYLFLROHD 
3UHYHQFLµQGHLQFHQGLRV 
0DQHMRGHPDWHULDOHVSHOLJURVRV
0DQLSXODFLµQGHFRQGXFWRVWXERV\PDQJXHUDV 
6HUYLFLR\PDQWHQLPLHQWR 
0RWRU 
6LVWHPDGHFRPEXVWLEOH 
)LOWURGHDLUHGHOPRWRU 
6LVWHPDGHUHIULJHUDFLµQ 
6LVWHPDHO«FWULFR 
7UDQVPLVLµQ
(MHV 
6LVWHPDGHIUHQRV 
5XHGDV 
&DELQD 
6LVWHPDGHOLPSLDSDUDEULVDV 
$LUHDFRQGLFLRQDGR
'LHQWHVGHODFXFKDUD
6LVWHPDKLGU£XOLFR 
(QJUDVH 
(VTXHPDGHOXEULFDFLµQ\FXLGDGRV
(VSHFLILFDFLRQHV
/XEULFDQWHVUHFRPHQGDGRV 
6LVWHPDGHFRPEXVWLEOH 
&DSDFLGDGGHVHUYLFLRHLQWHUYDORVGHVXVWLWXFLµQ
0RWRU 
6LVWHPDHO«FWULFR 
7UDQVPLVLµQ
)UHQR 
'LUHFFLµQ 
5XHGDV 
&DELQD 
6LVWHPDKLGU£XOLFR 
3HVRVGHODP£TXLQD
'LPHQVLRQHV
&DSDFLGDGGHODP£TXLQD
7DEODGHFRPELQDFLRQHVHTXLSDPLHQWRLQWHUFDPELDEOH 
+RUTXLOODVSDUDSDOOHWV
+RUTXLOODVGHPDGHUD 
%UD]RGHPDQLSXODFLµQGHPDWHULDOHV 
+LVWRULDOGHVHUYLFLR 
QGLFHDOIDE«WLFR
 3UHVHQWDFLµQ 


3UHVHQWDFLµQ

9


8VRGHGLVH³R
/+/+/+/+
/DP£TXLQDE£VLFDHVW£GHVWLQDGDDXQXVRHQFRQGLFLRQHV
QRUPDOHVHVGHFLUHQHOH[WHULRUVREUHODVXSHUILFLHKDVWDXQD
HOHYDFLµQGHPHWURVSLHVSRUHQFLPDGHOQLYHOGHO
PDUIXHUDGHODFDUUHWHUDSDUDRSHUDFLRQHVGHPRYLPLHQWRGH
WLHUUD\HQXQDWHPSHUDWXUDDPELHQWHHQWUHr&|)\
r&|)VRORFRQHORSHUDGRUHQODFDELQD/DVFRQGLFLRQHV
TXHVHGHVY¯DQGHHVWRWDPEL«QHVW£QGHVFULWDVHQHOOLEURGH
LQVWUXFFLRQHV3DUDHOXVRHQY¯DVS¼EOLFDVODP£TXLQDGHEH
DGDSWDUVHGHDFXHUGRDODOHJLVODFLµQQDFLRQDOYLJHQWH
6LVHXWLOL]DSDUDRWURVSURSµVLWRVRHQHQWRUQRVSRWHQFLDOPHQWH
SHOLJURVRVSHMHQWRUQRVH[SORVLYRV\RLQIODPDEOHVR£UHDVFRQ
SROYRFRQFRQWHQLGRGHDPLDQWRVHGHEHU£QVHJXLUQRUPDVGH
VHJXULGDGHVSHFLDOHV\ODP£TXLQDGHEHU£HTXLSDUVHSDUDWDOXVR
\PDQLSXODFLµQ&RQWDFWHFRQHOIDEULFDQWHFRQFHVLRQDULRSDUD
P£VLQIRUPDFLµQ
/DP£TXLQDHVW£GLVH³DGDSDUDXQP£[LPRGHSHVRWRWDO
LQFOX\HQGRHTXLSDPLHQWRHLPSOHPHQWRVYHDODS£JLQD(O
SHVRP£[LPRDSOLFDFXDQGRODP£TXLQDHVW£HTXLSDGDSDUD
FLHUWDVDSOLFDFLRQHVDSUREDGDVSRU9ROYR/DVHJXULGDGVH
FRPSURPHWHVLVHH[FHGHHOSHVRP£[LPR$GHP£VQRVRQ
Y£OLGDVODVJDUDQW¯DVSRUSDUWHGHOIDEULFDQWH1RREVWDQWH
FXPSODVLHPSUHODVQRUPDVQDFLRQDOHVSDUDODFLUFXODFLµQSRU
Y¯DVS¼EOLFDV
2SHUDFLµQVXEWHUU£QHD
/DQHFHVLGDGGHYHQWLODFLµQGHORVHVFDSHVGHEHFRPSUREDUVH
DQWHVGHXWLOL]DUODP£TXLQDHQW¼QHOHVRHQRWUDVRSHUDFLRQHV
VXEWHUU£QHDV2WUDVOH\HV\QRUPDVSXHGHQVHUDSOLFDEOHVWDOHV
FRPROH\HVQDFLRQDOHV\GHWUDEDMR
/+
/D/+GLILHUHGHODVGHP£VP£TXLQDV\DTXHHVW£HTXLSDGD
FRQXQDFLQHP£WLFDHQ=GHODFDUJDGRUD

5HTXLVLWRVPHGLRDPELHQWDOHV
6HDFRQVFLHQWHGHOPHGLRDPELHQWHFXDQGRXVHODP£TXLQD\DO
UHDOL]DUHOVHUYLFLR\PDQWHQLPLHQWR6LJDVLHPSUHODOHJLVODFLµQ
PHGLRDPELHQWDOORFDO\QDFLRQDODSOLFDEOHDWRGDPDQLSXODFLµQGH
ODP£TXLQD
 3UHVHQWDFLµQ

0RWRU
/DP£TXLQDHVW£HTXLSDGDFRQXQPRWRUEµ[HUGHVHLVFLOLQGURV
FXDWURWLHPSRVWXUERGLHVHOGHLQ\HFFLµQGLUHFWDHLQWHUFRROHU(O
PRWRUWLHQHXQ£UEROGHOHYDVVXSHULRU\XQLQ\HFWRUGH
FRPEXVWLEOHSRUFLOLQGUR/DFXODWDHVFRP¼QSDUDWRGRVORV
FLOLQGURV\WLHQHFXDWURY£OYXODVSRUFLOLQGUR

6RORDSOLFDEOHVSDUDP£TXLQDVFRQPRWRU'-
/RVPRWRUHVSDUDHOPHUFDGRGH((88FXPSOHQFRQORV
UHTXLVLWRVGHHPLVLRQHV867LHU)LQDO\&DOLIRUQLD7LHU)LQDO
/RVPRWRUHVSDUDHOPHUFDGRGHOD8(FXPSOHQORVUHTXLVLWRV
GHHPLVLRQHV6WDJH,9GHOD8(

c127$/DVP£TXLQDVFRQPRWRUHVSDUDHOPHUFDGRGH((88
QRSXHGHQVHUYHQGLGDVRXVDGDVHQOD8(\ODVP£TXLQDVFRQ
PRWRUHVSDUDHOPHUFDGRGHOD8(QRSXHGHQVHUYHQGLGDVR
XVDGDVHQ((88VDOYRTXHVHVXVWLWX\DHOPRWRUSRUXQR
Y£OLGRSDUDHOPHUFDGRDSOLFDEOH(OPHUFDGRSDUDHOFXDOHVW£
GHVWLQDGRHOPRWRUVHLQGLFDHQODSODFDGHHPLVLµQ\SRUHO
Q¼PHURGHVHULHGHOPRWRUYHDODS£JLQD

&RQHOILQGHUHGXFLUORVµ[LGRVGHQLWUµJHQRSDUW¯FXODV
KLGURFDUEXURV\PRQµ[LGRGHFDUERQRHOPRWRULQFOX\H
UHFLUFXODFLµQH[WHUQDGHJDVHVGHHVFDSHUHIULJHUDGRV(*5\
XQVLVWHPDGHSRVWUDWDPLHQWRGHJDVHVGHHVFDSH($76FRQ
LQ\HFFLµQGH$G%OXHp'()
(OVLVWHPDGHSRVWUDWDPLHQWRGHHVFDSHHVW£FHUWLILFDGRFRPR
VXSUHVRUGHFKLVSDVGHDFXHUGRFRQOD'LUHFWLYD&(\(1


c127$/DVP£TXLQDVFRQPRWRUHVSDUDHOPHUFDGRGH((88
QRSXHGHQVHUYHQGLGDVRXVDGDVHQOD8(\ODVP£TXLQDVFRQ
PRWRUHVSDUDHOPHUFDGRGHOD8(QRSXHGHQVHUYHQGLGDVR
XVDGDVHQ((88VDOYRTXHVHVXVWLWX\DHOPRWRUSRUXQR
Y£OLGRSDUDHOPHUFDGRDSOLFDEOH(OPHUFDGRSDUDHOFXDOHVW£
GHVWLQDGRHOPRWRUVHLQGLFDHQODSODFDGHHPLVLµQ\SRUHO
Q¼PHURGHVHULHGHOPRWRU

,QIRUPDFLµQ$G%OXHp'()
127$
6RORDSOLFDEOHVSDUDP£TXLQDVFRQPRWRU'-
(VQHFHVDULR$G%OXHp'()SDUDODUHGXFFLµQGHµ[LGRVGH
QLWUµJHQR12[(O$G%OXHp'()VHOOHQDHQXQGHSµVLWR
LQGLYLGXDOGHODP£TXLQDFRPSOHWDPHQWHSRUVHSDUDGRGHO
GHSµVLWRGHFRPEXVWLEOH(O$G%OXHp'()QRVHGHEHPH]FODU
HQHOGHSµVLWRGHGLHVHO\HOGLHVHOQRGHEHPH]FODUVHFRQHO
$G%OXHp'()
3DUDODGLVWULEXFLµQGH$G%OXHp'()VRORY£OLGRSDUDHO
PHUFDGRHVWDGRXQLGHQVH
 $WHQFLµQDOFOLHQWHGH9ROYR&(KRUDULRGH
DWHQFLµQDOS¼EOLFR
 ZZZYROYRFHFRPIXHUDGHKRUDVGHDWHQFLµQDOS¼EOLFR
3DUDODGLVWULEXFLµQGH$G%OXHp'()WRGRVORVGHP£V
PHUFDGRVSRUIDYRUFRQWDFWHFRQVXFRQFHVLRQDULRORFDOGH
9ROYRSDUDREWHQHUP£VLQIRUPDFLµQ
9HDODS£JLQDSDUDREWHQHULQIRUPDFLµQVREUHHOOOHQDGRGH
$G%OXHp'()
 3UHVHQWDFLµQ 

6LVWHPDSRVWUDWDPLHQWRGHORVJDVHVGH
HVFDSH
 127$
&
 6RORDSOLFDEOHVSDUDP£TXLQDVFRQPRWRU'-
&
 (OPRWRUFXHQWDFRQXQVLVWHPDGHSRVWUDWDPLHQWRGHORVJDVHV
GHHVFDSH($76TXHFRQWLHQHXQILOWURGHSDUW¯FXODVGLHVHO
'3)SDUDUHGXFLUODVSDUW¯FXODV\XQVLVWHPDGHUHGXFFLµQ
 FDWDO¯WLFDVHOHFWLYD6&5SDUDUHGXFLUORVµ[LGRVGHQLWUµJHQR
 ' 12[(O'3)\ORVFDWDOL]DGRUHVGH6&5HVW£QLQFOXLGRVHQXQ
 VLOHQFLDGRU¼QLFR(O$G%OXHp'()VHLQ\HFWDHQORVJDVHVGH
HVFDSHSDUDUHGXFLUORV12[

% &

3DUDDSR\DUDO'3)\OD6&5KD\XQFDWDOL]DGRUGHR[LGDFLµQ
GLHVHO'2&HQHOLQWHULRUGHOVLOHQFLDGRU

(O'3)DWUDSDSDUW¯FXODVGHORVJDVHVGHHVFDSHGHOPRWRU\
$ FRPRFRQWLQXDPHQWHVHFDUJDFRQHVWDVSDUW¯FXODVGHORVJDVHV
 GHHVFDSHQHFHVLWDVHUUHJHQHUDGRSDUDTXHPDUODVSDUW¯FXODV
/DUHJHQHUDFLµQWDPEL«QVHUHTXLHUHSDUDOLEHUDUHOD]XIUH
DWUDSDGR62\RWUDVVXVWDQFLDVTXHTXHGDQDWUDSDGDVHQOD

6&5\UHGXFHQODHILFLHQFLDGHOD6&5VLQRVRQUHWLUDGDV
3DUDDVHJXUDUVHGHODUHGXFFLµQGHODVHPLVLRQHVGH12[HO
9 ($76HVW£PRQLWRUL]DGRSRUHOPµGXORGHFRQWUROGH
 8QLGDGGH$G%OXHp'() SRVWUDWDPLHQWR$&0
 &RPSUHVRUGHDLUH 3DUDP£VLQIRUPDFLµQYHDODS£JLQD
 0µGXORGHPHGLFLµQGHFRPEXVWLEOHGH
SRVWUDWDPLHQWR
 &DWDOL]DGRUHVGH6&5
 %RTXLOODGH$G%OXHp'()
 =RQDGHPH]FODGR
 )LOWURGHSDUW¯FXODVGLHVHO'3)
 &DWDOL]DGRUGHR[LGDFLµQGLHVHO'2&
 3RVWUDWDPLHQWRERTXLOODGHFRPEXVWLEOH
$ *DVHVGHHVFDSHGHOPRWRU
% $G%OXHp'()
& $LUHSUHVXUL]DGR
' &RPEXVWLEOHDLUHGHSXUJD


6LVWHPDHO«FWULFR
/DP£TXLQDFXHQWDFRQXQVLVWHPDHO«FWULFRGH9FRQGRV
EDWHU¯DVGH9FRQHFWDGDVHQVHULHVLWXDGDVHQODFDMDGH
EDWHU¯DVHQHOODGRGHUHFKRGHODFDELQD
(OGHVFRQHFWDGRUGHEDWHU¯DHVW£VLWXDGRHQORVSHOGD³RVGHOD
FDELQDHQHOODGRL]TXLHUGRGHODP£TXLQD
/RVUHO«V\IXVLEOHVHVW£QSULQFLSDOPHQWHVLWXDGRVHQODFDMDGH
GLVWULEXFLµQHO«FWULFDGHWU£VGHODVLHQWRGHORSHUDGRU\VHSXHGH
DFFHGHUDHOORVGHVSX«VGHDEULUODWDSDGHODFDMDGHGLVWULEXFLµQ
HO«FWULFD(OLQWHULRUGHODWDSDFXHQWDFRQXQDSHJDWLQDTXH
PXHVWUDTX«GLVSRVLWLYRGHFRQVXPRGHFRUULHQWHHVW£FRQHFWDGR
DFDGDUHO«\IXVLEOH(QODFDMDGHGLVWULEXFLµQHO«FWULFDH[LVWHXQ
WHUPLQDOLQFRUSRUDGRSDUDFRPSUREDUIXVLEOHV/RVUHO«VGHOD
FDMDGHGLVWULEXFLµQHO«FWULFDVHSXHGHQLQWHUFDPELDUVLHPSUHTXH
ODVSDWLOODVHQFDMHQ
3DUDREWHQHULQIRUPDFLµQP£VGHWDOODGDVREUHHOVLVWHPD
HO«FWULFRYHDODS£JLQD
 3UHVHQWDFLµQ

7UDQVPLVLµQ
/DWUDQVPLVLµQHVW£FRQWURODGDHOHFWURKLGU£XOLFDPHQWH\WRGDVODV
PDUFKDVHQJUDQDQFRQVWDQWHPHQWH/DVPDUFKDVVHVHOHFFLRQDQ
PHGLDQWHODDSOLFDFLµQGHHPEUDJXHVGLIHUHQWHV+D\XQ
FRQYHUWLGRUGHSDUKLGU£XOLFRHQWUHHOPRWRU\ODWUDQVPLVLµQ/D
IXQFLµQGHOFRQYHUWLGRUGHSDUVHSXHGHGHVDFWLYDUXVDQGRHO
/RFNXS/RVHMHVGHODQWHURV\WUDVHURVWLHQHQHQJUDQDMHV
SODQHWDULRVHQORVFXERVGHUXHGDORFXDOUHGXFHHOHVWU«VHQORV
£UEROHVGHDFFLRQDPLHQWR/RVHMHVVRQGHOWLSR$:%IUHQRV
K¼PHGRVGHHMH

6LVWHPDGHIUHQRV
/DP£TXLQDVHSXHGHIUHQDUGHFXDWURPDQHUDV
 HOIUHQRGHVHUYLFLRDSOLFDORVGLVFRVGHIULFFLµQIUHQRVGH
GLVFRHQORVHMHV
 HOIUHQRGHHVWDFLRQDPLHQWRDSOLFDORVGLVFRVGHIULFFLµQIUHQRV
GHGLVFRHQODWUDQVPLVLµQ
 HOIUHQRDX[LOLDUIUHQRGHPRWRUTXHDXPHQWDODUHVLVWHQFLD
GHOPRWRUPHGLDQWHXQDFDUJDDXPHQWDGDVREUHODERPEDGHO
YHQWLODGRU
 PHGLDQWHXQFDPELRGHVHQWLGR5%%GHIUHQRDXWRP£WLFR
PDUFKDDWU£VIUHQDQGR
6LODP£TXLQDVHPXHYHDNPKRP£VHOSXQWRPXHUWRQRVH
DFWLYDFXDQGRHOIUHQRGHHVWDFLRQDPLHQWRHVW£DSOLFDGR(VWRHV
SDUDUHIRU]DUODSRWHQFLDGHIUHQDGRFRQHOIUHQDGRGHOPRWRU
FXDQGRHOIUHQRGHHVWDFLRQDPLHQWRVHXVDFRPRIUHQR
VXSOHPHQWDULR
(OVLVWHPDGHIUHQRVHVW£LQWHJUDGRHQHOVLVWHPDGHOYHQWLODGRU
GHUHIULJHUDFLµQ\HOIUHQRGHHVWDFLRQDPLHQWR7DPEL«QSXHGH
KDEHUHTXLSRVRSFLRQDOHVTXHDIHFWHQDOVLVWHPDGHIUHQRV

6LVWHPDGHGLUHFFLµQ
/DP£TXLQDHVW£HTXLSDGDFRQXQVLVWHPDGHGLUHFFLµQKLGU£XOLFD
VHQVLEOHDODFDUJDDV¯FRPRXQVLVWHPDGHGLUHFFLµQGH
HPHUJHQFLD (OVLVWHPDGHGLUHFFLµQUHFLEHVXIOXMRKLGU£XOLFRGH
XQDERPEDKLGU£XOLFDTXHHVDFFLRQDGDSRUODWUDQVPLVLµQ/D
ERPEDGHODGLUHFFLµQGHHPHUJHQFLD TXHHVW£DFWLYDGDSRUXQ
PRWRUHO«FWULFRVHDFWLYDFXDQGRVHQHFHVLWDSRUHMHPSOR
FXDQGRHOPRWRUVHSDUDGHUHSHQWH\VHFRPSUXHEDHQFDGD
DUUDQTXHGHOPRWRU/DGLUHFFLµQGHSDODQFD&'&HVW£WDPEL«Q
GLVSRQLEOHFRPRHTXLSRRSFLRQDO
/DERPEDGHODGLUHFFLµQGHHPHUJHQFLDYLHQHGHVHULHHQ
FLHUWRVPHUFDGRV\VHUHFRPLHQGDSDUDP£TXLQDVTXHYD\DQD
RSHUDUVHSRUY¯DVS¼EOLFDV

&DELQD
/DFDELQDFXHQWDFRQXQVLVWHPDGHFDOHIDFFLµQ\YHQWLODFLµQFRQ
GHVFRQJHODFLµQSDUDWRGDVODVYHQWDQDV(ODLUHDFRQGLFLRQDGR
HVW£GLVSRQLEOHFRPRRSFLµQ
6DOLGDGHHPHUJHQFLD
/DFDELQDWLHQHGRVVDOLGDVGHHPHUJHQFLDODSXHUWD\OD
YHQWDQLOODODWHUDOGHUHFKD
+D\XQPDUWLOORGHHPHUJHQFLDVLWXDGRHQHOPRQWDQWHGHWU£VGHO

DVLHQWRGHORSHUDGRUHQHOODGRGHUHFKR
 3UHVHQWDFLµQ 

)236\5236
/DFDELQDHVW£DSUREDGDFRPRFDELQDGHSURWHFFLµQVHJ¼QODV
QRUPDV)236\5236YHDODS£JLQD)236HVXQD
DEUHYLDFLµQGH(VWUXFWXUDGHSURWHFFLµQDQWLFD¯GDGHREMHWRV\
5236HVXQDDEUHYLDFLµQGH(VWUXFWXUDGHSURWHFFLµQ
DQWLYXHOFR
6LFXDOTXLHUSDUWHGHODHVWUXFWXUDGHSURWHFFLµQGHODFDELQDHVW£
DIHFWDGDSRUFXDOTXLHUGHIRUPDFLµQUHVWDQWHRIDOORVKD\TXH
LQVSHFFLRQDUODFDELQDLQPHGLDWDPHQWH\VHGHEHQDGRSWDUWRGDV
ODVPHGLGDVQHFHVDULDV&RQWDFWHFRQ9ROYRRFRQXQ
FRQFHVLRQDULR9ROYRUHVSHFWRDODLQVSHFFLµQ\ODVPHGLGDV
1XQFDUHDOLFHQLQJXQDPRGLILFDFLµQQRDXWRUL]DGDHQODFDELQD
FRPREDMDUODDOWXUDGHOWHFKRWDODGUDUVROGDUVREUHVRSRUWHV
SDUDHOH[WLQWRUGHLQFHQGLRVDQWHQDGHODUDGLRXRWURVHTXLSRV

VLQKDEHUFRPHQWDGRSULPHURODVPRGLILFDFLRQHVDWUDY«VGHXQ
FRQFHVLRQDULRFRQSHUVRQDOGHOGHSDUWDPHQWRGHLQJHQLHU¯DGH
9ROYR&RQVWUXFWLRQ(TXLSPHQW(VWHGHSDUWDPHQWRGHFLGLU£VLOD
PRGLILFDFLµQSXHGHKDFHUTXHODDSUREDFLµQTXHGHDQXODGD

6LVWHPDKLGU£XOLFR
(OVLVWHPDKLGU£XOLFRHVXQVLVWHPDGHGHWHFFLµQGHFDUJDORFXDO
VLJQLILFDTXHODVERPEDVKLGU£XOLFDVGHODP£TXLQDDGDSWDQHO
IOXMRGHDFHLWHHQSURSRUFLµQDODSRVLFLµQGHODVSDODQFDV
KLGU£XOLFDV
/RVFRPSRQHQWHVSULQFLSDOHVGHOVLVWHPDKLGU£XOLFRGHWUDEDMRGH
ODP£TXLQDVRQHOGHSµVLWRGHDFHLWHKLGU£XOLFRHOHQIULDGRUGH
DFHLWHKLGU£XOLFRODVERPEDVGHDFHLWHFRQGHVSOD]DPLHQWR
YDULDEOHHOEORTXHFHQWUDOODY£OYXODGHFRQWUROSULQFLSDO\ORV
FLOLQGURVSDUDODIXQFLµQGHHOHYDFLµQ\EDVFXODPLHQWR6XV£UHDV
IXQFLRQDOHVVRQ
 )XQFLµQGHHOHYDFLµQ\GHVFHQVR
 )XQFLµQGHEDVFXODPLHQWR
 3RVLFLµQGHIORWDFLµQPRGRGHIORWDFLµQ
 )XQFLµQGHVDFXGLGDGHODFXFKDUD
2WURVVLVWHPDVTXHSXHGHQDIHFWDUDOVLVWHPDKLGU£XOLFRGH
WUDEDMRVRQHOVLVWHPDGHIUHQRVHOVLVWHPDGHGLUHFFLµQHO
VLVWHPDGHOVHUYRHOVLVWHPDGHVXVSHQVLµQGHODSOXPD%66
DV¯FRPRODIXQFLµQKLGU£XOLFDlRll

(TXLSR
/DP£TXLQDSXHGHVHUVXPLQLVWUDGDFRQGLVWLQWRVWLSRVGHHTXLSR
RSFLRQDOGHSHQGLHQGRGHORVUHTXLVLWRVGHGLIHUHQWHVPHUFDGRV
(MHPSORVVRQODGLUHFFLµQGHSDODQFD&'&HO%66VXVSHQVLµQ
GHORVEUD]RVGHFDUJDODGLUHFFLµQGHHPHUJHQFLDXQEORTXHR
GHOLPSOHPHQWRSRUVHSDUDGRHODSDJDGRDXWRP£WLFRGHOPRWRU
\HOVLVWHPDGHHQJUDVDGRDXWRP£WLFR

0RGLILFDFLRQHV
/DVPRGLILFDFLRQHVGHHVWDP£TXLQDLQFOX\HQGRHOXVRGH
LPSOHPHQWRVDFFHVRULRVXQLGDGHVRSLH]DVQRDXWRUL]DGDV
SXHGHQDIHFWDUODLQWHJULGDGHOHVWDGRGHODP£TXLQD\RVX
FDSDFLGDGSDUDIXQFLRQDUGHODIRUPDSDUDODFXDOHVW£GLVH³DGD
/DVSHUVRQDVRODVRUJDQL]DFLRQHVTXHHIHFW¼HQPRGLILFDFLRQHV
QRDXWRUL]DGDVDVXPHQODUHVSRQVDELOLGDGGHODVFRQVHFXHQFLDV
TXHSXHGDQVXUJLUGHELGRDODPRGLILFDFLµQRTXHSXHGDQ
 3UHVHQWDFLµQ

UHODFLRQDUVHFRQODPRGLILFDFLµQLQFOX\HQGRORVHIHFWRV
QHJDWLYRVHQODP£TXLQD
3URKLELGRUHDOL]DUPRGLILFDFLµQGHQLQJ¼QWLSRHQHVWHSURGXFWR
VLQTXHFDGDPRGLILFDFLµQHVSHF¯ILFDKD\DVLGRSUHYLDPHQWH
DSUREDGDSRUHVFULWRSRU9ROYR&RQVWUXFWLRQ(TXLSPHQW9ROYR
&RQVWUXFWLRQ(TXLSPHQWVHUHVHUYDHOGHUHFKRDUHFKD]DU
UHFODPDFLRQHVEDMRJDUDQW¯DTXHKD\DQVXUJLGRRSXHGDQ
UHODFLRQDUVHFRQPRGLILFDFLRQHVQRDXWRUL]DGDV
/DVPRGLILFDFLRQHVSRGU£QFRQVLGHUDUVHRILFLDOPHQWHDSUREDGDV
VLVHFXPSOHFRPRP¯QLPRXQDGHODVFRQGLFLRQHVVLJXLHQWHV
 (OLPSOHPHQWRHODFFHVRULRODXQLGDGRODSLH]DKDQVLGR
IDEULFDGRVRGLVWULEXLGRVSRU9ROYR&RQVWUXFWLRQ(TXLSPHQW\
KDQVLGRPRQWDGRVVHJ¼QHOP«WRGRDSUREDGRSRUODI£EULFD
\GHVFULWRHQXQDSXEOLFDFLµQGLVSRQLEOHGH9ROYR
&RQVWUXFWLRQ(TXLSPHQWR
 /DPRGLILFDFLµQKDVLGRDSUREDGDSRUHVFULWRSRUHO
GHSDUWDPHQWRGHFRQVWUXFFLµQSDUDHOSURGXFWR
FRUUHVSRQGLHQWHHQ9ROYR&RQVWUXFWLRQ(TXLSPHQW

'LVSRVLWLYRDQWLUURER
HTXLSRRSFLRQDO
,QVWDODQGRXQDSURWHFFLµQDQWLUURERUHVXOWDU£P£VGLI¯FLOHOURER
GHODPDTXLQD9ROYRSXHGHHQWUHJDUSURWHFFLµQDQWLUURERFRPR
HTXLSRRSFLRQDO6LVXP£TXLQDQRHVW£GRWDGDFRQHTXLSR
DQWLUURERLQYHVWLJXHODSRVLELOLGDGGHTXHORLQVWDOHVX
FRQFHVLRQDULR

&DUH7UDFN
/DP£TXLQDSXHGHHVWDUHTXLSDGDFRQ&DUH7UDFNXQVLVWHPD
WHOHP£WLFRGHVDUUROODGRSRU9ROYR&RQVWUXFWLRQ(TXLSPHQW(O
VLVWHPDDOPDFHQDLQIRUPDFLµQVREUHODP£TXLQDWDOFRPR
SRVLFLµQGHODP£TXLQDKRUDVGHIXQFLRQDPLHQWRFRQVXPRGH
FRPEXVWLEOH\QLYHOGHFRPEXVWLEOHTXHSXHGHWUDQVPLWLUVH
SRVWHULRUPHQWHSRUPHGLRVLQDO£PEULFRVDXQRUGHQDGRU+D\
YDULDVYHUVLRQHVGH&DUH7UDFNVHJ¼QODFDQWLGDGGHLQIRUPDFLµQ
GHVHDGD
&DUH7UDFNVLPSOLILFDODSODQLILFDFLµQGHOVHUYLFLR\UHGXFHODV
LQPRYLOL]DFLRQHVFRVWRVDV0HMRUDODSURGXFWLYLGDG\DTXHVH
SXHGHYHUVLVHHVW£XVDQGRODP£TXLQDFRUUHFWDPHQWH\FX£QWR
FRPEXVWLEOHFRQVXPH&DUH7UDFNSHUPLWHWDPEL«QTXHHOFOLHQWH
OLPLWHHO£UHDGHWUDEDMRGHODP£TXLQDHPSOHDQGRO¯PLWHV
JHRJU£ILFRVYLUWXDOHV(VWRFRQWULEX\HDPLQLPL]DUHOULHVJRGH
URER\HOXVRQRDXWRUL]DGRGHODP£TXLQD3DUDP£VLQIRUPDFLµQ
GLU¯MDVHDXQFRQFHVLRQDULRGH9ROYR&RQVWUXFWLRQ(TXLSPHQW
(OVLVWHPD&DUH7UDFNWUDQVPLWHGDWRVGHODPLVPDPDQHUDTXH
XQWHO«IRQRPµYLOFRQXQDWDVDP£[LPDGHVDOLGDGH:(O
WUDQVPLVRUVLHPSUHHVW£FRQHFWDGR\HORSHUDGRUQRSXHGH
GHVFRQHFWDUOR
/DVSUHFDXFLRQHV\UHVWULFFLRQHVORFDOHVDSOLFDEOHVDWHO«IRQRV
PµYLOHVSRUHMHPSORHQFXDQWRDGLVWDQFLDGHVHJXULGDGWDPEL«Q
VHDSOLFDQDOVLVWHPD&DUH7UDFN

2SWL6KLIW
(O2SWL6KLIWLQFOX\HGRVVXEVLVWHPDV
 3UHVHQWDFLµQ 

/RFNXSTXHHQODSRVLFLµQDFRSODGDSURSRUFLRQDXQ
GHWUDQVPLVLµQGHSRWHQFLDGHOPRWRUDODWUDQVPLVLµQDWUDY«V
GHXQDFRSODPLHQWRGLUHFWRHQHOFRQYHUWLGRUGHSDU
5HYHUVH%\%UDNLQJ5%%HVWRWDOPHQWHDXWRP£WLFR\FRQWUROD
ORVIUHQRVFXDQGRVHXVDHOVHOHFWRUGHPDUFKDVSDUDIUHQDUOD
P£TXLQDDOFDPELDUHOVHQWLGRGHODPDUFKDSRUHMHPSORHQ
ODFDUJDGHFLFORFRUWRORFXDOGHVFDUJDHOFRQYHUWLGRUGHSDU
&RPXQHVDORVVLVWHPDVHVTXHVLQS«UGLGDGHSURGXFWLYLGDG
UHGXFHQHOFRQVXPRGHFRPEXVWLEOH\HOGHVJDVWHGHOFRQYHUWLGRU
GHSDUHQYDULDVDSOLFDFLRQHV(QJHQHUDOHOORFNXSGHEHHVWDU
VLHPSUHDFWLYDGR3DUDP£VLQIRUPDFLµQVREUHHOXVRGHOORFNXS
HQGLVWLQWDVDSOLFDFLRQHVYHDHOFDS¯WXORಯ7«FQLFDGH
FRQGXFFLµQರ

6LVWHPDGHVXSUHVLµQGHLQFHQGLRV

HTXLSRRSFLRQDO
(O)LUH6XSSUHVVLRQ6\VWHPHVXQVLVWHPDGHH[WLQFLµQGH
LQFHQGLRVFRQURFLDGRUHVSDUDHOFRPSDUWLPLHQWRGHOPRWRUFRQ
ERTXLOODVURFLDGRUDV
(OVLVWHPDVDWLVIDFHUORVUHTXLVLWRVGH6%)UHJODVVXHFDV
SDUDHTXLSRGHURFLDGRUHVHQPRQWDMHILMR\RWURVGLVSRVLWLYRVGH
SURWHFFLµQFRQWUDLQFHQGLRVHQP£TXLQDVIRUHVWDOHV\GHREUDV
S¼EOLFDV
9HDODS£JLQDSDUDP£VLQIRUPDFLµQ
 3UHVHQWDFLµQ
 0DUFD&(GLUHFWLYD(0&

0DUFD&(GLUHFWLYD(0&
'HFODUDFLµQGHFRQIRUPLGDG
(VWDP£TXLQDWLHQHODPDUFD&((VWRVLJQLILFDTXHFXDQGRVH
HQWUHJDDOFOLHQWHODP£TXLQDFXPSOHFRQORV5HTXLVLWRV
HVHQFLDOHVGHVDOXG\VHJXULGDGDSOLFDEOHVVHJ¼QOD
GHQRPLQDGD'LUHFWLYDGHVHJXULGDGGHP£TXLQDVGHOD8(
&(OD'LUHFWLYDGHUHTXLVLWRVGHVRQLGRHQH[WHULRUHV
&(\ORVUHTXLVLWRVGH&(0VHJ¼QOD&(
6LVHKDFHQPRGLILFDFLRQHVTXHDIHFWDQODVHJXULGDGGHOD
P£TXLQDVHU£QUHVSRQVDEOHVGHHOODVORVTXHUHDOLFHQODV
PRGLILFDFLRQHV

&RPRSUXHEDGHTXHVHFXPSOHQORVUHTXLVLWRVVHLQFOX\HXQD
GHFODUDFLµQGHFRQIRUPLGDGGHOD8(\XQFHUWLILFDGRGH
LQWHQVLGDGVRQRUDHQG%$FRQODP£TXLQD(VWHFHUWLILFDGRGH
UXLGRVLQFOX\HORVYDORUHVH[WHULRUHVPHGLGRV\ODLQWHQVLGDG
VRQRUDJDUDQWL]DGD9ROYRH[SLGHHVWRVFHUWLILFDGRVSDUDFDGD
P£TXLQDLQGLYLGXDO(VWDGHFODUDFLµQGHOD8(FXEUHWDPEL«QORV
LPSOHPHQWRVIDEULFDGRVSRU9ROYR/DGRFXPHQWDFLµQHVXQ
GRFXPHQWRGHYDORUTXHGHEHU£JXDUGDUVHHQOXJDUVHJXURF FRPR
P¯QLPRGXUDQWHGLH]D³RV/DGRFXPHQWDFLµQGHEHU£DFRPSD³DU
VLHPSUHDODP£TXLQDDOHIHFWXDUVHODYHQWDGHODPLVPD
6LVHXVDODP£TXLQDSDUDRWURVILQHVRFRQLPSOHPHQWRVGLVWLQWRV
GHORVLQGLFDGRVHQHVWDLQVWUXFFLµQGHEHU£JDUDQWL]DUVHOD
VHJXULGDGHQFDGDFDVRLQGLYLGXDO(OUHVSRQVDEOHGHWDODFFLµQ
VHU£HOTXHODUHDOLFH\HQFLHUWRVFDVRVSXHGHH[LJLUVHXQD
QXHYDPDUFD&(\ODH[SHGLFLµQGHXQDQXHYDGHFODUDFLµQGH
FRQIRUPLGDGGHOD8(6HU£UHVSRQVDEOHGHHVWRODSHUVRQDTXH
UHDOLFHODPRGLILFDFLµQ
'LUHFWLYD(0&GHOD8(
(QFLHUWRVFDVRVHOHTXLSRHOHFWUµQLFRGHODP£TXLQDSXHGH
SHUWXUEDURWURVHTXLSRVHOHFWUµQLFRVRVXIULUSHUWXUEDFLRQHV
FDXVDGDVSRULPSXOVRVHOHFWURPDJQ«WLFRVSURFHGHQWHVGHO
H[WHULRUTXHSXHGHQLPSOLFDUSHOLJURSDUDODVHJXULGDG
/D'LUHFWLYDGH&(0GHOD8(VREUH&RPSDWLELOLGDG
HOHFWURPDJQ«WLFD&(SURSRUFLRQDXQDGHVFULSFLµQ
JHQHUDOGHOPRYLPLHQWROLEUHGHHTXLSRVHOHFWUµQLFRVHQOD8(
GRQGHORVYDORUHVO¯PLWHVVHKDQHVWDEOHFLGRVHJ¼QQRUPDV
LQWHUQDFLRQDOHV
8QDP£TXLQDRXQDSDUDWRGHEHU£QFXPSOLUORVUHTXLVLWRVSDUD
OOHYDUODPDUFD&(1XHVWUDVP£TXLQDVHVW£QSUREDGDV
HVSHFLDOPHQWHHQORUHVSHFWDDODVSHUWXUEDFLRQHV
HOHFWURPDJQ«WLFDV/DPDUFD&(GHODP£TXLQD\ODGHFODUDFLµQ
GHFRQIRUPLGDGFXEUHQWDPEL«QODGLUHFWLYD(0&
6LKD\RWURVHTXLSRVHOHFWUµQLFRVLQVWDODGRVHQHVWDP£TXLQDORV
HTXLSRVGHEHQWHQHUODPDUFD&(\KDEHUVLGRFRPSUREDGRVHQ
ODP£TXLQDUHVSHFWRDLQWHUIHUHQFLDHOHFWURPDJQ«WLFDVHJ¼QOD
,62VLQRVHSXHGHH[FOXLUHOLPSDFWRVREUHODVIXQFLRQHV
UHODFLRQDGDVFRQODVHJXULGDG
'HFODUDFLµQGHFRQIRUPLGDG
/DVS£JLQDVVLJXLHQWHVPXHVWUDQXQHMHPSORGHXQDFRSLDGHXQD
GHFODUDFLµQGHFRQIRUPLGDGJHQHUDOWUDGXFLGDSDUDODP£TXLQD\
XQDFRSLDWUDGXFLGDGHODGHFODUDFLµQGHFRQIRUPLGDGJHQHUDO
SDUDORVLPSOHPHQWRVHQODFDWHJRU¯DHTXLSDPLHQWR
 3UHVHQWDFLµQ 
0DUFD&(GLUHFWLYD(0& 
LQWHUFDPELDEOHLPSOHPHQWRVTXHSXHGHQVHUFDPELDGRVSRUHO
RSHUDGRU
c127$/DGHFODUDFLµQGHFRQIRUPLGDGVRORWLHQHYDOLGH]HQOD
8QLµQ(XURSHD


 3UHVHQWDFLµQ
 0DUFD&(GLUHFWLYD(0&
9£OLGRSDUDODVFDUJDGRUDVGHUXHGDV9ROYR
(VWHGRFXPHQWRVµORHVDSOLFDEOHHQOD8(

'(&/$5$&,•1'(&21)250,'$'3$5$0ƒ48,1$6,,$
9ROYR&RQVWUXFWLRQ(TXLSPHQW6((6.,/6781$6XHFLDGHFODUDSRUODSUHVHQWHTXHHOSURGXFWR
)DEULFDQWH 9ROYR&RQVWUXFWLRQ(TXLSPHQW
1¼PHURGHPRGHORWLSR / +
1¼PHURGHVHULH
9DWLRV ದN:
1LYHOGHSUHVLµQVRQRUD
1LYHOGHSUHVLµQVRQRUD

DODTXHVHUHILHUHHVW£GHFODUDFLµQFXPSOHFRQODVGLVSRVLFLRQHVDSOLFDEOHVSDUD5HTXLVLWRVGHVDOXG\
VHJXULGDGHVHQFLDOHVVHJ¼Q
OD'LUHFWLYDGHO&RQVHMRGH(XURSD&(UHODWLYDDP£TXLQDV
OD'LUHFWLYDGHO&RQVHMRGH(XURSD&(UHODWLYDDHPLVLRQHVVRQRUDVDOPHGLRDPELHQWHGHHTXLSRV
GHVWLQDGRVSDUDXVRDODLUHOLEUH
OD'LUHFWLYDGHO&RQVHMRGH(XURSD&(UHODWLYDDFRPSDWLELOLGDGHOHFWURPDJQ«WLFD\DODPRGLILFDFLµQ
GHODVP£TXLQDVHQHVWHDVSHFWR\RWUDVGLUHFWLYDVDSOLFDEOHV

1RUPDVDUPRQL]DGDVYLJHQWHV
(1$0£TXLQDVSDUDPRYLPLHQWRGHWLHUUD5HTXLVLWRVJHQHUDOHVGHVHJXULGDG
(1$0£TXLQDVSDUDPRYLPLHQWRGHWLHUUD5HTXLVLWRVSDUDFDUJDGRUDV
(VWDGHFODUDFLµQVµORVHDSOLFDDODP£TXLQDHQHOHVWDGRHQTXHIXHLQWURGXFLGDHQHOPHUFDGR\QRFXEUH
FRPSRQHQWHVPRQWDGRVSRVWHULRUPHQWHQLWUDEDMRVUHDOL]DGRVGHVSX«VGHHVWRSRUHOXVXDULRILQDO
)LUPDGHOHGLWRUDXWRUL]DGR\GHODSHUVRQDDXWRUL]DGDDUHFRSLODUHODUFKLYRW«FQLFRHVWDEOHFLGRHQOD&RPXQLGDG
(XURSHD


)LUPD$FODUDWRULDHQPD\¼VFXODV


&DUJRRW¯WXOR


'LUHFFLµQ\IHFKDGHH[SHGLFLµQ

)LUPDGHOUHSUHVHQWDQWHDXWRUL]DGRHQOD8QLµQ(XURSHDFRQFRPSHWHQFLDSDUDFRQFOXLUHOSURFHVRGHIDEULFDFLµQ
\HODERUDUODGHFODUDFLµQGHFRQIRUPLGDGGHOIDEULFDQWHVLSURFHGH


)LUPD$FODUDWRULDHQPD\¼VFXODV


&DUJRRW¯WXOR


'LUHFFLµQ\IHFKDGHH[SHGLFLµQ

(VWDGHFODUDFLµQFXEUHORVLPSOHPHQWRVGHVDUUROODGRVFRQVWUXLGRV\DSUREDGRVPDUFDGRV\FRPHUFLDOL]DGRV
SRUHOIDEULFDQWHDUULEDPHQFLRQDGR
(OSURSLHWDULRGHODP£TXLQDGHEHU£JXDUGDUHVWDGHFODUDFLµQGXUDQWHXQP¯QLPRGHGLH]D³RVDSDUWLUGHOD
IHFKDGHHQWUHJD
 3UHVHQWDFLµQ 
0DUFD&(GLUHFWLYD(0& 
9£OLGRSDUDLPSOHPHQWRVGHODFDWHJRU¯DHTXLSDPLHQWRLQWHUFDPELDEOHLPSOHPHQWRVTXHSXHGHFDPELDUHO
FRQGXFWRUSDUDFDUJDGRUDVGHUXHGDV9ROYR
(VWHGRFXPHQWRVµORHVDSOLFDEOHHQOD8(

'(&/$5$&,•1'(&21)250,'$'3$5$0ƒ48,1$6,,$

9ROYR&RQVWUXFWLRQ(TXLSPHQW6((6.,/6781$6XHFLDGHFODUDSRUODSUHVHQWHTXHHOSURGXFWR
)DEULFDQWH 9ROYR&RQVWUXFWLRQ(TXLSPHQW
0RGHOR1¼PHURGHWLSR  <<<<<
1¼PHURGHIDEULFDFLµQ ;;;;;;;;;;

DODTXHVHUHILHUHHVW£GHFODUDFLµQFXPSOHFRQODVGLVSRVLFLRQHVDSOLFDEOHVSDUD5HTXLVLWRVGHVDOXG\
VHJXULGDGHVHQFLDOHVVHJ¼Q
'LUHFWLYDGHO&RQVHMRGH(XURSD&(UHODWLYDDP£TXLQDV\DQH[RVUHODWLYRVDP£TXLQDV\RWUDV

GLUHFWLYDVDSOLFDEOHV

1RUPDVDUPRQL]DGDVYLJHQWHV
(1$0£TXLQDVSDUDPRYLPLHQWRGHWLHUUD5HTXLVLWRVJHQHUDOHVGHVHJXULGDG
(1$0£TXLQDVSDUDPRYLPLHQWRGHWLHUUD5HTXLVLWRVSDUDFDUJDGRUDV
(VWDGHFODUDFLµQVµORVHDSOLFDDODP£TXLQDHQHOHVWDGRHQTXHIXHLQWURGXFLGDHQHOPHUFDGR\QRFXEUH
FRPSRQHQWHVPRQWDGRVSRVWHULRUPHQWHQLWUDEDMRVUHDOL]DGRVGHVSX«VGHHVWRSRUHOXVXDULRILQDO
)LUPDGHOHGLWRUDXWRUL]DGR\GHODSHUVRQDDXWRUL]DGDDUHFRSLODUHODUFKLYRW«FQLFRHVWDEOHFLGRHQOD&RPXQLGDG
(XURSHD


)LUPD$FODUDWRULDHQPD\¼VFXODV


&DUJRRW¯WXOR


'LUHFFLµQ\IHFKDGHH[SHGLFLµQ

)LUPDGHOUHSUHVHQWDQWHDXWRUL]DGRHQOD8QLµQ(XURSHDFRQFRPSHWHQFLDSDUDFRQFOXLUHOSURFHVRGHIDEULFDFLµQ
\HODERUDUODGHFODUDFLµQGHFRQIRUPLGDGGHOIDEULFDQWHVLSURFHGH


)LUPD$FODUDWRULDHQPD\¼VFXODV


&DUJRRW¯WXOR


'LUHFFLµQ\IHFKDGHH[SHGLFLµQ

(OSURSLHWDULRGHODP£TXLQDGHEHU£JXDUGDUHVWDGHFODUDFLµQGXUDQWHXQP¯QLPRGHGLH]D³RVDSDUWLUGHOD
IHFKDGHHQWUHJD

(QODS£JLQDKD\XQDWDEODGHFRPELQDFLµQTXHPXHVWUDORVLPSOHPHQWRVGHODFDWHJRU¯DHTXLSDPLHQWR
LQWHUFDPELDEOHLPSOHPHQWRVTXHSXHGHFDPELDUHORSHUDGRU\ODVP£TXLQDVSDUDODVTXHHVW£QDSUREDGRV
GLFKRVLPSOHPHQWRV
 3UHVHQWDFLµQ
 (TXLSRGHFRPXQLFDFLµQLQVWDODFLµQ

(TXLSRGHFRPXQLFDFLµQ
LQVWDODFLµQ
$9,62
7RGDLQVWDODFLµQGHHTXLSRHOHFWUµQLFRGHFRPXQLFDFLµQRSFLRQDO
GHEHQUHDOL]DUODSURIHVLRQDOHVFXDOLILFDGRV\FRQIRUPHDODV
LQVWUXFFLRQHVGH9ROYR&RQVWUXFWLRQ(TXLSPHQW

3URWHFFLµQFRQWUDODVSHUWXUEDFLRQHVHOHFWURPDJQ«WLFDV
(VWDP£TXLQDKDVLGRSUREDGDGHDFXHUGRFRQODGLUHFWLYDGHOD
8(&(TXHUHJXODODVSHUWXUEDFLRQHV
HOHFWURPDJQ«WLFDV3RUHOORHVPX\LPSRUWDQWHTXHVHSUXHEHQ
WRGRVORVDFFHVRULRVHOHFWUµQLFRVWDOHVFRPRHTXLSRVGH
FRPXQLFDFLµQVHDQSUREDGRV\DSUREDGRVDQWHVGHLQVWDODUORV
\XVDUORVGHELGRDTXHSXHGHQSHUWXUEDUHOVLVWHPDHOHFWUµQLFR
GHODP£TXLQD
'LUHFWULFHVSDUDODLQVWDODFLµQGHODDQWHQD
6LJDODVVLJXLHQWHVGLUHFWULFHVSDUDODLQVWDODFLµQ
(OLMDODXELFDFLµQGHODDQWHQDGHIRUPDTXHVHDGDSWHELHQDO
HQWRUQR
(OFDEOHGHODDQWHQDGHEHU£VHUGHOWLSRFRD[LDO&HUFLRUDUVH
GHTXHHOFDEOHQRHVW£GD³DGRTXHODSDQWDOODQRHVW£URWD
HQORVH[WUHPRVVLQRTXHFXEUHODVFXELHUWDVGHFRQWDFWR\
WLHQHEXHQFRQWDFWRJDOY£QLFRFRQ«VWDV
/DVXSHUILFLHHQWUHHOVRSRUWHGHPRQWDMHGHODDQWHQD\HO
SXQWRGHILMDFLµQGHEHU£HVWDUOLEUHGHVXFLHGDG\µ[LGR
3URWHJHUODVVXSHUILFLHVFRQWUDODFRUURVLµQGHVSX«VGHO
PRQWDMHSDUDPDQWHQHUXQEXHQFRQWDFWRJDOY£QLFR
1RVHROYLGHGHVHSDUDUHOFDEOHDGRSHUWXUEDGRUGHO
SHUWXUEDGR(OFDEOHDGRSHUWXUEDGRUFRQVLVWHHQORVFDEOHVGH
DOLPHQWDFLµQGHOHTXLSRGHFRPXQLFDFLµQ\HOFDEOHGHOD
DQWHQD(OFDEOHDGRSHUWXUEDGRFRQVLVWHHQORVFDEOHVGH
FRQH[LµQGHODHOHFWUµQLFDGHODP£TXLQD0RQWHHOFDEOHDGR
ORP£VFHUFDSRVLEOHGHODVVXSHUILFLHVGHFKDSDFRQHFWDGDV
DOFXHUSRPDVD\DTXHHVWDVDFW¼DQFRPRSDQWDOOD
 3UHVHQWDFLµQ 
&RPSRQHQWHVGHVHJXULGDG 

&RPSRQHQWHVGHVHJXULGDG
/DVSLH]DVGHUHFDPELRDXW«QWLFDVGH9ROYRJDUDQWL]DUODPHMRU
YLGD¼WLOILDELOLGDG\VHJXULGDGSDUDODP£TXLQD\HORSHUDGRU6L
QRVHXVDQSLH]DVILDEOHV\DGHFXDGDVSDUDHOSURSµVLWRVX
VHJXULGDGVXVDOXG\HOIXQFLRQDPLHQWRGHODP£TXLQDSXHGHQ
YHUVHFRPSURPHWLGRV&RQWDFWHFRQVXFRQFHVLRQDULRHLQGLTXH
ODGHQRPLQDFLµQGHPRGHORQ¼PHURGHVHULHGHODP£TXLQD
Q¼PHURGH3,1DOVROLFLWDUSLH]DVGHUHFDPELR3DUDODSRVLFLµQ
GHODSODFDGH3,1YHDODVHFFLµQ3ODFDVGHSURGXFWR
6XFRQFHVLRQDULR9ROYRVLHPSUHGLVSRQHGHLQIRUPDFLµQ
DFWXDOL]DGDVREUHSLH]DVGHUHFDPELRODFXDOVHDFWXDOL]DD


LQWHUYDORVUHJXODUHVDWUDY«VGHOVLVWHPDGHLQIRUPDFLµQ3526,6
3LH]DVGHODP£TXLQD\GHUHFDPELRFODVLILFDGDVFRPR
FU¯WLFDVSDUDODVHJXULGDG
3LH]DVGHODP£TXLQD\GHUHFDPELRFODVLILFDGDVFRPRFU¯WLFDV
SDUDODVHJXULGDGVLJQLILFDTXHORVFRPSRQHQWHVHVW£Q
GHVWLQDGRVDFXPSOLUXQDIXQFLµQGHVHJXULGDG

(MHPSORVGHSLH]DVGHODP£TXLQDSLH]DVGHUHFDPELR
FODVLILFDGDVFRPRFU¯WLFDVSDUDODVHJXULGDG
'LVSRVLWLYRVJXDUGDVGHSURWHFFLµQH[WUD¯EOHVVREUHSLH]DV
JLUDWRULDVRVXSHUILFLHVFDOLHQWHV
3ODFDVGHSURWHFFLµQULHOHVFXELHUWDV\SHOGD³RV
&RPSRQHQWHVLQFOXLGRVHQVLVWHPDVSDUDUHGXFLUHOVRQLGR\
ODVYLEUDFLRQHV
&RPSRQHQWHVLQFOXLGRVHQVLVWHPDVSDUDPHMRUDUODYLVLELOLGDG
GHORSHUDGRU
$VLHQWRFRPSOHWRGHORSHUDGRULQFOX\HQGRFLQWXUµQGH
VHJXULGDGDEGRPLQDO
3HJDWLQDV\SODFDV
)LOWURGHODFDELQD
127$
/DVSLH]DVGHODP£TXLQD\GHUHFDPELRFODVLILFDGDVFRPR
FU¯WLFDVSDUDODVHJXULGDGVHYROYHU£QDPRQWDUVHUHSDUDU£QR
VHVXVWLWXLU£QLQPHGLDWDPHQWHVLVHKDQUHWLUDGRRGD³DGR
$OFDPELDUHORSHUDGRUSURSLHWDULRGHODP£TXLQDORVIDOORV\
GHIHFWRVHQSLH]DVGHODP£TXLQD\GHUHFDPELRFODVLILFDGDV
FRPRFU¯WLFDVSDUDODVHJXULGDGVHQRWLILFDU£QLQPHGLDWDPHQWH\
VHHVWDEOHFHU£XQSODQGHDFFLµQ
+D\P£VLQIRUPDFLµQLPSRUWDQWHHQHOOLEURGHLQVWUXFFLRQHV
DFHUFDGHORVFRPSRQHQWHVTXHVHFRQVLGHUDQFU¯WLFRVSDUDOD
VHJXULGDG
 3UHVHQWDFLµQ
 /HWUHURVGHLGHQWLILFDFLµQ

/HWUHURVGHLGHQWLILFDFLµQ
 3UHVHQWDFLµQ
 /HWUHURVGHLGHQWLILFDFLµQ

8WLOL]DQGRODVSODFDVGHSURGXFWROLVWDGDVDEDMRHVSRVLEOHLGHQWLILFDUODP£TXLQD\VXVFRPSRQHQWHV,QGLTXH
HVWRVQ¼PHURVFXDQGRSLGDSLH]DVGHUHFDPELRRFXDQGRUHDOLFHFRQVXOWDV




 

9

 




9
 3UHVHQWDFLµQ 
/HWUHURVGHLGHQWLILFDFLµQ 

3OXPD 3HJDWLQDGHOPRWRUHVFDSH
(OQRPEUH\GLUHFFLµQGHOIDEULFDQWHHOQ¼PHURGH /DGHVLJQDFLµQGHOWLSRGHPRWRU\HOQ¼PHURGHO
FRPSRQHQWH\HOQ¼PHURGHVHULHGHODSOXPD FRPSRQHQWH
127$
7HQJDHQFXHQWDHOWLSRGHPRWRUFRQHOTXHHVW£
HTXLSDGDODP£TXLQD\VLJDODVLQVWUXFFLRQHVTXH
DSOLFDQDOPRWRU
0DUFDSULQFLSDO (MHGHODQWHUR
3,1GHODP£TXLQDHVWDPSDGRHQHOODGR 1RPEUH\GLUHFFLµQGHOIDEULFDQWH\Q¼PHURGHO
L]TXLHUGR FRPSRQHQWHGHOHMHGHDFFLRQDPLHQWRGHODQWHUR
3ODFDGHSURGXFWR
(OQRPEUH\GLUHFFLµQGHOIDEULFDQWHHOQ¼PHURGH
7UDQVPLVLµQ
1RPEUH\GLUHFFLµQGHOIDEULFDQWH\Q¼PHURGHO

SURGXFWR\HOQ¼PHURGHVHULHGHODP£TXLQD FRPSRQHQWHGHODWUDQVPLVLµQ
3ODFDVXSOHPHQWDULDGHODSODFDGHSURGXFWR (MHWUDVHUR
3HVRGHODP£TXLQDFRQILJXUDFLµQP£VFRP¼QGH 1RPEUH\GLUHFFLµQGHOIDEULFDQWH\Q¼PHURGHO
ODP£TXLQDSRWHQFLDGHOPRWRUD³RGH FRPSRQHQWHGHOHMHGHDFFLRQDPLHQWRWUDVHUR
IDEULFDFLµQD³RGHHQWUHJD\SRVLFLµQGHODPDUFD
&(VRORSD¯VHVGH8((((
&DELQD 3HJDWLQDGHOHVFDSHVXSOHPHQWDULR
(OQRPEUH\ODGLUHFFLµQGHOIDEULFDQWHHOQ¼PHUR /DGHVLJQDFLµQGHOWLSRGHPRWRU\HOQ¼PHURGH
GHSURGXFWRODGHQRPLQDFLµQGHPRGHORGHOD FRPSRQHQWHGHP£VI£FLODFFHVRTXHODSHJDWLQDGHO
P£TXLQDHOSHVRP£[LPRFRPSUREDGRSDUDHO HVFDSHRUGLQDULRODFXDOSXHGHHVWDUHVFRQGLGD
FXDOODFDELQDHVW«DSUREDGDVHJ¼QXQDSUXHEDGH
OD5236HOQ¼PHURGHVHULHGHODFDELQDHO
Q¼PHURGHOD5236)236\HOQ¼PHURGH
FHUWLILFDGRGHOD5236)2363ODFDVLWXDGDHQHO
LQWHULRUGHOPRQWDQWHHQODFDELQD

3DUDHOSHVRUHOHYDQWHGHODP£TXLQDGHSHQGLHQGRGHORVQHXP£WLFRVHTXLSDPLHQWR\FRPELQDFLRQHVGH
LPSOHPHQWRVYHDODS£JLQD
3DUDHOSHVRWRWDOP£[LPRGHODP£TXLQDYHDODS£JLQD
 3UHVHQWDFLµQ
 3HJDWLQDVGHLQIRUPDFLµQ\DGYHUWHQFLD

3HJDWLQDVGHLQIRUPDFLµQ\
DGYHUWHQFLD
(ORSHUDGRUHVWDU£SHQGLHQWH\VHJXLU£WRGDODLQIRUPDFLµQ\
SODFDVSHJDWLQDVGHDGYHUWHQFLDVLWXDGDVHQODP£TXLQD1R
WRGDVODVSODFDVSHJDWLQDVVHHQFXHQWUDQHQWRGDVODV
P£TXLQDVSXHVWRTXHGHSHQGHQGHOPHUFDGR\GHODP£TXLQD
/DVSHJDWLQDVSODFDVGHEHQPDQWHQHUVHOLEUHVGHVXFLHGDG
SDUDTXHVHSXHGDQOHHU\FRPSUHQGHU6LVHKDQSHUGLGRR\D
QRVRQOHJLEOHVWLHQHQTXHFDPELDUVHLQPHGLDWDPHQWH(O
Q¼PHURGHSLH]DQ¼PHURGHSHGLGRVHPXHVWUDHQFDGD
SHJDWLQDSODFDGHOFDW£ORJRGHSLH]DV
/DSDODEUD$'9(57(1&,$DSDUHFHHQODVSHJDWLQDVGH
DGYHUWHQFLDGH$P«ULFDGHO1RUWH
 3UHVHQWDFLµQ 
3HJDWLQDVGHLQIRUPDFLµQ\DGYHUWHQFLD 

   
 
   

  
 





              
 

 




            





   9     
 3UHVHQWDFLµQ
 3HJDWLQDVGHLQIRUPDFLµQ\DGYHUWHQFLD
$






$
   





9
9

9

 

3XQWRGHHOHYDFLµQFXDQGRVH c$'9(57(1&,$1RDQGHVREUH c$'9(57(1&,$5LHVJRGH

HOHYD XQLPSOHPHQWROHYDQWDGRQ¼PHUR DSODVWDPLHQWRHQODDUWLFXODFLµQ
GHSLH]DGHUHFDPELRHQ((88 GHOEDVWLGRUVLVHPXHYHOD
 P£TXLQDQ¼PHURGHSLH]DGH
UHFDPELRHQ((88
 3UHVHQWDFLµQ 
3HJDWLQDVGHLQIRUPDFLµQ\DGYHUWHQFLD 

9


c$'9(57(1&,$6LVWHPD c$'9(57(1&,$$QWHVGH 3XQWRGHILMDFLµQSDUDDPDUUH

SUHVXUL]DGRQ¼PHURGHSLH]DGH FRQHFWDUORVFDEOHVGHDUUDQTXHOHD
UHFDPELRHQ((88 HO/LEURGHLQVWUXFFLRQHVQ¼PHURGH
SLH]DGHUHFDPELRHQ((88
 
9

9

9

 

9DFLDGR c$'9(57(1&,$6XSHUILFLHV c$'9(57(1&,$9HQWLODGRU

FDOLHQWHVQ¼PHURGHSLH]DGH JLUDWRULRQ¼PHURGHSLH]DGH
UHFDPELRHQ((88 UHFDPELRHQ((88

/:$

G% 


V1136445 9

1LYHOGHSRWHQFLDVRQRUDIXHUD 7UDQVPLVLµQOHDHO/LEURGH 'HVFRQHFWDGRUGHEDWHU¯D

GHODP£TXLQD LQVWUXFFLRQHV






9 9

6RORHQFRPELQDFLµQFRQOD c$'9(57(1&,$1RSLVHVREUH 5HIULJHUDQWH5D

JXDUGDGHODUHMLOODGHSURWHFFLµQ HVWDVXSHUILFLHQ¼PHURGHSLH]DGH
HTXLSRRSFLRQDO UHFDPELRHQ((88
 3UHVHQWDFLµQ
 3HJDWLQDVGHLQIRUPDFLµQ\DGYHUWHQFLD

9



c$'9(57(1&,$0£TXLQDGH 3HJDWLQDGHFRPEXVWLEOHVROR 3HJDWLQDGHFRPEXVWLEOH

LQYHUVLµQQ¼PHURGHSLH]DGH ((88 VROR8(
UHFDPELRHQ((88 0£[SSPGH$=8)5( 0£[SSPGH$=8)5(
9



)XHU]DP£[LPDHQHO 3XQWRGHOOHQDGRGHFRPEXVWLEOH 3XQWRGHOOHQDGRGHDFHLWH

GLVSRVLWLYRGHUHPROTXHOHDHO
/LEURGHLQVWUXFFLRQHV



9
9


1LYHOGHDFHLWHKLGU£XOLFR 0DUFDGRGHORVDJXMHURV )LOWURGHDLUHOHDHO/LEURGH

GHVWLQDGRVDODOXFKDFRQWUD LQVWUXFFLRQHV
LQFHQGLRVPDQXDO 9



8VHUHIULJHUDQWH9ROYR&RRODQW 5HIULJHUDQWHFDOLHQWH c$'9(57(1&,$&DPSRV

9&6ದOHDHO/LEURGHLQVWUXFFLRQHV HOHFWURPDJQ«WLFRV&(0/HDHO
/LEURGHLQVWUXFFLRQHV
 3UHVHQWDFLµQ 
3HJDWLQDVGHLQIRUPDFLµQ\DGYHUWHQFLD 



$ORSHUDUHQY¯DVS¼EOLFDVHVW£
SURKLELGRWHQHUODGLUHFFLµQGH
c$'9(57(1&,$/HDSULPHURHO
/LEURGHLQVWUXFFLRQHVQ¼PHURGH 
SDODQFD&'&DFWLYDGDXVHHO SLH]DGHUHFDPELRHQ((88
YRODQWH  1RVHXVD

LpA LpA
dB dB

11180147 V1136498 11180148 V1136499

6DOLGDGHHPHUJHQFLD 1LYHOGHSUHVLµQVRQRUDHQOD 1LYHOGHSUHVLµQVRQRUDHQOD

FDELQD/+ FDELQD/+/+

/HIW7XUQ :DUQLQJ6WRS :DUQLQJ&KHFN,QIR 5LJKW7XUQ 6H³DO $GYHUWHQFLD 6H³DO

$GYHUWHQFLD3DUDU ,QIR
6LJQDO 0DFKLQH 0DFKLQH 6LJQDO (QJLQH .LFN'RZ Q *LUDUDOD,]TXLHUGD 9HULILFDU0DTXLQD *LUDUDOD'HUHFKD )UHQ R .LFN'RZ Q
0DTXLQD
(QJLQHHU %UDN H +RU Q 7DFRPHWUR PRWR U
0DFKLQH7UDYHO 9HORFLGDGGH9LDMH %RFLQ D
UPLQ UPLQ
6SHHG GHOD0DTXLQD

)RUZDUG  6HQWLGRGH
1LYHO
'()6&5 7UDQVPLVVLRQ 7HPS$FHLWH
5HYHUVH '()6&5
/HYHO 2LO7HPS 7UDQVPLFLµQ PDUFK D

Kick Down
$OWD )15
+LJK([KDXVW'LIIORFN 7HPSHUDWXUD 'LIIORFN
7HPSHUDWXUH (QJDJHG (QJLQH ([RVWR $FRSODGR 7HPS$FHLWH
2LOWHPS )RUZDUG  ,QGLFDGRUGH 0RWRU
/RZ)XHO/HYHO %DMR&RPEXVWLEOH %RWµQ
,QGLFDWRU 5HYHUV H
$FWLYDWLR Q DFWLYDF LµQ

(1st gear)
)XHO/HYHO 1LYHO
/HYHU/RF N &RPEXVWLEOH
%ORTXHRG H
$7 7$&+0(17 /,%(5$5
0DLQ/LJKW &'&$FWLYDWHG
%RRP6XVSHQVLRQ &'&$FWLYDGR SDODQF D
5(/($6( /XFHV3ULQFLSDOHV 6XVSHQFLµQ%RRP
+LJK%HDP %DFRQ $'-8172
5HJHQHUDWLRQ$FWLYDWHG
:RUNLQJ 3DUNLQJ (QJLQH2LO %DWWHU\ 6HDWEHOW '()6&5 .LFN'RZ Q +RU Q /XFHV$OWDV /X] $FWLYDGR
5HJHQHUDFLµQ .LFN'RZ Q %RFLQ D
/LJKW (QJLQH )DUR /XFHVGH )UHQRGH 3UHVLµQ &RQGLFLµQ5HFRUGDWRULR
/LJKW %UHDN 3UHVVXUH &RQGLWLRQ5HPLQGHU :DUQLQJ1HHGHG 7UDEDMR 3DUTXHR $FHLWH %DWHULD &LQWXURQGH UHTXHULGD
%UDN H 0RWRU 6HJXULGDG )UHQ R
PRWR U
)RUZDUG  QG H
$8; 
5HYHUV H $8;  DFWLYDF L
$FWLYDWLR Q
$/7 $/7(51
$7,9$
.LFN'RZ Q
.LFN'RZ Q
VWJHDU  /HYHU/RF N VWJHDU  %ORTXHRG H
SDODQF D

)RUZDUG 
6HQWLGRGH
5HYHUV H
PDUFK D
)1 5
+$=$5'
$'9(57(1&,$
:$51,1* $/7 3(/,*52
3$5.,1* $/7 )5(12'(
$/7(51$7,9$
%5$.(
3$548(2 $/7(51
$7,9$

%8&.(7 %8&.(7 )5217 5($5

7,0(5 7,0(5 /8&(6 /8&(6
:25.,1* :25.,1* %$-$5 /(9$17$5
&$%+($7,1* 52//%$&. 5$,6( &$/()$&&,•1&$%,1$ )5217$/(6 75$6(5$6
726723 /,*+76 /,*+76 &8%2 &8%2
726723 '(75$%$-2 '(
+$67$ +$67$
75$%$-2
3$5$5 3$5$5

 $&

)$15(*8/$7,21 7(0 3 5(&,5&8/$7,21 5(7851

0$67(5
/,*+7
%($&21
/,*+7
6,'(
/,*+7
 $&
5(*8/$'25 7(03 5(&,5&8/$&,•1 5(7251$5 /8= /8= /8&(6/$7(5$/(6/8&(6'(&257(6,$
7 2',* 9(17,/$'25 0$(675$ )$52
$(6&$9$5

$'-867$%/(
(63(-2


5($50,5525

 75$6(52
$-86 7$%/(
6,1*/(
3$57,&/( )/2$7,1*
$8 720 $7,& $&7,1*
326,7,21 ),/752'( 326,&,•1 6,03/(
),/7(5 .,&.'2:1 '2:1 0,5525 5($5 .,&.'2:1
5(*(1(5$7,21 5(*(1(5$&,•1 )/27$17( ())(&72
'()5267,1* :,3(5 $8 720 ƒ7,&2
'(0,67,1* :$6+(5 9 '(3$57,&8/$6 $%$-2 '(&21*(/$'25 /,03,$3$5$%5,6$6
'(6(03$“$'25 9
'((63(-2 /$9$3$5$%5,6$6

 &219(57(5 %220 
75$6(52


6863(16,21
/2&.83 &219(57,'25 6,67(0$
6<67 (0 21 /2&.83 '(
21
67$57 6863(1&,•1
%220 ,1,&,$5

 2))


9 2))

        
,*1,7,21.(<
 //$9('((1&(1','2

9 9

9LVLµQJHQHUDOGHORVPDQGRV )XQFLRQHVGHODSDODQFD 9LVLµQJHQHUDOGHORVPDQGRV

GHODFDELQDHQLQJO«V LQGLYLGXDO GHODFDELQDHQHVSD³RO

',6&211(&767((5,1*
)5$0(/2&.%()25(
9

029,1*0$&+,1(


9
 3UHVHQWDFLµQ
 3HJDWLQDVGHLQIRUPDFLµQ\DGYHUWHQFLD
(VW£SURKLELGRVROGDU\R c$'9(57(1&,$&RPSUXHEH 'HVDFRSOHHOEORTXHRGHO
WDODGUDUHQODFDELQD TXHHOLPSOHPHQWRHVW£EORTXHDGR EDVWLGRUDQWHVGHPRYHUOD
Q¼PHURGHSLH]DGHUHFDPELRHQ P£TXLQD
((88

  

3HJDWLQDUHIOHFWRUDSOXPD 3HJDWLQDUHIOHFWRUDSHOGD³RV 3HJDWLQDUHIOHFWRUDUHMLOOD
HTXLSDPLHQWRRSFLRQDO HTXLSRRSFLRQDO HTXLSDPLHQWRRSFLRQDO

  

3HJDWLQDUHIOHFWRUDUHMLOOD 3HJDWLQDUHIOHFWRUDFDSµ 3HJDWLQDUHIOHFWRUDFDSµ
HTXLSDPLHQWRRSFLRQDO HTXLSDPLHQWRRSFLRQDO HTXLSDPLHQWRRSFLRQDO

  

3HJDWLQDUHIOHFWRUDWHFKRGHOD 3HJDWLQDUHIOHFWRUDFDELQD 3HJDWLQDUHIOHFWRUDFDELQD
FDELQDHTXLSDPLHQWRRSFLRQDO HTXLSDPLHQWRRSFLRQDO HTXLSDPLHQWRRSFLRQDO

/+ /+

/+ /+
/++/ /++/
/+ /+
/+ /+ 
3HJDWLQDUHIOHFWRUD 3HJDWLQDUHIOHFWRUD 3HJDWLQDUHIOHFWRUD92/92
GHQRPLQDFLµQGHPRGHOR GHQRPLQDFLµQGHPRGHOR HTXLSDPLHQWRRSFLRQDO
HTXLSDPLHQWRRSFLRQDO HTXLSDPLHQWRRSFLRQDO

9
9



3HJDWLQDUHIOHFWRUD92/92 c$'9(57(1&,$$EHUWXUDGHOD c$'9(57(1&,$&DELQD
HTXLSDPLHQWRRSFLRQDO SXHUWDFRQWURODGDSRUFRQWURO EDVFXODQWHULHVJRGH
UHPRWRULHVJRGHFD¯GDVHTXLSR DSODVWDPLHQWR3DUDWUDEDMRVGH
RSFLRQDO WDOOHUODLQIRUPDFLµQHVW£
GLVSRQLEOHHQHOPDQXDOGHWDOOHU

/¯PLWHGHYHORFLGDGNPK
VROR$OHPDQLD
 3DQHOHVGHLQVWUXPHQWRV 


3DQHOHVGHLQVWUXPHQWRV
$'9(57(1&,$
5LHVJRGHOHVLRQHVJUDYHV
2SHUDUODP£TXLQDVLQODVVXILFLHQWHVDSWLWXGHV\FRQRFLPLHQWR
GHOFRQWHQLGRGHOOLEURGHLQVWUXFFLRQHVSXHGHOOHYDUDXQD
S«UGLGDGHOFRQWUROGHODP£TXLQD\SXHGHFDXVDUOHVLRQHVJUDYHV
LQFOX\HQGRODPXHUWH
/HDFXLGDGRVDPHQWHHOOLEURGHLQVWUXFFLRQHV\DSU«QGDVHODV
VH³DOHVGHDGYHUWHQFLDV¯PERORVHLQVWUXFFLRQHVGHRSHUDFLµQ
DQWHVGHRSHUDUODP£TXLQD



&RQVHUYHHO/LEURGHLQVWUXFFLRQHVHQODFDELQDSDUDTXHVLHPSUH
HVW«GLVSRQLEOH
3DQHOHVGHLQVWUXPHQWRV
 3DQHOGHODQWHURSDUDQGHLQIRUPDFLµQ
LQWHUUXSWRUHV\WHFODGR
 3DQHOGHOWHFKRFOLPDWL]DGRU
 3DQHOGHSRVWHGHFDELQDLQWHUUXSWRUHV
HQFHQGLGRFRQWUROGHODPDULSRVDPDQXDO\WRPD
GH9
 3DQHOHVGHLQVWUXPHQWRV

 3DQHOWUDVHURFRQWRPDGH9FDMDGH
GLVWULEXFLµQHO«FWULFDFRQIXVLEOHV\UHO«VWRPD
SDUDKHUUDPLHQWDGHVHUYLFLR
 3DQHOGHPDQGRVHTXLSRRSFLRQDO
 3DQHOHVGHLQVWUXPHQWRV 
3DQHOGHLQVWUXPHQWRVGHODQWHUR 

3DQHOGHLQVWUXPHQWRVGHODQWHUR
3DQHOGHLQVWUXPHQWRVGHODQWHUR






  
9

 )UHQRGHHVWDFLRQDPLHQWR
 7HFODGR
 &LHUUHGHLPSOHPHQWRVHSDUDGRHTXLSRRSFLRQDO
 8QLGDGGHSDQWDOODGHLQIRUPDFLµQSDQHOGHSDQWDOOD
 ,QWHUPLWHQWHVGHDGYHUWHQFLD
 5HVHUYD
 5HVHUYD

)UHQRGHHVWDFLRQDPLHQWR
)XQFLRQDPLHQWRGHOIUHQRGHHVWDFLRQDPLHQWR9HUODS£JLQD


9

7HFODGR
,QIRUPDFLµQVREUHHOWHFODGRHQODS£JLQD

9

 3DQHOHVGHLQVWUXPHQWRV
 3DQHOGHLQVWUXPHQWRVGHODQWHUR
&LHUUHGHLPSOHPHQWRVHSDUDGRHTXLSRRSFLRQDO
127$
(OVLVWHPDGHVXVSHQVLµQGHORVEUD]RVGHFDUJDGHEHHVWDU
GHVDFWLYDGRDOFRPSUREDUHOIXQFLRQDPLHQWRGHOFLHUUHGHO
LPSOHPHQWR

$'9(57(1&,$
9 5LHVJRGHDSODVWDPLHQWR
 8QLPSOHPHQWRQRILMDGRSRGU¯DFDHUVH\SURYRFDUOHVLRQHV
JUDYHVRODPXHUWH
$VHJ¼UHVHVLHPSUHGHTXHHOLPSOHPHQWRHVW£ELHQILMDGR
SUHVLRQDQGRODSDUWHGHODQWHUDGHOLPSOHPHQWRFRQWUDHOVXHOR
KDVWDTXHODP£TXLQDHVW«OLJHUDPHQWHOHYDQWDGD
(OHTXLSREULQGDDOFRQGXFWRUODSRVLELOLGDGGHDFRSODU\
GHVDFRSODUHOLPSOHPHQWRGHVGHHOSXHVWRGHFRQGXFFLµQ9HUOD
S£JLQD
3UHVLRQHHOERWµQURMRHQODSDUWHVXSHULRUGHOLQWHUUXSWRUSDUD
DEULUHOEORTXHRGHOLPSOHPHQWR
3UHVLRQHODSDUWHLQIHULRUGHOLQWHUUXSWRUSDUDFHUUDUHOEORTXHRGHO
LPSOHPHQWR
127$
&XDQGRHVW£FRQHFWDGRHOLQWHUUXSWRUVHSXHGHPDQLREUDUDO
PLVPRWLHPSRODIXQFLµQGHEDVFXODPLHQWR\HOHYDFLµQSDUD
HQFDMDUHOLPSOHPHQWR
 $SDUHFHHQODSDQWDOODXQPHQVDMHGHDGYHUWHQFLD&LHUUHGH
LPSOHPHQWRDELHUWR(IHFW¼HHODFRSODPLHQWRVHJ¼QODS£JLQD

3DQHOGHLQIRUPDFLµQ
$GRSWDQGRPHGLGDVDWLHPSRVHSXHGHQLPSHGLUJUDYHVGD³RV
DODP£TXLQD3RUHOOR«FKHOHXQYLVWD]RGHFXDQGRHQFXDQGR
DOSDQHOGHLQIRUPDFLµQTXHSURSRUFLRQDLQIRUPDFLµQDORSHUDGRU
VLRFXUUHDOJRTXHUHTXLHUHWRPDUPHGLGDV3DUDFRQWURODUHO
9 IXQFLRQDPLHQWRGHORVLQVWUXPHQWRV\PDQGRVGHEHU£HVWDU
 FRQHFWDGDODFRUULHQWH\ODFHUUDGXUDGHHQFHQGLGRHQODSRVLFLµQ
SRVLFLµQGHFRQGXFFLµQ9HDODH[SOLFDFLµQGHORVV¯PERORV
TXHDSDUHFHP£VDGHODQWHHQHOPDQXDO
,QWHUPLWHQWHVGHDGYHUWHQFLD
3DUWHVXSHULRUGHOLQWHUUXSWRUSUHVLRQDGD 6HHQFLHQGHQWRGRV
ORVLQGLFDGRUHVGHGLUHFFLµQ\ODO£PSDUDGHOLQWHUUXSWRUDOPLVPR
WLHPSRTXHODO£PSDUDWHVWLJRGHLQGLFDGRUHVGHGLUHFFLµQ
SDUSDGHDDOULWPRGH«VWRV/RVLQWHUPLWHQWHVGHDGYHUWHQFLD
SXHGHQXVDUVHWDPEL«QDXQTXHQRHVW«FRQHFWDGDODFHUUDGXUD
GHHQFHQGLGR


5HVHUYD
5HVHUYD
 3DQHOHVGHLQVWUXPHQWRV 
3DQHOGHLQVWUXPHQWRVGHODQWHUR 
8QLGDGGHSDQWDOODGHLQIRUPDFLµQSDQHOGHSDQWDOOD
    
 


 


9

              

 1LYHOGH$G%OXHp'()  /X]GHDGYHUWHQFLDJLUDWRULDDPDULOOD

D

 9HORF¯PHWUR  $OXPEUDGRGHWUDEDMRDPDULOOD

 3DQWDOOD  )UHQRGHHVWDFLRQDPLHQWRDSOLFDGRURMD
 ,QWHUPLWHQWHGHGLUHFFLµQL]TXLHUGRYHUGH  3UHVLµQEDMDGHDFHLWHGHOPRWRUURMD
 $GYHUWHQFLDFHQWUDOURMD  &DUJDGHODEDWHU¯DURMD
 $GYHUWHQFLDFHQWUDODPDULOOD  $G%OXHp'()DGYHUWHQFLD£PEDU
D
 6¯PERORGHLQIRUPDFLµQD]XO  5HJHQHUDFLµQQHFHVDULD£PEDU
D
 ,QWHUPLWHQWHGHGLUHFFLµQGHUHFKRYHUGH  7HPSHUDWXUDDOWDGHORVJDVHVGHHVFDSH
GXUDQWHODUHJHQHUDFLµQ£PEDU
D
 &XHQWDUUHYROXFLRQHV  %ORTXHDGRUGHOGLIHUHQFLDODFRSODGRYHUGH
 $OWDWHPSHUDWXUDGHDFHLWHGHODWUDQVPLVLµQ  6XVSHQVLµQGHORVEUD]RVGHFDUJDDFWLYDGD
YHUGH
 1LYHOGHFRPEXVWLEOHEDMR£PEDU  'LUHFFLµQGHSDODQFDDFWLYDGDYHUGH
 1LYHOGHFRPEXVWLEOH  7HPSGHOUHIULJHUDQWH
 /X]ODUJDD]XO
D6RORVHDSOLFDDP£TXLQDVFRQPRWRU'-
 3DQHOHVGHLQVWUXPHQWRV
 3DQHOGHLQVWUXPHQWRVGHODQWHUR

1LYHOGH$G%OXHp'()
&XDQGRHOLQGLFDGRUPXHVWUDTXHHOGHSµVLWRHVW£YDF¯R
VHDFWLYDODO£PSDUDGHDGYHUWHQFLDDODL]TXLHUGDGHO
LQGLFDGRU6LHOQLYHOEDMDP£VVHPXHVWUDXQPHQVDMH
HQODSDQWDOOD/DP£TXLQDVHGHEHUHOOHQDUKDVWDHO
P£[LPRFRQ$G%OXHp'()ORDQWHVSRVLEOHYHDOD
S£JLQD$G%OXHp'()OOHQDGRSDUDHOOOHQDGR

9

9HORF¯PHWUR
(OYHORF¯PHWURPXHVWUDODYHORFLGDGGHWUDVODFLµQGHOD
P£TXLQD\HVW£JUDGXDGRGHDNPKPSK

9

3DQWDOOD
(QODSDQWDOODVHYLVXDOL]DQDGHP£VGHORVWH[WRVGH
DGYHUWHQFLDODVHFXHQFLDGHDUUDQTXHLQIRUPDFLµQGH
FRQGXFFLµQ\DMXVWHV9HUODS£JLQD



 R
 OK )O / &

9

,QWHUPLWHQWHGHGLUHFFLµQL]TXLHUGRYHUGH
/DOX]GHVWHOODFXDQGRODSDODQFDVHPXHYHKDFLD
GHODQWHYHDODS£JLQD8QGHVWHOORLUUHJXODULQGLFD
XQDERPELOODGHIHFWXRVDTXHGHEHU¯DVXVWLWXLUVH
$GYHUWHQFLDFHQWUDOURMD
/DO£PSDUDSDUSDGHDVLKD\YDORUHVGHIXQFLRQDPLHQWR
DQµPDORVRVLVXUJHQIDOORVGHIXQFLRQDPLHQWR(OWH[WR
GHDGYHUWHQFLDVHYLVXDOL]DHQODSDQWDOOD(O]XPEDGRU
9
VXHQDKDVWDTXHVHKD\DWRPDGRODPHGLGDQHFHVDULD
127$
0XHYDODP£TXLQDKDVWDXQOXJDUVHJXUR
$GYHUWHQFLDFHQWUDODPDULOOD
/DO£PSDUDSDUSDGHDFXDQGRXQDIXQFLµQHVW£DFRSODGD
RGHVDFRSODGDRFXDQGRHVQHFHVDULRVXSHUYLVDUXQD
IXQFLµQSHMILOWURREWXUDGR(OWH[WRGHDGYHUWHQFLDVH
YLVXDOL]DHQODSDQWDOOD\HO]XPEDGRUVXHQDFXDWUR
YHFHV
 3DQHOHVGHLQVWUXPHQWRV 
3DQHOGHLQVWUXPHQWRVGHODQWHUR 
6¯PERORGHLQIRUPDFLµQD]XO
,QGLFDDOJ¼QWLSRGHGLVFUHSDQFLD(OWH[WRGH
DGYHUWHQFLDVHYLVXDOL]DGXUDQWHVHJXQGRVHQOD
SDQWDOOD(O]XPEDGRUVXHQDGRVYHFHV

,QWHUPLWHQWHGHGLUHFFLµQGHUHFKRYHUGH
/DOX]GHVWHOODFXDQGRODSDODQFDVHPXHYHKDFLDDWU£V
YHDODS£JLQD8QGHVWHOORLUUHJXODULQGLFDXQD
ERPELOODGHIHFWXRVDTXHGHEHU¯DVXVWLWXLUVH
&XHQWDUUHYROXFLRQHV
(OFXHQWDUUHYROXFLRQHVPXHVWUDHOU«JLPHQDFWXDOGHO
PRWRUUSP(VW£JUDGXDGRGHDUSPLQGLFD
[USPHVGHFLUUSP


9

$OWDWHPSHUDWXUDGHDFHLWHGHODWUDQVPLVLµQ
/DOX]GHDGYHUWHQFLDVHDFWLYDFXDQGRODDJXMD
LQGLFDGRUDHQWUDHQHOFDPSRURMR&RPRPHGLGD
SURWHFWRUDHOU«JLPHQGHOPRWRUVHOLPLWDDOPLVPR
WLHPSR
3DUHODP£TXLQD\FRPSUXHEHODFDXVD(O]XPEDGRU
VXHQD\VHPXHVWUDXQWH[WRGHDODUPDHQODXQLGDGGH
SDQWDOODVLKD\VHOHFFLRQDGDXQDPDUFKDGLUHFFLRQDO

1LYHOGHFRPEXVWLEOH
&XDQGRHOLQGLFDGRULQGLFDYDF¯RODOX]DODL]TXLHUGDGHO
LQGLFDGRUVHDFWLYD\VHPXHVWUDXQPHQVDMHHQOD
SDQWDOOD/DP£TXLQDGHEHU¯DUHSRVWDUVHORDQWHV
SRVLEOHSDUDSUHYHQLUTXHHQWUHDLUHHQHOVLVWHPD6LHO
GHSµVLWRKDHVWDGRIXQFLRQDQGRHQYDF¯RVHGHEH
SXUJDUHOVLVWHPDYHDODS£JLQD6LVWHPDGH
FRPEXVWLEOHSXUJDGHDLUH

/X]ODUJDD]XO
/DO£PSDUDVHHQFLHQGHFXDQGRHVW£FRQHFWDGRHO
DOXPEUDGRGHWUDEDMR9HUODS£JLQD

/X]GHDGYHUWHQFLDJLUDWRULDDPDULOOD
/DOX]VHHQFLHQGHFXDQGRHVW£HQFHQGLGDODOX]GH
DGYHUWHQFLDJLUDWRULD9HUODS£JLQD

$OXPEUDGRGHWUDEDMRDPDULOOD
/DO£PSDUDVHHQFLHQGHFXDQGRHVW£HQFHQGLGRHO
DOXPEUDGRGHWUDEDMR9HUODS£JLQD

)UHQRGHHVWDFLRQDPLHQWRDSOLFDGRURMD
/DO£PSDUDVHHQFLHQGHFXDQGRHVW£DSOLFDGRHOIUHQR
GHHVWDFLRQDPLHQWR
(O]XPEDGRUVXHQD\VHYLVXDOL]DHOWH[WRGHDGYHUWHQFLD
HQODSDQWDOODVLKD\XQDPDUFKDGLUHFFLRQDODFRSODGD
 3DQHOHVGHLQVWUXPHQWRV
 3DQHOGHLQVWUXPHQWRVGHODQWHUR
3UHVLµQGHDFHLWHGHOPRWRUEDMDURMR

9
$9,62
5LHVJRGHGD³RVDODP£TXLQD
8QDOX]GHDGYHUWHQFLDGHLQVWUXPHQWRV\XQ]XPEDGRU
SRGU¯DQLQGLFDUXQIDOORGHIXQFLRQDPLHQWRJUDYH
3DUHODP£TXLQDLQPHGLDWDPHQWHHLQYHVWLJXHODV
FDXVDVGHODVH³DO
/DOX]VHHQFLHQGHFXDQGRODSUHVLµQGHODFHLWHHV
GHPDVLDGREDMD
&DUJDGHODEDWHU¯DURMD
6LVHHQFLHQGHODO£PSDUDGXUDQWHODFRQGXFFLµQ
UHPHGLHODFDXVDSDUDLPSHGLUGD³RVDODVEDWHU¯DV
$G%OXHp'()DGYHUWHQFLD£PEDU
/DO£PSDUDLQGLFDGRUDHVW£DFWLYDGDFRQXQDOX]ILMDSRU
XQQLYHOEDMRPDODFDOLGDGRPHGLFLµQLQFRUUHFWDGH
9
$G%OXHp'()/DOX]SDUSDGHDFRQODDGYHUWHQFLDGH
QLYHODOWR
5HJHQHUDFLµQQHFHVDULD£PEDU
&XDQGRHOILOWURGHSDUW¯FXODVGLHVHOHVW£OOHQR\HV
9 PRPHQWRGHUHDOL]DUXQDUHJHQHUDFLµQVHDFWLYDOD
O£PSDUDLQGLFDGRUDYHDODS£JLQD
7HPSHUDWXUDDOWDGHORVJDVHVGHHVFDSHGXUDQWHOD
UHJHQHUDFLµQ£PEDU

9

$7(1&,•1
5LHVJRGHSHOLJURW«UPLFR
/DWHPSHUDWXUDGHORVJDVHVGHHVFDSHVXEHSRUHQFLPD
GHOQLYHOQRUPDOGHIXQFLRQDPLHQWRGXUDQWHXQD
UHJHQHUDFLµQ
$VHJ¼UHVHGHTXHODP£TXLQDHVW£HQXQHQWRUQRVHJXUR
GXUDQWHODUHJHQHUDFLµQ
/DO£PSDUDLQGLFDGRUDHVW£HQFHQGLGDFXDQGROD
UHJHQHUDFLµQGHOILOWURGHSDUW¯FXODVGLHVHOHVW£HQFXUVR
HLQGLFDTXHODWHPSHUDWXUDGHORVJDVHVGHHVFDSHGHO
WXERGHVDOLGDHVVXSHULRUDORQRUPDO1RDSDJXHHO
PRWRUPLHQWUDVODO£PSDUDHVW«HQFHQGLGD
%ORTXHDGRUGHOGLIHUHQFLDODFRSODGRYHUGH
/DO£PSDUDHVW£HQFHQGLGDPLHQWUDVHOEORTXHDGRUGHO
GLIHUHQFLDOHVW£DSOLFDGR(OLQWHUUXSWRUGHSLHGHO
EORTXHDGRUGHOGLIHUHQFLDOHVW£VLWXDGRHQHOVXHORDOD
L]TXLHUGDGHODFROXPQDGHOYRODQWH
6XVSHQVLµQGHORVEUD]RVGHFDUJDDFWLYDGDYHUGH
/DO£PSDUDVHHQFLHQGHFRQEULOORSHUPDQHQWHPLHQWUDV
HVW«DFWLYDGDODVXVSHQVLµQGHORVEUD]RVGHFDUJD
 3DQHOHVGHLQVWUXPHQWRV 
3DQHOGHLQVWUXPHQWRVGHODQWHUR 
'LUHFFLµQGHSDODQFDDFWLYDGDYHUGH
/DOX]VHDFWLYDFXDQGRHOFRQWUROGHGLUHFFLµQSRU
SDODQFD&'&HVW£DFWLYDGR(VSRVLEOHJLUDU\FDPELDU
GHPDUFKDGHVGHHOUHSRVDEUD]RVGHOODGRL]TXLHUGRGHO
DVLHQWRGHORSHUDGRU&XDQGRODYHORFLGDGH[FHGHGH
NPKPSKODOX]SDUSDGHD
127$
(OVHOHFWRUGHPDUFKDVHVW£QGDUGHEHU¯DHVWDUHQSXQWR
PXHUWR
2WUDVLQVWUXFFLRQHVHQODS£JLQD
7HPSGHOUHIULJHUDQWH
/DOX]GHDGYHUWHQFLDVHDFWLYDFXDQGRODDJXMD
LQGLFDGRUDHQWUDHQHOFDPSRURMR&RPRPHGLGD
SURWHFWRUDHOU«JLPHQGHOPRWRUVHOLPLWDDOPLVPR
WLHPSR
'HMHHOPRWRUHQUDOHQW¯EDMRGXUDQWHXQRVPLQXWRV6L
HOLQGLFDGRUSHUPDQHFHHQODEDQGDURMDSDUHHOPRWRU
\DYHULJ¾HODFDXVD
6LKD\XQDPDUFKDGLUHFFLRQDOHQJUDQDGDVXHQDHO

]XPEDGRU\VHYLVXDOL]DHOWH[WRGHDGYHUWHQFLDHQOD
SDQWDOOD
 3DQHOHVGHLQVWUXPHQWRV
 8QLGDGGHSDQWDOOD

8QLGDGGHSDQWDOOD
/DSDQWDOODPXHVWUDLQIRUPDFLµQGHOIXQFLRQDPLHQWRDFWXDO
PHQVDMHVGHOYHK¯FXOR\WH[WRVGHDGYHUWHQFLD&RQHOWHFODGRGHO
SDQHOGHLQVWUXPHQWRVGHODQWHURHORSHUDGRUSXHGHWDPEL«Q
REWHQHULQIRUPDFLµQDFHUFDGHOHVWDGRGHODP£TXLQD\UHDOL]DU
DMXVWHV
$SHQDVVHDFWLYDHOLQWHUUXSWRUSULQFLSDOVHPXHVWUDQODVKRUDV
GHWUDEDMRDFXPXODGDVGHODP£TXLQDGXUDQWHPLQXWRVHQHO
GLVSOD\/DVKRUDVGHODP£TXLQDWDPEL«QVHPXHVWUDQGXUDQWH
PLQXWRVGHVSX«VGHDSDJDUHOHQFHQGLGR
&XDQGRVHJLUDODFHUUDGXUDGHHQFHQGLGRDODSRVLFLµQ
FRPLHQ]DDIXQFLRQDUODHOHFWUµQLFD\VHHMHFXWDODSUXHEDGH
O£PSDUDVWHVWLJR7RGDVODVO£PSDUDVWHVWLJRVHHQFLHQGHQ
GXUDQWHGRVVHJXQGRV\GHVSX«VODVDJXMDVGHORVLQGLFDGRUHV
VHPXHYHQSDUDLQGLFDUORVYDORUHVFRUUHFWRVGHOQLYHOGH
FRPEXVWLEOH\GHODWHPSHUDWXUD(QHOGLVSOD\DSDUHFHODSDQWDOOD
LQLFLDOFRQXQORJRGH9ROYRTXHJLUD(VWDVHFXHQFLDGHPRUD
DOJXQRVVHJXQGRV$SDUWLUGHHQWRQFHVODHOHFWUµQLFDHVWDOLVWD

SDUDHODUUDQTXHGHOPRWRU\VHSXHGHJLUDUODOODYHGHDUUDQTXH
DODSRVLFLµQGHDUUDQTXHSRVLFLµQGRV
6LODP£TXLQDHVW£HTXLSDGDFRQXQGLVSRVLWLYRDQWLUURERVHSLGH
HQODSDQWDOODTXHVHLQWURGX]FDHOFµGLJRFRQVXOWHODS£JLQD
8QDYH]LQWURGXFLGRHOFµGLJRFRUUHFWRVHLQLFLDU£HO
SURJUDPDGHSUXHED

3DQWDOODGHYLVXDOL]DFLµQGHODLQIRUPDFLµQGH
IXQFLRQDPLHQWR
&XDQGRHOPRWRUHVW£DUUDQFDGR\HQHOPRGRGHRSHUDFLµQ
QRUPDOVHPXHVWUDQODVSDQWDOODVGHRSHUDFLµQHQODXQLGDGGH
SDQWDOOD+D\WUHVYHUVLRQHVGHSDQWDOODVGHRSHUDFLµQSDQWDOOD
GHRSHUDFLµQSDQWDOODGHRSHUDFLµQ\SDQWDOODGHRSHUDFLµQ
&XDQGRODP£TXLQDVHDUUDQFDVLHPSUHVHPXHVWUDODSDQWDOOD
GHRSHUDFLµQTXHHVWDEDDFWLYDFXDQGRVHGHVFRQHFWµOD
HOHFWUµQLFDSRU¼OWLPDYH]&XDQGRVHDUUDQFDODP£TXLQDSRU
SULPHUDYH]VLHPSUHVHPXHVWUDODSDQWDOODGHRSHUDFLµQ
3DUDDOWHUQDUHQWUHODVSDQWDOODVGHRSHUDFLµQXWLOLFHODVWHFODV
GHIOHFKD
   ,PDJHQGHRSHUDFLµQ
/RVV¯PERORVGHODSDQWDOODGHLQIRUPDFLµQPXHVWUDQOR
VLJXLHQWH
 &RQVXPRGHFRPEXVWLEOHHQOLWURVSRUKRUDFRQVXPRPHGLR
 5HORMGLJLWDO

  &XDQGRVHPXHVWUDODSDQWDOODGHRSHUDFLµQVHSXHGH
XWLOL]DUODWHFODGHIOHFKDKDFLDDEDMRGHOWHFODGRGHODXQLGDG
GHSDQWDOODGHLQIRUPDFLµQGHRSHUDFLµQYHDODS£JLQD
SDUDVHOHFFLRQDUODSDQWDOODGHRSHUDFLµQ
 3UHFDOHQWDPLHQWRRSRVFDOHQWDPLHQWRGHOPRWRUDFWLYDGR
 R
 OK )O /
$36
&  6HDFWLYDODPDULSRVDPDQXDO
 /DP£TXLQDHVW£UHJHQHUDQGRVRORVHDSOLFDDP£TXLQDVFRQ
2.
PRWRU'-YHDODS£JLQD
 6¯PERORTXHPXHVWUDFX£QGRVHSXHGHDSDJDUHOPRWRU
         ,QGLFDFLµQGHPDUFKDTXHPXHVWUDODPDUFKDDFWLYD
9  7PSDPE
,PDJHQGHRSHUDFLµQ  ,QIRUPDFLµQGLVSRQLEOHSDUDVXUHWLUDGDXVDUFODYHFRQHVWH

V¯PEROR
 3DQHOHVGHLQVWUXPHQWRV 
8QLGDGGHSDQWDOOD 
 0HQVDMHGHOYHK¯FXORGLVSRQLEOHSDUDVXUHWLUDGDXVDUFODYH
FRQHVWHV¯PEROR
6LFXDOTXLHULQIRUPDFLµQIDOWDRQRDSDUHFHVHPRVWUDU£ದದದ
  ,PDJHQGHRSHUDFLµQ
/DLPDJHQGHRSHUDFLµQSUHVHQWDODPLVPDLQIRUPDFLµQTXHOD
 LPDJHQGHRSHUDFLµQ$GHP£VYLVXDOL]DORVLJXLHQWH
 OK  $SOLFDFLµQGHODFHOHUDGRUDFHOHUDFLµQ
 &RQVXPRGHFRPEXVWLEOHDFWXDOHQOLWURVSRUKRUD
LQVWDQW£QHR
 /RFNXSV¯PEROREODQFR ODIXQFLµQHVW£DFWLYDGDV¯PEROR
YHUGH ODIXQFLµQHVW£DSOLFDGD
 3URJUDPDGHFDPELRVGHPDUFKDGHO$36
&XDQGRHVWDSDQWDOODGHRSHUDFLµQHVW£DFWLYDVHOHFFLRQHOD
 R
 OK )O /
$36
& WHFODGHIOHFKDDUULEDSDUDFDPELDUDODSDQWDOODGHRSHUDFLµQ
2. RODWHFODGHIOHFKDDEDMRSDUDFDPELDUDODSDQWDOODGHRSHUDFLµQ


,PDJHQGHRSHUDFLµQ
 
9

6LFXDOTXLHULQIRUPDFLµQIDOWDRQRDSDUHFHVHPRVWUDU£ದದದ 

([SOLFDFLµQGHODILJXUDDQWHULRUSDQWDOODGHRSHUDFLµQ
) ) * * * *
O +
O 3

9

$SOLFDFLµQGHODFHOHUDGRUDFHOHUDFLµQ
6HJPHQWR O O ) ) * * * * + 3
&RORU $]XORVFXUR $]XOFODUR 9HUGH $PDULOOR 1DUDQMD
,QWHUYDOR 5DOHQW¯ 5DOHQW¯DOWR 0RGR(&2 0RGRGH 0RGRGH
GH EDMR SRWHQFLD SRWHQFLD
IXQFLRQDPL
HQWR
 3DQHOHVGHLQVWUXPHQWRV
 8QLGDGGHSDQWDOOD
 3DQWDOODGHRSHUDFLµQ
/DSDQWDOODGHRSHUDFLµQPXHVWUDXQDFDUJDGRUDGHUXHGDV
(VWDILJXUDPXHVWUDSRUHMHPSORVLKD\XQGHVDFRSODPLHQWRGH
ODWUDQVPLVLµQ(VWRSHUPLWHDORSHUDGRUFRQVHJXLUXQDYLVLµQ
 JHQHUDOU£SLGDGHTX«IXQFLRQHVHVW£QDFWLYDGDVV¯PERORV
EODQFRV\FX£OHVHVW£QDFRSODGDVV¯PERORVYHUGHV
)XQFLµQDFWLYDGDV¯PEROREODQFRODIXQFLµQHVW£DFWLYDGD
SDUDSHUPLWLUTXHODP£TXLQDODXVHSHURODP£TXLQDQRODKD
 R
 OK )O /
$36
& DSOLFDGR
)XQFLµQDSOLFDGDV¯PERORYHUGHODIXQFLµQHVW£DFWLYDGD\
2.
HVW£VLHQGRXWLOL]DGDSRUODP£TXLQDKDVLGRDSOLFDGDSRUOD
9
P£TXLQD
3DQWDOODGHRSHUDFLµQWRGDVODVIXQFLRQHVVH
PXHVWUDQDTX¯

%ORTXHRGHLPSOHPHQWR

+D\GRVSRVLFLRQHVSDUDHOEORTXHRGHOLPSOHPHQWR
 &XFKDUDURMD HOEORTXHRGHOLPSOHPHQWRHVW£DELHUWR
 &XFKDUDQHXWUD HOEORTXHRGHOLPSOHPHQWRHVW£FHUUDGR

 R
 OK )O /
$36
&
2.

9


6LVWHPDGHVXVSHQVLµQGHODSOXPD%66GHSHQGLHQWHGHOD

PDUFKDVHOHFFLRQDGD
 &XFKDUDQHXWUD\V¯PEROREODQFR HOVLVWHPDGHVXVSHQVLµQ
GHODSOXPD%66GHSHQGLHQWHGHODPDUFKDVHOHFFLRQDGD
HVW£DFWLYDGR
 &XFKDUDQHXWUD\V¯PERORYHUGH HOVLVWHPDGHVXVSHQVLµQ
GHODSOXPD%66GHSHQGLHQWHGHODPDUFKDVHOHFFLRQDGD
HVW£DSOLFDGR

 R
 OK )O /
$36
&
2.

9

6LVWHPDGHVXVSHQVLµQGHODSOXPD%66GHSHQGLHQWHGHOD

YHORFLGDG
 &XFKDUDQHXWUD\V¯PEROREODQFR HOVLVWHPDGHVXVSHQVLµQ
GHODSOXPD%66GHSHQGLHQWHGHODYHORFLGDGHVW£DFWLYDGR
 &XFKDUDQHXWUD\V¯PERORYHUGH HOVLVWHPDGHVXVSHQVLµQ
GHODSOXPD%66GHSHQGLHQWHGHODYHORFLGDGVHOHFFLRQDGD
HVW£DSOLFDGR

 R
 OK )O /
$36
&
2.

9

 3DQHOHVGHLQVWUXPHQWRV 
8QLGDGGHSDQWDOOD 
3RVLFLµQIORWDQWH

+D\GRVSRVLFLRQHVSDUDHOPRGRGHIORWDFLµQ
 &XFKDUDQHXWUD\V¯PEROREODQFR HOPRGRGHIORWDFLµQHVW£
DFWLYDGR
 &XFKDUDQHXWUD\V¯PERORYHUGH HOPRGRGHIORWDFLµQHVW£
DSOLFDGR

 R
 OK )O /
$36
&
2.

9

%ORTXHDGRUGLIHU

 6¯PERORUHVDOWDGRDPDULOOR HOEORTXHDGRUGHOGLIHUHQFLDOHVW£
DFWLYDGR


 R
 OK )O /
$36
&
2.

9


%ORTXHRGHSDODQFDV

 6¯PEROREODQFR HOEORTXHRGHSDODQFDVHVW£DFWLYDGR\
GHVDFRSODODIXQFLµQKLGU£XOLFDGHODVSDODQFDVGHFRQWUROSDUD
TXHQRVHDFWLYHQDFFLGHQWDOPHQWH

 R
 OK )O /
$36 &
2.

9

'HVDFRSODPLHQWRGHODWUDQVPLVLµQ

+D\FLQFRSRVLFLRQHVGLIHUHQWHVSDUDHOGHVHPEUDJXHGHOD
WUDQVPLVLµQ2))TXHUHSUHVHQWDQODIXHU]DFRQODTXH
HORSHUDGRUWLHQHTXHSLVDUHOSHGDOGHOIUHQRSDUDGHVHPEUDJDU
 ODWUDQVPLVLµQ(VWRVHPXHVWUDHQODSDQWDOODFRQXQV¯PEROR
MXQWRFRQXQQ¼PHURYHDODILJXUD
 6¯PEROREODQFR HOGHVHPEUDJXHGHODWUDQVPLVLµQHVW£
DFWLYDGR
 R
 OK )O /
$36
&  6¯PERORYHUGH HOGHVDFRSODPLHQWRGHODWUDQVPLVLµQHVW£
DSOLFDGR
2.

