Excavadora Volvo Ec350d Manual de Operacion y Mantenimiento PDF

You might also like

Download as pdf or txt
Download as pdf or txt
You are on page 1of 325

VOLVO CONSTRUCTION EQUIPMENT

ec350d
Libro de instrucciones

EC350D

Spanish

Ref. no. 20034387-D Spanish


2017.12
Volvo, Changwon
EC350D/EC350D L

3UHIDFLR LIBRO DE INSTRUCCIONES


(VWHOLEURGHLQVWUXFFLRQHVHVW£SHQVDGRFRPRJX¯DSDUDHOFRUUHFWRXVR
\PDQWHQLPLHQWRGHODP£TXLQD(VWXGLHDWHQWDPHQWHHVWHOLEURDQWHVGH
FRPHQ]DUDPRYHUODP£TXLQDRDQWHVGHUHDOL]DUPDQWHQLPLHQWR
SUHYHQWLYRDOJXQR
0DQWHQJDHVWHOLEURHQFRPSDUWLPLHQWRJXDUGDREMHWRVFRQFHUUDGXUDGH
PDQHUDTXHVLHPSUHHVW«GLVSRQLEOHSDUDFRQVXOWDU£SLGD6XVWLW¼\DOR
LQPHGLDWDPHQWHVLVHSLHUGH QGLFH
(OOLEURGHLQVWUXFFLRQHVGHVFULEHODVDSOLFDFLRQHVSDUDODVFXDOHVOD
P£TXLQDIXHSULPRUGLDOPHQWHGLVH³DGD+DVLGRUHGDFWDGRSDUDTXHVHD
Y£OLGRHQWRGRVORVPHUFDGRV3RUFRQVLJXLHQWHSRUIDYRULJQRUHFXDOTXLHU
VHFFLµQTXHQRHVW«UHODFLRQDGDFRQVXP£TXLQDRFRQHOWUDEDMRTXH
XVWHGOOHYDDFDERFRQODPLVPD 3UHVHQWDFLµQ
127$
(OOLEURGHLQVWUXFFLRQHVFXEUHP£VGHXQDP£TXLQDODLQIRUPDFLµQDWD³H
DWRGDVODVP£TXLQDVDPHQRVTXHVHHVSHFLILTXHRWUDFRVD
$OGLVH³DUHVWDP£TXLQDVHKDLQYHUWLGRPXFKRWLHPSRHQORJUDUODPHMRU
3DQHOHVGHLQVWUXPHQWRV
HILFLHQFLD\VHJXULGDGSRVLEOHV6LQHPEDUJRRFXUUHQDFFLGHQWHV\OD
PD\RU¯DGHHOORVSXHGHQDWULEXLUVHDXQHUURUKXPDQR8QDSHUVRQD
FRQVFLHQWHGHODVHJXULGDG\XQDP£TXLQDTXHKDUHFLELGRXQEXHQ
PDQWHQLPLHQWRFRQVWLWX\HQXQDFRPELQDFLµQILDEOHSRWHQWH\UHQWDEOH 2WURVPDQGRV
3RUFRQVLJXLHQWHOHDODVLQVWUXFFLRQHVGHVHJXULGDG\V¯JDODV
1RVHVIRU]DPRVFRQVWDQWHPHQWHSRUGHVDUUROODU\PHMRUDUODHILFLHQFLDGH
QXHVWURVSURGXFWRVPHGLDQWHODUHDOL]DFLµQGHFDPELRVHQVXGLVH³R1RV
UHVHUYDPRVHOGHUHFKRDPRGLILFDUHOGLVH³RGHORVSURGXFWRVLQFOXVR
GHVSX«VGHVXHQWUHJD7DPEL«QQRVUHVHUYDPRVHOGHUHFKRDFDPELDU ,QVWUXFFLRQHVGHIXQFLRQDPLHQWR
GDWRV\HTXLSRVDV¯FRPRODVLQVWUXFFLRQHVGHVHUYLFLR\PDQWHQLPLHQWR
VLQSUHYLRDYLVR

7«FQLFDGHFRQGXFFLµQ

6HJXULGDGGXUDQWHHO
VHUYLFLR

6HUYLFLR\PDQWHQLPLHQWR

(VSHFLILFDFLRQHV

QGLFHDOIDE«WLFR

5HI1R'
(OLGLRPDRULJLQDOHVHOLQJO«V7UDGXFLGRGHODVLQVWUXFFLRQHVRULJLQDOHV

&RS\ULJKWk9ROYR&RQVWUXFWLRQ(TXLSPHQW7RGRVORVGHUHFKRVUHVHUYDGRV
 3UHIDFLR

,QVWUXFFLRQHVGHVHJXULGDG
(ORSHUDGRUGHODP£TXLQDHVUHVSRQVDEOHGHFRQRFHU\FXPSOLUFRQODV
LQVWUXFFLRQHVGHVHJXULGDGSHUWLQHQWHV\OHJDOPHQWHUHTXHULGDVSRU
RUJDQLVPRVQDFLRQDOHV\UHJLRQDOHV/DVLQVWUXFFLRQHVGHVHJXULGDGHQ
HVWHOLEURGHLQVWUXFFLRQHVVRORVRQDSOLFDEOHVHQORVFDVRVHQTXHQRKD\D
HQYLJRULQVWUXFFLRQHVGHVHJXULGDGSRUOH\

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

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

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

$9,62
,QGLFDXQDVLWXDFLµQSRWHQFLDOPHQWHSHOLJURVDTXHSXHGHSURYRFDUGD³RV
HQODP£TXLQD
127$
6HXVDQSDUDUHIHULUVHDLQIRUPDFLµQGHLQVWDODFLµQRSHUDFLµQR
PDQWHQLPLHQWRTXHHVLPSRUWDQWHSHURQRHVW£UHODFLRQDGDFRQXQSHOLJUR
)DPLOLDU¯FHVHFRQODFDSDFLGDG\ORVO¯PLWHVGHVXP£TXLQD
3UHIDFLR 
1¼PHURVGHLGHQWLILFDFLµQ 
1¼PHURVGHLGHQWLILFDFLµQ
$QRWHDEDMRORVQ¼PHURVGHLGHQWLILFDFLµQGHODP£TXLQD\VXVFRPSRQHQWHV8VHVLHPSUHHVRVGDWRVFXDQGR
VHGLULMDDOIDEULFDQWH\SDUDHOSHGLGRGHSLH]DVGHUHSXHVWR

9ROYR*URXS.RUHD&R/WG
)DEULFDQWH
6HRQJVDQJX&KDQJZRQVL*\HRQJVDQJQDPGR&RUHD
3,1GHODP£TXLQD 1¼PHURGH
IDEULFDFLµQ

0RWRU

%RPEDSULQFLSDO

0RWRUGHJLUR

0RWRUGHRUXJDV

9£OYXODGHFRQWUROSULQFLSDO

ವ (QY¯HVXVRSLQLRQHVVREUHHOOLEURGHLQVWUXFFLRQHVDRP#YROYRFRP
ವ (OFµGLJRIXHQWHDELHUWRXWLOL]DGRHQHVWHSURGXFWRSXHGHREWHQHUVHHQHOVLJXLHQWHVLWLRZHE KWWSZHEGRFYROYRFRNU
H[FRVV
QGLFH 


QGLFH
3UHIDFLR 
1¼PHURVGHLGHQWLILFDFLµQ 
3UHVHQWDFLµQ
9LVWDGHODP£TXLQD
0DUFD&(GLUHFWLYD(0& 
(TXLSRGHFRPXQLFDFLµQLQVWDODFLµQ 
&RPSRQHQWHVGHVHJXULGDG 

/HWUHURVGHLGHQWLILFDFLµQ 
3HJDWLQDVGHLQIRUPDFLµQ\DGYHUWHQFLD 
3DQHOHVGHLQVWUXPHQWRV 
3DQHOGHLQVWUXPHQWRVL]TXLHUGR 
3DQHOGHLQVWUXPHQWRVGHODQWHUR
8QLGDGGHSDQWDOOD 
3DQHOGHLQVWUXPHQWRVGHUHFKR
3DQHOGHLQVWUXPHQWRVSDUWHWUDVHUD 
2WURVPDQGRV 
0DQGRV
&DELQD 
6LVWHPDGHEORTXHRGHPDQGRV
&RQIRUWGHOFRQGXFWRU 
,QVWUXFFLRQHVGHIXQFLRQDPLHQWR 
5HJODVGHVHJXULGDGSDUDODXWLOL]DFLµQGHODP£TXLQD 
0HGLGDVTXHGHEHQDSOLFDUVHDQWHVGHODFRQGXFFLµQ
$UUDQTXHGHOPRWRU
6LVWHPDKLGU£XOLFRFDOHQWDPLHQWR
8WLOL]DFLµQ 
3DUDGD
(VWDFLRQDPLHQWR
5HVFDWH\UHPROFDGR
7UDQVSRUWHGHODP£TXLQD 
7«FQLFDGHFRQGXFFLµQ
9LEUDFLRQHVHQWRGRHOFXHUSR
5HJODVSDUDH[FDYDFLµQ 
7UDEDMRGHQWURGH]RQDVSHOLJURVDV 
,PSOHPHQWRV
,PSOHPHQWRVFRQH[LµQ\GHVFRQH[LµQ 
&XFKDUDV 
0DUWLOOR
9£OYXODVGHURWXUDGHODPDQJXHUD 
6HOHFFLµQGHODSODFDGHRUXJDV 
(OHYDFLµQGHREMHWRV 
'LDJUDPDGHVH³DOL]DFLµQ 
6HJXULGDGGXUDQWHHOVHUYLFLR 
3RVLFLµQGHPDQWHQLPLHQWR 
$QWHVGHOVHUYLFLROHD 
(QWUDGDVDOLGD\VXELGDDODP£TXLQD 
3UHYHQFLµQGHLQFHQGLRV 
0DQHMRGHPDWHULDOHVSHOLJURVRV
0DQLSXODFLµQGHFRQGXFWRVWXERV\PDQJXHUDV 
 QGLFH

6HUYLFLR\PDQWHQLPLHQWR 
3XQWRVGHVHUYLFLR 
0RWRU 
6LVWHPDGHFRPEXVWLEOH 
)LOWURGHDLUHGHOPRWRU 
6LVWHPDGHUHIULJHUDFLµQ 
6LVWHPDHO«FWULFR 
8QLGDGSURSXOVRUDGHEDODQFHR 
8QLGDGSURSXOVRUDGHRUXJD
&DPELRJLUDWRULR\ED³RGHDFHLWH
8QLGDGGHRUXJD
&DELQD 
$LUHDFRQGLFLRQDGR
'LHQWHVGHODFXFKDUD
6LVWHPDKLGU£XOLFR 
(QJUDVH 
(VTXHPDGHOXEULFDFLµQ\FXLGDGRV
(VSHFLILFDFLRQHV
/XEULFDQWHVUHFRPHQGDGRV 
6LVWHPDGHFRPEXVWLEOH 
&DSDFLGDGGHVHUYLFLRHLQWHUYDORVGHVXVWLWXFLµQ
0RWRU 
6LVWHPDHO«FWULFR 
&DELQD 
6LVWHPDKLGU£XOLFR 
3HVRVGHODP£TXLQD
3UHVLµQVREUHHOWHUUHQR 
'LPHQVLRQHV
5DQJRVGHIXQFLRQDPLHQWR
7DPD³RVGHFXFKDUDUHFRPHQGDGRV
)XHU]DVGHH[FDYDFLµQ 
&DSDFLGDGHVGHHOHYDFLµQ 
+LVWRULDOGHVHUYLFLR 
QGLFHDOIDE«WLFR
3UHVHQWDFLµQ 


3UHVHQWDFLµQ

9


8VRGHGLVH³R
/DP£TXLQDKDVLGRGLVH³DGDSDUDXVDUODHQFRQGLFLRQHV
QRUPDOHVSDUDODVDSOLFDFLRQHVLQGLFDGDVHQHO/LEURGH
LQVWUXFFLRQHV6LVHXWLOL]DSDUDRWURVILQHVRHQHQWRUQRV
SRWHQFLDOPHQWHSHOLJURVRVWDOHVFRPRDWPµVIHUDH[SORVLYDR
OXJDUHVFRQSROYRTXHFRQWHQJDDPLDQWRGHEHU£QVHJXLUVH
GLVSRVLFLRQHVGHVHJXULGDGHVSHFLDOHV\ODP£TXLQDWHQGU£TXH
HVWDUHTXLSDGDSDUDHVRVWUDEDMRV&RQVXOWHDOIDEULFDQWHRDO
FRQFHVLRQDULRSDUDP£VLQIRUPDFLµQ

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

0RWRU
&RQPRWRU7LHU,,,'.
(OPRWRUTXHSURSRUFLRQDSUHVWDFLRQHVH[FHOHQWHVHVGHWLSR
GLHVHOFRQLQ\HFWRUHVGHFRPEXVWLEOHDDOWDSUHVLµQFRQWURODGRV
HOHFWUµQLFDPHQWHYHUWLFDOGHVHLVFLOLQGURVFRQ(*5GH
UHIULJHUDFLµQH[WHUQDWXUERFRPSUHVRUFRQFRPSXHUWDGH
GHVHFKRVLQWHUFRROHUDLUHDDLUH\HQIULDGRSRUDLUH
&RQPRWRU7LHU,,')
(OPRWRUTXHSURSRUFLRQDSUHVWDFLRQHVH[FHOHQWHVHVGHWLSR
GLHVHOFRQLQ\HFWRUHVGHFRPEXVWLEOHDDOWDSUHVLµQFRQWURODGRV
HOHFWUµQLFDPHQWHYHUWLFDOGHVHLVFLOLQGURVWXUERFRPSUHVRUFRQ
FRPSXHUWDGHGHVHFKRVLQWHUFRROHUDLUHDDLUH\HQIULDGRSRUDLUH
 3UHVHQWDFLµQ


6LVWHPDHO«FWULFR
(OVLVWHPDHO«FWULFRFRQVLVWHHQHOVLVWHPDGHDUUDQTXHGHOPRWRU
VLVWHPDGHFDUJDVLVWHPDGHPRQLWRUL]DFLµQGHODP£TXLQD
VLVWHPDGHFRQWUROGHOPRWRU\ODERPED\VLVWHPD
DFRQGLFLRQDGRUGHDLUH
/DP£TXLQDHVW£HTXLSDGDFRQXQVLVWHPDHO«FWULFRGHDOWD
FDSDFLGDGELHQSURWHJLGR3DUDJDUDQWL]DUODVFRQH[LRQHVOLEUHV
GHFRUURVLµQVHXVDQHQFKXIHVGHKD]GHFDEOHLPSHUPHDEOHV
GHGREOHFLHUUH/RVUHO«V\ODVY£OYXODVVROHQRLGHVSULQFLSDOHV
HVW£QDSDQWDOODGRVSDUDSUHYHQLUORVGD³RV(OLQWHUUXSWRU
PDHVWURHVHTXLSRGHVHULH
(OFRQWURODYDQ]DGRGHODVIXQFLRQHVGHODP£TXLQDHLPSRUWDQWH
LQIRUPDFLµQGHGLDJQµVWLFRVHPXHVWUDQHQOD,(&8
6LVWHPDGHUDOHQW¯DXWRP£WLFR
(OVLVWHPDGHUDOHQW¯DXWRP£WLFRUHGXFHHOU«JLPHQGHOPRWRUD
UDOHQW¯FXDQGRQRVHDFFLRQDQODVSDODQFDV\SHGDOHVGXUDQWHXQ
FLHUWRSHU¯RGRGHWLHPSRUHGXFLHQGRDV¯HOFRQVXPRGH
FRPEXVWLEOH\HOQLYHOVRQRURHQODFDELQD
6LVWHPDDXWRP£WLFRGHDSDJDGRGHOPRWRU
RSFLRQDO
/DSDUDGDDXWRP£WLFDGHOPRWRUHVSDUDSDUDUHOPRWRU
DXWRP£WLFDPHQWHFXDQGRODP£TXLQDQRVHRSHUDGXUDQWHXQ
FLHUWRWLHPSR(OWLHPSRSRUGHIHFWRHVGHPLQXWRV\VµORVH
SXHGHFDPELDUFRQ9&$'63UR&RQWDFWHFRQXQFRQFHVLRQDULR
GH9ROYR&RQVWUXFWLRQ(TXLSPHQW
&RQGLFLRQHVGHDSDJDGRDXWRP£WLFRGHOPRWRU
 /DSDODQFDGHEORTXHRGHFRQWUROHVW£DEDMR
 (OLQWHUUXSWRUGHFRQWUROGHOU«JLPHQGHOPRWRUQRVHKD
FDPELDGR
PLQXWRDQWHVGHTXHVHDSDJXHHOPRWRUVHPRVWUDU£ODSDQWDOOD
GHLQIRUPDFLµQHQOD,(&8DV¯HORSHUDGRUSXHGHFDQFHODUOD
SDUDGDGHOPRWRUSXOVDQGRHOERWµQ(6&GHOWHFODGRPRYLHQGR
KDFLDDUULEDODSDODQFDGHEORTXHRGHFRQWURORFDPELDQGRHO
LQWHUUXSWRUGHFRQWUROGHU«JLPHQGHOPRWRU HQODSRVLFLµQLQIHULRU
GHODSDODQFDGHEORTXHRGHFRQWURO 
3UHVHQWDFLµQ 


&DELQD
/DFDELQDGHORSHUDGRUWLHQHDFFHVRI£FLODWUDY«VGHXQDDPSOLD
DEHUWXUDGHSXHUWD/DFDELQDHVW£DSR\DGDVREUHVRSRUWHV
DPRUWLJXDGRUHVKLGU£XOLFRVTXHMXQWRFRQXQWDSL]DGR
LQVRQRUL]DQWHUHGXFHQHOQLYHOVRQRUR/DFDELQDWLHQHXQD
H[FHOHQWHYLVLELOLGDGDWRGRDOUHGHGRU(OSDUDEULVDVGHODQWHUR
SXHGHGHVOL]DUVHI£FLOPHQWHKDVWDHOWHFKRPLHQWUDVTXHHOFULVWDO
LQIHULRUGHODQWHURVHTXLWDSDUDJXDUGDUORHQODSXHUWDODWHUDO
6LVWHPDGHDLUHDFRQGLFLRQDGR\FDOHIDFFLµQ
LQFRUSRUDGR
8QYHQWLODGRUGHFRQWURODXWRP£WLFRVXPLQLVWUDDLUHSUHVXUL]DGR
\ILOWUDGRDODFDELQD(ODLUHVHGLVWULEX\HSRUWRGDODFDELQD
PHGLDQWHDEHUWXUDV

)236\)2*
/DFDELQDHVW£WDPEL«QGLVH³DGDSDUDUHVLVWLUHOJROSHGHREMHWRV
FX\RSHVRFRUUHVSRQGHDORVP«WRGRVGHSUXHEDVHJ¼Q)236\
)2*
/DFDELQDHVW£DSUREDGDFRPRSDUWHGHODHVWUXFWXUDSURWHFWRUD
GHDFXHUGRFRQORVHVW£QGDUHV)236\)2* )236,62
QLYHO,, )2*,62 QLYHO,, \6$(-
)236HVODDEUHYLDFLµQGH(VWUXFWXUD3URWHFWRUDFRQWUDOD&D¯GD
GH2EMHWRV SURWHFFLµQVXSHULRU \)2*HVODDEUHYLDFLµQGH
3URWHFFLµQFRQWUDOD&D¯GDGH2EMHWRV SURWHFFLµQVXSHULRU\
GHODQWHUD 
5236
/DFDELQDHVW£DSUREDGDFRPRSDUWHGHODHVWUXFWXUDSURWHFWRUD
GHDFXHUGRDOHVW£QGDU5236 ,62 
 3UHVHQWDFLµQ


6LVWHPDKLGU£XOLFR
(OVLVWHPDKLGU£XOLFRWDPEL«QGHQRPLQDGRPRGRGHWUDEDMRGH
GHWHFFLµQDXWRP£WLFDHVW£GLVH³DGRSDUDDOWDSURGXFWLYLGDG
JUDQFDSDFLGDGGHH[FDYDFLµQDOWDSUHFLVLµQGHPDQLREUD\XQD
H[FHOHQWHHFRQRP¯DGHFRPEXVWLEOH(OVLVWHPDVXPDWRULROD
SULRULGDGGHODSOXPDHOEUD]R\HOJLURMXQWRFRQORVVLVWHPDVGH
UHJHQHUDFLµQGHODSOXPDHOEUD]R\ODFXFKDUDSURSRUFLRQDQ
SUHVWDFLRQHVµSWLPDV
 6LVWHPDVXPDWRULR&RPELQDHOIOXMRGHDPEDVERPEDV
KLGU£XOLFDVSDUDJDUDQWL]DUFRUWRVWLHPSRVGHFLFOR\DOWD
SURGXFWLYLGDG
 3ULRULGDGGHODSOXPD'DSULRULGDGDODIXQFLµQGHHOHYDFLµQ
GHODSOXPDSDUDWLHPSRVGHFLFORP£VFRUWRVGXUDQWHODFDUJD
\HQODVH[FDYDFLRQHVSURIXQGDV
 3ULRULGDGGHOEUD]R'DSULRULGDGDODIXQFLµQGHRSHUDFLµQGHO
EUD]RSDUDWLHPSRVGHFLFORP£VFRUWRVHQODH[FDYDFLµQ\HQ
HOYDFLDGR
 3ULRULGDGGHJLUR'DSULRULGDGDODIXQFLµQGHJLURHQ
DSOLFDFLRQHVGHDSHUWXUDGH]DQMDVSDUDPHMRUDUOD
SURGXFWLYLGDG
 6LVWHPDGHUHJHQHUDFLµQ,PSLGHODFDYLWDFLµQ\SURSRUFLRQD
IOXMRDRWUDVIXQFLRQHVGXUDQWHODVRSHUDFLRQHVVLPXOW£QHDV
SDUDSURGXFWLYLGDGP£[LPD
 $PSOLILFDFLµQGHSRWHQFLD6HDXPHQWDQWRGDVODVIXHU]DVGH
H[FDYDFLµQ\HOHYDFLµQ
 9£OYXODVGHUHWHQFLµQ+D\Y£OYXODVGHUHWHQFLµQGHODSOXPD
\GHOEUD]RSDUDPLQLPL]DUODGHULYDGHOFLOLQGURFXDQGRVH
VRSRUWDQFDUJDV
0RWRUGHRUXJDV\FDMDGHFDPELRV
(OPRWRUGHRUXJDVHVXQPRWRUGHSLVWRQHVD[LDOHVYDULDEOHTXH
FRQVLVWHHQXQDFDUFDVDXQJUXSRURWDWLYR\XQDSODFDGH
OXPEUHUDV/DFDUFDVDFRQWLHQHHOWRUQLOORGHFRQWUROGHO£QJXOR
GHRVFLODFLµQ(OJUXSRURWDWLYRFRQVLVWHHQORVFLOLQGURV\ORV
SLVWRQHV/DSODFDGHOXPEUHUDVFRQVLVWHHQODY£OYXODGH
FRPSHQVDFLµQY£OYXODVGHUHWHQFLµQY£OYXODVGHVREUHSUHVLµQ
\Y£OYXODLQYHUVRUDGHGHVSOD]DPLHQWR(OPRWRUGHRUXJDV
LQFOX\HWDPEL«QHOFRQMXQWRGHIUHQRGHHVWDFLRQDPLHQWR
DSOLFDGRSRUPXHOOH\OLEHUDGRSRUPHGLRVKLGU£XOLFRV
/DFDMDGHHQJUDQDMHWLHQHXQPHFDQLVPRSODQHWDULRGHWUHV
HWDSDVFRQWUHVFRQMXQWRVGHSODQHWDVHQJUDQDMHVSODQHWDULRV\
SL³RQHVLPSXOVDGRVSRUHOHMHPRWUL]HVWULDGRGHOPRWRUGHRUXJD
PRQWDGRGLUHFWDPHQWHHQODFDMDGHHQJUDQDMH
3UHVHQWDFLµQ 

0RWRUGHJLUR\FDMDGHFDPELRV
(OPRWRUGHJLURHVXQPRWRUGHSLVWRQHVD[LDOHVILMRV(OJUXSR
URWDWLYRFRQVLVWHHQXQEORTXHGHFLOLQGURV\QXHYHSLVWRQHV
XELFDGRVHQHOFLOLQGUR/DVHFFLµQGHODWDSDWLHQHY£OYXODVGH
VREUHSUHVLµQY£OYXODVDQWLFDYLWDFLµQ\Y£OYXODVDQWLUUHERWH/D
FDUFDVDWLHQHXQDY£OYXODGHUHWDUGR\XQIUHQRGHOWLSRGHGLVFR
/DFDMDGHHQJUDQDMHFRQVLVWHHQHOSODQHWDHOHQJUDQDMH
SODQHWDULRHOSL³µQ\ODFDUFDVD/DSRWHQFLDVXPLQLVWUDGDDOHMH
GHVDOLGDGHOPRWRUGHJLURUHGXFHODYHORFLGDGGHOPRWRUSRU
PHGLRGHOSODQHWD\HOHQJUDQDMHSODQHWDULRWUDQVPLWL«QGRVHHO
DOWRSDUDOSL³µQ


 3UHVHQWDFLµQ


(TXLSR
/DP£TXLQDSXHGHHTXLSDUVHFRQGLIHUHQWHVWLSRVGH
HTXLSDPLHQWRRSFLRQDOGHSHQGLHQGRGHORVUHTXLVLWRVGHORV
GLIHUHQWHVPHUFDGRV(MHPSORVGHHVWRVHTXLSDPLHQWRVVRQOD
SDUDGDDXWRP£WLFDGHOPRWRU\HOVLVWHPDGHOXEULFDFLµQ
DXWRP£WLFD GHVHULHHQDOJXQRVPHUFDGRV 
0RGLILFDFLRQHV
/DVPRGLILFDFLRQHVDODP£TXLQDLQFOX\HQGRHOXVRGHDFFHVRULRV
\SLH]DVGHUHSXHVWRQRDXWRUL]DGRVSXHGHDIHFWDUDOHVWDGRGH
ODP£TXLQD\DVXFDSDFLGDGSDUDIXQFLRQDUVHJ¼QORSUHYLVWR1R
VHGHEHQUHDOL]DUFDPELRVGHQLQJ¼QWLSRVLQKDEHUREWHQLGR
SUHYLDPHQWHODDXWRUL]DFLµQSRUHVFULWRGH9ROYR&RQVWUXFWLRQ
(TXLSPHQW9ROYR&RQVWUXFWLRQ(TXLSPHQWVHUHVHUYDHOGHUHFKR
DUHFKD]DUFXDOTXLHUUHFODPDFLµQUHDOL]DGDEDMRODJDUDQW¯DTXH
VHDHOUHVXOWDGRGHRVHSXHGDDWULEXLUDPRGLILFDFLRQHVQR
DXWRUL]DGDV
/DSHUVRQDTXHUHDOLFHPRGLILFDFLRQHVQRDXWRUL]DGDVDVXPH
WRGDUHVSRQVDELOLGDGSRUODVFRQVHFXHQFLDVTXHSXHGDQVXUJLU
GHELGRDODPRGLILFDFLµQRTXHVHSXHGDQDWULEXLUDOD
PRGLILFDFLµQLQFOX\HQGRORVGD³RVDODP£TXLQD
6HFRQVLGHUDU£TXHODVPRGLILFDFLRQHVKDQVLGRRILFLDOPHQWH
DSUREDGDVVLVHFXPSOHDOPHQRVXQDGHODVVLJXLHQWHV
FRQGLFLRQHV
 (OLPSOHPHQWRDFFHVRULRRSLH]DGHUHSXHVWRKDVLGR
IDEULFDGRRGLVWULEXLGRSRU9ROYR&RQVWUXFWLRQ(TXLSPHQW\KD
VLGRLQVWDODGRVHJ¼QXQP«WRGRDSUREDGRGHVFULWRHQXQD
SXEOLFDFLµQGLVSRQLEOHGH9ROYR&RQVWUXFWLRQ(TXLSPHQWR
 /DPRGLILFDFLµQKDVLGRDSUREDGDSRUHVFULWRSRUHO
'HSDUWDPHQWRGH,QJHQLHU¯DGHFDGDFRPSD³¯DGHSURGXFWRV
EDMR9ROYR&RQVWUXFWLRQ(TXLSPHQW
3UHVHQWDFLµQ 

'LVSRVLWLYRDQWLUURER RSFLRQDO
+D\XQGLVSRVLWLYRDQWLUURERLQVWDODGRTXHGLILFXOWDHOURERGHOD
P£TXLQD9ROYR&RQVWUXFWLRQ(TXLSPHQWSXHGHVXPLQLVWUDUXQ
GLVSRVLWLYRDQWLUURERFRPRHTXLSRRSFLRQDO6LVXP£TXLQDQR
HVW£HTXLSDGDFRQGLFKRGLVSRVLWLYRDQDOLFHODSRVLELOLGDGGHVX
LQVWDODFLµQSRUXQW«FQLFRGHVHUYLFLRFXDOLILFDGR

'DWRVGHODP£TXLQDUHJLVWUDGRV
/DP£TXLQDHVW£HTXLSDGDFRQXQVLVWHPDGHVRIWZDUHTXH
UHJLVWUDGLVWLQWRVGDWRVVREUHODP£TXLQD\HVWRVGDWRVVRQ
WUDQVIHULGRVGHODP£TXLQDD9ROYR\XVDGRVSRU9ROYR\VXV
WDOOHUHVRILFLDOHVHQHOSURFHVRGHVDUUROORGHSURGXFWRV\SDUDOD
GHWHFFLµQGHSRVLEOHVIDOORV
3XHGHGLULJLUSUHJXQWDVVREUHHVWDLQIRUPDFLµQDVX
FRQFHVLRQDULR

&DUH7UDFN
/DP£TXLQDSXHGHHVWDUHTXLSDGDFRQ&DUH7UDFNXQVLVWHPD
WHOHP£WLFRGHVDUUROODGRSRU9ROYR&RQVWUXFWLRQ(TXLSPHQW(O
VLVWHPDDOPDFHQDLQIRUPDFLµQVREUHODP£TXLQDWDOFRPR
SRVLFLµQGHODP£TXLQDKRUDVGHIXQFLRQDPLHQWRFRQVXPRGH
FRPEXVWLEOH\QLYHOGHFRPEXVWLEOHTXHSXHGHWUDQVPLWLUVH
SRVWHULRUPHQWHSRUPHGLRVLQDO£PEULFRVDXQRUGHQDGRU+D\
YDULDVYHUVLRQHVGH&DUH7UDFNVHJ¼QODFDQWLGDGGHLQIRUPDFLµQ
GHVHDGD
&DUH7UDFNVLPSOLILFDODSODQLILFDFLµQGHOVHUYLFLR\UHGXFHODV
LQPRYLOL]DFLRQHVFRVWRVDV0HMRUDODSURGXFWLYLGDG\DTXHVH
SXHGHYHUVLVHHVW£XVDQGRODP£TXLQDFRUUHFWDPHQWH\FX£QWR
FRPEXVWLEOHFRQVXPH&DUH7UDFNSHUPLWHWDPEL«QTXHHOFOLHQWH
OLPLWHHO£UHDGHWUDEDMRGHODP£TXLQDHPSOHDQGRO¯PLWHV
JHRJU£ILFRVYLUWXDOHV(VWRFRQWULEX\HDPLQLPL]DUHOULHVJRGH
URER\HOXVRQRDXWRUL]DGRGHODP£TXLQD3DUDP£VLQIRUPDFLµQ
GLU¯MDVHDXQFRQFHVLRQDULRGH9ROYR&RQVWUXFWLRQ(TXLSPHQW
(OVLVWHPD&DUH7UDFNWUDQVPLWHGDWRVGHODPLVPDPDQHUDTXH
XQWHO«IRQRPµYLOFRQXQDWDVDP£[LPDGHVDOLGDGH:(O
WUDQVPLVRUVLHPSUHHVW£FRQHFWDGR\HORSHUDGRUQRSXHGH
GHVFRQHFWDUOR
/DVSUHFDXFLRQHV\UHVWULFFLRQHVORFDOHVDSOLFDEOHVDWHO«IRQRV
PµYLOHVSRUHMHPSORHQFXDQWRDGLVWDQFLDGHVHJXULGDGWDPEL«Q
VHDSOLFDQDOVLVWHPD&DUH7UDFN
 3UHVHQWDFLµQ
 9LVWDGHODP£TXLQD

9LVWDGHODP£TXLQD
   
  










  









9

 &LOLQGURGHOEUD]RH[FDYDGRU  %RPEDSULQFLSDO
 3OXPD  0RWRUGHRUXJDV\FDMDGHFDPELRV
 &LOLQGURGHODSOXPD  'HSµVLWRKLGU£XOLFR
 &DELQDGHORSHUDGRU  'HSµVLWRGHFRPEXVWLEOH
 (QIULDGRUGHDLUHGHFDUJDHQIULDGRUGHDFHLWH\UDGLDGRU  3DVDMHFHQWUDO
 0RWRUGHJLUR\FDMDGHFDPELRV  5RGLOORVXSHULRU
 )LOWURGHDLUH  5RGLOORLQIHULRU
 &RURQDGHQWDGDGHJLUR  3ROHDWHQVRUD
 9£OYXODGHFRQWUROSULQFLSDO  &XFKDUD
 0RWRU  $UWLFXODFLµQ
 &DSµWUDVHUR  &LOLQGURGHODFXFKDUD
 6LOHQFLDGRU  %UD]RH[FDYDGRU
 &RQWUDSHVR
3UHVHQWDFLµQ 
0DUFD&(GLUHFWLYD(0& 

0DUFD&(GLUHFWLYD(0&
0DUFD&(
'HFODUDFLµQGHFRQIRUPLGDG6µORVHDSOLFDDODVP£TXLQDV
FRPHUFLDOL]DGDVGHQWURGHOD8((($ 
(VWDP£TXLQDWLHQHODPDUFD&((VWRVLJQLILFDTXHFXDQGRVH
HQWUHJDODP£TXLQDFXPSOHFRQORV5HTXHULPLHQWRVGH6DOXG\
6HJXULGDG(VHQFLDOHVLQGLFDGRVHQOD'LUHFWLYDGH6HJXULGDGGH
0£TXLQDVGHOD8(&(
9 &XDOTXLHUSHUVRQDTXHUHDOLFHFDPELRVTXHDIHFWHQODVHJXULGDG
 GHODP£TXLQDHVWDPEL«QUHVSRQVDEOHGHORVPLVPRV
&RPRSUXHEDGHTXHVHKDQFXPSOLGRORVUHTXLVLWRVODP£TXLQD
HVW£GRWDGDFRQXQD'HFODUDFLµQGH&RQIRUPLGDGGHOD8(
HPLWLGDSRU9ROYR&(SDUDFDGDP£TXLQD(VWDGHFODUDFLµQGHOD 
8(FXEUHWDPEL«QORVLPSOHPHQWRVIDEULFDGRVSRU9ROYR&(/D
GRFXPHQWDFLµQHVXQYDOLRVRGRFXPHQWRTXHGHEHUJXDUGDUVH
HQOXJDUVHJXUR\FRQVHUYDUVHFRPRP¯QLPRGXUDQWHGLH]D³RV
(OGRFXPHQWRGHEHDFRPSD³DUVLHPSUHODP£TXLQDFXDQGRVH
YHQGD
6LVHXVDODP£TXLQDFRQILQHVRFRQLPSOHPHQWRVGLVWLQWRVGH
ORVGHVFULWRVHQHVWHPDQXDOVHGHEHU£VLHPSUH\HQWRGRVORV
FDVRVSUHVHUYDUODVHJXULGDG/DSHUVRQDTXHOOHYHDFDERWDO
DFFLµQHVWDPEL«QUHVSRQVDEOHGHODPLVPD\HQDOJXQRVFDVRV
UHTXHULU£XQDQXHYDPDUFD&(\HPLWLUXQDQXHYD'HFODUDFLµQ
GH&RQIRUPLGDGGHOD8(
'LUHFWLYDGHOD8(VREUH&(0
(QDOJXQRVFDVRVORVHTXLSRVHOHFWUµQLFRVGHODP£TXLQD
SXHGHQFDXVDULQWHUIHUHQFLDVHQRWURVHTXLSRVHOHFWUµQLFRVRD
VXYH]VXIULULQWHUIHUHQFLDVHOHFWURPDJQ«WLFDVH[WHUQDVTXH
SXHGHUHVXOWDUSHOLJURVD
/DGLUHFWLYDVREUH&(0GHOD8(VREUH&RPSDWLELOLGDG
HOHFWURPDJQ«WLFD&(GHVFULEHHQIRUPDJHQHUDOODV
H[LJHQFLDVDGPLVLEOHVUHVSHFWRDODP£TXLQDGHVGHHOSXQWRGH
YLVWDGHODVHJXULGDG/RVO¯PLWHVSHUPLWLGRVVHKDQGHWHUPLQDGR
\VHLQGLFDQHQEDVHDQRUPDVLQWHUQDFLRQDOHV
7RGDP£TXLQDRGLVSRVLWLYRTXHFXPSODFRQORVUHTXLVLWRVGHEH
OOHYDUODPDUFD&(1XHVWUDVP£TXLQDVKDQVLGRSUREDGDV
HVSHFLDOPHQWHSDUDLQWHUIHUHQFLDVHOHFWURPDJQ«WLFDV/DPDUFD
&(GHODP£TXLQD\OD'HFODUDFLµQGH&RQIRUPLGDGVHDSOLFDQ
WDPEL«QDODGLUHFWLYDVREUH&(0
6LVHKDQPRQWDGRHQODP£TXLQDRWURVHTXLSRV
HOHFWURPDJQ«WLFRV«VWRVGHEHQOOHYDUWDPEL«QODPDUFD&(\
KDEHUVLGRSUREDGRVHQODP£TXLQDHQFXDQGRDLQWHUIHUHQFLDV
HOHFWURPDJQ«WLFDV
 3UHVHQWDFLµQ
 0DUFD&(GLUHFWLYD(0&

&HUWLILFDGRGHFRQIRUPLGDG
$FRQWLQXDFLµQHQFRQWUDU£XQDFRSLDJHQ«ULFDGHOD'HFODUDFLµQ
GH&RQIRUPLGDG

'
127$
/D'HFODUDFLµQGH&RQIRUPLGDGVµORHVDSOLFDEOHHQOD8QLµQ
(XURSHD

7
0$48,1$5,$ ,,$
(
'(&/$5$&,•1'(&21)250,'$'&(3$5$

$
9ROYR&RQVWUXFWLRQ(TXLSPHQW'RRVDQYROYRUR
6HRQJVDQJX&KDQJZRQVL*\HRQJVDQJQDPGR&RUHDSRUOD
SUHVHQWHGHFODUDTXHHOSURGXFWR

6 / <
0DUFD9ROYR&RQVWUXFWLRQ(TXLSPHQW
7LSR([FDYDGRUDKLGU£XOLFD
0RGHOR(&;;;;(:;;;;(&5;;;;)&;;;;;

3
1¼PHURGH,GHQWLILFDFLµQGH3URGXFWR 3,1 

1
9&(;;;;;;;;;;;;;;

$ 2
(VW£QGDUHVDUPRQL]DGRVDSOLFDGRV
(1$0DTXLQDULDSDUDPRYLPLHQWRGHWLHUUD

&
3DUWHGHVHJXULGDGUHTXLVLWRVJHQHUDOHV

5
(1$0DTXLQDULDSDUDPRYLPLHQWRWLHUUD
3DUWHGH6HJXULGDG5HTXLVLWRVSDUDH[FDYDGRUDVKLGU£XOLFDV

7 DOFXDOKDFHUHIHUHQFLDHVWDGHFODUDFLµQFXPSOHFRQORV
5HTXLVLWRVHVHQFLDOHVGHVDOXG\VHJXULGDGGH
'LUHFWLYDGHO&RQVHMR&(UHODFLRQDGDFRQ0DTXLQDULD
'LUHFWLYDGHO&RQVHMR&(UHODFLRQDGDFRQOD(PLVLµQGH
UXLGRVHQHOHQWRUQRSRUHTXLSDPLHQWRVSDUDXVRHQHOH[WHULRU
'LUHFWLYDGHO&RQVHMR&(VREUHFRPSDWLELOLGDG
HOHFWURPDJQ«WLFD\VXVHQPLHQGDVHQUHODFLµQFRQPDTXLQDULD
\RWUDVGLUHFWLYDVDSOLFDEOHV

(VWDGHFODUDFLµQVHUHILHUHH[FOXVLYDPHQWHDODPDTXLQDULDHQ
HOHVWDGRHQTXHVHFRPHUFLDOL]µ\H[FOX\HORVFRPSRQHQWHV
TXHVHKD\DQD³DGLGR\RODVRSHUDFLRQHVUHDOL]DGDV
VXEVLJXLHQWHPHQWHSRUHOXVXDULRILQDO
3UHVHQWDFLµQ 
0DUFD&(GLUHFWLYD(0& 
)LUPDGHOHPLVRUDXWRUL]DGR\ODSHUVRQDDXWRUL]DGDSDUD
FRPSLODUHOH[SHGLHQWHW«FQLFRHVWDEOHFLGRVHQODFRPXQLGDG

'

)LUPDQRPEUHHQOHWUDGHLPSUHQWD

(

3RVLFLµQRFDUJR

$7

'LUHFFLµQ\IHFKDGHHPLVLµQ


/
)LUPDGHOHPLVRUDXWRUL]DGRHQQRPEUHGHOIDEULFDQWH VµORVLHV
GHDSOLFDFLµQ

6 <


3
)LUPDQRPEUHHQOHWUDGHLPSUHQWD

$ 1 

2
3RVLFLµQRFDUJR



5 &
'LUHFFLµQ\IHFKDGHHPLVLµQ

)LUPDGHOUHSUHVHQWDQWHDXWRUL]DGRGHOD&RPXQLGDGFRQ

7 SRGHUHVSDUDFRPSOHWDUHOSURFHVRGHIDEULFDFLµQ\UHGDFWDUOD
GHFODUDFLµQGHFRQIRUPLGDGGHOIDEULFDQWH VLHVGHDSOLFDFLµQ


)LUPDQRPEUHHQOHWUDGHLPSUHQWD


3RVLFLµQRFDUJR


'LUHFFLµQ\IHFKDGHHPLVLµQ

(VWDGHFODUDFLµQLQFOX\HORVLPSOHPHQWRVGHVDUUROODGRV
GLVH³DGRVDSUREDGRVPDUFDGRV\FRPHUFLDOL]DGRVSRUHO
IDEULFDQWHDQWHULRUPHQWHPHQFLRQDGR
(OSURSLHWDULRGHODP£TXLQDGHEHFRQVHUYDUHVWD'HFODUDFLµQ
GXUDQWHDOPHQRVGLH]D³RVWUDVODHQWUHJD
 3UHVHQWDFLµQ
 0DUFD&(GLUHFWLYD(0&
'HFODUDFLµQGH&RQIRUPLGDG&(UHODFLRQDGDFRQOD
HPLVLµQGHUXLGRVHQHOHQWRUQRSRUHTXLSRVXWLOL]DGRV
&(

<RHODEDMRILUPDQWH:LVRR6XN QRPEUH\DSHOOLGR
SRUODSUHVHQWHGHFODURTXHHOHTXLSDPLHQWRSDUDODFRQVWUXFFLµQ
HVSHFLILFDGRHQODVSRVLFLRQHVGHODSUHVHQWHKDVLGR
IDEULFDGRVHJ¼QHOH[DPHQWLSR&(PRVWUDGRDFRQWLQXDFLµQ





&DWHJRU¯D([FDYDGRUDKLGU£XOLFD
0DUFD9ROYR&RQVWUXFWLRQ(TXLSPHQW
7LSR(&;;;;(&5;;;;(:;;;;)&;;;;
'
)DEULFDQWH9ROYR&RQVWUXFWLRQ(TXLSPHQW'RRVDQYROYRUR
6HRQJVDQJX&KDQJZRQVL*\HRQJVDQJQDPGR&RUHD

(
7
 3RWHQFLDQHWDLQVWDODGD;;;N:
 /DGRFXPHQWDFLµQW«FQLFDRULJLQDOHVFRQVHUYDGDSRUHO2UJDQLVPR
1RWLILFDGR$97HFKQRORJ\/WG$97(&++RXVH%LUGKDOO

$
/DQH&KHDGOH+HDWK6WRFNSRUW6.;85HLQR8QLGR
 1¼PHURGH,GHQWLILFDFLµQGH3URGXFWR
3,1 9&(&;;;;;;;;;;;;;

/
 $³RGHIDEULFDFLµQ;;;;
 9DORUHVVRQRURV\GLUHFWLYDVVHSDUDGDV

<
7LSRGHP£TXLQD;;;;;;

6
9DORUPHGLGRGHSRWHQFLDVRQRUDHQG% $ ;;;
9DORUJDUDQWL]DGRGHSRWHQFLDVRQRUDHQG% $ ;;;

1 3 /D9ROYR(&(&5(:)&;;;;FXPSOHFRQODGLUHFWLYD
&($QH[R9,&RQWUROLQWHUQRGHODSURGXFFLµQFRQ

$ 2
YDORUDFLµQGHODGRFXPHQWDFLµQW«FQLFD\FRPSUREDFLµQ
SHULµGLFDEDMRODVXSHUYLVLµQGHO2UJDQLVPR1RWLILFDGR

7 5 & )DEULFDGRHQ9ROYR&RQVWUXFWLRQ(TXLSPHQW
'RRVDQYROYRUR6HRQJVDQJX&KDQJZRQVL
*\HRQJVDQJQDPGR&RUHD


/XJDU\IHFKD


)LUPD
3UHVHQWDFLµQ 
(TXLSRGHFRPXQLFDFLµQLQVWDODFLµQ 

(TXLSRGHFRPXQLFDFLµQ
LQVWDODFLµQ
$9,62
7RGDLQVWDODFLµQGHHTXLSRHOHFWUµQLFRGHFRPXQLFDFLµQRSFLRQDO
GHEHQUHDOL]DUODSURIHVLRQDOHVFXDOLILFDGRV\FRQIRUPHDODV
LQVWUXFFLRQHVGH9ROYR&RQVWUXFWLRQ(TXLSPHQW
3URWHFFLµQFRQWUDODVLQWHUIHUHQFLDVHOHFWURPDJQ«WLFDV
(VWDP£TXLQDKDVLGRSUREDGDVHJ¼QODGLUHFWLYD&(
GHOD8(TXHUHJODPHQWDODVLQWHUIHUHQFLDVHOHFWURPDJQ«WLFDV
3RUORWDQWRHVPX\LPSRUWDQWHTXHWRGRVORVDFFHVRULRV
HOHFWUµQLFRVQRDSUREDGRVWDOHVFRPRORVHTXLSRVGH

FRPXQLFDFLRQHVVHDQSUREDGRVDQWHVGHVXLQVWDODFLµQ\XVR
SRUTXHSRGU¯DQLQWHUIHULUFRQORVVLVWHPDVHOHFWUµQLFRVGHOD
P£TXLQD
'LUHFWULFHV
'XUDQWHODLQVWDODFLµQGHEHQVHJXLUVHODVVLJXLHQWHVGLUHFWULFHV
3DUDHOHPSOD]DPLHQWRGHODDQWHQDGHEHWHQHUVHHQFXHQWD
ODEXHQDDFRPRGDFLµQGHODPLVPDDOHQWRUQR
(OFDEOHGHODDQWHQDGHEHVHUGHWLSRFRD[LDO$VHJ¼UHVHGH
TXHHOFDEOHQRHVW£GD³DGRTXHODYDLQD\HOIRUURWUHQ]DGR
QRHVW«QURWRVHQORVH[WUHPRVTXHHOIRUURFXEUDORV
PDQJXLWRVGHHPSDOPH\TXHWHQJDXQEXHQFRQWDFWR
JDOY£QLFRFRQORVPLVPRV
/DVXSHUILFLHGHFRQWDFWRHQWUHHOVRSRUWHGHPRQWDMHGHOD
DQWHQD\ODFDUURFHU¯DGHEHSUHVHQWDUVXSHUILFLHVPHW£OLFDV
OLPSLDVVLQSROYRQLµ[LGR3URWHMDODVVXSHUILFLHVGHFRQWDFWR
FRQWUDODFRUURVLµQGHVSX«VGHODLQVWDODFLµQ\SURFXUH
PDQWHQHUXQEXHQFRQWDFWRJDOY£QLFR
$FX«UGHVHGHVHSDUDUI¯VLFDPHQWHORVFDEOHVLQWHUIHUHQWHVH
LQWHUIHULGRV/RVFDEOHVLQWHUIHUHQWHVVRQORVFDEOHVGH
DOLPHQWDFLµQGHOHTXLSRGHFRPXQLFDFLRQHVDV¯FRPRVXFDEOH
GHDQWHQD/RVFDEOHVLQWHUIHULGRVVRQDTXHOORVTXHHVW£Q
FRQHFWDGRVDGLVSRVLWLYRVHOHFWUµQLFRVGHODP£TXLQD,QVWDOH
ORVFDEOHVORP£VFHUFDSRVLEOHDVXSHUILFLHVGHFKDSDPHW£OLFD
DWLHUUD DPDVD \DTXHODVFKDSDVGHPHWDOWLHQHQXQHIHFWR
GHEOLQGDMH
 3UHVHQWDFLµQ
 &RPSRQHQWHVGHVHJXULGDG

&RPSRQHQWHVGHVHJXULGDG
/DVSLH]DVGHUHFDPELRDXW«QWLFDVGH9ROYRJDUDQWL]DUODPHMRU
YLGD¼WLOILDELOLGDG\VHJXULGDGSDUDODP£TXLQD\HORSHUDGRU6L
QRVHXVDQSLH]DVILDEOHV\DGHFXDGDVSDUDHOSURSµVLWRVX
VHJXULGDGVXVDOXG\HOIXQFLRQDPLHQWRGHODP£TXLQDSXHGHQ
YHUVHFRPSURPHWLGRV&RQWDFWHFRQVXFRQFHVLRQDULRHLQGLTXH
ODGHQRPLQDFLµQGHPRGHORQ¼PHURGHVHULHGHODP£TXLQD
Q¼PHURGH3,1 DOVROLFLWDUSLH]DVGHUHFDPELR3DUDODSRVLFLµQ
GHODSODFDGH3,1YHDODVHFFLµQ3ODFDVGHSURGXFWR
6XFRQFHVLRQDULR9ROYRVLHPSUHGLVSRQHGHLQIRUPDFLµQ
DFWXDOL]DGDVREUHSLH]DVGHUHFDPELRODFXDOVHDFWXDOL]DD
LQWHUYDORVUHJXODUHVDWUDY«VGHOVLVWHPDGHLQIRUPDFLµQ3526,6
3LH]DVGHODP£TXLQD\GHUHFDPELRFODVLILFDGDVFRPR
FU¯WLFDVSDUDODVHJXULGDG
3LH]DVGHODP£TXLQD\GHUHFDPELRFODVLILFDGDVFRPRFU¯WLFDV
SDUDODVHJXULGDGVLJQLILFDTXHORVFRPSRQHQWHVHVW£Q
GHVWLQDGRVDFXPSOLUXQDIXQFLµQGHVHJXULGDG

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

/HWUHURVGHLGHQWLILFDFLµQ
9HDODILJXUDVLJXLHQWHSDUDORFDOL]DUODSODFDGHLGHQWLILFDFLµQOD
SODFDGHOPRWRUODSODFDGHODFDELQD\ODVSODFDVGHLPSOHPHQWR
8VHVLHPSUHHOQ¼PHURGHLGHQWLILFDFLµQGHSURGXFWR 3,1
VXPLQLVWUDGRHQHOYHK¯FXOR\RHQODVSODFDVGHOPRWRUSDUD
REMHWRVGHORFDOL]DFLµQGHIDOORV\RSDUDHOSHGLGRGHSLH]DVGH
UHSXHVWR

  



  9

3ODFDGHLGHQWLILFDFLµQ
(VWDSODFDFRQHOQ¼PHURGHLGHQWLILFDFLµQGHSURGXFWR3,1SDUD
ODP£TXLQDFRPSOHWDLQGLFDODGHVLJQDFLµQGHOPRGHORHOQ¼PHUR
GHIDEULFDFLµQVLSURFHGHHOSHVRGHODP£TXLQDODSRWHQFLDGHO
PRWRUHOD³RGHIDEULFDFLµQ\ODDSUREDFLµQGHOD&(/DSODFD
HVW£VLWXDGDHQHOODGRGHUHFKRGHODVXSHUHVWUXFWXUD
0RWRU
/DGHVLJQDFLµQGHWLSRGHOPRWRU\ORVQ¼PHURVGHSLH]D\GH
IDEULFDFLµQHVW£QJUDEDGRVHQODSDUWHVXSHULRUGHODWDSDGH
Y£OYXODV
$FRSODPLHQWRU£SLGRGHOLPSOHPHQWR
(VWDSODFDGHGHQRPLQDFLµQHVW£FRORFDGDHQHOH[WHULRUGHO
DFRSODPLHQWRU£SLGRHLQGLFDHOFµGLJRGHSURYHHGRUHOQ¼PHUR
GHVHULHHOQ¼PHURGHSLH]D\HOSHVR
&XFKDUD
(VWDSODFDGHLQIRUPDFLµQYDILMDGDHQODSDUWHVXSHULRUGHOD
FXFKDUDHLQGLFDHOQ¼PHURGHSHGLGRGHOPRGHORGHFXFKDUDHO
Q¼PHURGHVHULHHOFµGLJRGHOSURYHHGRUVXFDSDFLGDGQRPLQDO
SHVRDQFKXUDGHFRUWHQ¼PHURGHSLH]DGHORVGLHQWHV\Q¼PHUR
GHSLH]DGHODGDSWDGRU
&DELQD
/DSODFDGHLGHQWLILFDFLµQYDILMDGDHQHOLQWHULRUGHODFDELQDH
LQGLFDHOQ¼PHURGHOSURGXFWRHOQ¼PHURGHIDEULFDFLµQHOWLSR
GHPRGHOR\HOSHVR
 3UHVHQWDFLµQ
 3HJDWLQDVGHLQIRUPDFLµQ\DGYHUWHQFLD

3HJDWLQDVGHLQIRUPDFLµQ\
DGYHUWHQFLD
/DVSHJDWLQDVGHLQIRUPDFLµQ\DGYHUWHQFLDHVW£QILMDGDVHQSXQWRVHVWUDW«JLFRVGHODP£TXLQDSDUDUHFRUGDUD
ORVRSHUDGRUHV\DOSHUVRQDOGHPDQWHQLPLHQWRODVSUHFDXFLRQHVGHVHJXULGDGHVSHF¯ILFDV1RWRGDVODVSHJDWLQDV
HVW£QPRQWDGDVHQWRGDVODVP£TXLQDVSXHVWRTXHHVDOJRTXHYDU¯DVHJ¼QHOPHUFDGR\ODP£TXLQD(V
QHFHVDULRPDQWHQHUODVSHJDWLQDVOLEUHVGHVXFLHGDGGHIRUPDTXHSXHGDQVHUOH¯GDV\FRPSUHQGLGDV6LVH
SLHUGHRTXHGDLOHJLEOHXQDSHJDWLQDVHU£QHFHVDULRVXVWLWXLUODLQPHGLDWDPHQWH(OQ¼PHURGHDUW¯FXOR Q¼PHUR
GHSHGLGR HVW£LQGLFDGRHQODVSHJDWLQDVFRUUHVSRQGLHQWHV\HQHOFDW£ORJRGHSLH]DV
127$
/DSDODEUD$'9(57(1&,$DSDUHFHHQORVOHWUHURVGHDGYHUWHQFLDGH1RUWHDP«ULFD


  

  
 

    
  

 
   





 

   
 

    
 


        9
3UHVHQWDFLµQ 
3HJDWLQDVGHLQIRUPDFLµQ\DGYHUWHQFLD 

9 9

 c$'9(57(1&,$/HDHO/LEURGHLQVWUXFFLRQHV  c$'9(57(1&,$1RDUUDQTXHHOPRWRU
DQWHVGHXVDUODP£TXLQD


9 9

 c$'9(57(1&,$&XDQGRDEDQGRQHODP£TXLQD  c$'9(57(1&,$1RSLVHQLDQGHSRUHQFLPD
PXHYDODSDODQFDGHEORTXHRGHPDQGRKDFLD
DEDMRSDUDEORTXHDUHOVLVWHPDGHIRUPDVHJXUD

9

9

 c$'9(57(1&,$5HIULJHUDQWHFDOLHQWHDSUHVLµQ  c$'9(57(1&,$&RPSUXHEH\YDF¯HHODJXD
9HDODVS£JLQDV\
 3UHVHQWDFLµQ
 3HJDWLQDVGHLQIRUPDFLµQ\DGYHUWHQFLD

9 9

 c$'9(57(1&,$)ORWDFLµQGHSOXPD RSFLµQ   c$'9(57(1&,$2SHUDFLµQGHOLPSOHPHQWR


1RXVHODIXQFLµQGHIORWDFLµQGHODSOXPDFXDQGR RSFLRQDO
ODP£TXLQDHVW«VRSRUWDGDVREUHFDEDOOHWHV9HD &LHUWRHTXLSDPLHQWRSRGU¯DJROSHDUODFDELQDROD
ODS£JLQD P£TXLQD

9 9

 c$'9(57(1&,$$OWDWHQVLµQ0DQWHQJDOD  c$'9(57(1&,$3URKLELGRIXPDUGXUDQWHHO
VXILFLHQWHGLVWDQFLDFRQORVWHQGLGRVGHFDEOHV UHSRVWDMH3HOLJURGHLQFHQGLRDOUHSRVWDU
HO«FWULFRV/HDHO/LEURGHLQVWUXFFLRQHVYHDOD
S£JLQD

9 9

 c$'9(57(1&,$0DQHMRGHODFXPXODGRU  c$'9(57(1&,$1RVHSRQJDFHUFDGHXQD
3HOLJURGHH[SORVLµQ9HDODS£JLQD FDUJDRGHODSOXPDL]DGD
3UHVHQWDFLµQ 
3HJDWLQDVGHLQIRUPDFLµQ\DGYHUWHQFLD 

9 9

 c$'9(57(1&,$3HOLJURGHGHVOL]DPLHQWRR
FD¯GD
 c$'9(57(1&,$%DWHU¯D3HOLJURGHH[SORVLµQ
TXHPDGXUDVFRUURVLYDV\GHVFDUJDHO«FWULFD


9 9

 c$'9(57(1&,$VXSHUILFLHVFDOLHQWHV\SLH]DVR  c$'9(57(1&,$,QVHUWHHOEORTXHRGHVHJXULGDG
YHQWLODGRUFDOLHQWH DQWHVGHHQWUDUHQXQD]RQDSHOLJURVD%ORTXHHOD
YHQWDQDGHODQWHUD

9 9

 7HQJDFXLGDGRDODEULUODSXHUWDGHODFDELQD  c$'9(57(1&,$1RGHVDWRUQLOOHHOPXHOOHGH
5LHVJRGHURWXUDGHODYHQWDQDGHODSXHUWDGHOD UHWURFHVR9HDODS£JLQD
FDELQD
 3UHVHQWDFLµQ
 3HJDWLQDVGHLQIRUPDFLµQ\DGYHUWHQFLD

9 9

 c$'9(57(1&,$1RHQWUHHQOD]RQDGHWUDEDMR  c$'9(57(1&,$/HDHO/LEURGHLQVWUXFFLRQHV
GHODP£TXLQD5LHVJRGHDSODVWDPLHQWR DQWHVGHDFFLRQDUHOSRUWDLPSOHPHQWRV RSFLµQGH
DFRSODPLHQWRU£SLGRGHOLPSOHPHQWR 

[[[

[[
9 9

 c$'9(57(1&,$5LHVJRGHGLVWRUVLµQYLVXDOD  c$'9(57(1&,$8ELFDFLµQ\HVSHFLILFDFLµQGHO
WUDY«VGHOWHFKRGHODFDELQD'HEH FDOHQWDGRUGHOEORTXH RSFLµQ 
UHFRQVLGHUDUVHODGLVWDQFLDUHDO

9

 c$'9(57(1&,$%RWµQGHDGYHUWHQFLDGH
VREUHFDUJD9HDODS£JLQD
3UHVHQWDFLµQ 
3HJDWLQDVGHLQIRUPDFLµQ\DGYHUWHQFLD 

9 9

 3XQWRGHL]DGR  ,QWHUUXSWRUHVDXWRP£WLFRPDQXDO9HDODS£JLQD



9 9

 ,QIRUPDFLµQGHOUHIULJHUDQWH9HDODS£JLQD  $SOLFDFLµQGHPRGR RSFLµQ 

9 9

 &DSDFLGDGGHHOHYDFLµQ RSFLµQ 9HDODS£JLQD  $FFLRQDPLHQWRGHORVLPSOHPHQWRV RSFLµQ 




9 9

 ,QWHUUXSWRUGHEDWHU¯D  7LSRGHDFHLWHKLGU£XOLFROOHQDGRHQI£EULFD
RSFLµQ 
 3UHVHQWDFLµQ
 3HJDWLQDVGHLQIRUPDFLµQ\DGYHUWHQFLD

9 9

 ,QVWUXFFLRQHVSDUDL]DGRGHODP£TXLQD9HDOD  3RVLFLµQSDUDFRQWUROGHOQLYHOGHODFHLWH
S£JLQD KLGU£XOLFR



9 9

 1LYHOVRQRURUXLGRLQWHULRUHQFDELQD RSFLµQ   3XQWRGHHQJUDVHHLQWHUYDOR

9 9

 $FFLRQDPLHQWRGHSHGDORSFLRQDO RSFLµQ   1LYHOVRQRURUXLGRH[WHULRU RSFLµQ 

9 9

 (VTXHPDGHOXEULFDFLµQ9HDODS£JLQD  6DOLGDGHHPHUJHQFLD RSFLµQ 


3UHVHQWDFLµQ 
3HJDWLQDVGHLQIRUPDFLµQ\DGYHUWHQFLD 

9 9

 6DOLGDGHHPHUJHQFLD SDUD&RUHD   3XQWRGHILMDFLµQSDUDILMDFLµQ\DPDUUH




/21*/,)(+<'5$8/,&2,/
9 9

 $FFLRQDPLHQWRGHSDODQFDGHWLUDQWHGHOFDSµ  $FHLWHKLGU£XOLFRGHODUJDGXUDFLµQ RSFLµQ 

a
a

9 9

 'HVFRQH[LµQGHOHYD ,QIRUPDFLµQGHOIULJRU¯JHQR9HUODVS£JLQDV
\
 3DQHOHVGHLQVWUXPHQWRV


3DQHOHVGHLQVWUXPHQWRV
$'9(57(1&,$
1RXWLOLFHODP£TXLQDKDVWDVDEHUODIXQFLµQ\ODSRVLFLµQGHORV
LQVWUXPHQWRV\ORVPDQGRV/HDDWHQWDPHQWHWRGRHVWH/LEURGH
LQVWUXFFLRQHVcVXVHJXULGDGHVW£HQMXHJR

 

9

 3DQHOGHLQVWUXPHQWRVGHODQWHUR ,(&8
 3DQHOGHLQVWUXPHQWRVGHUHFKR
 3DQHOGHLQVWUXPHQWRVL]TXLHUGR
 3DQHOGHLQVWUXPHQWRVWUDVHUR
3DQHOHVGHLQVWUXPHQWRV 
3DQHOGHLQVWUXPHQWRVL]TXLHUGR 

3DQHOGHLQVWUXPHQWRVL]TXLHUGR
 ,QWHUUXSWRUGHPDQGRDGLVWDQFLDSDUDHODXGLR HTXLSR
RSFLRQDO
 ,QWHUUXSWRUGHDFRSODPLHQWRU£SLGRGHLPSOHPHQWRV
L]TXLHUGD HTXLSDPLHQWRRSFLRQDO
 ,QWHUUXSWRUGHODOX]LQWHULRU





9


 ,QWHUUXSWRUGHPDQGRDGLVWDQFLDSDUDHODXGLR

HTXLSRRSFLRQDO

 

 


9

 3RWHQFLD
 %¼VTXHGDDVFHQGHQWH
 %¼VTXHGDGHVFHQGHQWH
 6HOHFFLRQDUUDGLR03$8;
 $XPHQWDUYROXPHQ
 5HGXFLUYROXPHQ
 (QPXGHFHGRU

 3DQHOHVGHLQVWUXPHQWRV
 3DQHOGHLQVWUXPHQWRVL]TXLHUGR
 ,QWHUUXSWRUGHDFRSODPLHQWRU£SLGRGH
LPSOHPHQWRVL]TXLHUGD HTXLSDPLHQWRRSFLRQDO
(VWHLQWHUUXSWRUWLHQHIXQFLRQHVGLIHUHQWHVGHODFRSODPLHQWR
U£SLGRGHLPSOHPHQWRVVHJ¼QODFRQGLFLµQGHRSHUDFLµQ

9

3UHVLRQHDFRSODPLHQWRU£SLGRGHLPSOHPHQWRVFRQWUROGH
DSHUWXUD
:$51,1* (VWHLQWHUUXSWRUYXHOYHDXWRP£WLFDPHQWH3UHVLRQHHOLQWHUUXSWRU
GXUDQWHP£VGHVHJXQGRVSDUDDEULUHODFRSODPLHQWRU£SLGR
GHLPSOHPHQWRV
&XDQGRVHDEUHHODFRSODPLHQWRU£SLGRGHLPSOHPHQWRVHO
]XPEDGRUVXHQD\HOPHQVDMH\HOLQGLFDGRUGHDGYHUWHQFLDVH
PXHVWUDQHQOD,(&8
4FRXSOHUXQORFNHG
127$
9 (OLQWHUUXSWRUSDUDLQLFLDUGHODFRSODPLHQWRU£SLGRGHLPSOHPHQWRV
c$GYHUWHQFLD$FRSODPLHQWRU£SLGRGHVEORTXHDGR VLWXDGRHQHOSDQHOGHLQVWUXPHQWRVGHUHFKRGHEHSUHVLRQDUVH
 SULPHURSDUDDFWLYDUHVWHLQWHUUXSWRU9HDHOIXQFLRQDPLHQWRHQOD
S£JLQD
3UHVLRQHDFRSODPLHQWRU£SLGRGHLPSOHPHQWRVFRQWUROGH
FRQILUPDFLµQ
&KHFN &XDQGRHOPHQVDMHGHFRPSUREDFLµQSDUDFRQILUPDFLµQ
DSDUH]FDHQOD,(&8SUHVLRQHHOLQWHUUXSWRUGXUDQWHP£VGH
VHJXQGRVSDUDFRQILUPDUTXHHODFRSODPLHQWRU£SLGRGH
LPSOHPHQWRVHVW£EORTXHDGR(QWRQFHVVHDSDJDU£HO]XPEDGRU
\HOPHQVDMH\HOLQGLFDGRUGHFRPSUREDFLµQGHVDSDUHFHU£Q
&RQILUP4FRXSOHU

9

&RQILUPHTXHHODFRSODPLHQWRU£SLGRHVW£
EORTXHDGR

3DQHOHVGHLQVWUXPHQWRV 
3DQHOGHLQVWUXPHQWRVL]TXLHUGR 
,QWHUUXSWRUGHODOX]LQWHULRU
 3DUDFDELQDFRQ5236 HVWUXFWXUDGHSURWHFFLµQDQWLYXHOFR
œQLFDPHQWHFXDQGRHVWHLQWHUUXSWRUHVW£HQODSRVLFLµQDFWLYDGD
  IXQFLRQDU£HOLQWHUUXSWRU $ FRQHFWDGRDODOX]LQWHULRU
/DO£PSDUDGHOHFWXUD ' SXHGHHQFHQGHUVHFRQHOLQWHUUXSWRU
& LQGHSHQGLHQWHPHQWHGHOLQWHUUXSWRUGHODO£PSDUDLQWHULRU

9 3RVLFLµQ /X]LQWHULRUDSDJDGD


 3RVLFLµQ /X]LQWHULRUHQFHQGLGD

$ % & '

9


  3DUDFDELQDVLQ5236 HVWUXFWXUDGHSURWHFFLµQDQWLYXHOFR 
 3RVLFLµQ /DOX]LQWHULRU $ VHHQFHQGHU£FXDQGRVHDEUD
ODSXHUWDGHODFDELQD7UDVFHUUDUODSXHUWDGH
ODFDELQDODOX]LQWHULRUVHDSDJDU£
DXWRP£WLFDPHQWH
3RVLFLµQ /X]LQWHULRUDSDJDGD
9
 3RVLFLµQ /X]LQWHULRUHQFHQGLGD

$
9

 3DQHOHVGHLQVWUXPHQWRV
 3DQHOGHLQVWUXPHQWRVGHODQWHUR

3DQHOGHLQVWUXPHQWRVGHODQWHUR
(OSDQHOGHLQVWUXPHQWRVGHODQWHURSXHGHDMXVWDUVHSDUD
FRPRGLGDGGHORSHUDGRU
127$
3UHYHQJDORVGD³RVDODP£TXLQDDGRSWDQGRODVPHGLGDV
DGHFXDGDV/HDFRQDWHQFLµQ\FRPSUHQGDODVLQVWUXFFLRQHVGH
HVWDVHFFLµQSDUDIDPLOLDUL]DUVHFRQHOSDQHOGHLQVWUXPHQWRV
GHODQWHURDQWHVGHFRPHQ]DUDXVDUODP£TXLQD

9

'LUHFFLµQDMXVWDEOHGH,(&8


127$
(OSDQHOGHLQVWUXPHQWRVGHODQWHURHVW£GLVH³DGRSDUDYLVXDOL]DU
XQRGHORVLGLRPDVVRSRUWDGRV9HDODS£JLQDSDUD
LQIRUPDFLµQVREUHODFRQILJXUDFLµQGHLGLRPD\XQLGDGHV


) &

*

) + 3
,
 USP

$  )/2:

/  

&/,0$7(
$872 $&

9

,(&8 7HFODGR
 3DQWDOODGHO£PSDUDGH  )OHFKDDVFHQGHQWH
DGYHUWHQFLDFHQWUDO
 3DQWDOODGHLQGLFDGRUHV  )OHFKDGHVFHQGHQWH
 3DQWDOODGH530GHOPRWRU  %RWµQ(6&
 3DQWDOODGHPRGR  %RWµQ6HOHFW
 3DQWDOODGHKRUD\(&&
 3DQWDOODLQGLFDGRUD
$ 3DQWDOODSULQFLSDO
3DQHOHVGHLQVWUXPHQWRV 
3DQHOGHLQVWUXPHQWRVGHODQWHUR 
/£PSDUDGHDGYHUWHQFLDFHQWUDO
+D\GRVWLSRVGHO£PSDUDGLVWLQWRV
 $GYHUW
 &RPSUREDF
$ %
9 3DUDP£VLQIRUPDFLµQYHDODS£JLQD
$ $GYHUWHQFLD GHFRORUURMR
% &RPSUREDFLµQ GHFRORUDPDULOOR $9,62

6LODO£PSDUDGHDGYHUWHQFLDFHQWUDOSDUSDGHDRVHHQFLHQGH
GXUDQWHODRSHUDFLµQVLJDODVLQVWUXFFLRQHVHQODXQLGDGGH
SDQWDOOD
,QGLFDGRUHV
6LHPSUHVHYLVXDOL]DQORVLQGLFDGRUHVDPHQRVTXHHVW«DFWLYR
XQPHQVDMH
1LYHOGHFRPEXVWLEOH
(OLQGLFDGRUPXHVWUDHOQLYHOHQHOGHSµVLWRGHFRPEXVWLEOH\WLHQH
) XQDPDUFDURMDHQHOH[WUHPRL]TXLHUGRTXHVLJQLILFDFRPEXVWLEOH
DJRWDGR&XDQGRHOLQGLFDGRUVHHQFXHQWUDHQHVWD]RQDTXHGD

DSUR[LPDGDPHQWHHOGHODFDSDFLGDGWRWDOGHDFHLWHGHO
GHSµVLWR5HSRVWHODP£TXLQDLQPHGLDWDPHQWHFRQHOILQGHTXH
9
QRHQWUHDLUHHQHOVLVWHPD6LODP£TXLQDVHTXHGDVLQ

FRPEXVWLEOHGXUDQWHODRSHUDFLµQYHDODS£JLQDSDUDODV
LQVWUXFFLRQHVDGHFXDGDVVREUHODSXUJDGHDLUHGHOVLVWHPDGH
FRPEXVWLEOH
&DSDFLGDGHVGHOGHSµVLWRHQODS£JLQD
7HPSHUDWXUDGHOUHIULJHUDQWHGHOPRWRU
(OLQGLFDGRUPXHVWUDODWHPSHUDWXUDGHOUHIULJHUDQWHGHOPRWRU\
& WLHQHXQDPDUFDURMDHQHOH[WUHPRGHUHFKRTXHVLJQLILFDPRWRU
VREUHFDOHQWDGR

9
$9,62
 /DO£PSDUDGHDGYHUWHQFLDFHQWUDOURMDSDUSDGHDVLOD
WHPSHUDWXUDGHOUHIULJHUDQWHDOFDQ]DXQQLYHODQRUPDOPHQWHDOWR
3DUHHOPRWRULQPHGLDWDPHQWH\DYHULJ¾HODFDXVD
 3DQHOHVGHLQVWUXPHQWRV
 3DQHOGHLQVWUXPHQWRVGHODQWHUR
5«JLPHQGHOPRWRU
 /DSDQWDOODGHOPRWRUDSDUHFHFXDQGRQRVHYLVXDOL]DOD3DQWDOOD
GHPHQ¼VHQOD3DQWDOODSULQFLSDO3DUDODSDQWDOODSULQFLSDO
YHDODS£JLQD
(O3DVRGH530GHOPRWRUVHOHFFLRQDGRHQ,QWHUUXSWRUGH530
GHOPRWRUVHYLVXDOL]DHQXQJU£ILFRGHU«JLPHQGHOPRWRUTXH
) * HVGHOWLSRGHEDUUDVGHDUFRLULVVHJPHQWDGR
, + 3
(OU«JLPHQUHDOVHYLVXDOL]DEDMRHOJU£ILFRGHU«JLPHQGHOPRWRU
 USP Q¼PHURGHFXDWURG¯JLWRVFRPRP£[LPR 
&XDQGRVHGHVFRQHFWDHOPRWRUHOU«JLPHQGHOPRWRUVHLQGLFD
FRPR
  9
127$
 3DVRGHU«JLPHQGHOPRWRU
(OU«JLPHQGHWUDEDMR\HOPRGRGHWUDEDMRSXHGHQYDULDUVHJ¼Q
 QGLFHGHPRGRGHWUDEDMR
 9HORFLGDGDFWXDOGHOPRWRU HOHTXLSRRSFLRQDO

3DQWDOODGHPRGR
(OYDORUFDOFXODGRSDUDODRSFLµQGHIOXMR;VHYLVXDOL]DHQXQ
)/2: VHJPHQWRGHQRPLQDGR6HJPHQWRGHIOXMR9HDODS£JLQD
/ SDUDODVLQVWUXFFLRQHVGHDMXVWHGHOIOXMR
9

&DXGDOSDUD;

+RUD\(&&
(OVHJPHQWRGHKRUDYLVXDOL]DODKRUDDFWXDO9HDODS£JLQD
SDUDODVLQVWUXFFLRQHVGHDMXVWHGHODKRUDDFWXDOHQODSDQWDOOD
SULQFLSDO
&/,0$7(
(OVHJPHQWR(&&YLVXDOL]DHOHVWDGRGHODXQLGDG(&&
 $872  $& (OHFWURQLF&OLPDWH&RQWURO (VWRLQFOX\HHODMXVWHGHOD
9 WHPSHUDWXUDHOU«JLPHQGHOYHQWLODGRUHOVHQWLGRGHIOXMRGHODLUH
 +RUD ODFLUFXODFLµQ\HOHVWDGRGHODLUHDFRQGLFLRQDGR9HDODS£JLQD
 0RGRGHDFRQGLFLRQDGRUGHDLUH SDUDP£VGHWDOOHV
 7HPSHUDWXUD
 9HORFLGDGGHOYHQWLODGRU
 6HQWLGRGHIOXMRGHODLUH
 &LUFXODFLµQGHIOXMRGHDLUH
 (VWDGRGHODFRQGLFLRQDGRUGHDLUH

3DQHOHVGHLQVWUXPHQWRV 
3DQHOGHLQVWUXPHQWRVGHODQWHUR 
,QGLFDGRUHV
/DSDQWDOODLQGLFDGRUDYLVXDOL]DORVLQGLFDGRUHVFRPRV¯PERORV
TXHUHSUHVHQWDQPHQVDMHVSDUDLQIRUPDFLµQU£SLGD\I£FLOGHORV
XVXDULRV+D\GRVWLSRVGHLQGLFDGRUHVIXQFLRQDOHV\GH
DGYHUWHQFLD
 /RVLQGLFDGRUHVOOHQDQHOHVSDFLRGHL]TXLHUGDDGHUHFKD
9
 8QLQGLFDGRUGHPD\RUSULRULGDGVHSRQHDODL]TXLHUGDGHRWUR
 ,QGLFDGRUHVIXQFLRQDOHV TXHWHQJDSULRULGDGLQIHULRU
 ,QGLFDGRUHVGHDGYHUWHQFLD  /RVLQGLFDGRUHVHQDPERVODGRVSXHGHQH[WHQGHUVX£UHDGH
 YLVXDOL]DFLµQDORWURODGRVLQRKD\RWURLQGLFDGRUHQHVHODGR
6$(  6LVHKDOOHQDGRWRGDHO£UHD\KD\P£VLQGLFDGRUHVTXH
,62
YLVXDOL]DUORVLQGLFDGRUHVVHYDQDOWHUQDQGRFRQWLQXDPHQWH
9
GHIRUPDTXHHOXVXDULRSXHGDYHUWRGRVORVLQGLFDGRUHV
,QGLFDGRUHVILMRVFRQVXVSRVLFLRQHV
,QGLFDGRUHVFRQVXVSULRULGDGHV


,QGLFDGRUHVIXQFLRQDOHV


9 9 9 9

 3UHFDOHQWDPLHQWRGHO  0DUWLOORVHOHFFLRQDGR  &L]DOODVHOHFFLRQDGD  ,QGLFDGRUGH


DLUH RSFLRQDO RSFLRQDO VREUHFDUJD
RSFLRQDO

9 9 9

 3RVLFLµQIORWDQWH  5HIXHU]RGHSRWHQFLD  5RWDGRUVHOHFFLRQDGR


RSFLRQDO VHOHFFLRQDGR

6$( %+/
,62
9 9 9 9

0RGRGHVHUYLFLR ,QGLFDGRUGHPHQVDMHV (VWDGRGHFDPELRGH (VWDGRGHFDPELRGH


VHOHFFLRQDGR SRVLFLµQILMD SDXWD SDXWD
SRVLFLµQILMD SRVLFLµQILMD SRVLFLµQILMD
 3DQHOHVGHLQVWUXPHQWRV
 3DQHOGHLQVWUXPHQWRVGHODQWHUR
,QGLFDGRUHVGHDGYHUWHQFLD

9 9 9 9

 3UHVLµQGHDFHLWHGHO  1LYHOGHUHIULJHUDQWH  6REUHFDUJD  1LYHOGHDFHLWHGHO


PRWRUEDMD EDMR HTXLSDPLHQWR PRWRUEDMR
RSFLRQDO
c$'9(57(1&,$
'HWHQJDODRSHUDFLµQ
GHHOHYDFLµQ\UHGX]FD
ODFDUJD

9 9 9 9

 $FRSODPLHQWRU£SLGR  &DUJDGHEDWHU¯D  7HPSHUDWXUDGHO  $GYHUWHQFLDGHFDPELR


GHOLPSOHPHQWRDELHUWR LQFRUUHFWD UHIULJHUDQWHGHOPRWRU GHSDXWD
HTXLSDPLHQWR HOHYDGD
RSFLRQDO
,QWHUUXPSDHOWUDEDMR
LQPHGLDWDPHQWHVLOD
FXFKDUDVLJXH
DFRSODGDDO
SRUWDLPSOHPHQWRV

9 9 9 9

 )LOWURGHDLUHGHOPRWRU  1LYHOGHFRPEXVWLEOH  7HPSHUDWXUDGHDFHLWH  &LQWXUµQGHVHJXULGDG


REVWUXLGR EDMR KLGU£XOLFRHOHYDGD
3DQHOHVGHLQVWUXPHQWRV 
8QLGDGGHSDQWDOOD 

8QLGDGGHSDQWDOOD
6HFXHQFLDGHLQLFLR
/DVHFXHQFLDGHDUUDQTXHLQLFLDOVHHIHFW¼DGHODVLJXLHQWH
PDQHUD
$ /RJRWLSRGH9ROYR
&XDQGRHORSHUDGRUJLUDHOLQWHUUXSWRUGHHQFHQGLGRDOD
SRVLFLµQGHIXQFLRQDPLHQWRVHHQFLHQGHHOORJRWLSRGH9ROYR
HQOD,(&8GXUDQWHXQRVVHJXQGRV


9

% ,QLWLDOL]LQJ ,QLFLR
'HVSX«VGHHQFHQGLGRHOORJRWLSRGH9ROYRHORSHUDGRU
SXHGHYHUHOHVWDGRGHOSURFHVRGHLQLFLDOL]DFLµQTXHUHTXLHUH
HOVLVWHPDRSHUDWLYR(QHVWDHWDSDOD,(&8LQLFLDOL]DU£
WRGRVORVGLVSRVLWLYRVLQWHUQRV\VXVLVWHPDRSHUDWLYR
) &
127$
(OVLVWHPDWDUGDXQRVVHJXQGRVHQDFWLYDUHOHVWDGRRILFLDO1R
REVWDQWHVLVHGHVFRQHFWDHOLQWHUUXSWRUGHEDWHU¯DHOVLVWHPD
WDUGDU£XQRVVHJXQGRVP£VSDUDLQLFLDUVHGHVSX«VGHFRQHFWDGR
,QLWLDOL]LQJ GHQXHYRHOLQWHUUXSWRU(QHVWDHWDSDVHSXHGHSRQHUHQPDUFKD
ODP£TXLQD\FDPELDUHOPRGRGHOPRWRU

9

 3DQHOHVGHLQVWUXPHQWRV
 8QLGDGGHSDQWDOOD
& $QWLWKHIWV\VWHP 6LVWHPDDQWLURER  HTXLSDPLHQWR
RSFLRQDO
(OVLVWHPDRSFLRQDODQWLUURERVµORVHYLVXDOL]DVLVHKD
VHOHFFLRQDGRHVWHHTXLSRRSFLRQDO
 (QWHURSHUDWRUFRGH 7HFOHHFODYHRSHUDGRU 3DUD
YLVXDOL]DUHVWDSDQWDOODHQODVHFXHQFLDGHDUUDQTXHGHEHU£
WUDQVFXUULUXQFLHUWRWLHPSRGHVSX«VGHDSDJDUHOPRWRU(O
WLHPSRSUHGHWHUPLQDGRHVVHJXQGRV\SXHGH
PRGLILFDUVH'LU¯MDVHDVXFRQFHVLRQDULR9ROYR&(SDUD
DFWLYDURGHVDFWLYDUHVWDIXQFLµQ'HVSX«VGHLQWURGXFLUHO
(QWHURSHUDWRUFRGH FµGLJRGHORSHUDGRUSUHVLRQHHOERWµQ6(/(&7
  
&RQILUP

9

' 'DLO\PDLQWHQDQFH 0DQWHQLPLHQWRGLDULR
(ORSHUDGRUSXHGHYHUORVHOHPHQWRVGHPDQWHQLPLHQWRXQD
YH]DOG¯D6HVDOHGHHVWDSDQWDOODSXOVDQGRHOERWµQ(6&R
HOERWµQ6(/(&7\GHVDSDUHFHDXWRP£WLFDPHQWHDOFDERGH
VHJXQGRVVLQRVHDFFLRQDQLQJ¼QERWµQ
) &
 (QJLQHRLOOHYHO 1LYHODFHLWHPRWRU
 &RRODQWOHYHO 1LYHOUHIULJ
'DLO\PDLQWHQDQFH  :DWHUVHSDUDWRU 6HSDUDGRUGHDJXD
(QJLQHRLOOHYHO  $LUFOHDQHU )LOWURGHDLUH
&RRODQWOHYHO
:DWHUVHSDUDWRU  +\GUDXOLFRLOOHYHO 1LYHODFHLWHKLG
$LUFOHDQHU
+\GUDXOLFRLOOHYHO

9

( 3DQWDOODLQLFLDOGHODVF£PDUDV VLHVW£GLVSRQLEOH
7RGDVODVF£PDUDVLQVWDODGDVHQODP£TXLQDVHPRVWUDU£QHQ
OD,(&83DUDVDOLUGHODSDQWDOODLQLFLDOGHODVF£PDUDVSXOVH
HOERWµQGHF£PDUDHQHOWHFODGR
127$
3XOVHHOERWµQGHODVF£PDUDVHQHOWHFODGRSDUDREWHQHUYLVWDV
GHODVF£PDUDVDORSHUDUODP£TXLQD3DUDREWHQHULQIRUPDFLµQ
GHWDOODGDVREUHHOFRQWUROGHODVF£PDUDVYHDODS£JLQD

9

3DQHOHVGHLQVWUXPHQWRV 
8QLGDGGHSDQWDOOD 
) 3DQWDOODSULQFLSDO
7UDVUHWLUDUODSDQWDOODLQLFLDOGHODVF£PDUDVDSDUHFHOD
SDQWDOODSULQFLSDO
127$
) & (OLQGLFDGRUGHDVLHQWRGHVHJXULGDGVHYLVXDOL]DU£GXUDQWH
VHJXQGRVHQODSDQWDOOD0DQWHQLPLHQWRGLDULRRHQODSDQWDOOD
SULQFLSDO$EUµFKHVHHOFLQWXUµQDQWHVGHXVDUODP£TXLQD
) * + 3
,
USP
)/2:

/
&/,0 $7(
$872 $&

9

0HQ¼SULQFLSDO
) &
3DUDDFFHGHUDOPHQ¼SULQFLSDOSXOVHHOERWµQ6(/(&7HQHO
WHFODGR

'HVSO£FHVHSRUODOLVWDXVDQGRODVWHFODVGHIOHFKDHQHOWHFODGR
,
) *
+ 3 &XDQGRHVW£UHVDOWDGDXQDFDUSHWDVHYLVXDOL]DQVXV
USP VXESDQWDOODVSXOVDQGRHOERWµQ6(/(&78VHORVERWRQHVGH
)/2:

/ IOHFKDSDUDGHVSOD]DUVHHQWUHODVVXESDQWDOODV3XHGH
&/,0$7(
$872 $&
LQWHUUXPSLUODDFFLµQHQFXDOTXLHUPRPHQWRSXOVDQGR(6&HQHO
WHFODGR

6(/(&7
(6&

) &

(QJLQH
6(/(&7
(QJLQH
+\GUDXOLFV 2LO3UHVVXUH
(OHFWULFDOV\VWHP 

9HKLFOHLQIRUPDWLRQ
6HUYLFH 2LO/HYHO
(6&
6HWXS
/R +L

9


6XESDQWDOODV
 (QJLQH 0RWRU
 2LOSUHVVXUH 3UHVLµQGHDFHLWH (VWRPXHVWUDHOYDORU
PHGLGRGHODSUHVLµQGHDFHLWHGHOPRWRU&XDQGRHOJU£ILFR
GHEDUUDVHVW£YHUGHHOYDORUHVDFHSWDEOHHVGHFLUGHQWUR
GHOLQWHUYDORGHRSHUDFLµQQRUPDO&XDQGRHOJU£ILFRGH
EDUUDVHVW£URMRHOYDORUHVDQµPDOR
 2LOOHYHO 1LYHODFHLWH (VWRPXHVWUDHOYDORUPHGLGRGHO
QLYHOGHDFHLWHGHOPRWRU&XDQGRHOJU£ILFRGHEDUUDVHVW£
YHUGHHOYDORUHVDFHSWDEOHHVGHFLUGHQWURGHOLQWHUYDORGH
RSHUDFLµQQRUPDO&XDQGRHOJU£ILFRGHEDUUDVHVW£DPDULOOR
HOYDORUHVDQµPDOR
 3DQHOHVGHLQVWUXPHQWRV
 8QLGDGGHSDQWDOOD
 +\GUDXOLFV +LGU£XOLFD
 2LOWHPSHUDWXUH 7HPSGHODFHLWH (VWRPXHVWUDHOYDORU
) &
PHGLGRGHODWHPSHUDWXUDGHODFHLWHKLGU£XOLFR&XDQGRHO
JU£ILFRGHEDUUDVHVW£YHUGHHOYDORUHVDFHSWDEOHHVGHFLU
+\GUDXOLFV
(QJLQH
6(/(&7 GHQWURGHOLQWHUYDORGHRSHUDFLµQQRUPDO&XDQGRHOJU£ILFR
2LO 7HPSHUDWXUH GHEDUUDVHVW£URMRHOYDORUHVDQµPDOR
+\GUDXOLFV
(OHFWULFDOV\VWHP +L
 +DPPHURSKRXUV 7LHPSRRSHUPDUWLOOR  HTXLSDPLHQWR
9HKLFOHLQIRUPDWLRQ RSFLRQDO (VWRPXHVWUDHOYDORUFRPSXWDGRGHWLHPSRGH
6HUYLFH +DPPHURSKRXUV RSHUDFLµQGHOPDUWLOORHQKRUDV
(6& K
6HWXS
127$
9
&RQVXOWHHQ+DPPHURSKRXUV 7LHPSRRSHUPDUWLOOR HO
 LQWHUYDORGHVHUYLFLRSDUDVXVWLWXLUHOILOWURGHUHWRUQRGHO
PDUWLOOR
+\GUDXOLFV +\GUDXOLFV  ;ZRUNWRRO +HUUDPGHWUDEDMR;  HTXLSDPLHQWR
6(/(&7
;ZRUNWRRO ;ZRUNWRRO RSFLRQDO (VWRLQIRUPDDORSHUDGRUGHODKHUUDPLHQWDTXH
+$00(5
+$00(5 HVW£VHOHFFLRQDGDHQHVHPRPHQWR7DPEL«QSHUPLWHDO
/ RSHUDGRUVHOHFFLRQDUXQDKHUUDPLHQWDSUHGHWHUPLQDGD
EDU PRVWUDQGRHOQRPEUH\ORVDMXVWHVGHFDGDKHUUDPLHQWD
;UHVSRQVHPRGH
7RJJOH
$FWLYH (6&
&XDQGRVHSXOVDHOERWµQ6(/(&7SDUDRWUDKHUUDPLHQWD
ZD\
UHDSDUHFHODSDQWDOODSUHYLDYLVXDOL]DQGRHOQRPEUHGHOD
KHUUDPLHQWDTXHVHDFDEDGHVHOHFFLRQDU

+\GUDXOLFV +\GUDXOLFV
;ZRUNWRRO ;ZRUNWRRO
6(/(&7 6+($5
6+($5
/
EDU
;UHVSRQVHPRGH
3XVK
$FWLYH 6(/(&7
ZD\
9

+\GUDXOLFV +\GUDXOLFV  ;UHVSRQVHPRGH 0RGRUHVSXHVWD;  HTXLSDPLHQWR
;UHVSRQVHPRGH
6(/(&7
;UHVSRQVHPRGH RSFLRQDO (VWRLQIRUPDDORSHUDGRUGHOPRGRGHUHVSXHVWD
$FWLYH ;TXHHVW£VHOHFFLRQDGRHQHVHPRPHQWR7DPEL«Q
$FWLYH SHUPLWHVHOHFFLRQDUXQRGHPRGRVGHUHVSXHVWD
1RUPDO GLIHUHQWHV(ORSHUDGRUSXHGHVHOHFFLRQDUXQRGHORVWUHV
6RIW
(6&
PRGRVGHUHVSXHVWD;FRQORVERWRQHVGHIOHFKD3XOVDQGR
HOERWµQ6(/(&7VHDMXVWDHOPRGRGHUHVSXHVWDPDUFDGR
(QWRQFHVUHDSDUHFHODSDQWDOODSUHYLDTXHYLVXDOL]DHO
QRPEUHGHODRSFLµQTXHVHDFDEDGHVHOHFFLRQDU
+\GUDXOLFV +\GUDXOLFV
 $FWLYH $FWLYR
;UHVSRQVHPRGH
;UHVSRQVHPRGH 6(/(&7  1RUPDO 1RUPDO
1RUPDO  6RIW /LJHUR
$FWLYH
(ORSHUDGRUSXHGHDMXVWDUODVHQVLELOLGDGGHPRYLPLHQWR
1RUPDO
6RIW
GHORVLPSOHPHQWRVFXDQGRVHDFFLRQDQODVSDODQFDV(O
PRGR$FWLYH $FWLYR HVHOP£VVHQVLEOH
9

3DQHOHVGHLQVWUXPHQWRV 
8QLGDGGHSDQWDOOD 
 (OHFWULFDOV\VWHP 6LVWHPDHO«FWULFR
) &
 9ROWDJH 9ROWDMH (VWRPXHVWUDHOYDORUPHGLGRGHODWHQVLµQ
GHODEDWHU¯D&XDQGRHOJU£ILFRGHEDUUDVHVW£YHUGHHO
(OHFWULFDOV\VW
(QJLQH
6(/(&7 YDORUHVDFHSWDEOHHVGHFLUGHQWURGHOLQWHUYDORGH
+\GUDXOLFV
9ROWDJH RSHUDFLµQQRUPDO&XDQGRHOJU£ILFRGHEDUUDVHVW£URMRHO
(OHFWULFDOV\VWHP 0LQ 0D[
YDORUHVDQµPDOR
9HKLFOHLQIRUPDWLRQ  9HKLFOHLQIRUPDWLRQ ,QIRGHOYHK¯FXOR
6HUYLFH
(6&
6HWXS
9


 0RGHO 0RGHOR (VWRLQGLFDODGHQRPLQDFLµQGHOPRGHORGH
) &
ODP£TXLQD
9HKLFOHLQIRUPDWLRQ  6HULDOQXPEHU 1¼PHURGHVHULH (VWRLQGLFDHOQ¼PHURGH
6(/(&7

(QJLQH 0RGHO
IDEULFDFLµQGHODP£TXLQD
+\GUDXOLFV (&;;;'
(OHFWULFDOV\VWHP
9HKLFOHLQIRUPDWLRQ 6HULDOQXPEHU
6HUYLFH
6HWXS
(6& ;;;;;;;;;

9


9HKLFOHLQIRUPDWLRQ 9HKLFOHLQIRUPDWLRQ  :RUNWLPHU 7HPSRUL]DGRUWUDEDMR (VWRLQGLFDHOWLHPSRGH
:RUNWLPHU
6(/(&7
:RUNWLPHU WUDEDMRFRPSXWDGR
KPLQ
 5HVWDEOHFHUWHPSRUL]DGRUGHWUDEDMR6HSXHGHSRQHUD
5HVHWZRUNWLPH
FHURHOWLHPSRGHWUDEDMRSXOVDQGRHOERWµQ6(/(&7
$YHUDJHIXHOFRQV FXDQGRHVW£UHVDOWDGRHOYDORU7HPSRUL]DGRUWUDEDMR
/K 3XOVDQGRHOERWµQ6(/(&7DSDUHFHXQDSUHJXQWD<HV
1R (6& <HV
6¯ 1R 1R 3XOVHHOERWµQ(6&SDUD1R 1R RHOERWµQ
6(/(&7SDUD<HV 6¯ 
9HKLFOHLQIRUPDWLRQ
 $YHUDJHIXHOFRQV &RQVXPRPHGLRFRPEXVW (VWR
PXHVWUDHOFRQVXPRSURPHGLRGHFRPEXVWLEOHFDOFXODGR
$YHUDJHIXHOFRQV
GXUDQWHODV¼OWLPDVKRUDV
/K  &XUUHQWIXHOFRQV &RQVXPRLQVWDQW£QHR (VWRPXHVWUDHO
FRQVXPRGHFRPEXVWLEOHFDOFXODGRHQHOWLHPSR
&XUUHQWIXHOFRQV
 $PELHQWWHPS 7HPSDPELHQWH (VWRLQGLFDODWHPSHUDWXUD
/R +L
DPELHQWHPHGLGD

9HKLFOHLQIRUPDWLRQ

&XUUHQWIXHOFRQV

/R +L

$PELHQWWHPS

&
9

 3DQHOHVGHLQVWUXPHQWRV
 8QLGDGGHSDQWDOOD
 6HUYLFH 6HUYLFLR
(VWDVXESDQWDOODPXHVWUDORVHOHPHQWRVGHVHUYLFLRFRQYDORU
GHWLHPSRUHVWDQWHDODYH]3XOVHHOERWµQ6(/(&7SDUD
DMXVWDUHOLQWHUYDORRSDUDFRPSUREDULQIRUPDFLµQGHWDOODGD
 (QJLQHRLOILOWHU )LOWURDFHLWHPRWRU
,QWHUY
) &
(VWRPXHVWUDHOYDORUGHOLQWHUYDORGHOILOWURDFHLWHGHOPRWRU
6HUYLFH
HQODXQLGDGGHKRUDV'HSHQGLHQGRGHOWLSRGHILOWURDFHLWH
(QJLQH
6(/(&7
GHOPRWRUHORSHUDGRUSXHGHDMXVWDUHOLQWHUYDORGHOILOWUR
(QJLQHRLOILOWHU K
+\GUDXOLFV DFHLWHGHOPRWRU(OUDQJRGHDMXVWHHVGHaKRUDV
)XHOILOWHU:DWHUVHSK
(OHFWULFDOV\VWHP +\GUDXOLFRLO K
7LPHUHPDLQLQJ 7LHPSRUHVWDQWH
9HKLFOHLQIRUPDWLRQ +\GUDXOLFRLOILOWHU K (VWRPXHVWUDHOWLHPSRUHVWDQWHSDUDHOSUµ[LPRVHUYLFLR
6HUYLFH (6&
GHILOWURDFHLWHGHOPRWRU
6HWXS &XDQGR7LHPSRUHVWDQWHOOHJXHDKK\K
9 DSDUHFHU£ODSDQWDOODGHFRPSUREDFLµQFRQ7LHPSR
UHVWDQWHH,QWHUYDORDSDUHFHU£HQOD,(&8(IHFW¼HHO

PDQWHQLPLHQWRGHORVSXQWRVTXHGHEHQLQFOXLUVHHQHVH
LQWHUYDOR3DUDHOLQWHUYDORGHVHUYLFLR\ORVSXQWRVGH
PDQWHQLPLHQWRYHDODS£JLQD
&KHFN 5HVHWWLPHUHPDLQLQJ" 3RQHUDWPSRUHVW"
'HVSX«VGHHIHFWXDUHOVHUYLFLRGHORVSXQWRVGH
PDQWHQLPLHQWRVHSXHGHSRQHUDFHURHOWLHPSR3XOVDQGR
HOERWµQ6(/(&7DSDUHFHXQDSUHJXQWD<HV 6¯ 1R 1R 
HQODSDQWDOOD3XOVHHOERWµQ(6&SDUD1R 1R RHOERWµQ
(QJLQHRLOILOWHU 6(/(&7SDUD<HV 6¯ &XDQGRVHKD\DSXHVWRDFHUROD
 KRUDVHYLVXDOL]DU£HOSUµ[LPRLQWHUYDORGHVHUYLFLR\
9 7LHPSRUHVWDQWH
 6LHORSHUDGRUQRVXVWLWX\HHOILOWURDFHLWHGHOPRWRU\
UHLQLFLDHVWHYDORU«VWHYXHOYHDFHURQHJDWLYR

6HUYLFH 6HUYLFH 6HUYLFH


(QJLQHRLOILOWHU K
6(/(&7 (QJLQHRLOILOWHU 6(/(&7
(QJLQHRLOILOWHU
)XHOILOWHU :DWHUVHSK
,QWHUYDO K K
+\GUDXOLFRLO K
7LPHUHPDLQLQJK
+\GUDXOLFRLOILOWHU K
(6& (6&

6HUYLFH 6HUYLFH
(QJLQHRLOILOWHU 6(/(&7
(QJLQHRLOILOWHU

,QWHUYDOK 5HVHWWLPHUHPDLQLQJ"
7LPHUHPDLQLQJK
K
(6&
1R (6& <HV
9
3DQHOHVGHLQVWUXPHQWRV 
8QLGDGGHSDQWDOOD 
 )XHOILOWHU:DWHUVHS )LOWURFRPE6HSDJXD
,QWHUYDO ,QWHUYDOR
(VWRPXHVWUDHOYDORUGHOLQWHUYDORGHILOWURGHFRPEXVWLEOH
VHSDUDGRUGHDJXDHQODXQLGDGGHKRUDV(ORSHUDGRU
SXHGHDMXVWDUHOLQWHUYDORGHOILOWURGHFRPEXVWLEOH
VHSDUDGRUGHDJXD(OUDQJRGHDMXVWHHVGHa
KRUDV
7LPHUHPDLQLQJ 7LHPSRUHVWDQWH
(VWRPXHVWUDHOYDORUGHOWLHPSRUHVWDQWHSDUDHOSUµ[LPR
VHUYLFLRGHILOWURGHFRPEXVWLEOHVHSDUDGRUGHDJXD
&XDQGR7LHPSRUHVWDQWHOOHJXHDKK\K
DSDUHFHU£ODSDQWDOODGHFRPSUREDFLµQFRQ7LHPSR
UHVWDQWHH,QWHUYDORDSDUHFHU£HQOD,(&8(IHFW¼HHO
PDQWHQLPLHQWRGHORVSXQWRVTXHGHEHQLQFOXLUVHHQHVH
LQWHUYDOR3DUDHOLQWHUYDORGHVHUYLFLR\ORVSXQWRVGH
PDQWHQLPLHQWRYHDODS£JLQD
5HVHWWLPHUHPDLQLQJ" 3RQHUDWPSRUHVW"
'HVSX«VGHHIHFWXDUHOVHUYLFLRGHORVSXQWRVGH
PDQWHQLPLHQWRVHSXHGHSRQHUDFHURHOWLHPSR3XOVDQGR
HOERWµQ6(/(&7DSDUHFHXQDSUHJXQWD<HV 6¯ 1R 1R 
HQODSDQWDOOD3XOVHHOERWµQ(6&SDUD1R 1R RHOERWµQ

