Documenti di Didattica
Documenti di Professioni
Documenti di Cultura
Manual Corsa 2016
Manual Corsa 2016
Caricato da
Carlos Miguel CocoCopyright
Formati disponibili
Condividi questo documento
Condividi o incorpora il documento
Hai trovato utile questo documento?
Questo contenuto è inappropriato?
Segnala questo documentoCopyright:
Formati disponibili
Manual Corsa 2016
Manual Corsa 2016
Caricato da
Carlos Miguel CocoCopyright:
Formati disponibili
23(/&256$
0DQXDOGH,QVWUXFFLRQHV
&RQWHQLGR
,QWURGXFFLQ
(QSRFDVSDODEUDV
/ODYHVSXHUWDV\YHQWDQLOODV
$VLHQWRVVLVWHPDVGH
VHJXULGDG
3RUWDREMHWRV
,QVWUXPHQWRV\PDQGRV
,OXPLQDFLQ
&OLPDWL]DFLQ
&RQGXFFLQ\PDQHMR
&XLGDGRGHOYHKFXOR
6HUYLFLR\PDQWHQLPLHQWR
'DWRVWFQLFRV
,QIRUPDFLQGHFOLHQWHV
QGLFHDOIDEWLFR
,QWURGXFFLQ
,QWURGXFFLQ
,QWURGXFFLQ
'DWRVHVSHFILFRVGHO
YHKFXOR
3RUIDYRUDQRWHORVGDWRVGHVXYH
KFXORHQODSJLQDDQWHULRUSDUDWH
QHUORVDPDQR(VWDLQIRUPDFLQHVW
GLVSRQLEOHHQODVVHFFLRQHV6HUYLFLR
\PDQWHQLPLHQWR\'DWRVWFQLFRV
DVFRPRHQODSODFDGHFDUDFWHUVWL
FDV
,QWURGXFFLQ
6XYHKFXORUHSUHVHQWDXQGLVHR
FRPELQDGRGHDYDQ]DGDWHFQRORJD
VHJXULGDGFRPSDWLELOLGDGHFROJLFD\
HFRQRPD
(VWH0DQXDOGH,QVWUXFFLRQHVOHSUR
SRUFLRQDWRGDODLQIRUPDFLQQHFHVD
ULDSDUDFRQGXFLUHOYHKFXORGHIRUPD
VHJXUD\HILFLHQWH
,QIRUPHDORVRFXSDQWHVVREUHORVSR
VLEOHVSHOLJURVGHOHVLRQHV\DFFLGHQ
WHVGHULYDGRVGHXQXVRLQFRUUHFWRGHO
YHKFXOR
6LHPSUHGHEHFXPSOLUODVOH\HV\ORV
UHJODPHQWRVGHOSDVSRUGRQGHFLU
FXOH'LFKDVOH\HVSXHGHQGLIHULUGH
ODLQIRUPDFLQFRQWHQLGDHQHOSUH
VHQWH0DQXDOGH,QVWUXFFLRQHV
(OLQFXPSOLPLHQWRGHODGHVFULSFLQ
IDFLOLWDGDHQHVWHPDQXDOSXHGHDIHF
WDUDVXJDUDQWD
&XDQGRHVWH0DQXDOGH,QVWUXFFLR
QHVKDFHUHIHUHQFLDDXQDYLVLWDDOWD
OOHUOHUHFRPHQGDPRVTXHDFXGDD
VX5HSDUDGRU$XWRUL]DGR2SHO
3DUDORVYHKFXORVGHJDVOHUHFR
PHQGDPRVDFXGLUDXQ5HSDUDGRU
2SHODXWRUL]DGRSDUDHOVHUYLFLRGH
YHKFXORVGHJDV
7RGRVORV5HSDUDGRUHV$XWRUL]DGRV
2SHOOHRIUHFHQXQVHUYLFLRH[FHOHQWH
DSUHFLRVUD]RQDEOHV3HUVRQDOH[SH
ULPHQWDGRIRUPDGRSRU2SHOWUDEDMD
VHJQODVLQVWUXFFLRQHVHVSHFILFDV
GH2SHO
/DGRFXPHQWDFLQSDUDHOFOLHQWHGH
EHUDHVWDUVLHPSUHDPDQRHQHOYH
KFXOR
8VRGHOSUHVHQWHPDQXDO
(VWHPDQXDOGHVFULEHWRGDVODV
RSFLRQHV\IXQFLRQHVGLVSRQLEOHV
SDUDHVWHPRGHOR$
$OJXQDV
GHVFULSFLRQHVLQFOXLGDVODVGHOD
SDQWDOOD\ODVIXQFLRQHVGHO
PHQSXHGHQQRVHUYOLGDV
SDUDVXYHKFXORDFDXVDGHOD
YDULDQWHGHOPRGHORODV
HVSHFLILFDFLRQHVGHOSDVHO
HTXLSDPLHQWRHVSHFLDORORV
DFFHVRULRV
/DVHFFLQ(QSRFDVSDODEUDV
OHSURSRUFLRQDXQDSULPHUDYLVLQ
GHFRQMXQWR
/DVWDEODVGHFRQWHQLGRVDOSULQ
FLSLRGHOPDQXDO\GHFDGDVHF
FLQOHD\XGDUQDORFDOL]DUODLQ
IRUPDFLQ
(OQGLFHDOIDEWLFROHSHUPLWLU
EXVFDULQIRUPDFLQHVSHFILFD
(QHVWH0DQXDOGH,QVWUXFFLRQHV
VHUHSUHVHQWDQYHKFXORVFRQYR
ODQWHDODL]TXLHUGD(OIXQFLRQD
PLHQWRHVVLPLODUSDUDORVYHK
FXORVFRQYRODQWHDODGHUHFKD
(O0DQXDOGH,QVWUXFFLRQHVXWLOL]D
HOFGLJRGHLGHQWLILFDGRUGHOPR
WRU/DGHVLJQDFLQFRPHUFLDO\HO
FGLJRGHLQJHQLHUDFRUUHVSRQ
GLHQWHVVHSXHGHQHQFRQWUDUHQ
ODVHFFLQ'DWRVWFQLFRV
,QWURGXFFLQ
/DVLQGLFDFLRQHVGHGLUHFFLQ S
HML]TXLHUGDRGHUHFKDGHODQWHR
GHWUV VHUHILHUHQVLHPSUHDO
VHQWLGRGHPDUFKD
(VSRVLEOHTXHODSDQWDOODQRVHD
FRPSDWLEOHFRQVXLGLRPDHVSH
FILFR
/RVPHQVDMHVHQSDQWDOOD\ORV
UWXORVLQWHULRUHVHVWQLPSUHVRV
HQQ
QHJULWD
3HOLJUR$GYHUWHQFLD\
$WHQFLQ
3HOLJUR
(OWH[WRPDUFDGRFRQ3
3HOLJUR
RIUHFHLQIRUPDFLQVREUHHOULHVJR
GHVXIULUOHVLRQHVIDWDOHV6LVHLJ
QRUDGLFKDLQIRUPDFLQSXHGHKD
EHUSHOLJURGHPXHUWH
$GYHUWHQFLD
(OWH[WRPDUFDGRFRQ
$GYHUWHQFLDRIUHFHLQIRUPDFLQ
VREUHULHVJRVGHDFFLGHQWHVROH
VLRQHV6LVHLJQRUDGLFKDLQIRUPD
FLQSXHGHKDEHUULHVJRGHOHVLR
QHV
$WHQFLQ
(OWH[WRPDUFDGRFRQ$
$WHQFLQ
RIUHFHLQIRUPDFLQVREUHSRVLEOHV
GDRVHQHOYHKFXOR6LVHLJQRUD
GLFKDLQIRUPDFLQHOYHKFXOR
SXHGHVXIULUGDRV
6PERORV
/DVUHIHUHQFLDVDSJLQDVVHLQGLFDQ
PHGLDQWH (OVPEROR VLJQLILFD
YDVHODSJLQD
/DVUHIHUHQFLDVGHSJLQDV\ODVHQ
WUDGDVGHQGLFHKDFHQUHIHUHQFLDVD
ORVHQFDEH]DGRVTXHVHSURSRUFLR
QDQHQODVHFFLQGHQGLFH
/HGHVHDPRVPXFKDVKRUDVGHDJUD
GDEOHFRQGXFFLQ
$GDP2SHO$*
,QWURGXFFLQ
(QSRFDVSDODEUDV
(QSRFDVSDODEUDV
'HVEORTXHRGHOYHKFXOR
,QIRUPDFLQLPSRUWDQWH
SDUDVXSULPHUYLDMH
3XOVHASDUDGHVEORTXHDUODVSXHUWDV
\HOFRPSDUWLPHQWRGHFDUJD$EUDODV
SXHUWDVWLUDQGRGHODPDQLOODFRUUHV
SRQGLHQWH
3DUDDEULUHOSRUWQWUDVHURSXOVHHO
SDQHOWFWLOVLWXDGRGHEDMRGHOHP
EOHPDGHODPDUFD
0DQGRDGLVWDQFLD &LHUUHFHQ
WUDOL]DGR &RPSDUWLPHQWRGH
FDUJD
(QSRFDVSDODEUDV
$MXVWHGHORVDVLHQWRV
,QFOLQDFLQGHOUHVSDOGR
$OWXUDGHODVLHQWR
*LUHODUXHGDGHPDQR1RVHDSR\H
HQHOUHVSDOGRPLHQWUDVORDMXVWD
3RVLFLQGHDVLHQWR $MXVWHGH
ORVDVLHQWRV $EDWLUHOUHVSDOGR
$VLHQWRGHSRUWLYR
0RYLPLHQWRGHERPEHRGHODSDODQFD
KDFLDDUULED
DVLHQWRPVDOWR
KDFLDDEDMR
DVLHQWRPVEDMR
$MXVWHORQJLWXGLQDO
7LUHGHODVLGHURGHVOLFHHODVLHQWR
VXHOWHHODVLGHUR,QWHQWHPRYHUHO
DVLHQWRKDFLDGHODQWH\KDFLDDWUV
SDUDDVHJXUDUVHGHTXHHODVLHQWR
HVWEORTXHDGRHQVXSRVLFLQ
3RVLFLQGHDVLHQWR $MXVWHGH
ORVDVLHQWRV
3RVLFLQGHDVLHQWR $MXVWHGH
ORVDVLHQWRV
(QSRFDVSDODEUDV
$MXVWHGHORV
UHSRVDFDEH]DV
3XOVHHOERWQGHGHVEORTXHRDMXVWH
ODDOWXUDHQFODYH
5HSRVDFDEH]DV
&LQWXUQGHVHJXULGDG
$MXVWHGHORVUHWURYLVRUHV
5HWURYLVRULQWHULRU
([WUDLJDHOFLQWXUQGHVHJXULGDG\
HQFOYHORHQHOFLHUUH(OFLQWXUQGH
VHJXULGDGQRGHEHHVWDUUHWRUFLGR\
GHEHTXHGDUELHQDMXVWDGRDOFXHUSR
(OUHVSDOGRQRGHEHHVWDUGHPDVLDGR
LQFOLQDGRKDFLDDWUV P[LPRDSUR[
3DUDVROWDUHOFLQWXUQSXOVHHOERWQ
URMRGHOFLHUUH
3RVLFLQGHDVLHQWR &LQWXUR
QHVGHVHJXULGDG 6LVWHPDGH
DLUEDJV
3DUDDMXVWDUHOHVSHMRPXHYDODFDU
FDVDGHOHVSHMRHQODGLUHFFLQGH
VHDGD
5HWURYLVRULQWHULRUFRQDQWLGHVOXP
EUDPLHQWRPDQXDO
5HWURYLVRULQWHULRUFRQDQWLGHVOXP
EUDPLHQWRDXWRPWLFR
(QSRFDVSDODEUDV
5HWURYLVRUHVH[WHULRUHV
$MXVWHGHOYRODQWH
6HOHFFLRQHHOUHWURYLVRUH[WHULRUFR
UUHVSRQGLHQWHFRQHOLQWHUUXSWRUEDV
FXODQWH\DMXVWHHOHVSHMRFRQHO
PDQGR
5HWURYLVRUHVH[WHULRUHVFRQYH[RV
$MXVWHHOFWULFR 5H
WURYLVRUHVH[WHULRUHVSOHJDEOHV
5HWURYLVRUHVH[WHULRUHVWUPLFRV
'HVEORTXHHODSDODQFDDMXVWHHOYR
ODQWHOXHJRHQFODYHODSDODQFD\DVH
JUHVHGHTXHHVWWRWDOPHQWHEOR
TXHDGD
(OYRODQWHVORVHGHEHDMXVWDUFRQHO
YHKFXORSDUDGR\ODGLUHFFLQGHV
EORTXHDGD
6LVWHPDGHDLUEDJV 3RVLFLR
QHVGHODOODYHGHOHQFHQGLGR
(QSRFDVSDODEUDV
9LVWDJHQHUDOGHOWDEOHURGHLQVWUXPHQWRV
(QSRFDVSDODEUDV
6HDOL]DFLQGHJLURV\
FDPELRVGHFDUULOUIDJDV
OX]GHFUXFH\OX]GH
FDUUHWHUD
6LVWHPDGHFRQWUROGH
WUDFFLQ
,OXPLQDFLQGHVDOLGD
/XFHVGHHVWDFLRQDPLHQWR
%RWRQHVSDUDHOFHQWURGH
LQIRUPDFLQGHOFRQGXFWRU
,QVWUXPHQWRV
,QGLFDGRUGHDOHUWDGH
FROLVLQIURQWDO
&HQWURGHLQIRUPDFLQGHO
FRQGXFWRU
0DQGRVGHLQIRHQWUHWHQL
PLHQWR
/LPSLDSDUDEULVDV
ODYDSDUDEULVDV
OLPSLDOXQHWDODYDOXQHWD
&LHUUHFHQWUDOL]DGR
0RGRFLXGDG
6HOHFWRUGHFRPEXVWLEOH
%RWQ(&2SDUDHO
VLVWHPDVWRSVWDUW
&RQWUROHOHFWUQLFRGH
HVWDELOLGDG
$VLVWHQWHGHDSDUFDPLHQWR
&DOHIDFFLQGHDVLHQWR
9RODQWHWUPLFR
/('GHHVWDGRGHOVLVWHPD
GHDODUPDDQWLUURER
/XFHVGHHPHUJHQFLD
7HVWLJRGHFRQWUROGH
GHVDFWLYDFLQGHODLUEDJ
7HVWLJRGHFRQWUROGHO
FLQWXUQGHVHJXULGDGGHO
DFRPSDDQWH
3DQWDOODGHLQIRUPDFLQHQ
FRORU
3DQWDOODGHLQIRUPDFLQ
JUILFD
6DOLGDVGHDLUHFHQWUDOHV
6DOLGDVGHDLUHODWHUDOHV
ODGRGHODFRPSDDQWH
,QWHUUXSWRUGH
GHVDFWLYDFLQGHORV
DLUEDJV GHWUVGHODWDSD
GHODJXDQWHUD
*XDQWHUD
&OLPDWL]DGRUDXWRPWLFR
7RPDGHFRUULHQWH
(QWUDGD$8;HQWUDGD86%
3DODQFDVHOHFWRUD
WUDQVPLVLQ
)UHQRGHHVWDFLRQDPLHQWR
&HUUDGXUDGHOHQFHQGLGR
FRQEORTXHRGHOYRODQWH
%RFLQD
$LUEDJGHOFRQGXFWRU
3DODQFDGHGHVEORTXHR
GHOFDS
$MXVWHGHOYRODQWH
&RQPXWDGRUGHODVOXFHV
5HJXODFLQGHODOFDQFHGH
ORVIDURV
3LORWRDQWLQLHEOD
(QSRFDVSDODEUDV
&DMDGHIXVLEOHV
%ULOORGHODLOXPLQDFLQGHO
WDEOHURGHLQVWUXPHQWRV
(OHYDOXQDVHOFWULFRV
5HWURYLVRUHVH[WHULRUHV
5HJXODGRUGHYHORFLGDG
,OXPLQDFLQH[WHULRU
&RQPXWDGRUGHODVOXFHV
&RQPXWDGRUGHODVOXFHVFRQ
FRQWURODXWRPWLFRGHODVOXFHV
/LPLWDGRUGHYHORFLGDG
$OHUWDGHFROLVLQIURQWDO
*LUHHOFRQPXWDGRUGHODVOXFHV
OXFHVDSDJDGDV
OXFHVODWHUDOHV
IDURV
/XFHVDQWLQLHEOD
3XOVHORVERWRQHVGHOFRQPXWDGRUGH
ODVOXFHV
IDURVDQWLQLHEOD
P SLORWRDQWLQLHEOD
$872 FRQWURODXWRPWLFRGHODVOX
FHV ODLOXPLQDFLQH[WHULRU
VHHQFLHQGH\DSDJDDXWR
PWLFDPHQWH
P
DFWLYDFLQRGHVDFWLYDFLQ
GHOFRQWURODXWRPWLFRGHOX
FHV
OXFHVODWHUDOHV
IDURV
&RQWURODXWRPWLFRGHODVOXFHV
(QSRFDVSDODEUDV
5IDJDVOX]GHFDUUHWHUD\OX]GH
FUXFH
6HDOL]DFLQGHJLURV\FDPELRV
GHFDUULO
UIDJDV
OX]GH
FDUUHWHUD
OX]GH
FUXFH
SDODQFDKDFLD
DUULED
SDODQFDKDFLD
DEDMR
WLUHGHODSDODQFD
SUHVLRQHODSDODQFD
SUHVLRQHRWLUHGHODSD
ODQFD
/X]GHFDUUHWHUD UIDJDV
DVLVWHQWHGHOX]GHFDUUHWHUD
LQWHUPLWHQWHGHUH
FKR
LQWHUPLWHQWHL]
TXLHUGR
6HDOL]DFLQGHJLURV\FDPELRVGH
FDUULO /XFHVGHHVWDFLRQD
PLHQWR
/XFHVGHHPHUJHQFLD
6HDFWLYDQSXOVDQGRe
/XFHVGHHPHUJHQFLD
%RFLQD
(QSRFDVSDODEUDV
6LVWHPDVOLPSLD\
ODYDSDUDEULVDV
/DYDSDUDEULVDV
/LPSLDSDUDEULVDV
3XOVDUH
+, YHORFLGDGUSLGD
/2 YHORFLGDGOHQWD
,17 FRQH[LQDLQWHUYDORV
R
IXQFLRQDPLHQWRDXWRPWLFR
FRQVHQVRUGHOOXYLD
2)) GHVFRQHFWDU
3DUDXQVROREDUULGRFXDQGRHOOLP
SLDSDUDEULVDVHVWGHVFRQHFWDGR
EDMHODSDODQFDDODSRVLFLQ
[
/LPSLDSDUDEULVDV
7LUHGHODSDODQFD
6LVWHPDODYDSDUDEULVDV O
TXLGRGHODYDGR VXVWLWXFLQGH
ODHVFRELOODGHOOLPSLDSDUDEULVDV
(QSRFDVSDODEUDV
/LPSLDOXQHWDWUDVHUR
/DYDOXQHWD
&OLPDWL]DFLQ
/XQHWDWUPLFDWUDVHUD
3XOVHHOLQWHUUXSWRUEDVFXODQWHSDUD
DFWLYDUHOOLPSLDOXQHWD
LQWHUUXSWRU
IXQFLRQDPLHQWR
VXSHULRU
FRQWLQXR
LQWHUUXSWRULQIH IXQFLRQDPLHQWRLQ
ULRU
WHUPLWHQWH
SRVLFLQFHQWUDO GHVFRQHFWDU
3UHVLRQHODSDODQFD
6HSXOYHUL]DOTXLGRGHODYDGRVREUH
ODOXQHWDWUDVHUD\HOOLPSLDOXQHWDUHD
OL]DHOEDUULGRYDULDVYHFHV
/LPSLDODYDOXQHWD
/DFDOHIDFFLQVHDFFLRQDSXOVDQGR
^
/XQHWDWUPLFDWUDVHUD
3DUDEULVDVWUPLFR
5HWURYLVRUHVH[WHULRUHVWUPLFRV
6LVHSXOVD^VHDFWLYDQWDPELQORV
UHWURYLVRUHVH[WHULRUHV
5HWURYLVRUHVH[WHULRUHVWUPLFRV
(QSRFDVSDODEUDV
'HVHPSDDGR\GHVFRQJHODFLQ
GHORVFULVWDOHV
3RQJDHOPDQGRGHGLVWULEXFLQ
GHDLUHHQD
3XOVH5
3RQJDHOPDQGRGHODWHPSHUD
WXUDHQHOQLYHOPVFOLGR
3RQJDODYHORFLGDGGHOYHQWLODGRU
DOP[LPR
&RQHFWHODOXQHWDWUPLFDWUD
VHUD^
$EUDODVVDOLGDVGHDLUHVHJQ
VHDQHFHVDULR\RULQWHODVKDFLD
ODVYHQWDQLOODV
&OLPDWL]DGRUDXWRPWLFR
&DMDGHFDPELRV
&DPELRDXWRPWLFR
&DPELRPDQXDO
0DUFKDDWUV FRQHOYHKFXORSDUDGR
SLVHHOSHGDOGHHPEUDJXH\SXOVHHO
ERWQGHGHVEORTXHRGHODSDODQFD
VHOHFWRUD\HQJUDQHODPDUFKD
6LODPDUFKDQRHQWUDSRQJDODSD
ODQFDHQSXQWRPXHUWRVXHOWHHOSH
GDOGHOHPEUDJXH\SVHORGHQXHYR
OXHJRUHSLWDODVHOHFFLQGHODPDU
FKD
&DPELRPDQXDO
3
5
1
'
0
HVWDFLRQDPLHQWR
PDUFKDDWUV
SXQWRPXHUWR
PDUFKDKDFLDGHODQWH
PRGRPDQXDO
SUHVLRQHSDUDFDPELDUDXQD
PDUFKDPVODUJDHQPRGRPD
QXDO
< SUHVLRQHSDUDFDPELDUDXQD
PDUFKDPVFRUWDHQPRGRPD
QXDO
(QSRFDVSDODEUDV
/DSDODQFDVHOHFWRUDVORSXHGHPR
YHUVHGHODSRVLFLQ3
3FRQHOHQFHQ
GLGRFRQHFWDGR\HOSHGDOGHOIUHQR
SLVDGR3DUDVHOHFFLRQDU3
3R5
5SXOVH
HOERWQGHGHVEORTXHR
&DPELRDXWRPWLFR
&DPELRPDQXDODXWRPDWL]DGR
$OVDOLUGHYLDMH
&RPSUREDFLRQHVDQWHVGH
FRPHQ]DUXQYLDMH
5 PDUFKDDWUVVORVHGHEHVH
OHFFLRQDUFRQHOYHKFXORSDUDGR
1 SXQWRPXHUWR
' PRGRDXWRPWLFR
0 PRGRPDQXDO
FDPELDUDXQDPDUFKDPVODUJD
HQPRGRPDQXDO
< FDPELDUDXQDPDUFKDPVFRUWD
HQPRGRPDQXDO
&DPELRPDQXDODXWRPDWL]DGR
/DSUHVLQGHORVQHXPWLFRV\
VXHVWDGR
(OQLYHOGHDFHLWHGHOPRWRU\GH
ORVGHPVOTXLGRV
7RGRVORVFULVWDOHVUHWURYLVRUHV
LOXPLQDFLQH[WHULRU\SODFDVGH
PDWUFXODGHEHQHVWDUHQEXHQ
HVWDGR\OLEUHVGHVXFLHGDG
QLHYHRKLHOR
/DFRUUHFWDSRVLFLQGHORVUHWUR
YLVRUHVDVLHQWRV\FLQWXURQHVGH
VHJXULGDG
(OIXQFLRQDPLHQWRGHORVIUHQRVD
EDMDYHORFLGDGHVSHFLDOPHQWHVL
ORVIUHQRVHVWQKPHGRV
(QSRFDVSDODEUDV
$UUDQTXHGHOPRWRU
*LUHODOODYHDODSRVLFLQ
0XHYDOLJHUDPHQWHHOYRODQWH
SDUDGHVDFWLYDUHOEORTXHR
&DPELRPDQXDO DFFLRQHHOSHGDO
GHOHPEUDJXH\HOIUHQR
&DPELRPDQXDODXWRPDWL]DGR
DFFLRQHHOSHGDOGHIUHQR
&DPELRDXWRPWLFR DFFLRQHHO
SHGDOGHOIUHQR\SRQJDODSD
ODQFDVHOHFWRUDHQ3
3R1
1
1RSLVHHOSHGDOGHODFHOHUDGRU
0RWRUHVGLVHO JLUHODOODYHDOD
SRVLFLQ
SDUDHOSUHFDOHQWD
PLHQWR\HVSHUHKDVWDTXHVH
DSDJXHHOWHVWLJRGHFRQWURO
*LUHODOODYHDODSRVLFLQ
SDUD
HOSUHFDOHQWDPLHQWR\HVSHUH
KDVWDTXHVHDSDJXHHOWHVWLJRGH
FRQWURO
*LUHODOODYHKDVWDODSRVLFLQ
\
VXOWHOD
$UUDQTXHGHOPRWRU
6LVWHPDVWRSVWDUW
6LHOYHKFXORFLUFXODDEDMDYHORFLGDG
RHVWSDUDGR\VHFXPSOHQGHWHUPL
QDGDVFRQGLFLRQHVDFWLYHODIXQFLQ
GHSDUDGDDXWRPWLFD$XWRVWRSGHO
VLJXLHQWHPRGR
9HKFXORVFRQFDPELRPDQXDO
3LVHHOSHGDOGHOHPEUDJXH
3RQJDODSDODQFDHQSXQWR
PXHUWR
6XHOWHHOSHGDOGHOHPEUDJXH
8QDSDUDGDDXWRPWLFDVHLQGLFDPH
GLDQWHHOWHVWLJRGHFRQWURO'
3DUDYROYHUDDUUDQFDUHOPRWRUSLVH
GHQXHYRHOSHGDOGHOHPEUDJXH(O
WHVWLJRGHFRQWURO'VHDSDJD
(QSRFDVSDODEUDV
9HKFXORVFRQFDPELRPDQXDO
DXWRPDWL]DGR
6LHOYHKFXORVHHQFXHQWUDGHWHQLGR
FRQHOSHGDOGHOIUHQRSLVDGRODSD
UDGDDXWRPWLFDVHDFWLYDDXWRPWL
FDPHQWH(VWRVHLQGLFDPHGLDQWHHO
WHVWLJRGHFRQWURO'
6XHOWHHOSHGDOGHOIUHQRRVDTXHOD
SDODQFDVHOHFWRUDGHODSRVLFLQ'
'
SDUDYROYHUDDUUDQFDUHOPRWRU(O
WHVWLJRGHFRQWURO'VHDSDJD
6LVWHPDVWRSVWDUW
(VWDFLRQDPLHQWR
$GYHUWHQFLD
1RDSDUTXHHOYHKFXORVREUHOD
VXSHUILFLHLQIODPDEOH/DWHP
SHUDWXUDDOWDGHOVLVWHPDGHHV
FDSHSRGUDSUHQGHUIXHJRHQ
ODVXSHUILFLH
$FFLRQHVLHPSUHHOIUHQRGHHV
WDFLRQDPLHQWR$FFLRQHHO
IUHQRGHHVWDFLRQDPLHQWRPD
QXDOVLQSXOVDUHOERWQGHGHV
EORTXHR(QSHQGLHQWHVDSO
TXHORFRQWRGDODILUPH]DSRVL
EOH3DUDUHGXFLUHOHVIXHU]R
SLVHHOSHGDOGHOIUHQRDOPLVPR
WLHPSR
'HVFRQHFWHHOPRWRU
6LHOYHKFXORHVWHQXQDVX
SHUILFLHSODQDRFXHVWDDUULED
HQJUDQHODSULPHUDRPXHYDOD
SDODQFDVHOHFWRUDDODSRVLFLQ
3DQWHVGHVDFDUODOODYHGHHQ
FHQGLGR6LHOYHKFXORHVW
FXHVWDDUULEDJLUHODVUXHGDV
GHODQWHUDVHQODGLUHFFLQFRQ
WUDULDDOERUGLOOR
6LHOYHKFXORHVWHQXQDSHQ
GLHQWHGHVFHQGHQWHHQJUDQH
ODPDUFKDDWUVRPXHYDODSD
ODQFDVHOHFWRUDDODSRVLFLQ3
3
DQWHVGHVDFDUODOODYHGHHQ
FHQGLGR*LUHODVUXHGDVGHODQ
WHUDVKDFLDHOERUGLOOR
&LHUUHODVYHQWDQLOODV\HOWHFKR
VRODU
6DTXHODOODYHGHFRQWDFWRGHO
LQWHUUXSWRUGHHQFHQGLGR*LUH
HOYRODQWHKDVWDTXHSHUFLED
TXHVHKDEORTXHDGR
(QYHKFXORVFRQFDPELRDXWR
PWLFRODOODYHVORSXHGHVD
FDUVHFXDQGRODSDODQFDVHOHF
WRUDHVWHQODSRVLFLQ3
3
3DUDYHKFXORVFRQFDPELRPD
QXDODXWRPDWL]DGRODOODYH
SXHGHVDFDUVHGHOLQWHUUXSWRU
GHHQFHQGLGRVRODPHQWH
FXDQGRHVWDSOLFDGRHOIUHQR
GHHVWDFLRQDPLHQWR
%ORTXHHHOYHKFXORSXOVDQGRC
GHOPDQGRDGLVWDQFLD
(QSRFDVSDODEUDV
&RQHFWHHOVLVWHPDGHDODUPD
DQWLUURER
/RVYHQWLODGRUHVGHUHIULJHUDFLQ
GHOPRWRUSXHGHQVHJXLUIXQFLR
QDQGRGHVSXVGHGHVFRQHFWDU
HOPRWRU
$WHQFLQ
'HVSXVGHFLUFXODUDXQUJLPHQ
HOHYDGRRDOWDFDUJDVHGHEHGH
MDUIXQFLRQDUHOPRWRUEUHYHPHQWH
FRQEDMDFDUJDRDOUDOHQWGXUDQWH
XQRVVHJXQGRVDQWHVGHSD
UDUORDILQGHSURWHJHUHOWXUERFRP
SUHVRU
/ODYHVFHUUDGXUDV ,QPRYLOL
]DFLQGHOYHKFXORGXUDQWHXQSH
ULRGRGHWLHPSRSURORQJDGR
/ODYHVSXHUWDV\YHQWDQLOODV
/ODYHVSXHUWDV\
YHQWDQLOODV
/ODYHVFHUUDGXUDV
/ODYHV
&DU3DVV
0DQGRDGLVWDQFLD
$MXVWHVPHPRUL]DGRV
&LHUUHFHQWUDOL]DGR
%ORTXHRDXWRPWLFR
6HJXURVSDUDQLRV
3XHUWDV
&RPSDUWLPHQWRGHFDUJD
6HJXULGDGGHOYHKFXOR
6LVWHPDDQWLUURER
6LVWHPDGHDODUPDDQWLUURER
,QPRYLOL]DGRU
5HWURYLVRUHVH[WHULRUHV
)RUPDFRQYH[D
$MXVWHHOFWULFR
(VSHMRVUHWURYLVRUHV
SOHJDEOHV
5HWURYLVRUHVWUPLFRV
5HWURYLVRULQWHULRU
$QWLGHVOXPEUDPLHQWRPDQXDO
$QWLGHVOXPEUDPLHQWR
DXWRPWLFR
9HQWDQLOODV
3DUDEULVDV
(OHYDOXQDVPDQXDOHV
(OHYDOXQDVHOFWULFRV
/XQHWDWUPLFDWUDVHUD
3DUDEULVDVWUPLFR
3DUDVROHV
7HFKR
7HFKRVRODU
/ODYHVFHUUDGXUDV
/ODYHV
$WHQFLQ
1RILMHDUWFXORVSHVDGRVRYROX
PLQRVRVDODOODYHGHFRQWDFWR
/ODYHVGHUHSXHVWR
(OQPHURGHOODYHILJXUDHQHO&DU
3DVVRHQXQDHWLTXHWDVHSDUDEOH
$OSHGLUOODYHVGHUHSXHVWRGHEHLQGL
FDUVHHOQPHURGHOODYHFRUUHVSRQ
GLHQWH\DTXHODOODYHHVXQFRPSR
QHQWHGHOVLVWHPDLQPRYLOL]DGRU
&HUUDGXUDV
(OFGLJRQXPULFRGHODGDSWDGRU
SDUDORVSHUQRVGHUXHGDDQWLUURERVH
HVSHFLILFDHQXQDWDUMHWD'HEHLQGL
FDUVHDOVROLFLWDUXQDGDSWDGRUGHUH
FDPELR
&DPELRGHXQDUXHGD
/ODYHVSXHUWDV\YHQWDQLOODV
/ODYHFRQSDOHWQSOHJDEOH
3XOVHHOERWQSDUDGHVSOHJDUOR3DUD
SOHJDUODOODYHSXOVHSULPHURHOERWQ
&DU3DVV
(O&DU3DVVFRQWLHQHGDWRVUHODFLR
QDGRVFRQODVHJXULGDGGHOYHKFXOR
\GHEHJXDUGDUVHHQXQOXJDUVHJXUR
$OOOHYDUHODXWRPYLODXQWDOOHUHVWRV
GDWRVGHOYHKFXORVRQQHFHVDULRV
SDUDUHDOL]DUGHWHUPLQDGRVWUDEDMRV
0DQGRDGLVWDQFLD
6HXVDSDUDDFFLRQDU
FLHUUHFHQWUDOL]DGR
VLVWHPDDQWLUURER
VLVWHPDGHDODUPDDQWLUURER
(OPDQGRDGLVWDQFLDWLHQHXQDOFDQFH
GHPHWURVDSUR[LPDGDPHQWH
3XHGHUHGXFLUVHSRULQIOXHQFLDVH[
WHUQDV/DVOXFHVGHHPHUJHQFLDVH
LOXPLQDQSDUDFRQILUPDUHODFFLRQD
PLHQWR
'HEHWUDWDUORFRQFXLGDGRSURWHJHUOR
GHODKXPHGDG\GHODVWHPSHUDWXUDV
DOWDV\HYLWHDFFLRQDUORLQQHFHVDULD
PHQWH
$YHUD
6LHOFLHUUHFHQWUDOL]DGRQRVHDFWLYD
FRQHOPDQGRDGLVWDQFLDSXHGHGH
EHUVHDORVLJXLHQWH
6HKDVXSHUDGRHODOFDQFH
/DWHQVLQGHODSLODHVGHPD
VLDGREDMD
$FFLRQDPLHQWRUHSHWLGR\IUH
FXHQWHGHOPDQGRDGLVWDQFLD
IXHUDGHODOFDQFHGHUHFHSFLQ
GHOYHKFXOR VHUQHFHVDULRYRO
YHUDVLQFURQL]DUOR
6REUHFDUJDGHOFLHUUHFHQWUDOL
]DGRGHELGRDXQDFFLRQDPLHQWR
IUHFXHQWHHQEUHYHVLQWHUYDORV
VHLQWHUUXPSHODDOLPHQWDFLQGH
FRUULHQWHGXUDQWHXQEUHYHSH
URGRGHWLHPSR
,QWHUIHUHQFLDGHRQGDVGHUDGLR
GHPD\RUSRWHQFLDSURFHGHQWHV
GHRWUDVIXHQWHV
'HVEORTXHR
$MXVWHVEVLFRV
$OJXQRVDMXVWHVSXHGHQFDPELDUVH
HQODSDQWDOODGHLQIRUPDFLQ
3HUVRQDOL]DFLQGHOYHKFXOR
/ODYHVSXHUWDV\YHQWDQLOODV
6XVWLWXFLQGHODSLODGHOPDQGRD
GLVWDQFLD
6XVWLWX\DODSLODHQFXDQWRGLVPLQX\D
HODOFDQFH
'HVSOLHJXHODOODYH\DEUDODXQLGDG
ODWHUDOPHQWH6XVWLWX\DODSLOD WLSR
&5 SUHVWDQGRDWHQFLQDOD
SRVLFLQGHPRQWDMH&LHUUHODXQLGDG
\VLQFURQLFHHOPDQGRDGLVWDQFLD
6LQFURQL]DFLQGHOPDQGRD
GLVWDQFLD
/DVSLODVQRGHEHQDUURMDUVHDODED
VXUDGRPVWLFD'HEHQGHVHFKDUVH
HQXQSXQWRGHUHFRJLGDDXWRUL]DGR
SDUDVXUHFLFODMH
'HVSXVGHVXVWLWXLUODSLODGHVEOR
TXHHODSXHUWDFRQODOODYHHQODFH
UUDGXUDGHODSXHUWDGHOFRQGXFWRU(O
PDQGRDGLVWDQFLDVHVLQFURQL]DU
FXDQGRFRQHFWHHOHQFHQGLGR
$MXVWHVPHPRUL]DGRV
&XDQGRVHVDFDODOODYHGHODFHUUD
GXUDGHOHQFHQGLGRODOODYHPHPR
UL]DDXWRPWLFDPHQWHORVVLJXLHQWHV
DMXVWHV
LOXPLQDFLQ
FOLPDWL]DFLQHOHFWUQLFD
SUHDMXVWHVSDUDHO6LVWHPDGHLQ
IRHQWUHWHQLPLHQWR
FLHUUHFHQWUDOL]DGR
FRQILJXUDFLQGHFRQIRUW
/RVDMXVWHVJXDUGDGRVVHXWLOL]DQDX
WRPWLFDPHQWHODSU[LPDYH]TXHVH
LQVHUWHODOODYHPHPRUL]DGDHQODFH
UUDGXUDGHOHQFHQGLGR\VHJLUHDOD
SRVLFLQ
3DUDHOORHVQHFHVDULRTXHHVWDFWL
YDGR3
3HUVRQDOL]DFLQFRQGXFWRUHQ
ORVDMXVWHVSHUVRQDOHVGHODSDQWDOOD
GHLQIRUPDFLQ(VWDRSFLQGHEH
FRQILJXUDUVHSDUDFDGDOODYHXWLOL
]DGD
3HUVRQDOL]DFLQGHOYHKFXOR
&LHUUHFHQWUDOL]DGR
3HUPLWHEORTXHDU\GHVEORTXHDUODV
SXHUWDVHOFRPSDUWLPHQWRGHFDUJD\
ODWDSDGHOGHSVLWRGHFRPEXVWLEOH
'HVGHHOLQWHULRUGHOYHKFXORFRQODV
SXHUWDVEORTXHDGDVWLUHGHODPDQLOOD
GHODSXHUWDLQWHULRUSDUDGHVEORTXHDU
ODSXHUWDFRUUHVSRQGLHQWH6LWLUDGH
ODPDQLOODPVGHXQDYH]VHDEULU
ODSXHUWD
1RWD
(QFDVRGHDFFLGHQWHFRQGHVSOLH
JXHGHORVDLUEDJVRSUHWHQVRUHVGH
FLQWXURQHVHOYHKFXORVHGHVEOR
TXHDDXWRPWLFDPHQWH
/ODYHVSXHUWDV\YHQWDQLOODV
1RWD
7UHVPLQXWRVGHVSXVGHOGHVEOR
TXHRFRQHOPDQGRDGLVWDQFLDODV
SXHUWDVVHYXHOYHQDEORTXHDUDXWR
PWLFDPHQWHVLQRVHKDDELHUWRQLQ
JXQDSXHUWD
'HVEORTXHR
FRPEXVWLEOH SXOVHAXQDYH]
3DUDGHVEORTXHDUWRGDVODVSXHU
WDV SXOVHAGRVYHFHV
3XOVHAXQDYH]SDUDGHVEOR
TXHDUODVSXHUWDVHOFRPSDUWL
PHQWRGHFDUJD\ODWDSDGHOGH
SVLWR
3HUVRQDOL]DFLQGHOYHKFXOR
/RVDMXVWHVVHSXHGHQJXDUGDUSDUD
ODOODYHXWLOL]DGD
$MXVWHVPHPRUL]DGRV
'HVEORTXHR\DSHUWXUDGHOSRUWQWUD
VHUR
%ORTXHR
&LHUUHODVSXHUWDVHOFRPSDUWLPHQWR
GHFDUJD\ODWDSDGHOGHSVLWRGH
FRPEXVWLEOH
3XOVHA
6HSXHGHQVHOHFFLRQDUGRVDMXVWHV
HQODSDQWDOODGHLQIRUPDFLQ
3DUDGHVEORTXHDUVORODSXHUWD
GHOFRQGXFWRUHOFRPSDUWLPHQWR
GHFDUJD\ODWDSDGHOGHSVLWRGH
3XOVHC
6LODSXHUWDGHOFRQGXFWRUQRHVW
ELHQFHUUDGDHOFLHUUHFHQWUDOL]DGRQR
IXQFLRQDU
%RWRQHVGHOFLHUUHFHQWUDOL]DGR
%ORTXHDQRGHVEORTXHDQODVSXHUWDV
HOFRPSDUWLPHQWRGHFDUJD\ODWDSD
GHOGHSVLWRGHFRPEXVWLEOHGHVGHHO
LQWHULRUGHOKDELWFXOR
/ODYHVSXHUWDV\YHQWDQLOODV
(VWDIXQFLQVHSXHGHDFWLYDURGHV
DFWLYDUHQODSDQWDOODGHLQIRUPDFLQ
3HUVRQDOL]DFLQGHOYHKFXOR
$YHUDHQHOVLVWHPDGHPDQGRD
GLVWDQFLD
'HVEORTXHR
3XOVHCSDUDEORTXHDU
3XOVHASDUDGHVEORTXHDU
)XQFLQGHEORTXHRUHWDUGDGRGH
SXHUWDV
$SDJXHHOPRWRU\VDTXHODOODYHGH
ODFHUUDGXUD3XOVHCFRQDOPHQRV
XQDSXHUWDDELHUWD\VRQDUQWUHVWLP
EUHV&XDQGRVHKD\DFHUUDGRODO
WLPDSXHUWDHOYHKFXOREORTXHDUDX
WRPWLFDPHQWHWRGDVODVSXHUWDV
WUDQVFXUULGRVFLQFRVHJXQGRV\VH
FRQILUPDU
8QDYH]WUDQVFXUULGRVGLH]PLQXWRV
HOYHKFXOREORTXHDUDXWRPWLFD
PHQWHWRGDVODVSXHUWDVDXQTXHFRQ
WLQHKDELHQGRXQDSXHUWDDELHUWD
'HVEORTXHHPDQXDOPHQWHODSXHUWD
GHOFRQGXFWRUJLUDQGRODOODYHHQOD
FHUUDGXUD&RQHFWHHOHQFHQGLGR\
SXOVHHOERWQGHOFLHUUHFHQWUDOL]DGR
ASDUDGHVEORTXHDUWRGDVODVSXHUWDV
HOFRPSDUWLPHQWRGHFDUJD\ODWDSD
GHOGHSVLWRGHFRPEXVWLEOH
$OFRQHFWDUHOHQFHQGLGRVHGHVDF
WLYDHOVLVWHPDDQWLUURER
%ORTXHR
%ORTXHHPDQXDOPHQWHODSXHUWDGHO
FRQGXFWRUJLUDQGRODOODYHHQODFH
UUDGXUD
$YHUDGHOFLHUUHFHQWUDOL]DGR
'HVEORTXHR
'HVEORTXHHPDQXDOPHQWHODSXHUWD
GHOFRQGXFWRUJLUDQGRODOODYHHQOD
FHUUDGXUD/DVRWUDVSXHUWDVSXHGHQ
DEULUVHWLUDQGRGHODPDQLOODLQWHULRU
GRVYHFHV(OFRPSDUWLPHQWRGH
FDUJD\ODWDSDGHOGHSVLWRGHFRP
EXVWLEOHQRVHSXHGHQDEULU
3DUDGHVDFWLYDUHOVLVWHPDDQWLUURER
FRQHFWHHOHQFHQGLGR
%ORTXHR
3XOVHHOERWQLQWHULRUGHEORTXHRGH
WRGDVODVSXHUWDVH[FHSWRODSXHUWD
GHOFRQGXFWRU/XHJRFLHUUHODSXHUWD
GHOFRQGXFWRU\EORTXHODGHVGH
IXHUDFRQODOODYH
/DWDSDGHOGHSVLWRGHFRPEXVWLEOH
\HOSRUWQWUDVHURQRVHSXHGHQEOR
TXHDU
/ODYHVSXHUWDV\YHQWDQLOODV
3XHUWDV
%ORTXHRDXWRPWLFR
(VWDIXQFLQGHVHJXULGDGSXHGH
FRQILJXUDUVHSDUDEORTXHDUDXWRPWL
FDPHQWHODVSXHUWDVHOFRPSDUWL
PHQWRGHFDUJD\ODWDSDGHOGHSVLWR
GHFRPEXVWLEOHHQFXDQWRHOYHKFXOR
VXSHUHXQDGHWHUPLQDGDYHORFLGDG
$GHPVVHSXHGHFRQILJXUDUSDUD
GHVEORTXHDUODSXHUWDGHOFRQGXFWRU
RWRGDVODVSXHUWDVGHVSXVGHGHV
FRQHFWDUHOHQFHQGLGR\VDFDUODOODYH
FDPELRPDQXDO RGHSRQHUODSD
ODQFDVHOHFWRUDHQ3
3 FDPELRDXWR
PWLFR
/RVDMXVWHVSXHGHQFDPELDUVHHQOD
SDQWDOODGHLQIRUPDFLQ
3HUVRQDOL]DFLQGHOYHKFXOR
/RVDMXVWHVVHSXHGHQJXDUGDUSDUD
ODOODYHXWLOL]DGD
6HJXURVSDUDQLRV
$GYHUWHQFLD
8WLOLFHORVVHJXURVSDUDQLRV
VLHPSUHTXHYLDMHQQLRVHQORV
DVLHQWRVWUDVHURV
&RPSDUWLPHQWRGHFDUJD
3RUWQWUDVHUR
$SHUWXUD
8VDQGRXQDOODYHRXQGHVWRUQLOODGRU
DGHFXDGRJLUHHOLQWHUUXSWRUHQODFH
UUDGXUDGHODSXHUWDWUDVHUDKDVWDOD
SRVLFLQYHUWLFDO/DSXHUWDQRSXHGH
DEULUVHGHVGHHOLQWHULRU
3DUDDEULUHOSRUWQWUDVHURSXOVHHO
SDQHOWFWLOVLWXDGRGHEDMRGHOHP
EOHPDGHODPDUFD
/ODYHVSXHUWDV\YHQWDQLOODV
&LHUUH
QRVRV\DTXHSRGUDQHQWUDUJD
VHVGHHVFDSHW[LFRVLQRGRURVH
LQYLVLEOHVHQHOYHKFXOR3XHGHQ
RFDVLRQDUXQGHVYDQHFLPLHQWRH
LQFOXVRODPXHUWH
$WHQFLQ
8WLOLFHODPDQLOODLQWHULRU
1RSXOVHHOLQWHUUXSWRUGHOSDQHOWFWLO
DOFHUUDU\DTXHVHYROYHUDGHVEOR
TXHDUHOSRUWQWUDVHUR
&LHUUHFHQWUDOL]DGR
,QGLFDFLRQHVJHQHUDOHVSDUD
DFFLRQDUHOSRUWQWUDVHUR
3HOLJUR
1RFLUFXOHFRQHOSRUWQWUDVHUR
DELHUWRRHQWUHDELHUWRSRUHMHP
SORDOWUDQVSRUWDUREMHWRVYROXPL
$QWHVGHDEULUHOSRUWQWUDVHUR
FRPSUXHEHVLKD\REVWUXFFLRQHV
SRUDUULEDFRPRXQDSXHUWDGHJD
UDMHSDUDHYLWDUGDRVHQHOSRUWQ
WUDVHUR&RPSUXHEHVLHPSUHOD
]RQDGHPRYLPLHQWRSRUHQFLPD\
GHWUVGHOSRUWQWUDVHUR
1RWD
6LVHPRQWDQGHWHUPLQDGRVDFFHVR
ULRVSHVDGRVHQHOSRUWQWUDVHUR
SXHGHTXHVWHQRVHPDQWHQJDHQ
SRVLFLQDELHUWD
6HJXULGDGGHOYHKFXOR
6LVWHPDDQWLUURER
$GYHUWHQFLD
1RXWLOLFHHOVLVWHPDVLKD\SHUVR
QDVHQHOLQWHULRUGHOYHKFXOR/DV
SXHUWDVQRVHSXHGHQGHVEOR
TXHDUGHVGHHOLQWHULRU
(OVLVWHPDDQWLUUREREORTXHDPHFQL
FDPHQWHWRGDVODVSXHUWDV3DUDDF
WLYDUHOVLVWHPDWRGDVODVSXHUWDVGH
EHQHVWDUFHUUDGDV
6LHOHQFHQGLGRHVWDEDFRQHFWDGRVH
GHEHDEULU\FHUUDUXQDYH]ODSXHUWD
GHOFRQGXFWRUSDUDSRGHUDVHJXUDUHO
YHKFXOR
$OGHVEORTXHDUHOYHKFXORVHGHVDF
WLYDHOVLVWHPDDQWLUURERPHFQLFR
(VWRQRHVSRVLEOHFRQHOERWQGHO
FLHUUHFHQWUDOL]DGR
/ODYHVSXHUWDV\YHQWDQLOODV
$FWLYDFLQ
$FWLYDFLQ
$XWRDFWLYDGRVHJXQGRVGHV
SXVGHFHUUDUHOYHKFXORSXO
VDQGRCXQDYH]
3XOVDQGRGLUHFWDPHQWHCGRVYH
FHVEUHYHPHQWHDQWHVGHTXH
WUDQVFXUUDQFLQFRVHJXQGRV
/('GHHVWDGR
(VWDGRGHVSXVGHDFWLYDUVHHOVLV
WHPD
/('
HOVLVWHPDHVWDFWL
SDUSDGHD
YDGR
OHQWDPHQWH
3XOVHGRVYHFHVCHQHOPDQGRDGLV
WDQFLDHQPHQRVGHFLQFRVHJXQGRV
6LVWHPDGHDODUPD
DQWLUURER
(OVLVWHPDGHDODUPDDQWLUURERVH
FRPELQDFRQHOVLVWHPDDQWLUURERPH
FQLFR
(OVLVWHPDYLJLOD
SXHUWDVSRUWQWUDVHURFDS
HQFHQGLGR
(VWDGRGXUDQWHORVSULPHURV
VHJXQGRVGHVGHODDFWLYDFLQGHO
VLVWHPDGHDODUPDDQWLUURER
/('HQFHQGLGR FRPSUREDFLQUH
WDUGRGHDFWLYD
FLQ
/('SDUSDGHD ODVSXHUWDVHOSRU
USLGDPHQWH
WQWUDVHURRHO
FDSQRHVWQELHQ
FHUUDGRV RDYHUD
GHOVLVWHPD
(QFDVRGHDYHUDUHFXUUDDODD\XGD
GHXQWDOOHU
'HVDFWLYDFLQ
(O/('GHHVWDGRHVWLQWHJUDGRHQHO
VHQVRUVLWXDGRHQODSDUWHVXSHULRU
GHOWDEOHURGHLQVWUXPHQWRV
6LVHGHVEORTXHDHOYHKFXORSXO
VDQGRAVHGHVDFWLYDUHOVLVWHPDGH
DODUPDDQWLUURER
(OVLVWHPDQRVHGHVDFWLYDGHVEOR
TXHDQGRODSXHUWDGHOFRQGXFWRUFRQ
ODOODYHRFRQHOERWQGHFLHUUHFHQ
WUDOL]DGRHQHOKDELWFXOR
/ODYHVSXHUWDV\YHQWDQLOODV
$ODUPD
&XDQGRVHGLVSDUDVXHQDODERFLQD
GHDODUPD\VLPXOWQHDPHQWHSDU
SDGHDQODVOXFHVGHHPHUJHQFLD(O
QPHUR\ODGXUDFLQGHODVDODUPDV
HVWHVWDEOHFLGRSRUODOH\
/DDODUPDVHSXHGHVLOHQFLDUSXO
VDQGRFXDOTXLHUERWQGHOPDQGRD
GLVWDQFLDRFRQHFWDQGRHOHQFHQGLGR
(OVLVWHPDGHDODUPDDQWLUURERVROR
SXHGHGHVDFWLYDUVHSXOVDQGRAGHO
PDQGRDGLVWDQFLDRFRQHFWDQGRHO
HQFHQGLGR
6LVHGLVSDUDXQDDODUPDTXHQRKD
VLGRLQWHUUXPSLGDSRUHOFRQGXFWRUVH
LQGLFDUDWUDYVGHODVOXFHVGH
HPHUJHQFLD3DUSDGHDUQUSLGD
PHQWHWUHVYHFHVFXDQGRHOYHKFXOR
VHGHVEORTXHHFRQHOPDQGRDGLV
WDQFLD
0HQVDMHVGHOYHKFXOR
,QPRYLOL]DGRU
(OVLVWHPDIRUPDSDUWHGHODFHUUD
GXUDGHOHQFHQGLGR\FRPSUXHEDVLHO
YHKFXORSXHGHVHUDUUDQFDGRFRQOD
OODYHXWLOL]DGD
(OLQPRYLOL]DGRUVHDFWLYDDXWRPWL
FDPHQWHGHVSXVGHVDFDUODOODYHGH
ODFHUUDGXUDGHOHQFHQGLGR
6LHOWHVWLJRGHFRQWUROGSDUSDGHD
FRQHOHQFHQGLGRFRQHFWDGRKD\XQD
DYHUDHQHOVLVWHPDGHOLQPRYLOL]D
GRU QRVHSXHGHDUUDQFDUHOPRWRU
'HVFRQHFWHHOHQFHQGLGR\UHSLWDHO
LQWHQWRGHDUUDQTXH
6LHOWHVWLJRGHFRQWUROFRQWLQDSDU
SDGHDQGRLQWHQWHDUUDQFDUHOPRWRU
FRQODOODYHGHUHSXHVWR\UHFXUUDDOD
D\XGDGHXQWDOOHU
5HWURYLVRUHVH[WHULRUHV
)RUPDFRQYH[D
(OUHWURYLVRUH[WHULRUFRQYH[RFRQ
WLHQHXQD]RQDDVIULFD\UHGXFHORV
QJXORVPXHUWRV/DIRUPDGHOHVSHMR
KDFHTXHORVREMHWRVSDUH]FDQPV
SHTXHRVORTXHDIHFWDDODDSUHFLD
FLQGHODVGLVWDQFLDV
$MXVWHHOFWULFR
1RWD
(OLQPRYLOL]DGRUQREORTXHDODV
SXHUWDV'HVSXVGHVDOLUGHOYH
KFXORVLHPSUHGHEHEORTXHDUOR
&RQHFWHHOVLVWHPDGHDODUPDDQWL
UURER
7HVWLJRGHFRQWUROG
6HOHFFLRQHHOUHWURYLVRUH[WHULRUFR
UUHVSRQGLHQWHSXOVDQGRHOLQWHUUXSWRU
EDVFXODQWHDODL]TXLHUGD / RDOD
GHUHFKD 5 /XHJREDVFXOHHO
PDQGRSDUDDMXVWDUHOUHWURYLVRU
/ODYHVSXHUWDV\YHQWDQLOODV
,QWHUUXSWRUEDVFXODQWHHQSRVLFLQ
FHQWUDO QLQJQUHWURYLVRUVHOHFFLR
QDGRSDUDDMXVWDU
(VSHMRVUHWURYLVRUHV
SOHJDEOHV
3DUDODVHJXULGDGGHORVSHDWRQHV
ORVUHWURYLVRUHVH[WHULRUHVEDVFXODQ
GHVXSRVLFLQGHPRQWDMHQRUPDODO
UHFLELULPSDFWRVGHXQDGHWHUPLQDGD
IXHU]D9XHOYDDFRORFDUHOUHWURYLVRU
HQVXSRVLFLQSUHVLRQDQGROLJHUD
PHQWHVREUHODFDUFDVD
3RVLFLQGHHVWDFLRQDPLHQWR
/RVUHWURYLVRUHVH[WHULRUHVSXHGHQ
SOHJDUVHSUHVLRQDQGRVXDYHPHQWH
VREUHHOERUGHH[WHULRUGHODFDUFDVD
SRUHMHPSORHQDSDUFDPLHQWRVHVWUH
FKRV
5HWURYLVRUHVWUPLFRV
6HDFWLYDQSXOVDQGR^
/DFDOHIDFFLQGHOHVSHMRUHWURYLVRU
IXQFLRQDFRQHOPRWRUHQPDUFKD
6HDSDJDDXWRPWLFDPHQWHGHVSXV
GHVHLVPLQXWRV
6LVHSXOVD^XQDYH]PVGXUDQWH
HOPLVPRFLFORGHHQFHQGLGRODFDOH
IDFFLQSXHGHIXQFLRQDUGXUDQWH
RWURVWUHVPLQXWRV
/ODYHVSXHUWDV\YHQWDQLOODV
5HWURYLVRULQWHULRU
$QWLGHVOXPEUDPLHQWR
PDQXDO
$QWLGHVOXPEUDPLHQWR
DXWRPWLFR
9HQWDQLOODV
3DUDEULVDV
3HJDWLQDVHQHOSDUDEULVDV
1RILMHSHJDWLQDVSRUHMHPSORODVSH
JDWLQDVGHFRQWUROHQFDUUHWHUDVGH
SHDMHRVLPLODUHVVREUHHOSDUDEULVDV
HQOD]RQDGHOUHWURYLVRULQWHULRU(Q
FDVRFRQWUDULRSRGUDUHVWULQJLUVHOD
]RQDGHGHWHFFLQGHOVHQVRUHQOD
FDUFDVDGHOHVSHMR
6XVWLWXFLQGHOSDUDEULVDV
3DUDUHGXFLUHOGHVOXPEUDPLHQWR
DMXVWHODSDODQFDTXHKD\GHEDMRGH
ODFDUFDVDGHOHVSHMR
6HUHGXFHDXWRPWLFDPHQWHHOGHV
OXPEUDPLHQWRGHORVYHKFXORVTXH
WLHQHGHWUVSRUODQRFKH
$WHQFLQ
6LHOYHKFXORGLVSRQHGHVHQVRU
GHFPDUDIURQWDOSDUDORVVLVWH
PDVGHD\XGDDODFRQGXFFLQHV
PX\LPSRUWDQWHUHDOL]DUFXDOTXLHU
VXVWLWXFLQGHOSDUDEULVDVGHPD
QHUDSUHFLVDVHJQODVHVSHFLILFD
FLRQHVGH2SHO'HORFRQWUDULR
HVWRVVLVWHPDVSRGUDQQRIXQFLR
QDUFRUUHFWDPHQWH\H[LVWHULHVJR
GHFRPSRUWDPLHQWRLPSUHYLVWRR
PHQVDMHVGHHVWRVVLVWHPDV
/ODYHVSXHUWDV\YHQWDQLOODV
(OHYDOXQDVPDQXDOHV
7LUQODUJR ODYHQWDQDVHFLHUUDDX
WRPWLFDPHQWHKDVWDODSRVLFLQILQDO
3DUDGHWHQHUHOPRYLPLHQWRDFFLRQH
HOLQWHUUXSWRUXQDYH]PV
/DVYHQWDQLOODVWUDVHUDVSXHGHQVX
ELUVH\EDMDUVHPDQXDOPHQWHFRQODV
PDQLYHODV
)XQFLQGHVHJXULGDG
(OHYDOXQDVHOFWULFRV
6LHOFULVWDOGHODYHQWDQLOODHQFXHQWUD
DOJQREVWFXORHQODPLWDGVXSHULRU
GHOUHFRUULGRGXUDQWHHOFLHUUHDXWR
PWLFRVHGHWHQGULQPHGLDWDPHQWH
\YROYHUDDEULUVH
$GYHUWHQFLD
7HQJDFXLGDGRDODFFLRQDUORVHOH
YDOXQDVHOFWULFRV+D\ULHVJRGH
OHVLRQHVHVSHFLDOPHQWHSDUDORV
QLRV
7HQJDFXLGDGRDOFHUUDUODVYHQWD
QLOODV$VHJUHVHGHTXHQDGD
TXHGHDWUDSDGRPLHQWUDVVHPXH
YHQ
)XQFLRQDFRQHOFRQWDFWRFRQHFWDGR
SRVLFLQ
'HVFRQH[LQUHWHQLGD
$FFLRQHHOLQWHUUXSWRUGHOUHYHVWL
PLHQWRGHODSXHUWDGHODYHQWDQLOOD
FRUUHVSRQGLHQWH SXOVHSDUDDEULUR
WLUHSDUDFHUUDU
$EULU
3XOVDFLQEUHYH ODYHQWDQDVHDEUH
HQIDVHV
3XOVDFLQODUJD ODYHQWDQDVHDEUH
GHPDQHUDDXWRPWLFDKDVWDODSRVL
FLQILQDO3DUDGHWHQHUHOPRYL
PLHQWRDFFLRQHHOLQWHUUXSWRUXQDYH]
PV
&HUUDU
7LUQEUHYH ODYHQWDQDVHFLHUUDHQ
IDVHV
$QXODUODIXQFLQGHVHJXULGDG
(QFDVRGHGLILFXOWDGHVSDUDFHUUDU
SRUHMHPSORVLKDKHODGRFRQHFWHHO
HQFHQGLGR\DFRQWLQXDFLQWLUHYD
ULDVYHFHVGHOLQWHUUXSWRUSDUDFHUUDU
ODVYHQWDQLOODVSURJUHVLYDPHQWH
6REUHFDUJD
6LVHDFFLRQDQUHSHWLGDPHQWHODV
YHQWDQLOODVDLQWHUYDORVEUHYHVSXHGH
TXHVHGHVDFWLYHHODFFLRQDPLHQWRGH
ODVYHQWDQLOODVGXUDQWHDOJQWLHPSR
/ODYHVSXHUWDV\YHQWDQLOODV
$YHUD
6LVHSXHGHQDEULURFHUUDUDXWRPWL
FDPHQWHODVYHQWDQLOODVDFWLYHHOVLV
WHPDHOHFWUQLFRGHODVYHQWDQLOODV
GHOVLJXLHQWHPRGR
&LHUUHODVSXHUWDV
&RQHFWHHOHQFHQGLGR
&LHUUHODYHQWDQLOODFRPSOHWD
PHQWH\DFFLRQHHOERWQGXUDQWH
RWURVFLQFRVHJXQGRV
$EUDODYHQWDQLOODFRPSOHWDPHQWH
\DFFLRQHHOERWQGXUDQWH
XQVHJXQGRPV
5HSLWDHVWHSURFHGLPLHQWRSDUD
FDGDYHQWDQLOOD
/XQHWDWUPLFDWUDVHUD
3DUDEULVDVWUPLFR
6HDFWLYDQSXOVDQGR^
/DFDOHIDFFLQGHODYHQWDQLOODWUDVHUD
IXQFLRQDFRQHOPRWRUHQPDUFKD
6HDSDJDDXWRPWLFDPHQWHGHVSXV
GHVHLVPLQXWRV
6LVHSXOVD^XQDYH]PVGXUDQWH
HOPLVPRFLFORGHHQFHQGLGRODFDOH
IDFFLQSXHGHIXQFLRQDUGXUDQWH
RWURVWUHVPLQXWRV
6HDFWLYDQSXOVDQGR^
/DFDOHIDFFLQGHOSDUDEULVDVIXQ
FLRQDMXQWRFRQODYHQWDQLOODWUDVHUD
WUPLFD\HOPRWRUHQPDUFKD
6HDSDJDDXWRPWLFDPHQWHGHVSXV
GHVHLVPLQXWRV
6LVHSXOVD^XQDYH]PVGXUDQWH
HOPLVPRFLFORGHHQFHQGLGRODFDOH
IDFFLQSXHGHIXQFLRQDUGXUDQWH
RWURVWUHVPLQXWRV
/ODYHVSXHUWDV\YHQWDQLOODV
3DUDVROHV
/RVSDUDVROHVVHSXHGHQDEDWLUR
EDVFXODUKDFLDXQODGRSDUDHYLWDUHO
GHVOXPEUDPLHQWR
/RVHVSHMRVLQWHJUDOHVGHEHUDQHVWDU
FHUUDGRVPLHQWUDVFRQGXFH
(OSDUDVROWLHQHXQEROVLOORSDUDWLTXHV
HQODSDUWHSRVWHULRU
7HFKR
7HFKRVRODU
$GYHUWHQFLD
7HQJDFXLGDGRDODFFLRQDUHOWH
FKRVRODU+D\ULHVJRGHOHVLRQHV
HVSHFLDOPHQWHSDUDORVQLRV
2EVHUYHDWHQWDPHQWHODVSLH]DV
PYLOHVGXUDQWHVXDFFLRQD
PLHQWR$VHJUHVHGHTXHQDGD
TXHGHDWUDSDGRPLHQWUDVVHPXH
YHQ
6HDFFLRQDPHGLDQWHXQLQWHUUXSWRU
EDVFXODQWHFRQHOHQFHQGLGRFRQHF
WDGR SRVLFLQ
'HVFRQH[LQUHWHQLGD
(OHYDU
0DQWHQJDHOLQWHUUXSWRUaSXOVDGR
KDVWDTXHHOWHFKRVRODUVHOHYDQWHHQ
ODSDUWHWUDVHUD
$EULU
'HVGHODSRVLFLQOHYDQWDGDSXOVH\
VXHOWHHOLQWHUUXSWRUa HOWHFKRVRODU
VHDEUHDXWRPWLFDPHQWHKDVWDODSR
VLFLQILQDO3DUDGHWHQHUHOPRYL
PLHQWRDQWHVGHODSRVLFLQILQDODF
FLRQHHOLQWHUUXSWRUXQDYH]PV
/ODYHVSXHUWDV\YHQWDQLOODV
&HUUDU
0DQWHQJDHOLQWHUUXSWRU<SXOVDGR
GHVGHFXDOTXLHUSRVLFLQKDVWDTXHHO
WHFKRVRODUVHFLHUUHFRPSOHWDPHQWH
$OVROWDUHOLQWHUUXSWRUVHGHWLHQHHO
PRYLPLHQWRHQFXDOTXLHUSRVLFLQ
$WHQFLQ
&XDQGRXVHXQSRUWDHTXLSDMHVGH
WHFKRFRPSUXHEHTXHHOWHFKRVR
ODUVHSXHGHPRYHUOLEUHPHQWH
SDUDHYLWDUGDRV6ORVHSHUPLWH
HOHYDUHOWHFKRVRODU
1RWD
6LODSDUWHVXSHULRUGHOWHFKRHVW
PRMDGDLQFOLQHHOWHFKRVRODUGHMH
TXHHODJXDHVFXUUD\OXHJRDEUDHO
WHFKRVRODU
1RFRORTXHQLQJXQDSHJDWLQDHQHO
WHFKRVRODU
3HUVLDQDVRODU
/DSHUVLDQDVRODUVHDFFLRQDPDQXDO
PHQWH
$EUDRFLHUUHODSHUVLDQDVRODUGHVOL
]QGROD/DSHUVLDQDVRODUSXHGHXWL
OL]DUVHHQFDGDSRVLFLQGHOWHFKRVR
ODU
6REUHFDUJD
6LKD\XQDVREUHFDUJDGHOVLVWHPD
VHFRUWDDXWRPWLFDPHQWHODDOLPHQ
WDFLQHOFWULFDGXUDQWHXQEUHYHSH
ULRGRGHWLHPSR(OVLVWHPDHVWSUR
WHJLGRSRUIXVLEOHVDORMDGRVHQODFDMD
GHIXVLEOHV
,QLFLDOL]DFLQGHOWHFKRVRODU
6LQRVHSXHGHDFFLRQDUHOWHFKRVR
ODUDFWLYHHOVLVWHPDHOHFWUQLFRGHO
VLJXLHQWHPRGR FRQHOHQFHQGLGRFR
QHFWDGRFLHUUHHOWHFKRVRODU\PDQ
WHQJDSXOVDGR<GXUDQWHGLH]VH
JXQGRVFRPRPQLPR
5HFXUUDDODD\XGDGHXQWDOOHUSDUD
VXEVDQDUODFDXVDGHODDYHUD
$VLHQWRVVLVWHPDVGHVHJXULGDG
$VLHQWRVVLVWHPDV
GHVHJXULGDG
5HSRVDFDEH]DV
$VLHQWRVGHODQWHURV
3RVLFLQGHDVLHQWR
$MXVWHGHORVDVLHQWRV
$EDWLUHOUHVSDOGR
&DOHIDFFLQ
&LQWXURQHVGHVHJXULGDG
&LQWXUQGHVHJXULGDGGHWUHV
SXQWRV
6LVWHPDGHDLUEDJV
6LVWHPDGHDLUEDJVIURQWDOHV
6LVWHPDGHDLUEDJVODWHUDOHV
6LVWHPDGHDLUEDJVGHFRUWLQD
'HVDFWLYDFLQGHORVDLUEDJV
6LVWHPDVGHUHWHQFLQLQIDQWLO
3RVLFLRQHVGHPRQWDMHGHO
VLVWHPDGHUHWHQFLQLQIDQWLO
6LVWHPDVGHUHWHQFLQLQIDQWLO
,62),;
$UJROODVGHILMDFLQGHORV
DQFODMHV
5HSRVDFDEH]DV
3RVLFLQ
DOWD SDUDSHUVRQDVGHSRFDHVWDWXUD
VHGHEHDMXVWDUHQODSRVLFLQPV
EDMD
$MXVWH
$GYHUWHQFLD
&RQGX]FDVLHPSUHFRQHODSR\D
FDEH]DVDMXVWDGRHQODSRVLFLQ
FRUUHFWD
5HSRVDFDEH]DVGHODQWHURVDMXVWH
GHODDOWXUD
3XOVHHOERWQGHGHVEORTXHRDMXVWH
ODDOWXUDHQFODYH
(OERUGHVXSHULRUGHOUHVSRVDFDEH
]DVGHEHHVWDUHQODSDUWHVXSHULRUGH
ODFDEH]D6LHVWRQRHVSRVLEOHSDUD
SHUVRQDVPX\DOWDVVHGHEHDMXVWDU
HOUHSRVDFDEH]DVHQODSRVLFLQPV
$VLHQWRVVLVWHPDVGHVHJXULGDG
$VLHQWRVGHODQWHURV
5HSRVDFDEH]DVWUDVHURVDMXVWHGHOD
DOWXUD
3RVLFLQGHDVLHQWR
$GYHUWHQFLD
&RQGX]FDVLHPSUHFRQHODVLHQWR
DMXVWDGRFRUUHFWDPHQWH
3HOLJUR
7LUHGHOUHSRVDFDEH]DVKDFLDDUULED\
GHMHTXHVHHQFODYH3DUDEDMDUOR
SXOVHHOUHVRUWHSDUDGHVEORTXHDUOR\
HPSXMHHOUHSRVDFDEH]DVKDFLD
DEDMR
'HVPRQWDMHGHXQUHSRVDFDEH]DV
WUDVHUR
3RUHMHPSORFXDQGRVHXVHXQVLV
WHPDGHUHWHQFLQLQIDQWLO
3UHVLRQHORVGRVILDGRUHVWLUHGHOUH
SRVDFDEH]DVKDFLDDUULED\GHVPQ
WHOR
&RORTXHHOUHSRVDFDEH]DVHQXQD
EROVDGHUHG\ILMHODSDUWHLQIHULRUGH
ODEROVDFRQYHOFURDOVXHORGHOFRP
SDUWLPHQWRGHFDUJD+D\XQDEROVD
GHUHGDGHFXDGDGLVSRQLEOHHQVXWD
OOHU
3DUDSHUPLWLUXQFRUUHFWRGHVSOLH
JXHGHODLUEDJGHEHHVWDUVHQ
WDGRDPVGHFPGHOYRODQWH
$GYHUWHQFLD
1XQFDDMXVWHORVDVLHQWRVPLHQ
WUDVFRQGXFH\DTXHSRGUDQPR
YHUVHGHIRUPDLQFRQWURODGD
$VLHQWRVVLVWHPDVGHVHJXULGDG
6LQWHVHORPVFHUFDSRVLEOHGHO
UHVSDOGR$MXVWHODGLVWDQFLDGHO
DVLHQWRKDVWDORVSHGDOHVGH
PRGRTXHDOSLVDUORVSHGDOHV
FRPSOHWDPHQWHODVSLHUQDVTXH
GHQGREODGDVHQXQOLJHURQ
JXOR'HVOLFHHODVLHQWRGHO
DFRPSDDQWHKDFLDDWUVORP
[LPRSRVLEOH
$MXVWHODDOWXUDGHODVLHQWRGH
PRGRTXHHOFDPSRYLVXDOTXHGH
OLEUHKDFLDWRGRVORVODGRV\
SXHGDYHUWRGRVORVLQVWUXPHQWRV
LQGLFDGRUHV'HEHUDTXHGDU
FRPRPQLPRXQSDOPRGHKRO
JXUDHQWUHODFDEH]D\HOPDUFR
GHOWHFKR/RVPXVORVGHEHQ
TXHGDUDSR\DGRVOLJHUDPHQWH
VLQSUHVLQVREUHHODVLHQWR
&RORTXHORVKRPEURVORPV
FHUFDSRVLEOHGHOUHVSDOGR
$MXVWHODLQFOLQDFLQGHOUHVSDOGR
GHPRGRTXHSXHGDFRJHUHOYR
ODQWHFRQORVEUD]RVOLJHUDPHQWH
GREODGRV$OJLUDUHOYRODQWH
GHEHPDQWHQHUHOFRQWDFWRGHORV
KRPEURVFRQHOUHVSDOGR(OUHV
SDOGRQRGHEHHVWDUGHPDVLDGR
LQFOLQDGRKDFLDDWUV/HUHFR
PHQGDPRVXQQJXORGHLQFOLQD
FLQP[LPRGH
$MXVWHHODVLHQWR\HOYRODQWHGH
PDQHUDTXHODPXHFDGHVFDQVH
VREUHODSDUWHVXSHULRUGHOYR
ODQWHPLHQWUDVTXHHOEUD]RHVW
FRPSOHWDPHQWHH[WHQGLGR\ORV
KRPEURVHQHOUHVSDOGR
$MXVWDUHOYRODQWH
$MXVWDUHOUHSRVDFDEH]DV
$MXVWHODDOWXUDGHOFLQWXUQGH
VHJXULGDG
$MXVWHGHORVDVLHQWRV
&RQGX]FDQLFDPHQWHFRQORVDVLHQ
WRV\UHSRVDFDEH]DVDQFODGRV
$MXVWHORQJLWXGLQDO
7LUHGHODVLGHURGHVOLFHHODVLHQWR
VXHOWHHODVLGHUR,QWHQWHPRYHUHO
DVLHQWRKDFLDGHODQWH\KDFLDDWUV
SDUDDVHJXUDUVHGHTXHHODVLHQWR
HVWEORTXHDGRHQVXSRVLFLQ
$VLHQWRVVLVWHPDVGHVHJXULGDG
,QFOLQDFLQGHOUHVSDOGR
$OWXUDGHODVLHQWR
$EDWLUHOUHVSDOGR
$EDWLUHOUHVSDOGRHVWQGDU
*LUHODUXHGDGHPDQRSDUDDMXVWDUOD
LQFOLQDFLQ1RVHDSR\HHQHOUHV
SDOGRPLHQWUDVORDMXVWD
0RYLPLHQWRGHERPEHRGHODSDODQFD
KDFLDDUULED
DVLHQWRPVDOWR
KDFLDDEDMR
DVLHQWRPVEDMR
7LUHGHODSDODQFDGHGHVEORTXHRKD
FLDGHODQWHHLQFOLQHHOUHVSDOGRKDFLD
GHODQWH/XHJRGHVOLFHHODVLHQWRKD
FLDGHODQWHKDVWDHOWRSH
3DUDHQGHUH]DUORGHVOLFHHODVLHQWR
KDFLDDWUVKDVWDHOWRSH/HYDQWHHO
UHVSDOGRDODSRVLFLQYHUWLFDOVLQDF
FLRQDUODSDODQFDGHGHVEORTXHR
'HMHTXHHOUHVSDOGRVHDFRSOH
$VLHQWRVVLVWHPDVGHVHJXULGDG
$GYHUWHQFLD
$EDWLUHODVLHQWRGHSRUWLYR
$GYHUWHQFLD
$QWHVGHFRQGXFLUDVHJUHVHGH
TXHHODVLHQWRHVWEORTXHDGRILU
PHPHQWHHQVXSRVLFLQ'HOR
FRQWUDULRSRGUDQRFDVLRQDUVHOH
VLRQHVHQFDVRGHFROLVLQRIUH
QDGDEUXVFD
$QWHVGHFRQGXFLUDVHJUHVHGH
TXHHODVLHQWRHVWEORTXHDGRILU
PHPHQWHHQVXSRVLFLQ'HOR
FRQWUDULRSRGUDQRFDVLRQDUVHOH
VLRQHVHQFDVRGHFROLVLQRIUH
QDGDEUXVFD
/DIXQFLQGHPHPRULDSHUPLWHHQ
FODYDUHODVLHQWRHQVXSRVLFLQRULJL
QDOGHVSXVGHDEDWLUOR
1RDFFLRQHODUXHGDGHPDQRSDUDLQ
FOLQDUHOUHVSDOGRFXDQGRHOUHVSDOGR
HVWDEDWLGRKDFLDGHODQWH
/DIXQFLQGHPHPRULDSHUPLWHHQ
FODYDUHODVLHQWRHQVXSRVLFLQRULJL
QDOGHVSXVGHDEDWLUOR
1RXWLOLFHODUXHGDGHDMXVWHGHOUHV
SDOGRFXDQGRVWHVHHQFXHQWUHSOH
JDGRKDFLDGHODQWH
$WHQFLQ
&XDQGRHODVLHQWRHVWHQODSRVL
FLQPVDOWDEDMHHOUHSRVDFDEH
]DV\SOLHJXHHOSDUDVRODQWHVGH
DEDWLUORVUHVSDOGRV
([WUDLJDHOFLQWXUQGHVHJXULGDGGH
VXVRSRUWHHQHOUHVSDOGR
7LUHGHODSDODQFDGHDSHUWXUDVLWXDGD
HQHOUHVSDOGRSOLHJXHHOUHVSDOGR
KDFLDGHODQWH\VXHOWHODSDODQFD
'HVOLFHHODVLHQWRKDFLDGHODQWHKDVWD
HOWRSH
3DUDHQGHUH]DUORGHVOLFHHODVLHQWR
KDFLDDWUVKDVWDHOWRSH/HYDQWHHO
UHVSDOGRDODSRVLFLQYHUWLFDOVLQDF
FLRQDUODSDODQFDGHGHVEORTXHR
'HMHTXHHOUHVSDOGRVHDFRSOH
$VLHQWRVVLVWHPDVGHVHJXULGDG
&DOHIDFFLQ
$FWLYHODFDOHIDFFLQGHDVLHQWRSXO
VDQGRdSDUDHODVLHQWRGHODQWHURFR
UUHVSRQGLHQWH
(O/('GHOERWQVHLOXPLQDSDUDLQ
GLFDUVXDFWLYDFLQ
3XOVDQGRGHQXHYRdVHGHVDFWLYDOD
FDOHIDFFLQGHDVLHQWR
/DFDOHIDFFLQGHORVDVLHQWRVIXQ
FLRQDFRQHOPRWRUHQPDUFKD
'XUDQWHXQDSDUDGDDXWRPWLFDOD
FDOHIDFFLQGHODVLHQWRHVWDWDPELQ
RSHUDWLYD
6LVWHPDVWRSVWDUW
&LQWXURQHVGH
VHJXULGDG
$ODFHOHUDURIUHQDUEUXVFDPHQWHHO
YHKFXORORVFLQWXURQHVGHVHJXULGDG
VHEORTXHDQSDUDVXMHWDUDORVRFX
SDQWHVHQODSRVLFLQGHDVLHQWR3RU
ORWDQWRVHUHGXFHFRQVLGHUDEOH
PHQWHHOULHVJRGHOHVLRQHV
$GYHUWHQFLD
$EUFKHVHHOFLQWXUQGHVHJXUL
GDGDQWHVGHFDGDYLDMH
(QFDVRGHXQDFFLGHQWHODVSHU
VRQDVTXHQROOHYDQORVFLQWXURQHV
GHVHJXULGDGSRQHQHQSHOLJURVXV
YLGDV\ODVGHORVGHPVRFXSDQ
WHV
/RVFLQWXURQHVGHVHJXULGDGHVWQGL
VHDGRVSDUDVHUXWLOL]DGRVSRUXQD
VRODSHUVRQDDODYH]6LVWHPDGHVH
JXULGDGLQIDQWLO
&RPSUXHEHSHULGLFDPHQWHTXHWR
GDVODVSLH]DVGHOVLVWHPDGHFLQWX
URQHVIXQFLRQDQELHQ\QRSUHVHQWDQ
GDRVQLFRQWDPLQDFLQ
+DJDVXVWLWXLUFXDOTXLHUFRPSRQHQWH
GDDGR'HVSXVGHXQDFFLGHQWH
KDJDVXVWLWXLUORVFLQWXURQHV\ORVSUH
WHQVRUHVGLVSDUDGRVHQXQWDOOHU
1RWD
3URFXUHTXHORVFLQWXURQHVQRTXH
GHQDWUDSDGRVQLVXIUDQGDRVFDX
VDGRVSRUHOFDO]DGRXREMHWRVFRQ
$VLHQWRVVLVWHPDVGHVHJXULGDG
ERUGHVDILODGRV(YLWHTXHHQWUHVX
FLHGDGHQORVUHWUDFWRUHVGHORVFLQ
WXURQHV
5HFRUGDWRULRGHOFLQWXUQGH
VHJXULGDG
&DGDDVLHQWRHVWHTXLSDGRFRQXQ
UHFRUGDWRULRGHOFLQWXUQGHVHJXUL
GDG SDUDHODVLHQWRGHOFRQGXFWRUVH
LQGLFDPHGLDQWHHOWHVWLJRGHFRQWURO
7HQHOFXHQWDUUHYROXFLRQHV \
SDUDHODVLHQWRGHODFRPSDDQWHGH
ODQWHURFRPRWHVWLJRGHFRQWUROCHQ
ODFRQVRODFHQWUDO
3DUDORVDVLHQWRVWUDVHURVHOUHFRU
GDWRULRGHOFLQWXUQGHVHJXULGDGVH
LQGLFDPHGLDQWHVPERORV7HQHO
FHQWURGHLQIRUPDFLQGHOFRQGXFWRU
/LPLWDGRUHVGHIXHU]DGHORV
FLQWXURQHV
(QORVDVLHQWRVGHODQWHURV\HQORV
DVLHQWRVH[WHULRUHVWUDVHURVHVWHGLV
SRVLWLYRUHGXFHODIXHU]DVREUHHO
FXHUSRDOGHVEORTXHDUGHIRUPD
DPRUWLJXDGDHOFLQWXUQGXUDQWHXQD
FROLVLQ
3UHWHQVRUHVGHORVFLQWXURQHVGH
VHJXULGDG
(QFDVRGHFROLVLRQHVIURQWDOHV\WUD
VHUDVDSDUWLUGHXQDGHWHUPLQDGD
JUDYHGDGVHWHQVDQORVFLQWXURQHV
GHVHJXULGDGGHODQWHURV
$GYHUWHQFLD
UHDOLFHPRGLILFDFLRQHVHQORVFRP
SRQHQWHVGHORVSUHWHQVRUHVGHFLQ
WXURQHVSRUTXHVHSRGUDDQXODUHO
SHUPLVRGHFLUFXODFLQGHOYHKFXOR
&LQWXUQGHVHJXULGDGGH
WUHVSXQWRV
$EURFKDU
/DPDQLSXODFLQLQFRUUHFWD SRU
HMHPSORGXUDQWHHOGHVPRQWDMHR
PRQWDMHGHORVFLQWXURQHV SXHGH
GLVSDUDUORVSUHWHQVRUHVGHFLQWX
URQHV
/DDFWLYDFLQGHORVSUHWHQVRUHVGH
FLQWXURQHVVHLQGLFDPHGLDQWHODLOX
PLQDFLQSHUPDQHQWHGHOWHVWLJRGH
FRQWUROT
/RVSUHWHQVRUHVGHFLQWXURQHVDFWL
YDGRVGHEHQVXVWLWXLUVHHQXQWDOOHU
/RVSUHWHQVRUHVVHDFWLYDQVORXQD
YH]
1RWD
1RHVWSHUPLWLGRPRQWDUDFFHVR
ULRVQLFRORFDUREMHWRVTXHSXHGDQ
PHQRVFDEDUHOIXQFLRQDPLHQWRGH
ORVSUHWHQVRUHVGHFLQWXURQHV1R
([WUDLJDHOFLQWXUQGHOUHWUDFWRU
JXHORSRUHQFLPDGHOFXHUSRVLQUH
WRUFHUORHLQVHUWHODOHQJHWDHQHO
FLHUUH'XUDQWHHOYLDMHWHQVHIUH
FXHQWHPHQWHHOFLQWXUQDEGRPLQDOWL
UDQGRVXDYHPHQWHGHODEDQGDWRU
FLFD
$VLHQWRVVLVWHPDVGHVHJXULGDG
$VLHQWRGHSRUWLYR 3DUDDEURFKDUHO
FLQWXUQSVHORSRUHOVRSRUWHVLWXDGR
HQHOUHVSDOGR
/DURSDVXHOWDRPX\JUXHVDLPSLGH
TXHHOFLQWXUQVHDMXVWHDOFXHUSR
1RFRORTXHQLQJQREMHWRFRPRXQ
EROVRRXQWHOIRQRPYLOHQWUHHOFLQ
WXUQ\HOFXHUSR
$GYHUWHQFLD
(OFLQWXUQQRGHEHDSR\DUVHVR
EUHREMHWRVGXURVRIUJLOHVJXDU
GDGRVHQORVEROVLOORVGHODURSD
5HFRUGDWRULRGHOFLQWXUQGHVHJXUL
GDG7
$MXVWHGHODDOWXUD
([WUDLJDXQSRFRHOFLQWXUQ
&DPELHHOUHJXODGRUGHDOWXUDKD
FLDDUULEDRSXOVHHOERWQSDUD
GHVDFRSODU\SXOVHHOUHJXODGRU
GHDOWXUDKDFLDDEDMR
$MXVWHODDOWXUDGHPRGRTXHHOFLQWX
UQSDVHSRUHOKRPEUR1RGHEHSD
VDUSRUHOFXHOORRODSDUWHVXSHULRUGHO
EUD]R
1RORDMXVWHPLHQWUDVFRQGXFH
$VLHQWRVVLVWHPDVGHVHJXULGDG
'HVDEURFKDU
8VRGHOFLQWXUQGHVHJXULGDG
GXUDQWHHOHPEDUD]R
6LVWHPDGHDLUEDJV
(OVLVWHPDGHODLUEDJHVWIRUPDGR
SRUXQDVHULHGHVLVWHPDVLQGLYLGXD
OHVTXHGHSHQGHQGHOQLYHOGHHTXL
SDPLHQWR
&XDQGRVHDFWLYDQORVDLUEDJVVHLQ
IODQHQPLOLVHJXQGRV7DPELQVH
GHVLQIODQWDQUSLGDPHQWHTXHDPH
QXGRQRVHOOHJDQDSHUFLELUGXUDQWH
ODFROLVLQ
$GYHUWHQFLD
3DUDVROWDUHOFLQWXUQSXOVHHOERWQ
URMRGHOFLHUUH
$GYHUWHQFLD
(OFLQWXUQDEGRPLQDOGHEHSDVDU
ORPVEDMRSRVLEOHVREUHODSHOYLV
SDUDHYLWDUODSUHVLQVREUHHODE
GRPHQ
6LVHPDQLSXODQLQGHELGDPHQWH
ORVDLUEDJVSXHGHQGLVSDUDUVH
1RWD
/DXQLGDGHOHFWUQLFDGHFRQWUROGHO
VLVWHPDGHDLUEDJV\GHORVSUHWHQ
VRUHVGHFLQWXURQHVHVWVLWXDGDHQ
OD]RQDGHODFRQVRODFHQWUDO1RVH
GHEHQGHSRVLWDUREMHWRVPDJQWLFRV
HQGLFKD]RQD
1RSHJXHQLQJQREMHWRHQODVWDSDV
GHORVDLUEDJVQLORVFXEUDFRQQLQ
JQRWURPDWHULDO
$VLHQWRVVLVWHPDVGHVHJXULGDG
&DGDDLUEDJVHDFWLYDXQDYH]VROD
PHQWH+DJDFDPELDUORVDLUEDJVDF
WLYDGRVHQXQWDOOHU$GHPVSXHGH
VHUQHFHVDULRKDFHUVXVWLWXLUHOYR
ODQWHHOWDEOHURGHLQVWUXPHQWRV
SDUWHGHOUHYHVWLPLHQWRODVMXQWDVGH
ODVSXHUWDVODVPDQLOODV\ORVDVLHQ
WRV
1RUHDOLFHPRGLILFDFLRQHVHQHOVLV
WHPDGHDLUEDJVSRUTXHVHSRGUD
DQXODUHOSHUPLVRGHFLUFXODFLQGHO
YHKFXOR
6LVWHPDVGHUHWHQFLQLQIDQWLOHQ
HODVLHQWRGHODFRPSDDQWHFRQ
VLVWHPDVGHDLUEDJ
&XDQGRORVDLUEDJVVHLQIODQHVFD
SDQJDVHVFDOLHQWHVTXHSXHGHQRFD
VLRQDUTXHPDGXUDV
$YHUD
6LKD\XQDDYHUDHQHOVLVWHPDGH
DLUEDJVVHHQFLHQGHHOWHVWLJRGH
FRQWUROTHQHOFXDGURGHLQVWUXPHQ
WRV\DSDUHFHHOPHQVDMHRXQFGLJR
GHDGYHUWHQFLDHQHOFHQWURGHLQIRU
PDFLQGHOFRQGXFWRU(OVLVWHPDQR
HVWRSHUDWLYR
+DJDVXEVDQDUODFDXVDGHODDYHUD
HQXQWDOOHU
7HVWLJRGHFRQWUROGHOVLVWHPDGHDLU
EDJV
(1 1(9(5XVHDUHDUZDUGIDFLQJ
FKLOGUHVWUDLQWRQDVHDWSURWHFWHGE\
DQ$&7,9($,5%$*LQIURQWRILW
'($7+RU6(5,286,1-85<WRWKH
&+,/'FDQRFFXU
'( 1DFKKLQWHQJHULFKWHWH.LQGHU
VLW]H1,(0$/6DXIHLQHP6LW]YHU
ZHQGHQGHUGXUFKHLQHQGDYRUEHILQ
GOLFKHQ$.7,9(1$,5%$*JHVFKW]W
LVWGDGLHVGHQ72'RGHU6&+:(5(
9(5/(7=81*(1'(6.,1'(6]XU
)ROJHKDEHQNDQQ
)5 1(-$0$,6XWLOLVHUXQVLJHG
HQ
IDQWRULHQWYHUVO
DUULUHVXUXQVLJH
SURWJSDUXQ&2866,1*21)/$
%/($&7,)SODFGHYDQWOXLVRXV
SHLQHG
LQIOLJHUGHV%/(6685(6
*5$9(6YRLUH0257(//(6O
(1
)$17
(6 181&$XWLOLFHXQVLVWHPDGHUH
WHQFLQLQIDQWLORULHQWDGRKDFLDDWUV
HQXQDVLHQWRSURWHJLGRSRUXQ$,5
%$*)5217$/$&7,923HOLJURGH
08(57(R/(6,21(6*5$9(6
SDUDHO1,2
58
1/ *HEUXLN122,7HHQDFKWHUZDDUWV
JHULFKWNLQGHU]LWMHRSHHQVWRHOPHW
HHQ$&7,(9($,5%$*HUYRRURP
'2'(/,-.RI(5167,*/(76(/YDQ
KHW.,1'WHYRRUNRPHQ
$VLHQWRVVLVWHPDVGHVHJXULGDG
'$ %UXJ$/'5,*HQEDJXGYHQGWDX
WRVWROSHWIRUVGHPHG$.7,9$,5
%$*%$51(7NDQNRPPHL/,96
)$5(HOOHUNRPPH$/925/,*77,/
6.$'(
69 $QYQG$/'5,*HQEDNWYQG
EDUQVWROSHWWVWHVRPVN\GGDVPHG
HQIUDPIUYDUDQGH$.7,9$,5%$*
''6)$//HOOHU$//9$5/,*$6.$
'25NDQGUDEED%$51(7
), /.26.$$1VLMRLWDWDDNVHSLQ
VXXQQDWWXDODVWHQWXUYDLVWXLQWDLVWXL
PHOOHMRQNDHGHVVRQ$.7,,9,1(1
7859$7<<1</$36,92,.82//$
WDL9$00$878$9$.$9$67,
12 %DNRYHUYHQGWEDUQHVLNULQJ
VXWVW\UP$/'5,EUXNHVSHWVHWH
PHG$.7,9.2//,6-216387(IR
UDQGDGHWNDQIUHWLODW%$51(7XW
VHWWHVIRU/,96)$5(RJIDUHIRU$/
925/,*(6.$'(5
37 181&$XVHXPVLVWHPDGHUH
WHQRSDUDFULDQDVYROWDGRSDUD
WUVQXPEDQFRSURWHJLGRFRPXP
$,5%$*$&7,92QDIUHQWHGR
PHVPRSRGHURFRUUHUD3(5'$'(
9,'$RX)(5,0(1726*5$9(6QD
&5,$1$
,7 1RQXVDUHPDLXQVLVWHPDGLVLFX
UH]]DSHUEDPELQLULYROWRDOO
LQGLHWUR
VXXQVHGLOHSURWHWWRGD$,5%$*$7
7,92GLIURQWHDGHVVR SHULFRORGL
0257(R/(6,21,*5$9,SHULO
%$0%,12
(/
3/ 1,(:2/12PRQWRZDIRWHOLND
G]LHFLFHJR]ZUFRQHJRW\HPGR
NLHUXQNXMD]G\QDIRWHOXSU]HG
NWU\P]QDMGXMHVL:&=21$32
'86=.$32:,(75=1$1LH]DVWR
VRZDQLHVLGRWHJR]DOHFHQLDPRH
E\SU]\F]\Q0,(5&,OXE32
:$1<&+2%5$(X'=,(&.$
75 $UND\DEDNDQELURFXNHPQL\HW
VLVWHPLQL.(61/./(QQGHELU
$.7)+$9$<$67,,LOHNRUXQ
PDNWDRODQELUNROWXNWDNXOODQPD\bQb]
2&8./(%/5YH\D$,5(
./'(<$5$/$1$%/5
8.
