Professional Documents
Culture Documents
Manual de Taller XL-7 PDF
Manual de Taller XL-7 PDF
$'9(57(1&,$35(&$8&,Ï1127$
6tUYDVH OHHUFXLGDGRVDPHQWHHVWH PDQXDO \ VHJXLU WRGDV VXV LQVWUXFFLRQHV 3DUDKDFHU UHVDOWDU ODV LQIRUPDFLRQHV
HVSHFLDOHV ODV SDODEUDV $'9(57(1&,$ 35(&$8&,Ï1 \ 127$ WLHQHQ VLJQLILFDGRV HVSHFLDOHV 3UHVWH HVSHFLDO
DWHQFLyQDORVPHQVDMHVUHDO]DGRVSRUHVWDVSDODEUDVGHVHxDO
$'9(57(1&,$
,QGLFDXQSHOLJURSRWHQFLDOTXHSXHGHFDXVDUGDxRVFRUSRUDOHV\KDVWDODPXHUWH
35(&$8&,Ï1
,QGLFDXQSHOLJURSRWHQFLDOTXHSXHGHFDXVDUGDxRVHQHOYHKtFXOR
127$
,QGLFDXQDLQIRUPDFLyQHVSHFLDOSDUDIDFLOLWDUHOPDQWHQLPLHQWRRSDUDFODULILFDUODVLQVWUXFFLRQHV
$'9(57(1&,$
(VWH PDQXDO GH VHUYLFLR HVWi GHVWLQDGR VRODPHQWH D ORV FRQFHVLRQDULRV DXWRUL]DGRV GH 6X]XNL \ D ORV
PHFiQLFRVFDOLILFDGRVGHVHUYLFLR(VSRVLEOHTXHORVPHFiQLFRVVLQODH[SHULHQFLDQHFHVDULDRORVPHFi
QLFRVTXHQRGLVSRQHQGHODVKHUUDPLHQWDV\GHOHTXLSRDGHFXDGRVQRORJUHQHIHFWXDUFRUUHFWDPHQWHORV
VHUYLFLRVGHVFULWRVHQHVWHPDQXDO
/DVUHSDUDFLRQHVLQFRUUHFWDVSXHGHQFDXVDUGDxRVFRUSRUDOHVDOPHFiQLFR\KDFHUTXHHOYHKtFXORQRVHD
VHJXURQLSDUDHOFRQGXFWRUQLSDUDORVSDVDMHURV
$'9(57(1&,$
3DUDORVYHKtFXORVHTXLSDGRVFRQXQ6LVWHPD6XSOHPHQWDULRGH6XMHFLyQ&ROFKyQGHDLUH
/RVVHUYLFLRVTXHGHEDQVHUHIHFWXDGRVHQRDOUHGHGRUGHORVFRPSRQHQWHVRGHOFDEOHDGRGHOVLVWHPD
GHOFROFKyQGHDLUHGHEHQVHUKHFKRVH[FOXVLYDPHQWHSRUXQFRQFHVLRQDULRDXWRUL]DGR68=8.,5HILp
UDVH DO ³(VTXHPD GH XELFDFLyQ GH ORV FRPSRQHQWHV \ FDEOHDGR GHO VLVWHPD GHO FROFKyQ GH DLUH´ HQ
³'HVFULSFLyQJHQHUDO´HQODVHFFLyQGHOVLVWHPDGHOFROFKyQGHDLUHSDUDFRQILUPDUVLXVWHGHVWiHIHF
WXDQGRWUDEDMRGHVHUYLFLRHQRDOUHGHGRUGHORVFRPSRQHQWHVRGHOFDEOHDGRGHOVLVWHPDGHOFROFKyQ
GHDLUH6tUYDVHREVHUYDUWRGDVODV$'9(57(1&,$6\³3UHFDXFLRQHVSDUDHOVHUYLFLR´LQGLFDGDVHQ³6HU
YLFLRHQHOYHKtFXOR´HQODVHFFLyQGHOVLVWHPDGHOFROFKyQGHDLUHDQWHVGHHIHFWXDUFXDOTXLHUWUDEDMR
GHVHUYLFLRHQRDOUHGHGRUGHORVFRPSRQHQWHVRGHOFDEOHDGRGHOVLVWHPDGHOFROFKyQGHDLUH6LQRVH
UHVSHWDQODV$'9(57(1&,$6VHSXHGHFDXVDUHOLQIODGRDFFLGHQWDOGHOFROFKyQGHDLUHRVHSXHGHGHMDU
LQRSHUDQWHHOVLVWHPDGHOFROFKyQGHDLUH&XDOTXLHUDGHHVWRVGRVFDVRVSXHGHFDXVDUGDxRVFRUSRUD
OHVJUDYHV
6L HO VLVWHPD GHO FROFKyQ GH DLUH \ RWUR VLVWHPD GHO YHKtFXOR QHFHVLWDQ VHU UHSDUDGRV 68=8., UHFR
PLHQGDTXHHQSULPHUOXJDUVHUHSDUHHOVLVWHPDGHOFROFKyQGHDLUHSDUDDVtHYLWDUODDFWLYDFLyQLQHVSH
UDGDGHOVLVWHPDGHOFROFKyQGHDLUH
1RPRGLILTXHHOYRODQWHGHGLUHFFLyQHOWDEOHURGHLQVWUXPHQWRVQLQLQJ~QRWURFRPSRQHQWHGHOVLVWHPD
GHFROFKyQGHDLUHHQRDOUHGHGRUGHORVFRPSRQHQWHVRGHOFDEOHDGRGHOVLVWHPDGHFROFKyQGHDLUH
/DVPRGLILFDFLRQHVSXHGHQDIHFWDUDGYHUVDPHQWHHOIXQFLRQDPLHQWRGHOVLVWHPDGHOFROFKyQGHDLUH\
FDXVDUGDxRVFRUSRUDOHV
6L VH SUHYH TXH HO YHKtFXOR HVWDUi H[SXHVWR D WHPSHUDWXUDV HOHYDGDV VXSHULRUHV D & SRU HMHPSOR
GXUDQWHHOSURFHVRGHVHFDGRDOKRUQRGHODSLQWXUDGHVPRQWHDQWHVORVFRPSRQHQWHVGHOVLVWHPDGH
FROFKyQGHDLUH>PyGXORVLQIODGRUGHFROFKyQGHDLUHVHQVRUHVGHODQWHURV6'0\RFLQWXURQHVGH
VHJXULGDGFRQSUHWHQVRUHV@SDUDQRGDxDUORVFRPSRQHQWHV\HYLWDUDFWLYDULQHVSHUDGDPHQWHHOVLVWHPD
GHFROFKyQGHDLUH
3UHIDFLR
(VWHPDQXDOFRQWLHQHVRODPHQWHODLQIRUPDFLyQGHVHUYLFLRSDUDHOPRGHORDSOLFDEOHTXHGLILHUHGHODLQIRUPDFLyQ
GHO0$18$/'(6(59,&,2646464
0RGHORFRQFHUQLGR*5$1'9,7$5$;/
3RUFRQVLJXLHQWHFXDQGRHIHFW~HHOVHUYLFLRGHOPRGHORFRQFHUQLGRDQWHULRUSULPHURFRQVXOWHHVWHPDQXDO<SDUD
FXDOTXLHU VHFFLyQ HOHPHQWR R GHVFULSFLyQ QR HQFRQWUDGR HQ HVWH PDQXDO UHILpUDVH D ORV PDQXDOHV UHODFLRQDGRV
PHQFLRQDGRVDFRQWLQXDFLyQ
&XDQGRUHHPSODFHSLH]DVRSURFHGDDGHVDUPDUSDUDHIHFWXDUHOPDQWHQLPLHQWRGHVHUYLFLRVHUHFRPLHQGDTXHXWL
OLFH SLH]DV 68=8., JHQXLQDV \ ODV KHUUDPLHQWDV \ PDWHULDOHV GH VHUYLFLR OXEULFDQWH SURGXFWRV GH VHOODGR HWF
FRPRHVSHFLILFDGRHQFDGDGHVFULSFLyQ
7RGDV ODV LQIRUPDFLRQHV LOXVWUDFLRQHV \ HVSHFLILFDFLRQHV LQFOXLGDV HQ HVWH PDQXDO HVWiQ EDVDGDV HQ ODV ~OWLPDV
LQIRUPDFLRQHVVREUHHOSURGXFWRGLVSRQLEOHVHQHOPRPHQWRGHODDXWRUL]DFLyQGHSXEOLFDFLyQ&RPRVXMHWRSULQFLSDO
GHODGHVFULSFLyQVHXWLOL]DHOYHKtFXORGHHVSHFLILFDFLRQHVHVWiQGDUHQWUHRWUDV
3RUFRQVLJXLHQWHGHEHWHQHUVHHQFXHQWDTXHHVSRVLEOHTXHODVLOXVWUDFLRQHVSUHVHQWDGDVQRFRLQFLGDQFRQHOYHKt
FXORTXHVHHVWiVLUYLHQGR
4XHGDUHVHUYDGRHOGHUHFKRGHHIHFWXDUFDPELRVHQFXDOTXLHUPRPHQWRVLQSUHYLRDYLVR
0$18$/5(/$&,21$'2
7tWXORGHOPDQXDO 1GHOPDQXDO
0DQXDOGH6HUYLFLR646464 '6
0DQXDOGH6HUYLFLR
'6
6XSOHPHQWDULR646464
0DQXDOGH5HSDUDFLyQGHOD8QLGDG646464SDUDOD7UDQV
'6
PLVLyQ0DQXDO7UDQVPLVLyQ$XWRPiWLFD7UDQVIHUHQFLD\'LIHUHQFLDO
0DQXDOGH'LDJUDPDVGH&DEOHDGR*5$1'9,7$5$;/ '
&23<5,*+768=8.,02725&25325$7,21
Índice general
INFORMACIÓN GENERAL TRANSMISIÓN, EMBRAGUE Y 0A 7A1
Información general 0A DIFERENCIAL 0B 7B1
Mantenimiento y lubricación 0B Transmisión manual 7A1 7C1
CALEFACCIÓN Y ACONDICIONAMIENTO DE Transmisión automática 7B1 1A 7D
AIRE Embrague 7C1 1B 7E
Calentador y ventilación 1A Transferencia 7D 7F
Acondicionamiento de aire 1B Diferencial (Delantero) 7E 3
DIRECCIÓN, SUSPENSIÓN, RUEDAS Diferencial (Trasero) 7F 3A 8
Y NEUMÁTICOS SISTEMA ELÉCTRICO 3B1 8A
Dirección, suspensión, ruedas y neumáti- Sistema eléctrico 8 3C1 8B
cos 3
Diagrama de cableado 8A 3D 8C
Alineación de las ruedas delanteras 3A Sistema de alumbrado 8B 3E 8D
Sistema de servodirección (P/S) 3B1 Instrumentos / Información del conductor 8C 3F 8E
Volante con colchón de aire y columna de Ventanas, espejos, seguridad y cerraduras 8D 8G
la dirección 3C1
Sistema de control de crucero 8E 4A2
Suspensión delantera 3D Módulo de control del inmovilizador (Si está 4B 9
equipado) 8G
Suspensión trasera 3E
Ruedas y neumáticos 3F SERVICIO DE LA CARROCERÍA 5 10
EJE PROPULSOR Y EJE DE TRANSMISIÓN Servicio de la carrocería 9 5A 10A
Eje de parier delantero / cojinete de eje, SISTEMA DE SUJECIÓN 5B 10B
sello de aceite 4A2
Sistema de sujeción 10 5C
Eje de transmisión 4B Cinturón de seguridad 10A 5E2
SISTEMA DE FRENOS Sistema de colchón de aire 10B
Frenos 5 6-1
Tubo / manguera / cilindro maestro de freno 5A 6A2
Freno delantero 5B 6B
Freno trasero y de estacionamiento 5C 6C
Sistema de frenos antibloqueo (ABS) 5E2 6E2
MOTOR 6F2
Información general y 6G
diagnóstico (motor H27) 6-1
6H
Mecánica del motor (motor H27) 6A2 6K
Refrigeración del motor 6B
Combustible del motor 6C
Sistema de control del motor y de las emi-
siones (SFI para el motor H27) 6E2
NOTA:
Para las secciones marcadas con tonalidad reticulada gris en la tabla anterior, refiérase a las mismas sec-
ciones de los Manuales relacionados, mencionado en el PREFACIO de este manual.
,1)250$&,Ï1*(1(5$/$
6(&&,Ï1$
$
,1)250$&,Ï1*(1(5$/
127$
3DUDODVGHVFULSFLRQHVHOHPHQWRVQRLQFOXLGDVHQHVWDVHFFLyQUHILpUDVHDODPLVPDVHFFLyQGHO0DQXDO
GH6HUYLFLRPHQFLRQDGRHQHO35()$&,2GHHVWHPDQXDO
&217(1,'2
3UHFDXFLRQHV $ ,QIRUPDFLyQGHLGHQWLILFDFLyQ $
3UHFDXFLRQHVSDUDORVYHKtFXORVHTXLSDGRV 1~PHURGHLGHQWLILFDFLyQGHOYHKtFXOR $
FRQXQVLVWHPDVXSOHPHQWDULRGHVXMHFLyQ 1~PHURGHLGHQWLILFDFLyQGHOPRWRU $
FROFKyQGHDLUH $ 1~PHURGHLGHQWLILFDFLyQGHODWUDQVPLVLyQ $
'LDJQyVWLFR $ (WLTXHWDVGHDGYHUWHQFLDSUHFDXFLyQ
6HUYLFLR\PDQLSXODFLyQ $ HLQIRUPDFLyQ$
$,1)250$&,Ï1*(1(5$/
3UHFDXFLRQHV
3UHFDXFLRQHVSDUDORVYHKtFXORVHTXLSDGRV
FRQXQVLVWHPDVXSOHPHQWDULRGHVXMHFLyQFRO
FKyQGHDLUH
$'9(57(1&,$
/D GLVSRVLFLyQ GH ODV SLH]DV GHO VLVWHPD GH FROFKyQ GH
DLUH HVWi LQGLFDGD HQ OD ILJXUD &XDQGR VHD QHFHVDULR
HIHFWXDU HO VHUYLFLR GHVPRQWDMH UHLQVWDODFLyQ H LQVSHF
FLyQGHHVWDVSLH]DVDVHJ~UHVHELHQGHVHJXLUHVFUXSX
ORVDPHQWH ORV SURFHGLPLHQWRV GHVFULWRV HQ OD 6(&&,Ï1
%6LQRVHUHVSHWDQORVSURFHGLPLHQWRVDGHFXDGRVVH
SXHGHFDXVDUHOLQIODGRDFFLGHQWDOGHOVLVWHPDGHFROFKyQ
GHDLUHSXHGHKDEHUGDxRVFRUSRUDOHVRHQODVSLH]DVR
7 5 7 6 HO VLVWHPD SXHGH TXHGDU LQRSHUDQWH \ QR IXQFLRQDU
2 FXDQGRVHDQHFHVDULR
1 6LHOVLVWHPDGHFROFKyQGHDLUH\RWURVLVWHPDGHOYHKt
FXORQHFHVLWDQVHUUHSDUDGRV68=8.,UHFRPLHQGDTXHHQ
SULPHU OXJDU VH UHSDUH HO VLVWHPD GHO FROFKyQ GH DLUH
15
SDUD DVt HYLWDU OD DFWLYDFLyQ LQHVSHUDGD GHO VLVWHPD GH
FROFKyQGHDLUH
1RPRGLILTXHHOYRODQWHGHGLUHFFLyQHOWDEOHURGHLQVWUX
PHQWRV QL QLQJ~Q RWUR FRPSRQHQWH GHO VLVWHPD GH FRO
FKyQ GH DLUH /DV PRGLILFDFLRQHV SXHGHQ DIHFWDU
DGYHUVDPHQWHHOIXQFLRQDPLHQWRGHOVLVWHPDGHOFROFKyQ
4
GHDLUH\FDXVDUGDxRVFRUSRUDOHV
3 4 6LVHSUHYHTXHHOYHKtFXORHVWDUiH[SXHVWRDWHPSHUDWX
UDV HOHYDGDV VXSHULRUHV D & SRU HMHPSOR GXUDQWH HO
SURFHVR GH VHFDGR DO KRUQR GH OD SLQWXUD GHVPRQWH
DQWHV ORV FRPSRQHQWHV GHO VLVWHPD GH FROFKyQ GH DLUH
SDUDQRGDxDUORVFRPSRQHQWHV\HYLWDUDFWLYDULQHVSHUD
GDPHQWHHOVLVWHPDGHFROFKyQGHDLUH
0D]RGHFDEOHVGHOFROFKyQGHDLUH %RELQDGHFRQWDFWR
0yGXORLQIODGRUGHOFROFKyQGHDLUHGHO 0yGXORLQIODGRUGHOFROFKyQGHDLUHGHO
SDVDMHUR FRQGXFWRU
0yGXORGH6'0 6HQVRUHVGHODQWHURV
3UHWHQVRUHVGHFLQWXURQHVGHVHJXULGDG
'LDJQyVWLFR
&XDQGR ORFDOLFH \ UHSDUH GHVSHUIHFWRV HQ HO VLVWHPD GHO
FROFKyQ GH DLUH DVHJ~UHVH GH VHJXLU ODV LQGLFDFLRQHV GH
³',$*1Ï67,&2´HQOD6(&&,Ï1%/DQRDSOLFDFLyQGH
HVWRV SURFHGLPLHQWRV SXHGH DODUJDU OD GXUDFLyQ GHO GLDJ
QyVWLFRSURGXFLUXQGLDJQyVWLFRHUUyQHR\OOHYDUDOUHHP
SOD]RGHSLH]DVLQFRUUHFWDV
1XQFD XWLOLFH HTXLSRV GH SUREDGRUHV HOpFWULFRV TXH QR
VHDQORVLQGLFDGRVHVSHFtILFDPHQWHHQHVWHPDQXDO
$'9(57(1&,$
1XQFDWUDWHGHPHGLUODUHVLVWHQFLDGHORVPyGXORVLQIODGR
UHV GH FROFKRQHV GH DLUH FRQGXFWRU \ SDVDMHUR \ GH ORV
SUHWHQVRUHVGHFLQWXURQHVGHVHJXULGDGFRQGXFWRU\SDVD
MHUR(VWRHVPX\SHOLJURVR\DTXHODFRUULHQWHHOpFWULFDGHO
SUREDGRUSRGUtDGHVSOHJDUHOFROFKyQGHDLUHRDFWLYDUORV
SUHWHQVRUHV
,1)250$&,Ï1*(1(5$/$
6HUYLFLR\PDQLSXODFLyQ
$'9(57(1&,$
0XFKRVGHORVSURFHGLPLHQWRVGHVHUYLFLRUHTXLHUHQODGHV
FRQH[LyQ GHO IXVLEOH ³$,5 %$*´ \ GHO GH ORV PyGXORV
>LQIODGRUHV@ GH FROFKyQHV GH DLUH GHO FLUFXLWR LQLFLDOL]D
GRUSDUDDVtHYLWDUHOGHVSOLHJXHDFFLGHQWDOGHOFROFKyQGH
DLUH
0yGXORVLQIODGRUHVGHFROFKRQHV GHDLUHGHOFRQGXFWRU \
GHOSDVDMHUR
3DUDPDQLSXODU\JXDUGDUXQPyGXORLQIODGRUGHFROFKyQ
GH DLUH DFWLYR HOLMD XQ OXJDU GRQGH OD WHPSHUDWXUD
DPELHQWHVHDLQIHULRUD&GHEDMDKXPHGDGUHODWLYD\
DOHMDGRGHORVSDUiVLWRVHOpFWULFRV
&XDQGR OOHYH XQ PyGXOR LQIODGRU GH FROFKyQ GH DLUH
DFWLYRDVHJ~UHVHGHTXHODDEHUWXUDGHOFROFKyQGHDLUH
HVWi GLULJLGD KDFLD DGHODQWH KDFLD DIXHUD GH VX FXHUSR
(QFDVRGHOGHVSOLHJXHHLQIODGRDFFLGHQWDOHOFROFKyQVH
LQIODUiFRQHOULHVJRPtQLPRGHGDxRVFRUSRUDOHV1XQFD
OOHYH HO PyGXOR LQIODGRU GH FROFKyQ GH DLUH DFWLYR VXV
SHQGLGRGHORVFDEOHVRGHOFRQHFWRUGHODSDUWHLQIHULRU
GHOPyGXOR&XDQGRFRORTXHXQPyGXORLQIODGRUGHFRO
FKyQGHDLUHDFWLYRVREUHXQEDQFRRVREUHRWUDVXSHUIL
FLHVLHPSUHFRORTXHHOFROFKyQSRVLFLRQDGRKDFLDDUULED
KDFLDHOH[WHULRUGHODVXSHUILFLH<DTXHHOPyGXORLQIOD
GRU GH FROFKyQ GH DLUH DFWLYR GHO SDVDMHUR GHEH VHU
FRORFDGRFRQHOFROFKyQFXELHUWDGHJXDUQLFLyQSRVLFLR
QDGDKDFLDDUULEDFROyTXHORHQXQDUDQXUDGHOEDQFRGH
WUDEDMRRHPSOHHHOWRUQLOORGHPHFiQLFRGHOEDQFRGHWUD
EDMRSDUDVXMHWDUORILUPHPHQWHHQVXVRSRUWHGHPRQWDMH
LQIHULRU (VWR HV QHFHVDULR SDUD TXH TXHGH XQ HVSDFLR
OLEUHGRQGHHOFROFKyQSXHGDGHVSOHJDUVHHLQIODUVHHQHO
FDVRGHXQHYHQWXDOGHVSOLHJXHDFFLGHQWDO6LQRSURFHGH
FRPRLQGLFDGRSXHGHKDEHUGDxRVFRUSRUDOHV
1XQFD GHVHFKH PyGXORV LQIODGRUHV GH FRQGXFWRU \ GH
SDVDMHURTXHHVWpQDFWLYRVQRGHVSOHJDGRV6LHVQHFH
VDULRGHVHFKDUORVSURFHGDDGHVSOHJDUORVSUHYLDPHQWH
VLJXLHQGR ODV LQVWUXFFLRQHV GH GHVSOLHJXH GDGDV HQ OD
6(&&,Ï1%
(OPyGXORLQIODGRUGHFROFKyQGHDLUHHVWiPX\FDOLHQWH
LQPHGLDWDPHQWH GHVSXpV GH TXH VH KD GHVSOHJDGR
(VSHUHTXHVHHQIUtHSRUORPHQRVPHGLDKRUDDQWHVGH
FRPHQ]DUDWUDEDMDU
'HVSXpVGHTXHXQPyGXORLQIODGRUGHFROFKyQGHDLUH
VHKDGHVSOHJDGRODVXSHUILFLHGHOFROFKyQGHDLUHSXHGH
WHQHU XQ UHVLGXR SROYRULHQWR (VWRV UHVLGXRV GH SROYR
HVWiQ FRQVWLWXLGRV SULQFLSDOPHQWH SRU DOPLGyQ GH PDt]
HPSOHDGR SDUD OXEULFDU OD EROVD FXDQGR VH LQIOD \ SRU
VXESURGXFWRV GH UHDFFLyQ TXtPLFD &RPR HV QRUPDO HQ
PXFKRVSURFHGLPLHQWRVGHPDQWHQLPLHQWRHVQHFHVDULR
OOHYDUJXDQWHV\JDIDVSURWHFWRUDV
>$@ 6,(035(//(9(810Ï'8/2,1)/$'25'(&2/&+Ï1'($,5(&21/$
&8%,(57$'($'2512$%(5785$'(/&2/&+Ï1'($,5(',5,*,'$
+$&,$$)8(5$'(68&8(532
>%@ 6,(035(&2/248(810Ï'8/2,1)/$'25'(&2/&+Ï1'($,5((1
(/%$1&2'(75$%$-2&21/$&8%,(57$'($'2512$%(5785$'(/
&2/&+Ï1'($,5(326,&,21$'$+$&,$$55,%$$/(-$'$'(&8$/
48,(52%-(7268(/72
5DQXUDHQHOEDQFRGHWUDEDMR
6RSRUWHGHPRQWDMHLQIHULRU
7RUQLOORGHPHFiQLFRGHOEDQFRGHWUDEDMR
$,1)250$&,Ï1*(1(5$/
$'9(57(1&,$
0yGXORGH6'0
'XUDQWH OD HMHFXFLyQ GH ORV SURFHGLPLHQWRV GH VHUYLFLR WHQJD HVSHFLDO FXLGDGR FXDQGR PDQLSXOH HO
PyGXORGHGHWHFFLyQ\GHGLDJQyVWLFR6'01XQFDJROSHHQLVDFXGDHOPyGXORGH6'0
1XQFDDFWLYHHOVLVWHPDGHFROFKyQGHDLUHFXDQGRHOPyGXORGH6'0QRHVWiILMDGRUtJLGD\ILUPHPHQWH
DOYHKtFXOR7RGRVORVHOHPHQWRVGHILMDFLyQGHOVRSRUWHGHPRQWDMH\GHOPyGXORGH6'0GHEHQHVWDU
DSUHWDGRVFXLGDGRVDPHQWH\ODIOHFKDGHEHDSXQWDUKDFLDODSDUWHGHODQWHUDGHOYHKtFXORSDUDDVtDVH
JXUDUHOIXQFLRQDPLHQWRFRUUHFWRGHOVLVWHPDGHFROFKyQGHDLUH
(QHIHFWRHOPyGXORGH6'0SRGUtDDFWLYDUVHFXDQGRHVDOLPHQWDGRSRUODFRUULHQWHPLHQWUDVQRHVWi
ILMDGRILUPHPHQWHDOYHKtFXOR\GHVSOHJDUHOFROFKyQGHDLUHFDXVDQGRGDxRVFRUSRUDOHV
$'9(57(1&,$
3UHWHQVRUHV GHO FLQWXURQHV GH VHJXULGDG GHO FRQGXFWRU \
GHOSDVDMHUR
3DUDPDQLSXODU\JXDUGDUXQSUHWHQVRUDFWLYRGHFLQWXUyQ
GH VHJXULGDG HOLMD XQ OXJDU GRQGH OD WHPSHUDWXUD
DPELHQWHVHDLQIHULRUD&GHEDMDKXPHGDGUHODWLYD\
DOHMDGRGHORVSDUiVLWRVHOpFWULFRV
1XQFD OOHYH HO SUHWHQVRU GH FLQWXUyQ GH VHJXULGDG VXV
SHQGLGR GHO FDEOH R GHO FRQHFWRU GHO SUHWHQVRU &XDQGR
FRORTXHXQSUHWHQVRUDFWLYRGHFLQWXUyQGHVHJXULGDGHQ
HO EDQFR GH WUDEDMR R HQ XQ OXJDU VHPHMDQWH DVHJ~UHVH
GH QR GHMDU SRVLFLRQDGD KDFLD DEDMR VX VXSHUILFLH TXH
LQFRUSRUD HO RULILFLR GH HVFDSH 7DPELpQ HVWi WHUPL
QDQWHPHQWH SURKLELGR FRORFDU FXDOTXLHU REMHWR VREUH OD
FDUDTXHLQFRUSRUDHORULILFLRGHHVFDSHRDSLODUSUHWHQ
VRUHV GH FLQWXUyQ GHV VHJXULGDG XQR VREUH RWUR 6L QR
SURFHGHFRPRLQGLFDGRSXHGHKDEHUGDxRVFRUSRUDOHV
1XQFDGHVHFKHSUHWHQVRUHVDFWLYRVLQDFWLYDGRVGHFLQ
WXURQHVGHVHJXULGDGFRQGXFWRU\SDVDMHUR6LHVQHFH
VDULR GHVHFKDUORV SURFHGD D DFWLYDUORV SUHYLDPHQWH
VLJXLHQGRORVSURFHGLPLHQWRVGHDFWLYDFLyQGHSUHWHQVRU
GDGDVHQODVHFFLyQ%
(OSUHWHQVRUGHFLQWXUyQGHVHJXULGDGHVWiPX\FDOLHQWH
LQPHGLDWDPHQWHGHVSXpVGHKDEHUVLGRDFWLYDGR(VSHUH
TXHVHHQIUtHSRUORPHQRVPHGLDKRUDDQWHVGHFRPHQ
]DUDWUDEDMDU
&RPRHVQRUPDOHQPXFKRVSURFHGLPLHQWRVGHPDQWHQL
PLHQWR HV QHFHVDULR OOHYDU JXDQWHV \ JDIDV SURWHFWRUDV
SDUDSUHYHQLUFXDOTXLHULUULWDFLyQRFXODURHSLGpUPLFD
,1)250$&,Ï1*(1(5$/$
35(&$8&,Ï1
$XQFXDQGRHODFFLGHQWHQRIXHORVXILFLHQWHPHQWHYLROHQWRSDUDDFWLYDUORVFROFKRQHVGHDLUHDVHJ~
UHVHGHLQVSHFFLRQDUODVSLH]DVGHOVLVWHPD\ODVRWUDVSLH]DVUHODFLRQDGDVFRQHOVLVWHPDGHDFXHUGR
FRQ ODV LQVWUXFFLRQHV GDGDV HQ ³5(3$5$&,Ï1 ( ,163(&&,Ï1 1(&(6$5,$6 '(638e6 '( 81 $&&,
'(17(´HQOD6(&&,Ï1%
&XDQGRHIHFW~HHOPDQWHQLPLHQWRGHSLH]DVTXHQRVHDQGHOVLVWHPDGHFROFKyQGHDLUH\KD\DTXHJRO
SHDUSLH]DVFRPSRQHQWHVGHOVLVWHPDGHFROFKyQGHDLUHGHVPRQWHSUHYLDPHQWHHVWDVSLH]DVGHOVLV
WHPD
&XDQGRPDQLSXOHORVPyGXORVLQIODGRUHVGHORVFROFKRQHVGHDLUHFRQGXFWRU\SDVDMHURORVVHQVR
UHVGHODQWHURVRHOPyGXORGH6'0WHQJDFXLGDGRGHQRGHMDUORVFDHUQLJROSHDUORV6LODSLH]DUHFLELy
XQJROSHYLROHQWRSRUHMHPSORXQDFDtGDGHVGHXQDDOWXUDGHFPRPiVQXQFDWUDWHGHGHVDUPDU
RGHUHSDUDUODSLH]DVLQRTXHSURFHGDDUHHPSOD]DUODSRUXQDSLH]DQXHYD
6LKD\JUDVDDJHQWHOLPSLDGRUDFHLWHDJXDHWFHQORVPyGXORVLQIODGRUHVGHFROFKRQHVGHDLUHFRQ
GXFWRU\SDVDMHUROtPSLHORVLQPHGLDWDPHQWHFRQXQSDxRVHFR\OLPSLR
(OPD]RGHFDEOHVGHFROFKyQGHDLUHSXHGHVHULGHQWLILFDGRIiFLOPHQWHSRUTXHHVWiFXELHUWRSRUXQWXER
SURWHFWRUGHFRORUDPDULOOR7HQJDPXFKRFXLGDGRFXDQGRORPDQLSXOH
&XDQGR GHWHFWH XQ FLUFXLWR DELHUWR HQ HO PD]R GH FDEOHV GH FROFKyQ GH DLUH R VL HO PD]R GH FDEOHV
FRQHFWRU R WHUPLQDO HVWi GDxDGR UHHPSODFH HO PD]R GH FDEOHV ORVFRQHFWRUHV \WHUPLQDOHV FRPR XQ
VRORFRQMXQWR
1RDSOLTXHFRUULHQWHHOpFWULFDDOVLVWHPDGHOFROFKyQGHDLUHDPHQRVTXHWRGRVORVFRPSRQHQWHVHVWpQ
FRUUHFWDPHQWHFRQHFWDGRVRTXHORSLGDHOFXDGURGHGLDJQyVWLFR\DTXHHVWRILMDUiXQFyGLJRGHGLDJ
QyVWLFR
1XQFDXWLOLFHSLH]DVFRPSRQHQWHVGHOVLVWHPDGHOFROFKyQGHDLUHTXHSURFHGDQGHRWURYHKtFXOR
&XDQGRXWLOLFHXQVROGDGRUHOpFWULFRDVHJ~UHVHGHGHVDFWLYDUSURYLVLRQDOPHQWHHOVLVWHPDGHOFROFKyQ
GHDLUHUHILULpQGRVHD³'(6$&7,9$&,Ï1'(/6,67(0$'(&2/&+Ï1'($,5(´HQODVHFFLyQ%
1XQFD H[SRQJD SLH]DV FRPSRQHQWHV GHO VLVWHPD GHO FROFKyQ GH DLUH GLUHFWDPHQWH DO DLUH FDOLHQWH
VHFDGRRSDVRGHOYHKtFXORSRUHOKRUQRGHVSXpVGHKDEHUSLQWDGRRDOODPDV
(QFDGDSLH]DFRPSRQHQWHGHOVLVWHPDGHOFROFKyQGHDLUHHVWiQILMDGDVHWLTXHWDVGH$'9(57(1&,$
35(&$8&,Ï1$VHJ~UHVHELHQGHVHJXLUWRGDVODVLQVWUXFFLRQHV
'HVSXpVGHKDEHUFRPSOHWDGRODUHSDUDFLyQGHOYHKtFXORHIHFW~HOD³&20352%$&,Ï1'(/6,67(0$
'(',$*1Ï67,&2'(&2/&+Ï1'($,5(´HQOD6(&&,Ï1%
$,1)250$&,Ï1*(1(5$/
,QIRUPDFLyQGHLGHQWLILFDFLyQ
1~PHURGHLGHQWLILFDFLyQGHOYHKtFXOR
(O Q~PHUR GH LGHQWLILFDFLyQ GH OD FDUURFHUtD GHO YHKtFXOR HVWi LQGL
FDGRHQHOODGRL]TXLHUGRGHOWDEOHURGHLQVWUXPHQWRV\HVWDPSDGR
HQ HO FKDVLV GHQWUR GHO DORMDPLHQWR SDUD HO QHXPiWLFR HQ HO ODGR
GHODQWHURGHUHFKR
1~PHURGHLGHQWLILFDFLyQGHOPRWRU
(O Q~PHUR GH LGHQWLILFDFLyQ HVWi HVWDPSDGR HQ HO EORTXH GH FLOLQ
GURV
(VSHFLILFDFLyQGHOQ~PHURGHLGHQWLILFDFLyQGHOPRWRU
H 27 A 100001
Número secuencial
Cilindrada
(“27” = 2,7 Litros)
Tipo de motor
1~PHURGHLGHQWLILFDFLyQGHODWUDQVPLVLyQ
(OQ~PHURGHLGHQWLILFDFLyQGHOIDEULFDQWHGHOD$7HVWiLQVFULWRHQOD
FDMDGHODWUDQVPLVLyQ6LQHPEDUJRHOQ~PHURGHLGHQWLILFDFLyQGH
OD07QRHVWiDVLJQDGR
,1)250$&,Ï1*(1(5$/$
(WLTXHWDVGHDGYHUWHQFLDSUHFDXFLyQHLQIRUPDFLyQ
/DILJXUDVLJXLHQWHPXHVWUDODVSULQFLSDOHVHWLTXHWDVHQWUHRWUDVTXHHVWiQILMDGDVHQODVSLH]DVFRPSRQHQWHVGHO
YHKtFXOR
&XDQGRPDQLSXOH\VLUYDSLH]DVUHILpUDVHDODVLQVWUXFFLRQHVGH$'9(57(1&,$35(&$8&,Ï1LPSUHVDVHQODVHWL
TXHWDV
6L FXDOTXLHUHWLTXHWD GH $'9(57(1&,$35(&$8&,Ï1 HVWiPDQFKDGD RGDxDGD OtPSLHOD R FiPELHOD VHJ~Q VHD
QHFHVDULR
7 6
5
3
6(&&,Ï1%
%
0$17(1,0,(172</8%5,&$&,Ï1
$'9(57(1&,$
3DUDORVYHKtFXORVHTXLSDGRVFRQHO6LVWHPD6XSOHPHQWDULRGH6XMHFLyQ&ROFKyQGHDLUH
/RVVHUYLFLRVTXHGHEDQVHUHIHFWXDGRVHQRDOUHGHGRUGHORVFRPSRQHQWHVRGHOFDEOHDGRGHOVLVWHPD
GHFROFKyQGHDLUHGHEHQVHUKHFKRVH[FOXVLYDPHQWHSRUXQFRQFHVLRQDULRDXWRUL]DGR68=8.,5HILp
UDVHDO³(VTXHPDGHXELFDFLyQGHORVFRPSRQHQWHV\FDEOHDGRGHOVLVWHPDGHFROFKyQGHDLUH´HQ³'HV
FULSFLyQJHQHUDO´HQODVHFFLyQGHOVLVWHPDGHFROFKyQGHDLUHSDUDFRQILUPDUVLXVWHGHVWiHIHFWXDQGR
WUDEDMRGHVHUYLFLRHQRDOUHGHGRUGHORVFRPSRQHQWHVRGHOFDEOHDGRGHOVLVWHPDGHFROFKyQGHDLUH
6tUYDVHREVHUYDUWRGDVODV$'9(57(1&,$6\³3UHFDXFLRQHVSDUDHOVHUYLFLR´LQGLFDGDVHQ³6HUYLFLRHQ
HOYHKtFXOR´HQODVHFFLyQGHOVLVWHPDGHFROFKyQGHDLUHDQWHVGHHIHFWXDUFXDOTXLHUWUDEDMRGHVHUYL
FLRHQRDOUHGHGRUGHORVFRPSRQHQWHVRGHOFDEOHDGRGHOVLVWHPDGHFROFKyQGHDLUH6LQRVHUHVSHWDQ
ODV$'9(57(1&,$6VHSXHGHFDXVDUHOLQIODGRDFFLGHQWDOGHOFROFKyQGHDLUHRVHSXHGHGHMDULQRSH
UDQWHHOVLVWHPDGHFROFKyQGHDLUH&XDOTXLHUDGHHVWRVGRVFDVRVSXHGHFDXVDUGDxRVFRUSRUDOHVJUD
YHV
/RVWUDEDMRVGHVHUYLFLRWpFQLFRGHEHQVHULQLFLDGRVSRUORPHQRVVHJXQGRVGHVSXpVGHTXHVHFROR
TXHHOLQWHUUXSWRUGHHQFHQGLGRHQODSRVLFLyQ³/2&.´\GHTXHVHGHVFRQHFWHHOFDEOHQHJDWLYRGHOD
EDWHUtD(QHIHFWRVLQRVHSURFHGHGHHVWDIRUPDHOVLVWHPDSXHGHVHUDFWLYDGRSRUODUHVHUYDGHHQHU
JtDHOpFWULFDGHOPyGXORGHGHWHFFLyQ\GHGLDJQyVWLFR6'0
127$
3DUDODVGHVFULSFLRQHVHOHPHQWRVQRLQFOXLGDVHQHVWDVHFFLyQUHILpUDVHDODPLVPDVHFFLyQGHO0DQXDO
GH6HUYLFLRPHQFLRQDGRHQHO35()$&,2GHHVWHPDQXDO
&217(1,'2
3URJUDPDGHPDQWHQLPLHQWR
3URJUDPDGHPDQWHQLPLHQWRHQFRQGLFLRQHVQRUPDOHVGHFRQGXFFLyQ
127$
(VWHLQWHUYDORGHEHUiMX]JDUVHSRUODOHFWXUDGHORGyPHWURRSRUPHVHVORTXHVHFXPSODSULPHUR
(VWD WDEOD LQFOX\H ORV VHUYLFLRV SURJUDPDGRV KDVWD NP 'HVSXpV GH ORV NP HIHFW~H ORV
PLVPRVVHUYLFLRVDORVPLVPRVLQWHUYDORVUHVSHFWLYDPHQWH
.P×
,QWHUYDOR 0LOODV×
0HVHV
02725
&RUUHDGHWUDQVPLVLyQ &RUUHDFRQQHUYDGXUDVHQ97LSR
± ± , ± ± 5
SODQR
$FHLWHGHPRWRU\ILOWURGHDFHLWH 5 5 5 5 5 5
5HIULJHUDQWHGHOPRWRU ± ± 5 ± ± 5
6LVWHPDGHHVFDSH ± , ± , ± ,
6,67(0$'((1&(1','2
%XMtDV &XDQGRVH 9HKtFXORVLQ%XMtDGHQtTXHO ± 5 ± 5 ± 5
XWLOL]DFRP +26 %XMtDGHLULGLR ± ± ± 5 ± ±
EXVWLEOHVLQ
9HKtFXORFRQ %XMtDGHQtTXHO ± ± 5 ± ± 5
SORPR +26 %XMtDGHLULGLR 5HHPSODFHFDGDNP
&XDQGRVHXWLOL]DFRPEXVWLEOHFRQSORPRUHILpUDVHD³0$17(1,0,(1725(&2
0(1'$'2(1&21',&,21(66(9(5$6'(&21'8&&,Ï1´HQHVWDVHFFLyQ
6,67(0$'(&20%867,%/(
)LOWURGHOGHSXUDGRUGHODLUH , , 5 , , 5
7XEHUtDV\FRQH[LRQHVGHFRPEXVWLEOH ± , ± , ± ,
)LOWURGHFRPEXVWLEOH 5HHPSODFHFDGDNP
'HSyVLWRGHFRPEXVWLEOH ± ± , ± ± ,
6,67(0$'(&21752/'((0,6,21(6
0DQJXHUDVGHYHQWLODFLyQ\FRQH[LRQHVGHOFiUWHUGHOPRWRU9HKtFXOR
± ± , ± ± ,
VLQ+26
9iOYXODGH3&9 9HKtFXORVLQ+26 ± ± , ± ± ,
9HKtFXORFRQ+26 ± ± ± ± ± ,
6LVWHPDGHFRQWUROGHHPLVLRQHV 9HKtFXORVLQ+26 ± , ± , ± ,
HYDSRUDEOHVGHFRPEXVWLEOH 9HKtFXORFRQ+26 ± ± ± ± ± ,
127$
³5´5HHPSODFHRFDPELH
³,´,QVSHFFLRQH\FRUULMDUHHPSODFHROXEULTXHVLHVQHFHVDULR
3DUD6XHFLDORVSXQWRV\GHEHQVHUHIHFWXDGRVVRODPHQWHPHGLDQWHODOHFWXUDGHORGyPHWUR
3DUDHOSXQWR%XMtDVGHQtTXHO5HHPSODFHFDGDNPVLODUHJODPHQWDFLyQORFDOORH[LJH
%XMtDGHQtTXHO%.5(y.358
%XMtDGHLULGLR,)5-y6.35
0$17(1,0,(172</8%5,&$&,Ï1%
.P×
,QWHUYDOR 0LOODV×
0HVHV
&+$6,6<&$552&(5Ë$
(PEUDJXHSHGDO\QLYHOGHOIOXLGR ± , ± , ± ,
'LVFRV\SDVWLOODVGHIUHQRJURVRUGHVJDVWHGDxRV , , , , , ,
7DPERUHV\]DSDWDVGHIUHQRGHVJDVWHGDxRV ± , ± , ± ,
0DQJXHUDV\WXERVGHIUHQRIXJDVGDxRVDEUD]DGHUDV ± , ± , ± ,
)OXLGRGHIUHQRV ± 5 ± 5 ± 5
3DODQFD\FDEOHGHIUHQRGDxRFDUUHUDIXQFLRQDPLHQWR ,QVSHFFLRQHDORVSULPHURVNP
VRODPHQWH
1HXPiWLFRVGHVJDVWHGDxRVURWDFLyQ , , , , , ,
'LVFRVGHUXHGDGDxRV , , , , , ,
6LVWHPDGHVXVSHQVLyQILUPH]DGDxRVUHFKLQDPLHQWRURWXUDV ± , ± , ± ,
(MHVGHWUDQVPLVLyQ\HMHVSURSXOVRUHV ± ± , ± ± ,
$FHLWHGHODWUDQVPLVLyQPDQXDOIXJDVQLYHO,6RODPHQWHGHV
, ± 5 ± ± 5
SXpVGHORVSULPHURVNP
7UDQVPLVLyQDXWRPiWLFD 1LYHOGHOIOXLGR ± , ± , ± ,
&DPELRGHOIOXLGR 5HHPSODFHFDGDNP
0DQJXHUDGHOIOXLGR ± ± ± 5 ± ±
$FHLWHGHODWUDQVIHUHQFLDIXJDVQLYHO , ± , ± , ±
$FHLWHGHGLIHUHQFLDOIXJDVQLYHO56RODPHQWHGHVSXpVGHORV
5R, ± , ± , ±
SULPHURVNP
6LVWHPDGHGLUHFFLyQILUPH]DGDxRVURWXUDVUHFKLQDPLHQWR ± , ± , ± ,
6HUYRGLUHFFLyQVLHVWiHTXLSDGR , , , , , ,
7RGRVORVSHVWLOORVELVDJUDV\FHUUDGXUDV ± , ± , ± ,
)LOWURGHDFRQGLFLRQDPLHQWRGHDLUHVLHVWiHTXLSDGR ± , 5 ± , 5
127$
³5´5HHPSODFHRFDPELH
³,´,QVSHFFLRQH\FRUULMDUHHPSODFHROXEULTXHVLHVQHFHVDULR
%0$17(1,0,(172</8%5,&$&,Ï1
0DQWHQLPLHQWRUHFRPHQGDGRHQFRQGLFLRQHVVHYHUDVGHFRQGXFFLyQ
6LHOYHKtFXORHVXWLOL]DGRXVXDOPHQWHHQFRQGLFLRQHVTXHFRUUHVSRQGHQFRQFXDOTXLHUDGHORVFyGLJRVGHFRQGLFLR
QHVVHYHUDVLQGLFDGRVDFRQWLQXDFLyQVHUHFRPLHQGDTXHORVWUDEDMRVGHPDQWHQLPLHQWRDSOLFDEOHVVHDQHIHFWXDGRV
DORVLQWHUYDORVSDUWLFXODUHVHVSHFLILFDGRVHQHOFXDGURVLJXLHQWH
&yGLJRVGHFRQGLFLyQVHYHUD
&yGLJRGHFRQ 2SHUDFLyQGH
0DQWHQLPLHQWR ,QWHUYDORGHPDQWHQLPLHQWR
GLFLyQVHYHUD PDQWHQLPLHQWR
38172 , &DGDNPRPHVHV
±%&'±±± &RUUHDGHWUDQVPLVLyQFRUUHDFRQQHU
5 &DGDNPRPHVHV
YDGXUDVHQ9
38172
$±&'()±+ 5 &DGDNPRPHVHV
$FHLWHGHPRWRU\ILOWURGHDFHLWH
38172
±%±±±±±± , &DGDNPRPHVHV
0RQWXUDVGHOWXERGHHVFDSH
38172 , &DGDNP
±±&±±±±±
)LOWURGHOGHSXUDGRUGHODLUH
5 &DGDNPRPHVHV
38172 %XMtDGHQtTXHO 5 &DGDNPRPHVHV
$%&±()±+
%XMtDV %XMtDGHLULGLR 5 &DGDNPRPHVHV
38172
±%±'(±±+ , &DGDNPRPHVHV
(MHVGHWUDQVPLVLyQ\HMHVSURSXOVRUHV
38172
±%±±(±±+ $FHLWHGHODWUDQVPLVLyQPDQXDO 5 &DGDNPRPHVHV
WUDQVIHUHQFLD\GHOGLIHUHQFLDO
38172
±%±±(±±+ 5 &DGDNPRPHVHV
)OXLGRGHWUDQVPLVLyQDXWRPiWLFD
38172
±%±±±±±± 7 &DGDNPRPHVHV
3HUQRV\WXHUFDVGHODVXVSHQVLyQ
38172
±%&'±±±+ , &DGDNPRPHVHV
&RMLQHWHGHUXHGD
38172 , &DGDNPRPHVHV
±±&'±±±± )LOWURGHDFRQGLFLRQDPLHQWRGHDLUH
VLHVWiHTXLSDGR 5 &DGDNPRPHVHV
127$
³,´,QVSHFFLRQH\FRUULMDUHHPSODFHROXEULTXHVLHVQHFHVDULR
³5´5HHPSODFHRFDPELH
³7´$SULHWHDOSDUGHDSULHWHHVSHFLILFDGR
,QVSHFFLRQHRUHHPSODFHPiVIUHFXHQWHPHQWHVLHVQHFHVDULR
/LPSLH R UHHPSODFH PiV IUHFXHQWHPHQWH VL GLVPLQX\H HO DLUH SURFHGHQWH GHO DFRQGLFLRQDPLHQWR GH
DLUH
0$17(1,0,(172</8%5,&$&,Ï1%
6HUYLFLRGHPDQWHQLPLHQWR
6LVWHPDGHFRQWUROGHOPRWRU\GHODVHPLVLR
QHV
38172
,QVSHFFLyQ\UHHPSOD]RGHODFRUUHDSURSXOVRUD
$'9(57(1&,$
7RGDV ODV LQVSHFFLRQHV \ UHHPSOD]RV GHEHQ HIHFWXDUVH
&21(/027253$5$'2
,163(&&,Ï1'(/$&255($35238/625$'(/$%20%$'(
$*8$<'(/*(1(5$'25
'HVFRQHFWHHOFDEOHQHJDWLYR±HQODEDWHUtD
9HULILTXH VL HQ OD FRUUHD KD\ JULHWDV FRUWHV GHIRUPDFLRQHV
GHVJDVWH\VXFLHGDGHV6LKD\FXDOTXLHUGHIHFWRUHHPSODFHOD
FRUUHD
&RPSUXHEHODWHQVLyQGHODFRUUHD
7HQVLyQGHODFRUUHDSURSXOVRUDGHODERPEDGHDJXD\JHQH
UDGRU³D´'HIOH[LyQGH±PPDODSUHVLyQGH1
NJ
127$
&XDQGRUHHPSODFHODFRUUHDSRUXQDFRUUHDQXHYDDMXVWHOD
WHQVLyQGHODFRUUHDD±PP
3ROHDGHOFLJHxDO
3ROHDGHODERPEDGHDJXD
1NJ
6LODFRUUHDHVWiGHPDVLDGRWHQVDRGHPDVLDGRIORMDDMXVWHDO
YDORUHVSHFLILFDGRPHGLDQWHHODMXVWHGHODSRVLFLyQGHODOWHUQD
GRU
$SULHWHHOSHUQRGHDMXVWHGHODOWHUQDGRU\ORVSHUQRVGHSLYRWH
&RQHFWHHOFDEOHQHJDWLYR±DODEDWHUtD
5((03/$=2'(/$&255($35238/625$'(/$%20%$'(
$*8$<'(/*(1(5$'25
5HHPSODFHODFRUUHD5HILpUDVHDODVHFFLyQ%GHHVWHPDQXDOSDUD
HOSURFHGLPLHQWRGHUHHPSOD]RGHODFRUUHDGHODERPED
%0$17(1,0,(172</8%5,&$&,Ï1
,163(&&,Ï1'(/$6&255($635238/625$6'(/&20
35(625'(/$&<2'(/$%20%$'(6(592',5(&&,Ï1
6,(67È(48,3$'2
'HVFRQHFWHHOFDEOHQHJDWLYR±HQODEDWHUtD
9HULILTXH VL HQ OD FRUUHD KD\ JULHWDV FRUWHV GHIRUPDFLRQHV
GHVJDVWH\VXFLHGDGHV6LKD\FXDOTXLHUGHIHFWRUHHPSODFHOD
FRUUHD
&RPSUXHEHODWHQVLyQGHODFRUUHD
6L OD WHQVLyQ GH OD FRUUHD HVWi IXHUD GH ODV HVSHFLILFDFLRQHV
DMXVWHODFRUUHDUHILULpQGRVHDODVHFFLyQ%y%
7HQVLyQGHODFRUUHDSURSXOVRUDGHOD
ERPEDGHVHUYRGLUHFFLyQ\RFRPSUHVRUGHO$&
³D´'HIOH[LyQGH±PPDODSUHVLyQGH
1NJ
>$@ 0RWRU+FRQVLVWHPDGHVHUYRGLUHFFLyQ36
>%@ 0RWRU+FRQVLVWHPDGHVHUYRGLUHFFLyQ36\VLVWHPDGH$&
3ROHDGHOFLJHxDO
3ROHDGHODERPEDGH36
3ROHDGHOFRPSUHVRUGHO$&VLHVWiHTXLSDGR
3ROHDWHQVRUD
3HUQRVGHODSROHDWHQVRUD
&RQHFWHHOFDEOHQHJDWLYR±DODEDWHUtD
5((03/$=2'(/$6&255($635238/625$6'(/&20
35(625'(/$&<2'(/$%20%$'(6(592',5(&&,Ï1
6,(67È(48,3$'2
5HILpUDVHDODVHFFLyQ%y%SDUDHOSURFHGLPLHQWRGHUHHPSOD]R
GHODFRUUHD
38172
&DPELRGHODFHLWHGHPRWRU\ILOWURGHDFHLWH
$'9(57(1&,$
(ODFHLWHQXHYR\XVDGRGHPRWRUSXHGHQVHUSHOLJURVRV
$VHJ~UHVHGHOHHU³$'9(57(1&,$´HQODV3UHFDXFLRQHV
JHQHUDOHVHQODVHFFLyQ$\DSOtTXHODHVWULFWDPHQWH
/RVSDVRVDGHVFULWRVDFRQWLQXDFLyQGHEHQVHUHMH
FXWDGRV&21(/027253$5$'23DUDHOSDVRDVHJ~
UHVHGHTXHODYHQWLODFLyQHVDGHFXDGDFXDQGRHOPRWRU
HVWpIXQFLRQDQGR
$QWHV GH GUHQDU HO DFHLWH GHO PRWRU FRPSUXHEH VL KD\ IXJDV GH
DFHLWHHQHOPRWRU6LKD\HYLGHQFLDVGHFXDOTXLHUIXJDDVHJ~UHVH
GHFRUUHJLUODSLH]DGHIHFWXRVDDQWHVGHSDVDUDHIHFWXDUHOWUDEDMR
VLJXLHQWH
0$17(1,0,(172</8%5,&$&,Ï1%
'HVPRQWHHOWDSyQGHGUHQDMH\GUHQHHODFHLWHGHOPRWRU
'HVSXpVGHGUHQDUHODFHLWHOLPSLHHOWDSyQGHGUHQDMH5HLQV
WDOHHOWDSyQGHGUHQDMH\DSULpWHORVHJXUDPHQWHFRPRHVSHFL
ILFDGRDFRQWLQXDFLyQ
3DUGHDSULHWH
7DSyQGHGUHQDMHGHDFHLWHGHOPRWRUD
1ÂPNJP
$IORMH HO ILOWUR GH DFHLWH XWLOL]DQGR OD OODYH SDUD ILOWUR GH DFHLWH
KHUUDPLHQWDHVSHFLDO
+HUUDPLHQWDHVSHFLDO
$
127$
$QWHVGHILMDUXQILOWURGHDFHLWHQXHYRDVHJ~UHVHGHDFHLWDU
VXMXQWDWyULFD3DUDDFHLWDUODMXQWDHPSOHHDFHLWHGHPRWRU
$WRUQLOOHFRQODPDQRHOILOWURQXHYRHQHOVRSRUWHGHOILOWURKDVWD
TXHODMXQWDWyULFDWRTXHODVXSHUILFLHGHPRQWDMH
35(&$8&,Ï1
3DUDDSUHWDUFRUUHFWDPHQWHHOILOWURGHDFHLWHHVLPSRUWDQWH
LGHQWLILFDUH[DFWDPHQWHODSRVLFLyQHQODTXHODMXQWDWyULFD
GHO ILOWUR HQWUD SULPHUR HQ FRQWDFWR FRQ OD VXSHUILFLH GH
PRQWDMH
8WLOLFH XQD OODYH SDUD ILOWUR GH DFHLWH \ DSULHWH HO ILOWUR GH
YXHOWDGHVGHHOSXQWRGHFRQWDFWRFRQODVXSHUILFLHGHPRQWDMH
3DUGHDSULHWH
3DUDUHIHUHQFLD
)LOWURGHDFHLWHE1ÂPNJP
)LOWURGHDFHLWH
/ODYHSDUDILOWURGHDFHLWH
%0$17(1,0,(172</8%5,&$&,Ï1
/OHQHFRQDFHLWHKDVWDTXHHOQLYHOGHODFHLWHOOHJXHDODPDUFD
GH QLYHO)8//OOHQRHQ ODYDULOOD PHGLGRUDGH QLYHO FDSDFL
GDG GHO FiUWHU GHO DFHLWH \ GHO ILOWUR GH DFHLWH /D HQWUDGD GHO
OOHQDGRUHVWiHQODSDUWHVXSHULRUGHODWDSDGHFXODWD
6HUHFRPLHQGDHOHPSOHRGHDFHLWHGHPRWRUGHJUDGR6(6)
6*6+R6-
127$
6HOHFFLRQH OD YLVFRVLGDG GH DFHLWH DGHFXDGD GH DFXHUGR
FRQ HO FXDGUR >$@ GH YLVFRVLGDG DSURSLDGD GH DFHLWH GH
PRWRU
>$@ &XDGURGHYLVFRVLGDGDSURSLDGDGHDFHLWHGHPRWRU
(VSHFLILFDFLRQHVGHODFHLWHGHPRWRU
0RWRU+
&DSDFLGDGGHOFiUWHUGHO OLWURV DSUR[LPDGDPHQWH
DFHLWH
&DSDFLGDGGHOILOWURGHDFHLWH OLWURV DSUR[LPDGDPHQWH
2WURV OLWURV DSUR[LPDGDPHQWH
7RWDO OLWURV DSUR[LPDGDPHQWH
127$
/D FDSDFLGDG GH DFHLWH GH PRWRU HVWi HVSHFLILFDGD 6LQ
HPEDUJRWRPHQRWDGHOKHFKRGHTXHODFDQWLGDGGHDFHLWH
UHTXHULGDFXDQGRHIHFWLYDPHQWHVHFDPELDHODFHLWHSXHGH
GLIHULUDOJRGHORVGDWRVGHODWDEODGHSHQGLHQGRGHYDULDV
FRQGLFLRQHVWHPSHUDWXUDYLVFRVLGDGHWF
9HULILTXH VL KD\ IXJDV GH DFHLWH HQ HO ILOWUR GH DFHLWH \ HQ HO
WDSyQGHGUHQDMH
6(&&,Ï1$
&$/()$&&,Ï1<9(17,/$&,Ï1 $
$'9(57(1&,$
3DUDORVYHKtFXORVHTXLSDGRVFRQHO6LVWHPD6XSOHPHQWDULRGH6XMHFLyQ&ROFKyQGHDLUH
/RVVHUYLFLRVTXHGHEDQVHUHIHFWXDGRVHQRDOUHGHGRUGHORVFRPSRQHQWHVRGHOFDEOHDGRGHOVLVWHPD
GHOFROFKyQGHDLUHGHEHQVHUKHFKRVH[FOXVLYDPHQWHSRUXQFRQFHVLRQDULRDXWRUL]DGR68=8.,5HILp
UDVH DO ³(VTXHPD GH XELFDFLyQ GH ORV FRPSRQHQWHV \ FDEOHDGR GHO VLVWHPD GHO FROFKyQ GH DLUH´ HQ
³'HVFULSFLyQJHQHUDO´HQODVHFFLyQGHOVLVWHPDGHOFROFKyQGHDLUH%SDUDFRQILUPDUVLXVWHGHVWi
HIHFWXDQGRWUDEDMRGHVHUYLFLRHQRDOUHGHGRUGHORVFRPSRQHQWHVRGHOFDEOHDGRGHOVLVWHPDGHOFRO
FKyQGHDLUH6tUYDVHREVHUYDUWRGDVODV$'9(57(1&,$6\³3UHFDXFLRQHVSDUDHOVHUYLFLR´LQGLFDGDVHQ
³6HUYLFLRHQHOYHKtFXOR´HQODVHFFLyQ%DQWHVGHHIHFWXDUFXDOTXLHUWUDEDMRGHVHUYLFLRHQRDOUHGH
GRUGHORVFRPSRQHQWHVRGHOFDEOHDGRGHOVLVWHPDGHOFROFKyQGHDLUH6LQRVHUHVSHWDQODV$'9(5
7(1&,$6 VH SXHGH FDXVDU HO LQIODGR DFFLGHQWDO GHO FROFKyQ GH DLUH R VH SXHGH GHMDU LQRSHUDQWH HO
VLVWHPDGHOFROFKyQGHDLUH&XDOTXLHUDGHHVWRVGRVFDVRVSXHGHFDXVDUGDxRVFRUSRUDOHVJUDYHV
/RVWUDEDMRVGHVHUYLFLRWpFQLFRGHEHQVHULQLFLDGRVSRUORPHQRVVHJXQGRVGHVSXpVGHTXHVHFROR
TXHHOLQWHUUXSWRUGHHQFHQGLGRHQODSRVLFLyQ³/2&.´\GHTXHVHGHVFRQHFWHHOFDEOHQHJDWLYRGHOD
EDWHUtD(QHIHFWRVLQRVHSURFHGHGHHVWDIRUPDHOVLVWHPDSXHGHVHUDFWLYDGRSRUODUHVHUYDGHHQHU
JtDHOpFWULFDGHOPyGXORGHGHWHFFLyQ\GHGLDJQyVWLFR6'0
127$
3DUDODVGHVFULSFLRQHVHOHPHQWRVQRLQFOXLGDVHQHVWDVHFFLyQUHILpUDVHDODPLVPDVHFFLyQGHO0DQXDO
GH6HUYLFLRPHQFLRQDGRHQHO35()$&,2GHHVWHPDQXDO
&217(1,'2
'HVFULSFLyQJHQHUDO $ &RQGXFWRWUDVHUR $
$&$/()$&&,Ï1<9(17,/$&,Ï1
'HVFULSFLyQJHQHUDO
(OFDOHQWDGRUTXHIXQFLRQDFRQDJXDFDOLHQWHVHOHFFLRQDODHQWUDGD\VDOLGDGHODLUHHVWiFRQVWUXLGRSDUDSURSRUFLR
QDU XQD YHQWLODFLyQ VLHPSUH DJUDGDEOH PHGLDQWH ODV VDOLGDV GH DLUH GHO YHQWLODGRU XELFDGD HQ OD SDUWH FHQWUDO \ D
DPERVODGRVL]TXLHUGR\GHUHFKRGHOWDEOHURGHLQVWUXPHQWRVODVDOLGDGHDLUHFDOLHQWHXELFDGDHQXQOXJDUFHUFDGH
ORVSLHV\PHGLDQWHODVVDOLGDVGHDLUHGHOGHVHPSDxDGRUGHODQWHURORFDOL]DGDVDODGHUHFKD\DODL]TXLHUGDDOR
ODUJRGHOSDUDEULVDV
(OFDOHQWDGRU\YHQWLODFLyQHVWiQFRQVWLWXLGRVSRUODVSLH]DVVLJXLHQWHV
10
&RQGXFWRWUDVHUR
8QLGDGGHFDOHQWDGRU
&RQGXFWRWUDVHUR
'(60217$-(
'HVFRQHFWHHOFDEOHQHJDWLYR±HQODEDWHUtD
'HVPRQWHDVLHQWRVGHODQWHUR\VHJXQGR
'HVPRQWHODFDMDGHODFRQVROD
6DTXHODDOIRPEUDGHOSLVRKDVWDGHMDUFRPSOHWDPHQWHDODYLVWDHOFRQGXFWRWUDVHUR
'HVPRQWHHOFRQGXFWRWUDVHUR
,167$/$&,Ï1
3DUDLQVWDODUHOFRQGXFWRWUDVHURLQYLHUWDHOSURFHGLPLHQWRGHGHVPRQWDMH
$&$/()$&&,Ï1<9(17,/$&,Ï1
ACONDICIONAMIENTO DE AIRE (OPCIONAL) 1B-1
SECCIÓN 1B
PRECAUCIÓN:
El sistema de acondicionamiento de aire de este vehículo contiene refrigerante HFC-134a (R-134a).
Ninguna de las piezas componentes, ni el refrigerante, ni el aceite de compresor son intercambiables entre
dos tipos de A/C: Uno utiliza refrigerante CFC-12 (R-12) y el otro utiliza refrigerante HFC-134a (R-134a).
Asegúrese bien de comprobar el tipo de refrigerante utilizado, antes de efectuar cualquier trabajo de servi-
cio incluyendo la inspección y el mantenimiento. Para identificar estos dos tipos, refiérase a “TIPO DE
REFRIGERANTE”, en esta sección.
Cuando rellene añadiendo o cambie refrigerante y aceite de compresor, y cuando reemplace piezas, ase-
gúrese de que el material o las piezas que serán utilizadas son apropiados para el A/C instalado en el vehí-
culo que es servido. La utilización de un elemento incorrecto puede causar fugas de refrigerante, daño en
las piezas u otra condición defectuosa.
NOTA:
• Para las descripciones (elementos) no incluidas en esta sección, refiérase a la misma sección del
Manual de Servicio mencionado en el PREFACIO de este manual.
• Para el método básico de servicio del sistema de acondicionamiento de aire, que no está descrito en
esta sección, refiérase al “MANUAL BÁSICO DE ACONDICIONAMIENTO DE AIRE (Artículo n°: 99520-
02130)”.
CONTENIDO
Descripción general........................................... 1B-3 Verificación rápida de la carga de
Tipo de refrigerante.......................................... 1B-3 refrigerante (si equipado con mirilla)................ 1B-9
Flujo de refrigerante en el sistema de Diagnóstico de rendimiento ........................... 1B-10
acondicionamiento de aire ............................... 1B-3 Tabla de diagnóstico de rendimiento ......... 1B-12
Componentes mayores y su ubicación ............ 1B-4 Tabla de diagnóstico de detalles
Diagnóstico ........................................................ 1B-6 (a la temperatura ambiente comprendida
Generalidades.................................................. 1B-6 entre 30 °C – 35 °C) .................................. 1B-13
Sistema de A/C principal Circuitos de cableado .................................... 1B-14
(Sistema de A/C delantero) ......................... 1B-6 Comprobación del controlador de A/C
Sistema de A/C trasero................................ 1B-8 y sus circuitos ................................................ 1B-15
Comprobación de la tensión ...................... 1B-15
1B-2 ACONDICIONAMIENTO DE AIRE (OPCIONAL)
'HVFULSFLyQJHQHUDO
7LSRGHUHIULJHUDQWH
(QOD(7,48(7$GHOFRPSUHVRUVHLQGLFDVLHQHO$&GHOYHKtFXOR
TXHHVWiVLHQGRVHUYLGRVHXWLOL]D+)&D5DR&)&5
$GHPiVHVWRSXHGHVHUFRPSUREDGRSRUODIRUPDGHODYiOYXOD
GHVHUYLFLRFDUJD
>$@ +)&D5D
>%@ &)&5
(WLTXHWDGHOFRPSUHVRU
9iOYXODGHVHUYLFLR
)OXMRGHUHIULJHUDQWHHQHOVLVWHPDGHDFRQGLFLRQDPLHQWRGHDLUH
127$
3DUDHOPRGHORGH$&VLPSOHUHILpUDVHDODPLVPDVHFFLyQGHO0DQXDOGH6HUYLFLRPHQFLRQDGRHQHO35(
)$&,2GHHVWHPDQXDO
10
[A]
9
7
2 5
: Líquido
4
: Vapor
: Vapor sobrecalentado
1 3
A 17 17
18 18
16
1 2 8
15
20
3 7
13 19 19
23
5
12
11 21
21
14 22
4
9 24
10
B 17 17
16 18 18
1 2 8
15 20
7
19 19
12
13
14
5 4
[A] : Modelo de A/C dual 6. Receptor/secador 13. Tubo de aspiración 20. Aire de ventilación
[B] : Modelo de A/C simple 7. Válvula de expansión delantera 14. Manguera de descarga 21. Aire del A/C trasero
1. Unidad de enfriamiento delantera 8. Unidad del calentador 15. Aire de recirculación 22. Aire interior
2. Evaporador del A/C delantero 9. Unidad del A/C trasero 16. Aire fresco 23. Válvula solenoide
3. Motor del ventilador del soplador 10. Motor del ventilador del soplador trasero 17. Aire para desempañador 24. Evaporador del A/C trasero
delantero
4. Compresor 11. Válvula de expansión trasera 18. Aire para el desempañador
5. Conjunto de condensador 12. Tubo de líquido 19. Aire para pies
$&21',&,21$0,(172'($,5(23&,21$/%
[A]
16
1 14
15
2 13
10 12
11
5
6
4
3 9
[B]
16
14
11 2 13 15
1
12
7 10 8
9
4
[C] 3 [D]
1
2 11 2 1
10
7 10 8
7
9
5
11
5
6 6
4 4
3 3
9
'LDJQyVWLFR
*HQHUDOLGDGHV
6LVWHPDGH$&SULQFLSDO6LVWHPDGH$&GHODQWHUR
6LVWHPDGH$&WUDVHUR
9HULILFDFLyQUiSLGDGHODFDUJDGHUHIULJHUDQWH
VLHTXLSDGRFRQPLULOOD
(O SURFHGLPLHQWR VLJXLHQWH SXHGH VHU HPSOHDGR SDUD FRPSUREDU
UiSLGDPHQWHVLHOVLVWHPDGH$&WLHQHRQRXQDFDUJDDGHFXDGDGH
UHIULJHUDQWH
+DJDIXQFLRQDUHOPRWRUHQUpJLPHQGHUDOHQWtUiSLGR
'XUDQWHDOJXQRVPLQXWRVKDJDIXQFLRQDUHO$&HQODVFRQGL
FLRQHVVLJXLHQWHV
,QWHUUXSWRUSULQFLSDOGHODQWHURGH$&HQSRVLFLyQ21
,QWHUUXSWRUSULQFLSDOGH$&WUDVHURVLHVWiHTXLSDGRHQSRVL
FLyQ21
,QWHUUXSWRU GHO PRWRU GH VRSODGRU GHODQWHUR HQ OD SRVLFLyQ
Pi[LPD
,QWHUUXSWRUGHOPRWRUGHVRSODGRUWUDVHURVLHVWiHTXLSDGRHQ
ODSRVLFLyQPi[LPD
%RWyQGHFRQWUROGHVDOLGDGHDLUHHQODSRVLFLyQKDFLDODFDUD
3DODQFD GH FRQWURO GH WHPSHUDWXUD HQ OD SRVLFLyQ GH HQIULD
PLHQWRPi[LPR
3XHUWDVGHOYHKtFXORWRGDVDELHUWDV
$OHWDGHHQWUDGDGHDLUHHQODSRVLFLyQGHUHFLUFXODFLyQ
0LUHSRUODPLULOOD\FRPSDUHORREVHUYDGRFRQORVVtQWRPDV
GHVFULWRVDFRQWLQXDFLyQ
%XUEXMDV
127$
&DUJXH OD FDQWLGDG FRUUHFWD GH UHIULJHUDQWH 5HILpUDVH D ³352&(',0,(172 '( &$5*$ '( 5()5,*(
5$17((1(/$&´HQHVWDVHFFLyQ
%$&21',&,21$0,(172'($,5(23&,21$/
'LDJQyVWLFRGHUHQGLPLHQWR
&RQILUPH TXH ODV FRQGLFLRQHV GHO YHKtFXOR \ DPELHQWDOHV VRQ
ODVVLJXLHQWHV
(OYHKtFXORQRHVWiH[SXHVWRDODOX]VRODUGLUHFWD
/DWHPSHUDWXUDDPELHQWHHVWiHQWUH±&
3 $VHJ~UHVHGHTXHODYiOYXODGHDOWDSUHVLyQ\ODYiOYXOD
2 1 GHEDMDSUHVLyQGHOFRQMXQWRGHPHGLGRUGHOFROHFWRUHVWiQ
FHUUDGDVILUPHPHQWH
6
4 &RQHFWHODPDQJXHUDGHFDUJDGHSUHVLyQDOWDDODYiOYXOD
GH VHUYLFLR GH SUHVLyQ DOWD \ FRQHFWH OD PDQJXHUD GH
FDUJD GH SUHVLyQ EDMD D OD YiOYXOD GH VHUYLFLR GH SUHVLyQ
EDMD
3XUJXHHODLUHHQODVPDQJXHUDVGHFDUJDDIORMDQGRVXV
WXHUFDVUHVSHFWLYDVHQHOPHGLGRUGHOFROHFWRUXWLOL]DQGRODSUH
VLyQ GHO UHIULJHUDQWH &XDQGR RLJD XQ VRQLGR VLOEDQWH DSULHWH
5 LQPHGLDWDPHQWHODWXHUFD
35(&$8&,Ï1
7 1RLQWHUFDPELHSRUHUURUODVPDQJXHUDVGHFDUJDGHDOWD\
GHEDMDSUHVLyQ
&RQXQWHUPyPHWURGHEXOERVHFRLQVHUWDGRXQRVPP
HO OD VDOLGD GH DLUH GHO FRQGXFWR FHQWUDO RWUR WHUPyPHWUR
LQVHUWDGRHQODVDOLGDGHDLUHGH$&WUDVHURPRGHORGH$,&
GREOHVRODPHQWH\FHUFDGHODHQWUDGDGHDLUHGHOHYDSRUDGRU
OHDODVWHPSHUDWXUDVHQFDGDWHUPyPHWUR
1
$&21',&,21$0,(172'($,5(23&,21$/%
&RPSUXHEH SDUD FDGD SUHVLyQ GHO ODGR GH EDMD \ GHO ODGR GH
DOWDVLVHHVWiHQHOLQWHUYDORDFKXUDGRGHOJUiILFR
6L FDGD OHFWXUD GHO PHGLGRU HVWi IXHUD GH OD SUHVLyQ HVSHFLIL
FDGD FRUULMD OD SLH]D GHIHFWXRVD UHILULpQGRVH D OD ³7$%/$ '(
',$*1Ï67,&2'(5(1',0,(172´HQHVWDVHFFLyQ
(MHPSOR
/DVOHFWXUDVGHORVPHGLGRUHVGHEHQVHUFRPRLQGLFDGRD
FRQWLQXDFLyQ
FXDQGRODWHPSHUDWXUDDPELHQWHHV&
3UHVLyQHQHOPHGLGRUGHDOWD ±N3D
SUHVLyQ+,>$OWD@ ±NJFP
3UHVLyQHQHOPHGLGRUGHDOWD ±N3D
SUHVLyQ/2>%DMD@ ±NJFP
127$
/D SUHVLyQ UHJLVWUDGD HQ HO PHGLGRU YDUtD FRQ OD WHPSHUD
WXUD DPELHQWH 3RU FRQVLJXLHQWH HPSOHH ODV JUiILFDV
FXDQGRGHWHUPLQHVLODVSUHVLRQHVVRQQRUPDOHVRQR
8WLOLFHODJUiILFD\FRPSUXHEHODUHODFLyQHQWUHODWHPSHUDWXUD
GHORULILFLRGHHQWUDGD\ODWHPSHUDWXUDGHORULILFLRGHVDOLGD
3RUHMHPSORVLODWHPSHUDWXUDHQHORULILFLRGHHQWUDGDGHOHYD
SRUDGRU GHO $& HV & \ OD WHPSHUDWXUD GH OD SHUVLDQD GH
VDOLGDFHQWUDOHV&VXSXQWRGHLQWHUVHFFLyQHVWiGHQWURGHO
LQWHUYDORDFHSWDEOHFRPRPRVWUDGRHQODJUiILFD
6L HO SXQWR GH LQWHUVHFFLyQ HVWi IXHUD GHO LQWHUYDOR DFHSWDEOH
GLDJQRVWLTXHHOGHVSHUIHFWRUHILULpQGRVHDOD³7$%/$'(',$*
1Ï67,&2'((),&$&,$'()81&,21$0,(172´
&RPSUXHEH TXH OD GLIHUHQFLD HQWUH OD WHPSHUDWXUD GHO DLUH GH
VDOLGDGHODSHUVLDQDFHQWUDO\ODWHPSHUDWXUDGHODLUHGHVDOLGD
GHO$&WUDVHURHVWiGHQWURGH&
6LODWHPSHUDWXUDGHODLUHGHVDOLGDGHO$&WUDVHURHVPiVGH
&PD\RUTXHODWHPSHUDWXUDGHODLUHGHVDOLGDGHODSHUVLDQD
FHQWUDOFRPSUXHEHODXQLGDGGH$&
%$&21',&,21$0,(172'($,5(23&,21$/
7DEODGHGLDJQyVWLFRGHUHQGLPLHQWR
0(','25'(35(6,Ï1$/7$
0(','25'(35(6,Ï1%$-$
7(50Ï0(752(1(/&21'8&72&(175$/
127$
6LODWHPSHUDWXUDDPELHQWHHVWiFRPSUHQGLGDHQWUH±&HVSRVLEOHKDFHUXQGLDJQyVWLFRGHWDOODGR
DSOLFDQGROD³7$%/$'(',$*1Ï67,&2'('(7$//(6´HQHVWDVHFFLyQ
$&21',&,21$0,(172'($,5(23&,21$/%
7DEODGHGLDJQyVWLFRGHGHWDOOHVDODWHPSHUDWXUDDPELHQWHFRPSUHQGLGDHQWUH&±&
&LUFXLWRVGHFDEOHDGR
17
18 21
22
16
14
15 26 25 24 23
BLK/WHT
20
PNK/BLK
BLU/WHT PNK PNK/BLU
PNK/GRN
PNK BLK
BLK
PNK/WHT 7
RED/BLK
BLK A/C
GRN/BLK
YEL/BLK
29
YEL/GRN
BLU/WHT
30
YEL/GRN
BLU/YEL
BLU
BLU/GRN
BLU/BLK
33
GRY/WHT
5 6
31
28
BLU/BLK
YEL/BLK
32
34
BLK 35
BLU/WHT A 9
BLK
BLU/ORN ORN
27 BLK
8
YEL/GRN PNK
RED/BLK WHT/RED
11
YEL/GRN
RED/BLK RED/BLU 10
13
YEL/BLU
12
BLK
&RPSUREDFLyQGHOFRQWURODGRUGH$&\VXV
FLUFXLWRV
35(&$8&,Ï1
(O FRQWURODGRU GHO $& \ HO PyGXOR GH (&0 QR SXHGHQ VHU
FRPSUREDGRVSRUVtPLVPRV
(VWi HVWULFWDPHQWH SURKLELGR FRQHFWDU XQ YROWtPHWUR R XQ
RKPtPHWURDOFRQWURODGRUGH$&\DOPyGXORGH(&0FRQ
ORVFRQHFWRUHVGHVFRQHFWDGRVGHHOORV
(OFRQWURODGRUGH$&SXHGHVHUFRPSUREDGRHQORVFRQHFWRUHV
GHFDEOHDGRGHOFRQWURODGRUGH$&PLGLHQGRODWHQVLyQ
&RPSUREDFLyQGHODWHQVLyQ
'HVPRQWHHOFRQWURODGRUGH$&GHOYHKtFXOR5HILpUDVHD
³&21752/$'25'($&´HQHVWDVHFFLyQ
'HVPRQWHHOPyGXORGH(&0GHOYHKtFXOR
&RQHFWHORVDFRSODGRUHVGHOFRQWURODGRUGH$&DOFRQWURODGRU
GH $& \ FRQHFWH ORV DFRSODGRUHV GHO PyGXOR GH (&0 DO
PyGXORGH(&0
&RPSUXHEH OD WHQVLyQ GH FDGD WHUPLQDO FRQ ORV DFRSODGRUHV
FRQHFWDGRV 5HILpUDVH D OD ³7$%/$ '( 9$/25(6 '( 7(1
6,Ï1'(/&21752/$'25'($&´
7HUPLQDO$&$
7HUPLQDO&
127$
3DUD OD ³)LJ $´ ³)LJ %´ ³)LJ &´ GH OD LOXVWUDFLyQ UHILp
UDVHDOD³7$%/$'(9$/25(6'(7(16,Ï1'(/&21752
/$'25'($&´
%$&21',&,21$0,(172'($,5(23&,21$/
&,5&8,72'(/6,67(0$
A B C
12
1 12V 5V
AC-A-1
2 13
5
3 12V
12V
AC-A-7
6 AC-A-9 E61-8
12V
AC-A-4
4 5V
AC-B-2
5V
8 7 AC-A-13 E61-17
D B AC-B-1
AC-A-16
AC-A-2
9
E61-22
11
10
'LVSRVLFLyQGHORVWHUPLQDOHVGHOFRQWURODGRUGH$&
AC-B AC-A
1 2 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16
'LVSRVLFLyQGHORVWHUPLQDOHVGHO(&0
8 7 6 5 2 1 2 1
6 5 4 3 2 1 4 3 2 1 7 6 5 4 3 7 6 5 4 3
23 22 21 20 19 18 17 16 15 14 13 12 11 10 9 17 16 15 14 13 12 11 10 9 8 7 19 18 17 16 15 14 13 12 11 10 9 8 20 19 18 17 16 15 14 13 12 11 10 9 8
35 34 33 32 31 30 29 28 27 26 25 24 26 25 24 23 22 21 20 19 18 28 27 26 25 24 23 22 21 20 30 29 28 27 26 25 24 23 22 21
ACONDICIONAMIENTO DE AIRE (OPCIONAL) 1B-17
Medición
Terminal Cable Circuito Valor normal Condición
a masa
Alimentación eléc-
BLK/ Masa a motor Interruptor de encendido en ON, con el
AC-A-1 trica principal del 10 – 14 V
WHT (Fig. B) motor parado
controlador
BLK/ Masa principal del Masa a carro-
AC-A-2 –0,4 – 0 V Motor funcionando
YEL controlador cería (Fig. A)
Presión de refrigerante comprendida
0–1V entre 225 kPa (2,3 kg/cm2) y 2548 kPa
Entrada de interrup-
Masa a motor (26 kg/cm2) con el motor funcionando
AC-A-4 ORN tor de presión (dual)
(Fig. B) Presión de refrigerante inferior a 196 kPa
del refrigerante
10 – 14 V (2,0 kg/cm2), o superior a 3140 kPa (32
kg/cm2) con el motor funcionando
Interruptor del motor del ventilador del
soplador, o interruptor de descongela-
8 – 14 V
Entrada del interrup- ción o del A/C en posición OFF, con el
GRN/ tor de A/C y/o inte- Masa a motor motor funcionando
AC-A-7
BLK rruptor de (Fig. B) Interruptor del motor del ventilador del
descongelación soplador, e interruptor de descongela-
0 – 1,5 V
ción o del A/C en posición ON, con el
motor funcionando
Entrada de señal del 10 – 14 V Aceptación de A/C en ON
módulo de ECM
GRY/ Masa a motor
AC-A-9 (señal de autoriza-
WHT (Fig. B) 0–1V Prohibición de A/C en la posición ON
ción de activación
(ON) del A/C)
Interruptor del motor del ventilador de
soplador e interruptor de descongelador
o del A/C, en posición ON (activado),
con el motor funcionando con una
Salida de señal al entrada de temperatura -del sensor de
módulo de ECM 0 – 1,5 V
YEL/ Masa a motor temperatura del evaporador del A/C-
AC-A-13 (señal de petición de mayor que 2,5 °C, aproximadamente
BLK (Fig. B)
activación (ON) del (menor que 2,5 V (5840 Ω)) y el interrup-
A/C) tor de presión del refrigerante, en posi-
ción ON
Excepto en las condiciones anteriores,
10 – 14 V
con el motor funcionando
Interruptor del motor del ventilador de
soplador e interruptor de descongelador
o del A/C, en posición ON (activado),
con el motor funcionando con una
entrada de temperatura -del sensor de
Salida del relé del 0–1V temperatura del evaporador del A/C-
Masa a motor
AC-A-16 PNK embrague magné- mayor que 2,5 °C, aproximadamente
(Fig. B)
tico del compresor (menor que 2,5 V (5840 Ω)), el interrup-
tor de presión del refrigerante, en posi-
ción ON, y entrada de señal del módulo
de ECM, activado (posición ON)
Excepto en las condiciones anteriores,
10 – 14 V
con el motor funcionando
BLU/ Masa a carro-
AC-B-1 Masa a sensor –0,4 – 0 V Motor funcionando
YEL cería (Fig. A)
1B-18 ACONDICIONAMIENTO DE AIRE (OPCIONAL)
Medición
Terminal Cable Circuito Valor normal Condición
a masa
La temperatura del sensor de tem-
1,8 V peratura del evaporador del A/C es
(3.520 Ω) 15 °C aproximadamente, con el
motor funcionando
La temperatura del sensor de tem-
Entrada del sen-
peratura del evaporador del A/C es
sor de tempera-
4,5 °C aproximadamente, con el
tura del
WHT/ Masa a motor motor funcionando
AC-B-2 evaporador del A/
BLK (Fig. B) Si la temperatura es menor que 4,5
C (termistor del
2,51 V °C, aproximadamente, en tal caso
evaporador del A/
(5,855 Ω) el compresor y el ventilador de
C)
enfriamiento del condensador
deben ser parados (volver a una
temperatura mayor que aproxima-
damente 6,1 °C (menos que 5403
Ω, 2,4 V))
Se requiere activación (ON) del A/
C (terminal AC-A13) con el motor
Salida de señal al funcionando en condiciones nor-
10 – 14 V
controlador del A/ males (Refiérase a “COMPROBA-
GRY/ C (señal de auto- Masa a motor CIÓN DEL MÓDULO DE ECM Y
E61-8
WHT rización de acti- (Fig. C) SU CIRCUITO”, en la sección 6E)
vación (ON) del Excepto en las condiciones ante-
A/C) riores, con el motor funcionando
0–1V
En este caso el compresor debería
ser parado
Entrada de señal Requerir la activación (posición
0 – 1,5 V
desde el controla- ON) del A/C
YEL/ dor del A/C Masa a motor
E61-17
BLK (señal de peti- (Fig. C)
10 – 14 V Cortar (OFF) el A/C
ción de activación
(ON) del A/C)
Interruptor del motor del ventilador
de soplador y A/C o interruptor de
descongelador, en posición ON
(activado), con el motor funcio-
nando con una entrada de tempe-
ratura -del sensor de temperatura
del evaporador del A/C- mayor que
Salida del relé del
2,5 °C, aproximadamente (menor
motor del ventila- 0–1V
YEL/ Masa a motor que 2,5 V (5840 Ω)), el interruptor
E61-22 dor de enfria-
BLU (Fig. C) de presión del refrigerante, en
miento del
posición ON, y entrada de señal
condensador
del módulo de ECM, activado
(posición ON)
Temperatura del refrigerante del
motor superior a 113 °C, con el
motor funcionando
Excepto en las condiciones ante-
10 – 14 V
riores, con el motor funcionando
ACONDICIONAMIENTO DE AIRE (OPCIONAL) 1B-19
Inicio de la evacuación
20 minutos
Detención de la evacuación
Inspeccione y repare las conexiones
Espere 10 minutos
Prueba de rendimiento
%$&21',&,21$0,(172'($,5(23&,21$/
5HFXSHUDFLyQ
127$
&XDQGR GHVFDUJXH HO UHIULJHUDQWH GHO VLVWHPD GH $&
1
VLHPSUH UHFXSHUH HO UHIULJHUDQWH XWLOL]DQGR HO HTXLSR
SDUD UHFXSHUDFLyQ \ UHFLFODGR GH UHIULJHUDQWH /D GHV
FDUJD GH UHIULJHUDQWH HQ OD DWPyVIHUD SRGUtD DIHFWDU
DGYHUVDPHQWHHOPHGLRDPELHQWH
&XDQGR PDQLSXOH HO HTXLSR GH UHFXSHUDFLyQ \ GH UHFL
FODMH DVHJ~UHVH ELHQ GH VHJXLU ODV LQVWUXFFLRQHV GDGDV
HQHO0DQXDOSDUDHOHTXLSR
ACONDICIONAMIENTO DE AIRE (OPCIONAL) 1B-21
Vaciado
Procedimiento de vaciado
PRECAUCIÓN:
No vacíe antes de efectuar la recuperación de refrigerante
en el sistema.
NOTA:
Cuando haya sido abierto (expuesto al aire atmosférico), el
sistema de A/C debe ser vaciado utilizando una bomba de
vacío. Al sistema de A/C debe ser fijado con un conjunto de
medidor de colector, y el sistema debe ser vaciado durante
20 minutos, aproximadamente.
1 NOTA:
4 • Si el sistema no indica el valor –10 kpa (–1,0 kg/cm2), cie-
rre ambas válvulas, pare la bomba de vacío y observe el
5
movimiento del indicador del medidor de presión baja.
• El aumento de la lectura del medidor sugiere que hay
fugas. En este caso, repare el sistema antes de continuar
el vaciado.
• Si el indicador del medidor muestra una lectura estable
(sugiriendo que no hay fugas) prosiga el vaciado.
5) El proceso de vaciado debe ser efectuado durante 20 minutos,
por lo menos.
6) Continúe el vaciado hasta que la lectura del medidor de presión
baja indique –10 kPa (–1,0 kg/cm2), y enseguida cierre ambas
válvulas (8), (9).
7) Pare el funcionamiento de la bomba (7) de vacío. Desconecte
la manguera (6) central de carga, de la boquilla de entrada de
la bomba. Ahora, el sistema está listo para la carga de refrige-
rante.
%$&21',&,21$0,(172'($,5(23&,21$/
&RPSUREDFLyQGHIXJDVGHSUHVLyQHQHOVLVWHPD
'HVSXpV GH KDEHU FRPSOHWDGR HO YDFLDGR FLHUUH OD YiOYXOD +, GH
SUHVLyQDOWD\ODYiOYXOD/2GHSUHVLyQEDMDGHOPHGLGRUGHFROHFWRU
\HVSHUHPLQXWRV&RPSUXHEHTXHODOHFWXUDGHOPHGLGRUGHSUH
VLyQEDMDQRKDFDPELDGR
35(&$8&,Ï1
6LODOHFWXUDGHOPHGLGRUVHPXHYHKDFLDHOYDORU³´HVWR
LQGLFD TXH KD\ IXJD HQ DOJXQD SDUWH ,QVSHFFLRQH ODV
FRQH[LRQHV GH WXEHUtDV KDJDODV FRUUHFFLRQHV QHFHVDULDV
\YXHOYDDYDFLDUHOUHIULJHUDQWHGHOVLVWHPDDVHJXUiQGRVH
GHTXHQRKD\QLQJXQDIXJD
&DUJD
35(&$8&,Ï1
6,(035(&$5*8($75$9e6'(//$'2'(35(6,Ï1%$-$'(/6,67(0$GH$&GHVSXpVGHTXHOD
FDUJDLQLFLDOKD\DVLGRHIHFWXDGDGHVGHHOODGRGHSUHVLyQDOWDFRQHOPRWRUSDUDGR
181&$&$5*8($//$'2'(/$/7$35(6,Ï1GHOVLVWHPDGH$&FRQHOPRWRUIXQFLRQDQGR
1RFDUJXHFXDQGRHOFRPSUHVRUHVWiFDOLHQWH
&XDQGR LQVWDOD OD YiOYXOD GH GHULYDFLyQ HQ HO FRQWHQHGRU GHO UHIULJHUDQWH SDUD KDFHU XQD SHUIRUDFLyQ
VLJDFXLGDGRVDPHQWHWRGDVODVLQGLFDFLRQHVGHOIDEULFDQWH
$QWHV\GXUDQWHODFDUJDVLHPSUHXWLOLFHXQPHGLGRUGHSUHVLyQ
&XDQGRVHDGHVHFKDGRHOUHFLSLHQWHGHOUHIULJHUDQWHGHEHHVWDUYDFtRVLQQLQJ~QUHVWRGHUHIULJHUDQWH
(OUHFLSLHQWHGHOUHIULJHUDQWHQRGHEHVHUFDOHQWDGRDODWHPSHUDWXUDGH&RPiV
&XDQGR FDUJXH QR LQYLHUWD HO VHQWLGR GH OD SRVLFLyQ GHO UHFLSLHQWH GH UHIULJHUDQWH /D LQYHUVLyQ GH OD
SRVLFLyQKDFHTXHHQWUHOtTXLGRUHIULJHUDQWHHQHOFRPSUHVRU\HVWRDIHFWDDGYHUVDPHQWHODFRPSUHVLyQ
GHOOtTXLGRUHIULJHUDQWHHQWUHRWUDVFRVDV
127$
(OVLVWHPDGHDFRQGLFLRQDPLHQWRGHDLUHFRQWLHQH+)&D5D
$FRQWLQXDFLyQVHGHVFULEHHOSURFHGLPLHQWRSDUDFDUJDUUHIULJHUDQWHHQHOVLVWHPDGHDFRQGLFLRQDPLHQWR
GHDLUHGHVGHHOUHFLSLHQWHGHVHUYLFLRGHOUHIULJHUDQWH
&XDQGRFDUJXHHOUHIULJHUDQWHUHFXSHUDGRXWLOL]DQGRHOHTXLSRGHUHFXSHUDFLyQ\GHUHFLFODMHFXDQGRVH
UHFLFOD HO UHIULJHUDQWH VLJD HO SURFHGLPLHQWR GHVFULWR HQ HO 0DQXDO GH ,QVWUXFFLRQHV GHO IDEULFDQWH GHO
HTXLSR
ACONDICIONAMIENTO DE AIRE (OPCIONAL) 1B-23
ADVERTENCIA:
Asegúrese de que la válvula del lado de presión alta está
cerrada correcta y seguramente.
2
5) Haga arrancar el motor y manténgalo funcionando a 1.500 rpm.
Enseguida, haga funcionar el acondicionamiento de aire.
NOTA:
En el modelo de A/C dual también hay que hacer funcionar
el sistema de A/C trasero.
6) Cargue el sistema de A/C con refrigerante en estado de vapor.
En este momento, el recipiente del refrigerante debe ser man-
tenido en posición hacia arriba.
F 3XUJXHWRGRHODLUHGHODPDQJXHUDFHQWUDOGHFDUJD
&XDQGR XWLOLFH OD YiOYXOD URVFDGD GH GHULYDFLyQ GHO FRQWHQH
GRU GH UHIULJHUDQWH DSOLTXH HO SURFHGLPLHQWR VLJXLHQWH SDUD
SXUJDUHODLUH
L $SULHWHFRPSOHWDPHQWHXQDYH]ODYiOYXODURVFDGDGHGHUL
YDFLyQ GHO UHFLSLHQWH GH UHIULJHUDQWH \ HQVHJXLGD DIORMH
DEUDOLJHUDPHQWHODWXHUFDSODQD
LL $EUDXQSRFRODYiOYXODGHOODGRGHSUHVLyQEDMDGHOFRQMXQWR
GHPHGLGRUGHFROHFWRU
LLL (Q FXDQWR OOHJXH HO UHIULJHUDQWH HPLWLHQGR ³XQ VRQLGR VLO
EDQWH´SRUODKROJXUDTXHKD\HQWUHHOUHFLSLHQWHGHOUHIULJH
UDQWH \ OD YiOYXOD URVFDGD GH GHULYDFLyQ DSULHWH OD WXHUFD
SODQD\WDPELpQODYiOYXODGHOODGRGHEDMDSUHVLyQGHOPHGL
GRUGHOFROHFWRU
LY *LUH OD SDORPLOOD GH OD YiOYXOD URVFDGD GH GHULYDFLyQ HQ HO
VHQWLGRGHODVDJXMDVGHOUHORMGHPDQHUDTXHVX DJXMDVH
DWRUQLOOHHQHOUHFLSLHQWHQXHYR\DVtSHUIRUHXQRULILFLRSDUD
HOIOXMRGHOUHIULJHUDQWH
³6LOELGR´
4 'HVSXpVGHTXHHOVLVWHPDKD\DVLGRFDUJDGRFRQODFDQWLGDG
1
2 HVSHFLILFDGD GH UHIULJHUDQWH R FXDQGR HO PHGLGRU GH EDMD
SUHVLyQ\HOPHGLGRUGHDOWDSUHVLyQKD\DQLQGLFDGRFDQWLGDG
HVSHFLILFDGDVLJXLHQWHFLHUUHODYiOYXODGHOODGRGHEDMDSUH
3 VLyQ HQ HO FRQMXQWR GH PHGLGRU GHO FROHFWRU 6L HVWi HTXL
SDGRHQHVWHPRPHQWRPLUHSRUPLULOODGHYLGULRGHOWXER
GHVDOLGDGHOFRQGHQVDGRU\FRPSUXHEHTXHQRKD\EXUEXMDV
HQpOORTXHLQGLFDTXHHOVLVWHPDHVWiFDUJDGRFRPSOHWD
PHQWH
0HGLGRUGHEDMDSUHVLyQFXDQGRFDUJDGRFRQODFDQWLGDG
HVSHFLILFDGD
±N3D±NJFPDSUR[LPDGDPHQWH
$ODWHPSHUDWXUDGH±&GHODHQWUDGDGHO$&
5 0HGLGRUGHDOWDSUHVLyQFXDQGRFDUJDGRFRQODFDQWLGDG
HVSHFLILFDGD
±N3D±NJFPDSUR[LPDGDPHQWH
$ODWHPSHUDWXUDGH±&GHODHQWUDGDGHO$&
6
7
$&21',&,21$0,(172'($,5(23&,21$/%
6HUYLFLRHQHOYHKtFXOR
$'9(57(1&,$
6LHQWUDUHIULJHUDQWHOtTXLGR+)&D5DHQVXVRMRVFRQVXOWHDXQPpGLFRLQPHGLDWDPHQWH
126(5(675,(*8(&21/$60$126(//262-26$)(&7$'26
(QYH]GHKDFHUHVWRHQSULPHUOXJDUHQMXDJXHFRQDEXQGDQWHDJXDIUHVFDHOiUHDDIHFWDGDFRQHOILQGH
KDFHUVXELUDPiVGH&ODWHPSHUDWXUDGHOiUHDDIHFWDGD
7DQSURQWRFRPRVHDSRVLEOHREWHQJDODDWHQFLyQPpGLFDGHXQGRFWRURGHXQRFXOLVWD\HOWUDWDPLHQWR
DGHFXDGR
6LHO+)&D5DOtTXLGRHQWUDHQFRQWDFWRFRQVXFXWLVHOiUHDDIHFWDGDGHEHUiVHUWUDWDGDFRPR
VLODHSLGHUPLVHVWXYLHUDDWDFDGDRKHODGDSRUHOIUtR
35(&$8&,Ï1
1LQJXQDGHODVSLH]DVFRPSRQHQWHVQLHOUHIULJHUDQWHQLHODFHLWHGHFRPSUHVRUVRQLQWHUFDPELDEOHVHQWUH
GRVWLSRVGH$&8QRXWLOL]DUHIULJHUDQWH&)&5\HORWURXWLOL]DUHIULJHUDQWH+)&D5D
3DUDLGHQWLILFDUHVWRVGRVWLSRVUHILpUDVHD³7,32'(5()5,*(5$17(´HQHVWDVHFFLyQ
&XDQGRUHOOHQHDxDGLHQGRRFDPELHUHIULJHUDQWH\DFHLWHGHFRPSUHVRU\FXDQGRUHHPSODFHSLH]DVDVH
J~UHVHGHTXHHOPDWHULDORODVSLH]DVTXHVHUiQXWLOL]DGDVVRQDSURSLDGRVSDUDHO$&LQVWDODGRHQHOYHKt
FXORTXHHVVHUYLGR/DXWLOL]DFLyQGHXQHOHPHQWRLQFRUUHFWRSXHGHFDXVDUIXJDVGHUHIULJHUDQWHGDxRHQ
ODVSLH]DVXRWUDFRQGLFLyQGHIHFWXRVD
3UHFDXFLRQHV
&XDQGRHIHFW~HWUDEDMRVGHVHUYLFLRHQHOVLVWHPDGHDFRQGLFLRQDPLHQWRGHDLUHDSOLTXHODVLQVWUXFFLRQHVVLJXLHQWHV
7XERV
&XDQGRFRQHFWHPDQJXHUDV\WXERVDSOLTXHXQDVJRWDVGHDFHLWHGHFRPSUHVRUDFHLWHIULJRUtJHQRHQORVDVLHQ
WRVGHODVWXHUFDVGHDFRSODPLHQWR\HQODVMXQWDVWyULFDV
127$
(O PRGHOR GH $& VLPSOH HV LGpQWLFR DO PRGHOR 64 PRWRU + 5HILpUDVH D OD PLVPD VHFFLyQ GHO
0DQXDOGH6HUYLFLRPHQFLRQDGRHQHO35()$&,2GHHVWHPDQXDO
[A]
9
7
8
3
6 1
1XQFDXWLOLFHFDORUSDUDGREODUORVWXERV&XDQGRGHEDGREODUXQWXERWUDWHTXHHOUDGLRVHDORPiVJUDQGHSRVL
EOH
0DQWHQJDODVSLH]DVLQWHUQDVGHODFRQGLFLRQDPLHQWRGHDLUHH[HQWDVGHKXPHGDG\GHSROYR&XDQGRGHVFR
QHFWHFXDOTXLHUWXEHUtDGHOVLVWHPDLQVWDOHLQPHGLDWDPHQWHXQWDSyQFLHJRRXQDWDSDHQODXQLyQ
&XDQGRDSULHWHRDIORMHXQDXQLyQXWLOLFHGRVOODYHVXQDSDUDKDFHUJLUDU\ODRWUDSDUDVXMHWDU
$SULHWHODVWXHUFDVDERFLQDGDVDOSDUGHDSULHWHHVSHFLILFDGR
3DUGHDSULHWH
7XERGHPP1ÂPNJP
7XERGHPP1ÂPNJP
7XERGHPP1ÂPNJP
'LVSRQJDODPDQJXHUDGHGUHQDMHGHPDQHUDTXHHODJXDGUHQDGDQRHVWpHQFRQWDFWRFRQORVFRPSRQHQWHVGHO
YHKtFXOR
0DQLSXODFLyQGHOUHIULJHUDQWH+)&D5D
&XDQGRPDQLSXOHUHIULJHUDQWHVLHPSUHOOHYHJDIDVSURWHFWRUDV
(YLWHHVWDUHQFRQWDFWRGLUHFWRFRQHOUHIULJHUDQWHOtTXLGR
1RFDOLHQWHHOUHFLSLHQWHGHOUHIULJHUDQWHDPiVGH&
1RGHVFDUJXHUHIULJHUDQWHHQODDWPyVIHUD
1RGHMHTXHHOUHIULJHUDQWHOtTXLGRFDLJDVREUHORVPHWDOHVEULOODQWHV(OUHIULJHUDQWHFRPELQDGRFRQODKXPHGDG
HVFRUURVLYR\PDQFKDUiODVVXSHUILFLHVPHWiOLFDVEULOODQWHVLQFOX\HQGRHOFURPDGR
'HVSXpVGHUHFXSHUDUHOUHIULJHUDQWHGHOVLVWHPDPLGDODFDQWLGDGUHFXSHUDGDGHDFHLWHGHOFRPSUHVRUSDUDDxD
GLUODPLVPDFDQWLGDGFXDQGRUHOOHQHFRQDFHLWHGHFRPSUHVRU
5HFXSHUDFLyQGHOUHIULJHUDQWH
&XDQGRGHVFDUJXHHOUHIULJHUDQWHGHOVLVWHPDGH$&VLHPSUHUHFXSHUHHOUHIULJHUDQWHXWLOL]DQGRHOHTXLSRSDUDUHFX
SHUDFLyQ\UHFLFODGRGHUHIULJHUDQWH/DGHVFDUJDGHOUHIULJHUDQWH+)&D5DHQODDWPyVIHUDSXHGHWHQHU
HIHFWRVQHJDWLYRVHQHOPHGLRDPELHQWH
127$
&XDQGR PDQLSXOH HO HTXLSR GH UHFXSHUDFLyQ \ GH UHFLFODMH DVHJ~UHVH ELHQ GH VHJXLU ODV LQVWUXFFLRQHV
GDGDVHQHO0DQXDOSDUDHOHTXLSR
&DUJDGHUHIULJHUDQWH
&DUJXHHQHO$&ODFDQWLGDGFRUUHFWDGHUHIULJHUDQWHGHDFXHUGRFRQHOSURFHGLPLHQWRGHFDUJDGHVFULWRHQUHFXSH
UDFLyQYDFLDGR\FDUJD
35(&$8&,Ï1
1RHIHFW~HQLQJXQDFDUJDDGLFLRQDOGHUHIULJHUDQWHHQHOVLVWHPDGH$&(VWRSXHGHVHUFDXVDGHFDUJD
H[FHVLYD
$&21',&,21$0,(172'($,5(23&,21$/%
/OHQDGRFRQDFHLWHGHFRPSUHVRU
35(&$8&,Ï1
$VHJ~UHVH GH XWLOL]DU DFHLWH GH FRPSUHVRU +)&D 5
D
&XDQGRUHHPSODFHSLH]DVGHODFRQGLFLRQDPLHQWRGHDLUHSRUSLH]DV
QXHYDVHVQHFHVDULRDxDGLUHODFHLWHTXHVHVXSRQHTXHGyHQFDGD
SLH]DUHHPSOD]DGD
&8$1'262/$0(17(&$5*8(*$6
&XDQGRHVLQHYLWDEOHFDPELDUJDVVLQUHHPSOD]DUDOJXQDSLH]DFRP
SRQHQWHSDUDHOGHVPRQWDMHHLQVWDODFLyQGHOPRWRURSRURWUDUD]yQ
DxDGD FP FF GH DFHLWH &XDQGR DxDGD VRODPHQWH JDV OD
DGLFLyQGHDFHLWHQRHVQHFHVDULD
&8$1'25((03/$&((/&2035(625
(ODFHLWHGHOFRPSUHVRUHVWiVHOODGRHQFDGDFRPSUHVRUQXHYRFRQ
OD FDQWLGDG UHTXHULGD SDUD HO FLFOR GHO DFRQGLFLRQDGRU GH DLUH 3RU
FRQVLJXLHQWH FXDQGR XWLOLFH XQ FRPSUHVRU QXHYR SDUD UHHPSOD]DU
GUHQHHOH[FHVRGHDFHLWHFDOFXODGRGHODPDQHUDVLJXLHQWH
³&´ ³$´±³%´
³&´&DQWLGDGGHDFHLWHTXHVHUiGUHQDGR
³$´&DQWLGDGGHDFHLWHVHOODGRHQXQFRPSUHVRUQXHYR
³%´9ROXPHQGHDFHLWHUHPDQHQWHHQHOFRPSUHVRUGHVPRQWDGR
127$
(OFRQMXQWR GHFRPSUHVRUVXPLQLVWUDGR SRUODIiEULFDHVWi
OOHQRFRQODFDQWLGDGVLJXLHQWHGHDFHLWHGHFRPSUHVRU
9ROXPHQGHDFHLWHHQHOFRPSUHVRUQXHYR
0RGHORGH$&GREOHFPFF
0RGHORGH$&VLPSOHFPFF
&8$1'25((03/$&(275$3,(=$
&DQWLGDGGHDFHLWHGHFRPSUHVRU
3LH]DUHHPSOD]DGD &DQWLGDGGHDFHLWHGHFRPSUHVRU
TXHKD\TXHDxDGLU
(YDSRUDGRU FPFF
(YDSRUDGRUWUDVHUR FPFF
SDUDHOPRGHORGH$
&GREOH
&RQGHQVDGRU FPFF
5HFHSWRUVHFDGRU FPFF
0DQJXHUDV FPFFFDGDXQD
7XERV FPFFFDGDXQR
&RPSUHVRUQXHYR
&RPSUHVRUGHVPRQWDGR
([FHVRGHDFHLWH$±%
%$&21',&,21$0,(172'($,5(23&,21$/
8QLGDGGHO$&WUDVHUR(YDSRUDGRUGHO$&WUDVHUR
2
3
2
1 14 8
4
14
4 11
14
12
10
6 6 13
7 15
14
'(60217$-(
'HVFRQHFWHHOFDEOHQHJDWLYR±HQODEDWHUtD
5HFXSHUHHOUHIULJHUDQWHXWLOL]DQGRHOHTXLSRGHUHFXSHUDFLyQ\
GHUHFLFODMH$VHJ~UHVHELHQGHVHJXLUODVLQVWUXFFLRQHVGDGDV
HQHO0DQXDOSDUDHOHTXLSR
0LGDODFDQWLGDGUHFXSHUDGDGHDFHLWHGHFRPSUHVRUSDUDDxD
GLUODPLVPDFDQWLGDGFXDQGRUHOOHQHFRQDFHLWHGHFRPSUHVRU
'HVPRQWHODJXDUQLFLyQGHOH[WUHPRGHODDOIRPEUDGHOFRP
5 SDUWLPHQWRGHHTXLSDMHWUDVHURODFDMDGHHTXLSDMHWUDVHUD
VLHVWiHTXLSDGDODSODFDSURWHFWRUDODWHUDOGHXPEUDOGH
4 SXHUWD WUDVHUD JXDUQLFLyQ LQIHULRU GH FXDUWR WUDVHUR \ OD
JXDUQLFLyQVXSHULRUGHFXDUWRWUDVHUR
3
2
1
$&21',&,21$0,(172'($,5(23&,21$/%
$IORMH HO SHUQR GH PRQWDMH GHO WXER GH DVSLUDFLyQ HQ HO
SLVR\GHOWXERGHOtTXLGRHQHOSLVR
1
6LOHQFLDGRU
2
3 'HVPRQWHHOFRQGXFWRQGHO$&WUDVHUR
'HVFRQHFWHORVDFRSODGRUHVGHFDEOHVGHODXQLGDGGHO$&
WUDVHUR
2
'HVPRQWHORVSHUQRVGHPRQWDMHGHODXQLGDGGHO$&WUD
VHUR\HQVHJXLGDGHVPRQWHODXQLGDGGHO$&WUDVHUR
127$
7DSH LQPHGLDWDPHQWH WRGDV ODV XQLRQHV SDUD LPSHGLU TXH
1 HQWUHKXPHGDGHQHOVLVWHPD
&20352%$&,Ï1
&RPSUXHEHORVLJXLHQWH
6LODVDOHWDVGHOHYDSRUDGRUGHO$&WUDVHURHVWiQREVWUXLGDV
6LKD\DOHWDVREVWUXLGDVOLPSLHODVDOHWDVGHOHYDSRUDGRUGHO$
&WUDVHURFRQDJXD\VpTXHODVFRQDLUHFRPSULPLGR
&RPSUXHEHVLKD\IXJDVHQODVDOHWDVGHOHYDSRUDGRUGHO$&
WUDVHURRVLHVWiQURWDV
6LVHHQFXHQWUDFXDOTXLHUGHIHFWRUHSDUHRUHHPSODFHHOHYDSR
UDGRUGHO$&WUDVHUR
,167$/$&,Ï1
3DUDODLQVWDODFLyQGHODXQLGDGGHO$&WUDVHURLQYLHUWDHOSURFHGL
PLHQWR DQWHULRU GH GHVPRQWDMH WHQLHQGR HQ FRQVLGHUDFLyQ ODV LQV
WUXFFLRQHVVLJXLHQWHV
9DFtH \ FDUJXH HO VLVWHPD 5HILpUDVH D ³5(&83(5$&,Ï1´ \
³9$&,$'2´HQHVWDVHFFLyQ
&XDQGRVHKD\DGHVPRQWDGRHOWHUPLVWRUVHQVRUGHWHPSHUD
WXUDGHOHYDSRUDGRUGHO$&WUDVHURGHEHYROYHUDVHULQVWDODGR
HQVXSRVLFLyQRULJLQDO
6L OD XQLGDG GHO $& WUDVHUR R HO HYDSRUDGRU GHO $& WUDVHUR
KDQVLGRUHHPSOD]DGRVDxDGDFPFFGHDFHLWHIULJRUt
JHQRHQHOODGRDVSLUDFLyQGHOFRPSUHVRU
9iOYXODGHH[SDQVLyQWUDVHUD
&20352%$&,Ï1
5HILpUDVHD³',$*1Ï67,&2'(5(1',0,(172´HQHVWDVHFFLyQ
%$&21',&,21$0,(172'($,5(23&,21$/
'(60217$-(
'HVPRQWHODXQLGDGGHO$&WUDVHUR5HILpUDVHD³81,'$''(/
$&75$6(52´HQHVWDVHFFLyQ
1 'HVFRQHFWHHOFRQHFWRUGHYiOYXODVROHQRLGH
$IORMHORVWRUQLOORVGHPRQWDMHGHOVRSRUWHGHODYiOYXODVROH
QRLGH
'HVPRQWHHOSHUQRGHOWXERWUDVHURGHOtTXLGR\GHOWXERWUD
5 VHURGHDVSLUDFLyQ\HQVHJXLGDGHVFRQHFWHHOWXERWUDVHUR
4 GH OtTXLGR \ HO WXER WUDVHUR GH DVSLUDFLyQ FRQ OD YiOYXOD
VROHQRLGH\VXVRSRUWHGHODYiOYXODGHH[SDQVLyQWUDVHUD
'HVPRQWHODYiOYXODGHH[SDQVLyQWUDVHUDGHODXQLGDG
1 GHO$&WUDVHUR
127$
2 7DSH LQPHGLDWDPHQWH WRGDV ODV XQLRQHV SDUD LPSHGLU TXH
3 HQWUHKXPHGDGHQHOVLVWHPD
,167$/$&,Ï1
3DUD LQVWDODU OD YiOYXOD GH H[SDQVLyQ WUDVHUD LQYLHUWD HO SURFHGL
PLHQWRGHGHVPRQWDMH
&RQWURODGRUGHWHPSHUDWXUDGHOHYDSRUDGRUGHO
$&WUDVHUR
'(60217$-(
'HVPRQWHODXQLGDGGHO$&WUDVHUR5HILpUDVHD³81,'$''(/
$&75$6(52´HQHVWDVHFFLyQ
'HVFRQHFWHHOFRQHFWRUGHOFRQWURODGRUGHWHPSHUDWXUDGHO
2 HYDSRUDGRUGHO$&WUDVHUR
'HVPRQWHHOFRQWURODGRUGHWHPSHUDWXUDGHOHYDSRUDGRUGHO
$&WUDVHURGHODXQLGDGHO$&WUDVHUR
1
$&21',&,21$0,(172'($,5(23&,21$/%
&20352%$&,Ï1
&RQHFWHHOWHUPLQDOGHODEDWHUtDDOWHUPLQDO³E´\HOWHUPLQDO
QHJDWLYR±GHODEDWHUtDDOWHUPLQDO³F´HQODIRUPDPRVWUDGD
HQODILJXUD
8WLOLFH HO RKPtPHWUR \ D OD WHPSHUDWXUD HVSHFLILFDGD FRP
SUXHEHODFRQWLQXLGDGHQWUHHOWHUPLQDO³D´\HOWHUPLQDO³E´HQ
ODIRUPDPRVWUDGD
(VSHFLILFDFLyQGHOFRQWURODGRUGHWHPSHUDWXUDGHOHYDSRUD
GRUGHO$&WUDVHUR
³$´&DSUR[LPDGDPHQWH
³%´&DSUR[LPDGDPHQWH
,167$/$&,Ï1
3DUD OD LQVWDODFLyQ GHO FRQWURODGRU GH WHPSHUDWXUD GHO HYDSRUDGRU
GHO $& WUDVHUR LQYLHUWD HO SURFHGLPLHQWR DQWHULRU GH GHVPRQWDMH
WHQLHQGRHQFRQVLGHUDFLyQODVLQVWUXFFLRQHVVLJXLHQWHV
&XDQGRVHKD\DGHVPRQWDGRHOWHUPLVWRUVHQVRUGHWHPSHUD
WXUDGHOHYDSRUDGRUGHO$&WUDVHURGHEHYROYHUDVHULQVWDODGR
HQVXSRVLFLyQRULJLQDO
7XERV\PDQJXHUDVGHUHIULJHUDQWH
&20352%$&,Ï1
8WLOLFHHOGHWHFWRUGHIXJDVGHJDVFRPSUXHEHVLHQODVPDQJXHUDV\WXERVKD\IXJDVGHJDV
&RPSUXHEHVLFDGDPDQJXHUD\WXERHVWiILMDGRILUPH\FRUUHFWDPHQWH9XHOYDDDSUHWDURUHHPSODFHODDEUD]D
GHUDVXHOWDVHJ~QVHDQHFHVDULR
'(60217$-(
35(&$8&,Ï1
(Q FXDQWR VH GHVFRQHFWH XQD PDQJXHUD R WXER WDSH VX XQLyQ DELHUWD SDUD HYLWDU TXH HQWUH KXPHGDG \
SROYRHQHOVLVWHPD
5HFXSHUHHOUHIULJHUDQWHXWLOL]DQGRHOHTXLSRGHUHFXSHUDFLyQ\GHUHFLFODMH$VHJ~UHVHELHQGHVHJXLUODVLQVWUXF
FLRQHVGDGDVHQHO0DQXDOSDUDHOHTXLSR
0LGDODFDQWLGDGUHFXSHUDGDGHDFHLWHGHFRPSUHVRUSDUDDxDGLUODPLVPDFDQWLGDGFXDQGRUHOOHQHFRQDFHLWHGH
FRPSUHVRU
5HHPSODFHODPDQJXHUDRWXERGHIHFWXRVR
127$
'HVPRQWHHOUHFLSLHQWHGH(9$3\ODFXELHUWDGHOGHSyVLWRGHFRPEXVWLEOHVLHVQHFHVDULR
,167$/$&,Ï1
3DUDODLQVWDODFLyQGHODWXEHUtDGHUHIULJHUDQWHLQYLHUWDHOSURFHGLPLHQWRDQWHULRUGHGHVPRQWDMHWHQLHQGRHQFRQVL
GHUDFLyQODVLQVWUXFFLRQHVVLJXLHQWHV
9DFtH\FDUJXHHOVLVWHPD5HILpUDVHD³5(&83(5$&,Ï1´\³&$5*$´HQHVWDVHFFLyQ
%$&21',&,21$0,(172'($,5(23&,21$/
9iOYXODVROHQRLGH
'(60217$-(
'HVPRQWHODXQLGDGGHO$&WUDVHUR5HILpUDVHD³81,'$''(/
$&75$6(52´HQHVWDVHFFLyQ
4 3 'HVFRQHFWHHOFRQHFWRUGHYiOYXODVROHQRLGH
1 7
$IORMHODVWXHUFDVDERFLQDGDVGHODYiOYXODVROHQRLGH
'HVPRQWHORVWRUQLOORVGHPRQWDMHGHOVRSRUWHGHODYiOYXOD
VROHQRLGH\HQVHJXLGDGHVPRQWHHOWXERWUDVHURGHOtTXLGR
\HOWXERWUDVHURGHDVSLUDFLyQGHODYiOYXODGHH[SDQVLyQ
WUDVHUD
'HVPRQWHHOWXERWUDVHURGHOtTXLGRHOWXERWUDVHURGH
DVSLUDFLyQ\HOVRSRUWHGHODYiOYXODVROHQRLGHGHODYiOYXOD
VROHQRLGH
2
5
127$
3 6
7DSH LQPHGLDWDPHQWH WRGDV ODV XQLRQHV SDUD LPSHGLU TXH
HQWUHKXPHGDGHQHOVLVWHPD
&20352%$&,Ï1
&RQHFWHODKHUUDPLHQWDHVSHFLDODODYiOYXODVROHQRLGH
(A)
+HUUDPLHQWDHVSHFLDO
1 $
&RPSUXHEHTXHHVDYiOYXODVROHQRLGHHVWiFHUUDGDFXDQGRVH
DSOLFDYDFtRDODYiOYXODVROHQRLGH
6LODYiOYXODVROHQRLGHHVWiDELHUWDUHHPSODFHODYiOYXODVROH
QRLGH
1 &RPSUXHEHTXHHVDYiOYXODVROHQRLGHHVWiDELHUWDFXDQGR
VHFRQHFWDODEDWHUtDDODYiOYXODVROHQRLGHHQODIRUPDPRV
WUDGDHQODILJXUD
127$
(OWHUPLQDOGHODYiOYXODVROHQRLGHQRWLHQHSRODULGDG
,167$/$&,Ï1
3DUDODLQVWDODFLyQGHODYiOYXODVROHQRLGHLQYLHUWDHOSURFHGLPLHQWR
GHGHVPRQWDMH
$&21',&,21$0,(172'($,5(23&,21$/%
&RQMXQWRGHOPRWRUGHOVRSODGRUWUDVHUR
'(60217$-(
'HVPRQWHODYiOYXODVROHQRLGH5HILpUDVHD³9È/98/$62/(
12,'(´HQHVWDVHFFLyQ
'HVFRQHFWHHODFRSODGRUGHOPRWRUGHOVRSODGRUWUDVHUR
2
'HVPRQWHHOFRQMXQWRGHOPRWRUGHOVRSODGRUWUDVHURGHOD
XQLGDGGHO$&WUDVHUR
1 3
&20352%$&,Ï1
&RPSUXHEHHOIXQFLRQDPLHQWR\ODFRUULHQWH
D 8WLOLFHXQWRUQLOORGHPHFiQLFR\ILMHHOFRQMXQWRGHOPRWRU
GHOVRSODGRUWUDVHUR
E &RQHFWHODEDWHUtDDOFRQMXQWRGHOPRWRUGHOVRSODGRUWUD
VHURHQODIRUPDPRVWUDGD
F &RPSUXHEHTXHIXQFLRQDVXDYH\IiFLOPHQWH\VLQUXLGRV
G &RPSUXHEH TXH HO DPSHUtPHWUR LQGLFD OD FRUULHQWH HVSHFLIL
FDGD
6LODFRUULHQWHPHGLGDHVLQFRUUHFWDUHHPSODFHHOFRQMXQWRGHO
PRWRUGHOVRSODGRUWUDVHUR
&RUULHQWHHVSHFLILFDGDGHOPRWRUGHOYHQWLODGRUGHOVRSODGRU
WUDVHURD9
$Pi[LPR
,167$/$&,Ï1
3DUDODLQVWDODFLyQLQYLHUWDHOSURFHGLPLHQWRGHGHVPRQWDMH
%$&21',&,21$0,(172'($,5(23&,21$/
5HOpGHOPRWRUGHOVRSODGRUWUDVHUR\UHOpGHOD
YiOYXODVROHQRLGH
&20352%$&,Ï1
'HVFRQHFWHHOFDEOHQHJDWLYR±HQODEDWHUtD
2
'HVPRQWHHOUHOpGHOPRWRUGHOVRSODGRUWUDVHUR\HOUHOp
GHODYiOYXODVROHQRLGH
1 &RPSUXHEH TXH QR KD\ FRQWLQXLGDG HQWUH ORV WHUPLQDOHV ³F´ \
³G´6LKD\FRQWLQXLGDGUHHPSODFHHOUHOp
&RQHFWHHOWHUPLQDOGHODEDWHUtDDOWHUPLQDO³D´GHOUHOp
&RQHFWHHOWHUPLQDO±GHODEDWHUtDDOWHUPLQDO³E´GHOUHOp
&RPSUXHEHODFRQWLQXLGDGHQWUHORVWHUPLQDOHV³F´\³G´
6LQRKD\FRQWLQXLGDGFXDQGRHOUHOpHVWiFRQHFWDGRDODEDWH
UtDUHHPSODFHHOUHOp
,QWHUUXSWRUSULQFLSDOGHO$&WUDVHUR
'(60217$-(
5 'HVPRQWHODFDMDGHFRQVRODWUDVHUD
6DTXHORVWRUQLOORV\FOLSVGHPRQWDMHGHODFDMDGHFRQ
VRODGHODQWHUD
2
'HVFRQHFWHHOFDEOHGHODFDMDGHFRQVROD
4
'HVPRQWHODFDMDGHFRQVRODWUDVHUD
'HVFRQHFWHHOFRQHFWRUGHOLQWHUUXSWRUSULQFLSDOGH$&WUDVHUR
2
'HVPRQWH HO LQWHUUXSWRUSULQFLSDO GH $&GH OD FDMD GH
3
FRQVRODGHODQWHUD
1
3
$&21',&,21$0,(172'($,5(23&,21$/%
&20352%$&,Ï1
&RPSUXHEHODFRQWLQXLGDGGHWHUPLQDODWHUPLQDOGHOLQWHUUXS
WRUSULQFLSDOGHO$&WUDVHUR
6L HO UHVXOWDGR GH OD FRPSUREDFLyQ QR FRUUHVSRQGH FRQ ODV
HVSHFLILFDFLRQHVUHHPSODFHHOLQWHUUXSWRUSULQFLSDOGHO$&WUD
VHUR
TERMINAL
POSICIÓN a b c d e
ON
OFF
,167$/$&,Ï1
3DUDODLQVWDODFLyQLQYLHUWDHOSURFHGLPLHQWRGHGHVPRQWDMH
5HVLVWHQFLDGHOPRWRUGHOVRSODGRUWUDVHUR
'(60217$-(
'HVPRQWHODXQLGDGGHO$&WUDVHUR5HILpUDVHD³81,'$''(/
$&75$6(52´HQHVWDVHFFLyQ
1
2
'HVFRQHFWH HO FRQHFWRU GH OD UHVLVWHQFLD GHO PRWRU GHO
VRSODGRUWUDVHUR
'HVPRQWHODUHVLVWHQFLDGHOPRWRUGHOVRSODGRUWUDVHURGH
ODXQLGDGGHO$&WUDVHUR
&20352%$&,Ï1
Mo L 0LGDODUHVLVWHQFLDHQWUHWHUPLQDO\WHUPLQDO
6L OD UHVLVWHQFLD PHGLGD HV LQFRUUHFWD UHHPSODFH OD UHVLVWHQFLD
GHOPRWRUGHOVRSODGRUWUDVHUR
5HVLVWHQFLDGHOPRWRUGHOVRSODGRUWUDVHUR
0R/ΩDSUR[LPDGDPHQWH
0R0/ΩDSUR[LPDGDPHQWH
MH ML 0R0+ΩDSUR[LPDGDPHQWH
,167$/$&,Ï1
3DUDLQVWDODUODUHVLVWHQFLDGHOPRWRUGHOVRSODGRUWUDVHURLQYLHUWDHO
SURFHGLPLHQWRGHGHVPRQWDMH
%$&21',&,21$0,(172'($,5(23&,21$/
,QWHUUXSWRUGHOPRWRUGHOVRSODGRUWUDVHUR
3
1 4
6
7
5
,QWHUUXSWRUGHOPRWRUGHOVRSODGRUWUDVHUR 6XMHWDGRUGHODSHUVLDQDGHDLUHGHO$&WUDVHUR
,QVWDOHHQHOVHQWLGRFRUUHFWRFRPRPRVWUDGRHQODILJXUD
%RPELOOD 3HUVLDQDGHODLUHGHO$&WUDVHUR
6RSRUWH %RWyQ
&DMDGHODSHUVLDQDGHODLUHGHO$&WUDVHUR
&20352%$&,Ï1
&RPSUXHEHTXHODOX]GHOLQWHUUXSWRUGHOPRWRUGHOVRSODGRUWUD
e
d f VHURVHHQFLHQGHFXDQGRVHFRQHFWDHOWHUPLQDOGHODEDWH
UtD DO WHUPLQDO ³F´ \ HO WHUPLQDO QHJDWLYR ± GH OD EDWHUtD DO
WHUPLQDO³I´
6L OD OX] GHO LQWHUUXSWRU GHO PRWRU GHO VRSODGRU WUDVHUR QR VH
HQFLHQGHUHHPSODFH
$&21',&,21$0,(172'($,5(23&,21$/%
&RQGXFWRVQ\QGHO$&WUDVHUR
&RQGXFWRQGHO$&WUDVHUR
'(60217$-(
'HVPRQWHODXQLGDGGHO$&WUDVHUR5HILpUDVHD³81,'$''(/
$&75$6(52´HQHVWDVHFFLyQ
2
'HVPRQWHHOFRQGXFWRQGHO$&WUDVHUR
1
,167$/$&,Ï1
3DUDLQVWDODUHOFRQGXFWRQGHO$&WUDVHURLQYLHUWDHOSURFHGL
PLHQWRGHGHVPRQWDMH
&RQGXFWRQGHO$&WUDVHUR
35(&$8&,Ï1
1XQFD GHVPRQWH HO FRQGXFWR Q GHO $& WUDVHUR GHO
IRUURLQWHULRUGHOWHFKR6LGHVPRQWDHVWHFRQGXFWRVHURP
SHUiHOIRUURLQWHULRUGHOWHFKR
%$&21',&,21$0,(172'($,5(23&,21$/
&RQMXQWRGHOFRPSUHVRU
35(&$8&,Ï1
1LQJXQDGHODVSLH]DVFRPSRQHQWHVQLHOUHIULJHUDQWHQLHODFHLWHGHFRPSUHVRUVRQLQWHUFDPELDEOHVHQWUH
GRVWLSRVGH$&8QRXWLOL]DUHIULJHUDQWH&)&5\HORWURXWLOL]DUHIULJHUDQWH+)&D5D
3DUDLGHQWLILFDUHVWRVGRVWLSRVUHILpUDVHDODSiJLQD
&XDQGRUHOOHQHDxDGLHQGRRFDPELHUHIULJHUDQWH\DFHLWHGHFRPSUHVRU\FXDQGRUHHPSODFHSLH]DVDVH
J~UHVHGHTXHHOPDWHULDORODVSLH]DVTXHVHUiQXWLOL]DGDVVRQDSURSLDGRVSDUDHO$&LQVWDODGRHQHOYHKt
FXORTXHHVVHUYLGR/DXWLOL]DFLyQGHXQHOHPHQWRLQFRUUHFWRSXHGHFDXVDUIXJDVGHUHIULJHUDQWHGDxRHQ
ODVSLH]DVXRWUDFRQGLFLyQGHIHFWXRVD
&XDQGRVLUYDHOFRPSUHVRUHYLWHTXHKD\DPDWHULDOH[WUDxRRVXFLHGDGVREUHRTXHHQWUHHQODVSLH]DVGHO
FRPSUHVRU\GHOVLVWHPD/DOLPSLH]DGHODVKHUUDPLHQWDV\HQHOWUDEDMRVRQHOHPHQWRVLPSRUWDQWHVSDUD
ODFDOLGDGGHOVHUYLFLR
/DFRQH[LyQGHOFRPSUHVRU\HOH[WHULRUGHOFRPSUHVRUGHEHQVHUOLPSLDGRVDQWHVGHFXDOTXLHUUHSDUDFLyQ
³HQHOYHKtFXOR´RDQWHVGHGHVPRQWDUHOFRPSUHVRU/DVSLH]DVGHEHQVHUPDQWHQLGDVVLHPSUHOLPSLDV\
FXDOTXLHUSLH]DTXHGHEDVHUUHDUPDGDGHEHVHUOLPSLDGDFRQWULFORURPHWDQRQDIWDTXHURVHQRRXQGLOX
\HQWH HTXLYDOHQWH \ GHEH VHU VHFDGD FRQ DLUH VHFR 3DUD OLPSLDU ODV SLH]DV XWLOLFH VRODPHQWH WUDSRV VLQ
SHOXVDV
/DVRSHUDFLRQHVGHVFULWDVHVWiQEDVDGDVHQXQDUHYLVLyQJHQHUDOGHEDQFRFRQHOFRPSUHVRUGHVPRQWDGR
GHOYHKtFXORH[FHSWRFXDQGRHVLQGLFDGR+DQVLGRSUHSDUDGDVGHDFXHUGRFRQHORUGHQGHODDFFHVLELOL
GDGGHORVFRPSRQHQWHV
&XDQGRHOFRPSUHVRUHVGHVPRQWDGRGHOYHKtFXORSDUDVXVHUYLFLRHODFHLWHTXHTXHGDHQHOFRPSUHVRU
GHEHVHUGHVHFKDGR\VHGHEHUHOOHQDUHOFRPSUHVRUFRQDFHLWHIULJRUtJHQRQXHYR
/RVSURFHGLPLHQWRVGHUHSDUDFLRQHVPHQRUHVSXHGHQVHUHIHFWXDGRVVLQGHVFDUJDUHOVLVWHPD/RVSURFH
GLPLHQWRVGHUHSDUDFLRQHVPD\RUHVUHTXLHUHQTXHVHYDFtHHOUHIULJHUDQWHGHOVLVWHPD
&20352%$&,Ï1
1
,QVWDOHHOFRQMXQWRGHOPHGLGRUGHFROHFWRUHQODIRUPDPRV
WUDGDHQODILJXUD
5 4 &LHUUHODVYiOYXODVGHORVODGRV+L>$OWD@\/R>%DMD@
/DGRGHDOWDSUHVLyQPDQJXHUDGHOODGRGHGHVFDUJD
/DGRGHEDMDSUHVLyQPDQJXHUDGHOODGRGHDVSLUDFLyQ
+DJDIXQFLRQDUHOPRWRUHQUpJLPHQGHUDOHQWtUiSLGR
(QHOFRPSUHVRUFRPSUXHEHORVLJXLHQWH
6L FDGD XQD GH ODV FRPSUREDFLRQHV DQWHULRUHV LQGLFD XQ
GHIHFWRSURFHGDDUHSDUDUHOFRPSUHVRU
/DOHFWXUDGHOPHGLGRUGHDOWDSUHVLyQQRHVEDMD\DOHFWXUDGHO
PHGLGRUGHEDMDSUHVLyQQRHVPiVDOWDTXHORQRUPDO
6RQLGRPHWiOLFR
)XJDVSRUHOFRPSUHVRU
$&21',&,21$0,(172'($,5(23&,21$/%
'(60217$-(
+DJDIXQFLRQDUHOPRWRUHQUpJLPHQGHUDOHQWtGXUDQWHPLQX
WRVFRQHO$&DFWLYDGR21
'HVFRQHFWHHOFDEOHQHJDWLYR±HQODEDWHUtD
5HFXSHUHHOUHIULJHUDQWHGHOVLVWHPDGHUHIULJHUDFLyQXWLOL]DQGR
HOHTXLSRGHUHFXSHUDFLyQ\GHUHFLFODMH
127$
/D FDQWLGDG UHFXSHUDGD GH DFHLWH GH FRPSUHVRU GHEH VHU
PHGLGD\FXDQGRVHLQVWDOHHOFRPSUHVRUKD\TXHYHUWHUOD
PLVPDFDQWLGDG
127$
1RHVQHFHVDULRGUHQDUHOIOXLGRGHODVHUYRGLUHFFLyQ36
'HVFRQHFWHHOFRQHFWRUGHOHPEUDJXHPDJQpWLFR
'HVFRQHFWHGHOFRPSUHVRUODPDQJXHUDGHDVSLUDFLyQ\OD
PDQJXHUDGHGHVFDUJD
127$
2 7DSH LQPHGLDWDPHQWH WRGDV ODV XQLRQHV SDUD LPSHGLU TXH
HQWUHKXPHGDGHQHOVLVWHPD
'HVPRQWHHOFRPSUHVRUGHVXVRSRUWH
127$
6L VH UHHPSOD]D HO FRPSUHVRU GUHQH HO DFHLWH GHO FRPSUH
VRU\PLGDHOYROXPHQGUHQDGR
1
%$&21',&,21$0,(172'($,5(23&,21$/
,167$/$&,Ï1
35(&$8&,Ï1
$VHJ~UHVH GH XWLOL]DU DFHLWH GH FRPSUHVRU +)&D 5
D
3DUD OD LQVWDODFLyQ GHO FRQMXQWR GHO FRPSUHVRU LQYLHUWD HO SURFHGL
PLHQWR DQWHULRU GH GHVPRQWDMH WHQLHQGR HQ FRQVLGHUDFLyQ ODV LQV
WUXFFLRQHVVLJXLHQWHV
6L VH UHHPSOD]y HO FRPSUHVRU DxDGD XQD FDQWLGDG GH DFHLWH
QXHYRGHFRPSUHVRULGpQWLFDDOYROXPHQGUHQDGRHQHOFRPSUH
VRU
5HILpUDVH D ³//(1$'2 &21 $&(,7( '( &2035(625´ HQ
HVWDVHFFLyQ
&RPSUHVRUQXHYR
&RPSUHVRUGHVPRQWDGR
([FHVRGHDFHLWH$±%
,QVWDOHODERPEDGH365HILpUDVHD³%20%$'(36´HQOD
VHFFLyQ%
9DFtH\FDUJXHHOVLVWHPD5HILpUDVHD³9$&,$'2´\³&$5*$´
HQHVWDVHFFLyQ
$&21',&,21$0,(172'($,5(23&,21$/%
(PEUDJXHPDJQpWLFR
2
5
&20352%$&,Ï1
&RPSUXHEHORVHOHPHQWRVVLJXLHQWHV
&RPSUXHEHVLHQHOFRPSUHVRUKD\IXJDVGHDFHLWH
&RPSUXHEHVLHQHOFRMLQHWHGHODSROHDGHOHPEUDJXHPDJQp
3
WLFRKD\UXLGRV\IXJDGHJUDVD
&RPSUXHEH HO IXQFLRQDPLHQWR GHO HPEUDJXH PDJQpWLFR GH OD
PDQHUDVLJXLHQWH
D &RQHFWHODEDWHUtD\HODPSHUtPHWURDOFRPSUHVRU
HQODIRUPDPRVWUDGDHQODILJXUD
2 E &RPSUXHEHTXHVHEORTXHDXQLIRUPHPHQWHHQWUHODSODFD
4 GHDUPDGR\ODSROHDGHOHPEUDJXHPDJQpWLFR
5 F &RPSUXHEHTXHHODPSHUtPHWURLQGLFDODFRUULHQWHHVSHFL
ILFDGD
1 &RUULHQWHHVSHFLILFDGDGHOHPEUDJXHPDJQpWLFR
$Pi[LPRD9
6L VH HQFXHQWUD FXDOTXLHU GHIHFWR UHSDUH R UHHPSODFH HO FRQMXQWR
GHOHPEUDJXHPDJQpWLFR
'(60217$-(
'HVPRQWHHOFRPSUHVRUGHOYHKtFXOR5HILpUDVHD³&21-8172
'(/&2035(625´HQHVWDVHFFLyQ
)LMHODSODFDGHDUPDGRFRQODKHUUDPLHQWDHVSHFLDO\GHV
PRQWHHOSHUQRGHODSODFDGHDUPDGR
1 +HUUDPLHQWDHVSHFLDO
$
127$
1RYXHOYDDXWLOL]DUHOSHUQRGHODSODFDGHDUPDGR
'HVPRQWHODSODFDGHDUPDGR
(A) 'HVPRQWHORVFDOFHVGHOHMH
%$&21',&,21$0,(172'($,5(23&,21$/
'HVPRQWHHODQLOORHOiVWLFRXWLOL]DQGRODKHUUDPLHQWDHVSHFLDO
+HUUDPLHQWDHVSHFLDO
$
'HVPRQWH HO WRUQLOOR GH OD DEUD]DGHUD GHO FDEOH FRQGXFWRU GHO
HPEUDJXHPDJQpWLFR\GHVPRQWHHOWHUPLQDODPDVDGHOFDEOH
FRQGXFWRUGHOHPEUDJXHPDJQpWLFR
8WLOLFHHOH[WUDFWRU\GHVPRQWHHOHPEUDJXHPDJQpWLFR
127$
7HQJDFXLGDGR\QRGDxHODSROHDFXDQGRJROSHHHOHPEUD
JXHPDJQpWLFR
([WUDFWRU
&RPSUHVRU
'HVPRQWHHOFLUFOLSXWLOL]DQGRODKHUUDPLHQWDHVSHFLDO
+HUUDPLHQWDHVSHFLDO
$
'HVPRQWHODERELQDGHOHPEUDJXHPDJQpWLFR
,167$/$&,Ï1
,QVWDOHODERELQDGHOHPEUDJXHPDJQpWLFR
127$
/D SURWXEHUDQFLD HQ HO ODGR LQIHULRU GH OD ERELQD GHO
HPEUDJXH PDJQpWLFR GHEH HQFDMDU HQ HO RULILFLR GHO FRQ
MXQWRGHOFRPSUHVRUSDUDLPSHGLUHOPRYLPLHQWRHLQVWD
ODUFRUUHFWDPHQWHHOFDEOHFRQGXFWRU
,QVWDOHHOHPEUDJXHPDJQpWLFR
D )LMHGLUHFWDPHQWHHOHPEUDJXHPDJQpWLFRVREUHODSURWXEHUDQ
FLDGHLQVWDODFLyQGHOHPEUDJXH
E &RORTXHODKHUUDPLHQWDHVSHFLDOVREUHHOFRMLQHWHGHOHPEUD
JXH
$VHJ~UHVH ELHQ GH TXH HO ERUGH TXHGD VRODPHQWH HQ HO DUR
LQWHULRUGHOFRMLQHWH
+HUUDPLHQWDHVSHFLDO
$
F ,QVWDOHHODQLOORHOiVWLFRQXHYR
35(&$8&,Ï1
7HQJDFXLGDGR\QRUD\HHOVHOORGHDFHLWHGHOFRMLQHWH
$MXVWHODKROJXUDHQWUHODSODFDGHDUPDGR\HOHPEUDJXH
1 PDJQpWLFRLQVWDODQGRXQRVFDOFHVHQHOHMHGHOFRPSUHVRU
+ROJXUDHVWiQGDUHQWUHODSODFDGHDUPDGR\HOHPEUDJXH
PDJQpWLFR³D´
“a”
±PP
$SULHWH OD WXHUFD QXHYD GH OD SODFD GH DUPDGR DO SDU GH
1, (a)
DSULHWHHVSHFLILFDGR
3DUGHDSULHWH
7XHUFDGHSODFDGHDUPDGRD1ÂPNJP
(A)
+HUUDPLHQWDHVSHFLDO
$
2
3ODFDGHDUPDGR
,QVWDOHHOFRPSUHVRUHQHOYHKtFXOR5HILpUDVHD³&21-8172
'(/&2035(625´HQHVWDVHFFLyQ
1B-44 ACONDICIONAMIENTO DE AIRE (OPCIONAL)
Herramientas especiales
09990-86011 09991-06010
Detector de fugas de gas Instalador de polea del
embrague magnético
NOTA:
Este conjunto incluye los artículos siguientes.
1. Medidor de colector, 2. Manguera de carga, 3. Conector rápido,
4. Válvula roscada de derivación, de contenedor de refrigerante,
5. Unión en T del contenedor de refrigerante, 6. Conjunto de empaquetaduras
$/,1($&,Ï1'(/$658('$6'(/$17(5$6$
6(&&,Ï1$
$/,1($&,Ï1'(/$658('$6'(/$17(5$6
127$
3DUDODVGHVFULSFLRQHVHOHPHQWRVQRLQFOXLGDVHQHVWDVHFFLyQUHILpUDVHDODPLVPDVHFFLyQGHO0DQXDO
GH6HUYLFLRPHQFLRQDGRHQHO35()$&,2GHHVWHPDQXDO
$
&217(1,'2
,QIRUPDFLyQJHQHUDO $ 6HUYLFLRHQHOYHKtFXOR $
'DWRVGHOVHUYLFLRGHDOLQHDFLyQVLQFDUJD $ ,QIRUPDFLyQGHUHIHUHQFLD $
,QIRUPDFLyQJHQHUDO
'DWRVGHOVHUYLFLRGHDOLQHDFLyQVLQFDUJD
&RQYHUJHQFLD0HGLFLyQGHOPHGLGRUGHFRQYHUJHQFLD³%´±³$´
PP
ÈQJXORGHFDtGDGHOSLYRWHGHODGLUHFFLyQ³&´
¶
ÈQJXORGHDYDQFHGHOSLYRWHGHODGLUHFFLyQ
¶
6HUYLFLRHQHOYHKtFXOR
,QIRUPDFLyQGHUHIHUHQFLD
'(6/,=$0,(172/$7(5$/
3DUDODFRPSUREDFLyQGHOGHVOL]DPLHQWRODWHUDOGHUXHGDGHODQWHUD
XWLOLFHHOSUREDGRUGHGHVOL]DPLHQWRODWHUDO
/tPLWHGHGHVOL]DPLHQWRODWHUDO
,1+DFLDDGHQWURPPP±287+DFLDDIXHUDPPP
6LHOGHVOL]DPLHQWRODWHUDOH[FHGHHOOtPLWHDQWHULRUHVSHFLILFDGRHV
SRVLEOHTXHODFRQYHUJHQFLDRODDOLQHDFLyQGHODVUXHGDVGHODQWHUDV
VHDLQFRUUHFWD
$$/,1($&,Ï1'(/$658('$6'(/$17(5$6
6,67(0$'(6(592',5(&&,Ï136%
6(&&,Ï1%
6,67(0$'(6(592',5(&&,Ï136
$'9(57(1&,$
3DUDORVYHKtFXORVHTXLSDGRVFRQHO6LVWHPD6XSOHPHQWDULRGH6XMHFLyQ&ROFKyQGHDLUH
/RVVHUYLFLRVTXHGHEDQVHUHIHFWXDGRVHQRDOUHGHGRUGHORVFRPSRQHQWHVRGHOFDEOHDGRGHOVLVWHPD
GHOFROFKyQGHDLUHGHEHQVHUKHFKRVH[FOXVLYDPHQWHSRUXQFRQFHVLRQDULRDXWRUL]DGR68=8.,5HILp
UDVH DO ³(VTXHPD GH XELFDFLyQ GH ORV FRPSRQHQWHV \ FDEOHDGR GHO VLVWHPD GHO FROFKyQ GH DLUH´ HQ
³'HVFULSFLyQJHQHUDO´HQODVHFFLyQGHOVLVWHPDGHOFROFKyQGHDLUHSDUDFRQILUPDUVLXVWHGHVWiHIHF %
WXDQGRWUDEDMRGHVHUYLFLRHQRDOUHGHGRUGHORVFRPSRQHQWHVRGHOFDEOHDGRGHOVLVWHPDGHOFROFKyQ
GHDLUH6tUYDVHREVHUYDUWRGDVODV$'9(57(1&,$6\³3UHFDXFLRQHVSDUDHOVHUYLFLR´LQGLFDGDVHQ³6HU
YLFLRHQHOYHKtFXOR´HQODVHFFLyQGHOVLVWHPDGHOFROFKyQGHDLUHDQWHVGHHIHFWXDUFXDOTXLHUWUDEDMR
GHVHUYLFLRHQRDOUHGHGRUGHORVFRPSRQHQWHVRGHOFDEOHDGRGHOVLVWHPDGHOFROFKyQGHDLUH6LQRVH
UHVSHWDQODV$'9(57(1&,$6VHSXHGHFDXVDUHOLQIODGRDFFLGHQWDOGHOFROFKyQGHDLUHRVHSXHGHGHMDU
LQRSHUDQWHHOVLVWHPDGHOFROFKyQGHDLUH&XDOTXLHUDGHHVWRVGRVFDVRVSXHGHFDXVDUGDxRVFRUSRUD
OHVJUDYHV
/RVWUDEDMRVGHVHUYLFLRWpFQLFRGHEHQVHULQLFLDGRVSRUORPHQRVVHJXQGRVGHVSXpVGHTXHVHFROR
TXHHOLQWHUUXSWRUGHHQFHQGLGRHQODSRVLFLyQ³/2&.´\GHTXHVHGHVFRQHFWHHOFDEOHQHJDWLYRGHOD
EDWHUtD(QHIHFWRVLQRVHSURFHGHGHHVWDIRUPDHOVLVWHPDSXHGHVHUDFWLYDGRSRUODUHVHUYDGHHQHU
JtDHOpFWULFDGHOPyGXORGHGHWHFFLyQ\GHGLDJQyVWLFR6'0
127$
3DUD ODV GHVFULSFLRQHV HOHPHQWRV QR LQFOXLGDV HQ HVWD VHFFLyQ UHILpUDVH D OD PLVPD VHFFLyQ GHO
0DQXDOGH6HUYLFLRPHQFLRQDGRHQHO35()$&,2GHHVWHPDQXDO
$OJXQDV SLH]DV GH OD FDMD GH HQJUDQDMH GH OD VHUYRGLUHFFLyQ QR SXHGHQ VHU GHVDUPDGDV R DMXVWDGDV
3DUDPD\RUHVLQIRUPDFLRQHVUHILpUDVHDODGHVFULSFLyQGH³&21-8172'(/$&$-$'((1*5$1$-(
'(/$6(592',5(&&,Ï1´
7RGDVODVSLH]DVGHILMDFLyQGHOHQJUDQDMHGHODGLUHFFLyQVRQSLH]DVGHILMDFLyQLPSRUWDQWHVTXHSRGUtDQ
DIHFWDUODHILFDFLDGHOIXQFLRQDPLHQWRGHSLH]DV\VLVWHPDVYLWDOHV\RTXHSRGUtDQVHUODFDXVDGHFRV
WRVDVUHSDUDFLRQHV6LHOUHHPSOD]RHVQHFHVDULRGHEHQXWLOL]DUVHSLH]DVTXHWHQJDQHOPLVPRQ~PHUR
GHSLH]DRSLH]DVHTXLYDOHQWHV1RHPSOHHSLH]DVGHUHSXHVWRGHPHQRUFDOLGDGRGHGLVHxRVVXVWLWXWL
YRV'XUDQWHHOUHDUPDGRORVYDORUHVGHSDUHVGHDSULHWHGHEHQVHUDSOLFDGRVWDOFRPRKDQVLGRHVSHFL
ILFDGRVSDUDDVtJDUDQWL]DUODFRUUHFWDVXMHFLyQGHHVWDVSLH]DV
&217(1,'2
'HVFULSFLyQJHQHUDO % ,QVSHFFLyQGHODFRUUHD %
%RPEDGHVHUYRGLUHFFLyQ36 % &RPSUREDFLyQGHODWHQVLyQGHFRUUHD %
'LDJQyVWLFR % $MXVWHGHODWHQVLyQGHODFRUUHD %
&RUUHDGHDFFLRQDPLHQWRGHODERPED 3UHVLyQKLGUiXOLFDHQHOFLUFXLWRGH36 %
GHVHUYRGLUHFFLyQ % &RPSUREDFLyQGHODSUHVLyQKLGUiXOLFD %
%6,67(0$'(6(592',5(&&,Ï136
'HVFULSFLyQJHQHUDO
%RPEDGHVHUYRGLUHFFLyQ36
(VSHFLILFDFLRQHVGHERPEDGHVHUYRGLUHFFLyQ36
/DVHVSHFLILFDFLRQHVGHHVWDERPEDGHVHUYRGLUHFFLyQVRQLGpQWLFDVDODVHVSHFLILFDFLRQHVGHODPLVPDVHFFLyQGHO
0DQXDOGHVHUYLFLRPHQFLRQDGRHQHVWHPDQXDOH[FHSWRORVGDWRVUHODWLYRVDODSUHVLyQGHDOLYLRLQGLFDGRVDFRQWL
QXDFLyQ
3UHVLyQGHDOLYLR
N3DNJFP
'LDJQyVWLFR
&RUUHDGHDFFLRQDPLHQWRGHODERPEDGHVHU
YRGLUHFFLyQ
,QVSHFFLyQGHODFRUUHD
&RPSUXHEHTXHODFRUUHDGHDFFLRQDPLHQWRGHODERPEDGHVHU
YRGLUHFFLyQQRWLHQHGDxRV\TXHHVWiDMXVWDGDFRUUHFWDPHQWHHQHO
VXUFRGHODSROHD
&RPSUREDFLyQGHODWHQVLyQGHFRUUHD
&RPSUXHEH OD WHQVLyQ GH OD FRUUHD PLGLHQGR FXiQWR VH GHIOHFWD
FXDQGR HV SUHVLRQDGD HQ HO VHQWLGR GH OD IOHFKD HQ XQ SXQWR
LQWHUPHGLR HQWUH ODV SROHDV DSOLFDQGR XQD IXHU]D GH NJ DSUR[L
PDGDPHQWH
'HIOH[LyQGHODFRUUHDGH36±PP
$MXVWHGHODWHQVLyQGHODFRUUHD
3DUDDMXVWDUODFRUUHDGHDFFLRQDPLHQWRGHODERPEDGH3
6 DIORMH ORV SHUQRV GH OD SROHD GH WHQVLyQ \ XWLOL]DQGR OD
OODYHKH[DJRQDOJLUHODSROHDGHWHQVLyQ
$MXVWHODWHQVLyQGHODFRUUHDDOYDORUDQWHULRUHVSHFLILFDGR
(QVHJXLGDDSULHWHORVSHUQRVGHODSROHDWHQVRUDDOSDUGH
DSULHWHHVSHFLILFDGR
3DUGHDSULHWH
3HUQRVGHODSROHDWHQVRUDD1PNJP
3ROHDGHODERPEDGH36
3ROHDGHOFRPSUHVRUGHO$&VLHVWiHTXLSDGR
3ROHDGHOFLJHxDO
>$@ &RQ$&
>%@ 6LQ$&
6,67(0$'(6(592',5(&&,Ï136%
3UHVLyQKLGUiXOLFDHQHOFLUFXLWRGH36
&RPSUREDFLyQGHODSUHVLyQKLGUiXOLFD
'HVSXpV GH OLPSLDU ELHQ OD XQLyQ GH OD PDQJXHUD GH SUHVLyQ
DOWD\ODERPEDGH36GHVFRQHFWHODPDQJXHUDGHODERPEDH
LQVWDOHOD KHUUDPLHQWD HVSHFLDO PHGLGRU GH SUHVLyQGHDFHLWH
ILMDFLyQ\PDQJXHUD
35(&$8&,Ï1
&XLGH GH QR GDxDU HO FRQGHQVDGRU GHO $& VL HVWi LQVWD
ODGRGXUDQWHHVWDRSHUDFLyQGHVHUYLFLR
+HUUDPLHQWDHVSHFLDO
$
%
&RPSUXHEHFDGDFRQH[LyQSDUDGHWHFWDUIXJDVGHIOXLGR\SXU
JXHHODLUH
5HILpUDVH D ³352&(',0,(172 '( 385*$ '(/ $,5(´ HQ
HVWDVHFFLyQ
'HSyVLWRGHIOXLGRGH36
)LMDFLyQ
-XQWD
3HUQRGHXQLyQ
/DGRGHDOWDSUHVLyQ
/DGRGHEDMDSUHVLyQ
&RQHOPRWRUIXQFLRQDQGRHQUDOHQWtJLUHHOYRODQWHGHGLUHFFLyQ
\ FDOLHQWH HO PRWRU KDVWD TXH OD WHPSHUDWXUD GHO IOXLGR HQ HO
GHSyVLWRGHIOXLGRGH36VXEDKDVWD±&
&RPSUXHEHODFRQWUDSUHVLyQPLGLHQGRODSUHVLyQKLGUiXOLFDFRQ
HOPRWRUIXQFLRQDQGRDOUpJLPHQGHUDOHQWt\VLQWRFDUHOYRODQWH
GHGLUHFFLyQ
&XDQGR OD FRQWUDSUHVLyQ H[FHGD ORV YDORUHV HVSHFLILFDGRV
FRPSUXHEHVLODYiOYXODGHFRQWURO\ORVWXERVHVWiQREVWUXLGRV
&RQWUDSUHVLyQ
,QIHULRUDN3DNJFP
'HSyVLWRGHIOXLGRGH36 &DMDGHHQJUDQDMHGH36
9iOYXODGHOPHGLGRUDELHUWD /DGRGHDOWDSUHVLyQ
%RPEDGH36 /DGRGHEDMDSUHVLyQ
%6,67(0$'(6(592',5(&&,Ï136
&RPSUXHEHODSUHVLyQGHDOLYLR
D $XPHQWH HOUpJLPHQ GHO PRWRU KDVWDXQDV USP &LHUUH
JUDGXDOPHQWH OD YiOYXOD GH PHGLGRU PLHQWUDV REVHUYD HO
DXPHQWRGHSUHVLyQLQGLFDGRHQHOPHGLGRU\WRPHQRWDGHOD
OHFWXUDGHODSUHVLyQGHDOLYLRSUHVLyQKLGUiXOLFDPi[LPD
6L HO YDORU OHtGR H[FHGH ORV YDORUHV HVSHFLILFDGRV OD FDXVD
SRVLEOHHVHOPDOIXQFLRQDPLHQWRGHODYiOYXODGHDOLYLR
6L HO YDORU OHtGR HV LQIHULRU D ORV YDORUHV HVSHFLILFDGRV OD
FDXVD SRVLEOH SXHGH VHU HOPDOIXQFLRQDPLHQWR GHOD ERPED
GH36RHODVHQWDPLHQWRGHOPXHOOHGHODYiOYXODGHDOLYLR
3UHVLyQGHDOLYLRFXDQGRODYiOYXODGHOPHGLGRUHVWi
FHUUDGD
±N3D±NJFP
35(&$8&,Ï1
$VHJ~UHVHELHQGHQRFHUUDUODYiOYXODGHOPHGLGRUGXUDQWH
PiVGHVHJXQGRV
'HSyVLWRGHIOXLGRGH36
9iOYXODGHOPHGLGRUDELHUWD
0HGLGRUGHSUHVLyQGHDFHLWH
%RPEDGH36
&DMDGHHQJUDQDMHGH36
35(&$8&,Ï1
$VHJ~UHVHELHQGHQRPDQWHQHUHOYRODQWHGHGLUHFFLyQHQOD
SRVLFLyQ JLUDGR FRPSOHWDPHQWH GXUDQWH PiV GH VHJXQ
GRV
'HSyVLWRGHIOXLGRGH36
9iOYXODGHOPHGLGRUDELHUWD
0HGLGRUGHSUHVLyQGHDFHLWH
%RPEDGH36
&DMDGHHQJUDQDMHGH36
92/$17(<&2/801$'(/$',5(&&,Ï1&
6(&&,Ï1&
92/$17(<&2/801$'(/$',5(&&,Ï1
$'9(57(1&,$
/RVVHUYLFLRVTXHGHEDQVHUHIHFWXDGRVHQRDOUHGHGRUGHORVFRPSRQHQWHVRGHOFDEOHDGRGHOVLVWHPD
GHOFROFKyQGHDLUHGHEHQVHUKHFKRVH[FOXVLYDPHQWHSRUXQFRQFHVLRQDULRDXWRUL]DGR68=8.,6tUYDVH
REVHUYDUWRGDVODV$'9(57(1&,$6\ODV³3UHFDXFLRQHVSDUDHOVHUYLFLR´LQGLFDGDVHQ³6HUYLFLRHQHO
YHKtFXOR´HQODVHFFLyQGHOVLVWHPDGHOFROFKyQGHDLUHDQWHVGHHIHFWXDUFXDOTXLHUWUDEDMRGHVHUYLFLR
HQRDOUHGHGRUGHORVFRPSRQHQWHVRGHOFDEOHDGRGHOVLVWHPDGHOFROFKyQGHDLUH6LQRVHUHVSHWDQODV &
$'9(57(1&,$6VHSXHGHFDXVDUHOLQIODGRDFFLGHQWDOGHOFROFKyQGHDLUHRVHSXHGHGHMDULQRSHUDQWH
HOVLVWHPDGHOFROFKyQGHDLUH&XDOTXLHUDGHHVWRVGRVFDVRVSXHGHFDXVDUGDxRVFRUSRUDOHVJUDYHV
/RVSURFHGLPLHQWRVGHHVWDVHFFLyQGHEHQVHUVHJXLGRVHQHORUGHQVHFXHQFLDOLQGLFDGRSDUDGHVDFWLYDU
SURYLVLRQDOPHQWHHOVLVWHPDGHOFROFKyQGHDLUH\HYLWDUODILMDFLyQGHFyGLJRVIDOVRVGHGLDJQyVWLFR6L
QRVHUHVSHWDQORVSURFHGLPLHQWRVVLJXLHQWHVHVWRSXHGHFDXVDUODDFWLYDFLyQGHOVLVWHPDGHOFROFKyQ
GHDLUHGDxRVFRUSRUDOHV\UHSDUDFLRQHVLQQHFHVDULDVGHOVLVWHPDGHOFROFKyQGHDLUH
35(&$8&,Ï1
&XDQGRVHGHVPRQWHQHOHPHQWRVGHILMDFLyQVLHPSUHUHLQVWDOHORVILMDGRUHVHQHOPLVPROXJDUGRQGHIXH
URQGHVPRQWDGRV6LKD\TXHUHHPSOD]DUXQILMDGRUHPSOHHHOILMDGRUFRQHOQ~PHURFRUUHFWRGHSLH]DSDUD
HVD DSOLFDFLyQ 6L QR VH GLVSRQH GHO Q~PHUR FRUUHFWR GH SLH]D SXHGH XWLOL]DUVH XQ ILMDGRU GHO PLVPR
WDPDxR\UHVLVWHQFLDRPD\RU/RVILMDGRUHVTXHQRVHUiQUHXWLOL]DGRV\ORVILMDGRUHVTXHQHFHVLWDQDSOL
FDFLyQ GH SURGXFWR GH EORTXHR GH URVFD VHUiQ GHMDGRV GH ODGR (V QHFHVDULR DSOLFDU HO SDU GH DSULHWH
HVSHFLILFDGRFXDQGRVHLQVWDOHQILMDGRUHVTXHORUHTXLHUDQ6LQRVHUHVSHWDQORVSURFHGLPLHQWRVDQWHULR
UHVSXHGHQGDxDUVHODVSLH]DVRVLVWHPDV
127$
3DUDODVGHVFULSFLRQHVHOHPHQWRVQRLQFOXLGDVHQHVWDVHFFLyQUHILpUDVHDODPLVPDVHFFLyQGHO0DQXDO
GH6HUYLFLRPHQFLRQDGRHQHO35()$&,2GHHVWHPDQXDO
&217(1,'2
'HVFULSFLyQJHQHUDO & 0DQLSXODFLyQ\DOPDFHQDPLHQWR &
'LDJQyVWLFR & 'HVHFKR&
,QVSHFFLRQHV\UHSDUDFLRQHV &ROXPQDGHODGLUHFFLyQ &
UHTXHULGDVGHVSXpVGHXQDFFLGHQWH & &RQMXQWRGHOHMHVXSHULRUGHGLUHFFLyQ&
6HUYLFLRHQHOYHKtFXOR & &RQMXQWRGHOHMHLQIHULRUGHGLUHFFLyQ &
3UHFDXFLRQHVSDUDHOVHUYLFLR & &RPSUREDFLyQGHOFRQMXQWRGHOD
'LDJQyVWLFR\VHUYLFLR & FROXPQDGHODGLUHFFLyQ\GHOHMH
'HVDFWLYDFLyQGHOVLVWHPDGHO VXSHULRUGHGLUHFFLyQHQFDVRGH
FROFKyQGHDLUH & DFFLGHQWH&
$FWLYDFLyQGHOVLVWHPDGHOFROFKyQ (VSHFLILFDFLRQHVGHSDUHVGHDSULHWH &
GHDLUH &
&92/$17(<&2/801$'(/$',5(&&,Ï1
'HVFULSFLyQJHQHUDO
(VWDFROXPQDGHODGLUHFFLyQWLSRWXERGREOHDxDGHODVWUHVFDUDFWHUtVWLFDVLPSRUWDQWHVVLJXLHQWHVDODIXQFLyQGH
GLUHFFLyQ
/DFROXPQDDEVRUEHHQHUJtDHVGHFLUTXHHVWiGLVHxDGDSDUDFRPSULPLUVHHQFDVRGHXQDFROLVLyQIURQWDO
(OLQWHUUXSWRUGHHQFHQGLGR\HOEORTXHRHVWiQPRQWDGRVFRQYHQLHQWHPHQWHHQHVWDFROXPQD
&XDQGRODFROXPQDHVWiPRQWDGDHQEORTXHRODVRSHUDFLRQHVGHHQFHQGLGR\GHGLUHFFLyQSXHGHQVHUEORTXHD
GDVSDUDUHGXFLUHOULHVJRGHURERGHOYHKtFXOR
3DUDJDUDQWL]DUODDFFLyQGHDEVRUFLyQGHHQHUJtDHVLPSRUWDQWHTXHVRODPHQWHVHHPSOHHQFRPRLQGLFDGRORVWRU
QLOORVSHUQRV\WXHUFDVHVSHFLILFDGRV\TXHVHDQDSUHWDGRVDOSDUGHDSULHWHHVSHFLILFDGR&XDQGRVHGHVPRQWHGHO
YHKtFXOR HO FRQMXQWR GH OD FROXPQD KD\ TXH WHQHU HVSHFLDO FXLGDGR SDUD PDQLSXODU HO FRQMXQWR (O HPSOHR GH XQ
H[WUDFWRUGHYRODQWHGHGLUHFFLyQTXHQRVHDHOPRGHORUHFRPHQGDGRHQHVWHPDQXDOXQJROSHIXHUWHHQHOH[WUHPR
GHOHMHGHGLUHFFLyQDSR\DUVHHQHOFRQMXQWRRGHMDUORFDHUSXHGHFDXVDUODURWXUDGHORVSDVDGRUHVGHVHJXULGDG
TXHPDQWLHQHQODORQJLWXG\ODSRVLFLyQGHODFROXPQD
(OPyGXORLQIODGRUGHOFROFKyQGHDLUHGHOFRQGXFWRUHVXQRGHORVFRPSRQHQWHVGHOVLVWHPDVXSOHPHQWDULRGHVXMH
FLyQ\HVWiPRQWDGRHQHOFHQWURGHOYRODQWHGHGLUHFFLyQ(QDOJXQDVFROLVLRQHVIURQWDOHVHOVLVWHPDGHOFROFKyQGH
DLUHGHVSOLHJDHLQIODORVFROFKRQHVGHDLUHSDUDDVtFRPSOHPHQWDUODDFFLyQGHVXMHFLyQGHORVFLQWXURQHVGHVHJXUL
GDGGHOFRQGXFWRU\GHOSDVDMHUR(OPyGXORLQIODGRUGHOFROFKyQGHDLUHGHEHVHUPDQLSXODGRFRQH[WUHPRFXLGDGR
SDUDHYLWDUTXHVHGHVSOLHJXHHLQIOHDFFLGHQWDOPHQWH&XDQGRVHKDJDHOVHUYLFLRUHVSHWHHVFUXSXORVDPHQWHWRGDV
ODV$'9(57(1&,$6GHHVWDVHFFLyQ5HILpUDVHD³35(&$8&,21(63$5$(/6(59,&,2´HQODVHFFLyQ%
'LDJQyVWLFR
3DUDHOGLDJQyVWLFRGHOYRODQWHGHGLUHFFLyQ\GHODFROXPQDGHODGLUHFFLyQUHILpUDVHDODVHFFLyQ3DUDHOGLDJQyV
WLFRGHOVLVWHPDGHOFROFKyQGHDLUHUHILpUDVHDODVHFFLyQ%
,QVSHFFLRQHV\UHSDUDFLRQHVUHTXHULGDVGHVSXpVGHXQDFFLGHQWH
'HVSXpVGHXQDFFLGHQWHVHKD\DGHVSOHJDGRHLQIODGRHOFROFKyQGHDLUHRQRDVHJ~UHVHGHHIHFWXDUODVFRPSUR
EDFLRQHVLQVSHFFLRQHV\UHSDUDFLRQHVGHVFULWDVHQ³&20352%$&,Ï1'(/$&2/801$'(/$',5(&&,Ï1(1
&$62 '( $&&,'(17(´ HQ HVWD VHFFLyQ DGHPiV GH ODV ³,163(&&,21(6 < 5(3$5$&,21(6 5(48(5,'$6
'(638e6'(81$&&,'(17(´HQODVHFFLyQ%
6HUYLFLRHQHOYHKtFXOR
3UHFDXFLRQHVSDUDHOVHUYLFLR
3DUDPD\RUHVGHWDOOHVVREUHODVSUHFDXFLRQHVSDUDHOVHUYLFLRUHILpUDVHD³35(&$8&,21(63$5$(/6(59,&,2´
SUHVFULWDVHQ³6(59,&,2(1(/9(+Ë&8/2´HQODVHFFLyQ%
'LDJQyVWLFR\VHUYLFLR
3DUDPD\RUHVGHWDOOHVVREUHHOGLDJQyVWLFR\VHUYLFLRUHILpUDVHD³',$*1Ï67,&2<6(59,&,2´HQ³35(&$8&,2
1(63$5$(/6(59,&,2´HQODVHFFLyQ%
'HVDFWLYDFLyQGHOVLVWHPDGHOFROFKyQGHDLUH
3DUDPD\RUHVGHWDOOHVVREUHODGHVDFWLYDFLyQGHOVLVWHPDGHOFROFKyQGHDLUHUHILpUDVHD³'(6$&7,9$&,Ï1'(/
6,67(0$'(/&2/&+Ï1'($,5(´HQ³35(&$8&,21(63$5$(/6(59,&,2´HQODVHFFLyQ%
$FWLYDFLyQGHOVLVWHPDGHOFROFKyQGHDLUH
3DUDPD\RUHVGHWDOOHVVREUHODDFWLYDFLyQGHOVLVWHPDGHOFROFKyQGHDLUHUHILpUDVHD³$&7,9$&,Ï1'(/6,67(0$
'(/&2/&+Ï1'($,5(´HQ³35(&$8&,21(63$5$(/6(59,&,2´HQODVHFFLyQ%
0DQLSXODFLyQ\DOPDFHQDPLHQWR
3DUD PD\RUHV GHWDOOHV VREUH OD PDQLSXODFLyQ \ DOPDFHQDPLHQWR UHILpUDVH D ³0$1,38/$&,Ï1 < $/0$&(1$
0,(172´HQ³35(&$8&,21(63$5$(/6(59,&,2´HQODVHFFLyQ%
'HVHFKR
3DUDPD\RUHVGHWDOOHVVREUHHOGHVHFKRUHILpUDVHD³'(6(&+2´HQ³35(&$8&,21(63$5$(/6(59,&,2´HQOD
VHFFLyQ%
&92/$17(<&2/801$'(/$',5(&&,Ï1
&ROXPQDGHODGLUHFFLyQ
35(&$8&,Ï1
&XDQGRVHKDGHVPRQWDGRODFROXPQDGHODGLUHFFLyQGHOYHKtFXORODFROXPQDHVWiH[WUHPDGDPHQWHYXO
QHUDEOHDORVGDxRV
6LVHGHMDFDHUHOFRQMXQWRGHODFROXPQDVREUHVXH[WUHPRHOHMHGHODFROXPQDSRGUtDSOHJDUVHRVHDIOR
MDUiQORVSHUQRVSOiVWLFRVGHVHJXULGDGTXHPDQWLHQHQODORQJLWXGGHODFROXPQDDSR\DUVHHQHOFRQMXQWR
GHODFROXPQDSRGUtDGREODUODRGHIRUPDUOD
&XDOTXLHUDGHORVGDxRVDQWHULRUHVDIHFWDUiQHJDWLYDPHQWHHOGLVHxRGHSOHJDGRGHODFROXPQD
&XDQGRDIORMHORVSHUQRV\WXHUFDVGHPRQWDMHGHODFROXPQDGHODGLUHFFLyQDVHJ~UHVHGHTXHHOFRQMXQWR
GHODFROXPQDGHODGLUHFFLyQ\HOFRQMXQWRGHOHMHVXSHULRUGHGLUHFFLyQKDQVLGRVHSDUDGRV6LVHDIORMDQ
ODVWXHUFDV\SHUQRVFXDQGRHOFRQMXQWRGHODFROXPQDGHODGLUHFFLyQ\HOFRQMXQWRGHOHMHVXSHULRUGH
GLUHFFLyQHVWiQWRGDYtDXQLGRVHVWRSXHGHFDXVDUGDxRVHQODMXQWDVXSHULRU\HQHOVRSRUWHGHPRQWDMHHQ
HOFRQMXQWRGHOHMHVXSHULRUGHGLUHFFLyQ
127$
&XDQGR VLUYD OD FROXPQD GH OD GLUHFFLyQ R FXDOTXLHU FRPSRQHQWH PRQWDGR HQ OD FROXPQD GHVPRQWH HO
YRODQWH GH GLUHFFLyQ 3HUR FXDQGR VH GHVPRQWH ODFROXPQD GHOD GLUHFFLyQ VLPSOHPHQWH SDUDDFFHGHU D
FRPSRQHQWHVGHOWDEOHURGHLQVWUXPHQWRVGHMHHOYRODQWHGHGLUHFFLyQLQVWDODGRHQODFROXPQDGHODGLUHF
FLyQ
'(60217$-(
$'9(57(1&,$
1XQFDDSR\HHOFRQMXQWRGHFROXPQDGHODGLUHFFLyQVREUHHOYRODQWHGHGLUHFFLyQFRQHOPyGXORLQIODGRU
GHOFROFKyQGHDLUHSRVLFLRQDGRKDFLDDEDMR\ODFROXPQDGHODGLUHFFLyQHQSRVLFLyQYHUWLFDOKDFLDDUULED
6LQRSURFHGHFRPRLQGLFDGRSXHGHKDEHUGDxRVFRUSRUDOHV
35(&$8&,Ï1
1XQFDKDJDJLUDUHOYRODQWHGHGLUHFFLyQPLHQWUDVODFROXPQDGHODGLUHFFLyQFRQHOYRODQWHGHGLUHFFLyQ
HVWiGHVPRQWDGD$GHPiVODERELQDGHFRQWDFWRVHURPSHUiVLHOYRODQWHGHGLUHFFLyQHVJLUDGRPiVGH
GRV\PHGLDYXHOWDV
'HVFRQHFWHHOFDEOHQHJDWLYR±HQODEDWHUtD
'HVDFWLYH HO VLVWHPD GHO FROFKyQ GH DLUH 5HILpUDVH D ³'(6$&7,9$&,Ï1 '(/ 6,67(0$ '(/ &2/&+Ï1 '(
$,5(´HQ³35(&$8&,21(63$5$(/6(59,&,2´HQODVHFFLyQ%
'HVPRQWHHOYRODQWHGHGLUHFFLyQ\HOFRQMXQWRGHERELQDGHFRQWDFWR\GHLQWHUUXSWRUFRPELQDGRVLHVQHFHVDULR
5HILpUDVH D ³92/$17( '( ',5(&&,Ï1´ \ D ³&21-8172 '( ,17(5583725 &20%,1$'2 < %2%,1$ '(
&217$&72´HQHVWDVHFFLyQ
$SOLTXHHOSURFHGLPLHQWRVLJXLHQWHVLQRGHVPRQWDHOYRODQWHGHGLUHFFLyQ\RHOLQWHUUXSWRUFRPELQDGR
D *LUHHOYRODQWHGHGLUHFFLyQGHPRGRTXHODVUXHGDVGHODQWHUDVGHOYHKtFXORHVWpQHQSRVLFLyQUHFWDKDFLDDGH
ODQWH
E &RORTXHHOLQWHUUXSWRUGHHQFHQGLGRHQODSRVLFLyQ³/2&.´\VDTXHODOODYH
'HVPRQWHODFXELHUWDGHORULILFLRGHODFROXPQDGHODGLUHF
FLyQ
'HVFRQHFWHWRGRVORVFRQHFWRUHVSDUDODVSLH]DVVLJXLHQWHV
&RQMXQWRGHERELQDGHFRQWDFWR\GHLQWHUUXSWRUFRPELQDGR
,QWHUUXSWRUGHHQFHQGLGR
92/$17(<&2/801$'(/$',5(&&,Ï1&
3 2
&20352%$&,Ï1
&RPSUXHEHHOIXQFLRQDPLHQWRGHODFROXPQDGHODGLUHFFLyQ\YHULIL
TXHVLKD\GDxRV5HILpUDVHD&20352%$&,Ï1'('$f26'(/$
&2/801$'(/$',5(&&,Ï1<'(/(-(683(5,25'(',5(&
&,Ï1(1&$62'($&&,'(17(HQHVWDVHFFLyQ
,167$/$&,Ï1
35(&$8&,Ï1
'HVSXpVGHDSUHWDUORVSHUQRVGHPRQWDMHGHODFROXPQDGH
ODGLUHFFLyQKD\TXHDSUHWDUORVSHUQRVGHODMXQWDGHOHMH
GHGLUHFFLyQ
$VHJ~UHVHGHTXHODVUXHGDVGHODQWHUDV\HOYRODQWHGHGLUHF
FLyQHVWiQHQODSRVLFLyQUHFWDKDFLDDGHODQWH
6LHOFDEOHGHLQWHUEORTXHRGHFDPELROODYHHVWiLQFRUSR
UDGRLQVWDOHHOFDEOHGHLQWHUEORTXHRGHFDPELROODYHHQHO
LQWHUUXSWRUGHHQFHQGLGR
3DUGHDSULHWH
7RUQLOORGHFDEOHGHLQWHUEORTXHRGHFDPELROODYHD
1ÂPNJP
&92/$17(<&2/801$'(/$',5(&&,Ï1
1
“A”
6L VH KD GHVPRQWDGR HO FRQMXQWR GH OD ERELQD GH FRQWDFWR H
LQWHUUXSWRU FRPELQDGR YXHOYD D LQVWDODUOR 5HILpUDVH D ³&21
1, (a) -8172'(%2%,1$'(&217$&72(,17(5583725&20
%,1$'2´HQHVWDVHFFLyQ
&RQHFWH WRGRV ORV FRQHFWRUHV GHVFRQHFWDGRV GXUDQWH HO GHV
PRQWDMH
,QVWDOHODFXELHUWDGHORULILFLRGHODFROXPQDGHODGLUHFFLyQ
6LKDEtDVLGRGHVPRQWDGRYXHOYDDLQVWDODUHOYRODQWHGHGLUHF
FLyQ 5HILpUDVH D ³92/$17( '( ',5(&&,Ï1´ HQ HVWD VHF
FLyQ
&RQHFWHHOFDEOHQHJDWLYR±DODEDWHUtD
'HVSXpVGHLQVWDODUHOFRQMXQWRGHODFROXPQDGHODGLUHFFLyQ
DVHJ~UHVHGHDFWLYDUHOVLVWHPDGHOFROFKyQGHDLUH5HILpUDVH
D³$&7,9$&,Ï1'(/6,67(0$'(/&2/&+Ï1'($,5(´HQ
³35(&$8&,21(63$5$(/6(59,&,2´HQODVHFFLyQ%
92/$17(<&2/801$'(/$',5(&&,Ï1&
&RQMXQWRGHOHMHVXSHULRUGHGLUHFFLyQ
35(&$8&,Ï1
1XQFD KDJD JLUDU HO YRODQWH GH GLUHFFLyQ PLHQWUDV HO FRQ
MXQWRGHOHMHVXSHULRUGHGLUHFFLyQHVWpGHVPRQWDGR
6LVHKDKHFKRJLUDUHOYRODQWHGHGLUHFFLyQ\ODERELQDGH
FRQWDFWRHQHOLQWHUUXSWRUFRPELQDGRKDVLGRGHVFHQWUDGD
KD\ TXH YROYHU D FHQWUDUOD$GHPiVOD ERELQDGHFRQWDFWR
VHURPSHUiVLHOYRODQWHGHGLUHFFLyQHVJLUDGRPiVGHGRV
\PHGLDYXHOWDV
'(60217$-(
*LUHHOYRODQWHGHGLUHFFLyQGHPRGRTXHODVUXHGDVGHODQWHUDV
GHOYHKtFXORHVWpQHQSRVLFLyQUHFWDKDFLDDGHODQWH
&RORTXH HO LQWHUUXSWRU GH HQFHQGLGR HQ OD SRVLFLyQ ³/2&.´ \
VDTXHODOODYH
+DJDPDUFDVGHDOLQHDFLyQHQODXQLyQGHOHMH\HQHMH
ODGRGHOFRQMXQWRGHOHMHVXSHULRUSDUDTXHVLUYDQGHJXtD
GXUDQWHODUHLQVWDODFLyQ
'HVSXpV GH VDFDU HO SHUQR HQ HO ODGR GHO FRQMXQWR GHO
HMHVXSHULRUGHODXQLyQGHOHMH\GHDIORMDUHOSHUQRHQHO
ODGRGHOFRQMXQWRGHOHMHLQIHULRUPXHYDODXQLyQGHOHMH
KDFLDHOODGRGHOFRQMXQWRGHOHMHLQIHULRUHQHOVHQWLGRGHOD
IOHFKDPRVWUDGDHQODILJXUD
&20352%$&,Ï1
&RPSUXHEHHOIXQFLRQDPLHQWRGHOHMHGHGLUHFFLyQ\YHULILTXHVLKD\
GDxRV 5HILpUDVH D &20352%$&,Ï1 '( '$f26 '( /$
&2/801$'(/$',5(&&,Ï1<'(/(-(683(5,25'(',5(&
&,Ï1(1&$62'($&&,'(17(HQHVWDVHFFLyQ
,167$/$&,Ï1
$VHJ~UHVHGHTXHODVUXHGDVGHODQWHUDV\HOYRODQWHGHGLUHF
FLyQHVWiQHQODSRVLFLyQUHFWDKDFLDDGHODQWH
,QVWDOHHOFRQMXQWRGHOHMHVXSHULRUGHGLUHFFLyQHQHOVDOSLFD
GHUR $SULHWH ORV SHUQRV GH PRQWDMH GHO HMH VXSHULRU GH
1, (a)
GLUHFFLyQDOSDUGHDSULHWHHVSHFLILFDGR
3DUGHDSULHWH
3HUQRVGHPRQWDMHGHOHMHVXSHULRUGHGLUHFFLyQD
1ÂPNJP
,QVWDOHHOSHUQRGHXQLyQGHHMHODGRGHOFRQMXQWRGHOHMHVXSH
ULRUHQODXQLyQGHOHMHGHGLUHFFLyQ$SULHWHHOSHUQRGH
ODXQLyQGHOHMHODGRGHOFRQMXQWRGHOHMHVXSHULRUDOSDUGH
DSULHWH HVSHFLILFDGR \ HQVHJXLGD DSULHWH HO SHUQR GH OD MXQWD
ODGRGHOHMHLQIHULRUGHGLUHFFLyQDOSDUGHDSULHWHHVSHFLIL
FDGR
3DUGHDSULHWH
3HUQRGHXQLyQGHHMHGHGLUHFFLyQF1ÂPNJP
1
“A”
92/$17(<&2/801$'(/$',5(&&,Ï1&
&RQMXQWRGHOHMHLQIHULRUGHGLUHFFLyQ
35(&$8&,Ï1
1XQFD KDJD JLUDU HO YRODQWH GH GLUHFFLyQ PLHQWUDV HO FRQ
MXQWRGHOHMHLQIHULRUGHGLUHFFLyQHVWpGHVPRQWDGR
6LVHKDKHFKRJLUDUHOYRODQWHGHGLUHFFLyQ\ODERELQDGH
FRQWDFWRHQHOLQWHUUXSWRUFRPELQDGRKDVLGRGHVFHQWUDGD
KD\ TXH YROYHU D FHQWUDUOD$GHPiVOD ERELQDGHFRQWDFWR
VHURPSHUiVLHOYRODQWHGHGLUHFFLyQHVJLUDGRPiVGHGRV
\PHGLDYXHOWDV
'(60217$-(
*LUHHOYRODQWHGHGLUHFFLyQGHPRGRTXHODVUXHGDVGHODQWHUDV
GHOYHKtFXORHVWpQHQSRVLFLyQUHFWDKDFLDDGHODQWH
&RORTXH HO LQWHUUXSWRU GH HQFHQGLGR HQ OD SRVLFLyQ ³/2&.´ \
VDTXHODOODYH
'HVSXpV GH VDFDU HO SHUQR HQ HO ODGR GHO FRQMXQWR GHO
HMHVXSHULRUGHODXQLyQGHOHMH\GHDIORMDUHOSHUQRHQHO
ODGRGHOFRQMXQWRGHOHMHLQIHULRUPXHYDODXQLyQGHOHMH
KDFLDHOODGRGHOFRQMXQWRGHOHMHLQIHULRUHQHOVHQWLGRGHOD
IOHFKDPRVWUDGDHQODILJXUD
'HVPRQWHHOSHUQRGHODMXQWDXQLYHUVDOLQIHULRUGHOFRQMXQWR
GHO HMH LQIHULRU \ HQVHJXLGD GHVPRQWH HO FRQMXQWR GHO HMH
LQIHULRU
'HVPRQWHHOSHUQRGHODXQLyQGHHMHODGRGHOFRQMXQWRGHOHMH
LQIHULRUGHODXQLyQGHHMH\HQVHJXLGDGHVPRQWHODXQLyQ
GHHMHGHOFRQMXQWRGHHMHLQIHULRU
&92/$17(<&2/801$'(/$',5(&&,Ï1
,167$/$&,Ï1
$VHJ~UHVHGHTXHODVUXHGDVGHODQWHUDV\HOYRODQWHGHGLUHF
FLyQHVWiQHQODSRVLFLyQUHFWDKDFLDDGHODQWH
$OLQHHODSDUWHSODQD³$´GHOFRQMXQWRGHOHMHLQIHULRUFRQHO
RULILFLR³%´SDUDSHUQRGHXQLyQGHHMHHQODIRUPDLQGLFDGDHQ
ODILJXUD(QVHJXLGDLQVHUWHODXQLyQGHHMHHQHOFRQMXQWR
GHHMHLQIHULRU
,QVWDOHHOSHUQRGHXQLyQGHHMHODGRGHOFRQMXQWRGHOHMHLQIH
ULRUHQODXQLyQGHHMH(QVHJXLGDDSULHWHHOSHUQRPDQXDO
PHQWH
,QVHUWHHOHMHGHSLxyQHQODMXQWDXQLYHUVDOLQIHULRUGHOFRQ
MXQWRGHHMHLQIHULRUDOLQHDQGRODUDQXUDGHMXQWDXQLYHUVDO
LQIHULRU ODV PDUFDV GHO HMH GH SLxyQ \ OD FDMD GH
HQJUDQDMH
< HQVHJXLGD LQVWDOH HO SHUQR GH OD MXQWD XQLYHUVDO LQIHULRU
GHOFRQMXQWRGHOHMHLQIHULRUHQODMXQWDLQIHULRUGHOFRQMXQWR
GHOHMHLQIHULRU$SULHWHHOSHUQRDOSDUGHDSULHWHHVSHFLILFDGR
3DUGHDSULHWH
3HUQRGHMXQWDXQLYHUVDOLQIHULRUGHOFRQMXQWRGHOHMHLQIHULRU
D
1ÂPNJP
127$
$VHJ~UHVH GH TXH ODV UXHGDV GHODQWHUDV \ HO YRODQWH GH
GLUHFFLyQHVWiQHQODSRVLFLyQUHFWDKDFLDDGHODQWH
,QVWDOHHOSHUQRGHXQLyQGHHMHODGRGHOFRQMXQWRGHOHMHVXSH
ULRUHQODXQLyQGHOHMH$SULHWHHOSHUQRGHODXQLyQGH
HMH ODGR GHO FRQMXQWR GHO HMH VXSHULRU DO SDU GH DSULHWH
HVSHFLILFDGR \ HQVHJXLGD DSULHWH HO SHUQR GH OD XQLyQ GH HMH
ODGRGHOHMHLQIHULRUGHGLUHFFLyQDOSDUGHDSULHWHHVSHFLIL
FDGR
3DUGHDSULHWH
3HUQRGHXQLyQGHHMHGHGLUHFFLyQE1ÂPNJP
92/$17(<&2/801$'(/$',5(&&,Ï1&
&RPSUREDFLyQGHOFRQMXQWRGHODFROXPQDGH
ODGLUHFFLyQ\GHOHMHVXSHULRUGHGLUHFFLyQHQ
FDVRGHDFFLGHQWH
127$
/RV YHKtFXORV LPSOLFDGRV HQ DFFLGHQWHV TXH KDQ FDXVDGR
GDxRV HQ OD FDUURFHUtD TXH KDQ UHFLELGR LPSDFWRV HQ OD
FROXPQD GH OD GLUHFFLyQ R HQ ORV FXDOHV ORV FROFKRQHV GH
DLUH VH KDQ LQIODGR SRVLEOHPHQWH WLHQHQ OD FROXPQD GH OD
GLUHFFLyQGDxDGDRGHVDOLQHDGD
7RPHXQDPHGLFLyQ³D´HQODIRUPDPRVWUDGDHQODILJXUD6L
“a”
OD ORQJLWXG PHGLGD HV LQIHULRU DO YDORU HVSHFLILFDGR UHHP
SODFHHOFRQMXQWRGHODFROXPQDGHODGLUHFFLyQSRUXQFRQ
MXQWRQXHYR
/RQJLWXGGHOFRQMXQWRGHODFROXPQDGHODGLUHFFLyQ³D´
PP
&RPSUXHEHTXHHOHMHGHGLUHFFLyQJLUDIiFLO\VXDYHPHQWH
6LHVWiGHIHFWXRVRUHHPSODFHFRPRXQFRQMXQWRODFROXPQDGH
ODGLUHFFLyQ
&RPSUXHEHVLHOHMH\ODFROXPQDGHODGLUHFFLyQHVWiQGREOD
GRVDJULHWDGRVRGHIRUPDGRV
6LKD\GHIHFWRVUHHPSODFHFRPRXQFRQMXQWRODFROXPQDGHOD
GLUHFFLyQ
&RPSUXHEHVLHOVHOORLQIHULRUGHOHMHVXSHULRUGHGLUHFFLyQ
HVWiDJULHWDGRRGHIRUPDGR
6LKD\GHIHFWRVUHHPSODFH
&RPSUXHEHVLHQODVMXQWDVXQLYHUVDOHVGHHMHGHGLUHFFLyQ\HQ
HO HMH KD\ GDxRV FRPR JULHWDV URWXUDV VL KD\ PDO IXQFLRQD
PLHQWRRH[FHVRGHMXHJR
6LKD\FXDOTXLHUGHVSHUIHFWRSURFHGDDUHHPSOD]DUHOFRQMXQWR
GH HMH VXSHULRU HO FRQMXQWR GH HMH LQWHULRU R HO FRQMXQWR GH OD
FROXPQDGHODGLUHFFLyQ
&92/$17(<&2/801$'(/$',5(&&,Ï1
7RPHXQDPHGLFLyQ³E´HQODIRUPDPRVWUDGDHQODILJXUD6LOD
ORQJLWXGPHGLGDHVLQIHULRUDOYDORUHVSHFLILFDGRUHHPSODFHHO
FRQMXQWRGHOHMHVXSHULRUGHGLUHFFLyQSRUXQFRQMXQWRQXHYR
“b”
/RQJLWXGGHOFRQMXQWRGHOHMHVXSHULRUGHGLUHFFLyQ³E´
PP
(VSHFLILFDFLRQHVGHSDUHVGHDSULHWH
3DUGHDSULHWH
3LH]DVGHVXMHFLyQ
1P NJP OEIW
3HUQRGHPyGXORLQIODGRUGHOFROFKyQGHDLUHGHOFRQGXFWRU
7XHUFDGHHMHGHGLUHFFLyQ
3HUQR\WXHUFDGHPRQWDMHGHODFROXPQDGHODGLUHFFLyQ
3HUQRGHXQLyQGHOHMHGHGLUHFFLyQ
3HUQRGHMXQWDLQIHULRUGHOFRQMXQWRGHOHMHLQIHULRUGHGLUHFFLyQ
7RUQLOORGHFDEOHGHLQWHUEORTXHRGHFDPELROODYH
3HUQRGHPRQWDMHGHOHMHVXSHULRUGHGLUHFFLyQ
7XHUFDGHODMXQWDVXSHULRUGHOHMHVXSHULRUGHGLUHFFLyQ
6863(16,Ï1'(/$17(5$'
6(&&,Ï1'
6863(16,Ï1'(/$17(5$
35(&$8&,Ï1
7RGRVORVHOHPHQWRVGHILMDFLyQGHODVXVSHQVLyQVRQSLH]DVGHILMDFLyQLPSRUWDQWHVTXHSRGUtDQDIHFWDU
OD HILFDFLD GHO IXQFLRQDPLHQWR GH SLH]DV \ VLVWHPDV YLWDOHV \R TXH SRGUtDQ VHU OD FDXVD GH FRVWRVDV
UHSDUDFLRQHV 6L HO UHHPSOD]R HV QHFHVDULR GHEHQ XWLOL]DUVH SLH]DV TXH WHQJDQ HO PLVPR Q~PHUR GH
SLH]DRSLH]DVHTXLYDOHQWHV1RHPSOHHSLH]DVGHUHSXHVWRGHPHQRUFDOLGDGRGHGLVHxRVVXVWLWXWLYRV
'XUDQWHHOUHDUPDGRORVYDORUHVGHSDUHVGHDSULHWHGHEHQVHUDSOLFDGRVWDOFRPRKDQVLGRHVSHFLILFD
GRVSDUDDVtJDUDQWL]DUODFRUUHFWDVXMHFLyQGHHVWDVSLH]DV '
1XQFD WUDWH GH FDOHQWDU WHPSODU R HQGHUH]DU QLQJXQD SLH]D FRPSRQHQWH GH OD VXVSHQVLyQ GHODQWHUD
5HHPSODFHHPSOHDQGRXQDSLH]DQXHYDSDUDHYLWDUGDxRVDODSLH]D
127$
3DUDODVGHVFULSFLRQHVHOHPHQWRVQRLQFOXLGDVHQHVWDVHFFLyQUHILpUDVHDODPLVPDVHFFLyQGHO0DQXDO
GH6HUYLFLRPHQFLRQDGRHQHO35()$&,2GHHVWHPDQXDO
&217(1,'2
6HUYLFLRHQHOYHKtFXOR ' (VSHFLILFDFLRQHVGHSDUHVGHDSULHWH '
%UD]RGHFRQWUROFDVTXLOORVGHODVXVSHQVLyQ '
6HUYLFLRHQHOYHKtFXOR
%UD]RGHFRQWUROFDVTXLOORVGHODVXVSHQVLyQ
,167$/$&,Ï1
3DUD PD\RUHV GHWDOOHV UHILpUDVH DO PLVPR SXQWR HQ OD PLVPD VHF
FLyQ GHO 0DQXDO GH 6HUYLFLR PHQFLRQDGR HQ HO 35()$&,2 GH HVWH
PDQXDOWHQLHQGRHQFRQVLGHUDFLyQORVSXQWRVVLJXLHQWHV
(b) ,QVWDOHHOEUD]RGHODVXVSHQVLyQHQHOFKDVLV
%DMH HO HOHYDGRU \ HO YHKtFXOR QR FDUJDGR DSULHWH ODV WXHUFDV
GHOEUD]RGHVXVSHQVLyQDOSDUGHDSULHWHHVSHFLILFDGR
3DUGHDSULHWH
7XHUFDGHEUD]RGHVXVSHQVLyQGHODQWHUDD
1ÂPNJP
7XHUFDGHEUD]RGHVXVSHQVLyQGHODQWHUDE
1ÂPNJP
127$
1RYXHOYDDXWLOL]DUODWXHUFDGHEUD]RGHVXVSHQVLyQGHODQ
WHUDE
3D-2 SUSPENSIÓN DELANTERA
6(&&,Ï1(
6863(16,Ï175$6(5$
127$
3DUD ODV GHVFULSFLRQHV HOHPHQWRV QR LQFOXLGDV HQ HVWD VHFFLyQ UHILpUDVH D OD PLVPD VHFFLyQ GHO
0DQXDOGH6HUYLFLRPHQFLRQDGRHQHO35()$&,2GHHVWHPDQXDO
7RGRVORVHOHPHQWRVGHILMDFLyQGHODVXVSHQVLyQVRQSLH]DVGHILMDFLyQLPSRUWDQWHVTXHSRGUtDQDIHFWDU
OD HILFDFLD GHO IXQFLRQDPLHQWR GH SLH]DV \ VLVWHPDV YLWDOHV \R TXH SRGUtDQ VHU OD FDXVD GH FRVWRVDV
UHSDUDFLRQHV 6L HO UHHPSOD]R HV QHFHVDULR GHEHQ XWLOL]DUVH SLH]DV TXH WHQJDQ HO PLVPR Q~PHUR GH
SLH]DRSLH]DVHTXLYDOHQWHV1RHPSOHHSLH]DVGHUHSXHVWRGHPHQRUFDOLGDGRGHGLVHxRVVXVWLWXWLYRV
'XUDQWHHOUHDUPDGRORVYDORUHVGHSDUHVGHDSULHWHGHEHQVHUDSOLFDGRVWDOFRPRKDQVLGRHVSHFLILFD
(
GRVSDUDDVtJDUDQWL]DUODFRUUHFWDVXMHFLyQGHHVWDVSLH]DV
1XQFDWUDWHGHFDOHQWDUWHPSODURHQGHUH]DUQLQJXQDSLH]DFRPSRQHQWHGHODVXVSHQVLyQ5HHPSODFH
HPSOHDQGRXQDSLH]DQXHYDSDUDHYLWDUGDxRVDODSLH]D
&217(1,'2
6HUYLFLRHQHOYHKtFXOR ( &DMDGHHMHWUDVHUR (
(MHGHSXHQWHWUDVHUR\FRMLQHWHGHUXHGD ( (VSHFLILFDFLRQHVGHSDUHVGHDSULHWH (
6HOORGHDFHLWHLQWHULRUGHHMHGHSXHQWH 0DWHULDOHVQHFHVDULRVGHVHUYLFLR (
WUDVHUR ( +HUUDPLHQWDVHVSHFLDOHV (
6HUYLFLRHQHOYHKtFXOR
(MHGHSXHQWHWUDVHUR\FRMLQHWHGHUXHGD
'(60217$-(
'HVPRQWHGHODFDMDHOHMHGHSXHQWHWUDVHURGHDFXHUGRFRQ
ORVSDVRVDGHVFULWRVHQODPLVPDVHFFLyQGHO0DQXDOGH
6HUYLFLR PHQFLRQDGR HQ HO 35()$&,2 GH HVWH PDQXDO
WHQLHQGRHQFRQVLGHUDFLyQORVSXQWRVVLJXLHQWHV
(6863(16,Ï175$6(5$
'HVPRQWHHODQLOORGHUHWHQFLyQGHOHMHGHSXHQWHWUDVHUR
3DUDH[WUDHUHODQLOORGHUHWpQGHOHMHGHOSXHQWHHVPH
ULOH FRQ XQ HVPHULODGRU GH GLVFR GRV SDUWHV GHO DQLOOR GH
UHWpQGHOFRMLQHWHKDVWDTXHVHDGHOJDFHGHODPDQHUDPRV
WUDGDHQODILJXUD
35(&$8&,Ï1
7HQJDFXLGDGR\QRUD\HHOHMHGHOSXHQWH
>$@ 9HKtFXORFRQ$%6
>%@ 9HKtFXORVLQ$%6
8WLOLFHODVKHUUDPLHQWDVHVSHFLDOHVFRPRPRVWUDGRHQODILJXUD
\GHVPRQWHHOFRMLQHWHGHUXHGD\HOUHWpQGHFRMLQHWH
+HUUDPLHQWDHVSHFLDO
$
%
127$
6LVHKDGHMDGRHODURLQWHULRUGHOFRMLQHWHGHUXHGDHQHOHMH
GHO SXHQWH GHVPyQWHOR GHO HMH GH SXHQWH DSOLFDQGR HO
PLVPRSURFHGLPLHQWRPHQFLRQDGRDQWHULRUPHQWH
35(&$8&,Ï1
1RYXHOYDDXWLOL]DUHOFRMLQHWHGHUXHGD
6863(16,Ï175$6(5$(
,167$/$&,Ï1
,QVWDOHODVSLH]DVGHVPRQWDGDVHQHORUGHQLQYHUVRDOGHOGHVPRQ
WDMH\WRPDQGRHQFRQVLGHUDFLyQORVSXQWRVVLJXLHQWHV
,QVWDOHHOUHWpQGHOFRMLQHWHHQHOHMHGHOSXHQWH
(PSOHHODSUHQVD\FRPSULPDHOQXHYRFRMLQHWHGHUXHGD
\HODQLOORQXHYRGHUHWpQSDUDLQVHUWDUORVDGHFXDGDPHQWH
127$
7HQJDFXLGDGR\QRGDxHODSDUWHH[WHULRUGHODQLOOR
GHUHWpQ
(OODGRGHVHOORGHOFRMLQHWHGHUXHGDGHEHTXHGDU
SRVLFLRQDGRKDFLDHOODGRGHOUHWpQGHOFRMLQHWH
,QVWDOHHODQLOORGHUHWHQFLyQHQHOHMHGHSXHQWHWUDVHUR
3E-4 SUSPENSIÓN TRASERA
NOTA:
Cuando instale el eje de puente trasero, tenga cuidado de
no dañar el labio del sello de aceite en la caja del eje.
