&RQWHQLGR ,QWURGXFFLQ  

(QSRFDVSDODEUDV  
/ODYHVSXHUWDV\YHQWDQLOODV  
$VLHQWRVVLVWHPDVGH
VHJXULGDG  
3RUWDREMHWRV  
,QVWUXPHQWRV\PDQGRV  
,OXPLQDFLQ  
6LVWHPDGHLQIRHQWUHWHQLPLHQWR    
&OLPDWL]DFLQ  
&RQGXFFLQ\PDQHMR  
&XLGDGRGHOYHKFXOR  
6HUYLFLR\PDQWHQLPLHQWR  
'DWRVWFQLFRV  
,QIRUPDFLQGHFOLHQWHV  
QGLFHDOIDEWLFR  
 ,QWURGXFFLQ

,QWURGXFFLQ

,QWURGXFFLQ
6XYHKFXORUHSUHVHQWDXQGLVHR
FRPELQDGRGHDYDQ]DGDWHFQRORJD
VHJXULGDGFRPSDWLELOLGDGHFROJLFD
\HFRQRPD
(VWH0DQXDOGH,QVWUXFFLRQHVOHSUR
SRUFLRQDWRGDODLQIRUPDFLQQHFHVD
ULDSDUDFRQGXFLUHOYHKFXORGHIRUPD
VHJXUD\HILFLHQWH
,QIRUPHDORVRFXSDQWHVVREUHORVSR
VLEOHVSHOLJURVGHOHVLRQHV\DFFLGHQ
WHVGHULYDGRVGHXQXVRLQFRUUHFWRGHO
QDOH[SHULPHQWDGRIRUPDGRSRU&KH
YUROHWWUDEDMDVHJQODVLQVWUXFFLRQHV
HVSHFILFDVGH&KHYUROHW
/DGRFXPHQWDFLQSDUDHOFOLHQWHGH
EHUDHVWDUVLHPSUHDPDQRHQHOYH
KFXOR
8VRGHOSUHVHQWHPDQXDO
(VWHPDQXDOGHVFULEHWRGDVODVRS
FLRQHV\FDUDFWHUVWLFDVGLVSRQLEOHV
SDUDHVWHPRGHOR' 'HWHUPLQDGDV
GHVFULSFLRQHVLQFOXLGDVODVGH
IXQFLRQHVGHODSDQWDOOD\ORV
,QWURGXFFLQ 
(QHVWH0DQXDOGH,QVWUXFFLRQHVVH
UHSUHVHQWDQYHKFXORVFRQYRODQWH
DODL]TXLHUGD(OIXQFLRQDPLHQWRHV
VLPLODUSDUDORVYHKFXORVFRQYR
ODQWHDODGHUHFKD
(QHVWHPDQXDOVHXWLOL]DQODVGH
VLJQDFLRQHVGHIEULFDSDUDORVPR
WRUHV/DVGHVLJQDFLRQHVFRPHU
FLDOHVFRUUHVSRQGLHQWHVVHSXHGHQ
HQFRQWUDUHQHOFDSWXOR'DWRVWF
QLFRV
/DVLQGLFDFLRQHVGHGLUHFFLQSHM
L]TXLHUGDRGHUHFKDGHODQWHRGH
YHKFXOR
6LHPSUHGHEHFXPSOLUODVOH\HV\ORV
UHJODPHQWRVGHOSDVSRUGRQGHFLU
FXOH'LFKDVOH\HVSXHGHQGLIHULUGH
ODLQIRUPDFLQFRQWHQLGDHQHOSUH
VHQWH0DQXDOGH,QVWUXFFLRQHV
&XDQGRHVWH0DQXDOGH,QVWUXFFLR
QHVKDFHUHIHUHQFLDDXQDYLVLWDDOWD
OOHUOHUHFRPHQGDPRVTXHDFXGD
DVX5HSDUDGRU$XWRUL]DGR&KHYUR
OHW
7RGRVORV5HSDUDGRUHV$XWRUL]DGRV
&KHYUROHWOHRIUHFHQXQVHUYLFLRH[
FHOHQWHDSUHFLRVUD]RQDEOHV3HUVR
WUVVHUHILHUHQVLHPSUHDOVHQWLGR
PHQVSXHGHQQRVHUDSOLFDEOHV
DVXYHKFXORSRUODYDULDQWHGH GHPDUFKD
PRGHORODVHVSHFLILFDFLRQHVGHO /DVLQGLFDFLRQHVHQSDQWDOODSXH
SDVHOHTXLSDPLHQWRHVSHFLDORORV GHQQRHVWDUHQVXLGLRPD
DFFHVRULRV
/RVPHQVDMHVHQSDQWDOOD\ORVU
/DVHFFLQ(QSRFDVSDODEUDVOH WXORVLQWHULRUHVHVWQLPSUHVRVHQ
SURSRUFLRQDXQDSULPHUDYLVLQGH QHJULWD
FRQMXQWR
/DVWDEODVGHFRQWHQLGRVDOSULQFL
SLRGHOPDQXDO\GHFDGDFDSWXOR
OHD\XGDUQDORFDOL]DUODLQIRUPD
FLQ
(OQGLFHDOIDEWLFROHSHUPLWLUEXV
FDULQIRUPDFLQHVSHFILFD
 ,QWURGXFFLQ
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(OVPERORVLJQLILFD
YDVHODSJLQD
/HGHVHDPRVPXFKDVKRUDVGHDJUD
GDEOHFRQGXFFLQ
&KHYUROHW
,QWURGXFFLQ 
 (QSRFDVSDODEUDV

(QSRFDVSDODEUDV 'HVEORTXHRGHOYHKFXOR $MXVWHGHORVDVLHQWRV

0DQGRDGLVWDQFLD 3RVLFLQGHODVLHQWR
,QIRUPDFLQLPSRUWDQWH
SDUDVXSULPHUYLDMH

3XOVHHOERWQASDUDGHVEORTXHDUODV 7LUHGHODVLGHURGHVOLFHHODVLHQWR
SXHUWDV\HOFRPSDUWLPHQWRGHFDUJD VXHOWHHODVLGHUR
$EUDODVSXHUWDVWLUDQGRGHODPDQLOOD $MXVWHGHORVDVLHQWRV3RVL
FRUUHVSRQGLHQWH3DUDDEULUHOSRUWQ FLQGHDVLHQWR
WUDVHURSXOVHHOERWQVLWXDGRGHEDMR
GHODPROGXUD
6LSXOVDHOERWQIVORVHGHVEOR
TXHD\VHDEUHHOFRPSDUWLPHQWRGH
FDUJD
0DQGRDGLVWDQFLD&LHUUHFHQ
WUDOL]DGR&RPSDUWLPHQWRGH
FDUJD
 (QSRFDVSDODEUDV 

5HVSDOGRGHODVLHQWR $OWXUDGHODVLHQWR $MXVWHGHOUHSRVDFDEH]DV

7LUHGHODSDODQFDDMXVWHODLQFOLQD 0RYLPLHQWRGHERPEHRGHODSDODQFD 3DUDDMXVWDUODDOWXUDWLUHGHOUHSRVD

FLQ\VXHOWHODSDODQFD'HMHTXHHO KDFLDDUULED PVDOWR FDEH]DVKDFLDDUULED3DUDEDMDUOR
DVLHQWRHQFODYHDXGLEOHPHQWH KDFLDDEDMR PVEDMR SXOVHHOUHVRUWH\HPSXMHHOUHSRVD
$MXVWHGHORVDVLHQWRV3RVL FDEH]DVKDFLDDEDMR
FLQGHDVLHQWR $VLHQWRVSRVLFLQGHDVLHQWR

 (QSRFDVSDODEUDV
3DUDDMXVWDUORKRUL]RQWDOPHQWHWLUH
GHOUHSRVDFDEH]DVKDFLDGHODQWH
\HQFOYHORHQXQDGHODVWUHVSRVL
FLRQHV3DUDGHYROYHUORDVXSRVLFLQ
PVDWUDVDGDWLUHWRWDOPHQWHKDFLD
GHODQWH\VXOWHOR
5HSRVDFDEH]DV
&LQWXUQGHVHJXULGDG
([WUDLJDHOFLQWXUQGHVHJXULGDG
\HQFOYHORHQHOFLHUUH(OFLQWXUQGH
VHJXULGDGQRGHEHHVWDUUHWRUFLGR
\GHEHTXHGDUELHQDMXVWDGRDO
FXHUSR(OUHVSDOGRQRGHEHHVWDUGH
PDVLDGRLQFOLQDGRKDFLDDWUVP
$MXVWHGHORVUHWURYLVRUHV
5HWURYLVRULQWHULRU
$MXVWHODSDODQFDHQODSDUWHLQIHULRU
SDUDUHGXFLUHOGHVOXPEUDPLHQWR
5HWURYLVRULQWHULRU5HWURYLVRU
LQWHULRUFRQDQWLGHVOXPEUDPLHQWRDX
[LPRDSUR[ WRPWLFR
3DUDVROWDUHOFLQWXUQSXOVHHOERWQ
URMRGHOFLHUUH
&LQWXURQHVGHVHJXULGDG6LV
WHPDGHDLUEDJV3RVLFLQGH
DVLHQWR

5HWURYLVRUHVH[WHULRUHV
6HOHFFLRQH\DMXVWHHOUHWURYLVRUH[
WHULRUFRUUHVSRQGLHQWH
$MXVWHHOFWULFR5HWURYLVRUHV
H[WHULRUHVFRQYH[RV5HWURYL
VRUHVH[WHULRUHVSOHJDEOHV
5HWURYLVRUHVH[WHULRUHVWUPLFRV

(QSRFDVSDODEUDV 
$MXVWHGHOYRODQWH
'HVEORTXHHODSDODQFDDMXVWHHOYR
ODQWHOXHJRHQFODYHODSDODQFD\DVH
JUHVHGHTXHHVWWRWDOPHQWHEOR
TXHDGD(OYRODQWHVORVHGHEHDMXV
WDUFRQHOYHKFXORSDUDGR\ODGLUHF
FLQGHVEORTXHDGD
6LVWHPDGHDLUEDJV3RVLFLR
QHVGHODOODYHGHOHQFHQGLGR
 (QSRFDVSDODEUDV

9LVWDJHQHUDOGHOWDEOHURGHLQVWUXPHQWRV
 (QSRFDVSDODEUDV 

 &RQPXWDGRUGHODVOXFHV    /('GHHVWDGRGHOVLVWHPD  $MXVWHGHOYRODQWH  

)DURVDQWLQLHEOD   GHDODUPDDQWLUURER    5HJXODGRUGHYHORFLGDG  
3LORWRDQWLQLHEOD    3RUWDREMHWRV  
,OXPLQDFLQGHORV  &RPSDUWLPHQWR
LQVWUXPHQWRV    $LUEDJGHODFRPSDDQWH   SRUWDREMHWRVFDMDGH
 *XDQWHUD   IXVLEOHV  
 6DOLGDVGHDLUHODWHUDOHV  
 7HVWLJRGHFRQWUROGH  3DODQFDGHGHVEORTXHR
 ,QWHUPLWHQWHVUIDJDVOX] GHOFDS  
GHFUXFH\OX]GHFDUUHWHUD    GHVDFWLYDFLQGHODLUEDJ
,OXPLQDFLQGHVDOLGD   \UHFRUGDWRULRGHOFLQWXUQ
/X]GHHVWDFLRQDPLHQWR   GHVHJXULGDG  
&HQWURGHLQIRUPDFLQGHO  &DOHIDFFLQYHQWLODFLQ
FRQGXFWRU   FOLPDWL]DGRUDXWRPWLFR  
 ,QVWUXPHQWRV    6LVWHPDGHFRQWUROGH
 %RFLQD   WUDFFLQ  
$LUEDJGHOFRQGXFWRU   &RQWUROHOHFWUQLFRGH
HVWDELOLGDG  
 &HQWURGHLQIRUPDFLQGHO
FRQGXFWRU    3DODQFDVHOHFWRUDFDPELR
DXWRPWLFR  
 0DQGRVHQHOYRODQWH   &DPELRPDQXDO  
 /LPSLDSDUDEULVDV  /XFHVGHHPHUJHQFLD  
ODYDSDUDEULVDV
OLPSLDOXQHWDODYDOXQHWD    &LHUUHFHQWUDOL]DGR  
 6DOLGDVGHDLUHFHQWUDOHV      3HGDOGHODFHOHUDGRU  
 6LVWHPDGH  3HGDOGHOIUHQR  
LQIRHQWUHWHQLPLHQWR    &HUUDGXUDGHOHQFHQGLGR
 3DQWDOODGHLQIRUPDFLQ   FRQEORTXHRGHOYRODQWH  
 3HGDOGHOHPEUDJXH  
 (QSRFDVSDODEUDV

,OXPLQDFLQH[WHULRU 3XOVHHOFRQPXWDGRUGHODVOXFHV 5IDJDVOX]GHFDUUHWHUD\OX]

 )DURVDQWLQLHEOD GHFUXFH
P 3LORWRDQWLQLHEOD
,OXPLQDFLQ

*LUHHOFRQPXWDGRUGHODVOXFHV
$872 &RQWURODXWRPWLFRGHODV 5IDJDV 7LUHGHODSDODQFD
OXFHVORVIDURVVHFRQHF /X]GH 3UHVLRQHODSDODQFD
WDQ\GHVFRQHFWDQDXWR FDUUHWHUD
PWLFDPHQWH /X]GH 3UHVLRQHRWLUHGHOD
P $FWLYDFLQRGHVDFWLYDFLQ FUXFH SDODQFD
GHOFRQWURODXWRPWLFRGH /X]GHFDUUHWHUD5IDJDV
OXFHV
&RQWURODXWRPWLFRGHODVOX
 /XFHVODWHUDOHV
FHV
 )DURV
(QORVYHKFXORVFRQFRQWURODXWRP
WLFRGHODVOXFHV
 GHVDFW
 (QSRFDVSDODEUDV 

6HDOL]DFLQGHJLURV\FDPELRV /XFHVGHHPHUJHQFLD %RFLQD

GHFDUULO

6HDFFLRQDQFRQHOERWQe 3XOVHH
GHUHFKD 3DODQFDKDFLDDUULED /XFHVGHHPHUJHQFLD
$OD 3DODQFDKDFLDDEDMR
L]TXLHUGD
6HDOL]DFLQGHJLURV\FDPELRVGH
FDUULO/XFHVGHHVWDFLRQD
PLHQWR
 (QSRFDVSDODEUDV

6LVWHPDVOLPSLD /LPSLDSDUDEULVDV6XVWLWXFLQ 6LVWHPDODYDSDUDEULVDV

GHODVHVFRELOODV
\ODYDSDUDEULVDV
/LPSLDSDUDEULVDV

7LUHGHODSDODQFD
6LVWHPDODYDSDUDEULVDV/
TXLGRGHODYDGR
 YHORFLGDGUSLGD
 YHORFLGDGOHQWD
' FRQH[LQDLQWHUYDORVRIXQFLR
QDPLHQWRDXWRPWLFRFRQVHQ
VRUGHOOXYLD
c GHVDFW
3DUDXQVROREDUULGRFXDQGRORVOLP
SLDSDUDEULVDVHVWQGHVFRQHFWDGRV
SXOVHODSDODQFDKDFLDDEDMR
 (QSRFDVSDODEUDV 

6LVWHPDVOLPSLDOXQHWD &OLPDWL]DFLQ
\ODYDOXQHWD
/XQHWDWUPLFDWUDVHUD
UHWURYLVRUHVH[WHULRUHVWUPLFRV

3UHVLRQHODSDODQFD
6HSXOYHUL]DOTXLGRGHODYDGRVREUH
ODOXQHWDWUDVHUD\HOOLPSLDOXQHWDUHD
3XOVHHOLQWHUUXSWRUEDVFXODQWHSDUD OL]DHOEDUULGRYDULDVYHFHV
DFWLYDUHOOLPSLDOXQHWD
SRVLFLQ IXQFLRQDPLHQWRFRQWL /DUHVLVWHQFLDWUPLFDVHDFFLRQDSXO
VXSHULRU QXR VDQGRHOERWQ^
SRVLFLQ IXQFLRQDPLHQWRLQWHU /XQHWDWUPLFDWUDVHUD
LQIHULRU PLWHQWH
SRVLFLQ GHVDFW
FHQWUDO
/LPSLDODYDOXQHWD
 (QSRFDVSDODEUDV
'HVHPSDDGR
\GHVFRQJHODFLQGHORV
FULVWDOHV
3XOVHHOERWQ5
3RQJDHOPDQGRGHODWHPSHUDWXUDHQ
HOQLYHOPVFOLGR
5HIULJHUDFLQLFRQHFWDGD
/XQHWDWUPLFDWUDVHUD^FRQHFWDGD
&OLPDWL]DGRUDXWRPWLFR
&DMDGHFDPELRV
&DPELRPDQXDO
0DUFKDDWUVFRQHOYHKFXORSDUDGR
SLVHHOSHGDOGHHPEUDJXHDSULHWHHO
ERWQGHODSDODQFDVHOHFWRUD\HQ
JUDQHODPDUFKD
6LODPDUFKDQRHQWUDSRQJDODSD
ODQFDHQSXQWRPXHUWRVXHOWHHOSH
GDOGHOHPEUDJXH\SVHORGHQXHYR
OXHJRUHSLWDODVHOHFFLQGHODPDU
FKD
&DPELRPDQXDO
&DPELRDXWRPWLFR
3 HVWDFLRQDPLHQWR
5 PDUFKDDWUV
1 SXQWRPXHUWR
' PDUFKDKDFLDGHODQWH
0RGRPDQXDOPXHYDODSDODQFDVH
OHFWRUDGHVGH'
'KDFLDODL]TXLHUGD
 PDUFKDPVODUJD
< PDUFKDPVFRUWD
/DSDODQFDVHOHFWRUDVORSXHGHPR
YHUVHGHODSRVLFLQ3
3FRQHOHQFHQ
GLGRFRQHFWDGR\HOSHGDOGHOIUHQR
SLVDGR3DUDVHOHFFLRQDU3
3R5
5SXOVH
HOERWQGHGHVEORTXHR
 (QSRFDVSDODEUDV 

&DPELRDXWRPWLFR $OVDOLUGHYLDMH $UUDQTXHGHOPRWRUFRQOD

FHUUDGXUDGHOHQFHQGLGR
&RPSUREDFLRQHVDQWHVGH
FRPHQ]DUXQYLDMH
/DSUHVLQGHORVQHXPWLFRV\VX
HVWDGR
(OQLYHOGHDFHLWHGHOPRWRU\GHORV
GHPVOTXLGRV
7RGRVORVFULVWDOHVUHWURYLVRUHV
LOXPLQDFLQH[WHULRU\SODFDVGH
PDWUFXODGHEHQHVWDUHQEXHQHV
WDGR\OLEUHVGHVXFLHGDGQLHYH
RKLHOR
/DFRUUHFWDSRVLFLQGHORVDVLHQ
WRVFLQWXURQHVGHVHJXULGDG\UH *LUHODOODYHDODSRVLFLQ
WURYLVRUHV
0XHYDOLJHUDPHQWHHOYRODQWHSDUD
(OIXQFLRQDPLHQWRGHORVIUHQRV GHVDFWLYDUHOEORTXHR
DEDMDYHORFLGDGHVSHFLDOPHQWHVL &DPELRPDQXDOSLVHHOSHGDOGHO
ORVIUHQRVHVWQKPHGRV HPEUDJXH
&DPELRDXWRPWLFRSLVHHOIUHQR
\PXHYDODSDODQFDVHOHFWRUDKDFLD
3R1
1
1RDFHOHUH
 (QSRFDVSDODEUDV
0RWRUGLVHOJLUHODOODYHDODSRVL (VWDFLRQDPLHQWR
FLQ
SDUDHOSUHFDOHQWDPLHQWR
KDVWDTXHHOWHVWLJRGHFRQWURO $FFLRQHVLHPSUHHOIUHQRGHHVWD
FLRQDPLHQWRVLQSXOVDUHOERWQGH
VHDSDJXH
GHVEORTXHR(QSHQGLHQWHVDSO
*LUHODOODYHDODSRVLFLQ
\VXO TXHORFRQWRGDODILUPH]DSRVLEOH
WHODFXDQGRHOPRWRUHVWHQPDU 3DUDUHGXFLUHOHVIXHU]RSLVHHOSH
FKD GDOGHOIUHQRDOPLVPRWLHPSR
$QWHVGHUHSHWLUHODUUDQTXHRSDUD $SDJXHHOPRWRU*LUHODOODYHGHO
DSDJDUHOPRWRUJLUHGHQXHYRODOODYH HQFHQGLGRDODSRVLFLQ\V
D
 TXHOD*LUHHOYRODQWHKDVWDTXH
SHUFLEDTXHVHKDEORTXHDGR
(QYHKFXORVFRQFDPELRDXWRP
WLFRPXHYDODSDODQFDVHOHFWRUD
DODSRVLFLQ3
3\VDTXHODOODYH
6LHOYHKFXORHVWHQXQDVXSHUIL
FLHSODQDRFXHVWDDUULEDHQJUDQH
ODSULPHUDRPXHYDODSDODQFDVH
OHFWRUDD3
3DQWHVGHGHVFRQHFWDUHO
HQFHQGLGR6LHOYHKFXORHVW
FXHVWDDUULEDJLUHODVUXHGDVGH
ODQWHUDVHQODGLUHFFLQFRQWUDULDDO
ERUGLOOR
6LHOYHKFXORHVWFXHVWDDEDMR
HQJUDQHODPDUFKDDWUVRPXHYD
ODSDODQFDVHOHFWRUDD3 3DQWHVGH
GHVFRQHFWDUHOHQFHQGLGR*LUHODV
UXHGDVGHODQWHUDVKDFLDHOERUGLOOR
&LHUUHODVYHQWDQLOODV\HOWHFKRVR
ODU
%ORTXHHHOYHKFXORFRQHOERWQC
GHOPDQGRDGLVWDQFLD
&RQHFWHHOVLVWHPDGHDODUPDDQWL
UURER
1RHVWDFLRQHHOYHKFXORVREUHXQD
VXSHUILFLHIFLOPHQWHLQIODPDEOH/D
HOHYDGDWHPSHUDWXUDGHOVLVWHPD
GHHVFDSHSRGUDLQIODPDUGLFKD
VXSHUILFLH
/RVYHQWLODGRUHVGHUHIULJHUDFLQ
GHOPRWRUSXHGHQVHJXLUIXQFLR
QDQGRGHVSXVGHGHVFRQHFWDUHO
PRWRU
'HVSXVGHFLUFXODUDXQUJLPHQ
HOHYDGRRDOWDFDUJDGHMHIXQFLRQDU
HOPRWRUEUHYHPHQWHFRQEDMD
FDUJDRDOUDOHQWGXUDQWHR
PLQXWRVDQWHVGHSDUDUORDILQGH
SURWHJHUHOWXUERFRPSUHVRU
/ODYHVFHUUDGXUDV
 /ODYHVSXHUWDV\YHQWDQLOODV 

/ODYHVFHUUDGXUDV 3XOVHHOERWQSDUDGHVSOHJDUOR3DUD
/ODYHVSXHUWDV SOHJDUODOODYHSXOVHSULPHURHOERWQ
\YHQWDQLOODV /ODYHV
0DQGRDGLVWDQFLD
/ODYHVGHUHSXHVWR
/ODYHVFHUUDGXUDV   (OQPHURGHODOODYHVHHVSHFLILFDHQ
3XHUWDV   XQDHWLTXHWDTXHVHSXHGHTXLWDU
6HJXULGDGGHOYHKFXOR   $OSHGLUOODYHVGHUHSXHVWRGHEHLQGL
FDUVHHOQPHURGHOODYHFRUUHVSRQ
5HWURYLVRUHVH[WHULRUHV   GLHQWH\DTXHODOODYHHVXQFRPSR
5HWURYLVRULQWHULRU   QHQWHGHOVLVWHPDLQPRYLOL]DGRU
9HQWDQLOODV   &HUUDGXUDV
7HFKR  
/ODYHFRQSDOHWQSOHJDEOH

6HXVDSDUDDFFLRQDU
&LHUUHFHQWUDOL]DGR
6LVWHPDGHDODUPDDQWLUURER
&RPSDUWLPHQWRGHFDUJD
(OPDQGRDGLVWDQFLDWLHQHXQDOFDQFH
GHPHWURVDSUR[LPDGDPHQWH'L
FKRDOFDQFHSXHGHYHUVHDIHFWDGR
SRULQIOXHQFLDVH[WHUQDV
/DVOXFHVGHHPHUJHQFLDVHLOXPLQDQ
SDUDFRQILUPDUHODFFLRQDPLHQWR
 /ODYHVSXHUWDV\YHQWDQLOODV
'HEHWUDWDUORFRQFXLGDGRSURWHJHUOR
GHODKXPHGDG\GHODVWHPSHUDWXUDV
DOWDV\QRDFFLRQDUORLQQHFHVDULD
PHQWH
$YHUD
6LHOFLHUUHFHQWUDOL]DGRQRVHDFWLYD
DFFLRQDPLHQWRUHSHWLGR\IUHFXHQWH /DVSLODVQRGHEHQDUURMDUVHDODED
GHOPDQGRDGLVWDQFLDIXHUDGHODO VXUDGRPVWLFD'HEHQGHVHFKDUVH
FDQFHGHUHFHSFLQGHOYHKFXOR HQXQSXQWRGHUHFRJLGDDXWRUL]DGR
VHUQHFHVDULRYROYHUDVLQFURQL SDUDVXUHFLFODMH
]DUOR
/ODYHFRQSDOHWQSOHJDEOH
VREUHFDUJDGHOFLHUUHFHQWUDOL]DGR
GHELGRDXQDFFLRQDPLHQWRIUH
FXHQWHHQEUHYHVLQWHUYDORVVHLQ
WHUUXPSHODDOLPHQWDFLQGHFR
UULHQWHGXUDQWHXQEUHYHSHURGRGH
WLHPSR
LQWHUIHUHQFLDGHRQGDVGHUDGLRGH
PD\RUSRWHQFLDSURFHGHQWHVGH
RWUDVIXHQWHV
'HVEORTXHRGHOYHKFXOR
$MXVWHVEVLFRV
$OJXQRVDMXVWHVSXHGHQFDPELDUVH
HQHOPHQ$$MXVWHVGHODSDQWDOODGH 'HVSOLHJXHODOODYH\DEUDODXQLGDG
FRQHOPDQGRDGLVWDQFLDSXHGHGH LQIRUPDFLQ3HUVRQDOL]DFLQGHOYH 6XVWLWX\DODSLODWLSR&5SUHV
EHUVHDORVLJXLHQWH KFXOR WDQGRDWHQFLQDODSRVLFLQGHPRQ
VHKDH[FHGLGRHODOFDQFH WDMH&LHUUHODXQLGDG\VLQFURQLFHHO
ODWHQVLQGHODSLODHVGHPDVLDGR 6XVWLWXFLQGHODSLODGHOPDQGR PDQGRDGLVWDQFLD
EDMD DGLVWDQFLD
6XVWLWX\DODSLODHQFXDQWRHODOFDQFH /ODYHFRQSDOHWQILMR
GLVPLQX\DQRWDEOHPHQWH +DJDVXVWLWXLUODSLODHQXQWDOOHU