6(/(&7SDUD<HV 6¯ &XDQGRVHKD\DSXHVWRDFHUROD
KRUDVHYLVXDOL]DU£HOSUµ[LPRLQWHUYDORGHVHUYLFLR\
7LHPSRUHVWDQWH
6LHORSHUDGRUQRPDQWLHQHODVSLH]DV\UHLQLFLDHVWHYDORU
«VWHYXHOYHDFHURQHJDWLYR

6HUYLFH 6HUYLFH 6HUYLFH


6(/(&7 6(/(&7
(QJLQHRLOILOWHU K )XHOILOWHU :DWHUVHS )XHOILOWHU :DWHUVHS

)XHOILOWHU :DWHUVHSK
,QWHUYDO K K
+\GUDXOLFRLO K
7LPHUHPDLQLQJK
+\GUDXOLFRLOILOWHU K
(6& (6&

6HUYLFH 6HUYLFH
6(/(&7
)XHOILOWHU :DWHUVHS )XHOILOWHU :DWHUVHS

,QWHUYDOK 5HVHWWLPHUHPDLQLQJ"

7LPHUHPDLQLQJK
K
(6&
1R (6& <HV
9
 3DQHOHVGHLQVWUXPHQWRV
 8QLGDGGHSDQWDOOD
 +\GUDXOLFRLO $FHLWHKLGU£XOLFR
,QWHUYDO ,QWHUYDOR
(VWRPXHVWUDHOYDORUGHOLQWHUYDORGHODFHLWHKLGU£XOLFRHQ
ODXQLGDGGHKRUDV(ORSHUDGRUSXHGHDMXVWDUHOLQWHUYDOR
GHODFHLWHKLGU£XOLFR(OUDQJRGHDMXVWHHVGHa
KRUDV
7LPHUHPDLQLQJ 7LHPSRUHVWDQWH
(VWRPXHVWUDHOWLHPSRUHVWDQWHSDUDHOSUµ[LPRVHUYLFLR
GHDFHLWHKLGU£XOLFR
&XDQGR7LHPSRUHVWDQWHOOHJXHDKK\K
DSDUHFHU£ODSDQWDOODGHFRPSUREDFLµQFRQ7LHPSR
UHVWDQWHH,QWHUYDORDSDUHFHU£HQOD,(&8(IHFW¼HHO
PDQWHQLPLHQWRGHORVSXQWRVTXHGHEHQLQFOXLUVHHQHVH
LQWHUYDOR3DUDHOLQWHUYDORGHVHUYLFLR\ORVSXQWRVGH
PDQWHQLPLHQWRYHDODS£JLQD
5HVHWWLPHUHPDLQLQJ" 3RQHUDWPSRUHVW"
'HVSX«VGHHIHFWXDUHOVHUYLFLRGHORVSXQWRVGH
PDQWHQLPLHQWRVHSXHGHSRQHUDFHURHOWLHPSR3XOVDQGR
HOERWµQ6(/(&7DSDUHFHXQDSUHJXQWD<HV 6¯ 1R 1R 
HQODSDQWDOOD3XOVHHOERWµQ(6&SDUD1R 1R RHOERWµQ
6(/(&7SDUD<HV 6¯ &XDQGRVHKD\DSXHVWRDFHUROD
KRUDVHYLVXDOL]DU£HOSUµ[LPRLQWHUYDORGHVHUYLFLR\
7LHPSRUHVWDQWH
6LHORSHUDGRUQRPDQWLHQHODVSLH]DV\UHLQLFLDHVWHYDORU
«VWHYXHOYHDFHURQHJDWLYR
+DPPHURSKRXUV 7LHPSRRSHUPDUWLOOR
(VWRPXHVWUDHOYDORUFRQWDGRGHOWLHPSRGH
IXQFLRQDPLHQWRGHOPDUWLOORHQODXQLGDGGHKRUDV+RUDV
GHIXQFLRQDPLHQWRGHOPDUWLOORQRVHSXHGHDMXVWDU6H
SRQHDXWRP£WLFDPHQWHDFHURFXDQGRVHSRQHDFHUR
WLHPSRUHVWDQWH\PXHVWUDODVKRUDVGHIXQFLRQDPLHQWR
GHOPDUWLOORGHVGHHOSXQWRGHSXHVWDDFHUR

6HUYLFH 6HUYLFH 6HUYLFH


6(/(&7 6(/(&7
(QJLQHRLOILOWHU K +\GUDXOLFRLO +\GUDXOLFRLO

)XHOILOWHU :DWHUVHSK
,QWHUYDO K K
+\GUDXOLFRLO K
7LPHUHPDLQLQJK
+\GUDXOLFRLOILOWHU K
+DPPHU2SKRXUVK
(6& (6&

6HUYLFH 6HUYLFH
+\GUDXOLFRLO 6(/(&7
+\GUDXOLFRLO

,QWHUYDOK 5HVHWWLPHUHPDLQLQJ"

7LPHUHPDLQLQJK
K
+DPPHU2SKRXUVK (6&
1R (6& <HV
9
3DQHOHVGHLQVWUXPHQWRV 
8QLGDGGHSDQWDOOD 
 +\GUDXOLFRLOILOWHU )LOWURDFHLWHKLGU£
,QWHUYDO ,QWHUYDOR
(VWRPXHVWUDHOYDORUGHOLQWHUYDORGHOILOWURGHDFHLWH
KLGU£XOLFRHQODXQLGDGGHKRUDV(ORSHUDGRUSXHGHDMXVWDU
HOLQWHUYDORGHOILOWURGHDFHLWHKLGU£XOLFR(OUDQJRGHDMXVWH
HVGHaKRUDV
7LPHUHPDLQLQJ 7LHPSRUHVWDQWH
(VWRPXHVWUDHOWLHPSRUHVWDQWHSDUDHOSUµ[LPRVHUYLFLR
GHOILOWURGHDFHLWHKLGU£XOLFR
&XDQGR7LHPSRUHVWDQWHOOHJXHDKK\K
DSDUHFHU£ODSDQWDOODGHFRPSUREDFLµQFRQ7LHPSR
UHVWDQWHH,QWHUYDORDSDUHFHU£HQOD,(&8(IHFW¼HHO
PDQWHQLPLHQWRGHORVSXQWRVTXHGHEHQLQFOXLUVHHQHVH
LQWHUYDOR3DUDHOLQWHUYDORGHVHUYLFLR\ORVSXQWRVGH
PDQWHQLPLHQWRYHDODS£JLQD
5HVHWWLPHUHPDLQLQJ" 3RQHUDWPSRUHVW"
'HVSX«VGHHIHFWXDUHOVHUYLFLRGHORVSXQWRVGH
PDQWHQLPLHQWRVHSXHGHSRQHUDFHURHOWLHPSR3XOVDQGR
HOERWµQ6(/(&7DSDUHFHXQDSUHJXQWD<HV 6¯ 1R 1R 
HQODSDQWDOOD3XOVHHOERWµQ(6&SDUD1R 1R RHOERWµQ
6(/(&7SDUD<HV 6¯ &XDQGRVHKD\DSXHVWRDFHUROD

KRUDVHYLVXDOL]DU£HOSUµ[LPRLQWHUYDORGHVHUYLFLR\
7LHPSRUHVWDQWH
6LHORSHUDGRUQRPDQWLHQHODSLH]D\UHLQLFLDHVWHYDORU
«VWHYXHOYHDFHURQHJDWLYR
+DPPHURSKRXUV 7LHPSRRSHUPDUWLOOR
(VWRPXHVWUDHOYDORUFRQWDGRGHOWLHPSRGH
IXQFLRQDPLHQWRGHOPDUWLOORHQODXQLGDGGHKRUDV+RUDV
GHIXQFLRQDPLHQWRGHOPDUWLOORQRVHSXHGHDMXVWDU6H
SRQHDXWRP£WLFDPHQWHDFHURFXDQGRVHSRQHDFHUR
WLHPSRUHVWDQWH\PXHVWUDODVKRUDVGHIXQFLRQDPLHQWR
GHOPDUWLOORGHVGHHOSXQWRGHSXHVWDDFHUR

6HUYLFH 6HUYLFH 6HUYLFH


6(/(&7
(QJLQHRLOILOWHU K +\GUDXOLFRLOILOWHU 6(/(&7
+\GUDXOLFRLOILOWHU

)XHOILOWHU :DWHUVHSK
,QWHUYDO K K
+\GUDXOLFRLO K
7LPHUHPDLQLQJK
+\GUDXOLFRLOILOWHU K
+DPPHU2SKRXUVK
(6& (6&

6HUYLFH 6HUYLFH
+\GUDXOLFRLOILOWHU 6(/(&7
+\GUDXOLFRLOILOWHU

,QWHUYDOK 5HVHWWLPHUHPDLQLQJ"

7LPHUHPDLQLQJK
K
+DPPHU2SKRXUVK (6&
1R (6& <HV
9
 3DQHOHVGHLQVWUXPHQWRV
 8QLGDGGHSDQWDOOD
 6HWXS &RQILJXUDFLµQ
+D\VXEHOHPHQWRV+HUUDPLHQWDGHWUDEDMR;
) & )XQFLRQDPLHQWR;7LHPSRGHUDOHQW¯DXWRP£WLFR
,GLRPD8QLGDGHV+RUDIHFKD/X]GHOSDQHO\/X]
IRQGRWHFODGR
(QJLQH
+\GUDXOLFV
(OHFWULFDOV\VWHP
9HKLFOHLQIRUPDWLRQ
6HUYLFH
6HWXS

9

6HWXS 6HWXS  ;ZRUNWRRO +HUUDPGHWUDEDMR;
;ZRUNWRRO
6(/(&7
;ZRUNWRRO (VWRHVSDUDFRQILJXUDUHODMXVWHGH;GHIRUPDTXH
1HZ
(QWHU;;SDVVZRUG SXHGDQXVDUORORVRSHUDGRUHVVHOHFFLRQDQGRODKHUUDPLHQWD
;2SHUDWLRQ
GHODOLVWD
$XWRLGOHWLPH (QWHU;;SDVVZRUG &RQWUDVH³D;; ,QWURGX]FDOD
/DQJXDJH FRQWUDVH³DSDUDSURVHJXLUFRQODFRQILJXUDFLµQGHORV
(6&
8QLWV LPSOHPHQWRV;/DSDQWDOODGHFRQWUDVH³DVHYLVXDOL]D
VLHPSUHTXHVHHVWDEOH]FDODFRQWUDVH³DFRQ9&$'63UR
+D\VXEHOHPHQWRVTXHVRQ
6HWXS  1XHYR
;ZRUNWRRO  &DPELDU
1HZ  %RUUDU
&KDQJH 8VHODVWHFODVGHIOHFKDSDUDFRORFDUHOSXQWHUR EDUUDGH
'HOHWH UHVDOWDU HQHOHOHPHQWRUHTXHULGR\DFRQWLQXDFLµQSXOVH
HOERWµQ6(/(&7

6HWXS
;ZRUNWRRO
1HZ
&KDQJH
'HOHWH

9

3DQHOHVGHLQVWUXPHQWRV 
8QLGDGGHSDQWDOOD 
6HWXS 1HZ 1XHYR
;ZRUNWRRO (ODMXVWH1XHYRVHXVDSDUDD³DGLUQXHYDVKHUUDPLHQWDV
1HZ ;6LJDORVSDVRVGHODOGHVFULWRVDFRQWLQXDFLµQSDUD
1DPH FRQILJXUDU\*XDUGDUORVSDU£PHWURVSDUDHOQXHYR
 LPSOHPHQWRGHVHDGR
)ORZ 127$
 6LQRVHUHDOL]DHOSURFHGLPLHQWR*XDUGDUGHVFULWRHQ
6(/(&7
VHFDQFHODU£QWRGRVORVDMXVWHVDXWRP£WLFDPHQWH
6HWXS
;ZRUNWRRO
1HZ
1DPH

 9

6(/(&7

6HWXS
;ZRUNWRRO
1HZ (6&
6HWXS
;ZRUNWRRO
1HZ

1DPH 1DPH

 9 9 9

6(/(&7

6HWXS 6HWXS
;ZRUNWRRO VHF ;ZRUNWRRO
1HZ 6(/(&7 1HZ
1DPH 1DPH
92 /92

)ORZ 92/92 

9

 6HOHFFLRQH1XHYRGHVSX«VGHLQWURGXFLU+HUUDPGH
WUDEDMR;
 1DPH 1RPEUH ,QWURGX]FDODGHQRPLQDFLµQGHOD
KHUUDPLHQWD
 8VHHOERWµQGHODVIOHFKDV$6&(1'(17(\
'(6&(1'(17(SDUDVHOHFFLRQDUFDUDFWHUHV $%=
 
 8VHHOERWµQ6(/(&7SDUDLQWURGXFLUHOFDU£FWHU
VHOHFFLRQDGR
 8VHHOERWµQ(6&SDUDERUUDUHOFDU£FWHULQWURGXFLGR
 3XOVHHOERWµQ6(/(&7GXUDQWHP£VGHVHJXQGRV
SDUDJXDUGDUXQQRPEUH
 3XOVHHOERWµQ(6&GXUDQWHP£VGHVHJXQGRVSDUD
VDOLUVLQJXDUGDUHOQRPEUH
 3DQHOHVGHLQVWUXPHQWRV
 8QLGDGGHSDQWDOOD
6HWXS 6HWXS  &DXGDO6HOHFFLRQDQGRHVWDIXQFLµQRSFLRQDOVHDMXVWD
;ZRUNWRRO 6(/(&7
;ZRUNWRRO HOFDXGDO
1HZ 1HZ  6HOHFFLRQHHOYDORUGHFDXGDOSUHIHULGRXVDQGRORV
)ORZ )ORZ ERWRQHVGHIOHFKD
  *XDUGHHOYDORUVHOHFFLRQDGRXVDQGRHOERWµQ6(/(&7
/ 8VHHOERWµQ(6&SDUDVDOLUVLQJXDUGDU
3UHVVXUH
 3UHVLµQ6HOHFFLRQDQGRHVWDIXQFLµQRSFLRQDOVHDMXVWD

ODSUHVLµQ
 6HOHFFLRQHHOYDORUGHSUHVLµQSUHIHULGRXVDQGRORV
6HWXS 6HWXS ERWRQHVGHIOHFKD
;ZRUNWRRO ;ZRUNWRRO  *XDUGHHOYDORUVHOHFFLRQDGRXVDQGRHOERWµQ6(/(&7
6(/(&7

1HZ 1HZ 8VHHOERWµQ(6&SDUDVDOLUVLQJXDUGDU


3UHVVXUH
 &RQWURO(OLMDHOWLSRGHFRQWURO
3UHVVXUH

 6HOHFFLRQHHOWLSRGHFRQWUROSUHIHULGRXVDQGRORV
EDU ERWRQHVGHIOHFKD
&RQWURO  *XDUGHHOHOHPHQWRVHOHFFLRQDGRXVDQGRHOERWµQ

6(/(&78VHHOERWµQ(6&SDUDVDOLUVLQJXDUGDU
3DUDLQIRUPDFLµQVREUHWLSRVGHFRQWUROYHDODS£JLQD
6HWXS 6HWXS

;ZRUNWRRO ;ZRUNWRRO
 7RJJOH &RQPXWDU
6(/(&7
 3XVK 3UHVLRQDU
1HZ 1HZ
 3URSRUWLRQDO 3URSRUFLRQDO
&RQWURO &RQWURO
 $WWDFKPHQW ,PSOHPHQWR (VFRMDHOFRQWUROZD\ Y¯D
 7RJJOH
RZD\ Y¯DV 
$WWDFKPHQW 3XVK
 6HOHFFLRQHHODMXVWHSUHIHULGRXVDQGRORVERWRQHVGH
 3URSRUWLRQDO
IOHFKD
 *XDUGHHOHOHPHQWRVHOHFFLRQDGRXVDQGRHOERWµQ
6HWXS 6HWXS 6(/(&78VHHOERWµQ(6&SDUDVDOLUVLQJXDUGDU
;ZRUNWRRO ;ZRUNWRRO  6DYH *XDUGDU *XDUGDODFRQILJXUDFLµQ
6(/(&7  6HOHFFLRQH*XDUGDU\SXOVHHOERWµQ6(/(&7SDUD
1HZ 1HZ
JXDUGDUWRGRVORVDMXVWHVLQFOX\HQGR1RPEUH
$WWDFKPHQW $WWDFKPHQW
&DXGDO3UHVLµQ&RQWUROH,PSOHPHQWR
 ZD\
6DYH ZD\ 127$
 'HVSX«VGHLQWURGXFLUORVQXHYRVDMXVWHVGHEHUHDOL]DUVHHO
SURFHGLPLHQWR6DYH *XDUGDU SDUDJXDUGDUORVQXHYRV
SDU£PHWURVHQODPHPRULDGHOVLVWHPD6LQRVHUHDOL]DHO
6HWXS SURFHGLPLHQWR*XDUGDUVHFDQFHODU£QDXWRP£WLFDPHQWHWRGRV
;ZRUNWRRO ORVDMXVWHV
1HZ
 6LQRVHFRQILJXUDQDOJXQRVHOHPHQWRVDSDUHFHU£HO
6DYH
PHQVDMHGHHUURU)LOORXWDOOLWHPV &RPSOHWDUWRGR 

 /DKHUUDPLHQWD;D³DGLGDVHDFDEDGHOLVWDU

9

3DQHOHVGHLQVWUXPHQWRV 
8QLGDGGHSDQWDOOD 
&KDQJH &DPELDU
(OREMHWRGHHVWRHVPRGLILFDUODFRQILJXUDFLµQGHODV
KHUUDPLHQWDV;SUHGHWHUPLQDGDV
6HWXS  6HOHFFLRQH&DPELDUGHVSX«VGHLQWURGXFLU+HUUDP
;ZRUNWRRO GHWUDEDMR;
1HZ  6HOHFFLRQHODKHUUDPLHQWDTXHGHVHDPRGLILFDUXVDQGR
&KDQJH ORVERWRQHVGHIOHFKD\SXOVDQGRHOERWµQ6(/(&7
 6LJDHOPLVPRSURFHGLPLHQWRGHDH[SOLFDGRVHQHO
'HOHWH
DSDUWDGR1XHYRDUULEDGHVFULWRSDUDFDPELDUOD
FRQILJXUDFLµQ
6(/(&7
 +D\DOJXQDVUHVWULFFLRQHVSDUDPRGLILFDUOD
FRQILJXUDFLµQ
6HWXS  (O1RPEUHGHGRVKHUUDPLHQWDV;SRURPLVLµQ
;ZRUNWRRO +$00(5 0$57,//2 \6+($5 &,=$//$ QRHV
&KDQJH PRGLILFDEOH
+$00(5  (O+$00(5 0$57,//2 QRSXHGHVHUGHY¯DV
6+($5  6HOLVWDODKHUUDPLHQWD;PRGLILFDGD
92/92

6HWXS 6HWXS

;ZRUNWRRO ;ZRUNWRRO
&KDQJH 6(/(&7
&KDQJH
+$00(5 1DPH
6+($5 92/92
92/92 )ORZ
/
9

6HWXS 'HOHWH %RUUDU
;ZRUNWRRO 8VHODVWHFODVGHIOHFKDSDUDFRORFDUHOSXQWHUR EDUUDGH
1HZ UHVDOWDU HQHOHOHPHQWRUHTXHULGR\DFRQWLQXDFLµQSXOVH
&KDQJH
HOERWµQ6(/(&7
3DUDERUUDUOD+HUUDPGHWUDEDMR;SURFHGDGHOD
'HOHWH
VLJXLHQWHPDQHUD
 6HOHFFLRQH%RUUDUGHVSX«VGHLQWURGXFLU+HUUDPGH
6(/(&7 WUDEDMR;
 6HOHFFLRQHODKHUUDPLHQWDTXHGHVHDERUUDUXVDQGRORV
6HWXS 6HWXS ERWRQHVGHIOHFKD\SXOVDQGRHOERWµQ6(/(&7
;ZRUNWRRO ;ZRUNWRRO
127$
'HOHWH 'HOHWH
6(/(&7 /DKHUUDPLHQWD;DFWXDOPHQWHSUHGHWHUPLQDGD\ODV
92/92 $UH\RXVXUH KHUUDPLHQWDVSRURPLVLµQQRVHYLVXDOL]DQ
WRGHOHWH"
 $UH\RXVXUHWRGHOHWH" (VW£VHJXURGHTXHGHVHD
1R (6& <HV
ERUUDU" 3DUDFRQILUPDUHOPHQVDMHTXHDSDUHFHHQOD
9

SDQWDOODSXOVHHOERWµQ6(/(&7SDUD<HV 6¯ RHO
ERWµQ(6&SDUD1R 1R 
 3DQHOHVGHLQVWUXPHQWRV
 8QLGDGGHSDQWDOOD
6HWXS 6HWXS  ;2SHUDWLRQ )XQFLRQDPLHQWR;  HTXLSDPLHQWRRSFLRQDO
;ZRUNWRRO
6(/(&7
;2SHUDWLRQ (QWHU;;SDVVZRUG &RQWUDVH³D;; ,QWURGX]FDOD
1HZ
(QWHU;;SDVVZRUG FRQWUDVH³DSDUDSURVHJXLUFRQODFRQILJXUDFLµQGHORV
;2SHUDWLRQ
LPSOHPHQWRV;/DSDQWDOODGHFRQWUDVH³DVHYLVXDOL]D
$XWRLGOHWLPH
VLHPSUHTXHVHHVWDEOH]FDODFRQWUDVH³DFRQ9&$'63UR
/DQJXDJH 3RQJDODPDUFDHQHOHOHPHQWRSUHIHULGRHQWUHORVWUHV
8QLWV (6& OLVWDGRVFRQHOERWµQGHIOHFKD
&XDQGRVHSXOVDHOERWµQ6(/(&7VHDMXVWDHOHOHPHQWR
PDUFDGR5HDSDUHFHODSDQWDOODSUHYLDYLVXDOL]DQGRHO
6HWXS HOHPHQWRTXHVHDFDEDGHVHOHFFLRQDU
;2SHUDWLRQ 9HDODS£JLQDSDUDLQIRUPDFLµQP£VGHWDOODGDVREUH
1HZ
7RJJOH ORVWLSRVGHFRQWURO
3XVK
3URSRUWLRQDO

9

6HWXS 6HWXS  $XWRLGOHWLPH 7LHPSRUDOHQW¯DXW
6(/(& 7
$XWRLGOHWLPH (OFRQFHSWRE£VLFRGHO$XWRLGOHHVUHGXFLUHOFRQVXPRGH
;ZRUNWRRO
FRPEXVWLEOH(OU«JLPHQGHOPRWRUVHUHGXFLU£
;2SHUDWLRQ
DXWRP£WLFDPHQWHDOPRGRGHUDOHQW¯VLHOERWµQGHUDOHQW¯
$XWRLGOHWLPH VHF DXWRP£WLFRHVW£DFWLYDGR\FXDOTXLHUDGHODVSDODQFDVGH
/DQJXDJH FRQWURO SHGDOHV RHOLQWHUUXSWRUGHOPRWRUGHFRQWUROGH
8QLWV (6&
YHORFLGDGQRVRQRSHUDGRVSRUXQWLHPSRGHWHUPLQDGR
(ORSHUDGRUSXHGHDMXVWDUHOWLHPSRGHUDOHQW¯DXWRP£WLFR
9

GHVHJXQGRVDVHJXQGRV
6HWXS 6HWXS  /DQJXDJH ,GLRPD
6(/(& 7
/DQJXDJH /RVLGLRPDVVRSRUWDGRVVHOLVWDQHQODSDQWDOODHQHOLGLRPD
;ZRUNWRRO
FRUUHVSRQGLHQWH
;2SHUDWLRQ 1HZ
8VHORVERWRQHVGHIOHFKDSDUDGHVSOD]DUVHKDFLDDUULED\
$XWRLGOHWLPH DEDMR\VHOHFFLRQDUVXLGLRPD3XOVHHOERWµQ6(/(&7SDUD
/DQJXDJH VHOHFFLRQDUHOLGLRPDHOHJLGR5HDSDUHFHU£ODYHQWDQD
(6&
SUHYLDYLVXDOL]DQGRHOLGLRPDTXHVHDFDEDGHVHOHFFLRQDU
8QLWV
&XDQGRHORSHUDGRUVHOHFFLRQDXQLGLRPDTXHQRVHDLQJO«V
6(/(&7 6(/(&7
VHHVFULEH,GLRPDHQHOLGLRPDVHOHFFLRQDGR\HQLQJO«V

9

3DQHOHVGHLQVWUXPHQWRV 
8QLGDGGHSDQWDOOD 
6HWXS 6HWXS  8QLWV 8QLGDGHV
6(/(& 7
8QLWV 6HYLVXDOL]DQGRVVLVWHPDVGHXQLGDGHV0HWULF 0«WULFR 
;ZRUNWRRO \86 86 (ORSHUDGRUSXHGHVHOHFFLRQDUXQRGHHOORV
;2SHUDWLRQ 0HWULF XVDQGRHOERWµQGHIOHFKD\SXOVDQGRHOERWµQ6(/(&7
86 /DVXQLGDGHVDOPDFHQDGDVHQOD,(&8VRQODVVLJXLHQWHV
$XWRLGOHWLPH
/DQJXDJH
(OHPHQWRV 0«WULFR 86
8QLWV (6&
+RUD K K
9
 &DXGDO OK 86JDOK
9ROXPHQ / 86JDO
9ROWDMH 9 9
&RUULHQWH $ $
7HPSHUDWXUD r& r)
5«JLPHQ USP USP
9HORFLGDG NPK PSK
3UHVLµQ EDUHV SVL
'LVWDQFLD NP PLOH

 3DQHOHVGHLQVWUXPHQWRV
 8QLGDGGHSDQWDOOD
 7LPH'DWH +RUDIHFKD

6HWXS 6HWXS 6HWXS


/DQJXDJH 7LPH'DWH 7LPH'DWH
6(/(&7 6(/(&7 &ORFNIRUPDW
8QLWV &ORFNIRUPDW
K
7LPH'DWH 'DWHIRUPDW
$030
'LVSOD\OLJKW 7LPH'DWHVHW

.H\SDGEDFNOLQJW

6HWXS 6HWXS
7LPH'DWH 7LPH'DWH
'DWHIRUPDW
&ORFNIRUPDW 6(/(&7

\\PPGG
'DWHIRUPDW
GGPP\\
7LPH'DWHVHW
PPGG\\

6HWXS 6HWXS
7LPH'DWH 7LPH'DWH
6(/(&7
7LPH'DWHVHW
&ORFNIRUPDW
PPGG\\K
'DWHIRUPDW
 
7LPH'DWHVHW

9

&ORFNIRUPDW )RUPDWRGHOUHORM /RVHOHPHQWRVK\


$030GHWHUPLQDQODIRUPDHQTXHOD,(&8H[SUHVDOD
KRUDVLVWHPDGHKRUDVRVLVWHPDGHKRUDV
'DWHIRUPDW )RUPDWRGHIHFKD /RVHOHPHQWRVDDPP
GGGGPPDD\PPGGDDGHWHUPLQDQODIRUPDHQTXH
OD,(&8SUHVHQWDODIHFKDDDVLJQLILFDD³RPPPHV\
GGG¯D
7LPH'DWHVHW &RQILJKRUDIHFKD (VWRHVSDUDDMXVWDUOD
KRUD\ODIHFKD(OIRUPDWRGHKRUD\GHIHFKD
SUHGHWHUPLQDGRVDSDUHFHQHQODSULPHUDO¯QHDGHOD
SDQWDOOD(ORSHUDGRUSXHGHDMXVWDUODKRUD\ODIHFKDFRQ
ORVERWRQHVGHIOHFKD(6&\6(/(&7/RVERWRQHV
6(/(&7\(6&VHXVDQSDUDFRQWLQXDURYROYHUDOSXQWHUR
/RVERWRQHVGHIOHFKDVHXVDQSDUDDMXVWDUFDGDVHJPHQWR
GHODKRUD\ODIHFKD
3DQHOHVGHLQVWUXPHQWRV 
8QLGDGGHSDQWDOOD 
 'LVSOD\OLJKW /X]GHOSDQHO
(VWRVLUYHSDUDPRGLILFDUHOFRQWUDVWHGHOD,(&8/DEDUUD
GHDMXVWHHQODSDQWDOODVHFRQWURODFRQODVWHFODVGHIOHFKD
PLHQWUDVTXHHOYDORUVHDMXVWDFRQHOERWµQ6(/(&7
(OFRQWUDVWHSXHGHDMXVWDUVHLQGHSHQGLHQWHPHQWHSDUDHO
G¯D\ODQRFKH
&RQWUDVW 'D\  &RQWUDVWH G¯D
&RQWUDVW 1LJKW  &RQWUDVWH QRFKH
127$
&XDQGRVHDMXVWD&RQWUDVWH QRFKH WLHQHTXHHVWDUHQFHQGLGD
ODOX]GHWUDEDMRGHODP£TXLQD

6HWXS 6HWXS 6HWXS


/DQJXDJH 'LVSOD\OLJKW 'LVSOD\OLJKW
6(/(&7
&RQWUDVW 'D\
6(/(&7 &RQWUDVW 'D\
8QLWV
&RQWUDVW 1LJKW
7LPH'DWH

'LVSOD\OLJKW

.H\SDGEDFNOLQJW

6HWXS 6HWXS
'LVSOD\OLJKW 'LVSOD\OLJKW
&RQWUDVW 'D\ &RQWUDVW 1LJKW
6(/(&7
&RQWUDVW 1LJKW


9

 .H\SDGEDFNOLJKW /X]IRQGRWHFODGR
$TX¯VHDMXVWDODOX]GHIRQGRGHOWHFODGR/DEDUUDGHDMXVWH
HQODSDQWDOODVHFRQWURODFRQODVWHFODVGHIOHFKDPLHQWUDV
TXHHOYDORUVHDMXVWDFRQHOERWµQ6(/(&7

6HWXS 6HWXS
.H\SDGEDFNOLJKW
/DQJXDJH
6(/(&7
8QLWV

7LPH'DWH
'LVSOD\OLJKW
.H\SDGEDFNOLJKW
9
 3DQHOHVGHLQVWUXPHQWRV
 8QLGDGGHSDQWDOOD
 9HKLFOHPHVVDJHV 0HQVDMHVGHOYHK¯FXOR
(VWRPXHVWUDORVHQFDEH]DPLHQWRVGHORVPHQVDMHV(QHO
IXQFLRQDPLHQWRQRUPDOQRKD\PHQVDMHVGHIDOORQLGH
DGYHUWHQFLD
6LVHGHWHFWDXQDFRQGLFLµQDQRUPDOHOPHQVDMHYLVXDOL]DU£
HOHUURURIDOORHVSHF¯ILFR&RQVXOWHDOGHSDUWDPHQWRGH
VHUYLFLRGHVXFRQFHVLRQDULR9ROYR&RQVWUXFWLRQ(TXLSPHQWVL
QHFHVLWDD\XGD
&XDQGRVHSXOVDHOERWµQ6(/(&7SDUDYLVXDOL]DULQIRUPDFLµQ
GHWDOODGDVREUHHOHQFDEH]DPLHQWRODLQIRUPDFLµQYLVXDOL]DGD
VXVWLWX\HODWRWDOLGDGGHODSDQWDOODSULQFLSDO(OFRQWHQLGRGH
ODLQIRUPDFLµQLQFOX\H
 )DXOW$FWLYH )DOORDFWLYR
 (UURU&RGH &µGHUURU
 6RXUFH 2ULJHQ
 )LUVW(YHQW HULQFLG
 1RRIHYHQWV 1|LQFLG
 /DVWHYHQW œOWLQFLG

+\GUDXOLFV 9HKLFOHPHVVDJHV &RRODQWOHYHOORZ

(OHFWULFDOV\VW 6(/(&7 &RRODQWOHYHOORZ :DUQLQJ


6(/(&7
)DXOW $FWLYH <HV
9HKLFOHLQIRUPDWLRQ &RPPXQLFDWLRQIDLOXUH
(UURU&RGH6(
6HUYLFH 6RXUFH((&8
)LUVW(YHQW
6HWXS
1RRIHYHQWV
9HKLFOHPHVVDJHV /DVWHYHQW
9
3DQHOHVGHLQVWUXPHQWRV 
8QLGDGGHSDQWDOOD 
0HQVDMHVHPHUJHQWHV
/RVPHQVDMHVHPHUJHQWHVVHGLYLGHQHQWUHVJUXSRV
 3DQWDOODGHLQIRUPDFLµQ
) & ) &
 (VWDSDQWDOODSURSRUFLRQDLQIRUPDFLµQ¼WLOVREUHODP£TXLQD
 /DSDQWDOODSULQFLSDOHVVXVWLWXLGDSRUXQFXDGURHQPDUFDGR
HQYHUGHFRQHOW¯WXOR,QIR ,QIR (O]XPEDGRUGHDODUPD
VµORVXHQDXQDYH]
 /D3DQWDOODGHLQIRUPDFLµQGHVDSDUHFHDXWRP£WLFDPHQWH
&ORVHLQIR
(6&
DOFDERGHVHJXQGRV
 3DQWDOODGHFRPSUREDFLµQ
 (VWDSDQWDOODVLUYHSDUDLQIRUPDUDORSHUDGRUFXDQGRVH
GHWHFWDXQIDOORSDUFLDOHQODP£TXLQD
$ %  /DSDQWDOODSULQFLSDOHVVXVWLWXLGDSRUXQFXDGURHQPDUFDGR
HQDPDULOORFRQHOW¯WXOR&KHFN &RPSUREDF (O]XPEDGRU
GHDODUPDVXHQDYHFHV
 3DUDREWHQHUP£VLQIRUPDFLµQVREUHHOPHQVDMHHQOD
SDQWDOODSXOVHHOERWµQ6(/(&73DUDYROYHUDODSDQWDOOD
GHXVXDULRSXOVHHOERWµQ(6&
 3DQWDOODGHDGYHUWHQFLD
 (OREMHWRGHHVWDSDQWDOODHVDYLVDUDORSHUDGRUFXDQGRHO

VLVWHPDHOHFWUµQLFRGHWHFWDIXQFLRQDPLHQWRGHIHFWXRVRHQ
ODP£TXLQDRXQIDOORUHODFLRQDGRFRQODVHJXULGDG3DUHOD
P£TXLQDLQPHGLDWDPHQWHHLQYHVWLJXHODFDXVD
 /DWRWDOLGDGGHODSDQWDOOD,(&8HVVXVWLWXLGDSRUXQFXDGUR
HQPDUFDGRHQURMRFRQHOW¯WXOR:DUQLQJ $GYHUW 
 &XDQGRDSDUHFHOD3DQWDOODGHDGYHUWHQFLDVXHQDXQ
& 9
]XPEDGRUGHDODUPD
3DQWDOODVHPHUJHQWHV  &XDQGRVHSXOVDHOERWµQ(6&HQPXGHFHHOVRQLGRGH
DGYHUWHQFLD\VHDSDJDODO£PSDUDGHDGYHUWHQFLDFHQWUDO
$ ,QIR ,QIR 3DQWDOODGHLQIRUPDFLµQ 3DUDVDOLUGHOD3DQWDOODGHDGYHUWHQFLDSXOVHGHQXHYRHO
ERWµQ(6&(OPHQVDMHQRUHDSDUHFHU£PLHQWUDVQRVH
% &KHFN 3DQWDOODGHFRPSUREDFLµQ
&RPSUREDF GHVFRQHFWHODFRUULHQWHDXQTXHODVH³DOGHIDOORVLJDHQ
YLJHQFLD
& :DUQLQJ $GYHUW 3DQWDOODGHDGYHUWHQFLD
 3DUDREWHQHUP£VLQIRUPDFLµQVREUHHOPHQVDMHYHD
 9HKLFOHPHVVDJHV 0HQVDMHVGHOYHK¯FXOR HQHOPHQ¼
SULQFLSDO
127$
&XDQGRVXUJHQPHQVDMHVGHIDOORUHODFLRQDGRVFRQSUREOHPDV
GHSUHVLµQGHOULHOFRP¼QHO]XPEDGRU\ODDGYHUWHQFLDFHQWUDO
VHJXLU£QDFWLYRVLQGHSHQGLHQWHPHQWHGHORVERWRQHVTXHVH
SXOVHQ&RQVXOWHDOFRQFHVLRQDULRGH9ROYR&RQVWUXFWLRQ
(TXLSPHQW
0HQVDMHVGHIDOORUHODFLRQDGRVFRQODSUHVLµQGHOULHO
FRP¼Q
 ((&86HQVRUGHSUHVLµQGHOULHOFRP¼Q6(
 ((&83DUHIHFWLYRGHOULHOFRP¼Q33,'
 ((&86LVWHPDGHSUHVLµQGHOULHO36,'
 ((&89£OYXODGHVREUHSUHVLµQ36,'
 ((&88QLGDGGHFRQWUROGHFRPEXVWLEOH&5 )&8 
3:0
 3DQHOHVGHLQVWUXPHQWRV
 8QLGDGGHSDQWDOOD
3DQWDOOD&KHFN &RPSUREDF

7HPSLQWHUFDELQD 7HPSDPELHQWH (UURUVLVWFOLPDWL]DF


)DOORGHOVHQVRU )DOORGHOVHQVRU
3UHFDOHQWDLUHPRWRU 2EVWILOWURFRPEXVW $JXDHQFRPEXVWLEOH
UHVHUYDQRIXQFLRQD &RPSUSUµ[SDUDGD &RPSUSUµ[SDUDGD
(UURUHQHOPRWRU 7HPSDOWDDFHLWHPRW 2EVWILOWURDLUH
&RPSUSUµ[SDUDGD &RPSUSUµ[SDUDGD
1LYHOEDMRDFHLWHPRW 530GHOPRWRU )DOORGHFRPXQLFDFLµQ
&RPSUSUµ[SDUDGD )DOORGHOVHQVRU
1LYHOFRPEEDMR 1LYHOFRPEXVWLEOH $OWHUQDGRU
&RPSUSUµ[SDUDGD )DOORGHOVHQVRU )DOORGHYROWDMH
)DOORHQFRPSXWDGRUD (UURUHQFRQILJGH; $XWROXEULFDFLµQ
&RQILJKHUUDP; 6LVWHPD
9HQWLODGRUUHIULJHUDF )DOORUHO«GHEDWHU¯D )ORWDFLµQ
UHVHUYDQRIXQFLRQD &RPSUSUµ[SDUDGD UHVHUYDQRIXQFLRQD
6LVWHPDKLGU£XOLFR )DOORUHO«EORTDUU 7HPSDOWDVREUHDO
UHVHUYDQRIXQFLRQD &RPSUSUµ[SDUDGD &RPSUSUµ[SDUDGD
3UHVEDMDDFHLWHPRW 3UHVDLUHDGPDOWD )DOORLQWGH530
&RPSUSUµ[SDUDGD &RPSUSUµ[SDUDGD
7HPSDOWDUHIULJPRW 1LYEDMRUHIULJPRWRU 7HPSHUDWXUD(&8DOWD
&RPSUSUµ[SDUDGD &RPSUSUµ[SDUDGD
$OWDWHQVLµQVLVW %DMDWHQVLµQVLVW ,QMHFGHFRPEXV
UHVHUYDQRIXQFLRQD
)DOORHQFRPSXWDGRU 3UHVLµQGHVREUHFDUJD )DOORHQUHO«IXVLEOH
)DOORGHOVHQVRU &RPSUSUµ[SDUDGD
7HPSDFHLWHKLG )DOORHQWUDGD3:0; )DOORHQJDQFKHU£SLGR
)DOORGHOVHQVRU
)DOORHQIXVLEOH3:0 3UHVDLUHDGPEDMD )DOORIXVLEOHVROHQ
&RPSUSUµ[SDUDGD &RPSUSUµ[SDUDGD &RPSUSUµ[SDUDGD
3UHVLµQVXELGDSOXPD 3UHVLµQEDMDGDSOXPD 3UHVLµQGHODFXFKDUD
)DOORGHOVHQVRU )DOORGHOVHQVRU )DOORGHOVHQVRU
3UHVLµQJLUR 3UHVLµQUHFRJEUD]R 3UHVLµQH[WHQEUD]R
)DOORGHOVHQVRU )DOORGHOVHQVRU )DOORGHOVHQVRU
3UHVPRWRUWUDVOL]T 3UHVPRWRUWUDVOGHU
)DOORGHOVHQVRU )DOORGHOVHQVRU
3DQHOHVGHLQVWUXPHQWRV 
8QLGDGGHSDQWDOOD 
3DQWDOOD:DUQLQJ $GYHUW

$SDJDULQWSULQFLSDO $SDJDUHOPRWRU $SDJDUHOPRWRU


3UHFDOHQWDLUHPRWRU 7HPSDOWDVREUHDO 3UHVEDMDDFHLWHPRW
$SDJDUHOPRWRU $SDJDUHOPRWRU $SDJDUHOPRWRU
1LYEDMRUHIULJPRWRU 1LYHOEDMRDFHLWHPRW 3UHVDLUHDGPDOWD
%DMDWHQVLµQVLVW $SDJDUHOPRWRU $SDJDUHOPRWRU
7HPSDOWDDFHLWHPRW 7HPSDOWDUHIULJPRW
)DOORHQJDQFKHU£SLGR $SDJDUHOPRWRU $OWDWHQVLµQVLVW
)DOORHQFRPSXWDGRU
)DOORHQFRPSXWDGRU 'HWHQHUHOHYDFLµQ $ODUPDGHWUDVODFLµQ
5HGXFLUFDUJD )DOORGHOUHO«
$FHLWHKLGU£XOLFR $SDJDUHOPRWRU 5HGXFFLµQSRWHQFLD
7HPSHUDWXUDHOHYDGD 7HPSHUDWXUD(&8DOWD $JXDHQFRPEXVWLEOH
5HGXFFLµQSRWHQFLD $SDJDUHOPRWRU
2EVWILOWURDLUH ,QMHFGHFRPEXV


 3DQHOHVGHLQVWUXPHQWRV
 8QLGDGGHSDQWDOOD

7LSRVGHPDQGRSDUDRSHUDFLµQ;\;
6HWXS  7RJJOH &RQPXWDU
;ZRUNWRRO  3XVK 3UHVLRQDU
1HZ  3URSRUWLRQDO 3URSRUFLRQDO
&RQWURO 6LXQDP£TXLQDWLHQHXQDRSFLµQGHFRQWUROSURSRUFLRQDOSDUD
7RJJOH ;R;HOXVXDULRSXHGHFRQILJXUDUXQRGHHVWRVWLSRV'HOR
3XVK FRQWUDULRHOXVXDULRVµORSXHGHDMXVWDUXQRGHWLSRVTXHVRQ
3URSRUWLRQDO &RQPXWDUR3UHVLRQDU9HDODS£JLQDSDUDP£VGHWDOOHV
9 VREUHODVSDODQFDVRSFLRQDOHV
7LSRVGHPDQGRSDUD;\;

&RQWUROXVDQGRHOLQWHUUXSWRUGHDFWLYDFLµQ\GHVDFWLYDFLµQHQOD
SDODQFDGHPDQGR
 7LSR&RQPXWDUHQ,(&8
(ODFWXDGRUSDUD;R;VHDFWLYDSUHVLRQDQGRHOERWµQGH
DFWLYDFLµQ\GHVDFWLYDFLµQHQODSDODQFDGHPDQGR\
SHUPDQHFHU£DFWLYRLQFOXVRXQDYH]OLEHUDGRHOLQWHUUXSWRU(O
DFWXDGRUVHGHVDFWLYDU£FXDQGRVHSXOVHGHQXHYRHOPLVPR
9 LQWHUUXSWRURVHSUHVLRQHHORWURLQWHUUXSWRUSDUDHOVHQWLGR
3DODQFDGHPDQGRFRQLQWHUUXSWRUGHDFWLYDFLµQ\ RSXHVWR
GHVDFWLYDFLµQ  7LSR3UHVLRQDUHQ,(&8
 (ODFWXDGRUSDUD;R;HVW£DFWLYDGRPLHQWUDVVHPDQWHQJD
SUHVLRQDGRHOLQWHUUXSWRUGHDFWLYDFLµQ\GHVDFWLYDFLµQ
SRVLFLµQDFWLYDGD /DIXQFLµQVHGHVDFWLYDU£FXDQGRVH
OLEHUHHOLQWHUUXSWRUGHDFWLYDFLµQ\GHVDFWLYDFLµQ
&RQWUROXVDQGRHOLQWHUUXSWRUSURSRUFLRQDOHQODSDODQFDGH
PDQGR
 ,QWHUUXSWRUHVGHWLSR&RQPXWDU\3UHVLRQDUHQOD,(&8
(VWRVPDQGRVFRQLQWHUUXSWRUSURSRUFLRQDOVRQVLPLODUHVDORV
TXHLQFRUSRUDQXQLQWHUUXSWRUGHDFWLYDFLµQ\GHVDFWLYDFLµQ
SHURWLHQHQXQSXQWRHVSHFLDOSDUDDFWLYDUHODFWXDGRUGHELGR
DTXHHOLQWHUUXSWRUSURSRUFLRQDOWLHQHWDPEL«QXQYDORU
9 SURSRUFLRQDO
3DODQFDGHPDQGRFRQLQWHUUXSWRUSURSRUFLRQDO (QHOWLSRGHFRQPXWDFLµQHODFWXDGRUHVDFWLYDGRPRYLHQGR
 HOLQWHUUXSWRUSURSRUFLRQDOHQXQVHQWLGR\VHGHVDFWLYD
PRYLHQGRHOLQWHUUXSWRUHQHOPLVPRVHQWLGRRHQHOVHQWLGR
RSXHVWR
 7LSRSURSRUFLRQDOHQ,(&8
(ODFWXDGRUSDUD;R;VHDFWLYDSURSRUFLRQDOPHQWHDO
PRYLPLHQWRGHOLQWHUUXSWRUSURSRUFLRQDO
3DQHOHVGHLQVWUXPHQWRV 
3DQHOGHLQVWUXPHQWRVGHUHFKR 

3DQHOGHLQVWUXPHQWRVGHUHFKR
















9

 ,QWHUUXSWRUGHOLPSLDSDUDEULVDVVXSHULRU  ,QWHUUXSWRUGHYHORFLGDGGHWUDVODFLµQ
 ,QWHUUXSWRUGHDFRSODPLHQWRU£SLGRGH  ,QWHUUXSWRUGHOXFHVGHWUDEDMR
LPSOHPHQWRVGHUHFKR HTXLSDPLHQWRRSFLRQDO
 ,QWHUUXSWRUGHSDUDEULVDVLQIHULRU HTXLSR  ,QWHUUXSWRUGHOXFHVGHWUDEDMRDGLFLRQDOHV
RSFLRQDO HTXLSDPLHQWRRSFLRQDO
 ,QWHUUXSWRUGHODYDSDUDEULVDV  ,QWHUUXSWRUGHO£PSDUDGHDGYHUWHQFLDJLUDWRULD
HTXLSRRSFLRQDO
 ,QWHUUXSWRUGHFRQWUROGHU«JLPHQGHOPRWRU\  (QFHQGHGRUGHFLJDUULOORV HTXLSDPLHQWR
PRGRGHWUDEDMR RSFLRQDO
 7HFODGR  7RPDGHIXHU]D
 ,QWHUUXSWRUGHHQFHQGLGR

  ,QWHUUXSWRUGHOLPSLDSDUDEULVDVVXSHULRU
 3RVLFLµQ /LPSLDSDUDEULVDVVXSHULRUGHVFRQHFWDGR
3RVLFLµQ /LPSLDSDUDEULVDVVXSHULRUFRQHFWDGRGHIRUPD
LQWHUPLWHQWH
3RVLFLµQ /LPSLDSDUDEULVDVVXSHULRUFRQHFWDGRGHIRUPD
9 FRQWLQXD


$9,62
1ROHYDQWHHOSDUDEULVDVPLHQWUDVHVW«HQPDUFKDHOPRWRUGHO
OLPSLDSDUDEULVDV
 3DQHOHVGHLQVWUXPHQWRV
 3DQHOGHLQVWUXPHQWRVGHUHFKR
$ ,QWHUUXSWRUGHDFRSODPLHQWRU£SLGRGH

LPSOHPHQWRVGHUHFKR HTXLSDPLHQWRRSFLRQDO
3RVLFLµQDFRSODPLHQWRU£SLGRGHLPSOHPHQWRVFRQWUROGH
EORTXHR
 3RVLFLµQDFRSODPLHQWRU£SLGRGHLPSOHPHQWRVFRQWUROGH
LQLFLR
3UHVLRQHSDUDVROWDUHOGLVSRVLWLYRGHEORTXHRURMR $ \OXHJR
SUHVLRQHHOLQWHUUXSWRUKDVWDODSRVLFLµQ  SDUDLQLFLDUHO
9 DFRSODPLHQWRU£SLGR
$ 'LVSRVLWLYRGHEORTXHR

&XDQGRVHLQLFLDHODFRSODPLHQWRU£SLGRGHLPSOHPHQWRVHO
&KHFN
]XPEDGRUVXHQD\HOPHQVDMH\HOLQGLFDGRUGHFRPSUREDFLµQVH
PXHVWUDQHQOD,(&8
127$
(OLQWHUUXSWRUSDUDODDFWLYDFLµQGHODFRSODPLHQWRU£SLGRGH
LPSOHPHQWRVVLWXDGRHQHOSDQHOGHLQVWUXPHQWRVL]TXLHUGRGHEH
8QORFN4FRXSOHU
VHUSUHVLRQDGRSDUDDEULUHODFRSODPLHQWRU£SLGRGHLPSOHPHQWRV
9HDHOIXQFLRQDPLHQWRHQODS£JLQD
9

'HVEORTXHHHODFRSODPLHQWRU£SLGR

7UDVLQVWDODUHODFRSODPLHQWRU£SLGRGHLPSOHPHQWRVSUHVLRQHHO
&KHFN
LQWHUUXSWRUKDVWDODSRVLFLµQ  SDUDFHUUDUHODFRSODPLHQWR
U£SLGRGHLPSOHPHQWRV&XDQGRHOLQWHUUXSWRUHVW£HQODSRVLFLµQ
 HO]XPEDGRUVXHQD\HOPHQVDMH\HOLQGLFDGRUGH
FRPSUREDFLµQVHPXHVWUDQHQOD,(&8
127$
&RQILUP4FRXSOHU
3UHVLRQHHOLQWHUUXSWRUGHODFRSODPLHQWRU£SLGRGHLPSOHPHQWRV
HQHOSDQHOGHLQVWUXPHQWRVL]TXLHUGRSDUDFRQILUPDUTXHHO
9
DFRSODPLHQWRU£SLGRGHLPSOHPHQWRVHVW£EORTXHDGR9HDHO
&RQILUPHTXHHODFRSODPLHQWRU£SLGRHVW£ IXQFLRQDPLHQWRHQODS£JLQD
EORTXHDGR

3DQHOHVGHLQVWUXPHQWRV 
3DQHOGHLQVWUXPHQWRVGHUHFKR 
,QWHUUXSWRUGHSDUDEULVDVLQIHULRU HTXLSRRSFLRQDO

  3RVLFLµQ /LPSLDSDUDEULVDVLQIHULRUGHVFRQHFWDGR
3RVLFLµQ /LPSLDSDUDEULVDVLQIHULRUFRQHFWDGRGHIRUPD

LQWHUPLWHQWH
3RVLFLµQ /LPSLDSDUDEULVDVLQIHULRUFRQHFWDGRGHIRUPD
FRQWLQXD

9

,QWHUUXSWRUGHODYDSDUDEULVDV VµORVXSHULRU
 3XOVH /DYDSDUDEULVDVGHYHQWDQDVXSHULRU
$&7,9$'2
(OLQWHUUXSWRUUHWRUQDDXWRP£WLFDPHQWH

$9,62
9
1RPDQWHQJDSUHVLRQDGRHOLQWHUUXSWRUGHODYDSDUDEULVDVP£VGH
VHJXQGRV1RXVHHOODYDSDUDEULVDVFXDQGRHVW«YDF¯RHO

 GHSµVLWRGHO¯TXLGRODYDSDUDEULVDV
,QWHUUXSWRUGHODYDSDUDEULVDVFRQOLPSLDSDUDEULVDV
LQIHULRU HTXLSDPLHQWRRSFLRQDO
 3XOVH /DYDSDUDEULVDVGHYHQWDQDVVXSHULRUH
 LQIHULRU$&7,9$'2
3XOVH /DYDSDUDEULVDVGHYHQWDQDLQIHULRU
$&7,9$'2
(OLQWHUUXSWRUUHWRUQDDXWRP£WLFDPHQWH

9

 3DQHOHVGHLQVWUXPHQWRV
 3DQHOGHLQVWUXPHQWRVGHUHFKR
,QWHUUXSWRUGHFRQWUROGHU«JLPHQGHOPRWRU\PRGR
GHWUDEDMR
USP +D\QXHYH GLH]VLVHXVDHOPRGR3 SRVLFLRQHVGLIHUHQWHVGHO
Ģ
ġ ģ DFHOHUDGRUGLVSRQLEOHVDWUDY«VGHHVWHLQWHUUXSWRU*LUDQGRHO
LQWHUUXSWRUVHDXPHQWDSURJUHVLYDPHQWHHOU«JLPHQGHOPRWRU
6HJ¼QHOU«JLPHQGHOPRWRUVHOHFFLRQDGRVHDMXVWDU£
DXWRP£WLFDPHQWHHOPRGRGHWUDEDMR\VHYLVXDOL]DU£HOPRGRGH
FRQILJXUDFLµQHQODSDQWDOODSULQFLSDOGHOSDQHOGHLQVWUXPHQWRV
0RGRQRUPDO
9

3DVR
5«JLPHQGHOPRWRU sUSP  VLQ
0RGR GH 2EVHUYDFLRQHV
FDUJDFDUJD
PDQGR
3RWHQFLD 3DUDSURGXFWLYLGDGP£[LPDGXUDQWHOD
3 SRUHQFLPD
P£[LPD  H[FDYDFLµQGXUD\GH]DQMDV
3HVDGR + SRUHQFLPD 3DUDRSHUDFLRQHVDOJRP£VGXUDV
*  SRUHQFLPD
3DUDXQIXQFLRQDPLHQWRHFRQµPLFR
*HQHUDOLGDG *  SRUHQFLPD
GXUDQWHDSOLFDFLRQHVJHQHUDOHV
HV *  SRUHQFLPD
*  SRUHQFLPD
)   3DUDP£[LPDIXHU]DGHHOHYDFLµQ\
)LQR
)   FRQWUROPRGHUDGR
,   3DUDUDOHQW¯EDMRFDOHQWDPLHQWR\
5DOHQW¯
,   IXQFLRQDPLHQWRGHDOWDSUHFLVLµQ
3DQHOHVGHLQVWUXPHQWRV 
3DQHOGHLQVWUXPHQWRVGHUHFKR 
7HFODGR
 %RWRQHVGHPDQGRGH+9$&
/RVERWRQHVGHPDQGRGH+9$&VHXVDQSDUDFRQWURODUHO
 VLVWHPD+9$&9HDODS£JLQD
 %RWµQGHODVF£PDUDV VLHVW£GLVSRQLEOH
(VWHERWµQVHXVDSDUDFRQWURODUODSDQWDOODGHODF£PDUDHQOD,
(&8
   8QDSXOVDFLµQEUHYHGHOERWµQGHODVF£PDUDVPXHVWUDODYLVWD
 GHODVF£PDUDV3DUDREWHQHULQIRUPDFLµQGHWDOODGDDFHUFDGHO
FRQWUROGHODVF£PDUDVYHDODS£JLQD
 
 %RWµQ6HOHFW

  (VWHERWµQVHXVDSDUDFRQILUPDUHOHOHPHQWRRHODMXVWH
VHOHFFLRQDGRSRUHOXVXDULR

  %RWµQGHSDUDGDGHODYLVDGRUGHWUDVODFLµQ



 9

%RWRQHVGHPDQGRGH+9$&
(OERWµQGHSDUDGDGHODYLVDGRUGHWUDVODFLµQVHXVDSDUDDFWLYDU
RGHVDFWLYDUODIXQFLµQGH$YLVDGRUGHWUDVODFLµQGHOD9(&8
/DIXQFLµQGH$ODUPDGHWUDVODFLµQVHDFWLYDFDGDYH]TXHVH

 %RWµQGHODF£PDUD FRQHFWHHOHQFHQGLGR
 %RWµQ6HOHFW
 %RWµQGHSDUDGDGHODYLVDGRUGHWUDVODFLµQ  %RWµQGHDGYHUWHQFLDGHVREUHFDUJD
 %RWµQGHDGYHUWHQFLDGHVREUHFDUJD (OERWµQGHDGYHUWHQFLDDFWLYDRGHVDFWLYDODIXQFLµQGH
 %RWµQGHUDOHQW¯DXWRP£WLFR $GYHUWHQFLDGHVREUHFDUJD(VWHERWµQVLUYHSDUDYLVXDOL]DUHO
 %RWµQGHIOHFKDDVFHQGHQWH
V¯PEROR\GDUODDODUPDVLVHGHWHFWDODVH³DOGHVREUHFDUJD
 %RWµQGHIOHFKDGHVFHQGHQWH
 %RWµQ(6&  3ULPHUDRFXUUHQFLDGHVREUHFDUJD6HYLVXDOL]DHOPHQVDMH
 %RWµQGHPDUWLOOR\FL]DOOD HPHUJHQWH\VXHQDXQDDODUPD(OLQGLFDGRUGHDGYHUWHQFLDVH
 %RWµQ(&2 YLVXDOL]DWDPEL«QHQODSDQWDOODLQGLFDGRUD(OPHQVDMH
 %RWµQGHPRGRGHSRWHQFLDP£[LPD HPHUJHQWHVµORGHVDSDUHFHU£FXDQGRVHSXOVHHOERWµQ(6&
  &XDQGRVHUHSLWHODRFXUUHQFLDGXUDQWHODRSHUDFLµQGHOD
P£TXLQD6XHQDXQDVH³DOGHDGYHUWHQFLD\VHYLVXDOL]DHO
LQGLFDGRU&XDQGRVHUHGX]FDODFDUJDFHVDU£ODDODUPD\
GHVDSDUHFHU£HOLQGLFDGRU
 3DQHOHVGHLQVWUXPHQWRV
 3DQHOGHLQVWUXPHQWRVGHUHFKR
 %RWµQGHUDOHQW¯DXWRP£WLFR
(VWHERWµQDFWLYDRGHVDFWLYDODIXQFLµQGH5DOHQW¯DXWRP£WLFR
GHOD9(&8
(OU«JLPHQGHOPRWRUEDMDU£DXWRP£WLFDPHQWHDOPRGRGHUDOHQW¯
SDUDUHGXFLUHOFRQVXPRGHFRPEXVWLEOHVLQRVHDFFLRQDQLQJXQD
GHODVSDODQFDVGHPDQGRSDODQFDVGHWUDVODFLµQ SHGDOHV R
LQWHUUXSWRUGHFRQWUROGHU«JLPHQGHOPRWRUGXUDQWHVHJXQGRV
6LVHDFFLRQDFXDOTXLHUDGH«VWRVHOU«JLPHQGHOPRWRUYROYHU£
DOQLYHOHVWDEOHFLGRFRQHOLQWHUUXSWRUGHFRQWUROGHU«JLPHQGHO
PRWRU
 %RWµQGHIOHFKDDVFHQGHQWH
(VWHERWµQVHXVDSDUDGHVSOD]DUVHHQWUHHOHPHQWRV\DMXVWDU
FDGDVHJPHQWRGHODSDQWDOOD
 %RWµQGHIOHFKDGHVFHQGHQWH
(VWHERWµQVHXVDSDUDGHVSOD]DUVHHQWUHHOHPHQWRV\DMXVWDU
FDGDVHJPHQWRGHODSDQWDOOD
 %RWµQ(6&
(VWHERWµQVHXVDSDUDYROYHUDODSDQWDOODSUHYLDRSDUDVDOLUGH
HOODVLQJXDUGDU
(OERWµQ(6&VHXVDWDPEL«QSDUDDSDJDUODO£PSDUDGH
DGYHUWHQFLD\HOVRQLGR
 %RWµQGHPDUWLOOR\FL]DOOD
(VWHERWµQVHXVDSDUDDFWLYDUODIXQFLµQGHOPDUWLOOR\ODFL]DOOD
$QWHVGHXVDUODVIXQFLRQHVVLJXLHQWHVHVQHFHVDULRDFWLYDUHO
LQWHUUXSWRUGHPDUWLOOR\FL]DOOD
127$
(VWDLQVWUXFFLµQSXHGHYDULDUVHJ¼QHOWLSRGHODSDODQFDGH
DFFLRQDPLHQWR3DUDP£VLQIRUPDFLµQVREUHODSDODQFDGH
DFFLRQDPLHQWRYHDODS£JLQD
127$
6HOHFFLRQHODKHUUDPLHQWD;HQOD,(&8VHJ¼QVHLQGLFDHQOD
S£JLQD
127$
6LXQSHGDOLQFRUSRUDODRSFLµQ; PDUWLOOR\FL]DOOD 
(OSHGDOGHEHDMXVWDUVHVHJ¼QVHXVHSDUDPDUWLOORRFL]DOOD9HD
ODS£JLQDSDUDP£VGHWDOOHV
3DQHOHVGHLQVWUXPHQWRV 
3DQHOGHLQVWUXPHQWRVGHUHFKR 
$  0RGRGHPDUWLOOR
(OVLVWHPD;IXQFLRQDFXDQGRVHSLVDHOSHGDOKDFLDDGHODQWH
$ 
(OVLVWHPD;IXQFLRQDFXDQGRVHSXOVDHOERWµQ & 
'
&  0RGRGHFL]DOOD
(O;IXQFLRQDFXDQGRVHSLVDHOSHGDOKDFLDDGHODQWH $ R
% DWU£V %  VRORSDUDSHGDOKLGU£XOLFR
6LHVW£LQVWDODGRHOPDQGRGHXQLQWHUUXSWRUGH; PDUWLOOR\
FL]DOOD
 0RGRGHPDUWLOOR
(OVLVWHPD;IXQFLRQDFXDQGRVHSXOVDHOERWµQ
 0RGRGHFL]DOOD
(OVLVWHPD;QRIXQFLRQDU£

9 6LHVW£LQVWDODGRHOPDQGRGHLQWHUUXSWRUHVGH; PDUWLOOR


 FL]DOOD
 0RGRGHPDUWLOOR
(OVLVWHPD;IXQFLRQDFXDQGRVHSXOVDHOERWµQ & 
(OVLVWHPD;QRIXQFLRQDFXDQGRVHSXOVDHOERWµQ ' 
 0RGRGHFL]DOOD
(OVLVWHPD;IXQFLRQDFXDQGRVHSXOVDQORVERWRQHV & \

' 
 %RWµQ(&2
/DIXQFLµQ(&2HVXQPRGRSDUDHFRQRPL]DUHOFRQVXPRGH
FRPEXVWLEOHFXDQGRODP£TXLQDWUDEDMD
&XDQGRVHSUHVLRQDHOERWµQ(&2HQHOWHFODGRODERPEDGH
) & FRQWUROWUDEDMDSDUDHFRQRPL]DUFRQVXPRGHFRPEXVWLEOH(O
ERWµQVHHQFHQGHU£\VHPRVWUDU£HOV¯PEROR(&2HQOD,(&8
FXDQGRHVW«DFWLYDGR3UHVLRQHGHQXHYRHOERWµQSDUD
) * GHVDFWLYDUODIXQFLµQ\ODOX]GHOERWµQ\HOV¯PERORHQOD,(&8
, + 3

USP
VHDSDJDU£Q
)/2:

/ 127$
&/,0$7(
$872 $&
&XDQGRHOHQFHQGLGRVHDFWLYDHOPRGR(&2VHDFWLYDVLHPSUH
DXWRP£WLFDPHQWH
127$
(VWHPRGRVµORHVW£GLVSRQLEOHSDUDORVPRGRV3+***
9 \*GHOLQWHUUXSWRUGHFRQWUROGHPRGRYHORFLGDGWUDEDMRGHO
 PRWRU
 %RWµQGHPRGRGHSRWHQFLDP£[LPD HTXLSDPLHQWRRSFLRQDO
7UDVGHVSOD]DUSDVRVHOLQWHUUXSWRUGHFRQWUROGHU«JLPHQGH
PRWRU
&RQGLFLµQQRUPDO 0RGR+
3UHVLRQHHOERWµQ 0RGR3
6LQRVHXVDODP£TXLQDHQHOPRGR3GXUDQWHP£VGHVHJXQGRV
\VHDFWLYDHOLQWHUUXSWRUVHOHFWRUGHUDOHQW¯DXWRP£WLFRHOU«JLPHQ
GHOPRWRUEDMDDXWRP£WLFDPHQWHDOPRGRGHUDOHQW¯&XDQGRVH
XVHGHQXHYRODP£TXLQDYROYHU£GHQXHYRDOPRGR3(QHO
PRGR3SDVDU£DOPRGR+VLVHVHOHFFLRQDHOSDVRGHVSX«VGH
PRYHUHOLQWHUUXSWRUGHFRQWUROGHU«JLPHQGHOPRWRUXQSDVRP£V
 3DQHOHVGHLQVWUXPHQWRV
 3DQHOGHLQVWUXPHQWRVGHUHFKR
,QWHUUXSWRUGHHQFHQGLGR
  (OLQWHUUXSWRUGHHQFHQGLGRWLHQHWUHVSRVLFLRQHV$VHJ¼UHVHGH
DFFLRQDUHOLQWHUUXSWRUGHFRQH[LµQGHODEDWHU¯DDQWHVGHWUDWDU
 GHDUUDQFDUHOPRWRU
3RVLFLµQGHSDUDGD 
*LUHODOODYHDODSRVLFLµQSDUDDSDJDUHOPRWRU
3RVLFLµQGHPDUFKD SUHFDOHQWDPLHQWR  
/DP£TXLQDHVW£GRWDGDFRQXQVLVWHPDDXWRP£WLFRGH
SUHFDOHQWDPLHQWRGHOPRWRU&XDQGRVHJLUDHOLQWHUUXSWRUGH
HQFHQGLGRDODSRVLFLµQVHDFWLYDU£HOVLVWHPDHOHFWUµQLFRGHO
YHK¯FXOR\FRQHOORWDPEL«QHOVLVWHPDGHSUHFDOHQWDPLHQWR
9 DXWRP£WLFRGHOPRWRU
3RVLFLµQGHSDUDGD  3RVLFLµQGHDUUDQTXH 
3RVLFLµQGHPDUFKD SUHFDOHQWDPLHQWR   &XDQGRVHJLUDHOLQWHUUXSWRUGHHQFHQGLGRDODSRVLFLµQVH
3RVLFLµQGHDUUDQTXH  DFWLYDHOPRWRUGHDUUDQTXHSDUDDUUDQFDUHOPRWRUVLHPSUHTXH
 HOLQWHUUXSWRUGHEDWHU¯DHVW«FRQHFWDGR(OPRWRUGHDUUDQTXHQR
JLUDU£PLHQWUDVODSDODQFDGHEORTXHRGHPDQGRVHHQFXHQWUHHQ
ODSRVLFLµQGHVEORTXHDGD DUULED 9HDODS£JLQDSDUDP£V
GHWDOOHVVREUHODSDODQFDGHEORTXHRGHPDQGR

 ,QWHUUXSWRUGHYHORFLGDGGHWUDVODFLµQ
 3RVLFLµQ &RQGX]FDVµORD%$-$YHORFLGDG
3RVLFLµQ 7UDVODFLµQD$/7$R%$-$SRUFDPELR
DXWRP£WLFRVHJ¼QODFRQGLFLµQGHWUDVODFLµQ

9

$9,62
3DUDODP£TXLQDDQWHVGHVHOHFFLRQDURWUDYHORFLGDGGH
WUDVODFLµQ6HGHEHVHOHFFLRQDUEDMDYHORFLGDGSDUDODV
SHQGLHQWHVHQWHUUHQREODQGRHQHVSDFLRVOLPLWDGRVRFXDQGR
VHHVW£FDUJDQGRRGHVFDUJDQGRODP£TXLQDGHXQYHK¯FXORGH
WUDQVSRUWH
,QWHUUXSWRUGHOXFHVGHWUDEDMR

  3RVLFLµQ /DVOXFHVGHWUDEDMRHVW£QDSDJDGDV
 3RVLFLµQ /£PSDUDVGHOSDQHOGHLQVWUXPHQWRV\OXFHVGH
WUDEDMRGHODSODWDIRUPDHQFHQGLGDV
3RVLFLµQ /£PSDUDGHOWDEOHURGHLQVWUXPHQWRVOXFHVGH
WUDEDMRGHOWHFKR\OXFHVGHWUDEDMRGHODSOXPD
HQFHQGLGDV
9

,QWHUUXSWRUGHOXFHVGHWUDEDMRDGLFLRQDOHV
HTXLSDPLHQWRRSFLRQDO

  3RVLFLµQ /XFHVGHWUDEDMRDGLFLRQDOHVDSDJDGDV
 3RVLFLµQ /XFHVGHWUDEDMRDGLFLRQDOHVHQFHQGLGDV
IURQWDOGHFDELQD
3RVLFLµQ /XFHVGHWUDEDMRDGLFLRQDOHVHQFHQGLGDV
IURQWDOGHFDELQDWUDVHUDGHFDELQD\
FRQWUDSHVR
9

3DQHOHVGHLQVWUXPHQWRV 
3DQHOGHLQVWUXPHQWRVGHUHFKR 
 ,QWHUUXSWRUGHO£PSDUDGHDGYHUWHQFLDJLUDWRULD
HTXLSRRSFLRQDO

(VWHLQWHUUXSWRUVHXVDSDUDDFWLYDUODO£PSDUDGHDGYHUWHQFLD
JLUDWRULDFXDQGRHVW£DFWLYDGRHOVLVWHPDGHJLUR

3RVLFLµQ /£PSDUDGHDGYHUWHQFLDJLUDWRULD
9 GHVFRQHFWDGD
 3RVLFLµQ /£PSDUDGHDGYHUWHQFLDJLUDWRULDFRQHFWDGD
(QFHQGHGRUGHFLJDUULOORV HTXLSDPLHQWR
RSFLRQDO
(PS¼MHORKDFLDDEDMR\DOFDERGHXQRVVHJXQGRVYROYHU£DVX
SRVLFLµQRULJLQDO(QHVHPRPHQWRHVWDU£OLVWRSDUDXVDUOR 
9 

$9,62
/DWHQVLµQGHOHQFKXIHGHOHQFHQGHGRUGHFLJDUULOORVHV93RU
HOORQRFRQHFWHHQ«OQLQJ¼QGLVSRVLWLYRGH9

9

7RPDGHIXHU]D
(VWDWRPDHVSDUDGLVSRVLWLYRVHO«FWULFRVWDOHVFRPRXQFDUJDGRU
GHWHO«IRQRPµYLO&DSDFLGDGLQIHULRUD9 $

9

 3DQHOHVGHLQVWUXPHQWRV
 3DQHOGHLQVWUXPHQWRVSDUWHWUDVHUD

3DQHOGHLQVWUXPHQWRVSDUWH
WUDVHUD

 

 9

 7RPDGHIXHU]D  6LVWHPDGHDXGLR HTXLSRRSFLRQDO


 7RPDGHFRUULHQWHSDUDVHUYLFLR  &DOHQWDGRUDX[LOLDU HTXLSDPLHQWRRSFLRQDO

7RPDGHIXHU]D
(VWDWRPDHVSDUDHTXLSRVHO«FWULFRVWDOHVFRPRXQFDUJDGRUGH
WHO«IRQRPµYLORXQDQHYHUD
&DSDFLGDGLQIHULRUD9 $

9

7RPDGHFRUULHQWHSDUDVHUYLFLR
(VWDWRPDHVSDUDODKHUUDPLHQWDGHVHUYLFLR 0$75,6\9&$'6
3UR 

9

6LVWHPDGHDXGLR HTXLSRRSFLRQDO
3DUDP£VLQIRUPDFLµQYHDODS£JLQD
&DOHQWDGRUDX[LOLDU HTXLSDPLHQWRRSFLRQDO
3DUDP£VLQIRUPDFLµQYHDODS£JLQD
2WURVPDQGRV 


2WURVPDQGRV
   


 



9

 3DODQFDGHPDQGRL]TXLHUGD
 3DODQFDGHPDQGRGHUHFKD
 3DODQFDVGHWUDVODFLµQ
 3HGDOHVGHWUDVODFLµQ
 3HGDORSFLRQDO ;

/DVSDODQFDVGHPDQGRGHHVWDP£TXLQDHVW£QDMXVWDGDVHQ
I£EULFDSDUDTXHIXQFLRQHQVHJ¼QODSDXWDGHRSHUDFLµQ,62
6$(SDUDSUHVWDFLRQHVµSWLPDVGHODP£TXLQD
 2WURVPDQGRV
 0DQGRV

0DQGRV
3DODQFDGHPDQGRL]TXLHUGD
(VWDSDODQFDVLUYHSDUDJLUDUODVXSHUHVWUXFWXUD\PRYHUHOEUD]R
H[FDYDGRU

 

9
9

 %UD]RH[FDYDGRUDIXHUD 1 1HXWUDO VXSHUHVWUXFWXUD\EUD]RH[FDYDGRUHQSRVLFLµQ


QHXWUDO
 %UD]RH[FDYDGRUDGHQWUR  %UD]RH[FDYDGRUDIXHUD
 *LURDODL]TXLHUGD  %UD]RH[FDYDGRUDIXHUD\JLURGHVXSHUHVWUXFWXUDDOD
GHUHFKD
 *LURDODGHUHFKD  *LURGHVXSHUHVWUXFWXUDDODGHUHFKD
 %UD]RH[FDYDGRUDGHQWUR\JLURGHVXSHUHVWUXFWXUDDOD
GHUHFKD
 %UD]RH[FDYDGRUDGHQWUR
 %UD]RH[FDYDGRUDGHQWUR\JLURGHVXSHUHVWUXFWXUDDOD
L]TXLHUGD
 *LURGHVXSHUHVWUXFWXUDDODL]TXLHUGD
 %UD]RH[FDYDGRUDIXHUD\JLURGHVXSHUHVWUXFWXUDDOD
L]TXLHUGD
2WURVPDQGRV 
0DQGRV 
3DODQFDGHPDQGRGHUHFKD
(VWDSDODQFDPXHYHODSOXPD\ODFXFKDUD

 

9

 &XFKDUDDGHQWUR 1 1HXWUDO ODSOXPD\ODFXFKDUDVHPDQWLHQHQHQODSRVLFLµQ


GHUHSRVR
 &XFKDUDDIXHUD  %DMDUODSOXPD
 'HVFHQVRGHSOXPD  %DMDUODSOXPD\FXFKDUDDIXHUD
 (OHYDFLµQGHSOXPD 


&XFKDUDDIXHUD
/HYDQWDUODSOXPD\FXFKDUDDIXHUD
/HYDQWDUODSOXPD

 /HYDQWDUODSOXPD\FXFKDUDDGHQWUR
 &XFKDUDDGHQWUR
 %DMDUODSOXPD\FXFKDUDDGHQWUR
 2WURVPDQGRV
 0DQGRV
3DODQFDGHPDQGRFRQXQERWµQ

 $ % $ 3DODQFDGHPDQLREUDL]TXLHUGD
 % 3DODQFDGHPDQLREUDGHUHFKD
 %RWµQGHERFLQD
 5HIXHU]RPDUWLOOR
127$
&XDQGRVHDFWLYDHOLQWHUUXSWRUGHVHOHFFLµQGHOPDUWLOORQRIXQFLRQD
ODIXQFLµQGHUHIXHU]RGHSRWHQFLD

9

3DODQFDGHPDQGRFRQFXDWURERWRQHV
  $ 3DODQFDGHPDQLREUDL]TXLHUGD
$ %
 % 3DODQFDGHPDQLREUDGHUHFKD
  %RWµQGHURWDGRU
   %RWµQGHURWDGRU
 %RWµQGHERFLQD
   6LQDVLJQDFLµQ
 %RWµQGHPDUWLOOR\FL]DOOD
9  &L]DOOD6LQDVLJQDFLµQ
 %RWµQGHIORWDFLµQ
 %RWµQGHUHIXHU]R

3DODQFDGHPDQGRFRQWUHVERWRQHVHLQWHUUXSWRUSURSRUFLRQDO
 $ 3DODQFDGHPDQLREUDL]TXLHUGD
$ %  % 3DODQFDGHPDQLREUDGHUHFKD

  ,QWHUUXSWRUSURSRUFLRQDO
   ,QWHUUXSWRUSURSRUFLRQDO
 %RWµQGHERFLQD
  6LQDVLJQDFLµQ
 %RWµQGHUHIXHU]R
9  %RWµQGHIORWDFLµQ
 6LQDVLJQDFLµQ
127$
$QWHVGHDFFLRQDUORVPDQGRVGHMR\VWLFNSDUD;R;DVHJ¼UHVH
GHOHHU\FRPSUHQGHUORVGLVWLQWRVWLSRVGHPDQGRSDUDORV
GLIHUHQWHVERWRQHVHLQWHUUXSWRUHV9HDODS£JLQDSDUDP£V
GHWDOOHV
2WURVPDQGRV 
0DQGRV 
)XQFLµQGHUHIXHU]RGHSRWHQFLD
(OUHIXHU]RGHSRWHQFLDHVW£GLVH³DGRSDUDDXPHQWDUODVIXHU]DV
GHOEUD]RH[FDYDGRU\GHODFXFKDUD\ODVFDSDFLGDGHVGH
)
HOHYDFLµQ&XDQGRVHH[FDYDHQFRQGLFLRQHVGHH[FDYDFLµQ
&
VXPDPHQWHGXUDVVHUHFRPLHQGDSUHVLRQDUHOERWµQGHOUHIXHU]R
GHSRWHQFLDDQWHVGHLQLFLDUHOFLFORGHH[FDYDFLµQ
) *
6HDXPHQWDU£ODIXHU]DGHH[FDYDFLµQGXUDQWHVHJXQGRVTXH
+ 3
,
USP
HVHOWLHPSRVXILFLHQWHSDUDTXHHORSHUDGRUFDUJXHODFXFKDUD
)/2: $OFDERGHOSHULRGRGHVHJXQGRVVHGHVDFWLYDU£
/
&/,0 $7( DXWRP£WLFDPHQWHHOUHIXHU]RGHSRWHQFLD
$872 $&
(OLQGLFDGRUGHUHIXHU]RGHSRWHQFLDVHYLVXDOL]DHQODSDQWDOOD
LQGLFDGRUDGHOD,(&8FXDQGRTXLHUDTXHVHDDFWLYDGR(QHO
PRGR)HOUHIXHU]RGHSRWHQFLDHVW£DFWLYDGRFRQWLQXDPHQWH
9
SDUDXQDP£[LPDFDSDFLGDGGHHOHYDFLµQ
,QGLFDGRUGHOUHIXHU]RGHSRWHQFLD

3DODQFDVGHWUDVODFLµQ
3HGDOHVGHWUDVODFLµQ
6HXVDQSDUDPRYHU\GHWHQHUODP£TXLQD

$ 5XHGDGHFDGHQD
% $ 9
$9,62
(QHVWH/LEURGHLQVWUXFFLRQHVIUHQWHGHODQWHGHWU£VKDFLD

% 3ROHDWHQVRUD DWU£VGHUHFKDHL]TXLHUGDHVW£QEDVDGRVHQODSUHVXQFLµQGHTXH
ODVUXHGDVGHFDGHQDHVW£QVLWXDGDVGHWU£VGHODFDELQD
127$ 5HFXHUGHHVWRDQWHVGHXVDUODVSDODQFDVGHPDQGR\ORV
'HVSO£FHVHFRQODP£TXLQDHQPDUFKDDGHODQWH SHGDOHV
KDFLDHOODGRGHODUXHGDORFD SDUDUHGXFLUHO
GHVJDVWHGHODVSLH]DVPµYLOHVGHOFDUURLQIHULRU 6LGHVHDHIHFWXDUODWUDVODFLµQFRQWLQXDGHODP£TXLQDWHQJD

SUHVHQWHODVVLJXLHQWHVFRQGLFLRQHVGHRSHUDFLµQ

&RQGLFLRQHVGH 2SHUDFLµQ
PDVD
7HUUHQROODQR 1RVHGHVSODFHFRQWLQXDPHQWHGXUDQWHP£V
QRUPDOREODQGR GHKRUDV6LGHVHDGHVSOD]DUVHGXUDQWH
P£VGHKRUDVDDOWDYHORFLGDGGHW«QJDVH
GXUDQWHP£VGHPLQXWRV'HORFRQWUDULR
ORVURGLOORVGHRUXJDV\ODVUXHGDVORFDV
SXHGHQVREUHFDOHQWDUVH\FDXVDUXQDIXJD
GHDFHLWH
7HUUHQRGHVLJXDO /OHYHODP£TXLQDDEDMDYHORFLGDG\QRVH
RGXUR PH]FODGH GHVSODFHFRQWLQXDPHQWHGXUDQWHP£VGH
JUDYDSLHGUDV KRUD6LGHVHDFLUFXODUGXUDQWHP£VGH
URFDVRWURV KRUDGHW«QJDVHGXUDQWHP£VGH
REVW£FXORVRHQ PLQXWRV'HORFRQWUDULRORVURGLOORVGH
XQDSHQGLHQWH  RUXJDV\ODVUXHGDVORFDVSXHGHQ
VREUHFDOHQWDUVH\FDXVDUXQDIXJDGH
DFHLWH
 2WURVPDQGRV
 0DQGRV
 1 3XQWRPXHUWR VHGHWLHQHODP£TXLQD
1  $GHODQWH&XDQGRODUXHGDGHFDGHQDHVW«HQODSDUWH
 SRVWHULRUGHODP£TXLQDHPSXMHODSDODQFDKDFLDDGHODQWH
RSLVHODSDUWHGHODQWHUDGHOSHGDOSDUDKDFHUDYDQ]DUOD
P£TXLQD
 0DUFKDDWU£V&XDQGRODUXHGDGHFDGHQDVHHQFXHQWUHHQ
 ODSDUWHSRVWHULRUGHODP£TXLQDWLUHGHODSDODQFDKDFLD
  DWU£VRSLVHODSDUWHWUDVHUDGHOSHGDOSDUDGDUPDUFKDDWU£V
 DODP£TXLQD
127$
9 &XDQGRODVUXHGDVGHFDGHQDVHHQFXHQWUDQHQODSDUWH
 GHODQWHUDGHODP£TXLQD«VWDVHPRYHU£HQHOVHQWLGRRSXHVWR
DOLQGLFDGRSUHYLDPHQWH
 /DGLVWDQFLDTXHVHHPSXMDRVHWLUDGHODVSDODQFDV\SHGDOHV
GHWHUPLQDODYHORFLGDGGHWUDVODFLµQGHODP£TXLQD(VGHFLU
TXHVLVHHPSXMDRVHWLUDKDVWDWRSHGHODVSDODQFDVRSHGDOHV
ODP£TXLQDVHGHVSOD]DU£DODYHORFLGDGP£[LPDDFRQGLFLµQ
TXHVHKD\DHOHJLGRODYHORFLGDGGHWUDVODFLµQDOWD\TXHHO
U«JLPHQGHOPRWRUVHHQFXHQWUHHQODSRVLFLµQGHSOHQRV
JDVHV
 /RVIUHQRVGHODP£TXLQDVHDSOLFDQDXWRP£WLFDPHQWHFXDQGR
VHPXHYHQORVPDQGRVGHWUDVODFLµQDODSRVLFLµQQHXWUDO3DUD
UHGXFLUODYHORFLGDGGHWUDVODFLµQPXHYDOHQWDPHQWHORV
PDQGRVGHWUDVODFLµQGHYXHOWDDODSRVLFLµQFHQWUDO QHXWUDO 
 (QWLHPSRIU¯RODIXQFLµQGHWUDVODFLµQSXHGHVHUP£VSHVDGD
GHORQRUPDOGHELGRDODYLVFRVLGDGGHODFHLWH
' *LURDODL]TXLHUGD
 &XDQGRODVUXHGDVGHFDGHQDVHHQFXHQWUDQHQODSDUWH
WUDVHUDGHODP£TXLQD(PSXMHODSDODQFDGHUHFKD ' KDFLD
& GHODQWHODRUXJDGHUHFKDJLUDKDFLDGHODQWH\ODP£TXLQDVH
GHVSOD]DKDFLDGHODQWHDPHGLGDTXHJLUDKDFLDODL]TXLHUGD
7LUHGHODSDODQFDL]TXLHUGD & KDFLDDWU£VODRUXJDL]TXLHUGD
JLUDKDFLDDWU£V\ODP£TXLQDVHGHVSOD]DKDFLDDWU£VDPHGLGD
TXHJLUDKDFLDODL]TXLHUGD
 &XDQGRODVUXHGDVGHFDGHQDVHHQFXHQWUDQHQODSDUWH
GHODQWHUDGHODP£TXLQD$FFLRQDODVSDODQFDV &µ' HQ
VHQWLGRRSXHVWRDODQWHULRU

9

*LURDODGHUHFKD
'  &XDQGRODVUXHGDVGHFDGHQDHVW£QHQODSDUWHSRVWHULRUGH
ODP£TXLQD
(PSXMHODSDODQFDL]TXLHUGD & KDFLDGHODQWHODRUXJD
& L]TXLHUGDJLUDKDFLDGHODQWH\ODP£TXLQDVHGHVSOD]DKDFLD
GHODQWHDPHGLGDTXHJLUDKDFLDODGHUHFKD
7LUHGHODSDODQFDGHUHFKD ' KDFLDDWU£VODRUXJDGHUHFKD
JLUDKDFLDDWU£V\ODP£TXLQDVHGHVSOD]DKDFLDDWU£VDPHGLGD
TXHJLUDKDFLDODGHUHFKD
 &XDQGRODVUXHGDVGHFDGHQDVHHQFXHQWUDQHQODSDUWH
GHODQWHUDGHODP£TXLQD$FFLRQDODVSDODQFDV &µ' HQ
VHQWLGRRSXHVWRDODQWHULRU

9

2WURVPDQGRV 
0DQGRV 
' *LURFRPSOHWR
 &XDQGRODVUXHGDVGHFDGHQDHVW£QHQODSDUWHSRVWHULRUGH
ODP£TXLQD
7LUHGHODSDODQFDL]TXLHUGD & KDFLDDWU£VODRUXJDL]TXLHUGD
&
JLUDHQPDUFKDDWU£VDOPLVPRWLHPSRHPSXMHODSDODQFD
GHUHFKD ' KDFLDGHODQWHODRUXJDGHUHFKDJLUDKDFLDGHODQWH
\ODP£TXLQDGDU£SLGDPHQWHODYXHOWDHQHOOXJDUKDFLDOD
L]TXLHUGD
7LUHGHODSDODQFDGHUHFKD ' KDFLDDWU£VODRUXJDGHUHFKD
JLUDHQPDUFKDDWU£VDOPLVPRWLHPSRHPSXMHODSDODQFD
L]TXLHUGD & KDFLDGHODQWHODRUXJDL]TXLHUGDJLUDKDFLD
GHODQWH\ODP£TXLQDGDU£SLGDPHQWHODYXHOWDHQHOOXJDU
KDFLDODGHUHFKD
 &XDQGRODUXHGDGHFDGHQDHVW£HQODSDUWHGHODQWHUDGHOD
P£TXLQD
9 $FFLRQHODVSDODQFDV &R' HQVHQWLGRLQYHUVRDOLQGLFDGR
 DQWHULRUPHQWH
3HGDORSFLRQDO ;

3RVLFLµQ $FFLRQDPLHQWRGHOURPSHGRUKLGU£XOLFR PDUWLOOR


3RVLFLµQ %ORTXHHHOSHGDO
3RVLFLµQ $FFLRQDPLHQWRGHFL]DOODRWULWXUDGRU

$9,62

 $VHJ¼UHVHGHTXHHOSHGDOHVW£HQODSRVLFLµQEORTXHDGDFXDQGR
QRORHVW«XVDQGRSDUDSUHYHQLUODVPDQLREUDVDFFLGHQWDOHV



9

 2WURVPDQGRV
 &DELQD

&DELQD
5236 5ROO2YHU3URWHFWLYH6WUXFWXUH
/DFDELQDHVW£GLVH³DGDSDUDJDUDQWL]DUXQHVSDFLRP¯QLPRGH
SURWHFFLµQFRQWUDLPSDFWRVGHDFXHUGRFRQHOHVW£QGDU5236
SDUDH[FDYDGRUDV ,62 
(OPRQWDMHGHFXDOTXLHUHTXLSRDGLFLRQDOTXHUHVXOWHHQXQ
H[FHVRGHOSHVRP£[LPRFRPSUREDGRGHODP£TXLQDHQODSODFD
GHLGHQWLILFDFLµQ5236SXHGHDQXODUODFHUWLILFDFLµQ5236
1RVDOWHGHODFDELQDVLYXHOFDODP£TXLQD3HUPDQH]FDVHQWDGR
HQHODVLHQWRFRQHOFLQWXUµQGHVHJXULGDGDEURFKDGR
6LDOJXQDSDUWHGHODHVWUXFWXUDGHSURWHFFLµQGHODFDELQDVHYH
DIHFWDGDSRUGHIRUPDFLµQGHOSO£VWLFRRSRUDYHU¯DVODFDELQD
GHEHVHUVXVWLWXLGDLQPHGLDWDPHQWH
127$
1RUHDOLFHQXQFDPRGLILFDFLRQHVQRDXWRUL]DGDVGHODFDELQD
WDOHVFRPREDMDUODDOWXUDGHOWHFKRWDODGUDUVROGDUVRSRUWHVSDUD
H[WLQWRUGHLQFHQGLRVFRORFDUXQDDQWHQDGHUDGLRXRWURV
HTXLSRVVLQFRQVXOWDUSULPHURODPRGLILFDFLµQFRQSHUVRQDOGHO
'HSDUWDPHQWRGH,QJHQLHU¯DGH9ROYR(VWHGHSDUWDPHQWR
GHFLGLU£VLODPRGLILFDFLµQSXHGHFDXVDUODDQXODFLµQGHOD
KRPRORJDFLµQ
(VLPSRUWDQWHTXHWRGDVODVSDUWHVLQYROXFUDGDVWHQJDQ
SUHVHQWHVHVWRVUHJODPHQWRV
2WURVPDQGRV 
&DELQD 
3URWHFFLµQFRQWUDPDWHULDOTXHFDHRVHGLVSHUVD
HTXLSRRSFLRQDO
,QVWDOHODVSURWHFFLRQHVQHFHVDULDVVHJ¼QODVFRQGLFLRQHVGH
WUDEDMRFXDQGRKD\DSHOLJURGHTXHSHQHWUHHQODFDELQDPDWHULDO
TXHFDHRVHGLVSHUVD
)2* 3URWHFFLµQFRQWUDODFD¯GDGHREMHWRV \)236 (VWUXFWXUD
GHSURWHFFLµQFRQWUDODFD¯GDGHREMHWRV
6HGHEHQDGRSWDU)2*\)236FXDQGRVHHVSHUDTXHOD
P£TXLQDWUDEDMHHQXQ£UHDGRQGHORVPDWHULDOHVSXHGDQFDHUD
ODFDELQD(VSHFLDOPHQWHHQDSOLFDFLRQHVGHPLQHU¯DVHGHEH
DGRSWDU)2*
5HGGHVHJXULGDG
0RQWHODUHGGHVHJXULGDGSDUDPLQLPL]DUODSRVLELOLGDGGHURWXUD
GHOSDUDEULVDVFXDQGRWUDEDMHFRQXQURPSHGRU
/DVUHFRPHQGDFLRQHVDQWHULRUHVHVW£QEDVDGDVHQWUDEDMR
HVW£QGDU,QVWDOHODVJXDUGDVGHSURWHFFLµQDGLFLRQDOHV
QHFHVDULDVVHJ¼QODVFRQGLFLRQHVGHWUDEDMRGHOOXJDU\OD
QRUPDWLYDPXQLFLSDO
&RQWDFWHFRQVXFRQFHVLRQDULRDXWRUL]DGR9ROYRSDUDFXPSOLUFRQ
ODVGLVSRVLFLRQHVORFDOHV
&XDOTXLHUGD³RSXHGHDIHFWDUDODUHVLVWHQFLDGHODHVWUXFWXUD
&RQWDFWHDXQW«FQLFRGHVHUYLFLRFDOLILFDGRSDUDUHSDUDUOD
HVWUXFWXUDGHVHJXULGDGGHVSX«VTXHKD\DVXIULGRDYHU¯DV

1RGHMHTXHQDGLHHQWUHRSHUPDQH]FDHQHO£UHDGHSHOLJUR
127$
1RUHDOLFHQXQFDPRGLILFDFLRQHVQRDXWRUL]DGDVGHODFDELQD
WDOHVFRPREDMDUODDOWXUDGHOWHFKRWDODGUDUVROGDUVRSRUWHVSDUD
H[WLQWRUGHLQFHQGLRVFRORFDUXQDDQWHQDGHUDGLRXRWURV
HTXLSRVVLQFRQVXOWDUSULPHURODPRGLILFDFLµQFRQSHUVRQDOGHO
'HSDUWDPHQWRGH,QJHQLHU¯DGH9ROYR(VWHGHSDUWDPHQWR
GHFLGLU£VLODPRGLILFDFLµQSXHGHFDXVDUODDQXODFLµQGHOD
KRPRORJDFLµQ
(VLPSRUWDQWHTXHWRGDVODVSDUWHVLQYROXFUDGDVWHQJDQ
SUHVHQWHVHVWRVUHJODPHQWRV
 2WURVPDQGRV
 &DELQD

$9,62
&RPSUXHEHHOHVSDFLROLEUHHQWUHODFXFKDUD\ODFDELQDROD
SURWHFFLµQFRQWUDGHUUDPHVPRYLHQGRODFXFKDUDORP£VFHUFD
SRVLEOHGHODFDELQD(OULHVJRGHTXHODFXFKDUDJROSHHODFDELQD
HVPD\RUVLVHXVDHOSRUWDLPSOHPHQWRVRVLODFXFKDUDHVW£
GRWDGDFRQF£QFDPRVGHHOHYDFLµQ
& 3DUDEULVDVFRQ)2*OLPSLH]D
 'HVPRQWHORVWRUQLOORV $ \OHYDQWHODJXDUGD)2*
 /LPSLHHOSDUDEULVDV
 $SULHWHORVWRUQLOORV $ FRQXQSDUUHJXODGRSUHVLRQDQGROD
)2* s1PsNJIPsOEISLH
1RXWLOLFHODP£TXLQDPLHQWUDVODSURWHFFLµQFRQWUDFD¯GD
GHREMHWRV)2*HVW«LQFOLQDGD'HORFRQWUDULRSRGU¯DVHU
% GD³DGDSRUODFXFKDUD

$ 9

$ 7RUQLOORV
%& )2*
& )236

3DUDEULVDVFRQUHGGHVHJXULGDGOLPSLH]D
 4XLWHHOPDQJR % \DFRQWLQXDFLµQUHWLUHODPDOOD
 /LPSLHHOSDUDEULVDV
 0RQWHODPDOOD
$  )LMHHOPDQJR % HPSXMDQGRODPDOOD

%
9

$ 5HGGHVHJXULGDG
% 0DQJR

2WURVPDQGRV 
&DELQD 
$ % .LWDQWLYDQGDOLVPR RSFLRQDO
127$
/LPSLHHOEDUURODJUDVD\ORVHVFRPEURVGHODVXSHUILFLHGHODV
RUXJDVSHOGD³RVSDVDUHODV\SODWDIRUPDVGHWUDEDMRDQWHVGH
PRQWDUODVFXELHUWDVDQWLYDQGDOLVPR
& /DFXELHUWDVDQWLYDQGDOLVPRHVW£QJXDUGDGDVHQODFDELQD
/DWXHUFDGHPDULSRVD $ GHEHHVWDUDSUHWDGD\HOSDVDGRU %
GHEHU£HVWDUWDPEL«QHQODSRVLFLµQFRUUHFWDSDUDTXHQRVH
VXHOWHQFXDQGRVHXVDODP£TXLQD

6HQHFHVLWDQVHLVVRSRUWHVSDUDLQVWDODUODVFXELHUWDV
  3DUDPRQWDUHOVRSRUWHWUDVHUR  UHWLUHODEDUDQGLOODWUDVHUD
 \PµQWHODHQVXVLWLRFRQHOVRSRUWHWUDVHUR
 0RQWHGRVVRSRUWHVGHODQWHURV  3DUDHOODGRGHUHFKRGHO
VRSRUWHGHODQWHURGHVPRQWHODEDUDQGLOODGHODQWHUD  \
YXHOYDDPRQWDUODFRQHOVRSRUWHGHODQWHUR
 0RQWHORVGRVVRSRUWHVLQIHULRUHV  
9  0RQWHHOVRSRUWHODWHUDO  
3DUGHDSULHWH
$ 7XHUFDGHPDULSRVD  sNJIPs1PsOEIIW
% 3DVDGRU  sNJIPs1PsOEIIW
     sNJIPs1PsOEIIW
&


&XELHUWDV
6RSRUWHWUDVHUR
%DUDQGLOODWUDVHUD
 sNJIPs1PsOEIIW



127$
&XDQGRJXDUGHODVFXELHUWDV & DVHJ¼UHVHGHTXHORVWRUQLOORV
GHVHJXULGDGQRSURGXFHQURFHHQWUHODVFXELHUWDV




 

9

 %DUDQGLOODGHODQWHUD
 6RSRUWHVGHODQWHURV
 6RSRUWHVLQIHULRUHV
 6RSRUWHODWHUDO

 2WURVPDQGRV
 6LVWHPDGHEORTXHRGHPDQGRV

6LVWHPDGHEORTXHRGHPDQGRV

$'9(57(1&,$
5LHVJRGHOHVLRQHVJUDYHV
(OFRQWDFWRDFFLGHQWDOFRQXQDSDODQFDGHPDQGRSXHGHGDU
OXJDUDXQPRYLPLHQWRLQHVSHUDGRGHODP£TXLQDRGHVXV
FRPSRQHQWHVFRQJUDYHVOHVLRQHVFRPRFRQVHFXHQFLD
%ORTXHHVLHPSUHODSDODQFDGHEORTXHRGHPDQGRVDQWHVGH
DUUDQFDUHOPRWRURGHDEDQGRQDUHODVLHQWRGHOFRQGXFWRU
3RVLFLµQGHVEORTXHDGD $
/DSDODQFDGHEORTXHRGHPDQGRHVW£HQODSRVLFLµQ
'HVEORTXHDGD $ SDUDODVRSHUDFLRQHVGHWUDEDMR\WUDVODFLµQ
&XDQGRODSDODQFDGHEORTXHRGHPDQGRVHHQFXHQWUDHQHVWD
SRVLFLµQQRVHSXHGHDUUDQFDUHOPRWRU

 3RVLFLµQEORTXHDGD %
 /DSDODQFDGHEORTXHRGHPDQGRVHXVDSDUDEORTXHDUHO
LPSOHPHQWRHOJLUR\ODXQLGDGGHWUDVODFLµQ
$
3RQJDHVWDSDODQFDHQODFRQVRODGHPDQGRL]TXLHUGDHQOD
SRVLFLµQ%ORTXHDGD % SDUDEORTXHDUODVSDODQFDV\ORV
SHGDOHVGHPDQGRKLGU£XOLFRV
&XDQGRODSDODQFDGHEORTXHRGHPDQGRVHHQFXHQWUDHQHVWD
SRVLFLµQQRVHSXHGHDUUDQFDUHOPRWRU
%

9

 3DODQFDGHEORTXHRGHPDQGR
 3DODQFDGHPDQGRL]TXLHUGD
 &RQVRODGHPDQGRL]TXLHUGD
$ 3RVLFLµQGHGHVEORTXHR
% 3RVLFLµQGHEORTXHR

2WURVPDQGRV 
&RQIRUWGHOFRQGXFWRU 

&RQIRUWGHOFRQGXFWRU
$VLHQWRGHORSHUDGRU
(ODVLHQWRGHORSHUDGRUFXPSOHFRQORVUHTXLVLWRVGH(1
,62(VWRVLJQLILFDTXHHODVLHQWRHVW£GLVH³DGRGHIRUPD
TXHPLQLPLFHGHODPHMRUIRUPDSRVLEOHODVYLEUDFLRQHVGHFXHUSR
HQWHURDODVTXHVHYHH[SXHVWRHORSHUDGRUHQHOWUDEDMRQRUPDO
FRQODP£TXLQD
127$
(ODMXVWHGHODVLHQWRGHEHKDFHUVHVLHPSUHFXDQGRODP£TXLQD
HVW£SDUDGD
127$
$VHJ¼UHVHGHTXHQRKD\QLQJ¼QREMHWRGHQWURGHOD]RQDGH
PRYLPLHQWRGHODVLHQWRGHORSHUDGRU

 $'9(57(1&,$
5LHVJRGHOHVLRQHVJUDYHV
(OFRQWDFWRDFFLGHQWDOFRQXQDSDODQFDGHPDQGRSXHGHGDU


OXJDUDXQPRYLPLHQWRLQHVSHUDGRGHODP£TXLQDRGHVXV
FRPSRQHQWHVFRQJUDYHVOHVLRQHVFRPRFRQVHFXHQFLD
%ORTXHHVLHPSUHODSDODQFDGHEORTXHRGHPDQGRVDQWHVGH

DUUDQFDUHOPRWRURGHDEDQGRQDUHODVLHQWRGHOFRQGXFWRU


$9,62
  /DLQVWDODFLµQ\HOPDQWHQLPLHQWRGHODVLHQWRGHORSHUDGRUGHEHU£
 KDFHUODH[FOXVLYDPHQWHSHUVRQDOFRPSHWHQWH\DXWRUL]DGR

$9,62
3DUDFRQVHJXLUFRPRGLGDGµSWLPD\HOLPLQDUHOULHVJRGH
 DFFLGHQWHVGHEHDVHJXUDUVHGHTXHVHKDQHIHFWXDGR
  9 FRUUHFWDPHQWHWRGRVORVDMXVWHVGHODVLHQWRDQWHVGHDUUDQFDUOD
$VLHQWRGHORSHUDGRU WLSR$ P£TXLQD
 $MXVWHGHOSHVR 127$
 $MXVWHGHODQWHUR\WUDVHURFRM¯QGHODVLHQWR (ODVLHQWRHVW£GLVH³DGRSDUDXQDVRODSHUVRQDVHQWDGD
 $MXVWHGHO£QJXORFRM¯QGHODVLHQWR
 $MXVWHKRUL]RQWDODVLHQWRVXSHULRU
 $MXVWHKRUL]RQWDODVLHQWRVXSHULRU\
FRQVRODV
 $MXVWHGHDOWXUDFRQVRODV
 $MXVWHGHOUHSRVDFDEH]DV
 $MXVWHGHO£QJXORGHOUHVSDOGR
 $MXVWHGHOUHSRVDEUD]RV
 $MXVWHGHOVRSRUWHOXPEDU
 ,QWHUUXSWRUGHFDOHIDFFLµQGHODVLHQWR