9

7HFODGRSDUDODXQLGDGGHSDQWDOOD
8VDQGRHOWHFODGRHORSHUDGRUSXHGHDFFHGHUDLQIRUPDFLµQ
VREUHHOHVWDGRGHODP£TXLQD\UHDOL]DUDMXVWHV
6RORVHSXHGHFDPELDUGHSDQWDOODVLODYHORFLGDGHVLQIHULRUD
NPKPSK
 3DQHOHVGHLQVWUXPHQWRV
 8QLGDGGHSDQWDOOD

9
 3DQHOHVGHLQVWUXPHQWRV 
8QLGDGGHSDQWDOOD 

0RWRU 7UDQVPLVLµQ +LGU£XOLFD

  

9
9

(MHV)UHQRV 6LVWHPDHO«FWULFR ,QIRUPDFLµQGHOYHK¯FXOR

  

9 
0HQVDMHVGHOYHK¯FXOR 6HUYLFLR $MXVWHV
  

9

,QIRUPDFLµQGHFLFOR


7DPEL«QVHXVDODWHFOD6(/(&7SDUDREWHQHUP£VLQIRUPDFLµQFXDQGRVHPXHVWUHXQPHQVDMHGHLQIRUPDFLµQ
RXQPHQVDMHGHFRPSUREDFLµQHQODXQLGDGGHSDQWDOOD
(OG¯JLWRTXHHVW£P£VDODGHUHFKDHQFDGDWHFODFRUUHVSRQGHDOG¯JLWRTXHGHEHU¯DLQWURGXFLUVHDOUHDOL]DU
GLIHUHQWHVDMXVWHVFRPRODIHFKD(QP£TXLQDVHTXLSDGDVFRQXQGLVSRVLWLYRDQWLUURERORVG¯JLWRVVHXVDQSDUD
LQWURGXFLUHOFµGLJRFRUUHFWR

,QIRUPDFLµQ
3DUDREWHQHULQIRUPDFLµQVREUHHOHVWDGRGHODP£TXLQDSXOVH
ODWHFODFRUUHVSRQGLHQWHDHQHOWHFODGR
3DUDFDGDWHFODKD\XQYDULRVPHQ¼V\VXEPHQ¼VGLVSRQLEOHV
/RVDMXVWHVVHSXHGHQUHDOL]DUHQORVVXEPHQ¼V
3DUDGHVSOD]DUVHHQWUHORVPHQ¼VS SXOVHODIOHFKDDUULEDRIOHFKD
DEDMRHQHOWHFODGR
/RVDMXVWHVVHSXHGHQUHDOL]DUFXDQGRKD\XQDIOHFKDTXHDSXQWD
KDFLDODGHUHFKD
3UHVLRQHODWHFOD6(/(&7SDUDHQWUDUHQXQVXEPHQ¼
3DUDUHWURFHGHUSXOVHODWHFOD(6&

9

 0RWRU
 7UDQVPLVLµQ
 6LVWHPDKLGU£XOLFR
 (MHV
 6LVWHPDHO«FWULFR
 ,QIRUPDFLµQGHODP£TXLQD
 0HQVDMH
 6HUYLFLR
 &RQILJXUDFLµQ6(783
 ,QIRUPDFLµQGHFLFOR

 3DQHOHVGHLQVWUXPHQWRV
 8QLGDGGHSDQWDOOD

02725

7HPSUHIULJHUDQWH 0XHVWUDODWHPSHUDWXUDGHOUHIULJHUDQWH

;;r&r)
9

2LOSUHVVXUH 0XHVWUDODSUHVLµQGHDFHLWHGHOPRWRU

;;EDUSVL
9

2LOOHYHO1LYHODFHLWH 0XHVWUDHOQLYHOGHDFHLWHGHOPRWRU

%DMR
1RUPDO1RUPDO 1RUPDO1RUPDO
9
$OWD

)LOWURGHDLUH 0XHVWUDHOHVWDGRGHOILOWURGHDLUHGHOPRWRU
127$
1RUPDO1RUPDO 6LHOILOWURGHDLUHHVW£REVWUXLGRDSDUHFHU£XQPHQVDMHGHWH[WR
9

7HPSHUDWXUDDFHLWH 0XHVWUDODWHPSHUDWXUDGHODFHLWHGHOPRWRU

;;r&r)
9

5«JGHOPRWRU 9LVXDOL]DHOU«JLPHQDFWXDOGHOPRWRU

;;;USP
9

9HOUDOHQWU 0XHVWUDHODMXVWHDFWXDOGHOU«JLPHQGHUDOHQW¯GHWUDEDMRVXEPHQ¼

GLVSRQLEOH

2II'HVFRQHFWDGR
9

6HOYHUDO (OPRWRUPDUFKDU£DODYHORFLGDGGHUDOHQW¯GHWUDEDMRFXDQGR
/DGLUHFFLµQGHSDODQFD&'&HVW£DIHFWDGD
&XDOTXLHUPDQGRGHODKLGU£XOLFDHVDIHFWDGR
9 +D\XQDPDUFKDVHOHFFLRQDGD
6HDFHOHUD
2II'HVFRQHFWDGR (OU«JLPHQGHWUDEDMRDUDOHQW¯VHGHEHDGDSWDUDFµPRVHXVDOD
P£TXLQD\FX£QU£SLGDHVODUHVSXHVWDKLGU£XOLFDGHVHDGD
ಧ 
'HVSO£FHVHFRQODVWHFODVGHIOHFKD\SXOVH6(/(&7
2IIODIXQFLµQHVW£GHVDFWLYDGDHVW£VHOHFFLRQDGRHOU«JLPHQE£VLFR
DUDOHQW¯GHOPRWRU
DUSPHOU«JLPHQGHWUDEDMRDUDOHQW¯VHSXHGHDMXVWDUGH
DUSPHQSDVRVGHUSP
3DUDYROYHUDORVPHQ¼VDQWHULRUHVSXOVH(6&
127$
$PHQRVTXHODGLUHFFLµQGHSDODQFD&'&ORVPDQGRVGHODKLGU£XOLFD
ODFDMDGHFDPELRRHODFHOHUDGRUVHDQDIHFWDGRVHOPRWRUHQWUDHQ
U«JLPHQE£VLFRDUDOHQW¯SDVDGRVVHJXQGRV
 3DQHOHVGHLQVWUXPHQWRV 
8QLGDGGHSDQWDOOD 

3DUDGDGHPRWRU ,QGLFDHODMXVWHDFWXDO
DXWRP£WLFD 3UHVLRQH6(/(&7SDUDHQWUDUHQXQVXEPHQ¼HQHOFXDOSRGU£UHDOL]DU
XQQXHYRDMXVWH
2II'HVFRQHFWDGR
9

'HVSO£FHVHFRQODVWHFODVGHIOHFKD\SXOVH6(/(&7
2II'HVFRQHFWDGR 6LODIXQFLµQHVW£DFWLYDGD2QHODSDJDGRDXWRP£WLFRGHOPRWRUVH
SURGXFHGHVSX«VGHXQWLHPSRSUHGHWHUPLQDGRVLVHFXPSOHQWRGDVODV
2Q FRQGLFLRQHVTXHVLJXHQ
/DP£TXLQDHVW£HVWDFLRQDULD
6HDSOLFDHOIUHQRGHHVWDFLRQDPLHQWR
(OPRWRUHVW£IXQFLRQDQGRDOUDOHQW¯EDMR
/DFDMDGHFDPELRVHVW£HQSXQWRPXHUWR
(OPRWRUQRHVW£UHJHQHUDQGR

127$
(OWLHPSRSUHGHWHUPLQDGRVHSXHGHPRGLILFDUFRQ7HFK7RRO

$FFLµQGHUHJHQ ,QGLFDHODMXVWHDFWXDO
3UHVLRQH6(/(&7SDUDHQWUDUHQXQVXEPHQ¼HQHOFXDOSRGU£UHDOL]DU
6WRS3DUDGD XQQXHYRDMXVWH
9

(ODMXVWHGHODDFFLµQGHUHJHQHUDFLµQVHUHDOL]DHQHVWHVXEPHQ¼
6WRS3DUDGD 'HVSO£FHVHFRQODVWHFODVGHIOHFKD\SXOVH6(/(&7

6WDUW$UUDQTXH

5HJHQHUDWLRQPRGH0RGR ,QGLFDHODMXVWHDFWXDO

GHUHJHQ 3UHVLRQH6(/(&7SDUDHQWUDUHQXQVXEPHQ¼HQHOFXDOSRGU£UHDOL]DU
XQQXHYRDMXVWH
0DQXDO0DQXDO
9

'HVSO£FHVHFRQODVWHFODVGHIOHFKD\SXOVH6(/(&7
0DQXDO0DQXDO

$XWRPDWLF$XWRP£WLFR

9HQWUHIULJUHY ,QGLFDHODMXVWHDFWXDO
3UHVLRQH6(/(&7SDUDHQWUDUHQXQVXEPHQ¼HQHOFXDOSRGU£UHDOL]DU
0DQXDO0DQXDO XQQXHYRDMXVWH
9
 3DQHOHVGHLQVWUXPHQWRV
 8QLGDGGHSDQWDOOD

'HVSO£FHVHFRQODVWHFODVGHIOHFKD\SXOVH6(/(&7
&RUWR /RVLJXLHQWHGHEHFXPSOLUVHSDUDTXHHOYHQWLODGRUGHUHIULJHUDFLµQVH
SXHGDLQYHUWLUORFXDOSXHGHVHULPSRUWDQWHGHWHQHUHQFXHQWD
/DUJR /DWHPSHUDWXUDGHODFHLWHKLGU£XOLFRGHEHVXSHUDUr&r)
(ODLUHDFRQGLFLRQDGRQRVROLFLWDP£VUHIULJHUDFLµQ
/DWHPSHUDWXUDGHODLUHGHVREUHDOLPHQWDFLµQQRGHEHVHUGHPDVLDGR
0DQXDO0DQXDO DOWD
(OYHQWLODGRUGHUHIULJHUDFLµQQRVROLFLWDXQDPD\RUYHORFLGDGSDUDHO
IUHQRPRWRU
2))

9HQWUHIULJUHY 0XHVWUDHODMXVWHDFWXDO2IIRODGXUDFLµQGHOLQWHUYDORHQPLQXWRV
3UHVLRQH6(/(&7SDUDHQWUDUHQXQVXEPHQ¼HQHOFXDOSRGU£UHDOL]DU
2II'HVFRQHFWDGR XQQXHYRDMXVWH
9

'HVSO£FHVHFRQODVWHFODVGHIOHFKD\SXOVH6(/(&7
2II'HVFRQHFWDGR 3DUDLQYHUVLµQPDQXDOHOLMD,QYLHUWH\HOYHQWLODGRUGHUHIULJHUDFLµQ
FRPHQ]DU£DJLUDUHQVHQWLGRLQYHUVR
,QYLHUWH

75$160,6,•1
9

2LOWHPSHUDWXUH7HPSGHO ,QGLFDODWHPSHUDWXUDDFWXDOGHODFHLWHGHODWUDQVPLVLµQ

DFHLWH

;;r&r)
9

3UHVLµQGHDFHLWH ,QGLFDODSUHVLµQDFWXDOGHODFHLWHGHODWUDQVPLVLµQ

;;EDUSVL
9

1LYHOGHODFHLWH ,QGLFDVLHOQLYHOGHODFHLWHGHODWUDQVPLVLµQHVQRUPDOREDMR

%DMD
9

)LOWURGHDFHLWH ,QGLFDVLHOHVWDGRGHOILOWURGHDFHLWHGHODWUDQVPLVLµQHVQRUPDO6LHVW£
REWXUDGRDSDUHFHXQPHQVDMHGHWH[WR
1RUPDO
9

'HVDFFDPELR 0XHVWUDODVHOHFFLµQDFWXDOGHGHVDFRSODPLHQWRGHODWUDQVPLVLµQ
3DUDUHDOL]DUXQDQXHYDVHOHFFLµQSUHVLRQH6(/(&7XVHODVWHFODVGH
1RUPDO IOHFKDSDUDLUKDVWDODVHOHFFLµQGHVHDGD\DFRQWLQXDFLµQSUHVLRQH
9
6(/(&7
 3DQHOHVGHLQVWUXPHQWRV 
8QLGDGGHSDQWDOOD 

2))

9
6,67(0$+,'5ƒ8/,&2

2LOWHPSHUDWXUH7HPSGHO ,QGLFDODWHPSHUDWXUDDFWXDOGHODFHLWHKLGU£XOLFR
DFHLWH

;;r&r)
9

1LYHOGHODFHLWH ,QGLFDHOQLYHODFWXDOGHODFHLWHKLGU£XOLFR

1RUPDO
9

9
(-(6)5(126

7HPSDFHLWHHMHGHO ,QGLFDODWHPSHUDWXUDGHODFHLWHHQHOHMHGHODQWHUR

;;r&r)

7HPSDFHLWHHMHWUD ,QGLFDODWHPSHUDWXUDGHODFHLWHHQHOHMHWUDVHUR

;;r&r)

6,67(0$(/‹&75,&2
9

7HQVLµQ ,QGLFDODWHQVLµQDFWXDOGHODEDWHU¯D

;;9
9

,1)250$&,•1'(/$0ƒ48,1$
9

0RGHO0RGHOR ,QGLFDHOPRGHORGHODP£TXLQD

/;;;
 3DQHOHVGHLQVWUXPHQWRV
 8QLGDGGHSDQWDOOD
1¼PGHIDEULFDFLµQ ,QGLFDHOQ¼PHURGHVHULH
/;;;;;;;;;;;
+RUDVP£T ,QGLFDODVKRUDVGHODP£TXLQD
;;K
7LHPSR ,QGLFDODKRUDDFWXDO
;;;;
)HFKD ,QGLFDODIHFKDDFWXDO
$$$$00''

0(16$-(6'(/9(+&8/2
9

9HKLFOHPHVVDJHV0HQVDMHV ,QGLFDORVPHQVDMHVDFWXDOHVGHODP£TXLQD

9 GHOYHK¯FXOR

0$17(1,0,(172

,QGLFDHODMXVWHDFWXDO
6HUYLFLRVLJXLHQWH 3UHVLRQH6(/(&7SDUDHQWUDUHQXQVXEPHQ¼FRQP£VLQIRUPDFLµQ

7LHPSRUHVWDQWH ,QGLFDHOQ¼PHURGHKRUDVGHIXQFLRQDPLHQWRKDVWDHOVHUYLFLRVLJXLHQWH
;;K
,QWHUYDO,QWHUYDOR ,QGLFDHOLQWHUYDORGHOVHUYLFLRVLJXLHQWH
;;;K

3UHVLRQH6(/(&7SDUDHQWUDUHQXQVXEPHQ¼HQHOFXDOVHPXHVWUDHO
/XEULFDFLµQFHQWUDO DMXVWHDFWXDO

,QGLFDHODMXVWHDFWXDO
/LJKW 3UHVLRQH6(/(&7SDUDHQWUDUHQXQVXEPHQ¼HQHOFXDOVHPXHVWUDHO
DMXVWHDFWXDO

,QWHUY

'HVSO£FHVHFRQODVWHFODVGHIOHFKD\SXOVH6(/(&7
/LJKW

1RUPDO

+HDY\
 3DQHOHVGHLQVWUXPHQWRV 
8QLGDGGHSDQWDOOD 

&21),*85$&,•16(783
9

3UHVLRQH6(/(&7SDUDHQWUDUHQXQVXEPHQ¼
$QWLWKHIWV\VWHP6LVWHPD
DQWLURER
9

$QWLWKHIWV\VWHP6LVWHPD 3UHVLRQH6(/(&7SDUDLQJUHVDUHOFµGLJR3,1

DQWLURER
3LQFRGHPHQX0HQ¼GH
9
FµGSLQ

(QWHURZQHU3,1FRGH,QWURG 8VHODVWHFODVSDUDLQJUHVDUHOFµGLJR3,1

FµG3,1SURSLH 6LHOFµGLJR3,1QRHVFRUUHFWRDSDUHFH:URQJFRGH&µGLJR
HTXLYRFDGR
 9

:URQJFRGH&µGLJR

HTXLYRFDGR

$QWLWKHIWV\VWHP6LVWHPD 3UHVLRQH6(/(&7SDUDYHUHOYDORUGHLQLFLDOL]DFLµQDFWXDOGHRFKR

DQWLURER G¯JLWRVRSDUDLQJUHVDUXQQXHYRFµGLJRGHXQDVRODYH]
2QHWLPHFRGH&µGLJRXQD
9
YH]

&XUUHQWGLJLWVHHG1¼P 6HPXHVWUDHO&XUUHQWGLJLWVHHG1¼PDFWXDOG¯JLWRV

DFWXDOG¯JLWRV 8VHODVWHFODVSDUD(QWHURQHWLPHFRGH7HFOHHFODYHXQLFRXVR

(QWHURQHWLPHFRGH7HFOHH
FODYHXQLFRXVR
 9

3UHVLRQH6(/(&7SDUDHQWUDUHQORVVLJXLHQWHVVXEPHQ¼V
$MXVWHKRUD$MXVWHIHFKD7LPHIRUPDW)RUPDWRKRUD\'DWHIRUPDW
+RUDIHFKD )RUPDWRGHIHFKD

/XHJRSUHVLRQH6(/(&7SDUDFRQILJXUDUORV
/DQJXDJH,GLRPD 3UHVLRQH6(/(&7SDUDFDPELDUGHLGLRPD
8QLWV8QLGDGHV 3UHVLRQH6(/(&7SDUDXVDURWUDVXQLGDGHV
'LVSOD\LQWHQVLW\ 3UHVLRQH6(/(&7SDUDDMXVWDUODLQWHQVLGDGGHODSDQWDOOD
/X]WHFOD 3UHVLRQH6(/(&7SDUDDMXVWDUODLOXPLQDFLµQGHOWHFODGR

'$72623(5$7,926
'DWRVGHFRQGXFFLµQ

7LHRSHU 6HLQGLFDHQKRUDV\PLQXWRV
;;;;
'LVWDQFLD 6HLQGLFDHQNLOµPHWURVPLOODV
;;;;;;NPPLOODV
&LFORV 6HLQGLFDHQQ¼PHURGHFLFORV
;;;
 3DQHOHVGHLQVWUXPHQWRV
 8QLGDGGHSDQWDOOD
&RQVXPRPHGLR 6HLQGLFDHQOLWURVJDORQHVSRUKRUD
;;OKJSK
&RQVXPRWRWDO 6HLQGLFDHQOLWURVJDORQHVSRUKRUD
;;;OJDO
&RQVXPRLQVW 6HLQGLFDHQOLWURVJDORQHVSRUKRUD
;;OKJSK
(QHVWHPHQ¼VHSXHGHKDFHUORVLJXLHQWH
5HLQLFLDUWRGR
5HLQLFLDUGLVWDQFLD
5HSRQHU
5HLQLFLDUFLFOR
5HLQLFLHFRP\WLHP
6LQUHLQLFLR

&RQILJXUDFLµQ
6HSXHGHDFFHGHUDORVVLJXLHQWHVPHQ¼VFRQODWHFOD6(783
&21),*85$&,•1
 )HFKD
 7LHP
 ,GLRPD
 8QLG
 )RUUHORM
 )RUIFK
 9LVXDOL]DGRU
 ,QWHQVLG
5HDOLFHDMXVWHVFRPRVLJXH
 3XOVH6(783
 'HVSO£FHVHFRQODV)/(&+$6$55,%$$%$-2KDVWDHO
PHQ¼GHVHDGR
 3XOVH6(/(&7
 6HSXHGHQLQWURGXFLUG¯JLWRVSRUPHGLRGHOWHFODGR
 6HXVDQODVWHFODVGH)/(&+$$55,%$$%$-2SDUD
GHVSOD]DUVH
 6(/(&7VHXWLOL]DSDUDVHOHFFLRQDU\FRQILUPDU
 3XOVH(6&SDUDFRQILUPDU\YROYHUD$MXVWHV
 3XOVH(6&SDUDYROYHUDODSDQWDOODGHRSHUDFLµQ

7H[WRVGHDGYHUWHQFLD
/DLQIRUPDFLµQDORSHUDGRUVHHIHFW¼DHQODSDQWDOODHQIRUPDGH
WH[WRVGHDGYHUWHQFLDTXHVHGLYLGHQHQWUHVFODVHV$GYHUWHQFLD
&RPSUREDFLµQH,QIRUPDFLµQ3DUDWRGDVODVFODVHVVHDSOLFD
TXHDXQDYHORFLGDGSRUHQFLPDGHNPKPSKVH
YLVXDOL]DHOWH[WRGHDODUPDGXUDQWHWUHVVHJXQGRV\
VHJXLGDPHQWHVHFDPELDDODLPDJHQPRVWUDGDDQWHULRUPHQWH
GXUDQWHWUHVVHJXQGRV/DDOWHUQDFLµQGHODVGRVSDQWDOODV
FRQWLQXDU£PLHQWUDVSHUVLVWDHOSUREOHPDRDOWHUQDWLYDPHQWH
KDVWDTXHKD\DWHQLGROXJDUHOQ¼PHURHVSHFLILFDGRGH
YLVXDOL]DFLRQHVGHDODUPD
,QIRUPDFLµQ
 $SDUHFHHOV¯PERORGHLQIRUPDFLµQ
 (O]XPEDGRUVXHQDGRVYHFHV
 (OWH[WRGHDGYHUWHQFLDVHYLVXDOL]DGXUDQWHVLHWHVHJXQGRV\
DFRQWLQXDFLµQUHDSDUHFHODLPDJHQGHFRQGXFFLµQ
 3DQHOHVGHLQVWUXPHQWRV 
8QLGDGGHSDQWDOOD 
 5HSDUHHOIDOORRGLU¯MDVHDXQWDOOHURILFLDOGH9ROYR&(SDUD
REWHQHULQIRUPDFLµQ
0RWRU
,QIRUPDFLµQ ,QIRUPDFLµQ
6DOLGDUHIULJHUDQWHUHGXFLGD $ERUWDU(6&
&RPSUREDUUDGLDGRU 3DUDGDGHPRWRUDXWRP£WLFD

5HJQRQHF &DPELR'3)QHFHSURQWR
D D

D6RORDSOLFDEOHDP£TXLQDVFRQPRWRU'-

&DMDGHFDPELRV
,QIRUPDFLµQ ,QIRUPDFLµQ
6HOHFWRUPDUFKDVQRHQSXQWRPXHUWR %ORTXHRDOWDYHOGHVDFWLYDGR

9HOP£TGHPDVLDGR 5HGX]FDYHODQWHVGHFDPELRGHVF
DOWDPUFKDFRSO

0DOXVRGHOGHVHPEUDJXHGHODWUDQVPLVLµQ

6LVWHPDGHGLUHFFLµQ
,QIRUPDFLµQ ,QIRUPDFLµQ
6RSRUWHSDOGHVDFW 6RSUWSDOQRDFWLY
&'&DFWLYDGR &'&DFWLYDGR

+LGU£XOLFD
,QIRUPDFLµQ ,QIRUPDFLµQ
3UHFLVLµQDXPHQWDGD 3UHFLVLµQDXPHQWDGD
+DELOLWDGR ,QKDELOLWDGR

(OHYDUSOXPDKDVWDWRSH

9DULRV
,QIRUPDFLµQ ,QIRUPDFLµQ
%DMRQLYHOODYDSDU

9DULRV
,QIRUPDFLµQ ,QIRUPDFLµQ
1LYHODFWOXEUEDMR
&RPSUSUµ[SDUDGD

(OFRQWUROGHOQLYHOWLHQHOXJDUGHIRUPDFRQWLQXDGXUDQWHODRSHUDFLµQ
 3DQHOHVGHLQVWUXPHQWRV
 8QLGDGGHSDQWDOOD
&RPSUREDU
 6HPXHVWUDHOV¯PERORGHDGYHUWHQFLDFHQWUDO£PEDU
 (O]XPEDGRUVXHQDFXDWURYHFHV
 3XOVH6(/(&7SDUDREWHQHUP£VLQIRUPDFLµQVREUHHOIDOORGH
IXQFLRQDPLHQWR
 (OWH[WRGHDGYHUWHQFLDVHYLVXDOL]DKDVWDHODFXVHGHUHFLER
SXOVDQGR(6&
 5HSDUHHOIDOORRGLU¯MDVHDXQWDOOHURILFLDOGH9ROYR&(SDUD
REWHQHULQIRUPDFLµQ
0RWRU
&RPSUREDU &RPSUREDU
)DOORGHOPRWRU )DOORSUHFDOHQW

)DOORHQVLVWYHQWUHIULJ )DOORYHQWUHYHUVGHUHIULJHUDFLµQ

6HQVRUQLYHOFRPEXVWLEOH 1LYHOFRPEEDMR

)DOORDFHOPDQXDO $OWDWHPSPRWRUDUU
(VSHUHPLQDUU

7HPSDOWDUHIULJPRWRU 7HPSDOWDDFHLWHPRWRU

)DOORVLVWLQ\HFF $JXDHQHOFRPEXVWLEOH
9DFLDU

)DOORVLVWHPDHPLVLRQHV 'HVFRQH[LµQHQFDOLHQWHWXUER
D

3RVLEOHIXJDFRPEXVWLEOH )LOWURGHFRPEXVWLEOHREWXUDGR

6HQVRUQLYHODFHLWHPRWRU )LOWURGHDLUHREWXUDGR
OLPSLDUFDPELDU

+LJKFRRODQWWHPS5HGXFHGHQJLQHIXQFWLRQ 5HJQRSRVL
5HJQRSRVL
D

5HJHQPRY 5HJHQPRY
LQLFLDSURQWR HQFXUVR
D D

5HJHQPRY ,QLFLDUUHJHQ
DERUWDGD 5HJHVWDFLRSRVLEOH
D D

(VWDSURQWR 0DQWP£TXLQDHVWDFLRUHJHQHUDFLµQHQFXUVR
5HJHVWQHF D
D
 3DQHOHVGHLQVWUXPHQWRV 
8QLGDGGHSDQWDOOD 
(VWDSURQWR (VWDFLRP£T
5HJHQHUDFLµQFDQFHODGD 5HJHQHUDFLµQHVWDFLRQDPLHQWRREOLJDWRULD
5HGXFSURQ 5HGDFWLYD
D D

5HOO$G%OXH5HOOHQDU'() 5HOO$G%OXH5HOOHQDU'()
$G%OXHYDF¯R'()HPSW\ $G%OXHYDF¯R'()HPSW\
5HGFRPDFW 5HGDFWLYD
D D

5HSODFH$G%OXH6XVWLWXLU'() 5HSODFH$G%OXH6XVWLWXLU'()
&DO$G%OHU:URQJ'()TXDOLW\ &DO$G%OHU:URQJ'()TXDOLW\
5HGXFSURQ 5HGDFWLYD
D D

5HSODFH$G%OXH6XVWLWXLU'() 3DUNVDIHO\
&DO$G%OHU:URQJ'()TXDOLW\
5HGFRPDFW
D
$G%OXHYDF¯R'()HPSW\
)XOOGHUDWHVRRQ
D

3DUNVDIHO\ &RPSVLV6&5
&DO$G%OHU:URQJ'()TXDOLW\ )DOORVLV6&5
)XOOGHUDWHVRRQ D
D

&RPSVLV6&5 &RPSVLV6&5
)DOORVLV6&5 )DOORVLV6&5
5HGXFSURQ 5HGDFWLYD
D D

3DUNVDIHO\ &RPSVLV6&5
)DOORVLV6&5 )DOORVLV6&5
)XOOGHUDWHVRRQ 5HGFRPDFW
D D

3RWSOPRW ,QWHUUXSWRUUHJHQHUDFLµQ
7HPSRUDULO\UHVWRUHG D
D

D6RORDSOLFDEOHDP£TXLQDVFRQPRWRU'-

6LVWHPDHO«FWULFR
&RPSUREDU &RPSUREDU
$OWDWHQVLµQVLVW %DMDWHQVLµQVLVW

(&&QRIXQFLRQD )DOORGHUHO«

)DOORHQVHUYRHO«FWULFR /DEDWHU¯DQRFDUJD

7UDQVPLVLµQ
&RPSUREDU &RPSUREDU
7UDQVPLVVLRQ6HQVRU 6HQVRUWHPSDFHLWHWUDQVP
 3DQHOHVGHLQVWUXPHQWRV
 8QLGDGGHSDQWDOOD
6HQVRUSUHVLµQDFHLWHWUDQVPLVLµQ 1LYHODFWWUDQVEDMR

6HQILOWDFFDPELR )LOWURDFHLWHWUDQVPREWXUDGR

)DOORVHOPDUFKDV&'& )DOORVHO)15
&RPSUSUµ[SDUDGD &RPSUSUµ[SDUDGD

)DOORVHOHFWRU)5 )DOORVHOPDUFKDV
&RPSUSUµ[SDUDGD &RPSUSUµ[SDUDGD

)XQFLµQGHFDPELRUHGXFLGD

(MHV
&RPSUREDU &RPSUREDU
)DOORGHHMH 6HQVRUGHWHPSDFHLWHHMHV

)DOORHQEORTXHDGRUGLI $OWDWHDFHHMHUXHGD

7HPSFUHFDFHLWHHMHGHODQWHUR 7HPSFUHFDFHLWHHMHWUDVHUR

)UHQRV
&RPSUREDU &RPSUREDU
)DOORVLVWIUHQRV )DOORIUHQRHVWDF

6LVWHPDGHGLUHFFLµQ
&RPSUREDU &RPSUREDU
)DOORGLUHFUHVHUYD )DOORERPEDGLUHFGHUHVHUYD

)DOORHQ&'&

+LGU£XOLFD
&RPSUREDU &RPSUREDU
)DOORVLVWKLGU£XOLFR &LHUUHLPSOHPHQWR

&RPSUFLHUUHLPS\FRQILUPDU )DOORHQVXVS?QEUD]RVGHFDUJD

6HQVRUWHPSKLGU 6HQVSUHV/6

%RPEDKLGU£XOLFD

&RQILUPDUFRQ6(/(&7
 3DQHOHVGHLQVWUXPHQWRV 
8QLGDGGHSDQWDOOD 
9DULRV
&RPSUREDU &RPSUREDU
&RPXQLFLQWHUUFRQUHGGH(&8 5HGGH(&8&RPXQLFUHGXF

3DU£PHWURLQFRUU )DOOROXEULFFHQWUDO

)DOOROLPSLDSDU )DOOROLPSLDSDUWUDV

6HQVRUSHGDODFHO 6HQVRUGHWHPSGHOHQWRUQR

3UµVHULQW )DOORLQLGHQW

(VIXHIUHQRPRWRUUHGXF 0LVVLQJ3LFW

&LUDODULQY
/LPS+RPH

IDOORUHODFVHJ

$GYHUWHQFLD
 6HPXHVWUDHOV¯PERORGHDGYHUWHQFLDFHQWUDOURMD
 (O]XPEDGRUVRQDU£KDVWDTXHVHKD\DOOHYDGRDFDEROD
DFFLµQUHTXHULGD
 6HPRVWUDU£HOWH[WRGHDODUPDKDVWDTXHVHKD\DOOHYDGRD
FDERODDFFLµQUHTXHULGD
 5HSDUHHOIDOORRGLU¯MDVHDXQWDOOHURILFLDOGH9ROYR&(SDUD
REWHQHULQIRUPDFLµQ
127$
6LVHPXHVWUDQODVVLJXLHQWHVDGYHUWHQFLDVDSDJXHHOPRWRU\
FRORTXHODOODYHGHDUUDQTXHHQODSRVLFLµQSDUDFRPSUREDUHO
WH[WRGHDODUPDVLJXLHQWH6LODP£TXLQDGHEHPRYHUVHKDVWDXQ
OXJDUVHJXURDQWHVGHDSDJDUHOPRWRUSUHVLRQHHOERWµQ(6&
SDUDRFXOWDUORVPHQVDMHVGHDGYHUWHQFLDGXUDQWHVHJXQGRV

$GYHUWHQFLD $GYHUWHQFLD
3DUHHOYHK¯FXOR 3DUHHOYHK¯FXOR3DUHHOPRWRU

(VWDVGRVDGYHUWHQFLDVVLHPSUHHVW£QVHJXLGDVGHXQWH[WRGHDODUPDDGLFLRQDO6LJDODVLQVWUXFFLRQHVHQOD
SDQWDOOD\UHSDUHRFRQWDFWHFRQXQWDOOHUDXWRUL]DGRSRU9ROYR&XDQGRVHPXHVWUDXQDDGYHUWHQFLDHOPRWRUVH
GHEHU¯DDSDJDU\ODOODYHGHDUUDQTXHVHGHEHU¯DFRORFDUHQODSRVLFLµQSDUDPRVWUDUHOVLJXLHQWHWH[WRGH
DODUPD
0RWRU
$GYHUWHQFLD $GYHUWHQFLD
7HPSDOWDUHIULJPRWRU 7HPSDOWDDLUHDGPPRWRU

3UHVLµQDLUHDOLPDOWD 3UHVLµQEDMDDFHLWHPRWRU

&RPXQLFDFLµQUHGXFLGDHQWUHODV(&8/DP£TXLQDVµORSXHGHFRQGXFLUVHHQODVPDUFKDVl\l(QODSDQWDOODVµORHVW£Q
GLVSRQLEOHVODLQIRUPDFLµQGHFRQGXFFLµQ\ODVDODUPDV
'LU¯MDVHDXQWDOOHURILFLDOGH9ROYR&(SDUDREWHQHULQIRUPDFLµQ
 3DQHOHVGHLQVWUXPHQWRV
 8QLGDGGHSDQWDOOD

1LYHOUHIULJEDMR )DOORGHOPRWRU

7HPSDOWDFRPE $OWDSUHVLµQFDMDFLJXH³DO

)LOWURGHDLUHREWXUDGR $OWDWHPSWXUER
OLPSLDUFDPELDU

1LYHOEDMRDFWPRW 6REUHYHORFLGDGPRWRU

)DOORVLVWHPDHPLVLRQHV $JXDHQHOFRPEXVWLEOH
D 9DFLDUFD]ROHWD

)DOORVLVWHPDLQ\HFFLµQFRPEXVWLEOH 7HPSHUDWXUDVDOLGDWXUERFRPSUHVRU

3DUNVDIHO\ (VWDFLRP£T
5HJHQHUVHUYQHFHV 6HUYLFLRQHFHVDULR
5HGDFWLYD 5HGDFWLYD
D D

7HPSVLVWHPDHVFDSHDOWD
D

D6RORDSOLFDEOHDP£TXLQDVFRQPRWRU'-

&DMDGHFDPELRV
$GYHUWHQFLD $GYHUWHQFLD
7HPSHUDWXUDDOWDDFHLWHWUDQVPLVLµQ 3UHVLµQEDMDDFHLWHWUDQVPLVLµQ

)DOORWUDQVPLVLµQ &DPELRVHQWLGRDYHORFLGDGH[FHVLYD

)UHQRV
$GYHUWHQFLD $GYHUWHQFLD
%DMDSUHVLµQGHIUHQRV )UHQRGHHVWDFLRQDPDSOLFDGR

)DOORVLVWIUHQRV )UHQRHVWDFLRQDP12DSOLFDGR

(MHV
$GYHUWHQFLD $GYHUWHQFLD
$OWDWHPSDFHLWHHMHGHODQWHUR $OWDWHPSDFHLWHHMHWUDVHUR

(OFRQWUROGHOQLYHOWLHQHOXJDUGHIRUPDFRQWLQXDGXUDQWHODRSHUDFLµQ
 3DQHOHVGHLQVWUXPHQWRV 
8QLGDGGHSDQWDOOD 
6LVWHPDGHGLUHFFLµQ
$GYHUWHQFLD $GYHUWHQFLD
%DMDSUHVLµQGLU )DOORVLVWGLUHFF

+LGU£XOLFD
$GYHUWHQFLD $GYHUWHQFLD
1LYHOEDMRDFHLWHKLGU 7HPSHUDWXUDDOWDDFHLWHKLGU£XOLFR

&LHUUHLPSODELHUWR

0LVFHO£QHD
$GYHUWHQFLD
5HGXFLUYHORFLGDG
$GYHUWHQFLD
6HUYLFLRQHFHVDULR 
7HPSHUDWXUDVDOLGDWXUERFRPSUHVRU 3DUDGDGHHPHUJHQFLD

$EURFKHFLQWXUµQ $QWLUUPDOFRQI

'HPLQWHQWRV
7LHPSREORT

3URWHFFLµQDQWLUURER
HTXLSRRSFLRQDO
/DSURWHFFLµQDQWLUURERGLILFXOWDHOURERGHODP£TXLQD\DTXH
 HOPRWRUQRDUUDQFD
 HOVHOHFWRUGHPDUFKDVQRIXQFLRQD
 HOIUHQRGHHVWDFLRQDPLHQWRQRVHGHVDSOLFD
3DUDDUUDQFDUHOPRWRU
 *LUHODOODYHGHHQFHQGLGRDODSRVLFLµQ


%ORTXHRDUUDQTXH  (VSHUHKDVWDTXHDSDUH]FDODLPDJHQVLJXLHQWHHQODSDQWDOOD

,QWURGX]FDHOFµGLJR  8WLOLFHHOWHFODGRSDUDLQWURGXFLUHOFµGLJR3,1GHFXDWURG¯JLWRV
   SDUDP£TXLQDVQXHYDVDMXVWDGDVHQI£EULFD
 6LKDLQWURGXFLGRHOFµGLJRFRUUHFWRVHGHVDFWLYDU£OD
 SURWHFFLµQDQWLUURER\VHU£SRVLEOHDUUDQFDUHOPRWRU
 8VHODWHFOD(6&SDUDGHVSOD]DUHOSXQWHURKDFLDOD
L]TXLHUGDVLGHVHDPRGLILFDUXQG¯JLWRLQFRUUHFWR
 &XDQGRKDLQWURGXFLGRHOFµGLJR\DOJ¼QG¯JLWRHVLQFRUUHFWR
HOVLVWHPDYXHOYHDXWRP£WLFDPHQWHDODSRVLFLµQGHOSULPHU
G¯JLWR,QWURGX]FDGHQXHYRHOFµGLJR

6RORDSOLFDDP£TXLQDVHTXLSDGDVFRQGLUHFFLµQGHHPHUJHQFLD
(OFRQWUROGHOQLYHOWLHQHOXJDUGHIRUPDFRQWLQXDGXUDQWHODRSHUDFLµQ
 3DQHOHVGHLQVWUXPHQWRV
 8QLGDGGHSDQWDOOD
(OFµGLJR3,1VRORSXHGHPRGLILFDUORXQWDOOHURILFLDOGH9ROYR
(OPRWRUSXHGHYROYHUDDUUDQFDUVHHQORVPLQXWRV
VLJXLHQWHVDVXGHVFRQH[LµQVLQWHQHUTXHLQWURGXFLUHOFµGLJR
DMXVWHGHI£EULFD(OWLHPSRSDUDYROYHUDDUUDQFDUVRORSXHGH
VHUFDPELDGRGHDPLQXWRVSRUXQWDOOHURILFLDOGH9ROYR

9

 3DQHOHVGHLQVWUXPHQWRV 
3DQHOGHLQVWUXPHQWRVSRVWHGHODFDELQD 

3DQHOGHLQVWUXPHQWRVSRVWHGHOD
FDELQD
 5HJHQHUDFLµQ
D

 &DPELRGHVFHQGHQWHWRWDOPHQWHDXWRP£WLFR)$36

 5HVHUYD
 %ORTXHR
   %DVFXODPLHQWRDXWRP£WLFRSRVLFLRQDGRUGHFXFKDUD
 (OHYDFLµQDXWRP£WLFDDXWRPDWLVPRGHHOHYDFLµQGHOD
  SOXPD
 5HVHUYD
 'HVFHQVRDXWRP£WLFRGHORVEUD]RVGHFDUJDHTXLSR
  RSFLRQDO

 


3RVLFLµQIORWDQWH
)XQFLµQGHHOHYDFLµQGHVLPSOHHIHFWRHTXLSRRSFLRQDO

 DIXQFLµQKLGU£XOLFDFDXGDOFRQVWDQWHDMXVWDEOH
  HTXLSDPLHQWRRSFLRQDO
 6HOHFWRUGHIXQFLµQVXVSHQVLµQGHORVEUD]RVGHFDUJD
  HTXLSRRSFLRQDO
 $OXPEUDGRGHWUDEDMRSDUWHGHODQWHUD
 $OXPEUDGRGHWUDEDMRSDUWHWUDVHUD
 
 $OXPEUDGR
   /X]GHDGYHUWHQFLDJLUDWRULDHTXLSRRSFLRQDO
 5HWURYLVRUHVGHDMXVWHHO«FWULFRHTXLSRRSFLRQDO
0,55 256

/ 5

  5HWURYLVRUHVW«UPLFRVHTXLSRRSFLRQDO
  /LPSLDSDUDEULVDV\ODYDSDUDEULVDVHQYHQWDQDWUDVHUD

 &HUUDGXUDGHHQFHQGLGR
 /XFHVODWHUDOHVOXFHVGHHQWUDGDHTXLSDPLHQWR
 RSFLRQDO
 5HVHUYD
 0DQGRPDQXDOGHODFHOHUDGRUHTXLSRRSFLRQDO
   7RPDGHFRUULHQWHHO«FWULFDGH9
DVHDSOLFD¼QLFDPHQWHDODVP£TXLQDVFRQPRWRU'-




 9
 3DQHOHVGHLQVWUXPHQWRV
 3DQHOGHLQVWUXPHQWRVSRVWHGHODFDELQD
5HJHQHUDFLµQVRORVHDSOLFDDODVP£TXLQDFRQ
PRWRU'-
&XDQGRHOILOWURGHSDUW¯FXODVGL«VHOHVW£OOHQRVHPXHVWUDXQ
PHQVDMHHQHOGLVSOD\SDUDLQGLFDUTXHKDOOHJDGRODKRUDGH
HMHFXWDUXQDUHJHQHUDFLµQYHDODS£JLQD

9

&DPELRGHVFHQGHQWHWRWDOPHQWHDXWRP£WLFR
)$36
3DUWHVXSHULRUGHOLQWHUUXSWRUSUHVLRQDGD FDPELRGHVFHQGHQWH
DXWRP£WLFRDODlPDUFKDFXDQGRHVQHFHVDULRVLJXHVLHQGR
SRVLEOHKDFHUHOFDPELRGHVFHQGHQWHGHIRUPDPDQXDOPHGLDQWH
XQRGHORVERWRQHVGHNLFNGRZQ
3DUWHLQIHULRUGHOLQWHUUXSWRUSUHVLRQDGDHQSRVLFLµQ VH
 HIHFW¼DHOFDPELRGHVFHQGHQWHDXWRP£WLFRDODlPDUFKDSRU
PHGLRGHXQRGHORVERWRQHVGHNLFNGRZQ
127$
&XDQGRHOLQWHUUXSWRUQRHVW£DFWLYDGRVHSXHGHDFWLYDUODl
PDUFKDDXWRP£WLFDPHQWHSDUDUHGXFLUHOFRQVXPRGH
FRPEXVWLEOHYHDODS£JLQDSDUDP£VLQIRUPDFLµQ
5HVHUYD
/RFNXS
3DUWHVXSHULRUGHOLQWHUUXSWRUSUHVLRQDGD IXQFLµQGH/RFNXS
HPEUDJXHGHDFRSODPLHQWRGLUHFWRHQHOFRQYHUWLGRUGHSDU
DFWLYDGR6HHQFLHQGHXQDO£PSDUDWHVWLJRHQHOSDQHOGH
LQVWUXPHQWRVGHODQWHURFXDQGRHVW£DSOLFDGRHO/RFNXSYHDOD
S£JLQD
3DUWHLQIHULRUGHOLQWHUUXSWRUSUHVLRQDGD $FRSODPLHQWRGLUHFWR
 GHVDFWLYDGR
%DVFXODPLHQWRDXWRP£WLFRSRVLFLRQDGRUGH
FXFKDUD
3DUWHVXSHULRUGHOLQWHUUXSWRUSUHVLRQDGDUHWRUQRGHEDODQF¯Q
DMXVWHGHODSRVLFLµQGHEDVFXODPLHQWRYHDODS£JLQD
,QWHUUXSWRUHQSRVLFLµQFHQWUDO EDVFXODPLHQWRDXWRP£WLFR
SRVLFLRQDPLHQWRGHODFXFKDUDDFWLYDGR
,QWHUUXSWRUSDUWHLQIHULRUSUHVLRQDGD EDVFXODPLHQWRDXWRP£WLFR

SRVLFLRQDGRUGHODFXFKDUDGHVDFWLYDGR
(OHYDFLµQDXWRP£WLFDDXWRPDWLVPRGHHOHYDFLµQGH
ODSOXPD
,QWHUUXSWRUSDUWHVXSHULRUSUHVLRQDGDUHWRUQRGHEDODQF¯Q
DMXVWHGHODDOWXUDGHHOHYDFLµQ
,QWHUUXSWRUHQSRVLFLµQFHQWUDO HOHYDFLµQDXWRP£WLFD
DXWRPDWLVPRGHHOHYDFLµQGHODSOXPDDFWLYDGR
,QWHUUXSWRUSDUWHLQIHULRUSUHVLRQDGD HOHYDFLµQDXWRP£WLFD

DXWRPDWLVPRGHHOHYDFLµQGHODSOXPDGHVDFWLYDGR
3RUP£VLQVWUXFFLRQHVFRQVXOWHODS£JLQD
 3DQHOHVGHLQVWUXPHQWRV 
3DQHOGHLQVWUXPHQWRVSRVWHGHODFDELQD 
5HVHUYD
5HWRUQRDH[FDYDFLµQGHVFHQVRDXWRP£WLFRGHOD
SOXPDHTXLSRRSFLRQDO
3DUWHVXSHULRUGHOLQWHUUXSWRUSUHVLRQDGDUHWRUQRGHEDODQF¯Q
DMXVWHGHODSRVLFLµQGHEDMDGDYHDODS£JLQD
,QWHUUXSWRUHQODSRVLFLµQFHQWUDO GHVFHQVRDXWRP£WLFRGHORV
EUD]RVGHFDUJDDFWLYDGR


,QWHUUXSWRUSDUWHLQIHULRUSUHVLRQDGD GHVFHQVRDXWRP£WLFRGH
ORVEUD]RVGHFDUJDGHVDFWLYDGR
3RVLFLµQIORWDQWH
3DUWHVXSHULRUGHOLQWHUUXSWRUSUHVLRQDGD )XQFLµQIORWDQWH
DFRSODGDFXDQGRVHPXHYHODSDODQFDGHHOHYDFLµQEDMDGDDOD
SRVLFLµQIORWDQWH
3DUWHLQIHULRUGHOLQWHUUXSWRUSUHVLRQDGD 3RVLFLµQIORWDQWH
GHVDFWLYDGD


)XQFLµQGHHOHYDFLµQGHVLPSOHHIHFWRHTXLSR
RSFLRQDO
3DUWHVXSHULRUGHOLQWHUUXSWRUSUHVLRQDGD )XQFLµQGHHOHYDFLµQ
GHVLPSOHHIHFWRDFWLYDGD
3DUWHLQIHULRUGHOLQWHUUXSWRUSUHVLRQDGD )XQFLµQGHHOHYDFLµQ
GHVLPSOHHIHFWRGHVDFWLYDGD
$KRUDVHSXHGHOHYDQWDUHOLPSOHPHQWRSHMVLVHSDVDSRU

WUDPRVLUUHJXODUHVGHWHUUHQRSHURYXHOYHDODSRVLFLµQRULJLQDO
SRUVXSHVRPXHUWR
 3DQHOHVGHLQVWUXPHQWRV
 3DQHOGHLQVWUXPHQWRVSRVWHGHODFDELQD
DIXQFLµQKLGU£XOLFDFDXGDOFRQVWDQWHDMXVWDEOH
HTXLSDPLHQWRRSFLRQDO
(VWDIXQFLµQVHXVDSULPDULDPHQWHSDUDLPSOHPHQWRVFRQSLH]DV
PµYLOHVWDOHVFRPREDUUHGRUDVRVRSODQLHYHVFXDQGRVH
QHFHVLWDXQDYHORFLGDGGHURWDFLµQDGHFXDGDXVDQGRHOFDXGDO
GHODDIXQFLµQKLGU£XOLFD

9
,QWHUUXSWRUSDUWHVXSHULRUSUHVLRQDGDUHWRUQRGHEDODQF¯Q
 DMXVWHGHOFDXGDO
$ ,QWHUUXSWRUHQODSRVLFLµQPHGLD FDXGDODMXVWDEOHDFWLYDGR
% 3DUWHLQIHULRUGHOLQWHUUXSWRUSUHVLRQDGD IOXMRDMXVWDEOH
GHVDFWLYDGR
+DJDORTXHVHLQGLFDDFRQWLQXDFLµQSDUDDMXVWDUHOFDXGDO
VHQWLGRGHURWDFLµQ\YHORFLGDGGHURWDFLµQ
 $GDSWHHOU«JLPHQGHOPRWRUDOWUDEDMRDUHDOL]DU
 3UHVLµQHQODSDUWHVXSHULRUGHOFRQPXWDGRUVHHVFXFKDU£
XQDVH³DOELS
 6HOHFFLRQHHOVHQWLGRGHURWDFLµQ$%\YD\DDXQDFDUUHUD
DGHFXDGDSDUDDMXVWDUHOU«JLPHQGHURWDFLµQKDVWDTXHVH
RLJDODSUµ[LPDVH³DOELSSDVDGRVVLHWHVHJXQGRVORV
DMXVWHVVHJXDUGD\OXHJRSDVHLQPHGLDWDPHQWHDFDUUHUD
% FRPSOHWDGXUDQWHQRPHQRVGHVHJXQGRVSDUDDFWLYDUHO
$ DMXVWH(OFDXGDOTXHGDILMR\VHSXHGHVROWDUHOFRQWURO
&DQFHOHHODMXVWHDFWXDOPRYL«QGRVHHQODGLUHFFLµQRSXHVWD%
R$HQHOFRQWURORGHVDFWLYDQGRFRQHOFRQPXWDGRU
127$
6LVHQHFHVLWDUHGXFLUHOU«JLPHQGHOPRWRUVHSXHGHLJXDO
PDQWHQHUODYHORFLGDGGHURWDFLµQHOHYDGDPDQWHQLHQGRXQD
FDUUHUDLQFUHPHQWDGD
127$
(O¼OWLPRDMXVWHVHJXDUGD\SXHGHVHUXVDGRQXHYDPHQWH
9 DFWLYDQGRODIXQFLµQFRQPXWDGRUHQODSRVLFLµQFHQWUDO\
0DQGRV SDVDQGROXHJRDFDUUHUDFRPSOHWDGXUDQWHQRPHQRVGH
 VHJXQGR/XHJRVHILMDHOFDXGDOHQHODMXVWHDQWHULRU\VHSXHGH
VROWDUHOFRQWURO
3DUDFRQHFWDUODDIXQFLµQKLGU£XOLFDDOLQFUHPHQWRFRQVXOWH


6HOHFWRUGHIXQFLµQVXVSHQVLµQGHOEUD]RGHFDUJD
%66HTXLSRRSFLRQDO
(OLQWHUUXSWRUWLHQHWUHVSRVLFLRQHV&XDQGRDUUDQFDHOPRWRUOD
IXQFLµQUHYLHUWHDODSRVLFLµQSUHVHOHFFLRQDGD
3DUDORVDMXVWHVGHOVLVWHPDGHVXVSHQVLµQGHODSOXPDHQ
FRPELQDFLµQFRQGLVWLQWRVLPSOHPHQWRVYHDODVHFFLµQ7«FQLFDV
9
GHFRQGXFFLµQ
 3DUWHVXSHULRUGHOLQWHUUXSWRUSUHVLRQDGD 6XVSHQVLµQGHORV
EUD]RVGHFDUJDGHSHQGLHQWHGHODYHORFLGDG
LQGHSHQGLHQWHPHQWHGHODSRVLFLµQGHOVHOHFWRUGHPDUFKDV
 /DO£PSDUDWHVWLJRGHODVXVSHQVLµQGHORVEUD]RVGHFDUJDVH
HQFLHQGH\HQODSDQWDOODEDMRHOPHQ¼+LGU£XOLFDDSDUHFH
%66$FWLYDGRR%66'HVDFWLYDGRVHJ¼QHVW«DFRSODGRR
GHVDFRSODGRHOVLVWHPDGHSHQGLHQWHGHODYHORFLGDG
 /DVXVSHQVLµQGHORVEUD]RVGHFDUJDVHDFRSODU£GHQXHYRVL
VHH[FHGHXQDFLHUWDYHORFLGDG
 3DQHOHVGHLQVWUXPHQWRV 
3DQHOGHLQVWUXPHQWRVSRVWHGHODFDELQD 
 3RUGHEDMRGHXQDFLHUWDYHORFLGDGDSUR[LPDGDPHQWHNPK
FRQODPDUFKDDGHODQWHDFRSODGDRDSUR[LPDGDPHQWHNPK
HQSXQWRPXHUWRRFRQODPDUFKDDWU£VDFRSODGDVH
GHVDFRSODU£ODIXQFLµQ
,QWHUUXSWRUHQSRVLFLµQFHQWUDO 6XVSHQVLµQGHORVEUD]RVGH
FDUJDGHSHQGLHQWHGHODPDUFKD
 /DO£PSDUDWHVWLJRGHODVXVSHQVLµQGHORVEUD]RVGHFDUJDVH
HQFLHQGH\HQODSDQWDOODEDMRHOPHQ¼+LGU£XOLFDDSDUHFH
%66$FWLYDGRR%66'HVDFWLYDGRVHJ¼QHVW«DFRSODGRR
GHVDFRSODGRHOVLVWHPDGHSHQGLHQWHGHODPDUFKD
 (OVLVWHPDGHVXVSHQVLµQGHODSOXPDHVW£DFRSODGRHQODV
SRVLFLRQHVGHFDPELRGHPDUFKDV\\FXDQGRHVW£
DFRSODGRSXQWRPXHUWRODPDUFKDDGHODQWHRODPDUFKDDWU£V
 &XDQGRNLFNGRZQHVW£DFWLYDGRVHGHVDFRSODU£ODIXQFLµQ
3DUWHLQIHULRUGHOLQWHUUXSWRUSUHVLRQDGD VXVSHQVLµQGHORV
EUD]RVGHFDUJDGHVDFWLYDGD
$OXPEUDGRGHWUDEDMRSDUWHGHODQWHUD
3DUWHVXSHULRUGHOLQWHUUXSWRUSUHVLRQDGD $OXPEUDGRGHWUDEDMR 
HQHOWHFKRGHODFDELQD\DOXPEUDGRGHWUDEDMRLQIHULRU
HQFHQGLGRV
,QWHUUXSWRUHQODSRVLFLµQFHQWUDO $OXPEUDGRGHWUDEDMRHQHO
WHFKRGHODFDELQDHQFHQGLGR
3DUWHLQIHULRUGHOLQWHUUXSWRUSUHVLRQDGD $OXPEUDGRGHWUDEDMR
 GHODQWHURDSDJDGR
6LODP£TXLQDFXHQWDFRQDOXPEUDGRGHWUDEDMRDGLFLRQDOFRQ+,'
IDURVDGHVFDUJDGHDOWDLQWHQVLGDGFRQVXOWHODS£JLQD
7RPDKDVWDVHJXQGRVGHSHQGLHQGRGHODWHPSHUDWXUD
DPELHQWHKDVWDTXHXQDOX]GHOWLSR+,'DOFDQFHVXLQWHQVLGDG
P£[LPD3RUHOORQRHQFLHQGD\DSDJXHHODOXPEUDGRGHWUDEDMR
P£VGHORQHFHVDULR
/DO£PSDUDWHVWLJRHQHOSDQHOGHLQVWUXPHQWRVGHODQWHURLQGLFD
TXHHVW£FRQHFWDGRHODOXPEUDGRGHWUDEDMR
$OXPEUDGRGHWUDEDMRSDUWHWUDVHUD
,QWHUUXSWRUSDUWHVXSHULRUSUHVLRQDGD $OXPEUDGRGHWUDEDMR
HQFHQGLGRFXDQGRODPDUFKDDWU£VHVW£DFWLYDGD
,QWHUUXSWRUHQODSRVLFLµQFHQWUDO $OXPEUDGRGHWUDEDMR
HQFHQGLGR
3DUWHLQIHULRUGHOLQWHUUXSWRUSUHVLRQDGD $OXPEUDGRGHWUDEDMR
DSDJDGR

/DO£PSDUDWHVWLJRHQHOSDQHOGHLQVWUXPHQWRVGHODQWHURLQGLFD
TXHHVW£FRQHFWDGRHODOXPEUDGRGHWUDEDMR
127$
(ODOXPEUDGRGHWUDEDMRGHEHHVWDUGHVFRQHFWDGRDOGHVSOD]DUVH
SRUY¯DVS¼EOLFDV
$OXPEUDGR
3DUWHVXSHULRUGHOLQWHUUXSWRUSUHVLRQDGD )DURVHQFHQGLGRV
,QWHUUXSWRUHQSRVLFLµQLQWHUPHGLD DOXPEUDGRGH
HVWDFLRQDPLHQWRHLQVWUXPHQWRVHQFHQGLGR
6HFFLµQLQIHULRUGHOLQWHUUXSWRUSUHVLRQDGD DOXPEUDGRDSDJDGR
&DPELRGHOX]ODUJDDOX]GHFUXFHHQODS£JLQD

 3DQHOHVGHLQVWUXPHQWRV
 3DQHOGHLQVWUXPHQWRVSRVWHGHODFDELQD
/DO£PSDUDWHVWLJRHQHOSDQHOGHLQVWUXPHQWRVGHODQWHURLQGLFD
TXHHVW£QFRQHFWDGDVODVOXFHVODUJDV
/X]GHDGYHUWHQFLDJLUDWRULDHTXLSRRSFLRQDO
3DUWHVXSHULRUGHOLQWHUUXSWRUSUHVLRQDGD /X]GHDGYHUWHQFLD
JLUDWRULDFRQHFWDGDYHDWDPEL«QODS£JLQD
3DUWHLQIHULRUGHOLQWHUUXSWRUSUHVLRQDGD /X]GHDGYHUWHQFLD
JLUDWRULDGHVFRQHFWDGD
/DO£PSDUDWHVWLJRHQHOSDQHOGHLQVWUXPHQWRVGHODQWHURLQGLFD
TXHODOX]GHDGYHUWHQFLDJLUDWRULDHVW£FRQHFWDGD

0 ,55 2 5 6 5HWURYLVRUHVGHDMXVWHHO«FWULFRHTXLSRRSFLRQDO
/ 5 6HOHFFLRQHHOUHWURYLVRUL]TXLHUGRRGHUHFKRPRYLHQGRHOERWµQ
SHTXH³RGHODSDUWHVXSHULRU
$MXVWHORVHVSHMRVUHWURYLVRUHVPRYLHQGRHOERWµQLQIHULRUHQOD
GLUHFFLµQGHODVIOHFKDV

9
127$
 6RORHOHVSHMRVXSHULRUGHORVGRVHVSHMRVGHFDGDODGRSXHGH
VHURSHUDGRHO«FWULFDPHQWH(OHVSHMRLQIHULRUVHGHEHDMXVWDU
PDQXDOPHQWH
5HWURYLVRUHVW«UPLFRVHTXLSRRSFLRQDO
3DUWHVXSHULRUGHOLQWHUUXSWRUSUHVLRQDGD &DOHIDFFLµQHO«FWULFD
DFWLYDGD
3DUWHLQIHULRUGHOLQWHUUXSWRUSUHVLRQDGD &DOHIDFFLµQHO«FWULFD
GHVDFWLYDGD


/LPSLDSDUDEULVDV\ODYDSDUDEULVDVYHQWDQDWUDVHUD
127$
(OOLPSLDSDUDEULVDVGHODQWHURGHEHHVWDUDFWLYDGRSDUDSHUPLWLU
OLPSLDU\ODYDUODOXQHWDWUDVHUD
3DUWHVXSHULRUGHOLQWHUUXSWRUSUHVLRQDGDLQWHUUXSWRUGHEDODQF¯Q
HOODYDSDUDEULVDVHVW£DFWLYDGR\HOOLPSLDSDUDEULVDVUHDOL]D
XQDVSRFDVSDVDGDV
 ,QWHUUXSWRUHQSRVLFLµQFHQWUDO HOOLPSLDSDUDEULVDVSRVWHULRUVH
SRQHHQIXQFLRQDPLHQWRDLQWHUYDORV
&RQHOOLPSLDSDUDEULVDVGHODQWHURDFWLYDGR\ODPDUFKDDWU£V
DSOLFDGDODHVFRELOODOLPSLDSDUDEULVDVGHODYHQWDQDWUDVHUD
HVWDU£DFWLYDGDFRQWLQXDPHQWH
3DUWHLQIHULRUGHOLQWHUUXSWRUSUHVLRQDGD /LPSLDSDUDEULVDV\
ODYDGRGHVDFWLYDGRV
'HSµVLWRGHO¯TXLGRGHODYDGRSDUDSDUDEULVDVGHODQWHUR\OXQHWD
WUDVHUDYHUODS£JLQD
 3DQHOHVGHLQVWUXPHQWRV 
3DQHOGHLQVWUXPHQWRVSRVWHGHODFDELQD 
&HUUDGXUDGHHQFHQGLGR
3RVLFLRQHVGHODFHUUDGXUDGHHQFHQGLGR

 'HVDFWLYDGRPRWRUDSDJDGRFRQODOODYH
5 3RVLFLµQGHUDGLR
 0RGRGHFRQGXFFLµQ
 3RVLFLµQGHDUUDQTXH


)XQFLµQGHEORTXHR\DEHUWXUDGHODSXHUWDSRUFRQWURO
UHPRWRHTXLSRRSFLRQDO

$'9(57(1&,$
c5LHVJRGHFD¯GD
$EULUODSXHUWDVLQVXMHWDUVHDORVSXQWRVGHDJDUUHSRGU¯D

SURYRFDUJUDYHVOHVLRQHV
 $EUDODSXHUWDSRUFRQWUROUHPRWRVRODPHQWHVLHVW£VHJXURGH
TXHQDGLHUHVXOWDU£JROSHDGRDODEULUODSXHUWD
(OGHVEORTXHR\DEHUWXUDGHODSXHUWDSRUFRQWUROUHPRWRHV
SRVLEOHFRQODOODYHGHDUUDQTXHDXQDGLVWDQFLDGHKDVWD
 PHWURVGHODP£TXLQD(OGHVFRQHFWDGRUGHEDWHU¯DGHEHHVWDU
DFWLYDGR
127$

6LODSXHUWDQRHVW£FRPSOHWDPHQWHFHUUDGDQRVHSXHGH
EORTXHDUXVDQGRHOFRQWUROUHPRWR


9

/ODYHGHDUUDQTXHFRQFRQWUROUHPRWRHTXLSR
RSFLRQDO
 /ODYHEDODQFHDDIXHUDDGHQWUR
 %ORTXHDUSXHUWD
 'HVEORTXHDUSXHUWD
 'HVEORTXHR\DSHUWXUDGHODSXHUWD
SUHVLRQHHOERWµQGRVYHFHV

 3DQHOHVGHLQVWUXPHQWRV
 3DQHOGHLQVWUXPHQWRVSRVWHGHODFDELQD
/XFHVODWHUDOHVOXFHVGHHQWUDGDHTXLSDPLHQWR
RSFLRQDO
/XFHVODWHUDOHVDOUHGHGRUGHODFDELQDSDUDXQDPHMRULOXPLQDFLµQ
GHODP£TXLQD\ORVSHOGD³RVGHODFDELQD
,QWHUUXSWRUSDUWHVXSHULRUSUHVLRQDGD
 /DOX]ODWHUDOXQDOX]HVHQFHQGLGDFRQHOHQFHQGLGRHQOD
9
SRVLFLµQ
  /DLOXPLQDFLµQGHHQWUDGDHVDFWLYDGDSRUWUHVPLQXWRVFXDQGR
VHSUHVLRQDHOSXOVDGRU$FRQODOODYHGHHQFHQGLGRHQOD
SRVLFLµQ
 /DLOXPLQDFLµQGHHQWUDGDVHHQFLHQGHFXDQGRODSXHUWDVH
DEUH\VHDSDJDWUHVPLQXWRVGHVSX«VGHTXHODSXHUWDVHKD\D
FHUUDGR
,QWHUUXSWRUHQODSRVLFLµQFHQWUDO
 /DLOXPLQDFLµQGHHQWUDGDHVDFWLYDGDSRUWUHVPLQXWRVFXDQGR
VHSUHVLRQDHOSXOVDGRU$FRQODOODYHGHHQFHQGLGRHQOD
SRVLFLµQ
 /DLOXPLQDFLµQGHHQWUDGDVHHQFLHQGHFXDQGRODSXHUWDVH
DEUH\VHDSDJDWUHVPLQXWRVGHVSX«VGHTXHODSXHUWDVHKD\D
FHUUDGR
,QWHUUXSWRUSDUWHLQIHULRUSUHVLRQDGD
 /DVOXFHVODWHUDOHV\ODLOXPLQDFLµQGHODHQWUDGDHVW£Q
$ DSDJDGDV

9

$3XOVDGRU

5HVHUYD
0DQGRPDQXDOGHODFHOHUDGRUHTXLSRRSFLRQDO
/DDSOLFDFLµQGHODFHOHUDGRUVHWUDQVPLWHHO«FWULFDPHQWH
/DDFHOHUDFLµQVHPRGLILFDJLUDQGRHOPDQGR(OJLURHQVHQWLGR
KRUDULRDXPHQWDHOU«JLPHQ


'HSHQGLHQGRGHODMXVWHDQWHULRUSXHGHVHUQHFHVDULRJLUDUHO
PDQGRSULPHURHQVHQWLGRFRQWUDKRUDULR\VHJXLGDPHQWHHQ
VHQWLGRKRUDULRSDUDDMXVWDUHOU«JLPHQ
(OGHVHPEUDJXHVHSURGXFHFXDQGRVHXVDHOSHGDOGHO
DFHOHUDGRURHOSHGDOGHOIUHQR
'XUDQWHHODUUDQTXHGHOPRWRUODPDULSRVDPDQXDOVH
GHVDFRSODLQGHSHQGLHQWHPHQWHGHODMXVWHDQWHULRU
7RPDGHFRUULHQWHHO«FWULFDGH9
3DUDFDUJDUXQGLVSRVLWLYRFRPRSRUHMHPSORXQWHO«IRQRPµYLO


 3DQHOHVGHLQVWUXPHQWRV 
3DQHOGHLQVWUXPHQWRVSDUWHVXSHULRU 

3DQHOGHLQVWUXPHQWRVSDUWH
VXSHULRU
$FRQGLFDLRQDGRUGHDLUH

 $FRQGLFLRQDGRUGHDLUH

 9HQWLODFLµQGHFDELQD\FDOHQWDGRUDPRWRUSDUDGR
 0DQGRGHOYHQWLODGRU
 0DQGRGHWHPSHUDWXUD
 0DQGRGHGLVWULEXFLµQGHODLUH

,QIRUPDFLµQVREUHHOFOLPDWL]DGRUHQODS£JLQD
 3DQHOHVGHLQVWUXPHQWRV
 3DQHOGHLQVWUXPHQWRVSDUWHWUDVHUD

3DQHOGHLQVWUXPHQWRVSDUWH
WUDVHUD

 7RPDGHDOLPHQWDFLµQHO«FWULFD9SHMGHO
HQFHQGHGRU
 &XELHUWDSDUDODFDMDGHGLVWULEXFLµQHO«FWULFDFRQ
IXVLEOHV\UHO«V

9

3UXHEDGHIXVLEOHV
(VSRVLEOHXVDUIXVLEOHVGHSUXHED
(QODSODFDGHFLUFXLWRLPSUHVRGHWU£VGHODFXELHUWDGHODFDMD
GHIXVLEOHV\UHO«VKD\ODPDUFD)86(7(67358(%$'(
)86,%/(6
3DUDSUREDUVLXQIXVLEOHHVW£IXQGLGRRQRDSµ\HORFRQWUDOD
VXSHUILFLHGHFRQWDFWRTXHHVW£GHEDMRGHODPDUFD)86(7(67
6LHOIXVLEOHQRHVW£IXQGLGRVHLOXPLQDHOGLRGROXPLQRVRYHUGH
TXHHVW£HQFLPDGHODPDUFD
3DUDODVHVSHFLILFDFLRQHVGHOVLVWHPDYHDODS£JLQD

3UXHEDGHIXVLEOHV

 3DQHOHVGHLQVWUXPHQWRV 
3DQHOGHFRQWURO 

3DQHOGHFRQWURO
6LVWHPDGHH[WLQFLµQGHLQFHQGLRVHTXLSRRSFLRQDO
$ 6LVHOHYDQWDODWDSDGHSO£VWLFR$VHURPSHHOSUHFLQWR
% 0DQWHQJDSXOVDGRHOERWµQGXUDQWHVHJXQGRSDUDDFWLYDU
HOVLVWHPDGHURFLDGRUHVHQFDVRGHLQGLFDFLµQGHLQFHQGLR
(OPRWRUQRVHSDUD3XHGHXVDUVHFXDQGRHVQHFHVDULR
GHVSOD]DUODP£TXLQDDOPLVPRWLHPSRTXHVHDFWLYDHO
VLVWHPD
& (OGLRGROXPLQLVFHQWHVHHQFLHQGHFRQOX]URMDVLVHGHWHFWD
XQLQFHQGLRDOPLVPRWLHPSRDUUDQFDODVLUHQD\ODOX]GH
GHVWHOORV3DUDDFWLYDUHOVLVWHPDGHURFLDGRUHVFRQHOPDQXDO
GHDFWLYDFLµQPDQXDOYHDP£VDEDMR
' (OGLRGROXPLQLVFHQWHVHHQFLHQGHFRQOX]DPDULOODHQFDVR
GHIDOORHQODIXQFLµQGHDFWLYDFLµQ6LVHHQFLHQGHHOGLRGR
OXPLQLVFHQWHGLU¯MDVHDXQWDOOHURILFLDOGH9ROYR
( (OGLRGROXPLQLVFHQWHVHHQFLHQGHFRQOX]DPDULOODHQFDVR
GHIDOORHQHOFLUFXLWRGHOGHWHFWRU6LVHHQFLHQGHHOGLRGR
OXPLQLVFHQWHGLU¯MDVHDXQWDOOHURILFLDOGH9ROYR
) (OGLRGROXPLQLVFHQWHVHHQFLHQGHFRQOX]DPDULOODFXDQGRHO

VLVWHPDVHHQFXHQWUDHQODSRVLFLµQPDQXDOHVGHFLUFRQHO
IUHQRGHHVWDFLRQDPLHQWRGHVDFWLYDGR
$ 7DSDGHSO£VWLFR
% $FWLYDFLµQPDQXDO
* (OGLRGROXPLQLVFHQWHVHHQFLHQGHFRQOX]YHUGHFXDQGROD
& $ODUPDGHLQFHQGLR P£TXLQDHVW£DSDUFDGD\HOVLVWHPDHQHOPRGRDXWRP£WLFR
' )DOORHQDFWXDGRU (OVLVWHPDHVW£DOLPHQWDGRFRQFRUULHQWHODDOLPHQWDFLµQ
( )DOORHQGHWHFWRU WLHQHOXJDULQFOXVRFRQHOLQWHUUXSWRUSULQFLSDOGHVFRQHFWDGR
) 0DQXDO + %RWµQGHSUXHED&XDQGRVHSXOVDHOERWµQGHSUXHEDWLHQH
* 2SHUDFLµQ OXJDUXQFRQWUROGHOIXQFLRQDPLHQWRGHOVLVWHPD\GHORV
+ 3UXHED5HSRVLFLµQ GLRGRVOXPLQLVFHQWHV'XUDQWHWUHVVHJXQGRV
 DSUR[LPDGDPHQWHVHHQFLHQGHQWRGRVORVGLRGRV
OXPLQLVFHQWHV\DUUDQFDDOPLVPRWLHPSRODVLUHQD\ODOX]GH
GHVWHOORV
127$
(OERWµQQRVHSDUDFXDQGRVHXVDHOERWµQ%HQHOSDQHOGH
PDQGRV(VSRVLEOHGHVSOD]DUODP£TXLQDPLHQWUDVWLHQHOXJDUOD
H[WLQFLµQVHDFWLYDHOVLVWHPD(OFRQGXFWRUWHQGU£TXHGHFLGLU
VHJ¼QODVLWXDFLµQ
&RQWUROGHOIXQFLRQDPLHQWR
127$
1RVHGHEHOHYDQWDUODWDSDGHSO£VWLFR
&RPSUXHEHGLDULDPHQWHHOIXQFLRQDPLHQWRGHOVLVWHPD
3XOVHHOERWµQGHSUXHED+HQHOSDQHOGHPDQGRV
(QFDVRGHLQGLFDFLµQGHIDOORGLU¯MDVHDXQWDOOHURILFLDOGH9ROYR
 2WURVPDQGRV
 0DQGRV

2WURVPDQGRV
0DQGRV
 
 

 
$
 




%



9

 'LUHFFLµQGHSDODQFD&'&HTXLSR  ,QWHUUXSWRUGHOXFHVGHFDUUHWHUDFUXFHODYDSDUDEULVDV

RSFLRQDO LQWHUPLWHQWHV\OLPSLDSDUDEULVDV
 )UHQRGHHVWDFLRQDPLHQWR  3HGDOGHODFHOHUDGRU
 6HOHFWRUGHPDUFKDV\ERFLQD $ 6RSRUWHGHSDODQFDVVHUYRHO«FWULFDVKLGU£XOLFDGH
WUDEDMRNLFNGRZQIUHQRPRWRUEORTXHRGHSDODQFDVGH
FRQWURODGHODQWHDWU£VDFWLYDFLµQGHDGHODQWHDWU£V\
ERFLQD
 3HGDOGHIUHQR % 0DQGRPRQRSDODQFDHTXLSRRSFLRQDOKLGU£XOLFDGH
WUDEDMRNLFNGRZQIUHQRPRWRUEORTXHRGHSDODQFDVGH
FRQWURODGHODQWHDWU£VDFWLYDFLµQGHDGHODQWHDWU£V\
ERFLQD
 %ORTXHDGRUGLIHU  5HSRVDEUD]RVDMXVWH
 3HGDOGHIUHQR  3DUDGDGHHPHUJHQFLDHTXLSRRSFLRQDO
 $MXVWHGHOYRODQWH
 2WURVPDQGRV 
0DQGRV 
'LUHFFLµQGHSDODQFD&'&HTXLSRRSFLRQDO
(OHTXLSRFRQVLVWHHQXQUHSRVDEUD]RVDEDWLEOHGRQGHVH
UH¼QHQWUHVIXQFLRQHVGHFRQGXFFLµQGLUHFFLµQDGHODQWHDWU£V
\NLFNGRZQ

/DVIXQFLRQHVVHDFWLYDQEDMDQGRHOUHSRVDEUD]RV\SXOVDQGR
HOERWµQGHDFWLYDFLµQHOVHOHFWRUGHPDUFKDVGHEHHVWDUHQ
SRVLFLµQGHSXQWRPXHUWR
8QDO£PSDUDWHVWLJRGHOSDQHOGHLQVWUXPHQWRVFHQWUDOVH
HQFLHQGHFXDQGRHVW£DFWLYDGRHOVLVWHPD
2WUDVLQVWUXFFLRQHVHQODS£JLQD
)UHQRGHHVWDFLRQDPLHQWR
&XDQGRHVW£DSOLFDGRHOIUHQRGHHVWDFLRQDPLHQWRVH
HQFLHQGHODO£PSDUDWHVWLJR6LHVW£DSOLFDGRHOIUHQRGH
HVWDFLRQDPLHQWRFXDQGRVHVHOHFFLRQDODPDUFKDGLUHFFLRQDO
ODO£PSDUDURMDGHDGYHUWHQFLDFHQWUDOGHVWHOODHO]XPEDGRU
 VXHQD\DSDUHFHXQWH[WRGHDGYHUWHQFLDHQODSDQWDOOD
(OEORTXHRGHOLQWHUUXSWRULPSLGHODDSOLFDFLµQIRUWXLWDGHOIUHQR
GHHVWDFLRQDPLHQWR
$SOLFDFLµQ
 )UHQH\GHWHQJDODP£TXLQDFRQORVIUHQRVGHVHUYLFLR
 3RQJDHOVHOHFWRUGHPDUFKDVHQSRVLFLµQGHSXQWRPXHUWR
 3UHVLRQHODSDUWHLQIHULRUGHOLQWHUUXSWRU/DP£TXLQDGHEHU£

HVWDUFRPSOHWDPHQWHLQPµYLODQWHVGHDSOLFDUHOIUHQRGH
HVWDFLRQDPLHQWR
(OIUHQRGHHVWDFLRQDPLHQWRVHDSOLFDDXWRP£WLFDPHQWH
FXDQGRVHDSDJDHOPRWRU
'HVDSOLFDFLµQ
127$
6LHOVHOHFWRUGHPDUFKDVVHPXHYHDODSRVLFLµQGHPDUFKD
DGHODQWHRDWU£VDQWHVGHOLEHUDUHOIUHQRGHHVWDFLRQDPLHQWR
HQWRQFHVODPDUFKDFRQWLQXDU£HQODSRVLFLµQGHSXQWRPXHUWR
(OVHOHFWRUGHPDUFKDVGHEHPRYHUVHSULPHURDODSRVLFLµQGH
SXQWRPXHUWRSDUDKDELOLWDUODVHOHFFLµQGHXQDPDUFKD
 3RQJDHOVHOHFWRUGHPDUFKDVHQSRVLFLµQGHSXQWRPXHUWR
 3UHVLRQHODFXELHUWDURMD\SUHVLRQHODSDUWHLQIHULRUGHO
LQWHUUXSWRU
'HVDSOLFDFLµQVLVHKDDSOLFDGRDXWRP£WLFDPHQWHHOIUHQR
GHHVWDFLRQDPLHQWR
 3RQJDHOVHOHFWRUGHPDUFKDVHQSRVLFLµQGHSXQWRPXHUWR
 3UHVLRQHODSDUWHVXSHULRUGHOLQWHUUXSWRU
 3UHVLRQHODFXELHUWDURMD\SUHVLRQHODSDUWHLQIHULRUGHO
LQWHUUXSWRU
9

0DQGRGHVHOHFWRUGHPDUFKDV
(OFDPELRHQWUHODVPDUFKDVVHHIHFW¼DJLUDQGRHOPDQJR
127$
1RVDOJDQXQFDGHODP£TXLQDGHMDQGRHOVHOHFWRUGHPDUFKDV
HQODSRVLFLµQGHPDUFKDDGHODQWHRDWU£VFRQHOPRWRUHQ

PDUFKD
2WUDVLQVWUXFFLRQHVSDUDHOFDPELRGHPDUFKDVHQODS£JLQD

 2WURVPDQGRV
 0DQGRV
$GHODQWH$WU£V
3DODQFDHQSRVLFLµQ) 0DUFKDDGHODQWH
3DODQFDHQSRVLFLµQ1 3XQWRPXHUWR
3DODQFDHQODSRVLFLµQ5 )XQFLRQDPLHQWRHQPDUFKDDWU£V
127$
&XDQGRVHDSOLFDHOIUHQRGHHVWDFLRQDPLHQWRQRVHSXHGH
DFWLYDUQLQJXQDPDUFKDDGHODQWHRDWU£V(OIUHQRGH

HVWDFLRQDPLHQWRGHEHOLEHUDUVHVLHPSUHHQSRVLFLµQGHSXQWR
PXHUWRSDUDKDELOLWDUODVHOHFFLµQGHXQDPDUFKD&XDQGRVH
DFWLYDHOIUHQRGHHVWDFLRQDPLHQWRODPDUFKDDGHODQWHRDWU£V
FDPELDDSXQWRPXHUWR
%RFLQD
$SULHWHHOERWµQ %RFLQD


3HGDOGHIUHQR
%ORTXHDGRUGHOGLIHUHQFLDO
(OEORTXHDGRUGHOGLIHUHQFLDOVRORDFW¼DVREUHHOHMHGHODQWHUR
6HDSOLFDSLVDQGRHOLQWHUUXSWRUGHSLH\SHUPDQHFHDSOLFDGR
 PLHQWUDVHVWHVHPDQWHQJDSLVDGR
/DO£PSDUDWHVWLJRGHOSDQHOGHLQVWUXPHQWRVFHQWUDOVH
HQFLHQGHFXDQGRHVW£DFRSODGRHOEORTXHDGRUGHOGLIHUHQFLDO
c,03257$17((OEORTXHDGRUGHOGLIHUHQFLDOVRORGHEHXVDUVH
SDUDODFRQGXFFLµQSRUWHUUHQRUHVEDODGL]R
3DUDODFRQGXFFLµQSRUVXHORILUPHVREUHWRGRDOYLUDUGHEHU£
HVWDUGHVDFRSODGRHOEORTXHDGRU
(QFDVRGHULHVJRGHDWDVFRDFRSOHHOEORTXHDGRUGHO
GLIHUHQFLDOD
DQWHVGHTXHVHDWDVTXHODP£TXLQD

$9,62
6LODP£TXLQDHVW£DWDVFDGD\XQDGHODVUXHGDVJLUDODUXHGD
GHEHGHWHQHUVHDQWHVGHTXHVHDFRSOHHOEORTXHDGRUGHO
GLIHUHQFLDO'HRWURPRGRHOVLVWHPDGHOHMHGHWUDFFLµQVHSRGU¯D
GD³DU
3HGDOGHIUHQR
$MXVWHGHOYRODQWH
(OPDQGRHVW£VLWXDGRDODGHUHFKDEDMRHOYRODQWH
0DQGRKDFLDDUULED $MXVWHGHODDOWXUD

0DQGRKDFLDDEDMR $MXVWHGHODLQFOLQDFLµQ
&RQPXWDGRUGHOXFHV
$OHMDUODSDODQFDGHOYRODQWH /X]ODUJD
3RVLFLµQPHGLD /X]GHFUXFH
+DFLDHOYRODQWH /X]GHU£IDJDV

 2WURVPDQGRV 
0DQGRV 
&RQPXWDGRUGHLQGLFDGRUHVGHGLUHFFLµQ
3DODQFDKDFLDDGHODQWH ,QGLFDGRUHVGHGLUHFFLµQL]TXLHUGRV
3DODQFDKDFLDDWU£V ,QGLFDGRUHVGHGLUHFFLµQGHUHFKRV


/LPSLDSDUDEULVDV
3RVLFLµQ 3RVLFLµQQHXWUD
3RVLFLµQ %DUULGRGHOLPSLDSDUDEULVDVDLQWHUYDORV
3RVLFLRQHV,\,, /LPSLDSDUDEULVDVGRVYHORFLGDGHV
(VSRVLEOHPRGLILFDUHOWLHPSRGHOLQWHUYDOR/DOODYHGH
HQFHQGLGRGHEHHVWDUHQODSRVLFLµQ*LUHSULPHURHOPDQGRD

ODSRVLFLµQGHLQWHUYDOR\GHMHTXHIXQFLRQHQODVHVFRELOODV$
FRQWLQXDFLµQJLUHHOPDQGRDODSRVLFLµQHVSHUHHOWLHPSR
GHVHDGRSDUDHOQXHYRLQWHUYDOR\JLUHGHQXHYRHOPDQGRDOD
SRVLFLµQGHLQWHUYDOR
&XDQGRVHSDUDHOPRWRUJLUDQGRODOODYHGHHQFHQGLGRDOD
SRVLFLµQVHUHVWDEOHFHHODMXVWHE£VLFRGHOLQWHUYDOR
/DYDSDUDEULVDV
%RWµQSUHVLRQDGR /DYDGRGHOSDUDEULVDV


3HGDOGHODFHOHUDGRU
( /DDFHOHUDFLµQVHWUDQVPLWHHO«FWULFDPHQWH
8WLOLFHHOSHGDOGHODFHOHUDGRUHQHOUDQJRGHRSHUDFLµQ
HFRQµPLFR(SDUDXQPHQRUFRQVXPRGHFRPEXVWLEOH(OUDQJR
GHRSHUDFLµQHFRQµPLFRHVY£OLGRKDVWDTXHHOSHGDOHQFXHQWUD
3 DOJRGHUHVLVWHQFLD&XDQGRVHSUHVLRQDP£VHOSHGDOGHO
DFHOHUDGRUHQWUDHQHOUDQJRGHSRWHQFLD
9

$SOLFDFLµQGHODFHOHUDGRUDFHOHUDFLµQ 127$

( 5DQJRGHRSHUDFLµQHFRQµPLFD &XDQGRHOSHGDOGHODFHOHUDGRUHVW£HQHOUDQJRGHSRWHQFLD3
3 5DQJRGHSRWHQFLD \HOFDPELRDXWRP£WLFRHVW£HQPRGR/0+R$87ODP£TXLQD
 SXHGHFDPELDUGHPDQHUDGHVFHQGHQWHDlPDUFKDLQFOXVRVL
QRHVW£VHOHFFLRQDGR&DPELRGHVFHQGHQWHWRWDOPHQWH
DXWRP£WLFR)$36YHDODS£JLQD
$6RSRUWHGHSDODQFDVVHUYRHO«FWULFR
%0DQGRPRQRSDODQFDHTXLSRRSFLRQDO
&XDQGRWUDEDMHHQ]RQDVFRQULHVJRGHFDPSRVHO«FWULFRV&(0
YHUODS£JLQD
 2WURVPDQGRV
 0DQGRV



 


'


&  

 ) ( * 

$

 
%
9

   

9

 (OHYDFLµQGHVFHQVR
 %DVFXODPLHQWRKDFLDDWU£VKDFLDGHODQWH
 lIXQFLµQKLGU£XOLFDHTXLSRRSFLRQDO
 lIXQFLµQKLGU£XOLFDHTXLSRRSFLRQDO
 )UHQRPRWRUFDPELRGHVFHQGHQWH
 .LFNGRZQ
 %RFLQD
 6HQWLGRGHPDUFKD)15
 %RWµQGHDFWLYDFLµQ
 %ORTXHRGHSDODQFDV

%DVFXODPLHQWRKDFLDDWU£V (OHYDFLµQGHVFHQVR
KDFLDGHODQWH
(%DVFXODPLHQWRKDFLDDWU£V $(OHYDFLµQ
)$XWRPDWLVPRGH %$XWRPDWLVPRGHHOHYDFLµQGHODSOXPDHOHYDFLµQDXWRP£WLFD 
EDVFXODPLHQWREDVFXODPLHQWR
DXWRP£WLFR 
*%DVFXODPLHQWRKDFLDGHODQWH &'HVFHQVR
'0RGRGHIORWDFLµQ 'HVFHQVRDXWRP£WLFRGHORVEUD]RVGHFDUJDGHVFHQVR
DXWRP£WLFRGHORVEUD]RVGHHOHYDFLµQ 

$9,62
6HKDFDPELDGRODIXQFLµQDXWRP£WLFDGHPDQHUDTXHODSDODQFD
GHFRQWURO\DQRSHUPDQHFHHQVXSRVLFLµQWRSH
/DIXQFLµQVHDFWLYDFXDQGRODSDODQFDVHPXHYHP£VDOO£GH
XQDSRVLFLµQGHGHWHFFLµQXQDPD\RUUHVLVWHQFLDDDSUR[
 2WURVPDQGRV 
0DQGRV 
GHODFDUUHUDFRPSOHWDGHODSDODQFD\DFRQWLQXDFLµQODSDODQFD
VHSXHGHOLEHUDU
127$
(OUHWRUQRDH[FDYDFLµQGHVFHQVRDXWRP£WLFRGHORVEUD]RVGH
HOHYDFLµQWLHQHSULRULGDGVREUHHOPRGRGHIORWDFLµQ3DUD
KDELOLWDUODDSOLFDFLµQGHOPRGRGHIORWDFLµQHOLQWHUUXSWRUGH
UHWRUQRDH[FDYDFLµQGHVFHQVRDXWRP£WLFRGHORVEUD]RVGH
HOHYDFLµQGHEHHVWDUHQODSRVLFLµQ
3DUDREWHQHUP£VLQIRUPDFLµQVREUHODHOHYDFLµQDXWRP£WLFDGH
ODSOXPD\HODXWRPDWLVPRGHEDVFXODPLHQWRGHODFXFKDUD
HOHYDFLµQDXWRP£WLFD\EDVFXODPLHQWRDXWRP£WLFRDV¯FRPRHO
GHVFHQVRDXWRP£WLFRGHORVEUD]RVGHFDUJDGHVFHQVRGHORV
EUD]RVGHHOHYDFLµQYHDODS£JLQD
lIXQFLµQKLGU£XOLFDHTXLSRRSFLRQDO
7RPDKLGU£XOLFDGHGREOHHIHFWRVHXVDVLODP£TXLQDHVW£
HTXLSDGDSRUHMHPSORFRQXQDJDUUDSDUDWURQFRV
7DPEL«QVHSXHGHXVDUSDUDDFRSODPLHQWRVJLUDWRULRV
KLGU£XOLFDPHQWHDFFLRQDGRV
lIXQFLµQKLGU£XOLFDHTXLSRRSFLRQDO
7RPDKLGU£XOLFDGHGREOHHIHFWRVHXVDVLODP£TXLQDHVW£
HTXLSDGDSRUHMHPSORFRQXQDJDUUDSDUDWURQFRV
)UHQRPRWRU\FDPELRGHVFHQGHQWH

6HXWLOL]DSDUDFRQVHJXLUHOFDPELRLQPHGLDWRDXQDPDUFKD
LQIHULRUDOGHVFHQGHUSRUXQDSHQGLHQWHRSDUDLPSHGLUHOFDPELR
QRGHVHDGRDXQDPDUFKDP£VDOWD9HUODS£JLQD
.LFNGRZQ
/DIXQFLµQSXHGHVHOHFFLRQDUVHGHVGHHOVRSRUWHGHSDODQFDVHO
PDQGRPRQRSDODQFDRFRQODGLUHFFLµQGHSDODQFDHTXLSR
RSFLRQDO9HUODS£JLQD
%RFLQD
6HQWLGRGHPDUFKD)15
3DUDXVDUODIXQFLµQSULPHURGHEHSUHVLRQDUVHHOERWµQGH
DFWLYDFLµQ
'HVSX«VGHODDFWLYDFLµQDSDUHFH)5GHODQWHGHODPDUFKD
GLUHFFLRQDOVHOHFFLRQDGDHQODLPDJHQGHLQIRUPDFLµQGH
IXQFLRQDPLHQWRGHODXQLGDGGHSDQWDOODGHLQIRUPDFLµQ
,QWHUUXSWRUHQODSRVLFLµQGHODQWHUD 0DUFKDDGHODQWH
,QWHUUXSWRUHQODSRVLFLµQFHQWUDO 3XQWRPXHUWR
,QWHUUXSWRUHQODSRVLFLµQWUDVHUD 0DUFKDDWU£V
8QDQXHYDDFWLYDFLµQGHOVLVWHPDUHTXLHUHYROYHUDSUHVLRQDUHO
ERWµQGHDFWLYDFLµQ
127$
(OVHOHFWRUGHPDUFKDVHVW£QGDUPHGLDQWHHOYRODQWHWLHQH
SULRULGDGVREUHODPDUFKDGLUHFFLRQDOHQHOVRSRUWHGHSDODQFDV
RHOPDQGRPRQRSDODQFD\DVXPHHOFRQWUROVLVHXVD
%RWµQGHDFWLYDFLµQ
 2WURVPDQGRV
 0DQGRV
/DDFWLYDFLµQGHODPDUFKDGLUHFFLRQDO)15HQHOVRSRUWHGH
SDODQFDVRHQHOPDQGRPRQRSDODQFDVHOOHYDDFDER
SUHVLRQDQGRHOERWµQGHDFWLYDFLµQ
127$
(OVHOHFWRUGHPDUFKDVHVW£QGDUPHGLDQWHHOYRODQWH\ODPDUFKD
GLUHFFLRQDOHQHOVRSRUWHGHSDODQFDVRHQHOPDQGR
PRQRSDODQFDGHEHHVWDUHQSXQWRPXHUWRGXUDQWHODDFWLYDFLµQ
/DGLUHFFLµQGHSDODQFDQRGHEHHVWDUDFWLYDGD
%ORTXHRGHSDODQFDV
6HGHEHXWLOL]DUHOEORTXHRGHSDODQFDVSDUDSUHYHQLUOD
DFWLYDFLµQDFFLGHQWDOGHODVSDODQFDVGHFRQWUROSHMGXUDQWHHO
VHUYLFLRRFXDQGRVHRSHUHHQY¯DVS¼EOLFDV
,QWHUUXSWRUSDUWHGHODQWHUDSUHVLRQDGD ODIXQFLµQKLGU£XOLFDGH
ODVSDODQFDVGHFRQWUROHVW£GHVDFWLYDGDHVGHFLUHVW£DFWLYDGR
HOEORTXHRGHODVSDODQFDV
(OLQWHUUXSWRUFXHQWDFRQXQVHJXURSDUDSUHYHQLUXQDDFWLYDFLµQ
,QWHUUXSWRUEORTXHRGHSDODQFDV DFFLGHQWDO
 /DDGYHUWHQFLDFHQWUDO£PEDU\HOWH[WRGHODXQLGDGGHSDQWDOOD
PXHVWUDQTXHODIXQFLµQGHEORTXHRGHODVSDODQFDVGHFRQWURO
HVW£DFWLYDGD&XDQGRHOEORTXHRGHSDODQFDVHVW£DFWLYDGROD
IXQFLµQ5%%HVW£GHVDSOLFDGD
5HSRVDEUD]RVDMXVWH
/RVUHSRVDEUD]RVSDUDHOVRSRUWHGHSDODQFDVHOPDQGR
PRQRSDODQFD\ODGLUHFFLµQGHSDODQFDVHSXHGHQDMXVWDUSDUD
GDUDORSHUDGRUXQDSRVLFLµQGHWUDEDMRµSWLPD\FµPRGD
$MXVWHGHOVRSRUWHGHSDODQFDVPDQGRPRQRSDODQFD
\HOUHSRVDEUD]RV
6RSRUWHGHSDODQFDVDOWXUD
$IORMHHOYRODQWHGHEORTXHR\DMXVWHODDOWXUDGHOVRSRUWHGH
SDODQFDVPDQGRPRQRSDODQFDDODSRVLFLµQGHVHDGD\
VHJXLGDPHQWHDSULHWHHOYRODQWHGHEORTXHR
6RSRUWHGHSDODQFDVVHQWLGRORQJLWXGLQDO
$IORMHHOYRODQWHGHEORTXHR\DMXVWHHOUHSRVDEUD]RV\HOVRSRUWH
 GHSDODQFDVPDQGRPRQRSDODQFDHQVHQWLGRORQJLWXGLQDODOD
SRVLFLµQGHVHDGD\VHJXLGDPHQWHDSULHWHHOYRODQWHGHEORTXHR

5HSRVDEUD]RVVHQWLGRODWHUDO
$IORMHHOYRODQWHGHEORTXHR\DMXVWHHOUHSRVDEUD]RVHQVHQWLGR
ODWHUDODODSRVLFLµQGHVHDGD\VHJXLGDPHQWHDSULHWHHOYRODQWH
GHEORTXHR
5HSRVDEUD]RVDOWXUD
 $IORMHHOYRODQWHGHEORTXHR\DMXVWHHOUHSRVDEUD]RVHQDOWXUDD
ODSRVLFLµQGHVHDGD\VHJXLGDPHQWHDSULHWHHOYRODQWHGH
EORTXHR

9

 2WURVPDQGRV 
0DQGRV 
$MXVWHGHOUHSRVDEUD]RVFRQGLUHFFLµQGHSDODQFD
&'&
6HQWLGRORQJLWXGLQDO
$IORMHHOYRODQWHGHEORTXHR\DMXVWHDODSRVLFLµQGHVHDGDHQ
VHQWLGRORQJLWXGLQDO\VHJXLGDPHQWHDSULHWHHOYRODQWHGH
EORTXHR
6HQWLGRODWHUDO
$IORMHHOYRODQWHGHEORTXHR\DMXVWHHOUHSRVDEUD]RVHQVHQWLGR
ODWHUDODODSRVLFLµQGHVHDGD\VHJXLGDPHQWHDSULHWHHOYRODQWH
GHEORTXHR
$OWXUD
$IORMHHOYRODQWHGHEORTXHR\DMXVWHHOUHSRVDEUD]RVHQDOWXUDD
ODSRVLFLµQGHVHDGD\VHJXLGDPHQWHDSULHWHHOYRODQWHGH
EORTXHR


3DUDGDGHHPHUJHQFLDHTXLSRRSFLRQDO
127$
&XDQGRVHDFWLYDODSDUDGDGHHPHUJHQFLDWLHQHQVLHPSUHOXJDU

ORVSDVRVDFRQWLQXDFLµQ6RORWHQGU£OXJDUHOSDVRVLVH
GHWHFWDXQLQFHQGLR
&XDQGRODP£TXLQDHVW£HQRSHUDFLµQFRQHOIUHQRGH
HVWDFLRQDPLHQWROLEHUDGRHOVLVWHPDGHWHFWDXQLQFHQGLR\HO
RSHUDGRUDFWLYDODSDUDGDGHHPHUJHQFLD&RFXUUHORVLJXLHQWH
 (OPRWRUHVW£DSDJDGR
 6HFRUWDODFRUULHQWHSULQFLSDO
 6HDSOLFDHOIUHQRGHHVWDFLRQDPLHQWR
 6HDFWLYDHOVLVWHPDGHURFLDGRUHVVµORFXDQGRVHGHWHFWDXQ
LQFHQGLR6LVWHPDGHH[WLQFLµQGHLQFHQGLRVHTXLSR
RSFLRQDO
$ 3DQHOGHPDQGRV 127$
% 7DSDGHSO£VWLFR 6HSXHGHQDFWLYDUORVLQWHUPLWHQWHVGHDGYHUWHQFLDSDUDOODPDUOD
& 3DUDGDGHHPHUJHQFLD DWHQFLµQ


(QFDVRGHLQFHQGLRDFWLYHODSDUDGDGH
HPHUJHQFLD


)XQFLµQGHHOHYDFLµQ\EDVFXODPLHQWR

$9,62
6HKDQFDPELDGRODVIXQFLRQHVDXWRP£WLFDVGHPDQHUDTXHOD
SDODQFDGHFRQWURO\DQRSHUPDQHFHHQVXVSRVLFLRQHVWRSH(Q
 2WURVPDQGRV
 0DQGRV
VXOXJDUODVSDODQFDVGHEHQSDVDUXQDSRVLFLµQGHGHWHFFLµQ
SDUDTXHODVIXQFLRQHVDXWRP£WLFDVVHDFRSOHQ
(ODXWRPDWLVPRGHHOHYDFLµQGHODSOXPD\HOSRVLFLRQDGRUGHOD
FXFKDUDKDFHQTXHHOLPSOHPHQWRVHGHWHQJDDXWRP£WLFDPHQWH
HQFLHUWDVSRVLFLRQHVSUHGHWHUPLQDGDV(VWRUHVXOWDU£HQWLHPSRV
GHFLFORP£VFRUWRV\HQXQPHQRUGHVJDVWH6LJDODV
LQVWUXFFLRQHVDFRQWLQXDFLµQSDUDDMXVWDUKDVWDODDOWXUDGHVHDGD
DOVXELUREDMDUDV¯FRPRHOEDVFXODPLHQWRKDFLDDWU£VGHVHDGR
'XUDQWHWRGRVORVDMXVWHVRDOYHULILFDUIXQFLRQHVODP£TXLQD
GHEHU¯DHVWDUDODWHPSHUDWXUDGHWUDEDMRQRUPDO
/RVDMXVWHVVHUHDOL]DQGHVGHODHVWDFLµQGHORSHUDGRUFRQHO
PRWRUHQPDUFKD
$FFLRQDPLHQWR
127$
(OIXQFLRQDPLHQWRDXWRP£WLFRVHSXHGHGHWHQHUPRYLHQGROD
SDODQFDGHPDQGRDODSRVLFLµQGHSXQWRPXHUWRRGHVDFWLYDQGR
HOLQWHUUXSWRUGHODIXQFLµQUHVSHFWLYD
$MXVWHGHODDOWXUDGHHOHYDFLµQ
,QWHUUXSWRUSDUWHLQIHULRUSUHVLRQDGD DXWRPDWLVPRGHHOHYDFLµQ
GHODSOXPDHOHYDFLµQDXWRP£WLFDGHVDFWLYDGR
,QWHUUXSWRUHQODSRVLFLµQFHQWUDO DXWRPDWLVPRGHHOHYDFLµQGH
ODSOXPDHOHYDFLµQDXWRP£WLFDDFWLYDGR
3DUWHVXSHULRUGHOLQWHUUXSWRUSUHVLRQDGD DMXVWHGHODDOWXUDGH
HOHYDFLµQ
,QWHUUXSWRUDXWRPDWLVPRGHHOHYDFLµQGHODSOXPD
HOHYDFLµQDXWRP£WLFD 
  (OHYHHOLPSOHPHQWRDODDOWXUDGHVHDGD
 3UHVLRQH\PDQWHQJDSUHVLRQDGRHOLQWHUUXSWRUHQODSRVLFLµQ
VXSHULRUGHUHWRUQRGHOEDODQF¯QKDVWDR¯UXQDEUHYHVH³DO
DF¼VWLFDGHO]XPEDGRUGHOSDQHOGHLQVWUXPHQWRVGHVSX«VGH
DSUR[VHJXQGRV$KRUDODSRVLFLµQVHKDJXDUGDGR
9HULILFDFLµQDXWRPDWLVPRGHHOHYDFLµQGHODSOXPDHOHYDFLµQ
DXWRP£WLFD
 /HYDQWHODSOXPDKDVWDODDOWXUDGHHOHYDFLµQGHVHDGD
 3UHVLRQH\PDQWHQJDSUHVLRQDGRHOLQWHUUXSWRUHQODSRVLFLµQ
VXSHULRUGHUHWRUQRGHOEDODQF¯QKDVWDR¯UXQDEUHYHVH³DO
DF¼VWLFDGHO]XPEDGRUGHOSDQHOGHLQVWUXPHQWRVGHVSX«VGH
DSUR[VHJXQGRV
 %DMHHOLPSOHPHQWRKDVWDHOVXHOR/XHJRPXHYDODSDODQFD
KDFLDDWU£VKDVWDTXHSDVHODSRVLFLµQGHGHWHFFLµQ\
FRPSUXHEHTXHHOLPSOHPHQWRVHGHWLHQHGHIRUPDVXDYHHQ
ODSRVLFLµQSUHDMXVWDGD
 'HVDFWLYHHODXWRPDWLVPRGHHOHYDFLµQGHSOXPDHOHYDFLµQ
DXWRP£WLFDFRQHOLQWHUUXSWRU

$MXVWHGHODSRVLFLµQGHGHVFHQVR
,QWHUUXSWRUSDUWHLQIHULRUSUHVLRQDGD GHVFHQVRDXWRP£WLFRGH
ORVEUD]RVGHFDUJDGHVDFWLYDGR
,QWHUUXSWRUHQODSRVLFLµQFHQWUDO GHVFHQVRDXWRP£WLFRGHORV
EUD]RVGHFDUJDDFWLYDGR
3DUWHVXSHULRUGHOLQWHUUXSWRUSUHVLRQDGD DMXVWHGHODSRVLFLµQ
GHGHVFHQVR
,QWHUUXSWRUGHVFHQVRDXWRP£WLFRGHORVEUD]RVGH
FDUJDGHVFHQVRDXWRP£WLFRGHORVEUD]RVGH 
HOHYDFLµQ  %DMHHOLPSOHPHQWRKDVWDODSRVLFLµQGHVHDGD
  3UHVLRQH\PDQWHQJDSUHVLRQDGRHOLQWHUUXSWRUHQODSRVLFLµQ
VXSHULRUGHUHWRUQRGHOEDODQF¯QKDVWDR¯UXQDEUHYHVH³DO
 2WURVPDQGRV 
0DQGRV 
DF¼VWLFDGHO]XPEDGRUGHOSDQHOGHLQVWUXPHQWRVGHVSX«VGH
DSUR[VHJXQGRV$KRUDODSRVLFLµQVHKDJXDUGDGR
9HULILFDFLµQGHVFHQVRDXWRP£WLFRGHORVEUD]RVGHFDUJD
GHVFHQVRDXWRP£WLFRGHORVEUD]RVGHHOHYDFLµQ
 %DMHHOLPSOHPHQWRKDVWDODSRVLFLµQGHVHDGD
 3UHVLRQH\PDQWHQJDSUHVLRQDGRHOLQWHUUXSWRUHQODSRVLFLµQ
VXSHULRUGHUHWRUQRGHOEDODQF¯QKDVWDR¯UXQDEUHYHVH³DO
DF¼VWLFDGHO]XPEDGRUGHOSDQHOGHLQVWUXPHQWRVGHVSX«VGH
DSUR[VHJXQGRV
 /HYDQWHODSOXPDSRUHQFLPDGHODSRVLFLµQKRUL]RQWDO
 0XHYDODSDODQFDKDFLDGHODQWHKDVWDTXHSDVHODSRVLFLµQGH
GHWHFFLµQ
 &RPSUXHEHTXHHOLPSOHPHQWRVHGHWLHQHVXDYHPHQWHHQOD
SRVLFLµQVHOHFFLRQDGD
 'HVDFWLYDFLµQGHVFHQVRDXWRP£WLFRGHORVEUD]RVGHFDUJD
GHVFHQVRDXWRP£WLFRGHORVEUD]RVGHHOHYDFLµQ
$FWLYDFLµQGHOPRGRGHIORWDFLµQ
127$
5HWRUQRDH[FDYDFLµQGHVFHQVRDXWRP£WLFRGHORVEUD]RVGH
HOHYDFLµQWLHQHSULRULGDGVREUHHOPRGRGHIORWDFLµQ3DUDDFWLYDU
HOPRGRGHIORWDFLµQHOGHVFHQVRDXWRP£WLFRGHORVEUD]RVGH
HOHYDFLµQGHEHHVWDUGHVDFWLYDGR

127$

3DUDDFWLYDUODIXQFLµQGHPRGRGHIORWDFLµQHOLPSOHPHQWRGHEH
PRYHUVHDXQDSRVLFLµQSODQDR\DWLHQHTXHHVWDUPRYL«QGRVH
DODSRVLFLµQSODQDDPHQRVGHNPKPSK
3DUWHLQIHULRUGHOLQWHUUXSWRUSUHVLRQDGD IXQFLµQGHPRGRGH
IORWDFLµQGHVDFWLYDGD
3DUWHVXSHULRUGHOLQWHUUXSWRUSUHVLRQDGD )XQFLµQIORWDQWH
,QWHUUXSWRUPRGRGHIORWDFLµQ DFWLYDGD\VHDFRSODFXDQGRVHPXHYHODSDODQFDGHHOHYDFLµQ
 \GHVFHQVRDODSRVLFLµQIORWDQWH

9HULILFDFLµQGHOPRGRGHIORWDFLµQ
 %DMHHOLPSOHPHQWRKDVWDTXHUHSRVHSODQRHQHOVXHOR
 $FWLYHHOPRGRGHIORWDFLµQSUHVLRQDQGRODSDUWHVXSHULRUGHO
LQWHUUXSWRU
 $FRQWLQXDFLµQPXHYDODSDODQFDGHGHVFHQVRKDFLDGHODQWH
KDVWDTXHSDVHODSRVLFLµQGHGHWHFFLµQ\FRPSUXHEHTXHOD
IXQFLµQHVW«DFRSODGDORFXDOVHLQGLFDPHGLDQWHHOV¯PEROR
SDUDPRGRGHIORWDFLµQHQODSDQWDOODHQODSDQWDOODGH
RSHUDFLµQYROYL«QGRVHGHFRORUYHUGH
 ,QFOLQHFRQFXLGDGRHOLPSOHPHQWRKDFLDGHODQWH\FRPSUXHEH
TXHWRGRVORVEUD]RVGHHOHYDFLµQQRODP£TXLQDHVW«Q
OHYDQWDGRV
 %DVFXOHHOLPSOHPHQWRKDFLDDWU£V\FRPSUXHEHTXHORV
EUD]RVGHHOHYDFLµQVLJDQPRYL«QGRVHKDFLDDEDMR
 2WURVPDQGRV
 0DQGRV
$MXVWHGHOSRVLFLRQDGRUGHODFXFKDUDEDVFXODPLHQWR
DXWRP£WLFR
,QWHUUXSWRUSDUWHLQIHULRUSUHVLRQDGD DXWRPDWLVPRGH
EDVFXODPLHQWREDVFXODPLHQWRDXWRP£WLFRGHVDFWLYDGR
,QWHUUXSWRUHQODSRVLFLµQFHQWUDO DXWRPDWLVPRGH
EDVFXODPLHQWREDVFXODPLHQWRDXWRP£WLFRDFWLYDGR
,QWHUUXSWRUSDUWHVXSHULRUSUHVLRQDGD DMXVWHGHODSRVLFLµQGH
,QWHUUXSWRUSRVLFLRQDGRUGHODFXFKDUD EDVFXODPLHQWR
EDVFXODPLHQWRDXWRP£WLFR
 
 %DVFXOHHOLPSOHPHQWRKDVWDODSRVLFLµQGHVHDGD
 3UHVLRQH\PDQWHQJDSUHVLRQDGRHOLQWHUUXSWRUHQODSRVLFLµQ
VXSHULRUGHUHWRUQRGHOEDODQF¯QKDVWDR¯UXQDEUHYHVH³DO
DF¼VWLFDGHO]XPEDGRUGHOSDQHOGHLQVWUXPHQWRVGHVSX«VGH
DSUR[VHJXQGRV$KRUDODSRVLFLµQVHKDJXDUGDGR
9HULILFDFLµQGHOSRVLFLRQDGRUGHODFXFKDUDEDVFXODPLHQWR
DXWRP£WLFR
 $FWLYHHOSRVLFLRQDGRUGHODFXFKDUDEDVFXODPLHQWR
DXWRP£WLFR
 %DVFXOHHOLPSOHPHQWRKDVWDODSRVLFLµQGHVHDGD
 3UHVLRQH\PDQWHQJDSUHVLRQDGRHOLQWHUUXSWRUHQODSRVLFLµQ
VXSHULRUGHUHWRUQRGHOEDODQF¯QKDVWDR¯UXQDEUHYHVH³DO
DF¼VWLFDGHO]XPEDGRUGHOSDQHOGHLQVWUXPHQWRVGHVSX«VGH
DSUR[VHJXQGRV
 %DVFXOHODFXFKDUDKDVWDODSRVLFLµQWRSH
 $FRQWLQXDFLµQPXHYDODSDODQFDP£VDOO£GHODSRVLFLµQGH
GHWHFFLµQ\FRPSUXHEHTXHHOLPSOHPHQWRVHGHWLHQHHQOD
SRVLFLµQVHOHFFLRQDGD

9HULILFDFLµQGHOIXQFLRQDPLHQWRGHHOHYDFLµQGHVLPSOHHIHFWR
 'HVFLHQGDHOLPSOHPHQWRDOVXHOR
 $FWLYHHOIXQFLRQDPLHQWRGHHOHYDFLµQGHVLPSOHHIHFWR
 ,QFOLQHFRQFXLGDGRHOLPSOHPHQWRKDFLDGHODQWH\FRPSUXHEH
TXHWRGRVORVEUD]RVGHHOHYDFLµQQRODP£TXLQDHVW«Q
OHYDQWDGRV
 %DVFXOHKDFLDDWU£VHOLPSOHPHQWR\FRPSUXHEHTXHORV
EUD]RVGHHOHYDFLµQPDQWHQJDQVXSRVLFLµQ\QRVLJDQ
PRYL«QGRVHKDFLDDEDMR

$FFLRQDPLHQWRGHOFDSµ

$7(1&,•1
5LHVJRGHDSODVWDPLHQWR(OPRYLPLHQWRGHOFDSµSXHGHFDXVDU
OHVLRQHVSRUDSODVWDPLHQWR$VHJ¼UHVHGHTXHQRKD\QDGLH
FHUFDGHOPRWRUDQWHVGHDFFLRQDUHOLQWHUUXSWRUGHPDQLREUD
127$
6LODP£TXLQDHVW£HTXLSDGDFRQXQDJXDUGDGHUHMLOODVHGHEH
DEULUDQWHVGHDEULUHOFDSµGHOPRWRUYHDODILJXUD
 2WURVPDQGRV 
0DQGRV 
 /LEHUHHOEORTXHR\DEUDGHOWRGRODJXDUGDGHODUHMLOOD
 $VHJ¼UHVHGHTXHODJXDUGDGHODUHMLOODHVW£HQODSRVLFLµQ
WRWDOPHQWHDELHUWDDQWHVGHDEULUHOFDSµGHOPRWRU
 &LHUUHODJXDUGDGHODUHMLOOD\I¯MHODFRQHOEORTXHRWUDVFHUUDU
HOFDSµGHOPRWRU