$MXVWHVPHPRUL]DGRV
6LHPSUHTXHVHVDFDODOODYHGHOD
FHUUDGXUDGHOHQFHQGLGRODOODYHPH
PRUL]DDXWRPWLFDPHQWHORVVLJXLHQ
WHVDMXVWHV 'HVEORTXHR
&OLPDWL]DGRUDXWRPWLFRHOHFWU 0DQGRDGLVWDQFLD
QLFR
,OXPLQDFLQ
6LVWHPDGHLQIRHQWUHWHQLPLHQWR
&LHUUHFHQWUDOL]DGR
/RVDMXVWHVJXDUGDGRVVHXWLOL]DQDX
WRPWLFDPHQWHODSU[LPDYH]TXHVH
LQVHUWHODOODYHHQODFHUUDGXUDGHOHQ
FHQGLGR
3HUVRQDOL]DFLQGHOYHKFXOR
&LHUUHFHQWUDOL]DGR
3HUPLWHEORTXHDU\GHVEORTXHDUODV
SXHUWDVHOFRPSDUWLPHQWRGHFDUJD
\ODWDSDGHOGHSVLWRGHFRPEXVWLEOH
$OWLUDUGHXQDPDQLOODLQWHULRUVHDEUH
ODSXHUWD
/ODYHVSXHUWDV\YHQWDQLOODV 
1RWD 3DUDGHVEORTXHDUWRGDVODVSXHU
(QFDVRGHDFFLGHQWHGHXQDGHWHU WDVHOFRPSDUWLPHQWRGHFDUJD\OD
PLQDGDJUDYHGDGHOYHKFXORVH WDSDGHOGHSVLWRGHFRPEXVWLEOH
GHVEORTXHDDXWRPWLFDPHQWH SXOVHXQDYH]HOERWQA
/RVDMXVWHVSXHGHQFDPELDUVHHQHO
PHQ$ $MXVWHVGHODSDQWDOODGHLQIRU
PDFLQ3HUVRQDOL]DFLQGHOYHKFXOR

/RVDMXVWHVVHSXHGHQPHPRUL]DU
PHGLDQWHODOODYHXWLOL]DGD$MXVWHV
PHPRUL]DGRV
%ORTXHR
0DQGRDGLVWDQFLD
&LHUUHODVSXHUWDVHOFRPSDUWLPHQWR
GHFDUJD\ODWDSDGHOGHSVLWRGH
FRPEXVWLEOH
3XOVHHOERWQA
+D\GRVRSFLRQHVSRVLEOHV
3DUDGHVEORTXHDUVORODSXHUWDGHO
FRQGXFWRUSXOVHXQDYH]HOERWQ
ASDUDGHVEORTXHDUWRGDVODVSXHU
WDVHOFRPSDUWLPHQWRGHFDUJD\OD
WDSDGHOGHSVLWRGHFRPEXVWLEOH
SXOVHGRVYHFHVHOERWQA
 /ODYHVSXHUWDV\YHQWDQLOODV

'HVEORTXHRGHOSRUWQWUDVHUR SXHUWDV

9HUVLQSXHUWDV

3XOVHHOERWQC
6LODSXHUWDGHOFRQGXFWRUQRHVW
ELHQFHUUDGDHOFLHUUHFHQWUDOL]DGRQR
IXQFLRQDU3HUVRQDOL]DFLQGHOYH
KFXOR
3XOVHHOERWQAXQDYH]RGRVYHFHV
GHSHQGLHQGRGHODMXVWHVHOHFFLR
QDGR(OSRUWQWUDVHURVHGHVEOR
TXHDU\VHDEULU
3HUVRQDOL]DFLQGHOYHKFXOR
3XOVHHOERWQI(OSRUWQWUDVHUR
VHGHVEORTXHD\VHDEUHPLHQWUDV
TXHODVGHPVSXHUWDVSHUPDQHFHQ
EORTXHDGDV
%RWRQHVGHOFLHUUHFHQWUDOL]DGR
3HUPLWHQEORTXHDURGHVEORTXHDUWR
GDVODVSXHUWDVHOFRPSDUWLPHQWRGH
FDUJD\ODWDSDGHOGHSVLWRGHFRP
EXVWLEOH
 /ODYHVSXHUWDV\YHQWDQLOODV 

$YHUDHQHOVLVWHPDGHPDQGR %ORTXHR
DGLVWDQFLD &RQHFWHHOHQFHQGLGR\SXOVHHOER
WQGHOFLHUUHFHQWUDOL]DGRCSDUDEOR
'HVEORTXHR TXHDUWRGDVODVSXHUWDVHOFRPSDUWL
PHQWRGHFDUJD\ODWDSDGHOGHSVLWR
GHFRPEXVWLEOH/XHJRFLHUUHOD
SXHUWDGHOFRQGXFWRU\EORTXHOD
GHVGHIXHUDFRQODOODYH

$YHUDGHOFLHUUHFHQWUDOL]DGR
'HVEORTXHR
'HVEORTXHHPDQXDOPHQWHODSXHUWD
3XOVHHOERWQCSDUDEORTXHDU GHOFRQGXFWRUJLUDQGRODOODYHHQOD
3XOVHHOERWQASDUDGHVEORTXHDU FHUUDGXUD/DVRWUDVSXHUWDVSXHGHQ
&XDQGRODOODYHHVWHQODFHUUDGXUD DEULUVHDFFLRQDQGRODPDQLOODLQWHULRU
GHOHQFHQGLGRHOEORTXHRVORVHU GRVYHFHV/DWDSDGHOGHSVLWRGH
SRVLEOHVLWRGDVODVSXHUWDVHVWQFH FRPEXVWLEOHQRVHSXHGHDEULU3DUD
'HVEORTXHHPDQXDOPHQWHODSXHUWD
UUDGDV GHVDFWLYDUHOVLVWHPDDQWLUURERFR
GHOFRQGXFWRUJLUDQGRODOODYHHQOD
QHFWHHOHQFHQGLGR
FHUUDGXUD&RQHFWHHOHQFHQGLGR
\SXOVHHOERWQGHOFLHUUHFHQWUDOL
]DGRASDUDGHVEORTXHDUWRGDVODV
SXHUWDVHOFRPSDUWLPHQWRGHFDUJD
\ODWDSDGHOGHSVLWRGHFRPEXVWLEOH
3DUDGHVDFWLYDUHOVLVWHPDDQWLUURER
FRQHFWHHOHQFHQGLGR
 /ODYHVSXHUWDV\YHQWDQLOODV
'HVEORTXHRGHOSRUWQWUDVHUR
7LUHGHODPDQLOODHQHOLQWHULRUGHO
SRUWQWUDVHUR
%ORTXHR
3UHVLRQHKDFLDDEDMRORVSHVWLOORVGH
WRGDVODVSXHUWDVH[FHSWRODSXHUWD
GHOFRQGXFWRU/XHJRFLHUUHODSXHUWD
GHOFRQGXFWRU\EORTXHODGHVGH
IXHUDFRQODOODYH/DWDSDGHOGHS
VLWRGHFRPEXVWLEOH\HOSRUWQWUDVHUR
QRVHSXHGHQEORTXHDU
6HJXURVSDUDQLRV 3XHUWDV
&RPSDUWLPHQWRGHFDUJD
3RUWQWUDVHUR
$SHUWXUD
9HUVLQSXHUWDV
 $GYHUWHQFLD
8WLOLFHORVVHJXURVSDUDQLRV
VLHPSUHTXHYLDMHQQLRVHQORV
DVLHQWRVWUDVHURV
8VDQGRODOODYHRXQGHVWRUQLOODGRU 'HVSXVGHOGHVEORTXHRSXOVHHOER
DGHFXDGRJLUHORVVHJXURVSDUDQL WQVLWXDGRGHEDMRGHODPDQLOOD
RVGHODVSXHUWDVWUDVHUDVKDVWDOD \DEUDHOSRUWQWUDVHUR
SRVLFLQKRUL]RQWDO/DVSXHUWDVQR
SXHGHQDEULUVHGHVGHHOLQWHULRU3DUD SXHUWDV
VXGHVDFWLYDFLQJLUHORVVHJXURV
SDUDQLRVKDVWDODSRVLFLQYHUWLFDO

3XOVHHOERWQIGHOPDQGRDGLV
WDQFLDKDVWDTXHHOSRUWQWUDVHURVH
DEUDRSXOVHHOERWQVLWXDGRGHEDMR
GHODPROGXUDGHOSRUWQWUDVHURGHV
SXVGHGHVEORTXHDUHOYHKFXOR
 $GYHUWHQFLD
1RFLUFXOHFRQHOSRUWQWUDVHUR
DELHUWRRHQWUHDELHUWRSHMDO
WUDQVSRUWDUREMHWRVYROXPLQRVRV
\DTXHSRGUDQHQWUDUJDVHVGH
HVFDSHW[LFRVHQHOYHKFXOR
/ODYHVSXHUWDV\YHQWDQLOODV 
8WLOLFHODPDQLOODLQWHULRU
$WHQFLQ
$OFHUUDUQRSXOVHHOERWQVLWXDGR
$QWHVGHDEULUHOSRUWQWUDVHUR GHEDMRGHODPROGXUDRGHEDMRGHOD
FRPSUXHEHVLKD\REVWUXFFLRQHV PDQLOODSDUDHYLWDUTXHHOSRUWQWUD
SRUDUULEDFRPRXQDSXHUWDGHJD VHURVHYXHOYDDGHVEORTXHDU
UDMHSDUDHYLWDUGDRVHQHOSRUWQ
WUDVHUR&RPSUXHEHVLHPSUHOD
]RQDGHPRYLPLHQWRSRUHQFLPD
\GHWUVGHOSRUWQWUDVHUR
1RWD
6LVHPRQWDQGHWHUPLQDGRVDFFHVR
ULRVSHVDGRVHQHOSRUWQWUDVHUR
SXHGHTXHVWHQRVHPDQWHQJDHQ
SRVLFLQDELHUWD
&LHUUH
 /ODYHVSXHUWDV\YHQWDQLOODV

6HJXULGDGGHOYHKFXOR $FWLYDFLQ (OVLVWHPDYLJLOD

/DVSXHUWDVHOSRUWQWUDVHUR\HO
6LVWHPDDQWLUURER FDS
(OKDELWFXORLQFOXLGRHOFRPSDUWL
 $GYHUWHQFLD PHQWRGHFDUJD
/DLQFOLQDFLQGHOYHKFXORSHMVL
1RXWLOLFHHOVLVWHPDVLKD\SHUVR ORHOHYDQ
QDVHQHOLQWHULRUGHOYHKFXOR/DV
(OHQFHQGLGR
SXHUWDVQRVHSXHGHQGHVEOR
TXHDUGHVGHHOLQWHULRU

(OVLVWHPDDQWLUUREREORTXHDPHFQL
FDPHQWHWRGDVODVSXHUWDV3DUDDF
WLYDUHOVLVWHPDWRGDVODVSXHUWDVGH
EHQHVWDUFHUUDGDV 3XOVHGRVYHFHVHOERWQCGHOPDQGR
6LHOHQFHQGLGRHVWDEDFRQHFWDGRVH DGLVWDQFLDHQPHQRVGH
GHEHDEULU\FHUUDUODSXHUWDGHOFRQ VHJXQGRV
GXFWRUXQDYH]SDUDSRGHUDVHJXUDU
HOYHKFXOR 6LVWHPDGHDODUPD
$OGHVEORTXHDUHOYHKFXORVHGHVDF DQWLUURER
WLYDHOVHJXURDQWLUURERPHFQLFR
(OVLVWHPDGHDODUPDDQWLUURERLQ
(VWRQRHVSRVLEOHFRQHOERWQGHO
FOX\HHOVLVWHPDDQWLUURERPHFQLFR
FLHUUHFHQWUDOL]DGR
TXHVHDFFLRQDFRQMXQWDPHQWH
 /ODYHVSXHUWDV\YHQWDQLOODV 

$FWLYDFLQ $FWLYDFLQVLQYLJLODQFLDGHO  &LHUUHODVSXHUWDV

KDELWFXOR\GHODLQFOLQDFLQGHO  &RQHFWHHOVLVWHPDGHDODUPDDQ
YHKFXOR WLUURER

/('GHHVWDGR

6HDFWLYDDXWRPWLFDPHQWH
VHJXQGRVGHVSXVGHEORTXHDU
HOYHKFXORLQLFLDOL]DFLQGHOVLV 'HVDFWLYHODYLJLODQFLDGHOKDELWFXOR
WHPDR
&RQPDQGRDGLVWDQFLDVHDFWLYD
GLUHFWDPHQWHSXOVDQGRGHQXHYRC
GHVSXVGHOEORTXHRR
1RWD
/DVPRGLILFDFLRQHVGHOLQWHULRUGHO
YHKFXORFRPRHOXVRGHIXQGDVGH
DVLHQWR\ODVYHQWDQLOODVRHOWHFKR
VRODUDELHUWRVSRGUDQSHUWXUEDUOD
IXQFLQGHYLJLODQFLDGHOKDELWFXOR
\GHODLQFOLQDFLQGHOYHKFXOR
FXDQGRVHTXHGHQDQLPDOHVHQHOYH (O/('GHHVWDGRHVWLQWHJUDGRHQHO
KFXORGHELGRDOHOHYDGRYROXPHQGH VHQVRUVLWXDGRHQODSDUWHVXSHULRU
VHDOHVXOWUDVQLFDV\DTXHORVPR GHOWDEOHURGHLQVWUXPHQWRV
YLPLHQWRVGLVSDUDUQODDODUPD7DP
ELQGHEHGHVDFWLYDUVHFXDQGRHOYH
KFXORYLDMHHQIHUU\RWUHQ
 &LHUUHHOSRUWQWUDVHURHOFDS
ODVYHQWDQLOODV\HOWHFKRVRODU
 3XOVHHOERWQR6HHQFLHQGH
HO/('HQHOERWQR
 /ODYHVSXHUWDV\YHQWDQLOODV

(VWDGRGXUDQWHORVSULPHURV 'HVDFWLYDFLQ /DDODUPDVHSXHGHVLOHQFLDUSXO

VHJXQGRVGHVGHODDFWLYDFLQGHO VDQGRFXDOTXLHUERWQGHOPDQGR
VLVWHPDGHDODUPDDQWLUURER DGLVWDQFLDRFRQHFWDQGRHOHQFHQ
/(' FRPSUREDFLQUH GLGR
HQFHQGLGR WDUGRGHDFWLYDFLQ (OVLVWHPDGHDODUPDDQWLUURERVOR
(O/(' ODVSXHUWDVHOSRU VHSXHGHGHVDFWLYDUSXOVDQGRHOER
SDUSDGHD WQWUDVHURRHO WQARFRQHFWDQGRHOHQFHQGLGR
USLGDPHQWH FDSQRHVWQELHQ
FHUUDGRVRDYHUD
GHOVLVWHPD
,QPRYLOL]DGRU
(OVLVWHPDHVWLQWHJUDGRHQODFHUUD
(VWDGRGHVSXVGHDFWLYDUVHHOVLV GXUDGHOHQFHQGLGR\FRPSUXHEDVLHO
WHPD YHKFXORSXHGHVHUDUUDQFDGRFRQOD
(O/(' HOVLVWHPDHVWDF OODYHXWLOL]DGD6LHOVLVWHPDUHFRQRFH
SDUSDGHD WLYDGR 6LVHGHVEORTXHDHOYHKFXORFRQHO DOWUDQVSRQGHGRUGHODOODYHVH
OHQWDPHQWH ERWQAVHGHVDFWLYDHOVLVWHPDGH SXHGHDUUDQFDUHOYHKFXOR
(QFDVRGHDYHUDUHFXUUDDODD\XGD DODUPDDQWLUURER (OLQPRYLOL]DGRUVHDFWLYDDXWRPWL
GHXQWDOOHU FDPHQWHGHVSXVGHVDFDUODOODYHGH
$ODUPD ODFHUUDGXUDGHOHQFHQGLGR
&XDQGRVHGLVSDUDODDODUPDVXHQD 6LHOWHVWLJRGHFRQWUROGVHHQFLHQGH
PHGLDQWHXQDVLUHQDDOLPHQWDGDSRU RSDUSDGHDFRQHOHQFHQGLGRFRQHF
XQDEDWHUDLQGHSHQGLHQWH\VLPXOW WDGRKD\XQDDYHUDHQHOVLVWHPDQR
QHDPHQWHSDUSDGHDQODVOXFHVGH VHSXHGHDUUDQFDUHOPRWRU'HVFR
HPHUJHQFLD(OQPHUR\ODGXUDFLQ QHFWHHOHQFHQGLGR\OXHJRUHSLWDHO
GHODVVHDOHVGHDODUPDHVWHVWD LQWHQWRGHDUUDQTXH
EOHFLGRSRUODOH\

6LHOWHVWLJRGHFRQWUROFRQWLQDHQ
FHQGLGRRSDUSDGHDQGRLQWHQWH
DUUDQFDUHOPRWRUFRQODOODYHGHUH
SXHVWR\UHFXUUDDODD\XGDGHXQWD
OOHU
1RWD
(OLQPRYLOL]DGRUQREORTXHDODV
SXHUWDV'HVSXVGHVDOLUGHOYH
KFXORVLHPSUHGHEHEORTXHDUOR
\FRQHFWDUHOVLVWHPDGHDODUPDDQ
WLUURER
7HVWLJRGHFRQWUROG
/ODYHVSXHUWDV\YHQWDQLOODV
5HWURYLVRUHVH[WHULRUHV
)RUPDFRQYH[D
(OUHWURYLVRUH[WHULRUFRQYH[RUHGXFH
ORVQJXORVPXHUWRV/DIRUPDGHOHV
SHMRKDFHTXHORVREMHWRVSDUH]FDQ
PVSHTXHRVORTXHDIHFWDDOD
DSUHFLDFLQGHODVGLVWDQFLDV
$MXVWHHOFWULFR
6HOHFFLRQHHOUHWURYLVRUH[WHULRUFR
UUHVSRQGLHQWHJLUDQGRHOPDQGRDOD

(QODSRVLFLQ
QRKD\VHOHFFLRQDGR
QLQJQUHWURYLVRU
3OHJDGR
3DUDODVHJXULGDGGHORVSHDWRQHV
ORVUHWURYLVRUHVH[WHULRUHVEDVFXODQ
GHVXSRVLFLQGHPRQWDMHQRUPDODO
UHFLELULPSDFWRVGHXQDGHWHUPLQDGD
IXHU]D9XHOYDDFRORFDUHOUHWURYLVRU
HQVXSRVLFLQSUHVLRQDQGROLJHUD
PHQWHVREUHODFDUFDVD
L]TXLHUGD/RDODGHUHFKD5
/XHJREDVFXOHHOPDQGRSDUDDMXVWDU
HOUHWURYLVRU
 /ODYHVSXHUWDV\YHQWDQLOODV

3OHJDGRHOFWULFR &DOHIDFWDGR 5HWURYLVRULQWHULRU

$QWLGHVOXPEUDPLHQWR
PDQXDO

*LUHHOPDQGRD\OXHJRSXOVHHO 6HFRQHFWDSXOVDQGRHOERWQ^
PDQGRKDFLDDEDMR6HSOHJDUQORV
/DFDOHIDFFLQIXQFLRQDFRQHOPRWRU
GRVUHWURYLVRUHVH[WHULRUHV
HQPDUFKD\VHGHVFRQHFWDDXWRP
3XOVHGHQXHYRHOPDQGRKDFLD WLFDPHQWHSRFRWLHPSRGHVSXV 3DUDUHGXFLUHOGHVOXPEUDPLHQWRDF
DEDMRDPERVUHWURYLVRUHVYROYHUQ
FLRQHODSDODQFDTXHKD\GHEDMRGHOD
DVXSRVLFLQRULJLQDO
FDUFDVDGHOHVSHMR
6LXQUHWURYLVRUSOHJDGRHOFWULFD
PHQWHVHGHVSOLHJDPDQXDOPHQWHDO
SXOVDUHOPDQGRVORVHGHVSOHJDU
HOFWULFDPHQWHHORWURUHWURYLVRU

$QWLGHVOXPEUDPLHQWR
DXWRPWLFR
(OGHVOXPEUDPLHQWRSURGXFLGRSRU
ORVYHKFXORVTXHQRVVLJXHQGHQR
FKHVHUHGXFHDXWRPWLFDPHQWH
/ODYHVSXHUWDV\YHQWDQLOODV 
9HQWDQLOODV /RVHOHYDOXQDVHOFWULFRVIXQFLRQDQ
FRQHOHQFHQGLGRFRQHFWDGR
(OHYDOXQDVPDQXDOHV HQXQSOD]RGHPLQXWRVWUDVGHV
/DVYHQWDQLOODVSXHGHQVXELUVH\ED FRQHFWDUHOHQFHQGLGRKDVWDTXHVH
MDUVHFRQODVPDQLYHODVGHORVHOHYD DEUDXQDSXHUWD
OXQDV 'HVSXVGHGHVFRQHFWDUHOHQFHQ
GLGRVHGHVDFWLYDHODFFLRQDPLHQWR
GHODVYHQWDQLOODVFXDQGRVHDEUHXQD
(OHYDOXQDVHOFWULFRV SXHUWDGHODQWHUD
 $GYHUWHQFLD
7HQJDFXLGDGRDODFFLRQDUORVOH
YDQWDYLGULRVHOFWULFRV+D\ULHVJR
GHOHVLRQHVHVSHFLDOPHQWHSDUD
ORVQLRV
6LKD\QLRVHQHODVLHQWRWUDVHUR
DFWLYHHOVHJXURSDUDQLRVGHORV
OHYDQWDYLGULRVHOFWULFRV
2EVHUYHDWHQWDPHQWHODVYHQWDQL
OODVFXDQGRODVFLHUUH$VHJUHVH
GHTXHQDGDTXHGHDWUDSDGR
PLHQWUDVVHPXHYHQ $FFLRQHHOLQWHUUXSWRUGHODYHQWDQLOOD
FRUUHVSRQGLHQWHSXOVHSDUDDEULU
RWLUHSDUDFHUUDU
 /ODYHVSXHUWDV\YHQWDQLOODV
0DQHMR
3XOVHRWLUHFRQFXLGDGRKDVWDHOSUL
PHUILDGRUODYHQWDQLOODVXEHREDMD
PLHQWUDVHVWDFFLRQDGRHOLQWHUUXS
WRU
3XOVHRWLUHFRQPVIXHU]DKDVWDHO
VHJXQGRILDGRU\OXHJRVXHOWHODYHQ
WDQLOODVHEDMDDXWRPWLFDPHQWH
3XOVHRWLUHFRQPVIXHU]DKDVWDHO
VHJXQGRILDGRU\OXHJRVXHOWHODYHQ
WDQLOODGHOFRQGXFWRUVXEHREDMDDX
WRPWLFDPHQWHFRQIXQFLQGHVHJX
$QXODUODIXQFLQGHVHJXULGDG
(QFDVRGHGLILFXOWDGHVSDUDFHUUDU
SRUHVFDUFKDRVLPLODUPDQWHQJDDF
FLRQDGRHOLQWHUUXSWRU/DYHQWDQLOOD
GHOFRQGXFWRUVXEHVLQODIXQFLQGH
VHJXULGDG3DUDGHWHQHUHOPRYL
PLHQWRVXHOWH\YXHOYDDDFFLRQDUHO
LQWHUUXSWRUXQDYH]PVHQODPLVPD
GLUHFFLQ
6HJXURSDUDQLRVHQODV
6REUHFDUJD
6LVHDFFLRQDQUHSHWLGDPHQWHODV
YHQWDQLOODVDLQWHUYDORVEUHYHVHVSR
VLEOHTXHVHGHVDFWLYHHODFFLRQD
PLHQWRGHODVYHQWDQLOODVGXUDQWHDO
JQWLHPSR
,QLFLDOL]DFLQGHORVHOHYDOXQDV
HOFWULFRV
6LODVYHQWDQLOODVQRVHSXHGHQDEULU
DXWRPWLFDPHQWHSHMGHVSXVGH
YHQWDQLOODVWUDVHUDV GHVFRQHFWDUODEDWHUDGHOYHKFXOR
ULGDG DFWLYHODHOHFWUQLFDGHODVYHQWDQLOODV
GHOVLJXLHQWHPRGR
3DUDGHWHQHUHOPRYLPLHQWRYXHOYD
DDFFLRQDUHOLQWHUUXSWRUHQODPLVPD  &LHUUHODVSXHUWDV
GLUHFFLQ  &RQHFWHHOHQFHQGLGR
 &LHUUHODYHQWDQLOODFRPSOHWD
)XQFLQGHVHJXULGDGGHOODGR PHQWH\PDQWHQJDHOLQWHUUXSWRU
GHOFRQGXFWRU DFFLRQDGRGXUDQWHRWURV
6LHOFULVWDOGHODYHQWDQLOODHQFXHQWUD VHJXQGRV
DOJQREVWFXORGXUDQWHHOFLHUUHDX  5HSLWDODRSHUDFLQSDUDFDGD
WRPWLFRVHGHWLHQHLQPHGLDWDPHQWH YHQWDQLOOD
\YXHOYHDDEULUVH

3XOVHHOLQWHUUXSWRURSDUDGHVDFWLYDU
ORVHOHYDOXQDVHOFWULFRVGHODVSXHU
WDVWUDVHUDVHO/('VHLOXPLQD3DUD
DFWLYDUORVSXOVHGHQXHYRR

/XQHWDWUPLFDWUDVHUD
6HFRQHFWDSXOVDQGRHOERWQ^
/DFDOHIDFFLQIXQFLRQDFRQHOPRWRU
HQPDUFKD\VHGHVFRQHFWDDXWRP
WLFDPHQWHSRFRWLHPSRGHVSXV
3DUDVROHV
/RVSDUDVROHVVHSXHGHQDEDWLU
REDVFXODUKDFLDXQODGRSDUDHYLWDU
HOGHVOXPEUDPLHQWR
6LORVSDUDVROHVWLHQHQHVSHMRVLQWH
JUDGRVODVWDSDVGHORVHVSHMRVGH
EHQHVWDUFHUUDGDVGXUDQWHODPDU
FKD
/ODYHVSXHUWDV\YHQWDQLOODV
7HFKR
7HFKRVRODU
 $GYHUWHQFLD
7HQJDFXLGDGRDODFFLRQDUHOWH
FKRVRODU+D\ULHVJRGHOHVLRQHV
HVSHFLDOPHQWHSDUDORVQLRV
2EVHUYHDWHQWDPHQWHODVSLH]DV
PYLOHVGXUDQWHVXDFFLRQD
PLHQWR$VHJUHVHGHTXHQDGD
TXHGHDWUDSDGRPLHQWUDVVHPXH
YHQ
(OWHFKRVRODUIXQFLRQD
FRQHOHQFHQGLGRFRQHFWDGR
KDVWDPLQXWRVGHVSXVGHGHV
FRQHFWDUHOHQFHQGLGR
'HVSXVGHGHVFRQHFWDUHOHQFHQ
GLGRVHGHVDFWLYDHODFFLRQDPLHQWR
GHOWHFKRVRODUFXDQGRVHDEUHXQD
SXHUWDGHODQWHUD