+8 62+$QHKDV]QOMRQKWUDIHO
Q]EL]WRQVJLJ\HUHNOVWHOOUO
$.79/*=6..$/YGHWWOVHQ
PHUWD*<(50(.+$//7YDJ\
.202/<65/67RNR]KDWMD
+5 1,.$'$QHPRMWHNRULVWLWLVXVWDY
]DGUDYDQMD]DGMHFXRNUHQXWSUHPD
QDWUDJQDVMHGDOXV$.7,91,0=5$
1,0-$678.20LVSUHGQMHJDWREL
PRJORGRYHVWLGR6057,LOL2=%,/-1
-,+2=/-('$]D',-(7(
6/ 1,.2/,QHQDPHDMWHRWURNHJD
YDUQRVWQHJDVHGHDREUQMHQHJDY
QDVSURWQLVPHULYRQMHQDVHGH]
$.7,912(/12=5$12%/$
=,12VDMSULWHPREVWDMDQHYDUQRVW
5(61,+DOL60571,+32.2'%]D
2752.$
$VLHQWRVVLVWHPDVGHVHJXULGDG
65 1,.$'$QHNRULVWLWLEH]EHGQRVQL
VLVWHP]DGHFXXNRPHVXGHFDRNUH
QXWDXQD]DGQDVHGLWXVD$.7,91,0
9$='81,0-$678.20LVSUHGVH
GLWD]DWRWR'(7(PRHGD1$6
75$'$LOLGDVH7(.23295(',
0.
%*
52 1XXWLOL]DL1,&,2'$7XQVFDXQ
SHQWUXFRSLOQGUHSWDWVSUHSDUWHDGLQ
VSDWHDPDLQLLSHXQVFDXQSURWHMDW
GHXQ$,5%$*$&7,9QIDDVD
DFHVWOXFUXSRDWHGXFHOD'(&(68/
VDX970$5($*5$9D&23,
/8/8,
&6 1,.'<QHSRXYHMWHGWVN
]GUQV\VWPLQVWDORYDQSURWL
VPUXM]G\QDVHGDGOHNWHUMHFKU
QQRSHGVHGDGOHP$.7,910$,5
%$*(00RKORE\GRMWN9108
325$11QHER057'77(
6. 1,.'<QHSRXYDMWHGHWVNVH
GDNXRWRHQY]DGQDVHGDGOHFKU
QHQRP$.791<0$,5%$*20SUH
WRHPHGMVN6057,DOHER
91<0=5$1(1,$0',($$
/7 -2.,8%'8QHPRQWXRNLWHDWJDO
DWJUWRVYDLNRWYLUWLQLPRVLVWHPRV
VG\QMHSULHNXULUHQJWD$.7<9,
2523$*$/9QHV9$,.$6*$/,
7,DUED5,07$,686,$/27,
/9 1(.'*$'-80QHL]PDQWR
MLHWX]DL]PXJXULYUVWXEUQXVGHN
OWLVGYLHWNDVWLHNDL]VDUJWDDUWV
SULHNX]VWGWX$.798'52
%$663,/9(18MRSUHWMJDGMXP
%516YDUJW60$*$675$80$6
YDL,(7%2-
(7 5*(NDVXWDJHWDKDSRROHVXX
QDWXGODSVHWXUYDLVWHWLVWPHOPLOOHHHV
RQ$.7,,96(7859$3$'-$*$
NDLWVWXGLVWHVHVWVHHYLESKMXV
WDGD/$36(6850$YL76,6(9,
*$6786(
07 4$77WXDWUDLQJDWWIDOOLMD
UHVOHMQLQQDDWDZDUDIXTVLWSURWHWW
E$,5%$*$77,9TXGGLHPX GDQ
MLVWDMLNNDZDO0(:7MHZ5,(,
6(5-,OLW7)$/
$GHPVGHODDGYHUWHQFLDUHTXHULGD
SRU(&(5 SRUPRWLYRVGHVH
JXULGDGXQVLVWHPDGHUHWHQFLQLQ
IDQWLORULHQWDGRKDFLDGHODQWHVOR
GHEHXWLOL]DUVHVHJQODVLQVWUXFFLR
QHV\UHVWULFFLRQHVGHODVWDEODV
/DHWLTXHWDGHODLUEDJVHHQFXHQWUDD
DPERVODGRVGHOSDUDVROGHODFRPSD
DQWHGHODQWHUR
'HVDFWLYDFLQGHORVDLUEDJV
6LVWHPDGHDLUEDJV
IURQWDOHV
(OVLVWHPDGHDLUEDJVIURQWDOHVVH
FRPSRQHGHXQDLUEDJHQHOYRODQWH\
XQRHQHOWDEOHURGHLQVWUXPHQWRVHQ
HOODGRGHODFRPSDDQWH/DXELFD
FLQVHSXHGHLGHQWLILFDUSRUHOUWXOR
$,5%$*
$VLHQWRVVLVWHPDVGHVHJXULGDG
/RVDLUEDJVLQIODGRVDWHQDQHOLP
SDFWR\UHGXFHQFRQVLGHUDEOHPHQWH
SRUWDQWRHOULHVJRGHTXHORVRFX
SDQWHVGHORVDVLHQWRVGHODQWHURVVX
IUDQOHVLRQHVHQODSDUWHVXSHULRUGHO
FXHUSR\ODFDEH]D
6LVWHPDGHDLUEDJV
ODWHUDOHV
$GYHUWHQFLD
(OVLVWHPDGHODLUEDJGHODQWHURVHDF
WLYDHQFDVRGHLPSDFWRIURQWDOGHXQD
FLHUWDJUDYHGDG(OHQFHQGLGRGHEH
HVWDUFRQHFWDGR
6ORVHREWLHQHXQDSURWHFFLQ
SWLPDFXDQGRHODVLHQWRHVWHQ
ODSRVLFLQFRUUHFWD
3RVLFLQGHDVLHQWR
1RGHEHKDEHUREVWFXORVHQOD
]RQDGHLQIODGRGHORVDLUEDJV
$MXVWHHOFLQWXUQGHVHJXULGDGFR
UUHFWDPHQWH\HQFOYHORELHQ6OR
DVSRGUSURWHJHUOHHODLUEDJ
(OVLVWHPDGHDLUEDJVODWHUDOHVVH
FRPSRQHGHXQDLUEDJHQFDGDUHV
SDOGRGHORVDVLHQWRVGHODQWHURV/D
XELFDFLQVHSXHGHLGHQWLILFDUSRUHO
UWXOR$
$,5%$*
(OVLVWHPDGHDLUEDJVODWHUDOHVVHDF
WLYDHQFDVRGHLPSDFWRODWHUDOGHXQD
FLHUWDJUDYHGDG(OHQFHQGLGRGHEH
HVWDUFRQHFWDGR
$VLHQWRVVLVWHPDVGHVHJXULGDG
6LVWHPDGHDLUEDJVGH
FRUWLQD
(OVLVWHPDGHDLUEDJVGHFRUWLQDVH
FRPSRQHGHXQDLUEDJHQHOPDUFR
GHOWHFKRDFDGDODGR/DXELFDFLQ
VHSXHGHLGHQWLILFDUSRUHOUWXOR
$,5%$*HQORVSLODUHVGHOWHFKR
(OVLVWHPDGHODLUEDJGHFRUWLQDVH
DFWLYDHQFDVRGHLPSDFWRODWHUDOGH
XQDFLHUWDJUDYHGDG(OHQFHQGLGR
GHEHHVWDUFRQHFWDGR
/RVDLUEDJVLQIODGRVDWHQDQHOLP
SDFWR\UHGXFHQSRUWDQWRHOULHVJR
GHOHVLRQHVHQODSDUWHVXSHULRUGHO
FXHUSR\ODSHOYLVHQHOFDVRGHTXH
KD\DXQDFROLVLQODWHUDOIXHUWH
$GYHUWHQFLD
1RGHEHKDEHUREVWFXORVHQOD
]RQDGHLQIODGRGHORVDLUEDJV
1RWD
6ORGHEHQXWLOL]DUVHIXQGDVGH
DVLHQWRVKRPRORJDGDVSDUDHOYH
KFXOR7HQJDFXLGDGRGHQRWDSDU
ORVDLUEDJV
/RVDLUEDJVLQIODGRVDWHQDQHOLP
SDFWR\UHGXFHQSRUWDQWRHOULHVJR
GHOHVLRQHVHQODFDEH]DHQHOFDVR
GHTXHKD\DXQLPSDFWRODWHUDOIXHUWH
$GYHUWHQFLD
1RGHEHKDEHUREVWFXORVHQOD
]RQDGHLQIODGRGHORVDLUEDJV
/RVJDQFKRVHQORVDVLGHURVGHO
PDUFRGHOWHFKRVORGHEHQXWLOL
]DUVHSDUDFROJDUSUHQGDVGHYHV
WLUOLJHUDVVLQSHUFKDV1RGHEHQ
JXDUGDUVHREMHWRVHQHVWDVSUHQ
GDVGHYHVWLU
'HVDFWLYDFLQGHORV
DLUEDJV
(OVLVWHPDGHDLUEDJVGHODVLHQWRGHO
DFRPSDDQWHGHEHGHVDFWLYDUVH
SDUDHOVLVWHPDGHUHWHQFLQLQIDQWLO
GHODVLHQWRGHODFRPSDDQWHVHJQ
ODVLQVWUXFFLRQHVGHODVWDEODV
/RVRWURVVLVWHPDVGHDLUEDJVORV
SUHWHQVRUHVGHOFLQWXUQ\WRGRVORV
VLVWHPDVGHDLUEDJGHOFRQGXFWRUSHU
PDQHFHUQDFWLYDGRV
$VLHQWRVVLVWHPDVGHVHJXULGDG
3HOLJUR
'HVDFWLYHHODLUEDJGHODFRPSD
DQWHQLFDPHQWHDOXWLOL]DUXQVLV
WHPDGHUHWHQFLQLQIDQWLOVXMHWRD
ODVUHVWULFFLRQHVHLQVWUXFFLRQHV
GHODVWDEODV
'HORFRQWUDULRH[LVWHSHOLJURGH
PXHUWHSDUDXQDSHUVRQDTXH
RFXSHXQDVLHQWRFRQHODLUEDJGHO
DFRPSDDQWHGHVDFWLYDGR
8WLOLFHODOODYHGHOHQFHQGLGRSDUDVH
OHFFLRQDUODSRVLFLQGHOLQWHUUXSWRU
2)) HODLUEDJGHODFRPSDDQWH
HVWGHVDFWLYDGR\QRVHLQ
IODUHQFDVRGHFROLVLQ6H
HQFLHQGHHOWHVWLJRGHFRQ
WURO 2))GHIRUPDSHUPD
QHQWHHQODFRQVRODFHQWUDO
921 HODLUEDJGHODFRPSDDQWH
HVWDFWLYDGR
6LHOWHVWLJRGHFRQWURO9VHLOXPLQD
GXUDQWHXQRVVHJXQGRVGHVSXV
GHFRQHFWDUHOHQFHQGLGRORVVLVWH
PDVGHDLUEDJGHODVLHQWRGHODFRP
SDDQWHVHLQIODUQHQFDVRGHFROL
VLQ
6LORVGRVLQGLFDGRUHVGHFRQWUROVH
HQFLHQGHQDODYH]KD\XQHUURUGHO
VLVWHPD(OHVWDGRGHOVLVWHPDQRVH
SXHGHGHWHUPLQDU\SRUWDQWRQR
GHEHRFXSDUQDGLHHODVLHQWRGHO
DFRPSDDQWH9D\DDXQWDOOHULQPH
GLDWDPHQWH
&DPELHHOHVWDGRVORFRQHOYHKFXOR
SDUDGR\HOHQFHQGLGRGHVFRQHFWDGR
(OHVWDGRVHPDQWLHQHKDVWDHOSU
[LPRFDPELR
7HVWLJRGHFRQWUROGHGHVDFWLYDFLQ
GHODLUEDJ
$VLHQWRVVLVWHPDVGHVHJXULGDG
6LVWHPDVGHUHWHQFLQ
LQIDQWLO
/HUHFRPHQGDPRVORVVLVWHPDVGH
UHWHQFLQLQIDQWLO2SHOTXHHVWQ
DGDSWDGRVHVSHFILFDPHQWHDOYH
KFXOR
6HUHFRPLHQGDQORVVLJXLHQWHVVLVWH
PDVGHUHWHQFLQLQIDQWLOSDUDODVVL
JXLHQWHVFODVHVGHSHVR
*UXSR*UXSR
0D[L&RVL&DEULRIL[PV(DV\IL[
SDUDQLRVGHKDVWDNJ
*UXSR,
23(/'XRSDUDQLRVGHNJ
DNJHQHVWHJUXSR
&XDQGRXWLOLFHXQVLVWHPDGHUHWHQ
FLQLQIDQWLOSUHVWHDWHQFLQDODVVL
JXLHQWHVLQVWUXFFLRQHVGHXVR\PRQ
WDMHDVFRPRDODVLQVWUXFFLRQHVVX
PLQLVWUDGDVFRQHOVLVWHPDGHUHWHQ
FLQLQIDQWLO
&RPSUXHEHODREOLJDWRULHGDGGHOXVR
GHVLVWHPDVGHUHWHQFLQLQIDQWLOVH
JQODVOH\HV\ORVUHJODPHQWRVORFD
OHV(QDOJXQRVSDVHVHVWSURKLELGR
HOXVRGHVLVWHPDVGHUHWHQFLQLQ
IDQWLOHQGHWHUPLQDGDVSOD]DVGH
DVLHQWR
3HOLJUR
6LXWLOL]DXQVLVWHPDGHUHWHQFLQ
LQIDQWLORULHQWDGRKDFLDDWUVHQHO
DVLHQWRGHODFRPSDDQWHHVQH
FHVDULRGHVDFWLYDUHOVLVWHPDGH
DLUEDJGHODVLHQWRGHODFRPSD
DQWH(VWRVHDSOLFDWDPELQD
GHWHUPLQDGRVVLVWHPDVGHUHWHQ
FLQLQIDQWLORULHQWDGRVKDFLDGH
ODQWHFRPRVHLQGLFDHQODVWDEODV
'HVDFWLYDFLQGHORVDLUEDJV
(WLTXHWDGHODLUEDJ
/RVDVLHQWRVWUDVHURVVRQHOOXJDU
PVDGHFXDGRSDUDILMDUXQVLVWHPD
GHUHWHQFLQLQIDQWLO
0LHQWUDVVHDSRVLEOHORVQLRVGHEH
UDQYLDMDUPLUDQGRKDFLDDWUVHQHO
YHKFXOR$VVHJDUDQWL]DTXHODFR
OXPQDYHUWHEUDOGHOQLRTXHDQHV
PX\GELOVXIUDPHQRVWHQVLQHQ
FDVRGHDFFLGHQWH
6HOHFFLQGHOVLVWHPDFRUUHFWR
8WLOLFHQLFDPHQWHVLVWHPDVGHUHWHQ
FLQDGHFXDGRVSRUHMHPSORDTXH
OORVTXHFXPSOHQODVUHJXODFLRQHV
81(&(YOLGDV
$VHJUHVHGHTXHHOVLVWHPDGHUH
WHQFLQLQIDQWLOTXHVHYDDPRQWDU
VHDFRPSDWLEOHFRQHOWLSRGHYH
KFXOR&RQVXOWHODVWDEODVGHODVS
JLQDVVLJXLHQWHVODVLQVWUXFFLRQHV
VXPLQLVWUDGDVFRQHOVLVWHPDGHUH
WHQFLQLQIDQWLO\ODOLVWDGHWLSRVGH
YHKFXORSDUDVLVWHPDVGHUHWHQFLQ
LQIDQWLOQRXQLYHUVDOHV
$VHJUHVHGHTXHODSRVLFLQGH
PRQWDMHGHOVLVWHPDGHUHWHQFLQLQ
IDQWLOHQHOYHKFXORVHDFRUUHFWDFRQ
VXOWHODVWDEODVVLJXLHQWHV
/RVQLRVVORGHEHQHQWUDU\VDOLUGHO
YHKFXORSRUHOODGRRSXHVWRDOGHO
WUILFR
&XDQGRQRVHXVHHOVLVWHPDGHUH
WHQFLQLQIDQWLODVHJUHORFRQXQFLQ
WXUQGHVHJXULGDGRGHVPQWHORGHO
YHKFXOR
/RVVLVWHPDVGHUHWHQFLQLQIDQWLOSR
GUDQILMDUVHFRQVRSRUWHVGHPRQWDMH
,62),;DQFODMHVLHVWGLVSRQLEOH
$VLHQWRVVLVWHPDVGHVHJXULGDG
\RXQFLQWXUQGHVHJXULGDGGHWUHV
SXQWRV&RQVXOWHODVWDEODVVLJXLHQ
WHV
1RWD
1RSHJXHQDGDHQORVVLVWHPDVGH
UHWHQFLQLQIDQWLOQLORVWDSHFRQQLQ
JQRWURPDWHULDO
8QVLVWHPDGHUHWHQFLQLQIDQWLOTXH
KD\DVLGRVRPHWLGRDWHQVLQHQXQ
DFFLGHQWHGHEHVXVWLWXLUVH
$VLHQWRVVLVWHPDVGHVHJXULGDG
3RVLFLRQHVGHPRQWDMHGHOVLVWHPDGHUHWHQFLQLQIDQWLO
2SFLRQHVSHUPLWLGDVSDUILMDUXQVLVWHPDGHUHWHQFLQLQIDQWLOFRQXQFLQWXUQGHVHJXULGDGGHWUHVSXQWRV
(QHODVLHQWRGHODFRPSDDQWH
(QORVDVLHQWRVH[WHULRUHV
DLUEDJDFWLYDGR DLUEDJGHVDFWLYDGR WUDVHURV
(QHODVLHQWR
FHQWUDOWUDVHUR
*UXSR KDVWDNJ
RPHVHVDSUR[
8
8/
*UXSR KDVWDNJ
RDRVDSUR[
8
8/
*UXSR, GH DNJ
;
RGHPHVHVDDRVDSUR[
8
8/
*UXSR,, GHDNJ
RGHDDRVDSUR[
8
8/
*UXSR,,, GHDNJ
RGHDDRVDSUR[
8
8/
1LYHOGHSHVRRGHHGDG
8 DGHFXDGRSDUDXVRXQLYHUVDOHQFRPELQDFLQFRQXQFLQWXUQGHVHJXULGDGGHWUHVSXQWRV
/ DGHFXDGRSDUDVLVWHPDVGHUHWHQFLQLQIDQWLOSDUWLFXODUHVGHODVFDWHJRUDV
HVSHFILFDGHOYHKFXOR
OLPLWDGD
R
VH
PLXQLYHUVDO
(OVLVWHPDGHUHWHQFLQLQIDQWLOGHEHHVWDUKRPRORJDGRSDUDHOWLSRGHYHKFXORHVSHFILFR FRQVXOWHOD
OLVWDGHWLSRVGHYHKFXORGHOVLVWHPDGHUHWHQFLQLQIDQWLO
; QRVHSHUPLWHQVLVWHPDVGHUHWHQFLQLQIDQWLOHQHVWDFODVHGHSHVR
PXHYDHODVLHQWRKDFLDGHODQWHWRGRORTXHVHDQHFHVDULR\DMXVWHODLQFOLQDFLQGHOUHVSDOGRGHODVLHQWRWRGROR
QHFHVDULRKDVWDXQDSRVLFLQYHUWLFDOSDUDJDUDQWL]DUTXHHOFLQWXUQVHGHVSOD]DKDFLDGHODQWHGHVGHHOSXQWRGH
DQFODMHVXSHULRU
$VLHQWRVVLVWHPDVGHVHJXULGDG
PXHYDHODMXVWHGHDOWXUDGHODVLHQWRKDFLDDUULEDWRGRORTXHVHDQHFHVDULR\DMXVWHODLQFOLQDFLQGHOUHVSDOGRGHO
DVLHQWRWRGRORQHFHVDULRKDVWDXQDSRVLFLQYHUWLFDOSDUDJDUDQWL]DUTXHHOFLQWXUQHVWWHQVDGRHQHOODWHUDOGHO
FLHUUH
PXHYDKDFLDGHODQWHHODVLHQWRGHODQWHURFRUUHVSRQGLHQWHVLWXDGRGHODQWHGHOVLVWHPDGHUHWHQFLQLQIDQWLOWRGROR
TXHVHDQHFHVDULR
DMXVWHHOUHVSDOGRFRUUHVSRQGLHQWHDODSRVLFLQPVDWUDVDGD DMXVWHHOUHSRVDFDEH]DVFRUUHVSRQGLHQWHWRGR
ORQHFHVDULRRGHVPQWHORVLHVQHFHVDULR
2SFLRQHVSHUPLWLGDVSDUDHOPRQWDMHGHXQVLVWHPDGHUHWHQFLQLQIDQWLO,62),;
&ODVHGH
WDPDR
DLUEDJ
)LMDFLQ DFWLYDGR
DLUEDJ
GHVDFWLYDGR
(QHO
(QORVDVLHQWRV DVLHQWR
H[WHULRUHV
FHQWUDO
WUDVHURV
WUDVHUR
*UXSR KDVWDNJ
RPHVHVDSUR[
,625 ;
,/
,/
*UXSR KDVWDNJ
RDRVDSUR[
,625 ;
,/
,/
'
,625 ;
,/
,/
&
,625 ;
,/
,/
(QHODVLHQWRGHODFRPSDDQWH
&ODVHGHSHVR
$VLHQWRVVLVWHPDVGHVHJXULGDG
(QHODVLHQWRGHODFRPSDDQWH
DLUEDJ
)LMDFLQ DFWLYDGR
DLUEDJ
GHVDFWLYDGR
(QHO
(QORVDVLHQWRV DVLHQWR
H[WHULRUHV
FHQWUDO
WUDVHURV
WUDVHUR
,625 ;
,/
,/
,625 ;
,/
,/
,62)
,/,8)
,/,8)
%
,62); ;
,/,8)
,/,8)
,62)
,/,8)
,/,8)
*UXSR,, GHDNJ
RGHDDRVDSUR[
,/
,/
*UXSR,,, GHDNJ
RGHDDRVDSUR[
,/
,/
&ODVHGHSHVR
&ODVHGH
WDPDR
*UXSR, GH DNJ
'
RGHPHVHVDDRVDSUR[ &
,/
DGHFXDGRSDUDVLVWHPDVGHUHWHQFLQ,62),;SDUWLFXODUHVGHODVFDWHJRUDVHVSHFILFDGHOYHKFXOROLPLWDGDR
VHPLXQLYHUVDO 3XQWRVGHILMDFLQ,62),;DQFODMHVRSFLRQDOHVSDUDHODVLHQWRGHODFRPSDDQWHSHURQRGLVSR
QLEOHVSDUDDVLHQWRVGHSRUWLYRV (OVLVWHPDGHUHWHQFLQ,62),;GHEHHVWDUKRPRORJDGRSDUDHOWLSRGHYHKFXOR
HVSHFILFR FRQVXOWHODOLVWDGHWLSRVGHYHKFXORGHOVLVWHPDGHUHWHQFLQLQIDQWLO
,8) DGHFXDGRSDUDVLVWHPDVGHUHWHQFLQLQIDQWLORULHQWDGRVKDFLDGHODQWH,62),;GHFDWHJRUDXQLYHUVDOKRPRORJDGRV
SDUDXWLOL]DUVHHQHVWDFODVHGHSHVR SXQWRVGHILMDFLQ,62),;DQFODMHRSFLRQDOHVSDUDHODVLHQWRGHODFRPSDDQWH
SHURQRGLVSRQLEOHVSDUDDVLHQWRVGHSRUWLYRV
; QLQJQVLVWHPDGHUHWHQFLQLQIDQWLO,62),;KRPRORJDGRSDUDHVWDFODVHGHSHVR
$VLHQWRVVLVWHPDVGHVHJXULGDG
PXHYDHODVLHQWRKDFLDGHODQWHWRGRORTXHVHDQHFHVDULR\DMXVWHODLQFOLQDFLQGHOUHVSDOGRGHODVLHQWRWRGROR
QHFHVDULRKDVWDXQDSRVLFLQYHUWLFDOSDUDJDUDQWL]DUTXHHOFLQWXUQVHGHVSOD]DKDFLDGHODQWHGHVGHHOSXQWRGH
DQFODMHVXSHULRU
PXHYDHODMXVWHGHDOWXUDGHODVLHQWRKDFLDDUULEDWRGRORTXHVHDQHFHVDULR\DMXVWHODLQFOLQDFLQGHOUHVSDOGRGHO
DVLHQWRWRGRORQHFHVDULRKDVWDXQDSRVLFLQYHUWLFDOSDUDJDUDQWL]DUTXHHOFLQWXUQHVWWHQVDGRHQHOODWHUDOGHO
FLHUUH
PXHYDKDFLDGHODQWHHODVLHQWRGHODQWHURFRUUHVSRQGLHQWHVLWXDGRGHODQWHGHOVLVWHPDGHUHWHQFLQLQIDQWLOWRGROR
TXHVHDQHFHVDULR
DMXVWHHOUHVSDOGRFRUUHVSRQGLHQWHDODSRVLFLQPVDWUDVDGD DMXVWHHOUHSRVDFDEH]DVFRUUHVSRQGLHQWH
WRGRORQHFHVDULRRGHVPQWHORVLHVQHFHVDULR
SXQWRVGHILMDFLQ,62),;DQFODMHRSFLRQDOHVSDUDHODVLHQWRGHODFRPSDDQWH QRGLVSRQLEOHVSDUDDVLHQWRVGH
SRUWLYRV
&ODVHGHWDPDR,62),;\GLVSRVLWLYRGHDVLHQWR
$,62)
%,62)
%,62);
&,625
',625
(,625
VLVWHPDGHUHWHQFLQLQIDQWLORULHQWDGRKDFLDGHODQWHSDUDQLRVGHWDOODP[LPDHQODFODVHGHSHVR
GH DNJ
VLVWHPDGHUHWHQFLQLQIDQWLORULHQWDGRKDFLDGHODQWHSDUDQLRVPVSHTXHRVHQODFODVHGHSHVRGH
DNJ
VLVWHPDGHUHWHQFLQLQIDQWLORULHQWDGRKDFLDGHODQWHSDUDQLRVPVSHTXHRVHQODFODVHGHSHVRGH
DNJ
VLVWHPDGHUHWHQFLQLQIDQWLORULHQWDGRKDFLDDWUVSDUDQLRVGHWDOODP[LPDHQODFODVHGHSHVR
KDVWDNJ
VLVWHPDGHUHWHQFLQLQIDQWLORULHQWDGRKDFLDDWUVSDUDQLRVPVSHTXHRVHQODFODVHGHSHVRKDVWD
NJ
VLVWHPDGHUHWHQFLQLQIDQWLORULHQWDGRKDFLDDWUVSDUDQLRVSHTXHRVHQODFODVHGHSHVRKDVWD
NJ
$VLHQWRVVLVWHPDVGHVHJXULGDG
6LVWHPDVGHUHWHQFLQ
LQIDQWLO,62),;
)LMHORVVLVWHPDVGHVHJXULGDGLQIDQWLO
,62),;KRPRORJDGRVSDUDHOYH
KFXORDORVVRSRUWHVGHPRQWDMH
,62),;/DVSRVLFLRQHVHVSHFILFDV
GHOYHKFXORSDUDORVVLVWHPDVGHUH
WHQFLQLQIDQWLO,62),;HVWQPDUFD
GDVPHGLDQWH,/HQODWDEOD
(OYHKFXORHVWHTXLSDGRFRQJXDV
HQORVUHVSDOGRVSDUDSHUPLWLUHOPRQ
WDMHGHOVLVWHPDGHUHWHQFLQLQIDQWLO
6LVWHPDVGHUHWHQFLQLQIDQWLO
,62),;HQORVDVLHQWRVWUDVHURV
/RVVRSRUWHVGHPRQWDMH,62),;GH
ORVDVLHQWRVWUDVHURVVHLQGLFDQPH
GLDQWHHOORJRWLSR,62),;HQHOUHV
SDOGR
$EUDODVWDSDVGHODVJXDVDQWHVGH
PRQWDUXQVLVWHPDGHUHWHQFLQLQ
IDQWLO'HVSXVGHGHVPRQWDUHOVLV
WHPDGHUHWHQFLQLQIDQWLOFLHUUHODV
VRODSDV
6LVWHPDVGHUHWHQFLQLQIDQWLO
,62),;HQHODVLHQWRGHO
DFRPSDDQWH
&RORTXHHOVLVWHPDGHUHWHQFLQLQ
IDQWLOHQHOFHQWURGHODVLHQWR\SUH
VLRQHKDFLDDWUV$VHJUHVHGHTXH
HOVLVWHPDGHUHWHQFLQLQIDQWLOVH
DFRSOHFRUUHFWDPHQWH
$UJROODVGHILMDFLQGHORV
DQFODMHV
$GHPVGHOVRSRUWHGHPRQWDMH
,62),;ILMHODFRUUHDGHO
DQFODMHVXSHULRUDODVDUJROODVGHILMD
FLQSDUDHODQFODMHVXSHULRU
/DVSRVLFLRQHVGHODFDWHJRUDXQL
YHUVDOSDUDORVVLVWHPDVGHUHWHQFLQ
LQIDQWLO,62),;HVWQPDUFDGDVPH
GLDQWH,8)HQODWDEOD
$UJROODVGHILMDFLQGHORV
DQFODMHVHQORVDVLHQWRVWUDVHURV
(OYHKFXORWLHQHGRVDUJROODVGHILMD
FLQHQODSDUWHSRVWHULRUGHORVDVLHQ
WRVWUDVHURV
/DVDUJROODVGHILMDFLQSDUDHO
DQFODMHVXSHULRUHVWQPDUFDGDVFRQ
HOVPEROR SDUDHODVLHQWRLQIDQWLO
$VLHQWRVVLVWHPDVGHVHJXULGDG
$UJROODGHILMDFLQGHORVDQFODMHV
HQHODVLHQWRGHODFRPSDDQWH
([LVWHXQSXQWRGHILMDFLQDGLFLRQDO
VLWXDGRHQHOUDOGHODVLHQWRGHO
DFRPSDDQWHHQHOKXHFRWUDVHUR
SDUDORVSLHV
3RUWDREMHWRV
3RUWDREMHWRV
&RPSDUWLPHQWRVSRUWDREMHWRV
*XDQWHUD
3RUWDYDVRV
3RUWDREMHWRVGHODQWHUR
3RUWDREMHWRVEDMRHODVLHQWR
3RUWDELFLFOHWDVWUDVHUR
&RPSDUWLPHQWRGHFDUJD
&XELHUWDGHOFRPSDUWLPHQWRGH
FDUJD
&XELHUWDGHOSRUWDREMHWRVGHO
PDOHWHUR
$UJROODV
7ULQJXORGHDGYHUWHQFLD
%RWLTXQ
6LVWHPDSRUWDHTXLSDMHVGHWH
FKR
3RUWDHTXLSDMHVGHWHFKR
,QIRUPDFLQVREUHODFDUJD
&RPSDUWLPHQWRV
SRUWDREMHWRV
*XDQWHUD
$GYHUWHQFLD
1RJXDUGHREMHWRVSHVDGRVRDIL
ODGRVHQORVFRPSDUWLPHQWRVSRU
WDREMHWRV(QFDVRFRQWUDULRVLVH
DEULHUDODWDSDGHOFRPSDUWLPHQWR
SRUWDREMHWRVSRUXQDIUHQDGD
IXHUWHXQDPDQLREUDEUXVFDGHO
YRODQWHRXQDFFLGHQWHORVRFX
SDQWHVGHOYHKFXORSRGUDQVXIULU
OHVLRQHVSRUHOLPSDFWRGHGLFKRV
REMHWRV
7LUHGHODSDODQFDSDUDDEULUODWDSD
GHODJXDQWHUD
/DJXDQWHUDGLVSRQHGHXQSRUWDPR
QHGDV\XQDGDSWDGRUSDUDORVWRUQL
OORVGHUXHGDDQWLUURER
/DJXDQWHUDGHEHHVWDUFHUUDGDPLHQ
WUDVVHFRQGXFH
3RUWDREMHWRV
3RUWDYDVRV
/RVSRUWDYDVRVHVWQVLWXDGRVHQOD
FRQVRODFHQWUDO
&RUUHDIOH[LEOHSDUDSRUWDYDVRV
/RVEROVLOORVGHODVSXHUWDVHVWQGL
VHDGRVSDUDOOHYDUERWHOODV
+D\SRUWDERWHOODVDGLFLRQDOHVVLWXD
GRVHQORVSDQHOHVODWHUDOHVWUDVHURV
+D\XQDFRUUHDGHJRPDIOH[LEOHVL
WXDGDHQHOFRPSDUWLPHQWRSRUWDRE
MHWRVVLWXDGRGHODQWHGHODSDODQFD
VHOHFWRUDGHFDPELRV7LUHGHODFR
UUHDSDUDVXMHWDUXQYDVRRXQFHQL
FHUR
3RUWDREMHWRV
3RUWDREMHWRVGHODQWHUR
3RUWDREMHWRVEDMRHODVLHQWR
3RUWDELFLFOHWDVWUDVHUR
+D\FRPSDUWLPHQWRVSRUWDREMHWRVVL
WXDGRVGHEDMRGHOFRQPXWDGRUGHODV
OXFHVHQODFRQVRODFHQWUDOHQORV
EROVLOORVGHODVSXHUWDV\HQORVSD
QHOHVODWHUDOHVMXQWRDORVDVLHQWRV
WUDVHURV
/HYDQWHSRUHOUHEDMHGHOERUGH\H[
WULJDOR&DUJDP[LPD NJ3DUD
FHUUDUORSUHVLRQH\HQFODYH
(OSRUWDELFLFOHWDVWUDVHUR VLVWHPD
)OH[)L[ RIUHFHODSRVLELOLGDGGHILMDU
ELFLFOHWDVHQXQVRSRUWHH[WUDEOHLQ
WHJUDGRHQHOSLVRGHOYHKFXOR1RVH
SHUPLWHHOWUDQVSRUWHGHRWURVREMH
WRV
/DFDUJDP[LPDGHOSRUWDELFLFOHWDV
WUDVHURHVGHNJ/DFDUJDP[LPD
SRUELFLFOHWDHVGHNJ
/DGLVWDQFLDHQWUHHMHVGHXQDELFL
FOHWDQRGHEHH[FHGHUPHWURV'H
ORFRQWUDULRODELFLFOHWDQRVHSXHGH
ILMDUFRQVHJXULGDG
3RUWDREMHWRV
6LQRHVWHQXVRHOSRUWDELFLFOHWDV
VHJXDUGDLQWURGXFLQGRORHQHOSLVR
GHOYHKFXOR
(QODVELFLFOHWDVQRGHEHKDEHUREMH
WRVTXHSXHGDQVROWDUVHGXUDQWHHO
WUDQVSRUWH
([WUDLJDSRUFRPSOHWRHOSRUWDELFLFOH
WDVWUDVHURKDVWDTXHVHHQFODYHGH
IRUPDDXGLEOH
$VHJUHVHGHTXHQRHVSRVLEOHLQ
WURGXFLUHOSRUWDELFLFOHWDVWUDVHURVLQ
YROYHUDDFFLRQDUODSDODQFDGHGHV
EORTXHR
$WHQFLQ
1RWUDQVSRUWHELFLFOHWDVFRQELHODV
GHFDUERQRHQHOSRUWDELFLFOHWDV
/DVELFLFOHWDVSXHGHQVXIULUGD
RV
([WUDFFLQ
$EULUHOSRUWQWUDVHUR
$GYHUWHQFLD
1RGHEHKDEHUSHUVRQDVHQOD
]RQDGHH[WHQVLQGHOSRUWDELFL
FOHWDVWUDVHURDODEULUORULHVJRGH
OHVLRQHV
$GYHUWHQFLD
/HYDQWHODSDODQFDGHGHVEORTXHR(O
VLVWHPDVHGHVHQFODYD\VDOHUSLGD
PHQWHGHOSDUDFKRTXHV
6ORVHSHUPLWHPRQWDUREMHWRVHQ
HOSRUWDELFLFOHWDVWUDVHURVLHOVLV
WHPDHVWFRUUHFWDPHQWHHQFOD
YDGR6LHOSRUWDELFLFOHWDVWUDVHUR
QRVHSXHGHHQFODYDUFRUUHFWD
PHQWHQRPRQWHQLQJQREMHWR
VREUHHOVLVWHPD\YXHOYDDSOH
JDUOR5HFXUUDDODD\XGDGHXQ
WDOOHU
3RUWDREMHWRV
0RQWDUODVOXFHVWUDVHUDV
6DTXHODVOXFHVWUDVHUDVGHVXVDOR
MDPLHQWRVSULPHURODWUDVHUD
\
OXHJRODGHODQWHUD
'HVSOLHJXHFRPSOHWDPHQWHORVVR
SRUWHVTXHKD\HQODSDUWHSRVWHULRU
GHODOX]WUDVHUDKDVWDTXHHQFODYHQ
&RPSUXHEHODFRUUHFWDLQVWDODFLQ\
FRORFDFLQGHORVFDEOHV\ODSRVLFLQ
GHODVOXFHV
%DMHODSDODQFDWHQVRUDHLQVHUWHHO
VRSRUWHHQHODORMDPLHQWRKDVWDTXH
HQFODYH
5HDOLFHHVWHSURFHGLPLHQWRHQDPEDV
OXFHVWUDVHUDV
3RUWDREMHWRV
%ORTXHDUHOSRUWDELFLFOHWDV
WUDVHUR
'HVSOHJDUORVDORMDPLHQWRVSDUD
ODVELHODVGHORVSHGDOHV
([WUDLJDODVILMDFLRQHVSDUDODVELHODV
GHORVSHGDOHVGHORVDORMDPLHQWRV
%DVFXOHODVSDODQFDVWHQVRUDVSUL
PHURODL]TXLHUGD
\OXHJRODGHUH
FKD
KDVWDTXHOOHJXHQDOWRSH/DV
GRVSDODQFDVWHQVRUDVGHEHQVHDODU
KDFLDDWUV HQFDVRFRQWUDULRQRHV
WDUJDUDQWL]DGRXQIXQFLRQDPLHQWR
VHJXUR
1RWD
&LHUUHHOSRUWQWUDVHUR
'HVSOLHJXHKDFLDDUULEDXQRRDPERV
DORMDPLHQWRVKDVWDTXHHODSR\RGLD
JRQDOHQFODYH
$GDSWDFLQGHOSRUWDELFLFOHWDV
WUDVHURDXQDELFLFOHWD
3RUWDREMHWRV
3XOVHODSDODQFDGHGHVEORTXHR\H[
WUDLJDORVDORMDPLHQWRVSDUDODVUXH
GDV
3XOVHODSDODQFDGHGHVEORTXHRGHOD
FLQWDGHVXMHFLQ\VDTXHODFLQWD
3UHSDUDUODELFLFOHWDSDUDOD
ILMDFLQ
1RWD
(ODQFKRPQLPRGHODPDQLYHODGH
SHGDOHVGHPP\VXSURIXQGL
GDGP[LPDGHPP
*LUHHOSHGDOL]TXLHUGR VLQSODWR HQ
YHUWLFDOKDFLDDEDMR(OSHGDOL]
TXLHUGRGHEHTXHGDUHQSRVLFLQKR
UL]RQWDO
/DELFLFOHWDGHODQWHUDGHEHTXHGDU
FRQODUXHGDGHODQWHUDKDFLDODL]
TXLHUGD
/DELFLFOHWDWUDVHUDGHEHTXHGDUFRQ
ODUXHGDGHODQWHUDKDFLDODGHUHFKD
)LMDUXQDELFLFOHWDDO
SRUWDELFLFOHWDVWUDVHUR
&RQHODVDJLUDWRULDGHODORMDPLHQWR
DGDSWHDSUR[LPDGDPHQWHHODVLHQWR
SDUDODELHODGHOSHGDODODLQFOLQDFLQ
GHODELHOD
6LODVELHODVGHORVSHGDOHVVRQUHF
WDVGHVHQURVTXHSRUFRPSOHWRHO
DVLHQWRSDUDODELHOD SRVLFLQ
3RUWDREMHWRV
&RORTXHODELFLFOHWD/DELHODGHEH
FRORFDUVHHQHOKXHFRGHODORMDPLHQWR
SDUDODELHODFRPRVHPXHVWUDHQOD
LOXVWUDFLQ
$WHQFLQ
$VHJUHVHGHTXHHOSHGDOQRWRFD
ODVXSHUILFLHGHOSRUWDELFLFOHWDV
WUDVHUR(QFDVRFRQWUDULRODELHOD
SRGUDVXIULUGDRVGXUDQWHHO
WUDQVSRUWH
6LODVELHODVGHORVSHGDOHVVRQFXU
YDGDVHQURVTXHSRUFRPSOHWRHO
DVLHQWRSDUDODELHOD SRVLFLQ
*LUHHOWRUQLOORGHDSULHWHSDUDVXMHWDU
ODELHODDODILMDFLQFRUUHVSRQGLHQWH
,QVHUWHODILMDFLQSDUDODELHODHQHO
FDUULOH[WHULRUGHODORMDPLHQWRGHVGH
DUULED\GHVOFHODKDFLDDEDMRKDVWD
GHEDMRGHODPXHVFDFRPRPQLPR
3RUWDREMHWRV
$MXVWHORVDORMDPLHQWRVSDUDODVUXH
GDVGHPRGRTXHODELFLFOHWDTXHGH
HQSRVLFLQKRUL]RQWDO/DVHSDUDFLQ
HQWUHORVSHGDOHV\HOSRUWQWUDVHUR
GHEHUDVHUGHFPFRPRPQLPR
/DVGRVUXHGDVGHODELFLFOHWDGHEHQ
HVWDUHQORVDORMDPLHQWRVFRUUHVSRQ
GLHQWHV
$WHQFLQ
$VHJUHVHGHTXHORVUHEDMHVGH
ODUXHGDVHKDQH[WUDGRWRGROR
QHFHVDULRSDUDSRGHUFRORFDUODV
GRVUXHGDVGHODELFLFOHWDHQORV
UHEDMHV'HORFRQWUDULRQRVHJD
UDQWL]DHOPRQWDMHKRUL]RQWDOGHOD
ELFLFOHWD(OGHVFXLGRSXHGHRULJL
QDUGDRVHQODVUXHGDVGHODEL
FLFOHWDRULJLQDGRSRUORVJDVHVGH
HVFDSHFDOLHQWHV
$OLQHHODELFLFOHWDHQVHQWLGRORQJLWX
GLQDOUHVSHFWRDOYHKFXOR$IORMHOLJH
UDPHQWHODILMDFLQSDUDODELHOD
&RORTXHODELFLFOHWDHQSRVLFLQYHU
WLFDOXVDQGRHODVDJLUDWRULDGHODORMD
PLHQWRSDUDODELHOD
6LODVGRVELFLFOHWDVVHREVWDFXOL]DQ
HQWUHVVHSXHGHDGDSWDUODSRVLFLQ
UHODWLYDGHFDGDELFLFOHWDDMXVWDQGR
ORVDORMDPLHQWRVSDUDODVUXHGDV\HO
DVDJLUDWRULDGHODORMDPLHQWRSDUDOD
ELHODKDVWDTXHODVELFLFOHWDVQRVH
WRTXHQHQWUHV$VHJUHVHGHTXH
KD\DVXILFLHQWHKROJXUDUHVSHFWRDO
YHKFXOR
$SULHWHDOP[LPRPDQXDOPHQWHHO
WRUQLOORGHODILMDFLQSDUDODELHOD
$VHJXUHODVGRVUXHGDVGHODELFLFOHWD
DVXVDORMDPLHQWRVFRQODVFLQWDVGH
VXMHFLQ
&RPSUXHEHVLODELFLFOHWDHVWILUPH
PHQWHVXMHWD
$WHQFLQ
$VHJUHVHGHTXHODVHSDUDFLQ
HQWUHODELFLFOHWD\HOYHKFXORVHD
GHFPFRPRPQLPR6LIXHUD
QHFHVDULRDIORMHHOPDQLOODU\J
UHORKDFLDXQODGR
3RUWDREMHWRV
6HUHFRPLHQGDDQRWDU\FRQVHUYDU
ORVDMXVWHVGHORVDORMDPLHQWRVSDUD
ODVUXHGDV\GHODVDJLUDWRULDHQHO
DORMDPLHQWRSDUDODELHODGHFDGDEL
FLFOHWD0HGLDQWHXQFRUUHFWRDMXVWH
SUHYLRVHIDFLOLWDHOPRQWDMHGHODEL
FLFOHWDHQRFDVLRQHVSRVWHULRUHV
6XMHWHODELFLFOHWDDIORMHHOWRUQLOORGH
DSULHWHGHODILMDFLQSDUDODELHOD\
OHYDQWHODILMDFLQSDUDH[WUDHUOD
5HWUDHUHOSRUWDELFLFOHWDVWUDVHUR
1RWD
6HUHFRPLHQGDILMDUXQDVHDOGHDG
YHUWHQFLDHQODELFLFOHWDWUDVHUDSDUD
DXPHQWDUODYLVLELOLGDG
'HVPRQWDUXQDELFLFOHWDGHO
SRUWDELFLFOHWDVWUDVHUR
,QWURGX]FDODFLQWDGHVXMHFLQ\
DSULWHODKDFLDDEDMRORP[LPRSRVL
EOH
,QVHUWHODVILMDFLRQHVSDUDODVELHODV
HQHODORMDPLHQWRFRUUHVSRQGLHQWH
FRPRVHPXHVWUDHQODLOXVWUDFLQ
6XHOWHODVFLQWDVGHVXMHFLQGHODV
UXHGDVGHODELFLFOHWD
3RUWDREMHWRV
3XOVHODSDODQFDGHGHVEORTXHRHLQ
VHUWHORVDORMDPLHQWRVSDUDODVUXH
GDVFRPSOHWDPHQWHKDVWDHOWRSH
'HVHQFODYHODSDODQFDGHEORTXHRHQ
HODSR\RGLDJRQDO\SOLHJXHKDFLD
DEDMRORVDORMDPLHQWRVSDUDODELHOD
$GYHUWHQFLD
5LHVJRGHSLQ]DPLHQWR
%DMHODSDODQFDGHUHWHQFLQ\H[
WUDLJDORVGRVVRSRUWHVGHODVOXFHVGH
VXVDORMDPLHQWRV
%DVFXOHKDFLDGHODQWHODVSDODQFDV
WHQVRUDVSULPHURODGHUHFKD
\
OXHJRODL]TXLHUGD
KDVWDTXHSXH
GDQHQFODYDUVHHQVXVDORMDPLHQWRV
UHVSHFWLYRV
3OLHJXHORVVRSRUWHVHQODSDUWHSRV
WHULRUGHODVOXFHVWUDVHUDV
&RORTXHODVOXFHVWUDVHUDVHQVXV
DORMDPLHQWRVSULPHURODGHODQWHUD
\OXHJRODWUDVHUD
\EMHODVORP
[LPRSRVLEOH*XDUGHORVFDEOHVSRU
FRPSOHWRHQODVJXDVSDUDHYLWDUSR
VLEOHVGDRV
$EULUHOSRUWQWUDVHUR
3RUWDREMHWRV
&RPSDUWLPHQWRGH
FDUJD
$PSOLDFLQGHOFRPSDUWLPHQWRGH
FDUJD
(OUHVSDOGRWUDVHURVHSXHGHHQFOD
YDUHQGRVSRVLFLRQHV$OWUDQVSRUWDU
REMHWRVYROXPLQRVRVEORTXHHHQSR
VLFLQYHUWLFDO
5HVSDOGRLQWHJUDO
7LUHGHODPDQLOODGHGHVEORTXHRGH
DPERVODGRVWLUHGHOUHVSDOGRKDFLD
GHODQWHKDVWDODYHUWLFDO\HQFOYHOR
(QFDVRGHGHVEORTXHRDSDUHFHXQD
PDUFDURMDMXQWRDODSDODQFDGHGHV
EORTXHR(OUHVSDOGRHVWDUELHQHQ
FODYDGRVFXDQGRQRVHYHDQQLQJXQD
GHODVPDUFDVURMDVGHDPERVODGRV
FHUFDGHODSDODQFDGHGHVEORTXHR
$EDWLUORVUHVSDOGRVWUDVHURV
0DQWHQJDOHYDQWDGDODSDODQFDGH
GHVEORTXHR6XEDOLJHUDPHQWHHOVLV
WHPDHLQWURG]FDORHQHOSDUDFKR
TXHVKDVWDTXHTXHGHHQFODYDGR
/DSDODQFDGHGHVEORTXHRGHEHYRO
YHUDVXSRVLFLQRULJLQDO
'HVPRQWHODFXELHUWDGHOFRPSDUWL
PHQWRGHFDUJDVLIXHUDQHFHVDULR
%DMHORVUHSRVDFDEH]DVSXOVDQGRHO
UHVRUWH
$GYHUWHQFLD
6LQRHVSRVLEOHHQFODYDUFRUUHF
WDPHQWHHOVLVWHPDUHFXUUDDOD
D\XGDGHXQWDOOHU
5HVSDOGRGLYLGLGR
7LUHGHODPDQLOODGHGHVEORTXHRGHO
ODGRFRUUHVSRQGLHQWHWLUHGHOUHV
SDOGRKDFLDGHODQWHKDVWDODYHUWLFDO\
HQFOYHOR
3RUWDREMHWRV
*XHORVFLQWXURQHVGHVHJXULGDGSRU
GHQWURGHORVVRSRUWHVODWHUDOHVSDUD
TXHQRVHGDHQ&XDQGRDEDWDHO
UHVSDOGRDFRPSDHORVFLQWXURQHV
GHVHJXULGDG
5HVSDOGRGLYLGLGR
7LUHGHODSDODQFDGHOLEHUDFLQGHO
ODGRFRUUHVSRQGLHQWH\SOLJXHODKD
FLDDEDMRHQHOFRMQGHODVLHQWR
5HVSDOGRLQWHJUDO
7LUHGHODSDODQFDGHOLEHUDFLQGH
DPERVODGRV\SOLJXHODKDFLDDEDMR
HQHOFRMQGHODVLHQWR
6LVHYDDFDUJDUHOYHKFXORSRUXQD
GHODVSXHUWDVWUDVHUDVVDTXHHOFLQ
WXUQGHVHJXULGDGGHODJXDGHOUHV
SDOGRHLQVHUWHODOHQJHWDHQHOUH
EDMHFRPRVHPXHVWUDHQODLOXVWUD
FLQ
3DUDHQGHUH]DUORVOHYDQWHHOUHV
SDOGR\SQJDORHQSRVLFLQYHUWLFDO
KDVWDTXHRLJDTXHVHDFRSOD
$VHJUHVHGHTXHORVFLQWXURQHVGH
VHJXULGDGGHORVDVLHQWRVH[WHULRUHV
HVWQFRORFDGRVHQODVJXDVFRUUHV
SRQGLHQWHV
(OUHVSDOGRHVWDUELHQHQFODYDGRV
FXDQGRQRVHYHDQQLQJXQDGHODV
PDUFDVURMDVGHDPERVODGRVFHUFD
GHODSDODQFDGHGHVEORTXHR
$GYHUWHQFLD
6ORVHGHEHFRQGXFLUHOYHKFXOR
VLORVUHVSDOGRVHVWQELHQHQFOD
YDGRVHQVXSRVLFLQ(QFDVR
FRQWUDULRKD\ULHVJRGHOHVLRQHV
SHUVRQDOHVRGDRVHQODFDUJDR
HOYHKFXORVLKD\XQIUHQD]R
EUXVFRRXQDFROLVLQ
(OFLQWXUQGHVHJXULGDGGHODVLHQWR
FHQWUDOSRGUDEORTXHDUVHVLHOUHV
SDOGRVHHQGHUH]DGHPDVLDGRUSL
GDPHQWH3DUDGHVEORTXHDUHOUHWUDF
WRULQWURGX]FDHOFLQWXUQGHVHJXUL
GDGRWLUHGHOXQRVPLOPHWURV\
OXHJRVXOWHOR
3RUWDREMHWRV
&XELHUWDGHOFRPSDUWLPHQWR
GHFDUJD
1RFRORTXHQLQJQREMHWRVREUHODFX
ELHUWD
9HUVLQGHSXHUWDVSXHUWDV
'HVPRQWDMH
$ORMDPLHQWR
&XDQGRHOFRPSDUWLPHQWRGHFDUJD
HVWFRPSOHWDPHQWHFDUJDGRJXDUGH
ODFXELHUWDGHOFRPSDUWLPHQWRHQORV
DVLHQWRVWUDVHURVRH[WULJDODGHOYH
KFXOR
'HVPRQWDMH
$EURFKDUVHHOFLQWXUQ
,QVHUWHODFXELHUWDHQODVJXDVODWH
UDOHV\EMHOD)LMHODVFLQWDVGHVXMH
FLQDOSRUWQWUDVHUR
)XUJRQHWDGHUHSDUWR
/DFXELHUWDGHOFRPSDUWLPHQWRGH
FDUJDFRQVWDGHFXDWURVHJPHQWRV
TXHVHSXHGHQH[WUDHURLQVHUWDULQ
GLYLGXDOPHQWH
'HVHQJDQFKHODVFLQWDVGHVXMHFLQ
GHOSRUWQWUDVHUR
/HYDQWHODFXELHUWDSRUODSDUWHWUD
VHUD\HPSMHODKDFLDDUULEDSRUOD
SDUWHGHODQWHUD
'HVPRQWHODWDSD
3DUDGHVPRQWDUODFXELHUWDWUDVHUD
GHVHQJDQFKHODVFLQWDVGHVXMHFLQ
GHOSRUWQWUDVHUR
/HYDQWHODFXELHUWDSRUODSDUWHWUD
VHUD\HPSMHODKDFLDDUULEDSRUOD
SDUWHGHODQWHUD'HVPRQWHODWDSD
3RUWDREMHWRV
&XELHUWDGHOSRUWDREMHWRV
GHOPDOHWHUR
&XELHUWDGHOSLVRWUDVHUR
3LVRGHFDUJDGREOH
(OSLVRGHFDUJDGREOHVHSXHGHFR
ORFDUHQHOFRPSDUWLPHQWRGHFDUJD
HQGRVSRVLFLRQHV
3DUDHOGHVPRQWDMHGHORVRWURVWUHV
VHJPHQWRV RUGHQGHODO OHYDQWH
SRUGHWUVGHVDFRSOHJLUH\H[WUDLJD
$EURFKDUVHHOFLQWXUQ
0RQWHORVVHJPHQWRVVLJXLHQGRHORU
GHQGHODO(QFODYHORVVHJPHQWRV
HQVXVDORMDPLHQWRVODWHUDOHV
/RVVHJPHQWRVVHVRODSDQHQODV]R
QDVGHXQLQXQDYH]FHUUDGRV
3DUDPRQWDUODFXELHUWDWUDVHUDDFR
SOHODFXELHUWDHQODVJXDVODWHUDOHV
\EMHOD)LMHODVFLQWDVGHVXMHFLQDO
SRUWQWUDVHUR
/HYDQWHODFXELHUWDGHOSLVRWUDVHUR
SDUDSRGHUDFFHGHUDOHTXLSRGHUH
SDUDFLQGHDYHUDVGHHPHUJHQFLD
+HUUDPLHQWDV
(QPRGHORVFRQMXHJRGHUHSDUDFLQ
GHQHXPWLFRVHQHOODGRGHUHFKRGHO
FRPSDUWLPHQWRGHFDUJDHOUHEDMHGH
ODUXHGDGHUHSXHVWRSXHGHXWLOL]DUVH
FRPRFRPSDUWLPHQWRGHDOPDFHQD
PLHQWRDGLFLRQDO-XHJRGHUHSDUD
FLQGHQHXPWLFRV
GLUHFWDPHQWHHQFLPDGHODWDSD
GHODORMDPLHQWRGHODUXHGDGHUH
SXHVWRRODFXELHUWDGHOSLVR
RHQODVDEHUWXUDVVXSHULRUHVGHO
FRPSDUWLPHQWRGHFDUJD
3DUDGHVPRQWDUOROHYDQWHHOSLVR
XVDQGRHOUHEDMH\WLUHKDFLDDWUV
3DUDPRQWDUORLQVHUWHHOSLVRGH
FDUJDHQODJXDFRUUHVSRQGLHQWH\
OXHJREMHOR
3RUWDREMHWRV
6LVHPRQWDHQODSRVLFLQVXSHULRU
VHSXHGHXWLOL]DUHOHVSDFLRHQWUHHO
SLVRGHFDUJD\ODWDSDGHODFDYLGDG
SDUDODUXHGDGHUHSXHVWRFRPRFRP
SDUWLPHQWRSRUWDREMHWRV
(QHVWDSRVLFLQVLVHDEDWHQORVUHV
SDOGRVGHODVLHQWRWUDVHURVHFRQVL
JXHXQDVXSHUILFLHGHFDUJDFDVLKR
UL]RQWDO
(OSLVRGHFDUJDGREOHSXHGHVRSRUWDU
XQDFDUJDP[LPDGHNJ(QOD
SRVLFLQLQIHULRUHOSLVRGHFDUJDGR
EOHSXHGHVRSRUWDUODFDUJDP[LPD
SHUPLVLEOH
(QFDVRFRQWUDULRSRUXQDIUHQDGD
EUXVFDXQFDPELRUHSHQWLQRGHGL
UHFFLQRXQDFFLGHQWHORVRFX
SDQWHVGHOYHKFXORSRGUDQVXIULU
OHVLRQHVSRUHOLPSDFWRGHORVRE
MHWRV
$UJROODV
9HUVLQGHSXHUWDVSXHUWDV
/DVFDUJDVVHSXHGHQDVHJXUDUFRQ
FXDWURDUJROODVHQHOFRPSDUWLPHQWR
GHFDUJD
,QGLFDFLQJHQHUDO
$GYHUWHQFLD
3RUPRWLYRVGHVHJXULGDGJXDUGH
WRGRVORVFRPSRQHQWHVHQVXSR
VLFLQHQHOFRPSDUWLPHQWRGH
FDUJDFRQGX]FDVLHPSUHFRQOD
FXELHUWDGHOSLVRWUDVHURFHUUDGD\
VLHVSRVLEOHFRQORVUHVSDOGRV
WUDVHURVHQSRVLFLQYHUWLFDO
)XUJRQHWDGHUHSDUWR
/DVDUJROODVHVWQGLVHDGDVSDUDIL
MDUODVFRUUHDVGHDPDUUHRXQDUHG
SDUDHOHTXLSDMH\HYLWDUTXHVHGHV
SODFHQORVREMHWRVWUDQVSRUWDGRV
3RUWDREMHWRV
7ULQJXORGHDGYHUWHQFLD
%RWLTXQ
6LVWHPDSRUWDHTXLSDMHV
GHWHFKR
3RUWDHTXLSDMHVGHWHFKR
(OWULQJXORGHDGYHUWHQFLDVHJXDUGD
HQHOFRPSDUWLPHQWRGHFDUJDGHEDMR
GHOSRUWQWUDVHUR
*XDUGHHOERWLTXQHQHOFRPSDUWL
PHQWRTXHKD\HQODSDUHGL]TXLHUGD
GHOFRPSDUWLPHQWRGHFDUJD
3DUDDEULUHOFRPSDUWLPHQWRGHVHQ
FODYHODWDSD\EUDOD
3RUPRWLYRVGHVHJXULGDG\SDUDHYL
WDUGDRVHQHOWHFKRVHUHFRPLHQGD
XVDUHOVLVWHPDGHSRUWDHTXLSDMHVGH
WHFKRKRPRORJDGRSDUDVXYHKFXOR
3DUDPVLQIRUPDFLQSQJDVHHQ
FRQWDFWRFRQVXWDOOHU
6LJDODVLQVWUXFFLRQHVGHPRQWDMH\
GHVPRQWHHOSRUWDHTXLSDMHVFXDQGR
QRVHYD\DDXWLOL]DU
0RQWDMHHQHOPRGHORVLQWHFKRVRODU
3RUWDREMHWRV
3UHVLRQHKDFLDDEDMRODVWDSDVGHODV
DEHUWXUDVGHPRQWDMH\HPSMHODVKD
FLDDWUVFRQODOODYHSDUDWDSRQHVGH
YOYXODV
)LMHHOSRUWDHTXLSDMHVHQORVSXQWRV
FRUUHVSRQGLHQWHVYDQVHODVLQVWUXF
FLRQHVDGMXQWDVGHOVLVWHPDGHSRUWD
HTXLSDMHVGHWHFKR
,QIRUPDFLQVREUHOD
FDUJD
0RQWDMHHQHOPRGHORFRQWHFKRVRODU
'HVHQJDQFKHODVWDSDVGHODVDEHU
WXUDVGHPRQWDMHSDUDHOSRUWDHTXL
SDMHVGHWHFKRSUHVLRQDQGRODVFR
UUHGHUDVHQODGLUHFFLQGHODIOHFKD\
VDFQGRODVKDFLDDUULED3DUDFHUUDU
ODVWDSDVLQVHUWHSULPHURODSDUWHGH
ODQWHUD\OXHJRHQFODYHODVFRUUHGH
UDVHQODSDUWHWUDVHUD
/RVREMHWRVSHVDGRVHQHOFRP
SDUWLPHQWRGHFDUJDGHEHQFROR
FDUVHDSR\DGRVFRQWUDORVUHV
SDOGRVGHORVDVLHQWRV$VHJ
UHVHGHTXHORVUHVSDOGRVHVWQ
ELHQHQFODYDGRV6LVHSXHGHQ
DSLODUORVREMHWRVORVPVSHVD
GRVGHEHQFRORFDUVHDEDMR
$VHJXUHORVREMHWRVFRQFRUUHDV
GHDPDUUHILMDGDVDODVDUJROODV
3RUWDREMHWRV
8WLOLFHHOJDQFKRHQODSDUHGOD
WHUDOGHUHFKDGHOFRPSDUWLPHQWR
GHFDUJDSDUDFROJDUEROVDV
&DUJDP[LPD NJ
6XMHWHORVREMHWRVVXHOWRVHQHO
FRPSDUWLPHQWRGHFDUJDSDUD
HYLWDUTXHVHPXHYDQ
&XDQGRVHWUDQVSRUWHQREMHWRV
HQHOFRPSDUWLPHQWRGHFDUJD
ORVUHVSDOGRVGHORVDVLHQWRVWUD
VHURVQRGHEHQHVWDULQFOLQDGRV
KDFLDGHODQWH
/DFDUJDQRGHEHVREUHVDOLUSRU
HQFLPDGHOERUGHVXSHULRUGHORV
UHVSDOGRV
1RFRORTXHREMHWRVVREUHODFX
ELHUWDGHOFRPSDUWLPHQWRGH
FDUJDQLHOWDEOHURGHLQVWUXPHQ
WRV QRWDSHHOVHQVRUVLWXDGRHQ
ODSDUWHVXSHULRUGHOWDEOHURGH
LQVWUXPHQWRV
/DFDUJDQRGHEHREVWDFXOL]DUHO
DFFLRQDPLHQWRGHORVSHGDOHVHO
IUHQRGHHVWDFLRQDPLHQWRRODSD
ODQFDVHOHFWRUDGHOFDPELRQLLP
SHGLUODOLEHUWDGGHPRYLPLHQWRV
GHOFRQGXFWRU1RVHGHEHQGHMDU
REMHWRVVXHOWRVHQHOKDELWFXOR
1RFRQGX]FDFRQHOFRPSDUWL
PHQWRGHFDUJDDELHUWR
$GYHUWHQFLD
$VHJUHVHVLHPSUHGHTXHOD
FDUJDGHOYHKFXORHVWELHQVX
MHWD(QFDVRFRQWUDULRORVREMHWRV
SRGUDQVDOLUODQ]DGRVSRUHOLQWH
ULRUGHOYHKFXOR\FDXVDUOHVLRQHV
SHUVRQDOHVRGDRVHQODFDUJD\
HOYHKFXOR
/DFDUJDWLOHVODGLIHUHQFLDHQWUH
HOSHVRP[LPRDXWRUL]DGRGHO
YHKFXOR YDVHODSODFDGHFD
UDFWHUVWLFDV \HOSHVRHQ
YDFRVHJQQRUPD&(
3DUDFDOFXODUODFDUJDWLOLQWUR
GX]FDORVGDWRVGHVXYHKFXOR
HQODWDEODGHSHVRVTXHILJXUDDO
SULQFLSLRGHHVWHPDQXDO
(OSHVRHQYDFRVHJQQRUPD
&(LQFOX\HORVSHVRVFDOFXODGRV
SDUDHOFRQGXFWRU NJ HOHTXL
SDMH NJ \WRGRVORVOTXLGRV
GHSVLWRGHFRPEXVWLEOHOOHQRDO
(OHTXLSDPLHQWRRSFLRQDO\ORV
DFFHVRULRVDXPHQWDQHOSHVRHQ
YDFR
&RQGXFLUFRQFDUJDHQHOWHFKR
DXPHQWDODVHQVLELOLGDGGHOYH
KFXORDORVYLHQWRVODWHUDOHV\
WLHQHXQHIHFWRQHJDWLYRVREUHOD
PDQLREUDELOLGDGGHELGRDODHOH
YDFLQGHOFHQWURGHJUDYHGDG
'LVWULEX\DODFDUJDXQLIRUPH
PHQWH\DVHJUHODFRQFRUUHDV
GHVXMHFLQ$MXVWHODSUHVLQGH
ORVQHXPWLFRV\ODYHORFLGDGGHO
YHKFXORDODVFRQGLFLRQHVGH
FDUJD&RPSUXHEH\YXHOYDD
DSUHWDUODVFRUUHDVFRQIUHFXHQ
FLD
1RFRQGX]FDDPVGHNPK
/DFDUJDP[LPDDXWRUL]DGDHQ
HOWHFKRHVGHNJ/DFDUJD
VREUHHOWHFKRHVODVXPDGHOD
FDUJD\GHOSHVRGHOSRUWDHTXL
SDMHV
,QVWUXPHQWRV\PDQGRV
,QVWUXPHQWRV\
PDQGRV
0DQGRV
$MXVWHGHOYRODQWH
0DQGRVHQHOYRODQWH
9RODQWHWUPLFR
%RFLQD
/LPSLDODYDSDUDEULVDV
/LPSLDODYDOXQHWD
7HPSHUDWXUDH[WHULRU
5HORM
7RPDVGHFRUULHQWH
(QFHQGHGRUGHFLJDUULOORV
&HQLFHURV
7HVWLJRVOXPLQRVRVHLQGLFDGR
UHV
&XDGURGHLQVWUXPHQWRV
9HORFPHWUR
&XHQWDNLOPHWURV
&XHQWDNLOPHWURVSDUFLDO
&XHQWDUUHYROXFLRQHV
,QGLFDGRUGHFRPEXVWLEOH
6HOHFWRUGHFRPEXVWLEOH
,QGLFDGRUGHWHPSHUDWXUDGHO
UHIULJHUDQWHGHOPRWRU
,QGLFDFLQGHVHUYLFLR
7HVWLJRVGHFRQWURO
,QWHUPLWHQWHV
5HFRUGDWRULRGHOFLQWXUQGH
VHJXULGDG
$LUEDJV\SUHWHQVRUHVGH
FLQWXURQHV
'HVDFWLYDFLQGHORVDLUEDJV
6LVWHPDGHFDUJD
7HVWLJRGHDYHUDV
5HYLVLQXUJHQWHGHOYHKFXOR
6LVWHPDGHIUHQRV\HPEUDJXH
$FFLRQHHOSHGDO
6LVWHPDDQWLEORTXHRGHIUHQRV
$%6
&DPELRGHPDUFKDV
'LUHFFLQDVLVWLGD
$YLVRGHFDPELRGHFDUULO
$VLVWHQWHGHDSDUFDPLHQWRSRU
XOWUDVRQLGRV
&RQWUROHOHFWUQLFRGH
HVWDELOLGDGGHVDFWLYDGR
&RQWUROHOHFWUQLFRGH
HVWDELOLGDG\VLVWHPDGHFRQWURO
GHWUDFFLQ
6LVWHPDGHFRQWUROGHWUDFFLQ
GHVDFWLYDGR
3UHFDOHQWDPLHQWR
)LOWURGHSDUWFXODVGLVHO
6LVWHPDGHFRQWUROGHSUHVLQGH
ORVQHXPWLFRV
3UHVLQGHDFHLWHGHOPRWRU
1LYHOGHFRPEXVWLEOHEDMR
,QPRYLOL]DGRU
3RWHQFLDGHOPRWRUUHGXFLGD
3DUDGDDXWRPWLFD
/XFHVH[WHULRUHV
/X]GHFDUUHWHUD
$VLVWHQWHGHOX]GHFDUUHWHUD
/XFHVDQWLQLHEOD
3LORWRDQWLQLHEOD
5HJXODGRUGHYHORFLGDG
'HWHFWDGRYHKFXOR
SUHFHGHQWH
/LPLWDGRUGHYHORFLGDG
$VLVWHQWHGHVHDOHVGHWUILFR
3XHUWDDELHUWD
3DQWDOODVGHLQIRUPDFLQ
&HQWURGHLQIRUPDFLQGHO
FRQGXFWRU
3DQWDOODGHLQIRUPDFLQHQ
FRORU
3DQWDOODGHLQIRUPDFLQ
JUILFD
0HQVDMHVGHOYHKFXOR
$YLVRVDFVWLFRV
7HQVLQGHODSLOD
3HUVRQDOL]DFLQGHOYHKFXOR
2Q6WDU
,QVWUXPHQWRV\PDQGRV
0DQGRV
0DQGRVHQHOYRODQWH
9RODQWHWUPLFR
/RVPDQGRVGHOYRODQWHSXHGHQHP
SOHDUVHSDUDXWLOL]DUHOUHJXODGRUGH
YHORFLGDGHOOLPLWDGRUGHYHORFLGDG
ODFRQILJXUDFLQGHDOHUWDGHFROLVLQ
IURQWDOHOVLVWHPDGHLQIRHQWUHWHQL
PLHQWR\XQPYLOFRQHFWDGR
6LVWHPDGHD\XGDDODFRQGXFFLQ
+D\PVLQIRUPDFLQGLVSRQLEOHHQHO
PDQXDOGHOVLVWHPDGHLQIRHQWUHWHQL
PLHQWR
$FWLYHODFDOHIDFFLQSXOVDQGR
/D
DFWLYDFLQVHLQGLFDPHGLDQWHHO/('
GHOERWQ
$MXVWHGHOYRODQWH
'HVEORTXHHODSDODQFDDMXVWHHOYR
ODQWHOXHJRHQFODYHODSDODQFD\DVH
JUHVHGHTXHHVWWRWDOPHQWHEOR
TXHDGD
(OYRODQWHVORVHGHEHDMXVWDUFRQHO
YHKFXORSDUDGR\ODGLUHFFLQGHV
EORTXHDGD
,QVWUXPHQWRV\PDQGRV
/DV]RQDVGHDJDUUHUHVDOWDGDVGHO
YRODQWHVHFDOLHQWDQDQWHV\DPV
WHPSHUDWXUDTXHHOUHVWR
/DFDOHIDFFLQRSHUDFRQHOPRWRUHQ
PDUFKD\GXUDQWHXQDSDUDGDDXWR
PWLFD
6LVWHPDVWRSVWDUW
/LPSLDODYDSDUDEULVDV
'HVFRQFWHORVHQWQHOHVGHODYDGR
/LPSLDSDUDEULVDV
,QWHUYDORGHIXQFLRQDPLHQWRDMXVWDEOH
+, YHORFLGDGUSLGD
/2 YHORFLGDGOHQWD
,17 FRQH[LQDLQWHUYDORV
R
IXQFLRQDPLHQWRDXWRPWLFR
FRQVHQVRUGHOOXYLD
2)) GHVFRQHFWDU
3DODQFDGHOOLPSLDSDUDEULVDVHQ
SRVLFLQ,,17
*LUHODUXHGDGHDMXVWHSDUDDMXVWDUHO
LQWHUYDORGHVHDGR
LQWHUYDORFRUWR JLUHODUXHGDGH
DMXVWHKDFLDDUULED
LQWHUYDORODUJR JLUHODUXHGDGH
DMXVWHKDFLDDEDMR
%RFLQD
3XOVDUH
3DUDXQVROREDUULGRFXDQGRORVOLP
SLDSDUDEULVDVHVWQGHVFRQHFWDGRV
EDMHODSDODQFDDODSRVLFLQ
[
1RORVXWLOLFHVLHOSDUDEULVDVHVWKH
ODGR
,QVWUXPHQWRV\PDQGRV
)XQFLRQDPLHQWRDXWRPWLFRFRQ
VHQVRUGHOOXYLD
6HQVLELOLGDGUHJXODEOHGHOVHQVRUGH
OOXYLD
0DQWHQJDHOVHQVRUOLEUHGHSROYR
VXFLHGDG\KLHOR
,17 IXQFLRQDPLHQWRDXWRPWLFR
FRQVHQVRUGHOOXYLD
(OVHQVRUGHOOXYLDGHWHFWDODFDQWLGDG
GHDJXDHQHOSDUDEULVDV\UHJXODDX
WRPWLFDPHQWHODIUHFXHQFLDGHORV
OLPSLDSDUDEULVDV
6LODIUHFXHQFLDGHOOLPSLDSDUDEULVDV
HVVXSHULRUDORVVHJXQGRVHO
EUD]ROLPSLDSDUDEULVDVEDMDUOLJHUD
PHQWHKDVWDODSRVLFLQGHDSDUFD
PLHQWR
*LUHODUXHGDGHDMXVWHSDUDDMXVWDUOD
VHQVLELOLGDG
VHQVLELOLGDG
JLUHODUXHGDGH
EDMD
DMXVWHKDFLDDEDMR
VHQVLELOLGDG
JLUHODUXHGDGH
DOWD
DMXVWHKDFLDDUULED
/DYDSDUDEULVDV
,QVWUXPHQWRV\PDQGRV
7HPSHUDWXUDH[WHULRU
7LUHGHODSDODQFD6HSXOYHUL]DO
TXLGRGHODYDGRVREUHHOSDUDEULVDV\
HOOLPSLDOXQHWDVHUHDOL]DHOEDUULGR
YDULDVYHFHV
/TXLGRGHODYDGR
(OGHVFHQVRGHODWHPSHUDWXUDVHLQ
GLFDLQPHGLDWDPHQWHHODXPHQWRVH
LQGLFDFRQXQOLJHURUHWUDVR/DVWHP
SHUDWXUDVLQIHULRUHVD&SDUSDGHDQ
HQODSDQWDOOD
/LPSLDODYDOXQHWD
3XOVHHOLQWHUUXSWRUEDVFXODQWHSDUD
DFWLYDUHOOLPSLDOXQHWD
SRVLFLQVXSH IXQFLRQDPLHQWR
ULRU
FRQWLQXR
SRVLFLQLQIHULRU IXQFLRQDPLHQWRLQ
WHUPLWHQWH
SRVLFLQFHQWUDO GHVFRQHFWDU
3UHVLRQHODSDODQFD6HSXOYHUL]DO
TXLGRGHODYDGRVREUHODOXQHWDWUD
VHUD\HOOLPSLDOXQHWDVHUHDOL]DHOED
UULGRYDULDVYHFHV
1RORXWLOLFHVLODOXQHWDWUDVHUDHVW
KHODGD
'HVFRQFWHORVHQWQHOHVGHODYDGR
(OOLPSLDOXQHWDVHFRQHFWDDXWRPWL
FDPHQWHFXDQGRHVWFRQHFWDGRHO
OLPSLDSDUDEULVDV\VHHQJUDQDODPDU
FKDDWUV
/DDFWLYDFLQRGHVDFWLYDFLQGHHVWD
IXQFLQVHSXHGHFDPELDUHQHOPHQ
$MXVWHVGHODSDQWDOODGHLQIRUPDFLQ
/TXLGRGHODYDGR
3HUVRQDOL]DFLQGHOYHKFXOR
/DLOXVWUDFLQPXHVWUDODSDQWDOODGH
LQIRUPDFLQJUILFD
,QVWUXPHQWRV\PDQGRV
6LODWHPSHUDWXUDH[WHULRUGHVFLHQGH
D&DSDUHFHXQPHQVDMHGHDG
YHUWHQFLDHQHOFHQWURGHLQIRUPDFLQ
GHOFRQGXFWRU
$GYHUWHQFLD
1RWD
3DUDREWHQHUXQDGHVFULSFLQGHWD
OODGDGHOIXQFLRQDPLHQWRGHOPHQ
FRQVXOWHHOPDQXDOGHLQIRHQWUHWHQL
PLHQWR
3RQHUKRUD
/DFDUUHWHUDSXHGHHVWDU\DKH
ODGDDXQTXHODSDQWDOODPXHVWUH
XQRVSRFRVJUDGRVSRUHQFLPDGH
&
/DLOXVWUDFLQPXHVWUDODSDQWDOODGH
LQIRUPDFLQHQFRORU
3DQWDOODGHJDPDDOWD
5HORM
3DQWDOODGHLQIRUPDFLQJUILFD
3XOVH&
&21),*SDUDDEULUHOPHQ
$MXVWHV
'HVSOFHVHSRUODOLVWD\VHOHFFLRQH
ODRSFLQGHPHQ+
+RUD\IHFKDSDUD
PRVWUDUHOVXEPHQFRUUHVSRQGLHQWH
3XOVHHOERWQ0
0(18781(SDUDDF
FHGHUDOVXEPHQ3
3RQHUKRUD
*LUHHOERWQ0
0(18781(SDUDFDP
ELDUHOYDORUDFWXDOGHOSULPHUDMXVWH
3XOVHHOPDQGR0
0(18781(SDUD
FRQILUPDUHOYDORUDMXVWDGR
(OFXUVRUFDPELDDOVLJXLHQWHYDORU
8QDYH]DMXVWDGRVWRGRVORVYDORUHV
YXHOYHDXWRPWLFDPHQWHDOVLJXLHQWH
QLYHOVXSHULRUGHOPHQ
,QVWUXPHQWRV\PDQGRV
3RQHUIHFKD
3XOVHHOERWQ0
0(18781(SDUDDF
FHGHUDOVXEPHQ3
3RQHUIHFKD
*LUHHOERWQ0
0(18781(SDUDFDP
ELDUHOYDORUDFWXDOGHOSULPHUDMXVWH
3XOVHHOPDQGR0
0(18781(SDUD
FRQILUPDUHOYDORUDMXVWDGR
(OFXUVRUFDPELDDOVLJXLHQWHYDORU
8QDYH]DMXVWDGRVWRGRVORVYDORUHV
YXHOYHDXWRPWLFDPHQWHDOVLJXLHQWH
QLYHOVXSHULRUGHOPHQ
)LMDUIRUPDWRGHKRUD
3DUDFDPELDUHQWUHODVGLVWLQWDVRS
FLRQHVGLVSRQLEOHVSXOVHUHSHWLGD
PHQWHHOERWQ0
0(18781(
)LMDUIRUPDWRGHIHFKD
3DUDFDPELDUHQWUHODVGLVWLQWDVRS
FLRQHVGLVSRQLEOHVSXOVHUHSHWLGD
PHQWHHOERWQ0
0(18781(
6LQFURQL]DFLQGHOUHORM5'6
/DVHDO5'6GHODPD\RUDGHWUDQV
PLVRUHV9+)DMXVWDDXWRPWLFD
PHQWHODKRUD/DVLQFURQL]DFLQGHOD
KRUDSRU5'6SXHGHWDUGDUXQRVPL
QXWRV$OJXQDVHPLVRUDVQRHPLWHQ
XQDVHDOKRUDULDFRUUHFWD(QWDOHV
FDVRVVHUHFRPLHQGDGHVDFWLYDUOD
VLQFURQL]DFLQDXWRPWLFDGHODKRUD
3DUDFDPELDUHQWUHODVRSFLRQHV
$FWLY\'
'HVDFSXOVHUHSHWLGDPHQWH
HOERWQ0
0(18781(
3DQWDOODGHLQIRUPDFLQHQFRORU
3XOVH \VHOHFFLRQHOXHJRHOERWQ
GHODSDQWDOOD&
&RQILJXUDFLQ
6HOHFFLRQH$
$MXVWHVGHKRUD\IHFKD
SDUDPRVWUDUHOVXEPHQFRUUHVSRQ
GLHQWH
1RWD
3DUDREWHQHUXQDGHVFULSFLQGHWD
OODGDGHOIXQFLRQDPLHQWRGHOPHQ
FRQVXOWHHOPDQXDOGHLQIRHQWUHWHQL
PLHQWR
$MXVWDUIRUPDWRKRUDULR
3DUDVHOHFFLRQDUHOIRUPDWRGHKRUD
GHVHDGRSXOVHHQORVERWRQHVGH
SDQWDOOD
KR
K
$MXVWDUIRUPDWRGHIHFKD
3DUDVHOHFFLRQDUHOIRUPDWRGHIHFKD
GHVHDGRSXOVHHQORVERWRQHVGH
SDQWDOOD \!\HOLMDHQWUHODVRSFLR
QHVGLVSRQLEOHV
,QVWUXPHQWRV\PDQGRV
$MXVWDUKRUD\IHFKD
7RPDVGHFRUULHQWH
1RFRQHFWHDFFHVRULRVGHVXPLQLVWUR
GHFRUULHQWHSHMGLVSRVLWLYRVGH
FDUJDHOFWULFDREDWHUDV
3DUDQRGDDUODWRPDQRXWLOLFHFR
QHFWRUHVLQDGHFXDGRV
6LVWHPDVWRSVWDUW
(QFHQGHGRUGHFLJDUULOORV
3DUDDMXVWDUODFRQILJXUDFLQGHKRUD
\IHFKDSXOVHHQORVERWRQHVGHSDQ
WDOOD+\,
6LQFURQL]DUKRUD5'6
/DVHDO5'6GHODPD\RUDGHWUDQV
PLVRUHV9+)DMXVWDDXWRPWLFD
PHQWHODKRUD/DVLQFURQL]DFLQGHOD
KRUDSRU5'6SXHGHWDUGDUXQRVPL
QXWRV$OJXQDVHPLVRUDVQRHPLWHQ
XQDVHDOKRUDULDFRUUHFWD(QWDOHV
FDVRVVHUHFRPLHQGDGHVDFWLYDUOD
VLQFURQL]DFLQDXWRPWLFDGHODKRUD
3DUDDFWLYDURGHVDFWLYDU6
6LQFURQL]DU
KRUD5'6SXOVHHQORVERWRQHVGH
SDQWDOOD$
$FWR'
'HVF
+D\XQDWRPDGHFRUULHQWHGH9
VLWXDGDHQODFRQVRODFHQWUDO
(OFRQVXPRP[LPRQRGHEHVXSHUDU
ORVYDWLRV
&RQHOHQFHQGLGRGHVFRQHFWDGROD
WRPDGHFRUULHQWHVHGHVDFWLYD$GH
PVODWRPDGHFRUULHQWHVHGHVDF
WLYDWDPELQVLODWHQVLQGHODEDWHUD
GHOYHKFXORHVEDMD
/RVDFFHVRULRVHOFWULFRVTXHVHFR
QHFWHQGHEHQFXPSOLUORVUHTXLVLWRV
VREUHFRPSDWLELOLGDGHOHFWURPDJQ
WLFDGHODQRUPD',19'(
(OHQFHQGHGRUHVWVLWXDGRHQODFRQ
VRODFHQWUDO
3XOVHVREUHHOHQFHQGHGRU6HGHV
FRQHFWDDXWRPWLFDPHQWHFXDQGROD
UHVLVWHQFLDHVWLQFDQGHVFHQWH([
WUDLJDHOHQFHQGHGRU
,QVWUXPHQWRV\PDQGRV
&HQLFHURV
$WHQFLQ
6ORHVWQGHVWLQDGRVDXVDUVH
SDUDFHQL]D\QRSDUDUHVLGXRV
FRPEXVWLEOHV
7HVWLJRVOXPLQRVRVH
LQGLFDGRUHV
&XHQWDNLOPHWURV
&XDGURGHLQVWUXPHQWRV
/DVDJXMDVGHORVLQVWUXPHQWRVJLUDQ
EUHYHPHQWHKDVWDODSRVLFLQILQDODO
FRQHFWDUHOHQFHQGLGR
9HORFPHWUR
/DOQHDLQIHULRUPXHVWUDODGLVWDQFLD
UHJLVWUDGDGHOYHKFXORHQNP
&XHQWDNLOPHWURVSDUFLDO
(OFHQLFHURSRUWWLOVHSXHGHFRORFDU
HQORVSRUWDYDVRV
,QGLFDODYHORFLGDGGHOYHKFXOR
,QGLFDODGLVWDQFLDUHJLVWUDGDGHVGHOD
OWLPDSXHVWDDFHUR
(OFXHQWDNLOPHWURVSDUFLDOFRQWDEL
OL]DKDVWD NP\OXHJRVHSRQHD
,QVWUXPHQWRV\PDQGRV
3DQWDOODGHJDPDPHGLD
3DQWDOODGHJDPDDOWD
&XHQWDUUHYROXFLRQHV
3DUDUHLQLFLDUPDQWHQJDSXOVDGR
6(7&/5HQODSDODQFDGHORVLQWHU
PLWHQWHVGXUDQWHXQRVVHJXQGRV
+D\GRVFXHQWDNLOPHWURVSDUFLDOHV
SDUDGLIHUHQWHVUHFRUULGRV
6HOHFFLRQHHOPHQ0
0HQGH
LQIRUPDQFLQYLDMHFRPEXVWLEOH
SXOVDQGR0
0HQXGHODSDODQFDGHORV
LQWHUPLWHQWHV*LUHODUXHGDGHDMXVWH
HQODSDODQFDGHOLQWHUPLWHQWH\VH
OHFFLRQH9
9LDMH$R9
9LDMH%&DGD
FXHQWDNLOPHWURVSDUFLDOVHSXHGH
SRQHUDFHURSXOVDQGR6
6(7&/5HQ
ODSDODQFDGXUDQWHXQRVVHJXQGRVHQ
HOPHQFRUUHVSRQGLHQWH
,QGLFDHOUJLPHQGHOPRWRU
&RQGX]FDHQORVUHJPHQHVPVED
MRVGHOPRWRUHQFDGDPDUFKDWDQWR
FRPRVHDSRVLEOH
$WHQFLQ
6LODDJXMDHVWHQHOVHFWRUGHDG
YHUWHQFLD URMR VHKDH[FHGLGRHO
UJLPHQP[LPRDGPLVLEOHGHO
PRWRU+D\SHOLJURSDUDHOPRWRU
,QVWUXPHQWRV\PDQGRV
,QGLFDGRUGHFRPEXVWLEOH
'XUDQWHHOIXQFLRQDPLHQWRFRQJDVOL
FXDGRHOVLVWHPDFDPELDDXWRPWL
FDPHQWHDIXQFLRQDPLHQWRFRQJDVR
OLQDFXDQGRVHDJRWDQORVGHSVLWRV
GHJDV
1XQFDGHEHDJRWDUHOGHSVLWRGH
FRPEXVWLEOH
'HELGRDOFRPEXVWLEOHTXHTXHGDHQ
HOGHSVLWRODFDQWLGDGUHTXHULGD
SDUDOOHQDUHOGHSVLWRSXHGHVHULQ
IHULRUDODFDSDFLGDGHVSHFLILFDGD
6HOHFWRUGHFRPEXVWLEOH
(OQPHURGH/('PXHVWUDHOQLYHOHQ
HOGHSVLWRGHFRPEXVWLEOH
HOGHSVLWRGHFRPEXVWLEOH
/('
HVWOOHQR
/DIOHFKDLQGLFDHOODGRGHO
YHKFXORGRQGHVHHQFXHQWUD
ODWDSDGHOGHSVLWRGHFRP
EXVWLEOH
'XUDQWHHOIXQFLRQDPLHQWRFRQJDVOL
FXDGRVHPXHVWUDHOQLYHOHQHOGH
SVLWRGHJDV
(OWHVWLJRGHFRQWURO8VHLOXPLQDVLHO
QLYHOHQHOGHSVLWRHVEDMR5HSRVWH
LQPHGLDWDPHQWHVLSDUSDGHD
3XOVH/
/3*SDUDFDPELDUHQWUHIXQ
FLRQDPLHQWRFRQJDVROLQD\FRQJDV
OTXLGR(O/('GHOERWQPXHVWUDHO
PRGRGHIXQFLRQDPLHQWRDFWXDO
/('DSDJDGR IXQFLRQDPLHQWR
FRQJDVROLQD
/('SDUSDGHD FRPSUREDFLQGH
FRQGLFLRQHVSDUD
ODWUDQVLFLQGH
FRPEXVWLEOHSDUD
HOIXQFLRQDPLHQWR
FRQJDVOLFXDGR
6HHQFLHQGHVLVH
FXPSOHQODVFRQGL
FLRQHV