9

*XDUGDGHODUHMLOODHTXLSDPLHQWRRSFLRQDO


(OFDSµGHOPRWRUGHODP£TXLQDVHRSHUDHO«FWULFDPHQWHFRQXQ
LQWHUUXSWRUXELFDGRGHQWURGHODFXELHUWDGHEDMRGHORVSHOGD³RV
GHOODGRL]TXLHUGRGHODP£TXLQDMXQWRDOGHVFRQHFWDGRUGH
EDWHU¯D
 3UHVLRQHODIOHFKDKDFLDDUULEDHQHOLQWHUUXSWRUKDVWDTXHHO
FDSµGHOPRWRUHVW«WRWDOPHQWHDELHUWR
 3UHVLRQHODIOHFKDKDFLDDEDMRHQHOLQWHUUXSWRUKDVWDTXHHO
FDSµGHOPRWRUHVW«WRWDOPHQWHFHUUDGR

127$
(OFDSµGHOPRWRUQRSRGU£RSHUDUVHFXDQGRHOPRWRUGHOD
P£TXLQDHVW«HQPDUFKD5LHVJRGHGD³RVDODP£TXLQD
127$
/DP£TXLQDQRSRGU£RSHUDUVHFRQHOFDSµGHOPRWRUSDUFLDOR
WRWDOPHQWHDELHUWR5LHVJRGHGD³RVDODP£TXLQD
127$
(OFDSµ\ODVDOHWDVWUDVHUDVGHEHQOLPSLDUVHGHKLHORQLHYH\
EDUURDQWHVGHRSHUDUHOFDSµGHOPRWRU(QFDVRGHKDEHUYLHQWRV
IXHUWHVSUHVWHDWHQFLµQ\WHQJDFXLGDGRFRQHOFDSµGHOPRWRU
FXDQGRHVW«DELHUWR
9 127$
,QWHUUXSWRUSDUDRSHUDUHOFDSµGHOPRWRU $VHJ¼UHVHGHTXHQRKD\REMHWRVKHUUDPLHQWDVROYLGDGDV\
 VLPLODUHVHQHOUHFRUULGRGHOFDSµFXDQGRVHDEUDRVHFLHUUH
127$
(OFDSµGHOPRWRUGHEHHVWDUFHUUDGRGXUDQWHWRGDOD
UHJHQHUDFLµQGHOVLVWHPDGHOLPSLH]DGHOHVFDSHGHOPRWRUVROR
DSOLFDDODVP£TXLQDVFRQPRWRU'-
$EHUWXUDVHFXQGDULD
(VSRVLEOHODDEHUWXUDVHFXQGDULDGHOFDSµGHOPRWRUJLUDQGRHO
HMHGHOFDSµGHOPRWRUFRQXQDOODYH$OOHQWDPD³RPP
SXOJ5HWLUHSULPHURODSODFDSURWHFWRUD\HOWDSµQ$OOHQPP
TXHFXEUHHOHMHGHOPRWRUGHOFDSµ*LUHFRQXQDFDUUDFDR
SHUIRUHKDVWDTXHVHDEUDHOFDSµ
 2WURVPDQGRV
 &DELQD

&DELQD
6LVWHPDUHWURYLVRU
3DUDODF£PDUDGHYLVLµQGHODQWHUDYHDODS£JLQD
/DF£PDUDXELFDGDHQODSDUWHWUDVHUDGHODP£TXLQDMXQWRFRQ
HOPRQLWRUGHODFDELQDGDDORSHUDGRUXQDEXHQDYLVLELOLGDGGH
ODSDUWHWUDVHUDFXDQGRSHMPXHYHODP£TXLQDPDUFKDDWU£V
HWF
/DF£PDUDGHPDUFKDDWU£VVHDFWLYDFXDQGRHOHQFHQGLGRHVW£
HQSRVLFLµQ
/RVLJXLHQWHH[SOLFDODIXQFLµQGHORVERWRQHVGHOPRQLWRU
6HOHFFLµQGHF£PDUD
(OVLVWHPDVRORWLHQHXQDF£PDUDODIXQFLµQQRHVDSOLFDEOH
$MXVWHGHODUHWURLOXPLQDFLµQGHODSDQWDOOD/&'
(VWHERWµQSHUPLWHFDPELDUHQWUHODVVLJXLHQWHVSRVLFLRQHV
&RQWURODXWRP£WLFRHQHVWDSRVLFLµQODUHWURLOXPLQDFLµQ
GHODSDQWDOODVHFRQWURODDXWRP£WLFDPHQWHHQWUHOD
LQWHQVLGDGGHOX]P¯Q\P£[GHSHQGLHQGRGHOD
LQWHQVLGDGGHOX]GHORVDOUHGHGRUHV
$MXVWHGHG¯DHOSDU£PHWURGHODLQWHQVLGDGGHODOX]GH
UHWURLOXPLQDFLµQGHODSDQWDOODVHDMXVWDSUHVLRQDQGRORV
ERWRQHVP£V\PHQRV(ODMXVWHVHJUDED
$MXVWHGHQRFKHHOSDU£PHWURGHODLQWHQVLGDGGHODOX]
GHUHWURLOXPLQDFLµQGHODSDQWDOODVHDMXVWDSUHVLRQDQGR
ORVERWRQHVP£V\PHQRV(ODMXVWHVHJUDED
       
9 &RQWUDVWH
 3UHVLRQHHOERWµQXQDYH]SDUDHQWUDUHQHOPRGRGHDMXVWH
8WLOLFHORVERWRQHVGHP£V\PHQRVSDUDDMXVWDUHOFRQWUDVWH
\6DWXUDFLµQGHOFRORU
3DUDHQWUDUHQHOPRGRGHDMXVWHGHVDWXUDFLµQGHFRORU
SUHVLRQHORVERWRQHV\DOPLVPRWLHPSR8WLOLFHORVERWRQHV
P£V\PHQRVSDUDDMXVWDUODVDWXUDFLµQGHFRORUGHODLPDJHQ
,QWHQVLGDGGHODOX]
3UHVLRQHHOERWµQXQDYH]SDUDHQWUDUHQHOPRGRGHDMXVWHGH
LQWHQVLGDGGHODOX]8WLOLFHORVERWRQHVP£V\PHQRVSDUD
DMXVWDUODLQWHQVLGDGGHODOX]
$OWHUQDWLYD
&XDQGRVHSUHVLRQDHOERWµQ$OWHUQDWLYDVHJHQHUDXQD
IRWRJUDI¯DLPDJHQILMDGHVGHODF£PDUDFRQHFWDGD(VSRVLEOH
DMXVWDUHOWLHPSRHQHOTXHVHPRVWUDU£ODLPDJHQILMD
6HOHFFLµQDMXVWHPHQRV
6HOHFFLµQDMXVWHP£V
,QWURGXFLU


0HQ¼GHORSHUDGRU2SHUDWRUPHQX
2SHUDWRUPHQX 3DUDUHDOL]DUDMXVWHVGHOLGLRPDODSRVLFLµQGHOFXUVRUHQOD
SDQWDOOD\HOFDQDOGHY¯GHRGHEHHQWUDUHQHOPHQ¼GHRSHUDGRU
GHOPRQLWRU
/DQJXDJH 3DUDHQWUDUHQHOPHQ¼GHORSHUDGRUSUHVLRQHORVERWRQHV 
VHOHFFLµQDMXVWHPHQRV\ VHOHFFLµQDMXVWHP£VDOPLVPR
&DPHUDVHWWLQJV WLHPSR
/RVERWRQHVGHOPRQLWRUTXHVHXWLOL]DQ\FµPRVHXWLOL]DQYHDOR
6HWYLGHRFKDQQHO &+ VLJXLHQWH
ದ$OWHUQDWLYDVHXWLOL]DSDUDUHJUHVDUDOPHQ¼DQWHULRU
ದ0HQRVVHXWLOL]DSDUDDYDQ]DUKDFLDGHODQWHHQHOPHQ¼GH
VHOHFFLRQHV
ದ0£VVHXWLOL]DSDUDUHJUHVDUDOPHQ¼GHVHOHFFLµQDQWHULRU
 2WURVPDQGRV 
&DELQD 
ದ,QWURGXFLUVHXWLOL]DSDUDVHOHFFLRQDURDFWLYDUODDOWHUQDWLYD
VHOHFFLRQDGD


/DQJXDJH
,GLRPD/DQJXDJHಧHVWDDOWHUQDWLYDDEUHHOPHQ¼GH
VHOHFFLµQGHLGLRPD(OLGLRPDVHOHFFLRQDGRVHPRVWUDU£HQ
(QJOLVK WRGRVORVPHQ¼V(VW£QGLVSRQLEOHVODVVLJXLHQWHVDOWHUQDWLYDV
GHLGLRPDVLQJO«VKRODQG«VDOHP£QIUDQF«VLWDOLDQRSRODFR
1HGHUODQGV SRUWXJX«VHVSD³ROWXUFRVXHFRILQODQG«VGDQ«V\QRUXHJR

'HXWVFK $MXVWHVGHODF£PDUD&DPHUDVHWWLQJVಧ

/DO¯QHDGH DFWLYD\GHVDFWLYDXQDO¯QHDGHUHIHUHQFLD
)UDQFDLV
UHIHUHQFLD KRUL]RQWDOHQODSDQWDOODGHOPRQLWRU
,WDOLDQR KRUL]RQWDO+RU
PDUNHU

/DSRVLFLµQO¯QHD DMXVWDODSRVLFLµQGHODO¯QHDGH
GHUHIHUHQFLD UHIHUHQFLDKRUL]RQWDOGHODSDQWDOODGHO
&DPHUDVHWWLQJV KRUL]RQWDO0DUNHU PRQLWRUHVODSDUWHVXSHULRUGHOD
& & & SRV SDQWDOOD\HVODLQIHULRU
/DO¯QHDGH DFWLYD\GHVDFWLYDXQDO¯QHDGHUHIHUHQFLD
+RUPDUNHU
UHIHUHQFLDYHUWLFDO YHUWLFDOHQODSDQWDOODGHOPRQLWRU
0DUNHUSRV   
9HUWPDUNHU
/DSRVLFLµQO¯QHD
GHUHIHUHQFLD
DMXVWDODSRVLFLµQGHODO¯QHDGH
UHIHUHQFLDYHUWLFDOHQODSDQWDOODGHO

9HUWPDUNHU
YHUWLFDO0DUNHU PRQLWRU$MXVWDEOHHQWUH\6H
0DUNHUSRV    SRV FDPELDGHUHFKDHL]TXLHUGDFRQOD
IXQFLµQGHHVSHMRGHODF£PDUD
*UDWLFXOH
&XDGU¯FXOD HVWDDOWHUQDWLYDDFWLYDXQDFXDGU¯FXODHQ
*UDWLFXOH ODSDQWDOOD


&DQDOGHY¯GHR6HWYLGHRFKDQQHOಧSURJUDPDHOFDQDOGH

2SHUDWRUPHQX Y¯GHR\HVXWLOL]DGRSRUHOHVF£QHU(VSRVLEOHVHOHFFLRQDU&+
FDQDOD&+ FDQDO\$87 DXWRP£WLFR

/DQJXDJH
0DQWHQLPLHQWR
(O¼QLFRPDQWHQLPLHQWRQHFHVDULRHQODF£PDUD\HOPRQLWRUHV
&DPHUDVHWWLQJV OLPSLH]D
 /LPSLHODVOHQWHVGHODF£PDUDGHPDUFKDDWU£VFXDQGRVHD
6HWYLGHRFKDQQHO &+ QHFHVDULRFRQXQWUDSRK¼PHGRDJXD
 /LPSLHODSDQWDOODGHOPRQLWRUGHODFDELQDXWLOL]DQGRXQD
HVSXPDGHOLPSLH]DGHDOWDFDOLGDG
127$
1RGHEHQXWLOL]DUVHTX¯PLFRVDJUHVLYRVROLPSLDGRUHV
DEUDVLYRVHQODSDQWDOODGHQLQJXQDPDQHUD
127$
1RWRTXHODSDQWDOODFRQORVGHGRV(YLWHSUHVLRQDU
IXHUWHPHQWHHQODSDQWDOODSDUDQRGD³DUORVS¯[HOHV
 2WURVPDQGRV
 &RQIRUWGHOFRQGXFWRU

&RQIRUWGHOFRQGXFWRU
$VLHQWRGHORSHUDGRU
(ODVLHQWRGHORSHUDGRUFXPSOHFRQODVQRUPDV(1,62
(QSRFDVSDODEUDVHVWRVLJQLILFDTXHHODVLHQWRHVW£
GLVH³DGRSDUDPLQLPL]DUGHODPHMRUPDQHUDSRVLEOHODV
YLEUDFLRQHVGHFXHUSRHQWHURDODVFXDOHVHORSHUDGRUHVW£
H[SXHVWRDORSHUDUODP£TXLQD/DLQWHQVLGDGGHODVYLEUDFLRQHV
GHSHQGHGHPXFKRVIDFWRUHVGLVWLQWRVPXFKRVGHORVFXDOHVQR
HVW£QUHODFLRQDGRVFRQHOGLVH³RGHODP£TXLQDFRPRODV
FRQGLFLRQHVGHOVXHORODYHORFLGDG\ODVW«FQLFDVGHRSHUDFLµQ
7HQJDSUHVHQWHORVLJXLHQWH
 $MXVWHHODVLHQWRVHJ¼QHOSHVR\ODHVWDWXUDGHOFRQGXFWRU
 0DQWHQJDHOWHUUHQRGHO£UHDGHWUDEDMRHQEXHQDV
FRQGLFLRQHV
 $GDSWDUODW«FQLFDGHFRQGXFFLµQ\ODYHORFLGDGDODV
FRQGLFLRQHVUHLQDQWHV
8QDVLHQWRGHORSHUDGRUFRUUHFWDPHQWHDMXVWDGRDXPHQWDOD
FRPRGLGDG\ODVHJXULGDGGHORSHUDGRU8QDVLHQWRPDODMXVWDGR
SXHGHSURYRFDUOHVLRQHV/RVDMXVWHVTXHVHGHEHU¯DQUHDOL]DU
VRQ
$ ƒQJXORGHOUHVSDOGR
% $SR\ROXPEDU
& ,QFOLQDFLµQ\HOHYDFLµQGHVFHQVRGHOFRM¯QGHODVLHQWR
' 3HVRGHOFRQGXFWRU
( 6HQWLGRORQJLWXGLQDOHVSDFLRSDUDODVSLHUQDV
/RVPDQGRVGHDMXVWHSXHGHQYDULDUVHJ¼QHOPRGHORGH
DVLHQWR
(OVRSRUWHGHPRQWDMHGHODVLHQWRGHORSHUDGRUWLHQHYDULRV
DJXMHURVSDUDDFRSODUHODVLHQWR3RUFRQVLJXLHQWHHODVLHQWRGHO
RSHUDGRUVHSXHGHPRYHUHQHOVRSRUWHGHDFRSODPLHQWR
SURSRUFLRQDQGRDV¯SRVLELOLGDGHVDGLFLRQDOHVGHDMXVWHDGHODQWH
DWU£V
([LVWHQWUHVSRVLFLRQHVHQTXHVHSXHGHQLQVWDODUODVJX¯DVGHO
DVLHQWRODSRVLFLµQFHQWUDOHVODHVW£QGDU6LODP£TXLQDHVXVDGD
SRURSHUDGRUHVEDMRVRXQRSHUDGRUTXHHVHO¼QLFRRSHUDGRUGH
ODP£TXLQDODVJX¯DVVHSXHGHQPRYHUKDVWDORVDJXMHURV
GHODQWHURVSDUDREWHQHUXQDEXHQDSRVLFLµQGHWUDEDMR3DUD
RSHUDGRUHVDOWRVRXQRSHUDGRUTXHHVHO¼QLFRRSHUDGRUGHOD
P£TXLQDODVJX¯DVVHSXHGHQPRYHUKDVWDORVDJXMHURV
WUDVHURV
(ODVLHQWRGHORSHUDGRUGHEHU¯DVHUPRYLGRSRUXQWDOOHU
DXWRUL]DGRSRU9ROYR
6LHODVLHQWRGHORSHUDGRUWLHQHTXHVHUUHHPSOD]DGRHQWRQFHV
HOQXHYRDVLHQWRGHEHFRPSUREDUVHGHDFXHUGRFRQ,62
ORFXDOVLJQLILFDTXHHOIDEULFDQWHGHODVLHQWRKDGLVH³DGR\
 2WURVPDQGRV 
&RQIRUWGHOFRQGXFWRU 
DGDSWDGRODVSURSLHGDGHVGHYLEUDFLµQDPRUWLJXDFLµQGHODVLHQWR
DOWLSRGHP£TXLQDHQHOTXHVHYDDLQVWDODU
127$
(ODVLHQWRHVWDU£PDUFDGRFRQODFODVHGHYLEUDFLµQ
DPRUWLJXDFLµQ(0(VW£SURKLELGRFDPELDUORSRUXQQXHYR
DVLHQWRTXHQRGLVSRQJDGHODFDSDFLGDGGHDPRUWLJXDFLµQ
FRUUHFWD
127$
1RKDJDDMXVWHVGHODVLHQWRGXUDQWHODPDUFKD
$VLHQWRGHVXVSHQVLµQQHXP£WLFD
6HDSOLFDDP£TXLQDVIDEULFDGDVKDVWDHQHURGHLQFOXVLYH
127$
(ODVLHQWRHVW£GLVH³DGRSDUDXQRSHUDGRUFRQXQSHVRP£[LPR
GHNJOE
$ ƒQJXORGHOUHVSDOGR
7LUHKDFLDDUULEDGHODEDUUDDJDUUDGHUDSDUDDMXVWDUKDVWDHO
£QJXORGHVHDGR
% $OWXUD\£QJXOR
7LUHKDFLDDUULEDGHODVEDUUDVDJDUUDGHUDVSDUDOHYDQWDUOD
SDUWHGHODQWHUDGHODVLHQWR\HPSXMHKDFLDDEDMRSDUD
EDMDUOD
& $OWXUD\£QJXOR

7LUHKDFLDDUULEDGHODVEDUUDVDJDUUDGHUDVSDUDOHYDQWDUOD
SDUWHWUDVHUDGHODVLHQWR\HPSXMHKDFLDDEDMRSDUDEDMDUOD
1XQFDDMXVWHODDOWXUDGHODVLHQWRFRQHOSRPRGHDMXVWHGHO
 SHVR
' $MXVWHGHOSHVR
3UHVLRQDQGRHOERWµQPDUFDGRFRQXQSDUDOOHQDU\FRQXQ
ದSDUDYDFLDUODVXVSHQVLµQGHODVLHQWRVHSXHGHDMXVWDUGH
DFXHUGRFRQHOSHVRGHORSHUDGRUFRUUHVSRQGLHQWH
7UDWHGHWHQHUHOPRYLPLHQWRHO£VWLFRKDFLDDUULEDDEDMR
XQLIRUPHPHQWHGLVWULEXLGRXQDYH]VHQWDGRHQHODVLHQWR
1RGHEHXVDUVHFRPRDMXVWHGHDOWXUD
( 6HQWLGRORQJLWXGLQDOHVSDFLRSDUDODVSLHUQDV
7LUHGHODEDUUDKDFLDDUULED\GHVSODFHHODVLHQWRKDFLD
GHODQWHRDWU£V
) $MXVWHGHODSR\ROXPEDU
&RQORVERWRQHVVHSXHGHQOOHQDURYDF¯HHOVRSRUWHOXPEDU
VXSHULRUHLQIHULRULQGLYLGXDOPHQWHVHJ¼QVHGHVHH
$VLHQWRGHVXVSHQVLµQQHXP£WLFD
6HDSOLFDDP£TXLQDVIDEULFDGDVKDVWDIHEUHURGH
LQFOXVLYH
 2WURVPDQGRV
 &RQIRUWGHOFRQGXFWRU
127$
(ODVLHQWRHVW£GLVH³DGRSDUDXQRSHUDGRUFRQXQSHVRP£[LPR
GHNJOE
$ ƒQJXORGHOUHVSDOGR
7LUHKDFLDDUULEDGHODEDUUDDJDUUDGHUDSDUDDMXVWDUKDVWDHO
£QJXORGHVHDGR
% ƒQJXOR
7LUHKDFLDDUULEDGHODVEDUUDVDJDUUDGHUDVSDUDOHYDQWDUOD
SDUWHGHODQWHUDGHODVLHQWR\HPSXMHKDFLDDEDMRSDUD
EDMDUOD
& $OWXUD\GXUH]DGHODVXVSHQVLµQOODYHGHDUUDQTXHHQOD
SRVLFLµQ,
7LUHKDFLDDUULEDGHODEDUUDDJDUUDGHUDSDUDOHYDQWDUHO
DVLHQWR\HPSXMHKDFLDDEDMRSDUDEDMDUOR(OLQGLFDGRUYHUGH
PXHVWUDTXHHODMXVWHGHODGXUH]DGHODVXVSHQVLµQHV
FRUUHFWR
* ' ,QGLFDGRUGHVXVSHQVLµQFRUUHFWD
(OLQGLFDGRUYHUGHPXHVWUDTXHHODMXVWHGHODGXUH]DGHOD
VXVSHQVLµQHVFRUUHFWRSDUDPLQLPL]DUODVYLEUDFLRQHVGH
WRGRHOFXHUSR
( 6HQWLGRORQJLWXGLQDOHVSDFLRSDUDODVSLHUQDV
7LUHGHODEDUUDKDFLDDUULED\GHVSODFHHODVLHQWRKDFLD
$ GHODQWHRDWU£V
9 ) $MXVWHGHODSR\ROXPEDU
(OVRSRUWHOXPEDUVHUHJXODPDQXDOPHQWHFRQXQDERPEDGH
% & ( ' ) DLUH

* &DOHIDFFLµQGHODVLHQWR
$VLHQWRGHVXVSHQVLµQQHXP£WLFDVHUYLFLRSHVDGR
HTXLSRRSFLRQDO
127$
(ODVLHQWRHVW£GLVH³DGRSDUDXQRSHUDGRUFRQXQSHVRP£[LPR
GHNJOE
'HDOWDUHVLVWHQFLDVLJQLILFDTXHHODVLHQWRHVW£GLVH³DGRSDUD
XQRSHUDGRUP£VSHVDGR\P£VJUDQGH(OGLVH³RHVP£VUREXVWR
\HODVLHQWRHVP£VDQFKRPPHQFRPSDUDFLµQFRQXQ
DVLHQWRTXHQRVHDGHDOWDUHVLVWHQFLD ,65,PP
$ ,QWHUUXSWRUFDOHIDFFLµQGHODVLHQWROODYHGHDUUDQTXHHQOD
SRVLFLµQ,
$ &XDQGRVHFRQHFWDODFDOHIDFFLµQHO«FWULFDGHODVLHQWRXQ
WHUPRVWDWRFRQWURODFXDQGRVHDFWLYD\VHGHVDFWLYDOD
FDOHIDFFLµQ/DFDOHIDFFLµQVHDFWLYDDsr&\VH
% GHVDFWLYDDsr&
' % ƒQJXORGHOUHVSDOGR
7LUHKDFLDDUULEDGHODEDUUDDJDUUDGHUDSDUDDMXVWDUHO
UHVSDOGRKDVWDHO£QJXORGHVHDGR
& ƒQJXORGHODVLHQWR
7LUHKDFLDDUULEDGHODEDUUDDJDUUDGHUD\DMXVWHHO£QJXORGH
WRGRHODVLHQWRFRM¯QGHODVLHQWR\UHVSDOGR
' $OWXUD\GXUH]DGHODVXVSHQVLµQOODYHGHDUUDQTXHHQOD
SRVLFLµQ,
7LUHKDFLDDUULEDGHODEDUUDDJDUUDGHUDSDUDOHYDQWDUHO
DVLHQWR\HPSXMHKDFLDDEDMRSDUDEDMDUOR(OLQGLFDGRUYHUGH
* ) & 9 PXHVWUDTXHHODMXVWHGHODGXUH]DGHODVXVSHQVLµQHV

FRUUHFWR
( ,QGLFDGRUGHVXVSHQVLµQFRUUHFWD
(OLQGLFDGRUYHUGHPXHVWUDTXHHODMXVWHGHODGXUH]DGHOD
VXVSHQVLµQHVFRUUHFWRSDUDPLQLPL]DUODVYLEUDFLRQHVGH
WRGRHOFXHUSR
) 6HQWLGRORQJLWXGLQDO
 2WURVPDQGRV 
&RQIRUWGHOFRQGXFWRU 
/HYDQWHODEDUUDDJDUUDGHUD\DMXVWHHODVLHQWRHQVHQWLGR
ORQJLWXGLQDO
* $SR\ROXPEDU
(ODSR\ROXPEDUVHDMXVWDPDQXDOPHQWHFRQXQDERPEDGH
DLUH/DERPEDGHDLUHFRQXQDY£OYXODHVW£VLWXDGDHQHOODGR
GHUHFKRGHODVLHQWR

&LQWXUµQGHVHJXULGDG

$'9(57(1&,$
c5LHVJRGHOHVLRQHVJUDYHV
(OPRYLPLHQWRLQHVSHUDGRGHODP£TXLQDSXHGHSURYRFDUTXHHO
RSHUDGRUVHDH[SXOVDGRGHODP£TXLQDFDXV£QGROHOHVLRQHV
JUDYHV
2SHUHODP£TXLQDVµORFXDQGRHVW«VHQWDGRHQHODVLHQWRGHO
RSHUDGRUFRQHOFLQWXUµQGHVHJXULGDGDEURFKDGR
(OFLQWXUµQGHVHJXULGDGHVFU¯WLFRSDUDODVHJXULGDGGHORSHUDGRU
6LHPSUHKD\TXHOOHYDUORSXHVWR\DEURFKDGRFXDQGRVHHVW«
XWLOL]DQGRODP£TXLQDSDUDSUHYHQLUTXHHORSHUDGRUVDOJD
GHVSHGLGRGHODFDELQDRGHODSODWDIRUPDGHORSHUDGRUVLOD
P£TXLQDYXHOFDVHLQFOLQDRWLHQHXQDFFLGHQWH8QFLQWXUµQGH
VHJXULGDGDEURFKDGRWDPEL«QD\XGDDORSHUDGRUDPDQWHQHUHO
FRQWUROGHODP£TXLQDVLHVWDVHPXHYHGHUHSHQWHRGHIRUPD

LQHVSHUDGD(OQRXVDUHOFLQWXUµQGHVHJXULGDGFXDQGRVHXWLOL]D
ODP£TXLQDSXHGHSURYRFDUJUDYHVOHVLRQHVRDFFLGHQWHV
PRUWDOHV(OFLQWXUµQGHVHJXULGDGVRORHVW£GHVWLQDGRSDUDXQ
DGXOWR$VHJ¼UHVHGHTXHHOFLQWXUµQGHVHJXULGDGHVW«HQUROODGR
FXDQGRQRHVW£HQXVR

$VLHQWRFRQFLQWXUµQGHVHJXULGDGGHFDGHUD

$'9(57(1&,$
5LHVJRGHOHVLRQHVJUDYHVHLQFOXVRPRUWDOHV
8QFLQWXUµQGHVHJXULGDGGD³DGRSRGU¯DFDXVDUOHVLRQHVJUDYHV
RPRUWDOHV
&RPSUXHEHODVSLH]DVDVRFLDGDVFRQHOFLQWXUµQGHVHJXULGDG
DQWHVGHDUUDQFDUODP£TXLQD
&RPSUXHEHHOFLQWXUµQGHVHJXULGDG\ODVSLH]DVDVRFLDGDVWRGRV
ORVG¯DV$VHJ¼UHVHGHTXHODVILMDFLRQHV\ODVSLH]DVGH
LQVWDODFLµQHVW«QELHQDSUHWDGDV6XVWLWX\DWRGRHOFLQWXUµQGH
VHJXULGDGLQPHGLDWDPHQWHVLKD\FXDOTXLHUGHVJDVWHVLHO
FLQWXUµQHVW£UD¯GRWLHQHFRVWXUDVVXHOWDVHVW£GHIRUPDGRRVL
HOFDUUHWHQRIXQFLRQD6XVWLWX\DHOFLQWXUµQGHVHJXULGDGVLOD
P£TXLQDKDHVWDGRLQYROXFUDGDHQXQDFFLGHQWHGRQGHHOFLQWXUµQ
VHKD\DHVWLUDGRGLVWHQGLGRRKD\DHVWDGRVXMHWRDDOWDVIXHU]DV
&RPSUXHEHODVILMDFLRQHV\ODVSLH]DVGHLQVWDODFLµQ(VW£
SURKLELGRFDPELDURPRGLILFDUHOFLQWXUµQRVXVDFRSODPLHQWRV\
ILMDFLRQHV8VHVRORDJXDWLELDDOOLPSLDUQRXVHDJHQWHVGH
OLPSLH]DRGHWHUJHQWHV'HMHTXHHOFLQWXUµQVHVHTXHPLHQWUDV
HVW£VDFDGRGHOFDUUHWHDQWHVGHHQUROODUOR
9ROYR&RQVWUXFWLRQ(TXLSPHQWUHFRPLHQGDODVXVWLWXFLµQGHORV
FLQWXURQHVGHVHJXULGDGFDGDD³RVLQGHSHQGLHQWHPHQWHGHVX
DVSHFWR
127$
(OFLQWXUµQGHVHJXULGDGGHWUHVSXQWRVHVXQHTXLSRRSFLRQDO

$VLHQWRFRQFLQWXUµQGHVHJXULGDGGHWUHVSXQWRV

(TXLSRRSFLRQDO
 2WURVPDQGRV
 &RQIRUWGHOFRQGXFWRU


&£PDUDGHODQWHUD
HTXLSRRSFLRQDO
3DUDXWLOL]DUDOJXQRVLPSOHPHQWRVYROXPLQRVRV\ODVFXFKDUDV
P£VJUDQGHVGHODJDPDGH9ROYRVHUHFRPLHQGDFRPSOHWDUOD
P£TXLQDFRQXQDF£PDUDXELFDGDHQDOWR\FRQHFWDGDDOPRQLWRU
RUGLQDULRGHODFDELQDDOREMHWRGHPHMRUDUODYLVLELOLGDGGHO
FRQGXFWRUKDFLDGHODQWH
/DDOWXUDP£[LPDGHODF£PDUDGLULJLGDKDFLDGHODQWHSRUHQFLPD
GHOWHFKRGHODFDELQDHVGHPPLQSDUDODDGDSWDFLµQ
DXQDPHMRUYLVLELOLGDGSRUHQFLPDGHXQLPSOHPHQWRRXQD
FXFKDUDJUDQGHV3DUDYLVLELOLGDGµSWLPDKDFLDGHODQWHDMXVWH

PLQXFLRVDPHQWHODF£PDUD
127$
6HJ¼QODQRUPDGHPHGLFLµQGHYLVLELOLGDG,62VHPLGHOD
YLVLELOLGDGFRQODP£TXLQDSDUDGD\VLQFDUJD\FRQHOFDQWR
LQIHULRUGHOPX³µQGHODFXFKDUDXELFDGRFRPRP¯QLPRDPP
LQSRUHQFLPDGHOSODQRGHOVXHOR
/DF£PDUDGLULJLGDKDFLDGHODQWHSXHGHVXVWLWXLUQRUPDOPHQWHORV
GRVHVSHMRVGLULJLGRVKDFLDGHODQWH
&RQVXOWHDXQFRQFHVLRQDULRGH9ROYRSDUDYHUHOFDW£ORJRGH
LPSOHPHQWRVTXHFRQWLHQHP£VLQIRUPDFLµQ

5HWURYLVRUHVGHODQWHURV
HTXLSRRSFLRQDO
3DUDHOXVRGHDOJXQRVLPSOHPHQWRVYROXPLQRVRV\FXFKDUDV
JUDQGHVGHODJDPDGH9ROYRVHUHFRPLHQGDFRPSOHWDUOD
P£TXLQDFRQGRVHVSHMRVDGLFLRQDOHVPRQWDGRVGHODQWHSDUD
PHMRUDUODYLVLELOLGDGGHOFRQGXFWRUKDFLDGHODQWH3DUDYLVLELOLGDG
µSWLPDKDFLDGHODQWHDMXVWHPLQXFLRVDPHQWHORVHVSHMRV9HDOD
S£JLQD
127$
6HJ¼QODQRUPDGHPHGLFLµQGHYLVLELOLGDG,62VHPLGHOD
YLVLELOLGDGFRQODP£TXLQDSDUDGD\VLQFDUJD\FRQHOFDQWR
LQIHULRUGHOPX³µQGHODFXFKDUDXELFDGRFRPRP¯QLPRDPP
9 LQSRUHQFLPDGHOSODQRGHOVXHOR

 2WURVPDQGRV 
6LVWHPDFOLPDWL]DGRU 

6LVWHPDFOLPDWL]DGRU



 %RTXLOODVGHDLUHGHODQWH
 3DQHOFOLPDWL]DGRU
 %RTXLOODVGHDLUHGHWU£V
 6HQVRUGHWHPSHUDWXUDLQWHULRUGHODFDELQD

127$
$VHJ¼UHVHGHGHMDUOLEUHHOHVSDFLRGHODQWHGHOVHQVRUGH
WHPSHUDWXUD1RRULHQWHQLQJXQDERTXLOODGLUHFWDPHQWHDOVHQVRU
GHWHPSHUDWXUD
 2WURVPDQGRV
 6LVWHPDFOLPDWL]DGRU

 $FRQGLFLRQDGRUGHDLUHHTXLSRRSFLRQDO
 9HQWLODFLµQGHODFDELQDFDOHIDFFLµQDLQWHUYDORV
HTXLSRRSFLRQDO
 0DQGRGHOYHQWLODGRU
 0DQGRGHWHPSHUDWXUD
 0DQGRGHGLVWULEXFLµQGHODLUH

$FRQGLFLRQDGRUGHDLUHHTXLSRRSFLRQDO
3UHVLRQHHOLQWHUUXSWRUSDUDFRQHFWDUHODLUHDFRQGLFLRQDGR
/DO£PSDUDWHVWLJRGHOLQWHUUXSWRUPXHVWUDTXHODIXQFLµQHVW£
$FRQGLFLRQDGRUGHDLUHHTXLSRRSFLRQDO
 DFWLYD
6LODO£PSDUDWHVWLJRHPSLH]DDGHVWHOODUHODLUHDFRQGLFLRQDGR
VHKDGHVFRQHFWDGR/DFDXVDSXHGHVHUXQFRQGHQVDGRU\R
HQIULDGRUREWXUDGRYHDODS£JLQD(QIULDGRU\FRQGHQVDGRU
OLPSLH]D
127$
(OLQWHUUXSWRUWDPEL«QHVW£LQVWDODGRHQP£TXLQDVVLQHVWHHTXLSR
RSFLRQDOSHURQRWLHQHHVWDIXQFLµQ
9HQWLODFLµQGHODFDELQDFDOHIDFFLµQDLQWHUYDORVOD
FDOHIDFFLµQDLQWHUYDORVHQXQHTXLSRRSFLRQDO
/DYHQWLODFLµQGHODFDELQDFDOHIDFFLµQDLQWHUYDORVRFXUUHXVDQGR
9HQWLODFLµQGHODFDELQDFDOHIDFFLµQDLQWHUYDORV HOYHQWLODGRUGHODFDELQDDOPLVPRWLHPSRTXHHOPRWRUHVW£
 DSDJDGR\ODOODYHGHDUUDQTXHHVW£HQODSRVLFLµQ
)XQFLRQDDXQTXHODOODYHGHDUUDQTXHVHKD\DUHWLUDGRGHO
HQFHQGLGR
(OGHVFRQHFWDGRUGHEDWHU¯DGHEHHVWDUDFWLYDGR
$FWLYDFLµQ
3UHVLRQHHOLQWHUUXSWRUSDUDDFWLYDUODYHQWLODFLµQGHFDELQD\
HOFDOHQWDGRUDPRWRUSDUDGR
/DDFWLYDFLµQSXHGHWHQHUOXJDUP£[PLQXWRDQWHVRP£[
VHJXQGRVGHVSX«VGHTXHODOODYHGHDUUDQTXHVHFRORTXHHQOD
SRVLFLµQDSDJDQGRDV¯HOPRWRU
/DO£PSDUDWHVWLJRGHOLQWHUUXSWRUHVW£HQFHQGLGD\PXHVWUDTXH
ODIXQFLµQHVW£DFWLYD
&OLPDH[WHULRUF£OLGRYHQWLODFLµQGHODFDELQD
6HYHQWLODODFDELQDGXUDQWHHODSDUFDPLHQWR
6HUHFRPLHQGDODYHORFLGDGGHOYHQWLODGRU$87
(OWLHPSRHVFRPRP£[LPRKRUDV
&OLPDH[WHULRUIU¯RFDOHQWDGRUDPRWRUSDUDGRHTXLSRRSFLRQDO
 2WURVPDQGRV 
6LVWHPDFOLPDWL]DGRU 
(OUHIULJHUDQWHGHOPRWRUFLUFXODDSRUWDQGRFRQHOORFDORUDOD
FDELQD
(OWLHPSRGHODFDOHIDFFLµQDPRWRUSDUDGRHVPLHQWUDVOD
WHPSHUDWXUDGHOPRWRUVHDORVXILFLHQWHPHQWHDOWDRFRPR
P£[LPRKRUD
6HUHFRPLHQGDODYHORFLGDGGHOYHQWLODGRU$87
(OFDOHQWDGRUDLQWHUYDORVLQWHQWDPDQWHQHUXQDWHPSHUDWXUDGH
R&LQGHSHQGLHQWHPHQWHGHODSRVLFLµQGHOPDQGRGH
WHPSHUDWXUD
/DGHVDFWLYDFLµQWLHQHOXJDU
&RQHOLQWHUUXSWRU
&XDQGRKDWUDQVFXUULGRHOLQWHUYDORGHWLHPSR
&XDQGRVHDUUDQFDHOPRWRU
0DQGRGHOYHQWLODGRU
3RVLFLµQ 9HQWLODGRUSDUDGR
3RVLFLµQ$87 5HJXODFLµQDXWRP£WLFDGHODYHORFLGDGGHO
YHQWLODGRUVLQHVFDORQHV
=RQDPDUFDGD $MXVWHPDQXDOSRVLFLRQHVILMDVSDUDODYHORFLGDG

0DQGRGHOYHQWLODGRU

GHOYHQWLODGRU
127$

6LVHDEUHODSXHUWDGHODFDELQDPLHQWUDVHOPDQGRGHOYHQWLODGRU
VHHQFXHQWUDHQODSRVLFLµQ$87VHUHGXFHDXWRP£WLFDPHQWHOD
YHORFLGDGGHOYHQWLODGRUHQFLHUWRVFDVRV
0DQGRGHWHPSHUDWXUD
3RVLFLµQKDFLDDUULED &DORUP£[LPRPDUFDURMD
3RVLFLµQL]TXLHUGD 6HOHFFLµQGHWHPSHUDWXUDGHVHDGD
3RVLFLµQKDFLDDEDMR 5HIULJHUDFLµQP£[LPDPDUFDD]XO

0DQGRGHWHPSHUDWXUD

0DQGRGHGLVWULEXFLµQGHODLUH
3RVLFLµQ$87 5HJXODFLµQDXWRP£WLFD
3RVLFLµQL]TXLHUGDHQVHQWLGRKDFLDHOV¯PEROR $LUHGH
UHFLUFXODFLµQDOP£[LPR
=RQDPDUFDGD 0H]FODGHDLUHGHUHFLUFXODFLµQFRQDLUHGHO
0DQGRGHGLVWULEXFLµQGHODLUH HQWRUQR
 3RVLFLµQGHUHFKDHQVHQWLGRKDFLDHOV¯PERORVXSHULRU $LUHGHO
HQWRUQRDOP£[LPR
3RVLFLµQGHUHFKD 8QLGDGDQWLYDKRFRQODVERTXLOODVGH
YHQWLODFLµQHQODVYHQWDQDVDELHUWDV\GLULJLGDVKDFLDORVFULVWDOHV
%RTXLOODVGHYHQWLODFLµQ
$EUDODVERTXLOODVGHYHQWLODFLµQ\DMXVWHODGLUHFFLµQGHODLUHSDUD
RSWLPL]DUODYHQWLODFLµQ\ODGLVWULEXFLµQGHODLUH

$$ELHUWDV
%&HUUDGDV
&'HWHFFLµQGHDLUH

 2WURVPDQGRV
 6LVWHPDFOLPDWL]DGRU
6LVWHPDFOLPDWL]DGRUDMXVWH
/DVLQVWUXFFLRQHVVLJXLHQWHVFRQVWLWX\HQXQDUHFRPHQGDFLµQ
E£VLFD&DGDFRQGXFWRUWHQGU£TXHDSUHQGHUDDMXVWDU\UHJXODU
HOFOLPDWL]DGRUSDUDREWHQHUODWHPSHUDWXUDDGHFXDGDVLQ
FRUULHQWHV\FRQHOORHOPHMRUHQWRUQRGHWUDEDMR
3DUDORJUDUHOPHMRUFRQWUROGHWHPSHUDWXUDHQODFDELQDLQWHQWH
WHQHUHOPD\RUQ¼PHURSRVLEOHGHERTXLOODVDELHUWDV
5HFLUFXODFLµQP£[LPDHQHOPDQGRGHGLVWULEXFLµQGHODLUH
6HSXHGHXVDUFRPRXQDMXVWHSDUDUHGXFLUODHQWUDGDGHPDORV
RORUHV(VWRWDPEL«QUHGXFHODDFXPXODFLµQGHSROYRHQORVILOWURV
GHYHQWLODFLµQGHODFDELQD
6LODVYHQWDQDVVHHPSD³DQJLUHHOPDQGRKDVWD$LUHDPELHQWH
P£[LPR&XDQGRVHDQHFHVDULROLPSLH\FRPSUXHEHRFDPELHHO
ILOWURGHYHQWLODFLµQGHODFDELQDYHDODS£JLQD)LOWURGHYHQWLODFLµQ
GHODFDELQDOLPSLH]D\VXVWLWXFLµQ
$V¯HVFµPRVHDMXVWD
XQDWHPSHUDWXUDGHWUDEDMRFµPRGD
7RGDVODVERTXLOODVFRPSOHWDPHQWHDELHUWDV
(QFDVRGHFOLPDH[WHULRUF£OLGRDFWLYHHODLUHDFRQGLFLRQDGR
0DQGRGHOYHQWLODGRUHQODSRVLFLµQ$87
0DQGRGHWHPSHUDWXUDDMXVWDGRDODWHPSHUDWXUDGHVHDGD
0DQGRGHOGLVWULEXFLµQGHDLUHHQODSRVLFLµQ$87
HOLPLQDUHOYDKRHQWRGDVODVYHQWDQLOODV
%RTXLOODVGHODQWHUDVGLULJLGDVKDFLDHOSDUDEULVDV
/DVERTXLOODVGHOVXHOREDMRHOSDQHOGHLQVWUXPHQWRVFHUUDGDV
/DVERTXLOODVWUDVHUDVGLULJLGDVDODYHQWDQDWUDVHUDYHQWDQD
ODWHUDO
0DQGRGHGLVWULEXFLµQGHODLUHHQODSRVLFLµQDQWLYDKRORFXDO
SURSRUFLRQD
 $LUHGHOHQWRUQRDOP£[LPR
 &DORUP£[LPR
 5HIULJHUDFLµQP£[LPDVLODP£TXLQDHVW£HTXLSDGDFRQDLUH
DFRQGLFLRQDGR
 9HORFLGDGGHOYHQWLODGRUDOP£[LPR
8QDYH]FRQVHJXLGRHOHIHFWRGHVHDGR\FXDQGRVHKD\DJLUDGR
HOPDQGRGHGLVWULEXFLµQGHODLUHDODSRVLFLµQGHVHDGDHO
FOLPDWL]DGRUYXHOYHDODWHPSHUDWXUDVHOHFFLRQDGD\DOD
YHORFLGDGGHOYHQWLODGRUVHOHFFLRQDGD$EUDODVERTXLOODVGHOSLVR
3DUDUHGXFLUHOULHVJRGHTXHODVYHQWDQDVVHHPSD³HQ
PDQW«QJDODVOLPSLDV8VHVRORXQOLPSLDGRUGHYHQWDQDVFRP¼Q
SDUDOLPSLDUODV
3URFXUHREWHQHUXQDEXHQDYHQWLODFLµQ
1RFRQGX]FDGHPDVLDGRWLHPSRVLQYHQWLODFLµQRFRQODFDELQD
WRWDOPHQWHFHUUDGDVLQTXHHVW«HQPDUFKDHOYHQWLODGRU
8QDYHQWLODFLµQLQVXILFLHQWHSXHGHFDXVDUFDQVDQFLRGHELGRD
IDOWDGHR[¯JHQR
 ,QVWUXFFLRQHVGHIXQFLRQDPLHQWR 


,QVWUXFFLRQHVGH
IXQFLRQDPLHQWR
(VWDXQLGDGFRQWLHQHQRUPDVTXHVHGHEHQVHJXLUSDUDWUDEDMDU
FRQODP£TXLQDGHIRUPDVHJXUD1RREVWDQWHHVWDVQRUPDVVH
GHEHU£QDSOLFDUHQFRPELQDFLµQFRQODOHJLVODFLµQ\RWUDV
UHJXODFLRQHVQDFLRQDOHVVREUHVHJXULGDGHQFDUUHWHUD\
SUHYHQFLµQODERUDO
/DGHELGDYLJLODQFLDHOVHQWLGRFRP¼Q\HOUHVSHWRDODOHJLVODFLµQ
VREUHVHJXULGDGVRQODVFRQGLFLRQHVIXQGDPHQWDOHVSDUDHYLWDU
HOULHVJRGHDFFLGHQWHV

,QVWUXFFLRQHVSDUDHOURGDMH
'XUDQWHODVSULPHUDVKRUDVODP£TXLQDVHGHEHXWLOL]DUFRQ
EDVWDQWHFXLGDGR(VIXQGDPHQWDOFRPSUREDUDPHQXGRHOQLYHO
GHDFHLWH\GHIOXLGRVGXUDQWHHOSHU¯RGRGHURGDMH
6HGHEHLQVSHFFLRQDUHODSULHWHGHORVSHUQRVGHODVUXHGDVFDGD
RFKRKRUDVGHIXQFLRQDPLHQWRFRQVXOWHODS£JLQD

$SDJDGRGHOPRWRUUHWDUGDGR

/DIXQFLµQLQGLFDDORSHUDGRUTXHQRSDUHHOPRWRUKDVWDTXHHO
PRWRUKD\DHVWDGRDOUDOHQW¯GXUDQWHXQFLHUWRWLHPSRSDUDHYLWDU


GD³RVHQHOWXUER6HPXHVWUDXQV¯PERORHQODSDQWDOODFXDQGR
VHSHUPLWHHODSDJDGRGHOPRWRU
127$

6LHORSHUDGRUDSDJDHOPRWRUDQWHVGHTXHHOV¯PERORDSDUH]FD
HQODSDQWDOODVHPRVWUDU£XQPHQVDMHGHHUURUHQODSDQWDOOD
 R
GXUDQWHHOSUµ[LPRDUUDQTXH(OWLHPSRTXHWDUGDHQSHUPLWLUVH
 OK )O /
$36
&
HODSDJDGRGHOPRWRUGHSHQGHGHODFDUJDGHOPRWRU
2.

9

6¯PERORPRVWUDGRFXDQGRVHSXHGHDSDJDUHO
PRWRU



&RPSUREDU

'HVFRQH[LµQHQFDOLHQWHWXUER

3URWHFFLµQGHOPRWRU6RIWZDUH
/DIXQFLµQLQIRUPDDORSHUDGRU\OLPLWDHOU«JLPHQ\HOSDUGHO
PRWRUDV¯FRPRODYHORFLGDGGHWUDVODFLµQGHODP£TXLQDSDUD
SUHYHQLUTXHHOPRWRUVHGD³H(ODSDJDGRGHOPRWRUQRVH
SURGXFHKDVWDTXHODYHORFLGDGKDFD¯GRSRUGHEDMRGHNPK
PSK(VWRSRVLELOLWDTXHVLHPSUHVHSXHGDDSDUWDUOD
P£TXLQDGHVLWXDFLRQHVSHOLJURVDVDQWHVGHTXHHOPRWRUVH
DSDJXH
 ,QVWUXFFLRQHVGHIXQFLRQDPLHQWR

/DIXQFLµQHVW£UHJXODGDSRUODXQLGDGGHFRQWUROGHOPRWRU\
GHSHQGLHQGRGHTX«FRPSRQHQWHHVW«JHQHUDQGRODDODUPDVH
SXHGHDFWLYDUFXDOTXLHUDGHODVVLJXLHQWHVIXQFLRQHV
 UHGXFFLµQGHSDUGHOPRWRU
 OLPLWDFLµQGHOU«JLPHQGHOPRWRU
 DSDJDGRGHOPRWRU

'HVFRQH[LµQDXWRP£WLFDGHOPRWRU
HTXLSDPLHQWRRSFLRQDO
(OHTXLSDPLHQWRHVHVW£QGDUFRQHOVLVWHPDGHH[WLQFLµQGH
LQFHQGLRV
(ODSDJDGRGHOPRWRUWLHQHOXJDUGHVSX«VGHXQWLHPSR
SUHGHWHUPLQDGR
/DKRUDVHDMXVWDFRQODKHUUDPLHQWDGHVHUYLFLR7HFK7RRO
6HUHTXLHUHQODVVLJXLHQWHVFRQGLFLRQHVSDUDHODSDJDGRGHO
PRWRU
 /DP£TXLQDSDUDGD
 (OPRWRUHVW£DUDOHQW¯
 (OVHOHFWRUGHPDUFKDVHQSXQWRPXHUWR
 /DPDULSRVDPDQXDOQRHVW£DFWLYDGD
&XDQGRODVFRQGLFLRQHVVHKDQFXPSOLGR\TXHGDXQPLQXWRGHO
WLHPSRSUHGHWHUPLQDGRVHPXHVWUDXQPHQVDMHHQODXQLGDGGH
SDQWDOOD
(QWRQFHVVHSXHGHLQWHUUXPSLUHODSDJDGRGHOPRWRUDFWLYDQGR
HOSHGDOGHODFHOHUDGRUODPDULSRVDPDQXDORHOVHOHFWRUGH
PDUFKDV
&XDQGRHODSDJDGRDXWRP£WLFRGHOPRWRUVHKDSURGXFLGR
 6HDSOLFDHOIUHQRGHHVWDFLRQDPLHQWR
 /DOODYHGHDUUDQTXHFRQWLQ¼DHQODSRVLFLµQSRVLFLµQGH
PDUFKD
7RGDVODVOXFHVXRWURVGLVSRVLWLYRVFRQHFWDGRVTXHFRQVXPDQ
FRUULHQWHSHUPDQHFHQFRQHFWDGRV

9LVLELOLGDG

$'9(57(1&,$
5LHVJRGHDFFLGHQWHVJUDYHV
/DVSLH]DVHTXLSDPLHQWRRFDUJDGHODP£TXLQDSRGU¯DQREVWUXLU
ODYLVWDGHORSHUDGRU2SHUDURFRQGXFLUFRQODYLVWDGHORSHUDGRU
REVWUXLGDSRGU¯DSURYRFDUJUDYHVDFFLGHQWHV
8VHXQVH³DOLVWDVLODYLVWDGHORSHUDGRUHVW£REVWUXLGD
/DLQIRUPDFLµQVLJXLHQWHVHDSOLFDDODVP£TXLQDVHQWUHJDGDVHQ
SD¯VHVGHOD8(\SXHGHQDSOLFDUVHWDPEL«QDP£TXLQDV
HQWUHJDGDVHQSD¯VHVIXHUDGHOD8(
3XHGHUHVXOWDULPSRVLEOHWHQHUXQDEXHQDYLVLELOLGDGGHWRGDVODV
]RQDVDOUHGHGRUGHODP£TXLQD3DUDFRQVHJXLUXQDYLVLELOLGDG
DFHSWDEOHVHSXHGHQXVDUGLVSRVLWLYRVDX[LOLDUHVFRPRVLVWHPDV
 ,QVWUXFFLRQHVGHIXQFLRQDPLHQWR 

GHDGYHUWHQFLDHVSHMRVDYLVDGRUGHPDUFKDDWU£V\F£PDUDVGH
YLJLODQFLD&&79
127$
$OJXQDVSDUWHVGHODP£TXLQDE£VLFDSXHGHQFRQWULEXLUDOLPLWDU
ODYLVLELOLGDGSRUHMHPSORORVPRQWDQWHV\PDUFRVGHODFDELQD
HOWXERGHHVFDSH\HOFDSµDGHP£VGHHTXLSRVRSFLRQDOHVFRPR
FXFKDUDVKRUTXLOODVSDUDSDOHWDVJDUUDVHWF«WHUD7DPEL«Q
SXHGHUHGXFLUODYLVLELOLGDGODFDUJDWUDQVSRUWDGDHQHVRV
LPSOHPHQWRV
3DUDPLQLPL]DUORVULHVJRVFDXVDGRVSRUODYLVLELOLGDGOLPLWDGDOD
GLUHFFLµQGHOOXJDUGHWUDEDMRGHEHU£HVWDEOHFHUUHJODV\
SURFHGLPLHQWRV3RUHMHPSOR
$VHJ¼UHVHGHTXHHOFRQGXFWRU\ODVSHUVRQDVHQHOOXJDUKDQ
UHFLELGRLQVWUXFFLRQHVGHVHJXULGDGELHQFODUDV
+DJDTXHHOFRQGXFWRU\HOSHUVRQDOHQHOOXJDUGHWUDEDMR
DVLVWDQDFXUVRVGHVHJXULGDG
5HJXOHHOIOXMRGHWU£ILFRGHP£TXLQDV\RWURVYHK¯FXORV
/LPLWHOD]RQDGHWUDEDMRGHODP£TXLQD
8WLOLFHXQVH³DOLVWDFRPRD\XGDSDUDHOFRQGXFWRU8VHODV
VH³DOHVLQGLFDGDVHQHOGLDJUDPDGHVH³DOL]DFLµQYHDOD
S£JLQD
6LHVQHFHVDULRIDFLOLWHHTXLSRGHFRPXQLFDFLµQELGLUHFFLRQDO
$VHJ¼UHVHGHTXHODVSHUVRQDVHQHOOXJDUFRPXQLFDQFRQHO
FRQGXFWRUDQWHVGHDFHUFDUVHDODP£TXLQD
5HVWULFFLRQHVSDUDYHORFLGDGP£[LPDSHUPLWLGD\
HYHQWXDOPHQWHSDUDFRQGXFLUODP£TXLQDHQPDUFKDDWU£V
ODUJRVWUHFKRV
1RUPDVGHYLVLELOLGDGSDUDFXPSOLUFRQODGLUHFWLYDGHP£TXLQDV
GHOD8(

/DQRUPD,620DTXLQDULDGHREUDVFDPSRYLVXDOGHO
FRQGXFWRUWUDWDGHODYLVLELOLGDGGHOFRQGXFWRUDOUHGHGRUGHOD
P£TXLQD\HVW£FRQFHELGDSDUDXVDUODHQODPHGLFLµQ\
HYDOXDFLµQGHODYLVLELOLGDG(OFXPSOLPLHQWRGHHVWDQRUPDHV
XQUHTXLVLWROHJDOHQORVSD¯VHVGHOD8(\SURSRUFLRQDXQD
YLVLELOLGDGPHMRUDGDDOUHGHGRUGHODP£TXLQD
 /DP£TXLQDKDVLGRSUREDGDDSOLFDQGRP«WRGRV\FULWHULRVGH
DFXHUGRFRQHVDQRUPD(OP«WRGRXVDGRSDUDHYDOXDUOD
YLVLELOLGDGQRSXHGHFXEULUWRGRVORVDVSHFWRVUHODFLRQDGRVFRQ
ODYLVLELOLGDGGHOFRQGXFWRUSHURSURSRUFLRQDLQIRUPDFLµQSDUD
GHWHUPLQDUVLVHQHFHVLWDQGLVSRVLWLYRVDGLFLRQDOHVSDUDOD
YLVLELOLGDGLQGLUHFWDFRPRSRUHMHPSORVLVWHPDVGH
DGYHUWHQFLD
 /DSUXHEDIXHUHDOL]DGDFRQODP£TXLQDSDUDGD\VLQFDUJD
SHURFRQHTXLSRVHLPSOHPHQWRVHVW£QGDU\WDPEL«QFRQOD
FXFKDUDHQODSRVLFLµQGHDFDUUHR
,620DTXLQDULDGHREUDV9LVLELOLGDGFRQODD\XGDGH
HVSHMRVUHWURYLVRUHV
,62(DUWKPRYLQJPDFKLQHU\+D]DUGGHWHFWLRQ
V\VWHPVDQGYLVXDODLGV3HUIRUPDQFHUHTXLUHPHQWVDQGWHVWV
0DTXLQDULDGHREUDVS¼EOLFDV9LVLELOLGDGFRQODD\XGDGH
F£PDUDV
6LVHPRGLILFDODP£TXLQDRVHOHLQVWDODQRWURVHTXLSRVR
LPSOHPHQWRVTXHUHGX]FDQODYLVLELOLGDGVHU£QHFHVDULRSUREDUOD
GHQXHYRVHJ¼Q,62,62\,62HTXLS£QGROD
VLHVQHFHVDULRFRQGLVSRVLWLYRVDX[LOLDUHV
 ,QVWUXFFLRQHVGHIXQFLRQDPLHQWR

$FFLRQHVDQWHV\GHVSX«VGHODRSHUDFLµQ
'«XQDYXHOWDDOUHGHGRUGHODP£TXLQD\FRPSUXHEHTXHQR
KD\QLQJ¼QREVW£FXORMXQWRDODP£TXLQD
&RPSUXHEHTXHORVUHWURYLVRUHV\RWURVGLVSRVLWLYRVGHPHMRUD
GHODYLVLELOLGDGHVW£QHQEXHQDVFRQGLFLRQHVOLPSLRV\
/D]RQDSHOLJURVDDOUHGHGRUGHODVP£TXLQDVHV FRUUHFWDPHQWHDMXVWDGRV
FRPRP¯QLPRPSXOJ &RPSUXHEHTXHODERFLQDHODYLVDGRUGHPDUFKDDWU£V\ODOX]
 GHDGYHUWHQFLDJLUDWRULDHTXLSRRSFLRQDOIXQFLRQDQ
GHELGDPHQWH
&RPSUXHEHVLODGLUHFFLµQGHODREUDKDHVWDEOHFLGRUHJODV\
SURFHGLPLHQWRVSDUDHOOXJDUGHWUDEDMR
9LJLOHVLHPSUHOD]RQDDOUHGHGRUGHODP£TXLQDSDUDSRGHU
LGHQWLILFDUSRVLEOHVREVW£FXORV
1RSHUPLWDODSUHVHQFLDGHSHUVRQDVHQOD]RQDSHOLJURVDOD
FXDOHVFRPRP¯QLPRPSXOJGHUDGLRDOUHGHGRUGHO
DOFDQFHP£[LPRGHOLPSOHPHQWR(OFRQGXFWRUSXHGHSHUPLWLU
TXHXQDSHUVRQDVHHQFXHQWUHHQOD]RQDSHOLJURVDSHUR
GHEHU£WHQHUFXLGDGR\PDQLREUDUODP£TXLQDVRODPHQWH
FXDQGRODSHUVRQDHVW«YLVLEOHRFXDQGRKD\DLQIRUPDGRGHVX
SRVLFLµQPHGLDQWHXQDVH³DOFODUD
 ,QVWUXFFLRQHVGHIXQFLRQDPLHQWR 
5HJODVGHVHJXULGDGSDUDODXWLOL]DFLµQGHODP£TXLQD 

5HJODVGHVHJXULGDGSDUDOD
XWLOL]DFLµQGHODP£TXLQD
&RPEXVWLEOHOOHQDGR

$'9(57(1&,$
5LHVJRGHH[SORVLµQ
/RVYDSRUHVGHXQFRQWHQHGRUGHFRPEXVWLEOHYDF¯RVRQ
H[SORVLYRV3XHGHUHVXOWDUHQOHVLRQHVSHUVRQDOHVJUDYHVR
PXHUWH
0DQWHQJDODVOODPDV\ODVFKLVSDVOHMRVGHO£UHDGHUHSRVWDMH
1RIXPH
1XQFDFRUWHRVXHOGHO¯QHDVGHFRPEXVWLEOHGHSµVLWRVR
FRQWHQHGRUHV

3URFHGLPLHQWRVGHVHJXULGDGGXUDQWHODFDUJDGH
FRPEXVWLEOH
$SDJXHHOPRWRU\WRGRVORVLQWHUUXSWRUHVHO«FWULFRVOD
FDOHIDFFLµQGHODFDELQD\HOVHFFLRQDGRUGHEDWHU¯D
1RFDUJXHFRPEXVWLEOHHQHVSDFLRVFHUUDGRV
$VHJ¼UHVHGHTXHOD]RQDGHFDUJDHVW£FRUUHFWDPHQWH
YHQWLODGD
1RFDUJXHFRPEXVWLEOHFRQHOPRWRUHQPDUFKD
'HMHHQIULDUHOPRWRUDQWHVGHUHDOL]DUODFDUJD
6LHVQHFHVDULRXWLOLFHORVDVLGHURV\ORVSHOGD³RV
FRUUHVSRQGLHQWHVSDUDOOHJDUDOGHSµVLWR

3URFHGDFRQSUHFDXFLµQDOUHWLUDUODWDSDGHOGHSµVLWRGH
FRPEXVWLEOH
3DUDHYLWDUTXHODVFKLVSDVJHQHUDGDVSRUODHOHFWULFLGDG
HVW£WLFDSURYRTXHQODLQIODPDFLµQGHORVYDSRUHVGH
FRPEXVWLEOHPDQWHQJDXQFRQWDFWRGHWLHUUDDGHFXDGR
SURFXUDQGRTXHODERTXLOODGHFRPEXVWLEOHHVW«VLHPSUHHQ
FRQWDFWRFRQHORULILFLRGHOOHQDGRGHOGHSµVLWR
3DUDHYLWDUTXHVHJHQHUHQFKLVSDVFRPSUXHEHTXHODERTXLOOD
GHFRPEXVWLEOHHVW«HQFRQWDFWRFRQHORULILFLRGHOOHQDGR
1RPH]FOHJDVROLQDXRWURVPDWHULDOHVQRHVSHFLILFDGRVFRQHO
FRPEXVWLEOHGL«VHO3RGU¯DQJHQHUDUVHYDSRUHVDOWDPHQWH
LQIODPDEOHV
8WLOLFHFRPEXVWLEOHGHODJUDGXDFLµQTXHVHDGDSWHPHMRUD
FDGD«SRFD
1ROOHQHHOGHSµVLWRGHFRPEXVWLEOHKDVWDVXFDSDFLGDG
P£[LPD
/LPSLHORVGHUUDPHVGHFRPEXVWLEOHGHLQPHGLDWR
&RORTXH\DSULHWHODWDSDGHOGHSµVLWRGHFRPEXVWLEOH
127$
6LSLHUGHODWDSDGHOGHSµVLWRF£PELHODVRORSRURWUDWDSDRULJLQDO
GHOIDEULFDQWH6LXWLOL]DXQDWDSDQRDXWRUL]DGDVLQXQDYHQWLODFLµQ
FRUUHFWDSRGU¯DSURGXFLUVHSUHVXUL]DFLµQHQHOGHSµVLWRGH
FRPEXVWLEOH
 ,QVWUXFFLRQHVGHIXQFLRQDPLHQWR
 5HJODVGHVHJXULGDGSDUDODXWLOL]DFLµQGHODP£TXLQD
2EOLJDFLRQHVGHORSHUDGRU

$'9(57(1&,$
5LHVJRGHDFFLGHQWHVPRUWDOHV
/DSUHVHQFLDGHSHUVRQDVQRDXWRUL]DGDVHQHO£UHDGHWUDEDMR
GHODP£TXLQDSXHGHSURYRFDUOHVLRQHVJUDYHVSRU
DSODVWDPLHQWR
ವ$SDUWHDWRGRHOSHUVRQDOQRDXWRUL]DGRGHO£UHDGHWUDEDMR
ವ9LJLOHHQWRGDVODVGLUHFFLRQHV
ವ1RWRTXHODVSDODQFDVGHFRQWUROQLORVLQWHUUXSWRUHVGXUDQWHHO
DUUDQTXH
ವ+DJDVRQDUODERFLQDDQWHVGHHPSH]DUDRSHUDU

(ORSHUDGRUGHODP£TXLQDGHEHRSHUDUODGHPDQHUDTXHVH
PLQLPLFHHOULHVJRGHDFFLGHQWHVSDUDHORSHUDGRUSDUDRWURV
XVXDULRVGHODFDUUHWHUD\SDUDODVSHUVRQDVSUHVHQWHVHQOD
REUD
(ORSHUDGRUGHODP£TXLQDGHEHU£HVWDUELHQIDPLOLDUL]DGRFRQ
HODFFLRQDPLHQWR\HOFXLGDGRGHODP£TXLQD\VHUHFRPLHQGD
TXHDVLVWDDXQFXUVRGHIRUPDFLµQQHFHVDULDSDUDODP£TXLQD
(ORSHUDGRUGHEHVHJXLUODVQRUPDV\UHFRPHQGDFLRQHVGHO
/LEURGHLQVWUXFFLRQHVDGHP£VGHSUHVWDUDWHQFLµQDFXDOTXLHU
GLVSRVLFLµQOHJDORQDFLRQDOUHTXLVLWRVHVSHF¯ILFRVRULHVJRV
TXHVHDSOLFDQHQHOOXJDUGHWUDEDMR
(ORSHUDGRUGHODP£TXLQDGHEHHVWDUWRWDOPHQWHGHVFDQVDGR
\QRGHEHRSHUDUQXQFDODP£TXLQDEDMRODLQIOXHQFLDGH
DOFRKROPHGLFLQDVXRWUDVGURJDV
(ORSHUDGRUGHODP£TXLQDHVUHVSRQVDEOHGHODFDUJDGHOD
P£TXLQDWDQWRFXDQGRRSHUHHQFDUUHWHUDVS¼EOLFDVFRPR
FXDQGRWUDEDMHHQODREUD
 1RGHEHKDEHUULHVJRGHFD¯GDGHODFDUJDPLHQWUDVVH
RSHUD
 5HFKDFHXQDFDUJDTXHVHDXQULHVJRREYLRSDUDOD
VHJXULGDG
 5HVSHWHODFDSDFLGDGGHFDUJDQRPLQDOGHODP£TXLQD
7HQJDHQFXHQWDHOHIHFWRGHODYDULDFLµQGHGLVWDQFLDVDO
FHQWURGHJUDYHGDG\HOHIHFWRGHXQLGDGHVDGLFLRQDOHV
(ORSHUDGRUGHODP£TXLQDGHEHFRQWURODUHO£UHDGHWUDEDMRGH
ODP£TXLQD
/D]RQDSHOLJURVDDOUHGHGRUGHODVP£TXLQDVHV  (YLWHTXHODVSHUVRQDVSDVHQRHVW«QGHSLHGHEDMRGHORV
FRPRP¯QLPRPSXOJ EUD]RVHOHYDGRVVDOYRTXHHVWRVKD\DQVLGRILMDGRVR

DSR\DGRV
 (YLWHTXHODVSHUVRQDVHQWUHQRSHUPDQH]FDQHQOD]RQDGH
SHOLJURHVGHFLUHO£UHDDOUHGHGRUGHODP£TXLQD\DOPHQRV
PSXOJP£VDOO£GHODOFDQFHP£[LPRGHO
LPSOHPHQWR
(ORSHUDGRUGHODP£TXLQDHVUHVSRQVDEOHGHTXHODP£TXLQD
QRVHDXWLOL]DGDSDUDWUDQVSRUWDURHOHYDUSHUVRQDVDPHQRV
TXHHVW«HTXLSDGD\DXWRUL]DGDSDUDWDOILQ&RQWDFWHFRQXQ
GLVWULEXLGRUSDUDP£VLQIRUPDFLµQ
 ,QVWUXFFLRQHVGHIXQFLRQDPLHQWR 
5HJODVGHVHJXULGDGSDUDODXWLOL]DFLµQGHODP£TXLQD 
$FFLGHQWHV

$'9(57(1&,$
5LHVJRGHOHVLRQHVJUDYHV
/DSUHVHQFLDGHP£VGHXQDSHUVRQDHQODFDELQDGXUDQWHOD
RSHUDFLµQSRGU¯DFDXVDUJUDYHVDFFLGHQWHV\OHVLRQHV
6RORHOFRQGXFWRUVHQWDGRHQHODVLHQWRGHOFRQGXFWRUSXHGH
HVWDUHQODFDELQDFXDQGRXVDODP£TXLQD7RGDVODVGHP£V
SHUVRQDVGHEHQPDQWHQHUVHDXQDGLVWDQFLDVHJXUDGHOD
P£TXLQD
'«SDUWHLQPHGLDWDPHQWHGHFXDOTXLHUDFFLGHQWHDODGLUHFFLµQ
GHODREUD
6LHVSRVLEOHGHMHODP£TXLQDHQHOOXJDUGHODFFLGHQWH
7RPDUVµORODVPHGLGDVQHFHVDULDVSDUDSDOLDUGD³RV
HVSHFLDOPHQWHORVGD³RVSHUVRQDOHV(YLWHODVPHGLGDVTXH
SXHGDQGLILFXOWDUODLQYHVWLJDFLµQGHODFFLGHQWH
(QFDVRGHDFFLGHQWHSDUWLFLSHHQODVPHGLGDVLQFOXLGDVHQ
ORVSUHSDUDWLYRVSDUDDFFLGHQWHVRVLJDRWUDVGLVSRVLFLRQHV
3RUORGHP£VDJXDUGHODVLQVWUXFFLRQHVGHODGLUHFFLµQGHOD
REUD

6HJXULGDGGHORSHUDGRU
8WLOLFHVLHPSUHHOFLQWXUµQGHVHJXULGDG
6L«QWHVHVLHPSUHHQHODVLHQWRGHOFRQGXFWRUFRQHOFLQWXUµQ
GHVHJXULGDGDEURFKDGRFXDQGRDUUDQTXHODP£TXLQDPRWRU

\FXDQGRRSHUHODVSDODQFDVHLQWHUUXSWRUHV
&RPSUXHEHTXHHOFLQWXUµQGHVHJXULGDGQRHVW£GHVJDVWDGR
YHDODS£JLQD

 /DP£TXLQDGHEHU£IXQFLRQDUFRUUHFWDPHQWHHVGHFLUTXHVH
GHEHU£QUHSDUDUORVGHIHFWRVTXHSXHGDQFDXVDUDFFLGHQWHV
8WLOLFHURSDDGHFXDGDSDUDSHUPLWLUXQPDQHMRVHJXUR8VHXQ
FDVFRIXHUDGHODFDELQD
1RGHEHXWLOL]DUVHXQWHO«IRQRPµYLOVXHOWR\DTXHSXHGH
LQWHUIHULUFRQHOHFWUµQLFDLPSRUWDQWH(OWHO«IRQRPµYLOGHEH
HVWDUSHUPDQHQWHPHQWHFRQHFWDGRDOVLVWHPDHO«FWULFRGHOD
P£TXLQD\FRQXQDDQWHQDILMDHQHOH[WHULRUGHODP£TXLQD
0DQWHQJDODVPDQRVDOHMDGDVGH£UHDVHQODVTXHKD\DULHVJR
GHDSODVWDPLHQWRSRUHMHPSORFXELHUWDVODSXHUWD\ODV
YHQWDQDV
 ,QVWUXFFLRQHVGHIXQFLRQDPLHQWR
 5HJODVGHVHJXULGDGSDUDODXWLOL]DFLµQGHODP£TXLQD
8WLOLFHORVSHOGD³RV\ORVDVLGHURVFXDQGRHQWUHRDEDQGRQHOD
P£TXLQD8WLOLFHODQRUPDGHWUHVSXQWRVHVGHFLUGRVPDQRV
\XQSLHRGRVSLHV\XQDPDQR0LUHVLHPSUHKDFLDODP£TXLQD
cQRVDOWH
/DSXHUWDGHEHHVWDUFHUUDGDGXUDQWHHOWUDEDMRODRSHUDFLµQ
GHWUDQVSRUWH\HOHVWDFLRQDPLHQWR
/DYLEUDFLµQDJLWDFLµQTXHRFXUUHGXUDQWHODRSHUDFLµQSXHGH
VHUSHOLJURVDSDUDHOFRQGXFWRU5HG¼]FDOD
 DMXVWDQGRHODVLHQWR\DSUHW£QGRVHHOFLQWXUµQGHVHJXULGDG
 HVFRJLHQGRODVXSHUILFLHGHRSHUDFLµQP£VVXDYHSDUDOD
P£TXLQDQLYHOHODVXSHUILFLHVLHVQHFHVDULR
 DGDSWDQGRODYHORFLGDG
/DFDELQDFRQVWLWX\HODSURWHFFLµQGHOFRQGXFWRUGHOD
P£TXLQD\FXPSOHWDPEL«QFRQORVUHTXLVLWRVGHHVWUXFWXUDV
 GHSURWHFFLµQDQWLYXHOFR5ROO2YHU3URWHFWLYH6WUXFWXUHV
VHJ¼QHOHVW£QGDUGHSUXHED52363RUHOORDJ£UUHVHELHQ
DOYRODQWHVLYXHOFDODP£TXLQDc1RVDOWH
/DFDELQDWDPEL«QVHKDGLVH³DGRGHFRQIRUPLGDGFRQORV
UHTXLVLWRVVREUHFD¯GDGHREMHWRV\VXSHVRFRUUHVSRQGHFRQ
ORVP«WRGRVGHSUXHEDLQGLFDGRV)236
&DPLQHVRORSRUVXSHUILFLHVFRQSURWHFFLµQDQWLGHVOL]DQWH
1RHQWUHQLVDOJDGHODP£TXLQDGXUDQWHXQDWRUPHQWD
 6LVHHQFXHQWUDIXHUDGHODP£TXLQDDO«MHVHGHHOODKDVWD
TXHKD\DSDVDGRODWRUPHQWD
 6LHVW£HQODFDELQDSHUPDQH]FDVHQWDGRFRQODP£TXLQD
LQPµYLOKDVWDTXHSDVHODWRUPHQWD1RWRTXHQLQJ¼QPDQGR
9
RQDGDPHW£OLFR
)LJXUDHVTXHP£WLFD
6XSHUILFLHVGHDFFHVR &RPSUXHEHTXHHOLPSOHPHQWRHVW£GHELGDPHQWHVXMHWR\

EORTXHDGR
/DFDELQDWLHQHGRVVDOLGDVGHHPHUJHQFLDODSXHUWD\OD
YHQWDQLOODODWHUDOGHUHFKD

2SHUDFLµQHQODY¯DS¼EOLFD
'HEHU£QXVDUVHVH³DOHVGHWU£ILFREDUUHUDV\RWURV
GLVSRVLWLYRVGHVHJXULGDGTXHVHDQQHFHVDULRVSDUDOD
YHORFLGDGHOYROXPHQGHWU£ILFR\RWUDVFRQGLFLRQHVORFDOHV
&XDQGRFLUFXOHODP£TXLQDFRQXQDFDUJDFROJDQGRGHEHU£
SUHVWDUVHDWHQFLµQHVSHFLDO6LHVQHFHVDULRXWLOLFHXQ
VH³DOLVWD
/DOX]GHDGYHUWHQFLDJLUDWRULDSXHGHXVDUVH
 HQP£TXLQDVSDUDWUDEDMRVHQFDUUHWHUDSRUHMHPSORSDUD
TXLWDUODQLHYH
 HQLPSOHPHQWRDFRSODGRRFROJDGRTXHVHDP£VDQFKRTXH
 ODP£TXLQD
 FXDQGRODP£TXLQDFRQVWLWX\DXQREVW£FXORRXQSHOLJURSDUD
HOWU£ILFRJHQHUDO
 HQORVWUDEDMRVHQODFDO]DGDRDOODGRGHODPLVPD
 REVHUYHODVUHJODV\GLVSRVLFLRQHVORFDOHV

7UDVODFLµQSRUODY¯DS¼EOLFD
$OFRQGXFWRUGHODP£TXLQDVHOHFRQVLGHUDXQXVXDULRP£VGH
Y¯DS¼EOLFDSRUORTXHVHOHH[LJHHOFRQRFLPLHQWR\HOUHVSHWR
GHODVGLVSRVLFLRQHVORFDOHV\ODOHJLVODFLµQQDFLRQDOGHWU£ILFR
(VLPSRUWDQWHUHFRUGDUTXHODP£TXLQDHQFRPSDUDFLµQFRQ
HOUHVWRGHOWU£ILFRHVXQYHK¯FXORDQFKR\OHQWRTXHSXHGHVHU
 ,QVWUXFFLRQHVGHIXQFLRQDPLHQWR 
5HJODVGHVHJXULGDGSDUDODXWLOL]DFLµQGHODP£TXLQD 
 XQREVW£FXOR7HQJDHQFXHQWDHVWR\SUHVWHDWHQFLµQDOWU£ILFR
TXHOHVLJXH)DFLOLWHORVDGHODQWDPLHQWRV
6HGHEHXWLOL]DUXQDVH³DOGHYHK¯FXORGHPRYLPLHQWROHQWR6H
GHEHU¯DFRORFDUHQODSDUWHGHDWU£VGHODP£TXLQDHQXQD
SRVLFLµQFODUDPHQWHYLVLEOHQRGHQWURGHODYHQWDQDWUDVHUDR
FXDOTXLHURWUDYHQWDQD'HEHU¯DFRORFDUVHDXQDDOWXUDGH
PSXOJVREUHHOVXHORGHVGHODSDUWH
LQIHULRUGHODVH³DO
(OLPSOHPHQWRGHEHU¯DHVWDUYDF¯REDMDGRDODSRVLFLµQGH
6H³DOGHYHK¯FXORGHPRYLPLHQWROHQWR WUDQVSRUWHದFPದSXOJVREUHHOVXHOR\

FRPSOHWDPHQWHLQFOLQDGRKDFLDDWU£V
(OH[WUHPRGHODQWHURGHOEUD]RGHPDQLSXODFLµQGHPDWHULDOHV
GHEHPDUFDUVHFRQXQDEDQGHUDURMD
%ORTXHHODVSDODQFDVGHFRQWUROFRQHOEORTXHRGHSDODQFDV
GHFRQWURO
7RGDVODVOXFHVGHWUDEDMR\FXDOTXLHUOX]JLUDWRULDGHEHU¯DQ
HVWDUGHVDFWLYDGDV
/RVLQWHUPLWHQWHVGHDGYHUWHQFLDVRORGHEHQXWLOL]DUVHHQ
VLWXDFLRQHVGHHPHUJHQFLD
1RVHGHEHQXWLOL]DULPSOHPHQWRV\FXFKDUDVTXHLPSLGDQOD
YLVLELOLGDG
$VHJ¼UHVHGHTXHQRKD\DJUDQGHVLPSOHPHQWRVFXFKDUDVHQ
PHGLRGHORVIDURV'HDFXHUGRFRQODOHJLVODFLµQORVIDURVGH
 ODP£TXLQDGHEHQSURSRUFLRQDUVXILFLHQWHOX]\YLVLELOLGDGHQOD
SDUWHGHODQWHUDGHODP£TXLQD
/DVKHUUDPLHQWDVDGLFLRQDOHVWDOHVFRPRFXFKDUDVSDODV\
EDUUDVGHKLHUURGHEHQHVWDUFRPSOHWDPHQWHILMDGDVFRQ
FRUUHDVGHWHQVLµQRFDGHQDV
6LKD\TXHOOHYDUXQUHPROTXHGHWU£VGHODP£TXLQDYHDOD
S£JLQD

(OGLVSRVLWLYRGHDFRSODPLHQWRGHOFRQWUDSHVRQRGHEHXVDUVH
SDUDHOUHVFDWHHOUHPROFDGRRFXDQGRVHRSHUDHQFDUUHWHUD
2EVHUYHODVGLVSRVLFLRQHVQDFLRQDOHV
(OFRQWUROGHGLUHFFLµQSRUSDODQFD&'&QRGHEHXWLOL]DUVH

$9,62
6LJDODQRUPDWLYDDSOLFDEOH

5HJODVGHVHJXULGDGHQFDVRGHLQFHQGLR
6LVXSURSLDVHJXULGDGQRHVW£HQSHOLJURLQPHGLDWRDGRSWHODV
PHGLGDVVLJXLHQWHV
(QFDVRGHLQFHQGLRHQHOOXJDUGHWUDEDMR
 6LHVSRVLEOHDSDUWHODP£TXLQDGHO£UHDGHSHOLJUR
 'HVFLHQGDHOLPSOHPHQWRDOVXHOR
 $SDJXHHOPRWRUJLUDQGRODOODYHGHDUUDQTXHHQVHQWLGR
FRQWUDULRDOGHODVDJXMDVGHOUHORMRSUHVLRQDQGRODSDUDGDGH
HPHUJHQFLDHTXLSRRSFLRQDOHQODFDELQD
 6DOJDGHODFDELQD
 $SDJXHODDOLPHQWDFLµQHO«FWULFDFRQHOGHVFRQHFWDGRUGH
EDWHU¯D
 6LHVSRVLEOHSDUWLFLSHDFWLYDPHQWHHQODH[WLQFLµQGHOIXHJR
\OODPHDORVERPEHURVVLHVQHFHVDULR
(QFDVRGHLQFHQGLRHQODP£TXLQD
6LODP£TXLQDHVW£HQRSHUDFLµQ
 VLHVSRVLEOHHVWDFLµQHODHQXQOXJDUDSUXHEDGHLQFHQGLRV
 'HVFLHQGDHOLPSOHPHQWRDOVXHOR
 ,QVWUXFFLRQHVGHIXQFLRQDPLHQWR
 5HJODVGHVHJXULGDGSDUDODXWLOL]DFLµQGHODP£TXLQD
 $SDJXHHOPRWRUJLUDQGRODOODYHGHDUUDQTXHHQVHQWLGR
FRQWUDULRDOGHODVDJXMDVGHOUHORMRSUHVLRQDQGRODSDUDGDGH
HPHUJHQFLDHTXLSRRSFLRQDOHQODFDELQD
 6DOJDGHODFDELQD
 6LHVSRVLEOHDSDJXHODDOLPHQWDFLµQHO«FWULFDFRQHO
GHVFRQHFWDGRUGHEDWHU¯D
 7UDWHGHH[WLQJXLUHOIXHJR
 /ODPHDOGHSDUWDPHQWRGHERPEHURVVLHVQHFHVDULR
(QFDVRGHLQFHQGLRHQODP£TXLQDFRQHOVLVWHPDGHH[WLQFLµQ
GHLQFHQGLRVHTXLSRRSFLRQDO
6LODP£TXLQDHVW£RSHUDQGRVLVWHPDGHDFWLYDFLµQGHURFLDGRUHV
GHSHQGLHQWHGHORSHUDGRU
 6LHVSRVLEOHDSDUTXHHQXQOXJDUDSUXHEDGHLQFHQGLR
 $SDJXHHOPRWRUFRQODSDUDGDGHHPHUJHQFLDHTXLSR
RSFLRQDOHQODFDELQDRJLUDQGRODOODYHGHDUUDQTXHHQ
VHQWLGRFRQWUDULRDOGHODVDJXMDVGHOUHORM
127$
(OVLVWHPDGHURFLDGRUHVVHDFWLYDVLVHGHWHFWDXQLQFHQGLR
 6DOJDGHODFDELQD
127$
7DPEL«QHVSRVLEOHDFWLYDUHOVLVWHPDGHURFLDGRUHVFRQHOERWµQ
GHDFWLYDFLµQPDQXDOIXHUDGHODFDELQDYHDODS£JLQD
 6LHVSRVLEOHGHVFRQHFWHODFRUULHQWHSULQFLSDOFRQHO
GHVFRQHFWDGRUGHEDWHU¯DXELFDGRGHEDMRGHORVSHOGD³RVGHO
ODGRL]TXLHUGRGHODP£TXLQD
 (VW«OLVWRFRQHOH[WLQWRUGHPDQR\DTXHHVSRVLEOHTXHKD\D
XQLQFHQGLRHQODVSURIXQGLGDGHVGHODP£TXLQDTXHSXHGD
EURWDU
 /ODPHDOGHSDUWDPHQWRGHERPEHURVVLHVQHFHVDULR
127$
6LODP£TXLQDQRHVW£RSHUDQGRRVLHOIUHQRGHHVWDFLRQDPLHQWR
HVW£DSOLFDGRHOVLVWHPDGHURFLDGRUHVVHDFWLYD
DXWRP£WLFDPHQWH
 ,QVWUXFFLRQHVGHIXQFLRQDPLHQWR 
5HJODVGHVHJXULGDGSDUDODXWLOL]DFLµQGHODP£TXLQD 

/¯QHDVGHDOWDWHQVLµQGLVWDQFLDP¯QLPD

3(/,*52
5LHVJRGHHOHFWURFXFLµQ
7UDEDMDUFHUFDGHRKDFHUFRQWDFWRFRQO¯QHDVHOHYDGDVGHDOWD
WHQVLµQSXHGHSURYRFDUFKLVSDV\HOHFWURFXFLµQ
 0DQWHQJDVLHPSUHHOHVSDFLROLEUHDORVWHQGLGRVHO«FWULFRV
D«UHRV
/DDOWDWHQVLµQHVOHWDO\SRGU¯DVHUORVXILFLHQWHPHQWHSRWHQWH
FRPRSDUDGHVWUXLUODP£TXLQD\ORVLPSOHPHQWRV&RQWDFWH
VLHPSUHFRQODVDXWRULGDGHVORFDOHVDQWHVGHHPSH]DUDWUDEDMDU
FHUFDGHFDEOHVGHDOWDWHQVLµQVXVSHQGLGRV
2SHUDUODP£TXLQDFHUFDGHFDEOHVHO«FWULFRVVXVSHQGLGRV
UHTXLHUHSUHFDXFLRQHVHVSHFLDOHV
&RQVLGHUHTXHWRGRVORVFDEOHVHO«FWULFRVVXVSHQGLGRVHVW£Q
HQHUJL]DGRVFRQFRUULHQWHHO«FWULFDLQFOXVRDTXHOORVTXH
VXSXHVWDPHQWHQRWLHQHQFRUULHQWHHO«FWULFD
(OFRQWDFWRFRQFDEOHVHO«FWULFRVVXVSHQGLGRVSRGU¯DSURYRFDU
XQFRUWHWHPSRUDOGHFRUULHQWH/DFRUULHQWHSXHGHYROYHU
DXWRP£WLFDPHQWHVLQQLQJXQDDGYHUWHQFLD
([LVWHXQULHVJRGHHOHFWURFXFLµQVLDOJXLHQWRFDODP£TXLQD\
HOVXHORDOPLVPRWLHPSR
(VW«VLHPSUHDWHQWRDOJUDYHULHVJRVLODP£TXLQDHQWUDHQ
FRQWDFWRFRQDOWDWHQVLµQ
5HFXHUGHTXHODWHQVLµQGHORVFDEOHVHO«FWULFRVGHWHUPLQDOD
GLVWDQFLDGHVHJXULGDG 
(VSRVLEOHTXHGHVFDUJDVHO«FWULFDVGD³HQODP£TXLQD\
OHVLRQHQDORSHUDGRULQFOXVRDGLVWDQFLDVJUDQGHVFRQUHVSHFWR
DFDEOHVHO«FWULFRV
0DQWHQJDVLHPSUHODGLVWDQFLDP¯QLPDFRQUHVSHFWRDFDEOHV
VXVSHQGLGRVGHDOWDWHQVLµQ
'LVWDQFLDP¯QLPDFRQUHVSHFWRDFDEOHVHO«FWULFRV
VXVSHQGLGRV
7HQVLµQGHFDEOHVHO«FWULFRV 'LVWDQFLDP¯QLPD
VXVSHQGLGRV P IW
9ROWLRV9
KDVWD  
GHD  
GHD  
D  
D  
D  
D  
P£VGH  

&RQR]FDODXELFDFLµQ\ODWHQVLµQGHWRGRVORVFDEOHVHO«FWULFRV
VXVSHQGLGRVHQHOOXJDUGHWUDEDMRDQWHVGHRSHUDUODP£TXLQD
&RQWDFWHFRQODVDXWRULGDGHVORFDOHVVLWLHQHFXDOTXLHUSUHJXQWD
VREUHVLORVFDEOHVHVW£QVLHQGRHQHUJL]DGRVRVREUHVXWHQVLµQ

7HQJDSUHVHQWHORVLJXLHQWHSDUDJDUDQWL]DUODVHJXULGDG
GXUDQWHHOIXQFLRQDPLHQWR
6HSDTXHKDFHUVLKD\XQDGHVFDUJDHO«FWULFDTXHLQYROXFUHD
XQDSHUVRQDRODP£TXLQD
 ,QVWUXFFLRQHVGHIXQFLRQDPLHQWR
 5HJODVGHVHJXULGDGSDUDODXWLOL]DFLµQGHODP£TXLQD
2SHUHODP£TXLQDP£VOHQWRGHORQRUPDODOWUDEDMDUFHUFDGH
FDEOHVHO«FWULFRV
&RQVLGHUHHOSDQGHRGHORVFDEOHVHO«FWULFRVODUJRV\DTXH
HVWRVSXHGHQFROJDU\UHGXFLUODGLVWDQFLD
7HQJDFXLGDGRDOGHVSOD]DUVHVREUHWHUUHQRGHVLJXDOORFXDO
SRGU¯DKDFHUTXHODP£TXLQDVHYROYLHUDLQHVWDEOH
0DQWHQJDDWRGDVODVSHUVRQDVDSDUWDGDVGHODP£TXLQD
FXDQGRHVWDHVW«FHUFDGHFDEOHVHO«FWULFRV
1RSHUPLWDTXHODVSHUVRQDVWRTXHQODP£TXLQDRVXFDUJD
DQWHVGHTXHVHKD\DFRQILUPDGRTXHHVVHJXURKDFHUOR
&XDQGRXQDP£TXLQDHVW£HQFRQWDFWRFRQXQFDEOHHO«FWULFR
VXVSHQGLGRQRSHUPLWDTXHQDGLHHVW«FHUFDGHODP£TXLQDR
ODWRTXH3HUPDQH]FDDSDUWDGRGHODP£TXLQD\VROLFLWHD\XGD
1XQFDWRTXHDXQDSHUVRQDTXHHVW«HQFRQWDFWRFRQXQFDEOH
HO«FWULFRHQHUJL]DGR

6LVXP£TXLQDHQWUDHQFRQWDFWRFRQFDEOHVHO«FWULFRV
VXVSHQGLGRV
3HUPDQH]FDHQHODVLHQWRGHORSHUDGRUPLHQWUDVTXHOD
P£TXLQDHVW«HQFRQWDFWRFRQHOFDEOHHO«FWULFR
$GYLHUWDDOSHUVRQDOIXHUDGHODP£TXLQDGHTXHQRWRTXHQ
QLQJXQDSDUWHGHODP£TXLQD\TXHSHUPDQH]FDQDSDUWDGRV
3HUPDQH]FDHQHODVLHQWRGHORSHUDGRU\EDMHFXDOTXLHUSLH]D
OHYDQWDGDTXHHVW«HQFRQWDFWRFRQORVFDEOHVHO«FWULFRV
VXVSHQGLGRVRFRQGX]FDODP£TXLQDDSDUW£QGRODGHORVFDEOHV
HO«FWULFRVVXVSHQGLGRVVLHVSRVLEOH
6LHOFRQWDFWRQRSXHGHLQWHUUXPSLUVHSHUPDQH]FDHQHO
DVLHQWRGHORSHUDGRUKDVWDTXHXVWHGVHSDTXHODFRUULHQWH
HVW£GHVFRQHFWDGD
6LQHFHVLWDVDOLUGHODP£TXLQDSDUDSHGLUD\XGDRGHELGRDXQ
LQFHQGLRVDOWHORP£VOHMRVTXHSXHGDVLQWRFDUQLQJ¼QFDEOH
RODP£TXLQDSHUPDQH]FDGHUHFKRPDQWHQJDVXVSLHVMXQWRV
\VDOWHKDVWDXQOXJDUVHJXUR
c(OQRVHJXLUHVWDLQVWUXFFLµQSRGU¯DSURYRFDUXQDHOHFWURFXFLµQ
RODPXHUWH

6DOLGDGHHPHUJHQFLD

9

9HQWDQDGHOODGRGHUHFKRGHVGHHOLQWHULRUGHOD
FDELQD
 ,QVWUXFFLRQHVGHIXQFLRQDPLHQWR 
5HJODVGHVHJXULGDGSDUDODXWLOL]DFLµQGHODP£TXLQD 

/DFDELQDWLHQHGRVVDOLGDVGHHPHUJHQFLDODSXHUWD\OD
YHQWDQLOODODWHUDOGHUHFKD
 5RPSDODYHQWDQDFRQHOPDUWLOORGHHPHUJHQFLDVLWXDGRHQHO
SLODUGHODFDELQD
 (PSXMHKDFLDIXHUDODWLUDGHOPHGLRSDUDVDOLUGHODFDELQD
6LODP£TXLQDHVW£HTXLSDGDFRQ3URWHFFLµQGHYHQWDQDODWHUDO
 5RPSDODYHQWDQDFRPRVHKDGHVFULWRDQWHULRUPHQWH
 5HWLUHORVFXDWURSDVDGRUHVTXHVXMHWDQODUHMLOODGHSURWHFFLµQ
GHODYHQWDQDHQVXOXJDUVXMHWDQGRORVDQLOORV\WLUDQGRGH
HOORV
9  (PSXMHKDFLDIXHUDODUHMLOODGHSURWHFFLµQGHODYHQWDQD
3URWHFFLµQGHYHQWDQDODWHUDO


9

3DVDGRUTXHVHGHEHUHWLUDU



 ,QVWUXFFLRQHVGHIXQFLRQDPLHQWR
 0HGLGDVTXHGHEHQDSOLFDUVHDQWHVGHODFRQGXFFLµQ

0HGLGDVTXHGHEHQDSOLFDUVHDQWHV
GHODFRQGXFFLµQ

$'9(57(1&,$
5LHVJRGHDFFLGHQWHV
7HQHUODGLUHFFLµQSRUSDODQFDDFWLYDGDDORSHUDUHQXQDY¯D
S¼EOLFDSRGU¯DSURYRFDUDFFLGHQWHV
1RXVHODGLUHFFLµQSRUSDODQFDDORSHUDUHQXQDY¯DS¼EOLFD8VH
HOYRODQWH
 5HDOLFHHOVHUYLFLRGLDULR9HDODS£JLQD3UXHEDGHFRQGXFFLµQ
\FRQWURO
 /LPSLHODQLHYHGHODSODWDIRUPDGHOODGRGHUHFKRMXQWRDOD
DGPLVLµQGHDLUHGHOPRWRU
 /LPSLHODVYHQWDQDV\HOLPLQHHOKLHOR
 /LPSLH\DMXVWHORVHVSHMRV\F£PDUDV9HDODS£JLQD
 &RPSUXHEHTXHQRKD\QLQJXQDSLH]DGHIHFWXRVDRVXHOWDQL
IXJDVTXHSXHGDQFDXVDUGD³RV
 &RPSUXHEHTXHHOLQWHUUXSWRUGHEDWHU¯DHVW£FRQHFWDGR
 &RPSUXHEHTXHQRHVW£QEORTXHDGDVODVUXHGDV
 &RPSUXHEHTXHHOFDSµGHOPRWRU\ORVDFFHVRVGHLQVSHFFLµQ
HVW£QFHUUDGRV\TXHODFDUFDVDGHOUDGLDGRUHVW£FHUUDGD\
ILMDGD
 &RPSUXHEHTXHQRKD\QLQJXQDSHUVRQDHQODVFHUFDQ¯DVGH
ODP£TXLQD9HDODS£JLQD
 $MXVWHHODVLHQWRGHOFRQGXFWRUYHDODS£JLQD\HOYRODQWH
YHDODS£JLQD
 $EURFKHHOFLQWXUµQGHVHJXULGDG
 &RPSUXHEHTXHKD\VXILFLHQWHFRPEXVWLEOHHQHOGHSµVLWR
 6LODP£TXLQDHVW£IU¯DFDOLHQWHHOVLVWHPDKLGU£XOLFRYHDOD
S£JLQD
'HVSX«VGHOWUDEDMR
/OHQHHOGHSµVLWRGHFRPEXVWLEOHFRQORFXDOVHLPSLGHOD
IRUPDFLµQGHDJXDGHFRQGHQVDFLµQ
$VHJ¼UHVHGHTXHKD\VXILFLHQWHDQWLFRQJHODQWHHQHOVLVWHPD
GHUHIULJHUDFLµQYHDODS£JLQD\HQHOO¯TXLGRGHO
ODYDSDUDEULVDVDWHPSHUDWXUDVSRUGHEDMRGHORV|&
 ,QVWUXFFLRQHVGHIXQFLRQDPLHQWR 
$UUDQTXHGHOPRWRU 

$UUDQTXHGHOPRWRU
 3RQJDHOVHOHFWRUGHPDUFKDVHQSXQWRPXHUWR
 *LUHODOODYHHQODFHUUDGXUDGHHQFHQGLGRDODSRVLFLµQGH
DUUDQTXHGHIRUPDTXHWHQJDOXJDUODSUXHEDGHOVLVWHPD
GXUDQWHRVHJXQGRV
 &RPSUXHEHDOPLVPRWLHPSRTXHVHHQFLHQGHQWRGDVODV
O£PSDUDV\TXHIXQFLRQDQORVLQGLFDGRUHV
 *LUHODOODYHGHHQFHQGLGRDODSRVLFLµQGHDUUDQTXH6LQR
DUUDQFDHOPRWRUJLUHODOODYHGHYXHOWDDODSRVLFLµQDQWHV
GHKDFHUXQQXHYRLQWHQWRGHDUUDQTXH
 &RPSUXHEHTXHWRGRVORVWHVWLJRVOXPLQRVRVGHFRQWURO\

DGYHUWHQFLDHVW£QGHVDFWLYDGRVFXDQGRKDDUUDQFDGRHO
PRWRU
 'HMHHOPRWRUDUDOHQW¯GXUDQWHDOPHQRVVHJXQGRV
 &RPSUXHEHTXHHOLPSOHPHQWRHVW£FRUUHFWDPHQWHILMDGR
SUHVLRQ£QGRORFRQWUDHOVXHOR
 'HVDSOLTXHHOIUHQRGHHVWDFLRQDPLHQWR
 6HOHFFLRQHXQDSRVLFLµQGHPDUFKD\DXPHQWHHOU«JLPHQGHO
PRWRU
7XUERFRPSUHVRU
(OWXUERFRPSUHVRUVHOXEULFDDWUDY«VGHOVLVWHPDGHOXEULFDFLµQ
GHOPRWRU
(VLPSRUWDQWHSDUDHOIXQFLRQDPLHQWRGHOWXUERFRPSUHVRUTXH

$LUH $FHLWH *DVHVGH
OXEULFDQWH HVFDSH


$ (QWUDGDGHHVFDSH
% $OVLVWHPDGHHVFDSH
& (QWUDGDGHDLUH
' $LUHFRPSULPLGR


ODOXEULFDFLµQVHSURWHJH
 QRHPEDODQGRHOPRWRULQPHGLDWDPHQWHGHVSX«VGHO
DUUDQTXH
 GHMDQGRHOPRWRUDUDOHQW¯KDVWDT
TXHHOV¯PEROR2.VH
PXHVWUHYHUGHHQODSDQWDOODDQWHVGHGHVDFWLYDUVH
 ,QVWUXFFLRQHVGHIXQFLRQDPLHQWR
 $UUDQTXHGHOPRWRU
HODFHLWHGHOPRWRU\HOILOWURGHDFHLWHVHFDPELDQHQORV
LQWHUYDORVSUHVFULWRV
VHUHDOL]DVHUYLFLRDOILOWURGHDLUHUHJXODUPHQWH\TXHHOVLVWHPD
 GHHVFDSH\ODVWXEHU¯DVGHDFHLWHGHOXEULFDFLµQQRWHQJDQ
IXJDV
6LVHQRWDQUXLGRVDQRUPDOHVRYLEUDFLRQHVSURFHGHQWHVGHO
WXUERFRPSUHVRUF£PELHORLQPHGLDWDPHQWH
 R
 OK )O /
$36
& /RVWUDEDMRVHQHOWXUERFRPSUHVRUGHEHUHDOL]DUORVXQWDOOHURILFLDO
2. GH9ROYR
9

6¯PEROR2.