Par de apriete
Tuerca de retén de cojinete (a) : 50 N·m (5,0 kg-m)
6HOORGHDFHLWHLQWHULRUGHHMHGHSXHQWHWUDVHUR
,167$/$&,Ï1
8WLOLFHODKHUUDPLHQWDHVSHFLDOHLQVHUWHHOVHOORGHDFHLWHKDVWD
TXHHQWUHHQFRQWDFWRFRQHOSURWHFWRUGHVHOORGHDFHLWHHQOD
FDMDGHOHMH
127$
$VHJ~UHVH GH TXH HO VHOOR GH DFHLWH QR TXHGD LQFOLQDGR
FXDQGRHVWpLQVWDODGR
5HILpUDVH D OD ILJXUD SDUD DVHJXUDUVH GH TXH HO VHOOR GH
DFHLWHTXHGDLQVWDODGRHQHOVHQWLGRFRUUHFWR
+HUUDPLHQWDHVSHFLDO
$
%
³$´*UDVD
³%´3URGXFWRGHVHOODGRQ
0DUWLOOR 6HOORGHDFHLWH
%DUUD &HQWURGHODFDUURFHUtD
3URWHFWRUGHVHOORGH
DFHLWH
3DUDHOSURFHGLPLHQWRVLJXLHQWHUHILpUDVHDORVSDVRVD
GH ³,167$/$&,Ï1´ HQ ³(-( '( 38(17( 75$6(52´ HQ HO
0DQXDO GH 6HUYLFLR PHQFLRQDGR HQ HO 35()$&,2 GH HVWH
0DQXDO
&DMDGHHMHWUDVHUR
,167$/$&,Ï1
3DUDORVSDVRVD\DUHILpUDVHDODPLVPDVHFFLyQGHO
0DQXDOGH6HUYLFLRPHQFLRQDGRHQHO35()$&,2GHHVWHPDQXDO
/LPSLH ODV VXSHUILFLHV GH FRQWDFWR GH OD FDMD GH HMH \ GHO
SRUWDGLIHUHQFLDO\DSOLTXHSURGXFWRGHVHOODGR³$´DOODGRGHOD
FDMD
³$´3URGXFWRGHVHOODGRQ
,QVWDOH HO FRQMXQWR GHO SRUWDGLIHUHQFLDO HQ OD FDMD GHO HMH \
DSULHWHORVSHUQRVGHOSRUWDGLIHUHQFLDODOSDUGHDSULHWHHVSHFL
ILFDGR
3DUGHDSULHWH
3HUQRGHSRUWDGLIHUHQFLDOD
1ÂPNJP
(6863(16,Ï175$6(5$
$SOLTXHSURGXFWREORTXHDGRUDODVURVFDVGHOSHUQRGHODEULGD
GHOHMHGHWUDQVPLVLyQVLHVUHXWLOL]DGR,QVWDOHHOHMHGHWUDQV
PLVLyQHQODEULGDGHXQLyQDOLQHDQGRODVPDUFDVGHFRLQFLGHQ
FLD\DSUHWDQGRORVSHUQRVRWXHUFDVGHEULGDDOSDUGHDSULHWH
HVSHFLILFDGR
³$´3URGXFWRGHVHOODGRQ
3DUGHDSULHWH
7XHUFDGHHMHGHWUDQVPLVLyQD
1ÂPNJP
(VSHFLILFDFLRQHVGHSDUHVGHDSULHWH
3DUGHDSULHWH
3LH]DVGHVXMHFLyQ
1P NJP OEIW
7XHUFDGHDPRUWLJXDGRU
7XHUFDLQIHULRUGHDPRUWLJXDGRU
3HUQR\WXHUFDGHEDUUDLQIHULRU
3HUQR\WXHUFDGHEDUUDVXSHULRU
3HUQRGHEDUUDODWHUDO
3HUQRGHSRUWDGLIHUHQFLDO
3HUQRGHHMHGHWUDQVPLVLyQ
7XHUFDDERFLQDGDGHWXERGHIUHQR
7XHUFDGHUHWpQGHFRMLQHWH
7DSRQHVGHOOOHQDGRUGHDFHLWH\GHGUHQDMHWDSyQGHOOHQDGRUGHO
HQJUDQDMHGHGLIHUHQFLDO
7DSRQHVGHOOOHQDGRUGHDFHLWH\GHGUHQDMHWDSyQGHGUHQDMHGHO
HQJUDQDMHGHGLIHUHQFLDO
7XHUFDGHUXHGD
3HUQRGHOVHQVRUGHYHORFLGDGGHUXHGD
0DWHULDOHVQHFHVDULRVGHVHUYLFLR
3URGXFWR68=8.,5HFRPHQGDGR
0DWHULDO 8VR
Q~PHURGHSLH]D
*UDVDGHOLWLR 68=8.,683(5*5($6($ /DELRVGHVHOORGHDFHLWH
)OXLGRGHIUHQRV '27 'HSyVLWRGHUHVHUYDGHIOXLGRGHIUHQRV
$JHQWHGHVHOODGR 68=8.,%21'12 6HOORGHXQLyQGHHMH\SODWRSRUWDIUHQR
6HOORGHXQLyQGHUHWpQGHFRMLQHWH\GH
SODWRSRUWDIUHQR
-XQWDGHXQLyQGHSRUWDGLIHUHQFLDO\FDMD
GHHMH
7DSyQGHGUHQDMH
6XSHUILFLHVGHFRQWDFWRGHVHOORGHDFHLWH
\FDMDGHHMH
$FHLWHGHHQJUD 3DUDLQIRUPDFLyQVREUHHODFHLWHGHHQJUDQD (QJUDQDMHGHGLIHUHQFLDOFDMDGHSXHQWH
QDMHV MHVUHILpUDVHDODVHFFLyQ) WUDVHUR
3URGXFWRGHEOR 7+5($'/2&.&(0(17683(5 3HUQRVGHEULGDGHHMHGHWUDQVPLVLyQWUD
TXHRGHURVFDV VHUR
6863(16,Ï175$6(5$(
+HUUDPLHQWDVHVSHFLDOHV
6(&&,Ï1)
58('$6<1(80È7,&26
127$
3DUD ODV GHVFULSFLRQHV HOHPHQWRV QR LQFOXLGDV HQ HVWD VHFFLyQ UHILpUDVH D OD PLVPD VHFFLyQ GHO
0DQXDOGH6HUYLFLRPHQFLRQDGRHQHO35()$&,2GHHVWHPDQXDO
7RGDVODVSLH]DVGHILMDFLyQGHODVUXHGDVVRQSLH]DVGHILMDFLyQLPSRUWDQWHVTXHSRGUtDQDIHFWDUODHILFD
FLDGHOIXQFLRQDPLHQWRGHSLH]DV\VLVWHPDVYLWDOHV\RTXHSRGUtDQVHUODFDXVDGHFRVWRVDVUHSDUDFLR
QHV 6L HO UHHPSOD]R HV QHFHVDULR GHEHQ XWLOL]DUVH SLH]DV TXH WHQJDQ HO PLVPR Q~PHUR GH SLH]D R
SLH]DVHTXLYDOHQWHV1RHPSOHHSLH]DVGHUHSXHVWRGHPHQRUFDOLGDGRGHGLVHxRVVXVWLWXWLYRV'XUDQWH
HOUHDUPDGRORVYDORUHVGHSDUHVGHDSULHWHGHEHQVHUDSOLFDGRVWDOFRPRKDQVLGRHVSHFLILFDGRVSDUD
DVtJDUDQWL]DUODFRUUHFWDVXMHFLyQGHHVWDVSLH]DV
1R KD\ TXH VROGDU QDGD \D TXH ODV VROGDGXUDV SXHGHQ FDXVDU GDxRV PD\RUHV \ HO GHELOLWDPLHQWR GHO )
PHWDO
&217(1,'2
'HVFULSFLyQJHQHUDO ) 1HXPiWLFRV )
5XHGDV )
'HVFULSFLyQJHQHUDO
1HXPiWLFRV
(VWHYHKtFXORHVWiHTXLSDGRFRQORVQHXPiWLFRVVLJXLHQWHV
(VSHFLILFDFLyQGHOQHXPiWLFR
35y5
/RVQHXPiWLFRVQRWLHQHQFiPDUDGHDLUH/RVQHXPiWLFRVHVWiQSUHYLVWRVSDUDIXQFLRQDUVDWLVIDFWRULDPHQWHFRQFDU
JDVKDVWDHOOtPLWHGHODFDSDFLGDGQRPLQDOGHFDUJDFXDQGRHVWiQLQIODGRVGHDFXHUGRFRQODVSUHVLRQHVGHLQIODGR
UHFRPHQGDGDV
/DSUHVLyQFRUUHFWDGHLQIODGR\ODVFRVWXPEUHVGHODFRQGXFFLyQWLHQHQXQDLQFLGHQFLDPX\LPSRUWDQWHHQODGXUD
FLyQGHODYLGD~WLOGHORVQHXPiWLFRV/RVYLUDMHVFHUUDGRVODVDFHOHUDFLRQHVH[FHVLYDPHQWHUiSLGDV\ORVIUHQD]RV
UHSHQWLQRVLQQHFHVDULRVDXPHQWDQHOGHVJDVWHGHORVQHXPiWLFRV
5XHGDV
/DVUXHGDVGHOHTXLSRHVWiQGDUVRQODVUXHGDVGHDFHURVLJXLHQWHV
(VSHFLILFDFLRQHVGHODVUXHGDV
[--
)58('$6<1(80È7,&26
EJE DE PALIER DELANTERO/COJINETE DE EJE, SELLO DE ACEITE 4A2-1
SECCIÓN 4A2
CONTENIDO
Servicio en el vehículo .................................... 4A2-2 Materiales necesarios de servicio .................. 4A2-4
Eje propulsor.................................................. 4A2-2 4A2
4A2-2 EJE DE PALIER DELANTERO/COJINETE DE EJE, SELLO DE ACEITE
Servicio en el vehículo
Eje propulsor
ARMADO
PRECAUCIÓN:
• Para evitar cualquier problema causado por el líquido de
lavado, no lave las fundas de las juntas de velocidad
constante. Está permitido sacar la grasa de estas piezas
empleando un paño.
• Doble cada abrazadera de cinta de funda en el sentido
contrario a la rotación hacia adelante.
• No retuerza ni deforme la funda cuando la fije con las
abrazaderas de cinta.
La acción del aire puede disminuir la vida útil de la funda
retorcida.
PRECAUCIÓN:
Instale la jaula (1) posicionando el lado de diámetro exterior
menor en el extremo del eje.
EJE DE PALIER DELANTERO/COJINETE DE EJE, SELLO DE ACEITE 4A2-3
PRECAUCIÓN:
Posicione la abertura “a” de las puntas del anillo elástico de
manera que no queden alineadas con una bola.
SECCIÓN 4B
EJES DE TRANSMISIÓN
NOTA:
Para las descripciones (elementos) no incluidas en esta sección, refiérase a la misma sección del Manual
de Servicio mencionado en el PREFACIO de este manual.
CONTENIDO
Descripción general........................................... 4B-1 Especificaciones de pares de apriete .............. 4B-2
Servicio en el vehículo ...................................... 4B-2 Material necesario de servicio .......................... 4B-2
Eje de transmisión ........................................... 4B-2
4B
Descripción general
En el eje de transmisión delantero se han instalado dos juntas universales de velocidad variable -llamadas juntas car-
dán. El eje de transmisión trasero incorpora una junta universal de velocidad variable, dos juntas universales de velo-
cidad constante y un soporte central de montura de caucho. En el extremo delantero del eje de transmisión trasero
se ha instalado una junta cardán del mismo tipo que la junta cardán del eje de transmisión delantero. En el extremo
trasero del eje de transmisión trasero se ha instalado una junta de velocidad constante tipo bola y jaula (BJ). En el
medio del eje de transmisión trasero -justo detrás del soporte central- se ha instalado una junta de velocidad cons-
tante tipo desplazamiento doble (DOJ).
La mayoría de las juntas universales no necesitan mantenimiento. Su lubricación dura toda la vida útil de la junta uni-
versal y no pueden ser lubricadas en el vehículo. Si una junta universal o produce ruido o se desgasta, debe ser
reemplazada.
El eje de transmisión es una unidad equilibrada. Por consiguiente, debe ser manipulado con cuidado para mantener
el equilibrado.
Servicio en el vehículo
Eje de transmisión
Para las descripciones diferentes de las incluidas a continuación,
refiérase a la misma sección del Manual de Servicio mencionado en
el PREFACIO de este manual.
INSTALACIÓN
6(&&,Ï1
)5(126
$'9(57(1&,$
3DUDORVYHKtFXORVHTXLSDGRVFRQHO6LVWHPD6XSOHPHQWDULRGH6XMHFLyQ&ROFKyQGHDLUH
/RVVHUYLFLRVTXHGHEDQVHUHIHFWXDGRVHQRDOUHGHGRUGHORVFRPSRQHQWHVRGHOFDEOHDGRGHOVLVWHPD
GHOFROFKyQGHDLUHGHEHQVHUKHFKRVH[FOXVLYDPHQWHSRUXQFRQFHVLRQDULRDXWRUL]DGR68=8.,5HILp
UDVH DO ³(VTXHPD GH XELFDFLyQ GH ORV FRPSRQHQWHV \ FDEOHDGR GHO VLVWHPD GHO FROFKyQ GH DLUH´ HQ
³'HVFULSFLyQJHQHUDO´HQODVHFFLyQGHOVLVWHPDGHOFROFKyQGHDLUHSDUDFRQILUPDUVLXVWHGHVWiHIHF
WXDQGRWUDEDMRGHVHUYLFLRHQRDOUHGHGRUGHORVFRPSRQHQWHVRGHOFDEOHDGRGHOVLVWHPDGHOFROFKyQ
GHDLUH6tUYDVHREVHUYDUWRGDVODV$'9(57(1&,$6\³3UHFDXFLRQHVSDUDHOVHUYLFLR´LQGLFDGDVHQ³6HU
YLFLRHQHOYHKtFXOR´HQODVHFFLyQGHOVLVWHPDGHOFROFKyQGHDLUHDQWHVGHHIHFWXDUFXDOTXLHUWUDEDMR
GHVHUYLFLRHQRDOUHGHGRUGHORVFRPSRQHQWHVRGHOFDEOHDGRGHOVLVWHPDGHOFROFKyQGHDLUH6LQRVH
UHVSHWDQODV$'9(57(1&,$6VHSXHGHFDXVDUHOLQIODGRDFFLGHQWDOGHOFROFKyQGHDLUHRVHSXHGHGHMDU
LQRSHUDQWHHOVLVWHPDGHOFROFKyQGHDLUH&XDOTXLHUDGHHVWRVGRVFDVRVSXHGHFDXVDUGDxRVFRUSRUD
OHVJUDYHV
/RVWUDEDMRVGHVHUYLFLRWpFQLFRGHEHQVHULQLFLDGRVSRUORPHQRVVHJXQGRVGHVSXpVGHTXHVHFROR
TXHHOLQWHUUXSWRUGHHQFHQGLGRHQODSRVLFLyQ³/2&.´\GHTXHVHGHVFRQHFWHHOFDEOHQHJDWLYRGHOD
EDWHUtD(QHIHFWRVLQRVHSURFHGHGHHVWDIRUPDHOVLVWHPDSXHGHVHUDFWLYDGRSRUODUHVHUYDGHHQHU
JtDHOpFWULFDGHOPyGXORGHGHWHFFLyQ\GHGLDJQyVWLFR6'0
127$
3DUD ODV GHVFULSFLRQHV HOHPHQWRV QR LQFOXLGDV HQ HVWD VHFFLyQ UHILpUDVH D OD PLVPD VHFFLyQ GHO
0DQXDOGH6HUYLFLRPHQFLRQDGRHQHO35()$&,2GHHVWHPDQXDO
&XDQGRLQVSHFFLRQH\VLUYDXQYHKtFXORHTXLSDGRFRQHOVLVWHPDGH$%6DVHJ~UHVHELHQGHSULPHUR
UHIHULUVHDODVHFFLyQ(
7RGDVODVSLH]DVGHILMDFLyQGHORVIUHQRVVRQSLH]DVGHILMDFLyQLPSRUWDQWHVTXHSRGUtDQDIHFWDUODHILFD
FLDGHOIXQFLRQDPLHQWRGHSLH]DV\VLVWHPDVYLWDOHV\RTXHSRGUtDQVHUODFDXVDGHFRVWRVDVUHSDUDFLR
QHV 6L HO UHHPSOD]R HV QHFHVDULR GHEHQ XWLOL]DUVH SLH]DV TXH WHQJDQ HO PLVPR Q~PHUR GH SLH]D R
SLH]DVHTXLYDOHQWHV1RHPSOHHSLH]DVGHUHSXHVWRGHPHQRUFDOLGDGRGHGLVHxRVVXVWLWXWLYRV'XUDQWH
HOUHDUPDGRORVYDORUHVGHSDUHVGHDSULHWHGHEHQVHUDSOLFDGRVWDOFRPRKDQVLGRHVSHFLILFDGRVSDUD
DVtJDUDQWL]DUODFRUUHFWDVXMHFLyQGHHVWDVSLH]DV1RKD\TXHVROGDUQDGD\DTXHODVVROGDGXUDVSXH
GHQFDXVDUGDxRVPD\RUHV\HOGHELOLWDPLHQWRGHOPHWDO
&217(1,'2
'LDJQyVWLFR 7DEODGHGLDJQyVWLFR
)5(126
'LDJQyVWLFR
7DEODGHGLDJQyVWLFR
3DUDORVHOHPHQWRVQRLQFOXLGRVHQHVWDFROXPQDUHILpUDVHDOPLVPRtWHPGHODPLVPDVHFFLyQGHO0DQXDOGH6HUYL
FLRPHQFLRQDGRHQHO35()$&,2GHHVWHPDQXDO
6(&&,Ï1$
78%20$1*8(5$&,/,1'520$(6752'()5(12
$'9(57(1&,$
3DUDORVYHKtFXORVHTXLSDGRVFRQHO6LVWHPD6XSOHPHQWDULRGH6XMHFLyQ&ROFKyQGHDLUH
/RVVHUYLFLRVTXHGHEDQVHUHIHFWXDGRVHQRDOUHGHGRUGHORVFRPSRQHQWHVRGHOFDEOHDGRGHOVLVWHPD
GHOFROFKyQGHDLUHGHEHQVHUKHFKRVH[FOXVLYDPHQWHSRUXQFRQFHVLRQDULRDXWRUL]DGR68=8.,5HILp
UDVH DO ³(VTXHPD GH XELFDFLyQ GH ORV FRPSRQHQWHV \ FDEOHDGR GHO VLVWHPD GHO FROFKyQ GH DLUH´ HQ
³'HVFULSFLyQJHQHUDO´HQODVHFFLyQGHOVLVWHPDGHOFROFKyQGHDLUHSDUDFRQILUPDUVLXVWHGHVWiHIHF
WXDQGRWUDEDMRGHVHUYLFLRHQRDOUHGHGRUGHORVFRPSRQHQWHVRGHOFDEOHDGRGHOVLVWHPDGHOFROFKyQ
GHDLUH6tUYDVHREVHUYDUWRGDVODV$'9(57(1&,$6\³3UHFDXFLRQHVSDUDHOVHUYLFLR´LQGLFDGDVHQ³6HU
YLFLRHQHOYHKtFXOR´HQODVHFFLyQGHOVLVWHPDGHOFROFKyQGHDLUHDQWHVGHHIHFWXDUFXDOTXLHUWUDEDMR
GHVHUYLFLRHQRDOUHGHGRUGHORVFRPSRQHQWHVRGHOFDEOHDGRGHOVLVWHPDGHOFROFKyQGHDLUH6LQRVH
UHVSHWDQODV$'9(57(1&,$6VHSXHGHFDXVDUHOLQIODGRDFFLGHQWDOGHOFROFKyQGHDLUHRVHSXHGHGHMDU
LQRSHUDQWHHOVLVWHPDGHOFROFKyQGHDLUH&XDOTXLHUDGHHVWRVGRVFDVRVSXHGHFDXVDUGDxRVFRUSRUD
OHVJUDYHV
/RVWUDEDMRVGHVHUYLFLRWpFQLFRGHEHQVHULQLFLDGRVSRUORPHQRVVHJXQGRVGHVSXpVGHTXHVHFROR
TXHHOLQWHUUXSWRUGHHQFHQGLGRHQODSRVLFLyQ³/2&.´\GHTXHVHGHVFRQHFWHHOFDEOHQHJDWLYRGHOD
EDWHUtD(QHIHFWRVLQRVHSURFHGHGHHVWDIRUPDHOVLVWHPDSXHGHVHUDFWLYDGRSRUODUHVHUYDGHHQHU
JtDHOpFWULFDGHOPyGXORGHGHWHFFLyQ\GHGLDJQyVWLFR6'0 $
127$
3DUD ODV GHVFULSFLRQHV HOHPHQWRV QR LQFOXLGDV HQ HVWD VHFFLyQ UHILpUDVH D OD PLVPD VHFFLyQ GHO
0DQXDOGH6HUYLFLRPHQFLRQDGRHQHO35()$&,2GHHVWHPDQXDO
7RGDVODVSLH]DVGHILMDFLyQGHORVIUHQRVVRQSLH]DVGHILMDFLyQLPSRUWDQWHVTXHSRGUtDQDIHFWDUODHILFD
FLDGHOIXQFLRQDPLHQWRGHSLH]DV\VLVWHPDVYLWDOHV\RTXHSRGUtDQVHUODFDXVDGHFRVWRVDVUHSDUDFLR
QHV 6L HO UHHPSOD]R HV QHFHVDULR GHEHQ XWLOL]DUVH SLH]DV TXH WHQJDQ HO PLVPR Q~PHUR GH SLH]D R
SLH]DVHTXLYDOHQWHV1RHPSOHHSLH]DVGHUHSXHVWRGHPHQRUFDOLGDGRGHGLVHxRVVXVWLWXWLYRV'XUDQWH
HOUHDUPDGRORVYDORUHVGHSDUHVGHDSULHWHGHEHQVHUDSOLFDGRVWDOFRPRKDQVLGRHVSHFLILFDGRVSDUD
DVtJDUDQWL]DUODFRUUHFWDVXMHFLyQGHHVWDVSLH]DV1RKD\TXHVROGDUQDGD\DTXHODVVROGDGXUDVSXH
GHQFDXVDUGDxRVPD\RUHV\HOGHELOLWDPLHQWRGHOPHWDO
&217(1,'2
'HVFULSFLyQJHQHUDO $ &RQMXQWRGHFLOLQGURPDHVWUR $
&RQMXQWRGHFLOLQGURPDHVWUR $ 5HIRU]DGRUGHIUHQR $
6HUYLFLRHQHOYHKtFXOR $ (VSHFLILFDFLRQHVGHSDUHVGHDSULHWH $
0DQJXHUDWXERGHIUHQRGHODQWHUR $ +HUUDPLHQWDVHVSHFLDOHV $
'HSyVLWRGHUHVHUYDGHOFLOLQGURPDHVWUR $
$78%20$1*8(5$&,/,1'520$(6752'()5(12
'HVFULSFLyQJHQHUDO
&RQMXQWRGHFLOLQGURPDHVWUR
(OFLOLQGURPDHVWURLQFRUSRUDGRVSLVWRQHV\WUHVFRSDVGHSLVWyQ6XSUHVLyQKLGUiXOLFDHVSURGXFLGDHQODVFiPDUDV
SULPDULD³D´HQODILJXUDVLJXLHQWH\VHFXQGDULD³E´/DSUHVLyQKLGUiXOLFDSURGXFLGDHQODFiPDUDSULPDULD³D´HQ
ODILJXUDVLJXLHQWHDFW~DHQORVIUHQRVGHODVUXHGDVWUDVHUDV
$GHPiVODSUHVLyQKLGUiXOLFDSURGXFLGDHQODFiPDUDVHFXQGDULD³E´DFW~DHQORVIUHQRVGHODVUXHGDVGHODQWHUDV
$'9(57(1&,$
(OFLOLQGURPDHVWURGHIUHQRQRSXHGHVHUGHVDUPDGR6LKD\DOJXQDFRQGLFLyQGHIHFWXRVDHQpOGHEHVHU
UHHPSOD]DGRFRPRXQFRQMXQWR
35(&$8&,Ï1
(OFLOLQGURPDHVWURGHIUHQRQRSXHGHVHUGHVDUPDGRHQSULQFLSLR6LHOSLVWyQSULPDULROOHJDDVDOLUVHGHO
FLOLQGURFXDQGRVHORHVWiGHVPRQWDQGRRPDQLSXODQGRODYHHOSLVWyQSULPDULRHQIOXLGRFRQODVPLVPDV
HVSHFLILFDFLRQHVGHOIOXLGRGHOGHSyVLWRGHUHVHUYD\YXHOYDDLQVWDODUHOSLVWyQHQHOFLOLQGUR
6HUYLFLRHQHOYHKtFXOR
0DQJXHUDWXERGHIUHQRGHODQWHUR
'(60217$-(
/HYDQWH\DSR\HFRQYHQLHQWHPHQWHHOYHKtFXOR'HVPRQWHHOQHXPiWLFR\ODUXHGD
(VWDRSHUDFLyQQRHVQHFHVDULDFXDQGRVHGHVPRQWDQORVWXERVTXHFRQHFWDQHOFLOLQGURPDHVWURFRQODPDQ
JXHUDIOH[LEOH
/LPSLH\HOLPLQHODVVXFLHGDGHV\ORVPDWHULDOHVH[WUDxRVHQODVXQLRQHVGHOH[WUHPRGHODPDQJXHUDIOH[LEOH\
GHOWXER'HVPRQWHODPDQJXHUDIOH[LEOHRWXERGHIUHQR
,167$/$&,Ï1
3DUDODLQVWDODFLyQGHODPDQJXHUD\GHOWXERGHIUHQRLQYLHUWDHOSURFHGLPLHQWRGHGHVPRQWDMH
3DUDODLQVWDODFLyQDVHJ~UHVHGHTXHHOYRODQWHGHGLUHFFLyQHVWiSRVLFLRQDGRHQHOVHQWLGRGHUXHGDVGHODQWHUDV
HQOtQHDUHFWD\TXHODPDQJXHUDIOH[LEOHQRHVWiUHWRUFLGDRDSODVWDGD9HULILTXHTXHODPDQJXHUDIOH[LEOHQR
HVWi HQ FRQWDFWR FRQ QLQJXQD SLH]D GH OD VXVSHQVLyQ FXDQGR VH JLUD FRPSOHWDPHQWH D OD GHUHFKD R D OD
L]TXLHUGD 6L HVWi HQ FRQWDFWR HQ DOJ~Q SXQWR SURFHGD D GHVPRQWDUOD \ D FRUUHJLU /OHQH \ PDQWHQJD HO QLYHO
FRUUHFWRGHIOXLGRGHIUHQRVHQHOGHSyVLWR3XUJXHHOVLVWHPDGHIUHQRV
(IHFW~HODSUXHEDGHIUHQRV\YHULILTXHVLKD\IXJDVGHIOXLGRHQODVSLH]DVLQVWDODGDV
3DUGHDSULHWH
7XHUFDDERFLQDGDGHWXERGHIUHQRD1ÂPNJP
3HUQRGHODPDQJXHUDIOH[LEOHGHIUHQRSLQ]DGHIUHQRXQLyQGHYtDVE1ÂPNJP
3HUQRGHPRQWDMHGHXQLyQGHYtDVF1ÂPNJP
3HUQRGHOVRSRUWHGHODPDQJXHUDWXERGHIUHQRF1ÂPNJP
3HUQRGHOVRSRUWHGHODFWXDGRUGHO$%6F1ÂPNJP
3HUQRGHPRQWDMHGHODFWXDGRUGHO$%6F1ÂPNJP
127$
,QVHUWHHODQLOORHQ(KDVWDTXHODVXSHUILFLHGHVXH[WUHPRTXHGHDUDVRPiVEDMRGHODVXSHUILFLHGHO
H[WUHPRGHOVRSRUWH
$78%20$1*8(5$&,/,1'520$(6752'()5(12
3DUDYHKtFXORFRQYRODQWHDODGHUHFKD
3DUDYHKtFXORFRQYRODQWHDODL]TXLHUGD
'HSyVLWRGHUHVHUYDGHOFLOLQGURPDHVWUR
'(60217$-(
&LOLQGURPDHVWUR
3 2
'HVPRQWHHOGHSyVLWRGHUHVHUYD
1
127$
3
3 &XLGH TXH QR FDLJD IOXLGR GH IUHQRV VREUH ODV VXSHUILFLHV
SLQWDGDV
2
7RSH
2MHWHVSDVDFDEOHV
,167$/$&,Ï1
127$
5HILpUDVHD127$DOSULQFLSLRGHHVWDVHFFLyQ
3 2
&RQHFWHHOFDEOHFRQGXFWRUGHOGHSyVLWRGHUHVHUYD
/OHQHHOGHSyVLWRGHUHVHUYDFRQHOIOXLGRHVSHFLILFDGR
'HVSXpVGHODLQVWDODFLyQFRPSUXHEHVLKD\IXJDVGHIOXLGR
78%20$1*8(5$&,/,1'520$(6752'()5(12$
&RQMXQWRGHFLOLQGURPDHVWUR
'(60217$-(
127$
&XLGH TXH QR FDLJD IOXLGR GH IUHQRV VREUH ODV VXSHUILFLHV
SLQWDGDV
2 1 'HVFRQHFWHHOFDEOHFRQGXFWRUGHOGHSyVLWRGHUHVHUYDHQ
HODFRSODGRU
/LPSLHDOUHGHGRUGHODWDSDGHOGHSyVLWRGHUHVHUYD\XWLOLFH
XQDMHULQJDRDOJRVHPHMDQWH\H[WUDLJDHOIOXLGRGHOGHSyVLWR
'HVFRQHFWH ORV WXERV GH IUHQR GHO FLOLQGUR PDHVWUR \ HO
DFWXDGRUGHO$%6
&20352%$&,Ï1
9HULILTXHODGLVWDQFLD³$´
'LVWDQFLD³$´
PPRPiV
“A”
6LODGLVWDQFLDPHGLGDHVWiIXHUDGHODVHVSHFLILFDFLRQHVUHHPSODFH
HOFRQMXQWRGHOFLOLQGURPDHVWUR
,167$/$&,Ï1
127$
5HILpUDVHD127$DOSULQFLSLRGHHVWDVHFFLyQ
,QVWDOHHOFLOLQGURPDHVWURHQHOUHIRU]DGRUGHIUHQR
$SULHWH ODV WXHUFDV GH ILMDFLyQ GHO FLOLQGUR PDHVWUR DO SDU GH
DSULHWHHVSHFLILFDGR
3DUGHDSULHWH
7XHUFDGHILMDFLyQGHOFLOLQGURPDHVWURE
1
1ÂPNJP
&RQHFWHODVWXEHUtDVKLGUiXOLFDVDOFLOLQGURPDHVWUR\DODFWXD
GRUGHO$%6DSULHWHODVWXHUFDVDERFLQDGDVDOSDUGHDSULHWH
HVSHFLILFDGR
3DUGHDSULHWH
7XHUFDDERFLQDGDGHWXERGHIUHQRF1ÂPNJP
&RQHFWHHOFDEOHFRQGXFWRUGHOGHSyVLWRGHUHVHUYD
(b)
/OHQHHOGHSyVLWRGHUHVHUYDFRQHOIOXLGRHVSHFLILFDGR
(c)
'HVSXpVGHLQVWDODUFRPSUXHEHHOMXHJRGHOSHGDOGHIUHQR\
SXUJXHHODLUHHQHOVLVWHPDGHIUHQRV5HILpUDVHD³&20352
%$&,Ï1'(/-8(*2'(/3('$/'()5(12´\D³385*$
'()5(126´HQODVHFFLyQ
(IHFW~HODSUXHEDGHIUHQRV\YHULILTXHHQFDGDXQDGHODVSLH
]DVLQVWDODGDVVLKD\IXJDVGHIOXLGR
$78%20$1*8(5$&,/,1'520$(6752'()5(12
5HIRU]DGRUGHIUHQR
7
3
6
9 2
&20352%$&,Ï1<$-867('(/$+2/*85$(175(/$
%$55$'(/3,67Ï1'(/5()25=$'25<(/3,67Ï1'(/
&,/,1'520$(6752
/D ORQJLWXG GH OD EDUUD GHO SLVWyQ GHO UHIRU]DGRU HVWi DMXVWDGD
SDUDREWHQHUODKROJXUDHVSHFLILFDGD³´HQWUHHOH[WUHPRGHODEDUUD
GHOSLVWyQ\HOSLVWyQGHOFLOLQGURPDHVWUR
$QWHVGHPHGLUODKROJXUDHPSXMHYDULDVYHFHVODEDUUDGHOSLV
WyQSDUDDVHJXUDUVHGHTXHHOGLVFRGHUHDFFLyQHVWiHIHFWLYD
PHQWHHQVXOXJDU
3DUDODPHGLFLyQPDQWHQJDHOUHIRU]DGRUDODSUHVLyQDWPRVIp
ULFD
&RPSUXHEHODSURIXQGLGDGHVGHFLUODGLVWDQFLDHQWUHODEDUUD
GHOSLVWyQ\ODVXSHUILFLHGHFRQWDFWRGHOUHIRU]DGRUFRQHOFLOLQ
GURPDHVWUR
3URIXQGLGDG³F´GHOSLVWyQSDUDODPHGLFLyQ
±PP
78%20$1*8(5$&,/,1'520$(6752'()5(12$
6LODSURIXQGLGDGPHGLGDHVWiIXHUDGHODHVSHFLILFDFLyQDMXVWH
DOYDORUHVSHFLILFDGRPHGLDQWH HOWRUQLOORGH DMXVWHGH ODEDUUD
GHOSLVWyQ
+HUUDPLHQWDHVSHFLDO
)
3URIXQGLGDG³G´GHODEDUUDGHOSLVWyQSDUDHODMXVWH
±PP
$78%20$1*8(5$&,/,1'520$(6752'()5(12
(VSHFLILFDFLRQHVGHSDUHVGHDSULHWH
3DUGHDSULHWH
3LH]DVGHVXMHFLyQ
1P NJP OEIW
3HUQRGHODPDQJXHUDIOH[LEOHGHIUHQRSLQ]DGHIUHQRXQLyQGH
YtDV
3HUQRGHOVRSRUWHGHODPDQJXHUDWXERGHIUHQR
3HUQRGHOVRSRUWHGHODFWXDGRUGHO$%6
7XHUFDGHILMDFLyQGHOFLOLQGURPDHVWUR
7XHUFDGHUHIRU]DGRU
7XHUFDGHKRUTXLOOD
3HUQRGHPRQWDMHGHXQLyQGHYtDV
7XHUFDDERFLQDGDGHWXERGHIUHQR
7DSyQSXUJDGRUGHODQWHURSLQ]DGHIUHQRGHODQWHUR0
7DSyQSXUJDGRUGHODQWHURFLOLQGURGHUXHGD
7XHUFDGHUXHGD
+HUUDPLHQWDVHVSHFLDOHV
$MXVWDGRUGHEDUUDGHSLV /ODYHSDUDWXHUFDDERFL
WyQGHOUHIRU]DGRU QDGDPP
)5(1275$6(52<'((67$&,21$0,(172&
6(&&,Ï1&
)5(1275$6(52<'((67$&,21$0,(172
$'9(57(1&,$
3DUDORVYHKtFXORVHTXLSDGRVFRQHO6LVWHPD6XSOHPHQWDULRGH6XMHFLyQ&ROFKyQGHDLUH
/RVVHUYLFLRVTXHGHEDQVHUHIHFWXDGRVHQRDOUHGHGRUGHORVFRPSRQHQWHVRGHOFDEOHDGRGHOVLVWHPD
GHOFROFKyQGHDLUHGHEHQVHUKHFKRVH[FOXVLYDPHQWHSRUXQFRQFHVLRQDULRDXWRUL]DGR68=8.,5HILp
UDVH DO ³(VTXHPD GH XELFDFLyQ GH ORV FRPSRQHQWHV \ FDEOHDGR GHO VLVWHPD GHO FROFKyQ GH DLUH´ HQ
³'HVFULSFLyQJHQHUDO´HQODVHFFLyQGHOVLVWHPDGHOFROFKyQGHDLUHSDUDFRQILUPDUVLXVWHGHVWiHIHF
WXDQGRWUDEDMRGHVHUYLFLRHQRDOUHGHGRUGHORVFRPSRQHQWHVRGHOFDEOHDGRGHOVLVWHPDGHOFROFKyQ
GHDLUH6tUYDVHREVHUYDUWRGDVODV$'9(57(1&,$6\³3UHFDXFLRQHVSDUDHOVHUYLFLR´LQGLFDGDVHQ³6HU
YLFLRHQHOYHKtFXOR´HQODVHFFLyQGHOVLVWHPDGHOFROFKyQGHDLUHDQWHVGHHIHFWXDUFXDOTXLHUWUDEDMR
GHVHUYLFLRHQRDOUHGHGRUGHORVFRPSRQHQWHVRGHOFDEOHDGRGHOVLVWHPDGHOFROFKyQGHDLUH6LQRVH
UHVSHWDQODV$'9(57(1&,$6VHSXHGHFDXVDUHOLQIODGRDFFLGHQWDOGHOFROFKyQGHDLUHRVHSXHGHGHMDU
LQRSHUDQWHHOVLVWHPDGHOFROFKyQGHDLUH&XDOTXLHUDGHHVWRVGRVFDVRVSXHGHFDXVDUGDxRVFRUSRUD
OHVJUDYHV
/RVWUDEDMRVGHVHUYLFLRWpFQLFRGHEHQVHULQLFLDGRVSRUORPHQRVVHJXQGRVGHVSXpVGHTXHVHFROR
TXHHOLQWHUUXSWRUGHHQFHQGLGRHQODSRVLFLyQ³/2&.´\GHTXHVHGHVFRQHFWHHOFDEOHQHJDWLYRGHOD
EDWHUtD(QHIHFWRVLQRVHSURFHGHGHHVWDIRUPDHOVLVWHPDSXHGHVHUDFWLYDGRSRUODUHVHUYDGHHQHU
JtDHOpFWULFDGHOPyGXORGHGHWHFFLyQ\GHGLDJQyVWLFR6'0
127$ &
3DUD ODV GHVFULSFLRQHV HOHPHQWRV QR LQFOXLGDV HQ HVWD VHFFLyQ UHILpUDVH D OD PLVPD VHFFLyQ GHO
0DQXDOGH6HUYLFLRPHQFLRQDGRHQHO35()$&,2GHHVWHPDQXDO
7RGDVODVSLH]DVGHILMDFLyQGHORVIUHQRVVRQSLH]DVGHILMDFLyQLPSRUWDQWHVTXHSRGUtDQDIHFWDUODHILFD
FLDGHOIXQFLRQDPLHQWRGHSLH]DV\VLVWHPDVYLWDOHV\RTXHSRGUtDQVHUODFDXVDGHFRVWRVDVUHSDUDFLR
QHV 6L HO UHHPSOD]R HV QHFHVDULR GHEHQ XWLOL]DUVH SLH]DV TXH WHQJDQ HO PLVPR Q~PHUR GH SLH]D R
SLH]DVHTXLYDOHQWHV1RHPSOHHSLH]DVGHUHSXHVWRGHPHQRUFDOLGDGRGHGLVHxRVVXVWLWXWLYRV'XUDQWH
HOUHDUPDGRORVYDORUHVGHSDUHVGHDSULHWHGHEHQVHUDSOLFDGRVWDOFRPRKDQVLGRHVSHFLILFDGRVSDUD
DVtJDUDQWL]DUODFRUUHFWDVXMHFLyQGHHVWDVSLH]DV1RKD\TXHVROGDUQDGD\DTXHODVVROGDGXUDVSXH
GHQFDXVDUGDxRVPD\RUHV\HOGHELOLWDPLHQWRGHOPHWDO
&217(1,'2
'HVFULSFLyQJHQHUDO & 7DPERUGHIUHQR &
&RQMXQWRGHOIUHQRGHWDPERU & &LOLQGURGHUXHGD&
6HUYLFLRHQHOYHKtFXOR & 3ODWRSRUWDIUHQR &
&DEOHGHOIUHQRGHHVWDFLRQDPLHQWR & (VSHFLILFDFLRQHVGHSDUHVGHDSULHWH &
&)5(1275$6(52<'((67$&,21$0,(172
'HVFULSFLyQJHQHUDO
&RQMXQWRGHOIUHQRGHWDPERU
(OFRQMXQWRGHOIUHQRGHWDPERUWLHQHXQVLVWHPDGHDMXVWHDXWRPiWLFRGHKROJXUDGH]DSDWDDVtTXHODKROJXUDHQWUH
HOWDPERU\OD]DSDWDHVPDQWHQLGDFRQWLQXDPHQWHHQVXYDORUFRUUHFWR(OIUHQRWUDVHURHVGHOWLSRIUHQRGHWDPERU
8WLOL]DHOIXQFLRQDPLHQWRGH]DSDUDSULPDULDVHFXQGDULDFXDQGRVHDSULHWDHOSHGDOGHOIUHQR\FXDQGRVHDSOLFDHO
IUHQRGHHVWDFLRQDPLHQWRHQXQDFDUUHWHUDKRUL]RQWDO
$GHPiVXWLOL]DHOIXQFLRQDPLHQWRVHUYRGXDOFXDQGRVHDSOLFDHOIUHQRGHHVWDFLRQDPLHQWRHQXQDSHQGLHQWH\VH
DSOLFDFDUJDHQHOVHQWLGRORQJLWXGLQDOGHOYHKtFXOR
127$
5HHPSODFH WRGRV ORV FRPSRQHQWHV LQFOXLGRV HQ ORV FRQMXQWRV GH UHSDUDFLyQ SDUD VHUYLU HVWH IUHQR GH
WDPERU/XEULTXHODVSLH]DVGHDFXHUGRFRQODVHVSHFLILFDFLRQHV
$'9(57(1&,$
6LGHVPRQWDFXDOTXLHUFRPSRQHQWHKLGUiXOLFRRVLGHVFRQHFWDXQDWXEHUtDGHIUHQRSXUJXHHOVLVWHPDGH
IUHQRV/RVYDORUHVGHSDUHVGHDSULHWHHVSHFLILFDGRVVHUHILHUHQDHOHPHQWRVILMDGRUHVVHFRV\QROXEULFD
GRV
$MXVWDGRU 3DVDGRUGHVXMHFLyQGH]DSDWD
0XHOOHLQIHULRUGHUHWRUQRGH]DSDWD &LOLQGURGHUXHGD
)5(1275$6(52<'((67$&,21$0,(172&
6HUYLFLRHQHOYHKtFXOR
&DEOHGHOIUHQRGHHVWDFLRQDPLHQWR
7DPERUGHIUHQR
&20352%$&,Ï1
7DPERUGHIUHQR
,QVSHFFLRQHHOWDPERUGHIUHQRSDUDYHULILFDUODOLPSLH]D0LGDHOGLi
PHWURLQWHULRUSDUDGHWHFWDUHOGHVJDVWHGHODVXSHUILFLHGHIUHQDGR
&XDQGRGHVPRQWHORVWDPERUHVGHIUHQROtPSLHORVDIRQGR\YHULIL
TXHVLKD\JULHWDVUD\DVRVXUFRVSURIXQGRV
'LiPHWURLQWHULRUGHOWDPERUGHIUHQR³D´
(VWiQGDUPP
/tPLWHGHVHUYLFLRPP
&)5(1275$6(52<'((67$&,21$0,(172
7DPERUDJULHWDGRFRQUD\DVRFRQVXUFRV
6LHOWDPERUHVWiDJULHWDGRVXVHUYLFLRIXWXURHVLQVHJXUR\GHEHVHU
UHHPSOD]DGR
1RWUDWHGHVROGDUXQWDPERUTXHHVWpDJULHWDGR
6XDYLFHFXDOTXLHUUD\DOLJHUD/DVUD\DVSURIXQGDVRH[WHQVDVSXH
GHQFDXVDUHOGHVJDVWHH[FHVLYRGHOIRUURGHOIUHQR\SUREDEOHPHQWH
VHUiQHFHVDULRUHFWLILFDUODVXSHUILFLHGHIUHQDGRGHOWDPERU
6LORVIRUURVGHIUHQRHVWiQOLJHUDPHQWHGHVJDVWDGRV\VLHOWDPERU
WLHQH VXUFRV HO WDPERU GHEHUi VHU SXOLGR FRQ WHOD GH HVPHULO ILQR
SHURQRGHEHVHUGDGRODYXHOWD
127$
&XDQGR GHVPRQWH HO WDPERU LQVSHFFLRQH YLVXDOPHQWH HO
FLOLQGUR GH UXHGD SDUD GHWHFWDU IXJDV HYHQWXDOHV GH IOXLGR
GHIUHQRV6LKD\IXJDVFRUULMDHOOXJDUGHODIXJD
=DSDWDGHIUHQR
&XDQGR HO IRUUR HVWp GHVJDVWDGR R H[FHGD HO OtPLWH GH VHUYLFLR
UHHPSODFHOD]DSDWD
6LXQRGHORVIRUURVGHIUHQRKDOOHJDGRDOOtPLWHGHVHUYLFLRKD\TXH
UHHPSOD]DUWRGRVORVIRUURVDOPLVPRWLHPSR
*URVRUGHOD]DSDWDGHWDPERUGHIUHQRWUDVHUR³D´
(VWiQGDUPP
/tPLWHGHVHUYLFLRPP
35(&$8&,Ï1
1XQFDSXODHOIRUURGHOD]DSDWDHPSOHDQGRSDSHOGHOLMD6L
HOIRUURHVSXOLGRFRQSDSHOGHOLMDODVSDUWtFXODVGXUDVGHO
SDSHO GH OLMD VH DGKHULUiQ DO IRUUR \ GDxDUiQ HO WDPERU GH
IUHQR&XDQGRKD\DTXHFRUUHJLUHOIRUURUHHPSODFHSRUXQ
IRUURQXHYR
,167$/$&,Ï1
127$
5HILpUDVHD127$DOSULQFLSLRGHHVWDVHFFLyQ
3DUD PD\RUHV GHWDOOHV UHILpUDVH DO PLVPR SXQWR HQ OD PLVPD VHF
FLyQ GHO 0DQXDO GH 6HUYLFLR PHQFLRQDGR HQ HO 35()$&,2 GH HVWH
PDQXDOWHQLHQGRHQFRQVLGHUDFLyQORVSXQWRVVLJXLHQWHV
$QWHV GH LQVWDODU HO WDPERU GH IUHQR FRPSUXHEH HO GLiPHWUR
H[WHULRUGHODV]DSDWDVGHIUHQR6LHVWiIXHUDGHODVHVSHFL
ILFDFLRQHV VLJXLHQWHV DMXVWH DO YDORU HVSHFLILFDGR JLUDQGR HO
DMXVWDGRU
'LiPHWURH[WHULRUGHOD]DSDWDGHIUHQRWUDVHUR³D´
±PP
3DODQFDGHXxHWD
)5(1275$6(52<'((67$&,21$0,(172&
&LOLQGURGHUXHGD
,167$/$&,Ï1
3DUD PD\RUHV GHWDOOHV UHILpUDVH DO PLVPR SXQWR HQ OD PLVPD VHF
FLyQ GHO 0DQXDO GH 6HUYLFLR PHQFLRQDGR HQ HO 35()$&,2 GH HVWH
PDQXDOWHQLHQGRHQFRQVLGHUDFLyQORVSXQWRVVLJXLHQWHV
6DTXHODWDSDGHWDSyQSXUJDGRUGHOWXERGHIUHQR\FRQHFWH
HOWXERRWXERVDOFLOLQGURGHUXHGDORMXVWRSDUDHYLWDUTXH
KD\DIXJDVGHIOXLGR
$SULHWHHOFLOLQGURGHUXHGDHQHOSODWRSRUWDIUHQRDOSDUGH
DSULHWHHVSHFLILFDGR
3DUGHDSULHWH
3HUQRVGHFLOLQGURGHUXHGDSDUDWLSRQRVHOODGRD
1ÂPNJP
7XHUFDDERFLQDGDGHWXERGHIUHQRE
1ÂPNJP
3ODWRSRUWDIUHQR
,167$/$&,Ï1
$SOLTXHSURGXFWRGHVHOODGR³$´DODVXSHUILFLHGHFRQWDFWRGHOD
FDMDGHOHMHWUDVHURFRQHOSODWRSRUWDIUHQR
³$´3URGXFWRGHVHOODGRQ
127$
$VHJ~UHVH GH HOLPLQDU ORV UHVWRV GH SURGXFWR GH VHOODGR
YLHMRDQWHVGHDSOLFDUSURGXFWRQXHYRGHVHOODGR
,QVWDOHHOFRQMXQWRGHOHMHGHSXHQWHWUDVHURHQODFDMDGHHMH
&)5(1275$6(52<'((67$&,21$0,(172
$SULHWHODVWXHUFDVGHSODWRSRUWDIUHQRDOSDUGHDSULHWHHVSHFL
ILFDGR
3DUGHDSULHWH
7XHUFDGHSODWRSRUWDIUHQRD
1ÂPNJP
,QVWDOHHOFLOLQGURGHUXHGD\DSULHWHORVSHUQRVGHOFLOLQGURGH
UXHGD\ODWXHUFDRWXHUFDVDERFLQDGDGHWXERGHIUHQRDOSDU
GHDSULHWHHVSHFLILFDGR
(a)
3DUGHDSULHWH
3HUQRGHFLOLQGURGHUXHGD
1ÂPNJP
7XHUFDDERFLQDGDGHWXERGHIUHQR1ÂPNJP
,QVWDOHHOFDEOHGHOIUHQRGHHVWDFLRQDPLHQWRHQHOSODWR
SRUWDIUHQR\DSULHWHODWXHUFDGHOFDEOHGHOIUHQRGHHVWDFLR
QDPLHQWRDOSDUGHDSULHWHHVSHFLILFDGR
3DUGHDSULHWH
7XHUFDGHFDEOHGHOIUHQRGHHVWDFLRQDPLHQWRD1ÂP
NJP
,QVWDOHODUXHGD\DSULHWHODVWXHUFDVGHUXHGDDOSDUGHDSULHWH
HVSHFLILFDGR
3DUGHDSULHWH
7XHUFDGHUXHGDE1ÂPNJP
'HVSXpVGHFRPSOHWDUWRGRVHVWRVWUDEDMRVDSULHWHHOSHGDOGH
IUHQR±DYHFHVDSOLFDQGRXQDIXHU]DGHNJDSUR[LPD
GDPHQWHSDUDREWHQHUODKROJXUDDGHFXDGDHQWUHHOWDPERU\OD
]DSDWD
$MXVWHHOFDEOHGHOIUHQRGHHVWDFLRQDPLHQWR3DUDORVSURFHGL
PLHQWRV GH DMXVWH UHILpUDVH D ³,163(&&,Ï1 < $-867( '(/
)5(12'((67$&,21$0,(172´HQODVHFFLyQ
$SULHWH ORV WRUQLOORV GH OD FXELHUWD GH OD SDODQFD GHO IUHQR GH
HVWDFLRQDPLHQWR
9HULILTXH TXH HO WDPERU GH IUHQR QR WHQJD URFHV \ TXH HO IUH
QDGRHVFRUUHFWR(QVHJXLGDGHVPRQWHHOYHKtFXORGHOHOHYD
GRU \ HIHFW~H OD SUXHED GH IUHQRV IUHQR GH SHGDO \ IUHQR GH
HVWDFLRQDPLHQWR
&RPSUXHEH FDGD SLH]D LQVWDODGD SDUD GHWHFWDU XQD HYHQWXDO
IXJDGHDFHLWH
)5(1275$6(52<'((67$&,21$0,(172&
(VSHFLILFDFLRQHVGHSDUHVGHDSULHWH
3DUGHDSULHWH
3LH]DVGHVXMHFLyQ
1P NJP OEIW
7DSyQSXUJDGRUGHFLOLQGURGHUXHGD
3HUQRGHSDODQFDGHOIUHQRGHHVWDFLRQDPLHQWR
3HUQRGHFLOLQGURGHUXHGD
7XHUFDDERFLQDGDGHWXERGHIUHQR
7XHUFDGHSODWRSRUWDIUHQR
7XHUFDGHUXHGD
7XHUFDGHFDEOHGHOIUHQRGHHVWDFLRQDPLHQWR
&)5(1275$6(52<'((67$&,21$0,(172
6,67(0$'()5(126$17,%/248(2$%6(
6(&&,Ï1(
6,67(0$'()5(126$17,%/248(2$%6
$'9(57(1&,$
3DUDORVYHKtFXORVHTXLSDGRVFRQHO6LVWHPD6XSOHPHQWDULRGH6XMHFLyQ&ROFKyQGHDLUH
/RVVHUYLFLRVTXHGHEDQVHUHIHFWXDGRVHQRDOUHGHGRUGHORVFRPSRQHQWHVRGHOFDEOHDGRGHOVLVWHPD
GHOFROFKyQGHDLUHGHEHQVHUKHFKRVH[FOXVLYDPHQWHSRUXQFRQFHVLRQDULRDXWRUL]DGR68=8.,5HILp
UDVH DO ³(VTXHPD GH XELFDFLyQ GH ORV FRPSRQHQWHV \ FDEOHDGR GHO VLVWHPD GHO FROFKyQ GH DLUH´ HQ
³'HVFULSFLyQJHQHUDO´HQODVHFFLyQGHOVLVWHPDGHOFROFKyQGHDLUHSDUDFRQILUPDUVLXVWHGHVWiHIHF
WXDQGRWUDEDMRGHVHUYLFLRHQRDOUHGHGRUGHORVFRPSRQHQWHVRGHOFDEOHDGRGHOVLVWHPDGHOFROFKyQ
GHDLUH6tUYDVHREVHUYDUWRGDVODV$'9(57(1&,$6\³3UHFDXFLRQHVSDUDHOVHUYLFLR´LQGLFDGDVHQ³6HU
YLFLRHQHOYHKtFXOR´HQODVHFFLyQGHOVLVWHPDGHOFROFKyQGHDLUHDQWHVGHHIHFWXDUFXDOTXLHUWUDEDMR
GHVHUYLFLRHQRDOUHGHGRUGHORVFRPSRQHQWHVRGHOFDEOHDGRGHOVLVWHPDGHOFROFKyQGHDLUH6LQRVH
UHVSHWDQODV$'9(57(1&,$6VHSXHGHFDXVDUHOLQIODGRDFFLGHQWDOGHOFROFKyQGHDLUHRVHSXHGHGHMDU
LQRSHUDQWHHOVLVWHPDGHOFROFKyQGHDLUH&XDOTXLHUDGHHVWRVGRVFDVRVSXHGHFDXVDUGDxRVFRUSRUD
OHVJUDYHV
/RVWUDEDMRVGHVHUYLFLRWpFQLFRGHEHQVHULQLFLDGRVSRUORPHQRVVHJXQGRVGHVSXpVGHTXHVHFROR
TXHHOLQWHUUXSWRUGHHQFHQGLGRHQODSRVLFLyQ³/2&.´\GHTXHVHGHVFRQHFWHHOFDEOHQHJDWLYRGHOD
EDWHUtD(QHIHFWRVLQRVHSURFHGHGHHVWDIRUPDHOVLVWHPDSXHGHVHUDFWLYDGRSRUODUHVHUYDGHHQHU
JtDHOpFWULFDGHOPyGXORGHGHWHFFLyQ\GHGLDJQyVWLFR6'0
127$
3DUDODVGHVFULSFLRQHVHOHPHQWRVQRLQFOXLGDVHQHVWDVHFFLyQUHILpUDVHDODVHFFLyQ(GHO0DQXDO (
GH6HUYLFLRPHQFLRQDGRHQHO35()$&,2GHHVWHPDQXDO
7RGDVODVSLH]DVGHILMDFLyQGHORVIUHQRVVRQSLH]DVGHILMDFLyQLPSRUWDQWHVTXHSRGUtDQDIHFWDUODHILFD
FLDGHOIXQFLRQDPLHQWRGHSLH]DV\VLVWHPDVYLWDOHV\RTXHSRGUtDQVHUODFDXVDGHFRVWRVDVUHSDUDFLR
QHV 6L HO UHHPSOD]R HV QHFHVDULR GHEHQ XWLOL]DUVH SLH]DV TXH WHQJDQ HO PLVPR Q~PHUR GH SLH]D R
SLH]DVHTXLYDOHQWHV1RHPSOHHSLH]DVGHUHSXHVWRGHPHQRUFDOLGDGRGHGLVHxRVVXVWLWXWLYRV'XUDQWH
HOUHDUPDGRORVYDORUHVGHSDUHVGHDSULHWHGHEHQVHUDSOLFDGRVWDOFRPRKDQVLGRHVSHFLILFDGRVSDUD
DVtJDUDQWL]DUODFRUUHFWDVXMHFLyQGHHVWDVSLH]DV1RKD\TXHVROGDUQDGD\DTXHODVVROGDGXUDVSXH
GHQFDXVDUGDxRVPD\RUHV\HOGHELOLWDPLHQWRGHOPHWDO
&217(1,'2
'HVFULSFLyQJHQHUDO ( &RPSUREDFLyQGHFyGLJRGHGLDJQyVWLFR
8ELFDFLyQGHORVFRPSRQHQWHVSLH]DV ( '7&8WLOL]DQGRHOLQVWUXPHQWRGH
&RQMXQWRGHXQLGDGKLGUiXOLFDPyGXORGH H[SORUDFLyQ68=8., (
FRQWUROGHO$%6 ( %RUUDGRGHOFyGLJRGHGLDJQyVWLFR'7& (
)XQFLyQGHDXWRGLDJQyVWLFR ( 7DEODGHFyGLJRGHGLDJQyVWLFR'7& (
)XQFLyQDSUXHEDGHIDOORV ( &LUFXLWRGHOVLVWHPD (
'LDJQyVWLFR ( 7DEOD$&RPSUREDFLyQGHOFLUFXLWRGHOD
3UHFDXFLRQHVSDUDGLDJQRVWLFDU OX]GHDGYHUWHQFLDGHO$%6±/DOX]
GHVSHUIHFWRV ( LQGLFDGRUDQRVHHQFLHQGHFRQHO
7DEODGHIOXMRGHGLDJQyVWLFRGHO$%6 ( LQWHUUXSWRUGHHQFHQGLGRHQODSRVLFLyQ
&RPSUREDFLyQGHODOX]GHDGYHUWHQFLD ³21´ (
GHO$%6 ( 7DEOD%&RPSUREDFLyQGHOFLUFXLWRGHOD
&RPSUREDFLyQGHODOX]GHDGYHUWHQFLDGH OX]GHDGYHUWHQFLDGHO$%6±/DOX]
(%'/X]GHDGYHUWHQFLDGHIUHQRV ( SHUPDQHFHHQFHQGLGD (
&RPSUREDFLyQGHOFyGLJRGHGLDJQyVWLFR 7DEOD&&RPSUREDFLyQGHOFLUFXLWRGHOD
'7&8WLOL]DQGRODOX]GHDGYHUWHQFLD OX]GHDGYHUWHQFLDGHO$%6±/DOX]GH
GHO$%6 ( DGYHUWHQFLDGHVWHOODFRQWLQXDPHQWHFRQ
HOLQWHUUXSWRUGHHQFHQGLGRHQODSRVLFLyQ
21 (
(6,67(0$'()5(126$17,%/248(2$%6
'HVFULSFLyQJHQHUDO
8ELFDFLyQGHORVFRPSRQHQWHVSLH]DV
(O $%66LVWHPDGH IUHQRV DQWLEORTXHR FRQWUROD ODSUHVLyQ GH IOXLGR TXH HV DSOLFDGD GHVGH HOFLOLQGURPDHVWUR DO
FLOLQGURGHFDGDUXHGDGHPDQHUDTXHFDGDUXHGDQRVHEORTXHHDXQTXHVHDSOLTXHXQIUHQDGRGXUR
(O$%6GHHVWHYHKtFXORWDPELpQWLHQHODIXQFLyQVLJXLHQWH
0LHQWUDVVHDSOLFDHOIUHQDGRSHURDQWHVGHTXHHOFRQWUROGHO$%6VHDHIHFWLYRODIXHU]DGHIUHQDGRHVUHSDUWLGD
HQWUHODSDUWHGHODQWHUD\WUDVHUDSDUDHYLWDUTXHODVUXHGDVWUDVHUDVVHEORTXHHQGHPDVLDGRSURQWRPHMRUDQGRDVt
ODHVWDELOLGDGGHOYHKtFXOR/RVFRPSRQHQWHVSULQFLSDOHVGHHVWH$%6LQFOX\HQODVSLH]DVVLJXLHQWHVDGHPiVGHODV
SLH]DVSURSLDVGHOVLVWHPDGHIUHQRVFRQYHQFLRQDO
(OVHQVRUGHYHORFLGDGGHUXHGDTXHGHWHFWDODYHORFLGDGGHJLURGHFDGDUXHGD\HPLWHVXVHxDO
/DOX]GHDGYHUWHQFLDGHO$%6TXHVHHQFLHQGHSDUDLQIRUPDUTXHKD\XQDDQRUPDOLGDGFXDQGRHOVLVWHPDQR
IXQFLRQDFRUUHFWDPHQWH
(O FRQMXQWRGHOD XQLGDGKLGUiXOLFDPyGXORGHFRQWURO GHO $%6 TXH HVWi LQFRUSRUDGR HQ PyGXOR GHFRQWURO GHO
$%6XQLGDGKLGUiXOLFDGHO$%6FRQMXQWRGHDFWXDGRUUHOpGHDSUXHEDGHIDOORV\UHOpGHOPRWRUGHODERPED
± (OPyGXORGHFRQWUROGHO$%6TXHHQYtDODVHxDOGHIXQFLRQDPLHQWRDODXQLGDGKLGUiXOLFDGHO$%6SDUDFRQWUR
ODUODSUHVLyQGHIOXLGRDSOLFDGDDFDGDFLOLQGURGHUXHGDEDViQGRVHHQODVHxDOSURFHGHQWHGHFDGDVHQVRUGH
YHORFLGDGGHUXHGD\DVtHYLWDUTXHODUXHGDVHEORTXHH
± /DXQLGDGKLGUiXOLFDGHO$%6TXHIXQFLRQDGHDFXHUGRFRQODVHxDOSURFHGHQWHGHOPyGXORGHFRQWUROGHO$%6
\FRQWURODODSUHVLyQGHIOXLGRDSOLFDGDDOFLOLQGURGHUXHGDHQFDGDXQDGHODVUXHGDV
± (OUHOpGHDSUXHEDGHIDOORVYiOYXODVROHQRLGHTXHVXPLQLVWUDHQHUJtDHOpFWULFDDODYiOYXODVROHQRLGHHQOD
XQLGDGKLGUiXOLFDGHO$%6\UHOpGHOPRWRUGHODERPED
± (OUHOpGHOPRWRUGHODERPEDTXHVXPLQLVWUDHQHUJtDHOpFWULFDDOPRWRUGHODERPEDHQODXQLGDGKLGUiXOLFDGHO
$%6
(OVHQVRUGH*TXHGHWHFWDODYHORFLGDGGHGHFHOHUDFLyQGHODFDUURFHUtD3DUDHOPRGHOR:'VRODPHQWH
(VWHVLVWHPD$%6HVWiHTXLSDGRFRQHO6LVWHPDGHUHSDUWLFLyQHOHFWUyQLFDGHIXHU]DGHIUHQRV(%'HVWDIXQFLyQ
TXH HV VHPHMDQWH D OD YiOYXOD GRVLILFDGRUD PDQWLHQH OD SUHVLyQ GH IOXLGR GH ODV UXHGDV WUDVHUDV HQ VX FRQGLFLyQ
ySWLPD PHGLDQWH OD VHxDO SURFHGHQWH GHO VHQVRU GH UXHGD \ HVWR GH PDQHUD LQGHSHQGLHQWH GHO FDPELR GH FDUJD
GHELGRDODFDSDFLGDGGHFDUJDHWFpWHUD<VLHOVLVWHPDGH(%'QRIXQFLRQDFRUUHFWDPHQWHODOX]GHDGYHUWHQFLDGH
IUHQRVVHHQFLHQGHSDUDLQIRUPDUGHODDQRUPDOLGDG
127$
/DILJXUDDQWHULRUPXHVWUDXQYHKtFXORFRQYRODQWHDODL]TXLHUGD
(QORVYHKtFXORVFRQYRODQWHDODGHUHFKDODVSLH]DVFRQXQDVWHULVFR
HVWiQLQVWDODGDVVLPpWULFDPHQWH
HQHORWURODGR
(6,67(0$'()5(126$17,%/248(2$%6
&RQMXQWRGHXQLGDGKLGUiXOLFDPyGXORGHFRQ
WUROGHO$%6
(OPyGXORGHFRQWUROGHO$%6HVXQFRPSRQHQWHGHOFRQMXQWRGHXQL
GDG KLGUiXOLFDPyGXOR GH FRQWURO GHO $%6 \ VXV IXQFLRQHV VRQ ODV
VLJXLHQWHV
)XQFLyQGHDXWRGLDJQyVWLFR
(OPyGXORGHFRQWUROGHO$%6GLDJQRVWLFDFRQWLQXDPHQWHODVFRQGL
FLRQHVGHODVSLH]DVFRPSRQHQWHVGHOVLVWHPDVLKD\RQRFXDOTXLHU
DQRUPDOLGDG \ PHGLDQWH OD OX] GH DGYHUWHQFLD GHO $%6 LQGLFD ORV
UHVXOWDGRVDGYHUWHQFLDGHRFXUUHQFLDGHDQRUPDOLGDG\'7&HQOD
IRUPDGHVFULWDDFRQWLQXDFLyQ
&XDQGRHOLQWHUUXSWRUGHHQFHQGLGRHVFRORFDGRHQODSRVLFLyQ
21 OD OX] GH DGYHUWHQFLD GHO $%6 VH HQFLHQGH GXUDQWH
VHJXQGRVSDUDYHULILFDUVXERPELOOD\FLUFXLWR
&XDQGR QR VH KD GHWHFWDGR QLQJXQD DQRUPDOLGDG HO VLVWHPD
HVWiHQEXHQDVFRQGLFLRQHVODOX]GHDGYHUWHQFLDGHO$%6VH
DSDJDGHVSXpVGHVHJXQGRV
&XDQGR VH GHWHFWD XQD DQRUPDOLGDG HQ HO VLVWHPD OD OX] GH
DGYHUWHQFLDGHO$%6VHHQFLHQGH\HOiUHDGHODDQRUPDOLGDG
HVUHJLVWUDGDHQODPHPRULDGH((3520GHOPyGXORGHFRQWURO
GHO$%6
&XDQGRHOWHUPLQDOGHOLQWHUUXSWRUGHGLDJQyVWLFRGHOFRQHF
WRUGHYHULILFDFLyQHVWiFRORFDGRDPDVDHOiUHDGHODDQRU
PDOLGDGHVHPLWLGDFRPR'7&(VWRHVLQGLFDGRSRUHOGHVWHOOR
GH OD OX] GH DGYHUWHQFLD GHO $%6 5HILpUDVH D OD WDEOD
VLJXLHQWH
/8='($'9(57(1&,$
'(/$%6
7HUPLQDOGHO 7HUPLQDOGHO
&21',&,Ï1'(/6,67(0$ LQWHUUXSWRUGH LQWHUUXSWRUGH
GLDJQyVWLFR GLDJQyVWLFR
QRFRQHF FRQHFWDGRD
WDGRDPDVD PDVD
(QEXHQDV 1LQJ~QGHVSHUIHFWR
2)) '7&
FRQGLFLR HQHOSDVDGR
QHVDFWXDO +XERGHVSHUIHFWRHQ '7&GHKLVWR
2))
PHQWH HOSDVDGR ULD
+D\DQRU 1LQJ~QGHVSHUIHFWR
21 '7&DFWXDO
PDOLGDG HQHOSDVDGR
DFWXDO +XERGHVSHUIHFWRHQ '7&DFWXDOU
21
PHQWH HOSDVDGR GHKLVWRULD
3DUDHOSURFHGLPLHQWRGHERUUDGRGHWRGRVORV'7&UHILpUDVHD
³%255$'2 '( &Ï',*2 '( ',$*1Ï67,&2´ HQ HVWD VHF
FLyQ
7HUPLQDODPDVD
&DEOHGHVHUYLFLR
$GHPiV HO PyGXOR GH FRQWURO GHO $%6 HQFLHQGH 21 OD OX] GH
DGYHUWHQFLDGH(%'OX]GHDGYHUWHQFLDGHIUHQRVGHSHQGLHQGRGHO
GHVSHUIHFWRGHWHFWDGRSRUHOPyGXOR\ODOX]GHDGYHUWHQFLDGH(%'
QRLQGLFD'7&
6,67(0$'()5(126$17,%/248(2$%6(
)XQFLyQDSUXHEDGHIDOORV
&XDQGR RFXUUH XQD DQRUPDOLGDG VH GHWHFWD XQ '7& DQRUPDO HO
PyGXOR GH FRQWURO GHO $%6 GHVDFWLYD 2)) HO UHOp GH IXQFLyQ D
SUXHEDGHIDOORVTXHVXPLQLVWUDHOHFWULFLGDGDODXQLGDGKLGUiXOLFDGHO
$%6 'H HVWH PRGR DO QR IXQFLRQDU HO $%6 ORV IUHQRV IXQFLRQDQ
FRPRHQHOVLVWHPDGHIUHQRVFRQYHQFLRQDOVLQVLVWHPDGH$%6
'LDJQyVWLFR
3DUDDVHJXUDUVHGHTXHHOGLDJQyVWLFRGHGHVSHUIHFWRVHVHIHFWXDGR
FRUUHFWDPHQWH \ VLQ GLILFXOWDG VLJD ODV ³35(&$8&,21(6 3$5$
',$*1267,&$5 '(63(5)(&726´ \ VLJD OD ³7$%/$ '( )/8-2
'(',$*1Ï67,&2'(/$%6´
3UHFDXFLRQHVSDUDGLDJQRVWLFDUGHVSHUIHFWRV
6LHOYHKtFXORIXHFRQGXFLGRHQFXDOTXLHUDGHODVFRQGLFLRQHV
VLJXLHQWHV OD OX] GH DGYHUWHQFLD GHO $%6 SXHGH HQFHQGHUVH
PRPHQWiQHDPHQWHSHURHVWRQRLQGLFDTXHKD\XQDDQRUPDOL
GDGHQHO$%6
± (O YHKtFXOR IXH FRQGXFLGR FRQ HO IUHQR GH HVWDFLRQDPLHQWR
DSOLFDGR
± (OYHKtFXORIXHFRQGXFLGRFRQORVIUHQRVUR]DQGR
± (OYHKtFXORHVWDEDDWDVFDGRHQHOEDUURDUHQDHWF
± 3DWLQDMHGHUXHGDVFXDQGRVHFRQGXFtD
± 6HKL]RJLUDUXQDVUXHGDVFXDQGRHOYHKtFXORHVWDEDVREUH
HOJDWR
$QWHV GH OD FRPSUREDFLyQ DVHJ~UHVH GH OHHU ODV ³35(&$8
&,21(63$5$(/6(59,&,2'(&,5&8,726(/e&75,&26´
HQODVHFFLyQ$\DSOtTXHODVHVWULFWDPHQWH
$VHJ~UHVHGHDSOLFDUHOSURFHGLPLHQWRGHGLDJQyVWLFRGHGHV
SHUIHFWRVWDOFRPRHVWiGHVFULWRHQODWDEODGHIOXMR6LQRVLJXH
OR SUHVFULWR HQ OD WDEOD GH IOXMR HV SRVLEOH TXH HO GLDJQyVWLFR
VHD HUUyQHR 'XUDQWH OD FRPSUREDFLyQ HV SRVLEOH TXH RWURV
FyGLJRV GH GLDJQyVWLFR VHDQ PHPRUL]DGRV SRU HUURU HQ HO
PyGXORGHFRQWUROGHO$%6
7DEODGHIOXMRGHGLDJQyVWLFRGHO$%6
3DUDPD\RUHVGHWDOOHVDFHUFDGHFDGDSDVRUHILpUDVHDODVSiJLQDVVLJXLHQWHV
3DVR 2SHUDFLyQ 6t 1R
(IHFW~HHO³$QiOLVLVGHODTXHMDGHOFOLHQWH´ 9D\DDOSDVR 9D\DDOSDVR
(IHFW~HOD³&RQILUPDFLyQGHORVVtQWRPDVGHOSUREOHPD´
(IHFW~HOD³&RPSUREDFLyQUHJLVWUR\ERUUDGRGHOFyGLJRGH
GLDJQyVWLFR´
¢+D\DOJ~Q'7&GHPDOIXQFLRQDPLHQWR"
(IHFW~HOD³358(%$'(&21'8&&,Ï1´ 9D\DDOSDVR 9D\DDOSDVR
¢6HLGHQWLILFyXQVtQWRPDGHGHVSHUIHFWR"
&RPSUXHEHHOFyGLJRGHGLDJQyVWLFR 9D\DDOSDVR 9D\DDOSDVR
¢(VXQFyGLJRGHPDOIXQFLRQDPLHQWR"
&RPSUXHEH\UHSDUHUHILULpQGRVHDODWDEODGHFyGLJRGHGLDJ 9D\DDOSDVR )LQ
QyVWLFRDSOLFDEOHHQHVWDVHFFLyQ
'HVSXpVGHERUUDUHO'7&HIHFW~HOD³358(%$'(&21),5
0$&,Ï1),1$/´
¢6HPDQLILHVWDGHQXHYRHOGHVSHUIHFWR"
&RPSUXHEH\UHSDUHUHILULpQGRVHD³',$*1Ï67,&2´HQOD
VHFFLyQ³)5(126´ ± ±
(MHFXWHOD³358(%$'(&21),50$&,Ï1),1$/´
&RPSUXHEHORVGHVSHUIHFWRVLQWHUPLWHQWHV5HILpUDVHD³0$/ 9D\DDOSDVR )LQ
)81&,21$0,(172,17(50,7(17(<&21(;,Ï10$/$´
HQODVHFFLyQ³,1)250$&,Ï1*(1(5$/´\DORVFLUFXLWRV
UHODFLRQDGRVFRQHOFyGLJRGHGLDJQyVWLFRPHPRUL]DGRHQHO
SDVR
'HVSXpVGHERUUDUHOFyGLJRGHGLDJQyVWLFRHIHFW~HOD
³358(%$'(&21),50$&,Ï1),1$/´
¢6HPDQLILHVWDGHQXHYRHOGHVSHUIHFWR"
(IHFW~HOD³&RPSUREDFLyQUHJLVWUR\ERUUDGRGHOFyGLJRGH 9D\DDOSDVR 9D\DDOSDVR
GLDJQyVWLFR´
¢+D\DOJ~QFyGLJRGHPDOIXQFLRQDPLHQWR"
6,67(0$'()5(126$17,%/248(2$%6(
$1È/,6,6'(0$/)81&,21$0,(172
D $QiOLVLVGHODTXHMDGHOFOLHQWH
7DOFRPRGHVFULWRVSRUHOFOLHQWHUHJLVWUHORVGHWDOOHVGHOSUREOHPDIDOORVTXHMDV\FyPRVHSUHVHQWyHOSUR
EOHPD
3DUDHVWHSURSyVLWRHOHPSOHRGHXQIRUPXODULRFRPRHOPRVWUDGRDFRQWLQXDFLyQIDFLOLWDUiODFROHFWDGHLQIRU
PDFLRQHVKDVWDHOSXQWRUHTXHULGRSDUDHIHFWXDUHODGHFXDGRDQiOLVLV\GLDJQyVWLFR
&8(67,21$5,2'(/&/,(17((-(03/2
(6,67(0$'()5(126$17,%/248(2$%6
E &RQILUPDFLyQGHORVVtQWRPDVGHOSUREOHPD
9HULILTXHVLORUHFODPDGRSRUHOFOLHQWHHQHO³&8(67,21$5,2'(/&/,(17(´VHHQFXHQWUDHIHFWLYDPHQWHHQHO
IXQFLRQDPLHQWR GHO YHKtFXOR \ VL VH HQFXHQWUD HO VtQWRPD GHWHUPLQH VL HV LGHQWLILFDGR FRPR XQ IDOOR (VWH
SDVRGHEHVHUFRPSDUWLGRFRQHOFOLHQWHHQODPHGLGDGHORSRVLEOH&RPSUXHEHODVOXFHVGHDGYHUWHQFLDUHOD
FLRQDGDVFRQHOVLVWHPDGHIUHQRV5HILpUDVHD³&20352%$&,Ï1'(/$/8='($'9(57(1&,$'((%'
/8='($'9(57(1&,$'()5(126´\D³&20352%$&,Ï1'(/$/8='($'9(57(1&,$'(/$%6´HQ
HVWDVHFFLyQ
F &RPSUREDFLyQUHJLVWUR\ERUUDGRGHOFyGLJRGHGLDJQyVWLFR'7&
$SOLTXHHOSURFHGLPLHQWRGH³&20352%$&,Ï1'(/&Ï',*2'(',$*1Ï67,&2´HQHVWDVHFFLyQUHJLVWUHHO
'7&\HQVHJXLGDEyUUHORUHILULpQGRVHD³%255$'2'(/&Ï',*2'(',$*1Ï67,&2´HQHVWDVHFFLyQ
&XDQGRHO'7&GHPDOIXQFLRQDPLHQWRTXHIXHYLVXDOL]DGRXQDYH]\TXHHQVHJXLGDIXHERUUDGRQRSXHGH
YROYHUDVHUGHWHFWDGRLQGLFDGRFXDQGRVHFRORFDHOLQWHUUXSWRUGHHQFHQGLGRHQODSRVLFLyQ21HVPX\SRVL
EOHTXHVLXVWHGWUDWDGHGLDJQRVWLFDUHOGHVSHUIHFWREDViQGRVHHQHO'7&UHJLVWUDGRHQHVWHSDVRHVWRFDXVH
XQHUURUGHGLDJQyVWLFRRGLILFXOWHHOGLDJQyVWLFR3URFHGDDOSDVRSDUDYHULILFDUVLHQHOPyGXORGHFRQWUROOD
IXQFLyQGHDXWRGLDJQyVWLFRIXQFLRQDFRUUHFWDPHQWH
6LHO'7&GHPDOIXQFLRQDPLHQWRTXHIXHYLVXDOL]DGRXQDYH]\TXHHQVHJXLGDIXHERUUDGRSXHGHYROYHUDVHU
GHWHFWDGRLQGLFDGRFXDQGRVHFRORFDHOLQWHUUXSWRUGHHQFHQGLGRHQODSRVLFLyQ21SURFHGDDOSDVR
358(%$'(&21'8&&,Ï1
3UXHEHFRQGXFLHQGRHOYHKtFXORDNPKRPiVGXUDQWHPiVGHXQPLQXWR\FRPSUXHEHVLKD\DOJ~QVtQWRPD
GHGHVSHUIHFWRSRUHMHPSORHQFHQGLGRDQRUPDOGHODOX]GHDGYHUWHQFLDGHO$%6
6LHO'7&GHPDOIXQFLRQDPLHQWRHVFRQILUPDGRRWUDYH]FRQHOLQWHUUXSWRUGHHQFHQGLGRHQODSRVLFLyQ21OD
SUXHEDGHFRQGXFFLyQDQWHVGHVFULWDQRHVQHFHVDULD9D\DDOSDVR
&20352%$&,Ï1'(/&Ï',*2'(',$*1Ï67,&2
9XHOYDDFRPSUREDUHOFyGLJRGHGLDJQyVWLFRUHILULpQGRVHD³&20352%$&,Ï1'(/'7&´FRPRPRVWUDGRHQOD
SiJLQDVLJXLHQWH
7$%/$'()/8-2'(&Ï',*2'(',$*1Ï67,&2
'HDFXHUGRFRQOD7DEODGHIOXMRGHGLDJQyVWLFRSDUDODFRQILUPDFLyQGHOFyGLJRGHGLDJQyVWLFRHQHOSDVR
ORFDOLFHODFDXVDGHOGHVSHUIHFWRTXHSXHGHVHUXQVHQVRULQWHUUXSWRUPD]RGHFDEOHVFRQHFWRUFRQMXQWRGH
DFWXDGRURFXDOTXLHURWUDSLH]D\UHSDUHRUHHPSODFHODVSLH]DVGHIHFWXRVDV
³',$*1Ï67,&2´(1/$6(&&,Ï1³)5(126´
&RPSUXHEHODVSLH]DVRHOVLVWHPDTXHVRVSHFKDHVODFDXVDSRVLEOH5HILpUDVHD³',$*1Ï67,&2´HQODVHF
FLyQ³)5(126´\XWLOLFHORVVtQWRPDVTXHVHSUHVHQWDQHQHOYHKtFXORVtQWRPDVREWHQLGRVPHGLDQWHORVSDVRV
DE\\SURFHGDDUHSDUDURDUHHPSOD]DUODVSLH]DVGHIHFWXRVDVVLODVKD\
&20352%$&,Ï13$5$352%/(0$6,17(50,7(17(6
&RPSUXHEHODVSLH]DVHQODVTXHHVSRVLEOHTXHVHSUHVHQWHXQGHVSHUIHFWRLQWHUPLWHQWHSRUHMHPSORPD]RVGH
FDEOHVFRQHFWRUHVHWF5HILpUDVHD³0$/)81&,21$0,(172,17(50,7(17(<&21(;,Ï10$/$´HQOD
VHFFLyQ³,1)250$&,Ï1*(1(5$/´\DORVFLUFXLWRVUHODFLRQDGRVFRQHO'7&UHJLVWUDGRHQHOSDVRF
358(%$'(&21),50$&,Ï1),1$/
&RQILUPHTXHHOVtQWRPDGHOSUREOHPDKDGHVDSDUHFLGR\TXHHOVLVWHPDGH$%6HVWiH[HQWRGHFXDOTXLHUFRQGL
FLyQDQRUPDO6LORTXHKDVLGRUHSDUDGRHVWiUHODFLRQDGRFRQHO'7&GHPDOIXQFLRQDPLHQWRERUUHHO'7&XQD
YH]\HIHFW~HXQDSUXHEDGHFRQGXFFLyQSDUDFRQILUPDUTXHQRVHLQGLFDQLQJ~Q'7&
6,67(0$'()5(126$17,%/248(2$%6(
&RPSUREDFLyQGHODOX]GHDGYHUWHQFLDGHO$%6
&RORTXHHOLQWHUUXSWRUGHHQFHQGLGRHQODSRVLFLyQ21
&RPSUXHEHTXHODOX]GHDGYHUWHQFLDGHO$%6VHHQFLHQGH
21GXUDQWHXQRVVHJXQGRV\TXHHQVHJXLGDVHDSDJD
6L VH HQFXHQWUD FXDOTXLHU FRQGLFLyQ GHIHFWXRVD SURFHGD D OD
7DEOD$%&R'GH)OXMRGHGLDJQyVWLFR
&RPSUREDFLyQGHODOX]GHDGYHUWHQFLDGH(%'
/X]GHDGYHUWHQFLDGHIUHQRV
127$
(IHFW~HHVWDSUXHEDHQXQOXJDUSODQR\KRUL]RQWDO
&RORTXHHOLQWHUUXSWRUGHHQFHQGLGRHQODSRVLFLyQ21FRQHO
IUHQRGHHVWDFLRQDPLHQWRDSOLFDGR
&RPSUXHEHTXHODOX]GHDGYHUWHQFLDGH(%'OX]GHDGYHUWHQ
FLDGHIUHQRVVHHQFLHQGH21
6XHOWHHOIUHQRGHHVWDFLRQDPLHQWRFRQHOLQWHUUXSWRUGHHQFHQ
GLGRHQODSRVLFLyQ21\FRPSUXHEHTXHODOX]GHDGYHUWHQFLD
GH(%'OX]GHDGYHUWHQFLDGHIUHQRVVHDSDJD
6LQRVHDSDJDYD\DDOD³7$%/$(´HQHVWDVHFFLyQ
(6,67(0$'()5(126$17,%/248(2$%6
&RPSUREDFLyQGHOFyGLJRGHGLDJQyVWLFR
'7&8WLOL]DQGRODOX]GHDGYHUWHQFLDGHO$%6
(IHFW~HOD&20352%$&,Ï1'(/$/8='($'9(57(1&,$
'(/$%6GHVFULWDDQWHULRUPHQWH
8WLOLFHHOFDEOHGHVHUYLFLR\FRQHFWHDPDVDHOWHUPLQDO
GHOLQWHUUXSWRUGHGLDJQyVWLFRGHODFRSODGRUGHYHULILFD
FLyQ
&RORTXHHOLQWHUUXSWRUGHHQFHQGLGRHQODSRVLFLyQ21
/HDORVGHVWHOORVGHODOX]GHDGYHUWHQFLDGHO$%6TXHUHSUH
VHQWDQHO'7&FRPRPRVWUDGRHQHOHMHPSORVLJXLHQWH\DQy
WHORV&XDQGRKD\PHPRUL]DGRVPiVGHGRV'7&ORVGHVWHOORV
GHFDGD'7&VRQUHSHWLGRVWUHVYHFHVFRPHQ]DQGRFRQHO'7&
GHQ~PHURPHQRU\VLJXLHQGRHQRUGHQFUHFLHQWH
3DUD PD\RUHV GHWDOOHV VREUH HO '7& UHILpUDVH D ³7$%/$ '(
'7&´
(MHPSOR&XDQGRVHDEUHHOFLUFXLWRGHOVHQVRUGHYHORFLGDGGHODUXHGDGHODQWHUDGHUHFKD'7&
&RPSUREDFLyQGHFyGLJRGHGLDJQyVWLFR'7&
8WLOL]DQGRHOLQVWUXPHQWRGHH[SORUDFLyQ
68=8.,
'HVSXpV GH ILMDU HQ HO LQVWUXPHQWR GH H[SORUDFLyQ 68=8., HO
FDUWXFKR SDUD $%6 FRQHFWH HO LQVWUXPHQWR GH H[SORUDFLyQ
68=8.,DOFRQHFWRUGHHQODFHGHGDWRV
+HUUDPLHQWDHVSHFLDO
$,QVWUXPHQWRGHH[SORUDFLyQ68=8.,
&RORTXHHOLQWHUUXSWRUGHHQFHQGLGRHQODSRVLFLyQ21
/HDHO'7&GHDFXHUGRFRQODVLQVWUXFFLRQHVPRVWUDGDVHQHO
LQVWUXPHQWR GH H[SORUDFLyQ 68=8., H LPSULPD R DQRWH HVWRV
GDWRV3DUDPD\RUHVGHWDOOHVUHILpUDVHDO0DQXDOGHO2SHUDGRU
GHOLQVWUXPHQWRGHH[SORUDFLyQ68=8.,
'HVSXpVGH FRPSOHWDUHVWD YHULILFDFLyQFRORTXHHOLQWHUUXSWRU
GHHQFHQGLGRHQODSRVLFLyQ2))\GHVFRQHFWHGHO'/&HOLQV
WUXPHQWRGHH[SORUDFLyQ68=8.,
%RUUDGRGHOFyGLJRGHGLDJQyVWLFR'7&
$'9(57(1&,$
&XDQGR HIHFW~H XQD SUXHED GH FRQGXFFLyQ HOLMD XQ OXJDU
GRQGH QR KD\D WUiILFR R ULHVJR GH DFFLGHQWHV GH WUiILFR \
DFW~HFRQPXFKRFXLGDGRGXUDQWHODSUXHEDSDUDDVtHYLWDU
FXDOTXLHUDFFLGHQWH
'HVSXpVGHUHSDUDURUHHPSOD]DUODVSLH]DVTXHIXQFLRQDQPDO
ERUUHWRGRVORV'7&SURFHGLHQGRGHODPDQHUDVLJXLHQWH
&RORTXHHOLQWHUUXSWRUGHHQFHQGLGRHQODSRVLFLyQ2))
8WLOLFHHOFDEOHGHVHUYLFLR\FRQHFWHDOWHUPLQDODPDVD
HO WHUPLQDO GHO LQWHUUXSWRU GH GLDJQyVWLFR GHO DFRSODGRU
GHYHULILFDFLyQGHGLDJQyVWLFR
0DQWHQLHQGRODFRQH[LyQGHVFULWDHQHOSDVRDQWHULRUFROR
TXHHOLQWHUUXSWRUGHHQFHQGLGRHQODSRVLFLyQ21
(6,67(0$'()5(126$17,%/248(2$%6
&RORTXHHOLQWHUUXSWRUGHHQFHQGLGRHQODSRVLFLyQ2))\GHV
FRQHFWHHOFDEOHGHVHUYLFLRGHODFRSODGRUGHYHULILFDFLyQ
(IHFW~HOD³358(%$'(&21'8&&,Ï1´3DVRGHOD³7$%/$
'()/8-2'(',$*1Ï67,&2'(/$%6´HQHVWDVHFFLyQ\OD
³&20352%$&,Ï1 '( '7&´ \ FRQILUPH TXH VH YLVXDOL]D HO
'7&QRUPDO'7&\QRXQ'7&GHPDOIXQFLRQDPLHQWR
127$
7DPELpQHVSRVLEOHERUUDU'7&XWLOL]DQGRHOLQVWUXPHQWRGH
H[SORUDFLyQ 68=8., 3DUD HO SURFHGLPLHQWR GH ERUUDGR GH
'7&UHILpUDVHDO0DQXDOGHO&DUWXFKR
7DEODGHFyGLJRGHGLDJQyVWLFR'7&
35(&$8&,Ï1
$VHJ~UHVHGHDSOLFDUOD³7$%/$'()/8-2'(',$*1Ï67,&2'($%6´DQWHVGHFRPHQ]DUHOGLDJQyVWLFR
'7&
'7&
YLVXDOL]DGR
LQGLFDGRSRU
HQHOLQVWUX 3DWUyQGHGHVWHOORVGHODOX]GH
ODOX]GH È5($'(',$*1Ï67,&2
PHQWRGH DGYHUWHQFLDGHO$%6
DGYHUWHQFLD
H[SORUDFLyQ
GHO$%6
68=8.,
'7&1 1RUPDO
& &LUFXLWRGHOVHQVRUGH*\FLUFXLWRGHOX]GH:'
'HODQWHUR
&
GHUHFKR
'HODQWHUR
&
L]TXLHUGR
&LUFXLWRGHOVHQVRUGHYHORFLGDGGH
UXHGD
7UDVHURGHUH
&
FKR
7UDVHUR
&
L]TXLHUGR
6,67(0$'()5(126$17,%/248(2$%6(
'7&
'7&
YLVXDOL]DGR
LQGLFDGRSRU
HQHOLQVWUX 3DWUyQGHGHVWHOORVGHODOX]GH
ODOX]GH È5($'(',$*1Ï67,&2
PHQWRGH DGYHUWHQFLDGHO$%6
DGYHUWHQFLD
H[SORUDFLyQ
GHO$%6
68=8.,
'HODQWHUR
&
GHUHFKR
'HODQWHUR
&
L]TXLHUGR &LUFXLWRGHOVHQVRUGHYHORFLGDGGH
UXHGD
7UDVHURGHUH RDQLOORGHOVHQVRU
&
FKR
7UDVHUR
&
L]TXLHUGR
&LUFXLWRGHYiOYXODVROHQRLGHGH
&
HQWUDGD
'HODQWHUR
GHUHFKR
&LUFXLWRGHYiOYXODVROHQRLGHGH
&
VDOLGD
&LUFXLWRGHYiOYXODVROHQRLGHGH
&
HQWUDGD
'HODQWHUR
L]TXLHUGR
&LUFXLWRGHYiOYXODVROHQRLGHGH
&
VDOLGD
&LUFXLWRGHYiOYXODVROHQRLGHGH
&
HQWUDGD
75$6(52
&LUFXLWRGHYiOYXODVROHQRLGHGH
&
VDOLGD
& )XHQWHGHDOLPHQWDFLyQHOpFWULFD
0RWRUGHODERPEDGHO$%6\RFLUFXLWRGHOUHOpGHO
&
PRWRU
& 5HOpGHDSUXHEDGHIDOORV
& 0yGXORGHFRQWUROGHO$%6
(6,67(0$'()5(126$17,%/248(2$%6
&LUFXLWRGHOVLVWHPD
7DEOD$&RPSUREDFLyQGHOFLUFXLWRGHODOX]GHDGYHUWHQFLDGHO$%6±/DOX]LQGL
FDGRUDQRVHHQFLHQGHFRQHOLQWHUUXSWRUGHHQFHQGLGRHQODSRVLFLyQ³21´
'(6&5,3&,Ï1'(/&,5&8,72
(OIXQFLRQDPLHQWR212))GHODOX]GHDGYHUWHQFLDGHO$%6HVFRQWURODGRSRUHOPyGXORGHDFFLRQDPLHQWRGHODOX]
HQHOLQGLFDGRUFRPELQDGR
6LHOVLVWHPDGHIUHQRVDQWLEORTXHRHVWiHQEXHQDVFRQGLFLRQHVHOPyGXORGHFRQWUROGHO$%6HQFLHQGHODOX]GH
DGYHUWHQFLDGHO$%6FRQHOLQWHUUXSWRUGHHQFHQGLGRHQODSRVLFLyQ21ODPDQWLHQHHQFHQGLGDGXUDQWHVHJXQGRV
\HQVHJXLGDDSDJDODOX]GHDGYHUWHQFLD6LVHGHWHFWDXQDDQRUPDOLGDGHQHOVLVWHPDODOX]GHDGYHUWHQFLDGHO$%6
HVHQFHQGLGDGHPDQHUDFRQWLQXDSRUHOPyGXORGHFRQWUROGHO$%6$GHPiVHVHQFHQGLGDGHPDQHUDFRQWLQXDSRU
HOPyGXORGHDFFLRQDPLHQWRGHODOX]GHO$%6FXDQGRHOFRQHFWRUGHOPyGXORGHFRQWUROGHO$%6HVWiGHVFRQHFWDGR
&20352%$&,Ï1
3DVR 2SHUDFLyQ 6t 1R
&RORTXHHOLQWHUUXSWRUGHHQFHQGLGRHQOD 9D\DDOSDVR 9D\DDOSDVR
SRVLFLyQ21
¢6HHQFLHQGHRWUDOX]GHDGYHUWHQFLD"
'HVFRQHFWHHOFRQHFWRUGHODXQLGDG 5HHPSODFHSRUXQFRQMXQWRGHXQL 9D\DDOSDVR
KLGUiXOLFDPyGXORGHFRQWUROGHO$%6 GDGKLGUiXOLFDPyGXORGHFRQWUROGHO
¢6HHQFLHQGHODOX]GHDGYHUWHQFLDGHO$%6 $%6HQEXHQHVWDGR\YXHOYDFRP
FRQHOLQWHUUXSWRUGHHQFHQGLGRHQODSRVLFLyQ SUREDU
21"
'HVPRQWHHOLQGLFDGRUFRPELQDGR &LUFXLWRGHOFDEOH³%/8251´FRUWR 5HHPSODFHODERPEL
¢(VWiHQEXHQDVFRQGLFLRQHVODERPELOODGHOD FLUFXLWDGRDPDVD6LHVWiHQEXHQDV OOD
OX]GHDGYHUWHQFLDGHO$%6" FRQGLFLRQHVUHHPSODFHHOLQGLFDGRU
FRPELQDGRPyGXORGHDFFLRQD
PLHQWRGHODOX]
¢(VWiHQEXHQDVFRQGLFLRQHVHOIXVLEOH,*" &DEOH³%/.:+7´DELHUWRDOLQGLFD 5HSDUH\UHHPSODFH
GRUFRPELQDGRRFRQH[LyQPDOD
(6,67(0$'()5(126$17,%/248(2$%6
7DEOD%&RPSUREDFLyQGHOFLUFXLWRGHODOX]GHDGYHUWHQFLDGHO$%6±/DOX]SHU
PDQHFHHQFHQGLGD
5HILpUDVHDOD7$%/$$'LDJUDPDGHFLUFXLWRVGHOVLVWHPD\DOD'HVFULSFLyQGHFLUFXLWR
&20352%$&,Ï1
3DVR 2SHUDFLyQ 6t 1R
(IHFW~HODFRPSUREDFLyQGHOFyGLJRGHGLDJQyV 9D\DDOSDVR 9D\DDOSDVR
WLFR¢+D\DOJ~Q'7&LQFOX\HQGRHOFyGLJR1
12&2'(6QLQJ~QFyGLJRHQHOLQVWUX
PHQWRGHH[SORUDFLyQGH68=8.,"
¢+D\XQ'7&HQHOSDVRTXHQRVHDHOFyGLJR 9D\DDOSDVRGHOD 9D\DDOSDVR
1" ³7$%/$'()/8-2'(
',$*1Ï67,&2'(/$%6´
HQHVWDVHFFLyQ
'HVFRQHFWHHOFRQHFWRUGHODXQLGDGKLGUiX 9D\DDOSDVR &LUFXLWR³%/.:+7´
OLFDPyGXORGHFRQWUROGHO$%6 DELHUWR
&RPSUXHEHHOHVWDGRGHODFRQH[LyQDO
FRQHFWRUGHODXQLGDGKLGUD~OLFDPyGXORGH
FRQWUROGHO$%6HQORVWHUPLQDOHV³(´
³(´\³(´
6LODVFRQH[LRQHVHVWiQFRQIRUPHVFRORTXH
HOLQWHUUXSWRUGHHQFHQGLGRHQODSRVLFLyQ21
\PLGDODWHQVLyQHQHOWHUPLQDO³(´GHO
FRQHFWRU
¢(VODWHQVLyQ±9"
&RQHOFRQHFWRUGHODXQLGDGKLGUiXOLFD 9D\DDOSDVR &LUFXLWR³%/8251´
PyGXORGHFRQWUROGHO$%6GHVFRQHFWDGR DELHUWR
FRORTXHHOLQWHUUXSWRUGHHQFHQGLGRHQODSRVL 6LORVFDEOHV\ODVFRQH[LR
FLyQ21\HQFLHQGDODOX]GHDGYHUWHQFLDGHO QHVHVWiQFRQIRUPHV
$%6 UHHPSODFHHOLQGLFDGRU
8WLOLFHDOFDEOHGHVHUYLFLR\FRQHFWHDPDVD FRPELQDGRPyGXORGH
HOWHUPLQDO³(´GHOFRQHFWRUGHVFRQHF DFFLRQDPLHQWRGHODOX]
WDGR
¢6HDSDJDODOX]GHDGYHUWHQFLDGHO$%6"
0LGDODUHVLVWHQFLDGHVGHHOWHUPLQDO³( 5HHPSODFHSRUXQFRQMXQWR &LUFXLWR³%/.´DELHUWR
´GHOFRQHFWRUDPDVDDFDUURFHUtD GHXQLGDGKLGUiXOLFD
¢6HLQGLFDFRQWLQXLGDG" PyGXORGHFRQWUROGHO$%6
HQEXHQHVWDGR\YXHOYDD
FRPSUREDU
6,67(0$'()5(126$17,%/248(2$%6(
7DEOD&&RPSUREDFLyQGHOFLUFXLWRGHODOX]GHDGYHUWHQFLDGHO$%6±/DOX]GH
DGYHUWHQFLDGHVWHOODFRQWLQXDPHQWHFRQHOLQWHUUXSWRUGHHQFHQGLGRHQODSRVL
FLyQ21
'(6&5,3&,Ï1'(/&,5&8,72
&XDQGR HO WHUPLQDO GHO LQWHUUXSWRU GH GLDJQyVWLFR HVWi HQ FRUWRFLUFXLWR R FRQHFWDGR D PDVD FRQ HO LQWHUUXSWRU GH
HQFHQGLGRHQODSRVLFLyQ21VHLQGLFDHOFyGLJRGHGLDJQyVWLFR'7&PHGLDQWHHOGHVWHOORGHODOX]GHDGYHUWHQFLD
GHO$%6VRODPHQWHHQORVFDVRVVLJXLHQWHV
(O'7&QRUPDO1HVLQGLFDGRVLQRKD\'7&GHPDOIXQFLRQDPLHQWRGHWHFWDGRHQHO$%6
8Q'7&SDVDGRGHPDOIXQFLRQDPLHQWRHVLQGLFDGRPHGLDQWHORVGHVWHOORVGHODOX]GHDGYHUWHQFLDVLXQ'7&GH
PDOIXQFLRQDPLHQWRFRUULHQWHQRHVGHWHFWDGRHQHVWHSXQWRDXQTXHVHPHPRUL]DXQ'7&SDVDGRGHPDOIXQFLR
QDPLHQWR
&20352%$&,Ï1
3DVR 2SHUDFLyQ 6t 1R
¢(VWiHOWHUPLQDOGHOLQWHUUXSWRUGHGLDJQyVWLFR 9D\DDOSDVR 9D\DDOSDVR
FRQHFWDGRDPDVDPHGLDQWHHOFDEOHGHVHUYLFLR"
,QWHUUXSWRUGHHQFHQGLGRHQODSRVLFLyQ21 5HHPSODFHSRUXQFRQMXQWR &LUFXLWRGHOFDEOH³31.´
0LGDODWHQVLyQHQWUHHOWHUPLQDOGHOLQWHUUXS GHXQLGDGKLGUiXOLFD FRUWRFLUFXLWDGRDPDVD
WRUGHGLDJQyVWLFR\PDVD PyGXORGHFRQWUROGHO$%6
¢(VODWHQVLyQ±9" HQEXHQHVWDGR\YXHOYD
FRPSUREDU
,QWHUUXSWRUGHHQFHQGLGRHQODSRVLFLyQ21 9D\DDOSDVRGHOD 5HHPSODFHSRUXQFRQMXQWR
¢,QGLFDQ'7&ORVGHVWHOORVGHODOiPSDUDGH ³7$%/$'()/8-2'( GHXQLGDGKLGUiXOLFD
DGYHUWHQFLDGHO$%6" ',$*1Ï67,&2'(/$%6´ PyGXORGHFRQWUROGHO$%6
HQHVWDVHFFLyQ HQEXHQHVWDGR\YXHOYD
FRPSUREDU
(6,67(0$'()5(126$17,%/248(2$%6
'(6&5,3&,Ï1'(/&,5&8,72
&XDQGRHOWHUPLQDOGHOLQWHUUXSWRUGHGLDJQyVWLFRHVWiFRQHFWDGRDPDVDFRQHOLQWHUUXSWRUGHHQFHQGLGRHQODSRVL
FLyQ21HOPyGXORGHFRQWUROGHO$%6HPLWHXQFyGLJRGHGLDJQyVWLFRPHGLDQWHORVGHVWHOORVGHODOX]GHDGYHUWHQ
FLDGHO$%6
&20352%$&,Ï1
3DVR 2SHUDFLyQ 6t 1R
¢(VWiQFRUWRFLUFXLWDGRVFRUUHFWDPHQWHPHGLDQWHHO 9D\DDOSDVR &RQHFWHELHQHOFDEOH
FDEOHGHVHUYLFLRHOWHUPLQDOGHOLQWHUUXSWRUGHGLDJQyV GHVHUYLFLR
WLFR\HOWHUPLQDODPDVD"
'HVFRQHFWHHOFDEOHGHVHUYLFLR &LUFXLWR³31.´DELHUWR 9D\DDOSDVR
'HVFRQHFWHHOFRQHFWRUGHODXQLGDGKLGUiXOLFD
PyGXORGHFRQWUROGHO$%6
0LGDODUHVLVWHQFLDHQWUHHOWHUPLQDOGHOLQWHUUXSWRU
GHGLDJQyVWLFR\HOWHUPLQDO³(´GHOFRQHFWRU
¢(VLQILQLWR∞ODUHVLVWHQFLD"
0LGDODUHVLVWHQFLDHQWUHHOWHUPLQDODPDVDGHODFR 9D\DDOSDVR &LUFXLWR³%/.´DELHUWR
SODGRUGHYHULILFDFLyQ\PDVDDFDUURFHUtD RFRQH[LyQPDOD
¢6HLQGLFDFRQWLQXLGDG"
&RPSUXHEHHOHVWDGRGHODFRQH[LyQDODXQLGDG 5HHPSODFHSRUXQFRQ 5HSDUHHOFLUFXLWRGHOD
KLGUiXOLFDPyGXORGHFRQWUROGHO$%6HQHOWHUPLQDO MXQWRGHXQLGDGKLGUiX OX]GHDGYHUWHQFLDGHO
³(´ OLFDPyGXORGHFRQWURO ³$%6´
6LHVWiQRUPDOHQWRQFHVFRPSUXHEHHOFLUFXLWRGHOD GHO$%6HQEXHQ
OX]GHDGYHUWHQFLDGHO$%6UHILULpQGRVHDODV HVWDGR\YXHOYDFRP
7$%/$$%\& SUREDU
¢(VWiHQEXHQDVFRQGLFLRQHV"
6,67(0$'()5(126$17,%/248(2$%6(
&20352%$&,Ï1
3DVR 2SHUDFLyQ 6t 1R
$VHJ~UHVHGHTXH 9D\DDOSDVR 6XHOWHFRPSOHWDPHQWHHO
(O IUHQR GH HVWDFLRQDPLHQWR HVWi FRPSOHWD IUHQRGHHVWDFLRQDPLHQWR
PHQWHOLEHUDGR \RDxDGDIOXLGRGHIUHQRV
(O QLYHO GHO IOXLGR GH IUHQRV HVWi PiV DUULED
GHOQLYHOPtQLPR
¢6RQVDWLVIDFWRULRVORVUHVXOWDGRVGHODFRPSUR
EDFLyQ"
¢6HHQFLHQGHOX]GHDGYHUWHQFLDGHO³$%6´" $SOLTXHOD³7$%/(%´DQWHV 9D\DDOSDVR
GHVFULWD
'HVFRQHFWHHOFRQHFWRUGHODXQLGDGKLGUiX 5HHPSODFHSRUXQFRQMXQWR &LUFXLWR³%51´DELHUWR
OLFDPyGXORGHFRQWUROGHO$%6 GHXQLGDGKLGUiXOLFD 6LORVFDEOHV\ODVFRQH[LR
&RPSUXHEHHOHVWDGRGHODFRQH[LyQDO PyGXORGHFRQWUROGHO$%6 QHVHVWiQFRQIRUPHV
FRQHFWRUGHODXQLGDGKLGUiXOLFDPyGXORGH HQEXHQHVWDGR\YXHOYD UHHPSODFHHOLQGLFDGRU
FRQWUROGHO$%6HQORVWHUPLQDOHV³(´ FRPSUREDU FRPELQDGR
6LHVWiFRQIRUPHDSOLTXHFXxDVDODVUXHGDV
\VHOHFFLRQHHOHQJUDQDMHGHSRVLFLyQHQ
SXQWRPXHUWR3RVLFLyQ3SDUDOD$7
0DQWHQJDSUHVLRQDGRHOSHGDOGHIUHQR\
KDJDDUUDQFDUHOPRWRU
/LEHUHHOIUHQRGHHVWDFLRQDPLHQWR
8WLOLFHHOFDEOHGHVHUYLFLR\FRQHFWHDPDVD
HOWHUPLQDO³(´GHOFRQHFWRUGHVFRQHF
WDGR
¢6HDSDJDODOX]GHDGYHUWHQFLDGH(%'OX]GH
DGYHUWHQFLDGHIUHQRV"
(6,67(0$'()5(126$17,%/248(2$%6
'(6&5,3&,Ï1
6HQVRUGH*
&XDQGRXQYHKtFXORHVWiGHWHQLGRRQRVLODGLIHUHQFLDGHSRWHQFLDOHQWUHHOWHUPLQDO³(´GHVHxDOGHOVHQVRU\
HOWHUPLQDO³(´DPDVDGHOVHQVRUHVWiIXHUDGHORVYDORUHVHVSHFLILFDGRVRVLODWHQVLyQGHODVHxDOFXDQGRHO
YHKtFXORHVWiGHWHQLGRQRGLILHUHGHODVHxDOHPLWLGDFXDQGRHOYHKtFXORVHHVWiGHVSOD]DQGRVHILMDHVWH'7&
3RUFRQVLJXLHQWHHVWH'7&SXHGHVHUILMDGRFXDQGRVHOHYDQWDXQYHKtFXOR\VHKDFHJLUDUVXVUXHGDV(QWDO
FDVRERUUHHO'7&\YXHOYDDSUREDU
&XDQGRHOVHQVRUGH*HVWiLQVWDODGRHQXQYHKtFXOR:'HVWH'7&HVILMDGR
/X]GH:'
&XDQGRHOFLUFXLWRGHODOX]GH:'HVWiDELHUWRRFRUWRFLUFXLWDGRHVWH'7&HVILMDGR
6,67(0$'()5(126$17,%/248(2$%6(
&20352%$&,Ï1
3DVR 2SHUDFLyQ 6t 1R
&RORTXHHOLQWHUUXSWRUGHHQFHQGLGRHQODSRVLFLyQ21 9D\DDOSDVR 5HHPSODFHODERPELOODR
¢6HHQFLHQGHODOX]LQGLFDGRUDGH:'FXDQGRVHFRORFD UHSDUHHOFLUFXLWR
HOLQWHUUXSWRUGH:'HQODSRVLFLyQ21"
,QWHUUXSWRUGHHQFHQGLGRHQODSRVLFLyQ2)) 9D\DDOSDVR 5HSDUHHOVLVWHPDGH
&RPSUXHEHHOHVWDGRGHODFRQH[LyQD(&03&0\DO FRQWUROGH:'
LQWHUUXSWRUGH:'
6LHVWRVFLUFXLWRVHVWiQQRUPDOHVHQWRQFHVFRPSUXHEH
HOVLVWHPDGHFRQWUROGH:'UHILULpQGRVHD',$*
1Ï67,&2HQOD6(&&,Ï1(
¢(VWiHQEXHQDVFRQGLFLRQHV"
,QWHUUXSWRUGHHQFHQGLGRHQODSRVLFLyQ2)) 9D\DDOSDVR &LUFXLWR³251%/.´
'HVFRQHFWHORVFRQHFWRUHVGHOFRQMXQWRGHODXQLGDG DELHUWRRFRUWRFLUFXLWDGR
KLGUiXOLFDPyGXORGHFRQWUROGHO$%6 DPDVD
9HULILTXHHOHVWDGRGHODFRQH[LyQDOPyGXORGHFRQWURO
GHO$%6HQHOWHUPLQDO³(´
6LODFRQH[LyQHVWiQRUPDOFRORTXHHOLQWHUUXSWRUGH
HQFHQGLGRHQODSRVLFLyQ21\HOLQWHUUXSWRUGH:'
HQ21
0LGDODWHQVLyQHQWUHHOWHUPLQDO³(´GHOFRQHF
WRUGHOPyGXOR\PDVDDFDUURFHUtD
¢(VODWHQVLyQ±9"
¢(VWiHOVHQVRUGH*LQVWDODGRHQXQYHKtFXOR:'" 'HVPRQWHHOVHQVRU 9D\DDOSDVR
GH*
¢(VWiHOVHQVRUGH*LQVWDODGRGHPDQHUDVHJXUDHQHO 9D\DDOSDVR $SULHWHDGHFXDGDPHQWH
SLVR" HOVHQVRURHOWRUQLOORGHO
VRSRUWH6LQRHVSRVLEOH
XWLOLFHXQWRUQLOORQXHYR
,QWHUUXSWRUGHHQFHQGLGRHQODSRVLFLyQ2)) 9D\DDOSDVR 5HHPSODFHHOVHQVRUGH
'HVPRQWHHOVHQVRUGH*FRQHOVRSRUWH *
&RPSUXHEHHOHVWDGRGHODFRQH[LyQGHOVHQVRUGH*
6LODFRQH[LyQHVWiQRUPDOSURFHGDYHULILFDUHOVHQVRU
GH*UHILULpQGRVHD&20352%$&,Ï1GHO³6(1625
'(*´
¢(VWiHQEXHQDVFRQGLFLRQHV"
'HVFRQHFWHORVFRQHFWRUHVGHOFRQMXQWRGHODXQLGDG 9D\DDOSDVR &LUFXLWR³%/.:+7´
KLGUiXOLFDPyGXORGHFRQWUROGHO$%6\VHQVRUGH* DELHUWR
&RPSUXHEHHOHVWDGRGHODFRQH[LyQDOPyGXORGHFRQ
WUROGHO$%6HQORVWHUPLQDOHV³(´\³(´
6LODVFRQH[LRQHVHVWiQFRQIRUPHVFRORTXHHOLQWH
UUXSWRUGHHQFHQGLGRHQODSRVLFLyQ21\PLGDODWHQ
VLyQHQWUHHOWHUPLQDO³%/.:+7´GHOFRQHFWRUGHO
VHQVRU\PDVDDFDUURFHUtD
¢(VODWHQVLyQ±9"
0LGDODWHQVLyQHQWUHHOWHUPLQDO³251:+7´GHOFRQHFWRU 9D\DDOSDVR &LUFXLWR³251:+7´
GHOVHQVRU\PDVDDFDUURFHUtD FRUWRFLUFXLWDGRDOFLUFXLWR
¢(VODWHQVLyQ9" GHDOLPHQWDFLyQHOpFWULFD
,QWHUUXSWRUGHHQFHQGLGRHQODSRVLFLyQ2)) &LUFXLWR³251251´ &LUFXLWR³251:+7´
&RPSUXHEHTXHHOFLUFXLWR³251:+7´QRHVWi DELHUWR DELHUWRRFRUWRFLUFXLWDGR
DELHUWRQLFRUWRFLUFXLWDGRDPDVD\DOFLUFXLWR³251 6LHOFLUFXLWRHVWiHQ DPDVDRDOFLUFXLWR
*51´ EXHQDVFRQGLFLRQHV ³251*51´
¢(VWiHQEXHQDVFRQGLFLRQHV" UHHPSODFHSRUXQ
FRQMXQWRGHXQLGDG
KLGUiXOLFDPyGXORGH
FRQWUROGHO$%6HQ
EXHQHVWDGR
(6,67(0$'()5(126$17,%/248(2$%6
'(6&5,3&,Ï1
(OPyGXORGHFRQWUROGHO$%6VXSHUYLVDODWHQVLyQHQHOWHUPLQDOGHFDGDVHQVRUPLHQWUDVHOLQWHUUXSWRUGHHQFHQGLGR
HVWiHQODSRVLFLyQ21&XDQGRODWHQVLyQHVWiIXHUDGHORVYDORUHVHVSHFLILFDGRVVHILMDXQ'7&FRUUHVSRQGLHQWH
$GHPiVFXDQGRQRHQWUDQLQJXQDVHxDOGHVHQVRUDODUUDQTXHGHOPRWRURPLHQWUDVHOPRWRUIXQFLRQDVHILMDUiXQ
'7&FRUUHVSRQGLHQWH
127$
&XDQGRVHRSHUDUHOYHKtFXORHQFXDOTXLHUDGHODVFRQGLFLRQHVVLJXLHQWHVXQRGHHVWRV'7&SXHGHVHU
HPLWLGRDXQFXDQGRHOVHQVRUHVWpHQEXHQDVFRQGLFLRQHV6LVHVRVSHFKDTXHRFXUUHWDOFRVDSURFHGD
UHSDUDUHOGHVSHUIHFWRURFHGHIUHQRVHWFGHOYHKtFXORERUUHXQDYH]HO'7&\HQVHJXLGDGHVSXpVGH
KDEHUHIHFWXDGRODSUXHEDGHFRQGXFFLyQFRPRGHVFULWRHQHOSDVRGHOD³7$%/$'()/8-2'(',$*
1Ï67,&2'(/$%6´FRPSUXHEHVLKD\RQRXQDDQRUPDOLGDG
(OYHKtFXORIXHFRQGXFLGRFRQHOIUHQRGHHVWDFLRQDPLHQWRDSOLFDGR
(OYHKtFXORIXHFRQGXFLGRFRQORVIUHQRVUR]DQGR
3DWLQDMHGHUXHGDVFXDQGRVHFRQGXFtD
6HKL]RJLUDUXQDVUXHGDVFXDQGRHOYHKtFXORHVWDEDVREUHHOJDWR
(OYHKtFXORHVWDEDDWDVFDGR
6,67(0$'()5(126$17,%/248(2$%6(
&20352%$&,Ï1
3DVR 2SHUDFLyQ 6t 1R
'HVFRQHFWHHODFRSODGRUDSOLFDEOHGHVHQVRUGHYHORFLGDGGH 9D\DDOSDVR 5HHPSODFHHO
UXHGDGH$%6FRQHOLQWHUUXSWRUGHHQFHQGLGRHQODSRVLFLyQ FRQMXQWRGHOVHQ
2)) VRUGHYHORFLGDG
0LGDODUHVLVWHQFLDHQWUHORVWHUPLQDOHVGHOVHQVRUGHYHORFL GHUXHGDGH$%6
GDGGHUXHGDGH$%65HILpUDVHD³6(1625'(9(/2&,
'$''(58('$'(/$17(5$´\R³6(1625'(
9(/2&,'$''(58('$75$6(5$´HQHVWDVHFFLyQ
¢(VWiHOYDORUPHGLGRGHODUHVLVWHQFLDFRQIRUPHFRQODVHVSHFLIL
FDFLRQHV"
&RORTXHHOLQWHUUXSWRUGHHQFHQGLGRHQODSRVLFLyQ2)) 9D\DDOSDVR &LUFXLWRGHOVHQ
'HVFRQHFWHHOFRQHFWRUGHODXQLGDGKLGUiXOLFDPyGXORGH VRUGHYHORFLGDG
FRQWUROGHO$%6 GHUXHGDGH$%6
&RPSUXHEHHOHVWDGRGHODFRQH[LyQDOPyGXORGHFRQWUROGHO FRUWRFLUFXLWDGRD
$%6HQHOWHUPLQDOGHVHQVRU ODDOLPHQWDFLyQ
6LODVFRQH[LRQHVHVWiQFRQIRUPHVFRORTXHHOLQWHUUXSWRUGH HOpFWULFD
HQFHQGLGRHQODSRVLFLyQ21\PLGDODWHQVLyQHQWUHHOWHUPL
QDOGHOVHQVRUGHOFRQHFWRUGHOPyGXOR\PDVDDFDUURFHUtD
¢(V9"
&RORTXHHOLQWHUUXSWRUGHHQFHQGLGRHQODSRVLFLyQ2)) 9D\DDOSDVR &LUFXLWRDELHUWRR
&RQHFWHHODFRSODGRUGHOVHQVRUGHYHORFLGDGGHUXHGDGH FRUWRFLUFXLWDGRD
$%6 PDVD
0LGDODUHVLVWHQFLDHQWUHORVSXQWRVVLJXLHQWHV
$PERV WHUPLQDOHV GHO FRQHFWRU GH XQLGDG KLGUiXOLFDPyGXOR
GHFRQWUROGHO$%6GHOVHQVRUFRUUHVSRQGLHQWH
(OUHVXOWDGRGHHVWDSUXHEDGHEHVHULGpQWLFRDOGHOSDVR
DQWHULRU
&DGD WHUPLQDO GHO DFRSODGRU GHO VHQVRU GH YHORFLGDG GH
UXHGD\ODPDVDDFDUURFHUtD
(OUHVXOWDGRGHHVWDFRPSUREDFLyQGHEHVHUTXHQRKD\QLQ
JXQDFRQWLQXLGDG
¢6RQVDWLVIDFWRULRVDPERVUHVXOWDGRVGHODFRPSUREDFLyQ"
'HVPRQWHHOVHQVRUGHYHORFLGDGGHUXHGDGH$%6TXH 9D\DDOSDVR /LPSLHUHSDUHR
FRUUHVSRQGD UHHPSODFH
9HULILTXHVLHOVHQVRUHVWiGDxDGRRVLKD\PDWHULDOHVH[WUD
xRVDGKHULGRV
¢(VWiHQEXHQDVFRQGLFLRQHV"
(QHODQLOORGHVHQVRUGHODQWHUR\RWUDVHURFRPSUXHEHOR 9D\DDOSDVR /LPSLHUHSDUHR
VLJXLHQWHGHVPRQWHHOWDPERUGHIUHQRWUDVHURVLHVQHFHVDULR UHHPSODFH
(OHVWULDGRGLHQWHVGHOURWRUQRGHEHHVWDUGDxDGRQLGHEHQ
IDOWDUGLHQWHV
1RGHEHKDEHUPDWHULDOH[WUDxRDGKHULGR
(OURWRUQRGHEHHVWDUGHVFHQWUDGR
1RKD\MXHJRH[FHVLYRHQHOFRMLQHWHGHUXHGD
¢(VWiQHQEXHQDVFRQGLFLRQHV"
,QVWDOHHQHOSLYRWHHOVHQVRUGHYHORFLGDGGHUXHGDGHO$%6 9D\DDOSDVR 5HHPSODFHHO
$SULHWHHOSHUQRGHOVHQVRUDOSDUGHDSULHWHHVSHFLILFDGR\ VHQVRUGHYHORFL
YHULILTXHTXHQRKD\KROJXUDHQWUHHOVHQVRU\SLYRWHGHOD GDGGHUXHGDGH
UXHGD $%6
¢(VWiQRUPDO"
&RPSUXHEHODWHQVLyQGHVDOLGDRODIRUPDGHRQGD5HILpUDVHD 5HHPSODFHSRUXQ 5HHPSODFHHO
³5HIHUHQFLD´GH³6(1625'(9(/2&,'$''(58('$'(/$1 FRQMXQWRGHXQLGDG VHQVRU\YXHOYDD
7(5$´\R³5HIHUHQFLD´GH³6(1625'(9(/2&,'$''( KLGUiXOLFDPyGXORGH FRPSUREDU
58('$75$6(5$´HQHVWDVHFFLyQ FRQWUROGHO$%6HQ
¢6HREWLHQHQODWHQVLyQ\RIRUPDGHRQGDHVSHFLILFDGDV" EXHQHVWDGR\YXHOYD
DFRPSUREDU
(6,67(0$'()5(126$17,%/248(2$%6
'(6&5,3&,Ï1
(OPyGXORGHFRQWUROGHO$%6VXSHUYLVDODVDOLGDGHODYiOYXOD
&XDQGRODVDOLGDGHFDGDYiOYXODH[FHGHHOYDORUHVSHFLILFDGRFRPSDUDGRFRQODVHxDOHQYLDGDGHVGHHOPyGXORGH
FRQWUROGHO$%6VHILMDHVWH'7&
&20352%$&,Ï1
3DVR 2SHUDFLyQ 6t 1R
&RPSUXHEHHOIXQFLRQDPLHQWRGHODYiOYXODVROH &RPSUXHEHODFRQH[LyQGHO 9D\DDOSDVR
QRLGH5HILpUDVHDOD³&20352%$&,Ï1'(/)81 WHUPLQDO³(´6LOD
&,21$0,(172'(/$81,'$'+,'5È8/,&$'(/ FRQH[LyQHVWiHQEXHQDVFRQ
$%6´HQHVWDVHFFLyQ GLFLRQHVUHHPSODFHSRUXQ
¢(VWiHQEXHQDVFRQGLFLRQHV" FRQMXQWRGHXQLGDGKLGUiXOLFD
PyGXORGHFRQWUROGHO$%6HQ
EXHQHVWDGR\YXHOYDDFRP
SUREDU
,QWHUUXSWRUGHHQFHQGLGRHQODSRVLFLyQ2)) 5HHPSODFHSRUXQFRQMXQWRGH &LUFXLWR³:+7
'HVFRQHFWHHOFRQHFWRUGHODXQLGDGKLGUiXOLFD XQLGDGKLGUiXOLFDPyGXORGH %/8´R³%/.´
PyGXORGHFRQWUROGHO$%6 FRQWUROGHO$%6HQEXHQ DELHUWR
&RPSUXHEHHOHVWDGRGHODFRQH[LyQDOFRQHFWRUGH HVWDGR\YXHOYDDFRPSUREDU
ODXQLGDGKLGUiXOLFDPyGXORGHFRQWUROGHO$%6HQ
ORVWHUPLQDOHV³(´
6LHVWiQRUPDOHQWRQFHVPLGDODWHQVLyQHQWUHHOWHU
PLQDO³(´GHOFRQHFWRUGHOPyGXOR\³(´
¢(VODWHQVLyQ±9"
6,67(0$'()5(126$17,%/248(2$%6(
,QWHUUXSWRUGHHQFHQGLGR &RQMXQWRGHXQLGDGKLGUiXOLFDPyGXORGHFRQWUROGHO$%6
)XVLEOHSULQFLSDO &RQHFWRUGHODXQLGDGKLGUiXOLFDPyGXORGHFRQWUROGHO$%6
'(6&5,3&,Ï1
(OPyGXORGHFRQWUROGHO$%6VXSHUYLVDHQHOWHUPLQDO³(´ODWHQVLyQGHODIXHQWHGHDOLPHQWDFLyQHOpFWULFD
&XDQGRODWHQVLyQGHODIXHQWHGHDOLPHQWDFLyQOOHJXHDXQYDORUH[WUHPDGDPHQWHEDMRRDOWRVHILMDUiHVWH'7&7DQ
SURQWRFRPRODWHQVLyQVXEDREDMHKDVWDHOYDORUHVSHFLILFDGRHO'7&VHUiERUUDGR
&20352%$&,Ï1
3DVR 2SHUDFLyQ 6t 1R
&RQHFWHHOYROWtPHWURHQWUHHOWHUPLQDOSRVL &RPSUXHEHHOVLVWHPDGH 9D\DDOSDVR
WLYRGHODEDWHUtD\ODPDVDDFDUURFHUtD FDUJD5HILpUDVHDODVHF
+DJDDUUDQFDUHOPRWRU\PLGDODWHQVLyQ FLyQ³6,67(0$'(
Pi[LPDFXDQGRDFHOHUDHOPRWRU &$5*$´
¢(VVXSHULRUD9"
'HVFRQHFWHHOFRQHFWRUGHODXQLGDGKLGUiX &RPSUXHEHHOVLVWHPDGH &RQH[LyQPDODGHOWHUPLQDO
OLFDPyGXORGHFRQWUROGHO$%6 FDUJDUHILULpQGRVHDODVHF ³(´y³(´GHO
0DQWHQJDHOPRWRUHQUDOHQWt\PLGDODWHQ FLyQ³6,67(0$'( PyGXORGHFRQWUROGHO$%6
VLyQHQWUHHOWHUPLQDO³(´GHOPyGXORGH &$5*$´ 6LWRGRORDQWHULRUHVWiHQ
FRQWUROGHO$%6\ODPDVDDFDUURFHUtD &RUWRFLUFXLWRLPSHUIHFWR EXHQDVFRQGLFLRQHVUHHP
¢(VODWHQVLyQVLHPSUHLQIHULRUD9" HQWUHHOFDEOH³*51251´ SODFHSRUXQDXQLGDG
\ODPDVD KLGUiXOLFDPyGXORGHFRQ
WUROGHO$%6HQEXHQ
HVWDGR\YXHOYDDFRPSUR
EDU
(6,67(0$'()5(126$17,%/248(2$%6
'(6&5,3&,Ï1
(OPyGXORGHFRQWUROGHO$%6VXSHUYLVDFRQVWDQWHPHQWHODWHQVLyQHQHOWHUPLQDOGHYHULILFDFLyQGHOFLUFXLWRGHOPRWRU
GHODERPEDFRQHOLQWHUUXSWRUGHHQFHQGLGRHQODSRVLFLyQ21(OPyGXORILMDHVWH'7&FXDQGRODWHQVLyQHQHOWHU
PLQDOGHYHULILFDFLyQQRVXEHEDMDGHDFXHUGRFRQORVFRPDQGRVGH212))GHOPyGXORDOUHOpGHOPRWRUQRVLJXH
HVWRVFRPDQGRV
&20352%$&,Ï1
3DVR 2SHUDFLyQ 6t 1R
&RPSUXHEHHOPRWRUGHODERPED5HILpUDVHD &RPSUXHEHODFRQH[LyQGHO 9D\DDOSDVR
OD³&20352%$&,Ï1'(/)81&,21$ WHUPLQDO³(´\GHO
0,(172'(/$81,'$'+,'5È8/,&$'(/ WHUPLQDO³(´6LOD
$%6´HQHVWDVHFFLyQ FRQH[LyQHVWiHQEXHQDV
¢(VWiHQEXHQDVFRQGLFLRQHV" FRQGLFLRQHVUHHPSODFH
SRUXQFRQMXQWRGHXQLGDG
KLGUiXOLFDPyGXORGHFRQ
WUROGHO$%6HQEXHQ
HVWDGR\YXHOYDDFRPSUR
EDU
,QWHUUXSWRUGHHQFHQGLGRHQODSRVLFLyQ2)) 9D\DDOSDVR &LUFXLWR³:+7%/8´
'HVFRQHFWHHOFRQHFWRUGHODXQLGDGKLGUiX DELHUWR
OLFDPyGXORGHFRQWUROGHO$%6
&RPSUXHEHHOHVWDGRGHODFRQH[LyQDO
FRQHFWRUGHODXQLGDGKLGUiXOLFDPyGXORGH
FRQWUROGHO$%6HQORVWHUPLQDOHV³(´
6LHVWiQRUPDOHQWRQFHVPLGDODWHQVLyQHQWUH
HOWHUPLQDO³(´GHOFRQHFWRUGHOPyGXOR
\PDVDDFDUURFHUtD
¢(VODWHQVLyQ±9"
0LGDODUHVLVWHQFLDHQWUHHOWHUPLQDO³(´GHO &LUFXLWR³%/.´DELHUWR 5HHPSODFHSRUXQFRQMXQWR
FRQHFWRUGHOFRQMXQWRGHODXQLGDGKLGUiXOLFD GHXQLGDGKLGUiXOLFD
PyGXORGHFRQWUROGHO$%6\PDVDDFDUURFHUtD PyGXORGHFRQWUROGHO$%6
¢(VLQILQLWR∞ODUHVLVWHQFLD" HQEXHQHVWDGR\YXHOYDD
FRPSUREDU
6,67(0$'()5(126$17,%/248(2$%6(
'(6&5,3&,Ï1
(OPyGXORGHFRQWUROGHO$%6VXSHUYLVDFRQVWDQWHPHQWHODWHQVLyQHQHOWHUPLQDOGHOFLUFXLWRGHODYiOYXODVROHQRLGH
FRQ HO LQWHUUXSWRU GH LJQLFLyQ HQ OD SRVLFLyQ 21 $GHPiV LQPHGLDWDPHQWH GHVSXpV GH FRORFDU HO LQWHUUXSWRU GH
HQFHQGLGRHQODSRVLFLyQ21HIHFW~HXQDYHULILFDFLyQLQLFLDOGHODPDQHUDVLJXLHQWH
&RQPXWHHOUHOpGHDSUXHEDGHIDOORVHQHORUGHQ2))→21\FRPSUXHEHVLODWHQVLyQFDPELDD%DMD→$OWD6LQR
VHHQFXHQWUDQDGDGHIHFWXRVRHQODYHULILFDFLyQLQLFLDO\FXDQGRODWHQVLyQHVEDMDVHILMDUiHVWH'7&
&20352%$&,Ï1
3DVR 2SHUDFLyQ 6t 1R
&RPSUXHEHODWHQVLyQGHODEDWHUtD¢(VODWHQ 9D\DDOSDVR &RPSUXHEHHOVLVWHPDGH
VLyQDSUR[LPDGDPHQWH9RVXSHULRU" FDUJDUHILULpQGRVHDODVHF
FLyQ³6,67(0$'(
&$5*$´
&RPSUXHEHHOIXVLEOHSULQFLSDOGHO$%6\OD 9D\DDOSDVR 5HSDUH\RUHHPSODFHHO
FRQH[LyQ IXVLEOH
¢(VWiHQEXHQDVFRQGLFLRQHV"
,QWHUUXSWRUGHHQFHQGLGRHQODSRVLFLyQ2)) 5HHPSODFHSRUXQFRQMXQWR &LUFXLWR³:+7%/8´
'HVFRQHFWHHOFRQHFWRUGHODXQLGDGKLGUiX GHXQLGDGKLGUiXOLFD DELHUWRRFRUWRFLUFXLWDGRD
OLFDPyGXORGHFRQWUROGHO$%6 PyGXORGHFRQWUROGHO$%6 PDVD
&RPSUXHEHHOHVWDGRGHODFRQH[LyQDODXQL HQEXHQHVWDGR\YXHOYDD
GDGKLGUiXOLFDPyGXORGHFRQWUROGHO$%6HQ FRPSUREDU
HOWHUPLQDO³(´
6LHVWiQRUPDOHQWRQFHVPLGDODWHQVLyQHQWUH
HOWHUPLQDO³(´GHOFRQHFWRU\PDVDD
FDUURFHUtD
¢(VODWHQVLyQ±9"
(6,67(0$'()5(126$17,%/248(2$%6
'(6&5,3&,Ï1
(VWH'7&VHILMDUiFXDQGRVHGHWHFWHXQPDOIXQFLRQDPLHQWRLQWHUQRHQHOPyGXORGHFRQWUROGHO$%6
&20352%$&,Ï1
3DVR 2SHUDFLyQ 6t 1R
%RUUHWRGRVORV'7&\FRPSUXHEHHO'7& 9D\DDOSDVR 3RGUtDWUDWDUVHGHXQPDO
¢(VHO'7&" IXQFLRQDPLHQWRSDVDMHUR
GHOPyGXORGHFRQWUROGHO
$%6
&RPSUXHEHODFRQH[LyQGHOFRQHFWRUGHOD 5HHPSODFHHOFRQMXQWRGH 5HSDUH\YXHOYDDFRPSUR
XQLGDGKLGUiXOLFDPyGXORGHFRQWUROGHO$%6 ODXQLGDGKLGUiXOLFDPyGXOR EDU
6LHVWiQRUPDOGHVFRQHFWHHOFRQHFWRUGHOD GHFRQWUROGHO$%6
XQLGDGKLGUiXOLFDPyGXORGHFRQWUROGHO$%6
\FRPSUXHEHORVLJXLHQWH
7HQVLyQGHOWHUPLQDO³(´±9
5HVLVWHQFLD HQWUH ³(´ \ OD PDVD D
FDUURFHUtD&RQWLQXLGDG
¢(VWiQORVUHVXOWDGRVGHODVFRPSUREDFLRQHVGH
DFXHUGRFRQODVHVSHFLILFDFLRQHVDQWHULRUHV"
6,67(0$'()5(126$17,%/248(2$%6(
6HUYLFLRHQHOYHKtFXOR
3UHFDXFLRQHV
&XDQGR ORV FRQHFWRUHV HVWiQ FRQHFWDGRV DO FRQMXQWR GH XQLGDG
KLGUiXOLFDPyGXORGHFRQWUROGHO$%6QRGHVFRQHFWHORVFRQHFWRUHV
GHORVVHQVRUHV\FRORTXHHOLQWHUUXSWRUGHHQFHQGLGRHQODSRVLFLyQ
21(QWRQFHVHO'7&VHUiILMDGRHQHOPyGXORGHFRQWUROGHO$%6
&RPSUREDFLyQGHOIXQFLRQDPLHQWRGHODXQLGDG
KLGUiXOLFDGHO$%68WLOL]DQGRHOLQVWUXPHQWR
GHH[SORUDFLyQ68=8.,
&RQHFWHHOLQVWUXPHQWRGHH[SORUDFLyQ68=8.,DOFRQHFWRUGH
HQODFH GH GDWRV '/& FRQ HO LQWHUUXSWRU GH HQFHQGLGR FROR
FDGRHQODSRVLFLyQ2))
+HUUDPLHQWDHVSHFLDO
$,QVWUXPHQWRGHH[SORUDFLyQ68=8.,
*LUHHOLQWHUUXSWRUGHHQFHQGLGRDODSRVLFLyQ21\FRPSUXHEH
HO IXQFLRQDPLHQWR GHO DFWXDGRU DSOLFDQGR OD ³358(%$ '(
&21752/+,'5È8/,&2´HQHOPRGRGH³0,6&7(673UXH
EDVPLVFHOiQHDV´GHOLQVWUXPHQWRGHH[SORUDFLyQ68=8.,
&RPSUREDFLyQGHOIXQFLRQDPLHQWRGHODXQLGDG
KLGUiXOLFDGHO$%6
6LQXWLOL]DUHOLQVWUXPHQWRGHH[SORUDFLyQ
68=8.,
&RPSUXHEH TXH HO VLVWHPD EiVLFR GH IUHQRV TXH QR VHD HO
$%6HVWiHQEXHQDVFRQGLFLRQHV
&RPSUXHEHTXHODWHQVLyQGHODEDWHUtDHV9RVXSHULRU
0HGLDQWHODOX]GHDGYHUWHQFLDGHO³$%6´FRPSUXHEHTXHQRVH
GHWHFWD DQRUPDOLGDG HQ HO $%6 5HILpUDVH D ³&20352%$
&,Ï1 '( &Ï',*2 '( ',$*1Ï67,&2 '7&´ HQ HVWD VHF
FLyQ
/HYDQWHHOYHKtFXOR
&RORTXH OD WUDQVPLVLyQ HQ SXQWR PXHUWR \ DIORMH HO IUHQR GH
HVWDFLRQDPLHQWR
*LUH JUDGXDOPHQWH FDGD UXHGD FRQ OD PDQR SDUD YHULILFDU VL
KD\URFHGHIUHQRV6LKD\URFH\DUUDVWUHGHIUHQRVFRUULMD
&RQMXQWRGHXQLGDGKLGUiXOLFDPyGXORGHFRQWUROGHO$%6
35(&$8&,Ï1
1XQFDGHVPRQWHHOFRQMXQWRGHXQLGDGKLGUiXOLFDPyGXORGHFRQWUROGHO$%6QLDIORMHHOWDSyQFLHJRQL
GHVPRQWHHOPRWRU6LHIHFW~DFXDOTXLHUDGHHVWRVVHUYLFLRVSURKLELGRVHVWRDIHFWDUiODHILFDFLDGHOUHQGL
PLHQWRRULJLQDOGHOFRQMXQWRGHXQLGDGKLGUiXOLFDPyGXORGHFRQWUROGHO$%6
7XERGHIUHQR 6RSRUWH
&RQMXQWRGHXQLGDGKLGUiXOLFDPyGXORGHFRQWUROGHO$%6 &RQHFWRU
&20352%$&,Ï1'(/$81,'$'+,'5È8/,&$
&RPSUXHEHVLKD\IXJDVGHIOXLGRHQODXQLGDGKLGUiXOLFD
6LKD\DOJXQDIXJDUHSDUHRUHHPSODFH
'(60217$-(
'HVFRQHFWHHOFDEOHQHJDWLYRHQODEDWHUtD
'HVFRQHFWH HO FRQHFWRU GHO FRQMXQWR GH XQLGDG KLGUiXOLFD
PyGXORGHFRQWUROGHO$%6OHYDQWDQGRHOEORTXHR
(6,67(0$'()5(126$17,%/248(2$%6
8WLOLFHODKHUUDPLHQWDHVSHFLDODIORMHODVWXHUFDVDERFLQDGDV
\GHVFRQHFWHORVWXERVGHIUHQRGHOFRQMXQWRGHXQLGDG
KLGUiXOLFDPyGXORGHFRQWUROGHO$%6
+HUUDPLHQWDHVSHFLDO
127$
2 &RORTXH HQ HO WXER OD WDSD GHO WDSyQ GH SXUJD SDUD HYLWDU
1
3
TXHHOIOXLGRVHHVFXUUD&XLGHTXHQRFDLJDIOXLGRGHIUHQRV
VREUHODVVXSHUILFLHVSLQWDGDV
35(&$8&,Ï1
1RJROSHHODXQLGDGKLGUiXOLFD
(YLWHTXHHQWUHSROYRHQODXQLGDGKLGUiXOLFD
1RFRORTXHODXQLGDGKLGUiXOLFDGHFRVWDGRRHQSRVLFLyQ
LQYHUWLGD/DVPDQLSXODFLRQHVLQFRUUHFWDVSXHGHQDIHFWDU
HOIXQFLRQDPLHQWRRULJLQDO
,167$/$&,Ï1
,QVWDOHHOFRQMXQWRGHXQLGDGKLGUiXOLFDPyGXORGHFRQWUROLQYLU
WLHQGRHOSURFHGLPLHQWRGHGHVPRQWDMH
(a) 3DUGHDSULHWH
7XHUFDDERFLQDGDDGHWXERGHIUHQRD
1ÂPNJP
3HUQRGHOFRQMXQWRGHXQLGDGKLGUiXOLFDPyGXORGHFRQWURO
GHO$%6E1ÂPNJP
3HUQRGHOVRSRUWHF1ÂPNJP
3XUJXHHODLUHHQHOVLVWHPDGHIUHQRVUHILULpQGRVHDODVHFFLyQ
³)5(126´
&RPSUXHEHFDGDSLH]DLQVWDODGDSDUDGHWHFWDUIXJDVHYHQWXD
OHVGHIOXLGR\HIHFW~HOD³&20352%$&,Ï1'(/)81&,21$
(b)
0,(172 '( /$ 81,'$' +,'5È8/,&$ '(/ $%6´ HQ HVWD
(c) VHFFLyQ
127$
(Q HO FDVR GH XQ FRQMXQWR QXHYR GH XQLGDG KLGUiXOLFD
(c) PyGXOR GH FRQWURO GHO $%6 VL OD ³&20352%$&,Ï1 '(/
)81&,21$0,(172'(/$81,'$'+,'5È8/,&$'(/$%6´
QRKD VLGR HIHFWXDGDHVSRVLEOHTXHOD OX] GH DGYHUWHQFLD
GHO ³$%6´ GHVWHOOH FXDQGR VH FRORTXH HO LQWHUUXSWRU GH
HQFHQGLGRHQODSRVLFLyQ21
&RQVLJXLHQWHPHQWHSDUDTXHODOX]GHDGYHUWHQFLDGHO$%6
GHMH GH GHVWHOODU HIHFW~H OD ³&20352%$&,Ï1 '(/ )81
(b) &,21$0,(172'(/$81,'$'+,'5È8/,&$'(/$%6´
6,67(0$'()5(126$17,%/248(2$%6(
5RWRUGHOVHQVRUWUDVHURDQLOORGHUHWpQ
'(60217$-(
'HVPRQWH HO FRQMXQWR GHO HMH GH SXHQWH WUDVHUR 5HILpUDVH D
³(-('(38(17(75$6(52´HQODVHFFLyQ(
3DUDH[WUDHUHOURWRUGHOVHQVRUDQLOORGHUHWpQGHOHMH
HVPHULOHFRQXQHVPHULODGRUGHGLVFRXQDSDUWH³$´GHOURWRUGHO
VHQVRU DQLOOR GH UHWpQ KDVWD TXH VH DGHOJDFH HQ OD PDQHUD
PRVWUDGDHQODILJXUD
35(&$8&,Ï1
&RQXQDKRMDGHYLQLORRDOJRVHPHMDQWHFXEUDHO
FRMLQHWH GH UXHGD SDUD HYLWDU TXH ORV UHVLGXRV GHO
HVPHULODGRHQWUHQHQHOFRMLQHWH
7HQJDFXLGDGRGHQRHVPHULODUKDVWDOOHJDUDODQLOORGH
UHWpQ
,167$/$&,Ï1
(VSHFLILFDFLRQHVGHSDUHVGHDSULHWH
3DUGHDSULHWH
3LH]DVGHVXMHFLyQ
1P NJP OEIW
7XHUFDDERFLQDGDGHWXERGHIUHQRD
3HUQRGHXQLGDGKLGUiXOLFDGHO$%6E
3HUQRGHOVRSRUWHGHODXQLGDGKLGUiXOLFDGHO$%6F
3HUQRGHOVHQVRUGHYHORFLGDGGHUXHGDGHODQWHURG
3HUQRGHOVHQVRUGHYHORFLGDGGHUXHGDWUDVHURH
3HUQRGHPRQWDMHGHOFRQMXQWRGHODSDODQFDGHOIUHQRGHHVWDFLR
QDPLHQWRI
(a)
(b)
(c)
(c)
(b)
+HUUDPLHQWDVHVSHFLDOHV
&RQMXQWR7HFK,QVWUX
PHQWRGHH[SORUDFLyQ
68=8.,5HILpUDVHDOD
127$%
127$
$(VWHFRQMXQWRLQFOX\HORVDUWtFXORVVLJXLHQWHV\UHHPSOD]DHOFRQMXQWR7HFK
&DMD GHO LQVWUXPHQWR 0DQXDO GHO 2SHUDGRU 7HFK $ &DEOH '/& 6RQGDFDEOH GH SUXHED
&DEOHGHDOLPHQWDFLyQHOpFWULFD$GDSWDGRUGHFDEOH'/&$GDSWDGRUGHDXWRGLDJQyVWLFR
%(VWHFRQMXQWRLQFOX\HORVDUWtFXORVVLJXLHQWHV\UHHPSOD]DHOFRQMXQWR7HFK$
7HFK7DUMHWD3&0&,$&DEOH'/&$GDSWDGRU6$(&DEOHSDUDHQFHQGHGRUGHFLJDUUL
OORV $GDSWDGRU GH FLUFXLWR HQ EXFOH '/& &DEOH GH DOLPHQWDFLyQ GHVGH EDWHUtD &DEOH 56
$GDSWDGRU 56 &RQHFWRU HQ EXFOH FHUUDGR GH 56 &DMD GHO LQVWUXPHQWR $OLPHQWDFLyQ
HOpFWULFD
(6,67(0$'()5(126$17,%/248(2$%6
INFORMACIÓN GENERAL Y DIAGNÓSTICO DEL MOTOR (MOTOR H27) 6-1-1
SECCIÓN 6-1
NOTA:
Según sean las especificaciones del vehículo, los sistemas (piezas) siguientes son o no utilizados en el 6-1
vehículo específicamente concernido. No olvide esto cuando efectúe los trabajos de servicio.