/('HQFHQGLGR IXQFLRQDPLHQWR
FRQJDVOLFXDGR
(O/('
HOGHSVLWRGHJDV
SDUSDGHDFLQFR OLFXDGRHVWYDFR
YHFHV\VH
RKD\XQIDOORHQHO
DSDJD
VLVWHPDGHJDVOL
FXDGR$SDUHFH
XQPHQVDMHHQHO
FHQWURGHLQIRUPD
FLQGHOFRQGXF
WRU
,QVWUXPHQWRV\PDQGRV
(QFXDQWRVHYDFDHOGHSVLWRGHJDV
OLFXDGRVHFDPELDDXWRPWLFDPHQWH
DOIXQFLRQDPLHQWRFRQJDVROLQDKDVWD
TXHVHGHVFRQHFWHHOHQFHQGLGR
&RPEXVWLEOHSDUDIXQFLRQDPLHQWR
FRQJDVOLFXDGR
,QGLFDGRUGHWHPSHUDWXUD
GHOUHIULJHUDQWHGHOPRWRU
KDVWD HOPRWRUQRKDDOFDQ]DGR
/('
WRGDYDVXWHPSHUDWXUDGH
IXQFLRQDPLHQWR
D WHPSHUDWXUDQRUPDOGHIXQ
/('
FLRQDPLHQWR
PV
WHPSHUDWXUDGHPDVLDGR
GH
DOWD
/('
$WHQFLQ
6LODWHPSHUDWXUDGHOUHIULJHUDQWH
GHOPRWRUHVGHPDVLDGRDOWDGH
WHQJDHOYHKFXOR\SDUHHOPRWRU
3HOLJURSDUDHOPRWRU&RPSUXHEH
HOQLYHOGHUHIULJHUDQWH
,QGLFDFLQGHVHUYLFLR
(OQPHURGH/('LQGLFDODWHPSHUD
WXUDGHOUHIULJHUDQWH
(OVLVWHPDGHYLGDWLOGHODFHLWHOHLQ
GLFDFXQGRFDPELDUHODFHLWHGHOPR
WRU\HOILOWUR6HJQODVFRQGLFLRQHV
GHFRQGXFFLQODLQGLFDFLQGHOLQ
WHUYDORGHFDPELRGHDFHLWHGHOPRWRU
\GHOILOWURSXHGHYDULDUFRQVLGHUDEOH
PHQWH
3DUDPRVWUDUODGXUDFLQUHVWDQWHGHO
DFHLWHGHOPRWRUXWLOLFHORVERWRQHV
GHODSDODQFDGHLQWHUPLWHQWHV
3XOVH0
0(18SDUDVHOHFFLRQDU0
0HQ
GHLQIRUPDFLQGHOYHKFXOR"
*LUHODUXHGDGHDMXVWHSDUDVHOHFFLR
QDU,,QGLFHGHOHVWDGRWLOGHODFHLWH
,QVWUXPHQWRV\PDQGRV
/DGXUDFLQGHODFHLWHGHOPRWRUUHV
WDQWHVHPXHVWUDFRPRSRUFHQWDMHHQ
HO&HQWURGHLQIRUPDFLQGHOFRQGXF
WRU
5HVWDXUDU
3XOVH6
6(7&/5GHODSDODQFDGHOLQ
WHUPLWHQWHGXUDQWHYDULRVVHJXQGRV
SDUDUHVWDXUDU(OPHQGHYLGDWLO
UHVWDQWHGHODFHLWHGHOPRWRUGHEHHV
WDUDFWLYR&RQHFWHHOHQFHQGLGR
SHURQRDUUDQTXHHOPRWRU
3DUDTXHHOVLVWHPDIXQFLRQHFRUUHF
WDPHQWHVHGHEHUHLQLFLDUFDGDYH]
TXHVHFDPELHHODFHLWHGHOPRWRU
5HFXUUDDODD\XGDGHXQWDOOHU
3U[LPRVHUYLFLR
&XDQGRHOVLVWHPDFDOFXODTXHODYLGD
WLOGHODFHLWHGHOPRWRUKDGLVPL
QXLGRDSDUHFHXQPHQVDMHGHDGYHU
WHQFLDHQHOFHQWURGHLQIRUPDFLQGHO
FRQGXFWRU$FXGDDXQWDOOHUSDUD
FDPELDUHODFHLWHGHOPRWRU\HOILOWUR
HQHOSOD]RGHXQDVHPDQDRFXDQGR
KD\DUHFRUULGRNP ORTXHRFXUUD
SULPHUR
&HQWURGHLQIRUPDFLQGHOFRQGXFWRU
,QIRUPDFLQGHVHUYLFLR
7HVWLJRVGHFRQWURO
/RVWHVWLJRVGHFRQWUROGHVFULWRVQR
HVWQSUHVHQWHVHQWRGRVORVYHKFX
ORV/DGHVFULSFLQHVYOLGDSDUDWR
GDVODVYHUVLRQHVGHFXDGURVGHLQV
WUXPHQWRV
/DSRVLFLQGHORVWHVWLJRVGHFRQWURO
SXHGHYDULDUHQIXQFLQGHOHTXLSD
PLHQWRGHOYHKFXOR$OFRQHFWDUHO
HQFHQGLGRVHLOXPLQDUQEUHYH
PHQWHODPD\RUDGHORVWHVWLJRVGH
FRQWURODPRGRGHSUXHEDIXQFLRQDO
/RVFRORUHVGHORVWHVWLJRVGHFRQWURO
VLJQLILFDQORVLJXLHQWH
URMR
SHOLJURUHFRUGDWRULRLP
SRUWDQWH
DPDULOOR DYLVRLQIRUPDFLQDYHUD
YHUGH FRQILUPDFLQGHDFWLYD
FLQ
D]XO
FRQILUPDFLQGHDFWLYD
FLQ
EODQFR FRQILUPDFLQGHDFWLYD
FLQ
,QVWUXPHQWRV\PDQGRV
7HVWLJRVGHFRQWUROHQHOFXDGURGHLQVWUXPHQWRV
,QVWUXPHQWRV\PDQGRV
7HVWLJRVGHFRQWUROHQODFRQVROD
FHQWUDO
9LVWDJHQHUDO
. ,QWHUPLWHQWHV
7
5HFRUGDWRULRGHOFLQWXUQGH
VHJXULGDG
$LUEDJV\SUHWHQVRUHVGHFLQWX
URQHV
'HVDFWLYDFLQGHORVDLUEDJV
N 6LVWHPDGHFDUJD
9 7HVWLJRGHDYHUDV
3UHFDOHQWDPLHQWR
J 5HYLVLQXUJHQWHGHOYHKFXOR
)LOWURGHSDUWFXODVGLVHO
1 6LVWHPDGHIUHQRV\HPEUDJXH
6LVWHPDGHFRQWUROGHSUHVLQ
GHORVQHXPWLFRV
$FFLRQHHOSHGDO
( 3UHVLQGHDFHLWHGHOPRWRU
6LVWHPDDQWLEORTXHRGHIUHQRV
$%6
&DPELRGHPDUFKDV
6HUYRGLUHFFLQ
$YLVRGHFDPELRGHFDUULO
J $VLVWHQWHGHDSDUFDPLHQWRSRU
XOWUDVRQLGRV
Q
&RQWUROHOHFWUQLFRGHHVWDEL
OLGDGGHVDFWLYDGR
&RQWUROHOHFWUQLFRGHHVWDEL
OLGDG\VLVWHPDGHFRQWUROGH
WUDFFLQ
6LVWHPDGHFRQWUROGHWUDFFLQ
GHVDFWLYDGR
1LYHOGHFRPEXVWLEOHEDMR
,QPRYLOL]DGRU
3RWHQFLDGHOPRWRUUHGXFLGD
'
$XWRVWRS
/XFHVH[WHULRUHV
! /X]GHFDUUHWHUD
O $VLVWHQWHGHOX]GHFDUUHWHUD
/XFHVDQWLQLHEOD
3LORWRDQWLQLHEOD
>
5HJXODGRUGHYHORFLGDG
,QVWUXPHQWRV\PDQGRV
$
'HWHFWDGRYHKFXORSUHFHGHQWH
5HFRUGDWRULRGHOFLQWXUQ
GHVHJXULGDG
/LPLWDGRUGHYHORFLGDG
$VLVWHQWHGHVHDOHVGHWUILFR
5HFRUGDWRULRGHOFLQWXUQGH
VHJXULGDGHQORVDVLHQWRV
GHODQWHURV
3XHUWDDELHUWD
,QWHUPLWHQWHV
7SDUDHODVLHQWRGHODFRPSDDQWH
VHHQFLHQGHRSDUSDGHDHQURMRHQHO
FXHQWDNLOPHWURV
.VHHQFLHQGHRSDUSDGHDHQYHUGH
6HHQFLHQGH
'HVSXVGHFRQHFWDUHOHQFHQGLGR
KDVWDTXHVHDEURFKHHOFLQWXUQGH
VHJXULGDG
3DUSDGHD
'HVSXVGHDUUDQFDUHOPRWRUGX
UDQWHXQP[LPRGHVHJXQGRVR
KDVWDTXHVHDEURFKHHOFLQWXUQGH
VHJXULGDG
$EURFKDUVHHOFLQWXUQGHVHJXULGDG
(VWDGRGHOFLQWXUQGHVHJXULGDG
HQORVDVLHQWRVWUDVHURV
6HHQFLHQGHEUHYHPHQWH
/DVOXFHVGHHVWDFLRQDPLHQWRHVWQ
FRQHFWDGDV
3DUSDGHD
(VWFRQHFWDGRXQLQWHUPLWHQWHRODV
OXFHVGHHPHUJHQFLD
3DUSDGHRUSLGR IDOORGHXQLQWHUPL
WHQWHRGHOIXVLEOHFRUUHVSRQGLHQWH
6XVWLWXFLQGHERPELOODV )X
VLEOHV
,QWHUPLWHQWHV
CSDUDHODVLHQWRGHODFRPSDDQWH
VHHQFLHQGHRSDUSDGHDHQURMRHQOD
FRQVRODFHQWUDOFXDQGRHODVLHQWR
HVWRFXSDGR
7VHHQFLHQGHRSDUSDGHDHQHOFHQ
WURGHLQIRUPDFLQGHOFRQGXFWRU
,QVWUXPHQWRV\PDQGRV
6HHQFLHQGH
7UDVWHQHUHOPRWRUHQPDUFKDGX
UDQWHXQPQLPRGHVHJXQGRV
KDVWDTXHVHDEURFKHHOFLQWXUQ
$GHPVVHLOXPLQDVLXQFLQWXUQGH
VHJXULGDGTXHHVWXYLHUDGHVDEUR
FKDGRVHDEURFKDGXUDQWHODPDUFKD
3DUSDGHD
'HVSXVGHLQLFLDUODPDUFKDFXDQGR
HOFLQWXUQGHVHJXULGDGHVWGHVD
EURFKDGR
$EURFKDUVHHOFLQWXUQGHVHJXULGDG
$LUEDJV\SUHWHQVRUHVGH
FLQWXURQHV
TVHHQFLHQGHHQURMR
$OFRQHFWDUHOHQFHQGLGRHOWHVWLJRGH
FRQWUROVHHQFLHQGHGXUDQWHXQRV
FXDWURVHJXQGRV6LQRVHHQFLHQGH
QRVHDSDJDDOFDERGH
FXDWURVHJXQGRVRVLVHHQFLHQGHGX
UDQWHODPDUFKDKD\XQDDYHUDHQHO
VLVWHPDGHDLUEDJV5HFXUUDDOD
D\XGDGHXQWDOOHU/RVDLUEDJV\ORV
SUHWHQVRUHVGHFLQWXURQHVSRGUDQQR
GLVSDUDUVHHQFDVRGHDFFLGHQWH
/DDFWLYDFLQGHORVSUHWHQVRUHVGH
FLQWXURQHVRORVDLUEDJVVHLQGLFDPH
GLDQWHODLOXPLQDFLQSHUPDQHQWHGHO
WHVWLJRT
$GYHUWHQFLD
+DJDVXEVDQDUODFDXVDGHODDYH
UDHQXQWDOOHULQPHGLDWDPHQWH
3UHWHQVRUHVGHFLQWXURQHVVLVWHPD
GHDLUEDJV
'HVDFWLYDFLQGHORV
DLUEDJV
9VHHQFLHQGHHQDPDULOOR
6HLOXPLQDGXUDQWHXQRV
VHJXQGRVGHVSXVGHFRQHFWDUHO
HQFHQGLGR(ODLUEDJIURQWDOGHO
DFRPSDDQWHHVWDFWLYDGR
VHHQFLHQGHHQDPDULOOR
(ODLUEDJGHODFRPSDDQWHHVWGHV
DFWLYDGR
3HOLJUR
3HOLJURGHPXHUWHSDUDHOQLRVL
VHXVDXQVLVWHPDGHUHWHQFLQLQ
IDQWLOMXQWRFRQXQDLUEDJGHO
DFRPSDDQWHDFWLYDGR
3HOLJURGHPXHUWHSDUDXQDSHU
VRQDDGXOWDFRQXQDLUEDJGHO
DFRPSDDQWHGHVDFWLYDGR
6LVWHPDGHFDUJD
NVHHQFLHQGHHQURMR
6HLOXPLQDDOFRQHFWDUHOHQFHQGLGR\
VHDSDJDSRFRGHVSXVGHDUUDQFDU
HOPRWRU
6LVHHQFLHQGHFRQHOPRWRUHQ
PDUFKD
'HWHQJDHOYHKFXOR\SDUHHOPRWRU
/DEDWHUDGHOYHKFXORQRVHFDUJD
/DUHIULJHUDFLQGHOPRWRUSXHGHHV
WDULQWHUUXPSLGD/DXQLGDGGHVHUYR
IUHQRSXHGHSHUGHUHILFDFLD5HFXUUD
DODD\XGDGHXQWDOOHU
,QVWUXPHQWRV\PDQGRV
7HVWLJRGHDYHUDV
9VHHQFLHQGHRSDUSDGHDHQDPD
ULOOR
6HLOXPLQDDOFRQHFWDUHOHQFHQGLGR\
VHDSDJDSRFRGHVSXVGHDUUDQFDU
HOPRWRU
6LVHHQFLHQGHFRQHOPRWRUHQ
PDUFKD
$YHUDHQHOVLVWHPDGHFRQWUROGH
HPLVLRQHV3XHGHQH[FHGHUVHORVO
PLWHVGHHPLVLRQHVSHUPLWLGRV5H
FXUUDLQPHGLDWDPHQWHDODD\XGDGH
XQWDOOHU
6LSDUSDGHDFRQHOPRWRUHQ
PDUFKD
$YHUDTXHSXHGHSURGXFLUGDRVHQ
HOFDWDOL]DGRU5HGX]FDODYHORFLGDG
KDVWDTXHFHVHHOSDUSDGHR5HFXUUD
LQPHGLDWDPHQWHDODD\XGDGHXQWD
OOHU
5HYLVLQXUJHQWHGHO
YHKFXOR
JVHHQFLHQGHHQDPDULOOR
$GHPVDSDUHFHXQPHQVDMHGHDG
YHUWHQFLDHQHOFHQWURGHLQIRUPDFLQ
GHOFRQGXFWRU
(OYHKFXORUHTXLHUHVHUYLFLR
5HFXUUDDODD\XGDGHXQWDOOHU
0HQVDMHVGHOYHKFXOR
6HHQFLHQGH
6LVWHPDGHIUHQRV\
HPEUDJXH
6HGHEHSLVDUHOSHGDOGHODFHOHUDGRU
SDUDXQDUUDQTXHSULQFLSDOGHOPRWRU
(QDOJXQDVYHUVLRQHVHOPHQVDMHGH
DFFLRQDPLHQWRGHOSHGDOVHLQGLFDHQ
ODSDQWDOODGHLQIRUPDFLQGHOFRQ
GXFWRU
1VHHQFLHQGHHQURMR
(OQLYHOGHOOTXLGRGHOIUHQR\HPEUD
JXHHVGHPDVLDGREDMRFXDQGRHO
IUHQRGHHVWDFLRQDPLHQWRPDQXDOQR
HVWDSOLFDGR
$GYHUWHQFLD
'HWQJDVH1RFRQWLQHVXYLDMH
5HFXUUDDXQWDOOHU
6HLOXPLQDFXDQGRVHDSOLFDHOIUHQR
GHHVWDFLRQDPLHQWRPDQXDO\VHFR
QHFWDHOHQFHQGLGR
$FFLRQHHOSHGDO
VHHQFLHQGHRSDUSDGHDHQDPD
ULOOR
6HGHEHSLVDUHOSHGDOGHOHPEUDJXH
SDUDDUUDQFDUHOPRWRUHQPRGRGH
SDUDGDDXWRPWLFD6LVWHPDVWRS
VWDUW
3DUSDGHD
6LVWHPDDQWLEORTXHRGH
IUHQRV $%6
SVHHQFLHQGHHQDPDULOOR
6HLOXPLQDGXUDQWHXQRVVHJXQGRV
GHVSXVGHFRQHFWDUHOHQFHQGLGR(O
VLVWHPDHVWRSHUDWLYRFXDQGRVH
DSDJDHOWHVWLJRGHFRQWURO
6LWUDQVFXUULGRVXQRVVHJXQGRVHO
WHVWLJRQRVHDSDJDRVLVHHQFLHQGH
GXUDQWHODPDUFKDKD\XQDDYHUDHQ
,QVWUXPHQWRV\PDQGRV
HOVLVWHPD$%6(OVLVWHPDGHIUHQRV
GHOYHKFXORVLJXHHVWDQGRRSHUDWLYR
SHURVLQODUHJXODFLQGHO$%6
6LVWHPDDQWLEORTXHRGHIUHQRV
$YLVRGHFDPELRGHFDUULO
&DPELRGHPDUFKDV
(OVLVWHPDHVWFRQHFWDGR\OLVWRSDUD
IXQFLRQDU
&RQWUROHOHFWUQLFRGH
HVWDELOLGDGGHVDFWLYDGR
3DUSDGHDHQDPDULOOR
WVHHQFLHQGHHQDPDULOOR
(OVLVWHPDHVWGHVDFWLYDGR
&XDQGRVHUHFRPLHQGDFDPELDUD
XQDPDUFKDVXSHULRUSDUDDKRUUDU
FRPEXVWLEOHVHLQGLFD5FRQHOQ
PHURGHODVLJXLHQWHPDUFKDVXSHULRU
'LUHFFLQDVLVWLGD
FVHHQFLHQGHHQDPDULOOR
6HHQFLHQGHFXDQGRODGLUHFFLQ
DVLVWLGDHVWGHVDFWLYDGD
$YHUDHQHOVLVWHPDGHODGLUHFFLQ
DVLVWLGD5HFXUUDDXQWDOOHU
,OXPLQDFLQVLPXOWQHDGHF\E
(OVLVWHPDGHODGLUHFFLQDVLVWLGD
GHEHFDOLEUDUVH FDOLEUDFLQGHOVLV
WHPD
VHHQFLHQGHHQYHUGHRSDUSDGHD
HQDPDULOOR
6HHQFLHQGHHQYHUGH
(OVLVWHPDGHWHFWDXQFDPELRLQYR
OXQWDULRGHFDUULO
$YLVRGHFDPELRGHFDUULO
$VLVWHQWHGHDSDUFDPLHQWR
SRUXOWUDVRQLGRV
JVHHQFLHQGHHQDPDULOOR
$YHUDHQHOVLVWHPD
R
$YHUDSRUTXHORVVHQVRUHVHVWQVX
FLRVRFXELHUWRVGHQLHYHRKLHOR
R
,QWHUIHUHQFLDVFDXVDGDVSRUIXHQWHV
H[WHUQDVGHXOWUDVRQLGRV8QDYH]HOL
PLQDGDODIXHQWHGHODVLQWHUIHUHQ
FLDVHOVLVWHPDIXQFLRQDUFRQQRU
PDOLGDG
+DJDVXEVDQDUODFDXVDGHODDYHUD
GHOVLVWHPDHQXQWDOOHU
$VLVWHQWHGHDSDUFDPLHQWRSRUXOWUD
VRQLGRV
&RQWUROHOHFWUQLFRGH
HVWDELOLGDG\VLVWHPDGH
FRQWUROGHWUDFFLQ
ESDUSDGHDRVHHQFLHQGHHQDPDUL
OOR
3DUSDGHD
,QWHUYHQFLQDFWLYDGHOVLVWHPD
3XHGHUHGXFLUVHODSRWHQFLDGHOPR
WRU\HOYHKFXORSXHGHIUHQDUVHXQ
SRFRDXWRPWLFDPHQWH
6HHQFLHQGH
+D\XQDDYHUDHQHOVLVWHPD$SD
UHFHXQPHQVDMHGHDGYHUWHQFLDRXQ
FGLJRGHDGYHUWHQFLDHQHOFHQWURGH
,QVWUXPHQWRV\PDQGRV
LQIRUPDFLQGHOFRQGXFWRU6HSXHGH
FRQWLQXDUFRQGXFLHQGR(OVLVWHPDQR
HVWRSHUDWLYR6LQHPEDUJRODHVWD
ELOLGDGGHPDUFKDSXHGHHPSHRUDU
GHSHQGLHQGRGHOHVWDGRGHODFDO
]DGD
+DJDVXEVDQDUODFDXVDGHODDYHUD
HQXQWDOOHU
&RQWUROHOHFWUQLFRGHHVWDELOLGDG
6LVWHPDGHFRQWUROGHWUDFFLQ
6LVWHPDGHFRQWUROGH
WUDFFLQGHVDFWLYDGR
NVHHQFLHQGHHQDPDULOOR
(OVLVWHPDHVWGHVDFWLYDGR
3UHFDOHQWDPLHQWR
VHHQFLHQGHHQDPDULOOR
(OSUHFDOHQWDPLHQWRGHOPRWRUGLVHO
HVWDFWLYDGR6HDFWLYDVORVLODWHP
SHUDWXUDH[WHULRUHVEDMD
)LOWURGHSDUWFXODVGLVHO
VHHQFLHQGHRSDUSDGHDHQDPD
ULOOR
6HHQFLHQGH
(OILOWURGHSDUWFXODVGLVHOGHEHOLP
SLDUVH
6LJDFRQGXFLHQGRKDVWDTXHVH
DSDJXH3URFXUHTXHHOUJLPHQGHO
PRWRUQREDMHGHODVUSP
3UGLGDGHSUHVLQGHORVQHXPWL
FRV'HWHQJDHOYHKFXORLQPHGLDWD
PHQWH\FRPSUXHEHODSUHVLQGHORV
QHXPWLFRV
6HHQFLHQGH
3DUSDGHD
(OILOWURGHSDUWFXODVGLVHOHVWOOHQR
,QLFLHHOSURFHVRGHOLPSLH]DFXDQWR
DQWHV
$YHUDHQHOVLVWHPDRQHXPWLFRVLQ
VHQVRUGHSUHVLQPRQWDGR SHM
UXHGDGHUHSXHVWR 'HVSXV
VHJXQGRVHOWHVWLJRGHFRQWUROSHU
PDQHFHHQFHQGLGR5HFXUUDDXQWD
OOHU
6LVWHPDGHFRQWUROGHSUHVLQGHORV
QHXPWLFRV
3DUSDGHD
6HKDDOFDQ]DGRODFDSDFLGDGP
[LPDGHOILOWUR,QLFLHHOSURFHVRGH
OLPSLH]DLQPHGLDWDPHQWHSDUDTXHQR
VHGDHHOPRWRU
)LOWURGHSDUWFXODVGLVHO VLV
WHPDGHSDUDGDDUUDQTXH
6LVWHPDGHFRQWUROGH
SUHVLQGHORVQHXPWLFRV
OVHHQFLHQGHRSDUSDGHDHQDPDUL
OOR
3UHVLQGHDFHLWHGHOPRWRU
(VHHQFLHQGHHQURMR
6HLOXPLQDDOFRQHFWDUHOHQFHQGLGR\
VHDSDJDSRFRGHVSXVGHDUUDQFDU
HOPRWRU
,QVWUXPHQWRV\PDQGRV
6LVHHQFLHQGHFRQHOPRWRUHQ
PDUFKD
$WHQFLQ
/DOXEULFDFLQGHOPRWRUSXHGHHV
WDULQWHUUXPSLGD6HSXHGHQRFD
VLRQDUGDRVHQHOPRWRU\RHO
EORTXHRGHODVUXHGDVPRWULFHV
3LVHHOHPEUDJXH
3RQJDODSDODQFDVHOHFWRUDHQ
SXQWRPXHUWR
$EDQGRQHODFDUUHWHUDORDQWHV
SRVLEOHVLQSRQHUHQSHOLJURD
RWURVYHKFXORV
'HVFRQHFWHHOHQFHQGLGR
$GYHUWHQFLD
&RQHOPRWRUDSDJDGRVHUQHFH
VDULDXQDIXHU]DFRQVLGHUDEOH
PHQWHPD\RUSDUDIUHQDU\JLUDUHO
YRODQWH
'XUDQWHXQDSDUDGDDXWRPWLFD
$XWRVWRS ODXQLGDGGHVHUYR
IUHQRVHPDQWHQGURSHUDWLYD
1RVDTXHODOODYHKDVWDTXHHOYH
KFXORHVWSDUDGR GHORFRQWUDULR
ODFROXPQDGHODGLUHFFLQVHSR
GUDEORTXHDUGHIRUPDLQHVSH
UDGD
&RPSUXHEHHOQLYHOGHDFHLWHDQWHV
GHUHFXUULUDODD\XGDGHXQWDOOHU
1LYHOGHFRPEXVWLEOHEDMR
8VHHQFLHQGHRSDUSDGHDHQDPDUL
OOR
6HHQFLHQGH
(OQLYHOGHOGHSVLWRGHFRPEXVWLEOH
HVGHPDVLDGREDMR
3DUSDGHD
&RPEXVWLEOHDJRWDGR5HSRVWHLQPH
GLDWDPHQWH1XQFDGHEHDJRWDUHOGH
SVLWRGHFRPEXVWLEOH
5HSRVWDMH
&DWDOL]DGRU
3XUJDGHOVLVWHPDGHFRPEXVWLEOH
GLVHO
,QPRYLOL]DGRU
GSDUSDGHDHQDPDULOOR
$YHUDHQHOVLVWHPDGHOLQPRYLOL]D
GRU1RVHSXHGHDUUDQFDUHOPRWRU
3RWHQFLDGHOPRWRUUHGXFLGD
VHHQFLHQGHHQDPDULOOR
6HOLPLWDODSRWHQFLDGHOPRWRU5HFX
UUDDXQWDOOHU
3DUDGDDXWRPWLFD
3DUDGDDXWRPWLFDDFWLYD
'VHHQFLHQGHHQURMRREODQFR
(OPRWRUVHHQFXHQWUDHQSDUDGDDX
WRPWLFD
6LVWHPDVWRSVWDUW
/XFHVH[WHULRUHV
VHHQFLHQGHHQYHUGH
/DVOXFHVH[WHULRUHVHVWQHQFHQGL
GDV
,QVWUXPHQWRV\PDQGRV
/X]GHFDUUHWHUD
6HHQFLHQGHHQEODQFR
!VHHQFLHQGHHQD]XO
6HHQFLHQGHFXDQGRHVWFRQHFWDGD
ODOX]GHFDUUHWHUDRFXDQGRVHDFFLR
QDQODVUIDJDV
(OVLVWHPDHVWHQFHQGLGR
$VLVWHQWHGHOX]GH
FDUUHWHUD
OVHHQFLHQGHHQYHUGH
(ODVLVWHQWHGHOX]GHFDUUHWHUDHVW
DFWLYDGR
/XFHVDQWLQLHEOD
VHHQFLHQGHHQYHUGH
/RVIDURVDQWLQLHEODHVWQFRQHFWD
GRV
3LORWRDQWLQLHEOD
PVHHQFLHQGHHQDPDULOOR
(OSLORWRDQWLQLHEODHVWHQFHQGLGR
5HJXODGRUGHYHORFLGDG
>VHHQFLHQGHHQEODQFRRYHUGH
6HHQFLHQGHHQYHUGH
(OUHJXODGRUGHYHORFLGDGHVWDFWL
YDGR
5HJXODGRUGHYHORFLGDG
'HWHFWDGRYHKFXOR
SUHFHGHQWH
$VHHQFLHQGHHQYHUGH
6HKDGHWHFWDGRXQYHKFXORSUHFH
GHQWHHQHOPLVPRFDUULO
$OHUWDGHFROLVLQIURQWDO
/LPLWDGRUGHYHORFLGDG
/VHLOXPLQDHQHO&HQWURGHLQIRU
PDFLQGHOFRQGXFWRUFXDQGRHOOLPL
WDGRUGHYHORFLGDGHVWDFWLYR/DYH
ORFLGDGGHDMXVWHVHLQGLFDMXQWRFRQ
HOVPEROR/
/LPLWDGRUGHYHORFLGDG
$VLVWHQWHGHVHDOHVGH
WUILFR
/PXHVWUDODVVHDOHVGHWUILFRGH
WHFWDGDVFRPRWHVWLJRGHFRQWURO
$VLVWHQWHGHVHDOHVGHWUILFR
3XHUWDDELHUWD
KVHHQFLHQGH
+D\DELHUWDXQDSXHUWDRHOSRUWQ
WUDVHUR
,QVWUXPHQWRV\PDQGRV
3DQWDOODVGH
LQIRUPDFLQ
&HQWURGHLQIRUPDFLQGHO
FRQGXFWRU
(OFHQWURGHLQIRUPDFLQGHOFRQGXF
WRUVHHQFXHQWUDHQHOFXDGURGHLQV
WUXPHQWRV
'HSHQGLHQGRGHODYHUVLQ\HO
HTXLSRHOFHQWURGHLQIRUPDFLQGHO
FRQGXFWRUHVWGLVSRQLEOHHQSDQWDOOD
GHQLYHOLQWHUPHGLRRQLYHOVXSHULRU
/RVPHQVVLJXLHQWHVSXHGHQVHOHF
FLRQDUVHHQHOFHQWURGHLQIRUPDFLQ
GHOFRQGXFWRUXVDQGRORVERWRQHVGH
ODSDODQFDGHORVLQWHUPLWHQWHV
LQIRUPDFLQGHOYHKFXOR\DMXV
WHV
LQIRUPDFLQGHOYLDMHFRPEXVWL
EOH
LQIRUPDFLQVREUHODHFRQRPD
/DVVLJXLHQWHVLQGLFDFLRQHVDSDUHFH
UQFXDQGRFRUUHVSRQGD
PHQVDMHVGHDGYHUWHQFLD
LQGLFDFLQGHFDPELRGHPDUFKD
LQGLFDFLQGHPRGRGHFRQGXF
FLQ
DGYHUWHQFLDGHSUHVLQGHORV
QHXPWLFRV
LQGLFDFLQGHUHFRUGDWRULRGHO
FLQWXUQGHVHJXULGDG
$QGLFDFLQGHSDUDGDDXWRP
WLFD
LQIRUPDFLQGHVHUYLFLR
3DQWDOODGHJDPDPHGLD
/RVSULQFLSDOHVPHQVVRQ
LQIRUPDFLQGHYLDMHFRPEXVWL
EOHYDVHODGHVFULSFLQDFRQWL
QXDFLQ
LQIRUPDFLQGHOYHKFXORYDVH
ODGHVFULSFLQDFRQWLQXDFLQ
$OJXQDVGHODVIXQFLRQHVPRVWUDGDV
YDUDQFXDQGRHOYHKFXORHVWHQ
PDUFKD\FXDQGRHVWSDUDGR$OJX
QDVIXQFLRQHVVORHVWQGLVSRQLEOHV
FXDQGRHOYHKFXORHVWHQPDUFKD
3DQWDOODGHJDPDDOWD
,QVWUXPHQWRV\PDQGRV
/RVSULQFLSDOHVPHQVVRQ
LQIRUPDFLQGHYLDMHFRPEXVWL
EOHPRVWUDGDSRU YDVHOD
GHVFULSFLQDFRQWLQXDFLQ
LQIRUPDFLQGHOYHKFXORPRV
WUDGDSRU"YDVHODGHVFULS
FLQDFRQWLQXDFLQ
LQIRUPDFLQGHHFRPRVWUDGD
SRU#YDVHODGHVFULSFLQD
FRQWLQXDFLQ
$OJXQDVGHODVIXQFLRQHVPRVWUDGDV
YDUDQFXDQGRHOYHKFXORHVWHQ
PDUFKD\FXDQGRHVWSDUDGR$OJX
QDVIXQFLRQHVVORHVWQGLVSRQLEOHV
FXDQGRHOYHKFXORHVWHQPDUFKD
6HOHFFLQGHPHQV\IXQFLRQHV
/RVPHQV\ODVIXQFLRQHVVHSXHGHQ
VHOHFFLRQDUPHGLDQWHORVERWRQHVHQ
ODSDODQFDGHORVLQWHUPLWHQWHV
,QIRUPDFLQGHOYLDMHFRPEXVWLEOH
3XOVH0
0(18SDUDFDPELDUHQWUHORV
PHQVSULQFLSDOHVRSDUDYROYHUGHXQ
VXEPHQDOVLJXLHQWHQLYHOVXSHULRU
GHOPHQ
*LUHODUXHGDGHDMXVWHSDUDVHOHFFLR
QDUXQVXEPHQGHOPHQSULQFLSDOR
DMXVWDUXQYDORUQXPULFR
3XOVHHOERWQ6
6(7&/5SDUDVHOHF
FLRQDU\FRQILUPDUXQDIXQFLQ
/RVPHQVDMHVGHOYHKFXOR\VHUYLFLR
VRQHPHUJHQWHVHQHOFHQWURGHLQIRU
PDFLQGHOFRQGXFWRUVLHVQHFHVDULR
&RQILUPHPHQVDMHVSXOVDQGR
6(7&/50HQVDMHVGHOYHKFXOR
/DVSJLQDVSHUPLWLGDVVRQ
YHORFLGDGGLJLWDOGHOYHKFXOR
FXHQWDNLOPHWURVSDUFLDO
FRQVXPRPHGLRGHFRPEXVWLEOH
YHORFLGDGPHGLDGHOYHKFXOR
FRQVXPRLQVWDQWQHRGHFRP
EXVWLEOH
DOFDQFHGHOFRPEXVWLEOH
DOFDQFHGHOFRPEXVWLEOHYHUVLQ
/3*
FURQPHWUR
WHPSHUDWXUDH[WHULRU
/DVHOHFFLQ\ODLQGLFDFLQHVGLIH
UHQWHHQWUHODVSDQWDOODVGHJDPDPH
GLD\JDPDDOWD
'HORFLGDGGLJLWDOGHOYHKFXOR
,QGLFDFLQGLJLWDOGHODYHORFLGDGLQV
WDQWQHD
&XHQWDNLOPHWURVSDUFLDO
(OFXHQWDNLOPHWURVSDUFLDOPXHVWUD
ODGLVWDQFLDDFWXDOGHVGHXQUHVWDEOH
FLPLHQWRGHWHUPLQDGR
,QVWUXPHQWRV\PDQGRV
(OFXHQWDNLOPHWURVSDUFLDOFRQWDEL
OL]DKDVWD NP\OXHJRVHSRQHD
*LUHODUXHGDGHDMXVWHSDUDVHOHFFLR
QDUHQWUHHOFXHQWDNLOPHWURVSDUFLDO
\SDUDSDQWDOODGHJDPDDOWD
3DUDSRQHUORDFHURSXOVH6
6(7&/5
GXUDQWHXQRVVHJXQGRVPLHQWUDVYL
VXDOL]DHVWDSJLQD
/DLQIRUPDFLQGHODSJLQDGHYLDMH
\VHSXHGHSRQHUDFHURGHPD
QHUDLQGHSHQGLHQWHPLHQWUDVHVWDF
WLYDODLQGLFDFLQFRUUHVSRQGLHQWH
&RQVXPRPHGLRGHFRPEXVWLEOH
,QGLFDFLQGHOFRQVXPRPHGLR/D
PHGLFLQSXHGHUHLQLFLDUVHHQFXDO
TXLHUPRPHQWR\VHLQLFLDFRQXQYD
ORUSUHGHWHUPLQDGR
3DUDSRQHUORDFHURSXOVH6
6(7&/5
GXUDQWHXQRVVHJXQGRVPLHQWUDVYL
VXDOL]DHVWDSJLQD
/DLQIRUPDFLQGHODSJLQDGHYLDMH
\VHSXHGHSRQHUDFHURGHPD
QHUDLQGHSHQGLHQWHPLHQWUDVHVWDF
WLYDODLQGLFDFLQFRUUHVSRQGLHQWH
(QYHKFXORVFRQPRWRUHV/3* 6H
LQGLFDHOFRQVXPRPHGLRSDUDHO
PRGRVHOHFFLRQDGRDFWXDOPHQWH
/3*RJDVROLQD
9HORFLGDGPHGLDGHOYHKFXOR
,QGLFDFLQGHODYHORFLGDGPHGLD/D
PHGLFLQSXHGHUHLQLFLDUVHHQFXDO
TXLHUPRPHQWR
3DUDSRQHUORDFHURSXOVH6
6(7&/5
GXUDQWHXQRVVHJXQGRVPLHQWUDVYL
VXDOL]DHVWDSJLQD
/DLQIRUPDFLQGHODSJLQDGHYLDMH
\VHSXHGHSRQHUDFHURGHPD
QHUDLQGHSHQGLHQWHPLHQWUDVHVWDF
WLYDODLQGLFDFLQFRUUHVSRQGLHQWH
&RQVXPRLQVWDQWQHRGH
FRPEXVWLEOH
,QGLFDFLQGHOFRQVXPRLQVWDQWQHR
(QYHKFXORVFRQPRWRUHV/3* 6H
LQGLFDHOFRQVXPRLQVWDQWQHRSDUDHO
PRGRVHOHFFLRQDGRDFWXDOPHQWH
/3*RJDVROLQD
$OFDQFHGHOFRPEXVWLEOH
(ODOFDQFHVHFDOFXODDSDUWLUGHOQLYHO
DFWXDOGHOGHSVLWR\GHOFRQVXPR
LQVWDQWQHR/DSDQWDOODPXHVWUDYD
ORUHVSURPHGLR
'HVSXVGHUHSRVWDUHODOFDQFHVH
DFWXDOL]DDXWRPWLFDPHQWHDOSRFR
WLHPSR
&XDQGRHOQLYHOGHFRPEXVWLEOHHQHO
GHSVLWRHVWEDMRDSDUHFHXQPHQ
VDMHHQODSDQWDOOD\HOWHVWLJRGHFRQ
WURO8HQHOLQGLFDGRUGHFRPEXVWLEOH
VHLOXPLQD
&XDQGRVHGHEHOOHQDUHOGHSVLWRGH
PDQHUDLQPHGLDWDDSDUHFHXQPHQ
VDMHGHDOHUWD\VHTXHGDHQFHQGLGR
HQODSDQWDOOD$GHPVHOLQGLFDGRU
GHFRQWURO8SDUSDGHDHQHOLQGLFDGRU
GHFRPEXVWLEOH
$OFDQFHGHOFRPEXVWLEOHYHUVLQ
/3*
,QVWUXPHQWRV\PDQGRV
0XHVWUDHODOFDQFHGHOFRPEXVWLEOH
WRWDODSUR[LPDGRSDUDFDGDGHSVLWR
GHFRPEXVWLEOH /3*\JDVROLQD 8Q
QLYHOGHFRPEXVWLEOHEDMRHQFXDO
TXLHUGHSVLWRVHLQGLFDPHGLDQWH
%$-2HQODVHFFLQFRUUHVSRQGLHQWH
&URQPHWUR
3DUDRSHUDUVLJDODVLQVWUXFFLRQHV
TXHDSDUHFHQHQSDQWDOOD
7HPSHUDWXUDH[WHULRU
,QGLFDFLQGHODWHPSHUDWXUDH[WHULRU
DFWXDO
/DVHOHFFLQ\ODLQGLFDFLQHVGLIH
UHQWHHQWUHODVSDQWDOODVGHJDPDPH
GLD\JDPDDOWD
8QLGDGHV
3XOVH6
6(7&/5PLHQWUDVVHPXHVWUD
ODSJLQDGHLQLFLR6HOHFFLRQHLPSH
ULDO XQLGDG RPWULFD XQLGDG JL
UDQGRODUXHGDGHDMXVWH3XOVH
6(7&/5SDUDDMXVWDUODXQLGDGGH
PHGLGD
$YLVRGHYHORFLGDG
,QIRUPDFLQGHOYHKFXOR
/DVSJLQDVSHUPLWLGDVVRQ
XQLGDG
DYLVRGHYHORFLGDG
LQGLFDFLQGHYLGDWLOGHODFHLWH
GHOPRWRUUHVWDQWH
SUHVLQGHORVQHXPWLFRV
FDUJDGHQHXPWLFR
WHPSHUDWXUDH[WHULRU
GLVWDQFLDGHVHJXULGDG
DVLVWHQWHGHVHDOHVGHWUILFR
LGLRPD
3DUDDMXVWDUXQDYLVRGHYHORFLGDG
SXOVH6
6(7&/5PLHQWUDVVHYLVXDOL]D
ODSJLQD*LUHODUXHGDGHDMXVWHSDUD
VHOHFFLRQDUHOYDORU3XOVH6
6(7&/5
SDUDDMXVWDUODYHORFLGDG
6LVHH[FHGHHOOPLWHGHYHORFLGDG
VHOHFFLRQDGRVXHQDXQDYLVRDFV
WLFR8QDYH]DMXVWDGDODYHORFLGDG
HVWDIXQFLQVHSXHGHGHVDFWLYDUSXO
VDQGR6
6(7&/5PLHQWUDVVHYLVXD
OL]DHVWDSJLQD
9LGDWLOUHVWDQWHGHODFHLWH
,QGLFDXQDHVWLPDFLQGHODYLGDWLO
GHODFHLWH(OQPHURHQSRUFHQWDMH
UHSUHVHQWDODYLGDWLOUHVWDQWHGHO
DFHLWHHLQGLFDFXQGRFDPELDUHO
DFHLWHGHOPRWRU\HOILOWUR
3UHVLQGHORVQHXPWLFRV
/DSUHVLQGHORVQHXPWLFRVGHWR
GDVODVUXHGDVVHPXHVWUDQHQHVWD
SJLQDGXUDQWHODFRQGXFFLQ
/DIXQFLQGHDYLVRGHYHORFLGDG
DOHUWDDOFRQGXFWRUFXDQGRVHH[FHGH
XQDYHORFLGDGGHILQLGD
&DUJDGHORVQHXPWLFRV
6HSXHGHVHOHFFLRQDUODFDWHJRUDGH
SUHVLQGHORVQHXPWLFRVVHJQOD
SUHVLQUHDOGHORVQHXPWLFRVLQIOD
GRV
,QVWUXPHQWRV\PDQGRV
7HPSHUDWXUDH[WHULRU
,QGLFDFLQGHODWHPSHUDWXUDH[WHULRU
DFWXDO
7HQGHQFLDHFRQRPD
'LVWDQFLDGHVHJXULGDG
0XHVWUDODGLVWDQFLDHQVHJXQGRVFRQ
UHVSHFWRDOYHKFXORTXHYDGHODQWH
$VLVWHQWHGHVHDOHVGHWUILFR
0XHVWUDODVVHDOHVGHWUILFRGHWHF
WDGDVSDUDODVHFFLQDFWXDOGHODUXWD
,GLRPD
6HOHFFLRQHHOLGLRPDGHOSDVSUHIH
ULGRFRPRLGLRPDGHODSDQWDOOD
,QIRUPDFLQ(&2
/DVSJLQDVSHUPLWLGDVVRQ
WHQGHQFLDHFRQRPD
QGLFHGHHFRQRPD
FRQVXPLGRUHVP[LPRV
0XHVWUDODHYROXFLQGHOFRQVXPR
PHGLRDORODUJRGHXQDGLVWDQFLDGH
NP/RVVHJPHQWRVOOHQRVLQGLFDQ
HOFRQVXPRHQSDVRVGHNP\PXHV
WUDQHOHIHFWRGHODWRSRJUDIDRGHO
HVWLORGHFRQGXFFLQHQHOFRQVXPR
GHFRPEXVWLEOH
(OJUILFRSXHGHUHVWDEOHFHUVHSXO
VDQGR6
6(7&/5
QGLFHGHHFRQRPD
(OFRQVXPRDFWXDOGHFRPEXVWLEOHVH
LQGLFDHQHVFDODHFRQPLFD3DUD
XQDFRQGXFFLQHFRQPLFDDGDSWH
HOHVWLORGHFRQGXFFLQSDUDPDQWH
QHUORVVHJPHQWRVOOHQRVGHQWURGHOD
]RQD(FR&XDQWRVPVVHJPHQWRV
HVWQOOHQRVPD\RUVHUHOFRQVXPR
GHFRPEXVWLEOH
$OPLVPRWLHPSRVHLQGLFDHOYDORUGHO
FRQVXPRPHGLR
&RQVXPLGRUHVP[LPRV
$SDUHFHXQDOLVWDGHORVGLVSRVLWLYRV
GHFRQIRUWFRQHFWDGRVDFWXDOPHQWH
TXHPVFRQVXPHQHQRUGHQGHVFHQ
GHQWH6HLQGLFDHOSRWHQFLDOGHDKR
UURGHFRPEXVWLEOH
(QFRQGLFLRQHVGHFRQGXFFLQHVSR
UGLFDHOPRWRUDFWLYDUDXWRPWLFD
PHQWHODOXQHWDWUPLFDWUDVHUDSDUD
DXPHQWDUODFDUJDGHOPRWRU(QWDO
FDVRODOXQHWDWUPLFDWUDVHUDVHLQ
GLFDFRPRXQDGHODVFRQVXPLGRUDV
SULQFLSDOHVVLQDFWLYDFLQSRUSDUWH
GHOFRQGXFWRU
3DQWDOODGHLQIRUPDFLQHQ
FRORU
(QIXQFLQGHODFRQILJXUDFLQGHOYH
KFXORHVWHWLHQHXQDSDQWDOODGHLQ
IRUPDFLQHQFRORUFRQIXQFLQGH
SDQWDOODWFWLO
,QVWUXPHQWRV\PDQGRV
/DSDQWDOODGHLQIRUPDFLQHQFRORU
FRQIXQFLQGHSDQWDOODWFWLOPXHVWUD
HQFRORUODVLQGLFDFLRQHVVLJXLHQWHV
KRUD
WHPSHUDWXUDH[WHULRU
IHFKD
LQGLFDFLQGHFPDUDUHWURYLVRUD
LQVWUXFFLRQHVGHODVLVWHQWHGH
DSDUFDPLHQWR\GHODVLVWHQWHGH
DSDUFDPLHQWRDYDQ]DGR
DMXVWHVGHOFOLPDWL]DGRUDXWRP
WLFRHOHFWUQLFR
VLVWHPDGHLQIRHQWUHWHQLPLHQWR
YDVHODGHVFULSFLQHQHOPD
QXDOGHOVLVWHPDGHLQIRHQWUHWH
QLPLHQWR
PHQVDMHVGHOVLVWHPD
PHQVDMHVGHOYHKFXOR
DMXVWHVGHSHUVRQDOL]DFLQGHO
YHKFXOR
(OWLSRGHLQIRUPDFLQ\FPRVH
PXHVWUDGHSHQGHGHORVDMXVWHVUHD
OL]DGRV
6HOHFFLQGHPHQV\DMXVWHV
/RVPHQV\ORVDMXVWHVVHVHOHFFLR
QDQDWUDYVGHODSDQWDOODWFWLO
3DUDREWHQHUPVLQIRUPDFLQYHDHO
PDQXDOGHLQIRHQWUHWHQLPLHQWR
3HUVRQDOL]DFLQGHOYHKFXOR
3DQWDOODGHLQIRUPDFLQ
JUILFD
'HSHQGLHQGRGHODFRQILJXUDFLQGHO
YHKFXORSXHGHWHQHUXQDSDQWDOODGH
LQIRUPDFLQJUILFD
3XOVH;SDUDFRQHFWDUODSDQWDOOD
3XOVH SDUDYLVXDOL]DUODSJLQDGH
LQLFLR
7RTXHFRQHOGHGRHOLFRQRGHODSDQ
WDOODGHOPHQFRUUHVSRQGLHQWH
7RTXHHOLFRQRFRUUHVSRQGLHQWHSDUD
FRQILUPDUODVHOHFFLQ
7RTXH SDUDYROYHUDOVLJXLHQWH
PHQVXSHULRU
3XOVH SDUDYROYHUDODSJLQDGH
LQLFLR
/DSDQWDOODGHLQIRUPDFLQJUILFDLQ
GLFDORVLJXLHQWH
KRUD
WHPSHUDWXUDH[WHULRU
IHFKD
,QVWUXPHQWRV\PDQGRV
DMXVWHVGHOFOLPDWL]DGRUDXWRP
WLFRHOHFWUQLFR
VLVWHPDGHLQIRHQWUHWHQLPLHQWR
YDVHODGHVFULSFLQHQHOPD
QXDOGHOVLVWHPDGHLQIRHQWUHWH
QLPLHQWR
DMXVWHVGHSHUVRQDOL]DFLQGHO
YHKFXOR
FLDGHFDUDFWHUHV0DQWHQJDSXOVDGR
HOERWQGXUDQWHXQRVVHJXQGRVSDUD
ERUUDUWRGDODHQWUDGD
3DUDVDOLUGHOPHQ$
$MXVWHVSXOVH
%$&.SDVRDSDVRRSXOVH&
&21),*
GHVSXVGHFRQILUPDUORVFDPELRV
3HUVRQDOL]DFLQGHOYHKFXOR
$MXVWHVPHPRUL]DGRV
0HQVDMHVGHOYHKFXOR
/RVPHQVDMHVDSDUHFHQVREUHWRGR
HQHOFHQWURGHLQIRUPDFLQGHOFRQ
GXFWRUHQDOJXQRVFDVRVMXQWRFRQ
XQDDGYHUWHQFLD\XQDYLVRDFVWLFR
6HOHFFLQGHPHQV\DMXVWHV
6HDFFHGHDORVPHQV\ORVDMXVWHV
PHGLDQWHODSDQWDOOD
3XOVH&
&21),* $SDUHFHODSJLQD
GHOPHQ$
$MXVWHV
*LUHHOERWQ0
0(18781(SDUDVH
OHFFLRQDUXQDMXVWHRXQYDORU
3XOVHHOERWQ0
0(18781(SDUD
FRQILUPDUXQDMXVWHRXQYDORU
3XOVH%
%$&.SDUDVDOLUGHXQPHQR
GHXQDMXVWHVLQFDPELDUORRSDUDER
UUDUHOOWLPRFDUFWHUHQXQDVHFXHQ
3XOVH6
6(7&/50
0(18RJLUHOD
UXHGDGHDMXVWHSDUDFRQILUPDUXQ
PHQVDMH
,QVWUXPHQWRV\PDQGRV
0HQVDMHVGHOYHKFXORGHOD
SDQWDOODGHJDPDPHGLD
/RVPHQVDMHVGHOYHKFXORVHPXHV
WUDQFRPRFGLJRVQXPULFRV
1 0HQVDMHGHOYHKFXOR
1 0HQVDMHGHOYHKFXOR
1 0HQVDMHGHOYHKFXOR
$YHUDGHODOX]GHODPDWUFXOD
$YHUDGHOLQWHUPLWHQWHGHODQ
WHURL]TXLHUGR
$YHUDGHOLQWHUPLWHQWHWUDVHUR
L]TXLHUGR
$YHUDGHOLQWHUPLWHQWHGHODQ
WHURGHUHFKR
$YHUDGHOLQWHUPLWHQWHWUDVHUR
GHUHFKR
&RPSUXHEHODOX]GHIUHQRGHO
UHPROTXH
&RPSUXHEHODOX]GHPDUFKD
DWUVGHOUHPROTXH
&RPSUXHEHHOLQWHUPLWHQWH
L]TXLHUGRGHOUHPROTXH
&RPSUXHEHHOLQWHUPLWHQWH
GHUHFKRGHOUHPROTXH
&RPSUXHEHODOX]DQWLQLHEOD
WUDVHUDGHOUHPROTXH
&RPSUXHEHODOX]WUDVHUDGHO
UHPROTXH
*LUHHOYRODQWHGHVFRQHFWHHO
HQFHQGLGR\YXOYDORD
FRQHFWDU
*LUHHOYRODQWHYXHOYDD
HQFHQGHUHOPRWRU
9HKFXORVREUHFDUJDGR
&RPSUHVRUVREUHFDOHQWDGR
$YHUDGHODWHUFHUDOX]GHIUHQR
$YHUDGHODOX]GHIUHQR
)DOORGHOVLVWHPDQLYHODFLQGH
IDURV
$YHUDGHODOX]GHFUXFH
L]TXLHUGD
&DPELDUHODFHLWHGHOPRWRU
1LYHOEDMRGHOUHIULJHUDQWHGHO
PRWRU
$YHUDGHODOX]DQWLQLHEOD
WUDVHUD
$LUHDFRQGLFLRQDGRGHVFRQHF
WDGR
$YHUDGHODOX]GHFUXFH
GHUHFKD
$YHUDGHODOX]ODWHUDOL]TXLHUGD
9RODQWHEORTXHDGR
$YHUDGHODOX]ODWHUDOGHUHFKD
$YHUDGHODOX]GHPDUFKDDWUV
,QVWUXPHQWRV\PDQGRV
1 0HQVDMHGHOYHKFXOR
1 0HQVDMHGHOYHKFXOR
1 0HQVDMHGHOYHKFXOR
6XVWLWX\DODSLODGHOPDQGRD
GLVWDQFLD
0DQWHQLPLHQWRGHOVLVWHPDGH
DODUPDDQWLUURER
)DOORGHODVLVWHQWHGHDSDUFD
PLHQWROLPSLHHOSDUDFKRTXHV
/LPSLHHOVLVWHPDGHDOHUWDGH
SXQWRFLHJRODWHUDO
5HYLVLQGHOEORTXHRGHO
YRODQWH
$VLVWHQWHGHDSDUFDPLHQWR
$YLVRGHFDPELRGHFDUULOQR
GLVSRQLEOH
5HYLVLQGHODGLUHFFLQDVLV
WLGD
$SULHWHHOWDSQGHOGHSVLWR
5HYLVLQGHODLUHDFRQGLFLRQDGR
$JXDHQHOILOWURGHOFRPEXVWLEOH
(OILOWURGHSDUWFXODVGLVHOHVW
OOHQR
5HYLVLQGHOVLVWHPDGHDOHUWD
GHSXQWRFLHJRODWHUDO
5HOOHQHHODFHLWHGHPRWRU
'HVHTXLOLEULRGHSUHVLQHQODV
UXHGDVGHODQWHUDV
5HYLVLQGHODFDMDGHFDPELRV
&DPELHHODFHLWHGHOPRWRU
SURQWR
3RWHQFLDGHOPRWRUUHGXFLGD
5HYLVLQXUJHQWHGHOYHKFXOR
&DPELHDODSRVLFLQGHHVWD
FLRQDPLHQWRDQWHVGHVDOLUGHO
YHKFXOR
5HYLVLQGHODLUEDJ
'HVHTXLOLEULRGHSUHVLQHQODV
UXHGDVWUDVHUDV
1HXPWLFRVVLQVHQVRU7306
$EUD\FLHUUHODYHQWDQLOODGHO
FRQGXFWRU
$EUD\OXHJRFLHUUHODYHQWDQLOOD
GHODFRPSDDQWH
,QWHQWRGHURER
&DSDELHUWR
&RPSUXHEHHOQLYHOGHOTXLGR
GHODYDGR
1LYHOGHEDWHUDGHOYHKFXOR
EDMR
3LVHHOHPEUDJXHSDUDDUUDQFDU
$VLVWHQWHGHDSDUFDPLHQWR
GHVFRQHFWDGR
0HQVDMHVGHOYHKFXORGHOD
SDQWDOODGHJDPDDOWD
/RVPHQVDMHVGHOYHKFXORVHPXHV
WUDQFRPRWH[WR6LJDODVLQVWUXFFLR
QHVTXHDSDUHFHQHQORVPHQVDMHV
(OVLVWHPDPXHVWUDPHQVDMHVUHODFLR
QDGRVFRQORVWHPDVVLJXLHQWHV
PHQVDMHVGHVHUYLFLR
QLYHOHVGHOTXLGRV
VLVWHPDGHDODUPDDQWLUURER
IUHQRV
,QVWUXPHQWRV\PDQGRV
VLVWHPDVGHFRQWUROGHODFRQGXF
FLQ
UHJXODGRUGHYHORFLGDGOLPLWDGRU
GHYHORFLGDG
DOHUWDGHFROLVLQIURQWDO
VLVWHPDVGHDVLVWHQFLDDODSDU
FDPLHQWR
LOXPLQDFLQVXVWLWXFLQGHERP
ELOODV
VLVWHPDOLPSLD\ODYDSDUDEULVDV
SXHUWDVYHQWDQLOODV
DOHUWDGHSXQWRFLHJRODWHUDO
DVLVWHQWHGHVHDOHVGHWUILFR
DYLVRGHFDPELRGHFDUULO
PDQGRDGLVWDQFLD
FLQWXURQHVGHVHJXULGDG
VLVWHPDVGHDLUEDJV
PRWRU\FDMDGHFDPELRV
SUHVLQGHORVQHXPWLFRV
ILOWURGHSDUWFXODVGLVHO
HVWDGRGHODEDWHUDGHOYHKFXOR
0HQVDMHVGHOYHKFXORHQOD
SDQWDOODGHLQIRUPDFLQHQFRORU
$OJXQRVPHQVDMHVLPSRUWDQWHVDSD
UHFHQDGLFLRQDOPHQWHHQODSDQWDOOD
GHLQIRUPDFLQHQFRORU$OJXQRV
PHQVDMHVVORDSDUHFHQGXUDQWH
XQRVVHJXQGRV
$YLVRVDFVWLFRV
$ODUUDQFDUHOPRWRURGXUDQWHOD
PDUFKD
6ORVRQDUXQDYLVRFDGDYH]
(ODYLVRDFVWLFRGHFLQWXUQGHVD
EURFKDGRWLHQHSULRULGDGVREUHHO
UHVWRGHDYLVRVDFVWLFRV
6LQRVHKDDEURFKDGRHOFLQWXUQ
GHVHJXULGDG
6LLQLFLDODPDUFKDFRQXQD
SXHUWDRHOSRUWQWUDVHURVLQFH
UUDUFRUUHFWDPHQWH
6LVHVREUHSDVDXQDGHWHUPL
QDGDYHORFLGDGFRQHOIUHQRGH
HVWDFLRQDPLHQWRDFFLRQDGR
6LVHVREUHSDVDXQDYHORFLGDG
SURJUDPDGD
6LDSDUHFHXQPHQVDMHGHDGYHU
WHQFLDHQHOFHQWURGHLQIRUPD
FLQGHOFRQGXFWRURODSDQWDOOD
GHLQIRUPDFLQ
6LHODVLVWHQWHGHDSDUFDPLHQWR
GHWHFWDXQREMHWR
6LVHSURGXFHXQFDPELRGHFDUULO
QRLQWHQFLRQDGR
6LVHHQJUDQDODPDUFKDDWUV\
HOSRUWDELFLFOHWDVWUDVHURHVWH[
WHQGLGR
6LHOILOWURGHSDUWFXODVGLVHOKD
DOFDQ]DGRHOQLYHOGHOOHQDGRP
[LPR
&XDQGRHOYHKFXORHVW
HVWDFLRQDGR\RVHDEUHODSXHUWD
GHOFRQGXFWRU
&RQODVOXFHVH[WHULRUHVHQFHQ
GLGDV
'XUDQWHXQDSDUDGDDXWRPWLFD
6LVHDEUHODSXHUWDGHOFRQGXF
WRU
7HQVLQGHODSLOD
3DQWDOODGHJDPDDOWD
,QVWUXPHQWRV\PDQGRV
6LODWHQVLQGHODEDWHUDGHOYHKFXOR
HVEDMDDSDUHFHUXQPHQVDMHGHDG
YHUWHQFLDHQHOFHQWURGHLQIRUPDFLQ
GHOFRQGXFWRU
3DQWDOODGHJDPDPHGLD
6LODWHQVLQGHODEDWHUDGHOYHKFXOR
HVEDMDDSDUHFHUXQFGLJRGH
DGYHUWHQFLDHQHOFHQWURGHLQIRUPD
FLQGHOFRQGXFWRU
'HVFRQHFWHLQPHGLDWDPHQWHORV
FRQVXPLGRUHVHOFWULFRVTXHQR
VHDQQHFHVDULRVSDUDXQDFRQ
GXFFLQVHJXUDFRPRODFDOHIDF
FLQGHDVLHQWRHOSDUDEULVDVWU
PLFRRODOXQHWDWUPLFDWUDVHUDX
RWURVFRQVXPLGRUHV
&DUJXHODEDWHUDGHOYHKFXORFLU
FXODQGRVLQGHWHQHUVHGXUDQWHXQ
WLHPSRRXVDQGRXQFDUJDGRUGH
EDWHUDV
(OPHQVDMHGHDGYHUWHQFLDRHOF
GLJRGHDGYHUWHQFLDGHVDSDUHFHU
GHVSXVGHDUUDQFDUHOPRWRUGRVYH
FHVFRQVHFXWLYDVVLQFDGDGHWHQ
VLQ
6LODEDWHUDGHOYHKFXORQRVHSXHGH
UHFDUJDUKDJDVXEVDQDUODFDXVDGH
ODDYHUDHQXQWDOOHU
3HUVRQDOL]DFLQGHO
YHKFXOR
(OFRPSRUWDPLHQWRGHOYHKFXORVH
SXHGHSHUVRQDOL]DUFDPELDQGRORV
DMXVWHVHQODSDQWDOODGHLQIRUPDFLQ
$OJXQRVGHORVDMXVWHVSHUVRQDOHVGH
GLVWLQWRVFRQGXFWRUHVVHSXHGHQPH
PRUL]DULQGLYLGXDOPHQWHHQFDGDOODYH
GHOYHKFXOR$MXVWHVPHPRUL]DGRV
'HSHQGLHQGRGHOHTXLSDPLHQWRGHO
YHKFXOR\GHODVQRUPDVHVSHFILFDV
GHOSDVHVSRVLEOHTXHDOJXQDVGH
ODVIXQFLRQHVGHVFULWDVDFRQWLQXD
FLQQRHVWQGLVSRQLEOHV
$OJXQDVIXQFLRQHVVORVHPXHVWUDQ
RDFWLYDQFRQHOPRWRUHQPDUFKD
6HOHFFLRQH&
&RQILJXUDFLQ\OXHJR
$MXVWHVGHOYHKFXOR
&RQILJXUDFLQSHUVRQDO
3DQWDOODGHLQIRUPDFLQJUILFD
3XOVH&
&21),*SDUDHOPHQGHFRQ
ILJXUDFLQ
*LUHHOPDQGR0
0(18781(SDUDDF
FHGHUDOPHQGHFRQILJXUDFLQGH
VHDGR\DFRQWLQXDFLQSXOVH
0(18781(
$MXVWHVGHOYHKFXOR
7HPSHUDWXUD\FDOLGDGGHODLUH
9HORFLGDGYHQWLODGRUDXWRP 0R
GLILFDHOQLYHOGHOFDXGDOGHDLUH
GHODFDELQDGHODFOLPDWL]DFLQ
HQPRGR$XWRPWLFR
,QVWUXPHQWRV\PDQGRV
'HVHPSDDPLHQWRWUDV$XWR
$FWLYDDXWRPWLFDPHQWHODOXQHWD
WUPLFDWUDVHUD
$MXVWHVGHFRQIRUW
9ROXPHQGHDYLVRV &DPELDHO
YROXPHQGHORVDYLVRVDFVWLFRV
3HUVRQDOL]DFLQFRQGXFWRU $F
WLYDRGHVDFWLYDODIXQFLQGHSHU
VRQDOL]DFLQ
/LPSLDSDUWUDVDXWRPDWUV
$FWLYDRGHVDFWLYDODFRQH[LQ
DXWRPWLFDGHOOLPSLDOXQHWD
FXDQGRVHHQJUDQDODPDUFKD
DWUV
'HWHFFLQFROLVLRQHVD\XGD
HVWDF
$\XGDDOHVWDFLRQDPLHQWR $FWLYD
RGHVDFWLYDHODVLVWHQWHGHDSDU
FDPLHQWRSRUXOWUDVRQLGRV/DDF
WLYDFLQSXHGHVHOHFFLRQDUVHFRQ
RVLQHODFRSODPLHQWRGHOUHPRO
TXHFRQHFWDGR
$YLVRQJXORPXHUWRODWHUDO
&DPELDORVDMXVWHVSDUDHOVLV
WHPDGHDOHUWDGHSXQWRFLHJROD
WHUDO
,OXPLQDFLQDPELHQWHH[WHULRU
,OXPLQDFLQH[WHULRUDODEULU
$FWLYDRGHVDFWLYDODLOXPLQDFLQ
GHHQWUDGD
'XUDFLQDOVDOLUGHOYHKFXOR
$FWLYDRGHVDFWLYD\FDPELDOD
GXUDFLQGHODLOXPLQDFLQGHVD
OLGD
&LHUUHFHQWUDOL]DGR
&LHUUHDXWRPWLFRGHSXHUWDV
$FWLYDRGHVDFWLYDODIXQFLQGH
EORTXHRDXWRPWLFRGHSXHUWDV
GHVSXVGHFRQHFWDUHOHQFHQ
GLGR
,PSHGLUFLHUUHVLSWDDELHUWD $F
WLYDRGHVDFWLYDODIXQFLQGHEOR
TXHRGHSXHUWDVPLHQWUDVKD\D
XQDSXHUWDDELHUWD
&LHUUHUHWDUGDGRGHSXHUWDV $F
WLYDRGHVDFWLYDODIXQFLQGHEOR
TXHRDXWRPWLFRGHSXHUWDVFRQ
UHWDUGR(VWDRSFLQGHOPHQVH
PXHVWUDFRQ,,PSHGLUFLHUUHVLSWD
DELHUWDGHVDFWLYDGR&LHUUHFHQ
WUDOL]DGR
$SHUWXUDFLHUUHDUUDQTXHUHPRWR
5HVSXHVWDDSHUWXUDDGLVW
$FWLYDRGHVDFWLYDODFRQILUPD
FLQGHODVOXFHVGHHPHUJHQFLD
DOGHVEORTXHDU
$SHUWXUDGHSXHUWDVSDVLYD
&DPELDODFRQILJXUDFLQSDUD
GHVEORTXHDUVORODSXHUWDGHO
FRQGXFWRURWRGRHOYHKFXORDO
GHVEORTXHDU
9ROYHUDFHUUDUSXHUWDVDXWR $F
WLYDRGHVDFWLYDHOODIXQFLQGH
YROYHUDEORTXHDUDXWRPWLFD
PHQWHGHVSXVGHGHVEORTXHDU
VLQDEULUHOYHKFXOR
5HVWDXUDUDMXVWHVGHIEULFD
5HVWDEOHFHWRGRVORVDMXVWHVD
ORVYDORUHVSUHGHWHUPLQDGRV
&RQILJXUDFLQSHUVRQDO
3DQWDOODGHLQIRUPDFLQHQFRORU
&XDQGRHVWFRQHFWDGRHODXGLR
SXOVHHOERWQ HQHOSDQHOGHPDQ
GRV
,QVWUXPHQWRV\PDQGRV
6HOHFFLRQH&
&RQILJXUDFLQ\OXHJR
$MXVWHVGHOYHKFXOR
$MXVWHVGHOYHKFXOR
&OLPDWL]DGRU\FDODLUH
9HORFLGDGP[YHQWLODGRU
DXWRP 0RGLILFDHOQLYHOGHOFDX
GDOGHDLUHGHODFDELQDGHODFOL
PDWL]DFLQHQPRGRDXWRPWLFR
0RGR$LUHDFRQGLFLRQDGR &RQ
WURODHOHVWDGRGHOFRPSUHVRUGH
UHIULJHUDFLQDODUUDQFDUHOYH
KFXOR(OOWLPRDMXVWH UHFRPHQ
GDGR RDODUUDQFDUHOYHKFXORHV
VLHPSUHHQFHQGLGRRVLHPSUH
DSDJDGR
'HVHPSDDGRUWUDVHUR
DXWRPWLFR $FWLYDDXWRPWLFD
PHQWHODOXQHWDWUPLFDWUDVHUD
6LVWHPDVGHGHWHFFLQFROLVLQ
(VWDFLRQDPLHQWRDVLVWLGR $FWLYD
RGHVDFWLYDHODVLVWHQWHGHDSDU
FDPLHQWRSRUXOWUDVRQLGRV/DDF
WLYDFLQSXHGHVHOHFFLRQDUVHFRQ
RVLQHODFRSODPLHQWRGHOUHPRO
TXHFRQHFWDGR
$OHUWDGH]RQDHQQJXOR
PXHUWR $FWLYDRGHVDFWLYDOD
DOHUWDGHOQJXORPXHUWR
&RQIRUW\FRPRGLGDG
9ROXPHQGHODYLVRDFVWLFR
&DPELDHOYROXPHQGHORVDYLVRV
DFVWLFRV
3HUVRQDOL]DFLQSRUHO
FRQGXFWRU $FWLYDRGHVDFWLYDOD
IXQFLQGHSHUVRQDOL]DFLQ
/LPSLDSDUDEULVDVDXWRHQ
PDUFKDDWUV $FWLYDRGHVDFWLYD
ODFRQH[LQDXWRPWLFDGHOOLP
SLDOXQHWDFXDQGRVHHQJUDQDOD
PDUFKDDWUV
,OXPLQDFLQ
/XFHVGHOORFDOL]DGRUGHO
YHKFXOR $FWLYDRGHVDFWLYDOD
LOXPLQDFLQGHHQWUDGD
,OXPLQDFLQGHVDOLGD $FWLYDR
GHVDFWLYD\FDPELDODGXUDFLQ
GHODLOXPLQDFLQGHVDOLGD
&LHUUHFHQWUDOL]DGRGHSXHUWDV
6HJDQWLVDOLGDSXHUWDGHVEORT
$FWLYDRGHVDFWLYDODIXQFLQGH
EORTXHRGHSXHUWDVPLHQWUDV
KD\DXQDSXHUWDDELHUWD
%ORTXHRDXWRPWLFRGHSXHUWDV
$FWLYDRGHVDFWLYDODIXQFLQGH
EORTXHRDXWRPWLFRGHSXHUWDV
,QVWUXPHQWRV\PDQGRV
GHVSXVGHFRQHFWDUHOHQFHQ
GLGR
'HVEORTXHRDXWRPWLFRGH
SXHUWDV &DPELDODFRQILJXUDFLQ
SDUDGHVEORTXHDUVORODSXHUWD
GHOFRQGXFWRURWRGRHOYHKFXOR
GHVSXVGHDSDJDUHOHQFHQGLGR
%ORTXHRGHSXHUWDVUHWDUGDGR
$FWLYDRGHVDFWLYDODIXQFLQGH
EORTXHRDXWRPWLFRGHSXHUWDV
FRQUHWDUGR(VWDIXQFLQUHWUDVD
HOEORTXHRHIHFWLYRGHODVSXHUWDV
KDVWDTXHVHKD\DQFHUUDGRWR
GDV
%ORTXHRGHVEORTXHR\DUUDQTXH
UHPRWR
5HVSXHVWDOX]GHVEORTXHR
UHPRWR $FWLYDRGHVDFWLYDOD
FRQILUPDFLQGHODVOXFHVGH
HPHUJHQFLDDOGHVEORTXHDU
'HVEORTXHRGHSXHUWDVUHPRWR
&DPELDODFRQILJXUDFLQSDUD
GHVEORTXHDUVORODSXHUWDGHO
FRQGXFWRURWRGRHOYHKFXORDO
GHVEORTXHDU
%ORTSXHUWDVGHVEORTFRQWURO
UHPRWR $FWLYDRGHVDFWLYDHOOD
IXQFLQGHYROYHUDEORTXHDUDX
WRPWLFDPHQWHGHVSXVGHGHV
EORTXHDUVLQDEULUHOYHKFXOR
2Q6WDU
2Q6WDUHVXQDVLVWHQWHSHUVRQDOGH
FRQHFWLYLGDG\VHUYLFLRFRQ]RQD
:L)LLQWHJUDGD(OVHUYLFLR2Q6WDU
HVWGLVSRQLEOHKRUDVDOGDVLHWH
GDVDODVHPDQD
1RWD
2Q6WDUQRHVWGLVSRQLEOHSDUDWR
GRVORVPHUFDGRV3DUDPVLQIRU
PDFLQSQJDVHHQFRQWDFWRFRQVX
WDOOHU
1RWD
3DUDHVWDUGLVSRQLEOH\RSHUDWLYR
2Q6WDUQHFHVLWDXQDVXVFULSFLQY
OLGDD2Q6WDUHOVLVWHPDHOFWULFR
GHOYHKFXORRSHUDWLYRVHUYLFLRP
YLO\FRQH[LQVDWOLWH*36
3DUDDFWLYDUORVVHUYLFLRV2Q6WDU\
FRQILJXUDUXQDFXHQWDSXOVH=\KD
EOHFRQXQDVHVRU
,QVWUXPHQWRV\PDQGRV
(QIXQFLQGHOHTXLSDPLHQWRGHOYH
KFXORHVWQGLVSRQLEOHVORVVLJXLHQ
WHVVHUYLFLRV
6HUYLFLRVGHHPHUJHQFLD\DVLV
WHQFLDHQFDVRGHDYHUDGHOYH
KFXOR
=RQD:L)L
$SOLFDFLQSDUDVPDUWSKRQH
&RQWUROUHPRWRSRUHMHPSORXEL
FDFLQGHOYHKFXORDFWLYDFLQ
GHERFLQD\OXFHVFRQWUROGHOFLH
UUHFHQWUDOL]DGR
$VLVWHQFLDHQFDVRGHURERGHO
YHKFXOR
'LDJQVWLFRGHOYHKFXOR
'HVFDUJDGHLWLQHUDULR
1RWD
(OPGXOR2Q6WDUGHOYHKFXORHVW
GHVDFWLYDGRGHVSXVGHWUDQVFXUUL
GRVGLH]GDVVLQFLFORGHHQFHQGLGR
/DVIXQFLRQHVTXHUHTXLHUHQXQDFR
QH[LQGHGDWRVHVWDUQGHQXHYR
GLVSRQLEOHVGHVSXVGHFRQHFWDUHO
HQFHQGLGR
%RWRQHV2Q6WDU
%RWQGHSULYDFLGDG
0DQWHQJDSXOVDGRMKDVWDRUXQ
PHQVDMHSDUDDFWLYDURGHVDFWLYDUOD
WUDQVPLVLQGHODORFDOL]DFLQGHOYH
KFXOR
3XOVHMSDUDUHVSRQGHUXQDOODPDGD
RILQDOL]DUXQDOODPDGDDXQDVHVRU
3XOVHMSDUDDFFHGHUDODFRQILJXUD
FLQ:L)L
%RWQGHVHUYLFLR
3XOVH=SDUDHVWDEOHFHUXQDFRQH
[LQFRQXQDVHVRU
%RWQ626
3XOVH>SDUDHVWDEOHFHUXQDFRQH
[LQGHHPHUJHQFLDGHSULRULGDGFRQ
XQDVHVRUGHHPHUJHQFLDHVSHFLDOL
]DGR
/('GHHVWDGR
9HUGH (OVLVWHPDHVWSUHSDUDGR
9HUGHLQWHUPLWHQWH /ODPDGDHQFXUVR
HQHOVLVWHPD
5RMR +DVXUJLGRXQSUREOHPD
$SDJDGR (OVLVWHPDHVWHQPRGR
(QHVSHUD
5RMRYHUGHLQWHUPLWHQWHGXUDQWHXQ
EUHYHSHULRGRGHWLHPSR /DWUDQVPL
VLQGHORFDOL]DFLQGHOYHKFXORVH
KDGHVDFWLYDGR
6HUYLFLRV2Q6WDU
6HUYLFLRVJHQHUDOHV
6LQHFHVLWDLQIRUPDFLQUHODWLYDSRU
HMHPSORDODVKRUDVGHDSHUWXUDSXQ
WRVGHLQWHUV\GHVWLQRVRVLQHFHVLWD
DVLVWHQFLDSRUHMHPSORHQHOFDVRGH
DYHUDGHOYHKFXORXQSLQFKD]RGHO
QHXPWLFR\GHSVLWRGHFRPEXVWLEOH
YDFRSXOVH=SDUDHVWDEOHFHUXQD
FRQH[LQFRQXQDVHVRU
,QVWUXPHQWRV\PDQGRV
6HUYLFLRVGHHPHUJHQFLD
(QFDVRGHHPHUJHQFLDSXOVH>\
KDEOHFRQXQDVHVRU(ODVHVRUVH
SRQGUHQFRQWDFWRFRQORVSURYHH
GRUHVGHVHUYLFLRVGHHPHUJHQFLDR
DVLVWHQFLD\ORVHQYLDUDVXYHKFXOR
(QFDVRGHXQDFFLGHQWHFRQDFWLYD
FLQGHORVDLUEDJVRORVWHQVRUHVGHO
FLQWXUQGHVHJXULGDGVHHVWDEOHFH
XQDOODPDGDGHHPHUJHQFLDDXWRP
WLFD(ODVHVRUVHFRQHFWDLQPHGLDWD
PHQWHDVXYHKFXORSDUDVDEHUVLQH
FHVLWDD\XGD
=RQD:L)L
/DV]RQD:L)LGHOYHKFXORSURSRU
FLRQDFRQHFWLYLGDGD,QWHUQHWFRQXQD
YHORFLGDGP[LPDGH*/7(
1RWD
/DIXQFLRQDOLGDGGH]RQD:L)LQR
HVWGLVSRQLEOHSDUDWRGRVORVPHU
FDGRV
6HSXHGHQFRQHFWDUKDVWDVLHWHGLV
SRVLWLYRV
3DUDFRQHFWDUXQGLVSRVLWLYRPYLOD
OD]RQD:L)L
3XOVHM\VHOHFFLRQHODFRQILJX
UDFLQ:L)LHQODSDQWDOODGHLQ
IRUPDFLQ/DFRQILJXUDFLQTXH
VHPXHVWUDLQFOX\HHOQRPEUHGH
OD]RQD:L)L 66,' ODFRQWUD
VHD\HOWLSRGHFRQH[LQ
,QLFLHXQDEVTXHGDGHUHG:L)L
HQVXGLVSRVLWLYRPYLO
6HOHFFLRQHHOSXQWRGHFRQH[LQ
66,' GHVXYHKFXORFXDQGRVH
PXHVWUHHQODOLVWD
&XDQGRVHOHVROLFLWHLQWURGX]FD
ODFRQWUDVHDHQVXGLVSRVLWLYR
PYLO
1RWD
3DUDFDPELDUHO66,'RODFRQWUD
VHDSXOVH=\KDEOHFRQXQDVHVRU
RLQLFLHVHVLQHQVXFXHQWD
3DUDGHVFRQHFWDUODIXQFLRQDOLGDGGH
]RQD:L)LSXOVH=SDUDOODPDUDXQ
DVHVRU
$SOLFDFLQSDUDVPDUWSKRQH
&RQODDSOLFDFLQSDUDVPDUWSKRQH
P\2SHOVHSXHGHQXWLOL]DUDOJXQDV
IXQFLRQHVGHOYHKFXORSRUFRQWUROUH
PRWR
(VWQGLVSRQLEOHVODVVLJXLHQWHVIXQ
FLRQHV
%ORTXHRRGHVEORTXHRGHOYH
KFXOR
6RQLGRGHERFLQDROXFHVLQWHU
PLWHQWHV
&RQWUROGHOQLYHOGHFRPEXVWLEOH
YLGDWLOGHODFHLWHGHOPRWRU\
SUHVLQGHORVQHXPWLFRV VROR
FRQHOVLVWHPDGHFRQWUROGHSUH
VLQGHORVQHXPWLFRV
(QYRGHOGHVWLQRGHQDYHJDFLQ
DOYHKFXORVLHVWHTXLSDGRFRQ
VLVWHPDGHQDYHJDFLQLQWH
JUDGR
/RFDOL]DFLQGHOYHKFXORHQXQ
PDSD
*HVWLQGHFRQILJXUDFLQ:L)L
3DUDSRGHURSHUDUHVWDVIXQFLRQHV
GHVFDUJXHODDSOLFDFLQGHO$SSOH
6WRUHRGH*RRJOH3OD\6WRUH
,QVWUXPHQWRV\PDQGRV
0DQGRDGLVWDQFLD
6LTXLHUHSXHGHXWLOL]DUFXDOTXLHUWH
OIRQRSDUDOODPDUDXQDVHVRUTXLHQ
SXHGHXWLOL]DUIXQFLRQHVHVSHFILFDV
GHOYHKFXORGHPDQHUDUHPRWD%XV
TXHHOQPHURGHWHOIRQRGH2Q6WDU
FRUUHVSRQGLHQWHHQHOVLWLRZHEHVSH
FILFRGHOSDV
(VWQGLVSRQLEOHVODVVLJXLHQWHVIXQ
FLRQHV
%ORTXHRRGHVEORTXHRGHOYH
KFXOR
,QIRUPDFLQVREUHODORFDOL]DFLQ
GHOYHKFXOR
6RQLGRGHERFLQDROXFHVLQWHU
PLWHQWHV
$VLVWHQFLDHQFDVRGHURERGHO
YHKFXOR
(QFDVRGHURERGHOYHKFXORLQIRUPH
GHOURERDODVDXWRULGDGHV\VROLFLWH
DVLVWHQFLDHQFDVRGHURERGHOYH
KFXORGH2Q6WDU8WLOLFHFXDOTXLHUWH
OIRQRSDUDOODPDUDXQDVHVRU%XV
TXHHOQPHURGHWHOIRQRGH2Q6WDU
FRUUHVSRQGLHQWHHQHOVLWLRZHEHVSH
FILFRGHOSDV
2Q6WDUSXHGHSURSRUFLRQDUDVLVWHQ
FLDSDUDORFDOL]DU\UHFXSHUDUHOYH
KFXOR
$OHUWDGHURER
&XDQGRVHDFWLYDHOVLVWHPDGH
DODUPDDQWLUURERVHHQYDXQDQRWLIL
FDFLQD2Q6WDU/DLQIRUPDFLQVR
EUHHVWHVXFHVRVHUHFLEHSRUPHQ
VDMHGHWH[WRRFRUUHRHOHFWUQLFR
,QIRUPHGHOGLDJQVWLFR
(OYHKFXORWUDQVPLWHDXWRPWLFD
PHQWHORVGDWRVGHGLDJQVWLFRD
2Q6WDUTXHDVXYH]HQYDXQLQ
IRUPHPHQVXDOSRUFRUUHRHOHFWUQLFR
DOSURSLHWDULR\DVXWDOOHUSUHIHULGR
,PSHGLUHODUUDQTXH
0HGLDQWHHOHQYRGHVHDOHVUHPR
WDV2Q6WDUSXHGHLPSHGLUTXHHOYH
KFXORVHYXHOYDDDUUDQFDUGHVSXV
GHVXDSDJDGR
(OLQIRUPHFRQWLHQHHOHVWDGRGHORV
VLVWHPDVRSHUDWLYRVFODYHGHOYH
KFXORFRPRPRWRUWUDQVPLVLQDLU
EDJV$%6\RWURVVLVWHPDVLPSRUWDQ
WHV7DPELQSURSRUFLRQDLQIRUPD
FLQVREUHSRVLEOHVSXQWRVGHPDQ
WHQLPLHQWR\SUHVLQGHORVQHXPWL
FRV VRORFRQHOVLVWHPDGHFRQWUROGH
SUHVLQGHORVQHXPWLFRV
3DUDH[DPLQDUODLQIRUPDFLQFRQ
PVGHWDOOHVHOHFFLRQHHOYQFXOR
FRQWHQLGRHQHOFRUUHRHOHFWUQLFRH
LQLFLHVHVLQHQVXFXHQWD
3HWLFLQGHGLDJQVWLFRGHVX
YHKFXOR
(QFXDOTXLHUPRPHQWRSRUHMHPSOR
VLHOYHKFXORPXHVWUDXQPHQVDMHGHO
YHKFXORSXOVH=SDUDSRQHUVHHQ
FRQWDFWRFRQXQDVHVRUSDUDVROLFLWDU
TXHVHUHDOLFHXQFRQWUROGHGLDJQV
WLFRHQWLHPSRUHDO\GHWHUPLQDUGL
UHFWDPHQWHHOSUREOHPD(QIXQFLQ
GHORVUHVXOWDGRVHODVHVRUSURSRU
FLRQDUDVLVWHQFLDDGLFLRQDO
1RWD
/DIXQFLQGHQRWLILFDFLQDOWDOOHUVH
SXHGHGHVDFWLYDUHQVXFXHQWD
'HVFDUJDGHLWLQHUDULR
6HSXHGHGHVFDUJDUXQGHVWLQRGH
VHDGRGLUHFWDPHQWHHQHOVLVWHPDGH
QDYHJDFLQ
,QVWUXPHQWRV\PDQGRV
3XOVH=SDUDOODPDUDXQDVHVRU\
GHVFULEDHOGHVWLQRRHOSXQWRGHLQ
WHUV
(ODVHVRUSXHGHEXVFDUFXDOTXLHUGL
UHFFLQRSXQWRGHLQWHUV\HQYLDUGL
UHFWDPHQWHHOGHVWLQRHQHOVLVWHPD
GHQDYHJDFLQLQFRUSRUDGR
&RQILJXUDFLQGH2Q6WDU
3,1GH2Q6WDU
3DUDGLVSRQHUGHSOHQRDFFHVRDWR
GRVORVVHUYLFLRVGH2Q6WDUVHQHFH
VLWDXQFGLJR3,1GHFXDWURFLIUDV(O
FGLJR3,1GHEHSHUVRQDOL]DUVHDO
KDEODUSRUSULPHUDYH]FRQXQDVHVRU
3DUDFDPELDUHOFGLJR3,1SXOVH=
SDUDOODPDUDXQDVHVRU
'DWRVGHODFXHQWD
8QVXVFULSWRUGH2Q6WDUGLVSRQHGH
XQDFXHQWDGRQGHVHDOPDFHQDQWR
GRVORVGDWRV3DUDVROLFLWDUXQFDP
ELRGHODLQIRUPDFLQGHODFXHQWD
SXOVH=\KDEOHFRQXQDVHVRURLQLFLH
VHVLQHQVXFXHQWD
6LVHXWLOL]DHOVHUYLFLRGH2Q6WDUHQ
RWURYHKFXORSXOVH=\VROLFLWHTXH
ODFXHQWDVHWUDQVILHUDDOQXHYRYH
KFXOR
1RWD
(QFXDOTXLHUFDVRVLVHGHVKDFHGHO
YHKFXORORYHQGHRWUDQVILHUHLQ
IRUPHLQPHGLDWDPHQWHD2Q6WDUGH
ORVFDPELRV\ILQDOLFHHOVHUYLFLR
2Q6WDUGHHVWHYHKFXOR
/RFDOL]DFLQGHOYHKFXOR
/DORFDOL]DFLQGHOYHKFXORVHWUDQV
PLWHD2Q6WDUFXDQGRVHVROLFLWDR
DFWLYDHOVHUYLFLR8QPHQVDMHHQOD
SDQWDOODGHLQIRUPDFLQLQIRUPDGH
HVWDWUDQVPLVLQ
3DUDDFWLYDURGHVDFWLYDUODWUDQVPL
VLQGHORFDOL]DFLQGHOYHKFXOR
PDQWHQJDSXOVDGRMKDVWDRUXQ
PHQVDMHGHDXGLR
/DGHVDFWLYDFLQVHLQGLFDFRQODOX]
URMD\YHUGHGHHVWDGRLQWHUPLWHQWH
GXUDQWHXQEUHYHSHULRGRGHWLHPSR\
FDGDYH]TXHVHDUUDQFDHOYHKFXOR
1RWD
6LODWUDQVPLVLQGHODORFDOL]DFLQ
GHOYHKFXORHVWGHVDFWLYDGDDOJX
QRVVHUYLFLRVGHMDUQGHHVWDUGLV
SRQLEOHV
1RWD
/DXELFDFLQGHOYHKFXORSHUPD
QHFHVLHPSUHDFFHVLEOHSDUD2Q6WDU
HQFDVRGHHPHUJHQFLD
&RQVXOWHODSROWLFDGHSULYDFLGDGGH
VXFXHQWD
$FWXDOL]DFLRQHVGHVRIWZDUH
2Q6WDUSXHGHUHDOL]DUDFWXDOL]DFLR
QHVGHVRIWZDUHUHPRWDPHQWHVLQ
DYLVRQLFRQVHQWLPLHQWRDGLFLRQDO(V
WDVDFWXDOL]DFLRQHVVLUYHQSDUDPHMR
UDURPDQWHQHUODVHJXULGDGRHOIXQ
FLRQDPLHQWRGHOYHKFXOR
(VWDVDFWXDOL]DFLRQHVSXHGHQDIHFWDU
DFXHVWLRQHVGHSULYDFLGDG&RQVXOWH
ODSROWLFDGHSULYDFLGDGGHVXFXHQWD
,OXPLQDFLQ
,OXPLQDFLQ
,OXPLQDFLQH[WHULRU
&RQPXWDGRUGHODVOXFHV
&RQWURODXWRPWLFRGHODV
OXFHV
/X]GHFDUUHWHUD
5IDJDV
5HJXODFLQGHODOFDQFHGHORV
IDURV
)DURVHQYLDMHVDOH[WUDQMHUR
/XFHVGHFLUFXODFLQGLXUQD
6LVWHPDGHLOXPLQDFLQ[HQQ
/XFHVGHHPHUJHQFLD
6HDOL]DFLQGHJLURV\FDPELRV
GHFDUULO
)DURVDQWLQLHEOD
3LORWRDQWLQLHEOD
/XFHVGHHVWDFLRQDPLHQWR
/XFHVGHPDUFKDDWUV
)DURVHPSDDGRV
,OXPLQDFLQLQWHULRU
&RQWUROGHODLOXPLQDFLQGHO
WDEOHURGHLQVWUXPHQWRV
/XFHVLQWHULRUHV
/XFHVGHOHFWXUD
&DUDFWHUVWLFDVGHODLOXPLQD
FLQ
,OXPLQDFLQGHHQWUDGD