$UUDQTXHGHODP£TXLQDHQFOLPDIU¯RSRUGHEDMRGH
R&R)

$'9(57(1&,$
5LHVJRGHH[SORVLµQ
/DSXOYHUL]DFLµQGHPHGLRVGHD\XGDDODUUDQTXHLQIODPDEOHVHQ
ORVFRPSRQHQWHVGHOPRWRUSXHGHSURYRFDUXQDH[SORVLµQ
1RXWLOLFHQXQFDPHGLRVGHD\XGDDODUUDQTXHFXDQGRLQWHQWH
DUUDQFDUHOPRWRU
/DIXQFLµQGHSUHFDOHQWDPLHQWRHVFRQWURODGDSRUHOPµGXORGH
FRQWUROGHOPRWRU(&0
 *LUHODOODYHGHHQFHQGLGRDODSRVLFLµQGHFRQGXFFLµQ
 6LKD\QHFHVLGDGGHSUHFDOHQWDPLHQWR«VWHVHDFWLYD
DXWRP£WLFDPHQWH
 6HHQFLHQGHXQV¯PERORHQXQLGDGGHSDQWDOODGHLQIRUPDFLµQ
GHODQWHUDTXHLQGLFDTXHHOSUHFDOHQWDPLHQWRHVW£DFWLYDGR
9HUODS£JLQD
 &XDQGRVHDSDJDHOV¯PERORVHSXHGHDUUDQFDUHOPRWRU
JLUDQGRODOODYHGHHQFHQGLGRDODSRVLFLµQGHDUUDQTXH
'HMHTXHHOPRWRUIXQFLRQHDUDOHQW¯EDMRSRUORPHQRV
GXUDQWHVHJXQGRV
6LVHHPEDODHOPRWRULQPHGLDWDPHQWHGHVSX«VGHO
DUUDQTXHVHSRQHHQSHOLJURODOXEULFDFLµQ\ODUHIULJHUDFLµQ
GHOWXUERFRPSUHVRUFRQHOFRQVLJXLHQWHULHVJRGHTXHVH
URPSDQORVFRMLQHWHV
127$
1RXWLOLFHODKLGU£XOLFDGHWUDEDMRDWRGDYHORFLGDGKDVWDTXHHO
DFHLWHKLGU£XOLFRHVW«FDOLHQWH3DUDFDOHQWDUHOVLVWHPD
KLGU£XOLFRYHDODS£JLQD

$UUDQTXHFRQEDWHU¯DVDX[LOLDUHV
6HGHEHREVHUYDUORVLJXLHQWHDODUUDQFDUFRQEDWHU¯DVDX[LOLDUHV
 ,QVWUXFFLRQHVGHIXQFLRQDPLHQWR 
$UUDQTXHGHOPRWRU 

$'9(57(1&,$
5LHVJRGHH[SORVLµQ
/DVEDWHU¯DVSRGU¯DQH[SORWDUSRUHIHFWRGHODV¼ELWDFRUULHQWHGH
JUDQPDJQLWXGVLVHFRQHFWDXQDEDWHU¯DWRWDOPHQWHFDUJDGDD
XQDEDWHU¯DWRWDOPHQWHGHVFDUJDGDRFRQJHODGD
1RUHDOLFHXQDUUDQTXHIRU]DGRGHODP£TXLQDFRQXQDEDWHU¯D
FRPSOHWDPHQWHGHVFDUJDGDRFRQJHODGD
&RPSUXHEHTXHODVEDWHU¯DVDX[LOLDUHVXRWUDVIXHQWHVGH
DOLPHQWDFLµQWLHQHQODPLVPDWHQVLµQTXHODVEDWHU¯DVHVW£QGDU
 3RQJDHOVHOHFWRUGHPDUFKDVHQSRVLFLµQGHSXQWRPXHUWR
 &RQHFWHXQRGHORVFDEOHVGHDUUDQTXHGHHQODEDWHU¯D
DX[LOLDU$DOHQODEDWHU¯DGHDUUDQTXHGHODP£TXLQD%
 &RQHFWHHORWURFDEOHGHDUUDQTXHGHHQODEDWHU¯DDX[LOLDU
&DSRUHMHPSORHOSXQWRGHPDVDSHUQREDMRODFDMDGH
EDWHU¯DVHQODP£TXLQD'
 &RPSUXHEHTXHHOLQWHUUXSWRUGHEDWHU¯DHVW£FRQHFWDGR
127$
0RQWHORVFDEOHVPLQXWRVDQWHVGHDUUDQFDUHOPRWRU
 $UUDQTXHHOPRWRUFRQODOODYHGHHQFHQGLGRHQODFDELQD
'  'HMHODVEDWHU¯DVFRQHFWDGDVPLQXWRVGHVSX«VGHTXHHO
PRWRUKD\DDUUDQFDGR
 3ULPHURGHVFRQHFWHHOFDEOHGHDUUDQTXHHQWUHSHMHOSXQWR
GHPDVDSHUQREDMRODFDMDGHEDWHU¯DVHQODP£TXLQD'\
HQODEDWHU¯DDX[LOLDU&
 $FRQWLQXDFLµQGHVFRQHFWHHOFDEOHGHDUUDQTXHHQWUHGH
ODEDWHU¯DGHDUUDQTXHGHODP£TXLQD%\HQODEDWHU¯D
DX[LOLDU$ 
 &RORTXHODVSURWHFFLRQHVHQORVERUQHVGHODVEDWHU¯DV

&$
9


 ,QVWUXFFLRQHVGHIXQFLRQDPLHQWR
 $UUDQTXHGHOPRWRU
&DOHQWDGRUGHEORTXHGHOPRWRU
HTXLSRRSFLRQDO
(VWHHTXLSRVHXVDSDUDUHGXFLUODFDUJDGHOPRWRUTXHSURYRFD
GHVJDVWHHQHOPRWRUFXDQGRVHDUUDQFDHQ£UHDVGH
WHPSHUDWXUDVIU¯DV

7LHPSRGHFRQH[LµQUHFRPHQGDGRSDUDHOFDOHQWDGRUGHO
EORTXHGHOPRWRU
R& ದR& ದR&  R& R&
ದR) ದR) R) R)
+RUDV    
127$
3DUDPD\RUVHJXULGDGXVHXQLQWHUUXSWRUFRQGHWHFFLµQGHIDOOR
GHFRQH[LµQDWLHUUD*),HQODWRPDGHSDUHG\FRPSUXHEHVLHO
FDEOHGHFRQH[LµQHVW£GD³DGR

9

&RQH[LµQSDUDHOFDOHQWDGRUGHOEORTXHGHOPRWRU
VLWXDGRDODL]TXLHUGDGHORVSHOGD³RVEDMRHO
GHVFRQHFWDGRUGHEDWHU¯D

 ,QVWUXFFLRQHVGHIXQFLRQDPLHQWR 
6LVWHPDKLGU£XOLFRFDOHQWDPLHQWR 

6LVWHPDKLGU£XOLFRFDOHQWDPLHQWR

$'9(57(1&,$
5LHVJRGHOHVLRQHVSRUDSODVWDPLHQWR
$EDMDWHPSHUDWXUDHOVLVWHPDKLGU£XOLFRSXHGHUHVSRQGHU
OHQWDPHQWHGDQGROXJDUDPRYLPLHQWRVLQHVSHUDGRVGHOD
P£TXLQD
3URFHGDFRQFXLGDGRKDVWDTXHHOVLVWHPDKLGU£XOLFRKD\D
DOFDQ]DGRODWHPSHUDWXUDGHWUDEDMR
(ODFHLWHHVYLVFRVRFXDQGRHVW£IU¯RSRUORWDQWRODVIXQFLRQHV
KLGU£XOLFDVGHODP£TXLQDSXHGHQPRYHUVHP£VGHVSDFLRTXH
FXDQGRHODFHLWHHVW£FDOLHQWH
6LXQDRP£VIXQFLRQHVGHODP£TXLQDVHHMHFXWDQDOILQDOGHVXV
SRVLFLRQHVVLQDQWHVFDOHQWDUHOVLVWHPDHVWRSXHGHFDXVDU
PRYLPLHQWRVLQHVSHUDGRVGD³RVDODP£TXLQD\IDOORVGH
IXQFLRQDPLHQWR

$9,62
1RDFHOHUHHOFDOHQWDPLHQWRGHODFHLWH\DTXHHOFDOHQWDPLHQWR
IRU]DGRSXHGHGD³DUODP£TXLQD


&DOLHQWHHODFHLWHKLGU£XOLFRDODWHPSHUDWXUDGHWUDEDMR|&
,QIRUPDFLµQ |)/DWHPSHUDWXUDVHFRPSUXHEDHQODSDQWDOODHQHO
PRGRGHVHUYLFLR
(OFDOHQWDPLHQWRVHSXHGHOOHYDUDFDERFRQRVLQLPSOHPHQWR
SHURQRGHEHU¯DOOHYDUVHQLQJXQDFDUJD
 &RPSUXHEHTXHQRKD\DFDUJDHQODFXFKDUDRHQHO

9D\DDOPRGRGHVHUYLFLR LPSOHPHQWR\TXHHOEORTXHRGHODDUWLFXODFLµQGHOEDVWLGRU
1R 6¯ HVW«GHVFRQHFWDGR
 *LUHODOODYHGHHQFHQGLGRDODSRVLFLµQ
 3UHVLRQH\PDQWHQJDRSULPLGDODWHFODVHUYLFLRGHOWHFODGR
GXUDQWHXQRVVHJXQGRV&XDQGRVHDSUHJXQWDGRVLTXLHUH
HQWUDUHQHOPRGRGHVHUYLFLRSUHVLRQH6(/(&7
 3UHVLRQHODWHFODKLGU£XOLFDGHOWHFODGR\FRPSUXHEHOD
WHPSHUDWXUDHQODSDQWDOOD
 $UUDQTXHHOPRWRU
127$
8WLOLFHODKLGU£XOLFDFRQFXLGDGRVLHODFHLWHHVW£IU¯R
 %DVFXOHFRPSOHWDPHQWHKDFLDGHODQWH\OHYDQWHHO
LPSOHPHQWRKDVWDODDOWXUDGHHOHYDFLµQP£[LPD
 %DVF¼OHORKDFLDDWU£VSRUFRPSOHWR\E£MHORKDVWDHOVXHOR
 *LUHHOYRODQWHDOWHUQDWLYDPHQWHKDVWDHOWRSHL]TXLHUGR\HO
WRSHGHUHFKR
 5HSLWDORVSDVRVKDVWDTXHHODFHLWHKD\DDOFDQ]DGROD
WHPSHUDWXUDGHWUDEDMR
 ,QVWUXFFLRQHVGHIXQFLRQDPLHQWR
 (VSHMRVDMXVWH

(VSHMRVDMXVWH
(VSHMRVGHODQWHURV
$MXVWHORVHVSHMRVGHODQWHURVFRPRVLJXH
 8ELTXHXQREMHWRILMRHQHOSXQWR$
 3RVLFLRQHODFXFKDUDHQODSRVLFLµQFRUUHVSRQGLHQWH
 &RPSUXHEHTXHHOREMHWRHQ$VHSXHGDYHUGHVGHDPERV
HVSHMRV
 6LHOREMHWRHQ$QRVHSXHGHYHUGHVGHDPERVHVSHMRV
DM¼VWHORVKDVWDTXHHOREMHWR$HVW«YLVLEOHHQDPERVHVSHMRV
127$
$MXVWHORVHVSHMRVGHPDQHUDTXHHOREMHWRHQHOSXQWR$VH
REVHUYHHQHOPHGLRGHOHVSHMR\DSUR[DGHVGHHOERUGH
LQWHULRUGHOHVSHMR(OSXQWR$GHEHHVWDUYLVLEOHHQDPERV
HVSHMRV9HDHOGHWDOOH6

$ 5HTXLVLWROHJDO
% 5HTXLVLWROHJDO
& /¯QHDYLVXDO
' 5DGLRGHPPSXOJ
( PPSXOJGHWU£VGHOPRQWDQWHGHODFDELQD
) 3RVLFLµQGHORVRMRV
* PPSXOJGHVGHHOVXHOR
+ PPSXOJ
, PPSXOJ
- 3XQWR$GHVGHHOQLYHOGHOVXHOR
. /¯QHDYLVXDO
/ 5DGLRGHPPSXOJ
0 3XQWR$HQHOHVSHMR
1 GHODDQFKXUDGHOHVSHMR
2 GHODORQJLWXGGHOHVSHMR
 ,QVWUXFFLRQHVGHIXQFLRQDPLHQWR 
(VSHMRVDMXVWH 
3 3XQWR$HQHOHVSHMR
4 /¯QHDYLVXDO
5 /¯QHDFHQWUDOFDELQD
6 (VSHMRVGHODQWHURV


 ,QVWUXFFLRQHVGHIXQFLRQDPLHQWR
 &DPELRGHPDUFKD

&DPELRGHPDUFKD
6HOHFFLRQHXQDPDUFKDDGHFXDGDJLUDQGRHOPDQGRVHOHFWRU
GHPDUFKDVDODPDUFKDGHVHDGD\VHJXLGDPHQWHHOVHQWLGR
GHODPDUFKDKDFLDDGHODQWHRDWU£V
127$
 /DWUDQVPLVLµQSXHGHDFFLRQDUODP£TXLQDFRQXQDPDUFKD
DFRSODGDLQFOXVRDUSPGHUDOHQW¯VLHOIUHQRGHHVWDFLRQDPLHQWR
QRHVW£DSOLFDGR
6HQWLGRGHPDUFKD

$'9(57(1&,$
5LHVJRGHP£TXLQDIXHUDGHFRQWURO
'HMDUODWUDQVPLVLµQHQSXQWRPXHUWRDOFRQGXFLUFXHVWDDEDMR
SRGU¯DOOHYDUDXQDS«UGLGDGHOFRQWUROGHODP£TXLQD\SURYRFDU
DFFLGHQWHVPRUWDOHV
7HQJDVLHPSUHXQDPDUFKDDGHODQWHDFWLYDGDDOFRQGXFLUFXHVWD
DEDMR
/DWUDQVPLVLµQVHSXHGHGD³DU\XVWHGSXHGHSHUGHUHOFRQWURO
GHODP£TXLQDVLODWUDQVPLVLµQVHGHVSOD]DDSXQWRPXHUWRDO
RSHUDUFXHVWDDEDMR

$'9(57(1&,$
5LHVJRGHOHVLRQHVJUDYHV
8QPRYLPLHQWRGHVFRQWURODGRGHODP£TXLQDSRGU¯DSURYRFDU
OHVLRQHVJUDYHV
1XQFDGHMHODP£TXLQDFRQHOVHOHFWRUGHPDUFKDVHQSRVLFLµQ
KDFLDGHODQWHRKDFLDDWU£VFXDQGRHOPRWRUHVW«HQPDUFKD
 3DODQFDHQSRVLFLµQ1 3XQWRPXHUWR
3DODQFDHQSRVLFLµQ) 0DUFKDDGHODQWH
3DODQFDHQODSRVLFLµQ5 )XQFLRQDPLHQWRHQPDUFKDDWU£V
$OHIHFWXDUPDQLREUDVGHFDPELRGHDGHODQWHDDWU£VR
YLFHYHUVDFRQYLHQHUHGXFLUODYHORFLGDGGHODP£TXLQD\HO
U«JLPHQGHOPRWRUHVSHFLDOPHQWHVLODVUXHGDVVHKDOODQVREUH
VXHORILUPH
(OFDPELRHQWUHODPDUFKDDGHODQWH\DWU£VVµORGHEHHIHFWXDUVH
HQODVPDUFKDVl\l

&DPELRDXWRP£WLFR$36
/DIXQFLµQGH$36HVW£GLVSRQLEOHHQODSDQWDOODYHDODS£JLQD
EDMR7UDQVPLVLµQ
(OVHOHFWRUGHSURJUDPDSHUPLWHDOFRQGXFWRUGHODP£TXLQDHOHJLU
GLVWLQWRVSURJUDPDVGHFDPELRDXWRP£WLFRVHJ¼QODV
FRQGLFLRQHVGHFRQGXFFLµQ
&RQGXFFLµQHQODSRVLFLµQGHFDPELRDXWRP£WLFR
6HOHFFLRQHHOSURJUDPDGHFDPELRGHPDUFKDVVH
UHFRPLHQGDHOPRGR$872
6HOHFFLRQHHOVHQWLGRGHODPDUFKD
$FHOHUHODP£TXLQDDUUDQFDHQlPDUFKDPDUFKDE£VLFD
(OFDPELRDVFHQGHQWH\GHVFHQGHQWHRFXUUHHQWUHODll
PDUFKDKDFLDGHODQWH\KDFLDDWU£V
 ,QVWUXFFLRQHVGHIXQFLRQDPLHQWR 
&DPELRGHPDUFKD 
'HVSX«VGHOFDPELRGHVHQWLGRHODUUDQTXHWLHQHOXJDUHQOD
lPDUFKD
&DPELRGHVFHQGHQWHDODlPDUFKD9HD&DPELR
GHVFHQGHQWHFRPSOHWDPHQWHDXWRP£WLFR)$36S£JLQD
R)XQFLµQGHNLFNGRZQHQODS£JLQD
0RGR/\PRGR0
(OPRGR/VLJQLILFDTXHHOFDPELRWHQGU£OXJDUDEDMRU«JLPHQ
GHOPRWRU\DEDMDYHORFLGDGGHODP£TXLQD
(OPRGR0VLJQLILFDTXHHOFDPELRWHQGU£OXJDUDU«JLPHQGHO
PRWRU\DYHORFLGDGGHODP£TXLQDOLJHUDPHQWHVXSHULRUHV
&RQDFHOHUDFLµQP£[LPDHOFDPELRDVFHQGHQWHWLHQHOXJDU
VHJ¼QHOPRGR+
/DXWLOL]DFLµQµSWLPDVHREWLHQHUHGXFLHQGRODDFHOHUDFLµQ
FXDQGRHVHYLGHQWHODGLIHUHQFLDHQHOU«JLPHQGHFDPELR
DVFHQGHQWHHQWUHODVGLVWLQWDVSRVLFLRQHV/0\+
2IUHFHXQPHQRUFRQVXPRGHFRPEXVWLEOH
0RGR+
/DP£TXLQDFDPELDVµORFRQU«JLPHQHOHYDGR\DPD\RU
YHORFLGDG
6HUHFRPLHQGDXVDUODFXDQGRODP£TXLQDFDPELDGHPDUFKD
HQVHQWLGRDVFHQGHQWH\GHVFHQGHQWHFLUFXODQGRHQFXHVWD
DUULEDRFRQXQDJUDQUHVLVWHQFLDDODURGDGXUD
0RGR$87 
/DSURSLDP£TXLQDVHOHFFLRQDHOSURJUDPD$36VHJ¼QORV
K£ELWRVGHFRQGXFFLµQGHOFRQGXFWRU

3RVLFLµQ SRVLFLµQGHVHUYLFLR

c127$5LHVJRGHGD³RVDODP£TXLQD6RORSXHGHVHUXVDGRSRU
W«FQLFRVGHVHUYLFLRFRQODH[FHSFLµQGHODSUXHEDGHOIUHQRGH
HVWDFLRQDPLHQWRYHDODS£JLQD

)XQFLµQNLFNGRZQUHGXFFLµQGHYHORFLGDG
6HREWLHQHNLFNGRZQVLHOVHOHFWRUGHPDUFKDVHVW£HQODSRVLFLµQ
R\VHSUHVLRQDXQRGHORVERWRQHVGHNLFNGRZQ
&XDQGRVHSUHVLRQDHOERWµQGHNLFNGRZQODlPDUFKDVH
DSOLFDU£VLODYHORFLGDGGHODP£TXLQD\DHVW£SRUGHEDMRGH
NPKPSKRVLODYHORFLGDGFDHSRUGHEDMRGHNPK
PSKHQXQSOD]RGHVHJXQGRVGHVSX«VGHSUHVLRQDUHO
ERWµQ
/DlPDUFKDSHUPDQHFHDSOLFDGDDQRVHUTXHKD\DXQD
QXHYDDFWLYDFLµQGHODIXQFLµQGHNLFNGRZQRVLVHKDQ
DOFDQ]DGRODVUHYROXFLRQHVGHOPRWRUHQUHODFLµQFRQOD
YHORFLGDGGHODP£TXLQD(OQLYHOGHUHYROXFLRQHVGHOPRWRUVH
DMXVWDFRQODIXQFLµQGH$36HQODSDQWDOOD
6LVHFDPELDHOVHQWLGRGHWUDVODFLµQODP£TXLQDDUUDQFDU£HQ
lPDUFKDVLHOPRGRGHFDPELRDXWRP£WLFRHVW£
.LFNGRZQ VHOHFFLRQDGR

(OVLVWHPDGHVXVSHQVLµQGHODSOXPD%66VHGHVDFWLYD
DXWRP£WLFDPHQWHDOUHGXFLUDlPDUFKD\VLHOPRGRPDQXDO
R)$36HVW£VHOHFFLRQDGR
$ORSHUDUFRQ/RFNXSHQlPDUFKDHO/RFNXSSXHGH
GHVDFRSODUVHWHPSRUDOPHQWHXVDQGRHOERWµQGHNLFNGRZQ
 ,QVWUXFFLRQHVGHIXQFLRQDPLHQWR
 &DPELRGHPDUFKD
(O/RFNXSVHGHVDFRSODFXDQGRHOERWµQGHNLFNGRZQHVW£
SUHVLRQDGR\VHJXQGRVGHVSX«VGHTXHHOERWµQGHNLFN
GRZQVHKD\DVROWDGR
127$
/DP£TXLQDUHGXFLU£DXWRP£WLFDPHQWHDlPDUFKDLQFOXVRHQODV
PDUFKDVYHD5HGXFFLµQFRPSOHWDPHQWHDXWRP£WLFD)$36
HQODS£JLQDHQXQDVLWXDFLµQHQTXHODP£TXLQDQHFHVLWHl
PDUFKDSRUHMHPSORDORSHUDUHQSHQGLHQWHVSURQXQFLDGDV
FXHVWDDUULEDRFRQDOWDUHVLVWHQFLDDOURGDPLHQWRFXDQGRODl
PDUFKDQRSURSRUFLRQHVXILFLHQWHIXHU]DGHWUDFFLµQ6LQ
HPEDUJRHVWDUHGXFFLµQVRORWLHQHOXJDUFRQHOSHGDOGHO
DFHOHUDGRUHQPRGRGH3RWHQFLDYHD3HGDOGHODFHOHUDGRUHQ
ODS£JLQD
127$
6LODP£TXLQDFXHQWDFRQGLUHFFLµQGHSDODQFDHTXLSRRSFLRQDO
ODIXQFLµQGHNLFNGRZQWDPEL«QHVW£GLVSRQLEOHHQHO
UHSRVDEUD]RV

)UHQDGRGHOPRWRUUHGXFFLµQGHPDUFKD
 8VDUHOERWµQGHIUHQRGHOPRWRUUHGXFFLµQGHPDUFKDSHUPLWH
UHGXFLUDXWRP£WLFDPHQWHGHPDUFKDHQXQRRGRVSDVRVR
SUHYHQLUXQDXPHQWRGHPDUFKDQRGHVHDGR
6LHOERWµQVHSUHVLRQDXQDYH]DYHORFLGDGHVVXSHULRUHVVH
UHGXFHGHlDlPDUFKD
6LVHYXHOYHDSUHVLRQDUDXQDYHORFLGDGLQIHULRUVHUHGXFHD
lPDUFKD
6LHOLQWHUUXSWRUVHPDQWLHQHSUHVLRQDGRVHSUHYLHQHXQ
DXPHQWRDODPDUFKDVXSHULRUORFXDOVHSXHGHXWLOL]DUDO
RSHUDUFXHVWDDEDMRRDODFHUFDUVHDXQYHK¯FXORTXHVHWHQJD
TXHFDUJDU
127$
6LVHVXSHUDQFLHUWDVUSP\YHORFLGDGHVFU¯WLFDVGHODP£TXLQD
VHDXPHQWDGHPDUFKD
6LHOU«JLPHQGHOPRWRURODWUDQVPLVLµQVHYXHOYHGHPDVLDGR
DOWRODOX]GHDGYHUWHQFLDFHQWUDOURMDGHVWHOODHO]XPEDGRU
9
VXHQD\VHPXHVWUDXQWH[WRGHDODUPDHQODSDQWDOOD
)UHQRPRWRU\FDPELRGHVFHQGHQWH

%DMRHVWDVFLUFXQVWDQFLDVUHGX]FDODYHORFLGDGRVHOHFFLRQH
XQDPDUFKDVXSHULRUSDUDUHGXFLUHOU«JLPHQGHOPRWRU

%ORTXHRVHFXHQFLDGHFDPELRGHHQJUDQDMHV
3DUDKDELOLWDUHOHPEUDJXHGLUHFWRHQHOFRQYHUWLGRUGHSDU/RFN
XSHVW£IXQFLµQGHEHDFWLYDUVHSULPHUR

,QWHUUXSWRU/RFNXS

3DUWHVXSHULRUGHOLQWHUUXSWRUSUHVLRQDGD IXQFLµQGH/RFNXS
HPEUDJXHGHDFRSODPLHQWRGLUHFWRHQHOFRQYHUWLGRUGHSDU
DFWLYDGR6HHQFLHQGHODO£PSDUDWHVWLJRHQHOLQVWUXPHQWR
FHQWUDOFXDQGRHVW£DSOLFDGRHOHPEUDJXHGHDFFLRQDPLHQWR
GLUHFWR/RFNXSYHDODS£JLQD
3DUWHLQIHULRUGHOLQWHUUXSWRUSUHVLRQDGD /RFNXS
GHVDFWLYDGR
 ,QVWUXFFLRQHVGHIXQFLRQDPLHQWR 
&DPELRGHPDUFKD 
(QPRGRDFWLYDGRODVIXQFLRQHVVLJXHQFLHUWDVVHFXHQFLDVGH
FDPELRGHPDUFKDVGHSHQGLHQGRGHTX«PDUFKDHVW«
VHOHFFLRQDGDYHDDFRQWLQXDFLµQ
/£PSDUDWHVWLJR/RFNXS

6HOHFWRUGHPDUFKDVSRVLFLRQHV
(O/RFNXSHVW£GLVSRQLEOHHQODlll\lPDUFKD
(O/RFNXSHQlPDUFKDVHDFWLYDVRORFXDQGRHOVHOHFWRUGH
PDUFKDVHVW£HQODSRVLFLµQ
6HOHFWRUGHPDUFKDV

(O/RFNXSVHDFWLYDGXUDQWHODRSHUDFLµQGHWUDQVSRUWHFRQlR
lPDUFKDDOVXELUSRUXQDSHQGLHQWH\HQXQDUHGXFFLµQ
DXWRP£WLFDGHPDUFKDKDVWDODlPDUFKD
&RQVHMRVSDUDHOXVR
$OXWLOL]DUODP£TXLQDSDUDUHWLUDUQLHYHRUHDOL]DUDFFLRQHV
VLPLODUHVVHSXHGHXVDUHO/RFNXSRSDUDUHGXFLUHOFRQVXPR
GHFRPEXVWLEOH
(QPRGRDXWRP£WLFRODP£TXLQDHVW£SURJUDPDGDSDUDOHHU
SULPHURODGLVWDQFLDGHWUDQVSRUWH\DGLVWDQFLDVP£VFRUWDVGH
PHWURVSDUDVHOHFFLRQDUHOPRGRDOWRTXHSUHYLHQHOD
DFWLYDFLµQGHO/RFNXSHQFDUJDVGHFLFORFRUWR6LQHPEDUJR
WRPDFLFORVGHWUDEDMRDQWHVGHTXHODP£TXLQDVHKD\D
DGDSWDGRDOSURJUDPDPRGRGHWUDEDMR
3DUDWUDQVSRUWDUDGLVWDQFLDVGHP£VGHPHWURVODP£TXLQD
VHOHFFLRQDHOPRGRPHGLRDXWRP£WLFDPHQWH\SDUDGLVWDQFLDVGH
P£VGHPHWURVODP£TXLQDVHOHFFLRQDHOPRGROLJHURSDUDXQ
FDPELRDVFHQGHQWHP£VU£SLGR\ODDFWLYDFLµQGHOEORTXHR

 ,QVWUXFFLRQHVGHIXQFLRQDPLHQWR
 'LUHFFLµQ

'LUHFFLµQ
127$
(QFDVRGHSDUDGDGHOPRWRUGHWHQJDLQPHGLDWDPHQWHOD
P£TXLQD\DFWLYHHOIUHQRGHHVWDFLRQDPLHQWR
/DP£TXLQDWLHQHGLUHFFLµQDUWLFXODGDGHOWLSRKLGURVW£WLFR

'LUHFFLµQGHUHVHUYDU
HTXLSRRSFLRQDO
/DP£TXLQDSXHGHHTXLSDUVHFRQXQVLVWHPDGHGLUHFFLµQ
VHFXQGDULD6LJDODOHJLVODFLµQ\ODVQRUPDVQDFLRQDOHV
6LDSDUHFHHQODSDQWDOOD$GYHUWHQFLDGHSUHVLµQEDMDGHOD
9 GLUHFFLµQSDUHODP£TXLQDLQPHGLDWDPHQWH\FRQWDFWHFRQXQ
$GYHUWHQFLDGHSUHVLµQEDMDGHODGLUHFFLµQ WDOOHURILFLDOGH9ROYR


&RQWUROGHWUDQVPLVLµQGHFRQIRUW&'&
HTXLSRRSFLRQDO

/DGLUHFFLµQGHSDODQFD&'&VHGHVDFWLYD

UHSOHJDQGRHOUHSRVDEUD]RVRGHVSOD]DQGRHO
VHOHFWRUGHFDPELRVGHODSRVLFLµQQHXWUD



 ,QVWUXFFLRQHVGHIXQFLRQDPLHQWR 
'LUHFFLµQ 

$'9(57(1&,$
8VHVLHPSUHHOYRODQWHDOFLUFXODUSRUY¯DVS¼EOLFDV\REUDVD
YHORFLGDGHVVXSHULRUHVDNPKPSK$OFLUFXODUSRUY¯DV
S¼EOLFDVHOUHSRVDEUD]RVVLHPSUHWLHQHTXHHVWDUOHYDQWDGR(VW£
SURKLELGRFLUFXODUSRUY¯DVS¼EOLFDVFRQHOFRQWUROGHFRQGXFFLµQ
FµPRGD&'&DFWLYDGR

$9,62
$OWUDEDMDUHQ£UHDVFRQULHVJRGHFDPSRVHOHFWURPDJQ«WLFRV
(0)HOFRQWUROGHFRQGXFFLµQFµPRGD&'&VLHPSUHHVWDU£
GHVDFWLYDGR
9HUODS£JLQD
&DPELDQGRHQWUHODGLUHFFLµQGHSDODQFD\FRQHOYRODQWHHO
FRQGXFWRUSRGU£FRQVHJXLUXQDPD\RUYDULDFLµQGHPRYLPLHQWRV
(OVLVWHPDFRQVLVWHHQXQUHSRVDEUD]RVDEDWLEOHVHQHOFXDOVH
DJUXSDQWUHVIXQFLRQHVGLUHFFLµQDGHODQWHDWU£V\NLFNGRZQ(O
VLVWHPDVHDFWLYDFRQHOERWµQHQHOUHSRVDEUD]RVYHUODS£JLQD
VLJXLHQWH(OUHSRVDEUD]RVGHEHHVWDUHQODSRVLFLµQDEDWLGD
SDUDTXHVHDFWLYHODIXQFLµQ

/DGLUHFFLµQGHSDODQFD&'&VHGHVDFWLYDUHSOHJDQGRHO
UHSRVDEUD]RV
3DUDHODMXVWHGHOUHSRVDEUD]RVFRQFRQWUROGHFRQGXFFLµQ
FµPRGD&'&YHDODS£JLQD 
/DIXQFLµQ&'&VHGHVDFWLYDWDPEL«QGHVSOD]DQGRHOVHOHFWRUGH
PDUFKDVGHODSRVLFLµQQHXWUD
/DO£PSDUDWHVWLJRGHOSDQHOGHLQVWUXPHQWRVVHDFWLYDFXDQGRHO
FRQWUROGHGLUHFFLµQSRUSDODQFD&'&HVW£DFWLYDGR/DOX]
SDUSDGHDVLODYHORFLGDGHVVXSHULRUDNPKPSK
/DSDODQFDGHODGLUHFFLµQVHDFFLRQDDSOLFDQGRPX\SRFDIXHU]D
FRQORVGHGRVHQHOVHQWLGRGHVHDGR\ODYHORFLGDGGHUHVSXHVWD
GHODGLUHFFLµQHVSURSRUFLRQDODOGHVSOD]DPLHQWRGHODSDODQFD
/DIXQFLµQGLUHFFLRQDOGHOYRODQWHVHPDQWLHQHSHUPDQHQWHPHQWH
\WLHQHSULRULGDGVREUHHO&'&(VWRVLJQLILFDTXHVLXVWHGWUDWD
GHFRQGXFLUKDFLDODGHUHFKDFRQHO&'&\KDFLDODL]TXLHUGDFRQ
HOYRODQWHODP£TXLQDVHGLULJLU£HQHOVHQWLGRHQTXHJLUHHO
YRODQWH
127$
'HVDFWLYHHO&'&FXDQGRVHPXHVWUHHOPHQVDMHIDOORGHO&'&
HQODSDQWDOOD\OOHYHODP£TXLQDDXQDSDUDGDVHJXUDXWLOL]DQGR
HOYRODQWH
127$
$ODFWLYDUOD&'&ODYHORFLGDGP£[LPDGHODP£TXLQDHVW£
OLPLWDGDDNPKPSKSHURUHFRPHQGDPRVXQD
YHORFLGDGP£[LPDGHNPKPSK
$FWLYDFLµQ&'&
3DUDTXHIXQFLRQHQGHELGDPHQWHODVIXQFLRQHVGHGLUHFFLµQ
DGHODQWHDWU£V\NLFNGRZQGHVGHHOUHSRVDEUD]RVHVQHFHVDULR
TXHHVWHHVW«EDMDGR\TXHHOVLVWHPDKD\DVLGRDFWLYDGRFRQHO
/£PSDUDWHVWLJRGHGLUHFFLµQGHSDODQFD ERWµQ
 $QWHVGHDFWLYDUHVQHFHVDULRDGRSWDUDGHP£VODVPHGLGDV
VLJXLHQWHV
 ,QVWUXFFLRQHVGHIXQFLRQDPLHQWR
 'LUHFFLµQ
 (OUHSRVDEUD]RVGHEHHVWDUDEDWLGRHQODSRVLFLµQLQIHULRU
127$
(QFLHUWDVVLWXDFLRQHVHVQHFHVDULRGHVSOD]DUHOUHSRVDEUD]RV
KDFLDODGHUHFKDFRQWUDHODVLHQWRSDUDDFFHGHUDODSRVLFLµQ
LQIHULRU

/DGLUHFFLµQGHSDODQFD&'&VHGHVDFWLYD  (OVHOHFWRUGHVHQWLGRGHPDUFKDHQHOUHSRVDEUD]RVHO

UHSOHJDQGRHOUHSRVDEUD]RVRGHVSOD]DQGRHO VHOHFWRUGHPDUFKDVRUGLQDULR\HOFRQWUROGHPDUFKDDGHODQWH
VHOHFWRUGHFDPELRVGHODSRVLFLµQQHXWUD QHXWUDOPDUFKDDWU£VMXQWRDOVRSRUWHGHODSDODQFDGHEHQHVWDU
 HQSRVLFLµQQHXWUDO
 (OPRWRUKDGHHVWDUHQPDUFKDSHURODP£TXLQDSDUDGD
 &XDQGRHOVLVWHPDHVW£DFWLYDGRVHHQFLHQGHXQDO£PSDUD
WHVWLJRHQHOSDQHOGHLQVWUXPHQWRV
127$
/DGLUHFFLµQGHSDODQFD&'&VHGHVDFWLYDUHSOHJDQGRHO
UHSRVDEUD]RV7DPEL«QVHGHVDFWLYDGHVSOD]DQGRHOVHOHFWRUGH
FDPELRVGHODSRVLFLµQQHXWUD
3DODQFDGHGLUHFFLµQ
/DSDODQFDGHODGLUHFFLµQVHDFFLRQDDSOLFDQGRPX\SRFDIXHU]D
FRQORVGHGRVHQHOVHQWLGRGHVHDGR\ODYHORFLGDGGHUHVSXHVWD
GHODGLUHFFLµQHVSURSRUFLRQDODOGHVSOD]DPLHQWRGHODSDODQFD
/DIXQFLµQGLUHFFLRQDOGHOYRODQWHVLJXHVLHPSUHDFWLYD
%RWµQGHNLFNGRZQ
%RWµQGHNLFNGRZQHQSRVLFLµQSUHVLRQDGD /DP£TXLQDFDPELD
DODlPDUFKDVLHOPDQGRVHOHFWRUGHPDUFKDVHVW£DMXVWDGRHQ
ODSRVLFLµQR
2WUDVLQVWUXFFLRQHVHQODS£JLQD
6HOHFWRUGHPDUFKDGLUHFFLRQDO
3DUWHGHODQWHUDGHOLQWHUUXSWRUSUHVLRQDGD &RQGXFFLµQKDFLD
DGHODQWH
3DUWHSRVWHULRUGHOLQWHUUXSWRUSUHVLRQDGD &RQGXFFLµQKDFLD
DWU£V
(QWUHODVSRVLFLRQHVGHPDUFKDDGHODQWH\DWU£VKD\WDPEL«QXQD
9
SRVLFLµQQHXWUD
 $FWLYDFLµQ&'& 127$
 3DODQFDGHGLUHFFLµQ (OPDQGRVHOHFWRUGHPDUFKDVRUGLQDULRWLHQHVLHPSUHSULRULGDG
 %RWµQGHNLFNGRZQ GHPRGRTXHVLVHDFFLRQDHOPDQGRVHOHFWRUGHPDUFKDV
 6HOHFWRUGHPDUFKDGLUHFFLRQDO RUGLQDULRVHGHVDFRSODU£HODMXVWHSURFHGHQWHGHOUHSRVDEUD]RV
 $MXVWHGHOUHSRVDEUD]RVODWHUDOPHQWH
 $MXVWHGHOUHSRVDEUD]RVYHUWLFDOPHQWH $MXVWHGHOUHSRVDEUD]RVVHQWLGRODWHUDO

$IORMHHOYRODQWHGHEORTXHRDMXVWHHOUHSRVDEUD]RVHQVHQWLGR
ODWHUDODODSRVLFLµQGHVHDGD\VHJXLGDPHQWHDSULHWHHOYRODQWH
GHEORTXHR
$MXVWHGHOUHSRVDEUD]RVDOWXUD
$IORMHHOYRODQWHGHEORTXHRDMXVWHHOUHSRVDEUD]RVHQDOWXUDD
ODSRVLFLµQGHVHDGD\VHJXLGDPHQWHDSULHWHHOYRODQWHGH
EORTXHR
 ,QVWUXFFLRQHVGHIXQFLRQDPLHQWR 
)UHQR 

)UHQR
$9,62
5LHVJRGHGD³RVDODP£TXLQD
8VDUODIXQFLµQGHGHVDFRSODPLHQWRGHODWUDQVPLVLµQGXUDQWH
RSHUDFLRQHVGHWUDQVSRUWHSRGU¯DSURYRFDUGD³RVHQODP£TXLQD
1RXVHODIXQFLµQGHGHVDFRSODPLHQWRGHODWUDQVPLVLµQGXUDQWH
RSHUDFLRQHVGHWUDQVSRUWH
)UHQHVXDYHPHQWH(VWRHVHVSHFLDOPHQWHLPSRUWDQWHDORSHUDU
FRQXQDFDUJD\VREUHWHUUHQRGHVOL]DQWH6LVHUHTXLHUHGXUDQWH
FLHUWDVRSHUDFLRQHVVHSXHGHREWHQHUHOGHVDFRSODPLHQWR
DXWRP£WLFRGHODWUDQVPLVLµQDOIUHQDU/DDFWLYDFLµQGHHVWD
IXQFLµQVHUHDOL]DHQODSDQWDOODYHDODS£JLQDEDMR
7UDQVPLVLµQ
(OIUHQDGRGHOPRWRUXVDQGRHOERWµQGHUHGXFFLµQGHPDUFKDHV
YHQWDMRVRHVSHFLDOPHQWHDORSHUDUFXHVWDDEDMR'HHVWDIRUPD
HVSRVLEOHUHGXFLUHOFDOHQWDPLHQWRGHODFHLWHSDUDHMHVYHDOD
S£JLQD

3UXHEDGHIUHQRV
&RQWUROGHOIUHQRGHVHUYLFLR

$'9(57(1&,$
5LHVJRGHPDJXOODGXUDV
(OPRYLPLHQWRLQHVSHUDGRGHODP£TXLQDSXHGHSURYRFDU

OHVLRQHVJUDYHV
1XQFDUHDOLFHSUXHEDVGHOIUHQRGHHVWDFLRQDPLHQWRFXDQGRKD\D
SHUVRQDVHQOD]RQDGHSHOLJUR
/DSUXHEDGHIUHQRVVHUHDOL]DFRQVRIWZDUHGHXQRUGHQDGRUTXH
PLGHODUHWDUGDFLµQSURPHGLRGHODP£TXLQD(VWDSUXHEDSXHGH
VHUOOHYDGDDFDERSRUHORSHUDGRUGHODP£TXLQDGHVGHODXQLGDG
GHSDQWDOOD
127$
/DSUXHEDGHIUHQRVGHEHVHUUHDOL]DGDHQXQOXJDUGRQGHQR
H[LVWDULHVJRGHOHVLRQHVDOSHUVRQDORGD³RVDORVHTXLSRV(O
VXHORGHEHHVWDUOLPSLR\WHQHUXQDEXHQDIULFFLµQDVIDOWRVHFR
RVLPLODU/DP£TXLQDQRGHEHHVWDUFDUJDGD


 3UHVLRQH\PDQWHQJDRSULPLGDODWHFODGHOWHFODGRGXUDQWH
,QIRUPDFLµQ XQRVVHJXQGRV&XDQGRDSDUH]FD,UDPRGRGHVHUYLFLR
SUHVLRQH6(/(&7
 'HVSO£FHVHKDVWD3UXHED\SUHVLRQH6(/(&7VHOHFFLRQH
3UXHEDGHIUHQRV\SUHVLRQH6(/(&7VHOHFFLRQH2Q\
SUHVLRQH6(/(&7
,UDPRGRGHVHUYLFLR  $FRSOHODSRVLFLµQGHPDUFKD)\DFHOHUHFXDQGRVHPXHVWUH
1R 6¯ HOWH[WR$FHOHUDUDP£VGHNPKHQODSDQWDOODGH
LQIRUPDFLµQIUHQHDOP£[LPRFXDQGRVHPXHVWUHHOWH[WR
)UHQDUKDVWDSDUDUHQODSDQWDOODGHLQIRUPDFLµQ
(OYDORUGHUHWDUGDFLµQVHPXHVWUDHQODSDQWDOODGH
LQIRUPDFLµQ
 6LODVUXHGDVVHEORTXHDQ\VHGHVOL]DQVREUHHOVXHORVHWLHQH
TXHUHSHWLUODSUXHED
 /RVWUHVYDORUHVGHSUXHEDP£VUHFLHQWHVHVW£QJXDUGDGRVHQ
HO5HJLVWURGHSUXHEDVGHIUHQRV
 ,QVWUXFFLRQHVGHIXQFLRQDPLHQWR
 )UHQR
9DORUP¯QLPRGHUHWDUGDFLµQSDUDODSUXHEDGHIUHQRV
PVtJ
127$
(OYDORUVHJ¼QODVHVSHFLILFDFLRQHVVHWLHQHTXHFRQVLGHUDUFRPR
XQYDORUP¯QLPRDEVROXWR(QFDVRGHTXHVHVRVSHFKHXQ
IXQFLRQDPLHQWRUHGXFLGRGHORVIUHQRVFRQWDFWHFRQXQ
FRQFHVLRQDULRDXWRUL]DGRSRU9ROYR
 ,QVWUXFFLRQHVGHIXQFLRQDPLHQWR 
6LVWHPDSRVWUDWDPLHQWRGHORVJDVHVGHHVFDSH 

6LVWHPDSRVWUDWDPLHQWRGHORV
JDVHVGHHVFDSH
5HJHQHUDFLµQ
127$
6RORDSOLFDEOHDP£TXLQDVFRQPRWRU'-

$'9(57(1&,$
5LHVJRGHTXHPDGXUDV
/RVFRPSRQHQWHVGHOPRWRU\GHOVLVWHPDGHHVFDSHDOFDQ]DQ
PX\DOWDVWHPSHUDWXUDVFRQULHVJRGHJUDYHVTXHPDGXUDV
0LHQWUDVQRVHKD\DHQIULDGRHOPRWRUHYLWHHOFRQWDFWRFRQODV
WDSDVGHOFRPSDUWLPHQWRGHOPRWRUORVFRPSRQHQWHVGHOPRWRU
\HOVLVWHPDGHHVFDSH
127$
(VSRVLEOHTXHVHSURGX]FDDOJRGHKXPRGHOWXERGHHVFDSH
GXUDQWHXQDUHJHQHUDFLµQGHWUDWDPLHQWRFRQODP£TXLQDHQ
PDUFKDXWLOL]DQGRGLHVHOGHDOWRFRQWHQLGRHQD]XIUH
(OSURSµVLWRGHODUHJHQHUDFLµQHVHOHYDUODWHPSHUDWXUDHQHO
VLVWHPDGHSRVWUDWDPLHQWRSDUDTXHFXDOTXLHUVXVWDQFLDDWUDSDGD
VHTXHPHFRQHOILQGHSHUPLWLUTXHHOVLVWHPDUHFXSHUHVX
FDSDFLGDGSOHQD
)XQFLRQDPLHQWRQRUPDO
'XUDQWHHOIXQFLRQDPLHQWRQRUPDOODUHJHQHUDFLµQSDVLYDVH

SURGXFHFRQWLQXDPHQWH
5HJHQHUDFLµQGLQ£PLFD
/DUHJHQHUDFLµQGLQ£PLFDHPSLH]DVHPLDXWRP£WLFDPHQWHYHD
ODLPDJHQTXHLQGLFDU£TXHODUHJHQHUDFLµQHPSH]DU£SURQWR(O
RSHUDGRUSXHGHFDQFHODUODUHJHQHUDFLµQGLQ£PLFDSUHVLRQDQGR
HOERWµQGHFDQFHODFLµQGHODUHJHQHUDFLµQ

/DUHJHQHUDFLµQGLQ£PLFDHPSH]DU£SURQWR
VHPLDXWRP£WLFD

'XUDQWHODUHJHQHUDFLµQGLQ£PLFDVRODPHQWHHVW£LOXPLQDGDOD
O£PSDUD+(67WHPSHUDWXUDDOWDGHORVJDVHVGHHVFDSHYHDHO
V¯PEROR(VWRHVSDUDLQGLFDUTXHODUHJHQHUDFLµQHVW«HQFXUVR
9 \TXHODWHPSHUDWXUDGHORVJDVHVGHHVFDSHKDDXPHQWDGR1R
/£PSDUD+(67WHPSHUDWXUDGHHVFDSHDOWD VHPXHVWUDQLQJ¼QPHQVDMHP£V1RDSDJXHHOPRWRUPLHQWUDV
UHJHQHUDFLµQHQFXUVR ODO£PSDUD+(67HVW«LOXPLQDGD

127$
/DP£TXLQDGHEHHVWDUHQXQ£UHDQRVHQVLEOHDOFDORUPLHQWUDV
HOV¯PERORHVW£LOXPLQDGR
5HJHQHUDFLµQHVWDFLRQDULD
(VSRVLEOHTXHVHDQHFHVDULDXQDUHJHQHUDFLµQHVWDFLRQDULDVL
 ORVSDVRVDQWHULRUHVGHUHJHQHUDFLµQKDQIDOODGRRVHKDQ
FDQFHODGRUHSHWLGDPHQWH
 KDSDVDGRGHPDVLDGRWLHPSRGHVGHOD¼OWLPDUHJHQHUDFLµQ
 HOVLVWHPDGHSRVWUDWDPLHQWRKDDFXPXODGRSDUW¯FXODVRD]XIUH
HQH[FHVR
1RVHSXHGHUHDOL]DUQLQJ¼QWLSRGHWUDEDMRGXUDQWHXQD
UHJHQHUDFLµQHVWDFLRQDULD(OU«JLPHQGHOPRWRUDXPHQWD
 ,QVWUXFFLRQHVGHIXQFLRQDPLHQWR
 6LVWHPDSRVWUDWDPLHQWRGHORVJDVHVGHHVFDSH
GXUDQWHXQDUHJHQHUDFLµQHVWDFLRQDULD1RHVDFRQVHMDEOH
FDQFHODUXQDUHJHQHUDFLµQHVWDFLRQDULDHQFXUVRVDOYRHQFDVR
GHHPHUJHQFLD
3DUDHPSH]DUXQDUHJHQHUDFLµQHVWDFLRQDULDHORSHUDGRUGHEH
GHWHQHUODP£TXLQDDSOLFDUHOIUHQRGHHVWDFLRQDPLHQWR\
 SUHVLRQDUODSDUWHVXSHULRUGHOLQWHUUXSWRUGHUHJHQHUDFLµQ
127$
/DP£TXLQDGHEHHVWDUHQXQ£UHDQRVHQVLEOHDOFDORUPLHQWUDV
 HOV¯PERORHVW£LOXPLQDGR

9

,QWHUUXSWRUUHJHQHUDFLµQ
 (PSLHFHODUHJHQHUDFLµQHVWDFLRQDULDROD
UHJHQHUDFLµQGLQ£PLFDVHPLDXWRP£WLFD
 3DUHODUHJHQHUDFLµQRFDQFHOHHODUUDQTXH
VHPLDXWRP£WLFR

&RQVXPRGHFRPEXVWLEOH
'XUDQWHXQDUHJHQHUDFLµQGLQ£PLFD\HVWDFLRQDULDHOFRQVXPR
GHFRPEXVWLEOHSXHGHDXPHQWDU
5HWUDVRGHODUHJHQHUDFLµQ
6LSUHVLRQDODSDUWHLQIHULRUGHOERWµQGHUHJHQHUDFLµQDQWHVGH
TXHXQDUHJHQHUDFLµQHVWDFLRQDULDKD\DHPSH]DGRHVWDVH
UHWUDVDU£
5HWUDVDUODUHJHQHUDFLµQSXHGHVHU¼WLOVLODP£TXLQDHVW£HQXQ
HQWRUQRVHQVLEOHDOFDORU/DLQGLFDFLµQGHDODUPDHQODSDQWDOOD
SXHGHUHFRQRFHUVHHOLPLQDUVHSUHVLRQDQGR(6&HQHOWHFODGR
GHODSDQWDOODGHLQIRUPDFLµQ
/DLQGLFDFLµQGHDODUPDYXHOYHDDSDUHFHUFXDQGRVHDUUDQFDGH
QXHYRHOPRWRU
c127$
(VLPSRUWDQWHQRUHWDUGDUODUHJHQHUDFLµQLQQHFHVDULDPHQWH

&RQVHFXHQFLDVSRVLEOHVGHUHWUDVDUODUHJHQHUDFLµQ
 UHGXFFLµQGHODSRWHQFLDGHOPRWRU
 PD\RUFRQVXPRGHFRPEXVWLEOH
 YLGD¼WLOP£VFRUWDGHOILOWURGHSDUW¯FXODVGLHVHO
 GD³RVHQHOVLVWHPDGHSRVWUDWDPLHQWR
&DQFHODFLµQGHODUHJHQHUDFLµQGLQ£PLFDR
HVWDFLRQDULD
127$
(VLPSRUWDQWHQRFDQFHODUXQDUHJHQHUDFLµQLQQHFHVDULDPHQWH
 3UHVLRQHODSDUWHLQIHULRUGHOERWµQGHUHJHQHUDFLµQ
8QDLQGLFDFLµQGHDODUPDHQHOSDQHOGHLQVWUXPHQWRVFRQILUPD
TXHODUHJHQHUDFLµQKDVLGRFDQFHODGD
/DUHJHQHUDFLµQVHFDQFHODDXWRP£WLFDPHQWHFXDQGR
 VHSURGXFHXQIDOORGHIXQFLRQDPLHQWR
9
 HOIXQFLRQDPLHQWRGHODP£TXLQDHPSLH]D\KD\XQD
UHJHQHUDFLµQHVWDFLRQDULDHQFXUVR
5HJHQHUDFLµQFDQFHODGD
  ODP£TXLQDVHDSDJD
 ,QVWUXFFLRQHVGHIXQFLRQDPLHQWR 
6LVWHPDSRVWUDWDPLHQWRGHORVJDVHVGHHVFDSH 
$ODUPDVTXHUHTXLHUHQXQDDFFLµQHVSHF¯ILFD
7H[WRHQHO
SDQHOGH ,QGLFDFLµQGHSDQWDOOD 1LYHOGHDODUPD $FFLµQ
SDQWDOOD
(67$&,21$ $GYHUWHQFLD£PEDU  VXHQDHO]XPEDGRU  (VWDFLRQHODP£TXLQDHQ
5352172  DGYHUWHQFLDFHQWUDO XQ£UHDQRVHQVLEOHDO
5HJHQHUDFLµQ £PEDUHQFHQGLGD FDORU$SOLTXHHOIUHQRGH
HVWDFLRQDPLHQWR
QHFHVDULDFRQ
 $UUDQTXHOD
ODP£TXLQD
UHJHQHUDFLµQ
HVWDFLRQDGD
c127$
/DUHJHQHUDFLµQVH
FDQFHODVLVHGHVDFWLYDHO
IUHQRGHHVWDFLRQDPLHQWR
c127$
/DYHORFLGDGDUDOHQW¯
DXPHQWDGXUDQWHWRGRHO
SURFHVRGHUHJHQHUDFLµQ
,1,&,$5 $GYHUWHQFLD£PEDU  VXHQDHO]XPEDGRU  (VWDFLRQHODP£TXLQDHQ
5(*(1(5$  DGYHUWHQFLDFHQWUDO XQ£UHDQRVHQVLEOHDO
&,•1 £PEDUHQFHQGLGD FDORU$SOLTXHHOIUHQRGH
HVWDFLRQDPLHQWR
5HJHQ
 $UUDQTXHOD
HVWDFLR
UHJHQHUDFLµQ
SRVLEOH
c127$
/DUHJHQHUDFLµQVH
FDQFHODVLVHGHVDFWLYDHO
IUHQRGHHVWDFLRQDPLHQWR
c127$

/DYHORFLGDGDUDOHQW¯
DXPHQWDGXUDQWHWRGRHO
SURFHVRGHUHJHQHUDFLµQ
0$17(1(5 $GYHUWHQFLD£PEDU  VXHQDHO]XPEDGRU  0DQWHQJDODP£TXLQD
0ƒ48,  DGYHUWHQFLDFHQWUDO HVWDFLRQDGD
(67$&,2 £PEDUHQFHQGLGD
5HJHQHUDFLµQ
HQFXUVR

5HJHQHUDFLµQ $GYHUWHQFLD£PEDU  VXHQDHO]XPEDGRU  5HLQLFLHODUHJHQHUDFLµQ

FDQFHODGD  DGYHUWHQFLDFHQWUDO FXDQGRVHDSRVLEOH
5HGXFFLµQ £PEDUHQFHQGLGD
SURQWR

9
 ,QVWUXFFLRQHVGHIXQFLRQDPLHQWR
 6LVWHPDSRVWUDWDPLHQWRGHORVJDVHVGHHVFDSH
(67$&,21$ $GYHUWHQFLD£PEDU  VXHQDHO]XPEDGRU  (VWDFLRQHODP£TXLQD
50ƒ48,1$  DGYHUWHQFLDFHQWUDO  5HLQLFLHODUHJHQHUDFLµQ
5HJHQHUDFLµQ £PEDUHQFHQGLGD FXDQGRVHDSRVLEOH
 VHDFWLYDODUHGXFFLµQ
QHFHVDULDFRQ
GHSRWHQFLDGHOPRWRU
ODP£TXLQD
SHURVHUHVWDXUD
HVWDFLRQDGD GHVSX«VGHFRPSOHWDU
5HGXFFLµQ ODUHJHQHUDFLµQ
DFWLYD
5HJHQHUDFLµQ $GYHUWHQFLD£PEDU  VXHQDHO]XPEDGRU  5HLQLFLHODUHJHQHUDFLµQ
FDQFHODGD  DGYHUWHQFLDFHQWUDO FXDQGRVHDSRVLEOH
5HGXFFLµQ £PEDUHQFHQGLGD
 VHDFWLYDODUHGXFFLµQ
DFWLYD
GHSRWHQFLDGHOPRWRU
SHURVHUHVWDXUD
GHVSX«VGHFRPSOHWDU
9
ODUHJHQHUDFLµQ

(67$& $GYHUWHQFLDURMR  VXHQDHO]XPEDGRU  (VWDFLRQHODP£TXLQDHQ

0$1(5$  DGYHUWHQFLDFHQWUDO XQ£UHDQRVHQVLEOHDO
6(*85$ URMDDFWLYDGD FDORU$SOLTXHHOIUHQRGH
 HOUHQGLPLHQWRGHO HVWDFLRQDPLHQWR
5HJHQ
PRWRUVHUHGXFH  3DUHHOPRWRU
VHUYLFLR
FRQVLGHUDEOHPHQWH  &RQWDFWHFRQXQWDOOHU
QHFHV SHURVHUHVWDXUD DSUREDGRSRU9ROYRSDUD
5HGXFFLµQ GHVSX«VGHFRPSOHWDU OOHYDUDFDEROD
DFWLYD ODUHJHQHUDFLµQ UHJHQHUDFLµQ

c127$
/DUHJHQHUDFLµQVRORHV
SRVLEOHXVDQGROD
KHUUDPLHQWDGHVHUYLFLR
9ROYR
(67$&,21$ $GYHUWHQFLDURMR  VXHQDHO]XPEDGRU  (VWDFLRQHODP£TXLQDHQ
50ƒ48,1$  DGYHUWHQFLDFHQWUDO XQ£UHDQRVHQVLEOHDO
6HUYLFLR URMDDFWLYDGD FDORU$SOLTXHHOIUHQRGH
 VHUHGXFH HVWDFLRQDPLHQWR
UHTXHULGR
FRQVLGHUDEOHPHQWHHO  3DUHHOPRWRU
5HGXFFLµQ
UHQGLPLHQWRGHOPRWRU  &RQWDFWHFRQXQWDOOHU
DFWLYD DSUREDGRSRU9ROYRSDUD
TXHVHFDPELHHOILOWURGH
SDUW¯FXODVGLHVHO

c127$
/DFDUJDGHKROO¯QVROR
SXHGHVHUSXHVWDDFHUR
SRUSHUVRQDODXWRUL]DGR
SRU9ROYR

$3/,48((/ $GYHUWHQFLD£PEDU  VXHQDHO]XPEDGRU  $SOLTXHHOIUHQRGH

)5(12'(  DGYHUWHQFLDFHQWUDO HVWDFLRQDPLHQWR
(67$&,21$ £PEDUHQFHQGLGD  3UHVLRQHODSDUWH
VXSHULRUGHOLQWHUUXSWRU
0,(172
GHUHJHQHUDFLµQ
5HJHQHUDFLµQ
QHFHVDULD

1RVH $GYHUWHQFLDD]XO  VXHQDHO]XPEDGRU  1RVHSUHFLVDQLQJXQD

UHTXLHUHXQD  DGYHUWHQFLDFHQWUDO PHGLGD
UHJHQHUDFLµQ D]XOHQFHQGLGD

9
 ,QVWUXFFLRQHVGHIXQFLRQDPLHQWR 
6LVWHPDSRVWUDWDPLHQWRGHORVJDVHVGHHVFDSH 
3526(*8,5 $GYHUWHQFLD£PEDU  VXHQDHO]XPEDGRU  &RQWLQ¼HHO
75$%$-$1'  DGYHUWHQFLDFHQWUDO IXQFLRQDPLHQWR
2 £PEDUHQFHQGLGD
%DMD
WHPSHUDWXUD
5HJHQHUDFLµQ
SHQGLHQWH
6(59,&,2 $GYHUWHQFLD£PEDU  VXHQDHO]XPEDGRU  6HUYLFLRUHTXHULGR
5(48(5,'2  DGYHUWHQFLDFHQWUDO
5HJHQHUDFLµQ £PEDUHQFHQGLGD
QRSRVLEOH
)DOORGHO
VLVWHPD

&XPSOLPLHQWRFRQORVUHTXLVLWRVGHHPLVLRQHV
127$
6RORVHDSOLFDDP£TXLQDVFRQPRWRU'-
(OVLVWHPDGHSRVWUDWDPLHQWRHVW£FRQWURODGRSRUORVVLVWHPDVGH
GLDJQµVWLFRGHODVXQLGDGHVGHFRQWUROSDUDJDUDQWL]DUHPLVLRQHV
UHGXFLGDV6LHOVLVWHPDQRFXPSOHFRQORVUHTXLVLWRVGH
HPLVLRQHVQRGHEHU¯DVHUSRVLEOHXVDUODP£TXLQDSDUDWUDEDMDU
FRPRGHFRVWXPEUH(VWRRFXUUHPHGLDQWHXQDUHGXFFLµQGHOD
SRWHQFLDGHOPRWRU

/DSRWHQFLDGHOPRWRUVHUHGXFHVL
 (OQLYHOHQHOGHSµVLWRGH$G%OXHp'()HVGHPDVLDGREDMR

 (O$G%OXHp'()HVGHEDMDFDOLGDG
 +D\XQSUREOHPDIDOORGHIXQFLRQDPLHQWRHQHOVLVWHPDGH
SRVWUDWDPLHQWR
+D\GRVQLYHOHVGHUHGXFFLµQGHSRWHQFLDGHOPRWRUTXHVH
DFWLYDQGHVSX«VGHXQFLHUWRWLHPSRGHSHQGLHQGRGHOWLSRGH
SUREOHPDDV¯FRPRGHVLHOIDOORGHIXQFLRQDPLHQWRYXHOYHD
SURGXFLUVHRQR
5HVWDXUDFLµQGHODIXQFLµQGHOPRWRU
6LHOPRWRUVHUHLQLFLDDSDJDQGR\HQFHQGLHQGRODFHUUDGXUDGH
HQFHQGLGRFXDQGRODSRWHQFLDGHOPRWRUVHKDUHGXFLGR
HQWRQFHVVHSXHGHREWHQHUSRWHQFLDSOHQDOODPDGDIXQFLµQGHO
PRWRUUHVWDXUDGDGRVYHFHVGXUDQWHHOQLYHOGHUHGXFFLµQGH
SRWHQFLD(VWRVHSXHGHUHDOL]DUHQFDVRGHXQSHOLJURRULHVJR
FRPRSRUHMHPSORVLODP£TXLQDVHWLHQHTXHPRYHU(VWRQR
SURORQJDU£HOWLHPSRSDUDODDFWLYDFLµQGHOQLYHOGHUHGXFFLµQGH
SRWHQFLD
 ,QVWUXFFLRQHVGHIXQFLRQDPLHQWR
 6LVWHPDSRVWUDWDPLHQWRGHORVJDVHVGHHVFDSH

6LVWHPDGHSRVWUDWDPLHQWRGHORVJDVHVGH
HVFDSHDODUPDVTXHUHTXLHUHQDFFLRQHV
HVSHFLDOHV
127$
6RORDSOLFDEOHDP£TXLQDVFRQPRWRU'-
127$
(OWH[WRHQSDQWDOODPRVWUDU£ರ$G%OXHpರHQP£TXLQDVSDUDHO
PHUFDGRHXURSHR\ಯ'()ರHQP£TXLQDVSDUDHOPHUFDGR
HVWDGRXQLGHQVH

&RQWUROGHQLYHOGH$G%OXHp'()
)LJXUDHQSDQWDOOD 1LYHOGHDODUPD 0HGLGD
  V¯PERORILMMR  3DUHHOPRWRU
 /OHQHHOGHSµVLWRGH$G%OXHp
'()FRQ$G%OXHp'()
5HOOHQDU$G%OXH  HO]XPEDGRUVXHQDYHFHV  3DUHHOPRWRU
 DGYHUWHQFLDFHQWUDO£PEDU  /OHQHHOGHSµVLWRGH$G%OXHp
HQFHQGLGD '()FRQ$G%OXHp'()
 V¯PERORGHVWDOODQGR
 UHGXFFLµQGHSDU
9

$G%OXHYDF¯R
5HGXFFLµQDFWLYD
(VWDFPDQHUDVHJXUD  HO]XPEDGRUVXHQD  3DUHHOPRWRU
FRQWLQXDPHQWH  /OHQHHOGHSµVLWRGH$G%OXHp
 DGYHUWHQFLDFHQWUDOURMD '()FRQ$G%OXHp'()
DFWLYDGD
 V¯PERORGHVWDOODQGR
9
 UHGXFFLµQGHSDU
$G%OXHYDF¯R
5HGXFFRPSOSURQWR
5HOOHQDU$G%OXH  HO]XPEDGRUVXHQD  3DUHHOPRWRU
FRQWLQXDPHQWH  /OHQHHOGHSµVLWRGH$G%OXHp
 DGYHUWHQFLDFHQWUDOURMD '()FRQ$G%OXHp'()
DFWLYDGD
 V¯PERORGHVWDOODQGR
9
 UDOHQW¯RSDUUHGXFLGRV\
$G%OXHYDF¯R UHGXFFLµQGHYHORFLGDG
5HGXFFRPSODFWLYD GHSHQGLHQGRGHO
PHUFDGR
 ,QVWUXFFLRQHVGHIXQFLRQDPLHQWR 
6LVWHPDSRVWUDWDPLHQWRGHORVJDVHVGHHVFDSH 
&RQWUROGHFDOLGDGGH$G%OXHp'()
)LJXUDHQSDQWDOOD 1LYHOGHDODUPD 0HGLGD
6XVWLWXLU$G%OXH  VRQLGRVGHO]XPEDGRU  &RQWDFWHFRQXQ
 DGYHUWHQFLDFHQWUDO£PEDU FRQFHVLRQDULRDXWRUL]DGRSRU
HQFHQGLGD 9ROYR
 V¯PERORILMMR
9

(UURUFDOLGDG$G%OXH
5HGXFFLµQSURQWR
6XVWLWXLU$G%OXH  VRQLGRVGHO]XPEDGRU  &RQWDFWHFRQXQ
 DGYHUWHQFLDFHQWUDO£PEDU FRQFHVLRQDULRDXWRUL]DGRSRU
HQFHQGLGD 9ROYR
 V¯PERORGHVWDOODQGR
 UHGXFFLµQGHSDU
9

(UURUFDOLGDG$G%OXH
5HGXFFLµQDFWLYD
(VWDFPDQHUDVHJXUD  VRQLGRVGHO]XPEDGRU  &RQWDFWHFRQXQ
 DGYHUWHQFLDFHQWUDOURMD FRQFHVLRQDULRDXWRUL]DGRSRU
HQFHQGLGD 9ROYR
 V¯PERORGHVWDOODQGR
 UHGXFFLµQGHSDU
9

(UURUFDOLGDG$G%OXH
5HGXFFRPSOSURQWR
6XVWLWXLU$G%OXH  VRQLGRVGHO]XPEDGRU  &RQWDFWHFRQXQ
 DGYHUWHQFLDFHQWUDOURMD FRQFHVLRQDULRDXWRUL]DGRSRU
HQFHQGLGD 9ROYR

9
 V¯PERORGHVWDOODQGR
 UDOHQW¯RSDUUHGXFLGRV\
UHGXFFLµQGHYHORFLGDG

(UURUFDOLGDG$G%OXH GHSHQGLHQGRGHO
5HGXFFRPSODFWLYD PHUFDGR
 ,QVWUXFFLRQHVGHIXQFLRQDPLHQWR
 6LVWHPDSRVWUDWDPLHQWRGHORVJDVHVGHHVFDSH
&RQWUROGHIDOORVGHOVLVWHPDGH6&5
)LJXUDHQSDQWDOOD 1LYHOGHDODUPD 0HGLGD
&RPSUREDUVLVW6&5  VRQLGRVGHO]XPEDGRU  &RQWDFWHFRQXQ
 DGYHUWHQFLDFHQWUDO£PEDU FRQFHVLRQDULRDXWRUL]DGRSRU
HQFHQGLGD 9ROYR
 V¯PERORILMMR
9

$YHU¯DVLVWHPD6&5
5HGXFFLµQSURQWR
&RPSUREDUVLVW6&5  VRQLGRVGHO]XPEDGRU  &RQWDFWHFRQXQ
 DGYHUWHQFLDFHQWUDO£PEDU FRQFHVLRQDULRDXWRUL]DGRSRU
HQFHQGLGD 9ROYR
 V¯PERORGHVWDOODQGR
 UHGXFFLµQGHSDU
9

$YHU¯DVLVWHPD6&5
5HGXFFLµQDFWLYD
(VWDFPDQHUDVHJXUD  VRQLGRVGHO]XPEDGRU  &RQWDFWHFRQXQ
 DGYHUWHQFLDFHQWUDOURMD FRQFHVLRQDULRDXWRUL]DGRSRU
HQFHQGLGD 9ROYR
 V¯PERORGHVWDOODQGR
 UHGXFFLµQGHSDU
9

$YHU¯DVLVWHPD6&5
5HGXFFRPSOSURQWR
&RPSUREDUVLVW6&5  VRQLGRVGHO]XPEDGRU  &RQWDFWHFRQXQ
 DGYHUWHQFLDFHQWUDOURMD FRQFHVLRQDULRDXWRUL]DGRSRU
HQFHQGLGD 9ROYR
 V¯PERORGHVWDOODQGR
 UDOHQW¯RSDUUHGXFLGRV\
9
UHGXFFLµQGHYHORFLGDG
$YHU¯DVLVWHPD6&5 GHSHQGLHQGRGHO
5HGXFFRPSODFWLYD PHUFDGR
 ,QVWUXFFLRQHVGHIXQFLRQDPLHQWR 
3DUDGD 

3DUDGD
$9,62
1RGHVFRQHFWHHOLQWHUUXSWRUGHEDWHU¯DPLHQWUDVHVW«HQPDUFKD
HOPRWRU\DTXHVHSXHGHGD³DUHOVLVWHPDHO«FWULFR

 5HGX]FDHOU«JLPHQGHOPRWRU
 3DUHODP£TXLQDFRQHOIUHQRGHVHUYLFLR&XDQGRODP£TXLQD
VHKD\DGHWHQLGRGHOWRGRPXHYDHOVHOHFWRUGHPDUFKDVD
SXQWRPXHUWR
 'HVFLHQGDHOLPSOHPHQWRDOVXHOR
127$
%DMHODSOXPDLQPHGLDWDPHQWHP£[PLQXWRVGHVSX«VGHTXH
HOPRWRUVHKD\DSDUDGR6LKDQSDVDGRP£VGHPLQXWRVKDEU£
TXHYROYHUDDUUDQFDUHOPRWRU6LHVWRIDOODFRQWDFWHFRQSHUVRQDO
GHVHUYLFLRRDFRUGRQHHO£UHD\DVLJQHXQYLJLODQWH
 $SOLTXHHOIUHQRGHHVWDFLRQDPLHQWR
127$
1RSDUHHOPRWRUKDVWDTXHHOV¯PEROR2.VHPXHVWUHHQOD
SDQWDOODYHDODILJXUD

  *LUHODOODYHGHDUUDQTXHHQVHQWLGRFRQWUDULRDOGHODVDJXMDV
GHOUHORMFXDQGRHOV¯PERORTXHLQGLFDTXHVHSHUPLWHHO
DSDJDGRGHOPRWRUHVW«LOXPLQDGRDFRQWLQXDFLµQODV

 OK  R
&
O£PSDUDVWHVWLJRVHDSDJDQ\HOPRWRUVHDSDJD
127$

)O /
$36

(VLPSRUWDQWHQRDSDJDUHOPRWRUGXUDQWHXQDUHJHQHUDFLµQ(VWR
2.
JHQHUDXQHVWU«VSRUFDORULQQHFHVDULRVREUHORVFRPSRQHQWHV
9 EDMRHOFDSµ(VSHUHKDVWDTXHVHKD\DDSDJDGRODO£PSDUD
6¯PERORTXHPXHVWUDFX£QGRVHSXHGHDSDJDUHO +(673RUFRQVLJXLHQWHHVSHUHKDVWDTXHODO£PSDUD+(67VH
PRWRU KD\DDSDJDGRVRORVHDSOLFDDP£TXLQDVFRQPRWRU'-

127$
(OWLHPSRTXHWDUGDHQDFWLYDUVHHOV¯PERORTXHPXHVWUDTXHVH
SHUPLWHHODSDJDGRGHOPRWRUGHSHQGHGHODFDUJDGHOPRWRU
9
6LHOFRQGXFWRUWLHQHTXHVDOLUGHODFDELQDFRQHOPRWRUHQ
/£PSDUD+(67DOWDWHPSHUDWXUDGHORVJDVHVGH PDUFKDGHEHU£WHQHUFXLGDGRDOEDMDUVHSDUDQRJLUDU
HVFDSHUHJHQHUDFLµQHQFXUVRVRORVHDSOLFDD
DFFLGHQWDOPHQWHHOYRODQWH(VWRVHDSOLFDHVSHFLDOPHQWHVLHO
ODVP£TXLQDVFRQPRWRU'-
 YRODQWHHVW£HTXLSDGRFRQXQSRPRGHGLUHFFLµQ

$'9(57(1&,$
c5LHVJRGHFD¯GD
6XELU\EDMDUGHODP£TXLQDVLQWHQHUFXLGDGRSRGU¯DUHVXOWDUHQ
FD¯GDV\OHVLRQHV
8VHVLHPSUHHOP«WRGRGHORVWUHVSXQWRVSDUDHQWUDUDOD
P£TXLQDRVDOLUGHHOODXWLOL]DQGRGRVPDQRV\XQSLHRXQDPDQR
\DPERVSLHV8VHODVVXSHUILFLHVSDUDSLVDU\ORVDVLGHURV0LUH
VLHPSUHKDFLDODP£TXLQDSDUDHQWUDUREDMDUGHHOODc1REDMH
GHXQVDOWR


 ,QVWUXFFLRQHVGHIXQFLRQDPLHQWR
 (VWDFLRQDPLHQWR

(VWDFLRQDPLHQWR
 6LHVSRVLEOHFRORTXHODP£TXLQDHQXQVXHORDQLYHO6LQR
HVSRVLEOHEORTXHHODVUXHGDVGHPDQHUDTXHODP£TXLQDQR
SXHGDURGDU%DMHHOLPSOHPHQWRFRQWUDHOVXHOR
 &RPSUXHEHTXHWRGRVORVLQWHUUXSWRUHV\PDQGRVHVW£Q
GHVFRQHFWDGRVRHQSXQWRPXHUWR
 $SOLTXHHOIUHQRGHHVWDFLRQDPLHQWRXQDYH]TXHODP£TXLQD

VHKD\DGHWHQLGRGHOWRGR
 5HWLUHODVOODYHV
 'HVFRQHFWHODDOLPHQWDFLµQHO«FWULFDFRQHOGHVFRQHFWDGRUGH
ODEDWHU¯DVLVHYDDGHMDUODP£TXLQDVLQYLJLODQFLDXQWLHPSR
127$
6LQRVHSXHGHDSDJDUODDOLPHQWDFLµQHO«FWULFDFRQHOGLV\XQWRU
GHODEDWHU¯DSXHGHTXHVHGHEDDTXHODEDWHU¯DHVW£GHPDVLDGR
GHVFDUJDGD8VHD\XGDVSDUDHODUUDQTXHSDUDVXPLQLVWUDU
VXILFLHQWHHQHUJ¯DHO«FWULFDDOUHO«
 $VHJ¼UHVHGHTXHKD\VXILFLHQWHDQWLFRQJHODQWHHQHOVLVWHPD
GHUHIULJHUDFLµQYHDODS£JLQD\HQHOO¯TXLGRGHO
ODYDSDUDEULVDVDOHVWDFLRQDUDWHPSHUDWXUDVSRUGHEDMRGHORV
r&
 %ORTXHHWRGDVODVFXELHUWDVODVYHQWDQDV\ODSXHUWD
7HQJDSUHVHQWHTXHHOULHVJRGHURER\DFFHVRLQGHELGRSXHGH
PLQLPL]DUVHKDFLHQGRORVLJXLHQWH
 UHWLUDQGRODOODYHGHDUUDQTXHFXDQGRGHMHODP£TXLQD
GHVDWHQGLGD
 FHUUDQGRODVSXHUWDV\FXELHUWDVDOFRQFOXLUHOWXUQRGHWUDEDMR
 DSDJDQGRODDOLPHQWDFLµQHO«FWULFDFRQHOGHVFRQHFWDGRUGH
EDWHU¯D
 HYLWDQGRHOHVWDFLRQDPLHQWRGHODP£TXLQDHQOXJDUHVFRQ
JUDQGHVULHVJRVGHURERV\GD³RVPDOLFLRVRV
 UHWLUDQGRWRGRVORVREMHWRVYDOLRVRVGHODFDELQDSRUHMHPSOR
WHO«IRQRVPµYLOHVRUGHQDGRUHVODUDGLR\EROVRV
(VP£VI£FLOLGHQWLILFDUP£TXLQDVUREDGDVVLVHJUDEDHQODV
YHQWDQDVHOQ¼PHURGH3,1RGHUHJLVWUR
(VWDFLRQDPLHQWRGHODUJDGXUDFLµQ

$9,62
6LODP£TXLQDQRVHYDDXWLOL]DUDGLDULRGHEHU£QSURWHJHUVH
WRGRVORVFLOLQGURVFRQWUDFRUURVLµQ
/DWHPSHUDWXUDQRGHEHVHULQIHULRUDr&RVXSHULRUD
r&
&RPSUREDUTXHODVEDWHU¯DVHVW£QWRWDOPHQWHFDUJDGDV
/OHYDUDFDERORVSURFHGLPLHQWRVGHVFULWRVDQWHULRUPHQWH
/DYHODP£TXLQD\UHWRTXHORVGD³RVHQODSLQWXUDSDUDLPSHGLU
HOµ[LGR
8VHSURWHFWRUDQWLµ[LGRVREUHODVSDUWHVH[SXHVWDVOXEULTXH
HQJUDVHODP£TXLQDDIRQGR\DSOLTXHJUDVDVREUHODV
VXSHUILFLHVQRSLQWDGDVFLOLQGURVGHHOHYDFLµQ\FLOLQGURVGH
EDVFXODPLHQWRHWF
 ,QVWUXFFLRQHVGHIXQFLRQDPLHQWR 
(VWDFLRQDPLHQWR 
/OHQHHOGHSµVLWRGHFRPEXVWLEOH\HOGHSµVLWRGHDFHLWH
KLGU£XOLFRKDVWDODPDUFDGHP£[LPRQLYHO
7DSDUHOWXERGHJDVHVGHHVFDSHHVWDFLRQDPLHQWRDODLUH
OLEUH
5HWLUHHOIXVLEOHGHOFRQYHUWLGRUGHWHQVLµQ'HRWURPRGRVH
SRGU¯DQGHVFDUJDUODVEDWHU¯DV
&RPSUXHEHODSUHVLµQGHORVQHXP£WLFRV\SURW«MDORVFRQWUDOD
OX]VRODUGLUHFWD
6LFRUUHVSRQGHYDF¯HHOGHSµVLWRGH$G%OXHp'()YHDODV
HVSHFLILFDFLRQHVHQODS£JLQD
&RPSUREDFLRQHVGHVSX«VGHOHVWDFLRQDPLHQWRGH
ODUJRSOD]R
7RGRVORVQLYHOHVGHDFHLWH\O¯TXLGRV
/DWHQVLµQGHWRGDVODVFRUUHDV
3UHVLµQGHODLUH
)LOWURGHDLUH
0RQWHHOIXVLEOHGHOWUDQVIRUPDGRU
127$
6LVHKDQXWLOL]DGRDJHQWHVSURWHFWRUHVDQWLR[LGDQWHVHWFHQOD
P£TXLQDSDUDSUHSDUDUODSDUDXQHVWDFLRQDPLHQWRGHODUJD
GXUDFLµQVLJDODVLQVWUXFFLRQHVGHOIDEULFDQWHVREUHODVPHGLGDV
\P«WRGRVVHJXURVSDUDUHWLUDUORV

 ,QVWUXFFLRQHVGHIXQFLRQDPLHQWR
 6LODP£TXLQDTXHGDDWDVFDGD

6LODP£TXLQDTXHGDDWDVFDGD
(QODPD\RU¯DGHORVFDVRVGHDWDVFRORPHMRUHVUHWURFHGHU6L
QRHVSRVLEOHDYDQ]DUQLUHWURFHGHUSURFHGDGHODVLJXLHQWH
PDQHUD
 $FRSOHHOEORTXHDGRUGHOGLIHUHQFLDOFRQHOFRQWDFWRGHSLH
 $FRSOHXQDPDUFKDEDMDlRl
 5HWURFHGD\KDJDJLUDUODP£TXLQDFRQHOYRODQWHKDVWDWRSH
DOWHUQDWLYDPHQWHKDFLDODGHUHFKD\ODL]TXLHUGDPDUFKDGH
SDWR
 6LVµORVHKDQDWDVFDGRODVUXHGDVGHODQWHUDVSUXHEHXQRGHORV
SURFHGLPLHQWRVVLJXLHQWHV
 /HYDQWHODVUXHGDVGHODQWHUDVFRQODD\XGDGHXQDFXFKDUD
SODQD\UHWURFHGD
 *LUHKDVWDHOWRSHGHUHFKRRL]TXLHUGRSUHVLRQDUODFXFKDUD
FRQWUDHOVXHOROHYDQWHODP£TXLQD\YLUHKDFLDHOODGR
RSXHVWRDIORMHDOJRODFXFKDUD\G«PDUFKDDWU£V
 /HYDQWHODVUXHGDVGHODQWHUDVFRQODFXFKDUD3RQJD
PDQXDOPHQWHUDPDVWDEODVRVLPLODUHVEDMRODVUXHGDV\G«
PDUFKDDWU£V
 6LHVQHFHVDULRUHPROFDUODP£TXLQDSDUDGHVDWDVFDUODYHD
ODS£JLQD
1REORTXHHQXQFDHOGLIHUHQFLDOPLHQWUDVHVW«SDWLQDQGRXQD
UXHGD6XHOWHHODFHOHUDGRUKDVWDTXHVHSDUHODUXHGD\DSOLTXH
DFRQWLQXDFLµQHOEORTXHDGRUGHOGLIHUHQFLDO
 ,QVWUXFFLRQHVGHIXQFLRQDPLHQWR 
5HVFDWH\UHPROFDGR 

5HVFDWH\UHPROFDGR

$'9(57(1&,$
5LHVJRGHDFFLGHQWHVPRUWDOHVSURYRFDGRVSRUXQDP£TXLQD
GHVFRQWURODGD
/DS«UGLGDGHIXQFLRQDPLHQWRGHORVIUHQRV\ODS«UGLGDGH
IXQFLRQDPLHQWRGHODGLUHFFLµQSRGU¯DQFDXVDUOHVLRQHVJUDYHVR
ODPXHUWHSRUHOPRYLPLHQWRLQFRQWURODGRGHODP£TXLQD
6LQRVHSXHGHDUUDQFDUHOPRWRUHOUHPROFDGRVRORGHEH
UHDOL]DUVHHQFDVRGHHPHUJHQFLDSRUSHUVRQDOIRUPDGR\VROR
HQODGLVWDQFLDP£VFRUWDSRVLEOHDXQDYHORFLGDGPX\OHQWD6L
HVSRVLEOHWUDQVSRUWHODP£TXLQDHQXQUHPROTXH
127$
(OGLVSRVLWLYRGHFRQH[LµQHQJDQFKHGHUHPROTXHHQHO
FRQWUDSHVRRODVDUJROODVHQHOEDVWLGRUWUDVHURVLWXDGDVHQHO
LQWHULRUGHODVUXHGDVWUDVHUDVQRGHEHQVHUXWLOL]DGRVGXUDQWHOD
UHFXSHUDFLµQRUHPROTXH

5HPROFDGR
$VHUSRVLEOHHOPRWRUGHEHU£HVWDUHQPDUFKDSDUDTXH
IXQFLRQHQORVIUHQRV\ODGLUHFFLµQ
6LQRVHSXHGHDUUDQFDUHOPRWRURVLQRHVSRVLEOHFUHDU
VXILFLHQWHSUHVLµQSDUDOLEHUDUHOIUHQRGHHVWDFLRQDPLHQWRSRU
DOJXQDRWUDUD]µQHOIUHQRGHHVWDFLRQDPLHQWRSXHGHOLEHUDUVH
PHF£QLFDPHQWH&RQWDFWHXQWDOOHUDXWRUL]DGRSRU9ROYR 
3DUDHOUHPROFDGRKDFLDDWU£VXWLOLFHODVDUJROODVEDMRHO
FRQWUDSHVRTXHHVW£QGHVWLQDGDVSDUDHODPDUUHGHOD
P£TXLQD
3DUDHOUHPROFDGRKDFLDDGHODQWHXWLOLFHODVDUJROODVHQOD
ILMDFLµQGHOHMHGHODQWHURTXHHVW£QGHVWLQDGDVSDUDHODPDUUH
GHODP£TXLQD
&RQHFWHDDPEDVDUJROODVSDUDHYLWDUFDUJDVGHFRUWHWDQWR
FRPRVHDSRVLEOH

&DSDFLGDGP£[LPDGHUHPROFDGRN1
$GHODQWH 'HWU£V
/+ N1 N1
9
/+ N1 N1
/+ N1 N1
/+ N1 N1

$UJROODVEDMRHOFRQWUDSHVRSDUDUHFXSHUDFLµQ
UHPROFDGR\DPDUUH



 ,QVWUXFFLRQHVGHIXQFLRQDPLHQWR
 5HVFDWH\UHPROFDGR

5HPROFDGR
(OPRWRUGHODP£TXLQDUHPROFDGDGHEHHVWDUHQPDUFKD
'HEHKDEHUXQRSHUDGRUHQODP£TXLQDUHPROFDGDSDUDIUHQDU
\GLULJLUODP£TXLQD
(OYHK¯FXORRP£TXLQDUHPROFDGRUGHEHSHVDUDOPHQRVWDQWR
FRPRODP£TXLQDUHPROFDGD\GHEHWHQHUODSRWHQFLDGHOPRWRU
DGHFXDGD\ODFDSDFLGDGGHIUHQDGDSDUDUHPROFDUHOYHK¯FXOR
HQFXHVWLµQ
(OWUHFKRGHUHPROFDGRKDGHVHUORP£VFRUWRSRVLEOH\DTXH
HOUHPROFDGRGHODUJDGXUDFLµQSXHGHHVWURSHDUOD
WUDQVPLVLµQ
$FRSOHGHODPLVPDPDQHUDTXHSDUDHOUHPROFDGR
6LQRVHSXHGHDUUDQFDUHOPRWRURVLQRHVSRVLEOHFUHDU
VXILFLHQWHSUHVLµQSDUDOLEHUDUHOIUHQRGHHVWDFLRQDPLHQWRSRU
DOJXQDRWUDUD]µQHOIUHQRGHHVWDFLRQDPLHQWRSXHGHOLEHUDUVH
PHF£QLFDPHQWH&RQWDFWHXQWDOOHUDXWRUL]DGRSRU9ROYR
127$
1RHVSRVLEOHDUUDQFDUHOPRWRUUHPROFDQGRODP£TXLQD
6LJDODVUHJODVYLJHQWHVHQFDGDSD¯V
3XQWRGHILMDFLµQSDUDDPDUUH

'LVSRVLWLYRGHUHPROTXHHQHOFRQWUDSHVR
127$
(OGLVSRVLWLYRGHDFRSODPLHQWRGHOFRQWUDSHVRQRGHEHXVDUVH
SDUDHOUHVFDWHHOUHPROFDGRRHQODY¯DS¼EOLFD2EVHUYHODV
GLVSRVLFLRQHVQDFLRQDOHV
/DIXHU]DWHPSRUDOP£[LPDHQHOGLVSRVLWLYRGHDFRSODPLHQWRGHO
FRQWUDSHVRLQFOX\HQGRHOLPSOHPHQWRQRGHEHVXSHUDUORV
YDORUHVVLJXLHQWHV
/+XQDIXHU]DKRUL]RQWDOGHN1\XQDIXHU]DYHUWLFDOGH
N1
/+XQDIXHU]DKRUL]RQWDOGHN1\XQDIXHU]DYHUWLFDOGH
N1
/+XQDIXHU]DKRUL]RQWDOGHN1\XQDIXHU]DYHUWLFDOGH
9
N1
/+XQDIXHU]DKRUL]RQWDOGHN1\XQDIXHU]DYHUWLFDOGH
N1
'LVSRVLWLYRGHUHPROTXHHQHOFRQWUDSHVR


127$
$VHJ¼UHVHGHTXHHOSDVDGRUGHEORTXHRGHOSHUQRGHOH[WUDFWRU
FRQDEUD]DGHUDGHEORTXHRHVW£ILMDGRFRQVHJXULGDGXWLOL]DQGR
HOGLVSRVLWLYRGHFRQH[LµQ
(OGLVSRVLWLYRGHDFRSODPLHQWRVµORGHEHXVDUVHGHIRUPD
WHPSRUDOSDUDHOWUDQVSRUWHGHDUW¯FXORVGHPDQWHQLPLHQWR

GHVWLQDGRVSDUDODP£TXLQDHQHOOXJDUGHWUDEDMRLPSOHPHQWRV
KHUUDPLHQWDVFRPEXVWLEOHDFHLWHHWF«WHUD(OQXHYRSHVRWRWDO
P£TXLQD\UHPROTXHVLQIUHQRFRQFDUJDQRGHEHU£VXSHUDUHO
SHVRP£[LPRGHODP£TXLQD9HUODS£JLQD

)UHQRGHHVWDFLRQDPLHQWROLEHUDFLµQ
PHF£QLFD
 ,QVWUXFFLRQHVGHIXQFLRQDPLHQWR 
5HVFDWH\UHPROFDGR 
&RQWDFWHFRQXQFRQFHVLRQDULRDXWRUL]DGRSRU9ROYRVLHOIUHQR
GHHVWDFLRQDPLHQWRVHWLHQHTXHOLEHUDUPHF£QLFDPHQWH


 ,QVWUXFFLRQHVGHIXQFLRQDPLHQWR
 7UDQVSRUWHGHODP£TXLQD

7UDQVSRUWHGHODP£TXLQD
0HGLGDVDQWHVGHOWUDQVSRUWHGHODP£TXLQD
127$
$QWHVGHFDUJDUODP£TXLQDSDUDHOWUDQVSRUWHGHVDFWLYHHO
GHVDFRSODPLHQWRGHODWUDQVPLVLµQYHDODS£JLQD

$'9(57(1&,$
5LHVJRGHOHVLRQHVJUDYHV
/DP£TXLQDSXHGHLQFOLQDUVHGXUDQWHODFDUJDRGHVFDUJDGHO
WUDQVSRUWDGRU/DLQFOLQDFLµQGHODP£TXLQDFDXVDU£ODFD¯GDGHO
RSHUDGRUORFXDOSRGU¯DUHVXOWDUHQOHVLRQHVJUDYHV
$VHJ¼UHVHGHHQFXDGUDUODDSUR[LPDFLµQDODVUDPSDVGHFDUJD
8WLOLFHVLHPSUHXQVH³DODGRUSDUDDVLVWLUOHGXUDQWHODFDUJD\
GHVFDUJDGHODP£TXLQD

$'9(57(1&,$
5LHVJRGHYXHOFR
8QDP£TXLQDSXHGHFDXVDUOHVLRQHVJUDYHVRPRUWDOHVVLYXHOFD
PLHQWUDVHVFRQGXFLGDVREUHODSODWDIRUPDGHXQYHK¯FXORGH
WUDQVSRUWH
$VHJ¼UHVHGHTXHHOYHK¯FXORGHWUDQVSRUWHHVW£IUHQDGR\FRQ
ODVUXHGDVEORTXHDGDV)LMHODVUDPSDVGHFRQGXFFLµQGHIRUPD
VHJXUDSDUDTXHODP£TXLQDQRSXHGDYROFDUREDODQFHDUVH
127$
3DUDLPSHGLUODHQWUDGDGHDLUHDSUHVLµQHQHOWXERGHHVFDSH
GXUDQWHHOWUDQVSRUWHFRQORVFRQVLJXLHQWHVGD³RVDO
WXUERFRPSUHVRUFXEUDHOWXERGHHVFDSHFRQXQDSURWHFFLµQ
DGHFXDGDQRGHSO£VWLFR
(QRWURYHK¯FXOR
6LVHL]DODP£TXLQDDRWURYHK¯FXORODDUWLFXODFLµQGHOEDVWLGRU
GHEHU£HVWDUEORTXHDGD
 8VHORVSXQWRVGHILMDFLµQSDUDODHOHYDFLµQ
 %ORTXHHODDUWLFXODFLµQGHOEDVWLGRU
%ORTXHRGHODDUWLFXODFLµQGHOEDVWLGRU &XDQGRVHFRQGXFHODP£TXLQDSDUDVXELUODDXQYHK¯FXOROD

DUWLFXODFLµQGHOEDVWLGRUQRGHEHHVWDUEORTXHDGD1REORTXHH
ODDUWLFXODFLµQGHOEDVWLGRUKDVWDTXHODP£TXLQDVHHQFXHQWUH
HQHOYHK¯FXOR
$WHDPDUUHODP£TXLQDGHDFXHUGRDODVS£JLQDVVLJXLHQWHV
3RUXQDSDVDUHOD
&RPSUXHEHSULPHURTXHODSDVDUHODWLHQHODDQFKXUD\
UHVLVWHQFLDQHFHVDULDV\TXHQRSXHGHGHVOL]DUVH
(QHOHYDGRUXRWURHVSDFLRHVWUHFKR
 ,QWURGX]FDODP£TXLQDGDQGRPDUFKDDWU£V
 $SOLTXHHOIUHQRGHHVWDFLRQDPLHQWR\SDUHHOPRWRUDQWHVGH
SRQHUHQPDUFKDHOHOHYDGRU
3RUORGHP£VVLJDODQRUPDWLYDQDFLRQDO
 ,QVWUXFFLRQHVGHIXQFLRQDPLHQWR 
7UDQVSRUWHGHODP£TXLQD 
(OHYDFLµQGHODP£TXLQD
127$
(OFDSµGHOPRWRUGHEHDEULUVHDQWHVGHHOHYDUODP£TXLQDFRQ
DOHWDVWUDVHUDVGHFREHUWXUDWRWDOYHDODS£JLQDGHPDQHUD
TXHHOGLVSRVLWLYRGHHOHYDFLµQQRWHQJDREVW£FXORV
(OHYHODP£TXLQDXWLOL]DQGRODVDUJROODVGHHOHYDFLµQSDUDHVWH
SURSµVLWRYHDODVILJXUDV/DXQLµQGHOEDVWLGRUGHEH
EORTXHDUVHDQWHVGHHOHYDUOD

/+/+/+ /+c127$RWUDVGLPHQVLRQHV

P P
P P
P P

(OSHVRWRWDOP£[LPRGHODP£TXLQDHVHOVLJXLHQWH
9


/+ NJOE /+ NJOE
/+ NJOE
/+ NJOE
 ,QVWUXFFLRQHVGHIXQFLRQDPLHQWR
 7UDQVSRUWHGHODP£TXLQD
)LMDFLµQGHODFDUJDP£TXLQDTXHKDVLGRFDUJDGD
9HDODVFRQGLFLRQHVVLJXLHQWHVSDUDILMDUXQDP£TXLQDTXHKD
VLGRFDUJDGDDV¯FRPRORVYDORUHVHLQVWUXFFLRQHVSDUDFDGD
P£TXLQDHQODVWDEODVVLJXLHQWHV
&RQGLFLRQHVSDUDILMDUXQDFDUJD
/DVLQVWUXFFLRQHVHQODVS£JLQDVVLJXLHQWHVVRORVRQY£OLGDVVLVH
KDQFXPSOLGRODVVLJXLHQWHVFRQGLFLRQHV
5HTXLVLWRVGHDFHOHUDFLµQ
/DP£TXLQDHVW£VXMHWDDXQDDFHOHUDFLµQP£[LPDGHJ
KDFLDGHODQWHJKDFLDDWU£VJODWHUDOPHQWH\JKDFLD
DUULED
/DVDFHOHUDFLRQHVKDFLDGHODQWHKDFLDDWU£V\ODWHUDODFW¼DQ
LQGLYLGXDOPHQWH\VHFRPELQDQFRQJKDFLDDWU£V
/DDFHOHUDFLµQKDFLDDUULEDQRVHFRPELQDFRQRWUDV
DFHOHUDFLRQHV
6HKDXWLOL]DGRXQIDFWRUGHVHJXULGDGGHSDUDFRPSHQVDU
ODGLVWULEXFLµQGHIXHU]DVGHVLJXDOHQORVDPDUUHV(OVLVWHPD
WDPEL«QSXHGHVRSRUWDUXQDDFHOHUDFLµQGHJKDFLDGHODQWH
VLQIDFWRUGHVHJXULGDG
/DP£TXLQD
/DP£TXLQDFRQRVLQLPSOHPHQWRHVW£IDEULFDGDSRU9ROYR
&RQVWUXFWLRQ(TXLSPHQW
(OSHVRP£[LPRGHODP£TXLQDHVGHNJOEV
SDUDOD/+NJOEVSDUDOD/+
NJOEVSDUDOD/+NJOEVSDUDOD
/+
/DP£TXLQDWLHQHUXHGDVGHJRPDQXHYDVRFRQGHVJDVWH
QRUPDORDOWHUQDWLYDPHQWHOODQWDVFRQ]DSDWDVGHPDGHUDGH
SLQRRDEHGXO6LODV]DSDWDVGHPDGHUDVRQGHDEHGXOVHU£
QHFHVDULRXVDUSLH]DVLQWHUPHGLDVGHJRPDHQWUHODV]DSDWDV
GHPDGHUD\ODEDVHSDUDXQDIULFFLµQGH6LQRVHXVDQ
SLH]DVLQWHUPHGLDVODIULFFLµQHVVµORGH
&DUJD\ILMDFLµQHQHOVRSRUWHGHFDUJD
/DP£TXLQDHVW£FHQWUDGDHQVHQWLGRODWHUDOsFPLQ\
HVW£DSR\DGDFRPRP¯QLPRHQODPLWDGGHODDQFKXUDGHORV
QHXP£WLFRV
(OIUHQRGHHVWDFLRQDPLHQWRHVW£DSOLFDGR\IXQFLRQD\VRSRUWD
XQDLQFOLQDFLµQSHQGLHQWHGHFRPRP¯QLPRr
/DDUWLFXODFLµQGHOEDVWLGRUHVW£EORTXHDGD
/DP£TXLQDHVW£FDUJDGD\ILMDGDGHWDOPDQHUDTXHQLQJXQD
SLH]DSHMVXSHUILFLHVSLQWDGDVRQHXP£WLFRVSXHGD
GD³DUVH
7UDQVSRUWDGRUGHFDUJD
/DP£TXLQDHVW£FDUJDGDHQXQYHK¯FXORFRQXQDFDPDGH
UHPROTXHKHFKDGHPDGHUDPDGHUDFRQWUDFKDSDGDSODFDVGH
DOXPLQLRUDQXUDGDVSODFDVGHDFHURSLQWDGDVRQRSLQWDGDV
/DGLVWDQFLDHQVHQWLGRODWHUDOHQWUHORVSXQWRVGHDPDUUHHQ
HOYHK¯FXORGHWUDQVSRUWHGHFDUJDDFDUUHRHVGH
DSUR[LPDGDPHQWHPPSXOJ
/DVILMDFLRQHVGHDPDUUHHQHOUHPROTXHWLHQHQFRPRP¯QLPR
ODPLVPDUHVLVWHQFLDDODUXSWXUDTXHORVDPDUUHV
$PDUUHVDPDUUHV
/RVDPDUUHVHVW£QSUHWHQVDGRVDXQP¯QLPRGH1
GXUDQWHWRGRHOWUDQVSRUWH

/RVGDWRVGHDFHOHUDFLµQFXPSOHQORVUHTXLVLWRVE£VLFRVGHFDVLWRGDVODVQRUPDV\UHJXODFLRQHVGHFDUUHWHUDGHWRGRV
PRGRVFLHUWRVSD¯VHVSXHGHQWHQHUQRUPDV\GLUHFWLYDVTXHUHTXLHUHQRWURVRWLSRVVXSOHPHQWDULRVGHEORTXHR\RDPDUUH
 ,QVWUXFFLRQHVGHIXQFLRQDPLHQWR 
7UDQVSRUWHGHODP£TXLQD 
/RVDPDUUHVHVW£QXELFDGRVVLP«WULFDPHQWHHQSDUHV\HVW£Q
ILMDGRVHQORVSXQWRVGHDPDUUHDGHFXDGRVGHODP£TXLQD
6RORVHGHEHILMDUXQDPDUUHHQFDGDSXQWRGHDPDUUH
/RVJDQFKRVGHDPDUUHQRGHEHU£QSRGHUSHUGHUVXDJDUUHVL
VHDIORMDQORVDPDUUHV
/DFDUJDGHVHJXULGDGHQODFDGHQD06//&6:/HVGHDO
PHQRVHOGHODUHVLVWHQFLDDODURWXUD0%/
6HGHEHQXWLOL]DUDPRUWLJXDGRUHVFXDQGRVHXVDQDPDUUHV
FRUWRV\YHUWLFDOHVHQODVP£TXLQDVFRQQHXP£WLFRVGHJRPD
SDUDUHGXFLUODVVDFXGLGDV\ORVJROSHVDORVTXHODVFDGHQDV
SXHGHQVHUVRPHWLGDV
/RVLJXLHQWHDSOLFDVLVHXWLOL]DQEORTXHVRODP£TXLQDVHEORTXHD
FRQWUDHOFXHOORGHFLVQH
&XDQGRVHXVDQWDFRVHVWRVKDQGHHVWDUILMDGRVFRQXQ
£QJXORGHLQFOLQDFLµQGHDSUR[LPDGDPHQWHrXQD
DOWXUDP¯QLPDGHFPSXOJ\GLVSXHVWRVSRUSDUHV
RSDUHVVHJ¼QODVWDEODVGHDUULEDSDUDGLVSRVLFLµQGH
ORVWDFRV
(OFRQWDFWRGHODVOODQWDVFRQQHXP£WLFRVGHJRPDR]DSDWDV
GHPDGHUDFRQWUDORVHVSDFLRVOLEUHVGHODVUXHGDVHTXLYDOHQ
DOXVRGHWDFRV
%ORTXHDUODFXFKDUDODFLQHP£WLFDGHODFDUJDGRUDODSDUWH
WUDVHUDGHODP£TXLQDRORVSDUHVGHUXHGDVHQGLUHFFLµQKDFLD
DUULEDKDVWDDOPHQRVODPLWDGGHOUDGLRGHODUXHGDFRQWUDHO
FXHOORGHFLVQHHYLWDHOPRYLPLHQWRKDFLDGHODQWH
%ORTXHDUFRQVXILFLHQWHDOWXUDFRQWUDODSDUWHLQWHULRURH[WHULRU
GHODVFXDWURUXHGDVHYLWDORVPRYLPLHQWRVODWHUDOHV


 ,QVWUXFFLRQHVGHIXQFLRQDPLHQWR
 7UDQVSRUWHGHODP£TXLQD
&HUWLILFDGRGHILMDFLµQGHODFDUJDGHOD/+
FDUJDGDFRQODSDUWHGHODQWHUDKDFLDGHODQWH
/&5HVODGLVWDQFLD
HQWUHORVSXQWRV''\((
'HVHOSXQWRFDOFXODGR
ODWHUDOPHQWHHQORV
£QJXORVGHUHFKRVDO
ERUGHGHODSODWDIRUPD
GHVGHHOSXQWRGH
DPDUUH& &HQOD
FDUJDGRUDGHUXHGDV
(HVHOSXQWRGHDPDUUH
HQODSODWDIRUPD/D
UHODFLµQHQWUH//)\/
/5
HVODPLVPD

/RVYDORUHVHLQVWUXFFLRQHVGHODVLJXLHQWHWDEODVRQVRORY£OLGRVVLVHFXPSOHQODVFRQGLFLRQHVGHVFULWDV
DQWHULRUPHQWHHQODVHFFLµQEDMRHOW¯WXOR&RQGLFLRQHVSDUDILMDUXQDFDUJD

) 'LUHFFLµQGHGHVSOD]DPLHQWR ,QWHUYDORGHGLVWDQFLDSHUPLWLGDHQWUHDPDUUHVHQPHWURVP SXOJ

6XSHUILFLHVGH %ORTXHVR &DGHQDP¯QFODVHšPP &DGHQDP¯QFODVHšPP
IULFFLµQ EORTXHR 0%/WRQHODGDV/&N1 0%/WRQHODGDV/&N1
WRQHODGDV WRQHODGDV
/) /&) /&5 /5 /) /&) /&5 /5
FUX]DGR FUX]DGR FUX]DGR FUX]DGR
*RPDSLQR 6LQWDFRV $OWHUQDWLYDVGHILMDFLµQGHODFDUJDQR ದ ದ ದ ದ
DEHGXOFRQ DSUREDGDV  
JRPDVHFDVR SDU ದ ದ ದ ದ ದ ದ  ದ
PRMDGDV   
w 
SDUHV ದ  ದ ದ ದ  ದ ದ
 
SDUHV ದ  ದ ದ ದ  ದ ದ
 
SDUHV ದ  ದ ದ ದ  ದ ದ
 
%ORTXHRKDFLD ದ ದ  ದ ದ ದ  ದ
GHODQWH  
%ORTXHRODWHUDO $OWHUQDWLYDVGHILMDFLµQGHODFDUJDQR ದ ದ ದ ದ
DSUREDGDV  
%ORTXHRKDFLD ದ ದ  ದ ದ ದ  ದ
GHODQWH\ODWHUDO  
 ,QVWUXFFLRQHVGHIXQFLRQDPLHQWR 
7UDQVSRUWHGHODP£TXLQD 
(VFDUFKD 6LQWDFRV $OWHUQDWLYDVGHILMDFLµQGHODFDUJDQR $OWHUQDWLYDVGHILMDFLµQGHODFDUJD
KLHOR DSUREDGDV QRDSUREDGDV
QLHYHVXFLHGD SDU ದ ದ ದ ದ
GDEHGXOVLQ  
JRPD
SDUHV ದ  ದ ದ
w 

SDUHV ದ  ದ ದ

SDUHV ದ  ದ ದ

%ORTXHRKDFLD ದ ದ ದ ದ ದ ದ  ದ
GHODQWH   
%ORTXHRODWHUDO $OWHUQDWLYDVGHILMDFLµQGHODFDUJDQR $OWHUQDWLYDVGHILMDFLµQGHODFDUJD
DSUREDGDV QRDSUREDGDV
%ORTXHRKDFLD ದ ದ  ದ ದ ದ  ದ
GHODQWH\ODWHUDO  

1RHVQHFHVDULRILMDUODFDUJDVLVHXWLOL]DHOLQWHUYDORSHUPLWLGR
ದP
1RHVQHFHVDULRILMDUODFDUJDVLVHXWLOL]DHOLQWHUYDORSHUPLWLGR
ದP


 ,QVWUXFFLRQHVGHIXQFLRQDPLHQWR
 7UDQVSRUWHGHODP£TXLQD
&HUWLILFDGRGHILMDFLµQGHODFDUJDGHOD/+
FDUJDGDFRQODSDUWHGHODQWHUDKDFLDDWU£V
/&5HVODGLVWDQFLDHQWUH
ORVSXQWRV''\(
(
'HVHOSXQWRFDOFXODGR
ODWHUDOPHQWHHQORV
£QJXORVGHUHFKRVDO
ERUGHGHODSODWDIRUPD
GHVGHHOSXQWRGH
DPDUUH&&HQOD
FDUJDGRUDGHUXHGDV
(HVHOSXQWRGHDPDUUH
HQODSODWDIRUPD
/DUHODFLµQHQWUH/
/)\/
/5
HVODPLVPD

/RVYDORUHVHLQVWUXFFLRQHVGHODVLJXLHQWHWDEODVRQVRORY£OLGRVVLVHFXPSOHQODVFRQGLFLRQHVGHVFULWDV
DQWHULRUPHQWHHQODVHFFLµQEDMRHOW¯WXOR&RQGLFLRQHVSDUDILMDUXQDFDUJD

) 'LUHFFLµQGHGHVSOD]DPLHQWR ,QWHUYDORGHGLVWDQFLDSHUPLWLGDHQWUHDPDUUHVHQPHWURVP SXOJ

6XSHUILFLHVGH %ORTXHVR &DGHQDP¯QFODVHšPP &DGHQDP¯QFODVHšPP
IULFFLµQ EORTXHR 0%/WRQHODGDV/&N1 0%/WRQHODGDV/&N1
WRQHODGDV WRQHODGDV
/) /&) /&5 /5 /) /&) /&5 /5
FUX]DGR FUX]DGR FUX]DGR FUX]DGR
*RPDSLQR 6LQWDFRV $OWHUQDWLYDVGHILMDFLµQGHODFDUJDQR ದ ದ ದ ದ
DEHGXOFRQ DSUREDGDV  
JRPDVHFDVR SDU ದ ದ ದ ದ ದ ದ ದ ದ
PRMDGDV    
w 
SDUHV ದ ದ ದ ದ ದ  ದ ದ
  
SDUHV ದ  ದ ದ ದ  ದ ದ
 
SDUHV ದ  ದ ದ ದ  ದ ದ
 
%ORTXHRKDFLD ದ ದ  ದ ದ ದ  ದ
GHODQWH  
%ORTXHRODWHUDO $OWHUQDWLYDVGHILMDFLµQGHODFDUJDQR ದ ದ ದ ದ
DSUREDGDV  
%ORTXHRKDFLD ದ ದ  ದ ದ ದ  ದ
GHODQWH\ODWHUDO  
 ,QVWUXFFLRQHVGHIXQFLRQDPLHQWR 
7UDQVSRUWHGHODP£TXLQD 
(VFDUFKD 6LQWDFRV $OWHUQDWLYDVGHILMDFLµQGHODFDUJDQR $OWHUQDWLYDVGHILMDFLµQGHODFDUJD
KLHOR DSUREDGDV QRDSUREDGDV
QLHYHVXFLHGD SDU ದ ದ ದ ದ
GDEHGXOVLQ  
JRPD
SDUHV ದ  ದ ದ
w 

SDUHV ದ  ದ ದ

SDUHV ದ  ದ ದ

%ORTXHRKDFLD ದ ದ  ದ
GHODQWH 
%ORTXHRODWHUDO $OWHUQDWLYDVGHILMDFLµQGHODFDUJD
QRDSUREDGDV
%ORTXHRKDFLD ದ ದ  ದ
GHODQWH\ODWHUDO 

1RHVQHFHVDULRILMDUODFDUJDVLVHXWLOL]DHOLQWHUYDORSHUPLWLGR
ದP
1RHVQHFHVDULRILMDUODFDUJDVLVHXWLOL]DHOLQWHUYDORSHUPLWLGR
ದP


 ,QVWUXFFLRQHVGHIXQFLRQDPLHQWR
 7UDQVSRUWHGHODP£TXLQD
&HUWLILFDGRGHILMDFLµQGHODFDUJDGHOD/+
FDUJDGDFRQODSDUWHGHODQWHUDKDFLDGHODQWH
/&5HVODGLVWDQFLD
HQWUHORVSXQWRV''\((
'HVHOSXQWRFDOFXODGR
ODWHUDOPHQWHHQORV
£QJXORVGHUHFKRVDO
ERUGHGHODSODWDIRUPD
GHVGHHOSXQWRGH
DPDUUH& &HQOD
FDUJDGRUDGHUXHGDV
(HVHOSXQWRGHDPDUUH
HQODSODWDIRUPD/D
UHODFLµQHQWUH//)\/
/5
HVODPLVPD

/RVYDORUHVHLQVWUXFFLRQHVGHODVLJXLHQWHWDEODVRQVRORY£OLGRVVLVHFXPSOHQODVFRQGLFLRQHVGHVFULWDV
DQWHULRUPHQWHHQODVHFFLµQEDMRHOW¯WXOR&RQGLFLRQHVSDUDILMDUXQDFDUJD

) 'LUHFFLµQGHGHVSOD]DPLHQWR ,QWHUYDORGHGLVWDQFLDSHUPLWLGDHQWUHDPDUUHVHQPHWURVP SXOJ

6XSHUILFLHVGH %ORTXHVR &DGHQDP¯QFODVHšPP &DGHQDP¯QFODVHšPP
IULFFLµQ EORTXHR 0%/WRQHODGDV/&N1 0%/WRQHODGDV/&N1
WRQHODGDV WRQHODGDV
/) /&) /&5 /5 /) /&) /&5 /5
FUX]DGR FUX]DGR FUX]DGR FUX]DGR
*RPDSLQR 6LQWDFRV $OWHUQDWLYDVGHILMDFLµQGHODFDUJDQR $OWHUQDWLYDVGHILMDFLµQGHODFDUJD
DEHGXOFRQ DSUREDGDV QRDSUREDGDV
JRPDVHFDVR SDU ದ ದ ದ ದ
PRMDGDV  
w 
SDUHV ದ  ದ ದ

SDUHV ದ  ದ ದ ದ  ದ ದ
 
SDUHV ದ  ದ ದ ದ  ದ ದ
 
%ORTXHRKDFLD ದ ದ  ದ ದ ದ  ದ
GHODQWH  
%ORTXHRODWHUDO $OWHUQDWLYDVGHILMDFLµQGHODFDUJDQR $OWHUQDWLYDVGHILMDFLµQGHODFDUJD
DSUREDGDV QRDSUREDGDV
%ORTXHRKDFLD ದ ದ  ದ ದ ದ  ದ
GHODQWH\ODWHUDO  
 ,QVWUXFFLRQHVGHIXQFLRQDPLHQWR 
7UDQVSRUWHGHODP£TXLQD 
(VFDUFKD 6LQWDFRV $OWHUQDWLYDVGHILMDFLµQGHODFDUJDQR $OWHUQDWLYDVGHILMDFLµQGHODFDUJD
KLHOR DSUREDGDV QRDSUREDGDV
QLHYHVXFLHGD SDU ದ ದ ದ ದ
GDEHGXOVLQ  
JRPD
SDUHV ದ  ದ ದ
w 

SDUHV ದ  ದ ದ

SDUHV ದ  ದ ದ

%ORTXHRKDFLD ದ ದ ದ ದ ದ ದ  ದ
GHODQWH   
%ORTXHRODWHUDO $OWHUQDWLYDVGHILMDFLµQGHODFDUJDQR $OWHUQDWLYDVGHILMDFLµQGHODFDUJD
DSUREDGDV QRDSUREDGDV
%ORTXHRKDFLD ದ ದ  ದ ದ ದ  ದ
GHODQWH\ODWHUDO  

1RHVQHFHVDULRILMDUODFDUJDVLVHXWLOL]DHOLQWHUYDORSHUPLWLGR
ದP
1RHVQHFHVDULRILMDUODFDUJDVLVHXWLOL]DHOLQWHUYDORSHUPLWLGR
ದP


 ,QVWUXFFLRQHVGHIXQFLRQDPLHQWR
 7UDQVSRUWHGHODP£TXLQD
&HUWLILFDGRGHILMDFLµQGHODFDUJDGHOD/+
FDUJDGDFRQODSDUWHGHODQWHUDKDFLDDWU£V
/&5HVODGLVWDQFLDHQWUH
ORVSXQWRV''\(
(
'HVHOSXQWRFDOFXODGR
ODWHUDOPHQWHHQORV
£QJXORVGHUHFKRVDO
ERUGHGHODSODWDIRUPD
GHVGHHOSXQWRGH
DPDUUH&&HQOD
FDUJDGRUDGHUXHGDV
(HVHOSXQWRGHDPDUUH
HQODSODWDIRUPD
/DUHODFLµQHQWUH/
/)\/
/5
HVODPLVPD

/RVYDORUHVHLQVWUXFFLRQHVGHODVLJXLHQWHWDEODVRQVRORY£OLGRVVLVHFXPSOHQODVFRQGLFLRQHVGHVFULWDV
DQWHULRUPHQWHHQODVHFFLµQEDMRHOW¯WXOR&RQGLFLRQHVSDUDILMDUXQDFDUJD

) 'LUHFFLµQGHGHVSOD]DPLHQWR ,QWHUYDORGHGLVWDQFLDSHUPLWLGDHQWUHDPDUUHVHQPHWURVP SXOJ

6XSHUILFLHVGH %ORTXHVR &DGHQDP¯QFODVHšPP &DGHQDP¯QFODVHšPP
IULFFLµQ EORTXHR 0%/WRQHODGDV/&N1 0%/WRQHODGDV/&N1
WRQHODGDV WRQHODGDV
/) /&) /&5 /5 /) /&) /&5 /5
FUX]DGR FUX]DGR FUX]DGR FUX]DGR
*RPDSLQR 6LQWDFRV $OWHUQDWLYDVGHILMDFLµQGHODFDUJDQR $OWHUQDWLYDVGHILMDFLµQGHODFDUJD
DEHGXOFRQ DSUREDGDV QRDSUREDGDV
JRPDVHFDVR SDU ದ ದ ದ ದ
PRMDGDV  
w 
SDUHV ದ  ದ ದ