 2WURVPDQGRV
 &RQIRUWGHOFRQGXFWRU
$VLHQWRGHVXVSHQVLµQPHF£QLFD HTXLSRRSFLRQDO
WLSR$
$MXVWHGHOSHVR

$MXVWHHODVLHQWRDOSHVRGHOFRQGXFWRUJLUDQGRHOPDQJRGH
DMXVWHGHSHVR(OSHVRDMXVWDGRGHEHU£HQFRQWUDUVHGHQWURGH
OD]RQDYHUGHGHOLQGLFDGRUGHPDUFKD

9

$ ,QGLFDGRUGHPDUFKD

$MXVWHGHODQWHUR\WUDVHURFRM¯QGHODVLHQWR
 /HYDQWHODSDODQFD  \DMXVWHHOFRM¯QGHODVLHQWRGHODQWH\
GHWU£V
$MXVWHGHO£QJXORFRM¯QGHODVLHQWR
/HYDQWHODSDODQFD  \DMXVWHHO£QJXORGHOFRM¯QGHODVLHQWR
3XHGHVHUQHFHVDULRUHGXFLUODSUHVLµQGHORSHUDGRUVREUHHOFRM¯Q
 GHODVLHQWRFXDQGRVHHIHFW¼DHVWHDMXVWH

9

$MXVWHKRUL]RQWDODVLHQWRVXSHULRU
6HSXHGHPRYHUHODVLHQWRKDFLDGHODQWH\DWU£VFRQUHODFLµQD
 ODVFRQVRODVGHPDQGR/HYDQWHHOPDQJR  \PXHYDHODVLHQWR
GHIRUPDTXHODVFRQVRODVTXHGHQHQODSRVLFLµQDGHFXDGDFRQ
UHODFLµQDODVLHQWR/DSDODQFDGHEORTXHRGHEHHQFDMDUHQOD
SRVLFLµQGHVHDGD1RGHEHVHUSRVLEOHPRYHUHODVLHQWRDRWUD
SRVLFLµQFXDQGRHVW«EORTXHDGR

9

2WURVPDQGRV 
&RQIRUWGHOFRQGXFWRU 
$MXVWHKRUL]RQWDODVLHQWRVXSHULRU\FRQVRODV
 (ODVLHQWR\ODVFRQVRODVSXHGHQDMXVWDUVHKDFLDGHODQWH\DWU£V
/HYDQWHODSDODQFD  \PXHYDHODVLHQWR\ODVFRQVRODVDOD
SRVLFLµQGHVHDGD
/DSDODQFDGHEORTXHRWLHQHTXHHQJDQFKDUHQODSRVLFLµQ
GHVHDGD1RGHEHVHUSRVLEOHPRYHUHODVLHQWRDRWUDSRVLFLµQ
 FXDQGRHVW«EORTXHDGR
$MXVWHGHDOWXUDFRQVRODV

9
*LUHHOPDQJR  \DMXVWHODDOWXUDGHODVFRQVRODVGHPDQGRV

$MXVWHGHOUHSRVDFDEH]DV

(OUHSRVDFDEH]DVSXHGHDMXVWDUVHHQDOWXUDWLUDQGRKDFLDDUULED
RDEDMR,QFRUSRUDWRSHVH[WUHPRVTXHOLPLWDQHOPRYLPLHQWR
7DPEL«QSXHGHDMXVWDUVHHQ£QJXORHPSXM£QGRORKDFLDGHODQWH
RDWU£V,QFRUSRUDWRSHVH[WUHPRVTXHOLPLWDQHOPRYLPLHQWR

9

$MXVWHGHO£QJXORGHOUHVSDOGR


7LUDQGRGHODSDODQFDGHPDQGR  VHOLEHUDHOSHVWLOORGHO
UHVSDOGR(QWRQFHVVHSXHGHLQFOLQDUHODVLHQWRKDFLDGHODQWHR

DWU£VDODSRVLFLµQGHVHDGD(OUHVSDOGRVHEORTXHDVROWDQGRHO
PDQJR
/DSDODQFDGHEORTXHRWLHQHTXHHQJDQFKDUHQODSRVLFLµQ
 GHVHDGD1RGHEHVHUSRVLEOHPRYHUHOUHVSDOGRDRWUDSRVLFLµQ
FXDQGRHVW«EORTXHDGR
$MXVWHGHOUHSRVDEUD]RV
 6HSXHGHPRGLILFDUODLQFOLQDFLµQGHOUHSRVDEUD]RVJLUDQGRHO
YRODQWHGHDMXVWH  PRQWDGRHQODSDUWHLQIHULRUGHO
UHSRVDEUD]RV6LHVQHFHVDULRVHSXHGHQHOHYDUORV
9 UHSRVDEUD]RVPDQXDOPHQWH

$MXVWHGHOVRSRUWHOXPEDU
*LUHHOYRODQWH  HQHOVHQWLGRGHODIOHFKDSDUDDXPHQWDUHO
VRSRUWHOXPEDU FLQFRSRVLFLRQHV 6LVHVLJXHJLUDQGRP£VDOO£
GHODSRVLFLµQP£[LPDHQHOPLVPRVHQWLGRHOVRSRUWHOXPEDU
YXHOYHDOP¯QLPR
 2WURVPDQGRV
 &RQIRUWGHOFRQGXFWRU
 ,QWHUUXSWRUGHFDOHIDFWRUGHDVLHQWR HTXLSRRSFLRQDO
‹VWHVLUYHSDUDFDOHQWDUHODVLHQWRGHORSHUDGRU
/DFDOHIDFFLµQGHODVLHQWRVHDFWLYDU£FXDQGRHVWHLQWHUUXSWRU
 HVW«HQODSRVLFLµQ  \ODWHPSHUDWXUDHVW«SRUGHEDMRGHr&
9
r) /DFDOHIDFFLµQGHODVLHQWRVHGHWLHQHFXDQGROD
WHPSHUDWXUDOOHJDDr& r) \VHDFWLYDU£GHQXHYRFXDQGR
ODWHPSHUDWXUDYXHOYDDFDHUSRUGHEDMRGHr& r) 
 &DOHIDFFLµQGHODVLHQWRGHVFRQHFWDGD
 &DOHIDFFLµQGHODVLHQWRFRQHFWDGD

$9,62
3DUDUHGXFLUHOULHVJRGHLQFHQGLRHVQHFHVDULRTXHDSDJXHOD
FDOHIDFFLµQGHOFRM¯QHODVLHQWRDQWHVGHDEDQGRQDUHODVLHQWR
$VLHQWRGHVXVSHQVLµQQHXP£WLFD HTXLSRRSFLRQDO
WLSR$
(ODVLHQWRGHORSHUDGRUHVW£WDPEL«QGLVSRQLEOHFRQVXVSHQVLµQ
QHXP£WLFDSDUDPHMRUDUD¼QP£VHOFRQIRUW/DVSRVLELOLGDGHVGH
DMXVWHVRQODVPLVPDVTXHSDUDXQDVLHQWRGHVXVSHQVLµQ
PHF£QLFDVDOYRHODMXVWHGHODVXVSHQVLµQQHXP£WLFD
3DUDDMXVWDUODVXVSHQVLµQQHXP£WLFDGHODVLHQWR
 *LUHHOLQWHUUXSWRUGHHQFHQGLGRD21SDUDDUUDQFDUHOPRWRU
 /HYDQWHVXSHVRGHODVLHQWRGHORSHUDGRU
 /HYDQWH\PDQWHQJDVXMHWDODSDODQFD $ KDVWDTXHODEROVD
GHDLUHHVW«FRPSOHWDPHQWHLQIODGD
 6L«QWHVH\SUHVLRQHODSDODQFD $ SDUDGHVLQIODU
 3DUHHOGHVLQIODGRFXDQGRFRPLHQFHDEDMDUHODVLHQWR(OSHVR
DMXVWDGRGHEHU£HQFRQWUDUVHGHQWURGHOD]RQDYHUGHGHO
LQGLFDGRUGHPDUFKD
127$
'HVSX«VGHDMXVWDGDODVXVSHQVLµQFRQHOSHVRGHORSHUDGRUOD
DOWXUDGHODVXVSHQVLµQGHEHU£HQFRQWUDUVHHQXQDSRVLFLµQ
% $ 9
GHQWURGHODFDUUHUDGHODVXVSHQVLµQ
$ 3DODQFDGHDMXVWH
% ,QGLFDGRUGHPDUFKD

2WURVPDQGRV 
&RQIRUWGHOFRQGXFWRU 
$VLHQWRGHVXVSHQVLµQPHF£QLFD HTXLSRRSFLRQDO
WLSR%
$MXVWHGHO£QJXORGHODVLHQWR
(PSXMHODSDODQFD  KDFLDDEDMRSDUDDMXVWDUHO£QJXORGHO
DVLHQWR
$MXVWHGHODVXVSHQVLµQ
$MXVWHHODVLHQWRDOSHVRGHOFRQGXFWRUJLUDQGRODPDQLOODGH
DMXVWHGHOSHVR  
127$
1RDMXVWHQXQFDODDOWXUDGHODVLHQWRFRQODPDQLOODGHDMXVWHGH
  ODVXVSHQVLµQ  
  $MXVWHGHO£QJXORGHOUHVSDOGR
 /HYDQWHODSDODQFD  \SUHVLRQHHOUHVSDOGRKDFLDDWU£VDOD
SRVLFLµQGHVHDGD
$MXVWHKRUL]RQWDODVLHQWRVXSHULRU
/HYDQWHODSDODQFD  \HPSXMHHODVLHQWRKDFLDDGHODQWHRDWU£V

 $MXVWHGHOUHSRVDEUD]RV


6HSXHGHPRGLILFDUODLQFOLQDFLµQGHOUHSRVDEUD]RVJLUDQGRHO
YRODQWHGHDMXVWH  PRQWDGRHQODSDUWHLQIHULRUGHO
UHSRVDEUD]RV6LHVQHFHVDULRVHSXHGHQHOHYDUORV

UHSRVDEUD]RVPDQXDOPHQWH
 $MXVWHGHOUHSRVDFDEH]DV
(O£QJXORGHOUHVSDOGRVHSXHGHDMXVWDUHPSXMDQGRKDFLDGHODQWH
RKDFLDDWU£V
$MXVWHGHOVRSRUWHOXPEDU
*LUHHOSRPR  SDUDDXPHQWDUODFDQWLGDGGHDSR\ROXPEDU
$MXVWHKRUL]RQWDODVLHQWRVXSHULRU\FRQVRODV
(ODVLHQWR\ODVFRQVRODVSXHGHQDMXVWDUVHKDFLDGHODQWH\DWU£V
/HYDQWHODSDODQFD  \PXHYDHODVLHQWR\ODVFRQVRODVDOD
9
SRVLFLµQGHVHDGD
$VLHQWRGHORSHUDGRU WLSR%
 $MXVWHGHO£QJXORGHODVLHQWR 127$
 $MXVWHGHODVXVSHQVLµQ $MXVWHGHIRUPDFRQYHQLHQWHHODVLHQWRGHORSHUDGRUSDUDREWHQHU
 $MXVWHGHO£QJXORGHOUHVSDOGR ODP£[LPDFRPRGLGDG
 $MXVWHKRUL]RQWDODVLHQWRVXSHULRU
 $MXVWHGHOUHSRVDEUD]RV
 $MXVWHGHOUHSRVDFDEH]DV
 $MXVWHGHOVRSRUWHOXPEDU
 $MXVWHKRUL]RQWDODVLHQWRVXSHULRU\
FRQVRODV

 2WURVPDQGRV
 &RQIRUWGHOFRQGXFWRU
$VLHQWRGHVXVSHQVLµQQHXP£WLFD HTXLSRRSFLRQDO
WLSR%
(ODVLHQWRGHORSHUDGRUHVW£WDPEL«QGLVSRQLEOHFRQVXVSHQVLµQ
QHXP£WLFDSDUDPHMRUDUD¼QP£VHOFRQIRUW/DVSRVLELOLGDGHVGH
DMXVWHVRQODVPLVPDVTXHSDUDXQDVLHQWRGHVXVSHQVLµQ
PHF£QLFDVDOYRHODMXVWHGHODVXVSHQVLµQQHXP£WLFD
3DUDDMXVWDUODVXVSHQVLµQQHXP£WLFDGHODVLHQWR
 *LUHHOLQWHUUXSWRUGHHQFHQGLGRD21SDUDDUUDQFDUHOPRWRU
 /HYDQWHVXSHVRGHODVLHQWRGHORSHUDGRU
 3UHVLRQH\PDQWHQJDSUHVLRQDGDODY£OYXOD $ KDVWDTXHOD
EROVDGHDLUHHVW«FRPSOHWDPHQWHLQIODGD
 6L«QWHVH\WLUHGHODY£OYXOD $ SDUDGHVLQIODU
 ,QWHUUXPSDHOGHVLQIODGRFXDQGRFRPLHQFHDEDMDUHODVLHQWR
127$
$
'HVSX«VGHDMXVWDGDODVXVSHQVLµQFRQHOSHVRGHORSHUDGRUOD
DOWXUDGHODVXVSHQVLµQGHEHU£HQFRQWUDUVHHQXQDSRVLFLµQ
GHQWURGHODFDUUHUDGHODVXVSHQVLµQ
9

$ 9£OYXODGHVXVSHQVLµQQHXP£WLFD

2WURVPDQGRV 
&RQIRUWGHOFRQGXFWRU 

&LQWXUµQGHVHJXULGDG

$'9(57(1&,$
c5LHVJRGHOHVLRQHVJUDYHV
(OPRYLPLHQWRLQHVSHUDGRGHODP£TXLQDSXHGHSURYRFDUTXHHO
RSHUDGRUVHDH[SXOVDGRGHODP£TXLQDFDXV£QGROHOHVLRQHV
JUDYHV
2SHUHODP£TXLQDVµORFXDQGRHVW«VHQWDGRHQHODVLHQWRGHO
RSHUDGRUFRQHOFLQWXUµQGHVHJXULGDGDEURFKDGR
(OFLQWXUµQGHVHJXULGDGHVFU¯WLFRSDUDODVHJXULGDGGHORSHUDGRU
\GHEHXWLOL]DUVHHQWRGRPRPHQWRGXUDQWHHOIXQFLRQDPLHQWRGH
ODP£TXLQDSDUDSUHYHQLUTXHHORSHUDGRUVDOJDGHVSHGLGRGHOD
$ FDELQDRGHODSODWDIRUPDGHORSHUDGRUVLODP£TXLQDYXHOFDRVH
YHLQYROXFUDGDHQXQDFFLGHQWH8QFLQWXUµQGHVHJXULGDG
DEURFKDGRWDPEL«QD\XGDDORSHUDGRUDPDQWHQHUHOFRQWUROGH
ODP£TXLQDVLHVWDVHPXHYHGHIRUPDUHSHQWLQDRLQHVSHUDGD(O
% QROOHYDUXQFLQWXUµQGHVHJXULGDGGXUDQWHHOIXQFLRQDPLHQWRGH
ODP£TXLQDSRGU¯DSURYRFDUJUDYHVOHVLRQHVRODPXHUWH(O
FLQWXUµQGHVHJXULGDGHVVRORSDUDXQDGXOWR0DQWHQJDHO
FLQWXUµQUHWUD¯GRFXDQGRQRORXWLOLFH

9 $'9(57(1&,$
$ 7LSRUHWUD¯EOH SXOJDGDV 5LHVJRGHOHVLRQHVJUDYHVHLQFOXVRPRUWDOHV
% 7LSRUHWUD¯EOH SXOJDGDV
8QFLQWXUµQGHVHJXULGDGGD³DGRSRGU¯DFDXVDUOHVLRQHVJUDYHV

RPRUWDOHV
&RPSUXHEHODVSLH]DVDVRFLDGDVFRQHOFLQWXUµQGHVHJXULGDG
DQWHVGHDUUDQFDUODP£TXLQD
&RPSUXHEHHOFLQWXUµQGHVHJXULGDG\ODVSLH]DVDVRFLDGDVFDGD
G¯D$VHJ¼UHVHGHTXHORVKHUUDMHVGHILMDFLµQHVW£QELHQ
DSUHWDGRV6XVWLWX\DWRGRHOFLQWXUµQGHVHJXULGDG
LQPHGLDWDPHQWHVLH[LVWHFXDOTXLHUGHVJDVWHVLODWHODHVW£
GHVKLODFKDGDFRUWDGDWLHQHSHVSXQWHVVXHOWRVODFRUUHDHVW£
GHIRUPDGDRHOUHWUDFWRUGHOFLQWXUµQGHVHJXULGDGQRIXQFLRQD
6XVWLWX\DHOFLQWXUµQGHVHJXULGDGVLODP£TXLQDKDHVWDGR
LQYROXFUDGDHQXQDFFLGHQWHGRQGHHOFLQWXUµQKD\DHVWDGR
VRPHWLGRDXQDJUDQWHQVLµQRFDUJD,QVSHFFLRQHORVKHUUDMHVGH
ILMDFLµQ1XQFDKD\TXHUHDOL]DUFDPELRVHQHOFLQWXUµQRVXV
ILMDFLRQHV
/¯PSLHORVRORFRQDJXDWHPSODGDQRXVHMDEµQQLGHWHUJHQWH
'HMHTXHHOFLQWXUµQVHVHTXHPLHQWUDVHVW£FRPSOHWDPHQWH
H[WHQGLGR\DQWHVGHUHWUDHUOR
9ROYR&RQVWUXFWLRQ(TXLSPHQWUHFRPLHQGDVXVWLWXLUORVFRQMXQWRV
GHFLQWXUµQGHVHJXULGDGFDGDD³RVLQGHSHQGLHQWHPHQWHGHVX
DVSHFWR
 2WURVPDQGRV
 &RQIRUWGHOFRQGXFWRU

6LVWHPDFOLPDWL]DGRU
6LVWHPD+9$& FDOHIDFFLµQYHQWLODFLµQ\DLUHDFRQGLFLRQDGR
6HSXHGHHTXLSDUODP£TXLQDFRQGLVWLQWRVWLSRVGHVLVWHPD3RU
HMHPSORFRQXQDXQLGDGGHDLUHDFRQGLFLRQDGRRFRQXQ
&/,0$7(
FDOHQWDGRUFRQXQLGDGGHDLUHDFRQGLFLRQDGR$QWHVGHXVDUHO
 $872  $& VLVWHPDHVWXGLHODLQIRUPDFLµQGHWDOODGDSDUDVXP£TXLQD
9
0DQGRGHYHORFLGDGGHOYHQWLODGRU
$ +RUD
% 0RGRGHDFRQGLFLRQDGRUGHDLUH
3XOVHORVERWRQHVµSDUDDXPHQWDURUHGXFLUODYHORFLGDGGHO
& 7HPSHUDWXUD YHQWLODGRU
' 9HORFLGDGGHOYHQWLODGRU &XDQGRVHSXOVDXQRGHHVWRVGRVLQWHUUXSWRUHVVHFDPELDGHO
( 6HQWLGRGHIOXMRGHODLUH PRGRDXWRP£WLFRDOPRGRPDQXDO
) &LUFXODFLµQGHIOXMRGHDLUH
* (VWDGRGHODFRQGLFLRQDGRUGHDLUH

0DQGRGHWHPSHUDWXUD
   3XVHORVERWRQHVµSDUDDXPHQWDURUHGXFLUODWHPSHUDWXUD
(OYDORUGHDMXVWHSRURPLVLµQHVr& r) \HOLQWHUYDORGH
DMXVWHr&ar& r)ar) 6LHOVHQVRUGHWHPSHUDWXUD
   HQODFDELQDQRHVW£IXQFLRQDQGRGHELGDPHQWHVHGHVDFWLYDU£HO
PRGRDXWRP£WLFR
   9HDODS£JLQDSDUDGHWDOOHVVREUHFµPRFDPELDUODXQLGDGGH
WHPSHUDWXUDGHJUDGRVFHQW¯JUDGRVD)DKUHQKHLW
 6HQWLGRGHIOXMRGHODLUH
3XOVHHOERWµQSDUDVHOHFFLRQDUHOVHQWLGRGHIOXMRGHODLUH
3XOVDQGRHOERWµQVHFDPELDGHOPRGRDXWRP£WLFRDOPRGR
PDQXDO
&LUFXODFLµQGHIOXMRGHDLUH
3XOVHHOERWµQSDUDVHOHFFLRQDUODFLUFXODFLµQGHOIOXMRGHDLUH
UHFLFODUHODLUHHQHOLQWHULRUGHODFDELQDROOHYDUDLUHGHOH[WHULRU
9 DOLQWHULRUGHODFDELQD
 %RWµQGHFRQWUROGHYHORFLGDGGHO &XDQGRHVW£DFWLYDGRHOPRGRGHGHVFRQJHODFLµQVHVHOHFFLRQD
YHQWLODGRU DXWRP£WLFDPHQWHHOPRGRGHDLUHSXUR
 %RWµQGHFRQWUROGHWHPSHUDWXUD 0RGRDXWRP£WLFR
 %RWµQGHVHQWLGRGHIOXMRGHODLUH
3XOVHHOERWµQSDUDVHOHFFLRQDUHOPRGRDXWRP£WLFRSDUDHO
 %RWµQGHFRQWUROGHYHORFLGDGGHOYHQWLODGRU
 %RWµQGHFRQWUROGHWHPSHUDWXUD DMXVWHGHODWHPSHUDWXUD
 %RWµQGHFLUFXODFLµQGHIOXMRGHDLUH 7DPEL«QVHSXHGHFDPELDUODWHPSHUDWXUDGHVHDGDFRQORV
 %RWµQGHVHOHFFLµQGHPRGRDXWRP£WLFR ERWRQHV\
 %RWµQGH$&
$&
 %RWµQGHVHOHFFLµQGHXQLGDGDQWLYDKR
 %RWµQGHDFWLYDFLµQ\GHVDFWLYDFLµQGHO 3XOVHHOERWµQSDUDDFWLYDUHODLUHDFRQGLFLRQDGR
VLVWHPD+9$& 8QLGDGDQWLYDKR
 3XOVHHOERWµQSDUDDFWLYDUODXQLGDGDQWLYDKR6HVHOHFFLRQD
DXWRP£WLFDPHQWHHOPRGRGHDLUHSXUR
3XOVDQGRHVWHERWµQHQHOPRGRDXWRP£WLFRVHFDPELDDOPRGR
PDQXDO
127$
7UDVPLQXWRVHVWHDMXVWHYXHOYHDXWRP£WLFDPHQWHDOPRGR
DQWHULRU
2WURVPDQGRV 
&RQIRUWGHOFRQGXFWRU 
$FWLYDFLµQ\GHVDFWLYDFLµQGHOVLVWHPD+9$&
3XOVHHOERWµQSDUDDFWLYDURGHVDFWLYDUHOVLVWHPD+9$&6H
PDQWHQGU£QWRGRVORVDMXVWHVVLVHGHVDFWLYDHOVLVWHPD
127$
,QFOXVRFXDQGRVHKD\DGHVDFWLYDGRHOVLVWHPD+9$&FXDQGRHO
(&& (OHFWURQLF&OLPDWH&RQWUROOHU UHFLEHODVH³DOGHFDOHQWDGRU
DX[LOLDUHO(&&DFWLYDHODMXVWHGHOSULPHUSDVRGHOYHQWLODGRUGH
UHIULJHUDFLµQHQHOPRGRPDQXDO

9HQWDQD
3DUDEULVDVDSHUWXUD

$9,62
0XHYDODSDODQFDGHPDQGRKDFLDDEDMRDVXSRVLFLµQP£VEDMD
DQWHVGHDEULURFHUUDUHOSDUDEULVDV
 %DMHHOLPSOHPHQWRKDVWDHOVXHOR\SDUHHOPRWRU
 3UHVLRQHDPERVERWRQHV ( SDUDOLEHUDUHOSDUDEULVDVGHOD
SRVLFLµQEORTXHDGD * DJDUUDQGRDOPLVPRWLHPSRDPERV
DVLGHURV ) \DFRQWLQXDFLµQPXHYDHOSDUDEULVDVKDFLD


DUULED
9 127$
 'HMHGHOHYDQWDUDSHQDVVHGHVHQJDQFKHHOSDUDEULVDV
 6RVWHQJDVµORORVGRVDVLGHURV ) WLUHGHOSDUDEULVDVKDFLD
DUULED\KDFLDDWU£V\DFRQWLQXDFLµQI¯MHODHQODSRVLFLµQGH
EORTXHR
127$
6LHOSDUDEULVDVHVW£DJULHWDGRGHEHU£VHUUHHPSOD]DGR
LQPHGLDWDPHQWH&RQWDFWHDXQW«FQLFRGHVHUYLFLRFDOLILFDGRSDUD
TXHORUHHPSODFH
3DUDEULVDVFLHUUH
 %DMHHOLPSOHPHQWRKDVWDHOVXHOR\SDUHHOPRWRU
 (PSXMHDPERVERWRQHV ( PLHQWUDVVRVWLHQHDPERVDVLGHURV
) SDUDVDFDUHOSDUDEULVDVGHODSRVLFLµQGHEORTXHR
* *  $JDUUHVRODPHQWHHODVLGHUR ) \WLUHGHVSDFLRGHOSDUDEULVDV
KDFLDDEDMR
 )LMHELHQHOSDUDEULVDV\DSUL«WHORHQODSRVLFLµQEORTXHDGD
( ( * 

) )

9

 2WURVPDQGRV
 &RQIRUWGHOFRQGXFWRU
9HQWDQDLQIHULRUGHVPRQWDMH
 $EUDHOSDUDEULVDV
 $JDUUHODSDUWHVXSHULRUGHOSDUDEULVDVFRQODVGRVPDQRV\
WLUHGH«OKDFLDDUULED
 3RQJDHOSDUDEULVDVTXLWDGRHQODSRVLFLµQGH
DOPDFHQDPLHQWRGHQWURGHODSXHUWDGHODFDELQD
 *LUHODSDODQFDGHEORTXHRDODSRVLFLµQEORTXHDGD % 
127$
9
$VHJ¼UHVHGHTXHHOSDUDEULVDVLQIHULRUHVW£FRUUHFWDPHQWH

EORTXHDGRHQODSRVLFLµQGHDOPDFHQDPLHQWR

127$
7HQJDFXLGDGRGHQRGHMDUFDHUHOSDUDEULVDVFXDQGRVXHOWHOD
SDODQFDGHEORTXHR
$

9

3DODQFDGHEORTXHRSDUDYHQWDQDLQIHULRU
$ 3RVLFLµQOLEHUDGD
% 3RVLFLµQGHEORTXHR


3XHUWD
(OEORTXHRGHODSXHUWD $ VHXWLOL]DSDUDPDQWHQHUODSXHUWDGH
ODFDELQDDELHUWDGHIRUPDVHJXUD
 (PSXMHODSXHUWDFRQWUDHOH[WHULRUGHODFDELQD
 $VHJ¼UHVHGHTXHTXHGHELHQILMDGDHQHOEORTXHR $
3UHVLRQHODSDODQFD % HQHOLQWHULRUGHODFDELQDSDUD
GHVEORTXHDUODSXHUWD

9 $


9

2WURVPDQGRV 
&RQIRUWGHOFRQGXFWRU 
9LVHUD
  8VHODVYLVHUDVGHODQWHUDVHQHOWHFKR\WUDVHUDSDUDSURWHJHUVH
 FRQWUDORVUD\RVGHOVROTXHHQWUDQSRUODVYHQWDQDV

9

 9LVHUDGHODQWHUD
 9LVHUDGHOWHFKR
 9LVHUDWUDVHUD


9LVHUDFRQWUDODOOXYLD
8QDYLVHUDLPSLGHODFD¯GDGHODOOXYLDHQORVSLHVGHORSHUDGRU
% FXDQGRHVW£DELHUWRHOSDUDEULVDV
$

$9,62
&RQDOJXQDVFRPELQDFLRQHVGHLPSOHPHQWRKD\ULHVJRGHTXH
HOLPSOHPHQWRJROSHHODFDELQD(YLWHORVGD³RVWHQLHQGRFXLGDGR

FXDQGRWUDEDMHFHUFDGHODP£TXLQD
3URWHFFLµQVRODU
8QDSURWHFFLµQVRODUHQHOWHFKRUHGXFHD¼QP£VODOX]HQWUDQWH
\ODUDGLDFLµQW«UPLFD
&XDQGRLQVWDOHHOWHFKRGHSURWHFFLµQVRODUFRQVLGHUHRWURV
9
HTXLSRVRSFLRQDOHVWDOHVFRPRSURWHFFLµQSDUDOOXYLDMXHJR
$ 9LVHUDFRQWUDODOOXYLD DQWLYDQGDOLVPRHWF«WHUD
% 3URWHFFLµQVRODU

&XHQWDKRUDV
(OFXHQWDKRUDVLQGLFDHOQ¼PHURWRWDOGHKRUDVTXHKDHVWDGR
IXQFLRQDQGRHOPRWRU6µORUHJLVWUDODKRUDFXDQGRHVW£HQ
PDUFKDHOPRWRU
+


9

 2WURVPDQGRV
 &RQIRUWGHOFRQGXFWRU
7HFKR
(VFRWLOODGHOWHFKRDSHUWXUD
 $JDUUHHOPDQJR  \J¯UHORHQHOVHQWLGRGHDSHUWXUD  
 $EUDHOWHFKR  
 
$9,62
 /DHVFRWLOODGHOWHFKRGHEHHVWDUFHUUDGDGHIRUPDVHJXUDGXUDQWH
HOWUDQVSRUWH
9 127$
 0DQJR 6HSXHGHHVSHFLILFDURSFLRQDOPHQWHODFDELQDFRQHVFRWLOODGH
 6HQWLGRGHDSHUWXUD WHFKRILMD(QHVHFDVRQRKDEU£PDQJRQLPXHOOHGHJDV
 (VFRWLOODGHOWHFKR


&RPSDUWLPLHQWRJXDUGDREMHWRV
(QODSDUWHWUDVHUDGHODVLHQWRGHORSHUDGRUKD\XQ
FRPSDUWLPLHQWRJXDUGDREMHWRV
127$
1RJXDUGHKHUUDPLHQWDVHQHOFRPSDUWLPLHQWRJXDUGDREMHWRV
(OORSRGU¯DGD³DUHOFRPSDUWLPLHQWR

9

3RUWDYDVRV
8VHHOSRUWDYDVRVSDUDVRVWHQHUODVODWDVGHEHELGDVGH
JDVHRVDV

9

2WURVPDQGRV 
&RQIRUWGHOFRQGXFWRU 
&HQLFHUR HTXLSDPLHQWRRSFLRQDO
$ 7LUHGHOFDQWRVXSHULRUGHOFHQLFHUR $ SDUDDEULUOR
7LUHGHOFHQLFHURKDFLDDUULEDSDUDVDFDUORGHODFRQVRODFXDQGR
YD\DDOLPSLDUOR
127$
$VHJ¼UHVHGHFHUUDUHOFHQLFHURGHVSX«VGHXVDUORDILQGHHYLWDU
WRGDSRVLELOLGDGGHLQFHQGLR
127$
(OFHQLFHURSXHGHSRQHUVHHQHOSRUWDYDVRV

9

*DQFKRSDUDURSD
/RVJDQFKRVSDUDURSD $ VHHQFXHQWUDQGHQWURGHODFDELQD
127$
1RFXHOJXHGHOJDQFKRQDGDTXHSXHGDREVWUXLUODYLVLµQGHO
RSHUDGRU

$

9


/LEURGHLQVWUXFFLRQHVDOPDFHQDPLHQWR
(OEROVLOORSDUDJXDUGDUHO/LEURGHLQVWUXFFLRQHVHVW£XELFDGRHQ
ODSDUWHWUDVHUDGHODVLHQWR*XDUGHHO/LEURGHLQVWUXFFLRQHVHQ
HOEROVLOORGHIRUPDTXHVLHPSUHHVW«DPDQR

([WLQWRUXELFDFLµQ
RSFLRQDO
,QVWDOHHOH[WLQWRUGHODVLJXLHQWHPDQHUD
'HVPRQWHORVGRVWRUQLOORVGHQWURGHORVFDSXFKRQHV 
LQVWDODGRVHQODSDUWHWUDVHUDGHODFDELQD\PRQWHHQWRQFHVHO
H[WLQWRU

9

 2WURVPDQGRV
 &RQIRUWGHOFRQGXFWRU
6DOLGDGHHPHUJHQFLD
/DFDELQDWLHQHGRVVDOLGDVGHHPHUJHQFLDODSXHUWD\HO
SDUDEULVDVWUDVHUR
,QGHSHQGLHQWHPHQWHGHOWLSRGHSDUDEULVDVWUDVHURURPSDHO
FULVWDOFRQHOPDUWLOORXELFDGRHQODSDUWHWUDVHUDGHODFDELQD

$9,62
1RVHGHEHUHWLUDUHOPDUWLOORGHVXSRVLFLµQQLXVDUORHQ
RFDVLRQHVTXHQRVHDQXQDVLWXDFLµQGHHPHUJHQFLD6LVHSLHUGH
HOPDUWLOORGHEHU£UHHPSOD]DUVHLQPHGLDWDPHQWH

9
$9,62
0DUWLOOR (OPDUWLOORSDUDODVDOLGDGHHPHUJHQFLDOOHYDXQFXFKLOOR

LQFRUSRUDGR&RUWHHOFLQWXUµQGHVHJXULGDGFRQHOFXFKLOORVLQR
VHSXHGHGHVDEURFKDUODKHELOOD
2WURVPDQGRV 
&RQIRUWGHOFRQGXFWRU 

6LVWHPDDXGLR
 0«WRGRGHFRQILJXUDFLµQGHODUDGLRSRUUHJLRQHV
(XURSD3XOVHSULPHURHOERWµQ)0$0\DFRQWLQXDFLµQHO
ERWµQGHSUHVHOHFFLµQGXUDQWHVHJXQGRV
127$
6HKDEU£FRQFOXLGRODFRQILJXUDFLµQFXDQGRVHYLVXDOLFHHO
PHQVDMH(8
$P«ULFDGHO1RUWH3XOVHSULPHURHOERWµQ)0$0\D
FRQWLQXDFLµQHOERWµQGHSUHVHOHFFLµQGXUDQWH
VHJXQGRV
127$
6HKDEU£FRQFOXLGRODFRQILJXUDFLµQFXDQGRVHYLVXDOLFHHO
PHQVDMH1$
2WURVSXOVHSULPHURHOERWµQ)0$0\DFRQWLQXDFLµQHO
ERWµQGHSUHVHOHFFLµQGXUDQWHVHJXQGRV
127$
6HKDEU£FRQFOXLGRODFRQILJXUDFLµQFXDQGRVHYLVXDOLFHHO
PHQVDMH,17
 ,QWHUYDORVGHVLQWRQL]DFLµQ

&LQWD )UHFXHQFLD

(XURSD )0 a0+]
$0 0: a.+]
/: a.+]
$P«ULFDGHO1RUWH )0 a0+]
$0 a.+]
9DULRV )0 a0+]
$0 a.+]
 2WURVPDQGRV
 &RQIRUWGHOFRQGXFWRU
5DGLR\86%UHSURGXFWRUGH03 HTXLSRRSFLRQDO
    

         
9

 (QFHQGLGR\YROXPHQ  3UHVHOHFFLµQ5HSHWLU
 %XVFDU\UDVWUHDU  3UHVHOHFFLµQ$OHDWRUL]DU
 %60\',5  3UHVHOHFFLµQ$YDQFH
 6LQWRQL]DUPRGR$\DUFKLYR  3UHVHOHFFLµQ5HWURFHGHU
 $0)0  86%
 0RGR  $8;
 3UHVHOHFFLµQ,QIRUPDFLµQ  3DQHO/&'
 3UHVHOHFFLµQ(VFDQHDU
2WURVPDQGRV 
&RQIRUWGHOFRQGXFWRU 
%RWµQGHDMXVWHGHHQFHQGLGR\YROXPHQ 
 %RWµQGHHQFHQGLGR
3UHVLRQHHOERWµQGHHQFHQGLGRSDUDFRQHFWDUHOVLVWHPDGH
DXGLR0LHQWUDVHODXGLRHVW£IXQFLRQDQGRSUHVLRQHHOERWµQ
SDUDDSDJDUODFRUULHQWH
 %RWµQGHOYROXPHQ
*LUHHOERWµQGHOYROXPHQHQVHQWLGRGHODVDJXMDVGHOUHORM
SDUDDXPHQWDUHOYROXPHQ\HQVHQWLGRFRQWUDULRDOGHODV
DJXMDVGHOUHORMSDUDGLVPLQXLUHOYROXPHQ
%RWµQGH%86&$5\5$675($5 
 %RWµQGHE¼VTXHGDDXWRP£WLFDGHHPLVRUDV %86&$5
5$675($5
/RVERWRQHVVHXVDQSDUDEXVFDUHPLVRUDV
DXWRP£WLFDPHQWHSUHVLRQDUHVWHERWµQUHDOL]DU£XQD
E¼VTXHGDDXWRP£WLFD\VHGHWHQGU£HQXQDIUHFXHQFLDFRQ
ODPHMRUUHFHSFLµQ
%86&$5EXVFDIUHFXHQFLDVP£VDOWDVTXHODIUHFXHQFLD
DFWXDO
5$675($5EXVFDIUHFXHQFLDVP£VEDMDVTXHOD
IUHFXHQFLDDFWXDO
 %RWµQSDUDUDVWUHDUDUULEDDEDMR %86&$55$675($5
0LHQWUDVVXHQDXQGLVSRVLWLYR86%SUHVLRQDUHOERWµQ
%86&$5KDU£TXHHPSLHFHDVRQDUHOSUµ[LPRWHPD
3UHVLRQHHOERWµQ5$675($5SDUDYROYHUDOSULQFLSLRGHO
WHPDDFWXDO3UHVLRQHHOERWµQGHQXHYRSDUDTXHVXHQHHO
WHPDDQWHULRUGHVGHHOSULQFLSLR

%RWµQ%60\',5 
 %RWµQGHPHPRULDGHPHMRUHVWDFLµQ %60
3UHVLRQHHOERWµQ%60SDUDJXDUGDUDXWRP£WLFDPHQWH
IUHFXHQFLDVFRQODPHMRUUHFHSFLµQHQODVSUHVHOHFFLRQHV 
,1)250$&,•1a5(752&('(5 
 %RWµQGHGLUHFWRULRDUULEDDEDMR %60',5
6LKD\P£VGHFDUSHWDVHQHOGLVSRVLWLYR86%SUHVLRQDU
HOERWµQGH%60DUULED',5DEDMROOHYDU£DOGLUHFWRULR
DQWHULRURVLJXLHQWH
6LQRKD\FDUSHWDVHQHOGLVSRVLWLYR86%SUHVLRQDUHOERWµQ
OOHYDU£DUULEDDEDMRGHQWURGHODFDUSHWDHQLQFUHPHQWRVGH
DUFKLYRV
 2WURVPDQGRV
 &RQIRUWGHOFRQGXFWRU
%RWµQ6,1721,=$502'2$\$5&+,92 
 %RWµQGHE¼VTXHGDPDQXDOGHHPLVRUDV 6,1721,=$5
(OERWµQVHXVDSDUDEXVFDUIUHFXHQFLDVPDQXDOPHQWHXQ
SLWLGRGHO3$62%86&$5FDPELDU£ODIUHFXHQFLD
*LUHHOERWµQHQVHQWLGRGHODVDJXMDVGHOUHORMSDUD
DXPHQWDUODIUHFXHQFLD\HQVHQWLGRFRQWUDULRDOGHODV
DJXMDVGHOUHORMSDUDGLVPLQXLUODIUHFXHQFLD
 %RWµQGHDMXVWHGHOVRQLGR 02'2$
3UHVLRQHHOERWµQGHDMXVWHGHVRQLGR 02'2$ SDUD
DMXVWDUHOVRQLGR
&DGDYH]TXHVHSUHVLRQDHOERWµQHODMXVWHGHOVRQLGR
FDPELDU£HQHOVLJXLHQWHRUGHQ
%$-26ൺ0(',26ൺ$*8'26ൺ%$/$1&(ൺ)$'(5ൺ
$/726
7UDVVHOHFFLRQDUHODMXVWHGHVHDGRJLUHHOERWµQGHDMXVWH
GHOVRQLGR 02'2$ HQVHQWLGRGHODVDJXMDVGHOUHORMHQ
VHQWLGRFRQWUDULRDOGHODVDJXMDVGHOUHORMSDUDFRQILJXUDUHO
YDORUGHDMXVWHGHOVRQLGR
 (QFRQWUDU\HMHFXWDUXQDUFKLYR $5&+,92
0LHQWUDVXQGLVSRVLWLYR86%HVW£WRFDQGRJLUHHOERWµQ
$5&+,92DODL]TXLHUGDDODGHUHFKDSDUDHQFRQWUDUHO
WHPDGHVHDGR\SUHVLRQHHOERWµQ$5&+,92SDUDTXH
VXHQH
%RWµQGHVHOHFFLµQGHODUDGLR $0)0  
 &DGDYH]TXHVHSUHVLRQDHOERWµQ$0)0HOPRGRGH
DXGLRFDPELDU£HQHOVLJXLHQWHRUGHQ
)0ൺ)0ൺ$0ൺ)0
2WURVPDQGRV 
&RQIRUWGHOFRQGXFWRU 
%RWµQGHVHOHFFLµQGH02'2 
3UHVLRQHHOERWµQGH02'2SDUDFDPELDUDORVPRGRV
5$',286%$8;
 %RWµQGHVHOHFFLµQGH86%
$OWRFDUHQXQPRGRGLIHUHQWHSUHVLRQHHOERWµQ02'2SDUD
FDPELDUDPRGR86%&RQHFWDUXQGLVSRVLWLYR86%HQHO
DXGLRFDPELDU£DXWRP£WLFDPHQWHDPRGR86%DXQTXHHVW«
WRFDQGRRWURPRGR\ORVWHPDVGHOGLVSRVLWLYR86%VH
UHSURGXFLU£QDXWRP£WLFDPHQWH
 %RWµQGHVHOHFFLµQ$8;
$OWRFDUHQXQPRGRGLIHUHQWHSUHVLRQHHOERWµQ02'2SDUD
FDPELDUDPRGR$8;&RQHFWDUXQUHSURGXFWRUSRUW£WLOGH
PHGLRVHQHODXGLRFDPELDU£DXWRP£WLFDPHQWHDPRGR$8;
DXQTXHHVW«WRFDQGRRWURPRGR\ORVWHPDVGHOUHSURGXFWRU
SRUW£WLOGHPHGLRVVHUHSURGXFLU£QDXWRP£WLFDPHQWH
%RWRQHVGH35(6(/(&&,•1 \
6HOHFFLRQHHOERWµQGHSUHVHOHFFLµQ \ HQ
HOFXDOTXLHUHJXDUGDUODIUHFXHQFLDVHOHFFLRQDGD3UHVLRQH
\PDQWHQJDSUHVLRQDGRHOERWµQGHSUHVHOHFFLµQ/D
IUHFXHQFLDVHJXDUGDU£HQHOERWµQGHSUHVHOHFFLµQFXDQGR
VXHQHXQSLWLGR/DIUHFXHQFLDJXDUGDGDVHPRVWUDU£HQHO
SDQHO/&'
%RWµQGH,1)250$&,•1 
&DGDYH]TXHVHSUHVLRQDHOERWµQGH,1)250$&,•1OD
LQIRUPDFLµQVREUHHOWHPDTXHHVW£VRQDQGRDFWXDOPHQWH
VHPRVWUDU£HQHOVLJXLHQWHRUGHQ

1RPEUHGHODUFKLYRൺ1RPEUHGHODFDUSHWDൺ1RPEUHGHO
W¯WXORൺ1RPEUHGHODUWLVWDൺ1RPEUHGHO£OEXPൺ7LHPSR
WUDQVFXUULGR
%RWµQ(VFDQHDU\(VFDQHDUGLUHFWRULR 
0LHQWUDVHVW£VRQDQGRP¼VLFDSUHVLRQHEUHYHPHQWHHO
ERWµQ(6&$1($5SDUDHVFDQHDUFDGDWHPDGHOGLUHFWRULR
DFWXDOGXUDQWHVHJXQGRVHQRUGHQVHFXHQFLDO
0LHQWUDVHVW£VRQDQGRP¼VLFDSUHVLRQH\PDQWHQJD
RSULPLGRHOERWµQ(6&$1($5SDUDHVFDQHDUFDGDWHPDGHO
GLVSRVLWLYR86%GXUDQWHVHJXQGRVHQRUGHQVHFXHQFLDO
 2WURVPDQGRV
 &RQIRUWGHOFRQGXFWRU
%RWµQ5HSHWLU\5HSHWLUGLUHFWRULR 
0LHQWUDVHVW£VRQDQGRP¼VLFDSUHVLRQHEUHYHPHQWHHO
ERWµQ5(3(7,5SDUDUHSHWLUHOWHPDTXHHVW£WRFDQGR
DFWXDOPHQWH
3UHVLRQD\PDQWHQJDSUHVLRQDGRHOERWµQ5(3(7,5SDUD
UHSHWLUVHFXHQFLDOPHQWHWRGRVORVWHPDVGHOGLUHFWRULR
DFWXDO 6LQHPEDUJRSDUD5(3(7,5'LUHFWRULRORV
DUFKLYRVGHP¼VLFDGHOGLVSRVLWLYR86%GHEHQHVWDU
JUDEDGRVHQHOIRUPDWRGHOGLUHFWRULR 
%RWµQ$OHDWRUL]DU\$OHDWRUL]DUGLUHFWRULR 
0LHQWUDVHVW£VRQDQGRP¼VLFDSUHVLRQHEUHYHPHQWHHO
ERWµQ$/($725,=$5SDUDWRFDUDOHDWRULDPHQWHORVWHPDV
GHOGLUHFWRULRDFWXDO
0LHQWUDVHVW£VRQDQGRP¼VLFDSUHVLRQH\PDQWHQJD
RSULPLGRHOERWµQ$/($725,=$5SDUDWRFDUDOHDWRULDPHQWH
WRGRVORVWHPDVGHOGLVSRVLWLYR86%
%RWµQ$YDQFHU£SLGR 
0LHQWUDVHVW£IXQFLRQDQGRXQ86%SUHVLRQH\PDQWHQJD
SUHVLRQDGRHOERWµQ$9$1&(5ƒ3,'2SDUDDYDQ]DU
U£SLGDPHQWHHOWHPD&XDQGRHVWRKD\DWHUPLQDGR
HPSH]DU£DVRQDUHOVLJXLHQWHWHPDGHVGHHOSULQFLSLR
DXQTXHXVWHGFRQWLQ¼HSUHVLRQDQGRHOERWµQ3UHVLRQDU
EUHYHPHQWHHOERWµQQRRSHUDU£HODYDQFHU£SLGR
%RWµQ5HWURFHGHU 
0LHQWUDVHVW£IXQFLRQDQGRXQ86%SUHVLRQH\PDQWHQJD
SUHVLRQDGRHOERWµQ5(752&('(5SDUDUHWURFHGHUHO
WHPD&XDQGRHVWRKD\DWHUPLQDGRHPSH]DU£DVRQDUHO
WHPDDFWXDOGHVGHHOSULQFLSLRDXQTXHXVWHGFRQWLQ¼H
SUHVLRQDQGRHOERWµQ3UHVLRQDUEUHYHPHQWHHOERWµQQR
RSHUDU£HOUHWURFHVR
&RQHFWRU86% 
(VHOFRQHFWRUSDUDFRQH[LµQGLUHFWDGHXQGLVSRVLWLYR86%
&RQHFWDUXQGLVSRVLWLYR86%DOVLVWHPDGHDXGLR
UHSURGXFLU£ORVWHPDVHQHOGLVSRVLWLYR86%
127$
$OXVDUXQGLVSRVLWLYR86%H[WHUQRDVHJ¼UHVHGHPDQWHQHUHO
GLVSRVLWLYRGHVFRQHFWDGR\FRQ«FWHORVRODPHQWHFXDQGR\DKD\D
SDVDGRDOJ¼QWLHPSRGHVGHTXHFRQHFWµHOHQFHQGLGRGHO
YHK¯FXOR(OGLVSRVLWLYR86%SXHGHGD³DUVHVLHVW£FRQHFWDGR
FXDQGRVHFRQHFWDHOHQFHQGLGR 8QGLVSRVLWLYR86%QRHVXQD
SLH]DHO«FWULFDGHOYHK¯FXOR 
&RQHFWRU$8; 
(VHOFRQHFWRUSDUDFRQHFWDUVXUHSURGXFWRUSRUW£WLOGH
PHGLRVXVDQGRXQFDEOH$8;1RVHDGPLWHXQFDEOH$8;
127$
(OGLVSRVLWLYRQRIXQFLRQDU£DOWRFDUHQXQIRUPDWRTXHQRVHDHO
GHORVDUFKLYRV03R:0$
2WURVPDQGRV 
&RQIRUWGHOFRQGXFWRU 

6LVWHPDGHYLVLµQ
 /DP£TXLQDWLHQHPXFKRVHTXLSRVSDUDPLQLPL]DUORVSHOLJURVGH
 YLVLELOLGDGSDUDHORSHUDGRU&XDQGRORVXVHHORSHUDGRUGHEH
DVHJXUDUVHGHWHQHUVLHPSUHEXHQDYLVLELOLGDGGHOHQWRUQRDO
RSHUDUODP£TXLQD

 (VSHMRL]TXLHUGR
 (VSHMRVGHUHFKRV
127$
 /RVHVSHMRVGHUHFKRVVHXVDQFRPRD\XGDSDUDREWHQHUPHMRU
YLVLELOLGDG
 &£PDUDUHWURYLVRUD VLHVW£GLVSRQLEOH
 &£PDUDGHYLVLµQODWHUDO VLHVW£GLVSRQLEOH
127$
&XDOTXLHUPRGLILFDFLµQUHDOL]DGDDODP£TXLQDTXHDIHFWHDOD
9 YLVLELOLGDGGHORSHUDGRUGHEHVHUYHULILFDGDSRUXQFRQFHVLRQDULR
(VSHMRV\F£PDUDV VLHVW£QGLVSRQLEOHV 9ROYR

6LVWHPDGHF£PDUDV VLHVW£GLVSRQLEOH
/DSDQWDOODGHODF£PDUDHQOD,(&8 $ VHDEUHSUHVLRQDQGRHO
$
ERWµQGHODF£PDUD % HQHOWHFODGR
(OERWµQGHODF£PDUDHVW£LOXPLQDGRFXDQGRVHPXHVWUDODYLVWD
GHODF£PDUD

127$
6LWDQWRODF£PDUDUHWURYLVRUDFRPRODF£PDUDGHYLVLµQODWHUDO
HVW£QLQVWDODGDVHQODP£TXLQDHORSHUDGRUSXHGHYHUVXVYLVWDV
DOWHUQDWLYDVHQOD,(&8 $ SXOVDQGRHOERWµQGHODF£PDUD %
HQHOWHFODGR

%
9

&£PDUDUHWURYLVRUD VLHVW£GLVSRQLEOH
/DF£PDUDUHWURYLVRUD & HVW£LQVWDODGDHQODSDUWHVXSHULRUGHO
FRQWUDSHVR
&

9

 2WURVPDQGRV
 &RQIRUWGHOFRQGXFWRU
&£PDUDGHYLVLµQODWHUDO VLHVW£GLVSRQLEOH
/DF£PDUDGHYLVLµQODWHUDO ' HVW£LQVWDODGDHQHOGHSµVLWRGH
FRPEXVWLEOHGHOODGRGHUHFKRGHODP£TXLQD

'

9

2WURVPDQGRV 
&RQIRUWGHOFRQGXFWRU 

&DOHQWDGRUDX[LOLDU
RSFLRQDO
6HSXHGHXVDUHOWHPSRUL]DGRUGHODFDOHIDFFLµQDX[LOLDUSDUD
UHDOL]DUORVDMXVWHVQHFHVDULRVSDUDHOIXQFLRQDPLHQWRGHOD
FDOHIDFFLµQ
)XQFLRQHVGHORVERWRQHV
9 6LODSDQWDOODQRHVW£LOXPLQDGDKD\TXHDFWLYDUHOWHPSRUL]DGRU
$ 3DQWDOODGLJLWDO 35(6,21(%5(9(0(17(XQRGHORVFXDWURERWRQHV
% %RWRQHV DSDUHFHU£ODSDQWDOODGHLQLFLRFRQWLQ¼HHQWRQFHVFRQOD
 RSHUDFLµQRDMXVWH
7RGDVODVIXQFLRQHVVHSXHGHQDMXVWDU\VLHVQHFHVDULR
FDPELDUFRQVRORERWRQHV
 %RWµQSDUDHQFHQGHUFRQILUPDU
%RWµQGH38/6$&,•1%5(9(
 VLODSDQWDOODPXHVWUD2))ൺ7LPHU2Q 'HVDFൺ
7HPSRUL]DGRUDFWLYDGR HQWRQFHVDSDUHFHODSDQWDOODGH
LQLFLR
 6HFRQILUPDXQDIXQFLµQVHOHFFLRQDGD
 6HFRQILUPDQODVHQWUDGDV


9

%RWµQSDUDHQFHQGHUFRQILUPDU
%RWµQGH38/6$&,•1/$5*$HOERWµQGHEHHVWDU
SUHVLRQDGRGXUDQWHP£VGHVHJXQGRV
 (OFDOHQWDGRUVHHQFLHQGHLQPHGLDWDPHQWHVLDSDUHFHQ21

 %RWµQSDUDDSDJDUFDQFHODUVDOLU X2))HQODSDQWDOOD
 %RWµQSDUDUHWURFHGHU
 %RWµQSDUDDYDQ]DU

 2WURVPDQGRV
 &RQIRUWGHOFRQGXFWRU
 %RWµQSDUDDSDJDUFDQFHODUVDOLU
%RWµQGH38/6$&,•1%5(9(
 /DIXQFLµQDFWLYDGDTXHVHPXHVWUDWHUPLQDODVGHP£V
IXQFLRQHVDFWLYDGDVVHFRQVHUYDQ
 &RQFDGD38/6$&,•1%5(9(ODSDQWDOODFDPELDDO
VLJXLHQWHQLYHOVXSHULRUKDVWDTXHVHDSDJDHO
WHPSRUL]DGRU
 $SDUHFHODSDQWDOODGHLQLFLR\QLQJXQDIXQFLµQHVW£DFWLYD
9
ൺ7HPSRUL]DGRUGHVDFWLYDGR
 %RWµQSDUDHQFHQGHUFRQILUPDU  (OWHPSRUL]DGRUHVW£HQHOVXEPHQ¼ൺVHVDOHGHODMXVWH
 %RWµQSDUDDSDJDUFDQFHODUVDOLU ORVYDORUHV\DDMXVWDGRVQRVHJXDUGDQ
 %RWµQSDUDUHWURFHGHU
 6LODSDQWDOODPXHVWUD2))ൺ7LPHU2Q 'HVDFൺ
 %RWµQSDUDDYDQ]DU
7HPSRUL]DGRUDFWLYDGR HQWRQFHVDSDUHFHODSDQWDOODGH

LQLFLR
%RWµQGH38/6$&,•1/$5*$HOERWµQGHEHHVWDU
SUHVLRQDGRGXUDQWHP£VGHVHJXQGRV
 7RGDVODVIXQFLRQHVWHUPLQDQ
 6LODSDQWDOODPXHVWUD2))ൺ7LPHU2Q 'HVDFൺ
7HPSRUL]DGRUDFWLYDGR HQWRQFHVDSDUHFHODSDQWDOODGH
LQLFLR
 %RWµQSDUDUHWURFHGHU
 (OWHPSRUL]DGRUHVW£HQHOPHQ¼SULQFLSDO\DSDUHFHOD
SDQWDOODGHLQLFLRൺHOVLJXLHQWHV¯PERORDODL]TXLHUGDHQOD
EDUUDGHPHQ¼DSDUHFHHQHOFHQWUR\GHVWHOODQGR
 (OWHPSRUL]DGRUHVW£HQHOVXEPHQ¼ൺVHFDPELDHOYDORU
PRVWUDGR P£VSHTXH³R RVHPXHVWUDODSUµ[LPDVHOHFFLµQ
 6LODSDQWDOODPXHVWUD2))ൺ7LPHU2Q 'HVDFൺ
7HPSRUL]DGRUDFWLYDGR HQWRQFHVDSDUHFHODSDQWDOODGH
LQLFLR
 %RWµQSDUDDYDQ]DU
 (OWHPSRUL]DGRUHVW£HQHOPHQ¼SULQFLSDO\DSDUHFHOD
SDQWDOODGHLQLFLRൺHOVLJXLHQWHV¯PERORDODGHUHFKDHQOD
EDUUDGHPHQ¼DSDUHFHHQHOFHQWUR\GHVWHOODQGR
 (OWHPSRUL]DGRUHVW£HQHOVXEPHQ¼ൺVHFDPELDHOYDORU
PRVWUDGR P£VJUDQGH RVHPXHVWUDODSUµ[LPDVHOHFFLµQ
 6LODSDQWDOODPXHVWUD2))ൺ7LPHU2Q 'HVDFൺ
7HPSRUL]DGRUDFWLYDGR HQWRQFHVDSDUHFHODSDQWDOODGH
LQLFLR
2WURVPDQGRV 
&RQIRUWGHOFRQGXFWRU 
)XQFLRQDPLHQWR\FRQILJXUDFLµQDMXVWH
0HQ¼SULQFLSDO
%DUUDGHPHQ¼
6HSXHGHQVHOHFFLRQDUORVVLJXLHQWHVSXQWRVGHOPHQ¼

6¯PEROR )XQFLµQ
$FWLYDFLµQGHVDFWLYDFLµQGHODFDOHIDFFLµQ
9

0HQ¼SULQFLSDO $MXVWHV
$ %DUUDGHPHQ¼
% ƒUHDGHHVWDGR
 3URJUDPD3UHVHOHFFLµQ

ƒUHDGHHVWDGR
6LQRHVW£DFWLYDGRQLQJ¼QSXQWRGHOPHQ¼VHPXHVWUDHQHO
£UHDGHHVWDGRODKRUDDFWXDO
6LKD\XQSXQWRGHOPHQ¼DFWLYDGR FDOHIDFFLµQFRQILJXUDFLµQ
RSURJUDPDSUHVHOHFFLµQ VHPXHVWUDLQIRUPDFLµQGLIHUHQWH
HQHO£UHDGHHVWDGR
6XEPHQ¼
(QHOVXEPHQ¼DSDUHFHHQHOPHGLRGHODSDQWDOODHOV¯PERORGHO
SXQWRGHOPHQ¼VHOHFFLRQDGR(OYDORUDMXVWDGRFRUUHVSRQGLHQWH
VHPXHVWUDGHVWHOODQGRHQHO£UHDGHHQWUDGD\VHSXHGH
FRQILJXUDUXVDQGRHOERWµQSDUD5HWURFHGHU  R$YDQ]DU  

FRQILUP£QGRVHFRQHOERWµQ&RQILUPDU  
9

6XEPHQ¼
$ %DUUDGHOPHQ¼IXQFLµQDFWLYDGD
% ƒUHDGHHQWUDGD

 2WURVPDQGRV
 &RQIRUWGHOFRQGXFWRU
3DQWDOODGHLQLFLRGHVSX«VGHOHQFHQGLGR
6LQRKD\QLQJ¼QSXQWRGHOPHQ¼DFWLYDGRDSDUHFHODSDQWDOODGH
LQLFLRFRQXQV¯PERORGHFDOHQWDGRUTXHGHVWHOODHQODEDUUDGHO
PHQ¼MXQWRFRQODKRUDDFWXDOHQHO£UHDGHHVWDGR

9
2WUDVDFFLRQHVSRVLEOHVVRQ
  &DOHIDFFLµQLQPHGLDWDFRQHOERWµQGH38/6$&,•1/$5*$
 
 /DFDOHIDFFLµQVHHQFLHQGHFRQXQD38/6$&,•1%5(9(GHO
ERWµQ  DGHP£VVHFRQILUPD\SRQHHOWLHPSRGH
IXQFLRQDPLHQWR
 6HOHFFLRQHXQQXHYRSXQWRGHOPHQ¼
 $FWLYDFLµQGHVDFWLYDFLµQGHODFDOHIDFFLµQ
&DOHIDFFLµQLQPHGLDWDFRQHOERWµQGH38/6$&,•1/$5*$
VLQDMXVWHV
 3UHVLRQHHOERWµQGH38/6$&,•1/$5*$  GXUDQWH
P£VGHVHJXQGRV
 /DSDQWDOODPXHVWUDHOWLHPSRGHIXQFLRQDPLHQWRUHVWDQWH
 6LVHSUHVLRQDXQD38/6$&,•1/$5*$GXUDQWHHOPRGR
9

GHFDOHIDFFLµQODSDQWDOODSDVDDOVXEPHQ¼GH
FDOHIDFFLµQ\DMXVWDHOWLHPSRGHIXQFLRQDPLHQWR(VWDQGR
HQPRGRGHFDOHIDFFLµQVHSXHGHSDVDUDRWURSXQWRGHO
PHQ¼
2WURVPDQGRV 
&RQIRUWGHOFRQGXFWRU 
$FWLYDFLµQGHODFDOHIDFFLµQFRQHOERWµQGH38/6$&,•1
%5(9(\FRQDMXVWHV
 3UHVLRQHHOERWµQGH38/6$&,•1%5(9(  GXUDQWH
PHQRVGHVHJXQGRV
127$
6LHPSUHVHUHTXLHUHQORVVLJXLHQWHVDMXVWHV\FRQILUPDFLRQHV
WLHPSRGHIXQFLRQDPLHQWR 
 6LHVQHFHVDULRXVHHOERWµQGH5(752&('(5R
$9$1=$5SDUDDMXVWDUHOWLHPSRGHIXQFLRQDPLHQWR
3UHVLRQHHOERWµQ&RQILUPDU  SDUDFRQILUPDUHOWLHPSR
GHIXQFLRQDPLHQWR
'HVDFWLYDFLµQGHODFDOHIDFFLµQ
 3UHVLRQHHOERWµQ  GXUDQWHP£VGHVHJXQGRVൺVH
WHUPLQDQWRGDVODVIXQFLRQHVDFWLYDV
 3UHVLRQHHOERWµQ  GXUDQWHPHQRVGHVHJXQGRVൺ
GHVDFWLYDFLµQGHOFDOHQWDGRU

7UDVODGHVDFWLYDFLµQGHODFDOHIDFFLµQDSDUHFHODSDQWDOOD
GHLQLFLR6LODLOXPLQDFLµQGHOYHK¯FXORHVW£DSDJDGDOD
LOXPLQDFLµQGHODSDQWDOODVHDSDJDWUDVVHJXQGRV

6RQSRVLEOHVODVVLJXLHQWHVDFFLRQHVGXUDQWHODSDQWDOODGH
GHVDFWLYDFLµQGHODFDOHIDFFLµQ
 8VHHOERWµQGHDYDQ]DURUHWURFHGHUSDUDVHOHFFLRQDUXQ
SXQWRGHOPHQ¼3UHVLRQHHOERWµQGH38/6$&,•1
%5(9(  ODSDQWDOODGHLQLFLRDSDUHFH

 3UHVLRQHHOERWµQGH38/6$&,•1%5(9(  VH
PXHVWUDHOVXEPHQ¼GHFDOHIDFFLµQ
 2WURVPDQGRV
 &RQIRUWGHOFRQGXFWRU
 ,QIRUPDFLµQJHQHUDOVREUHODSURJUDPDFLµQGHOWLHPSR
SUHHVWDEOHFLGR
(OSURJUDPDGRUVHSXHGHXVDUSDUDSURJUDPDUWLHPSRV
SUHFRQILJXUDGRV/RVWLHPSRVSUHFRQILJXUDGRVSXHGHQ
WHQHUOXJDUHQXQPLVPRG¯DRVHSXHGHQGLVWULEXLUHQWUH
GLIHUHQWHVG¯DV+D\GLVSRQLEOHVLQWHUYDORVGHG¯DV\FDGD
XQRGHHOORVVHSXHGHLQLFLDUGLDULDPHQWHFRQXQWLHPSR
SUHFRQILJXUDGR
,QWHUYDORVGHG¯DV
'¯DXQDYH]
6£E'RPYHFHVFDOHIDFFLµQ
$ /XQ9LHYHFHVFDOHIDFFLµQ
% /XQ'RPYHFHVFDOHIDFFLµQ
 6LHVVLVWHPDHVW£DFWLYDGRFRQXQLQWHUYDORGHG¯DV
SURJUDPDGRWRGRVORVG¯DVVHVXFHGHU£Q
FRQVHFXWLYDPHQWH\GHVSX«VGHHVRVHUHTXHULU£XQD
QXHYDSURJUDPDFLµQ
 6LHOWHPSRUL]DGRUFRQXQLQWHUYDORGHG¯DVSURJUDPDGRGH
&
/XQ9LHVHDFWLYDHQXQPL«UFROHVHOFDOHQWDGRUFDOLHQWD
HOMXHYHV\HOYLHUQHV(OFDOHQWDGRUQRIXQFLRQDHOV£EDGR
RHOGRPLQJR'HOXQHVDPL«UFROHVGHODVLJXLHQWHVHPDQD
FRQWLQXDU£IXQFLRQDQGRFRQORVYDORUHVFRQILJXUDGRVSRU
' GHIHFWR YHFHVFDOHIDFFLµQ 'HVSX«VGHWHUPLQDUHO
LQWHUYDORGHG¯DVVHU£QHFHVDULDXQDQXHYDSURJUDPDFLµQ
0RGRGHRSHUDFLµQGHKRUDGHVDOLGD DMXVWHGHI£EULFD
%DMRFLHUWDVFRQGLFLRQHVHOPRGRGHFDOHIDFFLµQ
SUHVHOHFFLRQDGRQRVHLQLFLDGXUDQWHHOG¯DDFWXDO
(OG¯DDFWXDO\HOG¯DSUHVHOHFFLRQDGRVRQLG«QWLFRV
/DKRUDDFWXDOHVW£GHQWURGHOSHU¯RGRGHWLHPSRODKRUD
GHVDOLGDPHQRVHOWLHPSRGHIXQFLRQDPLHQWR

9

$ 8QLGDGSUHFRQILJXUDGD
% '¯DSUHFRQILJXUDGR
& +RUDGHVDOLGD
' 7LHPSRGHIXQFLRQDPLHQWR

2WURVPDQGRV 
&RQIRUWGHOFRQGXFWRU 
(MHPSOR
'¯DDFWXDOG¯DSUHVHOHFFLRQDGROXQ
+RUDDFWXDO
+RUDGHVDOLGD
7LHPSRGHIXQFLRQDPLHQWRPLQXWRV
'XUDFLµQD
/DKRUDDFWXDOHVW£GHQWURGHOSHU¯RGRGHWLHPSRHO
FDOHQWDGRUQRHVW£HQFHQGLGR
(OSURJUDPDVHHMHFXWDU£GXUDQWHODSUµ[LPDVHPDQD
3URJUDPDFLµQGHWLHPSRVSUHFRQILJXUDGRV
 8VHHOERWµQGHUHWURFHGHURDYDQ]DUSDUDVHOHFFLRQDUHO
V¯PERORGH3URJUDPDHQODEDUUDGHPHQ¼
 &RQILUPHHOPHQ¼GH3URJUDPDSUHVLRQDQGRHOERWµQ
&RQILUPDU  
6LHOV¯PERORGH3URJUDPDHVW£PDUFDGRFRQ KD\XQD
RYDULDVPHPRULDVGHSURJUDPD\DDFWLYDGDV
/DVPHPRULDVGHSURJUDPDDFWLYDGDVDSDUHFHQPDUFDGDV
HQODSDQWDOODFRQXQ 
 $MXVWHV
(VWDIXQFLµQHVSDUDDMXVWDUHOG¯D\ODKRUDDFWXDOHV
 8VHHOERWµQGHUHWURFHGHURDYDQ]DUSDUDVHOHFFLRQDUHO
0RQ  V¯PERORGHFRQILJXUDFLµQHQODEDUUDGHPHQ¼
 &RQILUPHHOPHQ¼GH&RQILJXUDFLµQSUHVLRQDQGRHOERWµQ
&RQILUPDU

 8VHHOERWµQGHUHWURFHGHURDYDQ]DUSDUDVHOHFFLRQDUHO
VXEPHQ¼HQHOTXHVHGHVHHFDPELDUODFRQILJXUDFLµQ
 3UHVLRQHHOERWµQ&RQILUPDUSDUDFRQILUPDUHOYDORUGH
DMXVWH

9

$ '¯DDFWXDO
% +RUDDFWXDO
& %DUUDGHVXEPHQ¼VGHDMXVWHV

 2WURVPDQGRV
 &RQIRUWGHOFRQGXFWRU
0HQVDMHVGHHUURU
(QHOFDVRGHDYHU¯DSXHGHQYHUVHODVVLJXLHQWHVSDQWDOODV

3DQWDOOD 'HVFULSFLµQ 5HPHGLR


/DGHWHFFLµQDXWRP£WLFDHVW£ (VSHUHKDVWDTXHODGHWHFFLµQ
DFWLYD DXWRP£WLFDKD\DWHUPLQDGR\D
(OWHPSRUL]DGRUGHOFDOHQWDGRU FRQWLQXDFLµQDMXVWHODKRUD\HOG¯D
,1,7 DX[LOLDUVHKDGHVFRQHFWDGRGHOD GHODVHPDQD
IXHQWHGHDOLPHQWDFLµQ\VHKD
YXHOWRDFRQHFWDU
9

6LQFRPXQLFDFLµQ &RPSUXHEH\VLHVQHFHVDULR
UHQXHYHHOIXVLEOHGHOFDOHQWDGRU
'LU¯MDVHDXQWDOOHURILFLDOGH9ROYR

126,*1$/
9

$YHU¯DGHOFDOHQWDGRU 'LU¯MDVHDXQWDOOHURILFLDOGH9ROYR

9

7HQVLµQGHPDVLDGREDMD &DUJXHODEDWHU¯DVLHQQHFHVDULR
GLU¯MDVHDXQWDOOHURILFLDOGH9ROYR

 

9

127$
6LQRSXHGHFRUUHJLUHOHUURURODDYHU¯DGLU¯MDVHDXQWDOOHURILFLDO
GH9ROYR
,QVWUXFFLRQHVGHIXQFLRQDPLHQWR 


,QVWUXFFLRQHVGH
IXQFLRQDPLHQWR
(VWHFDS¯WXORFRQWLHQHODVUHJODVTXHGHEHQREVHUYDUVHSDUDXVDU
ODP£TXLQDFRQVHJXULGDG1RREVWDQWHVHGHEHQREVHUYDUHVWDV
UHJODVMXQWRFRQODVOH\HVXRWUDVGLVSRVLFLRQHVQDFLRQDOHV
DSOLFDEOHVDODVHJXULGDGYLDO\DODVHJXULGDGODERUDO
0DQWHQHUVHHVSDELODGRFRQVHQWLGRFRP¼Q\UHVSHWDQGRODV
GLVSRVLFLRQHVGHVHJXULGDGDSOLFDEOHVVRQODVFRQGLFLRQHVSDUD
HYLWDUHOULHVJRGHDFFLGHQWHV

,QVWUXFFLRQHVSDUDHOURGDMH
'XUDQWHODVSULPHUDVKRUDVVHGHEHXVDUODP£TXLQDFRQ
FLHUWRFXLGDGR(VLPSRUWDQWHFRPSUREDUIUHFXHQWHPHQWHORV
QLYHOHVGHDFHLWH\IOXLGRVGXUDQWHHOSHULRGRGHURGDMH

9LVLELOLGDG

$'9(57(1&,$
5LHVJRGHDFFLGHQWHVJUDYHV
/DVSLH]DVHTXLSDPLHQWRRFDUJDGHODP£TXLQDSRGU¯DQREVWUXLU
ODYLVWDGHORSHUDGRU2SHUDURFRQGXFLUFRQODYLVWDGHORSHUDGRU
REVWUXLGDSRGU¯DSURYRFDUJUDYHVDFFLGHQWHV
8VHXQVH³DOLVWDVLODYLVWDGHORSHUDGRUHVW£REVWUXLGD
3XHGHTXHQRVHDSRVLEOHSURSRUFLRQDUXQDYLVLELOLGDGGLUHFWDHQ

WRGDVODV£UHDVDOUHGHGRUGHODP£TXLQD3DUDORJUDUXQD
YLVLELOLGDGDFHSWDEOHVHSXHGHQXWLOL]DUGLVSRVLWLYRVDGLFLRQDOHV
FRPRVLVWHPDVGHDGYHUWHQFLDHVSHMRV\F£PDUDVGHWHOHYLVLµQ
GHFLUFXLWRFHUUDGR &&79 
3DUDPLQLPL]DUORVULHVJRVTXHSXHGDFDXVDUXQDYLVLELOLGDG
UHVWULQJLGDHOMHIHGHREUDGHEHU£HVWDEOHFHUUHJODVR
SURFHGLPLHQWRV3RUHMHPSOR
127$
$OJXQDVSDUWHVGHODP£TXLQDE£VLFDSXHGHQOLPLWDUODYLVLELOLGDG
SRUHMHPSORORVPRQWDQWHVGHODFDELQDORVEDVWLGRUHVHOWXER
GHHVFDSHHOFDSµDV¯FRPRLPSOHPHQWRVRSFLRQDOHVFRPR
FXFKDUDVKRUTXLOODVJUDSDVHWF/DFDUJDTXHVHPDQHMDFRQ
HVWRVLPSOHPHQWRVWDPEL«QSXHGHOLPLWDUODYLVLELOLGDG
$VHJ¼UHVHGHTXHORVRSHUDULRV\WUDEDMDGRUHVGHODREUDKDQ
UHFLELGRWRGDVODVLQVWUXFFLRQHVGHVHJXULGDG
&RQWURODUODVSDXWDVGHWU£ILFRSDUDODP£TXLQD\RWURV
YHK¯FXORV(YLWDUWUDVODGDUVHHQPDUFKDDWU£VHQODPHGLGDGH
ORSRVLEOH
5HVWULQMDHO£UHDGHRSHUDFLµQGHODP£TXLQD
8VHXQVH³DOLVWDSDUDD\XGDUDORSHUDGRU8VHODVVH³DOHV
VHJ¼QHOGLDJUDPDGHVH³DOHVYHDODS£JLQD
6XPLQLVWUDUHTXLSRGHFRPXQLFDFLµQDGRVY¯DVVLHV
QHFHVDULR
$VHJ¼UHVHGHTXHORVWUDEDMDGRUHVGHODREUDVHFRPXQLFDQ
FRQHORSHUDGRUDQWHVGHDSUR[LPDUVHDODP£TXLQD
8VHVH³DOHVGHDGYHUWHQFLD
(OHVW£QGDU,620DTXLQDULDSDUDUHPRYHUWLHUUD&DPSR
GHYLVLELOLGDGGHORSHUDGRUWUDWDGHODYLVLELOLGDGGHORSHUDGRU
 ,QVWUXFFLRQHVGHIXQFLRQDPLHQWR

DOUHGHGRUGHODP£TXLQD\HVW£GLVH³DGRSDUDPHGLU\HYDOXDUOD
YLVLELOLGDG
/DP£TXLQDKDVLGRFRPSUREDGDXWLOL]DQGRP«WRGRV\FULWHULRV
GHUHQGLPLHQWREDVDGRVHQHVWHHVW£QGDU3XHGHVHUTXHHO
P«WRGRGHYLVLELOLGDGXWLOL]DGRQRLQFOX\DWRGRVORVDVSHFWRVGH
ODYLVLELOLGDGGHORSHUDGRUSHURV¯SURSRUFLRQDODLQIRUPDFLµQ
QHFHVDULDSDUDGHWHUPLQDUVLHVQHFHVDULRD³DGLUGLVSRVLWLYRVGH
YLVLELOLGDGLQGLUHFWDFRPRVLVWHPDVGHDGYHUWHQFLD
/DSUXHEDVHUHDOL]µFRQP£TXLQDVFRQLPSOHPHQWRV\
HTXLSDPLHQWRHVW£QGDU6LVHPRGLILFDODP£TXLQDRVHHTXLSD
FRQRWURHTXLSDPLHQWRRLPSOHPHQWRTXHUHVXOWHHQYLVLELOLGDG
UHGXFLGDVHGHEHYROYHUDFRPSUREDUVHJ¼QOD,62
6LVHXVDQRWURVHTXLSRVRLPSOHPHQWRVTXHUHGXFHQOD
YHORFLGDGVHGHEHU£LQIRUPDUGHHOORDORSHUDGRU
(OFXPSOLPLHQWRGHOHVW£QGDUHVXQUHTXLVLWRHQORVSD¯VHVGHOD
8QLµQ(XURSHD\SURSRUFLRQDXQDPHMRUYLVLELOLGDGDOUHGHGRUGH
ODP£TXLQD
,QVWUXFFLRQHVGHIXQFLRQDPLHQWR 

$MXVWHVGHORVHVSHMRV\GHODVF£PDUDV VLHVW£Q
GLVSRQLEOHV
(VSHMRVDMXVWH
/D,62LQGLFDTXHXQDO¯QHDO¯PLWHLPDJLQDULDDOUHGHGRUGH
ODP£TXLQDGHEHVHUYLVLEOHDORSHUDGRU
(VWDFLRQHODP£TXLQDUHFWD\HQWHUUHQRQLYHODGR
$MXVWHORVHVSHMRVKDVWDTXHODO¯QHDGHO¯PLWHLPDJLQDULDHVW«
GLVSRQLEOHSDUDHORSHUDGRUYHDODILJXUDDFRQWLQXDFLµQ
127$
/DVF£PDUDVWDPEL«QVHSXHGHQXVDUSDUDFUHDUYLVLELOLGDGHQHO
O¯PLWHUHFWDQJXODU /DVF£PDUDVQRVHSXHGHQDMXVWDUHQOD
P£TXLQD 

' 

% & 9

/¯PLWHGHYLVLµQFHUFDQDGHFRQIRUPLGDGFRQ,62 O¯QHDJUXHVD
$ P LQ
% P LQ
& P LQ
' P LQ
 ,QVWUXFFLRQHVGHIXQFLRQDPLHQWR

5HWURYLVRUHV
8VDQGRORVUHWURYLVRUHVFRPSUXHEHTXHWLHQHODPHMRUYLVLµQ
SRVLEOHVREUHODVXSHUHVWUXFWXUD\HOEDVWLGRULQIHULRU\FRQHO
PD\RU£QJXORSRVLEOH'HQRVHUDV¯DMXVWHORVHVSHMRV
UHWURYLVRUHVKDVWDREWHQHUXQDEXHQDYLVLµQYHDODVILJXUDV

9

9LVWDGHUHFKDGHODP£TXLQD


9

9LVWDVXSHULRUGHODP£TXLQD

9

9LVWDL]TXLHUGDGHODP£TXLQD

&£PDUDVUHWURYLVRUDV\GHYLVLµQODWHUDO VLHVW£QGLVSRQLEOHV
&RPSUXHEHODVSDQWDOODVGHODVF£PDUDVUHWURYLVRUDV\GHYLVLµQ
ODWHUDOTXHHVW£QHQIRFDGDVDODV£UHDVYLVLEOHVSDUDDVHJXUDUVH
GHTXHWLHQHEXHQDYLVLELOLGDG
127$
/DVF£PDUDVQRVHSXHGHQDMXVWDUHQODP£TXLQD

9

9LVWDWUDVHUDGHODP£TXLQD


9

9LVWDVXSHULRUGHODP£TXLQD

9

9LVWDL]TXLHUGDGHODP£TXLQD

,QVWUXFFLRQHVGHIXQFLRQDPLHQWR 

0HGLGDVDQWHV\GXUDQWHHOIXQFLRQDPLHQWR
$QGHDOUHGHGRUGHODP£TXLQD\FRPSUXHEHTXHQRH[LVWHQ
REVW£FXORVMXQWRDHOOD
&RPSUXHEHTXHORVHVSHMRV\RWURVGLVSRVLWLYRVSDUDPHMRUDU
ODYLVLELOLGDGHVW«QHVEXHQHVWDGROLPSLRV\FRUUHFWDPHQWH
DMXVWDGRV
/LPSLHODVF£PDUDVVLKD\F£PDUDVLQVWDODGDV
127$
&XDQGRWHQJDDFFHVRGLUHFWRDODVF£PDUDVSDUDOLPSLDUODV
DVHJ¼UHVHGHXVDUXQDHVFDOHUDH[WHUQDRXQDSODWDIRUPD
DSURSLDGDV
&RPSUXHEHTXHIXQFLRQDQFRUUHFWDPHQWHODERFLQDODDODUPD
GHPDUFKDDWU£VWUDVODFLµQ\ODOX]JLUDWRULD HTXLSDPLHQWR
RSFLRQDO 
&RPSUXHEHVLODGLUHFFLµQGHODREUDKDHVWDEOHFLGRUHJODVR
SURFHGLPLHQWRVSDUDODREUD
3UHVWHVLHPSUHDWHQFLµQDOUHGHGRUGHODP£TXLQDSDUD
LGHQWLILFDUFXDOTXLHUREVW£FXOR
,PSLGDTXHODVSHUVRQDVHQWUHQRSHUPDQH]FDQHQOD]RQDGH
WUDEDMRHVGHFLUHO£UHDDOUHGHGRUGHODP£TXLQD\GHQWURGH
XQUDGLRP¯QLPRGHP IW P£VDOO£GHODOFDQFHGHO
LPSOHPHQWR1RREVWDQWHGHSHQGLHQGRGHODRUJDQL]DFLµQGH
ODREUDHORSHUDGRUSXHGHSHUPLWLUOHDXQDSHUVRQD
SHUPDQHFHUHQOD]RQDGHWUDEDMRSHURGHEHU£WHQHUFXLGDGR
\DFFLRQDUODP£TXLQDVRORFXDQGRODSHUVRQDHVW«YLVLEOHR
KD\DLQGLFDGRFODUDPHQWHGµQGHVHHQFXHQWUD


1XQFDSHUPLWDTXHQLQJXQDSHUVRQDDQGHRVHFRORTXHEDMR
XQHTXLSRHOHYDGRRFDUJDVVXVSHQGLGDV
 ,QVWUXFFLRQHVGHIXQFLRQDPLHQWR
 5HJODVGHVHJXULGDGSDUDODXWLOL]DFLµQGHODP£TXLQD

5HJODVGHVHJXULGDGSDUDOD
XWLOL]DFLµQGHODP£TXLQD
2EOLJDFLRQHVGHORSHUDGRU

$'9(57(1&,$
5LHVJRGHDFFLGHQWHVPRUWDOHV
/DSUHVHQFLDGHSHUVRQDVQRDXWRUL]DGDVHQHO£UHDGHWUDEDMR
GHODP£TXLQDSXHGHSURYRFDUOHVLRQHVJUDYHVSRU
DSODVWDPLHQWR
ವ$SDUWHDWRGRHOSHUVRQDOQRDXWRUL]DGRGHO£UHDGHWUDEDMR
ವ9LJLOHHQWRGDVODVGLUHFFLRQHV
ವ1RWRTXHODVSDODQFDVGHFRQWUROQLORVLQWHUUXSWRUHVGXUDQWHHO
DUUDQTXH
ವ+DJDVRQDUODERFLQDDQWHVGHHPSH]DUDRSHUDU
(ORSHUDGRUGHEHXVDUODP£TXLQDGHWDOIRUPDTXHVHPLQLPLFH
HOULHVJRGHDFFLGHQWHVSDUDDPERVHORSHUDGRU\ODVSHUVRQDV
TXHVHHQFXHQWUHQHQHOOXJDUGHWUDEDMR
(ORSHUDGRUGHEHU£HVWDUFRPSOHWDPHQWHIDPLOLDUL]DGRFRQOD
RSHUDFLµQ\HOPDQWHQLPLHQWR\GHEHU£UHFLELUIRUPDFLµQ
DGHFXDGDVREUHODP£TXLQD
(ORSHUDGRUKDGHUHVSHWDUODVUHJODV\UHFRPHQGDFLRQHVGHO
OLEURGHLQVWUXFFLRQHV\GHEHDVLPLVPRWHQHUHQFXHQWDODV
OH\HV\UHJXODFLRQHVRUHTXLVLWRVHVSHF¯ILFRVGHFDU£FWHUOHJDO
\QDFLRQDORULHVJRVTXHVHUHILHUDQDOD]RQDGHWUDEDMR
(ORSHUDGRUGHODP£TXLQDGHEHU£HVWDUGHVFDQVDGR\QXQFD
GHEHU£DFFLRQDUODP£TXLQDFXDQGRVHHQFXHQWUHEDMRORV
HIHFWRVGHDOFRKROPHGLFLQDVXRWUDVGURJDV
(ORSHUDGRUHVUHVSRQVDEOHGHWRGDFDUJDPLHQWUDVDFFLRQHOD
P£TXLQD
 1RGHEHU£KDEHUULHVJRGHFD¯GDGHODFDUJDGXUDQWHOD
RSHUDFLµQ
 1RDFHSWHXQDFDUJDTXHSUHVHQWHXQULHVJRREYLRSDUDOD
VHJXULGDG
 5HVSHWHODFDUJDP£[LPDLQGLFDGDSDUDODP£TXLQD3UHVWH
DWHQFLµQDOHIHFWRGHGLVWLQWDVGLVWDQFLDVVREUHHOFHQWURGH
JUDYHGDG\DORVHIHFWRVGHGLVWLQWRVLPSOHPHQWRV
(ORSHUDGRUGHEHFRPSUREDUTXHORVHVSHMRV\ODVF£PDUDV VL
HVW£QGLVSRQLEOHV HVW£QHQEXHQHVWDGROLPSLRV\ELHQ
DMXVWDGRVSDUDWHQHUEXHQDYLVLELOLGDGDORSHUDUODP£TXLQD
127$
/DVF£PDUDV VLHVW£QGLVSRQLEOHV QRVHSXHGHQDMXVWDUHQOD
P£TXLQD&RPSUXHEHTXHODSDQWDOODGHODF£PDUDVHPXHVWUD
FRUUHFWDPHQWHHQOD,(&8SUHVLRQDQGRHOERWµQGHODF£PDUDHQ
HOWHFODGR
(ORSHUDGRUGHEHHVWDUHQFRQWUROGHO£UHDGHWUDEDMRGHOD
; P£TXLQD
 1RSHUPLWHTXHODVSHUVRQHVDQGHQRVHSRQJDQEDMRXQ
HTXLSRGHH[FDYDFLµQHOHYDGRRFDUJDVVXVSHQGLGDVD
PHQRVTXHKD\DVLGRDVHJXUDGRRVRSRUWDGR
 ,PSLGDTXHODVSHUVRQDVHQWUHQRSHUPDQH]FDQHQOD]RQD
GHWUDEDMRHVGHFLUHO£UHDDOUHGHGRUGHODP£TXLQD\GHQWUR
GHXQUDGLRP¯QLPRGHP IW P£VDOO£GHODOFDQFHGHO
LPSOHPHQWR1RREVWDQWHGHSHQGLHQGRGHODRUJDQL]DFLµQ
GHODREUDHORSHUDGRUSXHGHSHUPLWLUOHDXQDSHUVRQD
SHUPDQHFHUHQOD]RQDGHWUDEDMRSHURGHEHU£WHQHU
9
,QVWUXFFLRQHVGHIXQFLRQDPLHQWR 
5HJODVGHVHJXULGDGSDUDODXWLOL]DFLµQGHODP£TXLQD 
 FXLGDGR\DFFLRQDUODP£TXLQDVRORFXDQGRODSHUVRQDHVW«
YLVLEOHRKD\DLQGLFDGRFODUDPHQWHGµQGHVHHQFXHQWUD
 ,PSLGDTXHKD\DSHUVRQDVHQODFDELQDGHXQYHK¯FXORHQ
XQOXJDUGRQGHKD\DULHVJRGHTXHODFDELQDUHFLEDHO
LPSDFWRGHRWUDVP£TXLQDVRGHREMHWRVFD¯GRVWDOHVFRPR
URFDVRWURQFRV(VWRQRVHDSOLFDVLODFDELQDHVOR
VXILFLHQWHPHQWHUHVLVWHQWHRHVW£SURWHJLGDSDUDVRSRUWDUHO
LPSDFWRGHWDOHVIXHU]DVH[WHUQDV
 $VHJ¼UHVHGHFRQRFHUODOLPLWDFLµQGHSHVRGHOVXHORVREUH
HOTXHODP£TXLQDHVW£WUDEDMDQGR
(ORSHUDGRUVRORSXHGHOOHYDUXQLQVWUXFWRUDERUGRVLKD\XQ
DVLHQWRGHLQVWUXFWRUDSUREDGRHQODP£TXLQD

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

$FFLGHQWHV
(VQHFHVDULRGDUSDUWHLQPHGLDWDPHQWHGHFXDOTXLHUDFFLGHQWH
RLQFLGHQWHDODGLUHFFLµQGHODREUD
6LHVSRVLEOHGHMHODP£TXLQDHQHOOXJDUGHODFFLGHQWH
7RPHVµORODVPHGLGDVQHFHVDULDVSDUDSDOLDUGD³RV
HVSHFLDOPHQWHORVGD³RVSHUVRQDOHV(YLWHODVPHGLGDVTXH 
SXHGDQGLILFXOWDUODLQYHVWLJDFLµQGHODFFLGHQWH
$JXDUGHODVLQVWUXFFLRQHVGHODGLUHFFLµQGHODREUD

6HJXULGDGGHORSHUDGRU
/DP£TXLQDWLHQHTXHHVWDUHQHVWDGRRSHUDWLYRHVGHFLUTXH
ORVIDOORVTXHSXHGDQFDXVDUDFFLGHQWHVWHQGU£QTXHVHU
FRUUHJLGRV
/OHYHURSDDGHFXDGDSDUDHOPDQHMRVHJXUR\XQFDVFR
3URKLELGRXVDUXQWHO«IRQRPµYLOVXHOWR\DTXHSXHGHLQWHUIHULU
FRQHTXLSRVHOHFWUµQLFRVLPSRUWDQWH(OWHO«IRQRPµYLOWHQGU£
TXHHVWDUFRQHFWDGRDOVLVWHPDHO«FWULFRGHODP£TXLQD\WHQHU
XQDDQWHQDH[WHULRUILMDLQVWDODGDVHJ¼QODVLQVWUXFFLRQHVGHO
IDEULFDQWH
6L«QWHVHVLHPSUHHQHODVLHQWRSDUDDUUDQFDUHOPRWRUROD
P£TXLQD
0DQWHQJDODVPDQRVDOHMDGDVGH]RQDVGRQGHKD\DULHVJRGH
HVWUXMDPLHQWRWDOHVFRPRFXELHUWDVSXHUWD\YHQWDQD
8VHVLHPSUHHOFLQWXUµQGHVHJXULGDGDEGRPLQDORHOFLQWXUµQ
GHWUHVSXQWRVVLODP£TXLQDHVW£HTXLSDGDFRQ«VWH
8WLOLFHORVHVWULERV\DVLGHURVFXDQGRVXED\EDMHGHOD
P£TXLQD6LJDHOSULQFLSLRGHWUHVSXQWRVGHDSR\RHVGHFLU
GRVPDQRV\XQSLHRGRVSLHV\XQDPDQR0DQW«QJDVH
VLHPSUHGHFDUDDODP£TXLQDc1RVDOWH
/DSXHUWDWLHQHTXHHVWDUFHUUDGD
&RPSUXHEHTXHHOLPSOHPHQWRHVW£GHELGDPHQWHVXMHWR\
EORTXHDGR
'XUDQWHODRSHUDFLµQVHSURGXFHQVLHPSUHYLEUDFLRQHV
VDFXGLGDV TXHSXHGHQVHUSHUMXGLFLDOHVSDUDHORSHUDGRU
5HGX]FDHVWRGHODVLJXLHQWHPDQHUD
 DMXVWHHODVLHQWR\DEUµFKHVHHOFLQWXUµQGHVHJXULGDG
DEGRPLQDO
 ,QVWUXFFLRQHVGHIXQFLRQDPLHQWR
 5HJODVGHVHJXULGDGSDUDODXWLOL]DFLµQGHODP£TXLQD
 HOLMDODVXSHUILFLHGHRSHUDFLµQP£VOLVR RQLYHOHODVXSHUILFLH
HQFDVRQHFHVDULR 
 DGDSWDQGRODYHORFLGDG
,QVWUXFFLRQHVGHIXQFLRQDPLHQWR 
5HJODVGHVHJXULGDGSDUDODXWLOL]DFLµQGHODP£TXLQD 
6LVHGHVSOD]DSRUWHUUHQRDFFLGHQWDGRQRGHMHTXHOD
P£TXLQDVHLQFOLQHP£VGHrKDFLDXQODGR
/DFDELQDWLHQHGRVVDOLGDVGHHPHUJHQFLDODSXHUWD\OD
YHQWDQDWUDVHUD
$QGHVµORSRUVXSHUILFLHVFRQSURWHFFLµQDQWLGHVOL]DQWH
'XUDQWHWRUPHQWDVHO«FWULFDVQRLQWHQWHHQWUDURVDOLUGHOD
P£TXLQD
 6LXVWHGQRHVW£HQODP£TXLQDSHUPDQH]FDDSDUWDGRGH
HOODKDVWDTXHSDVHODWRUPHQWD
 6LXVWHGHVW£HQODFDELQDSHUPDQH]FDVHQWDGRFRQOD
P£TXLQDSDUDGDKDVWDTXHODWRUPHQWDSDVH1RWRTXHORV
FRQWUROHVQLQDGDPHW£OLFR
(QWRGRWLSRGHWUDEDMRV WUDVODFLµQH[FDYDFLµQFDUJDXVRGHO
PDUWLOORHWF FRORTXHODVUXHGDVGHODQWHUDVDOIUHQWHSDUD
UHGXFLUHOGD³RDODWUDFFLµQGHELGRDXQDSRVLFLµQGH
RSHUDFLµQLQFRUUHFWD


 ,QVWUXFFLRQHVGHIXQFLRQDPLHQWR
 5HJODVGHVHJXULGDGSDUDODXWLOL]DFLµQGHODP£TXLQD

2SHUDFLµQHQODY¯DS¼EOLFD
(VQHFHVDULRXVDUOHWUHURVGHWU£ILFRGLVSRVLWLYRVGHUHVWULFFLµQ
GHOWU£ILFR\RWURVGLVSRVLWLYRVGHVHJXULGDGTXHSXHGDQVHU
QHFHVDULRVFRQVLGHUDQGRODYHORFLGDGHLQWHQVLGDGGHOWU£ILFR
XRWUDVFRQGLFLRQHVORFDOHV
&XDQGRHVW«PRYLHQGRODP£TXLQDFRQXQDFDUJDVXVSHQGLGD
SUHVWHDWHQFLµQHVSHFLDO6LHVQHFHVDULRVROLFLWHODD\XGDGH
XQVH³DOLVWD
6HSXHGHXVDUXQDOX]GHDGYHUWHQFLD
 (QXQLPSOHPHQWRDFRSODGRRFRQHFWDGRTXHVHDP£V
DQFKRTXHHOYHK¯FXORSURSLDPHQWHGLFKR
 &XDQGRHOYHK¯FXORFRQVWLWX\HXQREVW£FXORRXQSHOLJUR
SDUDHOWU£ILFR
 &XDQGRWUDEDMHHQODFDO]DGDRDOODGRGHHOOD
,QVWUXFFLRQHVGHIXQFLRQDPLHQWR 
0HGLGDVTXHGHEHQDSOLFDUVHDQWHVGHODFRQGXFFLµQ 

0HGLGDVTXHGHEHQDSOLFDUVHDQWHV
GHODFRQGXFFLµQ

$9,62
(VQHFHVDULRREVHUYDUDOSLHGHODOHWUDODVGLVSRVLFLRQHVGH
VHJXULGDG\ODVLQVWUXFFLRQHVGHRSHUDFLµQGHOIDEULFDQWH
 /HDHO/LEURGHLQVWUXFFLRQHV
 (IHFW¼HHOVHUYLFLRGLDULRVHJ¼QODS£JLQD(QWLHPSRIU¯R
DVHJ¼UHVHGHTXHHOSXQWRGHFRQJHODFLµQGHOUHIULJHUDQWHVHD
VXILFLHQWHPHQWHEDMR\TXHHODFHLWHOXEULFDQWHVHDDGHFXDGR
SDUDXVRLQYHUQDO
9  /LPSLH\UDVTXHHOKLHORGHODVYHQWDQDV
  /LPSLHHOSROYRDOUHGHGRUGHODP£TXLQDODEDWHU¯D\HO
HQIULDGRU
 &RPSUXHEHHOQLYHOGHIOXLGRKLGU£XOLFRUHOOHQDQGRVLHV
QHFHVDULR
 &RPSUXHEHTXHKD\VXILFLHQWHFRPEXVWLEOHHQHOGHSµVLWR
 &RPSUXHEHTXHQRKD\DSLH]DVVXHOWDVRGHIHFWXRVDVQL
IXJDVTXHSXHGDQSURGXFLUDYHU¯DV
 $VHJ¼UHVHGHFRQHFWDUHOLQWHUUXSWRUGHEDWHU¯DVLHVW£
GHVFRQHFWDGR
 &RPSUXHEHVLKD\JULHWDVHQHOEDVWLGRU\HQODVRUXJDV
 &RPSUXHEHTXHORVFDSµV\ODVWDSDVHVW£QFHUUDGRV
 $VHJ¼UHVHGHTXHHOH[WLQWRUHVW£FDUJDGRHQFDVRDSOLFDEOH
 ,QVSHFFLRQHORVHVFDORQHV\DVLGHURVHQFXDQWRDGD³RVR
SLH]DVVXHOWDV+DJDODVUHSDUDFLRQHVQHFHVDULDV
 &RPSUXHEHTXHQRKD\QLQJXQDSHUVRQDHQODVFHUFDQ¯DVGH

ODP£TXLQD
 $MXVWHHODVLHQWRGHORSHUDGRU\DEUµFKHVHHOFLQWXUµQGH
VHJXULGDG
 $MXVWH\OLPSLHORVHVSHMRV
 &RPSUXHEHTXHODVOXFHVGHWUDEDMR\RWUDVOXFHVIXQFLRQDQ
GHELGDPHQWH
 (ODYLVDGRUGHWUDVODFLµQVLHPSUHGHEHHVWDUFRQHFWDGRDO
RSHUDUODP£TXLQD
 &RPSUXHEHVLKD\IDOORVHQORVLQGLFDGRUHVGHORVSDQHOHVGH
LQVWUXPHQWRV
 &RPSUXHEHHOIXQFLRQDPLHQWRGHODFRSODPLHQWRU£SLGRGHO
LPSOHPHQWR HTXLSDPLHQWRRSFLRQDO 
 ,QVWUXFFLRQHVGHIXQFLRQDPLHQWR
 $UUDQTXHGHOPRWRU

$UUDQTXHGHOPRWRU
127$
$VHJ¼UHVHGHTXHODSDODQFDGHEORTXHRGHPDQGRVHHQFXHQWUD
USP

)
*
+
HQSRVLFLµQKDFLDDEDMR EORTXHR GHORFRQWUDULRQRVHU£SRVLEOH
DUUDQFDUODP£TXLQD
$
$'9(57(1&,$
  5LHVJRGHDFFLGHQWHVPRUWDOHV
 /DSUHVHQFLDGHSHUVRQDVQRDXWRUL]DGDVHQHO£UHDGHWUDEDMR
% GHODP£TXLQDSXHGHSURYRFDUOHVLRQHVJUDYHVSRU
DSODVWDPLHQWR
ವ$SDUWHDWRGRHOSHUVRQDOQRDXWRUL]DGRGHO£UHDGHWUDEDMR
ವ9LJLOHHQWRGDVODVGLUHFFLRQHV
ವ1RWRTXHODVSDODQFDVGHFRQWUROQLORVLQWHUUXSWRUHVGXUDQWHHO
DUUDQTXH
ವ+DJDVRQDUODERFLQDDQWHVGHHPSH]DUDRSHUDU
9

$ ,QWHUUXSWRUGHFRQWUROGHU«JLPHQGHOPRWRU
% ,QWHUUXSWRUGHHQFHQGLGR
$9,62
1RPDQWHQJDODOODYHGHHQFHQGLGRHQODSRVLFLµQGHDUUDQTXH
3RVLFLµQGHVFRQHFWDGD  GXUDQWHP£VGHVHJXQGRV\DTXHHVWRSXHGHFDXVDUJUDYHV
3RVLFLµQGHPDUFKD SUHFDOHQWDPLHQWR   GD³RVHQHOVLVWHPDGHDUUDQTXH6LQRDUUDQFDHOPRWRUJLUHOD
3RVLFLµQGHDUUDQTXH 
OODYHGHYXHOWDDODSRVLFLµQGHSDUDGD\HVSHUHXQRVVHJXQGRV

DQWHVGHKDFHUXQQXHYRLQWHQWRGHDUUDQTXH

$9,62
6LHOPRWRUVXHQDRIXQFLRQDGHIRUPDH[WUD³DRVLVHSURGXFHQ
IXHUWHVYLEUDFLRQHVJLUHODOODYHGHHQFHQGLGRLQPHGLDWDPHQWHD
ODSRVLFLµQGHSDUDGD