,OXPLQDFLQGHVDOLGD
3URWHFFLQFRQWUDGHVFDUJDGH
ODEDWHUD
,OXPLQDFLQH[WHULRU
&RQPXWDGRUGHODVOXFHV
*LUHHOFRQPXWDGRUGHODVOXFHV
OXFHVDSDJDGDV
OXFHVODWHUDOHV
IDURV
7HVWLJRGHFRQWURO
,OXPLQDFLQ
&RQPXWDGRUGHODVOXFHVFRQ
FRQWURODXWRPWLFRGHODVOXFHV
8QPHQVDMHGHHVWDGRHQHO&HQWUR
GHLQIRUPDFLQGHOFRQGXFWRULQGLFDHO
HVWDGRDFWXDOGHOFRQWURODXWRPWLFR
GHODVOXFHV
$OFRQHFWDUHOHQFHQGLGRVHDFWLYDHO
FRQWURODXWRPWLFRGHODVOXFHV
&XQGRODVOXFHVHVWQHQFHQGLGDV
VHLOXPLQD,QGLFDGRUGHFRQWURO
/XFHVWUDVHUDV
/DVOXFHVWUDVHUDVVHHQFLHQGHQMXQWR
FRQORVIDURV\ODVOXFHVODWHUDOHV
*LUHHOFRQPXWDGRUGHODVOXFHV
$872 FRQWURODXWRPWLFRGHODVOX
FHV ORVIDURVVHHQFLHQGHQ
\DSDJDQDXWRPWLFDPHQWH
GHSHQGLHQGRGHODVFRQGL
FLRQHVGHLOXPLQDFLQH[WHU
QDV
P
DFWLYDFLQRGHVDFWLYDFLQ
GHOFRQWURODXWRPWLFRGHOX
FHV(OFRQPXWDGRUYXHOYHD
$872
OXFHVODWHUDOHV
IDURV
&RQWURODXWRPWLFRGHODV
OXFHV
&XDQGRHVWFRQHFWDGDODIXQFLQGH
FRQWURODXWRPWLFRGHODVOXFHV\HO
PRWRUHVWHQPDUFKDHOVLVWHPD
FDPELDHQWUHOX]GHFLUFXODFLQGLXUQD
\FRQH[LQDXWRPWLFDGHORVIDURV
GHSHQGLHQGRGHODVFRQGLFLRQHVOX
PLQRVDV\GHODLQIRUPDFLQSURSRU
FLRQDGDSRUHOVLVWHPDGHOVHQVRUGH
OOXYLD
/X]GHFLUFXODFLQGLXUQD
$FWLYDFLQDXWRPWLFDGHORV
IDURV
(QFRQGLFLRQHVGHHVFDVDLOXPLQD
FLQVHHQFLHQGHQORVIDURV
$GHPVORVIDURVVHHQFLHQGHQVLORV
OLPSLDSDUDEULVDVVHDFWLYDQSDUDYD
ULRVEDUULGRV
'HWHFFLQGHWQHOHV
&XDQGRVHHQWUDHQXQWQHOVHHQ
FLHQGHQORVIDURVLQPHGLDWDPHQWH
,OXPLQDFLQ
/X]GHFDUUHWHUD
5HJXODFLQGHODOFDQFHGH
ORVIDURV
5HJXODFLQPDQXDOGHODOFDQFH
GHORVIDURV
7RGRVORVDVLHQWRVRFXSDGRV\
FDUJDHQHOFRPSDUWLPHQWRGH
FDUJD
$VLHQWRGHOFRQGXFWRURFXSDGR\
FDUJDHQHOFRPSDUWLPHQWRGH
FDUJD
)DURVHQYLDMHVDOH[WUDQMHUR
3DUDFDPELDUGHOX]GHFUXFHDOX]GH
FDUUHWHUDSXOVHODSDODQFD
3DUDFDPELDUDOX]GHFUXFHYXHOYDD
SXOVDURWLUDUGHODSDODQFD
$VLVWHQWHGHOX]GHFDUUHWHUD
5IDJDV
3DUDDFFLRQDUODVUIDJDVWLUHGHOD
SDODQFD
/DOX]GHFUXFHDVLPWULFDDXPHQWDHO
FDPSRGHYLVLQGHODFDUUHWHUDHQHO
ODGRGHODFRPSDDQWH
6LQHPEDUJRDOFLUFXODUHQSDVHV
GRQGHVHFRQGXFHSRUHOODGR
RSXHVWRGHODFDUUHWHUDGHEHDMXVWDU
ORVIDURVSDUDHYLWDUHOGHVOXPEUD
PLHQWRGHORVYHKFXORVTXHYLHQHQ
GHIUHQWH
3DUDDGDSWDUHODOFDQFHGHORVIDURV
DODFDUJDGHOYHKFXOR\HYLWDUHOGHV
OXPEUDPLHQWR JLUHODUXHGDGH
DMXVWH KDVWDODSRVLFLQUHTXHULGD
$VLHQWRVGHODQWHURVRFXSDGRV
7RGRVORVDVLHQWRVRFXSDGRV
,OXPLQDFLQ
([LVWHQGRVHOHPHQWRVGHDMXVWHHQ
FDGDDORMDPLHQWRGHOIDUR
*LUHDPERVHOHPHQWRVGHDMXVWHGH
FDGDDORMDPLHQWRGHOIDURJLUHFRQ
XQDOODYHKH[DJRQDOGHWDPDRVHLV
HQVHQWLGRFRQWUDULRDODVDJXMDVGHO
UHORMSDUDDMXVWDUHOPRGRGHWUILFRD
ODGHUHFKD3RUWDQWRLQVHUWHODOODYH
HQODJXDFRPRVHPXHVWUDHQODLOXV
WUDFLQ7DPELQVHSXHGHXWLOL]DUXQ
GHVWRUQLOODGRUGHFDEH]D3KLOOLSVGH
WDPDRWUHVSDUDHODMXVWH
3DUDSRQHUDFHURHOPRGRGHWUILFR
DODL]TXLHUGDJLUHORVHOHPHQWRVGH
DMXVWHHQVHQWLGRGHODVDJXMDVGHO
UHORM
/XFHVGHFLUFXODFLQGLXUQD
)DURVGH[HQQ
/DOX]GHFLUFXODFLQGLXUQDDXPHQWD
ODYLVLELOLGDGGHOYHKFXORGXUDQWHHO
GD
6HHQFLHQGHQDXWRPWLFDPHQWHDO
FRQHFWDUHOHQFHQGLGR
9HUVLRQHVFRQFRQWURODXWRPWLFRGH
ODVOXFHV
(OVLVWHPDFDPELDDXWRPWLFDPHQWH
HQWUHODOX]GHFLUFXODFLQGLXUQD\ORV
IDURVHQIXQFLQGHODVFRQGLFLRQHV
GHLOXPLQDFLQ\GHODLQIRUPDFLQID
FLOLWDGDSRUHOVLVWHPDVHQVRUGHOOX
YLD&RQWURODXWRPWLFRGHODVOXFHV
/RVIDURVGH[HQQSDUDODOX]GH
FUXFH\FDUUHWHUDJDUDQWL]DQPHMRUYL
VLELOLGDGHQWRGDVODVFRQGLFLRQHV
(OIXQFLRQDPLHQWRHVHOPLVPRTXH
SDUDORVIDURVKDOJHQRV
&RQPXWDGRUGHODVOXFHV /X]
GHFDUUHWHUD 5IDJDV
)DURVHQYLDMHVDOH[WUDQMHUR
)DURVHQYLDMHVDOH[WUDQMHUR
&RQWURODXWRPWLFRGHODVOXFHV
6LVWHPDGHLOXPLQDFLQ
[HQQ
(OVLVWHPDGHLOXPLQDFLQ[HQQLQ
FOX\H
IDURVGH[HQQSDUDOX]GHFUXFH
\FDUUHWHUD
DVLVWHQWHGHOX]GHFDUUHWHUD
LOXPLQDFLQHVWWLFDHQFXUYDV
IXQFLQGHPDUFKDDWUV
$VLVWHQWHGHOX]GHFDUUHWHUD
(VWDFDUDFWHUVWLFDSHUPLWHXVDUODOX]
GHFDUUHWHUDGHORVIDURVGH[HQQ
FRPROX]SULQFLSDOSDUDFLUFXODUGHQR
FKH\FXDQGRODYHORFLGDGGHOYH
KFXORH[FHGHNPK
6HFDPELDDXWRPWLFDPHQWHDOX]GH
FUXFHFXDQGR
/DFPDUDHQHOSDUDEULVDVGH
WHFWDODVOXFHVGHYHKFXORVTXH
YLHQHQGHIUHQWHRSRUGHWUV
$OGHVFHQGHUODYHORFLGDGGHOYH
KFXORSRUGHEDMRGHNPK
,OXPLQDFLQ
+D\QLHEODRQLHYD
6HFRQGXFHSRUUHDVXUEDQDV
6LQRVHGHWHFWDQLQJQIDFWRUUHVWULF
WLYRHOVLVWHPDYXHOYHDFDPELDUDOX]
GHFDUUHWHUD
$FWLYDFLQ
/DDVLVWHQFLDGHOX]GHFDUUHWHUDVH
DFWLYDSXOVDQGRGRVYHFHVODSDODQFD
GHOLQWHUPLWHQWHVXSHUDQGRXQDYHOR
FLGDGGHNPK
(OWHVWLJRGHFRQWUROYHUGHOVHHQ
FLHQGHGHIRUPDSHUPDQHQWHFXDQGR
HODVLVWHQWHHVWDFWLYDGRHOWHVWLJR
D]XOVHHQFLHQGHFXDQGRODOX]GH
FDUUHWHUDHVWHQFHQGLGD
7HVWLJRGHFRQWUROO
'HVDFWLYDFLQ
3XOVHXQDYH]ODSDODQFDGHOLQWHUPL
WHQWH7DPELQVHGHVDFWLYDFXDQGR
VHFRQHFWDQODVOXFHVDQWLQLHEODGH
ODQWHUDV
6LVHDFWLYDQODVUIDJDVFXDQGRHV
WQHQFHQGLGDVODVOXFHVGHFDUUH
WHUDVHGHVDFWLYDUHODVLVWHQWHGH
OX]GHFDUUHWHUD
6LVHDFWLYDQODVUIDJDVFXDQGRHV
WQDSDJDGDVODVOXFHVGHFDUUHWHUD
VHGHVDFWLYDUHODVLVWHQWHGHOX]GH
FDUUHWHUD
(OOWLPRDMXVWHGHODVLVWHQWHGHOX]GH
FDUUHWHUDVHXWLOL]DUFXDQGRVHFR
QHFWHHOHQFHQGLGRGHQXHYR
,OXPLQDFLQHVWWLFDHQFXUYDV
(QJLURVFHUUDGRVRFUXFHVGHSHQ
GLHQGRGHOQJXORGHODGLUHFFLQRGH
ORVLQWHUPLWHQWHVVHFRQHFWDXQUH
IOHFWRUDGLFLRQDOHQHOODGRL]TXLHUGRR
GHUHFKRTXHLOXPLQDODFDUUHWHUDHQOD
GLUHFFLQGHPDUFKD6HDFWLYDKDVWD
XQDYHORFLGDGP[LPDGHNPK
)XQFLQGHPDUFKDDWUV
6LODOX]GHFUXFHHVWHQFHQGLGD\VH
HQJUDQDODPDUFKDDWUVVHFRQHFWD
ODLOXPLQDFLQHVWWLFDHQDPERVOD
GRV3HUPDQHFHQHQFHQGLGDVGX
UDQWHVHJXQGRVGHVSXVGHGHVD
FRSODUODPDUFKDDWUV
/XFHVGHHPHUJHQFLD
,OXPLQDFLQ
6HDFWLYDQSXOVDQGRe
(QFDVRGHDFFLGHQWHFRQGHVSOLHJXH
GHORVDLUEDJVVHDFWLYDQDXWRPWL
FDPHQWHODVOXFHVGHHPHUJHQFLD
6HDOL]DFLQGHJLURV\
FDPELRVGHFDUULO
3DODQFDKDFLD
DUULED
3DODQFDKDFLD
DEDMR
LQWHUPLWHQWHGHUH
FKR
LQWHUPLWHQWHL]
TXLHUGR
6LODSDODQFDVHPXHYHPVDOOGHO
SXQWRGHUHVLVWHQFLDHOLQWHUPLWHQWH
VHFRQHFWDSHUPDQHQWHPHQWH
&XDQGRHOYRODQWHYXHOYHDJLUDUVH
GHVDFWLYDHOLQWHUPLWHQWHDXWRPWLFD
PHQWH
3DUDHPLWLUWUHVLQWHUPLWHQFLDVSHM
DOFDPELDUGHFDUULOSXOVHODSDODQFD
KDVWDSHUFLELUFLHUWDUHVLVWHQFLD\
VXOWHOD
&RQXQUHPROTXHFRQHFWDGRORVLQ
WHUPLWHQWHVSDUSDGHDQVHLVYHFHV\OD
IUHFXHQFLDGHWRQRFDPELDVLVHSXOVD
ODSDODQFDKDVWDHOSXQWRGHUHVLVWHQ
FLD\OXHJRVHVXHOWD
3DUDXQDLQGLFDFLQPVSURORQJDGD
PDQWHQJDODSDODQFDSXOVDGD
'HVFRQHFWHORVLQWHUPLWHQWHVPD
QXDOPHQWHPRYLHQGRODSDODQFD
KDVWDVXSRVLFLQRULJLQDO
)DURVDQWLQLHEOD
6HDFWLYDQSXOVDQGR
&RQPXWDGRUGHODVOXFHVHQSRVLFLQ
$872 DOFRQHFWDUORVIDURVDQWLQLH
EODVHHQFHQGHUDXWRPWLFDPHQWHOD
OX]GHFUXFH
,OXPLQDFLQ
3LORWRDQWLQLHEOD
/XFHVGHHVWDFLRQDPLHQWR
/XFHVGHPDUFKDDWUV
/DOX]GHPDUFKDDWUVVHHQFLHQGH
DXWRPWLFDPHQWHFXDQGRHVWFR
QHFWDGRHOHQFHQGLGR\VHHQJUDQDOD
PDUFKDDWUV
)DURVHPSDDGRV
6HDFWLYDQSXOVDQGRP
&RQPXWDGRUGHODVOXFHVHQSRVLFLQ
$872 DOFRQHFWDUHOSLORWRDQWLQLHEOD
VHHQFHQGHUQDXWRPWLFDPHQWHORV
IDURV
&XDQGRHOYHKFXORHVWDSDUFDGRVH
SXHGHQDFWLYDUODVOXFHVGHHVWDFLR
QDPLHQWRGHXQODGR
'HVFRQHFWHHOHQFHQGLGR
0XHYDODSDODQFDGHORVLQWHUPL
WHQWHVWRWDOPHQWHKDFLDDUULED OX
FHVGHHVWDFLRQDPLHQWRGHOODGR
GHUHFKR RKDFLDDEDMR OXFHVGH
HVWDFLRQDPLHQWRGHOODGRL]
TXLHUGR
&RQILUPDFLQPHGLDQWHXQDVHDO
DFVWLFD\HOWHVWLJRGHFRQWUROGHORV
LQWHUPLWHQWHVGHOODGRFRUUHVSRQ
GLHQWH
(OLQWHULRUGHODVOXFHVSXHGHHPSD
DUVHFRQWLHPSRIUR\KPHGROOXYLD
LQWHQVDRGHVSXVGHODYDUHOYH
KFXOR(OHPSDDPLHQWRGHVDSDUHFH
USLGDPHQWH SDUDIDFLOLWDUHOSURFHVR
HQFLHQGDORVIDURV
,OXPLQDFLQ
,OXPLQDFLQLQWHULRU
&RQWUROGHODLOXPLQDFLQGHO
WDEOHURGHLQVWUXPHQWRV
(QYHKFXORVFRQFRQWURODXWRPWLFR
GHODVOXFHVHOEULOORVORSXHGHDMXV
WDUVHFXDQGRODVOXFHVH[WHULRUHVHV
WQHQFHQGLGDV\HOVHQVRUGHOX]GH
WHFWDFRQGLFLRQHVQRFWXUQDV
/XFHVLQWHULRUHV
/X]GHFRUWHVDGHODQWHUD
$FFLRQHHOLQWHUUXSWRUEDVFXODQWH
SRVLFLQ HQFHQGLGRDXWRPWLFRDO
FHQWUDOZ DEULUXQDSXHUWD6H
DSDJDWUDQVFXUULGRXQ
UHWDUGR
SXOVH,
SHUPDQHQWHPHQWHHQ
FHQGLGR
SXOVH
SHUPDQHQWHPHQWHDSD
JDGR
/X]GHFRUWHVDGHODQWHUDFRQ
OXFHVGHOHFWXUD
$ODEULUXQDSXHUWDODOX]GHFRUWHVD
VHHQFLHQGHDXWRPWLFDPHQWH\D
FRQWLQXDFLQVHDSDJDWUDVXQUH
WDUGR
6HSXHGHDMXVWDUHOEULOORGHODVVL
JXLHQWHVOXFHVFXDQGRODVOXFHVH[
WHULRUHVHVWQHQFHQGLGDV
LOXPLQDFLQGHOWDEOHURGHLQVWUX
PHQWRV
OX]GHOWHFKR
3DQWDOODGHLQIRUPDFLQ
LQWHUUXSWRUHV\HOHPHQWRVGH
PDQGRLOXPLQDGRV
*LUHODUXHGDGHDMXVWH$\PDQWQ
JDODKDVWDREWHQHUHOEULOORGHVHDGR
,OXPLQDFLQ
$OSXOVDU;VHHQFLHQGHRDSDJDOD
OX]GHFRUWHVDPDQXDOPHQWH
$OFRQHFWDUHOHQFHQGLGRVHDSDJDU
ODOX]GHFRUWHVD
&XDQGRSUHYLDPHQWHKDHVWDGRHQ
FHQGLGDODLOXPLQDFLQH[WHULRUODOX]
GHFRUWHVDVHHQFHQGHUDODSDJDUHO
HQFHQGLGR
1RWD
(QFDVRGHDFFLGHQWHFRQGHVSOLH
JXHGHORVDLUEDJVODVOXFHVGHFRU
WHVDVHHQFLHQGHQDXWRPWLFD
PHQWH
/XFHVGHFRUWHVDWUDVHUDV
/DVOXFHVL]TXLHUGDV\GHUHFKDVVH
DFFLRQDQLQGHSHQGLHQWHPHQWH
$FFLRQHORVLQWHUUXSWRUHVEDVFXODQ
WHV
SRVLFLQ HQFHQGLGRDXWRPWLFRDO
FHQWUDO
DEULUXQDSXHUWD6H
DSDJDWUDQVFXUULGRXQUH
WDUGR
SXOVH, SHUPDQHQWHPHQWHHQFHQ
GLGR
SXOVH SHUPDQHQWHPHQWHDSD
JDGR
/X]GHOWHFKR
(OIRFRLQFRUSRUDGRHQHODORMDPLHQWR
GHOHVSHMRUHWURYLVRULQWHULRUVHHQ
FLHQGHDOFRQHFWDUORVIDURV
/DOX]GHOWHFKRLOXPLQDODFRQVRODGH
FDPELRGHPDUFKDVLQGLUHFWDPHQWH
/XFHVGHOHFWXUD
6HDFFLRQDSXOVDQGRSDUDHOODGR
L]TXLHUGR\GHUHFKR
,OXPLQDFLQ
&DUDFWHUVWLFDVGHOD
LOXPLQDFLQ
,OXPLQDFLQGHHQWUDGD
,OXPLQDFLQGHELHQYHQLGD
/DVVLJXLHQWHVOXFHVVHHQFLHQGHQ
EUHYHPHQWHDOGHVEORTXHDUHOYH
KFXORFRQHOPDQGRDGLVWDQFLD
IDURV
OXFHVWUDVHUDV
OXFHVGHODSODFDGHPDWUFXOD
LOXPLQDFLQGHOWDEOHURGHLQVWUX
PHQWRV
OXFHVLQWHULRUHV
$OJXQDVIXQFLRQHVVORHVWQGLVSR
QLEOHVFXDQGRKD\RVFXULGDGH[WHULRU
SDUDIDFLOLWDUODORFDOL]DFLQGHOYH
KFXOR
/DVOXFHVVHDSDJDQLQPHGLDWDPHQWH
FXDQGRODOODYHGHHQFHQGLGRVHJLUD
DODSRVLFLQ
/DDFWLYDFLQRGHVDFWLYDFLQGHHVWD
IXQFLQVHSXHGHFDPELDUHQSDQWDOOD
GHLQIRUPDFLQ
3HUVRQDOL]DFLQGHOYHKFXOR
/RVDMXVWHVVHSXHGHQJXDUGDUSDUD
ODOODYHXWLOL]DGD
6HFRQHFWDUQDGLFLRQDOPHQWHODVVL
JXLHQWHVOXFHVDODEULUODSXHUWDGHO
FRQGXFWRU
OX]GHWRGRVORVLQWHUUXSWRUHV
&HQWURGHLQIRUPDFLQGHOFRQ
GXFWRU
,OXPLQDFLQGHOFDPLQR
/RVIDURVODVOXFHVWUDVHUDV\ODVOX
FHVGHODPDWUFXODLOXPLQDQHOUHD
FLUFXQGDQWHGXUDQWHXQSHULRGRGH
WLHPSRUHJXODEOHGHVSXVGHVDOLU
GHOYHKFXOR
$FWLYDFLQ
,OXPLQDFLQGHVDOLGD
$OVDFDUODOODYHGHODFHUUDGXUDGHO
HQFHQGLGRVHFRQHFWDUQODVVLJXLHQ
WHVOXFHV
OXFHVLQWHULRUHV
LOXPLQDFLQGHOWDEOHURGHLQVWUX
PHQWRV VORFXDQGRHVWRV
FXUR
6HGHVFRQHFWDUDXWRPWLFDPHQWHDO
FDERGHXQWLHPSR\VHDFWLYDUGH
QXHYRVLVHDEUHODSXHUWDGHOFRQ
GXFWRU
'HVFRQHFWHHOHQFHQGLGR
6DTXHODOODYHGHOHQFHQGLGR
$EUDODSXHUWDGHOFRQGXFWRU
7LUHGHODSDODQFDGHORVLQWHUPL
WHQWHV
&LHUUHODSXHUWDGHOFRQGXFWRU
,OXPLQDFLQ
6LQRVHFLHUUDODSXHUWDGHOFRQGXF
WRUODVOXFHVVHDSDJDUQGHVSXVGH
GRVPLQXWRV
/DLOXPLQDFLQGHVDOLGDVHDSDJDLQ
PHGLDWDPHQWHVLWLUDGHODSDODQFDGH
ORVLQWHUPLWHQWHVFRQODSXHUWDGHO
FRQGXFWRUDELHUWD
/DDFWLYDFLQGHVDFWLYDFLQ\GXUD
FLQGHHVWDIXQFLQVHSXHGHQFDP
ELDUHQODSDQWDOODGHLQIRUPDFLQ
3HUVRQDOL]DFLQGHOYHKFXOR
/RVDMXVWHVVHSXHGHQJXDUGDUSDUD
ODOODYHXWLOL]DGD
3URWHFFLQFRQWUDGHVFDUJD
GHODEDWHUD
)XQFLQGHHVWDGRGHFDUJDGHOD
EDWHUDGHOYHKFXOR
(VWDIXQFLQJDUDQWL]DODP[LPDGX
UDFLQGHODEDWHUDGHOYHKFXORPH
GLDQWHXQDOWHUQDGRUFRQVDOLGDGHFR
UULHQWHUHJXODEOH\XQDGLVWULEXFLQ
HOFWULFDRSWLPL]DGD
3DUDHYLWDUTXHODEDWHUDGHOYHKFXOR
VHGHVFDUJXHDOFRQGXFLUORVVLJXLHQ
WHVVLVWHPDVVHUHGXFHQDXWRPWLFD
PHQWHHQGRVIDVHVSDUDSRUOWLPR
GHVFRQHFWDUVH
OXQHWDWUPLFDWUDVHUD
SDUDEULVDVWUPLFR
UHWURYLVRUHVWUPLFRV
DVLHQWRVFDOHIDFWDGRV
YHQWLODGRU
(QODVHJXQGDIDVHDSDUHFHXQPHQ
VDMHHQHOFHQWURGHLQIRUPDFLQGHO
FRQGXFWRUFRQILUPDQGRODDFWLYDFLQ
GHODSURWHFFLQFRQWUDGHVFDUJDGH
ODEDWHUDGHOYHKFXOR
'HVFRQH[LQGHODVOXFHV
HOFWULFDV
3DUDHYLWDUODGHVFDUJDGHODEDWHUD
GHOYHKFXORFRQHOHQFHQGLGRGHVFR
QHFWDGRDOJXQDVOXFHVLQWHULRUHVVH
DSDJDQDXWRPWLFDPHQWHGHVSXV
GHXQFLHUWRWLHPSR
&OLPDWL]DFLQ
&OLPDWL]DFLQ
6LVWHPDVGHFOLPDWL]DFLQ
6LVWHPDGHFDOHIDFFLQ\
YHQWLODFLQ
$LUHDFRQGLFLRQDGR
&OLPDWL]DGRUDXWRPWLFR
HOHFWUQLFR
6DOLGDVGHDLUH
6DOLGDVGHDLUHUHJXODEOHV
6DOLGDVGHDLUHILMDV
0DQWHQLPLHQWR
(QWUDGDGHDLUH
)LOWURGHSROHQ
)XQFLRQDPLHQWRUHJXODUGHODLUH
DFRQGLFLRQDGR
6HUYLFLR
6LVWHPDVGH
FOLPDWL]DFLQ
6LVWHPDGHFDOHIDFFLQ\
YHQWLODFLQ
7HPSHUDWXUD
URMR FDOLHQWH
D]XO IUR
/DFDOHIDFFLQQRVHUWRWDOPHQWH
HIHFWLYDKDVWDTXHHOPRWRUKD\DDO
FDQ]DGRODWHPSHUDWXUDQRUPDOGH
IXQFLRQDPLHQWR
9HORFLGDGGHOYHQWLODGRU
$MXVWHHOFDXGDOGHDLUHFRQHFWDQGR
ODYHORFLGDGGHVHDGDGHOYHQWLODGRU
'LVWULEXFLQGHDLUH
KDFLDODFDEH]D
KDFLDODFDEH]D\ORVSLHV
SDUDORVSLHV\HOSDUDEULVDV
KDFLDHOSDUDEULVDVODVYHQWDQL
OODVGHODQWHUDV\ORVSLHV
D KDFLDHOSDUDEULVDV\ODVYHQWD
QLOODVGHODQWHUDV
,
+
*
)
0DQGRVSDUDOD
WHPSHUDWXUD
YHORFLGDGGHOYHQWLODGRU
GLVWULEXFLQGHDLUH
/XQHWDWUPLFDWUDVHUD^
3DUDEULVDVWUPLFR
$VLHQWRVFDOHIDFWDGRVd
9RODQWHWUPLFR
6HSXHGHQHIHFWXDUDMXVWHVLQWHUPH
GLRV
&OLPDWL]DFLQ
'HVHPSDDGR\GHVFRQJHODFLQ
GHORVFULVWDOHV
$EUDODVVDOLGDVGHDLUHVHJQ
VHDQHFHVDULR\GLUMDODVKDFLD
ODVYHQWDQLOODV
3DUDFDOHQWDUVLPXOWQHDPHQWH
OD]RQDGHORVSLHVSRQJDHO
PDQGRGHGLVWULEXFLQGHDLUHHQ
)
$LUHDFRQGLFLRQDGR
3RQJDHOPDQGRGHODWHPSHUD
WXUDHQHOQLYHOPVFOLGR
3RQJDODYHORFLGDGGHOYHQWLODGRU
DOQLYHOP[LPR
3RQJDHOPDQGRGHGLVWULEXFLQ
GHDLUHHQD
&RQHFWHODOXQHWDWUPLFDWUD
VHUD^
L UHIULJHUDFLQ
UHFLUFXODFLQGHDLUH
^ OXQHWDWUPLFDWUDVHUD
3DUDEULVDVWUPLFR
$VLHQWRVFDOHIDFWDGRVd
9RODQWHWUPLFR
7HPSHUDWXUD
URMR FDOLHQWH
D]XO IUR
/DFDOHIDFFLQQRVHUWRWDOPHQWH
HIHFWLYDKDVWDTXHHOPRWRUKD\DDO
FDQ]DGRODWHPSHUDWXUDQRUPDOGH
IXQFLRQDPLHQWR
9HORFLGDGGHOYHQWLODGRU
$MXVWHHOFDXGDOGHDLUHFRQHFWDQGR
ODYHORFLGDGGHVHDGDGHOYHQWLODGRU
0DQGRVSDUDOD
WHPSHUDWXUD
YHORFLGDGGHOYHQWLODGRU
GLVWULEXFLQGHDLUH
&OLPDWL]DFLQ
'LVWULEXFLQGHDLUH
KDFLDODFDEH]D
KDFLDODFDEH]D\ORVSLHV
SDUDORVSLHV\HOSDUDEULVDV
KDFLDHOSDUDEULVDVODVYHQWDQL
OODVGHODQWHUDV\ORVSLHV
D KDFLDHOSDUDEULVDV\ODVYHQWD
QLOODVGHODQWHUDV HODLUHDFRQGL
FLRQDGRHVWDFWLYDGRHQVH
JXQGRSODQRSDUDD\XGDUDHYL
WDUTXHODVYHQWDQLOODVVHHPSD
HQ
,
+
*
)
6HSXHGHQHIHFWXDUDMXVWHVLQWHUPH
GLRV
5HIULJHUDFLQL
3XOVHLSDUDDFWLYDUODUHIULJHUDFLQ
(O/('GHOERWQVHLOXPLQDSDUDLQ
GLFDUVXDFWLYDFLQ/DUHIULJHUDFLQ
VORIXQFLRQDFRQHOPRWRUHQPDUFKD
\HOYHQWLODGRUGHFOLPDWL]DFLQFR
QHFWDGR
3XOVHGHQXHYRLSDUDGHVFRQHFWDU
ODUHIULJHUDFLQ
(ODLUHDFRQGLFLRQDGRUHIULJHUD\GHV
KXPLGLILFD VHFD HODLUHHQFXDQWROD
WHPSHUDWXUDH[WHULRUHVWSRUHQFLPD
GHOSXQWRGHFRQJHODFLQ3RUHVRVH
SXHGHFRQGHQVDUDJXDTXHVDOHSRU
GHEDMRGHOYHKFXOR
6LQRHVQHFHVDULRUHIULJHUDURGHV
KXPLGLILFDUHODLUHGHVFRQHFWHHOVLV
WHPDGHUHIULJHUDFLQSRUUD]RQHVGH
DKRUURGHFRPEXVWLEOH
/DUHIULJHUDFLQDFWLYDGDSXHGHDQX
ODUODVSDUDGDVDXWRPWLFDV
6LVWHPDVWRSVWDUW
6LVWHPDGHUHFLUFXODFLQGH
DLUH
3XOVHSDUDDFWLYDUHOPRGRGHUH
FLUFXODFLQGHDLUH(O/('GHOERWQ
VHLOXPLQDSDUDLQGLFDUVXDFWLYDFLQ
3XOVHGHQXHYRSDUDGHVDFWLYDU
HOPRGRGHUHFLUFXODFLQGHDLUH
$GYHUWHQFLD
(QHOPRGRGHUHFLUFXODFLQVHUH
GXFHHOLQWHUFDPELRGHDLUHIUHVFR
(QFDVRGHIXQFLRQDPLHQWRVLQUH
IULJHUDFLQDXPHQWDODKXPHGDG
GHODLUH\VHSXHGHQHPSDDUORV
FULVWDOHVSRUGHQWUR/DFDOLGDGGHO
&OLPDWL]DFLQ
DLUHGHOKDELWFXORGLVPLQX\H HVWR
SXHGHKDFHUTXHORVRFXSDQWHVVH
VLHQWDQPDUHDGRV
(QFRQGLFLRQHVGHFDORU\HOHYDGDKX
PHGDGUHODWLYDHOSDUDEULVDVSXHGH
HPSDDUVHSRUIXHUDHQFRQWDFWRFRQ
DLUHIUR6LHOSDUDEULVDVVHHPSDD
SRUIXHUDDFWLYHORVOLPSLDSDUDEULVDV
\GHVDFWLYHD
5HIULJHUDFLQP[LPD
$EUDEUHYHPHQWHODVYHQWDQLOODVSDUD
TXHHODLUHFDOLHQWHVDOJDUSLGD
PHQWH
&RQHFWHODUHIULJHUDFLQL
6LVWHPDGHUHFLUFXODFLQGHDLUH
FRQHFWDGR
3RQJDHOPDQGRGHODWHPSHUD
WXUDHQHOQLYHOPVIUR
3RQJDODYHORFLGDGGHOYHQWLODGRU
DOP[LPR
3RQJDHOPDQGRGHGLVWULEXFLQ
GHDLUHHQ,
$EUDWRGDVODVVDOLGDV
'HVHPSDDGR\GHVFRQJHODFLQ
GHORVFULVWDOHVD
3RQJDHOPDQGRGHODWHPSHUD
WXUDHQHOQLYHOPVFOLGR
3RQJDODYHORFLGDGGHOYHQWLODGRU
DOP[LPR
3RQJDHOPDQGRGHGLVWULEXFLQ
GHDLUHHQD
&RQHFWHODOXQHWDWUPLFDWUD
VHUD^
$EUDODVVDOLGDVGHDLUHVHJQ
VHDQHFHVDULR\RULQWHODVKDFLD
ODVYHQWDQLOODV
1RWD
6LVHVHOHFFLRQDHOPRGRGHGLVWUL
EXFLQGHDLUHDPLHQWUDVHOPRWRU
HVWHQPDUFKDVHLQKLELUODSD
UDGDDXWRPWLFDKDVWDTXHVHVHOHF
FLRQHRWURPRGRGHGLVWULEXFLQGH
DLUH
6LVHVHOHFFLRQDHOPRGRGHGLVWUL
EXFLQGHDLUHDPLHQWUDVHOPRWRU
HVWHQXQDSDUDGDDXWRPWLFDVH
YROYHUDDUUDQFDUHOPRWRUDXWRP
WLFDPHQWH
6LVWHPDVWRSVWDUW
&OLPDWL]DFLQ
&OLPDWL]DGRUDXWRPWLFR
HOHFWUQLFR
0DQGRVSDUDOD
YHORFLGDGGHOYHQWLODGRU
WHPSHUDWXUD
GLVWULEXFLQGHDLUH
UHIULJHUDFLQ
L
$872 PRGRDXWRPWLFR
UHFLUFXODFLQGHDLUHPDQXDO
GHVHPSDDGR\GHVFRQJH
5
ODFLQ
OXQHWDWUPLFDWUDVHUD
^
3DUDEULVDVWUPLFR
$VLHQWRVFDOHIDFWDGRVd
9RODQWHWUPLFR
(QPRGRDXWRPWLFRODWHPSHUDWXUD
ODYHORFLGDGGHOYHQWLODGRU\ODGLVWUL
EXFLQGHODLUHVHUHJXODQDXWRPWL
FDPHQWH
/RVDMXVWHVGHODFOLPDWL]DFLQVH
PXHVWUDQHQODSDQWDOODGHLQIRUPD
FLQ/DVPRGLILFDFLRQHVGHDMXVWHVH
PXHVWUDQEUHYHPHQWHVXSHULPSXHV
WDVVREUHHOPHQTXHVHPXHVWUDDF
WXDOPHQWH
(OFOLPDWL]DGRUDXWRPWLFRHOHFWU
QLFRVORIXQFLRQDSOHQDPHQWHFRQHO
PRWRUHQPDUFKD
0RGRDXWRPWLFR$872
$MXVWHEVLFRSDUDHOP[LPRFRQIRUW
3XOVH$
$872ODGLVWULEXFLQGH
DLUH\ODYHORFLGDGGHOYHQWLODGRU
VHUHJXODQDXWRPWLFDPHQWH(O
/('GHOERWQVHLOXPLQDSDUDLQ
GLFDUVXDFWLYDFLQ
$EUDWRGDVODVVDOLGDVGHDLUH
SDUDSHUPLWLUXQDGLVWULEXFLQGHO
DLUHSWLPDHQPRGRDXWRPWLFR
&OLPDWL]DFLQ
6LVWHPDVWRSVWDUW
3XOVHLSDUDDFWLYDUXQDUHIULJH
UDFLQ\XQGHVHPSDDGRSWL
PRV(O/('GHOERWQVHLOXPLQD
SDUDLQGLFDUVXDFWLYDFLQ
$MXVWHODWHPSHUDWXUDSUHVHOHF
FLRQDGDXVDQGRHOPDQGRJLUDWR
ULRFHQWUDO/DWHPSHUDWXUDUHFR
PHQGDGDHVGH&
'HVHPSDDGR\GHVFRQJHODFLQ
GHORVFULVWDOHV5
3UHVHOHFFLQGHODWHPSHUDWXUD
$MXVWHODWHPSHUDWXUDDOYDORUGH
VHDGRFRQHOPDQGRJLUDWRULRFHQWUDO
6HLQGLFDHQODSDQWDOODGHOFRQPXWD
GRU
3RUPRWLYRVGHFRQIRUWFDPELHOD
WHPSHUDWXUDVORHQSHTXHRVLQFUH
PHQWRV
6LVHDMXVWDODWHPSHUDWXUDPQLPD
/RHOFOLPDWL]DGRUDXWRPWLFRIXQ
FLRQDDODP[LPDSRWHQFLDGHUHIUL
JHUDFLQVLHPSUHTXHVHFRQHFWHOD
UHIULJHUDFLQL
6LVHDMXVWDODWHPSHUDWXUDP[LPD
+LHOFOLPDWL]DGRUDXWRPWLFRIXQ
FLRQDDODP[LPDSRWHQFLDGHFDOH
IDFFLQ
1RWD
6LVHDFWLYDLODUHGXFFLQGHOD
WHPSHUDWXUDGHDMXVWHGHODFDELQD
SXHGHKDFHUTXHHOPRWRUYXHOYDD
DUUDQFDUGHVGHSDUDGDDXWRPWLFDR
TXHVHLQKLEDXQDSDUDGDDXWRP
WLFD
3XOVH5(O/('GHOERWQVH
LOXPLQDSDUDLQGLFDUVXDFWLYD
FLQ
/DWHPSHUDWXUD\ODGLVWULEXFLQ
GHODLUHVHUHJXODQDXWRPWLFD
PHQWHHOYHQWLODGRUIXQFLRQDD
YHORFLGDGDOWD
&RQHFWHODOXQHWDWUPLFDWUD
VHUD^
3DUDYROYHUDOPRGRDQWHULRU
SXOVH53DUDYROYHUDOPRGR
DXWRPWLFR SXOVH$
$872
&OLPDWL]DFLQ
(ODMXVWHDXWRPWLFRGHODOXQHWDWU
PLFDWUDVHUDSXHGHFDPELDUVHHQOD
SDQWDOODGHLQIRUPDFLQ3HUVRQDOL]D
FLQGHOYHKFXOR
1RWD
6LVHSXOVD5FRQHOPRWRUHQPDU
FKDVHDQXODUODSDUDGDDXWRP
WLFD $XWRVWRS KDVWDTXHVHYXHOYD
DSXOVDU5
6LVHSXOVDDFRQHOYHQWLODGRUDFWL
YDGR\HOPRWRUHQPDUFKDVHDQX
ODUODSDUDGDDXWRPWLFD $XWRVWRS
KDVWDTXHVHYXHOYDDSXOVDUDR
KDVWDTXHVHDSDJXHHOYHQWLODGRU
6LVHSXOVD5PLHQWUDVHOPRWRU
HVWHQXQDSDUDGDDXWRPWLFD $X
WRVWRS VHYROYHUDDUUDQFDUHOPR
WRUDXWRPWLFDPHQWH
6LVHSXOVDDFRQHOYHQWLODGRUFR
QHFWDGRPLHQWUDVHOPRWRUHVWHQ
XQDSDUDGDDXWRPWLFD $XWRVWRS
VHYROYHUDDUUDQFDUHOPRWRUDXWR
PWLFDPHQWH
6LVWHPDVWRSVWDUW
$MXVWHVPDQXDOHV
/RVDMXVWHVGHOFOLPDWL]DGRUDXWRP
WLFRVHSXHGHQFDPELDUDFWLYDQGRORV
ERWRQHV\FRQPXWDGRUHVJLUDWRULRV
GHOVLJXLHQWHPRGR$OFDPELDUXQ
DMXVWHVHGHVDFWLYDUHOPRGRDXWR
PWLFR
3DUDYROYHUDOPRGRDXWRPWLFR
3XOVH$
$872
'LVWULEXFLQGHDLUH
9HORFLGDGGHOYHQWLODGRU
*LUHHOPDQGRJLUDWRULRGHUHFKRSDUD
VHOHFFLRQDUHODMXVWHGHVHDGR(O
DMXVWHVHLQGLFDHQODSDQWDOODGHLQ
IRUPDFLQ
*LUHHOPDQGRJLUDWRULRL]TXLHUGRSDUD
DXPHQWDURGLVPLQXLUODYHORFLGDGGHO
YHQWLODGRU/DYHORFLGDGGHOYHQWLODGRU
VHLQGLFDHQODSDQWDOODGHLQIRUPD
FLQ
*LUHHOPDQGRD VHGHVFRQHFWDQ
HOYHQWLODGRU\ODUHIULJHUDFLQ
&OLPDWL]DFLQ
* SDUDORVSLHV\HOSDUDEULVDV
KDFLDHOSDUDEULVDVODVYHQWDQL
OODVGHODQWHUDV\ORVSLHV
D KDFLDHOSDUDEULVDV\ODVYHQWD
QLOODVGHODQWHUDV HODLUHDFRQGL
FLRQDGRHVWDFWLYDGRHQVH
JXQGRSODQRSDUDD\XGDUDHYL
WDUTXHODVYHQWDQLOODVVHHPSD
HQ
, KDFLDOD]RQDGHODFDEH]DPH
GLDQWHVDOLGDVGHDLUHUHJXODEOHV
+ KDFLDODFDEH]D\ORVSLHV
9XHOWDDODGLVWULEXFLQGHDLUHDXWR
PWLFD SXOVH$
$872
5HIULJHUDFLQL
3XOVHLSDUDDFWLYDUODUHIULJHUDFLQ
(O/('GHOERWQVHLOXPLQDSDUDLQ
GLFDUVXDFWLYDFLQ/DUHIULJHUDFLQ
VORIXQFLRQDFRQHOPRWRUHQPDUFKD
\HOYHQWLODGRUGHFOLPDWL]DFLQFR
QHFWDGR
3XOVHGHQXHYRLSDUDGHVFRQHFWDU
ODUHIULJHUDFLQ
(ODLUHDFRQGLFLRQDGRUHIULJHUD\GHV
KXPLGLILFD VHFD HODLUHHQFXDQWROD
WHPSHUDWXUDH[WHULRUHVWSRUHQFLPD
GHOSXQWRGHFRQJHODFLQ3RUHVRVH
SXHGHFRQGHQVDUDJXDTXHVDOHSRU
GHEDMRGHOYHKFXOR
6LQRHVQHFHVDULRUHIULJHUDURGHV
KXPLGLILFDUHODLUHGHVFRQHFWHHOVLV
WHPDGHUHIULJHUDFLQSRUUD]RQHVGH
DKRUURGHFRPEXVWLEOH
&XDQGRHOVLVWHPDGHHQIULDPLHQWRVH
DSDJDHOVLVWHPDGHFOLPDWL]DFLQQR
VROLFLWDUHODUUDQTXHGHOPRWRUGX
UDQWHXQDSDUDGDDXWRPWLFD $XWR
VWRS ([FHSFLQ VHVROLFLWDUHO
DUUDQTXHVLHVWDFWLYDGRHOVLVWHPD
GHGHVHPSDDGR\ODWHPSHUDWXUD
H[WHULRUHVVXSHULRUD&
6LVWHPDVWRSVWDUW
(OHVWDGRGHODUHIULJHUDFLQVHLQGLFD
HQODSDQWDOODGHLQIRUPDFLQ
/DDFWLYDFLQRGHVDFWLYDFLQGHOD
IXQFLQGHUHIULJHUDFLQGHVSXVGH
DUUDQFDUHOPRWRUVHSXHGHFDPELDU
HQODSDQWDOODGHLQIRUPDFLQ3HUVR
QDOL]DFLQGHOYHKFXOR
0RGRGHUHFLUFXODFLQGHDLUH
3XOVHSDUDDFWLYDUHOPRGRGHUH
FLUFXODFLQGHDLUH(O/('GHOERWQ
VHLOXPLQDSDUDLQGLFDUVXDFWLYDFLQ
3XOVHGHQXHYRSDUDGHVDFWLYDU
HOPRGRGHUHFLUFXODFLQGHDLUH
&OLPDWL]DFLQ
$GYHUWHQFLD
(QHOPRGRGHUHFLUFXODFLQVHUH
GXFHHOLQWHUFDPELRGHDLUHIUHVFR
(QFDVRGHIXQFLRQDPLHQWRVLQUH
IULJHUDFLQDXPHQWDODKXPHGDG
GHODLUH\VHSXHGHQHPSDDUORV
FULVWDOHVSRUGHQWUR/DFDOLGDGGHO
DLUHGHOKDELWFXORGLVPLQX\H HVWR
SXHGHKDFHUTXHORVRFXSDQWHVVH
VLHQWDQPDUHDGRV
6DOLGDVGHDLUH
6DOLGDVGHDLUHUHJXODEOHV
$OPHQRVGHEHDEULUVHXQDVDOLGDGH
DLUHFXDQGRODUHIULJHUDFLQHVWHQ
FHQGLGD
'LULMDHOIOXMRGHDLUHLQFOLQDQGR\EDV
FXODQGRODVDOHWDV
(QFRQGLFLRQHVGHFDORU\HOHYDGDKX
PHGDGUHODWLYDHOSDUDEULVDVSXHGH
HPSDDUVHSRUIXHUDHQFRQWDFWRFRQ
DLUHIUR6LHOSDUDEULVDVVHHPSDD
GHVGHHOH[WHULRUDFWLYHHOOLPSLDSD
UDEULVDV\GHVDFWLYHD
$MXVWHVEVLFRV
$OJXQRVDMXVWHVSXHGHQFDPELDUVH
HQODSDQWDOODGHLQIRUPDFLQ3HUVR
QDOL]DFLQGHOYHKFXOR
$GYHUWHQFLD
$MXVWHHOFDXGDOGHDLUHGHODVDOLGD
GHYHQWLODFLQJLUDQGRODUXHGDGH
DMXVWH/DVDOLGDVHFLHUUDFXDQGROD
UXHGDGHDMXVWHHVWJLUDGDDWRSH
KDFLDODL]TXLHUGDRODGHUHFKD
1RILMHREMHWRVDODVDOHWDVGHODV
VDOLGDVGHDLUH+D\ULHVJRGHOH
VLRQHV\GDRVHQFDVRGHDFFL
GHQWH
6DOLGDVGHDLUHILMDV
+D\VDOLGDVGHDLUHDGLFLRQDOHVSRU
GHEDMRGHOSDUDEULVDVGHODVYHQWD
QLOODV\HQODV]RQDVGHORVSLHV
&OLPDWL]DFLQ
0DQWHQLPLHQWR
(QWUDGDGHDLUH
)XQFLRQDPLHQWRUHJXODUGHO
DLUHDFRQGLFLRQDGR
3DUDJDUDQWL]DUXQIXQFLRQDPLHQWR
HILFLHQWH\GXUDGHURGHOVLVWHPDOD
UHIULJHUDFLQGHEHDFWLYDUVHGXUDQWH
XQRVPLQXWRVXQDYH]DOPHVLQGH
SHQGLHQWHPHQWHGHODVLWXDFLQFOL
PDWROJLFD\GHODSRFDGHODR/D
UHIULJHUDFLQQRIXQFLRQDVLODWHPSH
UDWXUDH[WHULRUHVGHPDVLDGREDMD
6HUYLFLR
/DHQWUDGDGHDLUHHQHOFRPSDUWL
PHQWRGHOPRWRUGHODQWHGHOSDUDEUL
VDVGHEHHVWDUOLEUHSDUDSHUPLWLUOD
HQWUDGDGHDLUH5HWLUHFXDOTXLHUUHVWR
GHKRMDVVXFLHGDGRQLHYH
)LOWURGHSROHQ
(OILOWURHOLPLQDSROYRKROOQSROHQ\
HVSRUDVGHODLUHTXHHQWUDHQHOYH
KFXORDWUDYVGHODHQWUDGDGHDLUH
3DUDJDUDQWL]DUXQDSRWHQFLDGHUHIUL
JHUDFLQSWLPDOHUHFRPHQGDPRV
UHYLVDUDQXDOPHQWHHOFOLPDWL]DGRU
DXWRPWLFR ODSULPHUDUHYLVLQGHEH
UHDOL]DUVHDORVWUHVDRVGHODSUL
PHUDPDWULFXODFLQ\GHEHLQFOXLU
SUXHEDGHIXQFLRQDPLHQWR\SUH
VLQ
IXQFLRQDPLHQWRGHODFDOHIDFFLQ
SUXHEDGHHVWDQTXHLGDG
FRPSUREDFLQGHODVFRUUHDVGH
WUDQVPLVLQ
OLPSLH]DGHOFRQGHQVDGRU\GHO
GHVDJHGHOHYDSRUDGRU
SUXHEDGHUHQGLPLHQWR
&RQGXFFLQ\PDQHMR
&RQGXFFLQ\
PDQHMR
5HFRPHQGDFLRQHVSDUDODFRQ
GXFFLQ
&RQWUROGHOYHKFXOR
$UUDQTXH\PDQHMR
5RGDMHGHXQYHKFXORQXHYR
3RVLFLRQHVGHODFHUUDGXUDGHO
HQFHQGLGR
$OLPHQWDFLQHOFWULFDGH
UHVHUYD
$UUDQTXHGHOPRWRU
&RUWHGHFRPEXVWLEOHHQ
UJLPHQGHUHWHQFLQ
6LVWHPDVWRSVWDUW
(VWDFLRQDPLHQWR
6LVWHPDGHHVFDSHGHOPRWRU
)LOWURGHSDUWFXODVGLVHO
&DWDOL]DGRU
&DPELRDXWRPWLFR
3DQWDOODLQGLFDGRUDGHOFDPELR
3DODQFDVHOHFWRUD
0RGRPDQXDO
3URJUDPDVHOHFWUQLFRVGH
PDUFKD
$YHUD
,QWHUUXSFLQGHFRUULHQWH
&DPELRPDQXDO
&DPELRPDQXDODXWRPDWL]DGR
3DQWDOODLQGLFDGRUDGHOFDPELR
$UUDQTXHGHOPRWRU
3DODQFDVHOHFWRUD
0RGRPDQXDO
3URJUDPDVHOHFWUQLFRVGH
PDUFKD
$YHUD
)UHQRV
6LVWHPDDQWLEORTXHRGHIUHQRV
)UHQRGHHVWDFLRQDPLHQWR
$VLVWHQWHGHIUHQDGD
$VLVWHQWHGHDUUDQTXHHQ
SHQGLHQWHV
6LVWHPDVGHFRQWUROGHODFRQ
GXFFLQ
6LVWHPDGHFRQWUROGHWUDFFLQ
&RQWUROHOHFWUQLFRGH
HVWDELOLGDG
0RGRFLXGDG
6LVWHPDVGHD\XGDDODFRQGXF
FLQ
5HJXODGRUGHYHORFLGDG
/LPLWDGRUGHYHORFLGDG
$OHUWDGHFROLVLQIURQWDO
,QGLFDFLQGHGLVWDQFLDKDFLD
GHODQWH
$VLVWHQWHGHDSDUFDPLHQWR
$OHUWDGHSXQWRFLHJRODWHUDO
&PDUDUHWURYLVRUD
$VLVWHQWHGHVHDOHVGHWUILFR
$YLVRGHFDPELRGHFDUULO
&RPEXVWLEOH
&RPEXVWLEOHSDUDPRWRUHVGH
JDVROLQD
&RPEXVWLEOHSDUDPRWRUHV
GLVHO
&RPEXVWLEOHSDUD
IXQFLRQDPLHQWRFRQJDV
OLFXDGR
5HSRVWDMH
&RQVXPRGHFRPEXVWLEOH
HPLVLRQHVGH&2
(QJDQFKHGHOUHPROTXH
,QIRUPDFLQJHQHUDO
&DUDFWHUVWLFDVGHFRQGXFFLQ\
UHFRPHQGDFLRQHVSDUDHOXVR
GHOUHPROTXH
8VRGHOUHPROTXH
'LVSRVLWLYRGHUHPROTXH
$VLVWHQWHGHHVWDELOLGDGGHO
UHPROTXH
&RQGXFFLQ\PDQHMR
5HFRPHQGDFLRQHVSDUD
ODFRQGXFFLQ
&RQWUROGHOYHKFXOR
1RGHMHTXHHOYHKFXORFLUFXOH
FRQHOPRWRUSDUDGR
(QGLFKDVLWXDFLQPXFKRVVLVWHPDV
QRIXQFLRQDQ FRPRHOVHUYRIUHQRROD
GLUHFFLQDVLVWLGD &RQGXFLUGHHVWH
PRGRVXSRQHXQSHOLJURSDUDXVWHG\
SDUDORVGHPV
7RGRVORVVLVWHPDVIXQFLRQDQGX
UDQWHXQDSDUDGDDXWRPWLFD
6LVWHPDVWRSVWDUW
$XPHQWRGHOUJLPHQGHUDOHQW
6LKDFHIDOWDFDUJDUODEDWHUDGHOYH
KFXORGHEHDXPHQWDUVHODVDOLGDGH
FRUULHQWHGHODOWHUQDGRU(VWRVHFRQ
VLJXHPHGLDQWHXQDXPHQWRGHOUJL
PHQGHUDOHQWTXHSXHGHVHUDXGLEOH
$SDUHFHXQPHQVDMHHQHOFHQWURGH
LQIRUPDFLQGHOFRQGXFWRU
3HGDOHV
3DUDDVHJXUDUXQOLEUHUHFRUULGRGHO
SHGDOQRGHEHKDEHUDOIRPEULOODVHQ
OD]RQDGHORVSHGDOHV
8WLOLFHVRODPHQWHDOIRPEULOODVGHO
VXHORTXHVHDMXVWHQFRUUHFWDPHQWH\
VHILMHQPHGLDQWHODVUHWHQFLRQHVHQ
HOODGRGHOFRQGXFWRU
&RQGXFFLQHQSHQGLHQWH
GHVFHQGHQWH
$OFRQGXFLUHQXQDSHQGLHQWHGHVFHQ
GHQWHDSOLTXHXQDPDUFKDSDUDJD
UDQWL]DUODH[LVWHQFLDGHVXILFLHQWH
SUHVLQGHIUHQDGR
$UUDQTXH\PDQHMR
5RGDMHGHXQYHKFXOR
QXHYR
1RIUHQHLQQHFHVDULDPHQWHDIRQGR
GXUDQWHORVSULPHURVYLDMHV
$OFRQGXFLUHOYHKFXORSRUSULPHUD
YH]VHSXHGHIRUPDUKXPRSRUOD
HYDSRUDFLQGHFHUD\DFHLWHHQHO
VLVWHPDGHHVFDSH(VWDFLRQHHOYH
KFXORDODLUHOLEUHGXUDQWHXQWLHPSR
GHVSXVGHOSULPHUYLDMH\HYLWHLQKD
ODUORVKXPRV
(OFRQVXPRGHFRPEXVWLEOH\GH
DFHLWHGHOPRWRUSXHGHDXPHQWDUGX
UDQWHHOSHULRGRGHURGDMH
$VLPLVPRHVSRVLEOHTXHVHUHDOLFH
FRQPVIUHFXHQFLDHOSURFHVRGHOLP
SLH]DGHOILOWURGHSDUWFXODVGLVHO
)LOWURGHSDUWFXODVGLVHO
/DSDUDGDDXWRPWLFDVHSXHGHVXV
SHQGHUSDUDGHMDUTXHVHFDUJXHOD
EDWHUDGHOYHKFXOR
&RQGXFFLQ\PDQHMR
3RVLFLRQHVGHODFHUUDGXUD
GHOHQFHQGLGR
/ODYHGHJLUR
PRGRGHSRWHQFLDGHFRQH[LQ
GHOHQFHQGLGR (OHQFHQGLGRHVW
FRQHFWDGR/RVWHVWLJRVGHFRQ
WUROVHLOXPLQDQ\ODPD\RUDGH
ODVIXQFLRQHVHOFWULFDVHVWQKD
ELOLWDGDV
(OPRWRUGLVHOHVWSUHFDOHQ
WDQGR
DUUDQTXHGHOPRWRU 6XHOWHOD
OODYHGHVSXVGHFRPHQ]DUHO
SURFHVRGHODUUDQTXH
/DDOLPHQWDFLQGHOVLVWHPDGHLQ
IRHQWUHWHQLPLHQWRVHPDQWHQGUGX
UDQWHPLQXWRVRELHQKDVWDH[WUDHU
ODOODYHGHOFRQWDFWRGHHQFHQGLGRLQ
GHSHQGLHQWHPHQWHGHTXHVHDEUDR
QRXQDSXHUWD
$UUDQTXHGHOPRWRU
%ORTXHRGHOYRODQWH
5HWLUHODOODYHGHOLQWHUUXSWRUGHHQ
FHQGLGR\JLUHHOYRODQWHKDVWDHQFOD
YDUOR
HQFHQGLGRGHVFRQHFWDGR $OJX
QDVIXQFLRQHVSHUPDQHFHQDFWL
YDVKDVWDTXHODOODYHVHUHWLUDR
VHDEUHODSXHUWDGHOFRQGXFWRU
VLHPSUHTXHHOHQFHQGLGRKD\D
HVWDGRFRQHFWDGRSUHYLDPHQWH
PRGRGHDOLPHQWDFLQGHDFFH
VRULRV (OEORTXHRGHOYRODQWHVH
VXHOWD\DOJXQDVGHODVIXQFLRQHV
HOFWULFDVSXHGHQIXQFLRQDUFRQ
HOHQFHQGLGRGHVFRQHFWDGR
$OLPHQWDFLQHOFWULFDGH
UHVHUYD
'HVSXVGHGHVFRQHFWDUHOHQFHQ
GLGRORVVLJXLHQWHVVLVWHPDVHOHFWU
QLFRVHVWQRSHUDWLYRVKDVWDTXHVH
DEUDODSXHUWDGHOFRQGXFWRURGX
UDQWHGLH]PLQXWRVFRPRP[LPR
HOHYDOXQDVHOFWULFRV
WRPDVGHFRUULHQWH
WHFKRVRODUHOFWULFR
*LUHODOODYHDODSRVLFLQ
SDUDOLEH
UDUHOEORTXHRGHOYRODQWH
&DPELRPDQXDO DFFLRQHHOSHGDOGHO
HPEUDJXH\HOIUHQR
&DPELRPDQXDODXWRPDWL]DGR DF
FLRQHHOSHGDOGHIUHQR
&RQGXFFLQ\PDQHMR
&DPELRDXWRPWLFR DFFLRQHHOSHGDO
GHOIUHQR\SRQJDODSDODQFDVHOHFWRUD
HQ3
3R1
1
1RSLVHHOSHGDOGHODFHOHUDGRU
&RQPRWRUGLVHO JLUHODOODYHDODSR
VLFLQ
SDUDHOSUHFDOHQWDPLHQWR
KDVWDTXHVHDSDJXHHOWHVWLJRGH
FRQWURO
*LUHODOODYHXQPRPHQWRDODSRVLFLQ
\VXOWHOD XQSURFHGLPLHQWRDXWR
PWLFRDFFLRQDHOPRWRUGHDUUDQTXH
GHVSXVGHXQEUHYHUHWDUGRKDVWD
TXHHOPRWRUHVWHQPDUFKD9DVH
&RQWURODXWRPWLFRGHDUUDQTXH
$QWHVGHUHSHWLUHODUUDQTXHRSDUD
DSDJDUHOPRWRUJLUHGHQXHYRODOODYH
DODSRVLFLQ
'XUDQWHXQDSDUDGDDXWRPWLFD $X
WRVWRS VHSXHGHDUUDQFDUHOPRWRU
SLVDQGRHOSHGDOGHOHPEUDJXH
$UUDQTXHGHOYHKFXORFRQ
WHPSHUDWXUDVEDMDV
0RWRUHVGLVHO
6HSXHGHDUUDQFDUHOPRWRUVLQFDOH
IDFWRUHVDGLFLRQDOHVKDVWD&
0RWRUHVGHJDVROLQD
6HSXHGHDUUDQFDUHOPRWRUVLQFDOH
IDFWRUHVDGLFLRQDOHVKDVWD&
6HUHTXLHUHXQDFHLWHGHPRWRUFRQOD
YLVFRVLGDGFRUUHFWDHOFRPEXVWLEOH
DGHFXDGRODUHDOL]DFLQGHORVVHUYL
FLRVGHPDQWHQLPLHQWR\XQDEDWHUD
GHOYHKFXORFRQFDUJDVXILFLHQWH
&RQWHPSHUDWXUDVLQIHULRUHVD
&HOFDPELRDXWRPWLFRQHFH
VLWDXQDIDVHGHFDOHQWDPLHQWRGH
XQRVFLQFRPLQXWRV/DSDODQFDVH
OHFWRUDGHEHHVWDUHQODSRVLFLQ3
3
&RQWURODXWRPWLFRGHDUUDQTXH
(VWDIXQFLQFRQWURODHOSURFHGL
PLHQWRGHDUUDQTXHGHOPRWRU1RHV
QHFHVDULRTXHHOFRQGXFWRUVXMHWHOD
OODYHHQODSRVLFLQ
8QDYH]DSOL
FDGRHOVLVWHPDFRQWLQXDUHOSUR
FHVRGHDUUDQTXHDXWRPWLFDPHQWH
KDVWDTXHHOPRWRUHVWHQPDUFKD
'HELGRDOSURFHGLPLHQWRGHFRPSUR
EDFLQHOPRWRUVHSRQHHQPDUFKD
FRQXQEUHYHUHWDUGR
3RVLEOHVFDXVDVGHTXHHOPRWRUQR
DUUDQTXH
SHGDOGHOHPEUDJXHQRDFFLR
QDGR FDPELRPDQXDO
SHGDOGHOIUHQRQRDFFLRQDGRROD
SDODQFDVHOHFWRUDQRHVWHQ3
3R
1 FDPELRDXWRPWLFR
VHKDDJRWDGRHOWLHPSRGHHV
SHUD
&DOHQWDPLHQWRGHOPRWRUWXUER
$ODUUDQFDUHOSDUPRWRUGLVSRQLEOH
SXHGHHVWDUOLPLWDGRGXUDQWHXQ
WLHPSREUHYHHVSHFLDOPHQWHFXDQGR
ODWHPSHUDWXUDGHOPRWRUHVEDMD
(VWDOLPLWDFLQSHUPLWHDOVLVWHPDGH
OXEULFDFLQSURWHJHUHILFD]PHQWHHO
PRWRU
&RUWHGHFRPEXVWLEOHHQ
UJLPHQGHUHWHQFLQ
/DDOLPHQWDFLQGHFRPEXVWLEOHVH
FRUWDDXWRPWLFDPHQWHGXUDQWHHOU
JLPHQGHUHWHQFLQHVGHFLUFXDQGR
VHFRQGXFHHOYHKFXORFRQXQDPDU
FKDHQJUDQDGDSHURVLQSLVDUHODFH
OHUDGRU
&RQGXFFLQ\PDQHMR
6LVWHPDVWRSVWDUW
(OVLVWHPDVWRSVWDUWSHUPLWHDKRUUDU
FRPEXVWLEOH\UHGXFLUODVHPLVLRQHV
GHJDVHVGHHVFDSH&XDQGRODVFRQ
GLFLRQHVORSHUPLWHQHOVLVWHPDGHV
FRQHFWDHOPRWRUHQFXDQWRHOYH
KFXORFLUFXODDEDMDYHORFLGDGRHVW
SDUDGR SRUHMHPSORHQXQVHPIRUR
RHQXQDWDVFR
(QYHKFXORVFRQFDPELRPDQXDOHO
PRWRUVHDUUDQFDDXWRPWLFDPHQWH
WDQSURQWRFRPRVHSLVDHOHPEUDJXH
(QYHKFXORVFRQFDPELRPDQXDODX
WRPDWL]DGRHOPRWRUVHDUUDQFDDX
WRPWLFDPHQWHWDQSURQWRFRPRVH
VXHOWDHOSHGDOGHOIUHQR
8QVHQVRUGHEDWHUDGHOYHKFXORJD
UDQWL]DTXHODSDUDGDDXWRPWLFD $X
WRVWRS VORVHHIHFWHVLKD\VXIL
FLHQWHFDUJDHQODEDWHUDGHOYHKFXOR
SDUDYROYHUDDUUDQFDU
$FWLYDFLQ
(OVLVWHPDVWRSVWDUWHVWGLVSRQLEOH
FRQHOPRWRUDUUDQFDGRHOYHKFXOR
HQPDUFKD\VLHPSUHTXHVHFXPSODQ
ODVFRQGLFLRQHVHVSHFLILFDGDVPV
DGHODQWHHQHVWDVHFFLQ
'HVDFWLYDFLQ
(OPRWRUVHSDUDU\HOHQFHQGLGRVH
PDQWLHQHFRQHFWDGR
9HKFXORVFRQFDPELRPDQXDODXWR
PDWL]DGR
6LHOYHKFXORVHHQFXHQWUDGHWHQLGR
FRQHOSHGDOGHOIUHQRSLVDGRODSD
UDGDDXWRPWLFDVHDFWLYDDXWRPWL
FDPHQWH
(OPRWRUVHSDUDU\HOHQFHQGLGRVH
PDQWLHQHFRQHFWDGR
(OVLVWHPDVWRSVWDUWVHGHVDFWLYDU
HQSHQGLHQWHVGHORVXSHULRU
'HVDFWLYHPDQXDOPHQWHHOVLVWHPD
VWRSVWDUWSXOVDQGRH
HFR3DUDLQGLFDU
ODGHVDFWLYDFLQVHDSDJDHO/('GHO
ERWQ
,QGLFDFLQ
$XWRVWRS
9HKFXORVFRQFDPELRPDQXDO
6LHOYHKFXORFLUFXODDEDMDYHORFLGDG
RHVWSDUDGRDFWLYHODIXQFLQGH
SDUDGDDXWRPWLFD $XWRVWRS GHOVL
JXLHQWHPRGR
3LVHHOSHGDOGHOHPEUDJXH
3RQJDODSDODQFDHQSXQWR
PXHUWR
6XHOWHHOSHGDOGHOHPEUDJXH
8QDSDUDGDDXWRPWLFDVHLQGLFDPH
GLDQWHHOWHVWLJRGHFRQWURO'
'XUDQWHODSDUDGDDXWRPWLFDVH
PDQWHQGUODFDOHIDFFLQ\ODRSHUD
WLYLGDGGHORVIUHQRV
&RQGXFFLQ\PDQHMR
&RQGLFLRQHVSDUDXQDSDUDGD
DXWRPWLFD $XWRVWRS
(OVLVWHPDVWRSVWDUWFRPSUXHEDVLVH
FXPSOHQWRGDVODVFRQGLFLRQHVVL
JXLHQWHV
(OVLVWHPDVWRSVWDUWQRHVWGHV
DFWLYDGRPDQXDOPHQWH
(OFDSHVWWRWDOPHQWHFHUUDGR
/DSXHUWDGHOFRQGXFWRUHVWFH
UUDGDRHOFLQWXUQGHVHJXULGDG
GHOFRQGXFWRUHVWDEURFKDGR
/DEDWHUDGHOYHKFXORWLHQHVX
ILFLHQWHFDUJD\HVWHQEXHQHV
WDGR
(OPRWRUHVWFDOLHQWH
/DWHPSHUDWXUDGHOUHIULJHUDQWH
GHOPRWRUQRHVGHPDVLDGRDOWD
/DWHPSHUDWXUDGHOVLVWHPDGH
HVFDSHGHOPRWRUQRHVGHPD
VLDGRHOHYDGD SRUHMHPSORWUDV
FRQGXFLUFRQXQDFDUJDGHPRWRU
HOHYDGD
/DWHPSHUDWXUDDPELHQWHHVVX
SHULRUD&
(OFOLPDWL]DGRUDXWRPWLFRSHU
PLWHXQDSDUDGDDXWRPWLFD
(OQLYHOGHYDFRGHOVLVWHPDGH
IUHQRVHVVXILFLHQWH
/DIXQFLQGHDXWROLPSLH]DGHOILO
WURGHSDUWFXODVGLVHOQRHVW
DFWLYD
(OYHKFXORVHKDFRQGXFLGRDYH
ORFLGDGGHPDUFKDKXPDQD
FRPRPQLPRGHVGHODOWLPD
SDUDGDDXWRPWLFD
(QFDVRFRQWUDULRVHLQKLELUODSD
UDGDDXWRPWLFD $XWRVWRS
'HWHUPLQDGRVDMXVWHVGHOFOLPDWL]D
GRUDXWRPWLFRSXHGHQLQKLELUXQD
SDUDGDDXWRPWLFD $XWRVWRS 3DUD
PVLQIRUPDFLQFRQVXOWHHOFDSWXOR
&OLPDWL]DFLQ
3XHGHTXHVHLQKLEDXQDSDUDGDDX
WRPWLFD $XWRVWRS MXVWRGHVSXVGH
ODFRQGXFFLQSRUDXWRSLVWD
5RGDMHGHXQYHKFXORQXHYR
3URWHFFLQFRQWUDGHVFDUJDGHOD
EDWHUDGHOYHKFXOR
3DUDJDUDQWL]DUTXHHOPRWRUYXHOYDD
DUUDQFDUGHIRUPDILDEOHHOVLVWHPD
VWRSVWDUWLQFRUSRUDGLYHUVDVIXQFLR
QHVGHSURWHFFLQFRQWUDODGHVFDUJD
GHODEDWHUDGHOYHKFXOR
0HGLGDGHDKRUURGHHQHUJD
'XUDQWHXQDSDUDGDDXWRPWLFD $X
WRVWRS YDULDVIXQFLRQHVHOFWULFDV
SRUHMHPSORODOXQHWDWUPLFDWUDVHUD
VHGHVDFWLYDQRHQWUDQHQPRGRGH
DKRUURGHHQHUJD/DYHORFLGDGGHO
YHQWLODGRUGHOVLVWHPDGHFOLPDWL]D
FLQVHUHGXFHSDUDDKRUUDUHQHUJD
5HDUUDQTXHGHOPRWRUSRUHO
FRQGXFWRU
9HKFXORVFRQFDPELRPDQXDO
3LVHHOSHGDOGHOHPEUDJXHSDUDYRO
YHUDDUUDQFDUHOPRWRU
$OYROYHUDDUUDQFDUHOPRWRUHOWHV
WLJRGHFRQWURO'GHOFHQWURGHLQIRU
PDFLQGHOFRQGXFWRUVHDSDJD
6LODSDODQFDVHOHFWRUDVHTXLWDGH
SXQWRPXHUWRDQWHVGHSLVDUHOSHGDO
GHOHPEUDJXHHOLQGLFDGRUGHFRQWURO
VHLOXPLQDURVHPRVWUDUFRPR
VPERORHQHOFHQWURGHLQIRUPDFLQ
GHOFRQGXFWRU
7HVWLJRGHFRQWURO
&RQGXFFLQ\PDQHMR
9HKFXORVFRQFDPELRPDQXDODXWR
PDWL]DGR
6XHOWHHOSHGDOGHOIUHQRRVDTXHOD
SDODQFDVHOHFWRUDGHODSRVLFLQ'
'
SDUDYROYHUDDUUDQFDUHOPRWRU
$OYROYHUDDUUDQFDUHOPRWRUHOWHV
WLJRGHFRQWURO'GHOFHQWURGHLQIRU
PDFLQGHOFRQGXFWRUVHDSDJD
5HDUUDQTXHGHOPRWRUSRUHO
VLVWHPDVWRSVWDUW
/DSDODQFDVHOHFWRUDWLHQHTXHHVWDU
HQSXQWRPXHUWRSDUDDFWLYDUHOUHD
UUDQTXHDXWRPWLFR
6LVHGDDOJXQDGHODVFRQGLFLRQHVVL
JXLHQWHVGXUDQWHXQDSDUDGDDXWRP
WLFDHOVLVWHPDVWRSVWDUWYROYHUD
DUUDQFDUDXWRPWLFDPHQWHHOPRWRU
(OVLVWHPDVWRSVWDUWVHGHVDF
WLYDPDQXDOPHQWH
6LVHDEUHHOFDS
6HGHVDEURFKDHOFLQWXUQGHVH
JXULGDGGHOFRQGXFWRU\VHDEUH
ODSXHUWDGHOFRQGXFWRU
/DWHPSHUDWXUDGHOPRWRUHVGH
PDVLDGREDMD
(OQLYHOGHFDUJDGHODEDWHUDGHO
YHKFXORHVLQIHULRUDXQQLYHOGH
ILQLGR
(OQLYHOGHYDFRGHOVLVWHPDGH
IUHQRVHVLQVXILFLHQWH
(OYHKFXORVHFRQGXFHFRPR
PQLPRDYHORFLGDGGHPDUFKD
KXPDQD
(OFOLPDWL]DGRUDXWRPWLFRVROL
FLWDHODUUDQTXHGHOPRWRU
(ODLUHDFRQGLFLRQDGRVHHQ
FLHQGHPDQXDOPHQWH
6LHOFDSQRHVWWRWDOPHQWHFHUUDGR
DSDUHFHUXQPHQVDMHGHDGYHUWHQ
FLDHQHOFHQWURGHLQIRUPDFLQGHO
FRQGXFWRU
6LKD\XQDFFHVRULRHOFWULFRSHM
XQUHSURGXFWRUGH&'SRUWWLOFRQHF
WDGRDODWRPDGHFRUULHQWHSXHGH
TXHVHQRWHXQDFDGDGHODDOLPHQ
WDFLQGXUDQWHHOUHDUUDQTXH
(VWDFLRQDPLHQWR
$GYHUWHQFLD
1RDSDUTXHHOYHKFXORVREUHOD
VXSHUILFLHLQIODPDEOH/DWHP
SHUDWXUDDOWDGHOVLVWHPDGHHV
FDSHSRGUDSUHQGHUIXHJRHQ
ODVXSHUILFLH
$FFLRQHVLHPSUHHOIUHQRGHHV
WDFLRQDPLHQWR$FFLRQHHO
IUHQRGHHVWDFLRQDPLHQWRPD
QXDOVLQSXOVDUHOERWQGHGHV
EORTXHR(QSHQGLHQWHVDSO
TXHORFRQWRGDODILUPH]DSRVL
EOH3DUDUHGXFLUHOHVIXHU]R
SLVHHOSHGDOGHOIUHQRDOPLVPR
WLHPSR
'HVFRQHFWHHOPRWRU
6LHOYHKFXORHVWHQXQDVX
SHUILFLHSODQDRFXHVWDDUULED
HQJUDQHODSULPHUDRPXHYDOD
SDODQFDVHOHFWRUDDODSRVLFLQ
3DQWHVGHVDFDUODOODYHGHHQ
FHQGLGR6LHOYHKFXORHVW
FXHVWDDUULEDJLUHODVUXHGDV
GHODQWHUDVHQODGLUHFFLQFRQ
WUDULDDOERUGLOOR
&RQGXFFLQ\PDQHMR
6LHOYHKFXORHVWHQXQDSHQ
GLHQWHGHVFHQGHQWHHQJUDQH
ODPDUFKDDWUVRPXHYDODSD
ODQFDVHOHFWRUDDODSRVLFLQ3
3
DQWHVGHVDFDUODOODYHGHHQ
FHQGLGR*LUHODVUXHGDVGHODQ
WHUDVKDFLDHOERUGLOOR
&LHUUHODVYHQWDQLOODV\HOWHFKR
VRODU
6DTXHODOODYHGHFRQWDFWRGHO
LQWHUUXSWRUGHHQFHQGLGR*LUH
HOYRODQWHKDVWDTXHSHUFLED
TXHVHKDEORTXHDGR
(QYHKFXORVFRQFDPELRDXWR
PWLFRODOODYHVORSXHGHVD
FDUVHFXDQGRODSDODQFDVHOHF
WRUDHVWHQODSRVLFLQ3
3
3DUDYHKFXORVFRQFDPELRPD
QXDODXWRPDWL]DGRODOODYH
SXHGHVDFDUVHGHOLQWHUUXSWRU
GHHQFHQGLGRVRODPHQWH
FXDQGRHVWDSOLFDGRHOIUHQR
GHHVWDFLRQDPLHQWR
%ORTXHHHOYHKFXOR
&RQHFWHHOVLVWHPDGHDODUPD
DQWLUURER
/RVYHQWLODGRUHVGHUHIULJHUDFLQ
GHOPRWRUSXHGHQVHJXLUIXQFLR
QDQGRGHVSXVGHGHVFRQHFWDU
HOPRWRU
$WHQFLQ
'HVSXVGHFLUFXODUDXQUJLPHQ
HOHYDGRRDOWDFDUJDVHGHEHGH
MDUIXQFLRQDUHOPRWRUEUHYHPHQWH
FRQEDMDFDUJDRDOUDOHQWGXUDQWH
XQRVVHJXQGRVDQWHVGHSD
UDUORDILQGHSURWHJHUHOWXUERFRP
SUHVRU
1RWD
(QFDVRGHDFFLGHQWHFRQGHVSOLH
JXHGHORVDLUEDJVHOPRWRUVH
DSDJDDXWRPWLFDPHQWHVLHOYH
KFXORVHGHWLHQHGHQWURGHXQ
WLHPSRGHWHUPLQDGR
6LVWHPDGHHVFDSHGHO
PRWRU
3HOLJUR
/RVJDVHVGHHVFDSHFRQWLHQHQ
PRQ[LGRGHFDUERQRXQJDVLQ
FRORURHLQRGRURSHURW[LFR6X
LQKDODFLQSRGUDUHVXOWDUIDWDO
6LHQWUDQJDVHVGHHVFDSHHQHO
LQWHULRUGHOYHKFXORDEUDODVYHQ
WDQLOODV+DJDVXEVDQDUODFDXVD
GHODDYHUDHQXQWDOOHU
1RFLUFXOHFRQHOFRPSDUWLPLHQWR
GHFDUJDDELHUWR\DTXHSRGUDQ
HQWUDUJDVHVGHHVFDSHHQHOYH
KFXOR
)LOWURGHSDUWFXODVGLVHO
(OVLVWHPDGHILOWURGHSDUWFXODVGL
VHOILOWUDODVSDUWFXODVFRQWDPLQDQWHV
GHKROOQFRQWHQLGDVHQORVJDVHVGH
HVFDSH(OVLVWHPDLQFRUSRUDXQDIXQ
FLQGHDXWROLPSLH]DTXHDFWDDXWR
PWLFDPHQWHGXUDQWHODPDUFKDVLQ
QLQJXQDQRWLILFDFLQ(OILOWURVHOLPSLD
TXHPDQGRSHULGLFDPHQWHODV
&RQGXFFLQ\PDQHMR
SDUWFXODVGHKROOQDDOWDVWHPSHUD
WXUDV(VWHSURFHVRVHUHDOL]DDXWR
PWLFDPHQWHHQGHWHUPLQDGDVFRQGL
FLRQHVGHFLUFXODFLQ\SXHGHGXUDU
KDVWDPLQXWRV1RUPDOPHQWHWDUGD
HQWUHVLHWH\PLQXWRV/DSDUDGD
DXWRPWLFDQRHVWGLVSRQLEOH\HO
FRQVXPRGHFRPEXVWLEOHSXHGHVHU
PVDOWRGXUDQWHHVWHSHURGR/DJH
QHUDFLQGHKXPR\RORUHVGXUDQWHHO
SURFHVRHVQRUPDO
(QGHWHUPLQDGDVFRQGLFLRQHVGHFRQ
GXFFLQFRPRHQGLVWDQFLDVFRUWDV
HOVLVWHPDQRVHSXHGHOLPSLDUDXWR
PWLFDPHQWH
6LHVQHFHVDULROLPSLDUHOILOWUR\ODV
FRQGLFLRQHVFLWDGDVQRKDQSHUPLWLGR
ODOLPSLH]DDXWRPWLFDVHLQGLFDU
PHGLDQWHHOWHVWLJRGHFRQWURO6L
PXOWQHDPHQWHDSDUHFHXQPHQVDMH
GHDGYHUWHQFLDRXQFGLJRGHDGYHU
WHQFLDHQHOFHQWURGHLQIRUPDFLQGHO
FRQGXFWRU
VHHQFLHQGHFXDQGRHOILOWURGH
SDUWFXODVGLVHOHVWOOHQR,QLFLHHO
SURFHVRGHOLPSLH]DFXDQWRDQWHV
SDUSDGHDFXDQGRHOILOWURGHSDUW
FXODVGLVHODOFDQ]DVXFDSDFLGDG
P[LPD,QLFLHHOSURFHVRGHOLPSLH]D
LQPHGLDWDPHQWHSDUDTXHQRVHGDH
HOPRWRU
3URFHVRGHOLPSLH]D
3DUDDFWLYDUHOSURFHVRGHOLPSLH]D
VLJDFRQGXFLHQGRPDQWHQJDODYHOR
FLGDGGHOPRWRUSRUHQFLPDGH
UHYROXFLRQHVSRUPLQXWR(Q
FDVRQHFHVDULRFDPELHDXQDPDU
FKDPVFRUWD6HLQLFLDODOLPSLH]D
GHOILOWURGHSDUWFXODVGLVHO
6LWDPELQVHHQFLHQGHJQRHV
SRVLEOHOLPSLDUOR\GHEHLUDXQWDOOHU
$WHQFLQ
6LHOSURFHVRGHOLPSLH]DVHLQWH
UUXPSHKD\ULHVJRGHSURYRFDU
JUDYHVGDRVHQHOPRWRU
/DOLPSLH]DVHUHDOL]DPVUSLGD
PHQWHDUHJPHQHVGHUHYROXFLRQHV
PRWRUHOHYDGRV\FDUJDGHOPRWRU
DOWD
(OWHVWLJRGHFRQWUROVHDSDJDHQ
FXDQWRVHKDFRPSOHWDGRHOSURFHVR
GHDXWROLPSLH]D
&DWDOL]DGRU
(OFDWDOL]DGRUUHGXFHHOFRQWHQLGRGH
VXVWDQFLDVQRFLYDVHQORVJDVHVGH
HVFDSH
$WHQFLQ
/RVFRPEXVWLEOHVGHXQDFDOLGDG
GLVWLQWDDORVPHQFLRQDGRVHQODV
SJLQDV SRGUDQ
FDXVDUGDRVHQHOFDWDOL]DGRUR
HQORVFRPSRQHQWHVHOHFWUQLFRV
/DJDVROLQDVLQTXHPDUSXHGH
SURGXFLUXQVREUHFDOHQWDPLHQWR\
GDRVHQHOFDWDOL]DGRU3RUHVR
VHGHEHHYLWDUHOXVRH[FHVLYRGHO
PRWRUGHDUUDQTXHYDFLDUHOGH
SVLWRGHFRPEXVWLEOH\DUUDQFDU
HOPRWRUHPSXMDQGRRUHPROFDQGR
HOYHKFXOR
&RQGXFFLQ\PDQHMR
6LVHSURGXFHQIDOORVGHHQFHQGLGR
IXQFLRQDPLHQWRLUUHJXODUGHOPRWRU
GLVPLQXFLQSHUFHSWLEOHGHODSRWHQ
FLDGHOPRWRURFXDOTXLHURWUDDQRPD
ODKDJDVXEVDQDUODFDXVDGHODDYH
UDHQXQWDOOHUORDQWHVSRVLEOH(Q
FDVRGHHPHUJHQFLDVHSXHGHFRQWL
QXDUFLUFXODQGRGXUDQWHXQEUHYHSH
ULRGRPDQWHQLHQGRODYHORFLGDGGHO
YHKFXOR\HOUJLPHQGHOPRWRUEDMRV
&DPELRDXWRPWLFR
(OFDPELRDXWRPWLFRSHUPLWHFDP
ELDUGHPDUFKDGHIRUPDDXWRPWLFD
PRGRDXWRPWLFR RPDQXDO PRGR
PDQXDO
(OFDPELRPDQXDOHVSRVLEOHHQPRGR
PDQXDOSXOVDQGRR<HQODSDODQFD
VHOHFWRUD
3DQWDOODLQGLFDGRUDGHO
FDPELR
/DPDUFKDRHOPRGRVHOHFFLRQDGRVH
PXHVWUDHQODSDQWDOODLQGLFDGRUDGHO
FDPELR
(QPRGRDXWRPWLFRHOSURJUDPDGH
FRQGXFFLQVHLQGLFDPHGLDQWH'
'HQ
HO&HQWURGHLQIRUPDFLQGHOFRQGXF
WRU
(QPRGRPDQXDOVHLQGLFDQ0
0\HO
QPHURGHODPDUFKDVHOHFFLRQDGD
5LQGLFDPDUFKDDWUV
1LQGLFDODSRVLFLQGHSXQWRPXHUWR
3LQGLFDODSRVLFLQGHHVWDFLRQD
PLHQWR
&RQGXFFLQ\PDQHMR
3DODQFDVHOHFWRUD
/DSDODQFDVHOHFWRUDVHEORTXHDHQOD
SRVLFLQ3
3\VORSXHGHPRYHUVHFRQ
HOHQFHQGLGRFRQHFWDGR\HOSHGDOGHO
IUHQRSLVDGR
1RDFHOHUHPLHQWUDVHQJUDQDXQD
PDUFKD1XQFDSLVHORVSHGDOHVGHO
DFHOHUDGRU\GHOIUHQRDOPLVPR
WLHPSR
&RQXQDPDUFKDHQJUDQDGD\HOIUHQR
VXHOWRHOYHKFXORDYDQ]DOHQWD
PHQWH
(IHFWRGHIUHQRGHOPRWRU
$ILQGHDSURYHFKDUHOHIHFWRGHIUHQR
GHOPRWRUVHOHFFLRQHDWLHPSRXQD
PDUFKDPVEDMDDOFLUFXODUFXHVWD
DEDMRYHD0RGRPDQXDO
3 SRVLFLQGHHVWDFLRQDPLHQWRODV
UXHGDVHVWQEORTXHDGDV VOR
VHGHEHVHOHFFLRQDUFRQHOYH
KFXORSDUDGR\HOIUHQRGHHVWD
FLRQDPLHQWRDFFLRQDGR
5 PDUFKDDWUV VORVHGHEHVH
OHFFLRQDUFRQHOYHKFXORSDUDGR
1 SXQWRPXHUWR
' PRGRGHFDPELRDXWRPWLFR
0 PRGRGHFDPELRPDQXDO
SUHVLRQHSDUDFDPELDUDXQD
PDUFKDPVODUJDHQPRGRPD
QXDO
< SUHVLRQHSDUDFDPELDUDXQD
PDUFKDPVFRUWDHQPRGRPD
QXDO
6DFDUHOYHKFXORPHFLQGROR
6LHOSHGDOGHOIUHQRQRHVWSLVDGR
VHHQFLHQGHHOWHVWLJRGHFRQWUROB
6LODSDODQFDVHOHFWRUDQRHVWHQ3
3
DOGHVFRQHFWDUHOHQFHQGLGRSDUSD
GHDHOWHVWLJRGHFRQWUROB
3DUDVHOHFFLRQDU3
35
5R0
0SXOVHHO
ERWQGHGHVEORTXHR
(OPRWRUVORVHSXHGHDUUDQFDUFRQ
ODSDODQFDHQODSRVLFLQ3
3R1
1&RQ
ODSRVLFLQ1
1VHOHFFLRQDGDSLVHHO
SHGDOGHOIUHQRRDFFLRQHHOIUHQRGH
HVWDFLRQDPLHQWRDQWHVGHDUUDQFDU
6ORVHGHEHPHFHUHOYHKFXOR
FXDQGRTXHGDDWDVFDGRHQDUHQD
EDUURRQLHYH0XHYDODSDODQFDVH
OHFWRUDUHSHWLGDPHQWHHQWUH'
'\5
51R
UHYROXFLRQHH[FHVLYDPHQWHHOPRWRU\
HYLWHXQDDFHOHUDFLQEUXVFD
(VWDFLRQDPLHQWR
$FFLRQHHOIUHQRGHHVWDFLRQDPLHQWR
\VHOHFFLRQH3
3
/DOODYHGHOHQFHQGLGRVORVHSXHGH
VDFDUFXDQGRODSDODQFDVHOHFWRUD
HVWHQODSRVLFLQ3
3
&RQGXFFLQ\PDQHMR
0RGRPDQXDO
(QHOPRGRPDQXDOQRVHSURGXFHHO
FDPELRDXWRPWLFRDXQDPDUFKD
PVODUJDFRQUHJPHQHVGHUHYROX
FLRQHVDOWRVGHOPRWRU
,QGLFDFLQGHFDPELRGHPDUFKD
(OVPEROR5FRQXQQPHURDOODGR
VHLQGLFDFXDQGRVHUHFRPLHQGDXQ
FDPELRGHPDUFKDSRUPRWLYRVGH
DKRUURGHFRPEXVWLEOH
/DLQGLFDFLQGHFDPELRDSDUHFHVR
ODPHQWHHQPRGRPDQXDO
0XHYDODSDODQFDVHOHFWRUDDODSRVL
FLQ0
0
3XOVHHQODSDODQFDVHOHFWRUDSDUD
FDPELDUDXQDPDUFKDVXSHULRU
3XOVH<HQODSDODQFDVHOHFWRUDSDUD
FDPELDUDXQDPDUFKDLQIHULRU
6LVHVHOHFFLRQDXQDPDUFKDPV
ODUJDFLUFXODQGRDXQDYHORFLGDGGH
PDVLDGREDMDRELHQXQDPDUFKD
PVFRUWDDXQDYHORFLGDGGHPD