• Conector de verificación
• Sensor de CKP
• Sensor de MAP
• Válvula de EGR
• Sensor calentado de oxígeno, o resistencia de ajuste de CO
• Convertidor catalítico de tres vías, convertidor de tres vías calentado
CONTENIDO
Información general.......................................... 6-1-4 Precauciones para diagnosticar
Nota sobre la limpieza y cuidado .................... 6-1-4 desperfectos ................................................. 6-1-12
Información general sobre el servicio del Tabla de flujo de diagnóstico del motor ........ 6-1-13
motor............................................................... 6-1-4 Comprobación de la luz indicadora de
Precauciones para el servicio del sistema mal funcionamiento (MIL) ............................. 6-1-18
de combustible................................................ 6-1-5 Comprobación de código de diagnóstico
Procedimiento de alivio de la presión de (DTC) ............................................................ 6-1-18
combustible..................................................... 6-1-6 Borrado del código de diagnóstico (DTC)..... 6-1-19
Procedimiento de comprobación de fugas Tabla de código de diagnóstico (DTC) ......... 6-1-21
de combustible................................................ 6-1-6 Para el sistema de A/T (Refiérase a la
Diagnóstico del motor ...................................... 6-1-7 sección 7B1, para el diagnóstico) ............. 6-1-24
Descripción general ........................................ 6-1-7 Para el sistema de control del
Sistema de diagnóstico en el vehículo inmovilizador (Refiérase a la sección 8G,
(Vehículo sin conector de verificación) ........... 6-1-7 para el diagnóstico)................................... 6-1-25
Sistema de diagnóstico en el vehículo Tabla de a prueba de fallos .......................... 6-1-26
(Vehículo con conector de verificación) ........ 6-1-11 Datos del instrumento de exploración........... 6-1-27
6-1-2 INFORMACIÓN GENERAL Y DIAGNÓSTICO DEL MOTOR (MOTOR H27)
DTC P0601 (DTC N° 71) Error de suma Tabla B-2 Comprobación de los
de control de la memoria del módulo de inyectores de combustible y circuito ........... 6-1-125
control interno ............................................. 6-1-117 Tabla B-3 Comprobación de la presión de
DTC P1408 Mal funcionamiento del combustible................................................. 6-1-126
circuito del sensor de presión absoluta Tabla B-4 Comprobación del sistema de
del colector.................................................. 6-1-118 control del aire de ralentí ............................ 6-1-128
DTC P1450/P1451 Problema de Tabla B-5 Comprobación de circuitos de
funcionamiento del circuito del sensor de señal del A/C (si está equipado) ................. 6-1-131
presión barométrica .................................... 6-1-120 Tabla B-6 Comprobación del sistema de
DTC P1500 Mal funcionamiento del control del relé del motor del ventilador
circuito de señal de arranque del motor...... 6-1-121 del condensador del A/C
DTC P1510 Mal funcionamiento de la (Si está equipado)....................................... 6-1-132
alimentación eléctrica de reserva del Herramientas especiales .............................. 6-1-133
módulo de ECM .......................................... 6-1-122
Tabla B-1 Comprobación del circuito de
la bomba de combustible ............................ 6-1-123
‘
,1)250$&,Ï1*(1(5$/<',$*1Ï67,&2'(/0272502725+
,QIRUPDFLyQJHQHUDO
1RWDVREUHODOLPSLH]D\FXLGDGR
(OPRWRUGHODXWRPyYLOHVXQDFRPELQDFLyQGHPXFKDVVXSHUILFLHVTXHKDQVLGRPHFDQL]DGDVUHFWLILFDGDVSXOLGDV\
ODSHDGDV\FX\DVWROHUDQFLDVVRQGHORUGHQGHOPLOpVLPRGHPLOtPHWUR&RQVLJXLHQWHPHQWHFXDQGRVHHIHFW~DHOVHU
YLFLRGHFXDOTXLHUSLH]DLQWHUQDGHOPRWRUODOLPSLH]D\HOFXLGDGRGHOPRWRUVRQPX\LPSRUWDQWHV(QWRGDHVWDVHF
FLyQGHEHFRPSUHQGHUVHELHQTXHODOLPSLH]D\ODSURWHFFLyQGHODVSLH]DVPHFDQL]DGDV\GHODViUHDVVRPHWLGDVD
IULFFLyQIRUPDQSDUWHLQWHJUDOGHOSURFHGLPLHQWRGHUHSDUDFLyQ$XQTXHQRHVWpFDGDYH]LQGLFDGRGHPDQHUDHVSHFt
ILFDHVWRHVFRQVLGHUDGRFRPRSUiFWLFDFRUULHQWH\QRUPDOGHXQWDOOHU
'XUDQWHHOPRQWDMHHQODViUHDV VRPHWLGDVDIULFFLyQGHEHDSOLFDUVHXQDDEXQGDQWHFDSDGHDFHLWHGHPRWRU
SDUDSURWHJHU\OXEULFDUODVSLH]DVHQHOPRPHQWRGHOIXQFLRQDPLHQWRLQLFLDO
6LHPSUHTXHVHGHVPRQWHQSDUDVXVHUYLFLRFRPSRQHQWHVGHOWUHQGHYiOYXODVSLVWRQHVDURVGHSLVWyQELHODV
FRMLQHWHV GH ELHOD \ FRMLQHWHV GH JRUURQHV GH FLJHxDO HV QHFHVDULR GHMDUORV HQ VX RUGHQ FRUUHVSRQGLHQWH
'XUDQWHODLQVWDODFLyQGHEHQVHULQVWDODGRVHQORVPLVPRVOXJDUHV\FRQODVPLVPDVVXSHUILFLHVGHFRQWDFWRTXH
FXDQGRIXHURQGHVPRQWDGRV
/RVFDEOHVGHODEDWHUtDGHEHQVHUGHVFRQHFWDGRVDQWHVGHHIHFWXDUFXDOTXLHUWUDEDMRPD\RUHQHOPRWRU6LQR
VHGHVFRQHFWDQORVFDEOHVHVWRSXHGHFDXVDUGDxRVDOPD]RGHFDEOHVRDRWUDVSLH]DVHOpFWULFDV
(QWRGRHVWHPDQXDOORVFLOLQGURVGHOPRWRUHVWiQLGHQWLILFD
GRVSRUQ~PHURV11111\1FRQWDGRV
GHVGHHOODGRGHODSROHDGHOFLJHxDOKDFLDHOODGRGHOYRODQWH
GHLQHUFLD
/D ILJXUD GH OD L]TXLHUGD PXHVWUD HO PRWRU FRQ HO FROHFWRU GH
DGPLVLyQGHVPRQWDGR\YLVWRGHVGHDUULED
(OEDQFR1L]TXLHUGRFRPSUHQGHORVFLOLQGURV11\
1
(OEDQFR1GHUHFKRFRPSUHQGHORVFLOLQGURV11\
1
&LOLQGUR1 &LOLQGUR1
&LOLQGUR1 %DQFRL]TXLHUGR1
&LOLQGUR1 %DQFRGHUHFKR1
&LOLQGUR1 /DGRGHODSROHDGHOFLJHxDO
&LOLQGUR1
,QIRUPDFLyQJHQHUDOVREUHHOVHUYLFLRGHOPRWRU
35(&$8&,Ï1
3DUDHOVHUYLFLRGHOPRWRUHVQHFHVDULRIDPLOLDUL]DUVHELHQFRQHVWDLQIRUPDFLyQ\DTXHHOODHVLPSRUWDQWH
SDUDSUHYHQLUGDxRV\SDUDFRQWULEXLUDOIXQFLRQDPLHQWRILDEOHGHOPRWRU
&XDQGR SRU FXDOTXLHU UD]yQ OHYDQWH R DSR\H HO PRWRU QR LQVWDOH XQ JDWR DSR\DGR HQ HO FiUWHU GH DFHLWH (Q
HIHFWRGHELGRDODSHTXHxDKROJXUDTXHKD\HQWUHHOFiUWHUGHDFHLWH\HOFRODGRUGHODERPEDGHDFHLWHHODSR\R
HQXQJDWRSXHGHKDFHUTXHHOFiUWHUVHSOLHJXHFRQWUDHOFRODGRUGHODERPEDGHDFHLWH\VHGDxHODXQLGDGGH
FDSWDFLyQGHDFHLWH
&XDQGRVHWUDEDMHHQHOPRWRUVLHPSUHGHEHUHFRUGDUVHTXHHOVLVWHPDHOpFWULFRGHYROWLRVHVFDSD]GHSUR
GXFLUFRUWRFLUFXLWRVYLROHQWRV\SHUMXGLFLDOHV
&XDQGRVHHIHFW~HFXDOTXLHUWUDEDMRTXHQHFHVLWHTXHVHFRQHFWHQDPDVDWHUPLQDOHVHOpFWULFRVHVQHFHVDULR
GHVFRQHFWDUHOFDEOHDPDVDGHODEDWHUtD
6LHPSUHTXHVHGHVPRQWHHOGHSXUDGRUGHODLUHODPDQJXHUDGHVDOLGDGHOGHSXUDGRUGHDLUHHOFXHUSRGHOD
PDULSRVDHOWXERGHODFiPDUDGHFRPSHQVDFLyQHOFROHFWRUGHDGPLVLyQRHOFROHFWRUGHHVFDSHHVQHFHVDULR
WDSDUODDEHUWXUDGHDGPLVLyQ(VWRSURWHJHUiFRQWUDODHQWUDGDDFFLGHQWDOGHPDWHULDVH[WUDxDVTXHSRGUtDQOOH
JDUKDVWDHOFLOLQGUR\FDXVDUGDxRVFRQVLGHUDEOHVFXDQGRVHKDJDDUUDQFDUHOPRWRU
,1)250$&,Ï1*(1(5$/<',$*1Ï67,&2'(/0272502725+
3UHFDXFLRQHVSDUDHOVHUYLFLRGHOVLVWHPDGHFRPEXVWLEOH
(OWUDEDMRGHEHHIHFWXDUVHVLQIXPDUHQXQiUHDELHQYHQWLODGD\OHMRVGHODVOODPDVQRSURWHJLGDV
<DTXHODWXEHUtDGHDOLPHQWDFLyQGHFRPEXVWLEOHHQWUHODERPEDGHFRPEXVWLEOH\HOUHJXODGRUGHSUHVLyQGH
FRPEXVWLEOHVLJXHHVWDQGREDMRDOWDSUHVLyQGHFRPEXVWLEOHDXQGHVSXpVGHKDEHUSDUDGRHOPRWRUHOKHFKRGH
DIORMDURGHVFRQHFWDUGLUHFWDPHQWHODWXEHUtDGHDOLPHQWDFLyQGHFRPEXVWLEOHSXHGHFDXVDUSUR\HFFLRQHVSHOLJUR
VDVGHFRPEXVWLEOHHQHOOXJDUGRQGHVHGHVFRQHFWHRDIORMHODWXEHUtD$QWHVGHDIORMDURGHVFRQHFWDUODWXEHUtD
GHDOLPHQWDFLyQGHFRPEXVWLEOHDVHJ~UHVHELHQGHDOLYLDUODSUHVLyQGHFRPEXVWLEOHFRPRH[SOLFDGRHQHO³352
&(',0,(172'($/,9,2'(/$35(6,Ï1'(&20%867,%/(´HQHVWDVHFFLyQ
&XDQGRVHGHVFRQHFWDODWXEHUtDGHFRPEXVWLEOHSRGUtDHVFXUULUVHXQDSHTXHxDFDQWLGDGGHFRPEXVWLEOH
3DUD UHGXFLU HO ULHVJR GH GDxRV FRUSRUDOHV FXEUD FRQ XQ WUDSR GH WDOOHU OD XQLyQ TXH VH YD D GHVFRQHFWDU
&XDQGRVHWHUPLQHGHGHVFRQHFWDUFRORTXHHOWUDSRHQHOFRQWHQHGRUSUHYLVWRSDUDHVWHFDVR
&XDQGRHOPRWRU\HOVLVWHPDGHHVFDSHHVWpQFDOLHQWHVQXQFDKDJDIXQFLRQDUHOPRWRUFRQHOUHOpGHODERPED
GHFRPEXVWLEOHGHVFRQHFWDGR
&XDQGR LQVWDOH XQD MXQWD GH SHUQR GH XQLyQ GH FRPEXVWLEOH
VLHPSUH XWLOLFH XQD MXQWD QXHYD \ DSULHWH HO SHUQR GH XQLyQ DO
SDUGHDSULHWHHVSHFLILFDGRGHDFXHUGRFRQODV³(63(&,),&$
&,21(6'(3$5(6'($35,(7(´HQODVHFFLyQ&
&XDQGRLQVWDOHXQLQ\HFWRUWXERGHDOLPHQWDFLyQGHFRPEXVWL
EOH R UHJXODGRU GH SUHVLyQ GHO FRPEXVWLEOH OXEULTXH VX MXQWD
WyULFDFRQJDVROLQD
&XDQGRFRQHFWHWXHUFDVDERFLQDGDVGHWXERVGHFRPEXVWLEOH
SULPHUR DSULHWH FRQ OD PDQR OD WXHUFD DERFLQDGD \ HQVHJXLGD
DSULHWHODWXHUFDDOSDUGHDSULHWHHVSHFLILFDGR
,1)250$&,Ï1*(1(5$/<',$*1Ï67,&2'(/0272502725+
3URFHGLPLHQWRGHDOLYLRGHODSUHVLyQGHFRP
EXVWLEOH
35(&$8&,Ï1
(VWH WUDEDMR QR GHEH VHU HIHFWXDGR FXDQGR HO PRWRU HVWi
FDOLHQWH (Q FDVR FRQWUDULR HVWR SRGUtD DIHFWDU DGYHUVD
PHQWHHOFDWDOL]DGRU
'HVSXpVGHDVHJXUDUVHGHTXHHOPRWRUHVWiIUtROLEHUHODSUHVLyQ
GHFRPEXVWLEOHGHODPDQHUDVLJXLHQWH
&RORTXHODSDODQFDVHOHFWRUDGHHQJUDQDMHGHWUDQVPLVLyQHQOD
SRVLFLyQ ³3XQWR PXHUWR´ 3DODQFD VHOHFWRUD GH FDPELR HQ OD
SRVLFLyQ³3´HQORVPRGHORV$7DSOLTXHHOIUHQRGHHVWDFLRQD
PLHQWR\EORTXHHODVUXHGDVSURSXOVRUDV
'HVFRQHFWH HO UHOp GH OD ERPED GH FRPEXVWLEOH GH VX
FRQHFWRU
'HVPRQWH OD WDSD GHO OOHQDGRU GH FRPEXVWLEOH SDUD OLEHUDU OD
SUHVLyQGHYDSRUGHFRPEXVWLEOHHQHOGHSyVLWRGHFRPEXVWLEOH
\HQVHJXLGDYXHOYDDLQVWDODUODWDSD
+DJDDUUDQFDUHOPRWRU\GHMHTXHIXQFLRQHKDVWDTXHVHSDUH
SRUIDOWDGHFRPEXVWLEOH5HSLWDHOSURFHGLPLHQWRGHDUUDQTXH
GHO PRWRU D YHFHV GXUDQWH XQRV VHJXQGRV FDGD YH]
SDUD GLVLSDU OD SUHVLyQ GH FRPEXVWLEOH HQ ODV WXEHUtDV /DV
FRQH[LRQHVGHFRPEXVWLEOHDKRUDHVWiQDSWDVSDUDHOVHUYLFLR
'HVSXpV GH KDEHU FRPSOHWDGR HO VHUYLFLR GH PDQWHQLPLHQWR
FRQHFWHHOUHOpGHODERPEDGHFRPEXVWLEOHDODFDMDGHUHOpV
>$@ 9HKtFXORFRQYRODQWHDODL]TXLHUGD
>%@ 9HKtFXORFRQYRODQWHDODGHUHFKD
&DMDGHIXVLEOHV
3URFHGLPLHQWRGHFRPSUREDFLyQGHIXJDVGH
FRPEXVWLEOH
'HVSXpVGHHIHFWXDUFXDOTXLHUWUDEDMRGHVHUYLFLRHQHOVLVWHPDGH
FRPEXVWLEOH YHULILTXH GH OD PDQHUD VLJXLHQWH \ DVHJ~UHVH ELHQ GH
TXHQRKD\IXJDVGHFRPEXVWLEOH
&RORTXHHOLQWHUUXSWRUGHHQFHQGLGRHQODSRVLFLyQ21GXUDQWH
VHJXQGRVSDUDKDFHUIXQFLRQDUODERPEDGHFRPEXVWLEOH\
HQVHJXLGDFRORTXHHOLQWHUUXSWRUHQODSRVLFLyQ2))
5HSLWDHVWHSURFHGLPLHQWR21\2))RYHFHV\DSOLTXH
SUHVLyQGHFRPEXVWLEOHDODWXEHUtDGHFRPEXVWLEOHKDVWDTXH
VHVLHQWDODSUHVLyQGHFRPEXVWLEOHFRQODPDQRFRORFDGDHQOD
PDQJXHUDGHUHWRUQRGHFRPEXVWLEOH
(Q HVWH HVWDGR FRPSUXHEH SDUD DVHJXUDUVH GH TXH QR KD\
IXJDVGHFRPEXVWLEOHHQQLQJXQDSLH]DGHOVLVWHPDGHFRPEXV
WLEOH
,1)250$&,Ï1*(1(5$/<',$*1Ï67,&2'(/0272502725+
'LDJQyVWLFRGHOPRWRU
'HVFULSFLyQJHQHUDO
(VWH YHKtFXOR HVWi HTXLSDGR FRQ XQ VLVWHPD GH FRQWURO GHO PRWRU \ GH ODV HPLVLRQHV TXH HVWi FRPDQGDGR SRU HO
PyGXORGH(&03&0(OVLVWHPDGHFRQWUROGHOPRWRU\GHODVHPLVLRQHVGHHVWHYHKtFXORHVWiFRQWURODGRSRUHO
PyGXORGH(&03&0(OPyGXOR(&03&0WLHQHXQVLVWHPDGHGLDJQyVWLFRHQHOYHKtFXORTXHGHWHFWDXQGHV
SHUIHFWRGHIXQFLRQDPLHQWRHQHVWHVLVWHPD\ODDQRUPDOLGDGHQODVSLH]DVTXHLQIOX\HQHQODVHPLVLRQHVGHHVFDSH
GHOPRWRU&XDQGRGLDJQRVWLTXHGHVSHUIHFWRVGHPRWRUDVHJ~UHVHGHTXHKDFRPSUHQGLGRSHUIHFWDPHQWHELHQWRGD
ODGHVFULSFLyQGHO³6,67(0$'(',$*1Ï67,&2(1(/9(+Ë&8/2´\WDPELpQFDGDHOHPHQWRGH³35(&$8&,2
1(63$5$',$*1267,&$5'(63(5)(&726´<HIHFW~HHOGLDJQyVWLFRGHDFXHUGRFRQOD³7$%/$'()/8-2'(
',$*1Ï67,&2'(/02725´
+D\XQDHVWUHFKDUHODFLyQHQWUHODPHFiQLFDGHOPRWRUVLVWHPDGHUHIULJHUDFLyQGHOPRWRUVLVWHPDGHHQFHQGLGR
VLVWHPDGHHVFDSHHWF\HOVLVWHPDGHFRQWUROGHOPRWRU\GHODVHPLVLRQHVHQVXHVWUXFWXUD\IXQFLRQDPLHQWR(Q
FDVRGHGHVSHUIHFWRGHOPRWRUDXQFXDQGRODOX]LQGLFDGRUDGHPDOIXQFLRQDPLHQWR0,/QRVHHQFLHQGDHOGHVSHU
IHFWRGHEHVHUGLDJQRVWLFDGRGHDFXHUGRFRQOD³7$%/$'()/8-2'(',$*1Ï67,&2'(/02725´HQHVWDVHF
FLyQ
6LVWHPDGHGLDJQyVWLFRHQHOYHKtFXOR9HKt
FXORVLQFRQHFWRUGHYHULILFDFLyQ
(O PyGXOR GH (&0 3&0 GH HVWH YHKtFXOR WLHQH ODV IXQFLRQHV
VLJXLHQWHV
&XDQGRHOLQWHUUXSWRUGHHQFHQGLGRHVFRORFDGRHQODSRVLFLyQ
21 FRQ HO PRWRU SDUDGR OD OX] LQGLFDGRUD GH PDO IXQFLRQD
PLHQWR0,/VHHQFLHQGHSDUDYHULILFDUODERPELOODGHODOX]
LQGLFDGRUDGHPDOIXQFLRQDPLHQWR
&XDQGRHOPyGXORGH(&0GHWHFWDXQPDOIXQFLRQDPLHQWRTXH
DIHFWD DGYHUVDPHQWH ODV HPLVLRQHV GHO YHKtFXOR PLHQWUDV HO
PRWRUHVWiIXQFLRQDQGRHQFLHQGHODOX]LQGLFDGRUDGHPDOIXQ
FLRQDPLHQWRHQHOLQGLFDGRUFRPELQDGRGHOWDEOHURGHLQVWUX
PHQWRV R OD KDFH GHVWHOODU OD OX] LQGLFDGRUD GHVWHOOD
VRODPHQWHFXDQGRVHGHWHFWDXQIDOORGHHQFHQGLGRTXHSXHGH
GDxDUHOFDWDOL]DGRU\JXDUGDHQVXPHPRULDHOiUHDGHGHV
SHUIHFWR
6LQHPEDUJRVLGHVSXpVGHKDEHUGHWHFWDGRXQPDOIXQFLRQD
PLHQWRGHWHFWDFRQWLQXDPHQWHTXHFLFORVGHFRQGXFFLyQVRQ
QRUPDOHV DSDJD OD OX] LQGLFDGRUD GH 0,/ DXQTXH HO '7&
PHPRUL]DGRSHUPDQHFHPHPRUL]DGR
&RQ HO ILQ GH HYLWDU GHWHFFLRQHV HUUyQHDV \ FRPR FRQGLFLyQ
SDUDODGHWHFFLyQGHXQPDOIXQFLRQDPLHQWRHQDOJXQDViUHDV
GHO VLVWHPD VXSHUYLVDGR SRU HO PyGXOR (&0 3&0 \ SDUD
HQFHQGHUODOX]LQGLFDGRUDGHPDOIXQFLRQDPLHQWRGHELGRD
HVHGHVSHUIHFWRVHKDDGRSWDGRODOyJLFDGHGHWHFFLyQGHOFLFOR
GHFRQGXFFLRQHV
&XDQGRVHGHWHFWDXQPDOIXQFLRQDPLHQWRODVFRQGLFLRQHVGHO
PRWRU \ GH OD FRQGXFFLyQ VRQ JXDUGDGDV HQ OD PHPRULD GHO
PyGXOR GH (&0 3&0 HQ IRUPD GH GDWRV GH LPDJHQ FRQJH
ODGD 3DUD PD\RUHV GHWDOOHV UHILpUDVH D OD GHVFULSFLyQ HQ
'DWRVGHLPDJHQFRQJHODGD
(V SRVLEOH FRPXQLFDU XWLOL]DQGR QR VRODPHQWH HO LQVWUXPHQWR
GHH[SORUDFLyQ68=8.,VLQRWDPELpQHPSOHDQGRXQLQVWUX
PHQWRGHH[SORUDFLyQWLSRSURGXFWROLEUH8WLOL]DQGRXQLQVWUX
PHQWR GH H[SORUDFLyQ HV SRVLEOH DFFHGHU D OD LQIRUPDFLyQ GH
GLDJQyVWLFR
,1)250$&,Ï1*(1(5$/<',$*1Ï67,&2'(/0272502725+
&,&/2'(&$/(17$0,(172
(OFLFORGHFDOHQWDPLHQWRFRQOOHYDTXHVHKDJDIXQFLRQDUHOYHKtFXOR
OR VXILFLHQWH SDUD TXH OD WHPSHUDWXUD GHO UHIULJHUDQWH GHO PRWRU OOH
JXH SRU OR PHQRV D & GHVGH HO DUUDQTXH GHO PRWRU \ TXH
DOFDQFHODWHPSHUDWXUDPtQLPDGH&
&,&/2'(&21'8&&,Ï1
8Q³&LFORGHFRQGXFFLyQ´FRQVLVWHHQHODUUDQTXHGHOPRWRUPRGR
GHFRQGXFFLyQHQHOTXHVLKXELHUDXQPDOIXQFLRQDPLHQWRpVWHVHUtD
GHWHFWDGR\HOSDURGHOPRWRU
/Ï*,&$'('(7(&&,Ï1'(&,&/26'(&21'8&&,Ï1
(OPDOIXQFLRQDPLHQWRGHWHFWDGRHQHOSULPHUFLFORGHFRQGXFFLyQHV
DOPDFHQDGRHQODPHPRULDGHOPyGXORGH(&03&0^HQODIRUPD
GH'7&SHQGLHQWH`SHURODOX]LQGLFDGRUDGHPDOIXQFLRQDPLHQWRQR
VHHQFLHQGHHQHVWHPRPHQWR/DOX]LQGLFDGRUDVHHQFLHQGHHQOD
VHJXQGD GHWHFFLyQ GHO PLVPR PDO IXQFLRQDPLHQWR HQ HO SUy[LPR
FLFORGHFRQGXFFLyQ
'7&3(1',(17(
'7& SHQGLHQWH VLJQLILFD TXH XQ '7& KD VLGR GHWHFWDGR \ PHPRUL
]DGRWHPSRUDOPHQWHHQHOSULPHUFLFORGHFRQGXFFLyQGHO'7&TXH
HVGHWHFWDGRHQODOyJLFDGHGHWHFFLyQGHFLFORVGHFRQGXFFLyQ
'$726'(,0$*(1&21*(/$'$
3ULRULGDGGHORVGDWRVGHLPDJHQFRQJHODGD
(OPyGXORGH(&03&0WLHQHHQFXDGUHVGRQGHSXHGHQVHUJXDUGDGRVORVGDWRVGHLPDJHQFRQJHODGD(OSULPHU
HQFXDGUHFRQVHUYDORVGDWRVGHLPDJHQFRQJHODGDGHOPDOIXQFLRQDPLHQWRTXHIXHGHWHFWDGRHQSULPHUOXJDU6LQ
HPEDUJRORVGDWRVGHLPDJHQFRQJHODGDFRQVHUYDGRVHQHVWHHQFXDGUHVRQDFWXDOL]DGRVGHDFXHUGRFRQODSULRUL
GDGGHVFULWDDFRQWLQXDFLyQ6LHOGHVSHUIHFWRGHVFULWRHQHOVLJXLHQWHUHFXDGURVXSHULRU³´HVGHWHFWDGRPLHQWUDV
ORVGDWRVGHLPDJHQFRQJHODGDGHOUHFXDGURLQIHULRU³´KDQVLGRPHPRUL]DGRVORVGDWRVGHLPDJHQFRQJHODGD³´
VHUiQDFWXDOL]DGRVPHGLDQWHORVGDWRVGHODLPDJHQFRQJHODGD³´
35,25,'$' '$726'(,0$*(1&21*(/$'$(1(/(1&8$'5(
'DWRVGHLPDJHQFRQJHODGDHQODGHWHFFLyQLQLFLDOGHOPDOIXQFLRQDPLHQWRHQWUHIDOORVGHHQFHQ
GLGRGHWHFWDGRV33VLVWHPDGHFRPEXVWLEOHGHPDVLDGRSREUH33\
VLVWHPDGHFRPEXVWLEOHGHPDVLDGRULFR33
'DWRVGHLPDJHQFRQJHODGDFXDQGRVHGHWHFWyXQPDOIXQFLRQDPLHQWRGLIHUHQWHGHORVGHWHFWD
GRVDQWHULRUPHQWHHQ³´
'HODOHQFXDGUHORVGDWRVGHLPDJHQFRQJHODGDGHFDGDPDOIXQFLRQDPLHQWRVRQPHPRUL]DGRVHQHORUGHQGH
GHWHFFLyQGHOPDOIXQFLRQDPLHQWR(VWRVGDWRVQRVRQDFWXDOL]DGRVLQGHSHQGLHQWHPHQWHGHODSULRULGDG
(QODWDEODVLJXLHQWHVHPXHVWUDQHMHPSORVGHFyPRVHPHPRUL]DQGDWRVGHLPDJHQFRQJHODGDFXDQGRVHGHWHFWDQ
GRVRPiVPDOIXQFLRQDPLHQWRV
3,$7 GHO3 FLyQGHO3 LPDJHQFRQJHODGD LPDJHQFRQJHODGD
0$/)81&,21$0,(172
'HWHFFLyQGHO
'DWRVDODGHWHFFLyQ 'DWRVDODGHWHF 'DWRVDODGHWHF 1RKD\GDWRVGH
36LVWHPD
GHO3 FLyQGHO3 FLyQGHO3 LPDJHQFRQJHODGD
GHFRPEXVWLEOH
'HWHFFLyQGHO
'DWRVDODGHWHFFLyQ 'DWRVDODGHWHF 'DWRVDODGHWHF 'DWRVDODGHWHF
3)DOORGH
GHO3 FLyQGHO3 FLyQGHO3 FLyQGHO3
HQFHQGLGR
'HWHFFLyQGHO
'DWRVDODGHWHFFLyQ 'DWRVDODGHWHF 'DWRVDODGHWHF 'DWRVDODGHWHF
3)DOORGH
GHO3 FLyQGHO3 FLyQGHO3 FLyQGHO3
HQFHQGLGR
%RUUDGRGHGDWRVGHLPDJHQFRQJHODGD
/RVGDWRVGHLPDJHQFRQJHODGDVRQERUUDGRVDOPLVPRWLHPSRTXHVHERUUDHOFyGLJRGHGLDJQyVWLFR'7&
,1)250$&,Ï1*(1(5$/<',$*1Ï67,&2'(/0272502725+
&21(&725'((1/$&('('$726'/&
(O '/& HVWi FRQIRUPH FRQ OD QRUPD 6$(- HQ OR TXH UHV
SHFWDDVXSRVLFLyQGHLQVWDODFLyQODIRUPDGHOFRQHFWRU\ODDVLJQD
FLyQGHODVSDWLOODV
/DVOtQHDV.GH,62VRQXWLOL]DGDVSRUHOLQVWUXPHQWRGHH[SOR
UDFLyQ68=8.,RWLSRSURGXFWROLEUHSDUDFRPXQLFDUFRQORVPyGX
ORVGHFRQWURO(&03&0$%6\6'0GHFROFKyQGHDLUH/DOtQHD
GHGDWRVVHULDOHV68=8.,HVXWLOL]DGDSRUHOLQVWUXPHQWRGHH[SORUD
FLyQ68=8.,SDUDFRPXQLFDUFRQHOPyGXORGHFRQWUROGHOLQPRYLOL
]DGRU
%
/tQHDGHGDWRVVHULDOHV68=8.,
/tQHD.GH,62
0DVDDFDUURFHUtD
0DVDD(&0
,1)250$&,Ï1*(1(5$/<',$*1Ï67,&2'(/0272502725+
6LVWHPDGHGLDJQyVWLFRHQHOYHKtFXOR9HKt
FXORFRQFRQHFWRUGHYHULILFDFLyQ
(O PyGXOR GH (&0 GLDJQRVWLFD GHVSHUIHFWRV TXH SXHGHQ SUHVHQ
WDUVH HQ HO iUHD TXH LQFOX\H ODV SLH]DV VLJXLHQWHV FXDQGR HO LQWH
UUXSWRU GH HQFHQGLGR HVWi HQ OD SRVLFLyQ 21 \ HO PRWRU HVWi
IXQFLRQDQGR\HOPyGXORGH(&0LQGLFDHOUHVXOWDGRHQFHQGLHQGRR
KDFLHQGRGHVWHOODUODOX]LQGLFDGRUDGHPDOIXQFLRQDPLHQWR
6HQVRUFDOHQWDGRGHR[tJHQRVLHVWiHTXLSDGR
6HQVRUGH(&7
6HQVRUGH73
6HQVRUGH,$7
6HQVRUGH&03
6HQVRUGH0$)
6HQVRUGHGHWRQDFLyQ
(*5VLHVWiHTXLSDGR
6HQVRUGH966
&38&HQWUDO3URFHVVLQJ8QLW>8QLGDGFHQWUDOGHSURFHVR@GHO
PyGXORGH(&0
(OPyGXORGH(&0\ODOX]LQGLFDGRUDGHPDOIXQFLRQDPLHQWRIXQ
FLRQDQGHODPDQHUDVLJXLHQWH
/D OX] LQGLFDGRUD GH PDO IXQFLRQDPLHQWR VH HQFLHQGH
FXDQGRHOLQWHUUXSWRUGHHQFHQGLGRHVFRORFDGRHQODSRVLFLyQ
21SHURHOPRWRUHVWiSDUDGR FRQHOWHUPLQDO GHOLQWHUUXSWRU
GH GLDJQyVWLFR QR FRQHFWDGR D PDVD LQGHSHQGLHQWHPHQWH GH
OD FRQGLFLyQ GHO VLVWHPD GH FRQWURO GHO PRWRU \ GH ODV HPLVLR
QHV(VWRWLHQHFRPRIXQFLyQVRODPHQWHFRPSUREDUODERPELOOD
GHODOX]LQGLFDGRUDGHPDOIXQFLRQDPLHQWR\VXFLUFXLWR
6LODViUHDVSUHFHGHQWHVGHOVLVWHPDGHFRQWUROGHOPRWRU\GH
ODV HPLVLRQHV QR SUHVHQWDQ QLQJ~Q GHVSHUIHFWR GHVSXpV GHO
DUUDQTXHGHOPRWRUPLHQWUDVHOPRWRUHVWiIXQFLRQDQGRODOX]
LQGLFDGRUDGHPDOIXQFLRQDPLHQWRVHDSDJD
&XDQGRHOPyGXORGH(&0GHWHFWDXQGHVSHUIHFWRTXHKDRFX
UULGRHQODViUHDVSUHFHGHQWHPHQWHFLWDGDVpOKDFHTXHODOX]
LQGLFDGRUD GH PDO IXQFLRQDPLHQWR VH HQFLHQGDPLHQWUDV HO
PRWRU HVWi IXQFLRQDQGR SDUD DVt DYLVDU DO FRQGXFWRU TXH KD\
XQGHVSHUIHFWR \DOPLVPR WLHPSRHO PyGXORGH (&0PHPR
UL]D HO iUHD GH GHVSHUIHFWR HQ OD PHPRULD GH VHJXULGDG /D
PHPRUL]DFLyQHVFRQVHUYDGDDXQTXHHOGHVSHUIHFWRKD\DVLGR
VRODPHQWHWHPSRUDO\KD\DGHVDSDUHFLGRLQPHGLDWDPHQWH<HO
UHJLVWUR PHPRUL]DGR QR HV ERUUDGR KDVWD TXH OD DOLPHQWDFLyQ
HOpFWULFDDOPyGXOR(&0HVFRUWDGDGXUDQWHHOWLHPSRHVSHFLIL
FDGRDFRQWLQXDFLyQ
(OPyGXORGH(&0WDPELpQLQGLFDHOiUHDGHGHVSHUIHFWRTXH
KD\HQODPHPRULDPHGLDQWHHOGHVWHOORGHODOX]LQGLFDGRUD
GH PDO IXQFLRQDPLHQWR HQ HO PRPHQWR GH OD FRPSUREDFLyQ
3RUHMHPSORFXDQGRFRQXQFDEOHGHVHUYLFLRVHFRQHFWDHOWHU
PLQDOGHOLQWHUUXSWRUGHGLDJQyVWLFRDOWHUPLQDODPDVD\
VHFRORFDHOLQWHUUXSWRUGHHQFHQGLGRHQODSRVLFLyQ21
127$
&XDQGR KD\ XQ GHVSHUIHFWR HQ ODV iUHDV FLWDGDV DQWHULRU
PHQWH \ GHVDSDUHFH SURQWR PLHQWUDV HO WHUPLQDO GHO LQWH
UUXSWRUGHGLDJQyVWLFRHVWiGHVFRQHFWDGRDPDVD\HOPRWRU
HVWiIXQFLRQDQGRODOX]LQGLFDGRUDGHPDOIXQFLRQDPLHQWR
VHHQFLHQGH\SHUPDQHFHHQFHQGLGDPLHQWUDVSHUVLVWHHO
GHVSHUIHFWRSHURVHDSDJDFXDQGRVHYXHOYHDODFRQGLFLyQ
GHQRUPDOLGDG
,1)250$&,Ï1*(1(5$/<',$*1Ï67,&2'(/0272502725+
&21(&725'((1/$&('('$726'/&
(O '/& HVWi FRQIRUPH FRQ OD QRUPD 6$(- HQ OR TXH UHV
SHFWDDVXSRVLFLyQGHLQVWDODFLyQODIRUPDGHOFRQHFWRU\ODDVLJQD
FLyQGHODVSDWLOODV
/DOtQHD.GH,62HVXWLOL]DGDSRUHOLQVWUXPHQWRGHH[SORUD
FLyQ 68=8., SDUD FRPXQLFDU FRQ ORV PyGXORV GH FRQWURO GH (&0
3&0$%6\6'0GHFROFKyQGHDLUH/DOtQHDGHGDWRVVHULDOHV
68=8.,HVXWLOL]DGDSRUHOLQVWUXPHQWRGHH[SORUDFLyQ68=8.,SDUD
FRPXQLFDUFRQHOPyGXORGHFRQWUROGHOLQPRYLOL]DGRU
%
/tQHDGHGDWRVVHULDOHV68=8.,
/tQHD.GH,62
0DVDDFDUURFHUtD
0DVDD(&0
3UHFDXFLRQHVSDUDGLDJQRVWLFDUGHVSHUIHFWRV
1RGHVFRQHFWHORVDFRSODGRUHVGHOPyGXORGH(&03&0FDEOHGHODEDWHUtDHQODEDWHUtDPD]RGHFDEOHVD
PDVDGHOPyGXORGH(&03&0GHOPRWRURGHOIXVLEOHSULQFLSDODQWHVGHFRQILUPDUODLQIRUPDFLyQGHOGLDJQyV
WLFR '7& GDWRV GH LPDJHQ FRQJHODGD HWF PHPRUL]DGR HQ HO PyGXOR GH (&0 3&0 7DOHV GHVFRQH[LRQHV
ERUUDUiQODVLQIRUPDFLRQHVPHPRUL]DGDVHQHOPyGXORGH(&03&0
/D LQIRUPDFLyQ GH GLDJQyVWLFR PHPRUL]DGD HQ HO PyGXOR GH (&0 3&0 SXHGH VHU ERUUDGD \ YHULILFDGD XWLOL
]DQGRHOLQVWUXPHQWRGHH[SORUDFLyQ68=8.,RXQLQVWUXPHQWRGHH[SORUDFLyQWLSRSURGXFWROLEUH$QWHVGHXWLOL
]DUHOLQVWUXPHQWRGHH[SORUDFLyQOHDFXLGDGRVDPHQWHVX0DQXDOGHO2SHUDGRU,QVWUXFFLRQHVSDUDFRPSUHQGHU
SHUIHFWDPHQWHELHQODVSRVLELOLGDGHVGHODVIXQFLRQHVGLVSRQLEOHV\FyPRXWLOL]DUODV
3ULRULGDGHVSDUDORVFyGLJRVGHGLDJQyVWLFR9HKtFXORVLQFRQHFWRUGHYHULILFDFLyQ
6LKD\PHPRUL]DGRVGRVRPiVFyGLJRVGHGLDJQyVWLFR'7&SURFHGDDODWDEODGHIOXMRGHO'7&TXHIXHGHWHF
WDGRHQSULPHUOXJDU\VLJDODVLQVWUXFFLRQHVGHHVDWDEOD
6LQRVHGDQLQVWUXFFLRQHVSURFHGDDORFDOL]DU\UHSDUDUORVFyGLJRVGHGLDJQyVWLFRGHDFXHUGRFRQODVSULRULGD
GHVVLJXLHQWHV
± &yGLJRV GH GLDJQyVWLFR '7& TXH QR VHDQ ORV '7& 3333 6LVWHPD GH FRPEXVWLEOH
GHPDVLDGRSREUHGHPDVLDGRULFR'7&3333333'HWHFFLyQGHIDOOR
GHHQFHQGLGRQLHO'7&30DOIXQFLRQDPLHQWRGHOIOXMRGH(*5
± '7& 3333 6LVWHPD GH FRPEXVWLEOH GHPDVLDGR SREUHGHPDVLDGR ULFR \ '7& 3
0DOIXQFLRQDPLHQWRGHOIOXMRGH(*5
± '7&3333333'HWHFFLyQGHIDOORGHHQFHQGLGR
$QWHV GH OD FRPSUREDFLyQ DVHJ~UHVH GH OHHU ODV ³35(&$8&,21(6 3$5$ (/ 6(59,&,2 '( &,5&8,726
(/e&75,&26³HQODVHFFLyQ$\DSOtTXHODVHVWULFWDPHQWH
5HHPSOD]RGHOPyGXORGH(&03&0
&XDQGRUHHPSODFHSRUXQPyGXORGH(&03&0HQEXHQHVWDGRFRPSUXHEHODVFRQGLFLRQHVVLJXLHQWHV'HMDU
GHODGRHVWDYHULILFDFLyQSXHGHGDxDUHOPyGXORGH(&03&0HQEXHQHVWDGR
± (OYDORUGHODUHVLVWHQFLDGHWRGRVORVUHOpV\DFWXDGRUHVHVFRPRHVSHFLILFDGRUHVSHFWLYDPHQWH
± (OVHQVRUGH0$)VHQVRUGH0$3\HOVHQVRUGH73HVWiQHQEXHQDVFRQGLFLRQHV\QLQJXQRGHORVFLUFXLWRV
GHDOLPHQWDFLyQHOpFWULFDGHHVWRVVHQVRUHVHVWiFRUWRFLUFXLWDGRDPDVD
INFORMACIÓN GENERAL Y DIAGNÓSTICO DEL MOTOR (MOTOR H27) 6-1-13
Paso Operación Sí No
1 Análisis de la queja del cliente Vaya al paso 2. Efectúe el análisis de la
1) Efectúe el análisis de la queja del cliente. queja del cliente.
¿Se efectuó el análisis de la queja del cliente?
2 Comprobación de DTC/datos de imagen congelada Registro de DTC/datos Vaya al paso 4.
1) Comprobación de DTC/datos de imagen congelada de imagen congelada
¿Hay algún(os) DTC de mal funcionamiento? Borre DTC.
Vaya al paso 3.
3 Inspección visual Repare o reemplace la Vaya al paso 5.
1) Efectúe la inspección visual. pieza defectuosa.
¿Hay alguna condición defectuosa? Vaya al paso 11.
4 Inspección visual Repare o reemplace la Vaya al paso 8.
1) Efectúe la inspección visual. pieza defectuosa.
¿Hay alguna condición defectuosa? Vaya al paso 11.
5 Confirmación de síntomas de desperfecto Vaya al paso 6. Vaya al paso 7.
1) Confirme síntomas de desperfecto basándose en el
análisis de la queja del cliente, DTC/datos de ima-
gen congelada, en el paso 1.
¿Se identificó un síntoma de desperfecto?
6 Nueva comprobación de DTC/datos de imagen conge- Vaya al paso 9. Vaya al paso 8.
lada
1) Nueva comprobación de DTC/datos de imagen con-
gelada.
¿Hay algún(os) DTC de mal funcionamiento?
7 Nueva comprobación de DTC/datos de imagen conge- Vaya al paso 9. Vaya al paso 10.
lada
1) Nueva comprobación de DTC/datos de imagen con-
gelada.
¿Hay algún(os) DTC de mal funcionamiento?
8 Inspección básica del motor Vaya al paso 11. Compruebe y repare
1) Compruebe y repare de acuerdo con la “TABLA DE la(s) pieza(s) defec-
FLUJO DE INSPECCIÓN BÁSICA” y la “TABLA DE tuosa(s).
DIAGNÓSTICO DEL MOTOR”, en esta sección. Vaya al paso 11.
¿Están completadas la comprobación y la reparación?
9 Localización y reparación de desperfectos para el DTC Vaya al paso 11. Compruebe y repare
1) Compruebe y repare de acuerdo con la Tabla de la(s) pieza(s) defec-
flujo de diagnóstico del DTC aplicable, en esta sec- tuosa(s).
ción. Vaya al paso 11.
¿Están completadas la comprobación y la reparación?
10 Compruebe los problemas intermitentes Repare o reemplace la Vaya al paso 11.
1) Compruebe los desperfectos intermitentes refirién- pieza defectuosa.
dose a “Mal funcionamiento intermitente y conexión Vaya al paso 11.
mala”, en la sección “INFORMACIÓN GENERAL”.
¿Hay alguna condición defectuosa?
11 Prueba de confirmación final Vaya al paso 6. FIN.
1) Borre el DTC, si hay alguno.
2) Efectúe la prueba de confirmación final. Refiérase a
“PROCEDIMIENTO DE CONFIRMACIÓN DE DTC”,
en esta sección.
¿Hay algún síntoma de problema, un DTC de mal fun-
cionamiento o alguna condición anormal?
6-1-14 INFORMACIÓN GENERAL Y DIAGNÓSTICO DEL MOTOR (MOTOR H27)
NOTA:
El formulario anterior es una muestra estándar. Debe ser modificado en función de las condiciones carac-
terísticas de cada mercado.
,1)250$&,Ï1*(1(5$/<',$*1Ï67,&2'(/0272502725+
127$
(QHOFDVRGHOYHKtFXORFRQ$7VLHQHVWHSDVRVHLQGLFDVRODPHQWHHO'7&3333
33333y3SURFHGDD³',$*1Ï67,&2´HQOD6(&&,Ï1%
3$62\3$62,163(&&,Ï19,68$/
$VHJ~UHVHGHHIHFWXDUODLQVSHFFLyQYLVXDOGHORVHOHPHQWRVVLJXLHQWHVTXHVRSRUWDQHOIXQFLRQDPLHQWRFRUUHFWRGHO
PRWRU
&20321(17(,163(&&,21$'2 6(&&,Ï1'(5()(5(1&,$
$FHLWHGHPRWRUQLYHOIXJDV 6(&&,Ï1%
5HIULJHUDQWHGHPRWRUQLYHOIXJDV 6(&&,Ï1%
&RPEXVWLEOHQLYHOIXJDV 6(&&,Ï1%
)OXLGRGH$7QLYHOIXJDV 6(&&,Ï1%
)LOWURGHOGHSXUDGRUGHDLUHVXFLHGDGREVWUXFFLRQHV 6(&&,Ï1%
%DWHUtDQLYHOGHHOHFWUyOLWRFRUURVLyQGHOWHUPLQDO 6(&&,Ï1%
&RUUHDGHODERPEDGHDJXD\RFRUUHDGHOYHQWLODGRUGHHQIULDPLHQWR 6(&&,Ï1&
WHQVLyQGDxR
&DEOHGHDFHOHUDGRUMXHJRLQVWDODFLyQ
&DEOHGHDFHOHUDFLyQGH$7MXHJRLQVWDODFLyQ 6(&&,Ï1(
0DQJXHUDVGHYDFtRGHOVLVWHPDGHDGPLVLyQGHDLUH 6(&&,Ï1(
GHVFRQH[LyQIORMHGDGGHWHULRUDFLyQWRUFHGXUDV 6(&&,Ï1$
&RQHFWRUHVGHPD]RVGHFDEOHVHOpFWULFRVGHVFRQH[LyQIULFFLyQ
)XVLEOHVIXQGLGRV
3LH]DVLQVWDODFLyQSHUQRVIORMHGDG
3LH]DVGHIRUPDFLyQ 6(&&,Ï1
2WUDVSLH]DVTXHSXHGHQVHULQVSHFFLRQDGDVYLVXDOPHQWH
$GHPiVFRPSUXHEHORVHOHPHQWRVVLJXLHQWHVDODUUDQTXHGHOPRWRUVLHV
SRVLEOH
± /X]LQGLFDGRUDGHPDOIXQFLRQDPLHQWRIXQFLRQDPLHQWR
± /X]GHDGYHUWHQFLDGHFDUJDIXQFLRQDPLHQWR
± /X]GHDGYHUWHQFLDGHSUHVLyQGHDFHLWHGHOPRWRUIXQFLRQDPLHQWR
± ,QGLFDGRUGHWHPSHUDWXUDGHOUHIULJHUDQWHGHOPRWRUIXQFLRQDPLHQWR 6(&&,Ï1
± ,QGLFDGRUGHQLYHOGHOFRPEXVWLEOHIXQFLRQDPLHQWR 6(&&,Ï1+
± $VSLUDFLyQDQRUPDOGHDLUHGHVGHHOVLVWHPDGHODGPLVLyQGHDLUH 6(&&,Ï1$
± 6LVWHPDGHHVFDSHIXJDVGHJDVHVGHHVFDSHUXLGRV 6(&&,Ï1
± 2WUDVSLH]DVTXHSXHGHQVHULQVSHFFLRQDGDVYLVXDOPHQWH 6(&&,Ï1
3$62&21),50$&,Ï1'(6Ë1720$6'('(63(5)(&72
&RQILUPHORVVtQWRPDVGHGHVSHUIHFWRHPSOHDQGRODVLQIRUPDFLRQHVREWHQLGDVHQHOSDVRGHO³$1È/,6,6'(/$
48(-$'(/&/,(17(´\HQHOSDVRGHOD³&20352%$&,Ï1'('7&'$726'(,0$*(1&21*(/$'$´$GH
PiVYXHOYDDFRQILUPDUHO'7&GHDFXHUGRFRQHO³352&(',0,(172'(&21),50$&,Ï1'('7&´GHVFULWRHQ
FDGD³7$%/$'()/8-2'('7&´
6-1-16 INFORMACIÓN GENERAL Y DIAGNÓSTICO DEL MOTOR (MOTOR H27)
Paso Operación Sí No
1 ¿Se aplicó la “TABLA DE FLUJO DE DIAGNÓSTICO DEL MOTOR”? Vaya al paso 2. Vaya a la “TABLA
DE FLUJO DE
DIAGNÓSTICO
DEL MOTOR”, en
esta sección.
2 Compruebe la tensión de la batería. Vaya al paso 3. Cargue o reem-
¿Es la tensión 11 V, o más? place la batería.
3 ¿Gira el motor para arrancar? Vaya al paso 4. Vaya a “DIAG-
NÓSTICO”, en la
sección 6H.
4 ¿Arranca el motor? Vaya al paso 5. Vaya al paso 7.
5 Compruebe el régimen de ralentí del motor/servicio de la válvula de Vaya al paso 6. Vaya a “TABLA
IAC refiriéndose a “COMPROBACIÓN DEL RÉGIMEN DE RALENTÍ/ DE DIAGNÓS-
SERVICIO DE LA VÁLVULA DE IAC”, en la sección 6E2. TICO DEL
¿Está el resultado de la comprobación de acuerdo con las especifica- MOTOR”, en esta
ciones? sección.
6 Compruebe el calado del encendido. Refiérase a “COMPROBACIÓN Vaya a “TABLA Ajuste el calado
DEL CALADO DEL ENCENDIDO”, en la sección 6F2. DE DIAGNÓS- del encendido.
¿Está el resultado de la comprobación de acuerdo con las especifica-TICO DEL
ciones? MOTOR”, en esta
sección.
7 Compruebe la alimentación de combustible, de la manera siguiente : Vaya al paso 9. Vaya al paso 8.
1) Verifique y asegúrese de que hay suficiente combustible en el
depósito de combustible.
2) Coloque el interruptor de encendido en la posición ON, durante 3
segundos, y enseguida en la posición OFF.
Repita esto unas pocas veces.
¿Se siente la presión de retorno de combustible (sonidos de retorno
del combustible) en la manguera de retorno de combustible, cuando
se coloca el interruptor de encendido en la posición ON?
8 Compruebe el funcionamiento de la bomba de combustible. Vaya a la “TABLA Vaya a la “TABLA
1) ¿Se oyó el sonido de funcionamiento de la bomba de combusti- B-3 DE FLUJO B-1 DE FLUJO
ble, desde el llenador de combustible -durante 3 segundos, DE DIAGNÓS- DE DIAGNÓS-
aproximadamente- después de haber colocado el interruptor de TICO”, en esta TICO”, en esta
encendido en la posición ON, y luego ya no hubo más sonido? sección. sección.
9 Compruebe la chispa de encendido. Refiérase a “PRUEBA DE LA Vaya al paso 10. Vaya a “DIAG-
CHISPA DE ENCENDIDO”, en la sección 6E2. NÓSTICO”, en la
¿Está en buenas condiciones? sección 6F2.
10 Compruebe el inyector de combustible. Refiérase a “INSPECCIÓN Vaya a “TABLA Vaya a la “TABLA
DE INYECTOR DE COMBUSTIBLE”, en la sección 6E2. DE DIAGNÓS- B-2 DE FLUJO
¿Está en buenas condiciones? TICO DEL DE DIAGNÓS-
MOTOR”, en esta TICO”, en esta
sección. sección.
,1)250$&,Ï1*(1(5$/<',$*1Ï67,&2'(/0272502725+
3$62/2&$/,=$&,Ï1<5(3$5$&,Ï1'('(63(5)(&7263$5$'7&
%DViQGRVHHQHO'7&LQGLFDGRHQHOSDVRy\UHILULpQGRVHDODWDEODGHIOXMRGHGLDJQyVWLFRGHO'7&FRQFHUQLGR
HQHVWDVHFFLyQXELTXHHOOXJDUGHOGHVSHUIHFWRVHQVRULQWHUUXSWRUPD]RGHFDEOHVFRQHFWRUDFWXDGRUPyGXORGH
(&03&0XRWUDSLH]D\SURFHGDDUHSDUDURUHHPSOD]DUODVSLH]DVGHIHFWXRVDV
3$62&20352%$&,Ï13$5$352%/(0$6,17(50,7(17(6
&RPSUXHEHODVSLH]DVHQODVTXHHVSRVLEOHTXHVHSUHVHQWHXQGHVSHUIHFWRLQWHUPLWHQWHSRUHMHPSORPD]RVGH
FDEOHVFRQHFWRUHVHWF5HILpUDVHD³$9(5Ë$,17(50,7(17(<&21(;,Ï10$/$´HQODVHFFLyQ$\HQORVFLU
FXLWRVUHODFLRQDGRVFRQHO'7&UHJLVWUDGRHQHOSDVR
3$62358(%$'(&21),50$&,Ï1),1$/
&RQILUPHTXHHOVtQWRPDGHOSUREOHPDKDGHVDSDUHFLGR\TXHHOPRWRUHVWiH[HQWRGHFXDOTXLHUFRQGLFLyQDQRUPDO
6LORTXHKDVLGRUHSDUDGRHVWiUHODFLRQDGRFRQHO'7&ERUUHHO'7&XQDYH]HIHFW~HHOSURFHGLPLHQWRGHFRQILUPD
FLyQGH'7&\FRQILUPHTXHQRKD\LQGLFDGRQLQJ~Q'7&GHPDOIXQFLRQDPLHQWRFyGLJRQRUPDOLQGLFDGR
6-1-18 INFORMACIÓN GENERAL Y DIAGNÓSTICO DEL MOTOR (MOTOR H27)
>6LQXWLOL]DUHOLQVWUXPHQWRGHH[SORUDFLyQ68=8.,@9HKtFXOR
FRQFRQHFWRUGHYHULILFDFLyQ
&RPSUXHEHODOX]LQGLFDGRUDGHPDOIXQFLRQDPLHQWR5HILpUDVH
D³&20352%$&,Ï1'(/$/8=,1',&$'25$'(0$/)81
&,21$0,(172´HQHVWDVHFFLyQ
&RQHOLQWHUUXSWRUGHHQFHQGLGRHQODSRVLFLyQ2))GHVFRQHFWH
HOLQVWUXPHQWRGHH[SORUDFLyQ68=8.,VLHVWiFRQHFWDGR\XWL
OL]DQGRHOFDEOHGHVHUYLFLRFRQHFWHHOWHUPLQDOGHOLQWH
UUXSWRU GH GLDJQyVWLFR DO WHUPLQDO D PDVD HQ HO DFRSODGRU
GHYHULILFDFLyQ
&RQ HO LQWHUUXSWRU GH HQFHQGLGR HQ OD SRVLFLyQ 21 \ FRQ HO
PRWRUSDUDGROHDHO'7&LQGLFDGRSRUHOSDWUyQGHGHVWHOORVGH
ODOX]LQGLFDGRUDGHPDOIXQFLRQDPLHQWR5HILpUDVHDOD³7DEOD
GHFyGLJRVGHGLDJQyVWLFR´
6LODOX]SHUPDQHFHHQFHQGLGDYD\DDOD³7DEOD$GH)OXMRGH
GLDJQyVWLFR´
127$
6LODDQRUPDOLGDGRHOPDOIXQFLRQDPLHQWRFRQFLHUQHGRV
R PiV iUHDV OD OX] LQGLFDGRUD GH PDO IXQFLRQDPLHQWR
LQGLFDORVFyGLJRVDSOLFDEOHVWUHVYHFHVFDGDXQR
<HOGHVWHOORGHHVWRVFyGLJRVVHUHSLWHPLHQWUDVHOWHUPL
QDO GH GLDJQyVWLFR HVWp FRQHFWDGR D PDVD \ HO FRQHFWRU
GHHQFHQGLGRVHDPDQWHQLGRHQODSRVLFLyQ21
7RPHQRWDGHOFyGLJRGHGLDJQyVWLFRLQGLFDGRHQSULPHU
OXJDU
%RUUDGRGHOFyGLJRGHGLDJQyVWLFR'7&
>8WLOL]DQGRHOLQVWUXPHQWRGHH[SORUDFLyQ@
&RQHFWH HO LQVWUXPHQWR GH H[SORUDFLyQ 68=8., R HO LQVWUX
PHQWRGHH[SORUDFLyQWLSRSURGXFWROLEUHDOFRQHFWRUGHHQODFH
GHGDWRV'/&FRQHOLQWHUUXSWRUGHHQFHQGLGRFRORFDGRHQOD
SRVLFLyQ2))
&RORTXHHOLQWHUUXSWRUGHHQFHQGLGRHQODSRVLFLyQ21
%RUUHHO'7&VLJXLHQGRODVLQVWUXFFLRQHVYLVXDOL]DGDVHQHOLQV
WUXPHQWRGHH[SORUDFLyQ
/RV GDWRV GH LPDJHQ FRQJHODGD VRQ ERUUDGRV FRQ HO '7&
5HILpUDVHDOPDQXDOGHLQVWUXFFLRQHVGHOLQVWUXPHQWRGHH[SOR
UDFLyQSDUDPD\RUHVGHWDOOHV
'HVSXpV GH FRPSOHWDU HO ERUUDGR FRORTXH HO LQWHUUXSWRU GH
HQFHQGLGRHQODSRVLFLyQ2))\GHVFRQHFWHHOLQVWUXPHQWRGH
H[SORUDFLyQGHOFRQHFWRUGHHQODFHGHGDWRV
,1)250$&,Ï1*(1(5$/<',$*1Ï67,&2'(/0272502725+
127$
(O'7&\ORVGDWRVGHLPDJHQFRQJHODGDPHPRUL]DGRVHQHO
PyGXOR (&0 3&0 WDPELpQ VRQ ERUUDGRV HQ ORV FDVRV
VLJXLHQWHV$VHJ~UHVHELHQGHQRERUUDUHVWRVGDWRVDQWHV
GHPHPRUL]DUVXUHJLVWUR
&XDQGR VH FRUWD OD DOLPHQWDFLyQ HOpFWULFD DO PyGXOR GH
(&0 3&0 GHVFRQHFWDQGR HO FDEOH GH OD EDWHUtD
VDFDQGR HO IXVLEOH R GHVFRQHFWDQGR ORV FRQHFWRUHV GHO
PyGXORGH(&03&0
&XDQGRHOPLVPRPDOIXQFLRQDPLHQWR'7&QRHVYXHOWR
D GHWHFWDU GXUDQWH FLFORV GH FDOHQWDPLHQWR GHO PRWRU
5HILpUDVHD³&,&/2'(&$/(17$0,(172´GH³6,67(0$
'( ',$*1Ï67,&2 (1 (/ 9(+Ë&8/2´ HQ HVWD VHFFLyQ
9HKtFXORVLQFRQHFWRUGHYHULILFDFLyQ
>1RXWLOL]DQGRHOLQVWUXPHQWRGHH[SORUDFLyQ@
&RORTXHHOLQWHUUXSWRUGHHQFHQGLGRHQODSRVLFLyQ2))
'HVFRQHFWH HO FDEOH QHJDWLYR GH OD EDWHUtD GXUDQWH HO WLHPSR
HVSHFLILFDGRDFRQWLQXDFLyQSDUDERUUDUHOFyGLJRGHGLDJQyV
WLFR PHPRUL]DGR HQ OD PHPRULD GHO PyGXOR (&0 \ YXHOYD D
FRQHFWDUHOFDEOH
7LHPSRQHFHVDULRSDUDERUUDUHO'7&
7HPSHUDWXUD 7LHPSRSDUDFRUWDUODDOLPHQWDFLyQHOpF
DPELHQWH WULFDDOPyGXOR(&0
6XSHULRUD& VHJRPiV
,QIHULRUD& 1RHVSHFLILFDEOH
(OLMDXQOXJDUGRQGHODWHPSHUDWXUDVHD
VXSHULRUD&
,1)250$&,Ï1*(1(5$/<',$*1Ï67,&2'(/0272502725+
7DEODGHFyGLJRGHGLDJQyVWLFR'7&
/X]GH0,/ /X]GH0,/
&20321(17('(7(& &21',&,Ï1'('(7(&&,Ï1 YHKtFXORVLQ YHKtFXORFRQ
'7&1
7$'2 (O'7&VHILMDUiFXDQGRVHGHWHFWH FRQHFWRUGH FRQHFWRUGH
YHULILFDFLyQ YHULILFDFLyQ
3
0DOIXQFLRQDPLHQWRGHOFLU 6DOLGDGHVHQVRUGHPDVLDGREDMD
1 FLFORGH FLFORGHFRQ
FXLWRGHIOXMRGHPDVDGH
3 FRQGXFFLyQ GXFFLyQ
DLUH 6DOLGDGHVHQVRUGHPDVLDGRDOWD
1
3 (QWUDGDEDMDGHOFLUFXLWRGHWHPSHUDWXUDGHO
0DOIXQFLRQDPLHQWRGHOFLU DLUHGHDGPLVLyQ
1 FLFORGH FLFORGHFRQ
FXLWRGHWHPSHUDWXUDGHO
3 (QWUDGDDOWDGHOFLUFXLWRGHWHPSHUDWXUDGHO FRQGXFFLyQ GXFFLyQ
DLUHGHDGPLVLyQ
1 DLUHGHDGPLVLyQ
3 (QWUDGDEDMDGHOFLUFXLWRGHWHPSHUDWXUDGHO
0DOIXQFLRQDPLHQWRGHOFLU
1 UHIULJHUDQWHGHOPRWRU FLFORGH FLFORGHFRQ
FXLWRGHWHPSHUDWXUDGHO
3 (QWUDGDDOWDGHOFLUFXLWRGHWHPSHUDWXUDGHO FRQGXFFLyQ GXFFLyQ
UHIULJHUDQWHGHOPRWRU
1 UHIULJHUDQWHGHOPRWRU
3 (QWUDGDEDMDGHOFLUFXLWRGHSRVLFLyQGHOD
0DOIXQFLRQDPLHQWRGHOFLU PDULSRVDGHJDVHV
1 FLFORGH FLFORGHFRQ
FXLWRGHSRVLFLyQGHOD
3 (QWUDGDDOWDGHOFLUFXLWRGHSRVLFLyQGHOD FRQGXFFLyQ GXFFLyQ
PDULSRVDGHJDVHV
1 PDULSRVDGHJDVHV
3UREOHPDGHIXQFLRQD
FLFORVGH 1R
3 PLHQWRGHOFLUFXLWRGHSRVL )XQFLRQDPLHQWRGHILFLHQWHGHOVHQVRUGH73
FRQGXFFLyQ DSOLFDEOH
FLyQGHODPDULSRVD
7HQVLyQPtQLPDGHVDOLGDGHO+26PD\RU
TXHODVHVSHFLILFDFLRQHV
0DOIXQFLRQDPLHQWRGHOFLU
7HQVLyQPtQLPDGHVDOLGDGHO+26PHQRU FLFORVGH 1R
3 FXLWRGH+26
TXHODVHVSHFLILFDFLRQHV FRQGXFFLyQ DSOLFDEOH
%DQFR6HQVRU
/DWHQVLyQGHVDOLGDGHO+26QRFRQVLJXH
VREUHSDVDUODVHVSHFLILFDFLRQHV
1RVHGHWHFWDDFWLYLGDGHQ /DWHQVLyQGHVDOLGDGHO+26QRFRQVLJXH
3 FLFORVGH FLFORVGH
HOFLUFXLWRGH+26 VREUHSDVDUODVHVSHFLILFDFLRQHVRHOFLUFXLWR
1 FRQGXFFLyQ FRQGXFFLyQ
%DQFR6HQVRU GHO+26HVWiDELHUWR
5HVSXHVWDOHQWDGHOFLU (OWLHPSRGHUHVSXHVWDGHODWHQVLyQGHVDOLGD
FLFORVGH 1R
3 FXLWRGH+26 GHO+26HQWUHULFD\SREUHH[FHGHODV
FRQGXFFLyQ DSOLFDEOH
%DQFR6HQVRU HVSHFLILFDFLRQHV
0DOIXQFLRQDPLHQWRGHOFLU /DWHQVLyQGHWHUPLQDOHVLQIHULRUDODVHVSHFL
FXLWRGHOFDOHQWDGRUGH ILFDFLRQHVFXDQGRHOFDOHQWDGRUHVWiHQ2)) FLFORVGH 1R
3
+26%DQFR6HQVRU RHVVXSHULRUFXDQGRHOFDOHQWDGRUIXQFLRQD FRQGXFFLyQ DSOLFDEOH
21
0DOIXQFLRQDPLHQWRGHOFLU /DWHQVLyQPi[LPDGHO+26HVPHQRUTXHHO
FLFORVGH 1R
3 FXLWRGH+26%DQFR YDORUHVSHFLILFDGRRVXWHQVLyQPtQLPDHV
FRQGXFFLyQ DSOLFDEOH
6HQVRU PD\RUTXHHOYDORUHVSHFLILFDGR
0DOIXQFLRQDPLHQWRGHOFLU /DWHQVLyQGHWHUPLQDOHVLQIHULRUDODVHVSHFL
FXLWRGHOFDOHQWDGRUGH ILFDFLRQHVFXDQGRHOFDOHQWDGRUHVWiHQ2)) FLFORVGH 1R
3
+26%DQFR6HQVRU RHVVXSHULRUFXDQGRHOFDOHQWDGRUIXQFLRQD FRQGXFFLyQ DSOLFDEOH
21
7HQVLyQPtQLPDGHVDOLGDGHO+26PD\RU
TXHODVHVSHFLILFDFLRQHV
0DOIXQFLRQDPLHQWRGHOFLU
7HQVLyQPtQLPDGHVDOLGDGHO+26PHQRU FLFORVGH 1R
3 FXLWRGH+26%DQFR
TXHODVHVSHFLILFDFLRQHV FRQGXFFLyQ DSOLFDEOH
6HQVRU
/DWHQVLyQGHVDOLGDGHO+26QRFRQVLJXH
VREUHSDVDUODVHVSHFLILFDFLRQHV
,1)250$&,Ï1*(1(5$/<',$*1Ï67,&2'(/0272502725+
/X]GH0,/ /X]GH0,/
&20321(17('(7(& &21',&,Ï1'('(7(&&,Ï1 YHKtFXORVLQ YHKtFXORFRQ
'7&1
7$'2 (O'7&VHILMDUiFXDQGRVHGHWHFWH FRQHFWRUGH FRQHFWRUGH
YHULILFDFLyQ YHULILFDFLyQ
1RVHGHWHFWDDFWLYLGDGHQ /DWHQVLyQGHVDOLGDGHO+26QRFRQVLJXH
3 FLFORVGH FLFORVGH
HO+26%DQFR6HQ VREUHSDVDUODVHVSHFLILFDFLRQHVRHOFLUFXLWR
1 FRQGXFFLyQ FRQGXFFLyQ
VRU GHO+26HVWiDELHUWR
5HVSXHVWDOHQWDGHOFLU (OWLHPSRGHUHVSXHVWDGHODWHQVLyQGHVDOLGD
FLFORVGH 1R
3 FXLWRGH+26%DQFR GHO+26HQWUHULFD\SREUHH[FHGHODV
FRQGXFFLyQ DSOLFDEOH
6HQVRU HVSHFLILFDFLRQHV
0DOIXQFLRQDPLHQWRGHOFLU /DWHQVLyQGHWHUPLQDOHVLQIHULRUDODVHVSHFL
FXLWRGHOFDOHQWDGRUGH ILFDFLRQHVFXDQGRHOFDOHQWDGRUHVWiHQ2)) FLFORVGH 1R
3
+26%DQFR6HQVRU RHVVXSHULRUFXDQGRHOFDOHQWDGRUIXQFLRQD FRQGXFFLyQ DSOLFDEOH
21
0DOIXQFLRQDPLHQWRGHOFLU /DWHQVLyQPi[LPDGHO+26HVPHQRUTXH
FLFORVGH 1R
3 FXLWRGH+26%DQFR HOYDORUHVSHFLILFDGRRVXWHQVLyQPtQLPDHV
FRQGXFFLyQ DSOLFDEOH
6HQVRU PD\RUTXHHOYDORUHVSHFLILFDGR
/DWHQVLyQGHWHUPLQDOHVLQIHULRUDODVHVSHFL
0DOIXQFLRQDPLHQWRGHOFLU
ILFDFLRQHVFXDQGRHOFDOHQWDGRUHVWiHQ2))
FXLWRGHOFDOHQWDGRUGH FLFORVGH 1R
3 RHVVXSHULRUFXDQGRHOFDOHQWDGRUIXQFLRQD
+26%DQFR6HQVRU FRQGXFFLyQ DSOLFDEOH
21RFLUFXLWRGHOFDOHQWDGRURFRUWRFLU
FXLWR
(OUHDMXVWHGHFRUWRSOD]RGHOFRPEXVWLEOHR
HOUHDMXVWHWRWDOGHOFRPEXVWLEOHDGLFLyQGHO
6LVWHPDGHFRPEXVWLEOH
FRUWRSOD]R\GHOSOD]RODUJRHVPD\RUTXHHO FLFORVGH 1R
3 GHPDVLDGRSREUH%DQFR
YDORUHVSHFLILFDGRSDUDHOWLHPSRHVSHFLIL FRQGXFFLyQ DSOLFDEOH
FDGRRPiVODUJR(OUHDMXVWHKDFLDHOODGR
ULFRHVPD\RU
(OUHDMXVWHGHFRUWRSOD]RGHOFRPEXVWLEOHR
HOUHDMXVWHWRWDOGHOFRPEXVWLEOHDGLFLyQGHO
6LVWHPDGHFRPEXVWLEOH FRUWRSOD]R\GHOSOD]RODUJRHVPHQRUTXHHO FLFORVGH 1R
3
GHPDVLDGRULFR%DQFR YDORUHVSHFLILFDGRSDUDHOWLHPSRHVSHFLIL FRQGXFFLyQ DSOLFDEOH
FDGRRPiVODUJR(OUHDMXVWHGHFRPEXVWL
EOHKDFLDHOODGRSREUHHVJUDQGH
(OUHDMXVWHGHFRUWRSOD]RGHOFRPEXVWLEOHR
HOUHDMXVWHWRWDOGHOFRPEXVWLEOHDGLFLyQGHO
6LVWHPDGHFRPEXVWLEOH
FRUWRSOD]R\GHOSOD]RODUJRHVPD\RUTXHHO FLFORVGH 1R
3 GHPDVLDGRSREUH%DQFR
YDORUHVSHFLILFDGRSDUDHOWLHPSRHVSHFLIL FRQGXFFLyQ DSOLFDEOH
FDGRRPiVODUJR(OUHDMXVWHGHFRPEXVWL
EOHKDFLDHOODGRULFRHVJUDQGH
(OUHDMXVWHGHFRUWRSOD]RGHOFRPEXVWLEOHR
HOUHDMXVWHWRWDOGHOFRPEXVWLEOHDGLFLyQGHO
6LVWHPDGHFRPEXVWLEOH FRUWRSOD]R\GHOSOD]RODUJRHVPHQRUTXHHO FLFORVGH 1R
3
GHPDVLDGRULFR%DQFR YDORUHVSHFLILFDGRSDUDHOWLHPSRHVSHFLIL FRQGXFFLyQ DSOLFDEOH
FDGRRPiVODUJR(OUHDMXVWHGHFRPEXVWL
EOHKDFLDHOODGRSREUHHVJUDQGH
,1)250$&,Ï1*(1(5$/<',$*1Ï67,&2'(/0272502725+
/X]GH0,/ /X]GH0,/
&20321(17('(7(& &21',&,Ï1'('(7(&&,Ï1 YHKtFXORVLQ YHKtFXORFRQ
'7&1
7$'2 (O'7&VHILMDUiFXDQGRVHGHWHFWH FRQHFWRUGH FRQHFWRUGH
YHULILFDFLyQ YHULILFDFLyQ
3 6HGHWHFWDIDOORGHHQFHQ /DOX]GH0,/
GLGRDOHDWRULR GHVWHOOD
3 6HGHWHFWDIDOORGHHQFHQ /RVIDOORVGHHQFHQGLGRGHHVWHQLYHOSXHGHQ GXUDQWHOD 1R
GLGRGHOFLOLQGUR GDxDUHOFDWDOL]DGRUGHWUHVYtDV GHWHFFLyQGH DSOLFDEOH
3 6HGHWHFWDIDOORGHHQFHQ IDOORVGH
GLGRGHOFLOLQGUR HQFHQGLGR
3 6HGHWHFWDIDOORGHHQFHQ
GLGRGHOFLOLQGUR
3 6HGHWHFWDIDOORGHHQFHQ
/RVIDOORVGHHQFHQGLGRGHHVWHQLYHOSXHGHQ
GLGRGHOFLOLQGUR FLFORVGH 1R
DIHFWDUODVHPLVLRQHVSHURQRFDXVDQGDxRV
3 6HGHWHFWDIDOORGHHQFHQ FRQGXFFLyQ DSOLFDEOH
DOFDWDOL]DGRUGHWUHVYtDV
GLGRGHOFLOLQGUR
3 6HGHWHFWDIDOORGHHQFHQ
GLGRGHOFLOLQGUR
0DOIXQFLRQDPLHQWRGHOFLU 6DOLGDGHVHQVRUGHPDVLDGREDMD
3 FLFORGH FLFORGHFRQ
FXLWRGHOVHQVRUGHGHWR
1 6DOLGDGHVHQVRUGHPDVLDGRDOWD FRQGXFFLyQ GXFFLyQ
QDFLyQ
0DOIXQFLRQDPLHQWRGHOFLU 1RKD\VHxDOGXUDQWHHOIXQFLRQDPLHQWRGHO
FLFORGH 1R
3 FXLWRGHOVHQVRUGHSRVL PRWRU\ODHQWUDGDGHODVHxDOGHOVHQVRUGH
FRQGXFFLyQ DSOLFDEOH
FLyQGHOFLJHxDO &03
1RKD\VHxDOGXUDQWHVHJXQGRVGXUDQWHHO
0DOIXQFLRQDPLHQWRGHOFLU
3 DUUDQTXHGHOPRWRUHOSDWUyQGHVHxDOHV5() FLFORGH 1R
FXLWRGHOVHQVRUGHSRVL
1 HVLQFRUUHFWRRODWHQVLyQGHODVHxDO326HV FRQGXFFLyQ DSOLFDEOH
FLyQGHOiUEROGHOHYDV
GHPDVLDGRDOWDRGHPDVLDGREDMD
'HWHFFLyQGHPDOIXQFLR
QDPLHQWRGHOIOXMRGHUHFLU FLFORVGH 1R
3 )OXMRGH(*5LQVXILFLHQWHRH[FHVLYR
FXODFLyQGHJDVHVGH FRQGXFFLyQ DSOLFDEOH
HVFDSH
3 0DOIXQFLRQDPLHQWRGHOFLU (OFLUFXLWRHOpFWULFRGHODYiOYXODGH(*5HVWi FLFORGH FLFORGHFRQ
1 FXLWRGHODYiOYXODGH(*5 DELHUWRRHQFRUWRFLUFXLWRDPDVD FRQGXFFLyQ GXFFLyQ
/DVIRUPDVGHODVRQGDVGHVDOLGDGHO+26
5HQGLPLHQWRGHOVLVWHPD \GHO+26VRQVHPHMDQWHV
FLFORVGH 1R
3 GHFDWDOL]DGRULQIHULRUDO (OWLHPSRQHFHVDULRSDUDFRQPXWDUGHODWHQ
FRQGXFFLyQ DSOLFDEOH
QLYHOPtQLPR%DQFR VLyQGHVDOLGDGHO+26DODGHO+26HV
PiVFRUWRTXHHOWLHPSRHVSHFLILFDGR
/DVIRUPDVGHODVRQGDVGHVDOLGDGHO+26
5HQGLPLHQWRGHOVLVWHPD \GHO+26VRQVHPHMDQWHV
FLFORVGH 1R
3 GHFDWDOL]DGRULQIHULRUDO (OWLHPSRQHFHVDULRSDUDFRQPXWDUGHODWHQ
FRQGXFFLyQ DSOLFDEOH
QLYHOPtQLPR%DQFR VLyQGHVDOLGDGHO+26DODGHO+26HV
PiVFRUWRTXHHOWLHPSRHVSHFLILFDGR
0DOIXQFLRQDPLHQWRGHOFLU
(OFLUFXLWRGHODYiOYXODGHFRQWUROGHSXUJD FLFORVGH 1R
3 FXLWRGHODYiOYXODGHFRQ
HVWiDELHUWRRHQFRUWRFLUFXLWRDPDVD FRQGXFFLyQ DSOLFDEOH
WUROGHSXUJD
0DOIXQFLRQDPLHQWRGHO 1RKD\VHxDOFXDQGRVHFRQGXFHHQODSRVL
3 FLFORVGH FLFORGHFRQ
VHQVRUGHYHORFLGDGGHO FLyQ³'´RGXUDQWHHOFRUWHGHFRPEXVWLEOHDO
1 FRQGXFFLyQ GXFFLyQ
YHKtFXOR GHVDFHOHUDU
/DGLIHUHQFLDHQWUHHOUpJLPHQGHUDOHQWt
0DOIXQFLRQDPLHQWRGHO
GHVHDGR\HOUpJLPHQGHUDOHQWtHIHFWLYR FLFORVGH 1R
3 VLVWHPDGHFRQWUROGHDLUH
DFWXDOH[FHGHHOYDORUHVSHFLILFDGRGXUDQWH FRQGXFFLyQ DSOLFDEOH
GHUDOHQWt
PiVWLHPSRTXHHOWLHPSRHVSHFLILFDGR
(UURUGHVXPDGHFRQWURO (UURUGHHVFULWXUDGHGDWRVRHUURUGHVXPD
3 FLFORGH FLFORGHFRQ
GHODPHPRULDGHOPyGXOR GHFRQWUROFXDQGRVHHVFULEHHQHOPyGXOR
1 FRQGXFFLyQ GXFFLyQ
GHFRQWUROLQWHUQR GH(&0
,1)250$&,Ï1*(1(5$/<',$*1Ï67,&2'(/0272502725+
/X]GH0,/ /X]GH0,/
&20321(17('(7(& &21',&,Ï1'('(7(&&,Ï1 YHKtFXORVLQ YHKtFXORFRQ
'7&1
7$'2 (O'7&VHILMDUiFXDQGRVHGHWHFWH FRQHFWRUGH FRQHFWRUGH
YHULILFDFLyQ YHULILFDFLyQ
/DWHQVLyQGHVDOLGDGHOVHQVRUGHSUHVLyQ
0DOIXQFLRQDPLHQWRGHOFLU
DEVROXWDGHOFROHFWRUHVPD\RURPHQRUTXH FLFORVGH 1R
3 FXLWRGHOVHQVRUGHSUHVLyQ
HOYDORUHVSHFLILFDGRRHOFLUFXLWRGHOVHQVRU FRQGXFFLyQ DSOLFDEOH
DEVROXWDGHOFROHFWRU
HVWiDELHUWRRFRUWRFLUFXLWDGRDPDVD
0DOIXQFLRQDPLHQWRGHOFLU
/DSUHVLyQEDURPpWULFDHVLQIHULRURPD\RU FLFORGH 1R
3 FXLWRGHOVHQVRUGHSUHVLyQ
TXHHOYDORUHVSHFLILFDGR FRQGXFFLyQ DSOLFDEOH
EDURPpWULFD
3UREOHPDGHIXQFLRQD /DGLIHUHQFLDHQWUHODSUHVLyQGHOFROHFWRUGH
FLFORVGH 1R
3 PLHQWRGHOVHQVRUGHSUH DGPLVLyQ\ODSUHVLyQEDURPpWULFDHVPD\RU
FRQGXFFLyQ DSOLFDEOH
VLyQEDURPpWULFD TXHHOYDORUHVSHFLILFDGR
0DOIXQFLRQDPLHQWRGHOFLU (OPRWRUDUUDQFDVLQTXHKD\DVHxDOGHOPRWRU
FLFORVGH 1R
3 FXLWRGHVHxDOGHOPRWRUGH GHDUUDQTXHRODVHxDOHQWUDGHVSXpVGHXQ
FRQGXFFLyQ DSOLFDEOH
DUUDQTXH ODUJRSHUtRGRGHVSXpVGHODUUDQTXH
0DOIXQFLRQDPLHQWRGHOD
DOLPHQWDFLyQHOpFWULFDGH 'HVSXpVGHODUUDQTXHGHOPRWRUQRKD\HOHF FLFORGH 1R
3
UHVHUYDGHOPyGXORGH WULFLGDGGHUHVHUYD FRQGXFFLyQ DSOLFDEOH
(&0
3DUDHOVLVWHPDGH$75HILpUDVHDODVHFFLyQ%SDUDHOGLDJQyVWLFR
/X]GH0,/ /X]GH0,/
&20321(17('(7(& &21',&,Ï1'('(7(&&,Ï1 YHKtFXORVLQ YHKtFXORFRQ
'7&1
7$'2 (O'7&VHILMDUiFXDQGRVHGHWHFWH FRQHFWRUGH FRQHFWRUGH
YHULILFDFLyQ YHULILFDFLyQ
0DOIXQFLRQDPLHQWRGHOFLU (QWUDQVLPXOWiQHDPHQWHVHxDOHVP~OWLSOHVR
3 FLFORVGH 1R
FXLWRGHOLQWHUUXSWRUGH QRHQWUDODVHxDOGHSRVLFLyQ351'y/
1 FRQGXFFLyQ DSOLFDEOH
SRVLFLyQGHODWUDQVPLVLyQ FXDQGRVHFRQGXFHDNPKRPiV
0DOIXQFLRQDPLHQWRGHOFLU /DVHxDOGHVHQVRUGHYHORFLGDGGHHQWUDGD
3 FLFORVGH 1R
FXLWRGHOVHQVRUGHYHORFL HVLQIHULRUDOYDORUHVSHFLILFDGRPLHQWUDVHO
1 FRQGXFFLyQ DSOLFDEOH
GDGGHHQWUDGD PRWRUIXQFLRQD
0DOIXQFLRQDPLHQWRGHOFLU /DVHxDOGHVHQVRUGHYHORFLGDGGHVDOLGDQR
3 FLFORVGH 1R
FXLWRGHOVHQVRUGHYHORFL HVHQWUDGDPLHQWUDVODVHxDOGH966HVWi
1 FRQGXFFLyQ DSOLFDEOH
GDGGHVDOLGD VLHQGRHQWUDGD
$WDVFDPLHQWRRIXQFLRQD
(OIXQFLRQDPLHQWRDFWXDOGH7&&QRHVWiFRQ
PLHQWRGHODYiOYXODVROH FLFORVGH 1R
3 IRUPHFRQHOFRQWURO212))DFWLYDFLyQGHV
QRLGHHQFODYDPLHQWRGH FRQGXFFLyQ DSOLFDEOH
DFWLYDFLyQRUGHQDGRGHVGHHO3&0DO7&&
7&&
/DVHxDOGHYHULILFDFLyQ2))HVGHWHFWDGD
3 (OHFWULFLGDGGHODYiOYXOD FXDQGRODYiOYXODVROHQRLGHGH7&&HVWiDFWL
FLFORGH 1R
1 VROHQRLGHHQFODYD YDGD21RODVHxDOGHYHULILFDFLyQ21HV
FRQGXFFLyQ DSOLFDEOH
1 PLHQWRGH7&& GHWHFWDGDFXDQGRODYiOYXODVROHQRLGHHVWi
GHVDFWLYDGD2))
$WDVFDPLHQWRRIXQFLRQD (OFRQWUROGHFDPELRGHHQJUDQDMHGHVGHHO
FLFORVGH 1R
3 PLHQWRGHODYiOYXODVROH 3&0DOD$7QRFRUUHVSRQGHFRQODSRVLFLyQ
FRQGXFFLyQ DSOLFDEOH
QRLGH$GHFDPELR DFWXDOGHHQJUDQDMHGHOD$7
/DVHxDOGHYHULILFDFLyQ2))HVGHWHFWDGD
3 (OHFWULFLGDGGHODYiOYXOD FXDQGRODYiOYXODVROHQRLGH$GHFDPELR
FLFORGH 1R
1 VROHQRLGH$GHFDP HVWiDFWLYDGD21RODVHxDOGHYHULILFDFLyQ
FRQGXFFLyQ DSOLFDEOH
1 ELR 21HVGHWHFWDGDFXDQGRODYiOYXODVROHQRLGH
$GHFDPELRHVWiGHVDFWLYDGD2))
,1)250$&,Ï1*(1(5$/<',$*1Ï67,&2'(/0272502725+
/X]GH0,/ /X]GH0,/
&20321(17('(7(& &21',&,Ï1'('(7(&&,Ï1 YHKtFXORVLQ YHKtFXORFRQ
'7&1
7$'2 (O'7&VHILMDUiFXDQGRVHGHWHFWH FRQHFWRUGH FRQHFWRUGH
YHULILFDFLyQ YHULILFDFLyQ
$WDVFDPLHQWRRIXQFLRQD (OFRQWUROGHFDPELRGHHQJUDQDMHGHVGHHO
FLFORVGH 1R
3 PLHQWRGHODYiOYXODVROH 3&0DOD$7QRFRUUHVSRQGHFRQODSRVLFLyQ
FRQGXFFLyQ DSOLFDEOH
QRLGH%GHFDPELR DFWXDOGHHQJUDQDMHGHOD$7
/DVHxDOGHYHULILFDFLyQ2))HVGHWHFWDGD
3 (OHFWULFLGDGGHODYiOYXOD FXDQGRODYiOYXODVROHQRLGH%GHFDPELR
FLFORGH 1R
1 VROHQRLGH%GHFDP HVWiDFWLYDGD21RODVHxDOGHYHULILFDFLyQ
FRQGXFFLyQ DSOLFDEOH
1 ELR 21HVGHWHFWDGDFXDQGRODYiOYXODVROHQRLGH
%GHFDPELRHVWiGHVDFWLYDGD2))
/DGLIHUHQFLDHQWUHODYHORFLGDGGHOYHKtFXOR
0DOIXQFLRQDPLHQWRGHOFLU GHWHFWDGDSRUHO966\ODYHORFLGDGGHOYHKt
FLFORVGH 1R
3 FXLWRGHOLQWHUUXSWRUGH FXORGHWHFWDGDSRUHOVHQVRUGHYHORFLGDGGH
FRQGXFFLyQ DSOLFDEOH
EDMD:' VDOLGD\FRPSHQVDGDSRUHOLQWHUUXSWRUGH
EDMD:'HVPD\RUTXHODVHVSHFLILFDFLRQHV
3DUDHOVLVWHPDGHFRQWUROGHOLQPRYLOL]DGRU5HILpUDVHDODVHFFLyQ*SDUDHOGLDJQyVWLFR
/X]GH0,/ /X]GH0,/
&20321(17('(7(& &21',&,Ï1'('(7(&&,Ï1 YHKtFXORVLQ YHKtFXORFRQ
'7&1
7$'2 (O'7&VHILMDUiFXDQGRVHGHWHFWH FRQHFWRUGH FRQHFWRUGH
YHULILFDFLyQ YHULILFDFLyQ
3 &yGLJRGH(&8QRUHJLV
1 WUDGR
1RKD\FyGLJRGH(&8
3 WUDQVPLWLGRSRUHOPyGXOR
1 GHFRQWUROGHOLQPRYLOL]D
5HILpUDVHDODVHFFLyQ*
GRU
3 0yGXORGH(&0GHIHF
1 WXRVR
3 &yGLJRGH(&8QRFRQFRU
1 GDQWH
127$
(O'7&1FRQXQDVWHULVFR
HVGHWHFWDGRVRODPHQWHHQYHKtFXORVVLQFRQHFWRUGHYHULILFDFLyQ
(O'7&1FRQGRVDVWHULVFRV
HVGHWHFWDGRVRODPHQWHHQYHKtFXORVFRQFRQHFWRUGHYHULILFDFLyQ
3DUDHO1PDUFDGRHQODFROXPQDGH'7&VHXWLOL]DSDUDYHKtFXORVFRQFRQHFWRUGHYHULILFDFLyQ
(O'7&1VHYLVXDOL]DFXDQGRQLQJXQRGHORVRWURVFyGLJRVHVLGHQWLILFDGR
,1)250$&,Ï1*(1(5$/<',$*1Ï67,&2'(/0272502725+
7DEODGHDSUXHEDGHIDOORV
&XDQGRVHGHWHFWDFXDOTXLHUDGHORV'7&VLJXLHQWHVHOPyGXORGH(&03&0HQWUDHQHOPRGRGHDSUXHEDGH
IDOORV\QRVDOHPLHQWUDVVLJDKDELHQGRPDOIXQFLRQDPLHQWRSHURHVWHPRGRHVDQXODGRFXDQGRHOPyGXORGH(&0
3&0GHVSXpVGHWHFWDTXHODVFRQGLFLRQHVVRQQRUPDOHV
'DWRVGHOLQVWUXPHQWRGHH[SORUDFLyQ
'HELGRDTXHORVYDORUHVGHORVGDWRVOLVWDGRVDFRQWLQXDFLyQVRQYDORUHVHVWiQGDUHVWLPDGRVEDViQGRVHHQORVYDOR
UHVREWHQLGRVXWLOL]DQGRXQLQVWUXPHQWRGHH[SORUDFLyQHQORVYHKtFXORVIXQFLRQDQGRQRUPDOPHQWHHPSOHHHVWRV
GDWRVFRPRYDORUHVGHUHIHUHQFLD$XQFXDQGRHOYHKtFXORHVWpHQEXHQDVFRQGLFLRQHVSXHGHKDEHUFDVRVHQFXDOHV
ORVYDORUHVFRPSUREDGRVQRHVWpQGHQWURGHFDGDLQWHUYDORGHORVGDWRVHVSHFLILFDGRV3RUFRQVLJXLHQWHQRVHGHEH
GHFLGLUTXHKD\DQRUPDOLGDGXWLOL]DQGRHQODFRPSUREDFLyQVRODPHQWHHVWRVGDWRV
$VLPLVPRODVFRQGLFLRQHVGHODWDEODVLJXLHQWHTXHSXHGHQVHUFRPSUREDGDVSRUHOLQVWUXPHQWRGHH[SORUDFLyQVRQ
ODVWUDQVPLWLGDVSRUHOPyGXORGH(&03&0FRPRFRPDQGRV\SXHGHVXFHGHUTXHKD\DFDVRVHQORVTXHHOPRWRU
RHODFWXDGRUQRHVWpIXQFLRQDQGRHQODFRQGLFLyQFRPRLQGLFDGRSRUHOLQVWUXPHQWRGHH[SORUDFLyQ$VHJ~UHVHGH
XWLOL]DUODOX]HVWURERVFySLFDGHFDODGRSDUDFRPSUREDUHOFDODGRGHOHQFHQGLGRUHILULpQGRVHDODVHFFLyQ)
127$
/RVHOHPHQWRVPDUFDGRVFRQXQDVWHULVFR✱HQODFROXPQD³2WUR´SXHGHQVHUOHtGRVVRODPHQWHFRQHO
LQVWUXPHQWRGHH[SORUDFLyQ68=8.,
&XDQGR FRPSUXHEH ORV GDWRV FRQ HO PRWRU IXQFLRQDQGR HQ UDOHQWt R DFHOHUDQGR DVHJ~UHVH GH TXH OD
SDODQFD GH 07 VH HQFXHQWUD HQ SXQWR PXHUWR R TXH OD GH $7 VH HQFXHQWUD HQ OD SRVLFLyQ ³$SDUFD
PLHQWR´\WLUHFRPSOHWDPHQWHGHOIUHQRGHDSDUFDPLHQWR$GHPiVVLQRVHLQGLFDQDGDR³QRORDGVLQ
FDUJD´ HV LQGLFDGR GHVDFWLYH 2)) HO $& WRGRV ORV GLVSRVLWLYRV HOpFWULFRV 36 \ WRGRV ORV GHPiV
LQWHUUXSWRUHVQHFHVDULRV
&21',&,21(6
'$726'(/,16758
&21',&,Ï1 1250$/(69$/25 2752
0(172'((;3/25$&,Ï1
'(5()(5(1&,$
&22/$177(03 $OUpJLPHQGHUDOHQWtHVSHFLILFDGRGHVSXpVGH
7HPSHUDWXUDGHOUHIULJH FDOHQWDUHOPRWRU ±&
UDQWHGHOPRWRU
,17$.($,57(037HPSH $OUpJLPHQGHUDOHQWtHVSHFLILFDGRGHVSXpVGH 7HPSHUDWXUD
UDWXUDGHODLUHGHDGPLVLyQ FDOHQWDUHOPRWRU DPELHQWH
&
±&
'(6,5(,'/( $OUpJLPHQGHUDOHQWtVLQFDUJDGHVSXpVGHFDOHQ
5pJLPHQGHUDOHQWt WDUHOPRWRU USP ✱
GHVHDGR
&/26('7+527326 ,QWHUUXSWRUGHHQFHQGLGRHQODSRVLFLyQ21SHGDO
21
3RVLFLyQFHUUDGDGHODPDUL GHODFHOHUDGRUOLEHUDGR
SRVDGHJDVHV ✱
,QWHUUXSWRUGHHQFHQGLGRHQODSRVLFLyQ21SHGDO
2))
GHODFHOHUDGRUSUHVLRQDGR
,$&)/2:'87<6HUYLFLR $OUpJLPHQGHUDOHQWtHVSHFLILFDGRGHVSXpVGH
± ✱
GHIOXMRGHO,$& FDOHQWDUHOPRWRU
(1*,1(63(('5pJLPHQ $OUpJLPHQGHUDOHQWtVLQFDUJDGHVSXpVGHFDOHQ 5pJLPHQGHUDOHQWt
GHOPRWRU WDUHOPRWRU GHVHDGR
USP
6+257)7% $OUpJLPHQGHUDOHQWtHVSHFLILFDGRGHVSXpVGH
5HDMXVWHGHSOD]RFRUWRGHO FDOHQWDUHOPRWRU ±a
FRPEXVWLEOH
6+257)7% $OUpJLPHQGHUDOHQWtHVSHFLILFDGRGHVSXpVGH
5HDMXVWHGHSOD]RFRUWRGHO FDOHQWDUHOPRWRU ±a
FRPEXVWLEOH
/21*)7% $OUpJLPHQGHUDOHQWtHVSHFLILFDGRGHVSXpVGH
5HDMXVWHGHSOD]RODUJRGHO FDOHQWDUHOPRWRU ±a
FRPEXVWLEOH
/21*)7% $OUpJLPHQGHUDOHQWtHVSHFLILFDGRGHVSXpVGH
5HDMXVWHGHSOD]RODUJRGHO FDOHQWDUHOPRWRU ±a
FRPEXVWLEOH
,*1,7,21$'9$1&( $OUpJLPHQGHUDOHQWtHVSHFLILFDGRVLQFDUJDGHV
±
$YDQFHGHOHQFHQGLGR SXpVGHFDOHQWDUHOPRWRU
,1)250$&,Ï1*(1(5$/<',$*1Ï67,&2'(/0272502725+
&21',&,21(6
'$726'(/,16758
&21',&,Ï1 1250$/(69$/25 2752
0(172'((;3/25$&,Ï1
'(5()(5(1&,$
%$77(5<92/7$*(7HQ ,QWHUUXSWRUGHHQFHQGLGRHQ21PRWRUSDUDGR
±9 ✱
VLyQGHODEDWHUtD
0$)&DXGDOGHIOXMRGH $OUpJLPHQGHUDOHQWtHVSHFLILFDGRVLQFDUJDGHV
±JV
PDVDGHDLUH SXpVGHFDOHQWDUHOPRWRU
$USPVLQFDUJDGHVSXpVGHFDOHQWDUHO
±JV
PRWRU
,1-38/6(:,'7+% $OUpJLPHQGHUDOHQWtHVSHFLILFDGRVLQFDUJDGHV
±PVHJ
'XUDFLyQGHODLPSXOVLyQGH SXpVGHFDOHQWDUHOPRWRU
✱
LQ\HFFLyQGHFRPEXVWLEOH $USPVLQFDUJDGHVSXpVGHFDOHQWDUHO
±PVHJ
PRWRU
,1-38/6(:,'7+% $OUpJLPHQGHUDOHQWtHVSHFLILFDGRVLQFDUJDGHV
±PVHJ
'XUDFLyQGHODLPSXOVLyQGH SXpVGHFDOHQWDUHOPRWRU
✱
LQ\HFFLyQGHFRPEXVWLEOH $USPVLQFDUJDGHVSXpVGHFDOHQWDUHO
±PVHJ
PRWRU
7+5277/(326 ,QWHUUXSWRUGHHQFHQGLGRHQODSRVLFLyQ21PRWRU
±
3RVLFLyQDEVROXWDGHOD FDOHQWDGRSDUDGRSHGDOGHODFHOHUDGRUOLEHUDGR
PDULSRVDGHJDVHV ,QWHUUXSWRUGHHQFHQGLGRHQODSRVLFLyQ21PRWRU
FDOHQWDGRSDUDGRSHGDOGHODFHOHUDGRUSUHVLRQDGR ±
DIRQGR
736(162592/7 ,QWHUUXSWRUGHHQFHQGLGRHQODSRVLFLyQ21PRWRU
±9
7HQVLyQGHVDOLGDGHOVHQVRU FDOHQWDGRSDUDGRSHGDOGHODFHOHUDGRUOLEHUDGR
GH73 ,QWHUUXSWRUGHHQFHQGLGRHQODSRVLFLyQ21PRWRU ✱
FDOHQWDGRSDUDGRSHGDOGHODFHOHUDGRUSUHVLRQDGR ±9
DIRQGR
26%6 $OUpJLPHQGHUDOHQWtHVSHFLILFDGRGHVSXpVGH
7HQVLyQGHVDOLGDGHO FDOHQWDUHOPRWRU ±9
+26
26%6 &XDQGRHOPRWRUIXQFLRQDDUSPGXUDQWH
7HQVLyQGHVDOLGDGHO PLQXWRVRPiVGHVSXpVGHFDOHQWDUHOPRWRU ±9
+26
26%6 &XDQGRHOPRWRUIXQFLRQDDUSPGXUDQWH
7HQVLyQGHVDOLGDGHO PLQXWRVRPiVGHVSXpVGHFDOHQWDUHOPRWRU ±9
+26
26%6 &XDQGRHOPRWRUIXQFLRQDDUSPGXUDQWH
7HQVLyQGHVDOLGDGHO PLQXWRVRPiVGHVSXpVGHFDOHQWDUHOPRWRU ±9
+26
)8(/6<67(0% $OUpJLPHQGHUDOHQWtHVSHFLILFDGRGHVSXpVGH
(VWDGRGHOVLVWHPDGHFRP FDOHQWDUHOPRWRU &HUUDGD ✱
EXVWLEOH
)8(/6<67(0% $OUpJLPHQGHUDOHQWtHVSHFLILFDGRGHVSXpVGH
(VWDGRGHOVLVWHPDGHFRP FDOHQWDUHOPRWRU &HUUDGD
EXVWLEOH
&$/&/2$' $OUpJLPHQGHUDOHQWtHVSHFLILFDGRVLQFDUJDGHV
±
9DORUGHODFDUJDFDOFXODGD SXpVGHFDOHQWDUHOPRWRU
$USPVLQFDUJDGHVSXpVGHFDOHQWDUHO
±
PRWRU
727$/)775,0% $OUpJLPHQGHUDOHQWtHVSHFLILFDGRGHVSXpVGH
5HDMXVWHWRWDOGHOFRPEXVWL FDOHQWDUHOPRWRU ±± ✱
EOH%
727$/)775,0% $OUpJLPHQGHUDOHQWtHVSHFLILFDGRGHVSXpVGH
5HDMXVWHWRWDOGHOFRPEXVWL FDOHQWDUHOPRWRU ±±
EOH%
,1)250$&,Ï1*(1(5$/<',$*1Ï67,&2'(/0272502725+
&21',&,21(6
'$726'(/,16758
&21',&,Ï1 1250$/(69$/25 2752
0(172'((;3/25$&,Ï1
'(5()(5(1&,$
0$33UHVLyQDEVROXWDGHO $OUpJLPHQGHUDOHQWtHVSHFLILFDGRGHVSXpVGH
±N3D
FROHFWRU FDOHQWDUHOPRWRU
&$1,6735*'87< $OUpJLPHQGHUDOHQWtHVSHFLILFDGRGHVSXpVGH
6HUYLFLRGHOIOXMRGHSXUJD FDOHQWDUHOPRWRU ✱
GHOUHFLSLHQWHGHHYDS
9(+,&/(63(('9HORFL 9HKtFXORGHWHQLGR
NPK03+
GDGGHOYHKtFXOR
)8(/&87&RUWHGHFRP &XDQGRHOPRWRUHVWiHQODFRQGLFLyQGHFRUWHGH
21
EXVWLEOH FRPEXVWLEOH
✱
&RQGLFLyQTXHQRVHDODFRQGLFLyQGHFRUWHGHFRP
2))
EXVWLEOH
(*59$/9(9iOYXODGH $OUpJLPHQGHUDOHQWtHVSHFLILFDGRGHVSXpVGH
✱
(*5 FDOHQWDUHOPRWRU
%/2:(5)$19HQWLODGRU ,QWHUUXSWRUGHHQFHQGLGRHQ21HLQWHUUXSWRUGHO
21
GHOVRSODGRU YHQWLODGRUGHVRSODGRUHQSRVLFLyQ21
✱
,QWHUUXSWRUGHHQFHQGLGRHQ21HLQWHUUXSWRUGHO
2))
YHQWLODGRUGHVRSODGRUHQSRVLFLyQ2))
$&&21'(16(5)$1 ,QWHUUXSWRUGHHQFHQGLGRHQ21\$&QRIXQFLR
2))
9HQWLODGRUGHOFRQGHQVDGRU QDQGR ✱
GHO$& ,QWHUUXSWRUGHHQFHQGLGRHQ21\$&IXQFLRQDQGR 21
3636:,7&+,QWHUUXSWRUGH 0RWRUIXQFLRQDQGRHQUpJLPHQGHUDOHQWt\YRODQWH
363 GHGLUHFFLyQHQODSRVLFLyQGHWUD\HFWRULDUHFWD 2))
KDFLDDGHODQWH
✱
0RWRUIXQFLRQDQGRHQUpJLPHQGHUDOHQWt\YRODQWH
GHGLUHFFLyQJLUDGRFRPSOHWDPHQWHDODL]TXLHUGDR 21
DODGHUHFKDKDVWDTXHWRSH
$&6:,7&+,QWHUUXSWRUGH &XDQGRHO$&QRHVWiIXQFLRQDQGR 2))
$& &XDQGRHO$&HVWiIXQFLRQDQGR ✱
21
VLHVWiHTXLSDGR
3136,*1$/,QWHUUXSWRUGH ,QWHUUXSWRUGHHQFHQGLGRHQSRVLFLyQ21SDODQFD
3RVLFLyQ31
SRVLFLyQGHODWUDQVPLVLyQ VHOHFWRUDHQODSRVLFLyQ³3´R³1´
3DUD$7 ✱
,QWHUUXSWRUGHHQFHQGLGRHQSRVLFLyQ21SDODQFD
3RVLFLyQ'
VHOHFWRUDHQODSRVLFLyQ³5´³'´³´y³/´
)8(/7$1./(9(/1LYHO ,QWHUUXSWRUGHHQFHQGLGRHQODSRVLFLyQ21
HQHOGHSyVLWRGHFRPEXVWL ± ✱
EOH
(/(&75,&/2$'&DUJD ,QWHUUXSWRUGHHQFHQGLGRHQODSRVLFLyQ21OXFHV
2)) ✱
HOpFWULFD SHTXHxDVDSDJDGDV2))
,QWHUUXSWRUGHHQFHQGLGRHQODSRVLFLyQ21OXFHV
21 ✱
SHTXHxDVHQFHQGLGDV21
9666HQVRUGHYHORFLGDG 9HKtFXORGHWHQLGR
NPK03+ ✱
GHOYHKtFXORSDUD$7
*($5326,7,213RVLFLyQ ,QWHUUXSWRUGHHQFHQGLGRHQSRVLFLyQ21SDODQFD
GHHQJUDQDMHSDUD$7 VHOHFWRUDHQODSRVLFLyQ³5´³'´³´y³/´\YHKt ✱
FXORGHWHQLGR
7+527326/(9(/ ³´FHUFDGHODSRVLFLyQGHUDOHQWt³´³´³´³´³´³´y³´FHUFDGH
1LYHOGHSRVLFLyQGHPDUL ODSRVLFLyQFRPSOHWDPHQWHDELHUWDVHYLVXDOL]DVHJ~QVHDODDEHUWXUDGH ✱
SRVDSDUD$7 ODPDULSRVDGHJDVHV
,1)250$&,Ï1*(1(5$/<',$*1Ï67,&2'(/0272502725+
&21',&,21(6
'$726'(/,16758
&21',&,Ï1 1250$/(69$/25 2752
0(172'((;3/25$&,Ï1
'(5()(5(1&,$
6+,)762/$ ,QWHUUXSWRUGHHQFHQGLGRHQODSRVLFLyQ21
&216HxDOGHFRPDQGRGH /DSDODQFDVHOHFWRUDHVFDPELDGDDODSRVLFLyQ³3´
ODYiOYXODVROHQRLGHGH ³5´³1´³'´³´y³/´
FDPELR 9HKtFXORVHGHWLHQH 21 ✱
0219HULILFDFLyQGHODYiO
YXODVROHQRLGHGHFDP
ELR3DUD$7
6+,)762/% ,QWHUUXSWRUGHHQFHQGLGRHQODSRVLFLyQ21
&216HxDOGHFRPDQGRGH /DSDODQFDVHOHFWRUDHVFDPELDGDDODSRVLFLyQ³3´
ODYiOYXODVROHQRLGHGH ³5´³1´³'´³´y³/´
FDPELR 9HKtFXORVHGHWLHQH 2)) ✱
0219HULILFDFLyQGHODYiO
YXODVROHQRLGHGHFDP
ELR3DUD$7
7&&62/IRU$7 ,QWHUUXSWRUGHHQFHQGLGRHQODSRVLFLyQ21
&216HxDOGHFRPDQGRGH /DSDODQFDVHOHFWRUDHVFDPELDGDDODSRVLFLyQ³3´
ODYiOYXODVROHQRLGHGH ³5´³1´³'´³´y³/´
HPEUDJXHGHOFRQYHUWLGRUGH 9HKtFXORVHGHWLHQH
2)) ✱
SDU
0219HULILFDFLyQGHODYiO
YXODVROHQRLGHGHOHPEUD
JXHGHOFRQYHUWLGRUGHSDU
75$165$1*(3RVLFLyQ ,QWHUUXSWRUGHHQFHQGLGRHQSRVLFLyQ21SDODQFD
GHODWUDQVPLVLyQ VHOHFWRUDHQODSRVLFLyQ³3´³5´³1´³'´³´y³/´ 351'y/ ✱
SDUD$7
%5$.(6:,QWHUUXSWRUGH ,QWHUUXSWRUGHHQFHQGLGRHQODSRVLFLyQ21SHGDO
2))
IUHQR GHIUHQROLEHUDGR
,QWHUUXSWRUGH)UHQRVOXFHV ,QWHUUXSWRUGHHQFHQGLGRHQODSRVLFLyQ21SHGDO ✱
GHSDUDGD GHIUHQRSUHVLRQDGR 21
SDUD$7
2'2))6: ,QWHUUXSWRUGHHQFHQGLGRHQSRVLFLyQ21HLQWHUUXS
2))
,QWHUUXSWRUGHFRUWHGH WRUGHFRUWHGHVREUHPDUFKDHQ2))
✱
VREUHPDUFKD ,QWHUUXSWRUGHHQFHQGLGRHQSRVLFLyQ21HLQWHUUXS
21
WRUGHFRUWHGHVREUHPDUFKDHQ21
02'(6(/(&76: ,QWHUUXSWRUGHHQFHQGLGRHQSRVLFLyQ21LQWHUUXS
1250$/
,QWHUUXSWRUGHFDPELRSRWHQ WRUGHFDPELRHQODSRVLFLyQQRUPDO
✱
FLDQRUPDO3DUD$7 ,QWHUUXSWRUGHHQFHQGLGRHQSRVLFLyQ21LQWHUUXS
327(1&,$
WRUGHFDPELRHQODSRVLFLyQSRWHQFLD
:'/6: ,QWHUUXSWRUGHHQFHQGLGRHQODSRVLFLyQ21
,QWHUUXSWRUGHEDMD:' SDODQFDGHWUDQVIHUHQFLDFDPELDGDDODSRVLFLyQ 2))
³+´y³+´
✱
,QWHUUXSWRUGHHQFHQGLGRHQODSRVLFLyQ21
SDODQFDGHWUDQVIHUHQFLDFDPELDGDDODSRVLFLyQ 21
³/´
INFORMACIÓN GENERAL Y DIAGNÓSTICO DEL MOTOR (MOTOR H27) 6-1-31
INJ PULSE WIDTH B1 (Duración de la impulsión de inyección de combustible, banco 1, msec) / INJ
PULSE WIDTH B2 (Duración de la impulsión de inyección de combustible, banco 2, msec)
Este parámetro indica la duración de la activación (levantamiento de la aguja) del inyector, que es enviada por el
módulo de ECM (PCM).
736(162592/77HQVLyQGHVDOLGDGHOVHQVRUGH739
/DOHFWXUDGHOVHQVRUGHSRVLFLyQGHODPDULSRVDGHJDVHVVXPLQLVWUDLQIRUPDFLRQHVHQIRUPDGHWHQVLyQVREUHOD
DEHUWXUDGHODPDULSRVDGHJDVHV
&$/&/2$'9DORUGHODFDUJDFDOFXODGD
/DFDUJDGHOPRWRUHVPRVWUDGDFRPRXQSRUFHQWDMHGHODFDUJDPi[LPDSRVLEOH(OYDORUHVFDOFXODGRPDWHPiWLFD
PHQWHDSOLFDQGRODIyUPXOD9ROXPHQDFWXDOFRUULHQWHGHDLUHGHDGPLVLyQ÷YROXPHQPi[LPRSRVLEOHGHDLUHGH
DGPLVLyQ [
727$/)8(/75,05($-867(727$/'(/&20%867,%/(
(OYDORUGHOUHDMXVWHWRWDOGHOFRPEXVWLEOHHVREWHQLGRDGLFLRQDQGRORVYDORUHVGHOUHDMXVWHGHSOD]RFRUWRGHOFRPEXV
WLEOH\HOUHDMXVWHGHSOD]RODUJRGHOFRPEXVWLEOH(VWHYDORULQGLFDFXiQWDFRUUHFFLyQHVQHFHVDULDSDUDPDQWHQHUOD
PH]FODHVWHTXLRPpWULFDGHDLUHFRPEXVWLEOH
&$1,6735*'87<6HUYLFLRGHOIOXMRGHSXUJDGHOUHFLSLHQWHGH(9$3
(VWH SDUiPHWUR LQGLFD OD SURSRUFLyQ GH WLHPSR GH DFWLYLGDG YiOYXOD DELHUWD21 GH OD YiOYXOD GHQWUR GH XQ FLFOR
ILMDGRGHODYiOYXODVROHQRLGHGHSXUJDGHOUHFLSLHQWHGH(9$3TXHFRQWURODODFDQWLGDGGHSXUJDGH(9$3
0$33UHVLyQDEVROXWDGHOFROHFWRUGHDGPLVLyQPP+JN3D
(VWHSDUiPHWURLQGLFDODSUHVLyQDEVROXWDHQHOFROHFWRUGHDGPLVLyQ
(*59$/9(9iOYXODGH(*5
(VWHSDUiPHWURLQGLFDHOSRUFHQWDMHGHDEHUWXUDGHODYiOYXODGH(*5TXHFRQWURODODFDQWLGDGGHOIOXMRGH(*5
3136,*1$/,QWHUUXSWRUGHSRVLFLyQGHODWUDQVPLVLyQSRVLFLyQ31R'
6HYLVXDOL]DVLHOLQWHUUXSWRUGHSRVLFLyQGHODWUDQVPLVLyQLQWHUUXSWRUGHSRVLFLyQ31HVWiHQODSRVLFLyQ3R1RHQ
ODSRVLFLyQ5'R/6LHVWiHQODSRVLFLyQ3R1VHYLVXDOL]D³SRVLFLyQ31´\VLHVWiHQODSRVLFLyQ5'R/VH
YLVXDOL]D³SRVLFLyQ'´
)8(/7$1./(9(/1LYHOHQHOGHSyVLWRGHFRPEXVWLEOH
(VWHSDUiPHWURLQGLFDDSUR[LPDGDPHQWHHOQLYHOGHOFRPEXVWLEOHHQHOGHSyVLWRGHFRPEXVWLEOH'HELGRDTXHHO
LQWHUYDORGHGHWHFFLyQGHOVHQVRUGHQLYHOHVWiILMDGRGHDHVSRVLEOHTXHHQDOJXQRVPRGHORVFRQGHSy
VLWRGHFDSDFLGDGPiVSHTXHxDHOQLYHOLQGLFDGRVHDDXQTXHHOGHSyVLWRHVWpFRPSOHWDPHQWHOOHQR
7+527326/(9(/1LYHOGHSRVLFLyQGHODPDULSRVDGHJDVHVSDUD$7³´³´³´³´³´³´³´
y³´
(VWHSDUiPHWURLQGLFDHQFXiOQLYHO]RQDHVWiODDEHUWXUDGHODPDULSRVDGHJDVHV
/DDEHUWXUDGHODPDULSRVDGHJDVHVHVWiGLYLGLGDHQQLYHOHV]RQDVTXHYDQGHVGH³´SRVLFyQGHUDOHQWtDSUR[L
PDGDPHQWHD³´FRPSOHWDPHQWHDELHUWDDSUR[LPDGDPHQWH\VHDVLJQDQVHxDOHVDFDGDQLYHO]RQDGHODDEHU
WXUD GH ODPDULSRVD (/ 3&0 FRQWUROD HO FDPELR DXWRPiWLFR GH HQJUDQDMH GH OD WUDQVPLVLyQ DXWRPiWLFD XWLOL]DQGR
HVWDVVHxDOHVGHDFXHUGRFRQODVHxDOHPLWLGDSRUHOVHQVRUGHSRVLFLyQGHODPDULSRVDGHJDVHV73
9È/98/$62/( 9È/98/$62/(
12,'($'(&$0%,2 12,'(%'(&$0%,2
21 2))
9,68$/, 21 21
=$&,Ï1 2)) 21
2)) 2))
6+,)762/&20021&RPDQGRGHYiOYXODVROHQRLGH$GHFDPELRYHULILFDFLyQ212))
&2121&RPDQGRGHDFWLYDFLyQ21HQYLDGRDODYiOYXODVROHQRLGH$GHFDPELR
&212))1RVHHVWiHPLWLHQGRHOFRPDQGRSDUDHOIXQFLRQDPLHQWR
02121+D\IOXMRGHFRUULHQWHHOpFWULFDDODYiOYXODVROHQRLGH$GHFDPELR
0212))1RHVWiSDVDQGRHOHFWULFLGDG
6-1-34 INFORMACIÓN GENERAL Y DIAGNÓSTICO DEL MOTOR (MOTOR H27)
TCC SOL CON/MON (Comando de válvula solenoide del embrague del convertidor de par/verificación,
ON/OFF)
CON-ON : Comando de activación (ON) enviado a la válvula solenoide de TCC.
CON-OFF : No se está emitiendo el comando para el funcionamiento.
MON-ON : Hay flujo de corriente eléctrica a la válvula solenoide de TCC.
MON-OFF : No está pasando electricidad.
7DEODGHGLDJQyVWLFRGHOPRWRU
(IHFW~H OD ORFDOL]DFLyQ \ UHSDUDFLyQ GH GHVSHUIHFWRV UHILULpQGRVH D OD WDEOD VLJXLHQWH FXDQGR HO PyGXOR GH (&0
3&0QRKDGHWHFWDGRQLQJ~QFyGLJR\DQWHVQRVHKDHQFRQWUDGRQLQJXQDDQRUPDOLGDGHQODLQVSHFFLyQYLVXDOQL
HQODLQVSHFFLyQEiVLFDGHOPRWRU
35(&$8&,Ï1
(O PyGXOR 3&0(&0 QR SXHGH VHU FRPSUREDGR SRU Vt
PLVPR(VWiHVWULFWDPHQWHSURKLELGRFRQHFWDUXQYROWtPHWUR
RXQRKPtPHWURDOPyGXOR3&0(&0FRQORVDFRSODGRUHV
GHVFRQHFWDGRVGHOPyGXOR
&20352%$&,Ï1'(/$7(16,Ï1
127$
<DTXHFDGDWHQVLyQGHFDGDWHUPLQDOHVDIHFWDGDSRUODWHQ
VLyQGHODEDWHUtDFRQILUPHTXHHVWDWHQVLyQHV9RPiV
FXDQGRHOLQWHUUXSWRUGHHQFHQGLGRHVWiHQODSRVLFLyQ21
3&0(&0
&RQHFWRUHVGHOPyGXORGH3&0(&09LVWRVGHVGHHOODGRGHOPD]RGHFDEOHV
,1)250$&,Ï1*(1(5$/<',$*1Ï67,&2'(/0272502725+
,QWHUUXSWRUGHHQFHQGLGRHQODSRVL
6HQVRUGHWHPSHUDWXUDGHODLUHGH
& ±9 FLyQ21WHPSHUDWXUDDPELHQWHGHO
DGPLVLyQ
VHQVRU&
,QWHUUXSWRUGHHQFHQGLGRHQODSRVL
6HQVRUGHWHPSHUDWXUDGHOUHIULJH
& ±9 FLyQ21WHPSHUDWXUDGHOUHIULJHUDQWH
UDQWHGHOPRWRU
GHOPRWRU&
9DSUR[LPDGD $OUpJLPHQGHUDOHQWtGHVSXpVGH
& 6HQVRUGHGHWRQDFLyQ
PHQWH FDOHQWDUHOPRWRU
,QWHUUXSWRUGHHQFHQGLGRHQODSRVL
& )XHQWHGHDOLPHQWDFLyQHOpFWULFD ±9
FLyQ21
& 0DVDSDUDHOVHQVRUGH0$) ± ±
& 0DVD ± ±
,QWHUUXSWRUGHHQFHQGLGRHQODSRVL
±9 FLyQ21SDODQFDGHWUDQVIHUHQFLD
SRVLFLyQ+y/
& ,QWHUUXSWRUGH:'
,QWHUUXSWRUGHHQFHQGLGRHQODSRVL
±9 FLyQ21SDODQFDGHWUDQVIHUHQFLD
SRVLFLyQ+
6HQVRUGHSUHVLyQDEVROXWDGHO ,QWHUUXSWRUGHHQFHQGLGRHQ21\
& ±9
FROHFWRU PRWRUVHSDUD
,QWHUUXSWRUGHHQFHQGLGRHQODSRVL
±9 FLyQ21\PDULSRVDGHJDVHVHQOD
6HQVRUGHSRVLFLyQGHODPDULSRVD SRVLFLyQGHUpJLPHQGHUDOHQWt
&
GHJDVHV ,QWHUUXSWRUGHHQFHQGLGRHQODSRVL
±9 FLyQ21\PDULSRVDGHJDVHVHQOD
SRVLFLyQDELHUWDFRPSOHWDPHQWH
,1)250$&,Ï1*(1(5$/<',$*1Ï67,&2'(/0272502725+
&20352%$&,Ï1'(/$5(6,67(1&,$
35(&$8&,Ï1
1R WRTXH QXQFD ORV WHUPLQDOHV GHO PyGXOR (&03&0
PLVPRQLFRQHFWHXQYROWtPHWURRXQRKPtPHWUR
&RPSUXHEHODUHVLVWHQFLDHQWUHFDGDSDUGHWHUPLQDOHVGHORV
DFRSODGRUHVGHVFRQHFWDGRVHQODIRUPDOLVWDGDHQODWDEOD
VLJXLHQWH
35(&$8&,Ï1
$VHJ~UHVHGHFRQHFWDUODVRQGDGHORKPtPHWURHQHO
ODGRGHOPD]RGHFDEOHVGHODFRSODGRU
$VHJ~UHVHELHQGHFRORFDUHOLQWHUUXSWRUGHHQFHQGLGRHQ
ODSRVLFLyQ2))SDUDHVWDFRPSUREDFLyQ
/DUHVLVWHQFLDLQGLFDGDHQODWDEODVLJXLHQWHVHUHILHUHDOD
WHPSHUDWXUD&GHODVSLH]DV
7DEOD$&RPSUREDFLyQGHOFLUFXLWRGHODOX]LQGLFDGRUDGHPDOIXQFLRQDPLHQWR
±/DOX]LQGLFDGRUDQRVHHQFLHQGHFRQHOLQWHUUXSWRUGHHQFHQGLGRHQODSRVL
FLyQ213HURFRQHOPRWRUSDUDGR
',$*5$0$'(&$%/($'2
/X]GH0,/
$OLQWHUUXSWRUGHHQFHQGLGR
)XVLEOHSULQFLSDO
5HOpSULQFLSDO
(&03&0
&RQHFWRUGHYHULILFDFLyQVLHVWiHTXLSDGR
'(6&5,3&,Ï1'(/&,5&8,72
&XDQGRHOLQWHUUXSWRUGHHQFHQGLGRHVFRORFDGRHQODSRVLFLyQ21HOPyGXORGH(&0FRORFDHOUHOpSULQFLSDOHQOD
SRVLFLyQ 21 SXQWR GH FRQWDFWR FHUUDGR (QVHJXLGD HO PyGXOR GH (&0 DOLPHQWDGR FRQ OD FRUULHQWH SULQFLSDO
HQFLHQGHODOX]LQGLFDGRUDGHPDOIXQFLRQDPLHQWR0,/&XDQGRHOPRWRUFRPLHQ]DDIXQFLRQDU\QRVHGHWHFWDXQ
GHVSHUIHFWRGHIXQFLRQDPLHQWRHQHOVLVWHPDODOX]LQGLFDGRUD0,/VHDSDJDSHURVLVHGHWHFWDXQGHVSHUIHFWRODOX]
LQGLFDGRUD0,/SHUPDQHFHHQFHQGLGDDXQTXHHOPRWRUHVWpIXQFLRQDQGR
&20352%$&,Ï1
3DVR 2SHUDFLyQ 6t 1R
&RPSUREDFLyQGHOVXPLQLVWURGHFRUULHQWHHOpFWULFD 9D\DDOSDVR )XVLEOH³,*0(7(5´IXQGLGR
DODOX]GH0,/ IXVLEOHSULQFLSDOIXQGLGRPDO
&RORTXHHOLQWHUUXSWRUGHHQFHQGLGRHQODSRVL IXQFLRQDPLHQWRGHOLQWHUUXSWRU
FLyQ21 GHHQFHQGLGRFLUFXLWR³%/.
¢6HHQFLHQGHQHQHOLQGLFDGRUFRPELQDGRRWUDV :+7´HQWUHHOIXVLEOH³,*
OXFHVGHLQGLFDGRUDGYHUWHQFLD" 0(7(5´\HOLQGLFDGRUFRPEL
QDGRRFRQH[LyQPDODGHO
DFRSODGRUHQHOLQGLFDGRU
FRPELQDGR
,1)250$&,Ï1*(1(5$/<',$*1Ï67,&2'(/0272502725+
3DVR 2SHUDFLyQ 6t 1R
&RPSUREDFLyQGHOFLUFXLWRGHDOLPHQWDFLyQHOpF 9D\DDOSDVR 9D\DDOD³7$%/$$&20
WULFD\GHPDVDGHOPyGXORGH(&0 352%$&,Ï1'(/&,5&8,72
¢$UUDQFDHOPRWRU" '($/,0(17$&,Ï1(/e&
75,&$<'(0$6$'(/
0Ï'8/2'((&0´HQHVWD
VHFFLyQ
6LHOPRWRUQRJLUDSDUDDUUDQ
FDUYD\DD³',$*1Ï67,&2´
HQODVHFFLyQ*
&RPSUREDFLyQGHOFLUFXLWRGHODOX]GH0,/ 5HHPSODFHSRUXQ %RPELOODIXQGLGDRFLUFXLWRGH
&RORTXHHOLQWHUUXSWRUGHHQFHQGLGRHQODSRVL PyGXORGH(&03&0 FDEOH³33/<(/´DELHUWR
FLyQ2))\GHVFRQHFWHORVFRQHFWRUHVGHO HQSHUIHFWRHVWDGR\
PyGXORGH(&0 YXHOYDDFRPSUREDU
&RPSUXHEHHOHVWDGRGHODFRQH[LyQDO
PyGXORGH(&0HQHOWHUPLQDO(
6LODFRQH[LyQHVWiFRQIRUPHXWLOLFHHOFDEOH
GHVHUYLFLR\FRQHFWHDPDVDHOWHUPLQDO(
HQHOFRQHFWRUGHVFRQHFWDGR
¢6HHQFLHQGHODOX]LQGLFDGRUDGH0,/FXDQGRVH
FRORFDHOLQWHUUXSWRUGHHQFHQGLGRHQODSRVLFLyQ
21"
7DEOD$&RPSUREDFLyQGHOFLUFXLWRGHODOX]LQGLFDGRUDGHPDOIXQFLRQDPLHQWR
±/DOX]LQGLFDGRUDSHUPDQHFHHQFHQGLGDGHVSXpVGHODUUDQTXHGHOPRWRU
',$*5$0$'(&$%/($'2'(6&5,3&,Ï1'(/&,5&8,72
5HILpUDVHDOD7$%/$$
&20352%$&,Ï1
3DVR 2SHUDFLyQ 6t 1R
&RPSUREDFLyQGHO'7& 9D\DDOSDVRGHOD 9D\DDOSDVR
&RQHOLQWHUUXSWRUGHHQFHQGLGRHQODSRVLFLyQ ³7$%/$'()/8-2'(
2))LQVWDOHHOLQVWUXPHQWRGHH[SORUDFLyQ ',$*1Ï67,&2'(/
+DJDDUUDQFDUHOPRWRU\FRPSUXHEHHO'7& 02725´HQHVWDVHF
¢+D\DOJ~Q'7&GHPDOIXQFLRQDPLHQWR" FLyQ
&RPSUREDFLyQGHOFLUFXLWRGHODOX]GH0,/ &LUFXLWRGHOFDEOH³33/ 5HHPSODFHSRUXQPyGXORGH
&RORTXHHOLQWHUUXSWRUGHHQFHQGLGRHQODSRVL <(/´FRUWRFLUFXLWDGRD (&03&0HQSHUIHFWR
FLyQ2))\GHVFRQHFWHORVDFRSODGRUHVGHO PDVD HVWDGR\YXHOYDDFRPSUREDU
PyGXORGH(&03&0
¢6HHQFLHQGHODOX]LQGLFDGRUDGH0,/FXDQGRVH
FRORFDHOLQWHUUXSWRUGHHQFHQGLGRHQODSRVLFLyQ
21"
,1)250$&,Ï1*(1(5$/<',$*1Ï67,&2'(/0272502725+
7DEOD$&RPSUREDFLyQGHODOX]LQGLFDGRUDGHPDOIXQFLRQDPLHQWR±/DOX]GH
0,/GHVWHOODFRQHOLQWHUUXSWRUGHHQFHQGLGRHQODSRVLFLyQ219HKtFXORFRQ
FRQHFWRUGHYHULILFDFLyQ
',$*5$0$'(&$%/($'2'(6&5,3&,Ï1'(/&,5&8,72
5HILpUDVHDOD7$%/$$
/2&$/,=$&,Ï1<5(3$5$&,Ï1'($9(5Ë$6
3DVR 2SHUDFLyQ 6t 1R
&RPSUREDFLyQGHOSDWUyQGHGHVWHOORVGHODOX]LQGLFD 9D\DDOSDVR 9D\DD³',$*1Ï6
GRUDGH0,/ 7,&2´HQODVHFFLyQ
&RORTXH HO LQWHUUXSWRU GH HQFHQGLGR HQ OD SRVLFLyQ *
21
¢,QGLFDXQ'7&HOSDWUyQGHGHVWHOORVGHODOX]LQGLFD
GRUDGH0,/"
&RPSUREDFLyQGHOFLUFXLWRGHOLQWHUUXSWRUGHGLDJQyVWLFR (OVLVWHPDHVWiHQEXH &LUFXLWRGHOFDEOH³<(/´
¢(VWiHOWHUPLQDOGHOLQWHUUXSWRUGHGLDJQyVWLFRFRQHF QDVFRQGLFLRQHV FRUWRFLUFXLWDGRDPDVD
WDGRDPDVDPHGLDQWHHOFDEOHGHVHUYLFLR" 6LHOFLUFXLWRHVWiFRQ
IRUPHUHHPSODFHSRU
XQPyGXORGH(&0
3&0HQEXHQHVWDGR
\YXHOYDDFRPSUREDU
7DEOD$&RPSUREDFLyQGHODOX]LQGLFDGRUDGHPDOIXQFLRQDPLHQWR±/DOX]GH
0,/QRGHVWHOODRSHUPDQHFHHQFHQGLGDFRQHOWHUPLQDOGHOLQWHUUXSWRUGHGLDJ
QyVWLFRFRQHFWDGRDPDVD9HKtFXORFRQFRQHFWRUGHYHULILFDFLyQ
',$*5$0$'(&$%/($'2'(6&5,3&,Ï1'(/&,5&8,72
5HILpUDVHDOD7$%/$$
/2&$/,=$&,Ï1<5(3$5$&,Ï1'($9(5Ë$6
3DVR 2SHUDFLyQ 6t 1R
&RPSUREDFLyQGHOFLUFXLWRGHODOX]GH0,/ &LUFXLWRGHOFDEOH³33/ 9D\DDOSDVR
&RORTXH HO LQWHUUXSWRU GH HQFHQGLGR HQ OD SRVLFLyQ <(/´FRUWRFLUFXLWDGRD
2)) \ GHVFRQHFWH ORV FRQHFWRUHV GHO PyGXOR GH PDVD
(&03&0
¢6HHQFLHQGHODOX]LQGLFDGRUDGH0,/FXDQGRVHFRORFD
HOLQWHUUXSWRUGHHQFHQGLGRHQODSRVLFLyQ21"
&RPSUREDFLyQGHODFRQH[LyQGH(&03&0 9D\DDOSDVR 0DODFRQH[LyQGHO
&RORTXH HO LQWHUUXSWRU GH HQFHQGLGR HQ OD SRVLFLyQ FRQHFWRU
2))
¢(VWiHOFRQHFWRUFRQH[LyQ(FRQHFWDGRFRUUHF
WDPHQWHDOPyGXORGH(&03&0"
&RPSUREDFLyQGHOFLUFXLWRGHOWHUPLQDOGHOLQWHUUXSWRUGH &LUFXLWR³<(/´R³%/.´ 5HHPSODFHSRUXQ
GLDJQyVWLFR DELHUWR PyGXORGH(&03&0
&RQHFWHORVFRQHFWRUHVDOPyGXORGH(&03&0 HQSHUIHFWRHVWDGR\
8WLOLFHHOFDEOHGHVHUYLFLR\FRQHFWHDPDVDHOWHU YXHOYDDFRPSUREDU
PLQDO ( FRQ ORV FRQHFWRUHV FRQHFWDGRV DO
PyGXORGH(&03&0
&RORTXH HO LQWHUUXSWRU GH HQFHQGLGR HQ OD SRVLFLyQ
21
¢'HVWHOODODOX]GH0,/"
,1)250$&,Ï1*(1(5$/<',$*1Ï67,&2'(/0272502725+
7DEOD$&RPSUREDFLyQGHOFLUFXLWRGHDOLPHQWDFLyQHOpFWULFD\GHPDVDGHO
PyGXORGH(&03&0±/DOX]LQGLFDGRUDGH0,/QRVHHQFLHQGHFXDQGRHOLQWH
UUXSWRUGHHQFHQGLGRHVWiHQODSRVLFLyQ21\HOPRWRUJLUDSHURQRDUUDQFD
',$*5$0$'(&$%/($'2
/X]GH0,/
$OLQWHUUXSWRUGHHQFHQGLGR
)XVLEOHSULQFLSDO
5HOpSULQFLSDO
(&03&0
'(6&5,3&,Ï1'(/&,5&8,72
&XDQGRHOLQWHUUXSWRUGHHQFHQGLGRVHFRORFDHQODSRVLFLyQ21HOUHOpSULQFLSDOVHDFWLYD21>HOSXQWRGHFRQWDFWR
VHFLHUUD@\VHVXPLQLVWUDFRUULHQWHHOpFWULFDSULQFLSDODOPyGXORGH(&03&0
,1)250$&,Ï1*(1(5$/<',$*1Ï67,&2'(/0272502725+
&20352%$&,Ï1
3DVR 2SHUDFLyQ 6t 1R
&RPSUREDFLyQGHOVRQLGRGHIXQFLRQDPLHQWRGHO 9D\DDOSDVR 9D\DDOSDVR
UHOpSULQFLSDO
¢6HR\HVRQLGRGHIXQFLRQDPLHQWRGHOUHOpSULQFL
SDOFXDQGRVHFRORFDHOLQWHUUXSWRUGHHQFHQGLGR
HQODSRVLFLyQ21"
&RPSUREDFLyQGHOIXVLEOH 9D\DDOSDVR &RPSUXHEHVLKD\FRUWRFLU
¢(VWiHQEXHQDVFRQGLFLRQHVHOIXVLEOHSULQFLSDO FXLWRHQORVFLUFXLWRV
³),´" FRQHFWDGRVDHVWHIXVLEOH
&RPSUREDFLyQGHOUHOpSULQFLSDO 9D\DDOSDVR 5HHPSODFHHOUHOpSULQFL
&RORTXHHOLQWHUUXSWRUGHHQFHQGLGRHQOD SDO
SRVLFLyQ2))\GHVPRQWHHOUHOpSULQFLSDO
&RPSUXHEHHOHVWDGRGHODFRQH[LyQDOUHOp
SULQFLSDOHQORVWHUPLQDOHV\
6LHVWiQRUPDOFRPSUXHEHODUHVLVWHQFLD\HO
IXQFLRQDPLHQWRGHOUHOpSULQFLSDO5HILpUDVHD
³&20352%$&,Ï1'(/5(/e35,1&,3$/´
HQODVHFFLyQ(
¢(VVDWLVIDFWRULRHOUHVXOWDGRGHODFRPSURED
FLyQ"
&RPSUREDFLyQGHOFLUFXLWRGHDOLPHQWDFLyQHOpF 9D\DDOSDVR &LUFXLWR³%/8:+7´³%/8´
WULFDGHOPyGXORGH(&03&0 R³%/.5('´DELHUWR
&RORTXHHOLQWHUUXSWRUGHHQFHQGLGRHQOD
SRVLFLyQ2))GHVFRQHFWHORVFRQHFWRUHVGHO
PyGXOR(&0HLQVWDOHHOUHOpSULQFLSDO
&RPSUXHEHHOHVWDGRGHODFRQH[LyQDO
PyGXORGH(&0&30HQORVWHUPLQDOHV
&(&\&
6LHVWiQFRQIRUPHVHQWRQFHVPLGDODWHQVLyQ
HQWUHORVWHUPLQDOHV&\PDVD(
\PDVDFRQHOLQWHUUXSWRUGHHQFHQGLGRFROR
FDGRHQODSRVLFLyQ21
¢(VFDGDWHQVLyQ±9"
&RPSUREDFLyQGHOFLUFXLWRGHDOLPHQWDFLyQHOpF &RPSUXHEHVLORVFLUFXLWRV 9D\DDOSDVR
WULFDGHOPyGXORGH(&0 DPDVD³%/.*51´\³%/.
8WLOLFHHOFDEOHGHVHUYLFLRFRORTXHDPDVDHO 251´HVWiQDELHUWRV
WHUPLQDO(\PLGDODWHQVLyQHQWUHHOWHU 6LHVWiQFRQIRUPHVUHHP
PLQDO&\PDVDFRQHOLQWHUUXSWRUGH SODFHSRUXQPyGXOR(&0
HQFHQGLGRFRORFDGRHQODSRVLFLyQ21 3&0HQEXHQHVWDGR\
¢(VODWHQVLyQ±9" YXHOYDDFRPSUREDU
¢6HR\HHQHOSDVRHOVRQLGRGHIXQFLRQDPLHQWR 9D\DDOSDVR &DEOH³%/.5('´R³%/8
GHOUHOpSULQFLSDO" %/.´DELHUWR
&RPSUREDFLyQGHOUHOpSULQFLSDO &DEOH³%/.5('´R³%/8 5HHPSODFHHOUHOpSULQFL
&RPSUXHEHHOUHOpSULQFLSDOVLJXLHQGRHOSUR %/.´DELHUWR SDO
FHGLPLHQWRGHOSDVR
¢(VWiHQEXHQDVFRQGLFLRQHVHOUHOpSULQFLSDO"
,1)250$&,Ï1*(1(5$/<',$*1Ï67,&2'(/0272502725+
)XVLEOHSULQFLSDO
5HOpSULQFLSDO
(&03&0
6HQVRUGHIOXMRGHPDVDGHDLUH
&21',&,Ï1'('(7(&&,Ï1'(/'7&<È5($'(/'(63(5)(&72
&21',&,Ï1'('(7(&&,Ï1'(/'7& È5($'(/'(63(5)(&72
$OJXQDGHODVFRQGLFLRQHVVLJXLHQWHVHVGHWHFWDGD &LUFXLWRGHOVHQVRUGH0$)
GXUDQWHVHJXQGRVFRQWLQXDPHQWH 6HQVRUGH0$)
0RWRUIXQFLRQDQGR\GHVSXpVGHPiVGHVHJXQGRV (&03&0
GHFRORFDUHOLQWHUUXSWRUGHHQFHQGLGRHQODSRVLFLyQ
21ODFRUULHQWHGHVDOLGDGHOVHQVRUGH0$)VLJXH
VLHQGRLQIHULRUDP$GXUDQWHPVHJ
0RWRUIXQFLRQDQGR\GHVSXpVGHPiVGHVHJXQGRV
GHFRORFDUHOLQWHUUXSWRUGHHQFHQGLGRHQODSRVLFLyQ
21ODFRUULHQWHGHVDOLGDGHOVHQVRUGH0$)VLJXH
VLHQGRVXSHULRUDP$GXUDQWHPVHJ
,1)250$&,Ï1*(1(5$/<',$*1Ï67,&2'(/0272502725+
352&(',0,(172'(&21),50$&,Ï1'(/'7&
$'9(57(1&,$
&XDQGRHIHFW~HXQDSUXHEDGHFDUUHWHUDHOLMDXQOXJDUGRQGHQRKD\DWUiILFRRULHVJRGHDFFLGHQWHVGH
WUiILFR\DFW~HFRQPXFKRFXLGDGRSDUDDVtHYLWDUFXDOTXLHUDFFLGHQWH
/DSUXHEDGHFDUUHWHUDGHEHVHUHIHFWXDGDHQXQDFDUUHWHUDSODQDKRUL]RQWDOSRUSHUVRQDVXQFRQ
GXFWRU\XQHQFDUJDGRGHODSUXHED
127$
&RPSUXHEHSDUDDVHJXUDUVHGHTXHVHVDWLVIDFHQODVFRQGLFLRQHVVLJXLHQWHVFXDQGRVHDSOLFDHO³352&(
',0,(172'(&21),50$&,Ï1'('7&´
7HPSHUDWXUDGHODLUHGHDGPLVLyQ±&RPD\RU
7HPSHUDWXUDGHOUHIULJHUDQWHGHOPRWRU±±&
$OWLWXGSUHVLyQEDURPpWULFDPRPHQRVPP+JN3DRPiV
&RQHFWHHOLQVWUXPHQWRGHH[SORUDFLyQDO'/&FRQHOLQWHUUXSWRUGHHQFHQGLGRFRORFDGRHQODSRVLFLyQ2))
&RORTXHHOLQWHUUXSWRUGHHQFHQGLGRHQODSRVLFLyQ21\XWLOL]DQGRHOLQVWUXPHQWRGHHVFDQHRERUUHHO'7&'7&
SHQGLHQWHV\GDWRVGHLPDJHQFRQJHODGD\KDJDIXQFLRQDUHOPRWRUDOUpJLPHQGHUDOHQWtGXUDQWHVHJXQGRV
RPiV
&RPSUXHEH'7&HPSOHDQGRHOLQVWUXPHQWRGHH[SORUDFLyQ
/2&$/,=$&,Ï1<5(3$5$&,Ï1'($9(5Ë$6
3DVR 2SHUDFLyQ 6t 1R
¢6HDSOLFyOD³7$%/$'()/8-2'(',$*1Ï6 9D\DDOSDVR 9D\DDOD³7$%/$'(
7,&2'(/02725´" )/8-2'(',$*1Ï67,&2
'(/02725´HQHVWDVHF
FLyQ
&RPSUREDFLyQGHOVHQVRUGH0$) 'HVSHUIHFWRLQWHUPLWHQWH 9D\DDOSDVR
&RQHFWHHOLQVWUXPHQWRGHH[SORUDFLyQDO &RPSUXHEHHOGHVSHUIHFWR
'/&FRQHOLQWHUUXSWRUGHHQFHQGLGRFROR LQWHUPLWHQWH5HILpUDVHD
FDGRHQODSRVLFLyQ2)) ³0$/)81&,21$0,(172
+DJDDUUDQFDUHOPRWRU\FRPSUXHEHHOYDORU ,17(50,7(17(<
GH0$)YLVXDOL]DGRHQHOLQVWUXPHQWRGH &21(;,Ï10$/$´HQOD
H[SORUDFLyQ3DUDHOYDORUQRUPDOUHILpUDVHD VHFFLyQ$
³'$726'(/,167580(172'((;3/2
5$&,Ï1´HQHVWDVHFFLyQ
¢(VQRUPDOHOYDORULQGLFDGR"
&RPSUREDFLyQGHODDOLPHQWDFLyQHOpFWULFDDOVHQ 9D\DDOSDVR &DEOH³%/8%/.´GHIHF
VRUGH0$) WXRVR
&RQHOLQWHUUXSWRUGHHQFHQGLGRHQODSRVLFLyQ
2))GHVFRQHFWHHODFRSODGRUGHOVHQVRUGH
0$)
&RQHOLQWHUUXSWRUGHHQFHQGLGRFRORFDGRHQ
ODSRVLFLyQ21FRPSUXHEHODWHQVLyQHQWUH
(GHODFRSODGRUGHOVHQVRUGH0$)\OD
PDVD
¢(VODWHQVLyQ±9"
&RPSUREDFLyQGHODWHQVLyQGHVDOLGDGHOVHQVRU 0DODFRQH[LyQHQHOWHUPL &DEOH³33/:+7´GHIHF
GH0$) QDO&y& WXRVR
&RQHOLQWHUUXSWRUGHHQFHQGLGRHQODSRVLFLyQ 6LHVWiQFRQIRUPHVUHHP &RQH[LyQPDODHQWHUPLQDO
2))FRQHFWHHODFRSODGRUGHOVHQVRUGH0$) SODFHSRUXQPyGXOR(&0 GHODFRSODGRU(
'HVPRQWHODFXELHUWDGHO(&03&0 3&0HQEXHQHVWDGR\ 6LHOFDEOH\ODFRQH[LyQ
&RQHOLQWHUUXSWRUGHHQFHQGLGRFRORFDGRHQ YXHOYDDFRPSUREDU HVWiQFRQIRUPHVUHHP
ODSRVLFLyQ21GHMDQGRHOPRWRUSDUDGR SODFHSRUXQVHQVRUGH
FRPSUXHEHODWHQVLyQHQWUHORVWHUPLQDOHV 0$)HQEXHQHVWDGR\
&\& YXHOYDDFRPSUREDU
¢(VODWHQVLyQ±9"
,1)250$&,Ï1*(1(5$/<',$*1Ï67,&2'(/0272502725+
6HQVRUGH,$7
(&03&0
&21',&,Ï1'('(7(&&,Ï1'(/'7&<È5($'(/'(63(5)(&72
&21',&,Ï1'('(7(&&,Ï1'(/'7& È5($'(/'(63(5)(&72
$OJXQDGHODVFRQGLFLRQHVVLJXLHQWHVHVGHWHFWDGD &LUFXLWRGHOVHQVRUGH,$7
GXUDQWHVHJXQGRVFRQWLQXDPHQWH 6HQVRUGH,$7
7HPSHUDWXUDEDMDGHODLUHGHDGPLVLyQ7HQVLyQDOWD 0DOIXQFLRQDPLHQWRGHOPyGXORGH(&03&0
5HVLVWHQFLDDOWD
7HPSHUDWXUDDOWDGHODLUHGHDGPLVLyQ7HQVLyQEDMD
5HVLVWHQFLDEDMD
352&(',0,(172'(&21),50$&,Ï1'(/'7&
&RQHFWHHOLQVWUXPHQWRGHH[SORUDFLyQDO'/&FRQHOLQWHUUXSWRUGHHQFHQGLGRFRORFDGRHQODSRVLFLyQ2))
&RORTXHHOLQWHUUXSWRUGHHQFHQGLGRHQODSRVLFLyQ21\XWLOL]DQGRHOLQVWUXPHQWRGHH[SORUDFLyQERUUHHO'7&
'7&SHQGLHQWHV\GDWRVGHLPDJHQFRQJHODGD\KDJDIXQFLRQDUHOPRWRUDOUpJLPHQGHUDOHQWtFRQODWHPSHUD
WXUDGHOUHIULJHUDQWHGHOPRWRUD&RPHQRVGXUDQWHVHJXQGRVRPiV
&RPSUXHEH'7&HPSOHDQGRHOLQVWUXPHQWRGHH[SORUDFLyQ
,1)250$&,Ï1*(1(5$/<',$*1Ï67,&2'(/0272502725+
/2&$/,=$&,Ï1<5(3$5$&,Ï1'($9(5Ë$6
3DVR 2SHUDFLyQ 6t 1R
¢6HDSOLFyOD³7$%/$'()/8-2'(',$*1Ï6 9D\DDOSDVR 9D\DDOD³7$%/$'(
7,&2'(/02725´" )/8-2'(',$*1Ï67,&2
'(/02725´HQHVWDVHF
FLyQ
&RPSUXHEHHOVHQVRUGH,$7\VXFLUFXLWR 9D\DDOSDVR 'HVSHUIHFWRLQWHUPLWHQWH
&RQHFWHHOLQVWUXPHQWRGHH[SORUDFLyQFRQHO &RPSUXHEHHOGHVSHUIHFWR
LQWHUUXSWRUGHHQFHQGLGRFRORFDGRHQODSRVL LQWHUPLWHQWH5HILpUDVHD
FLyQ2)) ³0$/)81&,21$0,(172
&RORTXHHOLQWHUUXSWRUGHHQFHQGLGRHQOD ,17(50,7(17(<
SRVLFLyQ21 &21(;,Ï10$/$´HQOD
&RPSUXHEHODWHPSHUDWXUDGHODLUHGHDGPL VHFFLyQ$
VLyQYLVXDOL]DGDHQHOLQVWUXPHQWRGHH[SORUD
FLyQ
¢6HLQGLFD±&y&"
&RPSUXHEHHOPD]RGHFDEOHV 9D\DDOSDVR &DEOH³/7%/8´DELHUWRR
'HVFRQHFWHHOFRQHFWRUGHOVHQVRUGH,$7FRQ FRUWRFLUFXLWDGRRFRQH[LyQ
HOLQWHUUXSWRUGHHQFHQGLGRHQODSRVLFLyQ PDODGH&
2)) 6LHOFDEOH\ODFRQH[LyQ
&RPSUXHEHHOHVWDGRGHODFRQH[LyQDOVHQ HVWiQFRQIRUPHVUHHP
VRUGH,$7HQORVWHUPLQDOHVGHORVFDEOHV³/7 SODFHSRUXQPyGXORGH
%/8´\³*5<<(/´ (&03&0HQEXHQ
6LHVWiQFRQIRUPHVYHULILTXHFRQHOLQWHUUXSWRU HVWDGR\YXHOYDDFRPSUR
GHHQFHQGLGRFRORFDGRHQODSRVLFLyQ21VLOD EDU
WHQVLyQDSOLFDGDDOWHUPLQDOGHOFDEOH³/7%/8´HV
±9DSUR[LPDGDPHQWH
&RPSUXHEHHOPD]RGHFDEOHV 5HHPSODFHHOVHQVRUGH &DEOH³*5<<(/´DELHUWR
8WLOLFHHOFDEOHGHVHUYLFLR\FRQHFWHORVWHUPL ,$7 RFRQH[LyQPDODGH&
QDOHVGHOFRQHFWRUGHOVHQVRUGH,$7
&RORTXHHOLQWHUUXSWRUGHHQFHQGLGRHQOD 6LHOFDEOH\ODFRQH[LyQ
SRVLFLyQ21\FRPSUXHEHODWHPSHUDWXUDGHO HVWiQFRQIRUPHVUHHP
DLUHGHDGPLVLyQYLVXDOL]DGDHQHOLQVWUXPHQWR SODFHSRUXQPyGXORGH
GHH[SORUDFLyQ (&03&0HQEXHQ
¢6HLQGLFD&" HVWDGR\YXHOYDDFRPSUR
EDU
,1)250$&,Ï1*(1(5$/<',$*1Ï67,&2'(/0272502725+
6HQVRUGH(&7
$OLQGLFDGRUFRPELQDGR(&7
(&03&0
&21',&,Ï1'('(7(&&,Ï1'(/'7&<È5($'(/'(63(5)(&72
&21',&,Ï1'('(7(&&,Ï1'(/'7& È5($'(/'(63(5)(&72
$OJXQDGHODVFRQGLFLRQHVVLJXLHQWHVHVGHWHFWDGDGXUDQWH &LUFXLWRGHOVHQVRUGH(&7
VHJXQGRVFRQWLQXDPHQWH 6HQVRUGH(&7
7HPSHUDWXUDEDMDGHOUHIULJHUDQWHGHOPRWRU7HQVLyQDOWD (&03&0
5HVLVWHQFLDDOWD
7HPSHUDWXUDDOWDGHOUHIULJHUDQWHGHOPRWRU7HQVLyQEDMD
5HVLVWHQFLDEDMD
352&(',0,(172'(&21),50$&,Ï1'(/'7&
127$
&RPSUXHEHSDUDDVHJXUDUVHGHTXHVHVDWLVIDFHQODVFRQGLFLRQHVVLJXLHQWHVFXDQGRVHDSOLFDHO³352&(
',0,(172'(&21),50$&,Ï1'('7&´
7HPSHUDWXUDGHODLUHGHDGPLVLyQ±&RPD\RU
7HPSHUDWXUDGHOUHIULJHUDQWHGHOPRWRU±±&
$OWLWXGSUHVLyQEDURPpWULFDPRPHQRVPP+JN3DRPiV
&RQHFWHHOLQVWUXPHQWRGHH[SORUDFLyQDO'/&FRQHOLQWHUUXSWRUGHHQFHQGLGRFRORFDGRHQODSRVLFLyQ2))
&RORTXHHOLQWHUUXSWRUGHHQFHQGLGRHQODSRVLFLyQ21\XWLOL]DQGRHOLQVWUXPHQWRGHH[SORUDFLyQERUUHHO'7&
'7& SHQGLHQWHV \ GDWRV GH LPDJHQ FRQJHODGD \ KDJD IXQFLRQDU HO PRWRU DO UpJLPHQ GH UDOHQWt GXUDQWH
VHJXQGRVRPiV
&RPSUXHEH'7&HPSOHDQGRHOLQVWUXPHQWRGHH[SORUDFLyQ
,1)250$&,Ï1*(1(5$/<',$*1Ï67,&2'(/0272502725+
/2&$/,=$&,Ï1<5(3$5$&,Ï1'($9(5Ë$6
3DVR 2SHUDFLyQ 6t 1R
¢6HDSOLFyOD³7$%/$'()/8-2'(',$*1Ï6 9D\DDOSDVR 9D\DDOD³7$%/$'(
7,&2'(/02725´" )/8-2'(',$*1Ï67,&2
'(/02725´HQHVWDVHF
FLyQ
&RPSUXHEHHOVHQVRUGH(&7\VXFLUFXLWR 9D\DDOSDVR 'HVSHUIHFWRLQWHUPLWHQWH
&RQHFWHHOLQVWUXPHQWRGHH[SORUDFLyQFRQHO &RPSUXHEHHOGHVSHUIHFWR
LQWHUUXSWRUGHHQFHQGLGRFRORFDGRHQODSRVL LQWHUPLWHQWH5HILpUDVHD
FLyQ2)) ³0$/)81&,21$0,(172
&RORTXHHOLQWHUUXSWRUGHHQFHQGLGRHQOD ,17(50,7(17(<
SRVLFLyQ21 &21(;,Ï10$/$´HQOD
&RPSUXHEHODWHPSHUDWXUDGHOUHIULJHUDQWH VHFFLyQ$
GHOPRWRUYLVXDOL]DGDHQHOLQVWUXPHQWRGH
H[SORUDFLyQ
¢6HLQGLFD±&R&"
&RPSUXHEHHOPD]RGHFDEOHV 9D\DDOSDVR &DEOH³251%/.´DELHUWR
'HVFRQHFWHHOFRQHFWRUGHOVHQVRUGH(&7 RFRUWRFLUFXLWDGRR
FRQHOLQWHUUXSWRUGHHQFHQGLGRHQODSRVLFLyQ FRQH[LyQPDODGH&
2)) 6LHOFDEOH\ODFRQH[LyQ
&RPSUXHEHHOHVWDGRGHODFRQH[LyQDOVHQ HVWiQFRQIRUPHVUHHP
VRUGH(&7HQORVWHUPLQDOHVGHORVFDEOHV SODFHSRUXQPyGXORGH
³251%/.´\³*5<<(/´ (&03&0HQEXHQ
6LHVWiQFRQIRUPHVYHULILTXHFRQHOLQWHUUXSWRU HVWDGR\YXHOYDDFRPSUR
GHHQFHQGLGRFRORFDGRHQODSRVLFLyQ21VLOD EDU
WHQVLyQDSOLFDGDDOWHUPLQDOGHOFDEOH³251%/.´
HV±9DSUR[LPDGDPHQWH
&RPSUXHEHHOPD]RGHFDEOHV 5HHPSODFHHOVHQVRUGH &DEOH³*5<<(/´DELHUWR
8WLOLFHHOFDEOHGHVHUYLFLR\FRQHFWHORVWHUPL (&7 RFRQH[LyQPDODGH&
QDOHVGHOFRQHFWRUGHOVHQVRUGH(&7
&RORTXHHOLQWHUUXSWRUGHHQFHQGLGRHQOD 6LHOFDEOH\ODFRQH[LyQ
SRVLFLyQ21\FRPSUXHEHODWHPSHUDWXUDGHO HVWiQFRQIRUPHVUHHP
UHIULJHUDQWHGHOPRWRUYLVXDOL]DGDHQHOLQVWUX SODFHSRUXQPyGXORGH
PHQWRGHH[SORUDFLyQ (&03&0HQEXHQ
¢6HLQGLFD&" HVWDGR\YXHOYDDFRPSUR
EDU
,1)250$&,Ï1*(1(5$/<',$*1Ï67,&2'(/0272502725+
6HQVRUGHSRVLFLyQGHODPDULSRVDGHJDVHV
(&03&0
&21',&,Ï1'('(7(&&,Ï1'(/'7&<È5($'(/'(63(5)(&72
&21',&,Ï1'('(7(&&,Ï1'(/'7& È5($'(/'(63(5)(&72
/DVFRQGLFLRQHVVLJXLHQWHVVRQGHWHFWDGDVGXUDQWH &LUFXLWRGHOVHQVRUGH73
VHJXQGRVFRQWLQXDPHQWH 6HQVRUGH73
0RWRUIXQFLRQDQGR (&03&0
6HxDOGHWHQVLyQEDMDRVHxDOGHWHQVLyQDOWD
127$
&RPSUXHEHSDUDDVHJXUDUVHGHTXHVHVDWLVIDFHQODVFRQGLFLRQHVVLJXLHQWHVFXDQGRVHDSOLFDHO³352&(
',0,(172'(&21),50$&,Ï1'('7&´
7HPSHUDWXUDGHODLUHGHDGPLVLyQ±&RPD\RU
7HPSHUDWXUDGHOUHIULJHUDQWHGHOPRWRU±±&
$OWLWXGSUHVLyQEDURPpWULFDPRPHQRVPP+JN3DRPiV
352&(',0,(172'(&21),50$&,Ï1'(/'7&
&RQHFWHHOLQVWUXPHQWRGHH[SORUDFLyQDO'/&FRQHOLQWHUUXSWRUGHHQFHQGLGRFRORFDGRHQODSRVLFLyQ2))
&RORTXHHOLQWHUUXSWRUGHHQFHQGLGRHQODSRVLFLyQ21\XWLOL]DQGRHOLQVWUXPHQWRGHH[SORUDFLyQERUUHHO'7&
'7& SHQGLHQWHV \ GDWRV GH LPDJHQ FRQJHODGD \ KDJD IXQFLRQDU HO PRWRU DO UpJLPHQ GH UDOHQWt GXUDQWH
VHJXQGRVRPiV
&RPSUXHEH'7&HPSOHDQGRHOLQVWUXPHQWRGHH[SORUDFLyQ
,1)250$&,Ï1*(1(5$/<',$*1Ï67,&2'(/0272502725+
/2&$/,=$&,Ï1<5(3$5$&,Ï1'($9(5Ë$6
3DVR 2SHUDFLyQ 6t 1R
¢6HDSOLFyOD³7$%/$'()/8-2'(',$*1Ï6 9D\DDOSDVR 9D\DDOD³7$%/$'(
7,&2'(/02725´" )/8-2',$*1Ï67,&2
'(/02725´
&RPSUXHEHHOVHQVRUGH73\VXFLUFXLWR 9D\DDOSDVR 'HVSHUIHFWRLQWHUPLWHQWH
&RQHFWHHOLQVWUXPHQWRGHH[SORUDFLyQDO &RPSUXHEHORVGHVSHUIHF
'/&FRQHOLQWHUUXSWRUGHHQFHQGLGRHQOD WRVLQWHUPLWHQWHVUHILULpQ
SRVLFLyQ2))\HQVHJXLGDFRORTXHHOLQWH GRVHD³0DO
UUXSWRUGHHQFHQGLGRHQODSRVLFLyQ21 IXQFLRQDPLHQWRLQWHUPL
&RPSUXHEHHOSRUFHQWDMHGHDEHUWXUDGHOD WHQWH\FRQH[LyQPDOD´HQ
PDULSRVDGHJDVHVYLVXDOL]DGRHQHOLQVWUX ODVHFFLyQ$
PHQWRGHH[SORUDFLyQ
¢6HYLVXDOL]DRPHQRV"
&RPSUXHEHHOSRUFHQWDMHGHDEHUWXUDGHOD
PDULSRVDGHJDVHVYLVXDOL]DGRHQHOLQVWUX
PHQWRGHH[SORUDFLyQPLHQWUDVODDEHUWXUDGH
ODPDULSRVDGHJDVHVSDVDGHODSRVLFLyQGH
UDOHQWtDODSRVLFLyQFRPSOHWDPHQWHDELHUWD
¢6HYLVXDOL]DRPiV"
&RPSUXHEHHOPD]RGHFDEOHV 9D\DDOSDVR &DEOH³*5<5('´DELHUWR
'HVFRQHFWHHOFRQHFWRUGHOVHQVRUGH73FRQ FDEOH³*5<5('´FRUWRFLU
HOLQWHUUXSWRUGHHQFHQGLGRHQODSRVLFLyQ FXLWDGRDOFLUFXLWRGHPDVD
2)) RDOFLUFXLWRGHDOLPHQWD
&RPSUXHEHHOHVWDGRGHODFRQH[LyQDOVHQ FLyQHOpFWULFDRDOFDEOH
VRUGH73HQORVWHUPLQDOHVGHORVFDEOHV ³5('*51´FDEOH³*5<
³*5<5('´³5('*51´\³*5<<(/´ <(/´DELHUWRRFRUWRFLUFXL
6LHVWiFRQIRUPHHQWRQFHVFRQHOLQWHUUXSWRU WDGRDPDVDPDOD
GHHQFHQGLGRHQODSRVLFLyQ21FRPSUXHEH FRQH[LyQGH&RGH
ODWHQVLyQHQWUHFDGDWHUPLQDOGHOFDEOH³*5< &
5('´R³5('*51´\ODPDVDDFDUURFHUtD 6LHOFDEOH\ODFRQH[LyQ
¢(VODWHQVLyQ±9DSUR[LPDGDPHQWHHQFDGD HVWiQFRQIRUPHVUHHP
WHUPLQDO" SODFHSRUXQPyGXORGH
(&0HQEXHQHVWDGR\
YXHOYDDFRPSUREDU
&RPSUREDFLyQGHOVHQVRUGH73 &DEOH³5('*51´FRUWR 5HHPSODFHHOVHQVRUGH
&RPSUXHEHODUHVLVWHQFLDHQWUHORVWHUPLQDOHV FLUFXLWDGRDOFLUFXLWRGHDOL 73
GHOVHQVRUGH735HILpUDVHD³6(1625'( PHQWDFLyQHOpFWULFD
73´HQODVHFFLyQ( 6LHOFLUFXLWRHVWiFRQ
¢(VWiQORVYDORUHVPHGLGRVFRQIRUPHVFRQODV IRUPHUHHPSODFHSRUXQ
HVSHFLILFDFLRQHV" PyGXORGH(&03&0HQ
EXHQHVWDGR\YXHOYDD
FRPSUREDU
,1)250$&,Ï1*(1(5$/<',$*1Ï67,&2'(/0272502725+
'7&33UREOHPDGHLQWHUYDORIXQFLRQDPLHQWRGHOFLUFXLWRGHSRVLFLyQGHOD
PDULSRVDGHJDVHV
',$*5$0$'(&$%/($'2'(6&5,3&,Ï1'(/&,5&8,72
5HILpUDVHDO'7&3
&21',&,Ï1'('(7(&&,Ï1'(/'7&<È5($'(/'(63(5)(&72
&21',&,Ï1'('(7(&&,Ï1'(/'7& È5($'(/'(63(5)(&72
/DDEHUWXUDGHODPDULSRVDGHJDVHVHVPHQRUTXHHOYDORU 6HQVRUGH73
HVSHFLILFDGRPLHQWUDVHOYROXPHQGHODLUHGHDGPLVLyQFDP (&03&0
ELD\HOPRWRUHVWiIXQFLRQDQGRDXQUpJLPHQFRQVWDQWH
OyJLFDGHGHWHFFLyQGHFLFORVGHFRQGXFFLyQ
352&(',0,(172'(&21),50$&,Ï1'(/'7&
$'9(57(1&,$
&XDQGRHIHFW~HXQDSUXHEDGHFDUUHWHUDHOLMDXQOXJDUGRQGHQRKD\DWUiILFRRULHVJRGHDFFLGHQWHVGH
WUiILFR\DFW~HFRQPXFKRFXLGDGRSDUDDVtHYLWDUFXDOTXLHUDFFLGHQWH
/DSUXHEDGHFDUUHWHUDGHEHVHUHIHFWXDGDHQXQDFDUUHWHUDSODQDKRUL]RQWDOSRUSHUVRQDVXQFRQ
GXFWRU\XQHQFDUJDGRGHODSUXHED
127$
&RPSUXHEHSDUDDVHJXUDUVHGHTXHVHVDWLVIDFHQODVFRQGLFLRQHVVLJXLHQWHVFXDQGRVHDSOLFDHO³352&(
',0,(172'(&21),50$&,Ï1'('7&´
7HPSHUDWXUDGHODLUHGHDGPLVLyQ±&RPD\RU
7HPSHUDWXUDGHOUHIULJHUDQWHGHOPRWRU±±&
$OWLWXGSUHVLyQEDURPpWULFDPRPHQRVPP+JN3DRPiV
&RQHFWHHOLQVWUXPHQWRGHH[SORUDFLyQDO'/&FRQHOLQWHUUXSWRUGHHQFHQGLGRFRORFDGRHQODSRVLFLyQ2))
&RORTXHHOLQWHUUXSWRUGHHQFHQGLGRHQODSRVLFLyQ21\XWLOL]DQGRHOLQVWUXPHQWRGHH[SORUDFLyQERUUHHO'7&
ORV'7&SHQGLHQWHV\ORVGDWRVGHLPDJHQFRQJHODGD\KDJDDUUDQFDUHOPRWRU
$XPHQWHODYHORFLGDGGHOYHKtFXORDNPK
&RQGX]FDHOYHKtFXORDHVDYHORFLGDGGXUDQWHPLQXWRVHQHVWHSDVRVHSHUPLWHFDPELDUODYHORFLGDGGHOYHKt
FXOR
'HWHQJDHOYHKtFXOR\KDJDIXQFLRQDUHOPRWRUHQUpJLPHQGHUDOHQWtGXUDQWHPLQXWR
$XPHQWHODYHORFLGDGGHOYHKtFXORKDVWDTXHHOUpJLPHQGHOPRWRUOOHJXHD±USPHQHOHQJUDQDMH
DGHFXDGR
&RQGX]FDHOYHKtFXORDHVDYHORFLGDGGXUDQWHVHJXQGRVRPiVHQHVWHSDVRPDQWHQJDFRQVWDQWHHOUpJLPHQ
GHOPRWRU
'HWHQJDHOYHKtFXOR
5HSLWDORVSDVRVD
&RPSUXHEHVLKD\'7&SHQGLHQWHHPSOHDQGRHOLQVWUXPHQWRGHH[SORUDFLyQ
INFORMACIÓN GENERAL Y DIAGNÓSTICO DEL MOTOR (MOTOR H27) 6-1-63
Paso Operación Sí No
1 ¿Se aplicó la “TABLA DE FLUJO DE DIAGNÓSTICO Vaya al paso 2. Vaya a la “TABLA DE
DEL MOTOR”? FLUJO DE DIAGNÓS-
TICO DEL MOTOR”,
en esta sección.
2 ¿Se detecta DTC relacionado con el sensor de TP Vaya a la Tabla de flujo deVaya al paso 3.
(DTC P0120)? diagnóstico del DTC aplica-
ble.
3 ¿Tiene un instrumento de exploración SUZUKI? Vaya al paso 4. Vaya al paso 5.
4 Compruebe el sensor de TP y su circuito (utilizando el Reemplace por un módulo Vaya al paso 6.
instrumento de exploración SUZUKI) : de ECM (PCM) en perfecto
1) Coloque el interruptor de encendido en la posición estado, y vuelva a compro-
OFF, y conecte el instrumento de exploración bar.
SUZUKI al DLC.
2) Coloque el interruptor de encendido en la posición
ON y compruebe la tensión de salida del sensor
de TP cuando la mariposa de gases está en la
posición de ralentí y en la posición abierta com-
pletamente.
¿Varía la tensión linealmente dentro de los valores
especificados, como mostrado en la figura?
5 Compruebe el sensor de TP y su circuito (no utili- Si se utilizó un voltímetro, Vaya al paso 6.
zando el instrumento de exploración SUZUKI) : compruebe el estado de la
1) Coloque el interruptor de encendido en la posición conexión en el terminal
ON. C51-3-9.
2) Compruebe la tensión en el terminal C51-3-9 del Si está conforme, reem-
conector conectado del ECM, cuando la mariposa place por un módulo de
de gases está en la posición de ralentí y en la ECM (PCM) en buen
posición abierta completamente. estado, y vuelva a compro-
¿Varía la tensión linealmente dentro de los valores bar.
especificados, como mostrado en la figura?
6 Compruebe el sensor de TP : Resistencia alta en el cir- Reemplace el sensor
1) Coloque el interruptor de encendido en la posición cuito “GRY/RED”, “RED/ de TP.
OFF. GRN” o “GRY/YEL”.
2) Desconecte el conector del sensor de TP. Si el cable y la conexión
3) Compruebe en cada terminal el estado de la están conformes, reem-
conexión al sensor de TP. place por un módulo de
4) Si están conformes, compruebe la resistencia del ECM (PCM), en buen
sensor de TP. Refiérase a “SENSOR DE TP”, en estado, y vuelva a compro-
la sección 6E2. bar.
¿Es satisfactorio el resultado de la comprobación?
