&RQWHQLGR
,QWURGXFFLäQ (QSRFDVSDODEUDV /ODYHVSXHUWDV\YHQWDQLOODV $VLHQWRVVLVWHPDVGH VHJXULGDG 3RUWDREMHWRV ,QVWUXPHQWRV\PDQGRV ,OXPLQDFLäQ 6LVWHPDGHLQIRHQWUHWHQLPLHQWR &OLPDWL]DFLäQ &RQGXFFLäQ\PDQHMR &XLGDGRGHOYHKÞFXOR 6HUYLFLR\PDQWHQLPLHQWR 'DWRVWÚFQLFRV ,QIRUPDFLäQGHFOLHQWHV ¾QGLFHDOIDEÚWLFR
,QWURGXFFLäQ
,QWURGXFFLäQ
,QWURGXFFLäQ
,QWURGXFFLäQ 6XYHKÞFXORUHSUHVHQWDXQGLVHâR FRPELQDGRGHDYDQ]DGDWHFQRORJÞD VHJXULGDGFRPSDWLELOLGDGHFROäJLFD \HFRQRPÞD (VWH0DQXDOGH,QVWUXFFLRQHVOHSURಢ SRUFLRQDWRGDODLQIRUPDFLäQQHFHVDಢ ULDSDUDFRQGXFLUHOYHKÞFXORGHIRUPD VHJXUD\HILFLHQWH ,QIRUPHDORVRFXSDQWHVVREUHORVSRಢ VLEOHVSHOLJURVGHOHVLRQHV\DFFLGHQಢ WHVGHULYDGRVGHXQXVRLQFRUUHFWRGHO YHKÞFXOR 6LHPSUHGHEHFXPSOLUODVOH\HV\ORV UHJODPHQWRVGHOSDÞVSRUGRQGHFLUಢ FXOH'LFKDVOH\HVSXHGHQGLIHULUGH ODLQIRUPDFLäQFRQWHQLGDHQHOSUHಢ VHQWH0DQXDOGH,QVWUXFFLRQHV &XDQGRHVWH0DQXDOGH,QVWUXFFLRಢ QHVKDFHUHIHUHQFLDDXQDYLVLWDDOWDಢ OOHUOHUHFRPHQGDPRVTXHDFXGD DVX5HSDUDGRU$XWRUL]DGR&KHYURಢ OHW 7RGRVORV5HSDUDGRUHV$XWRUL]DGRV &KHYUROHWOHRIUHFHQXQVHUYLFLRH[ಢ FHOHQWHDSUHFLRVUD]RQDEOHV3HUVRಢ
QDOH[SHULPHQWDGRIRUPDGRSRU&KHಢ YUROHWWUDEDMDVHJëQODVLQVWUXFFLRQHV HVSHFÞILFDVGH&KHYUROHW /DGRFXPHQWDFLäQSDUDHOFOLHQWHGHಢ EHUÞDHVWDUVLHPSUHDPDQRHQHOYHಢ KÞFXOR
8VRGHOSUHVHQWHPDQXDO (VWHPDQXDOGHVFULEHWRGDVODVRSಢ FLRQHV\FDUDFWHUÞVWLFDVGLVSRQLEOHV SDUDHVWHPRGHOR' 'HWHUPLQDGDV GHVFULSFLRQHVLQFOXLGDVODVGH IXQFLRQHVGHODSDQWDOOD\ORV PHQëVSXHGHQQRVHUDSOLFDEOHV DVXYHKÞFXORSRUODYDULDQWHGH PRGHORODVHVSHFLILFDFLRQHVGHO SDÞVHOHTXLSDPLHQWRHVSHFLDORORV DFFHVRULRV /DVHFFLäQ(QSRFDVSDODEUDVOH SURSRUFLRQDXQDSULPHUDYLVLäQGH FRQMXQWR /DVWDEODVGHFRQWHQLGRVDOSULQFLಢ SLRGHOPDQXDO\GHFDGDFDSÞWXOR OHD\XGDUÒQDORFDOL]DUODLQIRUPDಢ FLäQ (OÞQGLFHDOIDEÚWLFROHSHUPLWLUÒEXVಢ FDULQIRUPDFLäQHVSHFÞILFD
(QHVWH0DQXDOGH,QVWUXFFLRQHVVH UHSUHVHQWDQYHKÞFXORVFRQYRODQWH DODL]TXLHUGD(OIXQFLRQDPLHQWRHV VLPLODUSDUDORVYHKÞFXORVFRQYRಢ ODQWHDODGHUHFKD (QHVWHPDQXDOVHXWLOL]DQODVGHಢ VLJQDFLRQHVGHIÒEULFDSDUDORVPRಢ WRUHV/DVGHVLJQDFLRQHVFRPHUಢ FLDOHVFRUUHVSRQGLHQWHVVHSXHGHQ HQFRQWUDUHQHOFDSÞWXOR'DWRVWÚFಢ QLFRV /DVLQGLFDFLRQHVGHGLUHFFLäQSHM L]TXLHUGDRGHUHFKDGHODQWHRGHಢ WUÒV VHUHILHUHQVLHPSUHDOVHQWLGR GHPDUFKD /DVLQGLFDFLRQHVHQSDQWDOODSXHಢ GHQQRHVWDUHQVXLGLRPD /RVPHQVDMHVHQSDQWDOOD\ORVUäಢ WXORVLQWHULRUHVHVWÒQLPSUHVRVHQ QHJULWD
,QWURGXFFLäQ
3HOLJUR$GYHUWHQFLD \$WHQFLäQ 3HOLJUR (OWH[WRPDUFDGRFRQ3 3HOLJUR RIUHFHLQIRUPDFLäQVREUHHOULHVJR GHVXIULUOHVLRQHVIDWDOHV6LVHLJಢ QRUDGLFKDLQIRUPDFLäQSXHGHKDಢ EHUSHOLJURGHPXHUWH
$GYHUWHQFLD (OWH[WRPDUFDGRFRQ $GYHUWHQFLDRIUHFHLQIRUPDFLäQ VREUHULHVJRVGHDFFLGHQWHVROHಢ VLRQHV6LVHLJQRUDGLFKDLQIRUPDಢ FLäQSXHGHKDEHUULHVJRGHOHVLRಢ QHV
$WHQFLäQ (OWH[WRPDUFDGRFRQ$ $WHQFLäQ RIUHFHLQIRUPDFLäQVREUHSRVLEOHV GDâRVHQHOYHKÞFXOR6LVHLJQRUD GLFKDLQIRUPDFLäQHOYHKÞFXOR SXHGHVXIULUGDâRV
6ÞPERORV /DVUHIHUHQFLDVDSÒJLQDVVHLQGLFDQ PHGLDQWH(OVÞPERORVLJQLILFD YÚDVHODSÒJLQD /HGHVHDPRVPXFKDVKRUDVGHDJUDಢ GDEOHFRQGXFFLäQ &KHYUROHW
,QWURGXFFLäQ
(QSRFDVSDODEUDV
(QSRFDVSDODEUDV
'HVEORTXHRGHOYHKÞFXOR
$MXVWHGHORVDVLHQWRV
0DQGRDGLVWDQFLD
3RVLFLäQGHODVLHQWR
3XOVHHOERWäQASDUDGHVEORTXHDUODV SXHUWDV\HOFRPSDUWLPHQWRGHFDUJD $EUDODVSXHUWDVWLUDQGRGHODVPDQLಢ OODVSDUDDEULUHOSRUWäQWUDVHURSXOVH HOERWäQVLWXDGRGHEDMRGHODPROGXUD GHOSRUWäQWUDVHUR 0DQGRDGLVWDQFLD&LHUUHFHQಢ WUDOL]DGR&RPSDUWLPHQWRGH FDUJD
7LUHGHODVLGHURGHVOLFHHODVLHQWR VXHOWHHODVLGHUR $MXVWHGHORVDVLHQWRV3RVLಢ FLäQGHDVLHQWR
,QIRUPDFLäQLPSRUWDQWH SDUDVXSULPHUYLDMH
(QSRFDVSDODEUDV 5HVSDOGRGHODVLHQWR
$OWXUDGHODVLHQWR
7LUHGHODSDODQFDDMXVWHODLQFOLQDಢ FLäQ\VXHOWHODSDODQFD'HMHTXHHO DVLHQWRHQFODYHDXGLEOHPHQWH1RVH DSR\HHQHOUHVSDOGRPLHQWUDVOR DMXVWD $MXVWHGHORVDVLHQWRV3RVLಢ FLäQGHDVLHQWR
0RYLPLHQWRGHERPEHRGHODSDODQFD KDFLDDUULED PÒVDOWR KDFLDDEDMR PÒVEDMR $VLHQWRVSRVLFLäQGHDVLHQWR
$MXVWHGHORV UHSRVDFDEH]DV
3DUDDMXVWDUODDOWXUDWLUHGHOUHSRVDಢ FDEH]DVKDFLDDUULED3DUDEDMDUOR SXOVHHOUHVRUWH\HPSXMHHOUHSRVDಢ FDEH]DVKDFLDDEDMR
(QSRFDVSDODEUDV
&LQWXUäQGHVHJXULGDG
$MXVWHGHORVUHWURYLVRUHV 5HWURYLVRULQWHULRU
7LUHGHOUHSRVDFDEH]DVKDFLDGHಢ ODQWHVHHQFODYDHQYDULDVSRVLFLRಢ QHV 3DUDFRORFDUORDXWRPÒWLFDPHQWHHQ ODSRVLFLäQDWUDVDGDWLUHGHOUHSRVDಢ FDEH]DVKDFLDGHODQWH 5HSRVDFDEH]DVHQODVHJXQGD\WHUಢ FHUDILODGHDVLHQWRV
([WUDLJDHOFLQWXUäQGHVHJXULGDG \HQFOÒYHORHQHOFLHUUH(OFLQWXUäQGH VHJXULGDGQRGHEHHVWDUUHWRUFLGR \GHEHTXHGDUELHQDMXVWDGRDO FXHUSR(OUHVSDOGRQRGHEHHVWDUGHಢ PDVLDGRLQFOLQDGRKDFLDDWUÒVPÒಢ [LPRDSUR[¡ 3DUDVROWDUHOFLQWXUäQSXOVHHOERWäQ URMRGHOFLHUUH &LQWXURQHVGHVHJXULGDG6LVಢ WHPDGHDLUEDJV3RVLFLäQGH DVLHQWR
$MXVWHODSDODQFDHQODSDUWHLQIHULRU SDUDUHGXFLUHOGHVOXPEUDPLHQWR 5HWURYLVRULQWHULRU5HWURYLVRU LQWHULRUFRQDQWLGHVOXPEUDPLHQWRDXಢ WRPÒWLFR
(QSRFDVSDODEUDV 5HWURYLVRUHVH[WHULRUHV
$MXVWHGHOYRODQWH
6HOHFFLRQH\DMXVWHHOUHWURYLVRUH[ಢ WHULRUFRUUHVSRQGLHQWH $MXVWHHOÚFWULFR5HWURYLVRUHV H[WHULRUHVFRQYH[RV5HWURYLಢ VRUHVH[WHULRUHVSOHJDEOHV 5HWURYLVRUHVH[WHULRUHVWÚUPLFRV
'HVEORTXHHODSDODQFDDMXVWHHOYRಢ ODQWHOXHJRHQFODYHODSDODQFD\DVHಢ JëUHVHGHTXHHVWÚWRWDOPHQWHEORಢ TXHDGD(OYRODQWHVäORVHGHEHDMXVಢ WDUFRQHOYHKÞFXORSDUDGR\ODGLUHFಢ FLäQGHVEORTXHDGD 6LVWHPDGHDLUEDJV3RVLFLRಢ QHVGHODOODYHGHOHQFHQGLGR
(QSRFDVSDODEUDV
9LVWDJHQHUDOGHOWDEOHURGHLQVWUXPHQWRV
(QSRFDVSDODEUDV
&RQPXWDGRUGHODVOXFHV )DURVDQWLQLHEOD 3LORWRDQWLQLHEOD ,OXPLQDFLäQGHORV LQVWUXPHQWRV 6DOLGDVGHDLUHODWHUDOHV ,QWHUPLWHQWHVUÒIDJDVOX] GHFUXFH\OX]GHFDUUHWHUD ,OXPLQDFLäQGHVDOLGD 0DQHMRGHOFHQWURGH LQIRUPDFLäQGHOFRQGXFWRU ,QVWUXPHQWRV %RFLQD $LUEDJGHOFRQGXFWRU &HQWURGHLQIRUPDFLäQGHO FRQGXFWRU 0DQGRDGLVWDQFLDSDUDHO VLVWHPDGH LQIRHQWUHWHQLPLHQWR 6LVWHPDOLPSLDSDUDEULVDV \ODYDSDUDEULVDV 6LVWHPDOLPSLDOXQHWD \ODYDOXQHWD 6DOLGDVGHDLUHFHQWUDOHV 6LVWHPDGH LQIRHQWUHWHQLPLHQWR
3DQWDOODGHLQIRUPDFLäQ /('GHHVWDGRGHOVLVWHPD GHDODUPDDQWLUURER %RWäQGHOSRUWDREMHWRV 6LVWHPDGHFRQWUROGH WUDFFLäQ &RQWUROHOHFWUäQLFRGH HVWDELOLGDG $LUEDJGHODFRPSDâDQWH *XDQWHUD 7HVWLJRGHFRQWUROGH GHVDFWLYDFLäQDFWLYDFLäQ GHODLUEDJ 7HVWLJRGHFRQWUROGHO FLQWXUäQGHVHJXULGDGGHO DFRPSDâDQWH &DOHIDFFLäQYHQWLODFLäQ FOLPDWL]DGRUDXWRPÒWLFR /XFHVGHHPHUJHQFLD &DPELRPDQXDO 3DODQFDVHOHFWRUDFDPELR DXWRPÒWLFR &LHUUHFHQWUDOL]DGR 3HGDOGHODFHOHUDGRU
&HUUDGXUDGHOHQFHQGLGR FRQEORTXHRGHOYRODQWH 3HGDOGHOIUHQR 3HGDOGHOHPEUDJXH $MXVWHGHOYRODQWH 5HJXODGRUGHYHORFLGDG 3DODQFDGHGHVEORTXHR GHOFDSä &RPSDUWLPHQWR SRUWDREMHWRVFDMDGH IXVLEOHV
(QSRFDVSDODEUDV
,OXPLQDFLäQH[WHULRU &RQPXWDGRUGHODVOXFHV
*LUDU /XFHVDSDJDGDV /XFHVGHSRVLFLäQ )DURV
&RQPXWDGRUGHODVOXFHVFRQ FRQWURODXWRPÒWLFRGHODVOXFHV
*LUDU $XWR
P
&RQWURODXWRPÒWLFRGHODVOXಢ FHVORVIDURV\ODVOXFHVODಢ WHUDOHVVHHQFLHQGHQ\DSDಢ JDQDXWRPÒWLFDPHQWHGHಢ SHQGLHQGRGHODVFRQGLFLRಢ QHVGHOX]H[WHULRU $FWLYDFLäQRGHVDFWLYDFLäQ GHOFRQWURODXWRPÒWLFRGHODV OXFHVHOFRQPXWDGRUYXHOYH D$ $872 /XFHVGHSRVLFLäQ )DURV
,OXPLQDFLäQ
(QSRFDVSDODEUDV /XFHVDQWLQLHEOD
3XOVDU )DURVDQWLQLHEOD 3LORWRDQWLQLHEOD P
5ÒIDJDVOX]GHFDUUHWHUD\OX] GHFUXFH
6HâDOL]DFLäQGHJLURV\FDPELRV GHFDUULO
5ÒIDJDV /X]GH FDUUHWHUD /X]GH FUXFH
$OD GHUHFKD $OD L]TXLHUGD
7LUHGHODSDODQFD 3UHVLRQHODSDODQFD 3UHVLRQHRWLUHGHOD SDODQFD
/X]GHFDUUHWHUD5ÒIDJDV &RQWURODXWRPÒWLFRGHODVOXಢ FHV
3DODQFDKDFLDDUULED 3DODQFDKDFLDDEDMR
6HâDOL]DFLäQGHJLURV\FDPELRVGH FDUULO
(QSRFDVSDODEUDV
/XFHVGHHPHUJHQFLD
%RFLQD
6LVWHPDVOLPSLD \ODYDSDUDEULVDV /LPSLDSDUDEULVDV
6HDFFLRQDQFRQHOERWäQe /XFHVGHHPHUJHQFLD
3XOVHH
' c
YHORFLGDGUÒSLGD YHORFLGDGOHQWD FRQH[LäQDLQWHUYDORVRIXQFLRಢ QDPLHQWRDXWRPÒWLFRFRQVHQಢ VRUGHOOXYLD GHVFRQHFWDU
3DUDXQVROREDUULGRFXDQGRORVOLPಢ SLDSDUDEULVDVHVWÒQGHVFRQHFWDGRV SXOVHODSDODQFDKDFLDDEDMR
(QSRFDVSDODEUDV /LPSLDSDUDEULVDV6XVWLWXFLäQ GHODVHVFRELOODV
6LVWHPDODYDSDUDEULVDV
7LUHGHODSDODQFD 6LVWHPDODYDSDUDEULVDV/Þಢ TXLGRGHODYDGR
6LVWHPDVOLPSLDOXQHWD \ODYDOXQHWD
3XOVHHOLQWHUUXSWRUEDVFXODQWHSDUD DFWLYDUHOOLPSLDOXQHWD SRVLFLäQ IXQFLRQDPLHQWRFRQWLಢ VXSHULRU QXR IXQFLRQDPLHQWRLQWHUಢ SRVLFLäQ LQIHULRU PLWHQWH SRVLFLäQ GHVFRQHFWDU FHQWUDO /LPSLDODYDOXQHWD
(QSRFDVSDODEUDV
&OLPDWL]DFLäQ /XQHWDWÚUPLFDWUDVHUD UHWURYLVRUHVH[WHULRUHVWÚUPLFRV
3UHVLRQHODSDODQFD 6HSXOYHUL]DOÞTXLGRGHODYDGRVREUH ODOXQHWDWUDVHUD\HOOLPSLDOXQHWDUHDಢ OL]DHOEDUULGRYDULDVYHFHV /DUHVLVWHQFLDWÚUPLFDVHDFFLRQDSXOಢ VDQGRHOERWäQ^ /XQHWDWÚUPLFDWUDVHUD
'HVHPSDâDGR \GHVFRQJHODFLäQGHORV FULVWDOHV
3XOVHHOERWäQ5 3RQJDHOPDQGRGHODWHPSHUDWXUDHQ HOQLYHOPÒVFÒOLGR 5HIULJHUDFLäQLFRQHFWDGD /XQHWDWÚUPLFDWUDVHUD^FRQHFWDGD &OLPDWL]DGRUDXWRPÒWLFR
(QSRFDVSDODEUDV
&DMDGHFDPELRV
&DPELRDXWRPÒWLFR
&DPELRPDQXDO
0DUFKDDWUÒVFRQHOYHKÞFXORSDUDGR GHVHPEUDJXH\OXHJROHYDQWHODDQLOOD GHODSDODQFDVHOHFWRUD\HQJUDQHOD PDUFKD 6LODPDUFKDQRHQWUDFRQIDFLOLGDG SRQJDODSDODQFDHQSXQWRPXHUWR VXHOWHHOSHGDOGHOHPEUDJXH\SÞVHOR GHQXHYROXHJRUHSLWDODVHOHFFLäQGH ODPDUFKD &DPELRPDQXDO
3 5 1 '
HVWDFLRQDPLHQWR PDUFKDDWUÒV SXQWRPXHUWR PDUFKDKDFLDGHODQWH
0RGRPDQXDOPXHYDODSDODQFDVHಢ OHFWRUDGHVGH' 'KDFLDODL]TXLHUGD PDUFKDPÒVODUJD PDUFKDPÒVFRUWD < /DSDODQFDVHOHFWRUDVäORSXHGHPRಢ YHUVHGHODSRVLFLäQ3 3FRQHOHQFHQಢ GLGRFRQHFWDGR\HOSHGDOGHOIUHQR SLVDGR3DUDVHOHFFLRQDU3 3R5 5SXOVH HOERWäQGHGHVEORTXHR
&DPELRDXWRPÒWLFR
(QSRFDVSDODEUDV
$OVDOLUGHYLDMH
$UUDQTXHGHOPRWRU
&RPSUREDFLRQHVDQWHVGH FRPHQ]DUXQYLDMH /DSUHVLäQGHORVQHXPÒWLFRV\VX HVWDGR (OQLYHOGHDFHLWHGHOPRWRU\GHORV GHPÒVOÞTXLGRV 7RGRVORVFULVWDOHVUHWURYLVRUHV LOXPLQDFLäQH[WHULRU\SODFDVGH PDWUÞFXODGHEHQHVWDUHQEXHQHVಢ WDGR\OLEUHVGHVXFLHGDGQLHYH RKLHOR /DFRUUHFWDSRVLFLäQGHORVDVLHQಢ WRVFLQWXURQHVGHVHJXULGDG\UHಢ WURYLVRUHV (OIXQFLRQDPLHQWRGHORVIUHQRV DEDMDYHORFLGDGHVSHFLDOPHQWHVL ORVIUHQRVHVWÒQKëPHGRV
*LUHODOODYHDODSRVLFLäQ 0XHYDOLJHUDPHQWHHOYRODQWHSDUD GHVDFWLYDUHOEORTXHR &DPELRPDQXDODFFLRQHHOHPEUDಢ JXH &DPELRDXWRPÒWLFRDFFLRQHHO IUHQR\SRQJDODSDODQFDVHOHFWRUD HQ3 3R1 1 1RDFHOHUH
0RWRUGLÚVHOJLUHODOODYHDODSRVLಢ FLäQ SDUDHOSUHFDOHQWDPLHQWR KDVWDTXHHOWHVWLJRGHFRQWURO VHDSDJXH *LUHODOODYHDODSRVLFLäQ \VXÚOಢ WHODFXDQGRHOPRWRUHVWÚHQPDUಢ FKD $QWHVGHUHSHWLUHODUUDQTXHRSDUD DSDJDUHOPRWRUJLUHGHQXHYRODOODYH D
(QSRFDVSDODEUDV
(VWDFLRQDPLHQWR $FFLRQHVLHPSUHHOIUHQRGHHVWDಢ FLRQDPLHQWRVLQSXOVDUHOERWäQGH GHVEORTXHR(QSHQGLHQWHVDSOÞಢ TXHORFRQWRGDODILUPH]DSRVLEOH 3DUDUHGXFLUHOHVIXHU]RSLVHHOSHಢ GDOGHOIUHQRDOPLVPRWLHPSR 'HVFRQHFWHHOPRWRU\HOHQFHQಢ GLGR*LUHODOODYHGHOHQFHQGLGR DVÒTXHOD\JLUHHOYRODQWHKDVWD TXHSHUFLEDTXHHOEORTXHRGHOYRಢ ODQWHKDHQFODYDGR (QYHKÞFXORVFRQFDPELRDXWRPÒಢ WLFRPXHYDODSDODQFDVHOHFWRUD DODSRVLFLäQ3 3\VDTXHODOODYH 6LHOYHKÞFXORHVWÒHQXQDVXSHUILಢ FLHSODQDRFXHVWDDUULEDHQJUDQH ODSULPHUDRPXHYDODSDODQFDVHಢ OHFWRUDD3 3DQWHVGHGHVFRQHFWDUHO HQFHQGLGR6LHOYHKÞFXORHVWÒ FXHVWDDUULEDJLUHODVUXHGDVGHಢ ODQWHUDVHQODGLUHFFLäQFRQWUDULDDO ERUGLOOR 6LHOYHKÞFXORHVWÒFXHVWDDEDMR HQJUDQHODPDUFKDDWUÒVRPXHYD ODSDODQFDVHOHFWRUDD3 3DQWHVGH
GHVFRQHFWDUHOHQFHQGLGR*LUHODV UXHGDVGHODQWHUDVKDFLDHOERUGLOOR &LHUUHODVYHQWDQLOODV\HOWHFKRVRಢ ODU %ORTXHHHOYHKÞFXORFRQHOERWäQC GHOPDQGRDGLVWDQFLD &RQHFWHHOVLVWHPDGHDODUPDDQWLಢ UURER 1RHVWDFLRQHHOYHKÞFXORVREUHXQD VXSHUILFLHIÒFLOPHQWHLQIODPDEOH/D HOHYDGDWHPSHUDWXUDGHOVLVWHPD GHHVFDSHSRGUÞDLQIODPDUGLFKD VXSHUILFLH /RVYHQWLODGRUHVGHUHIULJHUDFLäQ GHOPRWRUSXHGHQVHJXLUIXQFLRಢ QDQGRGHVSXÚVGHGHVFRQHFWDUHO PRWRU 'HVSXÚVGHFLUFXODUDXQUÚJLPHQ HOHYDGRRDOWDFDUJDGHMHIXQFLRQDU HOPRWRUGLÚVHOEUHYHPHQWHFRQ EDMDFDUJDRDOUDOHQWÞGXUDQWHD PLQXWRVDQWHVGHSDUDUORDILQGH SURWHJHUHOWXUERFRPSUHVRU /ODYHVFHUUDGXUDV
/ODYHVSXHUWDV\YHQWDQLOODV
/ODYHVSXHUWDV \YHQWDQLOODV
/ODYHVFHUUDGXUDV
0DQGRDGLVWDQFLD
/ODYHV /ODYHVGHUHSXHVWR
/ODYHVFHUUDGXUDV 3XHUWDV 6HJXULGDGGHOYHKÞFXOR 5HWURYLVRUHVH[WHULRUHV 5HWURYLVRULQWHULRU 9HQWDQLOODV 7HFKR
(OQëPHURGHODOODYHVHHVSHFLILFDHQ XQDHWLTXHWDTXHVHSXHGHTXLWDU $OSHGLUOODYHVGHUHSXHVWRGHEHLQGLಢ FDUVHHOQëPHURGHOODYHFRUUHVSRQಢ GLHQWH\DTXHODOODYHHVXQFRPSRಢ QHQWHGHOVLVWHPDLQPRYLOL]DGRU &HUUDGXUDV
3XOVHHOERWäQSDUDGHVSOHJDUOR3DUD SOHJDUODOODYHSXOVHSULPHURHOERWäQ
6HXVDSDUDDFFLRQDU &LHUUHFHQWUDOL]DGR 6LVWHPDGHDODUPDDQWLUURER (OPDQGRDGLVWDQFLDWLHQHXQDOFDQFH GHPHWURVDSUR[LPDGDPHQWH'Lಢ FKRDOFDQFHSXHGHYHUVHDIHFWDGR SRULQIOXHQFLDVH[WHUQDV /DVOXFHVGHHPHUJHQFLDVHLOXPLQDQ SDUDFRQILUPDUHODFFLRQDPLHQWR 'HEHWUDWDUORFRQFXLGDGRSURWHJHUOR GHODKXPHGDG\GHODVWHPSHUDWXUDV DOWDV\HYLWHDFFLRQDUORLQQHFHVDULDಢ PHQWH
/ODYHVSXHUWDV\YHQWDQLOODV $YHUÞD
$MXVWHVEÒVLFRV
6LHOFLHUUHFHQWUDOL]DGRQRVHDFWLYD FRQHOPDQGRDGLVWDQFLDSXHGHGHಢ EHUVHDORVLJXLHQWH VHKDH[FHGLGRHODOFDQFH ODWHQVLäQGHODSLODHVGHPDVLDGR EDMD DFFLRQDPLHQWRUHSHWLGR\IUHFXHQWH GHOPDQGRDGLVWDQFLDIXHUDGHODOಢ FDQFHGHUHFHSFLäQGHOYHKÞFXOR VHUÒQHFHVDULRYROYHUDVLQFURQLಢ ]DUOR VREUHFDUJDGHOFLHUUHFHQWUDOL]DGR GHELGRDXQDFFLRQDPLHQWRIUHಢ FXHQWHHQEUHYHVLQWHUYDORVVHLQಢ WHUUXPSHODDOLPHQWDFLäQGHFRಢ UULHQWHGXUDQWHXQEUHYHSHUÞRGRGH WLHPSR LQWHUIHUHQFLDGHRQGDVGHUDGLRGH PD\RUSRWHQFLDSURFHGHQWHVGH RWUDVIXHQWHV 'HVEORTXHRGHOYHKÞFXOR
$OJXQRVDMXVWHVSXHGHQFDPELDUVH HQHOPHQë$ $MXVWHVGHOD SDQWDOODGHLQIRUPDFLäQ3HUVRQDOL]Dಢ FLäQGHOYHKÞFXOR
6XVWLWXFLäQGHODSLODGHOPDQGR DGLVWDQFLD 6XVWLWX\DODSLODHQFXDQWRGLVPLQX\D HODOFDQFH
/DVSLODVQRGHEHQDUURMDUVHDODEDಢ VXUDGRPÚVWLFD'HEHQGHVHFKDUVH HQXQSXQWRGHUHFRJLGDDXWRUL]DGR SDUDVXUHFLFODMH
'HVSOLHJXHODOODYH\DEUDODXQLGDG 6XVWLWX\DODSLODWLSR&5 SUHVಢ WDQGRDWHQFLäQDODSRVLFLäQGHPRQಢ WDMH&LHUUHODXQLGDG\VLQFURQLFHHO PDQGRDGLVWDQFLD
$MXVWHVPHPRUL]DGRV 6LHPSUHTXHVHVDFDODOODYHGHOD FHUUDGXUDGHOHQFHQGLGRODOODYHPHಢ PRUL]DDXWRPÒWLFDPHQWHORVVLJXLHQಢ WHVDMXVWHV &OLPDWL]DGRUDXWRPÒWLFRHOHFWUäಢ QLFR ,OXPLQDFLäQ
/ODYHVSXHUWDV\YHQWDQLOODV
6LVWHPDGHLQIRHQWUHWHQLPLHQWR &HUUDGXUDVGHSXHUWDVHOÚFWULFDV /RVDMXVWHVJXDUGDGRVVHXWLOL]DQDXಢ WRPÒWLFDPHQWHODSUä[LPDYH]TXHVH LQVHUWHODOODYHHQODFHUUDGXUDGHOHQಢ FHQGLGR\VHJLUHDODSRVLFLäQ 3HUVRQDOL]DFLäQGHOYHKÞFXOR
'HVEORTXHR 0DQGRDGLVWDQFLD
%ORTXHR
&LHUUHFHQWUDOL]DGR
0DQGRDGLVWDQFLD &LHUUHODVSXHUWDVHOFRPSDUWLPHQWR GHFDUJD\ODWDSDGHOGHSäVLWRGH FRPEXVWLEOH
3HUPLWHEORTXHDU\GHVEORTXHDUODV SXHUWDVHOFRPSDUWLPHQWRGHFDUJD \ODWDSDGHOGHSäVLWRGHFRPEXVWLEOH $OWLUDUGHXQDPDQLOODLQWHULRUVHGHVಢ EORTXHD\VHDEUHODSXHUWD 1RWD (QFDVRGHDFFLGHQWHGHXQDGHWHUಢ PLQDGDJUDYHGDGHOYHKÞFXORVH GHVEORTXHDDXWRPÒWLFDPHQWH
(VWHDMXVWHSXHGHFDPELDUVHHQHO PHQë$ $MXVWHVGHODSDQWDOODGHLQIRUಢ PDFLäQ3HUVRQDOL]DFLäQGHOYHKÞFXOR /RVDMXVWHVVHSXHGHQPHPRUL]DU PHGLDQWHODOODYHXWLOL]DGDDMXVWHV PHPRUL]DGRV
3XOVHHOERWäQA +D\GRVRSFLRQHVSRVLEOHV 3DUDGHVEORTXHDUVäORODSXHUWDGHO FRQGXFWRUSXOVHXQDYH]HOERWäQ ASDUDGHVEORTXHDUWRGDVODVSXHUಢ WDVHOFRPSDUWLPHQWRGHFDUJD\OD WDSDGHOGHSäVLWRGHFRPEXVWLEOH SXOVHGRVYHFHVHOERWäQA 3DUDGHVEORTXHDUWRGDVODVSXHUಢ WDVHOFRPSDUWLPHQWRGHFDUJD\OD WDSDGHOGHSäVLWRGHFRPEXVWLEOH SXOVHXQDYH]HOERWäQA
3XOVHHOERWäQC
/ODYHVSXHUWDV\YHQWDQLOODV 6LODSXHUWDGHOFRQGXFWRUQRHVWÒ ELHQFHUUDGDHOFLHUUHFHQWUDOL]DGRQR IXQFLRQDUÒ
%RWRQHVGHOFLHUUHFHQWUDOL]DGR
$YHUÞDHQHOVLVWHPDGHOPDQGR DGLVWDQFLD 'HVEORTXHR
3HUPLWHQEORTXHDURGHVEORTXHDUWRಢ GDVODVSXHUWDVHOFRPSDUWLPHQWRGH FDUJD\ODWDSDGHOGHSäVLWRGHFRPಢ EXVWLEOH
3XOVHHOERWäQCSDUDEORTXHDU 3XOVHHOERWäQASDUDGHVEORTXHDU &XDQGRODOODYHHVWÒHQODFHUUDGXUD GHOHQFHQGLGRHOEORTXHRVäORVHUÒ SRVLEOHVLWRGDVODVSXHUWDVHVWÒQFHಢ UUDGDV
%ORTXHR &RQHFWHHOHQFHQGLGR\SXOVHHOERಢ WäQGHOFLHUUHFHQWUDOL]DGRCSDUDEORಢ TXHDUWRGDVODVSXHUWDVHOFRPSDUWLಢ PHQWRGHFDUJD\ODWDSDGHOGHSäVLWR GHFRPEXVWLEOH/XHJRFLHUUHOD SXHUWDGHOFRQGXFWRU\EORTXÚHOD GHVGHIXHUDFRQODOODYH
$YHUÞDGHOFLHUUHFHQWUDOL]DGR
'HVEORTXHHPDQXDOPHQWHODSXHUWD GHOFRQGXFWRUJLUDQGRODOODYHHQOD FHUUDGXUD&RQHFWHHOHQFHQGLGR \SXOVHHOERWäQGHOFLHUUHFHQWUDOLಢ ]DGRASDUDGHVEORTXHDUWRGDVODV SXHUWDVHOFRPSDUWLPHQWRGHFDUJD \ODWDSDGHOGHSäVLWRGHFRPEXVWLEOH 3DUDGHVDFWLYDUHOVLVWHPDDQWLUURER FRQHFWHHOHQFHQGLGR
'HVEORTXHR 'HVEORTXHHPDQXDOPHQWHODSXHUWD GHOFRQGXFWRUJLUDQGRODOODYHHQOD FHUUDGXUD/DVRWUDVSXHUWDVSXHGHQ DEULUVHDFFLRQDQGRODPDQLOODLQWHULRU GRVYHFHV/DWDSDGHOGHSäVLWRGH FRPEXVWLEOHQRVHSXHGHDEULU3DUD GHVDFWLYDUHOVLVWHPDDQWLUURERFRಢ QHFWHHOHQFHQGLGR %ORTXHR %DMHORVSHVWLOORVGHWRGDVODVSXHUWDV H[FHSWRODSXHUWDGHOFRQGXFWRU /XHJRFLHUUHODSXHUWDGHOFRQGXFWRU \EORTXÚHODGHVGHIXHUDFRQODOODYH /DWDSDGHOGHSäVLWRGHFRPEXVWLEOH \HOSRUWäQWUDVHURQRVHSXHGHQEORಢ TXHDU
/ODYHVSXHUWDV\YHQWDQLOODV
%ORTXHRDXWRPÒWLFR %ORTXHRDXWRPÒWLFRGHVSXÚVGH LQLFLDUODPDUFKD (VWDIXQFLäQGHVHJXULGDGSXHGH FRQILJXUDUVHSDUDEORTXHDUDXWRPÒWLಢ FDPHQWHWRGDVODVSXHUWDVHOFRPಢ SDUWLPHQWRGHFDUJD\ODWDSDGHOGHಢ SäVLWRGHFRPEXVWLEOHHQFXDQWRHO YHKÞFXORLQLFLDODPDUFKD (VWHDMXVWHSXHGHFDPELDUVHHQHO PHQë$ $MXVWHVGHODSDQWDOODGHLQIRUಢ PDFLäQ3HUVRQDOL]DFLäQGHOYHKÞFXOR 6HGHVEORTXHDUÒQDXWRPÒWLFDPHQWH WRGDVODVSXHUWDVHOFRPSDUWLPHQWR GHFDUJD\ODWDSDGHOGHSäVLWRGH FRPEXVWLEOHVLRFXUUHDOJRGHORVLಢ JXLHQWH &RQFDPELRDXWRPÒWLFRFXDQGROD SDODQFDVHOHFWRUDHVWÒHQ3GHVSXÚV GHFRQGXFLU &RQFDPELRPDQXDOFXDQGRVH VDFDODOODYHGHODFHUUDGXUDGHOHQಢ FHQGLGRGHVSXÚVGHFRQGXFLU
$WHQFLäQ
6HJXURVSDUDQLâRV
1RGHVEORTXHHODSXHUWDFRQHO YHKÞFXORHQPDUFKD6LXQRFXಢ SDQWHDEUHODSXHUWDVLQTXHUHUVH SXHGHQSURGXFLUOHVLRQHVJUDYHV RIDWDOHVHQFDVRGHDFFLGHQWH 3RUPRWLYRVGHVHJXULGDGVLOD SXHUWDVHGHVEORTXHDPDQXDOಢ PHQWHYXHOYDDEORTXHDUOD XVDQGRHOERWäQGHEORTXHRGHOD SXHUWD /RVDMXVWHVVHSXHGHQPHPRUL]DU PHGLDQWHODOODYHXWLOL]DGD
$GYHUWHQFLD 8WLOLFHORVVHJXURVSDUDQLâRV VLHPSUHTXHYLDMHQQLâRVHQORV DVLHQWRVWUDVHURV
$WHQFLäQ 1RWLUHGHODPDQLOODLQWHULRUGHOD SXHUWDPLHQWUDVHOVHJXURSDUDQLಢ âRVHVWÚHQODSRVLFLäQGHEORಢ TXHR$OKDFHUHVWRSXHGHGDâDU ODPDQLOODLQWHULRUGHODSXHUWD
/ODYHVSXHUWDV\YHQWDQLOODV 8VDQGRODOODYHRXQGHVWRUQLOODGRU DGHFXDGRJLUHORVVHJXURVSDUDQLಢ âRVGHODVSXHUWDVWUDVHUDVKDVWDOD SRVLFLäQKRUL]RQWDO/DVSXHUWDVQR SXHGHQDEULUVHGHVGHHOLQWHULRU3DUD VXGHVDFWLYDFLäQJLUHORVVHJXURV SDUDQLâRVKDVWDODSRVLFLäQYHUWLFDO
3XHUWDV &RPSDUWLPHQWRGHFDUJD $SHUWXUD
$WHQFLäQ $QWHVGHDEULUHOSRUWäQWUDVHUR FRPSUXHEHVLKD\REVWUXFFLRQHV SRUDUULEDFRPRXQDSXHUWDGHJDಢ UDMHSDUDHYLWDUGDâRVHQHOSRUWäQ WUDVHUR&RPSUXHEHVLHPSUHOD ]RQDGHPRYLPLHQWRSRUHQFLPD \GHWUÒVGHOSRUWäQWUDVHUR 1RWD 6LVHPRQWDQGHWHUPLQDGRVDFFHVRಢ ULRVSHVDGRVHQHOSRUWäQWUDVHUR SXHGHTXHÚVWHQRVHPDQWHQJDHQ SRVLFLäQDELHUWD
&LHUUH 3XOVHHOERWäQVLWXDGRGHEDMRGHOD PROGXUDGHOSRUWäQWUDVHUR
$GYHUWHQFLD 1RFLUFXOHFRQHOSRUWäQWUDVHUR DELHUWRRHQWUHDELHUWRSHMDO WUDQVSRUWDUREMHWRVYROXPLQRVRV \DTXHSRGUÞDQHQWUDUJDVHVGH HVFDSHWä[LFRVHQHOYHKÞFXOR
$OFHUUDUQRSXOVHHOERWäQVLWXDGR GHEDMRGHODPROGXUDSDUDHYLWDUTXH VHYXHOYDDGHVEORTXHDU
/ODYHVSXHUWDV\YHQWDQLOODV
6HJXULGDGGHOYHKÞFXOR
$FWLYDFLäQ
6LVWHPDDQWLUURER
/DLQFOLQDFLäQGHOYHKÞFXORSHMVL ORHOHYDQ (OHQFHQGLGR
$FWLYDFLäQ
$GYHUWHQFLD 1RXWLOLFHHOVLVWHPDVLKD\SHUVRಢ QDVHQHOLQWHULRUGHOYHKÞFXOR/DV SXHUWDVQRVHSXHGHQGHVEORಢ TXHDUGHVGHHOLQWHULRU (OVLVWHPDDQWLUUREREORTXHDPHFÒQLಢ FDPHQWHWRGDVODVSXHUWDV3DUDDFಢ WLYDUHOVLVWHPDWRGDVODVSXHUWDVGHಢ EHQHVWDUFHUUDGDV 6LHOHQFHQGLGRHVWDEDFRQHFWDGRVH GHEHDEULU\FHUUDUODSXHUWDGHOFRQಢ GXFWRUXQDYH]SDUDSRGHUDVHJXUDU HOYHKÞFXOR $OGHVEORTXHDUHOYHKÞFXORVHGHVDFಢ WLYDHOVHJXURDQWLUURERPHFÒQLFR (VWRQRHVSRVLEOHFRQHOERWäQGHO FLHUUHFHQWUDOL]DGR
3XOVHGRVYHFHVHOERWäQCGHOPDQGR DGLVWDQFLDHQPHQRVGH VHJXQGRV
6LVWHPDGHDODUPD DQWLUURER (OVLVWHPDGHDODUPDDQWLUURERFRQಢ WUROD /DVSXHUWDVHOSRUWäQWUDVHUR\HO FDSä (OKDELWÒFXORLQFOXLGRHOFRPSDUWLಢ PHQWRGHFDUJD
6HDFWLYDDXWRPÒWLFDPHQWH VHJXQGRVGHVSXÚVGHEORTXHDU HOYHKÞFXORLQLFLDOL]DFLäQGHOVLVಢ WHPD R &RQPDQGRDGLVWDQFLDVHDFWLYD GLUHFWDPHQWHSXOVDQGRGHQXHYRC GHVSXÚVGHOEORTXHR
/ODYHVSXHUWDV\YHQWDQLOODV 1RWD /DVPRGLILFDFLRQHVGHOLQWHULRUGHO YHKÞFXORFRPRHOXVRGHIXQGDVGH DVLHQWR\ODVYHQWDQLOODVRHOWHFKR VRODUDELHUWRVSRGUÞDQSHUWXUEDUOD IXQFLäQGHYLJLODQFLDGHOKDELWÒFXOR
$FWLYDFLäQVLQYLJLODQFLDGHO KDELWÒFXOR\GHODLQFOLQDFLäQGHO YHKÞFXOR
YLPLHQWRVGLVSDUDUÒQODDODUPD7DPಢ ELÚQGHEHGHVDFWLYDUVHFXDQGRHOYHಢ KÞFXORYLDMHHQIHUU\RWUHQ &LHUUHHOSRUWäQWUDVHURHOFDSä ODVYHQWDQLOODV\HOWHFKRVRODU 3XOVHHOERWäQR6HHQFLHQGH HO/('HQHOERWäQR &LHUUHODVSXHUWDV &RQHFWHHOVLVWHPDGHDODUPDDQಢ WLUURER
/('GHHVWDGR
(VWDGRGXUDQWHORVSULPHURV VHJXQGRVGHVGHODDFWLYDFLäQGHO VLVWHPDGHDODUPDDQWLUURER /(' FRPSUREDFLäQUHಢ HQFHQGLGR WDUGRGHDFWLYDFLäQ (O/(' ODVSXHUWDVHOSRUಢ SDUSDGHD WäQWUDVHURRHO UÒSLGDPHQWH FDSäQRHVWÒQELHQ FHUUDGRVRDYHUÞD GHOVLVWHPD (VWDGRGHVSXÚVGHDFWLYDUVHHOVLVಢ WHPD (O/(' HOVLVWHPDHVWÒDFಢ SDUSDGHD WLYDGR OHQWDPHQWH (QFDVRGHDYHUÞDUHFXUUDDODD\XGD GHXQWDOOHU
'HVDFWLYHODYLJLODQFLDGHOKDELWÒFXOR \GHODLQFOLQDFLäQGHOYHKÞFXOR FXDQGRVHTXHGHQDQLPDOHVHQHOYHಢ KÞFXORGHELGRDOHOHYDGRYROXPHQGH VHâDOHVXOWUDVäQLFDV\DTXHORVPRಢ
(O/('GHHVWDGRHVWÒLQWHJUDGRHQHO VHQVRUVLWXDGRHQODSDUWHVXSHULRU GHOWDEOHURGHLQVWUXPHQWRV
/ODYHVSXHUWDV\YHQWDQLOODV
'HVDFWLYDFLäQ
$OGHVEORTXHDUHOYHKÞFXORSXOVDQGR HOERWäQARWLUDQGRGHODPDQLOODGH ODSXHUWDVHGHVDFWLYDHOVLVWHPDGH DODUPDDQWLUURER
$ODUPD /DDODUPDVHSXHGHVLOHQFLDUSXOಢ VDQGRFXDOTXLHUERWäQGHOPDQGR DGLVWDQFLDRFRQHFWDQGRHOHQFHQಢ GLGR (OVLVWHPDGHDODUPDDQWLUURERVäOR VHSXHGHGHVDFWLYDUSXOVDQGRHOERಢ WäQARFRQHFWDQGRHOHQFHQGLGR
,QPRYLOL]DGRU (OVLVWHPDHVWÒLQWHJUDGRHQODFHUUDಢ GXUDGHOHQFHQGLGR\FRPSUXHEDVLHO YHKÞFXORSXHGHVHUDUUDQFDGRFRQOD OODYHXWLOL]DGD6LHOVLVWHPDUHFRQRFH DOWUDQVSRQGHGRUGHODOODYHVH SXHGHDUUDQFDUHOYHKÞFXOR (OLQPRYLOL]DGRUVHDFWLYDDXWRPÒWLಢ FDPHQWHGHVSXÚVGHVDFDUODOODYHGH ODFHUUDGXUDGHOHQFHQGLGR 6LHOWHVWLJRGHFRQWUROGVHHQFLHQGH RSDUSDGHDFRQHOHQFHQGLGRFRQHFಢ WDGRKD\XQDDYHUÞDHQHOVLVWHPDQR VHSXHGHDUUDQFDUHOPRWRU'HVFRಢ QHFWHHOHQFHQGLGR\OXHJRUHSLWDHO LQWHQWRGHDUUDQTXH 6LHOWHVWLJRGHFRQWUROFRQWLQëDHQಢ FHQGLGRRSDUSDGHDQGRLQWHQWH DUUDQFDUHOPRWRUFRQODOODYHGHUHಢ SXHVWR\UHFXUUDDODD\XGDGHXQWDಢ OOHU 1RWD (OLQPRYLOL]DGRUQREORTXHDODV SXHUWDV'HVSXÚVGHVDOLUGHOYHಢ KÞFXORVLHPSUHGHEHEORTXHDUOR \FRQHFWDUHOVLVWHPDGHDODUPDDQಢ WLUURER
7HVWLJRGHFRQWUROG
/ODYHVSXHUWDV\YHQWDQLOODV
5HWURYLVRUHVH[WHULRUHV )RUPDFRQYH[D (OUHWURYLVRUH[WHULRUFRQYH[RUHGXFH ORVÒQJXORVPXHUWRV/DIRUPDGHOHVಢ SHMRKDFHTXHORVREMHWRVSDUH]FDQ PÒVSHTXHâRVORTXHDIHFWDDOD DSUHFLDFLäQGHODVGLVWDQFLDV
/XHJREDVFXOHHOPDQGRSDUDDMXVWDU HOUHWURYLVRU (QODSRVLFLäQ QRKD\VHOHFFLRQDGR QLQJëQUHWURYLVRU
3OHJDGRHOÚFWULFR
3OHJDGR
$MXVWHHOÚFWULFR
6HOHFFLRQHHOUHWURYLVRUH[WHULRUFRಢ UUHVSRQGLHQWHJLUDQGRHOPDQGRDOD L]TXLHUGD/ RDODGHUHFKD5
3DUDODVHJXULGDGGHORVSHDWRQHV ORVUHWURYLVRUHVH[WHULRUHVEDVFXODQ GHVXSRVLFLäQGHPRQWDMHQRUPDODO UHFLELULPSDFWRVGHXQDGHWHUPLQDGD IXHU]D9XHOYDDFRORFDUHOUHWURYLVRU HQVXSRVLFLäQSUHVLRQDQGROLJHUDಢ PHQWHVREUHODFDUFDVD
*LUHHOPDQGRD\OXHJRSXOVHHO PDQGRKDFLDDEDMR6HSOHJDUÒQORV GRVUHWURYLVRUHVH[WHULRUHV 3XOVHGHQXHYRHOPDQGRKDFLD DEDMRDPERVUHWURYLVRUHVYROYHUÒQ DVXSRVLFLäQRULJLQDO 6LXQUHWURYLVRUSOHJDGRHOÚFWULFDಢ PHQWHVHGHVSOLHJDPDQXDOPHQWHDO SXOVDUHOPDQGRKDFLDDEDMRVäORVH GHVSOHJDUÒHOÚFWULFDPHQWHHORWURUHಢ WURYLVRU
/ODYHVSXHUWDV\YHQWDQLOODV $GYHUWHQFLD
0DQWHQJDVLHPSUHORVUHWURYLVRಢ UHVFRUUHFWDPHQWHDMXVWDGRV\XWLಢ OÞFHORVGXUDQWHODFRQGXFFLäQSDUD YHUPHMRUORVREMHWRV\ORVGHPÒV YHKÞFXORVTXHOHURGHDQ1RFRQಢ GX]FDFRQDOJXQRGHORVUHWURYLVRಢ UHVSOHJDGR
5HWURYLVRULQWHULRU
(VSHMRSDUDREVHUYDUDORV QLâRV
$QWLGHVOXPEUDPLHQWR PDQXDO
&DOHIDFWDGR
3DUDUHGXFLUHOGHVOXPEUDPLHQWRDFಢ FLRQHODSDODQFDTXHKD\GHEDMRGHOD FDUFDVDGHOHVSHMR
6HFRQHFWDSXOVDQGRHOERWäQ^ /DFDOHIDFFLäQIXQFLRQDFRQHOPRWRU HQPDUFKD\VHGHVFRQHFWDDXWRPÒಢ WLFDPHQWHSRFRWLHPSRGHVSXÚV
3XOVHSDUDGHVSOHJDUHOHVSHMRSDUD REVHUYDUDORVQLâRVHQORVDVLHQWRV WUDVHURV
/ODYHVSXHUWDV\YHQWDQLOODV
$QWLGHVOXPEUDPLHQWR DXWRPÒWLFR
9HQWDQLOODV (OHYDOXQDVPDQXDOHV /DVYHQWDQLOODVSXHGHQVXELUVH\EDಢ MDUVHFRQODVPDQLYHODVGHORVHOHYDಢ OXQDV
'HVSXÚVGHGHVFRQHFWDUHOHQFHQಢ GLGRVHGHVDFWLYDHODFFLRQDPLHQWR GHODVYHQWDQLOODVFXDQGRVHDEUHXQD SXHUWDGHODQWHUD
(OHYDOXQDVHOÚFWULFRV $GYHUWHQFLD
(OGHVOXPEUDPLHQWRSURGXFLGRSRU ORVYHKÞFXORVTXHQRVVLJXHQGHQRಢ FKHVHUHGXFHDXWRPÒWLFDPHQWH
7HQJDFXLGDGRDODFFLRQDUORVOHಢ YDQWDYLGULRVHOÚFWULFRV+D\ULHVJR GHOHVLRQHVHVSHFLDOPHQWHSDUD ORVQLâRV 6LKD\QLâRVHQHODVLHQWRWUDVHUR DFWLYHHOVHJXURSDUDQLâRVGHORV OHYDQWDYLGULRVHOÚFWULFRV 2EVHUYHDWHQWDPHQWHODVYHQWDQLಢ OODVFXDQGRODVFLHUUH$VHJëUHVH GHTXHQDGDTXHGHDWUDSDGR PLHQWUDVVHPXHYHQ /RVHOHYDOXQDVHOÚFWULFRVIXQFLRQDQ FRQHOHQFHQGLGRFRQHFWDGR KDVWDPLQXWRVGHVSXÚVGHGHVಢ FRQHFWDUHOHQFHQGLGR
$FFLRQHHOLQWHUUXSWRUGHODYHQWDQLOOD FRUUHVSRQGLHQWHSXOVHSDUDDEULU RWLUHSDUDFHUUDU
0DQHMR 3XOVHRWLUHFRQFXLGDGRKDVWDHOSULಢ PHUILDGRUODYHQWDQLOODVXEHREDMD PLHQWUDVHVWÚDFFLRQDGRHOLQWHUUXSಢ WRU 3XOVHRWLUHFRQPÒVIXHU]DKDVWDHO VHJXQGRILDGRU\OXHJRVXHOWHODYHQಢ WDQLOODVXEHREDMDDXWRPÒWLFDPHQWH
/ODYHVSXHUWDV\YHQWDQLOODV
3DUDGHWHQHUHOPRYLPLHQWRYXHOYD DDFFLRQDUHOLQWHUUXSWRUHQODPLVPD GLUHFFLäQ
6HJXURSDUDQLâRVHQODV YHQWDQLOODVWUDVHUDV
6REUHFDUJD 6LVHDFFLRQDQUHSHWLGDPHQWHODV YHQWDQLOODVDLQWHUYDORVEUHYHVHVSRಢ VLEOHTXHVHGHVDFWLYHHODFFLRQDಢ PLHQWRGHODVYHQWDQLOODVGXUDQWHDOಢ JëQWLHPSR
/XQHWDWÚUPLFDWUDVHUD
,QLFLDOL]DFLäQGHORVHOHYDOXQDV HOÚFWULFRV
3XOVHHOLQWHUUXSWRURSDUDGHVDFWLYDU ORVHOHYDOXQDVHOÚFWULFRVGHODVSXHUಢ WDVWUDVHUDVHO/('VHLOXPLQD3DUD DFWLYDUORVSXOVHGHQXHYRR
6LODVYHQWDQLOODVQRVHSXHGHQFHUUDU DXWRPÒWLFDPHQWHSHMGHVSXÚVGH GHVFRQHFWDUODEDWHUÞDGHOYHKÞFXOR DFWLYHODHOHFWUäQLFDGHODVYHQWDQLOODV GHOVLJXLHQWHPRGR &LHUUHODVSXHUWDV &RQHFWHHOHQFHQGLGR &LHUUHODYHQWDQLOODFRPSOHWDಢ PHQWH\PDQWHQJDHOLQWHUUXSWRU DFFLRQDGRGXUDQWHRWURV VHJXQGRV 5HSLWDODRSHUDFLäQSDUDFDGD YHQWDQLOOD
6HFRQHFWDSXOVDQGRHOERWäQ^ /DFDOHIDFFLäQIXQFLRQDFRQHOPRWRU HQPDUFKD\VHGHVFRQHFWDDXWRPÒಢ WLFDPHQWHSRFRWLHPSRGHVSXÚV
/ODYHVSXHUWDV\YHQWDQLOODV $WHQFLäQ 1RXWLOLFHLQVWUXPHQWRVDILODGRV ROLPSLDFULVWDOHVDEUDVLYRVHQOD OXQHWDWUDVHUDGHOYHKÞFXOR 1RDUDâHRGDâHORVKLORVGHOGHಢ VHPSDâDGRUFXDQGROLPSLHRUHDಢ OLFHFXDOTXLHURWURWLSRGHWUDEDMR HQODOXQHWDWUDVHUD
3DUDVROHV /RVSDUDVROHVVHSXHGHQDEDWLU REDVFXODUKDFLDXQODGRSDUDHYLWDU HOGHVOXPEUDPLHQWR 6LORVSDUDVROHVWLHQHQHVSHMRVLQWHಢ JUDGRVODVWDSDVGHORVHVSHMRVGHಢ EHQHVWDUFHUUDGDVGXUDQWHODPDUಢ FKD
7HFKR 7HFKRVRODU $GYHUWHQFLD 7HQJDFXLGDGRDODFFLRQDUHOWHಢ FKRVRODU+D\ULHVJRGHOHVLRQHV HVSHFLDOPHQWHSDUDORVQLâRV 2EVHUYHDWHQWDPHQWHODVSLH]DV PäYLOHVGXUDQWHVXDFFLRQDಢ PLHQWR$VHJëUHVHGHTXHQDGD TXHGHDWUDSDGRPLHQWUDVVHPXHಢ YHQ (OWHFKRVRODUIXQFLRQD FRQHOHQFHQGLGRFRQHFWDGR KDVWDPLQXWRVGHVSXÚVGHGHVಢ FRQHFWDUHOHQFHQGLGR 'HVSXÚVGHGHVFRQHFWDUHOHQFHQಢ GLGRVHGHVDFWLYDHODFFLRQDPLHQWR GHOWHFKRVRODUFXDQGRVHDEUHXQD SXHUWDGHODQWHUD
$EULURFHUUDU 3XOVHSRUVXDYHPHQWHKDVWDHO SULPHUILDGRUHOWHFKRVRODUVHDEUH RFLHUUDPLHQWUDVHOLQWHUUXSWRUHVWÚ DFFLRQDGR 3XOVHSRUILUPHPHQWHKDVWDHO VHJXQGRILDGRU\OXHJRVXHOWHHOWHಢ FKRVRODUVHDEUHRFLHUUDDXWRPÒWLಢ FDPHQWHFRQODIXQFLäQGHVHJXULGDG DFWLYDGD3DUDGHWHQHUHOPRYLಢ PLHQWRDFFLRQHHOLQWHUUXSWRUXQDYH] PÒV
6XELURFHUUDU 3XOVHTRUHOWHFKRVRODUVH VXEHRVHFLHUUDDXWRPÒWLFDPHQWH
/ODYHVSXHUWDV\YHQWDQLOODV
3HUVLDQDVRODU /DSHUVLDQDVRODUVHDFFLRQDPDQXDOಢ PHQWH $EUDRFLHUUHODSHUVLDQDVRODUGHVOLಢ ]ÒQGROD&XDQGRHOWHFKRVRODUHVWÒ DELHUWRODSHUVLDQDVLHPSUHHVWÒ DELHUWD
,QGLFDFLRQHVJHQHUDOHV )XQFLäQGHVHJXULGDG 6LHOWHFKRVRODUHQFXHQWUDDOJëQREVಢ WÒFXORGXUDQWHHOFLHUUHDXWRPÒWLFR VHGHWLHQHLQPHGLDWDPHQWH\YXHOYH DDEULUVH $QXODUODIXQFLäQGHVHJXULGDG (QFDVRGHGLILFXOWDGHVSDUDFHUUDU SRUHVFDUFKDRVLPLODUPDQWHQJDSXOಢ VDGRHOLQWHUUXSWRUUKDVWDTXHHO WHFKRVRODUHVWÚFHUUDGR ,QLFLDOL]DFLäQGHOWHFKR 6LHOWHFKRVRODUQRVHSXHGHFHUUDU SHMGHVSXÚVGHGHVFRQHFWDUODEDಢ WHUÞDGHOYHKÞFXOR DFWLYHODHOHFWUäಢ QLFDGHOWHFKRVRODUGHOVLJXLHQWH PRGR
6LHOWHFKRVRODUHVWÒFHUUDGRPDQಢ WHQJDSXOVDGRHOLQWHUUXSWRUU VXDYHPHQWHKDVWDHOSULPHUILDGRU GXUDQWHVHJXQGRV 6LHOWHFKRVRODUHVWÒDELHUWRPDQಢ WHQJDSXOVDGRHOLQWHUUXSWRUU KDVWDTXHHOWHFKRVRODUHVWÚWRWDOಢ PHQWHFHUUDGR6XHOWHHOLQWHUUXSWRU EUHYHPHQWH\YXHOYDDSXOVDUOR VXDYHPHQWHKDVWDHOSULPHUILDGRU GXUDQWHVHJXQGRV 5HDSUHQGL]DMHGHODIXQFLäQGH VHJXULGDG 6LHOWHFKRVRODUQRVHFLHUUDFRUUHFಢ WDPHQWHGHVSXÚVGHLQLFLDOL]DUOR $EUDHOWHFKRVRODUWRWDOPHQWHSXOಢ VDQGRHOLQWHUUXSWRUS 6XHOWHHOLQWHUUXSWRU\YXHOYD DSXOVDUHOLQWHUUXSWRUSVXDYHಢ PHQWHKDVWDHOSULPHUILDGRUGXಢ UDQWHXQRVVHJXQGRV6LHOWHಢ FKRVRODUHVWÒDELHUWRPDQWHQJD SXOVDGRHOLQWHUUXSWRUUKDVWD TXHHOWHFKRVRODUHVWÚWRWDOPHQWH FHUUDGR
$VLHQWRVVLVWHPDVGHVHJXULGDG
$VLHQWRVVLVWHPDVGH VHJXULGDG 5HSRVDFDEH]DV $VLHQWRVGHODQWHURV $VLHQWRVWUDVHURV &LQWXURQHVGHVHJXULGDG 6LVWHPDGHDLUEDJV 6LVWHPDVGHUHWHQFLäQLQIDQWLO
5HSRVDFDEH]DV 3RVLFLäQ $GYHUWHQFLD &RQGX]FDVLHPSUHFRQHOUHSRVDಢ FDEH]DVDMXVWDGRHQODSRVLFLäQ FRUUHFWD 6LORVUHSRVDFDEH]DVHVWÒQGHVಢ PRQWDGRVRUHJXODGRVLQFRUUHFWDಢ PHQWHVHSXHGHQVXIULUJUDYHVOHಢ VLRQHVHQODFDEH]D\HQHOFXHOOR HQFDVRGHFROLVLäQ $QWHVGHFRQGXFLUDVHJëUHVHGH UHDMXVWDUHOUHSRVDFDEH]DV
(OERUGHVXSHULRUGHOUHVSRVDFDEHಢ ]DVGHEHHVWDUHQODSDUWHVXSHULRUGH ODFDEH]D6LHVWRQRHVSRVLEOHSDUD SHUVRQDVPX\DOWDVVHGHEHDMXVWDU HOUHSRVDFDEH]DVHQODSRVLFLäQPÒV DOWDSDUDSHUVRQDVGHSRFDHVWDWXUD VHGHEHDMXVWDUHQODSRVLFLäQPÒV EDMD (VWRQRHVSRVLEOHFRQORVUHSRVDFDಢ EH]DVHQORVDVLHQWRVGHODWHUFHUD ILOD
$VLHQWRVVLVWHPDVGHVHJXULGDG
5HSRVDFDEH]DVHQORVDVLHQWRV GHODQWHURV
$MXVWHGHODGLVWDQFLD
+D\GRVWLSRVGLIHUHQWHVGHUHSRVDಢ FDEH]DVHQORVDVLHQWRVGHODQWHURV VHJëQHOHTXLSDPLHQWRGHOYHKÞFXOR $MXVWHGHDOWXUD\GLVWDQFLD $MXVWHGHDOWXUDVRODPHQWH
5HSRVDFDEH]DVHQORVDVLHQWRV GHODVHJXQGDILOD $MXVWHGHODDOWXUD
$MXVWHGHODDOWXUD
7LUHGHOUHSRVDFDEH]DVKDFLDGHಢ ODQWHVHHQFODYDHQYDULDVSRVLFLRಢ QHV 3DUDFRORFDUORDXWRPÒWLFDPHQWHHQ ODSRVLFLäQDWUDVDGDWLUHGHOUHSRVDಢ FDEH]DVKDFLDGHODQWH
7LUHGHOUHSRVDFDEH]DVKDFLDDUULED 3DUDEDMDUORSXOVHHOUHVRUWH\HPಢ SXMHHOUHSRVDFDEH]DVKDFLDDEDMR
'HVPRQWDMH 7LUHGHOUHSRVDFDEH]DVKDFLDDUULED 3DUDEDMDUORSXOVHHOUHVRUWH\HPಢ SXMHHOUHSRVDFDEH]DVKDFLDDEDMR
3XOVHORVGRVUHVRUWHVWLUHKDFLD DUULEDGHOUHSRVDFDEH]DV\GHVPäQಢ WHOR
$VLHQWRVVLVWHPDVGHVHJXULGDG 5HSRVDFDEH]DVHQORVDVLHQWRV GHODWHUFHUDILOD (QGHUH]DUORVUHSRVDFDEH]DV
$VLHQWRVGHODQWHURV 3RVLFLäQGHDVLHQWR
$GYHUWHQFLD &RQGX]FDVLHPSUHFRQHODVLHQWR DMXVWDGRFRUUHFWDPHQWH
(PSXMHHOUHSRVDFDEH]DVKDFLDDWUÒV KDVWDTXHVHHQFODYHDXGLEOHPHQWH
$GYHUWHQFLD 6LHODVLHQWRHVWÒRFXSDGRVH GHEHHQGHUH]DUHOUHSRVDFDEH]DV FRUUHVSRQGLHQWH
6LÚQWHVHORPÒVFHUFDSRVLEOHGHO UHVSDOGR$MXVWHODGLVWDQFLDGHO DVLHQWRKDVWDORVSHGDOHVGHPRGR TXHDOSLVDUORVSHGDOHVODVSLHUಢ QDVTXHGHQGREODGDVHQXQOLJHUR
ÒQJXOR'HVOLFHHODVLHQWRGHO DFRPSDâDQWHKDFLDDWUÒVORPÒಢ [LPRSRVLEOH &RORTXHORVKRPEURVORPÒVFHUFD SRVLEOHGHOUHVSDOGR$MXVWHODLQFOLಢ QDFLäQGHOUHVSDOGRGHPRGRTXH SXHGDFRJHUHOYRODQWHFRQORVEUDಢ ]RVOLJHUDPHQWHGREODGRV$OJLUDU HOYRODQWHGHEHPDQWHQHUHOFRQಢ WDFWRGHORVKRPEURVFRQHOUHVಢ SDOGR(OUHVSDOGRQRGHEHHVWDU GHPDVLDGRLQFOLQDGRKDFLDDWUÒV /HUHFRPHQGDPRVXQÒQJXORGHLQಢ FOLQDFLäQPÒ[LPRGH¡ $MXVWHHOYRODQWH $MXVWHODDOWXUDGHODVLHQWRGHPRGR TXHHOFDPSRYLVXDOTXHGHOLEUHKDಢ FLDWRGRVORVODGRV\SXHGDYHUWRಢ GRVORVLQVWUXPHQWRVLQGLFDGRUHV 'HEHUÞDTXHGDUFRPRPÞQLPRXQ SDOPRGHKROJXUDHQWUHODFDEH]D \HOUHYHVWLPLHQWRGHOWHFKR/RV PXVORVGHEHQTXHGDUDSR\DGRVOLಢ JHUDPHQWHVLQSUHVLäQVREUHHO DVLHQWR $MXVWHHOUHSRVDFDEH]DV $MXVWHODDOWXUDGHOFLQWXUäQGHVHಢ JXULGDG
$VLHQWRVVLVWHPDVGHVHJXULGDG
$MXVWHGHORVDVLHQWRV 3HOLJUR 3DUDSHUPLWLUXQFRUUHFWRGHVSOLHಢ JXHGHODLUEDJGHEHHVWDUVHQಢ WDGRDPÒVGHFPGHOYRODQWH
7LUHGHODVLGHURGHVOLFHHODVLHQWR VXHOWHHODVLGHUR
$OWXUDGHODVLHQWR
,QFOLQDFLäQGHOUHVSDOGRGHO DVLHQWR
$GYHUWHQFLD 1XQFDDMXVWHORVDVLHQWRVPLHQಢ WUDVFRQGXFH\DTXHSRGUÞDQPRಢ YHUVHGHIRUPDLQFRQWURODGD 0RYLPLHQWRGHERPEHRGHODSDODQFD KDFLDDUULED PÒVDOWR KDFLDDEDMR PÒVEDMR
$MXVWHORQJLWXGLQDOGHODVLHQWR 7LUHGHODSDODQFDDMXVWHODLQFOLQDಢ FLäQ\VXHOWHODSDODQFD'HMHTXHHO DVLHQWRHQFODYHDXGLEOHPHQWH 1RVHDSR\HHQHOUHVSDOGRPLHQWUDV ORDMXVWD
$VLHQWRVVLVWHPDVGHVHJXULGDG
5HSRVDEUD]RV
3XOVHHOERWäQd FXDWURYHFHV
&DOHIDFFLäQ
5HSRVDEUD]RVHQHODVLHQWRGHO FRQGXFWRU
(OUHSRVDEUD]RVVHSXHGHVXELU\EDಢ MDU 8QDYH]EDMDGRHOUHSRVDEUD]RVVH SXHGHDMXVWDUKDFLDDUULEDHQSRVLಢ FLRQHV
GHVFRQHFWDU
(OWHVWLJRGHFRQWUROHQHOERWäQLQGLFD HODMXVWH 1RVHUHFRPLHQGDHOXVRSURORQJDGR HQHOQLYHOPÒVDOWRSDUDODVSHUVRQDV FRQSLHOVHQVLEOH /DFDOHIDFFLäQGHORVDVLHQWRVIXQಢ FLRQDFRQHOPRWRUHQPDUFKD
3XOVHHOERWäQdSDUDDFWLYDUODFDOHಢ IDFFLäQGHDVLHQWR +D\WUHVQLYHOHVGHFDOHIDFFLäQTXH VHSXHGHQVHOHFFLRQDUSXOVDQGRHO ERWäQdXQDRPÒVYHFHVFRQHOHQಢ FHQGLGRFRQHFWDGR 3XOVHHOERWäQ QLYHOGHFDOHIDFಢ FLäQ dXQDYH] 3XOVHHOERWäQ dGRVYHFHV
QLYHOGHFDOHIDFಢ FLäQ
3XOVHHOERWäQ dWUHVYHFHV
QLYHOGHFDOHIDFಢ FLäQ
$VLHQWRVVLVWHPDVGHVHJXULGDG
$VLHQWRVWUDVHURV 5HSRVDEUD]RV 5HSRVDEUD]RVHQORVDVLHQWRV GHODVHJXQGDILOD
$GYHUWHQFLD 7HQJDFXLGDGRFXDQGRXVHORV SRUWDYDVRV6LVHGHUUDPDXQDEHಢ ELGDPX\FDOLHQWHSXHGHRFDVLRಢ QDUOHVLRQHVDORVRFXSDQWHV/RV OÞTXLGRVGHUUDPDGRVSXHGHQGDಢ âDUHOHTXLSDPLHQWRLQWHULRU\ORV FRPSRQHQWHVHOÚFWULFRV 1RFRORTXHREMHWRVGLVWLQWRVGH YDVRVRODWDVHQHOSRUWDYDVRV'Lಢ FKRVREMHWRVSXHGHQVDOLUSUR\HFಢ WDGRVHQFDVRGHXQIUHQD]R EUXVFRRXQDFFLGHQWHFRQULHVJR GHOHVLRQHVSDUDORVRFXSDQWHVGHO YHKÞFXOR
$VLHQWRVGHODVHJXQGDILOD %DMHHOUHSRVDEUD]RVWLUDQGRGHODFRಢ UUHD(OUHSRVDEUD]RVDEDWLGRFRQಢ WLHQHXQRVSRUWDYDVRV3RUWDYDVRV
$GYHUWHQFLD $ODMXVWDUODILODGHDVLHQWRVRORV UHVSDOGRVPDQWHQJDDOHMDGDVODV PDQRVGHOD]RQDGHODVELVDJUDV
$EDWLUORVDVLHQWRV %DMHORVUHSRVDFDEH]DV
&RORTXHORVFLQWXURQHVGHVHJXULGDG HQORVEROVLOORVGHORVDVLHQWRV
$VLHQWRVVLVWHPDVGHVHJXULGDG /HYDQWHODSDODQFDGHGHVEORTXHR FRPSOHWDPHQWH\OXHJRDEDWDHOUHVಢ SDOGRGHODVLHQWR
$FRQWLQXDFLäQHODVLHQWRVHOHYDQಢ WDUÒDXWRPÒWLFDPHQWH6LHODVLHQWR QRVHOHYDQWDFRPSOHWDPHQWHSXHGH OHYDQWDUORPDQXDOPHQWHKDVWDGLFKD SRVLFLäQ (VWDSRVLFLäQHVWÒFRQFHELGDFRPR IXQFLäQGHHQWUDGDIÒFLOSDUDORVSDಢ VDMHURVGHODWHUFHUDILODGHDVLHQWRV
$WHQFLäQ
(QGHUH]DUORVUHVSDOGRVGHORV DVLHQWRVWUDVHURV
1XQFDDEDWDHOUHVSDOGRGHO DVLHQWRFXDQGRHOFLQWXUäQGHO DVLHQWRFHQWUDOWUDVHURHVWÚDEURಢ FKDGRRH[WUDÞGR
6LVäORGHVHDDEDWLUHOUHVSDOGRGHO DVLHQWRHPSXMHHODVLHQWRKDFLD DEDMRKDVWDTXHVHHQFODYH
$GYHUWHQFLD $VHJëUHVHGHTXHHODVLHQWRHVWÚ WRWDOPHQWHHQFODYDGRHQHOSLVR
&RORTXHHOUHVSDOGRHQSRVLFLäQYHUಢ WLFDOKDVWDTXHVHHQFODYH 3XHGHTXHHOFLQWXUäQGHVHJXULGDG FHQWUDOWUDVHURVHEORTXHHFXDQGROHಢ YDQWHHOUHVSDOGRGHODVLHQWR6LIXHUD DVÞGHMHTXHHOFLQWXUäQVHUHWUDLJD KDVWDHOPÒ[LPR\HPSLHFHGHQXHYR
$VLHQWRVVLVWHPDVGHVHJXULGDG
,QFOLQDFLäQGHOUHVSDOGRGHO DVLHQWR
$VLHQWRVGHODWHUFHUDILOD $GYHUWHQFLD $OOHYDQWDURDEDWLUORVDVLHQWRV PDQWHQJDDOHMDGDVODVPDQRVGH OD]RQDGHODVELVDJUDV
$EDWLUORVDVLHQWRV $WHQFLäQ
7LUHGHODSDODQFDDMXVWHODLQFOLQDಢ FLäQ\VXHOWHODSDODQFD6XHOWHODSDಢ ODQFDSDUDTXHHOUHVSDOGRGHODVLHQWR VHHQFODYH 1RVHDSR\HHQHOUHVSDOGRPLHQWUDV ORDMXVWD
1XQFDDEDWDHOUHVSDOGRGHO DVLHQWRFXDQGRHOFLQWXUäQGHO DVLHQWRFHQWUDOWUDVHURHVWÚDEURಢ FKDGRRH[WUDÞGR
*XÞHORVFLQWXURQHVGHVHJXULGDGSRU ODVVXMHFLRQHVFRUUHVSRQGLHQWHVSDUD JDUDQWL]DUTXHORVDVLHQWRVGHODWHUಢ FHUDILODQRVHDWDVTXHQDORFXOWDUORV DVLHQWRV
$VLHQWRVVLVWHPDVGHVHJXULGDG
8QDHWLTXHWDHQODSDUWHLQIHULRUGHORV DVLHQWRVGHODVHJXQGDILODPXHVWUDOD SRVLFLäQGHDVLHQWRFRUUHFWD
'HVGHHOFRPSDUWLPHQWRGHFDUJD WLUHGHODPDQLOOD\HOUHSRVDFDEH]DV VHDEDWLUÒDXWRPÒWLFDPHQWH$EDWDHO UHVSDOGRKDVWDTXHHODVLHQWRVH RFXOWHHQHOSLVRGHOYHKÞFXOR
(QGHUH]DUORVDVLHQWRV $GYHUWHQFLD 6äORVHSHUPLWHTXHYLDMHQSHUVRಢ QDVHQORVDVLHQWRVFRQORVUHVಢ SDOGRVGHELGDPHQWHHQFODYDGRV HQSRVLFLäQYHUWLFDO
'HVGHHOFRPSDUWLPHQWRGHFDUJD WLUHGHODPDQLOOD\OHYDQWHHODVLHQWR KDVWDTXHVHHQFODYHDXGLEOHPHQWH *XÞHORVFLQWXURQHVGHVHJXULGDGSRU ODVVXMHFLRQHVFRUUHVSRQGLHQWHVSDUD JDUDQWL]DUTXHORVDVLHQWRVGHODWHUಢ FHUDILODQRVHDWDVTXHQDOHQGHUH]DU ORVDVLHQWRV
$GYHUWHQFLD 3DUDDEURFKDUVHHOFLQWXUäQÚVWH QRGHEHHVWDUSDVDGRSRUVXVXಢ MHFLäQ
$VLHQWRVVLVWHPDVGHVHJXULGDG
(PSXMHHOUHSRVDFDEH]DVKDFLDDWUÒV KDVWDTXHVHHQFODYHDXGLEOHPHQWH
$GYHUWHQFLD 6LHODVLHQWRHVWÒRFXSDGRVH GHEHHQGHUH]DUHOUHSRVDFDEH]DV FRUUHVSRQGLHQWH
&LQWXURQHVGH VHJXULGDG 5HFRUGDWRULRGHOFLQWXUäQGHVHJXULಢ GDGGHODVLHQWRGHOFRQGXFWRUWHVWLJR GHFRQWUROGHOFLQWXUäQGHVHJXULGDG 7
$ODFHOHUDURIUHQDUEUXVFDPHQWHHO YHKÞFXORORVFLQWXURQHVVHEORTXHDQ SDUDSURWHJHUDORVRFXSDQWHV
$GYHUWHQFLD $EUäFKHVHHOFLQWXUäQGHVHJXULಢ GDGDQWHVGHFDGDYLDMH (QFDVRGHXQDFFLGHQWHODVSHUಢ VRQDVTXHQRXVDQORVFLQWXURQHV GHVHJXULGDGSRQHQHQSHOLJURVXV YLGDV\ODVGHORVGHPÒVRFXSDQಢ WHV /RVFLQWXURQHVHVWÒQGLVHâDGRVSDUD VHUXWLOL]DGRVSRUXQDVRODSHUVRQDDO PLVPRWLHPSR1RVRQDGHFXDGRV SDUDSHUVRQDVPHQRUHVGHDâRV RGHHVWDWXUDLQIHULRUDFP &RPSUXHEHSHULäGLFDPHQWHTXHWRಢ GDVODVSLH]DVGHOVLVWHPDGHFLQWXಢ URQHVIXQFLRQDQELHQ\QRSUHVHQWDQ GDâRV +DJDVXVWLWXLUFXDOTXLHUFRPSRQHQWH GDâDGR'HVSXÚVGHXQDFFLGHQWH KDJDVXVWLWXLUORVFLQWXURQHV\ORVSUHಢ WHQVRUHVGLVSDUDGRVHQXQWDOOHU
$VLHQWRVVLVWHPDVGHVHJXULGDG 1RWD 3URFXUHTXHORVFLQWXURQHVQRTXHಢ GHQDWUDSDGRVQLVXIUDQGDâRVFDXಢ VDGRVSRUHOFDO]DGRXREMHWRVFRQ ERUGHVDILODGRV(YLWHTXHHQWUHVXಢ FLHGDGHQORVUHWUDFWRUHVGHORVFLQಢ WXURQHV
/LPLWDGRUHVGHIXHU]DGHORV FLQWXURQHV (QORVDVLHQWRVGHODQWHURVHVWHGLVಢ SRVLWLYRUHGXFHODIXHU]DVREUHHO FXHUSRDOGHVEORTXHDUGHIRUPD DPRUWLJXDGDHOFLQWXUäQGXUDQWHXQD FROLVLäQ
3UHWHQVRUHVGHFLQWXURQHV
(QFDVRGHFROLVLRQHVIURQWDOHV\WUDಢ VHUDVDSDUWLUGHXQDGHWHUPLQDGD JUDYHGDGVHWHQVDQORVFLQWXURQHV GHVHJXULGDGGHODQWHURV
$GYHUWHQFLD /DPDQLSXODFLäQLQFRUUHFWDSRU HMHPSORGXUDQWHHOGHVPRQWDMH RPRQWDMHGHORVFLQWXURQHVRGH ORVFLHUUHV SXHGHSURYRFDUODDFಢ WLYDFLäQGHORVSUHWHQVRUHVFRQHO FRQVLJXLHQWHULHVJRGHOHVLRQHV
1RWD 1RHVWÒSHUPLWLGRPRQWDUDFFHVRಢ ULRVQLFRORFDUREMHWRVTXHSXHGDQ PHQRVFDEDUHOIXQFLRQDPLHQWRGH ORVSUHWHQVRUHVGHFLQWXURQHV1R UHDOLFHPRGLILFDFLRQHVHQORVFRPಢ SRQHQWHVGHORVSUHWHQVRUHVGHFLQಢ WXURQHVSRUTXHVHSRGUÞDDQXODUHO SHUPLVRGHFLUFXODFLäQGHOYHKÞFXOR
&LQWXUäQGHVHJXULGDGGH WUHVSXQWRV $EURFKDUVHHOFLQWXUäQ
/DDFWLYDFLäQGHORVSUHWHQVRUHVVH LQGLFDPHGLDQWHODLOXPLQDFLäQGHO WHVWLJRGHFRQWUROT /RVSUHWHQVRUHVGHFLQWXURQHVDFWLಢ YDGRVGHEHQVXVWLWXLUVHHQXQWDOOHU /RVSUHWHQVRUHVVHDFWLYDQVäORXQD YH]
$VLHQWRVVLVWHPDVGHVHJXULGDG
([WUDLJDHOFLQWXUäQGHOUHWUDFWRU JXÞHORSRUHQFLPDGHOFXHUSRVLQUHಢ WRUFHUOR\HQFODYHODOHQJíHWDHQHO FLHUUH'XUDQWHHOYLDMHWHQVHIUHಢ FXHQWHPHQWHHOFLQWXUäQDEGRPLQDOWLಢ UDQGRVXDYHPHQWHGHODEDQGDWRUÒಢ FLFD
$GYHUWHQFLD (OFLQWXUäQQRGHEHDSR\DUVHVRಢ EUHQLQJXQRGHORVREMHWRVJXDUಢ GDGRVHQORVEROVLOORVGHODURSD
1RORDMXVWHPLHQWUDVFRQGXFH
'HVPRQWDMH
$MXVWHGHODDOWXUD
3DUDVROWDUHOFLQWXUäQSXOVHHOERWäQ URMRGHOFLHUUH /DURSDVXHOWDRPX\JUXHVDLPSLGH TXHHOFLQWXUäQVHDMXVWHDOFXHUSR 1RFRORTXHQLQJëQREMHWRFRPRXQ EROVRRXQWHOÚIRQRPäYLOHQWUHHOFLQಢ WXUäQ\HOFXHUSR
([WUDLJDXQSRFRHOFLQWXUäQ 3XOVHHOERWäQ $MXVWHODDOWXUD\HQFODYH $MXVWHODDOWXUDGHPRGRTXHHOFLQWXಢ UäQSDVHSRUHOKRPEUR1RGHEHSDಢ VDUSRUHOFXHOORRODSDUWHVXSHULRUGHO EUD]R
$VLHQWRVVLVWHPDVGHVHJXULGDG &LQWXURQHVGHVHJXULGDGHQORV DVLHQWRVGHODWHUFHUDILOD
8VRGHOFLQWXUäQGHVHJXULGDG GXUDQWHHOHPEDUD]R
6LVWHPDGHDLUEDJV (OVLVWHPDGHDLUEDJVVHFRPSRQHGH YDULRVVLVWHPDVLQGLYLGXDOHV &XDQGRVHDFWLYDQORVDLUEDJVVHLQಢ IODQHQPLOLVHJXQGRV7DPELÚQVH GHVLQIODQWDQUÒSLGDPHQWHTXHDPHಢ QXGRQRVHOOHJDQDSHUFLELUGXUDQWH ODFROLVLäQ
&XDQGRQRHVWÚHQXVRJXÞHHOFLQಢ WXUäQGHVHJXULGDGSRUODVXMHFLäQFRಢ UUHVSRQGLHQWH
$GYHUWHQFLD (OFLQWXUäQDEGRPLQDOGHEHSDVDU ORPÒVEDMRSRVLEOHVREUHODSHOYLV SDUDHYLWDUODSUHVLäQVREUHHODEಢ GRPHQ
$VLHQWRVVLVWHPDVGHVHJXULGDG $GYHUWHQFLD