$EULURFHUUDU
3XOVHSRUVXDYHPHQWHKDVWDHO
SULPHUILDGRUHOWHFKRVRODUVHDEUH
RFLHUUDPLHQWUDVHOLQWHUUXSWRUHVW
DFFLRQDGR
3XOVHSRUILUPHPHQWHKDVWDHO
VHJXQGRILDGRU\OXHJRVXHOWHHOWH
FKRVRODUVHDEUHRFLHUUDDXWRPWL
FDPHQWHFRQODIXQFLQGHVHJXULGDG
DFWLYDGD3DUDGHWHQHUHOPRYL
PLHQWRDFFLRQHHOLQWHUUXSWRUXQDYH]
PV
6XELURFHUUDU
3XOVHTRUHOWHFKRVRODUVH
VXEHRVHFLHUUDDXWRPWLFDPHQWH
 /ODYHVSXHUWDV\YHQWDQLOODV

3HUVLDQDVRODU
/DSHUVLDQDVRODUVHDFFLRQDPDQXDO
PHQWH
$EUDRFLHUUHODSHUVLDQDVRODUGHVOL
]QGROD&XDQGRHOWHFKRVRODUHVW
DELHUWRODSHUVLDQDVLHPSUHHVW
DELHUWD
,QLFLDOL]DUWUDVXQIDOORGH
FRUULHQWH
&XDQGRVHSURGXFHXQIDOORGHFR
UULHQWHSXHGHTXHVORVHDSRVLEOH
DFFLRQDUHOWHFKRVRODUKDVWDFLHUWR
SXQWR'LUMDVHDOWDOOHUSDUDLQLFLDOL]DU
HOVLVWHPD

,QGLFDFLRQHVJHQHUDOHV
)XQFLQGHVHJXULGDG
6LHOWHFKRVRODUHQFXHQWUDDOJQREV
WFXORGXUDQWHHOFLHUUHDXWRPWLFR
VHGHWLHQHLQPHGLDWDPHQWH\YXHOYH
DDEULUVH
$QXODUODIXQFLQGHVHJXULGDG
(QFDVRGHGLILFXOWDGHVSDUDFHUUDU
SRUHVFDUFKDRVLPLODUPDQWHQJDDF
FLRQDGRHOLQWHUUXSWRUUKDVWDHOVH
JXQGRILDGRU(OWHFKRVRODUVHFLHUUD
VLQODIXQFLQGHVHJXULGDG3DUDGH
WHQHUHOPRYLPLHQWRVXHOWHHOLQWH
UUXSWRU
 $VLHQWRVVLVWHPDVGHVHJXULGDG 

5HSRVDFDEH]DV DOWDSDUDSHUVRQDVGHSRFDHVWDWXUD
$VLHQWRVVLVWHPDVGH VHGHEHDMXVWDUHQODSRVLFLQPV
VHJXULGDG EDMD
3RVLFLQ
5HSRVDFDEH]DVHQORVDVLHQWRV
 $GYHUWHQFLD GHODQWHURV
5HSRVDFDEH]DV  
$VLHQWRVGHODQWHURV   &RQGX]FDVLHPSUHFRQHODSR\D $MXVWHGHODDOWXUD
$VLHQWRVWUDVHURV   FDEH]DVDMXVWDGRHQODSRVLFLQ
&LQWXURQHVGHVHJXULGDG   FRUUHFWD
6LVWHPDGHDLUEDJV  
6LVWHPDVGHUHWHQFLQLQIDQWLO  

7LUHGHOUHSRVDFDEH]DVKDFLDDUULED
3DUDEDMDUORSXOVHHOUHVRUWH\HP
SXMHHOUHSRVDFDEH]DVKDFLDDEDMR
(OERUGHVXSHULRUGHOUHVSRVDFDEH
]DVGHEHHVWDUHQODSDUWHVXSHULRUGH
ODFDEH]D6LHVWRQRHVSRVLEOHSDUD
SHUVRQDVPX\DOWDVVHGHEHDMXVWDU
HOUHSRVDFDEH]DVHQODSRVLFLQPV
 $VLHQWRVVLVWHPDVGHVHJXULGDG

5HSRVDFDEH]DVHQORVDVLHQWRV $VLHQWRVGHODQWHURV
GHODQWHURV
$MXVWHGHODDOWXUD
3RVLFLQGHDVLHQWR
 $GYHUWHQFLD
&RQGX]FDVLHPSUHFRQHODVLHQWR
DMXVWDGRFRUUHFWDPHQWH

$MXVWHKRUL]RQWDO
3DUDDMXVWDUORKRUL]RQWDOPHQWHWLUH
GHOUHSRVDFDEH]DVKDFLDGHODQWH
\HQFOYHORHQXQDGHODVWUHVSRVL
FLRQHV 7LUHGHOUHSRVDFDEH]DVKDFLDDUULED
3DUDGHYROYHUORDVXSRVLFLQPV 3DUDEDMDUORSXOVHHOUHVRUWH\HP
DWUDVDGDWLUHWRWDOPHQWHKDFLDGH SXMHHOUHSRVDFDEH]DVKDFLDDEDMR
ODQWH\VXOWHOR

6LQWHVHORPVFHUFDSRVLEOHGHO
UHVSDOGR$MXVWHODGLVWDQFLDGHO
DVLHQWRKDVWDORVSHGDOHVGHPRGR
TXHDOSLVDUORVSHGDOHVODVSLHU
QDVTXHGHQGREODGDVHQXQOLJHUR
 $VLHQWRVVLVWHPDVGHVHJXULGDG 

QJXOR'HVOLFHHODVLHQWRGHO $MXVWHGHORVDVLHQWRV 7LUHGHODVLGHURGHVOLFHHODVLHQWR

DFRPSDDQWHKDFLDDWUVOR VXHOWHHODVLGHUR
P[LPRSRVLEOH
 3HOLJUR 5HVSDOGRGHODVLHQWR
&RORTXHORVKRPEURVORPVFHUFD
SRVLEOHGHOUHVSDOGR$MXVWHODLQFOL 3DUDSHUPLWLUXQFRUUHFWRGHVSOLH
QDFLQGHOUHVSDOGRGHPRGRTXH JXHGHODLUEDJGHEHHVWDUVHQ
SXHGDFRJHUHOYRODQWHFRQORVEUD WDGRDPVGHFPGHOYRODQWH
]RVOLJHUDPHQWHGREODGRV$OJLUDU
HOYRODQWHGHEHPDQWHQHUHOFRQ
WDFWRGHORVKRPEURVFRQHOUHV  $GYHUWHQFLD
SDOGR(OUHVSDOGRQRGHEHHVWDU
GHPDVLDGRLQFOLQDGRKDFLDDWUV 1XQFDDMXVWHORVDVLHQWRVPLHQ
/HUHFRPHQGDPRVXQQJXORGHLQ WUDVFRQGXFH\DTXHSRGUDQPR
FOLQDFLQP[LPRGHXQRV YHUVHGHIRUPDLQFRQWURODGD
$MXVWHHOYRODQWH
3RVLFLQGHODVLHQWR
$MXVWHODDOWXUDGHODVLHQWRGHPRGR
TXHHOFDPSRYLVXDOTXHGHOLEUHKD 7LUHGHODSDODQFDDMXVWHODLQFOLQD
FLDWRGRVORVODGRV\SXHGDYHUWR FLQ\VXHOWHODSDODQFD'HMHTXHHO
GRVORVLQVWUXPHQWRVLQGLFDGRUHV DVLHQWRHQFODYHDXGLEOHPHQWH
'HEHUDTXHGDUFRPRPQLPRXQ
SDOPRGHKROJXUDHQWUHODFDEH]D
\HOUHYHVWLPLHQWRGHOWHFKR/RV
PXVORVGHEHQTXHGDUDSR\DGRVOL
JHUDPHQWHVLQSUHVLQVREUHHO
DVLHQWR
$MXVWHHOUHSRVDFDEH]DV
$MXVWHODDOWXUDGHOFLQWXUQGHVH
JXULGDG
 $VLHQWRVVLVWHPDVGHVHJXULGDG

$OWXUDGHODVLHQWR $MXVWHKRUL]RQWDO &DOHIDFFLQ

0RYLPLHQWRGHERPEHRGHODSDODQFD 3UHVLRQHODSDODQFDSDUDGHVOL]DUHO &RQHOHQFHQGLGRFRQHFWDGRDFWLYH

KDFLDDUULED DVLHQWRPVDOWR UHSRVDEUD]RV ODFDOHIDFFLQGHODVLHQWRGHODQWHUR
KDFLDDEDMR DVLHQWRPVEDMR SXOVDQGRXQDRPVYHFHVHOERWQ
dHQHOPDQGRGHFRQWUROGHODWHP
SHUDWXUDDVLHQWRL]TXLHUGRRGHOD
5HSRVDEUD]RV YHORFLGDGGHOYHQWLODGRUDVLHQWRGH
UHFKR(OQPHURGH/('LOXPLQDGRV
5HSRVDEUD]RVHQWUHORV HQHOERWQLQGLFDHODMXVWH
DVLHQWRVGHODQWHURV 1RVHUHFRPLHQGDHOXVRSURORQJDGR
3XOVHHOERWQ\OHYDQWHHOUHSRVD HQHOQLYHOPVDOWRSDUDODVSHUVRQDV
EUD]RV(OUHSRVDEUD]RVDELHUWRFRQ FRQSLHOVHQVLEOH
WLHQHXQFRPSDUWLPHQWRSRUWDREMHWRV
/DFDOHIDFFLQGHORVDVLHQWRVIXQ
FLRQDFRQHOPRWRUHQPDUFKD

$VLHQWRVWUDVHURV
5HSRVDEUD]RV
%DMHHOUHSRVDEUD]RVWLUDQGRGHODFR
UUHD(OUHSRVDEUD]RVDEDWLGRFRQ
WLHQHXQSRUWDYDVRV
$VLHQWRVVLVWHPDVGHVHJXULGDG
&LQWXURQHVGH
VHJXULGDG
$ODFHOHUDURIUHQDUEUXVFDPHQWHHO
YHKFXORORVFLQWXURQHVVHEORTXHDQ
SDUDSURWHJHUDORVRFXSDQWHV

 $GYHUWHQFLD
$EUFKHVHHOFLQWXUQGHVHJXUL
GDGDQWHVGHFDGDYLDMH
(QFDVRGHXQDFFLGHQWHODVSHU
VRQDVTXHQROOHYDQORVFLQWXURQHV
GHVHJXULGDGSRQHQHQSHOLJURVXV
YLGDV\ODVGHORVGHPVRFXSDQ
WHV
/RVFLQWXURQHVHVWQGLVHDGRVSDUD
VHUXWLOL]DGRVSRUXQDVRODSHUVRQDDO
PLVPRWLHPSR1RVRQDGHFXDGRV
SDUDSHUVRQDVPHQRUHVGHDRV
RGHHVWDWXUDLQIHULRUDFP
&RPSUXHEHSHULGLFDPHQWHTXHWR
GDVODVSLH]DVGHOVLVWHPDGHFLQWX
URQHVIXQFLRQDQELHQ\QRSUHVHQWDQ
GDRVQLFRQWDPLQDFLQ
+DJDVXVWLWXLUFXDOTXLHUFRPSRQHQWH
GDDGR'HVSXVGHXQDFFLGHQWH
KDJDVXVWLWXLUORVFLQWXURQHV\ORVSUH
WHQVRUHVGLVSDUDGRVHQXQWDOOHU
 $VLHQWRVVLVWHPDVGHVHJXULGDG
1RWD
3URFXUHTXHORVFLQWXURQHVQRTXH
GHQDWUDSDGRVQLVXIUDQGDRVFDX
VDGRVSRUHOFDO]DGRXREMHWRVFRQ
ERUGHVDILODGRV(YLWHTXHHQWUHVX
FLHGDGHQORVUHWUDFWRUHVGHORVFLQ
WXURQHV
5HFRUGDWRULRGHOFLQWXUQGHVHJXUL
GDG7
/LPLWDGRUHVGHIXHU]DGHORV
FLQWXURQHV
(QORVDVLHQWRVGHODQWHURVHVWHGLV
SRVLWLYRUHGXFHODIXHU]DVREUHHO
FXHUSRDOGHVEORTXHDUGHIRUPDJUD
GXDOHOFLQWXUQGXUDQWHXQDFROLVLQ
3UHWHQVRUHVGHFLQWXURQHV
WHVWLJRGHFRQWUROT
(QFDVRGHFROLVLRQHVIURQWDOHV\WUD
VHUDVDSDUWLUGHXQDGHWHUPLQDGD
JUDYHGDGVHWHQVDQORVFLQWXURQHV
GHVHJXULGDGGHODQWHURV
 $GYHUWHQFLD
/DPDQLSXODFLQLQFRUUHFWDSRU
HMHPSORGXUDQWHHOGHVPRQWDMH
RPRQWDMHGHORVFLQWXURQHVRGH
/DDFWLYDFLQGHORVSUHWHQVRUHVVH
LQGLFDPHGLDQWHODLOXPLQDFLQGHO
/RVSUHWHQVRUHVGHFLQWXURQHVDFWL
YDGRVGHEHQVXVWLWXLUVHHQXQWDOOHU
/RVSUHWHQVRUHVVHDFWLYDQVORXQD
YH]
1RWD
1RHVWSHUPLWLGRPRQWDUDFFHVR
ULRVQLFRORFDUREMHWRVTXHSXHGDQ
PHQRVFDEDUHOIXQFLRQDPLHQWRGH
ORVSUHWHQVRUHVGHFLQWXURQHV1R
UHDOLFHPRGLILFDFLRQHVHQORVFRP
SRQHQWHVGHORVSUHWHQVRUHVGHFLQ
WXURQHVSRUTXHVHSRGUDDQXODUHO
SHUPLVRGHFLUFXODFLQGHOYHKFXOR
ORVFLHUUHVSXHGHSURYRFDUODDF
WLYDFLQGHORVSUHWHQVRUHVFRQHO
FRQVLJXLHQWHULHVJRGHOHVLRQHV

&LQWXUQGHVHJXULGDGGH
WUHVSXQWRV
$EURFKDUORVFLQWXURQHV
([WUDLJDHOFLQWXUQGHOUHWUDFWRU
JXHORSRUHQFLPDGHOFXHUSRVLQUH
WRUFHUORHLQVHUWHODOHQJHWDHQHO
FLHUUH'XUDQWHHOYLDMHWHQVHIUH
FXHQWHPHQWHHOFLQWXUQDEGRPLQDOWL
UDQGRVXDYHPHQWHGHODEDQGDWRU
FLFD5HFRUGDWRULRGHOFLQWXUQGHVH
JXULGDG
$VLHQWRVVLVWHPDVGHVHJXULGDG 
$MXVWHGHODDOWXUD
/DURSDVXHOWDRPX\JUXHVDLPSLGH
TXHHOFLQWXUQVHDMXVWHDOFXHUSR
1RFRORTXHQLQJQREMHWRFRPRXQ  ([WUDLJDXQSRFRHOFLQWXUQ
EROVRRXQWHOIRQRPYLOHQWUHHOFLQ  3XOVHHOERWQ
WXUQ\HOFXHUSR  $MXVWHODDOWXUD\HQFODYH
 $GYHUWHQFLD
(OFLQWXUQQRGHEHDSR\DUVHVR
EUHQLQJXQRGHORVREMHWRVJXDU
GDGRVHQORVEROVLOORVGHODURSD
 $VLHQWRVVLVWHPDVGHVHJXULGDG
$MXVWHODDOWXUDGHPRGRTXHHOFLQWX
UQSDVHSRUHOKRPEUR1RGHEHSD
VDUSRUHOFXHOORRODSDUWHVXSHULRUGHO
EUD]R
1RORDMXVWHPLHQWUDVFRQGXFH
'HVPRQWDMH 8VRGHOFLQWXUQGHVHJXULGDG
GXUDQWHHOHPEDUD]R
3DUDVROWDUHOFLQWXUQSXOVHHOERWQ
URMRGHOFLHUUH
 $GYHUWHQFLD
&LQWXURQHVGHVHJXULGDGHQORV
(OFLQWXUQDEGRPLQDOGHEHSDVDU
DVLHQWRVWUDVHURV ORPVEDMRSRVLEOHVREUHODSHOYLV
(OFLQWXUQGHVHJXULGDGGHWUHVSXQ SDUDHYLWDUODSUHVLQVREUHHODE
WRVGHODVLHQWRFHQWUDOVORVHSXHGH GRPHQ
H[WUDHUGHOUHWUDFWRUVLHOUHVSDOGR
HVWHQODSRVLFLQPVDWUDVDGD

6LVWHPDGHDLUEDJV
(OVLVWHPDGHDLUEDJVVHFRPSRQHGH
YDULRVVLVWHPDVLQGLYLGXDOHV
&XDQGRVHDFWLYDQORVDLUEDJVVHLQ
IODQHQPLOLVHJXQGRV7DPELQVH
GHVLQIODQWDQUSLGDPHQWHTXHDPH
QXGRQRVHOOHJDQDSHUFLELUGXUDQWH
ODFROLVLQ
 $GYHUWHQFLD
6LVHPDQLSXODQLQGHELGDPHQWH
ORVDLUEDJVSXHGHQGLVSDUDUVH
1RWD
/DXQLGDGHOHFWUQLFDGHFRQWUROGHO
VLVWHPDGHDLUEDJV\GHORVSUHWHQ
VRUHVGHFLQWXURQHVHVWVLWXDGDHQ
OD]RQDGHODFRQVRODFHQWUDO1RVH
GHEHQGHSRVLWDUREMHWRVPDJQWLFRV
HQGLFKD]RQD
1RSHJXHQDGDHQODVWDSDVGHORV
DLUEDJVQLORVFXEUDFRQQLQJQRWUR
PDWHULDO
&DGDDLUEDJVHDFWLYDXQDYH]VROD
PHQWH+DJDFDPELDUORVDLUEDJVDF
WLYDGRVHQXQWDOOHU
$VLHQWRVVLVWHPDVGHVHJXULGDG 
1RUHDOLFHPRGLILFDFLRQHVHQHOVLV
WHPDGHDLUEDJVSRUTXHVHSRGUD
DQXODUHOSHUPLVRGHFLUFXODFLQGHO
YHKFXOR
(QFDVRGHGHVSOLHJXHGHODLUEDJ
DFXGDDXQWDOOHUSDUDHOGHVPRQWDMH
GHOYRODQWHGHOWDEOHURGHLQVWUX
PHQWRVGHORVUHYHVWLPLHQWRVODV
MXQWDVGHODVSXHUWDVORVDVLGHURV
\ORVDVLHQWRV
7HVWLJRGHFRQWUROTGHOVLVWHPDGH
DLUEDJV
6HDPRUWLJXDHOPRYLPLHQWRKDFLDGH
ODQWHGHORVRFXSDQWHVGHORVDVLHQ
6LVWHPDGHDLUEDJV WRVGHODQWHURVUHGXFLQGRVHFRQVL
IURQWDOHV GHUDEOHPHQWHHOULHVJRGHOHVLRQHV
(OVLVWHPDGHDLUEDJVIURQWDOHVVH HQODSDUWHVXSHULRUGHOFXHUSR\OD
FRPSRQHGHXQDLUEDJHQHOYRODQWH FDEH]D
\XQRHQHOWDEOHURGHLQVWUXPHQWRV
HQHOODGRGHODFRPSDDQWH6HSXH
GHQLGHQWLILFDUSRUHOUWXOR$
$,5%$*
(OVLVWHPDGHDLUEDJVGHODQWHURVH
DFWLYDHQFDVRGHFKRTXHGHXQDGH
WHUPLQDGDJUDYHGDG(OHQFHQGLGR
GHEHHVWDUFRQHFWDGR
 $VLHQWRVVLVWHPDVGHVHJXULGDG

 $GYHUWHQFLD
6ORVHREWLHQHXQDSURWHFFLQ
SWLPDFXDQGRHODVLHQWRHVWHQ
ODSRVLFLQFRUUHFWD
1RGHEHKDEHUREVWFXORVHQOD
]RQDGHLQIODGRGHORVDLUEDJV
/OHYHHOFLQWXUQGHVHJXULGDG
DEURFKDGRFRUUHFWDPHQWH6OR
DVSRGUSURWHJHUOHHODLUEDJ
6LVWHPDGHDLUEDJV
ODWHUDOHV
(OVLVWHPDGHDLUEDJVODWHUDOHVVH
FRPSRQHGHXQDLUEDJHQFDGDUHV
SDOGRGHORVDVLHQWRVGHODQWHURV6H
SXHGHQLGHQWLILFDUSRUHOUWXOR
$,5%$*
(OVLVWHPDGHDLUEDJVODWHUDOHVVHDF
WLYDHQFDVRGHFKRTXHGHXQDGHWHU
PLQDGDJUDYHGDG(OHQFHQGLGRGHEH
HVWDUFRQHFWDGR
 $GYHUWHQFLD
1RGHEHKDEHUREVWFXORVHQOD
]RQDGHLQIODGRGHORVDLUEDJV
1RWD
6ORGHEHQXWLOL]DUVHIXQGDVGH
DVLHQWRVKRPRORJDGDVSDUDVXYH
KFXOR7HQJDFXLGDGRGHQRWDSDU
ORVDLUEDJV
6LVWHPDGHDLUEDJVGH
FRUWLQD

6HUHGXFHFRQVLGHUDEOHPHQWHHO
ULHVJRGHOHVLRQHVHQODSDUWHVXSH
ULRUGHOFXHUSR\ODSHOYLVHQFDVRGH
XQFKRTXHODWHUDO
 $VLHQWRVVLVWHPDVGHVHJXULGDG 

(OVLVWHPDGHDLUEDJVGHFRUWLQDVH
FRPSRQHGHXQDLUEDJHQHOPDUFR
GHOWHFKRDFDGDODGR6HSXHGHQ
LGHQWLILFDUSRUHOUWXOR$
$,5%$*HQORV
SLODUHVGHOWHFKR
(OVLVWHPDGHDLUEDJVGHFRUWLQDVH
DFWLYDHQFDVRGHFKRTXHGHXQDGH
WHUPLQDGDJUDYHGDG(OHQFHQGLGR
GHEHHVWDUFRQHFWDGR
 $GYHUWHQFLD
1RGHEHKDEHUREVWFXORVHQOD
]RQDGHLQIODGRGHORVDLUEDJV
/RVJDQFKRVHQORVDVLGHURVGHO
PDUFRGHOWHFKRVORGHEHQXWLOL
]DUVHSDUDFROJDUSUHQGDVGHYHV
WLUOLJHUDVVLQSHUFKDV1RGHEHQ
JXDUGDUVHREMHWRVHQHVWDVSUHQ
GDVGHYHVWLU

'HVDFWLYDFLQGHORV
DLUEDJV
'HEHQGHVDFWLYDUVHORVVLVWHPDVGH
DLUEDJIURQWDO\ODWHUDOSDUDHODVLHQWR
GHODFRPSDDQWHVLVHYDDPRQWDUXQ
VLVWHPDGHUHWHQFLQLQIDQWLOHQGLFKR
DVLHQWR(OVLVWHPDGHDLUEDJVGHFRU
WLQDORVSUHWHQVRUHVGHFLQWXURQHV
\WRGRVORVVLVWHPDVGHDLUEDJGHO
FRQGXFWRUSHUPDQHFHUQDFWLYDGRV
6HUHGXFHFRQVLGHUDEOHPHQWHHO
ULHVJRGHOHVLRQHVHQODFDEH]DHQ
FDVRGHXQLPSDFWRODWHUDO
(OVLVWHPDGHDLUEDJGHODFRPSD
DQWHVHSXHGHGHVDFWLYDUPHGLDQWH
XQDFHUUDGXUDHQHOODGRGHOWDEOHUR
GHLQVWUXPHQWRVYLVLEOHFRQODSXHUWD
GHODFRPSDDQWHDELHUWD
 $GYHUWHQFLD
'HVDFWLYHHOVLVWHPDGHDLUEDJGHO
DFRPSDDQWHFXDQGRHODVLHQWR
GHODFRPSDDQWHHVWRFXSDGR
SRUXQQLR
$FWLYHHOVLVWHPDGHDLUEDJGHO
DFRPSDDQWHFXDQGRHODVLHQWR
GHODFRPSDDQWHHVWRFXSDGR
SRUXQDGXOWR
 $VLHQWRVVLVWHPDVGHVHJXULGDG

8WLOLFHODOODYHGHOHQFHQGLGRSDUDVH 6LVWHPDVGHUHWHQFLQ
OHFFLRQDUODSRVLFLQ
:GHVFRQHFWDU ORVDLUEDJVGHO
LQIDQWLO
DFRPSDDQWHHV
WQGHVDFWLYDGRV /HUHFRPHQGDPRVHOVLVWHPDGHUH
\QRVHLQIODUQHQ WHQFLQLQIDQWLO*0DGDSWDGRHVSH
FDVRGHFROLVLQ FILFDPHQWHDOYHKFXOR
6HHQFLHQGHHO &XDQGRXWLOLFHXQVLVWHPDGHUHWHQ
WHVWLJRGHFRQWURO FLQLQIDQWLOSUHVWHDWHQFLQDODVVL
:GHVFRQHFWDUGH JXLHQWHVLQVWUXFFLRQHVGHXVR\PRQ
IRUPDSHUPD WDMHDVFRPRDODVLQVWUXFFLRQHVVX
QHQWH6HSXHGH PLQLVWUDGDVFRQHOVLVWHPDGHUHWHQ
PRQWDUXQVLV (QFDVRGHFROLVLQORVVLVWHPDVGH FLQLQIDQWLO
WHPDGHUHWHQFLQ DLUEDJSDUDHODVLHQWRGHODFRPSD 6LHPSUHGHEHQFXPSOLUVHODVQRUPDV
LQIDQWLOGH DQWHVHLQIODUQVLHPSUHTXHHOWHV ORFDOHVRQDFLRQDOHV(QDOJXQRVSD
DFXHUGRFRQHO WLJRGHFRQWURO:GHVFRQHFWDUQRHVW VHVHVWSURKLELGRHOXVRGHVLVWHPDV
FXDGUR HQFHQGLGR GHUHWHQFLQLQIDQWLOHQGHWHUPLQDGDV
3RVLFLRQHVGH SOD]DVGHDVLHQWR
PRQWDMHGHO &DPELHHOHVWDGRVORFRQHOYHKFXOR
VLVWHPDGH SDUDGR\HOHQFHQGLGRGHVFRQHFWDGR
UHWHQFLQLQIDQWLO (OHVWDGRVHPDQWLHQHKDVWDHOSU
 [LPRFDPELR
9FRQHFWDGR ORVDLUEDJVGHO 7HVWLJRGHFRQWUROGHGHVDFWLYDFLQ
DFRPSDDQWHHV GHODLUEDJ
WQDFWLYDGRV1R
VHSXHGHQPRQWDU
VLVWHPDVGHUH
WHQFLQLQIDQWLO