VLDGRDOWDQRVHSURGXFHHOFDPELR
GHPDUFKD(VWRSXHGHFDXVDUOD
DSDULFLQGHXQPHQVDMHHQHOFHQWUR
GHLQIRUPDFLQGHOFRQGXFWRU
3URJUDPDVHOHFWUQLFRVGH
PDUFKD
0HGLDQWHHODXPHQWRGHOUJLPHQ
GHOPRWRUHOSURJUDPDGHWHP
SHUDWXUDGHIXQFLRQDPLHQWRSRQH
HOFDWDOL]DGRUUSLGDPHQWHDOD
WHPSHUDWXUDQHFHVDULD
/DIXQFLQGHVHOHFFLQDXWRP
WLFDGHSXQWRPXHUWRDFWD
FXDQGRVHGHWLHQHHOYHKFXOR
FRQXQDPDUFKDGHDYDQFH\FRQ
HOSHGDOGHOIUHQRSLVDGR
6HXWLOL]DQSURJUDPDVHVSHFLDOHV
SDUDDGDSWDUDXWRPWLFDPHQWH
ORVSXQWRVGHOFDPELRDOVXELUR
EDMDUSHQGLHQWHV
$OLQLFLDUODPDUFKDHQFRQGLFLR
QHVGHQLHYHRKLHORRVREUH
RWUDVVXSHUILFLHVGHVOL]DQWHVHO
FRQWUROHOHFWUQLFRGHODFDMDGH
FDPELRVVHOHFFLRQDDXWRPWLFD
PHQWHXQDPDUFKDPVODUJD
)XQFLQNLFNGRZQ
(QHOPRGRDXWRPWLFRVLVHSLVDD
IRQGRHOSHGDOGHODFHOHUDGRUVH
FDPELDDXQDPDUFKDPVFRUWDGH
SHQGLHQGRGHOUJLPHQGHOPRWRU
$YHUD
(QFDVRGHDYHUDVHHQFLHQGHHO
WHVWLJRGHFRQWUROJ$GHPVVH
PXHVWUDXQPHQVDMHHQHOFHQWURGH
LQIRUPDFLQGHOFRQGXFWRU0HQVDMHV
GHOYHKFXOR
(OFDPELRDXWRPWLFRGHMDGHIXQFLR
QDU6HSXHGHFRQWLQXDUFLUFXODQGR
FRQHOFDPELRPDQXDO
&RQGXFFLQ\PDQHMR
6ORHVWGLVSRQLEOHODPDUFKDPV
ODUJD'HSHQGLHQGRGHODDYHUDOD
WDPELQSXHGHHVWDUGLVSRQLEOHHQ
HOPRGRPDQXDO&DPELHVRODPHQWH
FXDQGRHOYHKFXORHVWGHWHQLGR
+DJDVXEVDQDUODFDXVDGHODDYHUD
HQXQWDOOHU
,QWHUUXSFLQGHFRUULHQWH
(QFDVRGHLQWHUUXSFLQGHFRUULHQWH
ODSDODQFDVHOHFWRUDQRVHSXHGHPR
YHUGHODSRVLFLQ3
3/DOODYHQRVH
SXHGHVDFDUGHODFHUUDGXUDGHOHQ
FHQGLGR
6LODEDWHUDGHOYHKFXORHVWGHVFDU
JDGDSRQJDHQPDUFKDHOYHKFXOR
FRQFDEOHVDX[LOLDUHVGHDUUDQTXH
6LODEDWHUDGHOYHKFXORQRHVOD
FDXVDGHOIDOORTXLWHODSDODQFDVH
OHFWRUD
3RQJDHOIUHQRGHHVWDFLRQD
PLHQWR
6XHOWHHOUHYHVWLPLHQWRGHODSD
ODQFDVHOHFWRUDGHODFRQVRODFHQ
WUDO HPSXMHFRQXQGHGRHQHO
KXHFRGHSLHOGHODQWHGHODSD
ODQFDVHOHFWRUD\SUHVLRQHHOUH
YHVWLPLHQWRKDFLDDUULEDHQHO
ERUGHGHODQWHURGHVGHDEDMR
FRPRVHPXHVWUDHQODLOXVWUDFLQ
*LUHHOUHYHVWLPLHQWRKDFLDODL]
TXLHUGD
3UHVLRQHODSDODQFDGHOLEHUDFLQ
KDFLDDEDMR\VDTXHODSDODQFD
VHOHFWRUDGH3
3R1
16LVHVHOHF
FLRQDQGHQXHYRHVWDVSRVLFLR
QHVODSDODQFDVHOHFWRUDYROYHU
DEORTXHDUVH+DJDVXEVDQDUOD
FDXVDGHODLQWHUUXSFLQGHFR
UULHQWHHQXQWDOOHU
9XHOYDDPRQWDUHOUHYHVWLPLHQWR
GHODSDODQFDVHOHFWRUDHQODFRQ
VRODFHQWUDO
&RQGXFFLQ\PDQHMR
&DPELRPDQXDO
3LVHVLHPSUHDIRQGRHOSHGDOGHOHP
EUDJXH1RXWLOLFHHOSHGDOFRPR
DSR\RSDUDHOSLH
$WHQFLQ
1RHVDFRQVHMDEOHFRQGXFLUFRQOD
PDQRDSR\DGDHQODSDODQFDVH
OHFWRUD
,QGLFDFLQGHFDPELRGHPDUFKD
6LVWHPDVWRSVWDUW
3DUDHQJUDQDUODPDUFKDDWUVSLVH
HOSHGDOGHHPEUDJXHGHVSXV
SXOVHHOERWQGHGHVEORTXHRGHOD
SDODQFDVHOHFWRUD\HQJUDQHODPDU
FKD
6LODPDUFKDQRHQWUDSRQJDODSD
ODQFDHQSXQWRPXHUWRVXHOWHHOSH
GDOGHOHPEUDJXH\SVHORGHQXHYR
OXHJRUHSLWDODVHOHFFLQGHODPDU
FKD
1RSLVHHOHPEUDJXHLQQHFHVDULD
PHQWH
&DPELRPDQXDO
DXWRPDWL]DGR
/DFDMDGHFDPELRVPDQXDODXWRPD
WL]DGDSHUPLWHUHDOL]DUFDPELRVGH
PDUFKDPDQXDOHV PRGRPDQXDO R
FDPELRVGHPDUFKDDXWRPWLFRV
PRGRDXWRPWLFR DPERVFRQHO
FRQWURODXWRPWLFRGHOHPEUDJXH
(OFDPELRPDQXDOHVSRVLEOHWRFDQGR
ODSDODQFDVHOHFWRUDHQPRGRPD
QXDO
1RWD
$OGHVEORTXHDURDEULUXQDSXHUWD
GHOYHKFXORVHSXHGHQRUXQVR
QLGRFDXVDGRSRUHOVLVWHPDKLGUX
OLFR
&RQGXFFLQ\PDQHMR
3DQWDOODLQGLFDGRUDGHO
FDPELR
/DFDMDGHFDPELRVVHFDPELDDXWR
PWLFDPHQWHD1
1DODUUDQFDU3XHGH
KDEHUXQEUHYHUHWDUGR
7DPSRFRHVSRVLEOHDUUDQFDUHQFDVR
GHIDOORGHWRGDVODVOXFHVGHIUHQR
6LVWHPDVWRSVWDUW
(QPRGRDXWRPWLFRHOSURJUDPDGH
FRQGXFFLQVHLQGLFDPHGLDQWH'
'HQ
HO&HQWURGHLQIRUPDFLQGHOFRQGXF
WRU
0\HO
(QPRGRPDQXDOVHLQGLFDQ0
QPHURGHODPDUFKDVHOHFFLRQDGD
5LQGLFDPDUFKDDWUV
1LQGLFDSXQWRPXHUWR
$UUDQTXHGHOPRWRU
3DUDDUUDQFDUHOPRWRUSLVHHOSHGDO
GHIUHQRVLODFDMDGHFDPELRVQRVH
HQFXHQWUDHQSRVLFLQ1
1
$OYROYHUDDUUDQFDUHOPRWRUHOWHV
WLJRGHFRQWURO'VHDSDJDHQHOFHQ
WURGHLQIRUPDFLQGHOFRQGXFWRU
(OVLVWHPDVWRSVWDUWVHGHVDFWLYDU
HQSHQGLHQWHVGHORVXSHULRU
6LVWHPDVWRSVWDUW
$XWRVWRS
6LHOYHKFXORVHHQFXHQWUDGHWHQLGR
\VHDFFLRQDHOSHGDOGHIUHQRDSD
UDGDDXWRPWLFDVHDFWLYDDXWRPWL
FDPHQWH
(OPRWRUVHSDUDU\HOHQFHQGLGRVH
PDQWLHQHFRQHFWDGR
3DODQFDVHOHFWRUD
8QDSDUDGDDXWRPWLFDVHLQGLFDPH
GLDQWHHOWHVWLJRGHFRQWURO'
$UUDQTXHDXWRPWLFR
6XHOWHHOSHGDOGHOIUHQRRVDTXHOD
SDODQFDVHOHFWRUDGHODSRVLFLQ'
'
SDUDYROYHUDDUUDQFDUHOPRWRU
/DSDODQFDVHOHFWRUDVLHPSUHGHEH
PRYHUVHHQODGLUHFFLQDSURSLDGD
WRGRORTXHVHDSRVLEOH8QDYH]TXH
ODVXHOWHYROYHUDXWRPWLFDPHQWHD
ODSRVLFLQFHQWUDO
1
'
0
<
5
&RQGXFFLQ\PDQHMR
SRVLFLQGHSXQWRPXHUWR
FDPELRHQWUHPRGRDXWRP
WLFR ' \PDQXDO 0 /DSDQ
WDOODLQGLFDGRUDGHOFDPELR
PXHVWUDELHQ'
'R0
0FRQODPDU
FKDVHOHFFLRQDGD
DXPHQWDUODPDUFKDHQPRGR
PDQXDO
UHGXFLUODPDUFKDHQPRGRPD
QXDO
PDUFKDDWUV6HGHEHVHOHF
FLRQDUVORFRQHOYHKFXORSD
UDGR
6LODSDODQFDVHOHFWRUDVHGHVSOD]D
GH5
5DODL]TXLHUGD'
'VHHQJUDQDGL
UHFWDPHQWH
6LODSDODQFDVHOHFWRUDVHGHVSOD]D
GH'
'DR<VHVHOHFFLRQDHOPRGR
PDQXDO0
0\ORVFDPELRVGHWUDQVPL
VLQ
$OVDOLUGHYLDMH
3LVHHOSHGDOGHIUHQR\PXHYDODSD
ODQFDVHOHFWRUDD'
'0R5
56LVHVH
OHFFLRQD'
'ODFDMDGHFDPELRVVHHQ
FXHQWUDHQPRGRDXWRPWLFR\ODSUL
PHUDPDUFKDHVWDFRSODGD6LHVW
VHOHFFLRQDGDODSRVLFLQ5
5HVW
SXHVWDODPDUFKDDWUV
(OYHKFXORFRPLHQ]DDPRYHUVH
FXDQGRVHVXHOWDHOSHGDOGHOIUHQR
3DUDSRQHUVHHQPDUFKDVLQSLVDUHO
SHGDOGHIUHQRDFHOHUHLQPHGLDWD
PHQWHGHVSXVGHDSOLFDUXQDPDU
FKDVLHPSUHTXH'
'R5
5SDUSDGHH
6LQRHVWSLVDGRHODFHOHUDGRUQLHO
IUHQRQRVHHQJUDQDQLQJXQDPDUFKD
\'
'R5
5SDUSDGHDEUHYHPHQWHHQOD
SDQWDOOD
3DUDGDGHOYHKFXOR
(Q'
'VHHQJUDQDODSULPHUDPDUFKD
\VHVXHOWDHOHPEUDJXHDOSDUDUVHHO
YHKFXOR(Q5
5SHUPDQHFHSXHVWDOD
PDUFKDDWUV
(IHFWRGHIUHQRGHOPRWRU
0RGRDXWRPWLFR
$OFLUFXODUFXHVWDDEDMRHOFDPELR
PDQXDODXWRPDWL]DGRQRFDPELDD
XQDPDUFKDPVODUJDKDVWDTXHVH
DOFDQ]DXQUJLPHQGHOPRWRUEDV
WDQWHHOHYDGR&XDQGRVHIUHQDUH
GXFHDXQDPDUFKDPVFRUWDORDQWHV
SRVLEOH
0RGRPDQXDO
$ILQGHDSURYHFKDUHOHIHFWRGHIUHQR
GHOPRWRUVHOHFFLRQHDWLHPSRXQD
PDUFKDPVEDMDDOFLUFXODUFXHVWD
DEDMR&DPELDUDPRGRPDQXDOHV
VRODPHQWHSRVLEOHFRQHOPRWRUHQ
PDUFKDRGXUDQWHXQDSDUDGDDXWR
PWLFD
6DFDUHOYHKFXORPHFLQGROR
6ORVHGHEHPHFHUHOYHKFXOR
FXDQGRTXHGDDWDVFDGRHQDUHQD
EDUURRQLHYH0XHYDODSDODQFDVH
OHFWRUDUHSHWLGDPHQWHHQWUH5
5\'
'1R
UHYROXFLRQHH[FHVLYDPHQWHHOPRWRU\
HYLWHXQDDFHOHUDFLQEUXVFD
(VWDFLRQDPLHQWR
/DPDUFKDDFRSODGDPVUHFLHQWH
PHQWH FRQVXOWHODSDQWDOODLQGLFD
GRUDGHOFDPELR SHUPDQHFHDFR
SODGDDODSDJDUHOHQFHQGLGR&RQ1
1
QRVHHQJUDQDQLQJXQDPDUFKD
3RUWDQWRDSOLTXHVLHPSUHHOIUHQRGH
HVWDFLRQDPLHQWRDODSDJDUHOHQFHQ
GLGR6LQRVHDSOLFDHOIUHQRGHHVWD
FLRQDPLHQWR3
3SDUSDGHDHQODSDQ
WDOODLQGLFDGRUDGHOFDPELR\ODOODYH
QRVHSXHGHVDFDUHOLQWHUUXSWRUGH
&RQGXFFLQ\PDQHMR
HQFHQGLGR3
3GHMDGHSDUSDGHDUHQOD
SDQWDOODLQGLFDGRUDGHOFDPELRWDQ
SURQWRFRPRVHDSOLFDOLJHUDPHQWHHO
IUHQRGHHVWDFLRQDPLHQWR
&RQHOHQFHQGLGRGHVFRQHFWDGRHO
FDPELR\DQRUHVSRQGHDORVPRYL
PLHQWRVGHODSDODQFDVHOHFWRUD
6LVWHPDGHFRQWUROGHSUHVLQGH
ORVQHXPWLFRV
3DUDLQLFLDUHOSURFHVRGHDMXVWHGHO
VHQVRUGHOVLVWHPDGHFRQWUROGHSUH
VLQGHORVQHXPWLFRVHVQHFHVDULR
PRYHUODSDODQFDVHOHFWRUD\PDQWH
QHUODHQODSRVLFLQ1
1GXUDQWH
FLQFRVHJXQGRV3
3VHLOXPLQDHQOD
SDQWDOODLQGLFDGRUDGHOFDPELRSDUD
LQGLFDUTXHVHSXHGHLQLFLDUHOSUR
FHVRGHDMXVWHGHOVHQVRU
6LVWHPDGHFRQWUROGHSUHVLQGHORV
QHXPWLFRV
0RGRPDQXDO
6LVHVHOHFFLRQDXQDPDUFKDPV
ODUJDFXDQGRHOUJLPHQGHOPRWRUHV
GHPDVLDGREDMRRELHQXQDPDUFKD
PVFRUWDDXQUJLPHQGHPDVLDGR
DOWRQRVHSURGXFHHOFDPELRGHPDU
FKD(VWRHYLWDTXHHOPRWRUIXQFLRQH
DXQUJLPHQGHUHYROXFLRQHVGHPD
VLDGREDMRRGHPDVLDGRDOWRUHVSHF
WLYDPHQWH$SDUHFHXQPHQVDMHGH
DGYHUWHQFLDHQHOFHQWURGHLQIRUPD
FLQGHOFRQGXFWRU0HQVDMHVGHOYH
KFXOR
6LHOUJLPHQGHOPRWRUHVGHPDVLDGR
EDMRVHFDPELDDXWRPWLFDPHQWHD
XQDPDUFKDPVFRUWD
6LHOUJLPHQGHOPRWRUHVGHPDVLDGR
DOWRHOFDPELRVORVHOHFFLRQDDXWR
PWLFDPHQWHXQDPDUFKDPVODUJD
FRQODIXQFLQNLFNGRZQ
(QPRGRDXWRPWLFRVLVHVHOHFFLRQD
RVHFDPELDDOPRGRPDQXDO\VH
VHOHFFLRQDODPDUFKDFRUUHVSRQ
GLHQWH
,QGLFDFLQGHFDPELRGHPDUFKD
(OVPEROR5FRQXQQPHURDOODGR
VHLQGLFDFXDQGRVHUHFRPLHQGDXQ
FDPELRGHPDUFKDSRUPRWLYRVGH
DKRUURGHFRPEXVWLEOH
/DLQGLFDFLQGHFDPELRDSDUHFHVR
ODPHQWHHQPRGRPDQXDO
3URJUDPDVHOHFWUQLFRVGH
PDUFKD
0HGLDQWHHODXPHQWRGHOUJLPHQ
GHOPRWRUHOSURJUDPDGHWHP
SHUDWXUDGHIXQFLRQDPLHQWRSRQH
HOFDWDOL]DGRUUSLGDPHQWHDOD
WHPSHUDWXUDQHFHVDULD
/RVSURJUDPDVDGDSWDWLYRVUHJX
ODQHOFDPELRGHPDUFKDVVHJQ
ODVFRQGLFLRQHVGHFRQGXFFLQ
SRUHMHPSORHQFDVRGHFDUJD
HOHYDGDRHQSHQGLHQWHV
)XQFLQNLFNGRZQ
(QHOPRGRDXWRPWLFRVLVHSLVDD
IRQGRHOSHGDOGHODFHOHUDGRUVH
FDPELDDXQDPDUFKDPVFRUWDGH
SHQGLHQGRGHOUJLPHQGHOPRWRU
$YHUD
3DUDHYLWDUGDRVHQHOFDPELRPD
QXDODXWRPDWL]DGRHOHPEUDJXHVH
GHVFRQHFWDDXWRPWLFDPHQWH
FXDQGRDOFDQ]DWHPSHUDWXUDVPX\
HOHYDGDV
&RQGXFFLQ\PDQHMR
(QFDVRGHDYHUDVHHQFLHQGHHO
WHVWLJRGHFRQWUROJ$GHPVDSD
UHFHXQPHQVDMHGHDGYHUWHQFLDHQHO
FHQWURGHLQIRUPDFLQGHOFRQGXFWRU
0HQVDMHVGHOYHKFXOR
(QIXQFLQGHODDYHUDODFRQGXFFLQ
FRQWLQXDHVWOLPLWDGDRQRVHSHU
PLWH
+DJDVXEVDQDUODFDXVDGHODDYHUD
HQXQWDOOHU
)UHQRV
(OVLVWHPDGHIUHQRVWLHQHGRVFLUFXL
WRVGHIUHQRLQGHSHQGLHQWHV
6LIDOODXQRGHORVFLUFXLWRVGHIUHQRV
DQHVSRVLEOHIUHQDUHOYHKFXORFRQ
HORWURFLUFXLWR6LQHPEDUJRSDUDIUH
QDUKD\TXHSLVDUHOSHGDOILUPH
PHQWH6HUHTXLHUHPXFKDPV
IXHU]DSDUDHOOR/DGLVWDQFLDGHIUH
QDGRVHUPD\RU$QWHVGHFRQWLQXDU
HOYLDMHUHFXUUDDODD\XGDGHXQWD
OOHU
&XDQGRHOPRWRUQRHVWHQPDUFKD
HOVHUYRIUHQRGHMDGHIXQFLRQDUGHV
SXVGHSLVDUHOSHGDOGHOIUHQRXQDR
GRVYHFHV(VWRQRVLJQLILFDTXHOD
DFFLQGHOIUHQRVHDPHQRUSHURKD
EUTXHSLVDUHOSHGDOFRQPVIXHU]D
(VWRGHEHWHQHUVHHQFXHQWDHVSH
FLDOPHQWHDOUHPROFDUHOYHKFXOR
7HVWLJRGHFRQWURO1
6LVWHPDDQWLEORTXHRGH
IUHQRV
(OVLVWHPDDQWLEORTXHRGHIUHQRV
$%6 HYLWDTXHVHEORTXHHQODV
UXHGDV
(O$%6FRPLHQ]DDUHJXODUODSUHVLQ
GHORVIUHQRVHQFXDQWRXQDUXHGD
PXHVWUDWHQGHQFLDDEORTXHDUVH(O
YHKFXORPDQWLHQHODPDQLREUDELOL
GDGLQFOXVRGXUDQWHXQDIUHQDGDD
IRQGR
/DUHJXODFLQGHOVLVWHPD$%6VH
PDQLILHVWDPHGLDQWHODVSXOVDFLRQHV
GHOSHGDOGHOIUHQR\XQUXLGRGHUH
JODMH
3DUDXQDHILFDFLDSWLPDGHOIUHQDGR
PDQWHQJDHOSHGDOGHOIUHQRSLVDGR
GXUDQWHWRGRHOSURFHVRGHIUHQDGR
DXQTXHHOSHGDOWLHPEOH1RGLVPL
QX\DODSUHVLQHMHUFLGDVREUHHOSH
GDO
$OLQLFLDUODPDUFKDHOVLVWHPDUHDOL]D
XQDDXWRFRPSUREDFLQTXHSXHGH
VHUDXGLEOH
7HVWLJRGHFRQWUROS
/X]GHIUHQRDGDSWDWLYD
(QFDVRGHXQDIUHQDGDDIRQGRSDU
SDGHDUQODVWUHVOXFHVGHIUHQR
PLHQWUDVGXUHODUHJXODFLQGHO$%6
&RQGXFFLQ\PDQHMR
)UHQRGHHVWDFLRQDPLHQWR
$YHUD
$GYHUWHQFLD
6LKD\XQDDYHUDGHO$%6 ODVUXH
GDVSXHGHQEORTXHDUVHHQFDVR
GHIUHQD]RVIXHUWHV/DVYHQWDMDV
GHO$%6\DQRHVWQGLVSRQLEOHV
$OIUHQDUDIRQGRHOYHKFXOR\DQR
UHVSRQGHDOYRODQWH\SXHGHGH
UUDSDU
)UHQRGHHVWDFLRQDPLHQWR
PDQXDO
3DUDVROWDUHOIUHQRGHHVWDFLRQD
PLHQWROHYDQWHXQSRFRODSD
ODQFDSXOVHHOERWQGHGHVEOR
TXHR\EDMHFRPSOHWDPHQWHODSD
ODQFD
3DUDUHGXFLUHOHVIXHU]RQHFHVDULR
SDUDDFFLRQDUHOIUHQRGHHVWDFLR
QDPLHQWRSLVHVLPXOWQHDPHQWH
HOSHGDOGHOIUHQR
7HVWLJRGHFRQWURO1
+DJDVXEVDQDUODFDXVDGHODDYHUD
HQXQWDOOHU
$VLVWHQWHGHIUHQDGD
$GYHUWHQFLD
$SOLTXHVLHPSUHHOIUHQRGHHVWD
FLRQDPLHQWRILUPHPHQWHVLQSXO
VDUHOERWQGHGHVEORTXHR HQ
SHQGLHQWHVDFFLQHORFRQWRGDOD
ILUPH]DSRVLEOH
$OSLVDUIXHUWH\USLGRHOSHGDOGHO
IUHQRVHIUHQDDXWRPWLFDPHQWHFRQ
ODP[LPDSRWHQFLDGHOIUHQR IUHQDGD
DIRQGR
0DQWHQJDSLVDGRHOSHGDOGHOIUHQR
PLHQWUDVVHDQHFHVDULRIUHQDUD
IRQGR/DP[LPDIXHU]DGHIUHQDGD
VHUHGXFHDXWRPWLFDPHQWHDOVROWDU
HOSHGDOGHOIUHQR
&RQGXFFLQ\PDQHMR
$VLVWHQWHGHDUUDQTXHHQ
SHQGLHQWHV
(OVLVWHPDD\XGDDHYLWDUXQPRYL
PLHQWRLQGHVHDGRDOLQLFLDUODPDUFKD
HQSHQGLHQWHV
$OVROWDUHOSHGDOGHOIUHQRGHVSXVGH
GHWHQHUVHHQXQDSHQGLHQWHODSUH
VLQGHOIUHQRVHPDQWHQGUGXUDQWH
VHJXQGRVPV/RVIUHQRVVHVXHO
WDQDXWRPWLFDPHQWHHQFXDQWRHOYH
KFXORHPSLH]DDDFHOHUDURWUDQVFX
UULGRVORVGRVVHJXQGRVGHWLHPSRGH
UHWHQFLQ
(ODVLVWHQWHGHDUUDQTXHHQSHQGLHQ
WHVQRHVWDFWLYRGXUDQWHXQDSDUDGD
DXWRPWLFD $XWRVWRS
6LVWHPDVGHFRQWUROGH
ODFRQGXFFLQ
6LVWHPDGHFRQWUROGH
WUDFFLQ
(OVLVWHPDGHFRQWUROGHWUDFFLQ 7&
HVXQFRPSRQHQWHGHOFRQWUROHOHF
WUQLFRGHHVWDELOLGDG (6&
(O7&PHMRUDODHVWDELOLGDGGHPDU
FKDHQFDVRQHFHVDULRFRQLQGHSHQ
GHQFLDGHOWLSRGHFDO]DGD\GHODJD
UUHGHORVQHXPWLFRVHYLWDQGRTXH
SDWLQHQODVUXHGDVPRWULFHV
(QFXDQWRODVUXHGDVPRWULFHVFR
PLHQ]DQDJLUDUVHUHGXFHODSRWHQ
FLDGHOPRWRU\VHIUHQDLQGLYLGXDO
PHQWHODUXHGDTXHPVJLUD(VWR
PHMRUDFRQVLGHUDEOHPHQWHODHVWDEL
OLGDGGHPDUFKDGHOYHKFXORVREUH
FDO]DGDVUHVEDODGL]DV
(O7&HVWRSHUDWLYRFDGDYH]TXH
DUUDQFDHOPRWRUHQFXDQWRVHDSDJD
HOWHVWLJRGHFRQWUROE
&XDQGRDFWDHO7&SDUSDGHDHOWHV
WLJRE
$GYHUWHQFLD
1RGHMHTXHHVWDFDUDFWHUVWLFDHV
SHFLDOGHVHJXULGDGOHLQFLWHDFRQ
GXFLUDUULHVJDGDPHQWH
/DYHORFLGDGGHEHDGDSWDUVHDODV
FRQGLFLRQHVGHODFDO]DGD
'HVDFWLYDFLQ
&RQGXFFLQ\PDQHMR
6HSXHGHGHVFRQHFWDUHO7&FXDQGR
VHDQHFHVDULRTXHODVUXHGDVPRWUL
FHVSDWLQHQ SXOVHEUHYHPHQWHE
$OGHVDFWLYDUHO7&DSDUHFHXQPHQ
VDMHGHHVWDGRHQHOFHQWURGHLQIRU
PDFLQGHOFRQGXFWRU
6HHQFLHQGHHOWHVWLJRGHFRQWURON
&XDQGRVHGHVDFWLYDHO7&HO(6&
SHUPDQHFHDFWLYRFRQXQOPLWHGH
FRQWUROVXSHULRU
(O7&VHUHDFWLYDSXOVDQGRGHQXHYR
E$OUHDFWLYDUHO7&VHPXHVWUDXQ
PHQVDMHGHHVWDGRHQHOFHQWURGHLQ
IRUPDFLQGHOFRQGXFWRU
(O7&WDPELQVHUHDFWLYDODSU[LPD
YH]TXHFRQHFWHHOHQFHQGLGR
$YHUD
6LKD\XQDDYHUDHQHOVLVWHPDVH
HQFLHQGHHOWHVWLJRGHFRQWUROEFRQ
WLQXDPHQWH\DSDUHFHXQPHQVDMHR
XQFGLJRGHDGYHUWHQFLDHQHOFHQWUR
GHLQIRUPDFLQGHOFRQGXFWRU(OVLV
WHPDQRHVWRSHUDWLYR
+DJDVXEVDQDUODFDXVDGHODDYHUD
HQXQWDOOHU
&RQWUROHOHFWUQLFRGH
HVWDELOLGDG
(OFRQWUROHOHFWUQLFRGHHVWDELOLGDG
(6& PHMRUDODHVWDELOLGDGGHPDU
FKDHQFDVRQHFHVDULRFRQLQGHSHQ
GHQFLDGHOWLSRGHFDO]DGD\GHODJD
UUHGHORVQHXPWLFRV
(QFXDQWRHOYHKFXORFRPLHQ]DDGH
UUDSDU VXEYLUDMHVVREUHYLUDMHV VH
UHGXFHODSRWHQFLDGHOPRWRU\VHIUH
QDQODVUXHGDVLQGLYLGXDOPHQWH
(O(6&IXQFLRQDHQFRPELQDFLQFRQ
HOVLVWHPDGHFRQWUROGHWUDFFLQ 7&
(YLWDTXHSDWLQHQODVUXHGDVPRWUL
FHV
(O(6&HVWRSHUDWLYRFDGDYH]TXH
DUUDQFDHOPRWRUHQFXDQWRVHDSDJD
HOWHVWLJRGHFRQWUROE
&XDQGRDFWDHO(6&SDUSDGHDHO
WHVWLJRE
$GYHUWHQFLD
1RGHMHTXHHVWDFDUDFWHUVWLFDHV
SHFLDOGHVHJXULGDGOHLQFLWHDFRQ
GXFLUDUULHVJDGDPHQWH
/DYHORFLGDGGHEHDGDSWDUVHDODV
FRQGLFLRQHVGHODFDO]DGD
7HVWLJRGHFRQWUROE
'HVDFWLYDFLQ
&RQGXFFLQ\PDQHMR
(O(6&\7&VHSXHGHQGHVDFWLYDU
PDQWHQJDSXOVDGREGXUDQWHXQ
PQLPRGHVHJXQGRV (6&\
7&VHGHVDFWLYDQN\QVHLOX
PLQDQ\DSDUHFHQPHQVDMHVGH
HVWDGRHQHOFHQWURGHLQIRUPD
FLQGHOFRQGXFWRU
3DUDGHVDFWLYDUQLFDPHQWHHO
VLVWHPDGHFRQWUROGHWUDFFLQ
SXOVHEEUHYHPHQWH HO7&HVW
LQDFWLYRSHURHO(6&SHUPDQHFH
DFWLYRFRQXQOPLWHGHFRQWUROVX
SHULRUNVHLOXPLQD$OGHVDFWL
YDUHO7&DSDUHFHXQPHQVDMH
GHHVWDGRHQHOFHQWURGHLQIRU
PDFLQGHOFRQGXFWRU
(O(6&VHUHDFWLYDSXOVDQGRGH
QXHYRHOERWQE6LVHKDGHVDFWL
YDGRDQWHULRUPHQWHHOVLVWHPD7&
WDQWR7&FRPR(6&YXHOYHQDDFWL
YDUVHN\QVHDSDJDQFXDQGRVH
YXHOYHQDDFWLYDU7&\(6&
(O(6&WDPELQVHUHDFWLYDODSU
[LPDYH]TXHFRQHFWHHOHQFHQGLGR
$FWLYDFLQ
$YHUD
6LKD\XQDDYHUDHQHOVLVWHPDVH
HQFLHQGHHOWHVWLJRGHFRQWUROEFRQ
WLQXDPHQWH\DSDUHFHXQPHQVDMHR
XQFGLJRGHDGYHUWHQFLDHQHOFHQWUR
GHLQIRUPDFLQGHOFRQGXFWRU(OVLV
WHPDQRHVWRSHUDWLYR
+DJDVXEVDQDUODFDXVDGHODDYHUD
HQXQWDOOHU
0RGRFLXGDG
(OPRGRFLXGDGHVXQDIXQFLQTXH
SHUPLWHXQDPD\RUDVLVWHQFLDGHOD
GLUHFFLQHQVLWXDFLRQHVGHEDMDYH
ORFLGDGFRPRHQWUILFRXUEDQRRPD
QLREUDVGHHVWDFLRQDPLHQWR6HDX
PHQWDODDVLVWHQFLDGHODGLUHFFLQ
SDUDPD\RUFRPRGLGDG
3XOVH%FXDQGRHOPRWRUHVWHQPDU
FKD(OVLVWHPDIXQFLRQDGHVGHFHUR
KDVWDNPK\WDPELQHQPDUFKD
DWUV3RUHQFLPDGHGLFKDYHORFLGDG
HOVLVWHPDFDPELDDOPRGRQRUPDO
&XDQGRVHDFWLYDHOPRGRFLXGDGVH
FRQHFWDDXWRPWLFDPHQWHSRUGHEDMR
GHNPK
6HHQFLHQGHXQ/('HQHOERWQGHO
PRGRFLXGDGSDUDLQGLFDUTXHHOVLV
WHPDHVWDFWLYR\DSDUHFHXQPHQ
VDMHHQHOFHQWURGHLQIRUPDFLQGHO
FRQGXFWRU
&RQGXFFLQ\PDQHMR
(OPRGRFLXGDGSHUPDQHFHDFWLYRGX
UDQWHXQDSDUDGDDXWRPWLFDSHUR
VORHVWRSHUDWLYRFRQHOPRWRUHQ
PDUFKD
6LVWHPDVWRSVWDUW
'HVDFWLYDFLQ
3XOVH% VHDSDJDHO/('GHOERWQ
\DSDUHFHHQHOFHQWURGHLQIRUPDFLQ
GHOFRQGXFWRU
&DGDYH]TXHVHDUUDQFDHOPRWRUVH
GHVDFWLYDHOPRGRFLXGDG
$YHUD
&DOLEUDFLQGHOVLVWHPD
6LORVWHVWLJRVGHFRQWUROF\EVH
HQFLHQGHQVLPXOWQHDPHQWHHVQH
FHVDULDXQDFDOLEUDFLQGHOVLVWHPD
GHGLUHFFLQDVLVWLGD(VWRSXHGH
RFXUULUSRUHMHPSORVLVHJLUDHOYR
ODQWHXQDYXHOWDFRQHOHQFHQGLGR
GHVFRQHFWDGR(QWDOFDVRFRQHFWH
HOHQFHQGLGR\JLUHHOYRODQWHGHXQ
WRSHDRWURXQDYH]
6LORVWHVWLJRVGHFRQWUROF\EQRVH
DSDJDQGHVSXVGHODFDOLEUDFLQUH
FXUUDDODD\XGDGHXQWDOOHU
6LVWHPDVGHD\XGDDOD
FRQGXFFLQ
$GYHUWHQFLD
/RVVLVWHPDVGHD\XGDDODFRQ
GXFFLQHVWQFRQFHELGRVSDUD
DSR\DUDOFRQGXFWRU\QRSDUD
UHHPSOD]DUODDWHQFLQGHOFRQ
GXFWRU
(OFRQGXFWRUGHEHDVXPLUWRGDOD
UHVSRQVDELOLGDGFXDQGRFRQGXFH
HOYHKFXOR
&XDQGRXWLOLFHVLVWHPDVGHD\XGD
DODFRQGXFFLQVLHPSUHGHEH
SUHVWDUDWHQFLQDODVLWXDFLQGHO
WUILFR
5HJXODGRUGHYHORFLGDG
(QFDVRGHDYHUDHQHOVLVWHPDVH
LOXPLQDHOWHVWLJRGHFRQWUROF\DSD
UHFHXQPHQVDMHHQHOFHQWURGHLQ
IRUPDFLQGHOFRQGXFWRU
0HQVDMHVGHOYHKFXOR
(OUHJXODGRUGHYHORFLGDGSXHGH
JXDUGDU\PDQWHQHUYHORFLGDGHVGH
DSUR[LPDGDPHQWHNPKSDUDYH
ORFLGDGP[LPDGHOYHKFXOR6HSXH
GHQSURGXFLUYDULDFLRQHVUHVSHFWRD
ODYHORFLGDGPHPRUL]DGDFXDQGRVH
FRQGXFHFXHVWDDUULEDRFXHVWD
DEDMR
&RQGXFFLQ\PDQHMR
3RUPRWLYRVGHVHJXULGDGHOUHJXOD
GRUGHYHORFLGDGVORVHSXHGHDFWL
YDUWUDVKDEHUSLVDGRXQDYH]HOSHGDO
GHOIUHQR1RVHSXHGHDFWLYDUHQSUL
PHUD
&RQH[LQ
$XPHQWDUODYHORFLGDG
3XOVH> HOWHVWLJRGHFRQWURO>GHO
FXDGURGHLQVWUXPHQWRVVHHQFLHQGH
HQEODQFR
&RQHOUHJXODGRUGHYHORFLGDGDFWL
YDGRPDQWHQJDODUXHGDGHDMXVWHJL
UDGDKDFLD5
5(6RJUHODEUHYH
PHQWHD5
5(6YDULDVYHFHV ODYHOR
FLGDGDXPHQWDFRQWLQXDPHQWHRHQ
SHTXHRVLQFUHPHQWRV
&RPRDOWHUQDWLYDDFHOHUHKDVWDOD
YHORFLGDGGHVHDGD\PHPRULFHHOYD
ORUJLUDQGRODUXHGDD6
6(7
$FWLYDFLQ
1RDFWLYHHOUHJXODGRUGHYHORFLGDGVL
QRHVDFRQVHMDEOHPDQWHQHUXQDYH
ORFLGDGFRQVWDQWH
(QYHKFXORVFRQFDPELRDXWRPWLFR
RFDPELRPDQXDODXWRPDWL]DGRHOUH
JXODGRUGHYHORFLGDGVHSXHGHDFWL
YDUHQPRGRDXWRPWLFR\PRGRPD
QXDO
7HVWLJRGHFRQWURO>
$FHOHUHKDVWDDOFDQ]DUODYHORFLGDG
GHVHDGD\JLUHODUXHGDGHDMXVWHD
6(7VHPHPRUL]D\PDQWLHQHODYH
ORFLGDGDFWXDO(OWHVWLJRGHFRQWURO
>GHOFXDGURGHLQVWUXPHQWRVVHHQ
FLHQGHHQYHUGH/DYHORFLGDGHVWD
EOHFLGDVHLQGLFDHQODSDQWDOOD6H
SXHGHVROWDUHOSHGDOGHODFHOHUDGRU
/DYHORFLGDGGHOYHKFXORSXHGHDX
PHQWDUVHSLVDQGRHOSHGDOGHODFHOH
UDGRU&XDQGRVHVXHOWDHOSHGDOGHO
DFHOHUDGRUVHUHFXSHUDODYHORFLGDG
PHPRUL]DGDSUHYLDPHQWH
(OUHJXODGRUGHYHORFLGDGSHUPDQHFH
DFWLYDGRFXDQGRVHFDPELDGHPDU
FKD
&RQGXFFLQ\PDQHMR
5HGXFLUODYHORFLGDG
&RQHOUHJXODGRUGHYHORFLGDGDFWL
YDGRPDQWHQJDODUXHGDGHDMXVWHJL
UDGDKDFLD6
6(7RJUHODEUHYHPHQWH
D6
6(7YDULDVYHFHV ODYHORFLGDG
GLVPLQX\HFRQWLQXDPHQWHRHQSH
TXHRVLQFUHPHQWRV
'HVDFWLYDFLQ
3XOVH\ HOWHVWLJRGHFRQWURO>GHO
FXDGURGHLQVWUXPHQWRVVHHQFLHQGH
HQEODQFR(OUHJXODGRUGHYHORFLGDG
HVWGHVDFWLYDGR/DOWLPDYHORFLGDG
DOPDFHQDGDSHUPDQHFHHQODPHPR
ULDSDUDODUHDQXGDFLQGHODOWLPD
YHORFLGDG
'HVDFWLYDFLQDXWRPWLFD
/DYHORFLGDGGHOYHKFXORVHHQ
FXHQWUDSRUGHEDMRGHXQRV
NPK
/DYHORFLGDGGHOYHKFXORFDH
PVGHNPKSRUGHEDMRGHOD
YHORFLGDGHVWDEOHFLGD
(OSHGDOGHOIUHQRHVWSLVDGR
(OSHGDOGHOHPEUDJXHHVWSL
VDGRGXUDQWHXQRVVHJXQGRV
/DSDODQFDVHOHFWRUDHVWHQ1
1
(OUJLPHQGHOPRWRUHVPX\
EDMR
(OVLVWHPDGHFRQWUROGHWUDFFLQ
RHOFRQWUROHOHFWUQLFRGHHVWD
ELOLGDGHVWQHQIXQFLRQDPLHQWR
(OIUHQRGHHVWDFLRQDPLHQWRHVW
DSOLFDGR
6LVHSXOVDVLPXOWQHDPHQWH
5(6\HOSHGDOGHIUHQRVH
GHVDFWLYDHOUHJXODGRUGHYHORFL
GDG\VHERUUDODYHORFLGDGDOPD
FHQDGD
5HVWDEOHFHUODYHORFLGDG
PHPRUL]DGD
$XQDYHORFLGDGVXSHULRUDNPK
JLUHODUXHGDGHDMXVWHD5
5(66H
UHVWDEOHFHUODYHORFLGDGJXDUGDGD
'HVFRQH[LQ
3XOVH> HOWHVWLJRGHFRQWURO>GHO
FXDGURGHLQVWUXPHQWRVVHDSDJD6H
ERUUDODYHORFLGDGPHPRUL]DGD
3XOVDU/SDUDDFWLYDUHOOLPLWDGRUGH
YHORFLGDGRDSDJDUHOHQFHQGLGRGHV
FRQHFWDUWDPELQHOUHJXODGRUGH
YHORFLGDG\ERUUDUODYHORFLGDGPH
PRUL]DGD
/LPLWDGRUGHYHORFLGDG
(OOLPLWDGRUGHYHORFLGDGHYLWDTXHHO
YHKFXORVXSHUHXQDYHORFLGDGP
[LPDSUHGHILQLGD
/DYHORFLGDGP[LPDVHSXHGHHVWD
EOHFHUDYHORFLGDGHVVXSHULRUHVD
NPKKDVWDNPK
(OFRQGXFWRUVORSXHGHDFHOHUDU
KDVWDODYHORFLGDGSUHHVWDEOHFLGD
3XHGHQSUHVHQWDUVHGHVYLDFLRQHVGH
ODYHORFLGDGOLPLWDGDDOFRQGXFLU
FXHVWDDEDMR
(OOPLWHGHYHORFLGDGSUHHVWDEOHFLGR
VHPXHVWUDHQHOFHQWURGHLQIRUPD
FLQGHOFRQGXFWRUFRQHOVLVWHPDDF
WLYR
&RQGXFFLQ\PDQHMR
$FWLYDFLQ
'HVDFWLYDFLQ
&DPELDUHOOPLWHGHYHORFLGDG
&RQHOOLPLWDGRUGHYHORFLGDGDFWLYR
JLUHODUXHGDGHFRQWUROD5
5(6SDUD
DXPHQWDURD6
6(7UHGXFLUODYHORFL
GDGP[LPDGHVHDGD
3XOVH/6LHOUHJXODGRUGHYHORFLGDG
VHKDDFWLYDGRDQWHULRUPHQWHVHGHV
FRQHFWDDODFWLYDUVHHOOLPLWDGRUGH
YHORFLGDG\VHDSDJDHOWHVWLJRGH
FRQWURO>
/PLWHGHYHORFLGDGHVWDEOHFLGR
$FHOHUHKDVWDDOFDQ]DUODYHORFLGDG
GHVHDGD\JLUHEUHYHPHQWHODUXHGD
GHFRQWUROD6
6(7 ODYHORFLGDGDFWXDO
VHPHPRUL]DFRPRODYHORFLGDGP
[LPD(OOPLWHGHYHORFLGDGDSDUHFH
HQHOFHQWURGHLQIRUPDFLQGHOFRQ
GXFWRU
6XSHUDUHOOPLWHGHYHORFLGDG
6LVHH[FHGHODYHORFLGDGOLPLWDGDVLQ
RUGHQGHOFRQGXFWRUODYHORFLGDGSDU
SDGHDUHQHOFHQWURGHLQIRUPDFLQ
GHOFRQGXFWRU\VRQDUXQDYLVRDFV
WLFRGXUDQWHHVWHSHULRGR
(QFDVRGHHPHUJHQFLDHVSRVLEOH
H[FHGHUHOOPLWHGHYHORFLGDGSL
VDQGRFRQIXHU]DHOSHGDOGHODFHOH
UDGRUFDVLKDVWDHOSXQWRILQDO(QHVWH
FDVRQRDSDUHFHQLQJQDYLVRDFV
WLFR
6XHOWHHOSHGDOGHODFHOHUDGRU\OD
IXQFLQGHOOLPLWDGRUGHYHORFLGDGVH
UHDFWLYDUHQFXDQWRFLUFXOHDXQDYH
ORFLGDGLQIHULRUDODYHORFLGDGOPLWH
3XOVH\ HOOLPLWDGRUGHYHORFLGDGVH
KDGHVDFWLYDGR\SXHGHFRQGXFLUHO
YHKFXORVLQOPLWHVGHYHORFLGDG
/DYHORFLGDGOLPLWDGDVHDOPDFHQDU
\VHLQGLFDHQWUHSDUQWHVLVHQHO
&HQWURGHLQIRUPDFLQGHOFRQGXFWRU
$GHPVDSDUHFHXQPHQVDMHFRUUHV
SRQGLHQWH
5HFXSHUDUODYHORFLGDGOPLWH
*LUHODUXHGDGHDMXVWHD5
5(66H
HVWDEOHFHUHOOPLWHGHYHORFLGDGPH
PRUL]DGR
'HVFRQH[LQ
3XOVH/VHDSDJDODLQGLFDFLQGHO
OPLWHGHYHORFLGDGUHFRJLGDHQHO
FHQWURGHLQIRUPDFLQGHOFRQGXFWRU
6HERUUDODYHORFLGDGPHPRUL]DGD
3XOVDQGR>SDUDDFWLYDUHOUHJXODGRU
GHYHORFLGDGWDPELQVHGHVDFWLYDHO
OLPLWDGRUGHYHORFLGDG\VHERUUDOD
YHORFLGDGPHPRUL]DGD
&RQGXFFLQ\PDQHMR
$OGHVFRQHFWDUHOHQFHQGLGRWDPELQ
VHGHVDFWLYDHOOLPLWDGRUGHYHORFL
GDGSHURHOOPLWHGHYHORFLGDGVHDO
PDFHQDUDSDUDODVLJXLHQWH
DFWLYDFLQGHOOLPLWDGRUGHYHORFLGDG
$OHUWDGHFROLVLQIURQWDO
/DDOHUWDGHFROLVLQIURQWDOSXHGH
D\XGDUDHYLWDURUHGXFLUORVGDRV
RFDVLRQDGRVSRUXQFKRTXHIURQWDO
/DDOHUWDGHFROLVLQIURQWDOXWLOL]DHO
VLVWHPDGHFPDUDIURQWDOHQHOSDUD
EULVDVSDUDGHWHFWDUXQYHKFXORGL
UHFWDPHQWHSUHFHGHQWHHQVXWUD\HF
WRULDKDVWDXQDGLVWDQFLDGH
PHWURVDSUR[LPDGDPHQWH
6LVHDSUR[LPDGHPDVLDGRUSLGRD
XQYHKFXORGLUHFWDPHQWHLQPHGLDWR
HOFHQWURGHLQIRUPDFLQGHOFRQGXF
WRUHPLWLUXQVRQLGRGHDGYHUWHQFLD\
XQDDOHUWD
$GHPVHOFRQGXFWRUUHFLEHXQDQR
WLILFDFLQPHGLDQWHXQDWLUDGH/('
URMRVLQWHUPLWHQWHVTXHVHSUR\HFWD
HQHOSDUDEULVDVHQHOFDPSRGHYL
VLQGHOFRQGXFWRU
8QDFRQGLFLQSUHYLDHVTXHODDOHUWD
GHFROLVLQIURQWDOQRVHGHVDFWLYH
SXOVDQGR9
$FWLYDFLQ
/DDOHUWDGHFROLVLQIURQWDOIXQFLRQD
DXWRPWLFDPHQWHDXQDYHORFLGDGVX
SHULRUDNPKVLQRVHKDGHVDFWL
YDGRSXOVDQGR9YHDHODSDUWDGRVL
JXLHQWH
6HOHFFLQGHVHQVLELOLGDGGHOD
DOHUWD
/DH[LVWHQFLDGHXQYHKFXORSUHFH
GHQWHVHLQGLFDPHGLDQWHXQWHVWLJR
GHFRQWURO$
/DVHQVLELOLGDGGHODDOHUWDSXHGH
DMXVWDUVHHQFHUFDQDPHGLDROHMDQD
3XOVH9 HOFHQWURGHLQIRUPDFLQGHO
FRQGXFWRUPRVWUDUHODMXVWHDFWXDO
3XOVH9UHSHWLGDPHQWHSDUDFDPELDU
ODVHQVLELOLGDGGHODDOHUWD(ODMXVWH
VHOHFFLRQDGRWDPELQVHYLVXDOL]DHQ
HOFHQWURGHLQIRUPDFLQGHOFRQGXF
WRU
&RQGXFFLQ\PDQHMR
WRGRPRPHQWRFRQIRUPHDODVQRU
PDVGHWUILFRDSOLFDEOHVODPH
WHRURORJD\ODVFRQGLFLRQHVGHOD
FDUUHWHUDHWF
$OHUWDUDOFRQGXFWRU
(OLQGLFDGRUGHFRQWUROGHYHKFXOR
SUHFHGHQWH$VHLOXPLQDHQYHUGHHQ
HOFXDGURGHLQVWUXPHQWRVFXDQGRHO
VLVWHPDKDGHWHFWDGRXQYHKFXORHQ
VXWUD\HFWRULDGHFRQGXFFLQ
$WHQFLQ
/DLOXPLQDFLQHQFRORUGHHVWHLQ
GLFDGRUGHFRQWUROQRVHFRUUHV
SRQGHFRQODVOH\HVGHFLUFXODFLQ
YLDOORFDOHVSDUDGLVWDQFLDGHVH
JXULGDG(OFRQGXFWRUHVSOHQR
UHVSRQVDEOHGHPDQWHQHUODGLV
WDQFLDGHVHJXULGDGDSURSLDGDHQ
&XDQGRHOWLHPSRKDVWDXQDSRVLEOH
FROLVLQFRQXQYHKFXORSUHFHGHQWH
HVGHPDVLDGRFRUWR\ODFROLVLQHV
LQPLQHQWHDSDUHFHHOVPERORGH
DOHUWDGHFROLVLQHQHOFHQWURGHLQ
IRUPDFLQGHOFRQGXFWRU\HOFRQGXF
WRUUHFLEHXQDQRWLILFDFLQFRQXQDWLUD
GH/('URMRVLQWHUPLWHQWHVTXHVH
SUR\HFWDHQHOSDUDEULVDVGHOFDPSR
GHYLVLQGHOFRQGXFWRU
6LPXOWQHDPHQWHHOVLVWHPDHPLWLU
XQVRQLGRGHDGYHUWHQFLD3LVHHOSH
GDOGHIUHQR\FRQGX]FDHOYHKFXOR
VLODVLWXDFLQORUHTXLHUH
'HVDFWLYDFLQ
(VSRVLEOHGHVDFWLYDUHOVLVWHPD
3XOVH9UHSHWLGDPHQWHKDVWDTXH
DSDUH]FDHOVLJXLHQWHPHQVDMHHQHO
FHQWURGHLQIRUPDFLQDOFRQGXFWRU
&RQGXFFLQ\PDQHMR
6LVHKDGHVDFWLYDGRODDOHUWDGHFR
OLVLQIURQWDOODVHQVLELOLGDGGHOD
DOHUWDVHFRQILJXUDFRPRPHGLDDO
HQFHQGHUHOFRQWDFWRODSU[LPDYH]
/DFRQILJXUDFLQFHUFDPHGLRR
OHMRVVHDOPDFHQDUFXDQGRVHDSD
JXHHOHQFHQGLGR
,QIRUPDFLQJHQHUDO
$GYHUWHQFLD
/DDOHUWDGHFROLVLQIURQWDOHVWDQ
VRORXQVLVWHPDGHDGYHUWHQFLD\
QRDFFLRQDORVIUHQRV$ODSUR[L
PDUVHGHPDVLDGRGHSULVDDXQYH
KFXORSUHFHGHQWHSRGUDQRGLV
SRQHUGHWLHPSRVXILFLHQWHSDUD
HYLWDUXQDFROLVLQ
(OFRQGXFWRUDFHSWDODWRWDOUHV
SRQVDELOLGDGUHVSHFWRDODGLVWDQ
FLDGHVHJXULGDGDGHFXDGDED
VQGRVHHQODVFRQGLFLRQHVPH
WHRUROJLFDVGHYLVLELOLGDG\GHO
WUILFR
6LHPSUHHVQHFHVDULDODFRPSOHWD
DWHQFLQGHOFRQGXFWRUDOFRQGX
FLU(OFRQGXFWRUGHEHHVWDUVLHP
SUHOLVWRSDUDWRPDUPHGLGDV\DF
FLRQDUORVIUHQRV
/LPLWDFLRQHVGHOVLVWHPD
(OVLVWHPDKDVLGRGLVHDGRSDUDDG
YHUWLUQLFDPHQWHGHODSUHVHQFLDGH
YHKFXORVDXQTXHWDPELQSRGUD
UHDFFLRQDUDQWHRWURVREMHWRV
/DDOHUWDGHFROLVLQIURQWDOSXHGHQR
GHWHFWDUXQYHKFXORTXHYDGHODQWHR
HOIXQFLRQDPLHQWRGHOVHQVRUSXHGH
VHUOLPLWDGRHQORVVLJXLHQWHVFDVRV
HQFDUUHWHUDVVLQXRVDV
FXDQGRODVFRQGLFLRQHVPHWHRUR
OJLFDVOLPLWDQODYLVLELOLGDGSRU
HMHPSORQLHEODOOXYLDRQLHYH
FXDQGRHOVHQVRUHVWEORTXHDGR
SRUQLHYHKLHORDJXDQLHYHED
UURVXFLHGDGGDRVHQHOSDUD
EULVDVRDIHFWDGRSRUHOHPHQWRV
H[WUDRVSRUHMHPSORDGKHVLYRV
,QGLFDFLQGHGLVWDQFLD
KDFLDGHODQWH
/DVLJXLHQWHLQGLFDFLQGHGLVWDQFLD
PXHVWUDODGLVWDQFLDKDFLDGHODQWHD
XQYHKFXORPYLOSUHFHGHQWH/DF
PDUDIURQWDOHQHOSDUDEULVDVVHXWLOL]D
SDUDGHWHFWDUODGLVWDQFLDKDVWDHOYH
KFXORTXHFLUFXODGLUHFWDPHQWHGH
ODQWHQXHVWUD6HDFWLYDDYHORFLGD
GHVVXSHULRUHVDNPK
$OGHWHFWDUXQYHKFXORSUHFHGHQWHOD
GLVWDQFLDVHLQGLFDHQVHJXQGRV\VH
PXHVWUDHQXQDSJLQDGHOFHQWURGH
LQIRUPDFLQGHOFRQGXFWRU
3XOVH0
0(18HQODSDODQFDGHOLQWHU
PLWHQWHSDUDVHOHFFLRQDU"\JLUHOD
&RQGXFFLQ\PDQHMR
UXHGDGHDMXVWHSDUDVHOHFFLRQDUOD
SJLQDGHLQGLFDFLQGHGLVWDQFLDKD
FLDGHODQWH
$VLVWHQWHGHDSDUFDPLHQWR
$VLVWHQWHGHDSDUFDPLHQWR
WUDVHUR
$GYHUWHQFLD
(OFRQGXFWRUHVHOQLFRUHVSRQ
VDEOHGHODPDQLREUDGHDSDUFD
PLHQWR
$OGHVSOD]DUVHPDUFKDDWUV\XWL
OL]DUHOVLVWHPDGHDVLVWHQWHGH
DSDUFDPLHQWRWUDVHURLQVSHF
FLRQHVLHPSUHHOUHDFLUFXQGDQWH
/DGLVWDQFLDPQLPDLQGLFDGDHVGH
VHJXQGRV
6LQRKD\YHKFXORVSUHFHGHQWHVR
VWRVHVWQIXHUDGHDOFDQFHVHPRV
WUDUQGRVJXLRQHV V
(ODVLVWHQWHGHDSDUFDPLHQWRWUDVHUR
IDFLOLWDHOHVWDFLRQDPLHQWRPLGLHQGR
ODGLVWDQFLDHQWUHHOYHKFXOR\ORV
REVWFXORVVLWXDGRVSRUGHWUV,Q
IRUPD\DGYLHUWHDOFRQGXFWRUPH
GLDQWHVHDOHVDFVWLFDVHLQGLFDFLQ
YLVXDO
(OVLVWHPDWLHQHFXDWURVHQVRUHVGH
DSDUFDPLHQWRSRUXOWUDVRQLGRVHQHO
SDUDFKRTXHVWUDVHUR
$FWLYDFLQ
(OVLVWHPDHVWRSHUDWLYRDXWRPWL
FDPHQWHDOHQJUDQDUODPDUFKDDWUV
6LHVWLOXPLQDGRHO/('VLWXDGRHQHO
ERWQGHODVLVWHQWHGHDSDUFDPLHQWR
JLQGLFDTXHHOVLVWHPDHVWOLVWR
SDUDIXQFLRQDU
&RQGXFFLQ\PDQHMR
,QGLFDFLQ
(OVLVWHPDDYLVDDOFRQGXFWRUFRQVH
DOHVDFVWLFDVGHODSUHVHQFLDGH
REVWFXORVSRWHQFLDOPHQWHSHOLJUR
VRVSRUGHWUVGHOYHKFXORDXQDGLV
WDQFLDGHKDVWDPHWURV(OLQWHU
YDORHQWUHDYLVRVDFVWLFRVVHDFRUWD
FRQIRUPHHOYHKFXORVHDFHUFDDO
REVWFXOR&XDQGRODGLVWDQFLDHVLQ
IHULRUDDSUR[LPDGDPHQWHFPHO
DYLVRDFVWLFRHVFRQWLQXR
$GHPVVHPXHVWUDODGLVWDQFLD
KDVWDORVREVWFXORVWUDVHURVPH
GLDQWHOQHDVGHGLVWDQFLDFDPELDQWHV
HQHOFHQWURGHLQIRUPDFLQGHOFRQ
GXFWRU RHQODSDQWDOODGHLQ
IRUPDFLQHQFRORU GHSHQ
GLHQGRGHODYHUVLQ
/DLQGLFDFLQGHGLVWDQFLDSXHGH
YHUVHVRODSDGDSRUPHQVDMHVGHOYH
KFXORFRQPD\RUSULRULGDG'HVSXV
GHFRQILUPDUHOPHQVDMHSXOVDQGR
6(7&/5GHODSDODQFDGHORVLQWHU
PLWHQWHVYXHOYHDDSDUHFHUODLQGLFD
FLQGHODGLVWDQFLD
'HVDFWLYDFLQ
UDQWHWUHVVHJXQGRV\OXHJRVH
DSDJD(OWHVWLJRGHFRQWUROJVH
HQFLHQGHHQHOFXDGURGHLQVWUXPHQ
WRV RDSDUHFHXQPHQVDMHHQHO
FHQWURGHLQIRUPDFLQGHOFRQGXFWRU
$VLVWHQWHGHDSDUFDPLHQWR
GHODQWHUR\WUDVHUR
$GYHUWHQFLD
(OVLVWHPDVHGHVDFWLYDDXWRPWLFD
PHQWHDOGHVHQJUDQDUODPDUFKD
DWUV
7DPELQSXHGHGHVDFWLYDUPDQXDO
PHQWHHOVLVWHPDSXOVDQGRHOERWQ
GHODVLVWHQWHGHDSDUFDPLHQWRJ
(QDPERVFDVRVVHDSDJDHO/('GHO
ERWQ
$YHUD
(QFDVRGHDYHUDRVLHOVLVWHPDQR
IXQFLRQDWHPSRUDOPHQWHSRUHMHP
SORSRUXQHOHYDGRQLYHOGHUXLGRHQ
HOH[WHULRUXRWURWLSRGHLQWHUIHUHQ
FLDVHO/('GHOERWQSDUSDGHDGX
(OFRQGXFWRUHVHOQLFRUHVSRQ
VDEOHGHODPDQLREUDGHDSDUFD
PLHQWR
$OFRQGXFLUKDFLDGHODQWHRKDFLD
DWUVXWLOL]DQGRHOVLVWHPDGHDVLV
WHQWHGHDSDUFDPLHQWRLQVSHF
FLRQHVLHPSUHHOUHDFLUFXQGDQWH
(ODVLVWHQWHGHDSDUFDPLHQWRGHODQ
WHUR\WUDVHURPLGHODGLVWDQFLDHQWUH
HOYHKFXOR\SRVLEOHVREVWFXORVVL
WXDGRVGHODQWH\GHWUVGHOPLVPR
,QIRUPD\DGYLHUWHDOFRQGXFWRUPH
GLDQWHVHDOHVDFVWLFDVHLQGLFDFLQ
YLVXDO
&RQGXFFLQ\PDQHMR
3DUDDYLVDUXWLOL]DGRVVHDOHVDFV
WLFDVGLIHUHQWHVSDUDOD]RQDGHODQ
WHUD\WUDVHUDFDGDXQDFRQXQDIUH
FXHQFLDGHWRQRGLVWLQWD
(OVLVWHPDWLHQHFXDWURVHQVRUHVGH
DSDUFDPLHQWRSRUXOWUDVRQLGRVHQ
FDGDSDUDFKRTXHVWUDVHUR\GHODQ
WHUR
$FWLYDFLQ
(OVLVWHPDVHDFWLYDDXWRPWLFD
PHQWHDXQDYHORFLGDGGHKDVWD
NPK
6LHVWLOXPLQDGRHO/('VLWXDGRHQHO
ERWQGHODVLVWHQWHGHDSDUFDPLHQWR
JLQGLFDTXHHOVLVWHPDHVWOLVWR
SDUDIXQFLRQDU
6LVHDSDJDJHQXQFLFORGHHQ
FHQGLGRVHGHVDFWLYDHODVLVWHQWHGH
DSDUFDPLHQWRGHODQWHUR6LOHYHORFL
GDGGHOYHKFXORKDH[FHGLGRNP
KSUHYLDPHQWHHODVLVWHQWHGHDSDU
FDPLHQWRVHYROYHUDDFWLYDUFXDQGR
ODYHORFLGDGFDLJDSRUGHEDMRGH
NPK
&XDQGRVHGHVDFWLYDHOVLVWHPDVH
DSDJDHO/('GHOERWQ\DSDUHFH
$VLVWHQWHGHDSDUFDPLHQWR
GHVFRQHFWDGRHQHOFHQWURGHLQIRU
PDFLQGHOFRQGXFWRU
,QGLFDFLQ
(OVLVWHPDDYLVDDOFRQGXFWRUFRQVH
DOHVDFVWLFDVGHODSUHVHQFLDGH
REVWFXORVSRWHQFLDOPHQWHSHOLJUR
VRVGHODQWHGHOYHKFXORDXQDGLV
WDQFLDGHKDVWDFP\GHODSUHVHQ
FLDGHREVWFXORVSRWHQFLDOPHQWHSH
OLJURVRVSRUGHWUVGHOYHKFXORDXQD
GLVWDQFLDGHKDVWDPHWURV
'HSHQGLHQGRGHTXSDUWHGHOYH
KFXORHVWPVFHUFDGHXQREVW
FXORSRGUHVFXFKDUORVDYLVRVDFV
WLFRVHQHOODGRFRUUHVSRQGLHQWHGHO
YHKFXOR(OLQWHUYDORHQWUHDYLVRV
DFVWLFRVVHDFRUWDFRQIRUPHHOYH
KFXORVHDFHUFDDOREVWFXOR
&XDQGRODGLVWDQFLDHVLQIHULRUDDSUR
[LPDGDPHQWHFPHODYLVRDFV
WLFRHVFRQWLQXR
$GHPVVHPXHVWUDODGLVWDQFLD
KDVWDORVREVWFXORVWUDVHURV\GH
ODQWHURVPHGLDQWHOQHDVGHGLVWDQFLD
FDPELDQWHVHQHOFHQWURGHLQIRUPD
FLQGHOFRQGXFWRU RHQODSDQ
WDOODGHLQIRUPDFLQHQFRORU
GHSHQGLHQGRGHODYHUVLQ
&RQGXFFLQ\PDQHMR
/DGLVWDQFLDKDVWDORVREVWFXORVVH
PXHVWUDHQODSDQWDOODGHLQIRUPDFLQ
HQFRORUPHGLDQWH]RQDVGHFRORUHV
GHODQWH\GHWUVGHOYHKFXOR
/DLQGLFDFLQGHGLVWDQFLDSXHGH
YHUVHVRODSDGDSRUPHQVDMHVGHOYH
KFXORFRQPD\RUSULRULGDG'HVSXV
GHGHVFDUWDUHOPHQVDMHODLQGLFDFLQ
GHGLVWDQFLDYXHOYHDDSDUHFHU
'HVDFWLYDFLQ
(OVLVWHPDVHGHVDFWLYDDXWRPWLFD
PHQWHFXDQGRHOYHKFXORVXSHUDORV
NPK
7DPELQSXHGHGHVDFWLYDUPDQXDO
PHQWHHOVLVWHPDSXOVDQGRHOERWQ
GHODVLVWHQWHGHDSDUFDPLHQWRJ
&XDQGRVHGHVDFWLYDHOVLVWHPDVH
DSDJDHO/('GHOERWQ\VLVHGHV
DFWLYDPDQXDOPHQWHDSDUHFH
$VLVWHQWHGHDSDUFDPLHQWR
GHVFRQHFWDGRHQHOFHQWURGHLQIRU
PDFLQGHOFRQGXFWRU
7UDVXQDGHVDFWLYDFLQPDQXDOHO
DVLVWHQWHGHDSDUFDPLHQWRGHODQWHUR
\WUDVHURVHYXHOYHDDFWLYDUVLVH
SXOVDJ
6HSXHGHGHVDFWLYDUHOVLVWHPDFRP
SOHWRPDQXDOPHQWHHQHOPHQGH
SHUVRQDOL]DFLQGHOYHKFXORGHOD
3DQWDOODGHLQIRUPDFLQ3HUPDQHFH
GHVDFWLYDGRGXUDQWHHOFLFORGHHQ
FHQGLGRRKDVWDTXHVHYXHOYDDDF
WLYDUHQHOPHQGHSHUVRQDOL]DFLQ
3HUVRQDOL]DFLQGHOYHKFXOR
$OXWLOL]DUHOJDQFKRGHUHPROTXH
FDPELHORVDMXVWHVGHFRQILJXUDFLQ
HQHOPHQGHSHUVRQDOL]DFLQGHOYH
KFXORHQOD3DQWDOODGHLQIRUPDFLQ
3HUVRQDOL]DFLQGHOYHKFXOR
$YHUD
(QFDVRGHDYHUDRVLHOVLVWHPDQR
IXQFLRQDWHPSRUDOPHQWHSRUHMHPSOR
GHELGRDXQDOWRQLYHOGHUXLGRH[WHUQR
RDRWURVIDFWRUHVGHLQWHUIHUHQFLD
DSDUHFHXQPHQVDMHHQHO&HQWURGH
LQIRUPDFLQGHOFRQGXFWRU
0HQVDMHVGHOYHKFXOR
&RQGXFFLQ\PDQHMR
$VLVWHQWHGHDSDUFDPLHQWR
DYDQ]DGR
$GYHUWHQFLD
(OFRQGXFWRUGHEHFRQWURODUODDFHOH
UDFLQORVIUHQRV\HOFDPELRGHPDU
FKDVPLHQWUDVHOYRODQWHVHPDQHMD
DXWRPWLFDPHQWH
(OFRQGXFWRUHVHOQLFRUHVSRQ
VDEOHGHDFHSWDUHOKXHFRVXJH
ULGRSDUDDSDUFDU\HQODPDQLREUD
GHDSDUFDPLHQWR
$OXWLOL]DUHODVLVWHQWHGHDSDUFD
PLHQWRDYDQ]DGRLQVSHFFLRQH
VLHPSUHHOUHDFLUFXQGDQWHHQWR
GDVODVGLUHFFLRQHV
(ODVLVWHQWHGHDSDUFDPLHQWRDYDQ
]DGRPLGHXQKXHFRSDUDDSDUFDU
DGHFXDGRDOSDVDUMXQWRDOPLVPR
FDOFXODODWUD\HFWRULD\JXDDXWRP
WLFDPHQWHHOYHKFXORKDVWDXQKXHFR
SDUDDSDUFDUHQSDUDOHORRSHUSHQGL
FXODU
6HSURSRUFLRQDQLQVWUXFFLRQHVHQHO
FHQWURGHLQIRUPDFLQGHOFRQGXFWRU
RVHJQODYHUVLQHQODSDQ
WDOODGHLQIRUPDFLQHQFRORU
DFRPSDDGDVGHVHDOHVDFVWLFDV
(ODVLVWHQWHGHDSDUFDPLHQWRDYDQ
]DGRVLHPSUHYDFRPELQDGRFRQHO
DVLVWHQWHGHDSDUFDPLHQWRGHODQWHUR
\WUDVHUR$PERVVLVWHPDVXWLOL]DQORV
PLVPRVVHQVRUHVHQORVSDUDFKR
TXHVGHODQWHUR\WUDVHUR
%RWQGHODVLVWHQWHGH
DSDUFDPLHQWR'\OJLFDGH
IXQFLRQDPLHQWR
(ODVLVWHQWHGHDSDUFDPLHQWRDYDQ
]DGR\HODVLVWHQWHGHDSDUFDPLHQWR
GHODQWHUR\WUDVHURXVDQDPERVHO
PLVPRERWQSDUDVXDFWLYDFLQ\GH
VDFWLYDFLQ
8QDSXOVDFLQEUHYHGH'DFWLYDR
GHVDFWLYDHODVLVWHQWHGHDSDUFD
PLHQWR
8QDSXOVDFLQODUJDGH' GXUDQWH
XQVHJXQGRDSUR[ DFWLYDRGHVDF
WLYDHODVLVWHQWHGHDSDUFDPLHQWR
DYDQ]DGRYDVHODGHVFULSFLQSHU
WLQHQWHDFRQWLQXDFLQ
/DOJLFDGHOERWQDFFLRQDORVVLVWH
PDVDOSXOVDU'GHODVLJXLHQWHPD
QHUD
6LVORHVWDFWLYDGRHODVLVWHQWH
GHDSDUFDPLHQWRGHODQWHUR\WUD
VHURODSXOVDFLQEUHYHGHVDF
WLYDHODVLVWHQWHGHDSDUFDPLHQWR
GHODQWHUR\WUDVHUR
&RQGXFFLQ\PDQHMR
6LVRORHVWDFWLYDGRHODVLVWHQWH
GHDSDUFDPLHQWRGHODQWHUR\WUD
VHURODSXOVDFLQODUJDDFWLYDHO
DVLVWHQWHGHDSDUFDPLHQWRDYDQ
]DGR
6LVRODPHQWHVHDFWLYDHODVLV
WHQWHGHDSDUFDPLHQWRDYDQ]DGR
\HOVLVWHPDVHHQFXHQWUDHQ
PRGRGHEVTXHGDGHSOD]DGH
DSDUFDPLHQWRXQDSXOVDFLQ
EUHYHDFWLYDHODVLVWHQWHGHDSDU
FDPLHQWRGHODQWHURWUDVHUR
6LVRODPHQWHVHDFWLYDHODVLV
WHQWHGHDSDUFDPLHQWRDYDQ]DGR
\HOVLVWHPDVHHQFXHQWUDHQ
PRGRGHJXDGHDSDUFDPLHQWR
XQDSXOVDFLQEUHYHGHVDFWLYDHO
DVLVWHQWHGHDSDUFDPLHQWRDYDQ
]DGR
6LHVWDFWLYRHODVLVWHQWHGH
DSDUFDPLHQWRDYDQ]DGRXQD
SXOVDFLQSURORQJDGDGHVDFWLYD
HODVLVWHQWHGHDSDUFDPLHQWR
DYDQ]DGR\HODVLVWHQWHGHDSDU
FDPLHQWRGHODQWHURWUDVHUR
6LHVWVHOHFFLRQDGDXQDPDUFKD
KDFLDGHODQWHRHOSXQWRPXHUWR
XQDSXOVDFLQEUHYHDFWLYDRGHV
DFWLYDHODVLVWHQWHGHDSDUFD
PLHQWRGHODQWHUR
6LHVWVHOHFFLRQDGDODPDUFKD
DWUVXQDSXOVDFLQEUHYHDFWLYD
RGHVDFWLYDVORHODVLVWHQWHGH
DSDUFDPLHQWRGHODQWHUR\WUD
VHUR
$FWLYDFLQGHODVLVWHQWHGH
DSDUFDPLHQWRGHODQWHURWUDVHUR
(OVLVWHPDVHDFWLYDDXWRPWLFD
PHQWHDXQDYHORFLGDGGHKDVWD
NPK
6LHVWLOXPLQDGRHO/('VLWXDGRHQHO
ERWQGHODVLVWHQWHGHDSDUFDPLHQWR
'LQGLFDTXHHOVLVWHPDHVWOLVWR
SDUDIXQFLRQDU
(ODVLVWHQWHGHDSDUFDPLHQWRGHODQ
WHURWUDVHURWDPELQVHSXHGHDFWLYDU
DYHORFLGDGHVGHKDVWDNPKFRQ
XQDSXOVDFLQEUHYHGHOERWQGHO
DVLVWHQWHGHDSDUFDPLHQWR
6LVHDSDJD'HQXQFLFORGHHQ
FHQGLGRVHGHVDFWLYDHODVLVWHQWHGH
DSDUFDPLHQWRGHODQWHUR6LOHYHORFL
GDGGHOYHKFXORKDH[FHGLGRNP
KSUHYLDPHQWHHODVLVWHQWHGHDSDU
FDPLHQWRVHYROYHUDDFWLYDUFXDQGR
ODYHORFLGDGFDLJDSRUGHEDMRGH
NPK
&XDQGRVHGHVDFWLYDHOVLVWHPDVH
DSDJDHO/('GHOERWQ\DSDUHFH
$VLVWHQWHGHDSDUFDPLHQWR
GHVFRQHFWDGRHQHOFHQWURGHLQIRU
PDFLQGHOFRQGXFWRU
&RQGXFFLQ\PDQHMR
,QGLFDFLQ
(OVLVWHPDDYLVDDOFRQGXFWRUFRQVH
DOHVDFVWLFDVGHODSUHVHQFLDGH
REVWFXORVSRWHQFLDOPHQWHSHOLJUR
VRVSRUGHWUVGHOYHKFXORDXQDGLV
WDQFLDGHKDVWDPHWURV\GHODQWH
GHOYHKFXORKDVWDFP'HSHQ
GLHQGRGHTXSDUWHGHOYHKFXORHVW
PVFHUFDGHXQREVWFXORSRGUHV
FXFKDUORVDYLVRVDFVWLFRVHQHOODGR
FRUUHVSRQGLHQWHGHOYHKFXOR(OLQ
WHUYDORHQWUHDYLVRVDFVWLFRVVH
DFRUWDFRQIRUPHHOYHKFXORVH
DFHUFDDOREVWFXOR&XDQGRODGLV
WDQFLDHVLQIHULRUDDSUR[LPDGDPHQWH
FPHODYLVRDFVWLFRHVFRQWLQXR
$GHPVVHPXHVWUDODGLVWDQFLD
KDVWDORVREVWFXORVWUDVHURV\GH
ODQWHURVPHGLDQWHOQHDVGHGLVWDQFLD
FDPELDQWHVHQHOFHQWURGHLQIRUPD
FLQGHOFRQGXFWRU RHQODSDQ
WDOODGHLQIRUPDFLQHQFRORU
GHSHQGLHQGRGHODYHUVLQ
/DGLVWDQFLDKDVWDORVREVWFXORVGH
ODQWH\GHWUVVHPXHVWUDPHGLDQWH
OQHDVGHGLVWDQFLDFDPELDQWHVHQHO
FHQWURGHLQIRUPDFLQGHOFRQGXFWRU
/DLQGLFDFLQGHGLVWDQFLDSXHGH
YHUVHVRODSDGDSRUPHQVDMHVGHOYH
KFXORFRQPD\RUSULRULGDG'HVSXV
GHFRQILUPDUHOPHQVDMHSXOVDQGR
6(7&/5GHODSDODQFDGHORVLQWHU
PLWHQWHVYXHOYHDDSDUHFHUODLQGLFD
FLQGHODGLVWDQFLD
/DGLVWDQFLDKDVWDORVREVWFXORVVH
PXHVWUDHQODSDQWDOODGHLQIRUPDFLQ
HQFRORUPHGLDQWH]RQDVGHFRORUHV
GHODQWH\GHWUVGHOYHKFXOR
'HVDFWLYDFLQGHODVLVWHQWHGH
DSDUFDPLHQWRGHODQWHURWUDVHUR
(OVLVWHPDVHGHVDFWLYDDXWRPWLFD
PHQWHFXDQGRHOYHKFXORVXSHUDORV
NPK
7DPELQSXHGHGHVDFWLYDUPDQXDO
PHQWHHOVLVWHPDSXOVDQGRHOERWQ
GHODVLVWHQWHGHDSDUFDPLHQWRJ
&XDQGRVHGHVDFWLYDHOVLVWHPDVH
DSDJDHO/('GHOERWQ\VLVHGHV
DFWLYDPDQXDOPHQWHDSDUHFH
&RQGXFFLQ\PDQHMR
$VLVWHQWHGHDSDUFDPLHQWR
GHVFRQHFWDGRHQHOFHQWURGHLQIRU
PDFLQGHOFRQGXFWRU
7UDVXQDGHVDFWLYDFLQPDQXDOHO
DVLVWHQWHGHDSDUFDPLHQWRGHODQWHUR
\WUDVHURVHYXHOYHDDFWLYDUVLVH
SXOVDJ
6HSXHGHGHVDFWLYDUHOVLVWHPDFRP
SOHWRPDQXDOPHQWHHQHOPHQGH
SHUVRQDOL]DFLQGHOYHKFXORGHOD
3DQWDOODGHLQIRUPDFLQ3HUPDQHFH
GHVDFWLYDGRGXUDQWHHOFLFORGHHQ
FHQGLGRRKDVWDTXHVHYXHOYDDDF
WLYDUHQHOPHQGHSHUVRQDOL]DFLQ
3HUVRQDOL]DFLQGHOYHKFXOR
$OXWLOL]DUHOJDQFKRGHUHPROTXH
FDPELHORVDMXVWHVGHFRQILJXUDFLQ
HQHOPHQGHSHUVRQDOL]DFLQGHOYH
KFXORHQOD3DQWDOODGHLQIRUPDFLQ
3HUVRQDOL]DFLQGHOYHKFXOR
$FWLYDFLQGHODVLVWHQWHGH
DSDUFDPLHQWRDYDQ]DGR
(ODVLVWHQWHGHDSDUFDPLHQWRDYDQ
]DGRVORVHSXHGHDFWLYDUFLUFXODQGR
KDFLDGHODQWH
/DGLVWDQFLDP[LPDSHUPLVLEOHHQWUH
HOYHKFXOR\XQDILODGHFRFKHVHVWD
FLRQDGRVHVGHPHWURVSDUDHO
DSDUFDPLHQWRHQSDUDOHOR\GH
PHWURVSDUDHODSDUFDPLHQWRHQ
SHUSHQGLFXODU
)XQFLRQDPLHQWR
0RGRGHEVTXHGDGHKXHFRSDUD
DSDUFDU
,QGLFDFLQHQHOFHQWURGH
LQIRUPDFLQGHOFRQGXFWRU
&XDQGREXVTXHXQKXHFRSDUDDSDU
FDUHOVLVWHPDHVWOLVWRSDUDIXQFLR
QDUFRQXQDSXOVDFLQSURORQJDGDGH
'
(OVLVWHPDUHFRQRFH\PHPRUL]DHO
KXHFRSDUDDSDUFDU GLH]PHWURVSDUD
DSDUFDPLHQWRVHQSDUDOHORR
VHLVPHWURVSDUDDSDUFDPLHQWRVSHU
SHQGLFXODUHV HQHOPRGRGHDVLV
WHQWHGHDSDUFDPLHQWR
(OVLVWHPDVORSRGUDFWLYDUVHDYH
ORFLGDGHVGHKDVWDNPK\HOVLV
WHPDEXVFDUXQOXJDUGHHVWDFLRQD
PLHQWRDYHORFLGDGHVGHKDVWD
NPK
&RQGXFFLQ\PDQHMR
6HOHFFLRQHODSOD]DGHDSDUFDPLHQWR
SDUDOHODRSHUSHQGLFXODUHQHOFHQWUR
GHLQIRUPDFLQGHOFRQGXFWRUSXO
VDQGR6
6(7&/5
'HIRUPDSUHGHWHUPLQDGDHOVLVWHPD
HVWFRQILJXUDGRSDUDGHWHFWDUKXH
FRVSDUDDSDUFDUHQHOODGRGHODFRP
SDDQWH3DUDGHWHFWDUSOD]DVGH
DSDUFDPLHQWRHQHOODGRGHOFRQGXF
WRUDFWLYHHOLQWHUPLWHQWHGHOODGRGHO
FRQGXFWRU
$OGHWHFWDUXQKXHFRHOFHQWURGHLQ
IRUPDFLQGHOFRQGXFWRURIUHFHULQ
IRUPDFLQYLVXDO\XQDVHDODFV
WLFD
,QGLFDFLQHQODSDQWDOODGH
LQIRUPDFLQHQFRORU
6HOHFFLRQHODSOD]DGHDSDUFDPLHQWR
SDUDOHODRSHUSHQGLFXODUWRFDQGRHO
LFRQRFRUUHVSRQGLHQWHHQODSDQWDOOD
6HOHFFLRQHHOODGRGHHVWDFLRQD
PLHQWRWRFDQGRHOLFRQRFRUUHVSRQ
GLHQWHHQODSDQWDOOD
&RQGXFFLQ\PDQHMR
$OGHWHFWDUXQKXHFRODSDQWDOODGH
LQIRUPDFLQHQFRORURIUHFHULQIRU
PDFLQYLVXDO\XQDVHDODFVWLFD
6LHOFRQGXFWRUQRGHWLHQHHOYHKFXOR
GHVSXVGHODSURSXHVWDGHOKXHFR
SDUDDSDUFDUHOVLVWHPDHPSLH]DD
EXVFDURWURKXHFRDGHFXDGR
0RGRGHJXDGHDSDUFDPLHQWR
/DVXJHUHQFLDGHOVLVWHPDVHFRQVL
GHUDDFHSWDGDFXDQGRHOFRQGXFWRU
GHWLHQHHOYHKFXORHQXQLQWHUYDORGH
PHWURV SDUDKXHFRVHQSDUDOHOR
RVHLVPHWURV SDUDKXHFRVHQSHU
SHQGLFXODU GHVSXVGHSURGXFLUVHHO
PHQVDMH3
3DUH(OVLVWHPDFDOFXODHO
WUD]DGRSWLPRSDUDDSDUFDUHQHO
KXHFRLQGLFDGR
8QDYLEUDFLQFRUWDGHOYRODQWHGHV
SXVGHHQJUDQDUODPDUFKDDWUVLQ
GLFDTXHHOVLVWHPDDVXPHHOFRQWURO
GHOYRODQWH$FRQWLQXDFLQVHJXD
DXWRPWLFDPHQWHHOYHKFXORKDVWDHO
KXHFRGQGROHDOFRQGXFWRULQVWUXF
FLRQHVGHWDOODGDVSDUDIUHQDUDFHOH
UDU\FDPELDUGHPDUFKD(OFRQGXF
WRUGHEHPDQWHQHUODVPDQRVOHMRV
GHOYRODQWH
3UHVWHVLHPSUHDWHQFLQDOVRQLGRGHO
DVLVWHQWHGHDSDUFDPLHQWRGHODQWHUR
\WUDVHUR(ODYLVRDFVWLFRFRQWLQXR
LQGLFDTXHODGLVWDQFLDDOREVWFXORHV
LQIHULRUDXQRVFP
6LSRUFXDOTXLHUPRWLYRHOFRQGXFWRU
GHEHWRPDUHOFRQWUROGHODGLUHFFLQ
VXMHWHHOYRODQWHQLFDPHQWHSRUHO
ERUGHH[WHULRU(QWDOFDVRVHFDQ
FHODHOJXLDGRDXWRPWLFR
,QGLFDFLQHQSDQWDOOD
/DVLQVWUXFFLRQHVHQSDQWDOODPXHV
WUDQORVLJXLHQWH
,QGLFDFLRQHVJHQHUDOHV\PHQVD
MHVGHDGYHUWHQFLD
8QDLQGLFDFLQFXDQGRVHFLUFXOD
DPVGHNPKGXUDQWHHO
PRGRGHEVTXHGDGHKXHFR
SDUDDSDUFDURGHNPKHQHO
PRGRGHJXLDGR
/DSHWLFLQGHSDUDUHOYHKFXOR
FXDQGRVHGHWHFWDXQKXHFRSDUD
DSDUFDU
/DGLUHFFLQGHFRQGXFFLQGX
UDQWHODPDQLREUDGHDSDUFD
PLHQWR
/DH[LJHQFLDGHFDPELDUDPDU
FKDDWUVRDSULPHUD
/DSHWLFLQGHDFHOHUDURIUHQDU
3DUDDOJXQDVLQVWUXFFLRQHVVH
PXHVWUDXQDEDUUDGHSURJUHVR
HQHOFHQWURGHLQIRUPDFLQGHO
FRQGXFWRU
/DILQDOL]DFLQGHODPDQLREUDGH
DSDUFDPLHQWRFRUUHFWDVHLQGLFD
PHGLDQWHXQVPERORHPHUJHQWH
\XQDYLVRDFVWLFR
/DFDQFHODFLQGHXQDPDQLREUD
GHDSDUFDPLHQWR
&RQGXFFLQ\PDQHMR
3ULRULGDGHVHQODSDQWDOOD
/DLQGLFDFLQGHODVLVWHQWHGHDSDU
FDPLHQWRDYDQ]DGRHQHOFHQWURGH
LQIRUPDFLQGHOFRQGXFWRUSXHGH
YHUVHLQKLELGDSRUPHQVDMHVGHOYH
KFXORFRQPD\RUSULRULGDG'HVSXV
GHFRQILUPDUHVWHPHQVDMHSXOVDQGR
6(7&/5GHODSDODQFDGHORVLQWHU
PLWHQWHVYXHOYHQDDSDUHFHUORV
PHQVDMHVGHODVLVWHQWHGHDSDUFD
PLHQWR\SXHGHFRQWLQXDUFRQODPD
QLREUDGHDSDUFDPLHQWR
'HVDFWLYDFLQ
(OVLVWHPDVHGHVDFWLYDDO
XQDSXOVDFLQODUJDGH'
ILQDOL]DUFRQ[LWRODPDQLREUDGH
DSDUFDPLHQWR
FLUFXODUDPVGHNPKGX
UDQWHODEVTXHGDGHKXHFRSDUD
DSDUFDU
FLUFXODUDPVGHNPKGXUDQWH
HOJXLDGRSDUDDSDUFDU
GHWHFWDUVHODLQWHUYHQFLQGHO
FRQGXFWRUVREUHHOYRODQWH
H[FHGHUXQQPHURP[LPRGH
FDPELRVGHPDUFKD RFKRFLFORV
SDUDHODSDUFDPLHQWRHQSDUDOHOR
RFLQFRFLFORVSDUDHODSDUFD
PLHQWRHQEDWHUD
GHVFRQHFWDUHOHQFHQGLGR
/DGHVDFWLYDFLQSRUSDUWHGHOFRQ
GXFWRURGHOVLVWHPDGXUDQWHODVPD
QLREUDVVHLQGLFDPHGLDQWH
(VWDFLRQDPLHQWRGHVDFWLYDGRHQOD
SDQWDOOD$GHPVVXHQDXQDVHDO
DFVWLFD
$YHUD
$SDUHFHXQPHQVDMHFXDQGR
+D\XQDDYHUDHQHOVLVWHPD
(OFRQGXFWRUQRFRPSOHWDFRQ
[LWRODPDQLREUDGHDSDUFD
PLHQWR
(OVLVWHPDQRHVWRSHUDWLYR
(VDSOLFDEOHDOJXQRGHORVPRWL
YRVGHGHVDFWLYDFLQGHVFULWRV
DQWHULRUPHQWH
6LVHGHWHFWDXQREMHWRGXUDQWHODV
LQVWUXFFLRQHVGHHVWDFLRQDPLHQWR
DSDUHFH3
3DUHHQODSDQWDOOD6LVHUH
WLUDHOREMHWRVHSXHGHFRQWLQXDUFRQ
ODPDQLREUDGHDSDUFDPLHQWR6LQR
VHUHWLUDHOREMHWRHOVLVWHPDVHGH
VDFWLYDU8QDSXOVDFLQSURORQJDGD
GH'DFWLYDUHOVLVWHPD\EXVFDU
XQQXHYRKXHFRSDUDDSDUFDU
,QIRUPDFLQEVLFDVREUHORV
VLVWHPDVGHDVLVWHQFLDDO
DSDUFDPLHQWR
$GYHUWHQFLD
(QGHWHUPLQDGDVFLUFXQVWDQFLDV
DOJXQDVVXSHUILFLHVUHIOHFWDQWHV
VREUHREMHWRVRURSDVDVFRPR
IXHQWHVGHUXLGRH[WHUQDVSXHGHQ
GDUOXJDUDIDOORVGHOVLVWHPDHQOD
GHWHFFLQGHREVWFXORV
6HGHEHSUHVWDUHVSHFLDODWHQFLQ
DORVREVWFXORVEDMRVTXHSXHGHQ
GDDUODSDUWHLQIHULRUGHOSDUDFKR
TXHV
&RQGXFFLQ\PDQHMR
$WHQFLQ
(OUHQGLPLHQWRGHOVLVWHPDSXHGH
YHUVHUHGXFLGRVLORVVHQVRUHVHV