6LVHPDQLSXODQLQGHELGDPHQWH ORVDLUEDJVSXHGHQGLVSDUDUVH (OFRQGXFWRUGHEHUÞDVHQWDUVHOR PÒVSHJDGRDOUHVSDOGRTXHVHD SRVLEOHVLQSHUGHUHOFRQWUROGHO YHKÞFXOR6LHVWÒVHQWDGRGHPDಢ VLDGRFHUFDGHODLUEDJHVWHSRGUÞD SURGXFLUOHVLRQHVJUDYHVRIDWDOHV DOLQIODUVH 3DUDREWHQHUODPÒ[LPDSURWHFಢ FLäQHQFXDOTXLHUWLSRGHFKRTXH WRGRVORVRFXSDQWHVLQFOXLGRHO FRQGXFWRUGHEHUÒQOOHYDUVLHPSUH DEURFKDGRVORVFLQWXURQHVGHVHಢ JXULGDGDILQGHPLQLPL]DUHOULHVJR GHVXIULUOHVLRQHVJUDYHVRIDWDOHV HQFDVRGHFKRTXH1RVHFRORTXH LQQHFHVDULDPHQWHFHUFDGHXQDLUಢ EDJFXDQGRHOYHKÞFXORHVWÒHQ PDUFKD $OGHVSOHJDUVHHODLUEDJSRGUÞD FDXVDUHURVLRQHVHQODFDUDRHO FXHUSROHVLRQHVSRUURWXUDGHJDಢ IDVRTXHPDGXUDVSRUODH[SORಢ VLäQ
1RWD /DXQLGDGHOHFWUäQLFDGHFRQWUROGHO VLVWHPDGHDLUEDJV\GHORVSUHWHQಢ VRUHVGHFLQWXURQHVHVWÒVLWXDGDHQ OD]RQDGHODFRQVRODFHQWUDO1RVH GHEHQGHSRVLWDUREMHWRVPDJQÚWLFRV HQGLFKD]RQD 1RSHJXHQDGDHQODVWDSDVGHORV DLUEDJVQLORVFXEUDFRQQLQJëQRWUR PDWHULDO &DGDDLUEDJVHDFWLYDXQDYH]VRODಢ PHQWH+DJDFDPELDUORVDLUEDJVDFಢ WLYDGRVHQXQWDOOHU 1RUHDOLFHPRGLILFDFLRQHVHQHOVLVಢ WHPDGHDLUEDJVSRUTXHVHSRGUÞD DQXODUHOSHUPLVRGHFLUFXODFLäQGHO YHKÞFXOR $FXGDDXQWDOOHUSDUDHOGHVPRQWDMH GHOYRODQWHGHOWDEOHURGHLQVWUXಢ PHQWRVGHORVUHYHVWLPLHQWRVODV MXQWDVGHODVSXHUWDVORVDVLGHURV \ORVDVLHQWRV &XDQGRVHGHVSOLHJDXQDLUEDJVH SXHGHSURGXFLUXQIXHUWHUXLGR \KXPR(VWRHVQRUPDO\QRUHVXOWD SHOLJURVRVSHURHQDOJXQRVFDVRV
SXHGHLUULWDUODSLHOGHORFXSDQWH6LOD LUULWDFLäQFRQWLQëDFRQVXOWHDXQPÚಢ GLFR
$GYHUWHQFLD 1XQFDGHMHTXHYLDMHQQLâRVPXಢ MHUHVHPEDUD]DGDVRSHUVRQDV PD\RUHV\GÚELOHVHQHODVLHQWR GHODFRPSDâDQWHHTXLSDGRFRQ DLUEDJV$VLPLVPRQRFLUFXOHFRQ XQDVLHQWRLQIDQWLOPRQWDGRHQHO PLVPR(QFDVRGHDFFLGHQWHHO LPSDFWRGHODLUEDJLQIODGRSRGUÞD FDXVDUGDâRVIDFLDOHVROHVLRQHV IDWDOHV
$VLHQWRVVLVWHPDVGHVHJXULGDG /OHYHHOFLQWXUäQGHVHJXULGDG DEURFKDGRFRUUHFWDPHQWH6äOR DVÞSRGUÒSURWHJHUOHHODLUEDJ
$WHQFLäQ 6LHOYHKÞFXORVXIUHXQIXHUWHLPಢ SDFWRHQEDGHQHVRSRUREMHWRVHQ FDUUHWHUDVVLQDVIDOWDURDFHUDVVH SXHGHLQIODUHODLUEDJ3DUDHYLWDU XQGHVSOLHJXHDFFLGHQWDOGHODLUಢ EDJFRQGX]FDGHVSDFLRVREUHVXಢ SHUILFLHVQRGLVHâDGDVSDUDODFLUಢ FXODFLäQGHYHKÞFXORV 7HVWLJRGHFRQWUROTGHOVLVWHPDGH DLUEDJV
6LVWHPDGHDLUEDJV IURQWDOHV (OVLVWHPDGHDLUEDJVIURQWDOHVVH FRPSRQHGHXQDLUEDJHQHOYRODQWH \XQRHQHOWDEOHURGHLQVWUXPHQWRV HQHOODGRGHODFRPSDâDQWH6HSXHಢ GHQLGHQWLILFDUSRUHOUäWXOR$ $,5%$* (OVLVWHPDGHDLUEDJVGHODQWHURVH DFWLYDHQFDVRGHFKRTXHGHXQDGHಢ WHUPLQDGDJUDYHGDG(OHQFHQGLGR GHEHHVWDUFRQHFWDGR
6LVWHPDGHDLUEDJV ODWHUDOHV
6HDPRUWLJXDHOPRYLPLHQWRKDFLDGHಢ ODQWHGHORVRFXSDQWHVGHORVDVLHQಢ WRVGHODQWHURVUHGXFLÚQGRVHFRQVLಢ GHUDEOHPHQWHHOULHVJRGHOHVLRQHV HQODSDUWHVXSHULRUGHOFXHUSR\OD FDEH]D
$GYHUWHQFLD 6äORVHREWLHQHXQDSURWHFFLäQ äSWLPDFXDQGRHODVLHQWRHVWÒHQ ODSRVLFLäQFRUUHFWD 1RGHEHKDEHUREVWÒFXORVHQOD ]RQDGHLQIODGRGHORVDLUEDJV
(OVLVWHPDGHDLUEDJVODWHUDOHVVH FRPSRQHGHXQDLUEDJHQFDGDUHVಢ SDOGRGHORVDVLHQWRVGHODQWHURV6H SXHGHQLGHQWLILFDUSRUHOUäWXOR $,5%$* (OVLVWHPDGHDLUEDJVODWHUDOHVVHDFಢ WLYDHQFDVRGHFKRTXHGHXQDGHWHUಢ PLQDGDJUDYHGDG(OHQFHQGLGRGHEH HVWDUFRQHFWDGR
$VLHQWRVVLVWHPDVGHVHJXULGDG $GYHUWHQFLD
6HUHGXFHFRQVLGHUDEOHPHQWHHO ULHVJRGHOHVLRQHVHQODSDUWHVXSHಢ ULRUGHOFXHUSR\ODSHOYLVHQFDVRGH XQFKRTXHODWHUDO
$GYHUWHQFLD 1RGHEHKDEHUREVWÒFXORVHQOD ]RQDGHLQIODGRGHORVDLUEDJV 1RWD 6äORGHEHQXWLOL]DUVHIXQGDVGH DVLHQWRVKRPRORJDGDVSDUDVXYHಢ KÞFXOR7HQJDFXLGDGRGHQRWDSDU ORVDLUEDJV
/RVQLâRVVHQWDGRVPX\SUä[LPRV DORVDLUEDJVODWHUDOHVFRUUHQHO ULHVJRGHVXIULUOHVLRQHVJUDYHV RLQFOXVRIDWDOHVVLHODLUEDJVH GHVSOLHJDHVSHFLDOPHQWHVLODFDಢ EH]DHOFXHOORRHOSHFKRGHOQLâR HVWÒQSUä[LPRVDODLUEDJHQHOPRಢ PHQWRGHOGHVSOLHJXH 1XQFDGHMHTXHHOQLâRVHDSR\H HQODSXHUWDRFHUFDGHOPäGXORGHO DLUEDJODWHUDO
6LVWHPDGHDLUEDJVGH FRUWLQD
(OVLVWHPDGHDLUEDJVGHFRUWLQDVH FRPSRQHGHXQDLUEDJHQHOPDUFR GHOWHFKRDFDGDODGR6HSXHGHQ LGHQWLILFDUSRUHOUäWXOR$ $,5%$*HQORV SLODUHVGHOWHFKR (OVLVWHPDGHDLUEDJVGHFRUWLQDVH DFWLYDHQFDVRGHFKRTXHGHXQDGHಢ WHUPLQDGDJUDYHGDG(OHQFHQGLGR GHEHHVWDUFRQHFWDGR
$VLHQWRVVLVWHPDVGHVHJXULGDG
'HVDFWLYDFLäQGHORV DLUEDJV (OVLVWHPDGHODLUEDJGHODFRPSDಢ âDQWHGHEHGHVDFWLYDUVHVLVHYD DPRQWDUXQVLVWHPDGHUHWHQFLäQLQಢ IDQWLOHQHVHDVLHQWR/RVVLVWHPDVGH DLUEDJVODWHUDOHV\GHDLUEDJVGHFRUಢ WLQDDVÞFRPRWRGRVORVVLVWHPDVGH DLUEDJGHOFRQGXFWRUSHUPDQHFHUÒQ DFWLYDGRV 6HUHGXFHFRQVLGHUDEOHPHQWHHO ULHVJRGHOHVLRQHVHQODFDEH]DHQ FDVRGHXQLPSDFWRODWHUDO
$GYHUWHQFLD 1RGHEHKDEHUREVWÒFXORVHQOD ]RQDGHLQIODGRGHORVDLUEDJV /RVJDQFKRVHQORVDVLGHURVGHO PDUFRGHOWHFKRVäORGHEHQXWLOLಢ ]DUVHSDUDFROJDUSUHQGDVGHYHVಢ WLUOLJHUDVVLQSHUFKDV1RGHEHQ JXDUGDUVHREMHWRVHQHVWDVSUHQಢ GDVGHYHVWLU
(OVLVWHPDGHDLUEDJGHODFRPSDಢ âDQWHVHSXHGHGHVDFWLYDUPHGLDQWH XQLQWHUUXSWRUDFFLRQDGRFRQODOODYH HQHOODGRGHUHFKRGHOWDEOHURGHLQVಢ WUXPHQWRV
8WLOLFHODOODYHGHOHQFHQGLGRSDUDVHಢ OHFFLRQDUODSRVLFLäQ HODLUEDJGHODFRPSDâDQWH HVWÒGHVDFWLYDGR\QRVHLQಢ IODUÒHQFDVRGHFROLVLäQ6H HQFLHQGHHOWHVWLJRGHFRQWURO GHIRUPDSHUPDQHQWHHQOD FRQVRODFHQWUDO6HSXHGH PRQWDUXQVLVWHPDGHUHWHQಢ FLäQLQIDQWLOGHDFXHUGRFRQHO FXDGUR3 3RVLFLRQHVGHPRQWDMH GHOVLVWHPDGHUHWHQFLäQ LQIDQWLO1RGHEHYLDMDU QLQJXQDSHUVRQDDGXOWDHQHO DVLHQWRGHODFRPSDâDQWH 9 HODLUEDJGHODFRPSDâDQWH HVWÒDFWLYDGR1RVHGHEH PRQWDUXQVLVWHPDGHUHWHQಢ FLäQLQIDQWLO
$VLHQWRVVLVWHPDVGHVHJXULGDG 3HOLJUR
3HOLJURGHPXHUWHSDUDHOQLâRVL VHXVDXQVLVWHPDGHUHWHQFLäQLQಢ IDQWLOHQXQDVLHQWRFRQHODLUEDJ GHODFRPSDâDQWHDFWLYDGR 3HOLJURGHPXHUWHSDUDXQDSHUಢ VRQDDGXOWDHQXQDVLHQWRFRQHO DLUEDJGHODFRPSDâDQWHGHVDFWLಢ YDGR
(QFDVRGHFROLVLäQHOVLVWHPDGHO DLUEDJGHODFRPSDâDQWHVHLQIODUÒ VLHPSUHTXHHOWHVWLJRGHFRQWURO QRHVWÚHQFHQGLGR
6LVHHQFLHQGHQORVGRVWHVWLJRVGH FRQWURODODYH]KD\XQDDYHUÞDGHO VLVWHPD1RVHSXHGHGHWHUPLQDUHO HVWDGRGHOVLVWHPDSRUHVRQRGHEH YLDMDUQLQJXQDSHUVRQDHQHODVLHQWR GHODFRPSDâDQWH5HFXUUDLQPHGLDಢ WDPHQWHDXQWDOOHU 5HFXUUDLQPHGLDWDPHQWHDXQWDOOHUVL QLQJXQRGHORVGRVWHVWLJRVGHFRQWURO HVWÒLOXPLQDGR &DPELHHOHVWDGRVäORFRQHOYHKÞFXOR SDUDGR\HOHQFHQGLGRGHVFRQHFWDGR (OHVWDGRVHPDQWLHQHKDVWDHOSUäಢ [LPRFDPELR 7HVWLJRGHFRQWUROGHGHVDFWLYDFLäQ GHODLUEDJ
6LVWHPDVGHUHWHQFLäQ LQIDQWLO /HUHFRPHQGDPRVHOVLVWHPDGHUHಢ WHQFLäQLQIDQWLO*0DGDSWDGRHVSHಢ FÞILFDPHQWHDOYHKÞFXOR &XDQGRXWLOLFHXQVLVWHPDGHUHWHQಢ FLäQLQIDQWLOSUHVWHDWHQFLäQDODVVLಢ JXLHQWHVLQVWUXFFLRQHVGHXVR\PRQಢ WDMHDVÞFRPRDODVLQVWUXFFLRQHVVXಢ PLQLVWUDGDVFRQHOVLVWHPDGHUHWHQಢ FLäQLQIDQWLO 6LHPSUHGHEHQFXPSOLUVHODVQRUPDV ORFDOHVRQDFLRQDOHV(QDOJXQRVSDÞಢ VHVHVWÒSURKLELGRHOXVRGHVLVWHPDV GHUHWHQFLäQLQIDQWLOHQGHWHUPLQDGDV SOD]DVGHDVLHQWR
$VLHQWRVVLVWHPDVGHVHJXULGDG $GYHUWHQFLD &XDQGRVHXWLOLFHXQVLVWHPDGH UHWHQFLäQLQIDQWLOHQHODVLHQWRGHO DFRPSDâDQWHORVVLVWHPDVGHDLUಢ EDJSDUDHODVLHQWRGHODFRPSDಢ âDQWHGHEHQHVWDUGHVDFWLYDGRV HQFDVRFRQWUDULRHOGHVSOLHJXH GHORVDLUEDJVVXSRQHXQSHOLJUR GHPXHUWHSDUDHOQLâR (VWRHVDSOLFDEOHHVSHFLDOPHQWHVL VHXVDQVLVWHPDVGHUHWHQFLäQLQಢ IDQWLORULHQWDGRVKDFLDDWUÒVHQHO DVLHQWRGHODFRPSDâDQWH
6HOHFFLäQGHOVLVWHPDFRUUHFWR /RVDVLHQWRVH[WHULRUHVGHODVHಢ JXQGDILODGHDVLHQWRVVRQHOOXJDU PÒVDGHFXDGRSDUDILMDUXQVLVWHPD GHUHWHQFLäQLQIDQWLO 6LHPSUHTXHVHDSRVLEOHORVQLâRV GHEHUÞDQYLDMDUPLUDQGRKDFLDDWUÒV HQHOYHKÞFXOR$VÞVHJDUDQWL]DTXH ODFROXPQDYHUWHEUDOGHOQLâRTXH DëQHVPX\GÚELOVXIUDPHQRVWHQಢ VLäQHQFDVRGHDFFLGHQWH
/RVQLâRVPHQRUHVGHDâRVRGH HVWDWXUDLQIHULRUDFPVäORGHEHQ YLDMDUHQXQVLVWHPDGHUHWHQFLäQ DSURSLDGRSDUDHOQLâR8WLOLFHVLVWHಢ PDVGHUHWHQFLäQDGHFXDGRVTXH FXPSODQODVQRUPDV(&( R(&(&RPRQRUPDOPHQWHQR VHSXHGHFRORFDUELHQHOFLQWXUäQDXQ QLâRTXHPLGDPHQRVGHFPOH UHFRPHQGDPRVXVDUXQVLVWHPDGH UHWHQFLäQLQIDQWLODSURSLDGRDXQTXH SRUODHGDGGHOQLâRQRVHDREOLJDWRULR OHJDOPHQWH 1XQFDGHEHOOHYDUXQQLâRHQEUD]RV FXDQGRYLDMHHQHOYHKÞFXOR(QFDVR GHFROLVLäQQRSRGUÒVXMHWDUDOQLâR HQVXVEUD]RV &XDQGROOHYHQLâRVXVHORVVLVWHPDV GHUHWHQFLäQLQIDQWLODGHFXDGRVVHಢ JëQVXSHVR $VHJëUHVHGHTXHHOVLVWHPDGHUHಢ WHQFLäQLQIDQWLOTXHVHYDDPRQWDU VHDFRPSDWLEOHFRQHOWLSRGHYHಢ KÞFXOR $VHJëUHVHGHTXHODSRVLFLäQGH PRQWDMHGHOVLVWHPDGHUHWHQFLäQLQಢ IDQWLOHQHOYHKÞFXORVHDFRUUHFWD
/RVQLâRVVäORGHEHQHQWUDU\VDOLUGHO YHKÞFXORSRUHOODGRRSXHVWRDOGHO WUÒILFR &XDQGRQRVHXVHHOVLVWHPDGHUHಢ WHQFLäQLQIDQWLODVHJëUHORFRQXQFLQಢ WXUäQGHVHJXULGDGRGHVPäQWHORGHO YHKÞFXOR 1RWD 1RSHJXHQDGDHQORVVLVWHPDVGH UHWHQFLäQLQIDQWLOQLORVWDSHFRQQLQಢ JëQRWURPDWHULDO 8QVLVWHPDGHUHWHQFLäQLQIDQWLOTXH KD\DVLGRVRPHWLGRDWHQVLäQHQXQ DFFLGHQWHGHEHVXVWLWXLUVH $VHJëUHVHGHTXHORVQLâRVYD\DQ VHQWDGRVHQORVDVLHQWRVWUDVHURV FRQVLVWHPDVGHUHWHQFLäQLQIDQWLO +DVWDTXHORVQLâRVSXHGDQXVDU FLQWXURQHVGHVHJXULGDGVHOHFFLRQH XQVLVWHPDGHUHWHQFLäQDGHFXDGR SDUDVXHGDG\DVHJëUHVHGHTXHHO QLâRORXWLOLFH9HDODVLQVWUXFFLRQHV UHOHYDQWHVGHORVVLVWHPDVGHUHWHQಢ FLäQLQIDQWLO
$VLHQWRVVLVWHPDVGHVHJXULGDG
3RVLFLRQHVGHPRQWDMHGHOVLVWHPDGHUHWHQFLäQLQIDQWLO 2SFLRQHVSHUPLWLGDVSDUDHOPRQWDMHGHXQVLVWHPDGHUHWHQFLäQLQIDQWLO (QHODVLHQWRGHODFRPSDâDQWH
(QORVDVLHQWRV H[WHULRUHVGHOD VHJXQGDILOD
(QHODVLHQWR FHQWUDOGHOD VHJXQGDILOD
(QORVDVLHQWRV GHODWHUFHUDILOD
1LYHOGHSHVRRGHHGDG
DLUEDJDFWLYDGR DLUEDJGHVDFWLYDGR
*UXSRKDVWDNJ RPHVHVDSUR[
;
8
8
[
8
*UXSRKDVWDNJ RDâRVDSUR[
;
8
8
;
8
*UXSR,GHDNJ ; RGHPHVHVDDâRVDSUR[
8
8
;
8
*UXSR,,GHDNJ RGHDDâRVDSUR[
;
;
8
;
8
*UXSR,,,GHDNJ RGHDDâRVDSUR[
;
;
8
;
8
$VLHQWRVVLVWHPDVGHVHJXULGDG
8 ;
6äORVLORVVLVWHPDVGHDLUEDJGHODVLHQWRGHODFRPSDâDQWHHVWÒQGHVDFWLYDGRV6LHOVLVWHPDGHUHWHQFLäQLQIDQWLO VHILMDFRQXQFLQWXUäQGHVHJXULGDGGHWUHVSXQWRVDMXVWHODDOWXUDGHODVLHQWRHQODSRVLFLäQPÒVHOHYDGD\DVHJëUHVH GHTXHHOFLQWXUäQGHVHJXULGDGGHOYHKÞFXORVDOJDKDFLDGHODQWHGHVGHHOSXQWRGHDQFODMHVXSHULRU $VLHQWRGLVSRQLEOHFRQVRSRUWHVGHPRQWDMH,62),;\DQFODMHVXSHULRU $GHFXDGRSDUDXVRXQLYHUVDOHQFRPELQDFLäQFRQXQFLQWXUäQGHVHJXULGDGGHWUHVSXQWRV 1RVHSHUPLWHQVLVWHPDVGHUHWHQFLäQLQIDQWLOHQHVWDFODVHGHSHVR
2SFLRQHVSHUPLWLGDVSDUDHOPRQWDMHGHXQVLVWHPDGHUHWHQFLäQLQIDQWLO,62),; &ODVHGHSHVR
&ODVHGH WDPDâR
(QHODVLHQWRGHO )LMDFLäQ DFRPSDâDQWH
(QORVDVLHQWRV H[WHULRUHVGHOD VHJXQGDILOD
(QHODVLHQWR FHQWUDOGHOD VHJXQGDILOD
(QORVDVLHQWRV GHODWHUFHUD ILOD
*UXSRKDVWDNJ
(
,625 ;
,/
;
;
*UXSRKDVWDNJ (
,625 ;
,/
;
;
,625 ;
,/
;
;
&
,625 ;
,/
;
;
*UXSR,GHDNJ '
,625 ;
,/
;
;
&
,625 ;
,/
;
;
%
,62)
;
,/,8)
;
;
%
,62); ;
,/,8)
;
;
$
,62)
,/,8)
;
;
'
;
,/ ,8) ;
$VLHQWRVVLVWHPDVGHVHJXULGDG $GHFXDGDSDUDVLVWHPDVGHUHWHQFLäQLQIDQWLO,62),;GHODVFDWHJRUÞDV HVSHFÞILFDGHOYHKÞFXOR OLPLWDGD R VHಢ PLXQLYHUVDO (OVLVWHPDGHUHWHQFLäQ,62),;GHEHHVWDUKRPRORJDGRSDUDHOWLSRHVSHFÞILFRGHYHKÞFXOR $GHFXDGDSDUDVLVWHPDVGHUHWHQFLäQLQIDQWLO,62),;RULHQWDGRVKDFLDGHODQWHGHFDWHJRUÞDXQLYHUVDOKRPRORಢ JDGRVSDUDVXXVRHQHVWDFODVHGHSHVR 1LQJëQVLVWHPDGHUHWHQFLäQLQIDQWLO,62),;KRPRORJDGRHQHVWDFODVHGHSHVR 0XHYDHODVLHQWRGHODQWHURKDVWDODSRVLFLäQPÒVDGHODQWDGDRPXÚYDORKDFLDGHODQWHKDVWDTXHHOVLVWHPDGH UHWHQFLäQLQIDQWLOQRLQWHUILHUDFRQHOUHVSDOGRGHODVLHQWRGHODQWHUR
&ODVHGHWDPDâR,62),;\GLVSRVLWLYRGHDVLHQWR $,62) %,62) %,62); &,625 ',625 (,625
6LVWHPDGHUHWHQFLäQLQIDQWLORULHQWDGRKDFLDGHODQWHSDUDQLâRVGHWDOODPÒ[LPDHQODFODVHGHSHVRGH DNJ 6LVWHPDGHUHWHQFLäQLQIDQWLORULHQWDGRKDFLDGHODQWHSDUDQLâRVPÒVSHTXHâRVHQODFODVHGHSHVRGH DNJ 6LVWHPDGHUHWHQFLäQLQIDQWLORULHQWDGRKDFLDGHODQWHSDUDQLâRVPÒVSHTXHâRVHQODFODVHGHSHVRGH DNJ 6LVWHPDGHUHWHQFLäQLQIDQWLORULHQWDGRKDFLDDWUÒVSDUDQLâRVGHWDOODPÒ[LPDHQODFODVHGHSHVRKDVWD NJ 6LVWHPDGHUHWHQFLäQLQIDQWLORULHQWDGRKDFLDDWUÒVSDUDQLâRVPÒVSHTXHâRVHQODFODVHGHSHVRKDVWD NJ 6LVWHPDGHUHWHQFLäQLQIDQWLORULHQWDGRKDFLDDWUÒVSDUDQLâRVSHTXHâRVHQODFODVHGHSHVRKDVWD NJ
$VLHQWRVVLVWHPDVGHVHJXULGDG
6LVWHPDVGHUHWHQFLäQ LQIDQWLO,62),;
)LMHORVVLVWHPDVGHVHJXULGDGLQIDQWLO ,62),;KRPRORJDGRVSDUDHOYHಢ KÞFXORDORVVRSRUWHVGHPRQWDMH ,62),;/DVSRVLFLRQHVGHOVLVWHPD GHVHJXULGDGLQIDQWLO,62),;HVSHFÞಢ ILFDVGHOYHKÞFXORHVWÒQPDUFDGDVHQ ODWDEODFRPR,/ /RVVRSRUWHVGHPRQWDMH,62),;VH LQGLFDQPHGLDQWHXQDHWLTXHWDHQHO UHVSDOGR
6LVWHPDVGHUHWHQFLäQ LQIDQWLOFRQDQFODMHV VXSHULRUHV
)LMHORVVLVWHPDVGHUHWHQFLäQLQIDQWLO FRQDQFODMHVXSHULRUDODVDUJROODVGH ODVHJXQGDILODGHDVLHQWRV/DFRUUHD GHEHSDVDUHQWUHODVGRVYDULOODVJXÞD GHOUHSRVDFDEH]DV (QFDVRGHILMDFLäQFRQ DQFODMHVXSHULRUVHSXHGHQXWLOL]DU VLVWHPDVGHUHWHQFLäQLQIDQWLOKRPRಢ ORJDGRVSDUDXVRXQLYHUVDOFRQ DQFODMHVXSHULRU
/RVOD]RVGHPRQWDMHSDUDHOVLVWHPD GHDQFODMHVXSHULRUVHLQGLFDQPHಢ GLDQWHHWLTXHWDVHQODFXELHUWDGHO FRPSDUWLPHQWRGHFDUJD
3RUWDREMHWRV
3RUWDREMHWRV &RPSDUWLPHQWRVSRUWDREMHWRV &RPSDUWLPHQWRGHFDUJD 6LVWHPDSRUWDHTXLSDMHVGH WHFKR ,QIRUPDFLäQVREUHODFDUJD
&RPSDUWLPHQWRV SRUWDREMHWRV 3RUWDREMHWRVHQHOWDEOHUR GHLQVWUXPHQWRV 3RUWDREMHWRVGHWUÒVGHODSODFD IURQWDO
/DHQWUDGD$8;\HOSXHUWR86%HVಢ WÒQVLWXDGRVHQHOFRPSDUWLPHQWRSRUಢ WDREMHWRV (QWUDGD$8;SXHUWR86%
3RUWDREMHWRVGHEDMRGHO FRQPXWDGRUGHODVOXFHV
7LUHGHODVDSDUDDEULUODFDMD 3XOVHHOERWäQKDFLDDUULEDSDUDOHಢ YDQWDUODWDSD 6äORVHSXHGHQJXDUGDUREMHWRVSHಢ TXHâRVHQHOFRPSDUWLPHQWR
3RUWDREMHWRV
*XDQWHUD
3RUWDYDVRV $GYHUWHQFLD
3DUDDEULUWLUHGHODPDQLOOD /DJXDQWHUDVHSXHGHFHUUDUFRQOD OODYHGHOYHKÞFXOR
$GYHUWHQFLD 3DUDUHGXFLUHOULHVJRGHOHVLRQHV HQFDVRGHDFFLGHQWHRIUHQD]R EUXVFRPDQWHQJDVLHPSUHOD JXDQWHUDFHUUDGDFXDQGRHOYHಢ KÞFXORHVWÚHQPDUFKD
1RGHMHYDVRVFRQOÞTXLGRFDOLHQWH VLQWDSDUHQHOSRUWDYDVRVFXDQGR HOYHKÞFXORHVWÒHQPDUFKD6LHO OÞTXLGRFDOLHQWHVHGHUUDPDSXHGH TXHPDUVH6LODTXHPDGXUDDIHFWD DOFRQGXFWRUSRGUÞDSHUGHUHOFRQಢ WUROGHOYHKÞFXOR 3DUDUHGXFLUHOULHVJRGHOHVLRQHV SHUVRQDOHVHQFDVRGHIUHQD]R EUXVFRRFROLVLäQQRFRORTXHHQHO SRUWDYDVRVERWHOODVYDVRVODWDV HWFVLQWDSDURDVHJXUDUFXDQGR HOYHKÞFXORHVWÒHQPDUFKD
/RVSRUWDYDVRVHVWÒQVLWXDGRVHQOD FRQVRODFHQWUDO
3RUWDREMHWRV
+D\SRUWDYDVRVDGLFLRQDOHVHQHOUHಢ SRVDEUD]RVWUDVHURFXDQGRHVWÒEDಢ MDGR
3RUWDREMHWRVGHODFRQVROD FHQWUDO
&RPSDUWLPHQWRGH FDUJD $UJROODV
3RUWDJDIDV
3XOVHVXDYHPHQWHVREUHODPDQLOOD \GHVOLFHODWDSDKDFLDDWUÒV 3DUDDEULUOREDMHODWDSD 1RORXWLOLFHSDUDJXDUGDUREMHWRVSHಢ VDGRV
/DVDUJROODVHVWÒQGLVHâDGDVSDUDILಢ MDUODVFRUUHDVGHDPDUUHRXQDUHG SRUWDHTXLSDMHV\HYLWDUTXHVHGHVಢ SODFHQORVREMHWRVWUDQVSRUWDGRV /RVFLQWXURQHVGHVHJXULGDGHQODWHUಢ FHUDILODGHDVLHQWRVQXQFDGHEHQ XVDUVHSDUDDVHJXUDUFDUJDV
3RUWDREMHWRV
5HGGHHTXLSDMH
7ULÒQJXORGHDGYHUWHQFLD
%RWLTXÞQ
*XDUGHHOWULÒQJXORGHDGYHUWHQFLDHQ HOFRPSDUWLPHQWRSRUWDREMHWRVTXH KD\GHEDMRGHODFXELHUWDGHOSLVRHQ HOFRPSDUWLPHQWRGHFDUJD
*XDUGHHOERWLTXÞQHQHOFRPSDUWLಢ PHQWRSRUWDREMHWRVTXHKD\GHEDMR GHODFXELHUWDGHOSLVRHQHOFRPSDUಢ WLPHQWRGHFDUJD
3XHGHPHWHUEXOWRVSHTXHâRVHQOD UHGGHHTXLSDMHRSFLRQDO
3DUDPRQWDUODUHGHQJDQFKHORVODಢ ]RVHQORVDQFODMHVGHOSDQHOWUDVHUR \ILMHORVJDQFKRVHQODVDUJROODVGHO SLVRGHOFRPSDUWLPHQWRGHFDUJD
$WHQFLäQ /DUHGSRUWDHTXLSDMHVHVWÒGLVHಢ âDGDSDUDFDUJDVSHTXHâDV1R WUDQVSRUWHREMHWRVSHVDGRVHQVX UHGSRUWDHTXLSDMHV
3RUWDREMHWRV
([WLQWRU
6LVWHPDSRUWDHTXLSDMHV GHWHFKR 3RUWDHTXLSDMHVGHWHFKR
(OH[WLQWRUHVWÒVLWXDGRHQOD]RQDUHಢ SRVDSLÚVGHODQWHGHODVLHQWRGHO DFRPSDâDQWH
3RUPRWLYRVGHVHJXULGDG\SDUDHYLಢ WDUGDâRVHQHOWHFKRVHUHFRPLHQGD XVDUHOVLVWHPDGHSRUWDHTXLSDMHVGH WHFKRKRPRORJDGRSDUDVXYHKÞFXOR 6LJDODVLQVWUXFFLRQHVGHPRQWDMH \GHVPRQWHHOSRUWDHTXLSDMHVFXDQGR QRVHYD\DDXWLOL]DU /HYDQWHODVWDSDVGHODVDEHUWXUDVGH PRQWDMH
)LMHHOSRUWDHTXLSDMHVGHWHFKRHQORV SXQWRVFRUUHVSRQGLHQWHV
3RUWDREMHWRV
,QIRUPDFLäQVREUHOD FDUJD
/RVREMHWRVSHVDGRVHQHOFRPSDUಢ WLPHQWRGHFDUJDGHEHQFRORFDUVH DSR\DGRVFRQWUDORVUHVSDOGRVGH ORVDVLHQWRV$VHJëUHVHGHTXHORV UHVSDOGRVHVWÚQELHQHQFODYDGRV 6LVHSXHGHQDSLODUORVREMHWRVORV PÒVSHVDGRVGHEHQFRORFDUVH DEDMR $VHJXUHORVREMHWRVHQHOFRPSDUಢ WLPHQWRGHFDUJDSDUDHYLWDUVX GHVOL]DPLHQWR
&XDQGRVHWUDQVSRUWHQREMHWRVHQ HOFRPSDUWLPHQWRGHFDUJDORVUHVಢ SDOGRVGHORVDVLHQWRVWUDVHURVQR GHEHQHVWDULQFOLQDGRVKDFLDGHಢ ODQWH /DFDUJDQRGHEHVREUHVDOLUSRUHQಢ FLPDGHOERUGHVXSHULRUGHORVUHVಢ SDOGRV 1RFRORTXHREMHWRVVREUHODFXಢ ELHUWDGHOFRPSDUWLPHQWRGHFDUJD QLHOWDEOHURGHLQVWUXPHQWRVQR WDSHHOVHQVRUVLWXDGRHQODSDUWH VXSHULRUGHOWDEOHURGHLQVWUXPHQಢ WRV /DFDUJDQRGHEHREVWDFXOL]DUHO DFFLRQDPLHQWRGHORVSHGDOHVHO IUHQRGHHVWDFLRQDPLHQWRRODSDಢ ODQFDGHFDPELRVQLLPSHGLUODOLಢ EHUWDGGHPRYLPLHQWRVGHOFRQGXFಢ WRU1RVHGHEHQGHMDUREMHWRVVXHOಢ WRVHQHOKDELWÒFXOR 1RFRQGX]FDFRQHOFRPSDUWLPHQWR GHFDUJDDELHUWR /DFDUJDëWLOHVODGLIHUHQFLDHQWUH HOSHVRPÒ[LPRDXWRUL]DGRGHOYHಢ KÞFXORYÚDVHODSODFDGHFDUDFWHಢ UÞVWLFDV \HOSHVRHQYDFÞR
3DUDFDOFXODUHOSHVRHQYDFÞRLQಢ WURGX]FDORVGDWRVGHVXYHKÞFXOR GHODWDEODGHSHVRVHQODSÒJLQD (OSHVRHQYDFÞRLQFOX\HORVSHVRV FDOFXODGRVSDUDHOFRQGXFWRU NJ HOHTXLSDMHNJ \WRGRV ORVOÞTXLGRVGHSäVLWROOHQRDO (OHTXLSDPLHQWRRSFLRQDO\ORVDFಢ FHVRULRVDXPHQWDQHOSHVRHQYDಢ FÞR &RQGXFLUFRQFDUJDHQHOWHFKRDXಢ PHQWDODVHQVLELOLGDGGHOYHKÞFXOR DORVYLHQWRVODWHUDOHV\WLHQHXQ HIHFWRQHJDWLYRVREUHODPDQLREUDಢ ELOLGDGGHELGRDODHOHYDFLäQGHO FHQWURGHJUDYHGDG'LVWULEX\DOD FDUJDXQLIRUPHPHQWH\DVHJëUHOD FRQFRUUHDVGHVXMHFLäQ$MXVWHOD SUHVLäQGHORVQHXPÒWLFRV\ODYHಢ ORFLGDGGHOYHKÞFXORDODVFRQGLFLRಢ QHVGHFDUJD&RPSUXHEH\YXHOYD DDSUHWDUODVFRUUHDVFRQIUHFXHQಢ FLD
,QVWUXPHQWRV\PDQGRV
,QVWUXPHQWRV \PDQGRV
0DQGRV $MXVWHGHOYRODQWH
0DQGRV 7HVWLJRVOXPLQRVRV HLQGLFDGRUHV 3DQWDOODVGHLQIRUPDFLäQ 0HQVDMHVGHOYHKÞFXOR 2UGHQDGRUGHDERUGR 3HUVRQDOL]DFLäQGHOYHKÞFXOR
$WHQFLäQ 6LHOHMHGHODFROXPQDGHODGLUHFಢ FLäQVXIUHXQIXHUWHLPSDFWR FXDQGRVHDMXVWDHOYRODQWHRFRQ ODSDODQFDEORTXHDGDVHSXHGHQ RFDVLRQDUGDâRVHQORVFRPSRಢ QHQWHVGHOYRODQWH
0DQGRVHQHOYRODQWH
'HVEORTXHHODSDODQFDDMXVWHHO YRODQWHOXHJRHQFODYHODSDODQFD \DVHJëUHVHGHTXHHVWÚWRWDOPHQWH EORTXHDGD (OYRODQWHVäORVHGHEHDMXVWDUFRQHO YHKÞFXORSDUDGR (OVLVWHPDGHLQIRHQWUHWHQLPLHQWRVH SXHGHPDQHMDUFRQORVPDQGRVHQHO YRODQWH 0ÒVLQIRUPDFLäQHQHOPDQXDOGHOVLVಢ WHPDGHLQIRHQWUHWHQLPLHQWR
,QVWUXPHQWRV\PDQGRV
%RFLQD
/LPSLDODYDSDUDEULVDV
,QWHUYDORGHIXQFLRQDPLHQWRDMXVWDEOH
/LPSLDSDUDEULVDV
3XOVHH ' c
YHORFLGDGUÒSLGD YHORFLGDGOHQWD FRQH[LäQDLQWHUYDORVRVHQVRU GHOOXYLD GHVFRQHFWDU
3DUDXQVROREDUULGRFXDQGRORVOLPಢ SLDSDUDEULVDVHVWÒQGHVFRQHFWDGRV SXOVHODSDODQFDKDFLDDEDMR 1RORVXWLOLFHVLHOSDUDEULVDVHVWÒKHಢ ODGR 'HVFRQÚFWHORVHQWëQHOHVGHODYDGR
3DODQFDGHOOLPSLDSDUDEULVDVHQ SRVLFLäQ' *LUHODUXHGDGHDMXVWHSDUDDMXVWDUHO LQWHUYDORGHVHDGR LQWHUYDOR JLUHODUXHGDGHDMXVWH FRUWR KDFLDDUULED LQWHUYDOR JLUHODUXHGDGHDMXVWH ODUJR KDFLDDEDMR
,QVWUXPHQWRV\PDQGRV
)XQFLRQDPLHQWRDXWRPÒWLFRFRQ VHQVRUGHOOXYLD
'
)XQFLRQDPLHQWRDXWRPÒWLFR FRQVHQVRUGHOOXYLD
(OVHQVRUGHOOXYLDGHWHFWDODFDQWLGDG GHDJXDHQHOSDUDEULVDV\UHJXODDXಢ WRPÒWLFDPHQWHODIUHFXHQFLDGHORV OLPSLDSDUDEULVDV
6HQVLELOLGDGUHJXODEOHGHOVHQVRUGH OOXYLD
*LUHODUXHGDGHDMXVWHSDUDDMXVWDUOD VHQVLELOLGDG VHQVLELOLGDG JLUHODUXHGDGH EDMD DMXVWHKDFLDDEDMR VHQVLELOLGDG JLUHODUXHGDGH DOWD DMXVWHKDFLDDUULED
$WHQFLäQ (QWëQHOHVGHODYDGRGHVFRQHFWH ORVOLPSLDSDUDEULVDV\HOPRGRDXಢ WRPÒWLFRFRQVHQVRUGHOOXYLD
0DQWHQJDHOVHQVRUOLEUHGHSROYR VXFLHGDG\KLHOR 6LFDPELDORVOLPSLDSDUDEULVDVDO PRGRGHVHQVRUGHOOXYLDRJLUDOD UXHGDGHDMXVWHGHEDMDVHQVLELOLGDG DDOWDVHQVLELOLGDGFRQHOHQFHQGLGR FRQHFWDGRORVOLPSLDSDUDEULVDVVH DFFLRQDUÒQXQDYH]SDUDFRPSUREDU HOVLVWHPD
,QVWUXPHQWRV\PDQGRV /DYDSDUDEULVDV
7LUHGHODSDODQFD6HSXOYHUL]DOÞಢ TXLGRGHODYDGRVREUHHOSDUDEULVDV \ORVOLPSLDSDUDEULVDVVHDFFLRQDQ GXUDQWHYDULRVFLFORV
$WHQFLäQ 6LODYLVLäQGHOFRQGXFWRUQRHV FODUDVHSXHGHSURGXFLUXQDFFLಢ GHQWH\RFDVLRQDUOHVLRQHVSHUVRಢ QDOHV\GDâRVHQHOYHKÞFXOR XRWUDVSURSLHGDGHV
1RXWLOLFHORVOLPSLDSDUDEULVDVVLHO SDUDEULVDVHVWÒVHFRXREVWUXLGR SRUHMHPSORFRQQLHYHRKLHOR6L XWLOL]DORVOLPSLDSDUDEULVDVHQXQ SDUDEULVDVREVWUXLGRVHSXHGHQ GDâDUODVHVFRELOODVHOPRWRU\HO FULVWDO &RQWLHPSRIUÞRFRPSUXHEHTXH ODVHVFRELOODVQRHVWÚQSHJDGDV SRUFRQJHODFLäQDOSDUDEULVDV6L XWLOL]DHOOLPSLDSDUDEULVDVFRQOD HVFRELOODFRQJHODGDSXHGHGDâDU VXPRWRU 1RDFFLRQHHOODYDSDUDEULVDVFRQಢ WLQXDPHQWHGXUDQWHPÒVGHXQRV VHJXQGRVQLFXDQGRHOGHSäVLWR GHOOÞTXLGRGHODYDGRHVWÚYDFÞR (VWRSRGUÞDSURYRFDUHOVREUHFDಢ OHQWDPLHQWRGHOPRWRUGHOODYDOXಢ QHWD\SURYRFDUXQDDYHUÞD
/LPSLDODYDOXQHWD
3XOVHHOLQWHUUXSWRUEDVFXODQWHSDUD DFWLYDUHOOLPSLDOXQHWD SRVLFLäQ IXQFLRQDPLHQWRFRQWLಢ VXSHULRU QXR IXQFLRQDPLHQWRLQWHUಢ SRVLFLäQ LQIHULRU PLWHQWH SRVLFLäQ GHVFRQHFWDU FHQWUDO
,QVWUXPHQWRV\PDQGRV
7HPSHUDWXUDH[WHULRU
3UHVLRQHODSDODQFD6HSXOYHUL]DOÞಢ TXLGRGHODYDGRVREUHODOXQHWDWUDಢ VHUD\HOOLPSLDOXQHWDVHUHDOL]DHOEDಢ UULGRYDULDVYHFHV 1RORXWLOLFHVLODOXQHWDWUDVHUDHVWÒ KHODGD 'HVFRQÚFWHORVHQWëQHOHVGHODYDGR (OOLPSLDOXQHWDVHFRQHFWDDXWRPÒWLಢ FDPHQWHFXDQGRHVWÒFRQHFWDGRHO OLPSLDSDUDEULVDV\VHHQJUDQDODPDUಢ FKDDWUÒV (OVLVWHPDODYDOXQHWDVHGHVDFWLYD FXDQGRHOQLYHOGHOÞTXLGRHVEDMR
$MXVWHGHODIHFKD\ODKRUD 3XOVHHOERWäQ& &21),*$SDUHFHHO PHQë$ $MXVWHV 6HOHFFLRQH+ +RUD\IHFKD 3HUVRQDOL]DFLäQGHOYHKÞFXOR
(OGHVFHQVRGHODWHPSHUDWXUDVHLQಢ GLFDLQPHGLDWDPHQWHHODXPHQWRVH LQGLFDFRQXQOLJHURUHWUDVR
$GYHUWHQFLD /DFDUUHWHUDSXHGHHVWDU\DKHಢ ODGDDXQTXHODSDQWDOODPXHVWUH XQRVSRFRVJUDGRVSRUHQFLPDGH ¡&
5HORM /DIHFKD\ODKRUDVHPXHVWUDQHQOD SDQWDOODGHLQIRUPDFLäQ
6HSXHGHQHIHFWXDUORVDMXVWHVGHOD IHFKD\ODKRUD 9ÚDVHHOPDQXDOGHOVLVWHPDGHLQಢ IRHQWUHWHQLPLHQWRSDUDPÒVLQIRUPDಢ FLäQ
,QVWUXPHQWRV\PDQGRV
(QFHQGHGRUGHFLJDUULOORV
7RPDVGHFRUULHQWH
+D\WRPDVGHFRUULHQWHGH9HQOD FRQVRODGHOSLVRWUDVHUR\HQHOODGR L]TXLHUGRGHOFRPSDUWLPHQWRGH FDUJD
(OFRQVXPRPÒ[LPRQRGHEHH[FHGHU GHYDWLRV /DVWRPDVGHFRUULHQWHVHGHVDFWLYDQ DOGHVFRQHFWDUHOHQFHQGLGR$GHಢ PÒVODVWRPDVGHFRUULHQWHVHGHVಢ DFWLYDQWDPELÚQVLODWHQVLäQGHODEDಢ WHUÞDHVEDMD 1RFRQHFWHDFFHVRULRVGHVXPLQLVWUR GHFRUULHQWHFRPRSXHGHQVHUGLVSRಢ VLWLYRVGHFDUJDHOÚFWULFDREDWHUÞDV 3DUDHYLWDUGDâRVQRXWLOLFHFRQHFWRಢ UHVLQDGHFXDGRV
(OHQFHQGHGRUHVWÒVLWXDGRHQODFRQಢ VRODGHODQWHUDGHOSLVR 3XOVHVREUHHOHQFHQGHGRU6HGHVಢ FRQHFWDDXWRPÒWLFDPHQWHFXDQGROD UHVLVWHQFLDHVWÒLQFDQGHVFHQWH([ಢ WUDLJDHOHQFHQGHGRU
,QVWUXPHQWRV\PDQGRV $GYHUWHQFLD
$WHQFLäQ
(QYHUDQRVLGHMDXQDVXVWDQFLD H[SORVLYDLQIODPDEOHFRPRXQHQಢ FHQGHGRUGHVHFKDEOHHQHOLQWHಢ ULRUGHOYHKÞFXORSXHGHH[SORWDU \FDXVDUXQLQFHQGLRGHELGRDODXಢ PHQWRGHWHPSHUDWXUDHQHOKDELಢ WÒFXOR\HOFRPSDUWLPHQWRGH FDUJD$VHJëUHVHGHQRGHMDUQL JXDUGDUVXVWDQFLDVH[SORVLYDVLQಢ IODPDEOHVHQHOLQWHULRUGHOYHಢ KÞFXOR
(OLQWHULRUGHXQHQFHQGHGRUHQ XVRSXHGHSRQHUVHPX\FDOLHQWH 1RWRTXHHOLQWHULRUGHOHQFHQGHಢ GRUQLSHUPLWDTXHORVQLâRVORXWLಢ OLFHQRMXHJXHQFRQÚO (OPHWDOFDOLHQWHSXHGHRFDVLRQDU OHVLRQHVSHUVRQDOHV\GDâDUHOYHಢ KÞFXORXRWUDVSURSLHGDGHV
$WHQFLäQ
/DWRPDGHOHQFHQGHGRUGHFLJDಢ UULOORVVäORGHEHUÞDXWLOL]DUVHFRQ GLFKRHQFHQGHGRU6LVHFRQHFWDQ RWURVDGDSWDGRUHVGHFRUULHQWHGH 9DODWRPDGHOHQFHQGHGRUVH SXHGHIXQGLUHOIXVLEOHRFDXVDUDOಢ JëQSRWHQFLDOLQFLGHQWHWÚUPLFR 6HGHEHXWLOL]DUODWRPDGHFRಢ UULHQWHGH9VLWXDGDHQODSDUWH WUDVHUDGHODFRQVRODSDUDFRQHFಢ WDUGLVSRVLWLYRVSRVWYHQWDFRPR VLVWHPDVGHQDYHJDFLäQRFDUJDಢ GRUHVGHWHOÚIRQR
6LHOHQFHQGHGRUVHVREUHFDOLHQWD VHSXHGHGDâDUODSLH]DLQWHULRU \HOSURSLRHQFHQGHGRU 1RPDQWHQJDHOHQFHQGHGRUSXOಢ VDGRKDFLDGHQWURPLHQWUDVVH HVWÒFDOHQWDQGR(VWRSXHGHRFDಢ VLRQDUTXHHOHQFHQGHGRUVHVRಢ EUHFDOLHQWH
&HQLFHURV $WHQFLäQ 6äORHVWÒQGHVWLQDGRVDXVDUVH SDUDFHQL]D\QRSDUDUHVLGXRV FRPEXVWLEOHV
$WHQFLäQ
(OFHQLFHURSRUWÒWLOVHSXHGHFRORFDU HQORVSRUWDYDVRV 3DUDXVDUORDEUDODWDSD
,QVWUXPHQWRV\PDQGRV
7HVWLJRVOXPLQRVRV HLQGLFDGRUHV
&XHQWDNLOäPHWURV
9HORFÞPHWUR
&XDQGRODXQLGDGVHOHFFLRQDGDHQHO 0HQëGHLQIRUPDFLäQGHOYHKÞFXOR VRQPLOODVHOYDORUPÒ[LPRHVGH &XDQGRODGLVWDQFLDUHFRUULGD OOHJDD HOFXHQWDNLOäPHWURVSDUಢ FLDOVHSRQHDXWRPÒWLFDPHQWHHQ
&XHQWDUUHYROXFLRQHV
/DOÞQHDLQIHULRUPXHVWUDHONLORPHಢ WUDMHUHJLVWUDGRGHOYHKÞFXOR ,QGLFDODYHORFLGDGGHOYHKÞFXOR (ODYLVRDFëVWLFRGHYHORFLGDGH[FHಢ VLYDVRQDUÒXQDYH]SDUDDOHUWDUDO FRQGXFWRU\TXHUHGX]FDODYHORFLGDG GHOYHKÞFXORHQFXDQWRVXSHUHORV NPK
&XHQWDNLOäPHWURVSDUFLDO /DOÞQHDVXSHULRUPXHVWUDODGLVWDQFLD UHFRUULGDGHVGHODëOWLPDSXHVWD DFHUR &XDQGRODXQLGDGVHOHFFLRQDGDHQHO 0HQëGHLQIRUPDFLäQGHOYHKÞFXOR VRQNLOäPHWURVHOYDORUPÒ[LPRHVGH &XDQGRODGLVWDQFLDUHFRUULGD OOHJDD HOFXHQWDNLOäPHWURVSDUಢ FLDOVHSRQHDXWRPÒWLFDPHQWHHQ
,QGLFDODVUHYROXFLRQHVSRUPLQXWRGHO PRWRU &RQGX]FDHQORVUHJÞPHQHVPÒVEDಢ MRVGHOPRWRUHQFDGDPDUFKDWDQWR FRPRVHDSRVLEOH
,QVWUXPHQWRV\PDQGRV $WHQFLäQ
6LODDJXMDHVWÒHQHOVHFWRUGHDGಢ YHUWHQFLDVHKDH[FHGLGRHOUÚJLಢ PHQPÒ[LPRDGPLVLEOHGHOPRWRU +D\SHOLJURSDUDHOPRWRU
,QGLFDGRUGHFRPEXVWLEOH
0XHVWUDHOQLYHOGHFRPEXVWLEOHHQHO GHSäVLWR (OWHVWLJRGHFRQWUROLVHLOXPLQDVL HOQLYHOHQHOGHSäVLWRHVEDMR5Hಢ SRVWHLQPHGLDWDPHQWH 1XQFDGHEHDJRWDUHOGHSäVLWR
'HELGRDOFRPEXVWLEOHTXHTXHGDHQ HOGHSäVLWRODFDQWLGDGUHTXHULGD SDUDOOHQDUHOGHSäVLWRSXHGHVHULQಢ IHULRUDODFDSDFLGDGHVSHFLILFDGD /DIOHFKDMXQWRDOVÞPEROR8LQGLFD TXHODWDSDGHOGHSäVLWRGHFRPEXVಢ WLEOHHVWÒHQHOODGRGHUHFKRGHOYHಢ KÞFXOR 1RWD $QWHVGHUHSRVWDUDVHJëUHVHGH TXHHOHQFHQGLGRHVWÚGHVFRQHFಢ WDGR 6LDFFLRQDODFHUUDGXUDGHOHQFHQಢ GLGRGXUDQWHHOUHSRVWDMHSXHGHTXH ODDJXMDGHOLQGLFDGRUGHFRPEXVWLಢ EOHQRVHâDOHHOQLYHOGHFRPEXVWLEOH FRUUHFWR (QSHQGLHQWHVHVSRVLEOHTXHOD DJXMDGHOLQGLFDGRUGHFRPEXVWLEOH QRVHâDOHHOQLYHOGHFRPEXVWLEOH FRUUHFWRGHELGRDOPRYLPLHQWRGHO FRPEXVWLEOHHQHOGHSäVLWR
,QGLFDGRUGHWHPSHUDWXUD GHOUHIULJHUDQWHGHOPRWRU
0XHVWUDODWHPSHUDWXUDGHOUHIULJHಢ UDQWH ]RQD HOPRWRUQRKDDOFDQಢ L]TXLHUGD ]DGRWRGDYÞDVXWHPಢ SHUDWXUDGHIXQFLRQDಢ PLHQWR ]RQD WHPSHUDWXUDQRUPDO FHQWUDO GHIXQFLRQDPLHQWR ]RQD WHPSHUDWXUDGHPDಢ GHUHFKD VLDGRDOWD
,QVWUXPHQWRV\PDQGRV $WHQFLäQ 6LODWHPSHUDWXUDGHOUHIULJHUDQWH GHOPRWRUHVGHPDVLDGRDOWDGHಢ WHQJDHOYHKÞFXOR\SDUHHOPRWRU 3HOLJURSDUDHOPRWRU&RPSUXHEH HOQLYHOGHUHIULJHUDQWH
,QGLFDFLäQGHVHUYLFLR 6LVWHPDGHYLGDëWLOGHODFHLWH GHOPRWRUSDUDPRWRUHVGLÚVHO ,QWHUYDORVGHFDPELRGHODFHLWHGH PRWRU (OYHKÞFXORGLVSRQHGHXQVLVWHPDLQಢ IRUPÒWLFRTXHLQGLFDFXÒQGRVHGHEH FDPELDUHOILOWUR\HODFHLWHGHOPRWRU 6HEDVDHQODVUHYROXFLRQHV\ODWHPಢ SHUDWXUDGHOPRWRU\QRHQHONLORPHಢ WUDMH6HJëQODVFRQGLFLRQHVGHFRQಢ GXFFLäQHONLORPHWUDMHFRQHOTXHVH WLHQHTXHFDPELDUHODFHLWHGHOPRWRU SXHGHYDULDUFRQVLGHUDEOHPHQWH 3DUDTXHHOVLVWHPDGHYLGDëWLOGHO DFHLWHIXQFLRQHELHQHOVLVWHPDGHEH SRQHUVHDFHURFDGDYH]TXHVHFDPಢ ELDHODFHLWH&XDQGRHOVLVWHPDFDOಢ
FXODTXHODYLGDëWLOGHODFHLWHGHOPRಢ WRUKDGLVPLQXLGRLQGLFDTXHHVQHಢ FHVDULRXQFDPELRGHDFHLWH$SDUHFH HOFäGLJR& &RG(HQHOFHQWURGHLQಢ IRUPDFLäQGHOFRQGXFWRU&DPELHHO DFHLWHORDQWHVSRVLEOHHQORVSUä[Lಢ PRVNP (VSRVLEOHTXHVLFRQGXFHHQODVPHಢ MRUHVFRQGLFLRQHVSRVLEOHVHOVLVWHPD GHYLGDëWLOGHODFHLWHQRLQGLTXHTXH WLHQHTXHFDPELDUHODFHLWHKDVWD GHQWURGHXQDâR(ODFHLWH\HOILOWUR GHOPRWRUGHEHQFDPELDUVHFRPRPÞಢ QLPRXQDYH]DODâR\HQHVHPRಢ PHQWRGHEHSRQHUVHDFHURHOVLVಢ WHPD6XFRQFHVLRQDULRFXHQWDFRQ SHUVRQDOGHVHUYLFLRIRUPDGRTXH SXHGHQUHDOL]DUHVWHWUDEDMR\SRQHU DFHURHOVLVWHPD 7DPELÚQHVLPSRUWDQWHFRPSUREDUHO QLYHOGHDFHLWHUHJXODUPHQWH\UHOOHಢ QDUVLHVQHFHVDULR6LHOVLVWHPDVH SRQHDFHURSRUHUURUGHEHUÒFDPELDU HODFHLWHDOFDERGHNPGHVGHHO ëOWLPRFDPELRGHDFHLWH$FXÚUGHVH GHSRQHUDFHURHOVLVWHPDGHYLGDëWLO GHODFHLWHFXDQGRFDPELHHODFHLWH
3DQWDOODGHYLGDëWLOGHODFHLWH UHVWDQWH
/DYLGDëWLOUHVWDQWHGHODFHLWHVHLQಢ GLFDHQHOFHQWURGHLQIRUPDFLäQGHO FRQGXFWRUPHGLDQWHHOWHVWLJRGHFRQಢ WURO(VHJXLGRGHXQYDORUSRUFHQಢ WXDO3DUDTXHDSDUH]FDVHWLHQHTXH FRQHFWDUHOHQFHQGLGRVLQSRQHUHO PRWRUHQPDUFKD &HQWURGHLQIRUPDFLäQGHOFRQGXFWRU ,QIRUPDFLäQGHVHUYLFLR
,QVWUXPHQWRV\PDQGRV
3XHVWDDFHURGHOVLVWHPDGHYLGDëWLO GHODFHLWHGHOPRWRU 3RQJDDFHURHOVLVWHPDFDGDYH]TXH FDPELHHODFHLWHSDUDTXHSXHGDFDOಢ FXODUFXÒQGRVHWHQGUÒTXHFDPELDU GHQXHYRHODFHLWHGHOPRWRU3DUD SRQHUDFHURHOVLVWHPDGHYLGDëWLOGHO PRWRUSURFHGDGHOVLJXLHQWHPRGR &RQXQDKHUUDPLHQWDGHH[SORUDಢ FLäQ (QHOWDOOHUSRQGUÒQDFHURHOVLVಢ WHPDFRQHVWDKHUUDPLHQWDGHVಢ SXÚVGHOFDPELRGHDFHLWH &RQHOSHGDOGHODFHOHUDGRU ဈ 'HVPRQWHODOODYHGHOLQWHUUXSWRU GHOHQFHQGLGRGXUDQWHPÒVGHXQ PLQXWR ဈ 0HWDODOODYHHQHOLQWHUUXSWRUGH HQFHQGLGR\SRQJDODOODYHHQOD SRVLFLäQHQFHQGLGRFRQHFWDGR \PRWRUDSDJDGR ဈ 3LVHDIRQGRHOSHGDOGHODFHOHಢ UDGRU\PDQWÚQJDORSLVDGRGXಢ UDQWHGRVVHJXQGRV ဈ 6XHOWHHOSHGDOGHODFHOHUDGRU GXUDQWHGRVVHJXQGRV
ဈ 9XHOYDDSLVDU\DVROWDUHOSHGDO GHODFHOHUDGRUFRPRVHKDGHVಢ FULWRDQWHVGRVYHFHVHQPHQRV GHXQPLQXWR &RQHOERWäQ6 6(7&/5HQYHKÞFXಢ ORVFRQXQDSDQWDOODGHJDPDPHಢ GLD 3XOVHHOERWäQ0 0(18GHODSDODQFD GHORVLQWHUPLWHQWHV\VHOHFFLRQH 0HQëGHLQIRUPDFLäQGHOYHKÞFXOR *LUHODUXHGDGHUHJXODFLäQKDVWD TXHDSDUH]FDHOPHQëFRQODYLGD ëWLOUHVWDQWHGHODFHLWHGHOPRWRU 3XOVHHOERWäQ6 6(7&/5GXUDQWH XQRVVHJXQGRVFRQHOHQFHQGLGR FRQHFWDGR6LHOFäGLJR& &RG( VLJXHDSDUHFLHQGRHQHOFHQWURGH LQIRUPDFLäQGHOFRQGXFWRUGHVSXÚV GHDUUDQFDUHOYHKÞFXORVLJQLILFD TXHQRVHKDUHLQLFLDGRHOVLVWHPD GHFRQWUROGHODGXUDFLäQGHODFHLWH 5HSLWDHOSURFHGLPLHQWR &RQHOERWäQGHDMXVWHHQYHKÞFXORV FRQXQDSDQWDOODGHJDPDEDMD
3XOVHHOERWäQGHDMXVWHGXUDQWH XQRVVHJXQGRVKDVWDTXHVH KD\DPRVWUDGRODYLGDëWLOUHVWDQWH GHODFHLWHGHOPRWRU6XHOWHHOERWäQ GHDMXVWH\SëOVHORGHQXHYRXQRV VHJXQGRVSDUDUHLQLFLDUHOVLVWHPD GHFRQWUROGHYLGDëWLOGHODFHLWHGHO PRWRU
7HVWLJRVGHFRQWURO /RVWHVWLJRVGHFRQWUROGHVFULWRVQR HVWÒQSUHVHQWHVHQWRGRVORVYHKÞFXಢ ORV/DGHVFULSFLäQHVYÒOLGDSDUDWRಢ GDVODVYHUVLRQHVGHFXDGURVGHLQVಢ WUXPHQWRV$OFRQHFWDUHOHQFHQGLGR
,QVWUXPHQWRV\PDQGRV VHLOXPLQDUÒQEUHYHPHQWHODPD\RUÞD GHORVWHVWLJRVGHFRQWURODPRGRGH SUXHEDIXQFLRQDO /RVFRORUHVGHORVWHVWLJRVGHFRQWURO VLJQLILFDQORVLJXLHQWH 5RMR 3HOLJURUHFRUGDWRULR LPSRUWDQWH $PDULOOR $YLVRLQIRUPDFLäQ DYHUÞD 9HUGH &RQILUPDFLäQGH DFWLYDFLäQ $]XO &RQILUPDFLäQGH DFWLYDFLäQ %ODQFR &RQILUPDFLäQGH DFWLYDFLäQ
,QVWUXPHQWRV\PDQGRV
7HVWLJRVGHFRQWUROHQHOFXDGURGHLQVWUXPHQWRV
,QVWUXPHQWRV\PDQGRV 7HVWLJRVGHFRQWUROHQOD FRQVRODFHQWUDO
,QWHUPLWHQWHV
5HFRUGDWRULRGHOFLQWXUäQ GHVHJXULGDG 7SDUDHODVLHQWRGHOFRQGXFWRUVH HQFLHQGHRSDUSDGHDHQURMR
(QFHQGLGR 'HVSXÚVGHFRQHFWDUHOHQFHQGLGR KDVWDTXHVHDEURFKHHOFLQWXUäQGH VHJXULGDG
3DUSDGHD
,QWHUPLWHQWHV .VHHQFLHQGHRSDUSDGHDHQYHUGH
'HVSXÚVGHLQLFLDUODPDUFKDKDVWD TXHVHDEURFKHHOFLQWXUäQGHVHJXಢ ULGDG $EURFKDUVHHOFLQWXUäQGHVHJXULGDG
3DUSDGHD (OWHVWLJRGHFRQWUROSDUSDGHD FXDQGRHVWÒQFRQHFWDGRVORVLQWHUPLಢ WHQWHVRODVOXFHVGHHPHUJHQFLD 3DUSDGHRUÒSLGRIDOORGHXQLQWHUPLಢ WHQWHRGHOIXVLEOHFRUUHVSRQGLHQWH 6XVWLWXFLäQGHERPELOODV)Xಢ VLEOHV
$LUEDJV\SUHWHQVRUHVGH FLQWXURQHV TVHHQFLHQGHHQURMR $OFRQHFWDUHOHQFHQGLGRHOWHVWLJRGH FRQWUROVHLOXPLQDGXUDQWHXQRV VHJXQGRV6LQRVHHQFLHQGHQRVH DSDJDGHVSXÚVGHVHJXQGRVRVLVH
HQFLHQGHGXUDQWHODPDUFKDKD\XQD DYHUÞDHQORVSUHWHQVRUHVGHFLQWXURಢ QHVRHQHOVLVWHPDGHDLUEDJV/RV VLVWHPDVSRGUÞDQQRGLVSDUDUVHHQ FDVRGHDFFLGHQWH /DDFWLYDFLäQGHORVSUHWHQVRUHVGH FLQWXURQHVRORVDLUEDJVVHLQGLFDPHಢ GLDQWHODLOXPLQDFLäQSHUPDQHQWHGHO WHVWLJRT
$GYHUWHQFLD +DJDVXEVDQDULQPHGLDWDPHQWHOD FDXVDGHODDYHUÞDHQXQWDOOHU 6LVWHPDGHDLUEDJSUHWHQVRUHVGH FLQWXURQHV
'HVDFWLYDFLäQGHORV DLUEDJV 9VHHQFLHQGHHQDPDULOOR (ODLUEDJGHODFRPSDâDQWHHVWÒDFWLಢ YDGR VHHQFLHQGHHQDPDULOOR (ODLUEDJGHODFRPSDâDQWHHVWÒGHVಢ DFWLYDGR
,QVWUXPHQWRV\PDQGRV 3HOLJUR
3HOLJURGHPXHUWHSDUDHOQLâRVL VHXVDXQVLVWHPDGHUHWHQFLäQLQಢ IDQWLOMXQWRFRQXQDLUEDJGHO DFRPSDâDQWHDFWLYDGR 3HOLJURGHPXHUWHSDUDXQDSHUಢ VRQDDGXOWDFRQXQDLUEDJGHO DFRPSDâDQWHGHVDFWLYDGR
6LVWHPDGHFDUJD NVHHQFLHQGHRSDUSDGHDHQURMR 6HLOXPLQDDOFRQHFWDUHOHQFHQGLGR \VHDSDJDSRFRGHVSXÚVGHDUUDQFDU HOPRWRU
6LVHHQFLHQGHFRQHOPRWRUHQ PDUFKD 'HWHQJDHOYHKÞFXOR\SDUHHOPRWRU /DEDWHUÞDQRVHFDUJD/DUHIULJHUDಢ FLäQGHOPRWRUSXHGHHVWDULQWHUUXPಢ SLGD&RQPRWRUHVGLÚVHOSXHGHGHಢ MDUGHIXQFLRQDUHOVHUYRIUHQR5HFXಢ UUDDODD\XGDGHXQWDOOHU
3DUSDGHD &XDQGRODOODYHHVWÒHQODSRVLFLäQ GXUDQWHPÒVGHVHJXQGRVHOWHVಢ WLJRGHFRQWUROSDUSDGHD\HOYHKÞFXOR HQWUDHQPRGRGHDKRUURGHEDWHUÞD
7HVWLJRGHDYHUÞDV0,/ 9VHHQFLHQGHRSDUSDGHDHQDPDಢ ULOOR 6HLOXPLQDDOFRQHFWDUHOHQFHQGLGR \VHDSDJDSRFRGHVSXÚVGHDUUDQFDU HOPRWRU
5HYLVLäQXUJHQWHGHO YHKÞFXOR JVHHQFLHQGHHQDPDULOORFXDQGR HOYHKÞFXORQHFHVLWDXQDUHYLVLäQ 6HHQFLHQGHHQFRPELQDFLäQFRQXQ FäGLJRGHDGYHUWHQFLD 0HQVDMHVGHOYHKÞFXOR
6LVWHPDGHIUHQRV \HPEUDJXH VHHQFLHQGHHQURMR
6HHQFLHQGHFRQHOIUHQRGHHVWDFLRಢ QDPLHQWRVXHOWRVLHOQLYHOGHOOÞTXLGR GHIUHQRVHPEUDJXHHVGHPDVLDGR EDMRRVLKD\XQDDYHUÞDGHOVLVWHPD GHIUHQRV
$GYHUWHQFLD 6LVHHQFLHQGHODOÒPSDUDGHDGಢ YHUWHQFLDGHOVLVWHPDGHIUHQRV FRPSUXHEHHOQLYHOGHOÞTXLGRGH IUHQRV\FRQWDFWHGHLQPHGLDWR FRQXQWDOOHU 6LHVWÒEDMRHOQLYHOGHOÞTXLGRGH IUHQRVHQHOGHSäVLWRQRFRQಢ GX]FDHOYHKÞFXOR (OORSXHGHLPSHGLUTXHVXVIUHQRV IXQFLRQHQFRUUHFWDPHQWH&RQGXಢ FLUFRQIUHQRVGHIHFWXRVRVSXHGH FDXVDUOHVLRQHV\GDâRVHQVXYHಢ KÞFXOR\RWURVREMHWRV 6HLOXPLQDGHVSXÚVGHFRQHFWDUHO HQFHQGLGRVLHOIUHQRGHHVWDFLRQDಢ PLHQWRPDQXDOHVWÒDFFLRQDGR
,QVWUXPHQWRV\PDQGRV
6LVWHPDDQWLEORTXHRGH IUHQRV$%6 SVHHQFLHQGHHQDPDULOOR 6HLOXPLQDGXUDQWHXQRVVHJXQGRV GHVSXÚVGHFRQHFWDUHOHQFHQGLGR (OVLVWHPDHVWÒRSHUDWLYRFXDQGRVH DSDJDHOWHVWLJRGHFRQWURO 6LWUDQVFXUULGRVXQRVVHJXQGRVHO WHVWLJRQRVHDSDJDRVLVHHQFLHQGH GXUDQWHODPDUFKDKD\XQDDYHUÞDHQ HOVLVWHPD$%6(OVLVWHPDGHIUHQRV GHOYHKÞFXORVLJXHHVWDQGRRSHUDWLYR SHURVLQODUHJXODFLäQGHO$%6 6LVWHPDDQWLEORTXHRGHIUHQRV
&DPELRDXQDPDUFKDPÒV ODUJD >VHHQFLHQGHHQYHUGH 6HUHFRPLHQGDFDPELDUDXQDPDUಢ FKDPÒVODUJDSDUDDKRUUDUFRPEXVಢ WLEOH
'LUHFFLäQDVLVWLGD FVHHQFLHQGHHQDPDULOOR
6HHQFLHQGHFXDQGROD GLUHFFLäQDVLVWLGDHVOLPLWDGD /DGLUHFFLäQDVLVWLGDVHOLPLWDSRUXQ VREUHFDOHQWDPLHQWRGHOVLVWHPD(O WHVWLJRGHFRQWUROVHDSDJDFXDQGRHO VLVWHPDVHKDHQIULDGR
6HHQFLHQGHFXDQGROD GLUHFFLäQDVLVWLGDHVWÒ GHVDFWLYDGD $YHUÞDHQHOVLVWHPDGHODGLUHFFLäQ DVLVWLGD5HFXUUDDXQWDOOHU
6HHQFLHQGHHQFDVRGH LQWHUUXSFLäQGHFRUULHQWH (OVHQVRUGHOÒQJXORGHODGLUHFFLäQ GHEHFDOLEUDUVHSDUDTXHSXHGDIXQಢ FLRQDUHOVLVWHPDGHODGLUHFFLäQDVLVಢ WLGD 6LGHVHDUHDOL]DUXQDFDOLEUDFLäQ DXWRPÒWLFDFRQGX]FDHQOÞQHD UHFWDDXQDYHORFLGDGEDMDFRQVಢ WDQWH 6LHOLQGLFDGRUGHFRQWUROSHUPDಢ QHFHLOXPLQDGRJLUHHOYRODQWH GHVGHODSRVLFLäQOÞPLWHDODSRVLಢ FLäQOÞPLWHSDUDXQDFDOLEUDFLäQPDಢ QXDO
(OLQGLFDGRUGHFRQWUROVHDSDJD FXDQGRHOVLVWHPDVHSRQHGHQXHYR HQIXQFLRQDPLHQWR
$VLVWHQWHGHDSDUFDPLHQWR SRUXOWUDVRQLGRV JVHHQFLHQGHHQDPDULOOR $YHUÞDHQHOVLVWHPD R $YHUÞDSRUTXHORVVHQVRUHVHVWÒQVXಢ FLRVRFXELHUWRVGHQLHYHRKLHOR R ,QWHUIHUHQFLDVFDXVDGDVSRUIXHQWHV H[WHUQDVGHXOWUDVRQLGRV8QDYH]HOLಢ PLQDGDODIXHQWHGHODVLQWHUIHUHQಢ FLDVHOVLVWHPDIXQFLRQDUÒFRQQRUಢ PDOLGDG +DJDVXEVDQDUODFDXVDGHODDYHUÞD GHOVLVWHPDHQXQWDOOHU 6HQVRUHVGHDSDUFDPLHQWRSRUXOWUDಢ VRQLGRV
&RQWUROHOHFWUäQLFRGH HVWDELOLGDGGHVDFWLYDGR DVHHQFLHQGHHQDPDULOOR
,QVWUXPHQWRV\PDQGRV
6HHQFLHQGHFXDQGRHOVLVWHPDHVWÒ GHVDFWLYDGR
6LVWHPDGHFRQWUROGH WUDFFLäQGHVDFWLYDGR
&RQWUROHOHFWUäQLFRGH HVWDELOLGDG\VLVWHPDGH FRQWUROGHWUDFFLäQ
NVHHQFLHQGHHQDPDULOOR 6HHQFLHQGHFXDQGRHOVLVWHPDHVWÒ GHVDFWLYDGR
EVHHQFLHQGHRSDUSDGHDHQDPDULಢ OOR
3UHFDOHQWDPLHQWR
6HHQFLHQGH +D\XQDDYHUÞDHQHOVLVWHPD6H SXHGHFRQWLQXDUFRQGXFLHQGR6LQ HPEDUJRODHVWDELOLGDGGHPDUFKD SXHGHHPSHRUDUGHSHQGLHQGRGHOHVಢ WDGRGHODFDO]DGD +DJDVXEVDQDUODFDXVDGHODDYHUÞD HQXQWDOOHU
3DUSDGHD ,QWHUYHQFLäQDFWLYDGHOVLVWHPD 3XHGHUHGXFLUVHODSRWHQFLDGHOPRಢ WRU\HOYHKÞFXORSXHGHIUHQDUVHXQ SRFRDXWRPÒWLFDPHQWH &RQWUROHOHFWUäQLFRGHHVWDELOLGDG 6LVWHPDGHFRQWUROGHWUDFFLäQ
VHHQFLHQGHHQDPDULOOR 6HHQFLHQGHFXDQGRHVWÒDFWLYDGRHO SUHFDOHQWDPLHQWR6HDFWLYDVäORVLOD WHPSHUDWXUDH[WHULRUHVEDMD $UUDQTXHGHOPRWRU
)LOWURGHSDUWÞFXODVGLÚVHO VHLOXPLQDRSDUSDGHDHQDPDULOOR VLHVQHFHVDULROLPSLDUHOILOWURGHSDUಢ WÞFXODVGLÚVHORODVFRQGLFLRQHVGHFLUಢ FXODFLäQQRKDQSHUPLWLGRODOLPSLH]D DXWRPÒWLFD &RQWLQëHFRQGXFLHQGR\SURFXUHTXH HOUÚJLPHQGHOPRWRUQREDMHGHODV USP (OLQGLFDGRUVHDSDJDUÒHQFXDQWR VHKD\DFRPSOHWDGRODRSHUDFLäQGH DXWROLPSLH]D
6LVHDSDJDHOPRWRUPLHQWUDVHVWH LQGLFDGRUHVWÒHQFHQGLGRRSDUSDಢ GHDQGRDXPHQWDHOFRQVXPRGH FRPEXVWLEOH\VHUHGXFHODYLGDëWLO GHODFHLWHGHOPRWRU7HQJDHQFXHQWD TXHHOFRQGXFWRUGHEHFRQWLQXDUFRQ HOSURFHVRGHUHJHQHUDFLäQHQFRQಢ GXFFLäQPRVWUDGRPÒVDUULEDKDVWD TXHHOLQGLFDGRUGHOILOWURGHSDUWÞFXODV GLÚVHOVHDSDJXH 3DUDPÒVLQIRUPDFLäQFRQVXOWHODHWLಢ TXHWDGHO'3)HQHOLQWHULRUGHOYHಢ KÞFXOR )LOWURGHSDUWÞFXODVGLÚVHO
3UHVLäQGHDFHLWHGHO PRWRU (VHHQFLHQGHHQURMR 6HLOXPLQDDOFRQHFWDUHOHQFHQGLGR \VHDSDJDSRFRGHVSXÚVGHDUUDQFDU HOPRWRU
,QVWUXPHQWRV\PDQGRV 6LVHHQFLHQGHFRQHOPRWRUHQ PDUFKD $WHQFLäQ /DOXEULFDFLäQGHOPRWRUSXHGHHVಢ WDULQWHUUXPSLGD6HSXHGHQRFDಢ VLRQDUGDâRVHQHOPRWRU\RHO EORTXHRGHODVUXHGDVPRWULFHV &DPELRPDQXDOSLVHHOHPEUDಢ JXH 6HOHFFLRQHSXQWRPXHUWRFDPELR DXWRPÒWLFRSDODQFDVHOHFWRUDHQ 1 $EDQGRQHODFDUUHWHUDORDQWHV SRVLEOHVLQSRQHUHQSHOLJUR DRWURVYHKÞFXORV 'HVFRQHFWHHOHQFHQGLGR
$GYHUWHQFLD &RQHOPRWRUDSDJDGRVHUÒQHFHಢ VDULDXQDIXHU]DFRQVLGHUDEOHಢ PHQWHPD\RUSDUDIUHQDU\JLUDUHO YRODQWH
1RVDTXHODOODYHKDVWDTXHHOYHಢ KÞFXORVHKD\DGHWHQLGRGHOWRGR GHORFRQWUDULRODFROXPQDGHOD GLUHFFLäQVHSRGUÞDEORTXHDUGH IRUPDLQHVSHUDGD &RPSUXHEHHOQLYHOGHDFHLWHDQWHV GHUHFXUULUDODD\XGDGHXQWDOOHU
1LYHOGHFRPEXVWLEOHEDMR LVHHQFLHQGHHQDPDULOOR 6HHQFLHQGHFXDQGRHOQLYHOHQHOGHಢ SäVLWRGHFRPEXVWLEOHHVGHPDVLDGR EDMR &DWDOL]DGRU 3XUJDGHOVLVWHPDGHFRPEXVWLEOH GLÚVHO
,QPRYLOL]DGRU GSDUSDGHDHQDPDULOOR 6LHOLQGLFDGRUFRQWLQëDLOXPLQDGR RSDUSDGHDFRQHOHQFHQGLGRDFWLಢ YDGRKD\XQIDOORHQHOVLVWHPD1R VHSXHGHDUUDQFDUHOPRWRU
3LVHHOSHGDOGHOIUHQR SDUSDGHDHQDPDULOOR (QYHKÞFXORVFRQFDPELRDXWRPÒWLFR HOPRWRUVäORVHSXHGHDUUDQFDUVLVH SLVDHOSHGDOGHOIUHQR\ODSDODQFD VHOHFWRUDHVWÒHQODSRVLFLäQ3 3R1 1
/XFHVH[WHULRUHV VHHQFLHQGHHQYHUGH 6HHQFLHQGHFXDQGRHVWÒQFRQHFWDಢ GDVODVOXFHVH[WHULRUHV
/X]GHFDUUHWHUD !VHHQFLHQGHHQD]XO 6HHQFLHQGHFXDQGRHVWÒFRQHFWDGD ODOX]GHFDUUHWHUD\FXDQGRVHDFFLRಢ QDQODVUÒIDJDV
/XFHVDQWLQLHEOD VHHQFLHQGHHQYHUGH 6HHQFLHQGHFXDQGRHVWÒQFRQHFWDಢ GRVORVIDURVDQWLQLHEOD
,QVWUXPHQWRV\PDQGRV
3LORWRDQWLQLHEOD PVHHQFLHQGHHQDPDULOOR 6HHQFLHQGHFXDQGRHVWÒFRQHFWDGR HOSLORWRDQWLQLHEOD
6HQVRUGHOOXYLD
3DQWDOODVGH LQIRUPDFLäQ &HQWURGHLQIRUPDFLäQGHO FRQGXFWRU
VHHQFLHQGHHQYHUGH 6HHQFLHQGHFXDQGRHOVHQVRUGHOOXಢ YLDDXWRPÒWLFRHVWÒDFWLYDGR
5HJXODGRUGHYHORFLGDG >VHHQFLHQGHHQEODQFR 6HHQFLHQGHFXDQGRHOVLVWHPDHVWÒ FRQHFWDGR
3XHUWDDELHUWD KVHHQFLHQGHHQURMR 6HHQFLHQGHFXDQGRVHDEUHXQD SXHUWDRHOSRUWäQWUDVHUR
(OFHQWURGHLQIRUPDFLäQGHOFRQGXFಢ WRU',& HVWÒVLWXDGRHQHOFXDGURGH LQVWUXPHQWRV\HVWÒGLVSRQLEOHFRPR SDQWDOODGHJDPDEDMDRSDQWDOODGH JDPDPHGLD
6HOHFFLäQGHIXQFLRQHV /RVPHQëV\ODVIXQFLRQHVVHSXHGHQ VHOHFFLRQDUPHGLDQWHORVERWRQHVHQ ODSDODQFDGHORVLQWHUPLWHQWHV
3XOVHHOERWäQ0 0(18SDUDFDPELDU HQWUHPHQëVRSDUDYROYHUGHXQVXEಢ PHQëDOVLJXLHQWHQLYHOVXSHULRUGHO PHQë (OERWäQ0 0(18VHEORTXHDUÒFXDQGR ODYHORFLGDGGHOYHKÞFXORVXSHUHORV NPKRODSDODQFDGHFDPELRV12 HVWÚHQODSRVLFLäQ3 3 6HSXHGHQVHOHFFLRQDUORVVLJXLHQWHV PHQëV 0HQëGHLQIRUPDFLäQGHOYHKÞFXOR 0HQëGHLQIRUPDQFLäQYLDMH FRPEXVWLEOH
,QVWUXPHQWRV\PDQGRV *LUHODUXHGDGHDMXVWHSDUDPDUFDU XQDRSFLäQGHOPHQëRSDUDHVWDEOHಢ FHUXQYDORUQXPÚULFR 3XOVHHOERWäQ6 6(7&/5SDUDVHOHFಢ FLRQDUXQDIXQFLäQRFRQILUPDUXQ PHQVDMH 3HUVRQDOL]DFLäQGHOYHKÞFXOR 2UGHQDGRUGHDERUGR
'HSHQGLHQGRGHOVLVWHPDGHLQIRHQಢ WUHWHQLPLHQWRODSDQWDOODGHLQIRUPDಢ FLäQJUÒILFDHVWÒGLVSRQLEOHHQGRV YHUVLRQHV
/DVVHOHFFLRQHVVHUHDOL]DQPHಢ GLDQWH PHQëV ERWRQHVGHIXQFLäQ\HOERWäQPXOಢ WLIXQFLäQGHOVLVWHPDGHLQIRHQWUHಢ WHQLPLHQWR 6HOHFFLäQFRQHOVLVWHPDGH LQIRHQWUHWHQLPLHQWR
3DQWDOODGHLQIRUPDFLäQ JUÒILFD
,QGLFDFLäQGHODKRUDODWHPSHUDWXUD H[WHULRUODIHFKDRGHOVLVWHPDGHLQಢ IRHQWUHWHQLPLHQWRFXDQGRHVWÒHQಢ FHQGLGR \GHORVDMXVWHVSDUDODSHUಢ VRQDOL]DFLäQGHOYHKÞFXOR
6HOHFFLäQGHIXQFLRQHV 6HDFFHGHDODVIXQFLRQHV\ORVDMXVಢ WHVPHGLDQWHODSDQWDOOD
6HOHFFLRQHODVRSFLRQHVPHGLDQWHORV PHQëV\FRQORVERWRQHVGHOVLVWHPD GHLQIRHQWUHWHQLPLHQWR(OERWäQPXOಢ WLIXQFLäQVHXVDSDUDVHOHFFLRQDUXQD RSFLäQ\FRQILUPDUOD 3DUDVDOLUGHXQPHQëSXOVH% %$&.