 $GYHUWHQFLD
&XDQGRVHXWLOLFHXQVLVWHPDGH
UHWHQFLQLQIDQWLOHQHODVLHQWRGHO
DFRPSDDQWHORVVLVWHPDVGHDLU
EDJSDUDHODVLHQWRGHODFRPSD
DQWHGHEHQHVWDUGHVDFWLYDGRV VHSXHGHFRORFDUELHQHOFLQWXUQDXQ
HQFDVRFRQWUDULRHOGHVSOLHJXH
GHORVDLUEDJVVXSRQHXQSHOLJUR
GHPXHUWHSDUDHOQLR
(VWRHVDSOLFDEOHHVSHFLDOPHQWHVL
VHXVDQVLVWHPDVGHUHWHQFLQLQ
IDQWLORULHQWDGRVKDFLDDWUVHQHO
DVLHQWRGHODFRPSDDQWH
6HOHFFLQGHOVLVWHPDFRUUHFWR
/RVDVLHQWRVWUDVHURVVRQHOOXJDU
PVDGHFXDGRSDUDILMDUXQVLVWHPD
GHUHWHQFLQLQIDQWLO
6LHPSUHTXHVHDSRVLEOHORVQLRV
GHEHUDQYLDMDUPLUDQGRKDFLDDWUV
HQHOYHKFXOR$VVHJDUDQWL]DTXH
ODFROXPQDYHUWHEUDOGHOQLRTXH
DQHVPX\GELOVXIUDPHQRVWHQ
VLQHQFDVRGHDFFLGHQWH
$VLHQWRVVLVWHPDVGHVHJXULGDG
/RVQLRVPHQRUHVGHDRVTXH
PLGDQPHQRVGHFPGHEHQYLDMDU
VLHPSUHHQXQVLVWHPDGHUHWHQFLQ
DGHFXDGRSDUDHOORV6RQDGHFXDGRV
ORVVLVWHPDVGHUHWHQFLQTXHFXP
SODQODVQRUPDV(&(
R(&(&RPRQRUPDOPHQWHQR
QLRTXHPLGDPHQRVGHFPOH
UHFRPHQGDPRVXVDUXQVLVWHPDGH
UHWHQFLQLQIDQWLODSURSLDGRDXQTXH
SRUODHGDGGHOQLRQRVHDREOLJDWRULR
OHJDOPHQWH
1XQFDGHEHOOHYDUXQQLRHQEUD]RV
FXDQGRYLDMHHQHOYHKFXOR(QFDVR
GHFROLVLQQRSRGUVXMHWDUDOQLR
HQVXVEUD]RV
&XDQGROOHYHQLRVXVHORVVLVWHPDV
GHUHWHQFLQLQIDQWLODGHFXDGRVVH
JQVXSHVR
$VHJUHVHGHTXHHOVLVWHPDGHUH
WHQFLQLQIDQWLOTXHVHYDDPRQWDU
VHDFRPSDWLEOHFRQHOWLSRGHYH
KFXOR
$VHJUHVHGHTXHODSRVLFLQGH
PRQWDMHGHOVLVWHPDGHUHWHQFLQLQ
IDQWLOHQHOYHKFXORVHDFRUUHFWD

/RVQLRVGHEHQHQWUDU\VDOLUGHOYH
KFXORVLHPSUHSRUHOODGRRSXHVWRDO
GHOWUILFR
&XDQGRQRVHXVHHOVLVWHPDGHUH
WHQFLQLQIDQWLODVHJUHORFRQXQFLQ
WXUQGHVHJXULGDGRGHVPQWHORGHO
YHKFXOR
1RWD
1RSHJXHQDGDHQORVVLVWHPDVGH
UHWHQFLQLQIDQWLOQLORVWDSHFRQQLQ
JQRWURPDWHULDO
8QVLVWHPDGHUHWHQFLQLQIDQWLOTXH
KD\DVLGRVRPHWLGRDWHQVLQHQXQ
DFFLGHQWHGHEHVXVWLWXLUVH
$VHJUHVHGHTXHORVQLRVYD\DQ
VHQWDGRVHQORVDVLHQWRVWUDVHURV
FRQVLVWHPDVGHUHWHQFLQLQIDQWLO
+DVWDTXHORVQLRVSXHGDQXVDU
FLQWXURQHVGHVHJXULGDGVHOHFFLRQH
XQVLVWHPDGHUHWHQFLQDGHFXDGR
SDUDVXHGDG\DVHJUHVHGHTXHHO
QLRORXWLOLFH9HDODVLQVWUXFFLRQHV
UHOHYDQWHVGHORVVLVWHPDVGHUHWHQ
FLQLQIDQWLO
 $VLHQWRVVLVWHPDVGHVHJXULGDG

3RVLFLRQHVGHPRQWDMHGHOVLVWHPDGHUHWHQFLQLQIDQWLO
2SFLRQHVSHUPLWLGDVSDUDHOPRQWDMHGHXQVLVWHPDGHUHWHQFLQLQIDQWLO
(QORVDVLHQWRVH[WHULRUHV (QHODVLHQWRFHQWUDO
(QHODVLHQWRGHODFRPSDDQWH WUDVHURV WUDVHUR
1LYHOGHSHVRRGHHGDG DLUEDJDFWLYDGR DLUEDJGHVDFWLYDGR
*UXSRKDVWDNJ ; 8 8 8
RPHVHVDSUR[
*UXSRKDVWDNJ ; 8 8 8
RDRVDSUR[
*UXSR,GHDNJ ; 8 8 8
RGHPHVHVDDRVDSUR[
*UXSR,,GHDNJ ; ; 8 8
RGHDDRVDSUR[
*UXSR,,,GHDNJ ; ; 8 8
RGHDDRVDSUR[

 6ORVLORVVLVWHPDVGHDLUEDJGHODVLHQWRGHODFRPSDDQWHHVWQGHVDFWLYDGRV6LHOVLVWHPDGHUHWHQFLQLQIDQWLO
VHILMDFRQXQFLQWXUQGHVHJXULGDGGHWUHVSXQWRVDMXVWHODDOWXUDGHODVLHQWRHQODSRVLFLQPVHOHYDGD\DVHJUHVH
GHTXHHOFLQWXUQGHVHJXULGDGGHOYHKFXORVDOJDKDFLDGHODQWHGHVGHHOSXQWRGHDQFODMHVXSHULRU
 $VLHQWRGLVSRQLEOHFRQVRSRUWHVGHPRQWDMH,62),;\DQFODMHVXSHULRU
8 $GHFXDGRSDUDXVRXQLYHUVDOHQFRPELQDFLQFRQXQFLQWXUQGHVHJXULGDGGHWUHVSXQWRV
; 1RVHSHUPLWHQVLVWHPDVGHUHWHQFLQLQIDQWLOHQHVWDFODVHGHSHVR
 $VLHQWRVVLVWHPDVGHVHJXULGDG 

2SFLRQHVSHUPLWLGDVSDUDHOPRQWDMHGHXQVLVWHPDGHUHWHQFLQLQIDQWLO,62),;
(QHODVLHQWRGHO (QORVDVLHQWRV (QHODVLHQWR
&ODVHGHSHVR &ODVHGHWDPDR )LMDFLQ DFRPSDDQWH H[WHULRUHVWUDVHURV FHQWUDOWUDVHUR
*UXSRKDVWDNJ ( ,625 ; ,/ ;
*UXSRKDVWDNJ ( ,625 ; ,/ ;
' ,625 ; ,/ ;
& ,625 ; ,/ ;
*UXSR,GHDNJ ' ,625 ; ,/ ;
& ,625 ; ,/ ;
% ,62) ; ,/,8) ;
% ,62); ; ,/,8) ;
$ ,62) ; ,/,8) ;

,/ $GHFXDGDSDUDVLVWHPDVGHUHWHQFLQLQIDQWLO,62),;GHODVFDWHJRUDV
HVSHFILFDGHOYHKFXOR

OLPLWDGD
R
VH
PLXQLYHUVDO
(OVLVWHPDGHUHWHQFLQ,62),;GHEHHVWDUKRPRORJDGRSDUDHOWLSRHVSHFILFRGHYHKFXOR
,8) $GHFXDGDSDUDVLVWHPDVGHUHWHQFLQLQIDQWLO,62),;RULHQWDGRVKDFLDGHODQWHGHFDWHJRUDXQLYHUVDOKRPROR
JDGRVSDUDVXXVRHQHVWDFODVHGHSHVR
; 1LQJQVLVWHPDGHUHWHQFLQLQIDQWLO,62),;KRPRORJDGRHQHVWDFODVHGHSHVR
 0XHYDHODVLHQWRGHODQWHURKDVWDODSRVLFLQPVDGHODQWDGDRPXYDORKDFLDGHODQWHKDVWDTXHHOVLVWHPDGH
UHWHQFLQLQIDQWLOQRLQWHUILHUDFRQHOUHVSDOGRGHODVLHQWRGHODQWHUR
 $VLHQWRVVLVWHPDVGHVHJXULGDG

&ODVHGHWDPDR,62),;\GLVSRVLWLYRGHDVLHQWR
$,62) 6LVWHPDGHUHWHQFLQLQIDQWLORULHQWDGRKDFLDGHODQWHSDUDQLRVGHWDOODP[LPDHQODFODVHGHSHVRGH
DNJ
%,62) 6LVWHPDGHUHWHQFLQLQIDQWLORULHQWDGRKDFLDGHODQWHSDUDQLRVPVSHTXHRVHQODFODVHGHSHVRGH
DNJ
%,62); 6LVWHPDGHUHWHQFLQLQIDQWLORULHQWDGRKDFLDGHODQWHSDUDQLRVPVSHTXHRVHQODFODVHGHSHVRGH
DNJ
&,625 6LVWHPDGHUHWHQFLQLQIDQWLORULHQWDGRKDFLDDWUVSDUDQLRVGHWDOODP[LPDHQODFODVHGHSHVRKDVWD
NJ
',625 6LVWHPDGHUHWHQFLQLQIDQWLORULHQWDGRKDFLDDWUVSDUDQLRVPVSHTXHRVHQODFODVHGHSHVRKDVWD
NJ
(,625 6LVWHPDGHUHWHQFLQLQIDQWLORULHQWDGRKDFLDDWUVSDUDQLRVSHTXHRVHQODFODVHGHSHVRKDVWD
NJ
 $VLHQWRVVLVWHPDVGHVHJXULGDG 

6LVWHPDVGHUHWHQFLQ 6LVWHPDVGHUHWHQFLQ
LQIDQWLO,62),; LQIDQWLOFRQDQFODMHV
VXSHULRUHV
/DVDUJROODVGHILMDFLQGHORVDQFOD
)LMHORVVLVWHPDVGHVHJXULGDGLQIDQWLO
,62),;KRPRORJDGRVSDUDHOYH
KFXORDORVVRSRUWHVGHPRQWDMH
,62),;/DVSRVLFLRQHVGHOVLVWHPD
GHVHJXULGDGLQIDQWLO,62),;HVSHF
ILFDVGHOYHKFXORHVWQPDUFDGDVHQ
ODWDEODFRPR,/
/RVVRSRUWHVGHPRQWDMH,62),;VH
LQGLFDQPHGLDQWHXQDHWLTXHWDHQHO
UHVSDOGR
MHV7RSWHWKHUHVWQPDUFDGRVFRQ
HOVPERORHQODFXELHUWDGHOFRP
SDUWLPHQWRGHFDUJD
$GHPVGHOVRSRUWHGHPRQWDMH
,62),;ILMHODFRUUHDGHO
DQFODMHVXSHULRUDODVDUJROODVGHILMD
FLQSDUDHODQFODMHVXSHULRU/DFR
UUHDGHEHSDVDUHQWUHODVGRVYDULOODV
JXDGHOUHSRVDFDEH]DV
/DVSRVLFLRQHVGHODFDWHJRUDXQL
YHUVDOSDUDORVVLVWHPDVGHUHWHQFLQ
LQIDQWLO,62),;HVWQPDUFDGDVPH
$EUDODWDSDGHODDUJROODGHILMDFLQ GLDQWH,8)HQODWDEOD
UHTXHULGDPDUFDGDFRQHOVPEROR
GHODVLHQWRLQIDQWLO
 3RUWDREMHWRV

3RUWDREMHWRV &RPSDUWLPHQWRV 3RUWDREMHWRVGHEDMRGHO

SRUWDREMHWRV FRQPXWDGRUGHODVOXFHV

&RPSDUWLPHQWRVSRUWDREMHWRV   3RUWDREMHWRVHQHOWDEOHUR

&RPSDUWLPHQWRGHFDUJD   GHLQVWUXPHQWRV
6LVWHPDSRUWDHTXLSDMHVGH
WHFKR  
3RUWDREMHWRVHQODSDUWH
VXSHULRUGHOWDEOHURGH
,QIRUPDFLQVREUHODFDUJD  
LQVWUXPHQWRV

7LUHGHODVDSDUDDEULUODFDMD

7LUHGHODVDSDUDOHYDQWDUODWDSD
 3RUWDREMHWRV 

*XDQWHUD 3RUWDYDVRV +D\SRUWDYDVRVDGLFLRQDOHVHQHOUH

SRVDEUD]RVWUDVHURFXDQGRHVWED
MDGR

3RUWDJDIDV

3DUDDEULUWLUHGHODPDQLOOD /RVSRUWDYDVRVHVWQVLWXDGRVHQOD
/DJXDQWHUDVHSXHGHFHUUDUFRQOD FRQVRODFHQWUDO
OODYHGHOYHKFXOR

 $GYHUWHQFLD 3DUDDEULUOREDMHODWDSD
1RORXWLOLFHSDUDJXDUGDUREMHWRVSH
3DUDUHGXFLUHOULHVJRGHOHVLRQHV VDGRV
HQFDVRGHDFFLGHQWHRIUHQD]R
EUXVFRPDQWHQJDVLHPSUHOD
JXDQWHUDFHUUDGDFXDQGRHOYH
KFXORHVWHQPDUFKD
 3RUWDREMHWRV

3RUWDREMHWRVGHO &RPSDUWLPHQWRGH $QWHVGHDEDWLUORVUHVSDOGRVLQWUR

UHSRVDEUD]RV
3RUWDREMHWRVHQHO
UHSRVDEUD]RVGHODQWHUR
GX]FDORVFLQWXURQHVGHVHJXULGDGGH
FDUJD ORVDVLHQWRVH[WHULRUHVHQODVJXDV
$EDWLUORVUHVSDOGRVGHORV
DVLHQWRVWUDVHURV
(OUHVSDOGRWUDVHURHVWGLYLGLGRHQ
GRVSDUWHV6HSXHGHQDEDWLUDPEDV
SDUWHV
%DMHORVUHSRVDFDEH]DVSXOVDQGRHO
UHVRUWH
/HYDQWHHOUHSRVDEUD]RVWUDVHUR

3UHVLRQHODSDODQFDSDUDGHVOL]DU
\OHYDQWDUHOUHSRVDEUD]RV
7LUHGHODSDODQFDGHGHVEORTXHRHQ
XQRRDPERVODGRV\DEDWDORVUHV
SDOGRVVREUHODEDQTXHWDGHDVLHQWR
3RQJDORVUHVSDOGRVHQSRVLFLQYHU
WLFDO\H[WUDLJDORVFLQWXURQHVGHVH
JXULGDGGHODVJXDVGHVXMHFLQ
(QFODYHORVUHVSDOGRVHQVXSRVLFLQ
HPSXMDQGRHQODSDUWHVXSHULRUGHO
UHVSDOGRKDVWDTXHHQFODYHDXGLEOH
PHQWH
9XHOYDDWLUDUGHORVUHVSDOGRVKDFLD
GHODQWHSDUDDVHJXUDUVHGHTXHHV
WQFRUUHFWDPHQWHHQFODYDGRV
 3RUWDREMHWRV 

/RVUHVSDOGRVVORHVWDUQELHQHQ *DQFKRSDUDEROVDV 9HUVLQSXHUWDV

FODYDGRVFXDQGRQRVHDQYLVLEOHVODV
PDUFDVURMDVHQDPERVODGRVFHUFD 'HVPRQWDMH
GHODSDODQFDGHGHVEORTXHR
6LORVFLQWXURQHVGHVHJXULGDGQRVH
HQUROODQDXWRPWLFDPHQWHLQVHUWHWR
GRVORVFLQWXURQHVGHVHJXULGDGHQ
VXVUDQXUDV
3XHGHTXHHOFLQWXUQGHVHJXULGDG
FHQWUDOWUDVHURVHEORTXHHFXDQGROH
YDQWHHOUHVSDOGRGHODVLHQWR6LIXHUD
DVGHMHTXHHOFLQWXUQVHUHWUDLJD
KDVWDHOP[LPR\HPSLHFHGHQXHYR
1XQFDDEDWDHOUHVSDOGRGHODVLHQWR
8WLOLFHHOJDQFKRSDUDEROVDVVORFRQ
FXDQGRHOFLQWXUQGHODVLHQWRFHQWUDO
REMHWRVOLJHURV
WUDVHURHVWDEURFKDGRRH[WUDGR 'HVHQJDQFKHODVFLQWDVGHVXMHFLQ
GHOSRUWQWUDVHUR
&XELHUWDGHO
FRPSDUWLPHQWRGHFDUJD
1RFRORTXHQLQJQREMHWRVREUHODFX
ELHUWD
 3RUWDREMHWRV
/HYDQWHODFXELHUWDSRUODSDUWHWUD
VHUD\HPSMHODKDFLDDUULEDSRUOD
SDUWHGHODQWHUD
'HVPRQWHODWDSD
$EURFKDUVHHOFLQWXUQ
,QVHUWHODFXELHUWDHQODVJXDVODWH
UDOHV\EMHOD)LMHODVFLQWDVGHVXMH
FLQDOSRUWQWUDVHUR
$UJROODV 7ULQJXORGHDGYHUWHQFLD
SXHUWDV
/DVDUJROODVHVWQGLVHDGDVSDUDIL
MDUODVFRUUHDVGHDPDUUHRXQDUHG
SDUDHOHTXLSDMH\HYLWDUTXHVHGHV )LMHHOWULQJXORGHDGYHUWHQFLDFRQOD
SODFHQORVREMHWRVWUDQVSRUWDGRV FLQWDGHYHOFUR
9HUVLQSXHUWDV
*XDUGHHOWULQJXORGHDGYHUWHQFLDHQ
HOFRPSDUWLPHQWRSRUWDREMHWRVVL
WXDGRGHEDMRGHODFXELHUWDGHOSLVR
GHOPDOHWHUR
 3RUWDREMHWRV 

%RWLTXQ 6LVWHPDSRUWDHTXLSDMHV ,QIRUPDFLQVREUHOD

SXHUWDV GHWHFKR FDUJD
3RUWDHTXLSDMHVGHWHFKR
3RUPRWLYRVGHVHJXULGDG\SDUDHYL
WDUGDRVHQHOWHFKRVHUHFRPLHQGD
XVDUHOVLVWHPDGHSRUWDHTXLSDMHVGH
WHFKRKRPRORJDGRSDUDVXYHKFXOR
6LJDODVLQVWUXFFLRQHVGHPRQWDMH
\GHVPRQWHHOSRUWDHTXLSDMHVFXDQGR
QRVHYD\DDXWLOL]DU

*XDUGHHOERWLTXQHQODUHMLOODHQHO /RVREMHWRVSHVDGRVHQHOFRPSDU
ODGRGHUHFKRGHOFRPSDUWLPHQWRGH WLPHQWRGHFDUJDGHEHQFRORFDUVH
FDUJD DSR\DGRVFRQWUDORVUHVSDOGRVGH
ORVDVLHQWRV$VHJUHVHGHTXHORV
9HUVLQSXHUWDV UHVSDOGRVHVWQELHQHQFODYDGRV
*XDUGHHOERWLTXQHQHOFRPSDUWL 6LVHSXHGHQDSLODUORVREMHWRVORV
PHQWRSRUWDREMHWRVVLWXDGRGHEDMRGH PVSHVDGRVGHEHQFRORFDUVH
ODFXELHUWDGHOSLVRGHOPDOHWHUR DEDMR
$VHJXUHORVREMHWRVFRQFRUUHDVGH
DPDUUHILMDGDVDODVDUJROODV
 3RUWDREMHWRV

$VHJXUHORVREMHWRVHQHOFRPSDU /DFDUJDWLOHVODGLIHUHQFLDHQWUH QHVGHFDUJD&RPSUXHEH\YXHOYD

WLPHQWRGHFDUJDSDUDHYLWDUVX HOSHVRP[LPRDXWRUL]DGRGHOYH DDSUHWDUODVFRUUHDVFRQIUHFXHQ
GHVOL]DPLHQWR KFXORYDVHODSODFDGHFDUDFWH FLD
&XDQGRVHWUDQVSRUWHQREMHWRVHQ
HOFRPSDUWLPHQWRGHFDUJDORVUHV
SDOGRVGHORVDVLHQWRVWUDVHURVQR
GHEHQHVWDULQFOLQDGRVKDFLDGH
ODQWH
/DFDUJDQRGHEHVREUHVDOLUSRUHQ
FLPDGHOERUGHVXSHULRUGHORVUHV
UVWLFDV\HOSHVRHQYDFR
3DUDFDOFXODUHOSHVRHQYDFRLQ
WURGX]FDORVGDWRVGHVXYHKFXOR
GHODWDEODGHSHVRVHQODSJLQD

(OSHVRHQYDFRLQFOX\HORVSHVRV
FDOFXODGRVSDUDHOFRQGXFWRU
SDOGRV NJHOHTXLSDMHNJ\WRGRV
1RFRORTXHREMHWRVVREUHODFX ORVOTXLGRVGHSVLWROOHQRDO
ELHUWDGHOFRPSDUWLPHQWRGHFDUJD
QLHOWDEOHURGHLQVWUXPHQWRVQR
WDSHHOVHQVRUVLWXDGRHQODSDUWH
VXSHULRUGHOWDEOHURGHLQVWUXPHQ
WRV
/DFDUJDQRGHEHREVWDFXOL]DUHO
DFFLRQDPLHQWRGHORVSHGDOHVHO
IUHQRGHHVWDFLRQDPLHQWRRODSD
ODQFDGHFDPELRVQLLPSHGLUODOL
EHUWDGGHPRYLPLHQWRVGHOFRQGXF
WRU1RVHGHEHQGHMDUREMHWRVVXHO
WRVHQHOKDELWFXOR
1RFRQGX]FDFRQHOFRPSDUWLPHQWR
GHFDUJDDELHUWR

(OHTXLSDPLHQWRRSFLRQDO\ORVDF
FHVRULRVDXPHQWDQHOSHVRHQYD
FR
&RQGXFLUFRQFDUJDHQHOWHFKRDX
PHQWDODVHQVLELOLGDGGHOYHKFXOR
DORVYLHQWRVODWHUDOHV\WLHQHXQ
HIHFWRQHJDWLYRVREUHODPDQLREUD
ELOLGDGGHELGRDODHOHYDFLQGHO
FHQWURGHJUDYHGDG'LVWULEX\DOD
FDUJDXQLIRUPHPHQWH\DVHJUHOD
FRQFRUUHDVGHVXMHFLQ$MXVWHOD
SUHVLQGHORVQHXPWLFRV\ODYH
ORFLGDGGHOYHKFXORDODVFRQGLFLR
 ,QVWUXPHQWRV\PDQGRV 

,QVWUXPHQWRV 0DQGRV 0DQGRVHQHOYRODQWH

\PDQGRV $MXVWHGHOYRODQWH

0DQGRV  
7HVWLJRVOXPLQRVRV
HLQGLFDGRUHV  
3DQWDOODVGHLQIRUPDFLQ  
0HQVDMHVGHOYHKFXOR  
2UGHQDGRUGHDERUGR  
3HUVRQDOL]DFLQGHOYHKFXOR  
(OVLVWHPDGHLQIRHQWUHWHQLPLHQWR\HO
UHJXODGRUGHYHORFLGDGVHSXHGHQ
'HVEORTXHHODSDODQFDDMXVWHHOYR PDQHMDUFRQORVPDQGRVHQHOYR
ODQWHOXHJRHQFODYHODSDODQFD\DVH ODQWH
JUHVHGHTXHHVWWRWDOPHQWHEOR 9DVHODVHFFLQLQIRHQWUHWHQLPLHQWR
TXHDGD SDUDPVLQIRUPDFLQ
(OYRODQWHVORVHGHEHDMXVWDUFRQHO 5HJXODGRUGHYHORFLGDG
YHKFXORSDUDGR
 ,QVWUXPHQWRV\PDQGRV

%RFLQD /LPSLDODYDSDUDEULVDV ,QWHUYDORGHIXQFLRQDPLHQWRDMXVWDEOH

/LPSLDSDUDEULVDV

3XOVHH 3DODQFDGHOOLPSLDSDUDEULVDVHQSR
VLFLQ'
 YHORFLGDGUSLGD *LUHODUXHGDGHDMXVWHSDUDDMXVWDUHO
 YHORFLGDGOHQWD LQWHUYDORGHVHDGR
' FRQH[LQDLQWHUYDORV LQWHUYDOR JLUHODUXHGDGHDMXVWH
c GHVDFW FRUWR KDFLDDUULED
3DUDXQVROREDUULGRFXDQGRORVOLP LQWHUYDOR JLUHODUXHGDGHDMXVWH
SLDSDUDEULVDVHVWQGHVFRQHFWDGRV ODUJR KDFLDDEDMR
SXOVHODSDODQFDKDFLDDEDMR
1RORVXWLOLFHVLHOSDUDEULVDVHVWKH
ODGR
'HVFRQFWHORVHQWQHOHVGHODYDGR
 ,QVWUXPHQWRV\PDQGRV 

)XQFLRQDPLHQWRDXWRPWLFRFRQ 6HQVLELOLGDGUHJXODEOHGHOVHQVRUGH
VHQVRUGHOOXYLD OOXYLD

0DQWHQJDHOVHQVRUOLEUHGHSROYR
VXFLHGDG\KLHOR
' )XQFLRQDPLHQWRDXWRPWLFR *LUHODUXHGDGHDMXVWHSDUDDMXVWDUOD /DYDSDUDEULVDV
FRQVHQVRUGHOOXYLD VHQVLELOLGDG
(OVHQVRUGHOOXYLDGHWHFWDODFDQWLGDG VHQVLELOLGDG JLUHODUXHGDGH
GHDJXDHQHOSDUDEULVDV\UHJXODDX EDMD DMXVWHKDFLDDEDMR
WRPWLFDPHQWHODIUHFXHQFLDGHORV VHQVLELOLGDG JLUHODUXHGDGH
OLPSLDSDUDEULVDV'HVSXVGHDFWLYDU DOWD DMXVWHKDFLDDUULED
HOPRGRGHVHQVRUGHOOXYLDRDMXVWDU
ODVHQVLELOLGDGGHOVHQVRUGHOOXYLDHO
QXHYRDMXVWHVHFRQILUPDPHGLDQWH
XQVROREDUULGR
 ,QVWUXPHQWRV\PDQGRV

3UHVLRQHODSDODQFD6HSXOYHUL]DO (OVLVWHPDODYDOXQHWDVHGHVDFWLYD
TXLGRGHODYDGRVREUHHOSDUDEULVDV FXDQGRHOQLYHOGHOTXLGRHVEDMR
\HOOLPSLDOXQHWDVHUHDOL]DHOEDUULGR
YDULDVYHFHV
7HPSHUDWXUDH[WHULRU
/LPSLDODYDOXQHWD