SDUHV ದ ದ ದ ದ ದ  ದ ದ
  
SDUHV ದ ದ ದ ದ ದ  ದ ದ
  
%ORTXHRKDFLD ದ ದ  ದ ದ ದ  ದ
GHODQWH  
%ORTXHRODWHUDO $OWHUQDWLYDVGHILMDFLµQGHODFDUJDQR $OWHUQDWLYDVGHILMDFLµQGHODFDUJD
DSUREDGDV QRDSUREDGDV
%ORTXHRKDFLD ದ ದ  ದ ದ ದ  ದ
GHODQWH\ODWHUDO  
 ,QVWUXFFLRQHVGHIXQFLRQDPLHQWR 
7UDQVSRUWHGHODP£TXLQD 
(VFDUFKD 6LQWDFRV $OWHUQDWLYDVGHILMDFLµQGHODFDUJDQR $OWHUQDWLYDVGHILMDFLµQGHODFDUJD
KLHOR DSUREDGDV QRDSUREDGDV
QLHYHVXFLHGD SDU ದ ದ ದ ದ
GDEHGXOVLQ  
JRPD
SDUHV ದ  ದ ದ
w 

SDUHV ದ  ದ ದ

SDUHV ದ  ದ ದ

%ORTXHRKDFLD ದ ದ  ದ
GHODQWH 
%ORTXHRODWHUDO $OWHUQDWLYDVGHILMDFLµQGHODFDUJD
QRDSUREDGDV
%ORTXHRKDFLD ದ ದ  ದ
GHODQWH\ODWHUDO 

1RHVQHFHVDULRILMDUODFDUJDVLVHXWLOL]DHOLQWHUYDORSHUPLWLGR
ದP
1RHVQHFHVDULRILMDUODFDUJDVLVHXWLOL]DHOLQWHUYDORSHUPLWLGR
ದP
&HUWLILFDGRGHILMDFLµQGHODFDUJDGHOD/+
FDUJDGDFRQODSDUWHGHODQWHUDKDFLDGHODQWH
/&5HVODGLVWDQFLD
HQWUHORVSXQWRV''\(
'HVHOSXQWRFDOFXODGR
( 
ODWHUDOPHQWHHQORV
£QJXORVGHUHFKRVDO
ERUGHGHODSODWDIRUPD
GHVGHHOSXQWRGH
DPDUUH& &HQOD
FDUJDGRUDGHUXHGDV
(HVHOSXQWRGHDPDUUH
HQODSODWDIRUPD/D
UHODFLµQHQWUH//)\/
/5
HVODPLVPD

/RVYDORUHVHLQVWUXFFLRQHVGHODVLJXLHQWHWDEODVRQVRORY£OLGRVVLVHFXPSOHQODVFRQGLFLRQHVGHVFULWDV
DQWHULRUPHQWHHQODVHFFLµQEDMRHOW¯WXOR&RQGLFLRQHVSDUDILMDUXQDFDUJD

) 'LUHFFLµQGHGHVSOD]DPLHQWR ,QWHUYDORGHGLVWDQFLDSHUPLWLGDHQWUHDPDUUHVHQPHWURVP SXOJ

6XSHUILFLHVGH %ORTXHVR &DGHQDP¯QFODVHšPP &DGHQDP¯QFODVHšPP
IULFFLµQ EORTXHR 0%/WRQHODGDV/&N1 0%/WRQHODGDV/&N1
WRQHODGDV WRQHODGDV
/) /&) /&5 /5 /) /&) /&5 /5
FUX]DGR FUX]DGR FUX]DGR FUX]DGR
 ,QVWUXFFLRQHVGHIXQFLRQDPLHQWR
 7UDQVSRUWHGHODP£TXLQD
*RPDSLQR 6LQWDFRV $OWHUQDWLYDVGHILMDFLµQGHODFDUJDQR $OWHUQDWLYDVGHILMDFLµQGHODFDUJD
DEHGXOFRQ DSUREDGDV QRDSUREDGDV
JRPDVHFDVR SDU ದ ದ ದ ದ
PRMDGDV  
w 
SDUHV ದ  ದ ದ

SDUHV ದ ದ ದ ದ ದ  ದ ದ
  
SDUHV ದ ದ ದ ದ ದ  ದ ದ
  
%ORTXHRKDFLD ದ ದ ದ ದ ದ ದ  ದ
GHODQWH   
%ORTXHRODWHUDO $OWHUQDWLYDVGHILMDFLµQGHODFDUJDQR $OWHUQDWLYDVGHILMDFLµQGHODFDUJD
DSUREDGDV QRDSUREDGDV
%ORTXHRKDFLD ದ ದ ದ ದ ದ ದ  ದ
GHODQWH\ODWHUDO   
(VFDUFKD 6LQWDFRV $OWHUQDWLYDVGHILMDFLµQGHODFDUJDQR $OWHUQDWLYDVGHILMDFLµQGHODFDUJD
KLHOR DSUREDGDV QRDSUREDGDV
QLHYHVXFLHGD SDU ದ ದ ದ ದ
GDEHGXOVLQ  
JRPD
SDUHV ದ  ದ ದ
w 

SDUHV ದ  ದ ದ

SDUHV ದ  ದ ದ

%ORTXHRKDFLD ದ ದ  ದ
GHODQWH 
%ORTXHRODWHUDO $OWHUQDWLYDVGHILMDFLµQGHODFDUJD
QRDSUREDGDV
%ORTXHRKDFLD ದ ದ  ದ
GHODQWH\ODWHUDO 

1RHVQHFHVDULRILMDUODFDUJDVLVHXWLOL]DHOLQWHUYDORSHUPLWLGR
ದP
1RHVQHFHVDULRILMDUODFDUJDVLVHXWLOL]DHOLQWHUYDORSHUPLWLGR
ದP
 ,QVWUXFFLRQHVGHIXQFLRQDPLHQWR 
7UDQVSRUWHGHODP£TXLQD 
&HUWLILFDGRGHILMDFLµQGHODFDUJDGHOD/+
FDUJDGDFRQODSDUWHGHODQWHUDKDFLDDWU£V
/&5HVODGLVWDQFLDHQWUH
ORVSXQWRV''\(
(
'HVHOSXQWRFDOFXODGR
ODWHUDOPHQWHHQORV
£QJXORVGHUHFKRVDO
ERUGHGHODSODWDIRUPD
GHVGHHOSXQWRGH
DPDUUH&&HQOD
FDUJDGRUDGHUXHGDV
(HVHOSXQWRGHDPDUUH
HQODSODWDIRUPD
/DUHODFLµQHQWUH/
/)\/
/5
HVODPLVPD

/RVYDORUHVHLQVWUXFFLRQHVGHODVLJXLHQWHWDEODVRQVRORY£OLGRVVLVHFXPSOHQODVFRQGLFLRQHVGHVFULWDV
DQWHULRUPHQWHHQODVHFFLµQEDMRHOW¯WXOR&RQGLFLRQHVSDUDILMDUXQDFDUJD

) 'LUHFFLµQGHGHVSOD]DPLHQWR ,QWHUYDORGHGLVWDQFLDSHUPLWLGDHQWUHDPDUUHVHQPHWURVP SXOJ

6XSHUILFLHVGH %ORTXHVR &DGHQDP¯QFODVHšPP &DGHQDP¯QFODVHšPP
IULFFLµQ EORTXHR 0%/WRQHODGDV/&N1 0%/WRQHODGDV/&N1
WRQHODGDV WRQHODGDV
/) /&) /&5 /5 /) /&) /&5 /5

*RPDSLQR 6LQWDFRV
FUX]DGR FUX]DGR
$OWHUQDWLYDVGHILMDFLµQGHODFDUJDQR
FUX]DGR FUX]DGR
$OWHUQDWLYDVGHILMDFLµQGHODFDUJD

DEHGXOFRQ DSUREDGDV QRDSUREDGDV
JRPDVHFDVR SDU ದ ದ ದ ದ
PRMDGDV  
w 
SDUHV ದ  ದ ದ

SDUHV ದ ದ ದ ದ ದ  ದ ದ
  
SDUHV ದ ದ ದ ದ ದ  ದ ದ
  
%ORTXHRKDFLD ದ ದ ದ ದ ದ ದ  ದ
GHODQWH   
%ORTXHRODWHUDO $OWHUQDWLYDVGHILMDFLµQGHODFDUJDQR $OWHUQDWLYDVGHILMDFLµQGHODFDUJD
DSUREDGDV QRDSUREDGDV
%ORTXHRKDFLD ದ ದ ದ ದ ದ ದ  ದ
GHODQWH\ODWHUDO   
 ,QVWUXFFLRQHVGHIXQFLRQDPLHQWR
 7UDQVSRUWHGHODP£TXLQD
(VFDUFKD 6LQWDFRV $OWHUQDWLYDVGHILMDFLµQGHODFDUJDQR $OWHUQDWLYDVGHILMDFLµQGHODFDUJD
KLHOR DSUREDGDV QRDSUREDGDV
QLHYHVXFLHGD SDU ದ ದ ದ ದ
GDEHGXOVLQ  
JRPD
w  SDUHV ದ ದ ದ ದ
 
SDUHV ದ  ದ ದ

SDUHV ದ  ದ ದ

%ORTXHRKDFLD ದ ದ  ದ
GHODQWH 
%ORTXHRODWHUDO $OWHUQDWLYDVGHILMDFLµQGHODFDUJD
QRDSUREDGDV
%ORTXHRKDFLD ದ ದ  ದ
GHODQWH\ODWHUDO 

1RHVQHFHVDULRILMDUODFDUJDVLVHXWLOL]DHOLQWHUYDORSHUPLWLGR
ದP
1RHVQHFHVDULRILMDUODFDUJDVLVHXWLOL]DHOLQWHUYDORSHUPLWLGR
ದP
 7«FQLFDGHFRQGXFFLµQ 


7«FQLFDGHFRQGXFFLµQ
(QODVS£JLQDVVLJXLHQWHVVHGDQDOJXQRVFRQVHMRVH
LQVWUXFFLRQHVVREUHFµPRKD\TXHWUDEDMDUFRQODP£TXLQD\
HMHPSORVGHOXVRGHORVLPSOHPHQWRVP£VFRUULHQWHV(V
LPSRUWDQWHXWLOL]DUODW«FQLFDGHFRQGXFFLµQFRUUHFWDSDUDWUDEDMDU
FRQHILFDFLD\VHJXULGDG


 7«FQLFDGHFRQGXFFLµQ
 &RQGXFFLµQHFRQµPLFD

&RQGXFFLµQHFRQµPLFD
3DUDODXWLOL]DFLµQµSWLPDGHOVLVWHPD\FRQHOP£VEDMRFRQVXPR
GHFRPEXVWLEOHGHEHU£PDQWHQHUVHXQU«JLPHQEDMRGHOPRWRU
GXUDQWHWRGDODPDQLSXODFLµQ/DVH[FHSFLRQHVH[LVWHQWHVVRQ
 DOOOHQDUODFXFKDUDFXDQGRHVQHFHVDULRDGDSWDUHOU«JLPHQD
ODUHVLVWHQFLDGHOPDWHULDO
 GXUDQWHODIDVHGHDFHOHUDFLµQHQFLFORVGHWUDEDMRP£VODUJRV
SHMFDUJD\DFDUUHR&XDQGRVHDOFDQ]DODYHORFLGDGGH
WUDQVSRUWHVHSXHGHUHGXFLUODDFHOHUDFLµQ
2SWL6KLIWYHDODS£JLQDRIUHFHXQPHQRUFRQVXPRGH
FRPEXVWLEOHHQDSOLFDFLRQHVFRPRFDUJD\WUDQVSRUWH\
RSHUDFLRQHVGHWUDQVSRUWH
/+
 /DYHORFLGDGGHHOHYDFLµQ\ODSRWHQFLDVRQVXILFLHQWHVDSDUWLU
350 260
GHXQU«JLPHQEDMRORFXDOUHGXFHHOFRQVXPRGHFRPEXVWLEOH\
2000

300
240
220
1800
1400
HOQLYHOVRQRURFRQXQPD\RUFRQIRUW\PDQWHQLHQGRXQQLYHOGH
1200
250
200
180
1600
SURGXFWLYLGDGHOHYDGR
1400 1000
160
200 1200
140
120 1000
800 /RVK£ELWRVGHFRQGXFFLµQTXHDKRUUDQFRPEXVWLEOHFRQOOHYDQ
150
100
800 1000 1200 1400 1600 1800 2000
800 600
WDPEL«QPHQRVGHVJDVWHGHODP£TXLQD\XQPHQRULPSDFWRHQ
HOPHGLRDPELHQWH7UDWHVLHPSUHGH
0DQW«QJDVHHQHOUDQJRGHUSPHFRQµPLFR
/+ 9HDODVWDEODVDODL]TXLHUGD8QU«JLPHQGHOPRWRUHOHYDGR
 UDUDYH]VHWUDGXFHHQXQDXPHQWRGHODSURGXFWLYLGDGSHUR
2200
FRQIUHFXHQFLDHQP£VDOWRFRQVXPRGHFRPEXVWLEOH3DUD
280 1600
350 260
2000
HOHYDUODFXFKDUDDGDSWHHOU«JLPHQDODUHVLVWHQFLDGHO
240
300 220
200
1800
1400
PDWHULDO\GXUDQWHODIDVHGHDFHOHUDFLµQHQFLFORVGHWUDEDMR
250 180
160
1600 1200 ODUJRVSHMFDUJD\WUDQVSRUWHVHSXHGHDXPHQWDUOD
200
140
120
1400 1000 DFHOHUDFLµQKDVWDDOFDQ]DUODYHORFLGDGGHWUDQVSRUWH
800 1000 1200 1400 1600 1800 2000 $GDSWHODRSHUDFLµQGHODP£TXLQDDODDSOLFDFLµQ
6LJDODVUHFRPHQGDFLRQHVSDUDODVDSOLFDFLRQHVGHVFULWDVHQ
ODVHFFLµQ
/+ 6HOHFFLRQHHOLPSOHPHQWRGHDFXHUGRDODDSOLFDFLµQ

8VDULPSOHPHQWRVDGDSWDGRVSDUDODDSOLFDFLµQDXPHQWDOD
SURGXFWLYLGDGDOPLVPRWLHPSRTXHGLVPLQX\HHOFRQVXPRGH
280 2200
260
2000
FRPEXVWLEOH\HOGHVJDVWHGHODP£TXLQD6LJDODV
240
220 1800 UHFRPHQGDFLRQHVLQGLFDGDVHQHOFDS¯WXOR
200 1600
180 1400 0DQWHQJDODSUHVLµQGHLQIODGRFRUUHFWDHQORVQHXP£WLFRV
160
140
1200
1000
(QODS£JLQDHQFRQWUDU£UHFRPHQGDFLRQHVSDUDODSUHVLµQ
120
100 800 GHDLUHHQORVQHXP£WLFRV/DSUHVLµQGHDLUHDGHFXDGDHQORV
80 600
600 800 1000 1200 1400 1600 1800
QHXP£WLFRVUHGXFHHOFRQVXPRGHFRPEXVWLEOH\HOGHVJDVWH
/+ GHODP£TXLQD
5«JLPHQHFRQµPLFREDQGDJULV 1RHVW«DOUDOHQW¯LQQHFHVDULDPHQWH
ಧ3RWHQFLD (QVXOXJDUVLJDODVUHFRPHQGDFLRQHVSDUDGHWHQHUOD
ಹ3DU P£TXLQDYHDODS£JLQDSDUDDVHJXUDUODOXEULFDFLµQGHO
 WXUER
3ODQLILTXHHOOXJDUGHWUDEDMR
(YDO¼H\SODQLILTXHOD]RQDGHWUDEDMR\VXGLVSRVLFLµQ
SDUWLHQGRGHODVP£TXLQDVTXHYD\DQDWUDEDMDUHQHOODSDUD
KDFHUHOWUDEDMRGHIRUPDP£VRUJDQL]DGD\HILFD]0DQWHQJD
ODEDVHXQLIRUPH\OLEUHGHJUDQGHVURFDV\RWURVREVW£FXORV
SRWHQFLDOHV
&RODERUH
&RODERUHFRQRWURVFRQGXFWRUHVSDUDSRGHUWUDEDMDUFRQODV
P£TXLQDVGHODIRUPDP£VHILFD]SRVLEOH
2SHUHHQHOUDQJRHFRQµPLFR
9HDODS£JLQDSDUDHOXVRGHOSHGDOGHODFHOHUDGRUGHXQD
PDQHUDHFRQµPLFD
 7«FQLFDGHFRQGXFFLµQ 
&RQGXFFLµQHFRQµPLFD 
'LU¯MDVHDVXFRQFHVLRQDULRSDUDREWHQHUP£VLQIRUPDFLµQ\SDUD
DYHULJXDUODVSRVLELOLGDGHVGHSDUWLFLSDUHQXQFXUVRGH9ROYRHQ
OD]RQD


 7«FQLFDGHFRQGXFFLµQ
 9LEUDFLRQHVHQWRGRHOFXHUSR

9LEUDFLRQHVHQWRGRHOFXHUSR
/DVYLEUDFLRQHVGHFXHUSRHQWHURJHQHUDGDVHQODVP£TXLQDVGH
REUDVS¼EOLFDVVHYHQDIHFWDGDVSRUYDULRVIDFWRUHVWDOHVFRPR
P«WRGRGHWUDEDMRFRQGLFLRQHVGHOWHUUHQRYHORFLGDGGH
FRQGXFFLµQHWF«WHUD
(OFRQGXFWRUSXHGHLQIOXHQFLDUORVQLYHOHVUHDOHVGHYLEUDFLRQHV
HQXQDJUDQH[WHQVLµQ\DTXH«OUHJXODODYHORFLGDGGHOD
P£TXLQDODIRUPDGHWUDEDMDU\ODUXWDGHDFDUUHR3RUHOORHO
UHVXOWDGRHVXQDPSOLRDEDQLFRGHGLVWLQWRVQLYHOHVGH
YLEUDFLRQHVSDUDXQPLVPRWLSRGHP£TXLQD9HDODV
HVSHFLILFDFLRQHVGHODFDELQDHQODS£JLQD
'LUHFWULFHVSDUDUHGXFLUORVQLYHOHVGHYLEUDFLRQHVHQ
P£TXLQDVGHPRYLPLHQWRGHWLHUUD
8VHXQDP£TXLQDGHOWLSR\WDPD³RDGHFXDGRVMXQWRFRQ
QHXP£WLFRVHTXLSRVRSFLRQDOHVHLPSOHPHQWRVDGHFXDGRV
SDUDHOWUDEDMRHQFXHVWLµQ
$VHJ¼UHVHGHTXHHOVXHORVHPDQWLHQHHQEXHQHVWDGR
 ([WUDLJDODVSLHGUDV\REVW£FXORVJUDQGHV
 /OHQHODV]DQMDV\IRVRVTXHSXHGDKDEHU
 $GTXLHUDHOHTXLSRQHFHVDULR\GHGLTXHWLHPSRDO
PDQWHQLPLHQWRGHODVFRQGLFLRQHVGHOWHUUHQR
$GDSWHODYHORFLGDG\ODUXWDDUHFRUUHUSDUDPLQLPL]DUHOQLYHO
GHYLEUDFLRQHV
 6RUWHHORVREVW£FXORV\ORVWHUUHQRVHVFDEURVRV
 5HGX]FDODYHORFLGDGVLHVQHFHVDULRFRQGXFLUSRUWHUUHQR
HVFDEURVR
(IHFW¼HHOPDQWHQLPLHQWRGHODP£TXLQDVHJ¼QODV
UHFRPHQGDFLRQHVGHOIDEULFDQWH
 3UHVLµQGHLQIODGRHQORVQHXP£WLFRV
 6LVWHPDGHGLUHFFLµQ\IUHQRV
 •UJDQRVKLGU£XOLFRVVLVWHPDKLGU£XOLFR\VLVWHPDGH
DUWLFXODFLµQ
&RPSUXHEHTXHVHUHDOL]DHOPDQWHQLPLHQWRGHODVLHQWRGHO
FRQGXFWRU\TXHHVW£DMXVWDGRFRUUHFWDPHQWH
 $MXVWHHODVLHQWR\VXVXVSHQVLµQDOSHVR\HVWDWXUDGHO
FRQGXFWRU
 ,QVSHFFLRQH\PDQWHQJDODVXVSHQVLµQ\HOPHFDQLVPRGH
DMXVWHGHODVLHQWRGHOFRQGXFWRU
 8VHHOFLQWXUµQDEGRPLQDODM¼VWDQGRORGHELGDPHQWH
*LUHHOYRODQWHIUHQHDFHOHUHFDPELHGHPDUFKDV\DFFLRQH
ORVLPSOHPHQWRVFRQVXDYLGDG
0LQLPLFHODVYLEUDFLRQHVHQORVFLFORVGHWUDEDMRODUJRVR
FXDQGRFRQGX]FDODUJRVWUHFKRV
 8WLOLFHODVXVSHQVLµQGHORVEUD]RVGHFDUJDVLODP£TXLQD
HVW£GRWDGDFRQHOOD
 6LODP£TXLQDQRHVW£GRWDGDFRQVXVSHQVLµQGHORVEUD]RV
GHFDUJDUHGX]FDODYHORFLGDGSDUDHYLWDUHOEDODQFHR
 7UDQVSRUWHODP£TXLQDVLHVODUJDODGLVWDQFLDHQWUHORV
OXJDUHVGHWUDEDMR
(OGRORUGHHVSDOGDTXHVHVRVSHFKDHVGHELGRDYLEUDFLRQHVGH
FXHUSRHQWHURSXHGHVHUGHELGRDRWURVIDFWRUHVGHULHVJR/DV
VLJXLHQWHVGLUHFWULFHVSXHGHQVHUHILFDFHVSDUDPLQLPL]DUHO
ULHVJRGHGRORUGHHVSDOGD
 $MXVWHHODVLHQWR\ORVµUJDQRVGHPDQGRGHIRUPDTXHHVW«
VHQWDGRHQXQDEXHQDSRVWXUD
 $MXVWHORVUHWURYLVRUHVSDUDPLQLPL]DUHOJLURGHOFXHUSR
 3ODQLILTXHODVSDXVDVHYLWDQGRODUJRVSHULRGRVVHQWDGR
 1RVDOWHGHODP£TXLQD
 7«FQLFDGHFRQGXFFLµQ 
9LEUDFLRQHVHQWRGRHOFXHUSR 
 (YLWHODPDQLSXODFLµQIUHFXHQWH\ODHOHYDFLµQGHREMHWRV
SHVDGRV


 7«FQLFDGHFRQGXFFLµQ
 7UDEDMRGHQWURGH]RQDVSHOLJURVDV

7UDEDMRGHQWURGH]RQDVSHOLJURVDV
1RFRQGX]FDGHPDVLDGRFHUFDGHOERUGHGHXQPXHOOHXQD
SDVDUHODRVLPLODU
&RQGX]FDOHQWDPHQWHHQHVSDFLRVHVWUHFKRV\FRPSUXHEH
TXHKD\HVSDFLRVXILFLHQWHSDUDODP£TXLQD\ODFDUJD
3DUDORVWUDEDMRVEDMRWLHUUDVHQHFHVLWDQHTXLSRVHVSHFLDOHV
WDOHVFRPRXQPRWRUFHUWLILFDGRHQORVSD¯VHVGHOD8(\(((
&RQVXOWHDVXFRQFHVLRQDULR
(QORVWUDEDMRVHQFRQGLFLRQHVGHOX]LQVXILFLHQWHSRUHMHPSOR
EDMRWHFKR\HQW¼QHOHVXVHHODOXPEUDGRGHODP£TXLQD
3DUDHOWUDEDMRFRQODP£TXLQDHQXQHQWRUQRFRQWDPLQDGRR
SHOLJURVRSDUDODVDOXGHVQHFHVDULRTXHODP£TXLQDHVW«
HVSHFLDOPHQWHHTXLSDGDSDUDHOOR&RQVXOWHDVX
FRQFHVLRQDULR&RPSUXHEHWDPEL«QODVGLVSRVLFLRQHVORFDOHV
DQWHVGHHQWUDUHQOD]RQD

&DPSRHOHFWURPDJQ«WLFR(0)
7UDEDMRHQ]RQDFRQFDPSRVHOHFWURPDJQ«WLFRV&(0

$9,62
$OWUDEDMDUHQ£UHDVFRQULHVJRGHFDPSRVHOHFWURPDJQ«WLFRV
(0)HOFRQWUROGHFRQGXFFLµQFµPRGD&'&VLHPSUHHVWDU£
GHVDFWLYDGR
(OHPSOHDGRUWLHQHODREOLJDFLµQGHVDEHUTX«]RQDVWLHQHQ
IXHUWHVFDPSRVHOHFWURPDJQ«WLFRV\GHLQIRUPDUDOFRQGXFWRU
 VREUH«VWRV
(OFRQGXFWRUGHEHLQIRUPDUVHGHVLOD]RQDGHWUDEDMRHVW£
VRPHWLGDDIXHUWHVFDPERVHOHFWURPDJQ«WLFRV
/RVFDPSRVHOHFWURPDJQ«WLFRV&(0SXHGHQDIHFWDUOD
P£TXLQDVLHVW£HTXLSDGDFRQVHUYRHO«FWULFR\GLUHFFLµQGH
SDODQFD&'&3DUDODGLUHFFLµQGHSDODQFDYHDODS£JLQD


&DEOHV\WXEHU¯DVVXEWHUU£QHRV
$VHJ¼UHVHGHKDEHUFRQWDFWDGRDODVDXWRULGDGHVRFRPSD³¯DV
UHVSRQVDEOHVGHORVFDEOHV\WXERV\TXHVHVLJDQVXV
LQVWUXFFLRQHV7DPEL«QFRPSUXHEHTX«QRUPDVVHDSOLFDQSDUD
HOSHUVRQDOGHWLHUUDFRQUHVSHFWRDFDEOHV\WXERVH[SXHVWRV
1RUPDOPHQWHVRORHOSHUVRQDOGHODVFRPSD³¯DVGHVHUYLFLR
SXHGHGHVFXEULU\DUUHJODUVXVSHQVLRQHVSURYLVLRQDOHVGHORV
FDEOHV
$\¼GHVHGHXQDSHUVRQDTXHVH³DOLFHFXDQGRQRSXHGDYHUHO
SXQWRH[DFWRGRQGHHVW£WUDEDMDQGRRFXDQGRODSRVLFLµQGHOWXER
RHOFDEOHVHDFULWLFDFRQVXOWHODS£JLQD(VSRVLEOHTXHOD
SRVLFLµQGHOWXERRHOFDEOHVHGHVY¯HUHVSHFWRDOSODQRRTXHODV
GLVWDQFLDVVHKD\DQGHWHUPLQDGRGHPDQHUDLQFRUUHFWD
&RQVLGHUHTXHWRGRVORVFDEOHVHO«FWULFRVHVW£QFRQHFWDGRV
 7«FQLFDGHFRQGXFFLµQ 
7UDEDMRGHQWURGH]RQDVSHOLJURVDV 
7UDEDMRHQSHQGLHQWHV

$'9(57(1&,$
5LHVJRGHOHVLµQRPXHUWH
/DP£TXLQDVHSXHGHYROYHULQHVWDEOHFXDQGRRSHUDHQ
SHQGLHQWHVRSHQGLHQWHVPX\SURQXQFLDGDVUHVXOWDQGRHQ
S«UGLGDGHFRQWUROFD¯GDRYXHOFR
2SHUHODP£TXLQDHQVXELGDREDMDGD(YLWHJLUDU\RSHUDUDWUDY«V
GHODSHQGLHQWH7HQJDH[WUHPRFXLGDGRFXDQGRWUDEDMHHQXQD
SHQGLHQWHSURQXQFLDGD
&XDQGRVHWUDEDMDHQXQDSHQGLHQWHHVQHFHVDULRSUHVWDU
DWHQFLµQDODVFRQGLFLRQHVPHWHRUROµJLFDV\GHOWHUUHQRDILQ
GHQRSRQHUHQSHOLJURODVHJXULGDG
7HQJDFXLGDGRDODEULUODSXHUWD\DTXHSXHGHUHVXOWDUP£V
GLI¯FLOFRQWURODUODP£TXLQDHQXQDSHQGLHQWH&XDQGRODFLHUUH
FRPSUXHEHTXHHVW£FRPSOHWDPHQWHFHUUDGD
&RQGX]FDOHQWDPHQWHFXDQGRVHDFHUTXHDXQDSHQGLHQWHR
GHVFLHQGDSRUHOOD
1RGHVFLHQGDXQDSHQGLHQWHDPD\RUYHORFLGDGGHODTXH
SXHGHDOFDQ]DUODP£TXLQDDOVXELUOD
1RFDPELHHOVHQWLGRGHODPDUFKDPLHQWUDVFRQGXFHSRUXQD
SHQGLHQWHQLFRQGX]FDWUDQVYHUVDOPHQWHDODSHQGLHQWH
6LVHGHVOL]DODP£TXLQDEDMHLQPHGLDWDPHQWHODFXFKDUDDO
VXHOR/DP£TXLQDSXHGHYROFDUVLHQWUDHQGHVHTXLOLEULR6LOD
P£TXLQDQRHVW£FRPSOHWDPHQWHHVWDEOHQRJLUHFRQFDUJDHQ
ODFXFKDUD6LHVDEVROXWDPHQWHQHFHVDULRDPRQWRQHWLHUUDHQ
ODSHQGLHQWHSDUDSRGHUSRQHUODP£TXLQDHQSRVLFLµQSODQD\
HVWDEOH
6LVHSDUDHOPRWRUFXDQGRODP£TXLQDVHHQFXHQWUDHQXQD
SHQGLHQWHGHVFLHQGDHOLPSOHPHQWRDOVXHOR

$9,62

6LJDODVUHFRPHQGDFLRQHVGHLQFOLQDFLµQP£[LPDSHUPLWLGDHQOD
WDEODVLJXLHQWH'HORFRQWUDULRSRQGU£HQSHOLJURODVIXQFLRQHV
GHODP£TXLQDFRPRODOXEULFDFLµQSRUHMHPSORSURYRFDQGR
GD³RVHQODP£TXLQD
,QFOLQDFLµQP£[LPDSHUPLWLGD
/DILJXUDGHODL]TXLHUGDPXHVWUDFµPRDIHFWDODP£TXLQDHO
£QJXORFRUUHVSRQGLHQWH$\%

0£TXLQDDIHFWDGDHQVHQWLGR 0£TXLQDDIHFWDGDHQVHQWLGR
ORQJLWXGLQDO ODWHUDO
£QJXOR$ £QJXOR%
&RQWLQXDPHQW 7HPSRUDOPHQ &RQWLQXDPHQW 7HPSRUDOPHQ
HDIHFWDGD WHDIHFWDGD HDIHFWDGD WHDIHFWDGD
$ r $ r % r % r
,QFOLQDFLµQP£[LPDSHUPLWLGD
$ 0£TXLQDDIHFWDGDHQVHQWLGRORQJLWXGLQDO
% 0£TXLQDDIHFWDGDHQVHQWLGRODWHUDO


7UDEDMRGRQGHDK¯ULHVJRGHFRUULPLHQWRGH
WLHUUDV
&RPSUXHEHVLHPSUHODVFRQGLFLRQHVGHOVXHORDQWHVGHHPSH]DU
DWUDEDMDU6LHOVXHORHVW£EODQGRKD\TXHWHQHUPXFKRFXLGDGR
 7«FQLFDGHFRQGXFFLµQ
 7UDEDMRGHQWURGH]RQDVSHOLJURVDV
DOSRVLFLRQDUODP£TXLQD8QWHUUHQRFRQJHODGRTXHVHHVW«
GHUULWLHQGRODOOXYLDHOWU£ILFRHODSLODGR\HOJUDQDOODGRVRQ
IDFWRUHVTXHSXHGHQDXPHQWDUHOULHVJRGHGHVOL]DPLHQWRGH
WLHUUDV(OULHVJRWDPEL«QDXPHQWDVREUHWHUUHQRHQSHQGLHQWH
1RRSHUHGHPDVLDGRFHUFDGHOERUGHGHXQDSHQGLHQWHPX\
LQFOLQDGDRGHODRULOODGHXQDFDUUHWHUD7HQJDFXLGDGRDO
WUDEDMDUHQXQOXJDUGRQGHODP£TXLQDSXHGDYROFDU
7HQJDFXLGDGRDOWUDEDMDUVREUHRULOODVGHU¯RVRHQOXJDUHV
VLPLODUHVGRQGHHOWHUUHQRHVW«EODQGR([LVWHHOULHVJRGHTXH
ODP£TXLQDSXHGDKXQGLUVHGHELGRDVXSURSLRSHVR\DVXV
SURSLDVYLEUDFLRQHV\HVWRSRGU¯DSURYRFDUDFFLGHQWHV
7HQJDHQFXHQWDTXHODVFRQGLFLRQHVGHOVXHORSXHGHQKDEHU
FDPELDGRVLKDOORYLGRPXFKR3RUFRQVLJXLHQWHWHQJDFXLGDGR
DOYROYHUDHPSH]DUDWUDEDMDU(VWRHVSDUWLFXODUPHQWH
LPSRUWDQWHDOWUDEDMDUFHUFDGHOERUGHGHFXQHWDVDUFHQHVR
VLPLODUHVSXHVWRTXHHOVXHORSRGU¯DFHGHUI£FLOPHQWHGHVSX«V
GHODOOXYLD

7UDEDMRHQWLHPSRIU¯R

$'9(57(1&,$
5LHVJRGHOHVLRQHVSRUDSODVWDPLHQWR
$EDMDWHPSHUDWXUDHOVLVWHPDKLGU£XOLFRSXHGHUHVSRQGHU
OHQWDPHQWHGDQGROXJDUDPRYLPLHQWRVLQHVSHUDGRVGHOD
P£TXLQD
3URFHGDFRQFXLGDGRKDVWDTXHHOVLVWHPDKLGU£XOLFRKD\D
DOFDQ]DGRODWHPSHUDWXUDGHWUDEDMR
/HDODVLQVWUXFFLRQHVSDUDHODUUDQTXHHQODS£JLQD
/DVYHQWDQDVGHEHU¯DQHVWDUOLEUHVGHKLHOR\QLHYHDQWHVGH
HPSH]DUDXVDUODP£TXLQD8QDYLVLELOLGDGDFHSWDEOHHVVLHPSUH
XQDFRQGLFLµQREOLJDWRULDYHDODS£JLQD
7HQJDFXLGDGRHQODVSDUWHVUHVEDODGL]DVGHODP£TXLQD$QGH
VµORSRUODV]RQDVFRQSURWHFFLµQDQWLGHVOL]DQWH
8WLOLFHXQUDVFDGRUSDUDTXLWDUHOKLHORGHODVYHQWDQDV6LHV
QHFHVDULRXVHXQUDVFDGRUFRQPDQJRODUJRRXQDHVFDOHULOOD

$'9(57(1&,$
5LHVJRGHOHVLRQHVSRUFRQJHODFLµQ
/DSLHOVLQSURWHFFLµQSRGU¯DFRQJHODUVH\TXHGDUVHSHJDGDD
PHWDOIU¯RORFXDOSRGU¯DSURYRFDUOHVLRQHV
8VHHTXLSRGHSURWHFFLµQSHUVRQDODOPDQLSXODUREMHWRVIU¯RV

3(/,*52
5LHVJRGHGHVFDUJDHO«FWULFD
6HSURGXFHXQDOHVLµQSHUVRQDOVLXQDSDUWHGHOFXHUSRHQWUDHQ
FRQWDFWRFRQXQDP£TXLQDFRQGXFWRUDGHFRUULHQWHHO«FWULFD
'HVFRQHFWHHOFDOHQWDGRUGHOPRWRUHO«FWULFRDQWHVGHWUDEDMDUHQ
ODP£TXLQD
 7«FQLFDGHFRQGXFFLµQ 
,PSOHPHQWRV 

,PSOHPHQWRV

$'9(57(1&,$
5LHVJRGHDFFLGHQWHVPRUWDOHV
(OXVRGHLPSOHPHQWRVSDUDHOHYDURWUDQVSRUWDUSHUVRQDVSXHGH
FRQGXFLUDDFFLGHQWHVIDWDOHVFRQOHVLRQHVSRUDSODVWDPLHQWR
JUDYHVHLQFOXVRPRUWDOHV
1RXWLOLFHQXQFDXQLPSOHPHQWRSDUDHOHYDURWUDQVSRUWDU
SHUVRQDV
3ODFDGHSURGXFWRTXHGHEHHVWDUHQHO (OLPSOHPHQWRDGHFXDGRSDUDFDGDWDUHDWLHQHXQDLPSRUWDQFLD
LPSOHPHQWRSDUDTXHHVWHSXHGDWHQHUODPDUFD GHFLVLYDSDUDODFDSDFLGDGGHODP£TXLQD‹VWDSXHGHWHQHUHO
&(DSOLFDHQOD8( LPSOHPHQWRHQPRQWDMHILMRRXQSRUWDLPSOHPHQWRVSDUDHOFDPELR

U£SLGRGHLPSOHPHQWR
6LJDVLHPSUHODVUHFRPHQGDFLRQHVGH9ROYRSDUDVHOHFFLRQDU
LPSOHPHQWRV6LJDODVLQVWUXFFLRQHVGHO/LEURGHLQVWUXFFLRQHV
6HJ¼QODGLUHFWLYDGHP£TXLQDVGHOD8(ODPDUFD&(GHEHU£
HQFRQWUDUVHHQODSODFDGHSURGXFWRGHODP£TXLQDYHDODV
ILJXUDVHLUDFRPSD³DGDFRQOD'HFODUDFLµQGHFRQIRUPLGDG
/DPDUFDFXEUHWDPEL«QORVLPSOHPHQWRVGLVH³DGRVSRU9ROYR\
DGDSWDGRVSDUDODVFDUJDGRUDVGHUXHGDV9ROYR\DTXHIRUPDQ
SDUWHLQWHJUDQWHGHODP£TXLQD\HVW£QDGDSWDGRVDHOOD
/RVLPSOHPHQWRVGHODFDWHJRU¯DHTXLSDPLHQWR
LQWHUFDPELDEOHLPSOHPHQWRVTXHSXHGHFDPELDUHOFRQGXFWRU
GLVH³DGRVSRU9ROYROOHYDQODPDUFD&(HVW£QDGDSWDGRVSDUD
ODVFDUJDGRUDVGHUXHGDV9ROYR\YDQDFRPSD³DGRVSRUXQD
3ODFDGHSURGXFWRTXHGHEHHVWDUHQODFXFKDUD 'HFODUDFLµQGHFRQIRUPLGDGHLQVWUXFFLRQHV
SDUDTXHHVWDSXHGDWHQHUODPDUFD&(DSOLFDHQ (VUHVSRQVDELOLGDGGHOSURSLHWDULRGHODP£TXLQDDVHJXUDUVHGH
OD8(

TXHORVLPSOHPHQWRVHVW£QDSUREDGRVSDUDVXPRQWDMHHQOD
P£TXLQD(OSURSLHWDULRGHODP£TXLQDHVUHVSRQVDEOHGHOD
VHJXULGDGGHODFRPELQDFLµQGHODP£TXLQDFRQHOLPSOHPHQWR

3DUDLQIRUPDFLµQP£VGHWDOODGDVREUHODVHOHFFLµQGHO
LPSOHPHQWRVROLFLWHHOFDW£ORJRGHLPSOHPHQWRVDXQ
FRQFHVLRQDULRGH9ROYR
/DP£TXLQDHVW£SUHSDUDGDSDUDGLVWLQWRVLPSOHPHQWRV3DUD
HIHFWXDUHODFRSODPLHQWRKLGU£XOLFRGH«VWRVDODP£TXLQDHV
QHFHVDULRGHVFDUJDUODSUHVLµQGHODKLGU£XOLFD9HUODS£JLQD

/DHVWDELOLGDGGHODP£TXLQDSXHGHYDULDUGHSHQGLHQGRGHORV
LPSOHPHQWRV
(TXLSDPLHQWRLQWHUFDPELDEOHLPSOHPHQWRVTXHSXHGH
FDPELDUHORSHUDGRUVLJQLILFDTXHHOLPSOHPHQWRUHTXLHUHOD
FRPELQDFLµQGHEORTXHRKLGU£XOLFRGHOLPSOHPHQWRMXQWRFRQ
LPSOHPHQWRVKLGU£XOLFRVSRUHMHPSORXQDJUDSDGHWURQFRV
QHFHVLWDXQDlIXQFLµQKLGU£XOLFD\HQDOJXQRVFDVRVXQDl
IXQFLµQKLGU£XOLFD
7UDQVSRUWHGHLPSOHPHQWRVFRQRWURYHK¯FXOR
6LJDODVLQVWUXFFLRQHVGHDPDUUHDPDUUHVHJ¼QODQRUPD66(1
\WDPEL«QODVUHJODVGHWUDQVSRUWHORFDOHV
 7«FQLFDGHFRQGXFFLµQ
 ,PSOHPHQWRV
,PSOHPHQWRVJLUDWRULRV
,PSOHPHQWRVJLUDWRULRVKLGU£XOLFDPHQWHDFFLRQDGRV
127$
/HDODVUHJODVGHVHJXULGDGDQWHVGHLQVWDODU\XVDULPSOHPHQWRV
JLUDWRULRVKLGU£XOLFDPHQWHDFFLRQDGRV

6LODP£TXLQDVHXWLOL]DFRQSLH]DVGHWUDEDMRJLUDWRULDV
KLGU£XOLFDPHQWHDFFLRQDGDVSRUHMHPSORXQDEDUUHGHUDXQD
FRUWDGRUDGHPDOH]DXQHVSDUFLGRUGHDUHQDHWFVHGHEHQ
VHJXLUHVWDVUHJODVJHQHUDOHVGHVHJXULGDG
(ODFRSODPLHQWRGHGLFKRLPSOHPHQWRSRUSULPHUDYH]VROR
GHEHVHUUHDOL]DGRSRUXQDSHUVRQDHQWUHQDGD
/HDFRPSUHQGD\VLJDODVLQVWUXFFLRQHVVXPLQLVWUDGDVFRQHO
LPSOHPHQWR
'HWHQJDVLHPSUHGHVFRQHFWHHOVXPLQLVWURKLGU£XOLFRODSLH]D
JLUDWRULDPµYLOGHOLPSOHPHQWRDQWHVGHDEDQGRQDUODFDELQD
$OUHDOL]DUVHUYLFLRRPDQWHQLPLHQWRHQHOLPSOHPHQWRRHQ
FDVRGHTXHSLH]DVGHWUDEDMRVHKD\DQSDUDGRGXUDQWHHO
IXQFLRQDPLHQWRODVPDQJXHUDVKLGU£XOLFDVTXHYDQDO
LPSOHPHQWRGHEHQVHUGHVFRQHFWDGDVSDUDSUHYHQLUXQD
DFWLYDFLµQDFFLGHQWDOGHODSRWHQFLDKLGU£XOLFDORFXDOSRGU¯D
UHVXOWDUHQXQDFFLGHQWH
&RPSUXHEHTXHHOLPSOHPHQWRHQFXHVWLµQWLHQHODPDUFD&(VL
HOLPSOHPHQWRQRHVW£IDEULFDGRSRU9ROYR
$VHJ¼UHVHGHTXHVXFRQFHVLRQDULRLQFOX\HSRUHVFULWRWDO
LPSOHPHQWRHQOD'HFODUDFLµQGHFRQIRUPLGDGGHVXP£TXLQD
FRPRXQLPSOHPHQWRDSUREDGR
 7«FQLFDGHFRQGXFFLµQ 
3RUWDLPSOHPHQWRV 

3RUWDLPSOHPHQWRV
$9,62
&XDQGRFDPELHDRWURLPSOHPHQWRHVQHFHVDULROLPSLDU\OXEULFDU
ORVSDVDGRUHVGHVHJXULGDGHQHOQXHYRLPSOHPHQWR

$'9(57(1&,$
5LHVJRGHDSODVWDPLHQWR
/DFD¯GDGHXQLPSOHPHQWRSRGU¯DSURYRFDUOHVLRQHVJUDYHVH
LQFOXVRPRUWDOHV
$VHJ¼UHVHGHTXHHOLPSOHPHQWRODVPDQJXHUDVKLGU£XOLFDV\
ODVFRQH[LRQHVQRHVW£QGD³DGRV\HVW£QILMDGRVGHELGDPHQWH
$FRSODPLHQWR
6LHOLPSOHPHQWRUHTXLHUHXQDKLGU£XOLFDRSFLRQDOl\lIXQFLµQ
KLGU£XOLFDYHDODS£JLQD

 



 
9

 /LEHUHORVSDVDGRUHVGHEORTXHRSUHVLRQDQGRHOLQWHUUXSWRU
127$
6HPXHVWUDHOPHQVDMHGHDGYHUWHQFLD&LHUUHGHLPSOHPHQWR
DELHUWRHQODSDQWDOOD
 %DVFXOHHOSRUWDLPSOHPHQWRVKDFLDGHODQWHDSUR[LPDGDPHQWH
|\DOLQHHORVSXQWRVGHILMDFLµQVXSHULRUHVGHOVRSRUWHFRQ
ORVSXQWRVGHILMDFLµQVXSHULRUHVGHOLPSOHPHQWR(OHYHORV
9 EUD]RVGHHOHYDFLµQKDVWDTXHHOLPSOHPHQWRDSR\HHQHO
%ORTXHRGHLPSOHPHQWR VRSRUWH\EDVFXOHHOVRSRUWHKDFLDDWU£VKDVWDTXHHO
 LPSOHPHQWRVHQLYHOH
 %ORTXHHHOLPSOHPHQWRFRQHOLQWHUUXSWRU
 &RPSUXHEHTXHHOLPSOHPHQWRHVW£EORTXHDGR
DGHFXDGDPHQWHSUHVLRQDQGRHOERUGHGHODQWHURFRQWUDHO
VXHOR6LHVW£EORTXHDGRODVUXHGDVGHODQWHUDVHPSH]DU£QD
OHYDQWDUVH&RQILUPHHOEORTXHRGHOLPSOHPHQWRSUHVLRQDQGR
 6(/(&7HQHOWHFODGR
 7«FQLFDGHFRQGXFFLµQ
 3RUWDLPSOHPHQWRV

$'9(57(1&,$
5LHVJRGHDSODVWDPLHQWR
8QLPSOHPHQWRQRILMDGRSRGU¯DFDHUVH\SURYRFDUOHVLRQHV
JUDYHVRODPXHUWH
$VHJ¼UHVHVLHPSUHGHTXHHOLPSOHPHQWRHVW£ELHQILMDGR
SUHVLRQDQGRODSDUWHGHODQWHUDGHOLPSOHPHQWRFRQWUDHOVXHOR
KDVWDTXHODP£TXLQDHVW«OLJHUDPHQWHOHYDQWDGD

9

127$
(QP£TXLQDVFRQVLVWHPDGHVXVSHQVLµQGHODSOXPD\IXQFLµQ
GHHOHYDFLµQGHVLPSOHHIHFWRHVWDVIXQFLRQHVGHEHQ
GHVDFWLYDUVHFRQORVLQWHUUXSWRUHVSDUDSRGHUUHDOL]DUOD
FRPSUREDFLµQGHTXHHOLPSOHPHQWRHVW«EORTXHDGRGHPDQHUD
VHJXUD
6LQRHVW£VHJXURGHTXHHOLPSOHPHQWRHVW«EORTXHDGR
FRUUHFWDPHQWHFRPSUXHEHYLVXDOPHQWHTXHORVSDVDGRUHVGH
EORTXHRGHOVRSRUWHGHLPSOHPHQWRVVHHQFXHQWUHQHQODSRVLFLµQ
GHEORTXHR
'HVDFRSODPLHQWR
 (OLPSOHPHQWRGHEHHQFRQWUDUVHHQXQDSRVLFLµQVREUHHO
VXHOR
 /LEHUHORVSDVDGRUHVGHEORTXHRSUHVLRQDQGRHOLQWHUUXSWRU
127$
6HPXHVWUDHOPHQVDMHGHDGYHUWHQFLD&LHUUHGHLPSOHPHQWR
DELHUWRHQODSDQWDOOD
 %DMHORVEUD]RVGHHOHYDFLµQGHPRGRTXHVHGHVFRQHFWHQ
GHOLPSOHPHQWR
 '«PDUFKDDWU£VSDUDDOHMDUVHGHOLPSOHPHQWR

$7(1&,•1
5LHVJRGHDSODVWDPLHQWR
3UHVLRQDUHOLQWHUUXSWRUGHOSRUWDLPSOHPHQWRVSRGU¯DKDFHUTXH
HOLPSOHPHQWRVHFD\HUD\SURYRFDUDOHVLRQHVSHUVRQDOHV
3UHVLRQHHOLQWHUUXSWRUGHOSRUWDLPSOHPHQWRVVRODPHQWHDO
FDPELDULPSOHPHQWRV
 7«FQLFDGHFRQGXFFLµQ 
)XQFLµQKLGU£XOLFDD\D 

)XQFLµQKLGU£XOLFDD\D
1RDSOLFDD/+

$'9(57(1&,$
5LHVJRGHDFFLGHQWHV
8VDUXQLPSOHPHQWRFRQPDQJXHUDVKLGU£XOLFDVGHPDVLDGR
FRUWDVSRGU¯DSURYRFDUDFFLGHQWHV
&RPSUXHEHVLHPSUHHOIXQFLRQDPLHQWRDQWHVGHSRQHUOD
P£TXLQDDWUDEDMDU&RPSUXHEHTXHODVPDQJXHUDVKLGU£XOLFDV
\ODVFRQH[LRQHVDOLPSOHPHQWRHVW£QHQUXWDGDVGHPDQHUDOLEUH
\VHDQORVXILFLHQWHPHQWHODUJDVSDUDSHUPLWLUWRGRHOUDQJRGH
PRYLPLHQWR8VHPDQJXHUDVGHH[WHQVLµQVLHVQHFHVDULR

$9,62
$OFRQHFWDURGHVFRQHFWDUDFRSODPLHQWRVKLGU£XOLFRVFRPSUXHEH
TXHHVW£QOLPSLRVORVDFRSODPLHQWRV\OD]RQDDOUHGHGRU
$VHJ¼UHVHGHTXHHODFHLWHKLGU£XOLFRGHOLPSOHPHQWRDFRSODGR
QRHVW«VXFLRSDUW¯FXODVH[WUD³DVDJXDHWFVLQRTXHHVGHOD
PLVPDFDOLGDGTXHHOTXHOOHYDODP£TXLQD
/RVLPSOHPHQWRVGHWHUFHURVDV¯FRPRORVLPSOHPHQWRV9ROYR
$
DQWLJXRVSXHGHQHVWDUGLPHQVLRQDGRVSDUDSUHVLRQHVP£VEDMDV
% TXHODSUHVLµQGHODP£TXLQD\QRGHEHQXWLOL]DUVH
/DLOXVWUDFLµQDODL]TXLHUGDPXHVWUDORVDFRSODPLHQWRVSDUDODV
IXQFLRQHVKLGU£XOLFDVl\lHQHOODGRGHUHFKR/RV
DFRSODPLHQWRVHQHOODGRL]TXLHUGRGHOPDUFRHOHYDGRUHVW£Q
GLVSXHVWRVGHIRUPDHTXLYDOHQWH

9

8ELFDFLµQFRUUHVSRQGLHQWHHQFDGDODGR
$ $FRSODPLHQWRGHODlIXQFLµQKLGU£XOLFD
H[WHULRU
% $FRSODPLHQWRGHODlIXQFLµQKLGU£XOLFD
LQWHULRU

$FRSODPLHQWR
 9HDODS£JLQD6LJDORVSXQWRVSDUDHODFRSODPLHQWR
 3RQJDHOLPSOHPHQWRKRUL]RQWDOFRQWUDHOVXHOR
 'HVFDUJXHODSUHVLµQGHODVIXQFLRQHVKLGU£XOLFDVl\lYHD
DEDMR
 /LPSLHDIRQGRORVDFRSODPLHQWRVKLGU£XOLFRVWDQWRHQOD
P£TXLQDFRPRHQHOLPSOHPHQWR
 $FRSOHODVPDQJXHUDVKLGU£XOLFDVGHOLPSOHPHQWRDOD
P£TXLQD
127$
3UXHEHVLHPSUHODVIXQFLRQHVGHPDQLREUDGHOLPSOHPHQWRDQWHV
GHLQLFLDUHOWUDEDMR
'HVDFRSODPLHQWR
 3RQJDHOLPSOHPHQWRKRUL]RQWDOFRQWUDHOVXHOR
 'HVFDUJXHODSUHVLµQGHODVIXQFLRQHVKLGU£XOLFDVl\lYHD
DEDMR
 'HVDFRSOHGHODP£TXLQDODVPDQJXHUDVKLGU£XOLFDVGHO
LPSOHPHQWR
 $VHJ¼UHVHGHTXHHOLPSOHPHQWRQRSXHGHYROFDUGHVSX«VGHO
GHVDFRSODPLHQWR
 7«FQLFDGHFRQGXFFLµQ
 )XQFLµQKLGU£XOLFDD\D
 9HDODS£JLQD6LJDORVSDVRVSDUDGHVFRQHFWDUHO
LPSOHPHQWRGHODP£TXLQD
 7«FQLFDGHFRQGXFFLµQ 
/LEHUDFLµQGHSUHVLµQ 

/LEHUDFLµQGHSUHVLµQ
/DSUHVLµQUHVLGXDOHQODVPDQJXHUDVKDFHTXHVHDPX\GLI¯FLO
FRQHFWDURGHVFRQHFWDUORVDFRSODPLHQWRVU£SLGRV
(VWRUHVXOWDP£VI£FLOGHVFDUJDQGRODSUHVLµQHQHOVLVWHPD
KLGU£XOLFRFXDQGRSHMVHYDDVROWDUXQDPDQJXHUDKLGU£XOLFD
 3DUHHOPRWRU
 (QFHQGLGRHQODSRVLFLµQ
 'HVSODFHKDFLDGHODQWH\DWU£VODVSDODQFDVGHPDQLREUDSDUD
ODIXQFLµQFRUUHVSRQGLHQWH\PDQW«QJDODVHQODSRVLFLµQILQDO
FRUUHVSRQGLHQWHGXUDQWHWUHVVHJXQGRV
 'HVFRQHFWHRFRQHFWHORVDFRSODPLHQWRVU£SLGRV(VWRGHEH
UHDOL]DUVHMXVWRGHVSX«VGHOLEHUDUODSUHVLµQGHRWURPRGROD
SUHVLµQDXPHQWDU£GHQXHYRRGLVPLQXLU£GHSHQGLHQGRGH
ODWHPSHUDWXUD
(OLPSOHPHQWRGHEHHVWDUVLHPSUHVREUHHOVXHORFXDQGRVH
GHVFDUJDODSUHVLµQ
'HVSUHVXUL]DFLµQGHOLPSOHPHQWRGHVFRQHFWDGR
/DSUHVLµQDOWDHQXQLPSOHPHQWRKLGU£XOLFRVHHOLPLQDDIORMDQGR
ODPDQJXHUDGHOWXERKLGU£XOLFR\DSUHW£QGRODGHQXHYR3UHVWH
DWHQFLµQDOLPSOHPHQWR
5HFRJHUHODFHLWHTXHUHERVH

/DSUHVLµQUHVLGXDOHQODVPDQJXHUDVKDFHTXHVHDPX\GLI¯FLO
FRQHFWDURGHVFRQHFWDUORVDFRSODPLHQWRVU£SLGRV
(VWRUHVXOWDP£VI£FLOGHVFDUJDQGRODSUHVLµQHQHOVLVWHPD
KLGU£XOLFRFXDQGRSHMVHYDDVROWDUXQDPDQJXHUDKLGU£XOLFD
 3DUHHOPRWRU
 *LUHODOODYHGHHQFHQGLGRDODSRVLFLµQ
 'HVSODFHKDFLDGHODQWH\DWU£VODVSDODQFDVGHPDQLREUDSDUD
ODIXQFLµQFRUUHVSRQGLHQWH\PDQW«QJDODVHQODSRVLFLµQILQDO 
FRUUHVSRQGLHQWHGXUDQWHWUHVVHJXQGRV
(OLPSOHPHQWRGHEHHVWDUVLHPSUHVREUHHOVXHORFXDQGRVH
GHVFDUJDODSUHVLµQ
127$
/DFRQH[LµQ\GHVFRQH[LµQGHEHU¯DQVHUUHDOL]DGDV
LQPHGLDWDPHQWHWUDVODGHVSUHVXUL]DFLµQGHORFRQWUDULROD
SUHVLµQSXHGHDXPHQWDURGLVPLQXLUGHSHQGLHQGRGHOD
WHPSHUDWXUD
'HVSUHVXUL]DFLµQGHOLPSOHPHQWRGHVFRQHFWDGR
/DSUHVLµQDOWDHQXQLPSOHPHQWRKLGU£XOLFRVHHOLPLQDDIORMDQGR
ODPDQJXHUDGHOWXERKLGU£XOLFR\DSUHW£QGRODGHQXHYR3UHVWH
DWHQFLµQDOLPSOHPHQWR
5HFRJHUHODFHLWHTXHUHERVH
 7«FQLFDGHFRQGXFFLµQ
 &XFKDUDV

&XFKDUDV
&XDQGRVHXVDODP£TXLQDFRQFXFKDUDODFDUJDGHWUDEDMR
P£[LPDSHUPLWLGDHVHOGHODFDUJDGHYXHOFRFRQODP£TXLQD
WRWDOPHQWHYLUDGD'HSHQGLHQGRGHODDSOLFDFLµQ\RGHOWDPD³R
GHODP£TXLQDHOIDEULFDQWHUHFRPLHQGDTXHVHXWLOLFHPHQRVGHO

3DUDLQIRUPDFLµQVREUHSHVRYROXPHQFDUJDSURWHFWRUHVGH
ERUGHHWFSµQJDVHHQFRQWDFWRFRQVXFRQFHVLRQDULRFRQHOILQ
GHREWHQHUHOFDW£ORJRGHLPSOHPHQWRV
&DPELRGHGLHQWHVGHFXFKDUDHQODS£JLQD

$'9(57(1&,$
5LHVJRGHDFFLGHQWHVPRUWDOHV
(OXVRGHLPSOHPHQWRVSDUDHOHYDURWUDQVSRUWDUSHUVRQDVSXHGH
FRQGXFLUDDFFLGHQWHVIDWDOHVFRQOHVLRQHVSRUDSODVWDPLHQWR
JUDYHVHLQFOXVRPRUWDOHV
1RXWLOLFHQXQFDXQLPSOHPHQWRSDUDHOHYDURWUDQVSRUWDU
SHUVRQDV
127$
/DH[FDYDFLµQKDFLDDGHODQWHQRGHEHU£UHDOL]DUVHDDOWD
YHORFLGDGFXDQGRVHEDVFXODODFXFKDUDP£VGHr\GHEHU£
HYLWDUVHODEDVFXODFLµQP£[KDFLDDGHODQWH
 7«FQLFDGHFRQGXFFLµQ 
&XFKDUDV 
(OHFFLµQGHFXFKDUD
/DHOHFFLµQGHFXFKDUDGHSHQGHGHODQDWXUDOH]DGHOPDWHULDO
GXURVXHOWRGHQVLGDGSHVDGROLJHUR\GHODFDUJDGHYXHOFR
 GHODP£TXLQD
8QDFXFKDUDGHPDVLDGRJUDQGHFRQUHODFLµQDODGHQVLGDGGHO
PDWHULDO\DODFDUJDGHYXHOFRGHODP£TXLQDKDFHTXHOD
P£TXLQDG«XQDLPSUHVLµQGHSRFDSRWHQFLDHLQHVWDELOLGDG\
QRDXPHQWHODSURGXFWLYLGDG
3DUDODHOHFFLµQGHFXFKDUDVFRQWDFWHFRQVXFRQFHVLRQDULRFRQ

HOILQGHREWHQHUHOFDW£ORJRGHLPSOHPHQWRV

$9,62
&RPSUXHEHHOSDUGHDSULHWHGHORVSHUQRVGHVSX«VGHODVFXDWUR
SULPHUDVKRUDVGHIXQFLRQDPLHQWRJX¯HVHSRUODWDEOD
 SUHVHQWDGDDFRQWLQXDFLµQ

(OSDUGHDSULHWHSDUDORVILORVUHSRQLEOHV\ORVVHJPHQWRVFRQ
XQLµQGHSHUQRVSHUQRVGHODFODVHGHFDOLGDG
'LPHQVLµQ 3DUHVGHDSULHWH
0 s1P
 0 s1P
0 s1P
ರ s1P

9

/RVFLQFRWLSRVGHFXFKDUDP£VFRPXQHV

 &XFKDUDUHFWDVLQGLHQWHV
0DWHULDOVXHOWRDUHQDWLHUUDIHUWLOL]DQWH
DUWLILFLDO
 &XFKDUDUHFWDFRQGLHQWHV
0DWHULDOGXURJUDYDEDUURWUDEDMRVGH
H[FDYDGR
 &XFKDUDSDUDURFDVUHFWDFRQGLHQWHV
0DWHULDOHVGXURVURFDJUDYDFRQXQDOWR
GHVJDVWHDEUDVLYR
 &XFKDUDGHSDODIURQWDOFRQGLHQWHV
0DWHULDOGXUR\URFRVRJUDYD\URFDVGXUDV
 &XFKDUDSDUDDSLODU
$UHQDVXHOWDJUDYD\PDWHULDOHV
PDFKDFDGRV


7UDEDMDUFRQFXFKDUDV
3DUDREWHQHUHILFDFLD\VHJXULGDGHQHOWUDEDMRHVLPSRUWDQWH
WHQHUHQFXHQWDORVLJXLHQWH
(OLMDODFXFKDUDFRUUHFWD
1LYHOHHOOXJDUGHWUDEDMRORP£VSRVLEOH\DVHJ¼UHVHGHTXH
ODEDVHHVW£ILUPH
(YLWHHOSDWLQDGRDGDSWDQGRHOU«JLPHQGHOPRWRU\
PDQWHQLHQGRXQDFDUJDDOWDVREUHODVUXHGDVGHODQWHUDV
FRQWUDHOVXHOR(VWRVHKDFHHOHYDQGROLJHUDPHQWHODFXFKDUD
GHVSX«VGHTXHKD\DSHQHWUDGRXQSRFRHQHOPDWHULDO
 7«FQLFDGHFRQGXFFLµQ
 &XFKDUDV
7UDEDMHFRQODP£TXLQDUHFWDKDFLDHOPDWHULDOSDUDREWHQHUOD
PHMRUSHQHWUDFLµQ(VWRFRQWULEX\HWDPEL«QDUHGXFLUHO
GHVJDVWHGHORVQHXP£WLFRV
&XFKDUDFRQEUD]RGHVXMHFLµQHTXLSDPLHQWR
RSFLRQDO
(VWDFXFKDUDHVODPHMRUSDUDFDUJDUPDWHULDOHVDEXOWDGRVFRPR
GHVHFKRVUDPDVGH£UEROHVHWF(OEUD]RGHVXMHFLµQVHXVD
SDUDUHWHQHUHOPDWHULDODEXOWDGRHQODFXFKDUDRUHFRJHU
PDWHULDOHVHQHVSDFLRVUHGXFLGRV
127$
3DUDFRQHFWDU\GHVFRQHFWDUPDQJXHUDVKLGU£XOLFDVSDUDODl
IXQFLµQKLGU£XOLFDYHDODS£JLQD&RPSUXHEHVLHPSUHODV
IXQFLRQHVGHFRQWUROGHOLPSOHPHQWRDQWHVGHHPSH]DUDWUDEDMDU

 (OEUD]RGHVXMHFLµQVHRSHUDFRQODSDODQFDGHFRQWURO
YHDODS£JLQD
&RPSUXHEHODVO¯QHDVKLGU£XOLFDVDLQWHUYDORVUHJXODUHVSDUD
GHWHUPLQDUVLKD\IXJDV\GD³RVYLVLEOHV
(QJUDVHORVFRMLQHWHVGHOEUD]RGHVXMHFLµQ\GHOFLOLQGURFDGD
KRUDV\FDGDKRUDVHQFRQGLFLRQHVDJUHVLYDV
FRUURVLYDV3DUDLQIRUPDFLµQVREUHODFDOLGDGGHODJUDVDYHD
ODS£JLQD
'HVSUHVXULFHVLHPSUHHOVLVWHPDKLGU£XOLFRDQWHVGHHPSH]DU
FXDOTXLHUWUDEDMRGHPDQWHQLPLHQWRRUHSDUDFLµQ\DQWHVGH
GHVFRQHFWDUHOLPSOHPHQWR
6RORSHUVRQDODXWRUL]DGRSXHGHWUDEDMDUHQHOVLVWHPD
KLGU£XOLFR
&XFKDUDGHDOWRYXHOFRHTXLSRRSFLRQDO
/DFXFKDUDGHYXHOFRDOWRHVXQDFRPELQDFLµQGHVRSRUWH\
FXFKDUD$OYROFDUHOVRSRUWHDFW¼DFRPRXQDH[WHQVLµQGHOD
SOXPDORFXDORIUHFHPD\RUDOWXUDGHYXHOFR'XUDQWHODFDUJD\
HOWUDQVSRUWHODFXFKDUDHVW£LQFOLQDGDKDFLDDWU£VHQWUHHO
VRSRUWH\ODFXFKDUDHVW£FDVLHQODPLVPDSRVLFLµQTXHXQD
FXFKDUDHVW£QGDU\SRUFRQVLJXLHQWHSU£FWLFDPHQWHQRKD\
QLQJXQDGHVYHQWDMDHQFXDQWRDIXHU]DGHDUUDQTXHIXHU]DGH
HOHYDFLµQ\FDUJDGHYXHOFR
127$
3DUDFRQHFWDU\GHVFRQHFWDUPDQJXHUDVKLGU£XOLFDVSDUDODl
IXQFLµQKLGU£XOLFDYHDODS£JLQD&RPSUXHEHVLHPSUHODV

IXQFLRQHVGHFRQWUROGHOLPSOHPHQWRDQWHVGHHPSH]DUDWUDEDMDU
 (OFLOLQGURGHODFXFKDUDVHDFWLYDHQIXQFLµQGH
EDVFXODPLHQWRFRQODSDODQFDGHPDQGRYHDODS£JLQD

 3DUDFDUJDUWUDQVSRUWDU\HOHYDUODFXFKDUDGHEHU¯DHVWDU
FRPSOHWDPHQWHLQFOLQDGDKDFLDDWU£V
 9DF¯HVRORODFXFKDUDFXDQGRVHKD\DDOFDQ]DGRODDOWXUDGH
HOHYDFLµQGHVHDGD
127$
(YLWHYROFDUODFXFKDUDGHYXHOFRDOWRFRQODIXQFLµQGHYXHOFR
HVW£QGDURVLHVHHVHOFDVRXVHODYHORFLGDGGHYXHOFREDMDGH
PDQHUDTXHODFXFKDUDSHUPDQH]FDFRPSOHWDPHQWHLQFOLQDGD
KDFLDDWU£VHQHOVRSRUWH
 (YLWHYROFDUODFXFKDUDGHYXHOFRDOWRKDFLDGHODQWHRKDFLD
DWU£VFRQWUDORVWRSHVFRQIXHU]DSOHQDSDUDHYLWDUGD³RVDOD
FXFKDUD\DORVFLOLQGURV
/LPSLHODVXFLHGDGGHORVEUD]RVGHOVRSRUWHDLQWHUYDORV
UHJXODUHV
 7«FQLFDGHFRQGXFFLµQ 
&XFKDUDV 
&RPSUXHEHODVO¯QHDVKLGU£XOLFDVDLQWHUYDORVUHJXODUHVSDUD
GHWHUPLQDUVLKD\IXJDV\GD³RVYLVLEOHVFDPELHVLHV
QHFHVDULR
&RPSUXHEHORVDPRUWLJXDGRUHVGHORVWRSHVGHYXHOFRKDFLD
DWU£VDLQWHUYDORVUHJXODUHVFDPELHVLHVQHFHVDULR
(QJUDVHHOVRSRUWHGHODFXFKDUD\ORVFRMLQHWHVGHOFLOLQGUR
FDGDKRUDV\FDGDKRUDVHQFRQGLFLRQHVDJUHVLYDV
FRUURVLYDV3DUDLQIRUPDFLµQVREUHODFDOLGDGGHODJUDVDYHD
ODS£JLQD
'HVSUHVXULFHVLHPSUHHOVLVWHPDKLGU£XOLFRDQWHVGHHPSH]DU
FXDOTXLHUWUDEDMRGHPDQWHQLPLHQWRRUHSDUDFLµQ
6RORSHUVRQDODXWRUL]DGRSXHGHWUDEDMDUHQHOVLVWHPD
KLGU£XOLFR
$SLODGRGHJUDYDRUHVHUYDVFDUJDGHFLFORFRUWR
 $MXVWHODFXFKDUDGHPDQHUDTXHHVW«DQLYHO\E£MHODKDVWD
HOVXHORMXVWRHQIUHQWHGHODSLODGHJUDYD
 3HQHWUHHQHOPDWHULDOHQODlPDUFKDNLFNGRZQ&XDQGR
ODP£TXLQDFDVLVHKDSDUDGRGHELGRDKDEHUDOFDQ]DGROD
IXHU]DGHWUDFFLµQP£[LPDOHYDQWHODFXFKDUDDOPLVPR
WLHPSRTXHODEDVFXODKDFLDDWU£VFRQFRUWRVPRYLPLHQWRVGH
 ODSDODQFD
6LHVSRVLEOHHYLWHHOEDVFXODPLHQWRGHODFXFKDUDKDFLDDGHODQWH
DOOOHQDUOD/RVPRYLPLHQWRVH[DJHUDGRVGHODSDODQFDSURGXFHQ
UHVEDODPLHQWR1RSHQHWUHQXQFDHQHOPDWHULDODJUDQYHORFLGDG

&XFKDUDDGHFXDGD 5HFWDFRQRVLQGLHQWHV
0DUFKDDGHFXDGD 6HOHFWRUGHPDUFKDVHQ
SRVLFLµQ
$MXVWHV$36D 6LVWHPDDXWRP£WLFR
6XVSHQVLµQGHORVEUD]RVGH 3RVLFLµQGHSHQGLHQWHGH
FDUJD
/RFNXS
PDUFKD
$FWLYDGR
D3DUDVHOHFFLRQDU$MXVWHV$36YHDODS£JLQDHQODWDEODSDUD

7UDQVPLVLµQ
9HDWDPEL«QFRQVHMRVGHRSHUDFLµQHQODS£JLQD

$'9(57(1&,$
5LHVJRGHDSODVWDPLHQWR
/DFD¯GDGHXQDFDUJDSXHGHFDXVDUOHVLRQHVJUDYHV
$VHJ¼UHVHVLHPSUHGHTXHORVFRPSRQHQWHVHVW£QELHQILMDGRV\
DSR\DGRVFRQHTXLSDPLHQWRGHFDSDFLGDGQRPLQDODGHFXDGD


([FDYDFLµQ
$OH[FDYDU\UDVSDUVXSHUILFLHVHPSLHFHFRORFDQGRODFXFKDUD
HQ£QJXORKDFLDDEDMR|
2SHUHHQlPDUFKD\DUSPEDMDVGHOPRWRUDXPHQWH
JUDGXDOPHQWHODVUSPGHOPRWRUDOPLVPRWLHPSRTXHHOHYD
OLJHUDPHQWHODFXFKDUD
8VHHOEORTXHDGRUGHOGLIHUHQFLDOVLODVFRQGLFLRQHVGHOVXHOR
 VRQGHILFLHQWHV\SDWLQDQODVUXHGDV
&RQVHMRV
 7«FQLFDGHFRQGXFFLµQ
 &XFKDUDV
6LVHHQFXHQWUDPD\RUUHVLVWHQFLDVHSXHGHSUHVLRQDU
WHPSRUDOPHQWHHOERWµQGHNLFNGRZQSDUDGHVDFWLYDUHO/RFNXS
HQlPDUFKDSDUDHYLWDUXQDWDVFDPLHQWR
127$
1RDSOLTXHQXQFDHOEORTXHDGRUGHOGLIHUHQFLDOFXDQGRSDWLQDXQD
UXHGD6XHOWHHODFHOHUDGRUKDVWDTXHVHGHWHQJDODUXHGD

&XFKDUDDGHFXDGD 5HFWDFRQRVLQGLHQWHVR
FXFKDUDGHQLYHODFLµQ
0DUFKDDGHFXDGD 6HOHFWRUGHPDUFKDVHQ
SRVLFLµQR
$MXVWHV$36D 6LVWHPDDXWRP£WLFR
6XVSHQVLµQGHORVEUD]RVGH 3RVLFLµQGHSHQGLHQWHGH
FDUJD PDUFKD
/RFNXS $FWLYDGR
D3DUDVHOHFFLRQDU$MXVWHV$36YHDODS£JLQDHQODWDEODSDUD
7UDQVPLVLµQ

&DUJDGHURFDVFDUJDGHFLFORFRUWR
8QU«JLPHQGHOPRWRUFRUUHFWRHVGHJUDQLPSRUWDQFLDXQDV
USPGHOPRWRUGHPDVLDGRDOWDVSXHGHQKDFHUTXHJLUHQ
GHVFRQWURODGDPHQWHODVUXHGDV
&RQGX]FDGLUHFWRKDFLDHOPDWHULDOSDUDHYLWDUWHQVLRQHVGH
FRUWHTXHSXHGDQGD³DUHOVLVWHPDGHORVEUD]RVGHHOHYDFLµQ
 (OILORGHODFXFKDUDKDGHTXHGDUGHEDMR\HQWUHODVURFDVOR
FXDOVLJQLILFDTXHKD\TXHSUHVWDUDWHQFLµQDOSHQHWUDUHQHO
PDWHULDO
6LVHKDDWDVFDGRXQDSLHGUDSURFXUDUGHVSUHQGHUODDFWXDQGR
GHVGHRWUR£QJXORSHURKD\TXHHYLWDUXVDUODHVTXLQDGHOD
FXFKDUDFRPRSDODQFD
(YLWHVXELUODP£TXLQDHQFLPDGHOPDWHULDO\DTXHKD\JUDQ
ULHVJRGHFRUWHVHQORVQHXP£WLFRVFRQWUDODSLHGUDGHYRODGXUD
FRUWDQWH4XLWHWDPEL«QODVSLHGUDVHVSDUFLGDV

&XFKDUDDGHFXDGD &XFKDUD6SDQGHQRVH
0DUFKDDGHFXDGD 6HOHFWRUGHPDUFKDVHQ
SRVLFLµQ
$MXVWHV$36D 6LVWHPDDXWRP£WLFR
6XVSHQVLµQGHORVEUD]RVGH 3RVLFLµQGHSHQGLHQWHGH
FDUJD PDUFKD
/RFNXS $FWLYDGR
D3DUDVHOHFFLRQDU$MXVWHV$36YHDODS£JLQDHQODWDEODSDUD
7UDQVPLVLµQ

7UDQVSRUWHGHFDUJDFDUJDದDFDUUHR
/DFXFKDUDGHEHU¯DHVWDUFRPSOHWDPHQWHLQFOLQDGDKDFLDDWU£V
\UHWHQLGDHQSRVLFLµQGHDFDUUHRದFPದSXOJSRU
HQFLPDGHOVXHOR
0DQWHQJDODWUD\HFWRULDGHWUDQVSRUWHOLVD\OLEUHGHSLHGUDV\
RWURVREMHWRV8QDFXFKDUDGHPDVLDGROOHQDVLHPSUHGHUUDPD
PDWHULDO
$OODQHHOFDPLQRDODYXHOWDVLHVQHFHVDULR
$GDSWHODYHORFLGDGDODVQRUPDVYLJHQWHV\ODVFRQGLFLRQHV
GHIXQFLRQDPLHQWR

9HORFLGDGP£[LPDEDMR $SUR[ದNPKದ

FRQGLFLRQHVQRUPDOHV PSK
0DUFKDDGHFXDGD 6HOHFWRUGHPDUFKDVHQ
SRVLFLµQ
 7«FQLFDGHFRQGXFFLµQ 
&XFKDUDV 
$MXVWHV$36D 6LVWHPDDXWRP£WLFR
6XVSHQVLµQGHORVEUD]RVGH 3RVLFLµQGHSHQGLHQWHGH
FDUJD PDUFKD
/RFNXS $FWLYDGR
D3DUDVHOHFFLRQDU$MXVWHV$36YHDODS£JLQDHQODWDEODSDUD
7UDQVPLVLµQ
(MHPSORRSHUDUHQSHQGLHQWHVSURORQJDGDVGXUDQWHWUDEDMRVGH
FDUJDDFDUUHR$QWHVGHRSHUDUHQSHQGLHQWHVSURORQJDGDV
DFWLYHHOLQWHUUXSWRU)UHQRGHOPRWRUFDPELRGHVFHQGHQWHYHD
ODS£JLQDSDUDHYLWDUVDOWRVGHPDUFKD
127$
7«QJDVHHQFXHQWDTXHODHVWDELOLGDGVHPRGLILFDVLODP£TXLQD
HVW£YLUDGD\PX\FDUJDGD
9DFLDGRGHODFDUJD

$'9(57(1&,$
5LHVJRGHDFFLGHQWHVJUDYHV
/DVSLH]DVHTXLSDPLHQWRRFDUJDGHODP£TXLQDSRGU¯DQREVWUXLU
ODYLVWDGHORSHUDGRU2SHUDURFRQGXFLUFRQODYLVWDGHORSHUDGRU
 REVWUXLGDSRGU¯DSURYRFDUJUDYHVDFFLGHQWHV
8VHXQVH³DOLVWDVLODYLVWDGHORSHUDGRUHVW£REVWUXLGD
6LXVWHGHVW£WUDEDMDQGRVREUHXQDSHQGLHQWHLQWHQWHYROYHU
ODFDUJDFXHVWDDUULED(VWRDIHFWDDODHVWDELOLGDGGHOD
P£TXLQDGHPDQHUDSRVLWLYD
0DQWHQJDODFXFKDUDORP£VFHUFDSRVLEOHGHOFXHUSRGH
EDVFXODPLHQWRRGHODWROYDSDUDORJUDUXQEDVFXODPLHQWR
VXDYH\XQPHMRUFRQWUROGHODFRORFDFLµQGHODFDUJD
$OFDUJDUURFDVLQWHQWHOOHQDUODSULPHUDFXFKDUDFRQPDWHULDO
ORP£VILQRSRVLEOHSDUDDPRUWLJXDUHOLPSDFWRGHOPDWHULDOP£V
JUDQGHVXEVLJXLHQWH 
3RVLFLRQDPLHQWRGHOYHK¯FXORGHWUDQVSRUWH
(OSRVLFLRQDPLHQWRGHODFDUJDGRUDYHK¯FXORGHWUDQVSRUWHHV
GHJUDQLPSRUWDQFLDSDUDXQDFDUJDHILFLHQWH
(ORSHUDGRUGHEHU¯DLQGLFDUGµQGHWLHQHTXHFRORFDUVHHO
YHK¯FXORGHWUDQVSRUWHVH³DODQGRFRQODFXFKDUD(ORSHUDGRU
WDPEL«QHVUHVSRQVDEOHGHTXHGLFKROXJDUVHDVHJXUR
1LYHODFLµQ
/DFXFKDUDGHEHGHVFDQVDUSODQDVREUHHOVXHOR3DUDHO
UHOOHQRGHFDYLGDGHVLQWHQWHPDQWHQHUHOPDWHULDOGHQWUR\SRU
GHODQWHGHODFXFKDUDFXDQGRFRQGX]FDKDFLDDGHODQWH
$OKDFHUDMXVWHVFRQYLHQHUHWURFHGHUFRQODFXFKDUDDOJR
LQFOLQDGDKDFLDDGHODQWHDOPLVPRWLHPSRTXHVHSUHVLRQD
OLJHUDPHQWHVREUHHOVXHOR
6LVHXVDXQDKRMDGR]HUXQTXLWDQLHYHVRXQDEDUUHGRUDHWF
SXHGHVHU¼WLOWHQHUODIXQFLµQGHHOHYDFLµQGHVLPSOHHIHFWR
DFWLYDGD(VWRSHUPLWHTXHHOLPSOHPHQWRSXHGDVHJXLUSRUXQ
VXHORGHVQLYHODGRIORWDQGR(VWRVLJQLILFDTXHODFDSDFLGDG
GHGLUHFFLµQ\ODSRWHQFLDGHWUDFFLµQVHPDQWLHQHQ(O
LPSOHPHQWRYXHOYHDODSRVLFLµQSUHVHOHFFLRQDGDYHDOD
S£JLQD
$ORSHUDUFRQ/RFNXSHQlPDUFKDHO/RFNXSSXHGH
GHVDFRSODUVHWHPSRUDOPHQWHXVDQGRHOERWµQGHNLFNGRZQ
(O/RFNXSVHGHVDFRSODFXDQGRHOERWµQGHNLFNGRZQHVW£
SUHVLRQDGR\VHJXQGRVGHVSX«VGHTXHHOERWµQGHNLFN
GRZQVHKD\DVROWDGR
 7«FQLFDGHFRQGXFFLµQ
 &XFKDUDV

&XFKDUDDGHFXDGD 5HFWDVLQGLHQWHVRFXFKDUDGH

QLYHODFLµQ
0DUFKDDGHFXDGD 6HOHFWRUGHPDUFKDVHQ
SRVLFLµQR
&DPELRGHVFHQGHQWH 'HVDFWLYDGR
FRPSOHWDPHQWHDXWRP£WLFR
6XVSHQVLµQGHORVEUD]RVGH 1RDFWLYDGR
FDUJD
/RFNXS 3RVLFLµQR
 7«FQLFDGHFRQGXFFLµQ 
+RUTXLOODVSDUDSDOOHWV 

+RUTXLOODVSDUDSDOOHWV
127$
6RORVHSXHGHQXWLOL]DUKRUTXLOODVSDUDSDOHWDVDSUREDGDVSRU
9ROYRYHDODS£JLQDSDUDP£VLQIRUPDFLµQ
&XDQGRODP£TXLQDVHXWLOL]DFRQKRUTXLOODVSDUDSDOHWDVODFDUJD
P£[LPDGHWUDEDMRSHUPLWLGDHVHOGHODFDUJDGHYXHOFRFRQ
ODP£TXLQDWRWDOPHQWHJLUDGDHQODVXSHUILFLHGHXQWHUUHQR
LUUHJXODU\HOFRQXQDVXSHUILFLHGHWHUUHQRGXUR\VXDYH
'HSHQGLHQGRGHODDSOLFDFLµQ\RHOWDPD³RGHODP£TXLQDHO
IDEULFDQWHUHFRPLHQGDDPHQXGRXQDPHQRUXWLOL]DFLµQ3DUD
REWHQHULQIRUPDFLµQVREUHHOSHVRHOYROXPHQODFDUJDHWF
SµQJDVHHQFRQWDFWRFRQVXGLVWULEXLGRUSDUDREWHQHUHOFDW£ORJR
GHLPSOHPHQWRV
/DVKRUTXLOODVSDUDSDOHWDVRORGHEHQXWLOL]DUVHSDUDHOSURSµVLWR
LQGLFDGR
3RUORWDQWRQRSXHGHXWLOL]DUVHFRPRSDODQFDSDUDPRYHU
WURQFRVVXHOWRVURFDVJUDQGHVRVLPLODUHV
1RGHEHVREUHFDUJDUVHRVRPHWHUVHDFDUJDVGHFRUWH
1RGHEHHPSOHDUVHFRPRHTXLSRGHHOHYDFLµQMXQWRFRQ
FDGHQDVHVOLQJDVSDUDHOHYDUREMHWRV

$9,62
&RPSUREDFLµQGHORVGLHQWHVGHODKRUTXLOOD 3DUDHYLWDUORVGD³RVDODKRUTXLOODSDUDSDOOHWVVHUHFRPLHQGD
DFWLYDUODIXQFLµQGHHOHYDFLµQGHVLPSOHDFFLµQHVSHFLDOPHQWH
FXDQGRVHWUDEDMDKDFLDDWU£V\ODVSXQWDVGHORVEUD]RVGHOD
$ ƒQJXOR
KRUTXLOODHQWUDQHQFRQWDFWRFRQHOVXHOR(VWRWLHQHHVSHFLDO
% $UJROODVGHILMDFLµQ
LPSRUWDQFLDHQWHUUHQRGHVLJXDO
& *URVRU
 /DVKRUTXLOODVSDUDSDOHWDV\ORVVRSRUWHVGHODKRUTXLOODWHQGU£Q
ODVGLPHQVLRQHVQHFHVDULDVSDUDVRSRUWDUODFDUJDTXHSHUPLWD
ODFDSDFLGDGGHHOHYDFLµQGHODP£TXLQD
3DUDXQEXHQIXQFLRQDPLHQWRODVKRUTXLOODVGHSDOHWDV\HO

VRSRUWHGHODKRUTXLOODQRWHQGU£QSROYRQLµ[LGR\HVWDU£QELHQ
HQJUDVDGRV
/DKRUTXLOODSDUDSDOHWDV\HOVRSRUWHGHODKRUTXLOODQRGHEHQ
FRPELQDUVHFRQODFHVWDGHWUDEDMRRODSODWDIRUPDGHWUDEDMRSDUD
HOHYDUSHUVRQDV
/RVEUD]RVGHKRUTXLOODHVW£QGLPHQVLRQDGRVFRQIRUPHD,62
\HVW£QFODVLILFDGRVMXQWRFRQODP£TXLQDFRQDUUHJORDODV
QRUPDVYLJHQWHV

0DUFRGHODKRUTXLOOD

' 3DUDGD

 7«FQLFDGHFRQGXFFLµQ
 +RUTXLOODVSDUDSDOOHWV
$9,62
$VHJ¼UHVHGHTXHORVWRSHVTXHLPSLGHQHOGHVOL]DPLHQWRGHORV
EUD]RVGHODKRUTXLOODIXHUDGHOEDVWLGRUGH«VWDHVW«Q
GHELGDPHQWHFRORFDGRV(VWRWLHQHHVSHFLDOLPSRUWDQFLDFXDQGR
VHPXHYHQORVEUD]RVGHODKRUTXLOODPDQXDOPHQWHHQVHQWLGR
ODWHUDO&RPSUXHEHTXHORVEUD]RVGHODKRUTXLOODHVW£Q
EORTXHDGRVFRQWUDHOUHWHQHGRUGHODKRUTXLOODGHIRUPDTXHQR
SXHGDQPRYHUVHHQVHQWLGRODWHUDO
5HYLVHGHIRUPDSHULµGLFDTXHODVKRUTXLOODVSDUDSDOHWDVHQ
ORTXHVHUHILHUHDOGHVJDVWH5HVXOWDHVSHFLDOPHQWH
LPSRUWDQWHFRPSUREDUHOWDOµQGHOGLHQWHGHKRUTXLOOD
&RPSUXHEHTXHORVWRSHV'GHORVEUD]RVGHODKRUTXLOOD
HVW£QELHQFRORFDGRV
,GHQWLILFDFLµQ &RPSUXHEHTXHORVEUD]RVGHODKRUTXLOODHVW£QEORTXHDGRV
KDFLDHOPDUFRGHODKRUTXLOOD
(OGLHQWHGHODKRUTXLOODQRGHEHXWLOL]DUVHVL
 &DUJDP£[LPDSRUEUD]RNJ 
 HOGLHQWHGHODKRUTXLOODVHKDGHVJDVWDGRKDVWDHOGH
 'LVWDQFLDDOFHQWURGHJUDYHGDGHQPPSDUD
VXHVSHVRURULJLQDO
FDUJDP£[LPD
 HO£QJXORHQWUHHOGLHQWHGHKRUTXLOOD\OD]DQFDHVVXSHULRU
 (VSHVRUGHOEUD]RGHKRUTXLOODHQODHQWUHJD
Dr
1RGHEHFRQIXQGLUVHFRQODFDUJDQRPLQDOGH  ORVWDORQHVGHILMDFLµQHVW£QGHVJDVWDGRVRDJULHWDGRV
IXQFLRQDPLHQWRGHOPRGHORGHFDUJDGRUD /DVJULHWDVRGHVJDVWHQRGHEHQUHSDUDUVHVROGDQGR
UHVSHFWLYR


7UDEDMRFRQKRUTXLOODSDUDSDOHWDV
/RVSXQWRVP£VLPSRUWDQWHVSDUDHOWUDEDMRFRQKRUTXLOODVGH
FDUJDVRQ
(OFRQGXFWRUKDGHHVWDUDGHFXDGDPHQWHFDSDFLWDGR
(OFRQGXFWRUHVUHVSRQVDEOHGHTXHQRVHH[FHGDQORVO¯PLWHV
SHUPLWLGRVSDUDODFDUJD
/DKRUTXLOODGHVFULEHXQPRYLPLHQWRVHPLFLUFXODUHQOD
HOHYDFLµQ3RUHOORFRPLHQFHOHYDQWDQGRDXQDFLHUWDGLVWDQFLD
GHOOXJDUGHGHVFDUJD
/DKRUTXLOODQRGHEHHVWDUOHYDQWDGDVDOYRDODSLODURGHVFDUJDU
SDOHWDV
 0DQWHQJDORVEUD]RVGHODKRUTXLOODEDMRV\HLQFOLQDGRVSDUD
HOWUDQVSRUWHVLQFDUJD
3DUDDSLODUPDWHULDOPDQWHQJDORVEUD]RVGHODKRUTXLOOD
YHUWLFDOHV
(OLMDODUXWDFRQHOVXHORP£VQLYHODGRSRVLEOHRVLHV
QHFHVDULRSUHSDUH\QLYHOHHOVXHOR
$GDSWHODYHORFLGDGGHWUDVODFLµQDOHVWDGRGHOVXHOR
3DUDPD\RUHVWDELOLGDGFXDQGRVHWUDEDMDFRQKRUTXLOODVSDUD
SDOHWDVHVLPSRUWDQWHTXHORVQHXP£WLFRVWHQJDQODSUHVLµQ
GHLQIODGRUHFRPHQGDGD
&RQXQDFDUJDSHVDGDVHUHFRPLHQGDGHVSOD]DUORVEUD]RV
GHKRUTXLOODKDFLDIXHUDHQHOPDUFRGHKRUTXLOODSDUDDXPHQWDU
ODHVWDELOLGDGGHODFDUJD$VHJ¼UHVHWDPEL«QGHTXHODFDUJD
HVW«FHQWUDGDHQVHQWLGRODWHUDOFRQVLGHUDQGRHOFHQWURGH
JUDYHGDG
&XDQGRVHFRQGXFHFRQXQDFDUJDSHVDGDHQFXHVWDDEDMR
SXHGHVHUXQDEXHQDLGHDXVDUODP£TXLQDHQPDUFKDDWU£V
 7«FQLFDGHFRQGXFFLµQ 
+RUTXLOODVSDUDSDOOHWV 
127$
3DUDWUDEDMRVSHVDGRVTXHUHTXLHUHQXQDDOWDIXHU]DGH
DUUDQTXHSRUHMHPSORDFDUUHDUWURQFRV\WUDQVSRUWDUEORTXHVGH
P£UPROXWLOLFHLPSOHPHQWRVDSUREDGRVSRU9ROYR

0DUFKDDGHFXDGD 6HOHFWRUGHPDUFKDVHQ
SRVLFLµQ
 $MXVWHV$36D 6LVWHPDDXWRP£WLFR
6XVSHQVLµQGHORVEUD]RVGH 3RVLFLµQGHSHQGLHQWHGHOD
FDUJD YHORFLGDGRQRDFWLYDGD
)XQFLµQGHHOHYDFLµQGHVLPSOH $FWLYDGR
HIHFWR
/RFNXS $FWLYDGR
3DUDVHOHFFLRQDU$MXVWHV$36YHDODS£JLQDHQODWDEODSDUD
D3
7UDQVPLVLµQ
6LODP£TXLQDGDVDFXGLGDVVHSXHGHGHVDFWLYDUHO/RFNXS
&DUJD
(OLMDXQDORQJLWXGDGHFXDGDGHEUD]RVGHKRUTXLOODSDUDTXH
QRVREUHVDOJDQGHPDVLDGRGHODFDUJD6HSXHGHQHVWURSHDU
ODVSDOHWDVRPHUFDQF¯DVTXHKD\DGHODQWH\DTXHODIXHU]D
GHSHQHWUDFLµQGHORVEUD]RVGHODKRUTXLOODHVPX\JUDQGH
&DUJDUORP£VFHUFDSRVLEOHGHOEUD]RYHUWLFDOGHODKRUTXLOOD
/HYDQWHODFDUJDFRQXQDLQFOLQDFLµQP¯QLPDGHODKRUTXLOOD
 SDUDSDOHWDV
(OGHVSOD]DPLHQWRHQSDUDOHORSHUIHFWRQRHVVLHPSUHSRVLEOH
Y«DQVHODVHVSHFLILFDFLRQHV\HVWRSXHGHLQIOXLUVREUHOD
XWLOL]DFLµQ
&RQGXFFLµQFRQFDUJD
0DQWHQJDODFDUJDEDMDFPSXOJSRUHQFLPD
GHOVXHORSDUDODPHMRUHVWDELOLGDG\YLVLELOLGDGSRVLEOHV
6LODFDUJDREVWDFXOL]DODYHUVLµQPXHYDODP£TXLQDKDFLD
DWU£VKDVWDHOOXJDUGRQGHODFDUJDVHYDDGHVFDUJDU

$GDSWHODYHORFLGDGDODVQRUPDVYLJHQWHV\ODVFRQGLFLRQHV
GHIXQFLRQDPLHQWR
3DUDHOPDQHMRGHJUDQGHVFDUJDVXVHXQDSR\RGHFDUJD

$SUREDFLµQ\QRUPDVOHJDOHV
/DFDUJDP£[LPDSHUPLWLGDVHJ¼QODQRUPD&(1(1VH
LQGLFDFRPRSRUFHQWDMHGHODFDUJDGHYXHOFR
(VWRVSRUFHQWDMHVTXHQRGHEHQH[FHGHUVHVRQORVVLJXLHQWHV

6XHORLUUHJXODU GHODFDUJDGHYXHOFR
6XHOROLVR\ILUPH GHODFDUJDGHYXHOFR
/DFDUJDKDGHSRGHUFRQWURODUVH\PDQLSXODUVHKLGU£XOLFDPHQWH
HQFXDOTXLHUSRVLFLµQDOPLVPRWLHPSRTXHVHFDUJDQWRGRVORV
GHP£VFLUFXLWRVKLGU£XOLFRV/DFDUJDP£[LPDSHUPLWLGDKDGH
GHWHUPLQDUVHVHJ¼QODHVWDELOLGDGGHODP£TXLQDRVXIXHU]D
KLGU£XOLFDVHJ¼QODTXHVHDP£VSHTXH³D
(QSD¯VHVIXHUDGHOD8((((SXHGHKDEHURWUDVGLVSRVLFLRQHV
3RUHOORFRPSUXHEHVLHPSUHFX£OHVVRQODVGLVSRVLFLRQHV
ORFDOHV
 7«FQLFDGHFRQGXFFLµQ
 +RUTXLOODVGHPDGHUD

+RUTXLOODVGHPDGHUD
&XDQGRODP£TXLQDVHXWLOL]DFRQXQDJDUUDSDUDWURQFRVODFDUJD
GHWUDEDMRP£[LPDSHUPLWLGDHVHOGHODFDUJDGHYXHOFRFRQ
ODP£TXLQDFRPSOHWDPHQWHJLUDGD
127$
6RORVHSXHGHQXWLOL]DUJDUUDVSDUDWURQFRVDSUREDGDVSRU9ROYR
YHDODS£JLQDSDUDP£VLQIRUPDFLµQ
127$
3DUDFRQHFWDU\GHVFRQHFWDUPDQJXHUDVKLGU£XOLFDVSDUDODl
IXQFLµQKLGU£XOLFDYHDODS£JLQD&RPSUXHEHVLHPSUHODV
IXQFLRQHVGHFRQWUROGHOLPSOHPHQWRDQWHVGHHPSH]DUDWUDEDMDU

 (OEUD]RGHVXMHFLµQVHRSHUDFRQODSDODQFDGHFRQWURO\
ODSDODQFDGHFRQWUROGHODVXIULGHUDHTXLSRRSFLRQDOYHD
ODS£JLQD
&RPSUXHEHODVPDQJXHUDVGHODVO¯QHDVKLGU£XOLFDVD
LQWHUYDORVUHJXODUHVSDUDGHWHUPLQDUVLKD\IXJDV\GD³RV
YLVLEOHV
(QJUDVHORVFRMLQHWHVGHOEUD]RGHVXMHFLµQ\GHOFLOLQGURFDGD
KRUDV3DUDLQIRUPDFLµQVREUHODFDOLGDGGHODJUDVDYHD
ODS£JLQD
'HVSUHVXULFHVLHPSUHHOVLVWHPDKLGU£XOLFRDQWHVGHHPSH]DU
FXDOTXLHUWUDEDMRGHPDQWHQLPLHQWRRUHSDUDFLµQ\DQWHVGH
GHVFRQHFWDUHOLPSOHPHQWR
6RORSHUVRQDODXWRUL]DGRSXHGHWUDEDMDUHQHOVLVWHPD
KLGU£XOLFR
+D\FLQFRWLSRVGHJDUUDVSDUDWURQFRV
$ /DJJDUUDGHGHVFDUJDWLHQHKRUTXLOODVFRUWDVORFXDOIDFLOLWDHO
OOHQDGRGHODJUDSDDOGHVFDUJDUYHK¯FXORVGHWUDQVSRUWH
% /DJJDUUDGHFODVLILFDFLµQWLHQHKRUTXLOODVUHODWLYDPHQWH
ODUJDVORFXDOIDFLOLWDHOOOHQDGRGHODJDUUDGHXQDSLOD\XQD
PHVDGHFODVLILFDFLµQ
& /DJJDUUDXQLYHUVDOWLHQHXQ£UHDGHJDUUDP£VSHTXH³DTXH
ODJDUUDGHFODVLILFDFLµQ\VHSXHGHXVDUSDUDPDQLSXODUOD
FODVLILFDFLµQGH£UEROHVHQWHURVRODUHFRJLGDGH£UEROHV
LQGLYLGXDOHV

/DQRUPDGH&(1(1DSOLFDHQOD8(ORFXDOVLJQLILFDTXH
ODFDUJDGHWUDEDMRQRPLQDOVHH[SUHVDFRPRXQSRUFHQWDMH
GHODFDUJDGHYXHOFR6HJ¼QHVWR9ROYRKDRSWDGRSRUDGDSWDU
VXQRUPDLQWHUQDSDUDLQGLFDUODFDSDFLGDGGHODVJDUUDVSDUD
WURQFRV
/DVFDUJDVP£[LPDVUHFRPHQGDGDVDSOLFDQSDUDFRPELQDFLRQHV
GHJDUUDVSDUDWURQFRV\FDUJDGRUDVGHUXHGDVTXHHVW«Q
HTXLSDGDVFRQFRQWUDSHVRVDSUREDGRVSDUDODPDQLSXODFLµQGH
WURQFRV
 7«FQLFDGHFRQGXFFLµQ 
+RUTXLOODVGHPDGHUD 
&XDOTXLHUHTXLSRD³DGLGRDOLPSOHPHQWRUHGXFHODFDUJDQRPLQDO
GHWUDEDMR
(QSD¯VHVIXHUDGHOD8(\HO(((SXHGHKDEHURWURVUHTXLVLWRV
GHVHJXULGDGSRUFRQVLJXLHQWHFXPSODVLHPSUHFRQODV
GLVSRVLFLRQHVORFDOHV

7UDEDMRFRQJDUUDSDUDWURQFRV
'HVFDUJDGHXQYHK¯FXOR
2SHUHFRQPXFKRFXLGDGRDOOOHQDUODJDUUDSDUDHYLWDUGD³DUORV
SRVWHV\VXVILMDFLRQHVDOYHK¯FXOR
 $F«UTXHVHDOYHK¯FXORTXHVHWLHQHTXHGHVFDUJDUFRQXQD
JDUUDOHYDQWDGD\FRPSOHWDPHQWHDELHUWD
 ,QFOLQHODJDUUDKDFLDGHODQWH\FROµTXHODVREUHODFDUJD


&LHUUHHOEUD]RGHVXMHFLµQ\HPSLHFHDLQFOLQDUOLJHUDPHQWHKDFLD
DUULED$FRQWLQXDFLµQUHSLWDHOFLHUUH\ODLQFOLQDFLµQKDFLDDUULED
GHODJDUUDKDVWDTXHHVW«OOHQD
127$
2SHUHFXLGDGRVDPHQWHDOGHVFDUJDUXQYHK¯FXORHVSHFLDOPHQWH
FXDQGRVRODPHQWHTXHGHQXQRVSRFRVWURQFRV6LODJDUUD
DJDUUDUDSRUHOERUGHH[WUHPRGHODSODWDIRUPDVHSRGU¯DQ
SURGXFLUGD³RV


&DUJDGHOYHK¯FXORFRQJDUUDVSDUDWURQFRV
 $VHJ¼UHVHGHTXHFDGDWURQFRHVW£FRUUHFWDPHQWHFRORFDGR
HQODJDUUDSDUDHYLWDUXQQLGRGHFXHUYRV
 $F«UTXHVHDOYHK¯FXORTXHVHWLHQHTXHFDUJDUPLHQWUDV
OHYDQWDDOPLVPRWLHPSRHOLPSOHPHQWRSDUDTXHORVWURQFRV
QRWRTXHQORVSRVWHV
 %DMHODJDUUDKDVWDTXHHVW«DQLYHOFRQODVFDPDVROD
SODWDIRUPD\GHSRVLWHHOIDUGRFRQWUDORVSRVWHVGHOODGRP£V


DOHMDGR
 $EUDFRPSOHWDPHQWHHOEUD]RGHVXMHFLµQ\G«PDUFKDDWU£V
FXLGDGRVDPHQWH
$SLODGR
3DUDP£TXLQDVFRQVLVWHPDGHVXVSHQVLµQGHODSOXPDVH
UHFRPLHQGDVHOHFFLRQDUODIXQFLµQGHSHQGLHQWHGHODYHORFLGDG
VHOHFFLRQDGD/DSUHFLVLµQDXPHQWD\HOULHVJRGHQLGRGH
FXHUYRVVHUHGXFH
 0DQWHQJDODJDUUDORP£VFHUFDSRVLEOHGHODSLODSDUDSUHYHQLU
ODFD¯GDGHORVWURQFRV

 ,QFOLQHODJDUUDOLJHUDPHQWHKDFLDGHODQWH
 $EUDFXLGDGRVDPHQWHHOEUD]RGHVXMHFLµQSRUFRPSOHWRGH
PDQHUDTXHORVWURQFRVHPSLHFHQDURGDU\VDOJDQGHODJDUUD
 $FRQWLQXDFLµQDEUDFRPSOHWDPHQWHHOEUD]RGHVXMHFLµQ\G«
PDUFKDDWU£VFXLGDGRVDPHQWHPLHQWUDVEDMDODJDUUD\UHWLHQH
ORVWURQFRVTXHVHFDLJDQ
(OFRQWUDVRSRUWHGHODJDUUDVHSXHGHXVDUFRPRDXWRPDWLVPR
GHHOHYDFLµQGHOWDOµQ\SRUORWDQWRQRHVQHFHVDULRLQFOLQDUOD
JDUUDKDFLDGHODQWH(OSHVRGHHOHYDFLµQGHODP£TXLQDVHXVD
PHMRU\HVSRVLEOHUHDOL]DUSLODVP£VDOWDV(ODXWRPDWLVPRGH
HOHYDFLµQGHOWDOµQWDPEL«QVHSXHGHXVDUFRPRFRQWUDVRSRUWH
DOPDQHMDUWURQFRVLQGLYLGXDOHV
5HJODE£VLFDDVHJ¼UHVHGHTXHORVWURQFRVVDOHQGHODJDUUDVLQ
FDHUVH
 7«FQLFDGHFRQGXFFLµQ
 +RUTXLOODVGHPDGHUD

0DUFKDDGHFXDGD 6HOHFWRUGHPDUFKDVHQ
SRVLFLµQ
$MXVWHV$36D 6LVWHPDDXWRP£WLFR
6XVSHQVLµQGHORVEUD]RVGH 3RVLFLµQGHSHQGLHQWHGHOD
FDUJD YHORFLGDG
/RFNXS $FWLYDGR
D3DUDVHOHFFLRQDU$MXVWHV$36YHDODS£JLQDHQODWDEODSDUD
7UDQVPLVLµQ

5HFRJLGDGHXQDSLOD
3LODEDMD
 0DQWHQJDODVSDODVGHODJDUUDSODQDVFRQWUDHOVXHORFRQOD
JDUUDFRPSOHWDPHQWHDELHUWD
 ,QWURGX]FDODJDUUDHQODSLOD\FLHUUHHOEUD]RGHVXMHFLµQOR
P£[LPRSRVLEOH
 '«PDUFKDDWU£VFXLGDGRVDPHQWHPLHQWUDVFLHUUDP£VOD
JDUUD
3LODDOWD
 (PSLHFHORP£VDOWRSRVLEOHHLQFOLQHODVSDODVGHODJDUUD
OLJHUDPHQWHKDFLDGHODQWHFRQODJDUUDFRPSOHWDPHQWH
DELHUWD
 &XDQGRODJDUUDHVW«ELHQLQWURGXFLGDHQODSLODFL«UUHOD
 3DVHGHOWRGRFRQODJDUUDSDUDHYLWDUTXHVHFDLJDQWURQFRV
EDMRODVSDODVGHODJDUUD
6LVHFDHQWURQFRVHQWUHODVSDODVGHODJDUUDEDMH
FXLGDGRVDPHQWHODFDUJDKDVWDHOVXHORG«PDUFKDDWU£VH
LQWHQWHUHFRJHUODFDUJDGHQXHYR$VHJ¼UHVHGHQRGD³DUORV
WURQFRV
8QDXWRPDWLVPRGHHOHYDFLµQGHOWDOµQSRVLELOLWDDSLODUORVWURQFRV
DP£VDOWXUD\PDQWHQHUHOVXHORIUHQWHDODVUXHGDVGHODP£TXLQD
GHVSHMDGRGHWURQFRV
2SHUDFLµQFRQWURQFRVGHODDOWXUDGHXQ£UERO
3UHVWHHVSHFLDODWHQFLµQDTXHHOFHQWURGHJUDYHGDGGHORV
WURQFRVHVW«FRUUHFWDPHQWHSRVLFLRQDGRSDUDPDQWHQHUXQD
HVWDELOLGDGODWHUDOVDWLVIDFWRULD
$VHJ¼UHVHGHXVDUXQVH³DOLVWDDORSHUDUHQFRQGLFLRQHVGH
YLVLELOLGDGOLPLWDGDYHDODS£JLQD

$'9(57(1&,$
5LHVJRGHDSODVWDPLHQWR
(OJLURGHREMHWRVSXHGHFDXVDUOHVLRQHVJUDYHV
$VHJ¼UHVHVLHPSUHGHTXHQRKD\DQDGLHHQOD]RQDGHSHOLJUR
DQWHVGHHOHYDURPRYHUREMHWRV
 7«FQLFDGHFRQGXFFLµQ 
%UD]RGHPDQLSXODFLµQGHPDWHULDOHV 

%UD]RGHPDQLSXODFLµQGH
PDWHULDOHV
&XDQGRVHXVDODP£TXLQDFRQXQEUD]RGHPDQLSXODFLµQGH
PDWHULDOODFDUJDGHWUDEDMRP£[LPDSHUPLWLGDHVHOGHOD
FDUJDGHYXHOFRFRQODP£TXLQDWRWDOPHQWHYLUDGD'HSHQGLHQGR
GHODDSOLFDFLµQ\RGHOWDPD³RGHODP£TXLQDHOIDEULFDQWH
UHFRPLHQGDTXHVHXWLOLFHPHQRVGHO

$9,62
(QODP£TXLQDVµORGHEHQXVDUVHEUD]RVSDUDPDQLSXODFLµQGH
PDWHULDOHVDSUREDGRVSDUDODP£TXLQDSRU9ROYR
/DFDUJDP£[LPDSHUPLWLGDSDUDODP£TXLQDFRQHOEUD]RGH
PDQLSXODFLµQGHPDWHULDOHVW£LQGLFDGDHQODVWDEODVGHFDUJDGH
ODVS£JLQDV\QRVHSXHGHH[FHGHU
/DFDSDFLGDGGHFDUJDGHWUDEDMRQRPLQDOLQGLFDGDDSOLFDFXDQGR