1. Tensión
2. Abertura de la mariposa de gases
3. En la posición de ralentí
4. Abierta completamente
,1)250$&,Ï1*(1(5$/<',$*1Ï67,&2'(/0272502725+
5HOpGHOFDOHQWDGRUGH+26
(&03&0
+26EDQFR
&21',&,Ï1'('(7(&&,Ï1'(/'7&<È5($'(/'(63(5)(&72
127$
3DUDORVYHKtFXORVHTXLSDGRVFRQFRQHFWRUGHYHULILFDFLyQVHILMDUi'7&FXDQGRVHGHWHFWHQODVFRQGLFLR
QHVVLJXLHQWHVFRQXQDVWHULVFR
&21',&,Ï1'('(7(&&,Ï1'(/'7& È5($'(/'(63(5)(&72
&XDOTXLHUDGHODVFRQGLFLRQHVVLJXLHQWHVHVGHWHFWDGDHQHOHVWDGRGHUpJLPHQ +26RVXFLUFXLWR
GHUDOHQWtPLHQWUDVVHFRQGXFHHQODVFRQGLFLRQHVGHVFULWDVHQ³352&(', 6LVWHPDGHFRPEXVWLEOH
0,(172'(&21),50$&,Ï1'('7&´ (&03&0
6HGHWHFWDQ9RPiVFRPRWHQVLyQGHOFLUFXLWRGH+26FXDQGRVH
FRQHFWDXQDDOLPHQWDFLyQHOpFWULFDGH9DOFLUFXLWRGH+26HQHOPyGXORGH
(&03&0R
/DWHQVLyQPi[LPDGHVDOLGDGHO+26HV9RPHQRUHQWpUPLQRPHGLR\
VXWHQVLyQPtQLPDPHGLDHV9RPHQRV
/DWHQVLyQPtQLPDGHVDOLGDGHO+26HVPD\RUTXH9R
/DWHQVLyQPi[LPDGHVDOLGDGHO+26HV9RPD\RUHQWpUPLQRPHGLR
\VXWHQVLyQPtQLPDPHGLDHV9RPD\RU
/DWHQVLyQGHVDOLGDGHO+26QRH[FHGH9GXUDQWHHOWLHPSRHVSHFL
ILFDGR
OyJLFDGHGHWHFFLyQGHFLFORVGHFRQGXFFLyQ
,1)250$&,Ï1*(1(5$/<',$*1Ï67,&2'(/0272502725+
352&(',0,(172'(&21),50$&,Ï1'(/'7&
$'9(57(1&,$
&XDQGRHIHFW~HXQDSUXHEDGHFDUUHWHUDHOLMDXQOXJDUGRQGHQRKD\DWUiILFRRULHVJRGHDFFLGHQWHVGH
WUiILFR\DFW~HFRQPXFKRFXLGDGRSDUDDVtHYLWDUFXDOTXLHUDFFLGHQWH
/DSUXHEDGHFDUUHWHUDGHEHVHUHIHFWXDGDHQXQDFDUUHWHUDSODQDKRUL]RQWDOSRUSHUVRQDVXQFRQ
GXFWRU\XQHQFDUJDGRGHODSUXHED
127$
&RPSUXHEHSDUDDVHJXUDUVHGHTXHVHVDWLVIDFHQODVFRQGLFLRQHVVLJXLHQWHVFXDQGRVHDSOLFDHO³352&(
',0,(172'(&21),50$&,Ï1'('7&´
7HPSHUDWXUDGHODLUHGHDGPLVLyQ±&RPD\RU
7HPSHUDWXUDGHOUHIULJHUDQWHGHOPRWRU±±&
$OWLWXGSUHVLyQEDURPpWULFDPRPHQRVPP+JN3DRPiV
&RQHFWHHOLQVWUXPHQWRGHH[SORUDFLyQDO'/&FRQHOLQWHUUXSWRUGHHQFHQGLGRFRORFDGRHQODSRVLFLyQ2))
&RORTXHHOLQWHUUXSWRUGHHQFHQGLGRHQODSRVLFLyQ21\XWLOL]DQGRHOLQVWUXPHQWRGHH[SORUDFLyQERUUHHO'7&
ORV'7&SHQGLHQWHV\ORVGDWRVGHLPDJHQFRQJHODGD\KDJDDUUDQFDUHOPRWRU
$XPHQWHODYHORFLGDGGHOYHKtFXORDNPKRPiV
&RQGX]FDHOYHKtFXORDHVDYHORFLGDGGXUDQWHPLQXWRVRPiVHQHVWHSDVRVHSHUPLWHFDPELDUODYHORFLGDG
GHOYHKtFXOR
'HWHQJDHOYHKtFXOR\KDJDIXQFLRQDUHOPRWRUHQUpJLPHQGHUDOHQWtGXUDQWHPLQXWR
&RPSUXHEHVLKD\'7&SHQGLHQWHHPSOHDQGRHOLQVWUXPHQWRGHH[SORUDFLyQ6LQRKD\'7&SHQGLHQWHXWLOLFHHO
LQVWUXPHQWRGHH[SORUDFLyQ\FRPSUXHEHVLODSUXHEDGHYHULILFDFLyQGHOVHQVRUGHR[tJHQRKDVLGRFRPSOHWDGD
6LHQDPEDVFRPSUREDFLRQHVDQWHULRUHVODFRPSUREDFLyQHVQHJDWLYDHVGHFLUQRKD\'7&SHQGLHQWH\QRVHKD
FRPSOHWDGRODSUXHEDGHYHULILFDFLyQGHOVHQVRUGHR[tJHQRFRPSUXHEHODFRQGLFLyQGHOYHKtFXORDPELHQWDO\
UHSLWDORVSDVRVD
/2&$/,=$&,Ï1<5(3$5$&,Ï1'($9(5Ë$6
3DVR 2SHUDFLyQ 6t 1R
¢6HDSOLFyOD³7$%/$'()/8-2'(',$*1Ï67,&2'(/ 9D\DDOSDVR 9D\DDOD³7$%/$'(
02725´" )/8-2'(',$*1Ï6
7,&2'(/02725´
HQHVWDVHFFLyQ
&RPSUREDFLyQGHODWHQVLyQGHVDOLGDGHO+26 9D\DDOSDVR 9D\DDOSDVR
&RQHFWHHOLQVWUXPHQWRGHH[SORUDFLyQDO'/&FRQHO
LQWHUUXSWRUGHHQFHQGLGRFRORFDGRHQODSRVLFLyQ2))
&DOLHQWHHOPRWRUKDVWDOOHJDUDODWHPSHUDWXUDQRUPDOGH
IXQFLRQDPLHQWR\PDQWHQJDHOUpJLPHQGHOPRWRUD
USPGXUDQWHVHJ
5HSLWDODDFHOHUDFLyQGHOPRWRU5HSLWDDSUHWDQGRHO
SHGDOGHODFHOHUDGRUDYHFHVFRQWLQXDPHQWHSDUD
HQULTXHFHUODPH]FODGH$)\VDTXHHOSLHGHOSHGDO
SDUDHPSREUHFHUODPH]FODGHDLUHFRPEXVWLEOH\FRP
SUXHEHODWHQVLyQGHVDOLGDGHO+26PRVWUDGDHQHOLQV
WUXPHQWRGHH[SORUDFLyQ5HILpUDVHDOD)LJXUD
¢6HLQGLFDPiVGH9\PHQRVGH9"
&RPSUREDFLyQGHO+26 &LUFXLWR³5('´R 5HHPSODFHHO+26
&RQHOLQWHUUXSWRUGHHQFHQGLGRHQODSRVLFLyQ2))GHV ³*5<<(/´DELHUWR
FRQHFWHHOFRQHFWRUGHO+26 RFRUWRFLUFXLWDGR
&RPSUXHEHHOHVWDGRGHODFRQH[LyQDO+26HQFDGD 6LODVFRQH[LRQHV\
WHUPLQDO HOFDEOHHVWiQFRQ
6LODFRQH[LyQHVWiFRQIRUPHFRQHFWHHOYROWtPHWURDORV IRUPHVUHHPSODFH
WHUPLQDOHV³´\³´GHOFRQHFWRUGH+26 SRUXQPyGXORGH
+DJDDUUDQFDUHOPRWRU\FRPSUXHEHHOYROWtPHWURPLHQ (&03&0HQEXHQ
WUDVUHSLWHODDFHOHUDFLyQGHOPRWRU HVWDGR\YXHOYDD
¢6HLQGLFDPiVGH9\PHQRVGH9" FRPSUREDU
,1)250$&,Ï1*(1(5$/<',$*1Ï67,&2'(/0272502725+
3DVR 2SHUDFLyQ 6t 1R
&RPSUREDFLyQGHOUHDMXVWHGHSOD]RFRUWRGHOFRPEXVWLEOH 'HVSHUIHFWRLQWHUPL 9D\DDOD7DEODGHIOXMR
+DJDIXQFLRQDUHOPRWRUDUSPGXUDQWHVHJXQ WHQWHRPyGXORGH GHGLDJQyVWLFRGHO
GRV (&03&0GHIHF '7&33
&RQHOPRWRUIXQFLRQDQGRHQUDOHQWtFRPSUXHEHHO WXRVR
UHDMXVWHGHSOD]RFRUWRGHOFRPEXVWLEOHYLVXDOL]DGRHQHO &RPSUXHEHHOGHV
LQVWUXPHQWRGHH[SORUDFLyQ SHUIHFWRLQWHUPL
¢(VWiHQWUH±\" WHQWH5HILpUDVHD
³0$/)81&,21$
0,(172,17(50,
7(17(<
&21(;,Ï10$/$´
HQODVHFFLyQ$
)LJXUDSDUDHOSDVR
1RUPDO
$QRUPDO
'7&35HVSXHVWDOHQWDGHOFLUFXLWRGHO+26EDQFR
',$*5$0$'(&$%/($'2'(6&5,3&,Ï1'(/&,5&8,72
5HILpUDVHDO'7&3
&21',&,Ï1'('(7(&&,Ï1'(/'7&<È5($'(/'(63(5)(&72
&21',&,Ï1'('(7(&&,Ï1'(/'7& È5($'(/'(63(5)(&72
&XDOTXLHUDGHODVFRQGLFLRQHVVLJXLHQWHVHVGHWHFWDGDHQHOHVWDGRGHUpJLPHQ +26
GHUDOHQWtPLHQWUDVVHFRQGXFHHQODVFRQGLFLRQHVGHVFULWDVHQ³352&(', (&03&0
0,(172'(&21),50$&,Ï1'('7&´
(OFLFOR+L/R>DOWDEDMD@HQHOLQVWUXPHQWRGHH[SORUDFLyQVHYLVXDOL]D75$16
7,0(>'85$&,Ï1'(75$160,6,Ï1@GHODWHQVLyQGHVDOLGDGHO+26HV
PiVODUJRTXHHOYDORUHVSHFLILFDGRRORVYDORUHVGHODVUHVSXHVWDV$OWD→%DMD
\%DMD→$OWD75$167,0(>'85$&,Ï1'(75$160,6,Ï1@HVYLVXDOL]DGR
FRPRXPEUDOGH9GH5→/RFRPRXPEUDOGH9GH/→5HQHOLQVWUXPHQWR
GHH[SORUDFLyQVRQPD\RUHVTXHORVYDORUHVHVSHFLILFDGRV
OyJLFDGHGHWHFFLyQGHFLFORVGHFRQGXFFLyQ
352&(',0,(172'(&21),50$&,Ï1'(/'7&
5HILpUDVHDO'7&3
/2&$/,=$&,Ï1<5(3$5$&,Ï1'($9(5Ë$6
3DVR 2SHUDFLyQ 6t 1R
¢6HDSOLFyOD³7$%/$'()/8-2'(',$*1Ï6 9D\DDOSDVR 9D\DDOD³7$%/$'(
7,&2'(/02725´" )/8-2'(',$*1Ï67,&2
'(/02725´HQHVWDVHF
FLyQ
,1)250$&,Ï1*(1(5$/<',$*1Ï67,&2'(/0272502725+
3DVR 2SHUDFLyQ 6t 1R
5HHPSODFHHO+26\YXHOYDDFRPSUREDU 5HHPSODFHSRUXQPyGXOR 0DOIXQFLRQDPLHQWRGHO
¢6HGHWHFWyHO'7&3" GH(&03&0HQSHUIHFWR +26
HVWDGR\YXHOYDDFRPSUR
EDU
'7&30DOIXQFLRQDPLHQWRGHOFLUFXLWRGHOFDOHQWDGRUGHO+26EDQFR
',$*5$0$'(&$%/($'2
5HILpUDVHDO'7&3
&21',&,Ï1'('(7(&&,Ï1'(/'7&<È5($'(/'(63(5)(&72
&21',&,Ï1'('(7(&&,Ï1'(/'7& È5($'(/'(63(5)(&72
/DFRQGLFLyQVLJXLHQWHHVGHWHFWDGDFXDQGRHOFDOHQWDGRU &LUFXLWRGHOFDOHQWDGRUGH+26
GHO+26HVWiDFWLYRHOpFWULFDPHQWHOyJLFDGHGHWHFFLyQ &DOHQWDGRUGHO+26
GHFLFORVGHFRQGXFFLyQ (&03&0
/DFRUULHQWHGHOFDOHQWDGRUGHO+26HV$RPiVR 5HOpGHOFDOHQWDGRUGH+26
PHQRVGH$R
/DWHQVLyQGHOFDOHQWDGRUGHO+26HV9RPiVR
PHQRVGH9
352&(',0,(172'(&21),50$&,Ï1'(/'7&
127$
&RPSUXHEHSDUDDVHJXUDUVHGHTXHVHVDWLVIDFHQODVFRQGLFLRQHVVLJXLHQWHVFXDQGRVHDSOLFDHO³352&(
',0,(172'(&21),50$&,Ï1'('7&´
7HPSHUDWXUDGHODLUHGHDGPLVLyQ±&RPD\RU
7HPSHUDWXUDGHOUHIULJHUDQWHGHOPRWRU±±&
$OWLWXGSUHVLyQEDURPpWULFDPRPHQRVPP+JN3DRPiV
&RQHFWHHOLQVWUXPHQWRGHH[SORUDFLyQFRQHOLQWHUUXSWRUGHHQFHQGLGRFRORFDGRHQODSRVLFLyQ2))
&RORTXHHOLQWHUUXSWRUGHHQFHQGLGRHQODSRVLFLyQ21\XWLOL]DQGRHOLQVWUXPHQWRGHHVFDQHRERUUHHO'7&'7&
SHQGLHQWHV\GDWRVGHLPDJHQFRQJHODGD\KDJDIXQFLRQDUHOPRWRUDOUpJLPHQGHUDOHQWtGXUDQWHPLQXWRV
&RPSUXHEHVLKD\'7&SHQGLHQWHHPSOHDQGRHOLQVWUXPHQWRGHH[SORUDFLyQ
/2&$/,=$&,Ï1<5(3$5$&,Ï1'($9(5Ë$6
3DVR 2SHUDFLyQ 6t 1R
¢6HDSOLFyOD³7$%/$'()/8-2'(',$*1Ï6 9D\DDOSDVR 9D\DDOD³7$%/$
7,&2'(/02725´" '()/8-2'(',$*1Ï6
7,&2'(/02725´HQ
HVWDVHFFLyQ
&RPSUREDFLyQGHOFDOHQWDGRUGHO+26 9D\DDOSDVR 5HHPSODFHHO+26
'HVFRQHFWHHODFRSODGRUGHO+26FRQHO
LQWHUUXSWRUGHHQFHQGLGRHQODSRVLFLyQ2))
&RPSUXHEHODUHVLVWHQFLDHQWUHORVWHUPLQDOHV
³´\³´GHODFRSODGRUGH+26
5HVLVWHQFLDGHOFDOHQWDGRUGHO+26
±Ω D&
¢(VWiFRQIRUPHFRQODVHVSHFLILFDFLRQHVDQWHULR
UHV"
,1)250$&,Ï1*(1(5$/<',$*1Ï67,&2'(/0272502725+
3DVR 2SHUDFLyQ 6t 1R
&RPSUREDFLyQGHODDOLPHQWDFLyQHOpFWULFDGHO 9D\DDOSDVR )XVLEOH³+26´\RIXVLEOH
FDOHQWDGRUGH+26 ³,*0(7(5´IXQGLGR
&RQHOLQWHUUXSWRUGHHQFHQGLGRFRORFDGRHQ 6LHVWiQFRQIRUPHVFDEOH
ODSRVLFLyQ21GHMDQGRHOPRWRUSDUDGR ³%/.:+7´RFDEOH³%/8
FRPSUXHEHODWHQVLyQHQWUH(\PDVD\ :+7´GHIHFWXRVR
HQWUH(\PDVD5HILpUDVHDODILJXUD
¢(VFDGDWHQVLyQ±9"
&RPSUREDFLyQGHOFLUFXLWRGHFRQWUROGHOFDOHQWD 5HHPSODFHSRUXQPyGXOR 5HOpGHFDOHQWDGRUGH
GRUGH+26 GH(&03&0HQSHU +26GHIHFWXRVRRFDEOH
&RQHOLQWHUUXSWRUGHHQFHQGLGRHQODSRVLFLyQ IHFWRHVWDGR\YXHOYDD ³%/.´DELHUWRFDEOH
2))LQVWDOHHOUHOpGHOFDOHQWDGRUGH+26 FRPSUREDU ³%/8´DELHUWRRFRUWRFLU
&RQHOLQWHUUXSWRUGHHQFHQGLGRFRORFDGRHQ FXLWDGRDOFLUFXLWRGHPDVD
ODSRVLFLyQ21GHMDQGRHOPRWRUSDUDGR R
FRPSUXHEHODWHQVLyQHQWUH&\OD &DEOH³*5<´DELHUWRRFRU
PDVD WRFLUFXLWDGRDOFLUFXLWRGH
¢(VODWHQVLyQ±9" PDVD
6LHVWiQFRQIRUPHVUHHP
SODFHSRUXQPyGXORGH
(&03&0HQEXHQ
HVWDGR\YXHOYDDFRPSUR
EDU
)LJXUDSDUDHO3$62
D 5HOpGHOFDOHQWDGRUGH+26
,1)250$&,Ï1*(1(5$/<',$*1Ï67,&2'(/0272502725+
'7&30DOIXQFLRQDPLHQWRGHOFLUFXLWRGHO+26EDQFR
',$*5$0$'(&$%/($'2
5HOpGHOFDOHQWDGRUGH+26
(&03&0
+26EDQFR
&21',&,Ï1'('(7(&&,Ï1'(/'7&<È5($'(/'(63(5)(&72
&21',&,Ï1'('(7(&&,Ï1'(/'7& È5($'(/'(63(5)(&72
6HILMDUi'7&FXDQGRVHGHWHFWHQODVFRQGLFLRQHVVLJXLHQWHVOyJLFDGH +26RVXFLUFXLWR
GHWHFFLyQGHFLFORVGHFRQGXFFLyQ 6LVWHPDGHFRPEXVWLEOH
6HGHWHFWDQ9RPiVFRPRWHQVLyQGHOFLUFXLWRGH+26FXDQGRVH (&03&0
FRQHFWDXQDDOLPHQWDFLyQHOpFWULFDGH9DOFLUFXLWRGH+26HQHO
PyGXORGH(&03&0
&XDQGRVHHVWiIXQFLRQDQGRFRQUHWURDOLPHQWDFLyQGH$)ODWHQVLyQ
PHGLDGHVDOLGDHVGHPDVLDGRDOWDRGHPDVLDGREDMDGXUDQWHHOWLHPSR
HVSHFLILFDGR
R
&XDQGRVHHVWiIXQFLRQDQGRFRQUHWURDOLPHQWDFLyQGH$)ODWHQVLyQ
Pi[LPDGHVDOLGDHVLQIHULRUDOYDORUHVSHFLILFDGRRODWHQVLyQPtQLPDGH
VDOLGDHVPD\RUTXHHOYDORUHVSHFLILFDGRGXUDQWHHOWLHPSRHVSHFLILFDGR
352&(',0,(172'(&21),50$&,Ï1'(/'7&
$'9(57(1&,$
&XDQGRHIHFW~HXQDSUXHEDGHFDUUHWHUDHOLMDXQOXJDUGRQGHQRKD\DWUiILFRRULHVJRGHDFFLGHQWHVGH
WUiILFR\DFW~HFRQPXFKRFXLGDGRSDUDDVtHYLWDUFXDOTXLHUDFFLGHQWH
/DSUXHEDGHFDUUHWHUDGHEHVHUHIHFWXDGDHQXQDFDUUHWHUDSODQDKRUL]RQWDOSRUSHUVRQDVXQFRQ
GXFWRU\XQHQFDUJDGRGHODSUXHED
,1)250$&,Ï1*(1(5$/<',$*1Ï67,&2'(/0272502725+
127$
&RPSUXHEHSDUDDVHJXUDUVHGHTXHVHVDWLVIDFHQODVFRQGLFLRQHVVLJXLHQWHVFXDQGRVHDSOLFDHO³352&(
',0,(172'(&21),50$&,Ï1'('7&´
7HPSHUDWXUDGHODLUHGHDGPLVLyQ±&RPD\RU
7HPSHUDWXUDGHOUHIULJHUDQWHGHOPRWRU±±&
$OWLWXGSUHVLyQEDURPpWULFDPRPHQRVPP+JN3DRPiV
&RQHFWHHOLQVWUXPHQWRGHH[SORUDFLyQFRQHOLQWHUUXSWRUGHHQFHQGLGRFRORFDGRHQODSRVLFLyQ2))
&RORTXHHOLQWHUUXSWRUGHHQFHQGLGRHQODSRVLFLyQ21\XWLOL]DQGRHOLQVWUXPHQWRGHH[SORUDFLyQERUUHHO'7&
ORV'7&SHQGLHQWHV\ORVGDWRVGHLPDJHQFRQJHODGDHQODPHPRULDGHO(&0\KDJDDUUDQFDUHOPRWRU
$XPHQWHODYHORFLGDGGHOYHKtFXORDNPKRPiV
&RQGX]FDHOYHKtFXORDHVDYHORFLGDGKDVWDTXHHOPRWRUVHKD\DFDOHQWDGRHQHVWHSDVRVHSHUPLWHFDPELDUOD
YHORFLGDGGHOYHKtFXOR
&RQGX]FDHOYHKtFXORD±NPKGXUDQWHPLQXWRVRPiV
'HWHQJD HO YHKtFXOR \ HPSOHDQGR HO LQVWUXPHQWR GH H[SORUDFLyQ FRPSUXHEH VL KD\ '7& SHQGLHQWH 6L QR KD\
'7&SHQGLHQWHXWLOLFHHOLQVWUXPHQWRGHH[SORUDFLyQ\FRPSUXHEHVLODSUXHEDGHYHULILFDFLyQGHOVHQVRUGHR[t
JHQRKDVLGRFRPSOHWDGD6LHQDPEDVFRPSUREDFLRQHVDQWHULRUHVODFRPSUREDFLyQHVQHJDWLYDHVGHFLUQRKD\
'7&SHQGLHQWH\QRVHKDFRPSOHWDGRODSUXHEDGHYHULILFDFLyQGHOVHQVRUGHR[tJHQRFRPSUXHEHODFRQGLFLyQ
GHOYHKtFXORDPELHQWDO\UHSLWDORVSDVRVD
/2&$/,=$&,Ï1<5(3$5$&,Ï1'($9(5Ë$6
3DVR 2SHUDFLyQ 6t 1R
¢6HDSOLFyOD³7$%/$'()/8-2'(',$*1Ï6 9D\DDOSDVR 9D\DDOD³7$%/$'(
7,&2'(/02725´" )/8-2'(',$*1Ï6
7,&2'(/02725´HQ
HVWDVHFFLyQ
&RPSUREDFLyQGHODWHQVLyQGHVDOLGDGHO+26 9D\DDOSDVR 9D\DDOSDVR
&RQHFWHHOLQVWUXPHQWRGHH[SORUDFLyQDO'/&
FRQHOLQWHUUXSWRUGHHQFHQGLGRFRORFDGRHQOD
SRVLFLyQ2))
&RQGX]FDHOYHKtFXORDNPKGXUDQWH
PLQXWRVRPiV
'HWHQJDHOYHKtFXOR\FRPSUXHEHODWHQVLyQGH
VDOLGDGHO+26YLVXDOL]DGDHQHOLQVWUX
PHQWRGHH[SORUDFLyQPLHQWUDVUHSLWHODDFHOH
UDFLyQGHOPRWRU
¢6HLQGLFDPiVGH\PHQRVGH9"
&RPSUREDFLyQGHO+26 &LUFXLWR³5('%/.´R 5HHPSODFHHO+26
&RQHOLQWHUUXSWRUGHHQFHQGLGRHQODSRVLFLyQ ³*5<<(/´DELHUWRFRUWR
2))GHVFRQHFWHHODFRSODGRUGHO+26 FLUFXLWDGR
6LORVFDEOHV\ODFRQH[LR
&RQHFWHHOYROWtPHWURHQWUH³´\³´GHODFRSOD
GRUGH+26 QHVHVWiQFRQIRUPHV
+DJDDUUDQFDUHOPRWRU\FRPSUXHEHHOYROWt UHHPSODFHSRUXQPyGXOR
PHWURPLHQWUDVUHSLWHODDFHOHUDFLyQGHOPRWRU GH(&03&0HQEXHQ
¢6HLQGLFDPiVGH\PHQRVGH9" HVWDGR\YXHOYDDFRPSUR
EDU
&RPSUREDFLyQGHOUHDMXVWHGHSOD]RFRUWRGHOFRP 'HVSHUIHFWRLQWHUPLWHQWHR 9D\DDOD7DEODGHIOXMRGH
EXVWLEOH PyGXORGH(&03&0 GLDJQyVWLFRGHO'7&
+DJDIXQFLRQDUHOPRWRUDUSPGXUDQWH GHIHFWXRVR 33
VHJXQGRV &RPSUXHEHHOGHVSHUIHFWR
&RQHOPRWRUIXQFLRQDQGRHQUDOHQWtFRP LQWHUPLWHQWH5HILpUDVHD
SUXHEHHOUHDMXVWHGHSOD]RFRUWRGHOFRPEXVWL ³0$/)81&,21$0,(172
EOHYLVXDOL]DGRHQHOLQVWUXPHQWRGH ,17(50,7(17(<
H[SORUDFLyQ &21(;,Ï10$/$´HQOD
¢(VWiHQWUH±\" VHFFLyQ$
,1)250$&,Ï1*(1(5$/<',$*1Ï67,&2'(/0272502725+
'7&30DOIXQFLRQDPLHQWRGHOFLUFXLWRGHOFDOHQWDGRUGHO+26EDQFR
',$*5$0$'(&$%/($'2
5HILpUDVHDO'7&3
&21',&,Ï1'('(7(&&,Ï1'(/'7&<È5($'(/'(63(5)(&72
&21',&,Ï1'('(7(&&,Ï1'(/'7& È5($'(/'(63(5)(&72
/DFRQGLFLyQVLJXLHQWHHVGHWHFWDGDFXDQGRHOFDOHQWDGRUGHO+26 &DOHQWDGRUGHO+26RVXFLUFXLWR
HVWiIXQFLRQDQGROyJLFDGHGHWHFFLyQGHFLFORVGHFRQGXFFLyQ (&03&0
/DFRUULHQWHGHOFDOHQWDGRUGHO+26HVPD\RUTXH$RPHQRU
TXH$
R
/DWHQVLyQGHOFDOHQWDGRUGHO+26HVPD\RUTXH9RPHQRU
TXH9
352&(',0,(172'(&21),50$&,Ï1'(/'7&
$'9(57(1&,$
&XDQGRHIHFW~HXQDSUXHEDGHFDUUHWHUDHOLMDXQOXJDUGRQGHQRKD\DWUiILFRRULHVJRGHDFFLGHQWHVGH
WUiILFR\DFW~HFRQPXFKRFXLGDGRSDUDDVtHYLWDUFXDOTXLHUDFFLGHQWH
/DSUXHEDGHFDUUHWHUDGHEHVHUHIHFWXDGDHQXQDFDUUHWHUDSODQDKRUL]RQWDOSRUSHUVRQDVXQFRQ
GXFWRU\XQHQFDUJDGRGHODSUXHED
127$
&RPSUXHEHSDUDDVHJXUDUVHGHTXHVHVDWLVIDFHQODVFRQGLFLRQHVVLJXLHQWHVFXDQGRVHDSOLFDHO³352&(
',0,(172'(&21),50$&,Ï1'('7&´
7HPSHUDWXUDGHODLUHGHDGPLVLyQ±&RPD\RU
7HPSHUDWXUDGHOUHIULJHUDQWHGHOPRWRU±±&
$OWLWXGSUHVLyQEDURPpWULFDPRPHQRVPP+JN3DRPiV
&RQHFWHHOLQVWUXPHQWRGHH[SORUDFLyQFRQHOLQWHUUXSWRUGHHQFHQGLGRFRORFDGRHQODSRVLFLyQ2))
&RORTXHHOLQWHUUXSWRUGHHQFHQGLGRHQODSRVLFLyQ21\XWLOL]DQGRHOLQVWUXPHQWRGHH[SORUDFLyQERUUHHO'7&
ORV'7&SHQGLHQWHV\ORVGDWRVGHLPDJHQFRQJHODGDHQODPHPRULDGHO(&0\KDJDDUUDQFDUHOPRWRU
$XPHQWHODYHORFLGDGGHOYHKtFXORD±NPK
&RQGX]FDHOYHKtFXORDHVDYHORFLGDGGXUDQWHPLQXWRVHQHVWHSDVRVHSHUPLWHFDPELDUODYHORFLGDGGHOYHKt
FXOR
'HWHQJD HO YHKtFXOR \ HPSOHDQGR HO LQVWUXPHQWR GH H[SORUDFLyQ FRPSUXHEH VL KD\ '7& SHQGLHQWH 6L QR KD\
'7&SHQGLHQWHXWLOLFHHOLQVWUXPHQWRGHH[SORUDFLyQ\FRPSUXHEHVLODSUXHEDGHYHULILFDFLyQGHOVHQVRUGHR[t
JHQRKDVLGRFRPSOHWDGD6LHQDPEDVFRPSUREDFLRQHVDQWHULRUHVODFRPSUREDFLyQHVQHJDWLYDHVGHFLUQRKD\
'7&SHQGLHQWH\QRVHKDFRPSOHWDGRODSUXHEDGHYHULILFDFLyQGHOVHQVRUGHR[tJHQRFRPSUXHEHODVFRQGLFLR
QHVGHOYHKtFXORDPELHQWDO\UHSLWDORVSDVRVD
,1)250$&,Ï1*(1(5$/<',$*1Ï67,&2'(/0272502725+
/2&$/,=$&,Ï1<5(3$5$&,Ï1'($9(5Ë$6
3DVR 2SHUDFLyQ 6t 1R
¢6HDSOLFyOD³7$%/$'()/8-2'(',$*1Ï6 9D\DDOSDVR 9D\DDOD³7$%/$'(
7,&2'(/02725´" )/8-2'(',$*1Ï67,&2
'(/02725´HQHVWDVHF
FLyQ
&RPSUREDFLyQGHOFDOHQWDGRUGHO+26 9D\DDOSDVR 5HHPSODFHHO+26
'HVFRQHFWHHODFRSODGRUGHO+26FRQHO
LQWHUUXSWRUGHHQFHQGLGRHQODSRVLFLyQ2))
&RPSUXHEHODUHVLVWHQFLDHQWUHORVWHUPLQDOHV
³´\³´GHOFRQHFWRUGH+26
5HVLVWHQFLDGHOFDOHQWDGRUGHO+26
±ΩD&
¢(VWiFRQIRUPHFRQODVHVSHFLILFDFLRQHVDQWHULR
UHV"
&RPSUREDFLyQGHODDOLPHQWDFLyQHOpFWULFDGHO 9D\DDOSDVR )XVLEOH³+26´\RIXVLEOH
FDOHQWDGRUGH+26 ³,*0(7(5´IXQGLGR
&RQHOLQWHUUXSWRUGHHQFHQGLGRFRORFDGRHQ 6LHVWiQFRQIRUPHVFDEOH
ODSRVLFLyQ21GHMDQGRHOPRWRUSDUDGR ³%/.:+7´RFDEOH³%/8
FRPSUXHEHODWHQVLyQHQWUH(\PDVD\ :+7´GHIHFWXRVR
HQWUH(\PDVD5HILpUDVHDODILJXUD
¢(VFDGDWHQVLyQ±9"
&RPSUREDFLyQGHOFLUFXLWRGHFRQWUROGHOFDOHQWD 5HHPSODFHSRUXQPyGXOR 5HOpGHFDOHQWDGRUGH
GRUGH+26 GH(&03&0HQSHU +26GHIHFWXRVRRFDEOH
&RQHOLQWHUUXSWRUGHHQFHQGLGRHQODSRVLFLyQ IHFWRHVWDGR\YXHOYDD ³%/.´DELHUWRFDEOH
2))LQVWDOHHOUHOpGHOFDOHQWDGRUGH+26 FRPSUREDU ³%/8´DELHUWRRFRUWRFLU
&RQHOLQWHUUXSWRUGHHQFHQGLGRFRORFDGRHQ FXLWDGRDOFLUFXLWRGHPDVD
ODSRVLFLyQ21GHMDQGRHOPRWRUSDUDGR FDEOH³:+7%/.´DELHUWR
FRPSUXHEHODWHQVLyQHQWUH&\OD RFRUWRFLUFXLWDGRDOFLUFXLWR
PDVD GHPDVD
¢(VODWHQVLyQ±9" 6LHVWiQFRQIRUPHVUHHP
SODFHSRUXQPyGXORGH
(&03&0HQEXHQ
HVWDGR\YXHOYDDFRPSUR
EDU
)LJXUDSDUDORVSDVRV
D 5HOpGHOFDOHQWDGRUGH+26
,1)250$&,Ï1*(1(5$/<',$*1Ï67,&2'(/0272502725+
5HOpGHOFDOHQWDGRUGH+26
(&03&0
+26EDQFR
&21',&,Ï1'('(7(&&,Ï1'(/'7&<È5($'(/'(63(5)(&72
127$
3DUDYHKtFXORFRQFRQHFWRUGHYHULILFDFLyQHO'7&VHILMDUiVRODPHQWHFXDQGRVHGHWHFWHODFRQGLFLyQPDU
FDGDFRQXQDVWHULVFR
&21',&,Ï1'('(7(&&,Ï1'(/'7& È5($'(/'(63(5)(&72
&XDOTXLHUDGHODVFRQGLFLRQHVVLJXLHQWHVHVGHWHFWDGDHQHOHVWDGRGHUpJLPHQ +26RVXFLUFXLWR
GHUDOHQWtPLHQWUDVVHFRQGXFHHQODVFRQGLFLRQHVGHVFULWDVHQ³352&(', 6LVWHPDGHFRPEXVWLEOH
0,(172'(&21),50$&,Ï1'('7&´ (&03&0
6HGHWHFWDQ9RPiVFRPRWHQVLyQGHOFLUFXLWRGH+26FXDQGRVH
FRQHFWDXQDDOLPHQWDFLyQHOpFWULFDGH9DOFLUFXLWRGH+26HQHOPyGXORGH
(&03&0R
/DWHQVLyQPi[LPDGHVDOLGDGHO+26HV9RPHQRUHQWpUPLQRPHGLR\
VXWHQVLyQPtQLPDPHGLDHV9RPHQRV
/DWHQVLyQPtQLPDGHVDOLGDGHO+26HVPD\RUTXH9R
/DWHQVLyQPi[LPDGHVDOLGDGHO+26HV9RPD\RUHQWpUPLQRPHGLR
\VXWHQVLyQPtQLPDPHGLDHV9RPD\RU
/DWHQVLyQGHVDOLGDGHO+26QRH[FHGH9GXUDQWHHOWLHPSRHVSHFLIL
FDGR
OyJLFDGHGHWHFFLyQGHFLFORVGHFRQGXFFLyQ
,1)250$&,Ï1*(1(5$/<',$*1Ï67,&2'(/0272502725+
352&(',0,(172'(&21),50$&,Ï1'(/'7&
$'9(57(1&,$
&XDQGRHIHFW~HXQDSUXHEDGHFDUUHWHUDHOLMDXQOXJDUGRQGHQRKD\DWUiILFRRULHVJRGHDFFLGHQWHVGH
WUiILFR\DFW~HFRQPXFKRFXLGDGRSDUDDVtHYLWDUFXDOTXLHUDFFLGHQWH
/DSUXHEDGHFDUUHWHUDGHEHVHUHIHFWXDGDHQXQDFDUUHWHUDSODQDKRUL]RQWDOSRUSHUVRQDVXQFRQ
GXFWRU\XQHQFDUJDGRGHODSUXHED
127$
&RPSUXHEHSDUDDVHJXUDUVHGHTXHVHVDWLVIDFHQODVFRQGLFLRQHVVLJXLHQWHVFXDQGRVHDSOLFDHO³352&(
',0,(172'(&21),50$&,Ï1'('7&´
7HPSHUDWXUDGHODLUHGHDGPLVLyQ±&RPD\RU
7HPSHUDWXUDGHOUHIULJHUDQWHGHOPRWRU±±&
$OWLWXGSUHVLyQEDURPpWULFDPRPHQRVPP+JN3DRPiV
&RQHFWHHOLQVWUXPHQWRGHH[SORUDFLyQDO'/&FRQHOLQWHUUXSWRUGHHQFHQGLGRFRORFDGRHQODSRVLFLyQ2))
&RORTXHHOLQWHUUXSWRUGHHQFHQGLGRHQODSRVLFLyQ21\XWLOL]DQGRHOLQVWUXPHQWRGHH[SORUDFLyQERUUHHO'7&
ORV'7&SHQGLHQWHV\ORVGDWRVGHLPDJHQFRQJHODGD\KDJDDUUDQFDUHOPRWRU
$XPHQWHODYHORFLGDGGHOYHKtFXORDNPKRPiV
&RQGX]FDHOYHKtFXORDHVDYHORFLGDGGXUDQWHPLQXWRVRPiVHQHVWHSDVRVHSHUPLWHFDPELDUODYHORFLGDG
GHOYHKtFXOR
'HWHQJDHOYHKtFXOR\KDJDIXQFLRQDUHOPRWRUHQUpJLPHQGHUDOHQWtGXUDQWHPLQXWR
&RPSUXHEHVLKD\'7&SHQGLHQWHHPSOHDQGRHOLQVWUXPHQWRGHH[SORUDFLyQ6LQRKD\'7&SHQGLHQWHXWLOLFHHO
LQVWUXPHQWRGHH[SORUDFLyQ\FRPSUXHEHVLODSUXHEDGHYHULILFDFLyQGHOVHQVRUGHR[tJHQRKDVLGRFRPSOHWDGD
6LHQDPEDVFRPSUREDFLRQHVDQWHULRUHVODFRPSUREDFLyQHVQHJDWLYDHVGHFLUQRKD\'7&SHQGLHQWH\QRVHKD
FRPSOHWDGRODSUXHEDGHYHULILFDFLyQGHOVHQVRUGHR[tJHQRFRPSUXHEHODFRQGLFLyQGHOYHKtFXORDPELHQWDO\
UHSLWDORVSDVRVD
/2&$/,=$&,Ï1<5(3$5$&,Ï1'($9(5Ë$6
3DVR 2SHUDFLyQ 6t 1R
¢6HDSOLFyOD³7$%/$'()/8-2'(',$*1Ï6 9D\DDOSDVR 9D\DDOD³7$%/$'(
7,&2'(/02725´" )/8-2'(',$*1Ï67,&2
'(/02725´HQHVWDVHF
FLyQ
&RPSUREDFLyQGHODWHQVLyQGHVDOLGDGHO+26 9D\DDOSDVR 9D\DDOSDVR
&RQHFWHHOLQVWUXPHQWRGHH[SORUDFLyQDO
'/&FRQHOLQWHUUXSWRUGHHQFHQGLGRFROR
FDGRHQODSRVLFLyQ2))
&DOLHQWHHOPRWRUKDVWDOOHJDUDODWHPSHUDWXUD
QRUPDOGHIXQFLRQDPLHQWR\PDQWHQJDHO
UpJLPHQGHOPRWRUDUSPGXUDQWH
VHJ
5HSLWDODDFHOHUDFLyQGHOPRWRU5HSLWDDSUH
WDQGRHOSHGDOGHODFHOHUDGRUDYHFHVFRQ
WLQXDPHQWHSDUDHQULTXHFHUODPH]FODGH$)
\VDTXHHOSLHGHOSHGDOSDUDHPSREUHFHUOD
PH]FODGHDLUHFRPEXVWLEOH\FRPSUXHEHOD
WHQVLyQGHVDOLGDGHO+26PRVWUDGDHQHO
LQVWUXPHQWRGHH[SORUDFLyQ5HILpUDVHDOD
)LJXUD
¢6HLQGLFDPiVGH9\PHQRVGH9"
,1)250$&,Ï1*(1(5$/<',$*1Ï67,&2'(/0272502725+
3DVR 2SHUDFLyQ 6t 1R
&RPSUREDFLyQGHO+26 &LUFXLWR³5('%/8´R 5HHPSODFHHO+26
&RQHOLQWHUUXSWRUGHHQFHQGLGRHQODSRVLFLyQ ³*5<<(/´DELHUWRRFRU
2))GHVFRQHFWHHOFRQHFWRUGHO+26 WRFLUFXLWDGR
&RPSUXHEHHOHVWDGRGHODFRQH[LyQDO 6LODVFRQH[LRQHV\HOFDEOH
+26HQFDGDWHUPLQDO HVWiQFRQIRUPHVUHHP
6LODFRQH[LyQHVWiFRQIRUPHFRQHFWHHOYROWt SODFHSRUXQPyGXORGH
PHWURDORVWHUPLQDOHV³´\³´GHOFRQHFWRU (&03&0HQEXHQ
GH+26 HVWDGR\YXHOYDDFRPSUR
+DJDDUUDQFDUHOPRWRU\FRPSUXHEHHOYROWt EDU
PHWURPLHQWUDVUHSLWHODDFHOHUDFLyQGHO
PRWRU
¢6HLQGLFDPiVGH9\PHQRVGH9"
&RPSUREDFLyQGHOUHDMXVWHGHSOD]RFRUWRGHO 'HVSHUIHFWRLQWHUPLWHQWHR 9D\DDOD7DEODGHIOXMRGH
FRPEXVWLEOH PyGXORGH(&03&0 GLDJQyVWLFRGHO'7&
+DJDIXQFLRQDUHOPRWRUDUSPGXUDQWH GHIHFWXRVR 33
VHJXQGRV &RPSUXHEHHOGHVSHUIHFWR
&RQHOPRWRUIXQFLRQDQGRHQUDOHQWtFRP LQWHUPLWHQWH5HILpUDVHD
SUXHEHHOUHDMXVWHGHSOD]RFRUWRGHOFRPEXV ³0$/)81&,21$0,(172
WLEOHYLVXDOL]DGRHQHOLQVWUXPHQWRGH ,17(50,7(17(<
H[SORUDFLyQ &21(;,Ï10$/$´HQOD
¢(VWiHQWUH±\" VHFFLyQ$
)LJXUDSDUDHOSDVR
1RUPDO
$QRUPDO
,1)250$&,Ï1*(1(5$/<',$*1Ï67,&2'(/0272502725+
'7&35HVSXHVWDOHQWDGHOFLUFXLWRGHO+26EDQFR
',$*5$0$'(&$%/($'2'(6&5,3&,Ï1'(/&,5&8,72
5HILpUDVHDO'7&3
&21',&,Ï1'('(7(&&,Ï1'(/'7&<È5($'(/'(63(5)(&72
&21',&,Ï1'('(7(&&,Ï1'(/'7& È5($'(/'(63(5)(&72
&XDOTXLHUDGHODVFRQGLFLRQHVVLJXLHQWHVHVGHWHFWDGDHQHOHVWDGRGHUpJLPHQ +26
GHUDOHQWtPLHQWUDVVHFRQGXFHHQODVFRQGLFLRQHVGHVFULWDVHQ³352&(', (&03&0
0,(172'(&21),50$&,Ï1'('7&´
(OFLFOR+L/R>DOWDEDMD@HQHOLQVWUXPHQWRGHH[SORUDFLyQVHYLVXDOL]D75$16
7,0(>'85$&,Ï1'(75$160,6,Ï1@GHODWHQVLyQGHVDOLGDGHO+26HV
PiVODUJRTXHHOYDORUHVSHFLILFDGRRORVYDORUHVGHODVUHVSXHVWDV$OWD→%DMD
\%DMD→$OWD75$167,0(>'85$&,Ï1'(75$160,6,Ï1@HVYLVXDOL]DGR
FRPRXPEUDOGH9GH5→/RFRPRXPEUDOGH9GH/→5HQHOLQVWUXPHQWR
GHH[SORUDFLyQVRQPD\RUHVTXHORVYDORUHVHVSHFLILFDGRV
OyJLFDGHGHWHFFLyQGHFLFORVGHFRQGXFFLyQ
352&(',0,(172'(&21),50$&,Ï1'(/'7&
5HILpUDVHDO'7&3
/2&$/,=$&,Ï1<5(3$5$&,Ï1'($9(5Ë$6
3DVR 2SHUDFLyQ 6t 1R
¢6HDSOLFyOD³7$%/$'()/8-2'(',$*1Ï6 9D\DDOSDVR 9D\DDOD³7$%/$'(
7,&2'(/02725´" )/8-2'(',$*1Ï67,&2
'(/02725´HQHVWDVHF
FLyQ
5HHPSODFHHO+26\YXHOYDDFRPSUREDU 5HHPSODFHSRUXQPyGXOR 0DOIXQFLRQDPLHQWRGHO
¢6HGHWHFWyHO'7&3" GH(&03&0HQSHU +26
IHFWRHVWDGR\YXHOYDD
FRPSUREDU
,1)250$&,Ï1*(1(5$/<',$*1Ï67,&2'(/0272502725+
'7&30DOIXQFLRQDPLHQWRGHOFLUFXLWRGHOFDOHQWDGRUGHO+26EDQFR
',$*5$0$'(&$%/($'2
5HILpUDVHDO'7&3
&21',&,Ï1'('(7(&&,Ï1'(/'7&<È5($'(/'(63(5)(&72
&21',&,Ï1'('(7(&&,Ï1'(/'7& È5($'(/'(63(5)(&72
/DFRQGLFLyQVLJXLHQWHHVGHWHFWDGDFXDQGRHOFDOHQWDGRU &LUFXLWRGHOFDOHQWDGRUGH+26
GHO+26HVWiDFWLYRHOpFWULFDPHQWHOyJLFDGHGHWHFFLyQ &DOHQWDGRUGHO+26
GHFLFORVGHFRQGXFFLyQ (&03&0
/DFRUULHQWHGHOFDOHQWDGRUGHO+26HV$RPiVR
PHQRVGH$R
/DWHQVLyQGHOFDOHQWDGRUGHO+26HV9RPiVR
PHQRVGH9
352&(',0,(172'(&21),50$&,Ï1'(/'7&
127$
&RPSUXHEHSDUDDVHJXUDUVHGHTXHVHVDWLVIDFHQODVFRQGLFLRQHVVLJXLHQWHVFXDQGRVHDSOLFDHO³352&(
',0,(172'(&21),50$&,Ï1'('7&´
7HPSHUDWXUDGHODLUHGHDGPLVLyQ±&RPD\RU
7HPSHUDWXUDGHOUHIULJHUDQWHGHOPRWRU±±&
$OWLWXGSUHVLyQEDURPpWULFDPRPHQRVPP+JN3DRPiV
&RQHFWHHOLQVWUXPHQWRGHH[SORUDFLyQFRQHOLQWHUUXSWRUGHHQFHQGLGRFRORFDGRHQODSRVLFLyQ2))
&RORTXHHOLQWHUUXSWRUGHHQFHQGLGRHQODSRVLFLyQ21\XWLOL]DQGRHOLQVWUXPHQWRGHHVFDQHRERUUHHO'7&'7&
SHQGLHQWHV\GDWRVGHLPDJHQFRQJHODGD\KDJDIXQFLRQDUHOPRWRUDOUpJLPHQGHUDOHQWtGXUDQWHPLQXWRV
&RPSUXHEHVLKD\'7&SHQGLHQWHHPSOHDQGRHOLQVWUXPHQWRGHH[SORUDFLyQ
/2&$/,=$&,Ï1<5(3$5$&,Ï1'($9(5Ë$6
3DVR 2SHUDFLyQ 6t 1R
¢6HDSOLFyOD³7$%/$'()/8-2'(',$*1Ï6 9D\DDOSDVR 9D\DDOD³7$%/$
7,&2'(/02725´" '()/8-2'(',$*1Ï6
7,&2'(/02725´HQ
HVWDVHFFLyQ
&RPSUREDFLyQGHOFDOHQWDGRUGHO+26 9D\DDOSDVR 5HHPSODFHHO+26
'HVFRQHFWHHODFRSODGRUGHO+26FRQHO
LQWHUUXSWRUGHHQFHQGLGRHQODSRVLFLyQ2))
&RPSUXHEHODUHVLVWHQFLDHQWUHORVWHUPLQDOHV
³´\³´GHODFRSODGRUGH+26
5HVLVWHQFLDGHOFDOHQWDGRUGHO+26
±Ω D&
¢(VWiFRQIRUPHFRQODVHVSHFLILFDFLRQHVDQWHULR
UHV"
&RPSUREDFLyQGHODDOLPHQWDFLyQHOpFWULFDGHO 9D\DDOSDVR )XVLEOH³+26´\RIXVLEOH
FDOHQWDGRUGH+26 ³,*0(7(5´IXQGLGR
&RQHOLQWHUUXSWRUGHHQFHQGLGRFRORFDGRHQ 6LHVWiQFRQIRUPHVFDEOH
ODSRVLFLyQ21GHMDQGRHOPRWRUSDUDGR ³%/.:+7´RFDEOH³%/8
FRPSUXHEHODWHQVLyQHQWUH(\PDVD\ :+7´GHIHFWXRVR
HQWUH(\PDVD5HILpUDVHDODILJXUD
¢(VFDGDWHQVLyQ±9"
,1)250$&,Ï1*(1(5$/<',$*1Ï67,&2'(/0272502725+
3DVR 2SHUDFLyQ 6t 1R
&RPSUREDFLyQGHOFLUFXLWRGHFRQWUROGHOFDOHQWD 5HHPSODFHSRUXQPyGXOR 5HOpGHFDOHQWDGRUGH
GRUGH+26 GH(&03&0HQSHU +26GHIHFWXRVRRFDEOH
&RQHOLQWHUUXSWRUGHHQFHQGLGRHQODSRVLFLyQ IHFWRHVWDGR\YXHOYDD ³%/.´DELHUWRFDEOH
2))LQVWDOHHOUHOpGHOFDOHQWDGRUGH+26 FRPSUREDU ³%/8´DELHUWRRFRUWRFLUFXL
&RQHOLQWHUUXSWRUGHHQFHQGLGRFRORFDGRHQ WDGRDOFLUFXLWRGHPDVD
ODSRVLFLyQ21GHMDQGRHOPRWRUSDUDGR FDEOH³%/.5('´DELHUWRR
FRPSUXHEHODWHQVLyQHQWUH&\OD FRUWRFLUFXLWDGRDOFLUFXLWR
PDVD GHPDVD
¢(VODWHQVLyQ±9" 6LHVWiQFRQIRUPHVUHHP
SODFHSRUXQPyGXORGH
(&03&0HQEXHQ
HVWDGR\YXHOYDDFRPSUR
EDU
)LJXUDSDUDORVSDVRV
D 5HOpGHOFDOHQWDGRUGH+26
,1)250$&,Ï1*(1(5$/<',$*1Ï67,&2'(/0272502725+
'7&30DOIXQFLRQDPLHQWRGHOFLUFXLWRGHO+26EDQFR
',$*5$0$'(&$%/($'2
5HOpGHOFDOHQWDGRUGH+26
(&03&0
+26EDQFR
&21',&,Ï1'('(7(&&,Ï1'(/'7&<È5($'(/'(63(5)(&72
&21',&,Ï1'('(7(&&,Ï1'(/'7& È5($'(/'(63(5)(&72
6HILMDUi'7&FXDQGRVHGHWHFWHFXDOTXLHUDGHODVFRQGLFLRQHVVLJXLHQWHV +26RVXFLUFXLWR
OyJLFDGHGHWHFFLyQGHFLFORVGHFRQGXFFLyQ 6LVWHPDGHFRPEXVWLEOH
6HGHWHFWDQ9RPiVFRPRWHQVLyQGHOFLUFXLWRGH+26FXDQGRVH (&03&0
FRQHFWDXQDDOLPHQWDFLyQHOpFWULFDGH9DOFLUFXLWRGH+26HQHO
PyGXORGH(&03&0
&XDQGRVHHVWiIXQFLRQDQGRFRQUHWURDOLPHQWDFLyQGH$)ODWHQVLyQ
PHGLDGHVDOLGDHVGHPDVLDGRDOWDRGHPDVLDGREDMDGXUDQWHHOWLHPSR
HVSHFLILFDGR
R
&XDQGRVHHVWiIXQFLRQDQGRFRQUHWURDOLPHQWDFLyQGH$)ODWHQVLyQ
Pi[LPDGHVDOLGDHVLQIHULRUDOYDORUHVSHFLILFDGRGXUDQWHHOWLHPSRHVSHFL
ILFDGRRODWHQVLyQPtQLPDGHVDOLGDHVPD\RUTXHHOYDORUHVSHFLILFDGR
GXUDQWHHOWLHPSRHVSHFLILFDGR
352&(',0,(172'(&21),50$&,Ï1'(/'7&
$'9(57(1&,$
&XDQGRHIHFW~HXQDSUXHEDGHFDUUHWHUDHOLMDXQOXJDUGRQGHQRKD\DWUiILFRRULHVJRGHDFFLGHQWHVGH
WUiILFR\DFW~HFRQPXFKRFXLGDGRSDUDDVtHYLWDUFXDOTXLHUDFFLGHQWH
/DSUXHEDGHFDUUHWHUDGHEHVHUHIHFWXDGDHQXQDFDUUHWHUDSODQDKRUL]RQWDOSRUSHUVRQDVXQFRQ
GXFWRU\XQHQFDUJDGRGHODSUXHED
,1)250$&,Ï1*(1(5$/<',$*1Ï67,&2'(/0272502725+
127$
&RPSUXHEHSDUDDVHJXUDUVHGHTXHVHVDWLVIDFHQODVFRQGLFLRQHVVLJXLHQWHVFXDQGRVHDSOLFDHO³352&(
',0,(172'(&21),50$&,Ï1'('7&´
7HPSHUDWXUDGHODLUHGHDGPLVLyQ±&RPD\RU
7HPSHUDWXUDGHOUHIULJHUDQWHGHOPRWRU±±&
$OWLWXGSUHVLyQEDURPpWULFDPRPHQRVPP+JN3DRPiV
&RQHFWHHOLQVWUXPHQWRGHH[SORUDFLyQFRQHOLQWHUUXSWRUGHHQFHQGLGRFRORFDGRHQODSRVLFLyQ2))
&RORTXHHOLQWHUUXSWRUGHHQFHQGLGRHQODSRVLFLyQ21\XWLOL]DQGRHOLQVWUXPHQWRGHH[SORUDFLyQERUUHHO'7&
ORV'7&SHQGLHQWHV\ORVGDWRVGHLPDJHQFRQJHODGDHQODPHPRULDGHO(&0\KDJDDUUDQFDUHOPRWRU
$XPHQWHODYHORFLGDGGHOYHKtFXORDNPKRPiV
&RQGX]FDHOYHKtFXORDHVDYHORFLGDGKDVWDTXHHOPRWRUVHKD\DFDOHQWDGRHQHVWHSDVRVHSHUPLWHFDPELDUOD
YHORFLGDGGHOYHKtFXOR
&RQGX]FDHOYHKtFXORD±NPKGXUDQWHPLQXWRVRPiV
'HWHQJD HO YHKtFXOR \ HPSOHDQGR HO LQVWUXPHQWR GH H[SORUDFLyQ FRPSUXHEH VL KD\ '7& SHQGLHQWH 6L QR KD\
'7&SHQGLHQWHXWLOLFHHOLQVWUXPHQWRGHH[SORUDFLyQ\FRPSUXHEHVLODSUXHEDGHYHULILFDFLyQGHOVHQVRUGHR[t
JHQRKDVLGRFRPSOHWDGD6LHQDPEDVFRPSUREDFLRQHVDQWHULRUHVODFRPSUREDFLyQHVQHJDWLYDHVGHFLUQRKD\
'7&SHQGLHQWH\QRVHKDFRPSOHWDGRODSUXHEDGHYHULILFDFLyQGHOVHQVRUGHR[tJHQRFRPSUXHEHODVFRQGLFLR
QHVGHOYHKtFXORDPELHQWDO\UHSLWDORVSDVRVD
/2&$/,=$&,Ï1<5(3$5$&,Ï1'($9(5Ë$6
3DVR 2SHUDFLyQ 6t 1R
¢6HDSOLFyOD³7$%/$'()/8-2'(',$*1Ï6 9D\DDOSDVR 9D\DDOD³7$%/$'(
7,&2'(/02725´" )/8-2'(',$*1Ï6
7,&2'(/02725´HQ
HVWDVHFFLyQ
&RPSUREDFLyQGHODWHQVLyQGHVDOLGDGHO+26 9D\DDOSDVR 9D\DDOSDVR
&RQHFWHHOLQVWUXPHQWRGHH[SORUDFLyQDO'/&
FRQHOLQWHUUXSWRUGHHQFHQGLGRFRORFDGRHQOD
SRVLFLyQ2))
&RQGX]FDHOYHKtFXORDNPKGXUDQWH
PLQXWRVRPiV
'HWHQJDHOYHKtFXOR\FRPSUXHEHODWHQVLyQGH
VDOLGDGHO+26YLVXDOL]DGDHQHOLQVWUX
PHQWRGHH[SORUDFLyQPLHQWUDVUHSLWHODDFHOH
UDFLyQGHOPRWRU
¢6HLQGLFDPiVGH\PHQRVGH9"
&RPSUREDFLyQGHO+26 &LUFXLWR³5('<(/´R 5HHPSODFHHO+26
&RQHOLQWHUUXSWRUGHHQFHQGLGRHQODSRVLFLyQ ³*5<<(/´DELHUWRFRUWR
2))GHVFRQHFWHHODFRSODGRUGHO+26 FLUFXLWDGR
6LORVFDEOHV\ODFRQH[LR
&RQHFWHHOYROWtPHWURHQWUH³´\³´GHODFRSOD
GRUGH+26 QHVHVWiQFRQIRUPHV
+DJDDUUDQFDUHOPRWRU\FRPSUXHEHHOYROWt UHHPSODFHSRUXQPyGXOR
PHWURPLHQWUDVUHSLWHODDFHOHUDFLyQGHOPRWRU GH(&03&0HQEXHQ
¢6HLQGLFDPiVGH\PHQRVGH9" HVWDGR\YXHOYDDFRPSUR
EDU
&RPSUREDFLyQGHOUHDMXVWHGHSOD]RFRUWRGHOFRP 'HVSHUIHFWRLQWHUPLWHQWHR 9D\DDOD7DEODGHIOXMRGH
EXVWLEOH PyGXORGH(&03&0 GLDJQyVWLFRGHO'7&
+DJDIXQFLRQDUHOPRWRUDUSPGXUDQWH GHIHFWXRVR 33
VHJXQGRV &RPSUXHEHHOGHVSHUIHFWR
&RQHOPRWRUIXQFLRQDQGRHQUDOHQWtFRP LQWHUPLWHQWH5HILpUDVHD
SUXHEHHOUHDMXVWHGHSOD]RFRUWRGHOFRPEXVWL ³0$/)81&,21$0,(172
EOHYLVXDOL]DGRHQHOLQVWUXPHQWRGH ,17(50,7(17(<
H[SORUDFLyQ &21(;,Ï10$/$´HQOD
¢(VWiHQWUH±\" VHFFLyQ$
,1)250$&,Ï1*(1(5$/<',$*1Ï67,&2'(/0272502725+
'7&30DOIXQFLRQDPLHQWRGHOFLUFXLWRGHOFDOHQWDGRUGHO+26EDQFR
',$*5$0$'(&$%/($'2
5HILpUDVHDO'7&3
&21',&,Ï1'('(7(&&,Ï1'(/'7&<È5($'(/'(63(5)(&72
&21',&,Ï1'('(7(&&,Ï1'(/'7& È5($'(/'(63(5)(&72
/DFRQGLFLyQVLJXLHQWHHVGHWHFWDGDFXDQGRHOFDOHQWDGRUGHO+26 &DOHQWDGRUGHO+26RVXFLUFXLWR
HVWiIXQFLRQDQGROyJLFDGHGHWHFFLyQGHFLFORVGHFRQGXFFLyQ (&03&0
/DFRUULHQWHGHOFDOHQWDGRUGHO+26HVPD\RUTXH$RPHQRU
TXH$R
/DWHQVLyQGHOFDOHQWDGRUGHO+26HVPD\RUTXH9RPHQRU
TXH9
352&(',0,(172'(&21),50$&,Ï1'(/'7&
$'9(57(1&,$
&XDQGRHIHFW~HXQDSUXHEDGHFDUUHWHUDHOLMDXQOXJDUGRQGHQRKD\DWUiILFRRULHVJRGHDFFLGHQWHVGH
WUiILFR\DFW~HFRQPXFKRFXLGDGRSDUDDVtHYLWDUFXDOTXLHUDFFLGHQWH
/DSUXHEDGHFDUUHWHUDGHEHVHUHIHFWXDGDHQXQDFDUUHWHUDSODQDKRUL]RQWDOSRUSHUVRQDVXQFRQ
GXFWRU\XQHQFDUJDGRGHODSUXHED
127$
&RPSUXHEHSDUDDVHJXUDUVHGHTXHVHVDWLVIDFHQODVFRQGLFLRQHVVLJXLHQWHVFXDQGRVHDSOLFDHO³352&(
',0,(172'(&21),50$&,Ï1'('7&´
7HPSHUDWXUDGHODLUHGHDGPLVLyQ±&RPD\RU
7HPSHUDWXUDGHOUHIULJHUDQWHGHOPRWRU±±&
$OWLWXGSUHVLyQEDURPpWULFDPRPHQRVPP+JN3DRPiV
&RQHFWHHOLQVWUXPHQWRGHH[SORUDFLyQFRQHOLQWHUUXSWRUGHHQFHQGLGRFRORFDGRHQODSRVLFLyQ2))
&RORTXHHOLQWHUUXSWRUGHHQFHQGLGRHQODSRVLFLyQ21\XWLOL]DQGRHOLQVWUXPHQWRGHH[SORUDFLyQERUUHHO'7&
ORV'7&SHQGLHQWHV\ORVGDWRVGHLPDJHQFRQJHODGDHQODPHPRULDGHO(&0\KDJDDUUDQFDUHOPRWRU
$XPHQWHODYHORFLGDGGHOYHKtFXORD±NPK
&RQGX]FDHOYHKtFXORDHVDYHORFLGDGGXUDQWHPLQXWRVHQHVWHSDVRVHSHUPLWHFDPELDUODYHORFLGDGGHOYHKt
FXOR
'HWHQJD HO YHKtFXOR \ HPSOHDQGR HO LQVWUXPHQWR GH H[SORUDFLyQ FRPSUXHEH VL KD\ '7& SHQGLHQWH 6L QR KD\
'7&SHQGLHQWHXWLOLFHHOLQVWUXPHQWRGHH[SORUDFLyQ\FRPSUXHEHVLODSUXHEDGHYHULILFDFLyQGHOVHQVRUGHR[t
JHQRKDVLGRFRPSOHWDGD6LHQDPEDVFRPSUREDFLRQHVDQWHULRUHVODFRPSUREDFLyQHVQHJDWLYDHVGHFLUQRKD\
'7&SHQGLHQWH\QRVHKDFRPSOHWDGRODSUXHEDGHYHULILFDFLyQGHOVHQVRUGHR[tJHQRFRPSUXHEHODVFRQGLFLR
QHVGHOYHKtFXORDPELHQWDO\UHSLWDORVSDVRVD
,1)250$&,Ï1*(1(5$/<',$*1Ï67,&2'(/0272502725+
/2&$/,=$&,Ï1<5(3$5$&,Ï1'($9(5Ë$6
3DVR 2SHUDFLyQ 6t 1R
¢6HDSOLFyOD³7$%/$'()/8-2'(',$*1Ï6 9D\DDOSDVR 9D\DDOD³7$%/$'(
7,&2'(/02725´" )/8-2'(',$*1Ï67,&2
'(/02725´HQHVWDVHF
FLyQ
&RPSUREDFLyQGHOFDOHQWDGRUGHO+26 9D\DDOSDVR 5HHPSODFHHO+26
'HVFRQHFWHHODFRSODGRUGHO+26FRQHO
LQWHUUXSWRUGHHQFHQGLGRHQODSRVLFLyQ2))
&RPSUXHEHODUHVLVWHQFLDHQWUHORVWHUPLQDOHV
³´\³´GHOFRQHFWRUGH+26
5HVLVWHQFLDGHOFDOHQWDGRUGHO+26
±ΩD&
¢(VWiFRQIRUPHFRQODVHVSHFLILFDFLRQHVDQWHULR
UHV"
&RPSUREDFLyQGHODDOLPHQWDFLyQHOpFWULFDGHO 9D\DDOSDVR )XVLEOH³+26´\RIXVLEOH
FDOHQWDGRUGH+26 ³,*0(7(5´IXQGLGR
&RQHOLQWHUUXSWRUGHHQFHQGLGRFRORFDGRHQ 6LHVWiQFRQIRUPHVFDEOH
ODSRVLFLyQ21GHMDQGRHOPRWRUSDUDGR ³%/.:+7´RFDEOH³%/8
FRPSUXHEHODWHQVLyQHQWUH(\PDVD\ :+7´GHIHFWXRVR
HQWUH(\PDVD5HILpUDVHDODILJXUD
¢(VFDGDWHQVLyQ±9"
&RPSUREDFLyQGHOFLUFXLWRGHFRQWUROGHOFDOHQWD 5HHPSODFHSRUXQPyGXOR 5HOpGHFDOHQWDGRUGH
GRUGH+26 GH(&03&0HQSHU +26GHIHFWXRVRRFDEOH
&RQHOLQWHUUXSWRUGHHQFHQGLGRHQODSRVLFLyQ IHFWRHVWDGR\YXHOYDD ³%/.´DELHUWRFDEOH
2))LQVWDOHHOUHOpGHOFDOHQWDGRUGH+26 FRPSUREDU ³%/8´DELHUWRRFRUWRFLUFXL
&RQHOLQWHUUXSWRUGHHQFHQGLGRFRORFDGRHQ WDGRDOFLUFXLWRGHPDVD
ODSRVLFLyQ21GHMDQGRHOPRWRUSDUDGR FDEOH³31.:+7´DELHUWR
FRPSUXHEHODWHQVLyQHQWUH&\OD RFRUWRFLUFXLWDGRDOFLUFXLWR
PDVD GHPDVD
¢(VODWHQVLyQ±9" 6LHVWiQFRQIRUPHVUHHP
SODFHSRUXQPyGXORGH
(&03&0HQEXHQ
HVWDGR\YXHOYDDFRPSUR
EDU
)LJXUDSDUDORVSDVRV
D 5HOpGHOFDOHQWDGRUGH+26
,1)250$&,Ï1*(1(5$/<',$*1Ï67,&2'(/0272502725+
'7&336LVWHPDGHFRPEXVWLEOHGHPDVLDGRSREUHULFREDQFR
&21',&,Ï1'('(7(&&,Ï1'(/'7&<È5($'(/'(63(5)(&72
&21',&,Ï1'('(7(&&,Ï1'(/'7& È5($'(/'(63(5)(&72
&XDQGRVHFRQGXFHGHVSXpVGHFDOHQWDUHOPRWRUOyJLFD )XJDVGHYDFtRDVSLUDFLyQGHDLUH
GHGHWHFFLyQGHFLFORVGHFRQGXFFLyQ )XJDGHJDVHVGHHVFDSH
6HGHWHFWDTXHHOUHDMXVWHGHFRUWRSOD]RGHOFRPEXVWLEOH 3UHVLyQGHFRPEXVWLEOHQRFRQIRUPHFRQODVHVSH
H[FHGHRTXHHOUHDMXVWHGHODUJRSOD]RH[FHGH FLILFDFLRQHV
\TXHHOUHDMXVWHWRWDOH[FHGH 0DOIXQFLRQDPLHQWRGHOVHQVRUFDOHQWDGRGHR[t
± 6LVWHPDGHFRPEXVWLEOHGHPDVLDGRSREUH JHQR
6HGHWHFWDTXHHOUHDMXVWHGHFRUWRSOD]RGHOFRPEXVWLEOH 0DOIXQFLRQDPLHQWRGHOVLVWHPDGH(*5
HVPHQRUTXH±RTXHHOUHDMXVWHGHODUJRSOD]RHV )XQFLRQDPLHQWRGHILFLHQWHGHOVHQVRUGH0$)
PHQRUTXH±\TXHHOUHDMXVWHWRWDOHVPHQRUTXH± )XQFLRQDPLHQWRGHILFLHQWHGHOVHQVRUGH(&7
6HQVRUGHQLYHOGHOFRPEXVWLEOH
± 6LVWHPDGHFRPEXVWLEOHGHPDVLDGRULFR
352&(',0,(172'(&21),50$&,Ï1'(/'7&
$'9(57(1&,$
&XDQGRHIHFW~HXQDSUXHEDGHFDUUHWHUDHOLMDXQOXJDUGRQGHQRKD\DWUiILFRRULHVJRGHDFFLGHQWHVGH
WUiILFR\DFW~HFRQPXFKRFXLGDGRSDUDDVtHYLWDUFXDOTXLHUDFFLGHQWH
/DSUXHEDGHFDUUHWHUDGHEHVHUHIHFWXDGDHQXQDFDUUHWHUDSODQDKRUL]RQWDOSRUSHUVRQDVXQFRQ
GXFWRU\XQHQFDUJDGRGHODSUXHED
127$
&RPSUXHEHSDUDDVHJXUDUVHGHTXHVHVDWLVIDFHQODVFRQGLFLRQHVVLJXLHQWHVFXDQGRVHDSOLFDHO³352&(
',0,(172'(&21),50$&,Ï1'('7&´
7HPSHUDWXUDGHODLUHGHDGPLVLyQ±±&
7HPSHUDWXUDGHOUHIULJHUDQWHGHOPRWRU±±&
$OWLWXGSUHVLyQEDURPpWULFDPRPHQRVPP+JN3DRPiV
7HPSHUDWXUDGHODLUHGHDGPLVLyQ±&RPD\RU
7HPSHUDWXUDGHOUHIULJHUDQWHGHOPRWRU&RPHQRV
&RQHFWHHOLQVWUXPHQWRGHH[SORUDFLyQDO'/&FRQHOLQWHUUXSWRUGHHQFHQGLGRFRORFDGRHQODSRVLFLyQ2))
&RORTXHHOLQWHUUXSWRUGHHQFHQGLGRHQODSRVLFLyQ21\XWLOL]DQGRHOLQVWUXPHQWRGHHVFDQHRERUUHHO'7&ORV
'7&SHQGLHQWHV\ORVGDWRVGHLPDJHQFRQJHODGD\FDOLHQWHELHQHOPRWRU
$XPHQWHODYHORFLGDGGHOYHKtFXORD±NPK
&RQGX]FDHOYHKtFXORDHVWDYHORFLGDGGXUDQWHPLQXWRVRPiV
'HWHQJDHOYHKtFXOR\XWLOLFHHOLQVWUXPHQWRGHH[SORUDFLyQSDUDFRPSUREDUVLKD\'7&SHQGLHQWH
,1)250$&,Ï1*(1(5$/<',$*1Ï67,&2'(/0272502725+
/2&$/,=$&,Ï1<5(3$5$&,Ï1'($9(5Ë$6
3DVR 2SHUDFLyQ 6t 1R
¢6HDSOLFyOD³7$%/$'()/8-2'(',$*1Ï6 9D\DDOSDVR 9D\DDOD³7$%/$'(
7,&2'(/02725´" )/8-2'(',$*1Ï67,&2
'(/02725´HQHVWDVHF
FLyQ
¢+D\RWURV'7&TXHQRVHDQ³'7&3 9D\DDOD7$%/$'( 9D\DDOSDVR
3´" )/8-2'('7&DSOLFDEOH
&RPSUXHEHVLKD\IXJDVHQHOVLVWHPDGHDGPL 9D\DDOSDVR 5HSDUHRUHHPSODFH
VLyQ\HQHOVLVWHPDGHHVFDSH
¢(VWiQHQEXHQDVFRQGLFLRQHVHOVLVWHPDGH
DGPLVLyQ\HOVLVWHPDGHHVFDSH"
&RPSUXHEHODSUHVLyQGHFRPEXVWLEOH5HILpUDVH 9D\DDOSDVR 5HSDUHRUHHPSODFH
DOD³7$%/$%´HQHVWDVHFFLyQ
¢(VVDWLVIDFWRULRHOUHVXOWDGRGHODFRPSURED
FLyQ"
&RPSUXHEHORVLQ\HFWRUHVGHFRPEXVWLEOH5HILp 9D\DDOSDVR ,Q\HFWRUHVGHIHFWXRVRV
UDVHD³,163(&&,Ï1'(,1<(&725'(&20
%867,%/(´HQODVHFFLyQ(
¢(VVDWLVIDFWRULRHOUHVXOWDGRGHODFRPSURED
FLyQ"
&RPSUXHEHHOVHQVRUGHQLYHOGHOFRPEXVWLEOH 9D\DDOSDVR 6HQVRUGHQLYHOGHOFRP
5HILpUDVHD³6(1625'(1,9(/'(/&20%86 EXVWLEOHRVXFLUFXLWR
7,%/(´HQODVHFFLyQ( GHIHFWXRVR
¢(VVDWLVIDFWRULRHOUHVXOWDGRGHODFRPSURED
FLyQ"
&RPSUXHEHHOVHQVRUGH0$)5HILpUDVHD³6(1 9D\DDOSDVR 6HQVRUGH0$)RVXFLU
625'()/8-2'(0$6$'($,5(´HQODVHF FXLWRGHIHFWXRVR
FLyQ(
¢(VVDWLVIDFWRULRHOUHVXOWDGRGHODFRPSURED
FLyQ"
&RPSUXHEHHOVHQVRUGH(&75HILpUDVHDODVHF 9D\DDOSDVR 6HQVRUGH(&7GHIHF
FLyQ( WXRVR
¢(VVDWLVIDFWRULRHOUHVXOWDGRGHODFRPSURED
FLyQ"
&RPSUXHEHHOVHQVRU+265HILpUDVHDOD 5HHPSODFHSRUXQPyGXOR 5HHPSODFHHO+26
³7$%/$'()/8-2'(',$*1Ï67,&2'('7& GH(&03&0HQSHU
3´ IHFWRHVWDGR\YXHOYDD
¢(VVDWLVIDFWRULRHOUHVXOWDGRGHODFRPSURED FRPSUREDU
FLyQ"
,1)250$&,Ï1*(1(5$/<',$*1Ï67,&2'(/0272502725+
'7&336LVWHPDGHFRPEXVWLEOHGHPDVLDGRSREUHULFREDQFR
&21',&,Ï1'('(7(&&,Ï1'(/'7&<&$86$326,%/(
&21',&,Ï1'('(7(&&,Ï1'(/'7& È5($'(/'(63(5)(&72
&XDQGRVHFRQGXFHGHVSXpVGHFDOHQWDUHOPRWRUOyJLFD )XJDVGHYDFtRDVSLUDFLyQGHDLUH
GHGHWHFFLyQGHFLFORVGHFRQGXFFLyQ )XJDGHJDVHVGHHVFDSH
6HGHWHFWDTXHHOUHDMXVWHGHFRUWRSOD]RGHOFRPEXVWLEOH 3UHVLyQGHFRPEXVWLEOHQRFRQIRUPHFRQODVHVSH
H[FHGHRTXHHOUHDMXVWHGHODUJRSOD]RH[FHGH FLILFDFLRQHV
\TXHHOUHDMXVWHWRWDOH[FHGH 0DOIXQFLRQDPLHQWRGHOVHQVRUFDOHQWDGRGHR[t
± 6LVWHPDGHFRPEXVWLEOHGHPDVLDGRSREUH JHQR
6HGHWHFWDTXHHOUHDMXVWHGHFRUWRSOD]RGHOFRPEXVWLEOH 0DOIXQFLRQDPLHQWRGHOVLVWHPDGH(*5
HVPHQRUTXH±RTXHHOUHDMXVWHGHODUJRSOD]RHV )XQFLRQDPLHQWRGHILFLHQWHGHOVHQVRUGH0$)
PHQRUTXH±\TXHHOUHDMXVWHWRWDOHVPHQRUTXH± )XQFLRQDPLHQWRGHILFLHQWHGHOVHQVRUGH(&7
6HQVRUGHQLYHOGHOFRPEXVWLEOH
± 6LVWHPDGHFRPEXVWLEOHGHPDVLDGRULFR
352&(',0,(172'(&21),50$&,Ï1'(/'7&
$'9(57(1&,$
&XDQGRHIHFW~HXQDSUXHEDGHFDUUHWHUDHOLMDXQOXJDUGRQGHQRKD\DWUiILFRRULHVJRGHDFFLGHQWHVGH
WUiILFR\DFW~HFRQPXFKRFXLGDGRSDUDDVtHYLWDUFXDOTXLHUDFFLGHQWH
/DSUXHEDGHFDUUHWHUDGHEHVHUHIHFWXDGDHQXQDFDUUHWHUDSODQDKRUL]RQWDOSRUSHUVRQDVXQFRQ
GXFWRU\XQHQFDUJDGRGHODSUXHED
127$
&RPSUXHEHSDUDDVHJXUDUVHGHTXHVHVDWLVIDFHQODVFRQGLFLRQHVVLJXLHQWHVFXDQGRVHDSOLFDHO³352&(
',0,(172'(&21),50$&,Ï1'('7&´
7HPSHUDWXUDGHODLUHGHDGPLVLyQHQHOPRPHQWRGHDUUDQTXH±±&
7HPSHUDWXUDGHOUHIULJHUDQWHGHOPRWRUHQHOPRPHQWRGHDUUDQTXH±±&
$OWLWXGSUHVLyQEDURPpWULFDPRPHQRVPP+JN3DRPiV
7HPSHUDWXUDGHODLUHGHDGPLVLyQ±&RPD\RU
7HPSHUDWXUDGHOUHIULJHUDQWHGHOPRWRU&RPHQRV
&RQHFWHHOLQVWUXPHQWRGHH[SORUDFLyQDO'/&FRQHOLQWHUUXSWRUGHHQFHQGLGRFRORFDGRHQODSRVLFLyQ2))
&RORTXHHOLQWHUUXSWRUGHHQFHQGLGRHQODSRVLFLyQ21\XWLOL]DQGRHOLQVWUXPHQWRGHHVFDQHRERUUHHO'7&ORV
'7&SHQGLHQWHV\ORVGDWRVGHLPDJHQFRQJHODGD\FDOLHQWHELHQHOPRWRU
$XPHQWHODYHORFLGDGGHOYHKtFXORD±NPK
&RQGX]FDHOYHKtFXORDHVWDYHORFLGDGGXUDQWHPLQXWRVRPiV
'HWHQJDHOYHKtFXOR\XWLOLFHHOLQVWUXPHQWRGHH[SORUDFLyQSDUDFRPSUREDUVLKD\'7&SHQGLHQWH
,1)250$&,Ï1*(1(5$/<',$*1Ï67,&2'(/0272502725+
/2&$/,=$&,Ï1<5(3$5$&,Ï1'($9(5Ë$6
3DVR 2SHUDFLyQ 6t 1R
¢6HDSOLFyOD³7$%/$'()/8-2'(',$*1Ï6 9D\DDOSDVR 9D\DDOD³7$%/$'(
7,&2'(/02725´" )/8-2'(',$*1Ï67,&2
'(/02725´HQHVWDVHF
FLyQ
¢+D\RWURV'7&TXHQRVHDQ³'7&3 9D\DDOD7$%/$'( 9D\DDOSDVR
3´" )/8-2'('7&DSOLFDEOH
&RPSUXHEHVLKD\IXJDVHQHOVLVWHPDGHDGPL 9D\DDOSDVR 5HSDUHRUHHPSODFH
VLyQ\HQHOVLVWHPDGHHVFDSH
¢(VWiQHQEXHQDVFRQGLFLRQHVHOVLVWHPDGH
DGPLVLyQ\HOVLVWHPDGHHVFDSH"
&RPSUXHEHODSUHVLyQGHFRPEXVWLEOH5HILpUDVH 9D\DDOSDVR 5HSDUHRUHHPSODFH
DOD³7$%/$%´HQHVWDVHFFLyQ
¢(VVDWLVIDFWRULRHOUHVXOWDGRGHODFRPSURED
FLyQ"
&RPSUXHEHORVLQ\HFWRUHVGHFRPEXVWLEOH5HILp 9D\DDOSDVR ,Q\HFWRUHVGHIHFWXRVRV
UDVHD³,163(&&,Ï1'(,1<(&725'(&20
%867,%/(´HQODVHFFLyQ(
¢(VVDWLVIDFWRULRHOUHVXOWDGRGHODFRPSURED
FLyQ"
&RPSUXHEHHOVHQVRUGHQLYHOGHOFRPEXVWLEOH 9D\DDOSDVR 6HQVRUGHQLYHOGHOFRP
5HILpUDVHD³6(1625'(1,9(/'(/&20%86 EXVWLEOHRVXFLUFXLWR
7,%/(´HQODVHFFLyQ( GHIHFWXRVR
¢(VVDWLVIDFWRULRHOUHVXOWDGRGHODFRPSURED
FLyQ"
&RPSUXHEHHOVHQVRUGH0$)5HILpUDVHD³6(1 9D\DDOSDVR 6HQVRUGH0$)RVXFLU
625'()/8-2'(0$6$'($,5(´HQODVHF FXLWRGHIHFWXRVR
FLyQ(
¢(VVDWLVIDFWRULRHOUHVXOWDGRGHODFRPSURED
FLyQ"
&RPSUXHEHHOVHQVRUGH(&75HILpUDVHDODVHF 9D\DDOSDVR 6HQVRUGH(&7GHIHF
FLyQ( WXRVR
¢(VVDWLVIDFWRULRHOUHVXOWDGRGHODFRPSURED
FLyQ"
&RPSUXHEHHOVHQVRU+265HILpUDVHDOD 5HHPSODFHSRUXQPyGXOR 5HHPSODFHHO+26
³7$%/$'()/8-2'(',$*1Ï67,&2'('7& GH(&03&0HQSHU
3´ IHFWRHVWDGR\YXHOYDD
¢(VVDWLVIDFWRULRHOUHVXOWDGRGHODFRPSURED FRPSUREDU
FLyQ"
,1)250$&,Ï1*(1(5$/<',$*1Ï67,&2'(/0272502725+
'7&33333336HGHWHFWDIDOORGHHQFHQ
GLGRIDOORGHHQFHQGLGRHQFLOLQGURIDOORGHHQFHQGLGRHQFLOLQGURIDOORGH
HQFHQGLGRHQFLOLQGURIDOORGHHQFHQGLGRHQFLOLQGURIDOORGHHQFHQGLGRHQ
FLOLQGURIDOORGHHQFHQGLGRHQFLOLQGUR
'(6&5,3&,Ï1'(/6,67(0$
(OPyGXORGH(&03&0PLGHHOiQJXORGHOFLJHxDOPHGLDQWHODVHxDOGHLPSXOVLyQSURFHGHQWHGHOVHQVRUGH&.3
\GHOVHQVRUGH&03SDUDFDGDFLOLQGUR6LGHWHFWDXQFDPELRFRQVLGHUDEOHHQHOiQJXORGHOFLJHxDOFRQFOX\HTXH
KD\XQIDOORGHHQFHQGLGR&XDQGRODFDQWLGDGGHIDOORVGHHQFHQGLGRFRQWDELOL]DGDSRUHOVHQVRUGH(&03&0
H[FHGHODFRQGLFLyQGHGHWHFFLyQGH'7&LGHQWLILFDHOFLOLQGURGRQGHKD\IDOORVGHHQFHQGLGR\HPLWHODLQIRUPDFLyQ
FRPRXQ'7&
&21',&,Ï1'('(7(&&,Ï1'(/'7&<È5($'(/'(63(5)(&72
&21',&,Ï1'('(7(&&,Ï1'(/'7& È5($'(/'(63(5)(&72
'7&3 6LVWHPDGHHQFHQGLGR
6HGHWHFWDHQGRVRPiVFLOLQGURVIDOORGHHQFHQGLGRTXHFDXVD ,Q\HFWRUGHFRPEXVWLEOH\VXFLUFXLWR
VREUHFDOHQWDPLHQWRGHOFDWDOL]DGRUGXUDQWHUSP/DOX]GH 3UHVLyQGHWXEHUtDGHFRPEXVWLEOH
0,/GHVWHOODPLHQWUDVHVWHIDOORRFXUUHFRQWLQXDPHQWH &RPSUHVLyQGHOPRWRU
6HGHWHFWDHQGRVRPiVFLOLQGURVIDOORGHHQFHQGLGRTXHDIHFWD $VSLUDFLyQDQRUPDOGHDLUH
DGYHUVDPHQWHODVHPLVLRQHVGHHVFDSHGXUDQWHUSPOyJLFD 6LVWHPDGH(*5
GHGHWHFFLyQGHFLFORVGHFRQGXFFLyQ 6HQVRUGHQLYHOGHOFRPEXVWLEOH
'7&333333 $MXVWDGRUGHMXHJRGHYiOYXOD
6HGHWHFWDHQFLOLQGURIDOORGHHQFHQGLGRTXHFDXVDVREUHFDOHQ &DODGRGHYiOYXOD
WDPLHQWRGHOFDWDOL]DGRUGXUDQWHUSP/DOX]GH0,/GHVWHOOD
PLHQWUDVHVWHIDOORRFXUUHFRQWLQXDPHQWH
6HGHWHFWDHQFLOLQGURIDOORGHHQFHQGLGRTXHDIHFWDDGYHUVD
PHQWHODVHPLVLRQHVGHHVFDSHGXUDQWHUSP
OyJLFDGHGHWHFFLyQGHFLFORVGHFRQGXFFLyQ
352&(',0,(172'(&21),50$&,Ï1'(/'7&
$'9(57(1&,$
&XDQGRHIHFW~HXQDSUXHEDGHFDUUHWHUDHOLMDXQOXJDUGRQGHQRKD\DWUiILFRRULHVJRGHDFFLGHQWHVGH
WUiILFR\DFW~HFRQPXFKRFXLGDGRSDUDDVtHYLWDUFXDOTXLHUDFFLGHQWH
/DSUXHEDGHFDUUHWHUDGHEHVHUHIHFWXDGDHQXQDFDUUHWHUDSODQDKRUL]RQWDOSRUSHUVRQDVXQFRQ
GXFWRU\XQHQFDUJDGRGHODSUXHED
127$
&RPSUXHEHSDUDDVHJXUDUVHGHTXHVHVDWLVIDFHQODVFRQGLFLRQHVVLJXLHQWHVFXDQGRVHDSOLFDHO³352&(
',0,(172'(&21),50$&,Ï1'('7&´
7HPSHUDWXUDGHODLUHGHDGPLVLyQ±±&
7HPSHUDWXUDGHOUHIULJHUDQWHGHOPRWRU±&RPD\RU
$OWLWXGSUHVLyQEDURPpWULFDPRPHQRVPP+JN3DRPiV
&RQHFWHHOLQVWUXPHQWRGHH[SORUDFLyQDO'/&FRQHOLQWHUUXSWRUGHHQFHQGLGRFRORFDGRHQODSRVLFLyQ2))
&RORTXHHOLQWHUUXSWRUGHHQFHQGLGRHQODSRVLFLyQ21\XWLOL]DQGRHOLQVWUXPHQWRGHH[SORUDFLyQERUUHHO'7&
ORV'7&SHQGLHQWHV\ORVGDWRVGHLPDJHQFRQJHODGD\KDJDDUUDQFDUHOPRWRU
$XPHQWHODYHORFLGDGGHOYHKtFXORDODYHORFLGDGUHJLVWUDGDFRPRGDWRGHLPDJHQFRQJHODGD9NPKFXDQGR
VHGHWHFWDXQIDOORGHHQFHQGLGR
&RQGX]FDHOYHKtFXORDHVWDYHORFLGDGGXUDQWHPLQXWRV
'HWHQJDHOYHKtFXOR\XWLOLFHHOLQVWUXPHQWRGHH[SORUDFLyQSDUDFRPSUREDUVLKD\'7&R'7&SHQGLHQWH
,1)250$&,Ï1*(1(5$/<',$*1Ï67,&2'(/0272502725+
/2&$/,=$&,Ï1<5(3$5$&,Ï1'($9(5Ë$6
3DVR 2SHUDFLyQ 6t 1R
¢6HDSOLFyOD³7$%/$'()/8-2'(',$*1Ï6 9D\DDOSDVR 9D\DDOD³7$%/$'()/8-2
7,&2'(/02725´" '(',$*1Ï67,&2'(/
02725´HQHVWDVHFFLyQ
,QVSHFFLyQGHOVLVWHPDGHHQFHQGLGR 9D\DDOSDVR %RELQDGHHQFHQGLGRPD]R
&RPSUXHEHODEXMtD\ODFKLVSDGHHQFHQGLGR GHFDEOHVXRWUDVSLH]DVGHO
GHOFLOLQGURGRQGHKD\IDOORVGHHQFHQGLGR VLVWHPDGHIHFWXRVRV
5HILpUDVHDODVHFFLyQ³6,67(0$'((1&(1
','2´
¢(VWiQHQEXHQDVFRQGLFLRQHV"
,QVSHFFLyQGHOFLUFXLWRGHOLQ\HFWRUGHFRPEXVWLEOH 9D\DDOSDVR 6LQRVHHPLWHQVRQLGRVGH
8WLOLFHXQHVWHWyVFRSLR\FRPSUXHEHHOVRQLGR IXQFLRQDPLHQWRFRPSUXHEH
GHIXQFLRQDPLHQWRGHFDGDLQ\HFWRUHQHO ODFRQH[LyQGHODFRSODGRU\
PRPHQWRGHKDFHUDUUDQFDUHOPRWRURGXUDQWH PD]RGHFDEOHVGHOLQ\HFWRU
HOUDOHQWt \HOLQ\HFWRUPLVPR
¢+D\VRQLGRGHIXQFLRQDPLHQWRFRUUHFWRHQWRGRV 6LHVWiQFRQIRUPHVUHHP
ORVLQ\HFWRUHV" SODFHSRUXQPyGXORGH(&0
3&0HQEXHQHVWDGR\
YXHOYDDFRPSUREDU
&RPSUREDFLyQGHODSUHVLyQGHFRPEXVWLEOH 9D\DDOSDVR 5HSDUHRUHHPSODFH
&RPSUXHEHODSUHVLyQGHFRPEXVWLEOH5HILp
UDVHDOD³7$%/$%´HQHVWDVHFFLyQ
¢(VVDWLVIDFWRULRHOUHVXOWDGRGHODFRPSUREDFLyQ"
,QVSHFFLyQGHOLQ\HFWRUGHFRPEXVWLEOH 9D\DDOSDVR 5HHPSODFH
&RPSUXHEHHOORVLQ\HFWRUHVGHFRPEXVWL
EOH5HILpUDVHDODVHFFLyQ(
¢(VVDWLVIDFWRULRHOUHVXOWDGRGHODFRPSUREDFLyQ"
&RPSUREDFLyQGHOFDODGRGHOHQFHQGLGR 9D\DDOSDVR $MXVWHRFRPSUXHEHODVSLH
&RPSUXHEHHOFDODGRGHOHQFHQGLGR5HILpUDVH ]DVUHODFLRQDGDVFRQHOVLV
DODVHFFLyQ) WHPD
¢(VVDWLVIDFWRULRHOUHVXOWDGRGHODFRPSUREDFLyQ"
&RPSUREDFLyQGHOVLVWHPDGH(*5 9D\DDOSDVR 5HSDUHRUHHPSODFH
&RPSUXHEHHOVLVWHPDGH(*55HILpUDVHDOD
VHFFLyQ(
¢(VVDWLVIDFWRULRHOUHVXOWDGRGHODFRPSUREDFLyQ"
&RPSUREDFLyQGHOVHQVRUGHQLYHOGHOFRPEXVWLEOH 9D\DDOSDVR 5HSDUHRUHHPSODFH
&RPSUXHEHHOVHQVRUGHGHQLYHOGHOFRPEXVWL
EOH5HILpUDVHDODVHFFLyQ(
¢(VVDWLVIDFWRULRHOUHVXOWDGRGHODFRPSUREDFLyQ"
&RPSUXHEHODVSLH]DVPHFiQLFDVGHOPRWRURVLV &RPSUXHEHHOPD]RGH 5HSDUHRUHHPSODFH
WHPDTXHSXHGHFDXVDUTXHHOUpJLPHQGHUDOHQWt FDEOHV\ODFRQH[LyQD
VHDLUUHJXODURGHILFLHQWH PDVDGHOPyGXOR(&0
&RPSUHVLyQ GHO PRWRU 5HILpUDVH D OD VHFFLyQ 3&0VLVWHPDGH
$ HQFHQGLGRHLQ\HFWRUGH
-XHJR GH YiOYXOD R DMXVWDGRU GH MXHJR 5HILp FRPEXVWLEOHSDUDYHULIL
UDVHDODVHFFLyQ$ FDUVLHVWiQDELHUWRV
&DODGR GH YiOYXOD ,QVWDODFLyQ GH OD FRUUHD R LQWHUPLWHQWHPHQWH\HQ
FDGHQDGHGLVWULEXFLyQ5HILpUDVHDODVHFFLyQ FRUWRFLUFXLWR
$
¢(VWiQHQEXHQDVFRQGLFLRQHV"
,1)250$&,Ï1*(1(5$/<',$*1Ï67,&2'(/0272502725+
6HQVRUGHGHWRQDFLyQ
(&03&0
&21',&,Ï1'('(7(&&,Ï1'(/'7&<È5($'(/'(63(5)(&72
&21',&,Ï1'('(7(&&,Ï1'(/'7& È5($'(/'(63(5)(&72
6HILMDUi'7&FXDQGRVHGHWHFWHXQDGHODVFRQGLFLRQHV &LUFXLWR³:+7´DELHUWRRFRUWRFLUFXLWDGRDPDVD
VLJXLHQWHV 0DOIXQFLRQDPLHQWRGHOVHQVRUGHGHWRQDFLyQ
/DWHQVLyQGHOVHQVRUGHGHWRQDFLyQHV9RLQIHULRU 0DOIXQFLRQDPLHQWRGHO(&0
R
/DWHQVLyQGHOVHQVRUGHGHWRQDFLyQHV9RVXSHULRU
352&(',0,(172'(&21),50$&,Ï1'(/'7&
&RQHFWHHOLQVWUXPHQWRGHH[SORUDFLyQDO'/&FRQHOLQWHUUXSWRUGHHQFHQGLGRFRORFDGRHQODSRVLFLyQ2))
&RORTXHHOLQWHUUXSWRUGHHQFHQGLGRHQODSRVLFLyQ21\XWLOL]DQGRHOLQVWUXPHQWRGHH[SORUDFLyQERUUHHO'7&
ORV'7&SHQGLHQWHV\ORVGDWRVGHLPDJHQFRQJHODGD
+DJDDUUDQFDUHOPRWRU\PDQWpQJDORIXQFLRQDQGRGXUDQWHVHJXQGRV
&RPSUXHEH'7&HPSOHDQGRHOLQVWUXPHQWRGHH[SORUDFLyQ
,1)250$&,Ï1*(1(5$/<',$*1Ï67,&2'(/0272502725+
/2&$/,=$&,Ï1<5(3$5$&,Ï1'($9(5Ë$6
3DVR 2SHUDFLyQ 6t 1R
¢6HDSOLFyOD³7$%/$'()/8-2'(',$*1Ï6 9D\DDOSDVR 9D\DDOD³7$%/$'(
7,&2'(/02725´" )/8-2'(',$*1Ï6
7,&2'(/02725´HQ
HVWDVHFFLyQ
&RPSUREDFLyQGHOVHQVRUGHGHWRQDFLyQ\VXFLU (OVHQVRUGHGHWRQDFLyQ\VX 9D\DDOSDVR
FXLWR FLUFXLWRHVWiQHQEXHQDV
&RQHOPRWRUIXQFLRQDQGRFRPSUXHEHODWHQ FRQGLFLRQHV
VLyQGHVGHHOWHUPLQDO³&´GHOFRQHFWRU 'HVSHUIHFWRLQWHUPLWHQWHR
GHOPyGXORGH(&0DPDVDDFDUURFHUtD PyGXORGH(&0GHIHFWXRVR
5HILpUDVHDOD)LJXUD 9XHOYDDFRPSUREDUUHILULpQ
¢(VWiODWHQVLyQHQWUH±9" GRVHD³0$/)81&,21$
0,(172,17(50,7(17(<
&21(;,Ï10$/$´HQOD
VHFFLyQ$
&RPSUREDFLyQGHOFLUFXLWRGHDOLPHQWDFLyQHOpF 5HHPSODFHSRUXQVHQVRUGH &DEOH³:+7´DELHUWRFRU
WULFDGHOVHQVRUGHGHWRQDFLyQ GHWRQDFLyQHQEXHQHVWDGR WRFLUFXLWDGRDOFLUFXLWRGH
3DUHHOPRWRU \YXHOYDDFRPSUREDU PDVDRPDODFRQH[LyQ
&RORTXHHOLQWHUUXSWRUGHHQFHQGLGRHQOD GHOWHUPLQDO³&´
SRVLFLyQ2))\GHVFRQHFWHHOFRQHFWRUGHO 6LHOFDEOH\ODFRQH[LyQ
VHQVRUGHGHWRQDFLyQ HVWiQFRQIRUPHVUHHP
&RQHOLQWHUUXSWRUGHHQFHQGLGRHQODSRVLFLyQ SODFHSRUXQPyGXORGH
21FRPSUXHEHODWHQVLyQGHVGH³:+7´DO (&0HQEXHQHVWDGR\
WHUPLQDOGHPDVDDFDUURFHUtDGHOFRQHFWRU YXHOYDDFRPSUREDU
GHOVHQVRUGHGHWRQDFLyQ5HILpUDVHDOD
)LJXUD
¢(VODWHQVLyQ±9"
)LJXUDSDUDORVSDVRV\
6HQVRUGHGHWRQDFLyQ
&RQHFWRUGHOVHQVRUGHGHWRQDFLyQ
,1)250$&,Ï1*(1(5$/<',$*1Ï67,&2'(/0272502725+
'7&30DOIXQFLRQDPLHQWRGHOFLUFXLWRGHOVHQVRUGHSRVLFLyQGHOFLJHxDO
',$*5$0$'(&$%/($'2
6HQVRUGH&.3
(&03&0
&21',&,Ï1'('(7(&&,Ï1'(/'7&<È5($'(/'(63(5)(&72
&21',&,Ï1'('(7(&&,Ï1'(/'7& È5($'(/'(63(5)(&72
1RHQWUDVHxDOGHVGHHOVHQVRUGH&.3DXQTXHKDQ &LUFXLWRGHOVHQVRUGH&.3
HQWUDGRLPSXOVLRQHVGHVHxDOGHOVHQVRUGH&03GHV 6HQVRUGH&.3
SXpVGHODUUDQTXHGHOPRWRU (&03&0
352&(',0,(172'(&21),50$&,Ï1'(/'7&
127$
&RPSUXHEHSDUDDVHJXUDUVHGHTXHVHVDWLVIDFHQODVFRQGLFLRQHVVLJXLHQWHVFXDQGRVHDSOLFDHO³352&(
',0,(172'(&21),50$&,Ï1'('7&´
7HPSHUDWXUDGHODLUHGHDGPLVLyQ±&RPD\RU
7HPSHUDWXUDGHOUHIULJHUDQWHGHOPRWRU±±&
$OWLWXGSUHVLyQEDURPpWULFDPRPHQRVPP+JN3DRPiV
&RQHFWHHOLQVWUXPHQWRGHH[SORUDFLyQDO'/&FRQHOLQWHUUXSWRUGHHQFHQGLGRFRORFDGRHQODSRVLFLyQ2))
&RORTXHHOLQWHUUXSWRUGHHQFHQGLGRHQODSRVLFLyQ21\XWLOL]DQGRHOLQVWUXPHQWRGHHVFDQHRERUUHHO'7&'7&
SHQGLHQWHV\GDWRVGHLPDJHQFRQJHODGD\KDJDIXQFLRQDUHOPRWRUDOUpJLPHQGHUDOHQWtGXUDQWHVHJXQGRV
&RPSUXHEH'7&HPSOHDQGRHOLQVWUXPHQWRGHH[SORUDFLyQ
,1)250$&,Ï1*(1(5$/<',$*1Ï67,&2'(/0272502725+
/2&$/,=$&,Ï1<5(3$5$&,Ï1'($9(5Ë$6
3DVR 2SHUDFLyQ 6t 1R
¢6HDSOLFyOD³7$%/$'()/8-2'(',$*1Ï67,&2 9D\DDOSDVR 9D\DDOD³7$%/$'(
'(/02725´" )/8-2',$*1Ï67,&2
'(/02725´HQHVWD
VHFFLyQ
&RPSUREDFLyQGHODUHVLVWHQFLDGHOVHQVRUGH&.3\ 9D\DDOSDVR 9D\DDOSDVR
VXFLUFXLWR
&RQHOLQWHUUXSWRUGHHQFHQGLGRHQODSRVLFLyQ
2))GHVFRQHFWHHODFRSODGRU&GHOPyGXOR
GH(&03&0
&RPSUXHEHHOHVWDGRGHODFRQH[LyQDOPyGXOR
GH(&03&0HQORVWHUPLQDOHV&\
&
6LODVFRQH[LRQHVHVWiQFRQIRUPHVHQWRQFHV
FRPSUXHEHODUHVLVWHQFLDGHORVLJXLHQWH
5HVLVWHQFLDGHOVHQVRUGH&.3HQWUHORVWHUPLQD
OHV&\&
±ΩD&
5HVLVWHQFLDGHOVHQVRUGH&.3HQWUHFDGDWHUPL
QDO\PDVD
0ΩRPiV
¢(VVDWLVIDFWRULRHOUHVXOWDGRGHODFRPSUREDFLyQ"
&RPSUREDFLyQGHODUHVLVWHQFLDGHOVHQVRUGH&.3 &DEOH³:+7%/8´R 6HQVRUGH&.3GHIHF
&RQHOLQWHUUXSWRUGHHQFHQGLGRHQODSRVLFLyQ FDEOH³251%/8´ WXRVR
2))GHVFRQHFWHHODFRSODGRUGHOVHQVRUGH&.3 GHIHFWXRVR
&RPSUXHEHODUHVLVWHQFLDHQWUHORVWHUPLQDOHVGHO
DFRSODGRUGHOVHQVRUGH&.35HILpUDVHDOD
ILJXUD
¢(VWiQORVYDORUHVPHGLGRVGHODUHVLVWHQFLDFRQIRU
PHVFRQODVHVSHFLILFDFLRQHVGHOSDVR"
,QVSHFFLyQYLVXDOGHOVHQVRUGH&.3 'HVSHUIHFWRLQWHUPL 5HHPSODFHRUHLQVWDOH
&RPSUXHEHYLVXDOPHQWHORVLJXLHQWHHQHOVHQVRUGH WHQWHRPyGXORGH(&0
&.3\HOURWRUGHVHxDO5HILpUDVHDODILJXUD 3&0GHIHFWXRVR
'DxRV &RPSUXHEHHOGHVSHU
1RKD\PDWHULDOH[WUDxRDGKHULGR IHFWRLQWHUPLWHQWH5HILp
/DLQVWDODFLyQHVFRUUHFWD UDVHD³0$/
¢(VWiQHQEXHQDVFRQGLFLRQHV" )81&,21$0,(172
,17(50,7(17(<
&21(;,Ï10$/$´HQ
ODVHFFLyQ$
>$@)LJSDUDHOSDVR>%@)LJSDUDHOSDVR
3ODFDGHVHQVRU
,1)250$&,Ï1*(1(5$/<',$*1Ï67,&2'(/0272502725+
6HQVRUGH&03
$OUHOpSULQFLSDO
(&03&0
'(6&5,3&,Ï1'(/6,67(0$
(OVHQVRUGH&03GHWHFWDODVHxDOGH5()\ODVHxDOGH326
6HxDOGH5()LPSXOVLRQHVUHYROXFLyQGHOiUEROGHOHYDV+D\FODVHVGLIHUHQWHVGHIRUPDVGHRQGD%DViQ
GRVHHQODVHxDOGH5()HOPyGXORGH(&03&0GHWHUPLQDFXiOFLOLQGURHVWiHQHO7'&306
6HxDOGH326LPSXOVLRQHVUHYROXFLyQGHOiUEROGHOHYDV&DGDXQDGHODVVHxDOHVGH326WLHQHXQDIRUPD
GHRQGDHTXLYDOHQWH%DViQGRVHHQODVHxDOGH326HOPyGXORGH(&03&0GHWHUPLQDODORQJLWXGGHRQGDGH
ODVVHxDOHVGH5()HOUpJLPHQGHOPRWRU\ODSRVLFLyQGHOSLVWyQ
5()(5(1&,$
&RQHFWHHORVFLORVFRSLRHQWUHORVWHUPLQDOHV&326R&5()\&PDVDGHOFRQHFWRUGHO
PyGXOR(&03&0FRQHFWDGRDO(&03&0\FRPSUXHEHODVHxDOGHOVHQVRUGH&03
,1)250$&,Ï1*(1(5$/<',$*1Ï67,&2'(/0272502725+
&21',&,Ï1'('(7(&&,Ï1'(/'7&<È5($'(/'(63(5)(&72
&21',&,Ï1'('(7(&&,Ï1'(/'7& È5($'(/'(63(5)(&72
/DVHxDOGHOVHQVRUGH&03QRHVHQWUDGDGXUDQWH &LUFXLWRGHOVHQVRUGH&03
VHJXQGRVDXQTXHODVHxDOGHDUUDQTXHGHOPRWRUHVWi 6HQVRUGH&03
VLHQGRHQWUDGD &LUFXLWRGHVHxDOGHOPRWRUGHDUUDQTXH
R (&03&0
(OSDWUyQGHODVHxDOGH5()HVLQFRUUHFWRPLHQWUDVYDUtDOD
VHxDOGH326
R
7HQVLyQGHODVHxDOGH326GHPDVLDGRDOWDRGHPDVLDGR
EDMD
352&(',0,(172'(&21),50$&,Ï1'(/'7&
127$
&RPSUXHEHSDUDDVHJXUDUVHGHTXHVHVDWLVIDFHQODVFRQGLFLRQHVVLJXLHQWHVFXDQGRVHDSOLFDHO³352&(
',0,(172'(&21),50$&,Ï1'('7&´
7HPSHUDWXUDGHODLUHGHDGPLVLyQ±&RPD\RU
7HPSHUDWXUDGHOUHIULJHUDQWHGHOPRWRU±±&
$OWLWXGSUHVLyQEDURPpWULFDPRPHQRVPP+JN3DRPiV
&RQHFWHHOLQVWUXPHQWRGHH[SORUDFLyQDO'/&FRQHOLQWHUUXSWRUGHHQFHQGLGRFRORFDGRHQODSRVLFLyQ2))
&RORTXHHOLQWHUUXSWRUGHHQFHQGLGRHQODSRVLFLyQ21\XWLOL]DQGRHOLQVWUXPHQWRGHH[SORUDFLyQERUUHHO'7&
ORV'7&SHQGLHQWHV\ORVGDWRVGHLPDJHQFRQJHODGD
+DJDJLUDUHOPRWRUGXUDQWHVHJXQGRVRPiV\PDQWHQJDHOPRWRUIXQFLRQDQGRHQUpJLPHQGHUDOHQWtGXUDQWH
PLQXWR
&RPSUXHEH'7&HPSOHDQGRHOLQVWUXPHQWRGHH[SORUDFLyQ
/2&$/,=$&,Ï1<5(3$5$&,Ï1'($9(5Ë$6
127$
6LHOFLUFXLWRGHOPRWRUGHDUUDQTXHHVWiDELHUWRHVGHFLUHOFLUFXLWRGHVHxDOGHOPRWRUGHDUUDQTXHHVWiHQ
EXHQDVFRQGLFLRQHVSHURHOPRWRUGHDUUDQTXHQRIXQFLRQDHVWH'7&HVPHPRUL]DGRFXDQGRHOLQWHUUXS
WRUGHOPRWRUGHDUUDQTXHHVWiHQ21DXQFXDQGRHOVHQVRUGH&03HVWpHQEXHQDVFRQGLFLRQHV
&XDQGRHOPRWRUGHDUUDQTXHQRIXQFLRQD\VHYLVXDOL]DHVWH'7&SULPHURFRPSUXHEHHOFLUFXLWRGHOPRWRU
GHDUUDQTXH
3DVR 2SHUDFLyQ 6t 1R
¢6HDSOLFyOD³7$%/$'()/8-2'(',$*1Ï67,&2 9D\DDOSDVR 9D\DDOD³7$%/$'(
'(/02725´" )/8-2'(',$*1Ï6
7,&2'(/02725´HQ
HVWDVHFFLyQ
¢*LUDHOPRWRUSDUDDUUDQFDU" 9D\DDOSDVR 9D\DDODVHFFLyQ*
¢+D\'7&3&LUFXLWRGHVHxDOHVGHOPRWRUGH 9D\DDOD7DEODGH)OXMRGH 9D\DDOSDVR
DUUDQTXHGHOPRWRU" GLDJQyVWLFRGHO'7&
3
&RPSUREDFLyQGHODDOLPHQWDFLyQHOpFWULFDDOVHQVRU 9D\DDOSDVR &DEOH³%/8%/.´R
GH&03 ³*5<<(/´GHIHFWXRVR
&RQHOLQWHUUXSWRUGHHQFHQGLGRHQODSRVLFLyQ
2))GHVFRQHFWHHODFRSODGRUGHOVHQVRUGH&03
&RQHOLQWHUUXSWRUGHHQFHQGLGRFRORFDGRHQOD
SRVLFLyQ21FRPSUXHEHODWHQVLyQHQWUHHOWHUPL
QDO&\HOWHUPLQDO&5HILpUDVHDOD
ILJXUD
¢(VODWHQVLyQ±9"
,1)250$&,Ï1*(1(5$/<',$*1Ï67,&2'(/0272502725+
3DVR 2SHUDFLyQ 6t 1R
&RPSUREDFLyQGHODVHxDOGHOVHQVRUGH&036HxDO 9D\DDOSDVR &DEOH³<(/*51´RVHQ
GH5() VRUGH&03GHIHFWXRVR
&RQHOLQWHUUXSWRUGHHQFHQGLGRHQODSRVLFLyQ 6LHVWiQFRQIRUPHV
2))FRQHFWHHODFRSODGRUGHOVHQVRUGH&03 UHHPSODFHSRUXQ
'HVFRQHFWHORVDFRSODGRUHVGHERELQDVGH PyGXORGH(&03&0
HQFHQGLGR\ORVLQ\HFWRUHVGHFRPEXVWLEOH HQEXHQHVWDGR\YXHOYD
&RQHOLQWHUUXSWRUGHHQFHQGLGRFRORFDGRHQOD DFRPSUREDU
SRVLFLyQ21\HOFLJHxDOJLUDGROHQWDPHQWH
FRPSUXHEHODWHQVLyQHQWUHHOWHUPLQDO&\
HOWHUPLQDO&
¢0XHVWUDHOLQGLFDGRUGHOYROWtPHWURXQDIOXFWXDFLyQ
HQWUH±9\±9YHFHVPLHQWUDVHOFLJH
xDOGDGRVYXHOWDV"
&RPSUREDFLyQGHODVHxDOGHOVHQVRUGH&036HxDO 0DODFRQH[LyQGHOWHUPLQDO &DEOH³<(/%/8´RVHQ
GH326 &\R&GH VRUGH&03GHIHFWXRVR
&RQHOLQWHUUXSWRUGHHQFHQGLGRFRORFDGRHQOD DFRSODGRUGHOPyGXORGH 6LHVWiQFRQIRUPHV
SRVLFLyQ21\HOFLJHxDOJLUDGROHQWDPHQWH (&03&0 UHHPSODFHSRUXQ
FRPSUXHEHODWHQVLyQHQWUHHOWHUPLQDO&\ 6LHVWiQFRQIRUPHVUHHP PyGXORGH(&03&0
HOWHUPLQDO& SODFHSRUXQPyGXORGH HQEXHQHVWDGR\YXHOYD
¢0XHVWUDHOLQGLFDGRUGHOYROWtPHWURXQDIOXFWXDFLyQ (&03&0HQEXHQ DFRPSUREDU
HQWUH±9\±9YHFHVPLHQWUDVHOFLJH HVWDGR\YXHOYDDFRP
xDOGDGRVYXHOWDV" SUREDU
)LJXUDSDUDHOSDVR
$FRSODGRUGHOVHQVRUGH&03GHVFRQHFWDGR
7HUPLQDO&GHOFDEOH³%/8%/.´
7HUPLQDO&GHOFDEOH³*5<<(/´
,1)250$&,Ï1*(1(5$/<',$*1Ï67,&2'(/0272502725+
'7&30DOIXQFLRQDPLHQWRGHOIOXMRGHUHFLUFXODFLyQGHJDVHVGHHVFDSH
6,67(0$',$*5$0$'(&$%/($'2
&21',&,Ï1'('(7(&&,Ï1'(/'7&<È5($'(/'(63(5)(&72
&21',&,Ï1'('(7(&&,Ï1'(/'7& È5($'(/'(63(5)(&72
'XUDQWHODGHFHOHUDFLyQUpJLPHQHOHYDGRGHOPRWRU\SRVL 9iOYXODGH(*5
FLyQFHUUDGDGHODPDULSRVDGHJDVHVTXHFRQOOHYDHOFRUWH 3DVRGH(*5
GHFRPEXVWLEOHODGLIHUHQFLDGHODSUHVLyQDEVROXWDGHO 6HQVRUGHSUHVLyQDEVROXWDGHOFROHFWRU
FROHFWRUGHDGPLVLyQHQWUHHOPRPHQWRFXDQGRODYiOYXOD (&03&0
GH(*5VHDEUHDOYDORUHVSHFLILFDGR\HOPRPHQWRFXDQGR
ODYiOYXODVHFLHUUDHVPHQRUTXHHOYDORUHVSHFLILFDGR
OyJLFDGHGHWHFFLyQGHFLFORVGHFRQGXFFLyQ
352&(',0,(172'(&21),50$&,Ï1'(/'7&
$'9(57(1&,$
&XDQGRHIHFW~HXQDSUXHEDGHFDUUHWHUDHOLMDXQOXJDUGRQGHQRKD\DWUiILFRRULHVJRGHDFFLGHQWHVGH
WUiILFR\DFW~HFRQPXFKRFXLGDGRSDUDDVtHYLWDUFXDOTXLHUDFFLGHQWH
/DSUXHEDGHFDUUHWHUDGHEHVHUHIHFWXDGDHQXQDFDUUHWHUDSODQDKRUL]RQWDOSRUSHUVRQDVXQFRQ
GXFWRU\XQHQFDUJDGRGHODSUXHED
127$
&RPSUXHEHSDUDDVHJXUDUVHGHTXHVHVDWLVIDFHQODVFRQGLFLRQHVVLJXLHQWHVFXDQGRVHDSOLFDHO³352&(
',0,(172'(&21),50$&,Ï1'('7&´
7HPSHUDWXUDGHODLUHGHDGPLVLyQ±&RPD\RU
7HPSHUDWXUDGHOUHIULJHUDQWHGHOPRWRU±±&
$OWLWXGSUHVLyQEDURPpWULFDPRPHQRVPP+JN3DRPiV
&RQHFWHHOLQVWUXPHQWRGHH[SORUDFLyQDO'/&FRQHOLQWHUUXSWRUGHHQFHQGLGRFRORFDGRHQODSRVLFLyQ2))
&RORTXHHOLQWHUUXSWRUGHHQFHQGLGRHQODSRVLFLyQ21\XWLOL]DQGRHOLQVWUXPHQWRGHHVFDQHRERUUHHO'7&ORV
'7&SHQGLHQWHV\ORVGDWRVGHLPDJHQFRQJHODGD\FDOLHQWHELHQHOPRWRU
$XPHQWHODYHORFLGDGGHOYHKtFXORD±NPK
&RQGX]FDHOYHKtFXORDHVWDYHORFLGDGGXUDQWHPLQXWRVRPiV
$XPHQWHODYHORFLGDGGHOYHKtFXORD±NPK
6XHOWHHOSHGDOGHODFHOHUDGRU\DSOLFDQGRHOIUHQRGHOPRWRUPDQWHQJDHOYHKtFXORDYDQ]DQGRSRULQHUFLD\HQVH
JXLGDGHWHQJDHOYHKtFXOR
(PSOHDQGRHOLQVWUXPHQWRGHH[SORUDFLyQFRPSUXHEHVLKD\'7&SHQGLHQWH6LQRKD\'7&SHQGLHQWHXWLOLFHHO
LQVWUXPHQWRGHH[SORUDFLyQ\FRPSUXHEHVLODSUXHEDGHYHULILFDFLyQGHOVLVWHPDGH(*5KDVLGRFRPSOHWDGD6L
HQDPEDVFRPSUREDFLRQHVDQWHULRUHVODFRPSUREDFLyQHVQHJDWLYDHVGHFLUQRKD\'7&SHQGLHQWH\QRVHKD
FRPSOHWDGRODSUXHEDGHYHULILFDFLyQGHOVLVWHPDGH(*5FRPSUXHEHODFRQGLFLyQGHOYHKtFXORDPELHQWDO\
UHSLWDORVSDVRVD
9HORFLGDGGHOYHKtFXORNPK
3DVR
,1)250$&,Ï1*(1(5$/<',$*1Ï67,&2'(/0272502725+
/2&$/,=$&,Ï1<5(3$5$&,Ï1'($9(5Ë$6
3DVR 2SHUDFLyQ 6t 1R
¢6HDSOLFyOD³7$%/$'()/8-2'(',$*1Ï67,&2 9D\DDOSDVR 9D\DDOD³7$%/$
'(/02725´" '()/8-2'(
',$*1Ï67,&2
'(/02725´HQ
HVWDVHFFLyQ
¢+D\'7&3PDOIXQFLRQDPLHQWRGHOFLUFXLWRGH 9D\DDOD7DEODGHIOXMRGH 9D\DDOSDVR
(*5" GLDJQyVWLFRGHO'7&
3
¢7LHQHXQLQVWUXPHQWRGHH[SORUDFLyQ68=8.," 9D\DDOSDVR 9D\DDOSDVR
&RPSUREDFLyQGHOIXQFLRQDPLHQWRGHODYiOYXODGH(*5 9D\DDOSDVR 9D\DDOSDVR
&RQHOLQWHUUXSWRUGHHQFHQGLGRHQODSRVLFLyQ2))
LQVWDOHHOLQVWUXPHQWRGHH[SORUDFLyQ68=8.,
&RPSUXHEHHOVLVWHPDGH(*55HILpUDVHDODVHF
FLyQ(
¢(VWiQHQEXHQDVFRQGLFLRQHV"
&RPSUREDFLyQGHOVHQVRUGH0$3 'HVSHUIHFWRLQWHUPLWHQWHR 5HSDUHRUHHP
&RPSUXHEHHOIXQFLRQDPLHQWRGHOVHQVRUGH0$3 PyGXORGH(&03&0 SODFH
5HILpUDVHDODVHFFLyQ( GHIHFWXRVR&RPSUXHEHHO
¢(VVDWLVIDFWRULRHOUHVXOWDGRGHODFRPSUREDFLyQ" GHVSHUIHFWRLQWHUPLWHQWH
5HILpUDVHD³0$/)81&,2
1$0,(172,17(50,
7(17(<&21(;,Ï1
0$/$´HQODVHFFLyQ$
&RPSUREDFLyQGHOFLUFXLWRGHDOLPHQWDFLyQHOpFWULFDGHOD 9D\DDOSDVR &DEOH³%/8%/.´
YiOYXODGH(*5 GHIHFWXRVR
&RQHOLQWHUUXSWRUGHHQFHQGLGRHQODSRVLFLyQ2))
GHVFRQHFWHHODFRSODGRUGHODYiOYXODGH(*5
&RQHOLQWHUUXSWRUGHHQFHQGLGRFRORFDGRHQODSRVL
FLyQ21FRPSUXHEHODWHQVLyQHQWUHHOWHUPLQDO&
\PDVD\HQWUHHOWHUPLQDO&\PDVD
¢(VFDGDWHQVLyQ±9"
&RPSUREDFLyQGHOFLUFXLWRGHERELQDGHOPRWRUSDVRD 9D\DDOSDVR 9iOYXODGH(*5
SDVRGHODYiOYXODGH(*5 GHIHFWXRVD
&RQHOLQWHUUXSWRUGHHQFHQGLGRHQODSRVLFLyQ2))
FRQHFWHHODFRSODGRUGHODYiOYXODGH(*5\GHVFR
QHFWHORVDFRSODGRUHVGHOPyGXORGH(&03&0
&RPSUXHEHODUHVLVWHQFLDHQWUHORVWHUPLQDOHV&
\&&&&
¢(VHOYDORUGHFDGDUHVLVWHQFLDPHGLGD±ΩD
&"
&RPSUREDFLyQGHOVHQVRUGH0$3 3DVRGH(*5REVWUXLGRR 5HSDUHRUHHP
&RPSUXHEHHOIXQFLRQDPLHQWRGHOVHQVRUGH0$3 PDOIXQFLRQDPLHQWRGHOD SODFH
5HILpUDVHDODVHFFLyQ( YiOYXODGH(*5
¢(VVDWLVIDFWRULRHOUHVXOWDGRGHODFRPSUREDFLyQ" 6LWRGRORDQWHULRUHVWiQRU
PDOKD\GHVSHUIHFWRV
LQWHUPLWHQWHVRHOPyGXOR
GH(&03&0HVWiGHIHF
WXRVR
&RPSUXHEHHOGHVSHUIHFWR
LQWHUPLWHQWH5HILpUDVHD
³0$/)81&,21$0,(172
,17(50,7(17(<
&21(;,Ï10$/$´HQOD
VHFFLyQ$
,1)250$&,Ï1*(1(5$/<',$*1Ï67,&2'(/0272502725+
&21',&,Ï1'('(7(&&,Ï1'(/'7&<È5($'(/'(63(5)(&72
&21',&,Ï1'('(7(&&,Ï1'(/'7& È5($'(/'(63(5)(&72
6HGHWHFWDFRQWLQXDPHQWHWHQVLyQDOWDHQHOFLUFXLWRHOpF 9iOYXODGH(*5PRWRUGHSDVRDSDVRRVXFLUFXLWR
WULFRGHOPRWRUGHSDVRDSDVRGHODYiOYXODGH(*5 GH(&03&0
GXUDQWHHOWLHPSRHVSHFLILFDGR
&LUFXLWRDELHUWRRFRUWRFLUFXLWR
352&(',0,(172'(&21),50$&,Ï1'(/'7&
127$
&RPSUXHEHSDUDDVHJXUDUVHGHTXHVHVDWLVIDFHQODVFRQGLFLRQHVVLJXLHQWHVFXDQGRVHDSOLFDHO³352&(
',0,(172'(&21),50$&,Ï1'('7&´
7HPSHUDWXUDGHODLUHGHDGPLVLyQ±&RPD\RU
7HPSHUDWXUDGHOUHIULJHUDQWHGHOPRWRU±±&
$OWLWXGSUHVLyQEDURPpWULFDPRPHQRVPP+JN3DRPiV
&RQHFWHHOLQVWUXPHQWRGHH[SORUDFLyQDO'/&FRQHOLQWHUUXSWRUGHHQFHQGLGRFRORFDGRHQODSRVLFLyQ2))
&RORTXHHOLQWHUUXSWRUGHHQFHQGLGRHQODSRVLFLyQ21\XWLOL]DQGRHOLQVWUXPHQWRGHH[SORUDFLyQERUUHHO'7&
ORV'7&SHQGLHQWHV\ORVGDWRVGHLPDJHQFRQJHODGD
+DJDDUUDQFDUHOPRWRU\PDQWpQJDORIXQFLRQDQGRGXUDQWHVHJXQGRV
&RPSUXHEH'7&HPSOHDQGRHOLQVWUXPHQWRGHH[SORUDFLyQ
,1)250$&,Ï1*(1(5$/<',$*1Ï67,&2'(/0272502725+
/2&$/,=$&,Ï1<5(3$5$&,Ï1'($9(5Ë$6
3DVR 2SHUDFLyQ 6t 1R
¢6HDSOLFyOD³7$%/$'()/8-2'(',$*1Ï6 9D\DDOSDVR 9D\DDOD³7$%/$'(
7,&2'(/02725´" )/8-2'(',$*1Ï6
7,&2´HQHVWDVHFFLyQ
&RPSUREDFLyQGHODYiOYXODGH(*5 9D\DDOSDVR 0DOIXQFLRQDPLHQWRGHOD
&RQHOLQWHUUXSWRUGHHQFHQGLGRHQODSRVLFLyQ YiOYXODGH(*5
2))GHVFRQHFWHHOFRQHFWRUGHODYiOYXODGH
(*5
&RPSUXHEHHQFDGDWHUPLQDOHOHVWDGRGHOD
FRQH[LyQDODYiOYXODGH(*5
6LHVWiQQRUPDOHVFRPSUXHEHODUHVLVWHQFLDGH
ODYiOYXODGH(*55HILpUDVHD³&20352%$
&,Ï1'(/$9È/98/$'((*5´HQODVHF
FLyQ(
¢(VWiHOUHVXOWDGRGHODFRPSUREDFLyQGHDFXHUGR
FRQODVHVSHFLILFDFLRQHV"
&RPSUREDFLyQGHOPD]RGHFDEOHV 'HVSHUIHFWRLQWHUPLWHQWHR &LUFXLWR³%/8%/.´³/7
&RQHFWHHOFRQHFWRUDODYiOYXODGH(*5 PyGXORGH(&03&0 *51´³/7*51:+7´³/7
'HVPRQWHODFXELHUWDGHOPyGXOR3&0(&0\ GHIHFWXRVR *51<(/´R³/7*51
GHVFRQHFWHHOFRQHFWRUGHO(&03&0 9XHOYDDFRPSUREDU 5('´DELHUWRRFRUWRFLU
&RPSUXHEHHOHVWDGRGHODFRQH[LyQDO(&0 5HILpUDVHD³0$/)81 FXLWDGRDPDVD
3&0HQORVWHUPLQDOHVUHODFLRQDGRVFRQHO &,21$0,(172,17(50,
VLVWHPD 7(17(<&21(;,Ï1
6LHVWiQFRQIRUPHVFRPSUXHEHODUHVLVWHQFLD 0$/$´HQODVHFFLyQ$
HQWUHORVWHUPLQDOHVVLJXLHQWHVGHOFRQHFWRUGHO
PyGXORGH(&03&0GHVFRQHFWDGR
5HVLVWHQFLDGHODYiOYXODGH(*5
&\&&\&&
\&&\&
±ΩD&
&\PDVD&\PDVD&\
PDVD&\PDVD
,QILQLWR∞
¢(VWiHOUHVXOWDGRGHODFRPSUREDFLyQGHDFXHUGR
FRQODVHVSHFLILFDFLRQHV"
,1)250$&,Ï1*(1(5$/<',$*1Ï67,&2'(/0272502725+
'7&3(ILFDFLDGHOVLVWHPDGHFDWDOL]DGRULQIHULRUDOOtPLWHEDQFR
',$*5$0$'(6,67(0$
'(6&5,3&,Ï1'(/&,5&8,72
/DFRQFHQWUDFLyQGHR[tJHQRHQORVJDVHVGHHVFDSHHQHOSUHFDWDOL]DGRU\HQHOSRVFDWDOL]DGRUGHO:87:&HV
GHWHFWDGDGHVGHHOVHQVRU+26\GHVGHHOVHQVRU+26UHVSHFWLYDPHQWH<GHDFXHUGRFRQWDOHVLQIRUPDFLR
QHVHO PyGXORGH(&0 3&0 FRQWUROD HOEXFOH FHUUDGRTXH FRQWUROD HO YROXPHQGH ODLQ\HFFLyQGHFRPEXVWLEOH
5HILpUDVHDODVHFFLyQ(0LHQWUDVVHHIHFW~DHOFRQWUROSUHFHGHQWH\VLHO:87:&HVWiHQEXHQDVFRQGLFLRQHV
OD WHQVLyQ GH VDOLGD GHO +26 HV PDQWHQLGD DO YDORU HVSHFLILFDGR $ PHGLGD TXH HO :87:& VH GHWHULRUD DXQ
FXDQGRHOFRQWURODQWHULRUFRQWLQ~DORVJDVHVGHHVFDSHTXHKDQSDVDGRSRUHO:87:&SDVDQHO+26WHQLHQGR
XQDFRQFHQWUDFLyQGHR[tJHQRGHHVFDSHTXHHVVHPHMDQWHDODGHOSUHFDWDOL]DGRUVLQTXHVHKD\DQR[LJHQDGRR
FRQYHUWLGR3RUHVWHPRWLYRODVIRUPDVGHODVRQGDVGHODVWHQVLRQHVGHVDOLGDGHO+26\GHO+26OOHJDQD
VHUVHPHMDQWHV(OPyGXORGH(&03&0GHWHUPLQDODGHWHULRUDFLyQGHO:87:&FRPSDUDQGRODVIRUPDVGHRQGD
GHO+26\GHO+26
&21',&,Ï1'('(7(&&,Ï1'(/'7&<È5($'(/'(63(5)(&72
&21',&,Ï1'('(7(&&,Ï1'(/'7& È5($'(/'(63(5)(&72
0LHQWUDVVHFRQGXFHHQODVFRQGLFLRQHVGHVFULWDVSDUDHO )XJDGHJDVHVGHHVFDSH
352&(',0,(172'(&21),50$&,Ï1'('7&ODIRUPD &RQYHUWLGRUFDWDOtWLFRGHWUHVYtDVFDOHQWDGR
GHRQGDGHVDOLGDGHO+26OOHJDDVHUVHPHMDQWHDOD 6HQVRUFDOHQWDGRGHR[tJHQRRVXFLUFXLWR
GHOVHQVRU+26 (&03&0
OyJLFDGHGHWHFFLyQGHFLFORVGHFRQGXFFLyQ
,1)250$&,Ï1*(1(5$/<',$*1Ï67,&2'(/0272502725+
352&(',0,(172'(&21),50$&,Ï1'(/'7&
$'9(57(1&,$
&XDQGRHIHFW~HXQDSUXHEDGHFDUUHWHUDHOLMDXQOXJDUGRQGHQRKD\DWUiILFRRULHVJRGHDFFLGHQWHVGH
WUiILFR\DFW~HFRQPXFKRFXLGDGRSDUDDVtHYLWDUFXDOTXLHUDFFLGHQWH
/DSUXHEDGHFDUUHWHUDGHEHVHUHIHFWXDGDHQXQDFDUUHWHUDSODQDKRUL]RQWDOSRUSHUVRQDVXQFRQ
GXFWRU\XQHQFDUJDGRGHODSUXHED
127$
&RPSUXHEHSDUDDVHJXUDUVHGHTXHVHVDWLVIDFHQODVFRQGLFLRQHVVLJXLHQWHVFXDQGRVHDSOLFDHO³352&(
',0,(172'(&21),50$&,Ï1'('7&´
7HPSHUDWXUDGHODLUHGHDGPLVLyQ±&RPD\RU
7HPSHUDWXUDGHOUHIULJHUDQWHGHOPRWRU±±&
$OWLWXGSUHVLyQEDURPpWULFDPRPHQRVPP+JN3DRPiV
&RQHFWHHOLQVWUXPHQWRGHH[SORUDFLyQDO'/&FRQHOLQWHUUXSWRUGHHQFHQGLGRFRORFDGRHQODSRVLFLyQ2))
&RORTXHHOLQWHUUXSWRUGHHQFHQGLGRHQODSRVLFLyQ21\XWLOL]DQGRHOLQVWUXPHQWRGHH[SORUDFLyQERUUHHO'7&
ORV'7&SHQGLHQWHV\ORVGDWRVGHLPDJHQFRQJHODGD
$XPHQWHODYHORFLGDGGHOYHKtFXORD±NPK
&RQGX]FDHOYHKtFXORDHVDYHORFLGDGGXUDQWHPLQXWRVRPiVHQHVWHSDVRODDEHUWXUDGHODPDULSRVDGH
JDVHVVHPDQWLHQHFRQVWDQWH
'HWHQJD HO YHKtFXOR \ HPSOHDQGR HO LQVWUXPHQWR GH H[SORUDFLyQ FRPSUXHEH VL KD\ '7& SHQGLHQWH 6L QR KD\
'7&SHQGLHQWHXWLOLFHHOLQVWUXPHQWRGHH[SORUDFLyQ\FRPSUXHEHVLODSUXHEDGHYHULILFDFLyQGHOFDWDOL]DGRUKD
VLGRFRPSOHWDGD6LHQDPEDVFRPSUREDFLRQHVDQWHULRUHVODFRPSUREDFLyQHVQHJDWLYDHVGHFLUQRKD\'7&
SHQGLHQWH\QRVHKDFRPSOHWDGRODSUXHEDGHYHULILFDFLyQGHOFDWDOL]DGRUFRPSUXHEHODFRQGLFLyQGHOYHKtFXOR
DPELHQWDO\UHSLWDORVSDVRVD
/2&$/,=$&,Ï1<5(3$5$&,Ï1'($9(5Ë$6
3DVR 2SHUDFLyQ 6t 1R
¢6HDSOLFyOD³7$%/$'()/8-2'(',$*1Ï6 9D\DDOSDVR 9D\DDOD³7$%/$'(
7,&2'(/02725´" )/8-2'(',$*1Ï67,&2
'(/02725´HQHVWDVHF
FLyQ
,QVSHFFLyQYLVXDOGHOVLVWHPDGHHVFDSH 9D\DDOSDVR 5HSDUHRUHHPSODFH
&RPSUXHEHVLHQHOVLVWHPDGHHVFDSHKD\
IXJDVFRQH[LRQHVIORMDV\GDxRV
¢(VWiHQEXHQDVFRQGLFLRQHV"
&RPSUREDFLyQGHODWHQVLyQGHVDOLGDGHO+26 5HHPSODFHHOFRQYHUWLGRU &RPSUXHEHVLORVFDEOHV
&RPSUXHEHODWHQVLyQGHVDOLGDGHO+26 FDWDOtWLFRGHWUHVYtDV ´5('%/.´\³*5<<(/´
5HILpUDVHDOSDVRGHOD7DEODGHIOXMRGHGLDJ FDOHQWDGR HVWiQDELHUWRV\FRUWRFLU
QyVWLFRGHO'7&3 FXLWDGRV\YHULILTXHHO
¢(VVDWLVIDFWRULRHOUHVXOWDGRGHODFRPSUREDFLyQ" HVWDGRGHODVFRQH[LRQHV
6LORVFDEOHV\ODVFRQH[LR
QHVHVWiQFRQIRUPHV
UHHPSODFHHO+26
,1)250$&,Ï1*(1(5$/<',$*1Ï67,&2'(/0272502725+
'7&3(ILFDFLDGHOVLVWHPDGHFDWDOL]DGRULQIHULRUDOOtPLWHEDQFR
',$*5$0$'(6,67(0$
'(6&5,3&,Ï1'(/&,5&8,72
/DFRQFHQWUDFLyQGHR[tJHQRHQORVJDVHVGHHVFDSHHQHOSUHFDWDOL]DGRU\HQHOSRVFDWDOL]DGRUGHO:87:&HV
GHWHFWDGDGHVGHHOVHQVRU+26\GHVGHHOVHQVRU+26UHVSHFWLYDPHQWH<GHDFXHUGRFRQWDOHVLQIRUPDFLR
QHVHO PyGXORGH(&0 3&0 FRQWUROD HOEXFOH FHUUDGRTXH FRQWUROD HO YROXPHQGH ODLQ\HFFLyQGHFRPEXVWLEOH
5HILpUDVHDODVHFFLyQ(0LHQWUDVVHHIHFW~DHOFRQWUROSUHFHGHQWH\VLHO:87:&HVWiHQEXHQDVFRQGLFLRQHV
OD WHQVLyQ GH VDOLGD GHO +26 HV PDQWHQLGD DO YDORU HVSHFLILFDGR $ PHGLGD TXH HO :87:& VH GHWHULRUD DXQ
FXDQGRHOFRQWURODQWHULRUFRQWLQ~DORVJDVHVGHHVFDSHTXHKDQSDVDGRSRUHO7:&SDVDQHO+26WHQLHQGRXQD
FRQFHQWUDFLyQGHR[tJHQRGHHVFDSHTXHHVVHPHMDQWHDODGHOSUHFDWDOL]DGRUVLQTXHVHKD\DQR[LJHQDGRRFRQ
YHUWLGR3RUHVWHPRWLYRODVIRUPDVGHODVRQGDVGHODVWHQVLRQHVGHVDOLGDGHO+26\GHO+26OOHJDQDVHU
VHPHMDQWHV(OPyGXORGH(&03&0GHWHUPLQDODGHWHULRUDFLyQGHO:87:&FRPSDUDQGRODVIRUPDVGHRQGDGHO
+26\GHO+26
&21',&,Ï1'('(7(&&,Ï1'(/'7&<È5($'(/'(63(5)(&72
&21',&,Ï1'('(7(&&,Ï1'(/'7& È5($'(/'(63(5)(&72
0LHQWUDVVHFRQGXFHHQODVFRQGLFLRQHVGHVFULWDVSDUDHO )XJDGHJDVHVGHHVFDSH
352&(',0,(172'(&21),50$&,Ï1'('7&ODIRUPD &RQYHUWLGRUFDWDOtWLFRGHWUHVYtDVFDOHQWDGR
GHRQGDGHVDOLGDGHO+26OOHJDDVHUVHPHMDQWHDOD 6HQVRUFDOHQWDGRGHR[tJHQRRVXFLUFXLWR
GHOVHQVRU+26 (&03&0
OyJLFDGHGHWHFFLyQGHFLFORVGHFRQGXFFLyQ
,1)250$&,Ï1*(1(5$/<',$*1Ï67,&2'(/0272502725+
352&(',0,(172'(&21),50$&,Ï1'(/'7&
$'9(57(1&,$
&XDQGRHIHFW~HXQDSUXHEDGHFDUUHWHUDHOLMDXQOXJDUGRQGHQRKD\DWUiILFRRULHVJRGHDFFLGHQWHVGH
WUiILFR\DFW~HFRQPXFKRFXLGDGRSDUDDVtHYLWDUFXDOTXLHUDFFLGHQWH
/DSUXHEDGHFDUUHWHUDGHEHVHUHIHFWXDGDHQXQDFDUUHWHUDSODQDKRUL]RQWDOSRUSHUVRQDVXQFRQ
GXFWRU\XQHQFDUJDGRGHODSUXHED
127$
&RPSUXHEHSDUDDVHJXUDUVHGHTXHVHVDWLVIDFHQODVFRQGLFLRQHVVLJXLHQWHVFXDQGRVHDSOLFDHO³352&(
',0,(172'(&21),50$&,Ï1'('7&´
7HPSHUDWXUDGHODLUHGHDGPLVLyQ±&RPD\RU
7HPSHUDWXUDGHOUHIULJHUDQWHGHOPRWRU±±&
$OWLWXGSUHVLyQEDURPpWULFDPRPHQRVPP+JN3DRPiV
&RQHFWHHOLQVWUXPHQWRGHH[SORUDFLyQDO'/&FRQHOLQWHUUXSWRUGHHQFHQGLGRFRORFDGRHQODSRVLFLyQ2))
&RORTXHHOLQWHUUXSWRUGHHQFHQGLGRHQODSRVLFLyQ21\XWLOL]DQGRHOLQVWUXPHQWRGHH[SORUDFLyQERUUHHO'7&
ORV'7&SHQGLHQWHV\ORVGDWRVGHLPDJHQFRQJHODGD
$XPHQWHODYHORFLGDGGHOYHKtFXORD±NPK
&RQGX]FDHOYHKtFXORDHVDYHORFLGDGGXUDQWHPLQXWRVRPiVHQHVWHSDVRODDEHUWXUDGHODPDULSRVDGH
JDVHVVHPDQWLHQHFRQVWDQWH
'HWHQJD HO YHKtFXOR \ HPSOHDQGR HO LQVWUXPHQWR GH H[SORUDFLyQ FRPSUXHEH VL KD\ '7& SHQGLHQWH 6L QR KD\
'7&SHQGLHQWHXWLOLFHHOLQVWUXPHQWRGHH[SORUDFLyQ\FRPSUXHEHVLODSUXHEDGHYHULILFDFLyQGHOFDWDOL]DGRUKD
VLGRFRPSOHWDGD6LHQDPEDVFRPSUREDFLRQHVDQWHULRUHVODFRPSUREDFLyQHVQHJDWLYDHVGHFLUQRKD\'7&
SHQGLHQWH\QRVHKDFRPSOHWDGRODSUXHEDGHYHULILFDFLyQGHOFDWDOL]DGRUFRPSUXHEHODFRQGLFLyQGHOYHKtFXOR
DPELHQWDO\UHSLWDORVSDVRVD
/2&$/,=$&,Ï1<5(3$5$&,Ï1'($9(5Ë$6
3DVR 2SHUDFLyQ 6t 1R
¢6HDSOLFyOD³7$%/$'()/8-2'(',$*1Ï6 9D\DDOSDVR 9D\DDOD³7$%/$'(
7,&2'(/02725´" )/8-2'(',$*1Ï6
7,&2'(/02725´HQ
HVWDVHFFLyQ
,QVSHFFLyQYLVXDOGHOVLVWHPDGHHVFDSH 9D\DDOSDVR 5HSDUHRUHHPSODFH
&RPSUXHEHVLHQHOVLVWHPDGHHVFDSHKD\
IXJDVFRQH[LRQHVIORMDV\GDxRV
¢(VWiHQEXHQDVFRQGLFLRQHV"
&RPSUREDFLyQGHODWHQVLyQGHVDOLGDGHO+26 5HHPSODFHHOFRQYHUWLGRU &RPSUXHEHVLORVFDEOHV
&RPSUXHEHODWHQVLyQGHVDOLGDGHO+26 FDWDOtWLFRGHWUHVYtDV ´5('<(/´\³*5<<(/´
5HILpUDVHDOSDVRGHOD7DEODGHIOXMRGHGLDJ FDOHQWDGR HVWiQDELHUWRV\FRUWRFLU
QyVWLFRGHO'7&3 FXLWDGRV\YHULILTXHHO
¢(VVDWLVIDFWRULRHOUHVXOWDGRGHODFRPSUREDFLyQ" HVWDGRGHODVFRQH[LRQHV
6LORVFDEOHV\ODVFRQH[LR
QHVHVWiQFRQIRUPHV
UHHPSODFHHO+26
,1)250$&,Ï1*(1(5$/<',$*1Ï67,&2'(/0272502725+
'7&30DOIXQFLRQDPLHQWRGHOFLUFXLWRGHODYiOYXODGHFRQWUROGHSXUJDGHO
VLVWHPDGHFRQWUROGH(9$3
6,67(0$',$*5$0$'(&$%/($'2
)XVLEOHSULQFLSDO 9iOYXODGHSXUJDGHOUHFLSLHQWHGH(9$3
5HOpSULQFLSDO (&03&0
&21',&,Ï1'('(7(&&,Ï1'(/'7&<È5($'(/'(63(5)(&72
&21',&,Ï1'('(7(&&,Ï1'(/'7& È5($'(/'(63(5)(&72
/DVHxDOGHYHULILFDFLyQGHODYiOYXODGHSXUJDGHOUHFL 9iOYXODGHSXUJDGHOUHFLSLHQWHGH(9$3\VXFLU
SLHQWHGH(9$3HVGLIHUHQWHGHODVHxDORUGHQDGD&LUFXLWR FXLWR
DELHUWRRFRUWRFLUFXLWR (&03&0
OyJLFDGHGHWHFFLyQGHFLFORVGHFRQGXFFLyQ
352&(',0,(172'(&21),50$&,Ï1'(/'7&
$'9(57(1&,$
&XDQGRHIHFW~HXQDSUXHEDGHFDUUHWHUDHOLMDXQOXJDUGRQGHQRKD\DWUiILFRRULHVJRGHDFFLGHQWHVGH
WUiILFR\DFW~HFRQPXFKRFXLGDGRSDUDDVtHYLWDUFXDOTXLHUDFFLGHQWH
/DSUXHEDGHFDUUHWHUDGHEHVHUHIHFWXDGDHQXQDFDUUHWHUDSODQDKRUL]RQWDOSRUSHUVRQDVXQFRQ
GXFWRU\XQHQFDUJDGRGHODSUXHED
127$
&RPSUXHEHSDUDDVHJXUDUVHGHTXHVHVDWLVIDFHQODVFRQGLFLRQHVVLJXLHQWHVFXDQGRVHDSOLFDHO³352&(
',0,(172'(&21),50$&,Ï1'('7&´
7HPSHUDWXUDGHODLUHGHDGPLVLyQ±&RPD\RU
7HPSHUDWXUDGHOUHIULJHUDQWHGHOPRWRU±±&
$OWLWXGSUHVLyQEDURPpWULFDPRPHQRVPP+JN3DRPiV
,1)250$&,Ï1*(1(5$/<',$*1Ï67,&2'(/0272502725+
&RQHFWHHOLQVWUXPHQWRGHH[SORUDFLyQDO'/&FRQHOLQWHUUXSWRUGHHQFHQGLGRFRORFDGRHQODSRVLFLyQ2))
&RORTXHHOLQWHUUXSWRUGHHQFHQGLGRHQODSRVLFLyQ21\XWLOL]DQGRHOLQVWUXPHQWRGHH[SORUDFLyQERUUHHO'7&
ORV'7&SHQGLHQWHV\ORVGDWRVGHLPDJHQFRQJHODGD
+DJDDUUDQFDU\FDOLHQWHHOPRWRUDVXWHPSHUDWXUDQRUPDOGHIXQFLRQDPLHQWR
$XPHQWHODYHORFLGDGGHOYHKtFXORDNPKRPiV
&RQGX]FDHOYHKtFXORDHVDYHORFLGDGGXUDQWHPLQXWRVRPiVHQHVWHSDVRVHSHUPLWHFDPELDUODYHORFLGDG
GHOYHKtFXOR
6XHOWHHOSHGDOGHODFHOHUDGRUGHWHQJDHOYHKtFXOR\KDJDIXQFLRQDUHOPRWRUHQUpJLPHQGHUDOHQWtGXUDQWH
PLQXWRV
&RQHOLQVWUXPHQWRGHH[SORUDFLyQFRPSUXHEHHO'7&\ORV'7&SHQGLHQWHV
/2&$/,=$&,Ï1<5(3$5$&,Ï1'($9(5Ë$6
3DVR 2SHUDFLyQ 6t 1R
¢6HDSOLFyOD³7$%/$'()/8-2'(',$*1Ï6 9D\DDOSDVR 9D\DDOD³7$%/$'(
7,&2'(/02725´" )/8-2'(',$*1Ï67,&2
'(/02725´HQHVWDVHF
FLyQ
&RPSUXHEHHOIXQFLRQDPLHQWRGHOVLVWHPDGH 'HVSHUIHFWRLQWHUPLWHQWHR 9D\DDOSDVR
SXUJDGHOUHFLSLHQWHGH(9$35HILpUDVHD³&20 PyGXORGH(&03&0
352%$&,Ï1'(/6,67(0$'(385*$'(/ GHIHFWXRVR
5(&,3,(17('((9$3´HQHVWDVHFFLyQ &RPSUXHEHHOGHVSHUIHFWR
¢(VVDWLVIDFWRULRHOUHVXOWDGRGHODFRPSURED LQWHUPLWHQWH5HILpUDVHD
FLyQ" ³0$/)81&,21$0,(172
,17(50,7(17(<
&21(;,Ï10$/$´HQOD
VHFFLyQ$
&RPSUXHEHODUHVLVWHQFLDGHODYiOYXODGHSXUJD &LUFXLWR´*51%/.³R 5HHPSODFHODYiOYXODGH
GHOUHFLSLHQWHGH(9$35HILpUDVHD³&20352 ³%/8%/.´DELHUWRRHQ SXUJDGHOUHFLSLHQWHGH
%$&,Ï1'(/$9È/98/$'(385*$'(/ FRUWRFLUFXLWR (9$3
5(&,3,(17('((9$3´HQHVWDVHFFLyQ 6LORVFDEOHV\ODVFRQH[LR
¢(VWiODUHVLVWHQFLDFRQIRUPHFRQODVHVSHFLILFD QHVHVWiQFRQIRUPHV
FLRQHV" UHHPSODFHSRUXQPyGXOR
GH(&03&0HQEXHQ
HVWDGR\YXHOYDDFRPSUR
EDU
,1)250$&,Ï1*(1(5$/<',$*1Ï67,&2'(/0272502725+
&RPSUREDFLyQGHOVLVWHPDGHSXUJDGHOUHFLSLHQWHGH
(9$3
&DOLHQWHHOPRWRUKDVWDTXHOOHJXHDODWHPSHUDWXUDQRUPDOGH
IXQFLRQDPLHQWR
/HYDQWH HO YHKtFXOR SDUD TXH WRGDV ODV UXHGDV SXHGDQ JLUDU
OLEUHPHQWH
)LMHODWUDQVPLVLyQPDQXDO07HQODSRVLFLyQ³3XQWRPXHUWR´
R OD $7 HQ D OD SRVLFLyQ ³3´ \ DSOLTXH HO IUHQR GH HVWDFLRQD
PLHQWR
'HVFRQHFWHODPDQJXHUDGHSXUJDGHOUHFLSLHQWHGH(9$3
&RORTXHXQGHGRFRQWUDHOH[WUHPRGHODPDQJXHUDGHVFR
QHFWDGD\FRPSUXHEHTXHQRVHVLHQWHYDFtRFXDQGRHOPRWRU
HVWiIXQFLRQDQGRHQUpJLPHQGHUDOHQWt
/LEHUHODSDODQFDGHOIUHQRGHHVWDFLRQDPLHQWRILMHODWUDQVIH
UHQFLDHQODSRVLFLyQ³+´\OD07HQDODSRVLFLyQ³´ROD$
7HQODSRVLFLyQ³/´
$'9(57(1&,$
3DUDHVWDFRPSUREDFLyQDVHJ~UHVHGHTXHODWUDQVIHUHQFLD
HVWi FRORFDGD HQ OD SRVLFLyQ ³+´ 6L HVWi FRORFDGD HQ OD
SRVLFLyQ³+´y³/´ODVUXHGDVGHODQWHUDV\WUDVHUDVJLUD
UiQ D DOWD YHORFLGDG \ HVWR FUHDUi XQD VLWXDFLyQ PX\ SHOL
JURVD
$GHPiVFRPSUXHEHTXHVHVLHQWHYDFtRFXDQGRHOUpJLPHQGHO
PRWRUDXPHQWDDPiVGHUSP\PDQWHQJDHVWHUpJLPHQ
GXUDQWHPLQXWRVRPiV6LHOUHVXOWDGRGHODFRPSUREDFLyQ
QRFRQFXHUGDFRQORGHVFULWRHQORVSDVRV\FRPSUXHEH
ODYiOYXODGHSXUJDGHOUHFLSLHQWHGH(9$3PD]RGHFDEOHV\HO
SDVRGHYDFtR
,QVSHFFLyQGHFRQGXFWRGHYDFtR
+DJDDUUDQFDUHOPRWRU\PDQWpQJDORIXQFLRQDQGRHQUDOHQWt&RQHO
GHGR FRORFDGR FRQWUD OD ERTXLOOD GH YDFtR FRPSUXHEH VL VH
1 DSOLFDYDFtR
6L QR VH DSOLFD YDFtR OLPSLH HO FRQGXFWR GHO YDFtR VRSODQGR DLUH
FRPSULPLGR
,1)250$&,Ï1*(1(5$/<',$*1Ï67,&2'(/0272502725+
,QVSHFFLyQGHPDQJXHUDGHYDFtR
&RPSUXHEHVLHQODVFRQH[LRQHVGHODPDQJXHUDKD\REVWUXFFLRQHV
IXJDVRGHWHULRUDFLRQHV
5HHPSODFHVLHVQHFHVDULR
&RPSUREDFLyQGHODYiOYXODGHSXUJDGHOUHFLSLHQWHGH
(9$3\VXFLUFXLWR
&RQHFWHHOLQVWUXPHQWRGHH[SORUDFLyQ68=8.,DO'/&FRQ
HOLQWHUUXSWRUGHHQFHQGLGRFRORFDGRHQODSRVLFLyQ2))\GHV
FRQHFWHODVPDQJXHUDVGHYDFtRGHFDGDWXER
&RORTXHHOLQWHUUXSWRUGHHQFHQGLGRHQODSRVLFLyQ21ERUUHHO
'7& \ VHOHFFLRQH HO PRGR GH ³0,6& 7(67 3UXHED PLVFHOi
QHD´HQHOLQVWUXPHQWRGHH[SORUDFLyQ68=8.,
&RQHODFRSODGRUGHVFRQHFWDGRVRSOHHQODPDQJXHUD³$´
1RGHEHVDOLUDLUHSRUODPDQJXHUD³%´
&RQHFWHXQDEDWHUtDGH9DORVWHUPLQDOHVGHODYiOYXOD
GH SXUJD GHO UHFLSLHQWH GH (9$3 (Q HVWH HVWDGR VRSOH HQ OD
PDQJXHUD³$´'HEHVDOLUDLUHSRUODPDQJXHUD³%´
6LHOUHVXOWDGRGHODFRPSUREDFLyQQRFRUUHVSRQGHFRQORHVSH
FLILFDGRUHHPSODFHODYiOYXODGHSXUJDGHOUHFLSLHQWHGH(9$3
$'9(57(1&,$
1RDVSLUHDLUHSRUODYiOYXOD(QHIHFWRORVYDSRUHVGHFRP
EXVWLEOHTXHKD\GHQWURGHYiOYXODVRQWy[LFRV
&RQHFWHODVPDQJXHUDVGHYDFtR
&RQHFWHGHPDQHUDVHJXUDHODFRSODGRUGHODYiOYXODGHSXUJD
GHOUHFLSLHQWHGH(9$3
,1)250$&,Ï1*(1(5$/<',$*1Ï67,&2'(/0272502725+
'7&3(QWUDGDDOWDGHOFLUFXLWRGHOVHQVRUGHQLYHOGHOFRPEXVWLEOH
',$*5$0$'(&$%/($'2'(6&5,3&,Ï1'(/&,5&8,72
6HQVRUGHQLYHOGHOFRPEXVWLEOH
,QGLFDGRUGHFRPEXVWLEOHHQHOLQGLFDGRUFRPELQDGR
(&03&0
&21',&,Ï1'('(7(&&,Ï1'(/'7&<È5($'(/'(63(5)(&72
&21',&,Ï1'('(7(&&,Ï1'(/'7& È5($'(/'(63(5)(&72
6HGHWHFWDWHQVLyQGHVDOLGDGHOVHQVRUGHQLYHOGHFRP 0HGLGRUGHQLYHOGHOFRPEXVWLEOHRVXFLUFXLWR
EXVWLEOHPiVDOWDTXHHOYDORUHVSHFLILFDGRGXUDQWHHO 6HQVRUGHQLYHOGHOFRPEXVWLEOHRVXFLUFXLWR
WLHPSRHVSHFLILFDGR (&03&0
OyJLFDGHGHWHFFLyQGHFLFORVGHFRQGXFFLyQ
352&(',0,(172'(&21),50$&,Ï1'(/'7&
127$
&RPSUXHEHSDUDDVHJXUDUVHGHTXHVHVDWLVIDFHQODVFRQGLFLRQHVVLJXLHQWHVFXDQGRVHDSOLFDHO³352&(
',0,(172'(&21),50$&,Ï1'('7&´
7HPSHUDWXUDGHODLUHGHDGPLVLyQ±&RPD\RU
7HPSHUDWXUDGHOUHIULJHUDQWHGHOPRWRU±±&
$OWLWXGSUHVLyQEDURPpWULFDPRPHQRVPP+JN3DRPiV
&RQHFWHHOLQVWUXPHQWRGHH[SORUDFLyQDO'/&FRQHOLQWHUUXSWRUGHHQFHQGLGRFRORFDGRHQODSRVLFLyQ2))
&RORTXHHOLQWHUUXSWRUGHHQFHQGLGRHQODSRVLFLyQ21\XWLOL]DQGRHOLQVWUXPHQWRGHHVFDQHRERUUHHO'7&'7&
SHQGLHQWHV\GDWRVGHLPDJHQFRQJHODGD\KDJDIXQFLRQDUHOPRWRUGXUDQWHPLQXWR
(PSOHDQGRHOLQVWUXPHQWRGHH[SORUDFLyQFRPSUXHEHVLKD\'7&SHQGLHQWH
,1)250$&,Ï1*(1(5$/<',$*1Ï67,&2'(/0272502725+
/2&$/,=$&,Ï1<5(3$5$&,Ï1'($9(5Ë$6
3DVR 2SHUDFLyQ 6t 1R
¢6HDSOLFyOD³7$%/$'()/8-2'(',$*1Ï6 9D\DDOSDVR 9D\DDOD³7$%/$'(
7,&2'(/02725´" )/8-2'(',$*1Ï6
7,&2´HQHVWDVHFFLyQ
¢,QGLFD³(´(PSW\YDFtRHOLQGLFDGRUGHFRPEXV /OHQHHOGHSyVLWRGHFRP 9D\DDOSDVR
WLEOHHQHOLQGLFDGRUFRPELQDGR" EXVWLEOH\HQVHJXLGDYD\D
DOSDVR
&RPSUXHEHHOVHQVRUGHQLYHOGHOFRPEXVWLEOH\VX 9D\DDOSDVR 'HVSHUIHFWRLQWHUPLWHQWHR
FLUFXLWR PyGXORGH(&03&0
&RPSUXHEHODWHQVLyQHQWUHHOWHUPLQDO( GHIHFWXRVR
\ODPDVDFRQHOLQWHUUXSWRUGHHQFHQGLGRHQOD &RPSUXHEHHOGHVSHU
SRVLFLyQ21 IHFWRLQWHUPLWHQWH5HILp
¢(VODWHQVLyQDSURR[LPDGDPHQWH9RPiV" UDVHD³0$/
)81&,21$0,(172
,17(50,7(17(<
&21(;,Ï10$/$´HQOD
VHFFLyQ$
¢(VODWHQVLyQ³±9´HQHOSDVR" &LUFXLWR³%/8:+7´FRUWR 9D\DDOSDVR
FLUFXLWDGRDOFLUFXLWRGHDOL
PHQWDFLyQHOpFWULFDRPDO
IXQFLRQDPLHQWRGHOLQGLFD
GRUGHQLYHOGHOFRPEXVWL
EOH
&RPSUXHEHHOVHQVRUGHQLYHOGHOFRPEXVWLEOH &LUFXLWR³%/8:+7´R &RPSUXHEHORVFDEOHV
&RORTXHHOLQWHUUXSWRUGHHQFHQGLGRHQODSRVL ³%/.<(/´DELHUWR ³%/8:+7´\³%/.<(/´
FLyQ2))\GHVFRQHFWHXQFRQHFWRU/± 6LORVFDEOHV\ODVFRQH[LR HQWUHODVFRQH[LRQHV5
5GHOVHQVRUGHQLYHOGHOFRPEXVWLEOH QHVHVWiQFRQIRUPHV \5
&RPSUXHEHHOHVWDGRGHODFRQH[LyQDOVHQVRU UHHPSODFHSRUXQPyGXOR 6LHVWiQQRUPDOHVUHHP
GHQLYHOGHOFRPEXVWLEOHHQORVWHUPLQDOHV GH(&03&0HQEXHQ SODFHHOVHQVRUGHQLYHO
/\/ HVWDGR\YXHOYDDFRPSUR GHOFRPEXVWLEOH
6LHVWiQRUPDOSURFHGDDPHGLUODUHVLVWHQFLD EDU
HQWUHORVWHUPLQDOHV5\55HILpUDVH
D³0(','25'(1,9(/'(/&20%867,%/(
0(','25'(/75$160,625´HQODVHF
FLyQ&
¢(VWiHOYDORUPHGLGRFHUFDGHXQRGHORVYDORUHV
DQWHVLQGLFDGRV"
,1)250$&,Ï1*(1(5$/<',$*1Ï67,&2'(/0272502725+
9HORFtPHWUR
6HQVRUGHYHORFLGDGGHOYHKtFXOR
0yGXORGHFRQWUROGHOFUXFHURVLHVWiHTXLSDGR
(&03&0
&21',&,Ï1'('(7(&&,Ï1'(/'7&<È5($'(/'(63(5)(&72
&21',&,Ï1'('(7(&&,Ï1'(/'7& È5($'(/'(63(5)(&72
1RHQWUDVHxDOGHYHORFLGDGGHOYHKtFXORDXQTXHVHPDQ &LUFXLWRGHOVHQVRUGHYHORFLGDGGHOYHKtFXORDELHUWRR
WLHQHFRUWDGRHOFRPEXVWLEOHGXUDQWHPiVGHVHJXQGRV HQFRUWRFLUFXLWR
OyJLFDGHGHWHFFLyQGHFLFORVGHFRQGXFFLyQ 6HQVRUGHYHORFLGDGGHOYHKtFXOR
(QJUDQDMHLPSXOVRUGHOVHQVRUGHYHORFLGDGGHOYHKt
FXORRHQJUDQDMHLPSXOVDGR
0DOIXQFLRQDPLHQWRGHOYHORFtPHWUR
0DOIXQFLRQDPLHQWRGHOPyGXORGHFRQWUROGHFUXFHUR
VLHVWiHTXLSDGR
(&03&0
,1)250$&,Ï1*(1(5$/<',$*1Ï67,&2'(/0272502725+
352&(',0,(172'(&21),50$&,Ï1'(/'7&
$'9(57(1&,$
&XDQGRHIHFW~HXQDSUXHEDGHFDUUHWHUDHOLMDXQOXJDUGRQGHQRKD\DWUiILFRRULHVJRGHDFFLGHQWHVGH
WUiILFR\DFW~HFRQPXFKRFXLGDGRSDUDDVtHYLWDUFXDOTXLHUDFFLGHQWH
/DSUXHEDGHFDUUHWHUDGHEHVHUHIHFWXDGDHQXQDFDUUHWHUDSODQDKRUL]RQWDOSRUSHUVRQDVXQFRQ
GXFWRU\XQHQFDUJDGRGHODSUXHED
127$
&RPSUXHEHSDUDDVHJXUDUVHGHTXHVHVDWLVIDFHQODVFRQGLFLRQHVVLJXLHQWHVFXDQGRVHDSOLFDHO³352&(
',0,(172'(&21),50$&,Ï1'('7&´
7HPSHUDWXUDGHODLUHGHDGPLVLyQ±&RPD\RU
7HPSHUDWXUDGHOUHIULJHUDQWHGHOPRWRU±±&
$OWLWXGSUHVLyQEDURPpWULFDPRPHQRVPP+JN3DRPiV
&RQHFWHHOLQVWUXPHQWRGHH[SORUDFLyQDO'/&FRQHOLQWHUUXSWRUGHHQFHQGLGRFRORFDGRHQODSRVLFLyQ2))
&RORTXHHOLQWHUUXSWRUGHHQFHQGLGRHQODSRVLFLyQ21\XWLOL]DQGRHOLQVWUXPHQWRGHHVFDQHRERUUHHO'7&ORV
'7&SHQGLHQWHV\ORVGDWRVGHLPDJHQFRQJHODGD\FDOLHQWHELHQHOPRWRU
$XPHQWHODYHORFLGDGGHOYHKtFXORD±NPK
6XHOWH HO SHGDO GHO DFHOHUDGRU \ DSOLFDQGR HO IUHQR GHO PRWRU PDQWHQJD HO YHKtFXOR DYDQ]DQGR SRU LQHUFLD
GXUDQWHVHJXQGRV\HQVHJXLGDGHWHQJDHOYHKtFXOR
(PSOHDQGRHOLQVWUXPHQWRGHH[SORUDFLyQFRPSUXHEHVLKD\'7&SHQGLHQWH
/2&$/,=$&,Ï1<5(3$5$&,Ï1'($9(5Ë$6
3DVR 2SHUDFLyQ 6t 1R
¢6HDSOLFyOD³7$%/$'()/8-2'(',$*1Ï6 9D\DDOSDVR 9D\DDOD³7$%/$'(
7,&2'(/02725´" )/8-2'(',$*1Ï6
7,&2'(/02725´HQ
HVWDVHFFLyQ
¢,QGLFDHOYHORFtPHWURODYHORFLGDGGHOYHKtFXOR" &DEOH³%/8<(/´GHIHFWXRVR 9D\DDOSDVR
RPDODFRQH[LyQ&
6LHOFDEOH\ODVFRQH[LRQHV
HVWiQFRQIRUPHVKD\XQGHV
SHUIHFWRLQWHUPLWHQWHRHO
PyGXORGH(&03&0HVWi
GHIHFWXRVR
&RPSUXHEHHOGHVSHUIHFWR
LQWHUPLWHQWH5HILpUDVHD³0$/
)81&,21$0,(172,17(50,
7(17(<&21(;,Ï10$/$´
HQODVHFFLyQ$
&RPSUREDFLyQGHODDOLPHQWDFLyQHOpFWULFDDO 9D\DDOSDVR &DEOH³%/.%/8´R
966 ³%/.<(/´DELHUWRR
&RQHOLQWHUUXSWRUGHHQFHQGLGRHQODSRVL FRUWRFLUFXLWDGR
FLyQ2))GHVPRQWHHODFRSODGRUGHO966
&RQHOLQWHUUXSWRUGHHQFHQGLGRFRORFDGRHQ
ODSRVLFLyQ21GHMDQGRHOPRWRUSDUDGR
FRPSUXHEHODWHQVLyQHQWUHORVWHUPLQDOHV
&\&GHODFRSODGRUGHO966
¢(VODWHQVLyQ±9"
&RPSUREDFLyQGHOPD]RGHFDEOHVGHO966 9D\DDOSDVR 9D\DDOSDVR
&RQHOLQWHUUXSWRUGHHQFHQGLGRFRORFDGRHQ
ODSRVLFLyQ21GHMDQGRHOPRWRUSDUDGR
FRPSUXHEHODWHQVLyQHQWUHORVWHUPLQDOHV
&\&GHODFRSODGRUGHO966
¢(VODWHQVLyQ9RPiV"
,1)250$&,Ï1*(1(5$/<',$*1Ï67,&2'(/0272502725+
3DVR 2SHUDFLyQ 6t 1R
,QVSHFFLyQYLVXDOGHO966 0DODFRQH[LyQGHO966RPDO 5HHPSODFHHOVHQVRUGH
'HVPRQWHHOVHQVRUGH9665HILpUDVHDOD IXQFLRQDPLHQWRGHO966 966
VHFFLyQ³75$16)(5(1&,$´ 6LODFRQH[LyQHVWiFRQIRUPH
&RPSUXHEHVLORVHQJUDQDMHVSURSXOVRU\ UHHPSODFHSRUXQ966HQ
SURSXOVDGRGHO966HVWiQGDxDGRVRGHV EXHQHVWDGR\YXHOYDDFRP
JDVWDGRVH[FHVLYDPHQWH SUREDU
¢(VWiQHQEXHQDVFRQGLFLRQHV"
&RPSUREDFLyQGHOFLUFXLWRGHOYHORFtPHWUR 5HHPSODFHSRUXQLQGLFDGRU 9D\DDOSDVR
&RORTXHHOLQWHUUXSWRUGHHQFHQGLGRHQOD FRPELQDGRHQEXHQHVWDGR\
SRVLFLyQ2))\GHVFRQHFWHHODFRSODGRU* YXHOYDDFRPSUREDU
GHOLQGLFDGRUFRPELQDGR
&RQHOLQWHUUXSWRUGHHQFHQGLGRFRORFDGRHQ
ODSRVLFLyQ21GHMDQGRHOPRWRUSDUDGR
FRPSUXHEHODWHQVLyQHQWUHORVWHUPLQDOHV
&\&GHODFRSODGRUGHO966
¢(VODWHQVLyQ9RPiV"
&RPSUREDFLyQGHOFLUFXLWRGHOPyGXORGHFRQWURO 5HHPSODFHSRUXQPyGXORGH &DEOH³%/8<(/´
GHFUXFHURVLHVWiHTXLSDGR FRQWUROGHOFUXFHURHQSHUIHFWR DELHUWRRFRUWRFLUFXL
&RQHOLQWHUUXSWRUGHHQFHQGLGRHQODSRVL HVWDGR\YXHOYDDFRPSUREDU WDGRRPyGXORGH(&0
FLyQ2))GHVFRQHFWHHODFRSODGRU(GHO 3&0GHIHFWXRVR
PyGXORGHFRQWUROGHFUXFHUR 6LORVFDEOHV\ODV
&RQHOLQWHUUXSWRUGHHQFHQGLGRFRORFDGRHQ FRQH[LRQHVHVWiQFRQ
ODSRVLFLyQ21GHMDQGRHOPRWRUSDUDGR IRUPHVUHHPSODFHSRU
FRPSUXHEHODWHQVLyQHQWUHORVWHUPLQDOHV XQPyGXORGH(&0
&\&GHODFRSODGRUGHO966 3&0HQEXHQHVWDGR
¢(VODWHQVLyQ9RPiV" \YXHOYDDFRPSUREDU
>$@)LJSDUDHOSDVR>%@)LJSDUDORVSDVRV
$FRSODGRUGHO966
7HUPLQDO&GHOFDEOH³%/8<(/´
7HUPLQDO&GHOFDEOH³%/.<(/´
7HUPLQDO&GHOFDEOH³%/8%/.´
)LJXUDSDUDHOSDVR
$FRSODGRUGHO966
(QJUDQDMHFRQGXFLGRGHO966
(QJUDQDMHFRQGXFWRUGHO966
,1)250$&,Ï1*(1(5$/<',$*1Ï67,&2'(/0272502725+
'7&30DOIXQFLRQDPLHQWRGHOVLVWHPDGHFRQWUROGHODLUHGHUDOHQWt
6,67(0$',$*5$0$'(&$%/($'2
&21',&,Ï1'('(7(&&,Ï1'(/'7&<È5($'(/'(63(5)(&72
&21',&,Ï1'('(7(&&,Ï1'(/'7& È5($'(/'(63(5)(&72
(OUpJLPHQGHUDOHQWtGHOPRWRUHVFRQWLQXDPHQWHLQIHULRUHQ 9iOYXODGH,$&RVXFLUFXLWR
USPRPiVDOUpJLPHQPHWDGHUDOHQWtGXUDQWHPiVGH $VSLUDFLyQDQRUPDOGHDLUHHQHOVLVWHPDGHO
VHJXQGRV DGPLVLyQGHDLUH
R 9iOYXODGH),$DLUHGHUDOHQWtUiSLGRGHIHF
(OUpJLPHQGHUDOHQWtGHOPRWRUHVFRQWLQXDPHQWHVXSHULRUHQ WXRVD
USPRPiVDOUpJLPHQPHWDGHUDOHQWtGXUDQWHPiVGH
VHJXQGRV
OyJLFDGHGHWHFFLyQGHFLFORVGHFRQGXFFLyQ
,1)250$&,Ï1*(1(5$/<',$*1Ï67,&2'(/0272502725+
352&(',0,(172'(&21),50$&,Ï1'(/'7&
127$
&RPSUXHEHSDUDDVHJXUDUVHGHTXHVHVDWLVIDFHQODVFRQGLFLRQHVVLJXLHQWHVFXDQGRVHDSOLFDHO³352&(
',0,(172'(&21),50$&,Ï1'('7&´
7HPSHUDWXUDGHODLUHGHDGPLVLyQ±&RPD\RU
7HPSHUDWXUDGHOUHIULJHUDQWHGHOPRWRU±±&
$OWLWXGSUHVLyQEDURPpWULFDPRPHQRVPP+JN3DRPiV
&RQHFWHHOLQVWUXPHQWRGHH[SORUDFLyQDO'/&FRQHOLQWHUUXSWRUGHHQFHQGLGRFRORFDGRHQODSRVLFLyQ2))
&RORTXHHOLQWHUUXSWRUGHHQFHQGLGRHQODSRVLFLyQ21\XWLOL]DQGRHOLQVWUXPHQWRGHHVFDQHRERUUHHO'7&ORV
'7&SHQGLHQWHV\ORVGDWRVGHLPDJHQFRQJHODGD\FDOLHQWHELHQHOPRWRU
(QVHJXLGDKDJDIXQFLRQDUHOPRWRUHQUpJLPHQGHUDOHQWtGXUDQWHPLQXWR
(PSOHDQGRHOLQVWUXPHQWRGHH[SORUDFLyQFRPSUXHEHVLKD\'7&SHQGLHQWH
/2&$/,=$&,Ï1<5(3$5$&,Ï1'($9(5Ë$6
3DVR 2SHUDFLyQ 6t 1R
¢6HDSOLFyOD³7$%/$'()/8-2'(',$*1Ï6 9D\DDOSDVR 9D\DDOD³7$%/$'(
7,&2'(/02725´" )/8-2'(',$*1Ï67,&2
'(/02725´HQHVWDVHF
FLyQ
&RPSUREDFLyQGHOUpJLPHQGHUDOHQWt 'HVSHUIHFWRLQWHUPLWHQWHR 9D\DDOSDVR
&RPSUXHEHHOUpJLPHQGHUDOHQWtGHOPRWRU PyGXORGH(&03&0
5HILpUDVHD³&20352%$&,Ï1'(/5e*, GHIHFWXRVR
0(1'(5$/(17Ë6(59,&,2'(&21 &RPSUXHEHHOGHVSHUIHFWR
752/'(/$9È/98/$'($,5('( LQWHUPLWHQWH5HILpUDVHD
5$/(17Ë´HQODVHFFLyQ( ³0$/)81&,21$0,(172
¢(VWiHOUpJLPHQGHUDOHQWtFRQIRUPHFRQODV ,17(50,7(17(<
HVSHFLILFDFLRQHV" &21(;,Ï10$/$´HQOD
VHFFLyQ$
&RPSUREDFLyQGHODYiOYXODGH,$& 9D\DDOSDVR 9D\DDOSDVR
&RPSUXHEHODYiOYXODGH,$&5HILpUDVHD
³&20352%$&,Ï1'(/$9È/98/$'(
,$&´HQODVHFFLyQ(
¢(VWiHOUHVXOWDGRGHODFRPSUREDFLyQGH
DFXHUGRFRQODVHVSHFLILFDFLRQHV"
&RPSUREDFLyQGHOFLUFXLWRGHODYiOYXODGH,$& 9D\DDOSDVR &DEOH´/7*51%/.³
&RORTXHHOLQWHUUXSWRUGHHQFHQGLGRHQOD ³33/%/.´³*5<%/8´R
SRVLFLyQ2))\GHVFRQHFWHORVDFRSODGRUHV ³33/<(/´DELHUWRRHQ
GHOPyGXORGH(&03&0 FRUWRFLUFXLWR
&RPSUXHEHHOHVWDGRGHODFRQH[LyQDODYiO 6LORVFDEOHV\ODVFRQH[LR
YXODGH,$&HQORVWHUPLQDOHV&& QHVHVWiQFRQIRUPHV
&\& UHHPSODFHODYiOYXODGH
6LHVWiFRQIRUPHFRPSUXHEHODUHVLVWHQFLD ,$&
HQWUHORVWHUPLQDOHV&\&&
\&
¢(VFDGDUHVLVWHQFLD±Ω"
,1)250$&,Ï1*(1(5$/<',$*1Ï67,&2'(/0272502725+
3DVR 2SHUDFLyQ 6t 1R
&RPSUREDFLyQGHWHQVLyQGHODDOLPHQWDFLyQHOpF 0DOIXQFLRQDPLHQWRGHOD &DEOH³%/8%/.´DELHUWR
WULFDDODYiOYXODGH,$& YiOYXODGH,$&RGHO
&RQHFWHORVDFRSODGRUHVGHOPyGXORGH(&0 PyGXORGH(&03&0
3&0
&RQHOLQWHUUXSWRUGHHQFHQGLGRHQODSRVLFLyQ
2))GHVFRQHFWHHODFRSODGRU&GHODYiO
YXODGH,$&
&RQHOLQWHUUXSWRUGHHQFHQGLGRFRORFDGRHQ
ODSRVLFLyQ21FRPSUXHEHODWHQVLyQHQWUHHO
WHUPLQDO&\PDVD\HQWUHHOWHUPLQDO
&\PDVD
¢(VFDGDWHQVLyQ±9"
(QHOSDVR¢HUDHOUpJLPHQGHUDOHQWtVXSHULRU &RPSUXHEHHOIXQFLRQD &RPSUXHEHODVSLH]DVR
DOYDORUHVSHFLILFDGR" PLHQWRGHODYiOYXODGH VLVWHPDTXHSXHGHQVHUOD
),$ FDXVDGHOUpJLPHQEDMRGH
&RPSUXHEHVLKD\DVSLUD UDOHQWt
FLyQDQRUPDOGHDLUHSURFH &RPSUXHEHVLODYiOYXODGH
GHQWHGHOFROHFWRUGH ),$HVWiDWDVFDGD
DGPLVLyQFXHUSRGHPDUL $VSLUDFLyQGHDLUHGHHQWUH
SRVDYiOYXODGH3&9\ HOFXHUSRGHPDULSRVD\HO
VLVWHPDGHFRQWUROGH VHQVRUGH0$)PDOIXQFLR
SXUJDGHOUHFLSLHQWHGH QDPLHQWRGHODYiOYXODGH
(9$3 (*5IXJDVGHVGHHO
DVLHQWRGHODYiOYXOD
FDUJDGHOPRWRUSRUDFFH
VRULRVFRQGXFWRREVWUXLGR
GHDLUHGHUDOHQWtPHFi
QLFDGHOPRWRUVREUHFDOHQ
WDPLHQWRGHOPRWRUHWF
&21',&,Ï1'('(7(&&,Ï1'(/'7&<È5($'(/'(63(5)(&72
&21',&,Ï1'('(7(&&,Ï1'(/'7& È5($'(/'(63(5)(&72
(UURUGHHVFULWXUDGHGDWRVRHUURUGHVXPDGHFRQWURO (&03&0
352&(',0,(172'(&21),50$&,Ï1'(/'7&
&RQHFWHHOLQVWUXPHQWRGHH[SORUDFLyQDO'/&FRQHOLQWHUUXSWRUGHHQFHQGLGRFRORFDGRHQODSRVLFLyQ2))
&RORTXHHOLQWHUUXSWRUGHHQFHQGLGRHQODSRVLFLyQ21\XWLOL]DQGRHOLQVWUXPHQWRGHH[SORUDFLyQERUUHHO'7&
ORV'7&SHQGLHQWHV\ORVGDWRVGHLPDJHQFRQJHODGD
+DJDDUUDQFDUHOPRWRU\PDQWpQJDORIXQFLRQDQGRHQUDOHQWtVLHVSRVLEOH
(PSOHDQGRHOLQVWUXPHQWRGHH[SORUDFLyQFRPSUXHEH'7&
/2&$/,=$&,Ï1<5(3$5$&,Ï1'($9(5Ë$6
5HHPSODFHSRUXQPyGXORGH(&03&0HQSHUIHFWRHVWDGR\YXHOYDDFRPSUREDU
,1)250$&,Ï1*(1(5$/<',$*1Ï67,&2'(/0272502725+
'7&30DOIXQFLRQDPLHQWRGHOFLUFXLWRGHOVHQVRUGHSUHVLyQDEVROXWDGHO
FROHFWRU
',$*5$0$'(&$%/($'2
6HQVRUGH0$3
(&03&0
&21',&,Ï1'('(7(&&,Ï1'(/'7&<È5($'(/'(63(5)(&72
&21',&,Ï1'('(7(&&,Ï1'(/'7& È5($'(/'(63(5)(&72
0LHQWUDVHOPRWRUHVWiIXQFLRQDQGRGHVSXpVGHKDEHU 6HQVRUGHSUHVLyQDEVROXWDGHOFROHFWRU
VLGRFDOHQWDGR\FRQODDEHUWXUDGHPDULSRVDGH 3DVRGHYDFtRGHOVHQVRUGHSUHVLyQDEVROXWDGHO
JDVHVLQIHULRUDOYDORUHVSHFLILFDGRVHGHWHFWDXQD FROHFWRU
WHQVLyQGHVDOLGDGHOVHQVRUGHSUHVLyQDEVROXWDGHO (&03&0
FROHFWRUTXHH[FHGH9GXUDQWHHOWLHPSRHVSHFLIL
FDGRRVHGHWHFWDXQDWHQVLyQGHVDOLGDGHOVHQVRUGH
SUHVLyQDEVROXWDGHOFROHFWRUTXHHVLQIHULRUD9
GXUDQWHHOWLHPSRHVSHFLILFDGR
OyJLFDGHGHWHFFLyQGHFLFORVGHFRQGXFFLyQ
352&(',0,(172'(&21),50$&,Ï1'(/'7&
$'9(57(1&,$
&XDQGRHIHFW~HXQDSUXHEDGHFDUUHWHUDHOLMDXQOXJDUGRQGHQRKD\DWUiILFRRULHVJRGHDFFLGHQWHVGH
WUiILFR\DFW~HFRQPXFKRFXLGDGRSDUDDVtHYLWDUFXDOTXLHUDFFLGHQWH
/DSUXHEDGHFDUUHWHUDGHEHVHUHIHFWXDGDHQXQDFDUUHWHUDSODQDKRUL]RQWDOSRUSHUVRQDVXQFRQ
GXFWRU\XQHQFDUJDGRGHODSUXHED
127$
&RPSUXHEHSDUDDVHJXUDUVHGHTXHVHVDWLVIDFHQODVFRQGLFLRQHVVLJXLHQWHVFXDQGRVHDSOLFDHO³352&(
',0,(172'(&21),50$&,Ï1'('7&´
7HPSHUDWXUDGHODLUHGHDGPLVLyQ±&RPD\RU
7HPSHUDWXUDGHOUHIULJHUDQWHGHOPRWRU±±&
$OWLWXGSUHVLyQEDURPpWULFDPRPHQRVPP+JN3DRPiV
,1)250$&,Ï1*(1(5$/<',$*1Ï67,&2'(/0272502725+
&RQHFWHHOLQVWUXPHQWRGHH[SORUDFLyQDO'/&FRQHOLQWHUUXSWRUGHHQFHQGLGRFRORFDGRHQODSRVLFLyQ2))
&RORTXHHOLQWHUUXSWRUGHHQFHQGLGRHQODSRVLFLyQ21\XWLOL]DQGRHOLQVWUXPHQWRGHHVFDQHRERUUHHO'7&ORV
'7&SHQGLHQWHV\ORVGDWRVGHLPDJHQFRQJHODGD\FDOLHQWHELHQHOPRWRU
(QVHJXLGDKDJDIXQFLRQDUHOPRWRUHQUpJLPHQGHUDOHQWtGXUDQWHPLQXWRODWHPSHUDWXUDGHOUHIULJHUDQWHGHO
PRWRUOOHJDD&RPiV
$XPHQWHODYHORFLGDGGHOYHKtFXORDNPK
&RQGX]FDHOYHKtFXORDHVDYHORFLGDGGXUDQWHPLQXWRHQHVWHSDVRVHSHUPLWHFDPELDUODYHORFLGDGGHOYHKt
FXOR
'HWHQJDHOYHKtFXOR\XWLOLFHHOLQVWUXPHQWRGHH[SORUDFLyQSDUDFRPSUREDUVLKD\'7&SHQGLHQWH
/2&$/,=$&,Ï1<5(3$5$&,Ï1'($9(5Ë$6
3DVR 2SHUDFLyQ 6t 1R
¢6HDSOLFyOD³7$%/$'()/8-2'(',$*1Ï6 9D\DDOSDVR 9D\DDOD³7$%/$'(
7,&2'(/02725´" )/8-2'(',$*1Ï67,&2
'(/02725´HQHVWDVHF
FLyQ
&RPSUREDFLyQGHODVHxDOGHOVHQVRUGH0$3 'HVSHUIHFWRLQWHUPLWHQWHR 9D\DDOSDVR
'HVPRQWHODFXELHUWDGHO(&03&0 PyGXORGH(&03&0
&RPSUXHEHODWHQVLyQHQWUHORVWHUPLQDOHV GHIHFWXRVR
&\&HQODVFRQGLFLRQHV &RPSUXHEHHOGHVSHUIHFWR
VLJXLHQWHV LQWHUPLWHQWH5HILpUDVHD
&RORTXH HO LQWHUUXSWRU GH HQFHQGLGR HQ OD ³0$/)81&,21$0,(172
SRVLFLyQ21GHMDQGRHOPRWRUSDUDGR2)) ,17(50,7(17(<
9RPiV &21(;,Ï10$/$´HQOD
(QUpJLPHQGHUDOHQWt9RPHQRV VHFFLyQ$
¢(VWiHOUHVXOWDGRGHODFRPSUREDFLyQGH
DFXHUGRFRQODVHVSHFLILFDFLRQHV"
&RPSUREDFLyQGHOVHQVRUGH0$3 &LUFXLWR³5(':+7´ 5HHPSODFHHOVHQVRUGH
'HVFRQHFWHHOFRQHFWRUGHOVHQVRUGH0$3 ³*5<<(/´R³*5<5('´ 0$3
&RPSUXHEHHQFDGDWHUPLQDOHOHVWDGRGHOD DELHUWRRFRUWRFLUFXLWDGR
FRQH[LyQDOVHQVRUGH0$3 6LORVFDEOHV\ODVFRQH[LR
6LHVWiQFRQIRUPHVFRPSUXHEHHOIXQFLRQD QHVHVWiQFRQIRUPHV
PLHQWRGHOVHQVRUGH0$35HILpUDVHD³&20 UHHPSODFHSRUXQPyGXOR
352%$&,Ï1'(/6(1625'(0$3´HQOD GH(&03&0HQEXHQ
VHFFLyQ( HVWDGR\YXHOYDDFRPSUR
¢(VVDWLVIDFWRULRHOUHVXOWDGRGHODFRPSURED EDU
FLyQ"
,1)250$&,Ï1*(1(5$/<',$*1Ï67,&2'(/0272502725+
'7&333UREOHPDGHIXQFLRQDPLHQWRGHOFLUFXLWRGHOVHQVRUGHSUH
VLyQEDURPpWULFD
'(6&5,3&,Ï1'(/6,67(0$
(OVHQVRUGHSUHVLyQEDURPpWULFDHVWiLQVWDODGRHQHOPyGXORGH(&03&0
&21',&,Ï1'('(7(&&,Ï1'(/'7&<È5($'(/'(63(5)(&72
&21',&,Ï1'('(7(&&,Ï1'(/'7& È5($'(/'(63(5)(&72
'7&3 6HQVRUGHSUHVLyQEDURPpWULFDHQHO
6HGHWHFWDSUHVLyQEDURPpWULFDQRFRQIRUPHFRQODVHVSHFLILFDFLRQHV PyGXORGH(&03&0
'7&3 3UREOHPDGHHILFDFLDGHOVHQVRUGH
0LHQWUDVVHFRQGXFHHQODVFRQGLFLRQHVGHVFULWDVHQHO³352&(', SUHVLyQDEVROXWDGHOFROHFWRU
0,(172'(&21),50$&,Ï1'('7&´HOYDORUGHODSUHVLyQEDURPp 6HQVRUGHSUHVLyQEDURPpWULFDHQHO
WULFDQRFRQFXHUGDFRPRHVSHFLILFDGRFRQHOYDORUGHOYDFtRGHOFROHFWRU PyGXORGH(&03&0
GHDGPLVLyQHQHOHVWDGRGHFRUWHGHFRPEXVWLEOH
OyJLFDGHGHWHFFLyQGHFLFORVGHFRQGXFFLyQ
352&(',0,(172'(&21),50$&,Ï1'(/'7&
3DUDHO'7&3
&RQHFWHHOLQVWUXPHQWRGHH[SORUDFLyQDO'/&FRQHOLQWHUUXSWRUGHHQFHQGLGRFRORFDGRHQODSRVLFLyQ2))
&RORTXHHOLQWHUUXSWRUGHHQFHQGLGRHQODSRVLFLyQ21\XWLOL]DQGRHOLQVWUXPHQWRGHH[SORUDFLyQERUUH'7&\
KDJDIXQFLRQDUHOPRWRUGXUDQWHPLQXWR
(PSOHDQGRHOLQVWUXPHQWRGHH[SORUDFLyQFRPSUXHEH'7&
3DUDHO'7&3
$'9(57(1&,$
&XDQGRHIHFW~HXQDSUXHEDGHFDUUHWHUDHOLMDXQOXJDUGRQGHQRKD\DWUiILFRRULHVJRGHDFFLGHQWHVGH
WUiILFR\DFW~HFRQPXFKRFXLGDGRSDUDDVtHYLWDUFXDOTXLHUDFFLGHQWH
/DSUXHEDGHFDUUHWHUDGHEHVHUHIHFWXDGDHQXQDFDUUHWHUDSODQDKRUL]RQWDOSRUSHUVRQDVXQFRQ
GXFWRU\XQHQFDUJDGRGHODSUXHED
&RQHFWHHOLQVWUXPHQWRGHH[SORUDFLyQDO'/&FRQHOLQWHUUXSWRUGHHQFHQGLGRFRORFDGRHQODSRVLFLyQ2))
&RORTXHHOLQWHUUXSWRUGHHQFHQGLGRHQODSRVLFLyQ21\XWLOL]DQGRHOLQVWUXPHQWRGHH[SORUDFLyQERUUHHO'7&
ORV'7&SHQGLHQWHV\ORVGDWRVGHLPDJHQFRQJHODGD\FDOLHQWHHOPRWRUKDVWDODWHPSHUDWXUDQRUPDOGHIXQFLR
QDPLHQWR
$XPHQWHHOUpJLPHQGHOPRWRUDUSPHQHOHQJUDQDMHGHYHORFLGDGHQHOFDVRGHOD07RHQODSRVL
FLyQ³´HQHOFDVRGHOD$7
6XHOWH HO SHGDO GHO DFHOHUDGRU \ FRQ HO IUHQR GHO PRWRU DSOLFDGR PDQWHQJD HO YHKtFXOR DYDQ]DQGR SRU LQHUFLD
GXUDQWHVHJRPiVPDQWHQJDODFRQGLFLyQGHFRUWHGHOFRPEXVWLEOHGXUDQWHVHJXQGRVRPiV6LQRVH
PDQWLHQHODFRQGLFLyQGHFRUWHGHOFRPEXVWLEOHGXUDQWHVHJXQGRVRPiVSURFHGDDEDMDUSRULQHUFLDSRUXQD
SHQGLHQWHPDQWHQLHQGRXQUpJLPHQGHPRWRUGH±USPGXUDQWHVHJXQGRVRPiV
'HWHQJDHOYHKtFXOR\KDJDIXQFLRQDUHOPRWRUHQUpJLPHQGHUDOHQWt
5HSLWDYHFHVORVSDVRVD
(PSOHDQGRHOLQVWUXPHQWRGHH[SORUDFLyQFRPSUXHEHVLKD\'7&SHQGLHQWH
/2&$/,=$&,Ï1<5(3$5$&,Ï1'($9(5Ë$6'7&33
3DVR 2SHUDFLyQ 6t 1R
¢6HDSOLFyOD³7$%/$'()/8-2'(',$*1Ï67,&2 9D\DDOSDVR 9D\DDOD³7$%/$'(
'(/02725´" )/8-2'(',$*1Ï6
7,&2´HQHVWDVHFFLyQ
¢(VWiILMDGRHO'7&%" 9D\DDOSDVR 5HHPSODFHSRUXQPyGXOR
GH(&03&0HQSHU
IHFWRHVWDGR\YXHOYDD
FRPSUREDU
,1)250$&,Ï1*(1(5$/<',$*1Ï67,&2'(/0272502725+
3DVR 2SHUDFLyQ 6t 1R
&RPSUREDFLyQGHOVHQVRUGH0$3 5HHPSODFHSRUXQ 0DOIXQFLRQDPLHQWRGHO
&RPSUXHEHHOVHQVRUGH0$3\VXFLUFXLWR PyGXORGH(&03&0 VHQVRUGH0$3RGHVXFLU
5HILpUDVHDORVSDVRV\GHOD³7DEODGHIOXMR HQSHUIHFWRHVWDGR\ FXLWR
GHGLDJQyVWLFRGHO'7&3´ YXHOYDDFRPSUREDU
¢(VVDWLVIDFWRULRHOUHVXOWDGRGHODFRPSUREDFLyQ"
'7&30DOIXQFLRQDPLHQWRGHOFLUFXLWRGHVHxDOGHDUUDQTXHGHOPRWRU
',$*5$0$'(&$%/($'2
&21',&,Ï1'('(7(&&,Ï1'(/'7&<È5($'(/'(63(5)(&72
&21',&,Ï1'('(7(&&,Ï1'(/'7& È5($'(/'(63(5)(&72
(OPRWRUDUUDQFDDXQFXDQGRHOYHKtFXORHVWiGHWHQLGR\ODVHxDOGHDUUDQ &LUFXLWRGHVHxDOGHDUUDQTXHGHO
TXHGHOPRWRUQRHVWiHQWUDGD PRWRU
R (&03&0
/DVHxDOGHDUUDQTXHGHOPRWRUHVHQWUDGDFRQWLQXDPHQWHGXUDQWHHO
WLHPSRHVSHFLILFDGRPLHQWUDVHOPRWRUHVWiIXQFLRQDQGR
OyJLFDGHGHWHFFLyQGHFLFORVGHFRQGXFFLyQ
352&(',0,(172'(&21),50$&,Ï1'(/'7&
127$
&RPSUXHEHSDUDDVHJXUDUVHGHTXHVHVDWLVIDFHQODVFRQGLFLRQHVVLJXLHQWHVFXDQGRVHDSOLFDHO³352&(
',0,(172'(&21),50$&,Ï1'('7&´
7HPSHUDWXUDGHODLUHGHDGPLVLyQ±&RPD\RU
7HPSHUDWXUDGHOUHIULJHUDQWHGHOPRWRU±±&
$OWLWXGSUHVLyQEDURPpWULFDPRPHQRVPP+JN3DRPiV
&RQHFWHHOLQVWUXPHQWRGHH[SORUDFLyQDO'/&FRQHOLQWHUUXSWRUGHHQFHQGLGRFRORFDGRHQODSRVLFLyQ2))
&RORTXHHOLQWHUUXSWRUGHHQFHQGLGRHQODSRVLFLyQ21\XWLOL]DQGRHOLQVWUXPHQWRGHH[SORUDFLyQERUUH'7&\
KDJDIXQFLRQDUHOPRWRUGXUDQWHPLQXWRVRPiV
(PSOHDQGRHOLQVWUXPHQWRGHH[SORUDFLyQFRPSUXHEHVLKD\'7&SHQGLHQWH
,1)250$&,Ï1*(1(5$/<',$*1Ï67,&2'(/0272502725+
/2&$/,=$&,Ï1<5(3$5$&,Ï1'($9(5Ë$6
3DVR 2SHUDFLyQ 6t 1R
¢6HDSOLFyOD³7$%/$'()/8-2'(',$*1Ï6 9D\DDOSDVR 9D\DDOD³7$%/$'()/8-2
7,&2'(/02725´" '(',$*1Ï67,&2´HQHVWD
VHFFLyQ
&RPSUXHEHODWHQVLyQHQHOWHUPLQDO& &RQH[LyQGHILFLHQWHGHOWHUPLQDO& &LUFXLWR³%/.<(/´DELHUWR
GHOFRQHFWRUGHOPyGXOR(&03&0FRQHFWDGR RGHVSHUIHFWRLQWHUPLWHQWH
HQODVFRQGLFLRQHVVLJXLHQWHV &RPSUXHEHHOGHVSHUIHFWRLQWHUPL
(VSHFLILFDFLyQGHODVHxDOGHDUUDQTXHGHO WHQWH5HILpUDVHD³0$/)81&,21$
PRWRU 0,(172,17(50,7(17(<
0LHQWUDVVHKDFHDUUDQFDUHOPRWRU±9 &21(;,Ï10$/$´HQODVHFFLyQ$
'HVSXpVGHODUUDQTXHGHOPRWRU±9 6LORVFDEOHV\ODVFRQH[LRQHVHVWiQ
¢(VWiODWHQVLyQFRQIRUPHFRQODVHVSHFLILFDFLR FRQIRUPHVUHHPSODFHSRUXQPyGXOR
QHV" GH(&03&0HQEXHQHVWDGR\
YXHOYDDFRPSUREDU
'7&30DOIXQFLRQDPLHQWRGHODDOLPHQWDFLyQHOpFWULFDGHUHVHUYDGHO
PyGXORGH(&0
',$*5$0$'(&$%/($'2
'(6&5,3&,Ï1'(/&,5&8,72
6HVXPLQLVWUDWHQVLyQGHODEDWHUtDSDUDPDQWHQHUHQODPHPRULDGHOPyGXOR(&0ORV'7&ORVYDORUHVSDUDHOFRQ
WUROGHOPRWRUUHJLVWUDGRVSRUHOPyGXORGH(&0HWFDXQFXDQGRHOLQWHUUXSWRUGHHQFHQGLGRHVWpFRORFDGRHQOD
SRVLFLyQ2))
&21',&,Ï1'('(7(&&,Ï1'(/'7&<È5($'(/'(63(5)(&72
&21',&,Ï1'('(7(&&,Ï1'(/'7& È5($'(/'(63(5)(&72
0LHQWUDVHOPRWRUHVWiIXQFLRQDQGRVHGHWHFWDXQDWHQVLyQGH &LUFXLWRGHUHVHUYDGHOPyGXORGH(&03&0
FLUFXLWRGHUHVHUYDTXHHVLQIHULRUDOYDORUHVSHFLILFDGR (&03&0
352&(',0,(172'(&21),50$&,Ï1'(/'7&
127$
&RPSUXHEHSDUDDVHJXUDUVHGHTXHVHVDWLVIDFHQODVFRQGLFLRQHVVLJXLHQWHVFXDQGRVHDSOLFDHO³352&(
',0,(172'(&21),50$&,Ï1'('7&´
7HPSHUDWXUDGHODLUHGHDGPLVLyQ±&RPD\RU
7HPSHUDWXUDGHOUHIULJHUDQWHGHOPRWRU±±&
$OWLWXGSUHVLyQEDURPpWULFDPRPHQRVPP+JN3DRPiV
,1)250$&,Ï1*(1(5$/<',$*1Ï67,&2'(/0272502725+
&RQHFWHHOLQVWUXPHQWRGHH[SORUDFLyQDO'/&FRQHOLQWHUUXSWRUGHHQFHQGLGRFRORFDGRHQODSRVLFLyQ2))
&RORTXHHOLQWHUUXSWRUGHHQFHQGLGRHQODSRVLFLyQ21\XWLOL]DQGRHOLQVWUXPHQWRGHHVFDQHRERUUHHO'7&'7&
SHQGLHQWHV\GDWRVGHLPDJHQFRQJHODGD\KDJDIXQFLRQDUHOPRWRUDOUpJLPHQGHUDOHQWtGXUDQWHPLQXWR
(PSOHDQGRHOLQVWUXPHQWRGHH[SORUDFLyQFRPSUXHEH'7&
/2&$/,=$&,Ï1<5(3$5$&,Ï1'($9(5Ë$6
3DVR 2SHUDFLyQ 6t 1R
¢6HDSOLFyOD³7$%/$'()/8-2'(',$*1Ï67,&2 9D\DDOSDVR 9D\DDOD³7$%/$'()/8-2
'(/02725´" '(',$*1Ï67,&2'(/
02725´HQHVWDVHFFLyQ
&RPSUREDFLyQGHOFLUFXLWRGHDOLPHQWDFLyQGHWHQVLyQ &RQH[LyQGHILFLHQWHGHOWHUPL &LUFXLWR³:+7´DELHUWRRHQ
GHEDWHUtD QDO(RGHVSHUIHFWRLQWHU FRUWRFLUFXLWR
'HVPRQWHODFXELHUWDGHO(&03&0 PLWHQWH
0LHQWUDVHOPRWRUIXQFLRQDFRPSUXHEHODWHQVLyQ &RPSUXHEHHOGHVSHUIHFWR
HQWUH(\PDVD LQWHUPLWHQWH5HILpUDVHD³0$/
¢(VODWHQVLyQ±9" )81&,21$0,(172,17(5
0,7(17(<&21(;,Ï1
0$/$´HQODVHFFLyQ$
6LORVFDEOHV\ODVFRQH[LRQHV
HVWiQFRQIRUPHVUHHPSODFH
SRUXQPyGXORGH(&0
3&0HQEXHQHVWDGR\
YXHOYDDFRPSUREDU
7DEOD%&RPSUREDFLyQGHOFLUFXLWRGHODERPEDGHFRPEXVWLEOH
',$*5$0$'(&$%/($'2
$OLQWHUUXSWRUGHHQFHQGLGR 5HOpGHODERPEDGHFRPEXVWLEOH
)XVLEOHSULQFLSDO %RPEDGHFRPEXVWLEOH
5HOpSULQFLSDO (&03&0
,1)250$&,Ï1*(1(5$/<',$*1Ï67,&2'(/0272502725+
&20352%$&,Ï1
35(&$8&,Ï1
9HULILTXH\DVHJ~UHVHGHTXHODVFRQH[LRQHVHVWiQKHFKDVHQWUHORVWHUPLQDOHVFRUUHFWRV
/DVFRQH[LRQHVHUUyQHDVSXHGHQFDXVDUGDxRVDOPyGXORGH(&0DOPD]RGHFDEOHVHWF
3DVR 2SHUDFLyQ 6t 1R
&RPSUREDFLyQGHOIXQFLRQDPLHQWRGHODERPED (OFLUFXLWRGHODERPEDGH 9D\DDOSDVR
GHFRPEXVWLEOH FRPEXVWLEOHHVWiHQEXHQ
5HWLUHODWDSDGHOOOHQDGRUGHFRPEXVWLEOH HVWDGR
&RORTXHHOLQWHUUXSWRUGHHQFHQGLGRHQOD
SRVLFLyQ21
¢6HR\HHOIXQFLRQDPLHQWRGHODERPEDGHFRP
EXVWLEOHGXUDQWHVHJXQGRVGHVSXpVGHFRORFDU
HOLQWHUUXSWRUGHHQFHQGLGRHQODSRVLFLyQ21"
&RPSUREDFLyQGHOFLUFXLWRGHODERPEDGHFRP 9D\DDOSDVR &LUFXLWR³%/8%/.³´31.
EXVWLEOH %/.´R³%/.´DELHUWRR
&RQHOLQWHUUXSWRUGHHQFHQGLGRHQODSRVLFLyQ PDOIXQFLRQDPLHQWRGHOD
2))GHVPRQWHHOUHOpGHODERPEDGHFRP ERPEDGHFRPEXVWLEOH
EXVWLEOHGHOFRQHFWRU
&RPSUXHEHHOHVWDGRGHODFRQH[LyQDOUHOp
HQFDGDWHUPLQDO
6LODVFRQH[LRQHVHVWiQFRQIRUPHVXWLOLFHHO
FDEOHGHVHUYLFLR\FRQHFWHORVWHUPLQDOHV
(\(GHOFRQHFWRUGHOUHOp5HILp
UDVHDODILJXUD
¢6HR\HHOIXQFLRQDPLHQWRGHODERPEDGHFRP
EXVWLEOHDOFRORFDUHOLQWHUUXSWRUGHHQFHQGLGRHQ
ODSRVLFLyQ21"
&RPSUREDFLyQGHOUHOpGHODERPEDGHFRPEXVWL &LUFXLWR³%/.:+7´R 5HHPSODFHHOUHOpGHOD
EOH ³:+7*51´DELHUWRR ERPEDGHFRPEXVWLEOH
&RPSUXHEHHOUHOpGHODERPEDGHFRPEXVWL PDODFRQH[LyQ(
EOH5HILpUDVHD³&20352%$&,Ï1'(/ 6LORVFDEOHV\ODVFRQH[LR
5(/e'(/$%20%$'(&20%867,%/(´ QHVHVWiQFRQIRUPHV
HQODVHFFLyQ( UHHPSODFHSRUXQPyGXOR
¢(VWiHQEXHQDVFRQGLFLRQHV" GH(&03&0HQEXHQ
HVWDGR\YXHOYDDFRPSUR
EDU
)LJXUDSDUDHOSDVR
&RQHFWRUGHOUHOpGHODERPEDGHFRPEXVWLEOH
,1)250$&,Ï1*(1(5$/<',$*1Ï67,&2'(/0272502725+
7DEOD%&RPSUREDFLyQGHORVLQ\HFWRUHVGHFRPEXVWLEOH\FLUFXLWR
',$*5$0$'(&$%/($'2
&20352%$&,Ï1
3DVR 2SHUDFLyQ 6t 1R
&RPSUXHEHHOVRQLGRGHOIXQFLRQDPLHQWRGHO 9D\DDOSDVR 9D\DDOSDVR
LQ\HFWRU
8WLOLFHXQHVWHWRVFRSLR\FRPSUXHEHHOVRQLGRGH
IXQFLRQDPLHQWRGHFDGDLQ\HFWRUHQHOPRPHQWR
GHKDFHUDUUDQFDUHOPRWRU
¢+D\VRQLGRGHIXQFLRQDPLHQWRFRUUHFWRHQORV
LQ\HFWRUHV"
&RPSUREDFLyQGHOPD]RGHFDEOHV (OFLUFXLWRGHLQ\HFWRUGH &DEOHV³31.´³31.%/.´
'HVPRQWHODFXELHUWDGHOPyGXORGH(&0 FRPEXVWLEOHHVWiHQEXHQ ³31.*51´³31.%/8´
3&0\GHVFRQHFWHORVFRQHFWRUHVGHO(&0 HVWDGR ³*5<*51´\³*5<%/.´
3&0 FRUWRFLUFXLWDGRVHQWUHHOORV
&RPSUXHEHODUHVLVWHQFLDHQWUHORVWHUPLQDOHV
VLJXLHQWHVGHOFRQHFWRUGH(&03&0GHV
FRQHFWDGR
5HVLVWHQFLDGHOLQ\HFWRUGHFRPEXVWLEOH\GH
VXFLUFXLWR&\&&\&
&\&&\&&
\&\HQWUH&\&
±ΩD&
¢(VWiHOUHVXOWDGRGHODFRPSUREDFLyQGH
DFXHUGRFRQODVHVSHFLILFDFLRQHV"
,1)250$&,Ï1*(1(5$/<',$*1Ï67,&2'(/0272502725+
3DVR 2SHUDFLyQ 6t 1R
¢1LQJXQRGHORVLQ\HFWRUHVHPLWHVRQLGRGHIXQ 9D\DDOSDVR &RPSUXHEHODFRQH[LyQGHO
FLRQDPLHQWRHQHOSDVR" DFRSODGRU\PD]RGH
FDEOHVGHOLQ\HFWRUTXHQR
HPLWHVRQLGRGHIXQFLRQD
PLHQWR\HOLQ\HFWRUPLVPR
5HILpUDVHD³&20352
%$&,Ï1'(,1<(&725
'(&20%867,%/(´HQOD
VHFFLyQ(
&RPSUXHEHVLHOFLUFXLWRGHDOLPHQWDFLyQHOpFWULFD &RPSUXHEHODUHVLVWHQFLD &LUFXLWRGHDOLPHQWDFLyQ
GHORVLQ\HFWRUHVHVWiDELHUWR\HQFRUWRFLUFXLWR GHORVLQ\HFWRUHVUHVSHF HOpFWULFDDELHUWRRHQFRU
¢(VWiQRUPDO" WLYDPHQWH WRFLUFXLWR
6LODVUHVLVWHQFLDVHVWiQ
FRQIRUPHVUHHPSODFHSRU
XQPyGXORGH(&03&0
HQEXHQHVWDGR\YXHOYDD
FRPSUREDU
7DEOD%&RPSUREDFLyQGHODSUHVLyQGHFRPEXVWLEOH
',$*5$0$'(6,67(0$
,Q\HFWRU )LOWURGHFRPEXVWLEOH
7XERGHGHVFDUJD %RPEDGHFRPEXVWLEOH
5HJXODGRUGHSUHVLyQGHFRPEXVWLEOH
+HUUDPLHQWDHVSHFLDO
$
%
&
,1)250$&,Ï1*(1(5$/<',$*1Ï67,&2'(/0272502725+
&20352%$&,Ï1
127$
$QWHVGHXWLOL]DUODWDEODGHIOXMRVLJXLHQWHFRPSUXHEHTXHODWHQVLyQGHODEDWHUtDHVVXSHULRUDYROWLRV
6LODWHQVLyQGHODEDWHUtDHVWiEDMDODSUHVLyQVHUiLQIHULRUDOYDORUHVSHFLILFDGRDXQTXHODERPED\ODV
WXEHUtDHVWpQHQSHUIHFWDVFRQGLFLRQHV
3DVR 2SHUDFLyQ 6t 1R
,QVWDOHHOPHGLGRUGHSUHVLyQGHOFRPEXVWLEOH 9D\DDOSDVR 9D\DDOSDVR
5HILpUDVHD³&20352%$&,Ï1'(/$35(
6,Ï1'(/&20%867,%/(´HQODVHFFLyQ
(
+DJDIXQFLRQDUODERPEDGHFRPEXVWLEOH
¢(VODSUHVLyQGHFRPEXVWLEOH±N3D
±NJFP"
¢6HPDQWLHQHHOYDORUN3DNJFPR 9D\DDOSDVR 9D\DDOSDVR
PD\RUGHODSUHVLyQGHFRPEXVWLEOHGXUDQWH
PLQXWRGHVSXpVGHTXHVHSDUDODERPEDGHFRP
EXVWLEOHHQHOSDVR"
+DJDDUUDQFDU\FDOLHQWHHOPRWRUKDVWDTXH 3UHVLyQGHFRPEXVWLEOH 3DVRGHYDFtRREVWUXLGR
OOHJXHDODWHPSHUDWXUDQRUPDOGHIXQFLRQD QRUPDO SDUDHOUHJXODGRUGHSUH
PLHQWR VLyQGHFRPEXVWLEOHR
0DQWHQJDHOPRWRUIXQFLRQDQGRDOUpJLPHQGH UHJXODGRUGHSUHVLyQGH
UDOHQWtHVSHFLILFDGR FRPEXVWLEOHGHIHFWXRVR
¢(VDKRUDODSUHVLyQGHFRPEXVWLEOH±
N3D±NJFP"
¢+D\IXJDVGHFRPEXVWLEOHSRUODPDQJXHUDGHOD +D\IXJDVGHFRPEXVWLEOH 9D\DDOSDVR
DOLPHQWDFLyQGHFRPEXVWLEOHSRUHOWXERRSRUVXV SRUODPDQJXHUDSRUHO
MXQWDV" WXERRSRUVXVMXQWDVGH
HVWDQTXHLGDG
(QHOSDVR¢HUDODSUHVLyQGHFRPEXVWLEOH 9D\DDOSDVR 9D\DDOSDVR
VXSHULRUDOYDORUHVSHFLILFDGR"
'HVFRQHFWHODPDQJXHUDGHUHWRUQRGHFRP 0DQJXHUDRWXERGHFRP 5HJXODGRUGHSUHVLyQGH
EXVWLEOHGHOWXERGHFRPEXVWLEOH\FRQHFWHDO EXVWLEOHUHVWULxLGR FRPEXVWLEOHGHIHFWXRVR
WXERXQDPDQJXHUDQXHYDGHUHWRUQR
&RORTXHHORWURH[WUHPRGHODPDQJXHUD
QXHYDGHUHWRUQRHQHOUHFLSLHQWHDSUREDGRGH
JDVROLQD
+DJDIXQFLRQDUODERPEDGHFRPEXVWLEOH
¢6HREWLHQHDKRUDODSUHVLyQGHFRPEXVWLEOH
HVSHFLILFDGD"
(QHOSDVR¢QRVHDSOLFyQLQJXQDSUHVLyQGH 9D\DDOSDVR 9D\DDOSDVR
FRPEXVWLEOH" 6HPLGHSUHVLyQEDMD
&RQODERPEDGHFRPEXVWLEOHIXQFLRQDQGR\OD 5HJXODGRUGHSUHVLyQGH )DOWDFRPEXVWLEOHR
PDQJXHUDGHUHWRUQRGHFRPEXVWLEOHEORTXHDGD FRPEXVWLEOHGHIHFWXRVR ERPEDGHFRPEXVWLEOHRVX
DSUHWiQGROD¢VHDSOLFDSUHVLyQGHFRPEXVWLEOH" FLUFXLWRGHIHFWXRVR5HILp
UDVHDOD³7$%/$%´
+DJDIXQFLRQDUODERPEDGHFRPEXVWLEOH 5HJXODGRUGHSUHVLyQGH )LOWURGHFRPEXVWLEOHREV
&RQODPDQJXHUDGHUHWRUQRGHFRPEXVWLEOH FRPEXVWLEOHGHIHFWXRVR WUXLGRPDQJXHUDRWXERGH
EORTXHDGDDSUHWiQGRODFRPSUXHEHODSUH DOLPHQWDFLyQGHFRPEXVWL
VLyQGHFRPEXVWLEOH EOHUHVWULxLGRERPEDGH
¢(VODSUHVLyQN3DNJFPRPiV" FRPEXVWLEOHGHIHFWXRVDR
IXJDVSRUODFRQH[LyQGHOD
PDQJXHUDHQHOGHSyVLWR
GHFRPEXVWLEOH
,1)250$&,Ï1*(1(5$/<',$*1Ï67,&2'(/0272502725+
3DVR 2SHUDFLyQ 6t 1R
'HVFRQHFWHODPDQJXHUDGHUHWRUQRGHFRP 5HJXODGRUGHSUHVLyQGH )XJDVGHFRPEXVWLEOHSRU
EXVWLEOHGHOWXERGHFRPEXVWLEOH\FRQHFWHDO FRPEXVWLEOHGHIHFWXRVR HOLQ\HFWRUERPEDGHFRP
WXERXQDPDQJXHUDQXHYDGHUHWRUQR EXVWLEOHGHIHFWXRVDYiO
&RORTXHHORWURH[WUHPRGHODPDQJXHUD YXODGHUHWHQFLyQ
QXHYDGHUHWRUQRHQHOUHFLSLHQWHDSUREDGRGH GHIHFWXRVDHQODERPED
JDVROLQD GHFRPEXVWLEOHRIXJDV
9XHOYDDFRPSUREDUVLVHREWLHQHODSUHVLyQ GHFRPEXVWLEOHSRUHOGLD
GHFRPEXVWLEOHHVSHFLILFDGD IUDJPDGHOUHJXODGRUGH
$OKDFHUOR¢VDOHFRPEXVWLEOHSRUODPDQJXHUDGH SUHVLyQGHFRPEXVWLEOH
UHWRUQR"
7DEOD%&RPSUREDFLyQGHOVLVWHPDGHFRQWUROGHODLUHGHUDOHQWt
',$*5$0$'(&$%/($'2
&20352%$&,Ï1
3DVR 2SHUDFLyQ 6t 1R
&RPSUXHEHHOUpJLPHQGHUDOHQWtGHO 9D\DDOSDVR 9D\DDOSDVR
PRWRU\HOVHUYLFLRGHODYiOYXODGH
,$&5HILpUDVHD³&20352%$&,Ï1
'(/5e*,0(1'(5$/(17Ë6(59,
&,2'(/$9È/98/$'(,$&´HQOD
VHFFLyQ(
¢(VWiHOUpJLPHQGHUDOHQWtVHUYLFLR
GHFRQWUROGHOD,$&FRQIRUPHFRQODV
HVSHFLILFDFLRQHV"
¢6HPDQWLHQHHOUpJLPHQGHUDOHQWtHQ (OVLVWHPDHVWiHQEXHQDVFRQGL 9D\DDOSDVR
HOUpJLPHQHVSHFLILFDGRDXQFRQORV FLRQHV
IDURVHQFHQGLGRV"
&RPSUXHEHODYiOYXODGH,$&5HILp 9D\DDOSDVR 0DOIXQFLRQDPLHQWRGHODYiOYXOD
UDVHD³&20352%$&,Ï1'(/$ GH,$&FDEOH³%/8%/.´³/7
9È/98/$'(,$&´HQODVHFFLyQ *51%/.´³33/%/.´³*5<
( %/8´R³33/<(/´DELHUWRRHQ
¢(VWiHOUHVXOWDGRGHODFRPSURED FRUWRFLUFXLWRRPDODFRQH[LyQDO
FLyQGHDFXHUGRFRQODVHVSHFLILFDFLR DFRSODGRU
QHV" 6LORVFDEOHV\ODVFRQH[LRQHV
HVWiQFRQIRUPHVUHHPSODFHSRU
XQPyGXORGH(&03&0HQ
EXHQHVWDGR\YXHOYDDFRPSUR
EDU
(QHOSDVR¢HVWDEDHOUpJLPHQGH &RPSUXHEHORVLJXLHQWH 9D\DDOSDVR
UDOHQWtFRQIRUPHFRQHOYDORUHVSHFLIL 9iOYXODGH),$IXJDVGHYDFtR
FDGR" DVSLUDFLyQGHDLUHVLVWHPDGH
FRQWUROGHSXUJDGHOUHFLSLHQWHGH
(9$3FDUJDGHOPRWRUSRUDFFH
VRULRVDWDVFDPLHQWRGHODYiOYXOD
GH3&9REVWUXFFLyQGHOSDVRGHO
DLUHGHUDOHQWtVHQVRUGH0$)
VHQVRUGH73VHQVRUGH(&7PDO
IXQFLRQDPLHQWRGHODYiOYXODGH
(*5IXJDVSRUHODVLHQWRGHOD
YiOYXODVHxDOGHO$&VHxDOGHO
LQWHUUXSWRUGHSRVLFLyQGHODWUDQV
PLVLyQ\VHxDOGHOLQWHUUXSWRUGH
VHUYRGLUHFFLyQ
(QHOSDVR¢HUDHOUpJLPHQGH 9D\DDOSDVR 9D\DDOSDVR
UDOHQWtVXSHULRUDOYDORUHVSHFLILFDGR"
&RPSUXHEHHOFLUFXLWRGHODVHxDO 9D\DDOSDVR &LUFXLWRGHODVHxDOGHO$&
HQWUDGDGHO$&5HILpUDVHDOSDVR DELHUWRRFRUWRFLUFXLWDGRRPDO
GHOD³7DEOD%´/DVHxDOGHO$& IXQFLRQDPLHQWRGHOVLVWHPDGHO
WDPELpQSXHGHVHUFRPSUREDGDXWLOL $&
]DQGRHOLQVWUXPHQWRGHH[SORUDFLyQ
68=8.,
¢(VWiHQEXHQDVFRQGLFLRQHV"
,1)250$&,Ï1*(1(5$/<',$*1Ï67,&2'(/0272502725+
3DVR 2SHUDFLyQ 6t 1R
¢(UDHOVHUYLFLRGH,$&LQIHULRUHQ &RPSUXHEHODYiOYXODGH),$ &RPSUXHEHHOIXQFLRQDPLHQWR
XQRVDSUR[LPDGDPHQWHHQHO &RPSUXHEHVLKD\DVSLUDFLyQ GHOVHQVRUGH73SRVLFLyQ
SDVRGHHVWD7DEOD" DQRUPDOGHDLUHSURFHGHQWHGHO FHUUDGDGHODPDULSRVDGH
FROHFWRUGHDGPLVLyQFXHUSRGH JDVHV\GHOVHQVRUGH(&7
PDULSRVDYiOYXODGH3&9\VLV 6LHVWiQFRQIRUPHVUHHPSODFH
WHPDGHFRQWUROGHSXUJDGHOUHFL SRUXQPyGXORGH(&03&0
SLHQWHGH(9$3 HQEXHQHVWDGR\YXHOYDDFRP
SUREDU
&RPSUXHEHODVHxDOGHOLQWHUUXSWRUGH 9D\DDOSDVR 0DOIXQFLRQDPLHQWRGHOLQWHUUXS
SRVLFLyQGHODWUDQVPLVLyQ5HILpUDVH WRUGHSRVLFLyQGHODWUDQVPLVLyQ
D³&20352%$&,Ï1'(/(&0 RVXVFLUFXLWRVHVWiQDELHUWRVR
3&0<'(686&,5&8,726´HQ FRUWRFLUFXLWDGRV
HVWDVHFFLyQ
¢(VVDWLVIDFWRULRHOUHVXOWDGRGHOD
FRPSUREDFLyQ"
¢(UDHOVHUYLFLRGH,$&VXSHULRUD &RPSUXHEHODVSLH]DVRVLVWHPD 5HHPSODFHSRUXQPyGXORGH
DSUR[LPDGDPHQWHHQHOSDVR TXHSXHGHQVHUODFDXVDGHOUpJL (&03&0HQSHUIHFWRHVWDGR
GHHVWD7DEOD" PHQEDMRGHUDOHQWt \YXHOYDDFRPSUREDU
&RPSUXHEHODYiOYXODGH),$
$VSLUDFLyQGHDLUHGHHQWUHHO
FXHUSRGHPDULSRVD\HOVHQVRUGH
0$)PDOIXQFLRQDPLHQWRGHOD
YiOYXODGH(*5IXJDVGHVGHHO
DVLHQWRGHODYiOYXODFDUJDGHO
PRWRUSRUDFFHVRULRVFRQGXFWR
REVWUXLGRGHDLUHGHUDOHQWt\HWF
,1)250$&,Ï1*(1(5$/<',$*1Ï67,&2'(/0272502725+
7DEOD%&RPSUREDFLyQGHFLUFXLWRVGHVHxDOGHO$&VLHVWiHTXLSDGR
',$*5$0$'(&$%/($'2
&20352%$&,Ï1
3DVR 2SHUDFLyQ 6t 1R
&RPSUXHEHHOFLUFXLWRGHODVHxDOGHO$& 9D\DDOSDVR &LUFXLWR³<(/%/.´DELHUWR
&RPSUXHEHODWHQVLyQHQHOWHUPLQDO(FRQ RFRUWRFLUFXLWDGRWHPSHUD
HOLQWHUUXSWRUGHHQFHQGLGRHQODSRVLFLyQ21 WXUDGHHYDSRUDEOHVHVLQIH
(VSHFLILFDFLyQGHOFLUFXLWRGHODVHxDOGH$& ULRUD&RVLVWHPDGH$
,QWHUUXSWRUGH$&\RLQWHUUXSWRUGHVRSODGRUGH &GHIHFWXRVR
FDOHIDFFLyQHQSRVLFLyQ2))(O$&QRHVWiIXQ
FLRQDQGR±9
,QWHUUXSWRUGH$&HLQWHUUXSWRUGHVRSODGRUGH
FDOHQWDGRUHQSRVLFLyQ21±9
¢(VWiQORVUHVXOWDGRVGHDFXHUGRFRQODVHVSHFLILFD
FLRQHV"
&RPSUXHEHHOFLUFXLWRGHODVHxDOGHFRUWHGHO$& /RVFLUFXLWRVGHOD &LUFXLWR³*5<:+7´
&RPSUXHEHODWHQVLyQHQHOWHUPLQDO( VHxDOGHFRQWUROGHO$& DELHUWRRFRUWRFLUFXLWDGR
(VSHFLILFDFLyQGHODVHxDOGHFRUWHGHO$& HVWiQHQEXHQDVFRQGL HILFDFLDGHILFLHQWHGHOVHQ
0LHQWUDVHOPRWRUHVWiIXQFLRQDQGRFRQHOLQWH FLRQHV VRUGH(&7VHQVRUGH73
UUXSWRUGHO$&\RLQWHUUXSWRUGHOVRSODGRUGHO HQWUDGDGHVHxDOGHDUUDQ
FDOHQWDGRUHQSRVLFLyQ2)) TXHGHOPRWRURPDOIXQ
(O$&QRHVWiIXQFLRQDQGR±9 FLRQDPLHQWRGHO
0LHQWUDVHOPRWRUHVWiIXQFLRQDQGRHQUpJLPHQGH DPSOLILFDGRUGHO$&
UDOHQWtFRQHOLQWHUUXSWRUGHO$&\HOLQWHUUXSWRU 6LQRVHSUHVHQWDQLQJXQD
GHOVRSODGRUGHOFDOHQWDGRUHQSRVLFLyQ21DFWL GHODVFRQGLFLRQHVDQWHULR
YDGRV UHVUHHPSODFHSRUXQ
(O$&HVWiIXQFLRQDQGR±9 PyGXOR(&03&0HQ
¢(VWiQORVUHVXOWDGRVGHODVFRPSUREDFLRQHVGH EXHQHVWDGR\YXHOYDD
DFXHUGRFRQODVHVSHFLILFDFLRQHV" FRPSUREDU
,1)250$&,Ï1*(1(5$/<',$*1Ï67,&2'(/0272502725+
7DEOD%&RPSUREDFLyQGHOVLVWHPDGHFRQWUROGHOUHOpGHOPRWRUGHOYHQWLODGRU
GHOFRQGHQVDGRUGHO$&6LHVWiHTXLSDGR
',$*5$0$'(&$%/($'2
&20352%$&,Ï1
$'9(57(1&,$
0DQWHQJD ODV PDQRV KHUUDPLHQWDV \ URSD OHMRV GHO YHQWLODGRU GHO FRQGHQVDGRU GHO $& SDUD DVt HYLWDU
GDxRVFRUSRUDOHV(VWHYHQWLODGRUHVHOpFWULFR\SXHGHHPSH]DUDIXQFLRQDUDXQTXHHOPRWRUGHOYHKtFXOR
QRHVWpIXQFLRQDQGR(OYHQWLODGRUSXHGHIXQFLRQDUDXWRPiWLFDPHQWHFRPRUHVSXHVWDDOVHQVRUGH(&7
FRQHOLQWHUUXSWRUGHHQFHQGLGRHQODSRVLFLyQ³21´
3DVR 2SHUDFLyQ 6t 1R
&RPSUXHEHHO'7&UHILULpQGRVHD³&20352 9D\DDOD7DEODGHIOXMR 9D\DDOSDVR
%$&,Ï1'('7&´HQHVWDVHFFLyQ GLDJQyVWLFRGHO'7&DSOLFD
¢+D\DOJ~Q'7&GHPDOIXQFLRQDPLHQWR" EOH
&RPSUXHEHHOIXQFLRQDPLHQWRGHOYHQWLODGRU (VWHVLVWHPDHVWiHQEXH 9D\DDOSDVR
GHOFRQGHQVDGRUGHO$& QDVFRQGLFLRQHV
(OYHQWLODGRUGHOFRQGHQVDGRUGHO$&GHEHUtD
IXQFLRQDUVRODPHQWHHQODFRQGLFLyQ$R%
$&XDQGRHOPRWRUHVWiIXQFLRQDQGR\HO$&
HVWiIXQFLRQDQGR
%&XDQGRODWHPSHUDWXUDGHOUHIULJHUDQWHGHO
PRWRUHV&RPiV\HOLQWHUUXSWRUGH
HQFHQGLGRHVWiHQODSRVLFLyQ21
¢(VWiHOUHVXOWDGRGHODFRPSUREDFLyQGH
DFXHUGRFRQODVHVSHFLILFDFLRQHV"
,1)250$&,Ï1*(1(5$/<',$*1Ï67,&2'(/0272502725+
3DVR 2SHUDFLyQ 6t 1R
'HVPRQWHODFXELHUWDGHO(&03&0 )XVLEOHIXQGLGRFLUFXLWR &LUFXLWR´<(/*51³
&RPSUXHEHODWHQVLyQHQWUHHOWHUPLQDO( ³5('´³5('%/.´R³5(' DELHUWRFLUFXLWR³<(/%/8´
GHODFRSODGRUFRQHFWDGRGHOPyGXORGH %/8´DELHUWRRPDOIXQFLR DELHUWRRHQFRUWRFLUFXLWRR
(&03&0\ODPDVDGHFDUURFHUtD QDPLHQWRGHOPRWRUGHO PDOIXQFLRQDPLHQWRGHO
(QFRQGLFLRQHVGLIHUHQWHVGHODVFRQGLFLRQHV YHQWLODGRUGHOFRQGHQVD UHOp
$\%GHOSDVR GRURGHOUHOp 6LORVFDEOHV\ODVFRQH[LR
±9 QHVHVWiQFRQIRUPHV
(QODVFRQGLFLRQHV$\%GHOSDVR UHHPSODFHSRUXQPyGXOR
±9 (&03&0HQEXHQ
¢(VWiHOUHVXOWDGRGHODFRPSUREDFLyQGH HVWDGR\YXHOYDDFRPSUR
DFXHUGRFRQODVHVSHFLILFDFLRQHV" EDU
+HUUDPLHQWDVHVSHFLDOHV
&DEOH'/&GHSDWL &RQMXQWR7HFK,QVWUX
OODVSDUD7HFK$ PHQWRGHH[SORUDFLyQ
68=8.,5HILpUDVHDOD
127$³&´
127$
³$´(VWHFRQMXQWRLQFOX\HORVDUWtFXORVVLJXLHQWHV
&XHUSRGHKHUUDPLHQWD\DUDQGHOD7DSyQGHOFXHUSR)LMDFLyQGHOFXHUSR6RSRUWH
0DQJXHUDGHUHWRUQR\DEUD]DGHUD)LMDFLyQGHOFXHUSR\DUHQGHOD)LMDFLyQGHPDQJXHUD
)LMDFLyQGHPDQJXHUD
³%´(VWHFRQMXQWRLQFOX\HORVDUWtFXORVVLJXLHQWHV\UHHPSOD]DHOFRQMXQWR7HFK
&DMDGHOLQVWUXPHQWR0DQXDOGHO2SHUDGRU7HFK$&DEOH'/&&DEOHVRQGDGHSUXHED
&DEOHGHDOLPHQWDFLyQHOpFWULFD$GDSWDGRUGHFDEOH'/&$GDSWDGRUGHDXWRGLDJQyVWLFR
³&´(VWHFRQMXQWRLQFOX\HORVDUWtFXORVVLJXLHQWHV\UHHPSOD]DHOFRQMXQWR7HFK$
7HFK7DUMHWD3&0&,$&DEOH'/&$GDSWDGRU6$(&DEOHSDUDHQFHQGHGRUGHFLJDUUL
OORV$GDSWDGRUGHFLUFXLWRHQEXFOH'/&&DEOHGHDOLPHQWDFLyQGHVGHEDWHUtD&DEOH56
$GDSWDGRU56&RQHFWRUHQEXFOHFHUUDGRGH56&DMDGHOLQVWUXPHQWR$OLPHQWDFLyQ
HOpFWULFD
MECÁNICA DEL MOTOR (MOTOR H27) 6A2-1
SECCIÓN 6A2
NOTA:
• Para las descripciones (elementos) no incluidas en esta sección, refiérase a la misma sección del
Manual de Servicio mencionado en el PREFACIO de este manual.