3UHVLRQHODSDODQFD6HSXOYHUL]DO
TXLGRGHODYDGRVREUHODOXQHWDWUD
VHUD\HOOLPSLDOXQHWDVHUHDOL]DHOED
UULGRYDULDVYHFHV
1RORXWLOLFHVLODOXQHWDWUDVHUDHVW
KHODGD (OGHVFHQVRGHODWHPSHUDWXUDVHLQ
GLFDLQPHGLDWDPHQWHHODXPHQWRVH
'HVFRQFWHORVHQWQHOHVGHODYDGR LQGLFDFRQXQOLJHURUHWUDVR
3XOVHHOLQWHUUXSWRUEDVFXODQWHSDUD
DFWLYDUHOOLPSLDOXQHWD (OOLPSLDOXQHWDVHFRQHFWDDXWRPWL
FDPHQWHFXDQGRHVWFRQHFWDGRHO  $GYHUWHQFLD
SRVLFLQ IXQFLRQDPLHQWRFRQWL
OLPSLDSDUDEULVDV\VHHQJUDQDODPDU
VXSHULRU QXR
FKDDWUV /DFDUUHWHUDSXHGHHVWDU\DKH
SRVLFLQ IXQFLRQDPLHQWRLQWHU
LQIHULRU PLWHQWH /DDFWLYDFLQRGHVDFWLYDFLQGHHVWD ODGDDXQTXHODSDQWDOODPXHVWUH
SRVLFLQ GHVDFW IXQFLQVHSXHGHFDPELDUHQHOPHQ XQRVSRFRVJUDGRVSRUHQFLPDGH
FHQWUDO $MXVWHVGHODSDQWDOODGHLQIRUPDFLQ &
3HUVRQDOL]DFLQGHOYHKFXOR

5HORM
/DIHFKD\ODKRUDVHPXHVWUDQHQOD
SDQWDOODGHLQIRUPDFLQ
$MXVWHGHODIHFKD\ODKRUD
3XOVHHOERWQ&
&21),*$SDUHFHHO
PHQ$$MXVWHV
6HOHFFLRQH++RUD\IHFKD
3HUVRQDOL]DFLQGHOYHKFXOR
6HSXHGHQHIHFWXDUORVDMXVWHVGHOD
IHFKD\ODKRUD
9DVHODVHFFLQLQIRHQWUHWHQLPLHQWR
SDUDPVLQIRUPDFLQ
7RPDVGHFRUULHQWH
+D\XQDWRPDGHFRUULHQWHGH9
VLWXDGDHQODSDUWHWUDVHUDGHODFRQ
VRODGHOSLVR
(OFRQVXPRP[LPRQRGHEHVXSHUDU
ORVYDWLRV
/DWRPDGHFRUULHQWHVHGHVDFWLYDDO
GHVFRQHFWDUHOHQFHQGLGR$GHPV
ODWRPDGHFRUULHQWHVHGHVDFWLYD
WDPELQVLODWHQVLQGHODEDWHUDHV
EDMD
1RFRQHFWHDFFHVRULRVGHVXPLQLVWUR
GHFRUULHQWHFRPRSXHGHQVHUGLVSR
VLWLYRVGHFDUJDHOFWULFDREDWHUDV
,QVWUXPHQWRV\PDQGRV 
3DUDHYLWDUGDRVQRXWLOLFHFRQHFWR
UHVLQDGHFXDGRV
(QFHQGHGRUGHFLJDUULOORV
(OHQFHQGHGRUHVWVLWXDGRHQODFRQ
VRODGHODQWHUDGHOSLVR
3XOVHVREUHHOHQFHQGHGRU&XDQGR
HVWLQFDQGHVFHQWHVHGHVFRQHFWDU
DXWRPWLFDPHQWH([WUDLJDHOHQFHQ
GHGRU
$WHQFLQ
8WLOLFHHVWDWRPDVORSDUDHQFHQ
GHGRUHV
 ,QVWUXPHQWRV\PDQGRV

$WHQFLQ 7HVWLJRVOXPLQRVRV
HLQGLFDGRUHV
(OLQWHULRUGHXQHQFHQGHGRUHQ
XVRSXHGHSRQHUVHPX\FDOLHQWH 9HORFPHWUR
1RWRTXHHOLQWHULRUGHOHQFHQGH
GRUQLSHUPLWDTXHORVQLRVORXWL
OLFHQRMXHJXHQFRQO
(VWHPHWDOFDOLHQWHSXHGHRFDVLR
QDUOHVLRQHVSHUVRQDOHV\GDDUHO
YHKFXORXRWUDVSURSLHGDGHV

&HQLFHURV (OFHQLFHURSRUWWLOVHSXHGHFRORFDU
HQORVSRUWDYDVRV
$WHQFLQ 3DUDXVDUORDEUDODWDSD
6ORHVWQGHVWLQDGRVDXVDUVH
SDUDFHQL]D\QRSDUDUHVLGXRV
,QGLFDODYHORFLGDGGHOYHKFXOR
FRPEXVWLEOHV

&XHQWDNLOPHWURV
/DOQHDLQIHULRUPXHVWUDHONLORPH
WUDMHUHJLVWUDGRGHOYHKFXOR
&XHQWDNLOPHWURVSDUFLDO
/DOQHDVXSHULRUPXHVWUDODGLVWDQFLD
UHFRUULGDGHVGHODOWLPDSXHVWD
DFHURYDORUP[
&XHQWDUUHYROXFLRQHV
,QGLFDODVUHYROXFLRQHVSRUPLQXWRGHO
PRWRU
&RQGX]FDHQORVUHJPHQHVPVED
MRVGHOPRWRUHQFDGDPDUFKDWDQWR
FRPRVHDSRVLEOH
,QVWUXPHQWRV\PDQGRV 
,QGLFDGRUGHFRPEXVWLEOH
0XHVWUDHOQLYHOGHFRPEXVWLEOHHQHO
GHSVLWR
(OWHVWLJRGHFRQWUROLVHLOXPLQDVL
HOQLYHOHQHOGHSVLWRHVEDMR5H
SRVWHLQPHGLDWDPHQWH
1XQFDGHEHDJRWDUHOGHSVLWR
&XDQGROD
GLVWDQFLDUHJLVWUDGDOOHJXHD

HOFXHQWDNLOPHWURVSDUFLDOVHSRQGU
D
VLQQHFHVLGDGGHUHLQLFLDUOR
3DUDUHLQLFLDUORPDQWHQJDSXOVDGRHO
ERWQGHDMXVWHGXUDQWHXQRVVHJXQ
GRVFRQHOHQFHQGLGRFRQHFWDGR
$WHQFLQ
'HELGRDOFRPEXVWLEOHTXHTXHGDHQ
HOGHSVLWRODFDQWLGDGUHTXHULGD
6LODDJXMDHVWHQHOVHFWRUGHDG
SDUDOOHQDUHOGHSVLWRSXHGHVHULQ
YHUWHQFLDVHKDH[FHGLGRHOUJL
IHULRUDODFDSDFLGDGHVSHFLILFDGD
PHQP[LPRDGPLVLEOHGHOPRWRU
+D\SHOLJURSDUDHOPRWRU
 ,QVWUXPHQWRV\PDQGRV
,QGLFDGRUGHWHPSHUDWXUD
$WHQFLQ
GHOUHIULJHUDQWHGHOPRWRU
6LODWHPSHUDWXUDGHOUHIULJHUDQWH
GHOPRWRUHVGHPDVLDGRDOWDGH
WHQJDHOYHKFXOR\SDUHHOPRWRU
3HOLJURSDUDHOPRWRU&RPSUXHEH
HOQLYHOGHUHIULJHUDQWH
,QGLFDFLQGHVHUYLFLR
6LVWHPDGHYLGDWLOGHODFHLWH
GHOPRWRUSDUDPRWRUHVGLVHO
,QWHUYDORVGHFDPELRGHODFHLWHGH
PRWRU
0XHVWUDODWHPSHUDWXUDGHOUHIULJH (OYHKFXORGLVSRQHGHXQVLVWHPDLQ
UDQWH IRUPWLFRTXHLQGLFDFXQGRVHGHEH
]RQD HOPRWRUQRKDDOFDQ FDPELDUHOILOWUR\HODFHLWHGHOPRWRU
L]TXLHUGD ]DGRWRGDYDVXWHP 6HEDVDHQODVUHYROXFLRQHV\ODWHP
SHUDWXUDGHOPRWRU\QRHQHONLORPH
SHUDWXUDGHIXQFLRQD
PLHQWR WUDMH6HJQODVFRQGLFLRQHVGHFRQ
GXFFLQHONLORPHWUDMHFRQHOTXHVH
]RQD WHPSHUDWXUDQRUPDO
FHQWUDO GHIXQFLRQDPLHQWR WLHQHTXHFDPELDUHODFHLWHGHOPRWRU
SXHGHYDULDUFRQVLGHUDEOHPHQWH
]RQD WHPSHUDWXUDGHPD
GHUHFKD VLDGRDOWD 3DUDTXHHOVLVWHPDGHYLGDWLOGHO
DFHLWHIXQFLRQHELHQHOVLVWHPDGHEH
SRQHUVHDFHURFDGDYH]TXHVHFDP
ELDHODFHLWH&XDQGRHOVLVWHPDFDO
FXODTXHODYLGDWLOGHODFHLWHGHOPR
WRUKDGLVPLQXLGRLQGLFDTXHHVQH
FHVDULRXQFDPELRGHDFHLWH$SDUHFH
HOFGLJR&&RG(HQHOFHQWURGHLQ
IRUPDFLQGHOFRQGXFWRU&DPELHHO
DFHLWHORDQWHVSRVLEOHHQORVSU[L
PRVNP
(VSRVLEOHTXHVLFRQGXFHHQODVPH
MRUHVFRQGLFLRQHVSRVLEOHVHOVLVWHPD
GHYLGDWLOGHODFHLWHQRLQGLTXHTXH
WLHQHTXHFDPELDUHODFHLWHKDVWD
GHQWURGHXQDR(ODFHLWH\HOILOWUR
GHOPRWRUGHEHQFDPELDUVHFRPRP
QLPRXQDYH]DODR\HQHVHPR
PHQWRGHEHSRQHUVHDFHURHOVLV
WHPD6XFRQFHVLRQDULRFXHQWDFRQ
SHUVRQDOGHVHUYLFLRIRUPDGRTXH
SXHGHQUHDOL]DUHVWHWUDEDMR\SRQHU
DFHURHOVLVWHPD
7DPELQHVLPSRUWDQWHFRPSUREDUHO
QLYHOGHDFHLWHUHJXODUPHQWH\UHOOH
QDUVLHVQHFHVDULR6LHOVLVWHPDVH
SRQHDFHURSRUHUURUGHEHUFDPELDU
HODFHLWHDOFDERGHNPGHVGH
HOOWLPRFDPELRGHDFHLWH$FXU
GHVHGHSRQHUDFHURHOVLVWHPDGH
YLGDWLOGHODFHLWHFXDQGRFDPELHHO
DFHLWH

3DQWDOODGHYLGDWLOGHODFHLWH
UHVWDQWH
/DYLGDWLOUHVWDQWHGHODFHLWHVHLQ
GLFDHQHOFHQWURGHLQIRUPDFLQGHO
FRQGXFWRUPHGLDQWHHOWHVWLJRGHFRQ
WURO(VHJXLGRGHXQYDORUSRUFHQ
WXDO3DUDTXHDSDUH]FDVHWLHQHTXH
FRQHFWDUHOHQFHQGLGRVLQSRQHUHO
3XHVWDDFHURGHOVLVWHPDGHYLGDWLO
GHODFHLWHGHOPRWRU
3RQJDDFHURHOVLVWHPDFDGDYH]TXH
FDPELHHODFHLWHSDUDTXHSXHGDFDO
FXODUFXQGRVHWHQGUTXHFDPELDU
GHQXHYRHODFHLWHGHOPRWRU3DUD
SRQHUDFHURHOVLVWHPDGHYLGDWLOGHO
PRWRUSURFHGDGHOVLJXLHQWHPRGR
&RQXQDKHUUDPLHQWDGHH[SORUD
FLQ 0HQGHLQIRUPDFLQGHOYHKFXOR
(QHOWDOOHUSRQGUQDFHURHOVLV
WHPDFRQHVWDKHUUDPLHQWDGHV
SXVGHOFDPELRGHDFHLWH
&RQHOSHGDOGHODFHOHUDGRU 3XOVHHOERWQ66(7&/5GXUDQWH
'HVPRQWHODOODYHGHOLQWHUUXSWRU
GHOHQFHQGLGRGXUDQWHPVGHXQ
PLQXWR
0HWDODOODYHHQHOLQWHUUXSWRUGH
HQFHQGLGR\SRQJDODOODYHHQOD
SRVLFLQHQFHQGLGRFRQHFWDGR
,QVWUXPHQWRV\PDQGRV 
9XHOYDDSLVDU\DVROWDUHOSHGDO
GHODFHOHUDGRUFRPRVHKDGHV
FULWRDQWHVGRVYHFHVHQPHQRV
GHXQPLQXWR
&RQHOERWQ6 6(7&/5HQYHKFX
ORVFRQXQDSDQWDOODGHJDPDPH
GLD
3XOVHHOERWQ00(18GHODSDODQFD
GHORVLQWHUPLWHQWHV\VHOHFFLRQH
*LUHODUXHGDGHUHJXODFLQKDVWD
TXHDSDUH]FDHOPHQFRQODYLGD
WLOUHVWDQWHGHODFHLWHGHOPRWRU
XQRVVHJXQGRVFRQHOHQFHQGLGR
FRQHFWDGR6LHOFGLJR& &RG(
VLJXHDSDUHFLHQGRHQHOFHQWURGH
LQIRUPDFLQGHOFRQGXFWRUGHVSXV
GHDUUDQFDUHOYHKFXORVLJQLILFD
TXHQRVHKDUHLQLFLDGRHOVLVWHPD
GHFRQWUROGHODGXUDFLQGHODFHLWH
PRWRUHQPDUFKD
&HQWURGHLQIRUPDFLQGHOFRQGXFWRU

,QIRUPDFLQGHVHUYLFLR
\PRWRUDSDJDGR 5HSLWDHOSURFHGLPLHQWR
3LVHDIRQGRHOSHGDOGHODFHOH &RQHOERWQGHDMXVWHHQYHKFXORV
UDGRU\PDQWQJDORSLVDGRGX FRQXQDSDQWDOODGHJDPDEDMD
UDQWHGRVVHJXQGRV
6XHOWHHOSHGDOGHODFHOHUDGRU
GXUDQWHGRVVHJXQGRV
 ,QVWUXPHQWRV\PDQGRV

VHLOXPLQDUQEUHYHPHQWHODPD\RUD
GHORVWHVWLJRVGHFRQWURODPRGRGH
SUXHEDIXQFLRQDO
/RVFRORUHVGHORVWHVWLJRVGHFRQWURO
VLJQLILFDQORVLJXLHQWH
5RMR 3HOLJURUHFRUGDWRULRLP
SRUWDQWH
$PDULOOR $YLVRLQIRUPDFLQDYH
UD
9HUGH &RQILUPDFLQGHDFWLYD
FLQ
$]XO &RQILUPDFLQGHDFWLYD
3XOVHHOERWQGHDMXVWHGXUDQWH
FLQ
XQRVVHJXQGRVKDVWDTXHVH
%ODQFR &RQILUPDFLQGHDFWLYD
KD\DPRVWUDGRODYLGDWLOUHVWDQWH
FLQ
GHODFHLWHGHOPRWRU6XHOWHHOERWQ
GHDMXVWH\SOVHORGHQXHYRXQRV
VHJXQGRVSDUDUHLQLFLDUHOVLVWHPD
GHFRQWUROGHYLGDWLOGHODFHLWHGHO
PRWRU

7HVWLJRVGHFRQWURO
/RVWHVWLJRVGHFRQWUROGHVFULWRVQR
HVWQSUHVHQWHVHQWRGRVORVYHKFX
ORV/DGHVFULSFLQHVYOLGDSDUDWR
GDVODVYHUVLRQHVGHFXDGURVGHLQV
WUXPHQWRV$OFRQHFWDUHOHQFHQGLGR
 ,QVWUXPHQWRV\PDQGRV 

7HVWLJRVGHFRQWUROHQHOFXDGURGHLQVWUXPHQWRV
 ,QVWUXPHQWRV\PDQGRV
7HVWLJRVGHFRQWUROHQOD
FRQVRODFHQWUDO
,QWHUPLWHQWHV
.VHHQFLHQGHRSDUSDGHDHQYHUGH
(QFHQGLGR
(OWHVWLJRGHFRQWUROVHHQFLHQGHEUH
YHPHQWHFXDQGRVHFRQHFWDQODVOX
FHVGHHVWDFLRQDPLHQWR
3DUSDGHD
(OWHVWLJRGHFRQWUROSDUSDGHD
FXDQGRHVWQFRQHFWDGRVORVLQWHUPL
WHQWHVRODVOXFHVGHHPHUJHQFLD
3DUSDGHRUSLGRIDOORGHXQLQWHUPL
WHQWHRGHOIXVLEOHFRUUHVSRQGLHQWH
6XVWLWXFLQGHERPELOODV)X
VLEOHV
,QWHUPLWHQWHV
5HFRUGDWRULRGHOFLQWXUQ
GHVHJXULGDG
5HFRUGDWRULRGHOFLQWXUQGH
VHJXULGDGHQORVDVLHQWRV
GHODQWHURV
7SDUDHODVLHQWRGHOFRQGXFWRUVH
HQFLHQGHRSDUSDGHDHQURMR
CSDUDHODVLHQWRGHODFRPSDDQWH
VHHQFLHQGHRSDUSDGHDHQURMR
FXDQGRHODVLHQWRHVWRFXSDGR
6HHQFLHQGH
VHJXQGRVGHVSXVGHFRQHFWDUHO
HQFHQGLGRVHJXQGRVGHVSXV
GHDUUDQFDUHOPRWRURDOFDQ]DUXQD
GLVWDQFLDRYHORFLGDGHVSHFILFDVLQ
DEURFKDUVHHOFLQWXUQGHVHJXULGDG
3DUSDGHD
'XUDQWHVHJXQGRVGHVSXVGH
DUUDQFDUHOPRWRURDOFDQ]DUXQDGLV
WDQFLDYHORFLGDGHVSHFILFDVLQDEUR
FKDUVHHOFLQWXUQGHVHJXULGDG
$EURFKDUVHHOFLQWXUQGHVHJXULGDG

$LUEDJV\SUHWHQVRUHVGH
FLQWXURQHV
TVHHQFLHQGHHQURMR
$OFRQHFWDUHOHQFHQGLGRHOWHVWLJRGH
FRQWUROVHLOXPLQDGXUDQWHXQRV
VHJXQGRV6LQRVHHQFLHQGHQRVH
DSDJDGHVSXVGHVHJXQGRVRVLVH
HQFLHQGHGXUDQWHODPDUFKDKD\XQD
DYHUDHQORVSUHWHQVRUHVGHFLQWXUR
QHVRHQHOVLVWHPDGHDLUEDJV/RV
VLVWHPDVSRGUDQQRGLVSDUDUVHHQ
FDVRGHDFFLGHQWH
/DDFWLYDFLQGHORVSUHWHQVRUHVGH
FLQWXURQHVRORVDLUEDJVVHLQGLFDPH
GLDQWHODLOXPLQDFLQSHUPDQHQWHGHO
WHVWLJRT

 $GYHUWHQFLD
+DJDVXEVDQDULQPHGLDWDPHQWHOD
FDXVDGHODDYHUDHQXQWDOOHU
6LVWHPDGHDLUEDJSUHWHQVRUHVGH
FLQWXURQHV
'HVDFWLYDFLQGHORV
DLUEDJV
(OWHVWLJR9GHODLUEDJGHODFRPSD
DQWHVHHQFLHQGHHQDPDULOOR
&XDQGRHVWHWHVWLJRGHFRQWUROVHHQ
6HLOXPLQDDOFRQHFWDUHOHQFHQGLGR
\VHDSDJDSRFRGHVSXVGHDUUDQFDU
HOPRWRU
6LVHHQFLHQGHFRQHOPRWRUHQ
PDUFKD
'HWHQJDHOYHKFXOR\SDUHHOPRWRU
/DEDWHUDQRVHFDUJD/DUHIULJHUD
FLQGHOPRWRUSXHGHHVWDULQWHUUXP
SLGD&RQPRWRUHVGLVHOSXHGHGH
MDUGHIXQFLRQDUHOVHUYRIUHQR5HFX
UUDDODD\XGDGHXQWDOOHU
,QVWUXPHQWRV\PDQGRV 
0HQVDMHVGHOYHKFXOR
6LVWHPDGHIUHQRV
\HPEUDJXH
VHHQFLHQGHHQURMR
6HHQFLHQGHFRQHOIUHQRGHHVWDFLR
QDPLHQWRVXHOWRVLHOQLYHOGHOOTXLGR
GHIUHQRVHPEUDJXHHVGHPDVLDGR
EDMRRVLKD\XQDDYHUDGHOVLVWHPD
GHIUHQRV
 $GYHUWHQFLD
FLHQGHLQGLFDTXHHODLUEDJGHODFRP
SDDQWHHVWDFWLYDGR
(OWHVWLJRGHODLUEDJGHODFRPSD
DQWHVHHQFLHQGHHQDPDULOOR
&XDQGRHVWHWHVWLJRGHFRQWUROVHHQ
FLHQGHLQGLFDTXHHODLUEDJGHODFRP
SDDQWHHVWGHVDFWLYDGR
7HVWLJRGHDYHUDV0,/
9VHHQFLHQGHRSDUSDGHDHQDPD
ULOOR
6HLOXPLQDDOFRQHFWDUHOHQFHQGLGR
\VHDSDJDSRFRGHVSXVGHDUUDQFDU
HOPRWRU
5HYLVLQXUJHQWHGHO
YHKFXOR
'HWQJDVH1RFRQWLQHVXYLDMH
5HFXUUDDXQWDOOHU
6HLOXPLQDGHVSXVGHFRQHFWDUHO
HQFHQGLGRVLHOIUHQRGHHVWDFLRQD
PLHQWRPDQXDOHVWDFFLRQDGR

6LVWHPDDQWLEORTXHRGH
6LVWHPDGHFDUJD JVHHQFLHQGHHQDPDULOORFXDQGR IUHQRV$%6
NVHHQFLHQGHRSDUSDGHDHQURMR HOYHKFXORQHFHVLWDXQDUHYLVLQ SVHHQFLHQGHHQDPDULOOR
6HHQFLHQGHHQFRPELQDFLQFRQXQ
FGLJRGHDGYHUWHQFLD
 ,QVWUXPHQWRV\PDQGRV
6HLOXPLQDGXUDQWHXQRVVHJXQGRV
GHVSXVGHFRQHFWDUHOHQFHQGLGR(O
VLVWHPDHVWRSHUDWLYRFXDQGRVH
DSDJDHOWHVWLJRGHFRQWURO
6LWUDQVFXUULGRVXQRVVHJXQGRVHO
WHVWLJRQRVHDSDJDRVLVHHQFLHQGH
GXUDQWHODPDUFKDKD\XQDDYHUDHQ
HOVLVWHPD$%6(OVLVWHPDGHIUHQRV
GHOYHKFXORVLJXHHVWDQGRRSHUDWLYR
SHURVLQODUHJXODFLQGHO$%6
6LVWHPDDQWLEORTXHRGHIUHQRV

&DPELRDXQDPDUFKDPV
ODUJD
>VHHQFLHQGHHQYHUGH
6HUHFRPLHQGDFDPELDUDXQDPDU
FKDPVODUJDSDUDDKRUUDUFRPEXV
WLEOH
'LUHFFLQDVLVWLGD
FVHHQFLHQGHHQDPDULOOR
6HHQFLHQGHFXDQGROD
GLUHFFLQDVLVWLGDHVOLPLWDGD
/DGLUHFFLQDVLVWLGDVHOLPLWDSRUXQ
VREUHFDOHQWDPLHQWRGHOVLVWHPD(O
WHVWLJRGHFRQWUROVHDSDJDFXDQGRHO
VLVWHPDVHKDHQIULDGR
6HHQFLHQGHFXDQGROD
GLUHFFLQDVLVWLGDHVW
GHVDFWLYDGD
$YHUDHQHOVLVWHPDGHODGLUHFFLQ
DVLVWLGD5HFXUUDDXQWDOOHU
6HHQFLHQGHHQFDVRGH
LQWHUUXSFLQGHFRUULHQWH
(OVHQVRUGHOQJXORGHODGLUHFFLQ
GHEHFDOLEUDUVHSDUDTXHSXHGDIXQ
FLRQDUHOVLVWHPDGHODGLUHFFLQDVLV
WLGD
6LGHVHDUHDOL]DUXQDFDOLEUDFLQ
DXWRPWLFDFRQGX]FDHQOQHD
UHFWDDXQDYHORFLGDGEDMDFRQV
WDQWH
6LHOLQGLFDGRUGHFRQWUROSHUPD
QHFHLOXPLQDGRJLUHHOYRODQWH
GHVGHODSRVLFLQOPLWHDODSRVL
FLQOPLWHSDUDXQDFDOLEUDFLQPD
QXDO
(OLQGLFDGRUGHFRQWUROVHDSDJD
FXDQGRHOVLVWHPDVHSRQHGHQXHYR
HQIXQFLRQDPLHQWR
$VLVWHQWHGHDSDUFDPLHQWR
SRUXOWUDVRQLGRV
JVHHQFLHQGHHQDPDULOOR
$YHUDHQHOVLVWHPD
R
$YHUDSRUTXHORVVHQVRUHVHVWQVX
FLRVRFXELHUWRVGHQLHYHRKLHOR
R
,QWHUIHUHQFLDVFDXVDGDVSRUIXHQWHV
H[WHUQDVGHXOWUDVRQLGRV8QDYH]HOL
PLQDGDODIXHQWHGHODVLQWHUIHUHQ
FLDVHOVLVWHPDIXQFLRQDUFRQQRU
PDOLGDG
+DJDVXEVDQDUODFDXVDGHODDYHUD
GHOVLVWHPDHQXQWDOOHU
6HQVRUHVGHDSDUFDPLHQWRSRUXOWUD
VRQLGRV
&RQWUROHOHFWUQLFRGH
HVWDELOLGDGGHVDFWLYDGR
6HHQFLHQGHQ

6HHQFLHQGHFXDQGRHOVLVWHPDHVW
GHVDFWLYDGR
&RQWUROHOHFWUQLFRGH
HVWDELOLGDG\VLVWHPDGH
FRQWUROGHWUDFFLQ
EVHHQFLHQGHRSDUSDGHDHQDPDUL
OOR
6HHQFLHQGH
+D\XQDDYHUDHQHOVLVWHPD6H
SXHGHFRQWLQXDUFRQGXFLHQGR6LQ
HPEDUJRODHVWDELOLGDGGHPDUFKD
SXHGHHPSHRUDUGHSHQGLHQGRGHOHV
WDGRGHODFDO]DGD
+DJDVXEVDQDUODFDXVDGHODDYHUD
HQXQWDOOHU
3DUSDGHD
,QWHUYHQFLQDFWLYDGHOVLVWHPD
3XHGHUHGXFLUVHODSRWHQFLDGHOPR
WRU\HOYHKFXORSXHGHIUHQDUVHXQ
SRFRDXWRPWLFDPHQWH
&RQWUROHOHFWUQLFRGHHVWDELOLGDG
6LVWHPDGHFRQWUROGHWUDFFLQ