ODP£TXLQDVHRSHUDVREUHWHUUHQRILUPH\QLYHODGR\HVFRPR
P£[LPRODPLWDGGHODFDUJDGHYXHOFR$ORSHUDUVREUHWHUUHQR
GHVLJXDOODFDUJDGHEHDGDSWDUVHDODVFRQGLFLRQHVGHOVXHOR
6HGHEHUHDOL]DUXQDFRPSUREDFLµQFDGDYH]TXHHOLPSOHPHQWR
VHPRQWDSDUDFRPSUREDUTXHHOLPSOHPHQWRHVW«EORTXHDGR
(QFLHUWRVSD¯VHVHVXQUHTXLVLWROHJDOODUHDOL]DFLµQGH
FRPSUREDFLRQHVFRQUHJXODULGDGSRUSDUWHGHXQDSHUVRQD
DXWRUL]DGDTXLHQWDPEL«QGHEHU¯DUHDOL]DUXQDLQVSHFFLµQ
HVSHFLDOGLDULDGHHVWDVFRPSUREDFLRQHV
3RVLFLRQDPLHQWRGHODP£TXLQD
(VLPSRUWDQWHTXHHOWHUUHQRGRQGHODP£TXLQDHVW£VLWXDGDVHD
ILUPH\HVW«QLYHODGR6LHOWHUUHQRHVEODQGRFRQWDFWHFRQOD
GLUHFWLYDSDUDTXHVHSXHGDQDGRSWDUODVPHGLGDVQHFHVDULDV 
&DUJD
$SOLTXHODWDEODGHFDUJDVDODH[WHQVLµQUHDOGHOEUD]RGH
PDQLSXODFLµQGHPDWHULDO
$VHJ¼UHVHGHTXHODSUHVLµQHQORVQHXP£WLFRVGHODQWHURV
FRLQFLGDFRQODVUHFRPHQGDFLRQHVVLODFDUJDP£[LPD
SHUPLVLEOHVHXWLOL]DIUHFXHQWHPHQWH
1RFRPLHQFHDHOHYDUKDVWDTXHVHSD
 GµQGHYDODFDUJD
 TXHVHSXHGHFRORFDUDK¯
 TXHVHXVDHOGLVSRVLWLYRGHHOHYDFLµQFRUUHFWRFDEOHPHW£OLFR
FDGHQDHWF
 TXHODHVOLQJDHVW£FRQHFWDGDDODFDUJDGHIRUPDFRUUHFWD
 TXHKDUHFLELGRODVH³DOGHHOHYDUFXDQGROHDVLVWHXQ
VH³DOLVWD
127$
(OEUD]RGHPDQLSXODFLµQGHPDWHULDOQRGHEHU¯DXVDUVHSDUD
FDUJDVP£VSHVDGDVGHODVHVSHFLILFDGDVSDUDODH[WHQVLµQGHO
EUD]RHQFXHVWLµQ
 7«FQLFDGHFRQGXFFLµQ
 %UD]RGHPDQLSXODFLµQGHPDWHULDOHV

$'9(57(1&,$
5LHVJRGHDFFLGHQWHVPRUWDOHV
(OXVRGHLPSOHPHQWRVSDUDHOHYDURWUDQVSRUWDUSHUVRQDVSXHGH
FRQGXFLUDDFFLGHQWHVIDWDOHVFRQOHVLRQHVSRUDSODVWDPLHQWR
JUDYHVHLQFOXVRPRUWDOHV
1RXWLOLFHQXQFDXQLPSOHPHQWRSDUDHOHYDURWUDQVSRUWDU
SHUVRQDV

7UDEDMRFRQEUD]RGHPDQLSXODFLµQGHPDWHULDO
5HFXHUGHTXHXQSHTXH³RPRYLPLHQWRGHOSRUWDLPSOHPHQWRV
VHFRQYLHUWHHQXQJUDQPRYLPLHQWRHQHOERUGHH[WHULRUGHO
EUD]RGHPDQHMRGHPDWHULDO
2SHUHODP£TXLQD\HOEUD]RGHPDQHMRGHPDWHULDOFRQ
PRYLPLHQWRVVXDYHV\FXLGDGRVRVSDUDTXHODFDUJDQR
HPSLHFHDJLUDU
1XQFDVXSHUHODFDUJDP£[LPDSHUPLVLEOHGHOEUD]RGHPDQHMR
GHPDWHULDO

/DVWDEODVGHFDUJDVHHQFXHQWUDQHQODVS£JLQDV
'XUDQWHHOWUDQVSRUWHHQXQDY¯DS¼EOLFDSRUHMHPSORHOEUD]R
GHPDQHMRGHPDWHULDOGHEHU¯DUHWUDHUVHFRPSOHWDPHQWH\HO
H[WUHPRGHODQWHURGHEHU¯DLQFOLQDUVHKDFLDDWU£V
/DSURORQJDFLµQRUHWUDFFLµQGHODORQJLWXGGHOEUD]RGHEHU¯D
UHDOL]DUVHPDQXDOPHQWHWHQJDHQFXHQWDHOULHVJRGH
SLQ]DPLHQWR
127$
6LVHKDFDPELDGRODORQJLWXGGHOEUD]RGHPDQHMRGHPDWHULDO
FRPSUXHEHTXHORVSDVDGRUHVHQORVH[WUHPRVGHODVVHFFLRQHV
UHVSHFWLYDVVHKD\DQEORTXHDGRGHPDQHUDVHJXUDSDVDGRUHV
GHEORTXHRHVSHFLDOHV
8VHVRORLPSOHPHQWRVGHHOHYDFLµQDSUREDGRV\TXHQR
VREUHFDUJXHQODP£TXLQD
&RQGXFFLµQFRQFDUJD

$'9(57(1&,$
5LHVJRGHDFFLGHQWHVJUDYHV
8QDFDUJDHQPRYLPLHQWRSXHGHFDXVDUJUDYHVGD³RV
SHUVRQDOHV
1RSLHUGDGHYLVWDODFDUJDGXUDQWHODRSHUDFLµQ
$OPRYHUVHFRQXQDFDUJDVXVSHQGLGDPDQWHQJDHOEUD]RGH
PDQHMRGHPDWHULDOORP£VEDMRSRVLEOH/LPLWHODYHORFLGDGGH
ODP£TXLQDDNPKPSK
8VHHVOLQJDVSDUDHVWDELOL]DU\SUHYHQLUTXHODFDUJDJLUH
1RGHEHU¯DUHDOL]DUVHXQDHOHYDFLµQFXDQGRODIXHU]DGHO
YLHQWR\HOYROXPHQGHODFDUJDVHDQWDQFRQVLGHUDEOHVTXHQR
VHSXHGDPDQHMDUODFDUJDGHPDQHUDVHJXUD
0DQWHQJDVXVRMRVVREUHODFDUJDHQWRGRPRPHQWR6LQR
 SXHGHYHUODFDUJDWRGRHOWLHPSRKD\TXHGHVLJQDUDXQ
VH³DOLVWDHVSHFLDODQWHVGHHPSH]DUHOWUDEDMR9HDODS£JLQD

2SHUHHOEUD]RGHPDQHMRGHPDWHULDOORP£VVXDYHPHQWH
SRVLEOH
1RPXHYDXQDFDUJDSRUHQFLPDGHSHUVRQDVGHODRILFLQDR
GHFDVHWDVGHSHUVRQDO
%DMRQLQJXQDFLUFXQVWDQFLDGHEHU¯DXWLOL]DUVHHOEUD]RGH
PDQHMRGHPDWHULDOSDUDWLUDUGHWDEOHURVRSODQFKDVFODYDGRV
1RKD\TXHWLUDUGHODVFDUJDVODWHUDOPHQWH
 7«FQLFDGHFRQGXFFLµQ 
%UD]RGHPDQLSXODFLµQGHPDWHULDOHV 

0DUFKDDGHFXDGD 6HOHFWRUGHPDUFKDVHQ
SRVLFLµQ
6HOHFWRUGHPDUFKDV 6LVWHPDDXWRP£WLFR
6XVSHQVLµQGHORVEUD]RVGH 3RVLFLµQGHSHQGLHQWHGHOD
FDUJD YHORFLGDGRQRDFWLYDGD
/RFNXS $FWLYDGR


 7«FQLFDGHFRQGXFFLµQ
 %UD]RVGHHOHYDFLµQGHVFHQVRDOWHUQDWLYR

%UD]RVGHHOHYDFLµQGHVFHQVR
DOWHUQDWLYR

$'9(57(1&,$
5LHVJRGHPDJXOODGXUDV
1XQFDSDVHSRUGHEDMRGHXQEUD]RGHHOHYDFLµQOHYDQWDGR
%DMHVLHPSUHHOEUD]RGHHOHYDFLµQDQWHVGHVDOLUGHODFDELQD
1XQFDRSHUHODP£TXLQDFXDQGRVRVSHFKHTXHH[LVWHDOJ¼Q
GD³RHQHOVLVWHPDKLGU£XOLFRRHQHOEUD]RGHHOHYDFLµQ
&RQWDFWHFRQXQWDOOHUDXWRUL]DGR9ROYR
%DMDGDDX[LOLDU
6LHOPRWRUGHODP£TXLQDVHKDSDUDGRFRQODSOXPDHQOD
SRVLFLµQHOHYDGDVHSXHGHEDMDUODSOXPDFRQHOUHVWRGHSUHVLµQ
HQHOVLVWHPDKLGU£XOLFR
127$
'HVFLHQGDODXQLGDGGHFDUJDLQPHGLDWDPHQWHP£[LPR
PLQXWRVGHVSX«VGHODSDUDGDGHOPRWRU6LKDQWUDQVFXUULGRP£V
GHPLQXWRVDUUDQTXHGHQXHYRHOPRWRU6LQRHVSRVLEOHHO
DUUDQTXHDYLVHDOSHUVRQDOGHVHUYLFLR\DFRWHHOOXJDURSRQJD
XQJXDUGD
 (OHQFHQGLGRGHEHHVWDUHQODSRVLFLµQGHPDUFKDDQWHV
GHEDMDUODSOXPD
 &XDQGRVHKDEDMDGRODSOXPDVHGHEHQGHVSUHVXUL]DUWRGDV
ODVPDQJXHUDVGHODSOXPDFRQODVSDODQFDVGHFRQWUROYHD
ODS£JLQD
 7«FQLFDGHFRQGXFFLµQ 
(OHYDFLµQGHREMHWRV 

(OHYDFLµQGHREMHWRV

$7(1&,•1
5LHVJRGHOHVLRQHV
/HYDQWDUREMHWRVSHVDGRVDPDQRSRGU¯DSURYRFDUJUDYHV
OHVLRQHVSRUDSODVWDPLHQWR\OHVLRQHVHQODHVSDOGD
8VHXQGLVSRVLWLYRGHHOHYDFLµQDGHFXDGRDOOHYDQWDUREMHWRV
SHVDGRV
/RVGLVSRVLWLYRVGHHOHYDFLµQTXHVHXVHQGHEHU£QHVWDU
DGDSWDGRV\DSUREDGRVSDUDODP£TXLQDHQODTXHVHXVHQ

$9,62
1RXVHGLVSRVLWLYRVGHHOHYDFLµQGD³DGRVURWRVRQR
FHUWLILFDGRV

$9,62
'LYHUVRVSD¯VHVWLHQHQGLVSRVLFLRQHVSURSLDVUHODWLYDVDOXVRGH
ODP£TXLQDSDUDWUDEDMRVGHHOHYDFLµQSRUHMHPSORSDUDOD
HOHYDFLµQGHFDUJDVOLEUHPHQWHVXVSHQGLGDV3DUDLQIRUPDFLµQ
P£VGHWDOODGDGLU¯MDVHDXQFRQFHVLRQDULRRILFLDOGH9ROYR

$9,62
'XUDQWHHOWUDQVSRUWHREVHUYHODVFDUJDVQRPLQDOHVDSOLFDEOHVD
ODP£TXLQD
(VWDELOLGDG
/DHVWDELOLGDGGHODVP£TXLQDVHQFDPELRVGHWUDEDMRHVW£VXMHWD
DJUDQGHVYDULDFLRQHV
3DUDUHDOL]DUHOWUDEDMRGHPDQHUDVHJXUDHORSHUDGRUGHEHWHQHU
HQFXHQWDFRQGLFLRQHVGHIXQFLRQDPLHQWRHVSHFLDOHV

(VXQUHTXLVLWRTXHODP£TXLQDHVW«VREUHWHUUHQRKRUL]RQWDO
HVWDEOH\VHJXURSDUDTXHODHVWDELOLGDGVHDDOWD
9LJLOHVLHOWHUUHQRHVEODQGRGHVLJXDORHQSHQGLHQWHDV¯
FRPRVLKD\ULHVJRGHFRUULPLHQWRGHWLHUUD7HQJDPXFKR
FXLGDGRDOFDUJDUODP£TXLQDODWHUDOPHQWH\HQRWURVWUDEDMRV
VLPLODUHVGHDOWRULHVJR6LODP£TXLQDHVW£VREUHXQWHUUHQR
HQSHQGLHQWHHOFHQWURGHJUDYHGDGVHGHVSOD]D\ODP£TXLQD
SRGU¯DWHUPLQDUHQXQDSRVLFLµQHQODTXHYXHOTXH
$VHJ¼UHVHGHTXHODVXSHUILFLHGHOVXHORHVHVWDEOH\VHJXUD
8QWHUUHQRLQHVWDEOHSRUHMHPSORDUHQDVXHOWDRVXHOR
K¼PHGRSXHGHKDFHUTXHHOWUDEDMRVHDLQVHJXUR
1RJLUHGHUHSHQWHFRQXQDFDUJDVXVSHQGLGD7HQJDHQ
FXHQWDODIXHU]DFHQWU¯IXJD
2SHUHODP£TXLQDOHQWD\FXLGDGRVDPHQWH
$VHJ¼UHVHGHTXHODYLVLELOLGDGQRHVW«UHGXFLGDSRUFDUJDV
JUDQGHV6LHVQHFHVDULRREWHQJDD\XGDGHXQVH³DOLVWD
 7«FQLFDGHFRQGXFFLµQ
 (OHYDFLµQGHREMHWRV
)LMDUFDUJDVODUJDVFRQHVOLQJDV
(QFDUJDVFRPRWDEORQHVWDEODVEDUUDVGHKLHUURGHUHIXHU]R
HWFODVHVOLQJDVGHEHQDMXVWDUVHGHPDQHUDTXHODFDUJD
QRSXHGDFDHUVH
(QJHQHUDOODVYLJDVGHEHU¯DQOHYDQWDUVHFRQXQGLVSRVLWLYR
GHVXMHFLµQ
3DUDSURWHJHUODVHVOLQJDVVHSXHGHXVDUSRUHMHPSOR
DFROFKDGRKHFKRFRQPDQJXHUDVGHDLUHFRPSULPLGRSDUWLGDV
/DVHVOLQJDVGHEHU¯DQHVWDUELHQWHQVDV


&RPSUREDFLRQHVGHIXQFLRQDPLHQWRGHORV
LPSOHPHQWRVGHHOHYDFLµQ
8QDSHUVRQDH[SHUWD\FRQFRQRFLPLHQWRVGHEHU¯DUHDOL]DU
FRPSUREDFLRQHVHLQVSHFFLRQHVDLQWHUYDORVUHJXODUHV\HVWDV
LQVSHFFLRQHVGHEHU¯DQVHURUJDQL]DGDVSRUODHPSUHVD/D
P£TXLQDRHOHTXLSRGHHOHYDFLµQQRGHEHQXVDUVHVLVHGHWHFWD
GHVJDVWHJULHWDVXRWURVGHIHFWRVTXHSXHGDQSRQHUHQULHVJROD
VHJXULGDGGHODP£TXLQDRGHOHTXLSRGHHOHYDFLµQDOUHDOL]DUODV
FRPSUREDFLRQHVGHIXQFLRQDPLHQWR
 7«FQLFDGHFRQGXFFLµQ 
'LDJUDPDGHVH³DOL]DFLµQ 

'LDJUDPDGHVH³DOL]DFLµQ
6LHORSHUDGRUWLHQHOLPLWDGDODYLVLELOLGDGSRUHMHPSORGHELGRD
XQDFDUJDYROXPLQRVDD\¼GHVHGHXQDSHUVRQDTXHVH³DOLFH
&XDQWRP£VU£SLGRVHDQHFHVDULRUHDOL]DUODHOHYDFLµQHO
GHVFHQVRRORVPRYLPLHQWRVP£VPDUFDGRVGHEHQVHUORV
PRYLPLHQWRVGHOKRPEUHTXHKDFHODVVH³DOHV6LYDULRV
RSHUDGRUHVVHVLUYHQGHODPLVPDSHUVRQDSDUDVH³DOL]DUGHEH
HVWDEOHFHUVHGHDQWHPDQRODIRUPDHQODTXHVHYD\DDUHDOL]DU
ODHOHYDFLµQ\FµPRYDDGDULQGLFDFLRQHVDFDGDRSHUDGRU

$55$148( 3$5$'$ ),1

%UD]RVH[WHQGLGRV %UD]RGHUHFKRVH³DODQGRKDFLD 0DQRVMXQWDVDODDOWXUDGHOSHFKR
KRUL]RQWDOPHQWHFRQODVSDOPDV DUULEDFRQODSDOPDKDFLDGHODQWH
KDFLDGHODQWH


(/(9$&,•1 '(6&(162 ',67$1&,$9(57,&$/
%UD]RGHUHFKRVH³DODQGRKDFLD %UD]RGHUHFKRVH³DODQGRKDFLD /DVPDQRVLQGLFDQODGLVWDQFLD
DUULEDFRQODSDOPDKDFLDGHODQWH DEDMRFRQODSDOPDKDFLDGHODQWH\ SHUWLQHQWH
\ODPDQRWUD]DQGROHQWDPHQWHXQ ODPDQRWUD]DQGROHQWDPHQWHXQ
F¯UFXOR F¯UFXOR

029,0,(172+$&,$ 029,0,(172+$&,$$75ƒ6 3(/,*523$5$'$'(

$'(/$17( $PERVEUD]RVGREODGRVFRQODV (0(5*(1&,$
$PERVEUD]RVGREODGRVFRQODV SDOPDVKDFLDDEDMR\PRYLHQGRORV $PERVEUD]RVOHYDQWDGRVFRQODV
SDOPDVKDFLDDUULED\PRYLHQGR DQWHEUD]RVOHQWD\UHSHWLGDPHQWH SDOPDVKDFLDGHODQWH
ORVDQWHEUD]RVOHQWD\ KDFLDDEDMRDOHM£QGRVHGHOFXHUSR
UHSHWLGDPHQWHKDFLDDUULED\KDFLD
HOFXHUSR
 7«FQLFDGHFRQGXFFLµQ
 'LDJUDPDGHVH³DOL]DFLµQ

6('(%(87,/,=$5(1/$ 6('(%(87,/,=$5(1/$ ',67$1&,$+25,=217$/

',5(&&,•1,1',&$'$ ',5(&&,•1,1',&$'$ /DVPDQRVLQGLFDQODGLVWDQFLD
(OEUD]RH[WHQGLGR (OEUD]RH[WHQGLGR SHUWLQHQWH
KRUL]RQWDOPHQWHFRQODSDOPD KRUL]RQWDOPHQWHFRQODSDOPD
KDFLDDEDMR\HOEUD]RKDFLHQGR KDFLDDEDMR\HOEUD]RKDFLHQGR
SHTXH³RVPRYLPLHQWRVDGHODQWH\ SHTXH³RVPRYLPLHQWRVDGHODQWH\
DWU£VOHQWDPHQWHKDFLDODGHUHFKD DWU£VOHQWDPHQWHKDFLDOD
L]TXLHUGD
 6HJXULGDGGXUDQWHHOVHUYLFLR 


6HJXULGDGGXUDQWHHOVHUYLFLR
(VWDVHFFLµQWUDWDGHODVUHJODVGHVHJXULGDGTXHGHEHQVHJXLUVH
DOFRPSUREDU\UHDOL]DUHOVHUYLFLRGHODP£TXLQD9ROYRQR
DFHSWDU£QLQJXQDUHVSRQVDELOLGDGVLVHXVDQRWUDVKHUUDPLHQWDV
GLVSRVLWLYRVGHHOHYDFLµQRP«WRGRVGHWUDEDMRGLVWLQWRVDORV
GHVFULWRVHQHVWDSXEOLFDFLµQ
 (QFDGDVHFFLµQVHGDQRWUDVUHJODVGHVHJXULGDGWH[WRVGH
LQIRUPDFLµQ\GHDGYHUWHQFLD
127$
6RORHOSHUVRQDOHQWUHQDGRSXHGHHOHYDU\DSR\DUODP£TXLQD
127$
/DFDELQDVRORSXHGHVHUEDVFXODGDSRUSHUVRQDOHQWUHQDGR

$'9(57(1&,$
c5LHVJRGHTXHPDGXUDV
/RVO¯TXLGRV\SLH]DVGHODP£TXLQDTXHHVW«QFDOLHQWHVSXHGHQ
FDXVDUTXHPDGXUDV
'HMHTXHODP£TXLQDVHHQIU¯HDQWHVGHLQLFLDUQLQJ¼QVHUYLFLR


 6HJXULGDGGXUDQWHHOVHUYLFLR
 3RVLFLµQGHPDQWHQLPLHQWR

3RVLFLµQGHPDQWHQLPLHQWR
3RVLFLµQGHPDQWHQLPLHQWR
$17(6GHHPSH]DUXQWUDEDMRGHVHUYLFLRODP£TXLQDGHEHVHU
FRORFDGDVREUHWHUUHQRQLYHODGR\SUHSDUDUVHFRPRVHLQGLFDD
FRQWLQXDFLµQ/DP£TXLQDGHEHHVWDUOLPSLD
'(638‹6GHKDEHUWHUPLQDGRXQWUDEDMRGHVHUYLFLRWRGDVODV
SODFDVGHSURWHFFLµQGHEHQYROYHUDLQVWDODUVHHOFDSµ\WRGDV
ODVFXELHUWDVGHEHQFHUUDUVH\EORTXHDUVH

 

9

    

 &RQHFWHHOEORTXHRGHODDUWLFXODFLµQGHO  %ORTXHHODVUXHGDVGHIRUPDDGHFXDGDFRQ

EDVWLGRU FDO]RVSRUHMHPSOR
 'HMHGHVFDQVDUHOLPSOHPHQWRHQHOVXHOR  $EUDHOFDSµ\GHVDFWLYHHOGHVFRQHFWDGRUGH
EDWHU¯D
 $SOLTXHHOIUHQRGHHVWDFLRQDPLHQWR\DSDJXHHO  3HUPLWDTXHODP£TXLQDVHHQIU¯H
PRWRU
 )LMHXQDHWLTXHWDGHDGYHUWHQFLDHQHOYRODQWHTXH
LQGLTXHTXHVHHVW£UHDOL]DQGRXQWUDEDMRGH
VHUYLFLR
 6HJXULGDGGXUDQWHHOVHUYLFLR 
$QWHVGHOVHUYLFLROHD 

$QWHVGHOVHUYLFLROHD
3UHYHQJDORVGD³RVSHUVRQDOHV
/HDODVLQVWUXFFLRQHVGHO/LEURGHLQVWUXFFLRQHVDQWHVGHLQLFLDU
XQWUDEDMRHQODP£TXLQD7DPEL«QHVLPSRUWDQWHOHHU\VHJXLU
ODLQIRUPDFLµQ\ODVLQVWUXFFLRQHVGHODVSODFDV\SHJDWLQDV
1ROOHYHURSDVXHOWDQLMR\DVTXHSXHGHQHQJDQFKDUVH\
SURYRFDUOHVLRQHV
8WLOLFHVLHPSUHXQFDVFRJDIDVGHVHJXULGDGSURWHFWRUDV
JXDQWHVGHWUDEDMR]DSDWRVSURWHFWRUHVGHWUDEDMRSURWHFFLµQ
UHVSLUDWRULD\SURWHFFLµQDXGLWLYDFXDQGRHOWUDEDMRORUHTXLHUD
$VHJ¼UHVHGHTXHODYHQWLODFLµQHVVXILFLHQWHVLVHYDD
DUUDQFDUHOPRWRUEDMRWHFKR
1RVHSRQJDGHODQWHQLGHWU£VGHODP£TXLQDFXDQGRHVW«HQ

PDUFKDHOPRWRU
$SDJXHHOPRWRUDQWHVGHTXLWDUODVWDSDVGHSURWHFFLµQRDEULU
ORVFDSµVGHOPRWRU
&XDQGRVHKDDSDJDGRHOPRWRUKD\SUHVLµQUHVLGXDO
DFXPXODGDHQHOVLVWHPD6LVHDEUHXQVLVWHPDDQWHVGHKDEHU
GHVFDUJDGRODSUHVLµQHOIOXLGRSXHGHVDOLUSUR\HFWDGRDDOWD
SUHVLµQ
3DUDFRPSUREDUVLKD\IXJDVXWLOLFHXQSDSHORXQWUR]RGH
FDUWµQQXQFDODPDQR
$VHJ¼UHVHGHTXHODVVXSHUILFLHVSDUDDQGDUORVDVLGHURV\
ODVVXSHUILFLHVDQWLGHVOL]DQWHVHVW£QOLPSLDVGHDFHLWH
JDVµOHRVXFLHGDG\KLHOR
6¼EDVH¼QLFDPHQWHSRUODVSDUWHVGHODP£TXLQDGRWDGDVFRQ
SURWHFFLµQDQWLGHVOL]DQWHYHDODLOXVWUDFLµQSULQFLSDO
(VLPSRUWDQWHXVDUODVKHUUDPLHQWDV\ORVHTXLSRVDGHFXDGRV
/DVKHUUDPLHQWDVRORVHTXLSRVHVWURSHDGRVGHEHQUHSDUDUVH
RVXVWLWXLUVH
6LVHKDGHUHDOL]DUXQWUDEDMRGHVHUYLFLREDMRXQLPSOHPHQWR
DVHJ¼UHVHGHTXHHVWHHVW«DVHJXUDGRDQWHVGHLQLFLDUHO
9
WUDEDMR$SOLTXHHOEORTXHRGHSDODQFDV\HOIUHQRGH
3URWHFFLµQDQWLGHVOL]DQWHFRORFDFLµQLOXVWUDFLµQ HVWDFLRQDPLHQWR
GHOSULQFLSLR



3UHYHQJDORVGD³RVDODP£TXLQD
6LHVQHFHVDULRHOHYDUODP£TXLQDRFRORFDUVREUHFDEDOOHWHV
XWLOLFHXQHTXLSRFRQVXILFLHQWHFDSDFLGDGGHHOHYDFLµQ
9ROYRQRDFHSWDU£UHVSRQVDELOLGDGDOJXQDVLVHHPSOHDQ
GLVSRVLWLYRVGHHOHYDFLµQKHUUDPLHQWDVP«WRGRVGHWUDEDMR
OXEULFDQWHV\SLH]DVGLVWLQWRVGHORVGHVFULWRVHQHVWH/LEURGH
LQVWUXFFLRQHV
$VHJ¼UHVHGHTXHQRVHKDROYLGDGRVREUHODP£TXLQDRGHQWUR
GHHOODQLQJXQDKHUUDPLHQWDXRWURREMHWRTXHSXHGDFDXVDU
GD³RV
'HVFDUJXHODSUHVLµQGHOVLVWHPDKLGU£XOLFRDQWHVGHLQLFLDU
WDUHDVGHVHUYLFLR
/DVP£TXLQDVXVDGDVHQXQHQWRUQRFRQWDPLQDGRRHQXQD
]RQDSHOLJURVDSDUDODVDOXGGHEHQHTXLSDUVHSDUDHOOR
$GHP£VVHDSOLFDQQRUPDVGHVHJXULGDGHVSHFLDOHVSDUDORV
WUDEDMRVGHVHUYLFLRHQHVDVP£TXLQDV
/DLQVWDODFLµQGHXQUDGLRWHO«IRQRWHO«IRQRPµYLORHTXLSR
VLPLODUGHEHU£HIHFWXDUVHVHJ¼QODVLQVWUXFFLRQHVGHO
IDEULFDQWHSDUDHOLPLQDUODVLQWHUIHUHQFLDVFRQORVVLVWHPDV\
ORVFRPSRQHQWHVHOHFWUµQLFRVGHVWLQDGRVDOIXQFLRQDPLHQWRGH
ODP£TXLQD9HUODS£JLQD
3DUDODVPHGLGDVTXHGHEHQDGRSWDUVHFRQPRWLYRGHOD
VROGDGXUDHO«FWULFDYHUODS£JLQD6ROGDGXUD
 6HJXULGDGGXUDQWHHOVHUYLFLR
 $QWHVGHOVHUYLFLROHD
$QWHVGHDUUDQFDUHOPRWRU\FRPHQ]DUDXVDUODP£TXLQD
FRPSUXHEHTXHWRGDVODVFKDSDVSURWHFWRUDVWDSDV\FDSµV
VHHQFXHQWUDQHQVXVLWLR
8VHWUHVSXQWRVGHDSR\RGRVSLHV\XQDPDQRSDUDOLPSLDU
RUDVFDUHOKLHORGHODVYHQWDQLOODVUHWURYLVRUHV\F£PDUDV
3UHYHQJDHOLPSDFWRPHGLRDPELHQWDO
7HQJDHQFXHQWDHOPHGLRDPELHQWHFXDQGRUHDOLFHVHUYLFLR\
PDQWHQLPLHQWR/RVDFHLWHV\IOXLGRVQRFLYRVSDUDHOPHGLR
DPELHQWHTXHVHGHVFDUJDQHQODQDWXUDOH]DFDXVDQGD³RVHQHO
PHGLRDPELHQWH(ODFHLWHWDUGDPXFKRWLHPSRHQ
GHVFRPSRQHUVHHQHODJXD\HQVHGLPHQWRV8QOLWURGHDFHLWH
SXHGHHVWURSHDUPLOORQHVGHOLWURVGHDJXDSRWDEOH/DP£TXLQD
GHEHOLPSLDUVHHQXQUHFLQWRFRQVHSDUDGRUGHDFHLWHRHTXLSR
HTXLYDOHQWH
127$
&RP¼QDWRGRVORVSXQWRVLQGLFDGRVDEDMRHVTXHORVGHVHFKRV
GHEHQHQWUHJDUVHDXQDHPSUHVDGHWUDWDPLHQWRGHUHVLGXRVTXH
FXHQWHFRQDSUREDFLµQRILFLDO
&XDQGRVHYDF¯DQDFHLWHV\O¯TXLGRVVHGHEHQUHFRJHUHQXQ
UHFLSLHQWHFROHFWRUDGHFXDGR\DGRSWDUODVPHGLGDV
QHFHVDULDVSDUDHYLWDUGHUUDPHV
/RVILOWURVXVDGRVGHEHQYDFLDUVHGHWRGRO¯TXLGRDQWHVGH
PDQLSXODUORVFRPRGHVHFKRV&XDQGRFDPELHILOWURVGH
DPLDQWRHOILOWURGHDPLDQWRXVDGRGHEHFRORFDUVHHQODEROVD
GHSO£VWLFRFRQVHOODGRVXPLQLVWUDGDFRQFDGDSDTXHWHGHILOWUR
GHDPLDQWR1RDJLWHHOILOWURGHDPLDQWRFROµTXHOR
FXLGDGRVDPHQWHHQODEROVDGHSO£VWLFRVXPLQLVWUDGD6HOOHOD
EROVDGHSO£VWLFR\DVHJ¼UHVHGHTXHVHGHSRVLWDHQXQOXJDU
DGHFXDGRSDUDGHVHFKRVGHDPLDQWR
/DVEDWHU¯DVFRQWLHQHQVXVWDQFLDVSHOLJURVDVSDUDHOPHGLR
DPELHQWH\ODVDOXG3RUFRQVLJXLHQWHODVEDWHU¯DVXVDGDV
GHEHQWUDWDUVHFRPRUHVLGXRSHOLJURVRSDUDHOPHGLR
DPELHQWH
/RVFRQVXPLEOHVFRPRWUDSRVJXDQWHV\ERWHOODVXVDGRV
WDPEL«QSXHGDQHVWDUFRQWDPLQDGRVFRQDFHLWHV\O¯TXLGRVTXH
VHDQSHOLJURVRVSDUDHOPHGLRDPELHQWH(QWDOHVFDVRVGHEHQ
VHUWUDWDGRVFRPRUHVLGXRSHOLJURVRSDUDHOPHGLRDPELHQWH
 6HJXULGDGGXUDQWHHOVHUYLFLR 
3UHYHQFLµQGHLQFHQGLRV 

3UHYHQFLµQGHLQFHQGLRV

$'9(57(1&,$
5LHVJRGHLQFHQGLR
2SHUDUHQHQWRUQRVFRQSDUW¯FXODVLQIODPDEOHVXRWUDVSDUW¯FXODV
H[SORVLYDVHQHODLUHSRGU¯DDXPHQWDUHOULHVJRGHLQFHQGLR
8VHHTXLSRHVSHFLDO\XQDYHQWLODFLµQDGHFXDGDDORSHUDUHQ
HQWRUQRVSHOLJURVRV
6LHPSUHKD\ULHVJRGHLQFHQGLR$YHULJ¾HHOWLSRGHH[WLQWRUTXH
VHXVDHQVXOXJDUGHWUDEDMR\DSUHQGDDXVDUOR8QH[WLQWRUHV
XQHTXLSRRSFLRQDOTXHSXHGHDGTXLULUHQVXFRQFHVLRQDULR6LOD
P£TXLQDHVW£HTXLSDGDFRQH[WLQWRUGHEHU£JXDUGDUVH«VWHHQ
ODSDUWHSRVWHULRUGHOJXDUGDEDUURVGHODQWHUR
6LODP£TXLQDHVW£HTXLSDGDFRQH[WLQWRUPDQXDO«VWHGHEHVHU
GHOWLSR$%($%&HQ1RUWHDP«ULFD/DGHVLJQDFLµQ$%(
VLJQLILFDTXHSXHGHXVDUVHSDUDH[WLQJXLUIXHJRVWDQWRHQ
PDWHULDOHVRUJ£QLFRVVµOLGRVFRPRHQO¯TXLGRV\TXHHODJHQWH
H[WLQWRUQRFRQGXFHODHOHFWULFLGDG/DFDWHJRU¯DGHHILFDFLD,
VLJQLILFDTXHHOH[WLQWRUGHEHWHQHUXQWLHPSRUHDOGHH[WLQFLµQGH
FRPRP¯QLPRVHJXQGRVODFDWHJRU¯DGHHILFDFLD,,FRPR
P¯QLPRVHJXQGRV\ODFDWHJRU¯DGHHILFDFLD,,,FRPRP¯QLPR
VHJXQGRV
8QH[WLQWRUPDQXDO$%(,VXHOHWHQHUXQFRQWHQLGRHILFD]GHNJ
OEFODVH(1$%&QRUPD(1SDUWHV\

0HGLGDVGHSUHYHQFLµQGHLQFHQGLRV
(VW£SURKLELGRIXPDURKDFHUIXHJRHQODVFHUFDQ¯DVGHOD
P£TXLQDGXUDQWHHOUHSRVWDMHRFXDQGRHOVLVWHPDGH
FRPEXVWLEOHHVW£DELHUWR\HQFRQWDFWRFRQHODLUHFLUFXQGDQWH
(OJDVµOHRHVLQIODPDEOH\QRGHEHXWLOL]DUVHSDUDODOLPSLH]D
(QYH]GHHOORXWLOLFHSURGXFWRVSDUDHOFXLGDGRGHDXWRPµYLOHV
GHVWLQDGRVSDUDODOLPSLH]DRHOGHVHQJUDVH7HQJDWDPEL«Q
HQFXHQWDTXHDOJXQRVGLVROYHQWHVSXHGHQFDXVDUHUXSFLRQHV
HQODSLHOGD³DUODSLQWXUDRFRQVWLWXLUXQSHOLJURGHLQFHQGLR
0DQWHQJDOLPSLRHOOXJDUGHWUDEDMRGRQGHVHYD\DDUHDOL]DU

HOVHUYLFLR(ODFHLWH\HODJXDSXHGHQKDFHUTXHHOVXHOR\ODV
VXSHUILFLHVSDUDDQGDUVHDQUHVEDODGL]DV(VWRSXHGHVHU
WDPEL«QSHOLJURVRHQFRPELQDFLµQFRQHTXLSRVHO«FWULFRVR
KHUUDPLHQWDVHO«FWULFDV/DURSDHPSDSDGDFRQDFHLWH\OOHQD
GHJUDVDSXHGHFRQVWLWXLUXQJUDYHSHOLJURGHLQFHQGLR
&RPSUXHEHGLDULDPHQWHTXHODP£TXLQD\HOHTXLSRHVW£Q
OLEUHVGHSROYR\DFHLWH$V¯VHUHGXFHHOULHVJRGHLQFHQGLR
DGHP£VGHTXHUHVXOWDP£VI£FLOGHVFXEULUSLH]DVGD³DGDVR
VXHOWDV
127$
7HQJDPXFKRFXLGDGRVLXVDXQFKRUURGHDJXDDDOWDSUHVLµQ
SDUDODOLPSLH]D\DTXHEDVWDFRQXQDSUHVLµQ\XQDWHPSHUDWXUD
UHODWLYDPHQWHEDMDVSDUDGD³DUORVFRPSRQHQWHV\FDEOHV
HO«FWULFRV3URWHMDDGHFXDGDPHQWHORVFRPSRQHQWHV\FDEOHV
HO«FWULFRV
7HQJDHVSHFLDOFXLGDGRHQODOLPSLH]DGHXQDP£TXLQDTXH
IXQFLRQDHQXQHQWRUQRLQIODPDEOHFRPRXQDVHUUDGHURXQ
EDVXUHUR6HSXHGHUHGXFLUDGLFLRQDOPHQWHHOULHVJRGH
LQIODPDFLµQHVSRQW£QHDPRQWDQGRDLVODPLHQWRHQHO
VLOHQFLDGRU
 6HJXULGDGGXUDQWHHOVHUYLFLR
 3UHYHQFLµQGHLQFHQGLRV
(VQHFHVDULRFXLGDUHOH[WLQWRUSDUDTXHIXQFLRQHFXDQGRVHD
QHFHVDULR
&RPSUXHEHTXHODVWXEHU¯DVGHFRPEXVWLEOHODVPDQJXHUDV
KLGU£XOLFDV\GHIUHQR\ORVFDEOHVHO«FWULFRVQRSUHVHQWDQ
GD³RVSRUURFHQLKD\ULHVJRGHTXHRFXUUDHVWRGHELGRD
PRQWDMHRILMDFLµQLQFRUUHFWRVFRQDEUD]DGHUDV(VWRVHDSOLFD
HVSHFLDOPHQWHDORVFDEOHVVLQIXVLEOHGHSURWHFFLµQTXHVRQ
URMRVHVW£QPDUFDGRVFRQ5%\VHHQFXHQWUDQ
 HQWUHODVEDWHU¯DV
 HQWUHODVEDWHU¯DV\HOPRWRUGHDUUDQTXH
 HQWUHHODOWHUQDGRU\HOPRWRUGHDUUDQTXH
/RVFDEOHVHO«FWULFRVQRGHEHQHVWDUHQFRQWDFWRGLUHFWRFRQ
WXEHU¯DVGHDFHLWHRFRPEXVWLEOH
1RVXHOGHQLDPROHHQOXJDUHVOOHQRVGHO¯TXLGRLQIODPDEOH
WDOHVFRPRORVGHSµVLWRV\ORVWXERVKLGU£XOLFRV2EVHUYHXQ
P£[LPRGHFXLGDGRDOUHDOL]DUHVDVWDUHDVHQODVFHUFDQ¯DVGH
GLFKRVOXJDUHV0DQWHQJDXQH[WLQWRUDODPDQR
0HGLGDVHQFDVRGHLQFHQGLR
6LODVFLUFXQVWDQFLDVORSHUPLWHQ\HVSRVLEOHVLQSHOLJURSDUDVX
VHJXULGDGDGRSWHODVVLJXLHQWHVPHGLGDVDQWHODP£VP¯QLPD
LQGLFDFLµQGHIXHJR
 3DUHODP£TXLQDVLHVW£HQPRYLPLHQWR
 'HVFLHQGDORVLPSOHPHQWRVDOVXHOR
 0XHYDHOEORTXHRGHSDODQFDVDODSRVLFLµQGHEORTXHDGR
 *LUHODOODYHGHHQFHQGLGRDODSRVLFLµQGHSDUDGD
 6DOJDGHODFDELQD
 $YLVHDORVERPEHURV
 'HVFRQHFWHHOLQWHUUXSWRUGHEDWHU¯DVLSXHGHDFFHGHUD«VWH
GHIRUPDVHJXUD
 ,QWHQWHDSDJDUHOIXHJRVLHVSRVLEOH'HORFRQWUDULRDO«MHVH
GHODP£TXLQD\GHOD]RQDGHULHVJR
0HGLGDVGHVSX«VGHXQLQFHQGLR
6LXQDP£TXLQDKDHVWDGRH[SXHVWDDXQLQFHQGLRRDFXDOTXLHU
RWURFDOHQWDPLHQWRIXHUWHGHEHU£QDGRSWDUVHODVPHGLGDVGH
SURWHFFLµQVLJXLHQWHV
8VHJDIDVGHSURWHFFLµQ\JUXHVRVJXDQWHVGHSURWHFFLµQ
KHFKRVGHJRPD
1RWRTXHQXQFDFRQODVPDQRVGHVSURWHJLGDVSLH]DV
TXHPDGDVSDUDHYLWDUHOFRQWDFWRFRQPDWHULDOHVSRO¯PHURV
IXQGLGRV/DYHSULPHURPLQXFLRVDPHQWH\HQDEXQGDQFLDFRQ
DJXDGHFDOXQDVROXFLµQGHKLGUµ[LGRGHFDOFLRHVGHFLUFDO
DSDJDGD
3DUDHOPDQHMRGHJRPDGHIOXRURFDUERQRFDOHQWDGDYHUOD
S£JLQD

6LVWHPDGHVXSUHVLµQGHLQFHQGLRV
HTXLSRRSFLRQDO
(OVLVWHPDGHH[WLQFLµQGHLQFHQGLRVHVXQVLVWHPDGHURFLDGRUHV
SDUDHOFRPSDUWLPHQWRGHOPRWRU\FXHQWDFRQERTXLOODVGH
DVSHUVLµQ(OVLVWHPDVHUHFRPLHQGDSDUDODVP£TXLQDVTXH
RSHUDQHQFRQGLFLRQHVFRQSHOLJURGHLQFHQGLR
 6HJXULGDGGXUDQWHHOVHUYLFLR 
3UHYHQFLµQGHLQFHQGLRV 
(OVLVWHPDVDWLVIDFHUORVUHTXLVLWRVGH6%)UHJODVVXHFDV
SDUDHTXLSRGHURFLDGRUHVHQPRQWDMHILMR\RWURVGLVSRVLWLYRVGH
SURWHFFLµQFRQWUDLQFHQGLRVHQP£TXLQDVIRUHVWDOHV\GHREUDV
S¼EOLFDV
0RGRDXWRP£WLFR
(QHOPRGRDXWRP£WLFRVRORVHHQFLHQGHHOGLRGROXPLQLVFHQWH
YHUGH$FWLYDGRHQHOSDQHOGHPDQGRV9HUODS£JLQD
(OVLVWHPDGHURFLDGRUHVVHDFWLYDDXWRP£WLFDPHQWHHQGRV
PRGRV
 FXDQGRODP£TXLQDQRHVW£HQRSHUDFLµQSHMHQHO
DSDUFDPLHQWRFRQHOPRWRUSDUDGR\WDPEL«QFXDQGROD
FRUULHQWHSULQFLSDOHVW£FRUWDGDLQWHUUXSWRUGHEDWHU¯D
GHVFRQHFWDGRR
 FXDQGRHOIUHQRGHHVWDFLRQDPLHQWRHVW£DSOLFDGRFRQHOPRWRU
HQPDUFKD
9
(QFDVRGHDOWDWHPSHUDWXUDXQFLUFXLWRGHWHFWRUGHVFXEUHHO
&LUFXLWRGHGHWHFWRU\URFLDGRU
 LQFHQGLR\VHGLVSDUDDXWRP£WLFDPHQWHHOVLVWHPDGHURFLDGRUHV
8QDYH]GLVSDUDGRHOVLVWHPDHODJHQWHH[WLQWRUGXUD
DSUR[LPDGDPHQWHVHJXQGRV'HVSX«VGHHVRHOGHSµVLWRGH
DJHQWHH[WLQWRUHVWDU£YDF¯R
0RGRPDQXDO
(QHOPRGRPDQXDOHVW£QHQFHQGLGRVHOGLRGROXPLQLVFHQWH
YHUGH$FWLYDGR\HOGLRGROXPLQLVFHQWHDPDULOOR0DQXDO
9HDODS£JLQD
(OVLVWHPDGHURFLDGRUHVVHHQFXHQWUDHQODSRVLFLµQPDQXDOHO
FRQGXFWRUDFWLYDHOVLVWHPDFXDQGRODP£TXLQDHVW£HQ
RSHUDFLµQ\HOIUHQRGHHVWDFLRQDPLHQWROLEHUDGR
6LVHGHWHFWDXQLQFHQGLRFXDQGRODP£TXLQDHVW£HQRSHUDFLµQ
VHGDODDODUPDDWUDY«VGHXQDO£PSDUDURMDHQHOSDQHOGH
PDQGRV$\VHDFWLYDODVLUHQDOX]GHGHVWHOORV(QWRQFHVVHU£
QHFHVDULRDFWLYDUPDQXDOPHQWHHOVLVWHPDFRQODSDUDGDGH
HPHUJHQFLD&YHDODS£JLQDDWUDY«VGHOSDQHOGHPDQGRV
YHDODS£JLQDRSUHVLRQDQGRHOERWµQGHDFWLYDFLµQPDQXDO

3LODUGHODQWHURL]TXLHUGRGHODFDELQD
VLWXDGRMXQWRDOHVFDOµQGHDFFHVRGHODFDELQDYHDODS£JLQD
3DUDODVIXQFLRQHVGHOSDQHOGHPDQGRVYHUODS£JLQD

$ 3DQHOGHPDQGRV
% 7DSDGHSO£VWLFR c127$/DWDSDGHSO£VWLFR%VRORGHEHHVWDUOHYDQWDGDFXDQGR
& 3DUDGDGHHPHUJHQFLDSDUDHOPRWRUFRUWD VHXVDHOSDQHOGHPDQGRV(OSUHFLQWRVHUHSRQHHQHOVHUYLFLR
ODFRUULHQWH\GLVSDUDHOVLVWHPDGH \PDQWHQLPLHQWR
URFLDGRUHVVLVHLQGLFDXQLQFHQGLR

3DUDODVUHJODVGHVHJXULGDGHQFDVRGHLQFHQGLRYHUODS£JLQD

 6HJXULGDGGXUDQWHHOVHUYLFLR
 3UHYHQFLµQGHLQFHQGLRV
%RWµQGHDFWLYDFLµQPDQXDO
(OERWµQGHDFWLYDFLµQPDQXDOXELFDGRMXQWRDOHVFDOµQGH
DFFHVRGHODFDELQDSXHGHXVDUVHHQWRGDVODVVLWXDFLRQHVSDUD
DFWLYDUHOVLVWHPDGHURFLDGRUHVLQFOXVRFXDQGRODP£TXLQDQR
HVW£HQPDUFKD\VLQFRUULHQWHHO«FWULFDDOJXQD
 7LUHGHOSUHFLQWRDPDULOOR%
 3UHVLRQHHOERWµQURMR$

$ %RWµQSDUDDFWLYDUHOVLVWHPDGHH[WLQFLµQ
IXHUDGHODFDELQDXELFDGRMXQWRDOHVFDOµQ
GHDFFHVRGHODFDELQD
% -XQWD


$FWLYDFLµQPDQXDOGHOVLVWHPDGHURFLDGRUHVFRQ
HOERWµQGHDFWLYDFLµQPDQXDO

6LUHQDOX]GHGHVWHOORV
/DVLUHQDOX]GHGHVWHOORVVHDFWLYD
 FXDQGRVHGHWHFWDXQLQFHQGLR
 FXDQGRVHDFWLYDHOVLVWHPDGHURFLDGRUHVDWUDY«VGHOSDQHO
GHPDQGRV
 FXDQGRVHDFWLYDHOVLVWHPDFRQHOERWµQGHDFWLYDFLµQPDQXDO
 FXDQGRVHSUHVLRQDHOERWµQGHSUXHEDHQHOSDQHOGHPDQGRV
3HJDWLQDSDUDVLUHQDXELFDGDMXQWRDODVLUHQDOX] /DVLUHQDOX]GHGHVWHOORVHVWDU£DFWLYDGDKDVWDTXHVHSUHVLRQH
GHGHVWHOORV
HOERWµQGHSUXHEDHQHOSDQHOGHPDQGRV6LSHUVLVWHOD

LQGLFDFLµQGHLQFHQGLRVHDFWLYDU£GHQXHYRODVLUHQDOX]GH
GHVWHOORV(QHVHFDVRGLU¯MDVHDXQWDOOHURILFLDOGH9ROYR
(VSDFLRSDUDH[WLQWRUPDQXDOHTXLSRRSFLRQDO
+D\HVSDFLRSDUDGRVH[WLQWRUHVPDQXDOHVXQRHQFDGD
JXDUGDEDUURVGHODQWHUR(VWRVFRPSOHPHQWDQHOVLVWHPDGH
URFLDGRUHVILMR\WLHQHQFRPRREMHWRSULQFLSDOSURWHJHUHOHQWRUQR
\SDUDRSHUDFLRQHVGHH[WLQFLµQSRVWHULRUHV/DQRUPDVXHFD
6%)H[LJHTXHKD\DGRVH[WLQWRUHVGHNJOLEFDGDXQR
SDUDORVWUDEDMRVHQXQHQWRUQRLQIODPDEOH
3DUDXVDUORVH[WLQWRUHVPDQXDOHV
 0DQWHQJDHOH[WLQWRUGHUHFKR\H[WUDLJDHOVHJXUR
 'LULMDODERTXLOODKDFLDODEDVHGHODVOODPDVDXQDGLVWDQFLD
GHFRPRP¯QLPRPHWURSXOJ
3HJDWLQDSDUDH[WLQWRUPDQXDOXELFDGDMXQWRDO  3UHVLRQHHOJDWLOOR
H[WLQWRUFRUUHVSRQGLHQWH

 6HJXULGDGGXUDQWHHOVHUYLFLR 
3UHYHQFLµQGHLQFHQGLRV 
$JHQWHH[WLQWRU
(ODJHQWHH[WLQWRUHVXQSROYREDVDGRHQDJXDTXHHVI£FLOGH
HOLPLQDUODY£QGRORGHVSX«VGHODDFWLYDFLµQGHOVLVWHPD
6LVHDFWLYDHOVLVWHPDGHURFLDGRUHVHODJHQWHH[WLQWRUGXUD
VHJXQGRVDSUR[LPDGDPHQWH
(ODJHQWHH[WLQWRUHVW£SURWHJLGRFRQWUDODFRQJHODFLµQKDVWD
r&

3HJDWLQDSDUDDJHQWHH[WLQWRUXELFDGDHQHO
GHSµVLWRGHDJHQWHH[WLQWRU


$'9(57(1&,$
5LHVJRTX¯PLFR
(OFRQWDFWRFRQXQDJHQWHH[WLQWRUTXHFRQWHQJDJOLFROSRGU¯D
SURYRFDUOHVLRQHVSHUVRQDOHV
8VHHTXLSRGHSURWHFFLµQSHUVRQDO\HYLWHHOFRQWDFWR
(QFDVRGHFRQWDFWRFRQORVRMRVDFO£UHORVFRQDJXD(QFDVR
GHFRQWDFWRFRQODSLHOO£YHODFRQMDEµQ\DFO£UHODFRQDJXD
&RQVXOWHVLHPSUHFRQXQP«GLFRWUDVHQWUDUHQFRQWDFWRFRQXQ
DJHQWHH[WLQWRU



9

'HSµVLWRGHDJHQWHH[WLQWRU

'HVSX«VGHODDFWLYDFLµQGHOVLVWHPDGHURFLDGRUHV
'HVSX«VGHODDFWLYDFLµQGHOVLVWHPDGHURFLDGRUHVGLU¯MDVHDXQ
WDOOHURILFLDOGH9ROYR
 6HJXULGDGGXUDQWHHOVHUYLFLR
 3UHYHQFLµQGHLQFHQGLRV
/XFKDFRQWUDLQFHQGLRVVLHOFDSµQRSXHGHDEULUVH
WDPEL«QDSOLFDDODP£TXLQDHVW£QGDU
6LQRVHSXHGHDEULUHOFDSµHQFDVRGHIXHJRHVSRVLEOHFRPEDWLU
HOIXHJRPDQXDOPHQWHDWUDY«VGHGRVDJXMHURVHQODSDUHG
LQWHUPHGLD6HSXHGHDFFHGHUDORVDJXMHURVSDUDODOXFKD
PDQXDOFRQWUDLQFHQGLRVDEULHQGRODVFXELHUWDVGHORVODGRV
GHUHFKRHL]TXLHUGR6HSXHGHFRPEDWLUHOIXHJRXWLOL]DQGRORV
DJXMHURVPDUFDGRVHQODSDUHGLQWHUPHGLDODFXDOSURSRUFLRQD
9
DFFHVRDOFRPSDUWLPHQWRGHOPRWRUFRQSHMXQH[WLQWRU
0DUFDGRGHORVDJXMHURVGHVWLQDGRVDODOXFKD
FRQWUDLQFHQGLRVPDQXDO


9

/RVDJXMHURVHVW£QXELFDGRVGHQWURGHODV
FXELHUWDVODWHUDOHV

 6HJXULGDGGXUDQWHHOVHUYLFLR 
0DQHMRGHPDWHULDOHVSHOLJURVRV 

0DQHMRGHPDWHULDOHVSHOLJURVRV
3LQWXUDFDOHQWDGD

$'9(57(1&,$
c5LHVJRGHOHVLRQHVSRUTX¯PLFRV
/DJRPD\ORVSO£VWLFRVFDOLHQWHVSURGXFHQFRPSRQHQWHVWµ[LFRV
TXHSRGU¯DQGD³DUODSLHOGHVSURWHJLGDORVRMRV\HOWUDFWR
UHVSLUDWRULR
1XQFDFDOLHQWHRHQFLHQGDSO£VWLFRVRJRPDHQODP£TXLQD
&XDQGRVHFDOLHQWDODSLQWXUDSURGXFHJDVHVYHQHQRVRV3RU
HOORHVQHFHVDULRTXLWDUODSLQWXUDHQXQD]RQDGHFRPRP¯QLPR
FPSXOJGHUDGLRDQWHVGHUHDOL]DURSHUDFLRQHVGH
VROGDGXUDDPRODGRXR[LFRUWH$GHP£VGHORVHIHFWRVQRFLYRV
SDUDODVDOXGHOUHVXOWDGRHVXQDVROGDGXUDW«FQLFDPHQWH
GHILFLHQWHTXHSXHGHGDUOXJDUDDYHU¯DVHQHOIXWXUR
0«WRGRV\PHGLGDVGHVHJXULGDGSDUDTXLWDUODSLQWXUD
&KRUURGHDUHQD
 XVHPDVFDULOOD\JDIDVGHSURWHFFLµQ
'LVROYHQWHVSDUDTXLWDUSLQWXUDXRWURVSURGXFWRVTX¯PLFRV
 XVHDVSLUDFLµQSXQWXDOPDVFDULOOD\JXDQWHVGHSURWHFFLµQ
$PRODGRUD
 XVHDVSLUDFLµQSXQWXDOPDVFDULOODJXDQWHV\JDIDVGH
SURWHFFLµQ
1RVHGHEHQTXHPDUQXQFDODVSLH]DVGHVHFKDGDVTXHHVW«Q
SLQWDGDV'HEHU£QHQWUHJDUVHDXQDSODQWDGHWUDWDPLHQWRGH
UHVLGXRVDSUREDGD
*RPD\SO£VWLFRVFDOHQWDGRV
&XDQGRVHFDOLHQWDQORVPDWHULDOHVSRO¯PHURVSXHGHQJHQHUDU
VXVWDQFLDVQRFLYDVSDUDODVDOXG\HOPHGLRDPELHQWH\SRUHOOR
QXQFDGHEHQTXHPDUVHFXDQGRVHGHVHFKDQ
6LVHYDQDKDFHUWUDEDMRVGHFRUWHRVROGDGXUDHQODVFHUFDQ¯DV
GHWDOHVPDWHULDOHVVHGHEHU£QDGRSWDUODVVLJXLHQWHVPHGLGDV
GHVHJXULGDG
 3URWHMDHOPDWHULDOFRQWUDHOFDORU

 8VHJXDQWHVJDIDV\PDVFDULOODGHSURWHFFLµQ
*RPDGHIOXRURFDUERQRFDOHQWDGD

$'9(57(1&,$
5LHVJRGHOHVLRQHVJUDYHV
$WHPSHUDWXUDVPX\HOHYDGDODJRPDGHIOXRURFDUERQRIRUPD
VXVWDQFLDVPX\FRUURVLYDVSDUDODSLHO\ORVSXOPRQHV
8WLOLFHVLHPSUHHTXLSRGHSURWHFFLµQSHUVRQDO
6LXQDP£TXLQDKDHVWDGRH[SXHVWDDXQLQFHQGLRRDFXDOTXLHU
RWURFDOHQWDPLHQWRIXHUWHGHEHU£QDGRSWDUVHODVPHGLGDVGH
SURWHFFLµQVLJXLHQWHV
8WLOLFHJUXHVRVJXDQWHVGHJRPD\JDIDVGHSURWHFFLµQ
'HVHFKHORVJXDQWHVWUDSRVHWFTXHKD\DQHVWDGRHQ
FRQWDFWRFRQJRPDGHIOXRURFDUERQRFDOHQWDGDGHVSX«VGH
KDEHUORVODYDGRHQDJXDGHFDOXQDVROXFLµQGHKLGUµ[LGRGH
FDOFLRHVGHFLUFDODSDJDGDHQDJXD(VWRVVHWUDWDQFRPR
GHVHFKRVSHOLJURVRV
/D]RQDDOUHGHGRUGHXQDSLH]DTXHKD\DHVWDGRPX\FDOLHQWH
\TXHSXHGDHVWDUKHFKDGHJRPDGHIOXRURFDUERQRGHEH
 6HJXULGDGGXUDQWHHOVHUYLFLR
 0DQHMRGHPDWHULDOHVSHOLJURVRV
GHVFRQWDPLQDUVHPHGLDQWHODYDGRPLQXFLRVRFRQDJXDGHFDO
HQDEXQGDQFLD
&RPRPHGLGDGHSUHFDXFLµQPDQHMHVLHPSUHWRGDVODVMXQWDV
DURVWµULFRV\RWUDVMXQWDVGHDFHLWHFRPRVLIXHUDQGHJRPD
GHIOXRURFDUERQR
(O£FLGRIOXRUK¯GULFRSXHGHSHUPDQHFHUHQORVFRPSRQHQWHV
GHODP£TXLQDGXUDQWHYDULRVD³RVGHVSX«VGHXQLQFHQGLR
6LDSDUHFHQLQIODPDFLRQHVHQURMHFLPLHQWRRHVFR]RU\OD
FDXVDVHVRVSHFKDKDEHUVLGRHOFRQWDFWRFRQSURGXFWRVGH
JRPDGHIOXRURFDUERQRDFXGDLQPHGLDWDPHQWHDOP«GLFR1R
REVWDQWHSXHGHQWUDQVFXUULUYDULDVKRUDVDQWHVGHTXH
DSDUH]FDV¯QWRPDDOJXQR\QRKD\DGYHUWHQFLDLQPHGLDWD
1RHVSRVLEOHODYDURDFODUDUHO£FLGRGHODSLHO&RQWDFWHFRQ
XQP«GLFR\WU£WHORFRQYDVHOLQDSDUDTXHPDGXUDVFRQ£FLGR
KLGURIOXµULFR
)ULJRU¯JHQR
127$
&XDOTXLHUWLSRGHVHUYLFLRHQODXQLGDGGHDLUHDFRQGLFLRQDGR
GHEHU£UHDOL]DUORXQWDOOHUDFUHGLWDGRREDMRODGLUHFFLµQGHXQD
SHUVRQDGHFDUJRUHVSRQVDEOHFRQFRPSHWHQFLDFHUWLILFDGD

$'9(57(1&,$
5LHVJRGHOHVLRQHVJUDYHV
(OIULJRU¯JHQRSXHGHSURYRFDUTXHPDGXUDVSRUFRQJHODFLµQDO
HQWUDUHQFRQWDFWRFRQODSLHOGHVSURWHJLGD&XDQGRVHFDOLHQWD
HOIULJRU¯JHQRVHIRUPDQJDVHVWµ[LFRVSHUMXGLFLDOHVSDUDOD
VDOXG
8WLOLFHVLHPSUHHTXLSRGHSURWHFFLµQSHUVRQDOFXDQGRWUDEDMHFRQ
IULJRU¯JHQR(OVHUYLFLRGHOHTXLSRGHDLUHDFRQGLFLRQDGRGHEH
UHDOL]DUORSHUVRQDOFXDOLILFDGR
/DXQLGDGGHDLUHDFRQGLFLRQDGRGHODP£TXLQDHVW£OOHQDGH
IULJRU¯JHQR5DHQODI£EULFD(O5DQRWLHQHHIHFWRQHJDWLYR
HQODFDSDGHR]RQRSHURV¯FRQWULEX\HDOHIHFWRLQYHUQDGHUR3RU
HOORQRVHGHEHOLEHUDULQWHQFLRQDGDPHQWHDODDWPµVIHUD

$9,62
(O5DQRGHEHPH]FODUVHQXQFDFRQQLQJ¼QRWURWLSRGH
UHIULJHUDQWHSRUHMHPSORHO5\DTXHHVWRFDXVDU£ODDYHU¯D
GHODXQLGDG
(QFDVRGHFRQWDFWRFRQXQDIXJDGHIULJRU¯JHQRDGRSWHODV
PHGLGDVVLJXLHQWHV
/RVJDVHVIRUPDGRVSRUHOIULJRU¯JHQRFDOHQWDGRSXHGHQVHU
QRFLYRVSDUDORVUL³RQHV\HOVLVWHPDQHUYLRVRLQFOXVRHQEDMDV
FRQFHQWUDFLRQHVFXDQGRQRKD\RORUDSDUHQWH/DV
FRQFHQWUDFLRQHVHOHYDGDVWLHQHQXQHIHFWRDQHVW«VLFR/DV
SHUVRQDVH[SXHVWDVGHEHU£QUHWLUDUVHGHOD]RQDGHULHVJR\
VDOLUDODLUHOLEUH$FXGDDXQP«GLFRVLSHUVLVWHQORVV¯QWRPDV
(QHVWDGRO¯TXLGRHOUHIULJHUDQWHSXHGHFDXVDUTXHPDGXUDV
SRUFRQJHODFLµQ&DOLHQWHOD]RQDGD³DGDFRQDJXDWHPSODUD
RURSDGHDEULJR$FXGDDXQP«GLFRVLSHUVLVWHQORVV¯QWRPDV
$FXGDDXQP«GLFRVLOHKDVDOSLFDGRIULJRU¯JHQRO¯TXLGRD
DOJXLHQHQORVRMRV
6LVRVSHFKDXQDIXJDDEDQGRQHOD]RQDGHULHVJR\GLU¯MDVH
DXQWDOOHUDFUHGLWDGRSDUDREWHQHULQIRUPDFLµQVREUHODV
PHGLGDVDWRPDU
 6HJXULGDGGXUDQWHHOVHUYLFLR 
0DQHMRGHPDWHULDOHVSHOLJURVRV 
%DWHU¯DV

$'9(57(1&,$
5LHVJRGHTXHPDGXUDVTX¯PLFDV
(OHOHFWUROLWRGHODEDWHU¯DFRQWLHQH£FLGRVXOI¼ULFRFRUURVLYRTXH
SRGU¯DFDXVDUJUDYHVTXHPDGXUDVTX¯PLFDV
6LGHUUDPDHOHFWUROLWRHQODSLHOGHVQXGDTX¯WHORLQPHGLDWDPHQWH
\ODYHOD]RQDDIHFWDGDFRQDJXD\MDEµQHQDEXQGDQFLD6LOH
VDOSLFDHQORVRMRVRHQFXDOTXLHURWUDSDUWHVHQVLEOHGHOFXHUSR
HQMXDJXHFRQDJXDHQDEXQGDQFLD\DFXGDLQPHGLDWDPHQWHDXQ
P«GLFR
1RIXPHVXHOGHOLMH\HQFLHQGDOODPDVFHUFDGHODVEDWHU¯DV
\DTXHHVWDVGHVSUHQGHQJDVHVH[SORVLYRV
$VHJ¼UHVHGHTXHQRHQWUHQHQFRQWDFWRFRQORVERUQHVGHOD
EDWHU¯DREMHWRVGHPHWDOWDOHVFRPRKHUUDPLHQWDVDQLOORV\
EUD]DOHWHVGHUHORM
&RPSUXHEHTXHODVSURWHFFLRQHVGHORVERUQHVGHODEDWHU¯D
VLHPSUHHVW£QHQVXVLWLR
1RLQFOLQHXQDEDWHU¯DHQQLQJXQDGLUHFFLµQ3RGU¯DIXJDUVHHO
HOHFWUROLWRGHODEDWHU¯D(VWRQRDSOLFDDEDWHU¯DVVLQ
PDQWHQLPLHQWR
1RFRQHFWHXQDEDWHU¯DGHVFDUJDGDHQVHULHFRQXQD
FRPSOHWDPHQWHFDUJDGD\DTXHHVWRUHVXOWDU£HQXQULHVJRGH
H[SORVLµQ
3DUDTXLWDUXQDEDWHU¯DGHVFRQHFWHSULPHURHOFDEOHGHPDVD
\SDUDODLQVWDODFLµQFRQHFWHHOFDEOHGHPDVDHQ¼OWLPROXJDU
SDUDUHGXFLUHOULHVJRGHFKLVSDV
/DVEDWHU¯DVGHVHFKDGDVGHEHQWUDWDUVHVHJ¼QODV
GLVSRVLFLRQHVPHGLRDPELHQWDOHVQDFLRQDOHV
&DUJDGHODVEDWHU¯DVHQODS£JLQD%DWHU¯DVFDUJD
$UUDQTXHFRQEDWHU¯DVDX[LOLDUHVHQODS£JLQD
3ROYRGHV¯OLFHFULVWDOLQDSROYRGHFXDU]R

$'9(57(1&,$ 
5LHVJRGHLQKDODFLµQSHOLJURVD
7UDEDMDUHQHQWRUQRVTXHFRQWHQJDQSROYRSHOLJURVRSXHGHOOHYDU
DJUDYHVSUREOHPDVGHVDOXG
/OHYHHTXLSRGHSURWHFFLµQSHUVRQDODOWUDEDMDUHQHQWRUQRV
SROYRULHQWRV
(OGLµ[LGRGHVLOLFLRFULVWDOLQRHVXQFRPSRQHQWHE£VLFRGHOD
DUHQD\HOJUDQLWR(QPXFKDVDFWLYLGDGHVHQREUDVGH
FRQVWUXFFLµQ\PLQDVWDOHVFRPRH[FDYDFLµQGH]DQMDVDVHUUDGR
\WDODGUDGRVHSURGXFHXQSROYRTXHFRQWLHQHGLµ[LGRGHVLOLFLR
FULVWDOLQR(VWHSROYRSXHGHFDXVDUVLOLFRVLV
(OHPSOHDGRURODGLUHFFLµQGHOOXJDUGHWUDEDMRGHEHQLQIRUPDU
DOFRQGXFWRUGHODSUHVHQFLDGHGLµ[LGRGHVLOLFLRFULVWDOLQRHQHO
OXJDUGHWUDEDMRGHODVLQVWUXFFLRQHVGHWUDEDMR\PHGLGDV
HVSHFLDOHVQHFHVDULDV\WDPEL«QSURSRUFLRQDUOHHOHTXLSRGH
SURWHFFLµQQHFHVDULR
&RPSUXHEHWDPEL«QODVGLVSRVLFLRQHVORFDOHV\QDFLRQDOHV
UHODWLYDVDOGLµ[LGRGHVLOLFLRFULVWDOLQR\DODVLOLFRVLV
3ROYRGHDPLDQWR
(VLPSRUWDQWHPDQWHQHUODFDELQDORP£VOLEUHSRVLEOHGHSROYR
HQJHQHUDO\GHSROYRGHDPLDQWRHQSDUWLFXODU
 6HJXULGDGGXUDQWHHOVHUYLFLR
 0DQHMRGHPDWHULDOHVSHOLJURVRV
 (QWUH\VDOJDGHODP£TXLQDHQXQOXJDUDSDUWDGRGHOD]RQD
FRQWDPLQDGDFRQDPLDQWR
 0DQWHQJDODURSD\ORV]DSDWRVOLPSLRVGHSROYR
 /LPSLHODFDELQD\SDVHXQDVSLUDGRUFRQIUHFXHQFLD\XWLOLFH
HTXLSRGHSURWHFFLµQSHUVRQDOFRPRSRUHMHPSORXQD
SURWHFFLµQUHVSLUDWRULDFRQFHELGDSDUD]RQDVFRQWDPLQDGDV
FRQDPLDQWR
 $VHJ¼UHVHGHPDQWHQHUELHQFHUUDGDVODVSXHUWDV\ODV
YHQWDQDVGXUDQWHHOWUDEDMR
/DYHQWLODFLµQGHEHWHQHUOXJDUDWUDY«VGHOVLVWHPDGH
YHQWLODFLµQGHODFDELQDTXHGRWDWDPEL«QSURSRUFLRQD
VREUHSUHVLµQHQODFDELQD
7HQLHQGRHQFXHQWDHOULHVJRSDUDODVDOXG\HOPHGLR
DPELHQWHORVILOWURVXVDGRVGHEHQFRORFDUVHHQODEROVDGH
SO£VWLFRKHUP«WLFDTXHVHVXPLQLVWUDFRQXQILOWURQXHYR$
FRQWLQXDFLµQODEROVDGHEHU¯DGHMDUVHHQXQOXJDU
HVSHFLDOPHQWHGHVWLQDGRDORVGHVHFKRVGHDPLDQWR/RV
ILOWURVGHDPLDQWRGHEHU£QVHUFDPELDGRVSRUXQWDOOHU
DXWRUL]DGRSRU9ROYR
 6HJXULGDGGXUDQWHHOVHUYLFLR 
0DQLSXODFLµQGHFRQGXFWRVWXERV\PDQJXHUDV 

0DQLSXODFLµQGHFRQGXFWRVWXERV\
PDQJXHUDV

$'9(57(1&,$
5LHVJRGHLQ\HFFLµQGHDOWDSUHVLµQ
/DVIXJDVGHDFHLWHRFRPEXVWLEOHVHQPDQJXHUDVGHDOWDSUHVLµQ
SXHGHQSURYRFDUJUDYHVOHVLRQHVSRULQ\HFFLµQDDOWDSUHVLµQ
6LKD\IXJDVGHDFHLWHRGHFRPEXVWLEOHGHPDQJXHUDVGHDOWD
SUHVLµQRKDOODWRUQLOORVVXHOWRVGHWHQJDLQPHGLDWDPHQWHORV
WUDEDMRV\FRQVXOWHDXQWDOOHURILFLDOGH9ROYR
1RGREOHODVWXEHU¯DVGHDOWDSUHVLµQ
1RJROSHHODVWXEHU¯DVGHDOWDSUHVLµQ
1RLQVWDOHXQDWXEHU¯DTXHHVW«GREODGDRGD³DGD
&RPSUXHEHFXLGDGRVDPHQWHWXEHU¯DVWXERV\PDQJXHUDV
1RUHXWLOLFHODPDQJXHUDHOWXER\ORVLPSOHPHQWRV
1RHIHFW¼HODE¼VTXHGDGHIXJDVFRQODVPDQRVVLQSURWHFFLµQ
$SULHWHWRGDVODVFRQH[LRQHV&RQVXOWHDVXFRQFHVLRQDULR
9ROYR&(UHVSHFWRDOSDUGHDSULHWHUHFRPHQGDGR
6LVHGDDOJXQDFXDOTXLHUDGHODVFRQGLFLRQHVVLJXLHQWHV
VXVWLWX\DODVSLH]DV&RQVXOWHDOFRQFHVLRQDULRGH9ROYR&(
/RVKHUUDMHVGHORVH[WUHPRVHVW£QGD³DGRVRSUHVHQWDQ
IXJDV
/RVUHYHVWLPLHQWRVGHYLQLORHVW£QUR]DGRVRFRUWDGRV
/RVDODPEUHVGHUHIXHU]RHVW£QDODYLVWD
/RVUHYHVWLPLHQWRVGHYLQLORHVW£QLQIODGRVFRPRJORERV
/DSDUWHIOH[LEOHGHODVPDQJXHUDVHVW£UHWRUFLGD
/RVKHUUDMHVGHORVH[WUHPRVVHKDQPRYLGR
+D\PDWHULDVH[WUD³DVLQFUXVWDGDVHQHOUHYHVWLPLHQWR

$9,62
$VHJ¼UHVHGHTXHWRGDVODVDEUD]DGHUDVJXDUGDV\SDQWDOODV
W«UPLFDVHVW£QFRUUHFWDPHQWHLQVWDODGDV(VWRFRQWULEX\HD
SUHYHQLUODVYLEUDFLRQHVORVURFHVFRQRWUDVSLH]DV\OD
JHQHUDFLµQGHFDORUH[FHVLYDPHQWHLQWHQVR 
 6HUYLFLR\PDQWHQLPLHQWR


6HUYLFLR\PDQWHQLPLHQWR
(VWDVHFFLµQGHVFULEHODVDFFLRQHVGHPDQWHQLPLHQWR\VHUYLFLR
TXHHORSHUDGRUGHODP£TXLQDSXHGHUHDOL]DU(VWDVVHUHVXPHQ
HQODVHFFLµQ(VTXHPDGHOXEULFDFLµQ\FXLGDGRVFRPRXQD
LOXVWUDFLµQFRQXQDWDEODDVRFLDGDSDUDFDGDLQWHUYDORYHDOD
S£JLQD
2WUDVDFFLRQHVUHTXLHUHQGHSHUVRQDOGHWDOOHUHVSHFLDOPHQWH
HQWUHQDGRRHTXLSDPLHQWRHVSHFLDO3DUDHVWHWLSRGHWUDEDMR
UHFRPHQGDPRVTXHXVWHGFRQWDFWHFRQXQWDOOHUDXWRUL]DGRSRU
9ROYR
6LVWHPDVGHFRQWUROGHORVJDVHVGHHVFDSH((88
/RVVLVWHPDVGHFRQWUROGHORVJDVHVGHHVFDSHGHVXQXHYR
PRWRU9ROYR&RQVWUXFWLRQ(TXLSPHQWKDQVLGRGLVH³DGRV
IDEULFDGRV\FRPSUREDGRVXVDQGRSLH]DVRULJLQDOHV\KDQVLGR
FHUWLILFDGRVVHJ¼QODVQRUPDVDPHULFDQDVIHGHUDOHV\GH
&DOLIRUQLDVREUHFRQWUROGHORVJDVHVGHHVFDSH6HJ¼QHVWDV
 WRGDVODVSLH]DVGHUHFDPELRTXHVHYD\DQDXVDUSDUD
PDQWHQLPLHQWRUHSDUDFLRQHVRVXVWLWXFLµQGHVLVWHPDVGHFRQWURO
GHHVFDSHVHU£QSLH]DVGH9ROYR&RQVWUXFWLRQ(TXLSPHQW(O
SURSLHWDULRSXHGHSHUPLWLUTXHFXDOTXLHUWDOOHURPHF£QLFRUHDOLFH
HOPDQWHQLPLHQWRVXVWLWXFLµQRUHSDUDFLµQGHVLVWHPDV\
FRPSRQHQWHVGHFRQWUROGHORVJDVHVGHHVFDSHTXHKD\DQVLGR
FHUWLILFDGRVSRUOD$JHQFLDGHSURWHFFLµQPHGLRDPELHQWDOGH
((88(OSURSLHWDULRSXHGHGHFLGLUXVDURWUDVSLH]DVTXHQR
VHDQSLH]DVRULJLQDOHVGH9ROYR&RQVWUXFWLRQ(TXLSPHQWSDUDWDO
PDQWHQLPLHQWRVXVWLWXFLµQRUHSDUDFLµQVLQTXHODJDUDQW¯D
TXHGHLQYDOLGDGDSHURODJDUDQW¯DQRFXEUHHOFRVWHGHWDOHV
VHUYLFLRVRSLH]DV

+LVWRULDOGHVHUYLFLR
'HVSX«VGHFDGDVHUYLFLRHQXQWDOOHURILFLDOGH9ROYRVHGHEH
UHOOHQDUHOGLDULRGHVHUYLFLR9HDODS£JLQD(OGLDULRGH
VHUYLFLRHVXQGRFXPHQWRGHYDORUTXHSXHGHUHVXOWDU¼WLOSRU
HMHPSORFXDQGRVHYHQGDODP£TXLQD

,QVSHFFLRQHVGHOOHJDGD\HQWUHJD
$QWHVGHVDOLUGHODI£EULFDVHDMXVWD\VHSUXHEDODP£TXLQD
$GHP£VSDUDTXHWHQJDYLJHQFLDODJDUDQW¯DHOFRQFHVLRQDULR
GHEHU£HIHFWXDUODVLQVSHFFLRQHVGHOOHJDGD\GHHQWUHJDVHJ¼Q
HOIRUPXODULRDSOLFDEOHTXHGHEHU£TXHGDUILUPDGR
 6HUYLFLR\PDQWHQLPLHQWR 

,QVWUXFFLRQHVGHHQWUHJD
&XDQGRVHHQWUHJXHODP£TXLQDHOFRQFHVLRQDULRGHEHU£GDUDO
FRPSUDGRUODVLQVWUXFFLRQHVGHHQWUHJDVHJ¼QHOIRUPXODULR
DSOLFDEOHTXHGHEHU£ILUPDUVHSDUDTXHWHQJDYLJHQFLDOD
JDUDQW¯D

7RPDGHFRUULHQWH
+D\XQDWRPDGHYROWLRVHQHOGHSµVLWRKLGU£XOLFRSDUD
FRQHFWDUDOXPEUDGRVGHWUDEDMRH[WHUQRVDOUHDOL]DUUHSDUDFLRQHV
RSDUDRSHUDUGLVSRVLWLYRVHO«FWULFRVFRPRXQDERPEDGHYDF¯R

9

$ 7RPD


/LPSLH]DGHODP£TXLQD
/DP£TXLQDGHEHOLPSLDUVHUHJXODUPHQWHFRQSURGXFWRV
QRUPDOHVGHFXLGDGRGHDXWRPµYLOHVSDUDHOLPLQDUHOULHVJRGH
GD³RVDODSLQWXUD\HQRWUDVVXSHUILFLHVGHODP£TXLQD

$9,62
(YLWHHOXVRGHSURGXFWRVGHOLPSLH]DRTX¯PLFRVDJUHVLYRVSDUD
PLQLPL]DUHOULHVJRGHGD³RVDODSLQWXUD
127$
6HGHEHHIHFWXDUGLDULDPHQWHODOLPSLH]DHQODV]RQDVGHOD
P£TXLQDGRQGHSXHGDQDFXPXODUVHSROYRYLUXWDV\VLPLODUHV
SDUDPLQLPL]DUHOULHVJRGHLQFHQGLR9HDODS£JLQD
 6HUYLFLR\PDQWHQLPLHQWR

5HFRPHQGDFLRQHVSDUDODOLPSLH]DGHODP£TXLQD
&RORTXHODP£TXLQDHQHOOXJDUGHVWLQDGRDODOLPSLH]D
6LJDODVLQVWUXFFLRQHVFRQORVHTXLSRVSDUDFXLGDGRGH
DXWRPµYLOHV
/DWHPSHUDWXUDGHODJXDQRGHEHU£H[FHGHUr&
6LXVDODYDGRGHDOWDSUHVLµQPDQWHQJDXQDGLVWDQFLDGHFRPR
P¯QLPRµFPµLQHQWUHODERTXLOOD\ODVXSHUILFLH
GHODP£TXLQD8QDSUHVLµQGHPDVLDGRDOWD\XQDGLVWDQFLD
GHPDVLDGRFRUWDSRGU¯DFDXVDUGD³RV3URWHMDORVFDEOHV
HO«FWULFRVGHIRUPDDGHFXDGD

$9,62
6LXVDODYDGRGHDOWDSUHVLµQWHQJDFXLGDGRSDUDTXHQRVH
VXHOWHQODVSHJDWLQDV
8WLOLFHXQDHVSRQMDGHVXSHUILFLHVXDYH
&RQFOX\DHQMXDJDQGRODWRWDOLGDGGHODP£TXLQDFRQDJXD
VRODPHQWH
/XEULTXHVLHPSUHODP£TXLQDGHVSX«VGHOODYDGR
5HWRTXHODSLQWXUDGRQGHVHDQHFHVDULR
6LVHHVWURSHDODSHJDWLQDRVLQRHVW£OHJLEOHVXVWLW¼\DOD
LQPHGLDWDPHQWH9HDODS£JLQDSDUDP£VLQIRUPDFLµQ

0DQWHQLPLHQWRGHSLQWXUDGHDFDEDGR
/DVP£TXLQDVVHXWLOL]DQHQHQWRUQRVFRUURVLYRVHVW£QP£V
H[SXHVWDVDOµ[LGRTXHRWUDV&RPRPHGLGDSUHYHQWLYDVH
UHFRPLHQGDUHDOL]DUWUDEDMRVGHPDQWHQLPLHQWRHQHODFDEDGRGH
ODSLQWXUDFDGDVHLVPHVHV6LWLHQHFXDOTXLHUGXGDDFHUFDGHVL
ODVFRQGLFLRQHVVRQFRUURVLYDVRQRSµQJDVHHQFRQWDFWRFRQVX
FRQFHVLRQDULR
/LPSLHSULPHURODP£TXLQD
$SOLTXH'LQRO%RXQDQWLR[LGDQWHGHFHUDWUDQVSDUHQWH
VLPLODUIRUPDQGRXQDFDSDGHದwGHHVSHVRU
6HSXHGHDSOLFDUXQDFDSDSURWHFWRUDGHSDVWDGHEDMRV'LQRO
RVLPLODUHQODSDUWHLQIHULRUGHORVJXDUGDEDUURVGRQGH
VHVXHOHSURGXFLUGHVJDVWHPHF£QLFR

3LQWXUDGHUHWRTXH
/LPSLHSULPHURODP£TXLQD
9HULILTXHVLKD\DOJ¼Q£UHDGHODFDEDGRGHSLQWXUDGD³DGD
5HFWLILTXHORVGD³RVHQODSLQWXUDGHIRUPDSURIHVLRQDO
 6HUYLFLR\PDQWHQLPLHQWR 

/LPSLH]DGHOFRPSDUWLPLHQWRGHOPRWRU
/DVP£TXLQDVTXHWUDEDMDQHQHQWRUQRVSROYRULHQWRV\FRQULHVJR
GHLQFHQGLRSHMHQODLQGXVWULDGHODPDGHUDPDQLSXODFLµQGH
DVWLOODV\PDQLSXODFLµQGHJUDQR\SLHQVRVGHDQLPDOHV
UHTXLHUHQFRQWURO\OLPSLH]DGLDULRVGHOFRPSDUWLPLHQWRGHOPRWRU
\GHODV]RQDVDG\DFHQWHV
(QHOWUDEDMRHQRWURVHQWRUQRVHVQHFHVDULRUHDOL]DUHO
PDQWHQLPLHQWR\ODOLPSLH]DXQDYH]SRUVHPDQD

$'9(57(1&,$
5LHVJRGHTXHPDGXUDV
/RVFRPSRQHQWHVGHOPRWRU\GHOVLVWHPDGHHVFDSHDOFDQ]DQ
PX\DOWDVWHPSHUDWXUDVFRQULHVJRGHJUDYHVTXHPDGXUDV
0LHQWUDVQRVHKD\DHQIULDGRHOPRWRUHYLWHHOFRQWDFWRFRQODV
WDSDVGHOFRPSDUWLPHQWRGHOPRWRUORVFRPSRQHQWHVGHOPRWRU
=RQDVTXHUHTXLHUHQFRQWURO\OLPSLH]D \HOVLVWHPDGHHVFDSH
 3DUWHVXSHULRUGHOGHSµVLWRKLGU£XOLFR
 7RPDGHDLUHPRWRUDOWHUQDGRUUHIULJHUDGR 3DUDDEULUFHUUDUHOFDSµYHDODS£JLQD
SRUDLUH 127$
 %DMRHOFDSµVHSURGXFHDFXPXODFLµQHQOD (YLWHURFLDUDJXDHQHOVLVWHPDGHJDVHVGHHVFDSH
FXELHUWDGHODVY£OYXODVGHOPRWRU\RWUDV
VXSHUILFLHVHVSHFLDOPHQWHHQVXSHUILFLHV (VDGHFXDGROLPSLDUODP£TXLQDDOILQDOGHOWXUQRGHWUDEDMR
FDOLHQWHVWDOHVFRPRHOVLOHQFLDGRUHOWXUER DQWHVGHHVWDFLRQDUOD
HOWXERGHHVFDSHHOFROHFWRUGHHVFDSHOD 8VHHTXLSRGHSURWHFFLµQSHUVRQDOWDOFRPRJDIDVGH
ERELQDGHSUHFDOHQWDPLHQWR\HODOWHUQDGRU SURWHFFLµQJXDQWHVGHSURWHFFLµQ\HTXLSRGHSURWHFFLµQ
9HDODILJXUDGHOFRPSDUWLPHQWRGHOPRWRU
UHVSLUDWRULD
&RPSUXHEH\OLPSLHWDPEL«QHOPRWRUGH
DUUDQTXHHOSXQWRGHOOHQDGRGHDFHLWHORV &RPLHQFHFRQODV]RQDVP£VDOWDV\FRQFOX\DDEDMRGHOWRGR
ILOWURVGHDFHLWH\HOILOWURGHFRPEXVWLEOH HQFLPDGHOGHSµVLWRGHFRPEXVWLEOH\HQODV]RQDVFHUFDQDV
 (VSDFLRHQWUHHOPRWRU\HOUDGLDGRU DOPLVPR
 'HWU£VGHODFXELHUWDGHOUDGLDGRU (OPDWHULDOVXHOWRVHTXLWDFRQDLUHFRPSULPLGRSRUHMHPSOR
 3XQWRGHOOHQDGRGHFRPEXVWLEOH 'HVSX«VGHODOLPSLH]DFRPSUXHEHVLKD\IXJDV\UHS£UHODV
 3DUWHVXSHULRUGHOGHSµVLWRGHFRPEXVWLEOH\ &LHUUHWRGDVODVWDSDV\FXELHUWDV
]RQDVFHUFDQDV



 6HUYLFLR\PDQWHQLPLHQWR

6XSHUILFLHVFDOLHQWHVHQHOFRPSDUWLPHQWRGHOPRWRU

9

0RWRU'-

'HSµVLWRGHDLUHFRPSULPLGRHQHOFRPSDUWLPHQWRGHO
PRWRU
HTXLSRRSFLRQDO
6HSXHGHXVDUDLUHFRPSULPLGRSDUDVLPSOLILFDUODOLPSLH]DGHO
FRPSDUWLPHQWRGHOPRWRU+D\XQDPDQJXHUDGHDLUHFRPSULPLGR
P£VXQDERTXLOODHQODFDMDGHKHUUDPLHQWDV/DPDQJXHUDWLHQH
PHWURVGHODUJR/DSUHVLµQP£[LPDHVEDUHV\HOYROXPHQ
WRWDOGHOGHSµVLWRHVGHOLWURV
127$
(ODLUHFRPSULPLGRHVVRORSDUDOLPSLDUODP£TXLQD\QRGHEH
XWLOL]DUVHSDUDLQIODUQHXP£WLFRVHWF(ODLUHFRPSULPLGRQRGHEH
XWLOL]DUVHFXDQGRHOPRWRUHVW£HQPDUFKD
3DUDXVDUHODLUHFRPSULPLGR
 $EUDHOFDSµ
 6DTXHODPDQJXHUDGHDLUHFRPSULPLGRFRQODERTXLOODGHOD
FDMDGHKHUUDPLHQWDV
 &RQHFWHODPDQJXHUDDODFRQH[LµQGHOGHSµVLWRGHDLUH
FRPSULPLGR

9

$ &RQH[LµQ
% 'HSµVLWRGHDLUH

 6HUYLFLR\PDQWHQLPLHQWR 
0RWRU 

0RWRU
1LYHOGHDFHLWHGHOPRWRUFRQWURO
&RPSUXHEHHOQLYHOGHDFHLWHFDGDKRUDVRFXDQGRDSDUH]FD
XQPHQVDMHHQODSDQWDOODYHDODS£JLQD
$OUHDOL]DUFRPSUREDFLRQHVODP£TXLQDGHEHU¯DHVWDUVREUH
WHUUHQRQLYHODGR
(OQLYHOGHEHU¯DHVWDUHQWUHODVPDUFDVGHODYDULOODGH
PHGLFLµQ

$ %

9

$ 9DULOODGHQLYHO
% 7XERGHOOHQDGR



 6HUYLFLR\PDQWHQLPLHQWR
 6LVWHPDGHFRPEXVWLEOH

6LVWHPDGHFRPEXVWLEOH
&RPEXVWLEOHOOHQDGR

$9,62
5LHVJRGHGD³RVDODP£TXLQD
5HSRVWDUHOGHSµVLWRGHFRPEXVWLEOHFRQRWURO¯TXLGRTXHQRVHD
JDVµOHRSXHGHFDXVDUGD³RVHQODP£TXLQD
1RDUUDQTXHHOPRWRUVLKDUHSRVWDGRHOGHSµVLWRFRQRWUR
FRPEXVWLEOHTXHQRVHDJDVµOHRSXUR
&DSDFLGDGGHOGHSµVLWRGHFRPEXVWLEOHDSUR[LPDGDPHQWH
OLWURVJDORQHV86
&DOLGDGGHOFRPEXVWLEOHHQODS£JLQD

$'9(57(1&,$
5LHVJRGHLQFHQGLR
(OFRPEXVWLEOHHQOODPDVSXHGHSURYRFDUOHVLRQHVPRUWDOHV
'HWHQJDHOPRWRUDQWHVGHUHSRUWDUFRPEXVWLEOH

$ % 6LHOQLYHOGHFRPEXVWLEOHHVW£EDMRVHPXHVWUDXQDLQGLFDFLµQ
GHDODUPDYHDODS£JLQD5HSRVWHDVHJXU£QGRVHGHTXHQR
HQWUDDLUHHQHOVLVWHPD
/LPSLHFXLGDGRVDPHQWHORVDOUHGHGRUHVGHODWDSDGHO
9
GHSµVLWRGHFRPEXVWLEOHDQWHVGHTXLWDUOD
$ 7DSDGHOGHSµVLWRGHFRPEXVWLEOH (YLWHGHUUDPHVDOOOHQDUc(OSROYR\ODVXFLHGDGHPSDSDGRV
% 7DSDGHOGHSµVLWRGH$G%OXHp'()VROR HQGLHVHOFRQVWLWX\HQULHVJRVGHLQFHQGLR
DSOLFDEOHDP£TXLQDVFRQPRWRU'-
(QLQYLHUQRPDQWHQJDHOGHSµVLWRGHFRPEXVWLEOHOOHQRSDUD

SUHYHQLUTXHVHIRUPHFRQGHQVDFLµQHQHOGHSµVLWR
(O$G%OXHp'()QRGHEHPH]FODUVHHQHOGHSµVLWRGLHVHO\HO
GLHVHOQRGHEHPH]FODUVHHQHOGHSµVLWRGH$G%OXHp'()
VRORDSOLFDEOHDP£TXLQDVFRQPRWRU'
3RUIDYRUFRQWDFWHFRQVXFRQFHVLRQDULRORFDO9ROYRSDUDREWHQHU
P£VLQIRUPDFLµQ

6LVWHPDGHFRPEXVWLEOHSXUJDGHDLUH
5HFRMDORVGHUUDPHVGHFRPEXVWLEOHXVDQGRXQUHFLSLHQWHRXQD
PDQJXHUDGHSO£VWLFR
 6HUYLFLR\PDQWHQLPLHQWR 
6LVWHPDGHFRPEXVWLEOH 
3XHGHVHUQHFHVDULRKDFHUODSXUJDGHDLUHPDQXDOPHQWHVL
 6HKDQUHDOL]DGRWUDEDMRVGHVHUYLFLRHQHOVLVWHPDGH
FRPEXVWLEOH
 (OPRWRUVHKDTXHGDGRVLQFRPEXVWLEOH
127$
/DSXUJDGHDLUHQRVHSXHGHUHDOL]DUFRQHOPRWRUGHDUUDQTXH
$EUDHOFDSµYHDODS£JLQD
$SDJXHODDOLPHQWDFLµQHO«FWULFDSULQFLSDOFRQHOGHVFRQHFWDGRU
GHEDWHU¯D
127$
/DSXUJDGHDLUHQRVHSXHGHUHDOL]DUFRQHOPRWRUGHDUUDQTXH
&RPSUXHEHSULPHURTXHKD\VXILFLHQWHFRPEXVWLEOHHQHO
GHSµVLWR
127$
$VHJ¼UHVHGHTXHODERPEDPDQXDOQRHVW«VXMHWDDHVIXHU]RV
GHIOH[LµQ
3UHVLRQHKDFLDDEDMR\JLUHHOPDQJRHQVHQWLGRFRQWUDULRDOGH
ODVDJXMDVGHOUHORMSDUDTXHWHUPLQHHQODSRVLFLµQGHERPEHR
%RPEHHDSUR[YHFHVFRQODERPEDGHPDQRKDVWD
QRWDUUHVLVWHQFLD\KDVWDTXHVHHVFXFKHXQFOLFGHODY£OYXOD
9 HQHOVRSRUWHGHOILOWURGHFRPEXVWLEOH
%RPEDPDQXDOHQFDEH]DGHOILOWUR %ORTXHHODERPEDPDQXDOSUHVLRQ£QGRODKDFLDDEDMR\
 JLU£QGRODHQVHQWLGRKRUDULRSDUDSDUDU
$FWLYHODFRUULHQWHHO«FWULFDSULQFLSDOFRQHOGHVFRQHFWDGRUGH
EDWHU¯D$UUDQTXHHOPRWRU%RPEHHFRQODERPEDPDQXDOVLHO
PRWRUQRDUUDQFDWUDVVHJXQGRV
7
7UDVHODUUDQTXHFRPSUXHEHVLKD\IXJDV
127$
/DERPEDPDQXDOQRVHSXHGHXVDUFXDQGRHOPRWRUHVW£HQ
PDUFKD
'HMHHOPRWRUDUDOHQW¯GXUDQWHPLQXWRVDQWHVGHDXPHQWDU
ODVUSPSDUDYHQWLODUHOUHVWRGHDLUH
127$
1RDXPHQWHHOU«JLPHQGHOPRWRUSXHVWRTXHSXHGHHQWUDUDLUH
HQHOVLVWHPDORFXDOUHVXOWDU£HQIDOORVGHHQFHQGLGR
3XHGHKDEHUHQWUDGRDLUHHQORVFDQDOHVGHODFXODWDVLHOPRWRU
QRDUUDQFDRVLDUUDQFD\DOFDERGHSRFRWLHPSRVHYXHOYHD
SDUDU(VWRWDPEL«QSXHGHRFXUULUSRUHMHPSORDOVXVWLWXLU
LQ\HFWRUHVERPED

&RQHFWHXQDPDQJXHUDWUDQVSDUHQWHHQHOUDFRUGHSXUJD
VLWXDGRHQODSDUWHGHODQWHUDGHODFXODWD
$EUDHOFDSXFKµQGHOGHSµVLWR\FRORTXHODPDQJXHUDHQHO
WXERGHOOHQDGR
$EUDHOUDFRU\ERPEHHFRQODERPEDPDQXDOKDVWDTXHHO
FRPEXVWLEOHHVW«OLEUHGHEXUEXMDVGHDLUH
&LHUUHHOUDFRUVDTXHODPDQJXHUD\FRORTXHHOFDSXFKµQGHO
GHSµVLWR
%ORTXHHHOPDQJRGHODERPEDHLQWHQWHDUUDQFDUGHQXHYR
'HVHFKHORVILOWURVDFHLWHV\IOXLGRVGHIRUPDVHJXUDSDUDHO
PHGLRDPELHQWH9HDODS£JLQD
 6HUYLFLR\PDQWHQLPLHQWR
 6LVWHPDGHFRPEXVWLEOH
6HSDUDGRUGHDJXD
9DF¯HODWUDPSDGHDJXDFXDQGRHQSDQWDOODVHPXHVWUHXQ
PHQVDMHYHDODS£JLQD
127$
c1RXVHODERPEDPDQXDOSDUDYDFLDUHOVHSDUDGRUGHDJXD
 ,QWURGX]FDHOH[WUHPRGHODPDQJXHUDHQXQFRQWHQHGRU
 $IORMHHOUDFRUGHYDFLDGRKDVWDTXHVHYHDQEXUEXMDVGHDLUH
HQHOVHSDUDGRUGHDJXD
 9DF¯DKDVWDTXHVDOJDFRPEXVWLEOHOLPSLRGHODPDQJXHUD\
KDVWDTXHWRGDHODJXDKD\DGHVDSDUHFLGR
 $SULHWHHOUDFRUGHYDFLDGRGHVSX«VGHOYDFLDGR
'HVHFKHORVILOWURVDFHLWHV\IOXLGRVGHIRUPDVHJXUDSDUDHO
PHGLRDPELHQWH9HDODS£JLQD

$ % &

9

$ 0DQJXHUD
% 5DFRUGHYDFLDGR
& 6HSDUDGRUGHDJXD


$G%OXHp'()OOHQDGR
127$
6RORVHDSOLFDDP£TXLQDVFRQPRWRU'-
 6HUYLFLR\PDQWHQLPLHQWR 
6LVWHPDGHFRPEXVWLEOH 
$9,62
5LHVJRGHGD³RVDODP£TXLQD
5HOOHQDUO¯TXLGRVFRQDOJRGLVWLQWRDORHVSHFLILFDGRHQHVWH
PDQXDOSRGU¯DFDXVDUGD³RVSHUPDQHQWHVDOVLVWHPDGHO
FDWDOL]DGRU
8VHVRORORVO¯TXLGRVHVSHFLILFDGRVHQHVWHSURFHGLPLHQWRSDUD
UHOOHQDU

$9,62
5LHVJRGHGD³RVDODP£TXLQD
(O$G%OXHp'()HVDOWDPHQWHFRUURVLYR6LHOGHSµVLWRVHOOHQD
H[FHVLYDPHQWHHVSRVLEOHTXHVHSURGX]FDXQDIXJDGH
$G%OXHp'()DWUDY«VGHOWXERGHYHQWLODFLµQGHDLUH6LHO
GHSµVLWRVHOOHQDH[FHVLYDPHQWH\HOO¯TXLGRVHFRQJHODHO
GHSµVLWR\ODVPDQJXHUDVSXHGHQTXHGDUSHUPDQHQWHPHQWH
GD³DGRV
$ % 1ROOHQHHOGHSµVLWRH[FHVLYDPHQWH'HMHVLHPSUHGHYHUWHU
FXDQGRHOO¯TXLGRDOFDQFHODOXPEUHUDGHOOHQDGRRFXDQGROD
ERTXLOODGHOOHQDGRDXWRP£WLFRVHFLHUUH

9 $9,62
$ 7DSDGHOGHSµVLWRGHFRPEXVWLEOH 5LHVJRGHGD³RVDODP£TXLQD
% 7DSDGHOGHSµVLWRGH$G%OXHp'() 8QILOWURGH$G%OXHp'()REWXUDGRSXHGHSURYRFDUGLILFXOWDGHV
 DOOOHQDUHOGHSµVLWR
9HUWHU$G%OXHp'()HQHOGHSµVLWRFRQXQILOWURGD³DGRRVLQXQ
ILOWURHQVXOXJDUSXHGHFRQWDPLQDUHOO¯TXLGR$G%OXHp'()\
GD³DUJUDYHPHQWHHOVLVWHPDGHSRVWUDWDPLHQWR
(VSRVLEOHTXHVHDQHFHVDULRUHWLUDUOLPSLDU\YROYHUDFRORFDUHO
ILOWURHQVXOXJDUDQWHVGHOOHQDU1XQFDGD³HHOILOWURRYLHUWD
$G%OXHp'()VLQHOILOWURHQVXOXJDU'LU¯MDVHDVXFRQFHVLRQDULR
ORFDO9ROYRSDUDREWHQHUDVLVWHQFLD
127$
1ROOHQHFRQQLQJ¼QRWURO¯TXLGRQRHVSHFLILFDGRHQOD,62
1RUHFRPHQGDPRVUHXWLOL]DU$G%OXHp'()YDFLDGR
GHELGRDOULHVJRGHLPSXUH]DV
'HSµVLWRGH$G%OXHp'()YROXPHQDSUR[LPDGDPHQWHOLWURV
86JDO
&DOLGDGGHO$G%OXHp'()YHDODS£JLQD
&XDQGRKD\XQQLYHOEDMRGH$G%OXHp'()VHPXHVWUDXQD
LQGLFDFLµQGHDODUPDYHDODS£JLQD/OHQHHOGHSµVLWRGH

$G%OXHp'()FRQ$G%OXHp'()
127$
(OHTXLSRGHOOHQDGRGH$G%OXHp'()GHEHHVWDUGHVWLQDGRSDUD
XQIOXMRP£[LPRGHOLWURVPLQXWR\VHUDMXVWDEOHDXQIOXMR
LQIHULRUDOLWURVPLQXWR(QFDVRGHFXDOTXLHUSUREOHPDGH
OOHQDGR\VLHVWRVSUREOHPDVFRQWLQ¼DQWUDVKDEHUOLPSLDGRHO
ILOWURGHOOHQDGRYHDHOPDQXDOGHOXVXDULRSDUDHOHTXLSRGH
OOHQDGR\WRPHODVPHGLGDVQHFHVDULDV
127$
/LPSLHHOUHFLSLHQWHGHGHUUDPHWUDVYHUWHU$G%OXHp'()
(O$G%OXHp'()QRHVW£FODVLILFDGRFRPRXQDVXVWDQFLD
SHOLJURVDSHURDXQDV¯GHEHU¯DPDQLSXODUVHFRQFXLGDGR(V
PX\FRUURVLYR
(QFDVRGHFRQWDFWRFRQODSLHOODYHDIRQGRFRQDJXD
(QFDVRGHFRQWDFWRFRQORVRMRVHQMX£JXHORVDIRQGRGXUDQWH
YDULRVPLQXWRV&RQWDFWHFRQXQP«GLFRVLHVQHFHVDULR
 6HUYLFLR\PDQWHQLPLHQWR
 6LVWHPDGHFRPEXVWLEOH
(QFDVRGHLQKDODFLµQUHVSLUHDLUHIUHVFR\FRQWDFWHFRQXQ
P«GLFRVLHVQHFHVDULR
(QFDVRGHLQJHVWLµQEHEDDJXD\FRQWDFWHFRQXQP«GLFR
1RSHUPLWDTXHHO$G%OXHp'()HQWUHHQFRQWDFWRFRQRWURV
TX¯PLFRV
(O$G%OXHp'()QRHVFRPEXVWLEOH6LHO$G%OXHp'()VH
H[SRQHDDOWDVWHPSHUDWXUDVVHGHVFRPSRQGU£HQDPRQ¯DFR
\GLµ[LGRGHFDUERQR
(O$G%OXHp'()QRSXHGHPH]FODUVHHQHOGHSµVLWRGHGLHVHO
\HOGLHVHOQRSXHGHPH]FODUVHHQHOGHSµVLWRGH$G%OXHp
'()
3DUDGLVWULEXFLµQGH$G%OXHp'()VRORY£OLGRHQHOPHUFDGRGH
((88
6HUYLFLRGHDWHQFLµQDOFOLHQWHGH9ROYR&(
KRUDULRGHRILFLQD
ZZZYROYRFHFRPIXHUDGHOKRUDULRGHRILFLQD
3DUDODGLVWULEXFLµQGH$G%OXHp'()WRGRVORVGHP£V
PHUFDGRVFRQWDFWHFRQVXFRQFHVLRQDULRORFDO9ROYRSDUD
REWHQHUP£VLQIRUPDFLµQ
 6HUYLFLR\PDQWHQLPLHQWR 
)LOWURGHDLUHGHOPRWRU 

)LOWURGHDLUHGHOPRWRU
(OJUDGRGHGHVJDVWHGHOPRWRUGHSHQGHHQRUPHPHQWHGHOD
OLPSLH]DGHODLUHGHDGPLVLµQ(OILOWURGHDLUHHYLWDTXHHOSROYR\
RWUDVLPSXUH]DVHQWUHQHQHOPRWRU3RUORWDQWRHVPX\
LPSRUWDQWHTXHVHFRPSUXHEHHOILOWURGHDLUHFRQUHJXODULGDG\
VHPDQWHQJDFRUUHFWDPHQWH

9


)LOWURSULPDULRGHOILOWURGHDLUHGHOPRWRU
OLPSLH]D
(OILOWURGHEHOLPSLDUVHFXDQGRVHPXHVWUDHQSDQWDOODXQWH[WRGH
DODUPDGHILOWURGHDLUHREWXUDGRRGHVSX«VGHXQD³R
(OILOWURVHSXHGHOLPSLDUVHJ¼QODVLQVWUXFFLRQHVGHXQWDOOHU
DXWRUL]DGRSRU9ROYR6LQHPEDUJRGHVSX«VGHXQP£[LPRGH
FLQFROLPSLH]DVRVLHOILOWURHVW£GD³DGRGHEHFDPELDUVH
127$
0DUTXHHOQ¼PHURGHYHFHVTXHHOILOWURVHKDOLPSLDGRHQOD
SHJDWLQDGHOH[WUHPRGHOILOWURVHFXQGDULR
'XUDQWHODOLPSLH]DGHOILOWURGHEHOLPSLDUVHWDPEL«QODWDSD
GHOILOWURGHDLUHSXHVWRTXHHVWDIXQFLRQDFRPRUHFLSLHQWHGH
SDUW¯FXODVTXHQRVHKDQDGKHULGRDOILOWUR

&RPSUXHEHODHVWDQTXHLGDGGHWRGDVODVFRQH[LRQHVGHODV
PDQJXHUDV\WXERVHQWUHHOILOWURGHDLUH\HOFROHFWRUGH
DGPLVLµQGHOPRWRU&RPSUXHEH\DSULHWHODVDEUD]DGHUDVGH
PDQJXHUD
6LHOWH[WRGHDODUPDFRQWLQ¼DGHVSX«VGHODOLPSLH]DFRQWDFWH
)LOWURSULPDULRSULQFLSDO FRQXQWDOOHUDXWRUL]DGR

%DMRQLQJXQDFLUFXQVWDQFLDSRQJDHQPDUFKDHOPRWRUVLQXQILOWUR
RFRQXQILOWURGD³DGR
'LVSRQJDVLHPSUHGHXQILOWURGHUHFDPELR\PDQWHQJDHOILOWUR
ELHQSURWHJLGRGHODVXFLHGDG
 6HUYLFLR\PDQWHQLPLHQWR
 )LOWURGHDLUHGHOPRWRU
)LOWURGHDLUHHQED³RGHDFHLWH
HTXLSRRSFLRQDO
127$
(OILOWURGHDLUHHQED³RGHDFHLWHVRORVHSXHGHXVDUMXQWRFRQHO
ILOWURHVW£QGDU
(OILOWURGHDLUHHQED³RGHDFHLWHHVW£PRQWDGRHQVHULHFRQHO
ILOWURHVW£QGDU/DFDSDFLGDGGHOLPSLH]DGHOILOWURGHDLUHHQED³R
GHDFHLWHHVW£HQWUHORFXDOSU£FWLFDPHQWHVLJQLILFDTXH
HOILOWURHVW£QGDUIXQFLRQDU£FRPRILOWURVHFXQGDULR

9


)LOWURGHDLUHHQED³RGHDFHLWHFRQWURO
&RPSUXHEHHODFHLWHHQODFXEHWDFDGDKRUDVP£VDPHQXGR
FXDQGRVHDQHFHVDULR
 3RQJDODP£TXLQDHQODSRVLFLµQGHVHUYLFLRVHJ¼QODS£JLQD

 (VSHUHPLQXWRVSDUDTXHHODFHLWHSDVHDOGHSµVLWRGH
DFHLWH
 $IORMHHOGHSµVLWRGHDFHLWHFRQHOFDUWXFKRGHILOWURLQIHULRU\
UHW¯UHOR
 &RPSUXHEHODFDOLGDGGHODFHLWH(ODFHLWHGHEHU¯DFDPELDUVH
VLFRQWLHQHORGR\HVHVSHVR&RQWDFWHFRQXQWDOOHUDXWRUL]DGR
SRU9ROYR
 &RPSUXHEHHOODGRLQIHULRUGHOFDUWXFKRGHILOWUR(ODFHLWH
GHEHU¯DFDPELDUVHVLKD\GHSµVLWRVGHORGR&RQWDFWHFRQXQ
WDOOHUDXWRUL]DGRSRU9ROYR
 0RQWHGHQXHYRHOGHSµVLWRGHDFHLWH
 6HUYLFLR\PDQWHQLPLHQWR 
6LVWHPDGHUHIULJHUDFLµQ 

6LVWHPDGHUHIULJHUDFLµQ
5HIULJHUDQWH
(OVLVWHPDGHUHIULJHUDFLµQHVW£OOHQRGHUHIULJHUDQWH9ROYR9&6
TXHFXPSOHFRQORVP£VHOHYDGRVUHTXLVLWRVGHSURWHFFLµQFRQWUD
ODFRQJHODFLµQODSURWHFFLµQ\ODFDYLWDFLµQ3DUDLPSHGLUORV
GD³RVDOPRWRUHVPX\LPSRUWDQWHTXHVHXVHUHIULJHUDQWH9ROYR
9&6FXDQGRVHUHOOHQHRVHFDPELHHOUHIULJHUDQWH
(OUHIULJHUDQWH9ROYR9&6HVDPDULOOR\XQDSHJDWLQDHQODWDSD
GHOPRWRULQGLFDTXHHOVLVWHPDHVW£OOHQRFRQHVWHUHIULJHUDQWH
YHDODILJXUD