,QVWUXPHQWRV\PDQGRV
0HQVDMHVGHOYHKÞFXOR
/RVPHQVDMHVGHOYHKÞFXORVHPXHVಢ WUDQFRPRFäGLJRVQXPÚULFRV
/RVPHQVDMHVDSDUHFHQHQHOFHQWUR GHLQIRUPDFLäQGHOFRQGXFWRU',& HQODSDQWDOODGHLQIRUPDFLäQRVHLQಢ GLFDQPHGLDQWHVHâDOHV\DYLVRV DFëVWLFRV&RQILUPHORVPHQVDMHVGH DGYHUWHQFLDFRQHOERWäQPXOWLIXQಢ FLäQ (OYHKÞFXORRHOPRWRUSXHGHVXIULU JUDYHVGDâRVVLFRQWLQëDFRQGXಢ FLHQGRPLHQWUDVKD\HQFHQGLGRXQ PHQVDMHGHOYHKÞFXORHQHO',&5Hಢ FXUUDLQPHGLDWDPHQWHDXQVHUYLFLR GHWDOOHU
1« 0HQVDMHGHOYHKÞFXOR
1RVHGHWHFWDQLQJëQPDQGR DGLVWDQFLDSXOVHHOSHGDOGHO HPEUDJXHSDUDUHLQLFLDU
&ROXPQDGHODGLUHFFLäQ EORTXHDGD
*LUHHOYRODQWHGHVFRQHFWHHO HQFHQGLGR\YXÚOYDORDFRQHFWDU
*LUHHOYRODQWHYXHOYD DHQFHQGHUHOPRWRU
$YHUÞDGHOLQWHUPLWHQWH GHODQWHURL]TXLHUGR $YHUÞDGHOLQWHUPLWHQWHWUDVHUR L]TXLHUGR $YHUÞDGHOLQWHUPLWHQWH GHODQWHURGHUHFKR $YHUÞDGHOLQWHUPLWHQWHWUDVHUR GHUHFKR 6XVWLWX\DODSLODGHOPDQGR DGLVWDQFLD
1« 0HQVDMHGHOYHKÞFXOR $JXDHQHOILOWURGHOFRPEXVWLEOH &RQGX]FDGXUDQWHPÒVGH PLQXWRVSDUDUHJHQHUDUHO ILOWURGHSDUWÞFXODVGLÚVHO'3) 5HYLVLäQGHOEORTXHRGHOD FROXPQDGHODGLUHFFLäQ 5HYLVLäQGHODGLUHFFLäQDVLVWLGD 5HYLVLäQGHODLUHDFRQGLFLRQDGR 5HOOHQHHODFHLWHGHOPRWRU &DPELHHODFHLWHGHOPRWRU SURQWR 3RWHQFLDGHOPRWRUUHGXFLGD 0DQGRDGLVWDQFLDQRGHWHFWDGR SLVHHOIUHQRSDUDYROYHU DDUUDQFDU &DPELHDODSRVLFLäQGHHVWDFLRಢ QDPLHQWR 5HYLVLäQGHODLUEDJ
,QVWUXPHQWRV\PDQGRV
$YLVRVDFëVWLFRV
2UGHQDGRUGHDERUGR
$ODUUDQFDUHOPRWRURGXUDQWHOD PDUFKD
/RVPHQëV\ODVIXQFLRQHVVHSXHGHQ VHOHFFLRQDUFRQORVERWRQHVHQODSDಢ ODQFDGHORVLQWHUPLWHQWHV
6LQRVHKDDEURFKDGRHOFLQWXUäQ GHVHJXULGDG 6LVHVREUHSDVDXQDGHWHUPLQDGD YHORFLGDGFRQHOIUHQRGHHVWDFLRಢ QDPLHQWRDFFLRQDGR 6LDSDUHFHXQFäGLJRGHDGYHUWHQಢ FLDHQHOFHQWURGHLQIRUPDFLäQGHO FRQGXFWRU 6LHODVLVWHQWHGHDSDUFDPLHQWRGHಢ WHFWDXQREMHWR 6LODYHORFLGDGGHOYHKÞFXORHVVXಢ SHULRUDNPK
&XDQGRHOYHKÞFXORHVWÒ HVWDFLRQDGR\RVHDEUHXQD SXHUWD +DVWDTXHHOPRWRUDUUDQTXHFRQOD OODYHHQODFHUUDGXUDGHOHQFHQGLGR &RQODVOXFHVH[WHULRUHVHQFHQGLಢ GDV
3XOVHHOERWäQ0 0(18SDUDVHOHFFLRಢ QDU0 0HQëGHLQIRUPDQFLäQYLDMH FRPEXVWLEOH *LUHODUXHGDGHDMXVWHSDUDVHOHFFLRಢ QDUXQRGHORVVXEPHQëV 2UGHQDGRUGHDERUGR &RQVXPRPHGLR $OFDQFH
9HORFLGDGPHGLD &RQVXPRLQVWDQWÒQHR
3DUDUHLQLFLDUPDQWHQJDSXOVDGRHO ERWäQGHDMXVWHRHOERWäQ6 6(7&/5 GXUDQWHXQRVVHJXQGRV
&RQVXPRPHGLR ,QGLFDFLäQGHOFRQVXPRPHGLR/D PHGLFLäQSXHGHUHLQLFLDUVHHQFXDOಢ TXLHUPRPHQWR 3DUDUHLQLFLDUPDQWHQJDSXOVDGRHO ERWäQ6 6(7&/5GXUDQWHXQRVVHJXQಢ GRV
,QVWUXPHQWRV\PDQGRV
$OFDQFH (ODOFDQFHVHFDOFXODDSDUWLUGHOFRQಢ WHQLGRDFWXDOGHOGHSäVLWR\GHOFRQಢ VXPRLQVWDQWÒQHR/DSDQWDOODPXHVಢ WUDYDORUHVSURPHGLR 'HVSXÚVGHUHSRVWDUHODOFDQFHVH DFWXDOL]DDXWRPÒWLFDPHQWHDOSRFR WLHPSR 6LHOQLYHOGHFRPEXVWLEOHHQHOGHSäಢ VLWRHVEDMRDSDUHFHXQPHQVDMHHQ HOFHQWURGHLQIRUPDFLäQGHOFRQGXFಢ WRU $GHPÒVVHHQFLHQGHHOWHVWLJRGH FRQWUROLHQHOLQGLFDGRUGHFRPಢ EXVWLEOH
9HORFLGDGPHGLD ,QGLFDFLäQGHODYHORFLGDGPHGLD/D PHGLFLäQSXHGHUHLQLFLDUVHHQFXDOಢ TXLHUPRPHQWR 3DUDUHLQLFLDUPDQWHQJDSXOVDGRHO ERWäQ6 6(7&/5GXUDQWHXQRVVHJXQಢ GRV
&RQVXPRLQVWDQWÒQHR ,QGLFDFLäQGHOFRQVXPRLQVWDQWÒQHR $YHORFLGDGHVEDMDVVHPXHVWUDHO FRQVXPRSRUKRUD
$WHQFLäQ (OFRQVXPRLQVWDQWÒQHR\PHGLR GHFRPEXVWLEOHSXHGHQYDULDUVHಢ JëQODVFRQGLFLRQHVGHFRQGXFಢ FLäQHOHVWLORGHFRQGXFFLäQROD YHORFLGDGGHOYHKÞFXOR
3HUVRQDOL]DFLäQGHO YHKÞFXOR /RVSDUÒPHWURVGHOYHKÞFXORVHSXHಢ GHQSHUVRQDOL]DUFDPELDQGRORVDMXVಢ WHVHQHOFHQWURGHLQIRUPDFLäQGHO FRQGXFWRU\HQOD SDQWDOODGHLQIRUPDFLäQ 'HSHQGLHQGRGHOHTXLSDPLHQWRGHO YHKÞFXORHVSRVLEOHTXHDOJXQDVGH ODVIXQFLRQHVGHVFULWDVDFRQWLQXDಢ FLäQQRHVWÚQGLVSRQLEOHV
$MXVWHVGHOFHQWURGH LQIRUPDFLäQGHOFRQGXFWRU /RVDMXVWHVGH8 8QLGDGVHSXHGHQVHಢ OHFFLRQDUPHGLDQWHORVERWRQHVHQOD SDODQFDGHORVLQWHUPLWHQWHV
,QVWUXPHQWRV\PDQGRV
3XOVHHOERWäQ0 0(18SDUDVHOHFFLRಢ QDUHOPHQë8 8QLGDG
$SDUHFHHOPHQëGHDMXVWHVGH 8QLGDG 6HSXHGHQFDPELDUODVXQLGDGHV PRVWUDGDVHQSDQWDOOD 3XOVHHOERWäQ6 6(7&/5\JLUHOD UXHGDGHDMXVWHSDUDVHOHFFLRQDUXQD GHODVXQLGDGHV 8QLGDG*UDQ%UHWDâD 8QLGDG(VWDGRV8QLGRV 8QLGDG(XURSD 3XOVHHOERWäQ6 6(7&/5SDUDFRQILUಢ PDU
$MXVWHVGHODSDQWDOODGH LQIRUPDFLäQ
&XDQGRHVWÚFRQHFWDGRHODXGLR SXOVHHOERWäQ& &21),*$SDUHFHHO PHQë$ $MXVWHV
0HGLDQWHHOERWäQ0 0(18VHSXHGHQ VHOHFFLRQDUORVVLJXLHQWHVDMXVWHV +RUD\IHFKD $MXVWHVGHODUDGLR $MXVWHVGHOYHKÞFXOR /RVVLJXLHQWHVDMXVWHVSXHGHQFDPಢ ELDUVHHQORVVXEPHQëVFRUUHVSRQಢ GLHQWHV
,QVWUXPHQWRV\PDQGRV
+RUD\IHFKD 9ÚDVHODVHFFLäQ5HORM\HOPDಢ QXDOGHOVLVWHPDGHLQIRHQWUHWHQLಢ PLHQWRSDUDPÒVLQIRUPDFLäQ $MXVWHVGHODUDGLR 9ÚDVHHOPDQXDOGHOVLVWHPDGHLQಢ IRHQWUHWHQLPLHQWRSDUDPÒVLQIRUPDಢ FLäQ $MXVWHVGHOYHKÞFXOR
7HPSHUDWXUD\FDOLGDGGHODLUH 9HORFLGDGYHQWLODGRUDXWRP0RGLಢ ILFDODYHORFLGDGGHOYHQWLODGRU DOWDPHGLDEDMD
5HFLUFXODFLäQDLUHDXWRPÒW0RGLಢ ILFDODVHQVLELOLGDGGHOVHQVRUGH FDOLGDGGHODLUH$46 EDMDDOWD 'HVHPSDâDPLHQWRDXWRPÒWDFWLಢ YDGRGHVDFWLYDGRDFWLYDRGHVDFಢ WLYDHOGHVHPSDâDGRDXWRPÒWLFR 'HVHPSDâDPLHQWRWUDVDXWRDFWLಢ YDGRGHVDFWLYDGRDFWLYDRGHVDFಢ WLYDHOGHVHPSDâDGRWUDVHURDXWRಢ PÒWLFR $MXVWHVGHFRQIRUW 9ROXPHQGHDYLVRV&DPELDHOYRಢ OXPHQGHORVDYLVRVDFëVWLFRV 'HWHFFLäQFROLVLRQHVD\XGDHVWDF $\XGDDOHVWDFLRQDPLHQWR$FWLYD RGHVDFWLYDORVVHQVRUHVGHXOWUDಢ VRQLGRV ,OXPLQDFLäQDPELHQWHH[WHULRU ,OXPLQDFLäQH[WHULRUDODEULU$FWLYD RGHVDFWLYDODLOXPLQDFLäQGHHQಢ WUDGD 'XUDFLäQDOVDOLUGHOYHKÞFXOR$Fಢ WLYDRGHVDFWLYD\FDPELDODGXUDಢ FLäQGHODLOXPLQDFLäQDOVDOLU &LHUUHFHQWUDOL]DGR
&LHUUHDXWRPÒWLFRGHSXHUWDV$Fಢ WLYDRGHVDFWLYDODIXQFLäQGHEORಢ TXHRDXWRPÒWLFRGHSXHUWDV $SHUWXUDDXWRPÒWLFDSXHUWDV&DPಢ ELDODFRQILJXUDFLäQSDUDGHVEORಢ TXHDUVäORODSXHUWDGHOFRQGXFWRU RWRGDVODVSXHUWDVDODFFLRQDUHO GHVEORTXHR $SHUWXUDFLHUUHDUUDQTXHUHPRWR 5HVSXHVWDFLHUUHDGLVWDQFLD$Fಢ WLYDRGHVDFWLYDODFRQILUPDFLäQGH ODVOXFHVGHHPHUJHQFLDDODFFLRಢ QDUHOEORTXHR 3XHUWDFRQGWRGDVSXOVDUYH] &DPELDODFRQILJXUDFLäQSDUDGHVಢ EORTXHDUVäORODSXHUWDGHOFRQGXFಢ WRURWRGRHOYHKÞFXORDOGHVEORಢ TXHDU
,OXPLQDFLäQ
,OXPLQDFLäQ
,OXPLQDFLäQH[WHULRU
&RQPXWDGRUGHODVOXFHVFRQ FRQWURODXWRPÒWLFRGHODVOXFHV
&RQPXWDGRUGHODVOXFHV ,OXPLQDFLäQH[WHULRU ,OXPLQDFLäQLQWHULRU &DUDFWHUÞVWLFDVGHOD LOXPLQDFLäQ
*LUHHOFRQPXWDGRUGHODVOXFHV /XFHVDSDJDGDV /XFHVODWHUDOHV )DURV 7HVWLJRGHFRQWURO
*LUHHOFRQPXWDGRUGHODVOXFHV $872 &RQWURODXWRPÒWLFRGHODV OXFHVGHSHQGLHQGRGHODV FRQGLFLRQHVGHOX]H[WHಢ ULRU P $FWLYDFLäQRGHVDFWLYDFLäQ GHOFRQWURODXWRPÒWLFRGH OXFHV(OFRQPXWDGRU YXHOYHD$ $872 /XFHVODWHUDOHV )DURV
,OXPLQDFLäQ
$OFRQHFWDUHOHQFHQGLGRVLHPSUHVH DFWLYDHOFRQWURODXWRPÒWLFRGHODVOXಢ FHV &XDQGRODVOXFHVHVWÒQHQFHQGLGDV VHLOXPLQD,QGLFDGRUGHFRQWURO
&RQWURODXWRPÒWLFRGHODV OXFHV
)XQFLäQGHFRQWURODXWRPÒWLFR GHODVOXFHV &XDQGRHVWÒFRQHFWDGDODIXQFLäQGH FRQWURODXWRPÒWLFRGHODVOXFHV\HO PRWRUHVWÒHQPDUFKDHOVLVWHPDHQಢ FLHQGHDXWRPÒWLFDPHQWHORVIDURV \ODVOXFHVWUDVHUDVGHSHQGLHQGRGH ODVFRQGLFLRQHVOXPLQRVDV\DGHಢ PÒVVLORVOLPSLDSDUDEULVDVVHKDQ DFWLYDGRYDULDVYHFHV
/X]GHFDUUHWHUD
3DUDFDPELDUDOX]GHFUXFHYXHOYD DSXOVDURWLUDUGHODSDODQFD
$GYHUWHQFLD &DPELHVLHPSUHODOX]GHFDUUHಢ WHUDDODOX]GHFUXFHFXDQGRVH DSUR[LPHQYHKÞFXORVGHIUHQWH RFXDQGRWHQJDRWURVYHKÞFXORV GHODQWH/DOX]GHFDUUHWHUDSXHGH GHVOXPEUDUWHPSRUDOPHQWH DRWURVFRQGXFWRUHVORTXHSRGUÞD SURYRFDUXQDFROLVLäQ
5ÒIDJDV 3DUDDFFLRQDUODVUÒIDJDVWLUHGHOD SDODQFD
3DUDFDPELDUGHOX]GHFUXFHDOX]GH FDUUHWHUDSXOVHODSDODQFD
,OXPLQDFLäQ
5HJXODFLäQGHODOFDQFHGH ORVIDURV 5HJXODFLäQPDQXDOGHODOFDQFH GHORVIDURV
7RGRVORVDVLHQWRVRFXSDGRV \FDUJDHQHOFRPSDUWLPHQWRGH FDUJD $VLHQWRGHOFRQGXFWRURFXSDGR FDUJDHQHOFRPSDUWLPHQWRGH FDUJD\FLUFXODFLäQFRQXQDFDಢ UDYDQDRXQUHPROTXH
/XFHVGHHPHUJHQFLD
)DURVHQYLDMHVDO H[WUDQMHUR
3DUDDGDSWDUHODOFDQFHGHORVIDURV DODFDUJDGHOYHKÞFXOR\HYLWDUHOGHVಢ OXPEUDPLHQWRJLUHODUXHGDGHDMXVWH KDVWDODSRVLFLäQUHTXHULGD $VLHQWRVGHODQWHURVRFXSDGRV 7RGRVORVDVLHQWRVRFXSDGRV
/DOX]GHFUXFHDVLPÚWULFDDXPHQWDHO FDPSRGHYLVLäQGHODFDUUHWHUDHQHO ODGRGHODFRPSDâDQWH 6LQHPEDUJRDOFLUFXODUHQSDÞVHV GRQGHVHFRQGXFHSRUHOODGR RSXHVWRGHODFDUUHWHUDGHEHDMXVWDU ORVIDURVSDUDHYLWDUHOGHVOXPEUDಢ PLHQWRGHORVYHKÞFXORVTXHYLHQHQ GHIUHQWH +DJDUHJXODUORVIDURVHQXQWDOOHU
6HDFFLRQDQFRQHOERWäQe 3XOVHGHQXHYRSDUDDSDJDUORVLQಢ WHUPLWHQWHV /DVOXFHVGHHPHUJHQFLDVHFRQHFWDQ DXWRPÒWLFDPHQWHVLVHDFWLYDQORVDLUಢ EDJV
,OXPLQDFLäQ
6HâDOL]DFLäQGHJLURV \FDPELRVGHFDUULO
3DUDHPLWLUWUHVLQWHUPLWHQFLDVSHM SDUDXQFDPELRGHFDUULOSXOVHODSDಢ ODQFDKDVWDSHUFLELUFLHUWDUHVLVWHQFLD \VXÚOWHOD 3DUDXQDLQGLFDFLäQPÒVSURORQJDGD PDQWHQJDODSDODQFDSXOVDGD 'HVFRQHFWHORVLQWHUPLWHQWHVPDಢ QXDOPHQWHPRYLHQGRODSDODQFD KDVWDVXSRVLFLäQRULJLQDO
3LORWRDQWLQLHEOD
)DURVDQWLQLHEOD
3DODQFD KDFLD DUULED 3DODQFD KDFLD DEDMR
6HDFFLRQDQFRQHOERWäQP &RQPXWDGRUGHODVOXFHVHQSRVLFLäQ $XWRDOFRQHFWDUHOSLORWRDQWLQLHEOD VHHQFHQGHUÒQDXWRPÒWLFDPHQWHORV IDURV &RQPXWDGRUGHODVOXFHVHQ SRVLFLäQHOSLORWRDQWLQLHEODVäOR VHSXHGHFRQHFWDUMXQWRFRQORVIDURV DQWLQLHEOD
,QWHUPLWHQWHGHUHFKR ,QWHUPLWHQWHL]TXLHUGR
6LODSDODQFDVHPXHYHPÒVDOOÒGHO SXQWRGHUHVLVWHQFLDHOLQWHUPLWHQWH VHFRQHFWDSHUPDQHQWHPHQWH &XDQGRHOYRODQWHYXHOYHDJLUDUVH GHVDFWLYDHOLQWHUPLWHQWHDXWRPÒWLFDಢ PHQWH
6HDFFLRQDQFRQHOERWäQ
,OXPLQDFLäQ
/XFHVGHHVWDFLRQDPLHQWR
&RQILUPDFLäQPHGLDQWHXQDVHâDO DFëVWLFD\HOWHVWLJRGHFRQWUROGHORV LQWHUPLWHQWHVGHOODGRFRUUHVSRQಢ GLHQWH
/XFHVGHPDUFKDDWUÒV
,OXPLQDFLäQLQWHULRU &RQWUROGHODLOXPLQDFLäQ GHOWDEOHURGH LQVWUXPHQWRV
/DOX]GHPDUFKDDWUÒVVHHQFLHQGH DXWRPÒWLFDPHQWHFXDQGRHVWÒFRಢ QHFWDGRHOHQFHQGLGR\VHHQJUDQDOD PDUFKDDWUÒV
)DURVHPSDâDGRV &XDQGRHOYHKÞFXORHVWÒDSDUFDGRVH SXHGHQDFWLYDUODVOXFHVGHSRVLFLäQ GHODQWHUD\WUDVHUDGHXQODGRGHOYHಢ KÞFXOR 'HVFRQHFWHHOHQFHQGLGR 0XHYDODSDODQFDGHORVLQWHUPLಢ WHQWHVWRWDOPHQWHKDFLDDUULEDOXಢ FHVGHHVWDFLRQDPLHQWRGHOODGR GHUHFKR RKDFLDDEDMROXFHVGH HVWDFLRQDPLHQWRGHOODGRL]ಢ TXLHUGR
(OLQWHULRUGHODVOXFHVSXHGHHPSDಢ âDUVHFRQWLHPSRIUÞR\KëPHGROOXYLD LQWHQVDRGHVSXÚVGHODYDUHOYHಢ KÞFXOR(OHPSDâDPLHQWRGHVDSDUHFH UÒSLGDPHQWHSDUDIDFLOLWDUHOSURFHVR HQFLHQGDORVIDURV 6HSXHGHDMXVWDUHOEULOORGHODVVLಢ JXLHQWHVOXFHVFXDQGRODVOXFHVH[ಢ WHULRUHVHVWÒQHQFHQGLGDV ,OXPLQDFLäQGHOWDEOHURGHLQVWUXಢ PHQWRV 3DQWDOODGHLQIRUPDFLäQ ,QWHUUXSWRUHV\HOHPHQWRVGH PDQGRLOXPLQDGRV
,OXPLQDFLäQ
*LUHODUXHGDGHDMXVWHI\PDQWÚQಢ JDODKDVWDREWHQHUHOEULOORGHVHDGR
/XFHVLQWHULRUHV
$FFLRQHHOLQWHUUXSWRUEDVFXODQWH Z FRQH[LäQ\GHVFRQH[LäQ DXWRPÒWLFD SXOVHX VLHPSUHHQFHQGLGDV SXOVHY VLHPSUHDSDJDGDV
/X]GHFRUWHVÞD
/XFHVGHOHFWXUD
$GYHUWHQFLD (YLWHXVDUODVOXFHVLQWHULRUHV PLHQWUDVFRQGXFHHQODRVFXULGDG 8QKDELWÒFXORLOXPLQDGRUHGXFHOD YLVLELOLGDGHQODRVFXULGDG\SRGUÞD GDUOXJDUDXQDFROLVLäQ
/XFHVHQORVSDUDVROHV 6HHQFLHQGHQDODEULUODWDSD
$OVXELUREDMDUGHOYHKÞFXORVHHQಢ FLHQGHQDXWRPÒWLFDPHQWHODVOXFHV GHFRUWHVÞD\VHDSDJDQSRFRGHVಢ SXÚV6HHQFLHQGHQEUHYHPHQWHDXQಢ TXHODOODYHVHVDTXHGHODFHUUDGXUD GHOHQFHQGLGR
6HDFFLRQDFRQORVERWRQHVV\W
,OXPLQDFLäQ
&DUDFWHUÞVWLFDVGHOD LOXPLQDFLäQ ,OXPLQDFLäQGHHQWUDGD
,OXPLQDFLäQGHHQWUDGD 6HHQFHQGHUÒQWDPELÚQDOJXQRVLQಢ WHUUXSWRUHV\OXFHVLQWHULRUHVDODEULU ODSXHUWDGHOFRQGXFWRU
,OXPLQDFLäQGHELHQYHQLGD
,OXPLQDFLäQGHVDOLGD
/RVIDURVODVOXFHVODWHUDOHVODVOXಢ FHVWUDVHUDV\ODLOXPLQDFLäQLQWHULRU VHHQFLHQGHQEUHYHPHQWHDOGHVEORಢ TXHDUHOYHKÞFXORFRQHOPDQGRDGLVಢ WDQFLD(VWDIXQFLäQIDFLOLWDODORFDOLಢ ]DFLäQGHOYHKÞFXORHQOXJDUHVRVFXಢ URV /DVOXFHVVHDSDJDQLQPHGLDWDPHQWH FXDQGRODOODYHGHOHQFHQGLGRVHJLUD DODSRVLFLäQGHDFFHVRULRV$OVDOLUGH YLDMH /DDFWLYDFLäQRGHVDFWLYDFLäQGHHVWD IXQFLäQVHSXHGHFDPELDUHQHOPHQë $MXVWHVGHODSDQWDOODGHLQIRUPDFLäQ 3HUVRQDOL]DFLäQGHOYHKÞFXOR /RVDMXVWHVVHSXHGHQPHPRUL]DU PHGLDQWHODOODYHXWLOL]DGD
/RVIDURVODVOXFHVODWHUDOHV\ODVOXಢ FHVWUDVHUDVLOXPLQDQHOFDPLQRGXಢ UDQWHXQSHULRGRGHWLHPSRDMXVWDEOH GHVSXÚVGHVDOLUGHOYHKÞFXOR 1RWD /DLOXPLQDFLäQGHHQWUDGD\ODLOXPLಢ QDFLäQGHVDOLGDVHSXHGHQHQFHQಢ GHURDSDJDUDXWRPÒWLFDPHQWHGHಢ SHQGLHQGRGHODVFRQGLFLRQHVGHRVಢ FXULGDGHQHOH[WHULRU
&RQH[LäQ (OSURFHVRVLJXLHQWHVäORHVDSOLFDEOH DORVYHKÞFXORVVLQIXQFLäQDXWRPÒಢ WLFDGHODVOXFHV(OFRQPXWDGRUGH ODVOXFHVGHEHHVWDUHQ SRVLFLäQGHVDFWLYDGD2)) 6LVH FLHUUDODSXHUWDGHOFRQGXFWRUODVOXಢ FHVVHDSDJDUÒQDXWRPÒWLFDPHQWH GHVSXÚVGHOWLHPSRHVWDEOHFLGR 'HVFRQHFWHHOHQFHQGLGR 6DTXHODOODYHGHOHQFHQGLGR $EUDODSXHUWDGHOFRQGXFWRU
,OXPLQDFLäQ
7LUHGHODSDODQFDGHORVLQWHUPLಢ WHQWHV &LHUUHODSXHUWDGHOFRQGXFWRU 6LQRVHFLHUUDODSXHUWDGHOFRQGXFಢ WRUODVOXFHVVHDSDJDUÒQGHVSXÚVGH GRVPLQXWRV /DVOXFHVVHDSDJDQLQPHGLDWDPHQWH VLWLUDGHODSDODQFDGHORVLQWHUPLWHQಢ WHVFRQODSXHUWDGHOFRQGXFWRU DELHUWD 6LHOFRQPXWDGRUGHODVOXFHVHVWÒHQ ODSRVLFLäQ$872\VHVDFDODOODYH GHVSXÚVGHGHVFRQHFWDUHOHQFHQಢ GLGRODVOXFHVH[WHULRUHVGHOYHKÞFXOR FRQIXQFLäQDXWRPÒWLFDGHODVOXFHV VHHQFHQGHUÒQDXWRPÒWLFDPHQWHGHಢ SHQGLHQGRGHOQLYHOGHRVFXULGDG /DDFWLYDFLäQGHVDFWLYDFLäQ\GXUDಢ FLäQGHHVWDIXQFLäQGHLOXPLQDFLäQVH SXHGHFDPELDUHQHOPHQë$ $MXVWHVGH ODSDQWDOODGHLQIRUPDFLäQ3HUVRQDOLಢ ]DFLäQGHOYHKÞFXOR /RVDMXVWHVVHSXHGHQPHPRUL]DU PHGLDQWHODOODYHXWLOL]DGD
3URWHFFLäQFRQWUD GHVFDUJDGHODEDWHUÞD 'HVFRQH[LäQGHODVOXFHV LQWHULRUHV 3DUDHYLWDUODGHVFDUJDGHODEDWHUÞD FRQHOHQFHQGLGRGHVFRQHFWDGRDOಢ JXQDVOXFHVLQWHULRUHVVHDSDJDQDXಢ WRPÒWLFDPHQWHGHVSXÚVGHXQFLHUWR WLHPSR 6LGHVFRQHFWDHOHQFHQGLGRFRQODV OXFHVH[WHULRUHVHQFHQGLGDVVHDSDಢ JDUÒQDXWRPÒWLFDPHQWHGHIRUPDLQಢ PHGLDWDRXQRVSRFRVPLQXWRVGHVಢ SXÚVGHSHQGLHQGRGHODRVFXULGDG H[WHULRURGHODVFRQGLFLRQHVGH DMXVWH 6LQHPEDUJRODVOXFHVH[WHULRUHVSHUಢ PDQHFHUÒQHQFHQGLGDVVLODVDFWLYD FRQHOHQFHQGLGRGHVFRQHFWDGR
6LVWHPDGHLQIRHQWUHWHQLPLHQWR
6LVWHPDGH LQIRHQWUHWHQLPLHQWR ,QWURGXFFLäQ 5DGLR 5HSURGXFWRUGH&' (QWUDGD$8; 3XHUWR86% 1DYHJDFLäQ 7HOÚIRQR
,QWURGXFFLäQ ,QIRUPDFLäQJHQHUDO (OVLVWHPDGHLQIRHQWUHWHQLPLHQWROH RIUHFHORëOWLPRHQVLVWHPDVGHRFLR HLQIRUPDFLäQ (QODVEDQGDVGHIUHFXHQFLD$0 \)0ODUDGLRGLVSRQHGHGRFHSUHಢ VLQWRQÞDVGHHPLVRUDVTXHVHSXHGHQ FRQILJXUDUDXWRPÒWLFDPHQWH$GHಢ PÒVVHSXHGHQDVLJQDUHPLVRUDV GHIRUPDPDQXDOLQGHSHQGLHQWHVGH ODEDQGDGHIUHFXHQFLDV &RQHOUHSURGXFWRUGHUDGLRLQWHJUDGR SRGUÒUHSURGXFLU&'GHDXGLR\GH 03:0$ $GHPÒVHQHOVLVWHPDGHLQIRHQWUHಢ WHQLPLHQWRSXHGHFRQHFWDUFRPR IXHQWHVGHDXGLRDSDUDWRVGHDOPDಢ FHQDPLHQWRGHGDWRVH[WHUQRVFRPR XQL3RGUHSURGXFWRU03RPHPRULD 86%QR&' RXQUHSURGXFWRU GH&'SRUWÒWLO (OSURFHVDGRUGHVRQLGRGLJLWDOOH RIUHFHYDULRVPRGRVGHHFXDOL]DFLäQ SUHGHILQLGRVSDUDPHMRUDUHOVRQLGR
(OVLVWHPDGHQDYHJDFLäQVäOR 1DYL FRQSODQLILFDFLäQGHUXWDGLಢ QÒPLFDOHJXLDUÒGHIRUPDILDEOH KDVWDVXGHVWLQR\VLORGHVHDHYLWDUÒ GHIRUPDDXWRPÒWLFDORVDWDVFRV XRWURVSUREOHPDVGHWUÒILFR 'HIRUPDRSFLRQDOHOVLVWHPDGHLQಢ IRHQWUHWHQLPLHQWRVHSXHGHPDQHMDU FRQORVPDQGRVHQHOYRODQWH (OGLVHâRLQWHOLJHQWHGHORVHOHPHQWRV GHPDQGRODFODULGDGGHODVSDQWDOODV \HOPDQGRPXOWLIXQFLäQ0 0(18OHSHUಢ PLWHQFRQWURODUHOVLVWHPDGHIRUPD IÒFLOHLQWXLWLYD
,QIRUPDFLäQLPSRUWDQWHVREUH IXQFLRQDPLHQWR\VHJXULGDGGH WUÒILFR $GYHUWHQFLD (OXVRGHOVLVWHPDGHDXGLRQR GHEHLQWHUIHULUQXQFDFRQODFRQಢ GXFFLäQVHJXUDGHOYHKÞFXOR(Q FDVRGHGXGDGHWHQJDHOYHKÞFXOR \DFFLRQHHOVLVWHPDGHDXGLR PLHQWUDVHOYHKÞFXORHVWÒGHWHಢ QLGR
6LVWHPDGHLQIRHQWUHWHQLPLHQWR $GYHUWHQFLD
$GYHUWHQFLD
(OXVRGHOVLVWHPDGHQDYHJDFLäQ VäOR1DYL QRVXVWLWX\HDOD REOLJDFLäQGHOFRQGXFWRUGHWHQHU XQFRPSRUWDPLHQWRFRUUHFWR \DWHQWRDOFLUFXODUSRUFXDOTXLHU YÞD'HEHUHVSHWDUVLHPSUHODV QRUPDVGHWUÒILFRTXHFRUUHVSRQಢ GDQ /RVGDWRVGHEHQLQWURGXFLUVH VLHPSUHFRQHOYHKÞFXORHVWDFLRಢ QDGRSRUHMHPSORODVGLUHFFLRಢ QHV 6LODVLQVWUXFFLRQHVGHQDYHJDFLäQ FRQWUDGLFHQDOJXQDQRUPDGHWUÒಢ ILFRGHEHREVHUYDUVHVLHPSUHOD QRUPDGHWUÒILFR
(QDOJXQDV]RQDVODVFDOOHVGHXQ VRORVHQWLGR\RWUDVFDUUHWHUDV \HQWUDGDVSHM]RQDVSHDWRQDಢ OHV HQODVTXHHVWÒSURKLELGRHQಢ WUDUQRHVWÒQPDUFDGDVHQHO PDSD(QWDOHV]RQDVHOVLVWHPD GHDXGLRHPLWLUÒXQDDGYHUWHQFLD TXHGHEHFRQILUPDUVH$TXÞGHEH SUHVWDUHVSHFLDODWHQFLäQDFDOOHV GHXQVRORVHQWLGRFDUUHWHUDV \HQWUDGDVDODVTXHWLHQHSURKLಢ ELGRHODFFHVR
5HFHSFLäQGHHPLVRUDVGHUDGLR (QODUHFHSFLäQGHUDGLRVHSXHGHQ SURGXFLUVLOELGRVUXLGRVGLVWRUVLRQHV RIDOORVGHUHFHSFLäQSRU ODVYDULDFLRQHVGHODGLVWDQFLD GHVGHODHPLVRUD ODUHFHSFLäQPëOWLSOHGHELGDDUHಢ IOH[LRQHV \ODVLQWHUIHUHQFLDV
'LVSRVLWLYRDQWLUURER (OVLVWHPDGHLQIRHQWUHWHQLPLHQWR HVWÒHTXLSDGRFRQXQVLVWHPDGHVHಢ JXULGDGHOHFWUäQLFDSDUDHYLWDUURERV &RPRFRQVHFXHQFLDHOVLVWHPDGH LQIRHQWUHWHQLPLHQWRVäORIXQFLRQDHQ VXYHKÞFXOR\FDUHFHGHYDORUSDUDXQ ODGUäQ
6LVWHPDGHLQIRHQWUHWHQLPLHQWR
5HVXPHQGHORVHOHPHQWRVGHFRQWURO 3DQHOGHLQVWUXPHQWRV1DYL
6LVWHPDGHLQIRHQWUHWHQLPLHQWR
%RWäQP 3XOVDFLäQVHFRQHFWD GHVFRQHFWDHOVLVWHPD LQIRWDLQPHQW *LURDMXVWDHOYROXPHQ %RWRQHVGHHPLVRUD 3XOVDFLäQSURORQJDGD PHPRUL]DODHPLVRUD 3XOVDFLäQEUHYH VHOHFFLRQDODHPLVRUD '(67 ,QWURGXFFLäQGHOGHVWLQR GHQDYHJDFLäQ 1$9 8QDSXOVDFLäQ0DSDGH YLVXDOL]DFLäQ 'RVSXOVDFLRQHV0HQëGH QDYHJDFLäQ &RQPXWDGRUGHRFKR SRVLFLRQHV 1DYHJDFLäQPXHYHHO FRQWHQLGRGHODSDQWDOODHQ ODYLVWDGHPDSD &21),* $MXVWHVGHOVLVWHPD
5371$9 5HSLWHHOëOWLPRPHQVDMH GHQDYHJDFLäQ 73 $FWLYDRGHVDFWLYDHO VHUYLFLRGHWUÒILFRSRUUDGLR 721( $MXVWHVGHWRQRV ,1)2 ,QIRUPDFLäQDGLFLRQDOTXH GHSHQGHGHOFRQWH[WR $6 1LYHOHVGHPHPRULD DXWRPÒWLFRV 3XOVDFLäQEUHYH VHOHFFLRQDODOLVWDGH YDORUHVJXDUGDGRV DXWRPÒWLFDPHQWH 3XOVDFLäQSURORQJDGD PHPRUL]DODHPLVRUD DXWRPÒWLFDPHQWH %$&. 0HQëUHWURFHGHXQQLYHO ,QWURGXFFLäQGHGDWRV HOLPLQDHOëOWLPRFDUÒFWHU RWRGDODHQWUDGD
)$9 /LVWDVGHIDYRULWRV 0(18 *LURGHVWDFDODVRSFLRQHV GHPHQëRDMXVWDYDORUHV QXPÚULFRV 3XOVDFLäQVHOHFFLRQD DFWLYDODRSFLäQ GHVWDFDGDFRQILUPDHO YDORUDMXVWDGRFRQH[LäQ GHVFRQH[LäQ %ëVTXHGDKDFLDGHODQWH 5DGLREXVFDKDFLDGHODQWH &'03:0$VHVDOWD XQDSLVWDKDFLDGHODQWH 087( $FWLYDGHVDFWLYDHOPRGR GHVLOHQFLR &'03:0$ ,QLFLRSDXVDGH UHSURGXFFLäQ &'$8; ,QLFLDODUHSURGXFFLäQGH XQ&'03:0$ RFDPELDODIXHQWHGHDXGLR
6LVWHPDGHLQIRHQWUHWHQLPLHQWR %$1' $FWLYDODUDGLRRFDPELDOD EDQGDGHIUHFXHQFLDV %ëVTXHGDKDFLDDWUÒV 5DGLREXVFDKDFLDDWUÒV &'03:0$VHVDOWD XQDSLVWDKDFLDDWUÒV
6LVWHPDGHLQIRHQWUHWHQLPLHQWR
3DQHOGHLQVWUXPHQWRV&'
6LVWHPDGHLQIRHQWUHWHQLPLHQWR
%RWäQP 3XOVDFLäQVHFRQHFWD GHVFRQHFWDHOVLVWHPD LQIRWDLQPHQW *LURDMXVWDHOYROXPHQ %RWRQHVGHHPLVRUD 3XOVDFLäQSURORQJDGD PHPRUL]DODHPLVRUD 3XOVDFLäQEUHYH VHOHFFLRQDODHPLVRUD %ëVTXHGDKDFLDDWUÒV 5DGLREXVFDKDFLDDWUÒV &'03:0$VHVDOWD XQDSLVWDKDFLDDWUÒV &'03:0$LQLFLR SDXVDGHUHSURGXFFLäQ %ëVTXHGDKDFLDGHODQWH 5DGLREXVFDKDFLDGHODQWH &'03:0$VHVDOWD XQDSLVWDKDFLDGHODQWH 73 $FWLYDRGHVDFWLYDHO VHUYLFLRGHWUÒILFRSRUUDGLR ,1)2 ,QIRUPDFLäQDGLFLRQDOTXH GHSHQGHGHOFRQWH[WR
721( $MXVWHVGHWRQRV $6 1LYHOHVGHPHPRULD DXWRPÒWLFRV 3XOVDFLäQEUHYH VHOHFFLRQDODOLVWDGH YDORUHVJXDUGDGRV DXWRPÒWLFDPHQWH 3XOVDFLäQSURORQJDGD PHPRUL]DODHPLVRUD DXWRPÒWLFDPHQWH %$&. 0HQëUHWURFHGHXQQLYHO ,QWURGXFFLäQGHGDWRV HOLPLQDHOëOWLPRFDUÒFWHU RWRGDODHQWUDGD 0(18 *LURGHVWDFDODVRSFLRQHV GHPHQëRDMXVWDYDORUHV QXPÚULFRV 3XOVDFLäQVHOHFFLRQD DFWLYDODRSFLäQ GHVWDFDGDFRQILUPDHO YDORUDMXVWDGRFRQH[LäQ GHVFRQH[LäQ )$9 /LVWDVGHIDYRULWRV
087( $FWLYDGHVDFWLYDHOPRGR GHVLOHQFLR &21),* $MXVWHVGHOVLVWHPD &'$8; ,QLFLDODUHSURGXFFLäQGH XQ&'03:0$ RFDPELDODIXHQWHGHDXGLR %$1' $FWLYDODUDGLRRFDPELDOD EDQGDGHIUHFXHQFLDV
6LVWHPDGHLQIRHQWUHWHQLPLHQWR
3DQHOGHLQVWUXPHQWRV&'
6LVWHPDGHLQIRHQWUHWHQLPLHQWR
%RWäQP 3XOVDFLäQVHFRQHFWD GHVFRQHFWDHOVLVWHPD LQIRWDLQPHQW *LURDMXVWDHOYROXPHQ %RWRQHVGHHPLVRUD 3XOVDFLäQSURORQJDGD PHPRUL]DODHPLVRUD 3XOVDFLäQEUHYH VHOHFFLRQDODHPLVRUD %ëVTXHGDKDFLDDWUÒV 5DGLREXVFDKDFLDDWUÒV &'03:0$VHVDOWD XQDSLVWDKDFLDDWUÒV 03FDUSHWDVXSHULRU &'03:0$LQLFLR SDXVDGHUHSURGXFFLäQ 03FDUSHWDLQIHULRU %ëVTXHGDKDFLDGHODQWH 5DGLREXVFDKDFLDGHODQWH &'03:0$VHVDOWD XQDSLVWDKDFLDGHODQWH 73 $FWLYDRGHVDFWLYDHO VHUYLFLRGHWUÒILFRSRUUDGLR
,1)2 ,QIRUPDFLäQDGLFLRQDOTXH GHSHQGHGHOFRQWH[WR 721( $MXVWHVGHWRQRV $6 1LYHOHVGHPHPRULD DXWRPÒWLFRV 3XOVDFLäQEUHYH VHOHFFLRQDODOLVWDGH YDORUHVJXDUGDGRV DXWRPÒWLFDPHQWH 3XOVDFLäQSURORQJDGD PHPRUL]DODHPLVRUD DXWRPÒWLFDPHQWH %$&. 0HQëUHWURFHGHXQQLYHO ,QWURGXFFLäQGHGDWRV HOLPLQDHOëOWLPRFDUÒFWHU RWRGDODHQWUDGD 0(18 &RQWUROFHQWUDOGH VHOHFFLäQ\H[SORUDFLäQGH PHQëV )$9 /LVWDVGHIDYRULWRV
087( $FWLYDGHVDFWLYDHOPRGR GHVLOHQFLR &21),* $MXVWHVGHOVLVWHPD &'$8; ,QLFLDODUHSURGXFFLäQGH XQ&'03:0$ RFDPELDODIXHQWHGHDXGLR %$1' $FWLYDODUDGLRRFDPELDOD EDQGDGHIUHFXHQFLDV
6LVWHPDGHLQIRHQWUHWHQLPLHQWR
5DQXUDSDUD&'H[SXOVLäQGH &'
0DQGRVGHVRQLGRGHOYRODQWH
/('GH&'LQVHUWDGR (O/('VHLOXPLQDVLKD\XQ &'LQVHUWDGRHQHO UHSURGXFWRUGH&' ([SXOVLäQGH&' 5DQXUDGH&'
65&)XHQWH 3XOVDFLäQVHOHFFLRQDOD IXHQWHGHVRQLGR 6LODUDGLRHVWÒDFWLYDJLUH KDFLDDUULEDKDFLDDEDMR SDUDVHOHFFLRQDUOD HPLVRUDSUHVLQWRQL]DGD VLJXLHQWHDQWHULRU 6LKD\XQUHSURGXFWRUGH &'DFWLYRJLUHKDFLD DUULEDKDFLDDEDMRSDUD VHOHFFLRQDUODSLVWDGH&' 03:0$VLJXLHQWH DQWHULRU
$XPHQWDHOYROXPHQ 5HGXFHHOYROXPHQ $FWLYDGHVDFWLYDHOPRGR GHVLOHQFLR
6LVWHPDGHLQIRHQWUHWHQLPLHQWR
0DQHMR (OHPHQWRVGHFRQWURO (OVLVWHPDGHLQIRHQWUHWHQLPLHQWRVH FRQWURODFRQORVERWRQHVGHIXQFLäQ ORVPDQGRVPXOWLIXQFLäQ\ORVPHQëV TXHDSDUHFHQHQODSDQWDOOD /DVLQVWUXFFLRQHVVHSXHGHQLQWURGXಢ FLURSFLRQDOPHQWHDWUDYÚVGH /DXQLGDGGHFRQWUROFHQWUDOGHOSDಢ QHOGHLQVWUXPHQWRV /RVPDQGRVGHOYRODQWH
(QFHQGLGR\DSDJDGRGHO VLVWHPDGHLQIRHQWUHWHQLPLHQWR 3XOVHHOPDQGR;GHIRUPDEUHYH &XDQGRVHHQFLHQGHVHDFWLYDODëOಢ WLPDIXHQWHGHLQIRHQWUHWHQLPLHQWR VHOHFFLRQDGD 'HVFRQH[LäQDXWRPÒWLFD 6LVHHQFLHQGHHOVLVWHPDGHLQIRHQಢ WUHWHQLPLHQWRFRQHOERWäQ;FRQHO HQFHQGLGRGHVFRQHFWDGRVHYROYHUÒ DDSDJDUDXWRPÒWLFDPHQWHDOFDERGH PLQXWHV
$MXVWHGHOYROXPHQ *LUHHOERWäQ;$SDUHFHODVLJXLHQWH FRQILJXUDFLäQHQODSDQWDOOD &XDQGRVHHQFLHQGHHOVLVWHPDGHLQಢ IRHQWUHWHQLPLHQWRVHDMXVWDHOëOWLPR YROXPHQVHOHFFLRQDGRVLHPSUHTXH HOYROXPHQVHDLQIHULRUDOYROXPHQ PÒ[LPRGHLQLFLR /RVVLJXLHQWHVYDORUHVVHSXHGHQ FRQILJXUDUSRUVHSDUDGR HOYROXPHQPÒ[LPRGHLQLFLR HOYROXPHQGHORVDQXQFLRVGHWUÒಢ ILFR HOYROXPHQGHORVPHQVDMHVGHQDಢ YHJDFLäQVäOR1DYL 9ROXPHQFRPSHQVDGRGHYHORFLGDG &XDQGRVHDFWLYDHOYROXPHQFRPಢ SHQVDGRGHYHORFLGDGHOYROXಢ PHQVHDGDSWDDXWRPÒWLFDPHQWHDOD FDUUHWHUD\HOUXLGRGHOYLHQWRTXHKD\ DOFRQGXFLU 6LOHQFLR 3XOVHHOERWäQ0 087(SDUDVLOHQFLDU ODVIXHQWHVGHDXGLR
3DUDFDQFHODUODIXQFLäQGHVLOHQFLR JLUHHOPDQGR;RSXOVHGHQXHYRHO ERWäQ0 087( /LPLWDFLäQGHYROXPHQ DWHPSHUDWXUDVDOWDV VäOR&'&' &XDQGRKD\WHPSHUDWXUDVPX\DOWDV HQHOYHKÞFXORHOVLVWHPDGHLQIRHQಢ WUHWHQLPLHQWROLPLWDHOYROXPHQPÒಢ [LPRTXHVHSXHGHDMXVWDU6LHVQHಢ FHVDULRHOYROXPHQVHUHGXFHGHPDಢ QHUDDXWRPÒWLFD
0RGRVGHIXQFLRQDPLHQWR 5DGLR 3XOVHHOERWäQ% %$1'SDUDDEULUHO PHQëSULQFLSDOGHODUDGLRRSDUD FDPELDUHQWUHEDQGDVGHIUHFXHQFLDV GLVWLQWDV 3XOVHHOPDQGR0 0(18SDUDDEULUXQ VXEPHQëFRQRSFLRQHVGHVHOHFFLäQ GHHPLVRUDV 'HVFULSFLäQGHWDOODGDGHODVIXQFLRಢ QHVGHODUDGLR
6LVWHPDGHLQIRHQWUHWHQLPLHQWR
5HSURGXFWRUHVGHDXGLR 3XOVHHOERWäQ& &'$8;SDUDDEULUORV PHQëVGH&'86%L3RGR$8;VL HVWÒQGLVSRQLEOHV RSDUDFDPELDUGH XQPHQëDRWUR 3XOVHHOPDQGR0 0(18SDUDDEULUXQ VXEPHQëFRQRSFLRQHVGHVHOHFFLäQ GHSLVWDV 'HVFULSFLäQGHWDOODGDGH /DVIXQFLRQHVGHOUHSURGXFWRUGH &' /DVIXQFLRQHVGHODHQWUDGD$8; /DVIXQFLRQHVGHOSXHUWR86% VDOYR&' 1DYHJDFLäQ VäOR1DYL 3XOVHHOERWäQ1 1$9SDUDPRVWUDUXQ PDSDGHOÒUHDTXHURGHDODSRVLFLäQ DFWXDOGHOYHKÞFXOR 3XOVHHOERWäQ0 0(18SDUDDEULUHO PHQëGHQDYHJDFLäQSULQFLSDO 'HVFULSFLäQGHWDOODGDGHODVIXQFLRಢ QHVGHOVLVWHPDGHQDYHJDFLäQ
)XQFLRQDPLHQWREÒVLFR %RWäQ0(18 (OPDQGR0 0(18HVHOHOHPHQWRGH FRQWUROFHQWUDOGHORVPHQëV *LUDU SDUDPDUFDUXQDRSFLäQGHOPHQë &'SDUDPRVWUDUXQDRSFLäQ GHOPHQë SDUDDMXVWDUXQYDORUQXPÚULFR 3XOVDU SDUDVHOHFFLRQDURDFWLYDUODRSFLäQ PDUFDGD &'SDUDVHOHFFLRQDURDFWLYDU ODRSFLäQPRVWUDGD SDUDFRQILUPDUXQYDORUDMXVWDGR SDUDDFWLYDURGHVDFWLYDUXQDIXQಢ FLäQGHOVLVWHPD
%RWäQ%$&. 3XOVHEUHYHPHQWHHOERWäQSDUD VDOLUGHXQPHQë YROYHUGHXQVXEPHQëDOVLJXLHQWH QLYHOVXSHULRUGHOPHQë ERUUDUHOëOWLPRFDUÒFWHUHQXQDVHಢ FXHQFLDGHFDUDFWHUHV 0DQWHQHUHOERWäQSXOVDGRXQRVVHಢ JXQGRVSDUDHOLPLQDUWRGDODHQWUDGD
6LVWHPDGHLQIRHQWUHWHQLPLHQWR (MHPSORVGHIXQFLRQDPLHQWRGH PHQëV (MHPSORVFRUUHVSRQGLHQWHV D1DYL 6HOHFFLRQDUXQDRSFLäQ
8QDIOHFKDHQHOERUGHGHUHFKRGHO PHQëLQGLFDTXHGHVSXÚVGHVHOHFಢ FLRQDUODRSFLäQVHDEULUÒXQVXEಢ PHQëFRQRSFLRQHVDGLFLRQDOHV $FWLYDFLäQGHXQDMXVWH
$MXVWHGHXQYDORU
*LUHHOPDQGR0 0(18SDUDFDPELDUHO YDORUDFWXDOGHODMXVWH 3XOVHHOPDQGR0 0(18SDUDFRQILUಢ PDUHOYDORUDMXVWDGR *LUHHOPDQGR0 0(18SDUDPRYHUHO FXUVRU IRQGRGHFRORU KDVWDODRSಢ FLäQGHVHDGD 3XOVHHOPDQGR0 0(18SDUDVHOHFFLRಢ QDUODRSFLäQPDUFDGD 6XEPHQëV
*LUHHOPDQGR0 0(18SDUDPDUFDUHO DMXVWHGHVHDGR 3XOVHHOPDQGR0 0(18SDUDDFWLYDUHO DMXVWH
6LVWHPDGHLQIRHQWUHWHQLPLHQWR
$FWLYDU\GHVDFWLYDUXQDIXQFLäQ
*LUHHOPDQGR0 0(18SDUDPDUFDUOD IXQFLäQTXHGHVHDDFWLYDURGHVDFWLಢ YDU 3XOVHHOPDQGR0 0(18SDUDFDPELDU HQWUHORVDMXVWHV$ $FWLYDGR\' 'HVDFW
,QWURGXFFLäQGHXQDVHFXHQFLDGHFDಢ UDFWHUHV
(MHPSORVFRUUHVSRQGLHQWHVD&' 6HOHFFLRQDUXQDRSFLäQ
3DUDLQWURGXFLUXQDVHFXHQFLDGHFDಢ UDFWHUHVSRUHMHPSORQRPEUHVGH FDUUHWHUDV *LUHHOPDQGR0 0(18SDUDVHOHFFLRಢ QDUHOFDUÒFWHUGHVHDGR &RQHOERWäQ% %$&.SXHGHERUUDUVHHO ëOWLPRFDUÒFWHUGHODVHFXHQFLDGHFDಢ UDFWHUHV6LPDQWLHQHSXOVDGRHOERಢ WäQ% %$&.SXHGHERUUDUODHQWUDGD FRPSOHWD 3XOVHHOPDQGR0 0(18SDUDFRQILUಢ PDUHOFDUÒFWHUVHOHFFLRQDGR
*LUHHOPDQGR0 0(18SDUDPRYHUHO FXUVRU IRQGRGHFRORU KDVWDODRSಢ FLäQGHVHDGD 3XOVHHOPDQGR0 0(18SDUDVHOHFFLRಢ QDUODRSFLäQPDUFDGD 6XEPHQëV 8QDIOHFKDHQHOERUGHGHUHFKRGHO PHQëLQGLFDTXHGHVSXÚVGHVHOHFಢ FLRQDUODRSFLäQVHDEULUÒXQVXEಢ PHQëFRQRSFLRQHVDGLFLRQDOHV
6LVWHPDGHLQIRHQWUHWHQLPLHQWR
$FWLYDFLäQGHXQDMXVWH
$MXVWHGHXQYDORU
$FWLYDU\GHVDFWLYDUXQDIXQFLäQ
*LUHHOPDQGR0 0(18SDUDPDUFDUHO DMXVWHGHVHDGR 3XOVHHOPDQGR0 0(18SDUDDFWLYDUHO DMXVWH
*LUHHOPDQGR0 0(18SDUDFDPELDUHO YDORUDFWXDOGHODMXVWH 3XOVHHOPDQGR0 0(18SDUDFRQILUಢ PDUHOYDORUDMXVWDGR
*LUHHOPDQGR0 0(18SDUDPDUFDUOD IXQFLäQTXHGHVHDDFWLYDURGHVDFWLಢ YDU 3XOVHHOPDQGR0 0(18SDUDFDPELDU HQWUHORVDMXVWHV$ $FWLYDGR\' 'HVDFW
6LVWHPDGHLQIRHQWUHWHQLPLHQWR
(MHPSORVFRUUHVSRQGLHQWHVD&' (OHPHQWRVGHPHQë\VÞPERORV
/DIOHFKDKDFLDODGHUHFKD LQGLFD TXHHOSULPHUQLYHOGHVXEPHQëVHVWÒ DFWLYRGRVIOHFKDV KD\XQVHJXQGR QLYHOGHVXEPHQëVDFWLYR /DIOHFKDKDFLDDEDMR LQGLFDKD\ RSFLRQHVDGLFLRQDOHVGLVSRQLEOHVHQ HOVXEPHQëDFWLYR
$MXVWHGHXQYDORU
$FWLYDFLäQGHXQDMXVWH
/DVIOHFKDVKDFLDDUULED\DEDMR LQಢ GLFDQTXHHOQLYHOVXSHULRUGHOPHQë HVWÒDFWLYR+D\RSFLRQHVDGLFLRQDOHV GLVSRQLEOHVHQHOPHQëDFWLYR *LUHHOPDQGR0 0(18SDUDPRVWUDU ODVRWUDVRSFLRQHVHQHOPHQëDFWLYR /DIOHFKDHQÒQJXOR LQGLFDTXHKD\ GLVSRQLEOHXQVXEPHQëFRQRSFLRQHV DGLFLRQDOHV 3XOVHHOPDQGR0 0(18SDUDVHOHFFLRಢ QDUODRSFLäQPRVWUDGD\SDUDDEULUHO VXEPHQëFRUUHVSRQGLHQWH
3XOVHHOPDQGR0 0(18SDUDDEULUHO PHQëGHDMXVWHVFRUUHVSRQGLHQWH *LUHHOPDQGR0 0(18SDUDFDPELDUHO YDORUDFWXDOGHODMXVWH 3XOVHHOPDQGR0 0(18SDUDFRQILUಢ PDUHOYDORUDMXVWDGR 3XOVHHOPDQGR0 0(18SDUDDEULUHO PHQëGHDMXVWHVFRUUHVSRQGLHQWH *LUHHOPDQGR0 0(18SDUDYHUHO DMXVWHGHVHDGR 3XOVHHOPDQGR0 0(18SDUDDFWLYDUHO DMXVWH
6LVWHPDGHLQIRHQWUHWHQLPLHQWR $FWLYDU\GHVDFWLYDUXQDIXQFLäQ
$MXVWHVGHOWRQR
$MXVWHGHEDMRVPHGLRV\DOWRV
1DYL (QHOPHQëGHDMXVWHVGHOWRQRVH SXHGHQDMXVWDUODVFDUDFWHUÞVWLFDVWRಢ QDOHVGHIRUPDGLIHUHQWHSDUDFDGD EDQGDGHIUHFXHQFLDVGHUDGLR\SDUD FDGDIXHQWHGHOUHSURGXFWRUGHDXGLR
6HOHFFLRQH* *UDYHV0 0HGLRV R$ $JXGRV $MXVWHHOYDORUGHVHDGRSDUDODRSಢ FLäQVHOHFFLRQDGD
3XOVHHOPDQGR0 0(18SDUDDEULUHO PHQëGHDMXVWHVFRUUHVSRQGLHQWH *LUHHOPDQGR0 0(18SDUDPDUFDUHO DMXVWH$ $FWLYDGRR' 'HVDFW 3XOVHHOPDQGR0 0(18SDUDFRQILUಢ PDUHODMXVWHTXHVHKDPDUFDGR 3XOVHHOERWäQ7 721(SDUDDEULUHO PHQëGHWRQR
6LVWHPDGHLQIRHQWUHWHQLPLHQWR
$MXVWHGHODGLVWULEXFLäQGHOYROXPHQ HQWUHGHODQWH\GHWUÒV
$MXVWHGHODGLVWULEXFLäQGHOYROXPHQ HQWUHODGHUHFKD\ODL]TXLHUGD
2SWLPL]DFLäQGHOWRQRSDUDHOHVWLOR GHPëVLFD
6HOHFFLRQH$ $WHQXDGRU $MXVWHHOYDORUGHVHDGR
6HOHFFLRQH% %DODQFH $MXVWHHOYDORUGHVHDGR
6HOHFFLRQH( (4HFXDOL]DGRU /DVRSFLRQHVPRVWUDGDVOHRIUHFHQ DMXVWHVGHJUDYHVPHGLRV\DJXGRV SUHGHILQLGRV\RSWLPL]DGRVSDUDHO HVWLORGHPëVLFDFRUUHVSRQGLHQWH 6HOHFFLRQHODRSFLäQUHTXHULGD
&RQILJXUDFLäQGHXQDMXVWHFRQFUHWR DR'HVDFW 6HOHFFLRQHODRSFLäQGHVHDGD\PDQಢ WHQJDSXOVDGRHOPDQGR0 0(18GXಢ UDQWHXQRVVHJXQGRV &RQILJXUDFLäQGHWRGRVORVDMXVWHV DR'HVDFW 0DQWHQJDSXOVDGRHOERWäQ7 721( GXUDQWHXQRVVHJXQGRV
&'&' (QHOPHQëGHDMXVWHVGHOWRQRVH SXHGHQDMXVWDUODVFDUDFWHUÞVWLFDVWRಢ QDOHVGHIRUPDGLIHUHQWHSDUDFDGD EDQGDGHIUHFXHQFLDVGHUDGLR\SDUD FDGDIXHQWHGHOUHSURGXFWRUGHDXGLR
6LVWHPDGHLQIRHQWUHWHQLPLHQWR 6HOHFFLRQH* *UDYHV* *DPPHG R$ $JXGRV $MXVWHHOYDORUGHVHDGRSDUDODRSಢ FLäQVHOHFFLRQDGD
$MXVWHGHODGLVWULEXFLäQGHOYROXPHQ HQWUHODGHUHFKD\ODL]TXLHUGD
$MXVWHGHODGLVWULEXFLäQGHOYROXPHQ HQWUHGHODQWH\GHWUÒV
3XOVHHOERWäQ7 721(SDUDDEULUHO PHQëGHWRQR 6HOHFFLRQH% %DODQFH $MXVWHHOYDORUGHVHDGR
$MXVWHGHEDMRVPHGLRV\DOWRV
6HOHFFLRQH$ $WHQXDF $MXVWHHOYDORUGHVHDGR
&RQILJXUDFLäQGHXQDMXVWHFRQFUHWR D 6HOHFFLRQHODRSFLäQGHVHDGD\PDQಢ WHQJDSXOVDGRHOPDQGR0 0(18GXಢ UDQWHXQRVVHJXQGRV &RQILJXUDFLäQGHWRGRVORVDMXVWHV DX2)) 0DQWHQJDSXOVDGRHOERWäQ7 721( GXUDQWHXQRVVHJXQGRV
6LVWHPDGHLQIRHQWUHWHQLPLHQWR
2SWLPL]DFLäQGHOWRQRSDUDHOHVWLOR GHPëVLFD
$MXVWHVGHOYROXPHQ
9ROXPHQHQIXQFLäQGHODYHORFLGDG
1DYL 9ROXPHQLQLFLDOPÒ[LPR
6HOHFFLRQH( (FXDOL]HFXDOL]DGRU /DVRSFLRQHVPRVWUDGDVOHRIUHFHQ DMXVWHVGHJUDYHVPHGLRV\DJXGRV SUHGHILQLGRV\RSWLPL]DGRVSDUDHO HVWLORGHPëVLFDFRUUHVSRQGLHQWH 6HOHFFLRQHODRSFLäQGHVHDGD
3XOVHHOERWäQ& &21),*SDUDDEULUHO PHQëGHDMXVWHVGHOVLVWHPD 6HOHFFLRQH$ $MXVWHVGHODUDGLR\OXHJR 9ROXPHQLQLFLDOPÒ[LPR $MXVWHHOYDORUGHVHDGR
3XOVHHOERWäQ& &21),*SDUDDEULUHO PHQëGHDMXVWHVGHOVLVWHPD 6HOHFFLRQH$ $MXVWHVGHODUDGLR\OXHJR 9ROXPHQHQIXQFLäQGHODYHORFLGDG (OYROXPHQHQIXQFLäQGHODYHORFLGDG VHSXHGHGHVDFWLYDU\HOJUDGRGH DGDSWDFLäQGHOYROXPHQVHSXHGHUHಢ JXODUHQHOPHQëTXHVHPXHVWUD 6HOHFFLRQHODRSFLäQUHTXHULGD
6LVWHPDGHLQIRHQWUHWHQLPLHQWR 9ROXPHQGHORVDQXQFLRVGHWUÒILFR 7$ (OYROXPHQGHORVDQXQFLRVGHWUÒILFR VHSXHGHDXPHQWDURUHGXFLUGH IRUPDSURSRUFLRQDODOYROXPHQGHDXಢ GLRQRUPDO
3XOVHHOERWäQ& &21),*SDUDDEULUHO PHQëGHDMXVWHVGHOVLVWHPD 6HOHFFLRQH$ $MXVWHVGHODUDGLR 2SFLRQHV5'6\9 9ROXPHQ7$ $MXVWHHOYDORUGHVHDGR
&'&'
9ROXPHQFRPSHQVDGRGHYHORFLGDG
9ROXPHQPÒ[DOHQFHQGHU
3XOVHHOERWäQ& &21),*SDUDDEULUHO PHQëGHDMXVWHVGHOVLVWHPD 6HOHFFLRQH$ $MXVWHVGHODUDGLR\OXHJR 9ROXPHQPÒ[DOHQFHQGHU &'VHOHFFLRQH$ $MXVWHVGH DXGLR\OXHJR9 9ROXPHQDODUUDQFDU $MXVWHHOYDORUGHVHDGR
3XOVHHOERWäQ& &21),*SDUDDEULUHO PHQëGHDMXVWHVGHOVLVWHPD 6HOHFFLRQH$ $MXVWHVGHODUDGLR\OXHJR &RQWUROGHYROXPHQDXWRPÒW &'VHOHFFLRQH$ $MXVWHVGH DXGLR\OXHJR& &RQWUROGHYROXPHQ DXWRPÒW (OYROXPHQFRPSHQVDGRGHYHORFLಢ GDGVHSXHGHGHVDFWLYDU\HOJUDGRGH DGDSWDFLäQGHOYROXPHQVHSXHGHUHಢ JXODUHQHOPHQëTXHVHPXHVWUD 6HOHFFLRQHODRSFLäQGHVHDGD
6LVWHPDGHLQIRHQWUHWHQLPLHQWR
9ROXPHQGHORVDQXQFLRVGHWUÒILFR 7$ (OYROXPHQGHORVDQXQFLRVGHWUÒILFR VHSXHGHDXPHQWDURUHGXFLUGH IRUPDSURSRUFLRQDODOYROXPHQGHDXಢ GLRQRUPDO
$MXVWHHOYDORUGHVHDGRGHDXPHQWR RUHGXFFLäQGHYROXPHQ
3HUVRQDOL]DFLäQ VäOR&' 6HSXHGHQPHPRUL]DUYDULRVDMXVWHV GHOVLVWHPDGHLQIRHQWUHWHQLPLHQWR SRUVHSDUDGRSDUDFDGDOODYHGHOYHಢ KÞFXORHVGHFLUXQDMXVWHSDUDFDGD FRQGXFWRU
$MXVWHVPHPRUL]DGRV
3XOVHHOERWäQ& &21),*SDUDDEULUHO PHQëGHDMXVWHVGHOVLVWHPD 6HOHFFLRQH$ $MXVWHVGHODUDGLR 2SFLRQHVGH5'6\9 9ROXPDQXQFLRV WUÒI &'VHOHFFLRQH$ $MXVWHVGH DXGLR2 2SFLRQHVGH5'6\9 9ROXP DQXQFLRVWUÒI
$OVDFDUODOODYHGHODFHUUDGXUDGHO HQFHQGLGRORVDMXVWHVVLJXLHQWHVVH JXDUGDQDXWRPÒWLFDPHQWHSDUDOD OODYHXWLOL]DGD ëOWLPRVDMXVWHVGHOYROXPHQXQQLಢ YHOGHYROXPHQSDUDWRGDVODVIXHQಢ WHVGHDXGLRVDOYRHOWHOÚIRQRUDಢ GLRUHSURGXFWRUGH&'$8;86% WRGDVODVSUHVLQWRQÞDVGHHPLVRUDV GHUDGLR WRGRVORVDMXVWHVGHWRQRHVWRV DMXVWHVVHJXDUGDQSRUVHSDUDGR SDUDFDGDXQDGHODVIXHQWHVGH
DXGLRVLJXLHQWHVVLHVWÒQGLVSRQLಢ EOHV $0)0UHSURGXFWRUGH&' $8;86% ëOWLPDIXHQWHGHDXGLRDFWLYD ëOWLPDHPLVRUDGHUDGLRDFWLYDSRU VHSDUDGRSDUDFDGDEDQGDGHIUHಢ FXHQFLDV ëOWLPRPRGRGHYLVXDOL]DFLäQDFWLYR ëOWLPDSRVLFLäQHQ&'GHDXGLR 03RFDPELDGRUGH&'VLHVWÒ GLVSRQLEOH FRQQëPHURGHGLVFR QëPHURGHSLVWD\FDUSHWD HVWDGRGHDMXVWHGHUHSURGXFFLäQ DOHDWRULDUHSURGXFWRUGH&' DMXVWHGHHVWDGRGH73SURJUDPD GHWUÒILFR SRVLFLäQGHOFXUVRUSDUDFDGDPHQë HQODSDQWDOOD
$FWLYDFLäQGHVDFWLYDFLäQGHOD SHUVRQDOL]DFLäQ 3XOVHHOERWäQ& &21),*SDUDDEULUHO PHQëGHDMXVWHVGHOVLVWHPD 6HOHFFLRQH$ $MXVWHVGHOYHKÞFXOR \OXHJR$ $MXVWHVGHFRQIRUW
6LVWHPDGHLQIRHQWUHWHQLPLHQWR $MXVWH3 3HUVRQDOL]DFLäQFRQGXFWRU D$ $FWLYR' 'HVDF
5DGLR
6HOHFFLäQGHODEDQGDGH IUHFXHQFLDV
0DQHMR
3XOVHHOERWäQ% %$1'XQDRYDULDVYHಢ FHVSDUDVHOHFFLRQDUODEDQGDGHIUHಢ FXHQFLDVGHVHDGD 6HVLQWRQL]DUÒODëOWLPDHPLVRUDVHಢ OHFFLRQDGDHQHVDEDQGDGHIUHFXHQಢ FLDV
%RWRQHVGHFRQWURO /RVERWRQHVGHFRQWUROSULQFLSDOHVGH ODUDGLRVRQORVVLJXLHQWHV %$1'$FWLYDODUDGLR WY%ëVTXHGDGHHPLVRUDV $6/LVWDVGHPHPRUL]DFLäQDXWRಢ PÒWLFD )$9/LVWDVGHIDYRULWRV %RWRQHVGHSUHVLQWRQÞDV 736HUYLFLRGHWUÒILFRSRUUDGLR
3XOVHGHIRUPDEUHYHHOERWäQW RYSDUDDFWLYDUODVLJXLHQWHHPLVRUD GHODPHPRULDGHHPLVRUDV
$FWLYDFLäQGHODUDGLR
%ëVTXHGDPDQXDOGHHPLVRUDV
3XOVHHOERWäQ% %$1'SDUDDEULUHO PHQëSULQFLSDOGHODUDGLR 6HVLQWRQL]DUÒODëOWLPDHPLVRUDVHಢ OHFFLRQDGD
%ëVTXHGDGHHPLVRUDV %ëVTXHGDDXWRPÒWLFDGH HPLVRUDV