6LVWHPDGHFRQWUROGH
WUDFFLQGHVDFWLYDGR
6HHQFLHQGHN
6HHQFLHQGHFXDQGRHOVLVWHPDHVW
GHVDFWLYDGR
3UHFDOHQWDPLHQWR
VHHQFLHQGHHQDPDULOOR
6HHQFLHQGHFXDQGRHVWDFWLYDGRHO
SUHFDOHQWDPLHQWR6HDFWLYDVORVLOD
WHPSHUDWXUDH[WHULRUHVEDMD
)LOWURGHSDUWFXODVGLVHO
VHHQFLHQGHRSDUSDGHDHQDPD
ULOOR
6HHQFLHQGHRSDUSDGHDVLHVQHFH
VDULROLPSLDUHOILOWURGHSDUWFXODVGL
VHO\ODVFRQGLFLRQHVGHFLUFXODFLQ
QRKDQSHUPLWLGRODOLPSLH]DDXWRP
WLFD&RQWLQHFRQGXFLHQGR\SURFXUH
TXHHOUJLPHQGHOPRWRUQREDMHGH
ODVUSP
VHDSDJDHQFXDQWRVHKDFRP
SOHWDGRHOSURFHVRGHDXWROLPSLH]D
)LOWURGHSDUWFXODVGLVHO
,QVWUXPHQWRV\PDQGRV 
3UHVLQGHDFHLWHGHO
PRWRU
(VHHQFLHQGHHQURMR
6HLOXPLQDDOFRQHFWDUHOHQFHQGLGR
\VHDSDJDSRFRGHVSXVGHDUUDQFDU
HOPRWRU
6LVHHQFLHQGHFRQHOPRWRUHQ
PDUFKD
$WHQFLQ
/DOXEULFDFLQGHOPRWRUSXHGHHV
WDULQWHUUXPSLGD6HSXHGHQRFD
VLRQDUGDRVHQHOPRWRU\RHO
EORTXHRGHODVUXHGDVPRWULFHV
 3LVHHOHPEUDJXH
 3RQJDHOFDPELRHQSXQWR
PXHUWRSDODQFDVHOHFWRUDHQ1
1
 $EDQGRQHODFDUUHWHUDORDQWHV
SRVLEOHVLQSRQHUHQSHOLJUR
DRWURVYHKFXORV
 'HVFRQHFWHHOHQFHQGLGR
 ,QVWUXPHQWRV\PDQGRV
 $GYHUWHQFLD
&RQHOPRWRUDSDJDGRVHUQHFH
VDULDXQDIXHU]DFRQVLGHUDEOH
PHQWHPD\RUSDUDIUHQDU\JLUDUHO
YRODQWH
1RVDTXHODOODYHKDVWDTXHHOYH
KFXORVHKD\DGHWHQLGRGHOWRGR VHHQFLHQGHHQYHUGH
GHORFRQWUDULRODFROXPQDGHOD
GLUHFFLQVHSRGUDEORTXHDUGH
IRUPDLQHVSHUDGD
&RPSUXHEHHOQLYHOGHDFHLWHDQWHV
GHUHFXUULUDODD\XGDGHXQWDOOHU

1LYHOGHFRPEXVWLEOHEDMR
LVHHQFLHQGHHQDPDULOOR
6HHQFLHQGHFXDQGRHOQLYHOHQHOGH
SVLWRGHFRPEXVWLEOHHVGHPDVLDGR
EDMR
&DWDOL]DGRU
3XUJDGHOVLVWHPDGHFRPEXVWLEOH
GLVHO
,QPRYLOL]DGRU
GVHHQFLHQGHRSDUSDGHDHQDPDUL
OOR
$YHUDHQHOVLVWHPDGHOLQPRYLOL]DGRU
HOHFWUQLFR1RVHSXHGHDUUDQFDUHO
PRWRU
/XFHVH[WHULRUHV
VHHQFLHQGHHQYHUGH
6HHQFLHQGHFXDQGRHVWQFRQHFWD
GDVODVOXFHVH[WHULRUHV
/X]GHFDUUHWHUD
!VHHQFLHQGHHQD]XO
6HHQFLHQGHFXDQGRHVWFRQHFWDGD
ODOX]GHFDUUHWHUD\FXDQGRVHDFFLR
QDQODVUIDJDV
/XFHVDQWLQLHEOD
VHHQFLHQGHHQYHUGH
6HHQFLHQGHFXDQGRHVWQFRQHFWD
GRVORVIDURVDQWLQLHEOD
3LORWRDQWLQLHEOD
PVHHQFLHQGHHQDPDULOOR
6HHQFLHQGHFXDQGRHVWFRQHFWDGR
HOSLORWRDQWLQLHEOD
6HQVRUGHOOXYLD
6HHQFLHQGHFXDQGRHOVHQVRUGHOOX
YLDDXWRPWLFRHVWDFWLYDGR
5HJXODGRUGHYHORFLGDG
>VHHQFLHQGHHQEODQFRRYHUGH
6HHQFLHQGHHQEODQFR
(OVLVWHPDHVWHQFHQGLGR
6HHQFLHQGHHQYHUGH
6HKDPHPRUL]DGRXQDYHORFLGDGGH
WHUPLQDGD
5HJXODGRUGHYHORFLGDG
3XHUWDDELHUWD
KVHHQFLHQGHHQURMR

6HHQFLHQGHFXDQGRVHDEUHXQD
SXHUWDRHOSRUWQWUDVHUR
,QVWUXPHQWRV\PDQGRV 
3DQWDOODVGH
LQIRUPDFLQ
&HQWURGHLQIRUPDFLQGHO
FRQGXFWRU
3XOVHHOERWQ00(18SDUDFDPELDU
HQWUHPHQVRSDUDYROYHUGHXQVXE
PHQDOVLJXLHQWHQLYHOVXSHULRUGHO
PHQ/RVPHQVHVWQEORTXHDGRV
FXDQGRHOYHKFXORHVWHQPRYL
PLHQWRRVLODSDODQFDGHFDPELRVQR
HVWHQ33
(OFHQWURGHLQIRUPDFLQGHOFRQGXF 6HSXHGHQVHOHFFLRQDUORVVLJXLHQWHV
WRU',&HVWVLWXDGRHQHOFXDGURGH
LQVWUXPHQWRV\HVWGLVSRQLEOHFRPR
SDQWDOODGHJDPDPHGLD
6HOHFFLQGHIXQFLRQHV
/RVPHQV\ODVIXQFLRQHVVHSXHGHQ
VHOHFFLRQDUPHGLDQWHORVERWRQHVHQ
ODSDODQFDGHORVLQWHUPLWHQWHV
PHQV
0HQGHLQIRUPDFLQGHOYHKFXOR
0HQGHLQIRUPDQFLQYLDMH
FRPEXVWLEOH
*LUHODUXHGDGHDMXVWHSDUDPDUFDU
XQDRSFLQGHOPHQRSDUDHVWDEOH
FHUXQYDORUQXPULFR
 ,QVWUXPHQWRV\PDQGRV

3XOVHHOERWQ6
6(7&/5SDUDVHOHF 3DQWDOODGHLQIRUPDFLQJUILFD
FLRQDUXQDIXQFLQRFRQILUPDUXQ
PHQVDMH
3HUVRQDOL]DFLQGHOYHKFXOR
2UGHQDGRUGHDERUGR

3DQWDOODGHLQIRUPDFLQ
JUILFDSDQWDOODGH
LQIRUPDFLQHQFRORU
'HSHQGLHQGRGHODFRQILJXUDFLQGHO
YHKFXORSXHGHWHQHUXQDSDQWDOODGH
LQIRUPDFLQJUILFDRHQFRORU/D
SDQWDOODGHLQIRUPDFLQHVWVLWXDGD
HQHOWDEOHURGHLQVWUXPHQWRVHQFLPD
GHOVLVWHPDGHLQIRHQWUHWHQLPLHQWR
'HSHQGLHQGRGHOVLVWHPDGHLQIRHQ
WUHWHQLPLHQWRODSDQWDOODGHLQIRUPD
FLQJUILFDHVWGLVSRQLEOHHQGRV
YHUVLRQHV
/DSDQWDOODGHLQIRUPDFLQJUILFDLQ
GLFDORVLJXLHQWH
KRUD
WHPSHUDWXUDH[WHULRU
IHFKD
VLVWHPDGHLQIRHQWUHWHQLPLHQWR
YHDODGHVFULSFLQGHOVLVWHPDGH
LQIRHQWUHWHQLPLHQWR
DMXVWHVGHSHUVRQDOL]DFLQGHOYH
KFXOR

3DQWDOODGHLQIRUPDFLQHQFRORU
/DSDQWDOODGHLQIRUPDFLQHQFRORU
PXHVWUDORVVLJXLHQWHVGDWRVHQFRORU 0HQXGHOVLVWHPDGHLQIRHQWUHWHQL
KRUD
WHPSHUDWXUDH[WHULRU
IHFKD
VLVWHPDGHLQIRHQWUHWHQLPLHQWR
YHDODGHVFULSFLQGHOVLVWHPDGH
LQIRHQWUHWHQLPLHQWR
QDYHJDFLQYHDODGHVFULSFLQGHO
VLVWHPDGHLQIRHQWUHWHQLPLHQWR
DMXVWHVGHOVLVWHPD
,QVWUXPHQWRV\PDQGRV 
PHQVDMHVGHOYHKFXOR 6HOHFFLQFRQHOVLVWHPDGH
DMXVWHVGHSHUVRQDOL]DFLQGHOYH LQIRHQWUHWHQLPLHQWR
KFXOR
(OWLSRGHLQIRUPDFLQ\VXUHSUHVHQ
WDFLQGHSHQGHQGHOHTXLSDPLHQWR
GHOYHKFXOR\ORVDMXVWHVHIHFWXDGRV
6HOHFFLQGHIXQFLRQHV
6HDFFHGHDODVIXQFLRQHV\ORVDMXV
WHVPHGLDQWHODSDQWDOOD
/DVVHOHFFLRQHVVHUHDOL]DQPH
GLDQWH
PHQV
ERWRQHVGHIXQFLQ\HOERWQ
6HOHFFLRQHODVRSFLRQHVPHGLDQWHORV
PLHQWR PHQV\FRQORVERWRQHVGHOVLVWHPD
GHLQIRHQWUHWHQLPLHQWR(OERWQ
0HQXVHXVDSDUDVHOHFFLRQDUXQD
RSFLQ\FRQILUPDUOD
3DUDVDOLUGHXQPHQSXOVH%%$&.
 ,QVWUXPHQWRV\PDQGRV

0HQVDMHVGHOYHKFXOR 1 0HQVDMHGHOYHKFXOR 1 0HQVDMHGHOYHKFXOR

 1RVHGHWHFWDQLQJQPDQGR  5HOOHQHHODFHLWHGHPRWRU
/RVPHQVDMHVDSDUHFHQHQHOFHQWUR DGLVWDQFLDSXOVHHOSHGDOGHO 
GHLQIRUPDFLQGHOFRQGXFWRU',&
HQODSDQWDOODGHLQIRUPDFLQRVHLQ
GLFDQPHGLDQWHVHDOHV\DYLVRV
DFVWLFRV&RQILUPHORVPHQVDMHVGH
DGYHUWHQFLDFRQHOERWQPXOWLIXQ
FLQ6LIXHUDQHFHVDULRUHFXUUDDOD
D\XGDGHXQWDOOHU
/RVPHQVDMHVGHOYHKFXORVHPXHV
WUDQFRPRFGLJRVQXPULFRV
HPEUDJXHSDUDUHLQLFLDU
 5HYLVLQGHODFDMDGHFDPELRV
 &ROXPQDGHODGLUHFFLQ
EORTXHDGD  &DPELHHODFHLWHGHOPRWRU
SURQWR
 $YHUDGHOLQWHUPLWHQWH
GHODQWHURL]TXLHUGR  3RWHQFLDGHOPRWRUUHGXFLGD
 $YHUDGHOLQWHUPLWHQWHWUDVHUR  0DQGRDGLVWDQFLDQR
L]TXLHUGR GHWHFWDGRFDPELHODSRVLFLQ
GHODOODYHHOHFWUQLFDRXVHOD
 $YHUDGHOLQWHUPLWHQWH WRPDVLWXDGDHQODFRQVROD
GHODQWHURGHUHFKR FHQWUDO
 $YHUDGHOLQWHUPLWHQWHWUDVHUR  0DQGRDGLVWDQFLDQR
GHUHFKR GHWHFWDGRSLVHHOIUHQRSDUD
YROYHUDDUUDQFDU
 6XVWLWX\DODSLODGHOPDQGR
DGLVWDQFLD  &DPELHDODSRVLFLQGHHVWD
FLRQDPLHQWR
 $JXDHQHOILOWURGHOFRPEXVWLEOH
 5HYLVLQGHODLUEDJ
 ,QWHQWRGHURER
 )DOORGHODVLVWHQWHGH
 5HYLVLQGHOEORTXHRGHOD DSDUFDPLHQWROLPSLHHO
FROXPQDGHODGLUHFFLQ SDUDFKRTXHV
 5HYLVLQGHODLUHDFRQGLFLRQDGR  $VLVWHQWHGHDSDUFDPLHQWR

$YLVRVDFVWLFRV
$ODUUDQFDUHOPRWRURGXUDQWHOD
PDUFKD
6LQRVHKDDEURFKDGRHOFLQWXUQ
GHVHJXULGDG
6LVHVREUHSDVDXQDGHWHUPLQDGD
YHORFLGDGFRQHOIUHQRGHHVWDFLR
QDPLHQWRDFFLRQDGR
6LDSDUHFHXQFGLJRGHDGYHUWHQ
FLDHQHOFHQWURGHLQIRUPDFLQGHO
FRQGXFWRU
6LHODVLVWHQWHGHDSDUFDPLHQWRGH
WHFWDXQREMHWR
&XDQGRHOYHKFXORHVW
HVWDFLRQDGR\RVHDEUHXQD
SXHUWD
6LODOODYHHVWHQODFHUUDGXUDGHO
HQFHQGLGR
&RQODVOXFHVH[WHULRUHVHQFHQGL
GDV
2UGHQDGRUGHDERUGR
/RVPHQV\ODVIXQFLRQHVVHSXHGHQ
VHOHFFLRQDUPHGLDQWHORVERWRQHVHQ
ODSDODQFDGHORVLQWHUPLWHQWHV
3XOVHHOERWQ0
0(18SDUDVHOHFFLR
QDU0
0HQGHLQIRUPDQFLQYLDMH
FRPEXVWLEOH
*LUHODUXHGDGHDMXVWHSDUDVHOHFFLR
QDUXQRGHORVVXEPHQV TXLHUPRPHQWR
2UGHQDGRUGHDERUGR
&RQVXPRPHGLR
$OFDQFH
,QVWUXPHQWRV\PDQGRV 
9HORFLGDGPHGLD
&RQVXPRLQVWDQWQHR
3DUDUHLQLFLDUPDQWHQJDSXOVDGRHO
ERWQGHDMXVWHRHOERWQ6
6(7&/5
GXUDQWHXQRVVHJXQGRV
&RQVXPRPHGLR
,QGLFDFLQGHOFRQVXPRPHGLR/D
PHGLFLQSXHGHUHLQLFLDUVHHQFXDO
3DUDUHLQLFLDUPDQWHQJDSXOVDGRHO
ERWQ6
6(7&/5GXUDQWHXQRVVHJXQ
GRV
 ,QVWUXPHQWRV\PDQGRV

$OFDQFH
(ODOFDQFHVHFDOFXODDSDUWLUGHOFRQ
WHQLGRDFWXDOGHOGHSVLWR\GHOFRQ
VXPRLQVWDQWQHR/DSDQWDOODPXHV
WUDYDORUHVSURPHGLR
'HVSXVGHUHSRVWDUHODOFDQFHVH
DFWXDOL]DDXWRPWLFDPHQWHDOSRFR
WLHPSR
6LHOQLYHOGHFRPEXVWLEOHHQHOGHS
VLWRHVEDMRDSDUHFHXQPHQVDMHHQ
HOFHQWURGHLQIRUPDFLQGHOFRQGXF
WRU
$GHPVVHHQFLHQGHHOWHVWLJRGH
FRQWUROLHQHOLQGLFDGRUGHFRP
EXVWLEOH
9HORFLGDGPHGLD
,QGLFDFLQGHODYHORFLGDGPHGLD/D
PHGLFLQSXHGHUHLQLFLDUVHHQFXDO
TXLHUPRPHQWR
3DUDUHLQLFLDUPDQWHQJDSXOVDGRHO
ERWQ6
6(7&/5GXUDQWHXQRVVHJXQ
GRV
3HUVRQDOL]DFLQGHO
YHKFXOR
/RVSDUPHWURVGHOYHKFXORVHSXH
GHQSHUVRQDOL]DUFDPELDQGRORVDMXV
WHVHQHOFHQWURGHLQIRUPDFLQGHO
FRQGXFWRU\HQODSDQWDOODGHLQIRUPD
FLQ
'HSHQGLHQGRGHOHTXLSDPLHQWRGHO
YHKFXORHVSRVLEOHTXHDOJXQDVGH
ODVIXQFLRQHVGHVFULWDVDFRQWLQXD
FLQQRHVWQGLVSRQLEOHV
3XOVHHOERWQ0
0(18SDUDVHOHFFLR
$MXVWHVGHOFHQWURGH QDUHOPHQ88QLGDG
LQIRUPDFLQGHOFRQGXFWRU
/RVDMXVWHVGH8
8QLGDGVHSXHGHQVH
OHFFLRQDUPHGLDQWHORVERWRQHVHQOD
SDODQFDGHORVLQWHUPLWHQWHV

&RQVXPRLQVWDQWQHR
,QGLFDFLQGHOFRQVXPRLQVWDQWQHR
$YHORFLGDGHVEDMDVVHPXHVWUDHO
FRQVXPRSRUKRUD
 ,QVWUXPHQWRV\PDQGRV 

$SDUHFHHOPHQGHDMXVWHVGH $MXVWHVHQOD
8QLGDG SDQWDOODGHLQIRUPDFLQJUILFD
6HSXHGHQFDPELDUODVXQLGDGHV
PRVWUDGDVHQSDQWDOOD
3XOVHHOERWQ6
6(7&/5SDUDVHOHF
FLRQDUHOPRGRGHDMXVWHVGHODVXQL
GDGHV
8QLGDG*UDQ%UHWDD
8QLGDG(VWDGRV8QLGRV
8QLGDG(XURSD
*LUHODUXHGDGHDMXVWHSDUDVHOHFFLR
QDUXQDGHODVXQLGDGHV3XOVHHOER 0HGLDQWHHOERWQ00(18VHSXHGHQ
WQ6
6(7&/5SDUDFRQILUPDU VHOHFFLRQDUORVVLJXLHQWHVDMXVWHV
,GLRPDV/DQJXDJHV
(QFLHQGDHOVLVWHPDGHLQIRHQWUHWHQL
PLHQWR\SXOVHHOERWQ&
&21),* +RUD\IHFKD
$SDUHFHHOPHQ$ $MXVWHV $MXVWHVGHODUDGLR
$MXVWHVGHOYHKFXOR
/RVVLJXLHQWHVDMXVWHVSXHGHQFDP
ELDUVHHQORVVXEPHQVFRUUHVSRQ
GLHQWHV
,GLRPDV/DQJXDJHV
6HOHFFLQGHOLGLRPDGHVHDGR
 ,QVWUXPHQWRV\PDQGRV

+RUD\IHFKD 'HVHPSDDPLHQWRDXWRPWDFWL &LHUUHFHQWUDOL]DGR

9DVHODVHFFLQ5HORMHLQIRHQ YDGRGHVDFWLYDGRDFWLYDRGHVDF $SHUWXUDDXWRPWLFDSXHUWDV$F
WUHWHQLPLHQWRSDUDPVLQIRUPDFLQ
$MXVWHVGHODUDGLR
9DVHODVHFFLQLQIRHQWUHWHQLPLHQWR
SDUDPVLQIRUPDFLQ
WLYDHOGHVHPSDDGRDXWRPWLFR
'HVHPSDDPLHQWRWUDVDXWRDFWL
YDGRGHVDFWLYDGRDFWLYDRGHVDF
WLYDHOGHVHPSDDGRWUDVHURDXWR
WLYDRGHVDFWLYDODIXQFLQGHEOR
TXHRDXWRPWLFRGHSXHUWDVGHV
SXVGHGHVFRQHFWDUHOHQFHQGLGR
,PSHGLUFLHUUHVLSWDDELHUWD$FWLYD
$MXVWHVGHOYHKFXOR
7HPSHUDWXUD\FDOLGDGGHODLUH
9HORFLGDGYHQWLODGRUDXWRP0RGL
ILFDODYHORFLGDGGHOYHQWLODGRU
DOWDPHGLDEDMD
5HFLUFXODFLQDLUHDXWRPW0RGL
ILFDODVHQVLELOLGDGGHOVHQVRUGH
PWLFR
$MXVWHVGHFRQIRUW
9ROXPHQGHDYLVRV&DPELDHOYR
OXPHQGHORVDYLVRVDFVWLFRV
/LPSLDSDUWUDVDXWRPDWUV$F
WLYDRGHVDFWLYDODFRQH[LQDXWR
PWLFDGHOOLPSLDOXQHWDFXDQGRVH
HQJUDQDODPDUFKDDWUV
'HWHFFLQFROLVLRQHVD\XGDHVWDF
$\XGDDOHVWDFLRQDPLHQWR$FWLYD
RGHVDFWLYDORVVHQVRUHVGHXOWUD
VRQLGRV
,OXPLQDFLQDPELHQWHH[WHULRU
,OXPLQDFLQH[WHULRUDODEULU$FWLYD
RGHVDFWLYDODLOXPLQDFLQGHHQ
WUDGD
'XUDFLQDOVDOLUGHOYHKFXOR$F
WLYDRGHVDFWLYD\FDPELDODGXUD
FLQGHODLOXPLQDFLQDOVDOLU
RGHVDFWLYDODIXQFLQGHEORTXHR
DXWRPWLFRGHSXHUWDVPLHQWUDV
KD\XQDSXHUWDDELHUWD
$SHUWXUDFLHUUHDUUDQTXHUHPRWR
5HVSXHVWDDSHUWXUDDGLVW$FWLYD
RGHVDFWLYDODFRQILUPDFLQGHODV
OXFHVGHHPHUJHQFLDDOGHVEOR
TXHDU
5HVSXHVWDFLHUUHDGLVWDQFLD$F
WLYDRGHVDFWLYDODFRQILUPDFLQGH
ODOX]GHDYLVRDODFFLRQDUHOGHV
EORTXHR
$SHUWXUDSXHUWDVDGLVWDQFLD&DP
ELDODFRQILJXUDFLQSDUDGHVEOR
TXHDUVORODSXHUWDGHOFRQGXFWRU
RWRGRHOYHKFXORDOGHVEORTXHDU
5HVWDXUDUDMXVWHVGHIEULFD
5HVWDXUDUDMXVWHVGHIEULFD5HV
WDEOHFHWRGRVORVDMXVWHVDORVYD
ORUHVSUHGHWHUPLQDGRV
FDOLGDGGHODLUH$46EDMDDOWD
 ,QVWUXPHQWRV\PDQGRV 

$MXVWHVHQODSDQWDOODGH /RVVLJXLHQWHVDMXVWHVSXHGHQFDP $MXVWHVGHOYHKFXOR

LQIRUPDFLQHQFRORU ELDUVHHQORVVXEPHQVFRUUHVSRQ
3XOVHHOERWQ&
&21),*$SDUHFHHO GLHQWHV
PHQ$$MXVWHV ,GLRPDV
6HOHFFLQGHOLGLRPDGHVHDGR
+RUD\IHFKD
9HD5HORM

*LUDQGR\SXOVDQGRHOERWQPXOWLIXQ
FLQVHSXHGHQVHOHFFLRQDUORVVL
JXLHQWHVDMXVWHV $MXVWHVGHODQDYHJDFLQ
,GLRPDV
+RUD\IHFKD
$MXVWHVGHODUDGLR
$MXVWHVGHOWHOIRQR
$MXVWHVGHODQDYHJDFLQ
$MXVWHVGHOYHKFXOR
$MXVWHVGHODSDQWDOOD
$MXVWHVGHODUDGLR
9DVHODGHVFULSFLQGHOVLVWHPDGH
LQIRHQWUHWHQLPLHQWRHQODVHFFLQFR
UUHVSRQGLHQWH
$MXVWHVGHOWHOIRQR
9DVHODGHVFULSFLQGHOVLVWHPDGH
LQIRHQWUHWHQLPLHQWRHQODVHFFLQFR
UUHVSRQGLHQWH
9DVHODGHVFULSFLQGHOVLVWHPDGH
LQIRHQWUHWHQLPLHQWRHQODVHFFLQFR
UUHVSRQGLHQWH
&DOLGDGFOLPD\DLUH
&RQWUROYHQWLO0RGLILFDODUHJXOD
FLQGHOYHQWLODGRU(ODMXVWHPRGL
ILFDGRVHDFWLYDUWUDVDSDJDU\YRO
YHUDFRQHFWDUHOHQFHQGLGR
&OLPDWL]DGRU$FWLYDRGHVDFWLYDOD
UHIULJHUDFLQ
'HVKXPHFWDFLQDXWRPWLFD)DFL
OLWDHOGHVHPSDDGRGHOSDUDEULVDV
VHOHFFLRQDQGRDXWRPWLFDPHQWH
ORVDMXVWHVQHFHVDULRV\HOPRGR
DXWRPWLFRGHODLUHDFRQGLFLRQDGR
 ,QVWUXPHQWRV\PDQGRV
'HVHPSDDUOXQHWDWUDVHUD$FWL
YDFLQDXWRPWLFDGHODOXQHWDWU
PLFDWUDVHUD
$MXVWHVGHFRPRGLGDG
9ROXPHQGHODVVHDOHV&DPELDHO
YROXPHQGHORVDYLVRVDFVWLFRV
/LPSLDSDUDEUWUDVPDWUV$FWLYD
RGHVDFWLYDODFRQH[LQDXWRPWLFD
GHOOLPSLDOXQHWDFXDQGRVHHQJUDQD
ODPDUFKDDWUV
$VLVWHQWHDSDUFDP'HWHF
FROLVLRQHV
$VLVWHQWHDSDUF$FWLYDRGHVDFWLYD
HODVLVWHQWHGHDSDUFDPLHQWRSRU
XOWUDVRQLGRV
,OXPLQDUHOFDPLQR
'XUDFLQDOVDOLUGHOYHKFXOR$F
WLYDRGHVDFWLYD\FDPELDODGXUD
FLQGHODLOXPLQDFLQDOVDOLU
/XFHVDODEULU$FWLYDRGHVDFWLYDOD
LOXPLQDFLQGHHQWUDGD
&LHUUHGHSXHUWDV
$SHUWXUDDXWRP$FWLYDRGHVDFWLYD
ODIXQFLQGHEORTXHRDXWRPWLFR
GHSXHUWDVGHVSXVGHGHVFRQHF
WDUHOHQFHQGLGR
&LHUUHDXWRPGHSXHUWDV$FWLYD
RGHVDFWLYDODIXQFLQGHEORTXHR
DXWRPWLFRGHSXHUWDVGHVSXVGH
LQLFLDUODPDUFKD
(YLWDUFLHUUHFRQODSXHUWDDELHUWD
$FWLYDRGHVDFWLYDODIXQFLQGHEOR
TXHRDXWRPWLFRGHSXHUWDVPLHQ
WUDVKD\XQDSXHUWDDELHUWD
&LHUUHUHPRWR$SHUWXUDUHP
$UUDQTXHUHP
5HVSXHVWDDSHUWXUDUHPRWD$FWLYD
RGHVDFWLYDODFRQILUPDFLQGHODV
OXFHVGHHPHUJHQFLDDOGHVEOR
TXHDU
$SHUWXUDUHPRWD&DPELDODFRQIL
JXUDFLQSDUDGHVEORTXHDUVOROD
SXHUWDGHOFRQGXFWRURWRGRHOYH
KFXORDOGHVEORTXHDU
1XHYRFLHUUHDXWRPWLFR$FWLYD
RGHVDFWLYDHOODIXQFLQGHYROYHU
DEORTXHDUDXWRPWLFDPHQWHGHV
SXVGHGHVEORTXHDUVLQDEULUHOYH
KFXOR
5HFXSHUDUDMXVWHVGHIEULFD
5HFXSHUDUDMXVWHVGHIEULFD5HV
WDEOHFHWRGRVORVDMXVWHVDORVYD
ORUHVSUHGHWHUPLQDGRV
$MXVWHVGHODSDQWDOOD
$MXVWHVGHODSDQWDOODVHOHFFLRQDEOHV
0RGDOLGDGGLXUQD2SWLPL]DFLQ
SDUDFRQGLFLRQHVGLXUQDV
0RGDOLGDGQRFWXUQD2SWLPL]DFLQ
SDUDFRQGLFLRQHVGHRVFXULGDG
$XWRPWLFR/DSDQWDOODFDPELDGH
PRGRFXDQGRODVOXFHVGHOYHKFXOR
VHHQFLHQGHQ\VHDSDJDQ
 ,OXPLQDFLQ 