WQFXELHUWRVSRUHMHPSORSRU
KLHORRQLHYH
(OUHQGLPLHQWRGHOVLVWHPDGH
DVLVWHQFLDDODSDUFDPLHQWRSXHGH
YHUVHUHGXFLGRSRUXQDFDUJDSH
VDGD
6RQDSOLFDEOHVFRQGLFLRQHVHVSH
FLDOHVVLKD\YHKFXORVPVDOWRV
HQODVSUR[LPLGDGHV SRUHMHPSOR
YHKFXORVWRGRWHUUHQRPRQRYRO
PHQHVIXUJRQHWDV 1RVHSXHGH
JDUDQWL]DUODLGHQWLILFDFLQGHRE
MHWRVQLODLQGLFDFLQFRUUHFWDGHOD
GLVWDQFLDHQODSDUWHVXSHULRUGH
HVWRVYHKFXORV
/RVREMHWRVFRQXQDVHFFLQGH
UHIOH[LQPX\SHTXHDFRPRRE
MHWRVHVWUHFKRVRORVPDWHULDOHV
EODQGRVSXHGHQQRVHUGHWHFWDGRV
SRUHOVLVWHPD
/RVVLVWHPDGHDVLVWHQWHGHDSDU
FDPLHQWRQRGHWHFWDQREMHWRV
IXHUDGHOUDQJRGHGHWHFFLQ
1RWD
(VSRVLEOHTXHORVVHQVRUHVGHWHF
WHQXQREMHWRLQH[LVWHQWHGHELGRD
SHUWXUEDFLRQHVGHOHFRSRUUXLGRV
H[WHUQRVRGHVDOLQHDFLRQHVPHFQL
FDV SXHGHQSURGXFLUVHIDOVRVDYL
VRVHVSRUGLFDPHQWH
$VHJUHVHGHTXHODPDWUFXODGH
ODQWHUDHVWELHQPRQWDGD TXHQR
HVWGREODGDQLKD\DKXHFRVUHV
SHFWRDOSDUDFKRTXHVHQHOODGRL]
TXLHUGRRGHUHFKR \TXHORVVHQVR
UHVHVWQFRUUHFWDPHQWHFRORFDGRV
(OVLVWHPDGHODVLVWHQWHGHDSDUFD
PLHQWRDYDQ]DGRSXHGHQRUHVSRQ
GHUDFDPELRVHQHOHVSDFLRGLVSR
QLEOHSDUDDSDUFDUGHVSXVGHLQL
FLDUODPDQLREUDGHDSDUFDPLHQWR(O
VLVWHPDSXHGHFRQIXQGLUXQDHQ
WUDGDXQDFFHVRXQSDWLRRXQFUXFH
FRQXQKXHFRSDUDDSDUFDU'HV
SXVGHVHOHFFLRQDUODPDUFKD
DWUVHOVLVWHPDLQLFLDUXQDPDQLR
EUDGHDSDUFDPLHQWR$VHJUHVHGH
ODGLVSRQLELOLGDGGHOKXHFRSDUD
DSDUFDUVXJHULGR
(OVLVWHPDQRGHWHFWDODVLUUHJXODUL
GDGHVGHODFDO]DGDSHMHQ]RQDV
GHREUDV(OFRQGXFWRUGHEHDVXPLU
ODUHVSRQVDELOLGDG
1RWD
6LVHDFRSODXQDPDUFKDGHDYDQFH
\VHVXSHUDXQDYHORFLGDGGHWHUPL
QDGDHODVLVWHQWHGHDSDUFDPLHQWR
WUDVHURVHGHVDFWLYDUFXDQGRVH
H[WLHQGDHOSRUWDELFLFOHWDVWUDVHUR
6LVHDFRSODSULPHURODPDUFKD
DWUVHODVLVWHQWHGHDSDUFDPLHQWR
GHWHFWDUHOSRUWDELFLFOHWDVWUDVHUR\
HPLWLUXQVRQLGR3XOVHJR'
EUHYHPHQWHSDUDGHVDFWLYDUHODVLV
WHQWHGHDSDUFDPLHQWR
1RWD
'HVSXVGHVXIDEULFDFLQHVQH
FHVDULRFDOLEUDUHOVLVWHPD3DUDXQ
JXLDGRGHHVWDFLRQDPLHQWRSWLPR
VHQHFHVLWDXQDGLVWDQFLDGHFRQ
GXFFLQGHDOPHQRVNPLQFOXL
GRVXQRVFXDQWRVJLURV
&RQGXFFLQ\PDQHMR
$OHUWDGHSXQWRFLHJRODWHUDO
(OVLVWHPDGHDOHUWDGHSXQWRFLHJR
ODWHUDOGHWHFWDHLQIRUPDGHREMHWRVD
FXDOTXLHUODGRGHOYHKFXORGHQWURGH
XQD]RQDHVSHFLILFDGDGHSXQWR
FLHJR$OGHWHFWDUREMHWRVTXHSR
GUDQQRYHUVHHQORVHVSHMRVUHWURYL
VRUHVLQWHULRUHV\H[WHULRUHVHOVLV
WHPDDOHUWDYLVXDOPHQWHHQFDGDUH
WURYLVRUH[WHULRU
/DDOHUWDGHSXQWRFLHJRODWHUDOXWLOL]D
DOJXQRVGHORVVHQVRUHVGHODVLVWHQWH
GHDSDUFDPLHQWRDYDQ]DGRTXHHV
WQVLWXDGRVHQHOSDUDFKRTXHVGH
ODQWHUR\WUDVHURDDPERVODGRVGHO
YHKFXOR
$GYHUWHQFLD
/DDOHUWDGHSXQWRFLHJRODWHUDOQR
VXVWLWX\HODYLVLQGHOFRQGXFWRU
(OVLVWHPDQRGHWHFWD
YHKFXORVIXHUDGHODV]RQDV
GHOSXQWRFLHJRODWHUDOHVTXH
SXHGDQDFHUFDUVHUSLGDPHQWH
SHDWRQHVFLFOLVWDVRDQLPDOHV
$QWHVGHFDPELDUGHFDUULOFRP
SUXHEHVLHPSUHWRGRVORVUHWURYL
VRUHVPLUHSRUHQFLPDGHOKRPEUR
\XWLOLFHHOLQWHUPLWHQWH
&XDQGRHOVLVWHPDGHWHFWDODSUHVHQ
FLDGHXQYHKFXORHQOD]RQDFLHJD
ODWHUDOGXUDQWHODFRQGXFFLQKDFLD
GHODQWH\DVHDDGHODQWDQGRRVLHQGR
DGHODQWDGRVHLOXPLQDUXQVPEROR
GHDGYHUWHQFLD%DPDULOORHQHOHV
SHMRUHWURYLVRUH[WHULRUFRUUHVSRQ
GLHQWH(QHVHPRPHQWRVLHOFRQ
GXFWRUDFWLYDHOLQWHUPLWHQWHHOVP
ERORGHDGYHUWHQFLD%FRPHQ]DUD
SDUSDGHDUHQDPDULOORFRPRDGYHU
WHQFLDSDUDHYLWDUHOFDPELRGHFDUULO
1RWD
6LHOYHKFXORTXHSDVDHVDOPH
QRVNPKPVUSLGRTXHHOYH
KFXORSDVDGRHVSRVLEOHTXHQRVH
LOXPLQHHOVPERORGHDGYHUWHQFLD
%HQHOHVSHMRUHWURYLVRUH[WHULRUFR
UUHVSRQGLHQWH
/DDOHUWDGHSXQWRFLHJRODWHUDOVHDF
WLYDDYHORFLGDGHVVXSHULRUHVD
NPK\KDVWDORVNPK6LFLU
FXODDXQDYHORFLGDGVXSHULRUD
NPKVHGHVDFWLYDHOVLVWHPDOR
TXHVHLQGLFDPHGLDQWHODLOXPLQDFLQ
DWHQXDGDGHORVVPERORVGHDGYHU
WHQFLD%HQDPERVUHWURYLVRUHVH[WH
ULRUHV6LUHGXFHGHQXHYRODYHORFL
GDGVHDSDJDUQORVVPERORVGHDG
YHUWHQFLD$FRQWLQXDFLQVLVHGH
WHFWDXQYHKFXORHQOD]RQDFLHJDORV
VPERORVGHDGYHUWHQFLD%VHLOXPL
QDUQGHODIRUPDKDELWXDOHQHOODGR
FRUUHVSRQGLHQWH
&RQGXFFLQ\PDQHMR
$ODUUDQFDUHOYHKFXORDPERVUHWUR
YLVRUHVH[WHULRUHVPRVWUDUQEUHYH
PHQWHVXVDOHUWDVSDUDLQGLFDUHOFR
UUHFWRIXQFLRQDPLHQWRGHOVLVWHPD
(OVLVWHPDVHSXHGHDFWLYDURGHVDF
WLYDUHQODSDQWDOODGHLQIRUPDFLQ
SHUVRQDOL]DFLQGHOYHKFXOR
/DGHVDFWLYDFLQVHLQGLFDPHGLDQWH
XQPHQVDMHHQHOFHQWURGHLQIRUPD
FLQGHOFRQGXFWRU
=RQDVGHGHWHFFLQ
/DV]RQDVGHGHWHFFLQHPSLH]DQHQ
HOSDUDFKRTXHVWUDVHUR\VHH[WLHQ
GHQXQRVWUHVPHWURVKDFLDDWUV\
KDFLDORVODGRV/DDOWXUDGHOD]RQD
VHVLWDDSUR[LPDGDPHQWHHQWUH
PHWURV\GRVPHWURVGHGLVWDQFLD
GHOVXHOR
/DDOHUWDGHSXQWRFLHJRODWHUDOKD
VLGRGLVHDGDSDUDLJQRUDUREMHWRV
FRPRJXDUGDUUDOHVRTXLWDPLHGRV
SRVWHVERUGLOORVSDUHGHV\YLJDV(O
VLVWHPDQRGHWHFWDYHKFXORVHVWDFLR
QDGRVQLDTXHOORVTXHVHDSUR[LPDQ
HQVHQWLGRRSXHVWR
$YHUD
2FDVLRQDOPHQWHHOVLVWHPDSXHGHRO
YLGDUDOJXQDDOHUWDHQFLUFXQVWDQFLDV
QRUPDOHVKHFKRPVFRPQHQGDV
GHOOXYLDRKPHGRV
/DDOHUWDGHSXQWRFLHJRODWHUDOQR
IXQFLRQDUFXDQGRODVHVTXLQDVGH
UHFKDRL]TXLHUGDGHOSDUDFKRTXHV
WUDVHURHVWQFXELHUWDVGHEDUURVX
FLHGDGQLHYHKLHORDJXDQLHYHRGX
UDQWHWRUPHQWDVIXHUWHV,QVWUXFFLR
QHVGHOLPSLH]D
(QFDVRGHDYHUDHQHOVLVWHPDRVL
HVWHQRIXQFLRQDUDGHELGRDFRQGLFLR
QHVWHPSRUDOHVVHPRVWUDUXQPHQ
VDMHHQHOFHQWURGHLQIRUPDFLQGHO
FRQGXFWRU5HFXUUDDODD\XGDGHXQ
WDOOHU
&PDUDUHWURYLVRUD
/DFPDUDUHWURYLVRUDD\XGDDOFRQ
GXFWRUGXUDQWHODPDUFKDDWUVPRV
WUDQGRXQDYLVWDGHOD]RQDTXHKD\
GHWUVGHOYHKFXOR
/DYLVWDGHODFPDUDVHPXHVWUDHQ
ODSDQWDOODGHLQIRUPDFLQHQFRORU
$GYHUWHQFLD
/DFPDUDUHWURYLVRUDQRVXVWLWX\H
ODYLVLQGHOFRQGXFWRU7HQJDHQ
FXHQWDTXHORVREMHWRVTXHVHHQ
FXHQWUDQIXHUDGHOFDPSRGHYL
VLQGHODFPDUD\GHORVVHQVR
UHVGHODVLVWHQWHGHDSDUFDPLHQWR
DYDQ]DGRSRUHMHPSORHOSDUD
FKRFKHVRORVEDMRVGHOYHKFXOR
QRVHPXHVWUDQ
1RFLUFXOHPDUFKDDWUVREVHU
YDQGRQLFDPHQWHODSDQWDOODGH
LQIRUPDFLQ\FRPSUXHEHOD]RQD
GHOHQWRUQRGHGHWUV\DOUHGHGRU
GHOYHKFXORDQWHVGHSURFHGHU
$FWLYDFLQ
/DFPDUDUHWURYLVRUDVHDFWLYDDXWR
PWLFDPHQWHDODFFLRQDUODPDUFKD
DWUV
&RQGXFFLQ\PDQHMR
)XQFLRQDPLHQWR
/DFPDUDHVWPRQWDGDHQWUHODVOX
FHVGHODPDWUFXOD\RIUHFHXQQJXOR
GHYLVLQGH
(OUHDPRVWUDGDSRUODFPDUDHVOL
PLWDGD/DGLVWDQFLDGHODLPDJHQTXH
DSDUHFHHQSDQWDOODGLILHUHGHODGLV
WDQFLDUHDO
6PERORVGHDGYHUWHQFLD
/RVVPERORVGHDGYHUWHQFLDVHLQGL
FDQPHGLDQWHWULQJXORVVREUHOD
LPDJHQTXHPXHVWUDORVREVWFXORV
GHWHFWDGRVSRUORVVHQVRUHVWUDVHURV
GHODVLVWHQWHGHDSDUFDPLHQWRDYDQ
]DGR
$GHPVDSDUHFHHQODOQHDVXSH
ULRUGHODSDQWDOODGHLQIRUPDFLQFRQ
ODDGYHUWHQFLDSDUDFRPSUREDUORTXH
URGHDDOYHKFXOR
3UHVHQWDFLQGHDMXVWHV
(OEULOOR\HOFRQWUDVWHSXHGHQDMXV
WDUVHWRFDQGRODSDQWDOODWFWLOFXDQGR
HVWDFWLYDODFPDUDUHWURYLVRUD
'HVDFWLYDFLQ
/DFPDUDVHGHVDFWLYDDOVXSHUDU
XQDGHWHUPLQDGDYHORFLGDGGH
DYDQFHRVLODPDUFKDDWUVQRVHVH
OHFFLRQDGXUDQWHXQRVGLH]VHJXQ
GRV
/DFPDUDGHYLVLQWUDVHUDVHSXHGH
GHVDFWLYDUPDQXDOPHQWHHQHOPHQ
GHSHUVRQDOL]DFLQGHOYHKFXORHQOD
3DQWDOODGHLQIRUPDFLQ3HUVRQDOL]D
FLQGHOYHKFXOR
'HVDFWLYDFLQGHOQHDVJXD\
VPERORVGHDGYHUWHQFLD
/DDFWLYDFLQRGHVDFWLYDFLQGHODV
OQHDVJXDYLVXDOHV\ORVVPERORVGH
DGYHUWHQFLDVHSXHGHFDPELDUWR
FDQGRORVERWRQHVGHOD]RQDLQIHULRU
GHODSDQWDOOD
$YHUD
/RVPHQVDMHVGHDYHUDVHPXHVWUDQ
FRQXQHQODOQHDVXSHULRUGHOD
SDQWDOODGHLQIRUPDFLQ
/DFPDUDUHWURYLVRUDSRGUDQRIXQ
FLRQDUFRUUHFWDPHQWHVL
(OHQWRUQRHVRVFXUR
(OVRORODVOXFHVGHXQRVIDURV
LQFLGHQGLUHFWDPHQWHHQHOREMH
WLYRGHODFPDUD
(OKLHORODQLHYHHOEDUURXRWURV
HOHPHQWRVFXEUHQODOHQWHGHOD
FPDUD/LPSLHHOREMHWLYRHQ
MXJXHORFRQDJXD\VTXHORFRQ
XQSDRVXDYH
&RQGXFFLQ\PDQHMR
(OYHKFXOROOHYHUHPROTXH
(OYHKFXORKDVXIULGRXQDFFL
GHQWHWUDVHUR
([LVWHQFDPELRVEUXVFRVGHWHP
SHUDWXUD
$VLVWHQWHGHVHDOHVGH
WUILFR
)XQFLRQDPLHQWR
(OVLVWHPDGHODVLVWHQWHGHVHDOHV
GHWUILFRGHWHFWDGHWHUPLQDGDVVH
DOHVGHWUILFRPHGLDQWHXQDFPDUD
IURQWDO\ODVPXHVWUDHQHOFHQWURGH
LQIRUPDFLQGHOFRQGXFWRU
/DVVHDOHVGHWUILFRTXHVHGHWHF
WDQVRQ
6HDOHVGHOPLWHVGHYHORFLGDG\
SURKLELGRDGHODQWDU
OPLWHGHYHORFLGDG
SURKLELGRDGHODQWDU
ILQGHOLPLWDFLQGHYHORFLGDG
ILQGHSURKLELGRDGHODQWDU
6HDOHVGHWUILFR
3ULQFLSLR\ILQGH
UHJLRQHVXUEDQDV HVSHFILFDV
GHOSDV
DXWRSLVWDV
FDUUHWHUDV$
YDVUHFUHDWLYDV
6HDOHVDGLFLRQDOHV
SLVWDVDGLFLRQDOHVVREUHODVVH
DOHVGHWUILFR
OLPLWDFLQGHOXVRGHOUHPROTXH
OLPLWDFLRQHVWUDFWRUDV
DGYHUWHQFLDGHILUPHKPHGR
DGYHUWHQFLDGHSUHVHQFLDGH
KLHOR
IOHFKDVGHGLUHFFLQ
/DVVHDOHVGHOLPLWDFLQGHYHORFL
GDG\ODVVHDOHVGHSURKLELGRDGH
ODQWDUVHPXHVWUDQHQHOFHQWURGHLQ
IRUPDFLQGHOFRQGXFWRUKDVWDTXHVH
GHWHFWHODVLJXLHQWHVHDOGHOLPLWD
FLQGHYHORFLGDGRGHILQGHOLPLWD
FLQGHYHORFLGDGRELHQKDVWDTXH
WUDQVFXUUDXQWLHPSRGHWHUPLQDGR
(VSRVLEOHODLQGLFDFLQGHPOWLSOHV
VHDOHVHQODSDQWDOOD
8QVLJQRGHH[FODPDFLQHQXQUH
FXDGURLQGLFDTXHVHKDGHWHFWDGR
XQDVHDODGLFLRQDOTXHHOVLVWHPDQR
LGHQWLILFDFODUDPHQWH
&RQGXFFLQ\PDQHMR
(OVLVWHPDIXQFLRQDVLQSHUGHUUHQGL
PLHQWRKDVWDXQDYHORFLGDGGH
NPKHQIXQFLQGHODVFRQGLFLR
QHVGHOX]'HQRFKHHOVLVWHPDHVW
DFWLYRKDVWDXQDYHORFLGDGGH
NPK
(QFXDQWRODYHORFLGDGGHOYHKFXOR
EDMDGHNPKODSDQWDOODVHUHLQLFLD
\HOFRQWHQLGRGHODSJLQDGHVHDOHV
GHWUILFRVHERUUDSRUHMHPSORDO
HQWUDUHQXQD]RQDXUEDQD6HPRV
WUDUODVLJXLHQWHLQGLFDFLQGHYHOR
FLGDGTXHVHGHWHFWH
,QGLFDFLQHQSDQWDOOD
+D\LQIRUPDFLQGLVSRQLEOHVREUHODV
VHDOHVGHWUILFRDFWXDOPHQWHYOL
GDVHQODSJLQDGHODVLVWHQWHGHVH
DOHVGHWUILFRGHVLJQDGRHQHOFHQ
WURGHLQIRUPDFLQGHOFRQGXFWRU
$GHPVHOOPLWHGHYHORFLGDGDF
WXDOPHQWHYOLGRVHPXHVWUDSHUPD
QHQWHPHQWHHQODOQHDLQIHULRUGHO
FHQWURGHLQIRUPDFLQGHOFRQGXFWRU
6LKDGLVSRQLEOHXQOPLWHGHYHORFL
GDGFRQDGLFLQVHPXHVWUDXQVP
EROR
HQHVWHUHD
6HOHFFLRQH"PHGLDQWH0
0(18\
VHOHFFLRQHODSJLQDGHODVLVWHQWHGH
VHDOHVGHWUILFRFRQODUXHGDGH
DMXVWHHQODSDODQFDGHOLQWHUPLWHQWH
6LVHKDVHOHFFLRQDGRRWUDSJLQDHQ
HOPHQGHOFHQWURGHLQIRUPDFLQGHO
FRQGXFWRU\OXHJRVHYXHOYHDVHOHF
FLRQDUODSJLQDGHODVLVWHQWHGHVH
DOHVGHWUILFRVHPRVWUDUODOWLPD
VHDOGHWUILFRGHWHFWDGD
)XQFLQGHDOHUWD
/DIXQFLQGHDOHUWDVHSXHGHDFWLYDU
RGHVDFWLYDUHQHOPHQGHFRQILJX
UDFLQGHODSJLQDGHODVLVWHQWHGH
VHDOHVGHWUILFR
8QDYH]DFWLYDGD\FXDQGRODSJLQD
GHGHWHFFLQGHVHDOHVGHWUILFRQR
VHPXHVWUHVHPXHVWUDQHOOPLWHGH
YHORFLGDG\ODVVHDOHVGHQRDGHODQ
WDUQXHYDVGHWHFWDGDVFRPRDOHUWDV
HQHOFHQWURGHLQIRUPDFLQGHOFRQ
GXFWRU
&RQGXFFLQ\PDQHMR
6HOHFFLRQH$
$OHUWDV$&7,9R$
$OHUWDV
'(6$&7JLUDQGRODUXHGDGHDMXVWH\
SXOVH6
6(7&/5
/DDOHUWDHPHUJHQWHVHPXHVWUDGX
UDQWHXQRVRFKRVHJXQGRVHQHOFHQ
WURGHLQIRUPDFLQGHOFRQGXFWRU
5HVWDEOHFLPLHQWRGHOVLVWHPD
&XDQGRVHPXHVWUHODSJLQDGHO
DVLVWHQWHGHVHDOHVGHWUILFRSXOVH
6(7&/5HQODSDODQFDGHOLQWHUPL
WHQWH
(OFRQWHQLGRGHODPHPRULDGHODVVH
DOHVGHWUILFRSXHGHERUUDUVHHQHO
PHQGHFRQILJXUDFLQGHODSJLQD
GHODVLVWHQWHGHVHDOHVGHWUILFRVH
OHFFLRQDQGR5
5HLQLFLDU\VHFRQILUPD
SXOVDQGR6
6(7&/5GHODSDODQFDGH
LQWHUPLWHQWHV
7DPELQVHSXHGHQSXOVDU6(7&/5
GXUDQWHWUHVVHJXQGRVSDUDERUUDUHO
FRQWHQLGRGHODSJLQD
8QDYH]UHDOL]DGRHOUHVWDEOHFLPLHQWR
FRUUHFWDPHQWHVRQDUXQWLPEUH\VH
LQGLFDUHO6HDOSUHGHWHUPLQDGDVL
JXLHQWHKDVWDTXHVHGHWHFWHODVL
JXLHQWHVHDOGHWUILFR
(QDOJXQRVFDVRVHOVLVWHPDERUUD
DXWRPWLFDPHQWHHODVLVWHQWHGHVH
DOHVGHWUILFR
(OLPLQDFLQGHVHDOHVGHWUILFR
([LVWHQYDULDVVLWXDFLRQHVTXHSURYR
FDUQODHOLPLQDFLQGHODVVHDOHVGH
WUILFRTXHVHPXHVWUDQDFWXDOPHQWH
'HVSXVGHHOLPLQDUVHVHPXHVWUDOD
6HDOSUHGHWHUPLQDGDHQHOFHQWUR
GHLQIRUPDFLQGHOFRQGXFWRU
0RWLYRVSDUDODHOLPLQDFLQGHVHD
OHV
6HKDUHFRUULGRXQDGLVWDQFLD
SUHGHILQLGDRKDWUDQVFXUULGRXQ
SHULRGRGHWLHPSRSUHGHILQLGR
GLIHUHQWHSDUDFDGDWLSRGHVH
DO
(OYHKFXORUHDOL]DXQJLUR
/DYHORFLGDGVHUHGXFHDNP
K GHWHFFLQGHHQWUDGDDFLXGDG
&RQGXFFLQ\PDQHMR
$YHUD
(OVLVWHPDDVLVWHQWHGHVHDOHVGH
WUILFRSXHGHIXQFLRQDUGHPDQHUDLQ
FRUUHFWDVL
(OUHDGHOSDUDEULVDVGRQGHVH
HQFXHQWUDODFPDUDIURQWDOQR
HVWOLPSLRRFRQWLHQHHOHPHQWRV
H[WUDRVSRUHMHPSORDGKHVL
YRV
/DVVHDOHVGHWUILFRHVWQWRWDO
RSDUFLDOPHQWHFXELHUWDVRVRQ
GLIFLOHVGHGLVFHUQLU
+D\FRQGLFLRQHVDPELHQWDOHVDG
YHUVDVFRPRIXHUWHOOXYLDQLHYH
UDGLDFLQVRODUGLUHFWDRVRP
EUDV
/DVVHDOHVGHWUILFRHVWQGD
DGDVRPRQWDGDVLQFRUUHFWD
PHQWH
/DVVHDOHVGHWUILFRQRFXP
SOHQOD&RQYHQFLQGH9LHQDVR
EUHVHDOHVGHWUILFR :LHQHU
EHUHLQNRPPHQEHU6WUDHQ
YHUNHKUV]HLFKHQ
$WHQFLQ
(OVLVWHPDHVWGLVHDGRSDUD
D\XGDUDOFRQGXFWRUDGLVWLQJXLU
FLHUWDVVHDOHVGHWUILFRGHQWUR
GHXQGHWHUPLQDGRLQWHUYDORGH
YHORFLGDG1XQFDGHEHLJQRUDUODV
VHDOHVGHWUILFRTXHQRPXHVWUD
HOVLVWHPD
(OVLVWHPDQRGLVWLQJXHRWUDVVH
DOHVGHWUILFRGLVWLQWDVGHODV
FRQYHQFLRQDOHVTXHSXGLHUDQHV
WDEOHFHURILQDOL]DUXQDOLPLWDFLQ
GHYHORFLGDG
1RGHMHTXHHVWDFDUDFWHUVWLFDHV
SHFLDOOHLQFLWHDFRQGXFLUDUULHV
JDGDPHQWH
$GDSWHVLHPSUHODYHORFLGDGDODV
FRQGLFLRQHVGHODFDO]DGD
/RVVLVWHPDVGHD\XGDDODFRQ
GXFFLQQRH[LPHQDOFRQGXFWRU
GHVXSOHQDUHVSRQVDELOLGDGHQHO
PDQHMRGHOYHKFXOR
$YLVRGHFDPELRGHFDUULO
(OVLVWHPDGHDYLVRGHFDPELRGHFD
UULOREVHUYDODVPDUFDVGHOFDUULOSRU
HOTXHFLUFXODHOYHKFXORPHGLDQWH
XQDFPDUDIURQWDO(OVLVWHPDGH
WHFWDORVFDPELRVGHFDUULO\DYLVDDO
FRQGXFWRUHQFDVRGHXQFDPELRLQ
YROXQWDULRGHFDUULOPHGLDQWHVHDOHV
DFVWLFDV\YLVXDOHV
/RVFULWHULRVSDUDGHWHFWDUXQFDPELR
LQYROXQWDULRGHFDUULOVRQ
1RVHKDQDFFLRQDGRORVLQWHUPL
WHQWHV
1RVHKDDFFLRQDGRHOSHGDOGHO
IUHQR
1RKD\XQDFFLRQDPLHQWRDFWLYR
GHODFHOHUDGRU
1RKD\XQDFFLRQDPLHQWRGHOYR
ODQWH
6LHOFRQGXFWRUUHDOL]DHVWDVDFFLR
QHVQRVHHPLWLUHODYLVR
&RQGXFFLQ\PDQHMR
&RPEXVWLEOH
$FWLYDFLQ
&RPEXVWLEOHSDUDPRWRUHV
GHJDVROLQD
'HVDFWLYDFLQ
(OVLVWHPDVHGHVDFWLYDSXOVDQGR
VHDSDJDUHO/('GHOERWQ
$YHORFLGDGHVLQIHULRUHVDNPKHO
VLVWHPDQRIXQFLRQD
(OVLVWHPDGHDYLVRGHFDPELRGHFD
UULOVHDFWLYDSXOVDQGR (O/('HQ
FHQGLGRHQHOERWQLQGLFDTXHHOVLV
WHPDHVWFRQHFWDGR&XDQGRHOWHV
WLJRGHFRQWURO HQHOFXDGURGHLQV
WUXPHQWRVVHHQFLHQGHHQYHUGHHO
VLVWHPDHVWOLVWRSDUDIXQFLRQDU
(OVLVWHPDVORIXQFLRQDDYHORFLGD
GHVVXSHULRUHVDNPK\VLKD\
PDUFDVGHFDUULO
&XDQGRHOVLVWHPDGHWHFWDXQFDPELR
LQYROXQWDULRGHFDUULOHOWHVWLJRGH
FRQWURO FDPELDDDPDULOOR\SDUSD
GHD6LPXOWQHDPHQWHVHDFWLYDXQ
DYLVRDFVWLFR
$YHUD
(OVLVWHPDGHDYLVRGHFDPELRGHFD
UULOSXHGHIXQFLRQDULQFRUUHFWDPHQWH
VL
(OSDUDEULVDVHVWVXFLR
+D\FRQGLFLRQHVDPELHQWDOHVDG
YHUVDVFRPRIXHUWHOOXYLDQLHYH
UDGLDFLQVRODUGLUHFWDRVRP
EUDV
(OVLVWHPDQRSXHGHIXQFLRQDUVLQR
VHGHWHFWDQPDUFDVGHFDUULO
8WLOLFHVORFRPEXVWLEOHVLQSORPR
TXHFXPSODODQRUPDHXURSHD
(1R(',1RHTXLYD
OHQWH
(OPRWRUSXHGHIXQFLRQDUFRQFRP
EXVWLEOHTXHFRQWHQJDKDVWDXQ
GHHWDQRO SRUHMHPSOR(
8WLOLFHFRPEXVWLEOHFRQHORFWDQDMH
UHFRPHQGDGR/RVUHTXLVLWRVHVSH
FILFRVGHOPRWRUVHRIUHFHQHQODYL
VLQJHQHUDOGHGDWRVGHOPRWRU
8QDHWLTXHWDHVSHFILFDGHO
SDVHQODWDSDGHOGHSVLWRGHFRP
EXVWLEOHSXHGHGHMDUVLQHIHFWRHOUH
TXLVLWR
$WHQFLQ
1RXWLOLFHFRPEXVWLEOHVQLDGLWLYRV
SDUDHOFRPEXVWLEOHTXHFRQWHQ
JDQFRPSXHVWRVPHWOLFRVFRPR
ORVDGLWLYRVDEDVHGHPDQJDQHVR
(VWRSXHGHRFDVLRQDUGDRVHQHO
PRWRU
&RQGXFFLQ\PDQHMR
$WHQFLQ
$WHQFLQ
(OXVRGHFRPEXVWLEOHTXHQR
FXPSODODQRUPD(1R(',1
RHTXLYDOHQWHSXHGHSUR
YRFDUODDFXPXODFLQGHGHSVLWRV
RGDRVHQHOPRWRU
(OXVRGHFRPEXVWLEOHTXHQR
FXPSOHFRQODQRUPDWLYD(1 R
VLPLODUSXHGHFRQGXFLUDXQDSU
GLGDGHSRWHQFLDGHOPRWRUXQ
GHVJDVWHPD\RUGHOPRWRURGDRV
HQHOPRWRU
$WHQFLQ
(OFRPEXVWLEOHFRQXQRFWDQDMH
GHPDVLDGREDMRSXHGHRFDVLRQDU
XQDFRPEXVWLQLQFRQWURODGD\GD
RVHQHOPRWRU
&RPEXVWLEOHSDUDPRWRUHV
GLVHO
8WLOLFHVLHPSUHFRPEXVWLEOHGLVHO
TXHFXPSODODQRUPD(1
(QSDVHVGHIXHUDGHOD8QLQ(XUR
SHDXVHFRPEXVWLEOHHXURGLVHOFRQ
XQDFRQFHQWUDFLQGHD]XIUHLQIHULRU
DSSP
1RXWLOLFHGLVHOPDULQRJDVOHRV
SDUDFDOHIDFFLQ$TXD]ROHQLHPXO
VLRQHVGHGLVHODJXDVLPLODUHV1R
GHEHGLOXLUVHHOFRPEXVWLEOHGLVHO
FRQFRPEXVWLEOHSDUDPRWRUHVGHJD
VROLQD
&RPEXVWLEOHSDUD
IXQFLRQDPLHQWRFRQJDV
OLFXDGR
(OJDVOLFXDGRVHFRQRFHFRPR/3*
JDVOLFXDGRGHOSHWUOHR RSRUVXGH
QRPLQDFLQIUDQFHVD*3/ *D]GH
3WUROH/LTXIL (O*/3WDPELQVH
FRQRFHFRPRDXWRJV
(O*/3VHFRPSRQHSULQFLSDOPHQWH
GHSURSDQR\EXWDQR(ORFWDQDMHVH
VLWDHQWUH\GHSHQGLHQGR
GHODSURSRUFLQGHEXWDQR(O*/3VH
DOPDFHQDHQIRUPDOTXLGDDXQDSUH
VLQGHDDSUR[LPDGDPHQWHED
UHV
6XSXQWRGHHEXOOLFLQGHSHQGHGHOD
SUHVLQ\ODUHODFLQGHODPH]FOD$
SUHVLQDWPRVIULFDRVFLODHQWUH
& SURSDQRSXUR \& EX
WDQRSXUR
$WHQFLQ
(OVLVWHPDIXQFLRQDFRQXQDWHP
SHUDWXUDDPELHQWHGH&WR
&DSUR[LPDGDPHQWH
(OFRUUHFWRIXQFLRQDPLHQWRGHOVLV
WHPD*/3VORVHSXHGHJDUDQWL]DUVL
HOJDVOLFXDGRFXPSOHORVUHTXLVLWRV
PQLPRVGHODQRUPD',1(1
&RQGXFFLQ\PDQHMR
6HOHFWRUGHFRPEXVWLEOH
3XOVDQGR/
/3*HOVLVWHPDFDPELDHQ
WUHIXQFLRQDPLHQWRFRQJDVROLQD\FRQ
JDVOLFXDGRHQFXDQWRVHKD\DQDO
FDQ]DGRORVSDUPHWURVUHTXHULGRV
WHPSHUDWXUDGHOUHIULJHUDQWHWHPSH
UDWXUDGHOJDV\UJLPHQPQLPRGHO
PRWRU /RVUHTXLVLWRVVHVXHOHQFXP
SOLUGHVSXVGHXQRVVHJXQGRV
GHSHQGLHQGRGHODWHPSHUDWXUDH[
WHULRU \GHSLVDUFRQIXHU]DHODFHOH
UDGRU(O/('GHHVWDGRPXHVWUDHO
PRGRGHIXQFLRQDPLHQWRDFWXDO
/('DSDJDGR
IXQFLRQDPLHQWR
FRQJDVROLQD
/('SDUSDGHD FRPSUREDFLQGH
FRQGLFLRQHVSDUD
ODWUDQVLFLQGH
FRPEXVWLEOHSDUD
HOIXQFLRQDPLHQWR
FRQJDVOLFXDGR
6HHQFLHQGHVLVH
FXPSOHQODVFRQGL
FLRQHV
/('HQFHQGLGR IXQFLRQDPLHQWR
FRQJDVOLFXDGR
(O/('
HOGHSVLWRGHJDV
SDUSDGHDFLQFR OLFXDGRHVWYDFR
YHFHV\VH
RKD\XQIDOORHQHO
DSDJD
VLVWHPDGHJDVOL
FXDGR$SDUHFH
XQPHQVDMHHQHO
FHQWURGHLQIRUPD
FLQGHOFRQGXF
WRU
6LHOGHSVLWRGHFRPEXVWLEOHHVWYD
FRHOPRWRUQRDUUDQFD
(OPRGRGHFRPEXVWLEOHVHOHFFLR
QDGRVHJXDUGD\UHDFWLYDHQHOVL
JXLHQWHFLFORGHHQFHQGLGRVLODVFRQ
GLFLRQHVORSHUPLWHQ
(QFXDQWRVHYDFDQORVGHSVLWRVGH
JDVOLFXDGRVHFDPELDDXWRPWLFD
PHQWHDOIXQFLRQDPLHQWRFRQJDVR
OLQDKDVWDTXHVHGHVFRQHFWHHOHQ
FHQGLGR
$OFDPELDUDXWRPWLFDPHQWHHQWUH
IXQFLRQDPLHQWRFRQJDVROLQDRJDV
VHSRGUDSUHFLDUXQEUHYHUHWDUGRGH
ODSRWHQFLDWUDFWRUDGHOPRWRU
&DGDVHLVPHVHVGHEHDJRWDUHOGH
SVLWRGHJDVROLQDKDVWDTXHVHLOX
PLQHHOWHVWLJRGHFRQWURO8\OXHJR
UHSRVWDU(VWRD\XGDDPDQWHQHUOD
FDOLGDGGHOFRPEXVWLEOH\ODRSHUDWL
YLGDGGHOVLVWHPDSDUDHOIXQFLRQD
PLHQWRFRQJDVROLQD
(OGHSVLWRGHOYHKFXORVHGHEHOOH
QDUGHFRPEXVWLEOHDLQWHUYDORVUHJX
ODUHVSDUDHYLWDUVXFRUURVLQ
3UREOHPDV\VROXFLRQHV
6LQRHVSRVLEOHHOIXQFLRQDPLHQWR
FRQJDVFRPSUXHEHORVLJXLHQWH
+D\VXILFLHQWHJDVOLFXDGR"
+D\VXILFLHQWHJDVROLQDSDUD
DUUDQFDU"
&RQGXFFLQ\PDQHMR
'HELGRDODVWHPSHUDWXUDVH[WUHPDV
HQFRPELQDFLQFRQODFRPSRVLFLQ
GHOJDVHOVLVWHPDSXHGHWDUGDUXQ
SRFRPVHQFDPELDUGHJDVROLQDD
JDV
(QVLWXDFLRQHVH[WUHPDVHOVLVWHPD
WDPELQSXHGHYROYHUDFDPELDUDO
PRGRGHJDVROLQDVLORVUHTXLVLWRVP
QLPRVQRVHFXPSOHQ6LODVFRQGL
FLRQHVORSHUPLWHQVHSRGUDFDPELDU
PDQXDOPHQWHDIXQFLRQDPLHQWRFRQ
JDVOLFXDGR
3DUDFXDOTXLHURWURWLSRGHDYHUDUH
FXUUDDODD\XGDGHXQWDOOHU
$WHQFLQ
3DUDFRQVHUYDUODVHJXULGDG\OD
JDUDQWDGHOVLVWHPDGH*/3ODV
UHSDUDFLRQHVRDMXVWHVVORGHEHQ
VHUUHDOL]DGRVSRUSHUVRQDOWF
QLFRFXDOLILFDGR
$OJDVOLFXDGRVHOHDDGHXQRORU
SDUWLFXODU SURFHVRGHRGRUL]DFLQ
SDUDSRGHUGHWHFWDUIFLOPHQWHSRVL
EOHVIXJDV
$GYHUWHQFLD
5HSRVWDMH
6LKXHOHDJDVHQHOYHKFXORRHQ
VXVLQPHGLDFLRQHVFDPELHLQPH
GLDWDPHQWHDOIXQFLRQDPLHQWRFRQ
JDVROLQD3URKLELGRIXPDU(YLWH
ODVOODPDVDELHUWDVRODVIXHQWHV
GHLJQLFLQ
6LHORORUDJDVSHUVLVWHQRDUUDQTXH
HOPRWRU+DJDVXEVDQDUODFDXVDGH
ODDYHUDHQXQWDOOHU
(QFDVRGHXWLOL]DUDSDUFDPLHQWRV
VXEWHUUQHRVVHGHEHQVHJXLUODV
LQVWUXFFLRQHVGHORSHUDGRU\ODQRU
PDWLYDORFDO
1RWD
(QFDVRGHDFFLGHQWHGHVFRQHFWHHO
HQFHQGLGR\ODVOXFHV
3HOLJUR
$QWHVGHUHSRVWDUGHVFRQHFWHHO
HQFHQGLGR\FXDOTXLHUVLVWHPDGH
FDOHIDFFLQH[WHUQRFRQFPDUD
GHFRPEXVWLQ
$OUHSRVWDUGHEHQREVHUYDUVHODV
LQVWUXFFLRQHV\QRUPDVGHVHJXUL
GDGGHODHVWDFLQGHVHUYLFLR
&RQGXFFLQ\PDQHMR
3HOLJUR
(OFRPEXVWLEOHHVLQIODPDEOH\H[
SORVLYR3URKLELGRIXPDU(YLWHOD
SUHVHQFLDGHOODPDVGHVFXELHUWDV
RFKLVSDV
6LSHUFLEHRORUDFRPEXVWLEOHGHQ
WURGHOYHKFXORKDJDVXEVDQDUOD
FDXVDLQPHGLDWDPHQWHHQXQWD
OOHU
$WHQFLQ
(QFDVRGHUHSRVWDUFRPEXVWLEOH
LQFRUUHFWRQRFRQHFWHHOHQFHQ
GLGR
/DWDSDGHOGHSVLWRGHFRPEXVWLEOH
HVWVLWXDGDHQHOODGRWUDVHURGHUH
FKRGHOYHKFXOR
/DWDSDGHOGHSVLWRVORVHSXHGH
DEULUFRQHOYHKFXORGHVEORTXHDGR
'HVEORTXHHODWDSDGHOGHSVLWRGH
FRPEXVWLEOHSXOVDQGRVREUHOD
PLVPD
3DUDDEULUJLUHODWDSDOHQWDPHQWHKD
FLDODL]TXLHUGD
(OWDSQGHOGHSVLWRVHSXHGHHQ
JDQFKDUHQHOVRSRUWHGHODWDSDGHO
GHSVLWRGHFRPEXVWLEOH
3DUDUHSRVWDULQWURGX]FDWRWDOPHQWH
ODSLVWRODGHOVXUWLGRU\FRQFWHOD
7UDVODLQWHUUXSFLQDXWRPWLFDVH
SXHGHUHOOHQDUHOGHSVLWRFRQODSLV
WRODGHOVXUWLGRUKDVWDXQP[LPRGH
GRVGRVLVGHFRPEXVWLEOH
$WHQFLQ
/LPSLHLQPHGLDWDPHQWHHOFRP
EXVWLEOHTXHKD\DSRGLGRUHERVDU
&RQGXFFLQ\PDQHMR
3DUDFHUUDUJLUHHOWDSQGHOGHSVLWR
HQVHQWLGRKRUDULRKDVWDTXHKDJD
FOLF
&LHUUHODWDSD\GHMHTXHVHHQFODYH
5HSRVWDUJDVOLFXDGR
$OUHSRVWDUGHEHQREVHUYDUVHODV
LQVWUXFFLRQHV\QRUPDVGHVHJXULGDG
GHODHVWDFLQGHVHUYLFLR
/DYOYXODGHOOHQDGRSDUDHOJDVOL
FXDGRHVWGHWUVGHODWDSDGHOGH
SVLWR
'HVHQURVTXHHOFDSXFKQSURWHFWRU
GHODERFDGHOOHQDGR
(QURVTXHDPDQRHODGDSWDGRUUH
TXHULGRHQODERFDGHOOHQDGR
$GDSWDGRU$&0( (QURVTXHODWXHUFD
GHODSLVWRODGHOOHQDGRHQHODGDSWD
GRU3XOVHODSDODQFDGHEORTXHRGH
ODSLVWRODGHOOHQDGR
%RFDGHOOHQDGR',6+ ,QWURGX]FDOD
SLVWRODGHOOHQDGRHQHODGDSWDGRU
3XOVHODSDODQFDGHEORTXHRGHODSLV
WRODGHOOHQDGR
%RFDGHOOHQDGRGHED\RQHWD ,QWUR
GX]FDODSLVWRODGHOVXUWLGRUHQHO
DGDSWDGRU\JLUHHQVHQWLGRGHODV
DJXMDVGHOUHORMRHQVHQWLGRFRQWUDULR
GHODVDJXMDVGHOUHORMFRQXQFXDUWR
GHYXHOWD$SULHWHDWRSHODSDODQFD
GHEORTXHRGHODSLVWRODGHOOHQDGR
%RFDGHOOHQDGR(852 3UHVLRQHOD
SLVWRODGHOOHQDGRVREUHHODGDSWDGRU
KDVWDTXHVHHQFODYH
3XOVHHOERWQGHOVXUWLGRUGHJDVOL
FXDGR(OVXUWLGRUVHSDUDURIXQFLR
QDUPX\OHQWDPHQWHFXDQGRVHDO
FDQ]DXQGHOYROXPHQGHOGHS
VLWR FDQWLGDGGHOOHQDGRP[LPD
6XHOWHHOERWQGHOVXUWLGRUSDUDGH
WHQHUHOSURFHVRGHOOHQDGR6XHOWHOD
SDODQFDGHEORTXHR\UHWLUHODSLVWROD
GHOOHQDGR3XHGHHVFDSDUVHXQD
FDQWLGDGPQLPDGHJDVOLFXDGR
'HVPRQWHHODGDSWDGRU\JXUGHOR
FRQVHJXULGDGHQHOYHKFXOR
&RORTXHHOFDSXFKQSURWHFWRUSDUD
HYLWDUODHQWUDGDGHFXHUSRVH[WUDRV
HQODERFDGHOOHQDGR\HQHOVLVWHPD
$GYHUWHQFLD
'HELGRDOGLVHRGHOVLVWHPDHV
LQHYLWDEOHTXHVDOJDJDVOLFXDGR
WUDVVROWDUODSDODQFDGHEORTXHR
(YLWHVXLQKDODFLQ
&RQGXFFLQ\PDQHMR
$GYHUWHQFLD
3RUPRWLYRVGHVHJXULGDGHOGH
SVLWRGHJDVOLFXDGRVRORGHEHUD
OOHQDUVHKDVWDHOGHVXFDSD
FLGDG
/DYOYXODPOWLSOHGHOGHSVLWRGH
JDVOLFXDGROLPLWDDXWRPWLFDPHQWHOD
FDQWLGDGGHOOHQDGR6LVHKXELHUDUH
SRVWDGRXQDFDQWLGDGPD\RUOHUHFR
PHQGDPRVQRHVWDFLRQDUHOYHKFXOR
DOVROKDVWDTXHODFDQWLGDGVREUDQWH
VHKD\DFRQVXPLGR
$GDSWDGRU$&0( %OJLFD$OHPDQLD
,UODQGD/X[HPEXUJR6XL]D
$GDSWDGRU(852 (VSDD
$GDSWDGRUHVGHOOHQDGR
&RPRDQQRVHKDQQRUPDOL]DGRORV
VLVWHPDVGHOOHQDGRVRQQHFHVDULRV
GLVWLQWRVDGDSWDGRUHVTXHSXHGHRE
WHQHUHQVX'LVWULEXLGRUR5HSDUDGRU
$XWRUL]DGR2SHO
$GDSWDGRUGHED\RQHWD 3DVHV%D
MRV1RUXHJD(VSDD5HLQR8QLGR
$GDSWDGRU',6+ $XVWULD%RVQLD
+HU]HJRYLQD%XOJDULD&URDFLD5H
SEOLFD&KHFD'LQDPDUFD(VWRQLD
&RQGXFFLQ\PDQHMR
)UDQFLD*UHFLD+XQJUD,WDOLD/HWR
QLD/LWXDQLD0DFHGRQLD3RORQLD
3RUWXJDO5XPDQD6HUELD(VORYD
TXLD(VORYHQLD6XHFLD6XL]D7XU
TXD8FUDQLD
7DSQGHOGHSVLWR
8WLOLFHVORWDSRQHVGHOGHSVLWRRUL
JLQDOHV
/RVYHKFXORVFRQPRWRUGLVHOWLHQHQ
XQWDSQGHOGHSVLWRHVSHFLDO
&RQVXPRGHFRPEXVWLEOH
HPLVLRQHVGH&2
(OFRQVXPRGHFRPEXVWLEOH PL[WR
GHOPRGHOR2SHO&RUVDVHVLWDHQWUH
\ONP
/DVHPLVLRQHVGH&2 PL[WDV VHVL
WDQHQWUH\JNP
3DUDFRQRFHUORVYDORUHVHVSHFILFRV
GHOYHKFXORFRQVXOWHHOFHUWLILFDGR
GHFRQIRUPLGDG&((TXHVHHQWUHJD
FRQHOYHKFXORRODGRFXPHQWDFLQ
GHPDWULFXODFLQQDFLRQDO
,QIRUPDFLQJHQHUDO
/DVFLIUDVRILFLDOHVGHFRQVXPRGH
FRPEXVWLEOH\HPLVLRQHVGH&2LQ
GLFDGDVVHFRUUHVSRQGHQDOPRGHOR
EVLFRSDUDOD8(FRQHTXLSDPLHQWR
HVWQGDU
/RVGDWRVGHFRQVXPRGHFRPEXVWL
EOH\HPLVLRQHVGH&2VHGHWHUPL
QDQVHJQHO5HJODPHQWR &(
Q HQODOWLPDYHUVLQ
DSOLFDEOH WHQLHQGRHQFXHQWDHO
SHVRGHOYHKFXORHQRUGHQGHPDU
FKDFRPRVHHVSHFLILFDHQGLFKRUH
JODPHQWR
/RVGDWRVVHSURSRUFLRQDQVORFRQ
ILQHVGHFRPSDUDFLQHQWUHGLIHUHQWHV
YDULDQWHVGHYHKFXORV\QRGHEHQ
FRQVLGHUDUVHFRPRJDUDQWDUHVSHFWR
DOFRQVXPRUHDOGHFRPEXVWLEOHGHXQ
YHKFXORHQSDUWLFXODU(OHTXLSD
PLHQWRDGLFLRQDOSXHGHVXSRQHUXQOL
JHURDXPHQWRHQODVFLIUDVGHFRQ
VXPR\HPLVLRQHVGH&2$GHPV
HOFRQVXPRGHFRPEXVWLEOHGHSHQGH
GHOHVWLORGHFRQGXFFLQSHUVRQDODV
FRPRGHOHVWDGRGHODVFDUUHWHUDV\
GHOWUILFR
(QJDQFKHGHOUHPROTXH
,QIRUPDFLQJHQHUDO
6ORGHEHXWLOL]DUVHXQGLVSRVLWLYRGH
UHPROTXHKRPRORJDGRSDUDVXYH
KFXOR&RQIHHOPRQWDMHSRVWHULRUGH
XQGLVSRVLWLYRGHUHPROTXHDXQWDOOHU
3XHGHQVHUQHFHVDULDVPRGLILFDFLR
QHVHQHOYHKFXORTXHDIHFWHQDOVLV
WHPDGHUHIULJHUDFLQODVSDQWDOODV
WUPLFDVXRWURVHTXLSRV
/DIXQFLQGHGHWHFFLQGHDYHUDGH
ERPELOODVSDUDODOX]GHIUHQRGHOUH
PROTXHQRSXHGHGHWHFWDUXQDDYHUD
SDUFLDOSRUHMHPSORHQHOFDVRGH
ERPELOODVGHFXDWURYHFHV:ODIXQ
FLQQLFDPHQWHGHWHFWDUXQDDYHUD
FXDQGRVHHQFLHQGDVORXQDERPEL
OODGH:RQLQJXQD
(OPRQWDMHGHXQGLVSRVLWLYRGHUH
PROTXHSRGUDWDSDUODDEHUWXUDGHOD
DUJROODGHUHPROTXH6LVHGLHUDHO
FDVRXWLOLFHODEDUUDGHUWXODSDUD
UHPROFDU0DQWHQJDVLHPSUHODEDUUD
GHUWXODGHDFRSODPLHQWRHQHOYH
KFXORFXDQGRQRODXWLOLFH
&RQGXFFLQ\PDQHMR
&DUDFWHUVWLFDVGH
FRQGXFFLQ\
UHFRPHQGDFLRQHVSDUDHO
XVRGHOUHPROTXH
$QWHVGHHQJDQFKDUXQUHPROTXHOX
EULTXHODUWXODREROD6LQHPEDUJR
QRGHEHOXEULFDUVHFXDQGRODUWXOD
OOHYHXQDEDUUDHVWDELOL]DGRUDSDUD
DPRUWLJXDUODVRVFLODFLRQHV
3DUDUHPROTXHVFRQHVFDVDHVWDELOL
GDGGHPDUFKD\FDUDYDQDVFRQXQ
SHVRP[LPRDXWRUL]DGRVXSHULRUD
NJQRVHGHEHQVXSHUDUORV
NPK VHUHFRPLHQGDHOXVRGHXQD
EDUUDHVWDELOL]DGRUD
6LHOUHPROTXHFRPLHQ]DDRVFLODU
GLVPLQX\DODYHORFLGDG\QRLQWHQWH
FRPSHQVDUGLFKRPRYLPLHQWRFRQOD
GLUHFFLQ HQFDVRQHFHVDULRIUHQHD
IRQGR
$OEDMDUSHQGLHQWHVVHOHFFLRQHOD
PLVPDPDUFKD\FLUFXOHDSUR[LPDGD
PHQWHDODPLVPDYHORFLGDGTXHSDUD
VXELUODV
$MXVWHODSUHVLQGHORVQHXPWLFRVDO
YDORULQGLFDGRSDUDFDUJDFRPSOHWD
8VRGHOUHPROTXH
&DUJDVGHUHPROTXH
/DVFDUJDVGHUHPROTXHDXWRUL]DGDV
GHSHQGHQGHORVYDORUHVP[LPRVGHO
PRWRU\GHOWLSRGHYHKFXOR\QRVH
GHEHQVXSHUDUQXQFD/DFDUJDGHUH
PROTXHUHDOHVODGLIHUHQFLDHQWUHHO
SHVRP[LPRGHOUHPROTXH\ODFDUJD
GHDSR\RUHDOFRQHOUHPROTXHDFR
SODGR
/DVFDUJDVGHUHPROTXHDXWRUL]DGDV
VHHVSHFLILFDQHQODGRFXPHQWDFLQ
GHOYHKFXOR(QJHQHUDOHVWRVYDOR
UHVVRQYOLGRVSDUDSHQGLHQWHVGHO
FRPRP[LPR
/DVFDUJDVGHUHPROTXHDXWRUL]DGDV
VRQDSOLFDEOHVSDUDODSHQGLHQWHHV
SHFLILFDGD\XQDDOWXUDGHKDVWD
PHWURVVREUHHOQLYHOGHOPDU
&RPRODSRWHQFLDGHOPRWRUGLVPL
QX\HDODXPHQWDUODDOWXUDGHELGRDOD
PHQRUGHQVLGDGGHODLUH\SRUWDQWR
VHUHGXFHWDPELQODFDSDFLGDGGH
VXELGDHOSHVRP[LPRDXWRUL]DGR
FRQUHPROTXHWDPELQVHUHGXFHXQ
SRUFDGDPHWURVGHDOWXUD
DGLFLRQDO1RHVQHFHVDULRUHGXFLUHO
SHVRP[LPRDXWRUL]DGRFRQUHPRO
TXHVLVHFLUFXODSRUFDUUHWHUDVFRQ
HVFDVDSHQGLHQWH LQIHULRUDO SRU
HMHPSORHQDXWRSLVWDV
1RVHGHEHH[FHGHUHOSHVRP[LPR
DXWRUL]DGRFRQUHPROTXH'LFKRSHVR
VHHVSHFLILFDHQODSODFDGHFDUDFWH
UVWLFDV
&DUJDGHDSR\R
/DFDUJDGHDSR\RHVODFDUJDHMHU
FLGDVREUHODUWXODGHDFRSODPLHQWR
SRUHOUHPROTXH6HSXHGHDOWHUDUPR
GLILFDQGRODGLVWULEXFLQGHOSHVRDO
FDUJDUHOUHPROTXH
0RWRUHVGHJDVROLQD\GLVHO
/DFDUJDGHDSR\RP[LPDDXWRUL
]DGD NJ VHHVSHFLILFDHQODSODFD
GHFDUDFWHUVWLFDVGHOGLVSRVLWLYRGH
UHPROTXH\HQODGRFXPHQWDFLQGHO
YHKFXOR6LHPSUHGHEHLQWHQWDUDO
FDQ]DUODFDUJDP[LPDHVSHFLDO
PHQWHHQHOFDVRGHUHPROTXHVSH
VDGRV/DFDUJDGHDSR\RQXQFDGH
EHUDVHULQIHULRUDNJ
0RWRU%;(//3*
/DFDUJDGHDSR\RP[LPDDXWRUL
]DGD NJ VHHVSHFLILFDHQODSODFD
GHFDUDFWHUVWLFDVGHOGLVSRVLWLYRGH
UHPROTXH\HQODGRFXPHQWDFLQGHO
&RQGXFFLQ\PDQHMR
YHKFXOR6LHPSUHGHEHLQWHQWDUDO
FDQ]DUODFDUJDP[LPDHVSHFLDO
PHQWHHQHOFDVRGHUHPROTXHVSH
VDGRV/DFDUJDGHDSR\RQXQFDGH
EHUDVHULQIHULRUDNJ
&DUJDVREUHHOHMHWUDVHUR
0RWRUHVGHJDVROLQD\GLVHO
&RQHOUHPROTXHHQJDQFKDGR\FRQ
FDUJDFRPSOHWDGHOYHKFXORWUDFWRU
VHSHUPLWHTXHODFDUJDP[LPDDG
PLVLEOHVREUHHOHMHWUDVHUR YDVHHO
GDWRHQODSODFDGHFDUDFWHUVWLFDVR
HQODGRFXPHQWDFLQGHOYHKFXOR VH
VREUHSDVHHQNJSDUDHOYHKFXOR
GHSXHUWDV\NJSDUDHOYHKFXOR
GHSXHUWDVHOSHVRP[LPRDXWRUL
]DGRHQNJ
0RWRU%;(//3*
&RQHOUHPROTXHHQJDQFKDGR\FRQ
FDUJDFRPSOHWDGHOYHKFXORWUDFWRU
VHSHUPLWHTXHODFDUJDP[LPDDG
PLVLEOHVREUHHOHMHWUDVHUR YDVHHO
GDWRHQODSODFDGHFDUDFWHUVWLFDVR
HQODGRFXPHQWDFLQGHOYHKFXOR VH
VREUHSDVHHQNJSDUDHOYHKFXOR
GHSXHUWDV\NJSDUDHOYHKFXOR
GHSXHUWDV\HOSHVRP[LPRDXWR
UL]DGRHQNJ
)XUJRQHWDGHUHSDUWR
&RQHOUHPROTXHHQJDQFKDGR\FRQ
FDUJDFRPSOHWDGHOYHKFXORWUDFWRU
VHSHUPLWHTXHODFDUJDP[LPDDG
PLVLEOHVREUHHOHMHWUDVHUR YDVHHO
GDWRHQODSODFDGHFDUDFWHUVWLFDVR
HQODGRFXPHQWDFLQGHOYHKFXOR VH
VREUHSDVHHQNJ\HOSHVRP[LPR
DXWRUL]DGRHQNJ
$ORMDPLHQWRGHODEDUUDGHUWXOD
/DEDUUDGHUWXODVHJXDUGDHQXQD
EROVDHQODFDYLGDGSDUDODUXHGDGH
UHSXHVWR\YDILMDGDDODVDUJROODVGHO
FRPSDUWLPHQWRGHFDUJD
,QGLFDFLRQHVJHQHUDOHV
6LVHVREUHSDVDODFDUJDDGPLVLEOH
VREUHHOHMHWUDVHURODYHORFLGDGP
[LPDDSOLFDEOHHVGHNPK'H
EHUQFXPSOLUVHORVOPLWHVGHYHORFL
GDGQDFLRQDOHVSUHVFULWRVSDUDODFLU
FXODFLQFRQUHPROTXHVLORVPLVPRV
IXHVHQPVEDMRV
'LVSRVLWLYRGHUHPROTXH
$WHQFLQ
6LQRYDDXWLOL]DUHOUHPROTXHVH
GHEHGHVPRQWDUODEDUUDGHUWXOD
$OJXDUGDUODFRORFDUODFDSHUX]DSUR
WHFWRUDVREUHHOSRPRJLUDWRULRFRQOD
OODYH
&RQGXFFLQ\PDQHMR
0RQWDMHGHODEDUUDGHUWXOD
&RPSUREDFLQGHODVXMHFLQGHOD
EDUUDGHUWXOD
'HVHQFODYH\GHVSOLHJXHODWRPD
'HVPRQWHHOWDSQGHODDEHUWXUD
SDUDODEDUUDGHUWXOD\JXUGHOR
(OSRPRJLUDWRULRGHVFDQVDVR
EUHODEDUUDGHUWXOD
/DPDUFDYHUGHGHOSRPRJLUDWR
ULRQRHVYLVLEOH
(OSDVDGRUGHEORTXHRHQODSDUWH
VXSHULRUGHODEDUUDGHUWXODVH
DODKDFLDHOLQWHULRU
/DOODYHHVWHQODFHUUDGXUD
'HORFRQWUDULRODEDUUDGHUWXOD
GHEHWHQVDUVHDQWHVGHLQVHUWDUODHQ
ODFDMDGHOHQJDQFKH
,QVHUWHODOODYHHQODFHUUDGXUD\
GHVEORTXHHODEDUUDGHUWXOD
3UHVLRQHHOSRPRJLUDWRULRVREUH
ODEDUUDGHUWXOD\JUHORKDFLDOD
GHUHFKDKDVWDTXHHQFODYH/D
OODYHSHUPDQHFHHQODFHUUDGXUD
&RQGXFFLQ\PDQHMR
,QVHUFLQGHODEDUUDGHUWXOD
,QVHUWHODEDUUDGHUWXODWHQVDGDHQ
ODDEHUWXUD\SUHVLRQHFRQIXHU]DKD
FLDDUULEDKDVWDTXHHQFODYHGH
IRUPDDXGLEOH
(OSRPRJLUDWRULRYXHOYHDXWRPWLFD
PHQWHDVXSRVLFLQRULJLQDO\TXHGD
DSR\DGDVLQVHSDUDFLQHQODEDUUD
GHUWXOD
$GYHUWHQFLD
1RWRTXHHOSRPRJLUDWRULRGX
UDQWHODLQVHUFLQ
$UJROODSDUDHOFDEOHGHUXSWXUD
/DPDUFDYHUGHGHOSRPRJLUDWRULRHV
YLVLEOH
%ORTXHHODEDUUDGHUWXOD\VDTXHOD
OODYH
(QJDQFKHHOFDEOHGHUXSWXUDHQOD
DUJROOD
&RPSUREDFLQGHOFRUUHFWRPRQWDMH
GHODEDUUDGHUWXOD
/DPDUFDYHUGHGHOSRPRJLUDWR
ULRHVYLVLEOH
1RGHEHKDEHUVHSDUDFLQHQWUH
HOSRPRJLUDWRULR\ODEDUUDGHU
WXOD
/DEDUUDGHUWXODGHEHHVWDUILU
PHPHQWHHQFODYDGDHQODDEHU
WXUD
/DEDUUDGHUWXODGHEHHVWDUEOR
TXHDGD\ODOODYHVDFDGD
&RQGXFFLQ\PDQHMR
$GYHUWHQFLD
(OXVRGHXQUHPROTXHVORHVW
SHUPLWLGRFRQXQDEDUUDGHUWXOD
PRQWDGDFRUUHFWDPHQWH6LQRHV
SRVLEOHPRQWDUFRUUHFWDPHQWHOD
EDUUDGHUWXODUHFXUUDDODD\XGD
GHXQWDOOHU
'HVPRQWDMHGHODEDUUDGHUWXOD
,QVHUWHODOODYHHQODFHUUDGXUD\GHV
EORTXHHODEDUUDGHUWXOD
3UHVLRQHHOSRPRJLUDWRULRVREUHOD
EDUUDGHUWXOD\JUHORKDFLDODGHUH
FKDKDVWDTXHHQFODYH([WUDLJDOD
EDUUDGHUWXODKDFLDDEDMR
,QVHUWHHOWDSQHQODDEHUWXUDSDUDOD
EDUUDGHUWXOD3OLHJXHODWRPD
$VLVWHQWHGHHVWDELOLGDGGHO
UHPROTXH
6LHOVLVWHPDGHWHFWDXQIXHUWHPRYL
PLHQWRRVFLODQWHVHUHGXFHODSRWHQ
FLDGHOPRWRU\VHIUHQDFDGDUXHGD
HQODPHGLGDLGQHDKDVWDTXHFHVH
HOPRYLPLHQWRRVFLODQWH0LHQWUDVHO
VLVWHPDHVWIXQFLRQDQGRPXHYDHO
YRODQWHORPHQRVSRVLEOH
(ODVLVWHQWHGHHVWDELOLGDGGHOUHPRO
TXHHVXQDIXQFLQGHOFRQWUROHOHF
WUQLFRGHHVWDELOLGDG
&XLGDGRGHOYHKFXOR
&XLGDGRGHO
YHKFXOR
,QIRUPDFLQJHQHUDO
$FFHVRULRV\PRGLILFDFLRQHVGHO
YHKFXOR
,QPRYLOL]DFLQGHOYHKFXOR
5HFRJLGDGHYHKFXORVXVDGRV
&RPSUREDFLRQHVGHOYHKFXOR
5HDOL]DFLQGHWUDEDMRV
&DS
$FHLWHGHOPRWRU
5HIULJHUDQWHGHOPRWRU
/TXLGRGHODYDGR
)UHQRV
/TXLGRGHIUHQRV
%DWHUDGHOYHKFXOR
3XUJDGHOVLVWHPDGH
FRPEXVWLEOHGLVHO
6XVWLWXFLQGHODVHVFRELOODV
6XVWLWXFLQGHERPELOODV
)DURVKDOJHQRV
)DURVGH[HQQ
/XFHVDQWLQLHEOD
,QWHUPLWHQWHVGHODQWHURV
/XFHVWUDVHUDV
,QWHUPLWHQWHVODWHUDOHV
7HUFHUDOX]GHIUHQR
/X]GHODPDWUFXOD
/XFHVLQWHULRUHV
,OXPLQDFLQGHOWDEOHURGH
LQVWUXPHQWRV
6LVWHPDHOFWULFR
)XVLEOHV
&DMDGHIXVLEOHVGHO
FRPSDUWLPHQWRGHOPRWRU
&DMDGHIXVLEOHVGHOWDEOHURGH
LQVWUXPHQWRV
+HUUDPLHQWDVGHOYHKFXOR
+HUUDPLHQWDV
/ODQWDV\QHXPWLFRV
1HXPWLFRVGHLQYLHUQR
'HVLJQDFLRQHVGHORV
QHXPWLFRV
3UHVLQGHORVQHXPWLFRV
6LVWHPDGHFRQWUROGHSUHVLQGH
ORVQHXPWLFRV
3URIXQGLGDGGHOGLEXMR
&DPELRGHOWDPDRGH
QHXPWLFRV\OODQWDV
7DSDFXERV
&DGHQDVSDUDQLHYH
-XHJRGHUHSDUDFLQGH
QHXPWLFRV
&DPELRGHUXHGDV
5XHGDGHUHSXHVWR
$UUDQTXHFRQFDEOHV
5HPROFDGR
5HPROFDGRGHOYHKFXOR
5HPROFDGRGHRWURYHKFXOR
&XLGDGRGHODVSHFWR
&XLGDGRH[WHULRU
&XLGDGRLQWHULRU
&XLGDGRGHOYHKFXOR
,QIRUPDFLQJHQHUDO
,QPRYLOL]DFLQGHOYHKFXOR
$FFHVRULRV\
PRGLILFDFLRQHVGHOYHKFXOR
,QPRYLOL]DFLQGXUDQWHXQSHULRGR
GHWLHPSRSURORQJDGR
/HUHFRPHQGDPRVHOXVRGHUHSXHV
WRV\DFFHVRULRVRULJLQDOHV\SLH]DV
KRPRORJDGDVSRUHOIDEULFDQWHHVSH
FILFDPHQWHSDUDVXWLSRGHYHKFXOR
1RSRGHPRVHYDOXDUQLJDUDQWL]DUOD
ILDELOLGDGGHRWURVSURGXFWRVDXQTXH
FXHQWHQFRQXQDDXWRUL]DFLQRILFLDOR
GHRWUDQGROH
1RVHGHEHQHIHFWXDUPRGLILFDFLRQHV
HQHOVLVWHPDHOFWULFR SRUHMHPSOR
FDPELRVHQODVXQLGDGHVHOHFWUQLFDV
GHFRQWURO FKLSWXQLQJ
$WHQFLQ
/RVIDOGRQHVJXDUGDEDUURVSXH
GHQVXIULUGDRVVLVHWUDQVSRUWDHO
YHKFXORHQXQWUHQRHQXQYH
KFXORGHUHVFDWH
6LHOYHKFXORYDDHVWDULQPRYLOL]DGR
GXUDQWHYDULRVPHVHV
/DYDU\HQFHUDUHOYHKFXOR
&RPSUREDUODFHUDSURWHFWRUDHQ
HOFRPSDUWLPHQWRGHOPRWRU\ORV
EDMRV
/LPSLDU\FRQVHUYDUODVMXQWDVGH
JRPD
/OHQHHOGHSVLWRGHFRPEXVWLEOH
KDVWDDUULED
&DPELDUHODFHLWHGHOPRWRU
9DFLDUHOGHSVLWRGHOOTXLGRGH
ODYDGR
&RPSUREDUODSURWHFFLQDQWL
FRQJHODQWH\DQWLFRUURVLYDGHOUH
IULJHUDQWH
$MXVWDUODSUHVLQGHORVQHXP
WLFRVDOYDORUHVSHFLILFDGRSDUD
SOHQDFDUJD
$SDUFDUHOYHKFXORHQXQOXJDU
VHFR\ELHQYHQWLODGR(QJUDQDU
ODSULPHUDRODPDUFKDDWUVR
SRQHUODSDODQFDVHOHFWRUDHQ3
3
&DO]DUHOYHKFXORSDUDHYLWDUTXH
UXHGH
1RDFFLRQDUHOIUHQRGHHVWDFLR
QDPLHQWR
$EULUHOFDSFHUUDUWRGDVODV
SXHUWDV\EORTXHDUHOYHKFXOR
'HVHPERUQHHOSRORQHJDWLYRGH
ODEDWHUDGHOYHKFXOR7HQJDHQ
FXHQWDTXHDOJXQRVVLVWHPDVQR
IXQFLRQDUQSHMHOVLVWHPDGH
DODUPDDQWLUURER
3XHVWDHQVHUYLFLRGHQXHYR
3DUDYROYHUDSRQHUHQVHUYLFLRHOYH
KFXOR
(PERUQDUHOSRORQHJDWLYRGHOD
EDWHUDGHOYHKFXOR$FWLYDUHO
FRQWUROHOHFWUQLFRGHORVHOHYD
OXQDVHOFWULFRV
&RPSUREDUODSUHVLQGHORVQHX
PWLFRV
5HOOHQDUHOGHSVLWRGHOOTXLGR
GHODYDGR
&RPSUREDUHOQLYHOGHDFHLWHGHO
PRWRU
&XLGDGRGHOYHKFXOR
&RPSUREDUHOQLYHOGHOUHIULJH
UDQWH
0RQWDUODSODFDGHPDWUFXODVL
IXHUDQHFHVDULR
&RPSUREDFLRQHVGHO
YHKFXOR
5HDOL]DFLQGHWUDEDMRV
5HFRJLGDGHYHKFXORV
XVDGRV
3HOLJUR
(OVLVWHPDGHHQFHQGLGR\ORVID
URVGH[HQQXWLOL]DQXQDWHQVLQ
PX\DOWD1RWRTXHVXVFRPSR
QHQWHV
&DS
'LVSRQHGHLQIRUPDFLQVREUHFHQ
WURVGHUHFRJLGDGHYHKFXORVXVDGRV
\VREUHHOUHFLFODMHGHHVWRVYHKFXORV
HQQXHVWUDZHE(OGHVJXDFHGHEH
HQFDUJDUVHDXQDHPSUHVDGHUHFL
FODMHDXWRUL]DGD
/RVYHKFXORVGHJDVGHEHQUHFL
FODUVHHQXQFHQWURGHVHUYLFLRDXWR
UL]DGRSDUDYHKFXORVGHJDV
$SHUWXUD
$GYHUWHQFLD
/DVFRPSUREDFLRQHVHQHOFRP
SDUWLPLHQWRGHOPRWRUGHEHQHIHF
WXDUVHFRQHOHQFHQGLGRGHVFR
QHFWDGR
(OYHQWLODGRUGHUHIULJHUDFLQ
SXHGHIXQFLRQDUDXQTXHHOHQFHQ
GLGRHVWGHVFRQHFWDGR
7LUHGHODSDODQFDGHGHVEORTXHR\
GHYXOYDODDVXSRVLFLQRULJLQDO
&XLGDGRGHOYHKFXOR
6LVHDEUHHOFDSGXUDQWHXQDSDUDGD
DXWRPWLFD $XWRVWRS HOPRWRUYRO
YHUDDUUDQFDUVHDXWRPWLFDPHQWH
SRUPRWLYRVGHVHJXULGDG
&LHUUH
(PSXMHHOJDQFKRGHVHJXULGDGKDFLD
DUULED\DEUDHOFDS
$QWHVGHFHUUDUHOFDSLQVHUWHODYD
ULOODGHDSR\RHQVXDORMDPLHQWR
%DMHHOFDS\GMHORFDHUHQHOWULQ
TXHWHGHVGHXQDDOWXUDEDMD
FP &RPSUXHEHTXHHOFDS
TXHGHHQFODYDGR
$WHQFLQ
1RSUHVLRQHHOFDSHQHOWULQTXHWH
SDUDHYLWDUDEROODGXUDV
$FHLWHGHOPRWRU
)LMHODYDULOODGHDSR\RGHOFDS
&RPSUXHEHPDQXDOPHQWHHOQLYHOGH
DFHLWHGHOPRWRUFRQUHJXODULGDGSDUD
SUHYHQLUGDRVHQHOPRWRU$VHJ
UHVHGHTXHVHXVDHODFHLWHGHODHV
SHFLILFDFLQFRUUHFWD/TXLGRV\OX
EULFDQWHVUHFRPHQGDGRV
(OFRQVXPRGHDFHLWHP[LPRGHO
PRWRUHVGHOSRUNP
/DFRPSUREDFLQVHUHDOL]DFRQHOYH
KFXORHQXQDVXSHUILFLHQLYHODGD(O
PRWRUGHEHHVWDUDWHPSHUDWXUDGH
IXQFLRQDPLHQWR\OOHYDUSDUDGRDOPH
QRVFLQFRPLQXWRV
([WUDLJDODYDULOODGHPHGLFLQOP
SLHODHLQVUWHODKDVWDHOWRSHGHO
PDQJR YXHOYDDH[WUDHUOD\FRP
SUXHEHHOQLYHOGHDFHLWHGHOPRWRU
,QVHUWHODYDULOODGHPHGLFLQKDVWDHO
WRSHGHOPDQJR\JUHODPHGLDYXHOWD
6HXWLOL]DQGLVWLQWRVWLSRVGHYDULOODGH
PHGLFLQGHODFHLWHVHJQHOWLSRGH
PRWRU
&XLGDGRGHOYHKFXOR
5HOOHQHDFHLWHGHPRWRUFXDQGRHOQL
YHOKD\DGHVFHQGLGRKDVWDODPDUFD
0,1
$WHQFLQ
6LKD\XQH[FHVRGHDFHLWHGHOPR
WRUGHEHYDFLDUVHRDVSLUDUVH
&DSDFLGDGHV &DOLGDG\YLVFR
VLGDGGHODFHLWHGHOPRWRU
&RORTXHHOWDSQFRUUHFWDPHQWH\
DSULWHOR
(OQLYHOGHDFHLWHGHOPRWRUQRGHEH
H[FHGHUODPDUFDVXSHULRU0
0$;GHOD
YDULOODGHPHGLFLQ
/HUHFRPHQGDPRVHOXVRGHOPLVPR
JUDGRGHDFHLWHGHPRWRUXWLOL]DGRHQ
HOOWLPRFDPELR
5HIULJHUDQWHGHOPRWRU
(OUHIULJHUDQWHRIUHFHSURWHFFLQDQWL
FRQJHODQWHKDVWDXQRV&(QORV
SDVHVQUGLFRVFRQWHPSHUDWXUDV
PX\EDMDVHOUHIULJHUDQWHTXHVHLQ
FOX\HGHIEULFDSURWHJHFRQWUDOD
FRQJHODFLQKDVWDXQRV&
$WHQFLQ
6ORGHEHXWLOL]DUVHDQWLFRQJH
ODQWHKRPRORJDGR
&XLGDGRGHOYHKFXOR
1LYHOGHUHIULJHUDQWH
$GYHUWHQFLD
$WHQFLQ
'HMHTXHVHHQIUHHOPRWRUDQWHV
GHDEULUHOWDSQ$EUDHOWDSQ
FXLGDGRVDPHQWHSDUDTXHHOVLV
WHPDVHGHVSUHVXULFHOHQWDPHQWH
8QQLYHOGHUHIULJHUDQWHGHPD
VLDGREDMRSXHGHRFDVLRQDUGDRV
HQHOPRWRU
6HXWLOL]DQGLVWLQWRVGHSVLWRVGHUH
IULJHUDQWHVHJQHOWLSRGHPRWRU
5HOOHQHVLHOQLYHOHVEDMR
&RQHOVLVWHPDGHUHIULJHUDFLQIUR
HOQLYHOGHOUHIULJHUDQWHGHEHHVWDUSRU
HQFLPDGHODPDUFDGHODOQHDGHOOH
QDGR
3DUDUHOOHQDUXWLOLFHXQDPH]FOD
GHFRQFHQWUDFLQGHUHIULJHUDQWH
PH]FODGRFRQDJXDGHOJULIROLPSLD6L
QRGLVSRQHGHFRQFHQWUDFLQGHUHIUL
JHUDQWHXWLOLFHDJXDGHOJULIROLPSLD
&RORTXHHOWDSQ\DSULWHORILUPH
PHQWH+DJDFRPSUREDUODFRQFHQ
WUDFLQGHUHIULJHUDQWH\VXEVDQDUOD
FDXVDGHODSUGLGDGHUHIULJHUDQWHHQ
XQWDOOHU
&XLGDGRGHOYHKFXOR
/TXLGRGHODYDGR
)UHQRV
6LODVSDVWLOODVGHIUHQRKDQDOFDQ
]DGRVXJURVRUPQLPRVHHVFXFKDU
XQFKLUULGRDOIUHQDU
6HSXHGHFRQWLQXDUFRQGXFLHQGR
SHURKDJDVXVWLWXLUODVSDVWLOODVGHIUH
QRVORDQWHVSRVLEOH
8QDYH]PRQWDGDVODVSDVWLOODVGH
IUHQRQXHYDVQRIUHQHDIRQGRLQQH
FHVDULDPHQWHGXUDQWHORVSULPHURV
YLDMHV
/OHQHHOGHSVLWRFRQDJXDOLPSLD
PH]FODGDFRQXQDFDQWLGDGDGH
FXDGDGHOTXLGRODYDSDUDEULVDVKR
PRORJDGRTXHFRQWHQJDDQWLFRQJH
ODQWH
$WHQFLQ
6ORHOOTXLGRGHODYDGRFRQXQD
FRQFHQWUDFLQVXILFLHQWHGHDQWL
FRQJHODQWHRIUHFHSURWHFFLQD
EDMDVWHPSHUDWXUDVRVLKD\XQD
FDGDEUXVFDGHODWHPSHUDWXUD
/TXLGRGHIUHQRV
$GYHUWHQFLD
(OOTXLGRGHIUHQRVHVW[LFR\FR
UURVLYR(YLWHVXFRQWDFWRFRQORV
RMRVODSLHOODURSDRVXSHUILFLHV
SLQWDGDV
(OQLYHOGHOOTXLGRGHIUHQRVGHEHHV
WDUHQWUHODVPDUFDV0
0,1\0
0$;
6LHOQLYHOGHOTXLGRVHHQFXHQWUDSRU
GHEDMRGHODPDUFD0
0,1UHFXUUDDOD
D\XGDGHXQWDOOHU
/TXLGRGHIUHQRV\HPEUDJXH
%DWHUDGHOYHKFXOR
/DEDWHUDGHOYHKFXORQRUHTXLHUH
PDQWHQLPLHQWRVLHPSUHTXHHOSHUILO
GHFRQGXFFLQSHUPLWDTXHODEDWHUD
VHFDUJXHORVXILFLHQWH/DFRQGXF
FLQHQGLVWDQFLDVFRUWDV\ORVIUH
FXHQWHVDUUDQTXHVGHOPRWRUSXHGHQ
&XLGDGRGHOYHKFXOR
GHVFDUJDUODEDWHUDGHOYHKFXOR
(YLWHHOXVRGHFRQVXPLGRUHVHOFWUL
FRVLQQHFHVDULRV
/DVSLODVQRGHEHQDUURMDUVHDODED
VXUDGRPVWLFD'HEHQGHVHFKDUVH
HQXQSXQWRGHUHFRJLGDDXWRUL]DGR
SDUDVXUHFLFODMH
/DLQPRYLOL]DFLQGHOYHKFXORGX
UDQWHPVGHFXDWURVHPDQDVSXHGH
RFDVLRQDUODGHVFDUJDGHODEDWHUD
GHOYHKFXOR'HVHPERUQHHOSRORQH
JDWLYRGHODEDWHUDGHOYHKFXOR
6ORVHGHEHHPERUQDURGHVHPERU
QDUODEDWHUDFRQHOHQFHQGLGRGHV
FRQHFWDGR
3URWHFFLQFRQWUDGHVFDUJDGHODED
WHUD
6XVWLWXFLQGHODEDWHUDGHO
YHKFXOR
1RWD
&XDOTXLHUGHVYLDFLQGHODVSUHVHQ
WHVLQVWUXFFLRQHVSXHGHRFDVLRQDU
XQDGHVDFWLYDFLQWHPSRUDOGHOVLV
WHPDVWRSVWDUW
$OVXVWLWXLUODEDWHUDGHOYHKFXOR
DVHJUHVHGHTXHQRKD\DRULILFLRVGH
YHQWLODFLQDELHUWRVFHUFDGHOERUQH
SRVLWLYR6LKD\XQRULILFLRGHYHQWLOD
FLQDELHUWRHQHVWD]RQDGHEHFH
UUDUVHFRQXQWDSQFLHJR\DEULUVHOD
YHQWLODFLQFHUFDGHOERUQHQHJDWLYR
6ORGHEHQXWLOL]DUVHEDWHUDVTXH
SHUPLWDQODILMDFLQGHODFDMDGHIXVL
EOHVHQFLPDGHODEDWHUDGHOYH
KFXOR
(QYHKFXORVFRQXQDEDWHUD$*0
$EVRUSWLYH*ODVV0DWRPDOODGHIL
EUDGHYLGULRDEVRUEHQWH DVHJUHVH
GHTXHODEDWHUDVHVXVWLWX\HSRURWUD
EDWHUD$*0
/DVEDWHUDV$*0VHSXHGHQLGHQWL
ILFDUSRUODHWLTXHWDHQODEDWHUD/H
UHFRPHQGDPRVHOXVRGHXQDEDWHUD
RULJLQDO2SHO
1RWD
(OXVRGHXQDEDWHUDGHYHKFXOR
$*0GLVWLQWDGHODEDWHUDGHOYH
KFXORRULJLQDO2SHOSXHGHPHQRV
FDEDUHOUHQGLPLHQWR
/HUHFRPHQGDPRVTXHDFXGDDXQ
WDOOHUSDUDVXVWLWXLUODEDWHUDGHOYH
KFXOR
6LVWHPDVWRSVWDUW
&XLGDGRGHOYHKFXOR
&DUJDGHODEDWHUDGHOYHKFXOR
$GYHUWHQFLD
(QYHKFXORVFRQVLVWHPDVWRS
VWDUWDVHJUHVHGHTXHHOSRWHQ
FLDOGHFDUJDQRVXSHUHORV
9VLXWLOL]DXQFDUJDGRUGHED
WHUDV(QFDVRFRQWUDULRODEDWH
UDSRGUDVXIULUGDRV
$UUDQTXHFRQFDEOHV
(WLTXHWDGHDGYHUWHQFLD
6LJQLILFDGRGHORVVPERORV
1RDFHUFDUDFKLVSDVOODPDVVLQ
SURWHFFLQQLKXPR
3URWHJHUVLHPSUHORVRMRV/RV
JDVHVH[SORVLYRVSXHGHQSURYR
FDUOHVLRQHVHLQFOXVRFHJXHUD
0DQWHQJDODEDWHUDGHOYHKFXOR
OHMRVGHODOFDQFHGHORVQLRV
/DEDWHUDGHOYHKFXORFRQWLHQH
FLGRVXOIULFRTXHSXHGHSURGX
FLUFHJXHUDROHVLRQHVJUDYHVSRU
TXHPDGXUDV
&RQVXOWHHOPDQXDOGHLQVWUXFFLR
QHVSDUDPVLQIRUPDFLQ
3XHGHKDEHUJDVHVH[SORVLYRV
FHUFDGHODEDWHUD
3XUJDGHOVLVWHPDGH
FRPEXVWLEOHGLVHO
6LVHKDDJRWDGRHOGHSVLWRKD\TXH
SXUJDUHOVLVWHPDGHFRPEXVWLEOHGL
VHO&RQHFWHHOHQFHQGLGRWUHVYHFHV
GXUDQWHXQRVVHJXQGRVFDGDYH]
/XHJRLQWHQWHDUUDQFDUHOPRWRUGX
UDQWHXQP[LPRGHVHJXQGRV
5HSLWDHVWHSURFHVRGHVSXVGHHV
SHUDUXQPQLPRGHFLQFRVHJXQGRV
6LQRFRQVLJXHDUUDQFDUHOPRWRUUH
FXUUDDODD\XGDGHXQWDOOHU
6XVWLWXFLQGHODVHVFRELOODV
&XLGDGRGHOYHKFXOR
/HYDQWHHOEUD]RGHOOLPSLDSDUDEULVDV
KDVWDTXHSHUPDQH]FDHQODSRVLFLQ
HOHYDGD3UHVLRQHODVILMDFLRQHVGH
DPERVODGRVLQFOLQHODKRMDGHODHV
FRELOODHQQJXORGH GHOEUD]RGHO
OLPSLDSDUDEULVDV\H[WUDLJDKDFLD
DUULED
,QVHUWHHQHORUGHQLQYHUVR
%DMHHOEUD]RGHOOLPSLDSDUDEULVDV
FXLGDGRVDPHQWH
(VFRELOODGHODOXQHWDWUDVHUD
$FRSOHODHVFRELOODOLJHUDPHQWHLQFOL
QDGDUHVSHFWRDOEUD]RGHOOLPSLDSD
UDEULVDV\HPSMHODKDVWDTXHHQ
FODYH
%DMHHOEUD]RGHOOLPSLDSDUDEULVDV
FXLGDGRVDPHQWH
6XVWLWXFLQGH
ERPELOODV
'HVFRQHFWHHOHQFHQGLGR\HOLQWHU
UXSWRUFRUUHVSRQGLHQWHRFLHUUHODV
SXHUWDV
8QDERPELOODQXHYDVORVHGHEHVX
MHWDUSRUODEDVH1RWRTXHHOFULVWDO
GHODERPELOODFRQODVPDQRVGHVQX
GDV
8WLOLFHVORHOPLVPRWLSRGHERPELOOD
SDUDODVXVWLWXFLQ
6XVWLWX\DODVERPELOODVGHORVIDURV
GHVGHHOFRPSDUWLPHQWRGHOPRWRU
&RPSUREDFLQGHERPELOODV
'HVSXVGHXQDVXVWLWXFLQGHERP
ELOODVFRQHFWHHOHQFHQGLGROXHJR
HQFLHQGD\FRPSUXHEHODVOXFHV
)DURVKDOJHQRV
/HYDQWHHOEUD]RGHOOLPSLDOXQHWD
'HVDFRSOHODHVFRELOODFRPRVH
PXHVWUDHQODLOXVWUDFLQ\GHVPQ
WHOD
)DURVKDOJHQRVFRQERPELOODVLQGH
SHQGLHQWHVSDUDODOX]ODWHUDOODOX]
GHFUXFH\ODOX]GHFDUUHWHUD
&XLGDGRGHOYHKFXOR
/X]GHFUXFH
/X]ODWHUDOOX]GHFLUFXODFLQ
GLXUQD
/X]EDMD
/X]DOWD
,QWHUPLWHQWHVGHODQWHURV
*LUHODWDSD HQVHQWLGRDQWLKR
UDULR\GHVPQWHOD
3XOVHHOFOLSSDUDGHVHQFODYDUHO
SRUWDOPSDUDV6DTXHHOSRUWD
OPSDUDVGHOUHIOHFWRU
6DTXHODERPELOODGHOSRUWDOP
SDUDV\VXVWLW\DOD
,QVHUWHHOSRUWDOPSDUDVFRQHO
FOLSKDFLDDEDMR\HQFOYHORHQHO
UHIOHFWRUKDVWDTXHKDJDFOLF
0RQWHODWDSD
&XLGDGRGHOYHKFXOR
/X]GHFDUUHWHUD
*LUHODWDSD HQVHQWLGRDQWLKR
UDULR\GHVPQWHOD
3XOVHHOFOLSSDUDGHVHQFODYDUHO
SRUWDOPSDUDV6DTXHHOSRUWD