1DYL 3XOVHHOERWäQWRY\PDQWÚQJDOR SXOVDGR6XHOWHHOERWäQFXDQGRFDVL VHKD\DOOHJDGRDODIUHFXHQFLDGHಢ VHDGD 6HEXVFDODVLJXLHQWHHPLVRUDTXHVH SXHGHUHFLELU\VHVLQWRQL]DDXWRPÒಢ WLFDPHQWH
6LVWHPDGHLQIRHQWUHWHQLPLHQWR
&'&' 3XOVHHOERWäQWRYGXUDQWHXQRV VHJXQGRVSDUDHPSH]DUDEXVFDUOD VLJXLHQWHHPLVRUDTXHVHSXHGHUHFLಢ ELUHQODEDQGDGHIUHFXHQFLDVDFWXDO &XDQGRVHDOFDQ]DODIUHFXHQFLDGHಢ VHDGDODHPLVRUDVHVLQWRQL]DDXWRಢ PÒWLFDPHQWH 1RWD %ëVTXHGDGHHPLVRUDVPDQXDO6LOD UDGLRQRHQFXHQWUDXQDHPLVRUD FDPELDDXWRPÒWLFDPHQWHDXQQLYHO GHEëVTXHGDPÒVVHQVLEOH6LWRGDಢ YÞDQRHQFXHQWUDXQDHPLVRUDVH YXHOYHDVHOHFFLRQDUODIUHFXHQFLD TXHHVWXYRDFWLYDODëOWLPDYH] 1RWD %DQGDGHIUHFXHQFLDV)0FXDQGR HVWÒDFWLYDGDODIXQFLäQ5'6VäOR VHEXVFDQHPLVRUDV5'6 \FXDQGRHVWÒDFWLYDGRHOVHUYLFLRGH LQIRUPDFLäQGHWUÒILFR73 VäORVH EXVFDQHPLVRUDVFRQLQIRUPDFLäQ GHWUÒILFR
6LQWRQL]DFLäQPDQXDOGH HPLVRUDV
1DYL
%DQGDGHIUHFXHQFLDV)0 6äOR1DYLSXOVHHOERWäQ0 0(18 SDUDDEULUHOPHQë)0\VHOHFFLRQH 6LQWRQL]DFLäQPDQXDO)0 *LUHHOPDQGR0 0(18\DMXVWHODIUHಢ FXHQFLDGHUHFHSFLäQäSWLPDHQOD SDQWDOODGHIUHFXHQFLDVHPHUJHQWH %DQGDGHIUHFXHQFLDV$0 *LUHHOPDQGR0 0(18\DMXVWHODIUHಢ FXHQFLDGHUHFHSFLäQäSWLPDHQOD SDQWDOODGHIUHFXHQFLDVHPHUJHQWH
/LVWDVGHPHPRUL]DFLäQ DXWRPÒWLFD /DIXQFLäQGHPHPRUL]DFLäQDXWRPÒಢ WLFDSHUPLWHEXVFDU\JXDUGDUDXWRಢ PÒWLFDPHQWHODVHPLVRUDVGHXQD EDQGDGHIUHFXHQFLDVTXHVHUHFLEHQ PHMRU
1RWD $SDUHFHUHVDOWDGDODHPLVRUDVLQWRಢ QL]DGDDFWXDOPHQWH
6LVWHPDGHLQIRHQWUHWHQLPLHQWR &'
GDUÒQODVHPLVRUDVGHUDGLRGHHVD EDQGDGHIUHFXHQFLDVTXHPHMRUVH UHFLEDQ 3DUDFDQFHODUODPHPRUL]DFLäQDXWRಢ PÒWLFDSXOVHHOPDQGR0 0(18
0HPRUL]DFLäQGHHPLVRUDV PDQXDO
1RWD /DHPLVRUDVLQWRQL]DGDDFWXDOPHQWH DSDUHFHPDUFDGDFRQL &DGDEDQGDGHIUHFXHQFLDVGLVSRQH GHOLVWDVGHPHPRUL]DFLäQDXWRPÒಢ WLFD$ $6$ $6 \VHSXHGHQJXDUGDU HPLVRUDVHQFDGDXQDGHHOODV
0HPRUL]DFLäQGHHPLVRUDV DXWRPÒWLFD 0DQWHQJDSXOVDGRHOERWäQ$ $6KDVWD TXHDSDUH]FDXQPHQVDMHGHPHPRಢ UL]DFLäQDXWRPÒWLFD(QODVOLVWDVGH PHPRUL]DFLäQDXWRPÒWLFDVHJXDUಢ
/DVHPLVRUDVWDPELÚQVHSXHGHQ JXDUGDUPDQXDOPHQWHHQODVOLVWDVGH PHPRUL]DFLäQDXWRPÒWLFD 6HOHFFLRQHODHPLVRUDTXHGHVHD JXDUGDU 3XOVHGHIRUPDEUHYHHOERWäQ$ $6 SDUDDEULUXQDOLVWDGHIDYRULWRVRSDUD FDPELDUDRWUDOLVWDGHPHPRUL]DFLäQ DXWRPÒWLFD 3DUDJXDUGDUODHPLVRUDHQXQDSRVLಢ FLäQGHODOLVWDSXOVHHOERWäQGHHPLಢ VRUDTXHFRUUHVSRQGD KDVWDTXH DSDUH]FDXQPHQVDMHGHFRQILUPDಢ FLäQ 1RWD /DVHPLVRUDVDOPDFHQDGDVPDQXDOಢ PHQWHVHVREUHVFULEHQGXUDQWHHO SURFHVRGHPHPRUL]DFLäQDXWRPÒಢ WLFDGHHPLVRUDV
$FWLYDUXQDHPLVRUDJXDUGDGD 3XOVHGHIRUPDEUHYHHOERWäQ$ $6 SDUDDEULUXQDOLVWDGHIDYRULWRVRSDUD FDPELDUDRWUDOLVWDGHPHPRUL]DFLäQ DXWRPÒWLFD 3XOVHGHIRUPDEUHYHORVERWRQHVGH HPLVRUDSDUDVLQWRQL]DUODHPLಢ VRUDGHODSRVLFLäQGHODOLVWDTXHFRಢ UUHVSRQGD
/LVWDVGHIDYRULWRV /DVHPLVRUDVGHWRGDVODVEDQGDVGH IUHFXHQFLDVVHSXHGHQJXDUGDUPDಢ QXDOPHQWHHQODOLVWDGHIDYRULWRV
6LVWHPDGHLQIRHQWUHWHQLPLHQWR
1DYL
3DUDJXDUGDUODHPLVRUDHQXQDSRVLಢ FLäQGHODOLVWDSXOVHHOERWäQGHHPLಢ VRUDTXHFRUUHVSRQGD KDVWDTXH DSDUH]FDXQPHQVDMHGHFRQILUPDಢ FLäQ $FWLYDUXQDHPLVRUDJXDUGDGD 3XOVHGHIRUPDEUHYHHOERWäQ) )$9 SDUDDEULUXQDOLVWDGHIDYRULWRVRSDUD FDPELDUDRWUDOLVWDGHIDYRULWRV 3XOVHGHIRUPDEUHYHORVERWRQHVGH HPLVRUDSDUDVLQWRQL]DUODHPLಢ VRUDGHODSRVLFLäQGHODOLVWDTXHFRಢ UUHVSRQGD
6HSXHGHQJXDUGDUHPLVRUDVHQ FDGDOLVWDGHIDYRULWRV6HSXHGHFRQಢ ILJXUDUHOQëPHURGHOLVWDVGHIDYRULಢ WRVGLVSRQLEOHVYHDPÒVDEDMR 1RWD $SDUHFHUHVDOWDGDODHPLVRUDVLQWRಢ QL]DGDDFWXDOPHQWH *XDUGDUXQDHPLVRUD 6HOHFFLRQHODHPLVRUDTXHGHVHD JXDUGDU 3XOVHGHIRUPDEUHYHHOERWäQ) )$9 SDUDDEULUXQDOLVWDGHIDYRULWRVRSDUD FDPELDUDRWUDOLVWDGHIDYRULWRV
3XOVHHOERWäQ& &21),* 6HOHFFLRQH$ $MXVWHVGHODUDGLR\OXHJR )DYRULWRVGHUDGLR 6HOHFFLRQHHOQëPHURGHOLVWDVGHIDಢ YRULWRVGLVSRQLEOHVTXHGHVHH
&'&'
'HILQLUHOQëPHURGHOLVWDVGH IDYRULWRVGLVSRQLEOHV
6HSXHGHQJXDUGDUHPLVRUDVHQ FDGDOLVWDGHIDYRULWRV6HSXHGHFRQಢ ILJXUDUHOQëPHURGHOLVWDVGHIDYRULಢ WRVGLVSRQLEOHVYHDPÒVDEDMR &'1RVHSXHGHFRQILJXUDUHO QëPHURGHOLVWDVGHIDYRULWRVGLVSRಢ QLEOHV
6LVWHPDGHLQIRHQWUHWHQLPLHQWR 1RWD /DHPLVRUDVLQWRQL]DGDDFWXDOPHQWH DSDUHFHPDUFDGDFRQL *XDUGDUXQDHPLVRUD 6HOHFFLRQHODHPLVRUDTXHGHVHD JXDUGDU 3XOVHGHIRUPDEUHYHHOERWäQ) )$9 SDUDDEULUXQDOLVWDGHIDYRULWRVRSDUD FDPELDUDRWUDOLVWDGHIDYRULWRV 3DUDJXDUGDUODHPLVRUDHQXQDSRVLಢ FLäQGHODOLVWDSXOVHHOERWäQGHHPLಢ VRUDTXHFRUUHVSRQGD KDVWDTXH DSDUH]FDXQPHQVDMHGHFRQILUPDಢ FLäQ $FWLYDUXQDHPLVRUDJXDUGDGD 3XOVHGHIRUPDEUHYHHOERWäQ) )$9 SDUDDEULUXQDOLVWDGHIDYRULWRVRSDUD FDPELDUDRWUDOLVWDGHIDYRULWRV 3XOVHGHIRUPDEUHYHORVERWRQHVGH HPLVRUDSDUDVLQWRQL]DUODHPLಢ VRUDGHODSRVLFLäQGHODOLVWDTXHFRಢ UUHVSRQGD 'HILQLUHOQëPHURGHOLVWDVGH IDYRULWRVGLVSRQLEOHV QR&'
(QHOPHQëSULQFLSDOGHODUDGLRSXOVH HOPDQGR0 0(18SDUDDEULUHOPHQë GHEDQGDGHIUHFXHQFLDVFRUUHVSRQಢ GLHQWH 1RWD /DVVLJXLHQWHVLQGLFDFLRQHVHVSHFÞಢ ILFDVGH)0VHPXHVWUDQFRPR HMHPSORV
1DYL
3XOVHHOERWäQ& &21),* 6HOHFFLRQH$ $MXVWHVGHODUDGLR\OXHJR )DYRULWRVGHUDGLR 6HOHFFLRQHHOQëPHURGHOLVWDVGHIDಢ YRULWRVGLVSRQLEOHVTXHGHVHH
0HQëVGHEDQGDVGH IUHFXHQFLDV (QORVPHQëVHVSHFÞILFRVGHODEDQGD GHIUHFXHQFLDVHQFRQWUDUÒRWUDVIXQಢ FLRQHVDOWHUQDWLYDVGHVHOHFFLäQGH HPLVRUDV
/LVWDGHIDYRULWRV 6HOHFFLRQH/ /LVWDGHIDYRULWRV6H PXHVWUDQWRGDVODVHPLVRUDVGHODV OLVWDVGHIDYRULWRV
6LVWHPDGHLQIRHQWUHWHQLPLHQWR 1RWD 6LQRVHKDFUHDGRXQDOLVWDGHHPLಢ VRUDVFRQDQWHULRULGDGHOVLVWHPD GHDXGLRUHDOL]DXQDEëVTXHGDDXಢ WRPÒWLFDGHHPLVRUDV
1RWD 6LVHDFWXDOL]DODOLVWDGHHPLVRUDV HVSHFÞILFDGHXQDEDQGDGHIUHFXHQಢ FLDVVHDFWXDOL]DUÒWDPELÚQODOLVWD GHFDWHJRUÞDVFRUUHVSRQGLHQWHVL HVWÒGLVSRQLEOH
6HOHFFLRQHODHPLVRUDUHTXHULGD 1RWD /DHPLVRUDVLQWRQL]DGDDFWXDOPHQWH DSDUHFHPDUFDGDFRQL 6LQWRQL]DFLäQPDQXDO 3DUDPÒVLQIRUPDFLäQYHD6LQWRQLಢ ]DFLäQPDQXDOPÒVDUULED /LVWDVGHHPLVRUDV 6HOHFFLRQH/ /LVWDGHHPLVRUDV$0 R/ /LVWDGHHPLVRUDV)0 6HPXHVWUDQWRGDVODVHPLVRUDVGH $0)0TXHVHSXHGHQVLQWRQL]DUHQ OD]RQDGHUHFHSFLäQDFWXDO
6HOHFFLRQHHOFRPDQGRFRUUHVSRQಢ GLHQWHSDUDDFWXDOL]DUXQDOLVWDGH HPLVRUDV 6HLQLFLDXQDEëVTXHGDGHHPLVRUDV &XDQGRODEëVTXHGDILQDOL]DVHVLQಢ WRQL]DODëOWLPDHPLVRUDVHOHFFLRಢ QDGD 3DUDFDQFHODUODEëVTXHGDGHHPLVRಢ UDVSXOVHHOPDQGR0 0(18
6HOHFFLRQHODHPLVRUDUHTXHULGD 1RWD /DHPLVRUDVLQWRQL]DGDDFWXDOPHQWH DSDUHFHPDUFDGDFRQL $FWXDOL]DFLäQGHOLVWDVGHHPLVRUDV 6L\DQRVHSXHGHQUHFLELUODVHPLVRಢ UDVJXDUGDGDVHQODOLVWDGHHPLVRUDV GHXQDEDQGDGHIUHFXHQFLDVHVSHFÞಢ ILFD
,QIRUPDFLäQLPSRUWDQWHVREUHOD DFWXDOL]DFLäQGHODVOLVWDVGH HPLVRUDV (OVLQWRQL]DGRUGXDOGHOVLVWHPDGH LQIRHQWUHWHQLPLHQWRDFWXDOL]DGH IRUPDFRQWLQXDODVOLVWDVGHHPLVRUDV HQVHJXQGRSODQR'HHVWHPRGRVH JDUDQWL]DSRUHMHPSORTXHODVOLVWDV GHHPLVRUDVVLHPSUHFRQWLHQHQODV HPLVRUDVTXHVHSXHGHQUHFLELUHQOD ]RQDORFDOHQXQYLDMHODUJRSRUFDಢ UUHWHUD&RPRODDFWXDOL]DFLäQ
6LVWHPDGHLQIRHQWUHWHQLPLHQWR
DXWRPÒWLFDWDUGDXQSRFRQRWRGDV ODVHPLVRUDVTXHVHSXHGHQUHFLELU HVWDUÒQGLVSRQLEOHVLQPHGLDWDPHQWH HQODOLVWDGHHPLVRUDVHQHOFDVRGH TXHVHFDPELHUHSHQWLQDPHQWHGH ]RQDGHUHFHSFLäQ(QHVWDVFLUFXQVಢ WDQFLDVODDFWXDOL]DFLäQGHODVOLVWDV GHHPLVRUDVVHSXHGHQDFHOHUDUFRQ HOFRPDQGRFRUUHVSRQGLHQWHGHDFಢ WXDOL]DFLäQGHODOLVWDGHHPLVRUDV /LVWDVGHFDWHJRUÞDV 0XFKDVHPLVRUDV5'6HPLWHQ XQFäGLJR37>@HQHO PHQëSULQFLSDOGHODUDGLR 6äORVHUHFLEHQHPLVRUDVGHVHUYLಢ FLRGHWUÒILFRSRUUDGLR
6LODHPLVRUDDFWXDOQRHVXQDHPLಢ VRUDGHVHUYLFLRGHWUÒILFRSRUUDGLR VHEXVFDUÒDXWRPÒWLFDPHQWHODVLಢ JXLHQWHHPLVRUDFRQHVHVHUYLFLR &XDQGRVHHQFXHQWUHXQDHPLVRUD FRQVHUYLFLRGHWUÒILFRSRUUDGLRVH PRVWUDUÒ>>73@HQHOPHQëSULQFLSDO GHODUDGLR /RVDQXQFLRVGHWUÒILFRVHUHSURGXಢ FHQFRQHOYROXPHQGH7$SUHVLQಢ WRQL]DGR 6LVHDFWLYDHOVHUYLFLRGHWUÒILFRSRU UDGLRODUHSURGXFFLäQGH&'03 VHLQWHUUXPSHGXUDQWHHODQXQFLR GHWUÒILFR 2ÞUVäORDQXQFLRVGHWUÒILFR $FWLYHHOVHUYLFLRGHWUÒILFRSRUUDGLR \EDMHWRGRHOYROXPHQGHOVLVWHPDGH LQIRHQWUHWHQLPLHQWR %ORTXHRGHDQXQFLRVGHWUÒILFR 3DUDEORTXHDUXQDQXQFLRGHWUÒILFR HVGHFLUGXUDQWHODUHSURGXFFLäQGH XQ&'03 3XOVHHOERWäQ7 73RHOPDQGR 0(18SDUDFRQILUPDUHOPHQVDMHGH FDQFHODFLäQGHODSDQWDOOD
(ODQXQFLRGHWUÒILFRVHFDQFHODSHUR HOVHUYLFLRGHWUÒILFRSRUUDGLRVLJXH DFWLYDGR (21$QXQFLRVGHRWUDVUHGHV &RQ(21SXHGHRÞUORVDQXQFLRVGH WUÒILFRSRUUDGLRDXQTXHODHPLVRUD TXHKDVLQWRQL]DGRQRHPLWDXQVHUಢ YLFLRGHWUÒILFRSRUUDGLRSURSLR6LVH VLQWRQL]DXQDHPLVRUDGHHVWDVFDಢ UDFWHUÞVWLFDVDSDUHFHUÒ7 73HQQHJUR FRPRVLVHWUDWDUDGHXQDHPLVRUDFRQ VHUYLFLRGHWUÒILFRSRUUDGLR
6LVWHPDGHLQIRHQWUHWHQLPLHQWR
5HSURGXFWRUGH&' ,QIRUPDFLäQJHQHUDO 1DYL (OUHSURGXFWRUGH&'GHOVLVWHPDGH LQIRHQWUHWHQLPLHQWRSXHGHUHSURGXFLU &'GHDXGLR\&'GH03:0$ ,QIRUPDFLäQLPSRUWDQWHVREUH&'GH DXGLR\&'GH03:0$
$WHQFLäQ 1XQFDVHGHEHQLQVHUWDUGLVFRV '9'&'VHQFLOORVFRQXQGLÒPHಢ WURGHFPQL&'FRQIRUPDVLUUHಢ JXODUHVHQHOUHSURGXFWRUGHDXಢ GLR 1RFRORTXHQLQJXQDSHJDWLQDHQ ORV&''LFKRVGLVFRVVHSXHGHQ DWDVFDUHQODXQLGDGGH&'\HVಢ WURSHDUODXQLGDG(QWDOFDVRVHUÒ QHFHVDULDXQDFDUDVXVWLWXFLäQGHO GLVSRVLWLYR
/RV&'FRQSURWHFFLäQDQWLFRSLD TXHQRFXPSODQFRQODQRUPDGH &'GHDXGLRQRVHUHSURGXFLUÒQ FRUUHFWDPHQWHRQRVHSRGUÒQUHಢ SURGXFLU /RV&'5\&'5:JUDEDGRVVRQ PÒVYXOQHUDEOHVDXQDPDODPDQLಢ SXODFLäQTXHORV&'SUHJUDEDGRV 7UDWHELHQORV&'VREUHWRGRORV &'5\&'5:JUDEDGRVHQFRQಢ WUDUÒPÒVLQIRUPDFLäQPÒVDEDMR (VSRVLEOHTXHORV&'5\&'5: JUDEDGRVQRVHUHSURGX]FDQELHQ RQRVHSXHGDQUHSURGXFLU (Q&'PL[WRVFRPELQDFLRQHVGH DXGLR\GDWRVSRUHMHPSOR03 VäORVHGHWHFWDUÒQ\UHSURGXFLUÒQ ODVSLVWDVGHDXGLR 3URFXUHQRPDQFKDUORV&'FRQORV GHGRVDOFDPELDUORV 9XHOYDDSRQHUORV&'HQVXIXQGD MXVWRGHVSXÚVGHVDFDUORVGHOUHಢ SURGXFWRUGHDXGLRSDUDSURWHJHUಢ ORVGHODVXFLHGDG\GHFXDOTXLHU GDâR
6LXQ&'WLHQHVXFLHGDGRHVWÒPRಢ MDGRSXHGHPDQFKDUVHODOHQWH TXHKD\GHQWURGHOUHSURGXFWRUGH DXGLR\IDOODUÒ 3URWHMDORV&'GHOFDORU\ODOX]GLಢ UHFWDGHOVRO /DVVLJXLHQWHVOLPLWDFLRQHVVRQYÒಢ OLGDVSDUDORVGDWRVJXDUGDGRVHQ XQ&'GH03:0$ 3URIXQGLGDGPÒ[LPDGHODHVWUXFಢ WXUDGHFDUSHWDVQLYHOHV 1ëPHURPÒ[LPRGHDUFKLYRV03 :0$TXHVHSXHGHQJXDUGDU 1RVHSXHGHQUHSURGXFLUDUFKLYRV :0$FRQJHVWLäQGHGHUHFKRVGLಢ JLWDOHV'50 GHODVWLHQGDVGH YHQWDGHPëVLFDSRU,QWHUQHW /RVDUFKLYRV:0$VäORVHSXHGHQ UHSURGXFLUGHIRUPDVHJXUDVLVH KDQFUHDGRFRQODYHUVLäQRSRVಢ WHULRUGHO5HSURGXFWRUGH:LQGRZV 0HGLD ([WHQVLRQHVGHOLVWDVGHUHSURGXFಢ FLäQDSOLFDEOHVPXSOV
6LVWHPDGHLQIRHQWUHWHQLPLHQWR /DVHQWUDGDVGHODVOLVWDVGHUHSURಢ GXFFLäQGHEHQH[SUHVDUVHFRPR UXWDVUHODWLYDV (VWHFDSÞWXORVäORWUDWDVREUHODUHಢ SURGXFFLäQGHDUFKLYRV03\D TXHORVDUFKLYRV03\:0$IXQಢ FLRQDQLJXDO&XDQGRVHLQWURGXFH XQ&'FRQDUFKLYRV:0$DSDUHಢ FHQORVPHQëVGHORVDUFKLYRV 03
&'&' (OUHSURGXFWRUGH&'GHOVLVWHPDGH LQIRHQWUHWHQLPLHQWRSXHGHUHSURGXFLU &'GHDXGLR\&'GH03:0$ ,QIRUPDFLäQLPSRUWDQWHVREUH&'GH DXGLR\&'GH03:0$
$WHQFLäQ 1XQFDVHGHEHQLQVHUWDUGLVFRV '9'&'VHQFLOORVFRQXQGLÒPHಢ WURGHFPQL&'FRQIRUPDVLUUHಢ JXODUHVHQHOUHSURGXFWRUGHDXಢ GLR
1RFRORTXHQLQJXQDSHJDWLQDHQ ORV&''LFKRVGLVFRVVHSXHGHQ DWDVFDUHQODXQLGDGGH&'\HVಢ WURSHDUODXQLGDG(QWDOFDVRVHUÒ QHFHVDULDXQDFDUDVXVWLWXFLäQGHO GLVSRVLWLYR 6HDGPLWHQORVVLJXLHQWHVIRUPDWRV GH&' &'520PRGR\PRGR &'520;$PRGRIRUPD\ IRUPD 6HDGPLWHQORVVLJXLHQWHVIRUPDWRV GHDUFKLYR ,62QLYHOQLYHO5RPHR -ROLHW (VSRVLEOHTXHORVDUFKLYRV03 \:0$HVFULWRVHQXQIRUPDWRGLVಢ WLQWRDOLQGLFDGRPÒVDUULEDQRVH UHSURGX]FDQFRUUHFWDPHQWH\TXH ORVQRPEUHVGHDUFKLYR\QRPEUHV GHFDUSHWDQRVHOHDQELHQ /RV&'FRQSURWHFFLäQDQWLFRSLD TXHQRFXPSODQFRQODQRUPDGH &'GHDXGLRQRVHUHSURGXFLUÒQ FRUUHFWDPHQWHRQRVHSRGUÒQUHಢ SURGXFLU
/RV&'5\&'5:JUDEDGRVVRQ PÒVYXOQHUDEOHVDXQDPDODPDQLಢ SXODFLäQTXHORV&'SUHJUDEDGRV 7UDWHELHQORV&'VREUHWRGRORV &'5\&'5:JUDEDGRV9HD PÒVDEDMR (VSRVLEOHTXHORV&'5\&'5: JUDEDGRVQRVHUHSURGX]FDQELHQ RQRVHSXHGDQUHSURGXFLU(QHVಢ WRVFDVRVHOHTXLSRQRHVWÒDYHಢ ULDGR (QORV&'PL[WRVFRQSLVWDVGHDXಢ GLR\DUFKLYRVFRPSULPLGRV SRUHMHPSOR03 ODSDUWHFRQSLVಢ WDVGHDXGLR\ODSDUWHFRQDUFKLYRV FRPSULPLGRVVHSXHGHQUHSURGXFLU SRUVHSDUDGR 3URFXUHQRPDQFKDUORV&'FRQORV GHGRVDOFDPELDUORV 9XHOYDDSRQHUORV&'HQVXIXQGD MXVWRGHVSXÚVGHVDFDUORVGHOUHಢ SURGXFWRUGH&'SDUDSURWHJHUORV GHODVXFLHGDG\GHFXDOTXLHUGDâR 6LXQ&'WLHQHVXFLHGDGRHVWÒPRಢ MDGRSXHGHPDQFKDUVHODOHQWH TXHKD\GHQWURGHOUHSURGXFWRUGH &'\IDOODUÒ
6LVWHPDGHLQIRHQWUHWHQLPLHQWR
3URWHMDORV&'GHOFDORU\ODOX]GLಢ UHFWDGHOVRO /DVVLJXLHQWHVOLPLWDFLRQHVVRQYÒಢ OLGDVSDUDORVGDWRVJXDUGDGRVHQ XQ&'GH03:0$ 1ëPHURGHSLVWDVPÒ[ 1ëPHURGHFDUSHWDVPÒ[ 3URIXQGLGDGGHODHVWUXFWXUDGH FDUSHWDVPÒ[QLYHOHVUHFRಢ PHQGDGRPÒ[QLYHOHV 1ëPHURGHOLVWDVGHUHSURGXFFLäQ PÒ[ 1ëPHURGHFDQFLRQHVSRUOLVWDGH UHSURGXFFLäQPÒ[ ([WHQVLRQHVGHOLVWDVGHUHSURGXFಢ FLäQDSOLFDEOHVPXSOV DV[ZSO (VWHFDSÞWXORVäORWUDWDVREUHODUHಢ SURGXFFLäQGHDUFKLYRV03\D TXHORVDUFKLYRV03\:0$IXQಢ FLRQDQLJXDO&XDQGRVHLQWURGXFH XQ&'FRQDUFKLYRV:0$DSDUHಢ FHQORVPHQëVGHORVDUFKLYRV 03
0DQHMR 1DYL
,QLFLRGHODUHSURGXFFLäQGH&' (PSXMHHO&'FRQHOODGRGHODHWLಢ TXHWDKDFLDDUULEDHQODUDQXUDGH&' KDVWDTXHORFRMD /DUHSURGXFFLäQGHO&'VHLQLFLDDXಢ WRPÒWLFDPHQWH\DSDUHFHHOPHQë $XGLR&'R$ $XGLR03 6L\DKD\XQ&'HQODXQLGDGSHURQR VHDFWLYDHOPHQë$ $XGLR&'R$ $XGLR 03 3XOVHHOERWäQ& &'$8;
(OPHQë$ $XGLR&'R$ $XGLR03VH DEUH\VHUHSURGXFHHO&' (QIXQFLäQGHORVGDWRVJXDUGDGRVHQ HO&'RHO&'GH03VHPRVWUDUÒ HQODSDQWDOODXQDLQIRUPDFLäQXRWUD VREUHHO&'\ODSLVWDGHPëVLFDDFಢ WXDO 6LHOPHQë$ $XGLR&'R$ $XGLR03QR VHPXHVWUDGHVSXÚVGHSXOVDUHOERಢ WäQ& &'$8;VHGHEHUÒDTXHKD\XQ &'GHQDYHJDFLäQHQODUDQXUDGH &'3XOVHHOERWäQ& &'(-(&7SDUD H[SXOVDUHO&' 6HOHFFLäQGHXQDSLVWD *LUHHOPDQGR0 0(18SDUDPRVWUDU XQDOLVWDGHWRGDVODVSLVWDVGHO&' /DSLVWDTXHVHUHSURGXFHDSDUHFH SUHVHOHFFLRQDGD 6HOHFFLRQHODSLVWDTXHGHVHH ,UDODSLVWDVLJXLHQWHRDQWHULRU 3XOVHGHIRUPDEUHYHHOERWäQW RYXQDRYDULDVYHFHV
6LVWHPDGHLQIRHQWUHWHQLPLHQWR %ëVTXHGDGHSLVWDVKDFLDGHODQWH RDWUÒV 3XOVHGHIRUPDEUHYHHOERWäQW RY\OXHJRSXOVHHOERWäQWRY GHQXHYR\PDQWÚQJDORSXOVDGR KDVWDTXHVHPXHVWUHODSLVWDGHಢ VHDGD $YDQFHRUHWURFHVRUÒSLGR 3XOVHHOERWäQWRY\PDQWÚQJDOR SXOVDGRSDUDDYDQ]DURUHWURFHGHUUÒಢ SLGDPHQWHGHQWURGHODSLVWDDFWXDO
3XOVHHOPDQGR0 0(18SDUDDEULUHO PHQëGH&'GHDXGLRFRUUHVSRQಢ GLHQWH 3DUDUHSURGXFLUWRGDVODVSLVWDVHQ RUGHQDOHDWRULRDMXVWH$ $OHDWRULR 5'0 HQ$ $FWLYDGR 3DUDVHOHFFLRQDUXQDSLVWDGH&'GH DXGLRVHOHFFLRQH/ /LVWDGHSLVWDV \OXHJRVHOHFFLRQHODSLVWDGHVHDGD
'XUDQWHODUHSURGXFFLäQGH03
3DUDVHOHFFLRQDUXQDSLVWDGHXQD FDUSHWDROLVWDGHUHSURGXFFLäQVL HVWÒGLVSRQLEOH VHOHFFLRQH &DUSHWDVR/ /LVWDVGHUHSURGXFFLäQ 6HOHFFLRQHXQDFDUSHWDROLVWDGHUHಢ SURGXFFLäQ\OXHJRVHOHFFLRQHOD SLVWDGHVHDGD 6HOHFFLRQH% %XVFDUSDUDDEULUXQ PHQëFRQODVRSFLRQHVDGLFLRQDOHV GHEëVTXHGD\VHOHFFLäQGHSLVWDV
3XOVHHOPDQGR0 0(18SDUDDEULUHO PHQë03FRUUHVSRQGLHQWH 3DUDUHSURGXFLUWRGDVODVSLVWDVHQ RUGHQDOHDWRULRDMXVWH$ $OHDWRULR 5'0 HQ$ $FWLYDGR
(QIXQFLäQGHODFDQWLGDGGHSLVWDV JXDUGDGDVHOSURFHVRGHEëVTXHGD SXHGHWDUGDUYDULRVPLQXWRV 6HOHFFLRQHXQDRSFLäQGHEëVTXHGD \OXHJRVHOHFFLRQHODSLVWDGHVHDGD
6HOHFFLäQGHSLVWDVFRQHOPHQëGH &'GHDXGLRR03 'XUDQWHODUHSURGXFFLäQGHO&'GH DXGLR
6LVWHPDGHLQIRHQWUHWHQLPLHQWR
([SXOVLäQGHXQ&' 3XOVHHOERWäQ& &'(-(&7 (O&'VHUÒH[SXOVDGRGHODUDQXUDGH &' 6LHO&'QRVHUHWLUDGHVSXÚVGHOD H[SXOVLäQVHYROYHUÒDLQWURGXFLUHQ ODXQLGDGDXWRPÒWLFDPHQWHDORVSRಢ FRVVHJXQGRV
&'&'
(QIXQFLäQGHORVGDWRVJXDUGDGRVHQ HO&'RHO&'GH03VHPRVWUDUÒ HQODSDQWDOODXQDLQIRUPDFLäQXRWUD VREUHHO&'\ODSLVWDGHPëVLFDDFಢ WXDO ,QVHUFLäQGHXQ&' 0HWDXQ&'FRQHOODGRLPSUHVRKDFLD DUULEDHQODUDQXUDGH&'KDVWDTXH ORFRMD
$YDQFHRUHWURFHVRUÒSLGR 3XOVHHOERWäQWRY\PDQWÚQJDOR SXOVDGRSDUDDYDQ]DURUHWURFHGHUUÒಢ SLGDPHQWHGHQWURGHODSLVWDDFWXDO 6HOHFFLäQGHSLVWDVFRQHOPHQëGH &'GHDXGLRR03 'XUDQWHODUHSURGXFFLäQGHO&'GH DXGLR
&DPELRGHODYLVWDGHSÒJLQDQRUPDO VäOR&' 'XUDQWHXQDUHSURGXFFLäQGH&'GH DXGLRR03SXOVHHOPDQGR0 0(18 \OXHJRVHOHFFLRQH9 9LVWDGHSÒJLQDGH &'SUHGHWR9 9LVWDGHSÒJLQDGH03 SUHGHW 6HOHFFLRQHODRSFLäQGHVHDGD
,QLFLRGHODUHSURGXFFLäQGH&' 3XOVHHOERWäQ& &'$8;SDUDDEULUHO PHQëGH&'R03 6LKD\XQ&'HQHOUHSURGXFWRUGH&' VHUHSURGXFLUÒVXFRQWHQLGR
&DPELRGHQLYHOGHFDUSHWDV VäOR&'UHSURGXFFLäQGH03 3XOVHHOERWäQJRHSDUDFDPELDU DXQQLYHOGHFDUSHWDVXSHULRURLQIHಢ ULRU ,UDODSLVWDVLJXLHQWHRDQWHULRU 3XOVHGHIRUPDEUHYHHOERWäQW RY
3XOVHHOPDQGR0 0(18SDUDDEULUHO PHQëGH&'GHDXGLRFRUUHVSRQಢ GLHQWH 3DUDUHSURGXFLUWRGDVODVSLVWDVHQ RUGHQDOHDWRULRDMXVWH5 5HSURGDOHDW WHPDVHQ$ $FWLYDGR
6LVWHPDGHLQIRHQWUHWHQLPLHQWR 3DUDVHOHFFLRQDUXQDSLVWDGH&'GH DXGLRVHOHFFLRQH/ /LVWDGHSLVWDV \OXHJRVHOHFFLRQHODSLVWDGHVHDGD 'XUDQWHODUHSURGXFFLäQGH03
3XOVHHOPDQGR0 0(18SDUDDEULUHO PHQë03FRUUHVSRQGLHQWH 3DUDUHSURGXFLUWRGDVODVSLVWDVHQ RUGHQDOHDWRULRDMXVWH5 5HSURGDOHDW WHPDVHQ$ $FWLYDGR 3DUDVHOHFFLRQDUXQDSLVWDGHXQD FDUSHWDROLVWDGHUHSURGXFFLäQVL HVWÒGLVSRQLEOH VHOHFFLRQH/ /LVWDV UHSURGXFFLäQFDUSHWDV
6HOHFFLRQHXQDFDUSHWDROLVWDGHUHಢ SURGXFFLäQ\OXHJRVHOHFFLRQHOD SLVWDGHVHDGD 1RWD 6LXQ&'FRQWLHQHGDWRVGHDXGLR \03ORVGDWRVGHDXGLRVHSXHGHQ VHOHFFLRQDUGHVGH/ /LVWDV UHSURGXFFLäQFDUSHWDV
(QWUDGD$8; ,QIRUPDFLäQJHQHUDO 'HEDMRGHODWDSDGHODFRQVRODFHQಢ WUDOHQHOWDEOHURGHLQVWUXPHQWRVKD\ XQDWRPD$8;SDUDFRQHFWDUIXHQWHV GHDXGLRH[WHUQDV
3DUDDEULUXQPHQëFRQRSFLRQHVDGLಢ FLRQDOHVGHEëVTXHGD\VHOHFFLäQGH SLVWDVVHOHFFLRQH% %ëVTXHGD/DVRSಢ FLRQHVGLVSRQLEOHVGHSHQGHQGHORV GDWRVJXDUGDGRVHQHO&'GH03 (OSURFHVRGHEëVTXHGDHQHO&'GH 03SXHGHWDUGDUYDULRVPLQXWRV 'XUDQWHHVWHWLHPSRVHUHFLELUÒODëOಢ WLPDHPLVRUDVHOHFFLRQDGD ([SXOVLäQGHXQ&' 3XOVHHOERWäQ& &'(-(&7 (O&'VHUÒH[SXOVDGRGHODUDQXUDGH &' 6LHO&'QRVHUHWLUDGHVSXÚVGHOD H[SXOVLäQVHYROYHUÒDLQWURGXFLUHQ ODXQLGDGDXWRPÒWLFDPHQWHDORVSRಢ FRVVHJXQGRV
3XOVHHOERWäQKDFLDDUULED\OHYDQWH ODWDSD 1DYL
6LVWHPDGHLQIRHQWUHWHQLPLHQWR 1RWD /DWRPDVLHPSUHGHEHHVWDUOLPSLD \VHFD 3RUHMHPSORVHSXHGHFRQHFWDUXQ UHSURGXFWRUGH&'SRUWÒWLOFRQXQD FODYLMDGHPPDODHQWUDGD$8;
8QDIXHQWHGHDXGLRFRQHFWDGDDOD HQWUDGD$8;VHSXHGHDFFLRQDUVäOR DWUDYÚVGHORVHOHPHQWRVGHFRQWURO GHODIXHQWHGHDXGLR
&'&'
0DQHMR 1DYL &'&'
3XOVHHOERWäQ& &'$8;XQDRYDULDV YHFHVSDUDDFWLYDUHOPRGR$8;
3XOVHHOERWäQ& &'$8;XQDRYDULDV YHFHVSDUDDFWLYDUHOPRGR$8; 8QDIXHQWHGHDXGLRFRQHFWDGDDOD HQWUDGD$8;VHSXHGHDFFLRQDUVäOR DWUDYÚVGHORVHOHPHQWRVGHFRQWURO GHODIXHQWHGHDXGLR
6LVWHPDGHLQIRHQWUHWHQLPLHQWR
3XHUWR86%
1DYL
,QIRUPDFLäQJHQHUDO 'HEDMRGHODWDSDGHODFRQVRODFHQಢ WUDOHQHOWDEOHURGHLQVWUXPHQWRVKD\ XQDWRPD86%SDUDFRQHFWDUIXHQWHV GHDXGLRH[WHUQDV
$WUDYÚVGHOSXHUWR86%VHSXHGH FRQHFWDUXQUHSURGXFWRUGH03XQD XQLGDG86%RXQL3RG (VWRVDSDUDWRVVHFRQWURODQFRQORV PDQGRV\PHQëVGHOVLVWHPDGHLQಢ IRHQWUHWHQLPLHQWR 1RWD (OVLVWHPDGHLQIRHQWUHWHQLPLHQWRQR HVFRPSDWLEOHFRQWRGRVORVUHSURಢ GXFWRUHV03XQLGDGHV86%\PRಢ GHORVGHL3RG
/RVGLVSRVLWLYRVFRQHFWDGRVDOSXHUWR 86%VHFRQWURODQFRQORVPDQGRV \PHQëVGHOVLVWHPDGHLQIRHQWUHWHಢ QLPLHQWR
3XOVHHOERWäQKDFLDDUULED\OHYDQWH ODWDSD
1RWD 1RLQVHUWHXQGLVSRVLWLYRGHXQLGDG 86%FRQXQDORQJLWXGVXSHULRU DPP8QGLVSRVLWLYRPÒVODUJR VHSXHGHGDâDUDOEDMDUODWDSD 1RWD /DWRPDVLHPSUHGHEHHVWDUOLPSLD \VHFD
,QIRUPDFLäQLPSRUWDQWH 5HSURGXFWRUGH03\XQLGDGHV86% /RVUHSURGXFWRUHV03\XQLGDGHV 86%FRQHFWDGRVGHEHQFXPSOLUODV QRUPDVGHFODVHGHDOPDFHQDಢ PLHQWRPDVLYR86%86%06& 6äORVHDGPLWHQORVUHSURGXFWRUHV 03\XQLGDGHV86%TXHWHQJDQ XQWDPDâRGHFOëVWHULQIHULRURLJXDO DN%\WHVFRQXQVLVWHPDGHDUಢ FKLYRV)$7)$7 1RVHDGPLWHQGLVFRVGXURV 7DPSRFRHVFRPSDWLEOHFRQFRQಢ FHQWUDGRUHV86%
6LVWHPDGHLQIRHQWUHWHQLPLHQWR
/DVVLJXLHQWHVOLPLWDFLRQHVVäOR VRQYÒOLGDVSDUDORVGDWRVJXDUGDಢ GRVHQXQUHSURGXFWRUGH03 RXQDXQLGDG86% 3URIXQGLGDGPÒ[LPDGHODHVWUXFಢ WXUDGHFDUSHWDVQLYHOHV 1ëPHURPÒ[LPRGHDUFKLYRV03 :0$TXHVHSXHGHQJXDUGDU 1RVHSXHGHQUHSURGXFLUDUFKLYRV :0$FRQJHVWLäQGHGHUHFKRVGLಢ JLWDOHV'50 GHODVWLHQGDVGH YHQWDGHPëVLFDSRU,QWHUQHW /RVDUFKLYRV:0$VäORVHSXHGHQ UHSURGXFLUGHIRUPDVHJXUDVLVH KDQFUHDGRFRQODYHUVLäQRSRVಢ WHULRUGHO5HSURGXFWRUGH:LQGRZV 0HGLD ([WHQVLRQHVGHOLVWDVGHUHSURGXFಢ FLäQDSOLFDEOHVPXSOV /DVHQWUDGDVGHODVOLVWDVGHUHSURಢ GXFFLäQGHEHQH[SUHVDUVHFRPR UXWDVUHODWLYDV (ODWULEXWRGHOVLVWHPDSDUDFDUSHಢ WDVDUFKLYRVFRQGDWRVGHDXGLRQR VHWLHQHTXHFRQILJXUDU
&'
'LVSRVLWLYR3OD\V)RU6XUH3)' 8QLGDG86% (VWRVDSDUDWRVVHFRQWURODQFRQORV PDQGRV\PHQëVGHOVLVWHPDGHLQಢ IRHQWUHWHQLPLHQWR 1RWD 1RWRGRVORVPRGHORVGHL3RG=XQH 3)'RXQLGDG86%VRQFRPSDWLEOHV FRQHOVLVWHPDGHDXGLR
5HSURGXFLUDUFKLYRVGH DXGLRJXDUGDGRV 1RWD 1RLQVHUWHXQGLVSRVLWLYRGHXQLGDG 86%FRQXQDORQJLWXGVXSHULRU DPP8QGLVSRVLWLYRPÒVODUJR VHSXHGHGDâDUDOEDMDUODWDSD 1RWD /DWRPDVLHPSUHGHEHHVWDUOLPSLD \VHFD 6HSXHGHQFRQHFWDUORVVLJXLHQWHV GLVSRVLWLYRVDOSXHUWR86% L3RG =XQH
1DYL 5HSURGXFWRUGH03XQLGDGHV86%
6LVWHPDGHLQIRHQWUHWHQLPLHQWR 3XOVHHOERWäQ& &'$8;XQDRYDULDV YHFHVSDUDDFWLYDUHOPRGR86%GH DXGLR 6HLQLFLDODUHSURGXFFLäQGHORVGDWRV GHDXGLRJXDUGDGRVHQHODSDUDWR 86% /DVIXHQWHVGHGDWRVFRQHFWDGDV DWUDYÚVGH86%VHFRQWURODQFRPRVL IXHUDXQ&'GHDXGLR03:0$
6HLQLFLDODUHSURGXFFLäQGHORVGDWRV GHDXGLRJXDUGDGRVHQHOL3RG (OL3RGFRQHFWDGRDWUDYÚVGH86%VH FRQWURODEÒVLFDPHQWHFRPRVLIXHUD XQ&'GHDXGLR03:0$ $FRQWLQXDFLäQHQFRQWUDUÒVäORORV DVSHFWRVGHIXQFLRQDPLHQWRTXHVRQ GLVWLQWRVDORVGHVFULWRVRELHQIXQFLRಢ QHVDGLFLRQDOHV )XQFLRQHVGHOL3RG
3XOVHHOPDQGR0 0(18\VHOHFFLRQH %XVFDUSDUDPRVWUDUODVRSFLRQHVGLVಢ SRQLEOHV (OSURFHVRGHEëVTXHGDHQHODSDUDWR SXHGHWDUGDUYDULRVVHJXQGRV
&'
L3RG
3XOVHHOERWäQ& &'$8;XQDRYDULDV YHFHVSDUDDFWLYDUHOPRGRL3RGGH DXGLR
(QIXQFLäQGHORVGDWRVJXDUGDGRV KD\YDULDVRSFLRQHVSDUDVHOHFFLRQDU \UHSURGXFLUSLVWDV
3XOVHHOERWäQ& &'$8;XQDRYDULDV YHFHVSDUDDFWLYDUHOPRGR86% 6HLQLFLDODUHSURGXFFLäQGHORVGDWRV GHDXGLRJXDUGDGRVHQHODSDUDWR 86%
6LVWHPDGHLQIRHQWUHWHQLPLHQWR
/DVIXHQWHVGHGDWRVFRQHFWDGDV DWUDYÚVGH86%VHFRQWURODQEÒVLFDಢ PHQWHFRPRVLIXHUDXQ&'GHDXGLR 03 $FRQWLQXDFLäQHQFRQWUDUÒVäORORV DVSHFWRVGHIXQFLRQDPLHQWRTXHVRQ GLVWLQWRVDORVGHVFULWRVRELHQIXQFLRಢ QHVDGLFLRQDOHV (OIXQFLRQDPLHQWR\ODVSDQWDOODVTXH VHGHVFULEHQFRUUHVSRQGHQDXQLGDಢ GHV86%(OIXQFLRQDPLHQWRGHRWURV DSDUDWRVFRPRL3RGR=XQHHVSUÒFಢ WLFDPHQWHHOPLVPR 6HOHFFLäQGHSLVWDVFRQHOPHQë86%
3XOVHHOPDQGR0 0(18SDUDDEULUHO PHQë86%FRUUHVSRQGLHQWH 3DUDUHSURGXFLUWRGDVODVSLVWDVGH IRUPDVXFHVLYDVHOHFFLRQH 5HSURGXFLUWRGRV 3DUDPRVWUDUXQPHQëFRQYDULDVRSಢ FLRQHVDGLFLRQDOHVGHEëVTXHGD\VHಢ OHFFLäQGHSLVWDVVHOHFFLRQH %ëVTXHGD (OSURFHVRGHEëVTXHGDHQHODSDUDWR 86%SXHGHWDUGDUYDULRVPLQXWRV 'XUDQWHHVWHWLHPSRVHUHFLELUÒODëOಢ WLPDHPLVRUDVHOHFFLRQDGD 3DUDUHSURGXFLUWRGDVODVSLVWDVHQ RUGHQDOHDWRULRDMXVWH0 0H]FODU FDQFLRQHVDOHDWRULR HQ$ $FWLYDGR 3DUDUHSHWLUODSLVWDTXHVHVHOHFಢ FLRQDHQHVHPRPHQWRDMXVWH 5HSHWLUHQ$ $FWLYDGR
1DYHJDFLäQ ,QIRUPDFLäQJHQHUDO (OVLVWHPDGHQDYHJDFLäQOHJXLDUÒ GHIRUPDILDEOHKDVWDVXGHVWLQRVLQ QHFHVLGDGGHOHHUPDSDVDXQTXHQR FRQR]FDOD]RQD /DVLWXDFLäQDFWXDOGHOWUÒILFRVHWLHQH HQFXHQWDSDUDFDOFXODUODUXWD FXDQGRVHXWLOL]DODJXÞDGHUXWDGLQÒಢ PLFD3DUDHVWHILQHOVLVWHPDGHLQಢ IRHQWUHWHQLPLHQWRUHFLEHDQXQFLRVGH WUÒILFRHQOD]RQDGHUHFHSFLäQDFWXDO DWUDYÚVGH5'670& 1RREVWDQWHHOVLVWHPDGHQDYHJDಢ FLäQQRSXHGHWHQHUHQFXHQWDORVDFಢ FLGHQWHVGHWUÒILFRODVQRUPDVGHWUÒಢ ILFRTXHFDPELDQVLQDYLVDUVHFRQDQಢ WHODFLäQQLORVSHOLJURVRSUREOHPDV TXHSXHGHQDSDUHFHUGHUHSHQWH SRUHMHPSORREUDVHQXQDFDUUHಢ WHUD
6LVWHPDGHLQIRHQWUHWHQLPLHQWR $WHQFLäQ (OXVRGHOVLVWHPDGHQDYHJDFLäQ QRH[LPHDOFRQGXFWRUGHVXUHVಢ SRQVDELOLGDGGHPDQWHQHUXQD DFWLWXGYLJLODQWH\FRUUHFWDDOFLUಢ FXODU6LHPSUHGHEHQVHJXLUVHODV QRUPDVGHWUÒILFRUHOHYDQWHV6L ODVLQVWUXFFLRQHVGHOVLVWHPDGH QDYHJDFLäQFRQWUDGLFHQODVQRUಢ PDVGHWUÒILFRVLHPSUHSUHYDOHಢ FHQODVQRUPDVGHWUÒILFR
)XQFLRQDPLHQWRGHOVLVWHPDGH QDYHJDFLäQ (OVLVWHPDGHQDYHJDFLäQXWLOL]DVHQಢ VRUHVSDUDGHWHFWDUODSRVLFLäQ\HO PRYLPLHQWRGHOYHKÞFXOR/DGLVWDQFLD UHFRUULGDVHFDOFXODDSDUWLUGHODVHಢ âDOGHOYHORFÞPHWURGHOYHKÞFXOR\ORV JLURVGHODVFXUYDVFRQXQVHQVRUJLಢ URVFäSLFR/DSRVLFLäQVHGHWHUPLQD JUDFLDVDVDWÚOLWHV*36VLVWHPDGH SRVLFLRQDPLHQWRJOREDO
6LVHFRPSDUDQODVVHâDOHVGHOVHQಢ VRUFRQORVPDSDVGLJLWDOHVGHODWDUಢ MHWD6'GHOPDSDVHSXHGHGHWHUPLಢ QDUODSRVLFLäQFRQXQDSUHFLVLäQGH XQRVP (OVLVWHPDWDPELÚQIXQFLRQDUÒFRQ XQDPDODUHFHSFLäQGH*36QRREVಢ WDQWHODSRVLFLäQVHGHWHUPLQDUÒFRQ PHQRVSUHFLVLäQ 'HVSXÚVGHLQWURGXFLUODGLUHFFLäQGH GHVWLQRRHOSXQWRGHLQWHUÚVSUä[LPD JDVROLQHUDKRWHOHWF ODUXWDVHFDOಢ FXODUÒGHVGHODSRVLFLäQDFWXDOKDVWD HOGHVWLQRVHOHFFLRQDGR /DVLQVWUXFFLRQHVGHODJXÞDGHUXWD VHWUDQVPLWHQSRUYR]\FRQXQDIOHಢ FKDDVÞFRPRDWUDYÚVGHODYLVWDGH PDSDHQFRORU
6LVWHPDGHLQIRUPDFLäQGH WUÒILFR70&\JXÞDGHUXWD GLQÒPLFD (OVLVWHPDGHLQIRUPDFLäQGHWUÒILFR 70&UHFLEHWRGDODLQIRUPDFLäQGH WUÒILFRDFWXDOGHODVHPLVRUDVGHUDGLR 70&6LODJXÞDGHUXWDGLQÒPLFDHVWÒ DFWLYDHVWDLQIRUPDFLäQVHLQFOX\HHQ HOFÒOFXORJOREDOGHODUXWD'XUDQWH
HVWHSURFHVRODSODQLILFDFLäQGHOD UXWDHYLWDORVSUREOHPDVGHWUÒILFRFRಢ UUHVSRQGLHQWHVDORVFULWHULRVSUHVHಢ OHFFLRQDGRV 6LKD\XQSUREOHPDGHWUÒILFRFRQOD JXÞDGHUXWDDFWLYDHQIXQFLäQGHORV DMXVWHVSUHYLRVDSDUHFHUÒXQPHQಢ VDMHSDUDSUHJXQWDUOHVLGHVHDTXHVH PRGLILTXHODUXWD /DLQIRUPDFLäQGHWUÒILFR70&DSDಢ UHFHHQODSDQWDOODGHJXÞDGHUXWDHQ IRUPDGHVÞPERORVRFRPRWH[WRGH LQIRUPDFLäQHQHOPHQë0 0HQVDMHV 70& 3DUDSRGHUXVDUODLQIRUPDFLäQGHWUÒಢ ILFR70&HOVLVWHPDWLHQHTXHUHFLELU HPLVRUDV70&HQODUHJLäQTXHFRಢ UUHVSRQGD /DJXÞDGHUXWDGLQÒPLFDVäORIXQಢ FLRQDVLODLQIRUPDFLäQGHWUÒILFRVH UHFLEHDWUDYÚVGHOVLVWHPDGHLQIRUಢ PDFLäQGHWUÒILFR70& /DIXQFLäQGHJXÞDGHUXWDGLQÒPLFD SXHGHGHVDFWLYDUVHHQHOPHQë 2SFLRQHVQDYHJDFLäQYHDODVHFFLäQ *XÞD
6LVWHPDGHLQIRHQWUHWHQLPLHQWR
'DWRVGHOPDSD 7RGRVORVGDWRVGHOPDSDUHTXHULGRV VHJXDUGDQHQXQDWDUMHWD6'TXHVH SURSRUFLRQDFRQHOVLVWHPDGHLQIRHQಢ WUHWHQLPLHQWR 9HDODVHFFLäQ0DSDVSDUD REWHQHUODVGHVFULSFLRQHVGHWDOODGDV DFHUFDGHODPDQLSXODFLäQ\VXVWLWXಢ FLäQGHODWDUMHWD6'GHOPDSD
0DQHMR (OHPHQWRVGHFRQWURO /RVHOHPHQWRVGHPDQGRVHVSHFÞILಢ FRVPÒVLPSRUWDQWHVSDUDODQDYHJDಢ FLäQVRQORVVLJXLHQWHV %RWäQ1 1$9DFWLYDODQDYHJDFLäQ PXHVWUDODSRVLFLäQDFWXDOVLODJXÞD GHUXWDHVLQDFWLYD PXHVWUDODUXWD FDOFXODGDVLHVWÒDFWLYDODJXÞDGH URWD FDPELDHQWUHODYLVWDFRPSOHWD GHPDSDYLVWDGHIOHFKDVLODJXÞDGH UXWDHVWÒDFWLYD \YLVWDGLYLGLGDYHD ,QIRUPDFLäQGHODSDQWDOODPÒVDGHಢ ODQWH
%RWäQ' '(67SDUDDEULUHOPHQëFRQ RSFLRQHVSDUDODLQWURGXFFLäQGHO GHVWLQR &RQPXWDGRUGHRFKRSRVLFLRQHV SDUDGHVSOD]DUODSDQWDOODHQODYLVWD GHPDSDGHQDYHJDFLäQSDUDVHOHFಢ FLRQDUHOGHVWLQRSXOVHHQODGLUHFಢ FLäQUHTXHULGDSDUDVLWXDUODFUX]UHಢ WLFXODUVREUHXQGHVWLQRHQHOPDSD %RWäQ5 5371$9SDUDUHSHWLUHOëOWLPR PHQVDMHGHODFRQGXFFLäQJXLDGD
$FWLYDFLäQGHOVLVWHPDGH QDYHJDFLäQ 3XOVHHOERWäQ1 1$9 (OPDSDGHODSRVLFLäQDFWXDOVH PXHVWUDHQODSDQWDOODYHD,QIRUPDಢ FLäQGHODSDQWDOODPÒVDGHODQWH
0HQVDMHVGHODJXÞDGHUXWD $GHPÒVGHODLQVWUXFFLRQHVYLVXDOHV GHODSDQWDOODYHD,QIRUPDFLäQGHOD SDQWDOODPÒVDGHODQWH VHDQXQFLDಢ UÒQORVPHQVDMHVGHODJXÞDGHUXWD FXDQGRODJXÞDGHUXWDHVWÚDFWLYD
6LGHVHDSUHGHILQLUHOYROXPHQGHORV PHQVDMHVGHODJXÞDGHUXWDYHD &RQILJXUDUHOVLVWHPDGHQDYHJDಢ FLäQPÒVDGHODQWH 6LGHVHDDMXVWDUHOYROXPHQGHORV PHQVDMHVGHODJXÞDGHUXWDPLHQWUDV VHDQXQFLDQJLUHHOERWäQ; 6LGHVHDUHSHWLUHOëOWLPRPHQVDMHGH ODJXÞDGHUXWDDQXQFLDGRSXOVHHO ERWäQ5 5371$9
,QIRUPDFLäQGHODSDQWDOOD *XÞDGHUXWDVLQDFWLYDU
6LVWHPDGHLQIRHQWUHWHQLPLHQWR 6LODJXÞDGHUXWDQRHVWÒDFWLYDDSDಢ UHFHODVLJXLHQWHLQIRUPDFLäQ (QODOÞQHDVXSHULRUODKRUDQRPಢ EUHGHFDOOHGHODSRVLFLäQDFWXDO WHPSHUDWXUDH[WHULRU 'LUHFFLäQ\FRRUGHQDGDVJHRJUÒILಢ FDVGHODSRVLFLäQDFWXDO 9LVWDGHPDSDGHOD]RQDSUä[LPD DODSRVLFLäQDFWXDO (QHOPDSDVHVHâDODODSRVLFLäQ DFWXDOFRQXQWULÒQJXORURMR (OVÞPERORGHXQDEUëMXODPXHVWUD GäQGHHVWÒHO1RUWH 6LQRKD\VHâDOGH*36GLVSRQLEOH HQODSRVLFLäQDFWXDODSDUHFHUÒHO VÞPEROR*36WDFKDGRGHEDMRGHO VÞPERORGHODEUëMXOD /DHVFDODGHPDSDVHOHFFLRQDGD DFWXDOPHQWHSDUDFDPELDUGHHVಢ FDODJLUHHOERWäQ0 0(18 *XÞDGHUXWDDFWLYD 6LODJXÞDGHUXWDHVWÒDFWLYDVH PXHVWUDODLQIRUPDFLäQVLJXLHQWHGHಢ SHQGLHQGRGHORVDMXVWHV2 2SFLRQHV QDYHJDFLäQDFWXDOHVYHDODVHFFLäQ *XÞD
,QIRUPDFLäQGHODOÞQHDVXSHULRU
/DVFDOOHVTXHVDOHQGHODFDOOHDFಢ WXDOTXHGHEHPRVVHJXLU 'HEDMRGHOVÞPERORGHODIOHFKDHO QRPEUHGHODFDOOHDFWXDOTXHGHಢ EHPRVVHJXLU 3RUHQFLPDGHOVÞPERORGHODIOHಢ FKDHOQRPEUHGHODFDOOHTXHGHಢ EHPRVVHJXLUGHVSXÚVGHODVLಢ JXLHQWHLQWHUVHFFLäQ 3DUDFRQGXFLUHQDXWRSLVWDV
+RUD 'LVWDQFLDKDVWDHOGHVWLQRILQDO +RUDGHOOHJDGDRGXUDFLäQGHOYLDMH 7HPSHUDWXUDH[WHULRU
,QIRUPDFLäQGHODYLVWDGHIOHFKD /DIOHFKDJUDQGHUHSUHVHQWDODGLಢ UHFFLäQDVHJXLU /DIOHFKDSHTXHâDUHSUHVHQWDODVLಢ JXLHQWHUHFRPHQGDFLäQGHFRQGXFಢ FLäQ /DGLVWDQFLDKDVWDODVLJXLHQWHLQಢ WHUVHFFLäQ
'LUHFFLäQGHFRQGXFFLäQ\GLVWDQಢ FLDKDVWDODVLJXLHQWHVDOLGDGHDXಢ WRSLVWDTXHGHEHVHJXLU
6LVWHPDGHLQIRHQWUHWHQLPLHQWR
'LVWDQFLDVKDVWDODVSUä[LPDV ÒUHDVGHVHUYLFLR]RQDVGHDSDUಢ FDPLHQWRLQWHUVHFFLRQHV\R VDOLGDVGHODDXWRSLVWD &XDQGRVHOOHJDDXQDLQWHUVHFFLäQ GHFDUUHWHUDVDSDUHFHLQIRUPDFLäQ GHODVLVWHQWHGHFDUULO
,QIRUPDFLäQGHODYLVWDGHPDSD
6LVHDFWLYDODRSFLäQ$ $VLVWHQWHGH FDUULOHQHOPHQë9 9HUJXÞDDO GHVWLQRYHDODVHFFLäQ*XÞD VHPRVWUDUÒHOVLJXLHQWH WLSRGHLOXVWUDFLäQ
(QHOODGRGHUHFKRGHODSDQWDOODVH PXHVWUDODVLJXLHQWHLQIRUPDFLäQ (OVÞPERORGHXQDEUëMXODPXHVWUD GäQGHHVWÒHO1RUWH 6LQRKD\VHâDOGH*36YHDODVHFಢ FLäQ,QIRUPDFLäQJHQHUDO GLVSRQLEOHHQODSRVLFLäQDFWXDO DSDUHFHUÒHOVÞPEROR*36WDಢ FKDGRGHEDMRGHOVÞPERORGHODEUëಢ MXOD /DHVFDODGHPDSDVHOHFFLRQDGD DFWXDOPHQWHSDUDFDPELDUGHHVಢ FDODJLUHHOERWäQ0 0(18 (QHOPDSDVHPXHVWUDODVLJXLHQWH LQIRUPDFLäQ /DUXWDVHUHSUHVHQWDFRPRXQDOÞಢ QHDD]XO /DSRVLFLäQDFWXDOVHUHSUHVHQWD FRPRXQWULÒQJXORURMR (OGHVWLQRILQDOVHUHSUHVHQWDFRPR XQDEDQGHUDDFXDGURV 'LYHUVRVVÞPERORVYHDODVHFFLäQ 6XPDULRGHORVVÞPERORV TXHLQGLFDQLQIRUPDFLäQGHOWUÒILFR HLQIRUPDFLäQJHQHUDORSXQWRVGH LQWHUÚV
6LVWHPDGHLQIRHQWUHWHQLPLHQWR
&ULWHULRVGHFODVLILFDFLäQ 6HOHFFLRQHVLORVPHQVDMHVGHWUÒILFR GHEHQPRVWUDUVHHQXQRUGHQEDVDGR HQODGLVWDQFLDRHQHOQRPEUHGHOD FDOOH
&RQILJXUDUHOVLVWHPDGH QDYHJDFLäQ 3UHVLRQHHOERWäQ& &21),*\VHOHFಢ FLRQHDFRQWLQXDFLäQ$ $MXVWHVGHOD QDYHJDFLäQSDUDDEULUXQPHQëFRQ ORVDMXVWHVGHQDYHJDFLäQHVSHFÞILಢ FRV
0HQVGHDYLVRWDPELÚQFRQODQDYHJ GHVDFW 'HWHUPLQHVLHOVLVWHPDGHLQIRHQWUHಢ WHQLPLHQWRGHEHPRVWUDUPHQVDMHVGH DGYHUWHQFLDDXQTXHODJXÞDGHUXWD QRHVWÚDFWLYD $MXVWHORVYDORUHVGHVHDGRVSDUD $QXQFLR\) )RQGR 3DUDFRPSUREDUORVDMXVWHVDFWXDOHV VHOHFFLRQH7 7HVWGHYROXPHQ
9ROXPHQQDYHJDFLäQ 6HSXHGHQSUHGHILQLUORVYROëPHQHV UHODWLYRVGHOPHQVDMHGHQDYHJDFLäQ $ $QXQFLR \GHODIXHQWHGHDXGLR ) )RQGR GXUDQWHODHPLVLäQGHXQ PHQVDMHGHQDYHJDFLäQ
$MXVWHV70& 6HOHFFLRQH7 7LSRVGHLQIRSDUDDEULUXQ VXEPHQëFRQGLYHUVDVRSFLRQHVSDUD GHILQLUVLGHVHDTXHDSDUH]FDLQIRUಢ PDFLäQGHPHQVDMHVGHWUÒILFRHQHO PDSDGHODFRQGXFFLäQJXLDGDDFWLYD \GHTXÚWLSR 6LHVWÒVHOHFFLRQDGR3 3HUVRQDOL]DGR VHSXHGHQGHILQLUORVWLSRVGHLQIRTXH VHPRVWUDUÒQ
%RUUDUOLVWDV
6HOHFFLRQHVLGHEHQERUUDUVHWRGDV ODVHQWUDGDVGHO/ /LEURGHGLUHFFLRQHV RGHË ËOWLPRVGHVWLQRV
6LVWHPDGHLQIRHQWUHWHQLPLHQWR
,PSRUWDUGHVWLQRVHVSHFLDOHVSURSLRV 6äORVLXQDXQLGDG86%FRQGDWRVGH SXQWRVGHLQWHUÚV3', DOPDFHQDGRV HQHOODVHFRQHFWDDOSXHUWR86% GHOVLVWHPDGHLQIRHQWUHWHQLಢ PLHQWR 6LGHVHDLPSRUWDUGDWRVGH3',GHVGH XQDXQLGDG86%YHD([SRUWDUHLPಢ SRUWDUGDWRVGH3',PÒVDGHODQWH %RUUDUWRGRVORVGHVWLQRVHVSHFLDOHV LPSRUWDGRV 6LORVGDWRVGH3',VäORVHLPSRUWDURQ DOVLVWHPDGHLQIRHQWUHWHQLPLHQWR YHD([SRUWDUHLPSRUWDUGDWRVGH 3',PÒVDGHODQWH 6HOHFFLRQHHVWDRSFLäQGHOPHQë SDUDHOLPLQDUWRGRVORVGDWRVGH3', LPSRUWDGRVGHODPHPRULDP\32,V GHOVLVWHPDGHLQIRHQWUHWHQLPLHQWR 1RWD 1RVHSXHGHQHOLPLQDUGHIRUPDLQಢ GLYLGXDOSXQWRVGHLQWHUÚVLPSRUWDಢ GRVGHVGHODPHPRULDP\32,V
6LGHVHDHOLPLQDU3',LPSRUWDGRVLQಢ GLYLGXDOHVLPSRUWHGDWRVGH3',DFಢ WXDOL]DGRVDOVLVWHPDGHLQIRHQWUHWHಢ QLPLHQWRTXHQRFRQWHQJDQGDWRVGH ODVGLUHFFLRQHVGHGLFKRV3', 3DUDHOLPLQDUWRGRVORV3',LPSRUWDಢ GRVGHXQDFDWHJRUÞDGHWHUPLQDGD LPSRUWDXQDUFKLYRGHGDWRVGH3', YDFÞRGHODFDWHJRUÞDFRUUHVSRQಢ GLHQWHDOVLVWHPDGHLQIRHQWUHWHQLಢ PLHQWR ([SRUWDU'HVWLQRVHVSHFLDOHV ([SRUWDWRGRVORVGDWRVGH3',DOPDಢ FHQDGRVHQODPHPRULDP\32,VGHO VLVWHPDGHLQIRHQWUHWHQLPLHQWRDXQD XQLGDG86%FRQHFWDGDDOSXHUWR86% YHD([SRUWDUHLPSRUWDUGDWRV GH3',PÒVDGHODQWH %RUUDU'LUHFFLäQGHRULJHQ %RUUDODGLUHFFLäQGHFDVDDFWXDOFRQಢ ILJXUDGDTXHVHPXHVWUDHQHOPHQë ,QWURGHVWLQRYHDODVHFFLäQ(QWUDGD GHGHVWLQR
([SRUWDUHLPSRUWDUGDWRVGH 3', ([SOLFDFLRQHVLQLFLDOHV 7LSRVGHGDWRVGH3', (OVLVWHPDGHLQIRHQWUHWHQLPLHQWR SURSRUFLRQDORVWLSRVVLJXLHQWHVGH GDWRVGHSXQWRVGHLQWHUÚV 'HVWLQRVHVSHFLDOHVSUHGHILQLGRV DOPDFHQDGRVHQODWDUMHWD6'GHO PDSDHLQGLFDGRVPHGLDQWHLFRQRV HQODSDQWDOODGHOPDSD 3XHGHDOPDFHQDUGLFKRV3',SUHಢ GHILQLGRVHQHOOLEURGHGLUHFFLRQHV RFRPR3',LQGLYLGXDOHVHQODPHಢ PRULDP\32,VGHOVLVWHPDGHLQಢ IRHQWUHWHQLPLHQWRYHDPÒVDGHಢ ODQWH 'LUHFFLRQHVGHGHVWLQRIDYRULWDV JXDUGDGDVHQHO/ /LEURGH GLUHFFLRQHV 3XHGHH[SRUWDUHVWRVGDWRVGHOOLಢ EURGHGLUHFFLRQHVDODXQLGDG86% SDUDXVDUORVPÒVDGHODQWHSRU HMHPSORHQRWURVYHKÞFXORV 'HVWLQRVHVSHFLDOHVSURSLRVGLUHFಢ FLRQHVGHGHVWLQRIDYRULWDVJXDUGDಢ GDVHQODPHPRULDP\32,V
6LVWHPDGHLQIRHQWUHWHQLPLHQWR 3XHGHH[SRUWDUHVWRVGDWRVGH3', LQGLYLGXDOHVDODXQLGDG86%SDUD XVDUORVPÒVDGHODQWHSRUHMHPSOR HQRWURVYHKÞFXORV 3',SHUVRQDOL]DGRVGLUHFFLRQHVGH GHVWLQRIDYRULWDVTXHKDGHILQLGR PHGLDQWHFRRUGHQDGDV*36REWHಢ QLGDVSHMGHXQPDSDWRSRJUÒಢ ILFR \TXHKDLQWURGXFLGRHQDUFKLಢ YRVGHWH[WR 3XHGHJXDUGDUHVWRVGDWRVGH3', SHUVRQDOL]DGRVHQXQDXQLGDG86% HLPSRUWDUGHVSXÚVORVGDWRVDOD PHPRULDP\32,VGHOVLVWHPDGHLQಢ IRHQWUHWHQLPLHQWRYHDPÒVDGHಢ ODQWH 'HVWLQRVHVSHFLDOHVLPSRUWDGRV GLUHFFLRQHVGHGHVWLQRIDYRULWDV TXHVHJXDUGDURQDQWHULRUPHQWHHQ XQDXQLGDG86%\TXHVHLPSRUWDಢ URQSRVWHULRUPHQWHDODPHPRULD P\32,VGHOVLVWHPDGHLQIRHQWUHWHಢ QLPLHQWR 9HQWDMDVGHH[SRUWDUHLPSRUWDU3', /DH[SRUWDFLäQHLPSRUWDFLäQGHGDಢ WRVGHSXQWRVGHLQWHUÚVOHSURSRUಢ FLRQDHQWUHRWUDVODVYHQWDMDVVLಢ JXLHQWHV