,OXPLQDFLQH[WHULRU (QORVYHKFXORVFRQFRQWURODXWRP
,OXPLQDFLQ WLFRGHODVOXFHV
&RQPXWDGRUGHODVOXFHV  GHVDFW

,OXPLQDFLQH[WHULRU   $OFRQHFWDUHOHQFHQGLGRVLHPSUHVH

DFWLYDHOFRQWURODXWRPWLFRGHODVOX
,OXPLQDFLQLQWHULRU  
FHV
&DUDFWHUVWLFDVGHOD
&XDQGRODVOXFHVHVWQHQFHQGLGDV
LOXPLQDFLQ  
VHLOXPLQD,QGLFDGRUGHFRQWURO


&RQWURODXWRPWLFRGHODV
OXFHV

*LUHHOFRQPXWDGRUGHODVOXFHV
$872 FRQWURODXWRPWLFRGHODV
OXFHVGHSHQGLHQGRGHODV
FRQGLFLRQHVGHOX]H[WH
ULRU
P DFWLYDFLQRGHVDFWLYDFLQ
GHOFRQWURODXWRPWLFRGH
OXFHV(OFRQPXWDGRU
YXHOYHD$$872
 /XFHVODWHUDOHV
 )DURV
 ,OXPLQDFLQ
)XQFLQGHFRQWURODXWRPWLFR
GHODVOXFHV
&XDQGRHVWFRQHFWDGDODIXQFLQGH
FRQWURODXWRPWLFRGHODVOXFHV\HO
PRWRUHVWHQPDUFKDHOVLVWHPD
FDPELDHQWUHOX]GHFLUFXODFLQGLXUQD
\FRQH[LQDXWRPWLFDGHORVIDURV
GHSHQGLHQGRGHODVFRQGLFLRQHVOX
PLQRVDV\GHODLQIRUPDFLQSURSRU
FLRQDGDSRUHOVLVWHPDGHOVHQVRUGH
OOXYLD
/X]GHFLUFXODFLQGLXUQD
/DOX]GHFLUFXODFLQGLXUQDDXPHQWD
ODYLVLELOLGDGGHOYHKFXORGXUDQWHHO
GD
/DVOXFHVWUDVHUDVQRVHHQFLHQGHQ
$FWLYDFLQDXWRPWLFDGHORVIDURV
(QFRQGLFLRQHVGHHVFDVDOXPLQRVL
GDGVHHQFLHQGHQORVIDURV\ODVOX
FHVWUDVHUDV
$GHPVORVIDURVVHHQFLHQGHQVLORV
OLPSLDSDUDEULVDVVHDFWLYDQSDUDYD
ULRVEDUULGRV
/X]GHFDUUHWHUD
3DUDFDPELDUGHOX]GHFUXFHDOX]GH
FDUUHWHUDSXOVHODSDODQFD
3DUDFDPELDUDOX]GHFUXFHYXHOYD
DSXOVDURWLUDUGHODSDODQFD
 $GYHUWHQFLD
&DPELHVLHPSUHODOX]GHFDUUH
WHUDDODOX]GHFUXFHFXDQGRVH
DSUR[LPHQYHKFXORVGHIUHQWH
RFXDQGRWHQJDYHKFXORVGHODQWH
/DOX]GHFDUUHWHUDSXHGHGHVOXP
EUDUWHPSRUDOPHQWHDRWURVFRQ
GXFWRUHVORTXHSRGUDSURYRFDU
XQDFROLVLQ
5IDJDV
3DUDDFFLRQDUODVUIDJDVWLUHGHOD
SDODQFD

5HJXODFLQGHODOFDQFHGH
ORVIDURV
5HJXODFLQPDQXDOGHODOFDQFH
GHORVIDURV
3DUDDGDSWDUHODOFDQFHGHORVIDURV
DODFDUJDGHOYHKFXOR\HYLWDUHOGHV
OXPEUDPLHQWRJLUHODUXHGDGH
DMXVWHKDVWDODSRVLFLQUHTXHULGD
 $VLHQWRVGHODQWHURVRFXSDGRV
 7RGRVORVDVLHQWRVRFXSDGRV
,OXPLQDFLQ 
 7RGRVORVDVLHQWRVRFXSDGRV /XFHVGHHPHUJHQFLD
\FDUJDHQHOFRPSDUWLPHQWRGH
FDUJD
 $VLHQWRGHOFRQGXFWRURFXSDGR
\FDUJDHQHOFRPSDUWLPHQWRGH
FDUJD
)DURVHQYLDMHVDO
H[WUDQMHUR
/DOX]GHFUXFHDVLPWULFDDXPHQWDHO
FDPSRGHYLVLQGHODFDUUHWHUDHQHO
ODGRGHODFRPSDDQWH
6LQHPEDUJRDOFLUFXODUHQSDVHV
GRQGHVHFRQGXFHSRUHOODGR 6HDFFLRQDQFRQHOERWQe
RSXHVWRGHODFDUUHWHUDGHEHDMXVWDU /DVOXFHVGHHPHUJHQFLDVHFRQHFWDQ
ORVIDURVSDUDHYLWDUHOGHVOXPEUD DXWRPWLFDPHQWHVLVHDFWLYDQORVDLU
PLHQWRGHORVYHKFXORVTXHYLHQHQ EDJV
GHIUHQWH
+DJDUHJXODUORVIDURVHQXQWDOOHU
 ,OXPLQDFLQ

6HDOL]DFLQGHJLURV 3DUDHPLWLUWUHVLQWHUPLWHQFLDVSHM 3LORWRDQWLQLHEOD

SDUDXQFDPELRGHFDUULOSXOVHODSD
\FDPELRVGHFDUULO ODQFDKDVWDSHUFLELUFLHUWDUHVLVWHQFLD
\VXOWHOD
3DUDXQDLQGLFDFLQPVSURORQJDGD
PDQWHQJDODSDODQFDSXOVDGD
'HVFRQHFWHORVLQWHUPLWHQWHVPD
QXDOPHQWHPRYLHQGRODSDODQFD
KDVWDVXSRVLFLQRULJLQDO

)DURVDQWLQLHEOD

6HDFFLRQDQFRQHOERWQP
3DODQFD ,QWHUPLWHQWHGHUHFKR &RQPXWDGRUGHODVOXFHVHQSRVLFLQ
KDFLD $XWRDOFRQHFWDUHOSLORWRDQWLQLHEOD
DUULED VHHQFHQGHUQDXWRPWLFDPHQWHORV
3DODQFD ,QWHUPLWHQWHL]TXLHUGR IDURV
KDFLD &RQPXWDGRUGHODVOXFHVHQ
DEDMR SRVLFLQHOSLORWRDQWLQLHEODVOR
VHSXHGHFRQHFWDUMXQWRFRQORVIDURV
6LODSDODQFDVHPXHYHPVDOOGHO DQWLQLHEOD
SXQWRGHUHVLVWHQFLDHOLQWHUPLWHQWH
VHFRQHFWDSHUPDQHQWHPHQWH
&XDQGRHOYRODQWHYXHOYHDJLUDUVH 6HDFFLRQDQFRQHOERWQ
GHVDFWLYDHOLQWHUPLWHQWHDXWRPWLFD
PHQWH
 ,OXPLQDFLQ 

/XFHVGHHVWDFLRQDPLHQWR /XFHVGHPDUFKDDWUV ,OXPLQDFLQLQWHULRU

/DOX]GHPDUFKDDWUVVHHQFLHQGH
DXWRPWLFDPHQWHFXDQGRHVWFR &RQWUROGHODLOXPLQDFLQ
QHFWDGRHOHQFHQGLGR\VHHQJUDQDOD GHOWDEOHURGH
PDUFKDDWUV
LQVWUXPHQWRV
)DURVHPSDDGRV
(OLQWHULRUGHODVOXFHVSXHGHHPSD
DUVHFRQWLHPSRIUR\KPHGROOXYLD
LQWHQVDRGHVSXVGHODYDUHOYH
KFXOR(OHPSDDPLHQWRGHVDSDUHFH
USLGDPHQWHSDUDIDFLOLWDUHOSURFHVR
HQFLHQGDORVIDURV
&XDQGRHOYHKFXORHVWDSDUFDGRVH
SXHGHQDFWLYDUODVOXFHVGHSRVLFLQ
GHODQWHUD\WUDVHUDGHXQODGR
 'HVFRQHFWHHOHQFHQGLGR
 0XHYDODSDODQFDGHORVLQWHUPL 6HSXHGHDMXVWDUHOEULOORGHODVVL
WHQWHVWRWDOPHQWHKDFLDDUULEDOX JXLHQWHVOXFHVFXDQGRODVOXFHVH[
FHVGHHVWDFLRQDPLHQWRGHOODGR WHULRUHVHVWQHQFHQGLGDV
GHUHFKRRKDFLDDEDMROXFHVGH
,OXPLQDFLQGHOWDEOHURGHLQVWUX
HVWDFLRQDPLHQWRGHOODGRL]
PHQWRV
TXLHUGR
3DQWDOODGHLQIRUPDFLQ
&RQILUPDFLQPHGLDQWHXQDVHDO
DFVWLFD\HOWHVWLJRGHFRQWUROGHORV ,QWHUUXSWRUHV\HOHPHQWRVGH
LQWHUPLWHQWHVGHOODGRFRUUHVSRQ PDQGRLOXPLQDGRV
GLHQWH
 ,OXPLQDFLQ
*LUHODUXHGDGHDMXVWH$\PDQWQ
JDODKDVWDREWHQHUHOEULOORGHVHDGR
,OXPLQDFLQLQWHULRU
/X]GHFRUWHVD
$OHQWUDU\VDOLUGHOYHKFXORVHHQ
FLHQGHQDXWRPWLFDPHQWHODVOXFHV
GHFRUWHVDOXHJRVHDSDJDQFRQXQ
OHYHUHWDUGR6HHQFLHQGHEUHYH
PHQWHDXQTXHODOODYHVHVDTXHGHOD
FHUUDGXUDGHOHQFHQGLGR
$FFLRQHHOLQWHUUXSWRUEDVFXODQWH &DUDFWHUVWLFDVGHOD
Z FRQH[LQ\GHVFRQH[LQ
DXWRPWLFD
LOXPLQDFLQ
SXOVHX VLHPSUHHQFHQGLGDV
SXOVHY VLHPSUHDSDJDGDV ,OXPLQDFLQGHHQWUDGD
,OXPLQDFLQGHELHQYHQLGD
/XFHVGHOHFWXUD /RVIDURVODVOXFHVODWHUDOHVODVOX
FHVWUDVHUDV\ODLOXPLQDFLQLQWHULRU
VHHQFLHQGHQEUHYHPHQWHDOGHVEOR
TXHDUHOYHKFXORFRQHOPDQGRDGLV
WDQFLD(VWDIXQFLQIDFLOLWDODORFDOL
]DFLQGHOYHKFXORHQOXJDUHVRVFX
URV
/DVOXFHVVHDSDJDQLQPHGLDWDPHQWH
FXDQGRODOODYHGHOHQFHQGLGRVHJLUD
DODSRVLFLQGHDFFHVRULRV$OVDOLUGH
YLDMH
/DDFWLYDFLQRGHVDFWLYDFLQGHHVWD
IXQFLQVHSXHGHFDPELDUHQHOPHQ
$MXVWHVGHODSDQWDOODGHLQIRUPDFLQ
6HDFFLRQDFRQORVERWRQHVV\W
3HUVRQDOL]DFLQGHOYHKFXOR
/RVDMXVWHVVHSXHGHQPHPRUL]DU
/XFHVHQORVSDUDVROHV PHGLDQWHODOODYHXWLOL]DGD
6HHQFLHQGHQDODEULUODWDSD

,OXPLQDFLQGHHQWUDGD
6HFRQHFWDUQDGLFLRQDOPHQWHODVVL
JXLHQWHVOXFHVDODEULUODSXHUWDGHO
FRQGXFWRU SXHGHFDPELDUHQHOPHQ$
$OJXQRVLQWHUUXSWRUHV
$OJXQDVOXFHVLQWHULRUHV
,OXPLQDFLQGHVDOLGD
/RVIDURVODVOXFHVODWHUDOHV\ODVOX
FHVWUDVHUDVLOXPLQDQHOFDPLQRGX
UDQWHXQSHULRGRGHWLHPSRDMXVWDEOH
GHVSXVGHVDOLUGHOYHKFXOR
,OXPLQDFLQ 
&RQH[LQ 3URWHFFLQFRQWUD
/DDFWLYDFLQGHVDFWLYDFLQ\GXUD GHVFDUJDGHODEDWHUD
FLQGHHVWDIXQFLQGHLOXPLQDFLQVH
$MXVWHVGH 'HVFRQH[LQGHODVOXFHV
ODSDQWDOODGHLQIRUPDFLQ3HUVRQDOL
]DFLQGHOYHKFXOR LQWHULRUHV
3DUDHYLWDUODGHVFDUJDGHODEDWHUD
/RVDMXVWHVVHSXHGHQPHPRUL]DU FRQHOHQFHQGLGRGHVFRQHFWDGRDO
PHGLDQWHODOODYHXWLOL]DGD JXQDVOXFHVLQWHULRUHVVHDSDJDQDX
 'HVFRQHFWHHOHQFHQGLGR WRPWLFDPHQWHGHVSXVGHXQFLHUWR
WLHPSR
 6DTXHODOODYHGHOHQFHQGLGR
 $EUDODSXHUWDGHOFRQGXFWRU
 7LUHGHODSDODQFDGHORVLQWHUPL
WHQWHV
 &LHUUHODSXHUWDGHOFRQGXFWRU
6LQRVHFLHUUDODSXHUWDGHOFRQGXF
WRUODVOXFHVVHDSDJDUQGHVSXVGH
GRVPLQXWRV
/DVOXFHVVHDSDJDQLQPHGLDWDPHQWH
VLWLUDGHODSDODQFDGHORVLQWHUPLWHQ
WHVFRQODSXHUWDGHOFRQGXFWRU
DELHUWD
 6LVWHPDGHLQIRHQWUHWHQLPLHQWR

,QWURGXFFLQ (OVLVWHPDGHQDYHJDFLQVOR1DYL

6LVWHPDGH
LQIRHQWUHWHQLPLHQWR
,QWURGXFFLQ  
5DGLR  
5HSURGXFWRUGH&'  
(QWUDGD$8;  
3XHUWR86%  
0VLFD%OXHWRRWK  
,QIRUPDFLQJHQHUDO
(OVLVWHPDGHLQIRHQWUHWHQLPLHQWROH
RIUHFHOROWLPRHQVLVWHPDVGHRFLR
HLQIRUPDFLQ
(QODVEDQGDVGHIUHFXHQFLD$0
\)0ODUDGLRGLVSRQHGHGRFHSUH
VLQWRQDVGHHPLVRUDVTXHVHSXHGHQ
FRQILJXUDUDXWRPWLFDPHQWH$GH
PVVHSXHGHQDVLJQDUHPLVRUDV
GHIRUPDPDQXDOLQGHSHQGLHQWHVGH
FRQSODQLILFDFLQGHUXWDGLQ
PLFDOHJXLDUGHIRUPDILDEOHKDVWD
VXGHVWLQR\VLORGHVHDHYLWDUGH
IRUPDDXWRPWLFDORVDWDVFRVXRWURV
SUREOHPDVGHWUILFR
'HIRUPDRSFLRQDOHOVLVWHPDGHLQ
IRHQWUHWHQLPLHQWRVHSXHGHPDQHMDU
FRQORVPDQGRVHQHOYRODQWH
(OGLVHRLQWHOLJHQWHGHORVHOHPHQWRV
GHPDQGRODFODULGDGGHODVSDQWDOODV
\HOPDQGRPXOWLIXQFLQ0 0(18OHSHU
PLWHQFRQWURODUHOVLVWHPDGHIRUPD
1DYHJDFLQ  
7HOIRQR  
ODEDQGDGHIUHFXHQFLDV
&RQHOUHSURGXFWRUGHUDGLRLQWHJUDGR
SRGUUHSURGXFLU&'GHDXGLR\GH
03:0$
$GHPVHQHOVLVWHPDGHLQIRHQWUH
WHQLPLHQWRSXHGHFRQHFWDUFRPR
IXHQWHVGHDXGLRDSDUDWRVGHDOPD
FHQDPLHQWRGHGDWRVH[WHUQRVFRPR
XQL3RGUHSURGXFWRU03RPHPRULD
IFLOHLQWXLWLYD
,QIRUPDFLQLPSRUWDQWHVREUH
IXQFLRQDPLHQWR\VHJXULGDGGH
WUILFR
 $GYHUWHQFLD
(OXVRGHOVLVWHPDGHDXGLRQR
86%QR&'RXQUHSURGXFWRU
GH&'SRUWWLO
(OSURFHVDGRUGHVRQLGRGLJLWDOOH
RIUHFHYDULRVPRGRVGHHFXDOL]DFLQ
SUHGHILQLGRVSDUDPHMRUDUHOVRQLGR
GHEHLQWHUIHULUQXQFDFRQODFRQ
GXFFLQVHJXUDGHOYHKFXOR(Q
FDVRGHGXGDGHWHQJDHOYHKFXOR
\DFFLRQHHOVLVWHPDGHDXGLR
PLHQWUDVHOYHKFXORHVWGHWH
QLGR
 6LVWHPDGHLQIRHQWUHWHQLPLHQWR 

 $GYHUWHQFLD  $GYHUWHQFLD 'LVSRVLWLYRDQWLUURER

(OVLVWHPDGHLQIRHQWUHWHQLPLHQWR
(OXVRGHOVLVWHPDGHQDYHJDFLQ (QDOJXQDV]RQDVODVFDOOHVGHXQ HVWHTXLSDGRFRQXQVLVWHPDGHVH
VOR1DYLQRVXVWLWX\HDOD VRORVHQWLGR\RWUDVFDUUHWHUDV JXULGDGHOHFWUQLFDSDUDHYLWDUURERV
REOLJDFLQGHOFRQGXFWRUGHWHQHU \HQWUDGDVSHM]RQDVSHDWRQD &RPRFRQVHFXHQFLDHOVLVWHPDGH
XQFRPSRUWDPLHQWRFRUUHFWR
\DWHQWRDOFLUFXODUSRUFXDOTXLHU
YD'HEHUHVSHWDUVLHPSUHODV
QRUPDVGHWUILFRTXHFRUUHVSRQ
GDQ
/RVGDWRVGHEHQLQWURGXFLUVH
VLHPSUHFRQHOYHKFXORHVWDFLR
QDGRSRUHMHPSORODVGLUHFFLR
OHVHQODVTXHHVWSURKLELGRHQ LQIRHQWUHWHQLPLHQWRVORIXQFLRQDHQ
WUDUQRHVWQPDUFDGDVHQHO VXYHKFXOR\FDUHFHGHYDORUSDUDXQ
PDSD(QHVWDV]RQDVHOVLVWHPD ODGUQ
GHDXGLRHPLWLUXQDDGYHUWHQFLD
TXHGHEHFRQILUPDUVH$TXGHEH
SUHVWDUHVSHFLDODWHQFLQDFDOOHV
GHXQVRORVHQWLGRFDUUHWHUDV
\HQWUDGDVDODVTXHWLHQHSURKL
QHV
6LODVLQVWUXFFLRQHVGHQDYHJDFLQ
FRQWUDGLFHQDOJXQDQRUPDGHWU
ILFRGHEHREVHUYDUVHVLHPSUHOD
QRUPDGHWUILFR
ELGRHODFFHVR
5HFHSFLQGHHPLVRUDVGHUDGLR
(QODUHFHSFLQGHUDGLRVHSXHGHQ
SURGXFLUVLOELGRVUXLGRVGLVWRUVLRQHV
RIDOORVGHUHFHSFLQSRU
ODVYDULDFLRQHVGHODGLVWDQFLD
GHVGHODHPLVRUD
ODUHFHSFLQPOWLSOHGHELGDDUH
IOH[LRQHV
\ODVLQWHUIHUHQFLDV
 6LVWHPDGHLQIRHQWUHWHQLPLHQWR

5HVXPHQGHORVHOHPHQWRVGHFRQWURO
3DQHOGHLQVWUXPHQWRV1DYL

 %RWQP  
3XOVDFLQVHFRQHFWD
GHVFRQHFWDHOVLVWHPDGH
LQIRHQWUHWHQLPLHQWR  
*LURDMXVWDHOYROXPHQ  
 %RWRQHVGHHPLVRUD  
3XOVDFLQSURORQJDGD  721(  
PHPRUL]DODHPLVRUD  
3XOVDFLQEUHYH GHVWDFDGDFRQILUPDHO
VHOHFFLRQDODHPLVRUD  
 '(67  
,QWURGXFFLQGHOGHVWLQR
GHQDYHJDFLQ  
 1$9  
8QDSXOVDFLQ0DSDGH
YLVXDOL]DFLQ  
'RVSXOVDFLRQHV0HQGH
QDYHJDFLQ  
 &RQPXWDGRUGHRFKR
SRVLFLRQHV  
1DYHJDFLQPXHYHHO
FRQWHQLGRGHODSDQWDOODHQ
ODYLVWDGHPDSD  
 &21),*  
$MXVWHVGHOVLVWHPD  
6LVWHPDGHLQIRHQWUHWHQLPLHQWR 
 5371$9    )$9  
5HSLWHHOOWLPRPHQVDMH /LVWDVGHIDYRULWRV  
GHQDYHJDFLQ    0(18  
 73   *LURGHVWDFDODVRSFLRQHV
$FWLYDRGHVDFWLYDHO GHPHQRDMXVWDYDORUHV
VHUYLFLRGHWUILFRSRUUDGLR  QXPULFRV  
3XOVDFLQVHOHFFLRQD
$MXVWHVGHWRQRV   DFWLYDODRSFLQ
 ,1)2   YDORUDMXVWDGRFRQH[LQ
,QIRUPDFLQDGLFLRQDOTXH GHVFRQH[LQ  
GHSHQGHGHOFRQWH[WR  
 ([SXOVLQGH&'  
 $6  
1LYHOHVGHPHPRULD  %VTXHGDKDFLDGHODQWH  
DXWRPWLFRV   5DGLREXVFDKDFLDGHODQWH 
3XOVDFLQEUHYH &'03:0$VHVDOWD
VHOHFFLRQDODOLVWDGH XQDSLVWDKDFLDGHODQWH  
YDORUHVJXDUGDGRV  087(  
DXWRPWLFDPHQWH   $FWLYDGHVDFWLYDHOPRGR
3XOVDFLQSURORQJDGD GHVLOHQFLR  
PHPRUL]DODHPLVRUD  &'03:0$  
DXWRPWLFDPHQWH   ,QLFLRSDXVDGH
 %$&.   UHSURGXFFLQ  
0HQUHWURFHGHXQQLYHO      &'$8;  
,QWURGXFFLQGHGDWRV ,QLFLDODUHSURGXFFLQGH
HOLPLQDHOOWLPRFDUFWHU XQ&'03:0$
RWRGDODHQWUDGD   RFDPELDODIXHQWHGHDXGLR 
 6LVWHPDGHLQIRHQWUHWHQLPLHQWR

 %$1'  

$FWLYDODUDGLRRFDPELDOD
EDQGDGHIUHFXHQFLDV  
 %VTXHGDKDFLDDWUV  
5DGLREXVFDKDFLDDWUV    
&'03:0$VHVDOWD
XQDSLVWDKDFLDDWUV  
 5DQXUDGH&'  
 6LVWHPDGHLQIRHQWUHWHQLPLHQWR 