$9,62
(VSHUHKDVWDTXHHOVLVWHPDHOHFWUµQLFRVHKD\DDSDJDGRGHO
WRGRDQWHVGHDUUDQFDUGHQXHYR
 *LUHHOLQWHUUXSWRUGHFRQWUROGHU«JLPHQGHOPRWRU $ DOD
SRVLFLµQGHEDMRU«JLPHQ\JLUHODOODYHDODSRVLFLµQGH
RSHUDFLµQ
 7RTXHODERFLQD\DYLVHDRWURVWUDEDMDGRUHV\SHUVRQDVGH
TXHHVW£DUUDQFDQGRODP£TXLQD3DUDODVHFXHQFLDGH
DUUDQTXHYHDODS£JLQD
,QVWUXFFLRQHVGHIXQFLRQDPLHQWR 
$UUDQTXHGHOPRWRU 
 *LUHODOODYHDODSRVLFLµQGHDUUDQTXH
 6XHOWHODOODYHHQFXDQWRKD\DDUUDQFDGRHOPRWRU
 'HMHTXHVHFDOLHQWHODP£TXLQD


 ,QVWUXFFLRQHVGHIXQFLRQDPLHQWR
 $UUDQTXHGHOPRWRU

$UUDQTXHGHOPRWRUHQWLHPSRIU¯R
 *LUHHOLQWHUUXSWRUGHFRQWUROGHOU«JLPHQGHOPRWRU $ DOD
SRVLFLµQGHEDMRU«JLPHQ
 *LUHODOODYHDODSRVLFLµQGHRSHUDFLµQ SUHFDOHQWDPLHQWR \
PDQW«QJDODDK¯PLHQWUDVWLHQHOXJDUHOSUHFDOHQWDPLHQWR(O
9
LQGLFDGRUGHSUHFDOHQWDPLHQWRVHYLVXDOL]DHQODSDQWDOOD
,QGLFDGRUGHSUHFDOHQWDPLHQWRGHODLUH LQGLFDGRUDGHOD,(&8
  8QDYH]FRQFOXLGRHOSUHFDOHQWDPLHQWRWRTXHODERFLQD\
DYLVHDRWURVWUDEDMDGRUHV\SHUVRQDVGHTXHHVW£DUUDQFDQGR
ODP£TXLQD3DUDODVHFXHQFLDGHDUUDQTXHYHDODS£JLQD

 *LUHODOODYHDODSRVLFLµQGHDUUDQTXH
 6XHOWHODOODYHHQFXDQWRKD\DDUUDQFDGRHOPRWRU
 'HMHTXHVHFDOLHQWDODP£TXLQD$FFLµQHODDEDMDYHORFLGDG
\FRQXQDFDUJDOLJHUDKDVWDTXHVHKD\DFDOHQWDGRHODFHLWH
HQHOPRWRU\HQHOVLVWHPDKLGU£XOLFR

$9,62
$WHPSHUDWXUDVLQIHULRUHVDr& r) GHMHHOPRWRUHQUDOHQW¯
EDMRGXUDQWHµPLQXWRVSDUDFDOHQWDUHOPRWRU\HOVLVWHPD
KLGU£XOLFRDQWHVGHFRPHQ]DUDWUDEDMDUFRQODP£TXLQD
8WLOLFHDFHLWHOXEULFDQWHUHFRPHQGDGRSDUDXVRLQYHUQDO9HDOD
S£JLQD
'XUDQWHODWHPSRUDGDIU¯DOOHQHHOGHSµVLWRGHFRPEXVWLEOHDO
FRQFOXLUODMRUQDGDSDUDLPSHGLUODIRUPDFLµQGHDJXDGH
FRQGHQVDFLµQHQHOGHSµVLWR

&DOHQWDGRUGHEORTXHGHOPRWRU
RSFLRQDO
(VWHHTXLSRVHXVDSDUDUHGXFLUODFDUJDGHOPRWRUTXHFDXVD
GHVJDVWHGHOPLVPRFXDQGRVHDUUDQFDODP£TXLQDHQXQDUHJLµQ
GHFOLPDIU¯R
127$
/DP£TXLQDSXHGHHVWDUHTXLSDGDFRQXQFDOHQWDGRUGHOEORTXH
GHFLOLQGURVSDUD9&RPSDUHODWHQVLµQHVSHFLILFDGDGHOD
IXHQWHGHDOLPHQWDFLµQH[WHUQD\FRQODGHOFDOHQWDGRUGHOEORTXH
GHFLOLQGURV

9

7RPDSDUDFDOHQWDGRUGHOEORTXH

,QVWUXFFLRQHVGHIXQFLRQDPLHQWR 
$UUDQTXHGHOPRWRU 

$UUDQTXHFRQEDWHU¯DVDX[LOLDUHV

$'9(57(1&,$
/DVEDWHU¯DVSXHGHQH[SORWDUSRUHIHFWRGHODV¼ELWDFRUULHQWHGH
JUDQPDJQLWXGVLVHFRQHFWDXQDEDWHU¯DWRWDOPHQWHFDUJDGDD
XQDEDWHU¯DWRWDOPHQWHGHVFDUJDGDRFRQJHODGD(OORSXHGH
RFDVLRQDUOHVLRQHV
&XDQGRDUUDQTXHFRQEDWHU¯DVDX[LOLDUHVFRPSUXHEHTXHODV
EDWHU¯DVDX[LOLDUHVXRWUDIXHQWHGHDOLPHQWDFLµQWLHQHQODPLVPD
WHQVLµQTXHODVEDWHU¯DVGHODP£TXLQD6LVHXVDQODVEDWHU¯DV
GHRWUDP£TXLQDHOPRWRUGHHVWD¼OWLPDGHEHU£HVWDUDSDJDGR

$9,62
1RLQWHQWHDUUDQFDUHOPRWRUPLHQWUDVHOFDUJDGRUGHEDWHU¯DHVW«
FRQHFWDGRDODUHG'HORFRQWUDULRVHSXHGHQGD³DUODVXQLGDGHV
GHPDQGRHOHFWUµQLFDV
 'HVFRQHFWHODEDWHU¯DFRQHOLQWHUUXSWRUGHEDWHU¯D
 'HVPRQWHODVSURWHFFLRQHVGHORVERUQHVGHODEDWHU¯D
&RQHFWHGRVEDWHU¯DVGH9GHODPDQHUDVLJXLHQWH
 &RQHFWHXQRGHORVFDEOHVHQWUHHOSROR  GHODEDWHU¯DGHOD
P£TXLQD\HOSROR  GHODEDWHU¯DDX[LOLDU
 &RQHFWHHORWURFDEOHGHFRQH[LµQHQWUHHOERUQH  GHOD
EDWHU¯DDX[LOLDU\XQSXQWRGHPDVDHQODP£TXLQD

$9,62

1RFRQHFWHPDVDDOFDUURLQIHULRUGHODP£TXLQD\DTXHSRGU¯D
GD³DUVHJUDYHPHQWHHOFRMLQHWHGHJLUR
 &RQHFWHODVEDWHU¯DVGHODP£TXLQDSRQLHQGRHOLQWHUUXSWRUGH
EDWHU¯DHQODSRVLFLµQFRQHFWDGD
 $UUDQTXHHOPRWRUFRQHOLQWHUUXSWRUGHHQFHQGLGRHQOD
FDELQD
 'HMHODVEDWHU¯DVFRQHFWDGDVGXUDQWHµPLQXWRVGHVSX«V
GHKDEHUDUUDQFDGRHOPRWRU
 'HVFRQHFWHHOFDEOHGHSXHQWHGHODFRQH[LµQGHOFKDVLVHQ
ODP£TXLQD\DFRQWLQXDFLµQGHVFRQHFWHHORWURH[WUHPRGHO
FDEOHGHSXHQWHGHOWHUPLQDO  HQODEDWHU¯DDX[LOLDU
 )LQDOPHQWHGHVFRQHFWHHOFDEOHGHFRQH[LµQLQVWDODGRHQWUH
ORVERUQHV  
 0RQWHODVSURWHFFLRQHVGHORVERUQHV
 ,QVWUXFFLRQHVGHIXQFLRQDPLHQWR
 $UUDQTXHGHOPRWRU

7XUERFRPSUHVRU
(OWXUERFRPSUHVRUHVDFFLRQDGRSRUORVJDVHVGHHVFDSHORV
FXDOHVSDVDQDWUDY«VGHODFDUFDVDGHODWXUELQDGHVDOLGDDO
VLVWHPDGHJDVHVHVFDSH(OWXUERFRPSUHVRUHVW£HTXLSDGRFRQ
9 XQDY£OYXODGHUHVLGXRVODFXDOSHUPLWHDOWXUEROLPLWDUVXP£[LPD
VDOLGDGHDLUHGHFDUJD
$LUH $FHLWHOXEULFDQWH *DVHVGHHVFDSH
 $9,62
'HMHHOPRWRUHQPDUFKDDEDMRU«JLPHQGHUDOHQW¯GXUDQWHXQ
P¯QLPRGHPHGLRPLQXWRGHVSX«VGHDUUDQFDUFRQREMHWRGH
JDUDQWL]DUODOXEULFDFLµQGHOWXUERFRPSUHVRU
/DOXEULFDFLµQ\HOHQIULDGRGHOWXUERFRPSUHVRUVHHIHFW¼DQD
WUDY«VGHOVLVWHPDGHOXEULFDFLµQGHOPRWRU
3DUDHOIXQFLRQDPLHQWRGHOWXUERFRPSUHVRUHVLPSRUWDQWHTXH
6HDVHJXUHODOXEULFDFLµQ\UHIULJHUDFLµQ
 1RHPEDODQGRHOPRWRUSRFRGHVSX«VGHDUUDQFDU
 'HMDQGRTXHIXQFLRQHHOPRWRUDOU«JLPHQGHUDOHQW¯EDMR
GXUDQWHXQP¯QLPRGHPLQXWRVDQWHVGHDSDJDUOR
9 &DPELDQGRHODFHLWHGHOPRWRU\ORVILOWURVHQORVLQWHUYDORV
$ (QWUDGDGHJDVHVGHHVFDSH SUHVFULWRV
% $OVLVWHPDGHHVFDSH 6HPDQWHQJDSHULµGLFDPHQWHHOILOWURGHDLUH\TXHHOVLVWHPD
& $LUHFRPSULPLGR GHHVFDSH\ODVWXEHU¯DVGHDFHLWHOXEULFDQWHQRWHQJDQIXJDV
' $LUHFRPSULPLGR
6LVHR\HQUXLGRVGLVFRUGDQWHVRVLYLEUDHOWXUERFRPSUHVRUVHU£

QHFHVDULRUHDFRQGLFLRQDUORRFDPELDUORLQPHGLDWDPHQWH
/RVWUDEDMRVHQHOWXUERFRPSUHVRUVµORSRGU£QUHDOL]DUVHHQHO
WDOOHUGHXQFRQFHVLRQDULRDXWRUL]DGR

&DOHQWDPLHQWR
/DP£TXLQDSXHGHUHVSRQGHUOHQWDPHQWHDWHPSHUDWXUDVEDMDV
2SHUHFXLGDGRVDPHQWHKDVWDTXHHOVLVWHPDKD\DDOFDQ]DGRVX
WHPSHUDWXUDQRUPDO'HORFRQWUDULRVHSXHGHQSURGXFLU
PRYLPLHQWRVLQHVSHUDGRV
,QVWUXFFLRQHVGHIXQFLRQDPLHQWR 
6LVWHPDKLGU£XOLFRFDOHQWDPLHQWR 

6LVWHPDKLGU£XOLFRFDOHQWDPLHQWR
(ODFHLWHHQHOVLVWHPDKLGU£XOLFRGHODP£TXLQDVHXVDSDUD
DFFLRQDUORVFLOLQGURVKLGU£XOLFRVGHOHTXLSR\WDPEL«QSDUDORV
PRWRUHVKLGU£XOLFRVGHWUDVODFLµQ\JLUR&XDQGRHODFHLWHHVW£
IU¯RVHSRQHYLVFRVR
3RUFRQVLJXLHQWHODVIXQFLRQHVKLGU£XOLFDVGHODP£TXLQDRSHUDQ
P£VOHQWDPHQWHTXHFXDQGRHODFHLWHHVW£FDOLHQWH
3XHGHQSURGXFLUVHIDOORVGHIXQFLRQDPLHQWRVLXQDRP£V
IXQFLRQHVGHODP£TXLQDVHIXHU]DQKDVWDODSRVLFLµQWRSHVLQ
KDEHUFDOHQWDGRSULPHURHOVLVWHPD
127$
2SHUHODVIXQFLRQHVGHODP£TXLQD WUDVODFLµQJLURH
LPSOHPHQWRV PX\OHQWD\FXLGDGRVDPHQWH

$'9(57(1&,$
5LHVJRGHOHVLRQHVSRUDSODVWDPLHQWR
$EDMDWHPSHUDWXUDHOVLVWHPDKLGU£XOLFRSXHGHUHVSRQGHU
OHQWDPHQWHGDQGROXJDUDPRYLPLHQWRVLQHVSHUDGRVGHOD
P£TXLQD
3URFHGDFRQFXLGDGRKDVWDTXHHOVLVWHPDKLGU£XOLFRKD\D
DOFDQ]DGRODWHPSHUDWXUDGHWUDEDMR

$9,62
1RDFHOHUHHOFDOHQWDPLHQWRGHODFHLWH\DTXHHOFDOHQWDPLHQWR
IRU]DGRSXHGHGD³DUODP£TXLQD 
$'9(57(1&,$
5LHVJRGHPDJXOODGXUDV
(OPRYLPLHQWRV¼ELWRGHORVLPSOHPHQWRVSXHGHFDXVDUOHVLRQHV
JUDYHVRODPXHUWHDOSHUVRQDOFHUFDQRDODP£TXLQD
/RVPDQGRVGHDFFLµQU£SLGDRSHUDQORVLPSOHPHQWRV
RSFLRQDOHV2SHUHORVPDQGRVFRQFXLGDGR
 ,QVWUXFFLRQHVGHIXQFLRQDPLHQWR
 6LVWHPDKLGU£XOLFRFDOHQWDPLHQWR
 $UUDQTXHHOPRWRU\G«MHORHQUDOHQW¯EDMRGXUDQWHPLQXWRV
 $FRQWLQXDFLµQDXPHQWHHOU«JLPHQGHOPRWRUD
DSUR[LPDGDPHQWHUSP
 6LJDFXLGDGRVDPHQWHODVLQVWUXFFLRQHVTXHDSDUHFHQD
FRQWLQXDFLµQ
6LODEDUUDYHUGHSDUDODWHPSHUDWXUDGHODFHLWHKLGU£XOLFR
+\GUDXOLFV
FXEUHP£VTXHDSUR[GHODSRVLFLµQ+L QLYHODOWR 
2LO 7HPSHUDWXUH UHDOLFHORVSDVRV\LQGLFDGRVDFRQWLQXDFLµQ
6LODEDUUDYHUGHSDUDODWHPSHUDWXUDGHODFHLWHKLGU£XOLFR
FXEUHPHQRVTXHDSUR[GHODSRVLFLµQ+L QLYHODOWR 
+L OHYDQWHODSOXPDOLJHUDPHQWHGHVGHHOVXHOR\PXHYDOD
     FXFKDUDKDFLDGHQWUR\KDFLDIXHUDXVDQGRODSDODQFDGH
 9 FRQWUROGXUDQWHPLQXWRV GHWHQJDODRSHUDFLµQGXUDQWH
3DQWDOODGHWHPSHUDWXUDGHODFHLWHKLGU£XOLFR VHJXQGRVGHVSX«VGHXQDRSHUDFLµQFRPRFXFKDUDKDFLD
 GHQWURRKDFLDIXHUD 
'HVSX«VGHPLQXWRVVLODEDUUDYHUGHSDUDODWHPSHUDWXUD
GHODFHLWHKLGU£XOLFRQRKDDOFDQ]DGRDSUR[PXHYDOD
FXFKDUDKDFLDGHQWURFRQODSDODQFDGHFRQWURO\PDQWHQJD
ODSDODQFDHQGLFKDSRVLFLµQGXUDQWHVHJXQGRVKDVWD
DOFDQ]DUODSUHVLµQGHDOLYLR6XHOWHODSDODQFDGHFRQWURO
GXUDQWHVHJXQGRV\DFRQWLQXDFLµQUHSLWDODRSHUDFLµQ
KDVWDTXHODEDUUDYHUGHKD\DDOFDQ]DGRDSUR[
 0XHYDHOFLOLQGURGHODFXFKDUDKDFLDIXHUDXVDQGRODSDODQFD
GHFRQWURO\GHMHTXHODFXFKDUDVHPXHYDKDVWDVXSRVLFLµQ
WRSH
 6HJXLGDPHQWHUHDOLFHXQDVHULHGHPRYLPLHQWRVGHODSOXPD
GHOEUD]RH[FDYDGRUGHJLUR\GHWUDVODFLµQFRQODP£TXLQD
SDUDGLVWULEXLUHODFHLWHKLGU£XOLFRFDOHQWDGRDWRGRVORV
PRWRUHV\FLOLQGURVKLGU£XOLFRV
5HDOLFHHVWRVPRYLPLHQWRVKDVWDTXHHOVLVWHPDKLGU£XOLFRKD\D
DOFDQ]DGRODWHPSHUDWXUDGHWUDEDMR\PRYLPLHQWRVGHWUDEDMR
U£SLGRV
7UDVODFLµQHQXQDFRUWDGLVWDQFLD
(OGHVSOD]DPLHQWRGHODP£TXLQDXQDFRUWDGLVWDQFLD SRU
HMHPSORSDUDFDUJDUODHQXQUHPROTXH SXHGHKDFHUVHVLQXQ
FDOHQWDPLHQWRFRPSOHWRSHURHVWDRSHUDFLµQGHEHKDFHUVHFRQ
VXPRFXLGDGR(QHVWDVFRQGLFLRQHVHOU«JLPHQGHOPRWRUQR
GHEHH[FHGHUUSP\HOPDQGRGHYHORFLGDGGHWUDVODFLµQ
GHEHU£HVWDUHQODSRVLFLµQGHEDMDYHORFLGDG
,QVWUXFFLRQHVGHIXQFLRQDPLHQWR 
8WLOL]DFLµQ 

8WLOL]DFLµQ
$9,62
3DUDQRSRQHUHQSHOLJURODOXEULFDFLµQGHOPRWRUQRVHGHEH
LQFOLQDUODP£TXLQDP£VGHJUDGRVHQXQVHQWLGRXRWUR
$GHP£VSXHGHUHVXOWDUSHOLJURVRWUDEDMDUFRQHVDLQFOLQDFLµQ\D
TXHODP£TXLQDSXHGHSHUGHUODHVWDELOLGDGRHOHTXLOLEULR
GHSHQGLHQGRGHODFDUJD
127$
1RWRPHSLVWDVGHP£VGHJUDGRVXWLOL]DQGRHOLPSOHPHQWR
'HORFRQWUDULRVHSRGU¯DGD³DUHOFRQWUDSHVR
127$
6LODP£TXLQDHVW£HTXLSDGDFRQXQVLVWHPDGHDGYHUWHQFLDGH
WUDVODFLµQVRQDU£XQDDODUPDGHDGYHUWHQFLDFXDQGRVHDFW¼HQ
ODVSDODQFDVRORVSHGDOHV
3DUDP£VLQIRUPDFLµQVREUHHOIXQFLRQDPLHQWRYHDODS£JLQD



 ,QVWUXFFLRQHVGHIXQFLRQDPLHQWR
 3DUDGD

3DUDGD
 6HOHFFLRQHXQWHUUHQRORP£VQLYHODGRSRVLEOHSDUDDSDUFDUOD
P£TXLQD
 'HVFLHQGDHOLPSOHPHQWRKDVWDHOVXHOR
 'HMHHOPRWRUHQUDOHQW¯EDMRGXUDQWHDSUR[LPDGDPHQWH
PLQXWRVDQWHVGHSDUDUHOPRWRU'HORFRQWUDULRHO
WXUERFRPSUHVRUQRUHFLELU£VXILFLHQWHOXEULFDFLµQFRQXQD
YLGDGHVHUYLFLRP£VFRUWD\PD\RUULHVJRGHDJDUURWDPLHQWR
GHORVFRMLQHWHV
 *LUHHOLQWHUUXSWRUGHHQFHQGLGRDODSRVLFLµQGHSDUDGD
 0XHYDODSDODQFDGHEORTXHRGHPDQGRKDFLDDEDMRSDUD
EORTXHDUHOVLVWHPDKLGU£XOLFRGHIRUPDVHJXUD
 6LYDDGHMDUODP£TXLQDVLQXVDUGXUDQWHODUJRWLHPSR
GHVFRQHFWHHOLQWHUUXSWRUGHEDWHU¯D
5HFXHUGHTXHSXHGHPLQLPL]DUHOULHVJRGHURERGHODVLJXLHQWH
PDQHUD
 5HWLUDQGRHOLQWHUUXSWRUGHHQFHQGLGRFXDQGRGHMHODP£TXLQD
GHVDWHQGLGD
 &HUUDQGRFRQOODYHODVSXHUWDV\FXELHUWDVDOFRQFOXLUOD
MRUQDGD
 'HVFRQHFWDQGRODEDWHU¯DFRQHOLQWHUUXSWRUGHEDWHU¯D\
UHWLUDQGRODPDQLMDGHOLQWHUUXSWRU
 $SDUFDQGRODP£TXLQDGRQGHVHDP¯QLPRHOULHVJRGHURER\
GD³RV
 5HWLUDQGRGHODFDELQDWRGRVORVREMHWRVYDOLRVRVWDOHVFRPR
WHO«IRQRPµYLORUGHQDGRUUDGLR\EROVDV
 (QFDGHQDQGRODP£TXLQD
*UDEDQGRHOQ¼PHUR3,1RHOQ¼PHURGHODPDWU¯FXODQDFLRQDOGH
ODP£TXLQDHQVXVYHQWDQDVUHVXOWDP£VI£FLOLGHQWLILFDUODV
P£TXLQDVUREDGDV
,QVWUXFFLRQHVGHIXQFLRQDPLHQWR 
(VWDFLRQDPLHQWR 

(VWDFLRQDPLHQWR

$9,62
 6HOHFFLRQHXQWHUUHQRQLYHODGRSDUDDSDUFDUHOPRWRU6LHV
QHFHVDULRHVWDFLRQDUODP£TXLQDHQXQDSHQGLHQWHVHU£
QHFHVDULREORTXHDUODVFDGHQDVFRQWDFRVGHPDGHUDHKLQFDU
ORVGLHQWHVGHODFXFKDUDHQHOVXHOR
9  $SDUTXHODP£TXLQDHQFRQGLFLRQHVWDOHVTXHORVY£VWDJRVGH
 ORVSLVWRQHVGHORVLPSOHPHQWRVHVW«QSURWHJLGRVFRQWUDOD
KXPHGDGHOSROYR\ORVGD³RV
 6LJDORVS£UUDIRVDQWHULRUHVDGHODSDUWDGR3DUDGD
 &LHUUHFRQOODYHWRGDVODVYHQWDQDVSXHUWDV\WDSDV
(VWDFLRQDPLHQWRSURORQJDGR
6LJDODVLQVWUXFFLRQHVGHHVWDFLRQDPLHQWR\DGHP£V
 /DYHODP£TXLQD\UHWRTXHODSLQWXUDSDUDLPSHGLUODR[LGDFLµQ
 &RPSUXHEHODP£TXLQDHQFXDQWRDIXJDVGHDFHLWHRDJXD
\GHIHFWRVHQORVLPSOHPHQWRV\ODVRUXJDV6XVWLWX\DRUHSDUH
WRGDVODVSLH]DVHVWURSHDGDVRJDVWDGDV
 7UDWHODVSDUWHVH[SXHVWDVFRQXQDJHQWHDQWLµ[LGROXEULTXH
ODP£TXLQDPLQXFLRVDPHQWH\DSOLTXHJUDVDDODVVXSHUILFLHV
QRSLQWDGDVWDOHVFRPRORVFLOLQGURV
 /OHQHHOGHSµVLWRGHFRPEXVWLEOH\HOGHSµVLWRGHDFHLWH
KLGU£XOLFRKDVWDODVPDUFDVP£[LPDV
 $VHJ¼UHVHGHTXHHOSXQWRGHFRQJHODFLµQGHOUHIULJHUDQWHHV
VXILFLHQWHPHQWHEDMR HQWLHPSRIU¯R 
 &RORTXHODP£TXLQDHQWHUUHQRILUPH\QLYHODGRGRQGHQR 
KD\DULHVJRGHFRQJHODFLµQFRUULPLHQWRGHWLHUUDVR
LQXQGDFLµQ
 3DUDHODOPDFHQDPLHQWRGHP£TXLQDVHQWHPSHUDWXUDV
H[WUHPDGDPHQWHIU¯DVUHWLUHODVEDWHU¯DV\JX£UGHODVD
WHPSHUDWXUDDPELHQWH$VHJ¼UHVHGHFRORFDUODVEDWHU¯DV
VREUHXQDVXSHUILFLHGHPDGHUDSO£VWLFRRJRPD
 &XEUDHOWXERGHHVFDSH SDUDHODSDUFDPLHQWRDODLUHOLEUH 

$9,62
$UUDQTXHHOPRWRUXQDYH]DOPHV\G«MHORDU«JLPHQGHUDOHQW¯
GXUDQWHXQDKRUD$FFLRQHWRGRVORVFLFORVIXQFLRQDOHVXQDYH]
DOFDQ]DGDODWHPSHUDWXUDGHWUDEDMR
&RQWUROHVGHVSX«VGHOHVWDFLRQDPLHQWRGHODUJD
GXUDFLµQ
7RGRVORVQLYHOHVGHDFHLWHV\IOXLGRV
(ODSULHWHGHWRGRVORVSHUQRV
)LOWURGHDLUH
0DQJXHUDVKLGU£XOLFDV
-XQWDV
 ,QVWUXFFLRQHVGHIXQFLRQDPLHQWR
 5HVFDWH\UHPROFDGR

5HVFDWH\UHPROFDGR

$'9(57(1&,$
8VHVLHPSUHFDEOHVFRUUHDVGHHOHYDFLµQJULOOHWHV\JDQFKRV
KRPRORJDGRVFRQVXILFLHQWHFDSDFLGDGGHHOHYDFLµQ

$'9(57(1&,$
8QHTXLSRLQFRUUHFWRRGHIHFWXRVRRXQP«WRGRLQFRUUHFWRGH
UHPROTXHSXHGHQFDXVDUDFFLGHQWHV3RUORWDQWRVLJD
DWHQWDPHQWHODVLQVWUXFFLRQHVTXHVLJXHQ

$'9(57(1&,$
3DUDUHPROFDUODP£TXLQDXWLOLFHVµORHOJDQFKRGHUHPROTXH
PRQWDGRHQODSDUWHSRVWHULRURHOSXQWRGHILMDFLµQSDUDODEDUUD
GHUHPROTXH
(OGLVSRVLWLYRGHUHVFDWHVHXVDHQHOFDVRGHTXHODP£TXLQDVH
DWDVTXHHQWHUUHQRSDQWDQRVRRGHTXHHVW«DYHULDGD
 $PDUUHXQFDEOHSDUDUHVFDWDURUHPROFDUODP£TXLQDFRPR
PXHVWUDODLOXVWUDFLµQ$VHJ¼UHVHGHTXHHOYDULOODMHGH
UHPROTXHHVW«GHELGDPHQWHDFRSODGR\GHTXHVHDDGHFXDGR
SDUDHOREMHWR
 /DYHORFLGDGGHUHPROFDGRSDUDFRUWDGLVWDQFLDHVFRPR
P£[LPRNPK3DUDODUJDGLVWDQFLDXVHRWURWUDQVSRUWH
 0DQWHQJDHO£QJXORGHOFDEOHGHUHPROTXHORP£VUHGXFLGR
$ SRVLEOH
%  (O£QJXORGHWUDFFLµQQRGHEHH[FHGHUrGHVGHODO¯QHD
KRUL]RQWDOGHOFDEOHGHUHPROTXH\GHOHMHORQJLWXGLQDOGHOD
P£TXLQD7HQJDFXLGDGRSDUDTXHQRURFHFRQQLQJXQDSDUWH
GHODP£TXLQD
(QHOEDVWLGRULQIHULRUKD\XQDJXMHUR $ SDUDDFRSODUHOJULOOHWH
SHURVRODPHQWHSDUDHOUHPROFDGRGHREMHWRVOLJHURV
9
 (VQHFHVDULRXVDUHOJULOOHWHSDUDHODJXMHUR $ 
  /DVIXHU]DVSHUPLWLGDVHQHODJXMHUR $ SDUDHOUHPROFDGR
VRQODVVLJXLHQWHV
 NJ OLE
127$
1RXVHORVDJXMHURVSDUDJULOOHWH % SDUDUHVFDWDURUHPROFDUOD
P£TXLQD(VWRVDJXMHURVVµORVRQSDUDHODQFODMHGHODP£TXLQD
GXUDQWHHOWUDQVSRUWH9HDODS£JLQD
& $ /LEHUHPDQXDOPHQWHHOIUHQRGHWUDVODFLµQ
6LUHVXOWDLPSRVLEOHSRQHUHQPDUFKDODP£TXLQDGHELGRDOIDOOR
GHDOJ¼QFRPSRQHQWHGHOPRWRUGHRUXJDVVHU£QHFHVDULROLEHUDU
HOIUHQRGHWUDVODFLµQ
 $SOLTXHXQDSUHVLµQKLGU£XOLFDGHNJFPt SVL HQOD
OXPEUHUD $ GHOPRWRUGHRUXJDV
 &RQHFWHXQDPDQJXHUDKLGU£XOLFDHQWUHODVOXPEUHUDV % \
& GHVSX«VGHKDEHUTXLWDGRORVWDSRQHV

%
ı

$ /XPEUHUDGHGHVDSOLFDFLµQGHOIUHQR
% /XPEUHUDGHPDQµPHWUR
& /XPEUHUDGHPDQµPHWUR

,QVWUXFFLRQHVGHIXQFLRQDPLHQWR 
7UDQVSRUWHGHODP£TXLQD 

7UDQVSRUWHGHODP£TXLQD
0HGLGDVDQWHVGHWUDQVSRUWDUODP£TXLQD

$9,62
/DSHUVRQDDFDUJRGHOWUDQVSRUWHGHEHDVHJXUDUVHGHTXHOD
FDUJDHOSRVLFLRQDPLHQWRHODPDUUH\HOWUDQVSRUWHGHODP£TXLQD
HQXQUHPROTXHVHKDJDFRQIRUPHDODOHJLVODFLµQ\ODV
GLVSRVLFLRQHVDSOLFDEOHVHQHOSD¯VRHOHVWDGRFRUUHVSRQGLHQWH
3DUDP£VLQIRUPDFLµQGLU¯MDVHDVXFRQFHVLRQDULR

$9,62
6LKD\SURWHFFLµQDQWLYDQGDOLVPRHQODP£TXLQDVHU£QHFHVDULR
TXLWDUODDQWHVGHWUDQVSRUWDUODP£TXLQD&RPSUXHEHODV
GLVSRVLFLRQHVORFDOHVRQDFLRQDOHV
(VSHFLILFDFLRQHVWRWDOHV\GHVPRQWDGDVSHVR\
GLPHQVLRQHV
(OSHVR\ODVGLPHQVLRQHVUHVXOWDQ¼WLOHVSDUDHVWLPDUHOP«WRGR
DGHFXDGRSDUDHOWUDQVSRUWHGHODVSLH]DVGHVPRQWDGDV3DUD
FXPSOLUFRQORDOHJLVODFLµQ\ODQRUPDWLYDGHFLHUWDUHJLµQXVHODV
HVSHFLILFDFLRQHVWRWDOHV\GHODVSLH]DVGHVDUPDGDV9HDODV
S£JLQDV\


 ,QVWUXFFLRQHVGHIXQFLRQDPLHQWR
 7UDQVSRUWHGHODP£TXLQD

7UDQVSRUWHGHODP£TXLQD
%UD]RH[FDYDGRUGHVPRQWDMH
* +

$ % &

( )

9

 &RORTXHODP£TXLQDHQXQWHUUHQROODQRILUPH\QLYHODGR
 5HWUDLJDFRPSOHWDPHQWHHOFLOLQGURGHODSOXPD\HOFLOLQGUR
GHOEUD]RH[FDYDGRU
 'HVFLHQGDODSOXPDGHIRUPDTXHHOEUD]RH[FDYDGRU
GHVFDQVHVREUHHOVXHOR,QVHUWHEORTXHVEDMRHOEUD]R
H[FDYDGRU
 3DUHHOPRWRU
 0XHYDODSDODQFDGHEORTXHRGHPDQGRKDFLDDEDMR
 'HVFRQHFWHODPDQJXHUDHQHOSXQWR & \YDF¯HHODFHLWH

$'9(57(1&,$
(ODFHLWHFDOLHQWHSXHGHFDXVDUTXHPDGXUDV/OHYHHTXLSR
SURWHFWRU\PDQLSXOHHODFHLWHFDOLHQWHFRQPXFKRFXLGDGR
5HFRMDHODFHLWH\RF¼SHVHGH«OGHPDQHUDUHVSHWXRVDFRQHO
PHGLRDPELHQWH

$'9(57(1&,$
/DSUHVLµQUHVLGXDOHQHOVLVWHPDKLGU£XOLFRSXHGHKDFHUTXH
VDOWHXQFKRUURGHDFHLWHDDOWDSUHVLµQD¼QVLHOPRWRUOOHYDXQ
WLHPSRGHWHQLGR'HMHVLHPSUHHVFDSDUODSUHVLµQDQWHVGH
UHDOL]DUFXDOTXLHUWDUHDGHVHUYLFLRHQHOVLVWHPDKLGU£XOLFR

$9,62
5HDOLFHHOWUDEDMRGHIRUPDVHJXUDSDUDHOPHGLRDPELHQWH
,QVWUXFFLRQHVGHIXQFLRQDPLHQWR 
7UDQVSRUWHGHODP£TXLQD 
 'HVFRQHFWHODPDQJXHUDHQHOSXQWR % \WDSRQHHOWXERFRQ
ODKHUUDPLHQWDDGHFXDGDHQORVSXQWRV % \ & 5HWLUHODV
PDQJXHUDV ) 
 (OHYHOLJHUDPHQWHHOFLOLQGURGHOEUD]RH[FDYDGRU * 8VHXQ
IRUURGHFDEOHV\WHQJDFXLGDGRSDUDQRGD³DUHOFLOLQGUR
 ([WUDLJDHOSDVDGRUHQHOSXQWR $ 
 'HVFLHQGDHOFLOLQGURGHOEUD]RH[FDYDGRUHQODSOXPD
,QWURGX]FDXQEORTXHHQWUHODSOXPD\HOFLOLQGUR
 0RQWHHOSDVDGRUHQVXVLWLRHQHOSXQWR $ 
 (QJDQFKHHOFDEOHHQHOSXQWR $ HOSDVDGRUGHOEUD]R
H[FDYDGRUFRQXQDJU¼D8VHXQDIXQGDGHFDEOHSDUDQR
GD³DUHOSDVDGRU
 5HWLUHHOSDVDGRUGHOSXQWR ( $UUDQTXHHOPRWRU\PXHYDOD
SOXPDSDUDVROWDUODGHOEUD]RH[FDYDGRU
 'HVPRQWHHOEUD]RH[FDYDGRU\PXHYDODP£TXLQDKDFLDDWU£V
SDUDGHVFHQGHUODSOXPDDOVXHOR
 0RQWHHOSDVDGRUHQVXVLWLRHQHOSXQWR ( 
 3DUHHOPRWRU
 'HVFLHQGDHOEUD]RH[FDYDGRUDOVXHOR,QWURGX]FDEORTXHV
EDMRHOEUD]RH[FDYDGRU
 $PDUUHHOY£VWDJRGHOFLOLQGURSDUDODFXFKDUD\ODDUWLFXODFLµQ
GHIRUPDTXHQRSXHGDH[WHQGHUVHQLPRYHUVH
 5HWRTXHORVGD³RVHQODSLQWXUD
 $SOLTXHDJHQWHDQWLFRUURVLYR\VHOOHODVVXSHUILFLHV
PHFDQL]DGDV
&RQWUDSHVRGHVDUPDGR

$'9(57(1&,$
&RPSUXHEHTXHHOFRQWUDSHVRVHDPDQLSXODGRFRUUHFWDPHQWH

1RSXHGHKDEHUSHUVRQDDOJXQDGHEDMRGHOFRQWUDSHVR3LGDD
XQFROHJDTXHREVHUYHDWHQWDPHQWHHOFRQWUDSHVRGXUDQWHHO
GHVPRQWDMH/HDDWHQWDPHQWHODVLQVWUXFFLRQHVDQWHVGH
PDQLSXODUHOFRQWUDSHVR

$'9(57(1&,$
(OHYDFLµQSHVDGD&RPSUREDUTXHQLQJXQDSHUVRQDVH
HQFXHQWUHGHEDMRGHOFRQWUDSHVRDOUHDOL]DUODHOHYDFLµQ

$'9(57(1&,$
(OFRQWUDSHVRHVSHVDGR7HQHUFXLGDGRDOGHVPRQWDUOR3DUD
HOHYDUHOFRQWUDSHVRXVDUFDEOHVKRPRORJDGRV\HQEXHQDV
FRQGLFLRQHVFRQODFDSDFLGDGGHFDUJD\ODORQJLWXGDGHFXDGDV
 ,QVWUXFFLRQHVGHIXQFLRQDPLHQWR
 7UDQVSRUWHGHODP£TXLQD
&RQWUDSHVRGHVPRQWDMH

$9,62
0XHYDODSDODQFDGHEORTXHRGHPDQGRVDVXSRVLFLµQEDMDFRQ
HOILQGHEORTXHDUHOVLVWHPDGHIRUPDVHJXUDDQWHVGHUHWLUDUHO
FRQWUDSHVR&RORTXHXQDHWLTXHWDHQODSDODQFDGHPDQGR
L]TXLHUGDLQGLFDQGRTXHQRVHGHEHDUUDQFDUHOPRWRU
 &RORTXHODP£TXLQDHQWHUUHQROODQRILUPH\QLYHODGRVLQ
REVW£FXORVQLLPSHGLPHQWRV
 'HVPRQWHORVWRUQLOORVGHWDSµQGHODSDUWHVXSHULRUGHO
FRQWUDSHVR
 &RPRSXHGHYHUVHHQODILJXUDFRQHFWHFDEOHVRHVOLQJDV
GHL]DGRTXHWHQJDQODUHVLVWHQFLDVXILFLHQWHSDUDVRVWHQHU
GHELGDPHQWHHOFRQWUDSHVRHQORVSXQWRVGHL]DGR $  FRQ
$ WUHVDUJROODV 
 5HWLUHWRUQLOORV % 
 (OHYHFRPSOHWDPHQWHHOFRQWUDSHVRSDUDUHWLUDUOR
 &RORTXHHOFRQWUDSHVRVREUHVRSRUWHVDGHFXDGRV

% 9

&RQWUDSHVRPRQWDMH
 &RORTXHODP£TXLQDHQWHUUHQROODQRILUPH\QLYHODGRVLQ
REVW£FXORVQLLPSHGLPHQWRV
 &RPRSXHGHYHUVHHQODILJXUDFRQHFWHFDEOHVRHVOLQJDV
GHL]DGRTXHWHQJDQODUHVLVWHQFLDVXILFLHQWHSDUDVRVWHQHU
HOFRQWUDSHVRGHIRUPDGHELGDHQORVSXQWRVGHL]DGR $ 
 /HYDQWHHOFRQWUDSHVRORVXILFLHQWHSDUDILMDUWRUQLOORVHQORV
VRSRUWHV
$

$'9(57(1&,$
(OHYDUHOFRQWUDSHVROLJHUDPHQWH\GHVSX«VGHFRQILUPDUOD
VHJXULGDG\ODSRVLFLµQKRUL]RQWDOSURFHGHUDOPRQWDMH

$'9(57(1&,$
% 9
1RLQWURGX]FDORVGHGRVHQORVRULILFLRVHQWUHODP£TXLQD\HO
 FRQWUDSHVR3RGU¯DSURGXFLUVHXQDFFLGHQWHJUDYH
 &RORTXHWRUQLOORV % 
 'HVFRQHFWHORVFDEOHVRHVOLQJDVGHL]DGRGHOFRQWUDSHVR
HQORVSXQWRVGHL]DGR $  FRQWUHVDUJROODV 
 0RQWHORVWRUQLOORVGHWDSµQHQODSDUWHVXSHULRUGHO
FRQWUDSHVR
3DUGHDSULHWHRHVSHFLILFDFLµQGHORVWRUQLOORV
7RUQLOORV % s1P sNJIPsOEIIW
(VSHFLILFDFLµQGHF£QFDPR03
,QVWUXFFLRQHVGHIXQFLRQDPLHQWR 
7UDQVSRUWHGHODP£TXLQD 
3OXPDFRQFLOLQGURGHOEUD]RH[FDYDGRUGHVPRQWDMH
(   
'
& )

n


%

9

 3DUHHOPRWRU
 0XHYDODSDODQFDGHEORTXHRGHPDQGRKDFLDDEDMR
 'HVFRQHFWHODVPDQJXHUDVHQHOSXQWR$ PDQJXHUDVSDUD
FLOLQGURGHOEUD]RH[FDYDGRU\FLOLQGURGHODSOXPD \YDF¯HHO
DFHLWH

$'9(57(1&,$
(ODFHLWHFDOLHQWHSXHGHFDXVDUTXHPDGXUDV/OHYHHTXLSR
SURWHFWRU\PDQLSXOHHODFHLWHFDOLHQWHFRQPXFKRFXLGDGR

5HFRMDHODFHLWH\RF¼SHVHGH«OGHPDQHUDUHVSHWXRVDFRQHO
PHGLRDPELHQWH

$'9(57(1&,$
/DSUHVLµQUHVLGXDOHQHOVLVWHPDKLGU£XOLFRSXHGHKDFHUTXH
VDOWHXQFKRUURGHDFHLWHDDOWDSUHVLµQD¼QVLHOPRWRUOOHYDXQ
WLHPSRGHWHQLGR'HMHVLHPSUHHVFDSDUODSUHVLµQDQWHVGH
UHDOL]DUFXDOTXLHUWDUHDGHVHUYLFLRHQHOVLVWHPDKLGU£XOLFR

$9,62
5HDOLFHHOWUDEDMRGHIRUPDVHJXUDSDUDHOPHGLRDPELHQWH
 ,QVWUXFFLRQHVGHIXQFLRQDPLHQWR
 7UDQVSRUWHGHODP£TXLQD
 'HVFRQHFWHODVPDQJXHUDVHQHOSXQWR %  PDQJXHUDVSDUD
HOPDUWLOOR\ODFL]DOOD \YDF¯HHODFHLWH
 6LHVW£HTXLSDGDFRQRWURVLPSOHPHQWRVGHVFRQHFWHODV
PDQJXHUDVFRUUHVSRQGLHQWHV\YDF¯HHODFHLWH
 'HVFRQHFWHHOKD]GHFDEOHVHQODSOXPD
 7DSRQHORVWXERV\PDQJXHUDVFRQODVSLH]DVDGHFXDGDVHQ
ORVSXQWRVGHVFRQHFWDGRV\DFRQWLQXDFLµQFRORTXHODV
PDQJXHUDVGHIRUPDTXHQRHVWRUEHQRWURVFRPSRQHQWHV
 (OHYHOLJHUDPHQWHHOFLOLQGURGHODSOXPD ODGRL]TXLHUGRGH
' 8VHXQIRUURGHFDEOHV\WHQJDFXLGDGRSDUDQRGD³DUHO
FLOLQGUR
 4XLWHORVSDVDGRUHVGHVHJXULGDG  HQHOSXQWR ) \HPSXMH
HOSDVDGRU  DOODGRGHUHFKR
 $UUDQTXHHOPRWRU
 5HWUDLJDHOFLOLQGURGHODSOXPDFRPSOHWDPHQWH\GHVFLHQGD
HOFLOLQGURGHODSOXPDVREUHODSODFDGHDVLHQWR * 
 $SDJXHHOPRWRU\PXHYDODSDODQFDGHEORTXHRGHPDQGR
KDFLDDEDMR
 $SOLTXHHOPLVPRP«WRGRDOFLOLQGURGHODSOXPDHQHOODGR
GHUHFKR
 0RQWHHOSDVDGRUHQHOSXQWR ) FRQDUDQGHODVGHUHOOHQR\
WRUQLOORVGHVHJXULGDG$VHJ¼UHVHGHTXHQRVHFRQIXQGHOD
XELFDFLµQGHORVWRUQLOORVGHVHJXULGDG  QLGHODVDUDQGHODV
GHUHOOHQR  FRQORVGHOODGRGHUHFKR
 (QJDQFKHHOFDEOHHQHOSXQWR)FRQODJU¼D8VHHOIRUURGH
FDEOHVSDUDQRGD³DUHOSDVDGRU
 'HVPRQWHODVSODFDVGHEORTXHR  \ORVSDVDGRUHV  
 (OHYHODDSOXPDFRQHOEUD]RH[FDYDGRU\GHVFL«QGDODDO
VXHOR,QVHUWHHOEORTXHEDMRODSOXPD
 $PDUUHHOY£VWDJRGHOFLOLQGURGHOEUD]RH[FDYDGRUGHIRUPD
TXHQRSXHGDH[WHQGHUVHQLPRYHUVH
 &XDQGRVHDQHFHVDULRGHVPRQWDUHOEDVWLGRULQIHULRUFRQHO
FDUURLQIHULRUHOHYHORVFLOLQGURVGHODSOXPDFRQXQDJU¼DD
ODSRVLFLµQ&$SULHWHORVFLOLQGURVGHODSOXPDFRQFXHUGDV
SDUDTXHQRSXHGDQPRYHUVH
 0RQWHORVSDVDGRUHV  \ODVSODFDVGHEORTXHR  HQVXVLWLR
 5HWRTXHORVGD³RVHQODSLQWXUD
 $SOLTXHDJHQWHDQWLFRUURVLYR\VHOOHODVVXSHUILFLHV
PHFDQL]DGDV
,QVWUXFFLRQHVGHIXQFLRQDPLHQWR 
7UDQVSRUWHGHODP£TXLQD 
6XSHUHVWUXFWXUDGHVPRQWDMH
% &

'(

+
,
$ )* 9

 3DUHHOPRWRU
 0XHYDODSDODQFDGHEORTXHRGHPDQGRKDFLDDEDMR
 'HVPRQWHORVWRUQLOORVGHILMDFLµQVDOYRHQHOSXQWR$
 $UUDQTXHHOPRWRU\DOLQHHODVXSHUHVWUXFWXUDFRQODHVWUXFWXUD
LQIHULRU
 $SDJXHHOPRWRU\PXHYDODSDODQFDGHEORTXHRGHPDQGR
KDFLDDEDMR
 (QJDQFKHHOFDEOHHQORVSXQWRV%\&FRQXQDJU¼D\HOHYH
OLJHUDPHQWHODVXSHUHVWUXFWXUD
 'HVFRQHFWHODPDQJXHUDHQORVSXQWRV'D,\YDF¯HHODFHLWH

$'9(57(1&,$
(ODFHLWHFDOLHQWHSXHGHFDXVDUTXHPDGXUDV/OHYHHTXLSR
SURWHFWRU\PDQLSXOHHODFHLWHFDOLHQWHFRQPXFKRFXLGDGR

5HFRMDHODFHLWH\RF¼SHVHGH«OGHPDQHUDUHVSHWXRVDFRQHO
PHGLRDPELHQWH

$'9(57(1&,$
/DSUHVLµQUHVLGXDOHQHOVLVWHPDKLGU£XOLFRSXHGHKDFHUTXH
VDOWHXQFKRUURGHDFHLWHDDOWDSUHVLµQD¼QVLHOPRWRUOOHYDXQ
WLHPSRGHWHQLGR'HMHVLHPSUHHVFDSDUODSUHVLµQDQWHVGH
UHDOL]DUFXDOTXLHUWDUHDGHVHUYLFLRHQHOVLVWHPDKLGU£XOLFR

$9,62
5HDOLFHHOWUDEDMRGHIRUPDVHJXUDSDUDHOPHGLRDPELHQWH
 7DSRQHORVWXERV\PDQJXHUDVFRQODVSLH]DVDGHFXDGDVHQ
ORVSXQWRVGHVFRQHFWDGRV\DFRQWLQXDFLµQFRORTXHODV
PDQJXHUDVGHIRUPDTXHQRHVWRUEHQRWURVFRPSRQHQWHV
 'HVPRQWHORVWRUQLOORVUHVWDQWHVHQHOSXQWR $ 
 (OHYHODVXSHUHVWUXFWXUD\GHVFL«QGDODDOVXHOR7HQJD
FXLGDGRSDUDQRGD³DUHOSL³µQGHOPRWRUGHJLUR

$'9(57(1&,$
/DVVXSHUHVWUXFWXUDHVSHVDGD3UHVWDUDWHQFLµQDORVDSR\RV
VHJXURVSDUDORVSLHV\DO£UHDDOUHGHGRUGHODJU¼DDQWHVGH
GHVPRQWDURPRQWDUODVXSHUHVWUXFWXUD
 5HWRTXHORVGD³RVHQODSLQWXUD
$SOLTXHDJHQWHDQWLFRUURVLYR\VHOOHODVVXSHUILFLHVPHFDQL]DGDV
LQFOX\HQGRHOSL³µQGHOPRWRUGHJLURODFRURQDGHQWDGDGHJLUR
\HOSDVDMHFHQWUDO
 ,QVWUXFFLRQHVGHIXQFLRQDPLHQWR
 7UDQVSRUWHGHODP£TXLQD
3URWHFFLµQVRODUFLHUUH
/DSURWHFFLµQVRODUSXHGHHVWDUDELHUWDGXUDQWHHOWUDQVSRUWHGH
ODP£TXLQDGHELGRDODVYLEUDFLRQHV3RUHOORKDEU£TXHFHUUDUOD
KHUP«WLFDPHQWHSDUDTXHQRVHDEUD
$QWHQDGHVDW«OLWHEDVFXODPLHQWR HTXLSRRSFLRQDO
&XDQGRWUDQVSRUWHODP£TXLQDRXWLOLFHODP£TXLQDHQXQ£UHDGH
DOWXUDOLPLWDGDODDQWHQDGHVDW«OLWHSXHGHGD³DUVH
%DVFXOHODDQWHQDGHVDW«OLWH $ XWLOL]DQGRHOPXHOOH % FRPRHQ
ODILJXUD(QHVWHFDVRSXHGHOLPLWDUVHODFRPXQLFDFLµQSRU
$ VDW«OLWHGHODP£TXLQD

$ %

9

$ $QWHQDGHVDW«OLWH
% 0XHOOH

/£PSDUDGHDGYHUWHQFLDKDOµJHQDEDVFXODPLHQWR
& $ HTXLSRRSFLRQDO
&XDQGRYD\DDWUDQVSRUWDUODP£TXLQDEDVFXOHHOVRSRUWH % FRQ
ODOX]JLUDWRULD $ SDUDTXHQRVXIUDQGD³RV
 $IORMHHOWRUQLOOR & \EDVFXOHODOX]JLUDWRULD $ 
%  $SULHWHHOWRUQLOOR & 

9

/£PSDUDGHDGYHUWHQFLD/('GHVPRQWDMH HTXLSR
RSFLRQDO
&XDQGRYD\DDWUDQVSRUWDUODP£TXLQDGHVPRQWHODOX]JLUDWRULD
GHDGYHUWHQFLD $ SDUDTXHQRVXIUDGD³RV
 $IORMHHOWRUQLOORGHSDORPHWD % \GHVPRQWHODOX]JLUDWRULD
$ $ 
 *XDUGHODOX]JLUDWRULD $ HQODFDELQDGXUDQWHHOWUDQVSRUWH
 3RQJDHOFDSXFKµQGHJRPD ' VREUHHOVRSRUWH & 
' 127$
6LXVWHGUHWLUDODOX]JLUDWRULDDVHJ¼UHVHGHFRORFDUODSURWHFFLµQ
& % GHJRPDHQHOWXERGHILMDFLµQ(VWRHYLWDU£HOµ[LGR\RWURV
SRVLEOHVGD³RV

9

,QVWUXFFLRQHVGHIXQFLRQDPLHQWR 
7UDQVSRUWHGHODP£TXLQD 

$PDUUHGHODP£TXLQD

$'9(57(1&,$
/HYDQWHODP£TXLQDVµORVLHVW£YDF¯D&RPSUXHEHTXHQRKD\D
SHUVRQDDOJXQDMXQWRDODP£TXLQDPLHQWUDVVHODOHYDQWD

$'9(57(1&,$
$VHJ¼UHVHGHTXHODVUDPSDVGHFDUJD\ODVSODWDIRUPDVHVW«Q
OLEUHVGHDFHLWHEDUURKLHOR\RWURVVLPLODUHVSDUDTXHODP£TXLQD
QRFRPLHQFHDSDWLQDU

$9,62
(VQHFHVDULRGHVDFWLYDUODIXQFLµQGHUDOHQW¯DXWRP£WLFRFRQHO
ERWµQHQHOWHFODGRSDUDHYLWDUHODXPHQWRGHOU«JLPHQGXUDQWH
ODFDUJD\GHVFDUJDGHODP£TXLQD

$9,62
6HOHFFLRQHEDMRU«JLPHQGHOPRWRU\EDMDYHORFLGDGGHWUDVODFLµQ
SDUDODFDUJD\GHVFDUJDGHODP£TXLQD
 %  &RORTXHHOUHPROTXHHQVXHORILUPH\OODQR
 $SOLTXHORVIUHQRVGHOFDPLµQ
 &RORTXHEORTXHV $ GHODQWH\GHWU£VGHORVQHXP£WLFRVGHO
$ UHPROTXH

$ 9
  )LMHGHIRUPDVHJXUDODVUDPSDVGHFDUJD % 
 &RPSUXHEHTXHODUHVLVWHQFLDODDQFKXUDODDOWXUD\HO
JURVRUGHORVWDEORQHVSHUPLWDQXQDFDUJDVHJXUD
 $VHJ¼UHVHGHTXHODLQFOLQDFLµQGHODUDPSDGHFDUJDQR
VXSHUHORVr
 &RPSUXHEHTXHODVUDPSDVGHFDUJDL]TXLHUGD\GHUHFKD
HVW£QDODPLVPDDOWXUD
 'HFLGDHOVHQWLGR\GHVSO£FHODOHQWDPHQWHVREUHODVUDPSDV
GHFDUJD\ODFDMDRSODWDIRUPD%ORTXHHFDGDRUXJD\ILMHOD
P£TXLQDFRQDPDUUHVGHVXILFLHQWHFDSDFLGDGQRPLQDOSDUD
TXHQRSXHGDPRYHUVHODP£TXLQD
 &DUJXHODP£TXLQDGHIRUPDTXHHOY£VWDJRGHOFLOLQGURGH
ODFXFKDUDQRWRTXHHOUHPROTXH
 1XQFDDFFLRQHQLQJXQDSDODQFDVP£VTXHODVSDODQFDV
SHGDOHV GHWUDVODFLµQPLHQWUDVODP£TXLQDVXEHSRUOD
UDPSDGHFDUJD


9
$9,62
1RH[WLHQGDHOEUD]RGHH[FDYDFLµQQLORVFLOLQGURVGHODSOXPD
KDVWDVXVSRVLFLRQHVH[WUHPDV\DTXHHQWRQFHVFRUUHQHOULHVJR
GHVXIULUGD³RV
 3DUHODP£TXLQD

9

 ,QVWUXFFLRQHVGHIXQFLRQDPLHQWR
 7UDQVSRUWHGHODP£TXLQD
 6LVHKDQGHVPRQWDGRDOJXQRVFRPSRQHQWHVGHODP£TXLQD
FDUJXHFRUUHFWDPHQWHORVFRPSRQHQWHVGHVPRQWDGRVHQHO
UHPROTXH6LHVQHFHVDULRFRORTXHEORTXHVGHWU£VRGHEDMR
GHORVFRPSRQHQWHV
 5HWLUHHOLQWHUUXSWRUGHHQFHQGLGR
 'HVFRQHFWHODEDWHU¯DFRQHOLQWHUUXSWRUGHEDWHU¯D
 &LHUUHODSXHUWD\ODVWDSDVGHDFFHVR
9
 &XEUDHOWXERGHHVFDSHSDUDHYLWDUGD³RVDOWXUERFRPSUHVRU

 &HUFLµUHVHGHTXHODP£TXLQDRORVFRPSRQHQWHV
GHVPRQWDGRVHVW«QELHQILMDGRV

9


9

,QVWUXFFLRQHVGHIXQFLRQDPLHQWR 
7UDQVSRUWHGHODP£TXLQD 

(OHYDFLµQGHODP£TXLQD

$'9(57(1&,$
1RHOHYDUQXQFDODP£TXLQDFRQXQSHUVRQDHQODFDELQD

$'9(57(1&,$
8VHVLHPSUHFDEOHVFRUUHDVGHHOHYDFLµQJULOOHWHV\JDQFKRV
KRPRORJDGRVFRQVXILFLHQWHFDSDFLGDGGHHOHYDFLµQ

$'9(57(1&,$
8QHTXLSRLQFRUUHFWRRGHIHFWXRVRRXQP«WRGRLQFRUUHFWRGH
UHPROTXHSXHGHQFDXVDUDFFLGHQWHV3RUORWDQWRVLJD
DWHQWDPHQWHODVLQVWUXFFLRQHVTXHVLJXHQ



9
 ,QVWUXFFLRQHVGHIXQFLRQDPLHQWR
 7UDQVSRUWHGHODP£TXLQD
127$
(OHYHODP£TXLQDVREUHXQVXHOROODQRXQLIRUPH\QLYHODGR
 $UUDQTXHHOPRWRU\GLVSRQJDODFXFKDUDHOEUD]RH[FDYDGRU
\ODSOXPDFRPRVHLOXVWUD&RORTXHODVXSHUHVWUXFWXUDFRQOD
SOXPDKDFLDGHODQWHSRUHQFLPDGHODVUXHGDVGHODQWHUDV
 0XHYDODSDODQFDGHEORTXHRGHPDQGRKDFLDDEDMRSDUD
EORTXHDUHOVLVWHPDKLGU£XOLFRGHIRUPDVHJXUD9HDODS£JLQD

 3DUHHOPRWRU\FRPSUXHEHODVHJXULGDGDOUHGHGRUGHOD
P£TXLQD
 &LHUUHFRQOODYHHOSDUDEULVDVODSXHUWD\HOFDSµ
 &RPRPXHVWUDODSHJDWLQDSDUDHOHYDFLµQFRQHFWHFDEOHVR
HVOLQJDVGHVXILFLHQWHUHVLVWHQFLDSDUDHOSHVRGHODP£TXLQD
HQORVSXQWRVGHHOHYDFLµQFRUUHFWDPHQWH
 'HVSX«VGHLQVWDODUWRGRHOHTXLSRGHL]DGROHYDQWH
OLJHUDPHQWHODP£TXLQDSDUDFRPSUREDUVXHTXLOLEULR6LHV
DFHSWDEOH¯FHODGHIRUPDOHQWD\XQLIRUPH
 7UDWHGHPDQWHQHUXQDEXHQDYLVLELOLGDGGHODP£TXLQDHQ
WRGRPRPHQWRPLHQWUDVODHOHYH<FRPSUXHEHFRQWLQXDPHQWH
TXHODP£TXLQDHVW«QLYHODGD
7«FQLFDGHFRQGXFFLµQ 


7«FQLFDGHFRQGXFFLµQ
/DH[FDYDGRUDHVXQDP£TXLQDPXOWLWDUHDVFDSD]GHXVDUXQD
JUDQYDULHGDGGHLPSOHPHQWRVHVSHFLDOHVSDUDUHDOL]DUPXFKRV
WLSRVGHWUDEDMR(VWHFDS¯WXORFRQWLHQHLQIRUPDFLµQH
LQVWUXFFLRQHVVREUHODVPHMRUHVSU£FWLFDVRSHUDWLYDVSDUD
PHMRUDUODHILFDFLDLQFOX\HQGRHMHPSORVGHFµPRXVDUORV
LPSOHPHQWRVP£VFRPXQHV(VLPSRUWDQWHDSOLFDUODW«FQLFD
DGHFXDGDSDUDHOXVRVHJXUR\HILFD]GHODP£TXLQD


 7«FQLFDGHFRQGXFFLµQ
 9LEUDFLRQHVHQWRGRHOFXHUSR

9LEUDFLRQHVHQWRGRHOFXHUSR
/DHPLVLµQGHYLEUDFLRQHVGHFXHUSRHQWHURDIHFWDODPDTXLQDULD
GHFRQVWUXFFLµQ\GHSHQGHXQDVHULHGHIDFWRUHVWDOHVFRPRHO
PRGRGHWUDEDMRODVFRQGLFLRQHVGHOWHUUHQRODYHORFLGDG
HWF«WHUD
(ORSHUDGRUSXHGHLQIOXHQFLDUJUDQGHPHQWHORVQLYHOHVDFWXDOHV
GHYLEUDFLµQ\DTXHHORSHUDGRUFRQWURODODYHORFLGDGGHOD
P£TXLQDVXPRGRGHWUDEDMRODUXWDGHGHVSOD]DPLHQWR
HWF«WHUD
3RUHOORHOUHVXOWDGRHVXQDPSOLRDEDQLFRGHGLVWLQWRVQLYHOHVGH
YLEUDFLRQHVSDUDXQPLVPRWLSRGHP£TXLQD9HDODV
HVSHFLILFDFLRQHVGHODFDELQDHQODS£JLQD
'LUHFWULFHVSDUDUHGXFLUORVQLYHOHVGHYLEUDFLRQHVHQ
P£TXLQDVGHPRYLPLHQWRGHWLHUUD
8VHXQDP£TXLQDGHOWLSR\WDPD³RDGHFXDGRVFRQHTXLSRV
RSFLRQDOHVHLPSOHPHQWRVSDUDODDSOLFDFLµQ
0DQWHQJDHOWHUUHQR\ODVFDUUHWHUDVGHWUDQVSRUWHHQEXHQ
HVWDGR
 5HWLUHODVURFDVXREVW£FXORVJUDQGHVTXHKD\D
 5HOOHQH]DQMDV\DJXMHURV
 3URSRUFLRQHHOHTXLSRQHFHVDULR\GHGLTXHWLHPSRD
PDQWHQHUODVFRQGLFLRQHVGHOWHUUHQR
$MXVWHODYHORFLGDG\ODUXWDGHWUDVODFLµQSDUDPLQLPL]DUHO
QLYHOGHYLEUDFLRQHV
 &RQGX]FDDOUHGHGRUGHREVW£FXOR\FRQGLFLRQHVGLI¯FLOHVGHO
WHUUHQR
 5HGX]FDODYHORFLGDGFXDQGRVHDQHFHVDULRSDUD
GHVSOD]DUVHSRUWHUUHQRDFFLGHQWDGR
0DQWHQJDODVP£TXLQDVVHJ¼QODVUHFRPHQGDFLRQHVGHO
IDEULFDQWH
 7HQVLRQHVGHRUXJD
 3UHVLµQGHORVQHXP£WLFRV
 6LVWHPDVGHIUHQR\GLUHFFLµQ
 0DQGRVVLVWHPDKLGU£XOLFR\VLVWHPDVGHDUWLFXODFLµQ
0DQWHQJDHODVLHQWRHQEXHQHVWDGR\DMXVWDGR
 $GDSWHHODVLHQWR\ODVXVSHQVLµQDOSHVR\ODHVWDWXUDGHO
RSHUDGRU
 ,QVSHFFLRQH\PDQWHQJDODVXVSHQVLµQGHODVLHQWR\ORV
PHFDQLVPRVGHDMXVWH
 8VHHOFLQWXUµQGHVHJXULGDGFRUUHFWDPHQWHDMXVWDGR
8VHODGLUHFFLµQIUHQHDFHOHUHFDPELHGHPDUFKD\PXHYD
ORVLPSOHPHQWRVFRQVXDYLGDG
0LQLPLFHODVYLEUDFLRQHVHQORVFLFORVGHWUDEDMRODUJRVRHQ
ORVUHFRUULGRVGHODUJDGLVWDQFLD
 8VHVLVWHPDVGHVXVSHQVLµQVLHVW£QGLVSRQLEOHV
 6LQRVHGLVSRQHGHVLVWHPDGHVXVSHQVLµQDPLQRUHOD
YHORFLGDGSDUDLPSHGLUORVUHERWHV
 7UDQVSRUWHODVP£TXLQDVHQODUJDVGLVWDQFLDVHQWUHOXJDUHV
GHWUDEDMR
7«FQLFDGHFRQGXFFLµQ 
9LEUDFLRQHVHQWRGRHOFXHUSR 
(OGRORUGHHVSDOGDDVRFLDGRFRQODVYLEUDFLRQHVGHFXHUSR
HQWHURSXHGHVHUGHELGRDRWURVIDFWRUHVGHULHVJR
/DVVLJXLHQWHVGLUHFWULFHVSXHGHQVHUHILFDFHVSDUDPLQLPL]DUHO
ULHVJRGHGRORUGHHVSDOGD
 $MXVWHHODVLHQWR\ORVPDQGRVSDUDFRQVHJXLUXQDEXHQD
SRVWXUD
 $MXVWHORVUHWURYLVRUHVSDUDPLQLPL]DUXQDSRVWXUDWRUFLGD
 +DJDSDXVDVSDUDUHGXFLUORVODUJRVSHULRGRVVHQWDGR
 1RVDOWHSDUDEDMDUVHGHODP£TXLQD
 0LQLPLFHODPDQLSXODFLµQ\ODHOHYDFLµQUHSHWLGDVGHFDUJDV
 0DQWHQJDXQSHVR\XQDIRUPDI¯VLFDUD]RQDEOHV


 7«FQLFDGHFRQGXFFLµQ
 5HJODVSDUDH[FDYDFLµQ

5HJODVSDUDH[FDYDFLµQ

$'9(57(1&,$
6µORHOFRQGXFWRUVHQWDGRHQHODVLHQWRGHOFRQGXFWRUSXHGH
HVWDUHQODFDELQDFXDQGRXVDODP£TXLQD7RGDVODVGHP£V
SHUVRQDVGHEHQHQFRQWUDUVHDGLVWDQFLDVHJXUDGHODP£TXLQD
/HDSULPHURODVUHJODVGHVHJXULGDGSDUDODRSHUDFLµQ9HDODV
S£JLQDV\
3UHSDUHVLHPSUHHOWUDEDMRHVWXGLDQGRFRQDWHQFLµQORVSODQRV
\ODVGLVSRVLFLRQHVDSOLFDEOHVDOVLWLR(VWXGLHWDPEL«QODV
FRQGLFLRQHVGHOWHUUHQR\HODVSHFWRGHODV]RQDVGHULHVJR6L
HVQHFHVDULRFRUWHHOVXPLQLVWURGHJDVHOHFWULFLGDG\DJXD
0DUTXHODSRVLFLµQGHFDEOHV\WXERV
6LKD\ULHVJRGHTXHODJHQWHVHDFHUTXHGHPDVLDGRFRWHOD
]RQDDOUHGHGRUGHODP£TXLQD3UHVWHDWHQFLµQDXQDP£TXLQD
TXHJLUD
7HQJDFXLGDGRGHVXVFRPSD³HURV\DVHJ¼UHVHGHTXHHOORV
WLHQHQFXLGDGR$SDUWHGHORSHUDGRUQRGHEHU£KDEHUQLQJXQD
SHUVRQDGHQWURGHOD]RQDGHWUDEDMRGHODP£TXLQD(QV«³HOHV
DPDQWHQHUVHHQJXDUGLDFRQWUDHOGHUUXPEHGHWHUUDSOHQHV\
ODVURFDVURGDQWHV\DHVWDUSUHSDUDGRVSDUDVDOLUFRUULHQGRD
XQVLWLRVHJXUR/RVFDPELRVGHWHQVLRQHVHQXQWHUUDSO«QMXVWR
DQWHVGHXQFRUULPLHQWRGHWLHUUDVVHLQGLFDQPHGLDQWH
SHTXH³DVFRUULHQWHVGHPDWHULDOVXHOWRMXVWDPHQWHGRQGHVH
HVW£QIRUPDQGRODVJULHWDV
6LODP£TXLQDOOHYDHTXLSRRSFLRQDODFFLRQDGRFRQORV
SHGDOHVHORSHUDGRUWHQGU£TXHDVHJXUDUVHGHTXHHO
DFFLRQDPLHQWRGHORVSHGDOHVGDOXJDUDORVPRYLPLHQWRV
DQWLFLSDGRV8QPRYLPLHQWRLQHVSHUDGRSXHGHLPSOLFDUULHVJR
GHDFFLGHQWH
8QDFDELQDFRQUHMDGHSURWHFFLµQVREUHODYHQWDQDGHOWHFKR
FXPSOHFRQORVUHTXLVLWRVGHFD¯GDGHREMHWRVVHJ¼QORV
P«WRGRVGHSUXHEDLQGLFDGRV )236,62 8WLOLFHOD
UHMDGHSURWHFFLµQVLKD\SHOLJURGHFD¯GDGHREMHWRVSHVDGRV

$9,62
&RQDOJXQDVFRPELQDFLRQHVGHLPSOHPHQWRKD\ULHVJRGHTXH
HOLPSOHPHQWRJROSHHODFDELQD(YLWHORVGD³RVWHQLHQGRFXLGDGR
FXDQGRWUDEDMHFHUFDGHODP£TXLQD
1RJLUHQXQFDODFXFKDUDQLODFDUJDVREUHSHUVRQDV
1RXVHQXQFDODFXFKDUDSDUDURPSHU
6LVHSURGXFHQPRYLPLHQWRVLQFRQWURODGRVVXHOWHSULPHURODV
SDODQFDV\SHGDOHV\DFRQWLQXDFLµQSDUHHOPRWRU
LQPHGLDWDPHQWHJLUDQGRHOLQWHUUXSWRUGHHQFHQGLGRDOD
SRVLFLµQGHSDUDGD
6LVHHQFLHQGHQOXFHVGHDGYHUWHQFLD\RVXHQDHO]XPEDGRU
SDUHHOPRWRULQPHGLDWDPHQWH\DYHULJ¾HODFDXVD
1RHTXLSHODP£TXLQDFRQXQDFXFKDUDRLPSOHPHQWRGHPD\RU
WDPD³RTXHHOSHUPLWLGR
&XDQGRXVHHTXLSRVTXHSURGX]FDJROSHVRYLEUDFLRQHVWDO
FRPRXQPDUWLOORQRVHGHEHQDFFLRQDUORVFLOLQGURVKLGU£XOLFRV
DPHQRVGHFP LQ GHVXVSRVLFLRQHVGHILQGHFDUUHUD
7«FQLFDGHFRQGXFFLµQ 
5HJODVSDUDH[FDYDFLµQ 
(QFDVRGHLQFHQGLRGHVFRQHFWHHOLQWHUUXSWRUGHEDWHU¯DVLHV
SRVLEOH6HHQFXHQWUDHQHOLQWHULRUGHODSXHUWDODWHUDO
L]TXLHUGDGHODP£TXLQD$EUDODSXHUWDODWHUDOL]TXLHUGD\JLUH
   HOLQWHUUXSWRUGHEDWHU¯DHQVHQWLGRFRQWUDKRUDULRSDUD
GHVFRQHFWDUOR

9

 ,QWHUUXSWRUGHEDWHU¯D
 3RVLFLµQGHVFRQHFWDGD
 3RVLFLµQFRQHFWDGD

&DUJDGHXQYHK¯FXOR

$'9(57(1&,$
&XDQGRVHFDUJDXQYHK¯FXORSXHGHQFDHUPDWHULDOHV
&RPSUXHEHTXHQRKD\DQDGLHSDUDGRFHUFDGHOYHK¯FXOR
6LHVSRVLEOHFRORTXHODP£TXLQDP£VDOWDTXHHOYHK¯FXORTXH
VHYDDFDUJDU
&RORTXHHOYHK¯FXORTXHVHYDDFDUJDUGHIRUPDTXHOD
P£TXLQDQRWHQJDTXHJLUDU\HOHYDUP£VGHORQHFHVDULR
$VHJ¼UHVHGHTXHHOFRQGXFWRUGHOYHK¯FXORTXHVHYDDFDUJDU
VHPDQWLHQHIXHUDGHOD]RQDGHWUDEDMRGHODP£TXLQD\QR
JLUHQXQFDODFXFKDUDVREUHODFDELQDGHOYHK¯FXORTXHVHYD
DFDUJDU
1RFDUJXHHOYHK¯FXORGHVLJXDOPHQWH\HYLWHHOGHUUDPH
LQQHFHVDULRGXUDQWHODFDUJD1RDSLOHODFDUJDWDQDOWDTXH
SXHGDQFDHUWLHUUD\SLHGUDVSRUHQFLPDGHORVODWHUDOHVGHOD
FDMD

6XHOWHODFDUJDFRQFXLGDGR
3URKLELFLRQHVFXDQGRWUDEDMH
1RXVHODIXHU]DGHJLURSDUDUDVWULOODUHOVXHORGHPROHU
HGLILFLRVRKLQFDUORVGLHQWHVGHODFXFKDUDHQHOVXHOR(VWR
SXHGHFDXVDUGD³RVDODP£TXLQD\DORVLPSOHPHQWRV
1RFDYHXVDQGRORVPRWRUHVGHWUDVODFLµQQLKLQTXHORVGLHQWHV
GHODFXFKDUDHQHOVXHOR(VWRSRGU¯DVREUHFDUJDUODSDUWH
SRVWHULRUGHODP£TXLQD\GD³DUHOWUHQGHRUXJDV
1RH[WLHQGDHOFLOLQGURKLGU£XOLFRKDVWDHOILQGHVXFDUUHUD(VWR
SXHGHGD³DUHOWRSHGHOFLOLQGUR\DFRUWDUODYLGDGHVHUYLFLRGH
ODP£TXLQD7UDEDMHFRQHOPD\RUHVSDFLROLEUHSRVLEOH
1RWUDEDMHJROSHDQGRODFXFKDUDHQHOVXHOR1RH[FDYH
GHMDQGRFDHUODSOXPDRXVDQGRODFXFKDUDHQYH]XQDSLTXHWD
/DH[FDYDFLµQJROSHDQGRRHOJROSHRFRQWLQXRSXHGH
VREUHFDUJDUODVHFFLµQWUDVHUDGHODP£TXLQDRVREUHFDUJDUHO
LPSOHPHQWR
1RKDJDWUDEDMRVGHHOHYDFLµQ%£VLFDPHQWHHVW£SURKLELGR
XVDUODP£TXLQDFRPRJU¼D1RREVWDQWHODVGLVSRVLFLRQHV
QDFLRQDOHVRORFDOHVSXHGHQSHUPLWLUORHQDOJXQRVPHUFDGRV
6LHVW£SHUPLWLGRVHGHEHXVDUXQJDQFKRGHFXFKDUD
GHELGDPHQWHLQVWDODGR\HVOLQJDV\JULOOHWHVKRPRORJDGRV
'LU¯MDVHDXQWDOOHURILFLDOGH9ROYR&RQVWUXFWLRQ(TXLSPHQW
1RWUDEDMHGHMDQGRFDHUHOFXHUSRGHODP£TXLQD
 7«FQLFDGHFRQGXFFLµQ
 7UDEDMRGHQWURGH]RQDVSHOLJURVDV

7UDEDMRGHQWURGH]RQDVSHOLJURVDV
7HQJDPXFKRFXLGDGRHQODV]RQDVGHSHOLJURPDUFDGDV
1RWUDEDMHGHPDVLDGRFHUFDGHOFDQWRGHXQPXHOOHUDPSD
]DQMDRVLPLODU
'HVSO£FHVHOHQWDPHQWHFXDQGRWUDEDMHHQHVSDFLRVHVWUHFKRV
\FRPSUXHEHTXHKD\HVSDFLRVXILFLHQWHSDUDODP£TXLQD\VX
FDUJD
3DUDORVWUDEDMRVVXEWHUU£QHRVHVREOLJDWRULRXVDUHTXLSRV
HVSHFLDOHVWDOHVFRPRXQPRWRUKRPRORJDGRHQORVSD¯VHV
GHOD8(\GHO(((&RQVXOWHDOFRQFHVLRQDULR
&XDQGRWUDEDMHHQFRQGLFLRQHVGHSRFDOX]SRUHMHPSORGHQWUR
GHHGLILFLRV\HQW¼QHOHVHQFLHQGDORVIDURV
1RWUDEDMHFRQODP£TXLQDFXDQGRODYLVLELOLGDGVHDGHILFLHQWH
SRUHMHPSORFRQQLHEODHVSHVDQLHYHROOXYLD
3DUDHOWUDEDMRHQXQD]RQDFRQWDPLQDGDRSHOLJURVDSDUDOD
VDOXGHVQHFHVDULRHTXLSDUHVSHFLDOPHQWHODP£TXLQDSDUD
HVHREMHWR&RPSUXHEHWDPEL«QODVGLVSRVLFLRQHVORFDOHV
DQWHVGHHQWUDUHQOD]RQD

&DEOHGHDOWDWHQVLµQ

$'9(57(1&,$
&XDQGRVHWUDEDMDFHUFDGHO¯QHDVHO«FWULFDVSXHGHVDOWDUXQ
DUFR4X«GHVHHQODFDELQDPLHQWUDVHVW«HQFRQWDFWRFRQODO¯QHD
HO«FWULFD1RWRTXHVXSHUILFLHPHW£OLFDDOJXQDGHODFDELQD
$GYLHUWDDODVSHUVRQDVTXHHVW£QIXHUDGHODP£TXLQDSDUDTXH
9
QRODWRTXHQ

/DDOWDWHQVLµQHVOHWDO\ODFRUULHQWHORVXILFLHQWHPHQWHHOHYDGD
SDUDFDXVDUGD³RVDODP£TXLQD\DORVLPSOHPHQWRV6XYLGD
SHOLJUDVLHQWUDHQFRQWDFWRFRQRVHSRQHFHUFDGHFDEOHVGHDOWD
WHQVLµQ(VWXGLHODVLQVWUXFFLRQHVHVSHFLDOHVHPLWLGDVSRUOD
FRPSD³¯DGHHOHFWULFLGDGSDUDHOWUDEDMRRODSUHVHQFLDFHUFDGH
FDEOHVGHHQHUJ¯DHO«FWULFD
&RQVLGHUHWRGRVORVFDEOHVGHHQHUJ¯DFRPRFRQHFWDGRVLQFOXVR
FXDQGRVHVXSRQHTXHQROOHYDQFRUULHQWH(OWUDEDMRFXDQGROD
P£TXLQDRVXFDUJDVHHQFXHQWUHQHQFXDOTXLHUPRPHQWRP£V
FHUFDGHXQFDEOHGHHQHUJ¯DTXHODGLVWDQFLDGHVHJXULGDG
P¯QLPDDXQFDEOHGHHQHUJ¯DLPSOLFDXQJUDQULHVJR
7«FQLFDGHFRQGXFFLµQ 
7UDEDMRGHQWURGH]RQDVSHOLJURVDV 
5HFXHUGHTXHHOYROWDMHGHOFDEOHGHHQHUJ¯DGHWHUPLQDOD
GLVWDQFLDGHVHJXULGDG3XHGHWHQHUOXJDUXQDGHVFDUJD
GLVUXSWLYDFRQGD³RVDODP£TXLQD\DORSHUDGRUDGLVWDQFLDV
UHODWLYDPHQWHJUDQGHVGHOFDEOHGHHQHUJ¯D

9ROWDMH 'LVWDQFLDP¯QLPDDORVFDEOHVGH
HQHUJ¯DHO«FWULFD
9 aN9 P IW

aN9 P IW
aN9 P SLHV
aN9 P IW
aN9 P IW
aN9 P IW
aN9 P IW
N9a P IW

$'9(57(1&,$
$VHJ¼UHVHGHWHQHUXQDYLVLELOLGDGVHJXUDDORSHUDUFHUFDGH
FDEOHVGHDOWDWHQVLµQ

$9,62
&XDQGRWUDQVSRUWHODP£TXLQDWHQJDWDPEL«QHQFXHQWDODVO¯QHDV
HO«FWULFDVD«UHDV

$9,62
5HFXHUGHTXHODYHQWDQDGHOWHFKRSXHGHGLVWRUVLRQDUOD
SHUFHSFLµQGHODGLVWDQFLD
7HQJDHQFXHQWDORVLJXLHQWHSDUDJDUDQWL]DUODVHJXULGDG
GXUDQWHHOIXQFLRQDPLHQWR
 2SHUHODP£TXLQDP£VOHQWDPHQWHTXHHQFRQGLFLRQHV

QRUPDOHVDOHVWDUFHUFDGHFDEOHVGHWHQVLµQ
 7HQJDHQFXHQWDODORQJLWXGGHORVFDEOHVGHWHQVLµQ\DTXH
HVWRVSRGU¯DQRVFLODUFRQORFXDOVHUHGXFLU¯DODKROJXUD
 3UHVWHDWHQFLµQDOWUDVODGDUVHSRUWHUUHQRVGHVLJXDOHVTXH
SXGLHUDQSURYRFDUTXHODP£TXLQDSHUGLHUDHOHTXLOLEULR
 0DQWHQJDDWRGDVODVSHUVRQDVDSDUWDGDVGHODP£TXLQD
FXDQGR«VWDHVW«FHUFDGHFDEOHVGHWHQVLµQ
 3URK¯EDTXHODVSHUVRQDVWRTXHQODP£TXLQDRVXFDUJD
DQWHVGHTXHVHKD\DFRQILUPDGRTXHHVVHJXURKDFHUOR
$YHULJ¾HFµPRVHGHEHSURFHGHUHQFDVRGHDOJXQDSHUVRQD
KD\DVXIULGRXQDGHVFDUJDHO«FWULFD
3URFHGLPLHQWRVLODP£TXLQDWRFDXQFDEOHGHWHQVLµQ
 (ORSHUDGRUGHEHU¯DSHUPDQHFHUHQHOLQWHULRUGHODFDELQD
 7RGDVODVGHP£VSHUVRQDVGHEHU¯DQPDQWHQHUVHDSDUWDGDV
GHODP£TXLQDVRJDV\ODFDUJD
 (ORSHUDGRUGHEHU¯DLQWHQWDUUHWLUDUODP£TXLQDGHOOXJDU
GRQGHKDFHFRQWDFWRFRQHOFDEOHPRYL«QGRODHQOD
GLUHFFLµQRSXHVWD
 6LODP£TXLQDQRVHSXHGHDSDUWDUGHOOXJDUGRQGHKDFH
FRQWDFWRFRQHOFDEOHHORSHUDGRUGHEHU¯DSHUPDQHFHUHQ
HOLQWHULRUGHODFDELQDKDVWDTXHVHKD\DUHWLUDGRODFRUULHQWH
GHOFDEOH
 7«FQLFDGHFRQGXFFLµQ
 7UDEDMRGHQWURGH]RQDVSHOLJURVDV
&DEOHVGHHQHUJ¯DSDUDIHUURFDUULO

$'9(57(1&,$
&XDQGRVHWUDEDMDFHUFDGHO¯QHDVHO«FWULFDVSXHGHVDOWDUXQ
DUFR4X«GHVHHQODFDELQDPLHQWUDVHVW«HQFRQWDFWRFRQODO¯QHD
HO«FWULFD1RWRTXHVXSHUILFLHPHW£OLFDDOJXQDGHODFDELQD
$GYLHUWDDODVSHUVRQDVTXHHVW£QIXHUDGHODP£TXLQDSDUDTXH
QRODWRTXHQ
6µORHVW£SHUPLWLGDODFDUJD\GHVFDUJDHQWUHORVO¯PLWHV
HVWDEOHFLGRV/RVOHWUHURVSXHGHQHVWDUPRQWDGRVGLUHFWDPHQWH
HQODO¯QHDGHIXHU]DRHQSRVWHVHVSHFLDOHV
3µQJDVHHQFRQWDFWRFRQHOSHUVRQDOGHOIHUURFDUULODXWRUL]DGR
SDUDREWHQHUHOSHUPLVRGHFDUJDRGHVFDUJD
'HVSX«VGHFXDOTXLHUSDXVDHQHOWUDEDMRGLU¯MDVHGHQXHYRDO
SHUVRQDOGHOIHUURFDUULO
7«FQLFDGHFRQGXFFLµQ 
7UDEDMRGHQWURGH]RQDVSHOLJURVDV 

&DEOHV\WXEHU¯DVVXEWHUU£QHRV
$VHJ¼UHVHGHFRQVXOWDUFRQODVDXWRULGDGHVRODVHPSUHVDV
UHVSRQVDEOHVGHFDEOHV\WXEHU¯DV\GHVHJXLUVXVLQVWUXFFLRQHV
&RPSUXHEHWDPEL«QODVUHJODVDSOLFDEOHVDOSHUVRQDOHQWLHUUD
SDUDODH[SRVLFLµQGHFDEOHV\WXEHU¯DV1RUPDOPHQWHVµOR
SXHGHQH[SRQHU\RUJDQL]DUODVXVSHQVLµQSURYLVLRQDOGHFDEOHV
HOSHUVRQDOSURSLRGHODVHPSUHVDV
8WLOLFHXQVH³DOLVWDFXDQGRQRSXHGDYHUHOOXJDUUHDOGRQGHHVW£
WUDEDMDQGRRFXDQGRODSRVLFLµQGHOWXERRFDEOHVHDFU¯WLFD9HD
ODS£JLQD/DSRVLFLµQGHOFDEOHRWXERSXHGHGHVYLDUVHGHO
SODQRRODVGLVWDQFLDVSXHGHQKDEHUVHGHWHUPLQDGRGHIRUPD
LQFRUUHFWD&RQVLGHUHWRGRVORVFDEOHVHO«FWULFRVFRPR
SRUWDGRUHVGHFRUULHQWH


 7«FQLFDGHFRQGXFFLµQ
 7UDEDMRGHQWURGH]RQDVSHOLJURVDV

7UDEDMRHQSHQGLHQWHV

$9,62
3DUDQRSRQHUHQSHOLJURODOXEULFDFLµQGHOPRWRUQRVHGHEH
LQFOLQDUODP£TXLQDP£VGHJUDGRVHQXQVHQWLGRXRWUR
$GHP£VSXHGHUHVXOWDUSHOLJURVRWUDEDMDUFRQHVDLQFOLQDFLµQ\D
TXHODP£TXLQDSXHGHSHUGHUODHVWDELOLGDGRHOHTXLOLEULR
GHSHQGLHQGRGHODFDUJD
3UHFDXFLRQHVHQSHQGLHQWHV
7HQJDFXLGDGRDODEULURFHUUDUODVSXHUWDVHQXQDSHQGLHQWH
\DTXHODIXHU]DRSHUDWLYDSXHGHFDPELDUU£SLGDPHQWH
$VHJ¼UHVHGHPDQWHQHUODVSXHUWDVFHUUDGDV
1RGHVFLHQGDXQDSHQGLHQWHHQPDUFKDDWU£V
$FFLRQHODIXQFLµQGHWUDVODFLµQOHQWDPHQWHFXDQGRVH
DFHUTXHDXQDSHQGLHQWHRDOGHVFHQGHUOD
1RFDPELHHOVHQWLGRQLFRQGX]FDWUDQVYHUVDOPHQWHHQXQD
SHQGLHQWH&DPELHGHVHQWLGRHQWHUUHQROODQREDMDQGR
SULPHURVLHVSUHFLVRDWHUUHQROODQR\GDQGRXQURGHR
9

6LVHUHVEDODODP£TXLQDGHVFLHQGDLQPHGLDWDPHQWHOD
FXFKDUDDOVXHOR/DP£TXLQDSXHGHYROFDUGHELGRDO
GHVHTXLOLEULR(VSHFLDOPHQWHQRJLUHFRQODFXFKDUDFDUJDGD
(QFDVRLQHYLWDEOHDSLOHWLHUUDHQODSHQGLHQWHSDUDQLYHODU\
HVWDELOL]DUODP£TXLQD

9

0LHQWUDVDYDQ]DSRUXQDSHQGLHQWHPDQWHQJDXQ£QJXORGH
rHQWUHODSOXPD\HOEUD]RH[FDYDGRUHOHYDQGROD
 a
FXFKDUDµFPVREUHHOVXHOR

aFP

9

0LHQWUDVEDMDSRUXQDSHQGLHQWHPDQWHQJDXQ£QJXORGH
rHQWUHODSOXPD\HOEUD]RH[FDYDGRUHOHYDQGRODFXFKDUD

 µFPVREUHHOVXHOR\FLUFXOHDEDMDYHORFLGDG
a


aFP 9

7«FQLFDGHFRQGXFFLµQ 
7UDEDMRGHQWURGH]RQDVSHOLJURVDV 
&XDQGRVHUHVEDODQODV]DSDWDV
6LODV]DSDWDVVHUHVEDODQHQXQDSHQGLHQWHKLQTXHODFXFKDUD
HQWLHUUD\UHWUDLJDHOEUD]RH[FDYDGRUSDUDD\XGDUDOVLVWHPD
SURSXOVRUDGHODVRUXJDVDPRYHUODP£TXLQDSHQGLHQWHDUULED
)DOORGHOPRWRU
6LVHDSDJDHOPRWRUPLHQWUDVVHGHVSOD]DSRUXQDSHQGLHQWH
SRQJDODSDODQFDGHWUDVODFLµQHQSRVLFLµQQHXWUD\EDMHOD
FXFKDUDKDVWDHOVXHOR$FRQWLQXDFLµQDUUDQTXHHOPRWRU
6LVHSDUDHOPRWRUHQXQDSHQGLHQWHQRDFFLRQHODIXQFLµQGH
JLUR\DTXHODVXSHUHVWUXFWXUDSRGU¯DJLUDUSRUVXSURSLRSHVR\
KDFHUTXHODP£TXLQDVHYXHOTXHRVHGHVOLFHKDFLDHOFRVWDGR
$YDQFHSRUWHUUHQRDFFLGHQWDGR
(QFDVRGHDYDQFHSRUWHUUHQRDFFLGHQWDGRUHGX]FDOD
YHORFLGDGGHWUDVODFLµQ\XVHODP£TXLQDGHIRUPDTXHQRVH
R
LQFOLQHP£VGHrKDFLDXQODGR
 (QFDVRGHGHVSOD]DUVHVREUHWHUUHQROODQRUHWUDLJDHO
LPSOHPHQWR\OHY£QWHORXQRVDFPSRUHQFLPDGHOVXHOR
9


aFP 9



 7«FQLFDGHFRQGXFFLµQ
 7UDEDMRGHQWURGH]RQDVSHOLJURVDV

7UDEDMRHQDJXD\HQWHUUHQRSDQWDQRVR
7HQJDPXFKRFXLGDGRVLWUDEDMDHQWHUUHQRSDQWDQRVR
$WDVFRGHXQDFDGHQD
6LVHDWDVFDXQDGHODVRUXJDVOHY£QWHODXVDQGRODFXFKDUD\
FRORTXHXQWDEOµQGHEDMRGHODRUXJD

$9,62
&XDQGRVHOHYDQWDODP£TXLQDFRQODD\XGDGHODSOXPDRGHO
EUD]RH[FDYDGRUGHEHU£GHVFDQVDUHQHOVXHORHOIRQGRGHOD
FXFKDUD\QRORVGLHQWHVGH«VWD
9
 $MXVWHHO£QJXORHQWUHODSOXPD\HOEUD]RH[FDYDGRUHQWUHr\
r
'HVSX«VGHWUDEDMDUHQDJXDRGHHVFDSDUGHWHUUHQRSDQWDQRVR
UHOOHQHJUDVDHQORVSDVDGRUHVGHOLPSOHPHQWRRHQODV]RQDV
DIHFWDGDVSRUHODJXD&RPSUXHEHHODFHLWHGHODVUXHGDV
GHODQWHUDVORVURGLOORV\ODVFDMDVSURSXOVRUDVGHRUXJDV6LHVW£
FRQWDPLQDGRFDPELHHODFHLWH
$WDVFRGHDPEDVRUXJDV
6LVHDWDVFDQDPEDVRUXJDVSRQJDWDEORQHVGHEDMRGHFDGDXQD
GHODVRUXJDV+LQTXHODFXFKDUDHQHOVXHORWLUHGHOEUD]R
H[FDYDGRUFRPRFXDQGRVHH[FDYD\GHVSODFHODSDODQFDGH
WUDVODFLµQKDFLDGHODQWHSDUDVDOLU

9


 3URIXQGLGDGGHDJXDSHUPLWLGD

$9,62
 3UHVWHDWHQFLµQDODSURIXQGLGDGGHDJXDSHUPLWLGDSDUDHYLWDU
ORVGD³RVDODP£TXLQD
3DUDKDFHUIXQFLRQDUODP£TXLQDGHQWURGHODJXDVHSHUPLWH
9
VXPHUJLUODP£TXLQDKDVWDHOFHQWURGHORVURGLOORVVXSHULRUHV
 5RGLOORVXSHULRU 1RVXPHUMDSRUFRPSOHWRORVURGLOORVVXSHULRUHV
 1LYHOGHODJXD
&XDQGRKD\DVDOLGRGHODJXDDVHJ¼UHVHGHUHOOHQDUJUDVDHQODV

]RQDVDIHFWDGDVSRUHODJXDWDOHVFRPRHOSDVDGRUGHOD
FXFKDUDHWF«WHUD4XLWHWRWDOPHQWHODJUDVDYLHMD
LQGHSHQGLHQWHPHQWHGHOSHULRGRGHPDQWHQLPLHQWR&RPSUXHEH
WDPEL«QHOHQJUDQDMHGHWUDVODFLµQHQFXDQGRDFRQWDPLQDFLµQ\
VLHVQHFHVDULRVXVWLW¼\DOR
7«FQLFDGHFRQGXFFLµQ 
7UDEDMRGHQWURGH]RQDVSHOLJURVDV 

7UDEDMRHQWLHPSRIU¯R

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

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

$'9(57(1&,$
5LHVJRGHOHVLRQHVSRUDSODVWDPLHQWR
$EDMDWHPSHUDWXUDHOVLVWHPDKLGU£XOLFRSXHGHUHVSRQGHU
OHQWDPHQWHGDQGROXJDUDPRYLPLHQWRVLQHVSHUDGRVGHOD
P£TXLQD
3URFHGDFRQFXLGDGRKDVWDTXHHOVLVWHPDKLGU£XOLFRKD\D
DOFDQ]DGRODWHPSHUDWXUDGHWUDEDMR
/HDODVLQVWUXFFLRQHVSDUDHODUUDQTXHHQODS£JLQD
8VHO¯TXLGRVDSURSLDGRVSDUDODWHPSHUDWXUDDPELHQWHGHWUDEDMR
YHDORVO¯TXLGRVUHFRPHQGDGRVHQODVHFFLµQGH
HVSHFLILFDFLRQHV 
/DVYHQWDQDVWLHQHQTXHHVWDUOLEUHVGHKLHOR\QLHYHDQWHVGH
FRPHQ]DUDWUDEDMDUFRQODP£TXLQD
7HQJDFXLGDGRFRQHOKLHORHQODP£TXLQDTXHSXHGHSRQHUVH
UHVEDORVD$QGHVµORSRUODVVXSHUILFLHVDQWLGHVOL]DQWHV

8VHXQDUDVTXHWDSDUDKLHORFRQXQPDQJRODUJRRXQD
HVFDOHUDSDUDTXLWDUHOKLHORGHODVYHQWDQDV
 7«FQLFDGHFRQGXFFLµQ
 7UDEDMRGHQWURGH]RQDVSHOLJURVDV

7UDEDMRVGHGHPROLFLµQ
/DP£TXLQDVHXVDFRQIUHFXHQFLDSDUDWDUHDVGHGHPROLFLµQ
7HQJDPXFK¯VLPRFXLGDGR\HVWXGLHPLQXFLRVDPHQWHHOOXJDUGH
WUDEDMR8VHSURWHFFLµQFRQWUDODFD¯GDGHREMHWRVVREUHOD
FDELQD
$VHJ¼UHVHGHTXHHOPDWHULDOVREUHHOTXHVHHQFXHQWUDOD
P£TXLQDQRSXHGHKXQGLUVHQLGHVOL]DUVH
$FFLRQHODP£TXLQDHQWHUUHQROODQR\ILUPHVLHVQHFHVDULR
SUHSDUDQGRSULPHUROD]RQDFRQRWUDP£TXLQD
1RWUDEDMHFHUFDGHSDUHGHVLQGHSHQGLHQWHVTXHSXHGDQFDHU
VREUHODP£TXLQD
6HDFRQVFLHQWHHQWRGRPRPHQWRGHGµQGHVHHQFXHQWUDQVXV
FRPSD³HURVGHWUDEDMR1RWUDEDMHVLKD\DOJXLHQ
SHOLJURVDPHQWHFHUFDGHOREMHWRGHGHPROLFLµQ
'HMHVXILFLHQWHHVSDFLRGHODQWHGHODP£TXLQDSDUDTXHORV
HVFRPEURVFDLJDQDOVXHOR\QRVREUHODFDELQD
3RQJDXQDFHUFDDOUHGHGRUGHODSDUWHSHOLJURVDGHOOXJDUGH
WUDEDMR
9
5RF¯HDJXDVREUHHOOXJDUGHGHPROLFLµQSDUDTXHQRVH

H[WLHQGDHOSROYRQRFLYR
(QXQOXJDUGHGHPROLFLµQODVERWDVFRQUHIXHU]RVGHDFHURHQ
ODVVXHODV\HQODVSXQWHUDVODVJDIDVGHSURWHFFLµQ\HOFDVFR
VRQHTXLSRVHVHQFLDOHV
6LODP£TXLQDHVW£HTXLSDGDFRQHTXLSRHVSHFLDOSDUD
GHPROLFLµQOHDHOIROOHWRGHLQVWUXFFLRQHVVXPLQLVWUDGRVREUHORV
ULHVJRVSDUDODVHJXULGDGTXHSXHGHQVXUJLU\FµPRVHGHEHXVDU
HOHTXLSRGHGHPROLFLµQ

9

7«FQLFDGHFRQGXFFLµQ 
,PSOHPHQWRV 

,PSOHPHQWRV
3RVLFLµQIORWDQWHGHSOXPDGHVFULSFLµQ
/DSRVLFLµQIORWDQWHVLJQLILFDTXHDPERVSLVWRQHVGHFLOLQGURGH
ODSOXPD\ORVODGRVGHORVY£VWDJRVGHFLOLQGURHVW£QFRQHFWDGRV
DOGHSµVLWRKLGU£XOLFR/DSOXPDIORWDHQWRQFHVFRQHOSHVRGHO
LPSOHPHQWRFXDQGRVHDFFLRQDODSDODQFDGHSOXPDDGHODQWH/D
HOHYDFLµQGHODSOXPDQRVHYHDIHFWDGDSRUODSRVLFLµQIORWDQWH
/DSRVLFLµQIORWDQWHGDPHMRUHFRQRP¯DGHFRPEXVWLEOHXQFLFOR
GHH[FDYDFLµQP£VU£SLGRPHQRVGHVJDVWH\PHQRV
YLEUDFLRQHV&XDQGRVHVHOHFFLRQDODSRVLFLµQIORWDQWHHODFHLWH
KLGU£XOLFRGHODP£TXLQDSXHGHXWLOL]DUVHSDUDRWURVSURSµVLWRV
GLVWLQWRVGHOGHVFHQVRGHODSOXPDWDOHVFRPRHOIXQFLRQDPLHQWR
GHOEUD]RH[FDYDGRU\RODFXFKDUD(VWDVIXQFLRQHVVHKDFHQ
P£VU£SLGDV\P£VHILFLHQWHV
5HFXHUGHORVLJXLHQWH
 $VHJ¼UHVHVLHPSUHTXHODSDODQFDGHPDQLREUDGHODSOXPD
VHHQFXHQWUDHQODSRVLFLµQQHXWUDODQWHVGHDFWLYDUODSRVLFLµQ
IORWDQWH
 1RVHOHFFLRQHHOPRGRGHSRVLFLµQIORWDQWHPLHQWUDVODRUXJD
RODVRUXJDVHVW£QHOHYDGDV/DVHOHFFLµQGHODSRVLFLµQ
IORWDQWH\ODRSHUDFLµQGHODSDODQFDGHPDQLREUDGHODSOXPD
KDFLDGHODQWH SRVLFLµQGHSOXPDDEDMR PLHQWUDVODRUXJDR
9
ODVRUXJDVHVW£QHOHYDGDVSRGU¯DFDXVDUODFD¯GDV¼ELWDGHOD

P£TXLQD
 1ROLEHUHHOPRGRGHSRVLFLµQIORWDQWHPLHQWUDVODSDODQFDGH
PDQLREUDGHODSOXPDDGHODQWH SRVLFLµQGHSOXPDDEDMR \OD
FXFKDUDRHOLPSOHPHQWRHVW«QHQHOVXHOR(VWRSRGU¯DFDXVDU
ODLQFOLQDFLµQV¼ELWDGHODP£TXLQD
 1RWUDWHGHHOHYDUODRUXJDRODVRUXJDVPLHQWUDVODP£TXLQD
VHHQFXHQWUHHQHOPRGRGHSRVLFLµQIORWDQWH

 7«FQLFDGHFRQGXFFLµQ
 ,PSOHPHQWRV
8VHODSRVLFLµQIORWDQWHFXDQGRHOLPSOHPHQWRGHEHVHJXLUXQ
WHUUHQRGHVLJXDOFRPRSRUHMHPSORSDUDGHVSHMDUXQOHFKR
URFRVRPDQHMRGHJDUUDV\GHVFDUJDGHJDEDUUDV\FDPLRQHVGH
FDMDSODQD/DSRVLFLµQIORWDQWHWDPEL«QKDFHP£VPDQHMDEOHV
ODVRSHUDFLRQHVGHGHVFDUJD
  6HOHFFLRQHODSRVLFLµQIORWDQWHXVDQGRHOERWµQHQODSDODQFD
GHPDQGRGHUHFKDFRQREMHWRGHDFWLYDUODIXQFLµQIORWDQWH