'HILQH\JXDUGHODVGLUHFFLRQHVGH GHVWLQRIDYRULWDVVäORXQDYH] \XVHSRVWHULRUPHQWHORVGDWRVGH HVWDVGLUHFFLRQHVHQRWURVYHKÞFXಢ ORV 9HD([SRUWDUHLPSRUWDU3',LQGLಢ YLGXDOHV\HQWUDGDVGHOOLEURGHGLಢ UHFFLRQHVPÒVDGHODQWH 'HILQDVXVGLUHFFLRQHVGHGHVWLQR IDYRULWDVFäPRGDPHQWHHQFDVD \ëVHODVGHVSXÚVHQVXYHKÞFXOR 9HD&UHDUHLPSRUWDU3',SHUVRಢ QDOL]DGRVPÒVDGHODQWH 2UGHQHGHIRUPDFODUDXQDJUDQ FDQWLGDGGHGLUHFFLRQHVGHGHVWLQR SHMODVGLUHFFLRQHVGHGHVWLQRIDಢ YRULWDVGHRWURVPLHPEURVGHVXIDಢ PLOLDRGLUHFFLRQHVGHGHVWLQRSDUD VXSUä[LPRYLDMHRYLDMHGHQHJRಢ FLRVHQVXEPHQëVVHSDUDGRV 9HD2UJDQL]DUORVGDWRVGH3',HQ YDULDVVXEFDUSHWDVPÒVDGHODQWH
([SRUWDUHLPSRUWDU3',LQGLYLGXDOHV \HQWUDGDVGHOOLEURGHGLUHFFLRQHV %UHYHGHVFULSFLäQ &RQHFWHXQDXQLGDG86%DO SXHUWR86%GHOVLVWHPDGHLQIRHQಢ WUHWHQLPLHQWRGHVXYHKÞFXOR *XDUGHH[SRUWH VXVGLUHFFLRQHV GHGHVWLQRIDYRULWDVHQODXQLGDG 86% &RQHFWHODXQLGDG86%DOSXHUWR 86%GHOYHKÞFXORHTXLSDGRFRQ XQVLVWHPD1DYLR1DYL 'HVFDUJXHLPSRUWH ORVGDWRVGH ODVGLUHFFLRQHVDOVLVWHPDGHLQಢ IRHQWUHWHQLPLHQWRGHOYHKÞFXOR 'HVSXÚVGHLPSRUWDUODVODVGLUHFFLRಢ QHVSXHGHQVHOHFFLRQDUVHFRPRGHVಢ WLQRVSDUDODJXÞDGHUXWD 9HDDFRQWLQXDFLäQGHVFULSFLRQHVGHಢ WDOODGDV ([SRUWDUGDWRVGH3',DXQDXQLGDG 86% &RQHFWHXQDXQLGDG86%DOSXHUWR 86%GHOVLVWHPDGHLQIRHQWUHWHQLಢ PLHQWRYHDODVHFFLäQ3XHUWR86%
6LVWHPDGHLQIRHQWUHWHQLPLHQWR
3XOVHHOERWäQ& &21),*\OXHJRVHಢ OHFFLRQH$ $MXVWHVGHODQDYHJDFLäQ \( ([SRUWDU'HVWLQRVHVSHFLDOHV $SDUHFHHOPHQë( ([SRUWDU'HVWLQRV HVS
7RGRVORV3',LQGLYLGXDOHVHQODPHಢ PRULDP\32,V\WRGDVODVHQWUDGDV GHOOLEURGHGLUHFFLRQHVVHH[SRUWDUÒQ GHIRUPDSUHGHWHUPLQDGD 6LORGHVHDGHVPDUTXHORVWLSRVGH GDWRVGHODVGLUHFFLRQHVTXHQRGHಢ VHDH[SRUWDU
6HOHFFLRQH,,QLFLDUH[SRUWDFLäQSDUD JXDUGDUORVWLSRVGHGDWRVGHODVGLಢ UHFFLRQHVVHOHFFLRQDGRVHQODXQLGDG 86%FRQHFWDGD /RVGDWRVGHODVGLUHFFLRQHVVHDOPDಢ FHQDUÒQHQXQDFDUSHWDOODPDGD P\32,VGHOGLUHFWRULRUDÞ]GHODXQLಢ GDG86% 3DUDFDGDFDWHJRUÞDGH3',H[SRUಢ WDGDSHM5 5HVWDXUDQWHR3 3ULYDGR HQFRQWUDUÒXQDUFKLYRFRQHOQRPEUH FRUUHVSRQGLHQWHHQGLFKDFDUSHWD (MHPSORV )?P\32,V?5HVWDXUDQWHBSRL R) )?P\32,V?3ULYDGRBSRLGRQGH HVHOGLUHFWRULRUDÞ]GHODXQLGDG86%
1RWD 6LORVDUFKLYRVFRQGDWRVGH3',GH ODPLVPDFDWHJRUÞD\DVHKDQJXDUಢ GDGRHQODXQLGDG86%HQODFDUಢ SHWDP P\32,VODVYHUVLRQHVDQWLJXDV GHHVWRVDUFKLYRVVHVREUHVFULELUÒQ SRUYHUVLRQHVQXHYDVFRQHOPLVPR QRPEUH /DFDUSHWDP P\32,V\ORVDUFKLYRV FRQGDWRVGH3',QRGHEHQFDPಢ ELDUVHGHQRPEUHQLPRYHUVHDRWUD FDUSHWDGHODXQLGDG86%'HQRVHU DVÞHOVLVWHPDGHLQIRHQWUHWHQLಢ PLHQWRQRSRGUÒLPSRUWDUGHQXHYR ORVGDWRVGHODVGLUHFFLRQHV ,PSRUWDUGDWRVGH3',GHVGHXQDXQLಢ GDG86% &RQHFWHXQDXQLGDG86%FRQGDWRV GH3',DOPDFHQDGRVYHDGHWDOOHV DUULED DOSXHUWR86%GHOVLVWHPDGH LQIRHQWUHWHQLPLHQWRYHDODVHFFLäQ 3XHUWR86% 3DUDLQLFLDUODLPSRUWDFLäQSUHVLRQH HOERWäQ& &21),*VHOHFFLRQH$ $MXVWHV GHODQDYHJDFLäQVHOHFFLRQH ,PSRUWDUGHVWLQRVHVSHFLDOHV SURSLRV\OXHJRVHOHFಢ FLRQH& &RQWLQXDU
6LVWHPDGHLQIRHQWUHWHQLPLHQWR 7RGRVORVGDWRVGH3',DOPDFHQDGRV HQODXQLGDG86%VHLPSRUWDQDOD PHPRULDP\32,VGHOVLVWHPDGHLQಢ IRHQWUHWHQLPLHQWR &XDQGRVHILQDOL]DODLPSRUWDFLäQORV 3',LPSRUWDGRVVHVHOHFFLRQDQFRPR GHVWLQRVDWUDYÚVGHOPHQë,,QWUR GHVWLQRYHDODVHFFLäQ(QWUDGDGH GHVWLQR &UHDUHLPSRUWDU3',SHUVRQDOL]DGRV /RVSXQWRVGHLQWHUÚVSHUVRQDOL]DGRV GHEHQGHILQLUVHPHGLDQWHFRRUGHQDಢ GDV*36TXHSXHGHQREWHQHUVHS HMGHXQPDSDWRSRJUÒILFR /DVFRRUGHQDGDV*36\RWURVGDWRV GHODVGLUHFFLRQHVGHEHQHVFULELUVH HQDUFKLYRVGHWH[WR&DGDXQRGHORV DUFKLYRVUHSUHVHQWDXQDFDWHJRUÞDGH 3', %UHYHGHVFULSFLäQ &UHDORVDUFKLYRVGHWH[WRSDUD ORVGDWRVGH3', (VFULEDORVGDWRVGHODVGLUHFFLRಢ QHVGHVHDGRVHQORVDUFKLYRVGH WH[WR
*XDUGHORVDUFKLYRVGHWH[WRFRQ ORVGDWRVGH3',HQXQDXQLGDG 86% &RQHFWHODXQLGDG86%DOSXHUWR 86%GHOVLVWHPDGHLQIRHQWUHWHQLಢ PLHQWRGHVXYHKÞFXOR 'HVFDUJXHLPSRUWH ORVDUFKLYRV GHWH[WRFRQORVGDWRVGH3',DO VLVWHPDGHLQIRHQWUHWHQLPLHQWR 'HVSXÚVGHLPSRUWDUODVODVGLUHFFLRಢ QHVSXHGHQVHOHFFLRQDUVHFRPRGHVಢ WLQRVSDUDODJXÞDGHUXWD 9HDDFRQWLQXDFLäQGHVFULSFLRQHVGHಢ WDOODGDV &UHDUORVDUFKLYRVGHWH[WRSDUDORV GDWRVGH3', 3XHGHDVLJQDUODVGLUHFFLRQHVGH GHVWLQRIDYRULWDVDFDWHJRUÞDVGH 3',GLVWLQWDV$FDGDFDWHJRUÞDGH 3',VHOHDVLJQDXQQëPHUR9HD&Dಢ WHJRUÞDVGH3',\QëPHURVDVLJQDಢ GRVPÒVDGHODQWH 'HEHFUHDUXQDUFKLYRGHWH[WRVHSDಢ UDGRSDUDFDGDFDWHJRUÞDGH3', /RVDUFKLYRVGHWH[WRSXHGHQ FUHDUVHSHMXVDQGRXQVLPSOHVRIWಢ ZDUHGHHGLFLäQGHWH[WRV
1RWD (OHGLWRUGHWH[WRVGHEHVHUFRPSDಢ WLEOHFRQODFRGLILFDFLäQGHFDUDFWHಢ UHV87)SDUD8QLFRGH (OQRPEUHGHFDGDDUFKLYRGHWH[WR FRQVLVWHHQHOQRPEUHGHODFDWHJRಢ UÞDXQJXLäQEDMRHOQëPHURGHODFDಢ WHJRUÞD\ODH[WHQVLäQGHDUFKLYRSRL (MHPSORVGHQRPEUHVGHDUFKLYRV 7UDEDMRBBSRL &DVD\KRJDUBBSRL &XOWXUDBBSRL 1RWD /DORQJLWXGGHORVQRPEUHVGHORV DUFKLYRVGHWH[WRVHOLPLWDDFDಢ UDFWHUHV &DWHJRUÞDVGH3',\QëPHURV DVLJQDGRV 3 3ULYDGR 7 7UDEDMR 5HVWDXUDQWH + +RWHO $XWRPäYLO 9 9LDMHV & &LQH &DVD\KRJDU & &RPSUDV 2ILFLR ' 'HSRUWHV & &XULRVLGDG WXUÞVWLFD 6 6DQLGDG 2 2FLR
6LVWHPDGHLQIRHQWUHWHQLPLHQWR
&XOWXUD 9 9LGDQRFWXUQD &RPXQLFDFLäQ 1 1RWLFLDV\EROVD $ $GPLQLVWUDFLäQ * *HQHUDO (VFULELUGDWRVGH3',HQDUFKLYRVGH WH[WR /DLPDJHQVLJXLHQWHPXHVWUDXQDUಢ FKLYRGHWH[WRGHPXHVWUDOODPDGR &DVD\KRJDUBSRLFRQDOJXQRVGDಢ WRVGH3',GHSUXHED
/RVGDWRVGH3',GHEHQLQWURGXFLUVH HQORVDUFKLYRVGHWH[WRHQHOIRUPDWR VLJXLHQWH
&RRUGLQDGDGHORQJLWXGFRRUGLQDGD GHODWLWXG1RPEUHGH3', &XDOTXLHULQIRUPDFLäQDGLFLRQDO 1ëPHURGHWHOÚIRQRRSFLRQDO 3RUHMHPSOR &DVDGH0LFKDHO %RQQ+HOOZHJ YHDODLPDJHQVXSHULRU /DVFRRUGHQDGDV*36GHEHQH[SUHಢ VDUVHFRQGHFLPDOHV /DORQJLWXGPÒ[LPDGHOQRPEUHGH 3',HVGHFDUDFWHUHV/RPLVPR RFXUUHFRQODFDGHQDGHFDUDFWHUHV GHODLQIRUPDFLäQDGLFLRQDO\GHOQëಢ PHURGHWHOÚIRQR /RVGDWRVGH3',GHFDGDGLUHFFLäQ GHGHVWLQRGHEHQLQWURGXFLUVHHQXQD VRODOÞQHDVHSDUDGDYHDODLPDJHQ VXSHULRU *XDUGDUORVDUFKLYRVGHWH[WRHQXQD XQLGDG86% /RVDUFKLYRVGHWH[WRFRQGDWRVGH 3',VHDOPDFHQDUÒQHQXQDFDUSHWD OODPDGDP P\32,VVLWXDGDHQHOGLUHFಢ WRULRUDÞ]GHODXQLGDG86%
(MHPSOR) )?P\32,V?&DVD \KRJDUBSRLGRQGH) )?HVHOGLUHFಢ WRULRUDÞ]GHODXQLGDG86% &XDQGRKD\DLPSRUWDGRORVGDWRVGH 3',LQGLYLGXDOHVDOVLVWHPDGHLQIRHQಢ WUHWHQLPLHQWRYHDODGHVFULSFLäQGH ODLPSRUWDFLäQDFRQWLQXDFLäQ HO PHQë' 'HVWHVSHFLPSRUWDGRVPRVಢ WUDUÒXQDOLVWDGHFDWHJRUÞDVGH3', HQWUHODVTXHSXHGHVHOHFFLRQDU FRPRODVVLJXLHQWHV
2UJDQL]DUORVGDWRVGH3',HQYDULDV VXEFDUSHWDV 7DPELÚQSXHGHRUJDQL]DUORVDUFKLಢ YRVGHWH[WRHQYDULDVVXEFDUSHWDV FRQQRPEUHVDOD]DU
6LVWHPDGHLQIRHQWUHWHQLPLHQWR (MHPSORV) )?P\32,V?$QQV32,V R) )?P\32,V?0\-RXUQH\GRQGH) )? HVHOGLUHFWRULRUDÞ]GHODXQLGDG86% &XDQGRKD\DLPSRUWDGRORVGDWRVGH 3',LQGLYLGXDOHVRUJDQL]DGRVDVÞDO VLVWHPDGHLQIRHQWUHWHQLPLHQWRYHD ODGHVFULSFLäQGHODLPSRUWDFLäQ DFRQWLQXDFLäQ HOPHQë' 'HVWHVSHF LPSRUWDGRVPRVWUDUÒXQDOLVWDGHVXEಢ PHQëVHQWUHORVTXHSXHGHVHOHFFLRಢ QDUFRPRORVVLJXLHQWHV
,PSRUWDUORVGDWRVGH3',DOVLVWHPD GHLQIRHQWUHWHQLPLHQWR &RQHFWHODXQLGDG86%FRQVXVGDWRV GH3',LQGLYLGXDOHVDOSXHUWR86%GHO VLVWHPDGHLQIRHQWUHWHQLPLHQWRYHD ODVHFFLäQ3XHUWR86% 3DUDLQLFLDUODLPSRUWDFLäQSUHVLRQH HOERWäQ& &21),*VHOHFFLRQH$ $MXVWHV GHODQDYHJDFLäQVHOHFFLRQH ,PSRUWDUGHVWLQRVHVSHFLDOHV SURSLRV\OXHJRVHOHFFLRQH &RQWLQXDU 7RGRVORVGDWRVGH3',DOPDFHQDGRV HQODXQLGDG86%VHLPSRUWDQDOD PHPRULDP\32,VGHOVLVWHPDGHLQಢ IRHQWUHWHQLPLHQWR &XDQGRVHILQDOL]DODLPSRUWDFLäQORV 3',LPSRUWDGRVVHSXHGHQVHOHFFLRಢ QDUFRPRGHVWLQRVDWUDYÚVGHOPHQë ,QWURGHVWLQRYHDODVHFFLäQ(QWUDGD GHGHVWLQRPÒVDGHODQWH
(QWUDGDGHGHVWLQR &XDQGRKD\DVHOHFFLRQDGRXQVXEಢ PHQëVHPXHVWUDODOLVWDGHFDWHJRಢ UÞDVGH3',LPSRUWDGDVUHODFLRQDGDV
3XOVHHOERWäQ' '(67SDUDDEULUXQ PHQëFRQYDULDVRSFLRQHVSDUDLQWURಢ GXFLURVHOHFFLRQDUXQGHVWLQR
'LUHFFLäQGHRULJHQVHOHFFLRQDOD GLUHFFLäQGHFDVDFRQILJXUDGDHQOD DFWXDOLGDGVLHVWÒGLVSRQLEOH 6L GHVHDFRQILJXUDUFDPELDUODGLUHFಢ FLäQGHFDVDYHD&RQILJXUDFLäQ GHODGLUHFFLäQGHFDVDPÒVDGHಢ ODQWH &XDQGRVHVHOHFFLRQDODGLUHFFLäQ GHFDVDHOVLVWHPDGHLQIRHQWUHWHಢ QLPLHQWRFDOFXODLQPHGLDWDPHQWH XQDUXWDGHVGHODSRVLFLäQDFWXDO DODGLUHFFLäQGHFDVDHLQLFLDOD JXÞDGHUXWD
6LVWHPDGHLQIRHQWUHWHQLPLHQWR
,QWURGLUHFFLäQLQWURGXFFLäQGLUHFWD GHXQDGLUHFFLäQGHGHVWLQRFRQHO SDÞVFLXGDGFDOOH\QëPHURGHHGLಢ ILFLR9HD,QWURGXFFLäQGHXQDGLಢ UHFFLäQGLUHFWDPHQWHPÒVDGHಢ ODQWH /LEURGHGLUHFFLRQHVVHOHFFLäQGH XQDGLUHFFLäQGHGHVWLQRTXHVHKD JXDUGDGRHQHOOLEURGHGLUHFFLRQHV 9HD6HOHFFLäQGHXQDGLUHFFLäQ GHOOLEURGHGLUHFFLRQHVPÒVDGHಢ ODQWH 9HDWDPELÚQ*XDUGDUXQDGLUHFಢ FLäQHQHOOLEURGHGLUHFFLRQHVROD PHPRULDP\32,V\(GLWDURHOLPLಢ QDUXQDGLUHFFLäQJXDUGDGDPÒV DGHODQWH ËOWLPRVGHVWLQRVVHOHFFLäQHQXQD OLVWDGHGHVWLQRVVHOHFFLRQDGRVUHಢ FLHQWHPHQWH9HD6HOHFFLRQDUXQ GHVWLQRDQWHULRUPÒVDGHODQWH P\32,VVHOHFFLäQGHXQDGLUHFಢ FLäQGHGHVWLQRTXHVHKDJXDUGDGR HQODPHPRULDP\32,V9HD6Hಢ OHFFLRQDUXQDGLUHFFLäQJXDUGDGD HQODPHPRULDP\32,VPÒVDGHಢ ODQWH
9HDWDPELÚQ*XDUGDUXQDGLUHFಢ FLäQHQHOOLEURGHGLUHFFLRQHVROD PHPRULDP\32,V\(GLWDURHOLPLಢ QDUXQDGLUHFFLäQJXDUGDGDPÒV DGHODQWH 'HVWLQRVHVSHFLDOHVVHOHFFLäQGH 3',GLUHFFLRQHVGHSHMUHVWDXಢ UDQWHVJDVROLQHUDVKRVSLWDOHV HWF JXDUGDGDVHQODWDUMHWD6'GHO PDSDGHOVLVWHPDGHLQIRHQWUHWHQLಢ PLHQWR9HD6HOHFFLäQGHXQSXQWR GHLQWHUÚVPÒVDGHODQWH 6HOHFFLRQDUHQPDSDVHOHFFLäQGH XQGHVWLQRGHODYLVWDGHOPDSDFRQ HOFRQPXWDGRUGHRFKRSRVLFLRQHV 9HD6HOHFFLäQGHXQGHVWLQR HQHOPDSDPÒVDGHODQWH /DWLWXG/RQJLWXGVHOHFFLäQGHO GHVWLQRFRQFRRUGHQDGDVJHRJUÒILಢ FDV9HD6HOHFFLäQGHXQGHVWLQR FRQFRRUGHQDGDVJHRJUÒILFDVPÒV DGHODQWH
6HOHFFLäQGHXQDJDVROLQHUD FRPRGHVWLQRWUDVXQDYLVR 1LYHOGHFRPEXVWLEOHEDMR &XDQGRHOQLYHOGHFRPEXVWLEOHGHO GHSäVLWRGHOYHKÞFXORHVEDMRDSDಢ UHFHXQPHQVDMHGHDGYHUWHQFLD
3DUDLQLFLDUXQDEëVTXHGDGHJDVROLಢ QHUDVSUä[LPDVDODSRVLFLäQDFWXDO GHOYHKÞFXORVHOHFFLRQH* *DVROLQHUDV &XDQGRVHILQDOL]DODEëVTXHGDVH PXHVWUDXQDOLVWDFRQWRGDVODVJDVRಢ OLQHUDVHQFRQWUDGDV
6LVWHPDGHLQIRHQWUHWHQLPLHQWR 6HOHFFLRQH,,QLFLDUODQDYHJDFLäQSDUD LQLFLDUODJXÞDGHUXWDDODGLUHFFLäQ TXHVHPXHVWUD 9HDODVHFFLäQ*XÞDSDUDREಢ WHQHUODGHVFULSFLäQGHODJXÞDGHUXWD
6LGHVHDFDPELDUVHOHFFLRQDUHOSDÞV PDUTXHHOFDPSRGHHQWUDGDGHOSDÞV YHULPDJHQVXSHULRU \SXOVHOXHJRHO ERWäQ0 0(18SDUDDEULUHOPHQë 3DÞVHV
,QWURGXFFLäQGHXQDGLUHFFLäQ GLUHFWDPHQWH 3XOVHHOERWäQ' '(67\VHOHFFLRQH OXHJR,,QWURGLUHFFLäQSDUDDEULUHO PHQëTXHVHPXHVWUDDFRQWLQXDFLäQ $FRQWLQXDFLäQVHPXHVWUDODOLVWDFRQ LQIRUPDFLäQGHWDOODGDVREUHODJDVRಢ OLQHUDPDUFDGDDFWXDOPHQWHODRULHQಢ WDFLäQDSUR[LPDGDDODJDVROLQHUDOD GLUHFFLäQODGLVWDQFLD\ORVWLSRVGH FRPEXVWLEOHVGLVSRQLEOHVDGHPÒV GHJDVROLQD\GLÚVHO $EUHYLDWXUDVXVDGDVSDUDWLSRVGH FRPEXVWLEOH* *1&JDVQDWXUDOFRPಢ SULPLGR * */3JDVOLFXDGRGHSHWUäಢ OHR ,QLFLDUJXÞDGHUXWDDXQDJDVROLQHUD 6HOHFFLRQHODJDVROLQHUDGHVHDGD $SDUHFHHOPHQë1 1DYHJDFLäQ
6HOHFFLRQHHOSDÞVGHVHDGR ,QWURGXFFLäQGHXQDGLUHFFLäQFRQOD IXQFLäQGHHVFULWXUD 0DUTXHHOFDPSRGHGDWRV& &LXGDG \SXOVHOXHJRHOERWäQ0 0(18SDUD DFWLYDUODIXQFLäQGHHVFULWXUD
6LVWHPDGHLQIRHQWUHWHQLPLHQWR
&RQHOERWäQ0 0(18GHVWDTXH \DFHSWHGHXQDHQXQDODVOHWUDVGH ODFLXGDGGHVHDGD'XUDQWHHVWHSURಢ FHVRHOVLVWHPDEORTXHDUÒDXWRPÒWLಢ FDPHQWHODVOHWUDVTXHQRSXHGHQ XVDUVHDFRQWLQXDFLäQHQHOQRPEUH GHODFLXGDG 6HSXHGHQVHOHFFLRQDUORVVLJXLHQWHV VÞPERORVHQODOÞQHDLQIHULRU (QODOÞQHDLQIHULRUDSDUHFHQOLVWDV FRQOHWUDVHVSHFLDOHV ဂ6HVHOHFFLRQDODOHWUDDQWHULRU RVLJXLHQWH N%RUUDUODëOWLPDOHWUD $D0D\ëVFXODVRPLQëVFXODV
M)XQFLäQGHOLVWDXQDYH]TXHVH KDQLQWURGXFLGRGRVOHWUDVHQDOJXಢ QRVFDVRVLQFOXVRXQD VHPXHVWUDQ WRGRVORVQRPEUHVGLVSRQLEOHVTXH HPSLHFHQFRQHVDVOHWUDV&XDQWDV PÒVOHWUDVVHHVFULEDQPÒVFRUWD VHUÒODOLVWD 2.&RPSOHWDODHQWUDGDRDFHSWDHO WÚUPLQRGHODEëVTXHGD 0DQWHQJDSXOVDGRHOERWäQ% %$&. XQRVVHJXQGRVSDUDERUUDUWRGDVODV OHWUDVHVFULWDVGHODOÞQHDGHGDWRV 5HSLWDHOSURFHVRSDUDHOUHVWRGHORV FDPSRVGHHQWUDGDLQWURGXFLUXQQëಢ PHURGHFDVDRFUXFHHVRSFLRQDO
&XDQGRFRPSOHWHODGLUHFFLäQVHOHFಢ FLRQH2 2. $SDUHFHHOPHQë1 1DYHJDFLäQ ,QLFLDUJXÞDGHUXWD 6HOHFFLRQH,,QLFLDUODQDYHJDFLäQSDUD LQLFLDUODJXÞDGHUXWDDODGLUHFFLäQ TXHVHPXHVWUD 9HDODVHFFLäQ*XÞDSDUDREಢ WHQHUODGHVFULSFLäQGHODJXÞDGHUXWD *XDUGDUODGLUHFFLäQ 6HOHFFLRQH* *XDUGDUVLGHVHDJXDUGDU ODGLUHFFLäQTXHVHPXHVWUDHQHOOLEUR GHGLUHFFLRQHVRHQODPHPRULD P\32,V 6HPXHVWUDHOPHQë* *XDUGDUYHD *XDUGDUXQDGLUHFFLäQHQHOOLEURGH GLUHFFLRQHVRHQODPHPRULDP\32,V PÒVDGHODQWH
6HOHFFLäQGHXQDGLUHFFLäQGHO OLEURGHGLUHFFLRQHV 3XOVHHOERWäQ' '(67\OXHJRVHOHFಢ FLRQH/ /LEURGHGLUHFFLRQHV
6LVWHPDGHLQIRHQWUHWHQLPLHQWR
*XDUGDUODGLUHFFLäQ 6HOHFFLRQH* *XDUGDUVLGHVHDJXDUGDU ODGLUHFFLäQTXHVHPXHVWUDHQHOOLEUR GHGLUHFFLRQHVRHQODPHPRULD P\32,V 6HPXHVWUDHOPHQë* *XDUGDUYHD *XDUGDUXQDGLUHFFLäQHQHOOLEURGH GLUHFFLRQHVRHQODPHPRULDP\32,V PÒVDGHODQWH
6HOHFFLRQHODHQWUDGDGHOOLEURGHGLಢ UHFFLRQHVTXHGHVHH $SDUHFHHOPHQë1 1DYHJDFLäQ ,QLFLDUJXÞDGHUXWD 6HOHFFLRQH,,QLFLDUODQDYHJDFLäQSDUD LQLFLDUODJXÞDGHUXWDDODGLUHFFLäQ TXHVHPXHVWUD 9HDODVHFFLäQ*XÞDSDUDREಢ WHQHUODGHVFULSFLäQGHODJXÞDGHUXWD
6HOHFFLäQGHXQGHVWLQRDQWHULRU 3XOVHHOERWäQ' '(67\VHOHFFLRQH OXHJRË ËOWLPRVGHVWLQRVSDUDDEULUHO PHQëTXHVHPXHVWUDDFRQWLQXDFLäQ
6HPXHVWUDXQDOLVWDGHODVëOWLPDV GLUHFFLRQHVGHGHVWLQRXVDGDV 6HOHFFLRQHHOGHVWLQRGHVHDGR $SDUHFHHOPHQë1 1DYHJDFLäQ ,QLFLDUJXÞDGHUXWD 6HOHFFLRQH,,QLFLDUODQDYHJDFLäQSDUD LQLFLDUODJXÞDGHUXWDDODGLUHFFLäQ TXHVHPXHVWUD 9HDODVHFFLäQ*XÞDSDUDREಢ WHQHUODGHVFULSFLäQGHODJXÞDGHUXWD
6HOHFFLRQDUXQDGLUHFFLäQ JXDUGDGDHQODPHPRULD P\32,V 3XOVHHOERWäQ' '(67\VHOHFFLRQH OXHJRP P\32,VSDUDDEULUHOPHQëTXH VHPXHVWUDDFRQWLQXDFLäQ
6LVWHPDGHLQIRHQWUHWHQLPLHQWR
1RWD /DRSFLäQ3 3',LPSRUWDGRVVäORVH SXHGHVHOHFFLRQDUVLORVGDWRVGLಢ UHFFLRQHV GHORVSXQWRVGHLQWHUÚV VHGHVFDUJDURQGHXQDXQLGDG86% YHD([SRUWDUHLPSRUWDUGDWRVGH 3',HQODVHFFLäQ0DQHMRPÒV DUULED
6HOHFFLRQHODRSFLäQSDUDRUGHQDUOD OLVWDGHVHDGD 6HPXHVWUDXQPHQëFRQODVFDWHJRಢ UÞDVGHSXQWRVGHLQWHUÚVGLVSRQLEOHV HQODDFWXDOLGDG
6HOHFFLRQHODRSFLäQGHVHDGD6H PXHVWUDXQPHQëFRQODVGLVWLQWDVRSಢ FLRQHVSDUDRUGHQDUODOLVWD $FRQWLQXDFLäQVHPXHVWUDODOLVWDFRQ LQIRUPDFLäQGHWDOODGDVREUHHOSXQWR GHLQWHUÚVPDUFDGRHQODDFWXDOLGDG ODRULHQWDFLäQDSUR[LPDGDDOSXQWRGH LQWHUÚVODGLUHFFLäQ\ODGLVWDQFLD 6HOHFFLRQHODFDWHJRUÞDGHVHDGD 6HPXHVWUDXQPHQëFRQXQDOLVWDGH WRGRVORVSXQWRVGHLQWHUÚVGHODFDಢ WHJRUÞDVHOHFFLRQDGDSHM 5HVWDXUDQWH /DVRSFLRQHVSDUDRUGHQDUODOLVWDGHಢ WHUPLQDQHQTXÚRUGHQVHPRVWUDUÒQ ODVGLUHFFLRQHVGHORVSXQWRVGHLQWHಢ UÚVLQGLYLGXDOHVLPSRUWDGRVPÒVDGHಢ ODQWH
1RWD /RVSXQWRVGHLQWHUÚVOHMRVGHODSRಢ VLFLäQDFWXDOGHOYHKÞFXORSXHGHQQR PRVWUDUVHHQODOLVWD
,QLFLDUODJXÞDGHUXWDDOSXQWRGH LQWHUÚV 6HOHFFLRQHHOSXQWRGHLQWHUÚVGHಢ VHDGR $SDUHFHHOPHQë1 1DYHJDFLäQ 6HOHFFLRQH,,QLFLDUODQDYHJDFLäQSDUD LQLFLDUODJXÞDGHUXWDDODGLUHFFLäQ TXHVHPXHVWUD 9HDODVHFFLäQ*XÞDSDUDREಢ WHQHUODGHVFULSFLäQGHODJXÞDGHUXWD
6LVWHPDGHLQIRHQWUHWHQLPLHQWR 6HOHFFLäQGHXQSXQWRGH LQWHUÚV 3XOVHHOERWäQ' '(67\OXHJRVHOHFಢ FLRQH' 'HVWLQRVHVSHFLDOHV 6HPXHVWUDXQPHQëFRQYDULDVRSಢ FLRQHVSDUDVHOHFFLRQDUSXQWRVGHLQಢ WHUÚVHVGHFLUUHVWDXUDQWHVJDVROLಢ QHUDVKRVSLWDOHVHWF
&HUFDQÞDVSRVLFLäQDFWXDO 6HOHFFLäQGHSXQWRVGHLQWHUÚVFHUFD GHODSRVLFLäQDFWXDOGHOYHKÞFXOR 8QDYH]TXHKD\DVHOHFFLRQDGROD RSFLäQVHPXHVWUDXQDOLVWDGHWRGDV ODVFDWHJRUÞDVGHSXQWRVGHLQWHUÚV GLVSRQLEOHV
3RUHMHPSORVLEXVFDXQDJDVROLQHUD 6HOHFFLRQH$ $XWRPäYLO\HVWDFLRQHV GHVHUYLFLR 6HPXHVWUDXQPHQëTXHSURSRUFLRQD RSFLRQHVTXHSHUPLWHQUHDOL]DUXQD EëVTXHGDPÒVSUHFLVDGHJDVROLQHಢ UDV
&XDQGRVHOHFFLRQD,,QLFLDUEëVTXHGD VHLQLFLDXQDEëVTXHGDGHWRGDVODV JDVROLQHUDVGHOD]RQD/DEëVTXHGD WLHQHHQFXHQWDWRGDVODVJDVROLQHUDV TXHFXPSOHQORVFULWHULRVGHOILOWUR FRQILJXUDGRSDUD& &DGHQD\) )XHOW\SH
SDUDFDPELDUHOFULWHULRGHOILOWURYHD &RQILJXUDFLäQGHILOWURVGHUHVWULFಢ FLäQGHEëVTXHGDVPÒVDGHODQWH &XDQGRVHILQDOL]DODEëVTXHGDVH PXHVWUDXQDOLVWDFRQWRGDVODVJDVRಢ OLQHUDVHQFRQWUDGDV
$FRQWLQXDFLäQVHPXHVWUDODOLVWDFRQ LQIRUPDFLäQGHWDOODGDVREUHODJDVRಢ OLQHUDPDUFDGDDFWXDOPHQWHODRULHQಢ WDFLäQDSUR[LPDGDDODJDVROLQHUDOD GLUHFFLäQODGLVWDQFLD\ORVWLSRVGH FRPEXVWLEOHVGLVSRQLEOHVDGHPÒV GHJDVROLQD\GLÚVHO
6LVWHPDGHLQIRHQWUHWHQLPLHQWR
$EUHYLDWXUDVXVDGDVSDUDWLSRVGH FRPEXVWLEOH* *1&JDVQDWXUDOFRPಢ SULPLGR * */3JDVOLFXDGRGHSHWUäಢ OHR &RQILJXUDFLäQGHILOWURVGHUHVWULFFLäQ GHEëVTXHGDV &XDQGRVHOHFFLRQD& &DGHQDDSDUHFH XQDOLVWDFRQWRGDVODVPDUFDVRFDಢ GHQDVGHJDVROLQHUDVGLVSRQLEOHVHQ OD]RQD
(OQëPHURGHJDVROLQHUDVVHSXHGH UHGXFLUVHOHFFLRQDQGRDOPHQRVXQD PDUFDRFDGHQDGHJDVROLQHUDV
&XDQGRKD\DPDUFDGRODVPDUFDV FDGHQDVGHVHDGDVVHOHFFLRQH,,QLFLDU EëVTXHGDFRQILOWURVVHOHFFRSDUD XQDEëVTXHGDPÒVUHVWULQJLGDVHOHFಢ FLRQH& &RQWLQXDUFRQSUä[LPRILOWURWLಢ SRVGHFRPEXVWLEOHV &XDQGRVHOHFFLRQD) )XHOW\SHDSDಢ UHFHXQDOLVWDFRQWRGRVORVWLSRVGH FRPEXVWLEOHGLVSRQLEOHVDGHPÒVGH JDVROLQD\GLÚVHO HQODVJDVROLQHUDV GHOD]RQD (OQëPHURGHJDVROLQHUDVVHSXHGH UHGXFLUVHOHFFLRQDQGRDOPHQRVXQ WLSRGHFRPEXVWLEOH &XDQGRKD\DPDUFDGRORVWLSRVGH FRPEXVWLEOHGHVHDGRVVHOHFFLRQH ,QLFLDUEëVTXHGDFRQILOWURVVHOHFFR SDUDXQDEëVTXHGDPÒVUHVWULQJLGD VHOHFFLRQH& &RQWLQXDUFRQSUä[LPR ILOWURPDUFDVFDGHQDVGHJDVROLQHಢ UDV &XDQGRVHLQLFLHODEëVTXHGDDSDUHಢ FHUÒXQDOLVWDFRQWRGDVODVJDVROLQHಢ UDVTXHFXPSODQORVFULWHULRVGHOILOWUR VHOHFFLRQDGRDQWHULRUPHQWH 6HOHFFLRQHODJDVROLQHUDGHVHDGD $SDUHFHHOPHQë1 1DYHJDFLäQ
,QLFLDUJXÞDGHUXWD 6HOHFFLRQH,,QLFLDUODQDYHJDFLäQSDUD LQLFLDUODJXÞDGHUXWDDODGLUHFFLäQ TXHVHPXHVWUD 9HDODVHFFLäQ*XÞDSDUDREಢ WHQHUODGHVFULSFLäQGHODJXÞDGHUXWD *XDUGDUODGLUHFFLäQ 6HOHFFLRQH* *XDUGDUVLGHVHDJXDUGDU ODGLUHFFLäQTXHVHPXHVWUDHQHOOLEUR GHGLUHFFLRQHVRHQODPHPRULD P\32,V 6HPXHVWUDHOPHQë* *XDUGDUYHD *XDUGDUXQDGLUHFFLäQHQHOOLEURGH GLUHFFLRQHVRHQODPHPRULDP\32,V PÒVDGHODQWH $ORODUJRGHODDXWRSLVWD 6HOHFFLäQGHSXQWRVGHLQWHUÚVUHODಢ FLRQDGRVFRQODDXWRSLVWDHVGHFLU JDVROLQHUDVRÒUHDVGHVHUYLFLR DOR ODUJRGHOLWLQHUDULR6äORHVWÒGLVSRQLಢ EOHFXDQGRFRQGXFHSRUXQDDXWRಢ SLVWD 6HOHFFLäQGHXQSXQWRGHLQWHUÚVYHD HOHMHPSORGH&HUFDQÞDVSRVLFLäQDFಢ WXDO
6LVWHPDGHLQIRHQWUHWHQLPLHQWR &HUFDQÞDVGHVWLQR 6HOHFFLäQGHSXQWRVGHLQWHUÚVSUä[Lಢ PRVDOGHVWLQRLQWURGXFLGR 6HOHFFLäQGHXQSXQWRGHLQWHUÚVYHD HOHMHPSORGH&HUFDQÞDVSRVLFLäQDFಢ WXDO $OUHGHGRUGHRWUDVFLXGDGHV 6HOHFFLäQGHSXQWRVGHLQWHUÚVSUä[Lಢ PRVDXQDFLXGDG &XDQGRVHOHFFLRQDODRSFLäQVH PXHVWUDXQDOLVWDGHSDÞVHV 6HOHFFLRQHHOSDÞVGHVHDGR6H PXHVWUDXQPHQëSDUDLQWURGXFLUHO QRPEUHGHODFLXGDG
,QWURGX]FDHOQRPEUHGHODFLXGDG PHGLDQWHODIXQFLäQGHHVFULWXUDYHD ,QWURGXFFLäQGHXQDGLUHFFLäQFRQOD IXQFLäQGHHVFULWXUDPÒVDUULED &XDQGRODHQWUDGDHVORVXILFLHQWHಢ PHQWHFRQFUHWDVHPXHVWUDXQDOLVWD GHFLXGDGHVSRVLEOHV$YHFHVKD\ TXHVHOHFFLRQDUMSDUDTXHDSDUH]FD ODOLVWD 6HOHFFLRQHODFLXGDGGHVHDGD$SDಢ UHFHXQPHQëFRQORVSXQWRVGHLQWHಢ UÚVSUä[LPRVDODFLXGDGVHOHFFLRಢ QDGDRUGHQDGRVSRUFDWHJRUÞD 6HOHFFLäQGHXQSXQWRGHLQWHUÚVYHD HOHMHPSORGH&HUFDQÞDVSRVLFLäQDFಢ WXDO %XVFDUSRUQRPEUH 6HOHFFLäQGHSXQWRVGHLQWHUÚVDSDUಢ WLUGHXQQRPEUH &XDQGRVHOHFFLRQDODRSFLäQVH PXHVWUDXQDOLVWDGHSDÞVHV 6HOHFFLRQHHOSDÞVGHVHDGR6H PXHVWUDXQPHQëSDUDLQWURGXFLUHO QRPEUH
,QWURGX]FDHOQRPEUHGHOSXQWRGHLQಢ WHUÚVGHVHDGRPHGLDQWHODIXQFLäQGH HVFULWXUDYHD,QWURGXFFLäQGHXQD GLUHFFLäQFRQODIXQFLäQGHHVFULWXUD PÒVDUULED &XDQGRODHQWUDGDHVORVXILFLHQWHಢ PHQWHFRQFUHWDVHPXHVWUDXQDOLVWD GHSXQWRVGHLQWHUÚVSRVLEOHV$YHಢ FHVKD\TXHVHOHFFLRQDUMSDUDTXH DSDUH]FDODOLVWD 6HOHFFLRQHHOSXQWRGHLQWHUÚVGHಢ VHDGR $SDUHFHHOPHQë1 1DYHJDFLäQ
6LVWHPDGHLQIRHQWUHWHQLPLHQWR
,QLFLDUJXÞDGHUXWD 6HOHFFLRQH,,QLFLDUODQDYHJDFLäQSDUD LQLFLDUODJXÞDGHUXWDDODGLUHFFLäQ TXHVHPXHVWUD 9HDODVHFFLäQ*XÞDSDUDREಢ WHQHUODGHVFULSFLäQGHODJXÞDGHUXWD
,QLFLDUJXÞDGHUXWD 6HOHFFLRQH,,QLFLDUODQDYHJDFLäQSDUD LQLFLDUODJXÞDGHUXWDDODGLUHFFLäQ TXHVHPXHVWUD 9HDODVHFFLäQ*XÞDSDUDREಢ WHQHUODGHVFULSFLäQGHODJXÞDGHUXWD
*XDUGDUODGLUHFFLäQ 6HOHFFLRQH* *XDUGDUVLGHVHDJXDUGDU ODGLUHFFLäQTXHVHPXHVWUDHQHOOLEUR GHGLUHFFLRQHVRHQODPHPRULD P\32,V 6HPXHVWUDHOPHQë* *XDUGDUYHD *XDUGDUXQDGLUHFFLäQHQHOOLEURGH GLUHFFLRQHVRHQODPHPRULDP\32,V PÒVDGHODQWH
*XDUGDUODGLUHFFLäQ 6HOHFFLRQH* *XDUGDUVLGHVHDJXDUGDU ODGLUHFFLäQTXHVHPXHVWUDHQHOOLEUR GHGLUHFFLRQHVRHQODPHPRULD P\32,V 6HPXHVWUDHOPHQë* *XDUGDUYHD *XDUGDUXQDGLUHFFLäQHQHOOLEURGH GLUHFFLRQHVRHQODPHPRULDP\32,V PÒVDGHODQWH
%XVFDUSRUQëPHUR 6HOHFFLäQGHSXQWRVGHLQWHUÚVDSDUಢ WLUGHXQQëPHURGHWHOÚIRQR &XDQGRVHOHFFLRQDODRSFLäQVH PXHVWUDXQDOLVWDGHSDÞVHV 6HOHFFLRQHHOSDÞVGHVHDGR6H PXHVWUDXQPHQëSDUDLQWURGXFLUHO QëPHUR
,QWURGX]FDHOQëPHURGHWHOÚIRQRGHಢ VHDGRPHGLDQWHODIXQFLäQGHHVFULಢ WXUDYHD,QWURGXFFLäQGHXQDGLUHFಢ FLäQFRQODIXQFLäQGHHVFULWXUDPÒV DUULED 8QDYH]TXHODHQWUDGDVHDOREDVಢ WDQWHHVSHFÞILFDVHPXHVWUDXQDOLVWD GHSRVLEOHVQëPHURVGHWHOÚIRQR FDGDQëPHURUHSUHVHQWDXQSXQWRGH LQWHUÚV $YHFHVKD\TXHVHOHFFLRQDU MSDUDTXHDSDUH]FDODOLVWD 6HOHFFLRQHHOSXQWRGHLQWHUÚVGHಢ VHDGR $SDUHFHHOPHQë1 1DYHJDFLäQ
6HOHFFLäQGHXQGHVWLQRHQHO PDSD 3XOVHHOERWäQ' '(67\OXHJRVHOHFಢ FLRQH6 6HOHFFLRQDUHQPDSD 6HPXHVWUDXQPHQëFRQXQPDSD TXHPXHVWUDHOÒUHDDOUHGHGRUGHOD SRVLFLäQDFWXDO
6LVWHPDGHLQIRHQWUHWHQLPLHQWR
9HDODVHFFLäQ*XÞDSDUDREಢ WHQHUODGHVFULSFLäQGHODJXÞDGHUXWD *XDUGDUODGLUHFFLäQ 6HOHFFLRQH* *XDUGDUVLGHVHDJXDUGDU ODGLUHFFLäQTXHVHPXHVWUDHQHOOLEUR GHGLUHFFLRQHVRHQODPHPRULD P\32,V 6HPXHVWUDHOPHQë* *XDUGDUYHD *XDUGDUXQDGLUHFFLäQHQHOOLEURGH GLUHFFLRQHVRHQODPHPRULDP\32,V PÒVDGHODQWH 1RWD /DHVFDODGHOPDSDVHSXHGHFDPಢ ELDUFRQHOPDQGR0 0(18 &RQHOFRQPXWDGRUGHRFKRSRVLFLRಢ QHVGHOERWäQ0 0(18FRORTXHHO SXQWRGHPLUDHQXQGHVWLQRGHO PDSD 3XOVHHOPDQGR0 0(18SDUDFRQILUಢ PDUODVHOHFFLäQ $SDUHFHHOPHQë1 1DYHJDFLäQ ,QLFLDUJXÞDGHUXWD 6HOHFFLRQH,,QLFLDUODQDYHJDFLäQSDUD LQLFLDUODJXÞDGHUXWDDODGLUHFFLäQ TXHVHPXHVWUD
6HOHFFLäQGHXQGHVWLQRFRQ FRRUGHQDGDVJHRJUÒILFDV 3XOVHHOERWäQ' '(67\OXHJRVHOHFಢ FLRQH/ /DWLWXG/RQJLWXG 6HPXHVWUDXQPHQëTXHSHUPLWHLQಢ WURGXFLUFRRUGHQDGDVJHRJUÒILFDV FRPRGLUHFFLäQGHGHVWLQR
,QWURGXFFLäQGHODFRRUGHQDGDGHODಢ WLWXG 6HOHFFLRQH/ /DWLWXG *LUHHOPDQGR0 0(18SDUDVHOHFಢ FLRQDU1 1R6 61RUWHR6XUGHO HFXDGRU 3XOVHHOPDQGR0 0(18SDUDFRQಢ ILUPDUODVHOHFFLäQ *LUHHOPDQGR0 0(18SDUDLQWURಢ GXFLUORVJUDGRVGHVHDGRVGHODಢ WLWXG 3XOVHHOPDQGR0 0(18SDUDFRQಢ ILUPDUORVGDWRVLQWURGXFLGRV ,QGLTXHORVPLQXWRV\VHJXQGRV GHODWLWXGTXHFRUUHVSRQGDQ
6LVWHPDGHLQIRHQWUHWHQLPLHQWR
,QWURGXFFLäQGHODFRRUGHQDGDGHORQಢ JLWXG 6HOHFFLRQH/ /RQJLWXG *LUHHOPDQGR0 0(18SDUDVHOHFಢ FLRQDU2 2R( (2HVWHR(VWHGHO PHULGLDQRGH*UHHQZLFK 3XOVHHOPDQGR0 0(18SDUDFRQಢ ILUPDUORVGDWRVLQWURGXFLGRV (VFULED\FRQILUPHORVYDORUHVTXH GHVHDXWLOL]DUSDUDORVJUDGRVPLಢ QXWRV\VHJXQGRVGHODORQJLWXG 6HOHFFLRQH$ $FHSWDUSDUDFRQILUPDU ODVFRRUGHQDGDVTXHVHPXHVWUDQ $SDUHFHHOPHQë1 1DYHJDFLäQ ,QLFLDUJXÞDGHUXWD 6HOHFFLRQH,,QLFLDUODQDYHJDFLäQSDUD LQLFLDUODJXÞDGHUXWDDODGLUHFFLäQ TXHVHPXHVWUD 9HDODVHFFLäQ*XÞDSDUDREಢ WHQHUODGHVFULSFLäQGHODJXÞDGHUXWD *XDUGDUODGLUHFFLäQ 6HOHFFLRQH* *XDUGDUVLGHVHDJXDUGDU ODGLUHFFLäQTXHVHPXHVWUDHQHOOLEUR GHGLUHFFLRQHVRHQODPHPRULD P\32,V
6HPXHVWUDHOPHQë* *XDUGDUYHD *XDUGDUXQDGLUHFFLäQHQHOOLEURGH GLUHFFLRQHVRHQODPHPRULDP\32,V PÒVDGHODQWH
*XDUGDXQDGLUHFFLäQHQHOOLEUR GHGLUHFFLRQHVRHQODPHPRULD P\32,V (OVLVWHPDGHLQIRHQWUHWHQLPLHQWR SURSRUFLRQDGRVÒUHDVVHSDUDGDVGH PHPRULDGRQGHSXHGHJXDUGDUVXV GLUHFFLRQHVGHGHVWLQRIDYRULWDVHOOLಢ EURGHGLUHFFLRQHV\ODPHPRULD P\32,V $QWHVGHJXDUGDUXQDGLUHFFLäQHQ XQDGHHVWDVÒUHDVGHPHPRULDGHEH DVLJQDUODGLUHFFLäQDXQDFDWHJRUÞD 6LGHVHDJXDUGDUXQDGLUHFFLäQHQ HOOLEURGHGLUHFFLRQHVGHEHDVLJಢ QDUODGLUHFFLäQDODVFDWHJRUÞDV 3ULYDGRR7 7UDEDMR 6LGHVHDJXDUGDUXQDGLUHFFLäQHQ ODPHPRULDP\32,VSXHGHHOHJLU HQWUHFDWHJRUÞDVSHM 5HVWDXUDQWH9 9LDMHVR& &XOWXUD
*XDUGDUXQDGLUHFFLäQHQHOOLEURGH GLUHFFLRQHV 3XOVHHOERWäQ' '(67SDUDDEULUHO PHQë,,QWURGHVWLQR\VHOHFFLRQHXQD RSFLäQSDUDODHQWUDGDRVHOHFFLäQGH XQDGLUHFFLäQGHGHVWLQRSHM,,QWUR GLUHFFLäQRË ËOWLPRVGHVWLQRV YHDOD VHFFLäQVREUHGHVFULSFLRQHVGHODHQಢ WUDGDRVHOHFFLäQGHGLUHFFLRQHVPÒV DUULED 8QDYH]TXHKDLQWURGXFLGRRVHOHFಢ FLRQDGRODGLUHFFLäQGHGHVWLQRGHಢ VHDGDVHPXHVWUDHOPHQë 1DYHJDFLäQ 6HOHFFLRQH* *XDUGDU 6HPXHVWUDHOPHQë* *XDUGDUFRQOD GLUHFFLäQGHGHVWLQRDQWHULRUPHQWHLQಢ WURGXFLGDRVHOHFFLRQDGDFRPRQRPಢ EUHSUHGHWHUPLQDGR (OQRPEUHSUHGHWHUPLQDGRSXHGH FDPELDUVHYHUHOHMHPSORHQODLPDಢ JHQLQIHULRU XVDQGRODIXQFLäQGHHVಢ FULWXUDYHD,QWURGXFFLäQGHXQDGLಢ UHFFLäQFRQODIXQFLäQGHHVFULWXUD PÒVDUULED
6LVWHPDGHLQIRHQWUHWHQLPLHQWR
*XDUGDUXQDGLUHFFLäQHQODPHPRULD P\32,V *XDUGDUXQDGLUHFFLäQGHGHVWLQRHQ ODPHPRULDP\32,VIXQFLRQDGHLJXDO PRGRTXHSDUDHOOLEURGHGLUHFFLRಢ QHVFRPRVHGHVFULELäDQWHULRUಢ PHQWH /DëQLFDGLIHUHQFLDUDGLFDHQVHOHFಢ FLRQDUXQDFDWHJRUÞDGLVWLQWD D3 3ULYDGRR7 7UDEDMRSHM 5HVWDXUDQWH$ $XWRPäYLOR& &RPSUDV $OWHUQDWLYDPHQWHSXHGHLQWURGXFLUXQ QëPHURGHWHOÚIRQR /DFDWHJRUÞDSUHGHWHUPLQDGD 3ULYDGRSXHGHFDPELDUVHD7 7UDEDMR 6HOHFFLRQHODFDWHJRUÞDTXHVHPXHVಢ WUDSDUDDEULUXQPHQëFRQXQDOLVWD GHWRGDVODVFDWHJRUÞDVGHGLUHFFLRಢ QHVGLVSRQLEOHV
1RWD 6LVHOHFFLRQDFXDOTXLHUFDWHJRUÞD GLVWLQWDGH3 3ULYDGRR1 1HJRFLRVODGLಢ UHFFLäQGHOGHVWLQRVHJXDUGDUÒHQ ODPHPRULDP\32,VQRHQHOOLEURGH GLUHFFLRQHV 6HOHFFLRQH7 7UDEDMR $SDUHFHGHQXHYRHOPHQë* *XDUGDU 6HOHFFLRQH2 2.SDUDJXDUGDUODGLUHFಢ FLäQGHGHVWLQRHQHOOLEURGHGLUHFಢ FLRQHVXVDQGRHOQRPEUH\ODFDWHJRಢ UÞDTXHDSDUHFHQ 6HSXHGHJXDUGDUXQPÒ[LPRGH GLUHFFLRQHVGHGHVWLQRHQHOOLEURGH GLUHFFLRQHV
1RWD 6LVHOHFFLRQDXQDGHODVFDWHJRUÞDV 3ULYDGRR1 1HJRFLRVODGLUHFFLäQGHO GHVWLQRVHJXDUGDUÒHQHOOLEURGHGLಢ UHFFLRQHVQRHQODPHPRULD P\32,V
(GLWDURHOLPLQDUXQDGLUHFFLäQ JXDUGDGD /RVGDWRVGHODGLUHFFLäQLQFOXLGDVOD FDWHJRUÞD\HOQëPHURGHWHOÚIRQR JXDUGDGRVHQHOOLEURGHGLUHFFLRQHV RHQODPHPRULDP\32,VSXHGHQHGLಢ WDUVHRHOLPLQDUVHSRUFRPSOHWRHQ FXDOTXLHUPRPHQWR
6LVWHPDGHLQIRHQWUHWHQLPLHQWR
(GLWDURHOLPLQDUXQDHQWUDGDGHOOLEUR GHGLUHFFLRQHV 3XOVHHOERWäQ' '(67VHOHFFLRQH /LEURGHGLUHFFLRQHV6HOHFFLRQHOD HQWUDGDGHODGLUHFFLäQGHVHDGD \OXHJR( (GLWDU $SDUHFHHOPHQë( (GLWDU
(VWÒQGLVSRQLEOHVODVVLJXLHQWHVRSಢ FLRQHV 'LUHFFLäQDEUHHOPHQë,,QWUR GLUHFFLäQ3XHGHHGLWDUODGLUHFFLäQ TXHVHPXHVWUDPHGLDQWHODIXQFLäQ GHHVFULWXUDYHD,QWURGXFFLäQGH XQDGLUHFFLäQFRQODIXQFLäQGHHVಢ FULWXUDPÒVDUULED
8QDYH]TXHKDFRQILUPDGRODGLಢ UHFFLäQHGLWDGDVHYXHOYHDPRVಢ WUDUHOPHQë1 1DYHJDFLäQ 6LGHVHDHGLWDUWDPELÚQHOQRPEUH RFDPELDUODFDWHJRUÞDGHEHVHOHFಢ FLRQDUODGLUHFFLäQFRUUHVSRQGLHQWH HQHOOLEURGHGLUHFFLRQHVGHQXHYR YHDPÒVDUULED 1RPE\QëPXQDYH]TXHKDVHಢ OHFFLRQDGRHVWDRSFLäQSXHGHHGLಢ WDUHOQRPEUHGHODHQWUDGDGHOOLEUR GHGLUHFFLRQHVHGLWDUHOQëPHURGH WHOÚIRQRRVHOHFFLRQDUXQDFDWHJRಢ UÞDQXHYDYHD*XDUGDUXQDGLUHFಢ FLäQHQHOOLEURGHGLUHFFLRQHVPÒV DUULED %RUUDUSHUPLWHERUUDUODGLUHFFLäQ TXHDSDUHFHGHOOLEURGHGLUHFFLRಢ QHV &RPR'LUHFRULJHQSHUPLWHFRQಢ ILJXUDUODGLUHFFLäQTXHVHPXHVWUD FRPRODGLUHFFLäQGHFDVDYHD &RQILJXUDFLäQGHODGLUHFFLäQGH FDVDPÒVDGHODQWH
(GLWDURHOLPLQDUXQDHQWUDGDGH P\32,V 3XOVHHOERWäQ' '(67\VHOHFFLRQH OXHJRP P\32,VSDUDDEULUHOPHQëTXH VHPXHVWUDDFRQWLQXDFLäQ
(GLWDURHOLPLQDU 'HVWLQRVHVSHFLDOHVSURSLRV 6HOHFFLRQH' 'HVWLQRVHVSHFLDOHV SURSLRVVHOHFFLRQHODRSFLäQSDUDRUಢ GHQDUGHVHDGDSHM& &HUFDQÞDV SRVLFLäQDFWXDO VHOHFFLRQHODFDWHಢ JRUÞDGHVHDGDSHM5 5HVWDXUDQWH VHOHFFLRQHODGLUHFFLäQGHVHDGD \VHOHFFLRQHDFRQWLQXDFLäQ( (GLWDU $SDUHFHHOPHQë( (GLWDU
6LVWHPDGHLQIRHQWUHWHQLPLHQWR /DHGLFLäQRHOLPLQDFLäQGHODHQWUDGD GHP\32,VTXHVHPXHVWUDIXQFLRQD GHLJXDOPRGRTXHVHGHVFULELäSDUD XQDHQWUDGDGHOOLEURGHGLUHFFLRQHV YHDPÒVDUULED 1RWDVDFHUFDGH 'HVWLQRVHVSHFLDOHVLPSRUWDGRV /RVSXQWRVGHLQWHUÚVLPSRUWDGRV 3',GHVFDUJDGRVGHXQDXQLGDG 86% QRSXHGHQHGLWDUVHGLUHFWDಢ PHQWH 6LGHVHDHGLWDUORVGDWRVGHOD GLUHFFLäQGHXQSXQWRGHLQWHUÚV LPSRUWDGR (QSULPHUOXJDUGHEHJXDUGDUODGLಢ UHFFLäQHQHOOLEURGHGLUHFFLRQHV RFRPRSXQWRGHLQWHUÚVLQGLYLGXDO $FRQWLQXDFLäQSXHGHHGLWDUORV GDWRVGHODGLUHFFLäQGHODHQWUDGD GHOOLEURGHGLUHFFLRQHVRHQWUDGD GHP\32,VFRUUHVSRQGLHQWHTXH SXHGHVHOHFFLRQDUHQ' 'HVWLQRV HVSHFLDOHVSURSLRV 2SXHGHLPSRUWDUORVGDWRVDFWXDಢ OL]DGRVGHODGLUHFFLäQGHXQDXQLಢ GDG86%YHD([SRUWDUHLPSRUWDU ORVGDWRVGH3',HQODVHFFLäQ 0DQHMRPÒVDUULED
7DPSRFRHVSRVLEOHHOLPLQDUGLUHFWDಢ PHQWHORVGDWRVGHODGLUHFFLäQGH SXQWRVGHLQWHUÚVLQGLYLGXDOHVLPSRUಢ WDGRVGHODPHPRULDP\32,V 6LGHVHDHOLPLQDU3',LQGLYLGXDOHV LPSRUWDGRV ,PSRUWHGDWRVGH3',DFWXDOL]DGRVDO VLVWHPDGHLQIRHQWUHWHQLPLHQWRTXH QRFRQWHQJDQORVGDWRVGHODGLUHFಢ FLäQGHORV3',TXHGHVHDHOLPLQDU 6LGHVHDHOLPLQDUWRGRVORV3',GH XQDFDWHJRUÞDGHWHUPLQDGDLPSRUWH XQDUFKLYRGHGDWRVGH3',YDFÞRGH ODFDWHJRUÞDFRUUHVSRQGLHQWH 'HVFULSFLRQHVDFHUFDGHODLPSRUWDಢ FLäQGHGDWRVGH3',YHD([SRUWDU HLPSRUWDUGDWRVGH3',HQODVHFFLäQ 0DQHMRPÒVDUULED 3DUDHOLPLQDUWRGRVORV3', LPSRUWDGRV 3XOVHHOERWäQ& &21),*\OXHJRVHಢ OHFFLRQH$ $MXVWHVGHODQDYHJDFLäQ \% %RUUDUWRGRVORVGHVWLQRV HVSHFLDOHVLPSRUWDGRV
&RQILJXUDFLäQGHODGLUHFFLäQGH FDVD $QWHVGHTXHSXHGDFRQILJXUDUXQD GLUHFFLäQFRPRGLUHFFLäQGHFDVD GHEHJXDUGDUODGLUHFFLäQHQHOOLEUR GHGLUHFFLRQHVRHQODPHPRULD P\32,VYHUODVGHVFULSFLRQHVFRಢ UUHVSRQGLHQWHVPÒVDUULED &RQILJXUDUXQDHQWUDGDGHOOLEURGH GLUHFFLRQHVFRPRGLUHFFLäQGHFDVD 3XOVHHOERWäQ' '(67VHOHFFLRQH /LEURGHGLUHFFLRQHV6HOHFFLRQHOD HQWUDGDGHODGLUHFFLäQGHVHDGDVHಢ OHFFLRQH( (GLWDU\OXHJR& &RPR'LUHF RULJHQ /DGLUHFFLäQTXHVHPXHVWUDVHFRQಢ ILJXUDFRPRODGLUHFFLäQGHFDVD QXHYD\VHPXHVWUDFRPRODSULPHUD RSFLäQHQHOPHQë,,QWURGHVWLQR &RQILJXUDUXQDHQWUDGDGHP\32,V FRPRGLUHFFLäQGHFDVD 3XOVHHOERWäQ' '(67\VHOHFFLRQH OXHJRP P\32,VSDUDDEULUHOPHQëTXH VHPXHVWUDDFRQWLQXDFLäQ
6LVWHPDGHLQIRHQWUHWHQLPLHQWR
&RQILJXUDUXQ3',LQGLYLGXDOFRPRGLಢ UHFFLäQGHFDVD 6HOHFFLRQH' 'HVWLQRVHVSHFLDOHV SURSLRVVHOHFFLRQHODRSFLäQSDUDRUಢ GHQDUODOLVWDGHVHDGDSHM &HUFDQÞDVSRVLFLäQDFWXDO VHOHFಢ FLRQHODFDWHJRUÞDGHVHDGDSHM 5HVWDXUDQWH VHOHFFLRQHODGLUHFFLäQ GHVHDGDVHOHFFLRQH( (GLWDU\VHOHFಢ FLRQHDFRQWLQXDFLäQ& &RPR'LUHF RULJHQ /DGLUHFFLäQTXHVHPXHVWUDVHFRQಢ ILJXUDFRPRODGLUHFFLäQGHFDVD QXHYD\VHPXHVWUDFRPRODSULPHUD RSFLäQHQHOPHQë,,QWURGHVWLQR
1RWDVDFHUFDGH 'HVWLQRVHVSHFLDOHVLPSRUWDGRV /RVSXQWRVGHLQWHUÚVLPSRUWDGRV 3',GHVFDUJDGRVGHXQDXQLGDG 86% QRSXHGHQFRQILJXUDUVHGLUHFಢ WDPHQWHFRPRGLUHFFLäQGHFDVD 6LGHVHDFRQILJXUDUODGLUHFFLäQGHXQ 3',LPSRUWDGRFRPRGLUHFFLäQGH FDVD (QSULPHUOXJDUGHEHJXDUGDUODGLಢ UHFFLäQHQHOOLEURGHGLUHFFLRQHV RFRPRSXQWRGHLQWHUÚVLQGLYLGXDO $FRQWLQXDFLäQSXHGHFRQILJXUDUORV GDWRVGHODGLUHFFLäQGHODHQWUDGDGHO OLEURGHGLUHFFLRQHVRHQWUDGDGH P\32,VFRUUHVSRQGLHQWHTXHSXHGH VHOHFFLRQDUHQ' 'HVWLQRVHVSHFLDOHV SURSLRV FRPRGLUHFFLäQGHFDVD
*XÞD 3XOVHHOERWäQ1 1$9\DFRQWLQXDFLäQ HOERWäQ0 0(18SDUDPRVWUDUHOPHQë SULQFLSDOGHQDYHJDFLäQ (QIXQFLäQGHVLODJXÞDGHUXWDHVWÒ LQDFWLYDRDFWLYDHQHVHPRPHQWR DSDUHFHUÒQXQDVRSFLRQHVGHPHQë GLVWLQWDV
)XQFLRQHVFRQODJXÞDGHUXWD LQDFWLYD
,QLFLDUODQDYHJDFLäQ &XDQGRVHOHFFLRQD,,QLFLDUOD QDYHJDFLäQDSDUHFHHOPHQëTXHVH PXHVWUDDFRQWLQXDFLäQ
6LVWHPDGHLQIRHQWUHWHQLPLHQWR
GHGLUHFFLRQHVRHQODPHPRULD P\32,VHQODVHFFLäQ(QWUDGDGH GHVWLQRPÒVDUULED (GLWDUFDPELDRHGLWDODGLUHFFLäQ TXHVHPXHVWUDYHD(GLWDURHOLಢ PLQDUXQDGLUHFFLäQJXDUGDGDHQ ODVHFFLäQ(QWUDGDGHGHVWLQR PÒVDUULED &ULWHULRVGHUXWDFRQILJXUDRFDPಢ ELDORVFULWHULRVGHFÒOFXORGHOD UXWDYHD2SFLRQHVGHQDYHJDಢ FLäQPÒVDGHODQWH (VWÒQGLVSRQLEOHVODVVLJXLHQWHVRSಢ FLRQHV ,QLFLDUODQDYHJDFLäQLQLFLDODJXÞD GHUXWDDODGLUHFFLäQTXHVHPXHVಢ WUD 0RVWUDUHQHOPDSDPXHVWUDODSRಢ VLFLäQGHODGLUHFFLäQPRVWUDGDHQ HOPDSD /ODPDUQRGLVSRQLEOH *XDUGDUJXDUGDODGLUHFFLäQTXH VHPXHVWUDHQHOOLEURGHGLUHFFLRಢ QHVRHQODPHPRULDP\32,VYHD *XDUGDUXQDGLUHFFLäQHQHOOLEUR
0HQVDMHV70& 3DUDREWHQHULQIRUPDFLäQVREUH70& YHDODVHFFLäQ*XÞDGLQÒPLFD 6HOHFFLRQH0 0HQVDMHV70&SDUDPRVಢ WUDUXQDOLVWDFRQWRGRVORVPHQVDMHV GHWUÒILFR7&0TXHVHUHFLEHQHQHVH PRPHQWR
6HOHFFLRQHXQPHQVDMHGHWUÒILFR 7&0SDUDPRVWUDULQIRUPDFLäQGHWDಢ OODGDVREUHHOSUREOHPDGHWUÒILFRHQ FXHVWLäQ 2SFLRQHVQDYHJDFLäQ (QHOPHQëFRUUHVSRQGLHQWHHQFRQಢ WUDUÒYDULDVRSFLRQHV\XQJUDQQëಢ PHURGHVXEPHQëVUHODFLRQDGRV SDUDFRQILJXUDUODJXÞDGHUXWD
6LVWHPDGHLQIRHQWUHWHQLPLHQWR
&ULWHULRVGHUXWD
(OFÒOFXORGHODUXWDVHSXHGHGHOLPLಢ WDUDSDUWLUGHYDULRVFULWHULRV
6HOHFFLRQHXQRGHORVVLJXLHQWHVFULಢ WHULRV 0ÒVUÒSLGD 0ÒVFRUWD 0ÒVHFRQäPLFDVHFDOFXODXQD UXWDRSWLPL]DGDGHVGHHOSXQWRGH YLVWDHQHUJÚWLFRWHQLHQGRHQ FXHQWDORVSDUÒPHWURVHVSHFÞILFRV GHOYHKÞFXORFRQILJXUDGRVDFWXDOಢ PHQWHHQHOPHQë3 3DUÒPHWURVGHO YHKÞFXORYHDDFRQWLQXDFLäQ 6HOHFFLRQH3 3DUÒPHWURVGHOYHKÞFXOR SDUDDEULUXQPHQëGHVHOHFFLäQGH ORVSDUÒPHWURVHVSHFÞILFRVGHOYHಢ KÞFXOR
/DVFRQILJXUDFLRQHVVHOHFFLRQDGDV VHWHQGUÒQHQFXHQWDSDUDHOFÒOFXOR GHODUXWDVL0 0ÒVHFRQäPLFDHVWÒVHಢ OHFFLRQDGRHQODDFWXDOLGDGYHD DUULED 7UDVFRQILJXUDUORVSDUÒPHWURVGHಢ VHDGRVHQHOYHKÞFXORSXOVH% %$&. SDUDVDOLUGHOPHQë 6HOHFFLRQH* *XÞDGLQÒPLFDSDUDDEULU XQPHQëTXHOHSHUPLWLUÒFRQILJXUDUOD JXÞDGHUXWDGLQÒPLFD 3DUDREWHQHULQIRUPDFLäQVREUHOD JXÞDGHUXWDGLQÒPLFDYHDODVHFFLäQ *XÞDGLQÒPLFD
6LVWHPDGHLQIRHQWUHWHQLPLHQWR 6HOHFFLRQH* *XÞDGLQÒPLFDSDUDDFWLಢ YDUGHVDFWLYDUODJXÞDGHUXWDGLQÒಢ PLFD 6LHVWÒDFWLYDGDODJXÞDGHUXWDGLQÒಢ PLFD 6HOHFFLRQH5 5HFDOFXODU DXWRPÒWLFDPHQWHVLGHVHDUHFDOFXODU ODUXWDDXWRPÒWLFDPHQWHFXDQGRKD\ SUREOHPDVGHWUÒILFR 6HOHFFLRQH5 5HFDOFXODUFRQ FRQILUPDFLäQVLGHVHDUHFDOFXODUOD UXWDVäORGHVSXÚVGHFRQILUPDUHO PHQVDMHFRUUHVSRQGLHQWH 6HOHFFLRQH$ $FHSWDUDMXVWHVSDUDDFಢ WLYDUORVDMXVWHVTXHDSDUHFHQ\SDUD VDOLUGHOPHQë