OPSDUDVGHOUHIOHFWRU
6DTXHODERPELOODGHOSRUWDOP
SDUDV\VXVWLW\DOD
,QVHUWHHOSRUWDOPSDUDVFRQHO
FOLSKDFLDDEDMR\HQFOYHORHQHO
UHIOHFWRUKDVWDTXHKDJDFOLF
0RQWHODWDSD
/X]ODWHUDOOX]GHFLUFXODFLQ
GLXUQDFRQERPELOODV
*LUHHOFDVTXLOOR HQVHQWLGRDQ
WLKRUDULRSDUDGHVHQJDQFKDUOR
&XLGDGRGHOYHKFXOR
3UHVLRQHDPEDVJUDSDVMXQWDV\
UHWLUHHOFDVTXLOORGHODERPELOOD
GHODORMDPLHQWRGHOIDUR
/X]ODWHUDOOX]GHFLUFXODFLQ
GLXUQDFRQ/('
,OXPLQDFLQHVWWLFDHQFXUYDV
/DVOXFHVODWHUDOHV\OXFHVGHFLUFXOD
FLQGLXUQDHVWQGLVHDGDVFRPR
/('\QRVHSXHGHQFDPELDU$FXGD
DXQWDOOHUHQFDVRGHGHIHFWRGHXQ
/('
)DURVGH[HQQ
3HOLJUR
5HWLUHODERPELOODGHOFDVTXLOORWL
UDQGRGHVWD
6XVWLWX\D\FRORTXHODQXHYD
ERPELOODHQHOFDVTXLOOR
,QVHUWHHOFDVTXLOORGHODERPELOOD
HQODFDUFDVDGHOIDUR\JUHORHQ
VHQWLGRKRUDULR
/RVIDURVGH[HQQIXQFLRQDQFRQ
XQDWHQVLQHOFWULFDPX\DOWD1R
WRTXHVXVFRPSRQHQWHV+DJD
FDPELDUODVOPSDUDVHQXQWDOOHU
/DVOXFHVODWHUDOHVOXFHVGHFLUFXOD
FLQGLXUQDHVWGLVHDGDVFRPR
/('\QRVHSXHGHQFDPELDU
6HSXHGHQFDPELDUODVERPELOODVGH
ODLOXPLQDFLQHVWWLFDHQFXUYDV
,QWHUPLWHQWHVGHODQWHURV
*LUHODWDSD HQVHQWLGRDQWLKR
UDULR\GHVPQWHOD
&XLGDGRGHOYHKFXOR
*LUHHOSRUWDOPSDUDVHQVHQWLGR
DQWLKRUDULRSDUDGHVHQFODYDUOR
6DTXHHOSRUWDOPSDUDVGHOUH
IOHFWRU
([WUDLJDHOFDVTXLOORGHOFRQHFWRU
GHVDFRSODQGR\WLUDQGRGHHVWH
6XVWLWX\DODERPELOOD&RQHFWH\
DFRSOHHOSRUWDOPSDUDVFRQHO
FRQHFWRU
,QVHUWHHOSRUWDOPSDUDVHQHOUH
IOHFWRU\JUHORHQVHQWLGRKRUDULR
SDUDILMDUOR
0RQWHODWDSD\JUHODHQVHQWLGR
KRUDULR
/XFHVDQWLQLHEOD
6HSXHGHDFFHGHUDODVERPELOODV
GHVGHORVEDMRVGHOYHKFXOR
*LUHHOSRUWDOPSDUDVHQVHQWLGR
DQWLKRUDULR\GHVPQWHORGHOUH
IOHFWRU
6HSDUHHOFDVTXLOORGHOFRQHFWRU
SUHVLRQDQGRHOVDOLHQWHGHILMD
FLQ
([WUDLJD\VXVWLWX\DHOFDVTXLOOR
FRQODERPELOOD\ILMHHOFRQHFWRU
GHOHQFKXIH
,QVHUWHHOFDVTXLOORGHODERPELOOD
HQHOUHIOHFWRU\JUHORHQVHQWLGR
KRUDULRSDUDHQFODYDUOR
,QWHUPLWHQWHVGHODQWHURV
/RVLQWHUPLWHQWHVGHODQWHURVFRQWLH
QHQERPELOODVGHODUJDGXUDFLQTXH
QRVHSXHGHQFDPELDU
$FXGDDXQWDOOHUHQFDVRGHGHIHFWR
GHXQDERPELOODGHODUJDGXUDFLQ
&XLGDGRGHOYHKFXOR
/XFHVWUDVHUDV
6XHOWHODFXELHUWDGHOFRPSDUWL
PHQWRGHFDUJDGHOODGRFRUUHV
SRQGLHQWH\H[WULJDOD
'HVGHHOLQWHULRUGHVHQURVTXH
DPEDVWXHUFDVGHSOVWLFRFRQOD
PDQR
3UHVLRQHODVOHQJHWDVGHILMDFLQ
\GHVPRQWHHOSRUWDOPSDUDVGHO
JUXSRSWLFR
([WUDLJDFXLGDGRVDPHQWHHO
JUXSRSWLFRWUDVHURGHORVDORMD
PLHQWRV\GHVPQWHOR
3DUDGHVPRQWDU\VXVWLWXLUODERP
ELOODSUHVLRQHOLJHUDPHQWHVREUH
&XLGDGRGHOYHKFXOR
HOODHQHOFDVTXLOOR\JUHODHQVHQ
WLGRDQWLKRUDULR
/X]WUDVHUDOX]GHIUHQR
,QWHUPLWHQWH
,QVHUWHODOPSDUDGHOLQWHUPLWHQWH
HQHOJUXSRSWLFRWUDVHUR\JUHOR
HQVHQWLGRKRUDULR0RQWHHOJUXSR
SWLFRFRQORVSDVDGRUHVGHVXMH
FLQHQORVDORMDPLHQWRVGHODFD
UURFHUDGHOYHKFXOR\DSULHWHODV
WXHUFDVGHILMDFLQGHSOVWLFR
GHVGHHOLQWHULRUGHOFRPSDUWL
PHQWRGHFDUJD
&LHUUH\HQFODYHODWDSD
/X]GHPDUFKDDWUVSLORWR
DQWLQLHEOD
/DOX]GHPDUFKDDWUVVHHQFXHQWUD
HQHOJUXSRSWLFRGHUHFKRGHOSRUWQ
WUDVHUR\HOSLORWRDQWLQLHEODWUDVHURVH
HQFXHQWUDHQHOJUXSRSWLFRL]
TXLHUGRGHOSRUWQWUDVHUR
/DGHVFULSFLQGHOFDPELRGHERPEL
OODVHVODPLVPDSDUDDPEDVOXFHV
0XHYDHOJUXSRSWLFROLJHUD
PHQWHKDFLDHOH[WHULRU\DFRQWL
QXDFLQVTXHORGHOSRUWQWUD
VHUR
6DTXHHOWRUQLOORGHOSRUWQWUD
VHUR
*LUHHOSRUWDOPSDUDVSDUDVD
FDUOR
&XLGDGRGHOYHKFXOR
,QWHUPLWHQWHVODWHUDOHV
3DUDVXVWLWXLUODERPELOODGHVPRQWH
HOJUXSRSWLFR
'HVPRQWHODERPELOODSUHVLR
QDQGROLJHUDPHQWHHQHOFDVTXLOOR
\JLUDQGRHQVHQWLGRDQWLKRUDULR
6XVWLWX\DODERPELOOD
,QVHUWHHOFDVTXLOORGHODERPELOOD
HQHOJUXSRSWLFR\JUHORSDUDIL
MDUOR
0RQWHHOJUXSRSWLFRHQHOSRUWQ
WUDVHUR\IMHORFRQHOWRUQLOOR
*LUHHOSRUWDOPSDUDVHQVHQWLGR
DQWLKRUDULR\GHVPQWHOR
'HVOLFHODOPSDUDKDFLDODL]
TXLHUGD\VTXHODSRUVXH[WUHPR
GHUHFKR
([WUDLJDODERPELOODGHOSRUWDOP
SDUDV\VXVWLW\DOD
&XLGDGRGHOYHKFXOR
,QVHUWHHOSRUWDOPSDUDV\JUHOR
HQVHQWLGRKRUDULR
,QVHUWHHOH[WUHPRL]TXLHUGRGHOD
OPSDUDGHVOFHORDODL]TXLHUGDH
LQVHUWHHOH[WUHPRGHUHFKR
([WUDLJDODERPELOODGHOSRUWDOP
SDUDV\VXVWLW\DOD
,QVHUWHHOSRUWDOPSDUDVHQHO
JUXSRSWLFR\JUHORHQVHQWLGR
KRUDULR
,QVHUWHODOPSDUDHQHOSDUDFKR
TXHV\GHMHTXHHQFODYH
7HUFHUDOX]GHIUHQR
+DJDFDPELDUORV/('HQXQWDOOHU
/XFHVLQWHULRUHV
/X]GHODPDWUFXOD
/X]GHFRUWHVDOXFHVGHOHFWXUD
([WUDLJDODOPSDUDKDFLDDEDMR
FRQFXLGDGRGHQRWLUDUGHOFDEOH
+DJDFDPELDUODVERPELOODVHQXQWD
OOHU
/X]GHOFRPSDUWLPHQWRGHFDUJD
+DJDFDPELDUODVERPELOODVHQXQWD
OOHU
/X]GHOWHFKR
+DJDFDPELDUODVERPELOODVHQXQWD
OOHU
0HWDHOGHVWRUQLOODGRUHQODKHQ
GLGXUDGHODFXELHUWDSUHVLRQHD
XQODGR\VXHOWHHOPXHOOH
'HVPRQWHHOSRUWDOPSDUDVGHO
JUXSRSWLFRJLUQGRORHQVHQWLGR
DQWLKRUDULR
,OXPLQDFLQGHOWDEOHURGH
LQVWUXPHQWRV
+DJDFDPELDUODVERPELOODVHQXQWD
OOHU
&XLGDGRGHOYHKFXOR
6LVWHPDHOFWULFR
'HSHQGLHQGRGHOWLSRGHIXVLEOHXQ
IXVLEOHGHIHFWXRVRSXHGHUHFRQR
FHUVHSRUVXILODPHQWRIXQGLGR1R
VXVWLWX\DHOIXVLEOHKDVWDTXHVHVXE
VDQHODFDXVDGHODDYHUD
$OJXQDVIXQFLRQHVSXHGHQHVWDUSUR
WHJLGDVSRUYDULRVIXVLEOHV
3XHGHKDEHUIXVLEOHVLQVHUWDGRVVLQ
TXHODIXQFLQHVWGLVSRQLEOHHQHO
YHKFXOR
)XVLEOHV
(OIXVLEOHGHUHSXHVWRGHEHWHQHUOD
PLVPDHVSHFLILFDFLQTXHHOIXVLEOH
GHIHFWXRVR
+D\GRVFDMDVGHIXVLEOHVHQHOYH
KFXOR
HQODSDUWHGHODQWHUDL]TXLHUGD
GHOFRPSDUWLPHQWRGHOPRWRU
HQORVYHKFXORVFRQYRODQWHDOD
L]TXLHUGDGHWUVGHOFRQPXWDGRU
GHODVOXFHV HQORVYHKFXORVFRQ
YRODQWHDODGHUHFKDGHWUVGHOD
JXDQWHUD
$QWHVGHVXVWLWXLUXQIXVLEOHGHVFR
QHFWHHOLQWHUUXSWRUFRUUHVSRQGLHQWH\
HOHQFHQGLGR
+D\WUHVWLSRVGLIHUHQWHVGHIXVLEOHV
HQHOYHKFXOR
([WUDFWRUGHIXVLEOHV
3XHGHKDEHUXQH[WUDFWRUGHIXVLEOHV
HQODFDMDGHIXVLEOHVGHOFRPSDUWL
PHQWRGHOPRWRU
&XLGDGRGHOYHKFXOR
&RORTXHHOH[WUDFWRUGHIXVLEOHVHQOD
SDUWHVXSHULRUGHORVGLYHUVRVWLSRVGH
IXVLEOHVFRUUHVSRQGLHQWH\H[WUDLJDHO
IXVLEOH
1 &LUFXLWR
0GXORGHFRQH[LQGH
UHPROTXHSRUWDELFLFOHWDV
WUDVHUR
&DMDGHIXVLEOHVGHO
FRPSDUWLPHQWRGHOPRWRU
6HQVRUGHODEDWHUD
%RPEDGHFRPEXVWLEOHGHO
PGXORGHPDQGRGHOFKDVLV
$%6
/X]GHFUXFH\OX]GHFLUFXODFLQ
GLXUQDL]TXLHUGDREWXUDGRUGH
OX]GHFDUUHWHUDGH;HQRQ
L]TXLHUGD\GHUHFKD
0GXORGHPDQGRGHODWUDQVPL
VLQ07$PGXORGHPDQGRGH
/3*
'HWHFFLQGHWHQVLQGHOPGXOR
GHPDQGRGHODFDUURFHUD
/DFDMDGHIXVLEOHVHVWHQODSDUWH
GHODQWHUDL]TXLHUGDGHOFRPSDUWL
PHQWRGHOPRWRU
'HVHQFODYHODWDSD\OHYQWHODKDVWD
HOWRSH'HVPRQWHODWDSDHQSRVLFLQ
YHUWLFDOWLUDQGRKDFLDDUULED
5HJODMHGHORVIDURV
/LPSLDOXQHWD
&XLGDGRGHOYHKFXOR
1 &LUFXLWR
1 &LUFXLWR
/XQHWDWUPLFDWUDVHUD
9OYXODGHGHVFRQH[LQGHO
FDOHIDFWRU
/X]GHFUXFH\OX]GHFLUFXODFLQ
GLXUQDGHUHFKD
0GXORGHFRQWUROGHOPRWRU
5HWURYLVRUH[WHULRUWUPLFR
0GXORGHFRQWUROGHOPRWRU
0GXORGHFRQWUROGHOPRWRU
-XHJRGHUHIXHU]RGHIUHQRV
/X]GHFDUUHWHUDL]TXLHUGDOX]
GHFUXFHGH;HQQL]TXLHUGD
(QFHQGLGRIXHQWHGHDOLPHQWD
FLQ
0GXORGHFRQWUROGHOPRWRU
%RPEDGHFRPEXVWLEOH
6ROHQRLGHVGHOPRWRUVHQVRUHV
GHOPRWRU
6LVWHPDGHLQ\HFFLQ
6LVWHPDODYDSDUDEULVDV
6HQVRUHVGHOPRWRU
/X]GHFDUUHWHUDGHUHFKDOX]GH
FUXFHGH;HQQGHUHFKD
0GXORGHFRQWUROGHOPRWRU
%RFLQD
(PEUDJXHGHOFRPSUHVRUGHO
DLUHDFRQGLFLRQDGR
)DURVDQWLQLHEOD
&XLGDGRGHOYHKFXOR
1 &LUFXLWR
%RPEDGHO$%6
/LPSLDSDUDEULVDV
9HQWLODGRU
7DEOHURGHLQVWUXPHQWRV
&DOHIDFWRUGHFRPEXVWLEOH
GLVHO
&DMDGHFDPELRV
9HQWLODGRUGHUHIULJHUDFLQEDMD
9HQWLODGRUGHUHIULJHUDFLQDOWD
9HQWLODGRUGHUHIULJHUDFLQ
0RWRUGHDUUDQTXH
'HVSXVGHFDPELDUORVIXVLEOHVGH
IHFWXRVRVFLHUUHODWDSDGHODFDMDGH
IXVLEOHV\DSULHWHKDVWDTXHVHHQ
FODYH
6LODWDSDGHODFDMDGHIXVLEOHVQR
HVWFHUUDGDFRUUHFWDPHQWHSXHGHQ
SURGXFLUVHIDOORV
&DMDGHIXVLEOHVGHOWDEOHUR
GHLQVWUXPHQWRV
/DFDMDGHIXVLEOHVHVWGHWUVGHO
FRQPXWDGRUGHODVOXFHVHQHOWDEOHUR
GHLQVWUXPHQWRV6XMHWHODPDQLOOD
OXHJRWLUH\VDTXHHOFRQPXWDGRUGH
ODVOXFHV
&XLGDGRGHOYHKFXOR
1 &LUFXLWR
1 &LUFXLWR
1 &LUFXLWR
3RUWQWUDVHUR
(OHYDOXQDVHOFWULFRV
6LVWHPDGHDLUEDJV
7UDQVIRUPDGRUGHWHQVLQ
&RQH[LQGHGLDJQRVLV
7DEOHURGHLQVWUXPHQWRV&DOH
IDFFLQGHODVLHQWR)OH['RFN
0GXORGHFRQWUROGHODFDUUR
FHUD
(OHQFHQGLGR
0GXORGHFRQWUROGHODFDUUR
FHUD
0GXORGHFRQWUROGHODFDUUR
FHUD
0GXORGHFRQWUROGHODFDUUR
FHUD
0GXORGHFRQWUROGHODFDUUR
FHUD
6LVWHPDGHDLUHDFRQGLFLRQDGR
7HFKRVRODU
$VLVWHQWHGHDSDUFDPLHQWR
6HQVRUGHOOXYLD&PDUDGHODQ
WHUD
,QWHUUXSWRUGHOIUHQR
6LVWHPDGHDXGLR
3DQWDOOD
0GXORGHFRQWUROGHODFDUUR
FHUD
0GXORGHFRQWUROGHODFDUUR
FHUD
7DEOHURGHLQVWUXPHQWRV
0GXORGHFRQWUROGHODFDUUR
FHUD
7RPDDX[LOLDU
&DOHIDFFLQGHDVLHQWR
FRQGXFWRU
%RFLQD
&DOHIDFFLQGHDVLHQWRDFRP
SDDQWH
9RODQWHWUPLFR
-XHJRGHUHSDUDFLQGHQHXP
WLFRV
/LPSLDOXQHWD
(QFHQGHGRUGHFLJDUULOORV
(OHYDOXQDVHOFWULFRV7HFKR
VRODU3DQWDOODLQGLFDGRUDGHO
FDPELRDXWRPWLFR
&XLGDGRGHOYHKFXOR
+HUUDPLHQWDVGHO
YHKFXOR
9HKFXORVFRQUXHGDGHUHSXHVWR
+HUUDPLHQWDV
9HKFXORVFRQMXHJRGH
UHSDUDFLQGHQHXPWLFRV
(QODYHUVLQ23&R/3*RHQYHU
VLRQHVFRQSRUWDELFLFOHWDVWUDVHURR
SLVRGHFDUJDGREOHODVKHUUDPLHQWDV
VHHQFXHQWUDQMXQWRFRQODDUJROODGH
UHPROTXH\HOMXHJRGHUHSDUDFLQGH
QHXPWLFRVHQHOODGRGHUHFKRGHO
FRPSDUWLPHQWRGHFDUJDGHWUVGH
XQDFXELHUWD
/DVKHUUDPLHQWDVVHHQFXHQWUDQMXQ
WDVFRQODDUJROODGHUHPROTXH\HO
MXHJRGHUHSDUDFLQGHQHXPWLFRV
HQHOFRPSDUWLPHQWRGHFDUJDGHEDMR
GHODFXELHUWDGHOSLVR
(OJDWRODOODYHSDUDWRUQLOORVGHUXHGD
\DOJXQDVKHUUDPLHQWDVVHHQFXHQ
WUDQHQHOODGRGHUHFKRGHOFRPSDUWL
PHQWRGHFDUJDGHWUVGHXQDFX
ELHUWD
&XLGDGRGHOYHKFXOR
/ODQWDV\QHXPWLFRV
(VWDGRGHORVQHXPWLFRVHVWDGR
GHODVOODQWDV
&RQGX]FDOHQWDPHQWHVREUHORVERU
GLOORV\VLHVSRVLEOHHQQJXORUHFWR
5RGDUVREUHVXSHUILFLHVFRQERUGHV
DJXGRVSXHGHGDDUORVQHXPWLFRV
\ODVOODQWDV$ODSDUFDUQRDSULVLRQH
ORVQHXPWLFRVFRQWUDHOERUGLOOR
&RPSUXHEHSHULGLFDPHQWHVLODV
OODQWDVHVWQGDDGDV(QFDVRGH
GDRVRGHVJDVWHH[FHVLYRUHFXUUDD
ODD\XGDGHXQWDOOHU
5HFRPHQGDPRVQRFDPELDUODVUXH
GDVGHODQWHUDVSRUODVWUDVHUDV\YLFH
YHUVD\DTXHSRGUDDIHFWDUDODHV
WDELOLGDGGHOYHKFXOR8WLOLFHVLHPSUH
ORVQHXPWLFRVPHQRVGHVJDVWDGRV
HQHOHMHWUDVHUR
1HXPWLFRVGHLQYLHUQR
/RVQHXPWLFRVGHLQYLHUQRRIUHFHQ
PD\RUVHJXULGDGDWHPSHUDWXUDVLQ
IHULRUHVD&\SRUWDQWRGHEHUDQ
PRQWDUVHHQWRGDVODVUXHGDV
3DUDQHXPWLFRVGHLQYLHUQRVHSHU
PLWHQWRGRVORVWDPDRV
/DSHJDWLQDFRQHOOPLWHGHYHORFL
GDGVHJQODVQRUPDVGHWUILFRGHO
SDVGHEHFRORFDUVHHQHOFDPSRYL
VXDOGHOFRQGXFWRU
'HVLJQDFLRQHVGHORV
QHXPWLFRV
SHM
5 +
DQFKXUDGHOQHXPWLFRHQPP
UHODFLQGHVHFFLQ DOWXUDGHO
QHXPWLFRUHVSHFWRDODDQ
FKXUD HQSRUFHQWDMH
5 WLSRGHFRUUHD 5DGLDO
5) WLSR 5XQ)ODW
GLPHWURGHODOODQWDHQSXO
JDGDV
QGLFHGHFDUJD SHM HV
HTXLYDOHQWHD NJ
+ OHWUDGHOFGLJRGHYHORFLGDG
/HWUDGHOFGLJRGHYHORFLGDG
4 KDVWDNPK
6 KDVWDNPK
7 KDVWD NPK
+ KDVWDNPK
9 KDVWDNPK
: KDVWDNPK
6HOHFFLRQHXQQHXPWLFRDSURSLDGR
SDUDODYHORFLGDGP[LPDGHVXYH
KFXOR
/DYHORFLGDGP[LPDVHFRQVLJXH
FRQHOSHVRHQYDFRFRQFRQGXFWRU
NJ PVNJGHFDUJDWLO(O
XVRGHHTXLSRRSFLRQDOSRGUDUHGXFLU
ODYHORFLGDGP[LPDGHOYHKFXOR
3UHVWDFLRQHV
1HXPWLFRVFRQGLUHFFLQGH
URGDGXUD
/RVQHXPWLFRVFRQGLUHFFLQGHUR
GDGXUDGHEHQPRQWDUVHGHPDQHUD
TXHJLUHQHQODGLUHFFLQFRUUHFWD/D
GLUHFFLQGHURGDGXUDFRUUHFWDVHLQ
GLFDPHGLDQWHXQVPEROR SHMXQD
IOHFKD HQHOIODQFR
3UHVLQGHORVQHXPWLFRV
&RPSUXHEHODSUHVLQGHORVQHXP
WLFRVHQIURDOPHQRVFDGDGDV\
DQWHVGHFXDOTXLHUYLDMHODUJR1RRO
YLGHODUXHGDGHUHSXHVWR
&XLGDGRGHOYHKFXOR
(VWRHVDSOLFDEOHWDPELQDORVYHK
FXORVFRQVLVWHPDGHFRQWUROGHSUH
VLQGHORVQHXPWLFRV
'HVHQURVTXHHOWDSQGHODYOYXOD
3UHVLQGHORVQHXPWLFRV
/DHWLTXHWDGHLQIRUPDFLQGHSUHVLQ
GHORVQHXPWLFRVVLWXDGDHQHO
PDUFRGHODSXHUWDGHUHFKDLQGLFD
ORVQHXPWLFRVGHHTXLSDPLHQWRRUL
JLQDO\ODVSUHVLRQHVFRUUHVSRQGLHQ
WHV
/RVGDWRVVREUHSUHVLRQHVVRQYOL
GRVSDUDQHXPWLFRVIURV6RQDSOL
FDEOHVDQHXPWLFRVGHYHUDQR\GH
LQYLHUQR
/DSUHVLQGHORVQHXPWLFRV(&2
VLUYHSDUDUHGXFLUHOFRQVXPRGH
FRPEXVWLEOH
8QDSUHVLQGHORVQHXPWLFRVLQFR
UUHFWDDIHFWDUQHJDWLYDPHQWHDOD
VHJXULGDGDODPDQLREUDELOLGDGGHO
YHKFXORDOFRQIRUW\DOFRQVXPRGH
FRPEXVWLEOHDGHPVGHDXPHQWDUHO
GHVJDVWHGHORVQHXPWLFRV
/DVSUHVLRQHVGHORVQHXPWLFRVGL
ILHUHQHQIXQFLQGHGLYHUVDVRSFLR
QHV
3DUDREWHQHUHOYDORUFRUUHFWRGHSUH
VLQGHORVQHXPWLFRVVLJDHOSUR
FHGLPLHQWRVLJXLHQWH
,GHQWLILTXHHOFGLJRGHLGHQWLIL
FDFLQGHOPRWRU'DWRVGHOPRWRU
,GHQWLILTXHHOQHXPWLFRUHVSHF
WLYR
/DVWDEODVGHSUHVLQGHORVQHXP
WLFRVPXHVWUDQWRGDVODVFRPELQDFLR
QHVGHQHXPWLFRVSRVLEOHV
3DUDFRQRFHUORVQHXPWLFRVKRPR
ORJDGRVSDUDVXYHKFXORFRQVXOWHHO
FHUWLILFDGRGHFRQIRUPLGDG&((TXH
VHHQWUHJDFRQHOYHKFXORRODGRFX
PHQWDFLQGHPDWULFXODFLQQDFLRQDO
(OFRQGXFWRUHVUHVSRQVDEOHGHO
DMXVWHFRUUHFWRGHODSUHVLQGHORV
QHXPWLFRV
$GYHUWHQFLD
6LODSUHVLQHVLQVXILFLHQWHORV
QHXPWLFRVSXHGHQFDOHQWDUVH
FRQVLGHUDEOHPHQWHSXGLHQGR
SURGXFLUVHGHVSHUIHFWRVLQWHUQRV
TXHSXHGHQOOHJDUDSURYRFDUHO
GHVSUHQGLPLHQWRGHODEDQGDGH
URGDGXUDHLQFOXVRXQUHYHQWQGHO
QHXPWLFRFXDQGRVHFLUFXODD
JUDQYHORFLGDG
$GYHUWHQFLD
3DUDQHXPWLFRVHVSHFILFRVOD
SUHVLQGHORVQHXPWLFRVUHFR
PHQGDGDFRPRVHPXHVWUDHQOD
WDEODGHSUHVLQGHORVQHXPWL
FRVSXHGHH[FHGHUODSUHVLQP
[LPDGHQHXPWLFRVVHJQORLQGL
FDGRHQHOQHXPWLFR1RH[FHGD
QXQFDODSUHVLQP[LPDGHORV
QHXPWLFRVVHJQORLQGLFDGRHQ
HOQHXPWLFR
&XLGDGRGHOYHKFXOR
6LKD\TXHUHGXFLURDXPHQWDUODSUH
VLQGHORVQHXPWLFRVGHVFRQHFWH
HOHQFHQGLGR'HVSXVGHDMXVWDUOD
SUHVLQGHORVQHXPWLFRVFRQHFWHHO
HQFHQGLGR\VHOHFFLRQHHODMXVWHUH
OHYDQWHHQODSJLQD&
&DUJDGHORV
QHXPWLFRVHQHOFHQWURGHLQIRUPD
FLQGHOFRQGXFWRU
'HSHQGHQFLDGHODWHPSHUDWXUD
/DSUHVLQGHORVQHXPWLFRVGH
SHQGHGHODWHPSHUDWXUDGHOQHXP
WLFR'XUDQWHODFRQGXFFLQDXPHQ
WDQODWHPSHUDWXUD\ODSUHVLQGHORV
QHXPWLFRV/RVYDORUHVGHSUHVLQ
GHORVQHXPWLFRVSURSRUFLRQDGRVHQ
ODHWLTXHWDGHLQIRUPDFLQGHORVQHX
PWLFRV\HOFXDGURGHSUHVLQGHORV
QHXPWLFRVVRQYOLGRVSDUDQHXP
WLFRVIURVHVGHFLUD&
/DSUHVLQDXPHQWDFDVLN3DSDUD
XQDXPHQWRGHWHPSHUDWXUDGH
&(VWRGHEHWHQHUVHHQFXHQWD
DOYHULILFDUQHXPWLFRVFDOLHQWHV
(OYDORUGHODSUHVLQPRVWUDGRHQHO
FHQWURGHLQIRUPDFLQGHOFRQGXFWRU
UHSUHVHQWDODSUHVLQUHDOGHORVQHX
PWLFRV8QQHXPWLFRIURPRVWUDU
XQYDORULQIHULRUORFXDOQRVLJQLILFD
TXHH[LVWDXQDIXJDGHDLUH
6LVWHPDGHFRQWUROGH
SUHVLQGHORVQHXPWLFRV
(OVLVWHPDGHFRQWUROGHSUHVLQGH
ORVQHXPWLFRVFRPSUXHEDODSUHVLQ
GHORVFXDWURQHXPWLFRVXQDYH]DO
PLQXWRFXDQGRODYHORFLGDGGHOYH
KFXORVXSHUDXQGHWHUPLQDGROPLWH
$WHQFLQ
(OVLVWHPDGHFRQWUROGHSUHVLQ
GHORVQHXPWLFRVVORSXHGHDYL
VDUOHGHXQSUREOHPDGHSUHVLQ
EDMDGHORVQHXPWLFRV\QRVXVWL
WX\HDODVWDUHDVGHPDQWHQL
PLHQWRGHORVQHXPWLFRVSRU
SDUWHGHOFRQGXFWRU
7RGDVODVUXHGDVGHEHQHVWDUHTXL
SDGDVFRQVHQVRUHVGHSUHVLQ\ORV
QHXPWLFRVGHEHQHVWDULQIODGRVDOD
SUHVLQSUHVFULWD
1RWD
(QSDVHVGRQGHHOVLVWHPDGHFRQ
WUROGHSUHVLQGHORVQHXPWLFRVHV
REOLJDWRULROHJDOPHQWHHOXVRGH
UXHGDVVLQVHQVRUHVGHSUHVLQSR
GUDDQXODUHOSHUPLVRGHFLUFXODFLQ
GHOYHKFXOR
/DVSUHVLRQHVDFWXDOHVGHORVQHX
PWLFRVSXHGHQPRVWUDUVHHQHO
0HQGHLQIRUPDFLQGHO
YHKFXOR"GHOFHQWURGHLQIRUPD
FLQGHOFRQGXFWRU
(OPHQVHSXHGHVHOHFFLRQDUSXO
VDQGRORVERWRQHVHQODSDODQFDGH
ORVLQWHUPLWHQWHV
&XLGDGRGHOYHKFXOR
3XOVH0
0(18SDUDVHOHFFLRQDU0
0HQ
GHLQIRUPDFLQGHOYHKFXOR"
*LUHODUXHGDGHDMXVWHSDUDVHOHFFLR
QDUHOVLVWHPDGHFRQWUROGHSUHVLQ
GHORVQHXPWLFRV
3DQWDOODGHJDPDPHGLD
/DSUHVLQGHORVQHXPWLFRVSDUD
FDGDQHXPWLFRVHPXHVWUDHQVX
SURSLDSJLQD
3DQWDOODGHJDPDDOWD
6LVHGHWHFWDXQSUREOHPDGHSUHVLQ
EDMDGHORVQHXPWLFRVVHLQGLFDPH
GLDQWHHOWHVWLJRGHFRQWUROO
/DVSUHVLRQHVGHORVQHXPWLFRV
SDUDWRGRVORVQHXPWLFRVVHPXHV
WUDQHQXQDSJLQD
(OHVWDGRGHOVLVWHPD\ODVGLIHUHQ
FLDVGHSUHVLQSHTXHDVVHLQGLFDQ
PHGLDQWHXQPHQVDMHTXHLQGLFDHO
QHXPWLFRFRUUHVSRQGLHQWHHQHOFHQ
WURGHLQIRUPDFLQGHOFRQGXFWRU
(OVLVWHPDFRQVLGHUDODWHPSHUDWXUD
GHORVQHXPWLFRVSDUDODVDGYHUWHQ
FLDV
'HSHQGHQFLDGHODWHPSHUDWXUD
6LVHHQFLHQGHOSDUHORDQWHVSRVL
EOHHLQIOHORVQHXPWLFRVDODSUHVLQ
UHFRPHQGDGD
6LOSDUSDGHDGXUDQWH
VHJXQGRV\OXHJRVHLOXPLQDGH
PDQHUDSHUPDQHQWHKD\XQIDOORHQ
HOVLVWHPD5HFXUUDDXQWDOOHU
7UDVHOLQIODGRSXHGHVHUQHFHVDULR
FRQGXFLUGXUDQWHXQWLHPSRSDUDDF
WXDOL]DUORVYDORUHVGHSUHVLQGHORV
QHXPWLFRVHQHOFHQWURGHLQIRUPD
FLQGHOFRQGXFWRU'XUDQWHHVWH
WLHPSRVHSXHGHLOXPLQDUHOWHVWLJRO
6LHOWHVWLJROVHHQFLHQGHFRQWHP
SHUDWXUDVEDMDV\OXHJRVHDSDJD
GHVSXVGHFRQGXFLUSRGUDLQGLFDU
XQSUREOHPDGHSUHVLQGHQHXPWL
FRVEDMD&RPSUREDUODSUHVLQGHORV
QHXPWLFRV
&XLGDGRGHOYHKFXOR
0HQVDMHVGHOYHKFXOR
6LKD\TXHUHGXFLURDXPHQWDUODSUH
VLQGHORVQHXPWLFRVGHVFRQHFWH
HOHQFHQGLGR
0RQWHVORUXHGDVFRQVHQVRUHVGH
SUHVLQ HQFDVRFRQWUDULRQRVH
PRVWUDUODSUHVLQGHORVQHXPWL
FRV\HOWHVWLJROSHUPDQHFHUHQ
FHQGLGR
/DUXHGDGHUHSXHVWRRODUXHGDGH
HPHUJHQFLDQRHVWHTXLSDGDFRQ
VHQVRUGHSUHVLQ(OVLVWHPDGHFRQ
WUROGHSUHVLQGHORVQHXPWLFRVQR
IXQFLRQDSDUDHVWHWLSRGHQHXPWL
FRV6HHQFLHQGHHOWHVWLJRGHFRQWURO
O(OVLVWHPDVLJXHIXQFLRQDQGRSDUD
ORVRWURVWUHVQHXPWLFRV
(OXVRGHMXHJRVGHUHSDUDFLQGH
QHXPWLFRVGLVSRQLEOHVHQFRPHUFLRV
SXHGHPHQRVFDEDUHOIXQFLRQD
PLHQWRGHOVLVWHPD6HUHFRPLHQGDHO
XVRGHMXHJRVKRPRORJDGRVSRUHOID
EULFDQWH
(OXVRGHGLVSRVLWLYRVHOHFWUQLFRVR
ODSUR[LPLGDGDLQVWDODFLRQHVTXHXWL
OL]DQIUHFXHQFLDVGHRQGDVLPLODUHV
SRGUDDIHFWDUDOIXQFLRQDPLHQWRGHO
VLVWHPDGHFRQWUROGHSUHVLQGHORV
QHXPWLFRV
&DGDYH]TXHVHVXVWLWX\DQQHXPWL
FRVKD\TXHGHVPRQWDU\UHYLVDUORV
VHQVRUHVGHOVLVWHPDGHFRQWUROGH
SUHVLQGHORVQHXPWLFRV(QHOFDVR
GHOVHQVRUDWRUQLOODGRVXVWLWX\DHOQ
FOHRGHODYOYXOD\HODQLOORGHVH
OODGR(QHOFDVRGHOVHQVRUFRQSLQ
]DV VXVWLWX\DHOYVWDJRGHYOYXOD
FRPSOHWR
3DQWDOODGHJDPDPHGLD
(VWDGRGHFDUJDGHOYHKFXOR
$MXVWHODSUHVLQGHORVQHXPWLFRVD
ODVFRQGLFLRQHVGHFDUJDFRQIRUPHD
ODHWLTXHWDGHLQIRUPDFLQVREUHQHX
PWLFRVRHOFXDGURGHSUHVLRQHVGH
ORVQHXPWLFRV \VHOHFFLRQHHO
DMXVWHFRUUHVSRQGLHQWHHQHOPHQ
&DUJDQHXPWLFRVGHOFHQWURGHLQ
IRUPDFLQGHOFRQGXFWRU0
0HQGH
LQIRUPDFLQGHOYHKFXOR"
(VWHDMXVWHHVODUHIHUHQFLDSDUDODV
DGYHUWHQFLDVGHSUHVLQGHORVQHX
PWLFRV
(OPHQ&
&DUJDQHXPWLFRVDSDUHFH
QLFDPHQWHVLHOYHKFXORHVWGHWH
QLGR\HOIUHQRGHHVWDFLRQDPLHQWR
HVWDSOLFDGR(QYHKFXORVFRQFDP
ELRDXWRPWLFRODSDODQFDVHOHFWRUD
GHEHHQFRQWUDUVHHQ3
3
6HOHFFLRQH
/2SDUDSUHVLQGHFRQIRUWKDVWD
WUHVSHUVRQDV
(&2SDUDSUHVLQ(FRKDVWD
WUHVSHUVRQDV
+LSDUDFDUJDFRPSOHWD
3DQWDOODGHJDPDDOWD
&XLGDGRGHOYHKFXOR
6HOHFFLRQH
/LJHUDSDUDSUHVLQGHFRQIRUW
KDVWDWUHVSHUVRQDV
(FRSDUDSUHVLQ(FRKDVWD
WUHVSHUVRQDV
0D[SDUDFDUJDFRPSOHWD
3URFHVRGHDMXVWHGHOVHQVRUGH
SUHVLQGHORVQHXPWLFRV
&DGDVHQVRUGHO7306WLHQHXQF
GLJRGHLGHQWLILFDFLQQLFR(OFGLJR
GHLGHQWLILFDFLQVHGHEHFRUUHVSRQ
GHUFRQODSRVLFLQGHODQXHYDUXHGD
GHVSXVGHJLUDUODVUXHGDVRLQWHU
FDPELDUHOMXHJRFRPSOHWRGHUXHGDR
VHKDQVXVWLWXLGRPVVHQVRUHVGH
SUHVLQGHORVQHXPWLFRV$VL
PLVPRHOSURFHVRGHHPSDUHMD
PLHQWRGHORVVHQVRUHVGHSUHVLQGH
ORVQHXPWLFRVGHEHUDUHDOL]DUVH
GHVSXVGHVXVWLWXLUHOQHXPWLFRGH
UHSXHVWRSRUXQDUXHGDGHFDUUHWHUD
FRQHOVHQVRUGHSUHVLQGHORVQHX
PWLFRV
(OWHVWLJRGHDYHUDO\HOPHQVDMHR
FGLJRGHDGYHUWHQFLDGHEHUDQDSD
JDUVHHQHOSU[LPRFLFORGHHQFHQ
GLGR/RVVHQVRUHVVHHPSDUHMDQFRQ
ODVSRVLFLRQHVGHOQHXPWLFROODQWD
XWLOL]DQGRXQDKHUUDPLHQWDGHDSUHQ
GL]DMHHQHOVLJXLHQWHRUGHQ UXHGD
GHODQWHUDGHOODGRL]TXLHUGRUXHGD
GHODQWHUDGHOODGRGHUHFKRUXHGDWUD
VHUDGHOODGRGHUHFKR\UXHGDWUDVHUD
GHOODGRL]TXLHUGR/DOX]GHOLQWHUPL
WHQWHHQODSRVLFLQGHDFWLYDGRDF
WXDOVHLOXPLQDKDVWDTXHHOVHQVRUVH
HPSDUHMD
&RQVXOWHFRQXQWDOOHUSDUDUHYLVDUOR
RSDUDFRPSUDUXQDKHUUDPLHQWDGH
DSUHQGL]DMH+D\XQSOD]RGHGRVPL
QXWRVSDUDHPSDUHMDUODSULPHUDSR
VLFLQGHUXHGD\GHFLQFRPLQXWRVHQ
WRWDOSDUDODVFXDWURSRVLFLRQHV6L
WDUGDPVHOSURFHVRGHHPSDUHMD
PLHQWRVHFDQFHOD\KD\TXHYROYHUD
HPSH]DU
(OSURFHVRGHDMXVWHGHOVHQVRUGH
SUHVLQGHORVQHXPWLFRVHV
3RQJDHOIUHQRGHHVWDFLRQD
PLHQWR
&RQHFWHHOHQFHQGLGR
(QYHKFXORVFRQFDPELRDXWRP
WLFR DMXVWHODSDODQFDVHOHFWRUDD
ODSRVLFLQ3
3
(QYHKFXORVFRQFDPELRPDQXDO
DXWRPDWL]DGR 0DQWHQJDSLVDGR
HOSHGDOGHIUHQR0XHYD\PDQ
WHQJDODSDODQFDVHOHFWRUDGX
UDQWHFLQFRVHJXQGRVHQODSRVL
FLQ1
1KDVWDTXHVHPXHVWUH3
3HQ
HOFHQWURGHLQIRUPDFLQGHOFRQ
GXFWRU3
3LQGLFDTXHVHSXHGHLQL
FLDUHOSURFHVRGHDMXVWHGHOVHQ
VRUGHSUHVLQGHORVQHXPWLFRV
(QYHKFXORVFRQFDPELRPDQXDO
VHOHFFLRQHFDPELRPXHUWR
8VH0
0(18HQODSDODQFDGHORV
LQWHUPLWHQWHVSDUDVHOHFFLRQDUHO
0HQGHLQIRUPDFLQGHO
YHKFXOR"HQHOFHQWURGHLQ
IRUPDFLQGHOFRQGXFWRU
&XLGDGRGHOYHKFXOR
*LUHODUXHGDGHDMXVWHSDUDLUDO
PHQGHSUHVLQGHORVQHXPWL
FRV
3DQWDOODGHJDPDPHGLD
3DQWDOODGHJDPDDOWD
3XOVH6
6(7&/5SDUDHPSH]DUHO
SURFHVRGHHPSDUHMDPLHQWRGH
ORVVHQVRUHV'HEHUDYLVXDOL
]DUVHXQPHQVDMHVROLFLWDQGROD
DFHSWDFLQGHOSURFHVR
3XOVHGHQXHYR6
6(7&/5SDUD
FRQILUPDUODVHOHFFLQ/DERFLQD
VXHQDGRVYHFHVSDUDLQGLFDUTXH
HOUHFHSWRUHVWHQPRGRGH
DSUHQGL]DMH
(PSLHFHSRUODUXHGDGHODQWHUD
GHOODGRL]TXLHUGR
&RORTXHODKHUUDPLHQWDGHDSUHQ
GL]DMHVREUHHOIODQFRGHOQHXP
WLFRFHUFDGHOYVWDJRGHODYO
YXOD/XHJRSXOVHHOERWQSDUD
DFWLYDUHOVHQVRUGHSUHVLQGHORV
QHXPWLFRV8QWRTXHGHODER
FLQDFRQILUPDTXHHOFGLJRGH
LGHQWLILFDFLQGHOVHQVRUKDVLGR
HPSDUHMDGRFRQHVWDSRVLFLQGH
ODUXHGD
&RQWLQHFRQODUXHGDGHODQWHUD
GHUHFKD\UHSLWDHOSURFHGLPLHQWR
GHOSDVR
&RQWLQHFRQODUXHGDWUDVHUDGH
UHFKD\UHSLWDHOSURFHGLPLHQWR
GHOSDVR
&RQWLQHFRQODUXHGDWUDVHUDL]
TXLHUGD\UHSLWDHOSURFHGLPLHQWR
GHOSDVR /DERFLQDVXHQDGRV
YHFHVSDUDLQGLFDUTXHHOFGLJR
GHLGHQWLILFDFLQGHOVHQVRUKD
VLGRHPSDUHMDGRFRQODUXHGDWUD
VHUDL]TXLHUGD\TXHHOSURFHVRGH
HPSDUHMDPLHQWRGHORVVHQVRUHV
GHSUHVLQGHORVQHXPWLFRVQR
HVWDFWLYR
'HVFRQHFWHHOHQFHQGLGR
$MXVWHORVFXDWURQHXPWLFRVDOD
SUHVLQGHDLUHUHFRPHQGDGDHQ
ODHWLTXHWDGHLQIRUPDFLQGHODV
SUHVLRQHVGHORVQHXPWLFRV
$VHJUHVHGHTXHHOHVWDGRGH
FDUJDGHOQHXPWLFRVHDMXVWH
FRQIRUPHDODSUHVLQVHOHFFLR
QDGD
3URIXQGLGDGGHOGLEXMR
&RPSUXHEHUHJXODUPHQWHODSURIXQ
GLGDGGHOGLEXMR
3RUPRWLYRVGHVHJXULGDGORVQHX
PWLFRVGHEHQVXVWLWXLUVHDODOFDQ]DU
HOGLEXMRXQDSURIXQGLGDGGHPP
QHXPWLFRVGHLQYLHUQR DORVPP
&XLGDGRGHOYHKFXOR
3RUPRWLYRVGHVHJXULGDGVHUHFR
PLHQGDTXHODSURIXQGLGDGGHOGLEXMR
GHORVQHXPWLFRVGHXQHMHQRYDUH
HQPVGHPP
&DPELRGHOWDPDRGH
QHXPWLFRV\OODQWDV
6LVHXWLOL]DQQHXPWLFRVFRQXQWD
PDRGLIHUHQWHDORVPRQWDGRVGHI
EULFDSXHGHVHUQHFHVDULRUHSURJUD
PDUHOYHORFPHWURDVFRPRODSUH
VLQQRPLQDOGHORVQHXPWLFRV\
UHDOL]DURWUDVPRGLILFDFLRQHVHQHOYH
KFXOR
$OFDPELDUDQHXPWLFRVGHRWURWD
PDRKDJDVXVWLWXLUODSHJDWLQDFRQ
ODSUHVLQGHORVQHXPWLFRV
$WHQFLQ
/DSURIXQGLGDGPQLPDDXWRUL]DGDOH
JDOPHQWH PP VHKDDOFDQ]DGR
FXDQGRHOGLEXMRPXHVWUDXQLQGLFD
GRUGHGHVJDVWH 7:, 7UHDG:HDU
,QGLFDWRU 6XSRVLFLQVHLQGLFDPH
GLDQWHPDUFDVHQHOIODQFRGHOQHX
PWLFR
/RVQHXPWLFRVHQYHMHFHQDXQTXH
QRVHXVHQ5HFRPHQGDPRVVXVWLWXLU
ORVQHXPWLFRVFDGDVHLVDRV
$OFDPELDUDOODQWDVGH
SXOJDGDVGHGLPHWURVHUHGX
FLUODVHSDUDFLQKDVWDHOVXHOR
(VWRGHEHWHQHUVHHQFXHQWDDO
SDVDUVREUHREVWFXORV
$GYHUWHQFLD
(OXVRGHFXELHUWDVRQHXPWLFRV
LQDSURSLDGRVSXHGHGDUOXJDUD
DFFLGHQWHV\DODDQXODFLQGHO
SHUPLVRGHFLUFXODFLQGHVXYH
KFXOR
7DSDFXERV
6HGHEHQXWLOL]DUWDSDFXERV\QHX
PWLFRVKRPRORJDGRVSRUHOIDEUL
FDQWHSDUDHOYHKFXORFRUUHVSRQ
GLHQWHTXHFXPSOHQWRGRVORVUHTXL
VLWRVGHODFRPELQDFLQGHOODQWD\
QHXPWLFR
6LQRVHXWLOL]DQWDSDFXERV\QHXP
WLFRVKRPRORJDGRVSRUHOIDEULFDQWH
ORVQHXPWLFRVQRGHEHQGLVSRQHUGH
QHUYDGXUDGHSURWHFFLQUDGLDO
/RVWDSDFXERVQRGHEHQPHQRVFDEDU
ODUHIULJHUDFLQGHORVIUHQRV
$GYHUWHQFLD
(OXVRGHQHXPWLFRVRWDSDFXERV
LQDGHFXDGRVSXHGHGDUOXJDUDOD
SUGLGDUHSHQWLQDGHSUHVLQ\
SRUWDQWRRFDVLRQDUXQDFFLGHQWH
/ODQWDVGHDFHUR 6LXWLOL]DWXHUFDVGH
EORTXHRGHUXHGDQRODVILMHDORVWD
SDFXERV
&XLGDGRGHOYHKFXOR
&DGHQDVSDUDQLHYH
6ORVHSXHGHQXWLOL]DUFDGHQDVHQ
ODVUXHGDVGHODQWHUDV
8WLOLFHVLHPSUHFDGHQDVGHHVODER
QHVILQRVTXHQRVREUHVDOJDQPVGH
PPGHOGLEXMRGHOQHXPWLFR\GH
ORVODGRVLQWHULRUHV LQFOXLGRHOFLHUUH
GHODFDGHQD
$GYHUWHQFLD
/RVGDRVSXHGHQRFDVLRQDUXQ
UHYHQWQGHOQHXPWLFR
6HSXHGHQPRQWDUFDGHQDVHQQHX
PWLFRVGHOWDPDR5
55
5
6HSHUPLWHQFDGHQDVHQQHXPWLFRV
GHWDPDR 5FRQOODQWDVGH
WDPDR[\[HOOWLPR
VRODPHQWHHQFRPELQDFLQFRQQ
JXORGHGLUHFFLQOLPLWDGR5HFXUUDD
ODD\XGDGHXQWDOOHU
1RVHSXHGHQPRQWDUFDGHQDVHQ
QHXPWLFRVGHWDPDR5\
5
1RVHSXHGHQXWLOL]DUFDGHQDVHQOD
UXHGDGHHPHUJHQFLD
-XHJRGHUHSDUDFLQGH
QHXPWLFRV
(OMXHJRGHUHSDUDFLQGHQHXPWLFRV
SHUPLWHVXEVDQDUGDRVPHQRUHVHQ
HOGLEXMRGHOQHXPWLFR
1RUHWLUHORVFXHUSRVH[WUDRVGHORV
QHXPWLFRV
/RVGDRVTXHVXSHUHQORVPPR
TXHHVWQHQHOIODQFRGHOQHXPWLFR
FHUFDGHODOODQWDQRSXHGHQVHUVXE
VDQDGRVFRQHOMXHJRGHUHSDUDFLQ
GHQHXPWLFRV
$GYHUWHQFLD
1RFRQGX]FDDPVGHNPK
1RXWLOLFHODUXHGDUHSDUDGDGX
UDQWHXQSHURGRGHWLHPSRSUR
ORQJDGR
/DGLUHFFLQ\ODPDQLREUDELOLGDG
SXHGHQYHUVHDIHFWDGDV
(QFDVRGHVXIULUXQSLQFKD]R
$FFLRQHHOIUHQRGHHVWDFLRQDPLHQWR
\HQJUDQHODSULPHUDODPDUFKDDWUV
R3
3
(OMXHJRGHUHSDUDFLQGHQHXPWLFRV
HVWDOPDFHQDGRHQHOFRPSDUWL
PHQWRGHFDUJD
(QIXQFLQGHOHTXLSRHOMXHJRGHUH
SDUDFLQGHQHXPWLFRVVHHQFXHQWUD
HQODSDUHGGHUHFKDRHQXQFRPSDU
WLPHQWRGHEDMRGHODFXELHUWDGHOSLVR
&XLGDGRGHOYHKFXOR
9HKFXORVFRQMXHJRGH
UHSDUDFLQGHQHXPWLFRVEDMROD
FXELHUWDGHOSLVR
6DTXHHOMXHJRGHUHSDUDFLQGH
QHXPWLFRVGHOFRPSDUWLPHQWR
([WUDLJDHOFRPSUHVRU
(QURVTXHHOWXERIOH[LEOHGHDLUH
GHOFRPSUHVRUDODFRQH[LQHQHO
ERWHGHVHOODGRU
&RORTXHHOERWHGHVHOODGRUHQOD
VXMHFLQGHOFRPSUHVRU
&RORTXHHOFRPSUHVRUFHUFDGHO
QHXPWLFRGHPRGRTXHHOERWH
GHVHOODGRUHVWHQSRVLFLQYHUWL
FDO
6DTXHHOFDEOHGHFRQH[LQHOF
WULFD\HOWXERIOH[LEOHGHDLUHGHO
FRPSDUWLPHQWRSRUWDREMHWRVHQOD
SDUWHLQIHULRUGHOFRPSUHVRU
'HVHQURVTXHHOWDSQGHODYO
YXODGHOQHXPWLFRDYHULDGR
(QURVTXHHOWXERIOH[LEOHGHOOH
QDGRDODYOYXODGHOQHXPWLFR
(OLQWHUUXSWRUGHOFRPSUHVRUGHEH
HVWDUHQ!
&XLGDGRGHOYHKFXOR
&RQHFWHHOHQFKXIHGHOFRPSUH
VRUHQODWRPDGHFRUULHQWHRHQHO
HQFHQGHGRU
3DUDLPSHGLUODGHVFDUJDGHODED
WHUDUHFRPHQGDPRVGHMDUHOPR
WRUHQPDUFKD
3RQJDHOLQWHUUXSWRUEDVFXODQWH
GHOFRPSUHVRUHQ,,(OQHXPWLFR
VHOOHQDUFRQHOVHOODGRU
0LHQWUDVVHYDFDHOERWHGHVH
OODGRU XQRVVHJXQGRV HOPD
QPHWURGHOFRPSUHVRUSXHGHOOH
JDUDPRVWUDUEUHYHPHQWHSUHVLR
QHVGHKDVWDVHLVEDU3RVWHULRU
PHQWHODSUHVLQHPSLH]DDGHV
FHQGHU
7RGRHOVHOODGRUVHERPEHDDOLQ
WHULRUGHOQHXPWLFR$FRQWLQXD
FLQVHLQIODHOQHXPWLFR
/DSUHVLQSUHVFULWDSDUDHOQHX
PWLFRGHEHUDDOFDQ]DUVHHQXQ
SOD]RGHGLH]PLQXWRV3UHVLQGH
ORVQHXPWLFRV 8QDYH]
DOFDQ]DGDODSUHVLQFRUUHFWD
GHVFRQHFWHHOFRPSUHVRU
6LODSUHVLQSUHVFULWDQRVHDO
FDQ]DHQXQSOD]RGHGLH]PLQX
WRVGHVFRQHFWHHOMXHJRGHUHSD
UDFLQGHQHXPWLFRV+DJDJLUDU
HOQHXPWLFRXQDYXHOWDFRP
SOHWD9XHOYDDFRQHFWDUHOMXHJR
GHUHSDUDFLQGHQHXPWLFRV\
FRQWLQHHOSURFHVRGHLQIODGRGX
UDQWHGLH]PLQXWRV6LDQQRVH
DOFDQ]DODSUHVLQSUHVFULWDVLJ
QLILFDTXHHOGDRGHOQHXPWLFR
HVGHPDVLDGRJUDYH5HFXUUDDOD
D\XGDGHXQWDOOHU
9DFHHOH[FHVRGHSUHVLQGHORV
QHXPWLFRVPHGLDQWHHOERWQVL
WXDGRHQFLPDGHOLQGLFDGRUGH
SUHVLQ
(OFRPSUHVRUQRGHEHHVWDUHQ
VHUYLFLRPVGHGLH]PLQXWRV
'HVDFRSOHHOMXHJRGHUHSDUDFLQ
GHQHXPWLFRV3XOVHODSHVWDD
TXHKD\HQHOVRSRUWHSDUDGHV
PRQWDUHOERWHGHVHOODGRUGHOVR
SRUWH(QURVTXHHOWXERIOH[LEOHGH
LQIODGRDODFRQH[LQOLEUHGHOERWH
GHVHOODGRU(VWRHYLWDIXJDVGH
VHOODGRU*XDUGHHOMXHJRGHUH
SDUDFLQGHQHXPWLFRVHQHO
FRPSDUWLPHQWRGHFDUJD
(OLPLQHHOH[FHVRGHVHOODGRUFRQ
XQSDR
/DSHJDWLQDTXHVHDGMXQWDFRQHO
ERWHGHVHOODGRUTXHLQGLFDODYH
ORFLGDGP[LPDDXWRUL]DGDGHEH
FRORFDUVHHQHOFDPSRYLVXDOGHO
FRQGXFWRU
&XLGDGRGHOYHKFXOR
&RQWLQHODPDUFKDLQPHGLDWD
PHQWHSDUDTXHHOVHOODGRUVHGLV
WULEX\DXQLIRUPHPHQWHHQHOQHX
PWLFR'HVSXVGHFRQGXFLU
XQDVNP QRPVGHGLH]PL
QXWRV GHWQJDVH\FRPSUXHEHOD
SUHVLQGHOQHXPWLFR3DUDHOOR
FRQHFWHGLUHFWDPHQWHHOWXERIOH
[LEOHGHDLUHDODYOYXODGHOQHX
PWLFR\DOFRPSUHVRU
FXODUFRQHOYHKFXOR5HFXUUDDOD
D\XGDGHXQWDOOHU
*XDUGHHOMXHJRGHUHSDUDFLQGH
QHXPWLFRVHQHOFRPSDUWLPHQWR
GHFDUJD
9HKFXORVFRQMXHJRGH
UHSDUDFLQGHQHXPWLFRVHQOD
SDUHGODWHUDO
6DTXHHOERWHGHVHOODGRU\HOVR
SRUWHFRQHOWXERIOH[LEOHGHDLUH
GHOVXSOHPHQWR
6LODSUHVLQGHOQHXPWLFRHVVX
SHULRUDEDUDMVWHODDOYDORU
SUHVFULWR5HSLWDHOSURFHGLPLHQWR
KDVWDTXHQRKD\DPVSUGLGD
GHSUHVLQ
6LODSUHVLQGHOQHXPWLFRHVLQ
IHULRUDEDUQRVHSXHGHFLU
3DUDDEULUHOFRPSDUWLPHQWRGHVHQ
FODYHODWDSD\EUDOD
&XLGDGRGHOYHKFXOR
'HVHQUROOHHOWXERIOH[LEOHGHOVR
SRUWH\HQUVTXHORHQODFRQH[LQ
GHOERWHGHVHOODGRU
&RORTXHHOERWHGHVHOODGRUHQHO
VRSRUWH$VHJUHVHGHTXHHO
ERWHQRVHSXHGDFDHU
'HVHQURVTXHHOWDSQGHODYO
YXODGHOQHXPWLFRDYHULDGR
(QURVTXHHOWXERIOH[LEOHGHLQ
IODGRHQODYOYXOD
(QURVTXHHOWXERIOH[LEOHHQODFR
QH[LQGHOFRPSUHVRU
&RQHFWHHOHQFHQGLGR
3DUDLPSHGLUODGHVFDUJDGHODED
WHUDUHFRPHQGDPRVGHMDUHOPR
WRUHQPDUFKD
3XOVHHOLQWHUUXSWRUGHDFWLYDFLQ
GHVDFWLYDFLQGHOFRPSUHVRU(O
QHXPWLFRVHOOHQDUFRQHOVHOOD
GRU
0LHQWUDVVHYDFDHOERWHGHVH
OODGRU XQRVVHJXQGRV HOPD
QPHWURGHOFRPSUHVRUSXHGHOOH
JDUDPRVWUDUEUHYHPHQWHSUHVLR
QHVGHKDVWDVHLVEDU3RVWHULRU
PHQWHODSUHVLQHPSLH]DDGHV
FHQGHU
7RGRHOVHOODGRUVHERPEHDDOLQ
WHULRUGHOQHXPWLFR$FRQWLQXD
FLQVHLQIODHOQHXPWLFR
/DSUHVLQSUHVFULWDSDUDHOQHX
PWLFRGHEHUDDOFDQ]DUVHHQXQ
SOD]RGHGLH]PLQXWRV3UHVLQGH
&XLGDGRGHOYHKFXOR
ORVQHXPWLFRV 8QDYH]
DOFDQ]DGDODSUHVLQFRUUHFWD
GHVFRQHFWHHOFRPSUHVRUSXO
VDQGRGHQXHYRHOLQWHUUXSWRUGH
DFWLYDFLQGHVDFWLYDFLQ
6LODSUHVLQSUHVFULWDQRVHDO
FDQ]DHQXQSOD]RGHGLH]PLQX
WRVGHVFRQHFWHHOMXHJRGHUHSD
UDFLQGHQHXPWLFRV+DJDJLUDU
HOQHXPWLFRXQDYXHOWDFRP
SOHWD9XHOYDDFRQHFWDUHOMXHJR
GHUHSDUDFLQGHQHXPWLFRV\
FRQWLQHHOSURFHVRGHLQIODGRGX
UDQWHGLH]PLQXWRV6LDQQRVH
DOFDQ]DODSUHVLQSUHVFULWDVLJ
QLILFDTXHHOGDRGHOQHXPWLFR
HVGHPDVLDGRJUDYH5HFXUUDDOD
D\XGDGHXQWDOOHU
/LEHUHODSUHVLQH[FHVLYDGHO
QHXPWLFRXVDQGR<
(OFRPSUHVRUQRGHEHHVWDUHQ
VHUYLFLRPVGHGLH]PLQXWRV
3XOVHODSHVWDDTXHKD\HQHO
VRSRUWHSDUDGHVPRQWDUHOERWH
GHVHOODGRUGHOVRSRUWH(QURVTXH
HOWXERIOH[LEOHGHLQIODGRDODFR
QH[LQOLEUHGHOERWHGHVHOODGRU
(VWRHYLWDIXJDVGHVHOODGRU
*XDUGHHOMXHJRGHUHSDUDFLQGH
QHXPWLFRVHQHOFRPSDUWLPHQWR
GHFDUJD
(OLPLQHHOH[FHVRGHVHOODGRUFRQ
XQSDR
/DSHJDWLQDTXHVHDGMXQWDFRQHO
ERWHGHVHOODGRUTXHLQGLFDODYH
ORFLGDGP[LPDDXWRUL]DGDGHEH
FRORFDUVHHQHOFDPSRYLVXDOGHO
FRQGXFWRU
&RQWLQHODPDUFKDLQPHGLDWD
PHQWHSDUDTXHHOVHOODGRUVHGLV
WULEX\DXQLIRUPHPHQWHHQHOQHX
PWLFR'HVSXVGHFRQGXFLU
XQDVNP QRPVGHGLH]PL
QXWRV GHWQJDVH\FRPSUXHEHOD
SUHVLQGHOQHXPWLFR3DUDHOOR
FRQHFWHGLUHFWDPHQWHHOWXERIOH
[LEOHGHDLUHDODYOYXODGHOQHX
PWLFR\DOFRPSUHVRU
6LODSUHVLQGHOQHXPWLFRHVVX
SHULRUDEDUDMVWHODDOYDORU
SUHVFULWR5HSLWDHOSURFHGLPLHQWR
KDVWDTXHQRKD\DPVSUGLGD
GHSUHVLQ
6LODSUHVLQGHOQHXPWLFRHVLQ
IHULRUDEDUQRVHSXHGHFLU
FXODUFRQHOYHKFXOR5HFXUUDDOD
D\XGDGHXQWDOOHU
*XDUGHHOMXHJRGHUHSDUDFLQGH
QHXPWLFRVHQHOFRPSDUWLPHQWR
GHFDUJD
,QIRUPDFLQJHQHUDO
1RWD
/DVFDUDFWHUVWLFDVGHPDUFKDGHO
QHXPWLFRUHSDUDGRVHYHQDIHFWD
GDVQHJDWLYDPHQWHSRUORTXHHVUH
FRPHQGDEOHVXVWLWXLUGLFKRQHXP
WLFR
6LHOFRPSUHVRUSURGXFHUXLGRVDQ
PDORVRVHFDOLHQWDGMHORGHVFR
QHFWDGRGXUDQWHDOPHQRV
PLQXWRV
/DYOYXODGHVHJXULGDGLQWHJUDGD
VHDEUHDXQDSUHVLQGHVLHWHEDUHV
7HQJDHQFXHQWDODIHFKDGHFDGX
FLGDGGHOMXHJR'HVSXVGHGLFKD
IHFKDQRSXHGHJDUDQWL]DUVHVXFD
SDFLGDGGHVHOODGR&RPSUXHEHOD
IHFKDGHFDGXFLGDGLQGLFDGDHQHO
ERWHGHVHOODGRU
6XVWLWX\DHOERWHGHVHOODGRUXQDYH]
XVDGR'HVHFKHHOERWHFRQIRUPHD
ODVGLVSRVLFLRQHVOHJDOHVYLJHQWHV
&XLGDGRGHOYHKFXOR
(OFRPSUHVRU\HOVHOODGRUSXHGHQ
XWLOL]DUVHDXQDWHPSHUDWXUDGH
KDVWD&DSUR[LPDGDPHQWH
/RVDGDSWDGRUHVVXPLQLVWUDGRVVH
SXHGHQXWLOL]DUSDUDERPEHDURWURV
FRPSRQHQWHVSRUHMHPSOREDORQHV
GHIWEROFROFKRQHVQHXPWLFRV
ERWHVQHXPWLFRVHWF6HHQFXHQ
WUDQXELFDGRVHQODSDUWHLQIHULRUGHO
FRPSUHVRU3DUDGHVPRQWDUORVHQ
URVTXHHOWXERIOH[LEOHGHDLUHGHO
FRPSUHVRU\H[WUDLJDHODGDSWDGRU
&DPELRGHUXHGDV
6HGHEHQHIHFWXDUORVSUHSDUDWLYRV\
REVHUYDUODVLQGLFDFLRQHVVLJXLHQWHV
$SDUTXHHOYHKFXORHQXQDVX
SHUILFLHQLYHODGDILUPH\QRGHV
OL]DQWH/DVUXHGDVGHODQWHUDV
GHEHQHVWDUHQSRVLFLQGHPDU
FKDHQOQHDUHFWD
$FFLRQHHOIUHQRGHHVWDFLRQD
PLHQWR\HQJUDQHODSULPHUDOD
PDUFKDDWUVR3
3
1XQFDFDPELHPVGHXQDUXHGD
VLPXOWQHDPHQWH
8WLOLFHHOJDWRQLFDPHQWHSDUD
FDPELDUODVUXHGDVHQFDVRGH
SLQFKD]RQRSDUDHOFDPELRHV
WDFLRQDOGHQHXPWLFRVGHLQ
YLHUQRRGHYHUDQR
(OJDWRQRSUHFLVDPDQWHQL
PLHQWR
6LHOWHUUHQRGRQGHHVWHVWDFLR
QDGRHOYHKFXORHVEODQGRGHEH
FRORFDUVHGHEDMRGHOJDWRXQD
EDVHHVWDEOH FRQXQJURVRUP
[LPRGHFP
6DTXHORVREMHWRVSHVDGRVGHO
YHKFXORDQWHVGHOHYDQWDUORFRQ
XQJDWR
1RGHEHKDEHUSHUVRQDVQLDQL
PDOHVGHQWURGHOYHKFXOR
FXDQGRVHXWLOLFHHOJDWR
1RVHPHWDQXQFDGHEDMRGHXQ
YHKFXORTXHHVWDO]DGRFRQXQ
JDWR
1RDUUDQTXHHOYHKFXORPLHQWUDV
HVWOHYDQWDGRFRQHOJDWR
$QWHVGHHQURVFDUORVWRUQLOORVGH
UXHGDVHGHEHOLPSLDU\HQJUDVDU
OLJHUDPHQWHHOFRQRGHFDGDWRU
QLOORGHUXHGDFRQJUDVDOXEUL
FDQWHFRQYHQFLRQDO
$GYHUWHQFLD
1RHQJUDVHODURVFDGHOWRUQLOORGH
ODUXHGD
/ODQWDVGHDFHUR
'HVPRQWHHOWDSDFXERV
/ODQWDVGHDOHDFLQFRQWDSRQHV
GHORVWRUQLOORV
'HVHQFODYHORVWDSRQHVGHORV
WRUQLOORVGHUXHGDFRQXQGHVWRU
QLOODGRU\GHVPQWHORV3DUDSUR
WHJHUODOODQWDFRORTXHXQSDR
VXDYHHQWUHHOGHVWRUQLOODGRU\OD
OODQWDGHDOHDFLQ
&XLGDGRGHOYHKFXOR
/ODQWDVGHDOHDFLQFRQWDSQ
FHQWUDO
,QVHUWHHOH[WUDFWRUHQODUDQXUD
DELHUWDGHOWDSQFHQWUDO\H[
WUDLJDHOWDSQGHODUXHGD+HUUD
PLHQWDVGHOYHKFXOR
,QVHUWHFRPSOHWDPHQWHODOODYH
SDUDWRUQLOORVGHUXHGD\DIORMH
FDGDWRUQLOORPHGLDYXHOWD
/DVUXHGDVSRGUDQHVWDUSURWHJL
GDVSRUWRUQLOORVGHUXHGDDQWL
UURER3DUDDIORMDUHVWRVWRUQLOORV
HVSHFILFRVDQWHVGHFRORFDUOD
OODYHGHUXHGDGHEHFRORFDUSUL
PHURHODGDSWDGRUSDUDWRUQLOORV
GHUXHGDGHEORTXHRHQHOFDEH]DO
GHOWRUQLOOR(ODGDSWDGRUHVW
JXDUGDGRHQODJXDQWHUD
$VHJUHVHGHTXHHOJDWRHVW
ELHQFRORFDGRHQHOSXQWRGHHOH
YDFLQFRUUHVSRQGLHQWHGHOYH
KFXOR
(QYHUVLRQHVFRQSDQHODGRGHO
HVWULERRSDQHODGRGHOHVWULER
UHLQVWDODGRQRSXHGHXWLOL]DUVH
JDWR6HSXHGHQSURGXFLUGDRV
HQHOYHKFXOR
$MXVWHHOJDWRDODDOWXUDQHFHVD
ULD&RORTXHHOJDWRGLUHFWDPHQWH
GHEDMRGHOSXQWRGHHOHYDFLQGH
PRGRTXHQRSXHGDUHVEDODU
&XLGDGRGHOYHKFXOR
$FRSOHODPDQLYHODGHOJDWR\FRQ
HOJDWRFRUUHFWDPHQWHDOLQHDGR
JLUHODPDQLYHODKDVWDTXHOD
UXHGDVHGHVSHJXHGHOVXHOR
'HVHQURVTXHORVWRUQLOORVGHOD
UXHGD
&DPELHODUXHGD
(QURVTXHORVWRUQLOORVGHUXHGD
%DMHHOYHKFXOR
,QVHUWHFRPSOHWDPHQWHODOODYH
SDUDWRUQLOORVGHUXHGD\DSULHWH
ORVWRUQLOORVVLJXLHQGRXQRUGHQHQ
FUX](OSDUGHDSULHWHHVGH
1P
$OLQHHHORULILFLRSDUDODYOYXODHQ
HOWDSDFXERVGHODOODQWDGHDFHUR
FRQODYOYXODGHOQHXPWLFRDQ
WHVGHOPRQWDMH
0RQWHORVWDSRQHVGHORVWRUQLOORV
GHODUXHGDRHOWDSQFHQWUDOHQ
ODOODQWDGHDOHDFLQ
0RQWHODFXELHUWDGHOSXQWRGH
HOHYDFLQGHOYHKFXOR
*XDUGH\ILMHODUXHGDVXVWLWXLGD
ODVKHUUDPLHQWDVGHYHKFXOR
\HODGDSWDGRUSDUDORVWRU
QLOORVGHUXHGDGHEORTXHR
&RPSUXHEHODSUHVLQGHOQHXP
WLFRPRQWDGR\HOSDUGHDSULHWH
GHOSHUQRGHODUXHGDORDQWHVSR
VLEOH
+DJDVXVWLWXLURUHSDUDUHOQHXPWLFR
DYHULDGRORDQWHVSRVLEOH
3RVLFLQGHOEUD]RWUDVHURGHODSOD
WDIRUPDHOHYDGRUDXELFDGRHQOD
SDUWHFHQWUDOEDMRHOUHEDMHGHOHV
WULER
3XQWRVGHDSR\RSDUDOD
SODWDIRUPDHOHYDGRUD
3RVLFLQGHOEUD]RGHODQWHURGHOD
SODWDIRUPDHOHYDGRUDHQORVEDMRV
5XHGDGHUHSXHVWR
6LYDDPRQWDUXQDUXHGDGHUHSXHVWR
GLIHUHQWHGHODVGHPVUXHGDVGLFKD
UXHGDSRGUDFODVLILFDUVHFRPRUXHGD
GHUHSXHVWRWHPSRUDO\VHDSOLFDUDQ
&XLGDGRGHOYHKFXOR
ORVOPLWHVGHYHORFLGDGFRUUHVSRQ
GLHQWHVLQFOXVRDXQTXHQRKD\DQLQ
JXQDHWLTXHWDTXHORLQGLTXH&RQ
VXOWHDXQWDOOHUSDUDFRQRFHUHOOPLWH
GHYHORFLGDGDSOLFDEOH
/DUXHGDGHUHSXHVWRWLHQHXQDOODQWD
GHDFHUR
9HUVLQGHSXHUWDVSXHUWDV
)XUJRQHWDGHUHSDUWR
/DUXHGDGHUHSXHVWRHVWVLWXDGDHQ
HOFRPSDUWLPHQWRGHFDUJDGHEDMRGH
ODFXELHUWDGHOSLVR(VWILMDGDFRQ
XQDWXHUFDGHPDULSRVD
(QHVWHFDVRVHGHEHPRQWDUHOSLVR
GHFDUJDGREOHHQODSRVLFLQVXSHULRU
3DUDVDFDUODGHVHQURVTXHODWXHUFD
GHPDULSRVDOHYDQWHODUXHGDGHUH
SXHVWRSQJDODHQSRVLFLQYHUWLFDO\
VTXHODGHVGHDUULED
$OJXDUGDUODUXHGDVXVWLWXLGDROD
UXHGDGHUHSXHVWRWHPSRUDOHQVXOX
JDUILMHVLHPSUHFRQODWXHUFDGHPD
ULSRVD
5HWLUHHOSLVRGHFDUJD
/DUXHGDGHUHSXHVWRHVWDWRUQLOODGD
DODFXELHUWDGHOSLVR
$IORMHODWXHUFDGHPDULSRVD\OHYDQWH
ODFXELHUWDGHFDUJD
$WHQFLQ
(OXVRGHXQDUXHGDGHUHSXHVWR
GHPHQRUWDPDRTXHODVGHPV
UXHGDVRMXQWRFRQQHXPWLFRVGH
LQYLHUQRSXHGHDIHFWDUDOFRPSRU
WDPLHQWRGHPDUFKD+DJDVXVWL
WXLUHOQHXPWLFRDYHULDGRORDQWHV
SRVLEOH
&XLGDGRGHOYHKFXOR
5XHGDGHHPHUJHQFLD
$WHQFLQ
(OXVRGHODUXHGDGHHPHUJHQFLD
SXHGHDIHFWDUDOFRPSRUWDPLHQWR
GHPDUFKD+DJDVXVWLWXLURUHSD
UDUHOQHXPWLFRDYHULDGRORDQWHV
SRVLEOH
([WUDLJDHOVHSDUDGRUGHHQFLPDGHOD
UXHGDGHUHSXHVWROHYDQWHODUXHGD
FROTXHODHQSRVLFLQYHUWLFDO\H[
WULJDODGHVGHDUULED
$OJXDUGDUODUXHGDVXVWLWXLGDROD
UXHGDGHUHSXHVWRWHPSRUDOHQVXOX
JDULQVHUWHVLHPSUHHODGDSWDGRU\
ILMHODFXELHUWDGHFDUJDFRQODWXHUFD
GHPDULSRVD
(QIXQFLQGHODUXHGDGHUHFDPELR
GHIHFWXRVDVHSXHGHGHMDUIXHUDHO
GLVWDQFLDGRUHQFDVRQHFHVDULRR
DWRUQLOODUODUXHGDVLQODFXELHUWDGHO
SLVR
6ORGHEHPRQWDUVHXQDUXHGDGH
HPHUJHQFLD/DYHORFLGDGP[LPD
SHUPLWLGDHQODHWLTXHWDGHODUXHGD
GHUHSXHVWRWHPSRUDOHVYOLGDQL
FDPHQWHSDUDHOWDPDRGHQHXP
WLFRLQVWDODGRHQIEULFD
6LVHSLQFKDXQDUXHGDGHVXDXWR
PYLOPLHQWUDVUHPROFDRWURYHKFXOR
PRQWHODUXHGDGHHPHUJHQFLDHQHO
HMHGHODQWHUR\XQDUXHGDQRUPDOHQ
HOHMHWUDVHUR
&DGHQDVSDUDQLHYH
5XHGDGHUHSXHVWRFRQ
QHXPWLFRGLUHFFLRQDO
6LHVSRVLEOHPRQWHORVQHXPWLFRV
FRQGLUHFFLQGHURGDGXUDGHPDQHUD
TXHUXHGHQHQHOVHQWLGRGHPDUFKD
/DGLUHFFLQGHURGDGXUDVHLQGLFD
PHGLDQWHXQVPEROR SHMXQDIOH
FKD HQHOIODQFR
6LODVUXHGDVVHPRQWDQHQVHQWLGR
FRQWUDULRDODGLUHFFLQGHURGDGXUD
3XHGHYHUVHDIHFWDGRHOFRPSRU
WDPLHQWRGHPDUFKD5HQXHYHR
UHSDUHHOQHXPWLFRGHIHFWXRVR
ORDQWHVSRVLEOH\FROTXHORHQ
YH]GHODUXHGDGHUHSXHVWR
6HGHEHFRQGXFLUFRQPXFKD
SUHFDXFLQHQFDVRGHOOXYLD\
QLHYH
&XLGDGRGHOYHKFXOR
$UUDQTXHFRQFDEOHV
1RDUUDQTXHFRQXQFDUJDGRUUSLGR
8QYHKFXORFRQODEDWHUDGHOYH
KFXORGHVFDUJDGDSXHGHSRQHUVHHQ
PDUFKDFRQFDEOHVDX[LOLDUHVGH
DUUDQTXH\ODEDWHUDGHRWURYHKFXOR
RFDVLRQDUOHVLRQHV\GDRVHQ
FDVRGHFRQWDFWRGLUHFWRFRQHO
PLVPR
$GYHUWHQFLD
7HQJDPXFKRFXLGDGRFXDQGR
DUUDQTXHFRQFDEOHVDX[LOLDUHV
&XDOTXLHUGHVYLDFLQGHODVLQV
WUXFFLRQHVVLJXLHQWHVSXHGHRFD
VLRQDUOHVLRQHVRGDRVPDWHULD
OHVRFDVLRQDGRVSRUODH[SORVLQ
GHODEDWHUDRGDRVHQORVVLVWH
PDVHOFWULFRVGHDPERVYHKFX
ORV
$GYHUWHQFLD
(YLWHHOFRQWDFWRGHODEDWHUDFRQ
ORVRMRVODSLHOODURSD\ODVVX
SHUILFLHVSLQWDGDV(OOTXLGRFRQ
WLHQHFLGRVXOIULFRTXHSXHGH
1RH[SRQJDODEDWHUDDOODPDV
GHVFXELHUWDVRFKLVSDV
8QDEDWHUDGHOYHKFXORGHVFDU
JDGDSXHGHKHODUVHDWHPSHUD
WXUDVSU[LPDVD&'HVFRQ
JHOHODEDWHUDDQWHVGHFRQHFWDU
ORVFDEOHVDX[LOLDUHVGHDUUDQ
TXH
/OHYHJDIDV\URSDGHSURWHFFLQ
FXDQGRPDQLSXOHXQDEDWHUD
8WLOLFHXQDEDWHUDDX[LOLDUGHOD
PLVPDWHQVLQ YROWLRV 6X
FDSDFLGDG $K QRGHEHVHUPX\
LQIHULRUDODGHODEDWHUDGHOYH
KFXORGHVFDUJDGD
8WLOLFHFDEOHVDX[LOLDUHVGHDUUDQ
TXHFRQERUQHVDLVODGRV\XQD
VHFFLQPQLPDGHPP HQ
PRWRUHVGLVHOGHPP
1RGHVFRQHFWHODEDWHUDGHOYH
KFXORGHVFDUJDGD
'HVFRQHFWHWRGRVORVFRQVXPL
GRUHVHOFWULFRVLQQHFHVDULRV
1RVHDSR\HVREUHODEDWHUDGX
UDQWHHODUUDQTXHFRQORVFDEOHV
DX[LOLDUHV
1RGHMHTXHORVERUQHVGHXQFD
EOHWRTXHQORVGHORWURFDEOH
/RVYHKFXORVQRGHEHQHQWUDUHQ
FRQWDFWRGXUDQWHHOSURFHVRGH
DUUDQTXHFRQFDEOHV
$FFLRQHHOIUHQRGHHVWDFLRQD
PLHQWR FDPELRPDQXDOHQSXQWR
PXHUWRFDPELRDXWRPWLFRHQ3
3
$EUDODVWDSDVGHSURWHFFLQGHO
ERUQHSRVLWLYRGHODVGRVEDWH
UDVGHOYHKFXOR
&XLGDGRGHOYHKFXOR
&RQHFWHORVFDEOHVHQHOVLJXLHQWHRU
GHQ
&RQHFWHHOFDEOHURMRDOERUQHSR
VLWLYRGHODEDWHUDDX[LOLDUGHOYH
KFXOR
&RQHFWHHORWURH[WUHPRGHOFDEOH
URMRDOERUQHSRVLWLYRGHODEDWHUD
GHVFDUJDGDGHOYHKFXOR
&RQHFWHHOFDEOHQHJURDOERUQH
QHJDWLYRGHODEDWHUDDX[LOLDUGHO
YHKFXOR
&RQHFWHHORWURH[WUHPRGHOFDEOH
QHJURDXQSXQWRGHPDVDGHOYH
KFXORFRPRHOEORTXHGHOPRWRU
RXQWRUQLOORGHPRQWDMHGHOPRWRU
&RQFWHORORPVOHMRVSRVLEOHGH
ODEDWHUDGHOYHKFXORGHVFDU
JDGDFRPRPQLPRDFP
&RORTXHORVFDEOHVGHIRUPDTXHQR
SXHGDQHQJDQFKDUVHHQSLH]DVJLUD
WRULDVGHOFRPSDUWLPHQWRGHOPRWRU
3DUDDUUDQFDUHOPRWRU
$UUDQTXHHOPRWRUGHOYHKFXOR
TXHVXPLQLVWUDODFRUULHQWH
$UUDQTXHHORWURPRWRUXQRVFLQFR
PLQXWRVGHVSXV/RVLQWHQWRVGH
DUUDQTXHVHGHEHQUHDOL]DUHQLQ
WHUYDORVGHXQPLQXWR\QRGHEHQ
GXUDUPVGHVHJXQGRV
'HMHHQPDUFKDORVGRVPRWRUHV
DOUDOHQWGXUDQWHXQRVWUHVPLQX
WRVFRQORVFDEOHVFRQHFWDGRV
&RQHFWHXQFRQVXPLGRUHOFWULFR
SHMODVOXFHVRODOXQHWDWUPLFD
WUDVHUD HQHOYHKFXORTXHUHFLEH
FRUULHQWH
,QYLHUWDH[DFWDPHQWHHORUGHQDQ
WHULRUSDUDGHVFRQHFWDUORVFD
EOHV
5HPROFDGR
5HPROFDGRGHOYHKFXOR
,QWURGX]FDXQGHVWRUQLOODGRUHQODUD
QXUDGHODSDUWHLQIHULRUGHODWDSD
6XHOWHODWDSDPRYLHQGRFXLGDGRVD
PHQWHHOGHVWRUQLOODGRUKDFLDDEDMR
/DDUJROODGHUHPROTXHVHJXDUGDFRQ
ODVKHUUDPLHQWDVGHOYHKFXOR
&XLGDGRGHOYHKFXOR
(QURVTXHODDUJROODGHUHPROTXHWRGR
ORSRVLEOHKDVWDTXHTXHGHHQSRVL
FLQKRUL]RQWDO
)LMHXQFDEOHGHUHPROTXHRPHMRU
XQDEDUUDGHUHPROTXHDODDUJROOD
/DDUJROODGHUHPROTXHVORGHEHXWL
OL]DUVHSDUDUHPROFDU\QRSDUDHOUHV
FDWHGHOYHKFXOR
&RQHFWHHOHQFHQGLGRSDUDGHVEOR
TXHDUHOYRODQWH\SDUDTXHIXQFLRQHQ
ODVOXFHVGHIUHQRODERFLQD\ORVOLP
SLDSDUDEULVDV
&DPELRHQSXQWRPXHUWR
$WHQFLQ
,QVHUWHODWDSDSRUDUULED\HQFOYHOD
KDFLDDEDMR
&RQGX]FDGHVSDFLR(YLWHORVWLUR
QHV/DVIXHU]DVGHWUDFFLQH[FH
VLYDVSRGUDQGDDUHOYHKFXOR
5HPROFDGRGHRWURYHKFXOR
6LHOPRWRUQRHVWHQPDUFKDVHUH
TXLHUHPXFKDPVIXHU]DSDUDIUHQDU
\GLULJLUHOYHKFXOR
3DUDHYLWDUTXHHQWUHKXPRGHOHV
FDSHGHOYHKFXORWUDFWRUFRQHFWHHO
VLVWHPDGHUHFLUFXODFLQGHDLUH\FLH
UUHODVYHQWDQLOODV
9HKFXORVFRQFDPELRDXWRPWLFR HO
YHKFXORGHEHUHPROFDUVHKDFLDDGH
ODQWHVLQVXSHUDUXQDYHORFLGDGGH
NPKQLXQUHFRUULGRGHNP(Q
WRGRVORVGHPVFDVRVRVLHOFDPELR
HVWDYHULDGRHOHMHGHODQWHURGHEH
OHYDQWDUVHGHOVXHOR
9HKFXORVFRQFDPELRPDQXDODXWR
PDWL]DGR HOYHKFXORGHEHUHPRO
FDUVHVRODPHQWHKDFLDGHODQWHFRQHO
HMHGHODQWHURHOHYDGRGHOVXHOR
5HFXUUDDODD\XGDGHXQWDOOHU
7UDVHOUHPROFDGRGHVHQURVTXHOD
DUJROODGHUHPROTXH
,QWURGX]FDXQGHVWRUQLOODGRUHQODUD
QXUDGHODFXUYDLQIHULRUGHODWDSD
6XHOWHODWDSDPRYLHQGRFXLGDGRVD
PHQWHHOGHVWRUQLOODGRUKDFLDDEDMR
/DDUJROODGHUHPROTXHVHJXDUGDFRQ
ODVKHUUDPLHQWDVGHOYHKFXOR
&XLGDGRGHOYHKFXOR
$WHQFLQ
&RQGX]FDGHVSDFLR(YLWHORVWLUR
QHV/DVIXHU]DVGHWUDFFLQH[FH
VLYDVSRGUDQGDDUHOYHKFXOR
7UDVHOUHPROFDGRGHVHQURVTXHOD
DUJROODGHUHPROTXH
,QVHUWHODWDSDSRUDUULED\HQFOYHOD
KDFLDDEDMR
(QURVTXHODDUJROODGHUHPROTXHWRGR
ORSRVLEOHKDVWDTXHTXHGHHQSRVL
FLQKRUL]RQWDO
/DDUJROODGHVXMHFLQH[LVWHQWHHQOD
SDUWHLQIHULRUWUDVHUDGHOYHKFXOR
QXQFDGHEHHPSOHDUVHFRPRDUJROOD
GHUHPROTXH
)LMHXQFDEOHGHUHPROTXHRPHMRU
XQDEDUUDGHUHPROTXHDODDUJROOD
/DDUJROODGHUHPROTXHVORGHEHXWL
OL]DUVHSDUDUHPROFDU\QRSDUDHOUHV
FDWHGHRWURYHKFXOR
&XLGDGRGHODVSHFWR
&XLGDGRH[WHULRU
&HUUDGXUDV
/DVFHUUDGXUDVVHOXEULFDQHQIEULFD
FRQXQDJUDVDGHDOWDFDOLGDGSDUDFL
OLQGURVGHFHUUDGXUD8WLOLFHXQSUR
GXFWRGHVFRQJHODQWHVRORHQXQFDVR
DEVROXWDPHQWHQHFHVDULRSXHVVX
HIHFWRGHVHQJUDVDQWHSHUMXGLFDHO
IXQFLRQDPLHQWRGHODVFHUUDGXUDV
'HVSXVGHXVDUXQSURGXFWRGHV
FRQJHODQWHKDJDHQJUDVDUODVFHUUD
GXUDVHQXQWDOOHU
/DYDGR
/DSLQWXUDGHOYHKFXORHVWH[SXHVWD
DODVLQIOXHQFLDVDPELHQWDOHV/DYH\
HQFHUHHOYHKFXORFRQUHJXODULGDG6L
XWLOL]DWQHOHVGHODYDGRDXWRPWLFR
VHOHFFLRQHXQSURJUDPDTXHLQFOX\D
ODDSOLFDFLQGHFHUD5HVWULFFLRQHV
SDUDSLH]DVGHFDUURFHUDRFLQWDVGH
GHFRUDFLQSLQWDGDVHQPDWHRFRQ
SHOFXODFRQVXOWH$EULOODQWDGR\HQ
FHUDGR
&XLGDGRGHOYHKFXOR
/RVH[FUHPHQWRVGHDYHVORVLQVHF
WRVPXHUWRVODUHVLQDHOSROHQHWF
VHGHEHQOLPSLDUORDQWHVSRVLEOH\D