/DSDODQFDGHPDQGRGHEHU£WHQHUODIXQFLµQIORWDQWH9HDOD
S£JLQD(OLQGLFDGRUGHSRVLFLµQIORWDQWHVHHQFLHQGHHQHO
SDQHOGHLQVWUXPHQWRVGHODQWHUR
 /DSRVLFLµQIORWDQWHVRORIXQFLRQDFXDQGRVHHPSXMDOD
SDODQFDGHPDQLREUDGHODSOXPDKDFLDGHODQWH3RUHOOR
9 FXDQGRHOLPSOHPHQWRWLHQHTXHVHJXLUHOVXHORHVQHFHVDULR
 %RWµQGHFRQH[LµQ\GHVFRQH[LµQGH PDQWHQHUODSDODQFDGHPDQLREUDGHODSOXPDVXMHWDKDFLD
IORWDFLµQ GHODQWHWRGRHOWLHPSR/DSOXPDSXHGHPRYHUVHHQWRQFHV
 3DODQFDGHPDQGRFRQFXDWURERWRQHV KDFLDDUULED\DEDMROLEUHPHQWHGHSHQGLHQGRGHOHVWDGRGHO
 VXHOR
 'HVDFWLYHODSRVLFLµQIORWDQWHSXOVDQGRGHQXHYRHOERWµQ
6HDSDJDU£HOLQGLFDGRUHQHOSDQHOGHLQVWUXPHQWRV
127$
&XDQGRODIXQFLµQGHSRVLFLµQIORWDQWHGHODSOXPDHVW£DFWLYDGD
VHPDQWHQGU£ODIXQFLµQLQFOXVRVLVHFRQHFWD\GHVFRQHFWDHO
LQWHUUXSWRUGHHQFHQGLGR7DPEL«QVHYLVXDOL]DU£HOLQGLFDGRUHQ
9 HOSDQHOGHLQVWUXPHQWRV
,QGLFDGRUHQHOSDQHOGHLQVWUXPHQWRV

7«FQLFDGHFRQGXFFLµQ 
,PSOHPHQWRVFRQH[LµQ\GHVFRQH[LµQ 

,PSOHPHQWRVFRQH[LµQ\
GHVFRQH[LµQ
$FRSODPLHQWRU£SLGRGHLPSOHPHQWR
$FRSODPLHQWRU£SLGRGHWLSR66 HTXLSRRSFLRQDO

$'9(57(1&,$
5LHVJRGHDSODVWDPLHQWR
/DFD¯GDGHOLPSOHPHQWRSRGU¯DSURYRFDUOHVLRQHVJUDYHVH
LQFOXVRPRUWDOHV
$VHJ¼UHVHGHTXHHOSRUWDLPSOHPHQWRVHVW£GHELGDPHQWH
EORTXHDGRDQWHVGHLQLFLDUHOWUDEDMR

$'9(57(1&,$
5LHVJRGHDSODVWDPLHQWR
8QLPSOHPHQWRQRILMDGRSRGU¯DFDHUVH\SURYRFDUOHVLRQHV
JUDYHVRODPXHUWH
$VHJ¼UHVHVLHPSUHGHTXHHOLPSOHPHQWRHVW£ELHQILMDGR
SUHVLRQDQGRODSDUWHGHODQWHUDGHOLPSOHPHQWRFRQWUDHOVXHOR
KDVWDTXHODP£TXLQDHVW«OLJHUDPHQWHOHYDQWDGD
(ODFRSODPLHQWRU£SLGRGHLPSOHPHQWRVFRQVLVWHHQSODFDVGH
PRQWDMHSODQDVTXHVRQILMDGDVHQHOH[WUHPRGHOEUD]R
$ H[FDYDGRU\HQODDUWLFXODFLµQGHODFXFKDUD+D\GRVJDQFKRV
) HQODSODFDSDUDORVSDVDGRUHV % GHODFXFKDUD
%
) +D\XQJDQFKRGHHOHYDFLµQ & HQHODFRSODPLHQWRU£SLGRGH
LPSOHPHQWRV
&
( (ODFRSODPLHQWRU£SLGRGHLPSOHPHQWRVHVW£HTXLSDGRFRQXQ
FLOLQGURKLGU£XOLFRGHGREOHDFFLµQ/DFKDYHWDGHEORTXHRGHO

' DFRSODPLHQWRU£SLGR ' VHFRORFDHQHOY£VWDJRGHOSLVWµQ/D
VHUYRSUHVLµQDFW¼DVREUHHOSLVWµQGHOFLOLQGURGHFLHUUH
EORTXHDQGRODFXFKDUDHQVXVLWLRFRQWUDHOJDQFKRWUDVHUR ( 
$V¯SXHVODFX³DGHEORTXHRVHDMXVWDDXWRP£WLFDPHQWH\
SURSRUFLRQDXQEORTXHRVLQKXHOJRV
9

$ 3DVDGRULQGLFDGRUURMR
% 3DVDGRUHVGHFXFKDUD
& *DQFKRGHHOHYDFLµQ
' &X³DGHEORTXHR
( *DQFKRSRVWHULRUGHODFXFKDUD
) *DQFKRVSDUDDJDUUDUHOLPSOHPHQWR

 7«FQLFDGHFRQGXFFLµQ
 ,PSOHPHQWRVFRQH[LµQ\GHVFRQH[LµQ
&XDQGRVHGHVDSOLFDODFX³DGHEORTXHR ' ODVHUYRSUHVLµQHV
WUDQVPLWLGDDOODGRGHOY£VWDJRGHOSLVWµQ(QFDVRQHFHVDULR
SXHGHHOLPLQDUVHP£VSUHVLµQFDUJDQGRHOFLOLQGURGHODFXFKDUD
HQODSRVLFLµQILQDO
+D\XQSDVDGRULQGLFDGRUURMR $ HQHOODGRL]TXLHUGRGHO
DFRSODPLHQWRU£SLGRHOFXDOVHUHWUDHFXDQGRODFX³DGHEORTXHR
HVW£HQODSRVLFLµQEORTXHDGD\VHHPSXMDKDFLDDIXHUDFXDQGR
VHVXHOWDODFKDYHWDGHEORTXHR
&RQODD\XGDGHOJDQFKRGHHOHYDFLµQVHSXHGHXVDUODP£TXLQD
SDUDRSHUDFLRQHVGHHOHYDFLµQ&RPRHOJDQFKRHVW£VLWXDGRHQ
HODFRSODPLHQWRU£SLGRGHLPSOHPHQWRVSXHGHXVDUVHVLQOD
FXFKDUD(VWRPHMRUDODYLVLELOLGDGSDUDHORSHUDGRU\DXPHQWDOD
FDUJDP£[LPDSHUPLVLEOH
127$
9HUODS£JLQDSRULQIRUPDFLµQVREUHOHYDQWDUREMHWRV

:$51,1*
$'9(57(1&,$
(ODFRSODPLHQWRU£SLGRGHLPSOHPHQWRVSXHGHHVWDUDELHUWR
LQGHSHQGLHQWHPHQWHGHORLQGLFDGRSRUODVH³DOGHDODUPDRHQ
HOSDQHOGHLQVWUXPHQWRV3RUHVWDUD]µQFRQWUROHVLHPSUHTXH
HODFRSODPLHQWRU£SLGRGHLPSOHPHQWRVHVW«FHUUDGRGHPDQHUD
9 VHJXUD9HDWDPEL«QODVLQVWUXFFLRQHVHQHOPDQXDOGH
 LQVWUXFFLRQHV

$'9(57(1&,$
c3HOLJURGHDSODVWDPLHQWR
6LFDHODSUHVLµQHQHOFLOLQGURGHODFRSODPLHQWRU£SLGRGH
LPSOHPHQWRVHOLPSOHPHQWRSRGU¯DFDHUVH\SURYRFDUOHVLRQHV
SRUDSODVWDPLHQWRJUDYHVRPRUWDOHV
1XQFDPRQWHY£OYXODVGHFLHUUHHQODVWXEHU¯DVTXHYDQDOFLOLQGUR
GHODFRSODPLHQWRU£SLGRGHLPSOHPHQWRV
7«FQLFDGHFRQGXFFLµQ 
,PSOHPHQWRVFRQH[LµQ\GHVFRQH[LµQ 
&XFKDUDGHVPRQWDMH

$'9(57(1&,$
5LHVJRGHDSODVWDPLHQWR
/RVLPSOHPHQWRVSXHGHQPRYHUVHGHIRUPDLQHVSHUDGD
SURYRFDQGRGD³RVSHUVRQDOHV
$VHJ¼UHVHGHTXHQRKD\QDGLHHQOD]RQDGHWUDEDMRFXDQGR
DFRSOHRGHVDFRSOHXQLPSOHPHQWR
 &RORTXHODP£TXLQDHQVXHOROODQRILUPH\QLYHODGRFRQOD
FXFKDUDGHVFDQVDQGRVREUHHOVXHOR
$  3UHVLRQHKDFLDDEDMRSDUDOLEHUDUHOGLVSRVLWLYRGHEORTXHR
 URMR $ HQHOLQWHUUXSWRUGHODFRSODPLHQWRU£SLGRGH
LPSOHPHQWRVGHUHFKR\DFRQWLQXDFLµQSUHVLRQHHOLQWHUUXSWRU
KDVWDODSRVLFLµQ  SDUDLQLFLDUHODFRSODPLHQWRU£SLGRGH
 LPSOHPHQWRV
&XDQGRVHLQLFLDHODFRSODPLHQWRU£SLGRGHLPSOHPHQWRVHO
]XPEDGRUVXHQD\HOPHQVDMH\HOLQGLFDGRUGHFRPSUREDFLµQ
VHPXHVWUDQHQOD,(&89HDODS£JLQDSDUDREWHQHUP£V
LQIRUPDFLµQ
9

,QWHUUXSWRUGHODFRSODPLHQWRU£SLGRGH
LPSOHPHQWRVGHUHFKD

  3UHVLRQHHOLQWHUUXSWRUGHODFRSODPLHQWRU£SLGRGH
LPSOHPHQWRVGHODL]TXLHUGDGXUDQWHP£VGHVHJXQGRV
SDUDDEULUHODFRSODPLHQWRU£SLGRGHLPSOHPHQWRV(O
LQWHUUXSWRUYXHOYHDXWRP£WLFDPHQWH9HDODS£JLQDSDUD
REWHQHUP£VLQIRUPDFLµQ

9

,QWHUUXSWRUGHODFRSODPLHQWRU£SLGRGH
LPSOHPHQWRVL]TXLHUGD



:$51,1* 127$
&XDQGRVHDEUHHODFRSODPLHQWRU£SLGRGHLPSOHPHQWRVHO
]XPEDGRUVXHQD\HOPHQVDMH\HOLQGLFDGRUGHDGYHUWHQFLDVH
PXHVWUDQHQOD,(&8

4FRXSOHUXQORFNHG

9

c$GYHUWHQFLD$FRSODPLHQWRU£SLGRGHVEORTXHDGR

 7«FQLFDGHFRQGXFFLµQ
 ,PSOHPHQWRVFRQH[LµQ\GHVFRQH[LµQ
 &XDQGRHOSDVDGRULQGLFDGRUURMR $ GHODFRSODPLHQWRU£SLGR
VHH[WLHQGDSRUFRPSOHWROLEHUHFRQFXLGDGRODFXFKDUDGHO
$ DFRSODPLHQWRU£SLGRGHLPSOHPHQWRVRSHUDQGRHOFLOLQGURGH
ODFXFKDUDKDVWDVXSRVLFLµQLQWHULRUWRSH FXFKDUDDIXHUD 
%
) 127$
6LHOSDVDGRULQGLFDGRUURMR $ QRHVW£H[WHQGLGRDXPHQWHOD
& SUHVLµQKLGU£XOLFDTXHOOHJDDOFLOLQGURGHEORTXHRPRYLHQGR
( FXLGDGRVDPHQWHHOFLOLQGURGHODFXFKDUDKDVWDVXSRVLFLµQ
H[WHULRUWRSH FXFKDUDDGHQWUR \PDQWHQL«QGROREDMRSUHVLµQ
' GXUDQWHDSUR[LPDGDPHQWHXQVHJXQGR
 'HVFRQHFWHODFXFKDUDH[WHQGLHQGRHOEUD]RH[FDYDGRU\
OHYDQWDQGRODSOXPD

9

$ 3DVDGRULQGLFDGRUURMR
% 3DVDGRUHVGHFXFKDUD
& *DQFKRGHHOHYDFLµQ
' &X³DGHEORTXHR
( *DQFKRSRVWHULRUGHODFXFKDUD
) *DQFKRVSDUDDJDUUDUHOLPSOHPHQWR

$  3UHVLRQHHOLQWHUUXSWRUGHODFRSODPLHQWRU£SLGRGH
 LPSOHPHQWRVGHUHFKRKDVWDODSRVLFLµQ  SDUDFHUUDUHO
DFRSODPLHQWRU£SLGRGHLPSOHPHQWRV9HDODS£JLQDSDUD
REWHQHUP£VLQIRUPDFLµQ


9

,QWHUUXSWRUGHODFRSODPLHQWRU£SLGRGH
LPSOHPHQWRVGHUHFKD


&KHFN 127$
&XDQGRHOLQWHUUXSWRUHVW£HQODSRVLFLµQ  HO]XPEDGRUVXHQD
\HOPHQVDMHGHFRQILUPDFLµQ\HOLQGLFDGRUVHPXHVWUDQHQOD,
(&8

&RQILUP4FRXSOHU

9

&RQILUPHTXHHODFRSODPLHQWRU£SLGRHVW£
EORTXHDGR

  3UHVLRQHHOLQWHUUXSWRUGHODFRSODPLHQWRU£SLGRGH
LQVWUXPHQWRVL]TXLHUGRGXUDQWHP£VGHVHJXQGRVSDUD
FRQILUPDUTXHHODFRSODPLHQWRU£SLGRGHLPSOHPHQWRVHVW£
EORTXHDGR$FRQWLQXDFLµQVHDSDJDU£HOVRQLGRGHO]XPEDGRU
\HOPHQVDMHGHFRPSUREDFLµQ\HOLQGLFDGRUGHVDSDUHFHU£Q
9HDODS£JLQDSDUDREWHQHUP£VLQIRUPDFLµQ

9

,QWHUUXSWRUGHODFRSODPLHQWRU£SLGRGH
LPSOHPHQWRVL]TXLHUGD

7«FQLFDGHFRQGXFFLµQ 
,PSOHPHQWRVFRQH[LµQ\GHVFRQH[LµQ 
&XFKDUDPRQWDMH

$'9(57(1&,$
5LHVJRGHDSODVWDPLHQWR
/RVLPSOHPHQWRVSXHGHQPRYHUVHGHIRUPDLQHVSHUDGD
SURYRFDQGRGD³RVSHUVRQDOHV
$VHJ¼UHVHGHTXHQRKD\QDGLHHQOD]RQDGHWUDEDMRFXDQGR
DFRSOHRGHVDFRSOHXQLPSOHPHQWR
 &RORTXHODP£TXLQDHQXQWHUUHQROODQRILUPH\QLYHODGR
$  3UHVLRQHKDFLDDEDMRSDUDOLEHUDUHOGLVSRVLWLYRGHEORTXHR
 URMR $ HQHOLQWHUUXSWRUGHODFRSODPLHQWRU£SLGRGH
LPSOHPHQWRVGHUHFKR\DFRQWLQXDFLµQSUHVLRQHHOLQWHUUXSWRU
KDVWDODSRVLFLµQ  SDUDLQLFLDUHODFRSODPLHQWRU£SLGRGH
 LPSOHPHQWRV
&XDQGRVHLQLFLDHODFRSODPLHQWRU£SLGRGHLPSOHPHQWRVHO
]XPEDGRUVXHQD\HOPHQVDMH\HOLQGLFDGRUGHFRPSUREDFLµQ
VHPXHVWUDQHQOD,(&89HDODS£JLQDSDUDREWHQHUP£V
LQIRUPDFLµQ
9

,QWHUUXSWRUGHODFRSODPLHQWRU£SLGRGH
LPSOHPHQWRVGHUHFKD

  3UHVLRQHHOLQWHUUXSWRUGHODFRSODPLHQWRU£SLGRGH
LPSOHPHQWRVGHODL]TXLHUGDGXUDQWHP£VGHVHJXQGRV
SDUDDEULUHODFRSODPLHQWRU£SLGRGHLPSOHPHQWRV(O
LQWHUUXSWRUYXHOYHDXWRP£WLFDPHQWH9HDODS£JLQDSDUD
REWHQHUP£VLQIRUPDFLµQ

9

,QWHUUXSWRUGHODFRSODPLHQWRU£SLGRGH
LPSOHPHQWRVL]TXLHUGD


:$51,1* 127$
&XDQGRVHDEUHHODFRSODPLHQWRU£SLGRGHLPSOHPHQWRVHO
]XPEDGRUVXHQD\HOPHQVDMH\HOLQGLFDGRUGHDGYHUWHQFLDVH
PXHVWUDQHQOD,(&8

4FRXSOHUXQORFNHG

9

c$GYHUWHQFLD$FRSODPLHQWRU£SLGRGHVEORTXHDGR

* +  &RPSUXHEHTXHHOSDVDGRULQGLFDGRUURMR $ HVW£
FRPSOHWDPHQWHH[WHQGLGR
$ 127$
6LHOSDVDGRULQGLFDGRUURMR $ QRHVW£H[WHQGLGRDXPHQWHOD
SUHVLµQKLGU£XOLFDTXHOOHJDDOFLOLQGURGHEORTXHRPRYLHQGR
FXLGDGRVDPHQWHHOFLOLQGURGHODFXFKDUDKDVWDVXSRVLFLµQ
9 H[WHULRUWRSH FXFKDUDDGHQWUR \PDQWHQL«QGROREDMRSUHVLµQ
GXUDQWHDSUR[LPDGDPHQWHXQVHJXQGR
* 3DVDGRULQGLFDGRUFRPSOHWDPHQWHUHWUD¯GR  $FFLRQHHOEUD]RH[FDYDGRUKDVWDXQDSRVLFLµQWDOTXHORVGRV
SRVLFLµQGHEORTXHR JDQFKRVHQHODFRSODPLHQWRU£SLGRGHLPSOHPHQWRVHQFDMHQ
+ 3DVDGRULQGLFDGRUFRPSOHWDPHQWHH[WHQGLGR HQHOSDVDGRUGHODQWHURGHODFXFKDUD
SRVLFLµQOLEHUDGD  *LUHOHQWDPHQWHHODFRSODPLHQWRU£SLGRGHLPSOHPHQWRVKDFLD
$ 3DVDGRULQGLFDGRUURMR ODFXFKDUDPRYLHQGRHOFLOLQGURGHODFXFKDUD FXFKDUD
 DGHQWUR KDVWDTXHHVWHDFRSODPLHQWRU£SLGRHQFDMH
FRUUHFWDPHQWHFRQWUDODFXFKDUD
 7«FQLFDGHFRQGXFFLµQ
 ,PSOHPHQWRVFRQH[LµQ\GHVFRQH[LµQ
 &RPSUXHEHTXHHODFRSODPLHQWRU£SLGRGHOLPSOHPHQWRHVW«
FRUUHFWDPHQWHDOLQHDGRFRQODSXQWDGHODFXFKDUD(QFDVR
QHFHVDULRDM¼VWHORFRQPRYLPLHQWRVGHOEUD]RH[FDYDGRUR
GHODSOXPD
$  3UHVLRQHHOLQWHUUXSWRUGHODFRSODPLHQWRU£SLGRGH
 LPSOHPHQWRVGHUHFKRKDVWDODSRVLFLµQ  SDUDFHUUDUHO
DFRSODPLHQWRU£SLGRGHLPSOHPHQWRV9HDODS£JLQDSDUD
REWHQHUP£VLQIRUPDFLµQ


9

,QWHUUXSWRUGHODFRSODPLHQWRU£SLGRGH
LPSOHPHQWRVGHUHFKD


&KHFN 127$
&XDQGRHOLQWHUUXSWRUHVW£HQODSRVLFLµQ  HO]XPEDGRUVXHQD
\HOPHQVDMHGHFRQILUPDFLµQ\HOLQGLFDGRUVHPXHVWUDQHQOD,
(&8

&RQILUP4FRXSOHU

9

&RQILUPHTXHHODFRSODPLHQWRU£SLGRHVW£
EORTXHDGR

* +  &RPSUXHEHTXHHOSDVDGRULQGLFDGRUURMR $ HVW«
FRPSOHWDPHQWHUHWUD¯GRHQHODFRSODPLHQWRU£SLGRGH
$ LPSOHPHQWRV

9

* 3DVDGRULQGLFDGRUFRPSOHWDPHQWHUHWUD¯GR
SRVLFLµQGHEORTXHR
+ 3DVDGRULQGLFDGRUFRPSOHWDPHQWHH[WHQGLGR
SRVLFLµQOLEHUDGD
$ 3DVDGRULQGLFDGRUURMR

  3UHVLRQHHOLQWHUUXSWRUGHODFRSODPLHQWRU£SLGRGH
LQVWUXPHQWRVL]TXLHUGRGXUDQWHP£VGHVHJXQGRVSDUD
FRQILUPDUTXHHODFRSODPLHQWRU£SLGRGHLPSOHPHQWRVHVW£
EORTXHDGR$FRQWLQXDFLµQVHDSDJDU£HOVRQLGRGHO]XPEDGRU
\HOPHQVDMHGHFRPSUREDFLµQ\HOLQGLFDGRUGHVDSDUHFHU£Q
9HDODS£JLQDSDUDREWHQHUP£VLQIRUPDFLµQ

9

,QWHUUXSWRUGHODFRSODPLHQWRU£SLGRGH
LPSOHPHQWRVL]TXLHUGD

7«FQLFDGHFRQGXFFLµQ 
,PSOHPHQWRVFRQH[LµQ\GHVFRQH[LµQ 
 5HDOLFHODVVLJXLHQWHVSUXHEDVSDUDFRPSUREDUTXHHO
DFRSODPLHQWRU£SLGRGHLPSOHPHQWRVHVW£ILMDGRILUPHPHQWH
3UHVLRQHODFXFKDUDFRQWUDHOVXHOR
,QWURGX]FD\H[WUDLJDHOFLOLQGURGHODFXFKDUDSDUDYHULILFDU
TXHODFKDYHWDGHEORTXHR ' HVW£ELHQDVHQWDGD6LQRHVW£
VHJXURGHHOORFRPSUXHEHTXHODFX³DGHEORTXHR ' KD
HQWUDGRHQHOJDQFKR
1RXVHODP£TXLQDVLQRIXQFLRQDHOHQJDQFKHU£SLGRGH
LPSOHPHQWRV
&RQWDFWHFRQXQWDOOHUDXWRUL]DGRSRU9ROYRVLDOJRQRYD
9 ELHQ


$'9(57(1&,$
5LHVJRGHDSODVWDPLHQWR
6LVHHQFLHQGHODOX]GHDGYHUWHQFLDGHSRUWDLPSOHPHQWRVDELHUWR
GXUDQWHHOWUDEDMRSRGU¯DFDHUVHHOLPSOHPHQWRSURYRFDQGR
OHVLRQHVSRUDSODVWDPLHQWRJUDYHVHLQFOXVRPRUWDOHV
,QWHUUXPSDHOWUDEDMRFRQODP£TXLQDLQPHGLDWDPHQWH\
DVHJ¼UHVHGHTXHHOSRUWDLPSOHPHQWRVHVW£GHELGDPHQWH
EORTXHDGRDQWHVGHUHDQXGDUHOWUDEDMR


 7«FQLFDGHFRQGXFFLµQ
 ,PSOHPHQWRVFRQH[LµQ\GHVFRQH[LµQ
$FRSODPLHQWRU£SLGR6DMXVWH
(ODFRSODPLHQWRU£SLGRVHGHEHLQVSHFFLRQDUSHULµGLFDPHQWH
5HYLVHHODFRSODPLHQWRU£SLGRFDGDKRUDVRDGLDULRHQ
SDUWLFXODUFXDQGRVHXVHODP£TXLQDHQFRQGLFLRQHVGLI¯FLOHVR
GXUDV
& % $  5HWLUHODFXFKDUDFRQVXOWDQGRODVLQVWUXFFLRQHVGH
GHVPRQWDMHGHODFXFKDUD
 6DTXHODVFKDSDVGHUHOOHQR % HQWUHHOVRSRUWHGHOWRUQLOOR
$ & \HOGLVWDQFLDGRU $ HQORVOXJDUHVTXHVHPXHVWUDQHQ
ODLOXVWUDFLµQ'HYXHOYDWRGRVORVGLVWDQFLDGRUHVDVXV
SRVLFLRQHVRULJLQDOHV\DSULHWHORVSHUQRVGHPRQWDMH

& %
9

$ 'LVWDQFLDGRU
% $UDQGHODGHUHOOHQR
& 6RSRUWHGHWRUQLOOR


(  0RQWHODFXFKDUDFRQVXOWDQGRODVLQVWUXFFLRQHVGHPRQWDMH
GHODFXFKDUD
 &RQILUPHTXHODFX³DGHEORTXHR ) HVW«ELHQFRORFDGDHQHO
JDQFKRGHFRQWDFWR
127$
(VLPSRUWDQWHFRPSUREDUTXHODFX³DGHEORTXHR ) HVW«
VXILFLHQWHPHQWHLQVHUWDGDHQHOJDQFKR * 6HUHFRPLHQGD
$ ' LQVHUWDUODFX³DGHEORTXHRHQHOJDQFKRP£VGHPP 
+ &RPSUXHEHYLVXDOPHQWHTXHODFX³DGHEORTXHRHVW«HQOD
) SRVLFLµQFRUUHFWD
 0LGDORVKXHFRV ( HQWUHORVGLVWDQFLDGRUHV $ \ODVXSHUILFLH
GHFRQWDFWRFRUUHVSRQGLHQWHGHODFRSODPLHQWRU£SLGR ' /D
* FXFKDUDGHEHVHURSHUDGDWDQVXDYHPHQWHFRPRVHQHFHVLWH
SDUDREWHQHUHOP£[LPRKXHFRSRVLEOH\HVWRVHGHEHKDFHU
' HQFDGDXQRGHORVOXJDUHVLQGHSHQGLHQWHPHQWH
 5HWLUHODFXFKDUDFRQVXOWDQGRODVLQVWUXFFLRQHVGH
GHVPRQWDMHGHODFXFKDUD
+ (  'HVHQURVTXHORVSHUQRVGHPRQWDMHGHGLVWDQFLDGRU\D³DGD
FKDSDVGHUHOOHQRHQWUHHOGLVWDQFLDGRU $ \HOVRSRUWHGH
WRUQLOOR & VHJ¼QHOHVSHVRUGHOKXHFRPHGLGRHQHO
SURFHGLPLHQWR$SULHWHORVSHUQRVGHPRQWDMHGH
$ GLVWDQFLDGRU&RQWDFWHFRQVXFRQFHVLRQDULR9ROYRSDUD
9
REWHQHULQIRUPDFLµQVREUHODVFKDSDVGHUHOOHQRFRUUHFWDV
 0RQWHGHQXHYRODFXFKDUD\FRPSUXHEHHOKXHFRGHODPLVPD
' $FRSODPLHQWRU£SLGRGHOLPSOHPHQWR PDQHUDTXHHQHOSURFHGLPLHQWR
( +XHFR  6LWRGDY¯DTXHGDKXHFRP¯GDOR\D³DGDFKDSDVGHUHOOHQRGHO
) &X³DGHEORTXHR HVSHVRUDGHFXDGR3HURVLHODFRSODPLHQWRU£SLGRQRSXHGH
* *DQFKRSRVWHULRUGHODFXFKDUD HQJDQFKDUODFXFKDUDGHOWRGRHQVXVXSHUILFLHGHFRQWDFWR
+ /RQJLWXGUHFRPHQGDGDGHODVXSHUILFLHGH SRULQWHUIHUHQFLDUHGX]FDHOHVSHVRUGHODVFKDSDVGHUHOOHQR
FRQWDFWR P£VGHPP   5HSLWDHVWHSURFHVRKDVWDKDEHUHOLPLQDGRHOKXHFRHQFDGD
 XQRGHORVOXJDUHVHQWUHODFXFKDUD\HODFRSODPLHQWRU£SLGR
127$
6LVHWUDEDMDFRQXQDFXFKDUDTXHQRHVW£ILMDGDDMXVWDGDPHQWH
FRQXQKXHFRVHDXPHQWDU£VLJQLILFDWLYDPHQWHHOGHVJDVWHGHO
DFRSODPLHQWRU£SLGR
7«FQLFDGHFRQGXFFLµQ 
,PSOHPHQWRVFRQH[LµQ\GHVFRQH[LµQ 

$FRSODPLHQWRU£SLGRGHLPSOHPHQWR
$FRSODPLHQWRU£SLGRXQLYHUVDO HTXLSRRSFLRQDO

$'9(57(1&,$
5LHVJRGHDSODVWDPLHQWR
/DFD¯GDGHOLPSOHPHQWRSRGU¯DSURYRFDUOHVLRQHVJUDYHVH
LQFOXVRPRUWDOHV
$VHJ¼UHVHGHTXHHOSRUWDLPSOHPHQWRVHVW£GHELGDPHQWH
EORTXHDGRDQWHVGHLQLFLDUHOWUDEDMR

$'9(57(1&,$
5LHVJRGHDSODVWDPLHQWR
8QLPSOHPHQWRQRILMDGRSRGU¯DFDHUVH\SURYRFDUOHVLRQHV
JUDYHVRODPXHUWH
$VHJ¼UHVHVLHPSUHGHTXHHOLPSOHPHQWRHVW£ELHQILMDGR
SUHVLRQDQGRODSDUWHGHODQWHUDGHOLPSOHPHQWRFRQWUDHOVXHOR
KDVWDTXHODP£TXLQDHVW«OLJHUDPHQWHOHYDQWDGD
(ODFRSODPLHQWRU£SLGRGHLPSOHPHQWRVHVW£HTXLSDGRFRQXQ
FLOLQGURKLGU£XOLFRGHGREOHDFFLµQ(OJDQFKRGHVXMHFLµQGH
LPSOHPHQWRVVHFRORFDHQHOY£VWDJRGHOSLVWµQ/DSUHVLµQGHO
VLVWHPDKLGU£XOLFRDFW¼DVREUHHOSLVWµQGHOFLOLQGURGHFLHUUH
EORTXHDQGRHOLPSOHPHQWRHQVXVLWLRFRQWUDHOSDVDGRUGH
FXFKDUDWUDVHUR$V¯SXHVHOJDQFKRVHDMXVWDDXWRP£WLFDPHQWH
\SURSRUFLRQDXQEORTXHRVLQKXHOJRV
$OFRPSUREDUGHVGHODFDELQDVLHODFRSODPLHQWRU£SLGRGH
LPSOHPHQWRVHVW£EORTXHDGRRGHVEORTXHDGRJLUHOHQWDPHQWH
KDFLDIXHUDODFXFKDUDLPSOHPHQWR\HOEUD]RH[FDYDGRU
&RQODD\XGDGHOJDQFKRGHHOHYDFLµQVHSXHGHXVDUODP£TXLQD
SDUDRSHUDFLRQHVGHHOHYDFLµQ&RPRHOJDQFKRGHHOHYDFLµQ

HVW£VLWXDGRHQHODFRSODPLHQWRU£SLGRGHLPSOHPHQWRVSXHGH
XVDUVHVLQODFXFKDUD(VWRPHMRUDODYLVLELOLGDGSDUDHORSHUDGRU
\DXPHQWDODFDUJDP£[LPDSHUPLVLEOH
127$
9HUODS£JLQDSRULQIRUPDFLµQVREUHOHYDQWDUREMHWRV
 7«FQLFDGHFRQGXFFLµQ
 ,PSOHPHQWRVFRQH[LµQ\GHVFRQH[LµQ
&XFKDUDGHVPRQWDMH

$'9(57(1&,$
5LHVJRGHDSODVWDPLHQWR
/RVLPSOHPHQWRVSXHGHQPRYHUVHGHIRUPDLQHVSHUDGD
SURYRFDQGRGD³RVSHUVRQDOHV
$VHJ¼UHVHGHTXHQRKD\QDGLHHQOD]RQDGHWUDEDMRFXDQGR
DFRSOHRGHVDFRSOHXQLPSOHPHQWR
 &RORTXHODP£TXLQDHQVXHORILUPH\OODQR
 *LUHODFXFKDUDKDFLDGHQWURFRPSOHWDPHQWHKDFLDHOEUD]R
H[FDYDGRU SDUDVROWDUHOPHFDQLVPRGHEORTXHR 

'
9

' PP SXOJDGDV



$  3UHVLRQHKDFLDDEDMRSDUDOLEHUDUHOGLVSRVLWLYRGHEORTXHR
 URMR $ HQHOLQWHUUXSWRUGHODFRSODPLHQWRU£SLGRGH
LPSOHPHQWRVGHUHFKR\DFRQWLQXDFLµQSUHVLRQHHOLQWHUUXSWRU
KDVWDODSRVLFLµQ  SDUDLQLFLDUHODFRSODPLHQWRU£SLGRGH
 LPSOHPHQWRV
&XDQGRVHLQLFLDHODFRSODPLHQWRU£SLGRGHLPSOHPHQWRVHO
]XPEDGRUVXHQD\HOPHQVDMH\HOLQGLFDGRUGHFRPSUREDFLµQ
VHPXHVWUDQHQOD,(&89HDODS£JLQDSDUDREWHQHUP£V
LQIRUPDFLµQ
9

,QWHUUXSWRUGHODFRSODPLHQWRU£SLGRGH
LPSOHPHQWRVGHUHFKD

  3UHVLRQHHOLQWHUUXSWRUGHODFRSODPLHQWRU£SLGRGH
LPSOHPHQWRVGHODL]TXLHUGDGXUDQWHP£VGHVHJXQGRV
SDUDDEULUHODFRSODPLHQWRU£SLGRGHLPSOHPHQWRV(O
LQWHUUXSWRUYXHOYHDXWRP£WLFDPHQWH9HDODS£JLQDSDUD
REWHQHUP£VLQIRUPDFLµQ

9

,QWHUUXSWRUGHODFRSODPLHQWRU£SLGRGH
LPSOHPHQWRVL]TXLHUGD


:$51,1* 127$
&XDQGRVHDEUHHODFRSODPLHQWRU£SLGRGHLPSOHPHQWRVHO
]XPEDGRUVXHQD\HOPHQVDMH\HOLQGLFDGRUGHDGYHUWHQFLDVH
PXHVWUDQHQOD,(&8

4FRXSOHUXQORFNHG

9

c$GYHUWHQFLD$FRSODPLHQWRU£SLGRGHVEORTXHDGR
7«FQLFDGHFRQGXFFLµQ 
,PSOHPHQWRVFRQH[LµQ\GHVFRQH[LµQ 

 $VHJ¼UHVHGHTXHHOGLVSRVLWLYRGHEORTXHRGHODQWHUR $ HVW«
FRPSOHWDPHQWHDELHUWRSDUDGHVHQJDQFKDUGHVGHHOSDVDGRU
GHODFXFKDUD'HRWURPRGRHOSDVDGRUGHODFXFKDUDQR
SXHGHGHVDFRSODUVHFRUUHFWDPHQWH
127$
6LHOGLVSRVLWLYRGHEORTXHRGHODQWHUR $ QRHVW£DELHUWR
DXPHQWHODSUHVLµQKLGU£XOLFDTXHOOHJDDOFLOLQGURGHEORTXHR
PRYLHQGRFXLGDGRVDPHQWHHOFLOLQGURGHODFXFKDUDKDVWDVX
SRVLFLµQH[WHULRUWRSH FXFKDUDDGHQWUR \PDQWHQL«QGROREDMR
SUHVLµQGXUDQWHDSUR[LPDGDPHQWHXQVHJXQGR
 %DMHODFXFKDUD\JLUHKDFLDIXHUDSDUDOHYDQWDUHO
DFRSODPLHQWRU£SLGRGHLPSOHPHQWRVGHODFXFKDUD
 &RORTXHODFXFKDUDSODQDVREUHHOVXHOR\GHVHQJ£QFKHOD
$ 9

$FRSODPLHQWRU£SLGRGHOLPSOHPHQWR
GHVHQJDQFKH
$ 'LVSRVLWLYRGHEORTXHRGHODQWHUR

$  3UHVLRQHHOLQWHUUXSWRUGHODFRSODPLHQWRU£SLGRGH
 LPSOHPHQWRVGHUHFKRKDVWDODSRVLFLµQ  SDUDFHUUDUHO
DFRSODPLHQWRU£SLGRGHLPSOHPHQWRV9HDODS£JLQDSDUD
REWHQHUP£VLQIRUPDFLµQ


9

,QWHUUXSWRUGHODFRSODPLHQWRU£SLGRGH
LPSOHPHQWRVGHUHFKD




&KHFN 127$
&XDQGRHOLQWHUUXSWRUHVW£HQODSRVLFLµQ  HO]XPEDGRUVXHQD
\HOPHQVDMHGHFRQILUPDFLµQ\HOLQGLFDGRUVHPXHVWUDQHQOD,
(&8

&RQILUP4FRXSOHU

9

&RQILUPHTXHHODFRSODPLHQWRU£SLGRHVW£
EORTXHDGR

  3UHVLRQHHOLQWHUUXSWRUGHODFRSODPLHQWRU£SLGRGH
LQVWUXPHQWRVL]TXLHUGRGXUDQWHP£VGHVHJXQGRVSDUD
FRQILUPDUTXHHODFRSODPLHQWRU£SLGRGHLPSOHPHQWRVHVW£
EORTXHDGR$FRQWLQXDFLµQVHDSDJDU£HOVRQLGRGHO]XPEDGRU
\HOPHQVDMHGHFRPSUREDFLµQ\HOLQGLFDGRUGHVDSDUHFHU£Q
9HDODS£JLQDSDUDREWHQHUP£VLQIRUPDFLµQ

9

,QWHUUXSWRUGHODFRSODPLHQWRU£SLGRGH
LPSOHPHQWRVL]TXLHUGD

 7«FQLFDGHFRQGXFFLµQ
 ,PSOHPHQWRVFRQH[LµQ\GHVFRQH[LµQ
&XFKDUDPRQWDMH

$'9(57(1&,$
5LHVJRGHDSODVWDPLHQWR
/RVLPSOHPHQWRVSXHGHQPRYHUVHGHIRUPDLQHVSHUDGD
SURYRFDQGRGD³RVSHUVRQDOHV
$VHJ¼UHVHGHTXHQRKD\QDGLHHQOD]RQDGHWUDEDMRFXDQGR
DFRSOHRGHVDFRSOHXQLPSOHPHQWR
 &RORTXHODP£TXLQDHQVXHORILUPH\OODQR
 *LUHODFXFKDUDKDFLDGHQWURFRPSOHWDPHQWHKDFLDHOEUD]R
H[FDYDGRU SDUDVROWDUHOPHFDQLVPRGHEORTXHR 

9

$  3UHVLRQHKDFLDDEDMRSDUDOLEHUDUHOGLVSRVLWLYRGHEORTXHR
 URMR $ HQHOLQWHUUXSWRUGHODFRSODPLHQWRU£SLGRGH
LPSOHPHQWRVGHUHFKR\DFRQWLQXDFLµQSUHVLRQHHOLQWHUUXSWRU
KDVWDODSRVLFLµQ  SDUDLQLFLDUHODFRSODPLHQWRU£SLGRGH
 LPSOHPHQWRV
&XDQGRVHLQLFLDHODFRSODPLHQWRU£SLGRGHLPSOHPHQWRVHO
]XPEDGRUVXHQD\HOPHQVDMH\HOLQGLFDGRUGHFRPSUREDFLµQ
VHPXHVWUDQHQOD,(&89HDODS£JLQDSDUDREWHQHUP£V
LQIRUPDFLµQ
9

,QWHUUXSWRUGHODFRSODPLHQWRU£SLGRGH
LPSOHPHQWRVGHUHFKD

  3UHVLRQHHOLQWHUUXSWRUGHODFRSODPLHQWRU£SLGRGH
LPSOHPHQWRVGHODL]TXLHUGDGXUDQWHP£VGHVHJXQGRV
SDUDDEULUHODFRSODPLHQWRU£SLGRGHLPSOHPHQWRV(O
LQWHUUXSWRUYXHOYHDXWRP£WLFDPHQWH9HDODS£JLQDSDUD
REWHQHUP£VLQIRUPDFLµQ

9

,QWHUUXSWRUGHODFRSODPLHQWRU£SLGRGH
LPSOHPHQWRVL]TXLHUGD


:$51,1* 127$
&XDQGRVHDEUHHODFRSODPLHQWRU£SLGRGHLPSOHPHQWRVHO
]XPEDGRUVXHQD\HOPHQVDMH\HOLQGLFDGRUGHDGYHUWHQFLDVH
PXHVWUDQHQOD,(&8

4FRXSOHUXQORFNHG

9

c$GYHUWHQFLD$FRSODPLHQWRU£SLGRGHVEORTXHDGR

7«FQLFDGHFRQGXFFLµQ 
,PSOHPHQWRVFRQH[LµQ\GHVFRQH[LµQ 
 $VHJ¼UHVHGHTXHHOGLVSRVLWLYRGHEORTXHRGHODQWHUR $ HVW«
FRPSOHWDPHQWHDELHUWRDQWHVGHHQJDQFKDUORHQHOSDVDGRU
GHODFXFKDUD'HRWURPRGRHOSDVDGRUGHODFXFKDUDQR
SXHGHDFRSODUVHFRUUHFWDPHQWH
127$
6LHOGLVSRVLWLYRGHEORTXHRGHODQWHUR $ QRHVW£DELHUWR
DXPHQWHODSUHVLµQKLGU£XOLFDTXHOOHJDDOFLOLQGURGHEORTXHR
PRYLHQGRFXLGDGRVDPHQWHHOFLOLQGURGHODFXFKDUDKDVWDVX
SRVLFLµQH[WHULRUWRSH FXFKDUDDGHQWUR \PDQWHQL«QGROREDMR
SUHVLµQGXUDQWHDSUR[LPDGDPHQWHXQVHJXQGR
 *LUHHODFRSODPLHQWRU£SLGRGHLPSOHPHQWRVKDFLDIXHUD\
HQJ£QFKHORHQHOSDVDGRUGHFXFKDUD
$ 9
 *LUHGHPDQHUDOHQWDHODFRSODPLHQWRU£SLGRGHLPSOHPHQWRV
&XFKDUDHQSRVLFLµQEORTXHDGD FRPSOHWDPHQWHKDFLDODFXFKDUD
$ 'LVSRVLWLYRGHEORTXHRGHODQWHUR

$  3UHVLRQHHOLQWHUUXSWRUGHODFRSODPLHQWRU£SLGRGH
 LPSOHPHQWRVGHUHFKRKDVWDODSRVLFLµQ  SDUDFHUUDUHO
DFRSODPLHQWRU£SLGRGHLPSOHPHQWRV9HDODS£JLQDSDUD
REWHQHUP£VLQIRUPDFLµQ


9

,QWHUUXSWRUGHODFRSODPLHQWRU£SLGRGH
LPSOHPHQWRVGHUHFKD


&KHFN 127$
&XDQGRHOLQWHUUXSWRUHVW£HQODSRVLFLµQ  HO]XPEDGRUVXHQD
\HOPHQVDMHGHFRQILUPDFLµQ\HOLQGLFDGRUVHPXHVWUDQHQOD,
(&8

 &RPSUXHEHYLVXDOPHQWHTXHHOGLVSRVLWLYRGHEORTXHR
&RQILUP4FRXSOHU GHODQWHURHVW«FRPSOHWDPHQWHHQJDQFKDGR
 /HYDQWH\JLUHKDFLDGHQWURFRPSOHWDPHQWHODFXFKDUDKDFLD
9 HOEUD]RH[FDYDGRU\PDQW«QJDODDOO¯GXUDQWH
&RQILUPHTXHHODFRSODPLHQWRU£SLGRHVW£ DSUR[LPDGDPHQWHVHJXQGRVSDUDDVHJXUDUVHGHTXHHO
EORTXHDGR DFRSODPLHQWRU£SLGRGHLPSOHPHQWRVVHKDEORTXHDGRGH

IRUPDVHJXUDHQODFXFKDUD
  3UHVLRQHHOLQWHUUXSWRUGHODFRSODPLHQWRU£SLGRGH
LQVWUXPHQWRVL]TXLHUGRGXUDQWHP£VGHVHJXQGRVSDUD
FRQILUPDUTXHHODFRSODPLHQWRU£SLGRGHLPSOHPHQWRVHVW£
EORTXHDGR$FRQWLQXDFLµQVHDSDJDU£HOVRQLGRGHO]XPEDGRU
\HOPHQVDMHGHFRPSUREDFLµQ\HOLQGLFDGRUGHVDSDUHFHU£Q
9HDODS£JLQDSDUDREWHQHUP£VLQIRUPDFLµQ

9

,QWHUUXSWRUGHODFRSODPLHQWRU£SLGRGH
LPSOHPHQWRVL]TXLHUGD

 7«FQLFDGHFRQGXFFLµQ
 ,PSOHPHQWRVFRQH[LµQ\GHVFRQH[LµQ
 5HDOLFHODVVLJXLHQWHVSUXHEDVSDUDFRPSUREDUTXHHO
DFRSODPLHQWRU£SLGRGHLPSOHPHQWRVHVW£ILMDGRILUPHPHQWH
3UHVLRQHODFXFKDUDFRQWUDHOVXHOR(QHVDSRVLFLµQPXHYD
HOFLOLQGURGHODFXFKDUDKDFLDGHQWUR\KDFLDIXHUDSDUD
FRPSUREDUTXHHVW«EORTXHDGRHQODSRVLFLµQFRUUHFWD
6LQRHVW£VHJXURGHVLODFXFKDUDHVW£EORTXHDGDGH
PDQHUDVHJXUDHQHODFRSODPLHQWRU£SLGRGHLPSOHPHQWRV
VDOJD\FRPSUXHEHTXHHOGLVSRVLWLYRGHEORTXHRGHODQWHUR
HVW«FRPSOHWDPHQWHHQJDQFKDGR
1RXVHODP£TXLQDVLQRIXQFLRQDHOHQJDQFKHU£SLGRGH
9 LPSOHPHQWRV
 &RQWDFWHFRQXQWDOOHUDXWRUL]DGRSRU9ROYRVLDOJRQRYD
ELHQ

$'9(57(1&,$
5LHVJRGHDSODVWDPLHQWR
6LVHHQFLHQGHODOX]GHDGYHUWHQFLDGHSRUWDLPSOHPHQWRVDELHUWR
GXUDQWHHOWUDEDMRSRGU¯DFDHUVHHOLPSOHPHQWRSURYRFDQGR
OHVLRQHVSRUDSODVWDPLHQWRJUDYHVHLQFOXVRPRUWDOHV
,QWHUUXPSDHOWUDEDMRFRQODP£TXLQDLQPHGLDWDPHQWH\
DVHJ¼UHVHGHTXHHOSRUWDLPSOHPHQWRVHVW£GHELGDPHQWH
EORTXHDGRDQWHVGHUHDQXGDUHOWUDEDMR
7«FQLFDGHFRQGXFFLµQ 
&XFKDUDV 

&XFKDUDV
% $ &XFKDUDFDUJD
&XFKDUDGHVPRQWDMH

$'9(57(1&,$
5LHVJRGHOHVLRQHVSRUPDWHULDOHVSUR\HFWDGRV
PP *ROSHDUHOSDVDGRUGHODFXFKDUDFRQXQPDUWLOORSRGU¯DKDFHU
9 TXHYLUXWDVPHW£OLFDVVDOJDQGHVSHGLGDV\FDXVHQJUDYHV
 OHVLRQHV
/OHYHVLHPSUHSURWHFFLµQSDUDODFDUD\ORVRMRVFDVFR\JXDQWHV
DOGHVPRQWDU\PRQWDUORVSDVDGRUHVGHODFXFKDUD
 'HVFLHQGDODFXFKDUDOLJHUDPHQWHVREUHHOVXHOR
 'HVPRQWHHOWRUQLOORGHVHJXULGDG $ \ODWXHUFD % GH
DPERVSDVDGRUHV
 5HWLUHORVSDVDGRUHV &\' \ORVDURVWµULFRV ( \D
FRQWLQXDFLµQUHWLUHODFXFKDUD

$9,62
%ORTXHHODFXFKDUDGHVPRQWDGDSDUDHVWDELOL]DUOD0DQWHQJD
OLPSLRVORVSDVDGRUHV\QRGD³HHODURWµULFR
&XFKDUDPRQWDMH

( $7(1&,•1
( 5LHVJRGHFRUWH\DSODVWDPLHQWR
/DVSLH]DVVXHOWDVSRGU¯DQSURYRFDUOHVLRQHVSRUFRUWH\
DSODVWDPLHQWR
& 1RXWLOLFHQXQFDORVGHGRVSDUDFRPSUREDUHODOLQHDPLHQWRHQWUH
SLH]DVIORMDV(PSOHHVLHPSUHXQDKHUUDPLHQWD 
 $OLQHHHOEUD]RH[FDYDGRU\ODVDUWLFXODFLRQHVFRQOD
FXFKDUD
'  3RQJDDURVWµULFRV ( HQORVDJXMHURVSDUDHOEUD]R
9

H[FDYDGRU\ODDUWLFXODFLµQ$OLQHHORVDJXMHURVHQWUHOD
FXFKDUD\HOEUD]RH[FDYDGRU\ODVDUWLFXODFLRQHV
 (QJUDVHORVRULILFLRV
 ,QWURGX]FDORVSDVDGRUHV &\' 
 0RQWHHOWRUQLOORGHVHJXULGDG $ \ODWXHUFD % GHDPERV
SDVDGRUHV

$9,62
$VHJ¼UHVHGHTXHKD\XQHVSDFLROLEUHGHFRPRP¯QLPRPP
LQ HQWUHODWXHUFD\HOSDVDGRU/XEULTXHHOSDVDGRU
 7«FQLFDGHFRQGXFFLµQ
 &XFKDUDV

7UDEDMDUFRQFXFKDUDV

$9,62
6HOHFFLRQHXQLPSOHPHQWRDGHFXDGRSDUDODP£TXLQDHQTXHVH
YDDLQVWDODU/RVWLSRVGHLPSOHPHQWRVTXHSXHGHQLQVWDODUVH
YDU¯DQVHJ¼QHOWLSRGHODP£TXLQD'LU¯MDVHDXQWDOOHURILFLDOGH
9ROYR
/DP£TXLQDHVW£SUHSDUDGDSDUDYDULRVWLSRVGLIHUHQWHVGHHTXLSR
RSFLRQDOSDUDUHDOL]DUPXFKRVWLSRVGHWUDEDMR$FRQWLQXDFLµQ
VµORVHGHVFULEHQODVRSHUDFLRQHVP£VVLPSOHV
7UDEDMRGHUHWURH[FDYDFLµQ
 /DUHWURH[FDYDFLµQLPSOLFDH[FDYDUHOPDWHULDODXQQLYHOP£V
 EDMRTXHDTX«OHQTXHHVW£VLWXDGDODP£TXLQD
&XDQGRHO£QJXORHQWUHHOFLOLQGUR\ODVDUWLFXODFLRQHVGHOD
9
FXFKDUDHOFLOLQGURGHOEUD]RH[FDYDGRU\HOEUD]RH[FDYDGRUHVW£
 DMXVWDGRDrODHILFDFLDGHWUDEDMRGHFDGDFLOLQGURVH
HQFRQWUDU£DVXP£[LPRQLYHO$SURYHFKHHVWH£QJXORSDUD
PHMRUDUODHILFDFLDGHWUDEDMR(ODOFDQFHSDUDODH[FDYDFLµQ
HILFD]HVFXDQGRHOEUD]RH[FDYDGRUVHHQFXHQWUDHQWUHrKDFLD
GHODQWH\rKDFLDDWU£V3XHGHKDEHUXQDSHTXH³DGLIHUHQFLD
VHJ¼QODSURIXQGLGDGGHH[FDYDFLµQ1RXWLOLFHHOFLOLQGURKDVWD
HOH[WUHPRGHVXFDUUHUDVLQRVµORGHQWURGHHVWHLQWHUYDOR

  9

([FDYDFLµQGH]DQMDV
,QVWDOHXQDFXFKDUDDGHFXDGDSDUDODH[FDYDFLµQ&RORTXHOD
P£TXLQDGRQGHSXHGHH[FDYDUOD]DQMDHILFD]PHQWH
6LVHWUDWDGHXQD]DQMDDQFKDH[FDYHSULPHURDPERVODGRV\
OXHJROD]RQDFHQWUDO

9

7UDEDMRGHFDUJD
3DUDWUDEDMDUHILFLHQWHPHQWHFRORTXHHOG¼PSHURHOFDPLµQGH
PRGRWDOTXHVHFRQVLJDXQPRYLPLHQWRGHJLURSHTXH³R\EXHQD
YLVLELOLGDGSDUDHORSHUDGRU
&DUJXHWDPEL«QSRUODSDUWHWUDVHUDGHOFDPLµQYROTXHWH\QRSRU
9 HOFRVWDGR\DTXHDV¯HOWUDEDMRGHORSHUDGRUVHU£P£VI£FLO\
 PHMRUDU£ODHILFLHQFLD
7«FQLFDGHFRQGXFFLµQ 
0DUWLOOR 

0DUWLOOR
$9,62
1RXVHHOPDUWLOORVLQKDEHUOH¯GR\FRPSUHQGLGRSUHYLDPHQWH
FµPRVHGHEHXVDU\PDQWHQHU
&XDQGRVHXVHXQPDUWLOORPRQWHHOILOWURKLGU£XOLFRH[WHUQRGH
9ROYRHQHOFLUFXLWRGHODWXEHU¯DGHUHWRUQRGHOPDUWLOOR'LU¯MDVH
DOFRQFHVLRQDULRGH9ROYRSDUDLQIRUPDFLµQGHWDOODGDVREUHHVWD
RSFLµQ
3URWHMDHOVLVWHPDKLGU£XOLFRSULQFLSDOGHVXHTXLSRFRQWUD
FXDOTXLHUIDOORGHOPDUWLOOR9HDODVS£JLQDV\SDUD
GHWDOOHVVREUHHOPDQWHQLPLHQWRHVSHF¯ILFRGHODVP£TXLQDV
HTXLSDGDVFRQPDUWLOOR
7DUHDVSULQFLSDOHV
 5RWXUDGHSLHGUD
 7UDEDMRVGHGHPROLFLµQ
 5HSDUDFLµQGHFDUUHWHUDV
6HXVDFRQJUDQIUHFXHQFLDSDUDGHPROLFLµQGHHGLILFLRVURWXUD
GHVXSHUILFLHVGHFDUUHWHUDW¼QHOHVWULWXUDFLµQGHHVFRULDV\
URWXUDRFRUWHGHSLHGUD

9

3UHVLRQHHOFLQFHOILUPHPHQWHHQ£QJXORUHFWRFRQWUDODVXSHUILFLH
FRPRPXHVWUDODILJXUD





9

$OJROSHDUSUHVLRQHHOFLQFHOILUPHPHQWHFRQWUDODVXSHUILFLH\
OHYDQWHHOEDVWLGRUXQRVFP1ROHYDQWHQXQFDODP£TXLQDDXQD
DOWXUDLQQHFHVDULDPHQWHDOWD
6LVHJROSHDUHSHWLGDPHQWHODVXSHUILFLHSHURQRVHURPSHHQ
PHQRVGHXQPLQXWROOHYHHOFLQFHOP£VFHUFDGHXQH[WUHPR\
9 YXHOYDDJROSHDU

/DGLUHFFLµQGHLPSDFWRGHOFLQFHO\ODGLUHFFLµQGHOFXHUSRGHO
WULWXUDGRUGLILHUHQOLJHUDPHQWH3RUORWDQWRDMXVWHHOFLOLQGURGH
ODFXFKDUDGHPRGRWDOTXHODGLUHFFLµQGHOFXHUSR\GHOFLQFHO
VHDQVLHPSUHLJXDOHV

9

 7«FQLFDGHFRQGXFFLµQ
 0DUWLOOR
3UHVLRQHHOFLQFHOILUPHPHQWHFRQWUDODVXSHUILFLHGHPRGRGH
HYLWDUORVJROSHVHQYDF¯R

9

3UHFDXFLRQHVGXUDQWHHOXVRGHOPDUWLOOR
1RDFFLRQHHOFLOLQGURKDVWDHOH[WUHPRGHVXFDUUHUDVLQRGHMH
XQRVFP

9

1RKDJDJLUDUHOPDUWLOORFRQWUDURFDVKRUPLJµQHWF«WHUD

9

1RPXHYDHOFLQFHOHQHOPRPHQWRGHJROSHDUFRQHOPLVPR

9

1RJROSHHKRUL]RQWDOPHQWHQLKDFLDDUULED

9

7«FQLFDGHFRQGXFFLµQ 
0DUWLOOR 
1RGREOHHOFLQFHOSDUDKDFHUXQDJXMHURHQHOVXHOR

9

1RFDYHFRQHOFLQFHO

9

1ROHYDQWHODP£TXLQDH[WHQGLHQGRHOFLOLQGURGHODFXFKDUDKDVWD
HOP£[LPR

9



 7«FQLFDGHFRQGXFFLµQ
 9£OYXODVGHURWXUDGHODPDQJXHUD

9£OYXODVGHURWXUDGHODPDQJXHUD
RSFLRQDO

$9,62
1RGHVDUPHODY£OYXODGHURWXUDGHPDQJXHUD\DTXHHVW£
SUHVXUL]DGD6LVXUJHDOJ¼QSUREOHPDGLU¯MDVHDXQWDOOHURILFLDO
GH9ROYR

$'9(57(1&,$
8QLPSOHPHQWRTXHVHOHYDQWDFXDQGRHORSHUDGRUVDOHGHOD
FDELQDSRGU¯DFDHU%DMHHOLPSOHPHQWRDOVXHOR\OOHYHODSDODQFD
GHEORTXHRGHORVPDQGRVDODSRVLFLµQEORTXHDGRDQWHVGHVDOLU
GHODFDELQD9HULILTXHTXHHOLPSOHPHQWRHVW«ELHQDSR\DGR
PLHQWUDVVHDMXVWDRGXUDQWHXQDRSHUDFLµQGHVHUYLFLR
'HVFHQVRGHOLPSOHPHQWRWUDVXQDURWXUDGH
PDQJXHUD
&XDQGRHVW£HQPDUFKDHOPRWRU
'HVFLHQGDODSOXPDRHOEUD]RFRQODVSDODQFDVGHPDQGR
QRUPDOPHQWH5HFRMDHODFHLWHGHODPDQJXHUDURWDHQXQ
UHFLSLHQWHDGHFXDGR
&XDQGRHVW£SDUDGRHOPRWRU
/DSUHVLµQVHUYRKLGU£XOLFDHVPDQWHQLGDSRUSUHVLµQGHO
DFXPXODGRUGXUDQWHXQRVPLQXWRVSHUPLWL«QGROHDORSHUDGRU
GHVFHQGHUODSOXPDRHOEUD]RHQODIRUPDQRUPDOFRQODV
SDODQFDVGHPDQGR1RHVSHUHGHPDVLDGRSDUDGHVFHQGHUOD
SOXPD\DTXHODSUHVLµQSLORWRVHUHGXFLU£FRQXQDUDSLGH]TXH
GHSHQGHGHOHVWDGRGHVXP£TXLQD\GHOHTXLSR5HFRMDHO
DFHLWHGHODPDQJXHUDURWDHQXQUHFLSLHQWHDGHFXDGR
$ &XDQGRHOPRWRUHVW£SDUDGR\VLQSUHVLµQVHUYRKLGU£XOLFD

%
$'9(57(1&,$
(ODFHLWHKLGU£XOLFRHVWµ[LFR\SXHGHHVWDUFDOLHQWH\DDOWD
SUHVLµQ6LXQFKRUURGHDFHLWHSHQHWUDODSLHOVHGHEHU£DFXGLU
LQPHGLDWDPHQWHDXQP«GLFR3DUDPDQLSXODUDFHLWHKLGU£XOLFR
GHMHTXHVHHQIU¯HODP£TXLQD\OOHYHHTXLSRSURWHFWRU
 $IORMHODFRQWUDWXHUFD % \JLUHHOWRUQLOORGHDMXVWH $ HQ
VHQWLGRFRQWUDULRDOGHODVDJXMDVGHOUHORMOHQWDPHQWH/D
SOXPDEDMDU£HQWRQFHVOHQWDPHQWHKDFLDHOVXHOR
127$
$QWHVGHJLUDUHOWRUQLOORGHDMXVWHPDUTXHVXSRVLFLµQSDUD
IDFLOLWDUHOPRQWDMHSRVWHULRUPHQWH SUHVLµQGHDMXVWH
NJIFPt
 *LUHHOWRUQLOORGHDMXVWH $ DVXSRVLFLµQRULJLQDO
 6RVWHQJDILUPHPHQWHHOWRUQLOORGHDMXVWH $ \DSULHWHOD
FRQWUDWXHUFD % 
 3µQJDVHHQFRQWDFWRFRQHOWDOOHUGHXQFRQFHVLRQDULR
9 RILFLDOGH9ROYR&(

9£OYXODVGHURWXUDGHPDQJXHUD
$ 7RUQLOORGHDMXVWH $'9(57(1&,$
% &RQWUDWXHUFD
6LVHTXLWDFRPSOHWDPHQWHHOWRUQLOORGHDMXVWHHVSRVLEOHTXH

VDOJDXQFKRUURGHDFHLWHDDOWDSUHVLµQ$QWHVGHFRPHQ]DUD
WUDEDMDUGHMHTXHVHHQIU¯HHODFHLWH/OHYHHTXLSRGHSURWHFFLµQ
7«FQLFDGHFRQGXFFLµQ 
6HOHFFLµQGHODSODFDGHRUXJDV 

6HOHFFLµQGHODSODFDGHRUXJDV
3DW¯Q $SOLFDFLµQ 3UHFDXFLRQHVGXUDQWHHOXVR
$ 7HUUHQRURFRVR $YDQFHDEDMDYHORFLGDGSRUWHUUHQRDFFLGHQWDGRFRQREVW£FXORVWDOHV
PP WLHUUDQRUPDO FRPRJUDQGHVURFDV\£UEROHVFD¯GRV
$YDQFHDDOWDYHORFLGDGVµORVREUHWHUUHQRSODQR&XDQGRVHDLPSRVLEOH
HYLWDUHOGHVSOD]DUVHSRUHQFLPDGHXQREVW£FXORUHGX]FDODYHORFLGDGGH
%
WUDVODFLµQDDSUR[LPDGDPHQWHODPLWDGGHODYHORFLGDGEDMD
PP 7HUUHQREODQGR
127$
PP
1RSXHGHXVDUVHHQWHUUHQRDFFLGHQWDGRGRQGHKD\DJUDQGHVREVW£FXORV
WDOHVFRPRURFDVR£UEROHVFD¯GRV


 7«FQLFDGHFRQGXFFLµQ
 (OHYDFLµQGHREMHWRV

(OHYDFLµQGHREMHWRV
6LVHXVDODP£TXLQDSDUDOHYDQWDUREMHWRVGHQWURGHXQD]RQD
UHJLGDSRUOD'LUHFWLYDGH0£TXLQDV(XURSHD&(\VXV
HQPLHQGDVVHU£QHFHVDULRHTXLSDUODP£TXLQDFRQORVVLJXLHQWHV
GLVSRVLWLYRV
 8QGLVSRVLWLYRGHJDQFKRGHFDUJD
 6HJ¼QODHYDOXDFLµQGHORVULHVJRVVHQHFHVLWDXQDY£OYXODGH
URWXUDGHPDQJXHUDHQODSOXPDRHQDOJXQRVSD¯VHVXQD
Y£OYXODGHURWXUDGHPDQJXHUDHQDPERVODSOXPD\HOEUD]R
H[FDYDGRU9HDODS£JLQD
 8QGLVSRVLWLYRGHDGYHUWHQFLDGHVREUHFDUJD9HDODS£JLQD

8QDHOHYDFLµQVHJXUDH[LJHPXFKRSRUSDUWHGHORSHUDGRU
/HDORVSDVRVUHFRPHQGDGRVLQGLFDGRVDFRQWLQXDFLµQDQWHVGH
LQLFLDUFXDOTXLHUSURFHVRGHHOHYDFLµQ
8VHRSHUDGRUHVFXDOLILFDGRV\GHELGDPHQWHHQWUHQDGRVTXH
WHQJDQ
 &RQRFLPLHQWRV\IRUPDFLµQHVSHF¯ILFRVVREUHODP£TXLQD
 /HD\FRPSUHQGDHOOLEURGHLQVWUXFFLRQHV\VXVWDEODVGH
FDUJD9HDODS£JLQD
 &RQRFLPLHQWRV\IRUPDFLµQHVSHF¯ILFRVVREUHODP£TXLQD
DFHUFDGHFµPRHOHYDUFRUUHFWDPHQWHODFDUJD
 5HVSRQVDELOLGDGFRPSOHWDSRUWRGRVORVDVSHFWRVGHOD
HOHYDFLµQ
,QWHUUXPSDODHOHYDFLµQVLQRHVW£FRQYHQFLGRGHTXHHVWDVHD
VHJXUD
6HOHFFLRQHXQDP£TXLQDFRQODVXILFLHQWHFDSDFLGDGSDUDOD
FDUJDWRWDOHVSHUDGDVXDOFDQFH\JLUR,GHDOPHQWHODFDUJD
GHEHU¯DVHULQIHULRUDODFDUJDLQGLFDGDHQODWDEODGHFDUJDVD
P£[LPRDOFDQFHDWUDY«VGHOFDUURLQIHULRU
 &RQR]FDODPDVD SHVR GHOREMHWRTXHVHYDDL]DU
 &RQR]FDODVSRVLFLRQHVLQLFLDO\ILQDOODSRVLFLµQGH
HOHYDFLµQGHFDUJD\ODSRVLFLµQGHFRORFDFLµQ
 &RQR]FDODFRQILJXUDFLµQGHODP£TXLQDHVSHFLDOPHQWHODV
ORQJLWXGHVGHOEUD]RH[FDYDGRU\ODSOXPD\ODPDVDGHO
FRQWUDSHVR
 (VFRMDODWDEODGHHOHYDFLµQFRUUHFWDWHQLHQGRHQFXHQWD
WRGRVORVLPSOHPHQWRV\PDWHULDOHVGHHOHYDFLµQTXHVH
XVDU£QSDUDL]DUODFDUJD(OSHVRGHORVPDWHULDOHVGH
HOHYDFLµQ\ORVLPSOHPHQWRVVHGHEHU¯DGHGXFLUGHOD
FDSDFLGDGGHFDUJD
&DOLHQWHODP£TXLQDKDVWDODWHPSHUDWXUDQRUPDOGH
IXQFLRQDPLHQWR
&RORTXHODP£TXLQDHQXQWHUUHQRILUPH\QLYHODGR
8WLOLFHDSR\RV\XQDKRMDFXDQGRVHDDSOLFDEOH
8QDYH]TXHVHKDHOHYDGRODFDUJDFRUUHFWDPHQWHDVHJ¼UHVH
GHTXHWRGRVORVWUDEDMDGRUHVVREUHHOVXHORHVW£QDSDUWDGRV
GHODP£TXLQD\GHODFDUJD6LHVQHFHVDULRJXLDUODFDUJD
XVHVRJDVRFXDOTXLHURWURWLSRGHHVOLQJDDWDGDDODFDUJDSDUD
PDQWHQHUDORVWUDEDMDGRUHVGHOVXHORDXQDGLVWDQFLDVHJXUD
8VHXQVH³DOLVWDHQWUHQDGRSDUDGLULJLUWRGRVORVDVSHFWRVGHO
PRYLPLHQWR
7«FQLFDGHFRQGXFFLµQ 
(OHYDFLµQGHREMHWRV 

$9,62
(VUHVSRQVDELOLGDGGHOSURSLHWDULRRGHORSHUDGRUFRQRFHU\
REVHUYDUODVGLVSRVLFLRQHVQDFLRQDOHVDSOLFDEOHVDODV
RSHUDFLRQHVGHHOHYDFLµQ3DUDP£VLQIRUPDFLµQGLU¯MDVHDVX
FRQFHVLRQDULR
5HFXHUGHORVLJXLHQWHSDUDJDUDQWL]DUHOP£VDOWRQLYHOGH
FRQWURODELOLGDG\VHJXULGDGHQODHOHYDFLµQ
 7UDEDMHHQVXHORILUPHOODQR\QLYHODGR
 6LODVFRQGLFLRQHVGHOWHUUHQRVRQLQHVWDEOHVSRUHMHPSOR
JUDYLOODVXHOWDDUHQDRDJXDQRWUDEDMHFRQFDUJDVFHUFDQDV
DODVFDUJDVQRPLQDOHVP£[LPDVGDGDVHQHOHVTXHPDGH
FDUJDVGHODP£TXLQD
 1RJLUHODH[FDYDGRUDGHIRUPDDEUXSWDFRQXQDFDUJD
VXVSHQGLGDSXHVWRTXHHOHIHFWRGHODIXHU]DFHQWU¯IXJD
DIHFWDU£QHJDWLYDPHQWHODHVWDELOLGDGGHODP£TXLQD
 1RXVHODRSHUDFLµQGHJLURQLGHEUD]RH[FDYDGRUDGHQWURSDUD
DUUDVWUDUXQDFDUJD
 1RDFFLRQHODP£TXLQDFRQXQDSHUVRQDFROJDQGRGHOD
FXFKDUDRGHORVLPSOHPHQWRVRGHQWURGHORVPLVPRV
'LVSRVLWLYRGHJDQFKRGHFDUJDHQODFXFKDUDR
HQHODFRSODPLHQWRU£SLGR
(OGLVSRVLWLYRGHHOHYDFLµQPRQWDGRHQXQDFXFKDUDRHQRWUR
LPSOHPHQWRQRGHEHHVWDUVRPHWLGRDFDUJDVODWHUDOHV/DFDUJD
VHGHEHDSOLFDUDOJDQFKRHQVHQWLGRORQJLWXGLQDO
$VHJ¼UHVHGHTXHODFDUJDHVW«VLHPSUHGHQWURGHOD]RQDGH
HOHYDFLµQSHUPLVLEOHGHOGLVSRVLWLYRGHHOHYDFLµQFXDQGRHMHFXWH
 PDQLREUDVFRQHOEUD]RH[FDYDGRU\ODFXFKDUD
6XSHUDUHVWRVO¯PLWHVSXHGHFDXVDUJUDYHVOHVLRQHV5HFXHUGH
TXHHQFDVRGHDFFLGHQWHHORSHUDGRUHVHOUHVSRQVDEOH

127$
(VWRUHSUHVHQWDODFDSDFLGDGGHOJDQFKR\QRODFDSDFLGDGGH

 FDUJDQRPLQDOGHODP£TXLQDODFXDOYDU¯DVHJ¼QODVFRQGLFLRQHV
GHOVXHORHODOFDQFHODSRVLFLµQGHODVRUXJDVHWF«WHUD
9
127$
 %DUUDGHFRQH[LµQ
8VHVRODPHQWHXQGLVSRVLWLYRGHHOHYDFLµQUHFRPHQGDGRSRU
 'LVSRVLWLYRGHHOHYDFLµQHQEDUUDGH
FRQH[LµQ
9ROYRSDUDHYLWDUGD³RVDODP£TXLQD&RQWDFWHFRQVX
 'LVSRVLWLYRGHHOHYDFLµQHQFXFKDUD FRQFHVLRQDULRSDUDREWHQHULQIRUPDFLµQUHVSHFWRDRWURV

GLVSRVLWLYRVGHHOHYDFLµQ
'LVSRVLWLYRGHJDQFKRGHFDUJDHQEDUUDGH
FRQH[LµQ
(OGLVSRVLWLYRGHHOHYDFLµQHQODEDUUDGHFRQH[LµQHVW£GLVH³DGR
SDUDHOHYDUODFDUJDSHUPLWLGDLQGLFDGDHQHOGLVSRVLWLYRGH
HOHYDFLµQ
 7«FQLFDGHFRQGXFFLµQ
 'LDJUDPDGHVH³DOL]DFLµQ

'LDJUDPDGHVH³DOL]DFLµQ
6H³DOL]DFLµQPDQXDODORSHUDGRUGHXQDH[FDYDGRUDPµYLOFRQIRUPHD6$(-
(OXVRSULPDULRGHODVH³DOL]DFLµQPDQXDOHVSDUDTXHXQVH³DOLVWDGLULMDODHOHYDFLµQHOPDQHMR\ODFRORFDFLµQ
GHFDUJDVILMDGDVDHTXLSRVGHWUDEDMR(OXVRGHODVH³DOL]DFLµQPDQXDOSXHGHDSOLFDUVHWDPEL«QDRSHUDFLRQHV
GHPRYLPLHQWRGHWLHUUD\RGHVSOD]DPLHQWRGHODP£TXLQDFXDQGRODYLVLELOLGDGGHORSHUDGRUHVW£REVWDFXOL]DGD
6LVHQHFHVLWDXQPRYLPLHQWRU£SLGRGHHOHYDFLµQGHVFHQVRRGHVSOD]DPLHQWRVHGHEHQUHDOL]DUORVPRYLPLHQWRV
GHOEUD]RH[FDYDGRUGHIRUPDP£VHQ«UJLFD6LVHXVDQGRVP£TXLQDVGLVWLQWDVSDUDHOHYDUODPLVPDFDUJDHV
QHFHVDULRHVWDEOHFHUXQDFXHUGRSUHYLRVREUHODIRUPDGHUHDOL]DUODHOHYDFLµQ\TX«VH³DOHVGHEHU£QGDUVHD
FDGDRSHUDGRU

9 9
9

/(9$17$5/$&$5*$ %$-$5/$&$5*$ $&(5&$5/$&$5*$


9(57,&$/0(17( 9(57,&$/0(17( +25,=217$/0(17(
&RQFXDOTXLHUDGHORVDQWHEUD]RVHQ &RQFXDOTXLHUDGHORVDQWHEUD]RV &RQFXDOTXLHUDGHORVEUD]RV
SRVLFLµQYHUWLFDOHOGHGR¯QGLFH H[WHQGLGRKDFLDDEDMRHOGHGR H[WHQGLGRODPDQROHYDQWDGD\VX
DSXQWDQGRKDFLDDUULEDPXHYDOD ¯QGLFHDSXQWDQGRKDFLDDEDMR SDOPDHQHOVHQWLGRGHOPRYLPLHQWR
PDQRHQSHTXH³RVF¯UFXORV PXHYDODPDQRHQSHTXH³RV PXHYDODPDQRHQHOVHQWLGRGHO
KRUL]RQWDOHV F¯UFXORVKRUL]RQWDOHV PRYLPLHQWRSHGLGR

9 9
9

$/(-$5/$&$5*$ /(9$17$5/$3/80$ %$-$5/$3/80$


+25,=217$/0(17( &RQFXDOTXLHUDGHORVEUD]RV &RQFXDOTXLHUDGHORVEUD]RV
&RQFXDOTXLHUDGHORVEUD]RV H[WHQGLGRKRUL]RQWDOPHQWHFLHUUH H[WHQGLGRKRUL]RQWDOPHQWHFLHUUH
H[WHQGLGRODPDQROHYDQWDGD\VX ORVGHGRV\DSXQWHFRQHOSXOJDU ORVGHGRV\DSXQWHFRQHOSXOJDU
SDOPDHQHOVHQWLGRGHOPRYLPLHQWR KDFLDDUULED KDFLDDEDMR
PXHYDODPDQRHQHOVHQWLGRGHO
PRYLPLHQWRSHGLGR

9 9 9

*,5$5 %5$=2(;&$9$'25$'(1752
&RQFXDOTXLHUDGHORVEUD]RVH[WHQGLGRKRUL]RQWDOPHQWHDSXQWHFRQHO &RQDPERVSX³RVFHUUDGRVVH³DOH
¯QGLFHHQHOVHQWLGRGHOJLUR FRQORVSXOJDUHVKDFLDDGHQWUR

9
9 9
7«FQLFDGHFRQGXFFLµQ 
'LDJUDPDGHVH³DOL]DFLµQ 
%5$=2(;&$9$'25$)8(5$ &(55$5/$&8&+$5$ $%5,5/$&8&+$5$
&RQDPERVSX³RVFHUUDGRVVH³DOH 0DQWHQJDXQRGHORVSX³RVFHUUDGR 0DQWHQJDXQDGHODVPDQRVDELHUWD
FRQORVSXOJDUHVKDFLDDIXHUD HLQPµYLO*LUHODRWUDPDQRHQXQ HLQPµYLO*LUHODRWUDPDQRHQXQ
SHTXH³RF¯UFXORYHUWLFDOFRQHO SHTXH³RF¯UFXORYHUWLFDOFRQHO
¯QGLFHDSXQWDQGRKRUL]RQWDOPHQWH ¯QGLFHDSXQWDQGRKRUL]RQWDOPHQWH
KDFLDHOSX³RFHUUDGR KDFLDODPDQRDELHUWD

9 9
9

*,5((67$',67$1&,$ 48('$(67$',67$1&,$
/HYDQWHXQDQWHEUD]RFRQHOSX³RFHUUDGRLQGLFDQGRHOLQWHULRUGHOODGR &RQODVPDQRVOHYDQWDGDV\ODV
KDFLDHOFXDOVHYLUD0XHYDHORWURSX³RHQXQF¯UFXORYHUWLFDOLQGLFDQGR SDOPDVKDFLDDGHQWURPXHYDODV
ODGLUHFFLµQGHJLURGHODRUXJDRODUXHGD PDQRVODWHUDOPHQWHLQGLFDQGROD
GLVWDQFLDTXHTXHGD

9
9 9

&2175$5527$&,•1 029(5/(17$0(17(
&RORTXHXQDPDQRVREUHODFDEH]DLQGLFDQGRHOODGRGHODRUXJDRODUXHGD &RORTXHXQDPDQRLQPµYLOIUHQWHD
TXHJLUDKDFLDDWU£V0XHYDODRWUDPDQRHQXQF¯UFXORYHUWLFDOLQGLFDQGR ODPDQRTXHUHDOL]DODVH³DOGH
HOJLURKDFLDGHODQWHGHODRWUDRUXJDRUXHGD PRYLPLHQWR6HPXHVWUDOHYDQWDU
FDUJDOHQWDPHQWH


9 9 9

75$6/$&,•1 '(7(1(5
/HYDQWHXQDQWHEUD]RFRQHOSX³RFHUUDGRLQGLFDQGRHOLQWHULRUGHOODGR &RQXQRGHORVEUD]RVH[WHQGLGR
KDFLDHOFXDOVHYLUD0XHYDHORWURSX³RHQXQF¯UFXORYHUWLFDOLQGLFDQGR KDFLDORVFRVWDGRV\ODPDQRFRQOD
ODGLUHFFLµQGHJLURGHODRUXJDRODUXHGD SDOPDKDFLDDEDMRPXHYDHOEUD]R
KDFLDGHODQWH\DWU£V

9 9

)5(1$'2'((0(5*(1&,$ 3$5$5(/02725
&RQDPERVEUD]RVH[WHQGLGRVKDFLD 3DVHHOSXOJDURHOGHGR¯QGLFHSRU
ORVFRVWDGRV\ODVSDOPDVFRQODV ODJDUJDQWD
PDQRVKDFLDDEDMRDJLWHORVEUD]RV
KDFLDGHODQWH\KDFLDDWU£V
 6HJXULGDGGXUDQWHHOVHUYLFLR


6HJXULGDGGXUDQWHHOVHUYLFLR
(VWDVHFFLµQWUDWDGHODVUHJODVGHVHJXULGDGTXHGHEHQ
REVHUYDUVHFXDQGRVHHIHFW¼DHOFRQWURO\HOVHUYLFLRGHOD
P£TXLQD7DPEL«QGHVFULEHORVULHVJRVFXDQGRVHWUDEDMDFRQ
PDWHULDOHVLQVDOXEUHV\ODIRUPDGHHYLWDUORVGD³RVSHUVRQDOHV
+D\P£VUHJODVGHVHJXULGDG\WH[WRVGHDGYHUWHQFLDHQODV
VHFFLRQHVFRUUHVSRQGLHQWHV

$'9(57(1&,$
c5LHVJRGHTXHPDGXUDV
/DVSDUWHVFDOLHQWHVGHODP£TXLQDSXHGHQFDXVDUTXHPDGXUDV
3HUPLWDTXHODVSDUWHVFDOLHQWHVGHODP£TXLQDVHHQIU¯HQDQWHV
GHUHDOL]DUDMXVWHVRVHUYLFLR8WLOLFHHTXLSRGHSURWHFFLµQ
SHUVRQDO
6HJXULGDGGXUDQWHHOVHUYLFLR 
3RVLFLµQGHPDQWHQLPLHQWR 

3RVLFLµQGHPDQWHQLPLHQWR
127$
$QWHVGHLQLFLDUFXDOTXLHUWUDEDMRGHVHUYLFLRHVQHFHVDULR
DGRSWDUODVPHGLGDVVLJXLHQWHV
 &RORTXHODP£TXLQDHQXQWHUUHQROODQRILUPH\QLYHODGR
 'HVFLHQGDHOLPSOHPHQWRDOVXHOR
 $SDJXHHOPRWRU'HVSX«VGHGHVFDUJDUODSUHVLµQGHO
VLVWHPD\GHOGHSµVLWRUHWLUHHOLQWHUUXSWRUGHHQFHQGLGR9HD
ODS£JLQD
 $VHJ¼UHVHGHTXHODSDODQFDGHEORTXHRGHPDQGRHVW£DEDMR
SDUDEORTXHDUHOVLVWHPDGHIRUPDVHJXUD9HDODS£JLQD
 6HGHEHDOLYLDUJUDGXDOPHQWHODSUHVLµQHQWXERV\UHFLSLHQWHV
EDMRSUHVLµQDILQGHHYLWDUULHVJRV
 'HMHTXHVHHQIU¯HODP£TXLQD
(QODGHVFULSFLµQGHODVGLVWLQWDVRSHUDFLRQHVGHVHUYLFLRVH
LQGLFDODSRVLFLµQDGHFXDGD6LQRVHLQGLFDQLQJXQDSRVLFLµQ
HVSHFLDOSRQJDODP£TXLQDHQODSRVLFLµQGHVHUYLFLR$
3RVLFLµQGHVHUYLFLR$
5HWUDLJDFRPSOHWDPHQWHORVFLOLQGURVGHODFXFKDUD\GHOEUD]R
H[FDYDGRU\DFRQWLQXDFLµQGHVFLHQGDODSOXPDKDVWDHOVXHOR

9

3RVLFLµQGHVHUYLFLR%
([WLHQGDFRPSOHWDPHQWHHOFLOLQGURGHODFXFKDUDUHWUDLJDD
IRQGRHOFLOLQGURGHOEUD]RH[FDYDGRU\EDMHODSOXPDDOVXHOR



9
 6HJXULGDGGXUDQWHHOVHUYLFLR
 $QWHVGHOVHUYLFLROHD

$QWHVGHOVHUYLFLROHD
3UHYHQFLµQGHGD³RVSHUVRQDOHV
/HDHO/LEURGHLQVWUXFFLRQHVDQWHVGHLQLFLDUWDUHDVGHVHUYLFLR
7DPEL«QHVLPSRUWDQWHOHHU\VHJXLUODLQIRUPDFLµQ\ODV
LQVWUXFFLRQHVHQSODFDV\SHJDWLQDV
1ROOHYHURSDVXHOWDQLMR\DVTXHSXHGHQHQJDQFKDUVH\
FDXVDUOHVLRQHV
/OHYHVLHPSUHXQFDVFRJDIDVGHSURWHFFLµQJXDQWHVFDO]DGR
GHSURWHFFLµQ\RWURVDUW¯FXORVGHSURWHFFLµQFXDQGROR
UHTXLHUDHOWUDEDMR
$VHJ¼UHVHGHTXHHVVXILFLHQWHODYHQWLODFLµQFXDQGRDUUDQTXH
HOPRWRUEDMRWHFKR
1RVHFRORTXHGHODQWHRGHWU£VGHODP£TXLQDFXDQGRHVW«
IXQFLRQDQGRHOPRWRU
6LHVQHFHVDULRUHDOL]DUWDUHDVGHVHUYLFLREDMREUD]RVGH
HOHYDFLµQHOHYDGRVVHU£QHFHVDULRVILMDUORVSULPHUR $FWLYHHO
EORTXHRGHODSDODQFDGHPDQGR\DSOLTXHHOIUHQRGH
HVWDFLRQDPLHQWRVLODP£TXLQDORWLHQH 
9 3DUHHOPRWRUDQWHVGHDEULUODSXHUWDWUDVHUD\HOFDSµ
 &XDQGRVHKDSDUDGRHOPRWRUTXHGDSUHVLµQDFXPXODGDHQ
ORVVLVWHPDVSUHVXUL]DGRV6LVHDEUHXQVLVWHPDVLQKDEHU
OLEHUDGRSULPHURODSUHVLµQVDOGU£SUR\HFWDGRXQFKRUURGH
O¯TXLGRDDOWDSUHVLµQ
8VHXQSDSHORXQFDUWµQJUXHVRSDUDFRQWURODUIXJDVQXQFD
ODPDQR
$VHJ¼UHVHGHTXHODVVXSHUILFLHVGHDFFHVRORVDVLGHURV\ODV
VXSHUILFLHVDQWLGHVOL]DQWHVHVW£QOLEUHVGHDFHLWHFRPEXVWLEOH
GLHVHOVXFLHGDG\KLHOR1RDQGHQXQFDSRUSDUWHVGHOD
P£TXLQDTXHQRHVW«QGHVWLQDGDVSDUDHOOR
(VLPSRUWDQWHXVDUODVKHUUDPLHQWDV\HOHTXLSRFRUUHFWRV
5HSDUHRVXVWLWX\DODVKHUUDPLHQWDVRHOHTXLSRURWR
3UHYHQFLµQGHGD³RVDODP£TXLQD
3DUDL]DURVRSRUWDUODP£TXLQDRVXVFRPSRQHQWHVXVH
HTXLSRFRQVXILFLHQWHFDSDFLGDGGHL]DGR
(PSOHHORVGLVSRVLWLYRVGHHOHYDFLµQODVKHUUDPLHQWDV\ORV
P«WRGRVSUHVFULWRVHQHO/LEURGHLQVWUXFFLRQHV'HOR
FRQWUDULR9ROYR&(QRDFHSWDU£UHVSRQVDELOLGDGDOJXQD
&RPSUXHEHTXHQRVHKDQROYLGDGRVREUHODP£TXLQDQL
GHQWURGHHOODKHUUDPLHQWDVXRWURVREMHWRVTXHSXHGDQ
FDXVDUGD³RV
'HVFDUJXHODSUHVLµQGHOVLVWHPDKLGU£XOLFRDQWHVGHLQLFLDU
WUDEDMRVGHVHUYLFLR
6HJXULGDGGXUDQWHHOVHUYLFLR 
$QWHVGHOVHUYLFLROHD 
1XQFDDMXVWHXQDY£OYXODGHVREUHSUHVLµQDXQDSUHVLµQP£V
DOWDTXHODUHFRPHQGDGDSRUHOIDEULFDQWH
/DVP£TXLQDVXVDGDVHQXQD]RQDFRQWDPLQDGDRGHDOJXQD
RWUDIRUPDLQVDOXEUHGHEHU£QHTXLSDUVHSDUDHVWHWLSRGH
WUDEDMR3DUDHOVHUYLFLRGHXQDP£TXLQDDV¯VHDSOLFDQ
GLVSRVLFLRQHVHVSHFLDOHV
&XDQGRVHLQVWDOHUDGLRWHO«IRQRWHO«IRQRPµYLORXQHTXLSR
VLPLODUGHEHU£KDFHUVHODLQVWDODFLµQVHJ¼QODVLQVWUXFFLRQHV
GHOIDEULFDQWHSDUDHOLPLQDUODVLQWHUIHUHQFLDVFRQHOVLVWHPD
HOHFWUµQLFR\FRPSRQHQWHVGHVWLQDGRVDOIXQFLRQDPLHQWRGHOD
P£TXLQD9HDODS£JLQD
0HGLGDVTXHGHEHQWRPDUVHHQUHODFLµQFRQWUDEDMRVGH
VROGDGXUDHO«FWULFD9HDODS£JLQD
$VHJ¼UHVHGHTXHWRGDVODVWDSDVGHODP£TXLQDHVW£QHQVX
VLWLRDQWHVGHDUUDQFDUHOPRWRU\HPSH]DUDWUDEDMDUFRQOD
P£TXLQD
3UHYHQFLµQGHOLPSDFWRPHGLRDPELHQWDO
7HQFDFRQFLHQFLDGHOPHGLRDPELHQWHDOUHDOL]DUHOVHUYLFLR\HO
PDQWHQLPLHQWR(ODFHLWH\RWURVIOXLGRVSHOLJURVRVSDUDHOPHGLR
DPELHQWH\OLEHUDGRVHQHOHQWRUQRFDXVDU£QGD³RV(ODFHLWHVH
GHJUDGDPX\OHQWDPHQWHHQDJXD\VHGLPHQWRV8QOLWURGHDFHLWH
SXHGHGHVWUXLUPLOORQHVGHOLWURVGHDJXDSRWDEOH
127$
&RP¼QDWRGRVORVSXQWRVVLJXLHQWHVHVTXHORVGHVHFKRVGHEHQ
HQWUHJDUVHDXQDHPSUHVDGHWUDWDPLHQWR\GHVHFKRDSUREDGD
SRUODVDXWRULGDGHV
&XDQGRVHYDF¯DQDFHLWH\O¯TXLGRVHVQHFHVDULRUHFRJHUORV
HQUHFLSLHQWHVDGHFXDGRVDGRSWDQGRPHGLGDVSDUDHYLWDUORV
GHUUDPHV
(VQHFHVDULRYDFLDUWRGRHOO¯TXLGRGHORVILOWURVXVDGRVDQWHV
GHGHVHFKDUORV/RVILOWURVXVDGRVSURFHGHQWHVGHP£TXLQDV
XVDGDVHQHQWRUQRVFRQDPLDQWRXRWURSROYRSHOLJURVRGHEHQ
FRORFDUVHHQODEROVDVXPLQLVWUDGDFRQHOILOWURQXHYR
/DVEDWHU¯DVFRQWLHQHQVXVWDQFLDVSHOLJURVDVSDUDHOPHGLR
DPELHQWH\ODVDOXG3RUHOORHVQHFHVDULRXVDUODVEDWHU¯DV
XVDGDVFRPRGHVHFKRVSHOLJURVRVSDUDHOPHGLRDPELHQWH
/RVFRQVXPLEOHVWDOHVFRPRORVWUDSRVXVDGRVJXDQWHV\
ERWHOODVSXHGHQHVWDUWDPEL«QFRQWDPLQDGRVFRQDFHLWHV\

IOXLGRVSHOLJURVRVSDUDHOPHGLRDPELHQWH\HQHVHFDVR
GHEHU£QWUDWDUVHFRPRGHVHFKRVSHOLJURVRVSDUDHOPHGLR
DPELHQWH
 6HJXULGDGGXUDQWHHOVHUYLFLR
 (QWUDGDVDOLGD\VXELGDDODP£TXLQD

(QWUDGDVDOLGD\VXELGDDOD
P£TXLQD
(QWUDGDVDOLGD\VXELGDDODP£TXLQD

$ $'9(57(1&,$
3RUPRWLYRVGHVHJXULGDGREVHUYHODVQRUPDVVLJXLHQWHV
1RVDOWHSDUDVXELUVHQLEDMDUVH\HVSHFLDOPHQWHQRVHVXED
QLVHEDMHFRQODP£TXLQDHQPRYLPLHQWR
1RDJDUUHQXQFDODSDODQFDGHPDQGRSDUDHQWUDURVDOLU
8WLOLFHORVHVWULERV\DVLGHURVFXDQGRVXED\EDMHGHOD
P£TXLQD
9
6LJDHOSULQFLSLRGHWUHVSXQWRVGHDSR\RHVGHFLUGRVPDQRV
 \XQSLHRGRVSLHV\XQDPDQR
0DQW«QJDVHVLHPSUHGHFDUDDODP£TXLQD
4XLWHVLHPSUHHOEDUUR\HODFHLWHGHHVWULERVEDUDQGLOODV\GH
VXFDO]DGR/LPSLHVREUHWRGRODVYHQWDQDVORVHVSHMRV
UHWURYLVRUHV\ORVIDURV
/¯PSLHVHODVERWDV\ODVPDQRVDQWHVGHVXELUDODP£TXLQD
1RXVHHODVLGHUR $ GHODSXHUWDGHODFDELQDDOHQWUDUVDOLU
RWUHSDUVREUHODP£TXLQD1RWLHQHUHVLVWHQFLDVXILFLHQWHSDUD
XVDUORFRPRVRSRUWH6µORGHEHXVDUVHSDUDFHUUDUODSXHUWD

9


9


9

6HJXULGDGGXUDQWHHOVHUYLFLR 
3UHYHQFLµQGHLQFHQGLRV 

3UHYHQFLµQGHLQFHQGLRV

$'9(57(1&,$
3DUDXWLOL]DUODP£TXLQDHQHQWRUQRVFRQDOWRULHVJRGHLQFHQGLR
RH[SORVLµQVHQHFHVLWDQFDSDFLWDFLµQ\HTXLSRVHVSHFLDOHV
(OULHVJRGHLQFHQGLRVLHPSUHHVW£SUHVHQWH$YHULJ¾HFX£OHVHO
WLSRGHH[WLQWRUHQVXOXJDUGHWUDEDMR\FµPRXVDUOR6LODP£TXLQD
HVW£HTXLSDGDFRQH[WLQWRUGHEHU£HVWDUGHQWURGHODFDELQDDOD
L]TXLHUGDGHORSHUDGRU
6LVHHTXLSDODP£TXLQDFRQXQH[WLQWRUGHPDQRGHEHU£VHUGHO
WLSR$%( $%&HQ$P«ULFDGHOQRUWH /DGHVLJQDFLµQ$%(
VLJQLILFDTXHHVSRVLEOHDSDJDULQFHQGLRVHQPDWHULDOHVVµOLGRV
PDWHULDVRUJ£QLFDV\IOXLGRV\TXHHOPHGLRH[WLQWRUQRFRQGXFH
ODHOHFWULFLGDG/DFODVHGHHILFLHQFLD,VLJQLILFDTXHHOWLHPSRGH
IXQFLRQDPLHQWRHIHFWLYRGHOH[WLQWRUQRGHEHU£VHULQIHULRUD
VHJXQGRV/DFODVH,,VLJQLILFDVHJXQGRV\ODFODVH,,,XQ
P¯QLPRGHVHJXQGRV
(OH[WLQWRUPDQXDO$%(,VXHOHWHQHUXQFRQWHQLGRGHSROYRGH
H[WLQFLµQGHNJ OE  FODVH(1$%& QRUPD(1
SDUWHV\
0HGLGDVGHSUHYHQFLµQGHLQFHQGLRV
1RIXPHQLWHQJDXQDOODPDHQODVFHUFDQ¯DVGHODP£TXLQDDO
UHSRVWDUFRPEXVWLEOHRFXDQGRHOVLVWHPDGHFRPEXVWLEOHHVW£
DELHUWR\HQFRQWDFWRFRQHODLUHFLUFXQGDQWH
(OJDVµOHRHVLQIODPDEOH\QRGHEHXVDUVHSDUDODOLPSLH]D
8WLOLFHSURGXFWRVWUDGLFLRQDOHVSDUDHOFXLGDGRGHDXWRPµYLOHV
SDUDODOLPSLH]D\HOGHVHQJUDVH5HFXHUGHTXHDOJXQRV
GLVROYHQWHVSXHGHQFDXVDULUULWDFLµQGHODSLHORFRQVWLWXLUXQ
SHOLJURGHLQFHQGLR
0DQWHQJDOLPSLDOD]RQDGRQGHVHUHDOLFHQWDUHDVGHVHUYLFLR
(ODFHLWH\HODJXDSRQHORVVXHORV\HVFDORQHVUHVEDODGL]RV
\VRQWDPEL«QSHOLJURVRVHQUHODFLµQFRQVLVWHPDVHO«FWULFRV
\KHUUDPLHQWDVHO«FWULFDV/DURSDHPSDSDGDHQDFHLWH\JUDVD
FRQVWLWX\HXQJUDYHSHOLJURGHLQFHQGLR
&RPSUXHEHGLDULDPHQWHTXHODP£TXLQD\VXVHTXLSRVHVW£Q
OLEUHVGHVXFLHGDG\DFHLWH(VWRUHGXFLU£HOSHOLJURGHLQFHQGLR

\IDFLOLWDU£WDPEL«QODGHWHFFLµQGHFRPSRQHQWHVGHIHFWXRVRV
\SLH]DVVXHOWDV
127$
7HQJDPXFKRFXLGDGRVLXVDODYDGRGHDOWDSUHVLµQSDUDOD
OLPSLH]D/RVFRPSRQHQWHV\FDEOHVHO«FWULFRVSXHGHQVXIULU
GD³RVLQFOXVRDSUHVLµQ\WHPSHUDWXUDPRGHUDGDV3URWHMDORV
FDEOHVHO«FWULFRVHQODIRUPDDGHFXDGD
7HQJDFXLGDGRHVSHFLDOFXDQGROLPSLHXQDP£TXLQDTXHVH
XVDHQXQHQWRUQRVHQVLEOHDLQFHQGLRVWDOFRPRXQDVHUUDGHUR
RXQYHUWHGHURGHEDVXUDV6HSXHGHUHGXFLUD¼QP£VHOULHVJR
GHFRPEXVWLµQHVSRQW£QHDLQVWDODQGRDLVODPLHQWRHQOD
JXDUGDGHOVLOHQFLDGRU
(VLPSRUWDQWHHIHFWXDUHOPDQWHQLPLHQWRGHOH[WLQWRUGH
LQFHQGLRSDUDTXHIXQFLRQHFXDQGRKDJDIDOWD
 6HJXULGDGGXUDQWHHOVHUYLFLR
 3UHYHQFLµQGHLQFHQGLRV
&RPSUXHEHTXHODVWXEHU¯DVGHFRPEXVWLEOHODVPDQJXHUDV
KLGU£XOLFDV\GHIUHQRV\ORVFDEOHVHO«FWULFRVQRKDQVLGR
GD³DGRVSRUURFHQLFRUUHQSHOLJURGHGD³RVSRUURFHGHELGR
DLQVWDODFLµQRFRORFDFLµQGHDEUD]DGHUDVLQFRUUHFWD(VWRVH
DSOLFDHVSHFLDOPHQWHDORVFDEOHVVLQIXVLEOHTXHVRQURMRV
HVW£QPDUFDGRV5 % HLQVWDODGRV
 HQWUHODVEDWHU¯DV
 HQWUHODEDWHU¯D\HOPRWRUGHDUUDQTXH
 HQWUHHODOWHUQDGRU\HOPRWRUGHDUUDQTXH
/RVFDEOHVHO«FWULFRVQRGHEHQHVWDUHQFRQWDFWRGLUHFWRFRQ
WXEHU¯DVGHDFHLWHRFRPEXVWLEOH
1RVXHOGHQLDPROHFRPSRQHQWHVOOHQRVGHO¯TXLGRV
LQIODPDEOHVWDOHVFRPRGHSµVLWRV\WXERVKLGU£XOLFRV7HQJD
WDPEL«QFXLGDGRHQODVFHUFDQ¯DVGHHVRVOXJDUHV0DQWHQJD
XQH[WLQWRGHLQFHQGLRDPDQR
0HGLGDVHQFDVRGHLQFHQGLR
6LODVFLUFXQVWDQFLDVORSHUPLWHQ\QRFRUUHSHOLJURVXVHJXULGDG
DGRSWHODVPHGLGDVVLJXLHQWHVDOPHQRUVLJQRGHIXHJR
 3DUHODP£TXLQDVLHVW£HQPRYLPLHQWR
 'HVFLHQGDORVLPSOHPHQWRVKDVWDHOVXHOR
 0XHYDODSDODQFDGHEORTXHRGHPDQGRDODSRVLFLµQ
EORTXHDGDVLGLVSRQHGHHOOD
 *LUHHOLQWHUUXSWRUGHHQFHQGLGRDODSRVLFLµQGHSDUDGD
 6DOJDGHODFDELQD
 /ODPHDORVERPEHURV
 6LHVSRVLEOHHODFFHVRVHJXURGHVFRQHFWHHOLQWHUUXSWRUGH
EDWHU¯D
 6LHVSRVLEOHWUDWHGHDSDJDUHOLQFHQGLR'HORFRQWUDULR
DO«MHVHGHODP£TXLQD\VDOJDGHOD]RQDGHSHOLJUR
0HGLGDVGHVSX«VGHXQLQFHQGLR
&XDQGRVHPDQHMDXQDP£TXLQDTXHKDVLGRGD³DGDSRUHOIXHJR
RH[SXHVWDDOFDORULQWHQVRHVQHFHVDULRDGRSWDUODVPHGLGDVGH
SURWHFFLµQVLJXLHQWHV
8VHJUXHVRVJXDQWHVGHSURWHFFLµQGHJRPD\OOHYHJDIDVGH
SURWHFFLµQ
1RWRTXHQXQFDORVFRPSRQHQWHVTXHPDGRVFRQODVPDQRV
GHVSURWHJLGDVSDUDHYLWDUHOFRQWDFWRFRQORVPDWHULDOHV
SRO¯PHURVGHUUHWLGRV3ULPHURODYHPLQXFLRVDPHQWHFRQDJXD
GHFDOHQDEXQGDQFLD XQDVROXFLµQTXHFRQVLVWHHQKLGUµ[LGR
GHFDOHVGHFLUFDODSDJDGD\DJXD 
3DUDHOPDQHMRGHJRPDGHIOXRURFDUERQRFDOHQWDGRYHDOD
S£JLQD
6HJXULGDGGXUDQWHHOVHUYLFLR 
0DQHMRGHPDWHULDOHVSHOLJURVRV 