6LGHVHDVHOHFFLRQDUXQDRPÒVGH ODVVLJXLHQWHVRSFLRQHVHQHOPHQë &ULWHULRVGHUXWD 6LQDXWRSLVWDV 6LQSHDMH 6LQWëQHOHV 6LQIHUULHV &RQVLGHUDUFDUUHWHUDVFRUWDGDV WHPSRUDOPHQWH 9HUJXÞDDOGHVWLQR /DVVLJXLHQWHVRSFLRQHVHVWÒQGLVSRಢ QLEOHVHQODSDQWDOODGHODJXÞDGH UXWD
6LXVDODRSFLäQ,,QIRUPDFLäQ HPHUJHQWHSXHGHGHWHUPLQDUTXÚ WLSRGHLOXVWUDFLäQGHEHUÞDPRVWUDUVH FXDQGRVHDOFDQ]DXQDLQWHUVHFFLäQ GHDXWRSLVWD 6LVHGHVDFWLYD,,QIRUPDFLäQ HPHUJHQWHVHPXHVWUDHOVLJXLHQWH WLSRGHLOXVWUDFLäQ
6LVWHPDGHLQIRHQWUHWHQLPLHQWR &RQODRSFLäQ,,QIRUPDFLäQ HPHUJHQWHVHOHFFLRQDVLGHVHDTXH ODLQIRUPDFLäQGHODJXÞDGHUXWDGHO VLVWHPDGHQDYHJDFLäQGHEHUÞDDSDಢ UHFHUHQYHQWDQDVHPHUJHQWHVRVH LQGLTXHGHRWUDPDQHUDSRUHMHPSOR HQODUDGLR /DLQIRUPDFLäQVHRFXOWD GHVSXÚVGHXQSHUÞRGRGHWLHPSRSXOಢ VDQGRHOERWäQ% %$&. 6HOHFFLRQH$ $FHSWDUDMXVWHVSDUDDFಢ WLYDUORVDMXVWHVTXHDSDUHFHQ\YROಢ YHUDOPHQë2 2SFLRQHVQDYHJDFLäQ
6LVHDFWLYD,,QIRUPDFLäQHPHUJHQWH VHPXHVWUDHOVLJXLHQWHWLSRGHLOXVಢ WUDFLäQ
2SFLRQHVGHOPDSD 6HOHFFLRQH2 2SFLRQHVGHOPDSD \OXHJR2 2ULHQWDFLäQPDSDSDUDPRVಢ WUDUHOVLJXLHQWHVXEPHQë
6HOHFFLRQHVLODRULHQWDFLäQGHOPDSD HQODSDQWDOODGHEHEDVDUVHHQHO UXPERRHQODSRVLFLäQGHOQRUWH 6HOHFFLRQH2 2SFLRQHVGHOPDSD \OXHJR9 9HUGHVWLQRVHVSHFLDOHVHQHO PDSDSDUDDEULUXQVXEPHQëFRQYDಢ ULDVRSFLRQHV\GHILQLUVLORVSXQWRVGH LQWHUÚVGHEHUÞDQDSDUHFHU\HQHVH FDVRTXÚSXQWRVGHLQWHUÚVGHEHUÞDQ PRVWUDUVHHQHOPDSD &XDQGRVHVHOHFFLRQD 3HUVRQDOL]DGRVHSXHGHGHILQLUHO WLSRGHSXQWRVGHLQWHUÚVTXHGHEHಢ UÞDQPRVWUDUVHHQHOPDSD SRUHMHPSORUHVWDXUDQWHVKRWHOHV OXJDUHVSëEOLFRVHWF
6LVWHPDGHLQIRHQWUHWHQLPLHQWR 3DQWDOODGHKRUDGHOOHJDGDRGH WLHPSRGHFRQGXFFLäQ &XDQGRVHOHFFLRQDODRSFLäQ0 0RVWUDU GXUDFLäQSUHYLVWDR0 0RVWUDUKRUDGH 2SFLRQHV OOHJDGDSUHYLVWDHQHOPHQë2 QDYHJDFLäQVHPXHVWUDHOWLHPSRFRಢ UUHVSRQGLHQWHHQODOÞQHDVXSHULRUGH ODSDQWDOODGHJXÞDGHUXWD
)XQFLRQHVGHODJXÞDGHUXWD DFWLYD
,QIRUPDFLäQSRVLFLäQDFWXDO $SDUHFHODVLJXLHQWHLQIRUPDFLäQHQ ODSRVLFLäQDFWXDO &LXGDG 1RPEUHGHFLXGDG /DWLWXG /RQJLWXG 9LVWDGHPDSD
/DSRVLFLäQDFWXDOSXHGHFRSLDUVHDO OLEURGHGLUHFFLRQHVRDODPHPRULD P\32,VXVDQGR* *XDUGDUYHD*XDUಢ GDUXQDGLUHFFLäQHQHOOLEURGHGLUHFಢ FLRQHVRHQODPHPRULDP\32,VHQ ODVHFFLäQ(QWUDGDGHGHVWLQRPÒV DUULED
,QIRUPDFLäQGHOGHVWLQR ,QIRUPDFLäQPRVWUDGDODPLVPDTXH HQODSDQWDOODGH3 3RVLFLäQDFWXDO
3DUDU1DYHJ &XDQGRVHOHFFLRQD3 3DUDU1DYHJOD JXÞDGHUXWDVHGHVDFWLYD\VHPXHVಢ WUDQODVRSFLRQHVGHOPHQëSDUDOD JXÞDGHUXWDLQDFWLYDYHD)XQFLRQHV FRQODJXÞDGHUXWDLQDFWLYDPÒV DUULED 0HQVDMHV70& 3DUDREWHQHULQIRUPDFLäQVREUH70& YHDODVHFFLäQ*XÞDGLQÒPLFD
6LVWHPDGHLQIRHQWUHWHQLPLHQWR
7UDVVHOHFFLRQDU0 0HQVDMHV70& DSDUHFHHOPHQë) )LOWUR 6HOHFFLRQHVLGHEHUÞDPRVWUDUVH 7RGDVODVQRWLFLDVGHWUÒILFRRVäOR$ $ ORODUJRGHODUXWDHQODOLVWD0 0HQVDMHV 70&YHDPÒVDGHODQWH
,QIRUPDFLäQGHODVUXWDV 6HSXHGHDFFHGHUDODVLJXLHQWHLQಢ IRUPDFLäQHQHOPHQë,,QIRUPDFLäQGH ODVUXWDV /LVWDGHWUD\HFWRV ,QIRUPDFLäQSRVLFLäQDFWXDO ,QIRUPDFLäQGHOGHVWLQR 9LVWDJHQHUDOUXWDDFWXDO /LVWDGHWUD\HFWRV
/RVHOHPHQWRVGHODOLVWDGHUXWDV PDUFDGRVFRQHOVÞPERORVHSXHಢ GHQH[SDQGLUVHOHFFLRQÒQGRORV7UDV VHOHFFLRQDUORVDSDUHFHUÒPÒVLQIRUಢ PDFLäQVREUHHOHOHPHQWRGHODOLVWD FRUUHVSRQGLHQWH ,QIRUPDFLäQSRVLFLäQDFWXDO 3DUDREWHQHUXQDGHVFULSFLäQYHD )XQFLRQHVFRQODJXÞDGHUXWDLQDFಢ WLYDPÒVDUULED ,QIRUPDFLäQGHOGHVWLQR 3DUDREWHQHUXQDGHVFULSFLäQYHD )XQFLRQHVFRQODJXÞDGHUXWDLQDFಢ WLYDPÒVDUULED 9LVWDJHQHUDOUXWDDFWXDO $SDUHFHODVLJXLHQWHLQIRUPDFLäQGH ODUXWDDFWXDO
2SFLRQHVQDYHJDFLäQ 3DUDREWHQHUXQDGHVFULSFLäQYHD )XQFLRQHVFRQODJXÞDGHUXWDLQDFಢ WLYDPÒVDUULED 7RGDVODVFDOOHVGHODUXWDFDOFXODGD VHLQGLFDQHQXQDOLVWDFRQODVGLVWDQಢ FLDVFRUUHVSRQGLHQWHV
6LVWHPDGHLQIRHQWUHWHQLPLHQWR
3RVLFLäQ 'HVWLQR +RUDGHOOHJDGD 'LVWDQFLD 9LVWDGHPDSD
%ORTXHDUWUD\HFWR 'LVSRQHGHODVVLJXLHQWHVRSFLRQHV SDUDH[FOXLUPDQXDOPHQWHGHWHUPLQDಢ GDV]RQDVVHFFLRQHVGHUXWDGHOD JXÞDGHUXWD
/LVWDGHWUD\HFWRV (QODOLVWDGHQRPEUHGHFDOOHVGHOD UXWDFDOFXODGDDFWXDOVHSXHGHQH[ಢ FOXLUFDOOHVGHODJXÞDGHUXWD
3DUDH[FOXLUXQDFDOOHGHODJXÞDGH UXWD 0DUTXHHOQRPEUHGHFDOOHFRUUHVಢ SRQGLHQWH\SXOVHHOPDQGR0 0(18(O QRPEUHGHFDOOHDSDUHFHUÒWDFKDGR 6LORGHVHDSXHGHH[FOXLUPÒVQRPಢ EUHVGHFDOOHVGHODJXÞDGHUXWD 6HOHFFLRQH$ $FHSWDUDMXVWHV\DFHSWH HOPHQVDMHTXHDSDUHFH /DUXWDVHYXHOYHDFDOFXODUWHQLHQGR HQFXHQWDTXHQRVHGHVHDSDVDUSRU HVDVFDOOHV 'LVWDQFLD &RQILJXUDQGRXQDGLVWDQFLDVH SXHGHH[FOXLUGHODJXÞDGHUXWDOD VHFFLäQGHODUXWDGHVGHODSRVLFLäQ DFWXDODODGLVWDQFLDFRQILJXUDGD
6LVWHPDGHLQIRHQWUHWHQLPLHQWR (OLPLQDUWRGDVODVFDUUHWHUDV EORTXHDGDV 7UDVVHOHFFLRQDUHVWDRSFLäQWRGDV ODV]RQDVRVHFFLRQHVGHUXWDVHOHFಢ FLRQDGDDQWHVFRPRH[FOXLGDVGHOD JXÞDGHUXWDVHYROYHUÒQDLQFOXLUDO FDOFXODUODJXÞDGHUXWD
*XÞDGLQÒPLFD
$MXVWHODGLVWDQFLDGHVHDGDSXOVHHO PDQGR0 0(18\FRQILUPHDFRQWLQXDಢ FLäQHOPHQVDMHTXHDSDUHFH /DUXWDVHYXHOYDDFDOFXODUWHQLHQGR HQFXHQWDTXHQRVHGHVHDSDVDUSRU HVDVHFFLäQGHUXWD 1RWD (OEORTXHRGHODUXWDLQWURGXFLGRSHUಢ PDQHFHDFWLYRKDVWDTXHVHUHDOLFH XQQXHYRFÒOFXORGHODUXWD
6LODJXÞDGHODUXWDGLQÒPLFDHVWÒDFಢ WLYDVHLQFOX\HHQHOFÒOFXORGHODUXWD ODVLWXDFLäQGHWUÒILFRDFWXDOTXHHO VLVWHPDGHLQIRHQWUHWHQLPLHQWRUHFLEH SRU70&6HSURSRQHXQDUXWDTXH WLHQHHQFXHQWDWRGRVORVSUREOHPDV GHWUÒILFRVRUHVWULFFLRQHVGHORVFULಢ WHULRVSUHGHILQLGRVSRUHMHPSORUXWD PÒVFRUWDVLQDXWRSLVWDVHWF (QFDVRGHSUREOHPDGHWUÒILFR SRUHMHPSORDWDVFRFDUUHWHUDFHಢ UUDGD HQODUXWDSRUODTXHVHFRQಢ GXFHDSDUHFHUÒXQPHQVDMH\VHRLUÒ XQPHQVDMHGHYR]LQGLFDQGRHOWLSR GHSUREOHPD(OFRQGXFWRUSXHGHGHಢ FLGLUVLFRQYLHQHVRUWHDUHOSUREOHPD GHWUÒILFRWRPDQGRODDOWHUQDWLYDSURಢ
SXHVWDDODUXWDRELHQFRQWLQXDU\SDಢ VDUSRUODYÞDTXHWLHQHHOSUREOHPD GHWUÒILFR 6LODJXÞDGHUXWDQRHVWÒDFWLYDWDPಢ ELÚQVHLQIRUPDUÒGHORVSUREOHPDV GHWUÒILFRTXHKD\DHQOD]RQDSUäಢ [LPD 6LODJXÞDGHUXWDHVWÒDFWLYDHOVLVಢ WHPDFRPSUREDUÒGHIRUPDFRQWLQXD DSDUWLUGHODLQIRUPDFLäQGHWUÒILFRVL HVPHMRUYROYHUDFDOFXODUODUXWDRWRಢ PDUXQDUXWDDOWHUQDWLYDTXHWHQJDHQ FXHQWDODVLWXDFLäQGHWUÒILFRDFWXDO (OPHQë2 2SFLRQHVQDYHJDFLäQSHUಢ PLWHFRQWURODUODDFWLYDFLäQ\GHVDFWLಢ YDFLäQGHODJXÞDGHUXWDGLQÒPLFD DVÞFRPRORVFULWHULRVGHOFÒOFXORGHOD UXWD\RWURVDMXVWHVGHQDYHJDFLäQ YHDODVHFFLäQ*XÞD
6LVWHPDGHLQIRHQWUHWHQLPLHQWR
0DSDV 7RGRVORVGDWRVGHOPDSDUHTXHULGRV SDUDHOXVRGHOVLVWHPDGHQDYHJDಢ FLäQVHJXDUGDQHQODWDUMHWD6'SURಢ SRUFLRQDGDFRQHOVLVWHPDGHLQIRHQಢ WUHWHQLPLHQWR
7DUMHWD6'GHOPDSD
/DJXÞDGHUXWDGLQÒPLFDVäORIXQಢ FLRQDVLODLQIRUPDFLäQGHWUÒILFRVH UHFLEHDWUDYÚVGHOVLVWHPDGHLQIRUಢ PDFLäQGHWUÒILFR5'670& (OSRVLEOHUHWUDVRGHELGRDXQSURಢ EOHPDGHWUÒILFRFDOFXODGRSRUHOVLVಢ WHPDGHLQIRHQWUHWHQLPLHQWRVHEDVD HQORVGDWRVTXHHOVLVWHPDUHFLEH DWUDYÚVGHODHPLVRUD5'670&TXH WLHQHVLQWRQL]DGDHQHVHPRPHQWR(O UHWUDVRUHDOSXHGHVHUGLVWLQWRDOFDOಢ FXODGR
(OOHFWRUGHWDUMHWDV6'GHOVLVWHPDGH LQIRHQWUHWHQLPLHQWRVäORSXHGHOHHUOD WDUMHWD6'SURSRUFLRQDGDHVSHFÞILFDಢ PHQWHSDUDVXXVRFRQHOVLVWHPDGH QDYHJDFLäQGHOYHKÞFXOR(OOHFWRUGH WDUMHWDV6'QRSXHGHOHHUQLQJëQRWUR WLSRGHWDUMHWDV6' 'HELGRDODIHFKDGHFUHDFLäQGHORV GDWRVGHOPDSDGHODWDUMHWD6' SXHGHTXHQRVHLQFOX\DQHQHOPDSD DOJXQDVFDUUHWHUDVQXHYDVRTXHDOಢ JXQRVQRPEUHV\FDUUHWHUDVVHDQGLVಢ WLQWRVDORVTXHVHXVDEDQFXDQGRVH FUHDURQORVGDWRVGHOPDSD 6LGHVHDVROLFLWDUWDUMHWDV6'DGLFLRಢ QDOHVRXQDDFWXDOL]DFLäQGHORVGDWRV GHOPDSDFRQWDFWHFRQVXFRQFHVLRಢ QDULRRILFLDO&KHYUROHW
9HDPÒVDGHODQWHSDUDREWHQHULQIRUಢ PDFLäQDFHUFDGHODVXVWLWXFLäQGH XQDWDUMHWD6'GHOPDSD ,QIRUPDFLäQLPSRUWDQWHVREUHOD PDQLSXODFLäQGHODWDUMHWD6'
$WHQFLäQ 1XQFDWUDWHGHHPSOHDUXQDWDUಢ MHWD6'TXHVHHQFXHQWUHDJULHಢ WDGDRGHIRUPDGDRTXHVHKD\D UHSDUDGRFRQFLQWDDGKHVLYD(OOR SXHGHGDâDUHOHTXLSR 0DQLSXOHODWDUMHWD6'FRQFXLGDGR 1RWRTXHQXQFDORVFRQWDFWRVPHಢ WÒOLFRV 1RXVHSURGXFWRVGHOLPSLH]DFRQಢ YHQFLRQDOHVEHQ]LQDGLVROYHQWHV RVSUD\DQWLHVWÒWLFR 6LQHFHVLWDOLPSLDUODWDUMHWD6' XVHXQSDâRVXDYH 1RGREOHODWDUMHWD6'1RXVHXQD WDUMHWD6'TXHHVWÚGREODGD RDJULHWDGD
6LVWHPDGHLQIRHQWUHWHQLPLHQWR
1RFRORTXHSHJDWLQDVQLHVFULED QDGDHQODVVXSHUILFLHVGHODWDUಢ MHWD 1RJXDUGHODWDUMHWD6'HQOXJDUHV H[SXHVWRVDODOX]GLUHFWDGHOVRO RDDOWDVWHPSHUDWXUDVRKXPHGDG &RORTXHVLHPSUHODWDUMHWD6'HQ VXIXQGDFXDQGRQRODXVH
3XOVHHOERWäQKDFLDDUULED\OHYDQWH ODWDSD
,QWURGXFFLäQGHODWDUMHWD6'
([WUDFFLäQGHODWDUMHWD6'
6XVWLWXFLäQGHODWDUMHWD6'GHO PDSD /DUDQXUDSDUDWDUMHWDV6'HVWÒVLಢ WXDGDGHEDMRGHODWDSDGHODFRQVROD FHQWUDOHQHOWDEOHURGHLQVWUXPHQWRV
3UHVLRQHVREUHODWDUMHWD6'LQVHUಢ WDGDSDUDGHVEORTXHDUOD\WLUHGHHOOD SDUDH[WUDHUODGHODUDQXUD
(PSXMHFRQFXLGDGRODWDUMHWD6'FRQ HOERUGHFRUWDGRKDFLDODL]TXLHUGD YHDODLPDJHQVXSHULRU HQODUDQXUD KDVWDTXHTXHGHHQFDMDGD 1RWD /DWDUMHWD6'\ODUDQXUDSDUDODWDUಢ MHWD6'GHEHQPDQWHQHUVHVLHPSUH OLPSLDV\VHFDV
6LVWHPDGHLQIRHQWUHWHQLPLHQWR
6XPDULRGHORVVÞPERORV
6LVWHPDGHLQIRHQWUHWHQLPLHQWR
1« ([SOLFDFLäQ
1« ([SOLFDFLäQ
3RVLFLäQDFWXDOPDSD
/LVWDFHUUDGD
'HVWLQR
&HQWURFRPHUFLDO
3RVLFLäQDFWXDOOLVWDGHUXWDV
&DUUHWHUDGHSHDMH
QRGLVSRQLEOH
,QIRUPDFLäQWXUÞVWLFD
QRGLVSRQLEOH
/XJDUGHLQWHUÚV
1LHEOD
'HSRUWH\RFLR
2EUDV
6DOLU
3DYLPHQWRGHVOL]DQWH
0XVHR
+XPRRSROYR
$OTXLOHUGHDXWRPäYLOHV
1LHYH
,QIRUPDFLäQGHYLDMH
/OXYLDLQWHQVD
$FWLYLGDGGHRFLR
3UHFDXFLäQDGYHUWHQFLD
6HUYLFLRV
&DUUHWHUDFHUUDGD
&DMHURDXWRPÒWLFR
7UÒILFRGHQVR
(VWDFLäQGHDXWREXVHV
$WDVFRGHWUÒILFR
/XJDUGHDFDPSDGD
(VWUHFKDPLHQWR /LVWDDELHUWD
6LVWHPDGHLQIRHQWUHWHQLPLHQWR
6LVWHPDGHLQIRHQWUHWHQLPLHQWR
1« ([SOLFDFLäQ
1« ([SOLFDFLäQ
7HOÚIRQR
)DUPDFLD
$SDUFDPLHQWRFRQYDULDV SODQWDV
7HOÚIRQRVPäYLOHV \UDGLRWUDQVPLVRUHV
&LQH $HURSXHUWR 3DUTXHGHDWUDFFLRQHV &LXGDG %DQFR 0HQVDMHGHWUÒILFR )HUU\ )URQWHUD 7ëQHO .LRVNR 7LHQGDGHFRPLGD +RWHOPRWHO 6DOLGDGHDXWRSLVWD $SDUFDPLHQWR $SDUFDPLHQWRGLVXDVRULR
*DVROLQHUD ²UHDGHVHUYLFLR 5HVWDXUDQWH /DYDERV 0RQXPHQWRKLVWäULFR +RVSLWDO (PHUJHQFLD 3ROLFÞD 3XHUWR 3XHUWRGHPRQWDâD /XJDUSëEOLFR 5HODFLRQDGRFRQHODXWRPäYLO 7DOOHUPHFÒQLFR &HPHQWHULR
,QVWUXFFLRQHVGHPRQWDMH \QRUPDVGHXVR 3DUDODLQVWDODFLäQ\XVRGHXQWHOÚಢ IRQRPäYLOVHWLHQHQTXHFXPSOLUODV LQVWUXFFLRQHVGHPRQWDMHHVSHFÞILFDV GHOYHKÞFXOR\ODVQRUPDVGHXVRGHO IDEULFDQWHGHOWHOÚIRQR\GHOPDQRVOLಢ EUHV(QFDVRFRQWUDULRVHSXHGH DQXODUHOSHUPLVRGHFLUFXODFLäQGHO YHKÞFXOR 'LUHFWLYDHXURSHD&( 5HFRPHQGDFLRQHVSDUDXQIXQFLRQDಢ PLHQWRVLQSUREOHPDV $QWHQDH[WHULRUGHELGDPHQWHLQVWDಢ ODGDSDUDREWHQHUHOPÒ[LPRDOಢ FDQFHSRVLEOH 3RWHQFLDGHHPLVLäQPÒ[LPDGH : 0RQWDMHGHOWHOÚIRQRHQXQOXJDU DGHFXDGRUHVSHWDQGRODLQIRUPDಢ FLäQUHOHYDQWHGHODQRWD
6LVWHPDGHLQIRHQWUHWHQLPLHQWR 3LGDDVHVRUDPLHQWRVREUHHOOXJDU DGHFXDGRSDUDHOPRQWDMHGHODDQಢ WHQDH[WHULRURORVVRSRUWHVSDUDORV DSDUDWRVDVÞFRPRVREUHODVSRVLELಢ OLGDGHVH[LVWHQWHVSDUDXWLOL]DUDSDUDಢ WRVFRQXQDSRWHQFLDGHHPLVLäQVXಢ SHULRUDORV: (OXVRGHXQGLVSRVLWLYRGHPDQRVOLಢ EUHVVLQDQWHQDH[WHULRUHQORVVLVWHಢ PDV*60\8076 VäORHVWÒSHUPLWLGRVLHOWHOÚIRQRPäYLO QRVXSHUDXQDSRWHQFLDGHHPLVLäQ PÒ[LPDGH:HQHOFDVRGH*60 RGH:HQORVGHPÒV 3RUPRWLYRVGHVHJXULGDGOHUHFRಢ PHQGDPRVTXHQRXWLOLFHHOWHOÚIRQR PLHQWUDVFRQGXFH,QFOXVRODXWLOL]Dಢ FLäQGHXQGLVSRVLWLYRGHPDQRVOLEUHV SXHGHGLVWUDHUOHGHODFRQGXFFLäQ
$GYHUWHQFLD (OXVRGHUDGLRWUDQVPLVRUHV\WHಢ OÚIRQRVPäYLOHVTXHLQFXPSODQODV QRUPDVDQWHVPHQFLRQDGDVVäOR HVWÒSHUPLWLGRFRQXQDDQWHQDVLಢ WXDGDHQHOH[WHULRUGHOYHKÞFXOR
$WHQFLäQ /RVWHOÚIRQRVPäYLOHV\UDGLRಢ WUDQVPLVRUHVSXHGHQSURYRFDUIDಢ OORVHQHOIXQFLRQDPLHQWRGHORV VLVWHPDVHOHFWUäQLFRVGHOYHKÞFXOR VLVHXVDQHQHOLQWHULRUGHOYHಢ KÞFXORVLQDQWHQDH[WHULRUVDOYR TXHVHFXPSODQODVQRUPDVDQWHV PHQFLRQDGDV
&OLPDWL]DFLäQ
&OLPDWL]DFLäQ 6LVWHPDVGHFOLPDWL]DFLäQ 6DOLGDVGHDLUH 0DQWHQLPLHQWR
6LVWHPDVGH FOLPDWL]DFLäQ 6LVWHPDGHFDOHIDFFLäQ \YHQWLODFLäQ
7HPSHUDWXUD $MXVWHODWHPSHUDWXUDJLUDQGRHO PDQGR 5RMR FDOLHQWH $]XO IUÞR /DFDOHIDFFLäQQRVHUÒWRWDOPHQWH HIHFWLYDKDVWDTXHHOPRWRUKD\DDOಢ FDQ]DGRVXWHPSHUDWXUDGHIXQFLRQDಢ PLHQWR
'LVWULEXFLäQGHDLUH
0DQGRVSDUDOD 7HPSHUDWXUD 'LVWULEXFLäQGHDLUH 9HORFLGDGGHOYHQWLODGRU 'HVHPSDâDGR\GHVFRQJHODFLäQ /XQHWDWÚUPLFDWUDVHUD
6HOHFFLRQHODVDOLGDGHDLUHSXOVDQGR ORVERWRQHV KDFLDODFDEH]D\ORVSLHV + KDFLDORVSLHV * KDFLDOD]RQDGHODFDEH]DPHಢ , GLDQWHVDOLGDVGHDLUHUHJXODಢ EOHV KDFLDHOSDUDEULVDV\OD]RQD ) UHSRVDSLÚV (ODMXVWHVHOHFFLRQDGRVHLQGLFDPHಢ GLDQWHXQ/('GHOERWäQ
9HORFLGDGGHOYHQWLODGRU $MXVWHHOFDXGDOGHDLUHFRQHFWDQGR ODYHORFLGDGGHVHDGDGHOYHQWLODGRU
&OLPDWL]DFLäQ 'HVHPSDâDGR \GHVFRQJHODFLäQ5
/XQHWDWÚUPLFDWUDVHUD
,QGLFDFLäQGHORVDMXVWHV /DVIXQFLRQHVVHOHFFLRQDGDVHVWÒQ DFWLYDGDVFXDQGRHO/('GHOERWäQ HVWÒHQFHQGLGR
$LUHDFRQGLFLRQDGR $GYHUWHQFLD
3XOVHHOERWäQ5HOYHQWLODGRUVH FRQHFWDDXWRPÒWLFDPHQWHDXQD YHORFLGDGPÒVDOWDODGLVWULEXFLäQ GHDLUHVHRULHQWDKDFLDHOSDUDEULಢ VDV 3RQJDHOPDQGRGHODWHPSHUDWXUD HQHOQLYHOPÒVFÒOLGR &RQHFWHODOXQHWDWÚUPLFDWUDಢ VHUD^ $EUDODVVDOLGDVGHDLUHVHJëQVHD QHFHVDULR\RULÚQWHODVKDFLDODV YHQWDQLOODV
1RGXHUPDHQXQYHKÞFXORFRQHO VLVWHPDGHDLUHDFRQGLFLRQDGR RGHFDOHIDFFLäQHQFHQGLGR 3XHGHVXIULUOHVLRQHVJUDYHVRIDಢ WDOHVGHELGRDXQDFDÞGDGHOFRQಢ WHQLGRGHR[ÞJHQRGHODLUHRGHOD WHPSHUDWXUDFRUSRUDO
0DQGRVSDUDOD 7HPSHUDWXUD 'LVWULEXFLäQGHDLUH 9HORFLGDGGHOYHQWLODGRU 'HVHPSDâDGR\GHVFRQJHODFLäQ 5HFLUFXODFLäQGHDLUH 5HIULJHUDFLäQL /XQHWDWÚUPLFDWUDVHUD
7HPSHUDWXUD $MXVWHODWHPSHUDWXUDJLUDQGRHO PDQGR 5RMR FDOLHQWH $]XO IUÞR
&OLPDWL]DFLäQ
/DFDOHIDFFLäQQRVHUÒWRWDOPHQWH HIHFWLYDKDVWDTXHHOPRWRUKD\DDOಢ FDQ]DGRVXWHPSHUDWXUDGHIXQFLRQDಢ PLHQWR
'HVHPSDâDGR \GHVFRQJHODFLäQGHORV FULVWDOHV5
'LVWULEXFLäQGHDLUH 6HOHFFLRQHODVDOLGDGHDLUHSXOVDQGR ORVERWRQHV KDFLDODFDEH]D\ORVSLHV + KDFLDORVSLHV * KDFLDOD]RQDGHODFDEH]DPHಢ , GLDQWHVDOLGDVGHDLUHUHJXODಢ EOHV KDFLDHOSDUDEULVDV\OD]RQD ) UHSRVDSLÚV (ODMXVWHVHOHFFLRQDGRVHLQGLFDPHಢ GLDQWHXQ/('GHOERWäQ
9HORFLGDGGHOYHQWLODGRU $MXVWHHOFDXGDOGHDLUHFRQHFWDQGR ODYHORFLGDGGHVHDGDGHOYHQWLODGRU
&RQHFWHODOXQHWDWÚUPLFDWUDಢ VHUD^ $EUDODVVDOLGDVGHDLUHVHJëQVHD QHFHVDULR\RULÚQWHODVKDFLDODV YHQWDQLOODV
/XQHWDWÚUPLFDWUDVHUD
6LVWHPDGHUHFLUFXODFLäQGH DLUH (OPRGRGHUHFLUFXODFLäQGHDLUHVH DFFLRQDFRQHOERWäQ
3XOVHHOERWäQ5HOYHQWLODGRUVH FRQHFWDDXWRPÒWLFDPHQWHDXQD YHORFLGDGPÒVDOWDODGLVWULEXFLäQ GHDLUHVHRULHQWDKDFLDHOSDUDEULಢ VDV &RQHFWHODUHIULJHUDFLäQL 3RQJDHOPDQGRGHODWHPSHUDWXUD HQHOQLYHOPÒVFÒOLGR
&OLPDWL]DFLäQ $GYHUWHQFLD &RQGXFLUFRQHOPRGRGHUHFLUFXಢ ODFLäQFRQHFWDGRGXUDQWHXQSHಢ UÞRGRSURORQJDGRSXHGHSURYRFDU VXHâR&DPELHSHULäGLFDPHQWHDO PRGRGHDLUHH[WHULRUSDUDSHUPLWLU ODHQWUDGDGHDLUHIUHVFR (QHOPRGRGHUHFLUFXODFLäQVHUHಢ GXFHHOLQWHUFDPELRGHDLUHIUHVFR (QFDVRGHIXQFLRQDPLHQWRVLQUHಢ IULJHUDFLäQDXPHQWDODKXPHGDG GHODLUH\VHSXHGHQHPSDâDUORV FULVWDOHV/DFDOLGDGGHODLUHGHO KDELWÒFXORGLVPLQX\HHVWRSXHGH KDFHUTXHORVRFXSDQWHVVHVLHQಢ WDQPDUHDGRV
5HIULJHUDFLäQL 3XOVHHOERWäQL/DUHIULJHUDFLäQ VäORIXQFLRQDFRQHOPRWRU\HOYHQWLಢ ODGRUHQPDUFKD (ODLUHDFRQGLFLRQDGRUHIULJHUD\GHVಢ KXPLGLILFDVHFD HODLUHFXDQGROD WHPSHUDWXUDH[WHULRUHVWÒSRUHQFLPD GHOSXQWRGHFRQJHODFLäQ3RUHVRVH SXHGHFRQGHQVDUDJXDTXHVDOHSRU GHEDMRGHOYHKÞFXOR
6LQRHVQHFHVDULRUHIULJHUDURGHVಢ KXPLGLILFDUHODLUHGHVFRQHFWHODUHಢ IULJHUDFLäQSDUDDKRUUDUFRPEXVWLEOH
3RQJDODYHORFLGDGGHOYHQWLODGRUDO PÒ[LPR $EUDWRGDVODVVDOLGDV
5HIULJHUDFLäQPÒ[LPD
,QGLFDFLäQGHORVDMXVWHV /DVIXQFLRQHVVHOHFFLRQDGDVHVWÒQ DFWLYDGDVFXDQGRHO/('GHOERWäQ HVWÒHQFHQGLGR
&OLPDWL]DGRUDXWRPÒWLFR HOHFWUäQLFR $GYHUWHQFLD
$EUDEUHYHPHQWHODVYHQWDQLOODVSDUD TXHHODLUHFDOLHQWHVDOJDUÒSLGDಢ PHQWH &RQHFWHODUHIULJHUDFLäQL &RQHFWHHOVLVWHPDGHUHFLUFXODFLäQ GHDLUH 3XOVHHOLQWHUUXSWRUGHGLVWULEXFLäQ GHDLUH, 3RQJDHOPDQGRGHODWHPSHUDWXUD HQHOQLYHOPÒVIUÞR
1RGXHUPDHQXQYHKÞFXORFRQHO VLVWHPDGHDLUHDFRQGLFLRQDGR RGHFDOHIDFFLäQHQFHQGLGR 3XHGHVXIULUOHVLRQHVJUDYHVRIDಢ WDOHVGHELGRDXQDFDÞGDGHOQLYHO GHR[ÞJHQR\RODWHPSHUDWXUDFRUಢ SRUDO
&OLPDWL]DFLäQ
0DQGRVSDUDHOPRGRDXWRPÒWLFR $872 PRGRDXWRPÒWLFR HOVLVWHPDVHOHFಢ FLRQDDXWRPÒWLFDಢ PHQWHWRGRVORV DMXVWHVH[FHSWROD WHPSHUDWXUD 7HPSHUDWXUD SUHVHOHFFLäQGHOD WHPSHUDWXUDGHಢ VHDGD
/DVIXQFLRQHVVLJXLHQWHVSXHGHQ DGDSWDUVHPDQXDOPHQWHHQWDOFDVR HOVLVWHPD\DQRHVWDUÒHQPRGRDXಢ WRPÒWLFR 9HORFLGDG FDXGDOVHOHFFLRQDEOH GHO YHQWLODGRU 02'( GLVWULEXFLäQGHDLUH VHOHFFLRQDEOH GHVHPSDâDGR\GHVಢ 5 FRQJHODFLäQ ; HQFHQGHUDSDJDUHO VLVWHPD DFWLYDURGHVDFWLYDU L ODUHIULJHUDFLäQ UHFLUFXODFLäQGHDLUH $46 VHQVRUGHFDOLGDGGHO DLUH /XQHWDWÚUPLFDWUDVHUD^ 6HUHJXODDXWRPÒWLFDPHQWHODWHPಢ SHUDWXUDSUHVHOHFFLRQDGD(QHO PRGRDXWRPÒWLFRODYHORFLGDGGHO YHQWLODGRU\ODGLVWULEXFLäQGHDLUHUHಢ JXODQDXWRPÒWLFDPHQWHHOFDXGDOGH DLUH
(OVLVWHPDVHSXHGHDGDSWDUPDQXDOಢ PHQWHPHGLDQWHHOXVRGHORVPDQGRV GHGLVWULEXFLäQGHDLUH\GHYHORFLGDG GHOYHQWLODGRU
&DGDFDPELRGHDMXVWHVVHLQGLFDHQ ODSDQWDOODGHLQIRUPDFLäQGXUDQWH XQRVVHJXQGRV /DVIXQFLRQHVDFWLYDGDVVHLQGLFDQ PHGLDQWHHO/('GHOERWäQ (OFOLPDWL]DGRUDXWRPÒWLFRHOHFWUäಢ QLFRVäORIXQFLRQDSOHQDPHQWHFRQHO PRWRUHQPDUFKD
&OLPDWL]DFLäQ 0RGRDXWRPÒWLFR$872
7RGDVODVVDOLGDVGHDLUHVHDFFLRQDQ DXWRPÒWLFDPHQWHHQHOPRGRDXWRಢ PÒWLFR3RUHVRODVVDOLGDVGHDLUH GHEHUÞDQHVWDUVLHPSUHDELHUWDV
3UHVHOHFFLäQGHODWHPSHUDWXUD
$MXVWHEÒVLFRSDUDHOPÒ[LPRFRQIRUW 3XOVHHOERWäQ$ $872HODLUHDFRQಢ GLFLRQDGRVHDFWLYDDXWRPÒWLFDಢ PHQWH $EUDWRGDVODVVDOLGDVGHDLUH $MXVWHODWHPSHUDWXUDSUHVHOHFFLRಢ QDGDXVDQGRHOFRQPXWDGRUJLUDWRಢ ULRL]TXLHUGR /DUHJXODFLäQGHODYHORFLGDGGHOYHQಢ WLODGRUHQPRGRDXWRPÒWLFRVHSXHGH FDPELDUHQHOPHQë$ $MXVWHV 3HUVRQDOL]DFLäQGHOYHKÞFXOR
$MXVWHODWHPSHUDWXUDDOYDORUGHಢ VHDGRJLUDQGRHOPDQGR 5RMR FDOLHQWH $]XO IUÞR 6LVHDMXVWDODWHPSHUDWXUDPÞQLPDHO FOLPDWL]DGRUDXWRPÒWLFRIXQFLRQDDOD PÒ[LPDSRWHQFLDGHUHIULJHUDFLäQ
6LVHDMXVWDODWHPSHUDWXUDPÒ[LPD HOFOLPDWL]DGRUDXWRPÒWLFRIXQFLRQD DODPÒ[LPDSRWHQFLDGHFDOHIDFFLäQ
'HVHPSDâDGR \GHVFRQJHODFLäQGHORV FULVWDOHV5
3XOVHHOERWäQ5 /DWHPSHUDWXUD\ODGLVWULEXFLäQGHO DLUHVHUHJXODQDXWRPÒWLFDPHQWH HOYHQWLODGRUIXQFLRQDDXQDYHORFLಢ GDGPÒVDOWD 3DUDYROYHUDOPRGRDXWRPÒWLFR SXOVHHOERWäQ5 &RQHFWHODOXQHWDWÚUPLFDWUDVHUD^
&OLPDWL]DFLäQ
/XQHWDWÚUPLFDWUDVHUD^
$MXVWHVPDQXDOHV /RVDMXVWHVGHOFOLPDWL]DGRUDXWRPÒಢ WLFRVHSXHGHQFDPELDUDFWLYDQGRORV ERWRQHV\FRQPXWDGRUHVJLUDWRULRV GHOVLJXLHQWHPRGR$OFDPELDUXQ DMXVWHVHGHVDFWLYDUÒHOPRGRDXWRಢ PÒWLFR
3DUDYROYHUDOPRGRDXWRPÒWLFR 3XOVHHOERWäQ$ $872
,
'LVWULEXFLäQGHDLUH02'(
+
KDFLDOD]RQDGHODFDEH]D PHGLDQWHVDOLGDVGHDLUHUHಢ JXODEOHV KDFLDOD]RQDGHODFDEH]D PHGLDQWHVDOLGDVGHDLUHUHಢ JXODEOHV\OD]RQDUHSRVDಢ SLÚV
9XHOWDDODGLVWULEXFLäQGHDLUHDXWRಢ PÒWLFD'HVDFWLYHHODMXVWHFRUUHVಢ SRQGLHQWHRSXOVHHOERWäQ$ $872
9HORFLGDGGHOYHQWLODGRUV
5HIULJHUDFLäQL
*LUHHOFRQPXWDGRUJLUDWRULRGHUHFKR /DYHORFLGDGGHOYHQWLODGRUVHOHFFLRಢ QDGDVHLQGLFDPHGLDQWHHOQëPHUR HQODSDQWDOOD
3XOVHHOERWäQ0 02'(XQDRPÒVYHಢ FHVSDUDHIHFWXDUHODMXVWHGHVHDGR HODMXVWHGHODGLVWULEXFLäQGHDLUHVH LQGLFDHQODSDQWDOODGHLQIRUPDFLäQ KDFLDHOSDUDEULVDVOD]RQD 5 GHODFDEH]D\OD]RQDUHSRಢ + VDSLÚV KDFLDHOSDUDEULVDV\OD]RQD 5 UHSRVDSLÚV * KDFLDORVSLHV *
6HDFWLYDRGHVDFWLYDFRQHOERWäQL (ODLUHDFRQGLFLRQDGRUHIULJHUD\GHVಢ KXPLGLILFDVHFD HODLUHFXDQGROD WHPSHUDWXUDH[WHULRUVXSHUDXQQLYHO GHWHUPLQDGR3RUHVRVHSXHGHFRQಢ GHQVDUDJXDTXHVDOHSRUGHEDMRGHO YHKÞFXOR 6LQRHVQHFHVDULRUHIULJHUDURGHVಢ KXPLGLILFDUHODLUHGHVFRQHFWHODUHಢ IULJHUDFLäQSDUDDKRUUDUFRPEXVWLEOH
&OLPDWL]DFLäQ
5HFLUFXODFLäQGHDLUH DXWRPÒWLFD
6HQVRUGHFDOLGDGGHODLUH $46
6DOLGDVGHDLUH
(OVLVWHPDGHUHFLUFXODFLäQGHDLUH DXWRPÒWLFDWLHQHXQVHQVRUGHKXPHಢ GDGGHODLUHTXHFDPELDDXWRPÒWLFDಢ PHQWHDDLUHH[WHULRUVLODKXPHGDG GHODLUHLQWHULRUHVGHPDVLDGRDOWD
(OVHQVRUGHFDOLGDGGHODLUHGHWHFWD ODPDODFDOLGDGGHODLUHFLUFXQGDQWH \FDPELDDXWRPÒWLFDPHQWHDDLUHLQಢ WHULRU
6DOLGDVGHDLUHUHJXODEOHV
0RGRPDQXDOGHUHFLUFXODFLäQ GHDLUH
3XOVDQGRHOERWäQ;VHDFWLYDQRGHVಢ DFWLYDQWRGDVODVIXQFLRQHVGHFDOHಢ IDFFLäQYHQWLODFLäQ\VLVWHPDGHUHಢ IULJHUDFLäQ
(OPRGRPDQXDOGHUHFLUFXODFLäQGH DLUHVHDFFLRQDFRQHOERWäQ &XDQGRHVWÒDFWLYDGRODHQWUDGDGH DLUHH[WHULRUVHEORTXHD\HODLUHLQWHಢ ULRUHVWÒHQPRGRGHUHFLUFXODFLäQ
$GYHUWHQFLD (QHOPRGRGHUHFLUFXODFLäQVHUHಢ GXFHHOLQWHUFDPELRGHDLUHIUHVFR (QFDVRGHIXQFLRQDPLHQWRVLQUHಢ IULJHUDFLäQDXPHQWDODKXPHGDG GHODLUH\VHSXHGHQHPSDâDUORV FULVWDOHV/DFDOLGDGGHODLUHGHO KDELWÒFXORGLVPLQX\HHVWRSXHGH KDFHUTXHORVRFXSDQWHVVHVLHQಢ WDQPDUHDGRV
(QFHQGHURDSDJDUHOVLVWHPD;
&RQODUHIULJHUDFLäQFRQHFWDGDVH GHEHGHMDUDELHUWDDOPHQRVXQDGH ODVVDOLGDVGHDLUHSDUDHYLWDUTXHVH FRQJHOHHOHYDSRUDGRUGHELGRDOD IDOWDGHPRYLPLHQWRGHODLUH
$MXVWHVEÒVLFRV $OJXQRVDMXVWHVSXHGHQFDPELDUVH HQHOPHQë$ $MXVWHVGHOD SDQWDOODGHLQIRUPDFLäQ3HUVRQDOL]Dಢ FLäQGHOYHKÞFXOR
&DOHIDFWRUDX[LOLDU &DOHIDFWRUGHDLUHVäORYHKÞFXOR GLÚVHO (OVLVWHPD4XLFNKHDWHVXQFDOHIDFWRU HOÚFWULFRDX[LOLDUTXHFDOLHQWDHODLUH GHOKDELWÒFXORPÒVUÒSLGDPHQWH
*LUHODUXHGDGHDMXVWHSDUDDEULU RFHUUDUODVDOLGDGHDLUHRDMXVWDUHO FDXGDO
&OLPDWL]DFLäQ
0DQWHQLPLHQWR (QWUDGDGHDLUH
'LULMDHOIOXMRGHDLUHLQFOLQDQGR\EDVಢ FXODQGRODVDOHWDV
$GYHUWHQFLD 1RILMHREMHWRVDODVDOHWDVGHODV VDOLGDVGHDLUH+D\ULHVJRGHOHಢ VLRQHV\GDâRVHQFDVRGHDFFLಢ GHQWH
6DOLGDVGHDLUHILMDV +D\VDOLGDVGHDLUHDGLFLRQDOHVSRU GHEDMRGHOSDUDEULVDVGHODVYHQWDಢ QLOODV\HQODV]RQDVGHORVSLHV
/DHQWUDGDGHDLUHHQHOFRPSDUWLಢ PHQWRGHOPRWRUGHODQWHGHOSDUDEULಢ VDVGHEHHVWDUOLEUHSDUDSHUPLWLUOD HQWUDGDGHDLUH5HWLUHFXDOTXLHUUHVWR GHKRMDVVXFLHGDGRQLHYH
&OLPDWL]DFLäQ
)LOWURGHSROHQ )LOWURGHSROHQFRQWURODGR PDQXDOPHQWH (OILOWURHOLPLQDSROYRKROOÞQSROHQ HVSRUDV\RORUHVILOWURFRPELQDGR GHODLUHTXHHQWUDHQHOYHKÞFXORDWUDಢ YÚVGHODHQWUDGDGHDLUH
)XQFLRQDPLHQWRUHJXODU GHODLUHDFRQGLFLRQDGR 3DUDJDUDQWL]DUXQIXQFLRQDPLHQWR HILFLHQWH\GXUDGHURGHOVLVWHPDOD UHIULJHUDFLäQGHEHDFWLYDUVHGXUDQWH XQRVPLQXWRVXQDYH]DOPHVLQGHಢ SHQGLHQWHPHQWHGHODVLWXDFLäQFOLಢ PDWROäJLFD\GHODÚSRFDGHODâR/D UHIULJHUDFLäQQRIXQFLRQDDWHPSHUDಢ WXUDVH[WHULRUHVEDMDV
6HUYLFLR 3DUDJDUDQWL]DUXQDSRWHQFLDGHUHIULಢ JHUDFLäQäSWLPDOHUHFRPHQGDPRV UHYLVDUDQXDOPHQWHHOFOLPDWL]DGRU DXWRPÒWLFRODSULPHUDUHYLVLäQGHEH UHDOL]DUVHDORVWUHVDâRVGHODSULಢ PHUDPDWULFXODFLäQ
3UXHEDGHIXQFLRQDPLHQWR\SUHಢ VLäQ )XQFLRQDPLHQWRGHODFDOHIDFFLäQ 3UXHEDGHHVWDQTXHLGDG &RPSUREDFLäQGHODVFRUUHDVGH WUDQVPLVLäQ /LPSLH]DGHOFRQGHQVDGRU\GHO GHVDJíHGHOHYDSRUDGRU 3UXHEDGHUHQGLPLHQWR 1RWD 8WLOLFHVäORJDVUHIULJHUDQWHKRPRORಢ JDGR
$GYHUWHQFLD /RVFOLPDWL]DGRUHVGHEHQVHUUHಢ SDUDGRVëQLFDPHQWHSRUSHUVRQDO FXDOLILFDGR/RVPÚWRGRVGHUHSDಢ UDFLäQLQFRUUHFWRVSXHGHQRFDVLRಢ QDUOHVLRQHVSHUVRQDOHV
&RQGXFFLäQ\PDQHMR
&RQGXFFLäQ\PDQHMR 5HFRPHQGDFLRQHVSDUDOD FRQGXFFLäQ $UUDQTXH\PDQHMR 6LVWHPDGHHVFDSHGHOPRWRU &DPELRDXWRPÒWLFR &DPELRPDQXDO )UHQRV 6LVWHPDVGHFRQWUROGHOD FRQGXFFLäQ 5HJXODGRUGHYHORFLGDG 6LVWHPDVGHGHWHFFLäQGH REMHWRV &RPEXVWLEOH
5HFRPHQGDFLRQHVSDUD ODFRQGXFFLäQ &RQWUROGHOYHKÞFXOR 1RGHMHTXHHOYHKÞFXORFLUFXOH FRQHOPRWRUSDUDGR (QGLFKDVLWXDFLäQPXFKRVVLVWHPDV QRIXQFLRQDQFRPRHOVHUYRIUHQRROD GLUHFFLäQDVLVWLGD &RQGXFLUGHHVWH PRGRVXSRQHXQSHOLJURSDUDXVWHG \SDUDORVGHPÒV
3HGDOHV 3DUDDVHJXUDUXQOLEUHUHFRUULGRGHO SHGDOQRGHEHKDEHUDOIRPEULOODVHQ OD]RQDGHORVSHGDOHV
&RQGXFFLäQGHXQYHKÞFXORFRQ PRWRUGLÚVHO /RVFRPSRQHQWHVGHOWXUERFRPSUHಢ VRUJLUDQPX\UÒSLGDPHQWH6LVHLQಢ WHUUXPSHODDOLPHQWDFLäQGHDFHLWH DODVSLH]DVPäYLOHVVHSXHGHQSURಢ GXFLUJUDYHVGDâRVHQHOVLVWHPDGHO WXUERFRPSUHVRU6HGHEHQREVHUYDU
ODVVLJXLHQWHVSUHFDXFLRQHVSDUD DVHJXUDUODPÒ[LPDYLGDëWLOGHOWXUಢ ERFRPSUHVRU 'HVSXÚVGHDUUDQFDUHOPRWRUGÚಢ MHORHQPDUFKDDOUDOHQWÞGXUDQWHä PLQXWRVHYLWHDFHOHUDURLQLFLDUOD PDUFKDFRQHOYHKÞFXOR 1RSDUHHOPRWRULQPHGLDWDPHQWH GHVSXÚVGHFLUFXODUHQFRQGLFLRQHV GHFDUJDHOHYDGDFRPRFRQGXFLU DDOWDYHORFLGDGRGHVFHQGHUXQD SHQGLHQWHSURORQJDGD 'HMHHOPRಢ WRUHQPDUFKDDOUDOHQWÞGXUDQWHä PLQXWRVSDUDTXHVHHQIUÞH 'HVSXÚVGHFDPELDUHODFHLWH\ILOಢ WURGHDFHLWHGHOPRWRUDUUDQTXHHO PRWRU\GÚMHORHQPDUFKDDOUDOHQWÞ GXUDQWHäPLQXWRVHYLWHDFHOHಢ UDURLQLFLDUODPDUFKDFRQHOYHಢ KÞFXOR +DJDIXQFLRQDUHOPRWRUSRUHQಢ FLPDGHOUÚJLPHQGHUDOHQWÞVäOR XQDYH]HVWDEOHFLGDODSUHVLäQQRUಢ PDOGHODFHLWHGHOPRWRU6LVH
&RQGXFFLäQ\PDQHMR IXHU]DHOIXQFLRQDPLHQWRGHOWXUERಢ FRPSUHVRUDQWHVGHTXHORVFRMLQHಢ WHVHVWÚQOXEULFDGRVDGHFXDGDಢ PHQWHVHFUHDXQDIULFFLäQLQQHFHಢ VDULD 8WLOLFHVäORHODFHLWHGHOPRWRUHVಢ SHFLILFDGR\REVHUYHORVLQWHUYDORV GHLQVSHFFLäQ\FDPELR 6LODWHPSHUDWXUDDPELHQWHHVEDMD RHOYHKÞFXORQRVHKDXWLOL]DGRGXಢ UDQWHPXFKRWLHPSRVHDOWHUDHO IOXMR\ODSUHVLäQQRUPDOGHODFHLWH GHOPRWRU(QHVWDVFRQGLFLRQHVVH GHEHUÞDDUUDQFDUHOPRWRU\GHMDUOR DOUDOHQWÞGXUDQWHYDULRVPLQXWRV DQWHVGHDXPHQWDUHOUÚJLPHQGH UHYROXFLRQHV
$UUDQTXH\PDQHMR 5RGDMHGHXQYHKÞFXOR QXHYR 2EVHUYHODVVLJXLHQWHVSUHFDXFLRQHV GXUDQWHORVSULPHURVFLHQWRVGHNLOäಢ PHWURVSDUDPHMRUDUODVSUHVWDFLRಢ QHVODHFRQRPÞD\ODGXUDELOLGDGGH VXYHKÞFXOR (YLWHDFHOHUDUDOPÒ[LPRHQORV DUUDQTXHV 1RUHYROXFLRQHH[FHVLYDPHQWHHO PRWRU (YLWHODVSDUDGDVEUXVFDVVDOYRHQ FDVRVGHHPHUJHQFLD(VWRSHUPLಢ WLUÒTXHORVIUHQRVVHDVLHQWHQDGHಢ FXDGDPHQWH (YLWHLQLFLDUODPDUFKDUÒSLGDಢ PHQWHODVDFHOHUDFLRQHVEUXVFDV \ODFRQGXFFLäQSURORQJDGDDDOWD YHORFLGDGSDUDHYLWDUGDâRVHQHO PRWRU\DKRUUDUFRPEXVWLEOH (YLWHDFHOHUDUDOPÒ[LPRHQODV PDUFKDVFRUWDV 1RUHPROTXHRWURYHKÞFXOR
3RVLFLRQHVGHODFHUUDGXUD GHOHQFHQGLGR
(QFHQGLGRGHVFRQHFWDGR (QFHQGLGRGHVFRQHFWDGRYRಢ ODQWHGHVEORTXHDGR (QFHQGLGRFRQHFWDGRFRQPRಢ WRUGLÚVHOSUHFDOHQWDPLHQWR $UUDQTXH
&RQGXFFLäQ\PDQHMR $WHQFLäQ
1RGHMHODOODYHHQODSRVLFLäQä FRQHOPRWRUSDUDGRGXUDQWHPXಢ FKRWLHPSR(VWRGHVFDUJDUÒOD EDWHUÞD 1RJLUHODOODYHDODSRVLFLäQFRQ HOYHKÞFXORHQPDUFKD(OFRQGXFಢ WRUSRGUÞDSHUGHUHOFRQWUROGHOYHಢ KÞFXORGHMDUÞDGHIXQFLRQDUHOVHUಢ YRIUHQR\FDXVDUGDâRVHQHOYHಢ KÞFXOROHVLRQHVSHUVRQDOHVRLQಢ FOXVRIDWDOHV
$UUDQTXHGHOPRWRU $UUDQTXHGHOPRWRUFRQOD FHUUDGXUDGHOHQFHQGLGR
0RWRUGLÚVHOJLUHODOODYHDODSRVLಢ FLäQ SDUDHOSUHFDOHQWDPLHQWR KDVWDTXHHOWHVWLJRGHFRQWURO VHDSDJXH *LUHODOODYHDODSRVLFLäQ \VXÚOಢ WHODFXDQGRHOPRWRUHVWÚHQPDUಢ FKD 3DUDYROYHUDDUUDQFDUHOPRWRUQRHV QHFHVDULRJLUDUODOODYHDODSRVLFLäQ (OPRWRUVHSXHGHDSDJDUJLUDQGR ODOODYHDODSRVLFLäQ
$UUDQTXHGHOYHKÞFXORFRQ WHPSHUDWXUDVEDMDV
*LUHODOODYHDODSRVLFLäQ0XHYD OLJHUDPHQWHHOYRODQWHSDUDGHVDFಢ WLYDUHOEORTXHR &DPELRPDQXDODFFLRQHHOHPEUDಢ JXH &DPELRDXWRPÒWLFRSRQJDODSDಢ ODQFDVHOHFWRUDHQ3 3R1 1 1RDFHOHUH
(ODUUDQTXHGHOPRWRUVLQFDOHIDFWRಢ UHVDGLFLRQDOHVSXHGHTXHEDMHKDVWD «&6HSUHFLVDXQDFHLWHGHPRWRU GHODYLVFRVLGDGFRUUHFWDHOFRPEXVಢ WLEOHFRUUHFWRVHUYLFLRVUHDOL]DGRV \XQDEDWHUÞDFRQODFDUJDVXILFLHQWH &RQWHPSHUDWXUDVLQIHULRUHV D¡&HOFDPELRDXWRPÒWLFRQHFHಢ VLWDXQDIDVHGHFDOHQWDPLHQWRGH XQRVPLQXWRV/DSDODQFDVHOHFWRUD GHEHHVWDUHQODSRVLFLäQ3 3
&RQGXFFLäQ\PDQHMR
&RUWHGHFRPEXVWLEOHHQ UÚJLPHQGHUHWHQFLäQ /DDOLPHQWDFLäQGHFRPEXVWLEOHVH FRUWDDXWRPÒWLFDPHQWHGXUDQWHHOUÚಢ JLPHQGHUHWHQFLäQHVGHFLUFXDQGR VHFRQGXFHHOYHKÞFXORFRQXQDPDUಢ FKDHQJUDQDGDSHURVLQSLVDUHODFHಢ OHUDGRU
(VWDFLRQDPLHQWR 1RHVWDFLRQHHOYHKÞFXORVREUHXQD VXSHUILFLHIÒFLOPHQWHLQIODPDEOH/D HOHYDGDWHPSHUDWXUDGHOVLVWHPD GHHVFDSHSRGUÞDLQIODPDUGLFKD VXSHUILFLH $FFLRQHVLHPSUHHOIUHQRGHHVWDಢ FLRQDPLHQWRVLQSXOVDUHOERWäQGH GHVEORTXHR(QSHQGLHQWHVDSOÞಢ TXHORFRQWRGDODILUPH]DSRVLEOH 3DUDUHGXFLUHOHVIXHU]RSLVHHOSHಢ GDOGHOIUHQRDOPLVPRWLHPSR 'HVFRQHFWHHOPRWRU\HOHQFHQಢ GLGR*LUHHOYRODQWHKDVWDTXHVH HQFODYHHOEORTXHRGHOPLVPR 6LHOYHKÞFXORHVWÒHQXQDVXSHUILಢ FLHSODQDRFXHVWDDUULEDHQJUDQH
ODSULPHUDRPXHYDODSDODQFDVHಢ OHFWRUDD3 3DQWHVGHGHVFRQHFWDUHO HQFHQGLGR6LHOYHKÞFXORHVWÒ FXHVWDDUULEDJLUHODVUXHGDVGHಢ ODQWHUDVHQODGLUHFFLäQFRQWUDULDDO ERUGLOOR 6LHOYHKÞFXORHVWÒFXHVWDDEDMR HQJUDQHODPDUFKDDWUÒVRPXHYD ODSDODQFDVHOHFWRUDD3 3DQWHVGH GHVFRQHFWDUHOHQFHQGLGR*LUHODV UXHGDVGHODQWHUDVKDFLDHOERUGLOOR %ORTXHHHOYHKÞFXOR\DFWLYHHOVLVಢ WHPDGHDODUPDDQWLUURER
6LVWHPDGHHVFDSHGHO PRWRU 3HOLJUR /RVJDVHVGHHVFDSHFRQWLHQHQ PRQä[LGRGHFDUERQRXQJDVLQಢ FRORURHLQRGRURSHURWä[LFR6X LQKDODFLäQSRGUÞDUHVXOWDUIDWDO 6LHQWUDQJDVHVGHHVFDSHHQHO LQWHULRUGHOYHKÞFXORDEUDODVYHQಢ WDQLOODV+DJDVXEVDQDUODFDXVD GHODDYHUÞDHQXQWDOOHU 1RFLUFXOHFRQHOFRPSDUWLPLHQWR GHFDUJDDELHUWR\DTXHSRGUÞDQ HQWUDUJDVHVGHHVFDSHHQHOYHಢ KÞFXOR
)LOWURGHSDUWÞFXODVGLÚVHO (OVLVWHPDGHILOWURGHSDUWÞFXODVGLÚಢ VHOILOWUDODVSDUWÞFXODVFRQWDPLQDQWHV GHKROOÞQFRQWHQLGDVHQORVJDVHVGH HVFDSH(OVLVWHPDLQFRUSRUDXQDIXQಢ FLäQGHDXWROLPSLH]DTXHDFWëDDXWRಢ PÒWLFDPHQWHGXUDQWHODPDUFKD(O ILOWURVHOLPSLDTXHPDQGRODV
&RQGXFFLäQ\PDQHMR
SDUWÞFXODVGHKROOÞQDDOWDVWHPSHUDಢ WXUDV(VWHSURFHVRVHUHDOL]DDXWRಢ PÒWLFDPHQWHHQGHWHUPLQDGDVFRQGLಢ FLRQHVGHFLUFXODFLäQ\SXHGHGXUDU GHDPLQXWRV'XUDQWHHVWH WLHPSRSXHGHDXPHQWDUHOFRQVXPR GHFRPEXVWLEOH/DJHQHUDFLäQGH KXPR\RORUHVGXUDQWHHOSURFHVRHV QRUPDO
(QGHWHUPLQDGDVFRQGLFLRQHVGHFRQಢ GXFFLäQFRPRHQGLVWDQFLDVFRUWDV HOVLVWHPDQRVHSXHGHOLPSLDUDXWRಢ PÒWLFDPHQWH 6LHVQHFHVDULROLPSLDUHOILOWURGHSDUಢ WÞFXODVGLÚVHORVLODVFRQGLFLRQHVDQಢ WHULRUHVQRKDQSHUPLWLGRODOLPSLH]D
DXWRPÒWLFDVHHQFHQGHUÒRSDUSDಢ GHDUÒHOWHVWLJRGHOILOWURGHSDUWÞFXODV GLÚVHO6LJDFRQGXFLHQGRFRQXQD YHORFLGDGPÞQLPDGHNPKGXUDQWH XQRVPLQXWRVRKDVWDTXHVHDSDಢ JXHHOLQGLFDGRUGHFRQWURO(OWHVWLJR GHFRQWUROVHDSDJDUÒHQFXDQWRVH KD\DFRPSOHWDGRODRSHUDFLäQGHDXಢ WROLPSLH]D 6LVHDSDJDHOPRWRUPLHQWUDVHVWH WHVWLJRHVWÒHQFHQGLGRRSDUSDಢ GHDQGRDXPHQWDHOFRQVXPRGH FRPEXVWLEOH\VHUHGXFHODYLGDëWLO GHODFHLWH7HQJDHQFXHQWDTXHHO FRQGXFWRUGHEHUÞDFRQWLQXDUHOSURಢ FHVRGHUHJHQHUDFLäQFLUFXODQGR KDVWDTXHHOWHVWLJRGHOILOWURGHSDUWÞಢ FXODVGLÚVHOVHDSDJXH
'XUDQWHODOLPSLH]DVHUHFRPLHQGD QRLQWHUUXPSLUHOYLDMHQLGHVFRQHFWDU HOHQFHQGLGR
$WHQFLäQ 6LHOSURFHVRGHOLPSLH]DVHLQWHಢ UUXPSHPÒVGHXQDYH]KD\ ULHVJRGHSURYRFDUJUDYHVGDâRV HQHOPRWRU /DOLPSLH]DVHUHDOL]DPÒVUÒSLGDಢ PHQWHDUHJÞPHQHVGHUHYROXFLRQHV PRWRUHOHYDGRV\FDUJDGHOPRWRU DOWD
&RQGXFFLäQ\PDQHMR $WHQFLäQ
(OWHVWLJRGHFRQWUROVHDSDJDHQ FXDQWRVHKDFRPSOHWDGRHOSURFHVR GHDXWROLPSLH]D
&DWDOL]DGRU (OFDWDOL]DGRUUHGXFHHOFRQWHQLGRGH VXVWDQFLDVQRFLYDVHQORVJDVHVGH HVFDSH
/RVFRPEXVWLEOHVGHXQDFDOLGDG GLVWLQWDDORVPHQFLRQDGRVHQODV SÒJLQDVSRGUÞDQ FDXVDUGDâRVHQHOFDWDOL]DGRU RHQORVFRPSRQHQWHVHOHFWUäQLಢ FRV /DJDVROLQDVLQTXHPDUSXHGH SURGXFLUXQVREUHFDOHQWDPLHQWR \GDâRVHQHOFDWDOL]DGRU3RUHVR VHGHEHHYLWDUHOXVRH[FHVLYRGHO PRWRUGHDUUDQTXHYDFLDUHOGHಢ SäVLWRGHFRPEXVWLEOH\DUUDQFDU HOPRWRUHPSXMDQGRRUHPROFDQGR HOYHKÞFXOR 6LVHSURGXFHQIDOORVGHHQFHQGLGR IXQFLRQDPLHQWRLUUHJXODUGHOPRWRU GLVPLQXFLäQSHUFHSWLEOHGHODSRWHQಢ FLDGHOPRWRURFXDOTXLHURWUDDQRPDಢ OÞDKDJDVXEVDQDUODFDXVDGHODDYHಢ UÞDHQXQWDOOHUORDQWHVSRVLEOH(Q FDVRGHHPHUJHQFLDVHSXHGHFRQWLಢ QXDUFLUFXODQGRGXUDQWHXQEUHYHSHಢ ULRGRPDQWHQLHQGRODYHORFLGDGGHO YHKÞFXOR\HOUÚJLPHQGHOPRWRUEDMRV
&DPELRDXWRPÒWLFR (OFDPELRDXWRPÒWLFRSHUPLWHHOFDPಢ ELRGHPDUFKDVPDQXDOPRGRPDಢ QXDO RDXWRPÒWLFRPRGRDXWRPÒಢ WLFR
3DQWDOODLQGLFDGRUDGHO FDPELR
/DPDUFKDRHOPRGRVHOHFFLRQDGRVH PXHVWUDHQODSDQWDOODLQGLFDGRUDGHO FDPELR
&RQGXFFLäQ\PDQHMR
3DODQFDVHOHFWRUD
3
5 1 '
3RVLFLäQGHHVWDFLRQDPLHQWR ODVUXHGDVHVWÒQEORTXHDGDV VäORVHGHEHVHOHFFLRQDUFRQHO YHKÞFXORSDUDGR\HOIUHQRGH HVWDFLRQDPLHQWRDFFLRQDGR 0DUFKDDWUÒVVäORVHGHEHVHಢ OHFFLRQDUFRQHOYHKÞFXORSDಢ UDGR 3XQWRPXHUWR 0RGRDXWRPÒWLFRFRQWRGDVODV PDUFKDV
/DSDODQFDVHOHFWRUDHVWÒEORTXHDGD HQ3 33DUDPRYHUVHFRQHFWHHOHQಢ FHQGLGRSLVHHOSHGDOGHOIUHQR \SXOVHHOERWäQGHGHVEORTXHR 3DUDVHOHFFLRQDU3 3R5 5SXOVHHOERWäQ GHGHVEORTXHR 3DUDDUUDQFDUHOPRWRUSLVHHOSHGDO GHOIUHQRFRQODSDODQFDHQODSRVLFLäQ 3R1 1 1RDFHOHUHPLHQWUDVHQJUDQDXQD PDUFKD1XQFDSLVHORVSHGDOHVGHO DFHOHUDGRU\GHOIUHQRDOPLVPR WLHPSR &RQXQDPDUFKDHQJUDQDGD\HOIUHQR VXHOWRHOYHKÞFXORDYDQ]DOHQWDಢ PHQWH
(IHFWRGHIUHQRGHOPRWRU 3DUDDSURYHFKDUHOHIHFWRGHIUHQR GHOPRWRUVHOHFFLRQHXQDPDUFKD PÒVFRUWDDOFLUFXODUFXHVWDDEDMR
6DFDUHOYHKÞFXORPHFLÚQGROR 6äORVHGHEHPHFHUHOYHKÞFXOR FXDQGRTXHGDDWDVFDGRHQDUHQD EDUURRQLHYH0XHYDODSDODQFDVHಢ OHFWRUDUHSHWLGDPHQWHHQWUH' '\5 51R UHYROXFLRQHH[FHVLYDPHQWHHOPRWRU \HYLWHXQDDFHOHUDFLäQEUXVFD
(VWDFLRQDPLHQWR $FFLRQHHOIUHQRGHHVWDFLRQDPLHQWR VHOHFFLRQH3 3\VDTXHODOODYHGHOHQಢ FHQGLGR /DOODYHGHOHQFHQGLGRVäORVHSXHGH VDFDUFXDQGRODSDODQFDVHOHFWRUD HVWÒHQODSRVLFLäQ3 3
&RQGXFFLäQ\PDQHMR
0RGRPDQXDO
0XHYDODSDODQFDVHOHFWRUDGHVGHOD SRVLFLäQ' 'KDFLDODL]TXLHUGD\OXHJR KDFLDGHODQWHRKDFLDDWUÒV 3DUDFDPELDUDXQDPDUFKD PÒVODUJD
&RQH[LäQ 3XOVHHOLQWHUUXSWRUEDVFXODQWH>HQ ODSDUWHVXSHULRUHOWHVWLJRGHFRQWURO >VHHQFLHQGHHQEODQFR
$FWLYDFLäQ $FHOHUHKDVWDDOFDQ]DUODYHORFLGDG GHVHDGD\JLUHODUXHGDGHDMXVWH D6 6(7VHPHPRUL]D\PDQWLHQHOD YHORFLGDGDFWXDO6HHQFLHQGHODOX] YHUGHGHOWHVWLJRGHFRQWURO>6H SXHGHVROWDUHOSHGDOGHODFHOHUDGRU /DYHORFLGDGGHOYHKÞFXORSXHGHDXಢ PHQWDUVHSLVDQGRHOSHGDOGHODFHOHಢ UDGRU&XDQGRVHVXHOWDHOSHGDOGHO DFHOHUDGRUVHUHFXSHUDODYHORFLGDG PHPRUL]DGDSUHYLDPHQWH
&RQGXFFLäQ\PDQHMR $XPHQWDUODYHORFLGDG &RQHOUHJXODGRUGHYHORFLGDGDFWLಢ YDGRPDQWHQJDODUXHGDGHDMXVWHJLಢ UDGDKDFLD5 5(6RJÞUHODEUHYHಢ PHQWHD5 5(6YDULDVYHFHVODYHORಢ FLGDGDXPHQWDFRQWLQXDPHQWHRHQ SHTXHâRVLQFUHPHQWRV &RPRDOWHUQDWLYDDFHOHUHKDVWDOD YHORFLGDGGHVHDGD\PHPRULFHHOYDಢ ORUJLUDQGRODUXHGDD5 5(6
5HGXFLUODYHORFLGDG &RQHOUHJXODGRUGHYHORFLGDGDFWLಢ YDGRPDQWHQJDODUXHGDGHDMXVWHJLಢ UDGDKDFLD6 6(7RJÞUHODEUHYHPHQWH D6 6(7YDULDVYHFHVODYHORFLGDG GLVPLQX\HFRQWLQXDPHQWHRHQSHಢ TXHâRVLQFUHPHQWRV