$9,62
 5LHVJRGHGD³RVDODP£TXLQD
0H]FODUUHIULJHUDQWHV\DQWLFRUURVLYRVSRGU¯DGD³DUHOPRWRU
8WLOLFHVROR9ROYR&RRODQW9&6FXDQGROOHQHHOVLVWHPDGH
UHIULJHUDQWH
6LVHXVDUHIULJHUDQWHFRQFHQWUDGR9ROYR&RRODQW9&6\DJXD
OLPSLDYHDODS£JLQDODWDEODVLJXLHQWHPXHVWUDODFDQWLGDG
DSUR[LPDGDGHUHIULJHUDQWHFRQFHQWUDGRQHFHVDULDSDUDOD
SURWHFFLµQFRQWUDODFRQJHODFLµQ(OFRQWHQLGRGHUHIULJHUDQWH
9ROYR&RRODQW9&6FRQFHQWUDGRQRGHEHVHUQXQFDLQIHULRUDO
GHODPH]FODWRWDO
6LQRHVW£VHJXURGHODFDOLGDGGHODJXDXVHHOUHIULJHUDQWH9ROYR
9&6\DPH]FODGRTXHFRQWLHQHHOGHUHIULJHUDQWH
FRQFHQWUDGR

3URWHFFLµQFRQWUDOD &RQWHQLGRGHUHIULJHUDQWH
FRQJHODFLµQKDVWD FRQFHQWUDGR
ದr&ದr) PH]FODGHI£EULFD
ದr&ದr) 
ದr&ದr) 

'HVHFKHORVILOWURVDFHLWHV\IOXLGRVGHIRUPDVHJXUDSDUDHO
PHGLRDPELHQWH9HDODS£JLQD


 6HUYLFLR\PDQWHQLPLHQWR
 6LVWHPDGHUHIULJHUDFLµQ
1LYHOGHOUHIULJHUDQWHFRQWURO
127$
/DWDSDVHKDFDPELDGRGHFRORUGHDPDULOORDQHJURSHUROD
HVSHFLILFDFLµQFRQWLQ¼DVLHQGRODPLVPDYHDODS£JLQD
&RPSUXHEHHOQLYHOGHUHIULJHUDQWHFDGDKRUDVRFXDQGR
DSDUH]FDXQPHQVDMHHQODSDQWDOOD
(OQLYHOGHEHU£HQFRQWUDUVHHQWUHODVPDUFDVP£[LPD\P¯QLPD
GHOGHSµVLWRGHH[SDQVLµQ
'HEHU¯DYHUWHUVHUHIULJHUDQWHSRUHOUDFRUGHOOHQDGRSHURWDPEL«Q
SXHGHYHUWHUVHHQHOGHSµVLWRGHH[SDQVLµQ

9


5DGLDGRUOLPSLH]D
(OUDGLDGRUGHEHOLPSLDUVHDLQWHUYDORVUHJXODUHVSDUD
VDOYDJXDUGDUODUHIULJHUDFLµQGHOPRWRU&XDQGRRSHUHHQ
FRQGLFLRQHVHVSHFLDOPHQWHSROYRULHQWDVHOUDGLDGRUGHEHVHU
FRPSUREDGRGLDULDPHQWH
127$
/LPSLHVLHPSUHHOHQIULDGRUGHDFHLWHKLGU£XOLFR\HOFRQGHQVDGRU
DOPLVPRWLHPSRTXHOLPSLDHOHQIULDGRUYHDDFRQWLQXDFLµQ
 6HUYLFLR\PDQWHQLPLHQWR 
6LVWHPDGHUHIULJHUDFLµQ 

$'9(57(1&,$
5LHVJRGHDSODVWDPLHQWR\FRUWHV
/DVSLH]DVJLUDWRULDVSXHGHQFDXVDUOHVLRQHVJUDYHV
$SDJXHHOPRWRUDQWHVGHOLPSLDUODP£TXLQDRFXDOTXLHU
$ FRPSRQHQWHGHODPLVPD
% 127$
(OFRQGHQVDGRUHOQ¼FOHRGHOUDGLDGRU\HOHQIULDGRUGHDFHLWH
( KLGU£XOLFRSXHGHQGD³DUVHVLQRVHPDQHMDQFRQFXLGDGR
& 0DQWHQJDXQDGLVWDQFLDGHSRUORPHQRVFPSXOJDO
OLPSLDUFRQXQGLVSRVLWLYRGHODYDGRDDOWDSUHVLµQ
 $EUDODFDUFDVDGHOUDGLDGRU
 *LUHKDFLDIXHUDHOHQIULDGRUGHDFHLWHKLGU£XOLFR\HO
FRQGHQVDGRUXQSDVDGRUGHEORTXHRORVEORTXHDHQOD
) SRVLFLµQJLUDGDKDFLDIXHUD
 $EUDODDGPLVLµQGHDLUHWDQWRODGHOODGRGHUHFKRFRPRODGHO
ODGRL]TXLHUGR
 6RSOHHOUDGLDGRUDWUDY«VGHODDEHUWXUDGHDGPLVLµQGHDLUH
GHOODGRGHUHFKRHL]TXLHUGR
 6RSOH\OLPSLHHOHQIULDGRUGHDFHLWHKLGU£XOLFR\HO
FRQGHQVDGRUGHVGHGHQWUR\IXHUD
 (PSXMHKDFLDDUULEDHOSDVDGRUGHEORTXHRJLUHKDFLDGHQWUR
HOHQIULDGRUGHDFHLWHKLGU£XOLFR\HOFRQGHQVDGRU\EORTX«HORV
9 ' HQVXOXJDU
 &LHUUHODFDUFDVDGHOUDGLDGRUWUDVODOLPSLH]D
$ &DUFDVDGHOUDGLDGRU
 &RPSUXHEH\OLPSLHHOH[WHULRUGHODFDUFDVDGHOUDGLDGRU
% &RQGHQVDGRU
& (QIULDGRUGHDFHLWHKLGU£XOLFR
' $GPLVLµQGHDLUHDDPERVODGRV
( 5DGLDGRU
) 3DVDGRUGHEORTXHR

9HQWLODGRUUHYHUVLEOHOLPSLH]D
(QXQHQWRUQRPX\VXFLRHVFRQYHQLHQWHOLPSLDUIUHFXHQWHPHQWH
HOUDGLDGRU6LODP£TXLQDHVW£HTXLSDGDFRQXQYHQWLODGRUGH
UHIULJHUDFLµQUHYHUVLEOHVHDMXVWDXQLQWHUYDORGHVSX«VGHOFXDO
FDPELDWHPSRUDOPHQWHHOVHQWLGRGHURWDFLµQGHOYHQWLODGRUSDUD
OLPSLDUHOUDGLDGRU
127$
3DUDTXHSXHGDLQYHUWLUVHHOYHQWLODGRUHVQHFHVDULRTXHOD
WHPSHUDWXUDGHODFHLWHKLGU£XOLFRVHDPD\RUGHr&

3DUDFRPSUREDUHODMXVWHGHOYHQWLODGRUGHUHIULJHUDFLµQ
UHYHUVLEOHYHDHOPHQ¼HQODSDQWDOODHQODS£JLQD
(ODMXVWHVHKDFHFRQHOWHFODGREDMRHOPHQ¼0RWRUHQODS£JLQD

 6HUYLFLR\PDQWHQLPLHQWR
 6LVWHPDHO«FWULFR

6LVWHPDHO«FWULFR
&RPSUXHEHGLDULDPHQWHODVOXFHVGHGHVSOD]DPLHQWR\ODVOXFHV
GHWHVWLJR

%DWHU¯DV
/DVEDWHU¯DVVRQGRVEDWHU¯DVGH9FRQHFWDGDVHQVHULH
GDQGRXQDWHQVLµQGHOVLVWHPDGH9

9


,QWHUUXSWRUGHEDWHU¯D
(OGHVFRQHFWDGRUGHEDWHU¯DHVW£VLWXDGRHQHOLQWHULRUGHOD
FXELHUWDEDMRORVSHOGD³RVGHOODGRL]TXLHUGRGHODP£TXLQDMXQWR
DOLQWHUUXSWRUSDUDRSHUDUHOFDSµ6LODP£TXLQDVHYDDGHMDU
GHVDWHQGLGDGXUDQWHDOJ¼QWLHPSRHOGHVFRQHFWDGRUGHEDWHU¯D
GHEHU¯DDSDJDUVH

9

'HVFRQHFWDGRUGHEDWHU¯D

 6HUYLFLR\PDQWHQLPLHQWR 
6LVWHPDHO«FWULFR 
%DWHU¯DVPDQWHQLPLHQWR

$'9(57(1&,$
5LHVJRGHTXHPDGXUDVTX¯PLFDV
(OHOHFWUROLWRGHODEDWHU¯DFRQWLHQH£FLGRVXOI¼ULFRFRUURVLYRTXH
SRGU¯DFDXVDUJUDYHVTXHPDGXUDVTX¯PLFDV
6LGHUUDPDHOHFWUROLWRHQODSLHOGHVQXGDTX¯WHORLQPHGLDWDPHQWH
\ODYHOD]RQDDIHFWDGDFRQDJXD\MDEµQHQDEXQGDQFLD6LOH
VDOSLFDHQORVRMRVRHQFXDOTXLHURWUDSDUWHVHQVLEOHGHOFXHUSR
HQMXDJXHFRQDJXDHQDEXQGDQFLD\DFXGDLQPHGLDWDPHQWHDXQ
P«GLFR
/DVEDWHU¯DVVRQOLEUHVGHPDQWHQLPLHQWR
 &RPSUXHEHORVWHUPLQDOHVGHFDEOHV\ORVERUQHVGHODEDWHU¯D
FDGDKRUDV/RVWHUPLQDOHVGHFDEOH\ORVERUQHVGH
EDWHU¯DGHEHQOLPSLDUVHELHQ\HQJUDVDUVHH[WHUQDPHQWHSRU
HMHPSORFRQYDVHOLQDFRPRSURWHFFLµQFRQWUDODFRUURVLµQ

%DWHU¯DVFDUJD

$'9(57(1&,$
5LHVJRGHOHVLRQHVJUDYHV
/RVFRUWRFLUFXLWRVOODPDVDELHUWDVRFKLVSDVFHUFDGHXQDEDWHU¯D
SXHGHQSURYRFDUXQDH[SORVLµQ
'HVDFWLYHODFRUULHQWHGHFDUJDDQWHVGHGHVFRQHFWDUODV
DEUD]DGHUDVGHOFDEOHGHFDUJD1XQFDFDUJXHXQDEDWHU¯DFHUFD
GHOODPDVDELHUWDVRFKLVSDV&DUJXHVLHPSUHXQDEDWHU¯DHQ
£UHDVELHQYHQWLODGDV

 $'9(57(1&,$
5LHVJRGHTXHPDGXUDVTX¯PLFDV
(OHOHFWUROLWRGHODEDWHU¯DFRQWLHQH£FLGRVXOI¼ULFRFRUURVLYRTXH
SRGU¯DFDXVDUJUDYHVTXHPDGXUDVTX¯PLFDV
6LGHUUDPDHOHFWUROLWRHQODSLHOGHVQXGDTX¯WHORLQPHGLDWDPHQWH
\ODYHOD]RQDDIHFWDGDFRQDJXD\MDEµQHQDEXQGDQFLD6LOH
VDOSLFDHQORVRMRVRHQFXDOTXLHURWUDSDUWHVHQVLEOHGHOFXHUSR
HQMXDJXHFRQDJXDHQDEXQGDQFLD\DFXGDLQPHGLDWDPHQWHDXQ
P«GLFR
 &RQHFWHHOFDUJDGRU
127$

/DWHQVLµQGHFDUJDGHEHVHUODPLVPDTXHODWHQVLµQGHODEDWHU¯D
9R9
 &DUJXHDPEDVEDWHU¯DVDOPLVPRQLYHO
 'HVFRQHFWHHOFDUJDGRUDQWHVGHDUUDQFDU

6ROGDGXUD
127$
6RORXQVROGDGRUFXDOLILFDGRSXHGHUHDOL]DUWUDEDMRVGHVROGDGXUD
HQODP£TXLQD
6HGHEHU¯DQDGRSWDUODVVLJXLHQWHVDFFLRQHVDQWHVGHHPSH]DU
WUDEDMRVGHVROGDGXUDHO«FWULFDHQODP£TXLQDRHQORV
LPSOHPHQWRVFRQHFWDGRVDODP£TXLQD
 $SDJXHODDOLPHQWDFLµQHO«FWULFDFRQHOGHVFRQHFWDGRUGH
EDWHU¯D
 6HUYLFLR\PDQWHQLPLHQWR
 6LVWHPDHO«FWULFR
 'HVFRQHFWHODVEDWHU¯DVHPSLHFHSRUHOERUQHQHJDWLYR\D
FRQWLQXDFLµQHOERUQHSRVLWLYR
 'HVHQFKXIHODVXQLGDGHVHOHFWUµQLFDV3DUDREWHQHUP£V
LQIRUPDFLµQFRQWDFWHFRQXQWDOOHUDXWRUL]DGRSRU9ROYR
 &RQHFWHODFRQH[LµQGHPDVDGHOHTXLSRGHVROGDGXUDORP£V
FHUFDSRVLEOHGHOSXQWRGHVROGDGXUD\DVHJ¼UHVHGHTXHOD
FRUULHQWHQRSDVDDWUDY«VGHXQFRMLQHWH
9HDWDPEL«QODS£JLQD

)DURVDMXVWH
(OUHJODMHGHORVIDURVWLHQHXQDLPSRUWDQFLDHVHQFLDOSDUDQR
GHVOXPEUDU/RVIDURVSULQFLSDOHVVRQGHOWLSRDVLP«WULFRGH
PRGRTXHHVQHFHVDULRDMXVWDUORVFRQXQFXLGDGRH[WUD
&RORTXHODP£TXLQDTXHQRGHEHU£OOHYDUFDUJDHQVXHORSODQR
\DXQ£QJXORUHFWRFRQXQDSDUHGRVLPLODU
$MXVWHHOO¯PLWHGHOX]RVFXULGDG+FRQODOX]GHFUXFHHQFHQGLGD
DODGLVWDQFLD/GHORVIDURV&RPSUXHEHODGLVWDQFLD<HQWUH
ORVKDFHVGHOX]FRQODVOXFHVODUJDVFRQHFWDGDV/DGLVWDQFLD
GHEHU£VHUODPLVPDTXHHQWUHORVIDURVGHODP£TXLQD
0HGLFLRQHVGHDMXVWH
/+/+
/ PPSXOJ
+ PXOWLSOLFDGRSRUPPSXOJ5
< PPSXOJ
; PPSXOJ
5 'LVWDQFLDGHOVXHORDOFHQWURGHOFXERGHODUXHGDGHODQWHUD
/+
 / PPSXOJ
+ PXOWLSOLFDGRSRUPPSXOJ5
< PPSXOJ
; PPSXOJ
5 'LVWDQFLDGHOVXHORDOFHQWURGHOFXERGHODUXHGDGHODQWHUD
/+
/ PPSXOJ
+ PXOWLSOLFDGRSRUPPSXOJ5
< PPSXOJ
; PPSXOJ
5 'LVWDQFLDGHOVXHORDOFHQWURGHOFXERGHODUXHGDGHODQWHUD

5HO«V\IXVLEOHV
/RVUHO«V\IXVLEOHVVHHQFXHQWUDQHQODFDMDGHIXVLEOHV\UHO«V
GHWU£VGHODVLHQWRGHOFRQGXFWRU\VHDFFHGHDHOORVDEULHQGROD
WDSDGHODFDMD8QDSHJDWLQDHQHOLQWHULRUGHODWDSDPXHVWUDORV
FRQVXPLGRUHVGHFRUULHQWHFRQHFWDGRVDORVUHO«V\IXVLEOHV
FRUUHVSRQGLHQWHV
1RLQVWDOHQXQFDXQUHO«GHPD\RUDPSHUDMHGHOLQGLFDGRHQOD
SHJDWLQDULHVJRGHGD³RVRLQFHQGLRHQODWDUMHWDGHFLUFXLWR
LPSUHVR
6LVXUJHXQIDOORHQXQUHO«VHSXHGHUHPHGLDUHVWR
WHPSRUDOPHQWHFDPELDQGRHOUHO«HVWURSHDGRSRURWURTXHWHQJD
XQDIXQFLµQGHPHQRULPSRUWDQFLD
 6HUYLFLR\PDQWHQLPLHQWR 
6LVWHPDHO«FWULFR 
%RPELOODVXVWLWXFLµQ
6XVWLWXFLµQGHERPELOODV+,&
/RVFDPELRVGHERPELOODVXRWURVWLSRVGHWUDEDMRHQODVOXFHVGH
WUDEDMRGHEHU¯DQVHUUHDOL]DGRVSRUXQWDOOHUDXWRUL]DGRSRU9ROYR

$9,62
5LHVJRGHSHOLJURPHGLRDPELHQWDO
/DVERPELOODVSXHGHQFRQWHQHUTX¯PLFRVSHOLJURVRV\SURYRFDU
XQULHVJRPHGLRDPELHQWDO
6LJDODVSDXWDVPHGLRDPELHQWDOHVORFDOHVDOGHVHFKDUERPELOODV
1RWLUHERPELOODVDODEDVXUDQRUPDO

$'9(57(1&,$
5LHVJRGHSHOLJURWµ[LFR
(OFRQWDFWRFRQTX¯PLFRVFRQWHQLGRVHQERPELOODVSRGU¯D
SURYRFDUXQDH[SRVLFLµQDTX¯PLFRVSHOLJURVRV
8WLOLFHVLHPSUHHTXLSRGHSURWHFFLµQSHUVRQDODOPDQLSXODU
ERPELOODV
/XFHVGHWUDEDMRMXQWRDOWHFKRGHODFDELQD+,'
/RVLJXLHQWHHVGHDSOLFDFLµQVLODP£TXLQDWLHQHODVOXFHVGH
WUDEDMRRSFLRQDOHVFRQERPELOODVGHWLSR+,'O£PSDUDGH
GHVFDUJDGHJDVGHDOWDLQWHQVLGDG

$'9(57(1&,$
c5LHVJRGHTXHPDGXUDV
/DVSDUWHVFDOLHQWHVGHODP£TXLQDSXHGHQFDXVDUTXHPDGXUDV
3HUPLWDTXHODVSDUWHVFDOLHQWHVGHODP£TXLQDVHHQIU¯HQDQWHV
GHUHDOL]DUDMXVWHVRVHUYLFLR8WLOLFHHTXLSRGHSURWHFFLµQ
SHUVRQDO


 6HUYLFLR\PDQWHQLPLHQWR
 7UDQVPLVLµQ

7UDQVPLVLµQ
$FHLWHGHODWUDQVPLVLµQFRQWUROGHOQLYHO
&RPSUXHEHHOQLYHOGHDFHLWHGHXQDP£TXLQDFDOLHQWHFDGD
KRUDVRFXDQGRDSDUH]FDXQPHQVDMHHQODSDQWDOODYHDOD
S£JLQD
$OFRPSUREDUODP£TXLQDGHEHU¯DHVWDUVREUHWHUUHQRQLYHODGR
FRQHOVHOHFWRUGHPDUFKDVHQSXQWRPXHUWR\HOIUHQRGH
HVWDFLRQDPLHQWRDSOLFDGR
7DPEL«QHVSRVLEOHFRPSUREDUHOQLYHODQWHVGHDUUDQFDUHOPRWRU
DFHLWHIU¯R(OQLYHOGHEHU¯DHVWDUHQWUHODVPDUFDVGH$OWR\%DMR
HQODSDUWHVVXSHULRUGHODPLULOOD
$OFRPSUREDUHODFHLWHFRQHOPRWRUHQPDUFKD\ODP£TXLQDD
WHPSHUDWXUDGHIXQFLRQDPLHQWRHOQLYHOGHEHU¯DHVWDUHQWUHODV
PDUFDVGH$OWR\%DMRHQODSDUWHLLQIHULRUGHODPLULOOD
(ODFHLWHVHOOHQDSRUHOWXERGHOOHQDGR
 /OHQHDFHLWHGHIRUPDTXHHOQLYHOVHHQFXHQWUHHQWUHODV
PDUFDV+LJK\/RZHQODSDUWHVVXSHULRUGHODPLULOOD
 $UUDQTXHHOPRWRU\FDOLHQWHODP£TXLQD
 6LODP£TXLQDHVW£DODWHPSHUDWXUDGHWUDEDMRHOQLYHOGHO
DFHLWHGHEHU£HVWDUHQWUHODVPDUFDV+LJK\/RZHQODSDUWH
$ LQIHULRUGHODPLULOOD
 /OHQHDFHLWHVLHOQLYHOVHHQFXHQWUDSRUGHEDMRGHODPDUFD
/RZFRQODP£TXLQDDODWHPSHUDWXUDGHWUDEDMR
&DOLGDGGHDFHLWHYHUODS£JLQD
% +£JDVHFDUJRGHORVILOWURVDFHLWHV\IOXLGRVGHIRUPDVHJXUDSDUD
HOPHGLRDPELHQWH9HDODS£JLQD

9

$ 7XERGHOOHQDGRDFHLWHGHODWUDQVPLVLµQ
% 9HQWDQLOODGHQLYHODFHLWHGHWUDQVPLVLµQ

 6HUYLFLR\PDQWHQLPLHQWR 
(MHV 

(MHV
$FHLWHSDUDHMHVFRQWUROGHOQLYHO\UHOOHQDGR
/OHQDGR
/OHQHGHDFHLWHKDVWDHOERUGHGHOWDSµQGHQLYHO
&RQGX]FDODP£TXLQDGXUDQWHXQRVPLQXWRVGHVSX«VGHOOOHQDGR
&RPSUXHEHGHQXHYRHOQLYHOUHOOHQDQGRVLHVQHFHVDULR

$
9

(MHGHODQWHUR
$ &RQWUROGHOQLYHO\SXQWRGHOOHQDGR




9

(MHWUDVHUR
$ &RQWUROGHOQLYHO\SXQWRGHOOHQDGR

 6HUYLFLR\PDQWHQLPLHQWR
 (MHV
'HVHFKHORVILOWURVDFHLWHV\IOXLGRVGHIRUPDVHJXUDSDUDHO
PHGLRDPELHQWH9HDODS£JLQD
&DOLGDGHVGHDFHLWHYHDODS£JLQD

$
9

$&RQWUROGHOQLYHO\SXQWRGHOOHQDGRSXHQWHGH
HMHWUDVHUR


ƒUEROGHWUDQVPLVLµQ\FRMLQHWHGHDSR\R
OXEULFDFLµQ
/XEULTXHHO£UEROGHWUDQVPLVLµQ\HOFRMLQHWHGHDSR\RFDGD
KRUDV9HDODS£JLQD
(QHQWRUQRDJUHVLYRRFRUURVLYRHIHFW¼HODOXEULFDFLµQGHO
FRMLQHWHGHDSR\RFDGDKRUDV
 6HUYLFLR\PDQWHQLPLHQWR 
6LVWHPDGHIUHQRV 

6LVWHPDGHIUHQRV
(OVLVWHPDGHIUHQRVHVFRPSOHWDPHQWHKLGU£XOLFR\XVDHOPLVPR
GHSµVLWRGHDFHLWHTXHODKLGU£XOLFDGHWUDEDMR\HOVLVWHPDGH
GLUHFFLµQ
3DUDFRPSUREDUHOQLYHOYHDODS£JLQD
(OVLVWHPDGHIUHQRVGHEHGHVSUHVXUL]DUVHDQWHVGHDEULUVH(VWR
VHOOHYDDFDERDSDJDQGRHOPRWRU\SLVDQGRHOSHGDOGHOIUHQR
UHSHWLGDPHQWHYHFHV

$'9(57(1&,$
5LHVJRGHLQ\HFFLµQGHDOWDSUHVLµQ
/DSUHVLµQUHVLGXDOHQHOVLVWHPDGHIUHQRVSRGU¯DFDXVDUOD
SUR\HFFLµQGHDFHLWHDDOWDSUHVLµQFDXVDQGRJUDYHVOHVLRQHV
LQFOXVRFXDQGRHOPRWRUOOHYD\DDOJ¼QWLHPSRSDUDGR
'HVFDUJXHVLHPSUHODSUHVLµQDQWHVGHUHDOL]DUFXDOTXLHUWLSRGH
VHUYLFLRHQHOVLVWHPDGHIUHQRV
/RVDFXPXODGRUHVGHVHFKDGRVGHEHQUHPLWLUVHDXQWDOOHU
GRQGHVHSXQ]RQDU£Q
([LVWHHOULHJRGHH[SORVLµQVLXQDFXPXODGRUVHFDOLHQWD

)UHQRVFRQWURO
&RPSUXHEHHOGHVJDVWHGHORVGLVFRVGHIUHQRFDGDKRUDV
 $UUDQTXHHOPRWRUSDUDFDUJDUHOVLVWHPDGHIUHQRV
 3DUHHOPRWRU\DSOLTXHHOIUHQR
127$
(OIUHQRGHEHU£HVWDUDSOLFDGRGXUDQWHWRGDODYHULILFDFLµQGHO
GHVJDVWH
 'HVPRQWHODWXHUFDGHFREHUWXUDGHOLQGLFDGRUGHGHVJDVWH\
SUHVLRQHHOSDVDGRUKDVWDWRSH/DSRVLFLµQHQODVXSHUILFLH
SODQDGHOSDVDGRULQGLFDHOJUDGRGHGHVJDVWHGHOGLVFR6LOD
VXSHUILFLHHVW£DOLQHDGDFRQODVXSHUILFLHSODQDHOGLVFRGH
7XHUFDGHFREHUWXUDHQLQGLFDGRUGHGHVJDVWH
IUHQRHVW£JDVWDGR\GHEHU£FDPELDUORXQWDOOHURILFLDOGH
 9ROYR
 0RQWHODWXHUFDGHFREHUWXUDHQVXVLWLRHQHOLQGLFDGRUGH
GHVJDVWH\UHSLWDHOFRQWUROHQORVGHP£VGLVFRVGHIUHQR



&RQWUROGLVFRVGHIUHQR

3XUJDGHDLUHGHORVIUHQRV
6LHVQHFHVDULRSXUJDUHODLUHGHORVIUHQRVGHEHU£KDFHUORXQ
WDOOHURILFLDOGH9ROYR
3UXHEDGHIUHQRVFRQWUROGHOIUHQRGHVHUYLFLRYHDODS£JLQD

 6HUYLFLR\PDQWHQLPLHQWR
 6LVWHPDGHIUHQRV
)UHQRGHHVWDFLRQDPLHQWRFRQWUROGHO
IXQFLRQDPLHQWR
$OWHUPLQDUODUHSDUDFLµQFRPSUXHEHHOIXQFLRQDPLHQWRVHJ¼QOR
VLJXLHQWH
 $SOLTXHHOIUHQRGHHVWDFLRQDPLHQWR
 &RQHFWHHOHQFHQGLGR$VHJ¼UHVHGHTXHODIXQFLµQGH
GHVHPEUDJXHGHODWUDQVPLVLµQQRHVW£DFWLYDGD
 3UHVLRQHODWHFODGHVHUYLFLRHQHOWHFODGRSDUDDFFHGHUDORV
PHQ¼VGHVHUYLFLR
3UHVLRQHODWHFODGHODWUDQVPLVLµQHQHOWHFODGR
6HOHFFLRQH$36VHWWLQJV$MXVWHVGHO$36\DFRQWLQXDFLµQ
6HUYLFH6HUYLFLR
3UHVLRQH(6&HQODXQLGDGGHSDQWDOODGHVHUYLFLRSDUDYHU
ODVUSPHQODSDQWDOOD
 $UUDQTXHHOPRWRU\VHOHFFLRQHODPDUFKD)
 3LVHOLJHUDPHQWHHOSHGDOGHODFHOHUDGRUDIRQGRKDVWDOOHJDU
DOWRSH/DP£TXLQDQRGHEHU¯DPRYHUVH
 6LODP£TXLQDVHPXHYHORFDOLFHODDYHU¯DXVDQGROD
LQIRUPDFLµQGHOWDEXODGRUGHGLDJQµVWLFR

 6HUYLFLR\PDQWHQLPLHQWR 
5XHGDV 

5XHGDV
1HXP£WLFRFRQWUROGHODSUHVLµQGHLQIODGR

$'9(57(1&,$
5LHVJRGHH[SORVLµQ
,QIODUXQQHXP£WLFRSRGU¯DSURYRFDUVXH[SORVLµQ/DH[SORVLµQ
GHXQQHXP£WLFRSRGU¯DSURYRFDUOHVLRQHVPRUWDOHV
8VHXQPDQGULOGHDLUHDXWRDFRSODEOHFRQXQDPDQJXHUDOR
VXILFLHQWHPHQWHODUJDFRPRSDUDSHUPLWLUTXHHOQHXP£WLFRVH
LQIOHVLQVLWXDUVHMXVWRHQIUHQWHGHODOODQWD\ORP£VDSDUWDGR
SRVLEOH$VHJ¼UHVHGHTXHQDGLHHVW£GHODQWHRSDVDSRUGHODQWH
GHODOODQWDGXUDQWHHOLQIODGR

1RUPDOPHQWHVHGHEHQREVHUYDUODVSUHVLRQHVGHLQIODGR
UHFRPHQGDGDV9HDODS£JLQD1RREVWDQWHODVFRQGLFLRQHV
HVSHFLDOHVGHOWHUUHQRSXHGHQKDFHUQHFHVDULRDMXVWDUODSUHVLµQ
GHORVQHXP£WLFRV6LJDODVLQVWUXFFLRQHVGHOSURYHHGRUGH
QHXP£WLFRV\QRVXSHUHODVSUHVLRQHVP£[LPDVSHUPLWLGDV
(VSRVLEOHTXHVHKD\DHQWUHJDGRODP£TXLQDGHIDEULFDFRQ
SUHVLµQHOHYDGDHQORVQHXP£WLFRV3RUHOORFRPSUXHEH\DGDSWH
ODSUHVLµQGHDLUHVHJ¼QODVUHFRPHQGDFLRQHVDQWHVGHXVDUOD
P£TXLQDSRUSULPHUDYH]

$'9(57(1&,$
5LHVJRGHOHVLRQHVJUDYHV
5HSDUDURVROGDUXQDOODQWDFRQHOQHXP£WLFRPRQWDGRHLQIODGR
SRGU¯DFDXVDUTXHVHDJULHWHODOODQWDRH[SORWHHOQHXP£WLFR(VWR
SXHGHRFDVLRQDUOHVLRQHVSHUVRQDOHVJUDYHV
/RVWUDEDMRVGHUHSDUDFLµQHQQHXP£WLFRV\OODQWDVGHEHQ
FRQILDUVHDSHUVRQDVTXHKD\DUHFLELGRXQDSUHSDUDFLµQHVSHFLDO
SDUDHVWR
/DVVLJXLHQWHVLQVWUXFFLRQHVVHDSOLFDQVLHVQHFHVDULROOHQDUP£V
DLUHHQXQQHXP£WLFR\DLQIODGR6LVHKDYDFLDGRWRGRHODLUHGHO
QHXP£WLFRGLU¯MDVHDXQPHF£QLFRGHVHUYLFLRFXDOLILFDGR
 &XDQGRVHPLGDODSUHVLµQGHLQIODGRHOQHXP£WLFRGHEHU£
HVWDUIU¯R\ODP£TXLQDVLQFDUJD
 +DJDTXHVHDOHMHQRWUDVSHUVRQDVGHOD]RQDGHSHOLJUR
GHODQWHGHODOODQWD
 3µQJDVHMXQWRDODEDQGDGHURGDGXUDGHOQHXP£WLFR/RV

QHXP£WLFRVPRQWDGRVHQXQDOODQWDGLYLGLGDSXHGHQH[SORWDU
KDFLDDIXHUDFDXVDQGRGD³RVSHUVRQDOHVHLQFOXVRPRUWDOHV
 8WLOLFHXQDPDQJXHUDGHDLUHFRPSULPLGRODUJDFRQERTXLOOD
DXWREORFDQWHTXHSHUPLWDPDQWHQHUVHIXHUDGHOD]RQDGH
SHOLJUR
 /RVQHXP£WLFRVGHUXHGDVDOPDFHQDGDVUXHGDVGHUHSXHVWR
GHEHU£QJXDUGDUVHHQSRVLFLµQKRUL]RQWDO\VµORFRQHODLUH
VXILFLHQWHSDUDPDQWHQHUODVSDUWHVGHODOODQWDHQVXVLWLR
 1RVHGHEHUHOOHQDUXQQHXP£WLFRFRQDLUHVLVHKDFRQGXFLGR
ODP£TXLQDFRQXQDSUHVLµQGHDLUHHQHOQHXP£WLFRSRUGHEDMR
GHOGHODSUHVLµQGHDLUHP£VEDMDUHFRPHQGDGDVHJ¼QOD
HVSHFLILFDFLµQVLKD\XQGD³RDSDUHQWHHQHOQHXP£WLFRROD
OODQWDRVLVHVRVSHFKDTXHORKD\
 6HUYLFLR\PDQWHQLPLHQWR
 5XHGDV
3HUQRVGHUXHGDVUHDSULHWH
&XDQGRVHFDPELHXQQHXP£WLFRRVLSRUDOJXQDUD]µQKDHVWDGR
TXLWDGDODUXHGDUHDSULHWHORVSHUQRVGHODUXHGDDOFDERGH
KRUDVGHFRQGXFFLµQ
3DUGHDSULHWHs1P
 6HUYLFLR\PDQWHQLPLHQWR 
&DELQD 

&DELQD
127$
(OLQWHULRUGHODFDELQDQRVHSXHGHOLPSLDUFRQDJXDFRUULHQWHR
FRQRWURO¯TXLGRDDOWDSUHVLµQ

)LOWURVGHYHQWLODFLµQGHODFDELQDOLPSLH]D
(OILOWURGHYHQWLODFLµQGHODFDELQDFRQVLVWHHQSUHILOWUR\ILOWUR
SULQFLSDO/DP£TXLQDVHXVDFRQIUHFXHQFLDHQHQWRUQRV
SROYRULHQWRV\SRUHOORVHHQWUHJDFRQILOWURVTXHFXPSOHQODFODVH
GHHILFDFLD)VHJ¼Q(1/RVILOWURVGLVPLQX\HQHO
ULHVJRGHVLOLFRVLV\UHGXFHQODVSDUW¯FXODVILQDPHQWH
IUDFFLRQDGDVWDOHVFRPRHOFXDU]RHOSROHQODVEDFWHULDV\ODV
HVSRUDVGHKRQJRV/DP£TXLQDVHHQWUHJDFRQILOWURVGHHVWD
FODVLILFDFLµQ\VHUHFRPLHQGDXWLOL]DUWDPEL«QHOPLVPRWLSRDO
FDPELDUORV'LU¯MDVHDOFRQFHVLRQDULRSDUDP£VLQIRUPDFLµQ
/DREWXUDFLµQGHORVILOWURVGHSHQGHWRWDOPHQWHGHOHQWRUQRGH
WUDEDMRGHODP£TXLQDSHURGHEHFRPSUREDUVHXQDYH]SRU
VHPDQD
127$
$ 3UHILOWUR /RVILOWURVGHODFDELQDVµORHVW£QGHVWLQDGRVDVHSDUDUSDUW¯FXODV
% )LOWURSULQFLSDOGHWU£VGHODFXELHUWDGH
SROYR6LKD\JDVHVSHOLJURVRVQRVHU£QILOWUDGRV
SO£VWLFR

/LPSLH]D
 8VHSURWHFFLµQUHVSLUDWRULD
 $EUDODWDSDODWHUDO\TXLWHORVILOWURV
 6DFXGDORVILOWURVFRQFXLGDGRSDUDQRGD³DUORV1RXVHDLUH
FRPSULPLGRQLXQDVSLUDGRU
 (OSUHILOWUREDVWLGRUYHUGHSXHGHOLPSLDUVHFRQDJXD
VXPHUJL«QGRORHQXQFRQWHQHGRUDGHFXDGR
)LOWURGHFDUERQRHTXLSRRSFLRQDO
(OILOWURGHFDUERQRHVXQILOWURSULQFLSDOFRQFHELGRHVSHFLDOPHQWH
SDUDXVRHQOXJDUHVGRQGHHVQHFHVDULRUHGXFLUORVRORUHVGH
JDVHVRUJ£QLFRV\FRQFRQWHQLGRGHD]XIUH(OILOWURFXPSOHFRQ
ODPLVPDFODVHGHHILFDFLDGHSDUW¯FXODVTXHHOILOWURSULQFLSDO
HVW£QGDU
)LOWURGHDPLDQWRHTXLSRRSFLRQDO
(OILOWURGHDPLDQWREDVWLGRUURMRHVXQILOWURSULQFLSDOGLVH³DGR
HVSHFLDOPHQWHSDUDXWLOL]DUVHHQOXJDUHVGRQGHSXHGHH[LVWLU

SROYRGHDPLDQWRDXQTXHQDWXUDOPHQWHWDPEL«QHVHILFD]SDUD
RWURVWLSRVGHSROYRFXDQGRHOFRQGXFWRUQHFHVLWDDLUHDOWDPHQWH
ILOWUDGRHQODFDELQD
(OILOWURFXPSOHFRQORVUHTXLVLWRVGH(1FODVHGHILOWUR+
2EVHUYHODVGLVSRVLFLRQHVQDFLRQDOHVDSOLFDEOHVDOWUDEDMRHQHO
HQWRUQRHQFXHVWLµQ
 6HUYLFLR\PDQWHQLPLHQWR
 6LVWHPDGHOLPSLDSDUDEULVDV

6LVWHPDGHOLPSLDSDUDEULVDV
'HSµVLWRGHO¯TXLGRGHODYDGR
(OGHSµVLWRGHO¯TXLGRGHODYDGRHVW£VLWXDGRHQODFDMDGH
KHUUDPLHQWDVGHOODGRL]TXLHUGRGHODP£TXLQD
$VHJ¼UHVHTXHHOO¯TXLGRGHODYDGROOHYHVXILFLHQWHO¯TXLGR
DQWLFRQJHODQWHFXDQGRKD\ULHVJRGHFRQJHODFLµQ
5HOOHQHVLHVQHFHVDULR

9

'HSµVLWRGHO¯TXLGRGHODYDGROOHQDGR

 6HUYLFLR\PDQWHQLPLHQWR 
$LUHDFRQGLFLRQDGR 

$LUHDFRQGLFLRQDGR
&RQGHQVDGRUOLPSLH]D

$9,62
5LHVJRGHGD³RVDODP£TXLQD
6LODSUHVLµQGHOVLVWHPDVHYXHOYHGHPDVLDGRDOWDGHELGRDXQ
FRQGHQVDGRUREWXUDGRHODLUHDFRQGLFLRQDGRVHLQWHUUXPSLU£
3ULPHURKD\TXHOLPSLDUHOFRQGHQVDGRUDQWHVGHYROYHUD
DUUDQFDUHOVLVWHPDFRQHOLQWHUUXSWRU
127$
3URKLELGRXVDUXQGLVSRVLWLYRGHODYDGRDDOWDSUHVLµQ
/LPSLHDLQWHUYDORVUHJXODUHVHOFRQGHQVDGRUGHODPDQHUD
VLJXLHQWH
 $EUDODFDUFDVDGHOUDGLDGRU
 *LUHHOHQIULDGRUGHDFHLWHKLGU£XOLFR\HOFRQGHQVDGRU
 /LPSLHHOFRQGHQVDGRUVRSODQGRDLUHFRPSULPLGRGHVGH
GHEDMR
 &LHUUHODFDUFDVDGHOUDGLDGRU

9

&RQGHQVDGRU



 6HUYLFLR\PDQWHQLPLHQWR
 'LHQWHVGHODFXFKDUD

'LHQWHVGHODFXFKDUD

$'9(57(1&,$
5LHVJRGHOHVLRQHVSRUPDWHULDOHVSUR\HFWDGRV
$OJROSHDUREMHWRVGHPHWDOFRQXQPDUWLOORODVHVTXLUODVGHPHWDO
SUR\HFWDGDVSXHGHQSURYRFDUJUDYHVOHVLRQHVHQORVRMRVRHQ
RWUDVSDUWHVGHOFXHUSR
8WLOLFHVLHPSUHHTXLSRGHSURWHFFLµQSHUVRQDOLQFOX\HQGRJDIDV
GHSURWHFFLµQFXDQGRVXVWLWX\DORVGLHQWHVGHODFXFKDUD

'LHQWHVGHODFXFKDUDVXVWLWXFLµQ
6HSXHGHHQFDUJDUXQDKHUUDPLHQWDHVSHFLDOTXHIDFLOLWDHO
FDPELRGHORVGLHQWHV/DKHUUDPLHQWDHVW£GLVSRQLEOHHQYDULRV
WDPD³RVVHJ¼QHOWDPD³RGHORVGLHQWHV'LU¯MDVHDVX
FRQFHVLRQDULRSDUDP£VLQIRUPDFLµQ

+HUUDPLHQWDVHVSHFLDOHV

'HVPRQWDMHGHGLHQWH
 'HVFLHQGDODFXFKDUDKDVWDHOVXHOR\SµQJDODDXQOLJHUR
£QJXORKDFLDDUULED
 /LPSLHODDEHUWXUDSDUDHOGLVSRVLWLYRGHFLHUUHGHOVRSRUWHGHO
GLHQWH
 *ROSHHHOGLVSRVLWLYRGHFLHUUHFRQXQPDUWLOOR\ODKHUUDPLHQWD
HVSHFLDOXRWURPDQGULODGHFXDGR
 5HWLUHHOGLHQWH

([WUDLJDHOGLVSRVLWLYRGHFLHUUHJROSH£QGROR

0RQWDMHGHGLHQWH
 /LPSLHODSDUWHGHODQWHUDGHOVRSRUWHGHOWLHQWH\HODJXMHUR
SDUDHOGLVSRVLWLYRGHFLHUUH
 ,QWURGX]FDHOGLHQWHGHIRUPDTXHORVWDORQHVGHJX¯DHQFDMHQ
HQODHVFRWDGXUDGHOVRSRUWHGHOGLHQWH
 &DPELHHOVRSRUWHGHOFLHUUH%SRUXQRQXHYR

'LVSRVLWLYRGHFLHUUH
$ 3DVDGRUGHDFHUR
% 6RSRUWHGHFLHUUH

 6HUYLFLR\PDQWHQLPLHQWR 
'LHQWHVGHODFXFKDUD 
 ,QWURGX]FDHOGLVSRVLWLYRGHFLHUUHGHIRUPDTXHODSDUWH
ELVHODGDDSXQWHKDFLDDEDMR\HOVRSRUWHGHFLHUUHKDFLD
DGHODQWH
 *ROSHHHOGLVSRVLWLYRGHFLHUUHFRQXQPDUWLOORGHIRUPDTXH
TXHGHDOQLYHOGHODSDUWHVXSHULRUGHOVRSRUWHGHOGLHQWH
 *ROSHHDGLFLRQDOPHQWHHOGLVSRVLWLYRGHFLHUUHFRQXQPDUWLOOR
\FRQODKHUUDPLHQWDHVSHFLDOXRWURPDQGULODGHFXDGRGH
IRUPDTXHODSDUWHVXSHULRUTXHGHXQSRFRSRUGHEDMRGHOD
PDUFDHQHODJXMHUR
&DPELHHOSDVDGRUGHDFHURFXDQGRFDPELHHOVRSRUWHGHOGLHQWH
(OGLVSRVLWLYRGHFLHUUHGHEHU£HVWDUXQSRFRSRU
GHEDMRGHODPDUFD



 6HUYLFLR\PDQWHQLPLHQWR
 6LVWHPDKLGU£XOLFR

6LVWHPDKLGU£XOLFR
(OPLVPRGHSµVLWRGHDFHLWHKLGU£XOLFRVHXWLOL]DSDUDODKLGU£XOLFD
GHWUDEDMRHOVLVWHPDGHIUHQRVHOVLVWHPDGHGLUHFFLµQ\OD
KLGU£XOLFDGHOYHQWLODGRU
/DVLQWHUYHQFLRQHVHQHOVLVWHPDUHTXLHUHQXQDOLPSLH]DH[WUHPD
%DVWDFRQSDUW¯FXODVGLPLQXWDVSDUDTXHVHSURGX]FDQGD³RVR
DWDVFRVHQHOVLVWHPD3RUHOOROLPSLHODV£UHDVHQFXHVWLµQDQWHV
GHHIHFWXDULQWHUYHQFLµQDOJXQD
127$
1RXWLOLFHODKLGU£XOLFDGHWUDEDMRHQODP£[LPDYHORFLGDGKDVWD
TXHHODFHLWHKLGU£XOLFRHVW«FDOLHQWH(OILOWURGHDFHLWHKLGU£XOLFR
QRILOWUDWRGRHODFHLWHFXDQGRODWHPSHUDWXUDHVW£SRUGHEDMRGH
ORV|&|)HQIOXMRDOWR(VWRSXHGHSURYRFDUTXHVH
ERPEHHDFHLWHQRILOWUDGRHQHOVLVWHPDORFXDOSXHGHUHVXOWDUHQ
UXLGR\RIDOORVGHIXQFLRQDPLHQWR

$FHLWHKLGU£XOLFR
127$
6LODP£TXLQDHVW£HTXLSDGDFRQDFHLWHKLGU£XOLFRELROµJLFDPHQWH
GHJUDGDEOHVHGHEHXVDUHOPLVPRWLSRGHDFHLWHDOUHOOHQDU\DO
FDPELDUHODFHLWHKLGU£XOLFR'LIHUHQWHVWLSRVGHDFHLWHV
KLGU£XOLFRVELROµJLFDPHQWHGHJUDGDEOHVQRSXHGHQPH]FODUVH
1RVHSXHGHXVDUDFHLWHPLQHUDOFRQDFHLWHKLGU£XOLFR
ELROµJLFDPHQWHGHJUDGDEOH$OFDPELDUGHDFHLWHPLQHUDODDFHLWH
KLGU£XOLFRELROµJLFDPHQWHGHJUDGDEOHFRQWDFWHFRQXQWDOOHU
DXWRUL]DGRSRU9ROYR

1LYHOGHODFHLWHKLGU£XOLFRFRQWURO

9

1LYHOGHDFHLWHKLGU£XOLFR

 6HUYLFLR\PDQWHQLPLHQWR 
6LVWHPDKLGU£XOLFR 
&RPSUXHEHHOQLYHOGHDFHLWHFDGDKRUDV(OQLYHOGHEHU¯D
HVWDUHQWUHODVPDUFDVGH0£[\0¯QHQODPLULOODGHQLYHOVLWXDGD
HQHOODGRL]TXLHUGRGHODP£TXLQD
127$
(OQLYHOGHDFHLWHGHEHU¯DFRPSUREDUVHFRQORVEUD]RVGH
HOHYDFLµQHQVXSRVLFLµQP£VEDMD\FRQHOLPSOHPHQWRSODQR
VREUHHOVXHOR
/OHQHGHVGHODSDUWHVXSHULRUGHOGHSµVLWRKLGU£XOLFR
 /OHQHDFHLWHKDVWDHOQLYHOFRUUHFWR
 $UUDQTXHHOPRWRU\DFFLRQHORVFLOLQGURVGHHOHYDFLµQ\
EDVFXODPLHQWRKDVWDDPEDVSRVLFLRQHVH[WUHPDV
 5HOOHQHDFHLWHVLHVQHFHVDULR
&RPSUXHEHTXHQRKD\DIXJDV

9

3XQWRGHOOHQDGRGHDFHLWHKLGU£XOLFR


$FHLWHKLGU£XOLFROOHQDGR
 /OHQHDFHLWHKDVWDHOQLYHOFRUUHFWR
 $UUDQTXHHOPRWRU\DFFLRQHORVFLOLQGURVGHHOHYDFLµQ\
EDVFXODPLHQWRKDVWDDPEDVSRVLFLRQHVH[WUHPDV
 5HOOHQHDFHLWHVLHVQHFHVDULR
&RPSUXHEHTXHQRKD\DIXJDV
'HVHFKHORVILOWURVDFHLWHV\IOXLGRVGHIRUPDVHJXUDSDUDHO
PHGLRDPELHQWH9HDODS£JLQD


9


3UHVLµQGHODFXPXODGRUGHVFDUJD
6LORVDFXPXODGRUHVVHKDQGHVSUHVXUL]DGRFRQWDFWHFRQXQ
WDOOHUDXWRUL]DGRSRU9ROYR
 6HUYLFLR\PDQWHQLPLHQWR
 (QJUDVH

(QJUDVH
&RMLQHWHVHQJUDVH
/XEULFDQGRODP£TXLQDFRQUHJXODULGDG\GHODPDQHUDFRUUHFWD
SXHGHSURORQJDUVHFRQVLGHUDEOHPHQWHODYLGD¼WLOGHFDVTXLOORV\
HMHV
/DOXEULFDFLµQGHORVFRMLQHWHVWLHQHGRVREMHWLYRVSULQFLSDOHV
 $SRUWDUJUDVDSDUDUHGXFLUODIULFFLµQHQWUHHMH\FDVTXLOOR
 6XVWLWX\DODJUDVDYLHMDTXHSXHGHFRQWHQHUSDUW¯FXODVGH
VXFLHGDG(ODOPDF«QGHJUDVDEDMRHOUHW«QH[WHULRUDFXPXOD
VXFLHGDGHLPSLGHTXH«VWD\WDPEL«QHODJXDSHQHWUHQHQHO
FRMLQHWH
$QWHVGHLQWURGXFLUODJUDVDVHTXHORVHQJUDVDGRUHV\ODSLVWROD
GHHQJUDVHSDUDQRLQWURGXFLUDUHQLOODQLSDUW¯FXODVGHVXFLHGDG
 /XEULTXHHOFRMLQHWHKDVWDTXHVDOJDJUDVDOLPSLD\QXHYDSRUHO
UHW«QH[WHULRU*UDVDOXEULFDQWHUHFRPHQGDGDHQODS£JLQD
3DUDOXEULFDUORVFRMLQHWHVHQHOPDUFRHOHYDGRUVHQHFHVLWDQGH
DHPERODGDVFRQXQDSLVWRODPDQXDOQRUPDO

6LVWHPDGHOXEULFDFLµQDXWRP£WLFD
HTXLSRRSFLRQDO
/DP£TXLQDSXHGHHVWDUHTXLSDGDFRQXQVLVWHPDHQJUDVDGRU
DXWRP£WLFRTXHHQJUDVDDXWRP£WLFDPHQWHPXFKRVSXQWRVVHJ¼Q
XQFLFORGHOXEULFDFLµQSUHVHOHFFLRQDGR(OVLVWHPDGHHQJUDVH
DXWRP£WLFRGHEHU¯DLQVSHFFLRQDUVHFRQUHJXODULGDG\VHGHEHU¯D
FRRUGLQDUFRQRWURPDQWHQLPLHQWR\FRQWUROUHJXODU
/DFRPSUREDFLµQ\DMXVWHGHORVFLFORVGHOXEULFDFLµQVHOOHYDD
FDERFRQHOWHFODGR\ODSDQWDOODYHDODS£JLQD
&RQWUROHSHULµGLFDPHQWHORVLJXLHQWH
 TXHKD\VXILFLHQWHJUDVDHQHOGHSµVLWR5HOOHQHFXDQGRVHD
QHFHVDULRYHDODS£JLQD
127$
8QQLYHOGHOXEULFDQWHGHPDVLDGREDMRFRQVWLWX\HXQJUDQULHVJR
GHTXHHQWUHDLUHHQHOVLVWHPDODFDXVDP£VFRP¼QGH
SUREOHPDVGHRSHUDFLµQ
 TXHHOVLVWHPDIXQFLRQD(MHFXWHODSUXHEDGHOVLVWHPDVHJ¼Q
VHGHVFULEHP£VDGHODQWHHQHVWDVHFFLµQ
 TXHHOGHSµVLWRGHJUDVDQRHVW£GD³DGR
 TXHODVFRQH[LRQHVHVW£QKHUP«WLFDV
 TXHORVWDSRQHVSDUDHOSROYRGHORVDFRSODPLHQWRVU£SLGRV
HVW£QLQVWDODGRV\QRHVW£QGD³DGRV
 TXHODVWXEHU¯DVGHOXEULFDFLµQHVW£QOLEUHVGHGD³RV\ELHQ
ILMDGDV
 TXHVHOXEULFDQWRGRVORVSXQWRVGHOXEULFDFLµQTXHHO
9 OXEULFDQWHVDOHSRUORVFRMLQHWHV\ODVDUWLFXODFLRQHV
3RVLFLRQHHOGHSµVLWRGHJUDVD 127$

5HFXHUGHOXEULFDUDPDQRORVSXQWRVGHOXEULFDFLµQTXHQRHVW«Q
LQFOXLGRVHQHOVLVWHPDGHHQJUDVHDXWRP£WLFR9HDODWDEODGH
OXEULFDFLµQRUGLQDULD
 6HUYLFLR\PDQWHQLPLHQWR 
(QJUDVH 
3XQWRVGHOXEULFDFLµQOXEULFDFLµQDXWRP£WLFD

3RVQ| 'HVLJQDFLµQ 3RVQ| 'HVLJQDFLµQ

 &LOLQGURGHHOHYDFLµQILMDFLµQVXSHULRUHQOD  &LOLQGURGHGLUHFFLµQILMDFLµQWUDVHUD


SOXPDL]TXLHUGD
&LOLQGURGHEDVFXODPLHQWRILMDFLµQDOEDVWLGRU 
GHUHFKD
&LOLQGURGHGLUHFFLµQILMDFLµQGHODQWHUD

GHUHFKD
 )LMDFLµQGHODSOXPDHQHOEDVWLGRUGHODQWHUR  )LMDFLµQGHODSOXPDHQHOEDVWLGRU
L]TXLHUGD GHODQWHURGHUHFKD
 &RMLQHWHGHDUWLFXODFLµQGHOEDVWLGRUVXSHULRU  &LOLQGURGHHOHYDFLµQILMDFLµQVXSHULRUHQOD
SOXPDGHUHFKD
 &XFKDUDILMDFLµQLQIHULRUL]TXLHUGD  $UWLFXODFLµQ*')SDVDGRUVXSHULRU
 &RMLQHWHGHVRSRUWH  &LOLQGURGHHOHYDFLµQILMDFLµQLQIHULRU
GHUHFKD
 &LOLQGURGHHOHYDFLµQILMDFLµQLQIHULRUL]TXLHUGD  $UWLFXODFLµQ*')SDVDGRULQIHULRU
 &LOLQGURGHGLUHFFLµQILMDFLµQGHODQWHUDL]TXLHUGD  $UWLFXODFLµQ*')SDVDGRUFHQWUDO
 &RMLQHWHGHDUWLFXODFLµQGHOEDVWLGRULQIHULRU  &XFKDUDILMDFLµQVXSHULRU
 &LOLQGURGHGLUHFFLµQILMDFLµQWUDVHUDL]TXLHUGD  &XFKDUDILMDFLµQLQIHULRUGHUHFKD
 6HUYLFLR\PDQWHQLPLHQWR
 (QJUDVH
/OHQDGRGHOXEULFDQWH
6HGHEHU£OOHQDUFRQOXEULFDQWHDQWHVGHTXHHOQLYHOGHVFLHQGD
SRUGHEDMRGHODPDUFDFLµQP¯QLPDHQHOUHFLSLHQWH
127$
'HMHTXHEDMHHOQLYHOKDVWDHOIRQGRHQXQRGHFDGDGRVOOHQDGRV
SDUDTXHQRTXHGHJUDVDYLHMDHQODSDUWHVXSHULRUGHOGHSµVLWR
(QODXQLGDGGHERPEDKD\XQDFRQH[LµQGHOOHQDGRUDFRUGH
OXEULFDFLµQDOFXDOVHFRQHFWDXQDERPEDPDQXDO\XQDERPED
LQGXVWULDOSDUDHOOOHQDGR
127$
6LVHXVDXQDERPEDLQGXVWULDOVHU£QHFHVDULROLPSLDU
UHJXODUPHQWHHOILOWURHQWUHODFRQH[LµQ\ODERPED8QILOWUR
SDUFLDOPHQWHEORTXHDGRSXHGHDJULHWDUVHI£FLOPHQWHFRQJUDQ
ULHVJRGHTXHSHQHWUHQSDUW¯FXODVHQHOVLVWHPDGHOXEULFDFLµQ
(VWRSXHGHFDXVDUDVXYH]ODDYHU¯DGHOVLVWHPDGHOXEULFDFLµQ
&RQH[LµQGHOOHQDGR
 3DUDGDWRVVREUHHOWLSRGHJUDVDYHD/XEULFDQWHVUHFRPHQGDGRV
HQODS£JLQD
3URFHGDGHODPDQHUDVLJXLHQWH
 4XLWHHOVRPEUHUHWHGHSURWHFFLµQ/LPSLHPLQXFLRVDPHQWHOD
FRQH[LµQGHOOHQDGR\HODFRSODPLHQWRHQODPDQJXHUDGH
OOHQDGR
 /OHQHFRPSOHWDPHQWHODPDQJXHUDGHOOHQDGRFRQJUDVDDQWHV
GHLQLFLDUHOOOHQDGRSDUDLPSHGLUODHQWUDGDGHDLUHHQHO
VLVWHPD
 &RQHFWHHODFRSODPLHQWRHQODFRQH[LµQGHOOHQDGR
 /OHQHOXEULFDQWHKDVWDHOP£[LPRQLYHOGHOGHSµVLWR 6L
UHVXOWDGLI¯FLOERPEHDUHOOXEULFDQWHSXHGHVHUTXHHVW«
REWXUDGRHOILOWURGHWU£VGHODFRQH[LµQGHOOHQDGRRTXHKD\D
VXFLHGDGHQHOUDFRUSURSLDPHQWHGLFKR/LPSLHHOILOWUR
FDPELHHOUDFRUVLHVQHFHVDULR\KDJDXQQXHYRLQWHQWR
 0RQWHHOVRPEUHUHWHGHSURWHFFLµQHQVXVLWLR
 *XDUGHODERPEDGHOXEULFDFLµQHQXQOXJDUH[HQWRGHSROYR
GHPDQHUDTXHQRTXHGHH[SXHVWDDODVXFLHGDG
6LVHOOHQDHOGHSµVLWRSRUHQFLPDGHOQLYHOP£[LPRVHGUHQDU£
HOH[FHVRGHOXEULFDQWHDWUDY«VGHORULILFLRGHYHQWLODFLµQHQHO
ODGRL]TXLHUGRGHOGHSµVLWR(ODLUHTXHVHHQFXHQWUHEDMRODSODFD
HQHOGHSµVLWRVHGUHQDU£WDPEL«QDWUDY«VGHORULILFLRGH
YHQWLODFLµQ

&DPELRGHOLQWHUYDORGHOXEULFDFLµQ
6LHOLQWHUYDORGHOXEULFDFLµQQRHVDGHFXDGRSDUDODVFRQGLFLRQHV
GHWUDEDMR\FDUJDDORVTXHVHYHVRPHWLGDODP£TXLQDVHSXHGH
PRGLILFDUHOLQWHUYDORFRQODD\XGDGHOWHFODGR\ODSDQWDOOD9HD
ODS£JLQD
 *LUHODOODYHGHHQFHQGLGRDODSRVLFLµQSRVLFLµQGH
FRQGXFFLµQ
 6HOHFFLRQHಯ6HUYLFLRರFRQHOWHFODGR
 0DUTXH/XEULFDFLµQFHQWUDOFRQODVWHFODVGHIOHFKD\SXOVH
6(/(&7
 0DUTXHಯ,QWHUYDORರFRQODVWHFODVGHIOHFKD\SXOVH6(/(&7
 0DUTXHFRQODVWHFODVGHIOHFKDHOLQWHUYDORGHOXEULFDFLµQDO
TXHGHVHDFDPELDU\SXOVH6(/(&7
 (VSHUHVHJXQGRVDQWHVGHJLUDUODOODYHGHHQFHQGLGRD
(OLQWHUYDORVHOHFFLRQDGRHQODSDQWDOODSXHGHYROYHUDO
 6HUYLFLR\PDQWHQLPLHQWR 
(QJUDVH 
LQWHUYDORSUHYLRSHURODPRGLILFDFLµQHQWUDU£HQYLJHQFLDDO
FDERGHVHJXQGRV
127$
6LVHJLUDODOODYHGHHQFHQGLGRDODSRVLFLµQHQHOSOD]RGH
VHJXQGRVGHVSX«VGHUHDOL]DGDODPRGLILFDFLµQGHOLQWHUYDORGH
OXEULFDFLµQVHERUUDU£OD¼OWLPDVHOHFFLµQGHLQWHUYDORGH
OXEULFDFLµQ3RUHOORHVSHUHXQP¯QLPRGHVHJXQGRVGHVSX«V
GHODMXVWHDQWHVGHJLUDUODOODYHGHHQFHQGLGRDODSRVLFLµQ
 *LUHODOODYHGHHQFHQGLGRDODSRVLFLµQ\HVSHUHDTXHVH
KD\DDSDJDGRODSDQWDOOD
 *LUHODOODYHGHHQFHQGLGRDODSRVLFLµQSRVLFLµQGH
FRQGXFFLµQ\FRPSUXHEHTXHVHYLVXDOL]DHOLQWHUYDORGH
OXEULFDFLµQFRUUHFWRHQODSDQWDOOD
3DUDFDPELDUGHQXHYRHOLQWHUYDORGHOXEULFDFLµQHVQHFHVDULR
JLUDUODOODYHGHHQFHQGLGRDODSRVLFLµQ\FXDQGRVHKD\D
DSDJDGRODSDQWDOODVHJLUDODOODYHGHYXHOWDDODSRVLFLµQ\
VHU£SRVLEOHVHOHFFLRQDUXQQXHYRLQWHUYDORGHOXEULFDFLµQ

3UXHEDGHOVLVWHPD
3DUDFRPSUREDUHOIXQFLRQDPLHQWRGHOVLVWHPDGHHQJUDVHR
SDUDLQLFLDUXQFLFORH[WUDGHOXEULFDFLµQGHVSX«VGHSRUHMHPSOR
KDEHUODYDGRODP£TXLQDVHSXHGHUHDOL]DUXQDSUXHEDGHO
VLVWHPD(OERWµQGHSUXHEDTXHVHXVDSDUDHPSH]DUXQD
SUXHEDGHOVLVWHPDHVW£FRORFDGRHQODSDUWHGHODQWHUDGHOD
ERPED
œQLFDPHQWHHVSRVLEOHUHDOL]DUXQFLFORGHSUXHEDVLODERPEDVH
HQFXHQWUDHQWUHGRVFLFORVGHOXEULFDFLµQRUGLQDULDQRGXUDQWH
XQFLFORGHOXEULFDFLµQHQFXUVR
3UXHEDGHXQVRORFLFORGHOXEULFDFLµQ
/DERPEDVRORUHDOL]DXXQFLFORGHOXEULFDFLµQ6HSXHGHXVDU
GHVSX«VGHODYDUSDUDREWHQHUOXEULFDFLµQDGLFLRQDO
 *LUHODOODYHGHHQFHQGLGRDODSRVLFLµQGHSRVLFLµQGH
RSHUDFLµQ
%RWµQGHSUXHED  3XOVHODWHFODGHSUXHEDGXUDQWHದVHJXQGRV
  (OFLFORGHOXEULFDFLµQFRPLHQ]D
 (OFLFORGHSUXHEDWHUPLQDDXWRP£WLFDPHQWH
6LHOFLFORGHOXEULFDFLµQGHSUXHEDVHKDXVDGRSDUDREWHQHUXQ
FLFORGHOXEULFDFLµQDGLFLRQDOGHVSX«VGHXQODYDGRHOERWµQGH
SUXHEDGHEHU¯DSUHVLRQDUVHXQDYH]P£VSDUDOXEULFDUODRWUD
WXEHU¯DSULQFLSDO

3UXHEDGHFLFORGHOXEULFDFLµQFRQWLQXR
/DERPEDUHDOL]DXXQQ¼PHURGHFLFORVGHOXEULFDFLµQLOLPLWDGRHV
GHFLUERPEHDJUDVDFRQWLQXDPHQWHDOWHUQDQGRHQWUHD DPEDV
WXEHU¯DVSULQFLSDOHV(
(VWRVHXWLOL]DSDUDSXUJDUDLUHGHOVLVWHPD
 *LUHODOODYHGHHQFHQGLGRDODSRVLFLµQGHSRVLFLµQGH
RSHUDFLµQ
 3UHVLRQHHOERWµQGHSUXHEDGXUDQWHP£VGHVHJXQGRV
 (OFLFORGHOXEULFDFLµQFRPLHQ]D
 )LQDOLFHHOFLFORGHSUXHEDJLUDQGRODOODYHGHHQFHQGLGRDOD
SRVLFLµQ
(OFLFORGHSUXHEDQRILQDOL]DDXWRP£WLFDPHQWH
 6HUYLFLR\PDQWHQLPLHQWR
 (QJUDVH
6LVWHPDGHOXEULFDFLµQDXWRP£WLFDSXUJD
 $VHJ¼UHVHGHTXHHOGHSµVLWRGHJUDVDVHKDOOHQDGRKDVWDOD
PDUFDP£[
 4XLWHHOWDSµQGHXQDGHODVWXEHU¯DVSULQFLSDOHVHQHOEORTXH
GRVLILFDGRUVLWXDGRHQODSRVLFLµQP£VDOHMDGDGHODXQLGDGGH
ERPED
 *LUHODOODYHGHHQFHQGLGRDODSRVLFLµQGHSRVLFLµQGH
RSHUDFLµQ
 ,QLFLHXQFFLFORGHSUXHEDGHOXEULFDFLµQFRQWLQXD9HDOD
S£JLQD
 /DSXUJDGHODWXEHU¯DSULQFLSDOWHUPLQDFXDQGRVDOHJUDVDVLQ
EXUEXMDVGHODWXEHU¯DSULQFLSDO
 *LUHODOODYHGHHQFHQGLGRDODSRVLFLµQ\FRORTXHHOWDSµQ
HQODWXEHU¯DSULQFLSDOFRUUHVSRQGLHQWH
 6LJDORVSDVRVSDUDSXUJDUODRWUDWXEHU¯DSULQFLSDO
  (MHFXWHXQVRORFLFORGHOXEULFDFLµQGHSUXHEDGRVYHFHV
VHJXLGDVSDUDFRPSUREDUTXHHOVLVWHPDIXQFLRQD9HDOD
S£JLQD

/LPSLH]D
1RUPDOPHQWHQRSXHGHHQWUDUDJXDHQHOVLVWHPD1RREVWDQWH
HOULHVJRDXPHQWDFRQHOODYDGRDDOWDSUHVLµQ\HVQHFHVDULR
SURWHJHUODXQLGDGGHERPEDSXHVWRTXHHODJXDTXHSHQHWUHHQ
HOVLVWHPDQRGHVSDUHFHSRUV¯VRODVLQRTXHSXHGHFDXVDU
SHUWXUEDFLRQHVGHOIXQFLRQDPLHQWR'HVSX«VGHOODYDGRDDOWD
SUHVLµQVHGHEHUHDOL]DUXQFFLFORGHSUXHEDGHOXEULFDFLµQ
FRQWLQXDYHDODS£JLQDSDUDREWHQHUOXEULFDFLµQDGLFLRQDO
 6HUYLFLR\PDQWHQLPLHQWR 
(VTXHPDGHOXEULFDFLµQ\FXLGDGRV 

(VTXHPDGHOXEULFDFLµQ\FXLGDGRV
&ODYHGHV¯PERORV
(QORVSODQHVGHOXEULFDFLµQ\PDQWHQLPLHQWRVHXVDQORV
VLJXLHQWHVV¯PERORVHVW£QGDU

0RWRU /XEULFDFLµQ

7UDQVPLVLµQ (QJUDVDGRU

6LVWHPDKLGU£XOLFR $FHLWHO¯TXLGR

6LVWHPDGHIUHQRV )LOWURV

(MHV )LOWURGHDLUH

6LVWHPDGHFRPEXVWLEOH &RQWUROGHQLYHO

%DWHU¯D 7HQVLµQGHODFRUUHD

$QWLFRQJHODQWH /XFHVGHWHVWLJR

6LVWHPDGHDLUHDFRQGLFLRQDGR 'UHQDMH

$OJXQRVWUDEDMRVGHVHUYLFLR\PDQWHQLPLHQWRLQGLFDGRVHQHO
(VTXHPDGHOXEULFDFLµQ\FXLGDGRVUHTXLHUHQSHUVRQDOGHWDOOHU
FDSDFLWDGRRHTXLSRVHVSHFLDOHV3DUDHVRVWUDEDMRVVH
UHFRPLHQGDXQWDOOHURILFLDOGH9ROYR


 6HUYLFLR\PDQWHQLPLHQWR
 (VTXHPDGHOXEULFDFLµQ\FXLGDGRV

,QWHUYDORVGHFRQWUROFDPELRGHDFHLWH\
,QWHUYDORV
'LDULDPHQWHFDGDKRUDVKRUDVKRUDV\KRUDVH[SOLFDFLµQGHV¯PERORVYHDODS£JLQD
/+/+/+

  
K
K
K
K

  




 

 





 
   

K
K
K
K

K K K K

9
 6HUYLFLR\PDQWHQLPLHQWR 
(VTXHPDGHOXEULFDFLµQ\FXLGDGRV 
/+

  

K
K
K
K

 




 




 
   

K
K

K
K

K K K K

9

 6HUYLFLR\PDQWHQLPLHQWR
 (VTXHPDGHOXEULFDFLµQ\FXLGDGRV
(OHPHQWR 3£JLQD $FFLµQ
',$5,$0(17(FDGDKRUDV
  &RPSUXHEHHOIXQFLRQDPLHQWRGHODVO£PSDUDVWHVWLJR
&RPSUXHEHORVIDURVHODOXPEUDGRGHWUDEDMRODVOXFHVGH
IUHQRODDODUPDGHPDUFKDDWU£V

(OHPHQWR 3£JLQD &$'$+25$6

7UDVUHDOL]DUHOVHUYLFLRGLDULR
  &RPSUXHEHHOQLYHOGHDFHLWHGHOPRWRUFXDQGRVHDQHFHVDULR
FXDQGRVHPXHVWUHHOPHQVDMHHQODSDQWDOOD
  &RPSUXHEHORVQHXP£WLFRVSUHVLµQGHDLUH\GD³RVD
  (QJUDVHODSOXPDE
 &RPSUXHEHHOQLYHOGHODFHLWHHQHOILOWURGHDLUHHQED³RGH
DFHLWHHTXLSRRSFLRQDO

(OHPHQWR 3£JLQD 35,0(5$6+25$6

'HVSX«VGHKDEHUHIHFWXDGRHOVHUYLFLRGLDULR\GHKRUDV
'LU¯MDVHDXQWDOOHU &DOLEUHODWUDQVPLVLµQVHJ¼Q7HFK7RRO
RILFLDOGH9ROYR

(OHPHQWR 3£JLQD &$'$+25$6

'HVSX«VGHKDEHUHIHFWXDGRHOVHUYLFLRGLDULR\GHKRUDV
 &RPSUXHEHHOVHSDUDGRUGHDJXDGHOVLVWHPDGHFRPEXVWLEOH
FXDQGRVHDQHFHVDULRFXDQGRVHPXHVWUHHOPHQVDMHHQOD
SDQWDOOD
&RQWUROHHYHQWXDOHVIXJDV
  (QJUDVHORVFRMLQHWHVGHORVFLOLQGURVGHGLUHFFLµQ\HOFRMLQHWH
VXSHULRUGHODXQLµQGHOEDVWLGRUF
'LU¯MDVHDXQWDOOHU &DPELHHOQLYHOGHODFHLWHHQHOILOWURGHDLUHHQED³RGHDFHLWH
RILFLDOGH9ROYR HTXLSRRSFLRQDO
  (QJUDVHHOSRUWDLPSOHPHQWRV

(OHPHQWR 3£JLQD &$'$+25$6

'HVSX«VGHKDEHUHIHFWXDGRHOVHUYLFLRGLDULRGHKRUDV\GH
KRUDV
'LU¯MDVHDXQWDOOHU &DPELHHODFHLWH\HOILOWURGHDFHLWH
RILFLDOGH9ROYR
'LU¯MDVHDXQWDOOHU &DPELHHOSUHILOWURGHFRPEXVWLEOH
RILFLDOGH9ROYR
'LU¯MDVHDXQWDOOHU &DPELHHOILOWURGHFRPEXVWLEOH
RILFLDOGH9ROYR
 &RPSUXHEH\OLPSLHHOUDGLDGRUHOFRQGHQVDGRU\HOHQIULDGRU
GHDFHLWHKLGU£XOLFR
  &RPSUXHEHHOQLYHOGHDFHLWHGHODWUDQVPLVLµQRFXDQGRVH
PXHVWUHHOPHQVDMHHQODSDQWDOOD
  (QJUDVHORV£UEROHVGHWUDQVPLVLµQ\ORVFRMLQHWHVGHUHVHUYD
G

  &RPSUXHEHHOQLYHOGHDFHLWHGHOVLVWHPDKLGU£XOLFR
'LU¯MDVHDXQWDOOHU &RPSUXHEHHOQLYHOGHUHIULJHUDQWHRFXDQGRVHPXHVWUHHO
RILFLDOGH9ROYR PHQVDMHHQODSDQWDOOD
 6HUYLFLR\PDQWHQLPLHQWR 
(VTXHPDGHOXEULFDFLµQ\FXLGDGRV 
'LU¯MDVHDXQWDOOHU 6XVWLWX\DOLPSLHHOILOWURVLVWHPDGHOXEULFDFLµQFHQWUDO
RILFLDOGH9ROYR
'LU¯MDVHDXQWDOOHU &RPSUXHEH\YDF¯HODWUDPSDGHDJXDGHOILOWURGHFRPEXVWLEOH
RILFLDOGH9ROYR
 'LU¯MDVHDXQWDOOHU &RPSUXHEHODWHQVLµQGHODVFRUUHDVFXDQGRVHDQHFHVDULR
RILFLDOGH9ROYR FXDQGRVHPXHVWUHHOPHQVDMHHQODSDQWDOOD

(OHPHQWR 3£JLQD &8$1'26(1(&(6,7(

  9LHUWDFRPEXVWLEOHHQHOGHSµVLWRGHFRPEXVWLEOH
  /OHQHHOGHSµVLWRGH$G%OXHp'()FRQ$G%OXHp'()VROR
DSOLFDEOHDP£TXLQDVFRQPRWRU'-
 &RPSUXHEHOOHQHHOVLVWHPDGHOXEULFDFLµQFHQWUDO
D6LODP£TXLQDVHXWLOL]DHQODPDQLSXODFLµQGHURFDUHDOLFHHVWDFRPSUREDFLµQFDGDG¯D
EHQFRQGLFLRQHVVHYHUDVGHRSHUDFLµQVHGHEHHQJUDVDUGLDULDPHQWH
FHQFRQGLFLRQHVDJUHVLYDVFRUURVLYDVHQJUDVHFDGDKRUDV
GHQFRQGLFLRQHVDJUHVLYDVFRUURVLYDVHQJUDVHODVXQLRQHVXQLYHUVDOHVFDGDKRUDV/DVXQLRQHVHVWULDGDVVRORGHEHQ
HQJUDVDUVHFXDQGRVHDQHFHVDULR


 6HUYLFLR\PDQWHQLPLHQWR
 (VTXHPDGHOXEULFDFLµQ\FXLGDGRV

,QWHUYDORVGHFRQWUROFDPELRGHDFHLWH\
/+/+/+/+

$FFLRQHVTXHSXHGHQVHUUHDOL]DGDVSRUHORSHUDGRU

3£JLQD &$'$+25$6
 (QJUDVHHOFRMLQHWHLQIHULRUGH
ODDUWLFXODFLµQGHOEDVWLGRU
 (QJUDVHODVELVDJUDVGHOD
SXHUWDGHODFDELQDD
 &RPSUXHEHORVIUHQRVGH
VHUYLFLR
 &RPSUXHEHHOIUHQRGH
HVWDFLRQDPLHQWR
 &RPSUXHEHHOGHVJDVWHGHORV
GLVFRVGHIUHQR

3£JLQD &$'$+25$6
 /LPSLHORVILOWURVGHYHQWLODFLµQ
GHODFDELQDFXDQGRVH
UHTXLHUD

3£JLQD &$'$+25$6
&LQWXUµQDEGRPLQDO &RPSUXHEHHOFLQWXUµQGH
VHJXULGDGDEGRPLQDO
D(QJUDVHP£VDPHQXGRFXDQGRVHDQHFHVDULR
 6HUYLFLR\PDQWHQLPLHQWR 
(VTXHPDGHOXEULFDFLµQ\FXLGDGRV 
$FFLRQHVTXHGHEHU¯DQVHUUHDOL]DGDVSRUXQWDOOHUHQORV
LQWHUYDORVLQGLFDGRVDFRQWLQXDFLµQ

&$'$+25$6
&DPELHHOILOWURSULPDULRGHOILOWURGHDLUHFXDQGRVHDQHFHVDULR
\DSDUH]FDXQPHQVDMHHQODSDQWDOOD
&DPELHHOILOWURGHYHQWLODFLµQGHODFDELQDSUHILOWURD
&RPSUXHEHODWHQVLµQGHODVFRUUHDVFXDQGRVHDQHFHVDULR
FXDQGRVHPXHVWUHHOPHQVDMHHQODSDQWDOOD
6HUYLFLR\PDQWHQLPLHQWRGHOVLVWHPDGHH[WLQFLµQGHLQFHQGLRV
&RPSUXHEHORVFDEOHV\ODVFRQH[LRQHVGHODEDWHU¯D
&RPSUXHEHODSUHVLµQGHORVIUHQRV
9DF¯HORVORGRV\HODJXDGHFRQGHQVDFLµQGHOVLVWHPD
KLGU£XOLFR
&DPELHHOILOWURGHDLUHGHODOWHUQDGRUHTXLSRRSFLRQDO
6XVWLWX\DHOSUHILOWURHVW£QGDUGHYHQWLODFLµQGHODFDELQDQR
DSOLFDEOHFXDQGRKD\DLQVWDODGRXQSUHILOWURH[WUDWLSRFLFOµQ
6XVWLWX\DHOILOWURSULQFLSDOGHYHQWLODFLµQGHODFDELQDILOWURGH
FDUERQR
6XVWLWX\DHOILOWURSULQFLSDOGHYHQWLODFLµQGHODFDELQDILOWURGH
DPLDQWR

&$'$+25$6
&DPELHHODFHLWHGHORVHMHVGHODQWHUR\WUDVHUR/+
LQFOX\HQGRSXHQWHGHOHMHWUDVHUREF
6XVWLWX\DHOILOWURGHOUHVSLUDGHURGHODWUDQVPLVLµQ\ORVILOWURV
GHOUHVSLUDGHURGHORVHMHV
&RPSUXHEHHOSXQWRGHFRQJHODFLµQGHOUHIULJHUDQWH
&DPELHHOILOWURGHODFHLWHGHUHWRUQRGHOVLVWHPDKLGU£XOLFR
6XVWLWX\DHOILOWURGHOUHVSLUDGHURGHOVLVWHPDKLGU£XOLFR
/LPSLHORVILOWURVGHPDOODGHDFHURGHOILOWURGHDLUHHQED³RGH
DFHLWHHTXLSRRSFLRQDO
6XVWLWX\DHOILOWURGHYHQWLODFLµQGHODFDELQDILOWURSULPDULRG
6XVWLWX\DHOILOWURVHFXQGDULRGHOILOWURGHDLUH
6XVWLWX\DORVILOWURVGHOUHVSLUDGHURGHORVHMHVGHODQWHUR\
WUDVHUR 
6XVWLWX\DHOILOWURGHOUHVSLUDGHURGHOVLVWHPDGHFRPEXVWLEOH
&RPSUXHEHHOWXER9HQWXULGHOD(*5
6XVWLWX\DHOFDUWXFKRVHFDGRUGHOVLVWHPDGHDLUHFRPSULPLGR
VRORDSOLFDEOHDP£TXLQDVFRQPRWRU'-

&$'$+25$6
6XVWLWX\DHOILOWURGHDFHLWHGHODWUDQVPLVLµQ
&DPELHHODFHLWHGHODWUDQVPLVLµQ\OLPSLHHOFRODGRUGH
DVSLUDFLµQ
&DPELHHODFHLWHGHOVLVWHPDKLGU£XOLFRH
6XVWLWX\DHOSUHILOWURH[WUDGHYHQWLODFLµQGHODFDELQDWLSR
FLFOµQ
&RPSUXHEH\DMXVWHHOMXHJRGHODVY£OYXODV\ORVLQ\HFWRUHV
&RPSUXHEHODSUHVLµQGHODFHLWHKLGU£XOLFR
 6HUYLFLR\PDQWHQLPLHQWR
 (VTXHPDGHOXEULFDFLµQ\FXLGDGRV
&RPSUXHEHHOFDSµODHVWUXFWXUDODVDUWLFXODFLRQHVODXQLGDG
GHDSHUWXUDGHOFDSµ
&DPELHHODFHLWHHQHOFRMLQHWHGHOSXHQWHGHODQWHURGHOHMH
WUDVHUR/+/+
&DPELHHODFHLWHHQHOFRMLQHWHGHOSXHQWHWUDVHURGHOHMHWUDVHUR
/+/+

&$'$+25$6
/LPSLHHOILOWURGHSDUW¯FXODVGLHVHO'3)VRORDSOLFDEOHD
P£TXLQDVFRQPRWRU'-
&DPELHHOILOWURGHOUHVSLUDGHURSDUDHOGHSµVLWRGH
$G%OXHp'()VRORDSOLFDEOHDP£TXLQDVFRQPRWRU'-

&$'$+25$6
&DPELHHOUHIULJHUDQWHI
&DPELHHOILOWURGHDLUHSDUDHOGHSµVLWRGH$G%OXHp'()VROR
DSOLFDEOHDP£TXLQDVFRQPRWRU'-
D&DPELHHOILOWURGHODFDELQDP£VDPHQXGRVLHVQHFHVDULR
E6LODP£TXLQDHVW£HTXLSDGDFRQUHIULJHUDFLµQGHODFHLWHSDUDHMHV
FDPELHHODFHLWH\HOILOWURFDGDKRUDV
F&DPELHHODFHLWHODSULPHUDYH]HQORVHMHVGHODQWHUR\WUDVHURDODV
KRUDV
G6XVWLWX\DHOILOWURGHODFDELQDP£VDPHQXGRFXDQGRVHDQHFHVDULR
H6LHOVLVWHPDVHKDOOHQDGRFRQDFHLWHKLGU£XOLFRPLQHUDORDFHLWH
KLGU£XOLFRELRGHJUDGDEOH9ROYRHODFHLWHGHEHU¯DFDPELDUVHFDGD
KRUDVHQHOFDVRGHFXDOTXLHURWURDFHLWHKLGU£XOLFRELROµJLFDPHQWH
GHJUDGDEOHHODFHLWHVHGHEHU¯DFDPELDUFDGDKRUDV
I&DPELHHOUHIULJHUDQWHFDGDKRUDVRDP£VWDUGDUFDGDFXDWUR
D³RV

3DUDP£TXLQDVFRQVLVWHPDGHHQJUDVDGRDXWRP£WLFRYHDOD
S£JLQD6LVWHPDGHOXEULFDFLµQDXWRP£WLFD
 (VSHFLILFDFLRQHV 
/XEULFDQWHVUHFRPHQGDGRV 

(VSHFLILFDFLRQHV
/XEULFDQWHVUHFRPHQGDGRV
3DUDFXDOTXLHUSUHJXQWDRP£VLQIRUPDFLµQVREUHDFHLWHVOXEULFDQWHV\WHPSHUDWXUDVDPELHQWHH[WUHPDVSRU
IDYRUGLU¯MDVHDVXFRQFHVLRQDULRSDUDREWHQHULQIRUPDFLµQ
127$
7HQJDHQFXHQWDHOWLSRGHPRWRULQVWDODGRHQODP£TXLQD\VLJDODVLQVWUXFFLRQHVSHUWLQHQWHVSDUDGLFKRPRWRU
127$
(VPX\LPSRUWDQWHVHJXLUODVLQVWUXFFLRQHVUHODWLYDVDOJUDGRGHODFHLWHGHRWURPRGRORVGHSµVLWRVGHDFHLWH
SRGU¯DQREWXUDUHOILOWURGHSDUW¯FXODVGLHVHO

&DOLGDGGHODFHLWH 9LVFRVLGDGUHFRPHQGDGDSDUDGLVWLQWDVWHPSHUDWXUDVDPELHQWH
0RWRU'- 9ROYR8OWUD'LHVHO(QJLQH2LO
9'6XRWURDFHLWHGHPRWRU
DSUREDGR9'6
$&($(
6$(:
$3,&-
6$(:
6$(:
6$(:
6$(:
6$(
6$(

9

0RWRU'( 9ROYR8OWUD'LHVHO(QJLQH2LO
9'6XRWURDFHLWHGHPRWRU
DSUREDGR9'6
R
$FHLWHGHPRWRU9ROYR8OWUD 6$(:
'LHVHO(QJLQH2LO9'6R 6$(:
RWUR9'6DSUREDGR 6$(:
6$(:
6$(:
6$(
6$(

9

6LJDORVLQWHUYDORVGHFDPELRUHFRPHQGDGRVSDUDHODFHLWHGHOPRWRUGHSHQGLHQGRGHOJUDGRGHODFHLWHFODVH
GHFDOLGDG\HOFRQWHQLGRGHD]XIUHYHDODS£JLQD


 (VSHFLILFDFLRQHV
 /XEULFDQWHVUHFRPHQGDGRV
&DOLGDGGHODFHLWH 9LVFRVLGDGUHFRPHQGDGDSDUDGLVWLQWDVWHPSHUDWXUDVDPELHQWH
(-(6 9ROYR6XSHU:HW%UDNH
7UDQVD[OH2LO
9ROYR:%
:%

9

75$160,6,• $FHLWHGHODWUDQVPLVLµQ
1 DXWRP£WLFD9ROYR$7

9ROYR $XWRPDWLF 7UDQVPLVVLRQ)OXLG $7

9

6,67(0$ 9ROYR6XSHU+\GUDXOLF2LO
+,'5ƒ8/,&2 &RPRDOWHUQDWLYDKD\WDPEL«Q
9ROYR%LRGHJUDGDEOH
+\GUDXOLF2LO
3DUDP£VLQIRUPDFLµQGLU¯MDVH 9$9
DOVHUYLFLRORFDOGH9ROYR 9$9
,629*+9
,629*+9

9 

6,67(0$'( 5HIULJHUDQWH9ROYR9&6
5()5,*(5$ 9HDODS£JLQDSDUDP£V
&,•1 LQIRUPDFLµQ
 (VSHFLILFDFLRQHV 
/XEULFDQWHVUHFRPHQGDGRV 

$FHLWHGHOPRWRU
c127$(VPX\LPSRUWDQWHVHJXLUODVLQVWUXFFLRQHVSDUDHOJUDGRGHDFHLWHGHRWURPRGRGHSµVLWRVGHODFHLWH
SRGU¯DQREWXUDUHOILOWURGHSDUW¯FXODV'3)VRORVHDSOLFDDP£TXLQDVFRQPRWRU'-

6RORVHDSOLFDDP£TXLQDVFRQPRWRU'-
&RQWHQLGRGHD]XIUHHQHOFRPEXVWLEOHHQSSP
&DOLGDGGHODFHLWH SSP
,QWHUYDORGHFDPELRGHDFHLWH
9ROYR8OWUD'LHVHO(QJLQH2LO9'6 KRUDV
$&($(
KRUDV
$3,&-

6RORVHDSOLFDDP£TXLQDVFRQPRWRU'(
&RQWHQLGRGHD]XIUHHQHOFRPEXVWLEOHHQSSP 
SSP ದ ದ ದ !
&DOLGDGGHODFHLWH

,QWHUYDORGHFDPELRGHDFHLWH
9ROYR8OWUD'LHVHO(QJLQH2LO9'6 KRUDV KRUDV KRUDV
9ROYR8OWUD'LHVHO(QJLQH2LO9'6 KRUDV KRUDV KRUDV
$&($(
KRUDV KRUDV KRUDV
$3,&-

5HIULJHUDQWH
8VHVµORUHIULJHUDQWH9ROYR9&6DOUHOOHQDURFDPELDUHOUHIULJHUDQWH3DUDHYLWDUGD³RVDOPRWRU\DOVLVWHPDGH
UHIULJHUDFLµQQRVHGHEHQPH]FODUGLIHUHQWHVWLSRVGHUHIULJHUDQWHRSURWHFFLµQFRQWUDODFRUURVLµQ
$OXVDUUHIULJHUDQWH9ROYR9&6FRQFHQWUDGR\DJXDOLPSLDODPH]FODGHEHFRQWHQHUGHUHIULJHUDQWH
FRQFHQWUDGR\GHDJXDOLPSLD/DFDQWLGDGGHUHIULJHUDQWHFRQFHQWUDGRQRGHEHVHUQXQFDVXSHULRUDO
GHODPH]FODWRWDOY«DVHODVLJXLHQWHWDEOD

3URWHFFLµQFRQWUDODFRQJHODFLµQKDVWD &DQWLGDGPH]FODGDGHUHIULJHUDQWHFRQFHQWUDGR
r&r) 
r&r) 
r&r) 

1RVHGHEHPH]FODUHOUHIULJHUDQWHFRQFHQWUDGRFRQDJXDTXHFRQWHQJDXQDJUDQFDQWLGDGGHFDODJXDGXUD
VDOXRWURVPHWDOHV

(ODJXDOLPSLDSDUDHOVLVWHPDGHUHIULJHUDFLµQGHEHU£FXPSOLUWDPEL«QORVUHTXLVLWRVVLJXLHQWHV

'HVFULSFLµQ 9DORU

1¼PHURWRWDOGHSDUW¯FXODVVµOLGDV SSP
'XUH]DWRWDO rG+
&ORUXUR SSP
6XOIDWR SSP
YDORUS+ 
6¯OLFH PJ6L2OLWUR
+LHUUR PJ)HOLWUR
0DQJDQHVR PJ0QOLWUR
 (VSHFLILFDFLRQHV
 /XEULFDQWHVUHFRPHQGDGRV
&RQGXFWLYLGDGHO«FWULFD w6FP
0DWHULDORUJ£QLFR&2'0Q PJOLWUR

6LH[LVWHFXDOTXLHUGXGDVREUHODFDOLGDGGHODJXDXVHUHIULJHUDQWH9ROYR9&6\DPH]FODGRTXHFRQWLHQH
GHUHIULJHUDQWHFRQFHQWUDGR1RPH]FOHFRQQLQJ¼QRWURUHIULJHUDQWH\DPH]FODGRSXHVWRTXHHVWRSRGU¯DSURYRFDU
GD³RVDOPRWRU

*UDVD
9ROYR6XSHU*UHDVH/LWKLXP(3
2JUDVDOXEULFDQWHHTXLYDOHQWHHQEDVHGHOLWLRFRQDGLWLYR(3\HVSHVDQWHJUDVD1/*,FODVH
6LODP£TXLQDWLHQHXQVLVWHPDGHOXEULFDFLµQFHQWUDOVHDSOLFDQRWUDVUHFRPHQGDFLRQHVGHOXEULFDQWHV

&RMLQHWHVGHOHMHWUDVHUR
&RMLQHWHVGHODQWHURVGHOHMHWUDVHUR
$FHLWHGHHMHVVHJ¼QOXEULFDQWHVUHFRPHQGDGRVHQODS£JLQD
&RMLQHWHVWUDVHURVGHOHMHWUDVHUR
5XEHQV+74
&KHYURQ8OWUD'XW\1R
7H[DFR6WDUSOH[+'
$OPDJDUG
/RVFRMLQHWHVWUDVHURVGHOHMHWUDVHURQRUHTXLHUHQPDQWHQLPLHQWR6µORVHOXEULFDQFRQPRWLYRGHORVWUDEDMRV
GHVHUYLFLR

/XEULFDFLµQFHQWUDODXWRP£WLFD
5HFRPHQGDFLRQHVGHOXEULFDQWHV
6HH[LJHORVLJXLHQWHGHODJUDVDXVDGDHQHOVLVWHPDGHOXEULFDFLµQDXWRP£WLFD
 ODJUDVDQ
QRGHEHFRQWHQHUJUDILWRQL37)(WHIOµQ
 HVW£SHUPLWLGRXVDUJUDVDTXHFRQWHQJDFRPRP£[LPRHOGHELVXOIXURGHPROLEGHQR0R6

 VHUHFRPLHQGDODVLJXLHQWHFODVH1/*,SDUDXQDWHPSHUDWXUDGHWUDEDMRGH

,QWHUYDORGHWHPSHUDWXUDGHWUDEDMR &ODVH1/*,
ದr&ದr)Dr&r) 
ದr&ದr)Dr&r) 
ದr&ದr)Dr&r) VLQW«WLFR
ದr&ದr)Dr&r) VLQW«WLFR
 (VSHFLILFDFLRQHV 
6LVWHPDGHFRPEXVWLEOH 

6LVWHPDGHFRPEXVWLEOH
5HFRPHQGDFLµQGHFRPEXVWLEOHSDUDPRWRUHVFHUWLILFDGRV
SRUOD8(PRWRUHV'-FRQUHFLUFXODFLµQGHORVJDVHVGH
HVFDSH(*5\SRVWUDWDPLHQWRGHORVJDVHVGHHVFDSHGH
ORVPRGHORVGHOD³R
/RVPRWRUHVGLHVHOSDUDORVPRGHORVGHOD³R\SRVWHULRUHV
HVW£QVRORGLVH³DGRVSDUDRSHUDUFRQFRPEXVWLEOHOLEUHGHD]XIUH
FRQXQFRQWHQLGRP£[LPRGHD]XIUHGHSSP(OXVRGHRWURV
FRPEXVWLEOHVTXHQRVHDQVLQD]XIUHUHGXFLU£ODHILFLHQFLD\OD
YLGD¼WLOGHOPRWRUGD³DU£SHUPDQHQWHPHQWHORVVLVWHPDVGH
FRQWUROGHHPLVLRQHVDYDQ]DGRVUHGXFLU£ODHFRQRP¯DGH
FRQVXPRGHFRPEXVWLEOH\SRVLEOHPHQWHLPSLGDTXHHOPRWRU
IXQFLRQH/DVJDUDQW¯DVGHOIDEULFDQWHSXHGHQTXHGDUDQXODGDV
SRUXQXVRGHFRPEXVWLEOHQRDGHFXDGRRQRFRUUHFWR(V
HVHQFLDOODVHOHFFLµQGHXQFRPEXVWLEOHFRUUHFWRSDUDDVHJXUDU
XQDHFRQRP¯DGHFRPEXVWLEOHXQUHQGLPLHQWR\XQDYLGD¼WLOGHO
PRWRUEXHQRV6HGHEHXVDUFRPEXVWLEOHFRPHUFLDOTXHFXPSOD
FRQODQRUPD(1GHOD8(VREUHFRPEXVWLEOHVGLHVHO
7DPEL«QHVDFHSWDEOHHOFRPEXVWLEOHVXHFR0NTXHFXPSODFRQ
ODQRUPDVXHFD66(VLPSRUWDQWHTXHHOFRPEXVWLEOHQR
HVW«FRQWDPLQDGRFRQSROYRRDJXDSXHVWRTXHHVWRSRGU¯D
GD³DUHOVLVWHPDGHFRPEXVWLEOHGHOPRWRUHLQFUHPHQWDUHO
GHVJDVWHGHOPRWRU
5HFRPHQGDFLµQGHFRPEXVWLEOHSDUDPRWRUHVFHUWLILFDGRV
SRU((88PRWRUHV'-FRQUHFLUFXODFLµQGHORVJDVHV
GHHVFDSH(*5\SRVWUDWDPLHQWRGHORVJDVHVGHHVFDSH
GHORVPRGHORVGHOD³R
/RVPRWRUHVGLHVHOSDUDORVPRGHORVGHOD³R\SRVWHULRUHV
HVW£QVRORGLVH³DGRVSDUDRSHUDUFRQFRPEXVWLEOHFRQXQ
FRQWHQLGRXOWUDEDMRGHD]XIUH8/6'FRQXQFRQWHQLGRP£[LPR
GHD]XIUHGHSSP(OXVRGHRWURVFRPEXVWLEOHVTXHQRVHDQ
8/6'UHGXFLU£ODHILFLHQFLD\ODGXUDELOLGDGGHOPRWRUGD³DU£
SHUPDQHQWHPHQWHORVVLVWHPDVGHFRQWUROGHHPLVLRQHV
DYDQ]DGRVUHGXFLU£ODHFRQRP¯DGHFRQVXPRGHFRPEXVWLEOH\
SRVLEOHPHQWHLPSLGDTXHHOPRWRUIXQFLRQH/DVJDUDQW¯DVGHO
IDEULFDQWHSXHGHQTXHGDUDQXODGDVSRUXQXVRGHFRPEXVWLEOH
QRDGHFXDGRRQRFRUUHFWR\HOXVRGHFRPEXVWLEOHVTXHQRVHDQ
GHOWLSR8/6'HQP£TXLQDVGLHVHOHVLOHJDO\SXQLEOHFRQ
VDQFLRQHVFLYLOHV(VHVHQFLDOODVHOHFFLµQGHXQFRPEXVWLEOH
FRUUHFWRSDUDDVHJXUDUXQDHFRQRP¯DGHFRPEXVWLEOHXQ
UHQGLPLHQWR\XQDYLGD¼WLOGHOPRWRUEXHQRV6HGHEHXVDU
FRPEXVWLEOH$670Q¼PHUR'8/6'FXDQGRODV
FRQGLFLRQHVFOLP£WLFDVORSHUPLWDQ(OFRPEXVWLEOH$670'
Q¼PHUR'8/6'SXHGHXVDUVHHQWHPSHUDWXUDVIU¯DV3XHGHQ
XVDUVHPH]FODVGHFRPEXVWLEOH8/6'$670'Q¼PHUR'
\Q¼PHUR'SDUDDGDSWDUVHDYDULDVFRQGLFLRQHVFOLP£WLFDV(V 
LPSRUWDQWHTXHHOFRPEXVWLEOHQRHVW«FRQWDPLQDGRFRQSROYRR
DJXDSXHVWRTXHHVWRSRGU¯DGD³DUHOVLVWHPDGHFRPEXVWLEOH
GHOPRWRUHLQFUHPHQWDUHOGHVJDVWHGHOPRWRU
1RWD
/DVJDUDQW¯DVSXHGHQTXHGDUDQXODGDVSRUXQXVRGH
FRPEXVWLEOHQRDGHFXDGRRQRFRUUHFWR
5HFRPHQGDFLµQGHFRPEXVWLEOHSDUDPRWRUHV'(
PRWRUHVVLQSRVWUDWDPLHQWRGHORVJDVHVGHHVFDSH
(VWHPRWRUGLHVHOHVW£GLVH³DGRSDUDRSHUDUFRQFRPEXVWLEOHV
GLHVHOFRPHUFLDOPHQWHGLVSRQLEOHV6HUHFRPLHQGDXVDU
FRPEXVWLEOHTXHFXPSODFRQQRUPDVQDFLRQDOHVR
LQWHUQDFLRQDOHVSDUDFRPEXVWLEOHGLHVHO(OFRPEXVWLEOHFRQXQ
 (VSHFLILFDFLRQHV
 6LVWHPDGHFRPEXVWLEOH
EDMRFRQWHQLGRGHD]XIUHSRUGHEDMRGHSSPHVSUHIHULEOH
SXHVWRTXHUHGXFHHOGHVJDVWHDV¯FRPRHOLPSDFWR
PHGLRDPELHQWDO/DVHOHFFLµQGHXQFRPEXVWLEOHFRUUHFWRHV
HVHQFLDOSDUDXQDEXHQDHFRQRP¯DUHQGLPLHQWR\YLGD¼WLOGHO
PRWRU(VLPSRUWDQWHTXHHOFRPEXVWLEOHQRHVW«FRQWDPLQDGR
FRQSROYRRDJXDSRUTXHHVWRSRGU¯DGD³DUHOVLVWHPDGH
FRPEXVWLEOHGHOPRWRU\DXPHQWDUHOGHVJDVWHGHOPRWRU
%LRFRPEXVWLEOHGLHVHO
/RVDFHLWHV\R«VWHUHVYHJHWDOHVWDPEL«QOODPDGRVELRGLHVHO
FRPRPHWLO«VWHUGHVHPLOODVGHFRO]DFRPEXVWLEOH50(HVW£Q
GLVSRQLEOHVHQFLHUWRVPHUFDGRVFRPRSURGXFWRVSXURV\
PH]FODGRVFRQFRPEXVWLEOHGLHVHO
9ROYRDFHSWDXQDPH]FODP£[LPDGHOGHFRPEXVWLEOHGLHVHO
ELROµJLFRHQHOJDVµOHRVXPLQLVWUDGR\DPH]FODGRSRUODV
FRPSD³¯DVSHWURO¯IHUDV

$G%OXHp'()
127$
6RORDSOLFDEOHDP£TXLQDVFRQPRWRU'-

$9,62
5LHVJRGHGD³RVDODP£TXLQD
$FRUWRSOD]RHOXVRGHXQO¯TXLGRHUUµQHRSXHGHUHVXOWDUHQXQDPHQRUSRWHQFLDGHOPRWRU$ODUJRSOD]RSXHGH
GD³DUHOVLVWHPDGH6&5\HOFDWDOL]DGRU5HXWLOL]DU$G%OXHp'()SXHGHSURYRFDUFRQWDPLQDFLµQ/RVGD³RV
FDXVDGRVSRUHOXVRGHO¯TXLGRVLQFRUUHFWRVQRHVWDU£QFXELHUWRVSRUODJDUDQW¯D
8VHVLHPSUHHOO¯TXLGRHVSHFLILFDGRHQOD,621RUHXWLOLFHHO$G%OXHp'()YDFLDGR
9ROYRKDGHVDUUROODGRQXHYRVPRWRUHVSDUDFXPSOLUORVUHTXLVLWRVGHHPLVLRQHV867LHU)LQDO&DOLIRUQLD7LHU
)LQDO\6WHS,9GHOD8((VWRVPRWRUHVHVW£QHTXLSDGRVFRQXQVLVWHPDGHUHGXFFLµQFDWDO¯WLFDVHOHFWLYD
VLVWHPD6&5TXHUHGXFHORVµ[LGRVGHQLWUµJHQR12;3DUDHOIXQFLRQDPLHQWRGHOSURFHVRHVQHFHVDULR
XQO¯TXLGRGHHVFDSHGLHVHO(OO¯TXLGRVHOODPD$G%OXHpHQ(XURSD\$VLDSHURHQ1RUWHDP«ULFDVHOODPD'LHVHO
([KDXVW)OXLG'()&XDQGRHVQHFHVDULRHOVLVWHPD6&5FDOLHQWDHOGHSµVLWR\ODVWXEHU¯DVGH$G%OXHp'()
(OO¯TXLGRVHOOHQDHQXQGHSµVLWRGLIHUHQWHTXHHVW£FRPSOHWDPHQWHVHSDUDGRGHOGHSµVLWRGHFRPEXVWLEOH(O
$G%OXHp'()QRGHEHPH]FODUVHHQHOGHSµVLWRGHFRPEXVWLEOH\HOFRPEXVWLEOHQRGHEHPH]FODUVHHQHO
GHSµVLWRGH$G%OXHp'()
(O$G%OXHp'()VHFRPSRQHGHFULVWDOHVGHXUHD\DJXDGHVWLODGD(VWUDQVSDUHQWHFODUR\
WLHQHXQOLJHURRORUDDPRQ¯DFR(OO¯TXLGRQRVHFRQVLGHUDSHOLJURVRSHURDXQDV¯GHEHVHUPDQLSXODGRFRQ
FXLGDGR(VPX\FRUURVLYRHVSHFLDOPHQWHFRQFREUH\DOXPLQLR3RUHVWDUD]µQHYLWHTXHVHGHUUDPHO¯TXLGRHQ
ORVFDEOHV\FRPSRQHQWHVHO«FWULFRV/LPSLHVLHPSUHFXDOTXLHUGHUUDPHGH$G%OXHp'()
(O$G%OXHp'()QRHVXQSURGXFWRLQIODPDEOH&XDQGRVHH[SRQHDDOWDVWHPSHUDWXUDVVHFRQYLHUWHHQDPRQ¯DFR
\GLµ[LGRGHFDUERQR(OO¯TXLGRQRGHEHU¯DHQWUDUHQFRQWDFWRFRQRWURVSURGXFWRVTX¯PLFRVRVHUPH]FODGRFRQ
RWURVSURGXFWRVTX¯PLFRV
(O$G%OXHp'()HVVHQVLEOHDWHPSHUDWXUDVDOWDV\EDMDV1RGHEHU¯DH[SRQHUVHDODOX]GLUHFWDGHOVROGXUDQWH
QLQJ¼QSHU¯RGRGHWLHPSRH[WHQGLGR6LODP£TXLQDQRVHXVDHO$G%OXHp'()HPSLH]DDFRQJHODUVHDr&
r)(OYROXPHQGHO¯TXLGRHQHOGHSµVLWRDXPHQWD\HVSRUHVRTXHHVLPSRUWDQWHVHJXLUHOYROXPHQGHOOHQDGR
UHFRPHQGDGR(O$G%OXHp'()QRVHGHVFRPSRQHQLVHGHJUDGDHQFDVRGHTXHVHFRQJHOH(OVLVWHPDGH6&5
GHUUHWLU£HOO¯TXLGRSDUDTXHUHFXSHUHVXFRQFHQWUDFLµQPDQWHQLHQGRODFDOLGDG/DP£TXLQDIXQFLRQDU£
QRUPDOPHQWHGXUDQWHHOWLHPSRHQHOTXHHOO¯TXLGRVHGHUULWD
$WHPSHUDWXUDVVXSHULRUHVDr&r)GHO$G%OXHp'()HOO¯TXLGRFRPLHQ]DDGHJUDGDUVH$FRQWLQXDFLµQ
HOIOXLGRSURGXFHDPRQ¯DFRTXHHVDJUHVLYRSDUDODJRPDSRUHMHPSOR$WHPSHUDWXUDVVXSHULRUHVDr&
r)DXPHQWDODSURGXFFLµQGHDPRQ¯DFR6LQHPEDUJRVHSHUPLWHQDOWDVWHPSHUDWXUDVGXUDQWHXQ
FRUWRHVSDFLRGHWLHPSR
 (VSHFLILFDFLRQHV 
6LVWHPDGHFRPEXVWLEOH 

(O$G%OXHp'()GHEHU¯DDOPDFHQDUVHHQXQOXJDUIUHVFRVHFR\YHQWLODGR(OO¯TXLGRQRSXHGHVHUDOPDFHQDGR
GLUHFWDPHQWHDODOX]GHOVRO/DWHPSHUDWXUDGHDOPDFHQDPLHQWRUHFRPHQGDGDSDUDHO$G%OXHp'()HVHQWUH
r&r)\r&r)(QHVWDVFRQGLFLRQHVODGXUDFLµQGHDOPDFHQDPLHQWRHVGHDSUR[GRVD³RV(O
DOPDFHQDPLHQWRDODUJRSOD]RGH$G%OXHp'()DXQDWHPSHUDWXUDVXSHULRUDr&r)SXHGHUHGXFLUODYLGD
¼WLOGHOO¯TXLGR/DH[SRVLFLµQGXUDQWHXQEUHYHSHU¯RGRGHWLHPSRDWHPSHUDWXUDVP£VDOWDVQRWLHQHLPSDFWRHQ
ODFDOLGDG

127$
6LODP£TXLQDVHYDDHVWDFLRQDUGXUDQWHXQSHU¯RGRGHWLHPSRSURORQJDGRYDULRVPHVHVDWHPSHUDWXUDV
DPELHQWHVXSHULRUHVD|&|)VHGHEHYDFLDUHOGHSµVLWR(VWRHVSDUDSUHYHQLUTXHHOO¯TXLGRWHQJDXQD
FDOLGDGHUUµQHDDODUUDQFDUODP£TXLQDRTXHORVSUHFLSLWDGRVWHQJDQXQLPSDFWRQHJDWLYRVREUHODVSLH]DVGH
ORVFRPSRQHQWHV
127$
6LHOGHSµVLWRVHKDYDFLDGRSRUFRPSOHWRGHEHU¯DHQMXDJDUVHFRQDJXDGHVWLODGDRQXHYR$G%OXHp'()DQWHV
GHOOHQDUORFRQHOQXHYRO¯TXLGR1XQFDUHXWLOLFHHOO¯TXLGRYLHMR6LVHXWLOL]DDJXDFRUULHQWHSDUDHOHQMXDJXH
H[LVWHHOULHVJRGHTXHHOVLVWHPDJHQHUHXQDDODUPDGHELGRDXQDFDOLGDGHUUµQHDGH$G%OXHp'()

(O$G%OXHp'()HVW£GLVSRQLEOHHQFRQWHQHGRUHVGHSO£VWLFRELGRQHV,%&RDJUDQHO
3DUDLQIRUPDFLµQVREUHFµPRSHGLU$G%OXHp'()VRORSDUDHOPHUFDGRGH((88
ವ 6HUYLFLRGHDWHQFLµQDOFOLHQWHGH9ROYR&(KRUDULRGHRILFLQD
ವ ZZZYROYRFHFRPIXHUDGHOKRUDULRGHRILFLQD