TXHFRQWLHQHQFRPSRQHQWHVDJUHVL
YRV\SXHGHQGDDUODSLQWXUD
6LXWLOL]DXQWQHOGHODYDGRFXPSOD
ODVLQVWUXFFLRQHVGHOIDEULFDQWH/RV
OLPSLDSDUDEULVDV\HOOLPSLDOXQHWDGH
EHQHVWDUGHVFRQHFWDGRV'HVPRQWH
ODDQWHQD\DFFHVRULRVH[WHUQRVFRPR
SRUWDHTXLSDMHVGHWHFKRHWF
6LVHODYDHOYHKFXORDPDQRGHEHQ
HQMXDJDUVHELHQODV]RQDVLQWHULRUHV
GHORVSDVDUUXHGDV
/LPSLHWDPELQORVUHERUGHVLQWHULR
UHV\ORVSOLHJXHVHQODVSXHUWDV\HO
FDSDELHUWRVDVFRPRODV]RQDVGH
ODFDUURFHUDFXELHUWDVSRUORVPLV
PRV
/LPSLHODVPROGXUDVPHWOLFDVEULOODQ
WHVFRQXQDVROXFLQGHOLPSLH]DKR
PRORJDGDSDUDDOXPLQLRSDUDHYLWDU
GDRV
$WHQFLQ
8WLOLFHVLHPSUHXQSURGXFWROLP
SLDGRUFRQXQS+HQWUH
FXDWUR\QXHYH
1RXWLOLFHSURGXFWRVOLPSLDGRUHV
VREUHVXSHUILFLHVFDOLHQWHV
+DJDHQJUDVDUODVELVDJUDVGHWRGDV
ODVSXHUWDVHQXQWDOOHU
1ROLPSLHHOFRPSDUWLPHQWRGHOPRWRU
FRQFKRUURGHYDSRURDSDUDWRVGH
DOWDSUHVLQ
(QMXDJXHELHQHOYHKFXOR\IUWHOR
FRQXQDJDPX]D(QMXDJXHODJD
PX]DFRQIUHFXHQFLD8WLOLFHJDPX
]DVGLVWLQWDVSDUDODVVXSHUILFLHVSLQ
WDGDV\SDUDORVFULVWDOHV ORVUHVWRV
GHFHUDHQORVFULVWDOHVGLILFXOWDQOD
YLVLELOLGDG
1RXWLOLFHREMHWRVGXURVSDUDHOLPLQDU
PDQFKDVGHDOTXLWUQ8WLOLFHVSUD\
SDUDHOLPLQDUDOTXLWUQGHODVVXSHUIL
FLHVSLQWDGDV
/XFHVH[WHULRUHV
/DVWDSDVGHORVIDURV\GHRWUDVOXFHV
VRQGHSOVWLFR1RXWLOLFHSURGXFWRV
DEUDVLYRVRFXVWLFRV QRXWLOLFHXQ
UDVFDGRUGHKLHORQLORVOLPSLHHQ
VHFR
$EULOODQWDGR\HQFHUDGR
$SOLTXHFHUDDODVSDUWHVSLQWDGDVGHO
YHKFXORFRQUHJXODULGDG DPVWDU
GDUFXDQGRHODJXDQRUHVEDOHIRU
PDQGRSHUODV (QFDVRFRQWUDULROD
SLQWXUDVHUHVHFD
6ORHVQHFHVDULRDEULOODQWDUODSLQ
WXUDVLVWDWLHQHDGKHULGDVVXVWDQ
FLDVVOLGDVRVLVHKDSXHVWRPDWH\
WLHQHPDODVSHFWR
(ODEULOODQWDGRFRQVLOLFRQDIRUPDXQD
SHOFXODSURWHFWRUDFRQORTXHQRHV
QHFHVDULRHQFHUDU
/DVSDUWHVGHSOVWLFRVLQSLQWDUGHOD
FDUURFHUDQRVHGHEHQWUDWDUFRQ
FHUDQLDEULOODQWDGRUHV
/DVSDUWHVGHODFDUURFHUDFRQSHO
FXODPDWHRODVFLQWDVGHFRUDWLYDVQR
GHEHQDEULOODQWDUVHSDUDHYLWDUGHVWH
OORV6LHOYHKFXORHVWHTXLSDGRFRQ
&XLGDGRGHOYHKFXOR
HVWDVSLH]DVQRXWLOLFHSURJUDPDVGH
HQFHUDGRFDOLHQWHHQWQHOHVGHOD
YDGR
/DVSDUWHVGHFRUDWLYDVSLQWDGDV
PDWHSRUHMHPSORODFXELHUWDGHOD
FDUFDVDGHOUHWURYLVRUQRGHEHQDEUL
OODQWDUVH'HORFRQWUDULRHVWDVSLH
]DVSHUGHUQHOEULOORRHOFRORUVHGL
VROYHU
&ULVWDOHVGHYHQWDQLOODV\
HVFRELOODVGHORVOLPSLDSDUDEULVDV
8WLOLFHXQSDRVXDYHTXHQRVXHOWH
SHOXVDVRXQDJDPX]DFRQOLPSLDFULV
WDOHV\TXLWDLQVHFWRV
$OOLPSLDUODYHQWDQLOODWUDVHUDGHVGH
HOLQWHULRUOLPSLHVLHPSUHHQSDUDOHOR
DOHOHPHQWRFDOHIDFWDQWHSDUDHYLWDU
GDRV
3DUDUHWLUDUHOKLHORPDQXDOPHQWHVH
GHEHXWLOL]DUXQUDVFDGRUGHKLHORGH
ILORDJXGR3UHVLRQHHOUDVFDGRUILU
PHPHQWHFRQWUDHOFULVWDOSDUDTXHQR
TXHGHVXFLHGDGGHEDMRGHOPLVPR
TXHSXHGDUD\DUHOFULVWDO
6LODVHVFRELOODVGHMDQUDVWURVSXH
GHQOLPSLDUVHFRQXQSDRVXDYH\
OLPSLDFULVWDOHV
(OLPLQHORVUHVWRVGHVXFLHGDGGHODV
HVFRELOODVGHORVOLPSLDSDUDEULVDV
PDQFKDGDVFRQD\XGDGHXQOLPSLD
GRUGHYHQWDQDV\XQSDR$VHJ
UHVHWDPELQGHHOLPLQDUFXDOTXLHU
UHVWRFRPRFHUDUHVWRVGHLQVHFWRV\
VLPLODUHVGHODYHQWDQD
/RVUHVWRVGHKLHORODFRQWDPLQDFLQ
\HOXVRFRQWLQXRGHOOLPSLDSDUDEULVDV
FRQORVFULVWDOHVVHFRVGDDUQRLQ
FOXVRGHVWUXLUQODVHVFRELOODV
7HFKRVRODU
1XQFDVHGHEHOLPSLDUFRQGLVROYHQ
WHVRSURGXFWRVDEUDVLYRVFRPEXVWL
EOHVSURGXFWRVDJUHVLYRV FRPR
DJXDUUVVROXFLRQHVTXHFRQWHQJDQ
DFHWRQDHWF SURGXFWRVFLGRVR
PX\DOFDOLQRVQLFRQHVSRQMDVDEUD
VLYDV1RDSOLTXHFHUDQLDEULOODQWD
GRUHVHQHOWHFKRVRODU
5XHGDV\QHXPWLFRV
1RXVHHTXLSRVGHOLPSLH]DDDOWD
SUHVLQ
/LPSLHODVOODQWDVFRQXQOLPSLDGRUGH
OODQWDVGHS+QHXWUR
/DVOODQWDVHVWQSLQWDGDV\SXHGHQ
WUDWDUVHFRQORVPLVPRVSURGXFWRV
TXHODFDUURFHUD
'DRVHQODSLQWXUD
5HSDUHORVSHTXHRVGHVSHUIHFWRV
HQODSLQWXUDFRQURWXODGRUGHUHWRTXH
DQWHVGHTXHVHIRUPH[LGR$FXGD
DXQWDOOHUVLKD\GDRVPD\RUHVHQOD
SLQWXUDR]RQDVR[LGDGDV
%DMRVGHOYHKFXOR
$OJXQDV]RQDVGHORVEDMRVGHOYH
KFXORWLHQHQXQDFDSDSURWHFWRUDGH
39&\RWUDV]RQDVPVGHOLFDGDVWLH
QHQXQDFDSDGHFHUDSURWHFWRUDGX
UDGHUD
&RPSUXHEHORVEDMRVGHOYHKFXOR
GHVSXVGHOODYDGR\HQFDVRQHFH
VDULRKJDORHQFHUDU
/RVSURGXFWRVDEDVHGHEHWQ\FDX
FKRSXHGHQGDDUODFDSDGH39&
+DJDUHDOL]DUORVWUDEDMRVUHODFLRQD
GRVFRQORVEDMRVHQXQWDOOHU
6HUHFRPLHQGDODYDUORVEDMRVDQWHV
\GHVSXVGHOLQYLHUQR\UHYLVDUOD
FDSDGHFHUDSURWHFWRUD
&XLGDGRGHOYHKFXOR
6LVWHPDGHJDVOLFXDGR
3HOLJUR
(OJDVOLFXDGRHVPVSHVDGRTXH
HODLUH\VHSXHGHDFXPXODUHQ
KRQGRQDGDV
7HQJDFXLGDGRFXDQGRUHDOLFHWUD
EDMRVHQORVEDMRVGHOYHKFXOR
GHVGHXQIRVR
(QFDVRGHWUDEDMRVGHSLQWXUDTXH
UHTXLHUDQHOXVRGHXQDFDELQDGHVH
FDGRFRQXQDWHPSHUDWXUDVXSHULRUD
&GHEHGHVPRQWDUVHHOGHSVLWR
GHJDVOLFXDGR
1RUHDOLFHQLQJXQDPRGLILFDFLQHQHO
VLVWHPDGHJDVOLFXDGR
'LVSRVLWLYRGHUHPROTXH
1ROLPSLHODEDUUDGHUWXODFRQFKRUUR
GHYDSRURDSDUDWRVGHDOWDSUHVLQ
3RUWDELFLFOHWDVWUDVHUR
/LPSLHHOSRUWDELFLFOHWDVWUDVHURFRQ
XQDSDUDWRGHOLPSLH]DGHFKRUURGH
YDSRURGHDOWDSUHVLQDOPHQRVXQD
YH]DODR
$FFLRQHHOSRUWDELFLFOHWDVWUDVHURUH
JXODUPHQWHVLQRORXVDFRQIUHFXHQ
FLDHVSHFLDOPHQWHGXUDQWHHOLQ
YLHUQR
&XLGDGRLQWHULRU
+DELWFXOR\WDSLFHUD
(OLQWHULRUGHOYHKFXORLQFOXLGRHOVDO
SLFDGHUR\ORVUHYHVWLPLHQWRVVOR
GHEHOLPSLDUVHFRQXQSDRVHFRR
FRQSURGXFWRSDUDOLPSLH]DGHLQWH
ULRUHV
/LPSLHODWDSLFHUDGHFXHURFRQDJXD
FODUD\XQSDRVXDYH6LHVWPX\
VXFLDXWLOLFHXQSURGXFWRSDUDHOFXL
GDGRGHOFXHUR
(OFXDGURGHLQVWUXPHQWRV\ODVSDQ
WDOODVVORGHEHQOLPSLDUVHFRQXQ
SDRVXDYHKPHGR6LHVQHFHVDULR
XWLOLFHXQDVROXFLQMDERQRVDVXDYH
/LPSLHODWDSLFHUDFRQXQDDVSLUD
GRUD\XQFHSLOOR(OLPLQHODVPDQ
FKDVFRQXQOLPSLDGRUSDUDWDSLFH
UDV
/RVWHMLGRVGHODURSDSXHGHQGHVWH
LU(VWRSRGUDRFDVLRQDUGHFRORUD
FLRQHVYLVLEOHVHVSHFLDOPHQWHHQODV
WDSLFHUDVGHFRORUHVFODURV/DV
PDQFKDV\GHFRORUDFLRQHVGHEHUDQ
OLPSLDUVHORDQWHVSRVLEOH
/LPSLHORVFLQWXURQHVGHVHJXULGDG
FRQDJXDWHPSODGDROLPSLDGRUSDUD
LQWHULRUHV
$WHQFLQ
&LHUUHODVILMDFLRQHVGHYHOFUR\D
TXHORVFLHUUHVGHYHOFURDELHUWRV
GHODURSDSXHGHQGDDUHOWDSL
]DGRGHORVDVLHQWRV
/RPLVPRHVDSOLFDEOHDODURSD
FRQREMHWRVGHERUGHVDILODGRV
FRPRFUHPDOOHUDVRSDQWDORQHV
YDTXHURVFRQWDFKXHODV
3LH]DVGHSOVWLFR\GHJRPD
/DVSLH]DVGHSOVWLFR\JRPDSXH
GHQOLPSLDUVHFRQORVPLVPRVSURGXF
WRVTXHODFDUURFHUD(QFDVRQHFH
VDULRXWLOLFHXQOLPSLDGRUSDUDLQWHULR
UHV1RXVHQLQJQRWURSURGXFWR
(YLWHHVSHFLDOPHQWHHOXVRGHGLVRO
YHQWHV\JDVROLQD1RXVHHTXLSRVGH
OLPSLH]DDDOWDSUHVLQ
6HUYLFLR\PDQWHQLPLHQWR
6HUYLFLR\
PDQWHQLPLHQWR
,QIRUPDFLQJHQHUDO
,QIRUPDFLQGHVHUYLFLR
3LH]DVOTXLGRV\OXEULFDQWHVUH
FRPHQGDGRV
/TXLGRV\OXEULFDQWHV
UHFRPHQGDGRV
,QIRUPDFLQJHQHUDO
,QIRUPDFLQGHVHUYLFLR
3DUDJDUDQWL]DUODVHJXULGDG\ODHFR
QRPDGHIXQFLRQDPLHQWRGHOYH
KFXORDVFRPRSDUDPDQWHQHUVX
YDORUHVGHYLWDOLPSRUWDQFLDUHDOL]DU
WRGRVORVWUDEDMRVGHPDQWHQLPLHQWR
HQORVLQWHUYDORVFRUUHFWRVVHJQOR
HVSHFLILFDGR
(QFRQWUDUXQSODQGHPDQWHQLPLHQWR
DFWXDOL]DGR\GHWDOODGRSDUDVXYH
KFXORHQVXWDOOHU
,QGLFDFLQGHVHUYLFLR
,QWHUYDORVGHVHUYLFLRSDUDHO
PHUFDGRHXURSHR
6XYHKFXORUHTXLHUHPDQWHQLPLHQWR
FDGDNPRGHVSXVGH
XQDRORTXHRFXUUDDQWHVVDOYRLQ
GLFDFLQHQFRQWUDULRGHODLQGLFDFLQ
GHVHUYLFLR
3DUDFRPSRUWDPLHQWRVGHFRQGXF
FLQVHYHURVSRUHMHPSORSDUDWD[LV
\YHKFXORVGHSROLFDSXHGHVHUY
OLGRXQLQWHUYDORGHVHUYLFLRPV
FRUWR
/RVLQWHUYDORVGHVHUYLFLRHXURSHRV
VRQYOLGRVSDUDORVVLJXLHQWHVSD
VHV
$OHPDQLD$QGRUUD$XVWULD%OJLFD
%RVQLD+HU]HJRYLQD%XOJDULD&KL
SUH&URDFLD'LQDPDUFD(VORYDTXLD
(VORYHQLD(VSDD(VWRQLD)LQODQ
GLD)UDQFLD*UHFLD*URHQODQGLD
+XQJUD,UODQGD,VODQGLD,WDOLD/H
WRQLD/LHFKWHQVWHLQ/LWXDQLD/X[HP
EXUJR0DFHGRQLD0DOWD0QDFR
0RQWHQHJUR1RUXHJD3DVHV%DMRV
3RORQLD3RUWXJDO5HLQR8QLGR5H
SEOLFD&KHFD5XPDQD6DQ0D
ULQR6HUELD6XHFLD6XL]D
,QGLFDFLQGHVHUYLFLR
,QWHUYDORVGHVHUYLFLRSDUDHO
PHUFDGRLQWHUQDFLRQDO
6XYHKFXORUHTXLHUHPDQWHQLPLHQWR
FDGDNPRGHVSXVGH
XQDRORTXHRFXUUDDQWHVVDOYRLQ
GLFDFLQHQFRQWUDULRGHODLQGLFDFLQ
GHVHUYLFLR
/RVLQWHUYDORVGHVHUYLFLRLQWHUQDFLR
QDOHVVRQDSOLFDEOHVDWRGRVORVSD
VHVQRUHODFLRQDGRVHQORVLQWHUYDORV
GHVHUYLFLRSDUDHOPHUFDGRHXURSHR
6HUYLFLR\PDQWHQLPLHQWR
,QGLFDFLQGHVHUYLFLR
&RQILUPDFLRQHV
/DFRQILUPDFLQGHOVHUYLFLRUHDOL]DGR
GHEHUHJLVWUDUVHHQHO0DQXDOGH6HU
YLFLR\*DUDQWD/DLQGLFDFLQGHOD
IHFKD\HONLORPHWUDMHVHFRPSOHWD
FRQHOVHOOR\ODILUPDGHOWDOOHUTXH
HIHFWDHOVHUYLFLR
$VHJUHVHGHTXHHO0DQXDOGH6HU
YLFLR\*DUDQWDVHUHOOHQHVLHPSUH
FRUUHFWDPHQWHFRPRSUXHEDGHXQ
VHUYLFLRFRQWLQXDGRQHFHVDULRHQ
FDVRGHUHFODPDFLRQHVGHJDUDQWDR
FRUWHVD\EHQHILFLRVRDOYHQGHUHOYH
KFXOR
,QWHUYDORGHVHUYLFLRFRQYLGDWLO
UHVWDQWHGHODFHLWHGHOPRWRU
(OLQWHUYDORGHVHUYLFLRVHEDVDHQYD
ULRVSDUPHWURVTXHGHSHQGHQGHO
XVR
/DLQGLFDFLQGHVHUYLFLROHDYLVD
FXDQGRKD\TXHFDPELDUHODFHLWHGHO
PRWRU
,QGLFDFLQGHVHUYLFLR
3LH]DVOTXLGRV\
OXEULFDQWHV
UHFRPHQGDGRV
/TXLGRV\OXEULFDQWHV
UHFRPHQGDGRV
8WLOLFHVLHPSUHSURGXFWRVTXHFXP
SODQODVHVSHFLILFDFLRQHVUHFRPHQ
GDGDV
$GYHUWHQFLD
/RVOTXLGRVOXEULFDQWHV\FRP
EXVWLEOHVVRQSHOLJURVRV\SXHGHQ
VHUW[LFRV'HEHQPDQLSXODUVH
FRQFXLGDGR3UHVWHDWHQFLQDOD
LQIRUPDFLQTXHILJXUDHQORVHQ
YDVHV
$FHLWHGHOPRWRU
(ODFHLWHGHPRWRUVHLGHQWLILFDSRUVX
FDOLGDG\VXYLVFRVLGDG/DFDOLGDGHV
PVLPSRUWDQWHTXHODYLVFRVLGDGDOD
KRUDGHVHOHFFLRQDUTXDFHLWHGH
PRWRUVHYDDXVDU/DFDOLGDGGHO
DFHLWHJDUDQWL]DSRUHMHPSORODOLP
SLH]DGHOPRWRUODSURWHFFLQFRQWUD
HOGHVJDVWH\HOFRQWUROGHOHQYHMHFL
PLHQWRGHODFHLWHPLHQWUDVTXHHO
JUDGRGHYLVFRVLGDGLQIRUPDVREUHOD
IOXLGH]GHODFHLWHHQIXQFLQGHOD
WHPSHUDWXUD
'H[RVHVODFDOLGDGGHDFHLWHPVUH
FLHQWH\RIUHFHXQDSURWHFFLQSWLPD
SDUDPRWRUHVGHJDVROLQD\GLVHO6L
QRHVWGLVSRQLEOHWHQGUTXHXVDU
DFHLWHVGHPRWRUHVSHFLILFDGRVGH
RWUDVFDOLGDGHV/DVUHFRPHQGDFLR
QHVSDUDORVPRWRUHVGHJDVROLQD
WDPELQVRQYOLGDVSDUDORVPRWRUHV
GHJDVQDWXUDOFRPSULPLGR &1*
JDVOLFXDGRGHOSHWUOHR */3 \HWD
QRO (
6HOHFFLRQHHODFHLWHGHOPRWRUDGH
FXDGREDVQGRVHHQVXFDOLGDG\HQ
ODWHPSHUDWXUDDPELHQWHPQLPD
5HSRVLFLQGHODFHLWHGHPRWRU
6HSXHGHQPH]FODUDFHLWHVPRWRUGH
GLIHUHQWHVIDEULFDQWHV\PDUFDV
VLHPSUHTXHFXPSODQORVUHTXLVLWRV
GHODFHLWHGHPRWRUFDOLGDG\YLVFRVL
GDG
6HUYLFLR\PDQWHQLPLHQWR
6HSURKEHHOXVRGHDFHLWHGHPRWRU
FRQFDOLGDG$&($$%R$%VR
ODPHQWH\DTXHVHSXHGHQRFDVLRQDU
GDRVHQHOPRWRUDODUJRSOD]RHQ
GHWHUPLQDGDVFRQGLFLRQHVGHIXQFLR
QDPLHQWR
6HOHFFLRQHHODFHLWHGHOPRWRUDGH
FXDGREDVQGRVHHQVXFDOLGDG\HQ
ODWHPSHUDWXUDDPELHQWHPQLPD
$GLWLYRVDGLFLRQDOHVSDUDHODFHLWHGH
PRWRU
(OXVRGHDGLWLYRVSDUDHODFHLWHGH
PRWRUSRGUDFDXVDUGDRV\DQXODUOD
JDUDQWD
*UDGRVGHYLVFRVLGDGGHODFHLWHGH
PRWRU
(OJUDGRGHYLVFRVLGDG6$(LQIRUPD
VREUHODIOXLGH]GHODFHLWH
(ODFHLWHPXOWLJUDGRVHLGHQWLILFDPH
GLDQWHGRVFLIUDVSRUHMHPSOR
6$(:/DSULPHUDFLIUDVHJXLGD
SRUXQD:LQGLFDODYLVFRVLGDGDED
MDVWHPSHUDWXUDV\ODVHJXQGDFLIUD
LQGLFDODYLVFRVLGDGDDOWDVWHPSHUD
WXUDV
6HOHFFLRQHHOJUDGRGHYLVFRVLGDG
DSURSLDGRHQIXQFLQGHODWHPSHUD
WXUDDPELHQWHPQLPD
7RGRVORVJUDGRVGHYLVFRVLGDGUHFR
PHQGDGRVVRQDGHFXDGRVSDUDWHP
SHUDWXUDVDPELHQWHDOWDV
5HIULJHUDQWH\DQWLFRQJHODQWH
8WLOLFHVORUHIULJHUDQWHGHODUJDGX
UDFLQ //& VLQVLOLFDWRV5HFXUUDD
XQWDOOHU
(OVLVWHPDYLHQHGHIEULFDOOHQRGH
UHIULJHUDQWHGLVHDGRSDUDSURWHJHU
FRQWUDODFRUURVLQ\ODFRQJHODFLQ
KDVWDXQRV&(QORVSDVHVGHO
1RUWHFRQWHPSHUDWXUDVPX\EDMDVHO
UHIULJHUDQWHGHIEULFDSURWHJHKDVWD
XQRV&(VWDFRQFHQWUDFLQ
GHEHPDQWHQHUVHGXUDQWHWRGRHO
DR(OXVRGHDGLWLYRVSDUDHOUHIUL
JHUDQWHGHVWLQDGRVDRIUHFHUSURWHF
FLQDGLFLRQDOFRQWUDODFRUURVLQRD
VHOODUIXJDVPHQRUHVSXHGHFDXVDU
SUREOHPDVGHIXQFLRQDPLHQWR(OID
EULFDQWHQRVHKDFHUHVSRQVDEOHGH
ODVFRQVHFXHQFLDVGHOXVRGHDGLWLYRV
SDUDHOUHIULJHUDQWH
/TXLGRGHIUHQRV\HPEUDJXH
&RQHOWLHPSRHOOTXLGRGHIUHQRV
DEVRUEHKXPHGDGTXHUHGXFHODHIL
FDFLDGHOVLVWHPDGHIUHQRV3RUHVR
VHGHEHVXVWLWXLUHOOTXLGRGHIUHQRV
HQHOLQWHUYDORHVSHFLILFDGR
'DWRVWFQLFRV
'DWRVWFQLFRV
,GHQWLILFDFLQGHOYHKFXOR
1PHURGHLGHQWLILFDFLQGHO
YHKFXOR
3ODFDGHFDUDFWHUVWLFDV
,GHQWLILFDFLQGHOPRWRU
'DWRVGHOYHKFXOR
/TXLGRV\OXEULFDQWHV
UHFRPHQGDGRV
'DWRVGHOPRWRU
3UHVWDFLRQHV
3HVRVGHOYHKFXOR
'LPHQVLRQHVGHOYHKFXOR
&DSDFLGDGHV
3UHVLRQHVGHORVQHXPWLFRV
,GHQWLILFDFLQGHO
YHKFXOR
1PHURGHLGHQWLILFDFLQ
GHOYHKFXOR
(OQPHURGHLGHQWLILFDFLQGHOYH
KFXORSXHGHHVWDUHVWDPSDGRHQHO
FXDGURGHLQVWUXPHQWRVYLVLEOHDWUD
YVGHOSDUDEULVDVRHQHOFRPSDUWL
PHQWRGHOPRWRUHQHOSDQHOGHUHFKR
GHODFDUURFHUD
(OQPHURGHLGHQWLILFDFLQGHOYH
KFXORHVWHVWDPSDGRHQODSODFDGH
FDUDFWHUVWLFDV\HQHOSDQHOGHOSLVR
GHEDMRGHODFXELHUWDGHOSLVRYLVLEOH
EDMRXQDWDSD
'DWRVWFQLFRV
3ODFDGHFDUDFWHUVWLFDV
/DSODFDGHFDUDFWHUVWLFDVVHHQ
FXHQWUDHQHOPDUFRGHODSXHUWDL]
TXLHUGDRGHUHFKD
,QIRUPDFLQGHODHWLTXHWDGHFDUDF
WHUVWLFDV
IDEULFDQWH
QPHURGHKRPRORJDFLQGHWLSR
QPHURGHLGHQWLILFDFLQGHOYH
KFXOR
SHVRP[LPRDXWRUL]DGRHQNJ
SHVRP[LPRDXWRUL]DGRFRQUH
PROTXHHQNJ
FDUJDP[LPDDXWRUL]DGDHQHO
HMHGHODQWHURHQNJ
FDUJDP[LPDDXWRUL]DGDHQHO
HMHWUDVHURHQNJ
GDWRVHVSHFILFRVGHOYHKFXORR
GDWRVHVSHFILFRVGHOSDV
/DVXPDGHODVFDUJDVVREUHHOHMH
GHODQWHUR\WUDVHURQRGHEHH[FHGHU
HOSHVRP[LPRDXWRUL]DGRGHOYH
KFXOR3RUHMHPSORVLHOHMHGHODQ
WHURVRSRUWDODFDUJDP[LPDDGPLVL
EOHHOWUDVHURVORSRGUOOHYDUXQD
FDUJDLJXDODOSHVRP[LPRDXWRUL
]DGRPHQRVODFDUJDVREUHHOHMHGH
ODQWHUR
/RVGDWRVWFQLFRVVHGHWHUPLQDQ
FRQIRUPHDODVQRUPDVGHOD8QLQ
(XURSHD4XHGDUHVHUYDGRHOGHUH
FKRDLQWURGXFLUPRGLILFDFLRQHV/DV
HVSHFLILFDFLRQHVFRQWHQLGDVHQODGR
FXPHQWDFLQGHOYHKFXORVLHPSUH
WLHQHQSULRULGDGUHVSHFWRDORVGDWRV
IDFLOLWDGRVHQHVWHPDQXDO
,GHQWLILFDFLQGHOPRWRU
/DVWDEODVGHGDWRVWFQLFRVXWLOL]DQ
HOFGLJRGHLGHQWLILFDFLQGHOPRWRU
/DWDEODGHGDWRVGHOPRWRUPXHVWUD
WDPELQHOFGLJRGHLQJHQLHUD'D
WRVGHOPRWRU
3DUDLGHQWLILFDUHOPRWRUUHVSHFWLYR
FRQVXOWHHOFHUWLILFDGRGHFRQIRUPL
GDG&((TXHVHHQWUHJDFRQHOYH
KFXORRODGRFXPHQWDFLQGHPDWUL
FXODFLQQDFLRQDO
(O&HUWLILFDGRGHFRQIRUPLGDGPXHV
WUDHOFGLJRGHLGHQWLILFDFLQGHOPR
WRURWUDVSXEOLFDFLRQHVQDFLRQDOHV
SXHGHQPRVWUDUHOFGLJRGHLQJHQLH
UD&RPSUXHEHODFLOLQGUDGD\ODSR
WHQFLDGHOPRWRUSDUDLGHQWLILFDUHO
PRWRUFRUUHVSRQGLHQWH
'DWRVWFQLFRV
'DWRVGHOYHKFXOR
/TXLGRV\OXEULFDQWHVUHFRPHQGDGRV
3ODQGHUHYLVLRQHVHXURSHR
&DOLGDGUHTXHULGDGHODFHLWHGHPRWRU
7RGRVORVSDVHVHXURSHRVFRQLQWHUYDORGHVHUYLFLRHXURSHR
&DOLGDGGHODFHLWHGHOPRWRU
0RWRUHVGHJDVROLQD
LQFOXLGRV&1**/3(
0RWRUHVGLVHO
GH[RV
GH[RV
6LQRKD\GLVSRQLEOHDFHLWHGHODFDOLGDGGH[RVVHSXHGHXVDUKDVWDXQP[LPRGHOLWURGHDFHLWHGHPRWRUGHODFDOLGDG
$&($&XQDYH]HQWUHFDGDFDPELRGHDFHLWH
*UDGRVGHYLVFRVLGDGGHODFHLWHGHPRWRU
7RGRVORVSDVHVHXURSHRVFRQLQWHUYDORGHVHUYLFLRHXURSHR
7HPSHUDWXUDDPELHQWH
0RWRUHVGHJDVROLQD\GLVHO
KDVWD&
6$(:R6$(:
LQIHULRUD&
6$(:R6$(:
'DWRVWFQLFRV
3ODQGHUHYLVLRQHVLQWHUQDFLRQDO
&DOLGDGUHTXHULGDGHODFHLWHGHPRWRU
7RGRVORVSDVHVFRQLQWHUYDORGHVHUYLFLRLQWHUQDFLRQDO
&DOLGDGGHODFHLWHGHOPRWRU
0RWRUHVGHJDVROLQD
LQFOXLGRV&1**/3(
0RWRUHVGLVHO
GH[RV VLHVWGLVSRQLEOH
GH[RV
6LODFDOLGDG'H[RVQRHVWGLVSRQLEOHSXHGHHPSOHDUODVFDOLGDGHVGHDFHLWHLQGLFDGDVDFRQWLQXDFLQ
7RGRVORVSDVHVFRQLQWHUYDORGHVHUYLFLRLQWHUQDFLRQDO
&DOLGDGGHODFHLWHGHOPRWRU
0RWRUHVGHJDVROLQD
LQFOXLGRV&1**/3(
0RWRUHVGLVHO
*0//$
*0//%
7RGRVORVSDVHVFRQLQWHUYDORGHVHUYLFLRLQWHUQDFLRQDO
&DOLGDGGHODFHLWHGHOPRWRU
0RWRUHVGHJDVROLQD
LQFOXLGRV&1**/3(
0RWRUHVGLVHO
$&($$%
$&($$%
'DWRVWFQLFRV
7RGRVORVSDVHVFRQLQWHUYDORGHVHUYLFLRLQWHUQDFLRQDO
$&($&
$3,60
$3,615HVRXUFH&RQVHUYLQJ
*UDGRVGHYLVFRVLGDGGHODFHLWHGHPRWRU
7RGRVORVSDVHVFRQLQWHUYDORGHVHUYLFLRLQWHUQDFLRQDO
7HPSHUDWXUDDPELHQWH
0RWRUHVGHJDVROLQD\GLVHO
KDVWD&
6$(:R6$(:
LQIHULRUD&
6$(:R6$(:
KDVWD&
6$(: R6$(:
3HUPLWLGRSHURVHUHFRPLHQGDHOXVRGH6$(:26$(:FRQFDOLGDGGH[RV
'DWRVWFQLFRV
'DWRVGHOPRWRU
'LVWLQWLYRGHOPRWRU
%;)/
%;)7
%;(/
%;(-
%;(/
%1(-
'HVLJQDFLQFRPHUFLDO
&GLJRGHLQJHQLHUD
%;)7
%;)7
%;(5
%;(5
%;(5
%1(/
&LOLQGUDGD>FP@
3RWHQFLDGHOPRWRU>N:@
DUSP
3DU>1P@
DUSP
7LSRGHFRPEXVWLEOH
*DVROLQD
*DVROLQD
*DVROLQD
*DVROLQD
*DVROLQD
*DVROLQD
UHFRPHQGDGR
SHUPLWLGR
SHUPLWLGR
7LSRGHFRPEXVWLEOHDGLFLRQDO
2FWDQDMH 521
8QDHWLTXHWDHVSHFILFDGHOSDVHQODWDSDGHOGHSVLWRGHFRPEXVWLEOHSXHGHGHMDUVLQHIHFWRHOUHTXLVLWRHVSHFILFRGHOPRWRU
'DWRVWFQLFRV
'LVWLQWLYRGHOPRWRU
%;(/
%1(+
%/(5
'HVLJQDFLQFRPHUFLDO
/3*
7XUER
23&
&GLJRGHLQJHQLHUD
%;(5
%1(7
%/(5
&LOLQGUDGD>FP@
3RWHQFLDGHOPRWRU>N:@
DUSP
3DU>1P@
DUSP
7LSRGHFRPEXVWLEOH
*DVOTXLGR*DVROLQD
*DVROLQD
*DVROLQD
UHFRPHQGDGR
SHUPLWLGR
SHUPLWLGR
7LSRGHFRPEXVWLEOHDGLFLRQDO
*DVOLFXDGR /3*
2FWDQDMH 521
8QDHWLTXHWDHVSHFILFDGHOSDVHQODWDSDGHOGHSVLWRGHFRPEXVWLEOHSXHGHGHMDUVLQHIHFWRHOUHTXLVLWRHVSHFILFRGHOPRWRU
)XQFLRQDPLHQWR/3*
'DWRVWFQLFRV
'LVWLQWLYRGHOPRWRU
%'7&
%'7(
%'7(
%'75
'HVLJQDFLQFRPHUFLDO
&GLJRGHLQJHQLHUD
%'7&
%'7(
%'7(
%'75
&LOLQGUDGD>FP@
3RWHQFLDGHOPRWRU>N:@
DUSP
3DU>1P@
DUSP
7LSRGHFRPEXVWLEOH
'LVHO
'LVHO
'LVHO
'LVHO
7LSRGHFRPEXVWLEOHDGLFLRQDO
3UHVWDFLRQHV
0RWRU
%;)/
%;)7
%;(/
%;(-
%;(/
%1(-
&DPELRPDQXDO
&DPELRPDQXDODXWRPDWL]DGR
&DPELRDXWRPWLFR
9HORFLGDGP[LPD>NPK@
'DWRVWFQLFRV
0RWRU
%;(//3*
%1(+
%/(5
&DPELRPDQXDO
&DPELRPDQXDODXWRPDWL]DGR
&DPELRDXWRPWLFR
9HORFLGDGP[LPD>NPK@
%'7&
%'7(
N:
%'7(
N:
%'75
&DPELRPDQXDO
&DPELRPDQXDODXWRPDWL]DGR
&DPELRDXWRPWLFR
0RWRU
9HORFLGDGP[LPD>NPK@
'DWRVWFQLFRV
3HVRVGHOYHKFXOR
3HVRHQYDFRYHKFXORGHSXHUWDVPRGHOREVLFRVLQQLQJQHTXLSDPLHQWRRSFLRQDO
0RWRU
VLQFRQDLUHDFRQGLFLRQDGR
>NJ@
VLQFRQDLUHDFRQGLFLRQDGR
>NJ@
&DPELRPDQXDO
&DPELRPDQXDODXWRPDWL]DGR
&DPELRDXWRPWLFR
%;)/
%;)7
%;(/
%;(-
%;(/
%;(//3*
%1(-
%1(+
%'7&
%'7(
%'75
(OHTXLSDPLHQWRRSFLRQDO\ORVDFFHVRULRVDXPHQWDQHOSHVRHQYDFR
,QIRUPDFLQVREUHODFDUJD
'DWRVWFQLFRV
3HVRHQYDFRYHKFXORGHSXHUWDV\IXUJRQHWDPRGHOREVLFRVLQQLQJQHTXLSDPLHQWRRSFLRQDO
0RWRU
VLQFRQDLUHDFRQGLFLRQDGR
>NJ@
VLQFRQDLUHDFRQGLFLRQDGR
>NJ@
&DPELRPDQXDO
&DPELRPDQXDODXWRPDWL]DGR
&DPELRDXWRPWLFR
%;)/
%;)7
%;(/
%;(-
%;(/
%;(//3*
%1(-
%1(+
%/(5
%'7&
%'7(
%'75
(OHTXLSDPLHQWRRSFLRQDO\ORVDFFHVRULRVDXPHQWDQHOSHVRHQYDFR
,QIRUPDFLQVREUHODFDUJD
'DWRVWFQLFRV
'LPHQVLRQHVGHOYHKFXOR
9HKFXORGHSXHUWDV 9HKFXORGHSXHUWDV 23&
/RQJLWXG>PP@
$QFKXUDVLQUHWURYLVRUHVH[WHULRUHV>PP@
$QFKXUDFRQGRVUHWURYLVRUHVH[WHULRUHV>PP@
$OWXUD VLQDQWHQD >PP@
/RQJLWXGGHOSLVRGHOFRPSDUWLPHQWRGHFDUJD>PP@
/RQJLWXGGHOFRPSDUWLPHQWRGHFDUJDFRQDVLHQWRVWUDVHURV
DEDWLGRV>PP@
$QFKXUDGHOFRPSDUWLPHQWRGHFDUJD>PP@
$OWXUDGHOFRPSDUWLPHQWRGHFDUJDFRQFXELHUWD>PP@
$OWXUDGHOFRPSDUWLPHQWRGHFDUJDVLQFXELHUWD>PP@
'LVWDQFLDHQWUHHMHV>PP@
'LPHWURGHJLUR>P@
(QIXQFLQGHODVRSFLRQHV
(QIXQFLQGHODVYHUVLRQHVGHFDUURFHUD\HTXLSR
'DWRVWFQLFRV
&DSDFLGDGHV
$FHLWHGHOPRWRU
0RWRU
%;)/
%;)7
%;(/
%;(%1(-
%;(/
%1(+
%;(//3*
%/(5
%'7&
%'7(
%'75
LQFOXLGRHOILOWUR>O@
HQWUH0,1\0$;>O@
'HSVLWRGHFRPEXVWLEOH
0RWRU
%;)/
%;)7
%;(/
%;(%1(-
%;(/
%1(+
%;(//3*
%/(5
%'7&
%'7(
%'75
*DVROLQDGLVHOFDSDFLGDGGHOOHQDGR>O@
/3*FDQWLGDGGHUHSRVWDMH>O@
'DWRVWFQLFRV
3UHVLRQHVGHORVQHXPWLFRV
&RQIRUWFRQFDUJDKDVWD (&2FRQFDUJDGHKDVWD
SHUVRQDV
SHUVRQDV
0RWRU
1HXPWLFRV GHODQWH
>N3DEDU@
>SVL@
&RQFDUJDFRPSOHWD
GHWUV
GHODQWH
GHWUV
GHODQWH
GHWUV
>N3DEDU@
>SVL@
>N3DEDU@
>SVL@
>N3DEDU@
>SVL@
>N3DEDU@
>SVL@
>N3DEDU@
>SVL@
%;(/
%;(/
%;(//3*
%;(-
5
5
5
5
5
%;)/
%;)7
%1(-
5
5
5
%;)763257 5
5
%'7&
%'7(
%'75
5
5
5
%1(+
5
5
'DWRVWFQLFRV
&RQIRUWFRQFDUJDKDVWD (&2FRQFDUJDGHKDVWD
SHUVRQDV
SHUVRQDV
&RQFDUJDFRPSOHWD
GHWUV
GHODQWH
GHWUV
GHODQWH
GHWUV
>N3DEDU@
>SVL@
>N3DEDU@
>SVL@
>N3DEDU@
>SVL@
>N3DEDU@
>SVL@
>N3DEDU@
>SVL@
%1(+63257 5
5
5
5
5
0RWRU
1HXPWLFRV GHODQWH
>N3DEDU@
>SVL@
%/(5
,QIRUPDFLQGHFOLHQWHV
,QIRUPDFLQGH
FOLHQWHV
,QIRUPDFLQGHFOLHQWHV
'HFODUDFLQGHFRQIRUPLGDG
6LVWHPDVGHWUDQVPLVLQGHUDGLR
,QIRUPDFLQGHFOLHQWHV
'HFODUDFLQGHFRQIRUPLGDG
5HSDUDFLQGHGDRVSRU
FROLVLQ
5HFRQRFLPLHQWRGHVRIWZDUH
5HJLVWURGHGDWRVGHOYHKFXOR\
SULYDFLGDG
5HJLVWUDGRUHVGHGDWRV
,GHQWLILFDFLQSRU
UDGLRIUHFXHQFLD 5),'
(VWHYHKFXORGLVSRQHGHVLVWHPDV
TXHWUDQVPLWHQ\RUHFLEHQRQGDVGH
UDGLRVXMHWDVDOD'LUHFWLYD
&((VWRVVLVWHPDVFXPSOHQ
ORVUHTXLVLWRVHVWQGDU\RWUDVGLVSR
VLFLRQHVUHOHYDQWHVGHOD'LUHFWLYD
&(6HSXHGHQREWHQHUFR
SLDVGHODV'HFODUDFLRQHVGHFRQIRU
PLGDGRULJLQDOHVHQQXHVWURVLWLRZHE
,QIRUPDFLQGHFOLHQWHV
*DWR
,QIRUPDFLQGHFOLHQWHV
7UDGXFFLQGHODGHFODUDFLQGH
FRQIRUPLGDGRULJLQDO
'HFODUDFLQGHFRQIRUPLGDGGH
DFXHUGRFRQOD'LUHFWLYDGHOD
&(&(
'HFODUDPRVTXHHOSURGXFWR
'HVLJQDFLQGHOSURGXFWR *DWR
7LSR1PHURGHSLH]D*0
HVFRQIRUPHFRQODVGLVSRVLFLRQHVGH
OD'LUHFWLYD&(
(VWQGDUHVWFQLFRVDSOLFDGRV
*01
HOHYDFLQFRQJDWR
*0
JDWRGHHTXLSRHV
WQGDUSUXHEDVGH
KHUUDPLHQWDV
*01
LQWHJULGDGGHOYH
KFXORHOHYDFLQ\
HOHYDFLQFRQJDWR
GHHVWDFLQGHVHU
YLFLR
*0: JDWRGHHTXLSRHV
WQGDU\UXHGDGH
UHSXHVWRSUXHED
GHOYHKFXOR
,6276 VLVWHPDVGHJHVWLQ
GHFDOLGDG
6HDXWRUL]DDOVLJQDWDULRDUHFRSLODUOD
GRFXPHQWDFLQWFQLFD
5VVHOVKHLPGHHQHURGH
ILUPDGRSRU
+DQV3HWHU0HW]JHU
'LUHFWRUGHOJUXSRGHLQJHQLHUDGH
FKDVLV\HVWUXFWXUDV
$GDP2SHO$*
'5VVHOVKHLP
5HSDUDFLQGHGDRVSRU
FROLVLQ
(VSHVRUGHODSLQWXUD
'HELGRDODVWFQLFDVGHSURGXFFLQ
HOHVSHVRUGHODSLQWXUDSXHGHYDULDU
HQWUH\P
3RUWDQWRXQHVSHVRUGHSLQWXUDGLIH
UHQWHQRHVLQGLFDWLYRGHXQDUHSDUD
FLQGHGDRVSRUFROLVLQ
5HFRQRFLPLHQWRGH
VRIWZDUH
'HWHUPLQDGRVFRPSRQHQWHVGH
2Q6WDULQFOX\HQHOVRIWZDUHOLEFXUO\
XQ]LS\RWURVRIWZDUHGHWHUFHURV$
FRQWLQXDFLQVHPXHVWUDQORVDYLVRV
\ODVOLFHQFLDVDVRFLDGRVFRQOLEFXUO\
XQ]LSSDUDRWURVRIWZDUHGHWHUFHURV
YLVLWHKWWS ZZZOJFRPJOREDOVXS
SRUWRSHQVRXUFHLQGH[
(QFRQWUDUODWUDGXFFLQGHEDMRGHO
WH[WRRULJLQDO
OLEFXUO
&RS\ULJKWDQGSHUPLVVLRQQRWLFH
&RS\ULJKW F 'DQLHO
6WHQEHUJ GDQLHO#KD[[VH!
$OOULJKWVUHVHUYHG
3HUPLVVLRQWRXVHFRS\PRGLI\DQG
GLVWULEXWHWKLVVRIWZDUHIRUDQ\SXU
SRVHZLWKRUZLWKRXWIHHLVKHUHE\
JUDQWHGSURYLGHGWKDWWKHDERYH
FRS\ULJKWQRWLFHDQGWKLVSHUPLVVLRQ
QRWLFHDSSHDULQDOOFRSLHV
7KHVRIWZDUHLVSURYLGHGDVLVZLW
KRXWZDUUDQW\RIDQ\NLQGH[SUHVVRU
LPSOLHGLQFOXGLQJEXWQRWOLPLWHGWR
WKHZDUUDQWLHVRIPHUFKDQWDELOLW\ILW
QHVVIRUDSDUWLFXODUSXUSRVHDQGQR
QLQIULQJHPHQWRIWKLUGSDUW\ULJKWV,Q
QRHYHQWVKDOOWKHDXWKRUVRUFRS\
ULJKWKROGHUVEHOLDEOHIRUDQ\FODLP
GDPDJHVRURWKHUOLDELOLW\ZKHWKHULQ
,QIRUPDFLQGHFOLHQWHV
DQDFWLRQRIFRQWUDFWWRUWRURWKHU
ZLVHDULVLQJIURPRXWRIRULQFRQ
QHFWLRQZLWKWKHVRIWZDUHRUWKHXVHRU
RWKHUGHDOLQJVLQWKHVRIWZDUH
([FHSWDVFRQWDLQHGLQWKLVQRWLFHWKH
QDPHRIDFRS\ULJKWKROGHUVKDOOQRW
EHXVHGLQDGYHUWLVLQJRURWKHUZLVHWR
SURPRWHWKHVDOHXVHRURWKHUGHD
OLQJVLQWKLV6RIWZDUHZLWKRXWSULRU
ZULWWHQDXWKRUL]DWLRQRIWKHFRS\ULJKW
KROGHU
XQ]LS
7KLVLVYHUVLRQ)HERIWKH
,QIR=,3FRS\ULJKWDQGOLFHQVH7KH
GHILQLWLYHYHUVLRQRIWKLVGRFXPHQW
VKRXOGEHDYDLODEOHDWIWS IWSLQIR
]LSRUJSXELQIR]LSOLFHQVHKWPOLQGH
ILQLWHO\
&RS\ULJKW F ,QIR=,3$OO
ULJKWVUHVHUYHG
)RUWKHSXUSRVHVRIWKLVFRS\ULJKWDQG
OLFHQVH,QIR=,3LVGHILQHGDVWKH
IROORZLQJVHWRILQGLYLGXDOV
0DUN$GOHU-RKQ%XVK.DUO'DYLV
+DUDOG'HQNHU-HDQ0LFKHO'XERLV
-HDQORXS*DLOO\+XQWHU*RDWOH\(G
*RUGRQ,DQ*RUPDQ&KULV+HUERUWK
'LUN+DDVH*UHJ+DUWZLJ5REHUW
+HDWK-RQDWKDQ+XGVRQ3DXO.LH
QLW]'DYLG.LUVFKEDXP-RKQQ\/HH
2QQRYDQGHU/LQGHQ,JRU0DQGUL
FKHQNR6WHYH30LOOHU6HUJLR0R
QHVL.HLWK2ZHQV*HRUJH3HWURY
*UHJ5RHORIV.DL8ZH5RPPHO
6WHYH6DOLVEXU\'DYH6PLWK6WHYHQ
06FKZHGD&KULVWLDQ6SLHOHU&RV
PLQ7UXWD$QWRLQH9HUKHLMHQ3DXO
YRQ%HKUHQ5LFK:DOHV0LNH:KLWH
7KLVVRIWZDUHLVSURYLGHGDVLVZLW
KRXWZDUUDQW\RIDQ\NLQGH[SUHVVRU
LPSOLHG,QQRHYHQWVKDOO,QIR=,3RU
LWVFRQWULEXWRUVEHKHOGOLDEOHIRUDQ\
GLUHFWLQGLUHFWLQFLGHQWDOVSHFLDORU
FRQVHTXHQWLDOGDPDJHVDULVLQJRXWRI
WKHXVHRIRULQDELOLW\WRXVHWKLVVRIW
ZDUH
3HUPLVVLRQLVJUDQWHGWRDQ\RQHWR
XVHWKLVVRIWZDUHIRUDQ\SXUSRVHLQ
FOXGLQJFRPPHUFLDODSSOLFDWLRQVDQG
WRDOWHULWDQGUHGLVWULEXWHLWIUHHO\VXE
MHFWWRWKHIROORZLQJUHVWULFWLRQV
5HGLVWULEXWLRQVRIVRXUFHFRGH
PXVWUHWDLQWKHDERYHFRS\ULJKW
QRWLFHGHILQLWLRQGLVFODLPHUDQG
WKLVOLVWRIFRQGLWLRQV
5HGLVWULEXWLRQVLQELQDU\IRUP
FRPSLOHGH[HFXWDEOHV PXVWUH
SURGXFHWKHDERYHFRS\ULJKWQR
WLFHGHILQLWLRQGLVFODLPHUDQG
WKLVOLVWRIFRQGLWLRQVLQGRFXPHQ
WDWLRQDQGRURWKHUPDWHULDOVSUR
YLGHGZLWKWKHGLVWULEXWLRQ7KH
VROHH[FHSWLRQWRWKLVFRQGLWLRQLV
UHGLVWULEXWLRQRIDVWDQGDUG8Q
=LS6);ELQDU\ LQFOXGLQJ
6);:L] DVSDUWRIDVHOIH[WUDF
WLQJDUFKLYH WKDWLVSHUPLWWHGZLW
KRXWLQFOXVLRQRIWKLVOLFHQVHDV
ORQJDVWKHQRUPDO6);EDQQHU
KDVQRWEHHQUHPRYHGIURPWKH
ELQDU\RUGLVDEOHG
$OWHUHGYHUVLRQVLQFOXGLQJEXW
QRWOLPLWHGWRSRUWVWRQHZRSHUD
WLQJV\VWHPVH[LVWLQJSRUWVZLWK
QHZJUDSKLFDOLQWHUIDFHVDQG
G\QDPLFVKDUHGRUVWDWLFOLEUDU\
YHUVLRQVPXVWEHSODLQO\PDUNHG
DVVXFKDQGPXVWQRWEHPLVUH
SUHVHQWHGDVEHLQJWKHRULJLQDO
VRXUFH6XFKDOWHUHGYHUVLRQV
DOVRPXVWQRWEHPLVUHSUHVHQWHG
DVEHLQJ,QIR=,3UHOHDVHVLQFOX
GLQJEXWQRWOLPLWHGWRODEHOLQJRI
WKHDOWHUHGYHUVLRQVZLWKWKHQD
PHV,QIR=,3 RUDQ\YDULDWLRQ
,QIRUPDFLQGHFOLHQWHV
WKHUHRILQFOXGLQJEXWQRWOLPLWHG
WRGLIIHUHQWFDSLWDOL]DWLRQV 3R
FNHW8Q=LS:L=RU0DF=LS
ZLWKRXWWKHH[SOLFLWSHUPLVVLRQRI
,QIR=,36XFKDOWHUHGYHUVLRQV
DUHIXUWKHUSURKLELWHGIURPPLVUH
SUHVHQWDWLYHXVHRIWKH=LS%XJV
RU,QIR=,3HPDLODGGUHVVHVRURI
WKH,QIR=,385/ V
,QIR=,3UHWDLQVWKHULJKWWRXVH
WKHQDPHV,QIR=,3=LS
8Q=LS8Q=LS6);:L=3R
FNHW8Q=LS3RFNHW=LSDQG
0DF=LSIRULWVRZQVRXUFHDQG
ELQDU\UHOHDVHV
OLEFXUO
$YLVRGH&RS\ULJKW\SHUPLVRGHOL
FHQFLD
&RS\ULJKW F 'DQLHO
6WHQEHUJ GDQLHO#KD[[VH!
7RGRVORVGHUHFKRVUHVHUYDGRV
(OSHUPLVRSDUDXVDUFRSLDUPRGLIL
FDU\GLVWULEXLUHVWHVRIWZDUHSDUD
FXDOTXLHUILQFRQRVLQWDULIDDSOLFD
EOHVHJDUDQWL]DHQHVWHGRFXPHQWR
VLHPSUHTXHHODYLVRGHFRS\ULJKW\
SHUPLVRGHOLFHQFLDDQWHULRUHVDSD
UH]FDQHQWRGDVODVFRSLDV
(OVRIWZDUHVHSURSRUFLRQDWDOFXDO
VLQJDUDQWDGHQLQJQWLSRH[SUHVDR
LPSOFLWDLQFOXLGDVHQWUHRWUDVODVJD
UDQWDVGHFRPHUFLDELOLGDGLGRQHLGDG
SDUDXQILQGHWHUPLQDGR\GHQRLQ
IUDFFLQGHGHUHFKRVGHWHUFHURV(Q
QLQJQFDVRORVDXWRUHVRSURSLHWD
ULRVGHORVGHUHFKRVGHDXWRUVHUQ
UHVSRQVDEOHVGHFXDOTXLHUUHFODPD
FLQGDRXRWUDUHVSRQVDELOLGDG
VHDQHQHMHFXFLQGHFRQWUDWRDJUD
YLRVRIXHUDGHOPLVPRTXHVXUMDQFRQ
UHODFLQFRQHOVRIWZDUHRHOXVRX
RWUDVRSHUDFLRQHVOOHYDGDVDFDER
FRQO
6DOYRORPHQFLRQDGRHQHVWHDYLVRHO
QRPEUHGHOSURSLHWDULRGHOFRS\ULJKW
QRGHEHXVDUVHSDUDKDFHUSXEOLFLGDG
QLSURPRFLRQDUODYHQWDXVRXRWUR
WLSRGHPDQLSXODFLQGHHVWHVRIW
ZDUHVLQHOFRQVHQWLPLHQWRSUHYLR\
SRUHVFULWRGHOSURSLHWDULRGHOFRS\
ULJKW
XQ]LS
9HUVLQGHOGHIHEUHURGHGHO
FRS\ULJKW\OLFHQFLDGH,QIR=,3/D
YHUVLQILQDOGHHVWHGRFXPHQWRGH
EHUDHVWDUGLVSRQLEOHHQIWS IWSLQIR
]LSRUJSXELQIR]LSOLFHQVHKWPOGH
IRUPDLQGHILQLGD
&RS\ULJKW F ,QIR=,37R
GRVORVGHUHFKRVUHVHUYDGRV
$HIHFWRVGHHVWHFRS\ULJKW\OLFHQFLD
,QIR=,3VHGHILQHFRPRODVSHUVR
QDVVLJXLHQWHV
0DUN$GOHU-RKQ%XVK.DUO'DYLV
+DUDOG'HQNHU-HDQ0LFKHO'XERLV
-HDQORXS*DLOO\+XQWHU*RDWOH\(G
*RUGRQ,DQ*RUPDQ&KULV+HUERUWK
'LUN+DDVH*UHJ+DUWZLJ5REHUW
+HDWK-RQDWKDQ+XGVRQ3DXO.LH
QLW]'DYLG.LUVFKEDXP-RKQQ\/HH
2QQRYDQGHU/LQGHQ,JRU0DQGUL
FKHQNR6WHYH30LOOHU6HUJLR0R
QHVL.HLWK2ZHQV*HRUJH3HWURY
*UHJ5RHORIV.DL8ZH5RPPHO
6WHYH6DOLVEXU\'DYH6PLWK6WHYHQ
06FKZHGD&KULVWLDQ6SLHOHU&RV
PLQ7UXWD$QWRLQH9HUKHLMHQ3DXO
YRQ%HKUHQ5LFK:DOHV0LNH:KLWH
(VWHVRIWZDUHVHSURSRUFLRQDWDO
FXDOVLQJDUDQWDGHQLQJQWLSRH[
SOFLWDQLLPSOFLWD1L,QIR=,3QLVXV
FRQWULEXLGRUHVGHEHQVHUUHVSRQVD
EOHVEDMRQLQJXQDFLUFXQVWDQFLDGH
ORVGDRVGLUHFWRVLQGLUHFWRV
,QIRUPDFLQGHFOLHQWHV
LQFLGHQWDOHVHVSHFLDOHVRGHULYDGRV
GHOXVRGHRGHODLQFDSDFLGDGGH
XVDUHVWHVRIWZDUH
6HDXWRUL]DDFXDOTXLHUDDXVDUHVWH
VRIWZDUHSDUDFXDOTXLHUILQLQFOXLGDV
ODVDSOLFDFLRQHVFRPHUFLDOHV\DOWH
UDUOR\GLVWULEXLUORJUDWXLWDPHQWHFRQ
ODVVLJXLHQWHVUHVWULFFLRQHV
/DVUHGLVWULEXFLRQHVGHOFGLJR
IXHQWHGHEHQLQFOXLUHODYLVRGH
FRS\ULJKWGHILQLFLQ\H[HQFLQ
GHUHVSRQVDELOLGDGDQWHULRUHVDV
FRPRODOLVWDGHFRQGLFLRQHVVL
JXLHQWHV
/DVUHGLVWULEXFLRQHVHQIRUPDEL
QDULD HMHFXWDEOHVFRPSLODGRV
GHEHQUHSURGXFLUHODYLVRGHILQL
FLQ\H[HQFLQGHUHVSRQVDELOL
GDGDQWHULRUHVDVFRPRHVWDOLVWD
GHFRQGLFLRQHVHQGRFXPHQWRV\
XRWURVPDWHULDOHVSURSRUFLRQD
GRVFRQODGLVWULEXFLQ/DQLFD
H[FHSFLQDHVWDFRQGLFLQHVOD
UHGLVWULEXFLQGH8Q=LS6);ELQD
ULR LQFOXLGR6);:L] FRPRSDUWH
GHXQDUFKLYRGHH[WUDFFLQDXWR
PWLFD TXHVHSHUPLWHVLQODLQ
FOXVLQGHHVWDOLFHQFLDVLHPSUH
TXHHOEDQQHUGH6);QRVHKD\D
HOLPLQDGRGHOELQDULRRVHKD\D
GHVKDELOLWDGR
/DVYHUVLRQHVDOWHUDGDVLQFOXLGDV
VLQHVWDUOLPLWDGDVDSXHUWRVDORV
QXHYRVVLVWHPDVRSHUDWLYRV
SXHUWRVH[LVWHQWHVFRQQXHYDVLQ
WHUIDFHVJUILFDV\YHUVLRQHVGL
QPLFDVFRPSDUWLGDVRELEOLRWHFD
HVWWLFDGHEHQHVWDUPDUFDGDV
VLPSOHPHQWHFRPRHOORV\QRGH
EHQFRQVLGHUDUVHODIXHQWHRULJL
QDOGHIRUPDIUDXGXOHQWD'LFKDV
YHUVLRQHVDOWHUDGDVWDPSRFRGH
EHQFRQVLGHUDUVHGHIRUPDIUDX
GXOHQWDFRPRHGLFLRQHVGH,QIR
=,3LQFOXLGDVVLQHVWDUOLPLWDGDV
DQRPEUDUODVYHUVLRQHVDOWHUD
GDVFRQORVQRPEUHV,QIR=,3 R
FXDOTXLHUYDULDFLQGHOPLVPRLQ
FOXLGDVVLQHVWDUOLPLWDGDVDODV
PD\VFXODV 3RFNHW8Q=LS
:L=R0DF=LSVLQHOSHUPLVR
H[SOFLWRGH,QIR=,36HSURKEH
HOXVRGHGLFKDVYHUVLRQHVPRGL
ILFDGDVSDUDXQXVRGHLPDJHQ
IDOVDGHODVGLUHFFLRQHVGHFRUUHR
HOHFWUQLFRGH=LS%XJVR,QIR
=,3RGHODGLUHFFLQ85/GH,QIR
=,3
,QIR=,3VHUHVHUYDHOGHUHFKRD
XVDUORVQRPEUHV,QIR=,3=LS
8Q=LS8Q=LS6);:L=3R
FNHW8Q=LS3RFNHW=LS\0DF
=LSSDUDVXSURSLDIXHQWH\HGL
FLRQHVELQDULDV
,QIRUPDFLQGHFOLHQWHV
5HJLVWURGHGDWRVGHO
YHKFXOR\SULYDFLGDG
5HJLVWUDGRUHVGHGDWRV
0GXORVGHDOPDFHQDPLHQWRGH
GDWRVHQHOYHKFXOR
8QJUDQQPHURGHFRPSRQHQWHV
HOHFWUQLFRVGHVXYHKFXORFRQWLHQHQ
PGXORVGHDOPDFHQDPLHQWRGHGD
WRVTXHJXDUGDQGHIRUPDWHPSRUDOR
SHUPDQHQWHGDWRVWFQLFRVVREUHHO
HVWDGRGHOYHKFXORHYHQWRV\HUUR
UHV(QJHQHUDOGLFKDLQIRUPDFLQ
WFQLFDGRFXPHQWDHOHVWDGRGHSLH
]DVPGXORVVLVWHPDVRGHODP
ELHQWH
&RQGLFLRQHVGHIXQFLRQDPLHQWR
GHORVFRPSRQHQWHVGHOVLVWHPD
SRUHMHPSORQLYHOHVGHOOHQDGR
0HQVDMHVGHHVWDGRGHOYHKFXOR
\GHVXVFRPSRQHQWHVLQGLYLGXD
OHV SRUHMHPSORUHYROXFLRQHVGH
ODVUXHGDVYHORFLGDGGHURWDFLQ
GHVDFHOHUDFLQDFHOHUDFLQODWH
UDO
'LVIXQFLRQHV\GHIHFWRVHQFRP
SRQHQWHVGHVLVWHPDVLPSRUWDQ
WHV
5HDFFLRQHVGHOYHKFXORHQGH
WHUPLQDGDVVLWXDFLRQHVGHFRQ
GXFFLQ SRUHMHPSORLQIODGRGH
XQDLUEDJDFWLYDFLQGHOVLVWHPD
GHFRQWUROGHHVWDELOLGDG
&RQGLFLRQHVDPELHQWDOHV
SRUHMHPSORWHPSHUDWXUD
(VWRVGDWRVVRQH[FOXVLYDPHQWHGH
FDUFWHUWFQLFR\D\XGDQDLGHQWLILFDU
\FRUUHJLUHUURUHVDVFRPRDRSWLPL
]DUODVIXQFLRQHVGHOYHKFXOR
&RQGLFKRVGDWRVQRVHSXHGHQFUHDU
SHUILOHVGHPRYLPLHQWRTXHLQGLTXHQ
ODVUXWDVUHFRUULGDV
(QFDVRGHVHUYLFLR SRUHMHPSORUH
SDUDFLRQHVSURFHVRVGHVHUYLFLRFD
VRVGHJDUDQWDFRQWUROGHFDOLGDG
ORVHPSOHDGRVGHODUHGGHVHUYLFLR
LQFOXLGRHOIDEULFDQWH SXHGHQOHHUGL
FKDLQIRUPDFLQWFQLFDGHORVPGX
ORVGHDOPDFHQDPLHQWRGHGDWRVGH
HYHQWRV\HUURUHVXWLOL]DQGRXQRVGLV
SRVLWLYRVGHGLDJQVWLFRHVSHFLDOHV
6LIXHUDQHFHVDULRUHFLELUPVLQIRU
PDFLQHQGLFKRVWDOOHUHV8QDYH]
FRUUHJLGRXQHUURUVHERUUDUQORVGD
WRVGHOPGXORGHDOPDFHQDPLHQWR
FRUUHVSRQGLHQWHRVHVREUHVFULELUQ
&XDQGRVHXVDHOYHKFXORSXHGHQ
SURGXFLUVHVLWXDFLRQHVHQODVTXHHV
WRVGDWRVWFQLFRVUHODFLRQDGRVFRQ
RWURWLSRGHLQIRUPDFLQ LQIRUPHGH
XQDFFLGHQWHGDRVHQHOYHKFXOR
GHFODUDFLRQHVWHVWLILFDOHVHWF SXH
GDQDVRFLDUVHFRQXQDSHUVRQDHV
SHFILFD SRVLEOHPHQWHFRQODDVLV
WHQFLDGHXQH[SHUWR
/DVIXQFLRQHVDGLFLRQDOHVDFRUGDGDV
FRQWUDFWXDOPHQWHFRQHOFOLHQWH
SRUHMHPSORORFDOL]DFLQGHOYH
KFXORHQFDVRVGHHPHUJHQFLD SHU
PLWHQODWUDQVPLVLQGHGHWHUPLQDGRV
GDWRVGHVGHHOYHKFXOR
,QIRUPDFLQGHFOLHQWHV
,GHQWLILFDFLQSRU
UDGLRIUHFXHQFLD 5),'
/DWHFQRORJD5),'VHXWLOL]DHQDO
JXQRVYHKFXORVSDUDIXQFLRQHV
FRPRHOFRQWUROGHODSUHVLQGHORV
QHXPWLFRV\ODVHJXULGDGGHOVLV
WHPDGHHQFHQGLGR6HXWLOL]DWDP
ELQHQRSFLRQHVGHFRQIRUWFRPRORV
PDQGRVDGLVWDQFLDSDUDHOEORTXHR\
GHVEORTXHRGHSXHUWDV\HODUUDQTXH
DGLVWDQFLDDVFRPRHQORVWUDQVPL
VRUHVLQVWDODGRVHQHOYHKFXORSDUD
DEULUSXHUWDVGHFRFKHUDV/DWHFQR
ORJD5),'HQORVYHKFXORV2SHOQR
XWLOL]DQLUHJLVWUDLQIRUPDFLQSHUVR
QDOQLWLHQHFRQH[LQFRQFXDOTXLHU
RWURVLVWHPD2SHOTXHFRQWHQJDLQ
IRUPDFLQSHUVRQDO
QGLFHDOIDEWLFR
$EDWLUHOUHVSDOGR
$FFHVRULRV\PRGLILFDFLRQHVGHO
YHKFXOR
$FFLRQHHOSHGDO
$FHLWHGHOPRWRU
$FHLWHPRWRU
$FRSODPLHQWRGHOUHPROTXH
$LUEDJV\SUHWHQVRUHVGH
FLQWXURQHV
$LUHDFRQGLFLRQDGR
$MXVWHGHORVDVLHQWRV
$MXVWHGHORVUHSRVDFDEH]DV
$MXVWHGHORVUHWURYLVRUHV
$MXVWHGHOYRODQWH
$MXVWHHOFWULFR
$MXVWHVPHPRUL]DGRV
$OHUWDGHFROLVLQIURQWDO
$OHUWDGHSXQWRFLHJRODWHUDO
$OLPHQWDFLQHOFWULFDGHUHVHUYD
$OVDOLUGHYLDMH
$QWLGHVOXPEUDPLHQWRDXWRPWLFR
$QWLGHVOXPEUDPLHQWRPDQXDO
$UJROODV
$UJROODVGHILMDFLQGHORVDQFODMHV
$UUDQTXHFRQFDEOHV
$UUDQTXHGHOPRWRU
$UUDQTXH\PDQHMR
$VLHQWRVGHODQWHURV
$VLVWHQWHGHDSDUFDPLHQWR
$VLVWHQWHGHDSDUFDPLHQWRSRU
XOWUDVRQLGRV
$VLVWHQWHGHDUUDQTXHHQ
SHQGLHQWHV
$VLVWHQWHGHHVWDELOLGDGGHO
UHPROTXH
$VLVWHQWHGHIUHQDGD
$VLVWHQWHGHOX]GHFDUUHWHUD
$VLVWHQWHGHVHDOHVGHWUILFR
$XWRVWRS
$YHUD
$YLVRGHFDPELRGHFDUULO
$YLVRVDFVWLFRV
%DUUDGHUHPROTXH
%DWHUDGHOYHKFXOR
%ORTXHRDXWRPWLFR
%RFLQD
%RWLTXQ
&
&DGHQDVSDUDQLHYH
&PDUDUHWURYLVRUD
&DMDGHFDPELRV
&DMDGHIXVLEOHVGHO
FRPSDUWLPHQWRGHOPRWRU
&DMDGHIXVLEOHVGHOWDEOHURGH
LQVWUXPHQWRV
&DOHIDFFLQ
&DOHIDFFLQGHDVLHQWR
&DPELRDXWRPWLFR
&DPELRGHOWDPDRGH
QHXPWLFRV\OODQWDV
&DPELRGHPDUFKDV
&DPELRGHUXHGDV
&DPELRPDQXDO
&DPELRPDQXDODXWRPDWL]DGR
&DSDFLGDGHV
&DS
&DUDFWHUVWLFDVGHFRQGXFFLQ\
UHFRPHQGDFLRQHVSDUDHOXVR
GHOUHPROTXH
&DUJDHQHOWHFKR
&DU3DVV
&DWDOL]DGRU
&HQLFHURV
&HQWURGHLQIRUPDFLQGHO
FRQGXFWRU
&LHUUHFHQWUDOL]DGR
&LQWXUQGHVHJXULGDG
&LQWXUQGHVHJXULGDGGHWUHV
SXQWRV
&LQWXURQHV
&LQWXURQHVGHVHJXULGDG
&OLPDWL]DFLQ
&OLPDWL]DGRUDXWRPWLFR
HOHFWUQLFR
&GLJR
&RPEXVWLEOH
&RPEXVWLEOHSDUD
IXQFLRQDPLHQWRFRQJDV
OLFXDGR
&RPEXVWLEOHSDUDPRWRUHVGH
JDVROLQD
&RPEXVWLEOHSDUDPRWRUHV
GLVHO
&RPSDUWLPHQWRGHFDUJD
&RPSDUWLPHQWRVSRUWDREMHWRV
&RPSUREDFLRQHVGHOYHKFXOR
&RQPXWDGRUGHODVOXFHV
&RQVHUYDFLQGHODVSHFWR
&RQVXPRGHFRPEXVWLEOH
HPLVLRQHVGH&2
&RQWURODXWRPWLFRGHODVOXFHV
&RQWUROGHODLOXPLQDFLQGHO
WDEOHURGHLQVWUXPHQWRV
&RQWUROGHOYHKFXOR
&RQWUROHOHFWUQLFRGH
HVWDELOLGDG
&RQWUROHOHFWUQLFRGH
HVWDELOLGDGGHVDFWLYDGR
&RQWUROHOHFWUQLFRGH
HVWDELOLGDG\VLVWHPDGH
FRQWUROGHWUDFFLQ
&RUWHGHFRPEXVWLEOHHQ
UJLPHQGHUHWHQFLQ
&XDGURGHLQVWUXPHQWRV
&XELHUWDGHOFRPSDUWLPHQWRGH
FDUJD
&XELHUWDGHOSRUWDREMHWRVGHO
PDOHWHUR
&XHQWDNLOPHWURV
&XHQWDNLOPHWURVSDUFLDO
&XHQWDUUHYROXFLRQHV
&XLGDGRH[WHULRU
&XLGDGRLQWHULRU
'
'DWRVGHOPRWRU
'DWRVGHOYHKFXOR
'DWRVHVSHFILFRVGHOYHKFXOR
'HFODUDFLQGHFRQIRUPLGDG
'HVDFWLYDFLQGHORVDLUEDJV
'HVEORTXHRGHOYHKFXOR
'HVLJQDFLRQHVGHORV
QHXPWLFRV
'HWHFWDGRYHKFXORSUHFHGHQWH
'LPHQVLRQHVGHOYHKFXOR
'LUHFFLQDVLVWLGD
'LVSRVLWLYRGHUHPROTXH
(OHYDOXQDVHOFWULFRV
(OHYDOXQDVPDQXDOHV
(QFHQGHGRUGHFLJDUULOORV
(QWUDGDGHDLUH
(QWUDGDIFLO
(VSHMRVUHWURYLVRUHVSOHJDEOHV
(VWDFLRQDPLHQWR
(WLTXHWDGHODLUEDJ
)
)DURV
)DURVDQWLQLHEOD
)DURVGH[HQQ
)DURVHPSDDGRV
)DURVHQYLDMHVDOH[WUDQMHUR
)DURVKDOJHQRV
)LOWURGHSDUWFXODV
)LOWURGHSDUWFXODVGLVHO
)LOWURGHSROHQ
)RUPDFRQYH[D
)UHQRGHHVWDFLRQDPLHQWR
)UHQRGHPDQR
)UHQRV
)XQFLRQDPLHQWRUHJXODUGHODLUH
DFRQGLFLRQDGR
)XVLEOHV
*DWR
*XDQWHUD
+HUUDPLHQWDV
+HUUDPLHQWDVGHOYHKFXOR
,GHQWLILFDFLQGHOPRWRU
,GHQWLILFDFLQSRU
UDGLRIUHFXHQFLD 5),'
,OXPLQDFLQGHHQWUDGD
,OXPLQDFLQGHOWDEOHURGH
LQVWUXPHQWRV
,OXPLQDFLQGHVDOLGD
,OXPLQDFLQHVWWLFDHQFXUYDV
,OXPLQDFLQH[WHULRU
,OXPLQDFLQLQWHULRU
,QGLFDFLQGHGLVWDQFLDKDFLD
GHODQWH
,QGLFDFLQGHVHUYLFLR
,QGLFDGRUGHFRPEXVWLEOH
,QGLFDGRUGHWHPSHUDWXUDGHO
UHIULJHUDQWHGHOPRWRU
,QGLFDGRUHV
,QIRUPDFLQGHVHUYLFLR
,QIRUPDFLQJHQHUDO
,QIRUPDFLQVREUHODFDUJD
,QPRYLOL]DFLQGHOYHKFXOR
,QPRYLOL]DGRU
,QWHUPLWHQWHV
,QWHUPLWHQWHVGHODQWHURV
,QWHUPLWHQWHVODWHUDOHV
,QWHUUXSFLQGHFRUULHQWH
,QWURGXFFLQ
-XHJRGHUHSDUDFLQGH
QHXPWLFRV
/LPLWDGRUGHYHORFLGDG
/LPSLDODYDOXQHWD
/LPSLDODYDSDUDEULVDV
/TXLGRGHIUHQRV
/TXLGRGHIUHQRV\HPEUDJXH
/TXLGRGHODYDGR
/TXLGRV\OXEULFDQWHV
UHFRPHQGDGRV
/ODQWDV\QHXPWLFRV
/ODYHDMXVWHVPHPRUL]DGRV
/ODYHV
/ODYHVFHUUDGXUDV
/XFHVDQWLQLHEOD
/XFHVGHDGYHUWHQFLD
/XFHVGHFLUFXODFLQGLXUQD
/XFHVGHHPHUJHQFLD
/XFHVGHHVWDFLRQDPLHQWR
/XFHVGHOHFWXUD
/XFHVGHPDUFKDDWUV
/XFHVH[WHULRUHV
/XFHVLQWHULRUHV
/XFHVODWHUDOHV
/XFHVWUDVHUDV
/XQHWDWUPLFDWUDVHUD
/X]GHFDUUHWHUD
/X]GHODPDWUFXOD
0DQGRDGLVWDQFLD
0DQGRV
0DQGRVHQHOYRODQWH
0HQVDMHVGHOYHKFXOR
0RGRFLXGDG
0RGRPDQXDO
1HXPWLFRVGHLQYLHUQR
1LYHOGHFRPEXVWLEOHEDMR
1PHURGHLGHQWLILFDFLQGHO
YHKFXOR
2Q6WDU
3DODQFDVHOHFWRUD
3DQWDOODGHLQIRUPDFLQHQFRORU
3DQWDOODGHLQIRUPDFLQJUILFD
3DQWDOODLQGLFDGRUDGHOFDPELR
3DQWDOODVGHLQIRUPDFLQ
3DUDEULVDV
3DUDEULVDVWUPLFR
3DUDGDDXWRPWLFD
3DUDVROHV
3HOLJUR$GYHUWHQFLD\$WHQFLQ
3HUVRQDOL]DFLQGHOYHKFXOR
3HVRVGHOYHKFXOR
3LORWRDQWLQLHEOD
3LQFKD]R
3ODFDGHFDUDFWHUVWLFDV
3RUWDELFLFOHWDV
3RUWDELFLFOHWDVWUDVHUR
3RUWDHTXLSDMHVGHWHFKR
3RUWDREMHWRV
3RUWDREMHWRVEDMRHODVLHQWR
3RUWDREMHWRVGHODQWHUR
3RUWDYDVRV
3RVLFLQGHDVLHQWR
3RVLFLRQHVGHODFHUUDGXUDGHO
HQFHQGLGR
3RVLFLRQHVGHPRQWDMHGHO
VLVWHPDGHUHWHQFLQLQIDQWLO
3RWHQFLDGHOPRWRUUHGXFLGD
3UHFDOHQWDPLHQWR
3UHVLQGHDFHLWHGHOPRWRU
3UHVLQGHORVQHXPWLFRV
3UHVLRQHVGHORVQHXPWLFRV
3UHVWDFLRQHV
3URIXQGLGDGGHOGLEXMR
3URJUDPDVHOHFWUQLFRVGH
PDUFKD
3URWHFFLQFRQWUDGHVFDUJDGH
ODEDWHUD
3XHUWDDELHUWD
3XHUWDV
3XUJDGHOVLVWHPDGH
FRPEXVWLEOHGLVHO
5IDJDV
5HDOL]DFLQGHWUDEDMRV
5HFRJLGDGHYHKFXORVXVDGRV
5HFRPHQGDFLRQHVSDUDOD
FRQGXFFLQ
5HFRQRFLPLHQWRGHVRIWZDUH
5HFRUGDWRULRGHOFLQWXUQGH
VHJXULGDG
5HIULJHUDQWHGHOPRWRU
5HIULJHUDQWH\DQWLFRQJHODQWH
5HJLVWUDGRUHVGHGDWRV
5HJLVWURGHGDWRVGHOYHKFXOR\
SULYDFLGDG
5HJXODFLQGHODOFDQFHGHORV
IDURV
5HJXODGRUGHYHORFLGDG
5HORM
5HPROFDGR
5HPROFDGRGHOYHKFXOR
5HPROFDGRGHRWURYHKFXOR
5HSDUDFLQGHGDRVSRUFROLVLQ
5HSRVDFDEH]DV
5HSRVWDMH
5HWURYLVRUHVH[WHULRUHV
5HWURYLVRUHVLQWHULRUHV
5HWURYLVRUHVWUPLFRV
5HYLVLQXUJHQWHGHOYHKFXOR
5RGDMHGHXQYHKFXORQXHYR
5XHGDGHUHSXHVWR
6DOLGDVGHDLUH
6DOLGDVGHDLUHILMDV
6DOLGDVGHDLUHUHJXODEOHV
6HJXULGDGGHOYHKFXOR
6HJXURVSDUDQLRV
6HOHFWRUGHFRPEXVWLEOH
6HDOL]DFLQGHJLURV\FDPELRV
GHFDUULO
6HUYLFLR
6PERORV
6LVWHPDDQWLEORTXHRGHIUHQRV
6LVWHPDDQWLEORTXHRGHIUHQRV
$%6
6LVWHPDDQWLUURER
6LVWHPDGHDLUEDJV
6LVWHPDGHDLUEDJVGHFRUWLQD
6LVWHPDGHDLUEDJVIURQWDOHV
6LVWHPDGHDLUEDJVODWHUDOHV
6LVWHPDGHDODUPDDQWLUURER
6LVWHPDGHFDOHIDFFLQ\
YHQWLODFLQ
6LVWHPDGHFDUJD
6LVWHPDGHFRQWUROGHSUHVLQGH
ORVQHXPWLFRV
6LVWHPDGHFRQWUROGHWUDFFLQ
6LVWHPDGHFRQWUROGHWUDFFLQ
GHVDFWLYDGR
6LVWHPDGHHVFDSHGHOPRWRU
6LVWHPDGHIUHQRV\HPEUDJXH
6LVWHPDGHLOXPLQDFLQ[HQQ
6LVWHPDHOFWULFR
6LVWHPD)OH[)L[
6LVWHPDVGHD\XGDDOD
FRQGXFFLQ
6LVWHPDVGHFOLPDWL]DFLQ
6LVWHPDVGHFRQWUROGHOD
FRQGXFFLQ
6LVWHPDVGHGHWHFFLQGH
REMHWRV
6LVWHPDVGHUHWHQFLQLQIDQWLO
6LVWHPDVGHUHWHQFLQLQIDQWLO
,62),;
6LVWHPDVOLPSLD\ODYDSDUDEULVDV
6LVWHPDVWRSVWDUW
6XVWLWXFLQGHERPELOODV
6XVWLWXFLQGHODVHVFRELOODV
7DSDFXERV
7DSLFHUD
7HFKR
7HFKRVRODU
7HPSHUDWXUDH[WHULRU
7HQVLQGHODSLOD
7HUFHUDOX]GHIUHQR
7HVWLJRGHDYHUDV
7HVWLJRVGHFRQWURO
7RPDVGHFRUULHQWH
7ULQJXORGHDGYHUWHQFLD
8VRGHOSUHVHQWHPDQXDO
8VRGHOUHPROTXH
9HORFPHWUR
9HQWDQLOODV
9HQWLODFLQ
9LVWDJHQHUDOGHOWDEOHURGH
LQVWUXPHQWRV
9RODQWHWUPLFR
ZZZRSHOFRP
&RS\ULJKWE\$'$023(/$*5VVHOVKHLP*HUPDQ\
7RGDVODVLQGLFDFLRQHVFRQWHQLGDVHQHVWDSXEOLFDFLyQFRUUHVSRQGHQDODIHFKDGHHGLFLyQLQGLFDGDPiVDEDMR$GDP2SHO$*VHUHVHUYDHOGHUHFKRDLQWURGXFLUPRGLILFDFLRQHVHQOD
WpFQLFDHOHTXLSDPLHQWR\ODIRUPDGHORVYHKtFXORVFRQUHVSHFWRDODVLQGLFDFLRQHVHLOXVWUDFLRQHVUHSURGXFLGDVHQODSUHVHQWHSXEOLFDFLyQDVtFRPRDPRGLILFDUODSURSLDSXEOLFDFLyQ
(GLFLyQ HQHUR$'$023(/$*5VVHOVKHLP
,PSUHVRVREUHSDSHOEODQTXHDGRVLQFORUR
.7$HV
(
'
Potrebbero piacerti anche
- The Subtle Art of Not Giving a F*ck: A Counterintuitive Approach to Living a Good LifeDa EverandThe Subtle Art of Not Giving a F*ck: A Counterintuitive Approach to Living a Good LifeValutazione: 4 su 5 stelle4/5 (5819)
- The Perfect Marriage: A Completely Gripping Psychological SuspenseDa EverandThe Perfect Marriage: A Completely Gripping Psychological SuspenseValutazione: 4 su 5 stelle4/5 (1137)
- The 7 Habits of Highly Effective PeopleDa EverandThe 7 Habits of Highly Effective PeopleValutazione: 4 su 5 stelle4/5 (353)
- The Subtle Art of Not Giving a F*ck: A Counterintuitive Approach to Living a Good LifeDa EverandThe Subtle Art of Not Giving a F*ck: A Counterintuitive Approach to Living a Good LifeValutazione: 4.5 su 5 stelle4.5/5 (20105)
- Pride and Prejudice: Bestsellers and famous BooksDa EverandPride and Prejudice: Bestsellers and famous BooksValutazione: 4.5 su 5 stelle4.5/5 (20479)
- Remarkably Bright Creatures: A NovelDa EverandRemarkably Bright Creatures: A NovelValutazione: 4.5 su 5 stelle4.5/5 (5779)
- Never Split the Difference: Negotiating As If Your Life Depended On ItDa EverandNever Split the Difference: Negotiating As If Your Life Depended On ItValutazione: 4.5 su 5 stelle4.5/5 (3313)
- Art of War: The Definitive Interpretation of Sun Tzu's Classic Book of StrategyDa EverandArt of War: The Definitive Interpretation of Sun Tzu's Classic Book of StrategyValutazione: 4 su 5 stelle4/5 (3321)
- The 7 Habits of Highly Effective People: The Infographics EditionDa EverandThe 7 Habits of Highly Effective People: The Infographics EditionValutazione: 4 su 5 stelle4/5 (2487)
- Habit 6 Synergize: The Habit of Creative CooperationDa EverandHabit 6 Synergize: The Habit of Creative CooperationValutazione: 4 su 5 stelle4/5 (2499)
- Habit 1 Be Proactive: The Habit of ChoiceDa EverandHabit 1 Be Proactive: The Habit of ChoiceValutazione: 4 su 5 stelle4/5 (2559)
- Habit 3 Put First Things First: The Habit of Integrity and ExecutionDa EverandHabit 3 Put First Things First: The Habit of Integrity and ExecutionValutazione: 4 su 5 stelle4/5 (2508)
- American Gods: The Tenth Anniversary EditionDa EverandAmerican Gods: The Tenth Anniversary EditionValutazione: 4 su 5 stelle4/5 (12956)
- The 7 Habits of Highly Effective PeopleDa EverandThe 7 Habits of Highly Effective PeopleValutazione: 4 su 5 stelle4/5 (2572)
- How To Win Friends And Influence PeopleDa EverandHow To Win Friends And Influence PeopleValutazione: 4.5 su 5 stelle4.5/5 (6699)
- Wuthering Heights (Seasons Edition -- Winter)Da EverandWuthering Heights (Seasons Edition -- Winter)Valutazione: 4 su 5 stelle4/5 (9975)
- The Iliad: A New Translation by Caroline AlexanderDa EverandThe Iliad: A New Translation by Caroline AlexanderValutazione: 4 su 5 stelle4/5 (5734)
![American Gods [TV Tie-In]: A Novel](https://imgv2-2-f.scribdassets.com/img/audiobook_square_badge/626321117/198x198/22ab6b48b6/1718315036?v=1){kind=icon}