'HVDFWLYDFLäQ 3XOVHHOERWäQ\HOWHVWLJRGHFRQWURO >VHHQFLHQGHHQEODQFR(OUHJXODಢ GRUGHYHORFLGDGHVWÒGHVDFWLYDGR6H JXDUGDODYHORFLGDGPHPRUL]DGD 'HVDFWLYDFLäQDXWRPÒWLFD $XQDYHORFLGDGLQIHULRUDNPK DSUR[LPDGDPHQWH DOSLVDUHOSHGDOGHOIUHQR
DOSLVDUHOSHGDOGHOHPEUDJXHGXಢ UDQWHPÒVGHXQRVVHJXQGRV FRQODSDODQFDVHOHFWRUDHQ1 1 DOLQWHUYHQLUHOVLVWHPDGHFRQWURO GHWUDFFLäQRHOFRQWUROHOHFWUäQLFR GHHVWDELOLGDG
6LVWHPDVGHGHWHFFLäQ GHREMHWRV $VLVWHQWHGHDSDUFDPLHQWR
5HVWDEOHFHUODYHORFLGDG PHPRUL]DGD $XQDYHORFLGDGVXSHULRUDNPK JLUHODUXHGDGHDMXVWHKDFLD5 5(6 6HHVWDEOHFHUÒODYHORFLGDGPHPRULಢ ]DGD6LODGLIHUHQFLDHQWUHODYHORFLಢ GDGDFWXDO\ODYHORFLGDGPHPRUL]DGD HVVXSHULRUDNPKHOYHKÞFXORQR SXHGHUHVWDEOHFHUODYHORFLGDGPHಢ PRUL]DGD
'HVFRQH[LäQ 3XOVHHOLQWHUUXSWRUEDVFXODQWH>HQ ODSDUWHLQIHULRUHOWHVWLJRGHFRQWURO >VHDSDJD6HERUUDODYHORFLGDG PHPRUL]DGD/DYHORFLGDGPHPRULಢ ]DGDVHERUUDWDPELÚQDOGHVFRQHFWDU HOHQFHQGLGR
(ODVLVWHQWHGHDSDUFDPLHQWRIDFLOLWD HOHVWDFLRQDPLHQWRPLGLHQGRODGLVಢ WDQFLDHQWUHHOYHKÞFXOR\ORVSRVLEOHV REVWÒFXORVWUDVHURV\HPLWLHQGRVHಢ âDOHVDFëVWLFDV6LQHPEDUJRHVWR QRH[LPHDOFRQGXFWRUGHVXUHVSRQಢ VDELOLGDGHQODPDQLREUDGHDSDUFDಢ PLHQWR
&RQGXFFLäQ\PDQHMR
(OVLVWHPDVHFRPSRQHGHFXDWUR VHQVRUHVGHDSDUFDPLHQWRSRUXOWUDಢ VRQLGRVPRQWDGRVHQHOSDUDFKRTXHV WUDVHUR 7HVWLJRGHFRQWUROJ 1RWD &XDOTXLHUDFFHVRULRLQVWDODGRHQHO YHKÞFXORHQHOÒUHDGHGHWHFFLäQ SXHGHFDXVDUXQPDOIXQFLRQDಢ PLHQWRGHOVLVWHPD
$FWLYDFLäQ (OVLVWHPDVHDFWLYDDXWRPÒWLFDಢ PHQWHDOHQJUDQDUODPDUFKDDWUÒV /DSUHVHQFLDGHXQREVWÒFXORVHLQಢ GLFDPHGLDQWHDYLVRVDFëVWLFRV(OLQಢ WHUYDORHQWUHDYLVRVVHDFRUWDFRQಢ IRUPHHOYHKÞFXORVHDFHUFDDOREVWÒಢ FXOR&XDQGRODGLVWDQFLDHVLQIHULRU DFPHODYLVRDFëVWLFRVXHQDFRQಢ WLQXDPHQWH
'HVDFWLYDFLäQ (OVLVWHPDVHGHVDFWLYDDXWRPÒWLFDಢ PHQWHFXDQGR HOYHKÞFXORVXSHUDORVNPK HOYHKÞFXORHVWÒDSDUFDGR KD\XQDDYHUÞDHQHOVLVWHPD
$YHUÞD (QFDVRGHDYHUÞDHQHOVLVWHPDVH HQFLHQGHJ $GHPÒVVLHOVLVWHPDQRIXQFLRQDGHಢ ELGRDFRQGLFLRQHVWHPSRUDOHVFRPR ODSUHVHQFLDGHQLHYHHQORVVHQVRಢ UHVVHLOXPLQDJ
,QGLFDFLRQHVLPSRUWDQWHVSDUD HOXVRGHORVVLVWHPDVGH DVLVWHQFLDDODSDUFDPLHQWR $GYHUWHQFLD (QGHWHUPLQDGDVFLUFXQVWDQFLDV DOJXQDVVXSHUILFLHVUHIOHFWDQWHV VREUHREMHWRVRURSDVDVÞFRPR IXHQWHVGHUXLGRH[WHUQDVSXHGHQ GDUOXJDUDIDOORVGHOVLVWHPDHQOD GHWHFFLäQGHREVWÒFXORV
$WHQFLäQ /DVHQVLELOLGDGGHOVHQVRUSRGUÞD UHGXFLUVHSRUFDXVDVH[WHUQDV FRPRODSUHVHQFLDGHKLHORQLHYH EDUURVXFLHGDGFDSDVGHSLQWXUD EDUQL]HWFHQODVXSHUILFLHGHO VHQVRU (OVHQVRUSRGUÞDGHWHFWDUXQREಢ MHWRLQH[LVWHQWHLQWHUIHUHQFLDGHO HFR GHELGRDLQWHUIHUHQFLDV DFëVWLFDVH[WHUQDVSHMRWURVLVಢ WHPDGHD\XGDGHDSDUFDPLHQWR (OVHQVRUSRGUÞDGHWHFWDUXQREಢ MHWRLQH[LVWHQWHLQWHUIHUHQFLDGHO HFR GHELGRDLQWHUIHUHQFLDVPHಢ FÒQLFDVH[WHUQDVSHMXQWëQHO GHODYDGRODOOXYLDYLHQWRVPX\ IXHUWHVJUDQL]RHWF (OUHQGLPLHQWRGHORVVLVWHPDVGH D\XGDSDUDDSDUFDUSRGUÞDYHUVH UHGXFLGRSRUHOFDPELRGHSRVLಢ FLäQGHORVVHQVRUHVGHELGRDPRಢ GLILFDFLRQHVHQHOYHKÞFXORFRPR XQDEDMDGDGHORVDPRUWLJXDGRUHV FRQHOSDVRGHOWLHPSRDFDXVD
&RQGXFFLäQ\PDQHMR GHFDPELRVGHWHPSHUDWXUDFDPಢ ELRGHQHXPÒWLFRVFDUJDGHOYHಢ KÞFXORPRGLILFDFLäQWXQLQJ GHO YHKÞFXORHWF 6RQDSOLFDEOHVFRQGLFLRQHVSDUWLಢ FXODUHVSDUDORVYHKÞFXORVDOWRVS HMYHKÞFXORVWRGRWHUUHQRPRQRಢ YROëPHQHVIXUJRQHWDV 1RVH SXHGHJDUDQWL]DUODLGHQWLILFDFLäQ GHREMHWRVHQODSDUWHVXSHULRUGHO YHKÞFXOR (OUHQGLPLHQWRGHORVVLVWHPDVGH D\XGDSDUDDSDUFDUSRGUÞDYHUVH UHGXFLGRSRUHODFRSODPLHQWR DFëVWLFRDOYHKÞFXORFDXVDGRSRU ODHVFDUFKD/RVREMHWRVFRQXQD VXSHUILFLHGHUHIOH[LäQPX\SHಢ TXHâDSXHGHQQRGHWHFWDUVH
&RPEXVWLEOH &RPEXVWLEOHSDUDPRWRUHV GHJDVROLQD 8WLOLFHVäORFRPEXVWLEOHVLQSORPR TXHFXPSODODQRUPD',1(1 6HSXHGHQXVDUFRPEXVWLEOHVQRUPDಢ OL]DGRVHTXLYDOHQWHVFRQXQFRQWHಢ QLGRPÒ[LPRGHHWDQROGHOSRU YROXPHQ(QWDOFDVRXWLOLFHVäOR FRPEXVWLEOHTXHFXPSODODQRUPD (',1 8WLOLFHFRPEXVWLEOHFRQHORFWDQDMH UHFRPHQGDGR(OXVRGHXQ FRPEXVWLEOHFRQXQRFWDQDMHLQIHULRU GLVPLQX\HODSRWHQFLD\HOSDUPRWRU DXPHQWDQGROLJHUDPHQWHHOFRQVXPR GHFRPEXVWLEOH
$WHQFLäQ (OXVRGHFRPEXVWLEOHTXHQR FXPSOHFRQODQRUPDWLYD(1 RVLPLODUSXHGHFRQGXFLUDGDâRV HQORVGHSäVLWRVRHOPRWRU\SÚUಢ GLGDGHODJDUDQWÞD
$WHQFLäQ (OFRPEXVWLEOHFRQXQRFWDQDMH GHPDVLDGREDMRSXHGHRFDVLRQDU XQDFRPEXVWLäQLQFRQWURODGD\GDಢ âRVHQHOPRWRU
&RPEXVWLEOHSDUDPRWRUHV GLÚVHO 8WLOLFHVäORFRPEXVWLEOHGLÚVHOTXH FXPSODODQRUPD',1(1 (QSDÞVHVGHIXHUDGHOD8QLäQ(XURಢ SHDXVHFRPEXVWLEOHHXURGLÚVHOFRQ XQDFRQFHQWUDFLäQGHVXOIXURLQIHULRU DSSP
$WHQFLäQ (OXVRGHFRPEXVWLEOHTXHQR FXPSOHFRQODQRUPDWLYD(1 RVLPLODUSXHGHFRQGXFLUDXQD SÚUGLGDGHSRWHQFLDGHOPRWRUXQ GHVJDVWHPD\RUGHOPRWRUGDâRV HQHOPRWRU\SÚUGLGDGHODJDUDQಢ WÞD
&RQGXFFLäQ\PDQHMR
1RXVHDFHLWHVGLÚVHOPDULQRVDFHLಢ WHVSDUDFDOHIDFFLäQ$TXD]ROHQL HPXOVLRQHVGHGLÚVHO\DJXDVLPLODಢ UHV1RGHEHGLOXLUVHHOFRPEXVWLEOH GLÚVHOFRQFRPEXVWLEOHSDUDPRWRUHV GHJDVROLQD /DIOXLGH]\ILOWUDELOLGDGGHOFRPEXVWLಢ EOHGLÚVHOGHSHQGHQGHODWHPSHUDಢ WXUD&XDQGRODVWHPSHUDWXUDVVRQ EDMDVUHSRVWHFRPEXVWLEOHGLÚVHOFRQ SURSLHGDGHVSDUDXVRHQLQYLHUQRJDಢ UDQWL]DGDV
5HSRVWDMH $WHQFLäQ 6LXWLOL]DXQFRPEXVWLEOHGHFDOLಢ GDGLQDGHFXDGDRSRQHDGLWLYRV GHFRPEXVWLEOHLQFRUUHFWRVHQHO GHSäVLWRGHFRPEXVWLEOHHOPRWRU \HOFDWDOL]DGRUSXHGHQVXIULUJUDಢ YHVGDâRV
$VHJëUHVHGHXWLOL]DUHOFRPEXVWLಢ EOHFRUUHFWRJDVROLQDRGLÚVHO FRಢ UUHVSRQGLHQWHDVXYHKÞFXOR FXDQGRUHSRVWH6LHFKDJDVROLQD HQXQYHKÞFXORGLÚVHOHOYHKÞFXOR SXHGHVXIULUJUDYHVGDâRV6LVX YHKÞFXORWLHQHXQPRWRUGLÚVHO SXHGHFRQILUPDUHOFRPEXVWLEOH FRUUHFWRHQODLQIRUPDFLäQTXHVH IDFLOLWDHQHOWDSäQGHODERFDGH OOHQDGR 3RUPRWLYRVGHVHJXULGDGORVFRQಢ WHQHGRUHVGHFRPEXVWLEOHODV ERPEDV\ODVPDQJXHUDVGHEHQ WHQHUXQDWRPDGHWLHUUDDGHಢ FXDGD/DHOHFWULFLGDGHVWÒWLFD DFXPXODGDSRGUÞDLQIODPDUHOYDಢ SRUGHODJDVROLQD3RGUÞDVXIULU TXHPDGXUDV\GDâDUHOYHKÞFXOR
3HOLJUR $QWHVGHUHSRVWDUGHVFRQHFWHHO PRWRU\FXDOTXLHUVLVWHPDGHFDಢ OHIDFFLäQH[WHUQRFRQFÒPDUDGH FRPEXVWLäQ6HGHEHQGHVFRQHFಢ WDUORVWHOÚIRQRVPäYLOHV $OUHSRVWDUGHEHQREVHUYDUVHODV LQVWUXFFLRQHV\QRUPDVGHVHJXULಢ GDGGHODHVWDFLäQGHVHUYLFLR
&RQGXFFLäQ\PDQHMR
3HOLJUR (OFRPEXVWLEOHHVLQIODPDEOH\H[ಢ SORVLYR3URKLELGRIXPDU(YLWHOD SUHVHQFLDGHOODPDVGHVFXELHUWDV RFKLVSDV 6LSHUFLEHRORUDFRPEXVWLEOHGHQಢ WURGHOYHKÞFXORKDJDVXEVDQDUOD FDXVDLQPHGLDWDPHQWHHQXQWDಢ OOHU
$WHQFLäQ (QFDVRGHUHSRVWDUFRPEXVWLEOH LQFRUUHFWRQRFRQHFWHHOHQFHQಢ GLGR /DWDSDGHOGHSäVLWRGHFRPEXVWLEOH HVWÒVLWXDGDHQHOODGRWUDVHURGHUHಢ FKRGHOYHKÞFXOR
/DWDSDGHOGHSäVLWRVäORVHSXHGH DEULUFRQHOYHKÞFXORGHVEORTXHDGR 'HVEORTXHHODWDSDGHOGHSäVLWRGH FRPEXVWLEOHSXOVDQGRVREUHOD PLVPD
(OWDSäQGHOGHSäVLWRVHSXHGHHQಢ JDQFKDUHQHOVRSRUWHGHODWDSDGHO GHSäVLWRGHFRPEXVWLEOH
$WHQFLäQ /LPSLHLQPHGLDWDPHQWHHOFRPಢ EXVWLEOHTXHKD\DSRGLGRUHERVDU
7DSäQGHOGHSäVLWR 6äORHOWDSäQGHOGHSäVLWRRULJLQDOOH SURSRUFLRQDXQFRUUHFWRIXQFLRQDಢ PLHQWR/RVYHKÞFXORVFRQPRWRUGLÚಢ VHOWLHQHQXQWDSäQGHOGHSäVLWRHVಢ SHFLDO
&RQGXFFLäQ\PDQHMR $WHQFLäQ
6LXVDXQWëQHOGHODYDGRFRQHO YHKÞFXORGHVEORTXHDGRVHSRGUÞD DEULUODWDSDGHOGHSäVLWRGHFRPಢ EXVWLEOH\VXIULUGDâRVHQHOWëQHO GHODYDGR $VHJëUHVHGHEORTXHDUODWDSDGHO GHSäVLWRGHFRPEXVWLEOHFRQHO ERWäQGHOFLHUUHFHQWUDOL]DGR 1RFLHUUHODWDSDGHOGHSäVLWRGH FRPEXVWLEOHFRQHOYHKÞFXOREORಢ TXHDGR
&XLGDGRGHOYHKÞFXOR
&XLGDGRGHOYHKÞFXOR ,QIRUPDFLäQJHQHUDO &RPSUREDFLRQHVGHOYHKÞFXOR 6XVWLWXFLäQGHERPELOODV 6LVWHPDHOÚFWULFR +HUUDPLHQWDVGHOYHKÞFXOR /ODQWDV\QHXPÒWLFRV $UUDQTXHFRQFDEOHV 5HPROFDGR &XLGDGRGHODVSHFWR
,QIRUPDFLäQJHQHUDO
,QPRYLOL]DFLäQGHOYHKÞFXOR
$FFHVRULRV \PRGLILFDFLRQHVGHO YHKÞFXOR
,QPRYLOL]DFLäQGXUDQWHXQ SHULRGRGHWLHPSRSURORQJDGR
/HUHFRPHQGDPRVHOXVRGHUHSXHVಢ WRV\DFFHVRULRVRULJLQDOHV\SLH]DV KRPRORJDGDVSRUHOIDEULFDQWHHVSHಢ FÞILFDPHQWHSDUDVXWLSRGHYHKÞFXOR 1RSRGHPRVHYDOXDUQLJDUDQWL]DU RWURVSURGXFWRVDXQTXHFXHQWHQFRQ XQDDXWRUL]DFLäQRILFLDORGHRWUDÞQಢ GROH 1RVHGHEHQHIHFWXDUPRGLILFDFLRQHV HQHOVLVWHPDHOÚFWULFRSRUHMHPSOR FDPELRVHQODVXQLGDGHVHOHFWUäQLFDV GHFRQWUROFKLSWXQLQJ
$WHQFLäQ 1XQFDUHDOLFHPRGLILFDFLRQHVHQ VXYHKÞFXOR3XHGHQDIHFWDUDODV SUHVWDFLRQHVODGXUDELOLGDG\OD VHJXULGDGGHOYHKÞFXORHVSRVLEOH TXHODJDUDQWÞDQRFXEUDORVSURಢ EOHPDVFDXVDGRVSRUODVPRGLILಢ FDFLRQHV
6LHOYHKÞFXORYDDHVWDULQPRYLOL]DGR GXUDQWHYDULRVPHVHV /DYDU\HQFHUDUHOYHKÞFXOR &RPSUREDUODFHUDSURWHFWRUDHQHO FRPSDUWLPHQWRGHOPRWRU\ORVEDಢ MRV /LPSLDU\FRQVHUYDUODVMXQWDVGH JRPD &DPELDUHODFHLWHGHOPRWRU 9DFLDUHOGHSäVLWRGHOOÞTXLGRGHODಢ YDGR &RPSUREDUODSURWHFFLäQDQWLFRQಢ JHODQWH\DQWLFRUURVLYDGHOUHIULJHಢ UDQWH $MXVWDUODSUHVLäQGHORVQHXPÒWLಢ FRVDOYDORUHVSHFLILFDGRSDUD SOHQDFDUJD $SDUFDUHOYHKÞFXORHQXQOXJDU VHFR\ELHQYHQWLODGR(QJUDQDUOD SULPHUDRODPDUFKDDWUÒVRSRQHU ODSDODQFDVHOHFWRUDHQ3 3&DO]DUHO YHKÞFXORSDUDHYLWDUTXHUXHGH
&XLGDGRGHOYHKÞFXOR
1RDFFLRQDUHOIUHQRGHHVWDFLRQDಢ PLHQWR $EULUHOFDSäFHUUDUWRGDVODVSXHUಢ WDV\EORTXHDUHOYHKÞFXOR 'HVHPERUQHHOSRORQHJDWLYRGHOD EDWHUÞDGHOYHKÞFXOR7HQJDHQ FXHQWDORVVLVWHPDVTXHQRIXQFLRಢ QDUÒQFRPRHOVLVWHPDGHDODUPD DQWLUURER
&RPSUREDFLRQHVGHO YHKÞFXOR 5HDOL]DFLäQGHWUDEDMRV
3HOLJUR (OVLVWHPDGHHQFHQGLGRXWLOL]D XQDWHQVLäQPX\DOWD1RWRTXH VXVFRPSRQHQWHV
&DSä $SHUWXUD
3XHVWDHQVHUYLFLRGHQXHYR 3DUDYROYHUDSRQHUHQVHUYLFLRHOYHಢ KÞFXOR (PERUQDUHOSRORQHJDWLYRGHODEDಢ WHUÞDGHOYHKÞFXOR$FWLYDUHOFRQWURO HOHFWUäQLFRGHORVHOHYDOXQDVHOÚFಢ WULFRV &RPSUREDUODSUHVLäQGHORVQHXಢ PÒWLFRV 5HOOHQDUHOGHSäVLWRGHOOÞTXLGRGH ODYDGR &RPSUREDUHOQLYHOGHDFHLWHGHO PRWRU &RPSUREDUHOQLYHOGHOUHIULJHUDQWH 0RQWDUODSODFDGHPDWUÞFXODVL IXHUDQHFHVDULR
$GYHUWHQFLD /DVFRPSUREDFLRQHVHQHOFRPಢ SDUWLPLHQWRGHOPRWRUGHEHQHIHFಢ WXDUVHFRQHOHQFHQGLGRGHVFRಢ QHFWDGR (OYHQWLODGRUGHUHIULJHUDFLäQ SXHGHIXQFLRQDUDXQTXHHOHQFHQಢ GLGRHVWÚGHVFRQHFWDGR
7LUHGHODSDODQFDGHGHVEORTXHR \GHYXÚOYDODDVXSRVLFLäQRULJLQDO
&XLGDGRGHOYHKÞFXOR
$GYHUWHQFLD
(PSXMHHOJDQFKRGHVHJXULGDGKDFLD ODL]TXLHUGD\DEUDHOFDSä
$GYHUWHQFLD &XDQGRHOPRWRUHVWÚFDOLHQWH DVHJëUHVHGHWRFDUVäORHODFROಢ FKDGRGHHVSXPDGHODYDULOODGH DSR\RGHOFDSä (QWUDGDGHDLUH
)LMHODYDULOODGHDSR\RGHOFDSä
&LHUUH $QWHVGHFHUUDUHOFDSäLQVHUWHODYDಢ ULOODGHDSR\RHQVXDORMDPLHQWR %DMHFDSä\GÚMHORFDHUVREUHHOFLHಢ UUH&RPSUXHEHVLHOFDSäHVWÒHQFODಢ YDGR
2EVHUYHVLHPSUHODVSUHFDXFLRಢ QHVVLJXLHQWHV$QWHVGHFRQGXFLU HOYHKÞFXORWLUHGHOERUGHGHODQಢ WHURGHOFDSäSDUDDVHJXUDUVHGH TXHHVWÚELHQHQFODYDGR 1RWLUHGHODPDQLOODGHGHVEORಢ TXHRGHOFDSäPLHQWUDVHOYHಢ KÞFXORHVWÚHQPRYLPLHQWR 1RFRQGX]FDHOYHKÞFXORFRQHO FDSäDELHUWR(OFDSäDELHUWRREVಢ WDFXOL]DUÒODYLVLäQGHOFRQGXFWRU &RQGXFLUHOYHKÞFXORFRQHOFDSä DELHUWRSXHGHSURYRFDUXQDFROLಢ VLäQ\RULJLQDUGDâRVHQHOYHಢ KÞFXORHQRWUDVSURSLHGDGHVOHಢ VLRQHVSHUVRQDOHVRLQFOXVRIDWDಢ OHV
&XLGDGRGHOYHKÞFXOR
9LVWDGHOFRPSDUWLPHQWRGHOPRWRU 0RWRUGHJDVROLQD+
&XLGDGRGHOYHKÞFXOR 0RWRUGLÚVHO/13
&XLGDGRGHOYHKÞFXOR
'HSäVLWRGHOOÞTXLGRGHODGLUHFಢ FLäQDVLVWLGD 7DSäQGHODFHLWHGHOPRWRU 'HSäVLWRGHOOÞTXLGRGHIUHQRV 'HSäVLWRGHOUHIULJHUDQWHGHOPRಢ WRU &DMDGHIXVLEOHV 'HSäVLWRGHOOÞTXLGRGHODYDGR %DWHUÞD 9DULOODGHPHGLFLäQGHOQLYHOGH DFHLWHGHOPRWRU )LOWURGHDLUHGHOPRWRU
/DFRPSUREDFLäQVHUHDOL]DFRQHOYHಢ KÞFXORHQXQDVXSHUILFLHQLYHODGD(O PRWRUGHEHHVWDUDWHPSHUDWXUDGH IXQFLRQDPLHQWR\OOHYDUSDUDGRDOPHಢ QRVPLQXWRV ([WUDLJDODYDULOODGHPHGLFLäQOÞPಢ SLHODHLQVÚUWHODKDVWDHOWRSHGHO PDQJRYXHOYDDH[WUDHUOD\FRPಢ SUXHEHHOQLYHOGHDFHLWHGHOPRWRU ,QVHUWHODYDULOODGHPHGLFLäQKDVWDHO WRSHGHOPDQJR\JÞUHODPHGLDYXHOWD 5HOOHQHDFHLWHGHOPRWRUFXDQGRHOQLಢ YHOKD\DGHVFHQGLGRKDVWDODPDUFD 0,1
$FHLWHGHOPRWRU &RPSUXHEHHOQLYHOGHDFHLWHGHOPRಢ WRUFRQUHJXODULGDGSDUDSUHYHQLUGDಢ âRVHQHOPRWRU$VHJëUHVHGHTXHVH XVDHODFHLWHGHODHVSHFLILFDFLäQFRಢ UUHFWD/ÞTXLGRV\OXEULFDQWHVUHFRಢ PHQGDGRV
6HXWLOL]DQGLVWLQWRVWLSRVGHYDULOODGH PHGLFLäQGHODFHLWHVHJëQHOWLSRGH PRWRU
&XLGDGRGHOYHKÞFXOR /HUHFRPHQGDPRVHOXVRGHOPLVPR WLSRGHDFHLWHGHOPRWRUXWLOL]DGRHQHO ëOWLPRFDPELR (OQLYHOGHDFHLWHGHOPRWRUQRGHEH H[FHGHUODPDUFDVXSHULRU0 0$;GHOD YDULOODGHPHGLFLäQ
$WHQFLäQ
/DYHODVSDUWHVH[SXHVWDVFRQ DJXD\MDEäQRFRQXQSURGXFWRGH OLPSLH]DSDUDODVPDQRV 7HQJDPXFKRFXLGDGRDOYDFLDUHO DFHLWHGHOPRWRUSRUTXHSXHGH SURGXFLUOHTXHPDGXUDV
)LOWURGHDLUHGHOPRWRU
6LKD\XQH[FHVRGHDFHLWHGHOPRಢ WRUGHEHYDFLDUVHRDVSLUDUVH
5HIULJHUDQWHGHOPRWRU 3URFXUHTXHODFRQFHQWUDFLäQGHDQಢ WLFRQJHODQWHVHDVXILFLHQWH
$WHQFLäQ 6äORGHEHXWLOL]DUVHDQWLFRQJHಢ ODQWHKRPRORJDGR
1LYHOGHUHIULJHUDQWH $WHQFLäQ
&DSDFLGDGHV &RORTXHHOWDSäQFRUUHFWDPHQWH \DSULÚWHOR
8QQLYHOGHUHIULJHUDQWHGHPDಢ VLDGREDMRSXHGHRFDVLRQDUGDâRV HQHOPRWRU
$GYHUWHQFLD (ODFHLWHGHOPRWRULUULWDODSLHO\VL VHLQJLHUHSXHGHFDXVDUXQDLQಢ GLVSRVLFLäQHLQFOXVRSXHGHVHU PRUWDO 0DQWÚQJDVHOHMRVGHODOFDQFHGH ORVQLâRV (YLWHXQFRQWDFWRUHSHWLGR\SURಢ ORQJDGRFRQODSLHO
3DUDVXVWLWXLUHOILOWURGHDLUHGHOPRಢ WRUGHVHQURVTXHWRUQLOORV\GHVಢ PRQWHODFDUFDVDGHOILOWUR
&XLGDGRGHOYHKÞFXOR FRPSUREDUODFRQFHQWUDFLäQGHDQWLಢ FRQJHODQWH\VXEVDQDUODFDXVDGHOD SÚUGLGDGHUHIULJHUDQWHHQXQWDOOHU
/ÞTXLGRGHODGLUHFFLäQ DVLVWLGD $WHQFLäQ
&RQHOVLVWHPDGHUHIULJHUDFLäQIUÞR HOQLYHOGHOUHIULJHUDQWHGHEHHVWDUSRU HQFLPDGHODPDUFDGHODOÞQHDGHOOHಢ QDGR5HOOHQHVLHOQLYHOHVPÒVEDMR
$GYHUWHQFLD 'HMHTXHVHHQIUÞHHOPRWRUDQWHV GHDEULUHOWDSäQ$EUDHOWDSäQ FXLGDGRVDPHQWHSDUDTXHHOVLVಢ WHPDVHGHVSUHVXULFHOHQWDPHQWH 5HOOHQHFRQXQDPH]FODGHDJXDGHVಢ PLQHUDOL]DGD\DQWLFRQJHODQWHKRPRಢ ORJDGRSDUDHOYHKÞFXOR&RORTXHHO WDSäQ\DSULÚWHORILUPHPHQWH+DJD
,QFOXVRXQDPÞQLPDFDQWLGDGGH FRQWDPLQDFLäQSXHGHFDXVDUGDಢ âRVHQHOVLVWHPDGHGLUHFFLäQ HLPSHGLUVXFRUUHFWRIXQFLRQDಢ PLHQWR1RSHUPLWDTXHODVXFLHಢ GDGHQWUHHQFRQWDFWRFRQHOODGR GHOOÞTXLGRGHOWDSRQGHOGHSäVLWR RODYDULOODQLTXHHQWUHHQHOGHಢ SäVLWR
$EUD\UHWLUHHOWDSäQ6HTXHODYDULOOD GHPHGLFLäQFRQXQSDâR\JLUHHOWDಢ SäQHQHOGHSäVLWR$EUDGHQXHYRHO WDSäQ\YHULILTXHHOQLYHOGHOÞTXLGRGH ODGLUHFFLäQDVLVWLGD (OQLYHOGHOOÞTXLGRGHODGLUHFFLäQ DVLVWLGDGHEHHVWDUHQWUHODVPDUFDV 0,1\0 0$; 6LHOQLYHOGHOÞTXLGRHVGHPDVLDGR EDMRUHFXUUDDODD\XGDGHXQWDOOHU
&XLGDGRGHOYHKÞFXOR
/ÞTXLGRGHODYDGR
6LODWHPSHUDWXUDGHODLUHSXHGH GHVFHQGHUGHOSXQWRGHFRQJHODಢ FLäQXWLOLFHOÞTXLGRSDUDHOODYDSDಢ UDEULVDVFRQVXILFLHQWHFRQWHQLGR GHDQWLFRQJHODQWH
)UHQRV
/OHQHHOGHSäVLWRFRQDJXDOLPSLD PH]FODGDFRQXQDFDQWLGDGDGHಢ FXDGDGHOLPSLDFULVWDOHV\DQWLFRQJHಢ ODQWH 3DUDUHOOHQDUHOGHSäVLWRGHOOÞTXLGR GHODYDGRGHOSDUDEULVDV 8WLOLFHVäOROÞTXLGRGHODYDGROLVWR SDUDXVDUGLVSRQLEOHHQFRPHUFLRV 1RXWLOLFHDJXDGHOJULIR/RVPLQHಢ UDOHVSUHVHQWHVHQHODJXDGHOJULIR SXHGHQWDSRQDUODVFRQGXFFLRQHV GHOODYDSDUDEULVDV
(QFDVRGHJURVRUPÞQLPRGHODVSDVಢ WLOODVGHIUHQRVHHQFLHQGHHOWHVಢ WLJRJ 6HSXHGHFRQWLQXDUFRQGXFLHQGR SHURKDJDVXVWLWXLUODVSDVWLOODVGHIUHಢ QRVORDQWHVSRVLEOH 8QDYH]PRQWDGDVODVSDVWLOODVGH IUHQRQXHYDVQRIUHQHDIRQGRLQQHಢ FHVDULDPHQWHGXUDQWHORVSULPHURV YLDMHV
/ÞTXLGRGHIUHQRV $GYHUWHQFLD (OOÞTXLGRGHIUHQRVHVWä[LFR\FRಢ UURVLYR(YLWHVXFRQWDFWRFRQORV RMRVODSLHOODURSDRVXSHUILFLHV SLQWDGDV
(OQLYHOGHOOÞTXLGRGHIUHQRVGHEHHVಢ WDUHQWUHODVPDUFDV0 0,1\0 0$; $OUHOOHQDUGHEHDVHJXUDUVHODPÒಢ [LPDOLPSLH]D\DTXHODFRQWDPLQDಢ FLäQGHOOÞTXLGRGHIUHQRVSXHGHRFDಢ VLRQDUIDOORVHQHOVLVWHPDGHIUHQRV +DJDVXEVDQDUODFDXVDGHODSÚUGLGD GHOÞTXLGRGHIUHQRVHQXQWDOOHU 8WLOLFHVäOROÞTXLGRGHIUHQRVGHDOWR UHQGLPLHQWRKRPRORJDGRSDUDVXYHಢ KÞFXOR/ÞTXLGRGHIUHQRV\HPEUDJXH
&XLGDGRGHOYHKÞFXOR
%DWHUÞD /DEDWHUÞDGHOYHKÞFXORQRUHTXLHUH PDQWHQLPLHQWRVLHPSUHTXHHOSHUILO GHFRQGXFFLäQSHUPLWDTXHODEDWHUÞD VHFDUJXHORVXILFLHQWH/DFRQGXFಢ FLäQHQGLVWDQFLDVFRUWDV\ORVIUHಢ FXHQWHVDUUDQTXHVGHOPRWRUSXHGHQ GHVFDUJDUODEDWHUÞD(YLWHHOXVRGH FRQVXPLGRUHVHOÚFWULFRVLQQHFHVDಢ ULRV
/DVSLODVQRGHEHQDUURMDUVHDODEDಢ VXUDGRPÚVWLFD'HEHQGHVHFKDUVH HQXQSXQWRGHUHFRJLGDDXWRUL]DGR SDUDVXUHFLFODMH /DLQPRYLOL]DFLäQGHOYHKÞFXORGXಢ UDQWHPÒVGHVHPDQDVSXHGHRFDಢ VLRQDUODGHVFDUJDGHODEDWHUÞD'HVಢ HPERUQHHOSRORQHJDWLYRGHODEDWHಢ UÞDGHOYHKÞFXOR
6äORVHGHEHHPERUQDURGHVHPERUಢ QDUODEDWHUÞDFRQHOHQFHQGLGRGHVಢ FRQHFWDGR
$GYHUWHQFLD 3DUDHYLWDUH[SORVLRQHVPDQಢ WHQJDDOHMDGRGHODEDWHUÞDFXDOಢ TXLHUPDWHULDOLQFDQGHVFHQWH/D H[SORVLäQGHODEDWHUÞDSXHGHRFDಢ VLRQDUOHVLRQHVJUDYHVRIDWDOHV \GDâRVHQHOYHKÞFXOR (YLWHVXFRQWDFWRFRQORVRMRVOD SLHOODURSDRVXSHUILFLHVSLQWDGDV (OOÞTXLGRFRQWLHQHÒFLGRVXOIëULFR TXHSXHGHRFDVLRQDUOHVLRQHV \GDâRVHQFDVRGHFRQWDFWRGLಢ UHFWRFRQHOPLVPR(QFDVRGH FRQWDFWRFRQODSLHOODYHOD]RQD FRQDJXD\DFXGDLQPHGLDWDPHQWH DOPÚGLFR 0DQWÚQJDVHOHMRVGHODOFDQFHGH ORVQLâRV 1RLQFOLQHXQDEDWHUÞDDELHUWD 3URWHFFLäQFRQWUDGHVFDUJDGHODEDಢ WHUÞD
3XUJDGHOVLVWHPDGH FRPEXVWLEOHGLÚVHO 6LVHKDDJRWDGRHOGHSäVLWRKD\TXH SXUJDUHOVLVWHPDGHFRPEXVWLEOHGLÚಢ VHOVREUHXQDVXSHUILFLHQLYHODGD \GHVSXÚVGHUHSRVWDUDOPHQRV OLWURV&RQHFWHHOHQFHQGLGRWUHVYHಢ FHVGXUDQWHXQRVVHJXQGRVFDGD YH]/XHJRLQWHQWHDUUDQFDUHOPRWRU GXUDQWHXQPÒ[LPRGHVHJXQGRV 5HSLWDHVWHSURFHVRGHVSXÚVGHHVಢ SHUDUXQPÞQLPRGHVHJXQGRV6LQR FRQVLJXHDUUDQFDUHOPRWRUUHFXUUD DODD\XGDGHXQWDOOHU
&XLGDGRGHOYHKÞFXOR
6XVWLWXFLäQGHODV HVFRELOODV
(VFRELOODGHODOXQHWDWUDVHUD
(VFRELOODVGHOOLPSLDSDUDEULVDV
/HYDQWHHOEUD]RGHOOLPSLDSDUDEULಢ VDVSXOVHODSDODQFDGHGHVEORTXHR \GHVOLFHODHVFRELOODKDFLDDEDMRSDUD GHVHQFODYDUOD\GHVPäQWHOD $FRSOHODHVFRELOODOLJHUDPHQWHLQFOLಢ QDGDUHVSHFWRDOEUD]RGHOOLPSLDSDಢ UDEULVDV\HPSëMHODKDVWDTXHHQಢ FODYH %DMHHOEUD]RGHOOLPSLDSDUDEULVDV FXLGDGRVDPHQWH
/HYDQWHHOEUD]RGHOOLPSLDOXQHWD,Qಢ VHUWHODHVFRELOODOLJHUDPHQWHLQFOLಢ QDGDUHVSHFWRDOEUD]RGHOOLPSLDSDಢ UDEULVDV\HPSëMHODKDVWDTXHHQಢ FODYH $FRSOHODHVFRELOODOLJHUDPHQWHLQFOLಢ QDGDUHVSHFWRDOEUD]RGHOOLPSLDSDಢ UDEULVDV\HPSëMHODKDVWDTXHHQಢ FODYH %DMHHOEUD]RGHOOLPSLDSDUDEULVDV FXLGDGRVDPHQWH (OIXQFLRQDPLHQWRFRUUHFWRGHORVOLPಢ SLDSDUDEULVDVHVHVHQFLDOSDUDXQD YLVLELOLGDGFODUD\XQDFRQGXFFLäQVHಢ
JXUD&RPSUXHEHUHJXODUPHQWHHOHVಢ WDGRGHODVHVFRELOODVGHORVOLPSLDಢ SDUDEULVDV6XVWLWX\DODVHVFRELOODV TXHHVWÚQGXUDVUHVTXHEUDMDGDV RDJULHWDGDVRDTXHOODVTXHHQVXಢ FLHQHOSDUDEULVDV /DSUHVHQFLDGHPDWHULDOH[WUDâRHQ HOSDUDEULVDVRHQODVHVFRELOODV SXHGHUHGXFLUODHILFDFLDGHORVOLPಢ SLDSDUDEULVDV6LODVHVFRELOODVQR OLPSLDQFRUUHFWDPHQWHOLPSLHHOSDಢ UDEULVDV\ODVHVFRELOODVFRQXQEXHQ SURGXFWRGHOLPSLH]DRGHWHUJHQWH VXDYH(QMXÒJXHORVELHQFRQDJXD 5HSLWDHOSURFHVRVLIXHUDQHFHVDULR /RVUHVWRVGHVLOLFRQDQRSXHGHQHOLಢ PLQDUVHGHOFULVWDO3RUWDQWRQRDSOLಢ TXHQXQFDDEULOODQWDGRUFRQVLOLFRQD DOSDUDEULVDVGHOYHKÞFXOR\DTXHVH IRUPDUÞDQUD\DVTXHREVWDFXOL]DUÞDQ ODYLVLäQGHOFRQGXFWRU 1RXWLOLFHGLVROYHQWHVJDVROLQDTXHಢ URVHQRRGLOX\HQWHGHSLQWXUDSDUD OLPSLDUORVOLPSLDSDUDEULVDV(VWRV SURGXFWRVVRQPX\IXHUWHV\SRGUÞDQ GDâDUODVHVFRELOODV\ODVVXSHUILFLHV SLQWDGDV
&XLGDGRGHOYHKÞFXOR
6XVWLWXFLäQGH ERPELOODV 'HVFRQHFWHHOHQFHQGLGR\HOLQWHಢ UUXSWRUFRUUHVSRQGLHQWHRFLHUUHODV SXHUWDV 8QDERPELOODQXHYDVäORVHGHEHVXಢ MHWDUSRUODEDVH1RWRTXHHOFULVWDO GHODERPELOODFRQODVPDQRVGHVQXಢ GDV 8WLOLFHVäORHOPLVPRWLSRGHERPELOOD SDUDODVXVWLWXFLäQ 6XVWLWX\DODVERPELOODVGHORVIDURV GHVGHHOFRPSDUWLPHQWRGHOPRWRU
(VXQSUREOHPDVLPLODUDODFRQGHQಢ VDFLäQHQHOLQWHULRUGHODVYHQWDQLಢ OODVGHOYHKÞFXORPLHQWUDVOOXHYH\QR LQGLFDQLQJëQSUREOHPDFRQHOYHಢ KÞFXOR 6LHQWUDDJXDHQODFLUFXLWHUÞDGHODV ERPELOODVKDJDUHYLVDUHOYHKÞFXOR HQXQWDOOHU
)DURVKDOäJHQRV /X]GHFUXFH\OX]GHFDUUHWHUD 'HVHQFKXIHHOFRQHFWRUGHOD ERPELOOD
3UHVLRQHHOFOLSHOÒVWLFRGHVHQಢ FODYH\EDVFëOHODKDFLDDUULED
'HVPRQWHODWDSDSURWHFWRUD
([WUDLJDODERPELOODGHODFDMDGHO UHIOHFWRU
1RWD 'HVSXÚVGHFRQGXFLUEDMRODOOXYLD RGHODYDUHOYHKÞFXORODVOHQWHVGH ORVIDURV\ODVOXFHVWUDVHUDVSRGUÞDQ HPSDâDUVH (VWRVHGHEHDODGLIHUHQFLDGHWHPಢ SHUDWXUDHQWUHHOLQWHULRU\HOH[WHULRU GHODOÒPSDUD
&XLGDGRGHOYHKÞFXOR &XDQGRPRQWHODQXHYDERPELOOD LQVHUWHODVOHQJíHWDVHQORVUHEDಢ MHVGHOUHIOHFWRU (QFODYHHOFOLSHOÒVWLFR &RORTXHODWDSDSURWHFWRUDGHO IDURHQVXSRVLFLäQ\FLÚUUHOD (QFKXIHHOFRQHFWRUHQODERPELಢ OOD
,QWHUPLWHQWHVGHODQWHURV
/XFHVODWHUDOHV 3UHVLRQHOLJHUDPHQWHODERPELOOD HQHOFDVTXLOORJÞUHODHQVHQWLGR DQWLKRUDULRVÒTXHOD\VXVWLWX\DOD ERPELOOD ,QVHUWHHOSRUWDOÒPSDUDVHQHOUHಢ IOHFWRU\JÞUHORHQVHQWLGRKRUDULR SDUDHQFODYDUOR
*LUHHOSRUWDOÒPSDUDVHQVHQWLGR DQWLKRUDULR\GHVHQFOÒYHOR
*LUHHOSRUWDOÒPSDUDVHQVHQWLGR DQWLKRUDULR\GHVHQFOÒYHOR
&XLGDGRGHOYHKÞFXOR 'HVPRQWHHOJUXSRäSWLFRWUDVHUR $VHJëUHVHGHTXHHOFRQGXFWRGH FDEOHVSHUPDQH]FDHQVXSRVLಢ FLäQ
3UHVLRQHOLJHUDPHQWHODERPELOOD HQHOFDVTXLOORJÞUHODHQVHQWLGR DQWLKRUDULRVÒTXHOD\VXVWLWX\DOD ERPELOOD ,QVHUWHHOSRUWDOÒPSDUDVHQHOUHಢ IOHFWRU\JÞUHORHQVHQWLGRKRUDULR SDUDHQFODYDUOR
/XFHVDQWLQLHEOD +DJDFDPELDUODVERPELOODVHQXQWDಢ OOHU
/XFHVWUDVHUDV
'HVHQURVTXHORVGRVWRUQLOORV
/X]WUDVHUDOX]GHIUHQR ,QWHUPLWHQWH
$EUDODVGRVWDSDV
&XLGDGRGHOYHKÞFXOR
*LUHHOSRUWDOÒPSDUDVSHUWLQHQWH HQVHQWLGRDQWLKRUDULR
'HVPRQWHHOSRUWDOÒPSDUDV3UHಢ VLRQHOLJHUDPHQWHODERPELOODHQ HOFDVTXLOORJÞUHODHQVHQWLGRDQಢ WLKRUDULRVÒTXHOD\VXVWLWX\DOD ERPELOOD ,QVHUWHHOSRUWDOÒPSDUDVHQHO JUXSRäSWLFRWUDVHUR\DWRUQÞOOHOR HQVXSRVLFLäQ0RQWHHOJUXSR äSWLFRWUDVHURHQODFDUURFHUÞD \DSULHWHORVWRUQLOORV&LHUUH\HQಢ FODYHODVWDSDV &RQHFWHHOHQFHQGLGRHQFLHQGD \FRPSUXHEHWRGDVODVOXFHV
/XFHVWUDVHUDVHQHOSRUWäQ WUDVHUR
'HVPRQWHODWDSDFXLGDGRVDಢ PHQWH
*LUHHOSRUWDOÒPSDUDVHQVHQWLGR DQWLKRUDULR
&XLGDGRGHOYHKÞFXOR
'HVPRQWHHOSRUWDOÒPSDUDV3UHಢ VLRQHOLJHUDPHQWHODERPELOODHQ HOFDVTXLOORJÞUHODHQVHQWLGRDQಢ WLKRUDULRVÒTXHOD\VXVWLWX\DOD ERPELOOD ,QVHUWHHOSRUWDOÒPSDUDVHQHOUHಢ IOHFWRU\JÞUHORHQVHQWLGRKRUDULR SDUDHQFODYDUOR ,QVHUWHODWDSD
/X]GHODPDWUÞFXOD
/X]GHPDUFKDDWUÒV +DJDFDPELDUODERPELOODHQXQWDOOHU
,QWHUPLWHQWHVODWHUDOHV +DJDFDPELDUODVERPELOODVHQXQWDಢ OOHU
([WUDLJDODFDMDGHODERPELOODKDಢ FLDDEDMRVLQWLUDUGHOFDEOH *LUHHOSRUWDOÒPSDUDVHQVHQWLGR DQWLKRUDULRSDUDGHVHQFODYDU 'HVPRQWHODERPELOODGHOSRUWDಢ OÒPSDUDV\VXVWLWX\DODERPELOOD ,QVHUWHHOSRUWDOÒPSDUDVHQOD FDMD\JÞUHORHQVHQWLGRKRUDULR ,QVHUWHODFDMDGHODERPELOOD\IÞಢ MHODXVDQGRXQGHVWRUQLOODGRU
3LORWRDQWLQLHEOD 'HVHQURVTXHORVGRVWRUQLOORV
+DJDFDPELDUODERPELOODHQXQWDOOHU
/XFHVLQWHULRUHV /X]GHFRUWHVÞDOXFHVGHOHFWXUD +DJDFDPELDUODVERPELOODVHQXQWDಢ OOHU
&XLGDGRGHOYHKÞFXOR /X]GHOFRPSDUWLPHQWRGHFDUJD
3UHVLRQHOLJHUDPHQWHODERPELOOD KDFLDHOFOLSHOÒVWLFR\VÒTXHOD ,QVHUWHODERPELOODQXHYD 0RQWHODOÒPSDUD
,OXPLQDFLäQGHOWDEOHURGH LQVWUXPHQWRV +DJDFDPELDUODVERPELOODVHQXQWDಢ OOHU
([WUDLJDODOÒPSDUDKDFLHQGRSDಢ ODQFDFRQXQGHVWRUQLOODGRU
6LVWHPDHOÚFWULFR )XVLEOHV (OIXVLEOHGHUHSXHVWRGHEHWHQHUOD PLVPDHVSHFLILFDFLäQTXHHOIXVLEOH GHIHFWXRVR +D\GRVFDMDVGHIXVLEOHVHQHOYHಢ KÞFXOR HQODSDUWHGHODQWHUDL]TXLHUGDGHO FRPSDUWLPHQWRGHOPRWRU HQHOLQWHULRUGHWUÒVGHOFRPSDUWLಢ PHQWRSRUWDREMHWRVRHQORVYHKÞಢ FXORVFRQYRODQWHDODGHUHFKDGHಢ WUÒVGHODJXDQWHUD (QXQDFDMDHQFLPDGHOERUQHSRVLಢ WLYRGHODEDWHUÞDKD\DOJXQRVIXVLಢ EOHVSULQFLSDOHV6LIXHUDQHFHVDULR KÒJDORVFDPELDUHQXQWDOOHU $QWHVGHVXVWLWXLUXQIXVLEOHGHVFRಢ QHFWHHOLQWHUUXSWRUFRUUHVSRQGLHQWH \HOHQFHQGLGR 8QIXVLEOHGHIHFWXRVRSXHGHUHFRQRಢ FHUVHSRUTXHHOKLORHVWÒIXQGLGR1R VXVWLWX\DHOIXVLEOHKDVWDTXHVHVXEಢ VDQHODFDXVDGHODDYHUÞD
&XLGDGRGHOYHKÞFXOR
$OJXQDVIXQFLRQHVSXHGHQHVWDUSURಢ WHJLGDVSRUYDULRVIXVLEOHV 3XHGHKDEHUIXVLEOHVLQVHUWDGRVVLQ TXHODIXQFLäQHVWÚGLVSRQLEOHHQHO YHKÞFXOR
([WUDFWRUGHIXVLEOHV 3XHGHKDEHUXQH[WUDFWRUGHIXVLEOHV HQODFDMDGHIXVLEOHVGHOFRPSDUWLಢ PHQWRGHOPRWRU
&XLGDGRGHOYHKÞFXOR
&DMDGHIXVLEOHVGHO FRPSDUWLPHQWRGHOPRWRU
&RORTXHHOH[WUDFWRUGHIXVLEOHVHQOD SDUWHVXSHULRURODWHUDOGHOIXVLEOHFRಢ UUHVSRQGLHQWH\H[WUÒLJDOR /DFDMDGHIXVLEOHVHVWÒHQODSDUWH GHODQWHUDL]TXLHUGDGHOFRPSDUWLಢ PHQWRGHOPRWRU 'HVHQFODYHODWDSDOHYÒQWHOD\UHWÞಢ UHOD (VSRVLEOHTXHWRGDVODVGHVFULSFLRಢ QHVGHODVFDMDVGHIXVLEOHVHQHOPDಢ QXDOQRVHDQDSOLFDEOHVDVXYHKÞFXOR 6HFRUUHVSRQGHQILHOPHQWHDODIHFKD GHLPSUHVLäQ&XDQGRFRPSUXHEHOD FDMDGHIXVLEOHVFRQVXOWHODHWLTXHWD GHODPLVPD
&XLGDGRGHOYHKÞFXOR
1« &LUFXLWR
1« &LUFXLWR
1« &LUFXLWR
0äGXORGHFRQWUROGHOFDPELR
/LPSLDOXQHWD
9ÒOYXODGHO$%6
0äGXORGHFRQWUROGHOPRWRU
ಥ
(QFHQGLGRVHQVRUGHFDOLGDG GHODLUH
0äGXORGHFRQWUROGHOD FDUURFHUÞD
6ROHQRLGHGHYHQWLODFLäQGHO FÒQLVWHU
(QFHQGLGRDLUEDJ
0äGXORGHFRQWUROGHOD FDUURFHUÞD
(OHQFHQGLGR
/LPSLDSDUDEULVDV
ಥ
,Q\HFFLäQGHFRPEXVWLEOH
,Q\HFFLäQGHFRPEXVWLEOH VLVWHPDGHHQFHQGLGR
0äGXORGHFRQWUROGHOPRWRU 6RQGDODPEGD 6ROHQRLGHGHOPRWRUGH DUUDQTXH 6ROHQRLGHGHYHQWLODFLäQGHO FÒQLVWHU ಥ
0äGXORGHFRQWUROGHOVLVWHPD GHFRPEXVWLEOH
ಥ
ಥ
7HFKRVRODU
%RPEDGHFRPEXVWLEOH
6LVWHPDGHLQIRHQWUHWHQLPLHQWR DPSOLILFDGRU
(OHYDOXQDVHOÚFWULFRVWUDVHURV ಥ ಥ (OHYDOXQDVHOÚFWULFRV GHODQWHURV
ಥ /X]GHFDUUHWHUDODGRGHUHFKR /X]GHFDUUHWHUDODGRL]TXLHUGR ಥ
%RPEDGHYDFÞRHOHFWUäQLFD
ಥ
%RPEDGHO$%6
ಥ
ಥ
9HQWLODGRUGHUHIULJHUDFLäQ
/XQHWDWÚUPLFDWUDVHUD
ಥ
ಥ
ಥ
&XLGDGRGHOYHKÞFXOR 1« &LUFXLWR
1« &LUFXLWR
9HQWLODGRUGHUHIULJHUDFLäQ
5HWURYLVRUHVWÚUPLFRV
9HQWLODGRUGHUHIULJHUDFLäQ
5HWURYLVRUHVWÚUPLFRV
6RQGDODPEGD
$LUHDFRQGLFLRQDGR
/XFHVDQWLQLHEOD
6HQVRUGHOXQHWDWUDVHUD
ಥ
6HQVRUGHFDOLGDGGHODLUH
ಥ
3LORWRDQWLQLHEOD
%RFLQD
/DYDOXQHWD
&RQWUROGHOFRPEXVWLEOH\ODV HPLVLRQHV
0äGXORGHFRQWUROGHOVLVWHPD GHFRPEXVWLEOH
(VSHMRHOHFWURFURPÒWLFR
ಥ
&RQPXWDGRUGHODVOXFHV FRQWUROGHODVOXFHV
6HQVRUGHWHQVLäQGHODEDWHUÞD
3OHJDGRGHORVUHWURYLVRUHV
6HQVRUGHOOXYLD ಥ
/DYDSDUDEULVDV %ORTXHRGHODFROXPQDGHOD GLUHFFLäQ ಥ &DOHIDFFLäQGHFRPEXVWLEOH GLÚVHO
&DMDGHIXVLEOHVGHOWDEOHUR GHLQVWUXPHQWRV /DFDMDGHIXVLEOHVHVWÒGHWUÒVGHO FRPSDUWLPHQWRSRUWDREMHWRVHQHOWDಢ EOHURGHLQVWUXPHQWRV
$EUDHOFRPSDUWLPHQWRSRUWDREMHಢ WRV &RPSULPDHOFRPSDUWLPHQWRSRUಢ WDREMHWRVSRUDPERVODGRV
&XLGDGRGHOYHKÞFXOR
/HYDQWHHOFRPSDUWLPHQWRSRUWDಢ REMHWRVKDVWDTXHVHGHVHQFODYH DXGLEOHPHQWH\GHVPäQWHORHQOD GLUHFFLäQGHODVIOHFKDV 9XHOYDDPRQWDUHOFRPSDUWLPHQWRHQ RUGHQLQYHUVR
GHLPSUHVLäQ&XDQGRFRPSUXHEHOD FDMDGHIXVLEOHVFRQVXOWHODHWLTXHWD GHODPLVPD
1« &LUFXLWR
3DQWDOODGHLQIRUPDFLäQSODFD IURQWDO
7RPDGHFRUULHQWHGHODQWHUD
7RPDGHFRUULHQWH
0äGXORGHFRQWUROGHOD FDUURFHUÞD
0äGXORGHFRQWUROGHOD FDUURFHUÞD
0äGXORGHFRQWUROGHOD FDUURFHUÞD 9HQWLODGRUGHOKDELWÒFXOR 1« &LUFXLWR (QORVYHKÞFXORVFRQYRODQWHDODGHಢ UHFKDODFDMDGHIXVLEOHVHVWÒVLWXDGD HQODJXDQWHUD (VSRVLEOHTXHWRGDVODVGHVFULSFLRಢ QHVGHODVFDMDVGHIXVLEOHVHQHOPDಢ QXDOQRVHDQDSOLFDEOHVDVXYHKÞFXOR 6HFRUUHVSRQGHQILHOPHQWHDODIHFKD
ಥ
ಥ
ಥ
0äGXORGHFRQWUROGHOD FDUURFHUÞD
&RQWUROGLQÒPLFRGHODVOXFHV
6LVWHPDGHLQIRHQWUHWHQLPLHQWR DXGLR
&LHUUHFHQWUDOL]DGRSRUWäQ WUDVHUR
$VLHQWRGHODQWHURHOÚFWULFRODGR L]TXLHUGR
$LUEDJ
$LUHDFRQGLFLRQDGR
&XLGDGRGHOYHKÞFXOR 1« &LUFXLWR ಥ 3DODQFDGHFDPELRV ಥ &XDGURGHLQVWUXPHQWRV
+HUUDPLHQWDVGHO YHKÞFXOR +HUUDPLHQWDV 9HKÞFXORVFRQMXHJRGH UHSDUDFLäQGHQHXPÒWLFRV
9HKÞFXORVFRQUXHGDGH UHSXHVWR (OJDWRODVKHUUDPLHQWDV\XQDFRUUHD SDUDVXMHWDUODUXHGDDYHULDGDHVWÒQ HQXQFRPSDUWLPHQWRSRUWDREMHWRV GHEDMRGHODFXELHUWDGHOSLVRHQHO FRPSDUWLPHQWRGHFDUJD
(QFHQGLGRVLVWHPDGHOODYH HOHFWUäQLFD 0äGXORGHFRQWUROGHOD FDUURFHUÞD 0äGXORGHFRQWUROGHOD FDUURFHUÞD %ORTXHRGHODFROXPQDGHOD GLUHFFLäQ 7RPDGHFRUULHQWHWUDVHUD /DVKHUUDPLHQWDVGHOYHKÞFXORHVWÒQ HQHOODGRGHUHFKRGHOFRPSDUWLPHQWR GHFDUJDGHWUÒVGHXQDWDSDMXQWR FRQHOMXHJRGHUHSDUDFLäQGHQHXಢ PÒWLFRV
7LUHGHODPDQLOODGHODFXELHUWDGHO SLVR/HYDQWHODFXELHUWDGHOSLVR
&XLGDGRGHOYHKÞFXOR
/ODQWDV\QHXPÒWLFRV (VWDGRGHORVQHXPÒWLFRV HVWDGRGHODVOODQWDV &RQGX]FDOHQWDPHQWHVREUHORVERUಢ GLOORV\VLHVSRVLEOHHQÒQJXORUHFWR 5RGDUVREUHVXSHUILFLHVFRQERUGHV DJXGRVSXHGHGDâDUORVQHXPÒWLFRV \ODVOODQWDV$ODSDUFDUQRDSULVLRQH ORVQHXPÒWLFRVFRQWUDHOERUGLOOR &RPSUXHEHSHULäGLFDPHQWHVLODV OODQWDVHVWÒQGDâDGDV(QFDVRGH GDâRVRGHVJDVWHH[FHVLYRUHFXUUD DODD\XGDGHXQWDOOHU
1HXPÒWLFRVGHLQYLHUQR /RVQHXPÒWLFRVGHLQYLHUQRRIUHFHQ PD\RUVHJXULGDGDWHPSHUDWXUDVLQಢ IHULRUHVD¡&\SRUWDQWRGHEHUÞDQ PRQWDUVHHQWRGDVODVUXHGDV 6äORVHSXHGHQXVDUFRPRQHXPÒWLಢ FRVGHLQYLHUQRORVQHXPÒWLFRVGHWDಢ PDâR55 \5
1RVHSHUPLWHHOXVRFRPRQHXPÒWLಢ FRVGHLQYLHUQRGHORVQHXPÒWLFRVGH WDPDâR5 /DSHJDWLQDFRQHOOÞPLWHGHYHORFLಢ GDGVHJëQODVQRUPDVGHWUÒILFRGHO SDÞVGHEHFRORFDUVHHQHOFDPSRYLಢ VXDOGHOFRQGXFWRU
'HVLJQDFLRQHVGHORV QHXPÒWLFRV SHM 5+ $QFKXUDGHOQHXPÒWLFR HQPP 5HODFLäQGHVHFFLäQDOWXUD GHOQHXPÒWLFRUHVSHFWRDOD DQFKXUD HQ 5 7LSRGHFXELHUWD5DGLDO 5) 7LSR5XQ)ODW 'LÒPHWURGHODOODQWDHQSXOಢ JDGDV ¾QGLFHGHFDUJDSHMHV HTXLYDOHQWHDNJ + /HWUDGHOFäGLJRGHYHORFLGDG /HWUDGHOFäGLJRGHYHORFLGDG 4 KDVWDNPK 6 KDVWDNPK
&XLGDGRGHOYHKÞFXOR 7 + 9 :
KDVWDNPK KDVWDNPK KDVWDNPK KDVWDNPK
3UHVLäQGHORVQHXPÒWLFRV &RPSUXHEHODSUHVLäQGHORVQHXPÒಢ WLFRVHQIUÞRDOPHQRVFDGDGÞDV \DQWHVGHFXDOTXLHUYLDMHODUJR1R ROYLGHODUXHGDGHUHSXHVWR 'HVHQURVTXHHOWDSäQGHODYÒOYXOD
/RVGDWRVVREUHSUHVLRQHVVRQYÒOLಢ GRVSDUDQHXPÒWLFRVIUÞRV6RQDSOLಢ FDEOHVDQHXPÒWLFRVGHYHUDQR\GH LQYLHUQR /DUXHGDGHUHSXHVWRVHGHEHLQIODU VLHPSUHFRQODSUHVLäQHVSHFLILFDGD SDUDFDUJDFRPSOHWD /DSUHVLäQGHORVQHXPÒWLFRV(&2 D\XGDUÒDUHGXFLUHOFRQVXPRGH FRPEXVWLEOH 8QDSUHVLäQGHORVQHXPÒWLFRVLQFRಢ UUHFWDDIHFWDUÒQHJDWLYDPHQWHDOD VHJXULGDGDODPDQLREUDELOLGDGGHO YHKÞFXORDOFRQIRUW\DOFRQVXPRGH FRPEXVWLEOHDGHPÒVGHDXPHQWDUHO GHVJDVWHGHORVQHXPÒWLFRV
3URIXQGLGDGGHOGLEXMR &RPSUXHEHUHJXODUPHQWHODSURIXQಢ GLGDGGHOGLEXMR 3RUPRWLYRVGHVHJXULGDGORVQHXಢ PÒWLFRVGHEHQVXVWLWXLUVHDODOFDQ]DU HOGLEXMRXQDSURIXQGLGDGGHPP QHXPÒWLFRVGHLQYLHUQRDORVPP
$GYHUWHQFLD
3UHVLäQGHORVQHXPÒWLFRV \HQODHWLTXHWDFRORFDGDHQHOPDUFR GHODSXHUWDGHODQWHUDL]TXLHUGD
6LODSUHVLäQHVLQVXILFLHQWHORV QHXPÒWLFRVSXHGHQFDOHQWDUVH FRQVLGHUDEOHPHQWHSXGLHQGR SURGXFLUVHGHVSHUIHFWRVLQWHUQRV TXHSXHGHQOOHJDUDSURYRFDUHO GHVSUHQGLPLHQWRGHODEDQGDGH URGDGXUDHLQFOXVRXQUHYHQWäQGHO QHXPÒWLFRFXDQGRVHFLUFXOD DJUDQYHORFLGDG
/DSURIXQGLGDGPÞQLPDDXWRUL]DGDOHಢ JDOPHQWHPP VHKDDOFDQ]DGR FXDQGRHOGLEXMRPXHVWUDXQLQGLFDಢ GRUGHGHVJDVWH7:, 7UHDG:HDU ,QGLFDWRU 6XSRVLFLäQVHLQGLFDPHಢ GLDQWHPDUFDVHQHOIODQFRGHOQHXಢ PÒWLFR
&XLGDGRGHOYHKÞFXOR
6LHOGHVJDVWHGHODQWHIXHVHPD\RU TXHGHWUÒVFDPELHSHULäGLFDPHQWH ODVUXHGDVGHODQWHUDVSRUODVWUDVHಢ UDV$VHJëUHVHGHTXHODGLUHFFLäQGH JLURGHODVUXHGDVVHDODPLVPDGH DQWHV /RVQHXPÒWLFRVHQYHMHFHQDXQTXH QRVHXVHQ/HUHFRPHQGDPRVVXVWLಢ WXLUORVQHXPÒWLFRVFDGDDâRV
&DPELRGHOWDPDâRGH QHXPÒWLFRV\OODQWDV 6LVHXWLOL]DQQHXPÒWLFRVFRQXQWDಢ PDâRGLIHUHQWHDORVPRQWDGRVGHIÒಢ EULFDSXHGHVHUQHFHVDULRUHSURJUDಢ PDUHOYHORFÞPHWURDVÞFRPRODSUHಢ VLäQQRPLQDOGHORVQHXPÒWLFRV \UHDOL]DURWUDVPRGLILFDFLRQHVHQHO YHKÞFXOR $OFDPELDUDQHXPÒWLFRVGHRWURWDಢ PDâRKDJDVXVWLWXLUODSHJDWLQDFRQ ODSUHVLäQGHORVQHXPÒWLFRV
$GYHUWHQFLD
$GYHUWHQFLD
(OXVRGHFXELHUWDVRQHXPÒWLFRV LQDSURSLDGRVSXHGHGDUOXJDU DDFFLGHQWHV\DODDQXODFLäQGHO SHUPLVRGHFLUFXODFLäQGHVXYHಢ KÞFXOR
1RXWLOLFHOODQWDV\QHXPÒWLFRVGH WLSRV\WDPDâRVGLIHUHQWHVDORV PRQWDGRVRULJLQDOPHQWHHQHOYHಢ KÞFXOR(VWRSXHGHPHQRVFDEDUOD VHJXULGDG\ODVSUHVWDFLRQHVGHO YHKÞFXOR3RGUÞDGDUOXJDUDIDOORV GHPDQHMRRYXHOFRV\JUDYHVOHಢ VLRQHV&XDQGRVXVWLWX\DORVQHXಢ PÒWLFRVDVHJëUHVHGHPRQWDUORV FXDWURQHXPÒWLFRVGHOPLVPRWDಢ PDâRWLSRSHUILOPDUFD\FDSDFLಢ GDGGHFDUJD(OXVRGHFXDOTXLHU RWURWDPDâRRWLSRGHQHXPÒWLFR SRGUÞDDOWHUDUJUDYHPHQWHODVXVಢ SHQVLäQHOPDQHMRODDOWXUDVREUH HOVXHORODGLVWDQFLDGHIUHQDGROD KROJXUDUHVSHFWRDODFDUURFHUÞD \ODILDELOLGDGGHOYHORFÞPHWUR
7DSDFXERV 6HGHEHQXWLOL]DUWDSDFXERV\QHXಢ PÒWLFRVKRPRORJDGRVSRUHOIDEULಢ FDQWHSDUDHOYHKÞFXORFRUUHVSRQಢ GLHQWHTXHFXPSOHQWRGRVORVUHTXLಢ VLWRVGHODFRPELQDFLäQGHOODQWD \QHXPÒWLFR
&XLGDGRGHOYHKÞFXOR 6LQRVHXWLOL]DQWDSDFXERV\QHXPÒಢ WLFRVKRPRORJDGRVSRUHOIDEULFDQWH ORVQHXPÒWLFRVQRGHEHQGLVSRQHUGH QHUYDGXUDGHSURWHFFLäQUDGLDO /RVWDSDFXERVQRGHEHQPHQRVFDEDU ODUHIULJHUDFLäQGHORVIUHQRV
$GYHUWHQFLD (OXVRGHQHXPÒWLFRVRWD]DVGH UXHGDLQDGHFXDGDVSXHGHGDUOXಢ JDUDODSÚUGLGDUHSHQWLQDGHSUHಢ VLäQ\SRUWDQWRRFDVLRQDUXQDFಢ FLGHQWH
&DGHQDVSDUDQLHYH
6äORVHSXHGHQXWLOL]DUFDGHQDVHQ ODVUXHGDVGHODQWHUDV 6äORVHSXHGHQPRQWDUFDGHQDVHQ QHXPÒWLFRVGHWDPDâR5 \5 1RVHSXHGHQPRQWDUFDGHQDVHQ QHXPÒWLFRVGHWDPDâR5 \5 8WLOLFHVLHPSUHFDGHQDVGHHVODERಢ QHVILQRVTXHQRVREUHVDOJDQPÒVGH PPGHOGLEXMRGHOQHXPÒWLFR\GH ORVODGRVLQWHULRUHVLQFOXLGRHOFLHUUH GHODFDGHQD
$GYHUWHQFLD /RVGDâRVSXHGHQRFDVLRQDUXQ UHYHQWäQGHOQHXPÒWLFR
-XHJRGHUHSDUDFLäQGH QHXPÒWLFRV (OMXHJRGHUHSDUDFLäQGHQHXPÒWLFRV SHUPLWHVXEVDQDUGDâRVPHQRUHVHQ HOGLEXMRGHOQHXPÒWLFR 1RUHWLUHORVFXHUSRVH[WUDâRVGHORV QHXPÒWLFRV
/RVGDâRVTXHVXSHUHQORVPP RTXHHVWÚQHQHOIODQFRGHOQHXPÒಢ WLFRFHUFDGHODOODQWDQRSXHGHQVHU VXEVDQDGRVFRQHOMXHJRGHUHSDUDಢ FLäQGHQHXPÒWLFRV
$GYHUWHQFLD 1RFRQGX]FDDPÒVGHNPK 1RORXVHGXUDQWHXQSHULRGRSURಢ ORQJDGR (OPDQHMRGHOYRODQWH\ODPDQLRಢ EUDELOLGDGSXHGHQYHUVHDIHFWDಢ GDV (QFDVRGHVXIULUXQSLQFKD]R $FFLRQHHOIUHQRGHHVWDFLRQDPLHQWR \HQJUDQHODSULPHUDODPDUFKDDWUÒV R3 3
&XLGDGRGHOYHKÞFXOR (QURVTXHHOWXERIOH[LEOHGHDLUH GHOFRPSUHVRUDODFRQH[LäQHQHO ERWHGHVHOODGRU &RORTXHHOERWHGHVHOODGRUHQOD VXMHFLäQGHOFRPSUHVRU &RORTXHHOFRPSUHVRUFHUFDGHO QHXPÒWLFRGHPRGRTXHHOERWH GHVHOODGRUHVWÚHQSRVLFLäQYHUWLಢ FDO
(OMXHJRGHUHSDUDFLäQGHQHXPÒWLFRV HVWÒHQXQFRPSDUWLPHQWRGHEDMRGH ODFXELHUWDGHOSLVRHQHOFRPSDUWLಢ PHQWRGHFDUJD$EUDHOFRPSDUWLಢ PHQWRSRUWDREMHWRV 6DTXHHOMXHJRGHUHSDUDFLäQGH QHXPÒWLFRVGHOFRPSDUWLPHQWR ([WUDLJDHOFRPSUHVRU
6DTXHHOFDEOHGHFRQH[LäQHOÚFಢ WULFD\HOWXERIOH[LEOHGHDLUHGHO FRPSDUWLPHQWRSRUWDREMHWRVHQOD SDUWHLQIHULRUGHOFRPSUHVRU
'HVHQURVTXHHOWDSäQGHODYÒOಢ YXODGHOQHXPÒWLFRDYHULDGR (QURVTXHHOWXERIOH[LEOHGHOOHಢ QDGRDODYÒOYXODGHOQHXPÒWLFR (OLQWHUUXSWRUGHOFRPSUHVRUGHEH HVWDUHQ!