3DUDLQIRUPDFLµQVREUHFµPRSHGLU$G%OXHp'()RWURVPHUFDGRVFRQWDFWHFRQVXFRQFHVLRQDULRORFDO9ROYR

$FFLRQHVHQFDVRGHFRQWDFWRFRQ$G%OXHp'()
ವ (QFDVRGHFRQWDFWRFRQODSLHOODYHDIRQGRFRQDJXD(OO¯TXLGRSXHGHFDXVDULUULWDFLµQHQODSLHO
ವ (QFDVRGHFRQWDFWRFRQORVRMRVODYHDIRQGRGXUDQWHYDULRVPLQXWRV6LHVQHFHVDULRREWHQJDDVLVWHQFLDP«GLFD
ವ (QFDVRGHLQKDODFLµQUHVSLUHDLUHIUHVFR\FRQWDFWHFRQXQP«GLFRVLHVQHFHVDULR
ವ (QFDVRGHLQJHVWLµQEHEDDJXD\FRQWDFWHFRQXQP«GLFR


 (VSHFLILFDFLRQHV
 &DSDFLGDGGHVHUYLFLRHLQWHUYDORVGHVXVWLWXFLµQ

&DSDFLGDGGHVHUYLFLRHLQWHUYDORV
GHVXVWLWXFLµQ
/+
&DSDFLGDGHV (QHOFDPELR 7RWDO
$FHLWHSDUDPRWRULQFOILOWUR OLWURVJDORQHV86
7UDQVPLVLµQLQFOILOWUR OLWURVJDORQHV86
(MHGHODQWHUR OLWURVJDORQHV86
(MHWUDVHUR OLWURVJDORQHV86
0RQWDMHGHOHMHWUDVHUR OLWURVJDORQHV
86
6LVWHPDKLGU£XOLFR OLWURVJDORQHV
86
'HSµVLWRGHDFHLWHKLGU£XOLFR OLWURVJDORQHV
86
'HSµVLWRGHFRPEXVWLEOH OLWURVJDORQHV
86
'HSµVLWRGH$G%OXHp'()D OLWURV86JDO OLWURVJDORQHV86
6LVWHPDGHUHIULJHUDFLµQ OLWURVJDORQHV86
)LOWURGHDLUHHQED³RGHDFHLWHRSFLRQDO OLWURVJDORQHV86

/+
&DSDFLGDGHV (QHOFDPELR 7RWDO
$FHLWHSDUDPRWRULQFOILOWUR OLWURVJDORQHV86
7UDQVPLVLµQLQFOILOWUR OLWURVJDORQHV86
(MHGHODQWHUR OLWURVJDORQHV86
(MHWUDVHUR OLWURVJDORQHV86
0RQWDMHGHOHMHWUDVHUR OLWURVJDORQHV
86
6LVWHPDKLGU£XOLFR OLWURVJDORQHV
86
'HSµVLWRGHDFHLWHKLGU£XOLFR OLWURVJDORQHV
86
'HSµVLWRGHFRPEXVWLEOH OLWURVJDORQHV
86
'HSµVLWRGH$G%OXHp'()D OLWURV86JDO OLWURVJDORQHV86
6LVWHPDGHUHIULJHUDFLµQ OLWURVJDORQHV86
)LOWURGHDLUHHQED³RGHDFHLWHRSFLRQDO OLWURVJDORQHV86

/+
&DSDFLGDGHV (QHOFDPELR 7RWDO
$FHLWHSDUDPRWRULQFOILOWUR OLWURVJDORQHV86
7UDQVPLVLµQLQFOILOWUR OLWURVJDORQHV86
(MHGHODQWHUR OLWURVJDORQHV86
(MHWUDVHUR OLWURVJDORQHV86
0RQWDMHGHOHMHWUDVHUR OLWURVJDORQHV86
6LVWHPDKLGU£XOLFR OLWURVJDORQHV
86
 (VSHFLILFDFLRQHV 
&DSDFLGDGGHVHUYLFLRHLQWHUYDORVGHVXVWLWXFLµQ 
'HSµVLWRGHDFHLWHKLGU£XOLFR OLWURVJDORQHV
86
'HSµVLWRGHFRPEXVWLEOH OLWURVJDORQHV
86
'HSµVLWRGH$G%OXHp'()D OLWURV86JDO OLWURVJDORQHV86
6LVWHPDGHUHIULJHUDFLµQ OLWURVJDORQHV86
)LOWURGHDLUHHQED³RGHDFHLWHRSFLRQDO OLWURVJDORQHV86
D6RORVHDSOLFDDP£TXLQDVFRQPRWRU'-


 (VSHFLILFDFLRQHV
 &DSDFLGDGGHVHUYLFLRHLQWHUYDORVGHVXVWLWXFLµQ
/+
&DSDFLGDGHV (QHOFDPELR 7RWDO
$FHLWHSDUDPRWRULQFOILOWUR OLWURVJDORQHV86
7UDQVPLVLµQLQFOILOWUR OLWURVJDORQHV86
(MHGHODQWHUR OLWURVJDORQHV86
(MHWUDVHUR OLWURVJDORQHV86
0RQWDMHGHOHMHWUDVHUR OLWURVJDORQHV86
6LVWHPDKLGU£XOLFR OLWURVJDORQHV
86
'HSµVLWRGHDFHLWHKLGU£XOLFR OLWURVJDORQHV
86
'HSµVLWRGHFRPEXVWLEOH OLWURVJDORQHV
86
'HSµVLWRGH$G%OXHp'()D OLWURV86JDO OLWURVJDORQHV86
6LVWHPDGHUHIULJHUDFLµQ OLWURVJDORQHV86
)LOWURGHDLUHHQED³RGHDFHLWHRSFLRQDO OLWURVJDORQHV86
D6RORVHDSOLFDDP£TXLQDVFRQPRWRU'-

,QWHUYDORVGHFDPELR
&DPELRGHDFHLWH\IOXLGRV +RUDV
0RWRU D
5HIULJHUDQWH E
(MHVGHODQWHUR\WUDVHUR FG
7UDQVPLVLµQODYHDOPLVPRWLHPSRHOFRODGRU 
6LVWHPDKLGU£XOLFRKLGU£XOLFDGHWUDEDMRVLVWHPDGH H
IUHQRV\VLVWHPDGHGLUHFFLµQ
)LOWURGHDLUHHQED³RGHDFHLWHRSFLRQDO 
D3DUDLQIRUPDFLµQVREUHODVFRQGLFLRQHVGHOLQWHUYDORGHFDPELRGHDFHLWHGHOPRWRUTXHVRQGHDSOLFDFLµQYHDODS£JLQD

E&DPELHHOUHIULJHUDQWHFDGDKRUDVRFDGDFXDWURD³RV9HDWDPEL«QODS£JLQD
F3ULPHUFDPELRGHVSX«VGHKRUDV
G6HKD\LQVWDODGDXQDUHIULJHUDFLµQSRUVHSDUDGRGHODFHLWHSDUDHMHVHTXLSRRSFLRQDOHOLQWHUYDORHVGHKRUDV(O
SULPHUFDPELRWLHQHTXHUHDOL]DUVHGHVSX«VGHKRUDV
H6LHOVLVWHPDHVW£OOHQRGHDFHLWHKLGU£XOLFRPLQHUDORDFHLWHKLGU£XOLFRELRGHJUDGDEOH9ROYRHOLQWHUYDORHVKRUDV
6LVHXVDFXDOTXLHURWURDFHLWHKLGU£XOLFRELROµJLFDPHQWHGHJUDGDEOHHOLQWHUYDORHVKRUDV

&DPELRGHOILOWUR +RUDV
)LOWURGHDFHLWHGHOPRWRU D
0RWRUILOWURGHDLUHILOWURSULQFLSDO E
0RWRUILOWURGHDLUHILOWURGHVHJXULGDG 
3UHILOWURGHFRPEXVWLEOH 
)LOWURGHFRPEXVWLEOHSUHILOWUR\VHSDUDGRUGHDJXD F
6LVWHPDGHFRPEXVWLEOHILOWURGHYHQWLODFLµQ 
)LOWURGHDLUHHQED³RGHDFHLWHOLPSLH]DGHOFDUWXFKRGH 
ILOWURHTXLSRRSFLRQDO
)LOWURGHSDUW¯FXODVGLHVHOOLPSLH]D G
7UDQVPLVLµQILOWURGHDFHLWH 
 (VSHFLILFDFLRQHV 
&DSDFLGDGGHVHUYLFLRHLQWHUYDORVGHVXVWLWXFLµQ 
7UDQVPLVLµQILOWURGHYHQWLODFLµQ 
)LOWURGHUHIULJHUDFLµQGHDFHLWHGHHMHVRSFLRQDO 
(MHVILOWURGHYHQWLODFLµQ 
&DELQDILOWURGHYHQWLODFLµQ H
)LOWURGHDPLDQWRHTXLSRRSFLRQDO 
&DELQDSUHILOWURH[WUDHTXLSRRSFLRQDO 
)LOWURGHDFHLWHGHUHWRUQRHQHOVLVWHPDKLGU£XOLFR 
)LOWURGHYHQWLODFLµQHQHOVLVWHPDKLGU£XOLFR 
D3DUDLQIRUPDFLµQVREUHODVFRQGLFLRQHVGHOLQWHUYDORGHFDPELRGHDFHLWHGHOPRWRUTXHVRQGHDSOLFDFLµQYHDODS£JLQD

E2FXDQGRKD\DXQDVH³DORDOPHQRVXQDYH]DOD³R
F2FXDQGRVHFDPELHHOILOWURGHDFHLWHGHOPRWRUORFXDOSXHGHUHSUHVHQWDUXQLQWHUYDORP£VFRUWR
G6RORDSOLFDDP£TXLQDVFRQPRWRUHV'-/DOLPSLH]DWLHQHOXJDUXVDQGRXQVLVWHPDGHLQWHUFDPELR
H&DPELHHOSUHILOWURFDGDKRUDV


 (VSHFLILFDFLRQHV
 0RWRU

0RWRU
/+
'HVLJQDFLµQ 9ROYR'- 9ROYR'( 9ROYR')
3RWHQFLDP£[LPDDUSPUV,62 N:&9 N:&9 N:&9
6$(-QHWD
3DUP£[LPRDUSPUV,62 1POEI 1POEI 1POEI
6$(-QHWR IW IW IW
5DQJRGHRSHUDFLµQHFRQµPLFD ದUSP ದUSP ದUSP
ದUV ದUV ದUV
1¼PHURGHFLOLQGURV   
&LOLQGUDGD OLWURV OLWURV OLWURV
JDORQHV86 JDORQHV86 JDORQHV86
5«JLPHQDUDOHQW¯UHGXFLGR UVUSP UVUSP UVUSP
5«JLPHQGHUDOHQW¯EDMR USP USP USP
5«JLPHQGHUDOHQW¯HOHYDGR USP USP USP
)LOWURGHDLUH )LOWUDGRGHODLUHHQ )LOWUDGRGHODLUHHQ )LOWUDGRGHODLUHHQ
HWDSDV HWDSDV HWDSDV
)LOWURVHFXQGDULR )LOWURVHFXQGDULR )LOWURVHFXQGDULR
)LOWURSULPDULR )LOWURSULPDULR )LOWURSULPDULR

/+
'HVLJQDFLµQ 9ROYR'- 9ROYR'( 9ROYR')
3RWHQFLDP£[LPDDUSP N:&9 N:&9 N:&9
UV,626$(-QHWD
3DUP£[LPRDUSPUV,62 1POEI 1POEI 1POEI
6$(-QHWR IW IW IW
5DQJRGHRSHUDFLµQHFRQµPLFD ದUSP ದUSP ದUSP
ದUV ದUV ದUV
1¼PHURGHFLOLQGURV   
&LOLQGUDGD OLWURV OLWURV OLWURV
JDORQHV86 JDORQHV86 JDORQHV86
5«JLPHQDUDOHQW¯UHGXFLGR UVUSP UVUSP UVUSP
5«JLPHQGHUDOHQW¯EDMR USP USP USP
5«JLPHQGHUDOHQW¯HOHYDGR USP USP USP
)LOWURGHDLUH )LOWUDGRGHODLUHHQ )LOWUDGRGHODLUHHQ )LOWUDGRGHODLUHHQ
HWDSDV HWDSDV HWDSDV
)LOWURVHFXQGDULR )LOWURVHFXQGDULR )LOWURVHFXQGDULR
)LOWURSULPDULR )LOWURSULPDULR )LOWURSULPDULR
 (VSHFLILFDFLRQHV 
0RWRU 
/+
'HVLJQDFLµQ 9ROYR'- 9ROYR'( 9ROYR')
3RWHQFLDP£[LPDDUSP N:&9 N:&9 N:&9
UV,626$(-QHWD
3DUP£[LPRDUSPUV,62 1POEI 1POEI 1POEI
6$(-QHWR IW IW IW
5DQJRGHRSHUDFLµQHFRQµPLFD ದUSP ದUSP ದUSP
ದUV ದUV ದUV
1¼PHURGHFLOLQGURV   
&LOLQGUDGD OLWURV OLWURV OLWURV
JDORQHV86 JDORQHV86 JDORQHV86
5«JLPHQDUDOHQW¯UHGXFLGR UVUSP UVUSP UVUSP
5«JLPHQGHUDOHQW¯EDMR USP USP USP
5«JLPHQGHUDOHQW¯HOHYDGR USP USP USP
)LOWURGHDLUH )LOWUDGRGHODLUHHQ )LOWUDGRGHODLUHHQ )LOWUDGRGHODLUHHQ
HWDSDV HWDSDV HWDSDV
)LOWURVHFXQGDULR )LOWURVHFXQGDULR )LOWURVHFXQGDULR
)LOWURSULPDULR )LOWURSULPDULR )LOWURSULPDULR

/+
'HVLJQDFLµQ 9ROYR'- 9ROYR'( 9ROYR')
3RWHQFLDP£[LPDDUSPUV,62 N:&9 N:&9 N:&9
6$(-QHWD
3DUP£[LPRDUSPUV,62 1POEI 1POEI 1POEI
6$(-QHWR IW IW IW
5DQJRGHRSHUDFLµQHFRQµPLFD ದUSP ದUSP ದUSP
ದUV ದUV ದUV
1¼PHURGHFLOLQGURV   
&LOLQGUDGD OLWURV OLWURV OLWURV
JDORQHV86 JDORQHV86 JDORQHV86
5«JLPHQDUDOHQW¯UHGXFLGR UVUSP UVUSP UVUSP
5«JLPHQGHUDOHQW¯EDMR USP USP USP
5«JLPHQGHUDOHQW¯HOHYDGR USP USP USP
)LOWURGHDLUH )LOWUDGRGHODLUHHQ )LOWUDGRGHODLUHHQ )LOWUDGRGHODLUHHQ
HWDSDV HWDSDV HWDSDV
)LOWURVHFXQGDULR )LOWURVHFXQGDULR )LOWURVHFXQGDULR
)LOWURSULPDULR )LOWURSULPDULR )LOWURSULPDULR


 (VSHFLILFDFLRQHV
 6LVWHPDHO«FWULFR

6LVWHPDHO«FWULFR
7HQVLµQGHOVLVWHPD 9
%DWHU¯DV FRQHFWDGDVHQVHULH
7HQVLµQGHEDWHU¯D 9
&DSDFLGDGGHEDWHU¯D [$K
$OWHUQDGRU :$
3RWHQFLDGHOPRWRUGHDUUDQTXH N:&9

%RPELOODV 9DWLRV 7RPD

)DURVOXFHVGHFUXFH  3;'+
)DURVOXFHVGHFDUUHWHUD  3.6+
/XFHVGHHVWDFLRQDPLHQWRSDUWH  %$V
GHODQWHUD
/XFHVGHHVWDFLRQDPLHQWRSDUWH  %$V
WUDVHUD
/XFHVGHIUHQR  %$V
,QWHUPLWHQWHVSDUWHGHODQWHUD  %$V
,QWHUPLWHQWHVSDUWHWUDVHUD  %$V
$OXPEUDGRGHODFDELQD  %$V
$OXPEUDGRGHWUDEDMRKDOµJHQRV  $XWRURFKHKDOµJHQRV+UDQJR
GHODQWHURVRSFLRQDOHV ODUJRGHSHGHVWDOWLSR
$OXPEUDGRGHWUDEDMRKDOµJHQRV  $XWRURFKHKDOµJHQRV+UDQJR
WUDVHURVRSFLRQDOHV ODUJRGHSHGHVWDOWLSR
/X]GHJX¯DHQLQWHUUXSWRUHV /('
127$
(ODOXPEUDGRSDUDODVOXFHVODWHUDOHVHTXLSRRSFLRQDOVRORHVW£
GLVSRQLEOHHQIRUPDWR/('PLHQWUDVTXHHODOXPEUDGRSDUDODV
OXFHVGHWUDEDMRGHODQWHUDVWUDVHUDVHVW£GLVSRQLEOHFRPR/('
HTXLSRRSFLRQDO\FRPRERPELOODV
 (VSHFLILFDFLRQHV 
6LVWHPDHO«FWULFR 
5HO«V

5
',

',
',
', ',

5
', ',
'$ ', '% '& ''
', ',
', ',
5 )8                      

)86( 7(67

5

',

',

',
',

5( 

',
&

',
',

',
)8                             
5

5 5
5
3

',
5
5
5

5
',
',

'( ') '* '+

5

5( )81&,•1 5( )81&,•1
 /X]GHPDUFKDDWU£VDGYHUWHQFLDGH  /LPSLDSDUDEULVDVSDUWHGHODQWHUD
PDUFKDDWU£V
 $OXPEUDGRGHWUDEDMRSDUWHGHODQWHUD  $OLPHQWDFLµQD$
 $OXPEUDGRGHWUDEDMRSDUWHWUDVHUDGHOD  $OLPHQWDFLµQD%
FDELQD
 5HO«GHOPRWRUGHDUUDQTXH  $OLPHQWDFLµQD($
 $OXPEUDGRGHWUDEDMRSDUWHGHODQWHUDGHOD  )LOWURGHFRPEXVWLEOHFRQFDOHIDFFLµQHO«FWULFD
FDELQD
 6LVWHPDGHVXVSHQVLµQGHODSOXPD  $OLPHQWDFLµQHO«FWULFDPRWRU
DFRSODPLHQWR
 /LPSLDSDUDEULVDVSDUWHWUDVHUD  5HO«GHIXQFLµQSDUDGHVFRQHFWDGRUGHEDWHU¯D
HO«FWULFDPHQWHFRQWURODGRHTXLSDPLHQWR
RSFLRQDO
 /XFHVGHIUHQR  -XHJRDGLFLRQDOGHIXVLEOHVHTXLSDPLHQWR
RSFLRQDO
 $OXPEUDGRGHWUDEDMRSDUWHWUDVHUD  )UHQRGHHVWDFLRQDPLHQWR
 $OLPHQWDFLµQFRQWURODGDSRUOD,(&8
WHQVLµQGHUHWHQFLµQ5(
 &DOHIDFFLµQDLQWHUYDORVGHODERPEDGHDJXD

 $OLPHQWDFLµQGHWHQVLµQDOD((&89  )OXMRDMXVWDEOH
(&89(&8
 $OLPHQWDFLµQHO«FWULFD(&&FRPSUHVRUGH 5) 5HO«GHIODVK
$&GHHPEUDJXHPDJQ«WLFRERPEDGH
UHIULJHUDQWHGHOFDOHQWDGRUGHSDXVD

5HO«VSRVLFLRQDGRVIXHUDGHODFDMDGHGLVWULEXFLµQHO«FWULFD
 (VSHFLILFDFLRQHV
 6LVWHPDHO«FWULFR

5( )81&,•1 5( )81&,•1
 3UHFDOHQWDPLHQWR  'LUHFFLµQVHFXQGDULD
 /X]GHFRUWHV¯D  /X]ODWHUDO

6LWXDGRHQODSDUWHLQIHULRUHQHOODGRGHUHFKRGHODSDUHGGHOGHSµVLWRKLGU£XOLFR
6LWXDGDHQODERPEDGHODGLUHFFLµQVHFXQGDULD
6LWXDGDDODGHUHFKDGHODXQLGDGGHGLVWULEXFLµQHO«FWULFD
6LWXDGDDODGHUHFKDGHODXQLGDGGHGLVWULEXFLµQHO«FWULFD
 (VSHFLILFDFLRQHV 
6LVWHPDHO«FWULFR 
)XVLEOHV

5
',

',
',
', ',

5
', ',
'$ ', '% '& ''
', ',
', ',
5 )8                      

)86( 7(67

5

',
5)
5(
5( 5( 5(

',
5(

',
',

5( 5( 5( 5( 5( 5( 5(

',
&
.
',
',

',
5( 5( 5(
5( 5( 5(

)8                             
5

5

5
5
3

',
5
5
5

5
',
',

'( ') '* '+

5

5(

);

)8
)8 )8
)8
)8
)8 9
)8

)XVLEOHV
)8

$

)81&,•1
/XFHVGHIUHQR
)8

$

)81&,•1
/X]ODUJDL]TXLHUGD 
  +0,&8,&   &£PDUDGHSDQWDOOD
  $OXPEUDGRGHWUDEDMRFDELQDSDUWH   $OXPEUDGRGHWUDEDMRSDUWHGHODQWHUD
GHODQWHUD
  $OLPHQWDFLµQGHWHQVLµQD5(   ,QWHUPLWHQWHVGHDGYHUWHQFLD
  /X]GHHVWDFLRQDPLHQWRGHODQWHUD   $OXPEUDGRGHWUDEDMRSDUWHWUDVHUDGH
L]TXLHUGDOX]GHPDUFKDGHODQWHUD ODFDELQD
L]TXLHUGDOX]GHHVWDFLRQDPLHQWRWUDVHUD
GHUHFKD
 (VSHFLILFDFLRQHV
 6LVWHPDHO«FWULFR
  /X]GHHVWDFLRQDPLHQWRGHODQWHUD   $OXPEUDGRGHWUDEDMRSDUWHWUDVHUD
GHUHFKDOX]GHPDUFKDGHODQWHUD
GHUHFKDOX]GHHVWDFLRQDPLHQWRWUDVHUD
L]TXLHUGDOX]GHPDWU¯FXOD
  /X]FRUWDL]TXLHUGD   7HQVLµQGHUHWHQFLµQ5(
  /X]FRUWDGHUHFKD   7RPDGHDOLPHQWDFLµQGH9
  $OLPHQWDFLµQHO«FWULFD5(   )DURV
GLVSRVLWLYRVGHDGYHUWHQFLDOXFHV
DOXPEUDGRGHWUDEDMRWUDVHUR
  /X]ODUJDGHUHFKD

)XVLEOHV
)8 $ )81&,•1 )8 $ )81&,•1
  $OLPHQWDFLµQHO«FWULFDHQFHQGLGRUDGLR   $OWHUQDGRUGHPDJQHWL]DFLµQ5(
GHVH³DOHVFRQOODYH YHQWLODGRUGHOILOWUR
  /X]JLUDWRULDOX]GHOKDELW£FXOR   ,QWHUPLWHQWHV
LOXPLQDFLµQGHODHQWUDGDHLOXPLQDFLµQ
ODWHUDO
     $OXPEUDGRGHWUDEDMRDOXPEUDGRH[WUD
GHODFDELQDDOLPHQWDFLµQHO«FWULFD
5(FDOHQWDGRUGHFRPEXVWLEOH
     %RFLQDNLFNGRZQHQGLUHFFLµQGH
SDODQFD&'&UHWURYLVRUHVFRQ
FDOHIDFFLµQHO«FWULFDIXQFLRQDPLHQWR
GHORVUHWURYLVRUHV
  $OLPHQWDFLµQHO«FWULFD*30(&8   &£PDUDGHUHWURYLVLµQPDUFKDDWU£V
)8)8
  $OLPHQWDFLµQHO«FWULFD*30(&8   &DOHIDFFLµQGHODVLHQWRPRQLWRUGH
SRVLFLµQGHODVLHQWRGHORSHUDGRU
  $OLPHQWDFLµQHO«FWULFD*30(&8   )$36GHVDFRSODPLHQWRGHOD
&8 WUDQVPLVLµQ/RFNXSEORTXHDGRUGHO
GLIHUHQFLDOSRUWDGRUGHOVHOHFWRUGH
PDUFKDVGLUHFFLµQGHSDODQFD&'&
DFWLYDFLµQGHOVLVWHPDGHVXVSHQVLµQ
GHODSOXPD%66VHOHFFLµQGH
IXQFLµQSRUWDGRUGHSDODQFDGH
DFWLYDFLµQDGHODQWHDWU£VNLFNGRZQ
IUHQRPRWRU
  (&&FRPSUHVRUGH$&GHHPEUDJXH   /XEULFDFLµQFHQWUDO
PDJQ«WLFRUHIULJHUDQWHGHOFDOHQWDGRUGH
SDXVD
     +LGU£XOLFDGHWUDEDMRUHWRUQRD
H[FDYDFLµQGHVFHQVRDXWRP£WLFRGH
ORVEUD]RVGHHOHYDFLµQDXWRPDWLVPR
GHHOHYDFLµQGHODSOXPDHOHYDFLµQ
DXWRP£WLFDSRVLFLRQDGRUGHOD
FXFKDUDEDVFXODPLHQWRDXWRP£WLFR
EORTXHRGHODVSDODQFDV
     6HQWLGRGHPDUFKDDGHODQWHDWU£V
VHOHFWRUGHPDUFKDV
  $OLPHQWDFLµQGHWHQVLµQ5(   
     
  6LVWHPDGHVXVSHQVLµQGHODSOXPD   )UHQRGHHVWDFLRQDPLHQWR
%66IXQFLµQGHHOHYDFLµQGHVLPSOH
HIHFWR
 (VSHFLILFDFLRQHV 
6LVWHPDHO«FWULFR 
  5HJHQHUDFLµQLOXPLQDFLµQGH   'LUHFFLµQVHFXQGDULD
LQVWUXPHQWRV
  /LPSLDSDUDEULVDV\ODYDSDUDEULVDVSDUWH   $OLPHQWDFLµQHO«FWULFDWRPDGH
GHODQWHUDOX]GHU£IDJDV FRPXQLFDFLµQEORTXHRGHOLPSOHPHQWR
  /LPSLDSDUDEULVDV\ODYDSDUDEULVDVSDUWH   $OLPHQWDFLµQHO«FWULFDGHSHQGLHQWHGHO
WUDVHUDVHQVRUGHQLYHOGH HQFHQGLGRDODV(&8WRPDGH
ODYDSDUDEULVDV FRPXQLFDFLµQ

)XVLEOHVVLWXDGRVIXHUDGHODFDELQD
)8 $ )81&,•1 )8 $ )81&,•1
  $LUHGHSUHFDOHQWDPLHQWR   $OLPHQWDFLµQDOWHUQDGRU
  $OLPHQWDFLµQFDELQD   7RPDGHWHQVLµQGHSµVLWRKLGU£XOLFR
  7RPDGHWHQVLµQGHSµVLWRKLGU£XOLFR  
'HWHFFLµQGHWHQVLµQGHEDWHU¯D
WUDQVIRUPDGRU
  0RWRUGHOFDSµ


 (VSHFLILFDFLRQHV
 6LVWHPDHO«FWULFR
)XVLEOHVSDUHGWUDVHUDGHODFDELQDIXHUDGHODSODFD
)8    )8    GHFLUFXLWRLPSUHVR
7LUHGHOFDEH]DODOP£[LPR\GµEOHORKDFLDGHODQWHSDUDUHWLUDUOR
P£VI£FLOPHQWHGHODSDUHGWUDVHUDGHODFDELQDSDUDDFFHGHUD
ORVIXVLEOHVIXHUDGHODSODFDGHFLUFXLWRLPSUHVR

9

)8 $ )81&,•1 )8 $ )81&,•1
  $&0   ((&8
$OLPHQWDFLµQHO«FWULFD)8\)8
     (*5DFWLYDGDGHVDFWLYDGD
  3UHFDOHQWDPLHQWRGHODLUHGHDGPLVLµQ   
(*5

)XVLEOHSDUDUDGLR
(VQHFHVDULRUHWLUDUSULPHURODUDGLRSDUDDFFHGHUDOIXVLEOH
$GHODUDGLR8VHODVGRVDVDVTXHVHHQFXHQWUDQHQODJXDQWHUD
HLQV«UWHODVHQORVDJXMHURVGHODUDGLRSDUDWDOILQ&XDQGRVH
HVFXFKHXQFOLFODUDGLRVHSXHGHH[WUDHUGHVXSRVLFLµQFRQODV
DVDV(OIXVLEOHHVW£VLWXDGRHQODSDUWHWUDVHUDGHODUDGLR

9

 (VSHFLILFDFLRQHV 
7UDQVPLVLµQ 

7UDQVPLVLµQ
/+/+
7UDQVPLVLµQKLGU£XOLFD
0DUFD 9ROYR
7LSR 7UDQVPLVLµQFRPSOHWD3RZHUVKLIW
'HVLJQDFLµQ +7/
&RQYHUWLGRUGHSDU SDVR
5HIXHU]RGHSDU 
1¼PHURGHPDUFKDV GHODQWH\DWU£V
6LVWHPDGHFDPELRGHPDUFKDV (OHFWURKLGU£XOLFDFRQ$36$XWRPDWLF3RZHU6KLIW
*DPDGHYHORFLGDGHV l ದNPKದPSK
QHXP£WLFRV5/ l ದNPKದPSK
l ದNPKದPSK
l ದNPKದPSK

/+
7UDQVPLVLµQKLGU£XOLFD
0DUFD 9ROYR
7LSR 7UDQVPLVLµQFRPSOHWD3RZHUVKLIW
'HVLJQDFLµQ +7/
&RQYHUWLGRUGHSDU SDVR
5HIXHU]RGHSDU 
1¼PHURGHPDUFKDV GHODQWH\DWU£V
6LVWHPDGHFDPELRGHPDUFKDV (OHFWURKLGU£XOLFDFRQ$36$XWRPDWLF3RZHU6KLIW
*DPDGHYHORFLGDGHV l ದNPKದPSK
QHXP£WLFRV5/ l ದNPKದPSK
l ದNPKದPSK
l ದNPKದPSK

/+
7UDQVPLVLµQKLGU£XOLFD
0DUFD 9ROYR
7LSR 7UDQVPLVLµQFRPSOHWD3RZHUVKLIW
'HVLJQDFLµQ +7/%
&RQYHUWLGRUGHSDU
5HIXHU]RGHSDU
SDVR


1¼PHURGHPDUFKDV GHODQWH\DWU£V
6LVWHPDGHFDPELRGHPDUFKDV (OHFWURKLGU£XOLFDFRQ$36$XWRPDWLF3RZHU6KLIW
*DPDGHYHORFLGDGHV l ದNPKದPSK
QHXP£WLFRV5/ l ದNPKದPSK
l ದNPKದPSK
l ದNPKದPSK
 (VSHFLILFDFLRQHV
 7UDQVPLVLµQ
(MHV
/+
7LSR 6HPLHMHVGHVFDUJDGRVFRQUHGXFWRUHVGHFXERGHOWLSRGH
HQJUDQDMHSODQHWDULR
(MHGHODQWHURPDUFD 9ROYR
'HVLJQDFLµQ $:%%
(MHWUDVHURPDUFD 9ROYR
'HVLJQDFLµQ $:%&$:%%'HVOL]DPLHQWROLPLWDGR
%ORTXHDGRUGLIHU (QHMHGHODQWHUR
$FFLRQDPLHQWRGHOEORTXHDGRUGHOGLIHUHQFLDO (OHFWURKLGU£XOLFR

/+
7LSR 6HPLHMHVGHVFDUJDGRVFRQUHGXFWRUHVGHFXERGHOWLSRGH
HQJUDQDMHSODQHWDULR
(MHGHODQWHURPDUFD 9ROYR
'HVLJQDFLµQ $:%%
(MHWUDVHURPDUFD 9ROYR
'HVLJQDFLµQ $:%%
%ORTXHDGRUGLIHU (QHMHGHODQWHUR
$FFLRQDPLHQWRGHOEORTXHDGRUGHOGLIHUHQFLDO (OHFWURKLGU£XOLFR

/+
7LSR 6HPLHMHVGHVFDUJDGRVFRQUHGXFWRUHVGHFXERGHOWLSRGH
HQJUDQDMHSODQHWDULR
(MHGHODQWHURPDUFD 9ROYR
'HVLJQDFLµQ $:%
(MHWUDVHURPDUFD 9ROYR
'HVLJQDFLµQ $:%
%ORTXHDGRUGLIHU (QHMHGHODQWHUR
$FFLRQDPLHQWRGHOEORTXHDGRUGHOGLIHUHQFLDO (OHFWURKLGU£XOLFR

/+
7LSR 6HPLHMHVGHVFDUJDGRVFRQUHGXFWRUHVGHFXERGHOWLSRGH
HQJUDQDMHSODQHWDULR
(MHGHODQWHURPDUFD 9ROYR
'HVLJQDFLµQ $:%
(MHWUDVHURPDUFD 9ROYR
'HVLJQDFLµQ $:%
%ORTXHDGRUGLIHU (QHMHGHODQWHUR
$FFLRQDPLHQWRGHOEORTXHDGRUGHOGLIHUHQFLDO (OHFWURKLGU£XOLFR
 (VSHFLILFDFLRQHV 
)UHQR 

)UHQR
6LVWHPDGHIUHQRV
/+
)UHQRVGHVHUYLFLR
)UHQRGHVHUYLFLRWLSR )UHQRGHGLVFRVK¼PHGRWRWDOPHQWHKLGU£XOLFRGH
GRVFLUFXLWRV
1¼PHURGHGLVFRVGHODQWHGHWU£V 
&DSDFLGDGGHDFXPXODGRUHV ™OLWURJDO™OLWURVJDO
)UHQRVGHVHUYLFLRHVSHVRUGHORVGLVFRVQXHYRV PPSXOJ
)UHQRVGHVHUYLFLRHVSHVRUGHORVGLVFRVP¯QLPR PPSXOJ

)UHQRGHHVWDFLRQDPLHQWR
7LSR )UHQRGHGLVFRVKLGU£XOLFRGHDFFLRQDPLHQWR
HO«FWULFR
)UHQRGHHVWDFLRQDPLHQWRHVSHVRUGHORVGLVFRVQXHYRV PPSXOJ
)UHQRGHHVWDFLRQDPLHQWRHVSHVRUGHORVGLVFRVP¯QLPR PPSXOJ

/+/+/+
)UHQRVGHVHUYLFLR
)UHQRGHVHUYLFLRWLSR )UHQRGHGLVFRVK¼PHGRWRWDOPHQWHKLGU£XOLFRGH
GRVFLUFXLWRV
1¼PHURGHGLVFRVGHODQWHGHWU£V 
&DSDFLGDGGHDFXPXODGRUHV ™OLWURJDO™OLWURVJDO
)UHQRVGHVHUYLFLRHVSHVRUGHORVGLVFRVQXHYRV PPSXOJ
)UHQRVGHVHUYLFLRHVSHVRUGHORVGLVFRVP¯QLPR PPSXOJ

)UHQRGHHVWDFLRQDPLHQWR
7LSR )UHQRGHGLVFRVKLGU£XOLFRGHDFFLRQDPLHQWR
HO«FWULFR
)UHQRGHHVWDFLRQDPLHQWRHVSHVRUGHORVGLVFRVQXHYRV PPSXOJ
)UHQRGHHVWDFLRQDPLHQWRHVSHVRUGHORVGLVFRVP¯QLPR PPSXOJ


 (VSHFLILFDFLRQHV
 'LUHFFLµQ

'LUHFFLµQ
6LVWHPDGHGLUHFFLµQ
/+
7LSR 6HQVLEOHDODFDUJDKLGURVW£WLFR
0RYLPLHQWRGHOYRODQWHWRWDO YXHOWDV
ƒQJXORGHGLUHFFLµQ sr
%RPEDGHODGLUHFFLµQ &RP¼QFRQODKLGU£XOLFDGHWUDEDMR

/+
7LSR 6HQVLEOHDODFDUJDKLGURVW£WLFR
0RYLPLHQWRGHOYRODQWHWRWDO YXHOWDV
ƒQJXORGHGLUHFFLµQ sr
%RPEDGHODGLUHFFLµQ &RP¼QFRQODKLGU£XOLFDGHWUDEDMR

/+
7LSR 6HQVLEOHDODFDUJDKLGURVW£WLFR
0RYLPLHQWRGHOYRODQWHWRWDO YXHOWDV
ƒQJXORGHGLUHFFLµQ sr
%RPEDGHODGLUHFFLµQ &RP¼QFRQODKLGU£XOLFDGHWUDEDMR

/+
7LSR 6HQVLEOHDODFDUJDKLGURVW£WLFR
0RYLPLHQWRGHOYRODQWHWRWDO YXHOWDV
ƒQJXORGHGLUHFFLµQ sr
%RPEDGHODGLUHFFLµQ &RP¼QFRQODKLGU£XOLFDGHWUDEDMR
 (VSHFLILFDFLRQHV 
5XHGDV 

5XHGDV
7DPD³RV\SUHVLRQHVGHQHXP£WLFRV
6LVHXVDQQHXP£WLFRVGLVWLQWRVGHORVLQGLFDGRVGLU¯MDVHDOFRQFHVLRQDULRGHOIDEULFDQWHGHQHXP£WLFRVSDUD
REWHQHULQIRUPDFLµQVREUHODSUHVLµQGHLQIODGRFRUUHFWD1RWRGRVORVQHXP£WLFRVHQODWDEODVLJXLHQWHVH
HQFXHQWUDQGLVSRQLEOHVHQWRGRVORVPHUFDGRV'LU¯MDVHDVXFRQFHVLRQDULRSDUDP£VLQIRUPDFLµQ

c127$2SHUDUSRUFDUUHWHUDDYHORFLGDGHVDOWDVQRUPDOPHQWHUHTXLHUHXQDSUHVLµQGHDLUHVXSHULRUHQORV
QHXP£WLFRVSDUDUHGXFLUODDFXPXODFLµQGHFDORUHQORVQHXP£WLFRV\SDUDUHGXFLUHOFRQVXPRGHFRPEXVWLEOH

c127$'XUDQWHWUDQVSRUWHVHQORVTXHODP£TXLQDHVW«DWDGDDPDUUDGDODSUHVLµQGHDLUHHQORVQHXP£WLFRV

GHEHU¯DHVWDUHQWUH\N3D\EDUHV
/+
0DQLSXODFLµQGH 0DQLSXODFLµQGH
0DQLSXODFLµQGH
PDWHULDOHV PDWHULDOHVFDUJD 0DQLSXODFLµQGH
WURQFRV
1HXP£WLFR $SOLFDFLRQHVGH WUDQVSRUWH EORTXHV
NPK
FDUJD NPK NPKPSK
PSK
NPKPSK PSK
$GHODQW 'HWU£V $GHODQW 'HWU£V $GHODQW 'HWU£V $GHODQW 'HWU£V
H H H H
*RRG\HDU N3D        
57/$ 3VL      
*RRG\HDU N3D        
557% 3VL      
*RRG\HDU N3D        
5*3' 3VL      
*RRG\HDU N3D        
55/. 3VL      
0LFKHOLQ N3D        
5;+$ 3VL      
0LFKHOLQ N3D        
5;/'' 3VL    
0LFKHOLQ N3D        
5 3VL    
;0,1('
%ULGJHVWRQH N3D        
59-7 3VL      
%ULGJHVWRQH N3D        
59617 3VL    
%ULGJHVWRQH
596'7
N3D
3VL








   

%ULGJHVWRQH N3D        
596'/ 3VL    
<RNRKDPD N3D        
55% 3VL      
*RRG\HDU N3D        
5*3' 3VL      
%ULGJHVWRQH N3D        
5976 3VL      
 (VSHFLILFDFLRQHV
 5XHGDV

 /DVUHFRPHQGDFLRQHVVREUHODSUHVLµQGHODLUHVHEDVDQHQODFDUJDGHWUDEDMRFDUJDQRPLQDOSDUDFDGDFDVRGH

PDQLSXODFLµQ
 &XDQGRVHGDQPD\RUHVFDUJDVHVSHFLDOPHQWHHQODPDQLSXODFLµQGHWURQFRVRHQWUDEDMRVGHFDUJD\DFDUUHRVHUHTXLHUH
XQDSUHVLµQGHDLUHP£VDOWDHQORVQHXP£WLFRV&RQWDFWHFRQHOFRQFHVLRQDULRGHOIDEULFDQWHGHQHXP£WLFRVSDUDREWHQHU
ODSUHVLµQGHLQIODGRFRUUHFWDSDUDODFDUJDTXHKD\TXHPDQLSXODU\SDUDODGLVWDQFLDGHOWUDQVSRUWHHQFXHVWLµQ
 6LVHXVDQQHXP£WLFRV/R/HQRSHUDFLRQHVGHFDUJDDFDUUHRKD\TXHWHQHUHQFXHQWDODVGLVWDQFLDVGHWUDQVSRUWH
6HSUHILHUHQQHXP£WLFRVUDGLDOHVSDUDRSHUDFLRQHVGHFDUJDDFDUUHRSRUTXHKD\PHQRVDFXPXODFLµQGHFDORUHQHVWHWLSR
GHQHXP£WLFR
 (VSHFLILFDFLRQHV 
5XHGDV 
/+
0DQLSXODFLµQGH 0DQLSXODFLµQGH
0DQLSXODFLµQGH
PDWHULDOHV PDWHULDOHVFDUJD 0DQLSXODFLµQGH
WURQFRV
1HXP£WLFR $SOLFDFLRQHVGH WUDQVSRUWH EORTXHV
NPK
FDUJDNPK NPK NPKPSK
PSK
PSK PSK
$GHODQW 'HWU£V $GHODQW 'HWU£V $GHODQW 'HWU£V $GHODQW 'HWU£V
H H H H
*RRG\HDU N3D        
57/$ 3VL      
*RRG\HDU N3D        
557% 3VL      
*RRG\HDU N3D        
5*3' 3VL      
*RRG\HDU N3D        
55/. 3VL      
0LFKHOLQ N3D        
5;+$ 3VL      
0LFKHOLQ N3D        
5;/'' 3VL    
0LFKHOLQ N3D        
5 3VL    
;0,1('
%ULGJHVWRQH N3D        
59-7 3VL      
%ULGJHVWRQH N3D        
59617 3VL    
%ULGJHVWRQH N3D        
596'7 3VL    
%ULGJHVWRQH N3D        
596'/ 3VL    
<RNRKDPD N3D        
55% 3VL      
*RRG\HDU N3D        
5*3' 3VL      
%ULGJHVWRQH N3D        
5976 3VL      

 /DVUHFRPHQGDFLRQHVVREUHODSUHVLµQGHODLUHVHEDVDQHQODFDUJDGHWUDEDMRFDUJDQRPLQDOSDUDFDGDFDVRGH

PDQLSXODFLµQ


 &XDQGRVHGDQPD\RUHVFDUJDVHVSHFLDOPHQWHHQODPDQLSXODFLµQGHWURQFRVRHQWUDEDMRVGHFDUJD\DFDUUHRVHUHTXLHUH
XQDSUHVLµQGHDLUHP£VDOWDHQORVQHXP£WLFRV&RQWDFWHFRQHOFRQFHVLRQDULRGHOIDEULFDQWHGHQHXP£WLFRVSDUDREWHQHU
ODSUHVLµQGHLQIODGRFRUUHFWDSDUDODFDUJDTXHKD\TXHPDQLSXODU\SDUDODGLVWDQFLDGHOWUDQVSRUWHHQFXHVWLµQ
 6LVHXVDQQHXP£WLFRV/R/HQRSHUDFLRQHVGHFDUJDDFDUUHRKD\TXHWHQHUHQFXHQWDODVGLVWDQFLDVGHWUDQVSRUWH
6HSUHILHUHQQHXP£WLFRVUDGLDOHVSDUDRSHUDFLRQHVGHFDUJDDFDUUHRSRUTXHKD\PHQRVDFXPXODFLµQGHFDORUHQHVWHWLSR
GHQHXP£WLFR
 (VSHFLILFDFLRQHV
 5XHGDV
/+
0DQLSXODFLµQGH 0DQLSXODFLµQGH
0DQLSXODFLµQGH
PDWHULDOHV PDWHULDOHVFDUJD 0DQLSXODFLµQGH
WURQFRV
1HXP£WLFR $SOLFDFLRQHVGH WUDQVSRUWH EORTXHV
NPK
FDUJD NPK NPKPSK
PSK
NPKPSK PSK
$GHODQW 'HWU£V $GHODQW 'HWU£V $GHODQW 'HWU£V $GHODQW 'HWU£V
H H H H
*RRG\HDU N3D        
57/$ 3VL      
*RRG\HDU N3D        
557% 3VL        
*RRG\HDU N3D        
5*3' 3VL        
*RRG\HDU N3D        
55/. 3VL        
0LFKHOLQ N3D        
5;+$ 3VL      
0LFKHOLQ N3D        
5;/'' 3VL      
0LFKHOLQ N3D        
5;/'' 3VL    
0LFKHOLQ N3D        
5 3VL    
;0,1('
%ULGJHVWRQH N3D        
59617 3VL    
%ULGJHVWRQH N3D        
596'7 3VL    
%ULGJHVWRQH N3D        
596'/ 3VL    
*RRG\HDU N3D        
5*3' 3VL      
%ULGJHVWRQH N3D        
5976 3VL      

 /DVUHFRPHQGDFLRQHVVREUHODSUHVLµQGHODLUHVHEDVDQHQODFDUJDGHWUDEDMRFDUJDQRPLQDOSDUDFDGDFDVRGH

PDQLSXODFLµQ
 &XDQGRVHGDQPD\RUHVFDUJDVHVSHFLDOPHQWHHQODPDQLSXODFLµQGHWURQFRVRHQWUDEDMRVGHFDUJD\DFDUUHRVHUHTXLHUH
XQDSUHVLµQGHDLUHP£VDOWDHQORVQHXP£WLFRV&RQWDFWHFRQHOFRQFHVLRQDULRGHOIDEULFDQWHGHQHXP£WLFRVSDUDREWHQHU
ODSUHVLµQGHLQIODGRFRUUHFWDSDUDODFDUJDTXHKD\TXHPDQLSXODU\SDUDODGLVWDQFLDGHOWUDQVSRUWHHQFXHVWLµQ
 6LVHXVDQQHXP£WLFRV/R/HQRSHUDFLRQHVGHFDUJDDFDUUHRKD\TXHWHQHUHQFXHQWDODVGLVWDQFLDVGHWUDQVSRUWH
6HSUHILHUHQQHXP£WLFRVUDGLDOHVSDUDRSHUDFLRQHVGHFDUJDDFDUUHRSRUTXHKD\PHQRVDFXPXODFLµQGHFDORUHQHVWHWLSR
GHQHXP£WLFR
 (VSHFLILFDFLRQHV 
5XHGDV 
/+
0DQLSXODFLµQGHPDWHULDOHV 0DQLSXODFLµQGHPDWHULDOHV
1HXP£WLFR $SOLFDFLRQHVGHFDUJD FDUJDWUDQVSRUWH
NPKPSK NPKPSK
$GHODQWH 'HWU£V $GHODQWH 'HWU£V
*RRG\HDU N3D    
57/$ 3VL    
*RRG\HDU N3D    
557% 3VL    
*RRG\HDU N3D    
5*3' 3VL    
*RRG\HDU N3D    
55/. 3VL    
%ULGJHVWRQH N3D    
59617 3VL    
%ULGJHVWRQH N3D    
596'7 3VL    
%ULGJHVWRQH N3D    
596'/ 3VL    
*RRG\HDU N3D    
5*3' 3VL    
%ULGJHVWRQH N3D    
5976 3VL    

 /DVUHFRPHQGDFLRQHVVREUHODSUHVLµQGHODLUHVHEDVDQHQODFDUJDGHWUDEDMRFDUJDQRPLQDOSDUDFDGDFDVRGH

PDQLSXODFLµQ
 &XDQGRVHGDQPD\RUHVFDUJDVHVSHFLDOPHQWHHQODPDQLSXODFLµQGHWURQFRVRHQWUDEDMRVGHFDUJD\DFDUUHRVHUHTXLHUH
XQDSUHVLµQGHDLUHP£VDOWDHQORVQHXP£WLFRV&RQWDFWHFRQHOFRQFHVLRQDULRGHOIDEULFDQWHGHQHXP£WLFRVSDUDREWHQHU
ODSUHVLµQGHLQIODGRFRUUHFWDSDUDODFDUJDTXHKD\TXHPDQLSXODU\SDUDODGLVWDQFLDGHOWUDQVSRUWHHQFXHVWLµQ
 6LVHXVDQQHXP£WLFRV/R/HQRSHUDFLRQHVGHFDUJDDFDUUHRKD\TXHWHQHUHQFXHQWDODVGLVWDQFLDVGHWUDQVSRUWH
6HSUHILHUHQQHXP£WLFRVUDGLDOHVSDUDRSHUDFLRQHVGHFDUJDDFDUUHRSRUTXHKD\PHQRVDFXPXODFLµQGHFDORUHQHVWHWLSR
GHQHXP£WLFR

7XHUFDVGHUXHGDVSDUGHDSULHWH
7XHUFDVGHUXHGDVSDUGHDSULHWH s1PsOEIIW


 (VSHFLILFDFLRQHV
 &DELQD

&DELQD
*HQHUDOLGDGHV
/DFDELQDYDPRQWDGDVREUHHOHPHQWRVGHJRPDHVW£DLVODGD\WLHQHHOVXHORSODQRFXELHUWRSRUXQDDOIRPEULOOD
GHJRPD
3UREDGD\DSUREDGDFRPRFDELQDGHSURWHFFLµQTXHFXPSOHFRQODVQRUPDV,62',65236,62
',6)236WLHU,,H,62WHFKRGHSURWHFFLµQSDUDFDUUHWLOODVHOHYDGRUDVGHJUDQ
HOHYDFLµQ
0DWHULDOLQWHULRUGHODFDELQD ,JQ¯IXJRPHGLGRVHJ¼Q,62
1¼PHURGHVDOLGDVGHHPHUJHQFLD SXHUWD\YHQWDQLOODODWHUDOGHUHFKD

&DOHIDFFLµQ\YHQWLODFLµQ
(QVXYHUVLµQE£VLFDODFDUJDGRUDLQFRUSRUDHTXLSRGHFDOHIDFFLµQ\YHQWLODFLµQFRQVLVWHPDDQWLYDKRSDUD
WRGDVODVYHQWDQDV\ODPHMRUGLVWULEXFLµQGHODLUHSRVLEOHERTXLOODV(ODLUHDFRQGLFLRQDGRHVW£GLVSRQLEOH
FRPRHTXLSRRSFLRQDO

$VLHQWRGHOFRQGXFWRU
(VWDP£TXLQDHVW£GRWDGDFRQXQDVLHQWRGHOFRQGXFWRUTXHFXPSOHFRQORVFULWHULRVGHYLEUDFLµQDPRUWLJXDFLµQ
(1,62
$MXVWHHQDOWXUDDMXVWHU£SLGR PPLQ
$MXVWHHQVHQWLGRORQJLWXGLQDO PPLQ
$MXVWHVHJ¼QHOSHVRGHOFRQGXFWRU ದNJದOLEದNJದOLEDVLHQWR
+'HTXLSDPLHQWRRSFLRQDO
$MXVWHGHOUHVSDOGRLQFOLQDFLµQUHJXODEOH r
7DSL]DGR ,JQ¯IXJR
&LQWXUµQDEGRPLQDOHQUROODEOH 6¯

9LEUDFLRQHVHQPDQRV\EUD]RV
/DVYLEUDFLRQHVHQPDQRV\EUD]RVJHQHUDGDVHQFRQGLFLRQHVUHDOHVGHWUDEDMRVLVHXVDODP£TXLQDHQODIRUPD
GHELGDVRQLQIHULRUHVDXQDDFHOHUDFLµQGHPV506YDORUHIHFWLYRVHJ¼Q,62

9LEUDFLRQHVGHWRGRHOFXHUSR
/DHPLVLµQGHYLEUDFLRQHVGHFXHUSRHQWHURTXHVHJHQHUDQGXUDQWHFRQGLFLRQHVGHRSHUDFLµQUHDOHVFXDQGR
VHXWLOL]DODP£TXLQDFRPRVHLQGLFDVRQGHDFXHUGRDODVLJXLHQWHWDEOD

&RQGLFLRQHVGHWUDEDMR (PLVLRQHVGHYLEUDFLµQ (PLVLRQHVGHYLEUDFLµQ (PLVLRQHVGHYLEUDFLµQ

W¯SLFDV YDORU YDORU YDORU
DZHT[ DZHT\ DZHT]
PVt506 PVt506 PVt506
0DQLSXODFLµQGHFDUJD   
DFDUUHR
0LQHU¯D   
&RQGXFFLµQGHWUDQVSRUWH   
0DQLSXODFLµQGHFDUJD\   
DFDUUHRHQIRUPDGH9
 (VSHFLILFDFLRQHV 
&DELQD 

6HGHILQHQORVVLJXLHQWHVVHQWLGRVGHYLEUDFLµQ
[ VHQWLGRORQJLWXGLQDO
\ VHQWLGRODWHUDO
] SHUSHQGLFXODU
127$
(VWRVYDORUHVSDUDODVYLEUDFLRQHVGHWRGRHOFXHUSRJHQHUDGDVIXHURQGHWHUPLQDGRVHQFRQGLFLRQHVHVSHFLDOHV
GHRSHUDFLµQ\GHOWHUUHQR\SRUHOORQRVRQUHSUHVHQWDWLYDVGHWRGDVODVGLVWLQWDVFRQGLFLRQHVFXELHUWDVSRUHO
FDPSRGHDSOLFDFLRQHVGHODP£TXLQD3RUFRQVLJXLHQWHQRGHEHU£QXVDUVHH[FOXVLYDPHQWHSDUDGHWHUPLQDUODV
YLEUDFLRQHVGHWRGRHOFXHUSRDODVTXHVHYHH[SXHVWRHOFRQGXFWRUFXDQGRXVDODP£TXLQD3DUDHVWHREMHWR
VHUHFRPLHQGDODLQIRUPDFLµQHQHO,QIRUPHW«FQLFRGH,6275
3DUDDVHJXUDUVHGHTXHODVYLEUDFLRQHVGHWRGRHOFXHUSRJHQHUDGDVVHPDQWLHQHQDOQLYHOP£VEDMRSRVLEOHYHU
ODS£JLQD
,QIRUPDFLµQGHVRQLGR/+
'-
1LYHOGHSUHVLµQDF¼VWLFD/S$HQHOSXHVWRGHFRQGXFFLµQ G%$
0«WRGRGHPHGLFLµQVHJ¼Q,62
1LYHOGHSRWHQFLDDF¼VWLFD/:$DOUHGHGRUGHODP£TXLQD G%$
0«WRGRGHPHGLFLµQVHJ¼Q(&FRQDQH[RV\P«WRGRGH
PHGLFLµQDSOLFDEOHVVHJ¼Q,62

,QIRUPDFLµQGHVRQLGR/+
'-
1LYHOGHSUHVLµQDF¼VWLFD/S$HQHOSXHVWRGHFRQGXFFLµQ G%$
0«WRGRGHPHGLFLµQVHJ¼Q,62
1LYHOGHSRWHQFLDDF¼VWLFD/:$DOUHGHGRUGHODP£TXLQD G%$
0«WRGRGHPHGLFLµQVHJ¼Q(&FRQDQH[RV\P«WRGRGH
PHGLFLµQDSOLFDEOHVVHJ¼Q,62

,QIRUPDFLµQGHVRQLGR/+
'-
1LYHOGHSUHVLµQDF¼VWLFD/S$HQHOSXHVWRGHFRQGXFFLµQ G%$
0«WRGRGHPHGLFLµQVHJ¼Q,62
1LYHOGHSRWHQFLDDF¼VWLFD/:$DOUHGHGRUGHODP£TXLQD G%$
0«WRGRGHPHGLFLµQVHJ¼Q(&FRQDQH[RV\P«WRGRGH
PHGLFLµQDSOLFDEOHVVHJ¼Q,62

,QIRUPDFLµQGHVRQLGR/+
'-
1LYHOGHSUHVLµQDF¼VWLFD/S$HQHOSXHVWRGHFRQGXFFLµQ
0«WRGRGHPHGLFLµQVHJ¼Q,62
G%$

1LYHOGHSRWHQFLDDF¼VWLFD/:$DOUHGHGRUGHODP£TXLQD G%$
0«WRGRGHPHGLFLµQVHJ¼Q(&FRQDQH[RV\P«WRGRGH
PHGLFLµQDSOLFDEOHVVHJ¼Q,62

127$
/DVLQVHJXULGDGHVHQORVYDORUHVGHVRQLGRGDGRVSRUHMHPSORLQVHJXULGDGGHORVLQVWUXPHQWRVGHSURGXFFLµQ
\PHGLFLµQHVW£QFDOFXODGDVGHDFXHUGRFRQ,62SDUDHOQLYHOGHSRWHQFLDDF¼VWLFDDOUHGHGRUGHOD
P£TXLQDH,62SDUDHOQLYHOGHSRWHQFLDDF¼VWLFDHQHOSXHVWRGHFRQGXFFLµQ
 (VSHFLILFDFLRQHV
 6LVWHPDKLGU£XOLFR

6LVWHPDKLGU£XOLFR
/+
7LSR 6HQVLEOHDODFDUJDFHQWURFHUUDGR
%RPEDGHDFHLWHKLGU£XOLFRWLSR %RPEDGHSLVWRQHVD[LDOHVGHVSOD]DPLHQWRYDULDEOH

%RPED
)XQFLµQ +LGU£XOLFDGHWUDEDMR

%RPED
)XQFLµQ +LGU£XOLFDGHWUDEDMRVLVWHPDGHGLUHFFLµQVLVWHPDGH
IUHQRV\VHUYRVLVWHPD

%RPED
)XQFLµQ %RPEDGHOYHQWLODGRUGHUHIULJHUDFLµQ\VLVWHPDGH
IUHQRV

7LHPSRVGHFDUJD
FRQFDUJDVGHDFXHUGRD,62\6$(-
7LHPSRGHHOHYDFLµQFRQFDUJD V
7LHPSRGHGHVFHQVRYDF¯R V
7LHPSRGHYROFDGR V
7LHPSRGHFDUJDWRWDO V

/+
7LSR 6HQVLEOHDODFDUJDFHQWURFHUUDGR
%RPEDGHDFHLWHKLGU£XOLFRWLSR %RPEDGHSLVWRQHVD[LDOHVGHVSOD]DPLHQWRYDULDEOH

%RPED
)XQFLµQ +LGU£XOLFDGHWUDEDMR

%RPED
)XQFLµQ +LGU£XOLFDGHWUDEDMRVLVWHPDGHGLUHFFLµQVLVWHPDGH
IUHQRV\VHUYRVLVWHPD

%RPED
)XQFLµQ %RPEDGHOYHQWLODGRUGHUHIULJHUDFLµQ\VLVWHPDGH
IUHQRV

7LHPSRVGHFDUJD
FRQFDUJDVGHDFXHUGRD,62\6$(-
7LHPSRGHHOHYDFLµQFRQFDUJD V
7LHPSRGHGHVFHQVRYDF¯R V
7LHPSRGHYROFDGR V
7LHPSRGHFDUJDWRWDO V
 (VSHFLILFDFLRQHV 
6LVWHPDKLGU£XOLFR 
/+
7LSR 6HQVLEOHDODFDUJDFHQWURFHUUDGR
%RPEDGHDFHLWHKLGU£XOLFRWLSR %RPEDGHSLVWRQHVD[LDOHVGHVSOD]DPLHQWRYDULDEOH

%RPED
)XQFLµQ +LGU£XOLFDGHWUDEDMR

%RPED
)XQFLµQ +LGU£XOLFDGHWUDEDMRVLVWHPDGHGLUHFFLµQVLVWHPDGH
IUHQRV\VHUYRVLVWHPD

%RPED
)XQFLµQ %RPEDGHOYHQWLODGRUGHUHIULJHUDFLµQ\VLVWHPDGH
IUHQRV

7LHPSRVGHFDUJD
FRQFDUJDVGHDFXHUGRD,62\6$(-
7LHPSRGHHOHYDFLµQFRQFDUJD V
7LHPSRGHGHVFHQVRYDF¯R V
7LHPSRGHYROFDGR V
7LHPSRGHFDUJDWRWDO V

/+
7LSR 6HQVLEOHDODFDUJDFHQWURFHUUDGR
%RPEDGHDFHLWHKLGU£XOLFRWLSR %RPEDGHSLVWRQHVD[LDOHVGHVSOD]DPLHQWRYDULDEOH

%RPED
)XQFLµQ +LGU£XOLFDGHWUDEDMR

%RPED
)XQFLµQ +LGU£XOLFDGHWUDEDMRVLVWHPDGHGLUHFFLµQVLVWHPDGH
IUHQRV\VHUYRVLVWHPD

%RPED
)XQFLµQ %RPEDGHOYHQWLODGRUGHUHIULJHUDFLµQ\VLVWHPDGH
IUHQRV

7LHPSRVGHFDUJD

FRQFDUJDVGHDFXHUGRD,62\6$(-
7LHPSRGHHOHYDFLµQFRQFDUJD V
7LHPSRGHGHVFHQVRYDF¯R V
7LHPSRGHYROFDGR V
7LHPSRGHFDUJDWRWDO V
 (VSHFLILFDFLRQHV
 3HVRVGHODP£TXLQD

3HVRVGHODP£TXLQD
/+
3HVRGHODP£TXLQD NJ
(OSHVRGHRSHUDFLµQHVODFRQILJXUDFLµQP£VFRP¼QGHODP£TXLQD OLE

/DFRQILJXUDFLµQP£VFRP¼QGHODP£TXLQDLQFOX\H
 &XFKDUDFRQSDVDGRUP\DUGDV
 1HXP£WLFRV5/
 3OXPDHVW£QGDU
 2SHUDGRU\WRGRVORVO¯TXLGRV
3HVRP£[LPRGHODP£TXLQD NJ
3HVRP£[LPRGHODP£TXLQDLQFOX\HQGRHTXLSDPLHQWRHLPSOHPHQWR OE


/+
3HVRGHODP£TXLQD NJ
(OSHVRGHRSHUDFLµQHVODFRQILJXUDFLµQP£VFRP¼QGHODP£TXLQD OLE

/DFRQILJXUDFLµQP£VFRP¼QGHODP£TXLQDLQFOX\H
 &XFKDUDFRQSDVDGRUP\DUGDV
 1HXP£WLFRV5/
 3OXPDHVW£QGDU
 2SHUDGRU\WRGRVORVO¯TXLGRV
3HVRP£[LPRGHODP£TXLQD NJ
3HVRP£[LPRGHODP£TXLQDLQFOX\HQGRHTXLSDPLHQWRHLPSOHPHQWR OE


/+
3HVRGHODP£TXLQD NJ
(OSHVRGHRSHUDFLµQHVODFRQILJXUDFLµQP£VFRP¼QGHODP£TXLQD OLE

/DFRQILJXUDFLµQP£VFRP¼QGHODP£TXLQDLQFOX\H
 &XFKDUDFRQSDVDGRUP\DUGDV
 1HXP£WLFRV5/
 3OXPDHVW£QGDU
 2SHUDGRU\WRGRVORVO¯TXLGRV
3HVRP£[LPRGHODP£TXLQD NJ
3HVRP£[LPRGHODP£TXLQDLQFOX\HQGRHTXLSDPLHQWRHLPSOHPHQWR OE


/DP£TXLQDHVW£GLVH³DGDSDUDXQSHVRP£[LPRGHDFXHUGRFRQODWDEOD(OSHVRP£[LPRDSOLFDFXDQGRODP£TXLQDHVW£
HTXLSDGDSDUDFLHUWDVDSOLFDFLRQHVDSUREDGDVSRU9ROYR/DVHJXULGDGSXHGHFRPSURPHWHUVHVLVHH[FHGHHOSHVRP£[LPR
$GHP£VQRVHU£QY£OLGDVODVJDUDQW¯DVGHOIDEULFDQWH6LQHPEDUJRSUHVWHVLHPSUHDWHQFLµQDODVUHJXODFLRQHVQDFLRQDOHV
SDUDHOGHVSOD]DPLHQWRSRUY¯DVS¼EOLFDV
 (VSHFLILFDFLRQHV 
3HVRVGHODP£TXLQD 
/+
3HVRGHODP£TXLQD NJ
(OSHVRGHRSHUDFLµQHVODFRQILJXUDFLµQP£VFRP¼QGHODP£TXLQD OLE

/DFRQILJXUDFLµQP£VFRP¼QGHODP£TXLQDLQFOX\H
 &XFKDUDFRQSDVDGRUP\DUGDV
 1HXP£WLFRV5/
 3OXPDHVW£QGDU
 2SHUDGRU\WRGRVORVO¯TXLGRV
3HVRP£[LPRGHODP£TXLQD NJ
3HVRP£[LPRGHODP£TXLQDLQFOX\HQGRHTXLSDPLHQWRHLPSOHPHQWR OE



 (VSHFLILFDFLRQHV
 'LPHQVLRQHV

'LPHQVLRQHV
/+

/DVHVSHFLILFDFLRQHV\ORVGDWRVGLPHQVLRQDOHVVLJXHQHQSDUWHVDSOLFDEOHVFRQ,626$(-
-81,626$(-)(%6$(-0$<,623DUWH\
/DLQIRUPDFLµQDSOLFDDXQDP£TXLQDFRQQHXP£WLFRV5/\FXFKDUDGHPILMDFLµQGLUHFWD

9

3OXPDHVW£QGDU 3OXPDHVW£QGDU 3OXPDODUJD

$ D 3E r % PPLQ
% PPLQ 5 r - PPSXOJ
& PPLQ 5F r . PPSXOJ
' PPLQ 6 r 2 r
( D 7 PPSXOJ 3PD r
[
) PPLQ 8 PPLQ 5 r
* PPLQ 9 D 6 r
+ D ;G PPLQ 7 PPSXOJ
- PPLQ <G PPLQ 8 PPSXOJ
. PPSXOJ = PPSXOJ = PPSXOJ
/ D D PPSXOJ
0 D D PPSXOJ
1 D D sr
2 r
D9HDODWDEODHQODS£JLQD
E3P£[
F3RVLFLµQGHWUDQVSRUWH6$(
G/DVGLPHQVLRQHVYDU¯DQGHSHQGLHQGRGHOHTXLSDPLHQWRGHQHXP£WLFRV
 (VSHFLILFDFLRQHV 
'LPHQVLRQHV 

$TX¯VHLOXVWUDODGLIHUHQFLDHQWUHODSOXPDHVW£QGDU\ODSOXPDODUJDFRQHOPLVPRWDPD³RGHFXFKDUD
2EV«UYHVHTXHODYHUVLµQGHSOXPDODUJDHVW£FRQFHELGDSDUDXVDUODFRQXQPDWHULDOGHPHQRUGHQVLGDG


 (VSHFLILFDFLRQHV
 'LPHQVLRQHV
/+

/DVHVSHFLILFDFLRQHV\ORVGDWRVGLPHQVLRQDOHVVLJXHQHQSDUWHVDSOLFDEOHVFRQ,626$(-
-81,626$(-)(%6$(-0$<,623DUWH\
/DLQIRUPDFLµQDSOLFDDXQDP£TXLQDFRQQHXP£WLFRV5 /\FXFKDUDGHPILMDFLµQGLUHFWD

9

3OXPDHVW£QGDU 3OXPDHVW£QGDU 3OXPDODUJD

$ D 3E r % PPLQ
% PPLQ 5 r - PPSXOJ
& PPLQ 5 F r . PPSXOJ
' PPLQ 6 r 5 r
( D 7 PPSXOJ 6 r
) PPLQ 8 PPSXOJ 7 PPSXOJ
* PPLQ 9 D 8 PPSXOJ
+ D ;G PPLQ = PPSXOJ
- PPLQ <G PPLQ
. PPLQ = PPLQ
/ D D PPSXOJ
0 D D PPSXOJ
1 D D sr
2 r
D9HDODWDEODHQODS£JLQD
E3P£[
F3RVLFLµQGHWUDQVSRUWH6$(
G/DVGLPHQVLRQHVYDU¯DQGHSHQGLHQGRGHOHTXLSDPLHQWRGHQHXP£WLFRV

$TX¯VHLOXVWUDODGLIHUHQFLDHQWUHODSOXPDHVW£QGDU\ODSOXPDODUJDFRQHOPLVPRWDPD³RGHFXFKDUD
2EV«UYHVHTXHODYHUVLµQGHSOXPDODUJDHVW£FRQFHELGDSDUDXVDUODFRQXQPDWHULDOGHPHQRUGHQVLGDG
 (VSHFLILFDFLRQHV 
'LPHQVLRQHV 
/+

/DVHVSHFLILFDFLRQHV\ORVGDWRVGLPHQVLRQDOHVVLJXHQHQSDUWHVDSOLFDEOHVFRQ,626$(-
-81,626$(-)(%6$(-0$<,623DUWH\
/DLQIRUPDFLµQDSOLFDDXQDP£TXLQDFRQQHXP£WLFRV5/\FXFKDUDGHPILMDFLµQGLUHFWD

9

3OXPDHVW£QGDU 3OXPDHVW£QGDU 3OXPDODUJD

$ D 3E r % PPLQ
% PPLQ 5 r - PPLQ
& PPLQ 5 F r . PPSXOJ
' PPSXOJ 6 r 5 r
( D 7 PPSXOJ 6 r
) PPSXOJ 8 PPSXOJ 7 PPSXOJ
* PPSXOJ 9 D 8 PPSXOJ
+ D ;G PPLQ = PPLQ
- PPSXOJ <G PPSXOJ
. PPSXOJ = PPLQ
/ D D PPSXOJ
0
1
D

D
D
D
PPSXOJ
sr

2 r
D9HDODWDEODHQODS£JLQD
E3P£[
F3RVLFLµQGHWUDQVSRUWH6$(
G/DVGLPHQVLRQHVYDU¯DQGHSHQGLHQGRGHOHTXLSDPLHQWRGHQHXP£WLFRV

$TX¯VHLOXVWUDODGLIHUHQFLDHQWUHODSOXPDHVW£QGDU\ODSOXPDODUJDFRQHOPLVPRWDPD³RGHFXFKDUD
2EV«UYHVHTXHODYHUVLµQGHSOXPDODUJDHVW£FRQFHELGDSDUDXVDUODFRQXQPDWHULDOGHPHQRUGHQVLGDG
 (VSHFLILFDFLRQHV
 'LPHQVLRQHV
/+

/DVHVSHFLILFDFLRQHV\ORVGDWRVGLPHQVLRQDOHVVLJXHQHQSDUWHVDSOLFDEOHVFRQ,626$(-
-81,626$(-)(%6$(-0$<,623DUWH\
/DLQIRUPDFLµQDSOLFDDXQDP£TXLQDFRQQHXP£WLFRV5/\FXFKDUDGHP67(%2(ILMDFLµQGLUHFWD

9

3OXPDHVW£QGDU 3OXPDHVW£QGDU 3OXPDODUJD

$ PPSXOJ 3D r % PPLQ
% PPLQ 5 r - PPSXOJ
& PPLQ 5E r . PPSXOJ
' PPLQ 6 r 5 r
( PPSXOJ 7 PPLQ 6 r
) PPLQ 8 PPLQ 7 PPSXOJ
* PPLQ 9 PPLQ 8 PPSXOJ
+ PPSXOJ ;F PPLQ = PPSXOJ
- PPSXOJ <F PPLQ
. PPSXOJ = PPLQ
/ PPSXOJ D PPLQ
0 PPSXOJ D PPLQ
1 PPSXOJ D r
2 r
D3P£[
E3RVLFLµQGHWUDQVSRUWH6$(
F/DVGLPHQVLRQHVYDU¯DQGHSHQGLHQGRGHOHTXLSDPLHQWRGHQHXP£WLFRV

$TX¯VHLOXVWUDODGLIHUHQFLDHQWUHODSOXPDHVW£QGDU\ODSOXPDODUJDFRQHOPLVPRWDPD³RGHFXFKDUD
2EV«UYHVHTXHODYHUVLµQGHSOXPDODUJDHVW£FRQFHELGDSDUDXVDUODFRQXQPDWHULDOGHPHQRUGHQVLGDG
 (VSHFLILFDFLRQHV 
&DSDFLGDGGHODP£TXLQD 

&DSDFLGDGGHODP£TXLQD
/+
3HVRP£[LPRGHODP£TXLQDYHDODS£JLQD(OSHVRDFWXDOGHODP£TXLQDGHSHQGHGHOHTXLSRYHDODWDEOD
¼OWLPDO¯QHD

1HXP£WLFRV5
/
5//URFD 3OXP
SXOYHUL]DGD D
9 9 9 9 ODUJD
&DUJDHQSLODVSURWHFWRUGH 8VRJHQHUDO 5RFD 0DWHULDOOLJHUR
ERUGHV SXOYHU
L]DGD
9ROXPHQFROPDGR P          
,626$(
\G          
9ROXPHQIDFWRUGH P          
OOHQDGRGHO
\G          
&DUJDGHHTXLOLEULR NJ          
HVW£WLFDP£TXLQD OEV          
UHFWD
&DUJDGHHTXLOLEULR NJ          
HVW£WLFDJLUDGDr OEV          
&DUJDHVW£WLFDGH NJ          
YXHOFRPDTXLQD OEV          
FRPSOHWDPHQWH
JLUDGDD
)XHU]DGHDUUDQTXH N1          
OEI          
$ PP          
SXOJ          

( PP          ದ
SXOJ          

+E PP          
SXOJ          

/ PP 
SXOJ 




















0E PP          ದ
SXOJ          

1E PP          
SXOJ          

9 PP          
SXOJ          

 (VSHFLILFDFLRQHV
 &DSDFLGDGGHODP£TXLQD
D PP          
SXOJ          

3HVRGHODP£TXLQD NJ          
OEV          
D&XDQGRVHXVDODP£TXLQDFRQFXFKDUDODFDUJDGHWUDEDMRP£[LPDSHUPLWLGDHVHOGHODFDUJDGHYXHOFRFRQOD
P£TXLQDWRWDOPHQWHJLUDGD'HSHQGLHQGRGHODDSOLFDFLµQ\RGHOWDPD³RGHODP£TXLQDHOIDEULFDQWHUHFRPLHQGDTXHVH
XWLOLFHPHQRVGHO
E0HGLGDKDVWDODSXQWDGHORVGLHQWHVRHOILORUHSRQLEOHGHODFXFKDUD$OWXUDGHEDVFXODPLHQWRDOFDQWRGHODFXFKDUDVHJ¼Q
6$(DSUR[PPSXOJ0HGLGRDXQ£QJXORGHYDFLDGRGHr&XFKDUDWLSRSDODGHr
 (VSHFLILFDFLRQHV 
&DSDFLGDGGHODP£TXLQD 
/+
3HVRP£[LPRGHODP£TXLQDYHDODS£JLQD(OSHVRDFWXDOGHODP£TXLQDGHSHQGHGHOHTXLSRYHDODWDEOD
¼OWLPDO¯QHD

1HXP£WLFRV5
/
5//URFD 3OXP
SXOYHUL]DGD D
9 9 9 9 ODUJD
&DUJDHQSLODVSURWHFWRUGH 8VRJHQHUDO 5RFD 0DWHULDOOLJHUR
ERUGHV SXOYHU
L]DGD
9ROXPHQFROPDGR P          
,626$(
\G          
9ROXPHQIDFWRUGH P          
OOHQDGRGHO
\G          
&DUJDGHHTXLOLEULR NJ          
HVW£WLFDP£TXLQD OEV          
UHFWD
&DUJDGHHTXLOLEULR NJ          
HVW£WLFDJLUDGDr OEV          
&DUJDHVW£WLFDGH NJ          
YXHOFRPDTXLQD OEV          
FRPSOHWDPHQWH
JLUDGDD
)XHU]DGHDUUDQTXH N1          
OEI          
$ PP          
SXOJ          

( PP          
SXOJ          

+E PP          
SXOJ          

/ PP          
SXOJ          

0E

PP          

SXOJ          

1E PP          
SXOJ          

9 PP          
SXOJ          

 (VSHFLILFDFLRQHV
 &DSDFLGDGGHODP£TXLQD
D PP          
SXOJ          

3HVRGHODP£TXLQD NJ          
OEV          
D&XDQGRVHXVDODP£TXLQDFRQFXFKDUDODFDUJDGHWUDEDMRP£[LPDSHUPLWLGDHVHOGHODFDUJDGHYXHOFRFRQOD
P£TXLQDWRWDOPHQWHJLUDGD'HSHQGLHQGRGHODDSOLFDFLµQ\RGHOWDPD³RGHODP£TXLQDHOIDEULFDQWHUHFRPLHQGDTXHVH
XWLOLFHPHQRVGHO
E0HGLGDKDVWDODSXQWDGHORVGLHQWHVRHOILORUHSRQLEOHGHODFXFKDUD$OWXUDGHEDVFXODPLHQWRDOFDQWRGHODFXFKDUDVHJ¼Q
6$(DSUR[PPSXOJ0HGLGRDXQ£QJXORGHYDFLDGRGHr&XFKDUDWLSRSDODGHr
 (VSHFLILFDFLRQHV 
&DSDFLGDGGHODP£TXLQD 
/+
3HVRP£[LPRGHODP£TXLQDYHDODS£JLQD(OSHVRDFWXDOGHODP£TXLQDGHSHQGHGHOHTXLSRYHDODWDEOD
¼OWLPDO¯QHD

1HXP£WLFRV5
/
5//URFD 3OXP
SXOYHUL]DGD D
9 9 9 9 ODUJD
&DUJDHQSLODVSURWHFWRUGH 8VRJHQHUDO 5RFD 0DWHULDOOLJHUR
ERUGHV SXOYHU
L]DGD
9ROXPHQFROPDGR P          
,626$(
\G          
9ROXPHQIDFWRUGH P          
OOHQDGRGHO
\G          
&DUJDGHHTXLOLEULR NJ          
HVW£WLFDP£TXLQD OEV          
UHFWD
&DUJDGHHTXLOLEULR NJ          
HVW£WLFDJLUDGDr OEV          
&DUJDHVW£WLFDGH NJ          
YXHOFRPDTXLQD OEV          
FRPSOHWDPHQWH
JLUDGDD
)XHU]DGHDUUDQTXH N1          
OEI          
$ PP          
SXOJ          

( PP          ದ
SXOJ          

+E PP          
SXOJ          

/ PP          
SXOJ          

0E

PP          ದ

SXOJ          

1E PP          
SXOJ          

9 PP          
SXOJ          

 (VSHFLILFDFLRQHV
 &DSDFLGDGGHODP£TXLQD
D PP          
SXOJ          

3HVRGHODP£TXLQD NJ          
OEV          
D&XDQGRVHXVDODP£TXLQDFRQFXFKDUDODFDUJDGHWUDEDMRP£[LPDSHUPLWLGDHVHOGHODFDUJDGHYXHOFRFRQOD
P£TXLQDWRWDOPHQWHJLUDGD'HSHQGLHQGRGHODDSOLFDFLµQ\RGHOWDPD³RGHODP£TXLQDHOIDEULFDQWHUHFRPLHQGDTXHVH
XWLOLFHPHQRVGHO
E0HGLGDKDVWDODSXQWDGHORVGLHQWHVRHOILORUHSRQLEOHGHODFXFKDUD$OWXUDGHEDVFXODPLHQWRDOFDQWRGHODFXFKDUDVHJ¼Q
6$(DSUR[PPSXOJ0HGLGRDXQ£QJXORGHYDFLDGRGHr&XFKDUDWLSRSDODGHr
 (VSHFLILFDFLRQHV 
&DSDFLGDGGHODP£TXLQD 
/+
3HVRP£[LPRGHODP£TXLQDYHDODS£JLQD(OSHVRDFWXDOGHODP£TXLQDGHSHQGHGHOHTXLSRYHDODWDEOD
¼OWLPDO¯QHD

1HXP£WLFRV5
/
5//URFD 3OXP
SXOYHUL]DGD D
9
9 9 9 9 9 ODUJD
&DUJDHQSLODV 8VRJHQHUDO &DUJD 5RFD 5RFD 0DWHULDO
SURWHFWRUGH HQ SXOYHU SXOYHUL]DGD OLJHUR
ERUGHV SLODV L]DGD QDUL]GHSDOD
SURWH ERUG
FWRU H
GH UHFWR
ERUGH
V
9ROXPHQFROPDGR P          
,626$(
\G          
9ROXPHQIDFWRUGH P          
OOHQDGRGHO
\G          
&DUJDGHHTXLOLEULR NJ          
HVW£WLFDP£TXLQD OEV          
UHFWD
&DUJDGHHTXLOLEULR NJ          
HVW£WLFDJLUDGDr OEV          
&DUJDHVW£WLFDGH NJ          
YXHOFRPDTXLQD OEV          
FRPSOHWDPHQWH
JLUDGDD
)XHU]DGHDUUDQTXH N1          
OEI          
$ PP          
SXOJ          

( PP          
SXOJ          

+E PP          
SXOJ 

        

/ PP          
SXOJ          

0E PP          ದ
SXOJ          

1E PP          
SXOJ          

 (VSHFLILFDFLRQHV
 &DSDFLGDGGHODP£TXLQD
9 PP          
SXOJ          

D PP          
SXOJ          

3HVRGHODP£TXLQD NJ          
OEV          
D&XDQGRVHXVDODP£TXLQDFRQFXFKDUDODFDUJDGHWUDEDMRP£[LPDSHUPLWLGDHVHOGHODFDUJDGHYXHOFRFRQOD
P£TXLQDWRWDOPHQWHJLUDGD'HSHQGLHQGRGHODDSOLFDFLµQ\RGHOWDPD³RGHODP£TXLQDHOIDEULFDQWHUHFRPLHQGDTXHVH
XWLOLFHPHQRVGHO
E0HGLGDKDVWDODSXQWDGHORVGLHQWHVRHOILORUHSRQLEOHGHODFXFKDUD$OWXUDGHEDVFXODPLHQWRDOFDQWRGHODFXFKDUDVHJ¼Q
6$(DSUR[PPSXOJ0HGLGRDXQ£QJXORGHYDFLDGRGHr&XFKDUDWLSRSDODGHr
 (VSHFLILFDFLRQHV 
7DEODGHFRPELQDFLRQHVHTXLSDPLHQWRLQWHUFDPELDEOH 

7DEODGHFRPELQDFLRQHV
HTXLSDPLHQWRLQWHUFDPELDEOH
/DWDEODPXHVWUDLPSOHPHQWRVGHODFDWHJRU¯DHTXLSDPLHQWRLQWHUFDPELDEOH LPSOHPHQWRVTXHSXHGHQVHU
FDPELDGRVSRUHORSHUDGRU\SDUDTX«P£TXLQDVHVWRVLPSOHPHQWRVKDQVLGRDSUREDGRV

,PSOHPHQWRWLSR ,PSOHPHQWRPRGHOR 1|GHSHGLGR 3£JLQD 0RGHORGH $XWRUL]DFLµQKLVWµULFD

P£TXLQD

&XFKDUDFRQEUD]R 5()+7%&$P\G :/$  /+ /*/)

GHVXMHFLµQ PPSXOJ /+ /(
/+ /*/)
/(
/*/)
/(
&XFKDUDSDUD +,7+%2(P\G :/$  /+ /*/)
PDWHULDOOLJHURFRQ PPLQ /+ /(
DOWRYXHOFR /*/)
/(
&XFKDUDSDUD +,7+%2(P\G :/$  /+ /*/)
PDWHULDOOLJHURFRQ PPSXOJ /+ /(
DOWRYXHOFR /+ /*/)
/(
/*/)
/(
&XFKDUDSDUD +,7+%2(P\G :/$  /+ /*/)
PDWHULDOOLJHURFRQ PPSXOJ /+ /*/)
DOWRYXHOFR /+ /*/)
&XFKDUDSDUD +,7+%2(P\G :/$  /+ /*/)
PDWHULDOOLJHURFRQ PP /+ /(
DOWRYXHOFR /+ /*/)
/(
/*/)
/(
*DUUDSDUDWURQFRV 81/*5+PSXOJ :/$  /+ /*/)
GHVFDUJD  /+ /(
PPSXOJ /*/)
/(
*DUUDSDUDWURQFRV 81/*5+PSXOJ :/$  /+ /*/)
GHVFDUJD  /(
PPSXOJ
*DUUDSDUDWURQFRV 81/*5+PSXOJ :/$  /+ /*/)
GHVFDUJD 
PPSXOJ
/+ /(
/*/) 
/(
*DUUDSDUDWURQFRV 81/*5+PSXOJ :/$  /+ /*/)
GHVFDUJD  /(
PPSXOJ
*DUUDSDUDWURQFRV 6257*5+P :/$  /+ /*/)
FODVLILFDFLµQ SXOJ /+ /(
PPSXOJ /*/)
/(
*DUUDSDUDWURQFRV 6257*5+P :/$  /+ /*/)
FODVLILFDFLµQ SXOJ /(
PPSXOJ
 (VSHFLILFDFLRQHV
 7DEODGHFRPELQDFLRQHVHTXLSDPLHQWRLQWHUFDPELDEOH
*DUUDSDUDWURQFRV 6257*5+P :/$  /+ /*/)
FODVLILFDFLµQ SXOJ /+ /(
PPSXOJ /*/)
/(
*DUUDSDUDWURQFRV 6257*5+P :/$  /+ /*/)
FODVLILFDFLµQ SXOJ /(
PPSXOJ
*DUUDSDUDWURQFRV *3*5+PSXOJ :/$  /+ /*/)
SURSµVLWRJHQHUDO  /+ /(
PPSXOJ /+ /*/)
/(
/*/)
/(

ಯಯHTXLSDPLHQWRLQWHUFDPELDEOHರLPSOHPHQWRVTXHSXHGHQFDPELDUHORSHUDGRUVLJQLILFDTXHHOLPSOHPHQWR

UHTXLHUHODFRPELQDFLµQGHEORTXHRKLGU£XOLFRFRQJDQFKR\DFRSODPLHQWRVU£SLGRVSDUDODKLGU£XOLFDRSFLRQDO
l\lIXQFLµQKLGU£XOLFD
(OXVRGHDOJXQRVLPSOHPHQWRVUHTXLHUHODLQVWDODFLµQGHHTXLSRRSFLRQDOHQODP£TXLQDHQIRUPDGHUHWURYLVRUHV
PRQWDGRVHQODSDUWHVXSHULRUGHODQWHUD\RXQDF£PDUD&RQWDFWHFRQXQFRQFHVLRQDULR9ROYRSDUDFRQVHJXLU
XQDFRSLDGHOFDW£ORJRGHLPSOHPHQWRVGRQGHKD\GLVSRQLEOHP£VLQIRUPDFLµQ
 (VSHFLILFDFLRQHV 
+RUTXLOODVSDUDSDOOHWV 

+RUTXLOODVSDUDSDOOHWV
+RUTXLOODSDUDSDOHWDVFRQSRUWDLPSOHPHQWRV
)LMDFLµQ &RQJDQFKR
1|GHSHGLGR :/$
1HXP£WLFR 5/+/+
5/+

/+ /+ /+

$ PPSXOJ $ PPSXOJ $ PPSXOJ
% PPSXOJ % PPSXOJ % PPSXOJ
& PPSXOJ & PPSXOJ & PPSXOJ
' PPSXOJ ' PPSXOJ ' PPLQ
( PPSXOJ ( PPSXOJ ( PPSXOJ
) PPSXOJ ) PPSXOJ ) PPSXOJ

7DEODGHFDUJDSDUDKRUTXLOODVSDUDSDOHWDV
&DUJDVP£[LPDVDXQDGLVWDQFLDGHOFHQWURGHJUDYHGDGGHPPSDUDODFDUJDVREUH
XQDVXSHUILFLHOLVDGXUD\QLYHODGD
0£TXLQD /+ /+ /+
&DUJDGHHTXLOLEULR
HVW£WLFDP£TXLQD
NJOLE NJOLE NJOLE 
UHFWD
&DUJDGHHTXLOLEULR NJOLE NJOLE NJOLE
HVW£WLFDP£TXLQD
JLUDGD|
&DUJDGHHTXLOLEULR NJOLE NJOLE NJOLE
HVW£WLFDP£TXLQD
JLUDGDFRPSOHWDPHQWH

/DFDUJDP£[LPDSHUPLWLGDVHJ¼QODWDEODVHUHGXFHVLORVLPSOHPHQWRVHVW£QSURYLVWRVGHHTXLSDPLHQWRRSFLRQDO
3DUDP£VLQIRUPDFLµQFRQWDFWHFRQVXFRQFHVLRQDULRTXLHQWLHQHDFFHVRDOFDW£ORJRGHLPSOHPHQWRV
 (VSHFLILFDFLRQHV
 +RUTXLOODVGHPDGHUD

+RUTXLOODVGHPDGHUD
/+
*UDSDSDUDWURQFRVSDUDSRUWDLPSOHPHQWRV
)LMDFLµQ &RQJDQFKR
1¼PHURGHSHGLGR :/$
1HXP£WLFR 5/
$ PSXOJ

9

% PPSXOJ ) PPSXOJ - PPSXOJ

& PPSXOJ * PPSXOJ . PPSXOJ
' PPSXOJ + PPSXOJ / PPSXOJ
( PPSXOJ , PPSXOJ 0 PPSXOJ
 (VSHFLILFDFLRQHV 
+RUTXLOODVGHPDGHUD 
/+
*UDSDSDUDWURQFRVSDUDSRUWDLPSOHPHQWRV
)LMDFLµQ &RQJDQFKR
1¼PHURGHSHGLGR :/$
1HXP£WLFR 5/
$ PSXOJ

9


% PPSXOJ ) PPSXOJ - PPSXOJ
& PPSXOJ * PPSXOJ . PPSXOJ
' PPSXOJ + PPSXOJ / PPSXOJ
( PPSXOJ , PPSXOJ 0 PPSXOJ


 (VSHFLILFDFLRQHV
 +RUTXLOODVGHPDGHUD
/+
*UDSDSDUDWURQFRVSDUDSRUWDLPSOHPHQWRV
)LMDFLµQ &RQJDQFKR
1¼PHURGHSHGLGR :/$
1HXP£WLFR 5/
$ PSXOJ

9


% PPSXOJ ) PPSXOJ - PPSXOJ
& PPSXOJ * PPSXOJ . PPSXOJ
' PPSXOJ + PPSXOJ / PPSXOJ
( PPSXOJ , PPSXOJ 0 PPSXOJ
 (VSHFLILFDFLRQHV 
%UD]RGHPDQLSXODFLµQGHPDWHULDOHV 

%UD]RGHPDQLSXODFLµQGH
PDWHULDOHV
/+
)LMDFLµQ &RQJDQFKR
1|GHSHGLGR :/$
3HVR NJOE
1HXP£WLFR 5


' PPSXOJ - PPSXOJ 3 PPSXOJ
( PPSXOJ . PPSXOJ 4 PPSXOJ
) PPSXOJ / PPSXOJ 5 PPSXOJ
*
+
PPSXOJ
PPLQ
0
1
PPSXOJ
PPLQ
6 PPLQ

, PPSXOJ 2 PPSXOJ

7DEODGHFDUJDVSDUDHOEUD]RGHPDQLSXODFLµQGH
PDWHULDO
0HF£QLFR:/$
([WHQVLµQGHEUD]RGHJU¼D
5HWUD¯GR$ NJOLE
0HGLRH[WHQGLGR% NJOLE
7RWDOPHQWHH[WHQGLGR& NJOLE
 (VSHFLILFDFLRQHV
 %UD]RGHPDQLSXODFLµQGHPDWHULDOHV
/+
)LMDFLµQ &RQJDQFKR
1|GHSHGLGR :/$
3HVR NJOLE
1HXP£WLFR 5


' PPSXOJ - PPSXOJ 3 PPSXOJ
( PPSXOJ . PPSXOJ 4 PPSXOJ
) PPSXOJ / PPSXOJ 5 PPSXOJ
* PPSXOJ 0 PPSXOJ 6 PPSXOJ
+ PPSXOJ 1 PPLQ
, PPSXOJ 2 PPSXOJ

7DEODGHFDUJDVSDUDHOEUD]RGHPDQLSXODFLµQGH
PDWHULDO
0HF£QLFR:/$
([WHQVLµQGHEUD]RGHJU¼D
5HWUD¯GR$ NJOEV
0HGLRH[WHQGLGR% NJOLE
7RWDOPHQWHH[WHQGLGR& NJOLE
 (VSHFLILFDFLRQHV 
%UD]RGHPDQLSXODFLµQGHPDWHULDOHV 
/+
)LMDFLµQ &RQJDQFKR
1|GHSHGLGR :/$
3HVR NJOE
1HXP£WLFR 5


' PPSXOJ - PPSXOJ 3 PPSXOJ
( PPSXOJ . PPSXOJ 4 PPSXOJ
) PPSXOJ / PPSXOJ 5 PPSXOJ
* PPSXOJ 0 PPSXOJ 6 PPSXOJ
+ PPSXOJ 1 PPSXOJ
, PPSXOJ 2 PPLQ

7DEODGHFDUJDVSDUDHOEUD]RGHPDQLSXODFLµQGH
PDWHULDO

0HF£QLFR:/$
([WHQVLµQGHEUD]RGHJU¼D
5HWUD¯GR$ NJOLE
0HGLRH[WHQGLGR% NJOLE
7RWDOPHQWHH[WHQGLGR& NJOLE
 (VSHFLILFDFLRQHV
 +LVWRULDOGHVHUYLFLR

+LVWRULDOGHVHUYLFLR
6HUYLFLRKRUDVVRORVHDSOLFDD 7LSRGHVHUYLFLR )LUPD\VHOOR
P£TXLQDV//
)HFKD +RUDV 3ULPHUDVKRUDV

6HUYLFLRGHKRUDV 7LSRGHVHUYLFLR )LUPD\VHOOR

)HFKD +RUDV &XLGDGRV\PDQWHQLPLHQWR


6HUYLFLRGHKRUDV 7LSRGHVHUYLFLR )LUPD\VHOOR

)HFKD +RUD 3ULPHUDVKRUDV
&XLGDGRV\PDQWHQLPLHQWR

6HUYLFLRGHKRUDV 7LSRGHVHUYLFLR )LUPD\VHOOR

)HFKD +RUDV &XLGDGRV\PDQWHQLPLHQWR


6HUYLFLRGHKRUDV 7LSRGHVHUYLFLR )LUPD\VHOOR

)HFKD +RUDV &XLGDGRV\PDQWHQLPLHQWR


6HUYLFLRGHKRUDV 7LSRGHVHUYLFLR )LUPD\VHOOR

)HFKD +RUDV &XLGDGRV\PDQWHQLPLHQWR


6HUYLFLRGHKRUDV 7LSRGHVHUYLFLR )LUPD\VHOOR

)HFKD +RUDV &XLGDGRV\PDQWHQLPLHQWR


6HUYLFLRGHKRUDV 7LSRGHVHUYLFLR )LUPD\VHOOR

)HFKD +RUDV &XLGDGRV\PDQWHQLPLHQWR


6HUYLFLRGHKRUDV 7LSRGHVHUYLFLR )LUPD\VHOOR

)HFKD +RUDV &XLGDGRV\PDQWHQLPLHQWR

 (VSHFLILFDFLRQHV 
+LVWRULDOGHVHUYLFLR 

6HUYLFLRGHKRUDV 7LSRGHVHUYLFLR )LUPD\VHOOR

)HFKD +RUDV &XLGDGRV\PDQWHQLPLHQWR


6HUYLFLRGHKRUDV 7LSRGHVHUYLFLR )LUPD\VHOOR

)HFKD +RUDV &XLGDGRV\PDQWHQLPLHQWR


6HUYLFLRGHKRUDV 7LSRGHVHUYLFLR )LUPD\VHOOR

)HFKD +RUDV &XLGDGRV\PDQWHQLPLHQWR


6HUYLFLRGHKRUDV 7LSRGHVHUYLFLR )LUPD\VHOOR

)HFKD +RUDV &XLGDGRV\PDQWHQLPLHQWR


6HUYLFLRGHKRUDV 7LSRGHVHUYLFLR )LUPD\VHOOR

)HFKD +RUDV &XLGDGRV\PDQWHQLPLHQWR


6HUYLFLRGHKRUDV 7LSRGHVHUYLFLR )LUPD\VHOOR

)HFKD +RUDV &XLGDGRV\PDQWHQLPLHQWR


6HUYLFLRGHKRUDV 7LSRGHVHUYLFLR )LUPD\VHOOR

)HFKD +RUDV &XLGDGRV\PDQWHQLPLHQWR


6HUYLFLRGHKRUDV 7LSRGHVHUYLFLR )LUPD\VHOOR

)HFKD +RUDV &XLGDGRV\PDQWHQLPLHQWR


6HUYLFLRGHKRUDV 7LSRGHVHUYLFLR )LUPD\VHOOR


)HFKD +RUDV &XLGDGRV\PDQWHQLPLHQWR


6HUYLFLRGHKRUDV 7LSRGHVHUYLFLR )LUPD\VHOOR

)HFKD +RUDV &XLGDGRV\PDQWHQLPLHQWR

 (VSHFLILFDFLRQHV
 +LVWRULDOGHVHUYLFLR

6HUYLFLRGHKRUDV 7LSRGHVHUYLFLR )LUPD\VHOOR

)HFKD +RUDV &XLGDGRV\PDQWHQLPLHQWR


6HUYLFLRGHKRUDV 7LSRGHVHUYLFLR )LUPD\VHOOR

)HFKD +RUDV &XLGDGRV\PDQWHQLPLHQWR


6HUYLFLRGHKRUDV 7LSRGHVHUYLFLR )LUPD\VHOOR

)HFKD +RUDV &XLGDGRV\PDQWHQLPLHQWR


6HUYLFLRGHKRUDV 7LSRGHVHUYLFLR )LUPD\VHOOR

)HFKD +RUDV &XLGDGRV\PDQWHQLPLHQWR


6HUYLFLRGHKRUDV 7LSRGHVHUYLFLR )LUPD\VHOOR

)HFKD +RUDV &XLGDGRV\PDQWHQLPLHQWR


6HUYLFLRGHKRUDV 7LSRGHVHUYLFLR )LUPD\VHOOR

)HFKD +RUDV &XLGDGRV\PDQWHQLPLHQWR

 QGLFHDOIDE«WLFR 
 
(TXLSR 
QGLFHDOIDE«WLFR (TXLSRGHFRPXQLFDFLµQLQVWDODFLµQ 
(VSHMRVDMXVWH
$ (VTXHPDGHOXEULFDFLµQ\FXLGDGRV
$FFLGHQWHV (VWDFLRQDPLHQWR
$FFLRQDPLHQWRGHOFDSµ 
)
$FHLWHGHODWUDQVPLVLµQFRQWUROGHOQLYHO 
)DURVDMXVWH 
$FHLWHGHOPRWRU 
)LOWURGHDLUHGHOPRWRU 
$FHLWHKLGU£XOLFR
)LOWURGHDLUHHQED³RGHDFHLWH
$FHLWHKLGU£XOLFROOHQDGR 
)LOWURGHDLUHHQED³RGHDFHLWHFRQWURO
$FHLWHSDUDHMHVFRQWUROGHOQLYHO\UHOOHQDGR
)LOWURSULPDULRGHOILOWURGHDLUHGHOPRWRUOLPSLH]D 
$FRQGLFDLRQDGRUGHDLUH 
)LOWURVGHYHQWLODFLµQGHODFDELQDOLPSLH]D
$G%OXHp'()
)236\5236 
$G%OXHp'()OOHQDGR 
)UHQDGRGHOPRWRUUHGXFFLµQGHPDUFKD 
$GYHUWHQFLD 
)UHQR
$LUHDFRQGLFLRQDGR
)UHQRGHHVWDFLRQDPLHQWRFRQWUROGHOIXQFLRQDPLHQWR
$QWHVGHOVHUYLFLROHD 
)UHQRGHHVWDFLRQDPLHQWROLEHUDFLµQPHF£QLFD
$SDJDGRGHOPRWRUUHWDUGDGR 
)UHQRVFRQWURO 
ƒ )XQFLµQGHHOHYDFLµQ\EDVFXODPLHQWR 
ƒUEROGHWUDQVPLVLµQ\FRMLQHWHGHDSR\ROXEULFDFLµQ  )XQFLµQKLGU£XOLFDD\D 
$ )XQFLµQNLFNGRZQUHGXFFLµQGHYHORFLGDG 
$UUDQTXHFRQEDWHU¯DVDX[LOLDUHV  *
$UUDQTXHGHOPRWRU  *UDVD 
$VLHQWRGHORSHUDGRU 
+
% +LVWRULDOGHVHUYLFLR 
%DWHU¯DV +RUTXLOODVGHPDGHUD 
%DWHU¯DVFDUJD +RUTXLOODVSDUDSDOOHWV
%DWHU¯DVPDQWHQLPLHQWR 
,
%ORTXHRVHFXHQFLDGHFDPELRGHHQJUDQDMHV 
,PSOHPHQWRV
%RPELOODVXVWLWXFLµQ 
,PSOHPHQWRVJLUDWRULRV
%UD]RGHPDQLSXODFLµQGHPDWHULDOHV 
,QIRUPDFLµQ 
%UD]RVGHHOHYDFLµQGHVFHQVRDOWHUQDWLYR
,QIRUPDFLµQ$G%OXHp'() 
& ,QVSHFFLRQHVGHOOHJDGD\HQWUHJD
&DELQD ,QVWUXFFLRQHVGHHQWUHJD
&DEOHV\WXEHU¯DVVXEWHUU£QHRV  ,QVWUXFFLRQHVSDUDHOURGDMH 
&DOHQWDGRUGHEORTXHGHOPRWRU ,QWHUUXSWRUGHEDWHU¯D 
&£PDUDGHODQWHUD  ,QWHUYDORVGHFDPELR 
&DPELRDXWRP£WLFR$36 ,QWHUYDORVGHFRQWUROFDPELRGHDFHLWH\
&DPELRGHPDUFKD
/
&DPELRGHOLQWHUYDORGHOXEULFDFLµQ 
/HWUHURVGHLGHQWLILFDFLµQ 
&DPSRHOHFWURPDJQ«WLFR(0) 
/LEHUDFLµQGHSUHVLµQ
&DSDFLGDGGHODP£TXLQD 
/LPSLH]D
&DSDFLGDGGHVHUYLFLRHLQWHUYDORVGHVXVWLWXFLµQ 
/LPSLH]DGHODP£TXLQD 
&DUH7UDFN 
/LPSLH]DGHOFRPSDUWLPLHQWRGHOPRWRU 
&LQWXUµQGHVHJXULGDG
/¯QHDVGHDOWDWHQVLµQGLVWDQFLDP¯QLPD 
&ODYHGHV¯PERORV
/XEULFDFLµQFHQWUDODXWRP£WLFD 
&RMLQHWHVHQJUDVH 
/XEULFDQWHVUHFRPHQGDGRV
&RPEXVWLEOHOOHQDGR
/OHQDGRGHOXEULFDQWH
&RPSRQHQWHVGHVHJXULGDG 
&RPSUREDU  0
&RQGHQVDGRUOLPSLH]D  0DQGRV 
&RQGXFFLµQHFRQµPLFD 0DQHMRGHPDWHULDOHVSHOLJURVRV 
&RQILJXUDFLµQ  0DQLSXODFLµQGHFRQGXFWRVWXERV\PDQJXHUDV 
&RQIRUWGHOFRQGXFWRU 0DQWHQLPLHQWRGHSLQWXUDGHDFDEDGR
&RQWUROGHWUDQVPLVLµQGHFRQIRUW&'&HTXLSRRSFLRQDO  0DUFD&(GLUHFWLYD(0&
&XFKDUDV 0HGLGDVTXHGHEHQDSOLFDUVHDQWHVGHODFRQGXFFLµQ 
&XPSOLPLHQWRFRQORVUHTXLVLWRVGHHPLVLRQHV  0RGLILFDFLRQHV 
0RWRU 
'
'HSµVLWRGHO¯TXLGRGHODYDGR 1
'HVFRQH[LµQDXWRP£WLFDGHOPRWRUHTXLSDPLHQWR
RSFLRQDO
'LDJUDPDGHVH³DOL]DFLµQ
1HXP£WLFRFRQWUROGHODSUHVLµQGHLQIODGR 
1LYHOGHDFHLWHGHOPRWRUFRQWURO
1LYHOGHODFHLWHKLGU£XOLFRFRQWURO
1LYHOGHOUHIULJHUDQWHFRQWURO 

'LHQWHVGHODFXFKDUD 
'LHQWHVGHODFXFKDUDVXVWLWXFLµQ  2
'LPHQVLRQHV  2EOLJDFLRQHVGHORSHUDGRU 
'LUHFFLµQ  2SHUDFLµQHQODY¯DS¼EOLFD
'LUHFFLµQGHUHVHUYDU  2SWL6KLIW 
'LVSRVLWLYRDQWLUURER
3
( 3DQHOGHFRQWURO 
(MHV  3DQHOGHLQVWUXPHQWRVGHODQWHUR 
(OHYDFLµQGHREMHWRV  3DQHOGHLQVWUXPHQWRVGHODQWHUR 
(QJUDVH
 QGLFHDOIDE«WLFR
 
3DQHOGHLQVWUXPHQWRVSDUWHVXSHULRU  8
3DQHOGHLQVWUXPHQWRVSDUWHWUDVHUD  8QLGDGGHSDQWDOOD 
3DQHOGHLQVWUXPHQWRVSRVWHGHODFDELQD  8VRGHGLVH³R 
3DQWDOODGHYLVXDOL]DFLµQGHODLQIRUPDFLµQGH
IXQFLRQDPLHQWR 9
3DUDGD 9HQWLODGRUUHYHUVLEOHOLPSLH]D 
3HJDWLQDVGHLQIRUPDFLµQ\DGYHUWHQFLD  9LEUDFLRQHVHQWRGRHOFXHUSR
3HUQRVGHUXHGDVUHDSULHWH 9LVLELOLGDG 
3HVRVGHODP£TXLQD 
3LQWXUDGHUHWRTXH
3RUWDLPSOHPHQWRV 
3RVLFLµQGHPDQWHQLPLHQWR 
3UHVLµQGHODFXPXODGRUGHVFDUJD
3UHYHQFLµQGHLQFHQGLRV 
3URWHFFLµQDQWLUURER 
3URWHFFLµQGHOPRWRU6RIWZDUH
3UXHEDGHIUHQRV
3UXHEDGHOVLVWHPD 
3XQWRVGHOXEULFDFLµQOXEULFDFLµQDXWRP£WLFD 
5
5DGLDGRUOLPSLH]D 
5HIULJHUDQWH 
5HJHQHUDFLµQ
5HJODVGHVHJXULGDGHQFDVRGHLQFHQGLR 
5HJODVGHVHJXULGDGSDUDODXWLOL]DFLµQGHODP£TXLQD
5HO«V\IXVLEOHV 
5HTXLVLWRVPHGLRDPELHQWDOHV 
5HVFDWH\UHPROFDGR 
5HWURYLVRUHVGHODQWHURV 
5XHGDV
6
6DOLGDGHHPHUJHQFLD 
6HJXULGDGGHORSHUDGRU
6HSDUDGRUGHDJXD 
6LODP£TXLQDTXHGDDWDVFDGD
6LVWHPDFOLPDWL]DGRU 
6LVWHPDFOLPDWL]DGRUDMXVWH 
6LVWHPDGHFRPEXVWLEOH 
6LVWHPDGHFRPEXVWLEOHSXUJDGHDLUH
6LVWHPDGHGLUHFFLµQ
6LVWHPDGHIUHQRV 
6LVWHPDGHOLPSLDSDUDEULVDV 
6LVWHPDGHOXEULFDFLµQDXWRP£WLFD 
6LVWHPDGHOXEULFDFLµQDXWRP£WLFDSXUJD 
6LVWHPDGHSRVWUDWDPLHQWRGHORVJDVHVGHHVFDSH
DODUPDVTXHUHTXLHUHQDFFLRQHVHVSHFLDOHV 
6LVWHPDGHUHIULJHUDFLµQ 
6LVWHPDGHVXSUHVLµQGHLQFHQGLRV 
6LVWHPDHO«FWULFR
6LVWHPDKLGU£XOLFR
6LVWHPDKLGU£XOLFRFDOHQWDPLHQWR 
6LVWHPDSRVWUDWDPLHQWRGHORVJDVHVGHHVFDSH
6LVWHPDUHWURYLVRU 
6ROGDGXUD
7
7DEODGHFRPELQDFLRQHVHTXLSDPLHQWRLQWHUFDPELDEOH 
7DPD³RV\SUHVLRQHVGHQHXP£WLFRV 
7HFODGRSDUDODXQLGDGGHSDQWDOOD 
7H[WRVGHDGYHUWHQFLD
7RPDGHFRUULHQWH 
7UDEDMDUFRQFXFKDUDV 
7UDEDMRFRQEUD]RGHPDQLSXODFLµQGHPDWHULDO 
7UDEDMRFRQJDUUDSDUDWURQFRV
7UDEDMRFRQKRUTXLOODSDUDSDOHWDV
7UDEDMRGHQWURGH]RQDVSHOLJURVDV
7UDEDMRGRQGHDK¯ULHVJRGHFRUULPLHQWRGHWLHUUDV 
7UDEDMRHQSHQGLHQWHV 
7UDEDMRHQWLHPSRIU¯R 
7UDQVPLVLµQ
7UDQVSRUWHGHODP£TXLQD 
7UDVODFLµQSRUODY¯DS¼EOLFD 
7XHUFDVGHUXHGDVSDUGHDSULHWH 
 QGLFHDOIDE«WLFR
 

5HI1R& 6SDQLVK
9ROYR(VNLOVWXQD