• Según sean las especificaciones del vehículo, los sistemas (piezas) siguientes son o no utilizados en el
vehículo específicamente concernido. No olvide esto cuando efectúe los trabajos de servicio.
– Válvula de EGR 6A2
– Convertidor catalítico de tres vías calentado
– Sensor(es) calentado(s) de oxígeno
– Convertidor catalítico de tres vías
– Sensor de CKP
– Sensor de MAP
CONTENIDO
Servicio en el vehículo ..................................... 6A2-2 Pistones, aros de pistón, bielas y cilindros ... 6A2-21
Cuerpo de mariposa de gases y colector de Revisión general y reparación de la
admisión.......................................................... 6A2-2 unidad ..............................................................6A2-26
Colector de escape ......................................... 6A2-9 Conjunto del motor........................................ 6A2-26
Tensor de cadena y segunda cadena de Cojinetes principales, cigüeñal y bloque de
distribución de banco (n° 1) izquierdo........... 6A2-13 cilindros......................................................... 6A2-30
Ajustador de árbol de levas y de juego de COMPROBACIÓN ........................................ 6A2-39
válvula........................................................... 6A2-14 Herramientas especiales ................................6A2-40
Válvulas y culatas ......................................... 6A2-17
6A2-2 MECÁNICA DEL MOTOR (MOTOR H27)
Servicio en el vehículo
Cuerpo de mariposa de gases y colector de admisión
1. Caja del depurador de aire 6. Colector de admisión 11. Junta 16. Perno del cuerpo de mariposa
de gases
2. Manguera del aire de admisión 7. Junta del colector de admi- 12. Sensor de IAT Par de apriete
sión
3. Tubo del aire de admisión 8. Conjunto del cuerpo de 13. Sensor de MAF No vuelva a utilizar
mariposa de gases
4. Tubo de depósito de compensación 9. Junta del cuerpo de mari- 14. Sensor de MAP
posa de gases
5. Junta 10. Colector de admisión 15. Tuerca del cuerpo de mariposa de
gases
MECÁNICA DEL MOTOR (MOTOR H27) 6A2-3
DESMONTAJE
1) Alivie la presión de combustible en la tubería de alimentación
de combustible. Refiérase a la sección 6.
PRECAUCIÓN:
Este trabajo no debe ser efectuado cuando el motor está
caliente. Si lo hace, esto podría afectar adversamente el
catalizador.
ADVERTENCIA:
Para evitar el peligro de quemarse, no saque el tapón de
drenaje y la tapa del radiador mientras el motor y el radiador
están todavía calientes. El fluido hirviente y el vapor están
bajo presión y pueden ser proyectados si el tapón y la tapa
se sacan demasiado pronto.
1. Radiador
2. Tapón de drenaje del radiador
2
6A2-4 MECÁNICA DEL MOTOR (MOTOR H27)
1 4
3
2 1
INSTALACIÓN
(a)
(b)
(b)
3
2 1
23) Compruebe que todas las piezas desmontadas han sido insta-
ladas otra vez en su lugar correspondiente.
Vuelva a instalar las piezas necesarias que no hayan sido
reinstaladas.
24) Llene el sistema de refrigeración. Refiérase a “LAVADO Y LLE-
NADO DEL SISTEMA DE REFRIGERACIÓN”, en la sección
6B.
25) Conecte el cable negativo a la batería.
MECÁNICA DEL MOTOR (MOTOR H27) 6A2-9
Colector de escape
ADVERTENCIA:
Para evitar el peligro de quemarse, no efectúe trabajos de
servicio en el sistema de escape cuando el sistema esté
todavía caliente. El servicio debe efectuarse después de
que el sistema se haya enfriado.
DESMONTAJE
1) Desconecte el cable negativo (–) en la batería.
2) Desmonte la caja superior del depurador de aire y la manguera
del aire de admisión, si el colector de escape derecho ha sido
desmontado.
3) Separe los acopladores de sus soportes, y desconecte en los
acopladores los cables conductores de los sensores de oxí-
geno.
1. Sensor HO2S-1 (conector verde)
2. Sensor HO2S-2 (conector negro)
6A2-10 MECÁNICA DEL MOTOR (MOTOR H27)
INSTALACIÓN
1) Instale juntas de colector nuevas en las culatas, y junta de tubo
n° 1 en el tubo n° 1 de escape.
2) Instale los colectores de escape.
• Siempre instale los pernos nuevos pre-revestidos con adhe-
sivo, en las localizaciones con la marca ✱.
• Apriete los pernos y tuercas, de ambos colectores, al par de
apriete especificado.
Par de apriete
Perno y tuerca del colector de escape (a) :
30 N·m (3,0 kg-m)
1. Colector de escape izquierdo (n° 1)
2. Colector de escape derecho (n° 2)
Par de apriete
Tuerca del tubo n° 1 de escape (b) :
50 N·m (5,0 kg-m)
1. Tubo n° 1 de escape
2. Colector de escape
A. Sin WU-TWC
B. Con WU-TWC
6A2-12 MECÁNICA DEL MOTOR (MOTOR H27)
1. Segunda cadena de distribución de banco 5. Perno de rueda dentada de árbol de levas 9. Perno del ajustador n° 3 de tensor de la cadena
izquierdo de distribución
2. Ajustador n° 3 de tensor de la cadena de distri- 6. Guía n° 4 de la cadena de distribución 10. Tuerca del ajustador n° 3 de tensor de la
bución cadena de distribución
3. Rueda dentada del árbol de levas de admisión 7. Guía n° 5 de la cadena de distribución 11. Perno de guía n° 4 de la cadena de distribución
de banco izquierdo
4. Rueda dentada del árbol de levas de escape de 8. Rueda dentada n° 2 intermedia Par de apriete
banco izquierdo
6A2-14 MECÁNICA DEL MOTOR (MOTOR H27)
1. Segunda cadena de distribución de banco derecho 6. Árbol de levas de admisión de banco izquierdo 11. Guía n° 5 de la cadena de distribución
2. Árbol de levas de escape de banco derecho 7. Árbol de levas de escape de banco izquierdo 12. Ajustador de juego de válvula
3. Árbol de levas de admisión de banco derecho 8. Sujetador de árbol de levas de admisión de 13. Perno de montaje de árbol de levas
banco izquierdo
4. Sujetador de árbol de levas de escape de banco 9. Sujetador de árbol de levas de escape de Par de apriete
derecho banco izquierdo
5. Sujetador de árbol de levas de admisión de banco 10. Sujetador de árbol de levas de banco izquierdo Aplique aceite de motor a la superficie
derecho deslizante de cada pieza.
MECÁNICA DEL MOTOR (MOTOR H27) 6A2-15
COMPROBACIÓN
Desgaste de la leva
NOTA:
No haga girar el árbol de levas mientras la galga plástica
esté instalada.
[A] : Banco derecho
[B] : Banco izquierdo
6A2-16 MECÁNICA DEL MOTOR (MOTOR H27)
Válvulas y culatas
1. Bloque de cilindros 6. Válvula de escape 11. Sello de aceite de 16. Perno (perno de cabeza
vástago de válvula hexagonal) de culata
2. Culata de banco derecho 7. Válvula de admisión 12. Retén de muelle de Par de apriete
válvula
3. Culata de banco izquierdo 8. Asiento de muelle de válvula 13. Chaveta semicó- No vuelva a utilizar
nica de válvula
4. Junta de culata de banco derecho 9. Muelle exterior de válvula : 14. Guía de válvula Aplique aceite de motor a
El número de lote estampado en la junta Asegúrese bien de posicionar el la superficie deslizante
de culata debe quedar posicionado muelle colocando su extremo infe- de cada pieza.
hacia arriba (hacia el lado de la culata). rior (extremo de paso corto) posicio-
nado hacia el fondo (lado del
asiento del muelle de válvula).
5. Junta de culata de banco izquierdo : 10. Muelle interior de válvula : 15. Perno de culata
El número de lote estampado en la junta Asegúrese bien de posicionar el
de culata debe quedar posicionado muelle colocando su extremo infe-
hacia arriba (hacia el lado de la culata). rior (extremo de paso corto) posicio-
nado hacia el fondo (lado del
asiento del muelle de válvula).
6A2-18 MECÁNICA DEL MOTOR (MOTOR H27)
COMPROBACIÓN
Guías de válvula
Estándar Límite
Diámetro del vás- Admisión 5,965 – 5,980 mm –
tago de válvula Escape 5,940 – 5,955 mm –
Diámetro interior Admisión 5,985 – 6,010 mm
–
de guía de válvula y escape
Holgura del vás- Admisión 0,035 – 0,045 mm 0,07 mm
tago de válvula a la Escape 0,060 – 0,070 mm 0,09 mm
guía de válvula
INSTALACIÓN
1) Limpie la superficie de contacto de la culata y del bloque de
cilindros. Elimine los restos de aceite, producto de sellado viejo,
y el polvo, en las superficies de contacto.
2) Instale los pasadores (4) de detonación en el bloque de cilin-
dros.
3) Aplique producto de sellado “A” a la junta (1) de culata, en la
forma mostrada en la figura.
“A” : Producto de sellado n° 99000-31150
Cantidad de producto de sellado (Ancho “w”) :
4 mm
4) Instale la junta (1) nueva de culata en el bloque de cilindros, en
la forma mostrada en la figura, el número (5) de lote estampado
en la junta (1) de culata debe quedar posicionado hacia arriba
(hacia el lado de la culata).
[A] : Banco derecho (n° 2)
[B] : Banco izquierdo (n° 1)
2. Lado de la polea del cigüeñal
3. Lado del volante de inercia
MECÁNICA DEL MOTOR (MOTOR H27) 6A2-19
NOTA:
No olvide de instalar los pernos (b), como mostrado en la
figura.
1. Perno hueco hexagonal
2. Lado de la polea del cigüeñal
3. Lado del volante de inercia
[A] Banco derecho
[B] Banco izquierdo
COMPROBACIÓN
Cilindros
• Inspeccione la camisa del cilindro para detectar rayaduras,
asperezas o rebordes que indican un desgaste excesivo. Si las
paredes del cilindro están demasiado ásperas y profundamente
entalladas o hay rebordes considerables, proceda a escariar el
cilindro y utilice un pistón sobredimensionado.
• Utilice un calibrador de cilindros y mida el calibre del cilindro en
los sentidos de empuje y axial, en dos posiciones (1, 2), como
mostrado en la figura.
Si se comprueba cualquiera de las condiciones siguientes, pro-
ceda a escariar el cilindro.
– El diámetro del calibre del cilindro excede el límite especifi-
cado.
– La diferencia de mediciones en dos posiciones excede el
límite de conicidad.
– La diferencia entre las mediciones en el sentido de empuje y
axial excede el límite de ovalización.
Límite del diámetro del calibre del cilindro :
88,050 mm
Límite de conicidad y ovalización del cilindro :
0,10 mm
NOTA:
Si es necesario rectificar uno de los seis cilindros, rectifi-
que los seis cilindros para obtener el mismo sobredimen-
sionamiento. Esto es necesario para garantizar la
uniformidad y el equilibrio.
1. 50 mm
2. 95 mm
Pistones
• Inspeccione los pistones para detectar los defectos, grietas
y otros daños.
El pistón dañado o defectuoso debe ser reemplazado.
• Diámetro del pistón :
Como indicado en la figura, el diámetro del pistón debe ser
medido a la distancia de 26,5 mm (1) del extremo de la falda
del pistón, en sentido perpendicular al bulón del pistón.
Diámetro del pistón :
NOTA:
Los diámetros de calibre de cilindro utilizados aquí están
medidos en dos lugares, en el sentido del empuje.
1. 26,5 mm
ARMADO
NOTA:
La marca “86F” en la biela debe quedar posicionada hacia
el lado de la polea del cigüeñal.
1. Pistón
2. Marca en flecha
3. Biela
MECÁNICA DEL MOTOR (MOTOR H27) 6A2-25
NOTA:
• Instale el anillo elástico de retención con su parte cor-
tada posicionada en la forma mostrada en la figura.
• Instale de manera que las puntas del circlip queden
dentro del espacio indicado por la flecha “A”, en la
figura.
1. Pistón
2. Marca en flecha
3. Biela
4. Orificio de aceite
5. Lado de la polea del cigüeñal
INSTALACIÓN
Para la instalación, invierta el procedimiento anterior de desmontaje,
teniendo en consideración los puntos siguientes.
1) Baje el conjunto del motor hasta el compartimento del motor.
Conecte el motor a la transmisión, y los soportes de monturas
laterales del motor, a las monturas del motor.
2) Apriete las tuercas que fijan los soportes de monturas laterales
del motor y las monturas del motor.
Par de apriete
Tuerca de soporte de montura lateral del motor (a):
50 N·m (5,0 kg-m)
MECÁNICA DEL MOTOR (MOTOR H27) 6A2-29
1. Bloque de cilindros 6. Sello de aceite trasero 11. Junta tórica [A]: Cantidad de aplicación de producto
sellador
2. Cárter inferior del cigüeñal: 7. Volante de inercia (M/T), o 12. Placa del cárter del Par de apriete
Aplique producto sellador 99000- placa impulsora (A/T) embrague
31150 a la superficie inferior de con-
tacto, del cárter del cigüeñal.
3. Cigüeñal 8. Bomba de agua 13. Perno de tapa No vuelva a utilizar
4. Cojinete principal 9. Junta tórica 14. Perno del cárter inferior Aplique aceite de motor a la super-
del cigüeñal ficie deslizante de cada pieza.
5. Cojinete de empuje: 10. Chorro de aceite de la 15. Sensor de detonación “a”: Ancho 3 mm
Fije el cojinete posicionado hacia el cadena de distribución
lado con surcos del codo del cigüeñal.
“b”: Altura 2 mm
MECÁNICA DEL MOTOR (MOTOR H27) 6A2-31
NOTA:
Primero, apriete los pernos de rosca de 10 mm de diámetro
(siguiendo el orden mostrado en la figura), y enseguida
apriete los pernos de rosca de 8 mm de diámetro.
Par de apriete
Perno de tapa de cojinete de empuje y de cojinete de muñe-
quilla (diámetro de rosca: 8 mm) (a):
60 N·m (6,0 kg-m)
Perno de tapa de cojinete de empuje y de cojinete de muñe-
quilla (diámetro de rosca: 10 mm) (b):
27 N·m (2,7 kg-m)
NOTA:
No haga girar el cigüeñal mientras esté instalada la galga
plástica.
1. Cárter inferior del cigüeñal
2. Perno (diámetro de rosca: 10 mm)
3. Perno (diámetro de rosca: 8 mm)
4. Perno largo (diámetro de rosca: 8 mm)
6A2-32 MECÁNICA DEL MOTOR (MOTOR H27)
Número estampado en el
brazo del cigüeñal
(Diámetro de muñequilla)
1 2 3
Letra estampada en el A Negro Incoloro Amarillo
cárter inferior del cigüe- B Incoloro Amarillo Azul
ñal (Diámetro del cali-
bre de la tapa) C Amarillo Azul Rosa
COJINETE NORMAL:
Si en el motor se da alguna de las siguientes condiciones, selec-
cione como se muestra un cojinete normal e instálelo.
• Cojinete en mal estado.
• Separación del cojinete fuera de los valores especificados.
• Se ha cambiado el cigüeñal o el bloque de cilindros.
1) Inspeccione primero el diámetro del muñón. Tal como aparece
en la figura, el brazo del cigüeñal tiene números y letras estam-
2
pados en el centro.
Hay seis tipos de números (de “4” a “9”) que representan los
siguientes diámetros de muñón.
NOTA:
No se suministran los siguientes cojinetes porque no se
necesitan en este procedimiento de selección.
• Cojinete superior principal: Marrón
• Cojinete inferior principal: Negro
NOTA:
El siguiente es el significado de “Superior” e “Inferior” en el
cuadro a continuación.
• Superior: Característica del cojinete principal instalado
en el muñón del lado del bloque de cilindros.
• Inferior: Característica del cojinete principal instalado en
el muñón del lado del cárter de cigüeñal inferior.
COMPROBACIÓN
Rectificación o escariado de los cilindros
1) Cuando cualquier cilindro deba ser rectificado, es obligatorio
rectificar -al mismo tiempo- todos los otros cilindros.
2) Seleccione el pistón sobredimensionado, de acuerdo con el
desgaste del cilindro.
Diámetro del pistón sobredimensionado :
NOTA:
Antes de rectificar, instale todas las tapas de cojinetes prin-
cipales en sus lugares respectivos y apriete al par especifi-
cado, evitando deformar los calibres de cojinete.
Herramientas especiales
6(&&,Ï1%
5()5,*(5$&,Ï1'(/02725
127$
3DUDODVGHVFULSFLRQHVHOHPHQWRVQRLQFOXLGDVHQHVWDVHFFLyQUHILpUDVHDODVGHVFULSFLRQHVGHOPRWRU
+HQODPLVPDVHFFLyQGHO0DQXDOGH6HUYLFLRPHQFLRQDGRHQHO35()$&,2GHHVWHPDQXDO
&217(1,'2
0DQWHQLPLHQWR % 5HIULJHUDQWH %
%
%5()5,*(5$&,Ï1'(/02725
0DQWHQLPLHQWR
5HIULJHUDQWH
7DEODGHGRVLILFDFLyQGHDQWLFRQJHODQWH
9ROXPHQGHUHIULJHUDQWH
0RWRUUDGLDGRU
'HSyVLWRGHUHVHUYD 7RWDO
\FDOHQWDGRU
/
127$
(QHOVLVWHPDGHUHIULJHUDFLyQQXQFDVHGHEHXWLOL]DUUHIULJHUDQWHDEDVHGHPHWDQRORGHDOFRKROQLVROD
PHQWHDJXD$VtVHHYLWDUiGDxDUHOVLVWHPDGHUHIULJHUDFLyQ
,QFOXVRHQXQDUHJLyQGRQGHQRVHDQWLFLSDQWHPSHUDWXUDVGHFRQJHODFLyQGHEHHPSOHDUVHODPH]FODGH
GHDJXD\GHUHIULJHUDQWHDEDVHGHHWLOHQJOLFROUHIULJHUDQWHDQWLFRQJHODQWHDQWLFRUURVLYRFRQ
HOILQGHOXEULFDU\SURWHJHUGHODFRUURVLyQ
6LVHXWLOL]D³$JXDGXUD´VHIRUPDUiQLQFUXVWDFLRQHVTXHREVWUXLUiQHOFLUFXLWRGHUHIULJHUDFLyQ(ODJXD
FRUULHQWHGHJULIRSURFHGHQWHGHOVHUYLFLRGHDJXDSRWDEOHXUEDQRHVSUiFWLFDPHQWHKDEODQGRHODJXD
PHMRUTXHKD\GLVSRQLEOHSDUDHOVLVWHPDGHUHIULJHUDFLyQ(ODJXDGHVWLODGDHVLGHDOSHURHQPXFKRV
FDVRVHVXQOXMR
&20%867,%/('(/02725&
6(&&,Ï1&
&20%867,%/('(/02725
127$
3DUDODVGHVFULSFLRQHVHOHPHQWRVQRLQFOXLGDVHQHVWDVHFFLyQUHILpUDVHDODPLVPDVHFFLyQGHO0DQXDO
GH6HUYLFLRPHQFLRQDGRHQHO35()$&,2GHHVWHPDQXDO
&217(1,'2
'HVFULSFLyQJHQHUDO & 6HUYLFLRHQHOYHKtFXOR &
6LVWHPDGHFRPEXVWLEOH & 'HSyVLWRGHFRPEXVWLEOH&
7XEHUtDVGHFRPEXVWLEOH&
'HVFULSFLyQJHQHUDO
6LVWHPDGHFRPEXVWLEOH
/RVFRPSRQHQWHVSULQFLSDOHVGHOVLVWHPDGHFRPEXVWLEOHVRQHOGHSyVLWRGHFRPEXVWLEOHODERPEDGHFRPEXVWLEOH
HOILOWURGHFRPEXVWLEOH\HOPHGLGRUGHQLYHOGHFRPEXVWLEOH\HOVLVWHPDLQFOX\HWUHVWXEHUtDVWXEHUtDGHDOLPHQWD
FLyQGHFRPEXVWLEOHWXEHUtDGHUHWRUQRGHFRPEXVWLEOH\WXEHUtDGHYDSRUGHFRPEXVWLEOH
3DUDPD\RUHVGHWDOOHVVREUHHOIOXMRGHFRPEXVWLEOH\HOIOXMRGHYDSRUGHFRPEXVWLEOHUHILpUDVHDODVHFFLyQ(
&
6HUYLFLRHQHOYHKtFXOR
'HSyVLWRGHFRPEXVWLEOH
'(60217$-(
$OLYLH OD SUHVLyQ GH FRPEXVWLEOH HQ OD WXEHUtD GH DOLPHQWDFLyQ
GHFRPEXVWLEOH5HILpUDVHDODVHFFLyQRDODVHFFLyQ
35(&$8&,Ï1
(VWH WUDEDMR QR GHEH VHU HIHFWXDGR FXDQGR HO PRWRU HVWi
FDOLHQWH (Q FDVR FRQWUDULR HVWR SRGUtD DIHFWDU DGYHUVD
PHQWHHOFDWDOL]DGRU
'HVFRQHFWHHOFDEOHQHJDWLYR±HQODEDWHUtD
$QWHVGHGHVFRQHFWDUODPDQJXHUDGHOOOHQDGRUGHFRPEXVWLEOH
FRORTXHPDUFDVHQODPDQJXHUDGHOOOHQDGRUGHFRPEXVWLEOH\
HQHOFXHOORGHOOOHQDGRUGHFRPEXVWLEOH
'HVFRQHFWHODPDQJXHUDGHOOOHQDGRUGHFRPEXVWLEOHGHOFXH
OORGHOOOHQDGRUGHFRPEXVWLEOH
,QVHUWHODPDQJXHUDGHXQDERPEDGHDFFLRQDPLHQWRPDQXDO
HQODPDQJXHUDGHOOOHQDGRUGHFRPEXVWLEOH\GUHQHHOFRPEXV
WLEODHQHOHVSDFLR³$´PRVWUDGRHQODILJXUDGUHQHHOFRPEXVWL
EOHKDVWDTXHGHMHGHVDOLUFRPEXVWLEOH
35(&$8&,Ï1
1RIXHUFHODPDQJXHUDGHODERPEDGHDVSLUDFLyQPDQXDO
GHQWUR GHO GHSyVLWR GH FRPEXVWLEOH (Q HIHFWR KD\ ULHVJR
GHGDxDUODYiOYXODGHHQWUDGD
0DQJXHUDGHOOHQDGRUGHFRPEXVWLEOH
9iOYXODGHHQWUDGDUHWHQFLyQGHOGHSyVLWRGHFRPEXVWLEOH
'HVPRQWHHOSURWHFWRUGHODPDQJXHUDGHOOOHQDGRUGHOGHSyVLWR
GHFRPEXVWLEOH
'HVFRQHFWHODPDQJXHUDGHOOOHQDGRUGHOGHSyVLWRGHFRPEXV
WLEOH \ OD PDQJXHUD GH YHQWLODFLyQ GHO FXHOOR GHO OOHQDGRU GH
FRPEXVWLEOH
'HVPRQWH OD YiOYXOD GH HQWUDGD GHO GHSyVLWR GH FRPEXVWLEOH
7HQJDFXLGDGR\DOGHVPRQWDUQRGDxHODYiOYXODGHHQWUDGD
'HSyVLWR
0DQJXHUDGHYHQWLODFLyQ
0DQJXHUDGHOOOHQDGRU
9iOYXODGHHQWUDGD
'UHQHHOGHSyVLWRGHFRPEXVWLEOHERPEHDQGRFRPEXVWLEOHSRU
HOOOHQDGRUGHOGHSyVLWRGHFRPEXVWLEOH
3DUD GUHQDU HO GHSyVLWR GH FRPEXVWLEOH XWLOLFH XQD ERPED
DFFLRQDGDPDQXDOPHQWH
35(&$8&,Ï1
1XQFD GUHQH R GHMH FRPEXVWLEOH HQ XQ UHFLSLHQWH DELHUWR
(QHIHFWRKD\ULHVJRVGHLQFHQGLRRGHH[SORVLyQ
&20%867,%/('(/02725&
'HVFRQHFWHGHORVWXERVODPDQJXHUDGHYDSRUGHFRPEXVWL
EOH\ODPDQJXHUDGHUHWRUQRGHFRPEXVWLEOH
'HVPRQWHGHOYHKtFXORHOSURWHFWRUGHGHSyVLWRGHFRPEXVWLEOH
VLHVWiLQVWDODGR
%DMHJUDGXDOPHQWHHOGHSyVLWRGHFRPEXVWLEOHPDQWHQLpQGROR
KRUL]RQWDO\VDTXHHODFRSODGRUHQODERPEDGHFRPEXVWLEOH
%RPEDGHFRPEXVWLEOH
$FRSODGRU
&20352%$&,Ï1
'HVSXpV GH GHVPRQWDU HO GHSyVLWR GH FRPEXVWLEOH FRPSUXHEH VL
KD\IXJDVHQODVPDQJXHUDV\WXERVFRQHFWDGRVDOGHSyVLWRGHFRP
EXVWLEOH VL KD\ FRQH[LRQHV IORMDV GHWHULRUDFLyQ R GDxRV $GHPiV
FRPSUXHEHVLKD\IXJDVSRUODVMXQWDVGHOPHGLGRUGHQLYHOGHOFRP
EXVWLEOH\HQODERPEDGHFRPEXVWLEOHHLQVSHFFLRQHYLVXDOPHQWH
HOGHSyVLWRGHFRPEXVWLEOHSDUDGHWHFWDUODVIXJDV\GDxRVHYHQWXD
OHV
5HHPSODFHFXDOTXLHUSLH]DTXHHVWpGDxDGDRGHWHULRUDGD
&&20%867,%/('(/02725
,167$/$&,Ï1
,QVWDOHHQHOGHSyVLWRGHFRPEXVWLEOHHOFRQMXQWRGHODERPED
GHFRPEXVWLEOHODYiOYXODGHFRUWHGHFRPEXVWLEOH\ODYiOYXOD
GH FRQWURO GH YDSRUHV 5HILpUDVH D ³%20%$ '( &20%867,
%/(´HQHVWDVHFFLyQ
&RQHFWH DO GHSyVLWR GH FRPEXVWLEOH ODV PDQJXHUDV GH FRP
EXVWLEOHODYiOYXODGHFRUWHGHFRPEXVWLEOHODYiOYXODGHFRQ
WURO GH YDSRUHV OD YiOYXOD GH UHWHQFLyQ \ HO FRQMXQWR GH OD
ERPEDGHFRPEXVWLEOH
'HVSXpV GH FRQHFWDU ILMH ODV PDQJXHUDV GH PDQHUD VHJXUD
FRQDEUD]DGHUDV
,QVWDOHODYiOYXODGHHQWUDGDHQHOGHSyVLWRGHFRPEXVWLEOH6L
KD\ GHIRUPDFLyQ R GDxRV GH FXDOTXLHU RWUD QDWXUDOH]D UHHP
SODFHSRUXQDSLH]DQXHYD
,QVWDOHHOGHSyVLWRGHFRPEXVWLEOHXWLOL]DQGRODVFRUUHDVGHILMD
FLyQGHOGHSyVLWRGHFRPEXVWLEOH\HQVHJXLGDLQVWDOHHOSURWHF
WRUHQHOYHKtFXOR
3DUGHDSULHWH
3HUQRGHOGHSyVLWRGHFRPEXVWLEOHD1ÂPNJP
3HUQRGHOSURWHFWRUGHOGHSyVLWRGHFRPEXVWLEOHD1ÂP
NJP
&RQHFWHODPDQJXHUDGHOOOHQDGRUGHFRPEXVWLEOHDOFXHOORGHO
OOHQDGRUGHFRPEXVWLEOHGHDFXHUGRFRQODVPDUFDVGHFRLQFL
GHQFLD<HQVHJXLGDDSULHWHFDGDDEUD]DGHUDVHJXUDPHQWH
&RQHFWHODPDQJXHUDGHOOOHQDGRUDOGHSyVLWRGHFRPEXVWLEOH\
ODPDQJXHUDGHYHQWLODFLyQDOFXHOORGHOOOHQDGRUGHFRPEXVWL
EOH)tMHODVVHJXUDPHQWHFRQDEUD]DGHUDV
3DUGHDSULHWH
$EUD]DGHUDGHPDQJXHUDGHYHQWLODFLyQE1ÂPNJ
P
$EUD]DGHUDGHPDQJXHUDGHOOHQDGRUGHFRPEXVWLEOHF
1ÂPNJP
,QVWDOHHOSURWHFWRUGHODPDQJXHUDGHOOOHQDGRUGHFRPEXVWLEOH
'HSyVLWRGHFRPEXVWLEOH 3URWHFWRUGHOGHSyVLWRGHFRPEXVWLEOH
%RPEDGHFRPEXVWLEOHFRQPHGLGRU &RUUHD
GHQLYHOGHOFRPEXVWLEOH
)LOWURGHFRPEXVWLEOH &XHOORGHOOOHQDGRU
7DSDGHOOOHQDGRUGHFRPEXVWLEOH 7XERGHYHQWLODFLyQ
0DQJXHUDGHYHQWLODFLyQ 0DQJXHUDGHOOOHQDGRU
7XEHUtDGHDOLPHQWDFLyQGHFRPEXVWL 9iOYXODGHHQWUDGDGHOGHSyVLWR
EOHDOWXERGHGHVFDUJD
7XEHUtDGHUHWRUQRFRPEXVWLEOH 9iOYXODGHFRUWHGHFRPEXVWLEOH
GHVGHHOWXERGHGHVFDUJD
7XEHUtDGHYDSRUGHFRPEXVWLEOHDO
UHFLSLHQWHGH(9$3
&RQHFWHODPDQJXHUDGHHQWUDGDGHOILOWURGHFRPEXVWLEOHDOILO
WURGHFRPEXVWLEOH
)LOWURGHFRPEXVWLEOH
0DQJXHUDGHVDOLGDGHOILOWURGHFRPEXVWLEOH
0DQJXHUDGHHQWUDGDGHOILOWURGHFRPEXVWLEOH
&RQHFWHHODFRSODGRUDOFRQMXQWRGHODERPEDGHFRPEXVWLEOH
&RQHFWHHOFDEOHQHJDWLYR±DODEDWHUtD
'HVSXpVGHODLQVWDODFLyQFRPSUXHEHVLHQHOVLVWHPDGHFRP
EXVWLEOHKD\IXJDVGHFRPEXVWLEOH
7XEHUtDVGHFRPEXVWLEOH
'HELGRDTXHODWXEHUtDGHDOLPHQWDFLyQGHFRPEXVWLEOHHVWiVRPH
WLGDDDOWDSUHVLyQWHQJDHVSHFLDOFXLGDGRFXDQGRHIHFW~HHOVHUYLFLR
GHODWXEHUtD
(Q HO WXER GH DOLPHQWDFLyQ VH XWLOL]DQ DFRSODPLHQWRV URVFDGRV \
DEUD]DGHUDVGHPDQJXHUD
&20352%$&,Ï1
,QVSHFFLRQHYLVXDOPHQWHODVWXEHUtDVGHFRPEXVWLEOHSDUDYHULILFDUVL
KD\ IXJDV GH FRPEXVWLEOH JULHWDV GHWHULRUDFLyQ R GDxRV HQ PDQ
JXHUDV $VHJ~UHVH GH TXH WRGDV ODV DEUD]DGHUDV HVWiQ LQVWDODGDV
ILUPH\VHJXUDPHQWH5HHPSODFHHVWDVSLH]DVVLHVQHFHVDULR
&&20%867,%/('(/02725
, -
""#&'()*#&.*"/&& #%0"*#0 %"&/*1 &#( /"-
2
&'&.*/3" 4%*"/& 5&"#//&/#&&0& %&/#"3#"/&/#%0"
/#&#( /"/3 ((&6#*'"0 %&* & & "&"*%&7"/&898:$4;
" "# <.*0" / *3" / #& &0& % = "3#"/& /# %0" /# &#( / ">
< ! "#> #" /#%0"/#&#( /"""& 40"*%/%?4
%*" /&%"3"1&/'& 5&"#//&/5#&&0& %&/#"3#"/&/#%0"/#&#(
/"$)'"&3'"%&/"#", =<"*& ""#'&> /"/" <
'& #'()*#&> #" /#%0"/#&#( /"" %/4%*"*"#.*%"3"1&
/'& 5&"#//&/5#&&0& %&/#"3#"/&/#%0"/#&#( /"$ &
%" #", 5*/"*"# 4#"/&"/ %"#/#&#( /"&*//1"
&" %#%0"/#&#( /"$ *"#.*"/%&/&"&*/"*"/"@&&&"
#!"'$
2
&%"3"1&/'&%; &/3 "/&&#&0 &AB!* /&/*;/.*&#&
.*# %*%&/ //& #"& <
:>=/.*/& %#"3# !"%'&/#"
3"%)"$ 4%&5 &&//%"4&0"5#%0"*/"%'"/&&#"'"/
!)"#;%"/#0/*#&//% =//"! %&$
-
!C " #"4"& /#'()*#&5#&%0"7"!* %& & &*%#7"/& #
'()*#&)4"0 %& /&$&&#'/%&*" /&4%C#&%"3"1&/'&$
2 & %&/'4"
2 &/ :
2 &/
2 ,?#'*#"/D
2 &"# %"/&/&6)! &5&% "/"1*%/
,!
%
)
"
&
"
;%*;) +
>?
"
+
:-+
+
"
%<*;) " :-
7
% ;$)
+
%,$)
#:%
8@
+
)
+
+
:
+
6$<.
% <) . *&
(
+
7
<*6
% *) ;
<*6
2(% ") 68&
<*6
2(% )
<*6
&
&'(%6) = 4"& /"/"% $$$$$$$$$$EF
+
= "0 %""# $$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$ EF
G#*1&/#%0"
E
"!"0"/#%0"
H
%0"/"/0 /"
D +
+
+
A+
B 7
B
+
B+
+
B
+
B&8&
(B!
%
+
+
!
-
) 7
+
+
B
+
+
+
B +
+
B!7
+
8
*
&8&
(
?
+ *;
%<*;)B
&(
+
+
+
&
!
+
7
10
18
15
16
17
E$GA $
" +
;
<*6 "" ;
&
" 68&
,$*!
(8+
E9GA #: ,$ :71
7 " ;$ " 68&
,$
E*GA :7
:
;
" 68&
#: " *
-
%'JI$K)
+
*
=
" <
. *
+
"C *+
+
". 68&
,$*
%0"//"!"/&03*%3#
8+ +A+
B
B
7
B
+
B
B!
!
+
+
B7
+7
B!B+
1
B
!
L
@
+
+
!%+
(
)
+
+
+
+
+
B
!
! &
?
!
+*;%<*;)
+
+
&&
+
B
(
/$5A *
" +
. (
= ,!
/95A $
9
:
+
"C
;
&
(+
+
"" 68&
+
(
+
+
F
-
"4!*"" %&0*%"* '()*#&& '&#" %"#"7.*/"$ #&'()*#&& '&#" %"#"/
("5#"7"& * "%&I%? %"#"/"0;%"0 % #&%&#"/&$
A
B+
50
1
WHT/BLU C51-2-19 C51-2-2 PNK
ORN/BLU C51-2-20 C51-2-1 PNK/BLK 2
C51-2-30 C51-2-9 PNK/GRN 3
C51-2-8 PNK/BLU 4
4-1
49 YEL/GRN C51-1-12 C51-2-22 GRY/GRN 4-2
YEL/BLU C51-1-13 C51-2-21 GRY/BLK
GRY/YEL C51-3-26 5
PPL/WHT C51-3-10 BLU/BLK
48 GRY/YEL C51-3-5 C51-2-15 LT GRN
C51-2-14 LT GRN/WHT
47 RED/WHT C51-3-8 C51-2-13 LT GRN/YEL
GRY/RED C51-3-14 C51-2-12 LT GRN/RED
GRY/RED E61-1
GRY/BLK E61-10 6
46 GRY/YEL E61-24 C51-1-5 LT GRN/BLK
RED/GRN C51-3-9 C51-1-4 PPL/BLK
GRY/RED C51-3-13 C51-1-17 GRY/BLU
45 C51-1-16 PPL/YEL
GRY/YEL C51-3-12
44
ORN/BLK C51-3-2
GRY/YEL C51-3-24 7
C51-1-15 GRN/BLK
43
LT BLU C51-3-1
GRY/YEL C51-3-25 8
8-1
O2 HTRRLY
41 RED C51-3-11 C51-2-28 BRN
GRY C51-2-4
BLU C51-2-27 BRN/BLK
41-1 RED/BLU C51-3-21 9
9-1
BLK/RED C51-2-5
42 C51-2-26 BRN/WHT
RED/BLK C51-3-22
WHT/BLK C51-2-16 C51-2-25 BRN/YEL
10
BLU 42-1 10-1
RED/YEL C51-3-23
C51-2-24 BRN/RED
PNK/WHT C51-2-17
IG1
C51-2-23 BLK/BRN
24-1 PNK/BLU E61-35
GRY E61-4 BB+
11
40 PNK/BLK E61-30 E61-23 WHT/GRN 12
IG2
GRY/WHT E61-8 13
39 YEL/BLK E61-17 E61-22 YEL/BLU
38 14
PNK/WHT E61-16 15
37 C51-3-3 WHT
BLK/RED E61-15 E61-29 YEL 51
BB+ E61-3 WHT/BLU
36 AF DN
RED/YEL E61-32 E61-14 WHT/RED
GND TS MON
35
GRN/WHT E61-34 E61-5 PPL
34 16
BLU/ORN C51-1-25 E61-7 PPL/YEL
17
33 E61-20 WHT/BLK
WHT C51-1-23 18
ORN C51-1-22 E61-21 GRY/BLU
C51-1-20 18-1
E61-19 ORN/BLK
32 C51-1-21 18-2
BLU/YEL C51-1-11 C51-1-9 RED
BLU/GRN C51-1-10
IG1
ORN/GRN C51-1-7
RED C51-1-6 C51-3-18 PNK
ORN/BLU C51-1-19
YEL/GRN C51-1-18 19
GRN/ORN C51-1-28 C51-3-7 BLK/ORN 20
31 GRN/BLU C51-1-27 E61-31 ORN/BLU 21
30 E61-33 YEL/RED 21-1
C51-1-26 ORN/WHT
29
GRN C51-1-2
GRN/RED C51-1-1
GRN/YEL C51-1-8 C51-3-20 BLK/WHT
28 E61-2 WHT
BB+ 27 22
PPL/RED E61-13 IG2
E61-9 BLU
C51-3-4 BLU/BLK
C51-3-15 BLU/BLK 23
C51-1-24 BLK/YEL
24
26 BRN E61-6 C51-3-6
25 BLK/GRN
C51-2-7 BLK/GRN :5V
BLU/YEL C51-1-14 C51-3-17 BLK/ORN :12V
52 GND1
B
8
,
9
J
Interruptor de encendido
Interruptor de arranque
Sensor de detonación
Interruptor de luces
Sensor de CMP
Sensor de MAF
Interruptor PSP
Sensor de ECT
Sensor de IAT
Sensor de TP
Salida
VSS
Control del relé principal Relé principal
Control de la bomba Relé de la bomba
de combustible de combustible
Control de la inyección Inyectores
Control de aire de ralentí Válvula de IAC
Bobina de encendido
Control del encendido
con encendedor
Control de MIL MIL
Control de purga Válvula de purga del
de EVAP recipiente de EVAP
Válvula de EGR
Control de EGR (si está equipada)
Control del
calentador de HO2S HO2S (si está equipado)
Amplificador del A/C
Control del A/C (si está equipado)
Control del ventilador Relé del ventilador del
del condensador condensador del A/C
del A/C (si está equipado)
"! %&
:7
-
"
+
'& #'()*#&
D "#/"/
*
8
! +
+
7
&
B&&
+ B! +- &
+
!
:7
-
7
+
!
+
E
1*%/#"3#/#"#"/&
") *
+
B+@
+
8
+
7
&
8 7
+
7
B
%")
&
+
7
%)
L*!&/#/"#/#"#"/&<">-
MH00
1*%/#"3#/#"#"/&/K'()*#&
& K
") $ T @
8
) *
+
B+@
'
EG +
8
+
7
&
8 7
+
7
B
%")
+
$
&
+
7
%)
&#!*"<>/#"& %"#"/"/#"3#/0"&"
/K-
B5FM5H00
H
-
% / (" "" " # 0&%&5 &#&.* #" "#" " /
"03&/ !" "1/%" 0 #"& <* %&
0*%&> "03#""#" "#%&""#"& <>5
#&0&/#&& K5"#.*#4 &/%"& "0 %&5
=3#&.*#"*/"&*#&"$
N8%#7" /&# %*0 %&/6#&" 898:O
") *
2+
0304,
D*B
+
+
F
"0 %""#
- %*0 %&/6#&" 898:
) *
'
@
+
7
) *+-
(! &
,$*B
1
E
D
%D
)G
2+
0304,
;!0 /"# %)/#0&%&-
K /"%'"/&
GG-BBPHB0
K "%'"/&
-HBPHB0
& %"1/'&/ #;!0 /"# %)
4"/&-
HMEBQ& K /"%'"/&
GG
)
&
! -
( 87
+
7
B +
(
:7
-
E$9D$ 9 D0UF ,$#HO,*FGB
"
.) *+@
-
( +
7
$ *
&
%FH)B
&'( 8@
+
$ *
B +
?
$ *
&
%FH)!
(
$ *
&
%F) $ *
&
%FH)
:-
(
CCX.C+ .CX.C+
A
<
&
.JCW%CBJ.B6B
,$*-
J
(
(
"6)
+
7
A
-
#'&/ */&0&3"/&"&60"/"0 %
*%#7" /&* '&#%)0%&$
" #" % #" % = # '& / #"
!* %$
-
""%"&0&3" ="1*% "&% * &
3"/&/!"/" /"/&/
=* %"0%&
/0&%&$
") *+-
(:7
-
E:-
( +
&
-
(
(GB
) ++
+B!+@
W*F
1
8
+
7
&
8 7
+
7
B +
%")
)
1
('
B7
@-
( 87
+
7
F
%0"/"/0 /"
*&/0"&"
" *+
+
;
*
+
. ;$
;
&
<
L
")
&%J)
(
)
7
) 71
) +
+
A
%")
!
%)
+
$
.)
B+
+
A
)
+
+
%")
!%)+
+
-
2 # & E * &%& &0& % .* & % !"
"*(& & /3 &#&" * 3"@& / /&#' % &
&/*%�"/&$ 4%&5&/*?* ""
.*)0".*( ("?5 /*?&/4&0"?%"
7"$
2 &&#&.*"#"03&3&" #&"&/#0"/&$
4%&5&/)"/"@"#&"&$
B
8 -
2 & &# " &00/& #& & /*%& / /'"
5*" /&#"'?#'*#"/ %? %"#"/" #*&
/ 0"&"$ 4%&5 %& "*"? # 0"# 4* & "
0 %&/#"'?#'*#"/ $
2 # &/5# &/5'?#'*#"/& %&#/#
"/"# %)*&%&&0& %.*& % !" "*
(& &/3 &#&" * 3"@&//&#' %&&
/*%�"/&$
4%&5 &/*? * " " .*)0" .* (
("?5 /*?&/4&0"?%"7"$
D
+
+
+
+
! +
%")
&
") D
+
+7
+
+
B
+
%")
B
1
%)&
) ,
+
+
+
B!
+
+
) *
<*6
) ,
A+
+
B!
+
B
1
&
+
.) ,
#:B
&
) *
&
!
&8
&
+
+
6$<B
&8&
<*6B
) *
&8&
+
+
6$<B ;$<B!
&8&
#:
1
1
) ,
+7
+
=) *
"C) * <B
!
&8&
,$*
"") ,
B+
+
B
&
M
+
+
B
,
+
+
") *
7
B
+
+
") *
B!
+
$
%$ )
".) D
7
") *
&%J)
(
") $
!
+
$
:7
-
E$U0 D *$9D D $*D:$F:G !
E$U0 D *$9D D$ ;$:,<F$ $ GB
J
-
%" &0&3" /3 4%*"/" & /& & "5
* "& "&"# %*%&/ //&5=#"&%"
& "&0*3"#4* & "0 %&/#;03&#&$
") ,
&
+
+
) ,
&8&
,$*B+
+
) $+
&8&
,$*B
+
+
+
7
"/"%
& ##&/'?#'*#"/ "-+5HR0B5+HS!0
,?#'*#"/#"/"# %)?/&
")
+
&8&
,$*B
+
+
F
) *+@
'
7(B-
!
@
+
7
+
B
&8&
(8+
8
B
&8&
(8+
B+
+
7
B 87
+
%0"//"!"/&03*%3#
&0&3" /#" /&03*%3#
") $
&
+
(
B
E<:F*,;,HF$D,
6,FD$<:,OH*F;90,9DGB
"
)
%)
B
%")
8 -
*" /&/0& %"#"0" !*"/"#0 %" /&0
3*%3#5 */ * * " .*@" " %/"/ / &0
3*%3#$3"1&/#"0" !*"&/#%*3&/"#0 %"
/ &03*%3#5 &#&.* * % & * %"& ""
.* # &03*%3# .* "#!" "!" # % & "
"3&3/& & # %"&$ &#&.* # %"& # %
/% "/&""%&$
"0 %""#
-BAAHFEE
J-BAAHFE+
-BAAHFEAB
) *+@
(
+
""6
.) *@
+
+
FHB
B+
'
7
B !
@
+
+
F
:+
+
& !
+
+
) S
) ;
+
B-
(
+
8 7 &
+
7
B7
-
E
9
GB
"B ! +
+
1
+
7
:+
@
+
1
@ -7
J8J
& #"3&03"/&03*%3#4* & BM+BS"
" /&=#0&%&""/& 5M+5S!K0
#;!0 /"# %)4"/& BMBS"
5M5S!K0
%&/0 *%&/*;/"" *&"BBS"
#0&%&3&03"/&03*%3#
" 5BS!0
/0 *=& #%0&
E
8 -
" .* #" %*3)" / "#0 %" / &03*%3# %&/"')"
%?&0%/"" "#%"/&03*%3#5"!C/
"#'"#" /&03*%3#/"*/&& #&&
/0 %&!* %$
2 &#&.* * % / &03*%3#5 /3"1& / #"
* $
2 *3"#"* & * %"&="4#&1# %"0 %#"%*"
/ #" * "" "#'" #" / &03*%3# !"
/*"#0 %$
=)
+
B
B
!
&(
"C) *
B ! 7
1
"") *
+
EFG!
+
+
EFHGB+
'
!7
J&03"/&03*%3#
,T 8
8 -
*" /&""#"%""/### "/&/&03*%3# *"#
.*&/0 %&5#%"3"1&/34%*" 4*0"5
* ?"3 ' %#"/"5=#1&/#"##"0" &&%!
/"$
) *+@
+
%")
B
+-
+
+
FH
+
B+
E$9D$9
D0UF,$#HO,*FGB
"
H
L
+
B
(
B
+
*B !
B+
J
*+
7
'
!
!
'
!B +
+
! +
'
!
+
,
+
B !
+
(
B
+
E
*G
!*#"/&/ /&03*%3#
L
") $
&
+
(
B
E<:F*,;,HF$D,
6,FD$<:,OH*F;90,9DGB
"
)
&%J)
(
)
%")&
(B
+
)
%")+
B
%)
8 -
&3# .* /# %*3& / /"!" "#!" * " .*@"
" %/"//&03*%3#$
&#&.** %"&/%"##/3"1&/#%*3&//"!"""
.*"3&3"#&03*%3#$
8 -
*" /&/& %"#"0" !*"/&03*%3#5*/
* * " .*@" " %/"/ / &03*%3#$ *3"
& * %"&#"0" !*".*'""/& %"$
<
B
&
+
B
+
N 0
&
N $+
@
+
7
B+
7
N $+
+ %")
+
B
+
+
+
7
"/"%
&/#!*#"/&/ /&03*%3#
"-BR05BS!0
=%&/&03*%3#
,T 8
") 0
+
%")
! +
7
!B
8
7
7
&
-
!
B
!
B
+
! %
+
)B
!
) *7
!
L
") $
&
+
(
B
E<:F*,;,HF$D,
6,FD$<:,OH*F;90,9DGB
"
)
+
+
+
:7
-
E*0:<F ;$:,<F$ #$GB
)
%")
B!
%)
)
%)&
(!
B
%.)+
.) %)
!
%) 2
B %) %'
1@
)
8 -
&3# .* /# %*3& / /"!" "#!" * " .*@"
" %/"//&03*%3#$
&#&.** %"&/%"##/3"1&/#%*3&//"!"""
.*"3&3"#&03*%3#$
J
, -
".* =%"&03*%3# %"&0&3" 5#%"
3"1&/34%*" 4*0"5 * ?"3 ' %#"/"5
=#1&/#"##"0" &&%!/"$
& !" "# */"/& = '% &/* (" *" /&
& %=/& %#"3#/*3"/#"3"%)"$
F
") ,
!%")!
%)+
'
+
%'
+
!)
-
0& %#&1"#/# =%&5= !*/" %"## =
%& #"("0 %""#5="%#& &"0" &$
"0 %""#
-BAAHFE
) *
'
+
%
! 7
)
&'(
"0 %""#
J-BAAHFE+
=) *+
'
! 7
+
%")
!H'
7
!
+
%+
7
)
'
!7
@2
+
7
B+
G*!"/&03*%3#-
4&"!&%"K0 $
A
) *+
%") 8
!
?
8
7 B+
+&
,
!
%)B
) $+
@
+
7
%")
!
!
%'
1@
)!
$ T @
!
& ! 78
.) ,
%")2
!
+
+
+
+
+
7
B
%)
&
"/"%
&/* /%*3&/& 6 /&03*%3#
3-+BR0+5BS!0
) ,
%)
!
+
+
+
+
+
7
B
&
"/"%
&/* /%*3&/"#0 %" /&03*%3#
"-+BR0+5BS!0
8 -
3/&".*#0/*#&/ %?&0*%&/
7"/ 5*// &6& #&"#&!&#$
L
")
&%J)
(
)
&
'
%
8
)
:7
-
E$*,6$*,OHD,;$*FD*SOH
$,:GB
"C9
)
%") *; %<*;)B
+
") ,
*;%<*;) +B&'(
) *
*;
%<*;)
) ,
*;%<*;) +
) $
&
'
%
8
):7
-
E$*,6$*,OHD,;$*FD*SOH$,:GB
"C9
.) *
&%J)
(
+
&/4#*1&/0""/" &/G
J
-
8%#* '&#%)0%&/"#%"0/" "BSΩK,50) 0&5&
* '&#%)0%&/%&/!%"#$
) *@
+
+
F!
%")*; <*;B +
L
8 -
2 &/"0# &/G$
2 '%.*# &/G!&#& %""#!&$
2 & &# " &00/& *%#7" /& #" %&#" / "
&00/&5&"#!&01" %$
2 && !" *//& !* "&%"&" # &
/G$&/)""*"/4%&/4* & "0 %&$
") *+
%") ;$'
!
!
?
) ,
;$B
+
) ,
+
) *
!7
+
;$
.) *
&%J)
(
+E
&/%0"%*"/#"/"/0
L
")
&%J)
(
)
+
,$
) ,$B
+
J
") D
+
+7
,$!
%)
+
) ,
%"),$B
) *
,$
+H
%#&%0 "#
E5BM5BSΩ
=+
B5BM5BSΩ
%#&%0 "#
'"" /&# "#0 %/"*/&&
=
#""3%*"/#"0"&"/!"
"
7
L
")
&%J)
(
)
+
B <
) <B+
+
&/%0"%*"/#4!" %/#0&%&
&/
L
")
&%J)
(
)
7
)
+
B %")*
) *B
+
%)
J
<
B
&
+
B
+
N D
+
+7
!
+
%")
N 0
&
N $+
*B
+
+
+
7
"/"%
&/ "-HR05HS!0
, -
"" '%" # #!& / .*0"5 & 4%C %"3"1& /
'& # %0" / " *" /& # %0" %;
%&/"')""# %$#/0& %"1/# &/&6)! &/3
4%*"&#"0 %*" /&#%0"%;4)&$
")
&%J)
(
)
+
B% ) % )2(
) % ) % )
% )2(B%
)% )
+
-
!"*/"/&= &#&6& !""!&#$
<
B
&
+
B
+
N $+
% ) % )2(B
+
+
+
7
"/"%
&"# %"/&/&6)! &
"-EHR0E5HS!0
N *7
!
% )2(
!7
1
7
1
N +-
% ) % )2(B'
! + @ '
! 7
+
J
*+ SF" !
:7
-
E
7
*<C"C<C".CGB
"
+77
B+
+F
J
-
-
"%0"%*"/#
"4%"& /"3#0 %#'"#&
/#"% "0//"$
!C/.*#"# %"/&/# &
%?"#"
%0"%*"&%"$
% "/#"# %"/&/#
-
5ME5+Ω"BU ""#
H5BM5EΩ"BU ""#
) *
! 7
+
SF
, -
"" '%" # #!& / .*0"5 & 4%C %"3"1& /
'& # %0" / " *" /& # %0" %;
%&/"')""# %$#/0& %"1/# &/&6)! &/3
4%*"&#"0 %*" /&#%0"%;4)&$
-
!"*/"/&= &#&6& !""!&#$
<
B
&
+
B
+
N $+
% ) % )2(B
+
+
+
7
"/"%
&"# %"/&/&6)! &"-EHR0E5HS!0
N *7
!
% )2(
!7
1
7
1
N +-
% ) % )2(B'
! + @ '
! 7
+
+A
J
-
:7
-
E*F;<:F9$*,OH D *$DH$F: H
F:%HF:")*$DH$FFKV#HFG
&/'#&/"//#'()*#&,
,T 8
L5
:7
-
E
B
+
6GB
" 6
&/ "3&#*%"/#&#%&
L
")
&%J)
(
) B +
) +
B
EB
J
") *+
%")
'
!
!
?
:+
)
+
+
%)&
"B.6!
+
&
E6
G %");$<B!
&
E# %
)G
B
+
E6%6
G!
E#%
)G
$8 B+
+
&
( '
CCS
1
&
(
%)
+
7
B
+
+
8 -
".*#"& 6 "#%0 "# &%&"*"?/"@&"#
&/ "3&#*%"/&#%&5"!C0*=3
/& %"&%"0 %5&0& /"/& #"4!*"$
/"#/"/# &/% / %"/"
, E5HMH5H,5%0"%*""03 %BM+BU
") *7
@+
&
(
8
) $+
@
) ,
%")B%)
) *
%")
&/& /#!W@"#
L
:7
-
$
J
:7
-
"
#; "#
J
")
&%J)
(
) -%")+
+
B
:-
*
7
/$5A 6'(&
1@
/95A 6'(&
'
E
) *+
+
B
+
+
7
B&
!
+
7
+
+
7
B+
% "/##; "#-
%#&%0 "#<>=<J>- ∞ 4 %&
%#&%0 "#< >=<>- AMAHΩ"BU
) *+@'
!
E$G!E9G
(
8
E*G!EG
@
7
B+
#;/#"3&03"/&03*%3#
J
")
&%J)
(
) -%)
B
) D
-
@
-+
+
*+
! 7
+
+
@
1
+
-+
+
@
7
B+
" :-+
+
*
7
/$5A 6'(&
1@
/95A 6'(&
'
E+
-
%/#"&0&3" 5&0*3"""!*"/
.*#""#" "/"03&/ !" "1%? #"&
/ * %& 0*%& # 0&/#& & K5 #" "#" " /3
%" #"& <>=.*#""#" "/#4 &/%"
& "0 %&%?"#"/"&0#%"0 %$
") *
'
@
+
7
) ;
'
!B
1
+
%")B
B
-
'
CCC+
) *+ @
@
7
!+
8
&8&
+
B!@ &&
(
-
CCC+
EE
%0"/& %&#/0&
%0"/D%?.*"/&
J
D8
9
8
X
898:
-
"" # &/0 %& / 4* & "0 %& /# %*0 %&
/6#&" 54;""#" *"#/#
"/&/*"
%*(&$
) S
!
'
@
+
7
) *7
-
(%
+
+
)B
&8&
#:
1
E;,*%<
8
)G
B
@
&8&
#:
B
!-
(
(B
&8&
#: 8
7
M +
#: 8
" 6
1
2+
0304,
$
&8&
#:%CA*
B"CCA$
+
)
L
")
&%J)
(
)
&8&
#:
) +
1
B
+
)
&8&
%.) #: !
B
+
" 68&
+
+
6$< #:
;
&8&
+
+
6$< ;
<*6
;
&
EH
J
") *+
+
&8&
%")#:
8 7 B +
&8&
#:
% "/#"'?#'*#"/D-
)
@
@'
!
+
&8&
#:
-
""""#&/%&/"3& ##" &0# !* "
("0 %"/3&/"4#"/&$
"3"1 & */"/& "" & /"@" /&3#" #" '?#'*#" /
D5#" %&/#"'?#'*#"5=#"'"##"$
) , +
&8&
%)B
%)&8&
!
&
B
+
7 B
B
B
?
87
B+
&8&
%")
#:
<
B
&
+
B
+
N D
+
+7
&8&
!
N 0
&
%/,
J
, -
#" 3&.*##" /# % / ,$
4%&5#&'"&.* ("= / %&/# % /,
& %6&$
E
& /*%&/'")&
J
S
!
-
7
(
&
(
&8&
+
+
6$<*
2
B+
+
&
(
+
&
(B
+
&
( +
+
J
,Y
,8
, -
& #" '?#'*#" / & %&# / /#
/%&$
4%&5#&'"&.*("=/ %&/'?#'*#"& %6
&$
.)
+
@
!
+
@&
(Y<
%CS)
@
*+@&
(
&%'
!
7
&
()
'
!7
&
(B+
) ,
&8&
+
+
$
+
. +
E
%0"/ ,
-
% / &0&3" # ;!0 / "# %)K'& / 5
"!C/&0&3".* &("=&3%* #"'?#
'*#"/ ,& *0" !*"5=".*%"' %*"#
&3%*& "4%"? /4"'&"3#0 %#" /#
"1*%$
" !*"/ ,
J
*+
2
'
!
B
7
B
:+
,?#'*#"/ ,
,T 8
%0"/ ,
-
% / &0&3" # ;!0 / "# %)K'& / 5
"!C/&0&3".* &("=&3%* #"'?#
'*#"/ ,& *0" !*"5=".*%"' %*"
#&3%*& "4%"? /4"'&"3#0 %#"
/#"1*%$
D8 ,
*+
2
'
!
B
7
B
:+
" 68&
+
+
6$< #:
;
&8&
+
+
6$< . 68&
#:
;
&
;
<*6
4"& /"/"%
"/"%
7"/*1
20 S!0 #34%
2( . B. B.
<
+
"C "BC B.
<
C BC BC
+
7
". "B. ""BC
"0 %""#
C=="CC
*
D*" "+
*'%,
B+
'"$ 2+
0304,)%:7
-
HF$E*G)
-
2 <>-%& 1* %& #*=#&"%)*#&!* %$
$ *&/("0 %"="" /#"5$" /#*&5+$G1" /#*&5E$&&%5
H$" !*"/%& &="3"7"/"5$G1" /#*&="" /#"5$G1" /0" !*"5
F$G1" /0" !*"
2 <J>-%& 1* %& #*=#&"%)*#&!* %=0#"7"#& 1* %&($
$ "1"/# %*0 %&5$" *"#/#
"/&5+$(5E$ "3#
5H$& /"K"3#/*3"5
$ "3#/4* %/"#0 %" 5$/"%"/&/"3#
5F$/"%"/&/"*%&/"! %&
2 < >-%& 1* %& #*=#&"%)*#&!* %=0#"7"#& 1* %&(
$(5$"1%" 5+$ "3#
5E$/"%"/&KA5
H$ "3#"" //&/!"##&5$/"%"/&/*%& 3*#
5
$ "3#/"#0 %" //3"%)"5F$ "3#+5A$/"%"/&+5
B$ & %&+/*%& 3*#5$ "1"/# %*0 %&5$*0 %&/#%/"/
HB
6,67(0$'((1&(1','23$5$(/02725+)
6(&&,Ï1)
6,67(0$'((1&(1','23$5$(/02725+
$'9(57(1&,$
3DUDORVYHKtFXORVHTXLSDGRVFRQHO6LVWHPD6XSOHPHQWDULRGH6XMHFLyQ&ROFKyQGHDLUH
/RVVHUYLFLRVTXHGHEDQVHUHIHFWXDGRVHQRDOUHGHGRUGHORVFRPSRQHQWHVRGHOFDEOHDGRGHOVLVWHPD
GHOFROFKyQGHDLUHGHEHQVHUKHFKRVH[FOXVLYDPHQWHSRUXQFRQFHVLRQDULRDXWRUL]DGR68=8.,5HILp
UDVH DO ³(VTXHPD GH XELFDFLyQ GH ORV FRPSRQHQWHV \ FDEOHDGR GHO VLVWHPD GHO FROFKyQ GH DLUH´ HQ
³'HVFULSFLyQJHQHUDO´HQODVHFFLyQGHOVLVWHPDGHOFROFKyQGHDLUHSDUDFRQILUPDUVLXVWHGHVWiHIHF
WXDQGRWUDEDMRGHVHUYLFLRHQRDOUHGHGRUGHORVFRPSRQHQWHVRGHOFDEOHDGRGHOVLVWHPDGHOFROFKyQ
GHDLUH6tUYDVHREVHUYDUWRGDVODV$'9(57(1&,$6\³3UHFDXFLRQHVSDUDHOVHUYLFLR´LQGLFDGDVHQ³6HU
YLFLRHQHOYHKtFXOR´HQODVHFFLyQGHOVLVWHPDGHOFROFKyQGHDLUHDQWHVGHHIHFWXDUFXDOTXLHUWUDEDMR
GHVHUYLFLRHQRDOUHGHGRUGHORVFRPSRQHQWHVRGHOFDEOHDGRGHOVLVWHPDGHOFROFKyQGHDLUH6LQRVH
UHVSHWDQODV$'9(57(1&,$6VHSXHGHFDXVDUHOLQIODGRDFFLGHQWDOGHOFROFKyQGHDLUHRVHSXHGHGHMDU
LQRSHUDQWHHOVLVWHPDGHOFROFKyQGHDLUH&XDOTXLHUDGHHVWRVGRVFDVRVSXHGHFDXVDUGDxRVFRUSRUD
OHVJUDYHV
/RVWUDEDMRVGHVHUYLFLRWpFQLFRGHEHQVHULQLFLDGRVSRUORPHQRVVHJXQGRVGHVSXpVGHTXHVHFROR
TXHHOLQWHUUXSWRUGHHQFHQGLGRHQODSRVLFLyQ³/2&.´\GHTXHVHGHVFRQHFWHHOFDEOHQHJDWLYRGHOD
EDWHUtD(QHIHFWRVLQRVHSURFHGHGHHVWDIRUPDHOVLVWHPDSXHGHVHUDFWLYDGRSRUODUHVHUYDGHHQHU
JtDHOpFWULFDGHOPyGXORGHGHWHFFLyQ\GHGLDJQyVWLFR6'0
&217(1,'2
'HVFULSFLyQJHQHUDO ) 6HUYLFLRHQHOYHKtFXOR )
&RPSRQHQWHV ) &RQMXQWRGHERELQDGHHQFHQGLGRLJQLWRU\
&DEOHDGRGHOVLVWHPD ) ERELQDGHHQFHQGLGR )
'LDJQyVWLFR ) %XMtDV )
7DEODGHIOXMRGHGLDJQyVWLFR ) 6HQVRUGH&03 )
3UXHEDGHFKLVSDGHHQFHQGLGR ) 6XSUHVRUGHUXLGRVSDUiVLWRV )
&RPSUREDFLyQ\DMXVWHGHOFDODGRGH +HUUDPLHQWDVHVSHFLDOHV ) )
HQFHQGLGR )
)6,67(0$'((1&(1','23$5$(/02725+
'HVFULSFLyQJHQHUDO
(OVLVWHPDGHHQFHQGLGRHVXQVLVWHPDGHHQFHQGLGRGLUHFWR(VWiFRPSXHVWRSRUODVSLH]DVGHVFULWDVDFRQWLQXD
FLyQHLQFRUSRUDXQVLVWHPDGHFRQWUROGHHQFHQGLGRHOHFWUyQLFR
(&0R3&0
'HWHFWDODFRQGLFLyQGHOPRWRUPHGLDQWHODVVHxDOHVWUDQVPLWLGDVSRUORVVHQVRUHVGHWHUPLQDHOFDODGRySWLPRGH
HQFHQGLGR\ODGXUDFLyQGHOIOXMRGHHOHFWULFLGDGDODERELQDSULPDULD\HQYtDXQDVHxDODOHQFHQGHGRULJQLWRU>HQ
HOFRQMXQWRGHERELQDGHHQFHQGLGR@
&RQMXQWRGHERELQDGHHQFHQGLGRLQFOX\HXQLJQLWRU\XQDERELQDGHHQFHQGLGR
(OFRQMXQWRGHERELQDGHHQFHQGLGRLQFRUSRUDXQLJQLWRU\XQDERELQDGHHQFHQGLGRTXHDFWLYD21RGHVDFWLYD
2))HOIOXMRGHFRUULHQWHSULPDULDDODERELQDGHHQFHQGLGRGHDFXHUGRFRQODVHxDOSURFHGHQWHGHOPyGXORGH
(&0R3&0&XDQGRODFRUULHQWHSULPDULDGHODERELQDGHHQFHQGLGRHVFRUWDGD2))VHLQGXFHXQDDOWDWHQ
VLyQ HQ HO DUUROODPLHQWR VHFXQGDULR 8QD ERELQD GH HQFHQGLGR VH HQFDUJD GHO HQFHQGLGR GH XQ FLOLQGUR VROD
PHQWH
%XMtD\VXSUHVRUGHUXLGRVSDUiVLWRV
6HQVRUGH&03VHQVRUGH73VHQVRUGH(&7VHQVRUGH,$7966VHQVRUGHGHWRQDFLyQ\VHQVRUGH0$)
3DUDPD\RUHVGHWDOOHVUHILpUDVHDODVHFFLyQ(
(VWHVLVWHPDGHHQFHQGLGRQRWLHQHQLGLVWULEXLGRUQLFDEOHVGHDOWDWHQVLyQSHURFDGDFLOLQGURWLHQHXQFRQMXQWRGH
ERELQDGHHQFHQGLGRLJQLWRU\ERELQDGHHQFHQGLGR\ODFRUULHQWHVHFXQGDULDJHQHUDGDHQODERELQDGHHQFHQGLGR
HVHQYLDGDGLUHFWDPHQWHDODEXMtD$GHPiVODVVHxDOHVHVVRQHQYLDGDVGHVGHHOVHQVRUGH&03DOPyGXOR
GH(&0R3&0SDUDFRQWURODULQGHSHQGLHQWHPHQWHFDGDERELQDGHHQFHQGLGRPHGLDQWHHOLJQLWRU>HQHOFRQMXQWR
GHODERELQDGHHQFHQGLGR@
&RPSRQHQWHV
127$
3DUDORVRWURVFRPSRQHQWHVQRLQFOXLGRVHQODILJXUDUHILpUDVHDODVHFFLyQ(
&RQMXQWRGHERELQDGHHQFHQGLGRLJQLWRU\ERELQDGHHQFHQGLGR
6HQVRUGH&03
6XSUHVRUGHUXLGRVSDUiVLWRV
(&0R3&0
%XMtD
6,67(0$'((1&(1','23$5$(/02725+)
&DEOHDGRGHOVLVWHPD
127$
3DUDODDVLJQDFLyQGHWHUPLQDOHVGHO(&0R3&0UHILpUDVHDODVHFFLyQ(
'LDJQyVWLFR
&RQGLFLyQ &DXVDSRVLEOH &RUUHFFLyQ
(OPRWRUJLUDSHURQR )XVLEOHIXQGLGRGHODERELQDGHHQFHQGLGR 5HHPSODFH
DUUDQFDRHODUUDQTXH &RQH[LyQIORMDRGHVFRQH[LyQGHFDEOHFRQGXFWRU &RQHFWHGHPDQHUDVHJXUD
HVGXURQRKD\FKLV %XMtDVGHIHFWXRVDV 5HHPSODFH
SDV
&RQMXQWRVGHERELQDGHHQFHQGLGRGHIHF 5HHPSODFH
WXRVRV
6HQVRUGH&03GHIHFWXRVR 5HHPSODFH
0yGXORGH(&0R3&0GHIHFWXRVR 5HHPSODFH
&DODGRGHOHQFHQGLGRPDODMXVWDGR $MXVWH
&RQVXPRH[FHVLYRGH &DODGRGHOHQFHQGLGRLQFRUUHFWR $MXVWH
FRPEXVWLEOHRUHQGL %XMtDVGHIHFWXRVDV 5HHPSODFH
PLHQWRGHILFLHQWHGHO &RQMXQWRVGHERELQDGHHQFHQGLGRGHIHF 5HHPSODFH
PRWRU WXRVRV
6HQVRUGH&03GHIHFWXRVR 5HHPSODFH
0yGXORGH(&0R3&0GHIHFWXRVR 5HHPSODFH
6HQVRUGHGHWRQDFLyQGHIHFWXRVR 5HHPSODFH
7DEODGHIOXMRGHGLDJQyVWLFR
3DVR 2SHUDFLyQ 6t 1R
¢6HDSOLFyOD³7$%/$'()/8-2'(',$*1Ï67,&2'(/ 9D\DDOSDVR 9D\DDOD³7$%/$'(
02725´HQODVHFFLyQ" )/8-2'(',$*1Ï6
7,&2'(/02725´HQ
ODVHFFLyQ
3UXHEDGHFKLVSDGHHQFHQGLGR 9D\DDOSDVR 9D\DDOSDVR
&RPSUXHEHODFRQGLFLyQ\WLSRGHWRGDVODVEXMtDV
5HILpUDVHD³%8-Ë$6´HQHVWDVHFFLyQ
6LODVEXMtDVHVWiQFRQIRUPHVHMHFXWHODSUXHEDGH
FKLVSDGHHQFHQGLGR5HILpUDVHDODVHFFLyQ³358(%$
'(&+,63$'((1&(1','2´HQHVWDVHFFLyQ
¢6DOWDFKLVSDGHWRGDVODVEXMtDV"
&RPSUREDFLyQGHFyGLJRGHGLDJQyVWLFR'7& 9D\DDODWDEODGH 9D\DDOSDVR
&RPSUXHEHVLKD\'7&PHPRUL]DGRHQHOPyGXORGH IOXMRFRUUHVSRQ
(&0R3&05HILpUDVHD³&20352%$&,Ï1'( GLHQWHDHVHQGH
&Ï',*2'(',$*1Ï67,&2'7&´HQODVHFFLyQ FyGLJRHQODVHFFLyQ
( (
¢6HGHWHFWyDOJ~Q'7&"
&RPSUREDFLyQGHFRQH[LyQHOpFWULFD 9D\DDOSDVR &RQHFWHGHPDQHUD
&RPSUXHEHODFRQH[LyQHOpFWULFDGHORVFRQMXQWRVGH VHJXUD
ERELQDGHHQFHQGLGR
¢(VWiQFRQHFWDGRVFRUUHFWDPHQWH"
&RPSUREDFLyQGHORVFLUFXLWRVGHDOLPHQWDFLyQHOpFWULFDGH 9D\DDOSDVR 5HSDUHRUHHPSODFH
FRQMXQWRGHERELQDGHHQFHQGLGRPDVD\GHVHxDOGHGLV
SDUR
&RPSUXHEHVLHVWRVFLUFXLWRVHVWiQDELHUWRVRFRUWRFLU
FXLWDGRV
¢(VWiQHQEXHQDVFRQGLFLRQHVORVFLUFXLWRV"
&RPSUREDFLyQGHFRQMXQWRGHERELQDGHHQFHQGLGR 0DOIXQFLRQDPLHQWR 9D\DDOSDVR
5HHPSODFHSRUXQFRQMXQWRGHERELQDGHHQFHQGLGRHQ GHOFRQMXQWRGH
EXHQHVWDGR\UHSLWDHOSDVR ERELQDGHHQFHQ
¢(VVDWLVIDFWRULRHOUHVXOWDGRGHODFRPSUREDFLyQGHOSDVR GLGR
"
6,67(0$'((1&(1','23$5$(/02725+)
3DVR 2SHUDFLyQ 6t 1R
&RPSUREDFLyQGHOVHQVRUGH&03 5HHPSODFHSRUXQ $SULHWHHOSHUQRGHO
&RPSUXHEHHOVHQVRUGH&03 PyGXORGH(&0R VHQVRUGH&03RUHHP
³5HILpUDVHDOSDVRRDOSDVRGHOD³7$%/$'( 3&0HQSHUIHFWR SODFHHOVHQVRUGH&03
)/8-2'(',$*1Ï67,&2GHO'7&3´HQODVHF HVWDGR\HQVHJXLGD
FLyQ UHSLWDHOSDVR
¢(VVDWLVIDFWRULRHOUHVXOWDGRGHODFRPSUREDFLyQ"
&RPSUREDFLyQGHOFDODGRGHHQFHQGLGR (OVLVWHPDHVWiHQ $MXVWHHOFDODGRGH
&RPSUXHEHHOFDODGRGHOHQFHQGLGRLQLFLDO\HODYDQFH EXHQDVFRQGLFLRQHV HQFHQGLGRRFRP
GHOFDODGRGHOHQFHQGLGR5HILpUDVHD³&20352%$ SUXHEHODVVHxDOHVGH
&,Ï1<$-867('(/&$/$'2'(/(1&(1','2´HQ HQWUDGDGHOPyGXORGH
HVWDVHFFLyQ (&0R3&0UHODFLR
¢(VVDWLVIDFWRULRHOUHVXOWDGRGHODFRPSUREDFLyQ" QDGDVFRQHVWHVLVWHPD
5()(5(1&,$
/DVIRUPDVGHRQGDGHORVFLORVFRSLRSDUDODVHxDOGH5()GHOVHQ
VRUGH&03\SDUDODVHxDOGHGLVSDURGHOHQFHQGLGRQVRQFRPR
ORPXHVWUDODILJXUDFXDQGRVHFRQHFWDHORVFLORVFRSLRHQWUHHOWHUPL
QDO&GHOFRQHFWRUGHOPyGXORGH(&03&0FRQHFWDGRDO
(&03&0\ODPDVD\HQWUHHOWHUPLQDO&\ODPDVD
6HxDOGH5()GHOVHQVRUGH&03
6HxDOGHGLVSDURGHOHQFHQGLGRQ
'XUDFLyQGHOIOXMRGHODFRUULHQWHHQODERELQDSULPDULD
)6,67(0$'((1&(1','23$5$(/02725+
3UXHEDGHFKLVSDGHHQFHQGLGR
$'9(57(1&,$
6LQRVHGHVFRQHFWDHODFRSODGRUGHLQ\HFWRUGXUDQWHHVWD
SUXHEDSXHGHVDOLUJDVFRPEXVWLEOHSRUORVRULILFLRVGHODV
EXMtDV\HQFHQGHUVHHQHOFRPSDUWLPHQWRGHOPRWRU
'HVPRQWHODFXELHUWDGHOGHSyVLWRGHFRPSHQVDFLyQ
'HVFRQHFWHHODFRSODGRUGHLQ\HFWRU
'HVPRQWHODEXMtD\FRPSUXHEHVXFRQGLFLyQ\WLSR5HILpUDVHD
OD³%8-Ë$6´HQHVWDVHFFLyQ
6LHVWiQFRQIRUPHVFRQHFWHHODFRSODGRUGHERELQDGHHQFHQ
GLGRDOFRQMXQWRGHERELQDGHHQFHQGLGR\FRQHFWHODEXMtDDO
FRQMXQWRGHERELQDGHHQFHQGLGR&RQHFWHDPDVDODEXMtD
+DJD JLUDU HO PRWRU \ FRPSUXHEH TXH VDOWD FKLVSD HQ FDGD
EXMtD
6LQRVDOWDFKLVSDLQVSHFFLRQHODVSLH]DVUHODFLRQDGDVFRPR
VHGHVFULEHHQ³',$*1Ï67,&2´HQHVWDVHFFLyQ
'HVSXpV GH OD FRPSUREDFLyQ LQVWDOH ODV EXMtDV 5HILpUDVH D
³%8-Ë$6´HQHVWDVHFFLyQ
&RQHFWHHODFRSODGRUGHLQ\HFWRU
,QVWDOHODFXELHUWDGHOGHSyVLWRGHFRPSHQVDFLyQ
&RPSUREDFLyQ\DMXVWHGHOFDODGRGHHQFHQ
GLGR
127$
$QWHV GH KDFHU DUUDQFDU HO PRWRU FRORTXH OD SDODQFD GH
FDPELRGHHQJUDQDMHGHWUDQVPLVLyQHQODSRVLFLyQ³3XQWR
PXHUWR´&DPELHODSDODQFDVHOHFWRUDDODSRVLFLyQ³3´HQ
ORV PRGHORV FRQ $7 \ DSOLTXH HO IUHQR GH HVWDFLRQD
PLHQWR
+DJDDUUDQFDU\FDOLHQWHHOPRWRUKDVWDTXHOOHJXHDODWHPSH
UDWXUDQRUPDOGHIXQFLRQDPLHQWR
$VHJ~UHVH GH TXH WRGDV ODV FDUJDV HOpFWULFDV H[FHSWR HO
HQFHQGLGRHVWiQGHVDFWLYDGDV2))
&RPSUXHEHSDUDDVHJXUDUVHGHTXHHOUpJLPHQGHUDOHQWtHVWi
FRQIRUPHFRQODVHVSHFLILFDFLRQHV
5HILpUDVHDODVHFFLyQ(
&RQHFWHHOLQVWUXPHQWRGHH[SORUDFLyQ68=8.,DO'/&FRQ
HOLQWHUUXSWRUGHHQFHQGLGRFRORFDGRHQODSRVLFLyQ2))KDJD
DUUDQFDU HO PRWRU \ ILMH HO FDODGR GHO HQFHQGLGR XWLOL]DQGR HO
PRGR GH FKLVSD ILMDGR HQ HO LQVWUXPHQWR GH H[SORUDFLyQ
68=8.,
+HUUDPLHQWDHVSHFLDO
$,QVWUXPHQWRGHH[SORUDFLyQ68=8.,
6,67(0$'((1&(1','23$5$(/02725+)
)LMHODOX]GHFDODGRHQHOPD]RGHFDEOHVSDUDHOFLOLQGURQ
(PSOHH OD OX] GH FDODGR GHO HQFHQGLGR \ FRPSUXHEH TXH HO
FDODGRGHVGHHOSXQWRGHYLVWDFRUUHVSRQGHFRQODVHVSHFLIL
FDFLRQHV
&DODGRGHHQFHQGLGRLQLFLDOGHVGHHOSXQWRGHYLVWD
FXDQGRHVILMDGRXWLOL]DQGRHOLQVWUXPHQWRGHH[SORUDFLyQ
68=8.,
%7'&
6HFXHQFLDGHOHQFHQGLGR
+HUUDPLHQWDHVSHFLDO
$
0DUFDGHFDODGRHQODSROHDGHOFLJHxDO
6L HO FDODGR GH HQFHQGLGR HVWi IXHUD GH ODV HVSHFLILFDFLRQHV
DIORMHHOSHUQRGHEULGDDMXVWHHOFDODGRKDFLHQGRJLUDUHOVHQ
VRU GH &03 PLHQWUDV HO PRWRU HVWi IXQFLRQDQGR \ HQVH
JXLGDDSULHWHHOSHUQR
3DUGHDSULHWH
3HUQRGHOVHQVRUGH&03D1ÂPNJP
'HVSXpV GH FRPSUREDU \R DMXVWDU VDOJD GHO PRGR GH FKLVSD
ILMDGRVSDUNPRGHHQHOLQVWUXPHQWRGHH[SORUDFLyQ68=8.,
127$
(Q HVWH HVWDGR HO FDODGR GHO HQFHQGLGR SXHGH YDULDU DOJR
GHOYDORUGHOFDODGRLQLFLDOSHURHVWRQRHVDOJRDQRUPDO
&RQHOPRWRUHQUpJLPHQGHUDOHQWt>SRVLFLyQGHODPDULSRVDGH
JDVHVFHUUDGD\YHKtFXORGHWHQLGR@FRPSUXHEHTXHHOFDODGR
GHHQFHQGLGRHVPiVRPHQRV%7'&±FRPRPRVWUDGR
HQ OD ILJXUD $GHPiV FRPSUXHEH TXH FXDQGR VH DXPHQWD HO
UpJLPHQGHOPRWRUHOFDODGRGHHQFHQGLGRDYDQ]D
6LORVUHVXOWDGRVGHODFRPSUREDFLyQDQWHULRUQRVRQVDWLVIDFWR
ULRVFRPSUXHEHODVVHxDOHVGHHQWUDGDUHODFLRQDGDVFRQHVWH
VLVWHPD
0DUFDGHFDODGRHQODSROHDGHOFLJHxDO
)6,67(0$'((1&(1','23$5$(/02725+
6HUYLFLRHQHOYHKtFXOR
&RQMXQWRGHERELQDGHHQFHQGLGRLJQLWRU\
ERELQDGHHQFHQGLGR
'(60217$-(
'HVPRQWHODWDSDGHERELQDGHHQFHQGLGR
'HVFRQHFWHHODFRSODGRUGHERELQDGHHQFHQGLGR
'HVPRQWH HO SHUQR GH ERELQD GH HQFHQGLGR \ HQVHJXLGD
VDTXHHOFRQMXQWRGHERELQDGHHQFHQGLGR
&20352%$&,Ï1
&RPSUXHEHVLHQODERELQDGHHQFHQGLGRKD\
'DxRV
'HWHULRUDFLyQ
&RUURVLyQHQHOWHUPLQDO
,167$/$&,Ï1
,QVWDOHODVSLH]DVGHVPRQWDGDVHQHORUGHQLQYHUVRDOGHOGHVPRQ
WDMH
%XMtDV
'(60217$-(
'HVPRQWHODWDSDGHERELQDGHHQFHQGLGR
'HVFRQHFWHHODFRSODGRUGHERELQDGHHQFHQGLGR
'HVPRQWH HO SHUQR GH ERELQD GH HQFHQGLGR \ HQVHJXLGD
VDTXHHOFRQMXQWRGHERELQDGHHQFHQGLGR
'HVPRQWHODEXMtD
6,67(0$'((1&(1','23$5$(/02725+)
&20352%$&,Ï1
35(&$8&,Ï1
&XDQGRVLUYDEXMtDVWLSRLULGLRSODWLQREXMtDVFRQHOHFWURGR
FHQWUDO PiV GHOJDGR QR WRTXH HO HOHFWURGR FHQWUDO SDUD
HYLWDU GDxDUOR (O HOHFWURGR GHOJDGR QR HVWi SUHYLVWR SDUD
UHVLVWLUIXHU]DV\VXPDWHULDOQRHVPHFiQLFDPHQWHIXHUWH
9HULILTXH VL HQ ODV EXMtDV KD\ GHVJDVWH GHO HOHFWURGR GHSyVLWRV GH
FDUERQLOOD\GDxRGHODLVODPLHQWR
6L KD\ FXDOTXLHU GHIHFWR UHHPSODFH OD SLH]D GHIHFWXRVD SRU XQD
SLH]DQXHYD
(QWUHKLHUURGHEXMtD³D´
±PP
7LSRGHEXMtD
'(162.3586.35
1*.%.5(
,)5-
127$
$WHPSHUDWXUDVLQIHULRUHVD±&HVDOWDPHQWHUHFRPHQGD
EOH XWLOL]DU ODV EXMtDV PDUFDGDV FRQ XQ DVWHULVFR
SDUD
IDFLOLWDUHODUUDQTXHGHOPRWRU
,167$/$&,Ï1
,QVWDOHODEXMtD\DSULpWHODDOSDUGHDSULHWHHVSHFLILFDGR
3DUGHDSULHWH
%XMtDD1ÂPNJP
,QVWDOHVHJXUDPHQWHHOFRQMXQWRGHERELQDGHHQFHQGLGR
$SULHWH HO SHUQR GH ERELQD GH HQFHQGLGR \ HQVHJXLGD
FRQHFWHHODFRSODGRUGHERELQDGHHQFHQGLGR
,QVWDOHODWDSDGHERELQDGHHQFHQGLGR
)6,67(0$'((1&(1','23$5$(/02725+
6HQVRUGH&03
35(&$8&,Ï1
(VWiSURKLELGRGHVDUPDU6LKD\FXDOTXLHUGHVSHUIHFWRSUR
FHGDDUHHPSOD]DUFRPRXQVRORFRQMXQWR
'(60217$-(
'HVFRQHFWHHODFRSODGRUGHOVHQVRUGH&03
'HVPRQWHHOPHGLGRUGHQLYHOGHOIOXLGRGH$7\HOWXERGHOOH
QDGRU
'HVPRQWHHOSHUQR\VDTXHHOVHQVRUGH&03
3
1
,167$/$&,Ï1
127$
'HVSXpVGHLQVWDODUHOVHQVRUGH&03DMXVWHHOFDODGRGHO
HQFHQGLGR 5HILpUDVH D ³&20352%$&,Ï1 < $-867( '(/
&$/$'2'(/(1&(1','2´HQHVWDVHFFLyQ
,QVWDOHHOVHQVRUGH&03HQHOiUEROGHOHYDV
&XDQGRLQVWDOHILMHODVJDUUDVGHODFRSODGRUGHOVHQVRUGH&03
HQODVUDQXUDVGHOiUEROGHOHYDV/DVJDUUDVGHODFRSODGRUGHO
VHQVRU GH &03 HVWiQ GHVFHQWUDGDV 3RU FRQVLJXLHQWH VL ODV
JDUUDVQRSXHGHQVHUILMDGDVHQODVUDQXUDVJLUHHQJUDGRV
HOHMHGHOVHQVRUGH&03\YXHOYDDWUDWDU
6HQVRUGH&03
$FRSODGRUGHVHQVRUGH&03
ÈUEROGHOHYDV
$ 'HVFHQWUDPLHQWRGHODUDQXUD
1 2
$SULHWHHOSHUQRGHOVHQVRUGH&03
2
3DUGHDSULHWH
3HUQRGHOVHQVRUGH&03D1ÂPNJP
&RQHFWHHODFRSODGRUGHOVHQVRUGH&03DOVHQVRUGH
&03
3, (a)
1
,QVWDOHHOPHGLGRUGHQLYHOGHOIOXLGRGH$7\HOWXERGHOOHQD
GRU
3DUGHDSULHWH
3HUQRGHOWXERGHOOHQDGRUGHIOXLGRGH$7D1ÂP
NJP
(a)
)6,67(0$'((1&(1','23$5$(/02725+
6XSUHVRUGHUXLGRVSDUiVLWRV
'(60217$-(
'HVFRQHFWHHOVXSUHVRUGHUXLGRVSDUiVLWRV
'HVPRQWH GHO PD]R GH FDEOHV HO VXSUHVRU GH UXLGRV
SDUiVLWRV
&20352%$&,Ï1
8WLOLFH HO RKPtPHWUR \ FRPSUXHEH SDUD DVHJXUDUVH GH TXH HO FRQ
GHQVDGRUGHOVXSUHVRUGHUXLGRVSDUiVLWRVQRHVFRQGXFWLYR
6LHOUHVXOWDGRGHODSUXHEDQRHVVDWLVIDFWRULRUHHPSODFHHOVXSUH
VRUGHUXLGRVSDUiVLWRV
,167$/$&,Ï1
3DUDODLQVWDODFLyQLQYLHUWDHOSURFHGLPLHQWRDQWHULRUGHGHVPRQWDMH
6,67(0$'((1&(1','23$5$(/02725+)
+HUUDPLHQWDVHVSHFLDOHV
&RQMXQWR7HFK,QVWUX
PHQWRGHH[SORUDFLyQ
68=8.,5HILpUDVHDOD
127$³%´
127$
³$´(VWHFRQMXQWRLQFOX\HORVDUWtFXORVVLJXLHQWHV\UHHPSOD]DHOFRQMXQWR7HFK
&DMDGHOLQVWUXPHQWR0DQXDOGHO2SHUDGRU7HFK$&DEOH'/&6RQGDFDEOHGHSUXHED
&DEOHGHIXHQWHGHDOLPHQWDFLyQ$GDSWDGRUGHFDEOH'/&$GDSWDGRUGHDXWRGLDJQyVWLFR
³%´(VWHFRQMXQWRLQFOX\HORVDUWtFXORVVLJXLHQWHV\UHHPSOD]DHOFRQMXQWR7HFK$
7HFK7DUMHWD3&0&,$&DEOH'/&$GDSWDGRU6$(
&DEOHSDUDHQFHQGHGRUGHFLJDUULOORV$GDSWDGRUGHFLUFXLWRHQEXFOH'/&
&DEOHGHDOLPHQWDFLyQGHVGHEDWHUtD&DEOH56$GDSWDGRU56
&RQHFWRUGHFLUFXLWRHQEXFOH56&DMDGHOLQVWUXPHQWR$OLPHQWDFLyQHOpFWULFD
)6,67(0$'((1&(1','23$5$(/02725+
6,67(0$'(&$5*$+
6(&&,Ï1+
6,67(0$'(&$5*$
$'9(57(1&,$
3DUDORVYHKtFXORVHTXLSDGRVFRQHO6LVWHPD6XSOHPHQWDULRGH6XMHFLyQ&ROFKyQGHDLUH
/RVVHUYLFLRVTXHGHEDQVHUHIHFWXDGRVHQRDOUHGHGRUGHORVFRPSRQHQWHVRGHOFDEOHDGRGHOVLVWHPD
GHOFROFKyQGHDLUHGHEHQVHUKHFKRVH[FOXVLYDPHQWHSRUXQFRQFHVLRQDULRDXWRUL]DGR68=8.,5HILp
UDVH DO ³(VTXHPD GH XELFDFLyQ GH ORV FRPSRQHQWHV \ FDEOHDGR GHO VLVWHPD GHO FROFKyQ GH DLUH´ HQ
³'HVFULSFLyQJHQHUDO´HQODVHFFLyQGHOVLVWHPDGHOFROFKyQGHDLUHSDUDFRQILUPDUVLXVWHGHVWiHIHF
WXDQGRWUDEDMRGHVHUYLFLRHQRDOUHGHGRUGHORVFRPSRQHQWHVRGHOFDEOHDGRGHOVLVWHPDGHOFROFKyQ
GH DLUH 6tUYDVH REVHUYDU WRGDV ODV $'9(57(1&,$6 \ ³3UHFDXFLRQHV SDUD HO VHUYLFLR´ LQGLFDGDV HQ
³6HUYLFLRHQHOYHKtFXOR´HQODVHFFLyQ%DQWHVGHHIHFWXDUFXDOTXLHUWUDEDMRGHVHUYLFLRHQRDOUHGH
GRUGHORVFRPSRQHQWHVRGHOFDEOHDGRGHOVLVWHPDGHOFROFKyQGHDLUH6LQRVHUHVSHWDQODV$'9(5
7(1&,$6 VH SXHGH FDXVDU HO LQIODGR DFFLGHQWDO GHO FROFKyQ GH DLUH R VH SXHGH GHMDU LQRSHUDQWH HO
VLVWHPDGHOFROFKyQGHDLUH&XDOTXLHUDGHHVWRVGRVFDVRVSXHGHFDXVDUGDxRVFRUSRUDOHVJUDYHV
/RVWUDEDMRVGHVHUYLFLRWpFQLFRGHEHQVHULQLFLDGRVSRUORPHQRVVHJXQGRVGHVSXpVGHTXHVHFROR
TXHHOLQWHUUXSWRUGHHQFHQGLGRHQODSRVLFLyQ³/2&.´\GHTXHVHGHVFRQHFWHHOFDEOHQHJDWLYRGHOD
EDWHUtD(QHIHFWRVLQRVHSURFHGHGHHVWDIRUPDHOVLVWHPDSXHGHVHUDFWLYDGRSRUODUHVHUYDGHHQHU
JtDHOpFWULFDGHOPyGXORGHGHWHFFLyQ\GHGLDJQyVWLFR6'0
127$
3DUDODVGHVFULSFLRQHVHOHPHQWRVQRLQFOXLGDVHQHVWDVHFFLyQUHILpUDVHDODPLVPDVHFFLyQGHO0DQXDO
GH6HUYLFLRPHQFLRQDGRHQHO35()$&,2GHHVWHPDQXDO
&217(1,'2
'HVFULSFLyQJHQHUDO + (VSHFLILFDFLRQHV +
*HQHUDGRU + %DWHUtD +
5HYLVLyQJHQHUDO\UHSDUDFLyQGHODXQLGDG + *HQHUDGRU+
&RQMXQWRGHOJHQHUDGRU + (VSHFLILFDFLRQHVGHSDUHVGHDSULHWH +
&RPSUREDFLyQ +
+
+6,67(0$'(&$5*$
'HVFULSFLyQJHQHUDO
*HQHUDGRU
&,5&8,72'(&$%/($'2
5HYLVLyQJHQHUDO\UHSDUDFLyQGHODXQLGDG
&RQMXQWRGHOJHQHUDGRU
&RPSUREDFLyQ
5RWRU
8WLOLFHXQRKPtPHWUR\FRPSUXHEHODFRQWLQXLGDGHQWUHORVDQL
OORV UR]DQWHV GHO URWRU 6L QR KD\ FRQWLQXLGDG UHHPSODFH HO
URWRU
5HVLVWHQFLDHVWiQGDUHQWUHORVDQLOORVUR]DQWHVGHOURWRU
±ΩD&
+6,67(0$'(&$5*$
9HULILTXHVLORVDQLOORVUR]DQWHVHVWiQiVSHURVRVLHVWiQUD\D
GRV6LHVWiQiVSHURVRUD\DGRVUHHPSODFHHOURWRU
8WLOLFH XQ FDOLEUH GH YHUQLHU \ PLGD HO GLiPHWUR GH DQLOOR
UR]DQWH
6LHOGLiPHWURPHGLGRHVLQIHULRUDOPtQLPRUHHPSODFHHOURWRU
'LiPHWURHVWiQGDUGHDQLOORUR]DQWH
±PP
'LiPHWURPtQLPRGHDQLOORUR]DQWH
PP
(VWDWRU
(VFRELOOD\SRUWDHVFRELOOD
0LGD OD ORQJLWXG GH FDGD HVFRELOOD SDUD GHWHFWDU HO GHVJDVWH 6L HO
GHVJDVWHGHXQDHVFRELOODH[FHGHHOOtPLWHHVSHFLILFDGRGHVHUYLFLR
UHHPSODFHODHVFRELOOD
/RQJLWXGYLVLEOHGHHVFRELOOD³D´
(VWiQGDUPP
/tPLWHPP
5HFWLILFDGRU
5HFWLILFDGRUSRVLWLYR
D 8WLOLFHXQRKPtPHWUR\FRQHFWHXQDVRQGDGHOSUREDGRUDOWHU
PLQDO³%´\ODRWUDVRQGDDFDGDWHUPLQDOGHOUHFWLILFD
GRU
E ,QYLHUWD OD SRODULGDG GH ODV VRQGDV GHO SUREDGRU \ UHSLWD HO
SDVRD
F &RPSUXHEH TXH XQR PXHVWUD FRQWLQXLGDG \ TXH HO RWUR QR
PXHVWUDFRQWLQXLGDG6LKD\FRQWLQXLGDGUHHPSODFHHOUHFWLIL
FDGRU
5HFWLILFDGRUQHJDWLYR
D 8WLOLFHXQRKPtPHWUR\FRQHFWHXQDVRQGDGHOSUREDGRUDOWHU
PLQDOQHJDWLYR\ODRWUDDFDGDWHUPLQDOGHOUHFWLILFDGRU
E ,QYLHUWD OD SRODULGDG GH ODV VRQGDV GHO SUREDGRU \ UHSLWD HO
SDVRD
F &RPSUXHEH TXH XQR PXHVWUD FRQWLQXLGDG \ TXH HO RWUR QR
PXHVWUDFRQWLQXLGDG6LKD\FRQWLQXLGDGUHHPSODFHHOUHFWLIL
FDGRU
+6,67(0$'(&$5*$
(VSHFLILFDFLRQHV
%DWHUtD
*HQHUDGRU
7LSR 7LSR$
7HQVLyQQRPLQDO 9
6DOLGDQRPLQDO $
5pJLPHQGHJLURPi[LPRSHUPLWLGR USP
&RPSUREDFLyQVLQFDUJD USP
7HQVLyQGHILMDFLyQ D9
7HPSHUDWXUDDPELHQWHDXWRUL]DGD ±D&
3RODULGDG 0DVDQHJDWLYD
5RWDFLyQ 6HQWLGRGHODVDJXMDVGHOUHORMYLVWRGHVGHHOODGRGHODSROHD
(VSHFLILFDFLRQHVGHSDUHVGHDSULHWH
3DUGHDSULHWH
3LH]DVGHVXMHFLyQ
1P NJP OEIW
3HUQRGHPDVDDFDUURFHUtD
3HUQR\WXHUFDGHPRQWDMHGHOJHQHUDGRU
7XHUFDLQWHULRUGHWHUPLQDO³%´
7XHUFDH[WHULRUGHWHUPLQDO³%´
7XHUFDGHSROHDGHOJHQHUDGRU
7XHUFDVGHEDVWLGRUGHOH[WUHPRWUDVHUR
7XHUFDVGHFXELHUWDGHOH[WUHPRWUDVHUR
(VSiUUDJRVGHOHVWDWRU
7RUQLOORVGHSODFDGHFRMLQHWHGHH[WUHPRSURSXOVRU
7RUQLOORVGHUHFWLILFDGRU
7RUQLOORVGHUHJXODGRU\SRUWDHVFRELOOD
3HUQRGHSODFDGHWHUPLQDO
6,67(0$'((6&$3(.
6(&&,Ï1.
6,67(0$'((6&$3(
35(&$8&,Ï1
$VHJ~UHVHGHXWLOL]DU*$62/,1$6,13/202HQHOYHKtFXORHTXLSDGRFRQFRQYHUWLGRUFDWDOtWLFR/DXWLOL]D
FLyQ GH *$62/,1$ &21 3/202 DIHFWDUi QHJDWLYD \ FRQVLGHUDEOHPHQWH HO UHQGLPLHQWR GHO FRQYHUWLGRU
FDWDOtWLFR
127$
3DUD ODV GHVFULSFLRQHV HOHPHQWRV QR LQFOXLGDV HQ HVWD VHFFLyQ UHILpUDVH D OD PLVPD VHFFLyQ GHO
0DQXDOGH6HUYLFLRPHQFLRQDGRHQHO35()$&,2GHHVWHPDQXDO
&217(1,'2
6HUYLFLRHQHOYHKtFXOR . &RPSRQHQWHV .
.
.6,67(0$'((6&$3(
6HUYLFLRHQHOYHKtFXOR
&RPSRQHQWHV
1-1
6-2
5
9
3-1
9
13
4 45 N·m
(4,5 kg-m)
6-3
1-2 2
7 50 N·m
(5,0 kg-m) 2 11
9
3-2
8
6(&&,Ï1$
$
75$160,6,Ï10$18$/
127$
3DUDODVGHVFULSFLRQHVHOHPHQWRVQRLQFOXLGDVHQHVWDVHFFLyQUHILpUDVHDODPLVPDVHFFLyQGHO0DQXDO
GH6HUYLFLRPHQFLRQDGRHQHO35()$&,2GHHVWHPDQXDO
&217(1,'2
5HSDUDFLyQGHODXQLGDG $
5HSDUDFLyQGHODXQLGDG
127$
(VWDWUDQVPLVLyQPDQXDOSDUDHOPRWRU+QRLQFRUSRUDHODQLOORHQ&GHOFRMLQHWHWUDVHURGHOFRQWUDHMH
3RUFRQVLJXLHQWHQRHVQHFHVDULRGHVDUPDURUHDUPDUHVWHDQLOORHQ&HQHOFRMLQHWHWUDVHURGHOFRQWUDHMH
3DUD ODV GHVFULSFLRQHV HOHPHQWRV QR LQFOXLGDV HQ HVWD VHFFLyQ UHILpUDVH D OD PLVPD VHFFLyQ GHO
³0$18$/'(5(3$5$&,Ï1'(/$81,'$'´PHQFLRQDGRHQHO35()$&,2GHHVWHPDQXDO
$75$160,6,Ï10$18$/
75$160,6,Ï1$8720È7,&$$7%
6(&&,Ï1%
%
75$160,6,Ï1$8720È7,&$$7
$'9(57(1&,$
3DUDORVYHKtFXORVHTXLSDGRVFRQHO6LVWHPD6XSOHPHQWDULRGH6XMHFLyQ&ROFKyQGHDLUH
/RVVHUYLFLRVTXHGHEDQVHUHIHFWXDGRVHQRDOUHGHGRUGHORVFRPSRQHQWHVRGHOFDEOHDGRGHOVLVWHPD
GHOFROFKyQGHDLUHGHEHQVHUKHFKRVH[FOXVLYDPHQWHSRUXQFRQFHVLRQDULRDXWRUL]DGR68=8.,5HILp
UDVH DO ³(VTXHPD GH XELFDFLyQ GH ORV FRPSRQHQWHV \ FDEOHDGR GHO VLVWHPD GHO FROFKyQ GH DLUH´ HQ
³'HVFULSFLyQJHQHUDO´HQODVHFFLyQGHOVLVWHPDGHOFROFKyQGHDLUHSDUDFRQILUPDUVLXVWHGHVWiHIHF
WXDQGRWUDEDMRGHVHUYLFLRHQRDOUHGHGRUGHORVFRPSRQHQWHVRGHOFDEOHDGRGHOVLVWHPDGHOFROFKyQ
GHDLUH6tUYDVHREVHUYDUWRGDVODV$'9(57(1&,$6\³3UHFDXFLRQHVSDUDHOVHUYLFLR´LQGLFDGDVHQ³6HU
YLFLRHQHOYHKtFXOR´HQODVHFFLyQGHOVLVWHPDGHOFROFKyQGHDLUHDQWHVGHHIHFWXDUFXDOTXLHUWUDEDMR
GHVHUYLFLRHQRDOUHGHGRUGHORVFRPSRQHQWHVRGHOFDEOHDGRGHOVLVWHPDGHOFROFKyQGHDLUH6LQRVH
UHVSHWDQODV$'9(57(1&,$6VHSXHGHFDXVDUHOLQIODGRDFFLGHQWDOGHOFROFKyQGHDLUHRVHSXHGHGHMDU
LQRSHUDQWHHOVLVWHPDGHOFROFKyQGHDLUH&XDOTXLHUDGHHVWRVGRVFDVRVSXHGHFDXVDUGDxRVFRUSRUD
OHVJUDYHV
/RVWUDEDMRVGHVHUYLFLRWpFQLFRGHEHQVHULQLFLDGRVSRUORPHQRVVHJXQGRVGHVSXpVGHTXHVHFROR
TXHHOLQWHUUXSWRUGHHQFHQGLGRHQODSRVLFLyQ³/2&.´\GHTXHVHGHVFRQHFWHHOFDEOHQHJDWLYRGHOD
EDWHUtD(QHIHFWRVLQRVHSURFHGHGHHVWDIRUPDHOVLVWHPDSXHGHVHUDFWLYDGRSRUODUHVHUYDGHHQHU
JtDHOpFWULFDGHOPyGXORGHGHWHFFLyQ\GHGLDJQyVWLFR6'0
127$
3DUDODVGHVFULSFLRQHVHOHPHQWRVQRLQFOXLGDVHQHVWDVHFFLyQUHILpUDVHDODPLVPDVHFFLyQGHO0DQXDO
GH6HUYLFLRPHQFLRQDGRHQHO35()$&,2GHHVWHPDQXDO
&217(1,'2
'HVFULSFLyQJHQHUDO % &RPSUREDFLyQEiVLFDGH$7 %
6LVWHPDGHFRQWUROGHFDPELRHOHFWUyQLFR % 7DEODGHGLDJQyVWLFRGHGHVSHUIHFWRV %
'LDJUDPDGHFDPELRDXWRPiWLFRGH 7DEODGHGLDJQyVWLFRGHGHVSHUIHFWRV %
HQJUDQDMH % 7DEODGHGLDJQyVWLFRGHGHVSHUIHFWRV %
'LDJQyVWLFR % 'DWRVGHOLQVWUXPHQWRGHH[SORUDFLyQ %
6LVWHPDGHGLDJQyVWLFRHQHOYHKtFXOR &RPSUREDFLyQGHOPyGXORGH3&0\
9HKtFXORVLQFRQHFWRUGHYHULILFDFLyQ % VXFLUFXLWR %
6LVWHPDGHGLDJQyVWLFRHQHOYHKtFXOR 0D]RGHFDEOHV\FRQHFWRUHV %
9HKtFXORFRQFRQHFWRUGHYHULILFDFLyQ % 7DEOD$1RKD\HQFODYDPLHQWRGH7&& %
3UHFDXFLRQHVSDUDGLDJQRVWLFDU 7DEOD$1RKD\FDPELRGHHQJUDQDMHD
GHVSHUIHFWRV % 2' %
7DEODGHIOXMRGHGLDJQyVWLFRGHOD 7DEOD%&RPSUREDFLyQGHOFLUFXLWRGH
WUDQVPLVLyQDXWRPiWLFD % OX]GH³2'HQ2))´/DOX]GH³2'HQ2))´
&RPSUREDFLyQGHODOX]LQGLFDGRUDGH QRVHHQFLHQGHFRQHOLQWHUUXSWRUGH
PDOIXQFLRQDPLHQWR0,/ % HQFHQGLGRHQODSRVLFLyQ21SHURHO
&RPSUREDFLyQGHODOX]GH³2'HQ2))´ % PRWRUDUUDQFD %
&RPSUREDFLyQGHODOX]GH³327(1&,$´ % 7DEOD%&RPSUREDFLyQGHOFLUFXLWRGH
&RPSUREDFLyQGHFyGLJRGHGLDJQyVWLFR ODOX]³2'HQ2))´/DOX]³2'HQ2))´
'7& % SHUPDQHFHHQFHQGLGD %
%RUUDGRGHOFyGLJRGHGLDJQyVWLFR % 7DEOD%&RPSUREDFLyQGHOFLUFXLWRGH
7DEODGHFyGLJRGHGLDJQyVWLFR % OX]GH³327(1&,$´/DOX]GH³327(1&,$´
7DEODGHDSUXHEDGHIDOORV % QRVHHQFLHQGHFRQHOLQWHUUXSWRUGH
,QVSHFFLyQYLVXDO % HQFHQGLGRHQODSRVLFLyQ21SHURHO
PRWRUDUUDQFD %
%75$160,6,Ï1$8720È7,&$$7
'HVFULSFLyQJHQHUDO
(OHPHQWR (VSHFLILFDFLRQHV
&RQYHUWLGRU 7LSR HOHPHQWRVSDVRWLSRIDVHVFRQPHFDQLVPR>HQFODYD
GHSDU PLHQWR@GH7&&
5HODFLyQGHSDUGHFDODGR
%RPEDGH 7LSR %RPEDGHDFHLWHGHWLSRWURFRLGDO
DFHLWH 6LVWHPDSURSXOVRU 3URSXOVDGDSRUHOPRWRU
0HFDQLVPR 7LSR SDVRVGHDYDQFHSDVRGHPDUFKDDWUiVWLSRHQJUDQDMH
GHFDPELR SODQHWDULR
GHHQJUD 3RVLFLyQGHFDPELR 3RVLFLyQ³3´ (QJUDQDMHHQSXQWRPXHUWRHMHGHVDOLGDILMDGR
QDMH VHSXHGHKDFHUDUUDQFDUHOPRWRU
3RVLFLyQ³5´ 0DUFKDDWUiV
3RVLFLyQ³1´ (QJUDQDMHHQSXQWRPXHUWRVHSXHGHKDFHU
DUUDQFDUHOPRWRU
3RVLFLyQ³'´ $YDQFHHQ↔↔↔2'
2'HQ21 FDPELRDXWRPiWLFRGHHQJUDQDMH
3RVLFLyQ³'´ $YDQFHHQ↔↔
2'HQ FDPELRDXWRPiWLFRGHHQJUDQDMH
2))
3RVLFLyQ³´ 0RGR1RUPDO$YDQFHHQ↔←FDP
ELRDXWRPiWLFRGHHQJUDQDMH
0RGR3RWHQFLD$YDQFHHQ←FDPELR
DXWRPiWLFRGHHQJUDQDMH\TXHGDILMDGDHQHO
HQJUDQDMHGH
3RVLFLyQ³/´ $YDQFHHQUHGXFFLyQ←←\TXHGD
ILMDGDHQHQJUDQDMHGH
5HOD
FLyQ HQJUDQDMHEDMR
GH
HQJUD HQJUDQDMHGHVHJXQGD
QDMHV
HQJUDQDMHVXSHULRU
HQJUDQDMHGHVREUHPDUFKD
0DUFKDDWUiV
HQJUDQDMHGHPDUFKDDWUiV
(OHPHQWRVGHFRQWURO (PEUDJXHK~PHGRGHWLSRPXOWLGLVFRVFRQMXQWRV
)UHQRK~PHGRGHWLSRPXOWLGLVFRVFRQMXQWRV
(PEUDJXHXQLGLUHFFLRQDOFRQMXQWRV
7UDQVIHUHQFLD +L$OWD
/R%DMD0RGHOR:'VRODPHQWH
5HODFLyQGHUHGXFFLyQGHHQJUDQDMH
ILQDO'LIHUHQFLDO
/XEULFDFLyQ 6LVWHPDGHOXEULFDFLyQ 6LVWHPDGHDOLPHQWDFLyQIRU]DGDPHGLDQWHSUHVLyQGHOD
ERPEDGHDFHLWH
5HIULJHUD 6LVWHPDGHUHIULJHUDFLyQ 5HIULJHUDFLyQDVLVWLGDSRUUDGLDGRUHQIULDGRSRUDJXD
FLyQ
)OXLGRHPSOHDGR 8QSURGXFWRHTXLYDOHQWHGH'(;521,,,
%75$160,6,Ï1$8720È7,&$$7
6LVWHPDGHFRQWUROGHFDPELRHOHFWUyQLFR
2 5V
B+ BLU/YEL C51-1-14
5V 5V
B+
YEL/GRN C51-1-12 1
YEL/BLU C51-1-13
GRY/YEL C51-3-26
3
4 GRY/YEL C51-3-12
5V
5V 5V
GRY/RED C51-3-13
RED/GRN C51-3-9
ORN/BLU C51-3-2
5
GRY/YEL C51-3-24
BB+
GRN/WHT E61-34
5V
6
7 BLU/YEL C51-1-11
BLU/GRN C51-1-10 5V
C51-1-21
C51-1-20
8 WHT C51-1-23
ORN C51-1-22 17 16 15
E61-7 PPL/YEL
P E61-20 WHT/BLK
ORN/GRN C51-1-7
IG1 R
RED C51-1-6 E61-21 GRY/BLU
N 18
ORN/BLU C51-1-19
D 12V E61-33
YEL/GRN C51-1-18 YEL/RED 19
9 2 12V
GRN/ORN C51-1-28 E61-31 ORN/BLU
L GRN/BLU C51-1-27 12V
C51-1-26 ORN/WHT
12V 12V 12V
10
20
11 GRN 22
C51-1-2
12
GRN/RED C51-1-1
GRN/YEL C51-1-8
BB+
C51-3-20 BLK/WHT
E61-2 WHT
12V
5V 12V
E61-9 BLU
PPL/RED E61-13
IG1
BB+
IG2
B+
13 C51-3-4 BLU/BLK
C51-3-15 BLU/BLK 21
PNK/BLU E61-35 12V
C51-3-6 BLK/GRN
C51-3-17 BLK/ORN 23
14 GRY E61-4
C51-2-7 BLK/GRN
24
8 7 2 1 2 1
6 5 4 3 2 1 6 5 4 3 2 1 7 6 5 4 3 7 6 5 4 3
23 22 21 20 19 18 17 16 15 14 13 12 11 10 9 17 16 15 14 13 12 11 10 9 8 7 19 18 17 16 15 14 13 12 11 10 9 8 20 19 18 17 16 15 14 13 12 11 10 9 8
35 34 33 32 31 30 29 28 27 26 25 24 26 25 24 23 22 21 20 19 18 28 27 26 25 24 23 22 21 20 30 29 28 27 26 25 24 23 22 21
'LDJUDPDGHFDPELRDXWRPiWLFRGHHQJUDQDMH
(O SURJUDPD GH FDPELR DXWRPiWLFR TXH UHVXOWD GHO FRQWURO GHO FDPELR HV PRVWUDGR D FRQWLQXDFLyQ 6L OD SDODQFD
VHOHFWRUDHVFDPELDGDDODSRVLFLyQ/DXQDYHORFLGDGVXSHULRUDNPKHOHQJUDQDMHGHyHVDFFLRQDGR\
HQVHJXLGDHOFDPELRKDFHSDVDUDOHQJUDQDMHGHDXQDYHORFLGDGLQIHULRUDpVD(QODSRVLFLyQ/QRHVSRVLEOH
SDVDUDXQDPDUFKDVXSHULRU
'HODPLVPDPDQHUDVLODSDODQFDVHOHFWRUDHVFDPELDGDDODSRVLFLyQDXQDYHORFLGDGVXSHULRUDNPKHO
HQJUDQDMHGHHVDFFLRQDGR\HQVHJXLGDHOFDPELRKDFHSDVDUDOHQJUDQDMHGHDXQDYHORFLGDGLQIHULRUDpVD
>02'2'(327(1&,$@
&DPELR
→ → → → → →
$EHUWXUDGH 0DULSRVDFRPSOH NPK
OD WDPHQWHDELHUWD
PDULSRVDGH 0DULSRVDFHUUDGD NPK
JDVHV
',$*5$0$>$@'(&$0%,2'((1*5$1$-(<',$*5$0$>%@'((1&/$9$0,(172'(7&&
%75$160,6,Ï1$8720È7,&$$7
>02'21250$/@
&DPELR
→ → → → → →
$EHUWXUDGH 0DULSRVDFRPSOH NPK
OD WDPHQWHDELHUWD
PDULSRVDGH 0DULSRVDFHUUDGD NPK
JDVHV
',$*5$0$>$@'(&$0%,2'((1*5$1$-(<',$*5$0$>%@'((1&/$9$0,(172'(7&&
75$160,6,Ï1$8720È7,&$$7%
'LDJQyVWLFR
(VWHYHKtFXORHVWiHTXLSDGRFRQXQVLVWHPDGHFRQWUROHOHFWUyQLFRGHODWUDQVPLVLyQTXHFRQWURODHOPRPHQWRDSUR
SLDGRSDUDSDVDUDXQDPDUFKDVXSHULRURLQIHULRUHOIXQFLRQDPLHQWRGH7&&HWFDGDSWiQGRORVDODVFRQGLFLRQHVGH
FRQGXFFLyQGHOYHKtFXOR
(OPyGXORGH3&0(&0WLHQHXQVLVWHPDGHGLDJQyVWLFRHQHOYHKtFXORTXHGHWHFWDXQGHVSHUIHFWRGHIXQFLRQD
PLHQWRHQHVWHVLVWHPD\ODDQRUPDOLGDGHQODVSLH]DVTXHLQIOX\HQHQODVHPLVLRQHVGHHVFDSHGHOPRWRU
&XDQGRGLDJQRVWLTXHGHVSHUIHFWRVHQODWUDQVPLVLyQLQFOX\HQGRHVWHVLVWHPDDVHJ~UHVHGHTXHKDFRPSUHQGLGR
SHUIHFWDPHQWHELHQWRGDODGHVFULSFLyQGHO³6,67(0$'(',$*1Ï67,&2(1(/9(+Ë&8/2´\WDPELpQFDGDHOH
PHQWRGH³35(&$8&,21(63$5$',$*1267,&$5'(63(5)(&726´<HIHFW~HHOGLDJQyVWLFRGHDFXHUGRFRQOD
³7$%/$'()/8-2'(',$*1Ï67,&2'(/$75$160,6,Ï1$8720È7,&$´SDUDREWHQHUXQUHVXOWDGRFRUUHFWR
GHPDQHUDIiFLO\VLQFRQWUDWLHPSRV
6LVWHPDGHGLDJQyVWLFRHQHOYHKtFXOR9HKt
FXORVLQFRQHFWRUGHYHULILFDFLyQ
3DUDHOVLVWHPDGHFRQWUROGHODWUDQVPLVLyQDXWRPiWLFDHOPyGXOR
GH3&0(&0WLHQHODVIXQFLRQHVVLJXLHQWHV5HILpUDVHDODVHFFLyQ
SDUDPD\RUHVGHWDOOHV
&XDQGRHOLQWHUUXSWRUGHHQFHQGLGRHVFRORFDGRHQODSRVLFLyQ
21 FRQ HO PRWRU SDUDGR OD OX] LQGLFDGRUD GH PDO IXQFLRQD
PLHQWR0,/VHHQFLHQGHSDUDYHULILFDUODERPELOODGHODOX]
GH0,/
&XDQGR HO PyGXOR GH 3&0 GHWHFWD XQ GHVSHUIHFWR HQ HO VLV
WHPDGHFRQWUROGHOD$7\RXQPDOIXQFLRQDPLHQWRTXHDIHFWD
QHJDWLYDPHQWH ODV HPLVLRQHV GHO YHKtFXOR PLHQWUDV HO PRWRU
HVWiIXQFLRQDQGRHQFLHQGHODOX]LQGLFDGRUDGHGHVSHUIHFWRHQ
HO LQGLFDGRU FRPELQDGR GHO WDEOHUR GH LQVWUXPHQWRV \ PHPR
UL]DHOiUHDGHPDOIXQFLRQDPLHQWRHQVXPHPRULD
6LQHPEDUJRVLGHVSXpVGHKDEHUGHWHFWDGRXQPDOIXQFLRQD
PLHQWRGHWHFWDFRQWLQXDPHQWHTXHFLFORVGHFRQGXFFLyQVRQ
QRUPDOHV DSDJD OD OX] LQGLFDGRUD GH 0,/ DXQTXH HO '7&
PHPRUL]DGRSHUPDQHFHPHPRUL]DGR
(V SRVLEOH FRPXQLFDU FRQ HO PyGXOR GH 7&0 PHGLDQWH HO
FRQHFWRU GH HQODFH GH GDWRV '/& >@ HPSOHDQGR HO LQVWUX
PHQWR GH H[SORUDFLyQ 68=8., >(V SRVLEOH DFFHGHU D OD
LQIRUPDFLyQGHGLDJQyVWLFRXWLOL]DQGRXQLQVWUXPHQWRGHH[SOR
UDFLyQ@
/Ï*,&$'('(7(&&,Ï1'(&,&/26'(&21'8&&,Ï1
5HILpUDVHDODVHFFLyQSDUDPD\RUHVGHWDOOHV
'7&3(1',(17(
5HILpUDVHDODVHFFLyQSDUDPD\RUHVGHWDOOHV
'$726'(,0$*(1&21*(/$'$
5HILpUDVHDODVHFFLyQSDUDPD\RUHVGHWDOOHV
%75$160,6,Ï1$8720È7,&$$7
6LVWHPDGHGLDJQyVWLFRHQHOYHKtFXOR9HKt
FXORFRQFRQHFWRUGHYHULILFDFLyQ
3DUDHOVLVWHPDGHFRQWUROGHODWUDQVPLVLyQDXWRPiWLFDHOPyGXOR
GH3&0(&0WLHQHODVIXQFLRQHVVLJXLHQWHV5HILpUDVHDODVHFFLyQ
SDUDPD\RUHVGHWDOOHV
&XDQGRHOLQWHUUXSWRUGHHQFHQGLGRHVFRORFDGRHQODSRVLFLyQ
21 FRQ HO PRWRU SDUDGR OD OX] LQGLFDGRUD GH PDO IXQFLRQD
PLHQWR0,/VHHQFLHQGHSDUDYHULILFDUODERPELOODGHODOX]GH
0,/
&XDQGRHOPyGXORGH3&0GHWHFWDXQPDOIXQFLRQDPLHQWRHQHO
VLVWHPDGHFRQWUROGHFDPELRHOHFWUyQLFRUHJLVWUDHOFyGLJRGH
GHVSHUIHFWRHQODPHPRULDGHVHJXULGDGGHOPyGXORGH(&0
/D PHPRUL]DFLyQ HV FRQVHUYDGD DXQTXH HO GHVSHUIHFWR KD\D
VLGRVRODPHQWHWHPSRUDO\KD\DGHVDSDUHFLGRLQPHGLDWDPHQWH
<HOUHJLVWURPHPRUL]DGRQRHVERUUDGRKDVWDTXHODDOLPHQWD
FLyQ DO PyGXOR GH 3&0 HV FRUWDGD GXUDQWH VHJXQGRV R
PiV
(V SRVLEOH FRPXQLFDU XWLOL]DQGR QR VRODPHQWH HO LQVWUXPHQWR
GHH[SORUDFLyQ68=8.,VLQRWDPELpQHPSOHDQGRXQLQVWUX
PHQWRGHH[SORUDFLyQWLSRSURGXFWROLEUH8WLOL]DQGRXQLQVWUX
PHQWR GH H[SORUDFLyQ HV SRVLEOHDFFHGHU DOD LQIRUPDFLyQ GH
GLDJQyVWLFR
(OPyGXORGH(&0WDPELpQLQGLFDHQHOPRPHQWRGHODFRPSUR
EDFLyQHOiUHDGHGHVSHUIHFWRTXHKD\UHJLVWUDGDHQODPHPR
ULD PHGLDQWH HO GHVWHOOR GH OD OX] LQGLFDGRUD GH PDO
IXQFLRQDPLHQWR3RUHMHPSORFXDQGRFRQXQFDEOHGHVHUYL
FLR VH FRQHFWD HO WHUPLQDO GHO LQWHUUXSWRU GH GLDJQyVWLFR DO
WHUPLQDODPDVD\VHFRORFDHOLQWHUUXSWRUGHHQFHQGLGRHQ
ODSRVLFLyQ21
75$160,6,Ï1$8720È7,&$$7%
3UHFDXFLRQHVSDUDGLDJQRVWLFDUGHVSHUIHFWRV
1RGHVFRQHFWHDFRSODGRUHVGHOPyGXORGH3&0(&0FDEOH
GHODEDWHUtDHQODEDWHUtDPD]RGHFDEOHVGHPDVDGHOPyGXOR
GH3&0GHOPRWRURGHOIXVLEOHSULQFLSDODQWHVGHFRQILUPDUOD
LQIRUPDFLyQGHOGLDJQyVWLFR'7&GDWRVGHLPDJHQFRQJHODGD
HWFPHPRUL]DGDHQHOPyGXORGH3&07DOHVGHVFRQH[LRQHV
ERUUDUiQODLQIRUPDFLyQPHPRUL]DGDHQHOPyGXORGH3&0
8WLOL]DQGR HO LQVWUXPHQWR GH H[SORUDFLyQ 68=8., R WDPELpQ
FRQ XQ LQVWUXPHQWR GH H[SORUDFLyQ WLSR SURGXFWR OLEUH ±HQ HO
FDVRGHOYHKtFXORVLQFRQHFWRUGHYHULILFDFLyQWDPELpQHVSRVL
EOHYHULILFDU\ERUUDUODLQIRUPDFLyQGHGLDJQyVWLFRPHPRUL]DGD
HQHOPyGXORGH3&0$QWHVGHXWLOL]DUHOLQVWUXPHQWROHDFXL
GDGRVDPHQWH HO 0DQXDO GHO 2SHUDGRU ,QVWUXFFLRQHV SDUD
FRPSUHQGHUELHQODVIXQFLRQHV\VXDSOLFDFLyQ
3ULRULGDGHVSDUDORVFyGLJRVGHGLDJQyVWLFR
6LKD\PHPRUL]DGRVGRVRPiVFyGLJRVGHGLDJQyVWLFR'7&
SURFHGDDODWDEODGHIOXMRGHO'7&TXHIXHGHWHFWDGRHQSULPHU
OXJDU\VLJDODVLQVWUXFFLRQHVGHHVDWDEOD
6L QR VH GDQ LQVWUXFFLRQHV SURFHGD D ORFDOL]DU \ UHSDUDU ORV
FyGLJRVGHGLDJQyVWLFRGHDFXHUGRFRQODVSULRULGDGHVVLJXLHQ
WHV
± &yGLJRV GH GLDJQyVWLFR '7& TXH QR VHDQ ORV '7& 3
333 6LVWHPD GH FRPEXVWLEOH GHPDVLDGR
SREUHGHPDVLDGR ULFR '7& 3333
333 'HWHFFLyQ GH IDOOR GH HQFHQGLGR QL HO
'7&30DOIXQFLRQDPLHQWRGHOIOXMRGH(*5
± '7& 3333 6LVWHPD GH FRPEXVWLEOH
GHPDVLDGRSREUHGHPDVLDGRULFR\'7&30DOIXQFLR
QDPLHQWRGHOIOXMRGH(*5
± '7&3333333
'HWHFFLyQGHIDOORGHHQFHQGLGR
$QWHV GH OD LQVSHFFLyQ DVHJ~UHVH GH OHHU ODV ³35(&$8&,2
1(63$5$(/6(59,&,2'(&,5&8,726(/e&75,&26´HQ
ODVHFFLyQ$\DSOtTXHODVHVWULFWDPHQWH
5HHPSOD]RGHOPyGXORGH3&0
&XDQGR UHHPSODFH SRU XQ PyGXOR GH 3&0 HQ EXHQ HVWDGR
FRPSUXHEHODVFRQGLFLRQHVVLJXLHQWHV
'HMDU GH ODGR HVWD FRPSUREDFLyQ SXHGH FDXVDU GDxRV DO
PyGXORGH3&0TXHHVWiHQEXHQHVWDGR
± 7RGRV ORV UHOpV \ DFWXDGRUHV GHEHQ WHQHU OD UHVLVWHQFLD GHO
YDORUHVSHFLILFDGR
± (OVHQVRUGH0$)HOVHQVRUGH0'3HOVHQVRUGH73\HOVHQ
VRUGHSUHVLyQGHOGHSyVLWRGHFRPEXVWLEOHHVWiQHQEXHQDV
FRQGLFLRQHV $GHPiV HO FLUFXLWR GH DOLPHQWDFLyQ GH HVWRV
VHQVRUHVQRHVWiFRUWRFLUFXLWDGRDPDVD
%75$160,6,Ï1$8720È7,&$$7
7DEODGHIOXMRGHGLDJQyVWLFRGHODWUDQVPLVLyQDXWRPiWLFD
3DUDPD\RUHVGHWDOOHVDFHUFDGHFDGDSDVRUHILpUDVHDODVSiJLQDVVLJXLHQWHV
3DVR 2SHUDFLyQ 6t 1R
$QiOLVLVGHODTXHMDGHOFOLHQWH 9D\DDOSDVR (IHFW~HHODQiOLVLVGHOD
(IHFW~HHODQiOLVLVGHODTXHMDGHOFOLHQWHUHIL TXHMDGHOFOLHQWH
ULpQGRVHDODSiJLQDVLJXLHQWH
¢6HHIHFWXyHODQiOLVLVGHODTXHMDGHOFOLHQWHGH
DFXHUGRFRQODVLQVWUXFFLRQHV"
&RPSUREDFLyQUHJLVWUR\ERUUDGRGHFyGLJRVGH ,PSULPDHO'7&\GDWRVGH 9D\DDOSDVR
GLDJQyVWLFR'7&\GHGDWRVGHLPDJHQFRQJH LPDJHQFRQJHODGDRDQy
ODGD WHORVHQIRUPDHVFULWD\
&RPSUXHEHVLKD\'7&LQFOX\HQGR'7&SHQ HQVHJXLGDEyUUHORV5HILp
GLHQWH UDVHD³%255$'2'(
¢+D\DOJ~QRV'7&" '7&´HQHVWDVHFFLyQ
9D\DDOSDVR
,QVSHFFLyQYLVXDO 5HSDUHRUHHPSODFHOD 9D\DDOSDVR
(IHFW~HODLQVSHFFLyQYLVXDOUHILULpQGRVHDOD SLH]DGHIHFWXRVD
SiJLQDVLJXLHQWH 9D\DDOSDVR
¢+D\DOJXQDFRQGLFLyQGHIHFWXRVD"
,QVSHFFLyQYLVXDO 9D\DDOSDVR
(IHFW~HODLQVSHFFLyQYLVXDOUHILULpQGRVHDOD
SiJLQDVLJXLHQWH
¢+D\DOJXQDFRQGLFLyQGHIHFWXRVD"
&RQILUPDFLyQGHVtQWRPDVGHGHVSHUIHFWR 9D\DDOSDVR 9D\DDOSDVR
&RQILUPHORVVtQWRPDVGHGHVSHUIHFWRUHIL
ULpQGRVHDODSiJLQDVLJXLHQWH
¢6HLGHQWLILFyXQVtQWRPDGHGHVSHUIHFWR"
5HSHWLFLyQGHODFRPSUREDFLyQ\UHJLVWURGHO 9D\DDOSDVR 9D\DDOSDVR
'7&GDWRVGHLPDJHQFRQJHODGD
9XHOYDDYHULILFDUHO'7&\ORVGDWRVGHLPD
JHQFRQJHODGDUHILULpQGRVHD³&20352%$
&,Ï1'('7&´HQHVWDVHFFLyQ
¢+D\DOJ~QRV'7&"
5HSHWLFLyQGHODFRPSUREDFLyQ\UHJLVWURGHO 9D\DDOSDVR 9D\DDOSDVR
'7&GDWRVGHLPDJHQFRQJHODGD
9XHOYDDYHULILFDUHO'7&\ORVGDWRVGHLPD
JHQFRQJHODGDUHILULpQGRVHD³&20352%$
&,Ï1'('7&´HQHVWDVHFFLyQ
¢+D\DOJ~QRV'7&"
,QVSHFFLyQEiVLFD\7DEODGHGLDJQyVWLFRGHOD 9D\DDOSDVR &RPSUXHEH\UHSDUHODV
WUDQVPLVLyQDXWRPiWLFD SLH]DVGHIHFWXRVDV
&RPSUXHEH\UHSDUHGHDFXHUGRFRQOD³,QV 9D\DDOSDVR
SHFFLyQEiVLFDGHOD$7´\OD³7DEODGHGLDJ
QyVWLFRGHGHVSHUIHFWR´HQHVWDVHFFLyQ
¢(VWiQFRPSOHWDGDVODFRPSUREDFLyQ\ODUHSDUD
FLyQ"
/RFDOL]DFLyQ\UHSDUDFLyQGHGHVSHUIHFWRVSDUDHO
'7&
&RPSUXHEH\UHSDUHGHDFXHUGRFRQOD7DEOD
GHIOXMRGHGLDJQyVWLFRGH'7&DSOLFDEOH
¢(VWiQFRPSOHWDGDVODFRPSUREDFLyQ\ODUHSDUD
FLyQ"
&RPSUXHEHORVSUREOHPDVLQWHUPLWHQWHV 5HSDUHRUHHPSODFHODV 9D\DDOSDVR
&RPSUXHEHVLKD\SUREOHPDVLQWHUPLWHQWHV SLH]DVGHIHFWXRVDV
5HILpUDVHDODSiJLQDVLJXLHQWH 9D\DDOSDVR
¢+D\DOJXQDFRQGLFLyQGHIHFWXRVD"
75$160,6,Ï1$8720È7,&$$7%
3DVR 2SHUDFLyQ 6t 1R
3UXHEDGHFRQILUPDFLyQILQDO 9D\DDOSDVR )LQ
%RUUHHO'7&VLKD\DOJXQR
(IHFW~HODSUXHEDGHFRQILUPDFLyQILQDOUHIL
ULpQGRVHDODSiJLQDVLJXLHQWH
¢+D\DOJ~QVtQWRPDGHSUREOHPDXQ'7&R
DOJXQDFRQGLFLyQDQRUPDO"
3$62$1È/,6,6'(/$48(-$'(/&/,(17(
7DOFRPRGHVFULWRVSRUHOFOLHQWHUHJLVWUHORVGHWDOOHVGHOSUREOHPDIDOORVTXHMDV\FyPRVHSUHVHQWyHOSUREOHPD
3DUDHVWHSURSyVLWRHOHPSOHRGHXQIRUPXODULRGHLQVSHFFLyQIDFLOLWDUiODFROHFWDGHLQIRUPDFLRQHVKDVWDHOSXQWR
UHTXHULGRSDUDHIHFWXDUHODGHFXDGRDQiOLVLV\GLDJQyVWLFR
3$62\3$62,163(&&,Ï19,68$/
&RPR SDVR SUHOLPLQDU DVHJ~UHVH GH HIHFWXDU OD LQVSHFFLyQ YLVXDO GH ORV FRPSRQHQWHV TXH VRSRUWDQ HO IXQFLRQD
PLHQWRFRUUHFWRGHOD$7\GHOPRWRU5HILpUDVHDODVHFFLyQ³,QVSHFFLyQYLVXDO´
3$62&21),50$&,Ï1'(6Ë1720$6'('(63(5)(&72
&RPSUXHEH ORV VtQWRPDV GH GHVSHUIHFWR HPSOHDQGR ODV LQIRUPDFLRQHV REWHQLGDV HQ HO SDVR ³$1È/,6,6 '( /$
48(-$'(/&/,(17(´\HQHOSDVR³&20352%$&,Ï1'('7&'$726'(,0$*(1&21*(/$'$´
$GHPiVYXHOYDDFRQILUPDUHO'7&GHDFXHUGRFRQHO³352&(',0,(172'(&21),50$&,Ï1'('7&´GHVFULWR
HQFDGD³7$%/$'()/8-2'('7&´
3$62\5(3(7,&,Ï1'(/$&20352%$&,Ï1<5(*,6752'('7&'$726'(,0$*(1&21*(
/$'$
3DUDHOSURFHGLPLHQWRGHFRPSUREDFLyQUHILpUDVHD³&20352%$&,Ï1'('7&´HQHVWDVHFFLyQ
3$62&20352%$&,Ï1%È6,&$<7$%/$'(',$*1Ï67,&2'(/$$7
(QSULPHUOXJDUHIHFW~HODLQVSHFFLyQEiVLFDGHOD$7GHDFXHUGRFRQOD³7DEODGHIOXMRGHLQVSHFFLyQEiVLFDGHOD$
7´&XDQGRVHKD\DOOHJDGRDOILQGHODWDEODGHIOXMRYHULILTXHODVSLH]DVGHOVLVWHPDTXHVHVRVSHFKDVRQXQDFDXVD
SRVLEOHUHILULpQGRVHSDUDHVWRDOD³7$%/$'(',$*1Ï67,&2´\EDViQGRVHHQORVVtQWRPDVTXHVHSUHVHQWDQHQ
HOYHKtFXORVtQWRPDVREWHQLGRVGHORVGLIHUHQWHVSDVRVGHODQiOLVLVGHODTXHMDGHOFOLHQWHGHODFRQILUPDFLyQGHVtQ
WRPDVGHSUREOHPD\RGHODFRPSUREDFLyQEiVLFDGHOD$7SURFHGDDUHSDUDURUHHPSOD]DUODVSLH]DVGHIHFWXR
VDVVLODVKD\
3$627$%/$'()/8-2'(&Ï',*2'(',$*1Ï67,&2
%DViQGRVHHQHO'7&LQGLFDGRHQHOSDVR\\UHILULpQGRVHDOD³7$%/$'()/8-2'(&Ï',*2'(',$*1Ï6
7,&2´HQHVWDVHFFLyQORFDOLFHODFDXVDGHOGHVSHUIHFWRHQXQVHQVRULQWHUUXSWRUPD]RGHFDEOHVFRQHFWRUDFWXD
GRUPyGXORGH3&0RHQRWUDSLH]D\SURFHGDDUHSDUDURUHHPSOD]DUODVSLH]DVGHIHFWXRVDV
%75$160,6,Ï1$8720È7,&$$7
3$62&20352%$&,Ï13$5$352%/(0$6,17(50,7(17(6
9HULILTXH ODV SLH]DV HQ ODV TXH HV SRVLEOH TXH VH SUHVHQWH XQ GHVSHUIHFWR LQWHUPLWHQWH SRU HMHPSOR PD]RV GH
FDEOHVFRQHFWRUHVHWF5HILpUDVHD³0$/)81&,21$0,(172,17(50,7(17(<&21(;,Ï10$/$´HQODVHF
FLyQ$\HQORVFLUFXLWRVUHODFLRQDGRVFRQHO'7&UHJLVWUDGRHQHOSDVR
3$62358(%$'(&21),50$&,Ï1),1$/
&RQILUPHTXHHOVtQWRPDGHOSUREOHPDKDGHVDSDUHFLGR\TXHOD$7HVWiH[HQWDGHFXDOTXLHUFRQGLFLyQDQRUPDO
6LORTXHKDVLGRUHSDUDGRHVWiUHODFLRQDGRFRQHO'7&GHPDOIXQFLRQDPLHQWRERUUHHO'7&XQDYH]ILMHODVFRQGL
FLRQHVGHGHWHFFLyQGHO'7&\GHUHSDUDFLyQGH$7\RYHKtFXOR\FRQILUPHTXHQRVHLQGLFDQLQJ~Q'7&
)2508/$5,2'(,163(&&,Ï1'(/352%/(0$'(/&/,(17((-(03/2
127$
(OIRUPXODULRDQWHULRUHVXQDPXHVWUDHVWiQGDU'HEHVHUPRGLILFDGRHQIXQFLyQGHODVFRQGLFLRQHVFDUDF
WHUtVWLFDVGHFDGDPHUFDGR
75$160,6,Ï1$8720È7,&$$7%
&RPSUREDFLyQGHODOX]LQGLFDGRUDGHPDOIXQ
FLRQDPLHQWR0,/
3DUDHOSURFHGLPLHQWRGHFRPSUREDFLyQUHILpUDVHDOPLVPRSXQWRHQ
ODVHFFLyQ
&RPSUREDFLyQGHODOX]GH³2'HQ2))´
&RPSUXHEH TXH HO ERWyQ LQWHUUXSWRU GH FRUWH GH OD VREUHPDU
FKD2'HVWiHQODSRVLFLyQGHVDFWLYDGRSUHVLRQDGR>2))@
&RORTXHHOLQWHUUXSWRUGHHQFHQGLGRHQODSRVLFLyQ21
&RPSUXHEH TXH OD OX] GH ³2' HQ 2))´ VH HQFLHQGH GXUDQWH
XQRV±VHJXQGRV\TXHHQVHJXLGDVHDSDJD
6LVHHQFXHQWUDDOJRGHIHFWXRVRSDVHDOD³7$%/$%)/8-2
'(',$*1Ï67,&2´RDOD³7$%/$%&20352%$&,Ï1'(/
&,5&8,72'(/$/8='(³2'HQ2))´´
&RPSUREDFLyQGHODOX]GH³327(1&,$´
&RPSUXHEH TXH HO ERWyQ LQWHUUXSWRU GH FDPELR 3RWHQFLD1RU
PDOHVWiHQODSRVLFLyQ1RUPDO
&RORTXHHOLQWHUUXSWRUGHHQFHQGLGRHQODSRVLFLyQ21
&RPSUXHEH TXH OD OX] GH ³327(1&,$´ VH HQFLHQGH GXUDQWH
XQRV±VHJXQGRV\TXHHQVHJXLGDVHDSDJD
6LVHHQFXHQWUDDOJRGHIHFWXRVRSDVHDOD³7$%/$%)/8-2
'(',$*1Ï67,&2´RDOD³7$%/$%&20352%$&,Ï1'(/
&,5&8,72'(/$/8='(³327(1&,$´´
&RPSUREDFLyQGHFyGLJRGHGLDJQyVWLFR'7&
3DUDHOSURFHGLPLHQWRGHFRPSUREDFLyQUHILpUDVHDOPLVPRSXQWRHQ
ODVHFFLyQ
%RUUDGRGHOFyGLJRGHGLDJQyVWLFR
3DUD HO SURFHGLPLHQWR GH ERUUDGR UHILpUDVH DO PLVPR SXQWR HQ OD
VHFFLyQ
%75$160,6,Ï1$8720È7,&$$7
7DEODGHFyGLJRGHGLDJQyVWLFR
5HILpUDVHDOPLVPRSXQWRHQODVHFFLyQ
7DEODGHDSUXHEDGHIDOORV
5HILpUDVHDOPLVPRSXQWRHQODVHFFLyQ
,QVSHFFLyQYLVXDO
&RPSUXHEHYLVXDOPHQWHODVSLH]DV\VLVWHPDVVLJXLHQWHV
&20321(17(,163(&&,21$'2 6(&&,Ï1'(5()(5(1&,$
)OXLGRGH$7QLYHOIXJDVFRORU 6(&&,Ï1%
0DQJXHUDVGHIOXLGRGH$7GHVFRQH[LyQIORMHGDGGHWHULRUD 6(&&,Ï1%
FLyQ
&DEOHGHPDULSRVDDFHOHUDGRUGH$7MXHJRLQVWDODFLyQ 6(&&,Ï1(
&DEOHGHPDULSRVDGHJDVHVGH$7MXHJRLQVWDODFLyQ 6(&&,Ï1%
&DEOHGHVHOHFFLyQGH$7LQVWDODFLyQIXQFLRQDPLHQWR 6(&&,Ï1%
$FHLWHGHPRWRUQLYHOIXJDV 6(&&,Ï1%
5HIULJHUDQWHGHPRWRUQLYHOIXJDV 6(&&,Ï1%
%DWHUtDQLYHOGHHOHFWUyOLWRFRUURVLyQGHWHUPLQDO
&RQHFWRUHVGHPD]RVGHFDEOHVHOpFWULFRVGHVFRQH[LyQIULFFLyQ 6HFFLyQR%
)XVLEOHVIXQGLGRV 6(&&,Ï1
3LH]DVLQVWDODFLyQGDxRV
3HUQRVIORMHGDG
2WUDVSLH]DVTXHSXHGHQVHULQVSHFFLRQDGDVYLVXDOPHQWH
$GHPiVFRPSUXHEHORVLJXLHQWHDODUUDQTXHGHOPRWRUVLHVSRVLEOH
± /X]GH³2'HQ2))´IXQFLRQDPLHQWR 6(&&,Ï1%
± /X]GH³327(1&,$´IXQFLRQDPLHQWR 6(&&,Ï1%
± /X]LQGLFDGRUDGHPDOIXQFLRQDPLHQWR/X]³5(9,6(352172(/ 6HFFLyQ
02725´IXQFLRQDPLHQWR
± /X]GHDGYHUWHQFLDGHFDUJDIXQFLRQDPLHQWR 6(&&,Ï1+
± /X]GHDGYHUWHQFLDGHSUHVLyQGHDFHLWHGHOPRWRUIXQFLRQD 6(&&,Ï1&6(&&,Ï1$SDUDOD
PLHQWR FRPSUREDFLyQGHODSUHVLyQ
± ,QGLFDGRUGHWHPSHUDWXUDGHOUHIULJHUDQWHGHOPRWRUIXQFLRQD
PLHQWR
± 2WUDVSLH]DVTXHSXHGHQVHULQVSHFFLRQDGDVYLVXDOPHQWH
&RPSUREDFLyQEiVLFDGH$7
(VWDYHULILFDFLyQHVPX\LPSRUWDQWHSDUDORFDOL]DU\UHSDUDUGHVSHUIHFWRVFXDQGRHOPyGXOR3&0(&0QRKDGHWHF
WDGRQLQJ~Q'7&\QRVHKDHQFRQWUDGRQLQJXQDDQRUPDOLGDGHQODLQVSHFFLyQYLVXDO6LJDFXLGDGRVDPHQWHODWDEOD
GHIOXMR
3DVR 2SHUDFLyQ 6t 1R
¢6HDSOLFyOD³7$%/$'()/8-2'(',$*1Ï67,&2 9D\DDOSDVR 9D\DDOD³7$%/$'()/8-2
'(/$75$160,6,Ï1$8720È7,&$´" '(',$*1Ï67,&2'(/$
75$160,6,Ï1$8720È
7,&$´
(IHFW~HOD³358(%$'(&$55(7(5$0$18$/´HQ 9D\DDOSDVR 9D\DDOSDVR
HVWDVHFFLyQ
¢(VWiQRUPDO"
9D\DD³7$%/$'(',$*1Ï67,&2´HQHVWDVHF 5HSDUHRUHHPSODFH 9D\DDOSDVR
FLyQ ODVSLH]DVGHIHFWXR
¢6HLGHQWLILFyXQGHVSHUIHFWR" VDV
75$160,6,Ï1$8720È7,&$$7%
3DVR 2SHUDFLyQ 6t 1R
(IHFW~HODSUXHEDGHFDODGRGHOPRWRUSUXHEDGH 9D\DDOSDVR 9D\DD³7$%/$'(',$*
UHWDUGRSUXHEDGHSUHVLyQGHWXEHUtDSUXHEDGHIUHQR 1Ï67,&2'('(63(5)(&
GHPRWRU\SUXHEDGHODSRVLFLyQ³3´5HILpUDVHD 726´HQHVWDVHFFLyQ
³358(%$'(&$/$'2´³358(%$'(35(6,Ï1'(
78%(5Ë$´³358(%$'()5(12'(02725´\
³358(%$'(/$326,&,Ï1³3´´HQHVWDVHFFLyQ
¢6RQVDWLVIDFWRULRVORVUHVXOWDGRVGHODVSUXHEDV"
9D\DD³7$%/$'(',$*1Ï67,&2'('(63(5 5HSDUHRUHHPSODFH 9D\DD³7$%/$'(',$*
)(&726´HQHVWDVHFFLyQ ODVSLH]DVGHIHFWXR 1Ï67,&2'('(63(5)(&
¢6HLGHQWLILFyXQGHVSHUIHFWR" VDV 726´HQHVWDVHFFLyQ
7DEODGHGLDJQyVWLFRGHGHVSHUIHFWRV
7DEODGHGLDJQyVWLFRGHGHVSHUIHFWRV
)/8,'2'(/$75$160,6,Ï1
&21',&,Ï1'()81&,21$0,(172
&$0%,2'((1*5$1$-(
7DEODGHGLDJQyVWLFRGHGHVSHUIHFWRV
)/8,'2'(/$75$160,6,Ï1
&21',&,Ï1'()81&,21$0,(172
&$0%,2'((1*5$1$-(
58,'2$1250$/
'DWRVGHOLQVWUXPHQWRGHH[SORUDFLyQ
5HILpUDVHDODVHFFLyQ
&RPSUREDFLyQGHOPyGXORGH3&0\VXFLUFXLWR
5HILpUDVHDODVHFFLyQ
0D]RGHFDEOHV\FRQHFWRUHV
5HILpUDVHDODVHFFLyQ
%75$160,6,Ï1$8720È7,&$$7
7DEOD$1RKD\HQFODYDPLHQWRGH7&&
'(6&5,3&,Ï1'(/6,67(0$
(OPyGXORGH3&0GHVDFWLYD2))ODYiOYXODVROHQRLGHGH7&&HQFXDOTXLHUDGHODVFRQGLFLRQHVVLJXLHQWHV
,QWHUUXSWRUGHOSHGDOGHIUHQR21
,QWHUUXSWRUGH%$-$:'21
0yGXORGHFRQWUROGHFUXFHUR+D\VDOLGDGHVHxDOGHFRPDQGRGHGHVDFWLYDFLyQ2))GH7&&VLHVWiHTXL
SDGR
(&7(&7&
/2&$/,=$&,Ï1<5(3$5$&,Ï1'($9(5Ë$6
$'9(57(1&,$
&XDQGRHIHFW~HXQDSUXHEDGHFDUUHWHUDHOLMDXQOXJDUGRQGHQRKD\DWUiILFRRULHVJRGHDFFLGHQWHVGH
WUiILFR\DFW~HFRQPXFKRFXLGDGRSDUDDVtHYLWDUFXDOTXLHUDFFLGHQWH
/DSUXHEDGHFDUUHWHUDGHEHVHUHIHFWXDGDHQXQDFDUUHWHUDSODQDKRUL]RQWDOSRUSHUVRQDVXQFRQ
GXFWRU\XQHQFDUJDGRGHODSUXHED
3DVR 2SHUDFLyQ 6t 1R
¢6HDSOLFyOD³7$%/$'()/8-2'(',$*1Ï6 9D\DDOSDVR 9D\DDOD³7$%/$'(
7,&2'(/$75$160,6,Ï1$8720È7,&$´" )/8-2'(',$*1Ï6
7,&2'(/$75$160,
6,Ï1$8720È7,&$´HQ
HVWDVHFFLyQ
&RPSUREDFLyQGHOD(&7 9D\DDOSDVR 6HQVRUGH(&7VXFLUFXLWR
&DOLHQWHHOPRWRUKDVWDTXHOOHJXHDODWHPSH RVLVWHPDGHUHIULJHUDFLyQ
UDWXUDQRUPDOGHIXQFLRQDPLHQWR GHOPRWRUGHIHFWXRVR
&RPSUXHEHOD(&7XWLOL]DQGRHOLQVWUXPHQWR 6LHVWiQFRQIRUPHVUHHP
GHH[SORUDFLyQ68=8., SODFHSRUXQPyGXORGH
¢(VOD(&7VXSHULRUD&" 3&0HQEXHQHVWDGR\
YXHOYDDFRPSUREDU
(IHFW~HXQDSUXHEDGHIXQFLRQDPLHQWRHQODVFRQ 9iOYXODVROHQRLGHGH7&& 9D\DDOSDVR
GLFLRQHVVLJXLHQWHV\FRPSUXHEHODWHQVLyQHQWUH VXFLUFXLWRRWUDQVPLVLyQ
HOWHUPLQDO&GHODFRSODGRUGHOPyGXORGH GHIHFWXRVD
3&0\ODPDVD
0RGRQRUPDOHQODSRVLFLyQ³'´
7UDQVIHUHQFLDHQODSRVLFLyQ³+´
(O FLUFXLWR GH FRQWURO GH FUXFHUR QR HVWi DFWL
YDGRVLHVWiHTXLSDGR
3HGDOGHIUHQRVROWDGR
&RQGX]FDHOYHKtFXORHQODFRQGLFLyQGH7&&
DFWLYDGR 21 5HILpUDVH DO ³',$*5$0$ '(
(1&/$9$0,(172'(7&&´HQHVWDVHFFLyQ
¢+D\WHQVLyQGHEDWHUtD"
&RPSUREDFLyQGHODVHxDOGHOLQWHUUXSWRUGHIUHQR 9D\DDOSDVR ,QWHUUXSWRUGHSHGDOGH
&RQHOLQWHUUXSWRUGHHQFHQGLGRFRORFDGRHQOD IUHQRRVXFLUFXLWRGHIHF
SRVLFLyQ21FRPSUXHEHODWHQVLyQHQWUHHOWHUPL WXRVR
QDO(GHODFRSODGRUGHOPyGXORGH3&0\OD 6LHVWiQFRQIRUPHVUHHP
PDVD SODFHSRUXQPyGXORGH
3&0HQEXHQHVWDGR\
(VSHFLILFDFLyQGHOLQWHUUXSWRUGHIUHQRV
YXHOYDDFRPSUREDU
3HGDOGHIUHQRVROWDGR9
3HGDOGHIUHQRSUHVLRQDGR7HQVLyQGHOD
EDWHUtD
¢(VWiHOUHVXOWDGRFRQIRUPHFRQODVHVSHFLILFDFLR
QHV"
75$160,6,Ï1$8720È7,&$$7%
3DVR 2SHUDFLyQ 6t 1R
&RPSUREDFLyQGHODVHxDOGHOLQWHUUXSWRUGH³%$-$ 9D\DDOSDVR ,QWHUUXSWRUGH³%$-$:'´
:'´ RVXFLUFXLWRGHIHFWXRVR
&RQHOLQWHUUXSWRUGHHQFHQGLGRFRORFDGRHQOD 6LHVWiQFRQIRUPHVUHHP
SRVLFLyQ21FRPSUXHEHODWHQVLyQHQWUHHOWHUPL SODFHSRUXQPyGXORGH
QDO&GHODFRSODGRUGHOPyGXORGH3&0\ 3&0HQEXHQHVWDGR\
ODPDVD YXHOYDDFRPSUREDU
(VSHFLILFDFLyQGHOLQWHUUXSWRUGH³%$-$:'´
(QJUDQDMHGHODWUDQVIHUHQFLDHQODSRVLFLyQ
³/´R³1´9
(QJUDQDMHGHODWUDQVIHUHQFLDHQODSRVLFLyQ
³+´R³+´
7HQVLyQGHODEDWHUtD
¢(VWiHOUHVXOWDGRFRQIRUPHFRQODVHVSHFLILFDFLR
QHV"
¢(VWiHTXLSDGRHOYHKtFXORFRQVLVWHPDGHFRQWURO 9D\DDOSDVR 5HHPSODFHSRUXQPyGXOR
GHFUXFHUR" GH3&0HQEXHQHVWDGR\
YXHOYDDFRPSUREDU
&RPSUREDFLyQGHODVHxDOGHFRQWUROGHFUXFHUR 5HHPSODFHSRUXQPyGXOR 0yGXORGHFRQWUROGHFUX
&RQHOLQWHUUXSWRUGHHQFHQGLGRFRORFDGRHQOD GH3&0HQEXHQHVWDGR FHURRVXFLUFXLWRGHIHF
SRVLFLyQ21FRPSUXHEHODWHQVLyQHQWUHHOWHUPL \YXHOYDDFRPSUREDU WXRVR
QDO(GHODFRSODGRUGHOPyGXORGH3&0\OD 6LHVWiQFRQIRUPHVUHHP
PDVD SODFHSRUXQPyGXORGH
¢+D\WHQVLyQGHEDWHUtD" 3&0HQEXHQHVWDGR\
YXHOYDDFRPSUREDU
%75$160,6,Ï1$8720È7,&$$7
7DEOD$1RKD\FDPELRGHHQJUDQDMHD2'
'(6&5,3&,Ï1'(/6,67(0$
(OPyGXORGH3&0QRFDPELDDOHQJUDQDMHGH2'HQQLQJXQDGHODVFRQGLFLRQHVVLJXLHQWHV
,QWHUUXSWRUGHFRUWHGH2'21
,QWHUUXSWRUGH%$-$:'21
0yGXORGHFRQWUROGHFUXFHUR+D\VDOLGDGHVHxDOGHFRPDQGRGHGHVDFWLYDFLyQ2))GH2'VLHVWiHTXL
SDGR
(&7(&7&
/2&$/,=$&,Ï1<5(3$5$&,Ï1'($9(5Ë$6
$'9(57(1&,$
&XDQGRHIHFW~HXQDSUXHEDGHFDUUHWHUDHOLMDXQOXJDUGRQGHQRKD\DWUiILFRRULHVJRGHDFFLGHQWHVGH
WUiILFR\DFW~HFRQPXFKRFXLGDGRSDUDDVtHYLWDUFXDOTXLHUDFFLGHQWH
/DSUXHEDGHFDUUHWHUDGHEHVHUHIHFWXDGDHQXQDFDUUHWHUDSODQDKRUL]RQWDOSRUSHUVRQDVXQFRQ
GXFWRU\XQHQFDUJDGRGHODSUXHED
3DVR 2SHUDFLyQ 6t 1R
¢6HDSOLFyOD³7$%/$'()/8-2'(',$*1Ï67,&2'( 9D\DDOSDVR 9D\DDOD³7$%/$'(
/$75$160,6,Ï1$8720È7,&$´" )/8-2'(',$*1Ï6
7,&2'(/$75$160,
6,Ï1$8720È7,&$´
HQHVWDVHFFLyQ
&RPSUREDFLyQGHOD(&7 9D\DDOSDVR 6HQVRUGH(&7\VXFLU
&DOLHQWHHOPRWRUKDVWDTXHOOHJXHDODWHPSHUDWXUD FXLWRRVLVWHPDGHUHIUL
QRUPDOGHIXQFLRQDPLHQWR JHUDFLyQGHOPRWRU
&RPSUXHEHOD(&7XWLOL]DQGRHOLQVWUXPHQWRGHH[SOR GHIHFWXRVR
UDFLyQ68=8., 6LHVWiQFRQIRUPHV
¢(VOD(&7VXSHULRUD&" UHHPSODFHSRUXQ
PyGXORGH3&0HQ
EXHQHVWDGR\YXHOYDD
FRPSUREDU
(IHFW~HXQDSUXHEDGHIXQFLRQDPLHQWRHQODVFRQGLFLRQHV 9iOYXODVROHQRLGHGH &DEOH´*51´RFDEOH
VLJXLHQWHV\FRPSUXHEHODWHQVLyQHQWUHHOWHUPLQDO& FDPELRVXFLUFXLWRR ³*515('´FRUWRFLUFXL
GHODFRSODGRUGHOPyGXORGH3&0\ODPDVDWHUPLQDO WUDQVPLVLyQGHIHF WDGRDOFLUFXLWRGHDOL
&GHODFRSODGRUGHOPyGXORGH3&0\ODPDVD WXRVD PHQWDFLyQHOpFWULFD
,QWHUUXSWRU GH FRUWH GH 2' GHVDFWLYDGR 2)) /X] 6LHVWiQFRQIRUPHV
GH³2'HQ2))´DSDJDGD YD\DDOSDVR
0RGRQRUPDOHQODSRVLFLyQ³'´
7UDQVIHUHQFLDHQODSRVLFLyQ³+´
(O FLUFXLWR GH FRQWURO GH FUXFHUR QR HVWi DFWLYDGR VL
HVWiHTXLSDGR
&RQGX]FDHOYHKtFXORHQODFRQGLFLyQGHHQJUDQDMHGH
5HILpUDVH D ³'LDJUDPD GH FDPELR GH HQJUDQDMH´
HQHVWDVHFFLyQ
¢(VFDGDWHQVLyQDSUR[LPDGDPHQWH9"
&RPSUREDFLyQGHODVHxDOGHOLQWHUUXSWRUGHFRUWHGH2' 9D\DDOSDVR ,QWHUUXSWRUGHFRUWHGH
&RQHOLQWHUUXSWRUGHHQFHQGLGRFRORFDGRHQODSRVLFLyQ 2'RVXFLUFXLWRGHIHF
21FRPSUXHEHODWHQVLyQHQWUHHOWHUPLQDO(GHO WXRVR
DFRSODGRUGHOPyGXORGH3&0\ODPDVD 6LHVWiQFRQIRUPHV
UHHPSODFHSRUXQ
(VSHFLILFDFLyQGHOLQWHUUXSWRUGHFRUWHGH³2'´
PyGXORGH3&0HQ
,QWHUUXSWRUGHFRUWHGH³2'´GHVDFWLYDGR2))
EXHQHVWDGR\YXHOYDD
7HQVLyQGHODEDWHUtD
FRPSUREDU
,QWHUUXSWRUGHFRUWHGH³2'´DFWLYDGR219
¢(VWiHOUHVXOWDGRFRQIRUPHFRQODVHVSHFLILFDFLRQHV"
75$160,6,Ï1$8720È7,&$$7%
3DVR 2SHUDFLyQ 6t 1R
&RPSUREDFLyQGHODVHxDOGHOLQWHUUXSWRUGH³%$-$:'´ 9D\DDOSDVR ,QWHUUXSWRUGH³%$-$
&RQHOLQWHUUXSWRUGHHQFHQGLGRFRORFDGRHQODSRVLFLyQ :'´RVXFLUFXLWR
21FRPSUXHEHODWHQVLyQHQWUHHOWHUPLQDO&GHO GHIHFWXRVR
DFRSODGRUGHOPyGXORGH3&0\ODPDVD 6LHVWiQFRQIRUPHV
UHHPSODFHSRUXQ
(VSHFLILFDFLyQGHOLQWHUUXSWRUGH³%$-$:'´
PyGXORGH3&0HQ
(QJUDQDMHGHODWUDQVIHUHQFLDHQODSRVLFLyQ³/´R
EXHQHVWDGR\YXHOYDD
³1´9
FRPSUREDU
(QJUDQDMHGHODWUDQVIHUHQFLDHQODSRVLFLyQ³+´R
³+´
7HQVLyQGHODEDWHUtD
¢(VWiHOUHVXOWDGRFRQIRUPHFRQODVHVSHFLILFDFLRQHV"
¢(VWiHTXLSDGRHOYHKtFXORFRQVLVWHPDGHFRQWUROGHFUX 9D\DDOSDVR 5HHPSODFHSRUXQ
FHUR" PyGXORGH3&0HQ
EXHQHVWDGR\YXHOYDD
FRPSUREDU
&RPSUREDFLyQGHODVHxDOGHFRQWUROGHFUXFHUR 5HHPSODFHSRUXQ 0yGXORGHFRQWUROGH
&RQHOLQWHUUXSWRUGHHQFHQGLGRFRORFDGRHQODSRVLFLyQ PyGXORGH3&0HQ FUXFHURRVXFLUFXLWR
21FRPSUXHEHODWHQVLyQHQWUHHOWHUPLQDO(GHO EXHQHVWDGR\YXHOYD GHIHFWXRVR
DFRSODGRUGHOPyGXORGH3&0\ODPDVD DFRPSUREDU 6LHVWiQFRQIRUPHV
¢+D\WHQVLyQGHEDWHUtD" UHHPSODFHSRUXQ
PyGXORGH3&0HQ
EXHQHVWDGR\YXHOYDD
FRPSUREDU
%75$160,6,Ï1$8720È7,&$$7
7DEOD%&RPSUREDFLyQGHOFLUFXLWRGHOX]GH³2'HQ2))´/DOX]GH³2'HQ
2))´QRVHHQFLHQGHFRQHOLQWHUUXSWRUGHHQFHQGLGRHQODSRVLFLyQ21SHURHO
PRWRUDUUDQFD
',$*5$0$'(&$%/($'2
3&0 ,QWHUUXSWRUGHFDPELRGH31
)XVLEOH -&
,QWHUUXSWRUGHFRUWHGH2' -&
/2&$/,=$&,Ï1<5(3$5$&,Ï1'($9(5Ë$6
3DVR 2SHUDFLyQ 6t 1R
&RPSUREDFLyQGHOFLUFXLWRGHODOX]GH³2'HQ &RQH[LyQPDODHQWHUPLQDO %RPELOODIXQGLGDRFDEOH
2))´ ( ³:+7%/.´RFDEOH³%/.
&RORTXHHOLQWHUUXSWRUGHHQFHQGLGRHQOD 6LHVWiFRQIRUPHUHHP :+7´GHIHFWXRVR
SRVLFLyQ2))\GHVFRQHFWHORVDFRSODGRUHV SODFHSRUXQPyGXOR3&0
GHOPyGXORGH3&0 HQEXHQHVWDGR\YXHOYDD
8WLOLFHHOFDEOHGHVHUYLFLR\FRQHFWHHOWHUPL FRPSUREDU
QDO(GHODFRSODGRUGHOPyGXORGH3&0
GHVFRQHFWDGR\ODPDVD
¢6HHQFLHQGHODOX]GH³2'HQ2))´FRQHOLQWH
UUXSWRUGHHQFHQGLGRHQODSRVLFLyQ21"
75$160,6,Ï1$8720È7,&$$7%
7DEOD%&RPSUREDFLyQGHOFLUFXLWRGHODOX]³2'HQ2))´/DOX]³2'HQ
2))´SHUPDQHFHHQFHQGLGD
',$*5$0$'(&$%/($'2
5HILpUDVHD³7$%/$%´HQHVWDVHFFLyQ
/2&$/,=$&,Ï1<5(3$5$&,Ï1'($9(5Ë$6
3DVR 2SHUDFLyQ 6t 1R
(VWDGRGHOLQWHUUXSWRUGHFRUWHGH2' 9D\DDOSDVR (OVLVWHPDHVWiHQEXH
3UHVLRQHHOERWyQGHOLQWHUUXSWRUGHFRUWHGH2' QDVFRQGLFLRQHV
¢3HUPDQHFHHQFHQGLGDODOX]GH³2'HQ2))´"
&RPSUXHEHVLHQHOFLUFXLWRGHODERPELOODKD\FRUWRFLU &LUFXLWRGHOFDEOH 9D\DDOSDVR
FXLWR ³:+733/´FRUWRFLU
&RORTXHHOLQWHUUXSWRUGHHQFHQGLGRHQODSRVLFLyQ FXLWDGRDPDVD
2))\GHVFRQHFWHORVFRQHFWRUHVGHOPyGXORGH3&0
&RORTXHHOLQWHUUXSWRUGHHQFHQGLGRHQODSRVLFLyQ
21
¢3HUPDQHFHHQFHQGLGDODOX]GH³2'HQ2))´"
&RPSUXHEHHOFLUFXLWRGHOLQWHUUXSWRUGHFRUWHGH2' 9D\DDOSDVR &RPSUXHEHVLHOFLUFXLWR
0LGDODUHVLVWHQFLDHQWUHHOWHUPLQDO(GHOFRQHF GHPDVDGHOPyGXORGH
WRUGHVFRQHFWDGRGHO3&0\ODPDVDDFDUURFHUtDFRQ 3&0HVWiDELHUWR
HOERWyQLQWHUUXSWRUGHFRUWHGH2'VROWDGR 6LHOFLUFXLWRHVWiFRQ
¢6HLQGLFDFRQWLQXLGDG" IRUPHUHHPSODFHSRUXQ
PyGXORGH3&0HQEXHQ
HVWDGR\YXHOYDDFRP
SUREDU
&RPSUXHEHHOIXQFLRQDPLHQWRGHOLQWHUUXSWRUGHFRUWHGH &LUFXLWRGHOFDEOH 5HHPSODFHHOLQWHUUXSWRU
2' ³<(/5('´FRUWRFLU GHFRUWHGH2'
'HVPRQWHODFDMDGHODFRQVROD FXLWDGRDPDVD
'HVFRQHFWHHOFRQHFWRUGHOLQWHUUXSWRUGHFRUWHGH2
'
&RPSUXHEHODFRQWLQXLGDGHQWUHORVWHUPLQDOHVGHO
LQWHUUXSWRUHQFDGDXQDGHODVFRQGLFLRQHVLQGLFDGDV
DFRQWLQXDFLyQ
)XQFLRQDPLHQWRGHOLQWHUUXSWRUGHFRUWHGH2'
&RQHOERWyQGHLQWHUUXSWRUGHFRUWHGH2'VROWDGR
1RKD\FRQWLQXLGDG
&RQHOERWyQGHLQWHUUXSWRUGHFRUWHGH2'SUHVLR
QDGR
&RQWLQXLGDG
¢(VVDWLVIDFWRULRHOUHVXOWDGRGHODFRPSUREDFLyQ"
>$@SDUDHOSDVR>%@SDUDHOSDVR
%75$160,6,Ï1$8720È7,&$$7
7DEOD%&RPSUREDFLyQGHOFLUFXLWRGHOX]GH³327(1&,$´/DOX]GH³327(1
&,$´QRVHHQFLHQGHFRQHOLQWHUUXSWRUGHHQFHQGLGRHQODSRVLFLyQ21SHURHO
PRWRUDUUDQFD
',$*5$0$'(&$%/($'2
3&0 ,QWHUUXSWRUGHFDPELRGH31
)XVLEOH -&
,QWHUUXSWRUGHFRUWHGH2'
/2&$/,=$&,Ï1<5(3$5$&,Ï1'($9(5Ë$6
3DVR 2SHUDFLyQ 6t 1R
&RPSUREDFLyQGHOFLUFXLWRGHODOX]GH³327(1 &RQH[LyQPDODHQWHUPLQDO %RPELOODIXQGLGDRFDEOH
&,$´ ( ³*5<%/8´RFDEOH³%/.