&XLGDGRGHOYHKÞFXOR &RQHFWHHOHQFKXIHGHOFRPSUHಢ VRUDODWRPDSDUDDFFHVRULRVHQ ODSDUWHWUDVHUDGHODFRQVROD1R FRQHFWHHOHQFKXIHGHOFRPSUHVRU HQODWRPDGHFRUULHQWHGHOHQFHQಢ GHGRU 3DUDLPSHGLUODGHVFDUJDGHODEDಢ WHUÞDUHFRPHQGDPRVGHMDUHOPRಢ WRUHQPDUFKD
3RQJDHOLQWHUUXSWRUEDVFXODQWH GHOFRPSUHVRUHQ,,(OQHXPÒWLFR VHOOHQDUÒFRQHOVHOODGRU 0LHQWUDVVHYDFÞDHOERWHGHVHಢ OODGRUXQRVVHJXQGRV HOPDಢ QäPHWURGHOFRPSUHVRUSXHGHOOHಢ JDUDPRVWUDUEUHYHPHQWHSUHVLRಢ
QHVGHKDVWDEDU3RVWHULRUಢ PHQWHODSUHVLäQHPSLH]DDGHVಢ FHQGHU 7RGRHOVHOODGRUVHERPEHDDOLQಢ WHULRUGHOQHXPÒWLFR$FRQWLQXDಢ FLäQVHLQIODHOQHXPÒWLFR /DSUHVLäQSUHVFULWDSDUDHOQHXಢ PÒWLFRGHEHUÞDDOFDQ]DUVHHQXQ SOD]RGHPLQXWRV3UHVLäQGH ORVQHXPÒWLFRV8QDYH] DOFDQ]DGDODSUHVLäQFRUUHFWD GHVFRQHFWHHOFRPSUHVRU
6LODSUHVLäQSUHVFULWDQRVHDOಢ FDQ]DHQXQSOD]RGH PLQXWRVGHVFRQHFWHHOMXHJR GHUHSDUDFLäQGHQHXPÒWLFRV
+DJDJLUDUHOQHXPÒWLFRXQD YXHOWDFRPSOHWD9XHOYDDFRQHFಢ WDUHOMXHJRGHUHSDUDFLäQGHQHXಢ PÒWLFRV\FRQWLQëHHOSURFHVRGH LQIODGRGXUDQWHRWURVPLQXWRV 6LDëQQRVHDOFDQ]DODSUHVLäQ SUHVFULWDVLJQLILFDTXHHOGDâRGHO QHXPÒWLFRHVGHPDVLDGRJUDYH 5HFXUUDDODD\XGDGHXQWDOOHU 9DFÞHHOH[FHVRGHSUHVLäQGHORV QHXPÒWLFRVPHGLDQWHHOERWäQVLಢ WXDGRHQFLPDGHOLQGLFDGRUGH SUHVLäQ (OFRPSUHVRUQRGHEHHVWDUHQ VHUYLFLRPÒVGHPLQXWRV 'HVDFRSOHHOMXHJRGHUHSDUDFLäQ GHQHXPÒWLFRV3XOVHODSHVWDâD TXHKD\HQHOVRSRUWHSDUDGHVಢ PRQWDUHOERWHGHVHOODGRUGHOVRಢ SRUWH(QURVTXHHOWXERIOH[LEOHGH LQIODGRHQODFRQH[LäQOLEUHGHO ERWHGHVHOODGRU(VWRHYLWDIXJDV GHVHOODGRU*XDUGHHOMXHJRGH UHSDUDFLäQGHQHXPÒWLFRVHQHO FRPSDUWLPHQWRGHFDUJD (OLPLQHHOH[FHVRGHVHOODGRUFRQ XQSDâR
&XLGDGRGHOYHKÞFXOR
/DSHJDWLQDTXHVHDGMXQWDFRQHO ERWHGHVHOODGRUTXHLQGLFDODYHಢ ORFLGDGPÒ[LPDDXWRUL]DGDGHEH FRORFDUVHHQHOFDPSRYLVXDOGHO FRQGXFWRU &RQWLQëHODPDUFKDLQPHGLDWDಢ PHQWHSDUDTXHHOVHOODGRUVHGLVಢ WULEX\DXQLIRUPHPHQWHHQHOQHXಢ PÒWLFR'HVSXÚVGHFRQGXFLU XQRVNPQRPÒVGH PLQXWRV GHWÚQJDVH\FRPಢ SUXHEHODSUHVLäQGHOQHXPÒWLFR 3DUDHOORFRQHFWHGLUHFWDPHQWHHO WXERIOH[LEOHGHDLUHDODYÒOYXOD GHOQHXPÒWLFR\DOFRPSUHVRU
6LODSUHVLäQGHOQHXPÒWLFRHVVXಢ SHULRUDEDUDMëVWHODDOYDORU SUHVFULWR5HSLWDHOSURFHGLPLHQWR KDVWDTXHQRKD\DPÒVSÚUGLGD GHSUHVLäQ 6LODSUHVLäQGHOQHXPÒWLFRHVLQಢ IHULRUDEDUQRVHSXHGHFLUಢ FXODUFRQHOYHKÞFXOR5HFXUUDDOD D\XGDGHXQWDOOHU *XDUGHHOMXHJRGHUHSDUDFLäQGH QHXPÒWLFRVHQHOFRPSDUWLPHQWR GHFDUJD 1RWD /DVFDUDFWHUÞVWLFDVGHFRQGXFFLäQ GHOQHXPÒWLFRUHSDUDGRVHYHQDIHFಢ WDGDVQHJDWLYDPHQWHSRUORTXHHV UHFRPHQGDEOHVXVWLWXLUGLFKRQHXಢ PÒWLFR 6LHOFRPSUHVRUSURGXFHUXLGRVDQäಢ PDORVRVHFDOLHQWDGÚMHORGHVFRಢ QHFWDGRGXUDQWHDOPHQRV PLQXWRV /DYÒOYXODGHVHJXULGDGLQWHJUDGD VHDEUHDXQDSUHVLäQGHEDU
7HQJDHQFXHQWDODIHFKDGHFDGXಢ FLGDGGHOMXHJR'HVSXÚVGHGLFKD IHFKDQRSXHGHJDUDQWL]DUVHVXFDಢ SDFLGDGGHVHOODGR&RPSUXHEHOD IHFKDGHFDGXFLGDGLQGLFDGDHQHO ERWHGHVHOODGRU 6XVWLWX\DHOERWHGHVHOODGRUXQDYH] XVDGR'HVHFKHHOERWHFRQIRUPH DODVGLVSRVLFLRQHVOHJDOHVYLJHQWHV (OFRPSUHVRU\HOVHOODGRUSXHGHQ XWLOL]DUVHDXQDWHPSHUDWXUDGH KDVWD¡&DSUR[LPDGDPHQWH /RVDGDSWDGRUHVVXPLQLVWUDGRV SXHGHQXWLOL]DUVHSDUDLQIODURWURV REMHWRVFRPREDORQHVGHIëWEROFROಢ FKRQHVGHDLUHERWHVQHXPÒWLFRV HWF(VWÒQDORMDGRVHQODSDUWHLQIHಢ ULRUGHOFRPSUHVRU3DUDGHVPRQWDUಢ ORVHQURVTXHHOWXERIOH[LEOHGHDLUH GHOFRPSUHVRU\H[WUDLJDHODGDSWDಢ GRU
&DPELRGHUXHGDV $OJXQRVYHKÞFXORVHVWÒQHTXLSDGRV FRQXQMXHJRGHUHSDUDFLäQGHQHXಢ PÒWLFRVHQYH]GHXQDUXHGDGHUHಢ SXHVWR
&XLGDGRGHOYHKÞFXOR 6HGHEHQHIHFWXDUORVSUHSDUDWLYRV \REVHUYDUODVLQGLFDFLRQHVVLJXLHQಢ WHV $SDUTXHHOYHKÞFXORHQXQDVXSHUಢ ILFLHQLYHODGDILUPH\QRGHVOL]DQWH /DVUXHGDVGHODQWHUDVGHEHQHVWDU HQSRVLFLäQGHPDUFKDHQOÞQHD UHFWD $FFLRQHHOIUHQRGHHVWDFLRQDಢ PLHQWR\HQJUDQHODSULPHUDOD PDUFKDDWUÒVR3 3 6DTXHODUXHGDGHUHSXHVWR 1XQFDFDPELHPÒVGHXQDUXHGD VLPXOWÒQHDPHQWH 8WLOLFHHOJDWRëQLFDPHQWHSDUD FDPELDUODVUXHGDVHQFDVRGHSLQಢ FKD]RQRSDUDHOFDPELRHVWDFLRಢ QDOGHQHXPÒWLFRVGHLQYLHUQRRGH YHUDQR 6LHOWHUUHQRGRQGHHVWÒHVWDFLRಢ QDGRHOYHKÞFXORHVEODQGRGHEH FRORFDUVHGHEDMRGHOJDWRXQDEDVH HVWDEOHFRQXQJURVRUPÒ[LPRGH FP
1RGHEHKDEHUSHUVRQDVQLDQLPDಢ OHVGHQWURGHOYHKÞFXORFXDQGRVH XWLOLFHHOJDWR 1RVHPHWDQXQFDGHEDMRGHXQYHಢ KÞFXORTXHHVWÚDO]DGRFRQXQJDWR 1RDUUDQTXHHOYHKÞFXORPLHQWUDV HVWÚOHYDQWDGRFRQHOJDWR /LPSLHODVWXHUFDVGHUXHGD\ODV URVFDVFRQXQSDâROLPSLRDQWHVGH PRQWDUODUXHGD
$GYHUWHQFLD 1RHQJUDVHHOWRUQLOORGHUXHGDOD WXHUFDGHUXHGDQLHOFRQRGHOD WXHUFDGHUXHGD
'HVHQFODYHORVWDSRQHVGHODV WXHUFDVGHUXHGDFRQXQGHVWRUQLಢ OODGRU\GHVPäQWHORV4XLWHHOWDಢ SDFXERVFRQHOJDQFKR+HUUDಢ PLHQWDVGHOYHKÞFXOR /ODQWDVGHDOHDFLäQ'HVHQFODYH ORVWDSRQHVGHODVWXHUFDVGH UXHGDFRQXQGHVWRUQLOODGRU\GHVಢ PäQWHORV3DUDSURWHJHUODOODQWD FRORTXHXQSDâRVXDYHHQWUHHO GHVWRUQLOODGRU\ODOODQWDGHDOHDಢ FLäQ
&XLGDGRGHOYHKÞFXOR $VHJëUHVHGHTXHHOJDWRHVWÚFRಢ UUHFWDPHQWHFRORFDGRHQORVSXQಢ WRVGHHOHYDFLäQGHOYHKÞFXOR
'HVSOLHJXHODOODYHSDUDUXHGDV \PäQWHODDVHJXUÒQGRVHGHVX FRUUHFWDFRORFDFLäQ\DIORMHFDGD WXHUFDGHUXHGDPHGLDYXHOWD
$MXVWHODDOWXUDQHFHVDULDGHOJDWR DQWHVGHFRORFDUORGHEDMRGHO SXQWRGHHOHYDFLäQGHPRGRTXH QRSXHGDUHVEDODU
$FRSOHODOODYHSDUDUXHGDV\FRQ HOJDWRFRUUHFWDPHQWHDOLQHDGR JLUHODOODYHSDUDUXHGDVKDVWDTXH ODUXHGDVHGHVSHJXHGHOVXHOR 'HVHQURVTXHODVWXHUFDVGH UXHGD &DPELHODUXHGD (QURVTXHODVWXHUFDVGHUXHGD %DMHHOYHKÞFXOR ,QVHUWHFRPSOHWDPHQWHODOODYH SDUDUXHGDV\DSULHWHODVWXHUFDV VLJXLHQGRXQRUGHQHQFUX](OSDU GHDSULHWHHVGH1P
&XLGDGRGHOYHKÞFXOR $OLQHHHORULILFLRSDUDODYÒOYXODHQ HOWDSDFXERVFRQODYÒOYXODGHO QHXPÒWLFRDQWHVGHOPRQWDMH 0RQWHORVWDSRQHVGHODVWXHUFDV GHUXHGD *XDUGHODUXHGDVXVWLWXLGD \ODVKHUUDPLHQWDVGHOYHKÞFXOR &RPSUXHEHODSUHVLäQGHOQHXPÒಢ WLFRPRQWDGR\HOSDUGHDSULHWHGH ODVWXHUFDVGHUXHGDORDQWHVSRಢ VLEOH +DJDUHSDUDURVXVWLWXLUHOQHXPÒWLFR DYHULDGR
YLHUQRSXHGHDIHFWDUDOFRPSRUWDಢ PLHQWRGHPDUFKD+DJDVXVWLWXLUHO QHXPÒWLFRDYHULDGRORDQWHVSRVLEOH /DUXHGDGHUHSXHVWRVHJXDUGDGHಢ EDMRGHOSLVRGHOYHKÞFXOR $EUDHOSRUWDREMHWRVHQHOFRPಢ SDUWLPHQWRGHFDUJD 'HVPRQWHODVGRVWDSDVTXHKD\ VREUHORVWRUQLOORVKH[DJRQDOHV
*LUHHOWRUQLOORKH[DJRQDOHQVHQಢ WLGRDQWLKRUDULRKDVWDSHUFLELUXQD UHVLVWHQFLD 3URFHGDGHOPLVPRPRGRFRQHO RWURWRUQLOORKH[DJRQDO
5XHGDGHUHSXHVWR /DUXHGDGHUHSXHVWRSXHGHFODVLILಢ FDUVHFRPRXQDUXHGDGHHPHUJHQಢ FLDGHSHQGLHQGRGHOWDPDâRUHVSHFWR DODVRWUDVUXHGDVPRQWDGDV\GHOD OHJLVODFLäQQDFLRQDO /DUXHGDGHUHSXHVWRWLHQHXQDOODQWD GHDFHUR (OXVRGHXQDUXHGDGHUHSXHVWRGH PHQRUWDPDâRTXHODVGHPÒVUXHಢ GDVRMXQWRFRQQHXPÒWLFRVGHLQಢ
&RORTXHODEDUUDGHSURORQJDFLäQ VREUHHOWRUQLOORKH[DJRQDO $FRSOHODOODYHSDUDUXHGDVDOD SURORQJDFLäQ
&XLGDGRGHOYHKÞFXOR
/HYDQWHHOVRSRUWHGHODUXHGDGH UHSXHVWR\GHVHQJDQFKHODVGRV ILMDFLRQHV %DMHHOVRSRUWHGHODUXHGDGHUHಢ SXHVWR
'HVHQJDQFKHHOFDEOHGHVHJXULಢ GDG %DMHHOVRSRUWHSRUFRPSOHWR\VDಢ TXHODUXHGDGHUHSXHVWR &DPELHODUXHGD &RORTXHODUXHGDVXVWLWXLGDFRQ HOODGRH[WHULRUKDFLDDUULEDHQHO VRSRUWHGHODUXHGDGHUHSXHVWR /HYDQWHHOVRSRUWHGHODUXHGDGH UHSXHVWRHQJDQFKHHOFDEOHGH VHJXULGDG
/HYDQWHHOVRSRUWHGHODUXHGDGH UHSXHVWR\HQFODYHODVGRVILMDFLRಢ QHV(OODGRDELHUWRGHODVILMDFLRಢ QHVGHEHVHâDODUHQHOVHQWLGRGH PDUFKD *LUHORVGRVWRUQLOORVKH[DJRQDOHV HQVHQWLGRKRUDULRFRQODOODYH SDUDUXHGDV 0RQWHODVGRVWDSDVVREUHORVWRUಢ QLOORVKH[DJRQDOHV *XDUGHODOODYHSDUDUXHGDV\OD EDUUDGHSURORQJDFLäQ &LHUUHODWDSDGHOFRPSDUWLPHQWR SRUWDREMHWRV
5XHGDGHHPHUJHQFLD (OXVRGHODUXHGDGHHPHUJHQFLD SXHGHDIHFWDUDOFRPSRUWDPLHQWRGH PDUFKD+DJDVXVWLWXLURUHSDUDUHO QHXPÒWLFRDYHULDGRORDQWHVSRVLEOH 6äORGHEHPRQWDUVHXQDUXHGDGH HPHUJHQFLD1RFRQGX]FDDPÒVGH NPK7RPHODVFXUYDVGHVSDFLR 1RXWLOLFHODUXHGDGXUDQWHXQSHUÞRGR GHWLHPSRSURORQJDGR
&XLGDGRGHOYHKÞFXOR 6LVHSLQFKDXQDUXHGDGHVXDXWRಢ PäYLOPLHQWUDVUHPROFDRWURYHKÞFXOR PRQWHODUXHGDGHHPHUJHQFLDHQHO HMHGHODQWHUR\XQDUXHGDQRUPDOHQ HOHMHWUDVHUR &DGHQDVSDUDQLHYH
1HXPÒWLFRVFRQGLUHFFLäQGH URGDGXUD /RVQHXPÒWLFRVFRQGLUHFFLäQGHURಢ GDGXUDGHEHQPRQWDUVHSDUDTXH UXHGHQHQHOVHQWLGRGHPDUFKD/D GLUHFFLäQGHURGDGXUDVHLQGLFDPHಢ GLDQWHXQVÞPERORSHMXQDIOHFKD HQHOIODQFR 6LODVUXHGDVVHPRQWDQHQVHQWLGR FRQWUDULRDODGLUHFFLäQGHURGDGXUD 3XHGHYHUVHDIHFWDGRHOFRPSRUWDಢ PLHQWRGHPDUFKD+DJDVXVWLWXLU RUHSDUDUHOQHXPÒWLFRDYHULDGROR DQWHVSRVLEOH 6HGHEHFRQGXFLUFRQPXFKDSUHಢ FDXFLäQHQFDVRGHOOXYLD\QLHYH
*XDUGDUXQDUXHGDDYHULDGD /DUXHGDDYHULDGDGHEHJXDUGDUVHHQ HOFRPSDUWLPHQWRGHFDUJD\DVHJXಢ UDUVHFRQXQDFRUUHD+HUUDPLHQWDV GHOYHKÞFXOR &RORTXHODUXHGDDXQODGRGHO FRPSDUWLPHQWRGHFDUJD
,QVHUWHODFRUUHDHQWUHORVUDGLRV GHODOODQWDFRPRVHPXHVWUDHQOD LOXVWUDFLäQ 0RQWHHOJDQFKRHQODDUJROODWUDಢ VHUD $SULHWHODFRUUHD\IÞMHODFRQODKHಢ ELOODGHFLHUUH &RORTXHHOOD]RGHOH[WUHPRGHOD FRUUHDHQODDUJROODGHODQWHUDGHO ODGRFRUUHVSRQGLHQWH ,QVHUWHHOJDQFKRGHOH[WUHPRGH ODFRUUHDHQHOOD]R\WLUHGHÚO KDVWDTXHODFRUUHDVHILMHFRUUHFಢ WDPHQWHHQODDUJROOD
&XLGDGRGHOYHKÞFXOR
$UUDQTXHFRQFDEOHV 1RDUUDQTXHFRQFDUJDGRUHVUÒSLGRV 8QYHKÞFXORFRQODEDWHUÞDGHVFDUಢ JDGDSXHGHSRQHUVHHQPDUFKDFRQ FDEOHVDX[LOLDUHVGHDUUDQTXH\ODEDಢ WHUÞDGHRWURYHKÞFXOR
$GYHUWHQFLD 7HQJDPXFKRFXLGDGRFXDQGR DUUDQTXHFRQFDEOHVDX[LOLDUHV &XDOTXLHUGHVYLDFLäQGHODVLQVಢ WUXFFLRQHVVLJXLHQWHVSXHGHRFDಢ VLRQDUOHVLRQHVRGDâRVPDWHULDಢ OHVRFDVLRQDGRVSRUODH[SORVLäQ GHODEDWHUÞDRGDâRVHQORVVLVWHಢ PDVHOÚFWULFRVGHDPERVYHKÞFXಢ ORV
$GYHUWHQFLD (YLWHVXFRQWDFWRFRQORVRMRVOD SLHOODURSDRVXSHUILFLHVSLQWDGDV (OOÞTXLGRFRQWLHQHÒFLGRVXOIëULFR TXHSXHGHRFDVLRQDUOHVLRQHV \GDâRVHQFDVRGHFRQWDFWRGLಢ UHFWRFRQHOPLVPR 1RH[SRQJDODEDWHUÞDDOODPDV GHVFXELHUWDVRFKLVSDV 8QDEDWHUÞDGHVFDUJDGDSXHGHKHಢ ODUVHDWHPSHUDWXUDVSUä[LPDV D¡&'HVFRQJHOHODEDWHUÞDDQWHV GHFRQHFWDUORVFDEOHVDX[LOLDUHVGH DUUDQTXH /OHYHJDIDV\URSDGHSURWHFFLäQ FXDQGRPDQLSXOHXQDEDWHUÞD 8WLOLFHXQDEDWHUÞDDX[LOLDUGHOD PLVPDWHQVLäQYROWLRV 6XFDಢ SDFLGDG$K QRGHEHVHUPX\LQIHಢ ULRUDODGHODEDWHUÞDGHVFDUJDGD 8WLOLFHFDEOHVDX[LOLDUHVGHDUUDQಢ TXHFRQERUQHVDLVODGRV\XQDVHFಢ FLäQPÞQLPDGHPPHQPRWRಢ UHVGLÚVHOGHPP
1RGHVFRQHFWHODEDWHUÞDGHVFDUಢ JDGDGHOYHKÞFXOR 'HVFRQHFWHWRGRVORVFRQVXPLGRಢ UHVHOÚFWULFRVLQQHFHVDULRV 1RVHDSR\HVREUHODEDWHUÞDGXಢ UDQWHHODUUDQTXHFRQORVFDEOHVDXಢ [LOLDUHV 1RGHMHTXHORVERUQHVGHXQFDEOH WRTXHQORVGHORWURFDEOH /RVYHKÞFXORVQRGHEHQHQWUDUHQ FRQWDFWRGXUDQWHHOSURFHVRGH DUUDQTXHFRQFDEOHV $FFLRQHHOIUHQRGHHVWDFLRQDಢ PLHQWRFDPELRPDQXDOHQSXQWR PXHUWRFDPELRDXWRPÒWLFRHQ3 3
&XLGDGRGHOYHKÞFXOR &RQHFWHORVFDEOHVHQHOVLJXLHQWHRUಢ GHQ &RQHFWHHOFDEOHURMRDOERUQHSRಢ VLWLYRGHODEDWHUÞDDX[LOLDU &RQHFWHHORWURH[WUHPRGHOFDEOH URMRDOERUQHSRVLWLYRGHODEDWHUÞD GHVFDUJDGD &RQHFWHHOFDEOHQHJURDOERUQH QHJDWLYRGHODEDWHUÞDDX[LOLDU &RQHFWHHORWURH[WUHPRGHOFDEOH QHJURDXQSXQWRGHPDVDGHOYHಢ KÞFXORFRPRHOEORTXHGHOPRWRU RXQWRUQLOORGHPRQWDMHGHOPRWRU &RQÚFWHORORPÒVOHMRVSRVLEOHGH ODEDWHUÞDGHVFDUJDGD &RORTXHORVFDEOHVGHIRUPDTXHQR SXHGDQHQJDQFKDUVHHQSLH]DVJLUDಢ WRULDVGHOFRPSDUWLPHQWRGHOPRWRU 3DUDDUUDQFDUHOPRWRU $UUDQTXHHOPRWRUGHOYHKÞFXOR TXHVXPLQLVWUDODFRUULHQWH $UUDQTXHHORWURPRWRUXQRV PLQXWRVGHVSXÚV/RVLQWHQWRV GHDUUDQTXHVHGHEHQUHDOL]DUHQ LQWHUYDORVGHPLQXWR\QRGHEHQ GXUDUPÒVGHVHJXQGRV
'HMHHQPDUFKDORVGRVPRWRUHV DOUDOHQWÞGXUDQWHXQRVPLQXWRV FRQORVFDEOHVFRQHFWDGRV &RQHFWHXQFRQVXPLGRUHOÚFWULFR SHMODVOXFHVRODOXQHWDWÚUPLFD WUDVHUD HQHOYHKÞFXORTXHUHFLEH FRUULHQWH ,QYLHUWDH[DFWDPHQWHHORUGHQDQಢ WHULRUSDUDGHVFRQHFWDUORVFDಢ EOHV
5HPROFDGR 5HPROFDGRGHOYHKÞFXOR 6LQHFHVLWDUHPROFDUVXYHKÞFXORXWLಢ OLFHQXHVWUDUHGGHVHUYLFLRRXQVHUಢ YLFLRGHJUëDSURIHVLRQDO
(OPHMRUPÚWRGRHVWUDQVSRUWDUHOYHಢ KÞFXORPHGLDQWHXQYHKÞFXORGHUHVಢ FDWH
&XLGDGRGHOYHKÞFXOR 2EVHUYHORVVLJXLHQWHVSURFHGLPLHQಢ WRVFXDQGRUHPROTXHXQYHKÞFXOR 1RGHEHTXHGDUQLQJëQRFXSDQWH HQHOYHKÞFXORUHPROFDGR 6XHOWHHOIUHQRGHHVWDFLRQDPLHQWR GHOYHKÞFXORUHPROFDGR\SRQJDHO FDPELRHQSXQWRPXHUWR &RQHFWHODVOXFHVGHHPHUJHQFLD 0DQWHQJDORVOÞPLWHVGHYHORFLGDG
6LVHUHPROFDGHUXHGDVGHEHQHOHಢ YDUVHODVUXHGDVPRWULFHVGHODQWHUDV \UHPROFDUVHFRQODVUXHGDVGHODQWHಢ UDVEORTXHDGDV
3UHVLRQHVREUHODWDSDKDVWDTXHVH GHVHQFODYHDXGLEOHPHQWH'HVPäQಢ WHODFXLGDGRVDPHQWH /DDUJROODGHUHPROTXHVHJXDUGDFRQ ODVKHUUDPLHQWDVGHOYHKÞFXOR
(QURVTXHODDUJROODGHUHPROTXHWRGR ORSRVLEOHKDVWDTXHTXHGHHQSRVLಢ FLäQKRUL]RQWDO )LMHXQFDEOHGHUHPROTXHಥRPHMRU XQDEDUUDGHUHPROTXHಥDODDUJROOD /DDUJROODGHUHPROTXHVäORGHEHXWLಢ OL]DUVHSDUDUHPROFDU\QRSDUDHOUHVಢ FDWHGHOYHKÞFXOR &RQHFWHHOHQFHQGLGRSDUDGHVEORಢ TXHDUHOYRODQWH\SDUDTXHIXQFLRQHQ ODVOXFHVGHOIUHQRODERFLQD\ORVOLPಢ SLDSDUDEULVDV &DPELRHQSXQWRPXHUWR &RQHFWHODVOXFHVGHHPHUJHQFLDGH DPERVYHKÞFXORV
&XLGDGRGHOYHKÞFXOR $WHQFLäQ &RQGX]FDGHVSDFLR\GHIRUPD VXDYH8QDFRQGXFFLäQEUXVFD SXHGHGDâDUHOYHKÞFXOR 6LHOPRWRUQRHVWÒHQPDUFKDVHUHಢ TXLHUHPXFKDPÒVIXHU]DSDUDIUHQDU \GLULJLUHOYHKÞFXOR 3DUDHYLWDUTXHHQWUHKXPRGHOHVಢ FDSHGHOYHKÞFXORWUDFWRUFRQHFWHHO VLVWHPDGHUHFLUFXODFLäQGHDLUH\FLHಢ UUHODVYHQWDQLOODV 9HKÞFXORVFRQFDPELRDXWRPÒWLFR(O YHKÞFXORGHEHUHPROFDUVHKDFLDDGHಢ ODQWHVLQVXSHUDUXQDYHORFLGDGGH NPKQLXQUHFRUULGRGHNP(Q WRGRVORVGHPÒVFDVRVRVLHOFDPELR HVWÒDYHULDGRHOHMHGHODQWHURGHEH OHYDQWDUVHGHOVXHOR 5HFXUUDDODD\XGDGHXQWDOOHU 7UDVHOUHPROFDGRGHVHQURVTXHOD DUJROODGHUHPROTXH ,QVHUWHODWDSDSRUDEDMR\FLHUUHOD WDSD
5HPROFDGRGHRWUR YHKÞFXOR
3UHVLRQHVREUHODWDSDKDVWDTXHVH GHVHQFODYHDXGLEOHPHQWH\GHVPäQಢ WHODFRQFXLGDGR /DDUJROODGHUHPROTXHVHJXDUGDFRQ ODVKHUUDPLHQWDVGHOYHKÞFXOR
(QURVTXHODDUJROODGHUHPROTXHWRGR ORSRVLEOHKDVWDTXHTXHGHHQSRVLಢ FLäQKRUL]RQWDO /DDUJROODGHVXMHFLäQH[LVWHQWHHQOD SDUWHLQIHULRUWUDVHUDGHOYHKÞFXOR QXQFDGHEHHPSOHDUVHFRPRDUJROOD GHUHPROTXH )LMHXQFDEOHGHUHPROTXHಥRPHMRU XQDEDUUDGHUHPROTXHಥDODDUJROOD /DDUJROODGHUHPROTXHVäORGHEHXWLಢ OL]DUVHSDUDUHPROFDU\QRSDUDHOUHVಢ FDWHGHRWURYHKÞFXOR
&XLGDGRGHOYHKÞFXOR $WHQFLäQ
&RQGX]FDGHVSDFLR\GHIRUPD VXDYH8QDFRQGXFFLäQEUXVFD SXHGHGDâDUHOYHKÞFXOR
$WHQFLäQ *DQFKRSDUDHOWUDQVSRUWHGHHQಢ WUHJDHQODSDUWHWUDVHUDGHOYHಢ KÞFXOR 1RGHEHXWLOL]DUVHSDUDUHPROFDU QLSDUDDVHJXUDUREMHWRVHQPRYLಢ PLHQWR 7UDVHOUHPROFDGRGHVHQURVTXHOD DUJROODGHUHPROTXH ,QVHUWHODWDSDSRUDEDMR\FLHUUHOD WDSD
&XLGDGRGHODVSHFWR &XLGDGRH[WHULRU &HUUDGXUDV /DVFHUUDGXUDVVHOXEULFDQHQIÒEULFD FRQXQDJUDVDGHDOWDFDOLGDGSDUDFLಢ OLQGURVGHFHUUDGXUD8WLOLFHXQSURಢ GXFWRGHVFRQJHODQWHVäORHQXQFDVR DEVROXWDPHQWHQHFHVDULRSXHVVX HIHFWRGHVHQJUDVDQWHSHUMXGLFDHO IXQFLRQDPLHQWRGHODVFHUUDGXUDV 'HVSXÚVGHXVDUXQSURGXFWRGHVಢ FRQJHODQWHKDJDHQJUDVDUODVFHUUDಢ GXUDVHQXQWDOOHU
/DYDGR /DSLQWXUDGHOYHKÞFXORHVWÒH[SXHVWD DODVLQIOXHQFLDVDPELHQWDOHV/DYH \HQFHUHHOYHKÞFXORFRQUHJXODULGDG 6LXWLOL]DWëQHOHVGHODYDGRDXWRPÒಢ WLFRVHOHFFLRQHXQSURJUDPDTXHLQಢ FOX\DODDSOLFDFLäQGHFHUD /RVFRQWDPLQDQWHVGHOH[WHULRUFRPR H[FUHPHQWRVGHSÒMDURVLQVHFWRV PXHUWRVUHVLQD\SROHQGHORVÒUERಢ
OHVGHEHQOLPSLDUVHGHOYHKÞFXORLQಢ PHGLDWDPHQWH\DTXHSXHGHQFDXಢ VDUGDâRVDODSLQWXUD 6LXWLOL]DXQWëQHOGHODYDGRFXPSOD ODVLQVWUXFFLRQHVGHOIDEULFDQWH/RV OLPSLDSDUDEULVDV\HOOLPSLDOXQHWDGHಢ EHQHVWDUGHVFRQHFWDGRV'HVPRQWH ODDQWHQD\DFFHVRULRVH[WHUQRVFRPR SRUWDHTXLSDMHVGHWHFKRHWF 6LXVDXQWëQHOGHODYDGRFRQHOYHಢ KÞFXORGHVEORTXHDGRVHSRGUÞDDEULU ODWDSDGHOGHSäVLWRGHFRPEXVWLEOH \VXIULUGDâRVHQHOWëQHOGHODYDGR $VHJëUHVHGHEORTXHDUODWDSDGHO GHSäVLWRGHFRPEXVWLEOHFRQHOERWäQ GHOFLHUUHFHQWUDOL]DGR 6LVHODYDHOYHKÞFXORDPDQRGHEHQ HQMXDJDUVHELHQODV]RQDVLQWHULRUHV GHORVSDVDUUXHGDV /LPSLHWDPELÚQORVUHERUGHVLQWHULRಢ UHV\ORVSOLHJXHVHQODVSXHUWDV\HO FDSäDELHUWRVDVÞFRPRODV]RQDVGH ODFDUURFHUÞDFXELHUWDVSRUORVPLVಢ PRV +DJDHQJUDVDUODVELVDJUDVGHWRGDV ODVSXHUWDVHQXQWDOOHU
&XLGDGRGHOYHKÞFXOR 1ROLPSLHHOFRPSDUWLPHQWRGHOPRWRU FRQFKRUURGHYDSRURDSDUDWRVGH DOWDSUHVLäQ (QMXDJXHELHQHOYHKÞFXOR\IUäWHOR FRQXQDJDPX]D(QMXDJXHODJDಢ PX]DFRQIUHFXHQFLD8WLOLFHJDPXಢ ]DVGLVWLQWDVSDUDODVVXSHUILFLHVSLQಢ WDGDV\SDUDORVFULVWDOHVORVUHVWRV GHFHUDHQORVFULVWDOHVGLILFXOWDQOD YLVLELOLGDG 1RXWLOLFHREMHWRVGXURVSDUDHOLPLQDU PDQFKDVGHDOTXLWUÒQ8WLOLFHVSUD\ SDUDHOLPLQDUDOTXLWUÒQGHODVVXSHUILಢ FLHVSLQWDGDV
/XFHVH[WHULRUHV /DVWDSDVGHORVIDURV\GHRWUDVOXFHV VRQGHSOÒVWLFR1RXWLOLFHSURGXFWRV DEUDVLYRVRFÒXVWLFRVQRXWLOLFHXQ UDVFDGRUGHKLHORQLORVOLPSLHHQ VHFR
$EULOODQWDGR\HQFHUDGR (QFHUHHOYHKÞFXORFRQUHJXODULGDGD PÒVWDUGDUFXDQGRHODJXDQRUHVಢ EDOHIRUPDQGRSHUODV (QFDVRFRQಢ WUDULRODSLQWXUDVHUHVHFD
6äORHVQHFHVDULRDEULOODQWDUODSLQಢ WXUDVLÚVWDWLHQHDGKHULGDVVXVWDQಢ FLDVVäOLGDVRVLVHKDSXHVWRPDWH \WLHQHPDODVSHFWR (ODEULOODQWDGRFRQVLOLFRQDIRUPDXQD SHOÞFXODSURWHFWRUDFRQORTXHQRHV QHFHVDULRHQFHUDU /DVSDUWHVGHSOÒVWLFRGHODFDUURFHಢ UÞDQRVHGHEHQWUDWDUFRQFHUDQLDEULಢ OODQWDGRUHV
&ULVWDOHVGHYHQWDQLOODV \HVFRELOODVGHORV OLPSLDSDUDEULVDV 8WLOLFHXQSDâRVXDYHTXHQRVXHOWH SHOXVDVRXQDJDPX]DFRQOLPSLDFULVಢ WDOHV\TXLWDLQVHFWRV $OOLPSLDUODOXQHWDWUDVHUDSURFXUHQR GDâDUODUHVLVWHQFLDWÚUPLFDGHOLQWHಢ ULRUGHODOXQHWD 3DUDUHWLUDUHOKLHORPDQXDOPHQWHVH GHEHXWLOL]DUXQUDVFDGRUGHKLHORGH ILORDJXGR3UHVLRQHHOUDVFDGRUILUಢ PHPHQWHFRQWUDHOFULVWDOSDUDTXHQR TXHGHVXFLHGDGGHEDMRGHOPLVPR TXHSXHGDUD\DUHOFULVWDO
6LODVHVFRELOODVGHMDQUDVWURVSXHಢ GHQOLPSLDUVHFRQXQSDâRVXDYH \OLPSLDFULVWDOHV
7HFKRVRODU 1XQFDVHGHEHOLPSLDUFRQGLVROYHQಢ WHVRSURGXFWRVDEUDVLYRVFRPEXVWLಢ EOHVSURGXFWRVDJUHVLYRVFRPR DJXDUUÒVVROXFLRQHVTXHFRQWHQJDQ DFHWRQDHWF SURGXFWRVÒFLGRV RPX\DOFDOLQRVQLFRQHVSRQMDV DEUDVLYDV1RDSOLTXHFHUDQLDEULOODQಢ WDGRUHVHQODSDUWHFHQWUDOGHOWHFKR VRODU
5XHGDV\QHXPÒWLFRV 1RXVHHTXLSRVGHOLPSLH]DDDOWD SUHVLäQ /LPSLHODVOODQWDVFRQXQOLPSLDGRUGH OODQWDVGHS+QHXWUR /DVOODQWDVHVWÒQSLQWDGDV\SXHGHQ WUDWDUVHFRQORVPLVPRVSURGXFWRV TXHODFDUURFHUÞD
&XLGDGRGHOYHKÞFXOR
'DâRVHQODSLQWXUD 5HSDUHORVSHTXHâRVGHVSHUIHFWRV HQODSLQWXUDFRQURWXODGRUGHUHWRTXH DQWHVGHTXHVHIRUPHä[LGR$FXGD DXQWDOOHUVLKD\GDâRVPD\RUHVHQOD SLQWXUDR]RQDVR[LGDGDV
%DMRVGHOYHKÞFXOR $OJXQDV]RQDVGHORVEDMRVGHOYHಢ KÞFXORWLHQHQXQDFDSDSURWHFWRUDGH 39&\RWUDV]RQDVPÒVGHOLFDGDVWLHಢ QHQXQDFDSDGHFHUDSURWHFWRUDGXಢ UDGHUD &RPSUXHEHORVEDMRVGHOYHKÞFXOR GHVSXÚVGHOODYDGR\HQFDVRQHFHಢ VDULRKÒJDORHQFHUDU /RVSURGXFWRVDEDVHGHEHWëQ\FDXಢ FKRSXHGHQGDâDUODFDSDGH39& +DJDUHDOL]DUORVWUDEDMRVUHODFLRQDಢ GRVFRQORVEDMRVHQXQWDOOHU 6HUHFRPLHQGDODYDUORVEDMRVDQWHV \GHVSXÚVGHOLQYLHUQR\UHYLVDUOD FDSDGHFHUDSURWHFWRUD
&XLGDGRLQWHULRU +DELWÒFXOR\WDSLFHUÞD (OLQWHULRUGHOYHKÞFXORLQFOXLGRHOVDOಢ SLFDGHUR\ORVUHYHVWLPLHQWRVVäOR GHEHOLPSLDUVHFRQXQSDâRVHFR RFRQSURGXFWRSDUDOLPSLH]DGHLQWHಢ ULRUHV /LPSLHODWDSLFHUÞDGHFXHURFRQDJXD FODUD\XQSDâRVXDYH6LHVWÒPX\ VXFLDXWLOLFHXQSURGXFWRSDUDHOFXLಢ GDGRGHOFXHUR (OWDEOHURGHLQVWUXPHQWRVVäORGHEH OLPSLDUVHFRQXQSDâRVXDYHKëಢ PHGR /LPSLHODWDSLFHUÞDFRQXQDDVSLUDಢ GRUD\XQFHSLOOR(OLPLQHODVPDQಢ FKDVFRQXQOLPSLDGRUSDUDWDSLFHಢ UÞDV /LPSLHORVFLQWXURQHVGHVHJXULGDG FRQDJXDWHPSODGDROLPSLDGRUSDUD LQWHULRUHV
$WHQFLäQ &LHUUHODVILMDFLRQHVGHYHOFUR\D TXHORVFLHUUHVGHYHOFURDELHUWRV GHODURSDSXHGHQGDâDUHOWDSLಢ ]DGRGHORVDVLHQWRV 8WLOLFHXQDDVSLUDGRUDSDUDOLPSLDUHO SROYRGHOWDSL]DGRGHUHMLOODHQHOWDಢ EOHURGHLQVWUXPHQWRV\ODSXHUWD(OLಢ PLQHODVPDQFKDVFRQXQOLPSLDGRU SDUDLQWHULRUHV
3LH]DVGHSOÒVWLFR\GHJRPD /DVSLH]DVGHSOÒVWLFR\JRPDSXHಢ GHQOLPSLDUVHFRQORVPLVPRVSURGXFಢ WRVTXHODFDUURFHUÞD(QFDVRQHFHಢ VDULRXWLOLFHXQOLPSLDGRUSDUDLQWHULRಢ UHV1RXVHQLQJëQRWURSURGXFWR (YLWHHVSHFLDOPHQWHHOXVRGHGLVROಢ YHQWHV\JDVROLQD1RXVHHTXLSRVGH OLPSLH]DDDOWDSUHVLäQ
6HUYLFLR\PDQWHQLPLHQWR
6HUYLFLR \PDQWHQLPLHQWR ,QIRUPDFLäQJHQHUDO 0DQWHQLPLHQWRSURJUDPDGR 3LH]DVOÞTXLGRV\OXEULFDQWHV UHFRPHQGDGRV
,QIRUPDFLäQJHQHUDO
&RQWUROGHODYLGDëWLOGHODFHLWH HQPRWRUHVGLÚVHO
,QIRUPDFLäQGHVHUYLFLR
/RVLQWHUYDORVGHVHUYLFLRVHEDVDQ HQYDULRVSDUÒPHWURVTXHGHSHQGHQ GHOXVR\VHFDOFXODQXVDQGRGLFKRV SDUÒPHWURV (OFRQWUROGHYLGDëWLOGHODFHLWHOHLQಢ GLFDFXÒQGRFDPELDUHODFHLWHGHOPRಢ WRU
3DUDJDUDQWL]DUODVHJXULGDG\ODHFRಢ QRPÞDGHIXQFLRQDPLHQWRGHOYHಢ KÞFXORDVÞFRPRSDUDPDQWHQHUVX YDORUHVGHYLWDOLPSRUWDQFLDUHDOL]DU WRGRVORVWUDEDMRVGHPDQWHQLPLHQWR HQORVLQWHUYDORVFRUUHFWRVVHJëQOR HVSHFLILFDGR
&RQILUPDFLRQHV /DFRQILUPDFLäQGHOVHUYLFLRUHDOL]DGR GHEHUHJLVWUDUVHHQHO0DQXDOGH6HUಢ YLFLR\*DUDQWÞD/DLQGLFDFLäQGHOD IHFKD\HONLORPHWUDMHVHFRPSOHWD FRQHOVHOOR\ODILUPDGHOWDOOHUTXH HIHFWëDHOVHUYLFLR $VHJëUHVHGHTXHHO0DQXDOGH6HUಢ YLFLR\*DUDQWÞDVHUHOOHQHVLHPSUH FRUUHFWDPHQWHFRPRSUXHEDGHXQ VHUYLFLRFRQWLQXDGRQHFHVDULRHQ FDVRGHUHFODPDFLRQHVGHJDUDQWÞD RFRUWHVÞD\EHQHILFLRVRDOYHQGHUHO YHKÞFXOR
6HUYLFLR\PDQWHQLPLHQWR
0DQWHQLPLHQWRSURJUDPDGR 3ODQHVGHUHYLVLRQHV ,QWHUYDORGHPDQWHQLPLHQWR $OFDERGHDâRNPORTXHRFXUUDDQWHV 0DQWHQLPLHQWR,8WLOLFHODRSFLäQ0DQWHQLPLHQWR,SDUDHOSULPHUVHUYLFLRRVLHOVHUYLFLRUHDOL]DGRDQWHULRUPHQWHIXHHO 0DQWHQLPLHQWR,, 0DQWHQLPLHQWR,,8WLOLFHODRSFLäQ0DQWHQLPLHQWR,,VLHOVHUYLFLRUHDOL]DGRDQWHULRUPHQWHIXHHO0DQWHQLPLHQWR, 3DUDYHKÞFXORVHTXLSDGRVFRQXQVLVWHPDGHFRQWUROGHODYLGDëWLOGHODFHLWH 6LHOQëPHURGHFäGLJRDSDUHFHHQHOFHQWURGHLQIRUPDFLäQGHOFRQGXFWRU',& \VHKDUHDOL]DGRHOPDQWHQLPLHQWR DQWHULRUDOPHQRVPHVHVDQWHVGHEHUHDOL]DUWDPELÚQORVWUDEDMRVGHPDQWHQLPLHQWRFRUUHVSRQGLHQWHV 1« 6HUYLFLR
0DQWHQLPLHQWR, 0DQWHQLPLHQWR,,
6XVWLWXLUHODFHLWHGHOPRWRU\HOILOWURGHDFHLWH
5
5
,QVSHFFLRQDUVLKD\IXJDVRGDâRV
,
,
,QVSHFFLRQDUHOILOWURGHDLUHGHOPRWRU
,
,
,QVSHFFLRQDUORVQHXPÒWLFRVVXVSUHVLRQHVGHLQIODGR\HOGHVJDVWH
,
,
,QVSHFFLRQDUHOVLVWHPDGHIUHQRV
,
,
,QVSHFFLRQDUORVQLYHOHVGHOOÞTXLGRUHIULJHUDQWHGHOPRWRU\GHOOÞTXLGRODYDSDUDಢ , EULVDVDâDGLUOÞTXLGRHQFDVRQHFHVDULR
,
,QVSHFFLRQDUORVFRPSRQHQWHVGHODVXVSHQVLäQ\ODGLUHFFLäQ
,
,
6HUYLFLR\PDQWHQLPLHQWR
1« 6HUYLFLR
0DQWHQLPLHQWR, 0DQWHQLPLHQWR,,
,QVSHFFLRQDUODVHVFRELOODV\HOIXQFLRQDPLHQWRGHODVOXFHVH[WHULRUHV
,
,
,QVSHFFLRQDUODVFRUUHDVGHWUDQVPLVLäQ
,
,
5HDOL]DUFXDOTXLHUVHUYLFLRDGLFLRQDOUHTXHULGRYÚDVHODVHFFLäQDSOLFDEOH
,
,
&RPSUREDUVLKD\FDPSDâDVDSOLFDEOHV
,
,
6XVWLWXLUHOOÞTXLGRGHIUHQRV
ಥ
5
,QVSHFFLRQDUHOVLVWHPDGHUHIULJHUDFLäQGHOPRWRU
ಥ
,
,QVSHFFLRQDUORVFRPSRQHQWHVGHORVVLVWHPDVGHVHJXULGDG
ಥ
,
,QVSHFFLRQDUORVFRPSRQHQWHVGHODFDGHQDFLQHPÒWLFD\ODWUDQVPLVLäQ
ಥ
,
/XEULFDUORVFRPSRQHQWHVGHODFDUURFHUÞD
ಥ
,
0DQWHQLPLHQWR,,VHUHDOL]DQWRGRVORVVHUYLFLRVGHVFULWRVHQ0DQWHQLPLHQWR,PÒV ORVLJXLHQWH
,,QVSHFFLRQDUHVWRVSXQWRV\ODVSLH]DVUHODFLRQDGDV6LIXHUDQHFHVDULRFRUUHJLUOLPSLDUUHOOHQDUDMXVWDURVXVWLWXLU 55HSRQHUVXVWLWXLURFDPELDU
6HUYLFLR\PDQWHQLPLHQWR
1« 6HUYLFLR
,QWHUYDOR
6XVWLWXLUHOILOWURGHSROHQ
&DGDNPDâRV
6XVWLWXLUHOILOWURGHDLUH
&DGDNPDâRV
6XVWLWXLUODVEXMÞDV
&DGDNPDâRV
6XVWLWX\DHOILOWURGH FRPEXVWLEOHGLÚVHO
&DGDNPDâRV
6XVWLWXLUHOUHIULJHUDQWHGHO PRWRU
&DGDNPDâRV
6XVWLWXLUHODFHLWHGHOFDPELR &DGDNPHQFRQGLFLRQHVQRUPDOHVFDGDNPHQFRQGLFLRQHVDGYHUVDV DXWRPÒWLFR 6XVWLWXLUODFRUUHDGH WUDQVPLVLäQDX[LOLDU
9HKÞFXORVFRQFRUUHDGHWUDQVPLVLäQFDGDNPDâRV
,QVSHFFLRQDUHOMXHJRGH YÒOYXODVDMXVWDUORVLIXHUD QHFHVDULR
0RWRUGHJDVROLQDFDGDNPDâRV
6XVWLWXLUODFDGHQDGHOD GLVWULEXFLäQ
0RWRUGLÚVHOFDGDNPDâRV
6XVWLWXLUODFRUUHDGH GLVWULEXFLäQ
0RWRUGHJDVROLQDFDGDNPDâRV
6HUYLFLR\PDQWHQLPLHQWR
1RWDV 3XQWRGH PDQWHQLPLHQWR
1RWD
6LHOYHKÞFXORVHXWLOL]DHQFRQGLFLRQHVDGYHUVDVFRQGXFFLäQHQWUD\HFWRVFRUWRVPDUFKDDOUDOHQWÞ SURORQJDGDRFLUFXODFLäQSRU]RQDVSROYRULHQWDVSXHGHVHUQHFHVDULRVXVWLWXLUHODFHLWHGHOPRWRU\HO ILOWURFRQPÒVIUHFXHQFLD (QPRWRUHVGLÚVHOVXVWLWXLUFDGDDâRRFXDQGRDSDUH]FDHOFäGLJRQXPÚULFRHQHO',&
/DSÚUGLGDGHOÞTXLGRHQFXDOTXLHUVLVWHPDGHOYHKÞFXORSRGUÞDLQGLFDUXQSUREOHPD6HGHEHUÞD LQVSHFFLRQDU\UHSDUDUHOVLVWHPD\FRPSUREDUHOQLYHOGHOOÞTXLGR$âDGDOÞTXLGRVLIXHUDQHFHVDULR
\
6LVHFLUFXODQRUPDOPHQWHSRU]RQDVSROYRULHQWDVVHGHEHLQVSHFFLRQDUHOILOWURFRQPD\RUIUHFXHQFLD 3XHGHVHUQHFHVDULRFDPELDUHOILOWURPÒVDPHQXGR
,QVSHFFLRQHYLVXDOPHQWHVLODVWXEHUÞDV\ODWLJXLOORVGHIUHQRVSUHVHQWDQREVWUXFFLRQHVIXJDVJULHWDV UR]DGXUDVHWF ,QVSHFFLRQHHOHVWDGRGHODVXSHUILFLHGHOGLVFR\VLODVSDVWLOODVGHIUHQRHVWÒQGHVJDVWDGDV ,QVSHFFLRQHVLORVIRUURVODV]DSDWDVGHORVWDPERUHVGHIUHQRSUHVHQWDQGHVJDVWHRJULHWDV ,QVSHFFLRQHORVRWURVFRPSRQHQWHVGHORVIUHQRVFRPRWDPERUHVERPELQHVSLQ]DVIUHQRGHHVWDಢ FLRQDPLHQWRHWF
,QVSHFFLRQHYLVXDOPHQWHODVXVSHQVLäQGHODQWHUD\WUDVHUD\HOVLVWHPDGHODGLUHFFLäQSRUVL SUHVHQWDQGDâRVIDOWDQSLH]DVRHVWÒQIORMDVRKD\VLJQRVGHGHVJDVWH ,QVSHFFLRQHVLORVFRPSRQHQWHVGHODGLUHFFLäQDVLVWLGDSUHVHQWDQJULHWDVUR]DGXUDVREVWUXFFLRQHV HWF
6HUYLFLR\PDQWHQLPLHQWR
3XQWRGH PDQWHQLPLHQWR
1RWD
,QVSHFFLRQHVLODVHVFRELOODVSUHVHQWDQGHVJDVWHJULHWDVRVXFLHGDG /LPSLHHOSDUDEULVDV\ODVHVFRELOODVVLHVWÒQVXFLRV 6XVWLWX\DODVHVFRELOODVGHVJDVWDGDVRGDâDGDV
6LHOYHKÞFXORVHXWLOL]DHQFRQGLFLRQHVDGYHUVDVFRQGXFFLäQHQWHUUHQRVPRQWDâRVRVRFRQGXFFLäQ IUHFXHQWHFRQUHPROTXHSXHGHVHUQHFHVDULRVXVWLWXLUHOOÞTXLGRGHIUHQRVFRQPÒVIUHFXHQFLD
,QVSHFFLRQHYLVXDOPHQWHORVWXERVIOH[LEOHV\KÒJDORVVXVWLWXLUVLHVWÒQDJULHWDGRVDERPEDGRVRGHಢ WHULRUDGRV ,QVSHFFLRQHWRGDVODVWXEHUÞDVFRQH[LRQHV\DEUD]DGHUDVVXVWLWë\DODVSRUSLH]DVRULJLQDOHVHQFDVR QHFHVDULR 3DUDJDUDQWL]DUXQFRUUHFWRIXQFLRQDPLHQWRVHUHFRPLHQGDUHDOL]DUXQDSUXHEDGHSUHVLäQGHO VLVWHPDGHUHIULJHUDFLäQ\GHOWDSäQGHOGHSäVLWRDVÞFRPRXQDOLPSLH]DH[WHUQDGHOUDGLDGRU\GHO FRQGHQVDGRUGHODLUHDFRQGLFLRQDGR
$VHJëUHVHGHTXHWDQWRORVFLQWXURQHVGHVHJXULGDGFRPRHOWHVWLJRUHFRUGDWRULRGHORVFLQWXURQHV GHVHJXULGDGIXQFLRQDQFRUUHFWDPHQWH &RPSUXHEHVLKD\SLH]DVGHOVLVWHPDGHFLQWXURQHVGHVHJXULGDGTXHHVWÚQIORMDVRGDâDGDV 6LREVHUYDFXDOTXLHUFRVDTXHSXHGDLPSHGLUHOFRUUHFWRIXQFLRQDPLHQWRGHXQFLQWXUäQGHVHJXULGDG KDJDTXHORUHSDUHQ $VHJëUHVHGHTXHORVFLQWXURQHVGHVHJXULGDGGHVJDUUDGRVRGHVKLODFKDGRVVHDQVXVWLWXLGRV
6HUYLFLR\PDQWHQLPLHQWR 3XQWRGH PDQWHQLPLHQWR
1RWD /XEULTXHWRGRVORVFLOLQGURVGHODVFHUUDGXUDVELVDJUDV\SHVWLOORVGHODVSXHUWDVELVDJUDV\SHVWLOORV GHOFDSäELVDJUDV\SHVWLOORVGHODWDSDGHOPDOHWHUR 3XHGHVHUQHFHVDULDXQDOXEULFDFLäQPÒVIUHFXHQWHVLHOYHKÞFXORHVWÒH[SXHVWRDXQHQWRUQR FRUURVLYR 6LVHDSOLFDJUDVDGHVLOLFRQDHQORVEXUOHWHVFRQXQSDâROLPSLRDXPHQWDUÒVXYLGDëWLOVHOODUÒQ PHMRU\QRVHSHJDUÒQQLFKLUULDUÒQ
(QJHQHUDOSDUDHO &DPELDUHODFHLWHGHOFDPELRDXWRPÒWLFR\HOILOWURVLHOYHKÞFXORVHFRQGXFHHQXQDRPÒVGHODV FDPELRDXWRPÒWLFR VLJXLHQWHVFRQGLFLRQHV 7UÒILFRXUEDQRLQWHQVRFRQWHPSHUDWXUDVH[WHULRUHVQRUPDOHVGH¡&RVXSHULRUHV 7HUUHQRVPRQWDâRVRV &RQGXFFLäQIUHFXHQWHFRQUHPROTXH 8WLOL]DFLäQFRPRWD[LFRFKHGHSROLFÞDRYHKÞFXORGHUHSDUWR (QJHQHUDOSDUDODV ,QVSHFFLRQHYLVXDOPHQWHVLODFRUUHDHVWÒGHVKLODFKDGDSUHVHQWDJULHWDVRGDâRVHYLGHQWHV FRUUHDV 6XVWLWXLUHOFLQWXUäQVLIXHUDQHFHVDULR (QJHQHUDOSDUD WRGRV
&RPSUREDUWRGRVORVVLVWHPDVSRUVLSUHVHQWDQLQWHUIHUHQFLDVXREVWUXFFLRQHV\VLIDOWDQSLH]DV RHVWÒQGDâDGDV6XVWLWXLUODVSLH]DVTXHVHDQQHFHVDULDV6XVWLWXLUFXDOTXLHUFRPSRQHQWHTXH SUHVHQWHXQGHVJDVWHH[FHVLYR
6HUYLFLR\PDQWHQLPLHQWR
3XQWRGH PDQWHQLPLHQWR
1RWD
(VWDGR\SUHVLäQGH 6HGHEHLQVSHFFLRQDUHOHVWDGRGHORVQHXPÒWLFRVDQWHVGHFRQGXFLUHOYHKÞFXOR\FRPSUREDUOD LQIODGRGHORV SUHVLäQGHLQIODGRFRQXQPDQäPHWURFDGDYH]TXHUHSRVWHFRPEXVWLEOHRDOPHQRVXQDYH]DOPHV QHXPÒWLFRV $OLQHDFLäQGHODV UXHGDV
6LIXHUDQHFHVDULRKDJDURWDU\HTXLOLEUDUODVUXHGDV
6HUYLFLR\PDQWHQLPLHQWR
6HUYLFLRVDGLFLRQDOHV &RQGLFLRQHVGHIXQFLRQDPLHQWR H[WUHPDVM /DVFRQGLFLRQHVGHIXQFLRQDPLHQWR H[WUHPDVVHGDQFXDQGRRFXUUHFRQ IUHFXHQFLDDOPHQRVXQRGHORVVLಢ JXLHQWHVIDFWRUHV DUUDQTXHVHQIUÞR SDUDGDV\DUUDQTXHVIUHFXHQWHV XVRGHOUHPROTXH SHQGLHQWHV\RJUDQGHVDOWLWXGHV FDO]DGDVHQPDOHVWDGR DUHQD\SROYR IOXFWXDFLRQHVH[WUHPDVGHODWHPಢ SHUDWXUD /RVYHKÞFXORVGHSROLFÞDWD[LV\YHKÞಢ FXORVGHDXWRHVFXHODWDPELÚQVHFODಢ VLILFDQFRPRVXMHWRVDFRQGLFLRQHVGH IXQFLRQDPLHQWRH[WUHPDV (QFRQGLFLRQHVGHIXQFLRQDPLHQWR H[WUHPDVSXHGHVHUQHFHVDULRUHDOLಢ ]DUGHWHUPLQDGRVWUDEDMRVGHVHUYLFLR SURJUDPDGRFRQPD\RUIUHFXHQFLD TXHHQORVLQWHUYDORVSUHVFULWRV
3LGDDVHVRUDPLHQWRWÚFQLFRVREUHORV UHTXLVLWRVGHVHUYLFLRHQIXQFLäQGH ODVFRQGLFLRQHVGHIXQFLRQDPLHQWR HVSHFÞILFDVGHVXYHKÞFXOR
3LH]DVOÞTXLGRV \OXEULFDQWHV UHFRPHQGDGRV /ÞTXLGRV\OXEULFDQWHV UHFRPHQGDGRV 8WLOLFHVäORSURGXFWRVTXHKD\DQVLGR FRPSUREDGRV\KRPRORJDGRV/RV GDâRVUHVXOWDQWHVGHOXVRGHPDWHಢ ULDOHVQRKRPRORJDGRVQRVHUÒQFXಢ ELHUWRVSRUODJDUDQWÞD
$GYHUWHQFLD /RVOÞTXLGRVOXEULFDQWHV\FRPಢ EXVWLEOHVVRQSHOLJURVRV\SXHGHQ VHUWä[LFRV'HEHQPDQLSXODUVH FRQFXLGDGR3UHVWHDWHQFLäQDOD LQIRUPDFLäQTXHILJXUDHQORVHQಢ YDVHV
6HUYLFLR\PDQWHQLPLHQWR
$FHLWHGHOPRWRU (ODFHLWHGHOPRWRUVHLGHQWLILFDSRUVX FDOLGDG\VXYLVFRVLGDG/DFDOLGDGHV PÒVLPSRUWDQWHTXHODYLVFRVLGDGDOD KRUDGHVHOHFFLRQDUTXÚDFHLWHGHO PRWRUVHYDDXVDU/DFDOLGDGGHO DFHLWHJDUDQWL]DSRUHMHPSORODOLPಢ SLH]DGHOPRWRUODSURWHFFLäQFRQWUD HOGHVJDVWH\HOFRQWUROGHOHQYHMHFLಢ PLHQWRGHODFHLWHPLHQWUDVTXHHO JUDGRGHYLVFRVLGDGLQIRUPDVREUHOD IOXLGH]GHODFHLWHHQIXQFLäQGHOD WHPSHUDWXUD &DOLGDGGHODFHLWHGHOPRWRU GH[RV 0RWRUHVGHJDVROLQD \GLÚVHO 6HOHFFLäQGHODFHLWHGHOPRWRU FRUUHFWR /DVHOHFFLäQGHODFHLWHGHOPRWRUGHಢ SHQGHGHODHVSHFLILFDFLäQGHDFHLWH \HOJUDGRGHYLVFRVLGDGDGHFXDGRV 8WLOLFH\SLGDVLHPSUHDFHLWHVGHPRಢ WRUFRQODPDUFDGHFHUWLILFDFLäQGH GH[RV/RVDFHLWHVTXHFXPSOHQORV UHTXLVLWRVGHOYHKÞFXORGHEHQWHQHUOD PDUFDGHODFHUWLILFDFLäQGH[RVHQHO
UHFLSLHQWH(VWDPDUFDGHFHUWLILFDಢ FLäQLQGLFDTXHHODFHLWHKDVLGRDSURಢ EDGRVHJëQODVHVSHFLILFDFLRQHVGH GH[RV (OYHKÞFXORYLHQHGHIÒEULFDFRQ DFHLWHGHPRWRUKRPRORJDGRGH[RV 8WLOLFHVLHPSUHDFHLWHGHOPRWRUTXH KD\DVLGRDSUREDGRVHJëQODVHVSHಢ FLILFDFLRQHVGHGH[RVRXQDFHLWHGHO PRWRUHTXLYDOHQWHFRQHOJUDGRGH YLVFRVLGDGDSURSLDGR(QFDVRGHQR XVDUHODFHLWHGHOPRWRURHTXLYDOHQWH HOPRWRUSXHGHVXIULUGDâRVTXHQR FXEULUÒODJDUDQWÞDGHOYHKÞFXOR 6LQRHVWÒVHJXURGHVLVXDFHLWHHVWÒ DSUREDGRVHJëQODVHVSHFLILFDFLRQHV GHGH[RVSUHJëQWHOHDVXSURYHHGRU GHVHUYLFLRV 8VRGHDFHLWHVGHPRWRUDOWHUQDWLYRV VLQRKD\DFHLWHGH[RV(QHOFDVRGH TXHQRSXHGDHQFRQWUDUDFHLWHGHO PRWRUDSUREDGRSRUGH[RVSDUDFDPಢ ELDUHODFHLWHRSDUDUHOOHQDUGHEH XVDUXQDFHLWHGHOPRWRUDOWHUQDWLYR FRQODVFDUDFWHUÞVWLFDVPHQFLRQDGDV PÒVDUULED1RREVWDQWHVLXWLOL]D DFHLWHVTXHQRFXPSOHQODVHVSHFLILಢ
FDFLRQHVGHGH[RVHOUHQGLPLHQWR SXHGHUHVXOWDUDIHFWDGRHQGHWHUPLಢ QDGDVFLUFXQVWDQFLDV 5HSRVLFLäQGHODFHLWHGHOPRWRU 6HSXHGHQPH]FODUDFHLWHVPRWRUGH GLIHUHQWHVIDEULFDQWHV\PDUFDV VLHPSUHTXHFXPSODQORVUHTXLVLWRV GHODFHLWHGHOPRWRUFDOLGDG\YLVFRಢ VLGDG 6LQRKD\GLVSRQLEOHDFHLWHGHODFDOLಢ GDGUHTXHULGDVHSXHGHXVDUKDVWD XQPÒ[LPRGHOLWURGH $&($$%R$%VäORXQDYH] HQWUHFDGDFDPELRGHDFHLWH /DYLVಢ FRVLGDGGHEHVHUGHOJUDGRFRUUHFWR 6HSURKÞEHHOXVRGHDFHLWHGHOPRWRU FRQFDOLGDG$&($$%R$%VRಢ ODPHQWH\DTXHVHSXHGHQRFDVLRQDU GDâRVHQHOPRWRUDODUJRSOD]RHQ GHWHUPLQDGDVFRQGLFLRQHVGHIXQFLRಢ QDPLHQWR $GLWLYRVGHODFHLWHGHOPRWRU (OXVRGHDGLWLYRVGHODFHLWHGHOPRWRU SRGUÞDFDXVDUGDâRV\DQXODUODJDಢ UDQWÞD
6HUYLFLR\PDQWHQLPLHQWR *UDGRVGHYLVFRVLGDGGHODFHLWHGHO PRWRU
6$(:HVHOPHMRUJUDGRGHYLVಢ FRVLGDGSDUDHOYHKÞFXOR1RXWLOLFH DFHLWHVGHJUDGRVGHYLVFRVLGDG FRPR6$(:: R: )XQFLRQDPLHQWRFRQWHPSHUDWXUDV EDMDV (QXQD]RQDPX\IUÞDGRQGHODWHPಢ SHUDWXUDFDHSRUGHEDMRGH¡&VH SXHGHXVDUXQDFHLWH6$(:8Q DFHLWHFRQHVWHJUDGRGHYLVFRVLGDG DUUDQFDUÒPHMRUHQIUÞRFXDQGRHOPRಢ WRUHVWÚDWHPSHUDWXUDVPX\EDMDV
&XDQGRVHOHFFLRQHXQDFHLWHFRQHO JUDGRGHYLVFRVLGDGDGHFXDGRDVHಢ JëUHVHGHHOHJLUVLHPSUHXQDFHLWH TXHFXPSODODVHVSHFLILFDFLRQHVGH GH[RV +DVWD¡&\PHQRV: : +DVWD¡&:: (OJUDGRGHYLVFRVLGDG6$(LQIRUPD VREUHODIOXLGH]GHODFHLWH(ODFHLWH PXOWLJUDGRVHLGHQWLILFDPHGLDQWHGRV FLIUDV /DSULPHUDFLIUDVHJXLGDSRUXQD: LQGLFDODYLVFRVLGDGDEDMDVWHPSHUDಢ WXUDV\ODVHJXQGDFLIUDLQGLFDODYLVಢ FRVLGDGDDOWDVWHPSHUDWXUDV
5HIULJHUDQWH\DQWLFRQJHODQWH 8WLOLFHVäORUHIULJHUDQWHGHODUJDGXಢ UDFLäQ//& VLQVLOLFDWRV (OVLVWHPDVHOOHQDHQIÒEULFDFRQUHಢ IULJHUDQWHTXHRIUHFHXQDH[FHOHQWH SURWHFFLäQDQWLFRUURVLYD\DQWLFRQJHಢ ODQWHKDVWDXQRV¡&(VWDFRQಢ FHQWUDFLäQGHEHUÞDPDQWHQHUVHGXಢ UDQWHWRGRHODâR(OXVRGHDGLWLYRV SDUDHOUHIULJHUDQWHGHVWLQDGRV DRIUHFHUSURWHFFLäQDGLFLRQDOFRQWUD
ODFRUURVLäQRDVHOODUIXJDVPHQRUHV SXHGHFDXVDUSUREOHPDVGHIXQFLRಢ QDPLHQWR(OIDEULFDQWHQRVHKDFH UHVSRQVDEOHGHODVFRQVHFXHQFLDV GHOXVRGHDGLWLYRVSDUDHOUHIULJHಢ UDQWH
/ÞTXLGRGHIUHQRV\HPEUDJXH 8WLOLFHVäOROÞTXLGRGHIUHQRV'27 &RQHOWLHPSRHOOÞTXLGRGHIUHQRV DEVRUEHKXPHGDGTXHUHGXFHODHILಢ FDFLDGHOVLVWHPDGHIUHQRV3RUHVR VHGHEHVXVWLWXLUHOOÞTXLGRGHIUHQRV HQHOLQWHUYDORHVSHFLILFDGR (OOÞTXLGRGHIUHQRVGHEHJXDUGDUVH HQXQHQYDVHFHUUDGRSDUDHYLWDUOD DEVRUFLäQGHDJXD $VHJëUHVHGHTXHHOOÞTXLGRGHIUHQRV QRVHFRQWDPLQH
'DWRVWÚFQLFRV
'DWRVWÚFQLFRV
,GHQWLILFDFLäQGHO YHKÞFXOR
3ODFDGHFDUDFWHUÞVWLFDV 9DULDQWH
1ëPHURGHLGHQWLILFDFLäQ GHOYHKÞFXOR
/DSODFDGHFDUDFWHUÞVWLFDVHVWÒVLಢ WXDGDHQHOFRPSDUWLPHQWRGHOPRWRU (OQëPHURGHLGHQWLILFDFLäQGHOYHಢ KÞFXORHVWÒVLWXDGRHQHOSLVRGHOYHಢ KÞFXORHQHOODGRGHUHFKRGHEDMRGH XQDWDSDHQWUHODSXHUWDGHODQWHUD\HO DVLHQWR
'DWRVWÚFQLFRV
9DULDQWH
/DSODFDGHFDUDFWHUÞVWLFDVVHHQಢ FXHQWUDHQHOPDUFRGHODSXHUWDGHಢ ODQWHUDL]TXLHUGD
,QIRUPDFLäQGHODHWLTXHWDGHFDUDFಢ WHUÞVWLFDV 1ëPHURGHLGHQWLILFDFLäQGHOYHಢ KÞFXOR 1ëPHURGHKRPRORJDFLäQGH WLSR )DEULFDQWH 3HVRPÒ[LPRDXWRUL]DGRHQ NJ 3HVRPÒ[LPRDXWRUL]DGRFRQ UHPROTXHHQNJ &DUJDPÒ[LPDDGPLVLEOHHQHO HMHGHODQWHURHQNJ
&DUJDPÒ[LPDDGPLVLEOHHQHO HMHWUDVHURHQNJ 'DWRVHVSHFÞILFRVGHOYHKÞFXOR RGHOSDÞVUHVSHFWLYDPHQWH
/DVXPDGHODVFDUJDVVREUHHOHMH GHODQWHUR\WUDVHURQRGHEHH[FHGHU HOSHVRPÒ[LPRDXWRUL]DGRGHOYHಢ KÞFXOR3RUHMHPSORVLHOHMHGHODQಢ WHURVRSRUWDODFDUJDPÒ[LPDDGPLVLಢ EOHHOWUDVHURVäORSRGUÒOOHYDUXQD FDUJDLJXDODOSHVRPÒ[LPRDXWRULಢ ]DGRPHQRVODFDUJDVREUHHOHMHGHಢ ODQWHUR
'DWRVWÚFQLFRV
'DWRVGHOYHKÞFXOR 'DWRVGHOPRWRU 'HVLJQDFLäQFRPHUFLDO
'
'VO
'LVWLQWLYRGHOPRWRU
+
/13
1ëPHURGHFLOLQGURV
&LOLQGUDGD>FP@
3RWHQFLDGHOPRWRU>N:@
DUSP
3DU>1P@
DUSP
7LSRGHFRPEXVWLEOH
*DVROLQD
'LÚVHO
3RWHQFLDUHGXFLGD
'DWRVWÚFQLFRV
3UHVWDFLRQHV 0RWRU
+
/13
&DPELRPDQXDO
&DPELRDXWRPÒWLFR
9HORFLGDGPÒ[LPD >NPK@
&RQVXPRGHFRPEXVWLEOHHPLVLRQHVGH&2 &DPELRPDQXDO&DPELRDXWRPÒWLFR 0RWRU
+
/13
XUEDQR>ONP@
H[WUDXUEDQR>ONP@
PL[WR>ONP@
&2>JNP@
/DYHORFLGDGPÒ[LPDLQGLFDGDVHSXHGHDOFDQ]DUFRQHOSHVRHQYDFÞRVLQFRQGXFWRU PÒVNJGHFDUJDëWLO(O HTXLSDPLHQWRRSFLRQDOSXHGHUHGXFLUODYHORFLGDGPÒ[LPDLQGLFDGD 3RWHQFLDUHGXFLGD
'DWRVWÚFQLFRV
3HVRVGHOYHKÞFXOR 3HVRHQYDFÞRPRGHOREÒVLFRVLQQLQJëQHTXLSDPLHQWRRSFLRQDO >NJ@
0RWRU
&DPELRPDQXDO
&DPELRDXWRPÒWLFR
+
/13
3HVRHQYDFÞRPRGHOREÒVLFRFRQWRGRHOHTXLSDPLHQWRRSFLRQDO >NJ@
0RWRU
&DPELRPDQXDO
&DPELRDXWRPÒWLFR
+
/13
'LPHQVLRQHVGHOYHKÞFXOR /RQJLWXG>PP@
$QFKXUDVLQUHWURYLVRUHVH[WHULRUHV>PP@
$QFKXUDFRQGRVUHWURYLVRUHVH[WHULRUHV>PP@
ಥ
$OWXUDVLQDQWHQDQLSRUWDHTXLSDMHVGHWHFKR >PP@
/RQJLWXGGHOSLVRGHOFRPSDUWLPHQWRGHFDUJD>PP@
ಥ
9DORUQRGLVSRQLEOHHQODIHFKDGHLPSUHVLäQ
'DWRVWÚFQLFRV
$QFKXUDGHOFRPSDUWLPHQWRGHFDUJD>PP@
$OWXUDGHOFRPSDUWLPHQWRGHFDUJD>PP@
'LVWDQFLDHQWUHHMHV>PP@
'LÒPHWURGHJLUR>P@
&DSDFLGDGHV $FHLWHGHOPRWRU 0RWRU
+
/13
LQFOXLGRHOILOWUR>O@
HQWUH0,1\0$;>O@
'HSäVLWRGHFRPEXVWLEOH *DVROLQDGLÚVHOFDSDFLGDGQRPLQDO>O@
9DORUQRGLVSRQLEOHHQODIHFKDGHLPSUHVLäQ
'DWRVWÚFQLFRV
3UHVLRQHVGHORVQHXPÒWLFRV 0RWRU
1HXPÒWLFRV
GHODQWH
GHWUÒV
>N3DEDU@>SVL@
>N3DEDU@>SVL@
+
5 5 5 5
/13
5 5 5 5
3UHVLäQ(FR >N3DEDU@>SVL@
,QIRUPDFLäQGHFOLHQWHV
,QIRUPDFLäQGH FOLHQWHV
5HJLVWURGHGDWRVGHO YHKÞFXOR\SULYDFLGDG 5HJLVWUDGRUHVGHGDWRV (OYHKÞFXORSRVHHXQDVHULHGHDYDQಢ ]DGRVVLVWHPDVTXHVXSHUYLVDQ \FRQWURODQGLIHUHQWHVGDWRVGHOYHಢ KÞFXOR$OJXQRVGDWRVVHJXDUGDQGXಢ UDQWHHOIXQFLRQDPLHQWRQRUPDOGHO YHKÞFXORSDUDIDFLOLWDUODVUHSDUDFLRಢ QHVGHORVIDOORVGHWHFWDGRVRWURVGDಢ WRVVRQDOPDFHQDGRVVäORHQFDVRGH DFFLGHQWHRLQFLGHQWHHQORVVLVWHPDV GHOYHKÞFXORTXHWLHQHQXQDIXQFLäQ GHUHJLVWURGHGDWRVWDOHVFRPRHO PäGXORGHFRQWUROGHORVDLUEDJV /RVVLVWHPDVSXHGHQUHJLVWUDUGDWRV GHGLDJQäVWLFRVREUHHOHVWDGRGHOYHಢ KÞFXORSHMQLYHOGHDFHLWHRNLORPHಢ WUDMH HLQIRUPDFLäQVREUHVXPDQHMR SHMUÚJLPHQGHOPRWRUDFFLRQDಢ PLHQWRGHORVIUHQRV\XWLOL]DFLäQGH ORVFLQWXURQHVGHVHJXULGDG 3DUDODOHFWXUDGHHVWRVGDWRVVRQ QHFHVDULRVHTXLSRVHVSHFLDOHV\DFಢ FHVRDOYHKÞFXOR$OJXQRVGDWRVVH WUDQVPLWHQHOHFWUäQLFDPHQWHDORV
VLVWHPDVGHGLDJQRVLVJOREDOGH&KHಢ YUROHWFXDQGRHOYHKÞFXORVHUHYLVDHQ XQWDOOHUSDUDGRFXPHQWDUHOKLVWRULDO GHVHUYLFLRGHOYHKÞFXOR(VWRSHUPLWH DOWDOOHURIUHFHUOHXQVHUYLFLRGHPDQಢ WHQLPLHQWR\UHSDUDFLäQPÒVHILಢ FLHQWHDGDSWDGRDVXYHKÞFXORFDGD YH]TXHYXHOYDDOWDOOHU (OIDEULFDQWHQRDFFHGHUÒDORVGDWRV VREUHHOFRPSRUWDPLHQWRGHOFRQGXFಢ WRUHQFDVRGHDFFLGHQWHQLORVIDFLOLಢ WDUÒDWHUFHURVH[FHSWR FRQDXWRUL]DFLäQGHOSURSLHWDULRGHO YHKÞFXORRHQYHKÞFXORVGHOHDVLQJ FRQODGHODUUHQGDWDULR SRUUHTXHULPLHQWRSROLFLDORGHRUಢ JDQLVPRVHVWDWDOHVHTXLYDOHQWHV FRPRSDUWHGHODGHIHQVDHQFDVR GHSURFHVRMXGLFLDOFRQWUDHOIDEULಢ FDQWH SRUSUHVFULSFLäQOHJDO
,QIRUPDFLäQGHFOLHQWHV
$GHPÒVHOIDEULFDQWHSRGUÒXWLOL]DU ORVGDWRVUHFRSLODGRV\UHFLELGRV FRQILQHVGHLQYHVWLJDFLäQSURSLD SDUDIDFLOLWDUORVFRQILQHVGHLQYHVಢ WLJDFLäQVLHPSUHTXHVHJDUDQWLFH ODFRQILGHQFLDOLGDG\VHGHPXHVWUH ODQHFHVLGDG SDUDFRPSDUWLUFRQRWUDVRUJDQL]Dಢ FLRQHVFRQMXQWRVGHGDWRVQRYLQಢ FXODGRVDXQYHKÞFXORHVSHFÞILFR FRQILQHVGHLQYHVWLJDFLäQ
,GHQWLILFDFLäQSRU UDGLRIUHFXHQFLD5),' /DWHFQRORJÞD5),'VHXWLOL]DHQDOಢ JXQRVYHKÞFXORVSDUDIXQFLRQHV FRPRHOFRQWUROGHODSUHVLäQGHORV QHXPÒWLFRV\ODVHJXULGDGGHOVLVಢ WHPDGHHQFHQGLGR6HXWLOL]DWDPಢ ELÚQHQRSFLRQHVGHFRQIRUWFRPRORV PDQGRVDGLVWDQFLDSDUDHOEORTXHR \GHVEORTXHRGHSXHUWDV\HODUUDQಢ TXHDGLVWDQFLDDVÞFRPRHQORV WUDQVPLVRUHVLQVWDODGRVHQHOYHಢ KÞFXORSDUDDEULUSXHUWDVGHFRFKHಢ UDV/DWHFQRORJÞD5),'HQORVYHKÞಢ FXORV&KHYUROHWQRXWLOL]DQLUHJLVWUD LQIRUPDFLäQSHUVRQDOQLWLHQHFRQHಢ [LäQFRQFXDOTXLHURWURVLVWHPD&KHಢ YUROHWTXHFRQWHQJDLQIRUPDFLäQSHUಢ VRQDO
,QIRUPDFLäQGHFOLHQWHV
¾QGLFHDOIDEÚWLFR
$ $FFHVRULRV\PRGLILFDFLRQHVGHO YHKÞFXOR $FHLWHGHOPRWRU $FWLYDFLäQGHODUDGLR $FWLYDFLäQGHOUHSURGXFWRUGH &' $FWLYDFLäQGHOVLVWHPDGH QDYHJDFLäQ $FWLYDUHPLVRUDVJXDUGDGDV $FWXDOL]DFLäQGHOLVWDVGH HPLVRUDV $LUEDJV\SUHWHQVRUHVGH FLQWXURQHV $LUHDFRQGLFLRQDGR $MXVWHGHORVDVLHQWRV $MXVWHGHORVUHSRVDFDEH]DV $MXVWHGHORVUHWURYLVRUHV $MXVWHGHOYRODQWH $MXVWHGHOYROXPHQ $MXVWHGHOYROXPHQGH QDYHJDFLäQ $MXVWHHOÚFWULFR $MXVWHVGHOWRQR $MXVWHVGHOYROXPHQ $MXVWHVPHPRUL]DGRV $OVDOLUGHYLDMH $QWLGHVOXPEUDPLHQWRDXWRPÒWLFR
$QWLGHVOXPEUDPLHQWRPDQXDO $QXQFLRVGHRWUDVUHGHV $QXQFLRVGHWUÒILFR $UJROODV $UUDQTXHFRQFDEOHV $UUDQTXHGHOPRWRU $VLHQWRVGHODVHJXQGDILOD $VLHQWRVGHODWHUFHUDILOD $VLVWHQWHGHDSDUFDPLHQWR $VLVWHQWHGHDSDUFDPLHQWRSRU XOWUDVRQLGRV $VLVWHQWHGHIUHQDGD $YHUÞD $YLVRVDFëVWLFRV
% %DWHUÞD %ORTXHRDXWRPÒWLFR %RFLQD %RWLTXÞQ %ëVTXHGDGHHPLVRUDV
& &DGHQDVSDUDQLHYH &DMDGHFDPELRV &DMDGHIXVLEOHVGHO FRPSDUWLPHQWRGHOPRWRU &DMDGHIXVLEOHVGHOWDEOHURGH LQVWUXPHQWRV &DOHIDFFLäQ
&DOHIDFWDGR &DOHIDFWRUDX[LOLDU &DPELRDXQDPDUFKDPÒVODUJD &DPELRDXWRPÒWLFR &DPELRGHOWDPDâRGH QHXPÒWLFRV\OODQWDV &DPELRGHUXHGDV &DPELRPDQXDO &DSDFLGDGHV &DSä &DWDOL]DGRU &HQLFHURV &HQWURGHLQIRUPDFLäQGHO FRQGXFWRU &LHUUHFHQWUDOL]DGR &LQWXUäQGHVHJXULGDG &LQWXUäQGHVHJXULGDGGHWUHV SXQWRV &LQWXURQHVGHVHJXULGDG &OLPDWL]DFLäQ &OLPDWL]DGRUDXWRPÒWLFR HOHFWUäQLFR &RPEXVWLEOHSDUDPRWRUHVGH JDVROLQD &RPEXVWLEOHSDUDPRWRUHV GLÚVHO &RPSDUWLPHQWRGHFDUJD &RQH[LäQGHODUDGLR &RQILJXUDFLäQGH5'6
&RQPXWDGRUGHODVOXFHV &RQVXPRGHFRPEXVWLEOH HPLVLRQHVGH&2 &RQWURODXWRPÒWLFRGHODVOXFHV &RQWUROGHODLOXPLQDFLäQGHO WDEOHURGHLQVWUXPHQWRV &RQWUROGHOYHKÞFXOR &RQWUROHOHFWUäQLFRGH HVWDELOLGDG &RQWUROHOHFWUäQLFRGH HVWDELOLGDGGHVDFWLYDGR &RQWUROHOHFWUäQLFRGH HVWDELOLGDG\VLVWHPDGH FRQWUROGHWUDFFLäQ &RUWHGHFRPEXVWLEOHHQ UÚJLPHQGHUHWHQFLäQ &XHQWDNLOäPHWURV &XHQWDNLOäPHWURVSDUFLDO &XHQWDUUHYROXFLRQHV &XLGDGRH[WHULRU &XLGDGRLQWHULRU
' 'DWRVGHOPRWRU 'HVDFWLYDFLäQGHORVDLUEDJV 'HVEORTXHRGHOYHKÞFXOR 'HVLJQDFLRQHVGHORV QHXPÒWLFRV 'LPHQVLRQHVGHOYHKÞFXOR 'LUHFFLäQDVLVWLGD
'LUHFFLäQGHFDVD 'LVSRVLWLYRDQWLUURER
( (OHYDOXQDVHOÚFWULFRV (OHYDOXQDVPDQXDOHV (QFHQGHGRUGHFLJDUULOORV (QFHQGLGR\DSDJDGRGHO VLVWHPDGH LQIRHQWUHWHQLPLHQWR (QWUDGD$8; FRQH[LäQ (QWUDGDGHDLUH (QWUDGDGHGHVWLQR (QWUDGDGHGLUHFFLäQ (21 (VSHMRSDUDREVHUYDUDORVQLâRV (VWDFLRQDPLHQWR ([WLQWRU
) )DURVDQWLQLHEOD )DURVHPSDâDGRV )DURVHQYLDMHVDOH[WUDQMHUR )DURVKDOäJHQRV )LOWURGHDLUHGHOPRWRU )LOWURGHSDUWÞFXODVGLÚVHO )LOWURGHSROHQ )RUPDFRQYH[D )UHQRGHHVWDFLRQDPLHQWR
)UHQRGHPDQR )UHQRV )XQFLRQDPLHQWREÒVLFR )XQFLRQDPLHQWRGHORVPHQëV )XQFLRQDPLHQWRUHJXODUGHODLUH DFRQGLFLRQDGR )XQFLäQGHHVFULWXUD )XVLEOHV
* *XDQWHUD *XDUGDUHPLVRUDV *XÞD *XÞDGHUXWD *XÞDGLQÒPLFD
+ +HUUDPLHQWDV
, ,GHQWLILFDFLäQSRU UDGLRIUHFXHQFLD5),' ,OXPLQDFLäQGHHQWUDGD ,OXPLQDFLäQGHOWDEOHURGH LQVWUXPHQWRV ,OXPLQDFLäQGHVDOLGD ,OXPLQDFLäQH[WHULRU ,QGLFDFLäQGHVHUYLFLR ,QGLFDGRUGHFRPEXVWLEOH
,QGLFDGRUGHWHPSHUDWXUDGHO UHIULJHUDQWHGHOPRWRU ,QIRUPDFLäQGHVHUYLFLR ,QIRUPDFLäQJHQHUDO ,QIRUPDFLäQVREUHODFDUJD ,QLFLRGHODUHSURGXFFLäQGH&' ,QPRYLOL]DFLäQGHOYHKÞFXOR ,QPRYLOL]DGRU ,QWHUPLWHQWHV ,QWHUPLWHQWHVODWHUDOHV ,QWHUUXSFLäQGHFRUULHQWH ,QWURGXFFLäQ
-XHJRGHUHSDUDFLäQGH QHXPÒWLFRV
/ /LEURGHGLUHFFLRQHV /LPSLDODYDOXQHWD /LPSLDODYDSDUDEULVDV /ÞTXLGRGHIUHQRV /ÞTXLGRGHIUHQRV\HPEUDJXH /ÞTXLGRGHODGLUHFFLäQDVLVWLGD /ÞTXLGRGHODYDGR /ÞTXLGRV\OXEULFDQWHV UHFRPHQGDGRV /LVWDVGHIDYRULWRV
/LVWDVGHPHPRUL]DFLäQ DXWRPÒWLFD /ODQWDV\QHXPÒWLFRV /ODYHV /XFHVDQWLQLHEOD /XFHVGHHPHUJHQFLD /XFHVGHHVWDFLRQDPLHQWR /XFHVGHOHFWXUD /XFHVGHPDUFKDDWUÒV /XFHVHQORVSDUDVROHV /XFHVH[WHULRUHV /XFHVLQWHULRUHV /XFHVWUDVHUDV /XQHWDWÚUPLFDWUDVHUD /X]GHFDUUHWHUD /X]GHODPDWUÞFXOD
0 0DQGRDGLVWDQFLD 0DQGR%$&. 0DQGR0(18 0DQGRVHQHOYRODQWH 0DQHMR 0DSDV 0HQVDMHVGHOYHKÞFXOR 0HQëVGHEDQGDVGH IUHFXHQFLDV 0RGRPDQXDO P\32,V
1 1DYHJDFLäQ DFWLYDFLäQ DYLVRGHQLYHOGHFRPEXVWLEOH EDMR EORTXHRGHUXWD 'LUHFFLäQGHFDVD HOHPHQWRVGHFRQWURO HOLPLQDUGLUHFFLäQGHFDVD HOLPLQDU3',LPSRUWDGRV HQWUDGDGHGHVWLQR IXQFLRQDPLHQWR JXÞDGHFDUULOGHDXWRSLVWD JXÞDGHUXWD JXÞDGLQÒPLFD LPSRUWDUH[SRUWDU3', LQLFLDUQDYHJDFLäQ /LEURGHGLUHFFLRQHV OLVWDGHUXWDV PDQHMR PHQVDMHVGH70& P\32,V RSFLRQHVGHQDYHJDFLäQ SDQWDOODGHQDYHJDFLäQ 3XQWRVGHLQWHUÚV UHSHWLUHOëOWLPRPHQVDMHGH QDYHJDFLäQ VXPDULRGHORVVÞPERORV WDUMHWD6'GHOPDSD
XVRGHODIXQFLäQGHHVFULWXUD YROXPHQGHQDYHJDFLäQ 1HXPÒWLFRVGHLQYLHUQR 1LYHOGHFRPEXVWLEOHEDMR 1ëPHURGHLGHQWLILFDFLäQGHO YHKÞFXOR
2 2UGHQDGRUGHDERUGR
3 3DODQFDVHOHFWRUD 3DQWDOODGHLQIRUPDFLäQJUÒILFD 3DQWDOODGHQDYHJDFLäQ 3DQWDOODLQGLFDGRUDGHOFDPELR 3DUDVROHV 3',LQGLYLGXDOHV 3',SHUVRQDOL]DGRV 3HOLJUR$GYHUWHQFLD\$WHQFLäQ 3HUVRQDOL]DFLäQ 3HUVRQDOL]DFLäQGHOYHKÞFXOR 3HVRVGHOYHKÞFXOR 3LORWRDQWLQLHEOD 3LVHHOSHGDOGHOIUHQR 3ODFDGHFDUDFWHUÞVWLFDV 3ODQHVGHUHYLVLRQHV 3OHJDGR 3RUWDHTXLSDMHVGHWHFKR 3RUWDJDIDV
3RUWDREMHWRVGHODFRQVROD FHQWUDO 3RUWDREMHWRVHQHOWDEOHURGH LQVWUXPHQWRV 3RUWDYDVRV 3RVLFLäQGHDVLHQWR 3RVLFLRQHVGHODFHUUDGXUDGHO HQFHQGLGR 3RVLFLRQHVGHPRQWDMHGHO VLVWHPDGHUHWHQFLäQLQIDQWLO 3UHFDOHQWDPLHQWR 3UHVLäQGHDFHLWHGHOPRWRU 3UHVLäQGHORVQHXPÒWLFRV 3UHVLRQHVGHORVQHXPÒWLFRV 3UHVWDFLRQHV 3URIXQGLGDGGHOGLEXMR 3URJUDPDVHOHFWUäQLFRVGH PDUFKD 3URWHFFLäQFRQWUDGHVFDUJDGH ODEDWHUÞD 3XHUWDDELHUWD 3XHUWR86% )XQFLRQHVGHOL3RG LQIRUPDFLäQLPSRUWDQWH PRGHORVL3RGDGPLWLGRV UHSURGXFLUDUFKLYRVGHDXGLR JXDUGDGRV 3XUJDGHOVLVWHPDGH FRPEXVWLEOHGLÚVHO
4 4XLFNKHDW
5 5DGLR 5'65DGLR'DWD6\VWHP DFWLYDFLäQ EëVTXHGDGHHPLVRUDV OLVWDVGHHPLVRUDV /LVWDVGHIDYRULWRV OLVWDVGHPHPRUL]DFLäQ DXWRPÒWLFD PDQHMR PHQëVGHEDQGDVGH IUHFXHQFLDV VHOHFFLäQGHODEDQGDGH IUHFXHQFLDV 5ÒIDJDV 5'6 5'65DGLR'DWD6\VWHP 5HDOL]DFLäQGHWUDEDMRV 5HFRUGDWRULRGHOFLQWXUäQGH VHJXULGDG 5HGGHHTXLSDMH 5HIULJHUDQWHGHOPRWRU 5HIULJHUDQWH\DQWLFRQJHODQWH 5HJLRQDOL]DFLäQ 5HJLVWUDGRUHVGHGDWRV
5HJXODFLäQGHODOFDQFHGHORV IDURV 5HJXODGRUGHYHORFLGDG 5HORM 5HPROFDGRGHOYHKÞFXOR 5HPROFDGRGHRWURYHKÞFXOR 5HSRVDEUD]RV 5HSRVDFDEH]DV 5HSRVWDMH 5HSURGXFLUDUFKLYRVGHDXGLR JXDUGDGRV 5HSURGXFWRUGH&' DFWLYDFLäQ LQIRUPDFLäQLPSRUWDQWH PDQHMR 5HVXPHQGHORVHOHPHQWRVGH FRQWURO 5HYLVLäQXUJHQWHGHOYHKÞFXOR 5RGDMHGHXQYHKÞFXORQXHYR 5XHGDGHUHSXHVWR
6 6DOLGDVGHDLUHILMDV 6DOLGDVGHDLUHUHJXODEOHV 6HJXURVSDUDQLâRV 6HOHFFLäQGHODEDQGDGH IUHFXHQFLDV 6HQVRUGHFDOLGDGGHODLUH 6HQVRUGHOOXYLD
6HâDOL]DFLäQGHJLURV\FDPELRV GHFDUULO 6HUYLFLR 6HUYLFLRVDGLFLRQDOHV 6LOHQFLR 6ÞPERORV 6LVWHPDDQWLEORTXHRGHIUHQRV 6LVWHPDDQWLEORTXHRGHIUHQRV $%6 6LVWHPDDQWLUURER 6LVWHPDGHDLUEDJV 6LVWHPDGHDLUEDJVGHFRUWLQD 6LVWHPDGHDLUEDJVIURQWDOHV 6LVWHPDGHDLUEDJVODWHUDOHV 6LVWHPDGHDODUPDDQWLUURER 6LVWHPDGHFDOHIDFFLäQ \YHQWLODFLäQ 6LVWHPDGHFDUJD 6LVWHPDGHFRQWUROGHWUDFFLäQ 6LVWHPDGHFRQWUROGHWUDFFLäQ GHVDFWLYDGR 6LVWHPDGHHVFDSHGHOPRWRU 6LVWHPDGHIUHQRV\HPEUDJXH 6LVWHPDGHLQIRHQWUHWHQLPLHQWR DMXVWHGHOYROXPHQ DMXVWHVGHOWRQR DMXVWHVGHOYROXPHQ FRQH[LäQ HOHPHQWRVGHFRQWURO
PDQGRVGHDXGLRGHOYRODQWH PDQHMR SDQHOGHLQVWUXPHQWRV SHUVRQDOL]DFLäQ VLOHQFLR YROXPHQFRPSHQVDGRGH YHORFLGDG YROXPHQGHDQXQFLRVGH WUÒILFR YROXPHQHQIXQFLäQGHOD YHORFLGDG YROXPHQLQLFLDOPÒ[LPR 6LVWHPDVGHUHWHQFLäQLQIDQWLO 6LVWHPDVGHUHWHQFLäQLQIDQWLO FRQDQFODMHVVXSHULRUHV 6LVWHPDVGHUHWHQFLäQLQIDQWLO ,62),; 6LVWHPDVOLPSLD\ODYDSDUDEULVDV 6XPDULRGHORVVÞPERORV 6XVWLWXFLäQGHERPELOODV 6XVWLWXFLäQGHODVHVFRELOODV
7 7DSDFXERV 7DUMHWD6' 7DUMHWD6'GHOPDSD PDQLSXODFLäQ VXVWLWXFLäQ 7HFKRVRODU
7HOÚIRQRVPäYLOHV \UDGLRWUDQVPLVRUHV 7HPSHUDWXUDH[WHULRU 7HVWLJRGHDYHUÞDV0,/ 7HVWLJRVGHFRQWURO 7RPDVGHFRUULHQWH 7ULÒQJXORGHDGYHUWHQFLD
8 8VRGHODHQWUDGD$8; 8VRGHODUDGLR 8VRGHOSUHVHQWHPDQXDO 8VRGHOSXHUWR86% 8VRGHOUHSURGXFWRUGH&' 8VRGHOVLVWHPDGH LQIRHQWUHWHQLPLHQWR 8VRGHOVLVWHPDGHQDYHJDFLäQ
9 9HORFÞPHWUR 9HQWLODFLäQ 9LVWDGHOFRPSDUWLPHQWRGHO PRWRU 9LVWDJHQHUDOGHOWDEOHURGH LQVWUXPHQWRV 9ROXPHQFRPSHQVDGRGH YHORFLGDG 9ROXPHQGHQDYHJDFLäQ