0DQHMRGHPDWHULDOHVSHOLJURVRV
3LQWXUDFDOHQWDGD

$'9(57(1&,$
5LHVJRGHLQKDODFLµQGHWR[LQDV
/DFRPEXVWLµQGHSLH]DVSLQWDGDVGHSO£VWLFRRGHJRPD
SURGXFHJDVHVSHUMXGLFLDOHVSDUDODVY¯DVUHVSLUDWRULDV
1RTXHPHQXQFDQLQJXQDSLH]DSLQWDGDRGHJRPDQLQLQJ¼Q
SO£VWLFR
/DSLQWXUDFDOHQWDGDSURGXFHJDVHVWµ[LFRV3RUORWDQWRHV
QHFHVDULRHOLPLQDUODSLQWXUDGHXQD]RQDGHFRPRP¯QLPRFP
GHUDGLR LQ DQWHVGHUHDOL]DUVROGDGXUDDPRODGRRFRUWHFRQ
VRSOHWH$GHP£VGHOSHOLJURSDUDODVDOXGODVROGDGXUDWHQGU£
XQDFDOLGDG\UHVLVWHQFLDLQIHULRUHVTXHHQHOIXWXURSXHGHQ
FDXVDUODURWXUDGHODVROGDGXUD
0«WRGRV\PHGLGDVGHSUHFDXFLµQSDUDTXLWDUODSLQWXUD
*UDQDOODGR
 8VHHTXLSRGHSURWHFFLµQUHVSLUDWRULD\JDIDVGHSURWHFFLµQ
'LVROYHQWHXRWURVSURGXFWRVTX¯PLFRV
 8VHXQH[WUDFWRUGHDLUHSXQWXDOHTXLSRGHSURWHFFLµQ
UHVSLUDWRULD\JXDQWHVGHSURWHFFLµQ
$PRODGRUD
 8VHXQH[WUDFWRUGHDLUHSXQWXDOHTXLSRGHSURWHFFLµQ
UHVSLUDWRULDJXDQWHV\JDIDVGHSURWHFFLµQ
1RTXHPHQXQFDODVSLH]DVSLQWDGDVGHVSX«VGHGHVHFKDUODV
'HEHU£GHVHFKDUODVXQDSODQWDGHGHVHFKRDSUREDGD
*RPD\SO£VWLFRVFDOHQWDGRV
/RVPDWHULDOHVSRO¯PHURVFXDQGRVHFDOLHQWDQSXHGHQIRUPDU
FRPSXHVWRVSHOLJURVRVSDUDODVDOXG\HOPHGLRDPELHQWHSRUOR
TXHQRGHEHQTXHPDUVHFXDQGRVHGHVHFKHQ
6LYDDHIHFWXDUVROGDGXUDRFRUWHFRQVRSOHWHFHUFDGHHVRV
PDWHULDOHVREVHUYHODVLQVWUXFFLRQHVGHVHJXULGDGVLJXLHQWHV
 3URWHMDHOPDWHULDOFRQWUDHOFDORU
 8VHJXDQWHVGHSURWHFFLµQJDIDVGHSURWHFFLµQ\HTXLSRGH

SURWHFFLµQUHVSLUDWRULD
*RPDGHIOXRURFDUERQRFDOHQWDGD

$'9(57(1&,$
5LHVJRGHOHVLRQHVJUDYHV
$WHPSHUDWXUDVPX\HOHYDGDODJRPDGHIOXRURFDUERQRIRUPD
VXVWDQFLDVPX\FRUURVLYDVSDUDODSLHO\ORVSXOPRQHV
8WLOLFHVLHPSUHHTXLSRGHSURWHFFLµQSHUVRQDO
$OPDQHMDUXQDP£TXLQDTXHKD\DVLGRGD³DGDSRUIXHJRRKD\D
HVWDGRH[SXHVWDDFDORULQWHQVRVHGHEHQWRPDUODVVLJXLHQWHV
PHGLGDV
8VHJUXHVRVJXDQWHVGHJRPD\OOHYHJDIDVGHSURWHFFLµQ
'HVHFKHORVJXDQWHVWUDSRV\RWURVDUW¯FXORVTXHKD\DQ
HVWDGRHQFRQWDFWRFRQJRPDGHIOXRURFDUERQRFDOHQWDGD
GHVSX«VGHODYDUORVHQDJXDGHFDO XQDVROXFLµQGHKLGUµ[LGR
GHFDOFLRHVGHFLUFDODSDJDGDHQDJXD 
 6HJXULGDGGXUDQWHHOVHUYLFLR
 0DQHMRGHPDWHULDOHVSHOLJURVRV
/D]RQDDOUHGHGRUGHXQDSLH]DTXHKD\DHVWDGRPX\FDOLHQWH
\TXHSXHGDHVWDUKHFKDGHJRPDGHIOXRURFDUERQRGHEH
GHVFRQWDPLQDUVHPHGLDQWHODYDGRPLQXFLRVRFRQDJXDGHFDO
HQDEXQGDQFLD
&RPRPHGLGDGHSUHFDXFLµQPDQHMHVLHPSUHWRGDVODVMXQWDV
DURVWµULFRV\RWUDVMXQWDVGHDFHLWH FRPRVLIXHUDQGHJRPD
GHIOXRURFDUERQR
(O£FLGRIOXRUK¯GULFRSXHGHSHUPDQHFHUHQORVFRPSRQHQWHV
GHODP£TXLQDGXUDQWHYDULRVD³RVGHVSX«VGHXQLQFHQGLR
6LDSDUHFHQLQIODPDFLRQHVHQURMHFLPLHQWRRHVFR]RU\OD
FDXVDVHVRVSHFKDKDEHUVLGRHOFRQWDFWRFRQSURGXFWRVGH
JRPDGHIOXRURFDUERQRDFXGDLQPHGLDWDPHQWHDOP«GLFR1R
REVWDQWHSXHGHQWUDQVFXUULUYDULDVKRUDVDQWHVGHTXH
DSDUH]FDV¯QWRPDDOJXQD\QRKD\DGYHUWHQFLDLQPHGLDWD
(O£FLGRQRVHSXHGHHQMXDJDUQLODYDUGHODSLHO(QOXJDUGH
HOORXWLOLFHJHOSDUDTXHPDGXUDVGH£FLGRIOXRUK¯GULFRRVLPLODU
DQWHVGHGLULJLUVHDXQP«GLFR
3ROYRGHV¯OLFHFULVWDOLQD FXDU]R

$'9(57(1&,$
5LHVJRGHLQKDODFLµQSHOLJURVD
7UDEDMDUHQHQWRUQRVTXHFRQWHQJDQSROYRSHOLJURVRSXHGHOOHYDU
DJUDYHVSUREOHPDVGHVDOXG
/OHYHHTXLSRGHSURWHFFLµQSHUVRQDODOWUDEDMDUHQHQWRUQRV
SROYRULHQWRV
&RPRODV¯OLFHFULVWDOLQDHVXQFRPSRQHQWHE£VLFRGHODDUHQD\
HOJUDQLWRPXFKDVDFWLYLGDGHVHQVLWLRVGHFRQVWUXFFLµQSURGXFHQ
SROYRTXHFRQWLHQHV¯OLFHFULVWDOLQD/DH[FDYDFLµQGH]DQMDVHO
DVHUUDGR\HOWDODGURGHPDWHULDOHVTXHFRQWLHQHQV¯OLFHFULVWDOLQD
SXHGHQSURGXFLUSROYRTXHODFRQWHQJD(VHSROYRSXHGHFDXVDU
VLOLFRVLV
(OHPSOHDGRURHOMHIHGHODREUDHVUHVSRQVDEOHGHLQIRUPDUDO
RSHUDGRUVREUHODSUHVHQFLDGHV¯OLFHFULVWDOLQDHQHOOXJDUGH
WUDEDMRDGHP£VGHSURSRUFLRQDUOHODVLQVWUXFFLRQHVGHWUDEDMR
ODVSUHFDXFLRQHVHVSHF¯ILFDV\WDPEL«QHOHTXLSRGHSURWHFFLµQ
SHUVRQDOQHFHVDULR
&RPSUXHEHWDPEL«QODVQRUPDVORFDOHV\QDFLRQDOHVVREUHODV
V¯OLFH\ODVLOLFRVLV
6HJXULGDGGXUDQWHHOVHUYLFLR 
0DQHMRGHPDWHULDOHVSHOLJURVRV 

)ULJRU¯JHQR
3UHFDXFLRQHVPHGLRDPELHQWDOHV
(OVLVWHPDGHDLUHDFRQGLFLRQDGRGHODP£TXLQDVHOOHQDFRQ
IULJRU¯JHQR5DHQI£EULFD(OIULJRU¯JHQR5DHVXQJDV
IOXRUDGRGHHIHFWRLQYHUQDGHURTXHFRQWULEX\HDOFDOHQWDPLHQWR
JOREDO
1ROLEHUHIULJRU¯JHQRDOPHGLRDPELHQWH9HDHQODS£JLQDOD
FDQWLGDGGHIULJRU¯JHQR5DHQVXP£TXLQD\VXSRWHQFLDOGH
HIHFWRVREUHHOFDOHQWDPLHQWRJOREDO
3UHFDXFLRQHVGHVHJXULGDG
/RVWUDEDMRVHQHOVLVWHPDGHDLUHDFRQGLFLRQDGRVRORGHEHQVHU
OOHYDGRVDFDERSRUXQW«FQLFRGHVHUYLFLRFXDOLILFDGR1RLQWHQWH
UHDOL]DUWUDEDMRVHQHOVLVWHPDGHDLUHDFRQGLFLRQDGR
8WLOLFHJDIDVGHVHJXULGDGJXDQWHVUHVLVWHQWHVDORVTX¯PLFRV
SHMGHQHRSUHQRRJRPDGHEXWLOR \HTXLSRVGHSURWHFFLµQ
SHUVRQDODGHFXDGRVSDUDSURWHJHUODSLHOGHVQXGDFXDQGRH[LVWD
ULHVJRGHFRQWDFWRFRQIULJRU¯JHQR
0HGLGDVHQFDVRGHH[SRVLFLµQ
&RQWDFWRFRQORVRMRVDFODUHFRQDJXDWLELD\DSOLTXHXQOLJHUR
YHQGDMH6ROLFLWHDWHQFLµQP«GLFDGHLQPHGLDWR
&RQWDFWROLPLWDGRFRQODSLHODFODUHFRQDJXDWLELD\DSOLTXHXQ
OLJHURYHQGDMH6ROLFLWHDWHQFLµQP«GLFDGHLQPHGLDWR
&RQWDFWRH[WHQVRFRQODSLHODFODUDFRQDJXDWLELD\FDOLHQWH
FXLGDGRVDPHQWHHO£UHDFRQDJXDWLELDRWUDSRVWLELRV6ROLFLWH
DWHQFLµQP«GLFDGHLQPHGLDWR
,QKDODFLµQDEDQGRQHHO£UHD\UHVSLUHDLUHIUHVFR6ROLFLWH
DWHQFLµQP«GLFDGHLQPHGLDWR


 6HJXULGDGGXUDQWHHOVHUYLFLR
 0DQLSXODFLµQGHFRQGXFWRVWXERV\PDQJXHUDV

0DQLSXODFLµQGHFRQGXFWRVWXERV\
PDQJXHUDV

$'9(57(1&,$
5LHVJRGHLQ\HFFLµQGHDOWDSUHVLµQ
/DVIXJDVGHDFHLWHRGHFRPEXVWLEOHGHODVPDQJXHUDVGHDOWD
SUHVLµQSXHGHQFDXVDUOHVLRQHVJUDYHVSURYRFDGDVSRUOD
LQ\HFFLµQDDOWDSUHVLµQ
6LVHKDOODQIXJDVGHDFHLWHRGHFRPEXVWLEOHGHPDQJXHUDVGH
DOWDSUHVLµQRWRUQLOORVVXHOWRVGHWHQJDLQPHGLDWDPHQWHHO
WUDEDMR\WRPHFRQWDFWRFRQXQW«FQLFRGHVHUYLFLRFXDOLILFDGR
1RGREOHODVWXEHU¯DVGHDOWDSUHVLµQ
1RJROSHHODVWXEHU¯DVGHDOWDSUHVLµQ
1RLQVWDOHXQDWXEHU¯DTXHHVW«GREODGDRGD³DGD
&RPSUXHEHODVO¯QHDVWXERV\PDQJXHUDVFXLGDGRVDPHQWH
IXJDGD³RGHIRUPLGDG\HQYHMHFLPLHQWR
1RUHXWLOLFHODPDQJXHUDHOWXER\ORVLPSOHPHQWRV
1RHIHFW¼HODE¼VTXHGDGHIXJDVFRQODVPDQRVVLQSURWHFFLµQ
$SULHWHWRGDVODVFRQH[LRQHV&RQVXOWHDVXFRQFHVLRQDULR
9ROYR&RQVWUXFWLRQ(TXLSPHQWUHVSHFWRDOSDUGHDSULHWH
UHFRPHQGDGR
6LVHGDDOJXQDFXDOTXLHUDGHODVFRQGLFLRQHVVLJXLHQWHV
VXVWLWX\DODVSLH]DV&RQVXOWHDVXFRQFHVLRQDULR9ROYR
&RQVWUXFWLRQ(TXLSPHQW
/DVFRQH[LRQHV\ORVWHUPLQDOHVHVW£QGD³DGRVWLHQHQIXJDV
HVW£QGHIRUPDGRVRHQYHMHFLGRV
/RVUHYHVWLPLHQWRVGHYLQLORHVW£QUR]DGRVRFRUWDGRV
/RVDODPEUHVGHUHIXHU]RHVW£QDODYLVWD
/RVUHYHVWLPLHQWRVGHYLQLORHVW£QLQIODGRVFRPRJORERV
/DSDUWHIOH[LEOHGHODVPDQJXHUDVHVW£UHWRUFLGD
/RVKHUUDMHVGHORVH[WUHPRVVHKDQPRYLGR
+D\PDWHULDVH[WUD³DVLQFUXVWDGDVHQHOUHYHVWLPLHQWR

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


6HUYLFLR\PDQWHQLPLHQWR
3DUDTXHODP£TXLQDIXQFLRQHGHIRUPDVDWLVIDFWRULD\DOP£VEDMR
FRVWHSRVLEOHHVQHFHVDULRPDQWHQHUODPLQXFLRVDPHQWH
0DQWHQLPLHQWR
(QORTXHUHVSHFWDDORVLQWHUYDORVSDURWURVPDQWHQLPLHQWRVYHD
HO3URJUDPDGHVHUYLFLRRHO(VTXHPDGHOXEULFDFLµQ\
FXLGDGRVHQHVWHFDS¯WXOR

9


(VTXHPDGHOXEULFDFLµQ\FXLGDGRV
/DVHFFLµQ(VTXHPDGHOXEULFDFLµQ\FXLGDGRVGHVFULEHHO
WUDEDMRGHPDQWHQLPLHQWRTXHSXHGHUHDOL]DUHORSHUDGRU6L
DOJXQDVRSHUDFLRQHVUHTXLHUHQSHUVRQDOGHWDOOHUFDSDFLWDGR\
HTXLSRVHVSHFLDOHVVHLQGLFDU£HVWR

+LVWRULDOGHVHUYLFLR
'HVSX«VGHFDGDVHUYLFLRUHDOL]DGRHQXQWDOOHURILFLDOGH9ROYR
&(VHGHEHUHOOHQDUHOKLVWRULDOGHVHUYLFLRVHJ¼QODS£JLQD
(OKLVWRULDOGHVHUYLFLRHVXQGRFXPHQWRYDOLRVRDOTXH
SXHGHUHPLWLUVHSRUHMHPSORFXDQGRVHYHQGDODP£TXLQD


 6HUYLFLR\PDQWHQLPLHQWR


,QVSHFFLµQDODOOHJDGD
$QWHVGHTXHODP£TXLQDDEDQGRQHODREUDVHFRPSUXHED\
DMXVWD(OFRQFHVLRQDULRRHOGLVWULEXLGRUWDPEL«QGHEHHIHFWXDU
XQDLQVSHFFLµQLQIRUPDWLYDFRQIRUPHDOIRUPXODULR
FRUUHVSRQGLHQWH

,QVSHFFLµQDODHQWUHJD
$QWHVGHTXHODP£TXLQDDEDQGRQHODREUDVHFRPSUXHED\
DMXVWD(OFRQFHVLRQDULRRHOGLVWULEXLGRUWDPEL«QWLHQHTXH
HIHFWXDUXQDLQVSHFFLµQGHHQWUHJDFRQIRUPHDOIRUPXODULR
FRUUHVSRQGLHQWH

,QVWUXFFLRQHVGHHQWUHJD
$OHQWUHJDUODP£TXLQDHOFRQFHVLRQDULRGHEHU£HQWUHJDUOHDO
FRPSUDGRUODV,QVWUXFFLRQHVGHHQWUHJDVHJ¼QHOIRUPXODULR
DSOLFDEOHTXHGHEHILUPDUVHSDUDTXHWHQJDYDOLGH]ODJDUDQW¯D

3URJUDPDGHVHUYLFLR
3DUDTXHFXDOTXLHUJDUDQW¯DGHI£EULFDVHDY£OLGDODP£TXLQD
GHEHPDQWHQHUVHGHDFXHUGRFRQHOSURJUDPDGHVHUYLFLR
HVWDEOHFLGRSRU9ROYR(OSURJUDPDGHVHUYLFLRHVFRQWLQXRFRQ
LQWHUYDORVILMRV(OWLHPSRGHRSHUDFLµQHQWUHLQWHUYDORVVRORDSOLFD
VLODP£TXLQDVHXWLOL]DHQXQHQWRUQR\XQDVFRQGLFLRQHVGH
RSHUDFLµQQRUPDOHV3UHJXQWHDVXFRQFHVLRQDULR9ROYRTX«HV
ORFRUUHFWRSDUDVXP£TXLQDHVSHF¯ILFD
6HUYLFLR\PDQWHQLPLHQWR 


/LPSLH]DGHODP£TXLQD
/DP£TXLQDGHEHOLPSLDUVHSHULµGLFDPHQWHFRQSURGXFWRV
WUDGLFLRQDOHVSDUDFXLGDGRGHDXWRPµYLOHVFRQREMHWRGHHOLPLQDU
HOULHVJRGHGD³RVDODSLQWXUDGHDFDEDGR\DRWUDVVXSHUILFLHV
GHODP£TXLQD

$9,62
(YLWHHOXVRGHSURGXFWRVGHOLPSLH]DRTX¯PLFRVDJUHVLYRVSDUD
PLQLPL]DUHOULHVJRGHGD³RVDODSLQWXUD

$9,62
/DWLHUUD\ODDUFLOODSXHGHQGD³DURFDXVDUGHVJDVWHHQODVSDUWHV
PµYLOHVGHOFDUURLQIHULRU3RUHOOROLPSLHWRGDVODVSDUWHV
UHJXODUPHQWHSDUDTXLWDUODWLHUUD\ODDUFLOOD
127$
/LPSLHGLDULDPHQWHODV]RQDVGHODP£TXLQDGRQGHSXHGHQ
DFXPXODUVHSROYRYLUXWDV\VLPLODUHVSDUDPLQLPL]DUHOULHVJRGH
LQFHQGLR9HDODS£JLQD
 3RQJDODP£TXLQDHQXQOXJDUGHVWLQDGRDODOLPSLH]D
 6LJDODVLQVWUXFFLRQHVLQFOXLGDVFRQHOSURGXFWRSDUDFXLGDGR
GHDXWRPµYLOHV
 /DWHPSHUDWXUDGHODJXDQRGHEHH[FHGHUGHr& r) 
 6LXVDXQODYDGRDDOWDSUHVLµQPDQWHQJDDOPHQRVXQD
GLVWDQFLDGHFP SXOJDGDV HQWUHODVMXQWDV\ODERTXLOOD
0DQWHQJDXQDGLVWDQFLDGHFP SXOJDGDV HQWUHOD
ERTXLOOD\RWUDVVXSHUILFLHVGHODP£TXLQD8QDSUHVLµQ
GHPDVLDGRDOWD\XQDGLVWDQFLDGHPDVLDGRFRUWDSRGU¯DQ
SURYRFDUGD³RV
127$
3URWHMDORVFDEOHVHO«FWULFRVGHPDQHUDDGHFXDGD\WHQJD
FXLGDGRGHQRGD³DUHOSUHILOWURGHODFDELQDDOOLPSLDUODP£TXLQD

$9,62
1RSUR\HFWHDJXDDDOWDSUHVLµQDOLQWHULRUGHODMXQWDGHODFRURQD
GHJLUR\DTXHHODJXDSXHGHSHQHWUDU\DIHFWDUODV
FDUDFWHU¯VWLFDVGHODJUDVD


8VHXQDHVSRQMDVXDYH
&RQFOX\DHQMXDJDQGRWRGDODP£TXLQDVµORFRQDJXD

 /XEULTXHVLHPSUHODP£TXLQDGHVSX«VGHOODYDGR
 5HWRTXHODSLQWXUDFXDQGRVHDQHFHVDULR
 6HUYLFLR\PDQWHQLPLHQWR


0DQWHQLPLHQWRGHSLQWXUDGHDFDEDGR
 /DVP£TXLQDVXVDGDVHQXQHQWRUQRFRUURVLYRVXIUHQP£VORV
DWDTXHVGHOµ[LGRTXHRWUDV&RPRPHGLGDSUHYHQWLYDVH
UHFRPLHQGDHIHFWXDUHOPDQWHQLPLHQWRGHODSLQWXUDGH
DFDEDGRFDGDVHLVPHVHV
 3ULPHUROLPSLHODP£TXLQD
 $SOLTXH% RXQDJHQWHDQWLµ[LGRGHFHUDHTXLYDOHQWH HQ
XQDFDSDGHDwGHHVSHVRU
 6HSXHGHDSOLFDUXQDFDSDGHSDVWDSDUDEDMRV'LQLWURO R
HTXLYDOHQWH EDMRORVJXDUGDEDUURVGRQGHVHSXHGHHVSHUDU
HOGHVJDVWHPHF£QLFR

3LQWXUDGHUHWRTXH
 &RPSUXHEHVLODSLQWXUDGHDFDEDGRSUHVHQWD]RQDVGD³DGDV
 3ULPHUROLPSLHODP£TXLQD
 5HFWLILTXHFXDOTXLHUGD³RDODSLQWXUDGHDFDEDGRGHIRUPD
SURIHVLRQDO

/LPSLH]DGHOFRPSDUWLPLHQWRGHOPRWRU

$'9(57(1&,$
5LHVJRGHOHVLRQHVJUDYHV
/DVSLH]DVHQPRYLPLHQWRSXHGHQFDXVDUJUDYHVOHVLRQHVSRU
FRUWHRDSODVWDPLHQWR
$SDJXHHOPRWRUDQWHVGHDEULUHOFDSµ\UHDOL]DUFXDOTXLHU
WUDEDMR

$'9(57(1&,$
5LHVJRGHTXHPDGXUDV
/RVFRPSRQHQWHVGHOPRWRU\GHOVLVWHPDGHHVFDSHDOFDQ]DQ
PX\DOWDVWHPSHUDWXUDVFRQULHVJRGHJUDYHVTXHPDGXUDV
0LHQWUDVQRVHKD\DHQIULDGRHOPRWRUHYLWHHOFRQWDFWRFRQODV
WDSDVGHOFRPSDUWLPHQWRGHOPRWRUORVFRPSRQHQWHVGHOPRWRU
\HOVLVWHPDGHHVFDSH
/DVP£TXLQDVXVDGDVHQHQWRUQRVSROYRULHQWRVRH[SXHVWRVD
SHOLJURGHLQFHQGLRWDOHVFRPRHQLQGXVWULDVGHSURFHVDPLHQWR
GHPDGHUDPDQLSXODFLµQGHYLUXWDVRJUDQR\SLHQVRVDQLPDOHV
UHTXLHUHQDWHQFLµQGLDULD\ODOLPSLH]DGHOFRPSDUWLPLHQWRGHO
PRWRU\GHODV]RQDVFLUFXQGDQWHV
&XDQGRVHWUDEDMDHQRWURVHQWRUQRVHVQHFHVDULDODLQVSHFFLµQ
\ODOLPSLH]DFRPRP¯QLPRXQDYH]SRUVHPDQD
(OPDWHULDOVXHOWRVHTXLWDFRQDLUHFRPSULPLGRSRUHMHPSOR
6HUHFRPLHQGDHIHFWXDUODOLPSLH]DDOFRQFOXLUHOWXUQRGHWUDEDMR
DQWHVGHDSDUFDUODP£TXLQD
8VHHTXLSRGHSURWHFFLµQSHUVRQDOWDOFRPRJDIDVGHSURWHFFLµQ
JXDQWHVGHSURWHFFLµQ\SURWHFFLµQUHVSLUDWRULD
'HVSX«VGHODOLPSLH]DFRPSUXHEHVLKD\IXJDV\UHP«GLHODV
&LHUUHWRGDVODVWDSDV\FXELHUWDV
6HUYLFLR\PDQWHQLPLHQWR 
3XQWRVGHVHUYLFLR 

3XQWRVGHVHUYLFLR
    

 


       







       9


 6HUYLFLR\PDQWHQLPLHQWR
 3XQWRVGHVHUYLFLR
 )LOWURGHYHQWLODFLµQGHODFDELQDILOWURGHDLUH  )LOWURGHYHQWLODFLµQGHOGHSµVLWRGHFRPEXVWLEOH
DFRQGLFLRQDGR
 )LOWURGH; UHWRUQRGHFLUFXLWRGHOPDUWLOOR  &RPEXVWLEOHOOHQDGR
 )LOWURGHDLUH  %DWHU¯D
 5HIULJHUDQWHFRQWUROGHOQLYHO  &RPEXVWLEOHYDFLDGR
 5HIULJHUDQWHOOHQDGR  &RODGRUGHDVSLUDFLµQGHSµVLWRKLGU£XOLFR
 )LOWURGHDFHLWHGHPRWRU  $FHLWHKLGU£XOLFRYDFLDGR
 5HIULJHUDQWHYDFLDGR  $FHLWHGHOPRWRUYDFLDGR
 $FHLWHGHFDMDGHXQLGDGSURSXOVRUDGHRUXJD  (OHPHQWRGHOILOWURGHOVHSDUDGRUGHDJXD
FRQWUROGHOQLYHO
 )LOWURGHYDFLDGRGHODFHLWHKLGU£XOLFR  (OHPHQWRGHOILOWURGHOVHSDUDGRUGHDJXDDGLFLRQDO
 $FHLWHGHOPRWRUOOHQDGR  )LOWURGHOVHUYRGHODFHLWHKLGU£XOLFR
 $FHLWHGHOPRWRUFRQWURO  1LYHOGHODFHLWHKLGU£XOLFRFRQWURO
 )LOWURGHUHWRUQRGHODFHLWHKLGU£XOLFR  $FHLWHGHFDMDGHXQLGDGSURSXOVRUDGHJLUR
FRQWUROGHOQLYHO
 $FHLWHKLGU£XOLFROOHQDGR  &RMLQHWHGHOHQJUDQDMHGHJLURHQJUDVH
 )LOWURGHYHQWLODFLµQGHDLUHGHSµVLWRKLGU£XOLFR  )LOWURGHFRPEXVWLEOH
6HUYLFLR\PDQWHQLPLHQWR 
0RWRU 

0RWRU
1LYHOGHDFHLWHGHOPRWRUFRQWURO

$'9(57(1&,$
/DOXEULFDFLµQORVDMXVWHVRODVUHSDUDFLRQHVGHODP£TXLQDVH
GHEHQVLHPSUHUHDOL]DUFRQHOPRWRUSDUDGR
&RPSUXHEHHOQLYHOGHODFHLWHFXDQGRODSDQWDOODGH
FRPSUREDFLµQGHEDMRQLYHOGHDFHLWHGHOPRWRUDSDUH]FDHQHO
SDQHOGHLQVWUXPHQWRVGHODQWHUR9HDODS£JLQD$GHP£VGH
HVWRFRPSUXHEHHOQLYHOGHODFHLWHFDGDKRUDV
127$
&RPSUXHEHHOQLYHOGHDFHLWHFXDQGRODP£TXLQDVHKD\D
HQIULDGR DOPHQRVPLQXWRVGHVSX«VGHDSDJDUHOPRWRU 
 &RORTXHODP£TXLQDHQXQWHUUHQROODQRILUPH\QLYHODGR
%  $EUDHOFDSµ
 6DTXHODYDULOODGHPHGLFLµQ $ \V«TXHODFRQXQWUDSROLPSLR
 ,QWURG¼]FDOD\V£TXHODGHQXHYR
 6LHOQLYHOGHDFHLWHHVW£HQWUH & \ ' HOORHVORQRUPDO6L
HOQLYHOGHDFHLWHHVW£SRUGHEDMRGHODPDUFD ' UHOOHQH
DFHLWHKDVWDDOFDQ]DUHOQLYHODGHFXDGRDWUDY«VGHOD
OXPEUHUDGHOOHQDGR % 3DUDHODFHLWHGHPRWRU
UHFRPHQGDGRYHDODS£JLQD

$
&

'
9

$
%
&
9DULOODGHPHGLFLµQ
/XPEUHUDGHOOHQDGR
1LYHOGHODFHLWH$OWR

' 1LYHOGHODFHLWH%DMR

 6HUYLFLR\PDQWHQLPLHQWR
 0RWRU

$FHLWHGHPRWRUFDPELR

$'9(57(1&,$
6HUFXLGDGRVRV\DTXHHODFHLWHFDOLHQWHSXHGHFDXVDU
TXHPDGXUDVHQODSLHOVLQSURWHFFLµQ
&DPELHHODFHLWHFDGDKRUDV
127$
(OLQWHUYDORP£[LPRHQWUHFDPELRVGHDFHLWHHVGRFHPHVHV
/DVFRQGLFLRQHVSDUDHOLQWHUYDORGHFDPELRGHDFHLWHGH
KRUDVVRQODVVLJXLHQWHV
 /RVILOWURVGHDFHLWHGHEHQVHUVXVWLWXLGRVFDGDYH]TXHVH
FDPELDHODFHLWH
 (OILOWURGHDFHLWHHVXQILOWURRULJLQDO9ROYR
 (ODFHLWHXVDGRHVGHXQFLHUWRJUDGRGHFDOLGDGVHJ¼QOD
S£JLQD
 6HKDVHOHFFLRQDGRODYLVFRVLGDGGHDFHLWHDGHFXDGDSDUDOD
WHPSHUDWXUDDPELHQWH9HDODS£JLQD
6LQRVHSXHGHFXPSOLUDOJXQDGHHVWDVFRQGLFLRQHVRVLOD
P£TXLQDWUDEDMDHQXQHQWRUQR£FLGRRHVSHFLDOPHQWH
SROYRULHQWRVHU£QHFHVDULRFDPELDUHODFHLWH\VXVWLWXLUORVILOWURV
FRQPD\RUIUHFXHQFLD'LU¯MDVHDXQFRQFHVLRQDULRGH9ROYR
&RQVWUXFWLRQ(TXLSPHQW
(QFXDQWRDOLQWHUYDORGHFDPELRGHDFHLWHVHJ¼QHOFRQWHQLGRGH
D]XIUHHQHOFRPEXVWLEOH9HDODS£JLQD
 &RORTXHODP£TXLQDHQODSRVLFLµQGHVHUYLFLR
 &RORTXHXQUHFLSLHQWHDGHFXDGREDMRODWDSDGHSURWHFFLµQ
( HQODSDUWHLQIHULRUGHOF£UWHUGHDFHLWHGHOPRWRU
 $EUDHOWDSµQGHOOHQDGR
 5HWLUHHOWDSµQGHSURWHFFLµQ ( \FRQHFWHODPDQJXHUDGH
YDFLDGR ) VXPLQLVWUDGDFRQODP£TXLQDFRPRKHUUDPLHQWD
GHVHUYLFLR
 9DF¯HHODFHLWHHQXQUHFLSLHQWH

$9,62
'HVHFKHORVILOWURVDFHLWHV\IOXLGRVGHIRUPDVHJXUDSDUDHO
PHGLRDPELHQWH

(  'HVFRQHFWHODPDQJXHUD\FRORTXHHOWDSµQGHSURWHFFLµQ
 /OHQHHODFHLWHSRUHOWDSµQGHOOHQDGR
 &RPSUXHEHHOQLYHOGHDFHLWHHQODYDULOODGHPHGLFLµQ
)  &LHUUHHOWDSµQGHOOHQDGR
&DSDFLGDGGHDFHLWHHQHOFDPELRHQODS£JLQD
9

6HUYLFLR\PDQWHQLPLHQWR 
0RWRU 

ILOWURGHDFHLWHGHPRWRUFDPELR
&DPELHHOILOWURGHDFHLWHFDGDYH]TXHFDPELHHODFHLWH/RV
ILOWURVGHDFHLWHVRQGHOWLSRGHVHFKDEOHHVGHFLUTXHQRVH
SXHGHQOLPSLDUVLQRTXHHVQHFHVDULRVXVWLWXLUORV
 'HVPRQWHHOILOWURXVDQGRXQDOODYHGHILOWURDGHFXDGD

$9,62
'HVHFKHORVILOWURVDFHLWHV\IOXLGRVGHIRUPDVHJXUDSDUDHO
PHGLRDPELHQWH
 /OHQHHOILOWURQXHYRFRQDFHLWHGHPRWRU
 /LPSLHODEDVHGHODFDUFDVDGHOILOWUR\DSOLTXHXQDOLJHUDFDSD
GHDFHLWHGHPRWRUDODMXQWDGHOILOWURQXHYR
9
 (QURVTXHHOILOWURDPDQRKDVWDTXHODMXQWDHQWUHHQFRQWDFWR
FRQODVXSHUILFLHGHHVWDQTXHLGDG
)LOWURGHDFHLWHGHPRWRU
 $SULHWHHOILOWURYXHOWDP£V

 $UUDQTXHHOPRWRU\FRPSUXHEHTXHODVMXQWDVHVW£Q
KHUP«WLFDV6LQRORHVW£QGHVPRQWHHOILOWUR\FRPSUXHEHOD
VXSHUILFLHGHHVWDQTXHLGDG

$9,62
&RQHOILQGHJDUDQWL]DUODOXEULFDFLµQGHOPRWRULQPHGLDWDPHQWH
GHVSX«VGHDUUDQFDUHVLPSRUWDQWHOOHQDUHOILOWURFRQDFHLWHDQWHV
GHLQVWDODUOR

$9,62
'HVSX«VGHVXVWLWXLUORVILOWURVGHDFHLWHHVQHFHVDULRGHMDUHO
PRWRUHQUDOHQW¯EDMRGXUDQWHXQPLQXWRFRPRP¯QLPR
5HJODMHGHODVY£OYXODVDMXVWH
&RPSUXHEHHOUHJODMHGHODVY£OYXODVFDGDKRUDV
(VWDWDUHDGHEHUHDOL]DUODXQWDOOHURILFLDOGH9ROYR&(


 6HUYLFLR\PDQWHQLPLHQWR
 0RWRU

&RUUHDGHOYHQWLODGRUFRQWURO
$ &RUUHDGHODOWHUQDGRUFRPSUREDFLµQ
&RPSUXHEHODFRUUHDFDGDKRUDV

%
$'9(57(1&,$
(OPRWRUGHEHU£HVWDUGHWHQLGRFXDQGRVHYD\DDFRQWURODUOD
& SUHVLµQGHODFRUUHDODVSLH]DVHQPRYLPLHQWRSXHGHQRFDVLRQDU
OHVLRQHVSHUVRQDOHV
/DWHQVLµQGHODFRUUHDVHDMXVWDU£DXWRP£WLFDPHQWHFRQHOWHQVRU
'
GHFRUUHD
,QVSHFFLRQHVLKD\WHQVLµQJULHWDVGHVJDVWHRGD³RVHQODV
FRUUHDV6LXQDFRUUHDHVW£GD³DGDVXVWLW¼\DODSRURWUDQXHYD
&RQWDFWHFRQXQWDOOHUDXWRUL]DGRSRU9ROYR&RQVWUXFWLRQ
(TXLSPHQW

9

$ 3ROHDGHOYHQWLODGRU
% $OWHUQDGRU
& &RUUHD
' 7HQVRUDXWRP£WLFR

&RUUHDGHODLUHDFRQGLFLRQDGRFRPSUREDFLµQ
&RPSUXHEHODFRUUHDFDGDKRUDV

$'9(57(1&,$
(OPRWRUGHEHU£HVWDUGHWHQLGRFXDQGRVHYD\DDFRQWURODUOD
SUHVLµQGHODFRUUHDODVSLH]DVHQPRYLPLHQWRSXHGHQRFDVLRQDU
OHVLRQHVSHUVRQDOHV
% /DWHQVLµQGHODFRUUHDVHDMXVWDU£DXWRP£WLFDPHQWHFRQHOWHQVRU
GHFRUUHD
$ ,QVSHFFLRQHVLKD\WHQVLµQJULHWDVGHVJDVWHRGD³RVHQODV
FRUUHDV6LXQDFRUUHDHVW£GD³DGDVXVWLW¼\DODSRURWUDQXHYD
&RQWDFWHFRQXQWDOOHUDXWRUL]DGRSRU9ROYR&RQVWUXFWLRQ
(TXLSPHQW
9

$ &RUUHD
% &RPSUHVRUGHDLUH

6HUYLFLR\PDQWHQLPLHQWR 
6LVWHPDGHFRPEXVWLEOH 

6LVWHPDGHFRPEXVWLEOH
(OFRPEXVWLEOHOLPSLRHVHVHQFLDOSDUDTXHHOPRWRUGLHVHO
IXQFLRQHVLQSUREOHPDV
3DUDODFDOLGDGGHOFRPEXVWLEOHYHDODS£JLQD

&RPEXVWLEOHOOHQDGR

$'9(57(1&,$
'HWHQJDHOPRWRUDQWHVGHUHSRUWDUFRPEXVWLEOH

$'9(57(1&,$
(OFDOHQWDGRUGHFRPEXVWLEOHGHEHVLHPSUHHVWDUGHVFRQHFWDGR
FXDQGRVHUHSRVWDFRPEXVWLEOH3UHVHQWDULHVJRGHLQFHQGLR\
H[SORVLµQ
 /LPSLHPLQXFLRVDPHQWHDOUHGHGRUGHOWDSµQGHOOHQDGRGHO
GHSµVLWRDQWHVGHTXLWDUOR
 $EUDHOWDSµQGHOGHSµVLWRGHFRPEXVWLEOH\OOHQHHOGHSµVLWR
FRQFRPEXVWLEOH
$  &RPSUXHEHHOQLYHOGHFRPEXVWLEOHHQOD,(&89HDODS£JLQD

$OUHSRVWDUHYLWHHOGHUUDPHGHFRPEXVWLEOHTXHDWUDHOD
VXFLHGDG6LVHGHUUDPDFRPEXVWLEOHO¯PSLHORLQPHGLDWDPHQWH
(QLQYLHUQROOHQHVLHPSUHHOGHSµVLWRGHFRPEXVWLEOHSDUDHYLWDU
ODFRQGHQVDFLµQGHDJXDHQHOGHSµVLWR
3DUDODFDSDFLGDGGHOGHSµVLWRGHFRPEXVWLEOHYHDODS£JLQD


9

$ 7DSµQGHOOHQDGRGHFRPEXVWLEOH

5HSRVWDMHFRQERPEDHO«FWULFD HTXLSRRSFLRQDO
/DERPEDHVW£LQVWDODGDHQODFDMDGHKHUUDPLHQWDV8WLO¯FHOD
SDUDUHSRVWDUFRPEXVWLEOHHQHOGHSµVLWR
 4XLWHODWDSDGHOFRODGRU & TXHHVW£LQVWDODGDSDUD
& SURWHJHUORFRQWUDHOSROYRHQHOH[WUHPRGHODPDQJXHUD $ 
 ,QWURGX]FDODPDQJXHUDGHODERPEDFRQHOFRODGRUHQHOELGµQ
$ GHFRPEXVWLEOH
 $FFLRQHHOLQWHUUXSWRU % SDUDDUUDQFDUODERPED 
 'HVFRQHFWHHOLQWHUUXSWRUSDUDSDUDUODERPEDFXDQGRVHKD\D
UHSRVWDGRFRPEXVWLEOHVXILFLHQWH
 3OLHJXHODPDQJXHUD\PRQWHODWDSDGHOFRODGRUHQVXVLWLR

%
$9,62
1RSHUPLWDQXQFDTXHODERPEDGHUHSRVWDMHGHFRPEXVWLEOHVH
9 TXHGHVHFD\DTXHSRGU¯DGD³DUVH
$ 0DQJXHUDGHODERPEDGHUHSRVWDMH
% ,QWHUUXSWRUGHDFFLRQDPLHQWR
&21(&7$'2'(6&21(&7$'2
& 7DSDGHOFRODGRU

 6HUYLFLR\PDQWHQLPLHQWR
 6LVWHPDGHFRPEXVWLEOH
/OHQDGRFRQFRQWURODGRUGHFLHUUHDXWRP£WLFR HTXLSR
RSFLRQDO
(VWDERPEDHVW£GRWDGDFRQXQDSURWHFFLµQFRQWUDOOHQDGR
H[FHVLYR
 4XLWHODWDSDGHOFRODGRU ' TXHHVW£LQVWDODGDSDUD
' SURWHJHUORFRQWUDHOSROYRHQHOH[WUHPRGHODPDQJXHUD $ 
 ,QWURGX]FDODPDQJXHUDGHODERPEDFRQHOFRODGRUHQHOELGµQ
$ GHFRPEXVWLEOH
 3XOVHHOERWµQGHDUUDQTXH % /DERPEDIXQFLRQDU£KDVWD
TXHHVW«OOHQRHOGHSµVLWR
 (QFXDOTXLHUPRPHQWRGXUDQWHHOUHSRVWDMHRFXDQGRVH
% KD\DYDFLDGRHOELGµQVHSXHGHSDUDUODERPEDSXOVDQGR
HOERWµQURMR & 
&  /DERPEDVHSDUDU£DXWRP£WLFDPHQWHFXDQGRVHDFW¼DHO
VHQVRUGHQLYHOGHFRPEXVWLEOH/DERPEDQRVHSXHGH
SRQHUHQPDUFKDKDVWDTXHVHKD\DXWLOL]DGRHOFRPEXVWLEOH
9 GHOGHSµVLWR
$ 0DQJXHUDGHODERPEDGHUHSRVWDMH  3OLHJXHODPDQJXHUD\PRQWHODWDSDGHOFRODGRUHQVXVLWLR
% %RWµQGHDUUDQTXH YHUGH
& %RWµQGHSDUDGD URMR
' 7DSDGHOFRODGRU


)LOWURGHFRPEXVWLEOHFDPELR
6XVWLWX\DHOILOWURGHFRPEXVWLEOHFDGDKRUDV
6LXVDFRPEXVWLEOHGHP£VEDMDFDOLGDGFDPELHHOILOWURFRQ
PD\RUIUHFXHQFLD
(OILOWURHVGHOWLSRGHVHFKDEOHHVGHFLUTXHQRVHSXHGHOLPSLDU
VLQRTXHVHGHEHVXVWLWXLU
 $IORMHHOILOWURFRQXQDOODYHDGHFXDGDSDUDILOWURV\
GHVPµQWHOR

9
$9,62
 'HVHFKHORVILOWURVDFHLWHV\IOXLGRVGHIRUPDVHJXUDSDUDHO
PHGLRDPELHQWH
 5HFXEUDODMXQWDGHOQXHYRILOWURFRQFRPEXVWLEOHGLHVHO
 (QURVTXHHOILOWURDPDQRKDVWDTXHODMXQWDHQWUHHQFRQWDFWR
FRQODVXSHUILFLHGHHVWDQTXHLGDG
 $SULHWHHOILOWURYXHOWDP£V
127$
&RPRVHDSOLFDODGHVDLUHDFLµQDXWRP£WLFDGHOVLVWHPDQRHV
QHFHVDULRSXUJDUHODLUHGHVSX«VGHFDPELDUHOILOWUR
127$
8QDUHGXFFLµQGHODSRWHQFLDGHOPRWRUSXHGHHVWDUFDXVDGDSRU
XQILOWURGHDLUHREWXUDGR6LHOILOWURVHREWXUDU£SLGDPHQWH
FRPSUXHEHVLHOFRPEXVWLEOHHVW£FRQWDPLQDGR\OLPSLHHO
GHSµVLWRGHFRPEXVWLEOHVLHVQHFHVDULR
6HUYLFLR\PDQWHQLPLHQWR 
6LVWHPDGHFRPEXVWLEOH 

6LVWHPDGHFRPEXVWLEOHSXUJDGHDLUH
$ (VQHFHVDULRSXUJDUHODLUHGHOVLVWHPDGHLQ\HFFLµQGH
FRPEXVWLEOHVLHPSUHTXHODP£TXLQDVHKD\DTXHGDGRVLQ
FRPEXVWLEOHFRQHOPRWRUHQPDUFKD

$9,62
%DMRQLQJXQDFLUFXQVWDQFLDVHGHEHQKDFHULQWHQWRVGHDUUDQTXH
DQWHVGHKDEHUSXUJDGRHODLUHGHOVLVWHPD/DERPEDGH
DOLPHQWDFLµQGHFRPEXVWLEOHSXHGHVXIULUJUDYHVGD³RV
127$
9
1RGHUUDPHFRPEXVWLEOHVREUHFRPSRQHQWHVHO«FWULFRV
$ %RPEDGHPDQR  *LUHODERPEDGHPDQR $ HQVHQWLGRFRQWUDULRDODVDJXMDV
 GHOUHORMSDUDGHVEORTXHDUHO«PEROR
 %RPEHHODERPEDGHPDQR $ KDVWDTXHVHSXHGDQRWDU
PXFKDUHVLVWHQFLD
 (PSXMHODERPEDGHPDQR $ KDVWDWRSH\J¯UHODHQVHQWLGR
KRUDULRSDUDEORTXHDUHOSLVWµQ
 $UUDQTXHHOPRWRU\G«MHORHQUDOHQW¯GXUDQWHPLQXWRV
 6LUHVXOWDGLI¯FLODUUDQFDUHOPRWRUUHSLWD  D  
127$
1RXWLOLFHODERPEDGHPDQRFXDQGRHOPRWRUHVW«HQPDUFKD
 &RPSUXHEHVLKD\IXJDV

'HSµVLWRGHFRPEXVWLEOHFDPELRGHILOWURGH
YHQWLODFLµQ
&DPELHHOILOWURGHYHQWLODFLµQFDGDKRUDV(OILOWURHVGHOWLSR
GHVHFKDEOHHVGHFLUTXHQRVHSXHGHOLPSLDUVLQRTXHHV
QHFHVDULRVXVWLWXLUOR
 'HVPRQWHODWDSDGHSURWHFFLµQ  GHVSX«VGHGHVPRQWDUORV
 WRUQLOORV  
 
  ([WUDLJDHOILOWURGHYHQWLODFLµQ  GHVSX«VGHDIORMDUXQD
DEUD]DGHUD  
 6XVWLWX\DHOILOWURGHYHQWLODFLµQ  \DFRQWLQXDFLµQDSULHWHHO
ILOWUR  FRQODDEUD]DGHUD  
 0RQWHODWDSDGHSURWHFFLµQ  \DSULHWHWRUQLOORV  



9

 7RUQLOORV
 $EUD]DGHUD
 7DSDGHSURWHFFLµQ
 )LOWURGHYHQWLODFLµQ

 6HUYLFLR\PDQWHQLPLHQWR
 6LVWHPDGHFRPEXVWLEOH

'HSµVLWRGHFRPEXVWLEOHYDFLDGR
9DF¯HHOVHGLPHQWRFXDQGRVHDQHFHVDULR6LVHXVDODP£TXLQD
FRQFRPEXVWLEOHGHEDMDFDOLGDGHVQHFHVDULRYDFLDUHOGHSµVLWR
FRQPD\RUIUHFXHQFLD
 3RQJDXQUHFLSLHQWHDGHFXDGREDMRODPDQJXHUDGHYDFLDGR
 $EUDHOFDSXFKµQGHODY£OYXODGHYDFLDGR % HQHOIRQGRGHO
GHSµVLWR
 $EUDHOWDSµQGHOOHQDGR
 &RQHFWHODPDQJXHUDGHYDFLDGR ) \YDF¯HFXDOTXLHU
VHGLPHQWRTXHKD\D

$9,62
'HVHFKHORVILOWURVDFHLWHV\IOXLGRVGHIRUPDVHJXUDSDUDHO
PHGLRDPELHQWH
 'HVFRQHFWHODPDQJXHUDGHYDFLDGR\PRQWHHOFDSXFKµQGH
% ODY£OYXODHQVXVLWLR
) 9  &LHUUHHOWDSµQGHOOHQDGR

% 6RPEUHUHWHGHY£OYXODGHYDFLDGR
) 0DQJXHUDGHYDFLDGR


6HSDUDGRUGHDJXDYDFLDGR
(OHOHPHQWRGHOILOWURGHOVHSDUDGRUGHDJXDHVW£GLVH³DGRSDUD
HOLPLQDUHODJXDGHOFRPEXVWLEOHVXPLQLVWUDGRDOPRWRU
$ &RPSUXHEH\YDF¯HHODJXDHQHOHOHPHQWRGHOILOWURGHOVHSDUDGRU
GHDJXDFXDQGRDSDUH]FDODSDQWDOODGHFRPSUREDFLµQSDUDDJXD
% HQOD,(&8
&  3RQJDXQUHFLSLHQWHDGHFXDGREDMRODPDQJXHUDGHYDFLDGR
' ( 
(  $EUDODY£OYXODGHYDFLDGR & \YDF¯HHOVHGLPHQWRHQXQ
9 UHFLSLHQWH
$ &DUWXFKRGHILOWUR
% &DUFDVD
& 9£OYXODGHYDFLDGR $9,62
' &RQHFWRUGHOVHQVRU 'HVHFKHORVILOWURVDFHLWHV\IOXLGRVGHIRUPDVHJXUDSDUDHO
( 0DQJXHUDGHYDFLDGR PHGLRDPELHQWH

 &LHUUHODY£OYXODGHYDFLDGR & 
6HUYLFLR\PDQWHQLPLHQWR 
6LVWHPDGHFRPEXVWLEOH 

&DUWXFKRGHILOWURGHOVHSDUDGRUGHDJXD
FDPELR
&DPELHHOHOHPHQWRGHOILOWURGHOVHSDUDGRUGHDJXDFDGD
KRUDV
 3RQJDXQUHFLSLHQWHDGHFXDGREDMRODPDQJXHUDGHYDFLDGR
( 
 $EUDODY£OYXODGHYDFLDGR & \YDF¯HHOFRPEXVWLEOHGHO
$ HOHPHQWRGHOILOWURGHOVHSDUDGRUGHDJXD

%
& $9,62
' 'HVHFKHORVILOWURVDFHLWHV\IOXLGRVGHIRUPDVHJXUDSDUDHO
( PHGLRDPELHQWH
9
 &LHUUHODY£OYXODGHYDFLDGR & 
$ &DUWXFKRGHILOWUR
 'HVFRQHFWHHOFRQHFWRUGHOVHQVRU ' 
% &DUFDVD
& 9£OYXODGHYDFLDGR
 4XLWHHOILOWUR $ LQFOX\HQGRHOFRQMXQWRGHODFDUFDVD % FRQ
' &RQHFWRUGHOVHQVRU VHQVRU\Y£OYXODGHYDFLDGR & /LPSLHWRGRHOFRPEXVWLEOH
( 0DQJXHUDGHYDFLDGR GHUUDPDGR
  4XLWHHOFRQMXQWRGHODFDUFDVD\DS£UWHORDXQODGRSDUD
PRQWDUORSRVWHULRUPHQWH
 &RPSUXHEHHOHVWDGRGHODURWµULFRVXVWLWX\«QGRORVLHVW£
GD³DGR
 0RQWHFRQFXLGDGRHOFRQMXQWRGHODFDUFDVDFRQHOILOWUR
QXHYR$SUL«WHORVRODPHQWHFRQODPDQR
 /LPSLHODVXSHUILFLHGHPRQWDMHGHOHOHPHQWROOHQH
FRPEXVWLEOHHQHOILOWUR\DSOLTXHXQDSHTXH³DFDQWLGDGGH
FRPEXVWLEOHDODMXQWDGHOILOWURQXHYR
 0RQWHHOILOWURQXHYRKDVWDTXHKDJDFRQWDFWRFRQODVXSHUILFLH
GHPRQWDMH$SULHWHHOILOWUR\ODFDUFDVD
 &RQHFWHHOFRQHFWRUGHOVHQVRU ' 
 3XUJXHHODLUHGHOVLVWHPD

6HSDUDGRUGHDJXDDGLFLRQDOYDFLDGR
RSFLRQDO
(OVHSDUDGRUGHDJXDDGLFLRQDOHVW£GLVH³DGRSDUDHOLPLQDUHO
DJXDGHOFRPEXVWLEOHVXPLQLVWUDGRDOPRWRU
$
&RPSUXHEH\YDF¯HHODJXDHQHOVHSDUDGRUGHDJXDDGLFLRQDO
FXDQGRDSDUH]FDODSDQWDOODGHFRPSUREDFLµQSDUDDJXDHQOD,
(&8
 3RQJDXQUHFLSLHQWHDGHFXDGREDMRODPDQJXHUDGHYDFLDGR

% & 
&  $EUDODY£OYXODGHYDFLDGR % \YDF¯HHOVHGLPHQWRHQXQ
UHFLSLHQWH

$9,62
'HVHFKHORVILOWURVDFHLWHV\IOXLGRVGHIRUPDVHJXUDSDUDHO
PHGLRDPELHQWH
 &LHUUHODY£OYXODGHYDFLDGR % 

9

$ 6HSDUDGRUGHDJXDDGLFLRQDO
% 9£OYXODGHYDFLDGR
& 0DQJXHUDGHYDFLDGR
 6HUYLFLR\PDQWHQLPLHQWR
 6LVWHPDGHFRPEXVWLEOH


(OHPHQWRGHILOWURGHVHSDUDGRUGHDJXD
DGLFLRQDOFDPELR
RSFLRQDO
&DPELHHOHOHPHQWRGHOILOWURGHOVHSDUDGRUGHDJXDDGLFLRQDO
FDGDKRUDV
'  3RQJDXQUHFLSLHQWHDGHFXDGREDMRODPDQJXHUDGHYDFLDGR
% 
(  *LUHODY£OYXODGHFLHUUHGHFRPEXVWLEOH & |HQVHQWLGRGH
ODVDJXMDVGHOUHORMSDUDFHUUDUHOFRPEXVWLEOH
 $EUDODY£OYXODGHYDFLDGR $ \YDF¯HHOFRPEXVWLEOHGHO
& HOHPHQWRGHOILOWURGHOVHSDUDGRUGHDJXDDGLFLRQDO
$
% $9,62
'HVHFKHORVILOWURVDFHLWHV\IOXLGRVGHIRUPDVHJXUDSDUDHO
PHGLRDPELHQWH
 &LHUUHODY£OYXODGHYDFLDGR $ 
 5HWLUHODFXELHUWDGHOVHSDUDGRUGHDJXDDGLFLRQDO ' JLUDQGR
ODPDQLOODGHODFXELHUWDHQVHQWLGRFRQWUDULRDODVDJXMDVGHO
UHORM
 5HWLUHHOHOHPHQWRGHOILOWURGHOVHSDUDGRUGHDJXDDGLFLRQDO
( 
 0RQWHHOHOHPHQWRGHOILOWURQXHYR\ODFXELHUWD
 *LUHODY£OYXODGHFLHUUHGHFRPEXVWLEOH|HQVHQWLGR
9 FRQWUDULRDOGHODVDJXMDVGHOUHORM
$ 9£OYXODGHYDFLDGR  3XUJXHHODLUHGHOVLVWHPD9HDODS£JLQD
% 0DQJXHUDGHYDFLDGR
& 9£OYXODGHFLHUUHGHFRPEXVWLEOH
' &XELHUWD
( &DUWXFKRGHILOWUR

6HUYLFLR\PDQWHQLPLHQWR 
)LOWURGHDLUHGHOPRWRU 

)LOWURGHDLUHGHOPRWRU
(OILOWURGHDLUHLPSLGHTXHSHQHWUHQSROYR\RWUDVLPSXUH]DVHQ
HOPRWRU(ODLUHSDVDSULPHURSRUHOILOWURSULPDULR\OXHJRSRUHO
) & ILOWURVHFXQGDULR
  (OGHVJDVWHGHOPRWRUGHSHQGHHQJUDQPHGLGDGHODOLPSLH]DGHO
DLUHGHDGPLVLµQ3RUHVWHPRWLYRHVGHVXPDLPSRUWDQFLD
FRPSUREDU\PDQWHQHUGHIRUPDDGHFXDGDHOILOWURGHDLUH
3URFHGDFRQODP£[LPDOLPSLH]DDOWUDEDMDUFRQHOILOWURGHDLUH\
VXVFRPSRQHQWHV

9
$9,62
 3DQWDOODGHFRPSUREDFLµQ
 ,QGLFDGRU
1RKDJDIXQFLRQDUHOPRWRUEDMRQLQJXQDFLUFXQVWDQFLDVLQILOWUR
RFRQXQILOWURGD³DGR7HQJDVLHPSUHXQILOWURGHUHSXHVWRD

PDQR\JX£UGHORELHQSURWHJLGRFRQWUDODVXFLHGDG
&RPSUXHEHGHIRUPDSHULµGLFDODHVWDQTXHLGDGGHODV
FRQH[LRQHVGHWXERV\PDQJXHUDVTXHXQHQHOILOWURGHDLUHFRQ
HOFROHFWRUGHDGPLVLµQGHOPRWRU


 6HUYLFLR\PDQWHQLPLHQWR
 )LOWURGHDLUHGHOPRWRU

)LOWURGHDLUHGHOPRWRUILOWURSULPDULROLPSLH]D
\VXVWLWXFLµQ
/LPSLHHOILOWURFXDQGRDSDUH]FDHQOD,(&8ODSDQWDOODGH
FRPSUREDFLµQSDUDILOWURGHDLUHGHOPRWRUREVWUXLGR(OILOWUR
SXHGHOLPSLDUVHXQP£[LPRGHFLQFRYHFHV$SDUWLUGHHVRR
FRPRP£[LPRGHVSX«VGHXQD³RVHU£QHFHVDULRVXVWLWXLUHO
ILOWUR6XVWLWX\DWDPEL«QHOILOWURVLSUHVHQWDGD³RV
127$
1ROLPSLHHOILOWURVLODSDQWDOODGHFRPSUREDFLµQQRDSDUHFHHQ
OD,(&8
127$
8VHILOWURVGHDLUHRULJLQDOHVGH9ROYR'HRWURPRGRHVSRVLEOH
TXH9ROYRQRVHKDJDFDUJRGHIDOORVGHOPRWRU
9
' 6LHOLQGLFDGRUVLJXHHQFHQGLGRGHVSX«VGHFDPELDUROLPSLDUHO
& ILOWURSULPDULRVHU£QHFHVDULRFDPELDUHOILOWURVHFXQGDULR
&RPRHOLQWHUYDORHQWUHFDPELRVGHILOWURGHSHQGHWRWDOPHQWHGH
ODVFRQGLFLRQHVGHOHQWRUQRRSHUDFLRQDOGHODP£TXLQDDYHFHV
SXHGHVHUQHFHVDULRFDPELDUHOILOWURFRQPD\RUIUHFXHQFLD
% $OOLPSLDUHOILOWURSULPDULRPDUTXHHQHOILOWURVHFXQGDULRFX£QWDV
YHFHVVHKDOLPSLDGRHOILOWURSULPDULR
$
/LPSLH]DPHF£QLFD

 $EUDODWDSD % 
 3UHVLRQHHOSUHILOWUR & FRQDPERVSXOJDUHVDOPLVPRWLHPSR
TXHWLUDGH«OKDFLDDIXHUD(VWRVLUYHSDUDLPSHGLUTXHHOILOWUR
VHFXQGDULR ' VDOJDMXQWRFRQHOSUHILOWUR
 6DFXGDFRQFXLGDGRODSDUWHSODQDGHOFDUWXFKRGHILOWURFRQWUD
XQDVXSHUILFLHEODQGD\OLPSLD
 0RQWHHOILOWURSULPDULR\ODWDSD
127$
1RJROSHHHOILOWURFRQWUDXQREMHWRGXUR
/LPSLH]DFRQDLUHFRPSULPLGR
 8WLOLFHDLUHFRPSULPLGROLPSLR\VHFRDXQDSUHVLµQP£[LPD
GHN3D EDUHV  SVL 1RPDQWHQJDODERTXLOODDXQD
GLVWDQFLDPHQRUGHDFP DLQ 
 6RSOHGHVGHHOLQWHULRUGHOILOWURVLJXLHQGRORVSOLHJXHV
 &RPSUXHEHHOILOWURFRQD\XGDGHXQDOLQWHUQD
 6LHQFXHQWUDHOP£VP¯QLPRRULILFLRDUD³D]RJULHWDXRWUR
GD³RGHVHFKHHOILOWUR
 0RQWHHOILOWURSULPDULR\ODWDSD
9 127$
 3DUDGHVFXEULUORVGD³RVFRQPD\RUIDFLOLGDGGHEHUHDOL]DUVH
HVWHFRQWUROHQXQORFDODRVFXUDV
6HUYLFLR\PDQWHQLPLHQWR 
)LOWURGHDLUHGHOPRWRU 
0RWRUILOWURGHDLUHILOWURVHFXQGDULR
VXVWLWXFLµQ
' 6XVWLWX\DHOILOWURVHFXQGDULRFDGDYHFHVTXHFDPELHHOILOWUR
& SULPDULRRFRPRP¯QLPRFDGDD³RV
6LHOLQGLFDGRUVLJXHHQFHQGLGRDSHVDUGHTXHVHKDOLPSLDGRR
VXVWLWXLGRHOILOWURSULPDULRVHU£QHFHVDULRVXVWLWXLUHOILOWUR
VHFXQGDULR
(OILOWURVHFXQGDULR ' DFW¼DFRPRILOWURGHSURWHFFLµQHQFDVRGH
GD³RVHQHOILOWURSULPDULR & 
9
127$
(OILOWURSULPDULRGHEHVXVWLWXLUVHVLHPSUHQXQFDVHOLPSLD
& )LOWURSULPDULR
127$
' )LOWURVHFXQGDULR
1RGHVPRQWHQXQFDHOILOWURVHFXQGDULRVLQRHVSDUDVXVWLWXLUOR

 (VQHFHVDULRTXLWDUHOILOWURVHFXQGDULRFRQFXLGDGR\
SUHFLVLµQSDUDTXHQRSHQHWUHQLPSXUH]DVHQHOPRWRU
 &RPSUXHEHFXLGDGRVDPHQWHTXHHOILOWURVHFXQGDULRQXHYR
HVW£PRQWDGRFRUUHFWDPHQWH

$9,62
'HVHFKHORVILOWURVDFHLWHV\IOXLGRVGHIRUPDVHJXUDSDUDHO
PHGLRDPELHQWH

0RWRUWDSDGHOILOWURGHDLUHWDSDOLPSLH]D
/DWDSDGHOILOWURGHDLUHGHEHOLPSLDUVHFXDQGRVHOLPSLDHOILOWUR
SULPDULR
 4XLWHODWDSD % \ODY£OYXOD $ GHOILOWURGHDLUH
 9DF¯H\OLPSLHODWDSD\ODY£OYXOD
 &ROµTXHORVHQHOILOWURGHDLUH
%

$
9

$ 9£OYXOD9DFXDWRU
% &XELHUWD



 6HUYLFLR\PDQWHQLPLHQWR
 )LOWURGHDLUHGHOPRWRU

)LOWURGHDLUHHQED³RGHDFHLWH
RSFLRQDO

)LOWURGHDLUHHQED³RGHDFHLWHFRQWURO
&RPSUXHEHHOQLYHOGHODFHLWHFDGDKRUDV
&XDQGRWUDEDMHHQXQHQWRUQRHVSHFLDOPHQWHSROYRULHQWRVH
SXHGHLQVWDODUHOILOWURHQED³RGHDFHLWHHQVHULHFRQHOILOWURGH
DLUHH[LVWHQWHGHWLSRVHFR(VWRSURSRUFLRQDU£VHJXULGDG
DGLFLRQDOFRQWUDORVGD³RVHQHOPRWRU
/RVILOWURVGHVPRQWDEOHV\ILMRVVRQODVSDUWHVRSHUDWLYDVP£V
VHQVLEOHVGHOILOWURGHDLUH(OILOWURGHDLUHQRSXHGHIXQFLRQDU
GHELGDPHQWHDPHQRVTXHVHPDQWHQJDOLPSLR8QILOWURREVWUXLGR
QRVµORFRQGXFHDGHVJDVWHH[FHVLYRGHOPRWRUVLQRWDPEL«QD
SHUGLGDGHSRWHQFLDGHOPRWRU
9
 (OFRQMXQWRGHODSDQWDOODGHOILOWURGHEHVHUUHWLUDGRGHODFXEHWD
GHDFHLWHHLQVSHFFLRQDGRFDGDKRUDV

)LOWURGHDLUHHQED³RGHDFHLWHVXVWLWXFLµQ
&DPELHHODFHLWHFDGDKRUDVRVLVHKDYXHOWRORGRVR
6LHODFHLWHVHKDYXHOWRORGRVRRVLH[LVWHQVHGLPHQWRVHQHOODGR
LQIHULRUGHOILOWURHODFHLWHVHWLHQHTXHFDPELDU\KD\TXHOLPSLDU
HOGHSµVLWR\HOILOWUR5HOOHQHFRQDFHLWHGHODPLVPDYLVFRVLGDG
TXHHQHOPRWRU
6HUYLFLR\PDQWHQLPLHQWR 
)LOWURGHDLUHGHOPRWRU 

)LOWURGHDLUHHQED³RGHDFHLWHOLPSLH]D
/LPSLHHOILOWURUHWLFXODGRFDGDKRUDVRVHJ¼QODVH³DOGH
REWXUDFLµQ
/DSRUFLµQLQIHULRUGHOFRQMXQWRGHFXHUSRVHGHEHLQVSHFFLRQDU
HQFDGDVHUYLFLRGHOILOWURGHDLUH6LVHDGYLHUWHHOPHQRUVLJQR
GHDFXPXODFLµQGHLPSXUH]DVRGHREVWUXFFLµQVHGHEHVDFDUHO
FRQMXQWRGHFXHUSR\OLPSLDUOR6DTXHHOFRQMXQWRGHFXHUSRDO
PHQRVXQDYH]DOD³R\FXPSOLUHVWRVSDVRVGHVHUYLFLRGH
PDQWHQLPLHQWR
 3DUHHOPRWRU
 $EUDODVILMDFLRQHVGHODFDUFDVDGHOILOWURGHDLUH
 5HWLUHFXLGDGRVDPHQWHHOFRQWHQHGRUGHDFHLWHGHODSDUWH
LQIHULRU
 9DF¯HHOFRQWHQHGRUGHDFHLWH\O¯PSLHOR
$
$9,62
% 'HVHFKHORVILOWURVDFHLWHV\IOXLGRVGHIRUPDVHJXUDSDUDHO
PHGLRDPELHQWH
&
 &RPSUXHEHODVMXQWDVSDUDGHWHUPLQDUVLH[LVWHQGD³RV\
F£PELHODVVLHVQHFHVDULR
'  $FODUHODFDUFDVD\HOILOWURUHWLFXODGRFRQDFHLWH
 /OHQHHOFRQWHQHGRUGHDFHLWHFRQDFHLWHGHPRWRU
9 H[DFWDPHQWHKDVWDODPDUFDGHDFHLWHGHOFRQWHQHGRU
$ &DUFDVDGHOILOWURGHDLUH  &RORTXHHOFRQWHQHGRUGHDFHLWHHQODFDUFDVD\FLHUUHODV
% ,QVHUWHODMXQWD ILMDFLRQHV
& )LOWURUHWLFXODGR  $VHJ¼UHVHGHTXHODSRVLFLµQHVFRUUHFWD
' &RQWHQHGRUGHDFHLWH



 6HUYLFLR\PDQWHQLPLHQWR
 6LVWHPDGHUHIULJHUDFLµQ

6LVWHPDGHUHIULJHUDFLµQ
5HIULJHUDQWH

$9,62
6LDSDUHFHODDGYHUWHQFLDGHDOWDWHPSHUDWXUDGHOUHIULJHUDQWHHQ
ODXQLGDGGHSDQWDOODVHU£QHFHVDULRSDUDUHOPRWRU
LQPHGLDWDPHQWH
&RPSUXHEHHOFRQWHQLGRGHUHIULJHUDQWH  FDGDKRUDVR
YH]DOD³R
(OVLVWHPDGHUHIULJHUDFLµQHVW£OOHQRGHUHIULJHUDQWH9ROYR9&6
TXHFXPSOHFRQORVP£VHOHYDGRVUHTXLVLWRVGHSURWHFFLµQFRQWUD
ODFRQJHODFLµQODSURWHFFLµQ\ODFDYLWDFLµQ3DUDLPSHGLUORV
GD³RVDOPRWRUHVPX\LPSRUWDQWHTXHVHXVHUHIULJHUDQWH9ROYR
9&6FXDQGRVHUHOOHQHRVHFDPELHHOUHIULJHUDQWH
(OUHIULJHUDQWH9ROYR9&6HVDPDULOOR\XQDSHJDWLQDHQHOSXQWR
GHOOHQDGRPXHVWUDTXHHOVLVWHPDHVW£OOHQRFRQHVWHUHIULJHUDQWH
YHDODILJXUD 

$9,62
3DUDHYLWDUGD³RVDOPRWRUQRGHEHPH]FODUVHQXQFDHO
UHIULJHUDQWH9ROYR&RRODQW9&6FRQQLQJ¼QRWURUHIULJHUDQWHR
SURWHFFLµQDQWLFRUURVLµQ

9
3DUDODFDSDFLGDGGHOVLVWHPDHQHOFDPELRYHDODS£JLQD

6LVHXVDUHIULJHUDQWH9ROYR9&6FRQFHQWUDGR\DJXDOLPSLD YHD
ODS£JLQD ODWDEODVLJXLHQWHPXHVWUDODFDQWLGDGDSUR[LPDGD
GHUHIULJHUDQWHFRQFHQWUDGRQHFHVDULDSDUDSURWHFFLµQFRQWUDOD
FRQJHODFLµQ(OFRQWHQLGRGHUHIULJHUDQWH9ROYR9&6QRGHEHVHU
QXQFDLQIHULRUDOGHODPH]FODWRWDO
6LKD\DOJXQDGXGDVREUHODFDOLGDGGHODJXDXVHHOUHIULJHUDQWH
9ROYR9&6\DPH]FODGRTXHFRQWLHQHGHUHIULJHUDQWH
FRQFHQWUDGR

$9,62
&RQHOILQGHHYLWDUORVGD³RVHQHOPRWRU\HOVLVWHPDGH
UHIULJHUDFLµQQRVHGHEHQPH]FODUGLVWLQWDVPDUFDVGH
DQWLFRQJHODQWHRGHDJHQWHGHSURWHFFLµQFRQWUDODFRUURVLµQ

3URWHFFLµQFRQWUDOD &RQWHQLGRGHUHIULJHUDQWH
FRQJHODFLµQKDVWD FRQFHQWUDGR
r& r) 
r& r) 
r& r) 
6HUYLFLR\PDQWHQLPLHQWR 
6LVWHPDGHUHIULJHUDFLµQ 
1LYHOGHOUHIULJHUDQWHFRQWURO
&RPSUXHEHHOQLYHOGHOUHIULJHUDQWHFXDQGRDSDUH]FDHQOD,(&8
ODSDQWDOODGHDGYHUWHQFLDSDUDEDMRQLYHOGHUHIULJHUDQWH9HDOD
S£JLQD

$'9(57(1&,$
$EULUODWDSDGHOUDGLDGRUFRQFXLGDGRVLHOPRWRUHVW£FDOLHQWH
(QHOUDGLDGRUHVW£VRPHWLGRDVREUHSUHVLµQORTXHFDXVDUTXH
VDOJDQSUR\HFWDGRVFKRUURVGHUHIULJHUDQWH
 &RORTXHODP£TXLQDHQXQWHUUHQROODQRILUPH\QLYHODGR
 $EUDHOFDSµ
 &RPSUXHEHHOQLYHOGHOUHIULJHUDQWH
6LHOQLYHOGHOUHIULJHUDQWHHVLQIHULRUDODPDUFD0,1HQHO
$ 9
GHSµVLWRUHOOHQHUHIULJHUDQWHSRUHOWDSµQGHOOHQDGRDXQQLYHO
$ 7DSµQGHOOHQDGR HQWUHODVPDUFDV0,1\0$;



 6HUYLFLR\PDQWHQLPLHQWR
 6LVWHPDGHUHIULJHUDFLµQ

5HIULJHUDQWHFDPELR
&DPELHHOUHIULJHUDQWHFDGDKRUDVRFDGDFXDWURD³RV

$9,62
3DUDHYLWDUGD³RVDOPRWRUQRGHEHPH]FODUVHQXQFDHO
UHIULJHUDQWH9ROYR&RRODQW9&6FRQQLQJ¼QRWURUHIULJHUDQWHR
SURWHFFLµQDQWLFRUURVLµQ

$'9(57(1&,$
$QWHVGHGHVPRQWDUODWDSDGHOUDGLDGRUSDUHHOPRWRU\GHMHTXH
VHHQIU¯HORVXILFLHQWH$OGHVPRQWDUODGHVHQUµVTXHODOHQWDPHQWH
SDUDGHMDUVDOLUODSUHVLµQ
 $EUDHOFDSµ\UHWLUHOHQWDPHQWHODWDSDGHOOHQDGR $ GHO
GHSµVLWRGHH[SDQVLµQ/LEHUHODSUHVLµQLQWHUQDGHOGHSµVLWR
GHH[SDQVLµQDQWHVGHDEULUODWDSD
 $EUDODSXHUWDL]TXLHUGDGHODP£TXLQD\UHWLUHODWDSDGHOD
Y£OYXODGHYDFLDGR % GHOUDGLDGRU
 0RQWHODPDQJXHUDGHYDFLDGRHQHOUDGLDGRUSDUDYDFLDUHO
UHIULJHUDQWHHQXQFRQWHQHGRU
127$
&RORTXHXQFRQWHQHGRUGHOWDPD³RDGHFXDGREDMROD
PDQJXHUDGHYDFLDGR

$9,62
'HVHFKHORVILOWURVDFHLWHV\IOXLGRVGHIRUPDVHJXUDSDUDHO
$ 9
PHGLRDPELHQWH
$ 7DSµQGHOOHQDGR
127$

(OVLVWHPDGHUHIULJHUDFLµQQRHVW£VHJXURFRQWUDODFRQJHODFLµQ
GHVSX«VGHOYDFLDGR3XHGHQTXHGDUD¼QEROVDVGHDJXD
 7UDVHOYDFLDGRUHWLUHODPDQJXHUDGHYDFLDGRGHOUDGLDGRU\
PRQWHODWDSDGHODY£OYXODGHYDFLDGR % HQHOUDGLDGRU
 /OHQHHOUHIULJHUDQWHUHFRPHQGDGRDWUDY«VGHOWDSµQGH
OOHQDGR $ 
 $UUDQTXHHOPRWRU\K£JDORIXQFLRQDUHQUDOHQW¯EDMRGXUDQWH
DSUR[LPDGDPHQWHPLQXWRV
 3DUHHOPRWRU\UHOOHQHUHIULJHUDQWHKDVWDHOQLYHOFRUUHFWRHQ
HOGHSµVLWRGHH[SDQVLµQ
%  &RORTXHHOFDSXFKµQGHOOHQDGR $ 
3DUDODFDSDFLGDGGHOGHSµVLWRGHUHIULJHUDQWHYHDODS£JLQD
9


% 7DSµQGHODY£OYXODGHYDFLDGR $9,62

1XQFDSRQJDUHIULJHUDQWHIU¯RVLHOPRWRUHVW£FDOLHQWH3XHGHQ
IRUPDUVHJULHWDVHQHOEORTXHGHPRWRU\HQODFXODWD
6LQRVHFDPELDHOUHIULJHUDQWHSXHGHQIRUPDUVHREVWUXFFLRQHV
\VHFRUUHHOULHVJRGHTXHHOPRWRUVHJULSH
6HUYLFLR\PDQWHQLPLHQWR 
6LVWHPDGHUHIULJHUDFLµQ 

5DGLDGRU\HQIULDGRUHVOLPSLH]D
(OLQWHUYDORGHOLPSLH]DGHSHQGHGHOHQWRUQRGHWUDEDMRGHOD
P£TXLQD3RUHOOROLPSLHWRGDVODVDOHWDVFXDQGRVHDQHFHVDULR
RFRPRP¯QLPRFDGDKRUDV
6LODWHPSHUDWXUDGHOPRWRUVXEHGHPDVLDGRLQFOXVRVLHQGR
FRUUHFWRHOQLYHOGHFRPEXVWLEOHHVTXHGHEHOLPSLDUVHHO
UDGLDGRU

$'9(57(1&,$
&XDQGRXWLOLFHP«WRGRVGHOLPSLH]DSRUDLUHFRPSULPLGRFKRUURV
GHDJXDRYDSRUFRPSUXHEHTXHVHOOHYDURSDGHSURWHFFLµQ
DGHFXDGDSDUDSURWHJHUORVRMRV\ODVSDUWHVH[SXHVWDVGHO
FXHUSR

$'9(57(1&,$
8VHJDIDVGHSURWHFFLµQRXQDPDVFDULOODGXUDQWHODOLPSLH]D1R
OLPSLHHOFRQGHQVDGRUGHODFRQGLFLRQDGRUGHDLUHFRQYDSRU
&  $EUDODSXHUWDODWHUDOL]TXLHUGDGHODP£TXLQD
 5HWLUHODVKRMDVSHJDGDVDOFRQGHQVDGRU % 
'  5HWLUHORVWRUQLOORV $ HQHOVRSRUWHGHOFRQGHQVDGRU
 *LUHHOFRQGHQVDGRUKDFLDIXHUD % 
 'HVPRQWHODVWXHUFDVGHPDULSRVD & 
 ([WUDLJDODVUHMLOODVGHOUDGLDGRU ' \O¯PSLHODV
%  /LPSLHFRQDLUHFRPSULPLGRRYDSRUHOEDUURHOSROYR\ODV
KRMDVDGKHULGRVDODVDOHWDVGHUDGLDGRU\GHOHQIULDGRUGH
$ DFHLWH
 &RPSUXHEHVLODPDQJXHUDGHJRPDSUHVHQWDGHVJDVWHR
JULHWDV\VXVWLW¼\DODVLHVW£HVWURSHDGD&RPSUXHEHHODSULHWH
GHODDEUD]DGHUDGHPDQJXHUD
'
 9XHOYDDPRQWDUODVUHMLOODVFRQODVWXHUFDVGHPDULSRVD\HO
FRQGHQVDGRUFRQORVWRUQLOORV
&
$9,62
&XDQGRXVHDLUHFRPSULPLGRPDQWHQJDODERTXLOODDXQDFLHUWD
GLVWDQFLDGHODVDOHWDVSDUDHYLWDUORVGD³RV/DVDOHWDVGD³DGDV
SXHGHQFDXVDUIXJDVRVREUHFDOHQWDPLHQWR
6LODWHPSHUDWXUDGHOPRWRUSHUPDQHFHDOWDGHVSX«VGHOLPSLDU
HOUDGLDGRUGLU¯MDVHDXQWDOOHURILFLDOGH9ROYRSDUDUHPHGLDUOR

9

$ 7RUQLOORV
% &RQGHQVDGRU
& 7XHUFDVGHPDULSRVD
' 5HMLOODVGHOUDGLDGRU

 6HUYLFLR\PDQWHQLPLHQWR
 6LVWHPDHO«FWULFR

6LVWHPDHO«FWULFR
1RUPDVGHVHJXULGDG

$'9(57(1&,$
5LHVJRGHTXHPDGXUDVTX¯PLFDV
(OHOHFWUROLWRGHODEDWHU¯DFRQWLHQH£FLGRVXOI¼ULFRFRUURVLYRTXH
SRGU¯DFDXVDUJUDYHVTXHPDGXUDVTX¯PLFDV
6LGHUUDPDHOHFWUROLWRHQODSLHOGHVQXGDTX¯WHORLQPHGLDWDPHQWH
\ODYHOD]RQDDIHFWDGDFRQDJXD\MDEµQHQDEXQGDQFLD6LOH
VDOSLFDHQORVRMRVRHQFXDOTXLHURWUDSDUWHVHQVLEOHGHOFXHUSR
HQMXDJXHFRQDJXDHQDEXQGDQFLD\DFXGDLQPHGLDWDPHQWHDXQ
P«GLFR
1RIXPHFHUFDGHODVEDWHU¯DV\DTXH«VWDVSURGXFHQJDVHV
H[SORVLYRV
$VHJ¼UHVHGHTXHQRHQWUHHQFRQWDFWRFRQORVERUQHVGHOD
EDWHU¯DREMHWRVGHPHWDOWDOHVFRPRKHUUDPLHQWDVDQLOORV\
EUD]DOHWHVGHUHORM
$VHJ¼UHVHGHTXHVLHPSUHHVW«QPRQWDGDVODVSURWHFFLRQHV
VREUHORVERUQHVGHODEDWHU¯D
1RLQFOLQHQXQFDXQDEDWHU¯DHQQLQJXQDGLUHFFLµQ3XHGH
VDOLUVHHOHOHFWUµOLWRGHODEDWHU¯D
1RFRQHFWHXQDEDWHU¯DGHVFDUJDGDHQVHULHFRQRWUD
WRWDOPHQWHFDUJDGD5LHVJRGHH[SORVLµQ
3DUDTXLWDUXQDEDWHU¯DGHFRQHFWHSULPHURHOFDEOHGHPDVD
\SDUDODLQVWDODFLµQFRQHFWHHOFDEOHGHPDVDHQ¼OWLPROXJDU
SDUDUHGXFLUHOULHVJRGHFKLVSDV
/DVEDWHU¯DVGHVHFKDGDVGHEHQWUDWDUVHVHJ¼QODV
GLVSRVLFLRQHVPHGLRDPELHQWDOHVQDFLRQDOHV
&DUJDGHODVEDWHU¯DVHQODS£JLQD
$UUDQTXHFRQEDWHU¯DVDX[LOLDUHVHQODS£JLQD
6HUYLFLR\PDQWHQLPLHQWR 
6LVWHPDHO«FWULFR 

,QWHUUXSWRUGHEDWHU¯D

$9,62
   1RGHVFRQHFWHHOLQWHUUXSWRUGHEDWHU¯DPLHQWUDVHVW«HQPDUFKD
HOPRWRU\DTXHVHSXHGHGD³DUHOVLVWHPDHO«FWULFR
(OLQWHUUXSWRUGHEDWHU¯D  HVW£VLWXDGRGHQWURGHODSXHUWDODWHUDO
L]TXLHUGDGHODP£TXLQD3DUDVROGDUHIHFWXDUHOPDQWHQLPLHQWR
GHOVLVWHPDHO«FWULFRRSRUUD]RQHVGHVHJXULGDGDOFRQFOXLUOD
MRUQDGDVHGHEHGHVFRQHFWDUHOLQWHUUXSWRUGHEDWHU¯D

9

 ,QWHUUXSWRUGHEDWHU¯D
 3RVLFLµQGHVFRQHFWDGD
 3RVLFLµQFRQHFWDGD


1LYHOGHHOHFWUROLWRGHODEDWHU¯DFRQWURO
&RPSUXHEHHOQLYHOGHOHOHFWUROLWRFDGDKRUDV FRQPD\RU
IUHFXHQFLDDWHPSHUDWXUDVSRUHQFLPDGHr& r) 

$9,62
1RJXDUGHQXQFDHQODFDMDGHEDWHU¯DVREMHWRVTXHSXHGDQGD³DU
ORVFDEOHV

$'9(57(1&,$
*DVHVH[SORVLYRV/DVOODPDV\FKLVSDVSXHGHQFDXVDUXQD
H[SORVLµQ1RIXPHFHUFDGHODVEDWHU¯DV

$'9(57(1&,$
(OHOHFWUROLWRGHODEDWHU¯DFRQWLHQH£FLGRVXOI¼ULFRFRUURVLYR
4XLWDULQPHGLDWDPHQWHODVVDOSLFDGXUDVGHHOHFWUROLWRHQODSLHO
/DYDUFRQDJXD\MDEµQHQDEXQGDQFLD(QFDVRGHVDOSLFDGXUD
HQORVRMRVRHQRWUDSDUWHVHQVLEOHGHOFXHUSRHQMXDJDU
LQPHGLDWDPHQWHFRQDJXDHQDEXQGDQFLD\DFXGLUHQVHJXLGDD
XQP«GLFR
 $EUDODSXHUWDODWHUDOL]TXLHUGDGHODP£TXLQD
 &RPSUXHEHTXHHOLQWHUUXSWRUGHEDWHU¯DHVW£HQODSRVLFLµQ 
GHVDFWLYDGD\TXLWHODWDSDGHODVEDWHU¯DV
 4XLWHHOWDSµQ $ (OQLYHOGHOHOHFWUµOLWRGHEHU£HQFRQWUDUVH
DSUR[LPDGDPHQWHPP LQ SRUHQFLPDGHODVSODFDVGH
FHOGD
 5HOOHQHFRQDJXDGHVWLODGDFXDQGRVHDQHFHVDULR
 +DJDIXQFLRQDUODP£TXLQDGHVSX«VGHOOHQDUSDUDTXHHO
DJXDVHPH]FOHFRQHOHOHFWUµOLWRGHODEDWHU¯D(VWRHVP£V
$ LPSRUWDQWHHQWLHPSRIU¯R
 &RPSUXHEHTXHORVWHUPLQDOHVGHOFDEOH\ORVERUQHVGHOD
EDWHU¯DHVW£QOLPSLRVELHQDSUHWDGRV\UHFXELHUWRVGH
YDVHOLQDRXQSURGXFWRVLPLODU
9

 6HUYLFLR\PDQWHQLPLHQWR
 6LVWHPDHO«FWULFR

%DWHU¯DFDUJD

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

$'9(57(1&,$
5LHVJRGHTXHPDGXUDVTX¯PLFDV
(OHOHFWUROLWRGHODEDWHU¯DFRQWLHQH£FLGRVXOI¼ULFRFRUURVLYRTXH
SRGU¯DFDXVDUJUDYHVTXHPDGXUDVTX¯PLFDV
6LGHUUDPDHOHFWUROLWRHQODSLHOGHVQXGDTX¯WHORLQPHGLDWDPHQWH
\ODYHOD]RQDDIHFWDGDFRQDJXD\MDEµQHQDEXQGDQFLD6LOH
VDOSLFDHQORVRMRVRHQFXDOTXLHURWUDSDUWHVHQVLEOHGHOFXHUSR
HQMXDJXHFRQDJXDHQDEXQGDQFLD\DFXGDLQPHGLDWDPHQWHDXQ
P«GLFR
 'HVFRQHFWHVLHPSUHODFRUULHQWHGHFDUJDDQWHVGHTXLWDUODV
9 SLQ]DVGHOFDEOHGHFDUJD
  0DQWHQJDXQDEXHQDYHQWLODFLµQVREUHWRGRVLVHFDUJDOD
EDWHU¯DHQXQHVSDFLRFHUUDGR

&HQWUDOLWDHO«FWULFD
/RVUHO«V\ORVIXVLEOHVVHHQFXHQWUDQHQODFDMDGHGLVWULEXFLµQ
HO«FWULFDVLWXDGDHQODSDUWHSRVWHULRUGHODFDELQD
$

$9,62
% 1RLQVWDOHQXQFDXQIXVLEOHGHPD\RUDPSHUDMHTXHHOLQGLFDGR
HQODSHJDWLQD5LHVJRGHGD³RVRLQFHQGLRHQODWDUMHWDGH
FLUFXLWRVLPSUHVRV
/RVUHO«V\ORVIXVLEOHVTXHGDQI£FLOPHQWHDFFHVLEOHVDEULHQGROD
WDSDGHODFDMD(QHOLQWHULRUGHODWDSDVHHQFXHQWUDXQDSHJDWLQD
9
TXHPXHVWUDODVSRVLFLRQHV\HVSHFLILFDFLRQHVGHORVIXVLEOHV
FRUUHVSRQGLHQWHV9HDODS£JLQD
&HQWUDOHO«FWULFD
$ 5HO«V 127$
% )XVLEOHV 6LVHIXQGHXQIXVLEOHUHSHWLGDPHQWHHQODPLVPDSRVLFLµQVHU£
 QHFHVDULRLQYHVWLJDUODFDXVDGHOIDOOR
6HUYLFLR\PDQWHQLPLHQWR 
6LVWHPDHO«FWULFR 

6ROGDGXUD
$QWHVGHFRPHQ]DUODVROGDGXUDHO«FWULFDHQODP£TXLQDRHQ
LPSOHPHQWRVDFRSODGRVDHOODHVQHFHVDULRDGRSWDUODVPHGLGDV
VLJXLHQWHV
 'HVFRQHFWHODFRUULHQWHHO«FWULFDFRQHOLQWHUUXSWRUGHEDWHU¯D
 'HVFRQHFWHODVEDWHU¯DVWDQWRHOERUQHSRVLWLYRFRPRHO
QHJDWLYR
 'HVFRQHFWHODVXQLGDGHVHOHFWUµQLFDV9(&8((&8,
(&8(&&HWF«WHUD3DUDP£VLQIRUPDFLµQGLU¯MDVHDXQWDOOH
RILFLDOGH9ROYR&RQVWUXFWLRQ(TXLSPHQW
 $FRSOHODFRQH[LµQDPDVDGHOHTXLSRGHVROGDUORP£VFHUFD
SRVLEOHGHOSXQWRGHVROGDGXUD\DVHJ¼UHVHGHTXHQRSDVD
FRUULHQWHDWUDY«VGHQLQJ¼QFRMLQHWH
 0DQWHQJDXQDEXHQDYHQWLODFLµQVREUHWRGRVLODVROGDGXUD
VHUHDOL]DHQXQHVSDFLRFHUUDGR
 4XLWHWRGDODSLQWXUDHQXQUDGLRGHFRPRP¯QLPRFP LQ
DOUHGHGRUGHOSXQWRGHVROGDGXUD

$'9(57(1&,$
5LHVJRGHLQKDODFLµQGHWR[LQDV
/DFRPEXVWLµQGHSLH]DVSLQWDGDVGHSO£VWLFRRGHJRPD
SURGXFHJDVHVSHUMXGLFLDOHVSDUDODVY¯DVUHVSLUDWRULDV
1RTXHPHQXQFDQLQJXQDSLH]DSLQWDGDRGHJRPDQLQLQJ¼Q
SO£VWLFR

$9,62
(QWRGRVORVWUDEDMRVGHVROGDGXUDVHGHEHU£WHQHUDPDQRXQ
H[WLQWRUGHLQFHQGLRV
127$
1RVXHOGHQXQFDGLUHFWDPHQWHHQXQDVXSHUILFLHSLQWDGD\DTXH
ODFDOLGDG\ODUHVLVWHQFLDGHODVROGDGXUDVHU£QGHILFLHQWHV


 6HUYLFLR\PDQWHQLPLHQWR
 8QLGDGSURSXOVRUDGHEDODQFHR

8QLGDGSURSXOVRUDGHEDODQFHR
$9,62
/LPSLHVLHPSUHDOUHGHGRUGHODYDULOODGHQLYHOGHDFHLWHDQWHVGH
FRPSUREDUHOQLYHOGHODFHLWH/DVXFLHGDGHQHODFHLWHGD³DU£OD
FDMDGHOHQJUDQDMHGHJLUR
(VPX\LPSRUWDQWHTXHHOQLYHOGHDFHLWHVLHPSUHVHDFRUUHFWR\
TXHVHFRPSUXHEHODWHPSHUDWXUDGHWUDEDMRGHOPRWRU
 8QDFDQWLGDGGHDFHLWHLQVXILFLHQWHSXHGHFRQGXFLUD
OXEULFDFLµQLQVXILFLHQWHGHODXQLGDGSURSXOVRUDGHJLUR
FDXVDQGRGD³RVFRVWRVRV
 8QDFDQWLGDGGHDFHLWHH[FHVLYDSXHGHFRQGXFLUDIRUPDFLµQ
GHHVSXPDGHODFHLWHKDFLHQGRTXHODXQLGDGSURSXOVRUDGH
JLURVHUHFDOLHQWH

$'9(57(1&,$
c5LHVJRGHTXHPDGXUDV
/RVO¯TXLGRV\SLH]DVGHODP£TXLQDTXHHVW«QFDOLHQWHVSXHGHQ
FDXVDUTXHPDGXUDV
'HMHTXHODP£TXLQDVHHQIU¯HDQWHVGHLQLFLDUQLQJ¼QVHUYLFLR
6HUYLFLR\PDQWHQLPLHQWR 
8QLGDGSURSXOVRUDGHEDODQFHR 

8QLGDGSURSXOVRUDGHEDODQFHRFRQWUROGHO
QLYHOGHDFHLWH
&RQWUROHHOQLYHOGHDFHLWHFDGDKRUDV
 6DTXHODYDULOODGHPHGLFLµQ $ \V«TXHODFRQXQWUDSROLPSLR
 ,QWURGX]FDODYDULOODGHPHGLFLµQ\V£TXHODGHQXHYR
 &RPSUXHEHHOQLYHOGHDFHLWH6LHOQLYHOVHHQFXHQWUDHQHO
FHQWURGH'HOQLYHOHVFRUUHFWR
 6LHOQLYHOHVEDMRUHOOHQHDFHLWHSRUHODJXMHURGHOOHQDGR %
KDVWDHOQLYHOFRUUHFWR
 6LHOQLYHOHVDOWR
 'HVPRQWHODFXELHUWDLQIHULRU & 
 3RQJDXQUHFLSLHQWHDGHFXDGREDMRODY£OYXODGHYDFLDGR
( 
 $EUDODWDSDGHSURWHFFLµQGHODY£OYXODGHYDFLDGR ( 
$  &RQHFWHODPDQJXHUDGHYDFLDGR ) \YDF¯HDFHLWHKDVWD
REWHQHUHOQLYHOFRUUHFWR
%
 'HVFRQHFWHODPDQJXHUDGHYDFLDGR
 &LHUUHODWDSDGHSURWHFFLµQ
3DUDODHVSHFLILFDFLµQGHODFHLWHYHDODS£JLQD
'

)
&
9


8QLGDGSURSXOVRUDGHEDODQFHRFDPELRGH
DFHLWH
&DPELHHODFHLWHSDVDGDVODVSULPHUDVKRUDV\OXHJRFDGD
KRUDV
 'HVPRQWHODFXELHUWDLQIHULRU & 
 &RORTXHXQUHFLSLHQWHGHWDPD³RDGHFXDGREDMRODY£OYXODGH
ODXQLGDGSURSXOVRUDGHJLURSDUDUHFRJHUHODFHLWHYDFLDGR


 $EUDODWDSDGHSURWHFFLµQGHODY£OYXODGHYDFLDGR ( 
 &RQHFWHODPDQJXHUDGHYDFLDGR ) \YDF¯HHODFHLWH/D
PDQJXHUDHVODPLVPDXVDGDSDUDYDFLDUHODFHLWHGHPRWRU

$9,62
'HVHFKHORVILOWURVDFHLWHV\IOXLGRVGHIRUPDVHJXUDSDUDHO
PHGLRDPELHQWH
 'HVFRQHFWHODPDQJXHUDGHYDFLDGR ) 
 &LHUUHODWDSDGHSURWHFFLµQ ( 
 ([WUDLJDODYDULOODGHPHGLFLµQ $ \OOHQHFRQDFHLWHKDVWDHO
QLYHOFRUUHFWRDWUDY«VGHORULILFLRGHOOHQDGRGHDFHLWH % 
 &RPSUXHEHGHQXHYRHOQLYHOGHDFHLWH\VLHVQHFHVDULR
UHOOHQH
(VSHUHXQRVPLQXWRVSDUDFRPSUREDUHOQLYHOFRQSUHFLVLµQ
GHVSX«VGHOOHQDUDFHLWH3DUDODHVSHFLILFDFLµQGHODFHLWHYHD
ODS£JLQD
 6HUYLFLR\PDQWHQLPLHQWR
 8QLGDGSURSXOVRUDGHRUXJD

8QLGDGSURSXOVRUDGHRUXJD
$9,62
/LPSLHVLHPSUHDOUHGHGRUGHOWDSµQGHQLYHOGHDFHLWHDQWHVGH
FRPSUREDUHOQLYHOGHODFHLWH/DVXFLHGDGHQHODFHLWHGD³DU£OD
FDMDGHOHQJUDQDMHGHWUDVODFLµQ
(VPX\LPSRUWDQWHTXHHOQLYHOGHDFHLWHVLHPSUHVHDFRUUHFWR\
TXHVHFRPSUXHEHODWHPSHUDWXUDGHWUDEDMRGHOPRWRU
 8QDFDQWLGDGGHDFHLWHLQVXILFLHQWHSXHGHFRQGXFLUD
OXEULFDFLµQLQVXILFLHQWHGHODXQLGDGSURSXOVRUDGHRUXJD
FDXVDQGRGD³RVFRVWRVRV
 8QDFDQWLGDGGHDFHLWHH[FHVLYDSURGXFHIRUPDFLµQGH
HVSXPDHQHODFHLWHKDFLHQGRTXHODXQLGDGSURSXOVRUDGH
RUXJDVHUHFDOLHQWH

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

$'9(57(1&,$
5LHVJRGHLQ\HFFLµQGHDOWDSUHVLµQ
/DSUHVLµQUHVLGXDOHQHOVLVWHPDKLGU£XOLFRSRGU¯DFDXVDUOD
SUR\HFFLµQGHDFHLWHDDOWDSUHVLµQFDXVDQGRJUDYHVOHVLRQHV
LQFOXVRFXDQGRHOPRWRUOOHYD\DDOJ¼QWLHPSRSDUDGR
'HVFDUJXHVLHPSUHODSUHVLµQDQWHVGHUHDOL]DUFXDOTXLHUWLSRGH
VHUYLFLRHQHOVLVWHPDKLGU£XOLFR
6HUYLFLR\PDQWHQLPLHQWR 
8QLGDGSURSXOVRUDGHRUXJD 

8QLGDGSURSXOVRUDGHRUXJDFRQWUROGHOQLYHO
GHODFHLWH
&RPSUXHEHHOQLYHOGHODFHLWHFDGDKRUDV
 *LUHODFDMDGHIRUPDTXHHOWDSµQGHYDFLDGR $ TXHGHDEDMR
 4XLWHHOWDSµQGHFRQWUROGHOQLYHO % 6LHODFHLWHHVW£DSXQWR
GHUHERVDUSRUHODJXMHURHOQLYHOHVFRUUHFWR
6LHODFHLWHHVW£EDMRUHOOHQHDFHLWHKDVWDHOQLYHOFRUUHFWRSRUHO
WDSµQ % 
3DUDODHVSHFLILFDFLµQGHODFHLWHYHDODS£JLQD

$ 9

8QLGDGSURSXOVRUDGHRUXJDFDPELRGHODFHLWH
&DPELHHODFHLWHSDVDGDVODVSULPHUDVKRUDV\OXHJRFDGD
KRUDV
 *LUHODFDMDGHIRUPDTXHHOWDSµQGHYDFLDGR $ TXHGHDEDMR
 &RORTXHXQUHFLSLHQWHEDMRHOWDSµQGHYDFLDGR $ SDUD
UHFRJHUHODFHLWHYDFLDGR
 4XLWHHOWDSµQGHYDFLDGR $ \HOWDSµQ % \DFRQWLQXDFLµQ
YDF¯HHODFHLWH

$9,62
'HVHFKHORVILOWURVDFHLWHV\IOXLGRVGHIRUPDVHJXUDSDUDHO
PHGLRDPELHQWH
 5HYLVHORVDURVWµULFRVGHORVWDSRQHV6LSUHVHQWDQGD³RV
VXVWLW¼\DORV
 0RQWHHOWDSµQGHYDFLDGR $ 
 /OHQHDFHLWHSRUHODJXMHURGHOOHQDGRKDVWDHOQLYHODGHFXDGR
% 6LHODFHLWHHVW£DSXQWRGHUHERVDUSRUHODJXMHURGH
FRPSUREDFLµQ % HOQLYHOHVFRUUHFWR
 0RQWHORVWDSRQHV % 
3DUDODHVSHFLILFDFLµQGHODFHLWHYHDODS£JLQD

 6HUYLFLR\PDQWHQLPLHQWR
 &DPELRJLUDWRULR\ED³RGHDFHLWH

&DPELRJLUDWRULR\ED³RGHDFHLWH
&RMLQHWHGHOHQJUDQDMHGHJLURHQJUDVH
(QJUDVHHOHQJUDQDMHGHJLURFDGDKRUDV
 (VWDFLRQHODP£TXLQDHQWHUUHQRQLYHODGR
 'HVFLHQGDODFXFKDUDDWLHUUD
 0XHYDODSDODQFDGHEORTXHRGHPDQGRKDFLDDEDMRSDUD
EORTXHDUHOVLVWHPDKLGU£XOLFRGHIRUPDVHJXUD\SDUHHO
PRWRU9HDODS£JLQD
 /OHQHJUDVDSRUORVHQJUDVDGRUHV $ HQWUHVSXQWRVXVDQGR
XQDSLVWRODGHHQJUDVHPDQXDORPRWRUL]DGD
$  (QJUDVHHOFRMLQHWHGHJLURKDVWDTXHVHYHDVDOLUJUDVDSRU
ORVUHWHQHVGHOFRMLQHWH
 7HQJDFXLGDGRGHQRSRQHUXQH[FHVRGHJUDVD
 'HVSX«VGHOHQJUDVHOLPSLHFRPSOHWDPHQWHODJUDVD
$ $ 9
VREUDQWH

6HUYLFLR\PDQWHQLPLHQWR 
&DPELRJLUDWRULR\ED³RGHDFHLWH 

%D³RGHJLURFRQWUROGHJUDVD
&RQWUROHHOQLYHO\HOHVWDGRGHODJUDVDFDGDKRUDV
 (VWDFLRQHODP£TXLQDHQWHUUHQRQLYHODGR\PXHYDOD
VXSHUHVWUXFWXUDFRPRPXHVWUDODILJXUD
 'HVFLHQGDODFXFKDUDDWLHUUD
 *LUHHOLQWHUUXSWRUGHHQFHQGLGRDODSRVLFLµQGHSDUDGD
 0XHYDODSDODQFDGHEORTXHRGHPDQGRKDFLDDEDMRSDUD
EORTXHDUHOVLVWHPDKLGU£XOLFRGHIRUPDVHJXUD9HDODS£JLQD

 'HVPRQWHORVWRUQLOORV % \ODWDSD & 
 &RPSUXHEHHOQLYHO\HOHVWDGRGHODJUDVD5HOOHQHVLHV
QHFHVDULR
 5HYLVHODMXQWD ' 6XVWLW¼\DODVLHVW£GD³DGD
 0RQWHODWDSD