&RORTXHHOLQWHUUXSWRUGHHQFHQGLGRHQOD 6LHVWiQFRQIRUPHVUHHP :+7´GHIHFWXRVR
SRVLFLyQ2))\GHVFRQHFWHORVDFRSODGRUHV SODFHSRUXQPyGXORGH
GHOPyGXORGH3&0 3&0HQEXHQHVWDGR\
8WLOLFHHOFDEOHGHVHUYLFLR\FRQHFWHHOWHUPL YXHOYDDFRPSUREDU
QDO(GHODFRSODGRUGHOPyGXORGH3&0
GHVFRQHFWDGR\ODPDVD
¢6HHQFLHQGHODOX]LQGLFDGRUDGH³327(1&,$´
FXDQGRVHFRORFDHOLQWHUUXSWRUGHHQFHQGLGRHQ
ODSRVLFLyQ21"
75$160,6,Ï1$8720È7,&$$7%
7DEOD%&RPSUREDFLyQGHOFLUFXLWRGHODOX]³327(1&,$´/DOX]³327(1&,$´
SHUPDQHFHHQFHQGLGD
',$*5$0$'(&$%/($'2
5HILpUDVHD³7$%/$%´HQHVWDVHFFLyQ
/2&$/,=$&,Ï1<5(3$5$&,Ï1'($9(5Ë$6
3DVR 2SHUDFLyQ 6t 1R
3RVLFLyQGHOLQWHUUXSWRUGHFDPELRSRWHQFLDQRUPDO 9D\DDOSDVR )LMHHOLQWHUUXSWRUGH
¢(VWiHOERWyQGHOLQWHUUXSWRUHQODSRVLFLyQQRUPDO FDPELRSRWHQFLDQRU
PDOHQODSRVLFLyQQRU
PDO
&RPSUXHEHVLHQHOFLUFXLWRGHODERPELOODKD\FRUWRFLU &LUFXLWRGHOFDEOH³*5< 9D\DDOSDVR
FXLWR %/8´FRUWRFLUFXLWDGRD
&RORTXHHOLQWHUUXSWRUGHHQFHQGLGRHQODSRVLFLyQ PDVD
2))\GHVFRQHFWHORVFRQHFWRUHVGHOPyGXORGH
3&0
&RORTXHHOLQWHUUXSWRUGHHQFHQGLGRHQODSRVLFLyQ
21
¢3HUPDQHFHHQFHQGLGDODOX]GH³327(1&,$´"
&RPSUXHEHHOFLUFXLWRGHOLQWHUUXSWRUGHFDPELRSRWHQ 9D\DDOSDVR &RPSUXHEHVLHOFLUFXLWR
FLDQRUPDO GHPDVDGHOPyGXORGH
0LGDODUHVLVWHQFLDHQWUHHOWHUPLQDO(GHO 3&0HVWiDELHUWR
FRQHFWRUGHVFRQHFWDGRGHO3&0\ODPDVDDFDUUR 6LHOFLUFXLWRHVWiFRQ
FHUtDFRQHOLQWHUUXSWRUGHFDPELR31HQ2)) IRUPHUHHPSODFHSRU
¢6HLQGLFDFRQWLQXLGDG" XQPyGXORGH3&0HQ
EXHQHVWDGR\YXHOYDD
FRPSUREDU
&RPSUXHEHHOIXQFLRQDPLHQWRGHOLQWHUUXSWRUGHFDPELR &LUFXLWR³251%/8´ 5HHPSODFHHOLQWHUUXS
SRWHQFLDQRUPDO FRUWRFLUFXLWDGRDPDVD WRUGHFDPELRSRWHQFLD
'HVPRQWHHOLQWHUUXSWRUGHFDPELRSRWHQFLDQRUPDO QRUPDO
&RPSUXHEHODFRQWLQXLGDGHQWUHORVWHUPLQDOHV³´\
³´GHOLQWHUUXSWRUHQFDGDXQDGHODVFRQGLFLRQHV
LQGLFDGDVDFRQWLQXDFLyQ
3RVLFLyQQRUPDO1RKD\FRQWLQXLGDG
3RVLFLyQSRWHQFLD&RQWLQXLGDG
¢(VVDWLVIDFWRULRHOUHVXOWDGRGHODFRPSUREDFLyQ"
>$@SDUDHOSDVR>%@SDUDHOSDVR
%75$160,6,Ï1$8720È7,&$$7
3&0 -&
)XVLEOH 6HQVRULQWHUUXSWRUGHSRVLFLyQGHODWUDQVPLVLyQ
&21',&,Ï1'('(7(&&,Ï1'(/'7&<È5($'(/'(63(5)(&72
&21',&,Ï1'('(7(&&,Ï1'(/'7& È5($'(/'(63(5)(&72
/DVHxDO351'R/GHOLQWHUUXSWRUGHSRVLFLyQ 6HQVRULQWHUUXSWRUGHSRVLFLyQGHODWUDQVPLVLyQPDO
GHODWUDQVPLVLyQQRHVHQWUDGDGXUDQWHVHJXQGRV DMXVWDGR
DODYHORFLGDGGHPiVGHNPK 0DOIXQFLRQDPLHQWRGHOVHQVRULQWHUUXSWRUGHSRVL
R FLyQGHODWUDQVPLVLyQRGHVXFLUFXLWR
(QWUDQVHxDOHVP~OWLSOHVVLPXOWiQHDPHQWHGXUDQWH 3&0
VHJXQGRV
OyJLFDGHGHWHFFLyQGHFLFORVGHFRQGXFFLyQ
75$160,6,Ï1$8720È7,&$$7%
352&(',0,(172'(&21),50$&,Ï1'(/'7&
$'9(57(1&,$
&XDQGRHIHFW~HXQDSUXHEDGHFDUUHWHUDHOLMDXQOXJDUGRQGHQRKD\DWUiILFRRULHVJRGHDFFLGHQWHVGH
WUiILFR\DFW~HFRQPXFKRFXLGDGRSDUDDVtHYLWDUFXDOTXLHUDFFLGHQWH
/DSUXHEDGHFDUUHWHUDGHEHVHUHIHFWXDGDHQXQDFDUUHWHUDSODQDKRUL]RQWDOSRUSHUVRQDVXQFRQ
GXFWRU\XQHQFDUJDGRGHODSUXHED
&RQHFWHHOLQVWUXPHQWRGHH[SORUDFLyQVLGLVSRQLEOHDO'/&FRQHOLQWHUUXSWRUGHHQFHQGLGRFRORFDGRHQODSRVL
FLyQ2))
8WLOL]DQGRHOLQVWUXPHQWRGHH[SORUDFLyQERUUHHQODPHPRULDGHO3&0ORV'7&ORV'7&SHQGLHQWHV\ORVGDWRV
GHLPDJHQFRQJHODGD\KDJDDUUDQFDUHOPRWRU
&DPELHODSDODQFDVHOHFWRUDGH$7DFDGDXQDGHODVSRVLFLRQHV/'15\3\PDQWHQJDODSDODQFDGXUDQWH
VHJXQGRVHQFDGDXQDGHHOODV
$XPHQWHODYHORFLGDGGHOYHKtFXORKDVWDXQRVNPKFRQGXFLHQGRHQODSRVLFLyQ'
&RQGX]FDHOYHKtFXORDHVWDYHORFLGDGGXUDQWHVHJXQGRV
6XHOWHHOSHGDOGHODFHOHUDGRUGLVPLQX\DODYHORFLGDGGHOYHKtFXOR\GHWHQJDHOYHKtFXOR
&RPSUXHEH'7&\R'7&SHQGLHQWHV
/2&$/,=$&,Ï1<5(3$5$&,Ï1'($9(5Ë$6
3DVR 2SHUDFLyQ 6t 1R
¢6HDSOLFyOD³7$%/$'()/8-2'(',$*1Ï67,&2'( 9D\DDOSDVR 9D\DD³7$%/$'(
/$$7´" )/8-2'(',$*
1Ï67,&2'(/$$
7´HQHVWDVHFFLyQ
¢7LHQHXQLQVWUXPHQWRGHH[SORUDFLyQ68=8.," 9D\DDOSDVR 9D\DDOSDVR
&RPSUXHEHHOIXQFLRQDPLHQWRGHOFLUFXLWRGHOLQWHUUXSWRU 'HVSHUIHFWRLQWHUPL 9D\DDOSDVR
VHQVRUGHSRVLFLyQGHODWUDQVPLVLyQ WHQWH
&RPSUXHEHXWLOL]DQGRHOLQVWUXPHQWRGHH[SORUDFLyQ &RPSUXHEHHOGHVSHU
68=8., IHFWRLQWHUPLWHQWH
&RQHFWHHOLQVWUXPHQWRGHH[SORUDFLyQ68=8.,DO'/& 5HILpUDVHD³0$/)81
FRQHOLQWHUUXSWRUGHHQFHQGLGRFRORFDGRHQODSRVLFLyQ &,21$0,(172,17(5
2)) 0,7(17(<
&RORTXHHOLQWHUUXSWRUGHHQFHQGLGRHQODSRVLFLyQ21 &21(;,Ï10$/$´HQ
\FRPSUXHEHODVHxDOGHSRVLFLyQGHODWUDQVPLVLyQ3 ODVHFFLyQ$
51'R/YLVXDOL]DGDFXDQGRVHFDPELDODSDODQFD
VHOHFWRUDDFDGDSRVLFLyQ
¢6HLQGLFDODSRVLFLyQDSOLFDEOH"
¢6RQVDWLVIDFWRULRVORVUHVXOWDGRVGHODFRPSUREDFLyQ"
&RPSUXHEHHOIXQFLRQDPLHQWRGHOFLUFXLWRGHOLQWHUUXSWRU 'HVSHUIHFWRLQWHUPL 9D\DDOSDVR
VHQVRUGHSRVLFLyQGHODWUDQVPLVLyQ WHQWH
&RPSUXHEHQRXWLOL]DQGRHOLQVWUXPHQWRGHHVFDQHR &RPSUXHEHHOGHVSHU
68=8., IHFWRLQWHUPLWHQWH
&RORTXHHOLQWHUUXSWRUGHHQFHQGLGRHQODSRVLFLyQ21 5HILpUDVHD³0$/)81
&RPSUXHEHODWHQVLyQHQFDGDXQRGHORVWHUPLQDOHV &,21$0,(172,17(5
&&&&&\ 0,7(17(<
&UHVSHFWLYDPHQWHFRQODSDODQFDVHOHFWRUD &21(;,Ï10$/$´HQ
FDPELDGDDFDGDSRVLFLyQ ODVHFFLyQ$
7RPDQGRHOWHUPLQDO&FRPRHMHPSOR¢VHLQGLFD
WHQVLyQGHEDWHUtDVRODPHQWHFXDQGRODSDODQFDGHVHOHF
FLyQHVFDPELDGDDODSRVLFLyQ³´\VHLQGLFD9SDUDODV
RWUDVSRVLFLRQHVFRPRPRVWUDGRHQODILJXUD"
,JXDOPHQWHFRPSUXHEHODWHQVLyQHQRWURVWHUPLQDOHVUHIL
ULpQGRVHDODILJXUD
¢6RQVDWLVIDFWRULRVORVUHVXOWDGRVGHODFRPSUREDFLyQ"
&RPSUXHEHHODMXVWHGHOFDEOHGHVHOHFFLyQ5HILpUDVHD 9D\DDOSDVR $MXVWH
³$-867('(/&$%/('(6(/(&&,Ï1´HQHVWDVHFFLyQ
¢(VWiDMXVWDGRFRUUHFWDPHQWH"
%75$160,6,Ï1$8720È7,&$$7
3DVR 2SHUDFLyQ 6t 1R
&RPSUXHEHODSRVLFLyQGHLQVWDODFLyQGHOLQWHUUXSWRUGH 9D\DDOSDVR $MXVWH
SRVLFLyQGHODWUDQVPLVLyQ
&DPELHODSDODQFDVHOHFWRUDDODSRVLFLyQ³1´
&RPSUXHEHTXHODOtQHD³1´GHUHIHUHQFLDHQHOLQWH
UUXSWRU\ODOtQHDFHQWUDOHQHOHMHHVWiQDOLQHDGDV
¢(VWiQELHQDOLQHDGDV"
&RPSUXHEHHOLQWHUUXSWRUVHQVRUGHSRVLFLyQGHODWUDQV &LUFXLWR³<(/´³251 5HHPSODFHHOLQWH
PLVLyQ5HILpUDVHD³,17(5583725'(326,&,Ï1'(/$ *51´³5('´³251 UUXSWRUGHSRVLFLyQ
75$160,6,Ï1´HQHVWDVHFFLyQ %/8´³<(/*51´ GHODWUDQVPLVLyQ
¢6RQVDWLVIDFWRULRVORVUHVXOWDGRVGHODFRPSUREDFLyQ" ³*51251´R³*51
%/8´DELHUWRRFRUWRFLU
FXLWDGR
6LODVFRQH[LRQHV\ORV
FDEOHVHVWiQFRQIRUPHV
UHHPSODFHSRUXQ
PyGXORGH3&0HQ
EXHQHVWDGR\YXHOYDD
FRPSUREDU
)LJXUDSDUDHOSDVR
7HUPLQDO
& & & & & &
3RVLFLyQGHSDODQFD 3 %9 9 9 9 9 9
VHOHFWRUD 5 9 %9 9 9 9 9
1 9 9 %9 9 9 9
' 9 9 9 %9 9 9
9 9 9 9 %9 9
/ 9 9 9 9 9 %9
75$160,6,Ï1$8720È7,&$$7%
3&0
6HQVRUGHYHORFLGDGGHOHMHGHHQWUDGD
&21',&,Ï1'('(7(&&,Ï1'(/'7&<È5($'(/'(63(5)(&72
&21',&,Ï1'('(7(&&,Ï1'(/'7& È5($'(/'(63(5)(&72
/DYHORFLGDGGHWHFWDGDSRUHOVHQVRUGHYHORFLGDGGH 6HQVRUGHYHORFLGDGGHHQWUDGD\VXFLUFXLWR
HQWUDGDHVLQIHULRUDOYDORUHVSHFLILFDGRPLHQWUDVHOYHKt 3&0
FXORHVFRQGXFLGRHQWRGDVODVFRQGLFLRQHVVLJXLHQWHV
$XQDYHORFLGDGPD\RUGHNPKFRQHOHQJUDQDMH
GHHQODSRVLFLyQ'GXUDQWHVHJXQGRRPiV
$XQDYHORFLGDGPD\RUGHNPKFRQHOHQJUDQDMH
GHHQODSRVLFLyQ'GXUDQWHVHJXQGRVRPiV
$XQDYHORFLGDGPD\RUGHNPKFRQHOHQJUDQDMH
GHHQODSRVLFLyQ'GXUDQWHVHJXQGRVRPiV
OyJLFDGHGHWHFFLyQGHFLFORVGHFRQGXFFLyQ
%75$160,6,Ï1$8720È7,&$$7
352&(',0,(172'(&21),50$&,Ï1'(/'7&
$'9(57(1&,$
&XDQGRHIHFW~HXQDSUXHEDGHFDUUHWHUDHOLMDXQOXJDUGRQGHQRKD\DWUiILFRRULHVJRGHDFFLGHQWHVGH
WUiILFR\DFW~HFRQPXFKRFXLGDGRSDUDDVtHYLWDUFXDOTXLHUDFFLGHQWH
/DSUXHEDGHFDUUHWHUDGHEHVHUHIHFWXDGDHQXQDFDUUHWHUDSODQDKRUL]RQWDOSRUSHUVRQDVXQFRQ
GXFWRU\XQHQFDUJDGRGHODSUXHED
&RQHFWHHOLQVWUXPHQWRGHH[SORUDFLyQVLGLVSRQLEOHDO'/&FRQHOLQWHUUXSWRUGHHQFHQGLGRFRORFDGRHQODSRVL
FLyQ2))
8WLOL]DQGRHOLQVWUXPHQWRGHH[SORUDFLyQERUUHHO'7&ORV'7&SHQGLHQWHV\ORVGDWRVGHLPDJHQFRQJHODGD
+DJDDUUDQFDUHOPRWRU\FRORTXHHOLQWHUUXSWRUGHFRUWHGH2'HQODSRVLFLyQ21
&RORTXHODSDODQFDVHOHFWRUDGHFDPELRHQODSRVLFLyQ'\KDJDDUUDQFDUHOPRWRU
0DQWHQJD HO YHKtFXOR D XQD YHORFLGDG PD\RU GH NPK FRQ HO HQJUDQDMH GH HQ OD SRVLFLyQ ' GXUDQWH
VHJXQGRRPiV
$XPHQWHODYHORFLGDG\PDQWpQJDODDPiVGHNPKFRQHOHQJUDQDMHGHHQODSRVLFLyQ'GXUDQWHVHJXQ
GRVRPiV
$XPHQWHODYHORFLGDG\PDQWpQJDODDPiVGHNPKFRQHOHQJUDQDMHGHHQODSRVLFLyQ'GXUDQWHVHJXQ
GRVRPiV
'HWHQJDHOYHKtFXOR
&RPSUXHEH'7&\R'7&SHQGLHQWHV
/2&$/,=$&,Ï1<5(3$5$&,Ï1'($9(5Ë$6
3DVR 2SHUDFLyQ 6t 1R
¢6HDSOLFyOD³7$%/$'()/8-2'(',$*1Ï67,&2'( 9D\DDOSDVR 9D\DDOD³7$%/$'(
/$$7´" )/8-2'(
',$*1Ï67,&2'(/$
$7´HQHVWDVHFFLyQ
&RPSUREDFLyQGHOFLUFXLWRGHOVHQVRUGHYHORFLGDGGHO 9D\DDOSDVR 9D\DDOSDVR
HMHGHHQWUDGD
'HVPRQWHODFXELHUWDGHO3&0
&RORTXHHOLQWHUUXSWRUGHHQFHQGLGRHQODSRVLFLyQ
2))\GHVFRQHFWHORVFRQHFWRUHVGHO3&0
&RPSUXHEHODFRQGLFLyQGHFRQH[LyQDOVHQVRUGH
YHORFLGDGGHOHMHGHHQWUDGDHQORVWHUPLQDOHV&
\&
6LODVFRQH[LRQHVHVWiQFRQIRUPHVHQWRQFHVFRP
SUXHEHODUHVLVWHQFLDGHOFLUFXLWRGHOVHQVRU
5HVLVWHQFLDGHOVHQVRUGHYHORFLGDGGHOHMHGH
HQWUDGD
5HVLVWHQFLDHQWUHORVWHUPLQDOHV&\&
±ΩD&
5HVLVWHQFLDHQWUH&&\PDVD
0ΩRPiV
¢6RQVDWLVIDFWRULRVORVUHVXOWDGRVGHODFRPSUREDFLyQ"
&RPSUREDFLyQGHOVHQVRUGHYHORFLGDGGHOHMHGH &DEOH³%/8*51´R 5HHPSODFHHOVHQVRUGH
HQWUDGD ³%/8<(/´DELHUWRR YHORFLGDGGHOHMHGH
&RQHOLQWHUUXSWRUGHHQFHQGLGRHQODSRVLFLyQ2)) FRUWRFLUFXLWDGRDPDVD HQWUDGD
GHVFRQHFWHHOFRQHFWRUGHOVHQVRUGHYHORFLGDGGHO
HMHGHHQWUDGD
&RPSUXHEHHQFDGDWHUPLQDOHOHVWDGRGHOD
FRQH[LyQDOVHQVRUGHYHORFLGDGGHOHMHGHHQWUDGD
6LODVFRQH[LRQHVHVWiQFRQIRUPHVHQWRQFHVFRP
SUXHEHODUHVLVWHQFLDGHOVHQVRUGHYHORFLGDGGHOHMH
GHHQWUDGD
¢(VWiQORVYDORUHVPHGLGRVFRQIRUPHVFRQODVHVSHFLIL
FDFLRQHVGHOSDVR"
75$160,6,Ï1$8720È7,&$$7%
3DVR 2SHUDFLyQ 6t 1R
&RPSUXHEHYLVXDOPHQWHHOVHQVRUGHYHORFLGDGGHOHMH 'HVSHUIHFWRLQWHUPL /LPSLHUHSDUHRUHHP
GHHQWUDGD\HOWDPERUGHOHPEUDJXHGHVREUHPDUFKD WHQWHRPyGXORGH3&0 SODFH
SDUDYHULILFDUORVLJXLHQWH GHIHFWXRVR
1RKD\GDxRV &RPSUXHEHHOGHVSHU
1RKD\PDWHULDOH[WUDxRDGKHULGR IHFWRLQWHUPLWHQWH
/DLQVWDODFLyQHVFRUUHFWD 5HILpUDVHD³0$/)81
¢(VWiQHQEXHQDVFRQGLFLRQHV" &,21$0,(172,17(5
0,7(17(<
&21(;,Ï10$/$´HQ
ODVHFFLyQ$
5()(5(1&,$
&RQHFWHHORVFLORVFRSLRHQWUHORVWHUPLQDOHV&\&
±GHOFRQHFWRUGH3&0FRQHFWDGRDOPyGXORGH3&0\HQVH
JXLGD FRPSUXHEH OD VHxDO GHO VHQVRU GH YHORFLGDG GHO HMH GH
HQWUDGD
>$@ )RUPDGHRQGDGHORVFLORVFRSLRDOUpJLPHQGHUDOHQWtHVSHFLILFDGRHQODSRVLFLyQ³3³
%75$160,6,Ï1$8720È7,&$$7
3&0
6HQVRUGHYHORFLGDGGHOHMHGHVDOLGD
&21',&,Ï1'('(7(&&,Ï1'(/'7&<È5($'(/'(63(5)(&72
&21',&,Ï1'('(7(&&,Ï1'(/'7& È5($'(/'(63(5)(&72
&RQHOLQWHUUXSWRUGH%$-$:'HQSRVLFLyQ2))QR 6HQVRUGHYHORFLGDGGHVDOLGDRVXFLUFXLWR
HQWUDQLQJXQDVHxDOGHOVHQVRUGHYHORFLGDGGHOHMHGH 3&0
VDOLGDPLHQWUDVHQWUDQVHxDOHVGHOVHQVRUGHYHORFL
GDGGHOYHKtFXOR
R
&RQHOLQWHUUXSWRUGH%$-$:'HQSRVLFLyQ2))QR
HQWUDQLQJXQDVHxDOGHOVHQVRUGHYHORFLGDGGHOHMHGH
VDOLGDPLHQWUDVHOPRWRUIXQFLRQDDXQUpJLPHQVXSH
ULRUDOHVSHFLILFDGRHQODSRVLFLyQ³'´
OyJLFDGHGHWHFFLyQGHFLFORVGHFRQGXFFLyQ
352&(',0,(172'(&21),50$&,Ï1'(/'7&
$'9(57(1&,$
&XDQGRHIHFW~HXQDSUXHEDGHFDUUHWHUDHOLMDXQOXJDUGRQGHQRKD\DWUiILFRRULHVJRGHDFFLGHQWHVGH
WUiILFR\DFW~HFRQPXFKRFXLGDGRSDUDDVtHYLWDUFXDOTXLHUDFFLGHQWH
/DSUXHEDGHFDUUHWHUDGHEHVHUHIHFWXDGDHQXQDFDUUHWHUDSODQDKRUL]RQWDOSRUSHUVRQDVXQFRQ
GXFWRU\XQHQFDUJDGRGHODSUXHED
&RQHFWHHOLQVWUXPHQWRGHH[SORUDFLyQVLGLVSRQLEOHDO'/&FRQHOLQWHUUXSWRUGHHQFHQGLGRFRORFDGRHQODSRVL
FLyQ2))
8WLOL]DQGRHOLQVWUXPHQWRGHH[SORUDFLyQERUUHHQODPHPRULDGHO3&0ORV'7&ORV'7&SHQGLHQWHV\ORVGDWRV
GHLPDJHQFRQJHODGD
+DJDDUUDQFDUHOPRWRU\FDPELHODSDODQFDGHWUDQVIHUHQFLDDODSRVLFLyQ³+´y³+´
&RQGX]FDHOYHKtFXORDNPKRPiVGXUDQWHPiVGHVHJXQGRVRDXQUpJLPHQGHPiVGHUSPHQ
ODSRVLFLyQ³'´GXUDQWHPiVGHVHJXQGRV
'HWHQJDHOYHKtFXOR\FRPSUXHEHVLKD\DOJ~Q'7&\R'7&SHQGLHQWHV
75$160,6,Ï1$8720È7,&$$7%
/2&$/,=$&,Ï1<5(3$5$&,Ï1'($9(5Ë$6
3DVR 2SHUDFLyQ 6t 1R
¢6HDSOLFyOD³7$%/$'()/8-2'(',$*1Ï67,&2 9D\DDOSDVR 9D\DDOD³7$%/$'(
'(/$$7´" )/8-2'(',$*1Ï6
7,&2'(/$$7´HQ
HVWDVHFFLyQ
&RPSUREDFLyQGHOFLUFXLWRGHOVHQVRUGHYHORFLGDG 9D\DDOSDVR 9D\DDOSDVR
GHOHMHGHVDOLGD
'HVPRQWHODFXELHUWDGHO3&0
&RORTXHHOLQWHUUXSWRUGHHQFHQGLGRHQODSRVL
FLyQ2))\GHVFRQHFWHORVFRQHFWRUHVGHO3&0
&RPSUXHEHODFRQGLFLyQGHFRQH[LyQDOVHQVRU
GHYHORFLGDGGHOHMHGHVDOLGDHQORVWHUPLQDOHV
&\&
6LODVFRQH[LRQHVHVWiQFRQIRUPHVHQWRQFHV
FRPSUXHEHODUHVLVWHQFLDGHOFLUFXLWRGHOVHQVRU
5HVLVWHQFLDHQWUHORVWHUPLQDOHV&\&
±ΩD&
5HVLVWHQFLDHQWUH&&\PDVD
0ΩRPiV
¢6RQVDWLVIDFWRULRVORVUHVXOWDGRVGHODFRPSURED
FLyQ"
&RPSUREDFLyQGHOVHQVRUGHYHORFLGDGGHOHMHGH &LUFXLWR³251´R³:+7´ 5HHPSODFHHOVHQVRUGH
VDOLGD DELHUWRRFRUWRFLUFXLWDGRD YHORFLGDGGHOHMHGH
&RQHOLQWHUUXSWRUGHHQFHQGLGRHQODSRVLFLyQ PDVD VDOLGD
2))GHVFRQHFWHHOFRQHFWRUGHOVHQVRUGHYHOR
FLGDGGHOHMHGHVDOLGD
&RPSUXHEHHQFDGDWHUPLQDOHOHVWDGRGHOD
FRQH[LyQDOVHQVRUGHYHORFLGDGGHOHMHGHVDOLGD
6LODVFRQH[LRQHVHVWiQFRQIRUPHVHQWRQFHV
FRPSUXHEHODUHVLVWHQFLDGHOVHQVRUGHYHORFLGDG
GHOHMHGHVDOLGD
¢(VWiQORVYDORUHVPHGLGRVFRQIRUPHVFRQODVHVSH
FLILFDFLRQHVGHOSDVR"
&RPSUXHEHYLVXDOPHQWHORVLJXLHQWHHQHOVHQVRUGH 'HVSHUIHFWRLQWHUPLWHQWHR /LPSLHUHSDUHRUHHP
YHORFLGDGGHOHMHGHVDOLGD\HQHOURWRUGHOVHQVRU PyGXORGH3&0GHIHF SODFH
1RKD\GDxRV WXRVR
1RKD\PDWHULDOH[WUDxRDGKHULGR &RPSUXHEHHOGHVSHUIHFWR
/DLQVWDODFLyQHVFRUUHFWD LQWHUPLWHQWH5HILpUDVHD
¢(VWiQHQEXHQDVFRQGLFLRQHV" ³0$/)81&,21$0,(172
,17(50,7(17(<
&21(;,Ï10$/$´HQOD
VHFFLyQ$
5()(5(1&,$
&RQHFWHHORVFLORVFRSLRHQWUHORVWHUPLQDOHV&\&
±GHOFRQHFWRUGH3&0FRQHFWDGRDOPyGXORGH3&0\HQVH
JXLGDFRPSUXHEHODVHxDOGHOVHQVRUGHYHORFLGDGGHOHMHGHVDOLGD
>$@ )RUPDVGHRQGDGHORVFLORVFRSLRDNPKDSUR[LPDGDPHQWH
%75$160,6,Ï1$8720È7,&$$7
3&0
9iOYXODVROHQRLGH$GHFDPELR
9iOYXODVROHQRLGH%GHFDPELR
9iOYXODVROHQRLGHGH7&&
&21',&,Ï1'('(7(&&,Ï1'(/'7&<È5($'(/'(63(5)(&72
&21',&,Ï1'('(7(&&,Ï1'(/'7& È5($'(/'(63(5)(&72
/DWHQVLyQHQHOWHUPLQDO&GHOPyGXORGH3&0HV 9iOYXODVROHQRLGHHQFODYDPLHQWRGH7&&
DOWDPLHQWUDVODYiOYXODVROHQRLGHGH7&&HVWiGHVDFWL &LUFXLWRGHODYiOYXODVROHQRLGHHQFODYDPLHQWRGH
YDGD2))RHVEDMDPLHQWUDVVHKDRUGHQDGRODDFWLYD 7&&
FLyQ21GHODYiOYXODVROHQRLGHGH7&& 3&0
75$160,6,Ï1$8720È7,&$$7%
352&(',0,(172'(&21),50$&,Ï1'(/'7&
$'9(57(1&,$
&XDQGRHIHFW~HXQDSUXHEDGHFDUUHWHUDHOLMDXQOXJDUGRQGHQRKD\DWUiILFRRULHVJRGHDFFLGHQWHVGH
WUiILFR\DFW~HFRQPXFKRFXLGDGRSDUDDVtHYLWDUFXDOTXLHUDFFLGHQWH
/DSUXHEDGHFDUUHWHUDGHEHVHUHIHFWXDGDHQXQDFDUUHWHUDSODQDKRUL]RQWDOSRUSHUVRQDVXQFRQ
GXFWRU\XQHQFDUJDGRGHODSUXHED
&RQHFWHHOLQVWUXPHQWRGHH[SORUDFLyQVLGLVSRQLEOHDO'/&FRQHOLQWHUUXSWRUGHHQFHQGLGRFRORFDGRHQODSRVL
FLyQ2))
8WLOL]DQGRHOLQVWUXPHQWRGHH[SORUDFLyQERUUHHQODPHPRULDGHO3&0ORV'7&ORV'7&SHQGLHQWHV\ORVGDWRV
GHLPDJHQFRQJHODGD
+DJDDUUDQFDUHOPRWRUFDOLHQWHHOPRWRUKDVWDODWHPSHUDWXUDQRUPDOGHIXQFLRQDPLHQWR\FDPELHODSDODQFD
VHOHFWRUDDODSRVLFLyQ³+´y³+´
&RORTXHODSDODQFDVHOHFWRUDHQODSRVLFLyQ'\PDQWpQJDODHQHVDSRVLFLyQGXUDQWHVHJXQGRV
$XPHQWHODYHORFLGDGGHOYHKtFXORKDVWDXQRVNPKHQHOHQJUDQDMHGH\HQODSRVLFLyQ'
&RQGX]FDHOYHKtFXORDHVWDYHORFLGDGGXUDQWHVHJXQGRV
6XHOWHHOSHGDOGHODFHOHUDGRUGLVPLQX\DODYHORFLGDGGHOYHKtFXOR\GHWHQJDHOYHKtFXOR
&RPSUXHEH'7&\R'7&SHQGLHQWHV
/2&$/,=$&,Ï1<5(3$5$&,Ï1'($9(5Ë$6
3DVR 2SHUDFLyQ 6t 1R
¢6HDSOLFyOD³7$%/$'()/8-2'(',$*1Ï6 9D\DDOSDVR 9D\DDOD³7$%/$'(
7,&2'(/$$7´" )/8-2'(',$*1Ï6
7,&2'(/$$7´HQHVWD
VHFFLyQ
&RPSUXHEHVLKD\FRUWRFLUFXLWRHQHOFLUFXLWRGHOD 9D\DDOSDVR &LUFXLWR´*51<(/´FRUWR
YiOYXODVROHQRLGHGH7&& FLUFXLWDGRDOFLUFXLWRGHDOL
&RORTXHHOLQWHUUXSWRUGHHQFHQGLGRHQOD PHQWDFLyQHOpFWULFD
SRVLFLyQ2))\GHVFRQHFWHORVFRQHFWRUHVGHO
PyGXORGH3&0
&RPSUXHEHHOHVWDGRGHODFRQH[LyQDO
PyGXORGH3&0HQHOWHUPLQDO&
6LODVFRQH[LRQHVHVWiQFRQIRUPHVFRORTXHHO
LQWHUUXSWRUGHHQFHQGLGRHQODSRVLFLyQ21\
PLGDODWHQVLyQHQWUHHOWHUPLQDO&GHO
FRQHFWRUGHVFRQHFWDGRGHO3&0\PDVD
¢(VODWHQVLyQDSUR[LPDGDPHQWH9"
&RPSUXHEHVLHOFLUFXLWRGHODYiOYXODVROHQRLGH 'HVSHUIHFWRLQWHUPLWHQWHR &LUFXLWR³*51<(/´DELHUWR
GH7&&HVWiDELHUWRRFRUWRFLUFXLWDGR PyGXORGH3&0GHIHF RFRUWRFLUFXLWDGRDPDVD
&RORTXHHOLQWHUUXSWRUGHHQFHQGLGRHQOD WXRVR 6LORVFDEOHV\ODVFRQH[LR
SRVLFLyQ2)) &RPSUXHEHHOGHVSHUIHFWR QHVHVWiQFRQIRUPHV
0LGDODUHVLVWHQFLDHQWUHHOWHUPLQDO& LQWHUPLWHQWH5HILpUDVHD UHHPSODFHODYiOYXODVROH
GHOFRQHFWRUGHOPyGXORGH3&0\ODPDVD ³0$/)81&,21$0,(172 QRLGHGH7&&
¢(VHOYDORUGHODUHVLVWHQFLDPHGLGDΩD ,17(50,7(17(<
&" &21(;,Ï10$/$´HQOD
VHFFLyQ$
%75$160,6,Ï1$8720È7,&$$7
3&0
9iOYXODVROHQRLGH$GHFDPELR
9iOYXODVROHQRLGH%GHFDPELR
9iOYXODVROHQRLGHGH7&&
&21',&,Ï1'('(7(&&,Ï1'(/'7&<È5($'(/'(63(5)(&72
&21',&,Ï1'('(7(&&,Ï1'(/'7& È5($'(/'(63(5)(&72
'7&3'7&1 9iOYXODVROHQRLGH$GHFDPELR
/DWHQVLyQGHWHFWDGDHQHOWHUPLQDO&HVODWHQVLyQ &LUFXLWRGHODYiOYXODVROHQRLGH$GHFDPELR
HVSHFLILFDGDRLQIHULRUFXDQGRODYiOYXODVROHQRLGH$GH 3&0
FDPELRHVWiDFWLYDGD21RODWHQVLyQHVODWHQVLyQ
HVSHFLILFDGDRPD\RUFXDQGRODYiOYXODHVWiGHVDFWLYDGD
2))
'7&3'7&1 9iOYXODVROHQRLGH%GHFDPELR
/DWHQVLyQGHWHFWDGDHQHOWHUPLQDO&HVODWHQVLyQ &LUFXLWRGHODYiOYXODVROHQRLGH%GHFDPELR
HVSHFLILFDGDRLQIHULRUFXDQGRODYiOYXODVROHQRLGH%GH 3&0
FDPELRHVWiDFWLYDGD21RODWHQVLyQHVODWHQVLyQ
HVSHFLILFDGDRPD\RUFXDQGRODYiOYXODHVWiGHVDFWLYDGD
2))
75$160,6,Ï1$8720È7,&$$7%
352&(',0,(172'(&21),50$&,Ï1'(/'7&
$'9(57(1&,$
&XDQGRHIHFW~HXQDSUXHEDGHFDUUHWHUDHOLMDXQOXJDUGRQGHQRKD\DWUiILFRRULHVJRGHDFFLGHQWHVGH
WUiILFR\DFW~HFRQPXFKRFXLGDGRSDUDDVtHYLWDUFXDOTXLHUDFFLGHQWH
/DSUXHEDGHFDUUHWHUDGHEHVHUHIHFWXDGDHQXQDFDUUHWHUDSODQDKRUL]RQWDOSRUSHUVRQDVXQFRQ
GXFWRU\XQHQFDUJDGRGHODSUXHED
&RQHFWHHOLQVWUXPHQWRGHH[SORUDFLyQVLGLVSRQLEOHDO'/&FRQHOLQWHUUXSWRUGHHQFHQGLGRFRORFDGRHQODSRVL
FLyQ2))
8WLOL]DQGRHOLQVWUXPHQWRGHH[SORUDFLyQERUUHHQODPHPRULDGHO3&0ORV'7&ORV'7&SHQGLHQWHV\ORVGDWRV
GHLPDJHQFRQJHODGD
+DJDDUUDQFDUHOPRWRU\FDPELHODSDODQFDGHWUDQVIHUHQFLDDODSRVLFLyQ³+´y³+´
&RORTXHODSDODQFDVHOHFWRUDHQODSRVLFLyQ'\PDQWpQJDODHQHVDSRVLFLyQGXUDQWHVHJXQGRV
&RQGX]FDHOYHKtFXORDXQDYHORFLGDGGHNPKDSUR[LPDGDPHQWHFRQHOHQJUDQDMHGHHQODSRVLFLyQ³'´
GXUDQWHVHJXQGRV
$XPHQWH OD YHORFLGDG GHO YHKtFXOR KDVWD XQRV NPK HQ HO HQJUDQDMH GH \ HQ OD SRVLFLyQ ' GXUDQWH
VHJXQGRV
6XHOWHHOSHGDOGHODFHOHUDGRUGLVPLQX\DODYHORFLGDGGHOYHKtFXOR\GHWHQJDHOYHKtFXOR
&RPSUXHEH'7&\R'7&SHQGLHQWHV
/2&$/,=$&,Ï1<5(3$5$&,Ï1'($9(5Ë$6
3DVR 2SHUDFLyQ 6t 1R
¢6HDSOLFyOD³7$%/$'()/8-2'(',$*1Ï6 9D\DDOSDVR 9D\DDOD³7$%/$'(
7,&2'(/$$7´" )/8-2'(',$*1Ï6
7,&2'(/$$7´HQHVWD
VHFFLyQ
&RPSUXHEHVLKD\FRUWRFLUFXLWRHQHOFLUFXLWRGH 9D\DDOSDVR &DEOH³*51´RFDEOH
YiOYXODVROHQRLGHGHFDPELR ³*515('´FRUWRFLUFXL
&RORTXHHOLQWHUUXSWRUGHHQFHQGLGRHQOD WDGRDOFLUFXLWRGHDOLPHQWD
SRVLFLyQ2))\GHVFRQHFWHORVFRQHFWRUHVGHO FLyQHOpFWULFD
PyGXORGH3&0
&RPSUXHEHHOHVWDGRGHODFRQH[LyQDO
PyGXORGH3&0HQHOWHUPLQDO&y
&
6LODVFRQH[LRQHVHVWiQFRQIRUPHVFRORTXHHO
LQWHUUXSWRUGHHQFHQGLGRHQODSRVLFLyQ21\
PLGDODWHQVLyQHQWUHHOWHUPLQDO&y
&GHOFRQHFWRUGHVFRQHFWDGRGHO3&0
\PDVD
¢(VODWHQVLyQDSUR[LPDGDPHQWH9"
&RPSUXHEHVLHOFLUFXLWRGHODYiOYXODVROHQRLGH 'HVSHUIHFWRLQWHUPLWHQWHR &DEOH³*51´RFDEOH
GHFDPELRHVWiDELHUWRRFRUWRFLUFXLWDGR PyGXORGH3&0GHIHF ³*515('´DELHUWRRFRU
&RORTXHHOLQWHUUXSWRUGHHQFHQGLGRHQOD WXRVR WRFLUFXLWDGRDPDVD
SRVLFLyQ2)) &RPSUXHEHHOGHVSHUIHFWR 6LORVFDEOHV\ODVFRQH[LR
0LGDODUHVLVWHQFLDHQWUHHOWHUPLQDO&y LQWHUPLWHQWH5HILpUDVHD QHVHVWiQFRQIRUPHV
&GHOFRQHFWRUGHOPyGXORGH3&0 ³0$/)81&,21$0,(172 UHHPSODFHODYiOYXODVROH
GHVFRQHFWDGR\PDVD ,17(50,7(17(< QRLGHGHFDPELRGHIHF
¢(VHOYDORUGHODUHVLVWHQFLDPHGLGDΩD &21(;,Ï10$/$´HQOD WXRVD
&" VHFFLyQ$
%75$160,6,Ï1$8720È7,&$$7
3UXHEDGHFDODGRGHOPRWRU
(OREMHWRGHHVWDSUXHEDHVFRPSUREDUHOIXQFLRQDPLHQWRJOREDOGHODWUDQVPLVLyQDXWRPiWLFD\GHOPRWRUPLGLHQGRHO
UpJLPHQGHFDODGRGHOPRWRUHQODVSRVLFLRQHV³'´\³5´$VHJ~UHVHGHHIHFWXDUHVWDSUXHEDVRODPHQWHFXDQGRHO
IOXLGRGHODWUDQVPLVLyQDXWRPiWLFDHVWpDODWHPSHUDWXUDQRUPDOGHIXQFLRQDPLHQWR\HOQLYHOGHOIOXLGRHVWpHQWUHODV
PDUFDV)8//OOHQR\/2:EDMR
35(&$8&,Ï1
1RKDJDIXQFLRQDUHOPRWRUFRQWLQXDPHQWHHQUpJLPHQGHFDODGRGXUDQWHPiVGHVHJXQGRVSDUDDVt
HYLWDUTXHODWHPSHUDWXUDGHOIOXLGRDXPHQWHH[FHVLYDPHQWH
'HVSXpV GH HIHFWXDU OD SUXHED GH FDODGR DVHJ~UHVH GH GHMDU IXQFLRQDQGR HO PRWRU HQ UpJLPHQ GH
UDOHQWtGXUDQWHPiVGHVHJXQGRVDQWHVGHHIHFWXDURWUDSUXHEDGHFDODGR
$SOLTXHHOIUHQRGHHVWDFLRQDPLHQWR\DFXxHELHQODVUXHGDV
,QVWDOHHOWDFyPHWUR
+DJDDUUDQFDUHOPRWRUFRQODSDODQFDVHOHFWRUDFRORFDGDHQODSRVLFLyQ³3´
$SULHWHDIRQGRHOSHGDOGHIUHQR
&DPELHODSDODQFDVHOHFWRUDDODSRVLFLyQ³'´\DSULHWHDIRQGRHOSHGDOGHODFHOHUDGRUREVHUYDQGRODVLQGLFDFLR
QHVGHOWDFyPHWUR/HDUiSLGDPHQWHODVUSPFXDQGRVHKDQHVWDELOL]DGRUpJLPHQGHFDODGR
6XHOWHHOSHGDOGHODFHOHUDGRULQPHGLDWDPHQWHGHVSXpVGHKDEHUFRPSUREDGRHOUpJLPHQGHFDODGR
(PSOHHHOPLVPRSURFHGLPLHQWRSDUDFRPSUREDUHOUpJLPHQGHFDODGRHQODSRVLFLyQ³5´
(OYDORUGHOUpJLPHQGHFDODGRGHEHHVWDUGHQWURGHODVHVSHFLILFDFLRQHVVLJXLHQWHV
5pJLPHQGHFDODGR
±USP
/2&$/,=$&,Ï1<5(3$5$&,Ï1'($9(5Ë$6
&RQGLFLyQ &DXVDSRVLEOH
,QIHULRUDOQLYHOHVWiQGDU 6DOLGDGHOPRWRUGHIHFWXRVD
&RQYHUWLGRUGHSDUGHIHFWXRVR
6XSHULRUDOQLYHOHVWiQGDUHQODSRVLFLyQ³'´ (PEUDJXHGH2'SDWLQD
(PEUDJXHGHDYDQFHSDWLQD
0DOIXQFLRQDPLHQWRGHOHPEUDJXHXQLGLUHFFLRQDOGH2
'
0DOIXQFLRQDPLHQWRGHOHPEUDJXHQXQLGLUHFFLRQDO
3UHVLyQGHWXEHUtDEDMD
6XSHULRUDOQLYHOHVWiQGDUHQODSRVLFLyQ³5´ (PEUDJXHGLUHFWRSDWLQD
)UHQRGHPDUFKDDWUiVSDWLQD
3UHVLyQGHIOXLGREDMD
(PEUDJXHGH2'SDWLQD
(PEUDJXHXQLGLUHFFLRQDOGH2'GHIHFWXRVR
75$160,6,Ï1$8720È7,&$$7%
3UXHEDGHSUHVLyQGHWXEHUtD
(OSURSyVLWRGHHVWDSUXHEDHVFRPSUREDUODVFRQGLFLRQHVGHIXQFLR
QDPLHQWRGHFDGDSLH]DPLGLHQGRODSUHVLyQGHOIOXLGRHQFDGDWXEH
UtDGHSUHVLyQGHIOXLGR/DSUXHEDGHSUHVLyQGHWXEHUtDUHTXLHUHODV
FRQGLFLRQHVVLJXLHQWHV
(O IOXLGR GH WUDQVPLVLyQ DXWRPiWLFD HVWi D OD WHPSHUDWXUD GH
IXQFLRQDPLHQWRQRUPDOD&
+D\IOXLGRKDVWDHOQLYHODSURSLDGRHQWUH)8//+27>&DOLHQWH
OOHQR@\/2:+27>&DOLHQWHEDMR@HQODYDULOODPHGLGRUD
$SOLTXH VHJXUDPHQWH HO IUHQR GH HVWDFLRQDPLHQWR \ FRORTXH
FXxDVHQODVUXHGDV
,QVWDOHHOPHGLGRUGHSUHVLyQGHIOXLGRHQHORULILFLRGHFRP
SUREDFLyQGHSUHVLyQGHIOXLGRHQODFDMDGHODWUDQVPLVLyQ
+HUUDPLHQWDHVSHFLDO
$
35(&$8&,Ï1
'HVSXpV GH KDEHU ILMDGR HO PHGLGRU GH SUHVLyQ GH DFHLWH
FRPSUXHEHTXHQRKD\QLQJXQDIXJDGHIOXLGR
$SULHWH D IRQGR HO SHGDO GH IUHQR KDJD IXQFLRQDU HO PRWRU HQ
UpJLPHQGHUDOHQWt\FDOHHOPRWRU
&RPSUXHEHODSUHVLyQGHIOXLGRHQODSRVLFLyQ³'´R³5´GHQWUR
GHODVHVSHFLILFDFLRQHVVLJXLHQWHV
35(&$8&,Ï1
1R KDJD IXQFLRQDU FRQWLQXDPHQWH HO PRWRU HQ UpJLPHQ GH
FDODGRGXUDQWHPiVGHVHJXQGRV
3UHVLyQGHWXEHUtD
3RVLFLyQ³'´ 3RVLFLyQ´5´
5pJLPHQGHUDOHQWt ±NJFP ±NJFP
5pJLPHQGHFDODGR ±NJFP ±NJFP
6LORVUHVXOWDGRVGHODFRPSUREDFLyQVRQVDWLVIDFWRULRVGHVFR
QHFWHODKHUUDPLHQWDHVSHFLDO\HQVHJXLGDDSULHWHHOWDSyQGH
ODFDMDGHODWUDQVPLVLyQDOSDUGHDSULHWHHVSHFLILFDGR
3DUGHDSULHWH
7DSyQGHODFDMDGHODWUDQVPLVLyQ
1ÂPNJP
%75$160,6,Ï1$8720È7,&$$7
/2&$/,=$&,Ï1<5(3$5$&,Ï1'($9(5Ë$6
&RQGLFLyQ &DXVDSRVLEOH
3UHVLyQGHWXEHUtDVXSHULRUDOQLYHOHVWiQGDUHQ 0DOIXQFLRQDPLHQWRGHODYiOYXODGHUHJXODGRU
FDGDSRVLFLyQ 0DOIXQFLRQDPLHQWRGHODYiOYXODGHPDULSRVD
&DEOHGHPDULSRVDGHJDVHVGH$7PDODMXVWDGR
3UHVLyQGHWXEHUtDLQIHULRUDOQLYHOHVWiQGDUHQ (PEUDJXHGH2'GHIHFWXRVR
FDGDSRVLFLyQ %RPEDGHDFHLWHGHIHFWXRVD
0DOIXQFLRQDPLHQWRGHODYiOYXODGHPDULSRVD
0DOIXQFLRQDPLHQWRGHODYiOYXODGHUHJXODGRU
&DEOHGHPDULSRVDGHJDVHVGH$7PDODMXVWDGR
3UHVLyQGHWXEHUtDLQIHULRUDOQLYHOHVWiQGDUVROD )XJDGHIOXLGRHQHOHPEUDJXHGHDYDQFH
PHQWHHQODSRVLFLyQ³'´ (PEUDJXHGH2'GHIHFWXRVR
)XJDHQHOFLUFXLWRGHSUHVLyQGHIOXLGRGHODSRVLFLyQ³'´
3UHVLyQGHWXEHUtDLQIHULRUDOQLYHOHVWiQGDUVROD )XJDGHIOXLGRHQHOHPEUDJXHGLUHFWR
PHQWHHQODSRVLFLyQ³5´ (PEUDJXHGH2'GHIHFWXRVR
)XJDGHIOXLGRHQHOIUHQRGHPDUFKDDWUiV
)XJDGHIOXLGRHQHOFLUFXLWRGHIOXLGRGHODSRVLFLyQ³5´
3UXHEDGHFDUUHWHUD
(VWDSUXHEDVHHIHFW~DSDUDFRPSUREDUVLHOFDPELRGHPDUFKDDHQJUDQDMHVVXSHULRUHVHLQIHULRUHVVHUHDOL]DHIHF
WLYDPHQWHDODVYHORFLGDGHVHVSHFLILFDGDVFXDQGRVHFRQGXFHHOYHKtFXORHQXQDFDUUHWHUDSODQDKRUL]RQWDO
$'9(57(1&,$
3DUDHYLWDUXQSRVLEOHDFFLGHQWHHIHFW~HODSUXHEDHQXQiUHDGHSRFRWUiILFR
/DSUXHEDUHTXLHUHODSDUWLFLSDFLyQGHSHUVRQDVXQFRQGXFWRU\XQHQFDUJDGRGHODSUXHED
&DOLHQWHHOPRWRU
&RQHOPRWRUIXQFLRQDQGRHQUpJLPHQGHUDOHQWtFDPELHODSDODQFDGHVHOHFFLyQDODSRVLFLyQ³'´
$FHOHUHHOYHKtFXORSUHVLRQDQGRJUDGXDOPHQWHHOSHGDOGHODFHOHUDGRU
0LHQWUDV FRQGXFH HQ OD SRVLFLyQ ³'´ FRPSUXHEH VL HO FDPELR GH HQJUDQDMH VH HIHFW~D FRPR PRVWUDGR HQ HO
³',$*5$0$'(&$0%,2'((1*5$1$-(´HQHVWDVHFFLyQ
/2&$/,=$&,Ï1<5(3$5$&,Ï1'($9(5Ë$6
&RQGLFLyQ &DXVDSRVLEOH
&XDQGRIDOODHOFDPELRDPDUFKDVXSHULRUGH→ 9iOYXODGHFDPELR±DWDVFDGD
&XDQGRIDOODHOFDPELRDPDUFKDVXSHULRUGH→ 9iOYXODGHFDPELR±DWDVFDGD
&XDQGRIDOODHOFDPELRDPDUFKDVXSHULRUGH→2' 9iOYXODGHFDPELR±DWDVFDGD
&XDQGRHOSXQWRGHFDPELRGHHQJUDQDMHHVLQFRUUHFWR &DEOHGHPDULSRVDGHJDVHVPDODMXVWDGR
9iOYXODVROHQRLGH$R%GHFDPELRGHIHFWXRVD
/DYiOYXODGHFDPELR±±y±QRIXQFLRQD
FRUUHFWDPHQWH
75$160,6,Ï1$8720È7,&$$7%
3UXHEDGHFDUUHWHUDPDQXDO
(VWD SUXHED FRPSUXHED HO HQJUDQDMH TXH VH HVWi XWLOL]DQGR HQ OD
SRVLFLyQ³/´³´R³'´FXDQGRVHFRQGXFHFRQXQVLVWHPDGHFRQWURO
GH FDPELR GH HQJUDQDMH QR DFWLYDGR 3UXHEH HO YHKtFXOR HQ XQD
FDUUHWHUDSODQDKRUL]RQWDO
127$
$QWHVGHHVWDSUXHEDFRPSUXHEHHOFyGLJRGHGLDJQyVWLFR
'7&
'HVFRQHFWHODVYiOYXODVGHODFRSODGRUGHYiOYXODVVROHQRL
GHVGHFDPELRHQODWUDQVPLVLyQ
$'9(57(1&,$
3DUDHYLWDUHOSHOLJURGHTXHPDUVHQRWRTXHHOVLVWHPDGH
HVFDSHFXDQGRGHVFRQHFWHHODFRSODGRUGHYiOYXODVROH
QRLGHGHFDPELR
&RQ OD SDODQFD VHOHFWRUD FRORFDGD HQ OD SRVLFLyQ ³3´ KDJD
DUUDQFDUHOPRWRU\FDOLpQWHOR
&RQODSDODQFDVHOHFWRUDFRORFDGDHQODSRVLFLyQ³/´FRQGX]FD
\ DFHOHUH HO YHKtFXOR D NPK (Q HVWH HVWDGR FRPSUXHEH
TXHVHHVWiXWLOL]DQGRHIHFWLYDPHQWHHOHQJUDQDMHGH
$NPKFDPELHODSDODQFDVHOHFWRUDDODSRVLFLyQ³´\DFH
OHUH D NPK (Q HVWH HVWDGR FRPSUXHEH TXH VH HVWi XWLOL
]DQGRHIHFWLYDPHQWHHOHQJUDQDMHGH
$NPKFDPELHODSDODQFDVHOHFWRUDDODSRVLFLyQ³'´\FRP
SUXHEHTXHVHXWLOL]DHOHQJUDQDMHGH2'FXDQGRODYHORFLGDG
H[FHGHNPK
'HVSXpV GH HIHFWXDU ODV FRPSUREDFLRQHV DQWHULRUHV GHWHQJD
HOYHKtFXOR\SDUHHOPRWRU\FRQHFWHHODFRSODGRUGHYiOYX
ODVVROHQRLGHVGHFDPELRFRQHOLQWHUUXSWRUGHHQFHQGLGRHQOD
SRVLFLyQ2))
$'9(57(1&,$
3DUDHYLWDUHOSHOLJURGHTXHPDUVHQRWRTXHHOVLVWHPDGH
HVFDSHFXDQGRGHVFRQHFWHHODFRSODGRUGHYiOYXODVROH
QRLGHGHFDPELR
%RUUH'7&HPSOHDQGRHOLQVWUXPHQWRGHH[SORUDFLyQ
3UXHEDGHUHWDUGR
(VWDSUXHEDWLHQHFRPRREMHWRFRPSUREDUODVFRQGLFLRQHVGHOHPEUDJXHIUHQRGHPDUFKDDWUiV\SUHVLyQGHOIOXLGR
(O³UHWDUGR´LQGLFDHOWLHPSRWUDQVFXUULGRGHVGHHOFDPELRGHODSDODQFDVHOHFWRUDFRQHOPRWRUHQUpJLPHQGHUDOHQWt
KDVWDHOPRPHQWRFXDQGRVHVLHQWHHOJROSHGHOFDPELRGHUpJLPHQ
&RQFXxDVFRORFDGDVGHODQWH\GHWUiVGHODVUXHGDVGHODQWHUDV\WUDVHUDVDSULHWHHOSHGDOGHIUHQR
+DJDDUUDQFDUHOPRWRU
&RQHOFURQyPHWURSUHSDUDGRFDPELHODSDODQFDVHOHFWRUDGHVGHODSRVLFLyQ³1´DODSRVLFLyQ³'´\FURQRPHWUHHO
WLHPSRGHVGHHVWHPRPHQWRKDVWDTXHVHVLHQWDHOJROSHGHOFDPELR
,GpQWLFDPHQWHPLGDHOUHWDUGRFDPELDQGRODSDODQFDVHOHFWRUDGHODSRVLFLyQ³1³DODSRVLFLyQ³5´
(VSHFLILFDFLRQHVSDUDHOUHWDUGR
³1´→³'´ 0HQRVGHVHJXQGRV
³1´→³5´ 0HQRVGHVHJXQGRV
%75$160,6,Ï1$8720È7,&$$7
127$
&XDQGR UHSLWD HVWD SUXHED DVHJ~UHVH GH HVSHUDU SRU OR PHQRV PLQXWR GHVSXpV GH TXH OD SDODQFD
VHOHFWRUDHVFRORFDGDRWUDYH]HQODSRVLFLyQ³1´
3DUDHIHFWXDUHVWDSUXHEDHOPRWRUGHEHHVWDUIXQFLRQDQGRDVXWHPSHUDWXUDQRUPDO
/2&$/,=$&,Ï1<5(3$5$&,Ï1'($9(5Ë$6
&RQGLFLyQ &DXVDSRVLEOH
5HWDUGRGH³1´→³'´H[FHGHODVHVSHFLILFDFLRQHV 3UHVLyQGHWXEHUtDEDMD
(PEUDJXHGHDYDQFHGHVJDVWDGR
5HWDUGRGH³1´→³5´H[FHGHODVHVSHFLILFDFLRQHV 3UHVLyQGHWXEHUtDEDMD
(PEUDJXHGLUHFWRGHVJDVWDGR
)UHQRGHPDUFKDDWUiVGHVJDVWDGR
3UXHEDGHIUHQRGHPRWRU
$'9(57(1&,$
$QWHVGHHIHFWXDUHVWDSUXHEDDVHJ~UHVHGHTXHQRKD\QLQJ~QYHKtFXORGHWUiVSDUDHYLWDUHOULHVJRGH
FROLVLyQWUDVHUD
0LHQWUDVFRQGXFHHOYHKtFXORHQHOHQJUDQDMHGHGHODSRVLFLyQ³'´FDPELHODSDODQFDVHOHFWRUDUHGXFLHQGRD
ODSRVLFLyQ³´\FRPSUXHEHTXHHOIUHQRGHPRWRUDFW~DHIHFWLYDPHQWH
7DOFRPRHQHOSDVRFRPSUXHEHHOIXQFLRQDPLHQWRGHOIUHQRGHPRWRUFXDQGRODSDODQFDVHOHFWRUDHVFDP
ELDGDUHGXFLHQGRDODSRVLFLyQ³/´
6LHOIUHQRGHPRWRUQRDFW~DHQODVSUXHEDVDQWHULRUHVODVFDXVDVSRVLEOHVSDUDHVWHIDOORVRQODVVLJXLHQWHV
&RPSUXHEHFDGDSLH]DTXHVHVRVSHFKDSXHGDVHUODFDXVD
/2&$/,=$&,Ï1<5(3$5$&,Ï1'($9(5Ë$6
&RQGLFLyQ &DXVDSRVLEOH
)DOORGHIXQFLRQDPLHQWRFXDQGRVHFDPELDUHGXFLHQGR )UHQRGHUXHGDOLEUHGHVHJXQGDGHIHFWXRVR
GHPDUFKDDODSRVLFLyQ³´
)DOORGHIXQFLRQDPLHQWRFXDQGRVHFDPELDUHGXFLHQGR )UHQRGHPDUFKDDWUiVGHIHFWXRVR
GHPDUFKDDODSRVLFLyQ³/´
3UXHEDGHODSRVLFLyQ³3´
'HWHQJDHOYHKtFXORHQXQDSHQGLHQWHFDPELHODSDODQFDVHOHFWRUDDODSRVLFLyQ³3´\DOPLVPRWLHPSRDSOLTXHHO
IUHQRGHHVWDFLRQDPLHQWR
'HVSXpVGHSDUDUHOPRWRUDSULHWHHOSHGDOGHIUHQR\DIORMHHOIUHQRGHHVWDFLRQDPLHQWR
(QVHJXLGDVXHOWHJUDGXDOPHQWHHOSHGDOGHIUHQR\FRPSUXHEHTXHHOYHKtFXORSHUPDQHFHHVWDFLRQDULR
$SULHWHHOSHGDOGHIUHQR\FDPELHODSDODQFDVHOHFWRUDSDVDQGRDODSRVLFLyQ³1´
(QVHJXLGDVXHOWHJUDGXDOPHQWHHOSHGDOGHIUHQR\FRPSUXHEHTXHHOYHKtFXORVHPXHYH
$'9(57(1&,$
$QWHVGHODSUXHEDFRPSUXHEHSDUDDVHJXUDUVHGHTXHQRKD\QDGLHFHUFDGHOYHKtFXORRFXHVWDDEDMR\
SUHVWHPXFKDDWHQFLyQDODVHJXULGDGGXUDQWHODSUXHED
75$160,6,Ï1$8720È7,&$$7%
6HUYLFLRHQHOYHKtFXOR
6HUYLFLRGHPDQWHQLPLHQWR
1LYHOGHOIOXLGR
&20352%$&,Ï1'(/1,9(/'()/8,'2$/$7(03(5$
785$1250$/'()81&,21$0,(172
'HWHQJDHOYHKtFXORHQXQOXJDUSODQR\KRUL]RQWDO
$SOLTXH VHJXUDPHQWH HO IUHQR GH HVWDFLRQDPLHQWR \ FRORTXH
FXxDVHQODVUXHGDV
+DJDDUUDQFDUHOPRWRUFRQODSDODQFDVHOHFWRUDFRORFDGDHQOD
SRVLFLyQ³3´
&DOLHQWHHOPRWRUKDVWDTXHHOIOXLGRGHWUDQVPLVLyQDXWRPiWLFD
OOHJXHDODWHPSHUDWXUDQRUPDOGHIXQFLRQDPLHQWR±&
&RPRJXtDSDUDODFRPSUREDFLyQGHODWHPSHUDWXUDGHOIOXLGR
FDOLHQWH HO PRWRU KDVWD TXH HO LQGLFDGRU GH WHPSHUDWXUD GHO
UHIULJHUDQWHGHOPRWRULQGLTXHPiVRPHQRVXQLGDGVREUHHO
SXQWR³&´
0DQWHQJDHOPRWRUIXQFLRQDQGRHQUpJLPHQGHUDOHQWt\FDPELH
OHQWDPHQWH OD SDODQFD VHOHFWRUD D OD SRVLFLyQ ³/´ \ YXHOYD D
FDPELDUODDODSRVLFLyQ³3´
>$@ &DPELHODSDODQFDVHOHFWRUDFRQHOERWyQSUHVLRQDGR
>%@ &DPELHODSDODQFDVHOHFWRUDVLQSUHVLRQDUHOERWyQ
&RQHOPRWRUIXQFLRQDQGRHQUpJLPHQGHUDOHQWtVDTXHODYDUL
OOD PHGLGRUD GH QLYHO OLPSLH OD YDULOOD FRQ XQ WUDSR OLPSLR \
YXHOYDDLQVHUWDUODHQVXOXJDU
9XHOYD D VDFDU OD YDULOOD PHGLGRUD \ FRPSUXHEH HO QLYHO GHO
IOXLGRLQGLFDGRHQODYDULOOD(OQLYHOGHEHHVWDUHQWUHODPDUFD
)8//+27\/2:+276LHVWiSRUGHEDMRGH/2:+27YLHUWD
XQSURGXFWRHTXLYDOHQWHDO'(;521,,,KDVWDTXHHOIOXLGROOH
JXHDOQLYHO)8//+27
(VSHFLILFDFLyQGHOIOXLGR
8QSURGXFWRHTXLYDOHQWHD'(;521,,,
127$
12(0%$/((/02725PLHQWUDVFRPSUXHEDHOQLYHOGHO
IOXLGRDXQGHVSXpVGHODUUDQTXHGHOPRWRU
12//(1((;&(6,9$0(17((QHIHFWRHOOOHQDGRH[FH
VLYR SXHGH FDXVDU SURGXFFLyQ GH HVSXPD \ SpUGLGD GH
IOXLGR D WUDYpV GHO FRQGXFWR GH YHQWLODFLyQ (QVHJXLGD
SXHGHKDEHUSDWLQDMH\IDOORGHODWUDQVPLVLyQ
3DUD TXH HO QLYHO SDVH GH OD PDUFD /2: +27 &DOLHQWH
EDMRDOQLYHO)8//+27&DOLHQWHOOHQRVHQHFHVLWDQ
OLWURV
6L HO YHKtFXOR IXH XWLOL]DGR HQ FRQGLFLRQHV GH FDUJD HOH
YDGD FRPR FXDQGR VH UHPROFD XQ WUiLOHU HV QHFHVDULR
FRPSUREDU HO QLYHO GHO IOXLGR DSUR[LPDGDPHQWH PHGLD
KRUDGHVSXpVGHKDEHUGHWHQLGRHOYHKtFXOR
%75$160,6,Ï1$8720È7,&$$7
&20352%$&,Ï1'(/1,9(/'()/8,'2$/$7(03(5$
785$$0%,(17(
/D FRPSUREDFLyQ DQWHV GH OD SUXHED GH FRQGXFFLyQ GHO QLYHO GHO
IOXLGRDODWHPSHUDWXUDDPELHQWH±&HIHFWXDGDGHVSXpVGH
XQDUHSDUDFLyQRFDPELRGHIOXLGRHVVyORXQDSUHSDUDFLyQSDUDOD
FRPSUREDFLyQGHOQLYHODODWHPSHUDWXUDQRUPDOGHIXQFLRQDPLHQWR
(OSURFHGLPLHQWRGHFRPSUREDFLyQHVHQVtLGpQWLFRDOSURFHGLPLHQWR
GHVFULWR DQWHULRUPHQWH 6L HO QLYHO GHO IOXLGR HVWi HQWUH ODV PDUFDV
)8//&2/'/OHQRIUtR\/2:&2/'%DMRIUtRSURFHGDHIHFWXDU
OD SUXHED GH FRQGXFFLyQ < FXDQGR OD WHPSHUDWXUD GHO IOXLGR KD\D
OOHJDGR D OD WHPSHUDWXUD QRUPDO GH IXQFLRQDPLHQWR YXHOYD D FRP
SUREDUHOQLYHOGHOIOXLGR\DMXVWHVHJ~QVHDQHFHVDULR
&DPELRGHOIOXLGR
/HYDQWHHOYHKtFXOR
&XDQGRHOPRWRUVHKD\DHQIULDGRVDTXHHOWDSyQGHGUHQDMH
GHOFROHFWRUGHDFHLWH\GUHQHHOIOXLGRGHOD$7
,QVWDOHHOWDSyQGHGUHQDMH
3DUGHDSULHWH
7DSyQGHGUHQDMHGHOIOXLGRGHOD$7D
1ÂPNJP
%DMH HO YHKtFXOR \ OOHQH FRQ OD FDQWLGDG DGHFXDGD HPSOHDQGR
XQSURGXFWRHTXLYDOHQWHD'(;521,,,
&RPSUXHEHHOQLYHOGHOIOXLGR5HILpUDVHD³&20352%$&,Ï1
'(/1,9(/'(/)/8,'2$/$7(03(5$785$1250$/'(
)81&,21$0,(172´ GH ³1,9(/ '(/ )/8,'2´ HQ HVWD VHF
FLyQ
(VSHFLILFDFLyQGHOIOXLGR
8QSURGXFWRHTXLYDOHQWHD'(;521,,,
&DSDFLGDGGHIOXLGR
&XDQGRVHGUHQDSRUHORULILFLRGHOWDSyQGHGUHQDMH
OLWURV
&XDQGRVHHIHFW~DODUHYLVLyQJHQHUDO
OLWURV
75$160,6,Ï1$8720È7,&$$7%
&DEOHGHODPDULSRVDGHJDVHVGH$7
$-867(
&DOLHQWHHOPRWRU\ODWUDQVPLVLyQKDVWDTXHOOHJXHQDODWHPSH
UDWXUDQRUPDOGHIXQFLRQDPLHQWR
$VHJ~UHVHGHTXHHOFDEOHGHODFHOHUDGRUHVWiDMXVWDGRFRPR
HVSHFLILFDGR
&RQODPDULSRVDGHJDVHVFHUUDGDFRPSUXHEHTXHODKROJXUD
³F´HVWiGHQWURGHODHVSHFLILFDFLyQVLJXLHQWHGHOFDEOHGHOD
PDULSRVDGHJDVHVGH$7
6L HO YDORU PHGLGR HVWi IXHUD GH OD HVSHFLILFDFLyQ DMXVWH
PHGLDQWHODWXHUFDGHDMXVWHGHFDEOH
3RVLFLyQGHDMXVWHGHOFDEOHGHPDULSRVDGH$7KROJXUD
´F´
±PP
$SULHWHVHJXUDPHQWHODWXHUFDGHEORTXHR
9iOYXODVVROHQRLGHVYiOYXODVVROHQRLGHVGH
FDPELR\YiOYXODVROHQRLGHGH7&&
&20352%$&,Ï1
&RQORVDFRSODGRUHVGHO3&0GHVFRQHFWDGRV\XWLOL]DQGRHOFDEOHGH
VHUYLFLRFRPRPRVWUDGRHQODILJXUDFRPSUXHEHTXHFDGDYiOYXOD
VROHQRLGHDFW~DSURGXFLHQGRXQVRQLGRGHFOLF
&21-8172'(6(/(&7250$18$/
'(60217$-(
'HVFRQHFWHHOFDEOHQHJDWLYR±HQODEDWHUtD
'HVPRQWHODFDMDGHODFRQVROD
'HVFRQHFWH HO FRQHFWRU GH OD OX] GH DOXPEUDGR YiOYXOD VROH
QRLGHGHEORTXHRGHFDPELRVLHVWiHTXLSDGRHLQWHUUXSWRUGH
FRUWH2))GHVREUHPDUFKDVLHVWiHTXLSDGR
'HVPRQWHORVSHUQRVGHPRQWDMHGHOFRQMXQWRGHOVHOHFWRU
'HVFRQHFWHHOFDEOHGHVHOHFWRUGHOFRQMXQWRGHVHOHFWRU
PDQXDODEULHQGRHOFOLSGHOFDEOHGHOVHOHFWRU
,167$/$&,Ï1
3DUDODLQVWDODFLyQGHOFRQMXQWRGHVHOHFWRUPDQXDOLQYLHUWDHOSURFH
GLPLHQWRDQWHULRUGHGHVPRQWDMHWHQLHQGRHQFRQVLGHUDFLyQODVLQV
WUXFFLRQHVVLJXLHQWHV
$VHJ~UHVHGHTXHHOFOLSGHOFDEOHGHVHOHFWRUVXMHWDVHJX
UDPHQWHHOFDEOHGHOVHOHFWRUHQHOFRQMXQWRGHVHOHFWRU
PDQXDO
$SULHWHORVSHUQRVGHPRQWDMHGHOFRQMXQWRGHOVHOHFWRUPDQXDO
DOSDUGHDSULHWHHVSHFLILFDGR
3DUGHDSULHWH
3HUQRVGHPRQWDMHGHOFRQMXQWRGHOVHOHFWRUPDQXDO
1ÂPNJP
&RQHFWHHQODOHYDHOH[WUHPRGHOFDEOHGHLQWHUEORTXHR5HILp
UDVH D ORV SDVRV D GH ³,QVWDODFLyQ GHO FDEOH GH LQWHUEOR
TXHR´HQHO0DQXDOGH6HUYLFLRPHQFLRQDGRHQHO35()$&,2
GHHVWHPDQXDOVHHVQHFHVDULR
&RQILUPHTXHHOVLVWHPDGHLQWHUEORTXHROODYHGHIUHQRVIXQ
FLRQDFRUUHFWDPHQWHVLHVWiHTXLSDGR
75$160,6,Ï1$8720È7,&$$7%
&20352%$&,Ï1
9HULILTXHTXHODSDODQFDVHOHFWRUDVHPXHYHIiFLO\VXDYHPHQWH
\TXHHOLQGLFDGRUGHSRVLFLyQLQGLFDODSRVLFLyQFRUUHFWD
3DUD HO IXQFLRQDPLHQWR GH OD SDODQFD VHOHFWRUD UHILpUDVH D OD
ILJXUDGHODL]TXLHUGD
%75$160,6,Ï1$8720È7,&$$7
&$%/('(6(/(&&,Ï1
$-867(
(OYHKtFXORSXHGHUHWURFHGHUHQODSRVLFLyQ³5´
5HSDUDFLyQGHODXQLGDG
127$
(OSURFHGLPLHQWRGHVHUYLFLRTXHVHGHVFULEHHQHVWHSXQWRHVHOPLVPRTXHSDUDHOPRGHORGHOPRWRU+
H[FHSWRHQORTXHFRQFLHUQHODGHVFULSFLyQVLJXLHQWH
3DUDODVGHVFULSFLRQHVQRLQFOXLGDVHQHVWDVHFFLyQUHILpUDVHDODPLVPDVHFFLyQGHO0DQXDOGH5HSDUD
FLyQGHOD8QLGDGPHQFLRQDGRHQHO35()$&,2GHHVWHPDQXDO
5HSDUDFLyQGHOVXEFRQMXQWR
6REUHPDUFKDODGRGHODFDMD
'(6$50$'2
0LGDODKROJXUDTXHTXHGDHQWUHHODQLOORGHUHWpQ\ODSODFD
GHVRSRUWHGHIUHQRXWLOL]DQGRODJDOJDGHHVSHVRUHV
6LHOYDORUPHGLGRHVWiIXHUDGHOLQWHUYDORHVSHFLILFDGRUHHP
SODFHHOGLVFRGHIUHQRRODSODFDGHIUHQR
+ROJXUDHQWUHHODQLOORGHUHWpQ\ODSODFDGHVRSRUWHGHIUHQR
(VWiQGDU
±PP
'HVPRQWHHQHORUGHQVLJXLHQWHHODQLOORGHUHWpQSODFD
GH VRSRUWH GH IUHQR GLVFR GH IUHQR SODFD GH IUHQR \
SODFD HOiVWLFD GH IUHQR (QVHJXLGD GHVPRQWH OD FRURQD
GHQWDGD GHSODQHWDULRHODUR GHFRMLQHWH GHHPSXMH\ HO FRML
QHWHWUDVHURGHHPSXMH
6RSOHDLUHHQHORULILFLRSDUDIOXLGRGHODFDMDGH2'\GHV
PRQWHHOSLVWyQGHIUHQR
'HVPRQWHGHOSLVWyQGHIUHQRHODURLQWHULRUGHOSLVWyQGHIUHQR
\HODURH[WHULRUGHOSLVWyQGHIUHQR
'HVSUHQGDHODQLOORGHVHOODGR
'HVPRQWHORVDQLOORVGHVHOODGR
127$
$VHJ~UHVHGHQRDEULUODVSXQWDVGHORVDQLOORVGHVHOODGR
PiVGHORQHFHVDULR
(PEUDJXHGHDYDQFH
'(6$50$'2
'HVSXpVGHGHVPRQWDUHODQLOORGHUHWpQGHVPRQWHHOFXER
GHHQWUDGDGHOHPEUDJXHGLUHFWR\HOFXERGHHPEUDJXH
GHDYDQFH
'HVPRQWHHODURGHFRMLQHWH\HOFRMLQHWHGHHPSXMH
&RMLQHWHQGHHPSXMH
&RMLQHWHGHHPSXMHGHHPEUDJXHGHDYDQFH
$URWUDVHURGHHPSXMH
,QVWDOHHOFXERGHHQWUDGDGHOHPEUDJXHGLUHFWR\HODQLOOR
GHUHWpQ
'HVPRQWHHODQLOORGHUHWpQ\HQVHJXLGDGHVPRQWHHOFXER
GHHQWUDGDGHOHPEUDJXHGLUHFWR
'HVPRQWH HO DQLOOR GH UHWpQ \ HQVHJXLGD GHVPRQWH WRGRV ORV
GLVFRVGHHPEUDJXH
8WLOLFHODKHUUDPLHQWDHVSHFLDO\ODSUHQVDKLGUiXOLFDFRPSULPD
HOPXHOOHGHUHWRUQRGHOSLVWyQGHHPEUDJXHGHDYDQFH\GHV
PRQWHHOPXHOOHGHUHWRUQRGHUHWHQFLyQ
+HUUDPLHQWDHVSHFLDO
$
35(&$8&,Ï1
&XDQGR DSOLTXH SUHVLyQ FXLGH GH QR DSOLFDU SUHVLyQ H[FH
VLYD(QHIHFWRODSUHVLyQH[FHVLYDSXHGHGHIRUPDUODVHF
FLyQSODQDGHOPXHOOHGHUHWRUQRGHSLVWyQ
,QVWDOHHOHPEUDJXHGHDYDQFHHQODFDMDGH2'6RSOHDLUHD
EDMDSUHVLyQHQHORULILFLRSDUDIOXLGRDODGHUHFKDGHOFRUWHGH
OD FDMD GH 2' SDUD GHVPRQWDU HO SLVWyQ GHO HPEUDJXH GH
DYDQFH
75$160,6,Ï1$8720È7,&$$7%
(0%5$*8(',5(&72
'(6$50$'2
'HVPRQWHHOFRQMXQWRGHHPEUDJXHGLUHFWRGHOVRSRUWHFHQWUDO
\HQVHJXLGDGHVPRQWHHODQLOORGHUHWpQ
35(&$8&,Ï1
&XDQGR DSOLTXH SUHVLyQ FXLGH GH QR DSOLFDU SUHVLyQ H[FH
VLYD(QHIHFWRODSUHVLyQH[FHVLYDSXHGHGHIRUPDUODVHF
FLyQSODQDGHOPXHOOHGHUHWRUQRGHSLVWyQ
'HVPRQWHHOPXHOOHGHUHWRUQRGHSLVWyQGHHPEUDJXHGLUHFWR
%75$160,6,Ï1$8720È7,&$$7
,QVWDOHHOFLOLQGURGHOHPEUDJXHGLUHFWRHQHOVRSRUWHFHQWUDO
'HVPRQWH HO SLVWyQ GH HPEUDJXH GLUHFWR VRSODQGR DLUH HQ HO
VHJXQGRRULILFLRGHVGHODL]TXLHUGDHQODIRUPDPRVWUDGDHQOD
ILJXUD 'HVPRQWH HO SLVWyQ LQWHULRU GHO HPEUDJXH GLUHFWR
VRSODQGR DLUH HQ HO RULILFLR HQ OD H[WUHPD GHUHFKD < HQVH
JXLGDGHVPRQWHODVMXQWDVWyULFDVGHORVSLVWRQHV
&XHUSRGHYiOYXODVVXSHULRUGHODQWHUR
$50$'2
3DUDHODUPDGRGHFDGDFRPSRQHQWHLQYLHUWDHOSURFHGLPLHQWRDQWH
ULRUGHGHVDUPDGRWHQLHQGRHQFRQVLGHUDFLyQORVSXQWRVVLJXLHQWHV
(OGLiPHWURH[WHULRUGHODHVSLUD\ODORQJLWXGOLEUHGHFDGDPXH
OOHGHYiOYXODGHEHQVHUFRPRLQGLFDGRDFRQWLQXDFLyQ$VHJ~
UHVHGHXWLOL]DUHOWDPDxRFRUUHFWR
'LiPHWURH[WHULRUGHODHVSLUD\ORQJLWXGOLEUHGHFDGDPXHOOH
GHYiOYXOD
$SULHWH HO SHUQR GH OHYD GH PDULSRVD GH JDVHV DO SDU GH
DSULHWHHVSHFLILFDGR
3DUGHDSULHWH
3HUQRGHOHYDGHPDULSRVDGHJDVHVD
1ÂPNJP
$SULHWHORVSHUQRVGHODYiOYXODGHDOLYLRGHSUHVLyQDOSDU
GHDSULHWHHVSHFLILFDGR
3DUGHDSULHWH
3HUQRGHYiOYXODGHDOLYLRGHSUHVLyQE1ÂPNJP
75$160,6,Ï1$8720È7,&$$7%
&8(532'(9È/98/$6,1)(5,25
'(6$50$'2
'HVPRQWHODSODFDGHFXHUSRGHYiOYXODVLQIHULRU\ODHPSD
TXHWDGXUDGHODSODFDGHFXHUSRGHYiOYXODVLQIHULRU
'HVPRQWHODSODFDGHODYiOYXODGHFRQWUROHQFODYDPLHQWR
GH7&&\ODHPSDTXHWDGXUDGHODYiOYXODGHFRQWUROHQFODYD
PLHQWRGH7&&
&RQ HO UHWpQ GH OD YiOYXOD GH DOLYLR GH SUHVLyQ SUHVLRQDGR
FRQXQGHGRGHVPRQWHHOSHUQRGHODYiOYXODGHDOLYLRGHSUH
VLyQ\HQVHJXLGDGHVPRQWHHOUHWpQGHODYiOYXODGHDOLYLR
GHSUHVLyQHOPXHOOH\ODERODGHODYiOYXODGHDOLYLRGHSUHVLyQ
'HVSXpVGHGHVPRQWDUODVYiOYXODVVROHQRLGHVGHFDPELR$\
%GHVPRQWHODMXQWDGHYiOYXODVROHQRLGHHOPXHOOHGH
YiOYXODGHPDUFKDSRULQHUFLDEDMDHOPXHOOHGHYiOYXODGH
PRGXODGRU GH PDUFKD SRU LQHUFLD LQWHU \ YiOYXODV GH
PRGXODGRUGHPDUFKDSRULQHUFLDLQWHUPHGLD
&RPSUXHEHHOSDVRGHOPDQJXLWRGHODYiOYXODGHUHJXODGRU
SULPDULR FXiQWRV SDVRV EDMR VX SXQWD TXH FRQWDFWD HO UHWpQ
GHOPDQJXLWRGHODYiOYXODGHUHJXODGRUSULPDULR
3UHVLRQHFRQHOGHGRHOPDQJXLWRGHODYiOYXODGHUHJXODGRU
SULPDULR\XWLOL]DQGRHOLPiQGHVPRQWHHOUHWpQGHOPDQJXLWRGH
ODYiOYXODGHUHJXODGRUSULPDULR(QVHJXLGDGHVPRQWHHOPDQ
JXLWR GH OD YiOYXOD GH UHJXODGRU SULPDULR HVSDFLDGRU
pPERORGHODYiOYXODGHUHJXODGRUSULPDULRPXHOOHGHOD
YiOYXODGHUHJXODGRUSULPDULR\ODYiOYXODGHUHJXODGRUSUL
PDULR
%75$160,6,Ï1$8720È7,&$$7
$50$'2
3DUDHODUPDGRGHFDGDFRPSRQHQWHLQYLHUWDHOSURFHGLPLHQWRDQWH
ULRUGHGHVDUPDGRWHQLHQGRHQFRQVLGHUDFLyQORVSXQWRVVLJXLHQWHV
(OGLiPHWURH[WHULRUGHODHVSLUD\ODORQJLWXGOLEUHGHFDGDPXH
OOHGHYiOYXODGHEHQVHUFRPRLQGLFDGRDFRQWLQXDFLyQ$VHJ~
UHVHGHXWLOL]DUHOWDPDxRFRUUHFWR
'LiPHWURH[WHULRUGHODHVSLUD\ORQJLWXGOLEUHGHFDGDPXHOOHGHYiOYXOD
,QVWDOHHOPDQJXLWRGHYiOYXODGHUHJXODGRUSULPDULRGHPDQHUD
TXHVXSXQWDTXHGHSRVLFLRQDGDFRPRHVWDEDDQWHVGHOGHVDU
PDGR
8WLOLFHXQDHPSDTXHWDGXUDQXHYDSDUDODSODFDGHODYiOYXODGH
FRQWUROHQFODYDPLHQWRGH7&&\SDUDODSODFDGHOFXHUSRGH
YiOYXODVLQIHULRU
$SULHWH HO SHUQR GH OD YiOYXOD VROHQRLGH GH FDPELR DO SDU GH
DSULHWHHVSHFLILFDGR
3DUGHDSULHWH
3HUQRGHYiOYXODVROHQRLGHGHFDPELR1ÂPNJP
9iOYXODVROHQRLGHQYiOYXODVROHQRLGHGHFDPELR
0XHOOHGHYiOYXODGHPRGXODGRUGHPDUFKDSRULQHUFLDGHEDMD
0XHOOHGHYiOYXODGHPRGXODGRUGHPDUFKDSRULQHUFLDLQWHU
9iOYXODGHPRGXODGRUGHPDUFKDSRULQHUFLDLQWHUPHGLD
9iOYXODGHPRGXODGRUGHPDUFKDSRULQHUFLDEDMD
$SULHWH HO SHUQR GH OD YiOYXOD GH DOLYLR GH SUHVLyQ DO SDU GH
DSULHWHHVSHFLILFDGR
3DUGHDSULHWH
3HUQRGHYiOYXODGHDOLYLRGHSUHVLyQ
1ÂPNJP
$SULHWHHOSHUQRGHODSODFDGHOFXHUSRGHYiOYXODVLQIHULRU\
GHODEULGDGHSODFDGHODYiOYXODGHFRQWUROHQFODYDPLHQWR
GH7&&DOSDUGHDSULHWHHVSHFLILFDGR
3DUGHDSULHWH
3HUQRVGHOFXHUSRGHYiOYXODVLQIHULRU\GHODSODFDGHODYiO
YXODGHFRQWUROGH7&&
1ÂPNJP
$UPDGRGHODXQLGDG
$SOLTXHIOXLGRGH$7DODMXQWDWyULFDQXHYD\DOPXHOOHLQVWDOH
ODMXQWDHQHOSLVWyQGHDFXPXODGRUHLQVWDOHHOSLVWyQGHDFX
PXODGRUHQODFDMDGHODWUDQVPLVLyQ
0XHOOHVXSHULRU
%75$160,6,Ï1$8720È7,&$$7
(VSHFLILFDFLRQHVGHSLVWyQ\GHPXHOOHGHDFXPXODGRU
'LiPHWUR³D´
8WLOL]DGRSDUD /RQJLWXG³E´OLEUHGHOPXHOOH
H[WHULRUGHSLVWyQ
0XHOOHVXSHULRU PP
$FXPXODGRUGHHPEUDJXHGLUHFWR ±PP
0XHOOHLQIHULRU PP
0XHOOHVXSHULRU PP
$FXPXODGRUGHHPEUDJXHGHDYDQFH ±PP
0XHOOHLQIHULRU PP
0XHOOHVXSHULRU PP
$FXPXODGRUGHIUHQRGHVHJXQGD ±PP
0XHOOHLQIHULRU PP
(VSHFLILFDFLRQHVGHSDUHVGHDSULHWH
3DUGHDSULHWH
3LH]DVGHVXMHFLyQ
1P NJP OEIW
7DSyQGHGUHQDMHGHOIOXLGRGHWUDQVPLVLyQDXWRPiWLFD
7DSRQHVGHOOHQDGRUQLYHO\GUHQDMHGHDFHLWHGHWUDQVIHUHQFLD
7DSyQGHODFDMDGHODWUDQVPLVLyQ
7XHUFDGHSDODQFDVHOHFWRUDPDQXDO
7XHUFDGHFDEOHGHVHOHFFLyQPDQXDO
3HUQRVGHOFRQMXQWRGHOVHOHFWRUPDQXDO
3HUQRV\WXHUFDVGHODWUDQVPLVLyQDOPRWRU
3HUQRVGHPRQWXUDWUDVHUDGHOPRWRU
3HUQRVGHPLHPEURGHPRQWXUDWUDVHUDGHOPRWRU
3HUQRV\WXHUFDVGHEULGDGHMXQWDXQLYHUVDO
3HUQRVGHPRQWDMHGHOFRQYHUWLGRUGHSDU
3HUQRVGHODFDMDGHODGDSWDGRURGHFDMDGHH[WHQVLyQ
3HUQRGHEORTXHRGHOLQWHUUXSWRUGHSRVLFLyQGHODWUDQVPLVLyQ
3HUQRVGHXQLyQGHWXERGHFRPEXVWLEOH
3HUQRVGHSODFDLPSXOVRUD
7RUQLOORGHDEUD]DGHUDGHOFDEOHGHLQWHUEORTXHR
7XHUFDGHPRQWXUDH[WHULRUGHOFDEOHGHLQWHUEORTXHR
75$160,6,Ï1$8720È7,&$$7%
+HUUDPLHQWDVHVSHFLDOHV
,QVWDODGRUGHFRMLQHWH &RQMXQWR7HFK,QVWUX
PHQWRGHH[SORUDFLyQ
68=8.,5HILpUDVHDOD
127$³%´
127$
³$´(VWHFRQMXQWRLQFOX\HORVDUWtFXORVVLJXLHQWHV\UHHPSOD]DHOFRQMXQWR7HFK
&DMDGHOLQVWUXPHQWR0DQXDOGHO2SHUDGRU,QVWUXPHQWRGHH[SORUDFLyQ68=8.,&DEOH'/&
6RQGDFDEOHGHSUXHED&DEOHGHIXHQWHGHDOLPHQWDFLyQ$GDSWDGRUGHFDEOH'/&
$GDSWDGRUGHDXWRGLDJQyVWLFR
³%´(VWHFRQMXQWRLQFOX\HORVDUWtFXORVVLJXLHQWHV\UHHPSOD]DHOFRQMXQWR7HFK$
7HFK7DUMHWD3&0&,$&DEOH'/&$GDSWDGRU6$(&DEOHSDUDHQFHQGHGRUGHFLJDUUL
OORV$GDSWDGRUGHFLUFXLWRHQEXFOH'/&&DEOHGHDOLPHQWDFLyQGHVGHEDWHUtD&DEOH56
$GDSWDGRU56&RQHFWRUHQEXFOHFHUUDGRGH56&DMDGHOLQVWUXPHQWR$OLPHQWDFLyQ
HOpFWULFD
%75$160,6,Ï1$8720È7,&$$7
(0%5$*8(&
6(&&,Ï1&
(0%5$*8( &
127$
/DFRQVWUXFFLyQ\IXQFLRQDPLHQWRGHOHPEUDJXHGHHVWHPRGHORVRQORVPLVPRVTXHHQHOFDVRGHOPRWRU
+
3DUDHOSURFHGLPLHQWRGHVHUYLFLRUHILpUDVHDODPLVPDVHFFLyQGHO0DQXDOGH6HUYLFLRPHQFLRQDGRHQHO
35()$&,2GHHVWHPDQXDO
&(0%5$*8(
',)(5(1&,$/'(/$17(52(
6(&&,Ï1(
',)(5(1&,$/'(/$17(52
(
127$
3DUDODVGHVFULSFLRQHVHOHPHQWRVQRLQFOXLGDVHQHVWDVHFFLyQUHILpUDVHDODPLVPDVHFFLyQGHO0DQXDO
GH6HUYLFLRPHQFLRQDGRHQHO35()$&,2GHHVWHPDQXDO
&217(1,'2
'HVFULSFLyQJHQHUDO ( &RPSUREDFLyQGHOFLUFXLWRGHOVLVWHPDGH
6LVWHPDGHFRQWUROGH:' ( FRQWUROGH:' (
&LUFXLWRGHOVLVWHPD ( &RPSUREDFLyQGHODWHQVLyQ (
'LDJQyVWLFR ( &RPSUREDFLyQGHOVLVWHPDGHFRQWUROGH
7DEODGHGLDJQyVWLFRGHOFRQMXQWRGH :' (
GLIHUHQFLDO ( 6HUYLFLRHQHOYHKtFXOR (
7DEODGHIOXMRGHGLDJQyVWLFRGHOVLVWHPD 0RQWXUDVGHOGLIHUHQFLDO (
GHFRQWUROGH:' ( 0RQWXUDWUDVHUDGHOSRUWDGLIHUHQFLDO
1RWDVSDUDODFRPSUREDFLyQGHOFLUFXLWR GHODQWHUR (
GHOVLVWHPD ( &RQMXQWRGHOGLIHUHQFLDOGHODQWHUR (
7DEODGHIOXMR ( 5HSDUDFLyQGHODXQLGDG (
(VSHFLILFDFLRQHVGHSDUHVGHDSULHWH (
+HUUDPLHQWDVHVSHFLDOHV (
7E-2 DIFERENCIAL (DELANTERO)
Descripción general
Sistema de control de 4WD
Circuito del sistema
'LDJQyVWLFR
7DEODGHGLDJQyVWLFRGHOFRQMXQWRGHGLIHUHQFLDO
&RQGLFLyQ &DXVDSRVLEOH &RUUHFFLyQ
5XLGRGHHQJUD /XEULFDQWHGHWHULRUDGRRPH]FODGRFRQDJXD 5HSDUH\OOHQHGHQXHYR
QDMH /XEULFDQWHLQDGHFXDGRRLQVXILFLHQWH 5HSDUH\OOHQHGHQXHYR
+ROJXUDPDODMXVWDGDHQWUHHOSLxyQFyQLFRGHDWDTXH\OD $MXVWH
FRURQDGHOGLIHUHQFLDO
&RQWDFWRGHGLHQWHVLQFRUUHFWRHQHOHQJUDQHHQWUHHOSLxyQ $MXVWHRUHHPSODFH
FyQLFR\ODFRURQD
3HUQRVGHILMDFLyQGHHQJUDQDMHFyQLFRGHDWDTXHIORMRV 5HHPSODFHRYXHOYDDDSUH
WDU
(QJUDQDMHVSODQHWDULRVRSLxyQHVVDWpOLWHVGDxDGRV 5HHPSODFH
5XLGRGHFRMLQHWH 5XLGRFRQVWDQWH/XEULFDQWHGHWHULRUDGRRPH]FODGRFRQ 5HSDUH\OOHQHGHQXHYR
DJXD
5XLGRFRQVWDQWH/XEULFDQWHLQDGHFXDGRRLQVXILFLHQWH 5HSDUH\OOHQHGHQXHYR
5XLGRFXDQGRVHFRQGXFHSRULQHUFLD&RMLQHWHVGHSLxyQ 5HHPSODFH
FyQLFRGHDWDTXHGDxDGRV
5XLGRHQYLUDMHV&RMLQHWHVODWHUDOHVGHGLIHUHQFLDORFRML 5HHPSODFH
QHWHVGHHMHGDxDGRV
(VFDSHGHDFHLWH 6HOORGHDFHLWHGHVJDVWDGRRGDxDGR 5HHPSODFH
$FHLWHH[FHVLYR $MXVWHHOQLYHOGHODFHLWH
3HUQRVGHOSRUWDGLIHUHQFLDOIORMRV 5HHPSODFHRYXHOYDDDSUH
WDU
(UURUGHFDPELR $FWXDGRUGHIHFWXRVR 5HHPSODFH
:':' $QRUPDOLGDGHQHOVLVWHPDGHFRQWUROGH:' &RPSUXHEHUHILULpQGRVHDOD
³7$%/$'()/8-2'(',$*
1Ï67,&2'(/6,67(0$'(
&21752/'(:'´
7DEODGHIOXMRGHGLDJQyVWLFRGHOVLVWHPDGHFRQWUROGH:'
$QWHVGHHIHFWXDUHOGLDJQyVWLFRGHGHVSHUIHFWRVFRPSUXHEHTXHODWUDQVIHUHQFLD\HOGLIHUHQFLDOGHODQWHURHVWiQHQ
EXHQDVFRQGLFLRQHV\TXHQRKD\IXJDVGHDLUHSRUODVPDQJXHUDVGHDLUH\SRUHODFWXDGRU3DUDODVIXJDVGHDLUH
UHILpUDVHD³&20352%$&,Ï1'(/6,67(0$'(&21752/'(:'´HQHVWDVHFFLyQ
1RWDVSDUDODFRPSUREDFLyQGHOFLUFXLWRGHOVLVWHPD
$QWHVGHFRPSUREDUHOFLUFXLWRDVHJ~UHVHGHOHHUODV³35(&$8&,21(63$5$(/6(59,&,2'(&,5&8,726
(/e&75,&26´HQODVHFFLyQ$\DSOtTXHODVHVWULFWDPHQWH
3DUDHOFLUFXLWRGHOVLVWHPDUHILpUDVHDODILJXUDGHOD³'(6&5,3&,Ï1*(1(5$/´HQHVWDVHFFLyQ
3DUDODGLVSRVLFLyQGHWHUPLQDOHVUHILpUDVHDOD³&20352%$&,Ï1'(/&,5&8,72'(&21752/'(:'´HQ
HVWDVHFFLyQ
7E-4 DIFERENCIAL (DELANTERO)
Tabla de flujo
Paso Operación Sí No
1 Coloque el interruptor de encendido en la posición ON Vaya al paso 2. Ha habido un desper-
(pero con el motor parado) y compruebe la luz indicadora fecto, en algún lugar.
de mal funcionamiento. Repare el desperfecto.
¿Se enciende la luz indicadora? Refiérase a COMPRO-
BACIÓN DE LA LUZ
INDICADORA DE MAL
FUNCIONAMIENTO
[LUZ: CHECK ENGINE
(Comprobar el motor)],
en DIAGNÓSTICO, en la
sección 6.
2 Compruebe el circuito del interruptor de 4WD. Vaya al paso 3. Compruebe el interruptor
Coloque el interruptor de encendido en la posición ON y de 4WD (Refiérase a la
compruebe la tensión entre el terminal C51-3-7 y el termi- sección 7A); los circuitos
nal C51-3-17 (masa), de la manera siguiente. BLK/ORN y BLK del
Cuando la palanca de cambio de la transferencia está interruptor de 4WD.
en la posición N ó 2H : 10 14 V Si están conformes,
Cuando la palanca de cambio de la transferencia está reemplace por un
en la posición 4L ó 4H : 0 1 V módulo de ECM (PCM),
¿Es satisfactorio el resultado de la comprobación? en buen estado, y vuelva
a comprobar.
3 Compruebe la alimentación eléctrica. Vaya al paso 4. Compruebe el circuito
1) Coloque el interruptor de encendido en la posición ON. RED. Si el circuito está
2) Compruebe la tensión entre C51-1-9 y C51-3-17 conforme, reemplace por
(masa). Los resultados de esta comprobación deben un módulo de ECM
ser como sigue. (PCM), en buen estado,
Cuando la palanca de cambio de la transferencia está y vuelva a comprobar.
en la posición 2H o N : 0 1 V
Cuando la palanca de cambio de la transferencia está
en la posición 4L ó 4H : 10 14 V
¿Es satisfactorio el resultado de la comprobación?
4 Compruebe el circuito del conjunto de bomba de aire. Vaya al paso 5. Compruebe el conjunto
1) Verifique el estado de la conexión al conjunto de la de la bomba de aire, refi-
bomba de aire, en todos los terminales. riéndose a SERVICIO
2) Coloque el interruptor de encendido en la posición ON. EN EL VEHÍCULO, y
3) Compruebe la tensión entre C51-3-18 y C51-3-17 enseguida compruebe el
(masa). Los resultados de esta comprobación deben circuito PNK.
ser como sigue. Si están conformes,
Cuando la palanca de cambio de la transferencia está reemplace por un
en la posición N ó 2H : 0 1 V módulo de ECM (PCM),
Cuando la palanca de transferencia está en la posición en buen estado, y vuelva
4L ó 4H (más de 4 segundos después de ser cambiada a comprobar.
4L ó 4H) : 10 14 V
¿Es satisfactorio el resultado de la comprobación?
5 Compruebe el circuito de la luz indicadora de 4WD. El sistema de control Compruebe el circuito
1) Coloque el interruptor de encendido en la posición ON. de 4WD está en bue- ORN/BLK (incluyendo
2) Compruebe la tensión entre E61-19 y C51-3-17 nas condiciones. la luz indicadora y el indi-
(masa). Los resultados de esta comprobación deben cador combinado).
ser como sigue. Si están conformes,
Cuando la palanca de cambio de la transferencia está reemplace por un
en la posición 2H o N : 10 14 V módulo de ECM (PCM),
Cuando la palanca de cambio de la transferencia está en buen estado, y vuelva
en la posición 4L ó 4H : 0 1 V a comprobar.
¿Es satisfactorio el resultado de la comprobación?
DIFERENCIAL (DELANTERO) 7E-5
1. Disposición de terminales del conector del módulo de ECM (PCM) (Vistos desde el lado del mazo de cables)
(',)(5(1&,$/'(/$17(52
&RPSUREDFLyQGHOVLVWHPDGHFRQWUROGH:'
,QVWDOHODKHUUDPLHQWDHVSHFLDOHQODPDQJXHUDGHDLUHHQWUHHO
FRQMXQWR GH ERPED GH DLUH \ HO GLIHUHQFLDO DFWXDGRU HQ OD
IRUPDPRVWUDGDHQODILJXUD$SULHWHHOWRUQLOORGHDMXVWHGH
ODKHUUDPLHQWDHVSHFLDOKDVWDTXHWRSH8WLOLFHODPDQJXHUD
GH FRPEXVWLEOH FRPR WDSyQ FLHJR FHUUDQGR FRQ HOOD HO ODGR
DELHUWRGHODYHULILFDFLyQGHDLUH
+HUUDPLHQWDHVSHFLDO
$
3,(=$668=8.,*(18,1$6
%
127$
&XLGHGHQRGREODUQLQJXQDSDUWHGHODPDQJXHUD
&RORTXHHOLQWHUUXSWRUGHHQFHQGLGRHQODSRVLFLyQ21\FDP
ELHODSDODQFDGHWUDQVIHUHQFLDSDVDQGRGHODSRVLFLyQ+D+
&RPSUXHEH TXH HO PRWRU FRPLHQ]D D IXQFLRQDU VH R\H XQ
VRQLGRGHQWURGHVHJXQGR\TXHVHSDUDFXDQGRHOPHGLGRU
GHODKHUUDPLHQWDHVSHFLDOLQGLFDHOYDORUHVSHFLILFDGRGHSUH
VLyQ
&RPSUXHEHWDPELpQVLKD\IXJDVGHDLUH
(VSHFLILFDFLRQHVGHODSUHVLyQGHDLUH
&RPSUREDFLyQGHOVLVWHPDGHFRQWUROGH:'
±N3D±NJFP
&RPSUXHEH TXH HO YDORU GH OD SUHVLyQ LQGLFDGR HQ HO PHGLGRU
GHODKHUUDPLHQWDHVSHFLDOEDMDHQFXDQWRODSDODQFDGHWUDQV
IHUHQFLDHVFDPELDGDDODSRVLFLyQ+
+DJDDUUDQFDUHOPRWRUFDPELDQGRODSDODQFDGHWUDQVIHUHQFLD
D OD SRVLFLyQ + RWUD YH] $IORMH HO WRUQLOOR GH DMXVWH SDUD
GLVPLQXLU HO YDORU GH OD SUHVLyQ HQ HO PHGLGRU (O PRWRU GHEH
FRPHQ]DUDIXQFLRQDURWUDYH]\GHEHSDUDUGHQWURGHXQRV
VHJXQGRV
&RQHOWRUQLOORGHDMXVWHGHODKHUUDPLHQWDHVSHFLDO\DDIOR
MDGRFDPELHODSDODQFDGHWUDQVIHUHQFLDDODSRVLFLyQ1y+\
HQVHJXLGDDODSRVLFLyQ/y+
(OPRWRUGHODERPEDGHEHSDUDUGHQWURGHXQRVVHJXQGRV
GHVSXpVGHTXHHOPRWRUFRPLHQ]DDIXQFLRQDU
7XERDOFRQMXQWRGHERPEDGHDLUH
0DQJXHUDDOSRUWDGLIHUHQFLDO
$ORMDPLHQWRGHOGLIHUHQFLDO
',)(5(1&,$/'(/$17(52(
6HUYLFLRHQHOYHKtFXOR
0RQWXUDVGHOGLIHUHQFLDO
'(60217$-((,167$/$&,Ï1
/HYDQWH HO YHKtFXOR \ JLUH HO YRODQWH GH GLUHFFLyQ FRPSOHWD
PHQWHDODGHUHFKD
6HSDUHHOVRSRUWHGHUHFKRGHPRQWXUDGHODQWHUDGHODORMD
PLHQWRGHOGLIHUHQFLDOUHWLUDQGRGHVXSDUWHLQIHULRUORVSHU
QRV
'HVPRQWH HO VRSRUWH GHUHFKR GH PRQWXUD GHODQWHUD UHWL
UDQGRHOSHUQRGHODQWHURGHVXSDUWHVXSHULRU
&RPSUXHEHODVFRQGLFLRQHVGHFDGDFDVTXLOOR6LHVWiGDxDGR
RGHWHULRUDGRH[WUiLJDORSDUDUHHPSOD]DUORXWLOL]DQGRODVKHUUD
PLHQWDVHVSHFLDOHV\ODSUHQVD
+HUUDPLHQWDHVSHFLDO
$
%
(',)(5(1&,$/'(/$17(52
&XDQGRFRPSULPD\ILMHHOFDVTXLOORSRVLFLRQHODKHQGLGXUDGH
FDGDFDVTXLOORHQODIRUPDPRVWUDGDHQODILJXUD
3RVLFLyQGHLQVWDODFLyQGHOFDVTXLOORiQJXOR³$´
DOLQHDFLyQGHUDQXUD
6RSRUWHL]TXLHUGRGHPRQWXUDGHODQWHUD
6RSRUWHGHUHFKRGHPRQWXUDGHODQWHUD
3RVLFLRQH FDGD FDVTXLOOR HQ HO VRSRUWH HQ OD IRUPD PRVWUDGD
HQODILJXUD
3RVLFLyQGHLQVWDODFLyQGHOFDVTXLOOR/RQJLWXG³D´
PP
6RSRUWHGHUHFKRGHPRQWXUDGHODQWHUD
6RSRUWHL]TXLHUGRGHPRQWXUDGHODQWHUD
3DUDODUHLQVWDODFLyQDSULHWHHOSHUQRGHOVRSRUWHGHODPRQWXUD
GHODQWHUDGHOGLIHUHQFLDODOSDUGHDSULHWHHVSHFLILFDGR
3DUGHDSULHWH
3HUQRGHPRQWXUDGHODQWHUDD
1ÂPNJP
3HUQRGHVRSRUWHGHPRQWXUDGHODQWHUDE
1ÂPNJP
0RQWXUDWUDVHUDGHOSRUWDGLIHUHQFLDOGHODQWHUR
'(60217$-((,167$/$&,Ï1
/HYDQWHHOYHKtFXOR\GHVPRQWHHOVRSRUWHGHPRQWXUDWUD
VHUDUHWLUDQGRHOSHUQRGHPRQWXUDWUDVHUD\ORVSHUQRV
1, (a)
GHOVRSRUWHGHPRQWXUDWUDVHUD
&RPSUXHEH VL OD PRQWXUD GH FDXFKR HVWi GDxDGD R GHWHULR
3
UDGD\UHHPSODFHVLHVQHFHVDULR
$SULHWHORVSHUQRVGHPRQWXUDWUDVHUD\ORVSHUQRVGHO
VRSRUWHGHPRQWXUDWUDVHUDDSOLFDQGRHOSDUGHDSULHWHHVSHFLIL
FDGRGXUDQWHODUHLQVWDODFLyQ
3DUGHDSULHWH
3HUQRGHPRQWXUDWUDVHUDD
1ÂPNJP
3HUQRVGHVRSRUWHGHPRQWXUDWUDVHUDE
2, (b) 1ÂPNJP
',)(5(1&,$/'(/$17(52(
&RQMXQWRGHOGLIHUHQFLDOGHODQWHUR
'(60217$-(
/HYDQWHHOYHKtFXOR\GUHQHHODFHLWH
'HVFRQHFWHODPDQJXHUDGHDLUH\ODPDQJXHUDGHYHQWLODFLyQ
GHODORMDPLHQWRGHOGLIHUHQFLDO
$QWHVGHGHVPRQWDUHOHMHGHWUDQVPLVLyQFRORTXHPDUFDV
GHFRLQFLGHQFLDHQODEULGDGHXQLyQ\HQHOHMHGHWUDQVPLVLyQ
HQODIRUPDPRVWUDGDHQODILJXUD
'HVPRQWHODEULGDGHOHMHGHWUDQVPLVLyQUHWLUDQGRVXVSHU
QRV\VXVSpQGDODHPSOHDQGRXQDFXHUGDRDOJRVHPHMDQWH
127$
6L VH UHWLUD HO HMH GH WUDQVPLVLyQ HV QHFHVDULR GUHQDU HO
DFHLWHGHODWUDQVIHUHQFLDDQWHVGHUHWLUDUHOHMHGHWUDQVPL
VLyQ
'HVPRQWHORVSHUQRVGHOVRSRUWHGHPRQWXUDL]TXLHUGD\ORV
SHUQRV\WXHUFDVGHODEULGDGHOHMHSURSXOVRUSDUDDVtGHMDU
OLEUHHOODGRL]TXLHUGRGHOGLIHUHQFLDO
5
'HVPRQWHORVSHUQRV\HOVRSRUWHGHPRQWXUDWUDVHUD
'HVPRQWH ORV SHUQRV \ HO VRSRUWH Q GH PRQWXUD WUD
1
VHUD
3
&RQHOFRQMXQWRGHODORMDPLHQWRGHOGLIHUHQFLDOVRVWHQLGRSRUHO
JDWRGHWUDQVPLVLyQGHVPRQWHORVSHUQRVGHOVRSRUWHGH
PRQWXUDGHODQWHUDHQHOH[WUHPRGHUHFKRGHODORMDPLHQWR
(',)(5(1&,$/'(/$17(52
35(&$8&,Ï1
'XUDQWHHOWUDEDMRDQWHULRUFXLGHGHQRGDxDUODIXQGDSUR
WHFWRUDGHOHMHSURSXOVRU
0217$-(
3DUDYROYHUDPRQWDULQYLHUWDODVHFXHQFLDGHOSURFHGLPLHQWRGHGHV
PRQWDMH\DSOLTXHORVSDUHVGHDSULHWHVLJXLHQWHV
3DUGHDSULHWH
3HUQRVGHEULGDGHHMHSURSXOVRUGHODQWHURD
1ÂPNJP
3HUQRVGHEULGDGHHMHGHWUDQVPLVLyQD
1ÂPNJP
3HUQRVGHVRSRUWHGHPRQWXUDGHODQWHUDD
1ÂPNJP
3HUQRVGHVRSRUWHGHPRQWXUDWUDVHUDD
1ÂPNJP
3HUQRGHPRQWXUDWUDVHUDE
1ÂPNJP
3HUQRVQGHVRSRUWHGHPRQWXUDWUDVHUDE
1ÂPNJP
'HVSXpVGHKDEHUDSUHWDGRFRUUHFWDPHQWHWRGRVORVILMDGRUHVOOHQH
FRQDFHLWHSDUDHQJUDQDMHKLSRLGHHQODIRUPDHVSHFLILFDGD\FRP
SUXHEHTXHORVWDSRQHVHVWiQDSUHWDGRVDOSDUGHDSULHWHHVSHFLIL
FDGR
(b)
(b)
(a)
',)(5(1&,$/'(/$17(52(
5HSDUDFLyQGHODXQLGDG
5HILpUDVHDODPLVPDVHFFLyQGHO³0$18$/'(5(3$5$&,Ï1'(/$81,'$'´PHQFLRQDGRHQHO³35()$&,2´GH
HVWHPDQXDO
(VSHFLILFDFLRQHVGHSDUHVGHDSULHWH
3DUGHDSULHWH
3LH]DVGHVXMHFLyQ
1P NJP OEIW
3HUQRVGHPRQWXUDGHODQWHUD
3HUQRVGHVRSRUWHGHPRQWXUDGHODQWHUD
3HUQRVGHEULGDGHHMHSURSXOVRUGHODQWHUR
3HUQRVGHEULGDGHHMHGHWUDQVPLVLyQ
3HUQRGHPRQWXUDWUDVHUD
3HUQRVGHVRSRUWHGHPRQWXUDWUDVHUD
3HUQRVGHVRSRUWHQGHPRQWXUDWUDVHUD
+HUUDPLHQWDVHVSHFLDOHV
6(&&,Ï1)
',)(5(1&,$/75$6(52
)
&217(1,'2
'HVFULSFLyQJHQHUDO ) 5HSDUDFLyQGHODXQLGDG )
'LDJQyVWLFR ) 'HVDUPDGRGHODXQLGDG )
7DEODGHGLDJQyVWLFR ) ,QVSHFFLyQGHFRPSRQHQWHV )
6HUYLFLRHQHOYHKtFXOR ) $MXVWH\UHDUPDGRGHVXEFRQMXQWR )
3UHFDXFLRQHVSDUDHOVHUYLFLRGH 3RUWDGLIHUHQFLDO )
PDQWHQLPLHQWR ) &DMDGHOGLIHUHQFLDO )
&DPELRGHODFHLWHGHHQJUDQDMHVGHO &RMLQHWHODWHUDOGHOGLIHUHQFLDO )
GLIHUHQFLDO ) 3LxyQFyQLFRGHDWDTXH )
&RQMXQWRGHOGLIHUHQFLDOWUDVHUR ) $UPDGRGHODXQLGDG )
'HVPRQWDMH ) (VSHFLILFDFLRQHVGHSDUHVGHDSULHWH )
0RQWDMH ) 0DWHULDOHVQHFHVDULRVGHVHUYLFLR )
+HUUDPLHQWDVHVSHFLDOHV )
)',)(5(1&,$/75$6(52
'HVFULSFLyQJHQHUDO
(OFRQMXQWRGHGLIHUHQFLDOXWLOL]DXQSLxyQFyQLFR\FRURQDFyQLFDKLSRLGHV\HVWiLQVWDODGRHQHOHMHWUDVHUR(VWiLQV
WDODGRHQODFDMDGHSXHQWHWUDVHURGHWLSRFRQYHQFLRQDO
/DIXQFLyQGHOFRQMXQWRGHOGLIHUHQFLDOHVGHLPSRUWDQFLDFUXFLDOGDGRTXHODSRWHQFLDPRWUL]HVWiFRQFHQWUDGDDTXt
3RUFRQVLJXLHQWHODXWLOL]DFLyQGHSLH]DVJHQXLQDV\GHOSDUDSURSLDGRHVREOLJDWRULD$GHPiVHOHQJUDQHDSUHVLyQ
HOHYDGDGHGLHQWHVGHVOL]DQWHVHQWUHHOSLxyQFyQLFRGHDWDTXH\ODFRURQDFyQLFDGHOGLIHUHQFLDOREOLJDDOXEULFDUORV
XWLOL]DQGRDFHLWHSDUDHQJUDQDMHVKLSRLGHV
'LDJQyVWLFR
7DEODGHGLDJQyVWLFR
6HUYLFLRHQHOYHKtFXOR
)',)(5(1&,$/75$6(52
3UHFDXFLRQHVSDUDHOVHUYLFLRGHPDQWHQL
PLHQWR
&XDQGR KD\D FRQGXFLGR SRU FKDUFRV GH DJXD FRPSUXHEH
LQPHGLDWDPHQWHVLKDHQWUDGRDJXDFXDQGRKDHQWUDGRDJXD
HO DFHLWH HVWi WXUELR (O DFHLWH PH]FODGR FRQ DJXD GHEH VHU
FDPELDGRLQPHGLDWDPHQWH
&XDQGRHOYHKtFXORHVOHYDQWDGRSDUDHIHFWXDUXQVHUYLFLRTXH
QRVHDHOFDPELRGHODFHLWHDVHJ~UHVHWDPELpQGHYHULILFDUVL
KD\IXJDVGHDFHLWH\FRPSUXHEHHOHVWDGRGHODVPDQJXHUDV
&DPELRGHODFHLWHGHHQJUDQDMHVGHOGLIHUHQFLDO
127$
3DUDHOGLIHUHQFLDOVHGHEHXWLOL]DUDFHLWHSDUDHQJUDQDMHV
KLSRLGHV
6H UHFRPLHQGD HVSHFLDOPHQWH XWLOL]DU DFHLWH GH YLVFRVL
GDG6$(:
$QWHVGHLQVSHFFLRQDURFDPELDUHODFHLWHDVHJ~UHVHGHSDUDU
HOPRWRU\OHYDQWDUHOYHKtFXORKRUL]RQWDOPHQWH
&RPSUXHEHHOQLYHOGHODFHLWH\VLKD\IXJDVGHDFHLWH6LKD\
IXJDVFRUUtMDODV
'UHQHHODFHLWH\OOHQHHOGHSyVLWRFRQODFDQWLGDGHVSHFLILFDGD
GHDFHLWHOOHQHKDVWDHORULILFLRGHQLYHO
',)(5(1&,$/75$6(52)
&RQMXQWRGHOGLIHUHQFLDOWUDVHUR
'HVPRQWDMH
/HYDQWHHOYHKtFXOR\GUHQHHODFHLWHGHODFDMDGHOGLIHUHQFLDO
WUDVHUR
'HVPRQWH ORV WDPERUHV GH IUHQRV WUDVHURV \ UHWLUH ORV HMHV
L]TXLHUGR \ GHUHFKR GH SXHQWH WUDVHUR 5HILpUDVH D ³'(6
0217$-('((-('(38(17(75$6(52´HQODVHFFLyQ(
$QWHVGHGHVPRQWDUHOHMHGHWUDQVPLVLyQFRORTXHPDUFDV
GHFRLQFLGHQFLDHQODEULGDGHXQLyQ\HQHOHMHGHWUDQVPLVLyQ
HQODIRUPDPRVWUDGDHQODILJXUD
6DTXHORVSHUQRV\WXHUFDVGHODEULGDGHXQLyQ\GHVPRQWHHO
HMHGHWUDQVPLVLyQ
'HVPRQWHHOFRQMXQWRGHOGLIHUHQFLDOVDFDQGRVXVSHUQRV
GHILMDFLyQ
)',)(5(1&,$/75$6(52
0RQWDMH
/LPSLHODVVXSHUILFLHVGHFRQWDFWRGHOSXHQWHWUDVHUR\GHOFRQ
MXQWR GHO GLIHUHQFLDO \ DSOLTXH XQLIRUPHPHQWH SURGXFWR GH
VHOODGRHQHOODGRGHOHMHGHSXHQWHWUDVHUR
³$´3URGXFWRGHVHOODGRQ
,QVWDOH HO FRQMXQWR GHO GLIHUHQFLDO HQ HO SXHQWH WUDVHUR \ ItMHOR
FRQSHUQRVDSUHWDGRVDOSDUGHDSULHWHHVSHFLILFDGR
3DUGHDSULHWH
3HUQRVGHOSRUWDGLIHUHQFLDOD
1ÂPNJP
,QVWDOHHOHMHGHWUDQVPLVLyQHQODEULGDGHXQLyQDOLQHDQGRODV
PDUFDVGHFRLQFLGHQFLD\DSUHWDQGRODVWXHUFDVGHEULGDDOSDU
GHDSULHWHHVSHFLILFDGR$SOLTXHDJHQWHEORTXHDGRUGHURVFDGR
DORVSHUQRVVLORVYXHOYHDXWLOL]DU
³$´3URGXFWREORTXHDGRUGHURVFDVQ
3DUGHDSULHWH
7XHUFDVGHODEULGDGHOHMHGHWUDQVPLVLyQD
1ÂPNJP
,QVWDOHORVHMHVWUDVHURVL]TXLHUGR\GHUHFKR\ORVWDPERUHVGH
IUHQR
5HILpUDVHD³,167$/$&,Ï1'((-(75$6(52´GHODVHFFLyQ
(HLQVWDODFLyQGHWDPERUGHIUHQRWUDVHURHQODVHFFLyQ
,QVWDOHODVUXHGDV
/OHQH FRQ DFHLWH GH HQJUDQDMHV KLSRLGHV \ DSULHWH HO WDSyQ DO
SDUGHDSULHWHHVSHFLILFDGR
%DMHHOHOHYDGRU
',)(5(1&,$/75$6(52)
5HSDUDFLyQGHODXQLGDG
'HVDUPDGRGHODXQLGDG
$SR\HGHPDQHUDVHJXUDHOFRQMXQWRGHOGLIHUHQFLDO\FRORTXH
PDUFDVGHLGHQWLILFDFLyQHQODVWDSDVGHORVFRMLQHWHVODWHUD
OHVGHOGLIHUHQFLDO
5HWLUHODVSODFDVGHEORTXHRGHFRMLQHWHVODWHUDOHVGHOGLIH
UHQFLDO\ODVWDSDVGHORVFRMLQHWHVODWHUDOHVGHOGLIHUHQFLDO
UHWLUDQGRVXVSHUQRV\HQVHJXLGDVDTXHORVDMXVWDGRUHVGH
FRMLQHWHORVDURVH[WHULRUHVGHFRMLQHWHVODWHUDOHV\ODFRURQD
FyQLFDSURSXOVRUDFRQMXQWDPHQWHFRQODFDMDGHOGLIHUHQFLDO
3RUWDGLIHUHQFLDO
&RQMXQWRGHOSLxyQFyQLFRGHDWDTXH
&DMDGHOGLIHUHQFLDO
$ 0DUFDGHLGHQWLILFDFLyQ
3
2
8WLOLFHODVKHUUDPLHQWDVHVSHFLDOHV\UHWLUHORVFRMLQHWHVODWH
UDOHVGHOGLIHUHQFLDO
+HUUDPLHQWDHVSHFLDO
&
'
E +DJDPDUFDVGHFRLQFLGHQFLDHQHOSLxyQFyQLFRGHDWDTXH
\HQODEULGDJHPHOD
35(&$8&,Ï1
1RKDJDPDUFDVGHFRLQFLGHQFLDHQODVXSHUILFLHGHDFRSOD
PLHQWRGHODEULGD
F 'HVPRQWHODEULGDJHPHODGHOSLxyQFyQLFRGHDWDTXH6LHO
GHVPRQWDMHHVGLItFLOXWLOLFHODKHUUDPLHQWDHVSHFLDO
+HUUDPLHQWDHVSHFLDO
)
G 'HVPRQWHGHOSRUWDGLIHUHQFLDOHOSLxyQFyQLFRGHDWDTXHFRQ
HOFRMLQHWHWUDVHURHOFDOFH\HOHVSDFLDGRU
6L HO GHVPRQWDMH HV GLItFLO LQVHUWH XQD WXHUFD XVDGD HQ HO
SLxyQFyQLFRGHDWDTXH\JROSHHODWXHUFDFRQXQPDUWLOORGH
FDEH]D GH SOiVWLFR 1XQFD JROSHH GLUHFWDPHQWH HQ HO SLxyQ
FyQLFRGHDWDTXH
',)(5(1&,$/75$6(52)
H 'HVPRQWHHOFRMLQHWHWUDVHURGHOSLxyQFyQLFRGHDWDTXH
XWLOL]DQGRHOH[WUDFWRUGHFRMLQHWH\ODSUHQVD
3LxyQFyQLFRGHDWDTXH
8WLOLFHXQPDUWLOOR\XQDEDUUDGHODWyQ\VDTXHHODURH[WH
ULRU GH FRMLQHWH GHODQWHUR FRQ HO FRMLQHWH \ HO VHOOR GH
DFHLWH
6DTXHHODURH[WHULRUGHFRMLQHWHWUDVHURGHODPLVPDPDQHUD
TXHHQHOSDVR
,QVSHFFLyQGHFRPSRQHQWHV
&RPSUXHEHVLKD\GHVJDVWHRGDxRVHQODEULGDJHPHOD
&RPSUXHEHVLORVFRMLQHWHVHVWiQGHVJDVWDGRVRGHVFRORULGRV
&RPSUXHEHVLHOSRUWDGLIHUHQFLDOHVWiDJULHWDGR
&RPSUXHEHVLHOSLxyQFyQLFRGHDWDTXH\ODFRURQDFyQLFDSURSXOVRUDHVWiQGHVJDVWDGRVRDJULHWDGRV
&RPSUXHEHVLORVSLxRQHVSODQHWDULRVORVSLxRQHVVDWpOLWHV\ORVHMHVGHSLxRQHVHVWiQGHVJDVWDGRVRDJULHWD
GRV
&RPSUXHEHVLHOHVWULDGRGHORVSLxRQHVSODQHWDULRVHVWiGHVJDVWDGRRGDxDGR
)',)(5(1&,$/75$6(52
$MXVWH\UHDUPDGRGHVXEFRQMXQWR
'H DFXHUGR FRQ ODV DQRUPDOLGDGHV FRPSUREDGDV DQWHV GHO GHVDU
PDGR\FRQORFRPSUREDGRHQODLQVSHFFLyQYLVXDOGHORVFRMLQHWHV\
GHQWDGR GHORV HQJUDQDMHVHWFGHVSXpV GHOGHVDUPDGRSUHSDUH
ODVSLH]DVGHUHHPSOD]R\SURFHGDDOUHDUPDGRGHDFXHUGRFRQORV
SURFHGLPLHQWRVLQGLFDGRVDFRQWLQXDFLyQ
35(&$8&,Ï1
/DFRURQDFyQLFDSURSXOVRUD\HOSLxyQFyQLFRGHDWDTXH
GHEHQ VHU UHHPSOD]DGRV FRPR XQ VROR FRQMXQWR VL HO
UHHPSOD]RGHFXDOTXLHUDHVQHFHVDULR
&XDQGR VH UHHPSODFHQ FRMLQHWHV FyQLFRV GH URGLOORV
UHHPSODFHFRPRXQFRQMXQWRGHDURLQWHULRU\H[WHULRU
3RUWDGLIHUHQFLDO
3DUDSUHVLRQDU\ILMDUORVDURVH[WHULRUHVGHFRMLQHWHGHSLxyQFyQLFR
GH DWDTXH HPSOHH ODV KHUUDPLHQWDV HVSHFLDOHV HQ OD IRUPD PRV
WUDGDHQODILJXUD
+HUUDPLHQWDHVSHFLDO
$
%
&
3RUWDGLIHUHQFLDO
&DMDGHOGLIHUHQFLDO
'HVSXpVGHDSOLFDUDFHLWHGHGLIHUHQFLDODOSLxyQSODQHWDULR
SLxRQHV VDWpOLWHV HMHV GH SLxRQHV DUDQGHOD GH
HPSXMH\DUDQGHODHOiVWLFDLQVWiOHORVHQODFDMDGHUHFKD
GHOGLIHUHQFLDO
5HILpUDVH D OD ILJXUD SDUD LQVWDODU HQ HO VHQWLGR FRUUHFWR OD
DUDQGHODGHHPSXMH\DUDQGHODHOiVWLFD
1 &XDQGR LQVWDOH HO HMH Q PiV FRUWRGH SLxRQHV VDWpOLWHV
HQODFDMDGHOGLIHUHQFLDO\HQHOSLxyQLQVHUWHVXODGR³D´HQOD
FUX]GHSLxRQHV
a 127$
b
³D´HVPiVODUJRTXH³E´³D´!³E´
2
',)(5(1&,$/75$6(52)
7DOFRPRGHVFULWRHQHOSDVRSURFHGDDLQVWDODUODDUDQGHOD
GHHPSXMHODDUDQGHODHOiVWLFD\HOSLxyQSODQHWDULR
&DMDL]TXLHUGDGHOGLIHUHQFLDO
3LxyQVDWpOLWH
,QVWDOHODFDMDL]TXLHUGDGHOGLIHUHQFLDO\HQVHJXLGDDSULHWH
ORVSHUQRVDOSDUGHDSULHWHHVSHFLILFDGR
³$´3URGXFWREORTXHDGRUGHURVFDVQ
3DUGHDSULHWH
2, (a), “A”
7RUQLOORGHODFDMDGHOGLIHUHQFLDOD
1ÂPNJP
3
&DMDGHUHFKDGHOGLIHUHQFLDO
1
2, (a), “A”
“A”
/LPSLH\GHVHQJUDVHELHQODVXSHUILFLHGHFRQWDFWRGHODFRURQD
FyQLFDSURSXOVRUDHQJUDQDMHKLSRLGH
$SOLTXH SURGXFWR EORTXHDGRU GH URVFDGR D OD VXSHUILFLH DFKX
1 UDGDGHODFRURQDFyQLFDSURSXOVRUDHQODIRUPDPRVWUDGD
HQODILJXUD
³$´3URGXFWREORTXHDGRUGHURVFDVQ
)',)(5(1&,$/75$6(52
1 35(&$8&,Ï1
3 (VWi SURKLELGR XWLOL]DU SHUQRV GLIHUHQWHV GH ORV SHUQRV
HVSHFLILFDGRV
³$´3URGXFWREORTXHDGRUGHURVFDVQ
3DUGHDSULHWH
3HUQRVGHFRURQDFyQLFDD1ÂPNJP
,QVWDOH OD KHUUDPLHQWD HVSHFLDO HQ HO FRQMXQWR GH OD FDMD GHO
GLIHUHQFLDO\FRPSUXHEHTXHODSUHFDUJDHVWiFRQIRUPHFRQODV
HVSHFLILFDFLRQHV 6L HO YDORU GH OD SUHFDUJD H[FHGH HO YDORU
HVSHFLILFDGRFRPSUXHEHVLKD\PDWHULDVH[WUDxDVRVLHOSODQH
WDULRHVWiGDxDGR
+HUUDPLHQWDHVSHFLDO
%
3UHFDUJDGHHQJUDQDMHSODQHWDULR
1ÂPNJPPi[LPR
/ODYHGLQDPRPpWULFD
&RQMXQWRGHFDMDGHOGLIHUHQFLDO
3ODFDGHDOXPLQLR
7RUQLOORGHPHFiQLFR
&RMLQHWHODWHUDOGHOGLIHUHQFLDO
(PSOHHODKHUUDPLHQWDHVSHFLDO\ODSUHQVD\SUHVLRQH\ILMHHO
(A) FRMLQHWHODWHUDO
+HUUDPLHQWDHVSHFLDO
$
1
(PSOHHHOVXMHWDGRUSDUDVXMHWDUHOFRMLQHWHSUHVLRQDGR\ILMDGR
HQHOSDVR\SUHVLRQH\ILMHHOFRMLQHWHHQHORWURODGR
127$
$VHJ~UHVHGHXWLOL]DUHOVXMHWDGRUGHFRMLQHWHFRQHOILQGH
SURWHJHUHOFRMLQHWHLQIHULRU
+HUUDPLHQWDHVSHFLDO
$
%
',)(5(1&,$/75$6(52)
3LxyQFyQLFRGHDWDTXH
3DUDHQJUDQDUFRUUHFWDPHQWHHOSLxyQFyQLFRGHDWDTXH\ODFRURQDSURSXOVRUDVHUHTXLHUHLQVWDODUSUHYLD\FRUUHFWD
PHQWHHOSLxyQFyQLFRGHDWDTXHHQHOSRUWDGLIHUHQFLDOXWLOL]DQGRHOFDOFHGHDMXVWHFRPRGHVFULWRDFRQWLQXDFLyQ$
FRQWLQXDFLyQVHPXHVWUDQODVSRVLFLRQHVUHODWLYDVGHOSLxyQFyQLFRGHDWDTXHSRUWDGLIHUHQFLDO\PRQWXUDGHYHULILFD
FLyQ
+HUUDPLHQWDHVSHFLDO
$
%
&
'
(
)
,QVWDOHODVKHUUDPLHQWDVHVSHFLDOHVFRQORVFRMLQHWHV\ODEULGD
GHODMXQWDXQLYHUVDOHQHOSRUWDGLIHUHQFLDO
127$
(VWDLQVWDODFLyQQRQHFHVLWDQLHVSDFLDGRUQLVHOORGHDFHLWH
+HUUDPLHQWDHVSHFLDO
(
)
$SULHWHODWXHUFDGHEULGDGHPDQHUDTXHVHREWHQJDODSUH
FDUJDHVSHFLILFDGDGHFRMLQHWH
127$
$QWHVGHSURFHGHUDPHGLUFRQODEDODQ]DGHUHVRUWH
R FRQ OD OODYH GLQDPRPpWULFD FRPSUXHEH PDQXDO
PHQWH HO JLUR \ DSOLTXH XQD SHTXHxD FDQWLGDG GH DFHLWH
GHGLIHUHQFLDODORVFRMLQHWHV
&XDQGR PLGD OD SUHFDUJD KDJD JLUDU HO SLxyQ FyQLFR GH
DWDTXHYXHOWDFDGDVHJXQGRVDSUR[LPDGDPHQWH
+HUUDPLHQWDHVSHFLDO
&
)
3UHFDUJDGHOFRMLQHWHGHOSLxyQ
±1ÂP±NJFP
/HFWXUDGHPHGLFLyQGHPXHOOHFRQKHUUDPLHQWDHVSHFLDO
1±1±NJ
9DVRFRQDGDSWDGRU
',)(5(1&,$/75$6(52)
)LMHHOPHGLGRUGHFXDGUDQWHVREUHODPRQWXUDGHYHULILFDFLyQ\
HIHFW~H VREUH XQD VXSHUILFLH SODQD KRUL]RQWDO HO DMXVWH D FHUR
127$
&XDQGR ILMH HO PHGLGRU GH FXDGUDQWH HQ OD PRQWXUD GH
YHULILFDFLyQ DSULHWH OLJHUDPHQWH HO WRUQLOOR &XLGH GH QR
DSUHWDUORH[FHVLYDPHQWHSDUDDVtHYLWDUGDxDUHOPHGLGRU
GHFXDGUDQWH
&RQ HO PHGLGRU GH FXDGUDQWH \D ILMDGR Gp OD YXHOWD D OD
PRQWXUD \ IXHUFH FRQ OD PDQR XQ SDU GH YHFHV KDVWD
FRQVHJXLUXQDMXVWHDFHURSUHFLVR
(VDFRQVHMDEOHTXHODDJXMDLQGLFDGRUDFRUWDLQGLTXHPiV
GHPPFXDQGRODDJXMDODUJDHVWiHQFHUR
+HUUDPLHQWDHVSHFLDO
$
%
6XSHUILFLHSODQD
7RUQLOOR
127$
5HSLWDGDQGRODYXHOWD\PLGDSUHFLVDPHQWHODGLVWDQFLD
KDVWDODVXSHUILFLHVXSHULRUGHOSLxyQILFWLFLR
&XDQGR OD SXQWD PHGLGRUD GHO PHGLGRU GH FXDGUDQWH
VREUHSDVDODSRVLFLyQFHURODDJXMDLQGLFDGRUDJLUDHQ
HOVHQWLGRFRQWUDULRDOGHODVDJXMDVGHOUHORM
(VSRVLEOHTXHHOYDORUPHGLGRVREUHSDVHPP3RUFRQ
VLJXLHQWH WDPELpQ HV QHFHVDULR FRQRFHU OD OHFWXUD GH OD
DJXMDLQGLFDGRUDFRUWD
+HUUDPLHQWDHVSHFLDO
$
%
'
)
2EWHQJDHOJUXHVRGHOFDOFHGHDMXVWHXWLOL]DQGRHOYDORUPHGLGR
SRUHOPHGLGRUGHFXDGUDQWHHQHOSDVRDQWHULRU
9DORU³F´
*URVRU³H´
PHGLGRHQHO
GHOFDOFH
PHGLGRUGH
QHFHVDULR
FXDGUDQWH
)',)(5(1&,$/75$6(52
&RQ HO HVSDFLDGRU QXHYR GH SLxyQ LQVHUWDGR HQ OD IRUPD
PRVWUDGDHQODILJXUDLQVWDOHHOFRMLQHWHGHODQWHURHQHOSRU
WDGLIHUHQFLDO
127$
$VHJ~UHVHGHXWLOL]DUXQHVSDFLDGRUQXHYRSDUDODUHLQV
WDODFLyQ
$SOLTXHDFHLWHGHGLIHUHQFLDODORVFRMLQHWHV
3LxyQFyQLFRGHDWDTXH
&RMLQHWHWUDVHUR
8WLOLFHODKHUUDPLHQWDHVSHFLDO\XQPDUWLOORGHFDEH]DGHSOiV
WLFR H LQVHUWH HO VHOOR GH DFHLWH HQ HO SRUWDGLIHUHQFLDO
KDVWDTXHTXHGHDUDVFRQODH[WUHPLGDGGHOSRUWDGLIHUHQFLDO
$SOLTXHJUDVD³$´DOERUGHGHOVHOORGHDFHLWH
³$´*UDVDQ
+HUUDPLHQWDHVSHFLDO
,
',)(5(1&,$/75$6(52)
127$
$QWHVGHSURFHGHUDPHGLUFRQODEDODQ]DGHPXHOOHR
FRQODOODYHGLQDPRPpWULFDFRPSUXHEHPDQXDOPHQWH
TXHODURWDFLyQHVVXDYH\IiFLO
&XDQGR PLGD OD SUHFDUJD KDJD JLUDU HO SLxyQ FyQLFR GH
DWDTXHYXHOWDFDGDVHJXQGRVDSUR[LPDGDPHQWH
$VHJ~UHVH GH DSUHWDU JUDGXDOPHQWH \ FXLGDGRVDPHQWH
KDVWDREWHQHUHOSDUGHDUUDQTXHHVSHFLILFDGR'HEHHYL
WDUVH YROYHU D GHVDSUHWDU WXHUFDV DSUHWDGDV H[FHVLYD
PHQWH
3UHFDUJDGHOFRMLQHWHGHOSLxyQ
±1ÂP±NJFP
/HFWXUDGHPHGLFLyQGHOPXHOOHFRQKHUUDPLHQWDHVSHFLDO
±1±NJ
+HUUDPLHQWDHVSHFLDO
&
-
/ODYHGHYDVR
)',)(5(1&,$/75$6(52
$UPDGRGHODXQLGDG
&RORTXH ORV DURV H[WHULRUHV GH FRMLQHWH HQ VXV FRMLQHWHV UHV
SHFWLYRV
/RVDURVH[WHULRUHVGHUHFKRHL]TXLHUGRTXHKDQVLGRGHVPRQ
WDGRVQRVRQLQWHUFDPELDEOHV
,QVWDOHHOFRQMXQWRGHODFDMDHQHOSRUWDGRU
,QVWDOH ORV DMXVWDGRUHV GH FRMLQHWHV ODWHUDOHV HQ VX SRUWDGRU
UHVSHFWLYR\DVHJ~UHVHGHTXHORVDMXVWDGRUHVHVWiQURVFDGRV
FRUUHFWDPHQWH
$OLQHHODVPDUFDVGHFRLQFLGHQFLDHQODWDSD\HQHOSRUWD
GRU $WRUQLOOH y YXHOWDV ORV SHUQRV GH WDSD GH FRMLQHWH
ODWHUDO \ SUHVLRQH OD WDSD GH FRMLQHWH PDQXDOPHQWH KDFLD
DEDMR
127$
6LODWDSDGHFRMLQHWHQRVHDMXVWDDSUHWDGDPHQWHHQHOSRU
WDGRUHVWRLQGLFDTXHHODMXVWDGRUGHFRMLQHWHODWHUDOQRHVWi
URVFDGRFRUUHFWDPHQWH9XHOYDDLQVWDODUHODMXVWDGRU
$SULHWHORVSHUQRVGHODWDSDSDUGHDSULHWHSURYLVLRQDO
3DUGHDSULHWH
3HUQRGHODWDSDGHFRMLQHWHSDUGHDSULHWHSURYLVLRQDOD
1ÂPNJP
127$
$VHJ~UHVH GH DSOLFDU OD SXQWD PHGLGRUD GHO PHGLGRU GH
FXDGUDQWHDiQJXORUHFWRHQHOODGRFRQYH[RGHORVGLHQ
WHV
6H UHFRPLHQGD OR VLJXLHQWH FRPR PHGLGD SUiFWLFD SDUD
REWHQHUODKROJXUDHVSHFLILFDGD\ODSUHFDUJDGHFRMLQHWH
ODWHUDODOPLVPRWLHPSR
± )LMHODKROJXUDHVSHFLILFDGDKDFLHQGRJLUDUOLJHUDPHQWH
KDFLDDGHQWURDPERVDMXVWDGRUHV
± $SULHWHPiVDPERVDMXVWDGRUHVDXPHQWDQGRXQD
PXHVFDFDGDYH]
0LGDSRUORPHQRVHQSXQWRVHQODSHULIHULDGHODFRURQD
FyQLFDSURSXOVRUD
+ROJXUDHVWiQGDU
±PP
+HUUDPLHQWDHVSHFLDO
$
%
&
3HUQRGHWDSDGHFRMLQHWH
',)(5(1&,$/75$6(52)
0LGD OD SUHFDUJD GHO FRMLQHWH GH SLxyQ FRQ OD EDODQ]D GH
PXHOOH R FRQ OD OODYH GLQDPRPpWULFD \ FRPSUXHEH OD SUH
FDUJDFRPSXHVWDGHOFRMLQHWHGHSLxyQ\GHOFRMLQHWHODWHUDO
127$
$QWHVGHSURFHGHUDPHGLUFRQODEDODQ]DGHPXHOOHR
FRQODOODYHGLQDPRPpWULFDFRPSUXHEHPDQXDOPHQWH
TXHODURWDFLyQHVVXDYH\IiFLO
&XDQGR PLGD OD SUHFDUJD KDJD JLUDU HO SLxyQ FyQLFR GH
DWDTXHYXHOWDFDGDVHJXQGRVDSUR[LPDGDPHQWH
3UHFDUJDFRPSXHVWDGHOFRMLQHWHGHSLxyQ\GHOFRMLQHWHODWH
UDO
±1ÂP±NJFP
/HFWXUDGHPHGLFLyQGHOPXHOOHFRQKHUUDPLHQWDHVSHFLDO
±1±NJ
+HUUDPLHQWDHVSHFLDO
'
%ULGDGHMXQWDXQLYHUVDO
9DVRFRQDGDSWDGRU
$SULHWH ORV SHUQRV GH WDSD GH FRMLQHWH DO SDU GH DSULHWH
HVSHFLILFDGRHLQVWDOHODVSODFDVGHEORTXHRGHFRMLQHWH
3DUGHDSULHWH
3HUQRGHSODFDGHEORTXHRE1ÂPNJP
3HUQRGHWDSDGHFRMLQHWHF1ÂPNJP
3HUQRGHSODFDGHEORTXHR
&RPRSDVRILQDOFRPSUXHEHHOFRQWDFWRGHORVGLHQWHVGHORV
HQJUDQDMHVGHODPDQHUDVLJXLHQWH
D 'HVSXpVGHOLPSLDUGLHQWHVGHODFRURQDFyQLFDSURSXOVRUD
DSOLTXHVREUHHOORVXQLIRUPHPHQWHFRQXQFHSLOORHVSRQMDR
DOJRVHPHMDQWHSDVWDSDUDPDUFDUHQJUDQDMHV
E +DJDJLUDUODFRURQDSDUDTXHODSDUWHSLQWDGDHQJUDQHFRQHO
SLxyQ FyQLFR GH DWDTXH \ JLUH KDFLD DGHODQWH \ KDFLD DWUiV
SDUDUHSHWLUHVWHFRQWDFWR
F /OHYHKDFLDDUULEDODSRUFLyQSLQWDGD\FRPSUXHEHHOSDWUyQGH
FRQWDFWRUHILULpQGRVHDOFXDGURVLJXLHQWH6LHOSDWUyQGHFRQ
WDFWRQRHVQRUPDOUHDMXVWHRUHHPSODFHVHJ~QVHDQHFHVD
ULRGHDFXHUGRFRQODVLQVWUXFFLRQHVGHOFXDGUR
127$
&XLGHGHQRJLUDUODFRURQDFyQLFDSURSXOVRUDPiVGHXQD
YXHOWDFRPSOHWDSDUDDVtHYLWDUSHUWXUEDUODH[DFWLWXGGHOD
FRPSUREDFLyQ
(VFRELOOD
³$´ 3LQWHXQLIRUPHPHQWHFRQSURGXFWRGHPDUFDGRGHHQJUDQDMH
)',)(5(1&,$/75$6(52
3$75Ï1'(&217$&72'(',(17(6 ',$*1Ï67,&2<5(0(',2
1250$/
'(0$6,$'2&217$&72
(OSLxyQGHDWDTXHHVWiSRVLFLRQDGRGHPDVLDGROHMRV
GHOFHQWURGHODFRURQDFyQLFDSURSXOVRUD
$XPHQWH HO JUXHVR GHO FDOFH GH DMXVWH GH DOWXUD
GHOSLxyQ\SRVLFLRQHHOSLxyQPiVFHUFDGHOFHQ
WURGHODFRURQD
$MXVWH OD KROJXUD GH OD FRURQD FyQLFD SURSXOVRUD
GHDFXHUGRFRQODVHVSHFLILFDFLRQHV
32&2&217$&72
(OSLxyQGHDWDTXHHVWiSRVLFLRQDGRGHPDVLDGRFHUFD
GHOFHQWURGHODFRURQDFyQLFDSURSXOVRUD
'LVPLQX\DHOJUXHVRGHOFDOFHGHDMXVWHGHDOWXUD
GHOSLxyQ\SRVLFLRQHHOSLxyQPiVOHMRVGHOFHQWUR
GHODFRURQD
$MXVWH OD KROJXUD GH OD FRURQD FyQLFD SURSXOVRUD
GHDFXHUGRFRQODVHVSHFLILFDFLRQHV
6LHODMXVWHHVLPSRVLEOHUHHPSODFHHOSRUWDGLIHUHQFLDO
&RPSUXHEHHODVLHQWRGHODFRURQDFyQLFDSURSXOVRUDRODFDMDGHO
GLIHUHQFLDO
&RPSUXHEHODRYDOL]DFLyQGHODFRURQDFyQLFDSURSXOVRUD
6LHODMXVWHHVLPSRVLEOHUHHPSODFHODFRURQDFyQLFDSURSXOVRUD\
HOSLxyQGHDWDTXHFRPRXQVRORFRQMXQWRRHOSRUWDGLIHUHQFLDO
5HHPSODFHHOFRQMXQWRGHODFRURQDFyQLFDSURSXOVRUD\GHOSLxyQGH
DWDTXHRODFDMDGHOGLIHUHQFLDO
',)(5(1&,$/75$6(52)
(VSHFLILFDFLRQHVGHSDUHVGHDSULHWH
3DUGHDSULHWH
3LH]DVGHVXMHFLyQ
1P NJP OEIW
7DSyQGHQLYHOOOHQDGRUGHDFHLWHGHOGLIHUHQFLDO
7DSyQGHGUHQDMHGHODFHLWHGHOGLIHUHQFLDO
3HUQRVGHEULGDGHHMHGHWUDQVPLVLyQ
3HUQRVGHSRUWDGLIHUHQFLDO
3HUQRVGHFRURQDFyQLFD
3HUQRVGHWDSDGHFRMLQHWH
3HUQRVGHSODFDGHEORTXHR
7RUQLOORVGHFDMDGHGLIHUHQFLDO
0DWHULDOHVQHFHVDULRVGHVHUYLFLR
3URGXFWR68=8.,5HFRPHQGDGR
0DWHULDO 8VR
Q~PHURGHSLH]D
3URGXFWRGHEORTXHRGH 7+5($'/2&.&(0(17 3HUQRVGHFRURQDFyQLFD
URVFDV 683(5 3HUQRVGHFDMDGHOGLIHUHQFLDO
6XSHUILFLHGHFRQWDFWRGHODFRURQD
FyQLFD
3HUQRGHEULGDGHOHMHGHWUDQVPLVLyQ
*UDVDGHOLWLR 68=8.,683(5*5($6($ /DELRVGHVHOORGHDFHLWH
$JHQWHGHVHOODGR 68=8.,%21'12 7DSyQGHGUHQDMHGHOGLIHUHQFLDOWUDVHUR
6XSHUILFLHGHFRQWDFWRGHFDMDGHOGLIH
UHQFLDO
6XSHUILFLHVGHFRQWDFWRGHFDMDGHHMHGH
SXHQWHWUDVHUR
)',)(5(1&,$/75$6(52
+HUUDPLHQWDVHVSHFLDOHV
127$
(VWDKHUUDPLHQWDHVXQFRPSRQHQWHGHODVKHUUDPLHQWDVTXHWLHQHQHOQ~PHUR
)',)(5(1&,$/75$6(52
6,67(0$(/e&75,&2'(/$&$552&(5Ë$
6(&&,Ï1
)
)
6,67(0$(/e&75,&2'(/$&$552&(5Ë$ *
+
.
$'9(57(1&,$
3DUDORVYHKtFXORVHTXLSDGRVFRQHO6LVWHPD6XSOHPHQWDULRGH6XMHFLyQ&ROFKyQGHDLUH $
/RVVHUYLFLRVTXHGHEDQVHUHIHFWXDGRVHQRDOUHGHGRUGHORVFRPSRQHQWHVRGHOFDEOHDGRGHOVLVWHPD
GHOFROFKyQGHDLUHGHEHQVHUKHFKRVH[FOXVLYDPHQWHSRUXQFRQFHVLRQDULRDXWRUL]DGR68=8.,5HILp
.
UDVH DO ³(VTXHPD GH XELFDFLyQ GH ORV FRPSRQHQWHV \ FDEOHDGR GHO VLVWHPD GHO FROFKyQ GH DLUH´ HQ
³'HVFULSFLyQJHQHUDO´HQODVHFFLyQGHOVLVWHPDGHOFROFKyQGHDLUHSDUDFRQILUPDUVLXVWHGHVWiHIHF &
WXDQGRWUDEDMRGHVHUYLFLRHQRDOUHGHGRUGHORVFRPSRQHQWHVRGHOFDEOHDGRGHOVLVWHPDGHOFROFKyQ '
GHDLUH6tUYDVHREVHUYDUWRGDVODV$'9(57(1&,$6\³3UHFDXFLRQHVSDUDHOVHUYLFLR´LQGLFDGDVHQ³6HU (
YLFLRHQHOYHKtFXOR´HQODVHFFLyQGHOVLVWHPDGHOFROFKyQGHDLUHDQWHVGHHIHFWXDUFXDOTXLHUWUDEDMR )
GHVHUYLFLRHQRDOUHGHGRUGHORVFRPSRQHQWHVRGHOFDEOHDGRGHOVLVWHPDGHOFROFKyQGHDLUH6LQRVH
UHVSHWDQODV$'9(57(1&,$6VHSXHGHFDXVDUHOLQIODGRDFFLGHQWDOGHOFROFKyQGHDLUHRVHSXHGHGHMDU
$
LQRSHUDQWHHOVLVWHPDGHOFROFKyQGHDLUH&XDOTXLHUDGHHVWRVGRVFDVRVSXHGHFDXVDUGDxRVFRUSRUD
OHVJUDYHV
/RVWUDEDMRVGHVHUYLFLRWpFQLFRGHEHQVHULQLFLDGRVSRUORPHQRVVHJXQGRVGHVSXpVGHTXHVHFROR
TXHHOLQWHUUXSWRUGHHQFHQGLGRHQODSRVLFLyQ³/2&.´\GHTXHVHGHVFRQHFWHHOFDEOHQHJDWLYRGHOD '
EDWHUtD(QHIHFWRVLQRVHSURFHGHGHHVWDIRUPDHOVLVWHPDSXHGHVHUDFWLYDGRSRUODUHVHUYDGHHQHU (
JtDHOpFWULFDGHOPyGXORGHGHWHFFLyQ\GHGLDJQyVWLFR6'0
127$
3DUDODVGHVFULSFLRQHVHOHPHQWRVQRLQFOXLGDVHQHVWDVHFFLyQUHILpUDVHDODPLVPDVHFFLyQGHO0DQXDO
GH6HUYLFLRPHQFLRQDGRHQHO35()$&,2GHHVWHPDQXDO
$
%
6LVWHPDGHFDEOHDGR
0D]RVGHFDEOHVFRQHFWRUHVIXVLEOHVUHOpLQWHUUXSWRUHVPDVDV
GLDJUDPDGHFLUFXLWRVGHVLVWHPD 6HFFLyQ$
6LVWHPDGHODOXPEUDGR 6HFFLyQ%
,QVWUXPHQWRVHLQIRUPDFLyQGHOFRQGXFWRU 6HFFLyQ&
9HQWDQDVHVSHMRVVHJXULGDG\FHUUDGXUDV 6HFFLyQ'
6LVWHPDGHFRQWUROGHOLQPRYLOL]DGRU 6HFFLyQ)
&217(1,'2
'HVFULSFLyQJHQHUDO
6,67(0$(/e&75,&2'(/$&$552&(5Ë$
'HVFULSFLyQJHQHUDO
6Ë0%2/26'(/&2/25'(&$%/(6
(QHVWHYHKtFXORVHXWLOL]DQGRVFODVHVGHFDEOHVGHFRORU8QRHVXQ
FDEOH GH XQ VROR FRORU \ HO RWUR WLSR HV FDEOH GH GRV FRORUHV FRQ
IUDQMDV
/RV FDEOHV GH XQ VROR FRORU HPSOHDQ VRODPHQWH XQD DEUHYLDWXUD
SDUDHOFRORUHMHPSOR³*51´
/RVFDEOHVGHGRVFRORUHVHPSOHDQGRVDEUHYLDWXUDVSDUDORVFROR
UHV HMHPSOR ³*51<(/´ /D SULPHUD DEUHYLDWXUD UHSUHVHQWD HO
FRORUEiVLFRGHOFDEOH³*51´HQODILJXUD\ODVHJXQGDDEUHYLDWXUD
UHSUHVHQWDHOFRORUGHODIUDQMD³<(/´HQODILJXUD
,167580(1726,1)250$&,Ï1'(/&21'8&725&
6(&&,Ï1&
,167580(1726,1)250$&,Ï1
'(/&21'8&725
$'9(57(1&,$
3DUDORVYHKtFXORVHTXLSDGRVFRQHO6LVWHPD6XSOHPHQWDULRGH6XMHFLyQ&ROFKyQGHDLUH
/RVVHUYLFLRVTXHGHEDQVHUHIHFWXDGRVHQRDOUHGHGRUGHORVFRPSRQHQWHVRGHOFDEOHDGRGHOVLVWHPD
GHOFROFKyQGHDLUHGHEHQVHUKHFKRVH[FOXVLYDPHQWHSRUXQFRQFHVLRQDULRDXWRUL]DGR68=8.,5HILp
&
UDVH DO ³(VTXHPD GH XELFDFLyQ GH ORV FRPSRQHQWHV \ FDEOHDGR GHO VLVWHPD GHO FROFKyQ GH DLUH´ HQ
³'HVFULSFLyQJHQHUDO´HQODVHFFLyQGHOVLVWHPDGHOFROFKyQGHDLUHSDUDFRQILUPDUVLXVWHGHVWiHIHF
WXDQGRWUDEDMRGHVHUYLFLRHQRDOUHGHGRUGHORVFRPSRQHQWHVRGHOFDEOHDGRGHOVLVWHPDGHOFROFKyQ
GHDLUH6tUYDVHREVHUYDUWRGDVODV$'9(57(1&,$6\³3UHFDXFLRQHVSDUDHOVHUYLFLR´LQGLFDGDVHQ³6HU
YLFLRHQHOYHKtFXOR´HQODVHFFLyQGHOVLVWHPDGHOFROFKyQGHDLUHDQWHVGHHIHFWXDUFXDOTXLHUWUDEDMR
GHVHUYLFLRHQRDOUHGHGRUGHORVFRPSRQHQWHVRGHOFDEOHDGRGHOVLVWHPDGHOFROFKyQGHDLUH6LQRVH
UHVSHWDQODV$'9(57(1&,$6VHSXHGHFDXVDUHOLQIODGRDFFLGHQWDOGHOFROFKyQGHDLUHRVHSXHGHGHMDU
LQRSHUDQWHHOVLVWHPDGHOFROFKyQGHDLUH&XDOTXLHUDGHHVWRVGRVFDVRVSXHGHFDXVDUGDxRVFRUSRUD
OHVJUDYHV
/RVWUDEDMRVGHVHUYLFLRWpFQLFRGHEHQVHULQLFLDGRVSRUORPHQRVVHJXQGRVGHVSXpVGHTXHVHFROR
TXHHOLQWHUUXSWRUGHHQFHQGLGRHQODSRVLFLyQ³/2&.´\GHTXHVHGHVFRQHFWHHOFDEOHQHJDWLYRGHOD
EDWHUtD(QHIHFWRVLQRVHSURFHGHGHHVWDIRUPDHOVLVWHPDSXHGHVHUDFWLYDGRSRUODUHVHUYDGHHQHU
JtDHOpFWULFDGHOPyGXORGHGHWHFFLyQ\GHGLDJQyVWLFR6'0
127$
3DUDODVGHVFULSFLRQHVHOHPHQWRVQRLQFOXLGDVHQHVWDVHFFLyQUHILpUDVHDODPLVPDVHFFLyQGHO0DQXDO
GH6HUYLFLRPHQFLRQDGRHQHO35()$&,2GHHVWHPDQXDO
&217(1,'2
'HVFULSFLyQJHQHUDO & 6HQVRUGHWHPSHUDWXUDGHOUHIULJHUDQWH
,QGLFDGRUFRPELQDGR & GHOPRWRU &
6HUYLFLRHQHOYHKtFXOR & /X]GHDGYHUWHQFLDGHSUHVLyQGHDFHLWH &
8QLGDGGHOLQGLFDGRUPHGLGRUGH ,QWHUUXSWRUGHSUHVLyQGHDFHLWH &
FRPEXVWLEOH & /X]GHDGYHUWHQFLDGHIUHQRV&
6HQVRUPHGLGRUGHWUDQVPLVRUGHQLYHOGHO ,QWHUUXSWRUGHQLYHOGHOIOXLGRGHIUHQRV&
FRPEXVWLEOH &
6HQVRUHLQGLFDGRUGHWHPSHUDWXUDGHO
UHIULJHUDQWHGHOPRWRU(&7 &
&,167580(1726,1)250$&,Ï1'(/&21'8&725
'HVFULSFLyQJHQHUDO
,QGLFDGRUFRPELQDGR
&,5&8,726,17(5126'(/,1',&$'25&20%,1$'2
Circuito de los
colchones de aire Circuito EBD
COMPROBAR
A-11 A-12 A-3 o MOTOR A-9 B-13 B-2 B-3 B-4 B-5 B- B-6 o FRENO o ABS Circuito ABS C-9 C-10
A-13 A-8 B-12 C-2 B-11 B-10 C-8 A-15 A-6 A-1 B-9 A-16 A-14 C-7 C-1 si está equipado A-10 C-3 C-4 C-5 A-7 A-5 B-8 B-1
$&23/$'25(6'(/,1',&$'25&20%,1$'2
127$
'LVSRVLFLyQGHWHUPLQDOHVGHODFRSODGRUYLVWRVGHVGHHOODGRGHOPD]RGHFDEOHV
&,167580(1726,1)250$&,Ï1'(/&21'8&725
6HUYLFLRHQHOYHKtFXOR
8QLGDGGHOLQGLFDGRUPHGLGRUGHFRPEXVWLEOH
6HQVRUPHGLGRUGHWUDQVPLVRUGHQLYHOGHOFRPEXVWL
EOH
&20352%$&,Ï1
'HVPRQWHHOFRQMXQWRGHERPEDGHFRPEXVWLEOH5HILpUDVHDODVHF
FLyQ&
8WLOLFHXQRKPtPHWUR\FRQILUPHTXHODUHVLVWHQFLDGHODXQLGDGGHO
PHGLGRUGHWUDQVPLVRUFDPELDFXDQGRFDPELDODSRVLFLyQGHOIORWD
GRU
6LHOYDORUPHGLGRHVWiIXHUDGHODVHVSHFLILFDFLRQHVUHHPSODFHHO
PHGLGRUGHHPLVRUGHFRPEXVWLEOH
(VSHFLILFDFLyQGHOVHQVRUGHQLYHOGHOFRPEXVWLEOH
3RVLFLyQGHOIORWDGRU 5HVLVWHQFLDΩ
³D´ PP ±
³E´ PP ±
³F´ PP ±
&RQMXQWRGHERPEDGHFRPEXVWLEOH
7HUPLQDO±GHOPHGLGRUGHQLYHOGHOFRPEXVWLEOH
7HUPLQDOGHOPHGLGRUGHQLYHOGHOFRPEXVWLEOH
)ORWDGRU
,167580(1726,1)250$&,Ï1'(/&21'8&725&
6HQVRUHLQGLFDGRUGHWHPSHUDWXUDGHOUHIULJH
UDQWHGHOPRWRU(&7
6HQVRUGHWHPSHUDWXUDGHOUHIULJHUDQWHGHOPRWRU
'(60217$-((,167$/$&,Ï1
5HILpUDVHD³6(1625'((&7´HQODVHFFLyQ(
/X]GHDGYHUWHQFLDGHSUHVLyQGHDFHLWH
,QWHUUXSWRUGHSUHVLyQGHDFHLWH
'(60217$-((,167$/$&,Ï1
5HILpUDVHD³&20352%$&,Ï1'(/$35(6,Ï1'($&(,7(´HQ
ODVHFFLyQ$
/X]GHDGYHUWHQFLDGHIUHQRV
,QWHUUXSWRUGHQLYHOGHOIOXLGRGHIUHQRV
&20352%$&,Ï1
8WLOLFHXQRKPtPHWUR\FRPSUXHEHODFRQWLQXLGDGGHOLQWHUUXSWRU
6LHVWiDQRUPDOUHHPSODFHHOLQWHUUXSWRUGHSyVLWRGHUHVHUYD
(VSHFLILFDFLyQGHOLQWHUUXSWRUGHQLYHOGHOIOXLGRGHIUHQRV
3RVLFLyQ2))IORWDGRUDUULED1RKD\FRQWLQXLGDG
3RVLFLyQ21IORWDGRUDEDMR&RQWLQXLGDG
&,167580(1726,1)250$&,Ï1'(/&21'8&725
9(17$1$6(63(-266(*85,'$'<6(*85,'$'<&(55$'85$6'
6(&&,Ï1'
9(17$1$6(63(-26
6(*85,'$'<&(55$'85$6
$'9(57(1&,$
3DUDORVYHKtFXORVHTXLSDGRVFRQHO6LVWHPD6XSOHPHQWDULRGH6XMHFLyQ&ROFKyQGHDLUH
/RVVHUYLFLRVTXHGHEDQVHUHIHFWXDGRVHQRDOUHGHGRUGHORVFRPSRQHQWHVRGHOFDEOHDGRGHOVLVWHPD
GHOFROFKyQGHDLUHGHEHQVHUKHFKRVH[FOXVLYDPHQWHSRUXQFRQFHVLRQDULRDXWRUL]DGR68=8.,5HILp
UDVH DO ³(VTXHPD GH XELFDFLyQ GH ORV FRPSRQHQWHV \ FDEOHDGR GHO VLVWHPD GHO FROFKyQ GH DLUH´ HQ
³'HVFULSFLyQJHQHUDO´HQODVHFFLyQGHOVLVWHPDGHOFROFKyQGHDLUHSDUDFRQILUPDUVLXVWHGHVWiHIHF '
WXDQGRWUDEDMRGHVHUYLFLRHQRDOUHGHGRUGHORVFRPSRQHQWHVRGHOFDEOHDGRGHOVLVWHPDGHOFROFKyQ
GHDLUH6tUYDVHREVHUYDUWRGDVODV$'9(57(1&,$6\³3UHFDXFLRQHVSDUDHOVHUYLFLR´LQGLFDGDVHQ³6HU
YLFLRHQHOYHKtFXOR´HQODVHFFLyQGHOVLVWHPDGHOFROFKyQGHDLUHDQWHVGHHIHFWXDUFXDOTXLHUWUDEDMR
GHVHUYLFLRHQRDOUHGHGRUGHORVFRPSRQHQWHVRGHOFDEOHDGRGHOVLVWHPDGHOFROFKyQGHDLUH6LQRVH
UHVSHWDQODV$'9(57(1&,$6VHSXHGHFDXVDUHOLQIODGRDFFLGHQWDOGHOFROFKyQGHDLUHRVHSXHGHGHMDU
LQRSHUDQWHHOVLVWHPDGHOFROFKyQGHDLUH&XDOTXLHUDGHHVWRVGRVFDVRVSXHGHFDXVDUGDxRVFRUSRUD
OHVJUDYHV
/RVWUDEDMRVGHVHUYLFLRWpFQLFRGHEHQVHULQLFLDGRVSRUORPHQRVVHJXQGRVGHVSXpVGHTXHVHFROR
TXHHOLQWHUUXSWRUGHHQFHQGLGRHQODSRVLFLyQ³/2&.´\GHTXHVHGHVFRQHFWHHOFDEOHQHJDWLYRGHOD
EDWHUtD(QHIHFWRVLQRVHSURFHGHGHHVWDIRUPDHOVLVWHPDSXHGHVHUDFWLYDGRSRUODUHVHUYDGHHQHU
JtDHOpFWULFDGHOPyGXORGHGHWHFFLyQ\GHGLDJQyVWLFR6'0
127$
3DUDODVGHVFULSFLRQHVHOHPHQWRVQRLQFOXLGDVHQHVWDVHFFLyQUHILpUDVHDODPLVPDVHFFLyQGHO0DQXDO
GH6HUYLFLRPHQFLRQDGRHQHO35()$&,2GHHVWHPDQXDO
&217(1,'2
'HVFULSFLyQJHQHUDO ' ,QWHUUXSWRUGHOLPSLDSDUDEULVDV\
/LPSLDSDUDEULVDV\ODYDSDUDEULVDVWUDVHURV ODYDSDUDEULVDVWUDVHURV'
VLHTXLSDGRV ' /LPSLDSDUDEULVDV\ODYDSDUDEULVDVGHOXQHWD
6HUYLFLRHQHOYHKtFXOR ' WUDVHUDSDUDYHKtFXORVLQVLVWHPDGHFRQWURO
/LPSLDSDUDEULVDV ' GHFUXFHUR'
/LPSLDSDUDEULVDV\ODYDSDUDEULVDV 5HOpGHLQWHUPLWHQFLDGHOOLPSLDSDUDEULVDV
GHODQWHURV ' WUDVHUR'
/LPSLDSDUDEULVDV\ODYDSDUDEULVDVGHOXQHWD
WUDVHUDSDUDYHKtFXORFRQVLVWHPDGHFRQWURO
GHFUXFHUR '
'9(17$1$6(63(-266(*85,'$'<&(55$'85$6
'HVFULSFLyQJHQHUDO
/LPSLDSDUDEULVDV\ODYDSDUDEULVDVWUDVHURVVLHTXLSDGRV
9(17$1$6(63(-266(*85,'$'<&(55$'85$6'
6HUYLFLRHQHOYHKtFXOR
/LPSLDSDUDEULVDV
/LPSLDSDUDEULVDV\ODYDSDUDEULVDVGHODQWHURV
0RWRUGHOLPSLDSDUDEULVDV
&RPR PRVWUDGR HQ OD ILJXUD XWLOLFH XQD EDWHUtD GH 9 SDUD
FRQHFWDU VX WHUPLQDO DO WHUPLQDO ³$´ \ VX WHUPLQDO ± DO
FDEOHFRQGXFWRU³%ODFN´
6LHOPRWRUJLUDDEDMDYHORFLGDGXQDVDUSPHVWiHQ
EXHQDVFRQGLFLRQHV3DUDODFRPSUREDFLyQGHIXQFLRQDPLHQWR
DDOWDYHORFLGDGFRQHFWHHOWHUPLQDOGHODEDWHUtDDOWHUPLQDO
³%´\HOWHUPLQDO±DOFDEOHFRQGXFWRU³%ODFN´
6L HO PRWRU JLUD D DOWD YHORFLGDG XQDV D USP HVWi HQ
EXHQDVFRQGLFLRQHV
&RPSUREDFLyQGHODGHWHQFLyQDXWRPiWLFD
D &RQHFWHHOWHUPLQDOGHODEDWHUtDGH9DOWHUPLQDO³$´GHO
PRWRUGHOOLPSLDSDUDEULVDV\HOWHUPLQDO±GHODEDWHUtDDO
FDEOHFRQGXFWRU³%ODFN³\GHMHTXHHOPRWRUIXQFLRQH
E 'HVFRQHFWHHOWHUPLQDO³$´GHODEDWHUtD\GHMHTXHHOPRWRU
VHSDUH
F 8WLOLFH HO FDEOH GH SXHQWH \ FRQHFWH ORV WHUPLQDOHV ³$´ \
³'´ \ FRQHFWH HO WHUPLQDO ³&´ DO WHUPLQDO SRVLWLYR GH OD
EDWHUtD &RPSUXHEH TXH HO PRWRU JLUD RWUD YH] \ TXH HQVH
JXLGDVHSDUDHQXQDSRVLFLyQGDGD
G 5HSLWDYDULDVYHFHVHVWRVSDVRVDDF\FRPSUXHEHTXHHO
PRWRUVHSDUDFDGDYH]HQODSRVLFLyQGDGD
'9(17$1$6(63(-266(*85,'$'<&(55$'85$6
/LPSLDSDUDEULVDV\ODYDSDUDEULVDVGHOXQHWDWUDVHUDSDUDYHKtFXORFRQVLVWHPD
GHFRQWUROGHFUXFHUR
&20352%$&,Ï1
,QWHUUXSWRUGHOLPSLDSDUDEULVDV\ODYDSDUDEULVDVWUDVHURV
'HVFRQHFWHHOFDEOHQHJDWLYR±HQODEDWHUtD
'HVFRQHFWHHODFRSODGRUGHFDEOHVFRQGXFWRUHVGHOLQWHUUXSWRUFRPELQDGR
8WLOLFHXQSUREDGRUGHFLUFXLWRV\FRPSUXHEHODFRQWLQXLGDGHQFDGDXQDGHODVSRVLFLRQHVGHLQWHUUXSWRU6LQR
KD\FRQWLQXLGDGUHHPSODFHHOLQWHUUXSWRU
a
1
2 d
c
Terminal
a b c d
Interruptor
OFF
Lavaparabrisas trasero en ON
Limpiaparabrisas trasero en ON
,QWHUUXSWRUGHOLPSLDSDUDEULVDVWUDVHUR ,QWHUUXSWRUGHODYDSDUDEULVDVWUDVHUR
/LPSLDSDUDEULVDV\ODYDSDUDEULVDVGHOXQHWDWUDVHUDSDUDYHKtFXORVLQVLVWHPD
GHFRQWUROGHFUXFHUR
&20352%$&,Ï1
5HILpUDVHD³,QWHUUXSWRUGHOLPSLDSDUDEULVDV\ODYDSDUDEULVDVWUDVHURVHQLQWHUUXSWRUFRPELQDGR´HQ³/LPSLDSDUDEUL
VDV \ ODYDSDUDEULVDV WUDVHURV VL HVWi HTXLSDGR´ HQ OD PLVPD VHFFLyQ GHO 0DQXDO GH 6HUYLFLR PHQFLRQDGR HQ HO
35()$&,2GHHVWHPDQXDO
5HOpGHLQWHUPLWHQFLDGHOOLPSLDSDUDEULVDVWUDVHUR
&20352%$&,Ï1
&XDQGRVLUYDXQYHKtFXORVLQVLVWHPDGHFRQWUROGHFUXFHURUHILpUDVHD³5HOpGHLQWHUPLWHQFLDGHOOLPSLDSDUDEULVDV
WUDVHUR´HQ³/LPSLDSDUDEULVDV\ODYDSDUDEULVDVWUDVHURVVLHVWiHTXLSDGR´HQODPLVPDVHFFLyQGHO0DQXDOGH6HU
YLFLRPHQFLRQDGRHQHO35()$&,2GHHVWHPDQXDO
6,67(0$'(&21752/'(&58&(52(
6(&&,Ï1(
)
)
6,67(0$'(&21752/'(&58&(52 *
+
.