&
' 9

6LODJUDVDHVW£FRQWDPLQDGDRKDVXIULGRGHFRORUDFLµQSRUHO
DJXDTXLWHHOWRUQLOOR ( \ODWDSDGHYDFLDGR ) \FDPELHOD
JUDVD

) ( 9


 6HUYLFLR\PDQWHQLPLHQWR
 8QLGDGGHRUXJD

8QLGDGGHRUXJD
8QLGDGGHRUXJDFRQWUROGHODWHQVLµQ
&RQWUROHODWHQVLµQGHODRUXJDFDGDKRUDV

$'9(57(1&,$
3DUDFRPSUREDUODWHQVLµQGHRUXJDGHEHU£OHYDQWDUVHODRUXJD
GHOVXHOR&RPSUXHEHTXHODP£TXLQDQRSXHGDFDHUR
GHVSOD]DUVHGXUDQWHODFRPSUREDFLµQ
127$
&XDQGRKD\DGRVSHUVRQDVWUDEDMDQGRHORSHUDGRUGHEHU£
VHJXLUODVVH³DOHVGHOPHF£QLFRGHPDQWHQLPLHQWR
(OJUDGRGHGHVJDVWHGHORVSDVDGRUHVGHHVODERQHVGHOD
FDGHQD\GHORVFDVTXLOORVYDU¯DVHJ¼QODVFRQGLFLRQHVGHWUDEDMR
RODVFDUDFWHU¯VWLFDVGHOWHUUHQR&RPSUXHEHODWHQVLµQGHOD
RUXJDFRQIUHFXHQFLD\PDQW«QJDODDOYDORUHVSHFLILFDGR
$OWUDEDMDUVREUHDUHQDPRMDGDRDUFLOODHOPDWHULDOVHDGKLHUH\
VHDFXPXODHQORVFRPSRQHQWHVPµYLOHVGHOFDUURLQIHULRU(VWR
SXHGHLPSHGLUTXHHQFDMHQGHIRUPDDGHFXDGDODVSDUWHVTXHVH
a DMXVWDQXQDHQRWUDSURYRFDQGRLQWHUIHUHQFLDV\FDUJDV
HOHYDGDV$FDXVDGHODVSDUW¯FXODVDEUDVLYDVSUHVHQWHVHQHO
PDWHULDOVHDFHOHUDQPXFKRHOGHVJDVWHGHODVUXHGDVGH
FDGHQDSDVDGRUHVFDVTXLOORVUXHGDVGHODQWHUDV\HVODERQHVGH
ODRUXJDDPHGLGDTXHDXPHQWDODFDUJD\ODWHQVLµQDSOLFDGDD
9 ODVRUXJDV(QJHQHUDOORVHIHFWRVGHDJORPHUDFLµQGHPDWHULDO
 QRSXHGHQFRQWURODUVHGHRWUDPDQHUDTXHPHGLDQWHWUDEDMRV
FRQVWDQWHVGHOLPSLH]D\H[WUDFFLµQGHOPDWHULDO
3RUHVWHPRWLYRVRPHWDHOFDUURLQIHULRUDXQDOLPSLH]DDIRQGR
SRUORPHQRVXQDYH]DOG¯DRFRQPD\RUIUHFXHQFLDVHJ¼QODV
FDUDFWHU¯VWLFDVGHOWHUUHQRHQHOOXJDUGHWUDEDMR
 *LUHODVXSHUHVWUXFWXUDKDFLDXQODGR\HOHYHODRUXJDXVDQGR
ODSOXPD\HOEUD]RH[FDYDGRU3DUDHVWHPRYLPLHQWRDFFLRQH
ODSDODQFDOHQWDPHQWH
 *LUHODRUXJDOHQWDPHQWHKDFLDGHODQWH\KDFLDDWU£VYDULDV
YHFHV'HWHQJDODRUXJDFXDQGRVHPXHYHHQPDUFKDDWU£V
 0LGDHOSDQGHRGHODRUXJD / HQHOFHQWURGHOEDVWLGRUGH
RUXJDVHOHVSDFLROLEUHHQWUHODSDUWHLQIHULRUGHOEDVWLGRUGH
RUXJDV\ODVXSHUILFLHVXSHULRUGHOD]DSDWDGHRUXJD
 $MXVWHODWHQVLµQGHODRUXJDHQIXQFLµQGHODVFDUDFWHU¯VWLFDV
GHOVXHOR
/DWHQVLµQGHRUXJDUHFRPHQGDGDHVODVLJXLHQWH

/ &RQGLFLRQHVGHWUDEDMR (VSDFLROLEUH /  PP  LQ
7HUUHQRQRUPDO  
9
7HUUHQRURFRVR  

7LHUUDPRGHUDGDFRPR  
JUDYLOODDUHQDQLHYHHWF«WHUD
6HUYLFLR\PDQWHQLPLHQWR 
8QLGDGGHRUXJD 
8QLGDGGHRUXJDDMXVWHGHODWHQVLµQ

$'9(57(1&,$
(OFLOLQGURGHOPXHOOHGHUHWURFHVRHVW£OOHQRGHJUDVDDSUHVLµQ
3UHVWDUDWHQFLµQHVSHFLDODODMXVWDUODWHQVLµQRDIORMDUODRUXJD
0DQWHQHUODFDUDODVPDQRV\HOFXHUSRDOHMDGRVGHOUDFRU\GH
ODY£OYXOD
$XPHQWRGHODWHQVLµQGHODRUXJDUHGXFFLµQHOSDQGHR
 /OHQHJUDVDSRUHOHQJUDVDGRU % XVDQGRXQDSLVWRODGH
HQJUDVHGHDOWDSUHVLµQ
 &RPSUXHEHODWHQVLµQPRYLHQGRODP£TXLQDKDFLDGHODQWH\
DWU£V
 &RPSUXHEHGHQXHYRODWHQVLµQ6LQRHVFRUUHFWDDM¼VWHOD
GHQXHYR
5HGXFFLµQGHODWHQVLµQGHRUXJDDXPHQWDQGRHOSDQGHR
 $IORMHODY£OYXOD $ VXFHVLYDPHQWHSDUDYDFLDUODJUDVDSHUR
$ 9 QRP£VGHXQDYXHOWD
% 6LQRVHYDF¯DODJUDVDVXDYHPHQWHPXHYDODP£TXLQDKDFLD
$ 9£OYXOD GHODQWH\DWU£V
% (QJUDVDGRU

$'9(57(1&,$
*UDVDGHDOWDSUHVLµQHQHOFLOLQGURGHDMXVWHGHODVRUXJDV1R
GHVPRQWDUODFRQH[LµQRWXHUFDGHHQJUDVHQLHOFRQMXQWRGH
Y£OYXODVSDUDGHMDUVDOLUJUDVD
 &LHUUHODY£OYXOD $ SHURQRODDSULHWHH[FHVLYDPHQWHSDUDQR
GD³DUHODFRSODPLHQWR
 3DUGHDSULHWHGHOFRQMXQWRGHODY£OYXOD $ NJIP 
OEIIW  1P
 &RPSUXHEHODWHQVLµQPRYLHQGRODP£TXLQDKDFLDGHODQWH\
DWU£V
 &RPSUXHEHGHQXHYRODWHQVLµQ6LQRHVFRUUHFWDDM¼VWHOD
GHQXHYR


 6HUYLFLR\PDQWHQLPLHQWR
 8QLGDGGHRUXJD

8QLGDGGHRUXJDFRQWUROGHSHUQRVGH]DSDWD
,QVSHFFLRQHORVWRUQLOORVGHODV]DSDWDVGLDULDPHQWH
6LORVWRUQLOORVGHODV]DSDWDV $ HVW£QIORMRVHVSUREDEOHTXH
HVW«QGD³DGDVODV]DSDWDV

$
9

$ 7RUQLOORGH]DSDWD

 *LUHODVXSHUHVWUXFWXUDKDFLDHOODGR\HOHYHODRUXJDXVDQGR
ODRSHUDFLµQGHGHVFHQVRGHODSOXPD
 *LUHODRUXJDOHQWDPHQWHKDFLDGHODQWH\KDFLDDWU£VYDULDV
YHFHV&RPSUXHEHVLKD\WRUQLOORV\]DSDWDVDXVHQWHVIORMRV
RGD³DGRV6LHVQHFHVDULRDSULHWHORVWRUQLOORVDOSDU
HVSHFLILFDGR
sNJIP s1P  sOEIIW
 &DGHQDGHRUXJDVSDUDWUDEDMRSHVDGRsNJIP 
s1P  sOEIIW

  $9,62
 (VPX\LPSRUWDQWHGHVPRQWDUFRPSOHWDPHQWHORVSHUQRV\ODV

WXHUFDVIORMRVGHODV]DSDWDVGHRUXJD\OLPSLDUODVURVFDV/LPSLH
9 ODV]DSDWDVGHRUXJDDQWHVGHPRQWDUODV\GHDSUHWDUORVSHUQRV
2UGHQGHDSULHWHGHORVWRUQLOORV  'HVSX«VGHODSULHWHFRPSUXHEHVLODWXHUFD\OD]DSDWDHVW£Q
 HQFRQWDFWRWRWDOFRQODVVXSHUILFLHVGHHQFDMHGHOHVODEµQ
$SULHWHORVWRUQLOORVHQHORUGHQPRVWUDGRHQODILJXUD
6HUYLFLR\PDQWHQLPLHQWR 
&DELQD 

&DELQD
3UHILOWURGHODFDELQDOLPSLH]D\FDPELR
6LHOSUHILOWURGHODFDELQDHVW£REVWUXLGRVHUHGXFLU£ODFDSDFLGDG
$ GHIOXMRGHDLUH3RUHOORO¯PSLHORSHULµGLFDPHQWH
/LPSLHHOSUHILOWURGHODFDELQDFDGDKRUDV\VXVWLW¼\DORFDGD
KRUDV
 *LUHHOWRUQLOORHQVHQWLGRFRQWUDKRUDULRXVDQGRXQDOODYHHQ
/
 ,QFOLQHODWDSD % KDFLDDWU£V\H[WUDLJDHOSUHILOWUR $ 
%  /LPSLHHOSUHILOWURFRQDLUHFRPSULPLGR
 6LHOSUHILOWURHVW£HVWURSHDGRRPX\VXFLRF£PELHORSRUXQR
QXHYR
&
 0RQWHHOSUHILOWUR\FLHUUHODWDSD

9

$ 3UHILOWURGHODFDELQD
% &XELHUWD
& 7RUQLOOR


'HSµVLWRGHO¯TXLGRGHODYDGR
&RQWUROHHOQLYHOGHOO¯TXLGRGLDULDPHQWH
127$
&XDQGRODWHPSHUDWXUDVHHQFXHQWUDSRUGHEDMRGHOSXQWRGH
FRQJHODFLµQVHGHEHPH]FODUDQWLFRQJHODQWHHQHOO¯TXLGRGH
ODYDGR6LJDODVUHFRPHQGDFLRQHVGHOIDEULFDQWHHQFXDQWRDOD
WHPSHUDWXUDDPELHQWH

9

'HSµVLWRGHO¯TXLGRGHODYDGR



 6HUYLFLR\PDQWHQLPLHQWR
 $LUHDFRQGLFLRQDGR

$LUHDFRQGLFLRQDGR
)LOWURGHDLUHDFRQGLFLRQDGROLPSLH]D\
VXVWLWXFLµQ
6LHOILOWURGHODFRQGLFLRQDGRUGHDLUHHVW£REVWUXLGRVHUHGXFLU£
WDQWRHOIOXMRGHDLUHFRPRODFDSDFLGDGGHUHIULJHUDFLµQ\
FDOHIDFFLµQ3RUHOORO¯PSLHORUHJXODUPHQWH
127$
6LODP£TXLQDVHRSHUDHQXQHQWRUQRHVSHFLDOPHQWHSROYRULHQWR
RFRQDLUHTXHFRQWHQJDVXVWDQFLDVSHOLJURVDVDODVSHUVRQDV
FRPRHODPLDQWRVHGHEHXVDUXQILOWURHVSHFLDO3RUIDYRU
FRQWDFWHFRQVXGLVWULEXLGRU9ROYR&RQVWUXFWLRQ(TXLSPHQWSDUD
P£VLQIRUPDFLµQ

$ $9,62
% (OIULJRU¯JHQR5DFRQWULEX\HDOHIHFWRLQYHUQDGHUR\QRGHEH
SHUPLWLUVHTXHVDOJDDODDWPµVIHUD
/LPSLHHOILOWURGHDLUHFDGDKRUDV\VXVWLW¼\DORFDGD
KRUDV
 'HVPRQWHWRUQLOORV $ 'RVVHHQFXHQWUDQEDMRODDOIRPEUD
GHJRPD % 
 'HVFRQHFWHHOKD]GHFDEOHVGHODFRQGLFLRQDGRUGHDLUH
 'HVSX«VGHDEULUORVILDGRUHV ' DEUDODFXELHUWD & \
& H[WUDLJDHOILOWUR
127$
9HDODSODFDLQIRUPDWLYDILMDGDHQODSDUWHVXSHULRUGHODFXELHUWD
' DQWHVGHGHVPRQWDUODFXELHUWD
 /LPSLHHOILOWURFRQDLUHFRPSULPLGR
 6LHOILOWURHVW£HVWURSHDGRRPX\VXFLRF£PELHORSRUXQR
QXHYR
 ,QVWDOHHOILOWUR\PµQWHORHQHORUGHQLQYHUVR
9

$ 7RUQLOORV S]V
% $OIRPEUDGHJRPD
& &XELHUWD
' )LDGRUHV S]V

6HUYLFLR\PDQWHQLPLHQWR 
'LHQWHVGHODFXFKDUD 

'LHQWHVGHODFXFKDUD
'LHQWHVGHODFXFKDUDVXVWLWXFLµQ
5HHPSODFHORVGLHQWHVGHODFXFKDUDDQWHVGHTXHVHKD\DQ
JDVWDGRORVDGDSWDGRUHV

$'9(57(1&,$
5LHVJRGHOHVLRQHVSRUPDWHULDOHVSUR\HFWDGRV
$OJROSHDUREMHWRVGHPHWDOFRQXQPDUWLOORODVHVTXLUODVGHPHWDO
SUR\HFWDGDVSXHGHQSURYRFDUJUDYHVOHVLRQHVHQORVRMRVRHQ
9 RWUDVSDUWHVGHOFXHUSR
 8WLOLFHVLHPSUHHTXLSRGHSURWHFFLµQSHUVRQDOLQFOX\HQGRJDIDV
GHSURWHFFLµQFXDQGRVXVWLWX\DORVGLHQWHVGHODFXFKDUD
 %DMHODFXFKDUDKDVWDHOVXHOR\SµQJDODHQODSRVLFLµQP£V
DGHFXDGDSDUDHOWUDEDMR
 3DUHHOPRWRUDQWHVGHFDPELDUORVGLHQWHVGHODFXFKDUD
3DUDVLVWHPDGHEORTXHRFRQSDVDGRUODWHUDO
 'HVFLHQGDODFXFKDUDKRUL]RQWDOPHQWH\FROµTXHODVREUHXQ
' EORTXH
 3DUHHOPRWRU\PXHYDODSDODQFDGHEORTXHRGHPDQGRKDFLD
$
DEDMRSDUDEORTXHDUHOVLVWHPDGHIRUPDVHJXUD
 ([WUDLJDHOSDVDGRU % JROSH£QGRORFRQXQPDUWLOOR\XQ
PDQGULO7HQJDFXLGDGRSDUDQRGD³DUODDUDQGHODGH
VHJXULGDG & 8VHXQDEDUUDUHGRQGDGHPHQRUGL£PHWURTXH
%& HOSDVDGRUFRPRPDQGULO
 /LPSLHODVXSHUILFLHGHODGDSWDGRU ' LQWURGX]FDXQD
DUDQGHODGHVHJXULGDGQXHYD & HQHOOXJDUFRUUHFWR\D
9
FRQWLQXDFLµQPRQWHHOGLHQWHQXHYR $ 

 ,QWURGX]FDHOSDVDGRU % HQHOLQWHULRUGHODUDQXUDSDUDHO
SDVDGRUKDVWDTXHHOSDVDGRUTXHGHDOUDVGHOGLHQWH


 6HUYLFLR\PDQWHQLPLHQWR
 'LHQWHVGHODFXFKDUD
3DUDHOVLVWHPDGHGLHQWHVGH9ROYR 976
5HHPSODFHORVGLHQWHVGHODFXFKDUDDQWHVGHTXHVHKD\DQ
JDVWDGRORVDGDSWDGRUHV

$'9(57(1&,$
5LHVJRGHOHVLRQHVSRUPDWHULDOHVSUR\HFWDGRV
*ROSHDUHOSDVDGRUGHODFXFKDUDFRQXQPDUWLOORSRGU¯DKDFHU
TXHYLUXWDVPHW£OLFDVVDOJDQGHVSHGLGDV\FDXVHQJUDYHV
OHVLRQHV
/OHYHVLHPSUHSURWHFFLµQSDUDODFDUD\ORVRMRVFDVFR\JXDQWHV
DOGHVPRQWDU\PRQWDUORVSDVDGRUHVGHODFXFKDUD
6HSXHGHSHGLUXQDKHUUDPLHQWDHVSHFLDOSDUDIDFLOLWDUOD
VXVWLWXFLµQGHORVGLHQWHV/DKHUUDPLHQWDVHHQFXHQWUD
GLVSRQLEOHHQGLVWLQWRVWDPD³RVVHJ¼QHOWDPD³RGHORVGLHQWHV
'LU¯MDVHDVXFRQFHVLRQDULRSDUDP£VLQIRUPDFLµQ

9

+HUUDPLHQWDHVSHFLDO

'HVPRQWDMHGHGLHQWH
 'HVFLHQGDODFXFKDUDKRUL]RQWDOPHQWHVREUHXQEORTXH\
SµQJDODDXQSHTXH³R£QJXORKDFLDDUULED
 3DUHHOPRWRU\PXHYDODSDODQFDGHEORTXHRGHPDQGRKDFLD
DEDMRSDUDEORTXHDUHOVLVWHPDGHIRUPDVHJXUD
 /LPSLHODDEHUWXUDSDUDHOGLVSRVLWLYRGHEORTXHRGHO
DGDSWDGRUGHOGLHQWH
 ([WUDLJDHOGLVSRVLWLYRGHEORTXHRJROSH£QGRORFRQXQPDUWLOOR
\ODKHUUDPLHQWDXRWURPDQGULODGHFXDGR
 5HWLUHHOGLHQWH

9

([WUDLJDHOGLVSRVLWLYRGHEORTXHRJROSH£QGROR

6HUYLFLR\PDQWHQLPLHQWR 
'LHQWHVGHODFXFKDUD 
$ 0RQWDMHGHGLHQWH
 /LPSLHODSDUWHGHODQWHUDGHODGDSWDGRUGHGLHQWH\HODJXMHUR
SDUDHOGLVSRVLWLYRGHEORTXHR
%  0RQWHHOGLHQWHGHIRUPDTXHODVRUHMHWDVGHJX¯DHQFDMHQHQ
ORVKXHFRVGHODGDSWDGRUGHOGLHQWH
 6XVWLWX\DHOILDGRUGHEORTXHR % SRUXQDSLH]DQXHYD
 0RQWHHOGLVSRVLWLYRGHEORTXHRGHIRUPDTXHODSDUWH
ELVHODGDHVW«RULHQWDGDKDFLDDEDMR\HOILDGRUGHEORTXHR
KDFLDGHODQWH
9  *ROSHHHOGLVSRVLWLYRGHEORTXHRFRQXQPDUWLOORKDVWDTXH
TXHGHQLYHODGRFRQODSDUWHVXSHULRUGHODGDSWDGRUGHOGLHQWH
 *ROSHHHOGLVSRVLWLYRGHEORTXHRP£VDGHQWURFRQXQPDUWLOOR
'LVSRVLWLYRGHEORTXHR \ODKHUUDPLHQWDRXQPDQGULODGHFXDGRKDVWDTXHODSDUWH
$ 3DVDGRUGHDFHUR VXSHULRUTXHGHMXVWDPHQWHSRUGHEDMRGHODO¯QHDPDUFDGDHQ
% )LDGRUGHEORTXHR HODJXMHUR


127$
6XVWLWX\DHOSDVDGRUGHDFHURFRQPRWLYRGHOUHHPSOD]RGHO
DGDSWDGRUGHOGLHQWH

9

(OGLVSRVLWLYRGHEORTXHRGHEHHQFRQWUDUVH
MXVWDPHQWHSRUGHEDMRGHODO¯QHDPDUFDGD



 6HUYLFLR\PDQWHQLPLHQWR
 6LVWHPDKLGU£XOLFR

6LVWHPDKLGU£XOLFR
$9,62
&XDOTXLHUWUDEDMRUHDOL]DGRHQHOVLVWHPDKLGU£XOLFRH[LJHXQQLYHO
GHOLPSLH]DHOHYDGR,QFOXVRSDUW¯FXODVP¯QLPDVGHVXFLHGDG
SXHGHQRULJLQDUGD³RVRODREVWUXFFLµQGHOVLVWHPD3RU
FRQVLJXLHQWHOLPSLHFRQXQSD³RODV]RQDVDIHFWDGDVDQWHVGH
UHDOL]DUFXDOTXLHUWUDEDMR
/DVY£OYXODVOLPLWDGRUDVGHSUHVLµQGHOVLVWHPDKLGU£XOLFRHVW£Q
DMXVWDGDVDODSUHVLµQFRUUHFWDHQI£EULFD6LPRGLILFDODVY£OYXODV
FXDOTXLHUSHUVRQDDMHQDDOSHUVRQDOGHVHUYLFLRGHXQWDOOHURILFLDO
GH9ROYRQRWHQGU£YLJHQFLDODJDUDQW¯DGHOIDEULFDQWH

$FHLWHKLGU£XOLFR
127$
(ODFHLWHKLGU£XOLFRHVXQULHVJRSDUDHOPHGLRDPELHQWH8VH
LQPHGLDWDPHQWHEDUUHUDVSDUDFRQWHQHUHODFHLWHGHUUDPDGR\
VLJDORVUHJODPHQWRVORFDOHVUHVSHFWRDPDWHULDOHVSHOLJURVRV

$9,62
6µORGHEHXVDUVHDFHLWHKLGU£XOLFRDSUREDGRSRU9ROYR

$9,62
8VHHOPLVPRDFHLWHKLGU£XOLFRTXHVHHQFXHQWUDHQHOVLVWHPD
6HSXHGHQSURGXFLUGD³RVHQHOVLVWHPDKLGU£XOLFRVLVHPH]FODQ
GLVWLQWDVPDUFDVGHDFHLWHKLGU£XOLFR
$FHLWHKLGU£XOLFRELRGHJUDGDEOH
 $OFDPELDUGHXQDFHLWHPLQHUDODXQDFHLWHELRGHJUDGDEOHHO
DFHLWHGHEHYDFLDUVHORP£[LPRSRVLEOH\KD\TXHHQMXDJDUHO
VLVWHPDKLGU£XOLFR
 3DUDORVSXQWRVGHYDFLDGR\HOSURFHGLPLHQWRGHFDPELR
GLU¯MDVHDXQWDOOHURILFLDOGH9ROYR&RQVWUXFWLRQ(TXLSPHQW
6HUYLFLR\PDQWHQLPLHQWR 
6LVWHPDKLGU£XOLFR 

6LVWHPDKLGU£XOLFRGHVFDUJDGHSUHVLµQ

$'9(57(1&,$
/DSUHVLµQUHVLGXDOHQHOVLVWHPDKLGU£XOLFRSXHGHKDFHUTXH
VDOWHXQFKRUURGHDFHLWHDDOWDSUHVLµQD¼QVLHOPRWRUOOHYDXQ
WLHPSRGHWHQLGR'HMHVLHPSUHHVFDSDUODSUHVLµQDQWHVGH
UHDOL]DUFXDOTXLHUWDUHDGHVHUYLFLRHQHOVLVWHPDKLGU£XOLFR
7HQJDPXFK¯VLPRFXLGDGRFXDQGRWUDEDMHHQHOVLVWHPD
KLGU£XOLFR'HVFDUJXHODSUHVLµQGHOVLVWHPD\GHOGHSµVLWR
 3RQJDHOLPSOHPHQWRHQHOVXHOR\SDUHHOPRWRU
9  8QDYH]SDUDGRHOPRWRUSRQJDODOODYHGHHQFHQGLGRHQOD
SRVLFLµQGHRSHUDFLµQ VLQDUUDQFDUHOPRWRU 
9HQWLODFLµQHQHOGHSµVLWRKLGU£XOLFR
 0DQWHQJDODSDODQFDGHEORTXHRGHPDQGRDUULED SRVLFLµQ

GHGHVEORTXHR \DFFLRQHWRGDVODVSDODQFDV\SHGDOHVGH
PDQGRSDUDGHVFDUJDUODSUHVLµQGHOVLVWHPDSULQFLSDOHQ
WRGDVODVWXEHU¯DV
 *LUHODOODYHGHHQFHQGLGRDODSRVLFLµQ2))UHWLUHODOODYH\
SRQJDXQDHWLTXHWDHQODP£TXLQDSDUDLQGLFDUTXHVHHVW£
UHDOL]DQGRHOVHUYLFLRHQODXQLGDG
 0XHYDODSDODQFDGHEORTXHRGHPDQGRKDFLDDEDMR SRVLFLµQ
EORTXHDGD 
 3UHVLRQHODY£OYXODGHVREUHSUHVLµQXELFDGDHQODY£OYXODGH
YHQWLODFLµQGHOGHSµVLWRKLGU£XOLFRSDUDGHVFDUJDUODSUHVLµQ
GHOGHSµVLWR


 6HUYLFLR\PDQWHQLPLHQWR
 6LVWHPDKLGU£XOLFR

1LYHOGHODFHLWHKLGU£XOLFRFRQWURO
&RPSUXHEHHOQLYHOGHODFHLWHFDGDKRUDV
 &RORTXHODP£TXLQDHQODSRVLFLµQGHVHUYLFLR%9HDODS£JLQD

 0XHYDODSDODQFDGHEORTXHRGHPDQGRKDFLDDEDMRSDUD
EORTXHDUHOVLVWHPDKLGU£XOLFRGHIRUPDVHJXUD\SDUHHO
9
PRWRU

 0XHYDODVSDODQFDVGHPDQGRL]TXLHUGD\GHUHFKDKDVWDHO
ILQGHVXFDUUHUDHQWRGRVORVVHQWLGRVFRQHOILQGHOLEHUDUOD
SUHVLµQLQWHUQDDWUDSDGDHQORVFLUFXLWRVKLGU£XOLFRV
 $EUDODSXHUWDODWHUDOHQHOODGRGHUHFKRGHODP£TXLQD\
FRPSUXHEHHOQLYHOGHDFHLWHHQODPLULOODGHQLYHO6LHOQLYHO
VHHQFXHQWUDHQHOFHQWURGHODPLULOODHVFRUUHFWR

9

 6LHOQLYHOHVEDMR
' & %  3UHVLRQHODY£OYXODGHYHQWLODFLµQ $ SDUDGHVFDUJDUOD
SUHVLµQLQWHUQDGHOGHSµVLWR
 'HVPRQWHORVSHUQRV % 
 4XLWHODWDSD ' \HOPXHOOH &
$  5HOOHQHDFHLWH3DUDUHOOHQDUDFHLWHHILFD]PHQWHSUHVLRQH
GHQXHYRODY£OYXODGHYHQWLODFLµQ
 &RPSUXHEHHOQLYHO
 6LHOQLYHOHVQRUPDOOLPSLHODVSLH]DVGHVPRQWDGDV\
PµQWHODVHQVXVLWLR

$9,62
8VHHOPLVPRDFHLWHKLGU£XOLFRTXHVHHQFXHQWUDHQHOVLVWHPD
6HSXHGHQSURGXFLUGD³RVHQHOVLVWHPDKLGU£XOLFRVLVHPH]FODQ
GLVWLQWDVPDUFDVGHDFHLWHKLGU£XOLFR

9

 6LHOQLYHOHVDOWR
 3RQJDXQUHFLSLHQWHDGHFXDGREDMRHOGHSµVLWRKLGU£XOLFR
 4XLWHHOWDSµQGHSURWHFFLµQ ) \FRQHFWHODPDQJXHUDGH
YDFLDGR * TXHHVODPLVPDXVDGDSDUDYDFLDUHODFHLWHGHO
PRWRU
)  9DF¯HHODFHLWHHQXQUHFLSLHQWH

*
$9,62
'HVHFKHORVILOWURVDFHLWHV\IOXLGRVGHIRUPDVHJXUDSDUDHO
9 PHGLRDPELHQWH

 'HVFRQHFWHODPDQJXHUDGHYDFLDGR\FRORTXHHOWDSµQGH
SURWHFFLµQ
6HUYLFLR\PDQWHQLPLHQWR 
6LVWHPDKLGU£XOLFR 

$FHLWHKLGU£XOLFRFDPELR
&RQVXOWHODWDEODGHP£VDEDMRSDUDFDPELDUHODFHLWHKLGU£XOLFR

$FHLWHKLGU£XOLFR ,QWHUYDORGHFDPELR
$FHLWHPLQHUDO FDGDKRUDV
$FHLWHKLGU£XOLFRGHODUJD FDGDKRUDV
GXUDFLµQ

&XDQGRXVHHOPDUWLOORKLGU£XOLFRYHDODWDEODVLJXLHQWHSDUDHO
FDPELRGHODFHLWHKLGU£XOLFR

)UHFXHQFLDGHOXVRGHOPDUWLOOR ,QWHUYDORGHFDPELR
 &DGDKRUDV
 &DGDKRUDV

$9,62
8VHHOPLVPRDFHLWHKLGU£XOLFRTXHVHHQFXHQWUDHQHOVLVWHPD
6HSXHGHQSURGXFLUGD³RVHQHOVLVWHPDKLGU£XOLFRVLVHPH]FODQ
GLVWLQWDVPDUFDVGHDFHLWHKLGU£XOLFR

$'9(57(1&,$
(ODFHLWHKLGU£XOLFRFDOLHQWH\HODFHLWHKLGU£XOLFRDSUHVLµQ
SXHGHQRFDVLRQDUOHVLRQHVJUDYHV
(  *LUHODVXSHUHVWUXFWXUDGHIRUPDTXHHOWDSµQGHSURWHFFLµQ
) HQHOIRQGRGHOGHSµVLWRKLGU£XOLFRTXHGHHQWUHODVGRV
% RUXJDV
 5HWUDLJDFRPSOHWDPHQWHORVFLOLQGURVGHODFXFKDUD\GHO
&
EUD]RH[FDYDGRU\DFRQWLQXDFLµQGHVFLHQGDODSOXPDKDVWD
HOVXHOR
 0XHYDODSDODQFDGHEORTXHRGHPDQGRKDFLDDEDMRSDUD
$ ' EORTXHDUHOVLVWHPDKLGU£XOLFRGHIRUPDVHJXUD\SDUHHO
PRWRU
 'HVFDUJXHODSUHVLµQLQWHUQDGHOGHSµVLWRSRUODY£OYXODGH
YHQWLODFLµQ $ 
 $EUDODWDSD % GHVSX«VGHGHVPRQWDUORVWRUQLOORV ( 


9

 5HWLUHHODURWµULFR & 
 3RQJDXQUHFLSLHQWHDGHFXDGREDMRHOGHSµVLWRKLGU£XOLFR
 4XLWHHOWDSµQGHSURWHFFLµQ ) \FRQHFWHODPDQJXHUDGH
YDFLDGR * TXHHVODPLVPDXVDGDSDUDYDFLDUHODFHLWHGHO
PRWRU
)  9DF¯HHODFHLWHHQXQUHFLSLHQWH

*
$9,62
'HVHFKHORVILOWURVDFHLWHV\IOXLGRVGHIRUPDVHJXUDSDUDHO
9 PHGLRDPELHQWH

 'HVFRQHFWHODPDQJXHUDGHYDFLDGR\FRORTXHHOWDSµQGH
SURWHFFLµQ
 6HUYLFLR\PDQWHQLPLHQWR
 6LVWHPDKLGU£XOLFR
 &RORTXHXQUHFLSLHQWHDGHFXDGREDMRHOWDSµQGHYDFLDGR +
GHOWXERGHDVSLUDFLµQSURFHGHQWHGHOGHSµVLWRKLGU£XOLFR
 4XLWHHOWDSµQGHYDFLDGR\YDF¯HHODFHLWHHQXQUHFLSLHQWH

$9,62
'HVHFKHORVILOWURVDFHLWHV\IOXLGRVGHIRUPDVHJXUDSDUDHO
PHGLRDPELHQWH
 'HVSX«VGHOYDFLDGRPRQWHHOWDSµQGHYDFLDGR
 7UDVOLPSLDUELHQORVDQLOORVPDJQ«WLFRVGHOFRODGRUPRQWHHO
FRODGRUHQVXVLWLR
 5HOOHQHHODFHLWH\FRORTXHODWDSDHQVXVLWLR
+ 9
 &RPSUXHEHHOQLYHOGHDFHLWHHQODPLULOODGHQLYHO

 +DJDXQDSUXHEDGHIXQFLRQDPLHQWRSDUDYHUVLKD\DOJXQD
IXJD
3DUDGDWRVGHODFDSDFLGDGGHDFHLWHHQHOFDPELRYHDODS£JLQD
3DUDODFDOLGDGGHODFHLWHYHDODS£JLQD

)LOWURGHUHVSLUDFLµQGHOVLVWHPDKLGU£XOLFR
VXVWLWXFLµQ
% 6XVWLWX\DHOFDUWXFKRGHODY£OYXODGHYHQWLODFLµQFDGD
& KRUDV
$ ' (QHQWRUQRVGHWUDEDMRGHPXFKRSROYRODY£OYXODGHYHQWLODFLµQ
WDUGDSRFRWLHPSRHQTXHGDUREVWUXLGR
127$
(OILOWURQRSXHGHOLPSLDUVHVLQRTXHVHVXVWLWX\H
 &RORTXHODP£TXLQDHQODSRVLFLµQGHVHUYLFLR%9HDODS£JLQD

 3UHVLRQHODY£OYXODGHYHQWLODFLµQ $ SDUDGHVFDUJDUOD
SUHVLµQLQWHUQDGHOGHSµVLWR
 4XLWHODFXELHUWDGHJRPD % 
9
 'HVHQURVTXHODWXHUFD & \TXLWHODFDUFDVDGHOILOWUR
  5HHPSODFHHOFDUWXFKRGHODY£OYXODGHYHQWLODFLµQSRUXQR
QXHYR
 0RQWHODFDUFDVDGHOILOWUR\DSULHWHODWXHUFD
 0RQWHODFXELHUWDGHJRPD
6HUYLFLR\PDQWHQLPLHQWR 
6LVWHPDKLGU£XOLFR 

)LOWURGHUHWRUQRGHODFHLWHKLGU£XOLFRFDPELR
6XVWLWX\DHOILOWURGHUHWRUQRWUDVODVSULPHUDVKRUDV\OXHJR
FDGDKRUDV
&XDQGRXVHHOPDUWLOORKLGU£XOLFRYHDODWDEODVLJXLHQWHSDUDHO
FDPELRGHOILOWURGHUHWRUQR

)UHFXHQFLDGHXVRGHOPDUWLOOR ,QWHUYDORGHFDPELR
 &DGDKRUDV
 &DGDKRUDV

$'9(57(1&,$
6LQRVHUHGXFHODSUHVLµQDQWHVGHDEULUHOVLVWHPDVDOGU£XQ
FKRUURGHDFHLWHSUR\HFWDGRTXHSXHGDFDXVDUJUDYHVGD³RV
SHUVRQDOHV
127$
2EVHUYHHOPD\RUJUDGRGHOLPSLH]DSRVLEOHGXUDQWHWRGDOD
RSHUDFLµQ
 &RORTXHODP£TXLQDHQODSRVLFLµQGHVHUYLFLR%9HDODS£JLQD

 /LPSLHOD]RQDDOUHGHGRUGHODWDSD $ 
$ ( %  'HVPRQWHORVWRUQLOORV % \TXLWHODWDSD $ 
 4XLWHHODURWµULFR ( HOPXHOOH\ODY£OYXODGHGHULYDFLµQ & 
\DFRQWLQXDFLµQH[WUDLJDHOFRODGRUGHDVSLUDFLµQ ) \HOILOWUR
' 
&
 /LPSLHODVSLH]DVGHVDUPDGDV
)  0RQWHXQQXHYRILOWUR\WRGDVODVSDUWHVGHVDUPDGDV
127$
' $VHJ¼UHVHGHTXHHO£UHDHQEODQFR * GHOILOWURHVW£RULHQWDGD
KDFLDDEDMRDOPRQWDUOR
 $OPRQWDUODFXELHUWD $ DSULHWHORVWRUQLOORVHPSXMDQGROD
FXELHUWD

* $9,62
'HVHFKHORVILOWURVDFHLWHV\IOXLGRVGHIRUPDVHJXUDSDUDHO


9 PHGLRDPELHQWH
 +DJDIXQFLRQDUHOPRWRUHQUDOHQW¯EDMRGXUDQWHPLQXWRV

SDUDH[WUDHUHODLUH
 3DUHHOPRWRU
 6HUYLFLR\PDQWHQLPLHQWR
 6LVWHPDKLGU£XOLFR

)LOWURGHYDFLDGRKLGU£XOLFRFDPELR
6XVWLWX\DHOFDUWXFKRGHOILOWURGHYDFLDGRSDVDGDVODVSULPHUDV
KRUDV\OXHJRFDGDKRUDV
 3UHVLRQHODY£OYXODGHYHQWLODFLµQSDUDGHVFDUJDUODSUHVLµQ
LQWHUQDGHOGHSµVLWR
 3RQJDXQUHFLSLHQWHFROHFWRUEDMRHOILOWURGHYDFLDGR\JLUHHO
ILOWURHQVHQWLGRFRQWUDKRUDULRSDUDTXLWDUOR

$9,62
9
'HVHFKHORVILOWURVDFHLWHV\IOXLGRVGHIRUPDVHJXUDSDUDHO
 PHGLRDPELHQWH
 /OHQHHOILOWURQXHYRFRQDFHLWH\UHFXEUDHODURWµULFRFRQXQD
ILQDFDSDGHDFHLWH
 0RQWHHOILOWURQXHYR

)LOWURVHUYRKLGU£XOLFRVXVWLWXFLµQ
6XVWLWX\DHOHOHPHQWRGHOILOWURGHOVHUYRSDVDGDVODVSULPHUDV
KRUDV\OXHJRFDGDKRUDV
 &RORTXHXQUHFLSLHQWHGHEDMRGHOILOWUR
 'HVPRQWHODFDUFDVDGHOILOWUR
 5HHPSODFHHOHOHPHQWRLQWHUQRGHOILOWURGHOVHUYR

$9,62
'HVHFKHORVILOWURVDFHLWHV\IOXLGRVGHIRUPDVHJXUDSDUDHO
9
PHGLRDPELHQWH

 0RQWHODFDUFDVDGHOILOWURHQVXVLWLR

)LOWURGHDVSLUDFLµQKLGU£XOLFROLPSLH]D\
VXVWLWXFLµQ
( /LPSLHHOFRODGRUFDGDKRUDV\FXDQGRVHDQHFHVDULRRVL
% HVW£GD³DGR
 &RORTXHODP£TXLQDHQODSRVLFLµQGHVHUYLFLR%9HDODS£JLQD
& 
 3UHVLRQHODY£OYXODGHYHQWLODFLµQ $ SDUDGHVFDUJDUOD
SUHVLµQLQWHUQDHQHOGHSµVLWR
$ '  /LPSLHOD]RQDDOUHGHGRUGHODWDSD % 
 4XLWHODWDSD % \H[WUDLJDHOFRODGRU ' 
 /LPSLHHOFRODGRUFDPEL£QGRORVLHVW£GD³DGR
 &RPSUXHEHHODURWµULFR & FDPEL£QGRORVLHVW£GD³DGR
 0RQWHODWDSD % HQVXVLWLR

9

6HUYLFLR\PDQWHQLPLHQWR 
6LVWHPDKLGU£XOLFR 

)LOWURGHUHWRUQRGHFLUFXLWRGHOPDUWLOOR
VXVWLWXFLµQ
RSFLRQDO
6XVWLWX\DHOHOHPHQWRGHOILOWURGHUHWRUQRFDGDKRUDV
EDV£QGRVHHQHOQ¼PHURGHKRUDVGHVHUYLFLRGHOPDUWLOOR

9


$  3DUHHOPRWRU
%  $IORMHODWDSDGHODFDEH]D $ 
 'HVPRQWHORVFRPSRQHQWHVGH % D , \FRPSUXHEHVLKD\
, &
GD³RVVXVWLWX\HQGRORVFRPSRQHQWHVGD³DGRV
'  0RQWHXQFDUWXFKRGHILOWURQXHYR
(  0RQWHORVFRPSRQHQWHVGHVDUPDGRV
)  $SULHWHODWDSDGHODFDEH]D $ 
*
+ 3DUGHDSULHWHSDUDODWDSDGHODFDEH]Da1P a
NJIP  aOEIIW

9

$ 7DSDGHFDEH]D
% $QLOORGHDSR\R
& $URWµULFR
' $URWµULFR
( 9£OYXOD
) $URWµULFR
* $QLOORGHVHJXULGDG
+ 0XHOOH
, (OHPHQWR



 6HUYLFLR\PDQWHQLPLHQWR
 6LVWHPDKLGU£XOLFR

$FXPXODGRUPDQLSXODFLµQ

$'9(57(1&,$
3HOLJURGHOHVLRQHVJUDYHV
/RVDFXPXODGRUHVVHFDUJDQFRQQLWUµJHQRDOWDPHQWH
SUHVXUL]DGR8QDPDQLSXODFLµQLQFRUUHFWDSRGU¯DSURYRFDUXQD
H[SORVLµQ\RFDVLRQDUOHVLRQHVJUDYHV
/RVWUDEDMRVHQXQDFXPXODGRUVRODPHQWHGHEHQVHUOOHYDGRVD
FDERSRUXQW«FQLFRGHVHUYLFLRFXDOLILFDGR
 1RJROSHHWDODGUHQLVXHOGHHODFXPXODGRU
 0DQW«QJDORELHQDOHMDGRGHOODPDVXRWUDVIXHQWHVGHFDORU
LQWHQVR
 6LDFFLRQDODSDODQFDGHPDQLREUDKDFLDDEDMR
LQPHGLDWDPHQWHGHVSX«VGHSDUDGRHOPRWRUHODFXPXODGRU
SHUPLWHTXHHOLPSOHPHQWRVHPXHYDSRUVXSURSLRSHVR
 'HVSX«VGHGHVFDUJDUODSUHVLµQHQHODFXPXODGRUPXHYDOD
SDODQFDGHEORTXHRGHPDQGRKDFLDDEDMRSDUDEORTXHDUHO
VLVWHPDKLGU£XOLFRGHIRUPDVHJXUD9HDODS£JLQD

$FXPXODGRURSHUDFLµQGHHPHUJHQFLD
 3DUHHOPRWRUJLUDQGRHOLQWHUUXSWRUGHHQFHQGLGRDODSRVLFLµQ
GHSDUDGD
 *LUHHOLQWHUUXSWRUGHHQFHQGLGRDODSRVLFLµQGHPDUFKD
 0XHYDODSDODQFDGHEORTXHRGHPDQGRKDFLDDUULEDSDUD
GHVEORTXHDUHOVLVWHPD9HDODS£JLQD
 3RQJDODSDODQFDGHPDQLREUDHQODSRVLFLµQGHGHVFHQVRGH
SOXPDSDUDTXHHOLPSOHPHQWREDMHSRUVXSURSLRSHVR
 0XHYDODSDODQFDGHEORTXHRGHPDQGRKDFLDDEDMRSDUD
EORTXHDUHOVLVWHPDKLGU£XOLFRGHIRUPDVHJXUD

9

$FXPXODGRU

6HUYLFLR\PDQWHQLPLHQWR 
6LVWHPDKLGU£XOLFR 

3UHVLµQGHODFXPXODGRUGHVFDUJD
 'HVFLHQGDHOLPSOHPHQWRFRPSOHWDPHQWHKDVWDHOVXHOR
 0DQWHQJDWRGRVORVLPSOHPHQWRVWDOHVFRPRHOPDUWLOOR
FHUUDGRV
 'HVSX«VGHSDUDUHOPRWRUJLUHHOLQWHUUXSWRUGHHQFHQGLGRD
ODSRVLFLµQGHPDUFKD
 0XHYDODSDODQFDGHEORTXHRGHPDQGRKDFLDDUULEDSDUD
GHVEORTXHDUHOVLVWHPD
 3DUDGHVFDUJDUODSUHVLµQGHORVFLUFXLWRVGHFRQWURO\GHO
DFXPXODGRUPXHYDODVSDODQFDVGHPDQLREUD\ORVSHGDOHV
KDFLDGHODQWH\DWU£V\KDFLDODL]TXLHUGD\ODGHUHFKDKDVWD
VXVSRVLFLRQHVH[WUHPDVFRUUHVSRQGLHQWHV
 *LUHHOLQWHUUXSWRUGHHQFHQGLGRDODSRVLFLµQGHSDUDGD
 0XHYDODSDODQFDGHEORTXHRGHPDQGRKDFLDDEDMRSDUD
EORTXHDUHOVLVWHPDKLGU£XOLFRGHIRUPDVHJXUD
 3DUDGHVFDUJDUODSUHVLµQFRPSOHWDPHQWHDIORMHOHQWDPHQWH
ODFRQH[LµQGHPDQJXHUDDOGHVFRQHFWDUHORUGHQDGRU
$S£UWHVHDXQODGRSRUVLVDOHSUR\HFWDGRXQFKRUURGHDFHLWH
6ROLFLWHDOWDOOHUGHVXFRQFHVLRQDULRRILFLDOGH9ROYR&RQVWUXFWLRQ
(TXLSPHQWTXHGHVFDUJXHODSUHVLµQHQHODFXPXODGRUDQWHVGH
GHVJXD]DUOR


 6HUYLFLR\PDQWHQLPLHQWR
 (QJUDVH

(QJUDVH
8QLGDGH[FDYDGRUDHQJUDVH
(QJUDVHODXQLGDGH[FDYDGRUDFDGDKRUDVRDGLDULRVµOR
GXUDQWHODVSULPHUDVKRUDV
'HVSX«VGHODVSULPHUDVKRUDVGHWUDEDMRHQJUDVHODXQLGDG
H[FDYDGRUDFDGDKRUDVRVHPDQDOPHQWH
127$
(QFRQGLFLRQHVGHWUDEDMRDGYHUVDVFXDQGRHVSRVLEOHTXH
SHQHWUHQHQORVFRMLQHWHVEDUURDJXD\PDWHULDOHVDEUDVLYRVR
GHVSX«VGHXVDUHOPDUWLOORKLGU£XOLFRVHGHEHHQJUDVDUODXQLGDG
H[FDYDGRUDFDGDKRUDVRDGLDULR
&XDQGRHQJUDVHPDQXDOPHQWHEDMHHOLPSOHPHQWRDOVXHORFRPR
VHPXHVWUD\SDUHHOPRWRU
(QJUDVHSRUORVHQJUDVDGRUHVXVDQGRXQDSLVWRODGHHQJUDVH
PDQXDORPRWRUL]DGD'HVSX«VGHOHQJUDVHOLPSLHODJUDVD
VREUDQWH
,QPHGLDWDPHQWHGHVSX«VGHWUDEDMDUVXPHUJLGDODP£TXLQDHQ
DJXDHQJUDVHODVSDUWHVTXHKDQHVWDGRVXPHUJLGDVWDOHVFRPR
ORVSDVDGRUHVGHODFXFKDUDDILQGHHOLPLQDUODJUDVDYLHMD
LQGHSHQGLHQWHPHQWHGHOLQWHUYDORGHHQJUDVH3DUDODV
HVSHFLILFDFLRQHVGHODJUDVDYHDODS£JLQD


  
 





  
9

 3DVDGRUGHPRQWDMHGHOFLOLQGURGHODSOXPD   3DVDGRUGHPRQWDMHGHOFLOLQGURGHODFXFKDUD 
SXQWRV SXQWR
 3DVDGRUGHPRQWDMHGHODSOXPD SXQWRV  3DVDGRUHQWUHEUD]RH[FDYDGRU\FXFKDUD 
SXQWRV
 3DVDGRUGHOH[WUHPRGHOY£VWDJRGHOFLOLQGURGH  3DVDGRUHQWUHEUD]RH[FDYDGRU\DUWLFXODFLµQ 
SOXPD SXQWRV SXQWR
 3DVDGRUGHPRQWDMHGHOFLOLQGURGHOEUD]R  3DVDGRUHQWUHEDUUDGHFRQH[LµQ\DUWLFXODFLµQ 
H[FDYDGRU SXQWR SXQWRV
 3DVDGRUHQWUHSOXPD\EUD]RH[FDYDGRU SXQWRV  3DVDGRUGHOH[WUHPRGHOY£VWDJRGHOFLOLQGURGHOD
FXFKDUD SXQWR
 3DVDGRUGHOH[WUHPRGHOY£VWDJRGHOFLOLQGURGHO  3DVDGRUHQWUHFXFKDUD\EDUUDGHFRQH[LµQ 
EUD]RH[FDYDGRU SXQWR SXQWRV
6HUYLFLR\PDQWHQLPLHQWR 
(QJUDVH 
%LVDJUDVGHODSXHUWDGHODFDELQDHQJUDVH
(QJUDVHODVELVDJUDVGHODSXHUWDFDGDKRUDV

9

 3XQWRVGHOXEULFDFLµQ



 6HUYLFLR\PDQWHQLPLHQWR
 (VTXHPDGHOXEULFDFLµQ\FXLGDGRV

(VTXHPDGHOXEULFDFLµQ\FXLGDGRV
/XEULFDFLµQ
/DOXEULFDFLµQHVXQDSDUWHLPSRUWDQWHGHOPDQWHQLPLHQWR
SUHYHQWLYR/DYLGD¼WLOGHFDVTXLOORVFRMLQHWHV\DSR\RVGH
FRMLQHWHSXHGHDODUJDUVHGHIRUPDFRQVLGHUDEOHVLODP£TXLQDVH
OXEULFDGHIRUPDFRUUHFWD(OHVTXHPDGHOXEULFDFLµQIDFLOLWDORV
WUDEDMRVGHOXEULFDFLµQ\UHGXFHHOULHVJRGHROYLGDUDOJ¼QSXQWR
GHHQJUDVH
/DOXEULFDFLµQWLHQHGRVREMHWLYRVSULQFLSDOHV
 $SOLFDUOXEULFDQWHDORVFRMLQHWHVSDUDUHGXFLUHOGHVJDVWHHQWUH
HOFRMLQHWH\HODSR\RGHOPLVPR
 6XVWLWXLUODJUDVDVXFLD\XVDGD/DJUDVDDOPDFHQDGDHQHO
LQWHULRUGHORVUHWHQHVH[WHULRUHVDFXPXODVXFLHGDG\DJXDOR
TXHLPSLGHTXHSXHGDLQWURGXFLUVHHQHOFRMLQHWH

$9,62
3DVHXQSD³RSRUORVHQJUDVDGRUHV\ODSLVWRODGHOXEULFDFLµQ
DQWHVGHHQJUDVDUSDUDHYLWDUTXHHQWUHVXFLHGDG\DUHQDHQORV
FRMLQHWHVDWUDY«VGHORVHQJUDVDGRUHV
6HUYLFLR\PDQWHQLPLHQWR 
(VTXHPDGHOXEULFDFLµQ\FXLGDGRV 

&ODYHGHV¯PERORV
(VWRVV¯PERORVHVW£QGDUVHXWLOL]DQHQHOHVTXHPDGHOXEULFDFLµQ
\FXLGDGRVYHDWDEODSUHVHQWDGDDFRQWLQXDFLµQ

 $FHLWHGHOPRWRU  /XEULFDFLµQFRQJUDVD  &DPELRGHDFHLWHGHODXQLGDG


SURSXOVRUDGHJLUR

6 7 7

 &RQWUROGHDFHLWHGHODXQLGDG  &RQWUROGHDFHLWHGHODFDMD  &DPELRGHDFHLWHGHODFDMD


SURSXOVRUDGHJLUR SURSXOVRUDGHRUXJDV SURSXOVRUDGHRUXJDV

 $FHLWHKLGU£XOLFR  1LYHOGHDFHLWHKLGU£XOLFR  )LOWURGHDFHLWHKLGU£XOLFR

 )LOWURGHYHQWLODFLµQGHDLUH  )LOWURGHFRPEXVWLEOH  6HSDUDGRUGHDJXD


GHSµVLWRKLGU£XOLFR

 0RWRUUHIULJHUDQWH  0RWRUILOWURGHUHIULJHUDQWH  1LYHOGHUHIULJHUDQWHGHOPRWRU

 1LYHOGHDFHLWHGHOPRWRU  )LOWURGHDFHLWHGHPRWRU  /LEURGHLQVWUXFFLRQHV


 )LOWURGHDLUH
 6HUYLFLR\PDQWHQLPLHQWR
 (VTXHPDGHOXEULFDFLµQ\FXLGDGRV

(VTXHPDGHOXEULFDFLµQ\FXLGDGRV

     






















    9
6HUYLFLR\PDQWHQLPLHQWR 
(VTXHPDGHOXEULFDFLµQ\FXLGDGRV 
0HGLGD (OHPHQWR 3£JLQD
&XDQGRVHDQHFHVDULR
&RPSUXHEHHOQLYHOGHOUHIULJHUDQWH VHJ¼QODVH³DOHQOD,(&8  
&RPSUXHEH\YDF¯HHOVHSDUDGRUGHDJXD VHJ¼QODVH³DOHQOD,(&8 
/LPSLHHOILOWURSULQFLSDOGHOILOWURGHDLUH GHDFXHUGRDODVH³DOHQOD,(&8 
9DF¯HORVVHGLPHQWRVGHOGHSµVLWRGHFRPEXVWLEOH 

',$5,$0(17( FDGDKRUDV (OHPHQWR 3£JLQD


&RPSUXHEHORVWRUQLOORVGHODV]DSDWDVGHRUXJD 
&RPSUXHEHHOQLYHOGHO¯TXLGRGHODYDGR 

&DGDKRUDV (OHPHQWR 3£JLQD


&RPSUXHEHHOQLYHOGHODFHLWHGHOPRWRU RVHJ¼QODVH³DOHQOD,(&8  
&RPSUXHEHHOQLYHOGHODFHLWHKLGU£XOLFR  
/XEULTXHORVLPSOHPHQWRV  
&RPSUXHEHHOQLYHOGHDFHLWHGHOILOWURHQED³RGHDFHLWH 
&RPSUXHEHODWHQVLµQGHODVRUXJDV  

&DGDKRUDVGHVSX«VGHUHDOL]DUORVVHUYLFLRVGLDULR\GHKRUDV (OHPHQWR 3£JLQD


&RPSUXHEHHOQLYHOGHODFHLWHGHODXQLGDGSURSXOVRUDGHJLUR  
/LPSLHHOSUHILOWURGHODFDELQD 
/XEULTXHHOFRMLQHWHGHOHQJUDQDMHGHJLUR  
&DPELHHODFHLWHHQHOILOWURGHDLUHHQED³RGHDFHLWH 
&DPELHHOILOWURGHUHWRUQRGHOFLUFXLWRGHOPDUWLOOR 

&DGDKRUDVGHVSX«VGHUHDOL]DUORVVHUYLFLRVGLDULRGH\GHKRUDV (OHPHQWR 3£JLQD


&DPELHHODFHLWH\HOILOWURGHDFHLWH  

&DPELHHOILOWURGHFRPEXVWLEOH  
&DPELHHOHOHPHQWRGHOILOWURGHOVHSDUDGRUGHDJXD  
&DPELHHOHOHPHQWRGHOILOWURGHOVHSDUDGRUGHDJXDDGLFLRQDO 
/LPSLHODVDOHWDVGHUDGLDGRUHQIULDGRUGHDFHLWH\FRQGHQVDGR RFXDQGRVHD 
QHFHVDULR
/LPSLHHOILOWURSULQFLSDOGHODFRQGLFLRQDGRUGHDLUH
&RPSUXHEHHOQLYHOGHOHOHFWUµOLWRGHODEDWHU¯D



 6HUYLFLR\PDQWHQLPLHQWR
 (VTXHPDGHOXEULFDFLµQ\FXLGDGRV
0HGLGD (OHPHQWR 3£JLQD
&DGDKRUDVGHVSX«VGHUHDOL]DUORVVHUYLFLRVGLDULRGH\KRUDV
&RPSUXHEHHOQLYHOGHODFHLWHGHODXQLGDGSURSXOVRUDGHRUXJD  
&RPSUXHEHODJUDVDGHOED³RGHJLUR  
&DPELHHOILOWURGHOVHUYRKLGU£XOLFR SULPHUFDPELRKRUDV  
&DPELHHOILOWURGHYDFLDGRGHDFHLWHKLGU£XOLFR SULPHUFDPELRKRUDV  
&DPELHHODFHLWHGHODXQLGDGSURSXOVRUDGHJLUR SULPHUFDPELRKRUDV  
/XEULTXHODVELVDJUDVGHODSXHUWDGHODFDELQD 
&RPSUXHEHODWHQVLµQGHODFRUUHDGHODOWHUQDGRU 
&RPSUXHEHODWHQVLµQGHODFRUUHDSDUDHODLUHDFRQGLFLRQDGR 

&DGDKRUDVGHVSX«VGHUHDOL]DUORVVHUYLFLRVGLDULRGH\ (OHPHQWR 3£JLQD


KRUDV
&RPSUXHEHHOFRQWHQLGRGHUHIULJHUDQWH RDQXDOPHQWH 
/LPSLHHOFRODGRUGHDVSLUDFLµQGHOGHSµVLWRKLGU£XOLFR RFXDQGRVHDQHFHVDULR  
&DPELHHOILOWURSULPDULRGHDLUH 
0£[LPRD³RRGHVSX«VGHOLPSLDUHOILOWURYHFHV
6XVWLWX\DHOILOWURVHFXQGDULRFDGDYHFHVTXHFDPELHHOILOWURSULPDULRRFRPR
P¯QLPRFDGDD³RV 
&DPELHHOSUHILOWURGHODFDELQD 
&DPELHHOILOWURGHYHQWLODFLµQGHOGHSµVLWRKLGU£XOLFR  
&DPELHHOILOWURGHYHQWLODFLµQGHOGHSµVLWRGHFRPEXVWLEOH 
&DPELHHODFHLWHGHODXQLGDGSURSXOVRUDGHWUDVODFLµQ 3ULPHUFDPELRKRUDV  
&DPELHHODFHLWHKLGU£XOLFR DFHLWHPLQHUDO  
&DPELHHOILOWURSULQFLSDOGHODFRQGLFLRQDGRUGHDLUH 
&DPELHHOILOWURGHDFHLWHKLGU£XOLFRGHUHWRUQR SULPHUFDPELRKRUDV  
&RPSUXHEHHOUHJODMHGHODVY£OYXODV 
/LPSLHHOILOWURGHPDOODGHOILOWURGHDLUHGHED³RGHDFHLWH 

&DGDKRUDVGHVSX«VGHUHDOL]DUORVVHUYLFLRVGLDULR\GH (OHPHQWR 3£JLQD


\KRUDV
&DPELHHODFHLWHKLGU£XOLFR DFHLWHELRGHJUDGDEOH\DFHLWHKLGU£XOLFRGHODUJD  
GXUDFLµQ

&DGDKRUDVGHVSX«VGHUHDOL]DUORVVHUYLFLRVGLDULR\GH (OHPHQWR 3£JLQD


\KRUDV
&DPELHHOUHIULJHUDQWH  
6HUYLFLR\PDQWHQLPLHQWR 
(VTXHPDGHOXEULFDFLµQ\FXLGDGRV 

5HHPSOD]RSHULµGLFRGHSLH]DVFU¯WLFDVSDUDOD
VHJXULGDG
3DUDJDUDQWL]DUODVHJXULGDGHQWRGRPRPHQWRFXDQGRXVHRFRQGX]FDODP£TXLQDHVQHFHVDULRUHDOL]DUVLHPSUH
HOPDQWHQLPLHQWR3DUDPHMRUDUD¼QP£VODVHJXULGDGVHUHFRPLHQGDWDPEL«QUHDOL]DUHOFRQWUROSHULµGLFRROD
VXVWLWXFLµQGHODVSLH]DVLQGLFDGDVHQODWDEODVLJXLHQWH
(VWDVSLH]DVHVW£QFRQHFWDGDVFHUFDSRUVHJXULGDG\SDUDSUHYHQLULQFHQGLRV/RVPDWHULDOHVFDPELDQFRQHO
SDVRGHOWLHPSRRVHGHWHULRUDQRGHVJDVWDQI£FLOPHQWH6LQHPEDUJRHVGLI¯FLOMX]JDUHOHVWDGRGHODVSLH]DV
VLPSOHPHQWHFRQHOPDQWHQLPLHQWRSHULµGLFR6LHVWDVSLH]DVPXHVWUDQFXDOTXLHUDQRUPDOLGDGDQWHVGHTXHSDVH
HOLQWHUYDORGHVXVWLWXFLµQGHEHU£QVHUUHSDUDGDVRVXVWLWXLGDVLQPHGLDWDPHQWH6LODVDEUD]DGHUDVGHODV
PDQJXHUDVPXHVWUDQFXDOTXLHUGHWHULRURFRPRGHIRUPDFLµQRJULHWDVVXVWLWX\DODVDEUD]DGHUDVDOPLVPRWLHPSR
TXHODVPDQJXHUDV&XDQGRVXVWLWX\DODVPDQJXHUDVVXVWLWX\DVLHPSUHORVDURVWµULFRVMXQWDV\RWUDVSLH]DV
UHODFLRQDGDVDOPLVPRWLHPSR/DVVXVWLWXFLRQHVGHEHQVHUUHDOL]DGDVHQXQWDOOHUSRUSHUVRQDOFXDOLILFDGR

3LH]DVFU¯WLFDVSDUDODVHJXULGDGSDUDUHHPSOD]RSHULµGLFR ,QWHUYDORVGHUHHPSOD]R
0DQJXHUDGHFRPEXVWLEOH
0RWRU
0DQJXHUDGHOFDOHQWDGRU
%RPEDPDQJXHUDGHHQWUDGD
&XHUSR %RPEDPDQJXHUDGHVDOLGD
0DQJXHUDGHO¯QHDGHJLUR &DGDD³RVRKRUDV HO
SULPHURTXHVHSURGX]FD
+LGU£XOLFD 0DQJXHUDGHFLOLQGURGHSOXPD
0DQJXHUDGHO¯QHDGHFLOLQGURGH
,PSOHPHQWRV EUD]RH[FDYDGRU
0DQJXHUDGHO¯QHDGHFLOLQGURGH
FXFKDUD
&LQWXUµQGHVHJXULGDG &DGDD³RV


 6HUYLFLR\PDQWHQLPLHQWR
 (VTXHPDGHOXEULFDFLµQ\FXLGDGRV

0DQWHQLPLHQWRHQFRQGLFLRQHV
PHGLRDPELHQWDOHVHVSHFLDOHV
3£JLQD
5HTXLVLWRV 0DQWHQLPLHQWR UHODFLRQDG
D
$QWHVGHODRSHUDFLµQFRPSUXHEHODKHUPHWLFLGDGGHORVWDSRQHV\GHWRGDV
ODVPDQJXHUDV\JULIRVGHYDFLDGR
'HVSX«VGHOWUDEDMRUHOOHQHJUDVDHQORVSDVDGRUHVGHOLPSOHPHQWRRHQ

ODV]RQDVDIHFWDGDVSRUHODJXD

(QDJXDRFHUFDGHO $OXVDUODP£TXLQDDVHJ¼UHVHGHFRPSUREDU\OXEULFDUORVSXQWRVGHO
PDU LPSOHPHQWRDIHFWDGRVSRUHODJXDUHJXODUPHQWH
'HVSX«VGHWUDEDMDUFHUFDGHOPDUOLPSLHODP£TXLQDPLQXFLRVDPHQWHFRQ
DJXDGXOFH\KDJDHOVHUYLFLRGHORVFRPSRQHQWHVHO«FWULFRVSDUDSUHYHQLU
ODFRUURVLµQ6HUHFRPLHQGDHQFDUHFLGDPHQWHXVDUJUDVDGLHO«FWULFDHQ
WRGRVORVSXQWRVGHFRQH[LµQGHKDFHVGHFDEOHVSDUDPHMRUDUHOVHOODGR\
SUHYHQLUODFRUURVLµQ
'HVSX«VGHOWUDEDMRUHOOHQHHOGHSµVLWRGHFRPEXVWLEOHSDUDLPSHGLUOD
FRQGHQVDFLµQGHDJXDHQHOGHSµVLWR
8VHORVOXEULFDQWHVUHFRPHQGDGRV 
&DUJXHWRWDOPHQWHODVEDWHU¯DVSHULµGLFDPHQWH\DTXHHOHOHFWUµOLWRSXHGH
7HPSHUDWXUDVEDMR
FRQJHODUVH9HQWLOHELHQHVSHFLDOPHQWHFXDQGRVHFDUJDQODVEDWHU¯DVHQ
FHUR
XQUHFLQWRFHUUDGR
3DUDHODOPDFHQDPLHQWRGHP£TXLQDVHQWHPSHUDWXUDVH[WUHPDGDPHQWH

IU¯DVUHWLUHODVEDWHU¯DV\DSDUTXHODP£TXLQDDWHPSHUDWXUDDPELHQWH
$QWHVGHOHVWDFLRQDPLHQWRTXLWHHOEDUUR\ODVXFLHGDGGHODVRUXJDV
7UDEDMRVGH
8VHSURWHFFLµQFRQWUDODFD¯GDGHREMHWRVVREUHODFDELQD 
GHPROLFLµQ
9DF¯HORVVHGLPHQWRVGHOGHSµVLWRGHFRPEXVWLEOHHQLQWHUYDORVGHVHUYLFLR

&RPEXVWLEOHGHEDMD P£VFRUWRV
FDOLGDG &DPELHHODFHLWH\HOILOWURGHDFHLWHGHOPRWRUHQLQWHUYDORVGHVHUYLFLRP£V

FRUWRV
&RPSUXHEHGHIRUPDSHULµGLFDODHVWDQTXHLGDGGHODVFRQH[LRQHVGHWXERV

\PDQJXHUDVTXHXQHQHOILOWURGHDLUHFRQHOFROHFWRUGHDGPLVLµQGHOPRWRU
/LPSLHHOILOWURGHDLUHHQLQWHUYDORVGHVHUYLFLRP£VFRUWRV 
/LPSLHODPDOODREVWUXLGDGHOUDGLDGRU\GHOHQIULDGRUGHDFHLWHHQLQWHUYDORV

$WPµVIHUD GHVHUYLFLRP£VFRUWRV
SROYRULHQWD /LPSLHODV]RQDVGHODP£TXLQDGRQGHSXHGHQDFXPXODUVHSROYRYLUXWDV\
VLPLODUHVHQLQWHUYDORVGHVHUYLFLRP£VFRUWRVSDUDPLQLPL]DUHOULHVJRGH 
LQFHQGLR
3UHVWHDWHQFLµQDOFRPSDUWLPLHQWRGHOPRWRU\DODV]RQDVFLUFXQGDQWHV

OLPSL£QGRORVSHULµGLFDPHQWH
8VHXQDRUXJDDGHFXDGDSDUDODVFRQGLFLRQHVGHOWHUUHQR(QFDVRGHGXGD

FRQVXOWHDOFRQFHVLRQDULR9ROYRP£VFHUFDQR
7HUUHQRURFRVR
8VHXQLPSOHPHQWRDGHFXDGRSDUDODVFRQGLFLRQHVGHOWHUUHQRWDOFRPR
XQDFXFKDUDSDUDVHUYLFLRSHVDGR
2SHUDFLµQGHO &DPELHHODFHLWHKLGU£XOLFR\HOILOWURGHUHWRUQRGHOFLUFXLWRGHOPDUWLOORHQ

PDUWLOOR LQWHUYDORVGHVHUYLFLRP£VFRUWRV
(VSHFLILFDFLRQHV 
/XEULFDQWHVUHFRPHQGDGRV 

(VSHFLILFDFLRQHV
/XEULFDQWHVUHFRPHQGDGRV
/RVOXEULFDQWHV9ROYRKDQVLGRHVSHFLDOPHQWHGHVDUUROODGRVSDUDFXPSOLUFRQODVH[LJHQWHVFRQGLFLRQHVGH
RSHUDFLµQHQODVFXDOHVVHXWLOL]DQODVH[FDYDGRUDV9ROYR/RVDFHLWHVKDQVLGRFRPSUREDGRVVHJ¼QODV
HVSHFLILFDFLRQHVGHODVH[FDYDGRUDV9ROYR\SRUFRQVLJXLHQWHFXPSOHQFRQORVDOWRVUHTXLVLWRVHQFXDQWRD
VHJXULGDG\FDOLGDG
6HSXHGHQXVDURWURVDFHLWHVPLQHUDOHVVLFXPSOHQFRQQXHVWUDVUHFRPHQGDFLRQHVUHODWLYDVDYLVFRVLGDG\
QXHVWURVUHTXLVLWRVGHFDOLGDG6HUHTXLHUHODDSUREDFLµQGH9ROYRVLVHYDDXVDUFXDOTXLHURWUDFDOLGDGGHEDVH
GHDFHLWH SRUHMHPSORDFHLWHELROµJLFDPHQWHGHJUDGDEOH 

6LVWHPD &DOLGDGGHDFHLWH 9LVFRVLGDGUHFRPHQGDGDSDUDGLVWLQWDVWHPSHUDWXUDVDPELHQWH


r&         
r)         

6$(:
6$(:
6$(:
$FHLWHGHOPRWRU
0RWRU 6$(:
YHDODS£JLQD
6$(:
6$(
6$(
&DMDGH $FHLWHSDUD 6$(
HQJUDQDMHGH HQJUDQDMHV FRQ
RUXJDV DGLWLYR(3 $3,*/ 6$(
µ*/
$FHLWHSDUD 6$(
&DMDGH
HQJUDQDMHV FRQ
HQJUDQDMHGH
DGLWLYR(3 $3,*/ 6$(
JLUR
µ*/
&RURQDGHQWDGD
GHJLUR ED³R\ *UDVD *UDVD(3 PXOWLXVR1/*,
ERODV

r&         


r)         

,QVWDODGRHQI£EULFD
(3 3UHVLµQH[WUHPD
127$
&XDQGRDUUDQTXHHOPRWRUDXQDWHPSHUDWXUDDPELHQWHLQIHULRUr&DVHJ¼UHVHGHXVDUDFHLWHGHPRWRU6$(
:6$(:\6$(:DXQTXHODWHPSHUDWXUDDPELHQWHVXEDDP£VRPHQRVr&GXUDQWHHOG¯D

 (VSHFLILFDFLRQHV
 /XEULFDQWHVUHFRPHQGDGRV
6LVWHPD &DOLGDGGHDFHLWH 9LVFRVLGDGUHFRPHQGDGDSDUDGLVWLQWDVWHPSHUDWXUDVDPELHQWH
r&         
r)         

,629*+9
$FHLWHKLGU£XOLFR
,629*+9
9ROYR([WUD
,629*+9
$FHLWHKLGU£XOLFR
6LVWHPD 9ROYR%LRGHJUDGDEOH
$FHLWHELRGHJUDGDEOH9*
KLGU£XOLFR DEDVHGH«VWHU
VLQW«WLFR
$FHLWHKLGU£XOLFR ,629*
9ROYRXOWUD DFHLWH ,629*
KLGU£XOLFRGHODUJD
GXUDFLµQ ,629*
3DVDGRU\ *UDVD JUDVD(3
,62/;%&)%
FDVTXLOOR PXOWLXVR1/*,
$670'
&RPEXVWLEOH *DVµOHR 1R
$670'1R
6LVWHPD 5HIULJHUDQWH9ROYR
6RORVHGHEHXVDUHOUHIULJHUDQWH9ROYR9&6YHDODS£JLQD
UHIULJHUDFLµQ 9&6
6LVWHPDGHDLUH )ULJRU¯JHQR
+)&5D
DFRQGLFLRQDGR

r&         


r)         

,QVWDODGRHQI£EULFD
(3 3UHVLµQH[WUHPD
6LODP£TXLQDVHOOHQDFRQDFHLWHKLGU£XOLFRELRGHJUDGDEOH9ROYRHVWHDFHLWHWDPEL«QVHGHEHXVDUDOUHOOHQDU
\FDPELDUHODFHLWH(OFRQWHQLGRGHDFHLWHPLQHUDOHQHODFHLWHELRGHJUDGDEOHQRGHEHVXSHUDU6LWLHQHOD
LQWHQFLµQGHFDPELDUGHDFHLWHPLQHUDODDFHLWHELRGHJUDGDEOHFRQWDFWHFRQXQWDOOHUDXWRUL]DGRSRU9ROYR
127$
(OFRPEXVWLEOHGHEHU£FXPSOLUDOPHQRVFRQORVUHTXLVLWRVOHJDOHV\ODVQRUPDVQDFLRQDOHVHLQWHUQDFLRQDOHVSDUD
FRPEXVWLEOHVFRPHUFLDOL]DGRVSRUHMHPSOR(1 FRQUHTXLVLWRVGHWHPSHUDWXUDDGDSWDGRVQDFLRQDOPHQWH 
$670'1R'\1R'-,6..
127$
(OFRQWHQLGRGHUHIULJHUDQWH9ROYRQRGHEHU£VHULQIHULRUDOGHODPH]FODWRWDO
(VSHFLILFDFLRQHV 
/XEULFDQWHVUHFRPHQGDGRV 

$FHLWHGHOPRWRU
&RQWHQLGRGHD]XIUHGHOFRPEXVWLEOHSSP SSP 
&DOLGDGGHDFHLWH  ದ 
,QWHUYDORGHFDPELRGHDFHLWH
$FHLWHGHOPRWRU9ROYR9'6
$FHLWHGHOPRWRU9ROYR9'6 KRUDV KRUDV KRUDV
$FHLWHGHOPRWRU9ROYR9'6
$&($(R(
KRUDV KRUDV KRUDV
$3,&+&,&-R&.
$&($(XURSHDQ$XWRPRELOH0DQXIDFWXUHUV$VVRFLDWLRQ
$VRFLDFLµQ(XURSHDGH)DEULFDQWHVGH$XWRPµYLOHV
$3,$PHULFDQ3HWUROHXP,QVWLWXWH


 (VSHFLILFDFLRQHV
 /XEULFDQWHVUHFRPHQGDGRV

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

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

1RVHGHEHPH]FODUHOUHIULJHUDQWHFRQFHQWUDGRFRQDJXDTXHFRQWHQJDXQDJUDQFDQWLGDGGHFDO DJXDGXUD 
VDOXRWURVPHWDOHV

(ODJXDOLPSLDSDUDHOVLVWHPDGHUHIULJHUDFLµQGHEHU£FXPSOLUWDPEL«QORVUHTXLVLWRVVLJXLHQWHV

'HVFULSFLµQ 9DORU
1¼PHURWRWDOGHSDUW¯FXODVVµOLGDV SSP
'XUH]DWRWDO rG+
&ORUXUR SSP
6XOIDWR SSP
YDORUS+ 
6¯OLFH PJ6L2OLWUR
+LHUUR PJ)HOLWUR
0DQJDQHVR PJ0QOLWUR
&RQGXFWLYLGDGHO«FWULFD w6FP
0DWHULDORUJ£QLFR&2'0Q PJOLWUR

6LH[LVWHFXDOTXLHUGXGDVREUHODFDOLGDGGHODJXDXVHUHIULJHUDQWH9ROYR9&6\DPH]FODGRTXHFRQWLHQH
GHUHIULJHUDQWHFRQFHQWUDGR1RPH]FOHFRQQLQJ¼QRWURUHIULJHUDQWH\DPH]FODGRSXHVWRTXHHVWRSRGU¯DSURYRFDU
GD³RVDOPRWRU
(VSHFLILFDFLRQHV 
/XEULFDQWHVUHFRPHQGDGRV 

$FHLWHKLGU£XOLFR
8VHVRODPHQWHDFHLWHKLGU£XOLFRRULJLQDO9ROYRDSUREDGRSRU9ROYR&(1RPH]FOHDFHLWHVKLGU£XOLFRVGHGLVWLQWDV
PDUFDV\DTXHHVWRSXHGHFRQGXFLUDGD³RVHQHOVLVWHPDKLGU£XOLFR

3DUDODHVSHFLILFDFLµQGHOVLVWHPDKLGU£XOLFRYHDODS£JLQD

7HPSDPELHQWH
r&           
r)           

% $ &
&DOLGDGGHDFHLWH % $ &
% $

$ 7HPSHUDWXUDDPELHQWHUHFRPHQGDGDSDUDXVRJHQHUDOGHOVLVWHPDKLGU£XOLFR\VXVFRPSRQHQWHV
% *X¯DGHWHPSHUDWXUDVDPELHQWHSDUDODRSHUDFLµQGHODP£TXLQDVµORGHVGHHOSXQWRGHYLVWDGHODFHLWH
KLGU£XOLFR\VLQJDUDQWL]DUODP£TXLQDFRPSOHWDSDUDRWUDVFRQGLFLRQHVWDOHVFRPRODVSUHVWDFLRQHVGHDUUDQTXH
GHODP£TXLQD(QHVWHLQWHUYDORVHQHFHVLWDXQSHULRGRGHFDOHQWDPLHQWRSDUDREWHQHUHOIXQFLRQDPLHQWR
FRUUHFWR
& ,QWHUYDORGHWHPSHUDWXUDVDPELHQWHSDUDODRSHUDFLµQGHODP£TXLQDHQFRQGLFLRQHVHVSHFLDOHV1RHVXQD
UHFRPHQGDFLµQSDUDFRQGLFLRQHVGHXVRJHQHUDO

5HFRPHQGDFLµQDGLFLRQDOSDUD]RQDVGHIU¯RLQWHQVR
6ROXFLµQGHFDPSRSDUDFRQGLFLRQHVGHIU¯RLQWHQVRFRQXQDWHPSHUDWXUDDPELHQWHHQWUHr&\r&
 7LSR$FHLWHKLGU£XOLFRGHOWLSRDQWLGHVJDVWH
 &DUDFWHU¯VWLFDVGHYLVFRVLGDG
QGLFHGHYLVFRVLGDG0£VGH
9LVFRVLGDGFLQ«WLFD0HQRVGHF6WDr&\P£VGHF6WDr&

127$
(VWHYDORUHVDSUR[LPDGDPHQWHHTXLYDOHQWHDOJUDGRGHYLVFRVLGDG,62
127$
(VODUHFRPHQGDFLµQWHµULFDP¯QLPDVLQODJDUDQW¯DGHODFRQGLFLµQGHODP£TXLQD


 (VSHFLILFDFLRQHV
 /XEULFDQWHVUHFRPHQGDGRV

*UDVD
*UDVDUHFRPHQGDGDSDUDWRGRVORVSXQWRVGHHQJUDVHGHOHTXLSRGHH[FDYDFLµQ

)DEULFDQWH 1RPEUHGHOSURGXFWR
5HFRPHQGDFLRQHV $OWHUQDWLYDV
92/92 8OWUD*UHDVH0RO\(3 6XSHU*UHDVH/LWKLXP(3
&$/7(; 0RO\WH[(3 0XOWLIDN(3
*8/) *XOIOH[0RO\(3 *XOIFURZQ(3
(;;2102%,/ %HDFRQ(30RO\ %HDFRQ(3
6+(// 5HWLQD[+';$OYDQLD+'; 5HWLQD[(3$OYDQLD(3
727$/ 0XOWLV06 0XOWLV(3
&$6752/ 3\UR/0 3\URSOH[5HG

1RVHUHFRPLHQGDQODVDOWHUQDWLYDVFXDQGRODWHPSHUDWXUDDPELHQWHHVVXSHULRUDr&

3RVLELOLGDGHVGHPH]FODUWLSRVGHJUDVDVFRQGLVWLQWRVDGLWLYRV

3RVLELOLGDGHVGHPH]FODUWLSRVGHJUDVDVFRQDGLWLYRV
/LWLR &DOFLR &RPSXHVWR &RPSXHVWR &RPSXHVWR $UFLOOD
GHOLWLR GHFDOFLR GHDOXPLQLR
/LWLR ෭ ෭ ෭
&DOFLR ෭ ෭ ෭ ෭
&RPSXHVWRGHOLWLR ෭ ෭ ෭ ෭
&RPSXHVWRGHFDOFLR ෭ ෭
&RPSXHVWRGHDOXPLQLR ෭ ෭
$UFLOOD ෭ ෭ ෭

෭$FHSWDEOH
(VSHFLILFDFLRQHV 
6LVWHPDGHFRPEXVWLEOH 

6LVWHPDGHFRPEXVWLEOH
&RPEXVWLEOH
5HTXLVLWRVGHFDOLGDGGHOFRPEXVWLEOH
(OFRPEXVWLEOHGHEHU¯DFXPSOLUFRPRP¯QLPRFRQORVUHTXLVLWRVOHJDOHVQDFLRQDOHVHLQWHUQDFLRQDOHVSDUD
FRPEXVWLEOHVFRPHUFLDOL]DGRVSRUHMHPSOR(1 FRQUHTXLVLWRVGHWHPSHUDWXUDQDFLRQDOPHQWHDGDSWDGRV 
$670'1|'\'-,6../DHVSHFLILFDFLµQGHOFRPEXVWLEOHYDU¯DVHJ¼QODWHPSHUDWXUDGHWUDEDMR
3RUIDYRUFRQWDFWHFRQXQFRQFHVLRQDULRDXWRUL]DGRGH9ROYR

&RQWHQLGRGHD]XIUH
 &RQPRWRU7LHU,,,'.
/OHQHFRQFRPEXVWLEOHQRUPDOFRQXQFRQWHQLGRGHD]XIUHGHSRUFLHQWR SSP SRUSHVR'HRWURPRGRHOPRWRU
SRGU¯DGD³DUVHHQDOJXQRVFDVRV(QHVHFDVR9ROYRQRSXHGHFXEULUODJDUDQW¯D
 &RQPRWRU7LHU,,')
/OHQHFRQFRPEXVWLEOHQRUPDOFRQXQFRQWHQLGRGHD]XIUHGHSRUFLHQWR SSP SRUSHVR'HRWURPRGRHOPRWRU
SRGU¯DGD³DUVHHQDOJXQRVFDVRV(QHVHFDVR9ROYRQRSXHGHFXEULUODJDUDQW¯D

127$
3DUDFXPSOLUFRQODQRUPDQDFLRQDOGH&KLQD*%HOFRQWHQLGRGHD]XIUHGHOFRPEXVWLEOHGLHVHOQR
GHEHVXSHUDUSRUFLHQWR SSP SRUSHVRKDVWDTXHVHDQXQFLHXQDQXHYDQRUPDQDFLRQDOGH&KLQD

&RPEXVWLEOHELRGLHVHO
(QDOJXQRVPHUFDGRVVHRIUHFHQDFHLWHV\R«VWHUHVYHJHWDOHVWDPEL«QGHQRPLQDGRVELRGLHVHOSRUHM
PHWLO«VWHUGHVHPLOODGHFRO]D 50( WDQWRFRPRSURGXFWRSXURFRPRSDUDPH]FODUORFRQFRPEXVWLEOHGLHVHO
9ROYR&RQVWUXFWLRQ(TXLSPHQWDFHSWDXQP£[LPRGHGHELRGLHVHOHQHOFRPEXVWLEOHGLHVHO\DPH]FODGRSRU
ODVFRPSD³¯DVSHWURO¯IHUDV0£VGHOGHPH]FODGHELRGLHVHOSXHGHGDUOXJDUDHQWUHRWUDVFRVDV
 8QDXPHQWRGHODVHPLVLRQHVSRUµ[LGRQ¯WULFR SRUHOORQRFXPSOHFRQODQRUPDWLYDOHJDOYLJHQWH
 9LGDGHVHUYLFLRGHOPRWRU\GHOVLVWHPDGHLQ\HFFLµQP£VFRUWD
 &RQVXPRGHFRPEXVWLEOHDXPHQWDGR
 3RWHQFLDGHOPRWRUDOWHUDGD
 5HGXFFLµQDODPLWDGGHOLQWHUYDORHQWUHFDPELRVGHDFHLWHGHOPRWRU
 9LGDGHVHUYLFLRDFRUWDGDGHORVPDWHULDOHVGHJRPDHQHOVLVWHPDGHFRPEXVWLEOH
 5HGXFFLµQGHODVFDUDFWHU¯VWLFDVGHPDQHMRHQIU¯RGHOFRPEXVWLEOH
 9LGDGHDOPDFHQDMHGHOFRPEXVWLEOHOLPLWDGDTXHSXHGHGDUOXJDUDREVWUXFFLRQHVHQHOVLVWHPDGHFRPEXVWLEOHVLQRVH
XVDODP£TXLQDGXUDQWHSHU¯RGRVODUJRV

&RQGLFLRQHVGHJDUDQW¯D
/DJDUDQW¯DQRFXEUHGD³RVFDXVDGRVSRUXQDPH]FODVXSHULRUDOGHFRPEXVWLEOHELRGLHVHO


 (VSHFLILFDFLRQHV
 6LVWHPDGHFRPEXVWLEOH

&RPEXVWLEOHVDOWHUQDWLYRV
(VWDGHFODUDFLµQVRORHVY£OLGDSDUDPRWRUHVGHODPDUFD9ROYR
SHURWDPEL«QLQFOX\HPRWRUHVSDUDODVPLQLFDUJDGRUDV
FRPSDFWDVGHOD6HULH&\''GRQGHODJDUDQW¯DHV
SURSRUFLRQDGDSRU9ROYR
(ODFHLWHYHJHWDOKLGURWUDWDGR +92 \HOELRGLHVHOGHPHWLO«VWHU
GH£FLGRVJUDVRV )$0( VHIDEULFDQDSDUWLUGHPDWHULDVSULPDV
UHQRYDEOHVFRPRDFHLWHVYHJHWDOHV\JUDVDVDQLPDOHVSHURVH
SURFHVDQTX¯PLFDPHQWHGHPDQHUDGLIHUHQWH
$FHLWHYHJHWDOKLGURWUDWDGR +92
(O+92VHFUHDPHGLDQWHXQSURFHVRTX¯PLFROODPDGR
KLGURWUDWDPLHQWR(OKLGURWUDWDPLHQWRFUHDXQSURGXFWRGH
KLGURFDUEXUROLEUHGHR[¯JHQRTXHVHGHVWLODGHPDQHUDPX\
VLPLODUDOFRPEXVWLEOHGLHVHO\TXHVHSXHGHXVDUHQPRWRUHV
GLHVHO(O+92TXHFXPSOHFRQ&(1SU(1HVW£DSUREDGR
SDUDVXXVRHQWRGRVORVPRWRUHVGH9ROYR&RQVWUXFWLRQ
(TXLSPHQWVLQFDPELRVHQORVLQWHUYDORVGHPDQWHQLPLHQWR
%LRGLHVHO
(OELRGLHVHOHVXQSURGXFWRDSDUWLUGHIXHQWHVUHQRYDEOHVFRPR
DFHLWHVYHJHWDOHVRJUDVDVDQLPDOHV(OELRGLHVHOTXHVHKD
SURFHVDGRTX¯PLFDPHQWHKDVWDFRQYHUWLUORHQPHWLO«VWHUGH
£FLGRVJUDVRV )$0( VHSXHGHPH]FODUFRQFRPEXVWLEOHGLHVHO
GHVWLODGRHQDOJXQRVPRWRUHVGLHVHO(OELRGLHVHOVLQPH]FODUVH
GHQRPLQD%SRUTXHHVELRGLHVHO
(OPHWLO«VWHUGHFRO]D 50( HVHOWLSRP£VFRP¼QGH)$0(
XWLOL]DGRHQ(XURSD(OPHWLO«VWHUGHVRMD 60( \HOPHWLO«VWHU
GHDFHLWHGHJLUDVRO 620( VRQORVWLSRVP£VFRPXQHVGH)$0(
XWLOL]DGRVHQ(VWDGRV8QLGRV
$XQTXHHOXVRGHELRGLHVHO)$0(HVDKRUDXQUHTXLVLWROHJDOHQ
DOJXQRVPHUFDGRVQRVHSXHGHXVDUHQPRWRUHVGLHVHOFRPR
GLHVHOFRQYHQFLRQDOR+92 DFHLWHYHJHWDOKLGURWUDWDGR 
5HTXLVLWRVGHOFRPEXVWLEOHELRGLHVHO
/DVPH]FODVGHELRGLHVHO)$0(HVSHFLILFDGDVHQODWDEODD
FRQWLQXDFLµQHVW£QDSUREDGDVSDUDVXXVRVL
 (OELRGLHVHO\DYLHQHPH]FODGRSRUHOIDEULFDQWHGHO
FRPEXVWLEOH
 (OELRGLHVHOXVDGRHQODPH]FODFXPSOHFRQ(1R$670
'
 (OFRPEXVWLEOHGHVWLODGRXVDGRHQODPH]FODFXPSOHFRQORV
UHTXLVLWRVGHD]XIUHHQHOFRPEXVWLEOH
 (OFRPEXVWLEOHGHVWLODGRHQODPH]FODFXPSOHFRQ(1R
$670'
 /DVPH]FODVGHELRGLHVHO%%FXPSOHQFRQ(1R$670
'
 /DVPH]FODVGHELRGLHVHO%%FXPSOHQFRQ(1R$670
'
 /DVPH]FODVGHELRGLHVHO%%FXPSOHQFRQ$670'
(VSHFLILFDFLRQHV 
6LVWHPDGHFRPEXVWLEOH 

'HQRPLQDFLµQGHHPLVLRQHVGHPRWRU 7DPD³RGHOPRWRU 0H]FODDFHSWDEOH


(WDSD,,GHOD8(7LHUGH((88 3RUGHEDMRGH' +DVWD%
(WDSD,,,$GHOD8(7LHUGH((88 OLWURV
(WDSD,,,%GHOD8(7LHULQWHULPGH((88
(WDSD,9GHOD8(7LHUILQDOGH((88
(WDSD,,GHOD8(7LHUGH((88 'ದ' +DVWD%
(WDSD,,,$GHOD8(7LHUGH((88
(WDSD,,,%GHOD8(7LHULQWHULPGH((88
(WDSD,9GHOD8(7LHUILQDOGH((88
(WDSD,,,%GHOD8(7LHULQWHULPGH((88HTXLSDGRFRQMXHJR
GHFRQYHUVLµQGHFRPEXVWLEOHFRQDOWRFRQWHQLGRGHD]XIUH VROR
GLVSRQLEOHHQPHUFDGRVQRUHJXODGRV
(WDSD,9GHOD8(7LHUILQDOGH((88HTXLSDGRFRQMXHJRGH
FRQYHUVLµQGHFRPEXVWLEOHFRQDOWRFRQWHQLGRGHD]XIUH VROR
GLVSRQLEOHHQPHUFDGRVQRUHJXODGRV
(WDSD,,GHOD8(7LHUGH((88 'ದ' +DVWD%
(WDSD,,,$GHOD8(7LHUGH((88
(WDSD,,,%GHOD8(7LHULQWHULPGH((88 'ದ' +DVWD%
(WDSD,9GHOD8(7LHUILQDOGH((88
(WDSD,,,%GHOD8(7LHULQWHULPGH((88HTXLSDGRFRQMXHJR +DVWD%
GHFRQYHUVLµQGHFRPEXVWLEOHFRQDOWRFRQWHQLGRGHD]XIUH VROR
GLVSRQLEOHHQPHUFDGRVQRUHJXODGRV
(WDSD,9GHOD8(7LHUILQDOGH((88HTXLSDGRFRQMXHJRGH
FRQYHUVLµQGHFRPEXVWLEOHFRQDOWRFRQWHQLGRGHD]XIUH VROR
GLVSRQLEOHHQPHUFDGRVQRUHJXODGRV
&RPRODVUHJXODFLRQHVGHHPLVLRQHVSDUD7LHU\7LHUWHUPLQDURQHQ\UHVSHFWLYDPHQWHORV
PRWRUHVSURGXFLGRVGHVGHHQWRQFHVQRUPDOPHQWHF FXPSOHQFRQODVUHJXODFLRQHV(WDSD,,(WDSD,,,$
SHUPLWLHQGRVXYHQGDHQPHUFDGRVPHQRVUHJXODGRV
127$
/DVDYHU¯DVSURYRFDGDVGLUHFWDPHQWHSRUXQXVRGH
ELRFRPEXVWLEOHGHEDMDFDOLGDGRGHFXDOTXLHURWURFRPEXVWLEOH
TXHQRFXPSODFRQODVQRUPDVQRVRQGHIHFWRVGHI£EULFD\QR
VHDSOLFDODJDUDQW¯DGHOIDEULFDQWH
5HTXLVLWRVGHLQWHUYDORVGHPDQWHQLPLHQWR
(VREOLJDWRULRUHDOL]DUDFFLRQHVGHVHUYLFLRDGLFLRQDOHV\WHQHU
LQWHUYDORVGHPDQWHQLPLHQWRP£VFRUWRVDOXVDUPH]FODVGH
ELRGLHVHOSRUHQFLPDGH%

&DGDKRUDV
 &RPSUXHEHHODFHLWHGHOPRWRU\F£PELHORVLVXEHSRUHQFLPDGHOQLYHOP£[LPRGHOOHQDGR
 ,QVSHFFLRQHORVFRPSRQHQWHVGHOVLVWHPDGHFRPEXVWLEOH\VXVWLW¼\DORVVHJ¼QVHDQHFHVDULR
0LWDGGHOLQWHUYDORRULJLQDO
 &DPELHHODFHLWH\HOILOWURGHOPRWRU
 6XVWLWX\DHOILOWUR V GHFRPEXVWLEOH

&DGDD³RLQGHSHQGLHQWHPHQWHGHODVKRUDVGHIXQFLRQDPLHQWR
 &DPELHHODFHLWH\HOILOWURGHOPRWRU
 /LPSLHHOGHSµVLWRGHFRPEXVWLEOH

(IHFWRVGHOELRGLHVHOVREUHHODFHLWHGHOPRWRU
8VDUELRGLHVHOSXHGHSURYRFDUXQDPD\RUGLOXFLµQGHODFHLWH8VH
KHUUDPLHQWDVGHDQ£OLVLVGHODFHLWHGHOPRWRUIUHFXHQWHPHQWH
SDUDFRPSUREDUODGLOXFLµQGHODFHLWH\FRQWUROHHOHVWDGRGHO
DFHLWHGHOPRWRU&RPSUXHEHHOQLYHOGHDFHLWHGHOPRWRUFDGD
G¯D&DPELHVLHPSUHHODFHLWHGHOPRWRUVLHOQLYHOGHOPLVPRVXEH
SRUHQFLPDGHOQLYHOP£[LPRGHOOHQDGR
 (VSHFLILFDFLRQHV
 6LVWHPDGHFRPEXVWLEOH
(IHFWRVGHOELRGLHVHOHQVLVWHPDVGHFRPEXVWLEOH
(OELRGLHVHOGLVXHOYH\DIORMDDOJXQRVGHSµVLWRVGHOVLVWHPDGH
FRPEXVWLEOH'XUDQWHODFRQYHUVLµQLQLFLDODELRGLHVHOORV
GHSµVLWRVDIORMDGRVVHGHVSOD]DU£QKDFLDORVILOWURVGH
FRPEXVWLEOH\UHTXHULU£QFDPELDUHOILOWURGHFRPEXVWLEOHFRQ
PD\RUIUHFXHQFLD(PSLHFHFRQILOWURVGHFRPEXVWLEOHQXHYRVDO
XVDUELRGLHVHOSRUSULPHUDYH]
(OELRGLHVHOHVDJUHVLYRFRQDOJXQRVPDWHULDOHVXVDGRVHQ
FRPSRQHQWHVGHOVLVWHPDGHFRPEXVWLEOH,QVSHFFLRQHORV
UHWHQHVODVPDQJXHUDV\ORVFRPSRQHQWHVGHJRPD\SO£VWLFR
FDGDKRUDV5HSDUHRVXVWLWX\DFXDOTXLHUFRPSRQHQWHTXH
HVW«GD³DGRTXHVHKD\DUHEODQGHFLGRRTXHWHQJDXQDIXJD
/LPSLHHOELRGLHVHOGHVXSHUILFLHVSLQWDGDVLQPHGLDWDPHQWHSDUD
SUHYHQLUTXHVHGD³HODSLQWXUD
(OELRGLHVHOHVP£VVHQVLEOHDODVEDFWHULDV\DODFRQWDPLQDFLµQ
GHODJXDTXHHOFRPEXVWLEOHGLHVHOGHVWLODGR
 8VHWDQWRFRPEXVWLEOHFRPRVHDSRVLEOHDQWHVGHUHSRVWDUHO
GHSµVLWRGHFRPEXVWLEOHSDUDSUHYHQLUHOFUHFLPLHQWRGH
EDFWHULDVVLODP£TXLQDHVW£HQXVRUHJXODUHVGHFLUXVD
QRUPDOPHQWHKDVWDXQGHSµVLWRGHFRPEXVWLEOHDODVHPDQD
(QFOLPDVGRQGHODFRQGHQVDFLµQVHDXQULHVJRRFXDQGROD
P£TXLQDRSHUHGXUDQWHLQWHUYDORVEUHYHVPDQWHQJDHO
GHSµVLWRGHFRPEXVWLEOHOOHQR
 1RXVHELRGLHVHOHQP£TXLQDVFRQXQDEDMDXWLOL]DFLµQRWLHPSR
GHIXQFLRQDPLHQWREUHYH
 1RJXDUGHP£TXLQDVGXUDQWHP£VGHVHPDQDVVLQVDFDUHO
ELRGLHVHOGHOVLVWHPDGHFRPEXVWLEOHSRUPHGLRGHOD
RSHUDFLµQGHODP£TXLQDKDVWDTXHJDVWHFRPRP¯QLPRXQ
GHSµVLWRFRPSOHWRGHFRPEXVWLEOHGLHVHOGHVWLODGR
 6LJDVLHPSUHODVUHFRPHQGDFLRQHVGHDOPDFHQDPLHQWRGHO
IDEULFDQWH\ODVIHFKDVGHFRQVXPRSUHIHUHQWHSDUDFDGD
VXPLQLVWURGHELRGLHVHO
(IHFWRVGHOELRGLHVHOHQVLVWHPDVGHSRVWUDWDPLHQWRGHORV
JDVHVGHHVFDSH
(OELRGLHVHOGHMDPD\RUHVQLYHOHVGHFHQL]DHQILOWURVGH
SDUW¯FXODVGLHVHO\SXHGHUHTXHULUXQDUHJHQHUDFLµQ\OLPSLH]D
P£VIUHFXHQWHVGHOILOWURGHSDUW¯FXODVGLHVHO '3) (OELRGLHVHO
SXHGHXVDUGHVYLDFLRQHVHQODVWHPSHUDWXUDV\ODIXQFLRQDOLGDG
GHOTXHPDGRUGHO'3)\SXHGHSURYRFDUFµGLJRVGHDYHU¯DR
HUURUHV
/RVJDVHVGHHVFDSHGHELRGLHVHOVRQDJUHVLYRVFRQDOJXQRV
PDWHULDOHVXVDGRVHQVLVWHPDVGHUHGXFFLµQFDWDO¯WLFDVHOHFWLYD
6&5 \SXHGHQUHTXHULUOLPSLH]DUHSDUDFLµQRVXVWLWXFLµQGH
SLH]DVFRQPD\RUIUHFXHQFLD
(IHFWRVGHOELRGLHVHOVREUHHOIXQFLRQDPLHQWRHQ
WHPSHUDWXUDVIU¯DV
(OELRGLHVHOWLHQHXQDYLVFRVLGDGDOWDDWHPSHUDWXUDVSRUGHEDMR
GHə& ə) \SXHGHSURYRFDUSUREOHPDVGHDUUDQTXHGHO
PRWRU8VHXQFDOHQWDGRUGHFRPEXVWLEOHRHVWDFLRQHODP£TXLQD
HQXQHGLILFLRFRQFDOHIDFFLµQDVHUSRVLEOH
(IHFWRVGHOELRGLHVHOVREUHHOFXPSOLPLHQWRFRQODV
HPLVLRQHV
/RVPRWRUHVHVW£QFHUWLILFDGRVSDUDFXPSOLUFRQOD(3$GH
((88ODVQRUPDVGH&DOLIRUQLD\OD8(HQIXQFLµQGHOXVRGH
FRPEXVWLEOHVGHSUXHEDFRQODVHVSHFLILFDFLRQHVHVWDEOHFLGDV
SRUHVWDVDJHQFLDVUHJXODWRULDV&RPEXVWLEOHVDOWHUQDWLYRVFRPR
HOELRGLHVHOTXHQRVHDQVXVWDQFLDOPHQWHVLPLODUHVDORV
FRPEXVWLEOHVGHSUXHEDUHTXHULGRVSXHGHQDIHFWDU
(VSHFLILFDFLRQHV 
6LVWHPDGHFRPEXVWLEOH 
QHJDWLYDPHQWHDOFXPSOLPLHQWRGHOPRWRUFRQODVHPLVLRQHV
&RPRUHVXOWDGR9ROYRQRJDUDQWL]DTXHHOPRWRUFXPSOLU£FRQ
ORVO¯PLWHVIHGHUDOHVGH&DOLIRUQLD\OD8(DSOLFDEOHVUHVSHFWRD
HPLVLRQHVDOVHURSHUDGRRDOKDEHUVLGRRSHUDGRFRQELRGLHVHO
XRWURVFRPEXVWLEOHVDOWHUQDWLYRVTXHQRVHDQVXVWDQFLDOPHQWH
VLPLODUHVDORVFRPEXVWLEOHVGHSUXHEDHVSHFLILFDGRVXVDGRV
SDUDODFHUWLILFDFLµQ
QLVLVHXVDELRGLHVHOGLHVHOUHJXODUHQPH]FODVTXHVXSHUHQODV
UHFRPHQGDFLRQHV


 (VSHFLILFDFLRQHV
 &DSDFLGDGGHVHUYLFLRHLQWHUYDORVGHVXVWLWXFLµQ

&DSDFLGDGGHVHUYLFLRHLQWHUYDORV
GHVXVWLWXFLµQ
&DSDFLGDGHVGHFDPELR
$FHLWHV\RWURVO¯TXLGRV &DSDFLGDGHVGHFDPELR
$FHLWHGHPRWRULQFOILOWURV OLWURV 86JDO
5HIULJHUDQWH OLWURV 86JDO
'HSµVLWRKLGU£XOLFR OLWURV 86JDO
6LVWHPDKLGU£XOLFRWRWDO OLWURV 86JDO
&DMDGHOHQJUDQDMHGHJLUR OLWURV 86JDO
&DMDGHFDPELRVGHRUXJDV FDGDXQD OLWURV 86JDO
'HSµVLWRGHFRPEXVWLEOH OLWURV 86JDO
&RURQDGHQWDGDGHJLUR OLWURV 86JDO
NJ OE
)LOWURGHDLUHHQED³RGHDFHLWH OLWURV 86JDO
(VSHFLILFDFLRQHV 
&DSDFLGDGGHVHUYLFLRHLQWHUYDORVGHVXVWLWXFLµQ 

,QWHUYDORVGHFDPELR
&DPELRVGHILOWUR

)LOWUR +RUDV
)LOWURGHDFHLWHGHPRWRU 
)LOWURGHFRPEXVWLEOH 
(OHPHQWRGHOILOWURGHOVHSDUDGRUGHDJXD 
(OHPHQWRDGLFLRQDOGHOILOWURGHOVHSDUDGRUGHDJXD 
)LOWURGHDLUHILOWURSULPDULR 7UDVOLPSLDUYHFHVHOILOWURSULPDULRFDGD
KRUDVRFRPRP£[LPRD³R
)LOWURGHDLUHILOWURVHFXQGDULR 7UDVFDPELDUYHFHVHOILOWURSULPDULRFDGD
KRUDVRFRPRP£[LPRD³RV
)LOWURGHDLUHDFRQGLFLRQDGRILOWURSULQFLSDOGHOFDOHQWDGRU 
3UHILOWURGHODFDELQD 
&DUWXFKRGHOILOWURGHYDFLDGRVLVWHPDKLGU£XOLFR 
)LOWURGHDFHLWHGHUHWRUQRVLVWHPDKLGU£XOLFR 
(OHPHQWRGHOVHUYRILOWURVLVWHPDKLGU£XOLFR 
)LOWURGHYHQWLODFLµQGHSµVLWRGHFRPEXVWLEOH 
)LOWURGHY£OYXODGHYHQWLODFLµQGHSµVLWRKLGU£XOLFR 
)LOWURGHUHWRUQRSDUDHOPDUWLOOR 

3DUDODVFRQGLFLRQHVTXHVHKDQGHFXPSOLUYHDODS£JLQD
3ULPHUFDPELRKRUDV

&DPELRVGHDFHLWH\IOXLGRV

$FHLWHIOXLGR +RUDV
$FHLWHGHOPRWRU 
$FHLWHGHOILOWURGHDLUHGHED³RGHDFHLWH RFXDQGRVHDQHFHVDULR
5HIULJHUDQWH 
$FHLWHKLGU£XOLFR DFHLWHPLQHUDO 
$FHLWHKLGU£XOLFR DFHLWHELRGHJUDGDEOH\DFHLWHKLGU£XOLFRGH 
ODUJDGXUDFLµQ
$FHLWHGHXQLGDGSURSXOVRUDGHJLUR 
$FHLWHGHXQLGDGSURSXOVRUDGHRUXJDV 

3DUDODVFRQGLFLRQHVTXHVHKDQGHFXPSOLUYHDODS£JLQD
3ULPHUFDPELRKRUDV
&XDQGRXVHHOPDUWLOORKLGU£XOLFRYHDODVS£JLQDV\

 (VSHFLILFDFLRQHV
 0RWRU

0RWRU
0RWRUHVSHFLILFDFLRQHV
9DOLGIRURSWLRQFRQILJXUDWLRQ
2SWLRQ &RQILJXUDWLRQ
(QJLQH '.(QJLQHIRU%5,& 7LHU

9DOLGIRUVHULDOQXPEHUV
0RGHOYHUVLRQ 6HULDOQXPEHUVWDUW 6HULDOQXPEHUVWRS
(&' &KDQJZRQ &KDQJZRQ
(&' .DOXJD .DOXJD
(&'/ &KDQJZRQ &KDQJZRQ
(&'/ .DOXJD .DOXJD

0RWRU'.
0RWRU
7LSR GLHVHOGHFLFORVWXUERFRPSUHVRUFRQFRPSXHUWDGHGHVHFKRV(*5
H[WHUQDUHIULJHUDGD
3RWHQFLDGHVDOLGDDUV USP N: 36+3 ,62%UXWD
3RWHQFLDGHVDOLGDDUV USP N: 36+3 ,626$(-1HWD
3DUP£[LPR 1P NJIPOEIIW DUSP
'HVSOD]DPLHQWR OLWURV SXOJFX
1¼PHURGHFLOLQGURV 
'L£PHWURGHOFLOLQGUR PP SXOJ
&DUUHUD PP SXOJ
&LOLQGUDGD OLWURV FXLQ
5HODFLµQGHFRPSUHVLµQ 
2UGHQGHHQFHQGLGR 
5«JLPHQGHUDOHQW¯EDMR USP
5«JLPHQGHUDOHQW¯HOHYDGR USP
(VSHFLILFDFLRQHV 
0RWRU 

0RWRUHVSHFLILFDFLRQHV
9DOLGIRURSWLRQFRQILJXUDWLRQ
2SWLRQ &RQILJXUDWLRQ
(QJLQH ')(QJLQHIRU%5,& 7LHU

9DOLGIRUVHULDOQXPEHUV
0RGHOYHUVLRQ 6HULDOQXPEHUVWDUW 6HULDOQXPEHUVWRS
(&' &KDQJZRQ &KDQJZRQ
(&'/ &KDQJZRQ &KDQJZRQ

0RWRU')
0RWRU
7LSR 7XUERFRPSUHVRUGLHVHOGHFLFORVFRQY£OYXODGHGHVFDUJD
3RWHQFLDGHVDOLGDDUV USP N: 36+3 ,62EUXWD
3RWHQFLDGHVDOLGDDUV USP N: 36+3 ,626$(-1HWD
3DUP£[LPR 1P NJIPOEIIW DUSP
&DXGDO OLWURV SXOJFX
1¼PHURGHFLOLQGURV 
'L£PHWURGHOFLOLQGUR PP SXOJ
&DUUHUD PP SXOJ
&LOLQGUDGD OLWURV SXOJFX
5HODFLµQGHFRPSUHVLµQ 
2UGHQGHLQ\HFFLµQ 
5«JLPHQGHUDOHQW¯EDMR USP
5«JLPHQGHUDOHQW¯DOWR USP


 (VSHFLILFDFLRQHV
 6LVWHPDHO«FWULFR

6LVWHPDHO«FWULFR
7HQVLµQGHOVLVWHPD 9 $OWHUQDGRU 9$
0RWRUGHDUUDQTXH N: 1LYHOVRQRURGHERFLQDDP sG%
%DWHU¯DV [9 7LSRGHIDURV +DOµJHQRV :

&21 &21 &21

&21 &21 &21


9
(VSHFLILFDFLRQHV 
6LVWHPDHO«FWULFR 
1| &DSDFLGDG 'LVSRVLWLYR&LUFXLWR 1| &DSDFLGDG 'LVSRVLWLYR&LUFXLWR
5( 5HO« 0RWRUGHDUUDQTXH 5( 5HO« 5HO«GHUHFDPELR
5(
5( 5HO« %RFLQD 5( 5HO« 5HO«GHUHFDPELR
5( 5HO« $FRQGLFLRQDGRUGHDLUH 5( 5HO« 3ULQFLSDO
5( 5HO« $ODUPDGHWUDVODFLµQ 5( 5HO« 3ULQFLSDO

1| &DSDFLGDG 'LVSRVLWLYR&LUFXLWR 1| &DSDFLGDG 'LVSRVLWLYR&LUFXLWR


)8 $ %RFLQD )8 $ /X]URWDWLYDGHHPHUJHQFLD
)8 $ 7RPDGHFRUULHQWHLQWHUUXSWRU )8 $ &DOHQWDGRUDX[LOLDU
GHOFRPSUHVRUGHDLUH DFRQGLFLRQDGRUGHDLUH
)8 $ 5HSXHVWR )8 $ $ODUPDGHWUDVODFLµQ
)8 $ /XFHVGHWUDEDMR SOXPD )8 $ ((&8
SODWDIRUPD
)8 $ 5HSXHVWR )8  
)8 $ 2SFLµQKLGU£XOLFD )8 $ ,QWHUUXSWRUGHHQFHQGLGR,
(&8
)8 $ 9(&8 )8 $ 5DGLRWRPDGHFRUULHQWH
9
)8   )8 $ 2SFLµQ;3RVLFLµQIORWDQWH
GHSOXPD
)8 $ &DOHIDFWRUVHSDUDGRUGH )8 $ &DOHQWDGRUGHDVLHQWR
DJXDOXEULFDFLµQDXWRP£WLFD FDOHQWDGRUGHDVLHQWRGH
VXVSHQVLµQQHXP£WLFD
)8 $ 5HSXHVWR )8 $ ,OXPLQDFLµQLQWHULRU
)8 $ $XGLR,(&8 )8 $ :(&8PRWRUGHOFRPSUHVRU
GHDLUH
)8   )8 $ 5HSXHVWR
)8 $ 5HSXHVWR )8  
)8 $ /£PSDUDGHWUDEDMR FDELQD )8 $ ;$FRSODPLHQWRU£SLGRGHO
&:7 LPSOHPHQWR
)8 $ 5HSXHVWR )8 $ 5HSXHVWR
)8 $ (QFHQGHGRUGHFLJDUULOORV )8 $ /LPSLDSDUDEULVDV\
7RPDGHFRUULHQWH 9 ODYDSDUDEULVDV
)8 $ %RPEDGHUHSRVWDMH )8 $ 5HSXHVWR
)8 $ 2SFLµQKLGU£XOLFD )8 $ (*5


 (VSHFLILFDFLRQHV
 &DELQD

&DELQD
$VLHQWRGHORSHUDGRU
(VWDP£TXLQDHVW£HTXLSDGDFRQXQDVLHQWRSDUDHORSHUDGRUTXHFXPSOHFRQORVFULWHULRVGH(1,62

,QIRUPDFLµQVREUHYLEUDFLRQHV\VRQLGR
9LEUDFLRQHVHQPDQRV\EUD]RV
/DPHGLDFXDGU£WLFDSRQGHUDGD 506 GHHPLVLRQHVGHDFHOHUDFLµQGHODP£TXLQDDODFXDOVHYHVRPHWLGRHO
EUD]RGXUDQWHKRUDV\HQFRQGLFLRQHVW¯SLFDVGHODP£TXLQDHTXLSDGDFRQDVLHQWRGHVXVSHQVLµQPHF£QLFDHV
FRPRVLJXH/DPHGLFLµQIXHUHDOL]DGDVHJ¼Q,62,62H,62
 ([FDYDFLµQPLQHU¯D FDQWHUD PRYLPLHQWRGHWUDQVIHUHQFLD\DSOLFDFLµQGHOGLV\XQWRUKLGU£XOLFRPHQRUGHPVt$ 

9LEUDFLRQHVGHFXHUSRHQWHUR
/DPHGLDFXDGU£WLFDSRQGHUDGD 506 GHHPLVLRQHVGHDFHOHUDFLµQGHODP£TXLQDDODFXDOVHYHVRPHWLGROD
FDUURFHU¯DGXUDQWHKRUDV\HQFRQGLFLRQHVW¯SLFDVGHODP£TXLQDHTXLSDGDFRQDVLHQWRGHVXVSHQVLµQPHF£QLFD
HVFRPRVLJXH/DPHGLFLµQIXHUHDOL]DGDVHJ¼Q,62H,62
 ([FDYDFLµQPLQHU¯D FDQWHUD \DSOLFDFLµQGHOGLV\XQWRUKLGU£XOLFRPHQRUGHPVt$ 
 0RYLPLHQWRGHWUDQVIHUHQFLD WUDVODFLµQ HVaPVt$ 

127$
(VWRVYDORUHVGHYLEUDFLµQGHFXHUSRHQWHURIXHURQGHWHUPLQDGRVHQFRQGLFLRQHVGHRSHUDFLµQ\GHWHUUHQR
SDUWLFXODUHV\SRUHOORQRVRQUHSUHVHQWDWLYRVGHODVGLVWLQWDVFRQGLFLRQHVVHJ¼QHOXVRGHGLVH³RGHODP£TXLQD
3RUHOORHVWHYDORUGHHPLVLµQGHYLEUDFLRQHVGHFXHUSRHQWHURGHFODUDGRSRUHOIDEULFDQWHGHDFXHUGRFRQHO
(VW£QGDU(XURSHRQRHVW£FRQFHELGRSDUDGHWHUPLQDUODH[SRVLFLµQDODVYLEUDFLRQHVGHFXHUSRHQWHURGHO
RSHUDGRUXVDQGRHVWDP£TXLQD
3DUDDVHJXUDUVHGHPDQWHQHUDXQP¯QLPRODHPLVLµQGHYLEUDFLRQHVGHFXHUSRHQWHURGXUDQWHHOXVRGHOD
P£TXLQDYHDOD
,QIRUPDFLµQVREUHVRQLGR

1LYHOGHSUHVLµQVRQRUD /S$ HQHOSXHVWRGHORSHUDGRU PHGLFLµQVHJ¼Q,62 /S$G% $


(OQLYHOGHSUHVLµQVRQRUD /Z$ DOUHGHGRUGHODP£TXLQD PHGLFLµQVHJ¼Q(&FRQ /Z$G% $
DS«QGLFHVDSOLFDEOHV\P«WRGRGHPHGLFLµQVHJ¼Q,62
(VSHFLILFDFLRQHV 
&DELQD 

)ULJRU¯JHQR
7LSR &DQWLGDG *:3 D
5D NJ ,E NJ&2HT
D (OSRWHQFLDOGHFDOHQWDPLHQWRJOREDO *:3 HVXQDPHGLGDGHFX£QWR
FDORUXQJDVDWUDSDHQODDWPµVIHUDHQUHODFLµQFRQHOGLµ[LGRGHFDUERQR
&2 (O*:3VHFDOFXODHQW«UPLQRVGHSRWHQFLDOGHFDOHQWDPLHQWRHQ
D³RVGHNJGHXQJDVGHHIHFWRLQYHUQDGHURHQUHODFLµQFRQNJ
GH&2


 (VSHFLILFDFLRQHV
 6LVWHPDKLGU£XOLFR

6LVWHPDKLGU£XOLFR
%RPEDSULQFLSDO
0RGHOR .9'7
)OXMRP£[LPR [OPLQ [JSP
7LSR %RPEDGHSLVWRQHVD[LDOHVGHVSOD]DPLHQWRYDULDEOH
6HUYRERPED
)OXMRP£[LPR OPLQ JSP
3UHVLµQGHDOLYLR 03D NJIFPtSVL
9£OYXODGHFRQWUROSULQFLSDO
0RGHOR %.
3UHVLµQGHDOLYLRSULQFLSDO 03D NJIFPtSVL
(VW£QGDU3UHVLµQGHUHIXHU]R
3UHVLµQGHDOLYLRGHOXPEUHUD 3OXPD%UD]RH[FDYDGRU&XFKDUD2SFLµQ03DD/30 NJI
FPtSVL
3UHVLµQGHDOLYLRGHODOXPEUHUD 03D NJIFPtSVL
GHHWDSDV 03D NJIFPtSVL
3HGDOHVGHPDQGR
0RGHOR 5&9'&
&DUUHUD JUDGRV
3DUGHRSHUDFLµQ aNJIFP aOEILQ
3DODQFDVGHPDQGR
0RGHOR 39.
&DUUHUD $GHODQWH\DWU£VJUDGRV
'HUHFKDHL]TXLHUGDJUDGRV
3DUGHRSHUDFLµQ $GHODQWH\DWU£V
 NJIFP WLSRVHPLODUJR NJIFP WLSRPXOWLLQWHUUXSWRU
'HUHFKDHL]TXLHUGD
 NJIFP WLSRVHPLODUJR NJIFP WLSRPXOWLLQWHUUXSWRU
0RWRUGHRUXJDV
0RGHOR 307
7LSR 0RWRUGHSLVWRQHVD[LDOHVGHGHVSOD]DPLHQWRYDULDEOHFRQIUHQRPHF£QLFR
3UHVLµQGHDMXVWHGHY£OYXODGH 03D NJIFPt  SVL
VREUHSUHVLµQ
7LSRGHIUHQR 'LVFRK¼PHGRDSOLFDGRSRUUHVRUWHGHVDSOLFDFLµQKLGU£XOLFD
&DMDGHHQJUDQDMHGHRUXJDV
7LSR 3ODQHWDULRGHHWDSDV
0RWRUGHJLUR
0RGHOR 0;
7LSR 0RWRUGHSLVWRQHVD[LDOHVGHGHVSOD]DPLHQWRILMRFRQIUHQRPHF£QLFR
3UHVLµQGHDMXVWHGHY£OYXODGH 03D NJIFPt  SVL
VREUHSUHVLµQ
&DMDGHHQJUDQDMHGHJLUR
7LSR 3ODQHWDULRGHHWDSDV
(VSHFLILFDFLRQHV 
3HVRVGHODP£TXLQD 

3HVRVGHODP£TXLQD
3LH]DVGHVPRQWDGDVSHVR

&RQWUDSHVRSHVR

9

'HVFULSFLµQ 8QLGDG &RQWUDSHVR


NJ  
3HVR
OE  

3OXPDSHVR

9

3OXPD
'HVFULSFLµQ 8QLGDG P 
 P 
 P 

0( *3 +'
NJ   
3HVR
OE   

,QFOX\HQGRFLOLQGURWXEHU¯DV\SDVDGRU

%UD]RH[FDYDGRUSHVR

9


'HVFULSFLµQ 8QLGDG P 



%UD]RH[FDYDGRU
P 
 P 
 P 

0( *3 +' *3
NJ    
3HVR
OE    

,QFOX\HQGRFLOLQGURVVLVWHPDGHDUWLFXODFLµQ\SDVDGRUHV
0(([FDYDFLµQPDVLYD
*38VRJHQHUDO
+'6HUYLFLRSHVDGR
 (VSHFLILFDFLRQHV
 3UHVLµQVREUHHOWHUUHQR

3UHVLµQVREUHHOWHUUHQR
(&'
3OXPD0( PSLHSXOJ P
ರ
%UD]R0( PSLHSXOJ P
ರ
&XFKDUD ONJOLE ONJOLE
&RQWUDSHVR NJOLE NJOLE
$QFKXUDGH 3UHVLµQVREUHHO
3HVRRSHUDWLYR $QFKXUDWRWDO
'HVFULSFLµQ ]DSDWD VXHOR
NJOE PPIWLQ
PPLQ N3DNJIFPSVL
   
ರ
3DW¯QWULSOH    
ರ
   
ರ
'REOHSDW¯Q    
ರ

3OXPD0( PSLHSXOJ P


ರ
%UD]R0( PSLHSXOJ P
ರ
&XFKDUD ONJOLE ONJOLE
&RQWUDSHVR NJOLE NJOLE
$QFKXUDGH 3UHVLµQVREUHHO
3HVRRSHUDWLYR $QFKXUDWRWDO
'HVFULSFLµQ ]DSDWD VXHOR
NJOE PPIWLQ
PPLQ N3DNJIFPSVL
   
ರ
3DW¯QWULSOH    
ರ
   
ರ
'REOHSDW¯Q    
ರ

3OXPD+' PSLH P



%UD]R0( PSLHSXOJ P
ರ
&XFKDUD ONJOLE ONJOLE
&RQWUDSHVR NJOLE NJOLE
$QFKXUDGH 3UHVLµQVREUHHO
3HVRRSHUDWLYR $QFKXUDWRWDO
'HVFULSFLµQ ]DSDWD VXHOR
NJOE PPIWLQ
PPLQ N3DNJIFPSVL
   
ರ
3DW¯QWULSOH    
ರ
   
ರ
'REOHSDW¯Q    
ರ

*38VRJHQHUDO
+'6HUYLFLRSHVDGR
0(([FDYDFLµQPDVLYD
(VSHFLILFDFLRQHV 
3UHVLµQVREUHHOWHUUHQR 
3OXPD+' PSLH P

%UD]R0( PSLHSXOJ P
ರ
&XFKDUD ONJOLE ONJOLE
&RQWUDSHVR NJOLE NJOLE
$QFKXUDGH 3UHVLµQVREUHHO
3HVRRSHUDWLYR $QFKXUDWRWDO
'HVFULSFLµQ ]DSDWD VXHOR
NJOE PPIWLQ
PPLQ N3DNJIFPSVL
   
ರ
3DW¯QWULSOH    
ರ
   
ರ
'REOHSDW¯Q    
ರ

3OXPD+' PSLH P



%UD]R+' PSLHSXOJ P

&XFKDUD ONJOLE ONJOLE
&RQWUDSHVR NJOLE NJOLE
$QFKXUDGH 3UHVLµQVREUHHO
3HVRRSHUDWLYR $QFKXUDWRWDO
'HVFULSFLµQ ]DSDWD VXHOR
NJOE PPIWLQ
PPLQ N3DNJIFPSVL
   
ರ
3DW¯QWULSOH    
ರ
   
ರ
'REOHSDW¯Q    
ರ

3OXPD+' PSLH P



%UD]R+' PSLHSXOJ P

&XFKDUD ONJOLE ONJOLE
&RQWUDSHVR NJOLE NJOLE
$QFKXUDGH 3UHVLµQVREUHHO
3HVRRSHUDWLYR $QFKXUDWRWDO
'HVFULSFLµQ ]DSDWD VXHOR
NJOE PPIWLQ
PPLQ N3DNJIFPSVL
   
ರ
3DW¯QWULSOH    
ರ
   
ರ
'REOHSDW¯Q    
ರ

*38VRJHQHUDO
+'6HUYLFLRSHVDGR
0(([FDYDFLµQPDVLYD


 (VSHFLILFDFLRQHV
 3UHVLµQVREUHHOWHUUHQR
3OXPD+' PSLH P

%UD]R*3 PSLHSXOJ P
ರ
&XFKDUD ONJOLE ONJOLE
&RQWUDSHVR NJOLE NJOLE
$QFKXUDGH 3UHVLµQVREUHHO
3HVRRSHUDWLYR $QFKXUDWRWDO
'HVFULSFLµQ ]DSDWD VXHOR
NJOE PPIWLQ
PPLQ N3DNJIFPSVL
   
ರ
3DW¯QWULSOH    
ರ
   
ರ
'REOHSDW¯Q    
ರ

3OXPD+' PSLH P



%UD]R*3 PSLHSXOJ P
ರ
&XFKDUD ONJOLE ONJOLE
&RQWUDSHVR NJOLE NJOLE
$QFKXUDGH 3UHVLµQVREUHHO
3HVRRSHUDWLYR $QFKXUDWRWDO
'HVFULSFLµQ ]DSDWD VXHOR
NJOE PPIWLQ
PPLQ N3DNJIFPSVL
   
ರ
3DW¯QWULSOH    
ರ
   
ರ
'REOHSDW¯Q    
ರ

3OXPD*3 PSLHSXOJ P



%UD]R*3 PSLHSXOJ P
ರ
&XFKDUD ONJOLE ONJOLE
&RQWUDSHVR NJOLE NJOLE
$QFKXUDGH 3UHVLµQVREUHHO
3HVRRSHUDWLYR $QFKXUDWRWDO
'HVFULSFLµQ ]DSDWD VXHOR
NJOE PPIWLQ
PPLQ N3DNJIFPSVL
   
ರ
3DW¯QWULSOH    
ರ
   
ರ
'REOHSDW¯Q    
ರ

*38VRJHQHUDO
+'6HUYLFLRSHVDGR
0(([FDYDFLµQPDVLYD
(VSHFLILFDFLRQHV 
3UHVLµQVREUHHOWHUUHQR 
3OXPD*3 PSLHSXOJ P

%UD]R*3 PSLHSXOJ P
ರ
&XFKDUD ONJOLE ONJOLE
&RQWUDSHVR NJOLE NJOLE
$QFKXUDGH 3UHVLµQVREUHHO
3HVRRSHUDWLYR $QFKXUDWRWDO
'HVFULSFLµQ ]DSDWD VXHOR
NJOE PPIWLQ
PPLQ N3DNJIFPSVL
   
ರ
3DW¯QWULSOH    
ರ
   
ರ
'REOHSDW¯Q    
ರ

3OXPD*3 PSLHSXOJ P



%UD]R*3 PSLHSXOJ P
ರ
&XFKDUD ONJOLE ONJOLE
&RQWUDSHVR NJOLE NJOLE
$QFKXUDGH 3UHVLµQVREUHHO
3HVRRSHUDWLYR $QFKXUDWRWDO
'HVFULSFLµQ ]DSDWD VXHOR
NJOE PPIWLQ
PPLQ N3DNJIFPSVL
   
ರ
3DW¯QWULSOH    
ರ
   
ರ
'REOHSDW¯Q    
ರ

3OXPD*3 PSLHSXOJ P



%UD]R*3 PSLHSXOJ P
ರ
&XFKDUD ONJOLE ONJOLE
&RQWUDSHVR NJOLE NJOLE
$QFKXUDGH 3UHVLµQVREUHHO
3HVRRSHUDWLYR $QFKXUDWRWDO
'HVFULSFLµQ ]DSDWD VXHOR
NJOE PPIWLQ
PPLQ N3DNJIFPSVL
   
ರ
3DW¯QWULSOH    
ರ
   
ರ
'REOHSDW¯Q    
ರ

*38VRJHQHUDO
+'6HUYLFLRSHVDGR
0(([FDYDFLµQPDVLYD


 (VSHFLILFDFLRQHV
 3UHVLµQVREUHHOWHUUHQR
(&'/
3OXPD0( PSLHSXOJ P
ರ
%UD]R0( PSLHSXOJ P
ರ
&XFKDUD ONJOLE ONJOLE
&RQWUDSHVR NJOLE NJOLE
$QFKXUDGH 3UHVLµQVREUHHO
3HVRRSHUDWLYR $QFKXUDWRWDO
'HVFULSFLµQ ]DSDWD VXHOR
NJOE PPIWLQ
PPLQ N3DNJIFPSVL
   
ರ
3DW¯QWULSOH    
ರ
   
ರ
'REOHSDW¯Q    
ರ

3OXPD0( PSLHSXOJ P


ರ
%UD]R0( PSLHSXOJ P
ರ
&XFKDUD ONJOLE ONJOLE
&RQWUDSHVR NJOLE NJOLE
$QFKXUDGH 3UHVLµQVREUHHO
3HVRRSHUDWLYR $QFKXUDWRWDO
'HVFULSFLµQ ]DSDWD VXHOR
NJOE PPIWLQ
PPLQ N3DNJIFPSVL
   
ರ
3DW¯QWULSOH    
ರ
   
ರ
'REOHSDW¯Q    
ರ

3OXPD+' PSLH P



%UD]R0( PSLHSXOJ P
ರ
&XFKDUD ONJOLE ONJOLE
&RQWUDSHVR NJOLE NJOLE
$QFKXUDGH 3UHVLµQVREUHHO
3HVRRSHUDWLYR $QFKXUDWRWDO
'HVFULSFLµQ ]DSDWD VXHOR
NJOE PPIWLQ
PPLQ N3DNJIFPSVL
   
ರ
3DW¯QWULSOH    
ರ
   
ರ
'REOHSDW¯Q    
ರ

*38VRJHQHUDO
+'6HUYLFLRSHVDGR
0(([FDYDFLµQPDVLYD
(VSHFLILFDFLRQHV 
3UHVLµQVREUHHOWHUUHQR 
3OXPD+' PSLH P

%UD]R0( PSLHSXOJ P
ರ
&XFKDUD ONJOLE ONJOLE
&RQWUDSHVR NJOLE NJOLE
$QFKXUDGH 3UHVLµQVREUHHO
3HVRRSHUDWLYR $QFKXUDWRWDO
'HVFULSFLµQ ]DSDWD VXHOR
NJOE PPIWLQ
PPLQ N3DNJIFPSVL
   
ರ
3DW¯QWULSOH    
ರ
   
ರ
'REOHSDW¯Q    
ರ

3OXPD+' PSLH P



%UD]R+' PSLHSXOJ P

&XFKDUD ONJOLE ONJOLE
&RQWUDSHVR NJOLE NJOLE
$QFKXUDGH 3UHVLµQVREUHHO
3HVRRSHUDWLYR $QFKXUDWRWDO
'HVFULSFLµQ ]DSDWD VXHOR
NJOE PPIWLQ
PPLQ N3DNJIFPSVL
   
ರ
3DW¯QWULSOH    
ರ
   
ರ
'REOHSDW¯Q    
ರ

3OXPD+' PSLH P



%UD]R+' PSLHSXOJ P

&XFKDUD ONJOLE ONJOLE
&RQWUDSHVR NJOLE NJOLE
$QFKXUDGH 3UHVLµQVREUHHO
3HVRRSHUDWLYR $QFKXUDWRWDO
'HVFULSFLµQ ]DSDWD VXHOR
NJOE PPIWLQ
PPLQ N3DNJIFPSVL
   
ರ
3DW¯QWULSOH    
ರ
   
ರ
'REOHSDW¯Q    
ರ

*38VRJHQHUDO
+'6HUYLFLRSHVDGR
0(([FDYDFLµQPDVLYD


 (VSHFLILFDFLRQHV
 3UHVLµQVREUHHOWHUUHQR
3OXPD+' PSLH P

%UD]R*3 PSLHSXOJ P
ರ
&XFKDUD ONJOLE ONJOLE
&RQWUDSHVR NJOLE NJOLE
$QFKXUDGH 3UHVLµQVREUHHO
3HVRRSHUDWLYR $QFKXUDWRWDO
'HVFULSFLµQ ]DSDWD VXHOR
NJOE PPIWLQ
PPLQ N3DNJIFPSVL
   
ರ
3DW¯QWULSOH    
ರ
   
ರ
'REOHSDW¯Q    
ರ

3OXPD+' PSLH P



%UD]R*3 PSLHSXOJ P
ರ
&XFKDUD ONJOLE ONJOLE
&RQWUDSHVR NJOLE NJOLE
$QFKXUDGH 3UHVLµQVREUHHO
3HVRRSHUDWLYR $QFKXUDWRWDO
'HVFULSFLµQ ]DSDWD VXHOR
NJOE PPIWLQ
PPLQ N3DNJIFPSVL
   
ರ
3DW¯QWULSOH    
ರ
   
ರ
'REOHSDW¯Q    
ರ

3OXPD*3 PSLHSXOJ P



%UD]R*3 PSLHSXOJ P
ರ
&XFKDUD ONJOLE ONJOLE
&RQWUDSHVR NJOLE NJOLE
$QFKXUDGH 3UHVLµQVREUHHO
3HVRRSHUDWLYR $QFKXUDWRWDO
'HVFULSFLµQ ]DSDWD VXHOR
NJOE PPIWLQ
PPLQ N3DNJIFPSVL
   
ರ
3DW¯QWULSOH    
ರ
   
ರ
'REOHSDW¯Q    
ರ

*38VRJHQHUDO
+'6HUYLFLRSHVDGR
0(([FDYDFLµQPDVLYD
(VSHFLILFDFLRQHV 
3UHVLµQVREUHHOWHUUHQR 
3OXPD*3 PSLHSXOJ P

%UD]R*3 PSLHSXOJ P
ರ
&XFKDUD ONJOLE ONJOLE
&RQWUDSHVR NJOLE NJOLE
$QFKXUDGH 3UHVLµQVREUHHO
3HVRRSHUDWLYR $QFKXUDWRWDO
'HVFULSFLµQ ]DSDWD VXHOR
NJOE PPIWLQ
PPLQ N3DNJIFPSVL
   
ರ
3DW¯QWULSOH    
ರ
   
ರ
'REOHSDW¯Q    
ರ

3OXPD*3 PSLHSXOJ P



%UD]R*3 PSLHSXOJ P
ರ
&XFKDUD ONJOLE ONJOLE
&RQWUDSHVR NJOLE NJOLE
$QFKXUDGH 3UHVLµQVREUHHO
3HVRRSHUDWLYR $QFKXUDWRWDO
'HVFULSFLµQ ]DSDWD VXHOR
NJOE PPIWLQ
PPLQ N3DNJIFPSVL
   
ರ
3DW¯QWULSOH    
ರ
   
ರ
'REOHSDW¯Q    
ರ

3OXPD*3 PSLHSXOJ P



%UD]R*3 PSLHSXOJ P
ರ
&XFKDUD ONJOLE ONJOLE
&RQWUDSHVR NJOLE NJOLE
$QFKXUDGH 3UHVLµQVREUHHO
3HVRRSHUDWLYR $QFKXUDWRWDO
'HVFULSFLµQ ]DSDWD VXHOR
NJOE PPIWLQ
PPLQ N3DNJIFPSVL
   
ರ
3DW¯QWULSOH    
ರ
   
ರ
'REOHSDW¯Q    
ರ

*38VRJHQHUDO
+'6HUYLFLRSHVDGR
0(([FDYDFLµQPDVLYD


 (VSHFLILFDFLRQHV
 'LPHQVLRQHV

'LPHQVLRQHV
0£TXLQDWRWDOGLPHQVLRQHV (&'
' $

0
( &

)
.
* ,
+ -
/ %
9

3OXPD
P
P 

'HVFULSFLµQ 8QLGDG 

%UD]RH[FDYDGRU
P 
 P 
 P 
 P 

   
$$QFKXUDWRWDOGHVXSHUHVWUXFWXUD

 
 
 

   
%$QFKXUDWRWDO

ರ 
ರ 
ರ 
ರ
   
&$OWXUDWRWDOGHODFDELQD

ರ 
ರ 
ರ 
ರ
   
'5DGLRGHJLURGHODFROD

ರ 
ರ 
ರ 
ರ
   
($OWXUDWRWDOGHOFDSµ

ರ 
ರ 
ರ 
ರ
) $OWXUDVREUHHOVXHORGHO    
FRQWUDSHVR 
ರ 
ರ 
ರ 
ರ
PP    
*/RQJLWXGGHWDPERU
IWLQ 
ರ 
ರ 
ರ 
ರ
   
+/RQJLWXGGHRUXJD

ರ 
ರ 
ರ 
ರ
   
,$QFKXUDGHFDUULO

ರ 
ರ 
ರ 
ರ
   
-$QFKXUDGH]DSDWD

ರ 
ರ 
ರ 
ರ
   
. $OWXUDP¯QLPDVREUHHOVXHOR

ರ 
ರ 
ರ 
ರ
   
//RQJLWXGWRWDO

ರ 
ರ 
ರ 
ರ
   
0$OWXUDWRWDOGHODSOXPD

ರ 
ರ 
ರ 
ರ

6LQ]DSDWDGHJDUUD
(VSHFLILFDFLRQHV 
'LPHQVLRQHV 
'LPHQVLRQHVWRWDOHVGHODP£TXLQD (&'/
' $

0
( &

)
.
* ,
+ -
/ %
9

3OXPD
P
P 

'HVFULSFLµQ 8QLGDG 

%UD]RH[FDYDGRU
P 
 P 
 P 
 P 

   
$$QFKXUDWRWDOGHVXSHUHVWUXFWXUD

 
 
 

   
%$QFKXUDWRWDO

ರ 
ರ 
ರ 
ರ
   
&$OWXUDWRWDOGHODFDELQD

ರ 
ರ 
ರ 
ರ
   
'5DGLRGHJLURGHODFROD

ರ 
ರ 
ರ 
ರ
   
($OWXUDWRWDOGHOFDSµ

ರ 
ರ 
ರ 
ರ
) $OWXUDVREUHHOVXHORGHO    
FRQWUDSHVR 
ರ 
ರ 
ರ 
ರ
PP    
*/RQJLWXGGHWDPERU
IWLQ 
ರ 
ರ 
ರ 
ರ
   
+/RQJLWXGGHRUXJD

ರ 
ರ 
ರ 
ರ
   
,$QFKXUDGHFDUULO

ರ 
ರ 
ರ 
ರ
   
-$QFKXUDGH]DSDWD

ರ 
ರ 
ರ 
ರ
   
. $OWXUDP¯QLPDVREUHHOVXHOR

ರ 
ರ 
ರ 
ರ

//RQJLWXGWRWDO


ರ


ರ


ರ


ರ 
   
0$OWXUDWRWDOGHODSOXPD

ರ 
ರ 
ರ 
ರ

6LQ]DSDWDGHJDUUD
 (VSHFLILFDFLRQHV
 'LPHQVLRQHV

%UD]RGHFDUJD\EUD]RFXFKDUD
$

9

3OXPD
'HVFULSFLµQ 8QLGDG P 
 P 
 P 

0( *3 +'
  
/RQJLWXG $

ರ 
ರ 
ರ
PP   
$OWXUD %
IWLQ 
ರ 
ರ 
ರ
  
$QFKXUD

ರ 
ರ 
ರ

,QFOX\HQGRFLOLQGURWXEHU¯DV\SDVDGRU

9

%UD]R
8QLGD
'HVFULSFLµQ P 
 P 
 P 
 P 

G
0( *3 +' *3
   
/RQJLWXG $

ರ 
ರ 
ರ 
ರ
PP    
$OWXUD %
IWLQ 
ರ 
ರ 
ರ 
ರ
   
$QFKXUD

ರ 
ರ 
ರ 
ರ

,QFOX\HQGRFLOLQGURVVLVWHPDGHDUWLFXODFLµQ\SDVDGRUHV
0(([FDYDFLµQPDVLYD
*38VRJHQHUDO
+'6HUYLFLRSHVDGR
(VSHFLILFDFLRQHV 
5DQJRVGHIXQFLRQDPLHQWR 

5DQJRVGHIXQFLRQDPLHQWR
$
%
*

'
(

9

)
& +

3OXPD
8QLG P 
 P 

'HVFULSFLµQ
DG %UD]RH[FDYDGRU
P 
 P 
 P 
 P 

   
$$OFDQFHP£[LPRGHH[FDYDFLµQ

ರ 
ರ 
ರ 
ರ
%$OFDQFHP£[LPRGHH[FDYDFLµQVREUH    
HOVXHOR 
ರ 
ರ 
ರ 
ರ
   
&0£[LPDSURIXQGLGDGGHH[FDYDFLµQ

ರ 
ರ 
ರ 
ರ
   
'0£[LPDDOWXUDGHFRUWH
PP 
ರ 
ರ 
ರ 
ರ
IWLQ    
(0£[LPDDOWXUDGHYDFLDGR

ರ 
ರ 
ರ 
ರ
)0£[LPDSURIXQGLGDGGHH[FDYDFLµQ    
GHSDUHGYHUWLFDO 
ರ 
ರ 
ರ 
ರ
   
*0¯QLPRUDGLRGHJLURGHODQWHUR

ರ 
ರ 
ರ 
ರ
+0£[LPDSURIXQGLGDGGHH[FDYDFLµQ
QLYHOGHOVXHORGHP 



ರ


ರ


ರ


ರ 
 0£TXLQDFRQFXFKDUDGHDFRSODPLHQWRGLUHFWR
 (VSHFLILFDFLRQHV
 7DPD³RVGHFXFKDUDUHFRPHQGDGRV

7DPD³RVGHFXFKDUD
UHFRPHQGDGRV
&XFKDUDVP£[LPDVSHUPLWLGDV

(&'FRQFRQWUDSHVRNJ OE

3DUDFXFKDUDVGHDFRSODPLHQWRGLUHFWR
3OXPD
0(P *3P 
 +'P 

8QLG 

'HVFULSFLµQ
DG %UD]RH[FDYDGRU
P 
 *3P *3P P 
 +'P P 


 
 
 
&XFKDUD*3GH      
WPu
&XFKDUD*3GH      
WPu ONJ

&XFKDUD+'WPu      


&XFKDUD+'WPu      

3DUDFXFKDUDVGHDFRSODPLHQWRU£SLGR6
3OXPD
0(P *3P 
 +'P 

8QLG 

'HVFULSFLµQ
DG %UD]RH[FDYDGRU
P 
 *3P *3P P 
 +'P P 


 
 
 
&XFKDUD*3GH      
WPu
&XFKDUD*3GH      
WPu ONJ

&XFKDUD+'WPu      


&XFKDUD+'WPu      

3DUDFXFKDUDVGHDFRSODPLHQWRU£SLGR8
3OXPD
0(P *3P 
 +'P 

8QLG 

'HVFULSFLµQ
DG %UD]RH[FDYDGRU
P 
 *3P *3P P 
 +'P P 


 
 
 
&XFKDUD*3GH      
WPu
&XFKDUD*3GH      
WPu ONJ

&XFKDUD+'WPu      


&XFKDUD+'WPu      
(VSHFLILFDFLRQHV 
7DPD³RVGHFXFKDUDUHFRPHQGDGRV 

127$
7DPD³RGHODFXFKDUDEDVDGRHQ,62PDWHULDODSLODGRFRQXQ£QJXORGHUHSRVR
127$
/RV7DPD³RVP£[LPRVSHUPLWLGRVVRQVµORSDUDUHIHUHQFLD\QRQHFHVDULDPHQWHHVW£QGLVSRQLEOHVGHI£EULFD
127$
/DVDQFKXUDVGHFXFKDUDVRQLQIHULRUHVDOUDGLRGHYXHOFRGHODFXFKDUD


 (VSHFLILFDFLRQHV
 7DPD³RVGHFXFKDUDUHFRPHQGDGRV
(&'FRQFRQWUDSHVRNJ OE

3DUDFXFKDUDVGHDFRSODPLHQWRGLUHFWR
3OXPD
0(P *3P 
 +'P 

8QLG 

'HVFULSFLµQ
DG %UD]RH[FDYDGRU
P 
 *3P *3P P 
 +'P P 


 
 
 
&XFKDUD*3GH      
WPu
&XFKDUD*3GH      
WPu ONJ

&XFKDUD+'WPu      


&XFKDUD+'WPu      

3DUDFXFKDUDVGHDFRSODPLHQWRU£SLGR6
3OXPD
0(P *3P 
 +'P 

8QLG 

'HVFULSFLµQ
DG %UD]RH[FDYDGRU
P 
 *3P *3P P 
 +'P P 


 
 
 
&XFKDUD*3GH      
WPu
&XFKDUD*3GH      
WPu ONJ

&XFKDUD+'WPu      


&XFKDUD+'WPu      

3DUDFXFKDUDVGHDFRSODPLHQWRU£SLGR8
3OXPD
0(P *3P 
 +'P 

8QLG 

'HVFULSFLµQ
DG %UD]RH[FDYDGRU
P 
 *3P *3P P 
 +'P P 


 
 
 
&XFKDUD*3GH      
WPu
&XFKDUD*3GH      
WPu ONJ

&XFKDUD+'WPu      


&XFKDUD+'WPu      

127$
7DPD³RGHODFXFKDUDEDVDGRHQ,62PDWHULDODSLODGRFRQXQ£QJXORGHUHSRVR
127$
/RV7DPD³RVP£[LPRVSHUPLWLGRVVRQVµORSDUDUHIHUHQFLD\QRQHFHVDULDPHQWHHVW£QGLVSRQLEOHVGHI£EULFD
127$
/DVDQFKXUDVGHFXFKDUDVRQLQIHULRUHVDOUDGLRGHYXHOFRGHODFXFKDUD
(VSHFLILFDFLRQHV 
7DPD³RVGHFXFKDUDUHFRPHQGDGRV 
(&'/FRQFRQWUDSHVRNJ OLE

3DUDFXFKDUDVGHDFRSODPLHQWRGLUHFWR
3OXPD
0(P *3P 
 +'P 

8QLG 

'HVFULSFLµQ
DG %UD]RH[FDYDGRU
P 
 *3P *3P P 
 +'P P 


 
 
 
&XFKDUD*3GH      
WPu
&XFKDUD*3GH      
WPu ONJ

&XFKDUD+'WPu      


&XFKDUD+'WPu      

3DUDFXFKDUDVGHDFRSODPLHQWRU£SLGR6
3OXPD
0(P *3P 
 +'P 

8QLG 

'HVFULSFLµQ
DG %UD]RH[FDYDGRU
P 
 *3P *3P P 
 +'P P 


 
 
 
&XFKDUD*3GH      
WPu
&XFKDUD*3GH      
WPu ONJ

&XFKDUD+'WPu      


&XFKDUD+'WPu      

3DUDFXFKDUDVGHDFRSODPLHQWRU£SLGR8
3OXPD
0(P *3P 
 +'P 

8QLG 

'HVFULSFLµQ
DG %UD]RH[FDYDGRU
P 
 *3P *3P P 
 +'P P 


 
 
 
&XFKDUD*3GH      
WPu
&XFKDUD*3GH
WPu ONJ
      
&XFKDUD+'WPu      
&XFKDUD+'WPu      

127$
7DPD³RGHODFXFKDUDEDVDGRHQ,62PDWHULDODSLODGRFRQXQ£QJXORGHUHSRVR
127$
/RV7DPD³RVP£[LPRVSHUPLWLGRVVRQVµORSDUDUHIHUHQFLD\QRQHFHVDULDPHQWHHVW£QGLVSRQLEOHVGHI£EULFD
127$
/DVDQFKXUDVGHFXFKDUDVRQLQIHULRUHVDOUDGLRGHYXHOFRGHODFXFKDUD
 (VSHFLILFDFLRQHV
 7DPD³RVGHFXFKDUDUHFRPHQGDGRV
(&'/FRQFRQWUDSHVRNJ OLE

3DUDFXFKDUDVGHDFRSODPLHQWRGLUHFWR
3OXPD
0(P *3P 
 +'P 

8QLG 

'HVFULSFLµQ
DG %UD]RH[FDYDGRU
P 
 *3P *3P P 
 +'P P 


 
 
 
&XFKDUD*3GH      
WPu
&XFKDUD*3GH      
WPu ONJ

&XFKDUD+'WPu      


&XFKDUD+'WPu      

3DUDFXFKDUDVGHDFRSODPLHQWRU£SLGR6
3OXPD
0(P *3P 
 +'P 

8QLG 

'HVFULSFLµQ
DG %UD]RH[FDYDGRU
P 
 *3P *3P P 
 +'P P 


 
 
 
&XFKDUD*3GH      
WPu
&XFKDUD*3GH      
WPu ONJ

&XFKDUD+'WPu      


&XFKDUD+'WPu      

3DUDFXFKDUDVGHDFRSODPLHQWRU£SLGR8
3OXPD
0(P *3P 
 +'P 

8QLG 

'HVFULSFLµQ
DG %UD]RH[FDYDGRU
P 
 *3P *3P P 
 +'P P 


 
 
 
&XFKDUD*3GH      
WPu
&XFKDUD*3GH      
WPu ONJ

&XFKDUD+'WPu      


&XFKDUD+'WPu      

127$
7DPD³RGHODFXFKDUDEDVDGRHQ,62PDWHULDODSLODGRFRQXQ£QJXORGHUHSRVR
127$
/RV7DPD³RVP£[LPRVSHUPLWLGRVVRQVµORSDUDUHIHUHQFLD\QRQHFHVDULDPHQWHHVW£QGLVSRQLEOHVGHI£EULFD
127$
/DVDQFKXUDVGHFXFKDUDVRQLQIHULRUHVDOUDGLRGHYXHOFRGHODFXFKDUD
(VSHFLILFDFLRQHV 
)XHU]DVGHH[FDYDFLµQ 

)XHU]DVGHH[FDYDFLµQ
3OXPD
P 
 P 

'HVFULSFLµQ 8QLGDG
%UD]RH[FDYDGRU
P 
 P 
 P 
 P 

PP    
5DGLRGHODFXFKDUD
SXOJ ರ ರ ರ ರ
N1    
1RUPDO6$( NJ    
OE    
N1    
5HIXHU]RGH
NJ    
SRWHQFLD6$(
)XHU]DGH OE    
DUUDQTXH N1    
1RUPDO,62 NJ    
OE    
N1    
5HIXHU]RGH
NJ    
SRWHQFLD,62
OE    
N1    
1RUPDO6$( NJ    
OE    
N1    
5HIXHU]RGH
NJ    
SRWHQFLD6$(
)XHU]DGH OE    
GHVJDUUH N1    
1RUPDO,62 NJ    
OE    
N1    
5HIXHU]RGH
NJ    
SRWHQFLD,62
OE    
ƒQJXORGHURWDFLµQFXFKDUD JUDGRV    


 (VSHFLILFDFLRQHV
 &DSDFLGDGHVGHHOHYDFLµQ

&DSDFLGDGHVGHHOHYDFLµQ
(&'
P P P P P P $OFDQFHP£[

+ 0£[

NJ NJ NJ NJ NJ NJ NJ NJ NJ NJ NJ NJ NJ NJ P
P               
P               
P               
3OXPD0(P P               
%UD]RH[FDYDGRU0(P
P               
=DSDWDPP
&RQWUDSHVRNJ P               
P               
P               
P               
P               
P               
P               
3OXPD+'P P               
%UD]RH[FDYDGRU0(P
P               
=DSDWDPP
&RQWUDSHVRNJ P               
P               
P               
P               
P               
P               
P               
3OXPD+'P P               
%UD]RH[FDYDGRU+'P
P               
=DSDWDPP
&RQWUDSHVRNJ P               
P               
P               
P               
P               
P               
P               
P               
3OXPD+'P P               
%UD]RH[FDYDGRU*3P
P               
=DSDWDPP
&RQWUDSHVRNJ P               
P               
P               
P               
P               

/RQJLWXGLQDOPHQWHDOFDUURLQIHULRU 7UDQVYHUVDOPHQWHDOFDUURLQIHULRU+*DQFKRGHHOHYDFLµQ
UHODFLRQDGRFRQHOQLYHOGHOVXHOR
0£TXLQDHQ0RGRILQR) 5HIXHU]RGHSRWHQFLD SDUDFDSDFLGDGHVGHHOHYDFLµQ
/DVFDUJDVGHDUULEDFXPSOHQFRQ6$(\(VW£QGDUHVGH&DSDFLGDGGH(OHYDFLµQGH([FDYDGRUDV+LGU£XOLFDV
,62
/DVFDUJDVQRPLQDOHVQRH[FHGHQHOGHODFDSDFLGDGGHHOHYDFLµQKLGU£XOLFDQLHOGHODFDUJDGH
YXHOFR
/DVFDUJDVQRPLQDOHVPDUFDGDVFRQXQDVWHULVFR HVW£QOLPLWDGDVSRUODFDSDFLGDGKLGU£XOLFDP£VELHQTXH
SRUODFDUJDGHYXHOFR
(VSHFLILFDFLRQHV 
&DSDFLGDGHVGHHOHYDFLµQ 
(&'
P P P P P P $OFDQFHP£[

+ 0£[

NJ NJ NJ NJ NJ NJ NJ NJ NJ NJ NJ NJ NJ NJ P
P               
P               
P               
3OXPD*3P P               
%UD]RH[FDYDGRU*3P
P               
=DSDWDPP
&RQWUDSHVRNJ P               
P               
P               
P               
P               
P               
P               
P               
3OXPD*3P P               
%UD]RH[FDYDGRU*3P
P               
=DSDWDPP
&RQWUDSHVRNJ P               
P               
P               
P               
P               
P               
P               
P               
3OXPD0(P P               
%UD]RH[FDYDGRU0(P
P               
=DSDWDPP
&RQWUDSHVRNJ P               
P               
P               
P               
P               
P               
P               
3OXPD+'P P               
%UD]RH[FDYDGRU0(P
P               
=DSDWDPP
&RQWUDSHVRNJ P               
P               
P               
P               

/RQJLWXGLQDOPHQWHDOFDUURLQIHULRU 7UDQVYHUVDOPHQWHDOFDUURLQIHULRU+*DQFKRGHHOHYDFLµQ
UHODFLRQDGRFRQHOQLYHOGHOVXHOR
0£TXLQDHQ0RGRILQR) 5HIXHU]RGHSRWHQFLD SDUDFDSDFLGDGHVGHHOHYDFLµQ
/DVFDUJDVGHDUULEDFXPSOHQFRQ6$(\(VW£QGDUHVGH&DSDFLGDGGH(OHYDFLµQGH([FDYDGRUDV+LGU£XOLFDV
,62
/DVFDUJDVQRPLQDOHVQRH[FHGHQHOGHODFDSDFLGDGGHHOHYDFLµQKLGU£XOLFDQLHOGHODFDUJDGH
YXHOFR
/DVFDUJDVQRPLQDOHVPDUFDGDVFRQXQDVWHULVFR HVW£QOLPLWDGDVSRUODFDSDFLGDGKLGU£XOLFDP£VELHQTXH
SRUODFDUJDGHYXHOFR


 (VSHFLILFDFLRQHV
 &DSDFLGDGHVGHHOHYDFLµQ
(&'
P P P P P P $OFDQFHP£[

+ 0£[

NJ NJ NJ NJ NJ NJ NJ NJ NJ NJ NJ NJ NJ NJ P
P               
P               
P               
3OXPD+'P P               
%UD]RH[FDYDGRU+'P
P               
=DSDWDPP
&RQWUDSHVRNJ P               
P               
P               
P               
P               
P               
P               
P               
3OXPD+'P P               
%UD]RH[FDYDGRU*3P
P               
=DSDWDPP
&RQWUDSHVRNJ P               
P               
P               
P               
P               
P               
P               
P               
3OXPD*3P P               
%UD]RH[FDYDGRU*3P
P               
=DSDWDPP
&RQWUDSHVRNJ P               
P               
P               
P               
P               
P               
P               
P               
3OXPD*3P P               
%UD]RH[FDYDGRU*3P
P               
=DSDWDPP
&RQWUDSHVRNJ P               
P               
P               
P               
P               

/RQJLWXGLQDOPHQWHDOFDUURLQIHULRU 7UDQVYHUVDOPHQWHDOFDUURLQIHULRU+*DQFKRGHHOHYDFLµQ
UHODFLRQDGRFRQHOQLYHOGHOVXHOR
0£TXLQDHQ0RGRILQR) 5HIXHU]RGHSRWHQFLD SDUDFDSDFLGDGHVGHHOHYDFLµQ
/DVFDUJDVGHDUULEDFXPSOHQFRQ6$(\(VW£QGDUHVGH&DSDFLGDGGH(OHYDFLµQGH([FDYDGRUDV+LGU£XOLFDV
,62
/DVFDUJDVQRPLQDOHVQRH[FHGHQHOGHODFDSDFLGDGGHHOHYDFLµQKLGU£XOLFDQLHOGHODFDUJDGH
YXHOFR
/DVFDUJDVQRPLQDOHVPDUFDGDVFRQXQDVWHULVFR HVW£QOLPLWDGDVSRUODFDSDFLGDGKLGU£XOLFDP£VELHQTXH
SRUODFDUJDGHYXHOFR
(VSHFLILFDFLRQHV 
&DSDFLGDGHVGHHOHYDFLµQ 
(&'
P P P P P P $OFDQFHP£[

+ 0£[

NJ NJ NJ NJ NJ NJ NJ NJ NJ NJ NJ NJ NJ NJ P
P               
P               
P               
3OXPD0(P P               
%UD]RH[FDYDGRU0(P
P               
=DSDWDPP
&RQWUDSHVRNJ P               
P               
P               
P               
P               
P               
P               
3OXPD+'P P               
%UD]RH[FDYDGRU0(P
P               
=DSDWDPP
&RQWUDSHVRNJ P               
P               
P               
P               
P               
P               
P               
3OXPD+'P P               
%UD]RH[FDYDGRU+'P
P               
=DSDWDPP
&RQWUDSHVRNJ P               
P               
P               
P               
P               
P               
P               
P               
3OXPD+'P P               
%UD]RH[FDYDGRU*3P
P               
=DSDWDPP
&RQWUDSHVRNJ P               
P               
P               
P               
P               

/RQJLWXGLQDOPHQWHDOFDUURLQIHULRU 7UDQVYHUVDOPHQWHDOFDUURLQIHULRU+*DQFKRGHHOHYDFLµQ
UHODFLRQDGRFRQHOQLYHOGHOVXHOR
0£TXLQDHQ0RGRILQR) 5HIXHU]RGHSRWHQFLD SDUDFDSDFLGDGHVGHHOHYDFLµQ
/DVFDUJDVGHDUULEDFXPSOHQFRQ6$(\(VW£QGDUHVGH&DSDFLGDGGH(OHYDFLµQGH([FDYDGRUDV+LGU£XOLFDV
,62
/DVFDUJDVQRPLQDOHVQRH[FHGHQHOGHODFDSDFLGDGGHHOHYDFLµQKLGU£XOLFDQLHOGHODFDUJDGH
YXHOFR
/DVFDUJDVQRPLQDOHVPDUFDGDVFRQXQDVWHULVFR HVW£QOLPLWDGDVSRUODFDSDFLGDGKLGU£XOLFDP£VELHQTXH
SRUODFDUJDGHYXHOFR


 (VSHFLILFDFLRQHV
 &DSDFLGDGHVGHHOHYDFLµQ
(&'
P P P P P P $OFDQFHP£[

+ 0£[

NJ NJ NJ NJ NJ NJ NJ NJ NJ NJ NJ NJ NJ NJ P
P               
P               
P               
3OXPD*3P P               
%UD]RH[FDYDGRU*3P
P               
=DSDWDPP
&RQWUDSHVRNJ P               
P               
P               
P               
P               
P               
P               
P               
3OXPD*3P P               
%UD]RH[FDYDGRU*3P
P               
=DSDWDPP
&RQWUDSHVRNJ P               
P               
P               
P               
P               
P               
P               
P               
3OXPD0(P P               
%UD]RH[FDYDGRU0(P
P               
=DSDWDPP
&RQWUDSHVRNJ P               
P               
P               
P               
P               
P               
P               
3OXPD+'P P               
%UD]RH[FDYDGRU0(P
P               
=DSDWDPP
&RQWUDSHVRNJ P               
P               
P               
P               

/RQJLWXGLQDOPHQWHDOFDUURLQIHULRU 7UDQVYHUVDOPHQWHDOFDUURLQIHULRU+*DQFKRGHHOHYDFLµQ
UHODFLRQDGRFRQHOQLYHOGHOVXHOR
0£TXLQDHQ0RGRILQR) 5HIXHU]RGHSRWHQFLD SDUDFDSDFLGDGHVGHHOHYDFLµQ
/DVFDUJDVGHDUULEDFXPSOHQFRQ6$(\(VW£QGDUHVGH&DSDFLGDGGH(OHYDFLµQGH([FDYDGRUDV+LGU£XOLFDV
,62
/DVFDUJDVQRPLQDOHVQRH[FHGHQHOGHODFDSDFLGDGGHHOHYDFLµQKLGU£XOLFDQLHOGHODFDUJDGH
YXHOFR
/DVFDUJDVQRPLQDOHVPDUFDGDVFRQXQDVWHULVFR HVW£QOLPLWDGDVSRUODFDSDFLGDGKLGU£XOLFDP£VELHQTXH
SRUODFDUJDGHYXHOFR
(VSHFLILFDFLRQHV 
&DSDFLGDGHVGHHOHYDFLµQ 
(&'
P P P P P P $OFDQFHP£[

+ 0£[

NJ NJ NJ NJ NJ NJ NJ NJ NJ NJ NJ NJ NJ NJ P
P               
P               
P               
3OXPD+'P P               
%UD]RH[FDYDGRU+'P
P               
=DSDWDPP
&RQWUDSHVRNJ P               
P               
P               
P               
P               
P               
P               
P               
3OXPD+'P P               
%UD]RH[FDYDGRU*3P
P               
=DSDWDPP
&RQWUDSHVRNJ P               
P               
P               
P               
P               
P               
P               
P               
3OXPD*3P P               
%UD]RH[FDYDGRU*3P
P               
=DSDWDPP
&RQWUDSHVRNJ P               
P               
P               
P               
P               
P               
P               
P               
3OXPD*3P P               
%UD]RH[FDYDGRU*3P
P               
=DSDWDPP
&RQWUDSHVRNJ P               
P               
P               
P               
P               

/RQJLWXGLQDOPHQWHDOFDUURLQIHULRU 7UDQVYHUVDOPHQWHDOFDUURLQIHULRU+*DQFKRGHHOHYDFLµQ
UHODFLRQDGRFRQHOQLYHOGHOVXHOR
0£TXLQDHQ0RGRILQR) 5HIXHU]RGHSRWHQFLD SDUDFDSDFLGDGHVGHHOHYDFLµQ
/DVFDUJDVGHDUULEDFXPSOHQFRQ6$(\(VW£QGDUHVGH&DSDFLGDGGH(OHYDFLµQGH([FDYDGRUDV+LGU£XOLFDV
,62
/DVFDUJDVQRPLQDOHVQRH[FHGHQHOGHODFDSDFLGDGGHHOHYDFLµQKLGU£XOLFDQLHOGHODFDUJDGH
YXHOFR
/DVFDUJDVQRPLQDOHVPDUFDGDVFRQXQDVWHULVFR HVW£QOLPLWDGDVSRUODFDSDFLGDGKLGU£XOLFDP£VELHQTXH
SRUODFDUJDGHYXHOFR

 (VSHFLILFDFLRQHV
 &DSDFLGDGHVGHHOHYDFLµQ
(&'
P P P P P P $OFDQFHP£[

+ 0£[

NJ NJ NJ NJ NJ NJ NJ NJ NJ NJ NJ NJ NJ NJ P
P               
P               
P               
3OXPD0(P P               
%UD]RH[FDYDGRU0(P
P               
=DSDWDPP
&RQWUDSHVRNJ P               
P               
P               
P               
P               
P               
P               
3OXPD+'P P               
%UD]RH[FDYDGRU0(P
P               
=DSDWDPP
&RQWUDSHVRNJ P               
P               
P               
P               
P               
P               
P               
3OXPD+'P P               
%UD]RH[FDYDGRU+'P
P               
=DSDWDPP
&RQWUDSHVRNJ P               
P               
P               
P               
P               
P               
P               
P               
3OXPD+'P P               
%UD]RH[FDYDGRU*3P
P               
=DSDWDPP
&RQWUDSHVRNJ P               
P               
P               
P               
P               

/RQJLWXGLQDOPHQWHDOFDUURLQIHULRU 7UDQVYHUVDOPHQWHDOFDUURLQIHULRU+*DQFKRGHHOHYDFLµQ
UHODFLRQDGRFRQHOQLYHOGHOVXHOR
0£TXLQDHQ0RGRILQR) 5HIXHU]RGHSRWHQFLD SDUDFDSDFLGDGHVGHHOHYDFLµQ
/DVFDUJDVGHDUULEDFXPSOHQFRQ6$(\(VW£QGDUHVGH&DSDFLGDGGH(OHYDFLµQGH([FDYDGRUDV+LGU£XOLFDV
,62
/DVFDUJDVQRPLQDOHVQRH[FHGHQHOGHODFDSDFLGDGGHHOHYDFLµQKLGU£XOLFDQLHOGHODFDUJDGH
YXHOFR
/DVFDUJDVQRPLQDOHVPDUFDGDVFRQXQDVWHULVFR HVW£QOLPLWDGDVSRUODFDSDFLGDGKLGU£XOLFDP£VELHQTXH
SRUODFDUJDGHYXHOFR
(VSHFLILFDFLRQHV 
&DSDFLGDGHVGHHOHYDFLµQ 
(&'
P P P P P P $OFDQFHP£[

+ 0£[

NJ NJ NJ NJ NJ NJ NJ NJ NJ NJ NJ NJ NJ NJ P
P               
P               
P               
3OXPD*3P P               
%UD]RH[FDYDGRU*3P
P               
=DSDWDPP
&RQWUDSHVRNJ P               
P               
P               
P               
P               
P               
P               
P               
3OXPD*3P P               
%UD]RH[FDYDGRU*3P
P               
=DSDWDPP
&RQWUDSHVRNJ P               
P               
P               
P               
P               
P               
P               
P               
3OXPD0(P P               
%UD]RH[FDYDGRU0(P
P               
=DSDWDPP
&RQWUDSHVRNJ P               
P               
P               
P               
P               
P               
P               
3OXPD+'P P               
%UD]RH[FDYDGRU0(P
P               
=DSDWDPP
&RQWUDSHVRNJ P               
P               
P               
P               

/RQJLWXGLQDOPHQWHDOFDUURLQIHULRU 7UDQVYHUVDOPHQWHDOFDUURLQIHULRU+*DQFKRGHHOHYDFLµQ
UHODFLRQDGRFRQHOQLYHOGHOVXHOR
0£TXLQDHQ0RGRILQR) 5HIXHU]RGHSRWHQFLD SDUDFDSDFLGDGHVGHHOHYDFLµQ
/DVFDUJDVGHDUULEDFXPSOHQFRQ6$(\(VW£QGDUHVGH&DSDFLGDGGH(OHYDFLµQGH([FDYDGRUDV+LGU£XOLFDV
,62
/DVFDUJDVQRPLQDOHVQRH[FHGHQHOGHODFDSDFLGDGGHHOHYDFLµQKLGU£XOLFDQLHOGHODFDUJDGH
YXHOFR
/DVFDUJDVQRPLQDOHVPDUFDGDVFRQXQDVWHULVFR HVW£QOLPLWDGDVSRUODFDSDFLGDGKLGU£XOLFDP£VELHQTXH
SRUODFDUJDGHYXHOFR


 (VSHFLILFDFLRQHV
 &DSDFLGDGHVGHHOHYDFLµQ
(&'
P P P P P P $OFDQFHP£[

+ 0£[

NJ NJ NJ NJ NJ NJ NJ NJ NJ NJ NJ NJ NJ NJ P
P               
P               
P               
3OXPD+'P P               
%UD]RH[FDYDGRU+'P
P               
=DSDWDPP
&RQWUDSHVRNJ P               
P               
P               
P               
P               
P               
P               
P               
3OXPD+'P P               
%UD]RH[FDYDGRU*3P
P               
=DSDWDPP
&RQWUDSHVRNJ P               
P               
P               
P               
P               
P               
P               
P               
3OXPD*3P P               
%UD]RH[FDYDGRU*3P
P               
=DSDWDPP
&RQWUDSHVRNJ P               
P               
P               
P               
P               
P               
P               
P               
3OXPD*3P P               
%UD]RH[FDYDGRU*3P
P               
=DSDWDPP
&RQWUDSHVRNJ P               
P               
P               
P               
P               

/RQJLWXGLQDOPHQWHDOFDUURLQIHULRU 7UDQVYHUVDOPHQWHDOFDUURLQIHULRU+*DQFKRGHHOHYDFLµQ
UHODFLRQDGRFRQHOQLYHOGHOVXHOR
0£TXLQDHQ0RGRILQR) 5HIXHU]RGHSRWHQFLD SDUDFDSDFLGDGHVGHHOHYDFLµQ
/DVFDUJDVGHDUULEDFXPSOHQFRQ6$(\(VW£QGDUHVGH&DSDFLGDGGH(OHYDFLµQGH([FDYDGRUDV+LGU£XOLFDV
,62
/DVFDUJDVQRPLQDOHVQRH[FHGHQHOGHODFDSDFLGDGGHHOHYDFLµQKLGU£XOLFDQLHOGHODFDUJDGH
YXHOFR
/DVFDUJDVQRPLQDOHVPDUFDGDVFRQXQDVWHULVFR HVW£QOLPLWDGDVSRUODFDSDFLGDGKLGU£XOLFDP£VELHQTXH
SRUODFDUJDGHYXHOFR
(VSHFLILFDFLRQHV 
&DSDFLGDGHVGHHOHYDFLµQ 
(&'/
P P P P P P $OFDQFHP£[

+ 0£[

NJ NJ NJ NJ NJ NJ NJ NJ NJ NJ NJ NJ NJ NJ P
P               
P               
P               
3OXPD0(P P               
%UD]RH[FDYDGRU0(P
P               
=DSDWDPP
&RQWUDSHVRNJ P               
P               
P               
P               
P               
P               
P               
3OXPD+'P P               
%UD]RH[FDYDGRU0(P
P               
=DSDWDPP
&RQWUDSHVRNJ P               
P               
P               
P               
P               
P               
P               
3OXPD+'P P               
%UD]RH[FDYDGRU+'P
P               
=DSDWDPP
&RQWUDSHVRNJ P               
P               
P               
P               
P               
P               
P               
P               
3OXPD+'P P               
%UD]RH[FDYDGRU*3P
P               
=DSDWDPP
&RQWUDSHVRNJ P               
P               
P               
P               
P               

/RQJLWXGLQDOPHQWHDOFDUURLQIHULRU 7UDQVYHUVDOPHQWHDOFDUURLQIHULRU+*DQFKRGHHOHYDFLµQ
UHODFLRQDGRFRQHOQLYHOGHOVXHOR
0£TXLQDHQ0RGRILQR) 5HIXHU]RGHSRWHQFLD SDUDFDSDFLGDGHVGHHOHYDFLµQ
/DVFDUJDVGHDUULEDFXPSOHQFRQ6$(\(VW£QGDUHVGH&DSDFLGDGGH(OHYDFLµQGH([FDYDGRUDV+LGU£XOLFDV
,62
/DVFDUJDVQRPLQDOHVQRH[FHGHQHOGHODFDSDFLGDGGHHOHYDFLµQKLGU£XOLFDQLHOGHODFDUJDGH
YXHOFR
/DVFDUJDVQRPLQDOHVPDUFDGDVFRQXQDVWHULVFR HVW£QOLPLWDGDVSRUODFDSDFLGDGKLGU£XOLFDP£VELHQTXH
SRUODFDUJDGHYXHOFR


 (VSHFLILFDFLRQHV
 &DSDFLGDGHVGHHOHYDFLµQ
(&'/
P P P P P P $OFDQFHP£[

+ 0£[

NJ NJ NJ NJ NJ NJ NJ NJ NJ NJ NJ NJ NJ NJ P
P               
P               
P               
3OXPD*3P P               
%UD]RH[FDYDGRU*3P
P               
=DSDWDPP
&RQWUDSHVRNJ P               
P               
P               
P               
P               
P               
P               
P               
3OXPD*3P P               
%UD]RH[FDYDGRU*3P
P               
=DSDWDPP
&RQWUDSHVRNJ P               
P               
P               
P               
P               
P               
P               
P               
3OXPD0(P P               
%UD]RH[FDYDGRU0(P
P               
=DSDWDPP
&RQWUDSHVRNJ P               
P               
P               
P               
P               
P               
P               
3OXPD+'P P               
%UD]RH[FDYDGRU0(P
P               
=DSDWDPP
&RQWUDSHVRNJ P               
P               
P               
P               

/RQJLWXGLQDOPHQWHDOFDUURLQIHULRU 7UDQVYHUVDOPHQWHDOFDUURLQIHULRU+*DQFKRGHHOHYDFLµQ
UHODFLRQDGRFRQHOQLYHOGHOVXHOR
0£TXLQDHQ0RGRILQR) 5HIXHU]RGHSRWHQFLD SDUDFDSDFLGDGHVGHHOHYDFLµQ
/DVFDUJDVGHDUULEDFXPSOHQFRQ6$(\(VW£QGDUHVGH&DSDFLGDGGH(OHYDFLµQGH([FDYDGRUDV+LGU£XOLFDV
,62
/DVFDUJDVQRPLQDOHVQRH[FHGHQHOGHODFDSDFLGDGGHHOHYDFLµQKLGU£XOLFDQLHOGHODFDUJDGH
YXHOFR
/DVFDUJDVQRPLQDOHVPDUFDGDVFRQXQDVWHULVFR HVW£QOLPLWDGDVSRUODFDSDFLGDGKLGU£XOLFDP£VELHQTXH
SRUODFDUJDGHYXHOFR
(VSHFLILFDFLRQHV 
&DSDFLGDGHVGHHOHYDFLµQ 
(&'/
P P P P P P $OFDQFHP£[

+ 0£[

NJ NJ NJ NJ NJ NJ NJ NJ NJ NJ NJ NJ NJ NJ P
P               
P               
P               
3OXPD+'P P               
%UD]RH[FDYDGRU+'P
P               
=DSDWDPP
&RQWUDSHVRNJ P               
P               
P               
P               
P               
P               
P               
P               
3OXPD+'P P               
%UD]RH[FDYDGRU*3P
P               
=DSDWDPP
&RQWUDSHVRNJ P               
P               
P               
P               
P               
P               
P               
P               
3OXPD*3P P               
%UD]RH[FDYDGRU*3P
P               
=DSDWDPP
&RQWUDSHVRNJ P               
P               
P               
P               
P               
P               
P               
P               
3OXPD*3P P               
%UD]RH[FDYDGRU*3P
P               
=DSDWDPP
&RQWUDSHVRNJ P               
P               
P               
P               
P               

/RQJLWXGLQDOPHQWHDOFDUURLQIHULRU 7UDQVYHUVDOPHQWHDOFDUURLQIHULRU+*DQFKRGHHOHYDFLµQ
UHODFLRQDGRFRQHOQLYHOGHOVXHOR
0£TXLQDHQ0RGRILQR) 5HIXHU]RGHSRWHQFLD SDUDFDSDFLGDGHVGHHOHYDFLµQ
/DVFDUJDVGHDUULEDFXPSOHQFRQ6$(\(VW£QGDUHVGH&DSDFLGDGGH(OHYDFLµQGH([FDYDGRUDV+LGU£XOLFDV
,62
/DVFDUJDVQRPLQDOHVQRH[FHGHQHOGHODFDSDFLGDGGHHOHYDFLµQKLGU£XOLFDQLHOGHODFDUJDGH
YXHOFR
/DVFDUJDVQRPLQDOHVPDUFDGDVFRQXQDVWHULVFR HVW£QOLPLWDGDVSRUODFDSDFLGDGKLGU£XOLFDP£VELHQTXH
SRUODFDUJDGHYXHOFR

 (VSHFLILFDFLRQHV
 &DSDFLGDGHVGHHOHYDFLµQ
(&'/
P P P P P P $OFDQFHP£[

+ 0£[

NJ NJ NJ NJ NJ NJ NJ NJ NJ NJ NJ NJ NJ NJ P
P               
P               
P               
3OXPD0(P P               
%UD]RH[FDYDGRU0(P
P               
=DSDWDPP
&RQWUDSHVRNJ P               
P               
P               
P               
P               
P               
P               
3OXPD+'P P               
%UD]RH[FDYDGRU0(P
P               
=DSDWDPP
&RQWUDSHVRNJ P               
P               
P               
P               
P               
P               
P               
3OXPD+'P P               
%UD]RH[FDYDGRU+'P
P               
=DSDWDPP
&RQWUDSHVRNJ P               
P               
P               
P               
P               
P               
P               
P               
3OXPD+'P P               
%UD]RH[FDYDGRU*3P
P               
=DSDWDPP
&RQWUDSHVRNJ P               
P               
P               
P               
P               

/RQJLWXGLQDOPHQWHDOFDUURLQIHULRU 7UDQVYHUVDOPHQWHDOFDUURLQIHULRU+*DQFKRGHHOHYDFLµQ
UHODFLRQDGRFRQHOQLYHOGHOVXHOR
0£TXLQDHQ0RGRILQR) 5HIXHU]RGHSRWHQFLD SDUDFDSDFLGDGHVGHHOHYDFLµQ
/DVFDUJDVGHDUULEDFXPSOHQFRQ6$(\(VW£QGDUHVGH&DSDFLGDGGH(OHYDFLµQGH([FDYDGRUDV+LGU£XOLFDV
,62
/DVFDUJDVQRPLQDOHVQRH[FHGHQHOGHODFDSDFLGDGGHHOHYDFLµQKLGU£XOLFDQLHOGHODFDUJDGH
YXHOFR
/DVFDUJDVQRPLQDOHVPDUFDGDVFRQXQDVWHULVFR HVW£QOLPLWDGDVSRUODFDSDFLGDGKLGU£XOLFDP£VELHQTXH
SRUODFDUJDGHYXHOFR
(VSHFLILFDFLRQHV 
&DSDFLGDGHVGHHOHYDFLµQ 
(&'/
P P P P P P $OFDQFHP£[

+ 0£[

NJ NJ NJ NJ NJ NJ NJ NJ NJ NJ NJ NJ NJ NJ P
P               
P               
P               
3OXPD*3P P               
%UD]RH[FDYDGRU*3P
P               
=DSDWDPP
&RQWUDSHVRNJ P               
P               
P               
P               
P               
P               
P               
P               
3OXPD*3P P               
%UD]RH[FDYDGRU*3P
P               
=DSDWDPP
&RQWUDSHVRNJ P               
P               
P               
P               
P               
P               
P               
P               
3OXPD0(P P               
%UD]RH[FDYDGRU0(P
P               
=DSDWDPP
&RQWUDSHVRNJ P               
P               
P               
P               
P               
P               
P               
3OXPD+'P P               
%UD]RH[FDYDGRU0(P
P               
=DSDWDPP
&RQWUDSHVRNJ P               
P               
P               
P               

/RQJLWXGLQDOPHQWHDOFDUURLQIHULRU 7UDQVYHUVDOPHQWHDOFDUURLQIHULRU+*DQFKRGHHOHYDFLµQ
UHODFLRQDGRFRQHOQLYHOGHOVXHOR
0£TXLQDHQ0RGRILQR) 5HIXHU]RGHSRWHQFLD SDUDFDSDFLGDGHVGHHOHYDFLµQ
/DVFDUJDVGHDUULEDFXPSOHQFRQ6$(\(VW£QGDUHVGH&DSDFLGDGGH(OHYDFLµQGH([FDYDGRUDV+LGU£XOLFDV
,62
/DVFDUJDVQRPLQDOHVQRH[FHGHQHOGHODFDSDFLGDGGHHOHYDFLµQKLGU£XOLFDQLHOGHODFDUJDGH
YXHOFR
/DVFDUJDVQRPLQDOHVPDUFDGDVFRQXQDVWHULVFR HVW£QOLPLWDGDVSRUODFDSDFLGDGKLGU£XOLFDP£VELHQTXH
SRUODFDUJDGHYXHOFR


 (VSHFLILFDFLRQHV
 &DSDFLGDGHVGHHOHYDFLµQ
(&'/
P P P P P P $OFDQFHP£[

+ 0£[

NJ NJ NJ NJ NJ NJ NJ NJ NJ NJ NJ NJ NJ NJ P
P               
P               
P               
3OXPD+'P P               
%UD]RH[FDYDGRU+'P
P               
=DSDWDPP
&RQWUDSHVRNJ P               
P               
P               
P               
P               
P               
P               
P               
3OXPD+'P P               
%UD]RH[FDYDGRU*3P
P               
=DSDWDPP
&RQWUDSHVRNJ P               
P               
P               
P               
P               
P               
P               
P               
3OXPD*3P P               
%UD]RH[FDYDGRU*3P
P               
=DSDWDPP
&RQWUDSHVRNJ P               
P               
P               
P               
P               
P               
P               
P               
3OXPD*3P P               
%UD]RH[FDYDGRU*3P
P               
=DSDWDPP
&RQWUDSHVRNJ P               
P               
P               
P               
P               

/RQJLWXGLQDOPHQWHDOFDUURLQIHULRU 7UDQVYHUVDOPHQWHDOFDUURLQIHULRU+*DQFKRGHHOHYDFLµQ
UHODFLRQDGRFRQHOQLYHOGHOVXHOR
0£TXLQDHQ0RGRILQR) 5HIXHU]RGHSRWHQFLD SDUDFDSDFLGDGHVGHHOHYDFLµQ
/DVFDUJDVGHDUULEDFXPSOHQFRQ6$(\(VW£QGDUHVGH&DSDFLGDGGH(OHYDFLµQGH([FDYDGRUDV+LGU£XOLFDV
,62
/DVFDUJDVQRPLQDOHVQRH[FHGHQHOGHODFDSDFLGDGGHHOHYDFLµQKLGU£XOLFDQLHOGHODFDUJDGH
YXHOFR
/DVFDUJDVQRPLQDOHVPDUFDGDVFRQXQDVWHULVFR HVW£QOLPLWDGDVSRUODFDSDFLGDGKLGU£XOLFDP£VELHQTXH
SRUODFDUJDGHYXHOFR
(VSHFLILFDFLRQHV 
&DSDFLGDGHVGHHOHYDFLµQ 
(&'/
P P P P P P $OFDQFHP£[

+ 0£[

NJ NJ NJ NJ NJ NJ NJ NJ NJ NJ NJ NJ NJ NJ P
P               
P               
P               
3OXPD0(P P               
%UD]RH[FDYDGRU0(P
P               
=DSDWDPP
&RQWUDSHVRNJ P               
P               
P               
P               
P               
P               
P               
3OXPD+'P P               
%UD]RH[FDYDGRU0(P
P               
=DSDWDPP
&RQWUDSHVRNJ P               
P               
P               
P               
P               
P               
P               
3OXPD+'P P               
%UD]RH[FDYDGRU+'P
P               
=DSDWDPP
&RQWUDSHVRNJ P               
P               
P               
P               
P               
P               
P               
P               
3OXPD+'P P               
%UD]RH[FDYDGRU*3P
P               
=DSDWDPP
&RQWUDSHVRNJ P               
P               
P               
P               
P               

/RQJLWXGLQDOPHQWHDOFDUURLQIHULRU 7UDQVYHUVDOPHQWHDOFDUURLQIHULRU+*DQFKRGHHOHYDFLµQ
UHODFLRQDGRFRQHOQLYHOGHOVXHOR
0£TXLQDHQ0RGRILQR) 5HIXHU]RGHSRWHQFLD SDUDFDSDFLGDGHVGHHOHYDFLµQ
/DVFDUJDVGHDUULEDFXPSOHQFRQ6$(\(VW£QGDUHVGH&DSDFLGDGGH(OHYDFLµQGH([FDYDGRUDV+LGU£XOLFDV
,62
/DVFDUJDVQRPLQDOHVQRH[FHGHQHOGHODFDSDFLGDGGHHOHYDFLµQKLGU£XOLFDQLHOGHODFDUJDGH
YXHOFR
/DVFDUJDVQRPLQDOHVPDUFDGDVFRQXQDVWHULVFR HVW£QOLPLWDGDVSRUODFDSDFLGDGKLGU£XOLFDP£VELHQTXH
SRUODFDUJDGHYXHOFR


 (VSHFLILFDFLRQHV
 &DSDFLGDGHVGHHOHYDFLµQ
(&'/
P P P P P P $OFDQFHP£[

+ 0£[

NJ NJ NJ NJ NJ NJ NJ NJ NJ NJ NJ NJ NJ NJ P
P               
P               
P               
3OXPD*3P P               
%UD]RH[FDYDGRU*3P
P               
=DSDWDPP
&RQWUDSHVRNJ P               
P               
P               
P               
P               
P               
P               
P               
3OXPD*3P P               
%UD]RH[FDYDGRU*3P
P               
=DSDWDPP
&RQWUDSHVRNJ P               
P               
P               
P               
P               
P               
P               
P               
3OXPD0(P P               
%UD]RH[FDYDGRU0(P
P               
=DSDWDPP
&RQWUDSHVRNJ P               
P               
P               
P               
P               
P               
P               
3OXPD+'P P               
%UD]RH[FDYDGRU0(P
P               
=DSDWDPP
&RQWUDSHVRNJ P               
P               
P               
P               

/RQJLWXGLQDOPHQWHDOFDUURLQIHULRU 7UDQVYHUVDOPHQWHDOFDUURLQIHULRU+*DQFKRGHHOHYDFLµQ
UHODFLRQDGRFRQHOQLYHOGHOVXHOR
0£TXLQDHQ0RGRILQR) 5HIXHU]RGHSRWHQFLD SDUDFDSDFLGDGHVGHHOHYDFLµQ
/DVFDUJDVGHDUULEDFXPSOHQFRQ6$(\(VW£QGDUHVGH&DSDFLGDGGH(OHYDFLµQGH([FDYDGRUDV+LGU£XOLFDV
,62
/DVFDUJDVQRPLQDOHVQRH[FHGHQHOGHODFDSDFLGDGGHHOHYDFLµQKLGU£XOLFDQLHOGHODFDUJDGH
YXHOFR
/DVFDUJDVQRPLQDOHVPDUFDGDVFRQXQDVWHULVFR HVW£QOLPLWDGDVSRUODFDSDFLGDGKLGU£XOLFDP£VELHQTXH
SRUODFDUJDGHYXHOFR
(VSHFLILFDFLRQHV 
&DSDFLGDGHVGHHOHYDFLµQ 
(&'/
P P P P P P $OFDQFHP£[

+ 0£[

NJ NJ NJ NJ NJ NJ NJ NJ NJ NJ NJ NJ NJ NJ P
P               
P               
P               
3OXPD+'P P               
%UD]RH[FDYDGRU+'P
P               
=DSDWDPP
&RQWUDSHVRNJ P               
P               
P               
P               
P               
P               
P               
P               
3OXPD+'P P               
%UD]RH[FDYDGRU*3P
P               
=DSDWDPP
&RQWUDSHVRNJ P               
P               
P               
P               
P               
P               
P               
P               
3OXPD*3P P               
%UD]RH[FDYDGRU*3P
P               
=DSDWDPP
&RQWUDSHVRNJ P               
P               
P               
P               
P               
P               
P               
P               
3OXPD*3P P               
%UD]RH[FDYDGRU*3P
P               
=DSDWDPP
&RQWUDSHVRNJ P               
P               
P               
P               
P               

/RQJLWXGLQDOPHQWHDOFDUURLQIHULRU 7UDQVYHUVDOPHQWHDOFDUURLQIHULRU+*DQFKRGHHOHYDFLµQ
UHODFLRQDGRFRQHOQLYHOGHOVXHOR
0£TXLQDHQ0RGRILQR) 5HIXHU]RGHSRWHQFLD SDUDFDSDFLGDGHVGHHOHYDFLµQ
/DVFDUJDVGHDUULEDFXPSOHQFRQ6$(\(VW£QGDUHVGH&DSDFLGDGGH(OHYDFLµQGH([FDYDGRUDV+LGU£XOLFDV
,62
/DVFDUJDVQRPLQDOHVQRH[FHGHQHOGHODFDSDFLGDGGHHOHYDFLµQKLGU£XOLFDQLHOGHODFDUJDGH
YXHOFR
/DVFDUJDVQRPLQDOHVPDUFDGDVFRQXQDVWHULVFR HVW£QOLPLWDGDVSRUODFDSDFLGDGKLGU£XOLFDP£VELHQTXH
SRUODFDUJDGHYXHOFR

 (VSHFLILFDFLRQHV
 +LVWRULDOGHVHUYLFLR

+LVWRULDOGHVHUYLFLR
6HUYLFLRGHKRUDV 7LSRGHVHUYLFLR )LUPD\VHOOR
)HFKD +RUDV 3ULPHUDVKRUDV
&XLGDGRV\PDQWHQLPLHQWR


6HUYLFLRGHKRUDV 7LSRGHVHUYLFLR )LUPD\VHOOR


)HFKD +RUDV &XLGDGRV\PDQWHQLPLHQWR

6HUYLFLRGHKRUDV 7LSRGHVHUYLFLR )LUPD\VHOOR


)HFKD +RUDV &XLGDGRV\PDQWHQLPLHQWR


6HUYLFLRGHKRUDV 7LSRGHVHUYLFLR )LUPD\VHOOR


)HFKD +RUDV &XLGDGRV\PDQWHQLPLHQWR


6HUYLFLRGHKRUDV 7LSRGHVHUYLFLR )LUPD\VHOOR


)HFKD +RUDV &XLGDGRV\PDQWHQLPLHQWR


6HUYLFLRGHKRUDV 7LSRGHVHUYLFLR )LUPD\VHOOR


)HFKD +RUDV &XLGDGRV\PDQWHQLPLHQWR


6HUYLFLRGHKRUDV 7LSRGHVHUYLFLR )LUPD\VHOOR


)HFKD +RUDV &XLGDGRV\PDQWHQLPLHQWR


6HUYLFLRGHKRUDV 7LSRGHVHUYLFLR )LUPD\VHOOR


)HFKD +RUDV &XLGDGRV\PDQWHQLPLHQWR


6HUYLFLRGHKRUDV 7LSRGHVHUYLFLR )LUPD\VHOOR


)HFKD +RUDV &XLGDGRV\PDQWHQLPLHQWR


6HUYLFLRGHKRUDV 7LSRGHVHUYLFLR )LUPD\VHOOR


)HFKD +RUDV &XLGDGRV\PDQWHQLPLHQWR

(VSHFLILFDFLRQHV 
+LVWRULDOGHVHUYLFLR 

6HUYLFLRGHKRUDV 7LSRGHVHUYLFLR )LUPD\VHOOR


)HFKD +RUDV &XLGDGRV\PDQWHQLPLHQWR


6HUYLFLRGHKRUDV 7LSRGHVHUYLFLR )LUPD\VHOOR


)HFKD +RUDV &XLGDGRV\PDQWHQLPLHQWR


6HUYLFLRGHKRUDV 7LSRGHVHUYLFLR )LUPD\VHOOR


)HFKD +RUDV &XLGDGRV\PDQWHQLPLHQWR


6HUYLFLRGHKRUDV 7LSRGHVHUYLFLR )LUPD\VHOOR


)HFKD +RUDV &XLGDGRV\PDQWHQLPLHQWR


6HUYLFLRGHKRUDV 7LSRGHVHUYLFLR )LUPD\VHOOR


)HFKD +RUDV &XLGDGRV\PDQWHQLPLHQWR


6HUYLFLRGHKRUDV 7LSRGHVHUYLFLR )LUPD\VHOOR


)HFKD +RUDV &XLGDGRV\PDQWHQLPLHQWR


6HUYLFLRGHKRUDV 7LSRGHVHUYLFLR )LUPD\VHOOR


)HFKD +RUDV &XLGDGRV\PDQWHQLPLHQWR


6HUYLFLRGHKRUDV 7LSRGHVHUYLFLR )LUPD\VHOOR


)HFKD +RUDV &XLGDGRV\PDQWHQLPLHQWR


6HUYLFLRGHKRUDV 7LSRGHVHUYLFLR )LUPD\VHOOR



)HFKD +RUDV &XLGDGRV\PDQWHQLPLHQWR


6HUYLFLRGHKRUDV 7LSRGHVHUYLFLR )LUPD\VHOOR


)HFKD +RUDV &XLGDGRV\PDQWHQLPLHQWR

 (VSHFLILFDFLRQHV
 +LVWRULDOGHVHUYLFLR

6HUYLFLRGHKRUDV 7LSRGHVHUYLFLR )LUPD\VHOOR


)HFKD +RUDV &XLGDGRV\PDQWHQLPLHQWR


6HUYLFLRGHKRUDV 7LSRGHVHUYLFLR )LUPD\VHOOR


)HFKD +RUDV &XLGDGRV\PDQWHQLPLHQWR


6HUYLFLRGHKRUDV 7LSRGHVHUYLFLR )LUPD\VHOOR


)HFKD +RUDV &XLGDGRV\PDQWHQLPLHQWR


6HUYLFLRGHKRUDV 7LSRGHVHUYLFLR )LUPD\VHOOR


)HFKD +RUDV &XLGDGRV\PDQWHQLPLHQWR

QGLFHDOIDE«WLFR 
 
)LOWURGHDLUHGHOPRWRU 
QGLFHDOIDE«WLFR )LOWURGHDLUHGHOPRWRUILOWURSULPDULROLPSLH]D\
VXVWLWXFLµQ 
$ )LOWURGHDLUHHQED³RGHDFHLWH
$FFLGHQWHV )LOWURGHDLUHHQED³RGHDFHLWHFRQWURO
$FHLWHGHPRWRUFDPELR  )LOWURGHDLUHHQED³RGHDFHLWHOLPSLH]D 
$FHLWHGHOPRWRU  )LOWURGHDLUHHQED³RGHDFHLWHVXVWLWXFLµQ
$FHLWHKLGU£XOLFR )LOWURGHDVSLUDFLµQKLGU£XOLFROLPSLH]D\VXVWLWXFLµQ 
$FHLWHKLGU£XOLFRFDPELR  )LOWURGHFRPEXVWLEOHFDPELR 
$FRSODPLHQWRU£SLGRGHLPSOHPHQWR )LOWURGHUHVSLUDFLµQGHOVLVWHPDKLGU£XOLFRVXVWLWXFLµQ 
$FXPXODGRUPDQLSXODFLµQ )LOWURGHUHWRUQRGHFLUFXLWRGHOPDUWLOORVXVWLWXFLµQ 
$FXPXODGRURSHUDFLµQGHHPHUJHQFLD  )LOWURGHUHWRUQRGHODFHLWHKLGU£XOLFRFDPELR 
$LUHDFRQGLFLRQDGR )LOWURGHYDFLDGRKLGU£XOLFRFDPELR
$PDUUHGHODP£TXLQD )LOWURVHUYRKLGU£XOLFRVXVWLWXFLµQ 
$QWHVGHOVHUYLFLROHD  )ULJRU¯JHQR
$UUDQTXHFRQEDWHU¯DVDX[LOLDUHV  )XHU]DVGHH[FDYDFLµQ 
$UUDQTXHGHOPRWRU 
*
$UUDQTXHGHOPRWRUHQWLHPSRIU¯R 
*UDVD 
$VLHQWRGHORSHUDGRU 
+
%
+LVWRULDOGHVHUYLFLR 
%D³RGHJLURFRQWUROGHJUDVD 
%DWHU¯DFDUJD ,
%UD]RGHFDUJD\EUD]RFXFKDUD  ,PSOHPHQWRV
,PSOHPHQWRVFRQH[LµQ\GHVFRQH[LµQ 
&
,QVSHFFLµQDODHQWUHJD 
&DELQD
,QVSHFFLµQDODOOHJDGD
&DEOHGHDOWDWHQVLµQ 
,QVWUXFFLRQHVGHHQWUHJD
&DEOHV\WXEHU¯DVVXEWHUU£QHRV 
,QVWUXFFLRQHVSDUDHOURGDMH 
&DOHQWDGRUDX[LOLDU 
,QWHUUXSWRUGHEDWHU¯D 
&DOHQWDGRUGHEORTXHGHOPRWRU
,QWHUYDORVGHFDPELR 
&DOHQWDPLHQWR 
&DPELRJLUDWRULR\ED³RGHDFHLWH  /
&DSDFLGDGGHVHUYLFLRHLQWHUYDORVGHVXVWLWXFLµQ  /HWUHURVGHLGHQWLILFDFLµQ 
&DSDFLGDGHVGHFDPELR /LEURGHLQVWUXFFLRQHVDOPDFHQDPLHQWR
&DSDFLGDGHVGHHOHYDFLµQ  /LPSLH]DGHODP£TXLQD 
&DUH7UDFN  /LPSLH]DGHOFRPSDUWLPLHQWRGHOPRWRU 
&DUWXFKRGHILOWURGHOVHSDUDGRUGHDJXDFDPELR  /XEULFDFLµQ
&HQWUDOLWDHO«FWULFD  /XEULFDQWHVUHFRPHQGDGRV
&HUWLILFDGRGHFRQIRUPLGDG  0
&LQWXUµQGHVHJXULGDG 0DQGRV 
&ODYHGHV¯PERORV 0DQHMRGHPDWHULDOHVSHOLJURVRV 
&RMLQHWHGHOHQJUDQDMHGHJLURHQJUDVH  0DQLSXODFLµQGHFRQGXFWRVWXERV\PDQJXHUDV 
&RPEXVWLEOH  0DQWHQLPLHQWRGHSLQWXUDGHDFDEDGR
&RPEXVWLEOHOOHQDGR 0DQWHQLPLHQWRHQFRQGLFLRQHVPHGLRDPELHQWDOHV
&RPEXVWLEOHVDOWHUQDWLYRV  HVSHFLDOHV 
&RPSDUWLPLHQWRJXDUGDREMHWRV  0DUFD&(GLUHFWLYD(0&
&RPSRQHQWHVGHVHJXULGDG  0DUWLOOR
&RQIRUWGHOFRQGXFWRU 0HGLGDVDQWHVGHWUDQVSRUWDUODP£TXLQD
&RUUHDGHOYHQWLODGRUFRQWURO  0HGLGDVTXHGHEHQDSOLFDUVHDQWHVGHODFRQGXFFLµQ 
&XFKDUDV 0RWRU 
' 0RWRUHVSHFLILFDFLRQHV
'DWRVGHODP£TXLQDUHJLVWUDGRV  0RWRUILOWURGHDLUHILOWURVHFXQGDULRVXVWLWXFLµQ
'HSµVLWRGHFRPEXVWLEOHFDPELRGHILOWURGHYHQWLODFLµQ  0RWRUWDSDGHOILOWURGHDLUHWDSDOLPSLH]D 
'HSµVLWRGHFRPEXVWLEOHYDFLDGR  1
'HSµVLWRGHO¯TXLGRGHODYDGR 1LYHOGHDFHLWHGHOPRWRUFRQWURO
'LDJUDPDGHVH³DOL]DFLµQ 1LYHOGHHOHFWUROLWRGHODEDWHU¯DFRQWURO 
'LHQWHVGHODFXFKDUD  1LYHOGHODFHLWHKLGU£XOLFRFRQWURO
'LHQWHVGHODFXFKDUDVXVWLWXFLµQ  1LYHOGHOUHIULJHUDQWHFRQWURO 
'LPHQVLRQHV  1RUPDVGHVHJXULGDG
( 2
(OHPHQWRGHILOWURGHVHSDUDGRUGHDJXDDGLFLRQDOFDPELR 
(OHYDFLµQGHODP£TXLQD 
(OHYDFLµQGHREMHWRV 
(QJUDVH
2EOLJDFLRQHVGHORSHUDGRU 
2SHUDFLµQHQODY¯DS¼EOLFD
3

(QWUDGDVDOLGD\VXELGDDODP£TXLQD  3DQHOGHLQVWUXPHQWRVGHODQWHUR 
(TXLSR  3DQHOGHLQVWUXPHQWRVGHUHFKR 
(TXLSRGHFRPXQLFDFLµQLQVWDODFLµQ  3DQHOGHLQVWUXPHQWRVL]TXLHUGR
(VTXHPDGHOXEULFDFLµQ\FXLGDGRV 3DQHOGHLQVWUXPHQWRVSDUWHWUDVHUD 
(VWDFLRQDPLHQWR 3DUDGD
([WLQWRUXELFDFLµQ 3HJDWLQDVGHLQIRUPDFLµQ\DGYHUWHQFLD 
3HVRVGHODP£TXLQD
) 3LQWXUDGHUHWRTXH
ILOWURGHDFHLWHGHPRWRUFDPELR  3RVLFLµQGHPDQWHQLPLHQWR 
)LOWURGHDLUHDFRQGLFLRQDGROLPSLH]D\VXVWLWXFLµQ  3RVLFLµQIORWDQWHGHSOXPDGHVFULSFLµQ
 QGLFHDOIDE«WLFR
 
3UHILOWURGHODFDELQDOLPSLH]D\FDPELR
3UHVLµQGHODFXPXODGRUGHVFDUJD
3UHVLµQVREUHHOWHUUHQR
3UHYHQFLµQGHLQFHQGLRV 
3URJUDPDGHVHUYLFLR 
3XHUWD
3XQWRVGHVHUYLFLR
5
5DGLDGRU\HQIULDGRUHVOLPSLH]D
5DQJRVGHIXQFLRQDPLHQWR 
5HHPSOD]RSHULµGLFRGHSLH]DVFU¯WLFDVSDUDODVHJXULGDG 
5HIULJHUDQWH 
5HIULJHUDQWHFDPELR
5HJODVGHVHJXULGDGSDUDODXWLOL]DFLµQGHODP£TXLQD
5HJODVSDUDH[FDYDFLµQ
5HTXLVLWRVPHGLRDPELHQWDOHV 
5HVFDWH\UHPROFDGR 
6
6DOLGDGHHPHUJHQFLD 
6HJXULGDGGHORSHUDGRU
6HOHFFLµQGHODSODFDGHRUXJDV 
6HSDUDGRUGHDJXDDGLFLRQDOYDFLDGR
6HSDUDGRUGHDJXDYDFLDGR 
6LVWHPDDXGLR 
6LVWHPDFOLPDWL]DGRU 
6LVWHPDGHEORTXHRGHPDQGRV
6LVWHPDGHFRPEXVWLEOH 
6LVWHPDGHFRPEXVWLEOHSXUJDGHDLUH
6LVWHPDGHUHIULJHUDFLµQ 
6LVWHPDGHYLVLµQ 
6LVWHPDHO«FWULFR
6LVWHPDKLGU£XOLFR
6LVWHPDKLGU£XOLFRFDOHQWDPLHQWR 
6LVWHPDKLGU£XOLFRGHVFDUJDGHSUHVLµQ 
6ROGDGXUD
7
7DPD³RVGHFXFKDUDUHFRPHQGDGRV
7HFKR 
7LSRVGHPDQGRSDUDRSHUDFLµQ;\;
7UDEDMDUFRQFXFKDUDV 
7UDEDMRGHQWURGH]RQDVSHOLJURVDV
7UDEDMRHQDJXD\HQWHUUHQRSDQWDQRVR 
7UDEDMRHQSHQGLHQWHV 
7UDEDMRHQWLHPSRIU¯R 
7UDEDMRVGHGHPROLFLµQ 
7UDQVSRUWHGHODP£TXLQD 
7XUERFRPSUHVRU
8
8QLGDGGHRUXJD
8QLGDGGHRUXJDDMXVWHGHODWHQVLµQ
8QLGDGGHRUXJDFRQWUROGHODWHQVLµQ 
8QLGDGGHRUXJDFRQWUROGHSHUQRVGH]DSDWD 
8QLGDGGHSDQWDOOD 
8QLGDGH[FDYDGRUDHQJUDVH 
8QLGDGSURSXOVRUDGHEDODQFHR 
8QLGDGSURSXOVRUDGHEDODQFHRFDPELRGHDFHLWH 
8QLGDGSURSXOVRUDGHEDODQFHRFRQWUROGHOQLYHOGHDFHLWH 
8QLGDGSURSXOVRUDGHRUXJD
8QLGDGSURSXOVRUDGHRUXJDFDPELRGHODFHLWH
8QLGDGSURSXOVRUDGHRUXJDFRQWUROGHOQLYHOGHODFHLWH 
8VRGHGLVH³R 
8WLOL]DFLµQ
9
9£OYXODVGHURWXUDGHODPDQJXHUD 
9HQWDQD
9LEUDFLRQHVHQWRGRHOFXHUSR
9LVHUD 
9LVHUDFRQWUDODOOXYLD 
9LVLELOLGDG 
9LVWDGHODP£TXLQD

 QGLFHDOIDE«WLFR
 

You might also like