$'9(57(1&,$
3DUDORVYHKtFXORVHTXLSDGRVFRQHO6LVWHPD6XSOHPHQWDULRGH6XMHFLyQ&ROFKyQGHDLUH $
/RVVHUYLFLRVTXHGHEDQVHUHIHFWXDGRVHQRDOUHGHGRUGHORVFRPSRQHQWHVRGHOFDEOHDGRGHOVLV $
WHPD GHO FROFKyQ GH DLUH GHEHQ VHU KHFKRV H[FOXVLYDPHQWH SRU XQ FRQFHVLRQDULR DXWRUL]DGR %
68=8.,5HILpUDVHDO³(VTXHPDGHXELFDFLyQGHORVFRPSRQHQWHV\FDEOHDGRGHOVLVWHPDGHOFRO &
FKyQGHDLUH´HQ³'HVFULSFLyQJHQHUDO´HQODVHFFLyQGHOVLVWHPDGHOFROFKyQGHDLUHSDUDFRQILU '
PDU VL XVWHG HVWi HIHFWXDQGR WUDEDMR GH VHUYLFLR HQ R DOUHGHGRU GH ORV FRPSRQHQWHV R GHO (
FDEOHDGRGHOVLVWHPDGHOFROFKyQGHDLUH6tUYDVHREVHUYDUWRGDVODV$'9(57(1&,$6\³3UHFDX (
FLRQHVSDUDHOVHUYLFLR´LQGLFDGDVHQ³6HUYLFLRHQHOYHKtFXOR´HQODVHFFLyQGHOVLVWHPDGHOFRO
FKyQGHDLUHDQWHVGHHIHFWXDUFXDOTXLHUWUDEDMRGHVHUYLFLRHQRDOUHGHGRUGHORVFRPSRQHQWHVR $
GHOFDEOHDGRGHOVLVWHPDGHOFROFKyQGHDLUH6LQRVHUHVSHWDQODV$'9(57(1&,$6VHSXHGHFDX %
VDUHOLQIODGRDFFLGHQWDOGHOFROFKyQGHDLUHRVHSXHGHGHMDULQRSHUDQWHHOVLVWHPDGHOFROFKyQGH &
DLUH&XDOTXLHUDGHHVWRVGRVFDVRVSXHGHFDXVDUGDxRVFRUSRUDOHVJUDYHV '
/RVWUDEDMRVGHVHUYLFLRWpFQLFRGHEHQVHULQLFLDGRVSRUORPHQRVVHJXQGRVGHVSXpVGHTXHVH %
FRORTXHHOLQWHUUXSWRUGHHQFHQGLGRHQODSRVLFLyQ³/2&.´\GHTXHVHGHVFRQHFWHHOFDEOHQHJD
WLYRGHODEDWHUtD(QHIHFWRVLQRVHSURFHGHGHHVWDIRUPDHOVLVWHPDSXHGHVHUDFWLYDGRSRUOD
UHVHUYDGHHQHUJtDHOpFWULFDGHOPyGXORGHGHWHFFLyQ\GHGLDJQyVWLFR6'0
$
&217(1,'2 %
,QWHUUXSWRUGHSRVLFLyQGHOSHGDOGHO &RQMXQWRGHODFWXDGRUGHFRQWUROGHFUXFHUR
HPEUDJXH&33 ( FRQPyGXORGHFRQWURO (
,QWHUUXSWRUGHOXFHVGHSDUDGD &DEOHGHFUXFHUR(
FRQLQWHUUXSWRUGHSRVLFLyQGHOSHGDO (
6,67(0$'(&21752/'(&58&(52(
'HVFULSFLyQJHQHUDO
3UHFDXFLRQHVSDUDHOVHUYLFLR
5HILpUDVHDODVHFFLyQ
6tPERORV\PDUFDV
5HILpUDVHDODVHFFLyQ$
$EUHYLDWXUDV
5HILpUDVHDODVHFFLyQ$
6tPERORVGHOFRORUGHOFDEOHDGR
5HILpUDVHDODVHFFLyQ
&RQHFWRUGHMXQWD
5HILpUDVHDODVHFFLyQ
&DMDGHIXVLEOHV\UHOp
5HILpUDVHDODVHFFLyQ$
'LDJUDPDGHDOLPHQWDFLyQHOpFWULFD
5HILpUDVHDODVHFFLyQ$
(6,67(0$'(&21752/'(&58&(52
6LVWHPDGHFRQWUROGHFUXFHUR
(OVLVWHPDGHFRQWUROGHFUXFHURHVXQGLVSRVLWLYRTXHPDQWLHQHXQDYHORFLGDGSUHILMDGDGHOYHKtFXORFXDQGRVHFRQ
GXFHDDOWDYHORFLGDGSRUHMHPSORHQXQDDXWRSLVWD3HUPLWHDOFRQGXFWRUFRQGXFLUVXYHKtFXORDODYHORFLGDGFRQV
WDQWH GH NPK R PiV VLQ DSUHWDU HO SHGDO GHO DFHOHUDGRU FUXFHUR FRQVWDQWH (O VLVWHPD WDPELpQ LQFRUSRUD
IXQFLRQHVSDUDFDPELDUODYHORFLGDGGHOYHKtFXORVLQDFFLRQDUHOSHGDOGHODFHOHUDGRU>XWLOL]DQGRORVLQWHUUXSWRUHV6(7
&2$67)LMDUUXHGDOLEUH\$&&(/5(680(9ROYHUDDFHOHUDU@SDUDDQXODUHOFRQWUROGHUpJLPHQGHFUXFHUR>LQWH
UUXSWRU&$1&(/$QXODU@\SDUDYROYHUDXWRPiWLFDPHQWHDODYHORFLGDGPHPRUL]DGDGHVSXpVGHFDQFHODUHOFRQWURO
GHOUpJLPHQGHFUXFHUR>LQWHUUXSWRU$&&(/5(680(9ROYHUDDFHOHUDU@(OVLVWHPDHVWiFRPSXHVWRSULQFLSDOPHQWH
GHXQVHQVRUGHYHORFLGDGGHOYHKtFXORXQFRQMXQWRGHDFWXDGRUTXHLQFRUSRUDHOPyGXORGHFRQWUROLQWHUUXSWRUSULQ
FLSDOGHFUXFHURLQWHUUXSWRU6(7&2$67)LMDUUXHGDOLEUHLQWHUUXSWRU$&&(/5(680(9ROYHUDDFHOHUDULQWHUUXS
WRU&$1&(/$QXODUHWF
,QWHUUXSWRUSULQFLSDOGHFUXFHUR 3&0(&0
/X]LQGLFDGRUDGHOLQWHUUXSWRUSULQFLSDOGHFUXFHUR ,QWHUUXSWRUGHOXFHVGHSDUDGDLQWHUUXSWRUGHSRVLFLyQGHOSHGDOGHIUHQR
/X]LQGLFDGRUDGH³&58,6(´ ,QWHUUXSWRUGHSRVLFLyQGHOSHGDOGHOHPEUDJXH3DUDYHKtFXORFRQ07
,QWHUUXSWRUGH6(7&2$67$&&(/5(680(&$1&(/ 7UDQVPLVLyQDXWRPiWLFD
6HQVRUGHYHORFLGDGGHOYHKtFXOR ,QWHUUXSWRUGHSRVLFLyQGHODWUDQVPLVLyQ,QWHUUXSWRUGHSRVLFLyQGHHVWD
FLRQDPLHQWRSXQWRPXHUWR9HKtFXORFRQ$7
&RQMXQWRGHDFWXDGRUGHFRQWUROGHFUXFHURFRQPyGXORGHFRQWURO
&LUFXLWRGHOVLVWHPDGHFRQWUROGHFUXFHUR
5HILpUDVHDODVHFFLyQ$
6,67(0$'(&21752/'(&58&(52(
&RPSRQHQWHV\IXQFLRQHV
&RPSRQHQWHV )XQFLyQ
&RQMXQWRGHDFWXDGRUGHFRQ 0yGXORGHFRQWUROGHFUXFHUR
WUROGHFUXFHURFRQPyGXORGH 0HGLDQWHXQDPLFURFRPSXWDGRUDHMHFXWDHOFRQWUROFHQWUDOL]DGRGHWRGDVODVIXQ
FRQWURO FLRQHVLQFOX\HQGRODILMDFLyQGHXQDYHORFLGDGFRQVWDQWHHOUHVWDEOHFLPLHQWRGHOD
YHORFLGDGODILMDFLyQGHUXHGDOLEUHOLPLWDFLyQGHODYHORFLGDGPtQLPD\DQXODFLyQ
GHOFRQWUROGHFUXFHUR
&RQMXQWRGHDFWXDGRUGHFRQWUROGHFUXFHURPRWRUGHSDVRDSDVR\HPEUDJXH
$FFLRQDHOSHGDOGHODFHOHUDGRUPHGLDQWHHOFDEOH\EUD]RGHFUXFHUR\GHDFXHUGR
FRQXQDVHxDOSURFHGHQWHGHOPyGXORGHFUXFHURFRQWURODODYHORFLGDGGHOYHKt
FXOR
,QWHUUXSWRUSULQFLSDOGHFUXFHUR (VWHLQWHUUXSWRUWLHQHXQERWyQWLSRFRQWDFWRPRPHQWiQHRSDUDDFWLYDU\GHVDFWLYDU
21\2))HOVLVWHPDGHFRQWUROGHFUXFHUR
,QWHUUXSWRU6(7&2$67 &XDQGRVHJLUDHVWHLQWHUUXSWRUDODSRVLFLyQ21\HQVHJXLGDHVVROWDGR2))
)LMDUUXHGDOLEUH PLHQWUDVHOYHKtFXORYDDODYHORFLGDGGHNPKRPiVVHPHPRUL]DODYHORFLGDG
DODTXHLEDHOYHKtFXORHQHOPRPHQWRGHOLEHUDU2))HOLQWHUUXSWRU\VHPDQWLHQH
GLFKDYHORFLGDGFUXFHURFRQVWDQWH
6LVHJLUDFRQWLQXDPHQWH21HVWHLQWHUUXSWRUGXUDQWHHOFUXFHURFRQVWDQWHODYHOR
FLGDGGHOYHKtFXORVLJXHGLVPLQX\HQGRPLHQWUDVHOLQWHUUXSWRUHVWpVLHQGRJLUDGR
21&XDQGRVHVXHOWD2))HOLQWHUUXSWRUVHPHPRUL]DODYHORFLGDGDODTXHLED
HOYHKtFXORHQHVHPRPHQWR\HOYHKtFXORFRPLHQ]DHOUpJLPHQGHFUXFHURFRQV
WDQWH
,QWHUUXSWRUGH$&&(/ 6LVHJLUD21HVWHLQWHUUXSWRUGXUDQWHHOFUXFHURFRQVWDQWHODYHORFLGDGGHOYHKt
5(680(9GYHUDDFHOHUDU FXORVLJXHDXPHQWDQGRPLHQWUDVHOLQWHUUXSWRUHVWpVLHQGRJLUDGR21&XDQGRVH
VXHOWD2))HOLQWHUUXSWRUVHPHPRUL]DODYHORFLGDGDODTXHLEDHOYHKtFXORHQHVH
PRPHQWR\HOYHKtFXORFRPLHQ]DHOUpJLPHQGHFUXFHURFRQVWDQWH6LODYHORFLGDG
GHOYHKtFXORHVPD\RUTXHNPKGHVSXpVGHKDEHUDQXODGRHOFRQWUROGHFUX
FHURDOJLUDU21PRPHQWiQHDPHQWHHVWHLQWHUUXSWRUHOYHKtFXORYROYHUiDODYHOR
FLGDGDODTXHLEDDQWHVGHODDQXODFLyQ
,QWHUUXSWRU&$1&(/$QXODU &XDQGRVHSXOVDHVWHLQWHUUXSWRU21HOFRQWUROGHFUXFHURFRQWUROGHOSHGDOGHO
DFHOHUDGRUHVDQXODGR
6HQVRUGHYHORFLGDGGHOYHKt (OVHQVRUGHYHORFLGDGGHOYHKtFXOR966HVWiPRQWDGRHQODWUDQVIHUHQFLDRHQOD
FXOR966 WUDQVPLVLyQ(OVHQVRUGH966FRQYLHUWHODYHORFLGDGGHOYHKtFXORHQXQDVHxDOGH
LPSXOVLyQ\ODWUDQVPLWHDOPyGXORGHFRQWUROGHFUXFHUR
,QWHUUXSWRUGHOXFHVGHSDUDGD (OLQWHUUXSWRUGHOXFHVGHSDUDGDWLHQHSXQWRVGHFRQWDFWR8QSXQWRGHFRQWDFWR
FLHUUDFXDQGRVHSUHVLRQDHOSHGDOGHOIUHQR\HQFLHQGHODVOXFHVGHSDUDGD\
VXPLQLVWUDXQDVHxDOGHWHQVLyQDOPyGXORGHFRQWUROGHFUXFHUR&XDQGRHVWD
VHxDOHQWUDFDQFHODHOFRQWUROGHFUXFHUROLEHUDHOSHGDOGHODFHOHUDGRU
(ORWURSXQWRGHFRQWDFWRLQWHUUXSWRUGHSRVLFLyQGHOSHGDOGHIUHQRDEUHFXDQGR
VHSUHVLRQDHOSHGDOGHIUHQR\FRUWDODHOHFWULFLGDGDOHPEUDJXHPDJQpWLFRHQHO
DFWXDGRU\DVtDQXODHOFRQWUROGHFUXFHUROLEHUDHOSHGDOGHODFHOHUDGRU
(VWHLQWHUUXSWRUHVWiSUHYLVWRHLQVWDODGRSDUDDQXODUHOFRQWUROGHFUXFHURFUXFHUR
FRQVWDQWHVLQIDOODU
,QWHUUXSWRUGHSRVLFLyQGHO &XDQGRVHSUHVLRQDHOSHGDOGHOHPEUDJXHHOLQWHUUXSWRUGHSRVLFLyQGHOSHGDOGHO
SHGDOGHOHPEUDJXH3DUD HPEUDJXHVHFLHUUD\VXPLQLVWUDXQDVHxDOGHPDVDDOPyGXORGHFRQWUROGHFUX
YHKtFXORFRQ07VRODPHQWH FHUR
&XDQGRHVWDVHxDOHQWUDHOPyGXORGHFRQWUROGHFUXFHURFDQFHODHOFRQWUROGHFUX
FHURFRQWUROGHOSHGDOGHODFHOHUDGRU
,QWHUUXSWRUGHSRVLFLyQGHOD &XDQGRODSDODQFDVHOHFWRUDHVWiFRORFDGDHQODSRVLFLyQ³3´R³1´HOLQWHUUXSWRUGH
WUDQVPLVLyQ,QWHUUXSWRUGH SRVLFLyQGHODWUDQVPLVLyQVHFLHUUD\VXPLQLVWUDXQDVHxDOGHPDVDDOPyGXORGH
SRVLFLyQGHHVWDFLRQDPLHQWR FRQWUROGHFUXFHUR&XDQGRHVWDVHxDOHQWUDHOPyGXORGHFRQWUROGHFUXFHURFDQ
SXQWRPXHUWR9HKtFXORFRQ FHODHOFRQWUROGHFUXFHURFRQWUROGHOSHGDOGHODFHOHUDGRU
$7VRODPHQWH
3&0±6HxDOGHDEHUWXUDGH (QWUDGHVGHHO3&0VHxDOGHDEHUWXUDGHODPDULSRVDGHJDVHV
ODPDULSRVDGHJDVHVYHKt 0HGLDQWHHVWDVHxDOHOPyGXORGHFRQWUROGHFUXFHURGHWHFWDODDEHUWXUDGHODPDUL
FXOR$7VRODPHQWH SRVDGHJDVHV\XWLOL]DHVWHGDWRFRPRXQRGHORVHOHPHQWRVSDUDHQYLDUDO3&0OD
VHxDOGHVREUHPDUFKD\ODVHxDOGHFRPDQGRGHFRUWH2))GH7&&
(6,67(0$'(&21752/'(&58&(52
&RPSRQHQWHV )XQFLyQ
3&0±6DOLGDGHODVHxDOGH &XDQGRODDEHUWXUDGHODPDULSRVDGHJDVHVH[FHGHHOYDORUHVSHFLILFDGRGXUDQWH
FRPDQGRGHVREUHPDUFKD\ HOFRQWUROGHFUXFHURHOPyGXORGHFRQWUROGHFUXFHURHQYtDHVWDVHxDODO3&0(O
GHFRUWH2))GH7&& PyGXORGH3&0XWLOL]DHVWDVHxDOHQWUHRWUDVSDUDFRQWURODUOD$7
/X]LQGLFDGRUDGHOLQWHUUXSWRU &XDQGRHOLQWHUUXSWRUGHHQFHQGLGRHVWiHQODSRVLFLyQ21\HOVLVWHPDGHFRQWURO
SULQFLSDOGHFUXFHUR GHFUXFHURHVWiGHVDFWLYDGR2))VLVHSUHVLRQHXQDYH]HVWHLQWHUUXSWRU\VHOR
VXHOWDHOVLVWHPDGHFRQWUROGHFUXFHURVHUiDFWLYDGR\HVWRHQFHQGHUiODOX]LQGL
FDGRUD
/X]LQGLFDGRUDGH³&58 6HHQFLHQGHFXDQGRHOFRQWUROGHFUXFHURFRQWUROGHOSHGDOGHODFHOHUDGRUHVWi
&(52´ IXQFLRQDQGR
&RQGLFLRQHVGHDQXODFLyQ
(OFUXFHURDYHORFLGDGFRQVWDQWHHVDQXODGRHQODVFRQGLFLRQHVVLJXLHQWHV
/DOODYHGHHQFHQGLGRHVJLUDGDDODSRVLFLyQ2))
(OLQWHUUXSWRUSULQFLSDOGHFUXFHURHVGHVDFWLYDGR2))
/DYHORFLGDGGHOYHKtFXORKDGLVPLQXLGRDPHQRVGHODYHORFLGDGOtPLWHLQIHULRUGHIXQFLRQDPLHQWRNPK
/DYHORFLGDGGHOYHKtFXORYDUtDH[FHGLHQGRHOLQWHUYDORGHYHORFLGDGGHDQXODFLyQ±NPKGHODYHORFL
GDGILMDGD
(OSHGDOGHIUHQRHVWiSUHVLRQDGR(OLQWHUUXSWRUGHOXFHVGHSDUDGDHVWiHQODSRVLFLyQ21
(OSHGDOGHOHPEUDJXHHVWiSUHVLRQDGR(OLQWHUUXSWRUGHSRVLFLyQGHOSHGDOGHOHPEUDJXHHVWiHQODSRVL
FLyQ213DUDYHKtFXORFRQ07
/D SDODQFD VHOHFWRUD KD VLGR FDPELDGD D OD SRVLFLyQ 1 (O LQWHUUXSWRU GH SRVLFLyQ GH HVWDFLRQDPLHQWR
SXQWRPXHUWRHQHOLQWHUUXSWRUGHSRVLFLyQGHODWUDQVPLVLyQHVWiHQODSRVLFLyQ21
(OLQWHUUXSWRU&$1&(/DQXODUHVWiHQODSRVLFLyQ21
127$
&XDQGRVHDQXODHOFUXFHURFRQVWDQWHGHELGRDFXDOTXLHUDGHODVFRQGLFLRQHVDQWHULRUHVLQGLFDGDVFRQXQ
DVWHULVFR
GHVSXpVGHODDQXODFLyQHVSRVLEOHUHVWDEOHFHUODYHORFLGDGGHOYHKtFXORPHGLDQWHHOLQWHUUXS
WRU$&&(/5(680(VLHPSUHTXHODYHORFLGDGGHOYHKtFXORVHDPD\RUTXHNPK
'LDJQyVWLFR
7DEODGHGLDJQyVWLFR
1RWDVSDUDODFRPSUREDFLyQGHOFLUFXLWRGHOVLVWHPD
5HILpUDVHD³35(&$8&,21(63$5$(/6(59,&,2'(&,5&8,726(/e&75,&26´HQODVHFFLyQ$
6,67(0$'(&21752/'(&58&(52(
&RPSUREDFLyQGHOFLUFXLWRGHODOX]LQGLFDGRUDGHOLQWHUUXSWRUSULQFLSDOGHFUX
FHUR
3DVR 2SHUDFLyQ 6t 1R
&RPSUXHEHVLHOFLUFXLWRHVWiFRUWRFLUFXLWDGR &LUFXLWR³/7*51 9D\DDOSDVR
'HVFRQHFWHORVFRQHFWRUHVGHOPyGXORGHFRQWUROGHFUXFHUR :+7´FRUWRFLUFXL
FRQHOLQWHUUXSWRUGHHQFHQGLGRHQODSRVLFLyQ2)) WDGRDPDVD
&RORTXHHOLQWHUUXSWRUGHHQFHQGLGRHQODSRVLFLyQ21
¢6HHQFLHQGHODOX]LQGLFDGRUDGHOLQWHUUXSWRUSULQFLSDOGHFUX
FHUR"
&RPSUREDFLyQGHFLUFXLWRDELHUWR &LUFXLWRGHODOX] 9D\DDOSDVR
9HULILTXHHOHVWDGRGHODFRQH[LyQDOPyGXORGHFRQWUROGHFUX LQGLFDGRUDHQEXHQ
FHURHQHOWHUPLQDO( HVWDGR
6LHVWiFRQIRUPHFRQHFWHHOWHUPLQDO(DPDVD
¢6HHQFLHQGHODOX]LQGLFDGRUDFXDQGRVHFRORFDHOLQWHUUXSWRUGH
HQFHQGLGRHQODSRVLFLyQ21"
&RPSUXHEHODERPELOODGHODOX] &LUFXLWR³%/.:+7´ 5HHPSODFHOD
'HVPRQWHHOLQWHUUXSWRUSULQFLSDOGHFUXFHURGHOWDEOHURGHLQV R³/7*51:+7´ ERPELOOD
WUXPHQWRV DELHUWR
'HVPRQWHODERPELOOD\FRPSUXHEHODERPELOOD
¢(VWiHQEXHQDVFRQGLFLRQHVODERPELOOD"
)LJXUDSDUDHOSDVR
(6,67(0$'(&21752/'(&58&(52
&RPSUREDFLyQGHOFLUFXLWRGHODOX]LQGLFDGRUDGH³&UXFHUR´
3DVR 2SHUDFLyQ 6t 1R
&RPSUXHEHVLHOFLUFXLWRHVWiFRUWRFLUFXLWDGR &LUFXLWR³*51<(/´ 9D\DDOSDVR
'HVFRQHFWHHOFRQHFWRUGHOPyGXORGHFRQWUROGHFUXFHURFRQ FRUWRFLUFXLWDGRD
HOLQWHUUXSWRUGHHQFHQGLGRHQODSRVLFLyQ2)) PDVD
&RORTXHHOLQWHUUXSWRUGHHQFHQGLGRHQODSRVLFLyQ21
¢6HHQFLHQGHODOX]LQGLFDGRUDGH³&58&(52´"
&RPSUREDFLyQGHFLUFXLWRDELHUWR &LUFXLWRGHODOX] 9D\DDOSDVR
9HULILTXHHOHVWDGRGHODFRQH[LyQDOPyGXORGHFRQWUROGHFUX LQGLFDGRUDHQEXHQ
FHURHQHOWHUPLQDO( HVWDGR
6LHVWiFRQIRUPHFRQHFWHHOWHUPLQDO(DPDVD
¢6HHQFLHQGHODOX]LQGLFDGRUDFXDQGRVHFRORFDHOLQWHUUXSWRUGH
HQFHQGLGRHQODSRVLFLyQ21"
&RPSUXHEHODERPELOODGHODOX] &LUFXLWR³%/.:+7´ 5HHPSODFHOD
'HVPRQWHHOLQGLFDGRUFRPELQDGRGHOWDEOHURGHLQVWUXPHQWRV R³*51<(/´ ERPELOOD
'HVPRQWHODERPELOOD\FRPSUXHEHODERPELOOD DELHUWR
¢(VWiHQEXHQDVFRQGLFLRQHVODERPELOOD"
)LJXUDSDUDHOSDVR
6,67(0$'(&21752/'(&58&(52(
&RPSUREDFLyQGHORVLQWHUUXSWRUHVSULQFLSDOGHFUXFHUR&RDVW6HW5HVXPH
$FFHO\&DQFHO
3DVR 2SHUDFLyQ 6t 1R
&RPSUREDFLyQGHOFLUFXLWRGHLQWHUUXSWRU &LUFXLWRGHOLQWHUUXS 9D\DDOSDVR
'HVFRQHFWHHOFRQHFWRUGHOPyGXORGHFRQWUROGHFUXFHURFRQHO WRUHQEXHQHVWDGR
LQWHUUXSWRUGHHQFHQGLGRHQODSRVLFLyQ2))
9HULILTXHHOHVWDGRGHODFRQH[LyQDOPyGXORGHFRQWUROGHFUXFHUR
HQHOWHUPLQDO(
6LHVWiFRQIRUPHFRPSUXHEHODUHVLVWHQFLDHQWUHORVWHUPLQDOHV
(\(HQFDGDXQDGHODVFRQGLFLRQHVLQGLFDGDVD
FRQWLQXDFLyQ
(VSHFLILFDFLyQGHOFLUFXLWRGHOLQWHUUXSWRUUHVLVWHQFLD
7RGRVORVLQWHUUXSWRUHVHQODSRVLFLyQ2)),QILQLWR
,QWHUUXSWRU&2$676(7JLUDGRSRVLFLyQ21±Ω
,QWHUUXSWRU5(680($&&(/JLUDGRSRVLFLyQ21±Ω
,QWHUUXSWRU&$1&(/SUHVLRQDGRSRVLFLyQ21ΩDSUR[LPDGD
PHQWH
*LUHHOLQWHUUXSWRUGHHQFHQGLGRDODSRVLFLyQ21\FRPSUXHEHOD
WHQVLyQHQWUHHOWHUPLQDO(\PDVDHQFDGDXQDGHODVFRQ
GLFLRQHVVLJXLHQWHV
(VSHFLILFDFLyQGHOFLUFXLWRGHOLQWHUUXSWRUWHQVLyQ
,QWHUUXSWRUSULQFLSDOGHFUXFHUROLEHUDGR2))9
,QWHUUXSWRUSULQFLSDOGHFUXFHURSUHVLRQDGR21±9
¢6RQVDWLVIDFWRULRVORVUHVXOWDGRHQORVSDVRV\"
&RPSUREDFLyQGHOLQWHUUXSWRUSULQFLSDOGHFUXFHUR 9D\DDOSDVR 5HHPSODFH
&RPSUXHEHHOIXQFLRQDPLHQWRGHOLQWHUUXSWRUSULQFLSDOGHFUXFHUR
UHILULpQGRVHD³&RPSUREDFLyQGHOLQWHUUXSWRUSULQFLSDOGHFUXFHUR´
HQHVWDVHFFLyQ
¢(VWiHQEXHQDVFRQGLFLRQHVHOLQWHUUXSWRU"
&RPSUREDFLyQGHORVLQWHUUXSWRUHV&2$676(75(680($&&(/\ &LUFXLWR³%/.<(/´ 5HHPSODFH
&$1&(/ R³/7*51´DELHUWR
&RPSUXHEHHOIXQFLRQDPLHQWRGHORVLQWHUUXSWRUHV&2$676(7 RFRUWRFLUFXLWDGR
5(680($&&(/\&$1&(/5HILpUDVHD³,17(5583725(6
&2$676(75(680($&&(/\&$1&(/´HQHVWDVHFFLyQ
¢(VWiQHQEXHQDVFRQGLFLRQHVORVLQWHUUXSWRUHV"
)LJXUDSDUDHOSDVR
,QWHUUXSWRUSULQFLSDOGHFUXFHUR
,QWHUUXSWRU³5(680($&&(/5HVWDEOHFHUYHORFLGDG´
,QWHUUXSWRU³&2$676(7´
,QWHUUXSWRU³&$1&(/$QXODU´
(6,67(0$'(&21752/'(&58&(52
&RPSUREDFLyQGHOFLUFXLWRGH966
3DVR 2SHUDFLyQ 6t 1R
&RPSUREDFLyQGHOFLUFXLWRGHOVHQVRUGHYHORFLGDGGHOYHKtFXOR &LUFXLWRGH966HQ &LUFXLWR³%/8
'HVFRQHFWHHOFRQHFWRUGHOPyGXORGHFRQWUROGHFUXFHURFRQ EXHQHVWDGR <(/´DELHUWR
HOLQWHUUXSWRUGHHQFHQGLGRHQODSRVLFLyQ2))
9HULILTXHHOHVWDGRGHODFRQH[LyQDOPyGXORGHFRQWUROGHFUX
FHURHQHOWHUPLQDO(
6LHVWiFRQIRUPHFRPSUXHEHODFRQWLQXLGDGHQWUHORVWHUPLQD
OHV(\(\ORVWHUPLQDOHV&\&5HILpUDVH
D³6,67(0$'(&21752/'(&58&(52´HQODVHFFLyQ$
¢(VVDWLVIDFWRULRHOUHVXOWDGRGHODFRPSUREDFLyQ"
)LJXUDSDUDHOSDVR
6,67(0$'(&21752/'(&58&(52(
&RPSUREDFLyQGHORVFLUFXLWRVGHOLQWHUUXSWRUGHOXFHVGHSDUDGDFRQLQWHUUXS
WRUGHSRVLFLyQGHSHGDO
3DVR 2SHUDFLyQ 6t 1R
&RPSUREDFLyQGHORVFLUFXLWRVGHOLQWHUUXSWRUGHOXFHVGHSDUDGD /RVFLUFXLWRVGHO 9D\DDOSDVR
FRQLQWHUUXSWRUGHSRVLFLyQGHSHGDO LQWHUUXSWRUGHOXFHV
'HVFRQHFWHHOFRQHFWRUGHOPyGXORGHFRQWUROGHFUXFHURFRQ GHSDUDGDFRQLQWH
HOLQWHUUXSWRUGHHQFHQGLGRHQODSRVLFLyQ2)) UUXSWRUGHSRVLFLyQ
9HULILTXHHOHVWDGRGHODFRQH[LyQDOPyGXORGHFRQWUROGHFUX GHSHGDOHVWiQHQ
FHURHQHOWHUPLQDO(\HQHOWHUPLQDO( EXHQHVWDGR
6LODFRQH[LyQHVWiQRUPDOFRORTXHHOLQWHUUXSWRUGHHQFHQGLGR
HQODSRVLFLyQ21
&RPSUXHEHODWHQVLyQHQWUHFDGDWHUPLQDO\PDVDHQFDGD
XQDGHODVFRQGLFLRQHVVLJXLHQWHV
(VSHFLILFDFLyQGHOFLUFXLWRGHOLQWHUUXSWRUGHOXFHVGHSDUDGD
3HGDOGHIUHQRVROWDGRWHUPLQDO(9
3HGDOGHIUHQRVROWDGRWHUPLQDO(±9
3HGDOGHIUHQRDSUHWDGRWHUPLQDO(±9
3HGDOGHIUHQRDSUHWDGRWHUPLQDO(9
¢(VVDWLVIDFWRULRHOUHVXOWDGRGHODFRPSUREDFLyQ"
&RPSUREDFLyQGHODSRVLFLyQGHOLQWHUUXSWRUGHOXFHVGHSDUDGD 9D\DDOSDVR $MXVWH
&RPSUXHEHODSRVLFLyQGHLQVWDODFLyQGHOLQWHUUXSWRUGHOXFHV
GHSDUDGD5HILpUDVHD³,17(5583725'(/8&(6'(
3$5$'$´HQODVHFFLyQ
¢(VVDWLVIDFWRULRHOUHVXOWDGRGHODFRPSUREDFLyQ"
&RPSUREDFLyQGHOLQWHUUXSWRUGHOXFHVGHSDUDGDFRQLQWHUUXSWRU &LUFXLWR³<(/*51´ 5HHPSODFH
GHSRVLFLyQGHSHGDO R³*51:+7´
'HVFRQHFWHHOFRQHFWRUGHOLQWHUUXSWRUGHOXFHVGHSDUDGD DELHUWRRFRUWRFLU
&RPSUXHEHHOHVWDGRGHODFRQH[LyQDOLQWHUUXSWRUGHOXFHVGH FXLWDGR
SDUDGDHQWRGRVORVWHUPLQDOHV
6LHVWiFRQIRUPHFRPSUXHEHHOIXQFLRQDPLHQWRGHORVLQWH
UUXSWRUHVGHOXFHVGHSDUDGD\GHSRVLFLyQGHOSHGDO5HILp
UDVHD³,17(5583725'(/8&(6'(3$5$'$´HQHVWD
VHFFLyQ
¢(VWiHQEXHQDVFRQGLFLRQHVHVWHLQWHUUXSWRU"
)LJXUDSDUDHOSDVR
(6,67(0$'(&21752/'(&58&(52
&RPSUREDFLyQGHOFLUFXLWRGHOLQWHUUXSWRUGHSRVLFLyQGHODWUDQVPLVLyQ
3DVR 2SHUDFLyQ 6t 1R
&RPSUREDFLyQGHOFLUFXLWRGHOLQWHUUXSWRUGHSRVLFLyQGHODWUDQVPL (OFLUFXLWRGHOLQWH 9D\DDOSDVR
VLyQ UUXSWRUGHSRVLFLyQ
'HVFRQHFWHHOFRQHFWRUGHOPyGXORGHFRQWUROGHFUXFHURFRQ GHODWUDQVPLVLyQ
HOLQWHUUXSWRUGHHQFHQGLGRHQODSRVLFLyQ2)) HVWiHQEXHQDVFRQ
9HULILTXHHOHVWDGRGHODFRQH[LyQDOPyGXORGHFRQWUROGHFUX GLFLRQHV
FHURHQHOWHUPLQDO(
6LHVWiFRQIRUPHFRQHFWHHORKPtPHWURHQWUHHOWHUPLQDO
(\PDVD
&RPSUXHEHODFRQWLQXLGDGHQFDGDXQDGHODVFRQGLFLRQHV
VLJXLHQWHV
(VSHFLILFDFLyQGHOFLUFXLWRGHOLQWHUUXSWRUGHSRVLFLyQGHOD
WUDQVPLVLyQ
3DODQFDVHOHFWRUDHQODSRVLFLyQ³3´R³1´&RQWLQXLGDG
3RVLFLyQ³5´³'´³´R³/´,QILQLWR
¢(VVDWLVIDFWRULRHOUHVXOWDGRGHODFRPSUREDFLyQ"
&RPSUREDFLyQGHOLQWHUUXSWRUGHSRVLFLyQGHODWUDQVPLVLyQ &LUFXLWR³%/.5('´ $MXVWHRUHHP
'HVFRQHFWHHOFRQHFWRUGHOLQWHUUXSWRUGHSRVLFLyQGHODWUDQV R³%/.<(/´ SODFH
PLVLyQ DELHUWRRFRUWRFLU
&RPSUXHEHHOHVWDGRGHODFRQH[LyQDOLQWHUUXSWRUGHSRVLFLyQ FXLWDGR
GHODWUDQVPLVLyQHQORVWHUPLQDOHVGHOFRQHFWRUGHVFRQHF
WDGR
6LHVWiQQRUPDOHVFRPSUXHEHHOIXQFLRQDPLHQWRGHOLQWHUUXS
WRUGHSRVLFLyQGHODWUDQVPLVLyQ5HILpUDVHD³,17(5583725
'(326,&,Ï1'(/$75$160,6,Ï1´HQODVHFFLyQ%
¢(VVDWLVIDFWRULRHOUHVXOWDGRGHODFRPSUREDFLyQ"
)LJXUDSDUDHOSDVR
6,67(0$'(&21752/'(&58&(52(
&RPSUREDFLyQGHOFLUFXLWRGHOLQWHUUXSWRUGHSRVLFLyQGHOSHGDOGHOHPEUDJXH
3DVR 2SHUDFLyQ 6t 1R
&RPSUREDFLyQGHOFLUFXLWRGHOLQWHUUXSWRUGHSRVLFLyQGHOSHGDOGHO (OFLUFXLWRGHOLQWH 9D\DDOSDVR
HPEUDJXH UUXSWRUGHSRVLFLyQ
'HVFRQHFWHHOFRQHFWRUGHOPyGXORGHFRQWUROGHFUXFHURFRQ GHOSHGDOGHOHPEUD
HOLQWHUUXSWRUGHHQFHQGLGRHQODSRVLFLyQ2)) JXHHVWiHQEXHQDV
9HULILTXHHOHVWDGRGHODFRQH[LyQDOPyGXORGHFRQWUROGHFUX FRQGLFLRQHV
FHURHQHOWHUPLQDO(
6LHVWi\PDVDFRQIRUPHFRPSUXHEHODUHVLVWHQFLDHQWUHHO
WHUPLQDO(\PDVDHQFDGDXQDGHODVFRQGLFLRQHVLQGL
FDGDVDFRQWLQXDFLyQ
(VSHFLILFDFLyQGHOFLUFXLWRGHOLQWHUUXSWRUGHSRVLFLyQGHO
SHGDOGHOHPEUDJXH
3HGDOGHIUHQRVROWDGR,QILQLWR
3HGDOGHIUHQRSUHVLRQDGR&RQWLQXLGDG
¢(VVDWLVIDFWRULRHOUHVXOWDGRGHODFRPSUREDFLyQ"
&RPSUREDFLyQGHODSRVLFLyQGHOLQWHUUXSWRUGHSRVLFLyQGHOSHGDO 9D\DDOSDVR $MXVWH
GHOHPEUDJXH
&RPSUXHEHODSRVLFLyQGHOLQWHUUXSWRUGHOSHGDOGHOHPEUDJXH
5HILpUDVHD³,17(5583725'(326,&,Ï1'(/3('$/'(/
(0%5$*8(´HQHVWDVHFFLyQ
¢(VVDWLVIDFWRULRHOUHVXOWDGRGHODFRPSUREDFLyQ"
&RPSUREDFLyQGHOLQWHUUXSWRUGHSRVLFLyQGHOSHGDOGHOHPEUDJXH &LUFXLWR³%/8´R 5HHPSODFH
'HVFRQHFWHHOFRQHFWRUGHOLQWHUUXSWRUGHSRVLFLyQGHOSHGDO ³%/.´DELHUWRRHQ
GHOHPEUDJXH FRUWRFLUFXLWR
9HULILTXHHOHVWDGRGHODFRQH[LyQDOLQWHUUXSWRUGHSRVLFLyQGHO
SHGDOGHOHPEUDJXHHQWRGRVORVWHUPLQDOHV
6LHVWiFRQIRUPHFRPSUXHEHHOIXQFLRQDPLHQWRGHOLQWHUUXSWRU
GHSRVLFLyQGHOSHGDOGHOHPEUDJXH5HILpUDVHD³,17(5583
725'(326,&,Ï1'(/3('$/'(/(0%5$*8(´HQHVWD
VHFFLyQ
¢(VWiHQEXHQDVFRQGLFLRQHVHVWHLQWHUUXSWRU"
)LJXUDSDUDHOSDVR
(6,67(0$'(&21752/'(&58&(52
&RPSUREDFLyQGHOFLUFXLWRGHODVHxDOGHDEHUWXUDGHODPDULSRVDGHJDVHV
3DVR 2SHUDFLyQ 6t 1R
&RPSUREDFLyQGHOFyGLJRGHGLDJQyVWLFRGHOPyGXORGHFRQWUROGHO &RPSUXHEH\ 9D\DDOSDVR
WUHQGHSRWHQFLD3&0 UHSDUHHOVHQVRUGH
&RPSUXHEHVLKD\'7&HQHO3&0 73UHILULpQGRVHDOD
¢6HGHWHFWD'7&UHODFLRQDGRFRQHOVHQVRUGHSRVLFLyQGHODPDUL VHFFLyQ
SRVDGHJDVHV"
&RPSUREDFLyQGHOFLUFXLWRGHODVHxDOGHDEHUWXUDGHODPDULSRVD (OFLUFXLWRGHOD 9D\DDOSDVR
GHJDVHV VHxDOGHDEHUWXUD
&RORTXHHOLQWHUUXSWRUGHHQFHQGLGRHQODSRVLFLyQ21 GHODPDULSRVDGH
0LGDODWHQVLyQHQWUHHOWHUPLQDO(GHOFRQHFWRUFRQHFWDGR JDVHVHVWiHQ
GHO3&0\ODPDVD EXHQDFRQGLFLRQHV
¢9DUtDODWHQVLyQOLQHDOPHQWHGHDFXHUGRFRQODDEHUWXUDGHOD
PDULSRVDGHJDVHV"
&RPSUREDFLyQGHODWHQVLyQGHDOLPHQWDFLyQHOpFWULFD &RPSUXHEHHOVHQ &RPSUXHEHHO
'HVFRQHFWHHOFRQHFWRUGHOPyGXORGH3&0FRQHOLQWHUUXSWRU VRUGH73\ORVFLU FDEOH³*5<´SDUD
GHHQFHQGLGRHQODSRVLFLyQ2)) FXLWRV5HILpUDVHD GHWHFWDUFLUFXLWR
&RPSUXHEHHOHVWDGRGHODFRQH[LyQDOPyGXORGH3&0HQHO ODVHFFLyQ DELHUWRRFRUWRFLU
WHUPLQDO( 6LHVWiQFRQIRUPHV FXLWR6LHVWiFRQ
6LODFRQH[LyQHVWiFRQIRUPHXWLOLFHHOFDEOHGHVHUYLFLR\ UHHPSODFHSRUXQ IRUPHSURFHGDD
FRQHFWHHOWHUPLQDOGHOFDEOH³%/8´GHOUHOHSULQFLSDODPDVD PyGXORGH3&0HQ ODFRPSUREDFLyQ
&RORTXHHOLQWHUUXSWRUGHHQFHQGLGRHQODSRVLFLyQ21 EXHQHVWDGR\ GHORVFLUFXLWRV
0LGDODWHQVLyQHQWUHHOWHUPLQDO(GHOFRQHFWRUGHO3&0\ YXHOYDDFRPSUREDU GHDOLPHQWDFLyQ
ODPDVD HOpFWULFD\GH
¢(VODWHQVLyQ±9" PDVDGHOPyGXOR
GHFRQWUROGHFUX
FHUR
)LJXUDSDUDHOSDVR
6,67(0$'(&21752/'(&58&(52(
&RPSUREDFLyQGHOFLUFXLWRGHVHxDOGHFRPDQGRGHFRUWHGHVREUHPDUFKD\GH
7&&
3DVR 2SHUDFLyQ 6t 1R
&RPSUREDFLyQGHOFLUFXLWRGHVHxDOGHFRPDQGRGHFRUWHGH (VWHFLUFXLWRGH &RPSUXHEHHOFDEOH
VREUHPDUFKD\GH7&& VHxDOHVWiHQEXHQ ³31.%/8´SDUDGHWHF
'HVFRQHFWHHOFRQHFWRUGHOPyGXORGHFRQWUROGHFUX HVWDGR WDUFLUFXLWRDELHUWRRFRU
FHURFRQHOLQWHUUXSWRUGHHQFHQGLGRHQODSRVLFLyQ2)) WRFLUFXLWR
9HULILTXHHOHVWDGRGHODFRQH[LyQDOPyGXORGHFRQWURO 6LHVWiFRQIRUPHUHHP
GHFUXFHURHQHOWHUPLQDO( SODFHSRUXQPyGXORGH
6LODFRQH[LyQHVWiQRUPDOFRORTXHHOLQWHUUXSWRUGH 3&0HQEXHQHVWDGR\
HQFHQGLGRHQODSRVLFLyQ21 YXHOYDDFRPSUREDU
&RPSUXHEHODWHQVLyQHQWUHHOWHUPLQDO(\OD
PDVD
¢(VODWHQVLyQ±9"
)LJXUDSDUDHOSDVR
&RPSUREDFLyQGHORVFLUFXLWRVGHDOLPHQWDFLyQHOpFWULFD\PDVDGHOPyGXORGH
FRQWUROGHFUXFHUR
3DVR 2SHUDFLyQ 6t 1R
&RPSUREDFLyQGHORVFLUFXLWRVGHDOLPHQWDFLyQHOpFWULFD\PDVD /RVFLUFXLWRVGHDOL &LUFXLWR³%/8
'HVFRQHFWHHOFRQHFWRUGHOPyGXORGHFRQWUROGHFUXFHURFRQ PHQWDFLyQHOpFWULFD %/.´R³%/.´
HOLQWHUUXSWRUGHHQFHQGLGRHQODSRVLFLyQ2)) \PDVDHVWiQHQ DELHUWR
9HULILTXHHOHVWDGRGHODFRQH[LyQDOPyGXORGHFRQWUROGHFUX EXHQHVWDGR
FHURHQHOWHUPLQDO(\HQHOWHUPLQDO(
6LODFRQH[LyQHVWiQRUPDOFRORTXHHOLQWHUUXSWRUGHHQFHQGLGR
HQODSRVLFLyQ21
&RPSUXHEHODWHQVLyQHQWUHORVWHUPLQDOHV(\(
¢,QGLFDHOYROWtPHWUR±9"
)LJXUDSDUDHOSDVR
(6,67(0$'(&21752/'(&58&(52
&RPSUREDFLyQGHOPyGXORGHFRQWUROGHFUXFHUR\VXFLUFXLWR
35(&$8&,Ï1
(OPyGXORGHFRQWUROGHFUXFHURQRSXHGHFRPSUREDUVHDVtPLVPR(VWiHVWULFWDPHQWHSURKLELGRFRQHFWDU
XQYROWtPHWURRXQRKPtPHWURDOPyGXORGHFRQWUROGHFUXFHURFRQHOFRQHFWRUGHVFRQHFWDGRGHOPyGXOR
&20352%$&,Ï1'(/$7(16,Ï1
&RPSUXHEHODWHQVLyQGHHQWUDGDRGHVDOLGDWHQVLyQHQWUHFDGDFLUFXLWR\ODPDVDDFDUURFHUtDFRQHOFRQHFWRUGHO
PyGXORGHFRQWUROGHFUXFHURFRQHFWDGR
&20352%$&,Ï1'(/$5(6,67(1&,$
'HVFRQHFWH HO FRQHFWRU GHO PyGXOR GH FRQWURO GH FUXFHUR GHO
PyGXORGHFRQWUROGHFUXFHURFRQHOLQWHUUXSWRUGHHQFHQGLGR
HQODSRVLFLyQ2))
35(&$8&,Ï1
1XQFD WRTXH ORV WHUPLQDOHV GHO PyGXOR GH FRQWURO GH FUX
FHURPLVPRQLFRQHFWHXQYROWtPHWURRXQRKPtPHWUR
&RPSUXHEHODUHVLVWHQFLDHQWUHFDGDSDUGHWHUPLQDOHVGHORV
FRQHFWRUHV GHVFRQHFWDGRV HQ OD IRUPD OLVWDGD HQ OD WDEOD
VLJXLHQWH
&RQHFWRUGHPyGXORGHFRQWUROGHFUXFHUR(
5(6,67(1&,$
7(50,1$/(6 &,5&8,72 &21',&,Ï1
(67È1'$5
(±PDVDDFDUUR 0DVD &RQWLQXLGDG ±
FHUtD
(±( ,QWHUUXSWRUGHSRVLFLyQ &RQWLQXLGDG 3HGDOGHIUHQRVROWDGR
GHOSHGDOGHIUHQRHQHO 1RKD\FRQWLQXLGDG 3HGDOGHIUHQRDSUHWDGR
LQWHUUXSWRUGHOXFHVGH
SDUDGD
(±( ,QWHUUXSWRU&$1&(/ 1RKD\FRQWLQXLGDG ,QWHUUXSWRU&$1&(/HQSRVLFLyQ2))
OLEHUDGR
&RQWLQXLGDG ,QWHUUXSWRU&$1&(/HQSRVLFLyQ21
SUHVLRQDGR
,QWHUUXSWRU6(7&2$67 1RKD\FRQWLQXLGDG ,QWHUUXSWRU&2$676(7HQSRVLFLyQ
2))OLEHUDGR
±Ω ,QWHUUXSWRU&2$676(7HQSRVLFLyQ
21JLUDGR
,QWHUUXSWRU$&&(/ 1RKD\FRQWLQXLGDG ,QWHUUXSWRU5(680($&&(/HQSRVL
5(680( FLyQ2))OLEHUDGR
±Ω ,QWHUUXSWRU5(680($&&(/HQSRVL
FLyQ21JLUDGR
(±( ,QWHUUXSWRUGHSRVLFLyQ 1RKD\FRQWLQXLGDG 3HGDOGHOHPEUDJXHVROWDGR
07 GHOSHGDOGHOHPEUDJXH &RQWLQXLGDG 3HGDOGHOHPEUDJXHSUHVLRQDGRD
07VRODPHQWH IRQGR
(±( ,QWHUUXSWRUGHSRVLFLyQ &RQWLQXLGDG 3DODQFDVHOHFWRUDHQODSRVLFLyQ³3´R
$7 GHODWUDQVPLVLyQLQWH ³1´
UUXSWRUGHSRVLFLyQGH 1RKD\FRQWLQXLGDG 3DODQFDVHOHFWRUDHQODSRVLFLyQ³5´
HVWDFLRQDPLHQWRSXQWR ³'´³´R³/´
PXHUWR
$7VRODPHQWH
(6,67(0$'(&21752/'(&58&(52
,QVSHFFLyQ\DMXVWHGHOMXHJRGHOFDEOHGHFUX
FHUR
,163(&&,Ï1<$-867(
'HVPRQWHODWDSDGHODFWXDGRU
&RQODSDODQFDGHODFWXDGRUFRORFDGDRWUDYH]HQVXSRVL
FLyQRULJLQDOHQODTXHODSDODQFDQRHVPRYLGDPiVHQHO
VHQWLGRGHODVDJXMDVGHOUHORMFRPSUXHEHHOMXHJRGHOFDEOH
GHFUXFHUR
6LHOYDORUPHGLGRHVWiIXHUDGHODVHVSHFLILFDFLRQHVDMXVWHGH
ODPDQHUDVLJXLHQWH
-XHJRGHOFDEOHGHFUXFHUR³D´
±PP
$IORMHODWXHUFDGHEORTXHRGHOFDEOH
$MXVWHHOMXHJRGHOFDEOHDOYDORUHVSHFLILFDGRKDFLHQGRJLUDUOD
WXHUFDGHDMXVWH
'HVSXpV GHODMXVWH DSULHWH VHJXUDPHQWH OD WXHUFD GH EOR
TXHR
6HUYLFLRHQHOYHKtFXOR
,QWHUUXSWRUSULQFLSDOGHFUXFHUR
'(60217$-(
'HVFRQHFWHHOFDEOHQHJDWLYR±HQODEDWHUtD
'HVPRQWHODFXELHUWDGHOLQGLFDGRUFRPELQDGRVDFDQGRVXV
SHUQRVGHPRQWDMH
'HVPRQWHHOLQWHUUXSWRUSULQFLSDOGHFUXFHURGHOWDEOHURGH
LQVWUXPHQWRV
'HVFRQHFWHHOFRQHFWRUGHOLQWHUUXSWRUSULQFLSDOGHFUXFHUR
&20352%$&,Ï1
,167$/$&,Ï1
3DUDODLQVWDODFLyQLQYLHUWDHOSURFHGLPLHQWRGHGHVPRQWDMH
6,67(0$'(&21752/'(&58&(52(
,QWHUUXSWRUHV&RDVW6HW5HVXPH$FFHO\&DQ
FHO
35(&$8&,Ï1
1XQFD GHVDUPH HO FRQMXQWR GHO LQWHUUXSWRU FRPELQDGR (O
GHVDUPDGRGHWHULRUDUiVXVIXQFLRQHVRULJLQDOHV
(VWRVLQWHUUXSWRUHVHVWiQLQFRUSRUDGRVHQHOFRQMXQWRGHOLQWHUUXSWRU
FRPELQDGR
'(60217$-((,167$/$&,Ï1
5HILpUDVHD³,17(5583725&20%,1$'2´HQODVHFFLyQ&
&20352%$&,Ï1
'HVDFWLYHHOVLVWHPDGHFROFKyQGHDLUH5HILpUDVHD³'(6$&
7,9$&,Ï1'(/6,67(0$'(&2/&+Ï1'($,5(´HQODVHF
FLyQ%
6HQVRUGHYHORFLGDGGHOYHKtFXOR966
&20352%$&,Ï1
5HILpUDVHDODVHFFLyQ(
,QWHUUXSWRUGHSRVLFLyQGHODWUDQVPLVLyQ
3DUDODFRPSUREDFLyQGHVPRQWDMHLQVWDODFLyQ\DMXVWHUHILpUDVHDOD
VHFFLyQ%
(6,67(0$'(&21752/'(&58&(52
,QWHUUXSWRUGHSRVLFLyQGHOSHGDOGHOHPEUDJXH
&33
'(60217$-(
'HVFRQHFWHHOFRQHFWRUGHOLQWHUUXSWRUGH&33FRQHOLQWHUUXS
WRUGHHQFHQGLGRHQODSRVLFLyQ2))
'HVPRQWHHOLQWHUUXSWRUGH&33GHOVRSRUWHGHOSHGDO
,QWHUUXSWRUGH&33SDUDHOFRQWUROGHFUXFHUR
,QWHUUXSWRUGHOXFHVGHSDUDGD
,QWHUUXSWRUGH&33SDUDHOPRWRUGHDUUDQTXHVLHVWiHTXLSDGR
&20352%$&,Ï1
&RPSUXHEH OD UHVLVWHQFLD HQWUHORV WHUPLQDOHV HQ FDGD XQD GH ODV
FRQGLFLRQHVLQGLFDGDVDFRQWLQXDFLyQ
6LHOUHVXOWDGRGHODFRPSUREDFLyQQRHVVDWLVIDFWRULRUHHPSODFH
5HVLVWHQFLDGHOLQWHUUXSWRUGH&33
&XDQGRHOHMHGHOLQWHUUXSWRUHVWiOLEUH&RQWLQXLGDG
&XDQGRHOHMHGHOLQWHUUXSWRUHVWiHPSXMDGR1RKD\FRQWL
QXLGDG
(PSXMDU
/LEUH
,167$/$&,Ï1
,QVWDOHHOLQWHUUXSWRUGH&33HQHOVRSRUWHGHOSHGDO
&RQHOSHGDOGHOHPEUDJXHVROWDGRDMXVWHODSRVLFLyQGHOLQWH
UUXSWRUGHPDQHUDTXHODKROJXUDHQWUHHOH[WUHPRGHODURVFD\
HOVRSRUWHGHOSHGDOGHOHPEUDJXHHVWpFRQIRUPHFRQODVHVSH
FLILFDFLRQHV
+ROJXUD³D´HQWUHHOH[WUHPRGHODURVFD\HOVRSRUWHGHO
SHGDOGHOHPEUDJXH
±PP
$SULHWHODWXHUFDGHEORTXHRDOSDUGHDSULHWHHVSHFLILFDGR
3DUGHDSULHWH
7XHUFDGHEORTXHRGHOLQWHUUXSWRUGH&33D1ÂP
NJP
&RQHFWHVHJXUD\ILUPHPHQWHHOFRQHFWRUDOLQWHUUXSWRUGH&33
3HGDOGHOHPEUDJXH
,QWHUUXSWRUGH&33SDUDHOFRQWUROGHFUXFHUR
7XHUFDGHEORTXHR
6,67(0$'(&21752/'(&58&(52(
,QWHUUXSWRUGHOXFHVGHSDUDGDFRQLQWHUUXSWRU
GHSRVLFLyQGHOSHGDO
&20352%$&,Ï1
'HVFRQHFWHHOFDEOHQHJDWLYR±HQODEDWHUtD
'HVFRQHFWH HO FRQHFWRU GHO LQWHUUXSWRU GH OXFHV GH SDUDGD \
GHVPRQWH HO LQWHUUXSWRU GH OXFHV GH SDUDGD GHO VRSRUWH GHO
SHGDO
&RPSUXHEHODUHVLVWHQFLDGHOLQWHUUXSWRUFRQWDFWRVHQFDGD
XQDGHODVFRQGLFLRQHVVLJXLHQWHV
6L HO UHVXOWDGR GH OD FRPSUREDFLyQ QR HV VDWLVIDFWRULR UHHP
SODFHHOLQWHUUXSWRUGHOXFHVGHSDUDGD
(VSHFLILFDFLyQGHOLQWHUUXSWRUGHOXFHVGHSDUDGD
5HVLVWHQFLDHQWUHORVWHUPLQDOHV³´\³´&RQWDFWRSDUDODV
OXFHVGHSDUDGD
/,%5(&RQWLQXLGDG(038-(1RKD\FRQWLQXLGDG
5HVLVWHQFLDHQWUHORVWHUPLQDOHV³´\³´&RQWDFWRSDUDHO
SHGDOGHIUHQR
/,%5(1RKD\FRQWLQXLGDG(038-(&RQWLQXLGDG
,QVWDOH HO LQWHUUXSWRU GH OXFHV GH SDUDGD \ DMXVWH VX SRVLFLyQ
UHILULpQGRVHDODVHFFLyQ
(6,67(0$'(&21752/'(&58&(52
&RQMXQWRGHODFWXDGRUGHFRQWUROGHFUXFHUR
FRQPyGXORGHFRQWURO
35(&$8&,Ï1
1XQFDGHVDUPHHOFRQMXQWRGHODFWXDGRUGHFRQWUROGHFUX
FHUR
(OGHVDUPDGRGHWHULRUDUiVXIXQFLyQRULJLQDO
'(60217$-(
'HVFRQHFWHHOFDEOHQHJDWLYR±HQODEDWHUtD
'HVFRQHFWH HO FRQHFWRU GHO FRQMXQWR GHO DFWXDGRU FRQ
PyGXORGHFRQWURO
'HVPRQWHODWDSDGHODFWXDGRUGHOFRQMXQWRGHODFWXD
GRU
'HVFRQHFWHHOFDEOHGHFUXFHURGHOFRQMXQWRGHODFWXD
GRU
'HVPRQWHGHOYHKtFXORHOFRQMXQWRGHODFWXDGRU
&20352%$&,Ï1
0XHYDFRQODPDQRODSDODQFDGHODFWXDGRU\FRPSUXHEHVXIXQ
FLRQDPLHQWRFRPRVHGHVFULEHDFRQWLQXDFLyQ
/DSDODQFDGHODFWXDGRUQRGHEHJLUDUHQHOVHQWLGRGHODV
DJXMDVGHOUHORM
/DSDODQFDGHODFWXDGRUGHEHJLUDUVXDYH\IiFLOPHQWHPiV
RPHQRVGHYXHOWDHQHOVHQWLGRFRQWUDULRDOGHODVHJXMDV
GHOUHORM\FRQWDFWDUHOWRSHLQWHUQR
&XDQGRVHVDTXHODPDQRGHODSDODQFDGHODFWXDGRUHQOD
SRVLFLyQDQWHULRUGHEHYROYHUDVXSRVLFLyQRULJLQDOSRUOD
DFFLyQGHOPXHOOHGHUHWRUQR6LODSDODQFDGHODFWXDGRUQR
IXQFLRQDFRPRLQGLFDGRUHHPSODFH
,167$/$&,Ï1
,QVWDOHHOFRQMXQWRGHODFWXDGRULQYLUWLHQGRHOSURFHGLPLHQWRDQWHULRU
GHGHVPRQWDMHWHQLHQGRHQFRQVLGHUDFLyQORVSXQWRVVLJXLHQWHV
$MXVWH HO MXHJR GHO FDEOH GH FUXFHUR DO YDORU HVSHFLILFDGR
5HILpUDVH D ³,163(&&,Ï1 < $-867( '(/ &$%/( '(
&58&(52´HQHVWDVHFFLyQ
6,67(0$'(&21752/'(&58&(52(
&DEOHGHFUXFHUR
'(60217$-(
'HVFRQHFWHHOFDEOHGHFUXFHURGHOEUD]RGHFRQWUROGHFUXFHUR\GHOVRSRUWHGHODFHOHUDGRU
'HVPRQWHODWDSDGHODFWXDGRU\GHVFRQHFWHHOFDEOHGHFUXFHURGHODFWXDGRU
6HSDUHHOFDEOHGHWRGDVODVDEUD]DGHUDVGHILMDFLyQ
'HVPRQWHHOFDEOHGHOYHKtFXOR
,167$/$&,Ï1
,QVWDOHHOFDEOHGHFUXFHURLQYLUWLHQGRHOSURFHGLPLHQWRDQWHULRUGHGHVPRQWDMHWHQLHQGRHQFRQVLGHUDFLyQORVSXQWRV
VLJXLHQWHV
5HILpUDVHDODILJXUDDQWHULRUSDUDPD\RUHVGHWDOOHVVREUHODORFDOL]DFLyQFRUUHFWDGHODVDEUD]DGHUDV\SDUD
ODGLVSRVLFLyQGHOFDEOH
$MXVWH HO MXHJR GHO FDEOH GH FUXFHUR DO YDORU HVSHFLILFDGR 5HILpUDVH D ³,163(&&,Ï1 < $-867( '(/
&$%/('(&58&(52´HQHVWDVHFFLyQ
(6,67(0$'(&21752/'(&58&(52
6(59,&,2'(/$&$552&(5Ë$
6(&&,Ï1
6(59,&,2'(/$&$552&(5Ë$
$'9(57(1&,$
3DUDORVYHKtFXORVHTXLSDGRVFRQHO6LVWHPD6XSOHPHQWDULRGH6XMHFLyQ&ROFKyQGHDLUH
/RVVHUYLFLRVTXHGHEDQVHUHIHFWXDGRVHQRDOUHGHGRUGHORVFRPSRQHQWHVRGHOFDEOHDGRGHOVLVWHPD
GHOFROFKyQGHDLUHGHEHQVHUKHFKRVH[FOXVLYDPHQWHSRUXQFRQFHVLRQDULRDXWRUL]DGR68=8.,5HILp
UDVH DO ³(VTXHPD GH XELFDFLyQ GH ORV FRPSRQHQWHV \ FDEOHDGR GHO VLVWHPD GHO FROFKyQ GH DLUH´ HQ
³'HVFULSFLyQJHQHUDO´HQODVHFFLyQGHOVLVWHPDGHOFROFKyQGHDLUHSDUDFRQILUPDUVLXVWHGHVWiHIHF
WXDQGRWUDEDMRGHVHUYLFLRHQRDOUHGHGRUGHORVFRPSRQHQWHVRGHOFDEOHDGRGHOVLVWHPDGHOFROFKyQ
GHDLUH6tUYDVHREVHUYDUWRGDVODV$'9(57(1&,$6\³3UHFDXFLRQHVSDUDHOVHUYLFLR´LQGLFDGDVHQ³6HU
YLFLRHQHOYHKtFXOR´HQODVHFFLyQGHOVLVWHPDGHOFROFKyQGHDLUHDQWHVGHHIHFWXDUFXDOTXLHUWUDEDMR
GHVHUYLFLRHQRDOUHGHGRUGHORVFRPSRQHQWHVRGHOFDEOHDGRGHOVLVWHPDGHOFROFKyQGHDLUH6LQRVH
UHVSHWDQODV$'9(57(1&,$6VHSXHGHFDXVDUHOLQIODGRDFFLGHQWDOGHOFROFKyQGHDLUHRVHSXHGHGHMDU
LQRSHUDQWHHOVLVWHPDGHOFROFKyQGHDLUH&XDOTXLHUDGHHVWRVGRVFDVRVSXHGHFDXVDUGDxRVFRUSRUD
OHVJUDYHV
/RVWUDEDMRVGHVHUYLFLRWpFQLFRGHEHQVHULQLFLDGRVSRUORPHQRVVHJXQGRVGHVSXpVGHTXHVHFROR
TXHHOLQWHUUXSWRUGHHQFHQGLGRHQODSRVLFLyQ³/2&.´\GHTXHVHGHVFRQHFWHHOFDEOHQHJDWLYRGHOD
EDWHUtD(QHIHFWRVLQRVHSURFHGHGHHVWDIRUPDHOVLVWHPDSXHGHVHUDFWLYDGRSRUODUHVHUYDGHHQHU
JtDHOpFWULFDGHOPyGXORGHGHWHFFLyQ\GHGLDJQyVWLFR6'0
&XDQGRHIHFW~HPDQWHQLPLHQWRHQODFDUURFHUtD\KD\DTXHJROSHDUSLH]DVGHOVLVWHPDGHFROFKyQGH
DLUHGHVPRQWHSUHYLDPHQWHHVWDVSLH]DVGHOVLVWHPD5HILpUDVHDODVHFFLyQ%
127$
3DUD ODV GHVFULSFLRQHV HOHPHQWRV QR LQFOXLGDV HQ HVWD VHFFLyQ UHILpUDVH D OD PLVPD VHFFLyQ GHO
0DQXDOGH6HUYLFLRPHQFLRQDGRHQHO35()$&,2GHHVWHPDQXDO
7RGRVORVHOHPHQWRVGHILMDFLyQVRQSLH]DVGHILMDFLyQLPSRUWDQWHVTXHSRGUtDQDIHFWDU ODHILFDFLDGHO
IXQFLRQDPLHQWRGHSLH]DV\VLVWHPDVYLWDOHV\RTXHSRGUtDQVHUODFDXVDGHFRVWRVDVUHSDUDFLRQHV6L
HOUHHPSOD]RHVQHFHVDULRGHEHQXWLOL]DUVHSLH]DVTXHWHQJDQHOPLVPRQ~PHURGHSLH]DRSLH]DVHTXL
YDOHQWHV
1R HPSOHH SLH]DV GH UHSXHVWR GH PHQRU FDOLGDG R GH GLVHxRV VXVWLWXWLYRV 'XUDQWH HO UHDUPDGR ORV
YDORUHVGHSDUHVGHDSULHWHGHEHQVHUDSOLFDGRVWDOFRPRKDQVLGRHVSHFLILFDGRVSDUDDVtJDUDQWL]DUOD
FRUUHFWDVXMHFLyQGHHVWDVSLH]DV
&217(1,'2
&ULVWDOHVYHQWDQDV\UHWURYLVRUHV 3LQWXUD\UHYHVWLPLHQWRV
9HQWDQLOODGHFXDUWRWUDVHUR ÈUHDVGHDSOLFDFLyQGHSURGXFWRGHVHOODGR
(VWUXFWXUDGHODFDUURFHUtD ÈUHDVGHDSOLFDFLyQGHSURGXFWRGHFDSDGH
'LPHQVLRQHVGHODSDUWHLQIHULRUGHOD IRQGRDQWLFRUURVLyQ
FDUURFHUtD *XDUQLFLRQHVLQWHULRU\H[WHULRU
'LPHQVLRQHVGHODFDUURFHUtD $OIRPEUDGHSLVR
$VLHQWR $OIRPEUDGHSLVRGHODQWHUR
6HJXQGRDVLHQWR $OIRPEUDGHSLVRWUDVHUR
7HUFHUDVLHQWRVLHVWiHTXLSDGR YHKtFXORVLQWHUFHUDVLHQWR
)RUURLQWHULRUGHOWHFKR
6(59,&,2'(/$&$552&(5Ë$
&ULVWDOHVYHQWDQDV\UHWURYLVRUHV
9HQWDQLOODGHFXDUWRWUDVHUR
'(60217$-((,167$/$&,Ï1
(VSDFLDGRU $GKHVLYR
&ULVWDO 3URGXFWRGHLPSULPDFLyQ
0ROGXUD 5HYHVWLPLHQWRGHFHUiPLFD
6(59,&,2'(/$&$552&(5Ë$
(VWUXFWXUDGHODFDUURFHUtD
'LPHQVLRQHVGHODSDUWHLQIHULRUGHODFDUURFHUtD
l p
k
i j
f h’
g
b
d
a
e
g’
D 2ULILFLRLQIHULRUGHLQVWDODFLyQODWHUDOGHOSDUDFKRTXHVGHODQWHUR L 2ULILFLRGHLQVWDODFLyQGHPRQWXUD
E 2ULILFLRGHLQVWDODFLyQGHPRQWXUD M 2ULILFLRGHLQVWDODFLyQGHEDUUDLQIHULRU
F 2ULILFLRGHLQVWDODFLyQGHOEDVWLGRUGHODQWHURGHODVXVSHQVLyQ N 2ULILFLRLQWHULRUGHLQVWDODFLyQGHEDUUDVXSHULRU
G 2ULILFLRH[WHULRUGHLQVWDODFLyQGHOSXQWDOGHODQWHUR O 2ULILFLRGHLQVWDODFLyQGHEDUUDODWHUDO
H 2ULILFLRODWHUDOWUDVHURGHLQVWDODFLyQGHOEUD]RGHVXVSHQVLyQ P 2ULILFLRGHLQVWDODFLyQGHDPRUWLJXDGRUWUDVHUR
I 2ULILFLRGHLQVWDODFLyQGHPRQWXUD Q 2ULILFLRGHLQVWDODFLyQGHPRQWXUD
JJ¶ 2ULILFLRGHJiOLER φ R 2ULILFLRODWHUDOWUDVHURGHUHFKRGHLQVWDODFLyQGHOGHSyVLWRGHFRPEXVWLEOH
KK¶ 2ULILFLRGHJiOLER S 2ULILFLRODWHUDOWUDVHURL]TXLHUGRGHLQVWDODFLyQGHOGHSyVLWRGHFRPEXVWLEOH
'LVWDQFLDGHRULILFLRDRULILFLR
'LPHQVLRQHVGHODFDUURFHUtD
j’
h’
j
j’
h
k
i’
i
g
h
c’
d d’
b’
c’
e’
a f’
c
e l c
b
f
b
d
e
D 2ULILFLRGHFOLSGHLQVWDODFLyQGHSDUDFKRTXHVGHODQWHUR J 2ULILFLRGHLQVWDODFLyQGHPLHPEURFHQWUDO
EE¶ 2ULILFLRGHLQVWDODFLyQGHSDUDFKRTXHVGHODQWHUR KK¶ 2ULILFLRGHUHIHUHQFLDGHLQVWDODFLyQGHJXDUGDEDUURV
FF¶ 2ULILFLRGHLQVWDODFLyQGHIDUR LL¶ 2ULILFLRGHLQVWDODFLyQGHJXDUGDEDUURV
GG¶ 2ULILFLRGHWXHUFDGHUHVLQDGHLQVWDODFLyQGHIDUR MM¶ 2ULILFLRGHUHIHUHQFLDGHLQVWDODFLyQGHJXDUGDEDUURV
HH¶ 2ULILFLRGHSHUQRGHLQVWDODFLyQGHIDUR N 2ULILFLRFHQWUDOGHSDQHOVXSHULRUGHVDOSLFDGHURφ
II¶ 2ULILFLRGHSHUQRGHLQVWDODFLyQGHJXDUGDEDUURVGHODQWHUR O 2ULILFLRGHLQVWDODFLyQGHPRQWXUD
'LVWDQFLDGHRULILFLRDRULILFLR
b’
c’ m (m’)
k (k’)
c
g (g’)
e (e’)
b’
a l (l’)
h (h’)
n o
i (i’)
j (j’)
f (f’)
d (d’)
D 2ULILFLRGHFOLSGHLQVWDODFLyQGHJXDUQLFLyQ LL¶ 2ULILFLRHQODSDUWHLQIHULRUGHODELVDJUDLQIHULRUGHSXHUWDWUDVHUD
EE¶ 3DUWHGHODQWHUDGHVHFFLyQGHLQVWDODFLyQLQIHULRUGHSDUDEULVDVGHODQWHUR MM¶ 2ULILFLRGHLQVWDODFLyQGHODSODFDSURWHFWRUDWUDVHUDHQODSDUWH
GHODQWHUD
FF¶ 3DUWHGHODQWHUDGHVHFFLyQGHLQVWDODFLyQVXSHULRUGHSDUDEULVDVGHODQWHUR NN¶ 2ULILFLRGHLQVWDODFLyQGHJXDUQLFLyQ
G 2ULILFLRHQODSDUWHWUDVHUDGHODELVDJUDLQIHULRUGHSXHUWDGHODQWHUD OO¶ 2ULILFLRGHLQVWDODFLyQGHODVHFFLyQLQIHULRUGHOVHJXURGHSXHUWDWUD
VHUD
H 2ULILFLRGHFOLSGHLQVWDODFLyQGHJXDUQLFLyQ PP¶ 2ULILFLRGHLQVWDODFLyQGHJXDUQLFLyQ
II¶ 2ULILFLRGHLQVWDODFLyQGHODSODFDSURWHFWRUDHQODSDUWHWUDVHUD Q 2ULILFLRGHLQVWDODFLyQSDUDODSDUWHLQWHULRUGHODQWHUDGHODVLHQWR
GHODQWHUR
JJ¶ 2ULILFLRGHLQVWDODFLyQGHJXDUQLFLyQ R 2ULILFLRGHLQVWDODFLyQSDUDODSDUWHLQWHULRUWUDVHUDGHODVLHQWRGHODQ
WHUR
KK¶ 2ULILFLRHQODSDUWHVXSHULRUGHODELVDJUDVXSHULRUGHSXHUWDWUDVHUD
'LVWDQFLDGHRULILFLRDRULILFLR
h
d
i
a
f
j
b
g
e
k
D 2ULILFLRHQODSDUWHWUDVHUDGHODELVDJUDVXSHULRUGHSXHUWDGHODQWHUD J 2ULILFLRHQODSDUWHLQIHULRUGHODELVDJUDLQIHULRUGHSXHUWDWUDVHUD
E 2ULILFLRHQODSDUWHWUDVHUDGHODELVDJUDLQIHULRUGHSXHUWDGHODQWHUD K 2ULILFLRGHLQVWDODFLyQGHDVDGHODQWHUDDX[LOLDU
F 2ULILFLRGHFOLSGHLQVWDODFLyQGHJXDUQLFLyQ L 2ULILFLRGHLQVWDODFLyQGHJXDUQLFLyQ
G 2ULILFLRGHJiOLERφ M 2ULILFLRGHLQVWDODFLyQGHODVHFFLyQLQIHULRUGHOVHJXURGHSXHUWD
H 2ULILFLRGHLQVWDODFLyQGHODSODFDSURWHFWRUDH[WUHPRWUDVHUR N 2ULILFLRGHLQVWDODFLyQH[WHULRUGHFLQWXUyQGHVHJXULGDGGHODQWHUR
I 2ULILFLRHQODSDUWHVXSHULRUGHODELVDJUDVXSHULRUGHSXHUWDWUDVHUD
'LVWDQFLDGHRULILFLRDRULILFLR
b’
b’ b
a
b
c
g
g’
e
f
h
f’
f
f
f’
D 2ULILFLRGHFOLSHQHOFHQWURGHODVHFFLyQGHLQVWDODFLyQGHOIRUUR H 2ULILFLRGHLQVWDODFLyQHQODSDUWHVXSHULRUGHODELVDJUDLQIHULRU
LQWHULRUGHOWHFKR
EE¶ ([WUHPRLQWHULRUGHODVHFFLyQGHLQVWDODFLyQGHOSDQHOGHOWHFKR II¶ ([WUHPRLQWHULRUGHODVHFFLyQGHLQVWDODFLyQGHOPLHPEURWUDVHURGHOSLVR
WUDVHUR
F 2ULILFLRGHLQVWDODFLyQHQODSDUWHVXSHULRUGHOVHJXURGHOSRUWyQ JJ¶ 2ULILFLRGHLQVWDODFLyQHQODVHFFLyQVXSHULRUH[WHULRUGHODOX]FRPELQDGD
WUDVHUR GHUHFKD
G 2ULILFLRGHLQVWDODFLyQHQODSDUWHVXSHULRUGHODELVDJUDVXSHULRU K 2ULILFLRGHWXHUFD
'LVWDQFLDGHRULILFLRDRULILFLR
$VLHQWR
6HJXQGRDVLHQWR
'(60217$-(
'HVPRQWHODFXELHUWDGHH[WHQVLyQGHODMXVWDGRU
'HVPRQWHHOVRSRUWHGHH[WHQVLyQGHODMXVWDGRU
'HVPRQWHODVFXELHUWDVLQWHULRUHVGHODQWHUD\WUDVHUDGHODMXVWDGRU
'HVPRQWHODVFXELHUWDVH[WHULRUHVGHODMXVWDGRU
'HVPRQWHORVSHUQRVGHPRQWXUDGHOVHJXQGRDVLHQWR
'HVDUPH\UHSDUHHODVLHQWRVHJ~QVHDQHFHVDULR
,167$/$&,Ï1
3DUDODLQVWDODFLyQGHODVLHQWRWUDVHURLQYLHUWDHOSURFHGLPLHQWRGHGHVPRQWDMHWHQLHQGRHQFRQVLGHUDFLyQODVLQV
WUXFFLRQHVVLJXLHQWHV
$SULHWHORVSHUQRVGHPRQWXUDGHOVHJXQGRDVLHQWRDOSDUGHDSULHWHHVSHFLILFDGR
6(59,&,2'(/$&$552&(5Ë$
7HUFHUDVLHQWRVLHVWiHTXLSDGR
1
1 4
4
2 5
2
5
12
7
8
*XtDGHDSR\DFDEH]D &RQMXQWRGHUHFOLQDFLyQGHODVLHQWR
5HVSDOGR &XELHUWDGHOFRQMXQWRGHUHFOLQDFLyQGHODVLHQWR
%RWyQGHUHFOLQDFLyQGHODVLHQWR &RMtQGHODVLHQWR
%DUUDGHUHFOLQDFLyQGHODVLHQWR 3HUQRGHPRQWXUDGHOWHUFHUDVLHQWR
'(60217$-(
/HYDQWHODSRUFLyQGHODQWHUDGHOFRMtQGHDVLHQWRSDUDVDFDUHOFRMtQGHODVLHQWRWUDVHUR
'HVPRQWHORVSHUQRVGHPRQWDMHSDUDVDFDUHOUHVSDOGRGHODVLHQWR
'HVDUPH\UHSDUHHODVLHQWRVHJ~QVHDQHFHVDULR
,167$/$&,Ï1
3DUDODLQVWDODFLyQGHODVLHQWRWUDVHURLQYLHUWDHOSURFHGLPLHQWRGHGHVPRQWDMHWHQLHQGRHQFRQVLGHUDFLyQODVLQV
WUXFFLRQHVVLJXLHQWHV
$SULHWHORVSHUQRVGHPRQWXUDGHOWHUFHUDVLHQWRDOSDUGHDSULHWHHVSHFLILFDGR
6(59,&,2'(/$&$552&(5Ë$
3LQWXUD\UHYHVWLPLHQWRV
ÈUHDVGHDSOLFDFLyQGHSURGXFWRGHVHOODGR
“A”
“A” (“B”)
“A” (“B”)
I “A”
I K
Z T
“A” “A”
“A”
N
J G
H N
J
G
H
“A”
“A” (“B”)
Y “A” (“B”)
1 “A” (“B”)
2
6 “A” (“B”)
“A”
“A”
4
4
K–K 8
J–J “A”
9 11 “B”
5
“A” 10
7
1
“A”
H–H
6
“A”
VISTA:Y
I–I
“A” (“B”) 9
11 4 “C” 12
“A”
G–G
VISTA:T N–N
“A” (“B”)
E
“A”
“A” VISTA:Z
1
2
5
“A”
“A” (“B”)
4 E–E
D–D
N
C
“A” (“B”)
C
“A” (“B”)
N
2
“A”
6
5
4
“A”
2
C–C
2 8
9 7
“A” (“B”)
7 2
“A” 1
“A”
3
“A”
L–L 1
A–A B–B
1
“A”
“A” (“B”)
L
L
B
A
“A” (“B”) O
W X U
“A” (“B”)
B
VISTA:W A V
“A” (“B”)
“A”
“A” (“B”)
“A”
“A” (“B”)
QQ
QQ
“A”
M
VISTA:U VISTA:X
4
3
“A”
2
QQ – QQ
“A” (“B”)
“A” (“B”)
M–M
“A” (“B”)
“A”
VISTA:V (LH) O
“A”
VISTA:V (RH)
“C”
“A”
VISTA:FF
VISTA:DD
“D”
BB
“D”
GG – GG
GG
GG
FF CC
“b”
DD
“A”
“A”
“B”
“b”
“E” AA
“A”
EE
VISTA:EE
“a” AA
“A”
“B”
“C”
“C” 15-20 mm
“E”
“B”
VISTA:CC VISTA:BB “A”
“A” AA – AA
³$´ $SOLTXHSURGXFWRVHOODGRU
³%´ $QFKXUDGHDSOLFDFLyQGHSURGXFWRVHOODGRUPiVGHPPHQWUH³D´\³E´
³&´ 6DTXHHOSURGXFWRGHVHOODGRHQHVWDVHFFLyQ
³'´ )XHUDGHHVWDOtQHDQRGHEHKDEHUSURWXEHUDQFLDVGHSURGXFWRGHVHOODGR
³(´ 6XDYLFHHOSURGXFWRVHOODGRUFRQXQSLQFHO
6(59,&,2'(/$&$552&(5Ë$
“C” “C”
“A”
LL “B”
JJ “A”
“b”
HH
“D”
“B”
“A”
HH – HH
KK
“a” HH “A”
VISTA:KK
“B” “B”
MM
MM NN
NN “A”
“A”
MM – MM NN – NN
“b”
PP “A”
OO OO
“a”
OO – OO “D”
“A” PP
PP – PP
KK “A”
“B”
“B”
“A”
LL – LL
KK
“C”
LL LL
KK – KK
³$´ $SOLTXHSURGXFWRVHOODGRU
³%´ 6XDYLFHHOSURGXFWRVHOODGRUFRQXQSLQFHO
³&´ $QFKXUD&GHDSOLFDFLyQGHSURGXFWRVHOODGRUPiVGHPP
6(59,&,2'(/$&$552&(5Ë$
ÈUHDVGHDSOLFDFLyQGHSURGXFWRGHFDSDGHIRQGRDQWLFRUURVLyQ
“A”
A C
A B D
B D “A”
C
“A”
5
“A”
“A”
“b” “a”
“a”
2 “A”
4 6
1 7
A–A D–D
“B”
3
“B”
B–B C–C
VISTA: Z “B”
A
3
2
“A”
A
B
4
Z A–A
“A” “A” “A” “B”
9 10
“B”
“a”
B–B 8
5
1
“b”
“B”
7
“B” 6
C–C
*XDUQLFLRQHVLQWHULRU\H[WHULRU
$OIRPEUDGHSLVR
$OIRPEUDGHSLVRGHODQWHUR
'(60217$-(
'HVPRQWHORVDVLHQWRVGHODQWHUR\VHJXQGR
'HVPRQWHHOFRMtQGHOWHUFHUDVLHQWRVLHVWiHTXLSDGR
'HVPRQWH ORV SHUQRV GH DQFODMHV LQIHULRUHV GH ORV FLQWXURQHV
GHVHJXULGDGGHORVDVLHQWRVVHJXQGR\GHODQWHUR
'HVPRQWH ODV JXDUQLFLRQHV ODWHUDOHV GHO VDOSLFDGHUR ODV
SODFDVGHUHIXHU]RODWHUDOHVGHXPEUDOHVODVJXDUQLFLRQHV
LQIHULRUHVLQWHULRUHVGHOPRQWDQWHFHQWUDOODVSODFDVGH
UHIXHU]RODWHUDOHVWUDVHUDVGHXPEUDOHV\ODVJXDUQLFLRQHV
LQIHULRUHVGHFXDUWRWUDVHUR
'HVPRQWH OD FXELHUWD GH OD SDODQFD GHO IUHQR GH HVWDFLRQD
PLHQWRODFDMDGHFRQVROD\ODH[WHQVLyQGHODQWHUDGHFDMDGH
FRQVROD
'HVPRQWHODDOIRPEUDGHSLVRGHODQWHUR
6(59,&,2'(/$&$552&(5Ë$
,167$/$&,Ï1
3DUDODLQVWDODFLyQGHODDOIRPEUDGHSLVRGHODQWHURLQYLHUWDHOSURFH
GLPLHQWRDQWHULRUGHGHVPRQWDMHWHQLHQGRHQFRQVLGHUDFLyQODVLQV
WUXFFLRQHVVLJXLHQWHV
$SULHWHORVSHUQRVGHDQFODMHGHFLQWXUyQGHVHJXULGDGDOSDU
GHDSULHWHHVSHFLILFDGR5HILpUDVHDODVHFFLyQ$
$OIRPEUDGHSLVRWUDVHURYHKtFXORVLQWHUFHUDVLHQWR
'(60217$-(
'HVPRQWHODJXDUQLFLyQGHOH[WUHPRGHODDOIRPEUDGHOFRP
SDUWLPHQWR GH HTXLSDMH WUDVHUR OD JXDUQLFLyQ GH OD SODFD
2
SURWHFWRUDODWHUDOGHXPEUDOGHSXHUWDWUDVHUD\JXDUQLFLyQLQIH
ULRUGHFXDUWRWUDVHUR
3
6DTXHODWXHUFDSODQDGHOJDQFKRGHHTXLSDMH
6DTXHODDOIRPEUDGHSLVRWUDVHUR
,167$/$&,Ï1
3DUDODLQVWDODFLyQLQYLHUWDHOSURFHGLPLHQWRDQWHULRUGHGHVPRQWDMH
WHQLHQGRHQFRQVLGHUDFLyQORVSXQWRVVLJXLHQWHV
1
)RUURLQWHULRUGHOWHFKR
'(60217$-(
'HVPRQWHHOFRQGXFWRQGHO$&WUDVHUR
'HVPRQWHHOLQWHUUXSWRUGHOWHFKRGHVOL]DQWH\ODJXDUQLFLyQGHO
WHFKRGHVOL]DQWHVLHVWiHTXLSDGR
6(59,&,2'(/$&$552&(5Ë$
'HVPRQWHHOFRQMXQWRGHODYLVHUDVRODU
'HVPRQWHODOX]SDUDFDUWDVGHFDUUHWHUDVOX]LQWHULRU\
OX]GHOFRPSDUWLPHQWRGHHTXLSDMH
6
'HVPRQWHODVDVDVDX[LOLDUHV
'HVFRQHFWHODPDQJXHUDGHOODYDSDUDEULVDVGHOXQHWDWUDVHUD
4
\HOPD]RGHFDEOHVGHOWHFKR
'HVPRQWHHOIRUURLQWHULRUGHOWHFKR
3
5 5 127$
3DUDHOPRGHORVLQWHFKRVRODU
1 2
3DUD ILMDU HO IRUUR GHO WHFKR LQWHULRU VH HPSOHD FLQWD DGKH
VLYD6DTXHODFLQWDDGKHVLYDGHOIRUURLQWHULRUGHOWHFKR\
HQVHJXLGDUHWLUHHOWHFKRGHVSXpVGHVDFDUHOIRUURLQWHULRU
35(&$8&,Ï1
1XQFD GHVPRQWH HO FRQGXFWR Q GHO $& WUDVHUR GHO
IRUUR LQWHULRU GHO WHFKR 6L GHVPRQWD HVWH FRQGXFWR VH
URPSHUiHOIRUURLQWHULRUGHOWHFKR
,167$/$&,Ï1
3DUDODLQVWDODFLyQGHOIRUURGHOWHFKRLQYLHUWDHOSURFHGLPLHQWRDQWH
ULRU GH GHVPRQWDMH WHQLHQGR HQ FRQVLGHUDFLyQ ODV LQVWUXFFLRQHV
VLJXLHQWHV
1 3
(PSOHHFLQWDDGKHVLYD\HQHOIRUURLQWHULRUGHOWHFKRILMHHO
PD]RGHFDEOHVGHOWHFKR\ODPDQJXHUDGHOODYDSDUD
2 EULVDVWUDVHURHQODIRUPDPRVWUDGDHQODILJXUD
3DUDHOPRGHORVLQWHFKRVRODU
(QODIRUPDPRVWUDGDHQODILJXUDDSOLTXHFLQWDDGKHVLYDGH
GREOHFDUDHQHOIRUURLQWHULRUGHOWHFKR
2 4 1
$SULHWHORVSHUQRVGHDQFODMHGHFLQWXUyQGHVHJXULGDGDOSDU
GHDSULHWHHVSHFLILFDGR5HILpUDVHDODVHFFLyQ$
6(59,&,2'(/$&$552&(5Ë$
6,67(0$'(68-(&,Ï1
6(&&,Ï1
6,67(0$'(68-(&,Ï1
$'9(57(1&,$
3DUDORVYHKtFXORVHTXLSDGRVFRQHO6LVWHPD6XSOHPHQWDULRGH6XMHFLyQ&ROFKyQGHDLUH
/RVVHUYLFLRVTXHGHEDQVHUHIHFWXDGRVHQRDOUHGHGRUGHORVFRPSRQHQWHVRGHOFDEOHDGRGHOVLVWHPD
GHOFROFKyQGHDLUHGHEHQVHUKHFKRVH[FOXVLYDPHQWHSRUXQFRQFHVLRQDULRDXWRUL]DGR68=8.,5HILp
UDVHDO³(VTXHPDGHXELFDFLyQGHORVFRPSRQHQWHV\FDEOHDGRGHOVLVWHPDGHFROFKyQGHDLUH´HQ³'HV
FULSFLyQJHQHUDO´HQODVHFFLyQGHOVLVWHPDGHFROFKyQGHDLUHSDUDFRQILUPDUVLXVWHGHVWiHIHFWXDQGR
WUDEDMRGHVHUYLFLRHQRDOUHGHGRUGHORVFRPSRQHQWHVRGHOFDEOHDGRGHOVLVWHPDGHOFROFKyQGHDLUH
6tUYDVHREVHUYDUWRGDVODV$'9(57(1&,$6\³3UHFDXFLRQHVSDUDHOVHUYLFLR´LQGLFDGDVHQ³6HUYLFLRHQ
HOYHKtFXOR´HQODVHFFLyQGHOVLVWHPDGHFROFKyQGHDLUHDQWHVGHHIHFWXDUFXDOTXLHUWUDEDMRGHVHUYL
FLRHQRDOUHGHGRUGHORVFRPSRQHQWHVRGHOFDEOHDGRGHOVLVWHPDGHOFROFKyQGHDLUH6LQRVHUHVSH
WDQ ODV $'9(57(1&,$6 VH SXHGH FDXVDU HO LQIODGR DFFLGHQWDO GHO FROFKyQ GH DLUH R VH SXHGH GHMDU
LQRSHUDQWHHOVLVWHPDGHOFROFKyQGHDLUH&XDOTXLHUDGHHVWRVGRVFDVRVSXHGHFDXVDUGDxRVFRUSRUD
OHVJUDYHV
/RVWUDEDMRVGHVHUYLFLRWpFQLFRGHEHQVHULQLFLDGRVSRUORPHQRVVHJXQGRVGHVSXpVGHTXHVHFROR
TXHHOLQWHUUXSWRUGHHQFHQGLGRHQODSRVLFLyQ³/2&.´\GHTXHVHGHVFRQHFWHHOFDEOHQHJDWLYRGHOD
EDWHUtD(QHIHFWRVLQRVHSURFHGHGHHVWDIRUPDHOVLVWHPDSXHGHVHUDFWLYDGRSRUODUHVHUYDGHHQHU
JtDHOpFWULFDGHOPyGXORGHGHWHFFLyQ\GHGLDJQyVWLFR6'0
&LQWXUyQGHVHJXULGDG 6HFFLyQ$
6LVWHPDGHOFROFKyQGHDLUH 6HFFLyQ%
&217(1,'2
'HVFULSFLyQJHQHUDO
6,67(0$'(68-(&,Ï1
'HVFULSFLyQJHQHUDO
&,1785Ï1'(6(*85,'$'&21(/5
(OFLQWXUyQGHVHJXULGDGFRQUHWUDFWRUGHEORTXHRGHHPHUJHQFLD(/5HVWiSUHYLVWRSDUDTXHVHEORTXHHLQPHGLDWD
PHQWH SDUD HYLWDU TXH HO WHMLGR VLJD VDOLHQGR GHO UHWUDFWRU FXDQGR VH GHWHFWD TXH FXDOTXLHUD GH ORV HOHPHQWRV
VLJXLHQWHVVREUHSDVDHOYDORUILMDGRYHORFLGDGGHVDOLGDGHODFRUUHDWHMLGDSRUHOUHWUDFWRUDFHOHUDFLyQRGHFHOHUDFLyQ
GHODYHORFLGDGGHOYHKtFXORHLQFOLQDFLyQ
&,1785Ï1'(6(*85,'$'&21$(/5
(OUHWUDFWRUGHEORTXHRDXWRPiWLFR\GHHPHUJHQFLD$(/5IXQFLRQDFRPRXQUHWUDFWRUGHEORTXHRGHHPHUJHQFLD
(/5KDVWDTXHODFRUUHDWHMLGDHVVDFDGDFRPSOHWDPHQWH\HQVHJXLGDIXQFLRQDFRPRXQUHWUDFWRUGHEORTXHRDXWR
PiWLFR$/5KDVWDTXHHVUHWUDtGDFRPSOHWDPHQWH
$/5
%ORTXHD DXWRPiWLFDPHQWH FXDQGR OD FRUUHD WHMLGD HV VDFDGD GHO UHWUDFWRU \ SHUPLWLGD TXH VH UHWUDLJD VLTXLHUD XQ
SRFR
(QWRQFHV OD FRUUHD QR SXHGH VHU VDFDGD PiV D PHQRV TXH VHD HQUROODGD FRPSOHWDPHQWH HQ HO UHWUDFWRU OR TXH
OLEHUDHOEORTXHR\SHUPLWHTXHVHSXHGDVDFDUODFRUUHD
&,1785Ï1'(6(*85,'$'&2135(7(16256,(67È(48,3$'2
(OFLQWXUyQGHVHJXULGDGFRQ(/5\SUHWHQVRUWLHQHXQPHFDQLVPRGHSUHWHQVLyQTXHIXQFLRQDDVRFLDGRDOFROFKyQ
GHDLUHHQDGLFLyQDO(/5DQWHVGHVFULWR(OSUHWHQVRUDMXVWDODIOHFKDGHOFLQWXUyQGHVHJXULGDGHQFDVRGHXQDFROL
VLyQIURQWDOFX\RLPSDFWRH[FHGHFLHUWRYDORUILMDGR\GHHVWHPRGRDXPHQWDODHILFDFLDGHODVXMHFLyQ
&2/&+21(6'($,5('(/&21'8&725<'(/3$6$-(52'(/$17(52
/RVFROFKRQHVGHDLUHGHOFRQGXFWRU\GHOSDVDMHURVRQFRPSRQHQWHVGHOVLVWHPDGHOFROFKyQGHDLUH&XDQGRRFXUUH
XQDFROLVLyQIURQWDOFX\DIXHU]DGHLPSDFWRH[FHGHFLHUWRYDORUILMDGRHOORVVRQDFWLYDGRVSRUODVHxDOGHHQFHQGLGR
SURFHGHQWHGHO6'0FRQHOILQGHVXSOHPHQWDUODSURWHFFLyQRIUHFLGDSRUORVFLQWXURQHVGHVHJXULGDGGHOFRQGXFWRU\
GHOSDVDMHUR
(OPyGXORLQIODGRUGHFROFKyQGHDLUHGHOFRQGXFWRUHVGHVSOHJDGRGHVGHHOFHQWURGHODFROXPQDGHGLUHFFLyQ
(OPyGXORLQIODGRUGHOFROFKyQGHDLUHGHOSDVDMHURHVGHVSOHJDGRGHVGHHOWDEOHURGHLQVWUXPHQWRIUHQWHDO
DVLHQWRGHOSDVDMHURGHODQWHUR
3DUDPD\RUHVLQIRUPDFLRQHVUHILpUDVHD³6LVWHPDGHFROFKyQGHDLUH´HQODVHFFLyQ%
&,1785Ï1'(6(*85,'$'$
6(&&,Ï1$
&,1785Ï1'(6(*85,'$'
$'9(57(1&,$
3DUDORVYHKtFXORVHTXLSDGRVFRQHO6LVWHPD6XSOHPHQWDULRGH6XMHFLyQ&ROFKyQGHDLUH
/RVVHUYLFLRVTXHGHEDQVHUHIHFWXDGRVHQRDOUHGHGRUGHORVFRPSRQHQWHVRGHOFDEOHDGRGHOVLVWHPD
GHFROFKyQGHDLUHGHEHQVHUKHFKRVH[FOXVLYDPHQWHSRUXQFRQFHVLRQDULRDXWRUL]DGR68=8.,5HILp
UDVHDO³(VTXHPDGHXELFDFLyQGHORVFRPSRQHQWHV\FDEOHDGRGHOVLVWHPDGHFROFKyQGHDLUH´HQ³'HV
FULSFLyQJHQHUDO´HQODVHFFLyQGHOVLVWHPDGHFROFKyQGHDLUHSDUDFRQILUPDUVLXVWHGHVWiHIHFWXDQGR
WUDEDMRGHVHUYLFLRHQRDOUHGHGRUGHORVFRPSRQHQWHVRGHOFDEOHDGRGHOVLVWHPDGHFROFKyQGHDLUH
6tUYDVHREVHUYDUWRGDVODV$'9(57(1&,$6\³3UHFDXFLRQHVSDUDHOVHUYLFLR´LQGLFDGDVHQ³6HUYLFLRHQ
HOYHKtFXOR´HQODVHFFLyQGHOVLVWHPDGHFROFKyQGHDLUHDQWHVGHHIHFWXDUFXDOTXLHUWUDEDMRGHVHUYL
FLRHQRDOUHGHGRUGHORVFRPSRQHQWHVRGHOFDEOHDGRGHOVLVWHPDGHFROFKyQGHDLUH6LQRVHUHVSHWDQ
ODV$'9(57(1&,$6VHSXHGHFDXVDUHOLQIODGRDFFLGHQWDOGHOFROFKyQGHDLUHRVHSXHGHGHMDULQRSH
UDQWHHOVLVWHPDGHFROFKyQGHDLUH&XDOTXLHUDGHHVWRVGRVFDVRVSXHGHFDXVDUGDxRVFRUSRUDOHVJUD
YHV
/RVWUDEDMRVGHVHUYLFLRWpFQLFRGHEHQVHULQLFLDGRVSRUORPHQRVVHJXQGRVGHVSXpVGHTXHVHFROR
TXHHOLQWHUUXSWRUGHHQFHQGLGRHQODSRVLFLyQ³/2&.´\GHTXHVHGHVFRQHFWHHOFDEOHQHJDWLYRGHOD
EDWHUtD(QHIHFWRVLQRVHSURFHGHGHHVWDIRUPDHOVLVWHPDSXHGHVHUDFWLYDGRSRUODUHVHUYDGHHQHU
JtDHOpFWULFDGHOPyGXORGHGHWHFFLyQ\GHGLDJQyVWLFR6'0 $
35(&$8&,Ï1
&XDQGRVHGHVPRQWHQHOHPHQWRVGHILMDFLyQVLHPSUHUHLQVWDOHORVILMDGRUHVHQHOPLVPROXJDUGRQGHIXH
URQGHVPRQWDGRV6LKD\TXHUHHPSOD]DUXQILMDGRUHPSOHHHOILMDGRUFRQHOQ~PHURFRUUHFWRGHSLH]DSDUD
HVD DSOLFDFLyQ 6L QR VH GLVSRQH GHO Q~PHUR FRUUHFWR GH SLH]D SXHGH XWLOL]DUVH XQ ILMDGRU GHO PLVPR
WDPDxR\UHVLVWHQFLDRPD\RU/RVILMDGRUHVTXHQRVHUiQUHXWLOL]DGRV\ORVILMDGRUHVTXHQHFHVLWDQDSOL
FDFLyQ GH SURGXFWR GH EORTXHR GH URVFD VHUiQ GHMDGRV GH ODGR (V QHFHVDULR DSOLFDU HO SDU GH DSULHWH
HVSHFLILFDGRFXDQGRVHLQVWDOHQILMDGRUHVTXHORUHTXLHUDQ6LQRVHUHVSHWDQORVSURFHGLPLHQWRVDQWHULR
UHVSXHGHQGDxDUVHODVSLH]DVRVLVWHPDV
&217(1,'2
6HUYLFLRHQHOYHKtFXOR $ 'HVHFKR $
3UHFDXFLRQHVSDUDHOVHUYLFLR $ &LQWXUyQGHVHJXULGDGGHODQWHUR $
6HUYLFLR\GLDJQyVWLFR $ 6HJXQGRFLQWXUyQGHVHJXULGDGWUDVHUR $
'HVDFWLYDFLyQGHOVLVWHPDGHFROFKyQGH 7HUFHUFLQWXUyQGHVHJXULGDGWUDVHUR
DLUH $ VLHVWiHTXLSDGR $
$FWLYDFLyQGHOVLVWHPDGHFROFKyQGHDLUH $ (VSHFLILFDFLRQHVGHSDUHVGHDSULHWH $
0DQLSXODFLyQ\DOPDFHQDPLHQWR $
$&,1785Ï1'(6(*85,'$'
6HUYLFLRHQHOYHKtFXOR
3UHFDXFLRQHVSDUDHOVHUYLFLR
6HUYLFLR\GLDJQyVWLFR
$'9(57(1&,$
6LHVQHFHVDULRUHHPSOD]DUXQFLQWXUyQGHVHJXULGDGUHHPSODFHODKHELOOD\UHWUDFWRUGHHPHUJHQFLDGHO
FLQWXUyQ (/5 R OD FRUUHD WHMLGD FRQMXQWDPHQWH FRPR XQ VROR FRQMXQWR (VWR HV QHFHVDULR SDUD SRGHU
JDUDQWL]DUHOEORTXHRGHODSODFDGHOHQJHWDHQODKHELOODGHOFLQWXUyQ6LHVWDVSLH]DVVRQUHHPSOD]DGDV
LQGLYLGXDOPHQWHGLFKDFRQGLFLyQGHEORTXHRHVPXFKRPHQRVILDEOH3RUHVWDUD]yQ68=8.,VXPLQLVWUDUi
ODKHELOOD\HOUHWUDFWRUGHEORTXHRGHHPHUJHQFLDGHOFLQWXUyQ(/5RODFRUUHDWHMLGDVRODPHQWHFRPRXQD
SLH]DGHFRQMXQWR
$QWHV GH HIHFWXDU HO VHUYLFLR R GH UHHPSOD]DU FLQWXURQHV GH VHJXULGDG UHILpUDVH D ORV HOHPHQWRV GH SUHFDXFLyQ
VLJXLHQWHV
/RVFLQWXURQHVGHVHJXULGDGGHEHQHVWDUQRUPDOHVHQUHODFLyQDOUHWUDFWRUGHODFRUUHD\DODVSRUFLRQHVGHOD
KHELOOD
0DQWHQJDDOHMDGRVGHORVFLQWXURQHVORVREMHWRVSHUMXGLFLDOHV\GHERUGHVDILODGRV(YLWHGREODURGDxDUFXDOTXLHU
SRUFLyQGHODKHELOODGHOFLQWXUyQGHODOHQJHWDGHFLHUUH\GHUHWUDFWRUGHEORTXHRGHHPHUJHQFLDGHOFLQWXUyQ
(/5
1REODQTXHHQLWLxDHOWHMLGRGHODFRUUHDGHOFLQWXUyQ3DUDOLPSLDUODXWLOLFHVRODPHQWHDJXDWLELD\MDEyQVXDYH
&XDQGRLQVWDOHXQSHUQRGHDQFODMHGHFLQWXUyQGHVHJXULGDGSULPHURDSULpWHORFRQODPDQRSDUDHYLWDUHVWURSHDU
ODURVFD
8WLOLFHVRODPHQWHODVWXHUFDV\ORVSHUQRVGHDQFODMHHVSHFLILFDGRVSDUDHOFLQWXUyQGHVHJXULGDG\HQVHJXLGD
DSULpWHORVDOSDUGHDSULHWHHVSHFLILFDGR
1RWUDWHGHHIHFWXDUQLQJXQDUHSDUDFLyQHQHOPHFDQLVPRGHOUHWUDFWRURHQODVFXELHUWDVGHOUHWUDFWRU5HHP
SODFHORVFRQMXQWRVGHIHFWXRVRVSRUSLH]DVGHUHHPSOD]RQXHYDV
0DQWHQJDORVFLQWXURQHVVLHPSUHOLPSLRV\VHFRV
6LKD\SLH]DVSRFRILDEOHVUHHPSODFHHVDVSLH]DV
5HHPSODFHORVFLQWXURQHVTXHWLHQHQFRUUHDVGHWHMLGRFRUWDGDVRGDxDGDVHQRWUDIRUPD
1RFRORTXHQDGDHQODDEHUWXUDGHOSDQHOGHJXDUQLFLyQSRUGRQGHSDVDODFRUUHDGHWHMLGRGHOFLQWXUyQ
3DUDFLQWXUyQGHVHJXULGDGFRQSUHWHQVRU
5HILpUDVHD³6(59,&,2<',$*1Ï67,&2´GH³35(&$8&,21(63$5$(/6(59,&,2´HQ³6(59,&,2(1(/9(+Ë
&8/2´HQODVHFFLyQ%
$'9(57(1&,$
&XDQGRHIHFW~HWUDEDMRVGHVHUYLFLRHQRDOUHGHGRUGHFRPSRQHQWHVGHOVLVWHPDGHFROFKyQGHDLUHRGHO
FDEOHDGRGHOFROFKyQGHDLUHGHVDFWLYHHOVLVWHPDGHFROFKyQGHDLUH5HILpUDVHD³'(6$&7,9$&,Ï1'(/
6,67(0$'(&2/&+Ï1'($,5(´HQ³35(&$8&,21(63$5$(/6(59,&,2´HQ³6(59,&,2(1(/9(+Ë
&8/2´HQODVHFFLyQ%
6LQRVHUHVSHWDQORVSURFHGLPLHQWRVLQGLFDGRVHVWRSXHGHFDXVDUODDFWLYDFLyQGHOVLVWHPDGHFROFKyQGH
DLUHGDxRVFRUSRUDOHVRUHSDUDFLRQHVLQQHFHVDULDVGHOVLVWHPDGHFROFKyQGHDLUH
'HVDFWLYDFLyQGHOVLVWHPDGHFROFKyQGHDLUH
5HILpUDVH D ³'(6$&7,9$&,Ï1 '(/ 6,67(0$ '( &2/&+Ï1 '( $,5(´ HQ ³35(&$8&,21(6 3$5$ (/ 6(59,
&,2´HQ³6(59,&,2(1(/9(+Ë&8/2´HQODVHFFLyQ%
$FWLYDFLyQGHOVLVWHPDGHFROFKyQGHDLUH
5HILpUDVHD³$&7,9$&,Ï1'(/6,67(0$'(&2/&+Ï1'($,5(´HQ³35(&$8&,21(63$5$(/6(59,&,2´HQ
³6(59,&,2(1(/9(+Ë&8/2´HQODVHFFLyQ%
0DQLSXODFLyQ\DOPDFHQDPLHQWR
5HILpUDVHD³0$1,38/$&,Ï1<$/0$&(1$0,(172´GH³35(&$8&,21(63$5$(/6(59,&,2´HQ³6(59,&,2
(1(/9(+Ë&8/2´HQODVHFFLyQ%
'HVHFKR
5HILpUDVHD³'(6(&+2´HQ³35(&$8&,21(63$5$(/6(59,&,2´HQ³6(59,&,2(1(/9(+Ë&8/2´HQODVHF
FLyQ%
&,1785Ï1'(6(*85,'$'$
&LQWXUyQGHVHJXULGDGGHODQWHUR
,163(&&,Ï1(1(/9(+Ë&8/2
&LQWXUyQGHVHJXULGDGFRQ$/5
(QHOFDVRGHORVFLQWXURQHVGHVHJXULGDGFRQ$/5TXHQRVHDHOFLQWXUyQGHVHJXULGDGGHOODGRGHOFRQGXFWRU
FRPSUXHEHHVWRVFLQWXURQHVFRPRVLJXHDGLFLRQDOPHQWHDODFRPSUREDFLyQDQWHULRU
&RQHOYHKtFXORGHWHQLGRWLUHGHOFLQWXUyQGHVHJXULGDGKDVWDVDFDUORFRPSOHWDPHQWHGHMHTXHVHUHWUDLJDDOJR\
HQVHJXLGD WUDWH GH WLUDU GH pO 1R GHEH VDOLU GH VX SRVLFLyQ HV GHFLU GHEH SHUPDQHFHU EORTXHDGR GRQGH VH
UHWUDMR
'HMH TXH HO FLQWXUyQ GH VHJXULGDG VH UHWUDLJD D VX HVWDGR RULJLQDO (QVHJXLGD WLUH GHO FLQWXUyQ GH VHJXULGDG
VDFiQGRORKDVWDODPLWDGGHMHTXHVHUHWUDLJDXQSRFR\HQVHJXLGDWUDWHGHWLUDUGHpO'HEHUtDVDOLUGHVXSRVL
FLyQVXDYHPHQWHHVGHFLUQRGHEHSHUPDQHFHUEORTXHDGRHVWDYH]
$'9(57(1&,$
1XQFDWUDWHGHUHSDUDURGHGHVDUPDUHOSUHWHQVRUGHOFLQWXUyQGHVHJXULGDGFRQMXQWRGHOUHWUDFWRU6L
KD\DOJXQDFRQGLFLyQGHIHFWXRVDUHHPSODFHSRUXQRQXHYRFRPRXQFRQMXQWR
$QWHVGHFRPHQ]DUDWUDEDMDUDVHJ~UHVHGHOHHUFXLGDGRVDPHQWHODV³35(&$8&,21(63$5$(/6(59,
&,2´\GXUDQWHHOWUDEDMRWRPHWRGDVODVSUHFDXFLRQHVLQGLFDGDV(OLQFXPSOLPLHQWRGHODVLQVWUXFFLR
QHV GDGDV SXHGH FDXVDU GDxRV FRUSRUDOHV R KDFHU TXH HO VLVWHPD GH FROFKyQ GH DLUH QR VH DFWLYH
RSRUWXQDPHQWHFXDQGRVHDQHFHVDULR
'(60217$-(
'HVFRQHFWHHOFDEOHQHJDWLYRHQODEDWHUtD
'HVDFWLYHHOVLVWHPDGHFROFKyQGHDLUH3DUDPD\RUHVGHWDOOHVVREUHODGHVDFWLYDFLyQUHILpUDVHD³'(6$&7,9$
&,Ï1'(/6,67(0$'(&2/&+Ï1'($,5(´HQ³35(&$8&,21(63$5$(/6(59,&,2´³6(59,&,2(1(/
9(+Ë&8/2´HQODVHFFLyQ%
'HVPRQWHODJXDUQLFLyQLQIHULRUGHOPRQWDQWHGHODQWHUR
6LHVQHFHVDULRGHVFRQHFWHHOFRQHFWRUDPDULOORSDUDSUHWHQVRUGHFLQWXUyQGHVHJXULGDG
D $IORMHODSDODQFDGHOGHVOL]DGRUGHEORTXHR
E 'HVSXpVGHGHVEORTXHDUGHVFRQHFWHGHOFRQHFWRU
'HVPRQWHORVFLQWXURQHVGHVHJXULGDGGHODQWHURVGHOYHKtFXOR
&20352%$&,Ï1
$'9(57(1&,$
1XQFDPLGDODUHVLVWHQFLDGHOSUHWHQVRUQLORGHVDUPH6LQR
SURFHGHFRPRLQGLFDGRSXHGHKDEHUGDxRVFRUSRUDOHV
35(&$8&,Ï1
6L HO SUHWHQVRU GH FLQWXUyQ GH VHJXULGDG FRQMXQWR GH
UHWUDFWRUFD\yGHVGHXQDDOWXUDGHFPRPiVGHEHVHU
UHHPSOD]DGR
/RVFLQWXURQHVGHVHJXULGDG\ODVSLH]DVGHILMDFLyQSXHGHQDIHFWDUFRPSRQHQWHV\VLVWHPDVYLWDOHVGHXQYHKtFXOR
3RUFRQVLJXLHQWHGHEHQVHULQVSHFFLRQDGRVFXLGDGRVDPHQWH\UHHPSOD]DGRVVRODPHQWHSRUSLH]DVJHQXLQDV
&LQWXUyQGHVHJXULGDG
(OWHMLGRGHODFRUUHDGHOFLQWXUyQGHVHJXULGDGRODVXMHFLyQGHOFLQWXUyQQRGHEHQHVWDUGDxDGRV
'HVSOLHJXHWRGRHOFLQWXUyQGHVHJXULGDG\FRPSUXHEHTXHQRKD\QLWRUFHGXUDVQLGHVJDUUDPLHQWRVHQHOFLQWX
UyQ
&RQMXQWRGHUHWUDFWRU
'HMHTXHHOUHWUDFWRUVHUHWUDLJDFRPSOHWDPHQWHSDUDDVtYHULILFDUVLODUHWUDFFLyQVHKDFHIiFLOPHQWH
(OFRQMXQWRGHOUHWUDFWRUGHEHEORTXHDUODFRUUHDWHMLGDFXDQGRVHWLUDGHpOUiSLGDPHQWH
(OFRQMXQWRGHUHWUDFWRUGHFLQWXUyQGHVHJXULGDGGHEHEORTXHDUODFRUUHDWHMLGDDXQFXDQGRHVLQFOLQDGRDSUR[L
PDGDPHQWHKDFLDDGHODQWH\DWUiVRKDFLDODL]TXLHUGD\ODGHUHFKD
&RPSUXHEHHOFRQMXQWRGHUHWUDFWRUYLVXDOPHQWHHQHOFLQWXUyQGHVHJXULGDGFRQSUHWHQVRU\VLVHSUHVHQWDFXDO
TXLHUDGHODVFRQGLFLRQHVVLJXLHQWHVUHHPSODFHSRUXQRQXHYRFRPRXQFRQMXQWR
(OSUHWHQVRUVHKDDFWLYDGR
+D\XQDJULHWDHQHOSUHWHQVRUGHOFLQWXUyQGHVHJXULGDGFRQMXQWRGHOUHWUDFWRU
(OPD]RGHFDEOHVRHOFRQHFWRUHVWiGDxDGR
(OSUHWHQVRUGHFLQWXUyQGHVHJXULGDGFRQMXQWRGHOUHWUDFWRUHVWiGDxDGRRKDUHFLELGRXQLPSDFWRIXHUWHSRU
HMHPSORVHKDFDtGR
3HUQRGHDQFODMH
,QVSHFFLRQHFDGDSHUQRGHDQFODMHSDUDYHULILFDUTXHHVWiQLQVWDODGRVILUPH\VHJXUDPHQWH
7RGRVORVSHUQRVGHDQFODMHGHEHQHVWDUDSUHWDGRVFRUUHFWDPHQWHDOSDUGHDSULHWHHVSHFLILFDGR
&HUURMRGHOFLQWXUyQ
(OFHUURMRGHOFLQWXUyQGHVHJXULGDGGHEHTXHGDUVHJXURFXDQGRLQVHUWDGR
,QVSHFFLRQHELHQODKHELOODGHOFLQWXUyQGHVHJXULGDG\FRPSUXHEHTXHVHEORTXHD\GHVEORTXHDIiFLOPHQWH
'HVSXpVGHLQVHUWDUHOFLQWXUyQHQODKHELOODWLUHFRQIXHU]DGHOFLQWXUyQSDUDFRPSUREDUTXHODKHELOODSHUPD
QHFHEORTXHDGD
&,1785Ï1'(6(*85,'$'$
,QWHUUXSWRUGHFLQWXUyQGHVHJXULGDG
,167$/$&,Ï1
,QVWDOHODVSLH]DVGHVPRQWDGDVHQHORUGHQLQYHUVRDOGHVPRQWDMH\WRPDQGRHQFRQVLGHUDFLyQORVSXQWRVVLJXLHQ
WHV
/RVSHUQRVGHDQFODMHGHOFLQWXUyQGHVHJXULGDGGHEHQWHQHUXQDURVFDILQDXQLILFDGD81)(QQLQJ~Q
FDVRVHDXWRUL]DODXWLOL]DFLyQGHWDPDxRVRURVFDVGHWRUQLOORVPpWULFRVGLIHUHQWHV
&RQHFWHVHJXUDPHQWHHOFRQHFWRUDPDULOORSDUDSUHWHQVRUGHFLQWXUyQGHVHJXULGDGHLQVWDOHHOFRQHFWRUGHSUH
WHQVRUGHFLQWXUyQGHVHJXULGDGHQHOSDQHOLQIHULRUGHOPRQWDQWHGHODQWHURVLHVQHFHVDULR
D &RQHFWHHOFRQHFWRU
E %ORTXHHHOFRQHFWRUFRQODSDODQFDGHEORTXHR
6LHVQHFHVDULRDFWLYHHOVLVWHPDGHFROFKyQGHDLUH5HILpUDVHD³$&7,9$&,Ï1'(/6,67(0$'(&2/&+Ï1
'($,5(´HQ³35(&$8&,21(63$5$(/6(59,&,2´HQODVHFFLyQ%
$&,1785Ï1'(6(*85,'$'
6HJXQGRFLQWXUyQGHVHJXULGDGWUDVHUR
$'9(57(1&,$
$QWHVGHFRPHQ]DUDWUDEDMDUDVHJ~UHVHGHOHHUFXLGDGRVDPHQWHODV³35(&$8&,21(63$5$(/6(59,
&,2´HQHVWDVHFFLyQ\GXUDQWHHOWUDEDMRUHVSHWHWRGDVODVSUHFDXFLRQHVLQGLFDGDV
2 4
$QFODMHVXSHULRU +HELOOD
$QFODMHLQIHULRU 3DUGHDSULHWH
&RQMXQWRGHUHWUDFWRU
'(60217$-(
3DUDHOGHVPRQWDMHGHORVFLQWXURQHVGHVHJXULGDGWUDVHURVUHILpUDVHDODILJXUDDQWHULRU
&20352%$&,Ï1
&RPSUXHEHHOVHJXQGRFLQWXUyQGHVHJXULGDGWUDVHURGHODPLVPDPDQHUDTXHHOFLQWXUyQGHVHJXULGDGGHODQWHUR
H[FHSWRODLQVSHFFLyQGHOSUHWHQVRU5HILpUDVHD³&,1785Ï1'(6(*85,'$''(/$17(52´HQHVWDVHFFLyQ
,167$/$&,Ï1
,QVWDOHODVSLH]DVGHVPRQWDGDVHQHORUGHQLQYHUVRDOGHVPRQWDMH\WRPDQGRHQFRQVLGHUDFLyQORVSXQWRVVLJXLHQ
WHV
/RVSHUQRVGHDQFODMHGHOFLQWXUyQGHVHJXULGDGGHEHQWHQHUXQDURVFDILQDXQLILFDGD81)(QQLQJ~Q
FDVRVHDXWRUL]DODXWLOL]DFLyQGHWDPDxRVRURVFDVGHWRUQLOORVPpWULFRVGLIHUHQWHV
&,1785Ï1'(6(*85,'$'$
7HUFHUFLQWXUyQGHVHJXULGDGWUDVHURVLHVWiHTXLSDGR
$'9(57(1&,$
$QWHVGHFRPHQ]DUDWUDEDMDUDVHJ~UHVHGHOHHUFXLGDGRVDPHQWHODV³35(&$8&,21(63$5$(/6(59,
&,2´HQHVWDVHFFLyQ\GXUDQWHHOWUDEDMRUHVSHWHWRGDVODVSUHFDXFLRQHVLQGLFDGDV
(a)
35 N·m (3,5 kg-m)
(a)
4
35 N·m (3,5 kg-m)
$QFODMHVXSHULRU +HELOOD
$QFODMHLQIHULRU 3DUGHDSULHWH
&RQMXQWRGHUHWUDFWRU
'(60217$-(
3DUDHOGHVPRQWDMHGHORVFLQWXURQHVGHVHJXULGDGWUDVHURVUHILpUDVHDODILJXUDDQWHULRU
&20352%$&,Ï1
&RPSUXHEHHOWHUFHUFLQWXUyQGHVHJXULGDGWUDVHURGHODPLVPDPDQHUDTXHHOVHJXQGRFLQWXUyQGHVHJXULGDGWUD
VHUR5HILpUDVHD³6(*81'2&,1785Ï1'(6(*85,'$'75$6(52´HQHVWDVHFFLyQ
,167$/$&,Ï1
,QVWDOHODVSLH]DVGHVPRQWDGDVHQHORUGHQLQYHUVRDOGHVPRQWDMH\WRPDQGRHQFRQVLGHUDFLyQORVSXQWRVVLJXLHQ
WHV
/RVSHUQRVGHDQFODMHGHOFLQWXUyQGHVHJXULGDGGHEHQWHQHUXQDURVFDILQDXQLILFDGD81)(QQLQJ~Q
FDVRVHDXWRUL]DODXWLOL]DFLyQGHWDPDxRVRURVFDVGHWRUQLOORVPpWULFRVGLIHUHQWHV
$&,1785Ï1'(6(*85,'$'
(VSHFLILFDFLRQHVGHSDUHVGHDSULHWH
3DUGHDSULHWH
3LH]DVGHVXMHFLyQ
1P NJP OEIW
3HUQRGHDQFODMHVXSHULRUHLQIHULRU
3HUQRGHOFRQMXQWRGHUHWUDFWRU
7RUQLOORGHOFRQMXQWRGHUHWUDFWRU
3HUQRGHODKHELOOD
6,67(0$'(/&2/&+Ï1'($,5(%
6(&&,Ï1%
6,67(0$'(/&2/&+Ï1'($,5(
$'9(57(1&,$
/RVVHUYLFLRVTXHGHEDQVHUHIHFWXDGRVHQRDOUHGHGRUGHORVFRPSRQHQWHVRGHOFDEOHDGRGHOVLVWHPD
GHOFROFKyQGHDLUHGHEHQVHUKHFKRVH[FOXVLYDPHQWHSRUXQFRQFHVLRQDULRDXWRUL]DGR68=8.,6tUYDVH
REVHUYDUWRGDVODV$'9(57(1&,$6\ODV³3UHFDXFLRQHVSDUDHOVHUYLFLR´LQGLFDGDVHQ³6HUYLFLRHQHO
YHKtFXOR´HQHVWDVHFFLyQGHOVLVWHPDGHFROFKyQGHDLUHDQWHVGHHIHFWXDUFXDOTXLHUWUDEDMRGHVHUYL
FLRHQRDOUHGHGRUGHORVFRPSRQHQWHVRGHOFDEOHDGRGHOVLVWHPDGHOFROFKyQGHDLUH6LQRVHUHVSHWDQ
ODV$'9(57(1&,$6VHSXHGHFDXVDUHOLQIODGRDFFLGHQWDOGHOFROFKyQGHDLUHRVHSXHGHGHMDULQRSH
UDQWHHOVLVWHPDGHOFROFKyQGHDLUH&XDOTXLHUDGHHVWRVGRVFDVRVSXHGHFDXVDUGDxRVFRUSRUDOHVJUD
YHV
/RVSURFHGLPLHQWRVGHHVWDVHFFLyQGHEHQVHUVHJXLGRVHQHORUGHQVHFXHQFLDOLQGLFDGRSDUDGHVDFWLYDU
SURYLVLRQDOPHQWHHOVLVWHPDGHOFROFKyQGHDLUH\HYLWDUODILMDFLyQGHFyGLJRVIDOVRVGHGLDJQyVWLFR6L
QRVHUHVSHWDQORVSURFHGLPLHQWRVVLJXLHQWHVHVWRSXHGHFDXVDUODDFWLYDFLyQGHOVLVWHPDGHOFROFKyQ
GHDLUHGDxRVFRUSRUDOHV\UHSDUDFLRQHVLQQHFHVDULDVGHOVLVWHPDGHOFROFKyQGHDLUH
35(&$8&,Ï1
&XDQGRVHGHVPRQWHQHOHPHQWRVGHILMDFLyQVLHPSUHUHLQVWDOHORVILMDGRUHVHQHOPLVPROXJDUGRQGHIXH
URQGHVPRQWDGRV6LKD\TXHUHHPSOD]DUXQILMDGRUHPSOHHHOILMDGRUFRQHOQ~PHURFRUUHFWRGHSLH]DSDUD
HVD DSOLFDFLyQ 6L QR VH GLVSRQH GHO Q~PHUR FRUUHFWR GH SLH]D SXHGH XWLOL]DUVH XQ ILMDGRU GHO PLVPR %
WDPDxR\UHVLVWHQFLDRPD\RU/RVILMDGRUHVTXHQRVHUiQUHXWLOL]DGRV\ORVILMDGRUHVTXHQHFHVLWDQDSOL
FDFLyQ GH SURGXFWR GH EORTXHR GH URVFD VHUiQ GHMDGRV GH ODGR (V QHFHVDULR DSOLFDU HO SDU GH DSULHWH
HVSHFLILFDGRFXDQGRVHLQVWDOHQILMDGRUHVTXHORUHTXLHUDQ6LQRVHUHVSHWDQORVSURFHGLPLHQWRVDQWHULR
UHVSXHGHQGDxDUVHODVSLH]DVRVLVWHPDV
127$
3DUDODVGHVFULSFLRQHVHOHPHQWRVQRLQFOXLGDVHQHVWDVHFFLyQUHILpUDVHDODPLVPDVHFFLyQGHO0DQXDO
GH6HUYLFLRPHQFLRQDGRHQHO35()$&,2GHHVWHPDQXDO
&217(1,'2
'7&%±5HVLVWHQFLDDOWDGHOFLUFXLWR '7&%±&LUFXLWRLQLFLDGRUGHSUHWHQVRU
LQLFLDGRUGHOFROFKyQGHDLUHGHO GHOSDVDMHURFRUWRFLUFXLWDGRDOFLUFXLWRGH
FRQGXFWRU % DOLPHQWDFLyQHOpFWULFD %
'7&%±5HVLVWHQFLDEDMDGHOFLUFXLWR '7&%±'HWHFFLyQGHFROLVLyQIURQWDO
LQLFLDGRUGHOFROFKyQGHDLUHGHO 6DOLGDGHFRPDQGRGHDFWLYDFLyQGHO
FRQGXFWRU % VLVWHPD%
'7&%±&LUFXLWRLQLFLDGRUGHOFROFKyQ '7&%±)DOORGHOFLUFXLWRGHODOX]GH
GHDLUHGHOFRQGXFWRUFRUWRFLUFXLWDGR DGYHUWHQFLD³$,5%$*´%
DPDVD % '7&%±)DOORLQWHUQRGHOPyGXORGH
'7&%±&LUFXLWRLQLFLDGRUGHOFROFKyQ 6'0 %
GHDLUHGHOFRQGXFWRUFRUWRFLUFXLWDGR '7&%±(VSHFLILFDFLRQHVGHVLVWHPD
DOFLUFXLWRGHDOLPHQWDFLyQHOpFWULFD % GLIHUHQWHVGHODVHVSHFLILFDFLRQHVGHO
'7&%±7HQVLyQDOWDGHODIXHQWHGH 6'0 %
DOLPHQWDFLyQHOpFWULFD % 6HUYLFLRHQHOYHKtFXOR %
'7&%±7HQVLyQEDMDGHODIXHQWHGH 3UHFDXFLRQHVSDUDHOVHUYLFLR %
DOLPHQWDFLyQHOpFWULFD % 6HUYLFLR\GLDJQyVWLFR %
'7&%±&LUFXLWRGHOVHQVRUGHODQWHUR 'HVDFWLYDFLyQGHOVLVWHPDGHOFROFKyQ
GHUHFKRDELHUWRRFRUWRFLUFXLWDGRDPDVD % GHDLUH %
'7&%±&LUFXLWRGHOVHQVRUGHODQWHUR $FWLYDFLyQGHOVLVWHPDGHOFROFKyQ
GHUHFKRFRUWRFLUFXLWDGRHQWUHGRVFDEOHVR GHDLUH %
FRUWRFLUFXLWDGRDOFLUFXLWRGHDOLPHQWDFLyQ 0DQLSXODFLyQ\DOPDFHQDPLHQWR%
HOpFWULFD % ,QVSHFFLRQHV\UHSDUDFLRQHVUHTXHULGDV
'7&%±&LUFXLWRGHOVHQVRUGHODQWHUR GHVSXpVGHXQDFFLGHQWH %
L]TXLHUGRFRUWRFLUFXLWDGRHQWUHGRVFDEOHV $FFLGHQWHFRQGHVSOLHJXHDFWLYDFLyQ±
RDELHUWRRFRUWRFLUFXLWDGRDPDVD % UHHPSOD]RGHFRPSRQHQWH%
'7&%±&LUFXLWRGHOVHQVRUGHODQWHUR $FFLGHQWHFRQRVLQGHVSOLHJXH
L]TXLHUGRFRUWRFLUFXLWDGRHQWUHGRVFDEOHV DFWLYDFLyQ±LQVSHFFLyQGH
RFRUWRFLUFXLWDGRDOFLUFXLWRGHDOLPHQWDFLyQ FRPSRQHQWHV %
HOpFWULFD % 0yGXORGH6'0 %
'7&%±5HVLVWHQFLDDOWDGHOFLUFXLWR 6HQVRUGHODQWHUR%
LQLFLDGRUGHSUHWHQVRUGHOFRQGXFWRU % 3UHWHQVRUGHFLQWXUyQGHVHJXULGDG %
'7&%±5HVLVWHQFLDEDMDGHOFLUFXLWR 'HVHFKRGHPyGXORLQIODGRUGHFROFKyQ
LQLFLDGRUGHSUHWHQVRUGHOFRQGXFWRU % GHDLUH\GHSUHWHQVRUGHFLQWXUyQGH
'7&%±&LUFXLWRLQLFLDGRUGHSUHWHQVRU VHJXULGDG %
GHOFRQGXFWRUFRUWRFLUFXLWDGRDPDVD % 'HVSOLHJXHDFWLYDFLyQIXHUDGHOYHKtFXOR %
'7&%±&LUFXLWRLQLFLDGRUGHSUHWHQVRU 'HVSOLHJXHDFWLYDFLyQGHQWURGHOYHKtFXOR%
GHOFRQGXFWRUFRUWRFLUFXLWDGRDOFLUFXLWRGH 'HVHFKRGHPyGXORLQIODGRUGHFROFKyQ
DOLPHQWDFLyQHOpFWULFD % GHDLUHGHVSOHJDGR\GHSUHWHQVRUGH
'7&%±5HVLVWHQFLDDOWDGHOFLUFXLWR FLQWXUyQGHVHJXULGDGDFWLYDGR %
LQLFLDGRUGHSUHWHQVRUGHOSDVDMHUR % (VSHFLILFDFLRQHVGHSDUHVGHDSULHWH %
'7&%±5HVLVWHQFLDEDMDGHOFLUFXLWR
+HUUDPLHQWDVHVSHFLDOHV %
LQLFLDGRUGHSUHWHQVRUGHOSDVDMHUR %
'7&%±&LUFXLWRLQLFLDGRUGHSUHWHQVRU
GHOSDVDMHURFRUWRFLUFXLWDGRDPDVD %
6,67(0$'(/&2/&+Ï1'($,5(%
'HVFULSFLyQJHQHUDO
(Q FDVR GH XQD FROLVLyQ IURQWDO FX\D IXHU]D GH LPSDFWR VREUHSDVH
FLHUWRYDORUSUHILMDGRFXDQGRVHGLVSRQHGHOVLVWHPDGHOFROFKyQGH
DLUH TXH LQFOX\H FROFKRQHV SDUD HO FRQGXFWRU \ SDUD HO SDVDMHUR
GHODQWHURDVtFRPRSUHWHQVRUGHFLQWXUyQGHVHJXULGDGVLHVWiHTXL
SDGRHOVLVWHPDDFFLRQDUiORVLJXLHQWHHOSDQGHRGHORVFLQWXURQHV
GHVHJXULGDGVHUiGHVSOD]DGRKDFLDDUULEDHQHOFDVRGHFLQWXURQHV
GHVHJXULGDGFRQSUHWHQVRUHOPyGXORLQIODGRUGHFROFKyQGHDLUH
GHOFRQGXFWRUVHUiGHVSOHJDGRGHVGHHOFHQWURGHODFROXPQDGHOD
GLUHFFLyQ \ HO PyGXOR LQIODGRU GH FROFKyQ GH DLUH GHO SDVDMHUR
GHODQWHURVHUiGHVSOHJDGRGHVGHODSDUWHVXSHULRUGHOWDEOHURGHLQV
WUXPHQWRVIUHQWHDODVLHQWRGHOSDVDMHURGHODQWHUR
(VWDV DFFLRQHV SHUPLWLUiQ FRPSOHPHQWDU HILFD]PHQWH OD SURWHFFLyQ
RIUHFLGDSRUORVFLQWXURQHVGHVHJXULGDGWDQWRDOFRQGXFWRUFRPRDO
SDVDMHURGHODQWHUR
&ROFKyQGHDLUHGHOFRQGXFWRU
&ROFKyQGHDLUHGHOSDVDMHUR
3UHWHQVRUGHFLQWXUyQGHVHJXULGDGVLHVWiHTXLSDGR
(OVLVWHPDGHOFROFKyQGHDLUHHVWiSUHYLVWRSDUDDFWLYDUVHVRODPHQWH
HQFDVRGHFROLVLRQHVIURQWDOHVVHYHUDV(OVLVWHPDQRHVWiSUHYLVWR
SDUD DFWLYDUVH HQ FDVR GH LPSDFWRV WUDVHURV LPSDFWRV ODWHUDOHV
YXHOWDV GH FDPSDQD RFROLVLRQHVIURQWDOHV GH SRFD LPSRUWDQFLD\D
TXHQRRIUHFHUtDSURWHFFLyQDOJXQDHQWDOHVWLSRVGHDFFLGHQWHV
%6,67(0$'(/&2/&+Ï1'($,5(
(VTXHPDGHXELFDFLyQGHFRPSRQHQWHV\FDEOHDGRGHOVLVWHPD\FRQHFWRUHV
CONECTOR “Q06”
CONECTOR “Q07”
16 16
CONECTOR “Q11”
15 7
15 5 1
15
13 13
10
12
14 6
4
3
2
11
10 9
CONECTOR “Q01”
9
CONECTOR “Q12”
CONECTOR “Q03”
'LDJUDPDGHFDEOHDGRGHOVLVWHPD
“Q03” 5 11
BLU/BLK BLU/RED
Q01-4 IG
BLK/BLU BLK/WHT
1
2
3 “Q01”
BLK/WHT “Q06” “Q05”
12 13
4 GRN/RED WHT WHT
D+ Q01-10
BLU BLU
Q01-2 LA GRN GRN GRN
D- Q01-9
6 L1 “Q07”
YEL/RED
L2 P+ Q01-7
14
YEL
12V P- Q01-8
7 “Q12”
17 PPL/RED PPL/RED 15
8 Q01-20 SDL
PNK
ORN/GRN 5V DP+ Q01-12
ORN/GRN ORN/GRN
Q01-19 SL+
WHT
ORN/BLU ORN/BLU ORN/BLU DP- Q01-11
Q01-18 SL-
YEL/GRN YEL/GRN YEL/GRN
Q01-13 SR+ BRN
PP+ Q01-5
YEL/BLU YEL/BLU YEL/BLU
Q01-14 SR-
5V LT GRN
“G27” “Q02” PP- Q01-6
18 “E12” “G03” 9 PPL 16
Q01-15 DNS [A]
“Q11”
“Q04” BLK
Q01-17 GND [B]
10
[C] “Q01” “Q12”,“G03”, “G27”,“E12”
“Q01”
',6326,&,Ï1'(7(50,1$/(6'(/0Ï'8/2'(6'09,6726'(6'((//$'2'(/0$=2'(&$%/(6
&21(&725³4´&21(&725'(6'0
&21(&725³4´&RQHFWRUGH6'0
'LDJQyVWLFR
$'9(57(1&,$
3DUDHYLWDUHOGHVSOLHJXHHLQIODGRGXUDQWHODGHWHFFLyQ\UHSDUDFLyQGHGHVSHUIHFWRVGHOVLVWHPDGHOFRO
FKyQGHDLUHQRXWLOLFHHTXLSRHOpFWULFRGHSUXHEDFRPRYROWtPHWURRKPtPHWURHWFDOLPHQWDGRSRUWHQ
VLyQGHEDWHUtDRSRU$&RFXDOTXLHURWURHTXLSRHOpFWULFRTXHQRVHDHOHVSHFLILFDGRHQHVWHPDQXDO1R
XWLOLFHSUREDGRUWLSRVRQGDTXHQRWHQJDDOLPHQWDFLyQSURSLD
/DVLQVWUXFFLRQHVGDGDVHQHVWHPDQXDOGHEHQVHUVHJXLGDVHVWULFWDPHQWHSDUDHYLWDUHOULHVJRGHGDxRV
FRUSRUDOHV
&yGLJRGHGLDJQyVWLFR'7&
/D&20352%$&,Ï1'(/6,67(0$'(',$*1Ï67,&2'(&2/&+Ï1'($,5(VLHPSUHGHEHVHUHOSXQWRGHSDU
WLGDGHFXDOTXLHUGLDJQyVWLFRGHOVLVWHPDGHOFROFKyQGHDLUH/D&20352%$&,Ï1'(/6,67(0$'(',$*1Ï6
7,&2 '( &2/&+Ï1 '( $,5( FRPSUREDUi HO IXQFLRQDPLHQWR FRUUHFWR GH OD OX] GH DGYHUWHQFLD ³$5, %$*´ \
FRPSUREDUiORVFyGLJRVGHGLDJQyVWLFR'7&XWLOL]DQGRODIXQFLyQGHGLDJQyVWLFRHQHOYHKtFXORRHPSOHDQGRHOLQV
WUXPHQWRGHH[SORUDFLyQ68=8.,
8WLOL]DFLyQGHKHUUDPLHQWDVHVSHFLDOHV
$'9(57(1&,$
3DUDHYLWDUHOGHVSOLHJXHHLQIODGRGXUDQWHODGHWHFFLyQ\UHSDUDFLyQGHGHVSHUIHFWRVGHOVLVWHPDGHOFRO
FKyQGHDLUHQRXWLOLFHHTXLSRHOpFWULFRGHSUXHEDFRPRYROWtPHWURRKPtPHWURHWFDOLPHQWDGRSRUWHQ
VLyQGHEDWHUtDRSRU$&RFXDOTXLHURWURHTXLSRHOpFWULFRTXHQRVHDHOHVSHFLILFDGRHQHVWHPDQXDO1R
XWLOLFHSUREDGRUWLSRVRQGDTXHQRWHQJDDOLPHQWDFLyQSURSLD
/DVLQVWUXFFLRQHVGDGDVHQHVWHPDQXDOGHEHQVHUVHJXLGDVHVWULFWDPHQWHSDUDHYLWDUHOULHVJRGHGDxRV
FRUSRUDOHV
'HEHIDPLOLDUL]DUVHFRQODVKHUUDPLHQWDVOLVWDGDVHQHVWDVHFFLyQHQHODSDUWDGR+(55$0,(17$6(63(&,$/(6
8VWHGGHEHVHUFDSD]GHPHGLUWHQVLRQHV\UHVLVWHQFLDV'HEHFRQRFHUDGHFXDGDPHQWHODXWLOL]DFLyQFRUUHFWDGHLQV
WUXPHQWRV GH H[SORUDFLyQ FRPR HO LQVWUXPHQWR GH FDUJD GHO FROFKyQ GH DLUH GHO FRQGXFWRUSDVDMHUR FRQMXQWR GH
DGDSWDGRUGHSUXHEDGHFRQHFWRU\HOSUREDGRUPXOWtPHWURGLJLWDO
+HUUDPLHQWDHVSHFLDO
$&RQMXQWRGHDGDSWDGRUGHSUXHEDGH
FRQHFWRU
(VWH LQVWUXPHQWR GHEH VHU XWLOL]DGR FXDQGR XQ SURFHGLPLHQWR GH
GLDJQyVWLFRUHTXLHUHFRPSUREDURVRQGHDUXQWHUPLQDO
/D XWLOL]DFLyQ GHO DGDSWDGRU DSURSLDGR HQ OD KHUUDPLHQWD HVSHFLDO
JDUDQWL]DUi TXH QR KDEUi ULHVJR GH TXH OD VRQGD GHO PXOWtPHWUR
GDxHDEHUWXUDRGREODGXUDHOWHUPLQDO
$GHPiVHODGDSWDGRUGDUiXQDLGHDGHVLODSUHVLyQGHFRQWDFWRHV
DGHFXDGDRQRFRQWULEX\HQGRDVtDHQFRQWUDUHOOXJDUGHXQFLUFXLWR
DELHUWRRDELHUWRLQWHUPLWHQWHPHQWHGHELGRDOFRQWDFWRGHILFLHQWHHQ
HOWHUPLQDO
6,67(0$'(/&2/&+Ï1'($,5(%
+HUUDPLHQWDHVSHFLDO
%$SDUDWRGHFDUJDGHOFROFKyQGHDLUHGHO
FRQGXFWRUSDVDMHUR
(VWHDSDUDWRHVXWLOL]DGRVRODPHQWHFXDQGRHVWiUHTXHULGRHQHVWD
VHFFLyQ6HXWLOL]DFRPRXQDD\XGDSDUDGLDJQRVWLFDU\FRPRGLVSR
VLWLYRGHVHJXULGDGSDUDLPSHGLUHOGHVSOLHJXHHLQIODGRDFFLGHQWDOHV
GHOPyGXORLQIODGRUGHFROFKyQGHDLUH
(ODSDUDWRGHFDUJDWLHQHWUHVFRQHFWRUHVILMDGRVDVXFDMDTXHVRQ
IXQFLRQDOHV HOpFWULFDPHQWH \ TXH VLUYHQ SDUD VXVWLWXLU FDUJDV GH
UHVLVWHQFLD
1RVHXWLOL]DQPiVGHGRVFRQHFWRUHVDOPLVPRWLHPSR
8QR GH ORV FRQHFWRUHV ³92/$17( '( ',5(&&,Ï1´ HV XWLOL]DGR
SDUDUHHPSOD]DUODFDUJDGHORVLJXLHQWH
0yGXORLQIODGRUGHOFROFKyQGHDLUHGHOFRQGXFWRUFXDQGRHVWi
FRQHFWDGRDODSDUWHVXSHULRUGHODFROXPQDHQHOFRQMXQWRGH
ODERELQDGHFRQWDFWR
0yGXORLQIODGRUGHOFROFKyQGHDLUHGHOSDVDMHURFXDQGRHVWi
FRQHFWDGRDOFRQHFWRUGHOPD]RGHFDEOHVGHFROFKyQGHDLUH
SDUDHOPyGXORLQIODGRUGHOFROFKyQGHDLUHGHOSDVDMHUR
&DGDXQRGHORVSUHWHQVRUHVGHFLQWXUyQGHVHJXULGDGFRQGXF
WRU\SDVDMHURFXDQGRHVWiQFRQHFWDGRVDOFRQHFWRUGHOPD]R
GHFDEOHVGHFROFKyQGHDLUHSDUDORVSUHWHQVRUHVGHOFLQWXUyQ
GHVHJXULGDGGHOFRQGXFWRU\GHOSDVDMHURVLHVWiHTXLSDGR
2WURFRQHFWRU³%$6('(/$&2/801$´HVXWLOL]DGRSDUDVXVWLWXLU
ODFDUJDGHOPyGXORLQIODGRUGHOFROFKyQGHDLUHGHOFRQGXFWRU\GHO
FRQMXQWR GH OD ERELQD GH FRQWDFWR FXDQGR HVWi FRQHFWDGR HQ OD
EDVHGHODFROXPQDDOPD]RGHFDEOHVGHFROFKyQGHDLUH
(OWHUFHUFRQHFWRU³,1)/$'25'(/3$6$-(52´QRHVXWLOL]DGR
$O VXVWLWXLU OD UHVLVWHQFLD GHO DSDUDWR GH FDUJD FXDQGR HVWR VH
UHTXLHUH VH SXHGH GHWHUPLQDU VL XQ FRPSRQHQWH GHO FLUFXLWR GHO
LQIODGRU HV HO FDXVDQWH GHO PDO IXQFLRQDPLHQWR GHO VLVWHPD \ FXiO
FRPSRQHQWHHVHOFDXVDQWHGHOGHVSHUIHFWR
(VWHDSDUDWRGHFDUJDGHEHVHUXWLOL]DGRVRODPHQWHFXDQGRORVSUR
FHGLPLHQWRVGHGLDJQyVWLFRORUHTXLHUHQ
&RQHFWRUSDUDODERELQDGHFRQWDFWR\HOPyGXORLQIODGRUGHOFROFKyQGHDLUHGHO
FRQGXFWRU
/RFDOL]DGRFHUFDGHODEDVHGHODFROXPQDGHODGLUHFFLyQ
&RQHFWRUSDUDHOPyGXORLQIODGRUGHFROFKyQGHDLUHGHOFRQGXFWRU\SDVDMHURSUH
WHQVRUHVGHFLQWXURQHVGHVHJXULGDGGHOFRQGXFWRU\SDVDMHUR
1RXWLOL]DGR
%6,67(0$'(/&2/&+Ï1'($,5(
&RQH[LRQHVLQWHUPLWHQWHV\PDODV
/DPD\RUtDGHODVFRQH[LRQHVLQWHUPLWHQWHVVHGHEHQDFRQH[LRQHVR
DFDEOHDGRVHOpFWULFRVGHIHFWXRVRV&XDQGRHQODWDEODGHIOXMRGH
GLDJQyVWLFR VH UHTXLHUH OD FRPSUREDFLyQ GH OD FRUUHFFLyQ GH OD
FRQH[LyQHQORVFLUFXLWRVVRVSHFKRVRVHIHFW~HODYHULILFDFLyQFXLGD
GRVDGH
$GHFXDFLyQGHILFLHQWHGHODVPLWDGHVGHORVFRQHFWRUHVRWHU
PLQDOHVPDOLQVHUWDGRVHQHOFXHUSRGHOFRQHFWRUVDOLGRV
3ROYRRFRUURVLyQHQORVWHUPLQDOHV/RVWHUPLQDOHVGHEHQHVWDU
OLPSLRV\H[HQWRVGHPDWHULDOHVH[WUDxRVTXHSXHGDQLPSHGLUHO
FRQWDFWRFRUUHFWRGHOWHUPLQDO
6LQHPEDUJRHVWiSURKLELGROLPSLDUHOWHUPLQDOXWLOL]DQGRSDSHO
GHOLMDRDOJRVHPHMDQWH
&XHUSR GDxDGR GHO FRQHFWRU TXH H[SRQH ORV WHUPLQDOHV D OD
KXPHGDG\DODVXFLHGDG\TXHQRPDQWLHQHODDGHFXDGDGLV
SRVLFLyQGHOWHUPLQDOFRQHOFRPSRQHQWHRFRQHOFRQHFWRUUHV
SHFWLYR
7HUPLQDOHVGDxDGRVRGHIRUPDLQFRUUHFWD
&RPSUXHEHFXLGDGRVDPHQWHFDGDWHUPLQDOGHFRQHFWRUHQORV
FLUFXLWRVFRQSUREOHPDV\DVHJ~UHVHGHTXHODSUHVLyQGHFRQ
WDFWR HV FRUUHFWD HPSOHDQGR HO WHUPLQDO FRUUHVSRQGLHQWH
LQFOXLGRHQHOMXHJRGHDGDSWDGRUGHSUXHEDGHFRQHFWRUKHUUD
PLHQWDHVSHFLDO
6LODSUHVLyQGHFRQWDFWRHVLQVXILFLHQWHDGDSWHODIRUPDSDUD
DXPHQWDUODSUHVLyQGHFRQWDFWRRUHHPSODFH
+HUUDPLHQWDHVSHFLDO
$&RQMXQWRGHDGDSWDGRUGHSUXHEDGH
FRQHFWRU
&RQH[LyQGHILFLHQWHHQWUHWHUPLQDO\FDEOH
(Q ORV FLUFXLWRV FRQ SUREOHPDV FRPSUXHEH HO HVWDGR GH OD
FRQH[LyQ HQ FDGD PD]R GH FDEOHV VDFXGLpQGROR OLJHUDPHQWH
FRQODPDQR6LVHHQFXHQWUDFXDOTXLHUDQRUPDOLGDGUHHPSODFH
HOFRQMXQWRGHOPD]RGHFDEOHVRODVSLH]DVFRPSRQHQWHVSRU
PD]RRSLH]DVQXHYRV
&RPSUREDFLyQGHOVLVWHPDGHGLDJQyVWLFRGHFROFKyQGHDLUH
$'9(57(1&,$
3DUDHYLWDUHOGHVSOLHJXHHLQIODGRGXUDQWHODGHWHFFLyQ\UHSDUDFLyQGHGHVSHUIHFWRVGHOVLVWHPDGHOFRO
FKyQGHDLUHQRXWLOLFHHTXLSRHOpFWULFRGHSUXHEDFRPRYROWtPHWURRKPtPHWURHWFDOLPHQWDGRSRUWHQ
VLyQGHEDWHUtDRSRU$&RFXDOTXLHURWURHTXLSRHOpFWULFRTXHQRVHDHOHVSHFLILFDGRHQHVWHPDQXDO1R
XWLOLFHSUREDGRUWLSRVRQGDTXHQRWHQJDDOLPHQWDFLyQSURSLD
/DVLQVWUXFFLRQHVGDGDVHQHVWHPDQXDOGHEHQVHUVHJXLGDVHVWULFWDPHQWHSDUDHYLWDUHOULHVJRGHGDxRV
FRUSRUDOHV
35(&$8&,Ï1
(ORUGHQHQTXHVRQGLDJQRVWLFDGRVORVFyGLJRVGHGLDJQyVWLFRHVPX\LPSRUWDQWH6LQRVHGLDJQRVWLFDQ
ORVFyGLJRVGHGLDJQyVWLFRHQHORUGHQHVSHFLILFDGRHVWRDODUJDUiODGXUDFLyQGHOGLDJQyVWLFRSURGXFLUi
XQGLDJQyVWLFRHUUyQHR\OOHYDUiDOUHHPSOD]RGHSLH]DVLQFRUUHFWDV
/RVSURFHGLPLHQWRVGHGLDJQyVWLFRXWLOL]DGRVHQHVWDVHFFLyQHVWiQSUHYLVWRVSDUDORFDOL]DU\UHSDUDUGHVSHUIHFWRVGH
IXQFLRQDPLHQWRGHOVLVWHPDGHOFROFKyQGHDLUH
3DUDREWHQHUORVPHMRUHVUHVXOWDGRVHVLPSRUWDQWHXWLOL]DUODVWDEODVGHIOXMRGHGLDJQyVWLFR\VHJXLUODVHFXHQFLD
LQGLFDGDDFRQWLQXDFLyQ
$SOLTXH OD 7$%/$ '( )/8-2 '( &20352%$&,Ï1 '(/ 6,67(0$ '( ',$*1Ï67,&2 '( &2/&+Ï1 '(
$,5(
/D7$%/$'()/8-2'(&20352%$&,Ï1'(/6,67(0$'(',$*1Ï67,&2'(&2/&+Ï1'($,5(GHEH
VHUHOSXQWRGHSDUWLGDGHFXDOTXLHUGLDJQyVWLFRGHOVLVWHPDGHOFROFKyQGHDLUH
/D7$%/$'()/8-2'(&20352%$&,Ï1'(/6,67(0$'(',$*1Ï67,&2'(&2/&+Ï1'($,5(FRP
SUREDUi HO IXQFLRQDPLHQWR FRUUHFWR GH OD OX] GH DGYHUWHQFLD ³$,5 %$*´ PHGLDQWH OD OX] GH DGYHUWHQFLD ³$,5
%$*´\VLKD\XQFyGLJRGHGLDJQyVWLFRGHOFROFKyQGHDLUH
5HILpUDVHDODWDEODGHFyGLJRGHGLDJQyVWLFRDSURSLDGDFRPRLQGLFDGRSRUOD7$%/$'()/8-2'(&20352
%$&,Ï1'(/6,67(0$'(',$*1Ï67,&2'(&2/&+Ï1'($,5(
/D 7$%/$ '( )/8-2 '( &20352%$&,Ï1 '(/ 6,67(0$ '( ',$*1Ï67,&2 '( &2/&+Ï1 '( $,5( OH
JXLDUiDODWDEODFRUUHFWDSDUDGLDJQRVWLFDUFXDOTXLHUGHVSHUIHFWRGHIXQFLRQDPLHQWRGHOFROFKyQGHDLUH/DQR
DSOLFDFLyQGHHVWRVSURFHGLPLHQWRVSXHGHDODUJDUODGXUDFLyQGHOGLDJQyVWLFRSURGXFLUXQGLDJQyVWLFRHUUyQHR\
OOHYDUDOUHHPSOD]RGHSLH]DVLQFRUUHFWDV
5HSLWDODDSOLFDFLyQGHOD7$%/$'()/8-2'(&20352%$&,Ï1'(/6,67(0$'(',$*1Ï67,&2'(&2/
&+Ï1'($,5(GHVSXpVGHHIHFWXDUFXDOTXLHUUHSDUDFLyQRSURFHGLPLHQWRGHGLDJQyVWLFR
/DDSOLFDFLyQGHOD7$%/$'()/8-2'(&20352%$&,Ï1'(/6,67(0$'(',$*1Ï67,&2'(&2/&+Ï1
'($,5(GHVSXpVGHWRGDVODVUHSDUDFLRQHVRSURFHGLPLHQWRVGHGLDJQyVWLFRJDUDQWL]DUiTXHODUHSDUDFLyQKD
VLGRKHFKDFRUUHFWDPHQWH\TXHQRKD\QLQJ~QRWURGHVSHUIHFWRGHIXQFLRQDPLHQWR
'(6&5,3&,Ï1'(/$358(%$'(/$7$%/$'()/8-2
3$62&RPSUXHEHTXHODOX]GHDGYHUWHQFLD³$,5%$*´VHHQFLHQGH
3$62&RPSUXHEHTXHODOX]GHDGYHUWHQFLD³$,5%$*´VHHQFLHQGH
3$62&RPSUXHEHHOFLUFXLWRGHOLQWHUUXSWRUGHGLDJQyVWLFR
3$62&RPSUXHEHTXHODOX]GHDGYHUWHQFLD³$,5%$*´GHVWHOODYHFHVGHVSXpVGHTXHHOLQWHUUXSWRUGHHQFHQ
GLGRHVFRORFDGRHQODSRVLFLyQ21
3$62&RPSUXHEHTXHORVFyGLJRVGHODKLVWRULDHVWiQPHPRUL]DGRVHQHO6'08WLOL]DQGRHOLQVWUXPHQWRGH
H[SORUDFLyQ68=8.,
3$62&RPSUXHEHTXHORVFyGLJRVGHODKLVWRULDHVWiQPHPRUL]DGRVHQHO6'08WLOL]DQGRHODFRSODGRUGHYHULIL
FDFLyQ
3$62&RPSUXHEHTXHHOFyGLJRDFWXDOHVWiPHPRUL]DGRHQHO6'08WLOL]DQGRHOLQVWUXPHQWRGHH[SORUDFLyQ
68=8.,
3$62&RPSUXHEHTXHHOFyGLJRDFWXDOHVWiPHPRUL]DGRHQHO6'08WLOL]DQGRHODFRSODGRUGHYHULILFDFLyQ
%6,67(0$'(/&2/&+Ï1'($,5(
7DEODGHIOXMRGHFRPSUREDFLyQGHOVLVWHPDGHGLDJQyVWLFRGHFROFKyQGHDLUH
3DVR 2SHUDFLyQ 6t 1R
$VHJ~UHVHGHTXHODWHQVLyQGHODEDWH 9D\DDOSDVR 3URFHGDDOD7DEOD%)OXMRGH
UtDHVGHXQRV9RPD\RU GLDJQyVWLFR
&RPSUXHEHODOX]GHDGYHUWHQFLD³$,5 &RPSUREDFLyQGHOFLUFXLWRGHOD
%$*´FXDQGRHOLQWHUUXSWRUGHHQFHQGLGR OX]GHDGYHUWHQFLD³$,5%$*´
HVFRORFDGRHQODSRVLFLyQ21
¢6HHQFLHQGHODOX]GHDGYHUWHQFLD³$,5
%$*´FXDQGRHOLQWHUUXSWRUGHHQFHQGLGRHV
FRORFDGRHQODSRVLFLyQ21"
¢3HUPDQHFHHQFHQGLGDODOX]GHDGYHUWHQ 3URFHGDDOD7DEOD$)OXMR 9D\DDOSDVR
FLD³$,5%$*´" GHGLDJQyVWLFR
&RPSUREDFLyQGHOFLUFXLWR
GHODOX]GHDGYHUWHQFLD
³$,5%$*´
¢3HUPDQHFHGHVWHOODQGRLQGLFDQGR'7&OD 3URFHGDDOD7DEOD&)OXMR 9D\DDOSDVR
OX]GHDGYHUWHQFLD³$,5%$*´FXDQGRHOLQWH GHGLDJQyVWLFR
UUXSWRUGHHQFHQGLGRHVFRORFDGRHQODSRVL &RPSUREDFLyQGHOFLUFXLWR
FLyQ21" GHODOX]GHDGYHUWHQFLD
³$,5%$*´
¢6HDSDJDODOX]GHDGYHUWHQFLD³$,5%$*´ 9D\DDOSDVR 9D\DDOSDVR
GHVSXpVGHGHVWHOODUYHFHV"
¢7LHQHXQLQVWUXPHQWRGHH[SORUDFLyQ 9D\DDOSDVR 9D\DDOSDVR
68=8.,"
&RPSUXHEHHO'7&XWLOL]DQGRHOLQVWUX (OVLVWHPDGHOFROFKyQGH +DKDELGRXQGHVSHUIHFWRLQWHU
PHQWRGHH[SORUDFLyQ68=8.,5HILp DLUHHVWiHQEXHQDVFRQGL PLWHQWHHQDOJ~QOXJDU
UDVHD&20352%$&,Ï1'('7& FLRQHV &RPSUXHEHHOPD]RGHFDEOHV
¢6HYLVXDOL]D³12&2'(61RKD\FyGL GHFRQHFWRUHWFUHODFLRQDGR
JRV´HQHOLQVWUXPHQWRGHH[SORUDFLyQ FRQHO'7&GHWHFWDGR
68=8.," 5HILpUDVHD0$/)81&,21$
0,(172,17(50,7(17(<
&21(;,Ï10$/$HQHVWDVHF
FLyQ
(QVHJXLGDERUUH'7&5HILp
UDVHD%255$'2'('7&\
UHSLWDODDSOLFDFLyQGHHVWDWDEOD
&RPSUXHEHHO'7&XWLOL]DQGRHODFRSOD (OVLVWHPDGHOFROFKyQGH +DKDELGRXQGHVSHUIHFWRLQWHU
GRUGHYHULILFDFLyQ5HILpUDVHD&20 DLUHHVWiHQEXHQDVFRQGL PLWHQWHHQDOJ~QOXJDU
352%$&,Ï1'('7& FLRQHV &RPSUXHEHHOPD]RGHFDEOHV
¢(VLQGLFDGRHOSDWUyQQGHGHVWHOORVHQ GHFRQHFWRUHWFUHODFLRQDGR
ODOX]GHDGYHUWHQFLD³$,5%$*´" FRQHO'7&GHWHFWDGR
5HILpUDVHD0$/)81&,21$
0,(172,17(50,7(17(<
&21(;,Ï10$/$HQHVWDVHF
FLyQ
(QVHJXLGDERUUH'7&5HILp
UDVHD%255$'2'('7&\
UHSLWDODDSOLFDFLyQGHHVWDWDEOD
¢7LHQHXQLQVWUXPHQWRGHH[SORUDFLyQ 9D\DDOSDVR 9D\DDOSDVR
68=8.,"
&RPSUXHEHHO'7&XWLOL]DQGRHOLQVWUX 5HHPSODFHSRUXQPyGXOR &RPSUXHEH\UHSDUHGHDFXHUGR
PHQWRGHH[SORUDFLyQ68=8.,5HILp GH6'0HQEXHQHVWDGR\ FRQOD7DEODGHIOXMRGHGLDJQyV
UDVHD&20352%$&,Ï1'('7& YXHOYDDFRPSUREDU WLFRFRUUHVSRQGLHQWHDHVH'7&
¢6HYLVXDOL]D³12&2'(61RKD\FyGL
JRV´HQHOLQVWUXPHQWRGHH[SORUDFLyQ
68=8.,"
6,67(0$'(/&2/&+Ï1'($,5(%
3DVR 2SHUDFLyQ 6t 1R
&RPSUXHEHHO'7&XWLOL]DQGRHODFRSOD 5HHPSODFHSRUXQPyGXOR &RPSUXHEH\UHSDUHGHDFXHUGR
GRUGHYHULILFDFLyQ5HILpUDVHD&20 GH6'0HQEXHQHVWDGR\ FRQOD7DEODGHIOXMRGHGLDJQyV
352%$&,Ï1'('7& YXHOYDDFRPSUREDU WLFRFRUUHVSRQGLHQWHDHVH'7&
¢(VLQGLFDGRHOSDWUyQQGHGHVWHOORVHQ
ODOX]GHDGYHUWHQFLD³$,5%$*´"
%6,67(0$'(/&2/&+Ï1'($,5(
&RPSUREDFLyQGHO'7&
8WLOL]DQGRHOLQVWUXPHQWRGHH[SORUDFLyQ68=8.,
&RORTXHHOLQWHUUXSWRUGHHQFHQGLGRHQODSRVLFLyQ2))
'HVSXpV GH ILMDU HO FDUWXFKR HQ HO LQVWUXPHQWR GH H[SORUDFLyQ
68=8.,FRQpFWHORDOFRQHFWRUGHHQODFHGHGDWRV'/&XEL
FDGRHQHOODGRLQIHULRUGHOWDEOHURGHLQVWUXPHQWRVHQHOODGR
GHODVLHQWRGHOFRQGXFWRU
+HUUDPLHQWDHVSHFLDO
$,QVWUXPHQWRGHH[SORUDFLyQ68=8.,
&RORTXHHOLQWHUUXSWRUGHHQFHQGLGRHQODSRVLFLyQ21
/HDHO'7&GHDFXHUGRFRQODVLQVWUXFFLRQHVPRVWUDGDVHQHO
LQVWUXPHQWR GH H[SORUDFLyQ 68=8., H LPSULPD R DQRWH HVWRV
GDWRV3DUDPD\RUHVGHWDOOHVUHILpUDVHDO0DQXDOGHO2SHUDGRU
GHOLQVWUXPHQWRGHH[SORUDFLyQ68=8.,
6L OD FRPXQLFDFLyQ HQWUH HO LQVWUXPHQWR GH H[SORUDFLyQ \ HO
PyGXOR GH 6'0 HV LPSRVLEOH SURFHGD D OD 7DEOD ( )OXMR GH
GLDJQyVWLFR&LUFXLWRGHFRPSUREDFLyQGHGDWRVVHULDOHV
'HVSXpVGHFRPSOHWDUHVWDFRPSUREDFLyQFRORTXHHOLQWHUUXS
WRU GH HQFHQGLGR HQ OD SRVLFLyQ 2)) \ GHVFRQHFWH HO LQVWUX
PHQWRGHH[SORUDFLyQ68=8.,GHOFRQHFWRUGHHQODFHGHGDWRV
'/&
&RQHFWRUGHHQODFHGHGDWRV'/&
6LQXWLOL]DUHOLQVWUXPHQWRGHH[SORUDFLyQ68=8.,
&RPSUXHEHTXHODOX]LQGLFDGRUDGHPDOIXQFLRQDPLHQWROX]GH
DGYHUWHQFLD ³$,5 %$*´ VH HQFLHQGH FXDQGR HO LQWHUUXSWRU GH
HQFHQGLGRHVFRORFDGRHQODSRVLFLyQ21
6L QR VH HQFLHQGH SURFHGD D OD WDEOD % )OXMR GH GLDJQyVWLFR
OX]GHDGYHUWHQFLD³$,5%$*´
8WLOLFHHOFDEOHGHVHUYLFLR\FRORTXHDPDVDHOWHUPLQDOGHOLQWH
UUXSWRUGHGLDJQyVWLFRHQHODFRSODGRUGHYHULILFDFLyQ
/HDHO'7&LQGLFDGRSRUHOSDWUyQGHGHVWHOORVGHODOX]LQGLFD
GRUD GH PDO IXQFLRQDPLHQWR OX] GH DGYHUWHQFLD ³$,5 %$*´
5HILpUDVHD7$%/$'('7&
6LODOX]QRLQGLFD'7&HSURFHGDDODWDEOD')OXMRGHGLDJ
QyVWLFR &RPSUREDFLyQ GHO FLUFXLWR GHO WHUPLQDO GHO LQWHUUXSWRU
GHGLDJQyVWLFR
'HVSXpV GH KDEHU FRPSOHWDGROD YHULILFDFLyQ FRORTXH HO LQWH
UUXSWRUGHHQFHQGLGRHQODSRVLFLyQ2))\GHVFRQHFWHHOFDEOH
GHVHUYLFLRGHODFRSODGRUGHYHULILFDFLyQ³$,5%$*´
$FRSODGRUGHYHULILFDFLyQ³$,5%$*´
0DVDDFDUURFHUtD
7HUPLQDOGHOLQWHUUXSWRUGHGLDJQyVWLFR
&DEOHGHVHUYLFLR
6,67(0$'(/&2/&+Ï1'($,5(%
(-(03/2&XDQGRODUHVLVWHQFLDGHOFLUFXLWRLQLFLDGRUGHOFROFKyQGHDLUHGHOFRQGXFWRUHVDOWDVHILMDHO
'7&%
>$@ /X]GHDGYHUWHQFLD³$,5%$*´VHHQFLHQGH
>%@ /DOX]GHDGYHUWHQFLD³$,5%$*´VHDSDJD
>&@ &yGLJR1
%RUUDGRGH'7&
8WLOL]DQGRHOLQVWUXPHQWRGHH[SORUDFLyQ68=8.,
&RORTXHHOLQWHUUXSWRUGHHQFHQGLGRHQODSRVLFLyQ2))
&RQHFWHHOLQVWUXPHQWRGHH[SORUDFLyQ68=8.,DOFRQHFWRUGH
HQODFH GH GDWRV '/& WDO FRPR FXDQGR HIHFW~D HVWD
FRQH[LyQSDUDYHULILFDUXQ'7&
+HUUDPLHQWDHVSHFLDO
$,QVWUXPHQWRGHH[SORUDFLyQ68=8.,
&RORTXHHOLQWHUUXSWRUGHHQFHQGLGRHQODSRVLFLyQ21
%RUUHHO'7&VLJXLHQGRODVLQVWUXFFLRQHVYLVXDOL]DGDVHQHOLQV
WUXPHQWRGHH[SORUDFLyQ68=8.,3DUDPD\RUHVGHWDOOHVUHILp
UDVH DO 0DQXDO GHO 2SHUDGRU GHO LQVWUXPHQWR GH H[SORUDFLyQ
68=8.,
'HVSXpVGHFRPSOHWDUHVWDFRPSUREDFLyQFRORTXHHOLQWHUUXS
WRU GH HQFHQGLGR HQ OD SRVLFLyQ 2)) \ GHVFRQHFWH HO LQVWUX
PHQWRGHH[SORUDFLyQ68=8.,GHO'/&
(IHFW~H OD &20352%$&,Ï1 '( '7& \ FRQILUPH TXH VH
YLVXDOL]DHO'7& QRUPDO12 &2'(61RKD\FyGLJRV\QR
XQ'7&GHPDOIXQFLRQDPLHQWR
127$
6LHO'7&%y%HVWiPHPRUL]DGRHQHO6'0QRHV
SRVLEOHERUUDUORV'7&
%6,67(0$'(/&2/&+Ï1'($,5(
6LQXWLOL]DUHOLQVWUXPHQWRGHH[SORUDFLyQ68=8.,
127$
6LHO'7&%y%HVWiPHPRUL]DGRHQHO6'0QRHV
SRVLEOHERUUDUORV'7&
$FRSODGRUGHYHULILFDFLyQ³$,5%$*´ D $ELHUWR
0DVDDFDUURFHUtD E &RUWRFLUFXLWR
7HUPLQDOGHOLQWHUUXSWRUGHGLDJQyVWLFR F 0i[LPRVHJXQGRV
&DEOHGHVHUYLFLR G VHJXQGRDSUR[LPDGDPHQWH
6,67(0$'(/&2/&+Ï1'($,5(%
7DEODGH'7&
3DWUyQGHGHVWHOORVGHODOX]
'7& GHDGYHUWHQFLD³$,5%$*³ 'LDJQyVWLFR
1 02'2
1RUPDO ±
±
% 5HVLVWHQFLDHOHYDGD
3DWUyQGHGHVWHOORVGHODOX]
'7& GHDGYHUWHQFLD³$,5%$*³ 'LDJQyVWLFR
1 02'2
% 5HVLVWHQFLDDOWD
)DOORGHOFLUFXLWRGHODOX]GH
%
DGYHUWHQFLD³$,5%$*´
0yGXORGH
% 6'0 )DOORLQWHUQR
(VSHFLILFDFLRQHVGLIHUHQWHV
% HQWUHHOVLVWHPDGHOFROFKyQGH
DLUH\HOPyGXORGH6'0
127$
&XDQGRVHLQGLFDQRPiVFyGLJRVDSDUHFHUiSULPHURHOFyGLJRGHQXPHUDFLyQPiVEDMD
(O'7&DFWXDO\HO'7&SDVDGRSXHGHQVHULGHQWLILFDGRVPHGLDQWHHOHQFHQGLGR\GHVWHOORVGHODOX]GH
DGYHUWHQFLD³$,5%$*´GHODPDQHUDVLJXLHQWH6LQHPEDUJRVLVHILMDQYDULRV'7&\XQRGHHOORVHVXQ
'7& DFWXDO OD OX] GH DGYHUWHQFLD ³$,5 %$*´ SHUPDQHFH HQFHQGLGD GHVSXpV GH TXH HO LQWHUUXSWRU GH
HQFHQGLGRHVFRORFDGRHQODSRVLFLyQ213RUFRQVLJXLHQWHQRHVSRVLEOHGHWHUPLQDUVLDOJXQRGHHOORV
HV DFWXDO R XQR GH KLVWRULD 1R REVWDQWH HO LQVWUXPHQWR GH H[SORUDFLyQ 68=8., SHUPLWLUi HIHFWXDU OD
LGHQWLILFDFLyQGHORV'7&
6HILMDVRODPHQWHHO'7&GHKLVWRULD
/DFRQGLFLyQGHIHFWXRVDRFXUULyXQD
6HILMDHO'7&DFWXDO
YH]HQHOSDVDGRSHURVHKDYXHOWR
+D\DQRUPDOLGDGDFWXDOPHQWH
DFWXDOPHQWHDODFRQGLFLyQGHQRUPD
OLGDG
/X]GHDGYHUWHQFLD³$,5%$*´
GHVSXpVGHFRORFDUHOLQWHUUXSWRU 'HVWHOODYHFHV\VHHQFLHQGH 'HVWHOODYHFHV\VHDSDJD
GHHQFHQGLGRHQODSRVLFLyQ21
/X]GHDGYHUWHQFLD³$,5%$*´
FXDQGRHOLQWHUUXSWRUGHGLDJQyV 6HYLVXDOL]DHO'7&DFWXDO 6HYLVXDOL]DHO'7&GHKLVWRULD
WLFRVHFRQHFWDDPDVD
6,67(0$'(/&2/&+Ï1'($,5(%
7DEOD$±/DOX]GHDGYHUWHQFLD³$,5%$*´SHUPDQHFHHQFHQGLGD
7DEOD%±/DOX]GHDGYHUWHQFLD³$,5%$*´QRVHHQFLHQGH
7DEOD&±/DOX]GHDGYHUWHQFLD³$,5%$*´GHVWHOOD
7DEOD'±/DOX]GHDGYHUWHQFLD³$,5%$*´QRSXHGHLQGLFDUXQSDWUyQGHGHVWH
OORVGH'7&
',$*5$0$'(&$%/($'2
BLU/BLK BLU/RED
Q01-4 IG
PPL/RED PPL/RED
8 Q01-20 SDL
“G27” “Q02”
9 5V
PPL
10 Q01-15 DNS
“Q04” BLK
Q01-17 GND
11
[A]
“Q01”
35(&$8&,Ï1
$VHJ~UHVH GH HIHFWXDU OD &20352%$&,Ï1 '(/ 6,67(0$ '( ',$*1Ï67,&2 '( &2/&+Ï1 '( $,5(
DQWHVGHFRPHQ]DUHOGLDJQyVWLFRGHDFXHUGRFRQODWDEODGHIOXMR
&XDQGRHQHVWDWDEODVHUHTXLHUHODPHGLFLyQGHODUHVLVWHQFLDRODWHQVLyQXWLOLFHXQSUREDGRUFRQMXQWD
PHQWHFRQHODGDSWDGRUFRUUHFWRGHWHUPLQDOGHVGHODKHUUDPLHQWDHVSHFLDOFRQMXQWRGHDGDSWDGRUGH
SUXHEDGHFRQHFWRU
&XDQGRVHUHTXLHUHFRPSUREDUODFRUUHFFLyQGHODFRQH[LyQUHILpUDVHD0$/)81&,21$0,(172,17(5
0,7(17(<&21(;,Ï10$/$HQHVWDVHFFLyQ
&XDQGRVHGHWHFWDXQFLUFXLWRDELHUWRHQHOPD]RGHFDEOHVGHFROFKyQGHDLUHRVLHOFRQHFWRURWHUPL
QDOHVWiGDxDGRUHHPSODFHHOPD]RGHFDEOHVFRQHFWRU\WHUPLQDOFRPRXQVRORFRQMXQWR
%6,67(0$'(/&2/&+Ï1'($,5(
'(6&5,3&,Ï1'(/$358(%$'(/$7$%/$
7DEOD$
3$62&RPSUXHEHHOIXVLEOH³$,5%$*´
3$62&RPSUXHEHHOFLUFXLWRGHIXHQWHGHDOLPHQWDFLyQHOpFWULFD
3$62&RPSUXHEHHOFLUFXLWRGHODOX]GHDGYHUWHQFLD³$,5%$*´
7DEOD%
3$62&RPSUXHEHHOFLUFXLWRGHDOLPHQWDFLyQHOpFWULFDGHOLQGLFDGRUFRPELQDGR
3$62&RPSUXHEHHOPHFDQLVPRGHFRPSUREDFLyQGHFRQH[LyQHOpFWULFDHQHOFRQHFWRUGH6'0
3$62&RPSUXHEHHOFLUFXLWRGHODOX]GHDGYHUWHQFLD³$,5%$*´
3$62&RPSUXHEHVLHOFLUFXLWRGHODOX]GHDGYHUWHQFLD³$,5%$*´HVWDDELHUWR
3$62&RPSUXHEHVLHOFLUFXLWRGHODOX]GHDGYHUWHQFLD³$,5%$*´HVWDFRUWRFLUFXLWDGRDOFLUFXLWRGHDOLPHQWDFLyQ
HOpFWULFD
3$62&RPSUXHEHODERPELOOD³$,5%$*´
7DEOD&\'
3$62&RPSUXHEHHODFRSODGRUGHYHULILFDFLyQ³$,5%$*´
3$62&RPSUXHEHHOFLUFXLWRGHOLQWHUUXSWRUGHGLDJQyVWLFRSDUDHOVLVWHPDGHOFROFKyQGHDLUH
7$%/$'()/8-2'(',$*1Ï67,&2
7DEOD$
3DVR 2SHUDFLyQ 6t 1R
,QWHUUXSWRUGHHQFHQGLGRHQODSRVLFLyQ2)) 9D\DDOSDVR &DEOH³%/85('´FRUWRFLU
'HVPRQWHHLQVSHFFLRQHHOIXVLEOH³$,5%$*´ FXLWDGRDPDVD
¢(VWiHQEXHQDVFRQGLFLRQHVHOIXVLEOH" 'HVSXpVGHODUHSDUDFLyQ
YXHOYDDLQVWDODUHOIXVLEOH
³$,5%$*´
'HVFRQHFWHHOFRQHFWRUGH6'0 9D\DDOSDVR &DEOH³%/85('´HQWUHHO
&RPSUXHEHHOHVWDGRGHODFRQH[LyQDO IXVLEOH³$,5%$*´\HO
PyGXOR6'0HQHOWHUPLQDO³4´ FRQHFWRUGH6'0DELHUWR
6LHVWiQRUPDOFRPSUXHEHODWHQVLyQHQWUHHO FDEOH³%/8%/.´HQWUHHO
WHUPLQDO³4´GHOFRQHFWRUGH6'0\OD LQWHUUXSWRUGHHQFHQGLGR\
PDVDDFDUURFHUtDFRQHOLQWHUUXSWRUGH HOIXVLEOH³$,5%$*´
HQFHQGLGRHQODSRVLFLyQ21 DELHUWRRFRUWRFLUFXLWDGRD
¢(VODWHQVLyQ9RPiV" PDVD
'HVFRQHFWHHOFRQHFWRUGHSDWLOODVGHO 5HHPSODFHSRUXQPyGXOR &DEOH³%/8´HQWUHHOLQGL
LQGLFDGRUFRPELQDGR5HILpUDVHD,1',&$ GH6'0HQEXHQHVWDGR\ FDGRUFRPELQDGR\HO
'25&20%,1$'2HQOD6(&&,Ï1& YXHOYDDFRPSUREDU FRQHFWRUGHOPyGXORGH
&RPSUXHEHODUHVLVWHQFLDHQWUHHOWHUPLQDO 6'0FRUWRFLUFXLWDGRD
³4´GHOFRQHFWRUGHOPyGXORGH6'0\OD PDVD
PDVDDFDUURFHUtD
¢(VWiDELHUWRHOFLUFXLWR"
>$@)LJSDUDHO3$62>%@)LJSDUDHO3$62
+HUUDPLHQWDHVSHFLDO
$
6,67(0$'(/&2/&+Ï1'($,5(%
127$
'HVSXpVGHFRPSOHWDUODFRPSUREDFLyQ\ORVWUDEDMRVGHUHSDUDFLyQHIHFW~HORVLJXLHQWH
9XHOYDDFRQHFWDUWRGRVORVFRPSRQHQWHVGHOVLVWHPDGHOFROFKyQGHDLUH\FRPSUXHEHTXHWRGRVORV
FRPSRQHQWHVHVWiQPRQWDGRVFRUUHFWDPHQWH
5HSLWDOD&20352%$&,Ï1'(/6,67(0$'(',$*1Ï67,&2'(&2/&+Ï1'($,5(SDUDFRQILUPDUTXH
HOGHVSHUIHFWRKDVLGRFRUUHJLGR
7DEOD%
3DVR 2SHUDFLyQ 6t 1R
$SOLTXHHOIUHQRGHHVWDFLRQDPLHQWR 9D\DDOSDVR &DEOH³%/.%/8´³%/.
0LUHHOLQGLFDGRUFRPELQDGRFXDQGRHOLQWHUUXSWRU :+7´\IXVLEOH³,*
GHHQFHQGLGRHVJLUDGRDODSRVLFLyQ21 0(7(5´HQWUHHOLQWHUUXS
¢6HHQFLHQGHHOLQGLFDGRUOXPLQRVROX]GHDGYHUWHQ WRUGHHQFHQGLGR\HOLQGL
FLD³%5$.(´)UHQRV" FDGRUFRPELQDGRDELHUWR
RFRUWRFLUFXLWDGRDPDVD
&RORTXHHOLQWHUUXSWRUGHHQFHQGLGRHQODSRVL 9D\DDOSDVR 5HSDUHHOPHFDQLVPRGH
FLyQ2))\GHVFRQHFWHHOFRQHFWRUGHO6'0 FRPSUREDFLyQGHFRQH[LyQ
&RPSUXHEHHOPHFDQLVPRGHFRPSUREDFLyQGH HOpFWULFD
FRQH[LyQHOpFWULFD
¢(VWiHQEXHQDVFRQGLFLRQHV"
'HVFRQHFWHHOFRQHFWRUGHO6'0 5HHPSODFHSRUXQ 9D\DDOSDVR
&RPSUXHEHHOHVWDGRGHODFRQH[LyQDOPyGXOR PyGXORGH6'0HQ
GH6'0HQHOWHUPLQDO³4´ EXHQHVWDGR\YXHOYDD
6LHVWiQRUPDOFRPSUXHEHODWHQVLyQHQWUHHOWHU FRPSUREDU
PLQDO³4´GHOFRQHFWRUGH6'0\ODPDVDD
FDUURFHUtDFRQHOLQWHUUXSWRUGHHQFHQGLGRHQOD
SRVLFLyQ21
¢(VODWHQVLyQ9RPiV"
'HVPRQWHHOLQGLFDGRUFRPELQDGR5HILpUDVHD 9D\DDOSDVR 5HSDUHODUHVLVWHQFLDDOWDR
,1',&$'25&20%,1$'2HQOD6(&&,Ï1 HOFLUFXLWRDELHUWRHQFLU
&RPSUXHEHHOHVWDGRGHODFRQH[LyQDOLQGLFDGRU FXLWRGHOFDEOH³%/8´HQWUH
FRPELQDGRHQHOWHUPLQDOGHOFDEOH³%/8´SDUDOD HOLQGLFDGRUFRPELQDGR\HO
OX]GHDGYHUWHQFLD³$,5%$*´HQHOWHUPLQDO 6'0
³4´
6LODFRQH[LyQHVWiFRQIRUPHFRPSUXHEHOD
UHVLVWHQFLDHQWUHHOWHUPLQDOGHOFDEOH³%/8´GHO
FRQHFWRUFRQHFWRUGHSDWLOODVGHOLQGLFDGRU
FRPELQDGR\HOWHUPLQDO³4´GHOFRQHFWRUGHO
PyGXORGH6'0
¢(VWiHQFRUWRFLUFXLWR"
0LGDODWHQVLyQHQWUHHOWHUPLQDO³4´GHO 5HSDUHHOFRUWRFLUFXLWR 9D\DDOSDVR
FRQHFWRUGHO6'0\ODPDVDDFDUURFHUtDFRQHO GHVGHHOFLUFXLWRGHO
LQWHUUXSWRUGHHQFHQGLGRHQODSRVLFLyQ21 FDEOH³%/8´HQWUHHO
¢(VODWHQVLyQ9RPiV" LQGLFDGRUFRPELQDGR\
HOFRQHFWRUGHOPyGXOR
GH6'0DOFLUFXLWRGH
DOLPHQWDFLyQHOpFWULFD
'HVPRQWHHLQVSHFFLRQHODERPELOOD³$,5%$*´ 5HHPSODFHSRUXQLQGL 5HHPSODFHODERPELOOD
¢(VWiHQEXHQDVFRQGLFLRQHVODERPELOOD" FDGRUFRPELQDGRHQ
EXHQHVWDGR\YXHOYDD
FRPSUREDU
%6,67(0$'(/&2/&+Ï1'($,5(
>$@)LJSDUDHO3$62>%@)LJSDUDORV3$626\>&@)LJSDUDHO3$62
&RQHFWRUGHSDWLOODVSDUDHOLQGLFDGRUFRPELQDGR
7HUPLQDOGHOFDEOH³%/8´
+HUUDPLHQWDHVSHFLDO
$
127$
'HVSXpVGHFRPSOHWDUODFRPSUREDFLyQ\ORVWUDEDMRVGHUHSDUDFLyQHIHFW~HORVLJXLHQWH
9XHOYDDFRQHFWDUWRGRVORVFRPSRQHQWHVGHOVLVWHPDGHOFROFKyQGHDLUH\FRPSUXHEHTXHWRGRVORV
FRPSRQHQWHVHVWiQPRQWDGRVFRUUHFWDPHQWH
5HSLWDOD&20352%$&,Ï1'(/6,67(0$'(',$*1Ï67,&2'(&2/&+Ï1'($,5(SDUDFRQILUPDUTXH
HOGHVSHUIHFWRKDVLGRFRUUHJLGR
7DEOD&
3DVR 2SHUDFLyQ 6t 1R
&RPSUXHEHHODFRSODGRUGHYHULILFDFLyQ³$,5%$*´ 'HVPRQWHHOFDEOHGH 9D\DDOSDVR
¢(VWiHOWHUPLQDOGHOLQWHUUXSWRUGHGLDJQyVWLFRGHODFR VHUYLFLR
SODGRUGHYHULILFDFLyQ³$,5%$*´FRQHFWDGRDPDVDD
FDUURFHUtDPHGLDQWHHOFDEOHGHVHUYLFLR"
&RORTXHHOLQWHUUXSWRUGHHQFHQGLGRHQODSRVLFLyQ 5HHPSODFHSRUXQ 5HSDUHHOFRUWRFLUFXLWR
2))\GHVFRQHFWHHOFRQHFWRUGHO6'0 PyGXORGH6'0HQ GHOFLUFXLWRGHOFDEOH
0LGDODUHVLVWHQFLDHQWUHHOWHUPLQDO³4´GHO EXHQHVWDGR\YXHOYDD ³33/´FRUWRFLUFXLWDGRD
FRQHFWRUGHOPyGXORGH6'0\ODPDVDDFDUURFHUtD FRPSUREDU PDVD
¢(VWiDELHUWRHOFLUFXLWR"
)LJXUDSDUDHO3$62
+HUUDPLHQWDHVSHFLDO
$
127$
'HVSXpVGHFRPSOHWDUODFRPSUREDFLyQ\ORVWUDEDMRVGHUHSDUDFLyQHIHFW~HORVLJXLHQWH
9XHOYDDFRQHFWDUWRGRVORVFRPSRQHQWHVGHOVLVWHPDGHOFROFKyQGHDLUH\FRPSUXHEHTXHWRGRVORV
FRPSRQHQWHVHVWiQPRQWDGRVFRUUHFWDPHQWH
5HSLWDOD&20352%$&,Ï1'(/6,67(0$'(',$*1Ï67,&2'(&2/&+Ï1'($,5(SDUDFRQILUPDUTXH
HOGHVSHUIHFWRKDVLGRFRUUHJLGR
6,67(0$'(/&2/&+Ï1'($,5(%
7DEOD'
3DVR 2SHUDFLyQ 6t 1R
&RPSUXHEHODFRQH[LyQHQWUHHOWHUPLQDOGHOLQWH 9D\DDOSDVR &RQHFWHFRUUHFWDPHQWH
UUXSWRUGHGLDJQyVWLFRGHODFRSODGRUGHYHULILFD PHGLDQWHHOFDEOHGHVHUYL
FLyQ³$,5%$*´\ODPDVDDFDUURFHUtDPHGLDQWH FLRHOWHUPLQDOGHOLQWHUUXS
HOFDEOHGHVHUYLFLR WRUGHGLDJQyVWLFRHQHO
¢(VWiQFRQHFWDGRVFRUUHFWDPHQWHPHGLDQWHHOFDEOH DFRSODGRUGHYHULILFDFLyQ
GHVHUYLFLR" ³$,5%$*´\ODPDVDD
FDUURFHUtD
'HVFRQHFWHHOFRQHFWRUGHOPyGXORGH6'0GHO &RPSUXHEHORVWHUPLQD 5HHPSODFHSRUXQPyGXOR
6'0 OHVGHOFDEOH³33/´ GH6'0HQEXHQHVWDGR\
&RPSUXHEHODFRQH[LyQHQORVWHUPLQDOHVGHO 6LHVWiQFRQIRUPHV YXHOYDDFRPSUREDU
FDEOH³33/´WHUPLQDO³4´HQHOFRQHFWRUGHO UHSDUHODDEHUWXUDGHO
6'0\WHUPLQDO³4´HQHODFRSODGRUGHYHULIL FLUFXLWRGHOFDEOH³33/´
FDFLyQ³$,5%$*´
6LHVWiQRUPDOSURFHGDDPHGLUODUHVLVWHQFLD
HQWUHHOWHUPLQDO³4´\HOWHUPLQDO³4´
¢(VWiDELHUWRHOFLUFXLWR"
)LJXUDSDUDHO3$62
$FRSODGRUGHYHULILFDFLyQ³$,5%$*´
7HUPLQDOGHOFDEOH³33/´
+HUUDPLHQWDHVSHFLDO
$
127$
'HVSXpVGHFRPSOHWDUODFRPSUREDFLyQ\ORVWUDEDMRVGHUHSDUDFLyQHIHFW~HORVLJXLHQWH
9XHOYDDFRQHFWDUWRGRVORVFRPSRQHQWHVGHOVLVWHPDGHOFROFKyQGHDLUH\FRPSUXHEHTXHWRGRVORV
FRPSRQHQWHVHVWiQPRQWDGRVFRUUHFWDPHQWH
5HSLWDOD&20352%$&,Ï1'(/6,67(0$'(',$*1Ï67,&2'(&2/&+Ï1'($,5(SDUDFRQILUPDUTXH
HOGHVSHUIHFWRKDVLGRFRUUHJLGR
%6,67(0$'(/&2/&+Ï1'($,5(
7DEOD(±(OPyGXORGH6'0QRSXHGHFRPXQLFDUPHGLDQWHHOFLUFXLWRGHGDWRV
VHULDOHV
',$*5$0$'(&$%/($'2
BLU/BLK BLU/RED
Q01-4 IG
L2
PPL/WHT 12V
14
1 WHT PPL/RED
Q01-20 SDL
“G27” “Q02”
9 5V
BLK 12
8
PPL/RED PPL
10 Q01-15 DNS
[A]
35(&$8&,Ï1
$VHJ~UHVH GH HIHFWXDU OD &20352%$&,Ï1 '(/ 6,67(0$ '( ',$*1Ï67,&2 '( &2/&+Ï1 '( $,5(
DQWHVGHFRPHQ]DUHOGLDJQyVWLFRGHDFXHUGRFRQODWDEODGHIOXMR
&XDQGRHQHVWDWDEODVHUHTXLHUHODPHGLFLyQGHODUHVLVWHQFLDRODWHQVLyQXWLOLFHXQSUREDGRUFRQMXQWD
PHQWHFRQHODGDSWDGRUFRUUHFWRGHWHUPLQDOGHVGHODKHUUDPLHQWDHVSHFLDOFRQMXQWRGHDGDSWDGRUGH
SUXHEDGHFRQHFWRU
&XDQGRVHUHTXLHUDFRPSUREDUODFRUUHFFLyQGHODFRQH[LyQUHILpUDVHD0$/)81&,21$0,(172,17(5
0,7(17(<&21(;,Ï10$/$HQHVWDVHFFLyQ
&XDQGRVHGHWHFWHXQFLUFXLWRDELHUWRHQHOPD]RGHFDEOHVGHFROFKyQGHDLUHRVLHOFRQHFWRURWHUPL
QDOHVWiGDxDGRUHHPSODFHHOPD]RGHFDEOHVFRQHFWRU\WHUPLQDOFRPRXQVRORFRQMXQWR
'(6&5,3&,Ï1'(/$358(%$'(/$7$%/$
3$62/DFRQH[LyQLQFRUUHFWDDOFRQHFWRUGHHQODFHGHGDWRV'/&LPSHGLUiHVWDEOHFHUODVFRPXQLFDFLRQHV
3$62(VWDSUXHEDYHULILFDVLHVSRVLEOHFRPXQLFDUFRQRWURPyGXORGHFRQWURO
3$62(VWDSUXHEDYHULILFDVLHOFLUFXLWRGH³33/5('´HVWiDELHUWRHQHOPD]RGHFDEOHVGHFROFKyQGHDLUH
6,67(0$'(/&2/&+Ï1'($,5(%
7$%/$'()/8-2'(',$*1Ï67,&2
3DVR 2SHUDFLyQ 6t 1R
$VHJ~UHVHGHTXHHOLQVWUXPHQWRGHHVFDQHR68=8., 9D\DDOSDVR &RQHFWHFRUUHFWDPHQWHHO
IXQFLRQDFRUUHFWDPHQWH\TXHVHXWLOL]DHOFDUWXFKR LQVWUXPHQWRGHH[SORUDFLyQ
FRUUHFWRSDUDHOVLVWHPDGHOFROFKyQGHDLUH 68=8.,DO'/&
,QWHUUXSWRUGHHQFHQGLGRHQODSRVLFLyQ2))
&RPSUXHEHHOHVWDGRGHODFRQH[LyQGHOLQVWUXPHQWRGH
H[SORUDFLyQ68=8.,DO'/&
¢(VWiHQEXHQDVFRQGLFLRQHVODFRQH[LyQ"
&RPSUXHEHVLODFRPXQLFDFLyQHVSRVLEOH7UDWHGHFRPX 9D\DDOSDVR
5HSDUHHOFLUFXLWRDELHUWRHQ
QLFDUFRQRWURPyGXORGHFRQWURO0yGXORGHFRQWUROGH ODVHFFLyQFRP~QGHOFLUFXLWR
(&07&0RGHO$%6VLHVWiHTXLSDGR GHGDWRVVHULDOHVFLUFXLWRGH
¢(VSRVLEOHFRPXQLFDUFRQRWURPyGXORGHFRQWURO" FDEOH³33/5('´XWLOL]DGR
SRUWRGRVORVFRQWURODGRUHV
RHOFRUWRFLUFXLWRDPDVDRDO
FLUFXLWRGHDOLPHQWDFLyQ
HOpFWULFDRFXUULGRHQDOJ~Q
OXJDUGHOFLUFXLWRGHGDWRV
VHULDOHVFLUFXLWRGHFDEOH
³33/5('´
&RORTXHHOLQWHUUXSWRUGHHQFHQGLGRHQODSRVLFLyQ2))\ 5HHPSODFH 5HSDUHODUHVLVWHQFLDDOWDR
GHVFRQHFWHHOFRQHFWRUGHO6'0\³4´ SRUXQPyGXOR ODDEHUWXUDGHOFLUFXLWRGH
&RPSUXHEHHOHVWDGRGHODFRQH[LyQDOWHUPLQDO³4´ GH6'0HQ FDEOH³33/5('´HQHO
&DEOH³33/5('´SDUD'/& EXHQHVWDGR\ PD]RGHFDEOHVGHFROFKyQ
6LHVWiQRUPDOSURFHGDDPHGLUODUHVLVWHQFLDHQWUHHOWHU YXHOYDDFRP GHDLUH
PLQDO³4´&DEOH³33/5('´\HOWHUPLQDO³4´ SUREDU
GHOFRQHFWRUGHO6'0
¢(VWiHQFRUWRFLUFXLWR"
)LJXUDSDUDHO3$62
&RQHFWRUGHOODGRGHOPD]RGHFDEOHVGHFROFKyQGHDLUH
7HUPLQDOGHOFDEOH³33/5('´
+HUUDPLHQWDHVSHFLDO
$
127$
'HVSXpVGHFRPSOHWDUODFRPSUREDFLyQ\ORVWUDEDMRVGHUHSDUDFLyQHIHFW~HORVLJXLHQWH
9XHOYDDFRQHFWDUWRGRVORVFRPSRQHQWHVGHOVLVWHPDGHOFROFKyQGHDLUH\FRPSUXHEHTXHWRGRVORV
FRPSRQHQWHVHVWiQPRQWDGRVFRUUHFWDPHQWH
5HSLWDOD&20352%$&,Ï1'(/6,67(0$'(',$*1Ï67,&2'(&2/&+Ï1'($,5(SDUDFRQILUPDUTXH
HOGHVSHUIHFWRKDVLGRFRUUHJLGR
%6,67(0$'(/&2/&+Ï1'($,5(
'7&%±5HVLVWHQFLDDOWDGHOFLUFXLWRLQLFLDGRUGHOFROFKyQGHDLUHGHOSDVD
MHUR
'7&%±5HVLVWHQFLDEDMDGHOFLUFXLWRLQLFLDGRUGHOFROFKyQGHDLUHGHOSDVD
MHUR
'7&%±&LUFXLWRLQLFLDGRUGHOFROFKyQGHDLUHGHOSDVDMHURFRUWRFLUFXLWDGR
DPDVD
'7&%±&LUFXLWRLQLFLDGRUGHOFROFKyQGHDLUHGHOSDVDMHURFRUWRFLUFXLWDGR
DOFLUFXLWRGHDOLPHQWDFLyQHOpFWULFD
',$*5$0$'(&$%/($'2
4
3
“Q01”
BLU/BLK BLU/RED
1 Q01-4 IG “Q07”
2
YEL/RED
P+ Q01-7
5
YEL
P- Q01-8
[A] BLK
Q01-17 GND
6
[B]
“Q01”
35(&$8&,Ï1
$VHJ~UHVH GH HIHFWXDU OD &20352%$&,Ï1 '(/ 6,67(0$ '( ',$*1Ï67,&2 '( &2/&+Ï1 '( $,5(
DQWHVGHFRPHQ]DUHOGLDJQyVWLFRGHDFXHUGRFRQODWDEODGHIOXMR
&XDQGRHQHVWDWDEODVHUHTXLHUHODPHGLFLyQGHODUHVLVWHQFLDRODWHQVLyQXWLOLFHXQSUREDGRUFRQMXQWD
PHQWHFRQHODGDSWDGRUFRUUHFWRGHWHUPLQDOGHVGHODKHUUDPLHQWDHVSHFLDOFRQMXQWRGHDGDSWDGRUGH
SUXHEDGHFRQHFWRU
&XDQGRVHUHTXLHUDFRPSUREDUODFRUUHFFLyQGHODFRQH[LyQUHILpUDVHD0$/)81&,21$0,(172,17(5
0,7(17(<&21(;,Ï10$/$HQHVWDVHFFLyQ
&XDQGRVHGHWHFWHXQFLUFXLWRDELHUWRHQHOPD]RGHFDEOHVGHFROFKyQGHDLUHRVLHOFRQHFWRURWHUPL
QDOHVWiGDxDGRUHHPSODFHHOPD]RGHFDEOHVFRQHFWRU\WHUPLQDOFRPRXQVRORFRQMXQWR
(/'7&6(5È),-$'2&8$1'2
'7&%
/DUHVLVWHQFLDFRPELQDGDGHOPyGXORLQIODGRUGHOFROFKyQGHDLUHGHOSDVDMHUR\FRQWDFWRGHWHUPLQDOHVGHOPD]R
GHFDEOHV\GHOFRQHFWRUH[FHGHXQYDORUHVSHFLILFDGRGXUDQWHXQWLHPSRHVSHFLILFDGR
'7&%
/DUHVLVWHQFLDFRPELQDGDGHOPyGXORLQIODGRUGHOFROFKyQGHDLUHGHOSDVDMHUR\FRQWDFWRGHWHUPLQDOHVGHOPD]R
GHFDEOHV\GHOFRQHFWRUHVLQIHULRUDXQYDORUHVSHFLILFDGRGXUDQWHXQWLHPSRHVSHFLILFDGR
'7&%
/DWHQVLyQPHGLGDHQHOFLUFXLWRLQLFLDGRUGHOFROFKyQGHDLUHGHOSDVDMHURHVLQIHULRUDXQYDORUHVSHFLILFDGRGXUDQWH
XQWLHPSRHVSHFLILFDGR
'7&%
/DWHQVLyQPHGLGDHQHOFLUFXLWRLQLFLDGRUGHOFROFKyQGHDLUHGHOSDVDMHURHVVXSHULRUDXQYDORUHVSHFLILFDGRGXUDQWH
XQWLHPSRHVSHFLILFDGR
6,67(0$'(/&2/&+Ï1'($,5(%
'(6&5,3&,Ï1'(/$358(%$'(/$7$%/$
'7&%%%\%
3$62&RPSUXHEHVLHOPDOIXQFLRQDPLHQWRHVWiHQHOPyGXORLQIODGRUGHOFROFKyQGHDLUHGHOSDVDMHUR
3$62&RPSUXHEHHQHOPD]RGHFDEOHVGHOFROFKyQGHDLUHHOFLUFXLWRLQLFLDGRUGHOPyGXORLQIODGRUGHOFROFKyQ
GHDLUHGHOSDVDMHUR
3$62&RPSUXHEHHQHOPD]RGHFDEOHVGHOFROFKyQGHDLUHHOFLUFXLWRLQLFLDGRUGHOPyGXORLQIODGRUGHOFROFKyQ
GHDLUHGHOSDVDMHUR3DUDHO'7&%VRODPHQWH
7$%/$'()/8-2'(',$*1Ï67,&2
'7&%
3DVR 2SHUDFLyQ 6t 1R
&RQHOLQWHUUXSWRUGHHQFHQGLGRHQODSRVLFLyQ2))GHV 9D\DDOSDVR ,QWHUUXSWRUGHHQFHQGLGR
FRQHFWHHOFRQHFWRUGHOPyGXORLQIODGRUGHOFROFKyQGH HQODSRVLFLyQ2))
DLUHGHOSDVDMHURGHWUiVGHODJXDQWHUD 5HHPSODFHHOPyGXOR
&RPSUXHEHHOHVWDGRGHODFRQH[LyQDOPyGXORLQIODGRU LQIODGRUGHOFROFKyQGH
GHOFROFKyQGHDLUHGHOSDVDMHURHQORVWHUPLQDOHVHQHO DLUHGHOSDVDMHUR5HILp
FRQHFWRU³4´ UDVHD0Ï'8/2,1)/$
6LHVWiFRQIRUPHHQWRQFHVFRQHFWHODKHUUDPLHQWD '25'(/&2/&+Ï1
HVSHFLDO%DOFRQHFWRUGHVFRQHFWDGRHQHOSDVR '($,5('(/3$6$
GHOPyGXORLQIODGRUGHOFROFKyQGHDLUHGHOSDVDMHUR -(52HQHVWDVHFFLyQ
&RQHOLQWHUUXSWRUGHHQFHQGLGRHQODSRVLFLyQ21¢HV
DFWXDOHO'7&%"
&RORTXHHOLQWHUUXSWRUGHHQFHQGLGRHQODSRVLFLyQ2)) 5HHPSODFHSRUXQ 5HSDUHODUHVLVWHQFLD
\GHVFRQHFWHHOFRQHFWRUGHO6'0 PyGXORGH6'0 DOWDRHOFLUFXLWRDELHUWR
&RPSUXHEHHOHVWDGRGHODFRQH[LyQDOPyGXORGH6'0 HQEXHQHVWDGR\ HQFLUFXLWRGHOFDEOH
HQORVWHUPLQDOHV³4´\³4´ YXHOYDDFRPSUR ³<(/5('´R³<(/´
6LHVWiQRUPDOSURFHGDDPHGLUODUHVLVWHQFLDHQWUHORV EDU
WHUPLQDOHV³4´\³4´FRQODKHUUDPLHQWDHVSH
FLDO%FRQHFWDGD
¢(VODUHVLVWHQFLDΩRPHQRU"
>$@)LJSDUDORV3$626\>%@)LJSDUDHO3$62
+HUUDPLHQWDHVSHFLDO
$
%
127$
'HVSXpVGHFRPSOHWDUODFRPSUREDFLyQ\ORVWUDEDMRVGHUHSDUDFLyQHIHFW~HORVLJXLHQWH
9XHOYDDFRQHFWDUWRGRVORVFRPSRQHQWHVGHOVLVWHPDGHOFROFKyQGHDLUH\FRPSUXHEHTXHWRGRVORV
FRPSRQHQWHVHVWiQPRQWDGRVFRUUHFWDPHQWH
%RUUHORVFyGLJRVGHGLDJQyVWLFR5HILpUDVHD%255$'2'('7&VLORVKD\
5HSLWDOD&20352%$&,Ï1'(/6,67(0$'(',$*1Ï67,&2'(&2/&+Ï1'($,5(SDUDFRQILUPDUTXH
HOGHVSHUIHFWRKDVLGRFRUUHJLGR
%6,67(0$'(/&2/&+Ï1'($,5(
'7&%
3DVR 2SHUDFLyQ 6t 1R
&RQHOLQWHUUXSWRUGHHQFHQGLGRHQODSRVLFLyQ2))GHV 9D\DDOSDVR ,QWHUUXSWRUGHHQFHQGLGR
FRQHFWHHOFRQHFWRUGHOPyGXORLQIODGRUGHOFROFKyQGH HQODSRVLFLyQ2))
DLUHGHOSDVDMHURGHWUiVGHODJXDQWHUD 5HHPSODFHHOPyGXOR
&RPSUXHEHHOHVWDGRGHODFRQH[LyQDOPyGXORLQIODGRU LQIODGRUGHOFROFKyQGH
GHOFROFKyQGHDLUHGHOSDVDMHURHQORVWHUPLQDOHVHQHO DLUHGHOSDVDMHUR5HILp
FRQHFWRU³4´ UDVHD0Ï'8/2,1)/$
6LHVWiFRQIRUPHHQWRQFHVFRQHFWHODKHUUDPLHQWDHVSH '25'(/&2/&+Ï1'(
FLDO%DOFRQHFWRUGHVFRQHFWDGRHQHOSDVRGHO $,5('(/3$6$-(52HQ
PyGXORLQIODGRUGHOFROFKyQGHDLUHGHOSDVDMHUR HVWDVHFFLyQ
&RQHOLQWHUUXSWRUGHHQFHQGLGRHQODSRVLFLyQ21¢HV
DFWXDOHO'7&%"
&RORTXHHOLQWHUUXSWRUGHHQFHQGLGRHQODSRVLFLyQ2))\ 5HHPSODFHSRU 5HSDUHHOFRUWRFLUFXLWR
GHVFRQHFWHHOFRQHFWRUGHO6'0 XQPyGXORGH GHVGHHOFLUFXLWRGHOFDEOH
&RPSUXHEHHOHVWDGRGHODFRQH[LyQDOPyGXORGH6'0 6'0HQEXHQ ³<(/5('´DOFLUFXLWRGHO
HQORVWHUPLQDOHV³4´\³4´ HVWDGR\YXHOYD FDEOH³<(/´RGHVGHHOFLU
6LHVWiQRUPDOSURFHGDDPHGLUODUHVLVWHQFLDHQWUHORV DFRPSUREDU FXLWRGHOFDEOH³<(/5('´
WHUPLQDOHV³4´\³4´FRQODKHUUDPLHQWDHVSH R³<(/´DRWURFLUFXLWRGH
FLDO%FRQHFWDGD FDEOH
¢(VODUHVLVWHQFLDΩRPiV"
>$@)LJSDUDORV3$626\>%@)LJSDUDHO3$62
+HUUDPLHQWDHVSHFLDO
$
%
127$
'HVSXpVGHFRPSOHWDUODFRPSUREDFLyQ\ORVWUDEDMRVGHUHSDUDFLyQHIHFW~HORVLJXLHQWH
9XHOYDDFRQHFWDUWRGRVORVFRPSRQHQWHVGHOVLVWHPDGHOFROFKyQGHDLUH\FRPSUXHEHTXHWRGRVORV
FRPSRQHQWHVHVWiQPRQWDGRVFRUUHFWDPHQWH
%RUUHORVFyGLJRVGHGLDJQyVWLFR5HILpUDVHD%255$'2'('7&VLORVKD\
5HSLWDOD&20352%$&,Ï1'(/6,67(0$'(',$*1Ï67,&2'(&2/&+Ï1'($,5(SDUDFRQILUPDUTXH
HOGHVSHUIHFWRKDVLGRFRUUHJLGR
6,67(0$'(/&2/&+Ï1'($,5(%
'7&%
3DVR 2SHUDFLyQ 6t 1R
&RQHOLQWHUUXSWRUGHHQFHQGLGRHQODSRVLFLyQ2))GHV 9D\DDOSDVR ,QWHUUXSWRUGHHQFHQGLGR
FRQHFWHHOFRQHFWRUGHOPyGXORLQIODGRUGHOFROFKyQGH HQODSRVLFLyQ2))
DLUHGHOSDVDMHURGHWUiVGHODJXDQWHUD 5HHPSODFHHOPyGXOR
&RPSUXHEHHOHVWDGRGHODFRQH[LyQDOPyGXORLQIODGRU LQIODGRUGHOFROFKyQGH
GHOFROFKyQGHDLUHGHOSDVDMHURHQORVWHUPLQDOHVHQHO DLUHGHOSDVDMHUR5HILp
FRQHFWRU³4´ UDVHD0Ï'8/2,1)/$
6LHVWiFRQIRUPHHQWRQFHVFRQHFWHODKHUUDPLHQWD '25'(/&2/&+Ï1'(
HVSHFLDO%DOFRQHFWRUGHVFRQHFWDGRHQHOSDVR $,5('(/3$6$-(52HQ
GHOPyGXORLQIODGRUGHOFROFKyQGHDLUHGHOSDVDMHUR HVWDVHFFLyQ
&RQHOLQWHUUXSWRUGHHQFHQGLGRHQODSRVLFLyQ21¢HV
DFWXDOHO'7&%"
&RORTXHHOLQWHUUXSWRUGHHQFHQGLGRHQODSRVLFLyQ2)) 9D\DDOSDVR 5HSDUHHOFRUWRFLUFXLWR
\GHVFRQHFWHODKHUUDPLHQWDHVSHFLDO%\HOFRQHFWRU GHVGHHOFLUFXLWRGHOFDEOH
GHO6'0 ³<(/5('´DPDVD
0LGDODUHVLVWHQFLDHQWUHHOWHUPLQDO³4´\PDVDD
FDUURFHUtD
¢(VWiDELHUWRHOFLUFXLWR"
0LGDODUHVLVWHQFLDHQWUHHOWHUPLQDO³4´\PDVDD 5HHPSODFHSRU 5HSDUHHOFRUWRFLUFXLWR
FDUURFHUtD XQPyGXORGH GHVGHHOFLUFXLWRGHOFDEOH
¢(VWiDELHUWRHOFLUFXLWR" 6'0HQEXHQ ³<(/´DPDVD
HVWDGR\YXHOYDD
FRPSUREDU
>$@)LJSDUDORV3$626\>%@)LJSDUDHO3$62>&@)LJSDUDHO3$62
+HUUDPLHQWDHVSHFLDO
$
%
127$
'HVSXpVGHFRPSOHWDUODFRPSUREDFLyQ\ORVWUDEDMRVGHUHSDUDFLyQHIHFW~HORVLJXLHQWH
9XHOYDDFRQHFWDUWRGRVORVFRPSRQHQWHVGHOVLVWHPDGHOFROFKyQGHDLUH\FRPSUXHEHTXHWRGRVORV
FRPSRQHQWHVHVWiQPRQWDGRVFRUUHFWDPHQWH
%RUUHORVFyGLJRVGHGLDJQyVWLFR5HILpUDVHD%255$'2'('7&VLORVKD\
5HSLWDOD&20352%$&,Ï1'(/6,67(0$'(',$*1Ï67,&2'(&2/&+Ï1'($,5(SDUDFRQILUPDUTXH
HOGHVSHUIHFWRKDVLGRFRUUHJLGR
%6,67(0$'(/&2/&+Ï1'($,5(
'7&%
3DVR 2SHUDFLyQ 6t 1R
&RQHOLQWHUUXSWRUGHHQFHQGLGRHQODSRVLFLyQ2)) 9D\DDOSDVR ,QWHUUXSWRUGHHQFHQGLGR
GHVFRQHFWHHOFRQHFWRUGHOPyGXORLQIODGRUGHO HQODSRVLFLyQ2))
FROFKyQGHDLUHGHOSDVDMHURGHWUiVGHODJXDQWHUD 5HHPSODFHHOPyGXOR
&RPSUXHEHHOHVWDGRGHODFRQH[LyQDOPyGXOR LQIODGRUGHOFROFKyQGH
LQIODGRUGHOFROFKyQGHDLUHGHOSDVDMHURHQORV DLUHGHOSDVDMHUR5HILp
WHUPLQDOHVHQHOFRQHFWRU³4´ UDVHD0Ï'8/2,1)/$
6LHVWiFRQIRUPHHQWRQFHVFRQHFWHODKHUUDPLHQWD '25'(/&2/&+Ï1'(
HVSHFLDO%DOFRQHFWRUGHVFRQHFWDGRHQHOSDVR $,5('(/3$6$-(52HQ
GHOPyGXORLQIODGRUGHOFROFKyQGHDLUHGHO HVWDVHFFLyQ
SDVDMHUR
&RQHOLQWHUUXSWRUGHHQFHQGLGRHQODSRVLFLyQ21¢HV
DFWXDOHO'7&%"
&RORTXHHOLQWHUUXSWRUGHHQFHQGLGRHQODSRVLFLyQ 9D\DDOSDVR 5HSDUHHOFRUWRFLUFXLWR
2))\GHVFRQHFWHODKHUUDPLHQWDHVSHFLDO%\HO GHVGHHOFLUFXLWRGHOFDEOH
FRQHFWRUGHO6'0 ³<(/5('´DOFLUFXLWRGH
0LGDODWHQVLyQHQWUHHOWHUPLQDO³4´\ODPDVD DOLPHQWDFLyQHOpFWULFD
DFDUURFHUtD
&RQHOLQWHUUXSWRUGHHQFHQGLGRHQODSRVLFLyQ21¢HV
ODWHQVLyQ9RPHQRV"
0LGDODWHQVLyQHQWUHHOWHUPLQDO³4´\ODPDVD 5HHPSODFHSRUXQ 5HSDUHHOFLUFXLWRGHOFDEOH
DFDUURFHUtD PyGXORGH6'0HQ ³<(/´FRUWRFLUFXLWDGRDOFLU
&RQHOLQWHUUXSWRUGHHQFHQGLGRHQODSRVLFLyQ21¢HV EXHQHVWDGR\YXHOYD FXLWRGHDOLPHQWDFLyQHOpF
ODWHQVLyQ9RPHQRV" DFRPSUREDU WULFD
>$@)LJSDUDORV3$626\>%@)LJSDUDHO3$62>&@)LJSDUDHO3$62
+HUUDPLHQWDHVSHFLDO
$
%
127$
'HVSXpVGHFRPSOHWDUODFRPSUREDFLyQ\ORVWUDEDMRVGHUHSDUDFLyQHIHFW~HORVLJXLHQWH
9XHOYDDFRQHFWDUWRGRVORVFRPSRQHQWHVGHOVLVWHPDGHOFROFKyQGHDLUH\FRPSUXHEHTXHWRGRVORV
FRPSRQHQWHVHVWiQPRQWDGRVFRUUHFWDPHQWH
%RUUHORVFyGLJRVGHGLDJQyVWLFR5HILpUDVHD%255$'2'('7&VLORVKD\
5HSLWDOD&20352%$&,Ï1'(/6,67(0$'(',$*1Ï67,&2'(&2/&+Ï1'($,5(SDUDFRQILUPDUTXH
HOGHVSHUIHFWRKDVLGRFRUUHJLGR
6,67(0$'(/&2/&+Ï1'($,5(%
'7&%±5HVLVWHQFLDDOWDGHOFLUFXLWRLQLFLDGRUGHOFROFKyQGHDLUHGHOFRQ
GXFWRU
'7&%±5HVLVWHQFLDEDMDGHOFLUFXLWRLQLFLDGRUGHOFROFKyQGHDLUHGHOFRQ
GXFWRU
'7&%±&LUFXLWRLQLFLDGRUGHOFROFKyQGHDLUHGHOFRQGXFWRUFRUWRFLUFXL
WDGRDPDVD
'7&%±&LUFXLWRLQLFLDGRUGHOFROFKyQGHDLUHGHOFRQGXFWRUFRUWRFLUFXL
WDGRDOFLUFXLWRGHDOLPHQWDFLyQHOpFWULFD
',$*5$0$'(&$%/($'2
4
3
“Q01”
BLU/BLK BLU/RED “Q06” “Q05”
1 Q01-4 IG 5 6
2 GRN/RED
D+ Q01-10
GRN
D- Q01-9
[A]
BLK
[B] Q01-17 GND
7
“Q01”
35(&$8&,Ï1
$VHJ~UHVH GH HIHFWXDU OD &20352%$&,Ï1 '(/ 6,67(0$ '( ',$*1Ï67,&2 '( &2/&+Ï1 '( $,5(
DQWHVGHFRPHQ]DUHOGLDJQyVWLFRGHDFXHUGRFRQODWDEODGHIOXMR
&XDQGRHQHVWDWDEODVHUHTXLHUHODPHGLFLyQGHODUHVLVWHQFLDRODWHQVLyQXWLOLFHXQSUREDGRUFRQMXQWD
PHQWHFRQHODGDSWDGRUFRUUHFWRGHWHUPLQDOGHVGHODKHUUDPLHQWDHVSHFLDOFRQMXQWRGHDGDSWDGRUGH
SUXHEDGHFRQHFWRU
&XDQGRVHUHTXLHUDFRPSUREDUODFRUUHFFLyQGHODFRQH[LyQUHILpUDVHD0$/)81&,21$0,(172,17(5
0,7(17(<&21(;,Ï10$/$HQHVWDVHFFLyQ
&XDQGRVHGHWHFWHXQFLUFXLWRDELHUWRHQHOPD]RGHFDEOHVGHFROFKyQGHDLUHRVLHOFRQHFWRURWHUPL
QDOHVWiGDxDGRUHHPSODFHHOPD]RGHFDEOHVFRQHFWRU\WHUPLQDOFRPRXQVRORFRQMXQWR
(/'7&6(5È),-$'2&8$1'2
'7&%
/DUHVLVWHQFLDFRPELQDGDGHOPyGXORLQIODGRUGHOFROFKyQGHDLUHGHOFRQGXFWRUFRPMXQWRGHODERELQDGHFRQWDFWR
\FRQWDFWRGHWHUPLQDOHVGHOPD]RGHFDEOHV\GHOFRQHFWRUH[FHGHXQYDORUHVSHFLILFDGRGXUDQWHXQWLHPSRHVSHFLIL
FDGR
'7&%
/DUHVLVWHQFLDFRPELQDGDGHOPyGXORLQIODGRUGHOFROFKyQGHDLUHGHOFRQGXFWRUFRQMXQWRGHERELQDGHFRQWDFWR
FDEOHDGRGHPD]RGHFDEOHV\FRQWDFWRGHWHUPLQDOHVGHOPD]RGHFDEOHV\GHOFRQHFWRUHVLQIHULRUDXQYDORUHVSHFL
ILFDGRGXUDQWHXQWLHPSRHVSHFLILFDGR
'7&%
/DWHQVLyQPHGLGDHQHOFLUFXLWRLQLFLDGRUGHOFROFKyQGHDLUHGHOFRQGXFWRUHVLQIHULRUDXQYDORUHVSHFLILFDGRGXUDQWH
XQWLHPSRHVSHFLILFDGR
'7&%
/D WHQVLyQ PHGLGD HQ HO FLUFXLWR LQLFLDGRU GHO FROFKyQ GH DLUH GHO FRQGXFWRU HV VXSHULRU D XQ YDORU HVSHFLILFDGR
GXUDQWHXQWLHPSRHVSHFLILFDGR
%6,67(0$'(/&2/&+Ï1'($,5(
'(6&5,3&,Ï1'(/$358(%$'(/$7$%/$
'7&%%%\%
3$62&RPSUXHEHVLHOPDOIXQFLRQDPLHQWRHVWiHQODERELQDGHFRQWDFWR\HOPyGXORLQIODGRUGHOFROFKyQGH
DLUHGHOFRQGXFWRURHQRWURVFRPSRQHQWHV
3$62&RPSUXHEHHQHOPD]RGHFDEOHVGHOFROFKyQGHDLUHHOFLUFXLWRLQLFLDGRUGHOPyGXORLQIODGRUGHOFROFKyQ
GHDLUHGHOFRQGXFWRU
3$62&RPSUXHEHVLHOPDOIXQFLRQDPLHQWRHVWiHQODERELQDGHFRQWDFWRRHQHOPyGXORLQIODGRUGHOFROFKyQGH
DLUHGHOFRQGXFWRU
7$%/$'()/8-2'(',$*1Ï67,&2
'7&%
3DVR 2SHUDFLyQ 6t 1R
&RQHOLQWHUUXSWRUGHHQFHQGLGRHQODSRVLFLyQ2))GHV 9D\DDOSDVR 9D\DDOSDVR
FRQHFWHHOFRQHFWRUGHODERELQDGHFRQWDFWRORFDOL]DGR
FHUFDGHODEDVHGHODFROXPQDGHODGLUHFFLyQ
&RPSUXHEHHOHVWDGRGHODFRQH[LyQDODERELQDGHFRQ
WDFWRHQORVWHUPLQDOHVHQHOFRQHFWRU³4´
6LHVWiFRQIRUPHHQWRQFHVFRQHFWHODKHUUDPLHQWD
HVSHFLDO%DOFRQHFWRUGHVFRQHFWDGRHQHOSDVRGH
ODERELQDGHFRQWDFWR
&RQHOLQWHUUXSWRUGHHQFHQGLGRHQODSRVLFLyQ21¢HV
DFWXDOHO'7&%"
&RORTXHHOLQWHUUXSWRUGHHQFHQGLGRHQODSRVLFLyQ2)) 5HHPSODFHSRUXQ 5HSDUHODUHVLVWHQFLD
\GHVFRQHFWHHOFRQHFWRUGHO6'0 PyGXORGH6'0HQ DOWDRHOFLUFXLWR
&RPSUXHEHHOHVWDGRGHODFRQH[LyQDOPyGXORGH6'0 EXHQHVWDGR\YXHOYD DELHUWRHQFLUFXLWRGHO
HQORVWHUPLQDOHV³4´\³4´ DFRPSUREDU FDEOH³*51´R³*51
6LHVWiQRUPDOSURFHGDDPHGLUODUHVLVWHQFLDHQWUHORV 5('´
WHUPLQDOHV³4´\³4´FRQODKHUUDPLHQWDHVSH
FLDO%FRQHFWDGD
¢(VODUHVLVWHQFLDΩRPHQRU"
&RQHOLQWHUUXSWRUGHHQFHQGLGRHQODSRVLFLyQ2))GHV ,QWHUUXSWRUGHHQFHQ ,QWHUUXSWRUGHHQFHQ
FRQHFWHODKHUUDPLHQWDHVSHFLDO%HQVHJXLGDUHFR GLGRHQODSRVLFLyQ GLGRHQODSRVLFLyQ
QHFWHHOFRQHFWRUGHODERELQDGHFRQWDFWRORFDOL]DGR 2)) 2))
FHUFDGHODEDVHGHODFROXPQDGHODGLUHFFLyQ 5HHPSODFHHOFRQ 5HHPSODFHHOPyGXOR
'HVPRQWHHOPyGXORLQIODGRUGHOFROFKyQGHDLUHGHO MXQWRGHODERELQDGH LQIODGRUGHOFROFKyQ
FRQGXFWRUGHOYRODQWHGHGLUHFFLyQ5HILpUDVHD FRQWDFWR5HILpUDVHD GHDLUHGHOFRQGXFWRU
0Ï'8/2,1)/$'25'(/&2/&+Ï1'($,5('(/ &21-8172'( 5HILpUDVHD0Ï'8/2
&21'8&725HQODVHFFLyQ& ,17(5583725 ,1)/$'25'(/
&RPSUXHEHHOHVWDGRGHODFRQH[LyQDOPyGXORLQIODGRU &20%,1$'2 &2/&+Ï1'($,5(
GHOFROFKyQGHDLUHGHOFRQGXFWRUHQORVWHUPLQDOHVHQHO %2%,1$'(&21 '(/&21'8&725
FRQHFWRU³4´ 7$&72(,17( HQODVHFFLyQ&
6LHVWiFRQIRUPHHQWRQFHVFRQHFWHODKHUUDPLHQWD 5583725
HVSHFLDO%DOFRQHFWRU³4´ &20%,1$'2HQOD
&RQHOLQWHUUXSWRUGHHQFHQGLGRHQODSRVLFLyQ21¢HV VHFFLyQ&
DFWXDOHO'7&%"
6,67(0$'(/&2/&+Ï1'($,5(%
>$@)LJSDUDORV3$626\>%@)LJSDUDHO3$62>&@)LJSDUDHO3$62
+HUUDPLHQWDHVSHFLDO
$
%
127$
'HVSXpVGHFRPSOHWDUODFRPSUREDFLyQ\ORVWUDEDMRVGHUHSDUDFLyQHIHFW~HORVLJXLHQWH
9XHOYDDFRQHFWDUWRGRVORVFRPSRQHQWHVGHOVLVWHPDGHOFROFKyQGHDLUH\FRPSUXHEHTXHWRGRVORV
FRPSRQHQWHVHVWiQPRQWDGRVFRUUHFWDPHQWH
%RUUHORVFyGLJRVGHGLDJQyVWLFR5HILpUDVHD%255$'2'('7&VLORVKD\
5HSLWDOD&20352%$&,Ï1'(/6,67(0$'(',$*1Ï67,&2'(&2/&+Ï1'($,5(SDUDFRQILUPDUTXH
HOGHVSHUIHFWRKDVLGRFRUUHJLGR
'7&%
3DVR 2SHUDFLyQ 6t 1R
&RQHOLQWHUUXSWRUGHHQFHQGLGRHQODSRVLFLyQ2))GHV 9D\DDOSDVR 9D\DDOSDVR
FRQHFWHHOFRQHFWRUGHODERELQDGHFRQWDFWRORFDOL]DGR
FHUFDGHODEDVHGHODFROXPQDGHODGLUHFFLyQ
&RPSUXHEHHOHVWDGRGHODFRQH[LyQDODERELQDGHFRQ
WDFWRHQORVWHUPLQDOHVHQHOFRQHFWRU³4´
6LHVWiFRQIRUPHHQWRQFHVFRQHFWHODKHUUDPLHQWD
HVSHFLDO%DOFRQHFWRUGHVFRQHFWDGRHQHOSDVRGH
ODERELQDGHFRQWDFWR
&RQHOLQWHUUXSWRUGHHQFHQGLGRHQODSRVLFLyQ21¢HV
DFWXDOHO'7&%"
&RORTXHHOLQWHUUXSWRUGHHQFHQGLGRHQODSRVLFLyQ2)) 5HHPSODFHSRUXQ 5HSDUHHOFRUWRFLU
\GHVFRQHFWHHOFRQHFWRUGHO6'0 PyGXORGH6'0HQ FXLWRGHVGHHOFLUFXLWR
&RPSUXHEHHOHVWDGRGHODFRQH[LyQDOPyGXORGH6'0 EXHQHVWDGR\YXHOYD GHOFDEOH³*51´DOFLU
HQORVWHUPLQDOHV³4´\³4´ DFRPSUREDU FXLWRGHOFDEOH³*51
6LHVWiQRUPDOSURFHGDDPHGLUODUHVLVWHQFLDHQWUHORV 5('´RGHVGHHOFLU
WHUPLQDOHV³4´\³4´FRQODKHUUDPLHQWDHVSH FXLWRGHOFDEOH³*51´
FLDO%FRQHFWDGD R³*515('´DRWUR
¢(VODUHVLVWHQFLDΩRPiV" FLUFXLWRGHFDEOH
%6,67(0$'(/&2/&+Ï1'($,5(
3DVR 2SHUDFLyQ 6t 1R
&RQHOLQWHUUXSWRUGHHQFHQGLGRHQODSRVLFLyQ2))GHV ,QWHUUXSWRUGHHQFHQ ,QWHUUXSWRUGHHQFHQ
FRQHFWHODKHUUDPLHQWDHVSHFLDO%HQVHJXLGDUHFR GLGRHQODSRVLFLyQ GLGRHQODSRVLFLyQ
QHFWHHOFRQHFWRUGHODERELQDGHFRQWDFWRORFDOL]DGR 2)) 2))
FHUFDGHODEDVHGHODFROXPQDGHODGLUHFFLyQ 5HHPSODFHHOFRQ 5HHPSODFHHOPyGXOR
'HVPRQWHHOPyGXORLQIODGRUGHOFROFKyQGHDLUHGHO MXQWRGHODERELQDGH LQIODGRUGHOFROFKyQ
FRQGXFWRUGHOYRODQWHGHGLUHFFLyQ5HILpUDVHD FRQWDFWR5HILpUDVHD GHDLUHGHOFRQGXFWRU
0Ï'8/2,1)/$'25'(/&2/&+Ï1'($,5('(/ &21-8172'( 5HILpUDVHD0Ï'8/2
&21'8&725HQODVHFFLyQ& ,17(5583725 ,1)/$'25'(/
&RPSUXHEHHOHVWDGRGHODFRQH[LyQDOPyGXORLQIODGRU &20%,1$'2 &2/&+Ï1'($,5(
GHOFROFKyQGHDLUHGHOFRQGXFWRUHQORVWHUPLQDOHVHQHO %2%,1$'(&21 '(/&21'8&725
FRQHFWRU³4´ 7$&72(,17( HQODVHFFLyQ&
6LHVWiFRQIRUPHHQWRQFHVFRQHFWHODKHUUDPLHQWD 5583725
HVSHFLDO%DOFRQHFWRU³4´ &20%,1$'2HQOD
&RQHOLQWHUUXSWRUGHHQFHQGLGRHQODSRVLFLyQ21¢HV VHFFLyQ&
DFWXDOHO'7&%"
>$@)LJSDUDORV3$626\>%@)LJSDUDHO3$62>&@)LJSDUDHO3$62
+HUUDPLHQWDHVSHFLDO
$
%
127$
'HVSXpVGHFRPSOHWDUODFRPSUREDFLyQ\ORVWUDEDMRVGHUHSDUDFLyQHIHFW~HORVLJXLHQWH
9XHOYDDFRQHFWDUWRGRVORVFRPSRQHQWHVGHOVLVWHPDGHOFROFKyQGHDLUH\FRPSUXHEHTXHWRGRVORV
FRPSRQHQWHVHVWiQPRQWDGRVFRUUHFWDPHQWH
%RUUHORVFyGLJRVGHGLDJQyVWLFR5HILpUDVHD%255$'2'('7&VLORVKD\
5HSLWDOD&20352%$&,Ï1'(/6,67(0$'(',$*1Ï67,&2'(&2/&+Ï1'($,5(SDUDFRQILUPDUTXH
HOGHVSHUIHFWRKDVLGRFRUUHJLGR
6,67(0$'(/&2/&+Ï1'($,5(%
'7&%
3DVR 2SHUDFLyQ 6t 1R
&RQHOLQWHUUXSWRUGHHQFHQGLGRHQODSRVLFLyQ2)) 9D\DDOSDVR 9D\DDOSDVR
GHVFRQHFWHHOFRQHFWRUGHODERELQDGHFRQWDFWRORFD
OL]DGRFHUFDGHODEDVHGHODFROXPQDGHODGLUHFFLyQ
&RPSUXHEHHOHVWDGRGHODFRQH[LyQDODERELQDGH
FRQWDFWRHQORVWHUPLQDOHVHQHOFRQHFWRU³4´
6LHVWiFRQIRUPHHQWRQFHVFRQHFWHODKHUUDPLHQWD
HVSHFLDO%DOFRQHFWRUGHVFRQHFWDGRHQHOSDVR
GHODERELQDGHFRQWDFWR
&RQHOLQWHUUXSWRUGHHQFHQGLGRHQODSRVLFLyQ21¢HV
DFWXDOHO'7&%"
&RORTXHHOLQWHUUXSWRUGHHQFHQGLGRHQODSRVLFLyQ 5HHPSODFHSRUXQ 5HSDUHHOFRUWRFLUFXLWR
2))\GHVFRQHFWHODKHUUDPLHQWDHVSHFLDO%\HO PyGXORGH6'0HQ GHVGHHOFLUFXLWRGHO
FRQHFWRUGHO6'0 EXHQHVWDGR\YXHOYD FDEOH³*51´R³*51
0LGDODUHVLVWHQFLDHQWUHHOWHUPLQDO³4´\ODPDVD DFRPSUREDU 5('´DPDVD
DFDUURFHUtD\HQWUHHOWHUPLQDO³4´\ODPDVDD
FDUURFHUtD
¢(VWiQDELHUWRVORVFLUFXLWRV"
&RQHOLQWHUUXSWRUGHHQFHQGLGRHQODSRVLFLyQ2)) ,QWHUUXSWRUGHHQFHQ ,QWHUUXSWRUGHHQFHQ
GHVFRQHFWHODKHUUDPLHQWDHVSHFLDO%HQVHJXLGD GLGRHQODSRVLFLyQ GLGRHQODSRVLFLyQ
UHFRQHFWHHOFRQHFWRUGHODERELQDGHFRQWDFWRORFDOL 2)) 2))
]DGRFHUFDGHODEDVHGHODFROXPQDGHODGLUHFFLyQ 5HHPSODFHHOFRQ 5HHPSODFHHOPyGXOR
'HVPRQWHHOPyGXORLQIODGRUGHOFROFKyQGHDLUHGHO MXQWRGHERELQDGH LQIODGRUGHOFROFKyQ
FRQGXFWRUGHOYRODQWHGHGLUHFFLyQ5HILpUDVHD FRQWDFWR5HILpUDVHD GHDLUHGHOFRQGXFWRU
0Ï'8/2,1)/$'25'(/&2/&+Ï1'($,5( &21-8172'( 5HILpUDVHD0Ï'8/2
'(/&21'8&725HQODVHFFLyQ& ,17(5583725 ,1)/$'25'(/
&RPSUXHEHHOHVWDGRGHODFRQH[LyQDOPyGXORLQIOD &20%,1$'2 &2/&+Ï1'($,5(
GRUGHOFROFKyQGHDLUHGHOFRQGXFWRUHQORVWHUPLQD %2%,1$'(&21 '(/&21'8&725HQ
OHVHQHOFRQHFWRU³4´ 7$&72(,17(5583 ODVHFFLyQ&
6LHVWiFRQIRUPHHQWRQFHVFRQHFWHODKHUUDPLHQWD 725&20%,1$'2
HVSHFLDO%DOFRQHFWRU³4´ HQODVHFFLyQ&
&RQHOLQWHUUXSWRUGHHQFHQGLGRHQODSRVLFLyQ21¢HV
DFWXDOHO'7&%"
>$@)LJSDUDORV3$626\>%@)LJSDUDHO3$62>&@)LJSDUDHO3$62
+HUUDPLHQWDHVSHFLDO
$
%
%6,67(0$'(/&2/&+Ï1'($,5(
127$
'HVSXpVGHFRPSOHWDUODFRPSUREDFLyQ\ORVWUDEDMRVGHUHSDUDFLyQHIHFW~HORVLJXLHQWH
9XHOYDDFRQHFWDUWRGRVORVFRPSRQHQWHVGHOVLVWHPDGHOFROFKyQGHDLUH\FRPSUXHEHTXHWRGRVORV
FRPSRQHQWHVHVWiQPRQWDGRVFRUUHFWDPHQWH
%RUUHORVFyGLJRVGHGLDJQyVWLFR5HILpUDVHD%255$'2'('7&VLORVKD\
5HSLWDOD&20352%$&,Ï1'(/6,67(0$'(',$*1Ï67,&2'(&2/&+Ï1'($,5(SDUDFRQILUPDUTXH
HOGHVSHUIHFWRKDVLGRFRUUHJLGR
'7&%
3DVR 2SHUDFLyQ 6t 1R
&RQHOLQWHUUXSWRUGHHQFHQGLGRHQODSRVLFLyQ2))GHV 9D\DDOSDVR 9D\DDOSDVR
FRQHFWHHOFRQHFWRUGHODERELQDGHFRQWDFWRORFDOL]DGR
FHUFDGHODEDVHGHODFROXPQDGHODGLUHFFLyQ
&RPSUXHEHHOHVWDGRGHODFRQH[LyQDODERELQDGHFRQ
WDFWRHQORVWHUPLQDOHVHQHOFRQHFWRU³4´
6LHVWiFRQIRUPHHQWRQFHVFRQHFWHODKHUUDPLHQWD
HVSHFLDO%DOFRQHFWRUGHVFRQHFWDGRHQHOSDVRGH
ODERELQDGHFRQWDFWR
&RQHOLQWHUUXSWRUGHHQFHQGLGRHQODSRVLFLyQ21¢HV
DFWXDOHO'7&%"
&RORTXHHOLQWHUUXSWRUGHHQFHQGLGRHQODSRVLFLyQ2)) 5HHPSODFHSRUXQ 5HSDUHHOFRUWRFLU
\GHVFRQHFWHODKHUUDPLHQWDHVSHFLDO%\HOFRQHFWRU PyGXORGH6'0HQ FXLWRGHVGHHOFLUFXLWR
GHO6'0 EXHQHVWDGR\YXHOYD GHOFDEOH³*51´R
0LGDODWHQVLyQHQWUHHOWHUPLQDO³4´\ODPDVDD DFRPSUREDU ³*515('´DOFLUFXLWR
FDUURFHUtD\HQWUHHOWHUPLQDO³4´\ODPDVDD GHDOLPHQWDFLyQHOpF
FDUURFHUtD WULFD
&RQHOLQWHUUXSWRUGHHQFHQGLGRHQODSRVLFLyQ21¢HVOD
WHQVLyQ9RPHQRV"
&RQHOLQWHUUXSWRUGHHQFHQGLGRHQODSRVLFLyQ2))GHV ,QWHUUXSWRUGHHQFHQ ,QWHUUXSWRUGHHQFHQ
FRQHFWHODKHUUDPLHQWDHVSHFLDO%HQVHJXLGDUHFR GLGRHQODSRVLFLyQ GLGRHQODSRVLFLyQ
QHFWHHOFRQHFWRUGHODERELQDGHFRQWDFWRORFDOL]DGR 2)) 2))
FHUFDGHODEDVHGHODFROXPQDGHODGLUHFFLyQ 5HHPSODFHHOFRQ 5HHPSODFHHOPyGXOR
'HVPRQWHHOPyGXORLQIODGRUGHOFROFKyQGHDLUHGHO MXQWRGHODERELQDGH LQIODGRUGHOFROFKyQ
FRQGXFWRUGHOYRODQWHGHGLUHFFLyQ5HILpUDVHD FRQWDFWR5HILpUDVHD GHDLUHGHOFRQGXFWRU
0Ï'8/2,1)/$'25'(/&2/&+Ï1'($,5('(/ &21-8172'( 5HILpUDVHD0Ï'8/2
&21'8&725HQODVHFFLyQ& ,17(5583725 ,1)/$'25'(/
&RPSUXHEHHOHVWDGRGHODFRQH[LyQDOPyGXORLQIODGRU &20%,1$'2 &2/&+Ï1'($,5(
GHOFROFKyQGHDLUHGHOFRQGXFWRUHQORVWHUPLQDOHVHQ %2%,1$'(&21 '(/&21'8&725
HOFRQHFWRU³4´ 7$&72(,17( HQODVHFFLyQ&
6LHVWiFRQIRUPHHQWRQFHVFRQHFWHODKHUUDPLHQWD 5583725
HVSHFLDO%DOFRQHFWRU³4´ &20%,1$'2HQOD
&RQHOLQWHUUXSWRUGHHQFHQGLGRHQODSRVLFLyQ21¢HV VHFFLyQ&
DFWXDOHO'7&%"
6,67(0$'(/&2/&+Ï1'($,5(%
>$@)LJSDUDORV3$626\>%@)LJSDUDHO3$62>&@)LJSDUDHO3$62
+HUUDPLHQWDHVSHFLDO
$
%
127$
'HVSXpVGHFRPSOHWDUODFRPSUREDFLyQ\ORVWUDEDMRVGHUHSDUDFLyQHIHFW~HORVLJXLHQWH
9XHOYDDFRQHFWDUWRGRVORVFRPSRQHQWHVGHOVLVWHPDGHOFROFKyQGHDLUH\FRPSUXHEHTXHWRGRVORV
FRPSRQHQWHVHVWiQPRQWDGRVFRUUHFWDPHQWH
%RUUHORVFyGLJRVGHGLDJQyVWLFR5HILpUDVHD%255$'2'('7&VLORVKD\
5HSLWDOD&20352%$&,Ï1'(/6,67(0$'(',$*1Ï67,&2'(&2/&+Ï1'($,5(SDUDFRQILUPDUTXH
HOGHVSHUIHFWRKDVLGRFRUUHJLGR
%6,67(0$'(/&2/&+Ï1'($,5(
'7&%±7HQVLyQDOWDGHODIXHQWHGHDOLPHQWDFLyQHOpFWULFD
'7&%±7HQVLyQEDMDGHODIXHQWHGHDOLPHQWDFLyQHOpFWULFD
',$*5$0$'(&$%/($'2
4
3
BLU/BLK BLU/RED
1 Q01-4 IG
2
BLK
Q01-17 GND
[A] 5
“Q01”
35(&$8&,Ï1
$VHJ~UHVH GH HIHFWXDU OD &20352%$&,Ï1 '(/ 6,67(0$ '( ',$*1Ï67,&2 '( &2/&+Ï1 '( $,5(
DQWHVGHFRPHQ]DUHOGLDJQyVWLFRGHDFXHUGRFRQODWDEODGHIOXMR
&XDQGRHQHVWDWDEODVHUHTXLHUHODPHGLFLyQGHODUHVLVWHQFLDRODWHQVLyQXWLOLFHXQSUREDGRUFRQMXQWD
PHQWHFRQHODGDSWDGRUFRUUHFWRGHWHUPLQDOGHVGHODKHUUDPLHQWDHVSHFLDOFRQMXQWRGHDGDSWDGRUGH
SUXHEDGHFRQHFWRU
&XDQGRVHUHTXLHUDFRPSUREDUODFRUUHFFLyQGHODFRQH[LyQUHILpUDVHD0$/)81&,21$0,(172,17(5
0,7(17(<&21(;,Ï10$/$HQHVWDVHFFLyQ
&XDQGRVHGHWHFWHXQFLUFXLWRDELHUWRHQHOPD]RGHFDEOHVGHFROFKyQGHDLUHRVLHOFRQHFWRURWHUPL
QDOHVWiGDxDGRUHHPSODFHHOPD]RGHFDEOHVFRQHFWRU\WHUPLQDOFRPRXQVRORFRQMXQWR
(/'7&6(5È),-$'2&8$1'2
'7&%
/D WHQVLyQ GH OD IXHQWH GH DOLPHQWDFLyQ HOpFWULFD DO PyGXOR 6'0 HV VXSHULRU D ODV HVSHFLILFDFLRQHV GXUDQWH XQ
WLHPSRHVSHFLILFDGR
'7&%
/DWHQVLyQGHODIXHQWHGHDOLPHQWDFLyQHVLQIHULRUD9DSUR[LPDGDPHQWHGXUDQWHXQWLHPSRHVSHFLILFDGR
'(6&5,3&,Ï1'(/$358(%$'(/$7$%/$
'7&%
3$62&RPSUXHEHVLODWHQVLyQDSOLFDGDDOPyGXORGH6'0HVWiGHQWURGHODVHVSHFLILFDFLRQHV
3$62&RPSUXHEHVLHO'7&%WRGDYtDHVWiSUHVHQWH
'7&%
3$62&RPSUXHEHVLODWHQVLyQDSOLFDGDDOPyGXORGH6'0HVWiGHQWURGHODVHVSHFLILFDFLRQHV
3$62&RPSUXHEHVLHO'7&%WRGDYtDHVWiSUHVHQWH
6,67(0$'(/&2/&+Ï1'($,5(%
7$%/$'()/8-2'(',$*1Ï67,&2
'7&%
3DVR 2SHUDFLyQ 6t 1R
&RORTXHHOLQWHUUXSWRUGHHQFHQGLGRHQOD 9D\DDOSDVR &RPSUXHEHHOVLVWHPDGH
SRVLFLyQ2))\GHVFRQHFWHHOFRQHFWRUGHO FDUJD\UHSDUHVHJ~QVHD
6'0 QHFHVDULR5HILpUDVHD
&RPSUXHEHHOHVWDGRGHODFRQH[LyQDO ',$*1Ï67,&2HQODVHF
PyGXORGH6'0HQHOWHUPLQDO³4´ FLyQ+
6LHVWiQRUPDOFRPSUXHEHODWHQVLyQHQWUHHO
WHUPLQDO³4´GHOFRQHFWRUGH6'0\OD
PDVDDFDUURFHUtDFRQHOLQWHUUXSWRUGH
HQFHQGLGRHQODSRVLFLyQ21
¢(VODWHQVLyQ9RPHQRV"
&RORTXHHOLQWHUUXSWRUGHHQFHQGLGRHQOD 5HHPSODFHSRUXQPyGXOR &RPSUXHEHHOVLVWHPDGH
SRVLFLyQ2))\UHFRQHFWHHOFRQHFWRUGHO GH6'0HQEXHQHVWDGR\ FDUJD\UHSDUHVHJ~QVHD
6'0 YXHOYDDFRPSUREDU QHFHVDULR5HILpUDVHD
&RQHOLQWHUUXSWRUGHHQFHQGLGRHQODSRVLFLyQ ',$*1Ï67,&2HQODVHF
21¢HVDFWXDOHO'7&%" FLyQ+
)LJXUDSDUDHO3$62
+HUUDPLHQWDHVSHFLDO
$
127$
'HVSXpVGHFRPSOHWDUODFRPSUREDFLyQ\ORVWUDEDMRVGHUHSDUDFLyQHIHFW~HORVLJXLHQWH
9XHOYDDFRQHFWDUWRGRVORVFRPSRQHQWHVGHOVLVWHPDGHOFROFKyQGHDLUH\FRPSUXHEHTXHWRGRVORV
FRPSRQHQWHVHVWiQPRQWDGRVFRUUHFWDPHQWH
%RUUHORVFyGLJRVGHGLDJQyVWLFR5HILpUDVHD%255$'2'('7&VLORVKD\
5HSLWDOD&20352%$&,Ï1'(/6,67(0$'(',$*1Ï67,&2'(&2/&+Ï1'($,5(SDUDFRQILUPDUTXH
HOGHVSHUIHFWRKDVLGRFRUUHJLGR
'7&%
3DVR 2SHUDFLyQ 6t 1R
0LGDODWHQVLyQGHODEDWHUtD 9D\DDOSDVR &RPSUXHEHHOVLVWHPDGH
¢(VODWHQVLyQ9RPiV" FDUJD\UHSDUHVHJ~QVHD
QHFHVDULR5HILpUDVHD
',$*1Ï67,&2HQODVHF
FLyQ+
%6,67(0$'(/&2/&+Ï1'($,5(
3DVR 2SHUDFLyQ 6t 1R
&RORTXHHOLQWHUUXSWRUGHHQFHQGLGRHQOD 9D\DDOSDVR /RVSXQWRVGHIHFWXRVRV
SRVLFLyQ2))\GHVFRQHFWHHOFRQHFWRUGHO SRVLEOHVVRQORVVLJXLHQWHV
6'0 &RPSUXHEHFDGDFRPSR
&RPSUXHEHHOHVWDGRGHODFRQH[LyQDO QHQWH\UHHPSODFHVLHV
PyGXORGH6'0HQHOWHUPLQDO³4´ QHFHVDULR
6LHVWiQRUPDOFRPSUXHEHODWHQVLyQHQWUHHO &LUFXLWRGHVGHODEDWHUtD
WHUPLQDO³4´GHOFRQHFWRUGH6'0\OD DOFRQHFWRU³4´
PDVDDFDUURFHUtDFRQHOLQWHUUXSWRUGH 6LVWHPDGHFDUJD5HILp
HQFHQGLGRHQODSRVLFLyQ21 UDVHD',$*1Ï67,&2
¢(VODWHQVLyQ9RPiV" HQODVHFFLyQ+
&RORTXHHOLQWHUUXSWRUGHHQFHQGLGRHQOD 5HHPSODFHSRUXQPyGXOR &RPSUXHEHHOVLVWHPDGH
SRVLFLyQ2))\UHFRQHFWHHOFRQHFWRUGHO GH6'0HQEXHQHVWDGR\ FDUJD\UHSDUHVHJ~QVHD
6'0 YXHOYDDFRPSUREDU QHFHVDULR5HILpUDVHD
&RQHOLQWHUUXSWRUGHHQFHQGLGRHQODSRVLFLyQ ',$*1Ï67,&2HQODVHF
21¢HVDFWXDOHO'7&%" FLyQ+
)LJXUDSDUDHO3$62
+HUUDPLHQWDHVSHFLDO
$
127$
'HVSXpVGHFRPSOHWDUODFRPSUREDFLyQ\ORVWUDEDMRVGHUHSDUDFLyQHIHFW~HORVLJXLHQWH
9XHOYDDFRQHFWDUWRGRVORVFRPSRQHQWHVGHOVLVWHPDGHOFROFKyQGHDLUH\FRPSUXHEHTXHWRGRVORV
FRPSRQHQWHVHVWiQPRQWDGRVFRUUHFWDPHQWH
%RUUHORVFyGLJRVGHGLDJQyVWLFR5HILpUDVHD%255$'2'('7&VLORVKD\
5HSLWDOD&20352%$&,Ï1'(/6,67(0$'(',$*1Ï67,&2'(&2/&+Ï1'($,5(SDUDFRQILUPDUTXH
HOGHVSHUIHFWRKDVLGRFRUUHJLGR
6,67(0$'(/&2/&+Ï1'($,5(%
'7&%±&LUFXLWRGHOVHQVRUGHODQWHURGHUHFKRDELHUWRRFRUWRFLUFXLWDGRD
PDVD
'7&%±&LUFXLWRGHOVHQVRUGHODQWHURGHUHFKRFRUWRFLUFXLWDGRHQWUHGRV
FDEOHVRFRUWRFLUFXLWDGRDOFLUFXLWRGHDOLPHQWDFLyQHOpFWULFD
'7&%±&LUFXLWRGHOVHQVRUGHODQWHURL]TXLHUGRFRUWRFLUFXLWDGRHQWUHGRV
FDEOHVRDELHUWRRFRUWRFLUFXLWDGRDPDVD
'7&%±&LUFXLWRGHOVHQVRUGHODQWHURL]TXLHUGRFRUWRFLUFXLWDGRHQWUHGRV
FDEOHVRFRUWRFLUFXLWDGRDOFLUFXLWRGHDOLPHQWDFLyQHOpFWULFD
',$*5$0$'(&$%/($'2
“Q01” 3
“G27” “Q02”
1 5V
ORN/GRN ORN/GRN ORN/GRN
Q01-19 SL+
2
[A]
35(&$8&,Ï1
$VHJ~UHVH GH HIHFWXDU OD &20352%$&,Ï1 '(/ 6,67(0$ '( ',$*1Ï67,&2 '( &2/&+Ï1 '( $,5(
DQWHVGHFRPHQ]DUHOGLDJQyVWLFRGHDFXHUGRFRQODWDEODGHIOXMR
&XDQGRHQHVWDWDEODVHUHTXLHUHODPHGLFLyQGHODUHVLVWHQFLDRODWHQVLyQXWLOLFHXQSUREDGRUFRQMXQWD
PHQWHFRQHODGDSWDGRUFRUUHFWRGHWHUPLQDOGHVGHODKHUUDPLHQWDHVSHFLDOFRQMXQWRGHDGDSWDGRUGH
SUXHEDGHFRQHFWRU
&XDQGRVHUHTXLHUDFRPSUREDUODFRUUHFFLyQGHODFRQH[LyQUHILpUDVHD0$/)81&,21$0,(172,17(5
0,7(17(<&21(;,Ï10$/$HQHVWDVHFFLyQ
&XDQGRVHGHWHFWHXQFLUFXLWRDELHUWRHQHOPD]RGHFDEOHVGHFROFKyQGHDLUHRVLHOFRQHFWRURWHUPL
QDOHVWiGDxDGRUHHPSODFHHOPD]RGHFDEOHVFRQHFWRU\WHUPLQDOFRPRXQVRORFRQMXQWR
(/'7&6(5È),-$'2&8$1'2
'7&%\%
/DWHQVLyQPHGLGDHQHOFLUFXLWRGHVHQVRUGHODQWHURWHUPLQDO44HVLQIHULRUDXQYDORUHVSHFLILFDGR
GXUDQWHXQWLHPSRHVSHFLILFDGR
'7&%\%
/DWHQVLyQPHGLGDHQHOFLUFXLWRGHVHQVRUGHODQWHURWHUPLQDO44HVVXSHULRUDXQYDORUHVSHFLILFDGR
GXUDQWHXQWLHPSRHVSHFLILFDGR
'(6&5,3&,Ï1'(/$358(%$'(/$7$%/$
'7&%\%
3$62&RPSUXHEHVLHOPDOIXQFLRQDPLHQWRHVWiHQHOVHQVRUGHODQWHUR
3$62&RPSUXHEHVLHOFLUFXLWRGHOVHQVRUGHODQWHURHVWiDELHUWR
3$62&RPSUXHEHVLHOFLUFXLWRGHOVHQVRUGHODQWHURHVWiFRUWRFLUFXLWDGRDPDVD
%6,67(0$'(/&2/&+Ï1'($,5(
'7&%\%
3$62&RPSUXHEHVLHOPDOIXQFLRQDPLHQWRHVWiHQHOVHQVRUGHODQWHUR
3$62&RPSUXHEHVLHOFLUFXLWRGHOVHQVRUGHODQWHURHVWiFRUWRFLUFXLWDGRHQWUHGRVFDEOHV
3$62&RPSUXHEHVLHOFLUFXLWRGHOVHQVRUGHODQWHURHVWiFRUWRFLUFXLWDGRDOFLUFXLWRGHDOLPHQWDFLyQHOpFWULFD
7$%/$'()/8-2'(',$*1Ï67,&2
'7&%\%
3DVR 2SHUDFLyQ 6t 1R
,QWHUUXSWRUGHHQFHQGLGRHQODSRVLFLyQ2)) 9D\DDOSDVR 5HHPSODFHHOVHQVRU
'HVFRQHFWHHOFRQHFWRUGHOPyGXORLQIODGRU GHODQWHUR
GHOFROFKyQGHDLUHGHOFRQGXFWRUFRQHFWRU
GHOPyGXORLQIODGRUGHOFROFKyQGHDLUHGHO
SDVDMHURFRQHFWRUGHOPyGXORGHSUHWHQVRU
GHOFRQGXFWRU\HOFRQHFWRUGHOPyGXORGH
SUHWHQVRUGHOSDVDMHUR
'HVFRQHFWHHOVHQVRUGHODQWHUR
&RPSUXHEHHOHVWDGRGHODFRQH[LyQDO
FRQHFWRUGHOVHQVRUGHODQWHURHQORVWHUPLQD
OHVGHORVFDEOHV³251*51´\³251%/8´R
³<(/*51´\³<(/%/8´
6LODFRQGLFLyQHVQRUPDOHQWRQFHVPLGDOD
UHVLVWHQFLDHQWUHORVWHUPLQDOHVGHOVHQVRU
GHODQWHUR
¢(VODUHVLVWHQFLD±Ω"
9XHOYDDFRQHFWDUHOVHQVRUGHODQWHUR 5HSDUHHOFLUFXLWRDELHUWR 9D\DDOSDVR
'HVFRQHFWHHOFRQHFWRUGHO6'0 HQHOFLUFXLWRHQWUHHOVHQ
&RPSUXHEHHOHVWDGRGHODFRQH[LyQDO VRUGHODQWHUR\HO6'0GHO
PyGXORGH6'0HQORVWHUPLQDOHV³4´\ FDEOH³251*51´\³251
³4´RHQORVWHUPLQDOHV³4´\ %/8´RHOFLUFXLWRHQWUHHO
³4´ VHQVRUGHODQWHUR\HO6'0
6LHVWiQRUPDOSURFHGDDPHGLUODUHVLVWHQFLD GHOFDEOH³<(/*51´\
HQWUHHOWHUPLQDO³4´\HOWHUPLQDO³4 ³<(/%/8´
´RHQWUHORVWHUPLQDOHV³4´\³4
´
¢(VWiDELHUWRHOFLUFXLWR"
'HVFRQHFWHHOVHQVRUGHODQWHUR 5HHPSODFHSRUXQPyGXOR 5HSDUHHOFLUFXLWRDELHUWR
0LGDODUHVLVWHQFLDHQWUHHOWHUPLQDO³4´ GH6'0HQEXHQHVWDGR\ GHVGHHOFLUFXLWRHQWUHHO
\ODPDVDDFDUURFHUtDHQWUHHOWHUPLQDO³4 YXHOYDDFRPSUREDU VHQVRUGHODQWHUR\HO6'0
´\ODPDVDDFDUURFHUtDRHQWUHHOWHUPLQDO GHOFDEOH´251*51´R
³4´\ODPDVDDFDUURFHUtDWHUPLQDO ³251%/8´DPDVDR
³4´\ODPDVDDFDUURFHUtD GHVGHHOFLUFXLWRHQWUHHO
¢(VWiQDELHUWRVORVFLUFXLWRV" VHQVRUGHODQWHUR\HO6'0
GHOFDEOH³<(/*51´R
³<(/%/8´DPDVD
6,67(0$'(/&2/&+Ï1'($,5(%
>$@)LJSDUDHO3$62>%@)LJSDUDHO3$62>&@)LJSDUDHO3$62
+HUUDPLHQWDHVSHFLDO
$
127$
'HVSXpVGHFRPSOHWDUODFRPSUREDFLyQ\ORVWUDEDMRVGHUHSDUDFLyQHIHFW~HORVLJXLHQWH
9XHOYDDFRQHFWDUWRGRVORVFRPSRQHQWHVGHOVLVWHPDGHOFROFKyQGHDLUH\FRPSUXHEHTXHWRGRVORV
FRPSRQHQWHVHVWiQPRQWDGRVFRUUHFWDPHQWH
%RUUHORVFyGLJRVGHGLDJQyVWLFR5HILpUDVHD%255$'2'('7&VLORVKD\
5HSLWDOD&20352%$&,Ï1'(/6,67(0$'(',$*1Ï67,&2'(&2/&+Ï1'($,5(SDUDFRQILUPDUTXH
HOGHVSHUIHFWRKDVLGRFRUUHJLGR
'7&%\%
3DVR 2SHUDFLyQ 6t 1R
,QWHUUXSWRUGHHQFHQGLGRHQODSRVLFLyQ2)) 9D\DDOSDVR 5HHPSODFHHOVHQVRU
'HVFRQHFWHHOFRQHFWRUGHOPyGXORLQIODGRU GHODQWHUR
GHOFROFKyQGHDLUHGHOFRQGXFWRUFRQHFWRU
GHOPyGXORLQIODGRUGHOFROFKyQGHDLUHGHO
SDVDMHURFRQHFWRUGHOPyGXORGHSUHWHQVRU
GHOFRQGXFWRU\HOFRQHFWRUGHOPyGXORGH
SUHWHQVRUGHOSDVDMHUR
'HVFRQHFWHHOVHQVRUGHODQWHUR
&RPSUXHEHHOHVWDGRGHODFRQH[LyQDO
FRQHFWRUGHOVHQVRUGHODQWHURHQORVWHUPLQD
OHVGHORVFDEOHV³251*51´\³251%/8´R
³<(/*51´\³<(/%/8´
6LODFRQGLFLyQHVQRUPDOHQWRQFHVPLGDOD
UHVLVWHQFLDHQWUHORVWHUPLQDOHVGHOVHQVRU
GHODQWHUR
¢(VODUHVLVWHQFLD± Ω"
'HVFRQHFWHHOFRQHFWRUGHO6'0 9D\DDOSDVR 5HSDUHHOFRUWRFLUFXLWR
&RPSUXHEHHOHVWDGRGHODFRQH[LyQDO GHVGHHOFLUFXLWRHQWUHHO
PyGXORGH6'0HQORVWHUPLQDOHV³4´\ VHQVRUGHODQWHUR\HO6'0
³4´RHQORVWHUPLQDOHV³4´\ GHOFDEOH´251*51´DO
³4´ FLUFXLWRGHOFDEOH³251
6LHVWiQRUPDOSURFHGDDPHGLUODUHVLVWHQFLD %/8´RGHVGHHOFLUFXLWR
HQWUHHOWHUPLQDO³4´\HOWHUPLQDO³4 HQWUHHOVHQVRUGHODQWHUR\
´RHQWUHORVWHUPLQDOHV³4´\³4 HO6'0GHOFDEOH³<(/
´ *51´DOFLUFXLWRGHOFDEOH
¢(VWiDELHUWRHOFLUFXLWR" ³<(/%/8´
%6,67(0$'(/&2/&+Ï1'($,5(
3DVR 2SHUDFLyQ 6t 1R
0LGDODWHQVLyQHQWUHHOWHUPLQDO³4´\OD 5HHPSODFHSRUXQPyGXOR 5HSDUHHOFRUWRFLUFXLWR
PDVDDFDUURFHUtD\HQWUHHOWHUPLQDO³4 GH6'0HQEXHQHVWDGR\ GHVGHHOFLUFXLWRHQWUHHO
´\ODPDVDDFDUURFHUtDRGHVGHHOWHUPL YXHOYDDFRPSUREDU VHQVRUGHODQWHUR\HO6'0
QDO³4´DODPDVDDFDUURFHUtD\GHVGH GHOFDEOH´251*51´R
HOWHUPLQDO³4´DODPDVDDFDUURFHUtD ³251%/8´DOFLUFXLWRGH
&RQHOLQWHUUXSWRUGHHQFHQGLGRHQODSRVLFLyQ DOLPHQWDFLyQHOpFWULFDR
21¢HVODWHQVLyQ9RPHQRV" GHVGHHOFLUFXLWRHQWUHHO
VHQVRUGHODQWHUR\HO6'0
GHOFDEOH³<(/*51´R
³<(/%/8´DOFLUFXLWRGH
DOLPHQWDFLyQHOpFWULFD
>$@)LJSDUDHO3$62>%@)LJSDUDHO3$62>&@)LJSDUDHO3$62
+HUUDPLHQWDHVSHFLDO
$
127$
'HVSXpVGHFRPSOHWDUODFRPSUREDFLyQ\ORVWUDEDMRVGHUHSDUDFLyQHIHFW~HORVLJXLHQWH
9XHOYDDFRQHFWDUWRGRVORVFRPSRQHQWHVGHOVLVWHPDGHOFROFKyQGHDLUH\FRPSUXHEHTXHWRGRVORV
FRPSRQHQWHVHVWiQPRQWDGRVFRUUHFWDPHQWH
%RUUHORVFyGLJRVGHGLDJQyVWLFR5HILpUDVHD%255$'2'('7&VLORVKD\
5HSLWDOD&20352%$&,Ï1'(/6,67(0$'(',$*1Ï67,&2'(&2/&+Ï1'($,5(SDUDFRQILUPDUTXH
HOGHVSHUIHFWRKDVLGRFRUUHJLGR
6,67(0$'(/&2/&+Ï1'($,5(%
'7&%±5HVLVWHQFLDDOWDGHOFLUFXLWRLQLFLDGRUGHSUHWHQVRUGHOFRQGXFWRU
'7&%±5HVLVWHQFLDEDMDGHOFLUFXLWRLQLFLDGRUGHSUHWHQVRUGHOFRQGXFWRU
'7&%±&LUFXLWRLQLFLDGRUGHSUHWHQVRUGHOFRQGXFWRUFRUWRFLUFXLWDGRD
PDVD
'7&%±&LUFXLWRLQLFLDGRUGHSUHWHQVRUGHOFRQGXFWRUFRUWRFLUFXLWDGRDO
FLUFXLWRGHDOLPHQWDFLyQHOpFWULFD
'7&%±5HVLVWHQFLDDOWDGHOFLUFXLWRLQLFLDGRUGHSUHWHQVRUGHOSDVDMHUR
'7&%±5HVLVWHQFLDEDMDGHOFLUFXLWRLQLFLDGRUGHSUHWHQVRUGHOSDVDMHUR
'7&%±&LUFXLWRLQLFLDGRUGHSUHWHQVRUGHOSDVDMHURFRUWRFLUFXLWDGRD
PDVD
'7&%±&LUFXLWRLQLFLDGRUGHSUHWHQVRUGHOSDVDMHURFRUWRFLUFXLWDGRDOFLU
FXLWRGHDOLPHQWDFLyQHOpFWULFD
',$*5$0$'(&$%/($'2
4 “Q01”
3 “Q12”
5
BLU/BLK BLU/RED
1 Q01-4 IG PNK
2 DP+ Q01-12
WHT
DP- Q01-11
BRN
PP+ Q01-5
[A]
BLK LT GRN
[B] Q01-17 GND PP- Q01-6
7
6
“Q11”
“Q01”
35(&$8&,Ï1
$VHJ~UHVH GH HIHFWXDU OD &20352%$&,Ï1 '(/ 6,67(0$ '( ',$*1Ï67,&2 '( &2/&+Ï1 '( $,5(
DQWHVGHFRPHQ]DUHOGLDJQyVWLFRGHDFXHUGRFRQODWDEODGHIOXMR
&XDQGRHQHVWDWDEODVHUHTXLHUHODPHGLFLyQGHODUHVLVWHQFLDRODWHQVLyQXWLOLFHXQSUREDGRUFRQMXQWD
PHQWHFRQHODGDSWDGRUFRUUHFWRGHWHUPLQDOGHVGHODKHUUDPLHQWDHVSHFLDOFRQMXQWRGHDGDSWDGRUGH
SUXHEDGHFRQHFWRU
&XDQGRVHUHTXLHUDFRPSUREDUODFRUUHFFLyQGHODFRQH[LyQUHILpUDVHD0$/)81&,21$0,(172,17(5
0,7(17(<&21(;,Ï10$/$HQHVWDVHFFLyQ
&XDQGRVHGHWHFWHXQFLUFXLWRDELHUWRHQHOPD]RGHFDEOHVGHFROFKyQGHDLUHRVLHOFRQHFWRURWHUPL
QDOHVWiGDxDGRUHHPSODFHHOPD]RGHFDEOHVFRQHFWRU\WHUPLQDOFRPRXQVRORFRQMXQWR
%6,67(0$'(/&2/&+Ï1'($,5(
(/'7&6(5È),-$'2&8$1'2
'7&%\%
/DUHVLVWHQFLDPHGLGDHQHOFLUFXLWRLQLFLDGRUGHSUHWHQVRUGHOFLQWXUyQGHVHJXULGDGGHOFRQGXFWRURGHOSDVDMHURHV
VXSHULRUDXQYDORUHVSHFLILFDGRGXUDQWHXQWLHPSRHVSHFLILFDGR
'7&%\%
/DUHVLVWHQFLDPHGLGDHQHOFLUFXLWRLQLFLDGRUGHSUHWHQVRUGHOFLQWXUyQGHVHJXULGDGGHOFRQGXFWRURGHOSDVDMHURHV
LQIHULRUDXQYDORUHVSHFLILFDGRGXUDQWHXQWLHPSRHVSHFLILFDGR
'7&%\%
/DWHQVLyQPHGLGDHQHOFLUFXLWRLQLFLDGRUGHSUHWHQVRUGHOFLQWXUyQGHVHJXULGDGGHOFRQGXFWRURGHOSDVDMHURHVLQIH
ULRUDXQYDORUHVSHFLILFDGRGXUDQWHXQWLHPSRHVSHFLILFDGR
'7&%\%
/D WHQVLyQ PHGLGD HQ HO FLUFXLWR LQLFLDGRU GH SUHWHQVRU GHO FLQWXUyQ GH VHJXULGDG GHO FRQGXFWRU R GHO SDVDMHUR HV
VXSHULRUDXQYDORUHVSHFLILFDGRGXUDQWHXQWLHPSRHVSHFLILFDGR
'(6&5,3&,Ï1'(/$358(%$'(/$7$%/$
'7&%%%%%%%\%
3$62&RPSUXHEHVLHOPDOIXQFLRQDPLHQWRHVWiHQHOSUHWHQVRUGHFLQWXUyQGHVHJXULGDG
3$62&RPSUXHEHHQHOPD]RGHFDEOHVGHOFROFKyQGHDLUHHOFLUFXLWRLQLFLDGRUGHSUHWHQVRUGHFLQWXUyQGHVHJX
ULGDG
7$%/$'()/8-2'(',$*1Ï67,&2
'7&%\%
3DVR 2SHUDFLyQ 6t 1R
&RQHOLQWHUUXSWRUGHHQFHQGLGRHQODSRVL 9D\DDOSDVR ,QWHUUXSWRUGHHQFHQGLGRHQOD
FLyQ2))GHVPRQWHODJXDUQLFLyQLQWHULRU SRVLFLyQ2))
GHOPRQWDQWHFHQWUDOGHOODGRFRUUHVSRQ 5HHPSODFHHOSUHWHQVRUGH
GLHQWH\HQVHJXLGDGHVFRQHFWHHOFRQHFWRU FLQWXUyQGHVHJXULGDG5HILp
GHOSUHWHQVRUGHFLQWXUyQGHVHJXULGDG UDVHDODVHFFLyQ$
&RPSUXHEHHOHVWDGRGHODFRQH[LyQDOSUH
WHQVRUGHFLQWXUyQGHVHJXULGDGFRUUHVSRQ
GLHQWHHQORVWHUPLQDOHVHQHOFRQHFWRU
³4´y³4´
6LHVWiFRQIRUPHHQWRQFHVFRQHFWHOD
KHUUDPLHQWDHVSHFLDO%DOFRQHFWRUGHO
SUHWHQVRUGHFLQWXUyQGHVHJXULGDGGHVFR
QHFWDGRHQHOSDVR
&RQHOLQWHUUXSWRUGHHQFHQGLGRHQODSRVLFLyQ
21¢HVWRGDYtDDFWXDOHO'7&%y%"
&RORTXHHOLQWHUUXSWRUGHHQFHQGLGRHQOD 5HHPSODFHSRUXQ '7&%
SRVLFLyQ2))\GHVFRQHFWHHOFRQHFWRUGHO PyGXORGH6'0HQEXHQ 5HSDUHODUHVLVWHQFLDDOWDRHO
6'0 HVWDGR\YXHOYDDFRP FLUFXLWRDELHUWRHQFLUFXLWRGHO
&RPSUXHEHHOHVWDGRGHODFRQH[LyQDO SUREDU FDEOH³31.´R³:+7´
PyGXOR6'0HQORVWHUPLQDOHV³4´\ '7&%
³4´y³4´\³4´ 5HSDUHODUHVLVWHQFLDDOWDRHO
6LHVWiQRUPDOSURFHGDDPHGLUODUHVLVWHQ FLUFXLWRDELHUWRHQFLUFXLWRGHO
FLDHQWUHORVWHUPLQDOHV³4´\³4 FDEOH³%51´R³/7*51´
´RHQWUHORVWHUPLQDOHV³4´\³4
´FRQODKHUUDPLHQWDHVSHFLDO%FRQHF
WDGD
¢(VODUHVLVWHQFLDΩRPHQRU"
6,67(0$'(/&2/&+Ï1'($,5(%
)LJXUDSDUDORV3$626\
0D]RGHFDEOHVGHSUHWHQVRU
)LJXUDSDUDHO3$62
>$@ 3DUDHO'7&%
>%@ 3DUDHO'7&%
+HUUDPLHQWDHVSHFLDO
$
%
127$
'HVSXpVGHFRPSOHWDUODFRPSUREDFLyQ\ORVWUDEDMRVGHUHSDUDFLyQHIHFW~HORVLJXLHQWH
9XHOYDDFRQHFWDUWRGRVORVFRPSRQHQWHVGHOVLVWHPDGHOFROFKyQGHDLUH\FRPSUXHEHTXHWRGRVORV
FRPSRQHQWHVHVWiQPRQWDGRVFRUUHFWDPHQWH
%RUUHORVFyGLJRVGHGLDJQyVWLFR5HILpUDVHD%255$'2'('7&VLORVKD\
5HSLWDOD&20352%$&,Ï1'(/6,67(0$'(',$*1Ï67,&2'(&2/&+Ï1'($,5(SDUDFRQILUPDUTXH
HOGHVSHUIHFWRKDVLGRFRUUHJLGR
'7&%\%
3DVR 2SHUDFLyQ 6t 1R
&RQHOLQWHUUXSWRUGHHQFHQGLGRHQODSRVLFLyQ 9D\DDOSDVR ,QWHUUXSWRUGHHQFHQGLGR
2))GHVPRQWHODJXDUQLFLyQLQWHULRUGHOPRQ HQODSRVLFLyQ2))
WDQWHFHQWUDOGHOODGRFRUUHVSRQGLHQWH\ 5HHPSODFHHOSUHWHQVRUGH
HQVHJXLGDGHVFRQHFWHHOFRQHFWRUGHOSUHWHQ FLQWXUyQGHVHJXULGDG
VRUGHFLQWXUyQGHVHJXULGDG 5HILpUDVHDODVHFFLyQ
&RPSUXHEHHOHVWDGRGHODFRQH[LyQDOSUH $
WHQVRUGHFLQWXUyQGHVHJXULGDGFRUUHVSRQ
GLHQWHHQORVWHUPLQDOHVHQHOFRQHFWRU³4´
y³4´
6LHVWiFRQIRUPHHQWRQFHVFRQHFWHODKHUUD
PLHQWDHVSHFLDO%DOFRQHFWRUGHOSUHWHQVRU
GHFLQWXUyQGHVHJXULGDGGHVFRQHFWDGRHQHO
SDVR
&RQHOLQWHUUXSWRUGHHQFHQGLGRHQODSRVLFLyQ
21¢HVWRGDYtDDFWXDOHO'7&%y%"
%6,67(0$'(/&2/&+Ï1'($,5(
3DVR 2SHUDFLyQ 6t 1R
&RORTXHHOLQWHUUXSWRUGHHQFHQGLGRHQOD 5HHPSODFHSRUXQPyGXOR '7&%
SRVLFLyQ2))\GHVFRQHFWHHO6'0 GH6'0HQEXHQHVWDGR\ 5HSDUHHOFRUWRFLUFXLWR
&RPSUXHEHHOHVWDGRGHODFRQH[LyQDO YXHOYDDFRPSUREDU GHVGHHOFLUFXLWRGHOFDEOH
PyGXOR6'0HQORVWHUPLQDOHV³4´\ ³31.´DOFLUFXLWRGHOFDEOH
³4´y³4´\³4´ ³:+7´RGHVGHHOFLUFXLWR
6LHVWiQRUPDOSURFHGDDPHGLUODUHVLVWHQFLD GHOFDEOH³31.´R³:+7´D
HQWUHORVWHUPLQDOHV³4´\³4´R RWURFLUFXLWRGHFDEOH
HQWUHORVWHUPLQDOHV³4´\³4´FRQ '7&%
ODKHUUDPLHQWDHVSHFLDO%FRQHFWDGD 5HSDUHHOFRUWRFLUFXLWR
¢(VODUHVLVWHQFLDΩRPiV" GHVGHHOFLUFXLWRGHOFDEOH
³%51´DOFLUFXLWRGHOFDEOH
³/7*51´RGHVGHHOFLU
FXLWRGHOFDEOH³%51´R³/7
*51´DRWURFLUFXLWRGH
FDEOH
)LJXUDSDUDORV3$626\
0D]RGHFDEOHVGHSUHWHQVRU
)LJXUDSDUDHO3$62
>$@ 3DUDHO'7&%
>%@ 3DUDHO'7&%
+HUUDPLHQWDHVSHFLDO
$
%
127$
'HVSXpVGHFRPSOHWDUODFRPSUREDFLyQ\ORVWUDEDMRVGHUHSDUDFLyQHIHFW~HORVLJXLHQWH
9XHOYDDFRQHFWDUWRGRVORVFRPSRQHQWHVGHOVLVWHPDGHOFROFKyQGHDLUH\FRPSUXHEHTXHWRGRVORV
FRPSRQHQWHVHVWiQPRQWDGRVFRUUHFWDPHQWH
%RUUHORVFyGLJRVGHGLDJQyVWLFR5HILpUDVHD%255$'2'('7&VLORVKD\
5HSLWDOD&20352%$&,Ï1'(/6,67(0$'(',$*1Ï67,&2'(&2/&+Ï1'($,5(SDUDFRQILUPDUTXH
HOGHVSHUIHFWRKDVLGRFRUUHJLGR
6,67(0$'(/&2/&+Ï1'($,5(%
'7&%\%
3DVR 2SHUDFLyQ 6t 1R
&RQHOLQWHUUXSWRUGHHQFHQGLGRHQODSRVLFLyQ 9D\DDOSDVR ,QWHUUXSWRUGHHQFHQGLGRHQODSRVL
2))GHVPRQWHODJXDUQLFLyQLQWHULRUGHOPRQ FLyQ2))
WDQWHFHQWUDOGHOODGRFRUUHVSRQGLHQWH\ 5HHPSODFHHOSUHWHQVRUGHFLQWXUyQ
HQVHJXLGDGHVFRQHFWHHOFRQHFWRUGHOSUHWHQ GHVHJXULGDG5HILpUDVHDODVHF
VRUGHFLQWXUyQGHVHJXULGDG FLyQ$
&RPSUXHEHHOHVWDGRGHODFRQH[LyQDOSUH
WHQVRUGHFLQWXUyQGHVHJXULGDGFRUUHVSRQ
GLHQWHHQORVWHUPLQDOHVHQHOFRQHFWRU³4´
y³4´
6LHVWiFRQIRUPHHQWRQFHVFRQHFWHODKHUUD
PLHQWDHVSHFLDO%DOFRQHFWRUGHOSUHWHQVRU
GHFLQWXUyQGHVHJXULGDGGHVFRQHFWDGRHQHO
SDVR
&RQHOLQWHUUXSWRUGHHQFHQGLGRHQODSRVLFLyQ
21¢HVWRGDYtDDFWXDOHO'7&%y%"
&RORTXHHOLQWHUUXSWRUGHHQFHQGLGRHQOD 5HHPSODFHSRUXQ '7&%
SRVLFLyQ2))\GHVFRQHFWHODKHUUDPLHQWD PyGXORGH6'0 5HSDUHHOFRUWRFLUFXLWRGHOFLUFXLWR
HVSHFLDO%\HOPyGXORGH6'0 HQEXHQHVWDGR\ GHOFDEOH³31.´R³:+7´DPDVD
0LGDODUHVLVWHQFLDHQWUHHOWHUPLQDO³4´ YXHOYDDFRPSUR '7&%
y³4´\PDVDDFDUURFHUtD EDU 5HSDUHHOFRUWRFLUFXLWRGHOFLUFXLWR
¢(VWiDELHUWRHOFLUFXLWR" GHOFDEOH³%51´R³/7*51´D
PDVD
)LJXUDSDUDORV3$626\
0D]RGHFDEOHVGHSUHWHQVRU
)LJXUDSDUDHO3$62
>$@ 3DUDHO'7&%
>%@ 3DUDHO'7&%
+HUUDPLHQWDHVSHFLDO
$
%
%6,67(0$'(/&2/&+Ï1'($,5(
127$
'HVSXpVGHFRPSOHWDUODFRPSUREDFLyQ\ORVWUDEDMRVGHUHSDUDFLyQHIHFW~HORVLJXLHQWH
9XHOYDDFRQHFWDUWRGRVORVFRPSRQHQWHVGHOVLVWHPDGHOFROFKyQGHDLUH\FRPSUXHEHTXHWRGRVORV
FRPSRQHQWHVHVWiQPRQWDGRVFRUUHFWDPHQWH
%RUUHORVFyGLJRVGHGLDJQyVWLFR5HILpUDVHD%255$'2'('7&VLORVKD\
5HSLWDOD&20352%$&,Ï1'(/6,67(0$'(',$*1Ï67,&2'(&2/&+Ï1'($,5(SDUDFRQILUPDUTXH
HOGHVSHUIHFWRKDVLGRFRUUHJLGR
'7&%\%
3DVR 2SHUDFLyQ 6t 1R
&RQHOLQWHUUXSWRUGHHQFHQGLGRHQODSRVL 9D\DDOSDVR ,QWHUUXSWRUGHHQFHQGLGRHQOD
FLyQ2))GHVPRQWHODJXDUQLFLyQLQWHULRU SRVLFLyQ2))
GHOPRQWDQWHFHQWUDOGHOODGRFRUUHVSRQ 5HHPSODFHHOSUHWHQVRUGH
GLHQWH\HQVHJXLGDGHVFRQHFWHHOFRQHFWRU FLQWXUyQGHVHJXULGDG5HILp
GHOSUHWHQVRUGHFLQWXUyQGHVHJXULGDG UDVHDODVHFFLyQ$
&RPSUXHEHHOHVWDGRGHODFRQH[LyQDOSUH
WHQVRUGHFLQWXUyQGHVHJXULGDGFRUUHVSRQ
GLHQWHHQORVWHUPLQDOHVHQHOFRQHFWRU
³4´y³4´
6LHVWiFRQIRUPHHQWRQFHVFRQHFWHOD
KHUUDPLHQWDHVSHFLDO%DOFRQHFWRUGHO
SUHWHQVRUGHFLQWXUyQGHVHJXULGDGGHVFR
QHFWDGRHQHOSDVR
&RQHOLQWHUUXSWRUGHHQFHQGLGRHQODSRVLFLyQ
21¢HVWRGDYtDDFWXDOHO'7&%y%"
&RORTXHHOLQWHUUXSWRUGHHQFHQGLGRHQOD 5HHPSODFHSRUXQ '7&%
SRVLFLyQ2))\GHVFRQHFWHODKHUUDPLHQWD PyGXORGH6'0HQEXHQ 5HSDUHHOFRUWRFLUFXLWRGHOFLU
HVSHFLDO%\HOPyGXORGH6'0 HVWDGR\YXHOYDDFRP FXLWRGHOFDEOH³31.´R³:+7´
0LGDODWHQVLyQHQWUHHOWHUPLQDO³4´y SUREDU DOFLUFXLWRGHDOLPHQWDFLyQ
³4´\ODPDVDDFDUURFHUtD HOpFWULFD
&RQHOLQWHUUXSWRUGHHQFHQGLGRHQODSRVLFLyQ '7&%
21¢HVODWHQVLyQ9RPHQRV" 5HSDUHHOFRUWRFLUFXLWRGHVGH
HOFLUFXLWRGHOFDEOH³%51´R
³/7*51´DOFLUFXLWRGHDOLPHQ
WDFLyQHOpFWULFD
)LJXUDSDUDORV3$626\
0D]RGHFDEOHVGHSUHWHQVRU
6,67(0$'(/&2/&+Ï1'($,5(%
)LJXUDSDUDHO3$62
>$@ 3DUDHO'7&%
>%@ 3DUDHO'7&%
+HUUDPLHQWDHVSHFLDO
$
%
127$
'HVSXpVGHFRPSOHWDUODFRPSUREDFLyQ\ORVWUDEDMRVGHUHSDUDFLyQHIHFW~HORVLJXLHQWH
9XHOYDDFRQHFWDUWRGRVORVFRPSRQHQWHVGHOVLVWHPDGHOFROFKyQGHDLUH\FRPSUXHEHTXHWRGRVORV
FRPSRQHQWHVHVWiQPRQWDGRVFRUUHFWDPHQWH
%RUUHORVFyGLJRVGHGLDJQyVWLFR5HILpUDVHD%255$'2'('7&VLORVKD\
5HSLWDOD&20352%$&,Ï1'(/6,67(0$'(',$*1Ï67,&2'(&2/&+Ï1'($,5(SDUDFRQILUPDUTXH
HOGHVSHUIHFWRKDVLGRFRUUHJLGR
'7&%±'HWHFFLyQGHFROLVLyQIURQWDO6DOLGDGHFRPDQGRGHDFWLYDFLyQGHO
VLVWHPD
(/'7&6(5È),-$'2&8$1'2
(O6'0GHWHFWDXQDFROLVLyQIURQWDOGHIXHU]DVXILFLHQWHTXHUHTXLHUHODDFWLYDFLyQGHOVLVWHPDGHOFROFKyQGHDLUH(O
6'0HPLWHXQFRPDQGRGHGHVSOLHJXHGHFROFKyQGHDLUH
'(6&5,3&,Ï1'(/$358(%$'(/$7$%/$
3$62&RPSUXHEHTXHHO'7&%KDVLGRILMDGRDXQTXHHOFROFKyQGHDLUHQRVHKDGHVSOHJDGR
3$62&RPSUXHEHTXHHO'7&ILMDGRVHGHEHDOIDOORGHO6'0
127$
$QWHVGHHMHFXWDUORLQGLFDGRHQHVWDWDEODHIHFW~HOD&20352%$&,Ï1'(/6,67(0$'(',$*1Ï67,&2
'(&2/&+Ï1'($,5(
3DVR 2SHUDFLyQ 6t 1R
,QWHUUXSWRUGHHQFHQGLGRHQODSRVLFLyQ 5HHPSODFHORVFRPSRQHQWHV\ 9D\DDOSDVR
2)) HIHFW~HODVLQVSHFFLRQHVSUHFLVD
¢6HKDGHVSOHJDGRHOFROFKyQGHDLUH" GDVHQ³,163(&&,21(6<
5(3$5$&,21(65(48(5,'$6
'(638e6'(81$&&,'(17(´
,QVSHFFLRQHODSDUWHGHODQWHUDGHOYHKt 5HHPSODFHORVFRPSRQHQWHV\ 5HHPSODFHSRUXQPyGXOR
FXOR\ODSDUWHLQIHULRUGHODFDUURFHUtD HIHFW~HODVLQVSHFFLRQHVSUHFLVD GH6'0HQEXHQHVWDGR\
SDUDGHWHFWDUODVWUD]DVGHOLPSDFWR GDVHQ,163(&&,21(6<5(3$ YXHOYDDFRPSUREDU
¢+D\WUD]DVGHLPSDFWRV" 5$&,21(6
5(48(5,'$6'(638e6'(81
$&&,'(17(HQHVWDVHFFLyQ
%6,67(0$'(/&2/&+Ï1'($,5(
127$
'HVSXpVGHFRPSOHWDUODFRPSUREDFLyQ\ORVWUDEDMRVGHUHSDUDFLyQHIHFW~HORVLJXLHQWH
9XHOYDDFRQHFWDUWRGRVORVFRPSRQHQWHVGHOVLVWHPDGHOFROFKyQGHDLUH\FRPSUXHEHTXHWRGRVORV
FRPSRQHQWHVHVWiQPRQWDGRVFRUUHFWDPHQWH
5HSLWDOD&20352%$&,Ï1'(/6,67(0$'(',$*1Ï67,&2'(&2/&+Ï1'($,5(SDUDFRQILUPDUTXH
HOGHVSHUIHFWRKDVLGRFRUUHJLGR
'7&%±)DOORGHOFLUFXLWRGHODOX]GHDGYHUWHQFLD³$,5%$*´
',$*5$0$'(&$%/($'2
5
BLU/BLK BLU/RED
Q01-4 IG
PPL/RED PPL/RED
8 Q01-20 SDL
“G27” “Q02”
9 5V
PPL
10 Q01-15 DNS
“Q04” BLK
Q01-17 GND
11
[A]
“Q01”
35(&$8&,Ï1
$VHJ~UHVH GH HIHFWXDU OD &20352%$&,Ï1 '(/ 6,67(0$ '( ',$*1Ï67,&2 '( &2/&+Ï1 '( $,5(
DQWHVGHFRPHQ]DUHOGLDJQyVWLFRGHDFXHUGRFRQODWDEODGHIOXMR
&XDQGRHQHVWDWDEODVHUHTXLHUHODPHGLFLyQGHODUHVLVWHQFLDRODWHQVLyQXWLOLFHXQSUREDGRUFRQMXQWD
PHQWHFRQHODGDSWDGRUFRUUHFWRGHWHUPLQDOGHVGHODKHUUDPLHQWDHVSHFLDOFRQMXQWRGHDGDSWDGRUGH
SUXHEDGHFRQHFWRU
&XDQGRVHUHTXLHUDFRPSUREDUODFRUUHFFLyQGHODFRQH[LyQUHILpUDVHD0$/)81&,21$0,(172,17(5
0,7(17(<&21(;,Ï10$/$HQHVWDVHFFLyQ
&XDQGRVHGHWHFWHXQFLUFXLWRDELHUWRHQHOPD]RGHFDEOHVGHFROFKyQGHDLUHRVLHOFRQHFWRURWHUPL
QDOHVWiGDxDGRUHHPSODFHHOPD]RGHFDEOHVFRQHFWRU\WHUPLQDOFRPRXQVRORFRQMXQWR
(/'7&6(5È),-$'2&8$1'2
/DWHQVLyQHQHOWHUPLQDO³4´GHOFLUFXLWRGHODOX]GHDGYHUWHQFLD³$,5%$*´QRFRQFXHUGDFRQHOHVWDGRRUGH
QDGRGHOSLORWRGHODOX]GHDGYHUWHQFLDGXUDQWHHOWLHPSRHVSHFLILFDGR
'(6&5,3&,Ï1'(/$358(%$'(/$7$%/$
3$62(VWDSUXHEDYXHOYHDFRPSUREDUHOIXQFLRQDPLHQWRGHODOX]GHDGYHUWHQFLD³$,5%$*´
3$62(VWDSUXHEDYXHOYHDFRPSUREDUVLKD\DQRUPDOLGDGHQHO6'0
6,67(0$'(/&2/&+Ï1'($,5(%
'7&%
3DVR 2SHUDFLyQ 6t 1R
(VWH'7&HVILMDGRFXDQGRKD\XQGHVSHU 9D\DDOSDVR 5HSDUHHOFLUFXLWRGHODOX]GH
IHFWRHQHOFLUFXLWRGHODOX]GHDGYHUWHQFLD DGYHUWHQFLD³$,5%$*´
³$,5%$*´6LQRVHHIHFW~DFRUUHFWDPHQWH
OD&20352%$&,Ï1'(/6,67(0$'(
',$*1Ï67,&2'(&2/&+Ï1'($,5(
HVWRSXHGHFDXVDUGLDJQyVWLFRVHUUyQHRV
3RUFRQVLJXLHQWHYXHOYDDFRPSUREDUHOFLU
FXLWRGHODOX]GHDGYHUWHQFLD³$,5%$*´GH
DFXHUGRFRQORLQGLFDGRHQOD&20352%$
&,Ï1'(/6,67(0$'(',$*1Ï67,&2
'(&2/&+Ï1'($,5(
¢(VWiHQEXHQDVFRQGLFLRQHVHOFLUFXLWRGHOD
OX]GHDGYHUWHQFLD³$,5%$*´"
%RUUH'7&5HILpUDVHD%255$'2'( 5HHPSODFHSRUXQ 9XHOYDDFRPSUREDUHOVLVWHPD
'7& PyGXORGH6'0HQEXHQ GHOFROFKyQGHDLUH
&RPSUXHEH'7&5HILpUDVHD&20352 HVWDGR\YXHOYDDFRP 5HILpUDVHD&20352%$
%$&,Ï1'('7& SUREDU &,Ï1'(/6,67(0$'(
¢(VWiILMDGRHO'7&%" ',$*1Ï67,&2'(&2/
&+Ï1'($,5(
127$
'HVSXpVGHFRPSOHWDUODFRPSUREDFLyQ\ORVWUDEDMRVGHUHSDUDFLyQHIHFW~HORVLJXLHQWH
9XHOYDDFRQHFWDUWRGRVORVFRPSRQHQWHVGHOVLVWHPDGHOFROFKyQGHDLUH\FRPSUXHEHTXHWRGRVORV
FRPSRQHQWHVHVWiQPRQWDGRVFRUUHFWDPHQWH
5HSLWDOD&20352%$&,Ï1'(/6,67(0$'(',$*1Ï67,&2'(&2/&+Ï1'($,5(SDUDFRQILUPDUTXH
HOGHVSHUIHFWRKDVLGRFRUUHJLGR
'7&%±)DOORLQWHUQRGHOPyGXORGH6'0
(/'7&6(5È),-$'2&8$1'2
(O6'0GHWHFWHXQIDOORLQWHUQRGHOPyGXORGH6'0
127$
&XDQGRVHKDILMDGRHO'7&%HVLPSRVLEOHERUUDUOR
,QWHUUXSWRUGHHQFHQGLGRHQODSRVLFLyQ2))
5HHPSODFHHOPyGXORGH6'0
5HSLWDOD&20352%$&,Ï1'(/6,67(0$'(',$*1Ï67,&2'(&2/&+Ï1'($,5(
'7&%±(VSHFLILFDFLRQHVGHVLVWHPDGLIHUHQWHVGHODVHVSHFLILFDFLRQHVGHO
6'0
(/'7&6(5È),-$'2&8$1'2
/DVHVSHFLILFDFLRQHVGHOVLVWHPDGHOFROFKyQGHDLUHVRQGLIHUHQWHVGHODVHVSHFLILFDFLRQHVGHO6'0
127$
$QWHVGHHMHFXWDUORLQGLFDGRDFRQWLQXDFLyQHIHFW~HOD&20352%$&,Ï1'(/6,67(0$'(',$*1Ï67,&2
'(&2/&+Ï1'($,5(
,QWHUUXSWRUGHHQFHQGLGRHQODSRVLFLyQ2))
5HHPSODFHHOPyGXORGH6'0
5HSLWDOD&20352%$&,Ï1'(/6,67(0$'(',$*1Ï67,&2'(&2/&+Ï1'($,5(
%6,67(0$'(/&2/&+Ï1'($,5(
6HUYLFLRHQHOYHKtFXOR
3UHFDXFLRQHVSDUDHOVHUYLFLR
6HUYLFLR\GLDJQyVWLFR
(QFDGDFRPSRQHQWHGHOVLVWHPDGHOFROFKyQGHDLUH>PyGXORGH6'0PyGXORVLQIODGRUHVGHFROFKyQGHDLUH\
SUHWHQVRUHVGHFLQWXURQHVGHVHJXULGDG@HVWiQILMDGDVHWLTXHWDVGH$'9(57(1&,$35(&$8&,Ï1$VHJ~UHVHELHQ
GHVHJXLUWRGDVODVLQVWUXFFLRQHV
$'9(57(1&,$
6L HO VLVWHPD GHO FROFKyQ GH DLUH \ RWUR VLVWHPD GHO YHKtFXOR QHFHVLWDQ VHU UHSDUDGRV 68=8., UHFR
PLHQGDTXHHQSULPHUOXJDUVHUHSDUHHOVLVWHPDGHOFROFKyQGHDLUHSDUDDVtHYLWDUODDFWLYDFLyQLQHVSH
UDGDGHOVLVWHPDGHOFROFKyQGHDLUH
1RPRGLILTXHHOYRODQWHGHGLUHFFLyQHOWDEOHURGHLQVWUXPHQWRVRFXDOTXLHUHOHPHQWRHQRDOUHGHGRU
GHORVFRPSRQHQWHVGHOVLVWHPDGHOFROFKyQGHDLUH/DVPRGLILFDFLRQHVSXHGHQDIHFWDUDGYHUVDPHQWH
HOIXQFLRQDPLHQWRGHOVLVWHPDGHOFROFKyQGHDLUH\FDXVDUGDxRVFRUSRUDOHV
6LQRVHUHVSHWDQORVSURFHGLPLHQWRVLQGLFDGRVHVWRSXHGHFDXVDUODDFWLYDFLyQGHOVLVWHPDGHOFROFKyQ
GHDLUHGDxRVFRUSRUDOHVRUHSDUDFLRQHVLQQHFHVDULDVGHOVLVWHPDGHOFROFKyQGHDLUH
$'9(57(1&,$
&XDQGRHIHFW~HWUDEDMRVGHVHUYLFLRHQRDOUHGHGRUGHFRPSRQHQWHVGHOVLVWHPDGHOFROFKyQGHDLUHRHQ
HO FDEOHDGR GHO FROFKyQ GH DLUH VLJD HVFUXSXORVDPHQWH ORV SURFHGLPLHQWRV GHWDOODGRV HQ ODV SiJLQDV
VLJXLHQWHVRGHVDFWLYHSURYLVLRQDOPHQWHHOVLVWHPDGHOFROFKyQGHDLUH
6LQRVHUHVSHWDQORVSURFHGLPLHQWRVLQGLFDGRVHVWRSXHGHFDXVDUODDFWLYDFLyQGHOVLVWHPDGHOFROFKyQ
GHDLUHGDxRVFRUSRUDOHVRUHSDUDFLRQHVLQQHFHVDULDVGHOVLVWHPDGHOFROFKyQGHDLUH
6,67(0$'(/&2/&+Ï1'($,5(%
'HVDFWLYDFLyQGHOVLVWHPDGHOFROFKyQGHDLUH
*LUHHOYRODQWHGHGLUHFFLyQGHPRGRTXHODVUXHGDVGHODQWHUDV
GHOYHKtFXORHVWpQHQSRVLFLyQUHFWDKDFLDDGHODQWH
&RORTXH HO LQWHUUXSWRU GH HQFHQGLGR HQ OD SRVLFLyQ ³/2&.´ \
VDTXHODOODYH
'HVPRQWH HO IXVLEOH ³$,5 %$*´ GH OD FDMD GH IXVLEOH ³$,5
%$*´
'HVFRQHFWHHOFRQHFWRUDPDULOORGHOFRQMXQWRGHERELQDGH
FRQWDFWRHLQWHUUXSWRUFRPELQDGR
D /LEHUHHOEORTXHRGHOFRQHFWRUFRQODSDODQFDGHEORTXHR
E 'HVSXpVGHGHVEORTXHDUGHVFRQHFWHGHOFRQHFWRU
6DTXHODJXDQWHUDPLHQWUDVSUHVLRQDVXWRSHHQDPERVODGRV
L]TXLHUGR\GHUHFKR\GHVFRQHFWHHOFRQHFWRUDPDULOORGHO
PyGXORLQIODGRUGHOFROFKyQGHDLUHGHOSDVDMHUR
D /LEHUHHOEORTXHRGHOFRQHFWRU
E 'HVSXpVGHGHVEORTXHDUGHVFRQHFWHGHOFRQHFWRU
127$
&RQHQIXVLEOH³$,5%$*´VDFDGR\HOLQWHUUXSWRUGHHQFHQ
GLGRHQODSRVLFLyQ21ODOX]GHDGYHUWHQFLD³$,5%$*´VH
HQFHQGHUi
(VWRHVXQIXQFLRQDPLHQWRQRUPDO\QRLQGLFDXQPDOIXQ
FLRQDPLHQWRGHOVLVWHPDGHOFROFKyQGHDLUH
0LHPEURGHVRSRUWHGHODGLUHFFLyQ
$FWLYDFLyQGHOVLVWHPDGHOFROFKyQGHDLUH
&RORTXH HO LQWHUUXSWRU GH HQFHQGLGR HQ OD SRVLFLyQ ³/2&.´ \
VDTXHODOODYH
&RQHFWHHOFRQHFWRUDPDULOORGHOFRQMXQWRGHERELQDGHFRQ
WDFWRHLQWHUUXSWRUFRPELQDGR\DVHJ~UHVHGHEORTXHDUFRUUHF
WDPHQWHHOFRQHFWRUFRQODSDODQFDGHEORTXHR
D &RQHFWHHOFRQHFWRU
E %ORTXHHHOFRQHFWRUFRQODSDODQFDGHEORTXHR
%6,67(0$'(/&2/&+Ï1'($,5(
0DQLSXODFLyQ\DOPDFHQDPLHQWR
0yGXORGH6'0
$'9(57(1&,$
1XQFD SRQJD EDMR WHQVLyQ HO VLVWHPD GHO FROFKyQ GH DLUH
FXDQGRHOPyGXORGH6'0QRHVWiILMDGRUtJLGD\ILUPHPHQWH
DO YHKtFXOR 6L QR SURFHGH FRPR LQGLFDGR SXHGH KDEHU
GDxRVFRUSRUDOHV
35(&$8&,Ï1
'HVSXpVGHTXHHOPyGXORGH6'0KD\DGHWHFWDGRXQDYH]
FRQGLFLRQHV GH FROLVLyQ TXH FDXVDQ HO GHVSOLHJXH GHO FRO
FKyQ GH DLUH HO PyGXOR GH 6'0 GHEH VHU UHHPSOD]DGR
&XDQGR FRPSUXHEH HO PyGXOR GH 6'0 UHILpUDVH D ³&20
352%$&,Ï1 '(/ 6,67(0$ '( ',$*1Ï67,&2 '( &2/
&+Ï1'($,5(´
1XQFDGHVDUPHQLWUDWHGHUHSDUDUHOPyGXORGH6'0
&XDQGRJXDUGHHO6'0HOLMDXQOXJDUGRQGHQLODWHPSHUDWXUD
QL OD KXPHGDG DOFDQ]DUiQ YDORUHV HOHYDGRV \ GRQGH QR KD\D
DFHLWHDJXD\SROYR
6LHO6'0KDFDtGRUHHPSOiFHORSRUXQRQXHYR
6L OD SLH]D GH LQVWDODFLyQ GHO 6'0 HVWi GDxDGD UHSDUH HVD
SDUWHFRPSOHWDPHQWHDQWHVGHODUHLQVWDODFLyQ
7RGRV ORV HOHPHQWRV GH ILMDFLyQ GHO VRSRUWH GH PRQWDMH \ GHO
PyGXORGH6'0GHEHQVHUDSUHWDGRVFXLGDGRVDPHQWH\ODIOH
FKDGHEHDSXQWDUKDFLDODSDUWHGHODQWHUDGHOYHKtFXORSDUDDVt
DVHJXUDUHOIXQFLRQDPLHQWRFRUUHFWRGHOVLVWHPDGHOFROFKyQGH
DLUH
6,67(0$'(/&2/&+Ï1'($,5(%
$'9(57(1&,$
1XQFDWUDWHGHPHGLUODUHVLVWHQFLDGHORVPyGXORVLQIODGR
UHVGHFROFKyQGHDLUHFRQGXFWRU\SDVDMHUR(VWRHVPX\
SHOLJURVR \D TXH OD FRUULHQWH HOpFWULFD GHO SUREDGRU SRGUtD
FDXVDUHOGHVSOLHJXHHLQIODGRGHOFROFKyQGHDLUH
$'9(57(1&,$
3DUDPDQLSXODU\JXDUGDUXQPyGXORLQIODGRUGHFROFKyQ
GH DLUH DFWLYR HOLMD XQ OXJDU GRQGH OD WHPSHUDWXUD
DPELHQWHVHD LQIHULRUD °& GRQGHOD KXPHGDG UHODWLYD
VHD EDMD \ GRQGH TXHGH DOHMDGR GH ORV SDUiVLWRV HOpFWUL
FRV
&XDQGR OOHYH XQ PyGXOR LQIODGRU GH FROFKyQ GH DLUH
DFWLYRDVHJ~UHVHGHTXHODDEHUWXUDGHOFROFKyQGHDLUH
HVWi GLULJLGD KDFLD DGHODQWH KDFLD DIXHUD GH VX FXHUSR
(QFDVRGHOGHVSOLHJXHHLQIODGRDFFLGHQWDOHOFROFKyQVH
LQIODUiFRQHOULHVJRPtQLPRGHGDxRVFRUSRUDOHV1XQFD
OOHYH HO PyGXOR LQIODGRU GH FROFKyQ GH DLUH DFWLYR VXV
SHQGLGRGHORVFDEOHVRGHOFRQHFWRUGHODSDUWHLQIHULRU
GHOPyGXOR
6LQRSURFHGHFRPRLQGLFDGRSXHGHKDEHUGDxRVFRUSRUD
OHV
%6,67(0$'(/&2/&+Ï1'($,5(
$'9(57(1&,$
&XDQGR FRORTXH XQ PyGXOR LQIODGRU GH FROFKyQ GH DLUH
DFWLYRVREUHXQEDQFRRVREUHRWUDVXSHUILFLHVLHPSUHFROR
TXHHOFROFKyQSRVLFLRQDGRKDFLDDUULEDKDFLDHOH[WHULRUGH
ODVXSHUILFLH<DTXHHOPyGXORLQIODGRUDFWLYRGHFROFKyQ
GH DLUH GHO SDVDMHUR GHEH VHU FRORFDGR FRQ HO FROFKyQ
FXELHUWD GH JXDUQLFLyQ SRVLFLRQDGR KDFLD DUULED FROy
1
TXHOR HQ XQD UDQXUD GHO EDQFR GH WUDEDMR R HPSOHH HO
WRUQLOORGHPHFiQLFRGHEDQFRGHWUDEDMRSDUDVXMHWDUOR
ILUPHPHQWHHQVXVRSRUWHGHPRQWDMHLQIHULRU
7DPELpQ HVWi SURKLELGR FRORFDU FXDOTXLHU FRVD HQ OD SDUWH
VXSHULRU GH OD FXELHUWD GH JXDUQLFLyQ \ DSLODU PyGXORV
LQIODGRUHVGHFROFKyQGHDLUH
(VWRHVQHFHVDULRSDUDTXHTXHGHXQHVSDFLROLEUHGRQGHHO
FROFKyQ SXHGD GHVSOHJDUVH H LQIODUVH HQ HO FDVR GH XQ
HYHQWXDOGHVSOLHJXHDFFLGHQWDO
3 6LQRSURFHGHFRPRLQGLFDGRSXHGHKDEHUGDxRVFRUSRUD
OHV
2
(VQHFHVDULRWHQHUHVSHFLDOFXLGDGRFXDQGRVHPDQLSXODQ\JXDUGDQ
SUHWHQVRUHVDFWLYRVQRDFWLYDGRVGHFLQWXUyQGHVHJXULGDG
$GHPiVFXDQGRORVSUHWHQVRUHVGHFLQWXUyQGHVHJXULGDGVRQDFWL
YDGRVVHJHQHUDJDV\HOFLQWXUyQGHVHJXULGDGHVUHWUDtGRUiSL
GDPHQWHGHQWURGHOFRQMXQWRGHOUHWUDFWRU
3RU FRQVLJXLHQWH WRPH QRWD GH TXH VL VRQ DFWLYDGRV DFFLGHQWDO
PHQWHORVSUHWHQVRUHVGHFLQWXUyQGHVHJXULGDG\RWURVREMHWRVD
VXDOUHGHGRUSXHGHQVHUSUR\HFWDGRVHQHODLUH
$'9(57(1&,$
1XQFD WUDWH GH PHGLU OD UHVLVWHQFLD GH ORV SUHWHQVRUHV GH
FLQWXUyQ GH VHJXULGDG (VWR HV PX\ SHOLJURVR \D TXH OD
FRUULHQWHHOpFWULFDGHOSUREDGRUSRGUtDDFWLYDUHOSUHWHQVRU
1XQFDWUDWHGHGHVDUPDUXQSUHWHQVRUGHFLQWXUyQGHVHJXULGDG
FRQMXQWRGHOUHWUDFWRU
6LKD\DOJXQDFRQGLFLyQGHIHFWXRVDUHHPSODFHSRUXQRQXHYR
FRPRXQFRQMXQWR
&XDQGRVHFRPSUXHEDDOJXQDDQRUPDOLGDGHQHOSUHWHQVRUGHO
FLQWXUyQGHVHJXULGDGDFWLYRQRDFWLYDGRDVHJ~UHVHGHDFWL
YDUORHIHFWLYDPHQWHDQWHVGHGHVHFKDUOR
6LKD\JUDVDDJHQWHOLPSLDGRUDFHLWHDJXDHWFHQORVSUHWHQ
VRUHVGHFLQWXUyQGHVHJXULGDGFRQMXQWRGHUHWUDFWRUOtPSLH
ORVLQPHGLDWDPHQWHFRQXQSDxRVHFR\OLPSLR
6LHOSUHWHQVRUGHFLQWXUyQGHVHJXULGDGFD\yGHVGHXQDDOWXUD
GHFPRPiVGHEHVHUUHHPSOD]DGRSRUXQRQXHYRFRPR
XQVRORFRQMXQWR
6,67(0$'(/&2/&+Ï1'($,5(%
$'9(57(1&,$
3DUDPDQLSXODU\JXDUGDUXQSUHWHQVRUDFWLYRGHFLQWXUyQ
GH VHJXULGDG HOLMD XQ OXJDU GRQGH OD WHPSHUDWXUD
DPELHQWHVHD LQIHULRUD °& GRQGHOD KXPHGDG UHODWLYD
VHDEDMD\GRQGHHVWpDOHMDGRGHORVSDUiVLWRVHOpFWULFRV
1XQFD OOHYH HO SUHWHQVRU GH FLQWXUyQ GH VHJXULGDG VXV
SHQGLGRGHOFDEOHRGHOFRQHFWRUGHOSUHWHQVRU
&XDQGRFRORTXHXQSUHWHQVRUDFWLYRGHFLQWXUyQGHVHJX
ULGDG HQ HO EDQFR GH WUDEDMR R HQ XQ OXJDU VHPHMDQWH
DVHJ~UHVHGHQRGHMDUSRVLFLRQDGDKDFLDDEDMRVXVXSHU
ILFLHTXHLQFRUSRUDHORULILFLRGHHVFDSH7DPELpQHVWi
WHUPLQDQWHPHQWH SURKLELGR FRORFDU FXDOTXLHU REMHWR
VREUH OD FDUD TXH LQFRUSRUD HO RULILFLR GH HVFDSH R
DSLODUSUHWHQVRUHVGHFLQWXUyQGHVVHJXULGDGXQRVREUH
RWUR
6LQRSURFHGHFRPRLQGLFDGRSXHGHKDEHUGDxRVFRUSRUD
OHV
$'9(57(1&,$
(OPyGXORLQIODGRUGHFROFKyQGHDLUH\HOSUHWHQVRUGH
FLQWXUyQ GH VHJXULGDG HVWiQ PX\ FDOLHQWHV LQPHGLDWD
PHQWH GHVSXpV GH TXH VH KDQ GHVSOHJDGRDFWLYDGR
(VSHUHTXHVHHQIUtHQSRUORPHQRVPHGLDKRUDDQWHVGH
FRPHQ]DUDWUDEDMDU
1RDSOLTXHDJXDDFHLWHHWFDOPyGXORLQIODGRUGHFRO
FKyQ GH DLUH GHVSOHJDGR \ SUHWHQVRU GH FLQWXUyQ GH
VHJXULGDGDFWLYDGR
'HVSXpVGHTXHXQPyGXORLQIODGRUGHFROFKyQGHDLUH
VHKDGHVSOHJDGRODVXSHUILFLHGHOFROFKyQGHDLUHSXHGH
WHQHU XQ UHVLGXR SROYRULHQWR (VWRV UHVLGXRV GH SROYR
HVWiQ FRQVWLWXLGRV SULQFLSDOPHQWH SRU DOPLGyQ GH PDt]
HPSOHDGR SDUD OXEULFDU OD EROVD FXDQGR VH LQIOD \ SRU
VXESURGXFWRV GH UHDFFLyQ TXtPLFD &RPR HV QRUPDO HQ
PXFKRVSURFHGLPLHQWRVGHPDQWHQLPLHQWRHVQHFHVDULR
OOHYDUJXDQWHV\JDIDVSURWHFWRUDV
/DYH VXV PDQRV FRQ MDEyQ VXDYH \ DJXD GHVSXpV GH
FRPSOHWDUHOWUDEDMR
3DUDHOGHVHFKRUHILpUDVHDOSURFHGLPLHQWRGHVFULWRHQ³'(6(&+2
'(0Ï'8/2,1)/$'25'(63/(*$'2'(&2/&+Ï1'($,5(
< 35(7(1625 $&7,9$'2 '( &,1785Ï1 '( 6(*85,'$'´ HQ
HVWDVHFFLyQ
%6,67(0$'(/&2/&+Ï1'($,5(
0$=2'(&$%/(6<&21(&725(6'(&2/&+Ï1'($,5(
(OPD]RGHFDEOHVGHFROFKyQGHDLUHSXHGHVHULGHQWLILFDGRIiFLO
PHQWHSRUTXHHVWiFXELHUWRSRUXQWXERSURWHFWRUGHFRORUDPDULOOR
1
7HQJDPXFKRFXLGDGRFXDQGRORPDQLSXOH
&XDQGRVHGHWHFWDXQFLUFXLWRDELHUWRHQHOPD]RGHFDEOHV
GHFROFKyQGHDLUHRVLHOPD]RGHFDEOHVFRQHFWRURWHUPLQDO
HVWi GDxDGR UHHPSODFH HO PD]R GH FDEOHV ORV FRQHFWRUHV \
15
WHUPLQDOHVFRPRXQVRORFRQMXQWR
&XDQGRORLQVWDOHDVHJ~UHVHELHQGHTXHHOPD]RGHFDEOHV
QRTXHGDLQWHUIHULGRRDSUHWDGRSRUFXDOTXLHURWUDSLH]D
$VHJ~UHVH ELHQ GH TXH WRGRV ORV SXQWRV GH FRQH[LyQ D
PDVD GHO VLVWHPD GHO FROFKyQ GH DLUH HVWiQ OLPSLRV \ ILMDGRV
ILUPH \ FRUUHFWDPHQWH SDUD JDUDQWL]DU HO ySWLPR FRQWDFWR GH
2
PHWDOFRQPHWDO/DPDODFRQH[LyQDPDVDSXHGHFDXVDUSUR
EOHPDVLQWHUPLWHQWHVTXHVRQGLItFLOHVGHGLDJQRVWLFDU
'(6(&+2
1XQFD GHVHFKH PyGXORV LQIODGRUHV DFWLYRV QR GHVSOHJDGRV GH
FROFKyQGHDLUHQLSUHWHQVRUHVDFWLYRVQRDFWLYDGRVGHFLQWXUyQGH
VHJXULGDG &XDQGR VHD QHFHVDULR GHVHFKDUORV DVHJ~UHVH ELHQ GH
GHVSOHJDUHOFROFKyQGHDLUH\DFWLYDUHOSUHWHQVRUGHDFXHUGRFRQHO
SURFHGLPLHQWRGHGHVSOLHJXHDFWLYDFLyQGHVFULWRHQ³'(6(&+2'(
0Ï'8/2 ,1)/$'25 '( &2/&+Ï1 '( $,5( < '( 35(7(1
625'(&,1785Ï1'(6(*85,'$'´
$'9(57(1&,$
6LQRVHDSOLFDQHVWULFWDPHQWHORVSURFHGLPLHQWRVFRUUHFWRV
GH GHVHFKR GH PyGXOR LQIODGRU GH FROFKyQ GH DLUH \ GH
SUHWHQVRU GH FLQWXUyQ GH VHJXULGDG HO FROFKyQ GH DLUH
SXHGHGHVSOHJDUVH\HOSUHWHQVRUDFWLYDUVHFDXVDQGRGDxRV
FRUSRUDOHV(OPyGXORLQIODGRUGHFROFKyQGHDLUHTXHQR
VHKDGHVSOHJDGR\HOSUHWHQVRUGHFLQWXUyQGHVHJXULGDG
DFWLYRQRSXHGHQVHUGHVHFKDGRVSRUORVFDQDOHVQRUPDOHV
GHGHVHFKR
(OPyGXORLQIODGRUGHFROFKyQGHDLUHTXHQRVHKDGHVSOH
JDGR\HOSUHWHQVRUGHFLQWXUyQGHVHJXULGDGDFWLYRFRQWLH
QHQ VXVWDQFLDV TXH SXHGHQ FDXVDU HQIHUPHGDGHV R GDxRV
FRUSRUDOHV JUDYHV VL HO FRQWHQHGRU VHOODGR TXH FRQWLHQH
GLFKDVVXVWDQFLDVHVGDxDGRGXUDQWHHOGHVHFKR
6,67(0$'(/&2/&+Ï1'($,5(%
,QVSHFFLRQHV\UHSDUDFLRQHVUHTXHULGDVGHVSXpVGHXQDFFLGHQWH
35(&$8&,Ï1
'HVSXpVGHXQDFFLGHQWHHVREOLJDWRULRLQVSHFFLRQDUWRGRVORVFRPSRQHQWHVGHOVLVWHPDGHOFROFKyQ
GHDLUHLQFOX\HQGRHOPD]RGHFDEOHVSXQWRVGHFRQH[LyQGHORVFRPSRQHQWHV6LFXDOTXLHUDGHORV
FRPSRQHQWHVHVWiGDxDGRRGREODGRGHEHVHUUHHPSOD]DGRDXQTXHQRKD\DKDELGRDFWLYDFLyQGHOVLV
WHPDGHOFROFKyQGHDLUH
1XQFDXWLOLFHSLH]DVGHVLVWHPDGHOFROFKyQGHDLUHTXHSURFHGDQGHRWURYHKtFXOR
1RWUDWHGHVHUYLUODSLH]DVLQGLFDGDVDFRQWLQXDFLyQ(OVHUYLFLRGHHVWDVSLH]DVHVVRODPHQWHHOUHHP
SOD]RGHODVSLH]DV
± 0yGXORVLQIODGRUHVGHFROFKyQGHDLUHGHOFRQGXFWRU\SDVDMHURSUHWHQVRUHVGHFLQWXURQHVGHVHJX
ULGDGGHOFRQGXFWRU\SDVDMHUR
± 6HQVRUHVGHODQWHURV
± 0yGXORGH6'0
± &RQMXQWRGHLQWHUUXSWRUFRPELQDGR\GHERELQDGHFRQWDFWR
± 0D]RGHFDEOHVGHOFROFKyQGHDLUH
3DUDTXHORVVHQVRUHV\HOVLVWHPDGHOFROFKyQGHDLUHIXQFLRQHQFRUUHFWDPHQWHHVLQGLVSHQVDEOHTXH
GHVSXpVGHFXDOTXLHUUHSDUDFLyQGHODHVWUXFWXUDGHOYHKtFXORODHVWUXFWXUDYXHOYDDTXHGDUHQVXFRQIL
JXUDFLyQRULJLQDOGHSURGXFFLyQ
35(&$8&,Ï1
'HVSXpVGHTXHHOPyGXORGH6'0KD\DGHWHFWDGRXQDYH]FRQGLFLRQHVGHFROLVLyQTXHFDXVDQHOGHV
SOLHJXHGHOFROFKyQGHDLUHHOPyGXORGH6'0GHEHVHUUHHPSOD]DGR
&XDQGRFRPSUXHEHHOPyGXORGH6'0UHILpUDVHD³&20352%$&,Ï1'(/6,67(0$'(',$*1Ï67,&2'(
&2/&+Ï1'($,5(´
$FFLGHQWHFRQGHVSOLHJXHDFWLYDFLyQ±UHHPSOD]RGHFRPSRQHQWH
$OJXQRVFRPSRQHQWHVGHOVLVWHPDGHOFROFKyQGHDLUHGHEHQVHUUHHPSOD]DGRV(VWRVFRPSRQHQWHVVRQORVVLJXLHQ
WHV
0yGXORVLQIODGRUHVGHFROFKyQGHDLUHGHOFRQGXFWRU\GHOSDVDMHUR
± 5HHPSODFHSRUXQPyGXORQXHYR
3UHWHQVRUHVGHOFLQWXUyQGHVHJXULGDGGHOFRQGXFWRU\GHOSDVDMHUR
± 5HHPSODFHSRUXQRQXHYR
(OPyGXORGH6'0GHVSXpVGHODGHWHFFLyQGHXQDFROLVLyQTXHFDXVyHOGHVSOLHJXH
± 5HHPSODFHSRUXQRQXHYR
6HQVRUHVGHODQWHURV
± 5HHPSODFHSRUXQRQXHYR
%6,67(0$'(/&2/&+Ï1'($,5(
$FFLGHQWHFRQRVLQGHVSOLHJXHDFWLYDFLyQ±LQVSHFFLyQGHFRPSRQHQWHV
'HVSXpVGHFXDOTXLHUFROLVLyQVHKD\DRQRDFWLYDGRHOVLVWHPDGHOFROFKyQGHDLUHHVREOLJDWRULRLQVSHFFLRQDUDOJX
QRVFRPSRQHQWHVGHOVLVWHPDGHFROFKyQGHDLUH\GHVXMHFLyQ
(VWRVFRPSRQHQWHVVRQORVVLJXLHQWHV
&ROXPQDGHODGLUHFFLyQ\XQLRQHVXQLYHUVDOHVGHHMH
± &RPSUXHEHODORQJLWXGGDxRV\GREODPLHQWRGHDFXHUGRFRQ
OD³&20352%$&,Ï1'(/$&2/801$'(/$',5(&&,Ï1
(1&$62'($&&,'(17(´HQODVHFFLyQ&
&iSVXODV\VRSRUWHGHODFROXPQDGHODGLUHFFLyQ
± &RPSUXHEHVLKD\GREODGXUDV\GDxRV
6LHQODVFRPSUREDFLRQHVSUHFHGHQWHVVHHQFXHQWUDFXDOTXLHU
FRQGLFLyQGHIHFWXRVDUHHPSODFHODSLH]DGHIHFWXRVD
&RQMXQWRGHLQWHUUXSWRUFRPELQDGR\GHERELQDGHFRQWDFWR
± &RPSUXHEHVLHOPD]RGHFDEOHV\FRQHFWRUHVHVWiQGDxDGRV
\VLHVWiQILMDGRVILUPH\FRUUHFWDPHQWH
± &RPSUXHEHVLKD\GDxRVHQODFDMDGHODERELQDGHFRQWDFWR
6LHQODVFRPSUREDFLRQHVSUHFHGHQWHVVHHQFXHQWUDFXDOTXLHU
FRQGLFLyQGHIHFWXRVDUHHPSODFH
6,67(0$'(/&2/&+Ï1'($,5(%
0yGXORGH6'0
± &RPSUXHEH VL KD\ GDxRV H[WHULRUHV FRPR GHIRUPDFLRQHV
UD\DVJULHWDVSLQWXUDSHODGDHWF
± &RPSUXHEH VL HO PyGXOR GH 6'0 QR SXHGH VHU LQVWDODGR D
FDXVDGHpOPLVPR+D\VHSDUDFLyQHQWUHHOPyGXORGH6'0
\ODSODFDGHOPyGXORGH6'0RQRSXHGHVHUILMDGRILUPH\
VHJXUDPHQWH
± &RPSUXHEHVLHOFRQHFWRURHOFDEOHFRQGXFWRUGHOPyGXORGH
6'0HVWiTXHPDGRIXQGLGRRGDxDGR
± &RPSUXHEHODILUPH]DGHODILMDFLyQGHORVWHUPLQDOHV\FRQHF
WRUHVGHOPyGXORGH6'0
± &RPSUXHEHVLHOPyGXORGH6'0ILMDXQFyGLJRGHGLDJQyVWLFR
5HILpUDVH D ³&20352%$&,Ï1 '( '7&´ \ VL OD WDEOD GH
GLDJQyVWLFR LQGLFD XQ IXQFLRQDPLHQWR GHIHFWXRVR GHO PyGXOR
GH6'0
6LHQODVFRPSUREDFLRQHVSUHFHGHQWHVVHHQFXHQWUDFXDOTXLHUFRQ
GLFLyQGHIHFWXRVDUHHPSODFH
0D]RGHFDEOHV\FRQH[LRQHVGHOFROFKyQGHDLUH
± 9HULILTXHVLKD\GDxRVGHIRUPDFLRQHVRFRQH[LRQHVPDODV
5HILpUDVH D ³0$/ )81&,21$0,(172 ,17(50,7(17( <
&21(;,Ï10$/$´
± 9HULILTXHVLODVDEUD]DGHUDVGHPD]RGHFDEOHVHVWiQDSUHWD
15
GDVILUPH\FRUUHFWDPHQWH
6LVHHQFXHQWUDFXDOTXLHUFRQGLFLyQGHIHFWXRVDFRUULMDRUHHPSODFH
%6,67(0$'(/&2/&+Ï1'($,5(
3 6HQVRUGHODQWHUR
2 ± &RPSUXHEHVLHOVHQVRUVRSRUWHGHOVHQVRU\SDQHO
4 GHODQWHURHVWiQGDxDGRVGREODGRVXR[LGDGRV
± &RPSUXHEHVLHOFRQHFWRURHOFDEOHFRQGXFWRUGHOVHQ
VRUGHODQWHURHVWiTXHPDGRIXQGLGRRGDxDGR
5
6LHQODVFRPSUREDFLRQHVSUHFHGHQWHVVHHQFXHQWUDFXDOTXLHUFRQ
GLFLyQGHIHFWXRVDUHHPSODFH
3UHWHQVRUGHFLQWXUyQGHVHJXULGDG
± 9HULILTXH VL KD\ DEROODGXUDV JULHWDV GDxRV \ VL HVWi ILMDGR
ILUPH\FRUUHFWDPHQWH
± &RPSUXHEHVLHOFRQHFWRU\PD]RGHFDEOHVHVWiQGDxDGRV\
VLHVWiQILMDGRVILUPH\FRUUHFWDPHQWH
6LHQODVFRPSUREDFLRQHVSUHFHGHQWHVVHHQFXHQWUDFXDOTXLHUFRQ
GLFLyQGHIHFWXRVDUHHPSODFH
&LQWXURQHVGHVHJXULGDG\SXQWRVGHILMDFLyQ
± 5HILpUDVH D ³&,1785Ï1 '( 6(*85,'$' '(/$17(52
&2135(7(1625´HQOD6(&&,Ï1$
/X]GHDGYHUWHQFLD³$,5%$*´
± 'HVSXpV GH KDEHU FRPSOHWDGR OD UHSDUDFLyQ GHO YHKtFXOR
HIHFW~HOD³&20352%$&,Ï1'(/6,67(0$'(',$*1Ï6
7,&2'(&2/&+Ï1'($,5(´
6,67(0$'(/&2/&+Ï1'($,5(%
0yGXORGH6'0
$'9(57(1&,$
'XUDQWH OD HMHFXFLyQ GH ORV SURFHGLPLHQWRV GH VHUYLFLR
WHQJD HVSHFLDO FXLGDGR FXDQGR PDQLSXOH HO PyGXOR GH
GHWHFFLyQ\GHGLDJQyVWLFR6'0
$QWHVGHFRPHQ]DUDWUDEDMDUDVHJ~UHVHGHOHHUFXLGDGRVD
PHQWHODV³3UHFDXFLRQHVSDUDHOVHUYLFLR´HQHVWDVHFFLyQ
\GXUDQWHHOWUDEDMRWRPHWRGDVODVSUHFDXFLRQHVLQGLFDGDV
(OLQFXPSOLPLHQWRGHODVLQVWUXFFLRQHVGDGDVSXHGHFDXVDU
GDxRV FRUSRUDOHV R KDFHU TXH HO VLVWHPD GHO FROFKyQ GH
DLUHQRVHDFWLYHRSRUWXQDPHQWHFXDQGRVHDQHFHVDULR
'(60217$-(
'HVFRQHFWHHOFDEOHQHJDWLYR±HQODEDWHUtD
'HVDFWLYHHOVLVWHPDGHOFROFKyQGHDLUH5HILpUDVHD³'(6$&
7,9$&,Ï1'(/6,67(0$'(/&2/&+Ï1'($,5(´HQHVWD
VHFFLyQ
6DTXH ORV WRUQLOORV \ FOLSV \ GHVPRQWH OD FDMD GH FRQVROD
FHQWUDOGHODQWHUD\WUDVHUD
'HVPRQWHHOSDQHOFHQWUDOGHDGRUQR
'HVPRQWHHOFHQLFHURHOFRQMXQWRGHOVLQWRQL]DGRUHOFRQ
MXQWRGHUHORMHOEROVLOORGHOVLQWRQL]DGRUODFXELHUWDGHO
RULILFLRSDUDUDGLRHWF
HACIA
'HVFRQHFWHHOFRQHFWRUGHPyGXOR6'0GHO6'0
ADELANTE 'HVPRQWHHOPyGXORGH6'0GHOYHKtFXOR
2
1
%6,67(0$'(/&2/&+Ï1'($,5(
&20352%$&,Ï1
35(&$8&,Ï1
1RFRQHFWHQLQJ~QWLSRGHSUREDGRU
1XQFDGHVDUPHQLWUDWHGHUHSDUDUHOPyGXORGH6'0
6LHO6'0KDFDtGRUHHPSOiFHORSRUXQRQXHYR
9HULILTXHVLHQHOPyGXORGH6'0\ODSODFDGH6'0KD\DEROOD
GXUDVJULHWDVRGHIRUPDFLyQ
&RPSUXHEHVLHOFRQHFWRUGHO6'0RHOPHFDQLVPRGHEORTXHR
HVWiGDxDGRDJULHWDGR
&RPSUXHEHVLHOWHUPLQDOGHO6'0HVWiGREODGRFRUURtGRXR[L
GDGR
6LHQODVFRPSUREDFLRQHVSUHFHGHQWHVVHHQFXHQWUDFXDOTXLHUFRQ
GLFLyQGHIHFWXRVDUHHPSODFH
,167$/$&,Ï1
&RPSUXHEH TXH QR KD\ SUHVHQWH QLQJXQD GH ODV FRQGLFLRQHV
GHIHFWXRVDVVLJXLHQWHV
3OLHJXHV UD\DV GHIRUPDFLRQHV HQ OD FDUURFHUtD GHO YHKtFXOR
GRQGHVHUiPRQWDGRHO6'0
0DWHULDVH[WUDxDVRKHUUXPEUHHQODVXSHUILFLHGHFRQWDFWRGH
ODFDUURFHUtDGHOYHKtFXORGRQGHVHUiPRQWDGRHO6'0
,QVWDOHHOPyGXORGH6'0HQHOYHKtFXOR
HACIA ADELANTE
35(&$8&,Ï1
(a)
$VHJ~UHVH GH TXH OD SXQWD GH OD IOHFKD HQ HO PyGXOR GH
6'0HVWiSRVLFLRQDGDKDFLDODSDUWHGHODQWHUDGHOYHKtFXOR
2
$SULHWHORVSHUQRVGHOPyGXORGH6'0DOSDUGHDSULHWHHVSH
FLILFDGR
3DUGHDSULHWH
3HUQRGH6'0D1ÂPNJP
6HQVRUGHODQWHUR
$'9(57(1&,$
'XUDQWH OD HMHFXFLyQ GH ORV SURFHGLPLHQWRV GH VHUYLFLR
WHQJDHVSHFLDOFXLGDGRFXDQGRPDQLSXOHXQVHQVRU
1XQFDJROSHHQLVDFXGDXQVHQVRU
(Q DOJXQDV FLUFXQVWDQFLDV HVWR SXHGH FDXVDU HO IXQFLR
QDPLHQWRLQFRUUHFWRGHOVLVWHPDGHOFROFKyQGHDLUH3DUD
DVHJXUDUODFRUUHFFLyQGHOIXQFLRQDPLHQWRORVSHUQRVGHO
VHQVRU\GHOVRSRUWHGHPRQWDMHGHEHQVHUDSUHWDGRVFXL
GDGRVDPHQWH
'(60217$-(
'HVFRQHFWHHOFDEOHQHJDWLYRHQODEDWHUtD
'HVDFWLYHHOVLVWHPDGHOFROFKyQGHDLUH5HILpUDVHD³'(6$&
7,9$&,Ï1'(/6,67(0$'(/&2/&+Ï1'($,5(´HQHVWD
VHFFLyQ
'HVPRQWHODFDODQGUDGHODQWHUD5HILpUDVHD³3$5$&+248(6
'(/$17(52´HQODVHFFLyQ
'HVFRQHFWHHOH[WHULRUGHOFRQHFWRUGHVOL]DQGRHOFRQHFWRU
GHOVHQVRUGHODQWHURHQODIRUPDPRVWUDGDHQODILJXUD
1
'HVPRQWHORVSHUQRVGHOVHQVRUGHODQWHUR\HOVHQVRU
GHODQWHURGHOSDQHOGHODQWHUR
2
%6,67(0$'(/&2/&+Ï1'($,5(
&20352%$&,Ï1
35(&$8&,Ï1
1XQFDGHVDUPHHOVHQVRUGHODQWHUR
6LHOVHQVRUFD\yGHVGHXQDDOWXUDGHFPRPiVGHEH
VHUUHHPSOD]DGR
,167$/$&,Ï1
35(&$8&,Ï1
(O IXQFLRQDPLHQWR FRUUHFWR GHO VHQVRU GHODQWHUR UHTXLHUH
TXH HO VHQVRU HVWp ILMDGR UtJLGDPHQWH D OD FDUURFHUtD GHO
YHKtFXOR\TXHODSXQWDGHODIOHFKDGHOVRSRUWHGHOVHQVRU
HVWpSRVLFLRQDGDKDFLDODSDUWHGHODQWHUDGHOYHKtFXOR
&RPSUXHEH TXH QR KD\ SUHVHQWH QLQJXQD GH ODV FRQGLFLRQHV
GHIHFWXRVDVVLJXLHQWHV
3OLHJXHVRGHIRUPDFLRQHVHQHOVRSRUWHGHOVHQVRU\HQHO
SDQHOGHODQWHUR
1
0DWHULDV H[WUDxDV DGKHULGDV D OD VXSHUILFLH GH FRQWDFWR GHO
VHQVRUFRQHOVRSRUWHGHOVHQVRURR[LGDFLyQH[FHVLYD
3
$SOLTXHSURGXFWREORTXHDGRUDODURVFDGHORVSHUQRVGHPRQ
WDMH,QVWDOHHOVHQVRUGHODQWHURHQHOSDQHOGHODQWHUR\
DSULHWHORVSHUQRVGHPRQWDMHDOSDUGHDSULHWHHVSHFLILFDGR
2
³$´$JHQWHGHEORTXHRGHURVFDGR³%´
3DUGHDSULHWH
D1ÂPNJP
1
6,67(0$'(/&2/&+Ï1'($,5(%
&RQHFWHHOFRQHFWRUGHOVHQVRUGHODQWHURHPSXMDQGRHOLQWHULRU
GHOFRQHFWRUHQODIRUPDPRVWUDGDHQODILJXUD
1
&RQHFWHHOFDEOHQHJDWLYRDODEDWHUtD
$FWLYH HO VLVWHPD GHO FROFKyQ GH DLUH 5HILpUDVH D ³$&7,9$
&,Ï1'(/6,67(0$'(/&2/&+Ï1'($,5(´HQHVWDVHF
FLyQ
3UHWHQVRUGHFLQWXUyQGHVHJXULGDG
3DUD HO GHVPRQWDMH LQVSHFFLyQ H LQVWDODFLyQ UHILpUDVH D ³&,178
5Ï1'(6(*85,'$''(/$17(52´HQODVHFFLyQ$
%6,67(0$'(/&2/&+Ï1'($,5(
$'9(57(1&,$
(Q HVWH WUDEDMR KD\ TXH WRPDU ODV SUHFDXFLRQHV VLJXLHQWHV 6L QR VH VLJXHQ HVWDV LQVWUXFFLRQHV SXHGH
KDEHUGDxRVFRUSRUDOHV
(OSURFHGLPLHQWRGHEHVHUDSOLFDGRHVWULFWDPHQWHFRPRVHGHVFULEHDFRQWLQXDFLyQ
$VHJ~UHVHGHOHHUDQWHVODV³35(&$8&,21(63$5$(/6(59,&,2´
3DUDHYLWDUHOGHVSOLHJXHDFFLGHQWDOHVWHWUDEDMRGHEHVHUHIHFWXDGRSRUXQDVRODSHUVRQD
<DTXHVHSURGXFHKXPRFXDQGRHOFROFKyQGHDLUHVHGHVSOLHJD\HOSUHWHQVRUGHFLQWXUyQGHVHJXULGDG
HVDFWLYDGRVHOHFFLRQHXQiUHDELHQYHQWLODGD
(OPyGXORLQIODGRUGHFROFKyQGHDLUH\HOSUHWHQVRUGHFLQWXUyQGHVHJXULGDGVHGHVSOHJDUiDFWLYDUi
LQPHGLDWDPHQWHFXDQGRVHDQFRQHFWDGRVDXQDIXHQWHGHDOLPHQWDFLyQHOpFWULFD/OHYHJDIDVSURWHFWR
UDVGHVHJXULGDGGXUDQWHWRGRHVWHSURFHGLPLHQWRGHGHVSOLHJXHDFWLYDFLyQ\GHVHFKR
/OHYHSURWHFWRUHVGHRtGRVFXDQGRGHVSOLHJXHXQPyGXORLQIODGRUGHFROFKyQGHDLUH\DFWLYHXQSUH
WHQVRUGHFLQWXUyQGHVHJXULGDG$GHPiVDFRQVHMHDODVSHUVRQDVTXHHVWDUiQHQORVDOUHGHGRUHVLQPH
GLDWRVDOOXJDUGHGHVSOLHJXHDFWLYDFLyQTXHWDPELpQOOHYHQSURWHFWRUHVSDUDORVRtGRV
1XQFD GHVSOLHJXHDFWLYH D OD YH] GRV R PiV FRPSRQHQWHV GH VLVWHPD GH FROFKyQ GH DLUH >PyGXORV
LQIODGRUHVGHFROFKyQGHDLUH\SUHWHQVRUHVGHFLQWXUyQGHVHJXULGDG@
1XQFD FRQHFWH HO PD]R GH FDEOHV GH GHVSOLHJXH D QLQJXQD IXHQWH GH DOLPHQWDFLyQ HOpFWULFD DQWHV GH
FRQHFWDUHOPD]RGHFDEOHVGHGHVSOLHJXHDOPyGXORLQIODGRUGHFROFKyQGHDLUH\SUHWHQVRUGHFLQWX
UyQGHVHJXULGDG(OPD]RGHFDEOHVGHGHVSOLHJXHSHUPDQHFHUiFRUWRFLUFXLWDGR\QRGHEHUiVHUFRQHF
WDGR D XQD IXHQWH GH DOLPHQWDFLyQ HOpFWULFD DQWHV GH TXH HO FROFKyQ GH DLUH HVWp OLVWR SDUD VHU
GHVSOHJDGR\HOSUHWHQVRUGHFLQWXUyQGHVHJXULGDGHVWpOLVWRSDUDVHUDFWLYDGR
6,67(0$'(/&2/&+Ï1'($,5(%
'HVSOLHJXHDFWLYDFLyQIXHUDGHOYHKtFXOR
$SOLTXHHVWHSURFHGLPLHQWRFXDQGRHOYHKtFXORSURSLDPHQWHWDOVHUi
XWLOL]DGRRWUDYH]>VHGHVHFKDUiQVRODPHQWHHOORVPyGXORV>LQIOD
GRUHV@GHFROFKRQHVGHDLUH\HOORVSUHWHQVRUHVGHFLQWXUyQHV
GHVHJXULGDG@
&RORTXH HO LQWHUUXSWRU GH HQFHQGLGR HQ OD SRVLFLyQ ³/2&.´
VDTXHODOODYH\SyQJDVHVXVJDIDVGHVHJXULGDG
&RPSUXHEHTXHQRKD\FLUFXLWRDELHUWRFRUWRFLUFXLWRRGDxRHQ
ODKHUUDPLHQWDHVSHFLDOPD]RGHFDEOHVGHGHVSOLHJXH6LVH
HQFXHQWUDFXDOTXLHUGHIHFWRQRXWLOLFHHVWDKHUUDPLHQWD\DVH
J~UHVHGHXWLOL]DUXQPD]RGHFDEOHVQXHYRGHGHVSOLHJXH
+HUUDPLHQWDHVSHFLDO
$
&RUWRFLUFXLWH FRQMXQWDPHQWH ORV GRV FDEOHV GH PD]R GH
FDEOHV GH GHVSOLHJXH LQVHUWDQGR FRPSOHWDPHQWH XQD FODYLMD
EDQDQDHQODRWUD
$'9(57(1&,$
(OPD]RGHFDEOHVGHGHVSOLHJXHSHUPDQHFHUiFRUWRFLUFXL
WDGR \ QR GHEHUi VHU FRQHFWDGR D XQD IXHQWH GH DOLPHQWD
FLyQHOpFWULFDDQWHVGHTXHHOFROFKyQGHDLUHHVWpOLVWRSDUD
VHU GHVSOHJDGR \ HO SUHWHQVRU GH FLQWXUyQ GH VHJXULGDG
HVWpOLVWRSDUDVHUDFWLYDGR
$'9(57(1&,$
6LHPSUH OOHYH XQ PyGXOR LQIODGRU GH FROFKyQ GH DLUH
DFWLYRFRQODFXELHUWDGHDGRUQRGLULJLGDKDFLDDIXHUDGH
VXFXHUSR
&XDQGR DOPDFHQH XQ PyGXOR LQIODGRU GH FROFKyQ GH
DLUHDFWLYRRORGHMHVLQDWHQFLyQVREUHXQEDQFRRVREUH
RWUDVXSHUILFLHVLHPSUHFRORTXHHOFROFKyQ\ODFXELHUWD
GHDGRUQRSRVLFLRQDGRVKDFLDDUULEDKDFLDHOH[WHULRUGH
OD VXSHUILFLH <D TXH HO PyGXOR LQIODGRU DFWLYR GH FRO
FKyQGHDLUHGHOSDVDMHURGHEHVHUFRORFDGRFRQHOFRO
FKyQ FXELHUWD GH JXDUQLFLyQ SRVLFLRQDGR KDFLD DUULED
FROyTXHOR HQ XQD UDQXUD GHO EDQFR GH WUDEDMR R
HPSOHH HO WRUQLOOR GH PHFiQLFR GH EDQFR GH WUDEDMR
SDUD VXMHWDUOR ILUPHPHQWH HQ VX VRSRUWH GH PRQWDMH
1
LQIHULRU
(VWRHVQHFHVDULRSDUDTXHTXHGHXQHVSDFLROLEUHGRQGH
HOFROFKyQSXHGDGHVSOHJDUVHHLQIODUVHHQHOFDVRGHXQ
SRFRSUREDEOHGHVSOLHJXHDFFLGHQWDO
6LQRVHVLJXHQHVWDVLQVWUXFFLRQHVSXHGHKDEHUGDxRVFRU
SRUDOHV
3
%6,67(0$'(/&2/&+Ï1'($,5(
$'9(57(1&,$
3DUDPDQLSXODU\JXDUGDUXQSUHWHQVRUDFWLYRGHFLQWXUyQ
GH VHJXULGDG HOLMD XQ OXJDU GRQGH OD WHPSHUDWXUD
DPELHQWH VHD LQIHULRUD°& GRQGH OD KXPHGDG UHODWLYD
VHDEDMD\GRQGHHVWpDOHMDGRGHORVSDUiVLWRVHOpFWULFRV
1XQFD OOHYH HO SUHWHQVRU GH FLQWXUyQ GH VHJXULGDG VXV
SHQGLGRGHOFDEOHRGHOFRQHFWRUGHOSUHWHQVRU
&XDQGRFRORTXHXQSUHWHQVRUDFWLYRGHFLQWXUyQGHVHJX
ULGDG HQ HO EDQFR GH WUDEDMR R HQ XQ OXJDU VHPHMDQWH
DVHJ~UHVHGHQRGHMDUSRVLFLRQDGDKDFLDDEDMRVXVXSHU
ILFLHTXHLQFRUSRUDHORULILFLRGHHVFDSH7DPELpQHVWi
WHUPLQDQWHPHQWH SURKLELGR FRORFDU FXDOTXLHU REMHWR
VREUH OD FDUD TXH LQFRUSRUD HO RULILFLR GH HVFDSH R
DSLODU SUHWHQVRUHV GH FLQWXUyQ GH VHJXULGDG XQR VREUH
RWUR
6LQRSURFHGHFRPRLQGLFDGRSXHGHKDEHUGDxRVFRUSRUD
OHV
)LMH HO PyGXOR LQIODGRU GH FROFKyQ GH DLUH R HO SUHWHQVRU GH
FLQWXUyQGHVHJXULGDGGHODPDQHUDVLJXLHQWH
F /OHQHFRQDJXDRDUHQDHOGHSyVLWRGHSOiVWLFRGHODFFHVRULR
GHGHVSOLHJXHKHUUDPLHQWDHVSHFLDO(VWRHVQHFHVDULRSDUD
SURSRUFLRQDUODQHFHVDULDHVWDELOLGDGGHODFFHVRULRGXUDQWHHO
GHVSOLHJXH
G )LMHHOPyGXORLQIODGRUGHOFROFKyQGHDLUHGHOSDVDMHURHQHO
DFFHVRULR GH GHVSOLHJXH KHUUDPLHQWD HVSHFLDO GH PDQHUD
VHJXUDXWLOL]DQGRSHUQRV\WXHUFDVGHVRVWHQLPLHQWR\SHUQRV
\WXHUFDV0
35(&$8&,Ï1
$VHJ~UHVHGHXWLOL]DUHOSHUQR\WXHUFDVLJXLHQWHVSDUD
ILMDUHOPyGXORLQIODGRUGHOFROFKyQGHDLUHGHOSDVDMHUR
HQODILMDFLyQGHPRQWDMH
7DPDxR05HVLVWHQFLD7
>3DUDHOSUHWHQVRUGHFLQWXUyQGHVHJXULGDG@
D 7LUHFRPSOHWDPHQWHGHODFRUUHDGHOFLQWXUyQFRPRPRV
WUDGRHQODILJXUD\FRUWHODFRUUHDHQHOH[WUHPRGHLQVWDOD
FLyQ HQ HO SUHWHQVRU FRQMXQWR GH UHWUDFWRU HQ OD IRUPD
PRVWUDGDHQODILJXUD
$'9(57(1&,$
'HELGRDTXHHOWDPERUGHOFRQMXQWRGHOUHWUDFWRU
JLUDUiPX\UiSLGDPHQWHHQFXDQWRVHFRUWHODFRUUHD
GHOFLQWXUyQILMHHOFRQMXQWRGHOUHWUDFWRUHQXQ
WRUQLOORGHPHFiQLFRHQHOEDQFRGHWUDEDMR\PDQWHQJD
VXVPDQRV\GHGRVDOHMDGRVGHOUHWUDFWRUFXDQGRFRUWHOD
FRUUHD
E 'HVSHMHHQHOVXHORXQHVSDFLRGHXQRVFPGHGLiPH
WUR SDUD DFWLYDU HO SUHWHQVRU FRQMXQWR GHO UHWUDFWRU GHO
FLQWXUyQGHVHJXULGDG(VSUHIHULEOHHOHJLUXQVLWLRDODLUHOLEUH
VLQDFWLYLGDG6LQRVHGLVSRQHGHXQOXJDUDOH[WHULRUSUHSDUH
XQ OXJDU HQ HO SLVR GHO WDOOHU GRQGH QR KD\D DFWLYLGDG \ TXH
HVWpELHQYHQWLODGR
$VHJ~UHVHELHQGHTXHQRKD\REMHWRVVXHOWRVQLLQIODPDEOHV
GHQWURGHOiUHDGHDFWLYDFLyQ
F &RORTXHHOSUHWHQVRUFRQMXQWRGHOUHWUDFWRUHQHOVXHOR
HQHOHVSDFLRGHVSHMDGRHQODIRUPDPRVWUDGDHQODILJXUD
%6,67(0$'(/&2/&+Ï1'($,5(
(VWLUHHOPD]RGHFDEOHVGHGHVSOLHJXHGHVGHHOPyGXORLQIOD
GRUGHFROFKyQDLUHGHOFRQGXFWRURGHOSDVDMHURKDVWDVXORQ
JLWXGWRWDOGHP
+HUUDPLHQWDHVSHFLDO
$
&RORTXH XQD IXHQWH GH DOLPHQWDFLyQ HOpFWULFD FHUFD GHO
H[WUHPRFRUWRFLUFXLWDGRGHOPD]RGHFDEOHVGHGHVSOLHJXH'LV
SRVLWLYRUHFRPHQGDGRYROWLRVPtQLPRDPSHULRVPtQLPR
6HVXJLHUHXQDEDWHUtDGHYHKtFXOR
&RPSUXHEH TXH HQ HO iUHD DOUHGHGRU GHO PyGXOR LQIODGRU GH
FROFKyQ GH DLUH R GHO SUHWHQVRU GH FLQWXUyQ GH VHJXULGDG QR
KD\QLSHUVRQDVQLREMHWRVVXHOWRVRLQIODPDEOHV
&RPSUXHEHODFRQGLFLyQGHILMDFLyQGHOPyGXORLQIODGRUGHFRO
FKyQ GH DLUH R GHO SUHWHQVRU GH FLQWXUyQ GH VHJXULGDG GH OD
PDQHUDVLJXLHQWH
>3DUDHOPyGXORLQIODGRUGHOFROFKyQGHDLUHGHOFRQGXFWRU@
&RPSUXHEH TXH HO PyGXOR LQIODGRU GH FROFKyQ DLUH GHO FRQ
GXFWRUHVWiFRQVXFXELHUWDGHJXDUQLFLyQGHYLQLORSRVLFLRQDGD
KDFLDDUULED
>3DUDHOPyGXORLQIODGRUGHOFROFKyQGHDLUHGHOSDVDMHUR@
&RPSUXHEH TXH HO PyGXOR LQIODGRU GH FROFKyQ GH DLUH GHO
SDVDMHUR HVWi ILMDGR ILUPH \ VHJXUDPHQWH HQ HO DFFHVRULR
KHUUDPLHQWDHVSHFLDOGHGHVSOLHJXHGHOPyGXORLQIODGRUGHO
FROFKyQGHDLUHGHOSDVDMHUR
>3DUDHOSUHWHQVRUGHFLQWXUyQGHVHJXULGDG@
&RPSUXHEH TXH HO SUHWHQVRU GH FLQWXUyQ GH VHJXULGDG HVWi
FRORFDGR HQ HO VXHOR HQ HO HVSDFLR GHVSHMDGR HQ OD IRUPD
PRVWUDGDHQODILJXUD
&RQHFWHHOPyGXORLQIODGRUGHFROFKyQGHDLUHRHOSUHWHQ
VRU GH FLQWXUyQ GH VHJXULGDG HQ HO FRQHFWRU GHO PD]R GH
FDEOHV GH GHVSOLHJXH \ EORTXHH HO FRQHFWRU PHGLDQWH OD
SDODQFDGHEORTXHR
$YLVHDWRGDVODVSHUVRQDVTXHHVWiQDVXDOUHGHGRUTXHYDD
GHVSOHJDUXQPyGXORLQIODGRUGHOFROFKyQGHDLUHRDFWLYDUXQ
SUHWHQVRUGHFLQWXUyQGHVHJXULGDG
>$@ 3DUDHOPyGXORLQIODGRUGHOFROFKyQGHDLUHGHOFRQGXFWRU
>%@ 3DUDHOPyGXORLQIODGRUGHOFROFKyQGHDLUHGHOSDVDMHUR
>&@ 3DUDHOSUHWHQVRUGHFLQWXUyQGHVHJXULGDG
127$
&XDQGRHOFROFKyQGHDLUHVHGHVSOLHJDRHOSUHWHQVRUGH
FLQWXUyQ GH VHJXULGDG VH DFWLYD OD UiSLGD H[SDQVLyQ GH
ORVJDVHVJHQHUDGRVSURGXFLUiXQHVWDPSLGRFRQVLGHUD
EOH /OHYH SURWHFWRUHV GH RtGRV TXH VHDQ DGHFXDGRV
$YLVHDWRGDVODVSHUVRQDVTXHHVWiQDVXDOUHGHGRUTXH
YDDGHVSOHJDUXQPyGXORLQIODGRUGHOFROFKyQGHDLUHR
DFWLYDU XQ SUHWHQVRU GH FLQWXUyQ GH VHJXULGDG \ TXH
GHEHQOOHYDUSURWHFWRUHVGHRtGRV
&XDQGRHOPyGXORLQIODGRUGH FROFKyQGHDLUH GHOFRQ
GXFWRU VH GHVSOLHJD \ HO SUHWHQVRU VH DFWLYD HO PyGXOR
LQIODGRUGHOFROFKyQGHDLUHGHOFRQGXFWRU\HOSUHWHQVRU
FRQMXQWRGHOUHWUDFWRUSXHGHQVDOWDUYHUWLFDOPHQWHXQRV
FP (VWD HV OD UHDFFLyQ QRUPDO D OD IXHU]D JHQHUDGD
SRUODUiSLGDH[SDQVLyQGHORVJDVHVSURGXFLGRVGHQWUR
GHOFROFKyQGHDLUH\GHOSUHWHQVRU
'HVSXpVGHTXHXQPyGXORLQIODGRUGHFROFKyQGHDLUH
VHKDGHVSOHJDGRODVXSHUILFLHGHOFROFKyQGHDLUHSXHGH
WHQHU XQ UHVLGXR SROYRULHQWR (VWRV UHVLGXRV GH SROYR
HVWiQ FRQVWLWXLGRV SULQFLSDOPHQWH SRU DOPLGyQ GH PDt]
HPSOHDGR SDUD OXEULFDU OD EROVD FXDQGR VH LQIOD \ SRU
VXESURGXFWRVGHUHDFFLyQTXtPLFD
6,67(0$'(/&2/&+Ï1'($,5(%
$'9(57(1&,$
(OPyGXORLQIODGRUGHFROFKyQGHDLUH\HOSUHWHQVRUGH
FLQWXUyQ GH VHJXULGDG HVWiQ PX\ FDOLHQWHV LQPHGLDWD
PHQWH GHVSXpV GH TXH VH KDQ GHVSOHJDGRDFWLYDGR 1R
WRTXHODVVXSHUILFLHVPHWiOLFDVDQWHVGHTXHWUDQVFXUUDQ
PLQXWRVGHVSXpVGHOGHVSOLHJXHDFWLYDFLyQ
1R FRORTXH HO PyGXOR LQIODGRU GH FROFKyQ GH DLUH GHV
SOHJDGR QL HO SUHWHQVRU GH FLQWXUyQ GH VHJXULGDG DFWL
YDGRFHUFDGHREMHWRVLQIODPDEOHV
1RDSOLTXHDJXDDFHLWHHWFDOPyGXORLQIODGRUGHFRO
FKyQGHDLUHGHVSOHJDGRQLDOSUHWHQVRUGHFLQWXUyQGH
VHJXULGDGTXHKDVLGRDFWLYDGR
6L DQWHV GH TXH KD\DQ HQIULDGR HV QHFHVDULR PRYHU HO
PyGXORLQIODGRUGHFROFKyQGHDLUHGHVSOHJDGR\HOSUH
WHQVRUGHFLQWXUyQGHVHJXULGDGDFWLYDGROOHYHJXDQWHV\
PDQLSXOHHOPyGXORXWLOL]DQGRPDWHULDOQRPHWiOLFRFRPR
HOFROFKyQGHDLUHFRUUHDWHMLGD\JXDUQLFLyQGHYLQLOR
6L QR VH VLJXHQ HVWDV LQVWUXFFLRQHV VH SXHGH FDXVDU XQ
LQFHQGLRRGDxRVFRUSRUDOHV
6HSDUH ODV GRV FODYLMDV EDQDQD HQ HO PD]R GH FDEOHV GH
GHVSOLHJXH
&RQHFWH HO PD]R GH FDEOHV GH GHVSOLHJXH D OD IXHQWH GH DOL
PHQWDFLyQHOpFWULFDEDWHUtDGHYHKtFXOR9SDUDGHVSOH
JDUDFWLYDULQPHGLDWDPHQWH HO PyGXORLQIODGRU GH FROFKyQGH
DLUHRHOSUHWHQVRUGHFLQWXUyQGHVHJXULGDG
'HVFRQHFWH HO PD]R GH FDEOHV GH GHVSOLHJXH GH OD IXHQWH GH
DOLPHQWDFLyQHOpFWULFDEDWHUtDGHYHKtFXOR9\FRUWRFLU
FXLWH FRQMXQWDPHQWH ORV GRV FDEOHV GHO PD]R GH FDEOHV
1 LQVHUWDQGRFRPSOHWDPHQWHXQDFODYLMDEDQDQDHQODRWUD
(QHOFDVRSRFRSUREDEOHGHTXHGHVSXpVGHDSOLFDUHVWRVSUR
FHGLPLHQWRVHOPyGXORLQIODGRUGHFROFKyQGHDLUHQRVHGHV
SOLHJXH R TXH HO SUHWHQVRU GH FLQWXUyQ GH VHJXULGDG QR VH
DFWLYHSURFHGDLQPHGLDWDPHQWHDHIHFWXDUORVSDVRVD
6LHOPyGXORLQIODGRUGHFROFKyQGHDLUHRHOSUHWHQVRUGHFLQ
2 WXUyQ GH VHJXULGDG VH KDQ GHVSOHJDGR R DFWLYDGR SURFHGD
GHVGHHOSDVRKDVWDHOSDVR
/OHYHXQSDUGHJXDQWHVGHWDOOHUSDUDSURWHJHUVXVPDQRVGH
ODVLUULWDFLRQHVSRVLEOHV\GHOFDORUFXDQGRPDQLSXOHHOPyGXOR
LQIODGRUGHFROFKyQGHDLUHGHVSOHJDGRRHOSUHWHQVRUGHFLQ
WXUyQGHVHJXULGDGTXHVHKDDFWLYDGR
'HVSXpV GHO GHVSOLHJXHDFWLYDFLyQ GHVFRQHFWH HO PD]R GH
FDEOHVGHGHVSOLHJXHGHOPyGXORLQIODGRUGHFROFKyQGHDLUH\
3
GHO SUHWHQVRU GH FLQWXUyQ GH VHJXULGDG WDQ SURQWR FRPR VHD
SRVLEOH
(VWRHYLWDUiTXHHOPD]RGHFDEOHVGHGHVSOLHJXHVHDGDxDGR
GHELGR D XQ SRVLEOH FRQWDFWR FRQHO PyGXOR LQIODGRU FDOLHQWH
GHFROFKyQGHDLUHRFRQHOSUHWHQVRUFDOLHQWHGHFLQWXUyQGH
VHJXULGDG/RVPD]RVGHFDEOHVGHGHVSOLHJXHHVWiQSUHYLVWRV
SDUD VHU UHXWLOL]DGRV 6LQ HPEDUJR GHVSXpV GH FDGD GHVSOLH
JXHDFWLYDFLyQ GHEH YHULILFDUVH VL KDQ VLGR GDxDGRV \ GHEHQ
VHUUHHPSOD]DGRVVLHVQHFHVDULR
%6,67(0$'(/&2/&+Ï1'($,5(
127$
/RVSDVRVVLJXLHQWHVGHEHQVHUHMHFXWDGRVHQHOFDVRSRFR
SUREDEOHTXHHOPyGXORLQIODGRUGHFROFKyQGHDLUHQRVH
KD\DGHVSOHJDGRRHOSUHWHQVRUGHFLQWXUyQQRVHKD\DDFWL
YDGR
$VHJ~UHVH GH TXH HO PD]R GH FDEOHV GH GHVSOLHJXH KD VLGR
GHVFRQHFWDGRGHODIXHQWHGHDOLPHQWDFLyQHOpFWULFD\TXHVXV
GRV FODYLMDV EDQDQD KDQ VLGR FRUWRFLUFXLWDGDV FRQMXQWDPHQWH
LQVHUWDQGRFRPSOHWDPHQWHXQDFODYLMDEDQDQDHQODRWUD
'HVFRQHFWHHOPD]RGHFDEOHVGHGHVSOLHJXHGHOPyGXORLQIOD
GRUGHFROFKyQGHDLUH\GHOSUHWHQVRUGHFLQWXUyQGHVHJXUL
GDG
*XDUGH SURYLVLRQDOPHQWH HO PyGXOR LQIODGRU GH FROFKyQ GH
DLUHRHOSUHWHQVRUGHFLQWXUyQGHVHJXULGDG
>3DUDHOPyGXORLQIODGRUGHOFROFKyQGHDLUHGHOFRQGXFWRU@
$OPDFHQHSURYLVLRQDOPHQWHHOPyGXORLQIODGRUGHFROFKyQDLUH
GHOFRQGXFWRUFRQVXFXELHUWDGHJXDUQLFLyQGHYLQLORSRVLFLR
QDGDKDFLDDUULEDDOHMDGDGHODVXSHUILFLHGRQGHHOPyGXORHVWi
FRORFDGR
5HILpUDVH D ³35(&$8&,21(6 3$5$ (/ 6(59,&,2´ SDUD
PD\RUHVGHWDOOHV
>3DUDHOSUHWHQVRUGHFLQWXUyQGHVHJXULGDG@
&XDQGR JXDUGH WHPSRUDOPHQWH HO SUHWHQVRU GH FLQWXUyQ GH
VHJXULGDGDVHJ~UHVHGH12FRORFDUKDFLDDEDMRHORULILFLRGH
HYDFXDFLyQ'HEHTXHGDUSRVLFLRQDGRKDFLDDUULED5HILpUDVHD
³35(&$8&,21(6 3$5$ (/ 6(59,&,2´ SDUD PD\RUHV GHWD
OOHV
&RQWDFWHDVXGLVWULEXLGRUORFDOSDUDREWHQHUDVLVWHQFLDVXSOH
PHQWDULD
6,67(0$'(/&2/&+Ï1'($,5(%
'HVSOLHJXHDFWLYDFLyQGHQWURGHOYHKtFXOR
$SOLTXH HVWH SURFHGLPLHQWR FXDQGR VH WUDWD GH GHVHFKDU WRGR HO
YHKtFXORLQFOX\HQGRORVPyGXORVLQIODGRUHVGHFROFKRQHVGHDLUH\
SUHWHQVRUHVGHFLQWXURQHVGHVHJXULGDG
[A]
35(&$8&,Ï1
&XDQGRHOYHKtFXORVHUiXWLOL]DGRQXHYDPHQWH
GHVSOLHJXHDFWLYHHOFROFKyQGHDLUH\HOSUHWHQVRUIXHUD
GHOYHKtFXORGHDFXHUGRFRQ³'(63/,(*8($&7,9$&,Ï1
)8(5$'(/9(+Ë&8/2´(QHIHFWRHOGHVSOLHJXH
DFWLYDFLyQGHQWURGHOYHKtFXORGHIRUPDUiHOWDEOHURGH
LQVWUXPHQWRVODJXDQWHUD\HOiUHDLQPHGLDWD
1
6LQRVHWRPDQHVWDV35(&$8&,21(6SRGUtDVHUQHFHVDULR
[B]
2
KDFHULQVSHFFLRQHV\UHSDUDFLRQHVLQQHFHVDULDVHQHOYHKt
FXOR
&RORTXH HO LQWHUUXSWRU GH HQFHQGLGR HQ OD SRVLFLyQ ³/2&.´
VDTXHODOODYH\SyQJDVHVXVJDIDVGHVHJXULGDG
6DTXH WRGRV ORV REMHWRV VXHOWRV GH ORV DVLHQWRV GHODQWHURV \
GHOWDEOHURGHLQVWUXPHQWRV
>3DUDHOPyGXORLQIODGRUGHOFROFKyQGHDLUHGHOFRQGXFWRU@
'HVFRQHFWHHOFRQHFWRUGHODERELQDGHFRQWDFWRORFDOL]DGR
FHUFDGHODEDVHGHODFROXPQDGHODGLUHFFLyQ
>3DUDHOPyGXORLQIODGRUGHOFROFKyQGHDLUHGHOSDVDMHUR@
'HVPRQWH OD JXDQWHUD GHO WDEOHUR GH LQVWUXPHQWRV \ GHVFR
QHFWHHOFRQHFWRUGHOPyGXORLQIODGRUGHOFROFKyQGHDLUH
[C]
GHOSDVDMHUR
>3DUDHOSUHWHQVRUGHFLQWXUyQGHVHJXULGDG@
'HVPRQWH ODV JXDUQLFLRQHV LQIHULRUHV GHO PRQWDQWH GHODQWHUR
3 HQORVGRVODGRVODGRGHOFRQGXFWRU\GHOSDVDMHUR\GHVFR
QHFWHORVFRQHFWRUHVGHSUHWHQVRUGHFLQWXUyQGHVHJXULGDG
&RQILUPH TXH FDGD PyGXOR LQIODGRU GH FROFKyQ GH DLUH HVWi
PRQWDGRGHPDQHUDVHJXUD
>$@ 3DUDHOPyGXORLQIODGRUGHOFROFKyQGHDLUHGHOFRQGXFWRU
>%@ 3DUDHOPyGXORLQIODGRUGHOFROFKyQGHDLUHGHOSDVDMHUR
>&@ 3DUDHOSUHWHQVRUGHFLQWXUyQGHVHJXULGDG
%6,67(0$'(/&2/&+Ï1'($,5(
&RPSUXHEHTXHQRKD\FLUFXLWRDELHUWRFRUWRFLUFXLWRRGDxRHQ
ODKHUUDPLHQWDHVSHFLDOPD]RGHFDEOHVGHGHVSOLHJXH6LVH
HQFXHQWUDFXDOTXLHUGHIHFWRQRXWLOLFHHVWDKHUUDPLHQWD\DVH
J~UHVHGHXWLOL]DUXQPD]RGHFDEOHVQXHYRGHGHVSOLHJXH
+HUUDPLHQWDHVSHFLDO
$
&RUWRFLUFXLWH FRQMXQWDPHQWH ORV GRV FDEOHV GH PD]R GH
FDEOHV GH GHVSOLHJXH LQVHUWDQGR FRPSOHWDPHQWH XQD FODYLMD
EDQDQDHQODRWUD
$'9(57(1&,$
(OPD]RGHFDEOHVGHGHVSOLHJXHSHUPDQHFHUiFRUWRFLUFXL
WDGR \ QR GHEHUi VHU FRQHFWDGR D XQD IXHQWH GH DOLPHQWD
FLyQHOpFWULFDDQWHVGHTXHHOFROFKyQGHDLUHHVWpOLVWRSDUD
VHU GHVSOHJDGR \ HO SUHWHQVRU GH FLQWXUyQ GH VHJXULGDG
HVWpOLVWRSDUDVHUDFWLYDGR
([WLHQGDHOPD]RGHFDEOHVGHGHVSOLHJXHIXHUDGHOYHKtFXOR
&RPSUXHEHTXHHQHOLQWHULRUGHOYHKtFXOR\HQHOiUHDFLUFXQ
GDQWHQRKD\QLSHUVRQDVQLREMHWRVVXHOWRVRLQIODPDEOHV
([WLHQGDHOPD]RGHFDEOHVGHGHVSOLHJXHDWRGDVXORQJLWXG
P
+HUUDPLHQWDHVSHFLDO
$
&RORTXHXQDIXHQWHGHDOLPHQWDFLyQHOpFWULFDFHUFDGHOH[WUHPR
FRUWRFLUFXLWDGRGHOPD]RGHFDEOHVGHGHVSOLHJXH'LVSRVL
WLYRUHFRPHQGDGRYROWLRVPtQLPRDPSHULRVPtQLPR6H
VXJLHUHXQDEDWHUtDGHYHKtFXOR
&XEUDFRPSOHWDPHQWHHOiUHDGHOSDUDEULVDV\GHODVDEHUWXUDV
GHYHQWDQLOODVGHSXHUWDVGHODQWHUDVFRQXQDPDQWDRFRQ
FXDOTXLHU DUWtFXOR VHPHMDQWH (VWR UHGXFH HO ULHVJR GH GDxRV
FRUSRUDOHVFDXVDGRVSRUODHYHQWXDOIUDJPHQWDFLyQGHORVFULV
WDOHVRGHOLQWHULRUGHOYHKtFXOR
$YLVHDWRGDVODVSHUVRQDVTXHHVWiQDVXDOUHGHGRUTXHYDD
GHVSOHJDUXQPyGXORLQIODGRUGHOFROFKyQGHDLUHRDFWLYDUXQ
SUHWHQVRUGHFLQWXUyQGHVHJXULGDG
>$@ /DGRGHOFRQGXFWRUSDUDYHKtFXORFRQYRODQWHDODL]TXLHUGD
>%@ /DGRGHOFRQGXFWRUSDUDYHKtFXORFRQYRODQWHDODGHUHFKD
127$
&XDQGRHOFROFKyQGHDLUHVHGHVSOLHJDRHOSUHWHQVRUGH
FLQWXUyQ GH VHJXULGDG VH DFWLYD OD UiSLGD H[SDQVLyQ GH
ORVJDVHVJHQHUDGRVSURGXFLUiXQHVWDPSLGRFRQVLGHUD
EOH /OHYH SURWHFWRUHV GH RtGRV TXH VHDQ DGHFXDGRV
$YLVHDWRGDVODVSHUVRQDVTXHHVWiQDVXDOUHGHGRUTXH
YDDGHVSOHJDUXQPyGXORLQIODGRUGHOFROFKyQGHDLUHR
DFWLYDU XQ SUHWHQVRU GH FLQWXUyQ GH VHJXULGDG \ TXH
GHEHQOOHYDUSURWHFWRUHVGHRtGRV
'HVSXpVGHTXHXQPyGXORLQIODGRUGHFROFKyQGHDLUH
VHKDGHVSOHJDGRODVXSHUILFLHGHOFROFKyQGHDLUHSXHGH
WHQHU XQ UHVLGXR SROYRULHQWR (VWRV UHVLGXRV GH SROYR
HVWiQ FRQVWLWXLGRV SULQFLSDOPHQWH SRU DOPLGyQ GH PDt]
HPSOHDGR SDUD OXEULFDU OD EROVD FXDQGR VH LQIOD \ SRU
VXESURGXFWRVGHUHDFFLyQTXtPLFD
$'9(57(1&,$
(OPyGXORLQIODGRUGHFROFKyQGHDLUH\HOSUHWHQVRUGH
FLQWXUyQ GH VHJXULGDG HVWiQ PX\ FDOLHQWHV LQPHGLDWD
PHQWH GHVSXpV GH TXH VH KDQ GHVSOHJDGRDFWLYDGR 1R
WRTXHODVVXSHUILFLHVPHWiOLFDVDQWHVGHTXHWUDQVFXUUDQ
PLQXWRVGHVSXpVGHOGHVSOLHJXHDFWLYDFLyQ
1RDSOLTXHDJXDDFHLWHHWFDOPyGXORLQIODGRUGHFRO
FKyQGHDLUHGHVSOHJDGRQLDOSUHWHQVRUGHFLQWXUyQGH
VHJXULGDG TXH KD VLGR DFWLYDGR 6L QR VH VLJXHQ HVWDV
LQVWUXFFLRQHVVHSXHGHFDXVDUXQLQFHQGLRRGDxRVFRU
SRUDOHV
%6,67(0$'(/&2/&+Ï1'($,5(
6HSDUHODVGRVFODYLMDVEDQDQDHQHOPD]RGHFDEOHVGHGHV
SOLHJXH
&RQHFWHHOPD]RGHFDEOHVGHGHVSOLHJXHDODIXHQWHGHDOL
PHQWDFLyQHOpFWULFDEDWHUtDGHYHKtFXOR9SDUDGHVSOH
JDUDFWLYDULQPHGLDWDPHQWHHOFROFKyQGHDLUHRHOSUHWHQVRU
'HVFRQHFWH HO PD]R GH FDEOHV GH GHVSOLHJXH GH OD IXHQWH GH
DOLPHQWDFLyQHOpFWULFDEDWHUtDGHYHKtFXOR9\FRUWRFLU
FXLWH FRQMXQWDPHQWH ORV GRV FDEOHV GHO PD]R GH FDEOHV
LQVHUWDQGRFRPSOHWDPHQWHXQDFODYLMDEDQDQDHQODRWUD
/OHYHXQSDUGHJXDQWHVGHWDOOHUSDUDSURWHJHUVXVPDQRVGH
ODVLUULWDFLRQHVSRVLEOHV\GHOFDORUFXDQGRPDQLSXOHHOPyGXOR
LQIODGRUGHFROFKyQGHDLUHGHVSOHJDGRRHOSUHWHQVRUGHFLQ
WXUyQGHVHJXULGDGTXHVHKDDFWLYDGR
'HVSXpV GHO GHVSOLHJXHDFWLYDFLyQ GHVFRQHFWH HO PD]R GH
FDEOHVGHGHVSOLHJXHGHOPyGXORLQIODGRUGHFROFKyQGHDLUH\
GHO SUHWHQVRU GH FLQWXUyQ GH VHJXULGDG WDQ SURQWR FRPR VHD
SRVLEOH
(VWRHYLWDUiTXHHOPD]RGHFDEOHVGHGHVSOLHJXHVHDGDxDGR
GHELGR D XQ SRVLEOH FRQWDFWR FRQ HO PyGXOR LQIODGRU FDOLHQWH
GHFROFKyQGHDLUHRFRQHOSUHWHQVRUFDOLHQWHGHFLQWXUyQGH
VHJXULGDG/RVPD]RVGHFDEOHVGHGHVSOLHJXHHVWiQSUHYLVWRV
SDUD VHU UHXWLOL]DGRV 6LQ HPEDUJR GHVSXpV GH FDGD GHVSOLH
JXHDFWLYDFLyQ GHEH YHULILFDUVH VL KDQ VLGR GDxDGRV \ GHEHQ
VHUUHHPSOD]DGRVVLHVQHFHVDULR
6DTXH FXLGDGRVDPHQWH HO SDxR GHO YHKtFXOR \ OLPSLH ORV
IUDJPHQWRVRGHVHFKHHOSDxR
5HSLWDORVSDVRVKDVWDSDUDGHVSOHJDUDFWLYDUORVPyGX
ORVLQIODGRUHVGHFROFKyQGHDLUH\ORVSUHWHQVRUHVGHFLQWXUR
QHVGHVHJXULGDGTXHQRKDQVLGRGHVSOHJDGRDFWLYDGRVLORV
KD\
(QHOFDVRSRFRSUREDEOHTXHGHVSXpVGHDSOLFDUHVWRVSURFH
GLPLHQWRVHOPyGXORLQIODGRUGHFROFKyQGHDLUHQRVHGHVSOLH
JXHRTXHHOSUHWHQVRUGHFLQWXUyQGHVHJXULGDGQRVHDFWLYH
SURFHGDLQPHGLDWDPHQWHGHVGHHOSDVRKDVWDHOSDVR
6LHOPyGXORLQIODGRUGHFROFKyQGHDLUHRHOSUHWHQVRUGHFLQ
WXUyQ GH VHJXULGDG VH KDQ GHVSOHJDGR R DFWLYDGR SURFHGD DO
SDVR
&RQORVFROFKRQHVGHDLUHGHVSOHJDGRV\ORVSUHWHQVRUHVDFWL
YDGRVHOYHKtFXORSXHGHVHUGHVJXD]DGRGHODPLVPDPDQHUD
TXHXQYHKtFXORQRHTXLSDGRFRQVLVWHPDGHFROFKyQGHDLUH
'HVPRQWHGHOYHKtFXORHOORVPyGXORVLQIODGRUHVGHFRO
FKyQHVGHDLUHQRGHVSOHJDGRV\RSUHWHQVRUHVGHFLQWX
UyQHVGHVHJXULGDGLQDFWLYDGRV3DUDHOPyGXORLQIODGRUGHO
FROFKyQ GH DLUH GHO FRQGXFWRU UHILpUDVH D OD 6(&&,Ï1 &
SDUDHOPyGXORLQIODGRUGHOFROFKyQGHDLUHGHOSDVDMHURUHILp
UDVH D ³6(59,&,2 (1 (/ 9(+Ë&8/2´ SDUD HO SUHWHQVRU GH
FLQWXUyQGHVHJXULGDGUHILpUDVHDOD6(&&,Ï1$
>3DUDHOPyGXORLQIODGRUGHOFROFKyQGHDLUH@
$OPDFHQHSURYLVLRQDOPHQWHHOPyGXORLQIODGRUGHFROFKyQGH
DLUHFRQVXFXELHUWDGHJXDUQLFLyQGHYLQLORSRVLFLRQDGDKDFLD
DUULEDDOHMDGDGHODVXSHUILFLHGRQGHHOPyGXORHVWiFRORFDGR
5HILpUDVH D ³35(&$8&,21(6 3$5$ (/ 6(59,&,2´ SDUD
PD\RUHVGHWDOOHV
>3DUDHOSUHWHQVRUGHFLQWXUyQGHVHJXULGDG@
&XDQGR JXDUGH WHPSRUDOPHQWH HO SUHWHQVRU GH FLQWXUyQ GH
VHJXULGDGDVHJ~UHVHGH12FRORFDUKDFLDDEDMRHORULILFLRGH
HYDFXDFLyQ'HEHTXHGDUSRVLFLRQDGRKDFLDDUULED5HILpUDVHD
³35(&$8&,21(6 3$5$ (/ 6(59,&,2´ SDUD PD\RUHV GHWD
OOHV
&RQWDFWHDVXGLVWULEXLGRUORFDOSDUDREWHQHUDVLVWHQFLDVXSOH
PHQWDULD
6,67(0$'(/&2/&+Ï1'($,5(%
$'9(57(1&,$
6LQRVHDSOLFDQHVWULFWDPHQWHORVSURFHGLPLHQWRVFRUUHFWRV
GH GHVHFKR GH PyGXOR LQIODGRU GH FROFKyQ GH DLUH \ GH
SUHWHQVRU GH FLQWXUyQ GH VHJXULGDG HO FROFKyQ GH DLUH
SXHGHGHVSOHJDUVH\HOSUHWHQVRUDFWLYDUVHFDXVDQGRGDxRV
FRUSRUDOHV(OPyGXORLQIODGRUGHFROFKyQGHDLUHTXHQR
VHKDGHVSOHJDGR\HOSUHWHQVRUGHFLQWXUyQGHVHJXULGDG
DFWLYRQRSXHGHQVHUGHVHFKDGRVSRUORVFDQDOHVQRUPDOHV
GHGHVHFKR
(OPyGXORLQIODGRUGHFROFKyQGHDLUHTXHQRVHKDGHVSOH
JDGR\HOSUHWHQVRUGHFLQWXUyQGHVHJXULGDGDFWLYRFRQWLH
QHQ VXVWDQFLDV TXH SXHGHQ FDXVDU HQIHUPHGDGHV R GDxRV
FRUSRUDOHV JUDYHV VL HO FRQWHQHGRU VHOODGR TXH FRQWLHQH
GLFKDVVXVWDQFLDVHVGDxDGRGXUDQWHHOGHVHFKR
&XDQGR GHVHFKH HO PyGXOR LQIODGRU GH FROFKyQ GH DLUH GHV
SOHJDGR\HOSUHWHQVRUGHFLQWXUyQGHVHJXULGDGDFWLYDGRDVH
J~UHVHGHVHOODUORVHQXQDEROVDGHYLQLORUREXVWR
&XDQGRHO PyGXORLQIODGRUGHFROFKyQGHDLUH\HO SUHWHQVRU
GHFLQWXUyQGHVHJXULGDGKDQVLGRGHVSOHJDGRDFWLYDGRGHQWUR
GHO YHKtFXOR TXH VHUi GHVJXD]DGR GpMHORV LQVWDODGRV GHQWUR
GHOYHKtFXOR
/DYHELHQVXVPDQRVFRQMDEyQVXDYH\DJXDGHVSXpVGHFRP
SOHWDUHOWUDEDMR
%6,67(0$'(/&2/&+Ï1'($,5(
(VSHFLILFDFLRQHVGHSDUHVGHDSULHWH
3DUGHDSULHWH
3LH]DVGHVXMHFLyQ
1P NJP OEIW
3HUQRGH6'0
7RUQLOORGHPyGXORLQIODGRUGHOFROFKyQGHDLUHGHOSDVDMHUR
3HUQRGHPyGXORLQIODGRUGHOFROFKyQGHDLUHGHOSDVDMHUR
3HUQRGHVHQVRUGHODQWHUR
3HUQRGHPyGXORLQIODGRUGHOFROFKyQGHDLUHGHOFRQGXFWRU 5HILpUDVHDODVHFFLyQ&
3HUQRGHSUHWHQVRUGHFLQWXUyQGHVHJXULGDGFRQMXQWRGHUHWUDFWRU 5HILpUDVHDODVHFFLyQ$
+HUUDPLHQWDVHVSHFLDOHV
0XOWtPHWURGLJLWDO &DEOH'/&GHSDWL &RQMXQWR7HFK$,QVWUX &DUWXFKRGHPHPRULD
5HILpUDVHDOD127$³%´\ OODVSDUD7HFK$ PHQWRGHH[SORUDFLyQ PDVLYDSDUD7HFK$
D$'9(57(1&,$ 68=8.,
5HILpUDVHDOD127$³$´
6,67(0$'(/&2/&+Ï1'($,5(%
&RQMXQWR7HFK,QVWUX
PHQWRGHH[SORUDFLyQ
68=8.,5HILpUDVHDOD
127$³&´
$'9(57(1&,$
$VHJ~UHVHGHXWLOL]DUHOPXOWtPHWURGLJLWDOHVSHFLILFDGR6LQRSURFHGHFRPRLQGLFDGRHOFROFKyQGHDLUH
SRGUtDGHVSOHJDUVHRSRGUtDKDEHUGDxRVFRUSRUDOHV
127$
³$´(VWHFRQMXQWRLQFOX\HORVDUWtFXORVVLJXLHQWHV\UHHPSOD]DHOFRQMXQWR7HFK
&DMDGHOLQVWUXPHQWR0DQXDOGHO2SHUDGRU7HFK$&DEOH'/&6RQGDFDEOHGHSUXHED
&DEOHGHDOLPHQWDFLyQHOpFWULFD$GDSWDGRUGHFDEOH'/&$GDSWDGRUGHDXWRGLDJQyVWLFR
³%´ (VSHFLILFDFLyQ GHO PXOWtPHWUR GLJLWDO /D FRUULHQWH Pi[LPD HV P$ R PHQRV HQ HO LQWHUYDOR
PtQLPRGHPHGLFLyQGHODUHVLVWHQFLD
³&´(VWHFRQMXQWRLQFOX\HORVDUWtFXORVVLJXLHQWHV\UHHPSOD]DHOFRQMXQWR7HFK$
7HFK7DUMHWD3&0&,$&DEOH'/&$GDSWDGRU6$(&DEOHSDUDHQFHQGHGRUGHFLJDUUL
OORV$GDSWDGRUGHFLUFXLWRHQEXFOH'/&&DEOHGHDOLPHQWDFLyQGHVGHEDWHUtD&DEOH56
$GDSWDGRU56&RQHFWRUHQEXFOHFHUUDGRGH56&DMDGHOLQVWUXPHQWR$OLPHQWDFLyQ
HOpFWULFD
%6,67(0$'(/&2/&+Ï1'($,5(
Prepared by
Printed in Japan
Printing: 672