3DQHOGHLQVWUXPHQWRV&'
 6LVWHPDGHLQIRHQWUHWHQLPLHQWR

 %RWQP    721(    )$9  

3XOVDFLQVHFRQHFWD $MXVWHVGHWRQRV   /LVWDVGHIDYRULWRV  
GHVFRQHFWDHOVLVWHPDGH  $6    087(  
LQIRHQWUHWHQLPLHQWR   1LYHOHVGHPHPRULD $FWLYDGHVDFWLYDHOPRGR
*LURDMXVWDHOYROXPHQ   DXWRPWLFRV   GHVLOHQFLR  
 %RWRQHVGHHPLVRUD   3XOVDFLQEUHYH  &21),*  
3XOVDFLQSURORQJDGD VHOHFFLRQDODOLVWDGH $MXVWHVGHOVLVWHPD  
PHPRUL]DODHPLVRUD   YDORUHVJXDUGDGRV
3XOVDFLQEUHYH DXWRPWLFDPHQWH    5DQXUDGH&'  
VHOHFFLRQDODHPLVRUD   3XOVDFLQSURORQJDGD  &'$8;  
 %VTXHGDKDFLDDWUV   PHPRUL]DODHPLVRUD ,QLFLDODUHSURGXFFLQGH
5DGLREXVFDKDFLDDWUV     DXWRPWLFDPHQWH   XQ&'03:0$
&'03:0$VHVDOWD  %$&.   RFDPELDODIXHQWHGHDXGLR 
XQDSLVWDKDFLDDWUV   0HQUHWURFHGHXQQLYHO      %$1'  
 &'03:0$LQLFLR ,QWURGXFFLQGHGDWRV $FWLYDODUDGLRRFDPELDOD
SDXVDGHUHSURGXFFLQ   HOLPLQDHOOWLPRFDUFWHU EDQGDGHIUHFXHQFLDV  
RWRGDODHQWUDGD  
 %VTXHGDKDFLDGHODQWH  
5DGLREXVFDKDFLDGHODQWH   ([SXOVLQGH&'  
&'03:0$VHVDOWD  0(18  
XQDSLVWDKDFLDGHODQWH   *LURGHVWDFDODVRSFLRQHV
 73   GHPHQRDMXVWDYDORUHV
$FWLYDRGHVDFWLYDHO QXPULFRV  
VHUYLFLRGHWUILFRSRUUDGLR  3XOVDFLQVHOHFFLRQD
DFWLYDODRSFLQ
 ,1)2   GHVWDFDGDFRQILUPDHO
,QIRUPDFLQDGLFLRQDOTXH YDORUDMXVWDGRFRQH[LQ
GHSHQGHGHOFRQWH[WR   GHVFRQH[LQ  
 6LVWHPDGHLQIRHQWUHWHQLPLHQWR 

3DQHOGHLQVWUXPHQWRV&'
 6LVWHPDGHLQIRHQWUHWHQLPLHQWR

 %RWQP    ,1)2    087(  

3XOVDFLQVHFRQHFWD ,QIRUPDFLQDGLFLRQDOTXH $FWLYDGHVDFWLYDHOPRGR
GHVFRQHFWDHOVLVWHPDGH GHSHQGHGHOFRQWH[WR   GHVLOHQFLR  
LQIRHQWUHWHQLPLHQWR    721(    &21),*  
*LURDMXVWDHOYROXPHQ   $MXVWHVGHWRQRV   $MXVWHVGHOVLVWHPD  
 %RWRQHVGHHPLVRUD    $6    5DQXUDGH&'  
3XOVDFLQSURORQJDGD 1LYHOHVGHPHPRULD
PHPRUL]DODHPLVRUD    &'$8;  
DXWRPWLFRV   ,QLFLDODUHSURGXFFLQGH
3XOVDFLQEUHYH 3XOVDFLQEUHYH
VHOHFFLRQDODHPLVRUD   XQ&'03:0$
VHOHFFLRQDODOLVWDGH RFDPELDODIXHQWHGHDXGLR 
 %VTXHGDKDFLDDWUV   YDORUHVJXDUGDGRV
5DGLREXVFDKDFLDDWUV     DXWRPWLFDPHQWH    %$1'  
&'03:0$VHVDOWD 3XOVDFLQSURORQJDGD $FWLYDODUDGLRRFDPELDOD
XQDSLVWDKDFLDDWUV   PHPRUL]DODHPLVRUD EDQGDGHIUHFXHQFLDV  
 03FDUSHWDVXSHULRU   DXWRPWLFDPHQWH  
 &'03:0$LQLFLR  %$&.  
SDXVDGHUHSURGXFFLQ   0HQUHWURFHGHXQQLYHO    
,QWURGXFFLQGHGDWRV
 03FDUSHWDLQIHULRU   HOLPLQDHOOWLPRFDUFWHU
 %VTXHGDKDFLDGHODQWH   RWRGDODHQWUDGD  
5DGLREXVFDKDFLDGHODQWH   ([SXOVLQGH&'  
&'03:0$VHVDOWD
XQDSLVWDKDFLDGHODQWH    0(18  
&RQWUROFHQWUDOGH
 73   VHOHFFLQ\H[SORUDFLQGH
$FWLYDRGHVDFWLYDHO PHQV  
VHUYLFLRGHWUILFRSRUUDGLR 
 )$9  
/LVWDVGHIDYRULWRV  

0DQGRVGHVRQLGRGHOYRODQWH
6LVWHPDGHLQIRHQWUHWHQLPLHQWR
 $XPHQWDHOYROXPHQ  
 5HGXFHHOYROXPHQ  
 $FWLYDGHVDFWLYDHOPRGR
GHVLOHQFLR  

0DQHMR
(OHPHQWRVGHFRQWURO
(OVLVWHPDGHLQIRHQWUHWHQLPLHQWRVH
FRQWURODFRQORVERWRQHVGHIXQFLQ
ORVPDQGRVPXOWLIXQFLQ\ORVPHQV
TXHDSDUHFHQHQODSDQWDOOD
/DVLQVWUXFFLRQHVVHSXHGHQLQWURGX
FLURSFLRQDOPHQWHDWUDYVGH
/DXQLGDGGHFRQWUROFHQWUDOGHOSD
QHOGHLQVWUXPHQWRV
/RVPDQGRVGHOYRODQWH

 65&)XHQWH   (QFHQGLGR\DSDJDGRGHO

3XOVDFLQVHOHFFLRQDOD VLVWHPDGHLQIRHQWUHWHQLPLHQWR
IXHQWHGHVRQLGR   3XOVHHOPDQGR;GHIRUPDEUHYH
6LODUDGLRHVWDFWLYDJLUH &XDQGRVHHQFLHQGHVHDFWLYDODO
KDFLDDUULEDKDFLDDEDMR WLPDIXHQWHGHLQIRHQWUHWHQLPLHQWR
SDUDVHOHFFLRQDUOD VHOHFFLRQDGD
HPLVRUDSUHVLQWRQL]DGD
VLJXLHQWHDQWHULRU   'HVFRQH[LQDXWRPWLFD
6LKD\XQUHSURGXFWRUGH 6LVHHQFLHQGHHOVLVWHPDGHLQIRHQ
&'DFWLYRJLUHKDFLD WUHWHQLPLHQWRFRQHOERWQ;FRQHO
DUULEDKDFLDDEDMRSDUD HQFHQGLGRGHVFRQHFWDGRVHYROYHU
VHOHFFLRQDUODSLVWDGH&' DDSDJDUDXWRPWLFDPHQWHDOFDERGH
03:0$VLJXLHQWH PLQXWHV
DQWHULRU  
 6LVWHPDGHLQIRHQWUHWHQLPLHQWR

$MXVWHGHOYROXPHQ 3DUDFDQFHODUODIXQFLQGHVLOHQFLR 5HSURGXFWRUHVGHDXGLR

*LUHHOERWQ;$SDUHFHODVLJXLHQWH JLUHHOPDQGR;RSXOVHGHQXHYRHO 3XOVHHOERWQ&
&'$8;SDUDDEULUORV
FRQILJXUDFLQHQODSDQWDOOD ERWQ0087( PHQVGH&'86%L3RGR$8;VL
HVWQGLVSRQLEOHVRSDUDFDPELDUGH
&XDQGRVHHQFLHQGHHOVLVWHPDGHLQ /LPLWDFLQGHYROXPHQ XQPHQDRWUR
IRHQWUHWHQLPLHQWRVHDMXVWDHOOWLPR DWHPSHUDWXUDVDOWDV
YROXPHQVHOHFFLRQDGRVLHPSUHTXH 3XOVHHOPDQGR00(18SDUDDEULUXQ
HOYROXPHQVHDLQIHULRUDOYROXPHQ
P[LPRGHLQLFLR
/RVVLJXLHQWHVYDORUHVVHSXHGHQ
FRQILJXUDUSRUVHSDUDGR [LPRTXHVHSXHGHDMXVWDU6LHVQH
HOYROXPHQP[LPRGHLQLFLR

HOYROXPHQGHORVDQXQFLRVGHWU
ILFR
VOR&'&'
&XDQGRKD\WHPSHUDWXUDVPX\DOWDV
HQHOYHKFXORHOVLVWHPDGHLQIRHQ
WUHWHQLPLHQWROLPLWDHOYROXPHQP
FHVDULRHOYROXPHQVHUHGXFHGHPD
QHUDDXWRPWLFD
0RGRVGHIXQFLRQDPLHQWR
VXEPHQFRQRSFLRQHVGHVHOHFFLQ
GHSLVWDV
'HVFULSFLQGHWDOODGDGH
/DVIXQFLRQHVGHOUHSURGXFWRUGH
&'
/DVIXQFLRQHVGHODHQWUDGD$8;

/DVIXQFLRQHVGHOSXHUWR86%
HOYROXPHQGHORVPHQVDMHVGHQD 5DGLR VDOYR&'
YHJDFLQVOR1DYL 3XOVHHOERWQ%
%$1'SDUDDEULUHO 1DYHJDFLQ
PHQSULQFLSDOGHODUDGLRRSDUD
9ROXPHQFRPSHQVDGRGHYHORFLGDG
&XDQGRVHDFWLYDHOYROXPHQFRP
SHQVDGRGHYHORFLGDGHOYROX
PHQVHDGDSWDDXWRPWLFDPHQWHDOD
FDUUHWHUD\HOUXLGRGHOYLHQWRTXHKD\
DOFRQGXFLU
6LOHQFLR
3XOVHHOERWQ0
087(SDUDVLOHQFLDU
ODVIXHQWHVGHDXGLR
VOR1DYL
FDPELDUHQWUHEDQGDVGHIUHFXHQFLDV
GLVWLQWDV 3XOVHHOERWQ1
1$9SDUDPRVWUDUXQ
PDSDGHOUHDTXHURGHDODSRVLFLQ
3XOVHHOPDQGR00(18SDUDDEULUXQ
DFWXDOGHOYHKFXOR
VXEPHQFRQRSFLRQHVGHVHOHFFLQ
GHHPLVRUDV 3XOVHHOERWQ0
0(18SDUDDEULUHO
PHQGHQDYHJDFLQSULQFLSDO
'HVFULSFLQGHWDOODGDGHODVIXQFLR
QHVGHODUDGLR 'HVFULSFLQGHWDOODGDGHODVIXQFLR
QHVGHOVLVWHPDGHQDYHJDFLQ

 6LVWHPDGHLQIRHQWUHWHQLPLHQWR 

)XQFLRQDPLHQWREVLFR %RWQ%$&. (MHPSORVGHIXQFLRQDPLHQWRGH

3XOVHEUHYHPHQWHHOERWQSDUD PHQV
%RWQ0(18 VDOLUGHXQPHQ
(OPDQGR00(18HVHOHOHPHQWRGH (MHPSORVFRUUHVSRQGLHQWHVD1DYL
YROYHUGHXQVXEPHQDOVLJXLHQWH 
FRQWUROFHQWUDOGHORVPHQV QLYHOVXSHULRUGHOPHQ 6HOHFFLRQDUXQDRSFLQ
*LUDU ERUUDUHOOWLPRFDUFWHUHQXQDVH
SDUDPDUFDUXQDRSFLQGHOPHQ FXHQFLDGHFDUDFWHUHV
&'SDUDPRVWUDUXQDRSFLQ 0DQWHQHUHOERWQSXOVDGRXQRVVH
GHOPHQ JXQGRVSDUDHOLPLQDUWRGDODHQWUDGD
SDUDDMXVWDUXQYDORUQXPULFR
3XOVDU
SDUDVHOHFFLRQDURDFWLYDUODRSFLQ
PDUFDGD
&'SDUDVHOHFFLRQDURDFWLYDU
ODRSFLQPRVWUDGD
SDUDFRQILUPDUXQYDORUDMXVWDGR
SDUDDFWLYDURGHVDFWLYDUXQDIXQ *LUHHOPDQGR00(18SDUDPRYHUHO
FLQGHOVLVWHPD FXUVRU IRQGRGHFRORUKDVWDODRS
FLQGHVHDGD
3XOVHHOPDQGR00(18SDUDVHOHFFLR
QDUODRSFLQPDUFDGD
6XEPHQV
 6LVWHPDGHLQIRHQWUHWHQLPLHQWR

8QDIOHFKDHQHOERUGHGHUHFKRGHO $MXVWHGHXQYDORU $FWLYDU\GHVDFWLYDUXQDIXQFLQ

PHQLQGLFDTXHGHVSXVGHVHOHF
FLRQDUODRSFLQVHDEULUXQVXE
PHQFRQRSFLRQHVDGLFLRQDOHV
$FWLYDFLQGHXQDMXVWH

*LUHHOPDQGR00(18SDUDFDPELDUHO *LUHHOPDQGR0 0(18SDUDPDUFDUOD

YDORUDFWXDOGHODMXVWH IXQFLQTXHGHVHDDFWLYDURGHVDFWL
3XOVHHOPDQGR0 0(18SDUDFRQILU YDU
PDUHOYDORUDMXVWDGR 3XOVHHOPDQGR0 0(18SDUDFDPELDU
*LUHHOPDQGR0
0(18SDUDPDUFDUHO HQWUHORVDMXVWHV$
$FWLYDGR\'
'HVDFW
DMXVWHGHVHDGR
3XOVHHOPDQGR0
0(18SDUDDFWLYDUHO
DMXVWH
 6LVWHPDGHLQIRHQWUHWHQLPLHQWR 

,QWURGXFFLQGHXQDVHFXHQFLDGH (MHPSORVFRUUHVSRQGLHQWHVD&' $FWLYDFLQGHXQDMXVWH

FDUDFWHUHV 6HOHFFLRQDUXQDRSFLQ

*LUHHOPDQGR0
0(18SDUDPDUFDUHO
3DUDLQWURGXFLUVHFXHQFLDVGHFDUDF *LUHHOPDQGR00(18SDUDPRYHUHO DMXVWHGHVHDGR
WHUHVSRUHMHPSORQRPEUHVGHFDOOHV FXUVRU IRQGRGHFRORUKDVWDODRS 3XOVHHOPDQGR0
0(18SDUDDFWLYDUHO
RQPHURVGHHGLILFLR FLQGHVHDGD DMXVWH
*LUHHOPDQGR0 0(18SDUDVHOHFFLR 3XOVHHOPDQGR00(18SDUDVHOHFFLR
QDUHOFDUFWHUGHVHDGR QDUODRSFLQPDUFDGD
&RQHOERWQ%%$&.SXHGHERUUDUVHHO 6XEPHQV
OWLPRFDUFWHUGHODVHFXHQFLDGHFD
8QDIOHFKDHQHOERUGHGHUHFKRGHO
UDFWHUHV6LPDQWLHQHSXOVDGRHOER
PHQLQGLFDTXHGHVSXVGHVHOHF
WQ%
%$&.SXHGHERUUDUODHQWUDGD
FLRQDUODRSFLQVHDEULUXQVXE
FRPSOHWD
PHQFRQRSFLRQHVDGLFLRQDOHV
3XOVHHOPDQGR0 0(18SDUDFRQILU
PDUHOFDUFWHUVHOHFFLRQDGR
 6LVWHPDGHLQIRHQWUHWHQLPLHQWR
$MXVWHGHXQYDORU
*LUHHOPDQGR00(18SDUDFDPELDUHO
YDORUDFWXDOGHODMXVWH
3XOVHHOPDQGR0 0(18SDUDFRQILU
PDUHOYDORUDMXVWDGR
$FWLYDU\GHVDFWLYDUXQDIXQFLQ
*LUHHOPDQGR0 0(18SDUDPDUFDUOD
IXQFLQTXHGHVHDDFWLYDURGHVDFWL
YDU
3XOVHHOPDQGR0 0(18SDUDFDPELDU
HQWUHORVDMXVWHV$
$FWLYDGR\'
'HVDFW
(MHPSORVFRUUHVSRQGLHQWHVD&'
(OHPHQWRVGHPHQ\VPERORV
/DVIOHFKDVKDFLDDUULED\DEDMR
LQ
GLFDQTXHHOQLYHOVXSHULRUGHOPHQ
HVWDFWLYR+D\RSFLRQHVDGLFLRQDOHV
GLVSRQLEOHVHQHOPHQDFWLYR
*LUHHOPDQGR00(18SDUDPRVWUDU
ODVRWUDVRSFLRQHVHQHOPHQDFWLYR
/DIOHFKDHQQJXORLQGLFDTXHKD\
GLVSRQLEOHXQVXEPHQFRQRSFLRQHV
DGLFLRQDOHV
3XOVHHOPDQGR00(18SDUDVHOHFFLR
QDUODRSFLQPRVWUDGD\SDUDDEULUHO
VXEPHQFRUUHVSRQGLHQWH
 6LVWHPDGHLQIRHQWUHWHQLPLHQWR 

/DIOHFKDKDFLDODGHUHFKDLQGLFD $MXVWHGHXQYDORU $FWLYDU\GHVDFWLYDUXQDIXQFLQ

TXHHOSULPHUQLYHOGHVXEPHQVHVW
DFWLYRGRVIOHFKDV KD\XQVHJXQGR
QLYHOGHVXEPHQVDFWLYR
/DIOHFKDKDFLDDEDMRLQGLFDKD\
RSFLRQHVDGLFLRQDOHVGLVSRQLEOHVHQ
HOVXEPHQDFWLYR
$FWLYDFLQGHXQDMXVWH

3XOVHHOPDQGR0 0(18SDUDDEULUHO 3XOVHHOPDQGR00(18SDUDDEULUHO

PHQGHDMXVWHVFRUUHVSRQGLHQWH
*LUHHOPDQGR00(18SDUDFDPELDUHO
YDORUDFWXDOGHODMXVWH
3XOVHHOPDQGR0 0(18SDUDFRQILU
PDUHOYDORUDMXVWDGR
PHQGHDMXVWHVFRUUHVSRQGLHQWH
*LUHHOPDQGR00(18SDUDPDUFDUHO
DMXVWH$
$FWLYDGRR'
'HVDFW
3XOVHHOPDQGR00(18SDUDFRQILU
PDUHODMXVWHTXHVHKDPDUFDGR

3XOVHHOPDQGR00(18SDUDDEULUHO
PHQGHDMXVWHVFRUUHVSRQGLHQWH
*LUHHOPDQGR0
0(18SDUDYHUHO
DMXVWHGHVHDGR
3XOVHHOPDQGR0
0(18SDUDDFWLYDUHO
DMXVWH
 6LVWHPDGHLQIRHQWUHWHQLPLHQWR

$MXVWHVGHOWRQR $MXVWHGHEDMRVPHGLRV\DOWRV $MXVWHGHODGLVWULEXFLQGHOYROXPHQ

HQWUHGHODQWH\GHWUV
1DYL
(QHOPHQGHDMXVWHVGHOWRQRVH
SXHGHQDMXVWDUODVFDUDFWHUVWLFDVWR
QDOHVGHIRUPDGLIHUHQWHSDUDFDGD
EDQGDGHIUHFXHQFLDVGHUDGLR\SDUD
FDGDIXHQWHGHOUHSURGXFWRUGHDXGLR

6HOHFFLRQH**UDYHV0
0HGLRV
R$
$JXGRV 6HOHFFLRQH$$WHQXDGRU
$MXVWHHOYDORUGHVHDGRSDUDODRS $MXVWHHOYDORUGHVHDGR
FLQVHOHFFLRQDGD

3XOVHHOERWQ7
721(SDUDDEULUHO
PHQGHWRQR
 6LVWHPDGHLQIRHQWUHWHQLPLHQWR 

$MXVWHGHODGLVWULEXFLQGHOYROXPHQ 2SWLPL]DFLQGHOWRQRSDUDHOHVWLOR
HQWUHODGHUHFKD\ODL]TXLHUGD GHPVLFD

3XOVHHOERWQ7
721(SDUDDEULUHO
PHQGHWRQR
6HOHFFLRQH%%DODQFH
$MXVWHHOYDORUGHVHDGR
&RQILJXUDFLQGHXQDMXVWHFRQFUHWR
DR'HVDFW
6HOHFFLRQHODRSFLQGHVHDGD\PDQ
WHQJDSXOVDGRHOPDQGR00(18GX
UDQWHXQRVVHJXQGRV
&RQILJXUDFLQGHWRGRVORVDMXVWHV
DR'HVDFW
0DQWHQJDSXOVDGRHOERWQ7721(
GXUDQWHXQRVVHJXQGRV
6HOHFFLRQH((4HFXDOL]DGRU $MXVWHGHEDMRVPHGLRV\DOWRV
/DVRSFLRQHVPRVWUDGDVOHRIUHFHQ
DMXVWHVGHJUDYHVPHGLRV\DJXGRV
SUHGHILQLGRV\RSWLPL]DGRVSDUDHO
HVWLORGHPVLFDFRUUHVSRQGLHQWH
6HOHFFLRQHODRSFLQUHTXHULGD
&'&'
(QHOPHQGHDMXVWHVGHOWRQRVH
SXHGHQDMXVWDUODVFDUDFWHUVWLFDVWR
QDOHVGHIRUPDGLIHUHQWHSDUDFDGD
EDQGDGHIUHFXHQFLDVGHUDGLR\SDUD
FDGDIXHQWHGHOUHSURGXFWRUGHDXGLR
 6LVWHPDGHLQIRHQWUHWHQLPLHQWR

6HOHFFLRQH**UDYHV*
*DPPHG $MXVWHGHODGLVWULEXFLQGHOYROXPHQ 2SWLPL]DFLQGHOWRQRSDUDHOHVWLOR
R$
$JXGRV HQWUHODGHUHFKD\ODL]TXLHUGD GHPVLFD
$MXVWHHOYDORUGHVHDGRSDUDODRS
FLQVHOHFFLRQDGD
$MXVWHGHODGLVWULEXFLQGHOYROXPHQ
HQWUHGHODQWH\GHWUV

6HOHFFLRQH$$WHQXDF
$MXVWHHOYDORUGHVHDGR
6HOHFFLRQH%%DODQFH 6HOHFFLRQH((FXDOL]HFXDOL]DGRU
$MXVWHHOYDORUGHVHDGR /DVRSFLRQHVPRVWUDGDVOHRIUHFHQ
DMXVWHVGHJUDYHVPHGLRV\DJXGRV
&RQILJXUDFLQGHXQDMXVWHFRQFUHWR SUHGHILQLGRV\RSWLPL]DGRVSDUDHO
D HVWLORGHPVLFDFRUUHVSRQGLHQWH
6HOHFFLRQHODRSFLQGHVHDGD\PDQ 6HOHFFLRQHODRSFLQGHVHDGD
WHQJDSXOVDGRHOPDQGR00(18GX
UDQWHXQRVVHJXQGRV
&RQILJXUDFLQGHWRGRVORVDMXVWHV
DX2))
0DQWHQJDSXOVDGRHOERWQ7721(
GXUDQWHXQRVVHJXQGRV
 6LVWHPDGHLQIRHQWUHWHQLPLHQWR 

$MXVWHVGHOYROXPHQ 9ROXPHQHQIXQFLQGHODYHORFLGDG 9ROXPHQGHORVDQXQFLRVGHWUILFR

1DYL
9ROXPHQLQLFLDOP[LPR
3XOVHHOERWQ&&21),*SDUDDEULUHO
PHQGHDMXVWHVGHOVLVWHPD
6HOHFFLRQH$$MXVWHVGHODUDGLR\OXHJR
9ROXPHQLQLFLDOP[LPR
$MXVWHHOYDORUGHVHDGR
7$
(OYROXPHQGHORVDQXQFLRVGHWUILFR
VHSXHGHDXPHQWDURUHGXFLUGH
IRUPDSURSRUFLRQDODOYROXPHQGHDX
GLRQRUPDO
3XOVHHOERWQ&
&21),*SDUDDEULUHO
PHQGHDMXVWHVGHOVLVWHPD
6HOHFFLRQH$$MXVWHVGHODUDGLR\OXHJR
9ROXPHQHQIXQFLQGHODYHORFLGDG
(OYROXPHQHQIXQFLQGHODYHORFLGDG
3XOVHHOERWQ&&21),*SDUDDEULUHO
VHSXHGHGHVDFWLYDU\HOJUDGRGH
PHQGHDMXVWHVGHOVLVWHPD
DGDSWDFLQGHOYROXPHQVHSXHGHUH
JXODUHQHOPHQTXHVHPXHVWUD 6HOHFFLRQH$$MXVWHVGHODUDGLR
2SFLRQHV5'6\9 9ROXPHQ7$
6HOHFFLRQHODRSFLQUHTXHULGD
$MXVWHHOYDORUGHVHDGR
 6LVWHPDGHLQIRHQWUHWHQLPLHQWR

&'&' 9ROXPHQFRPSHQVDGRGHYHORFLGDG 9ROXPHQGHORVDQXQFLRVGHWUILFR

9ROXPHQP[DOHQFHQGHU
3XOVHHOERWQ&&21),*SDUDDEULUHO
PHQGHDMXVWHVGHOVLVWHPD
6HOHFFLRQH$$MXVWHVGHODUDGLR\OXHJR
9ROXPHQP[DOHQFHQGHU
&'VHOHFFLRQH$ $MXVWHVGH
DXGLR\OXHJR99ROXPHQDODUUDQFDU
$MXVWHHOYDORUGHVHDGR
7$
(OYROXPHQGHORVDQXQFLRVGHWUILFR
VHSXHGHDXPHQWDURUHGXFLUGH
IRUPDSURSRUFLRQDODOYROXPHQGHDX
GLRQRUPDO
3XOVHHOERWQ&
&21),*SDUDDEULUHO
PHQGHDMXVWHVGHOVLVWHPD
6HOHFFLRQH$$MXVWHVGHODUDGLR\OXHJR
&RQWUROGHYROXPHQDXWRPWLFR
&'VHOHFFLRQH$ $MXVWHVGH
3XOVHHOERWQ&&21),*SDUDDEULUHO
DXGLR\OXHJR&
&RQWUROGHYROXPHQ
PHQGHDMXVWHVGHOVLVWHPD
DXWRPWLFR
6HOHFFLRQH$$MXVWHVGHODUDGLR
(OYROXPHQFRPSHQVDGRGHYHORFL
2SFLRQHVGH5'6\9 9ROXPDQXQFLRV
GDGVHSXHGHGHVDFWLYDU\HOJUDGRGH
WUI
DGDSWDFLQGHOYROXPHQVHSXHGHUH
JXODUHQHOPHQTXHVHPXHVWUD &'VHOHFFLRQH$$MXVWHVGH
DXGLR2
2SFLRQHVGH5'6\9 9ROXP
6HOHFFLRQHODRSFLQGHVHDGD
DQXQFLRVWUI
 6LVWHPDGHLQIRHQWUHWHQLPLHQWR 

$MXVWHHOYDORUGHVHDGRGHDXPHQWR DXGLRVLJXLHQWHVVLHVWQGLVSRQL $MXVWH3

3HUVRQDOL]DFLQFRQGXFWRU
RUHGXFFLQGHYROXPHQ EOHV$0)0UHSURGXFWRUGH&' D$
$FWLYR'
'HVDF
$8;86%
3HUVRQDOL]DFLQ OWLPDIXHQWHGHDXGLRDFWLYD
VOR&' OWLPDHPLVRUDGHUDGLRDFWLYDSRU
VHSDUDGRSDUDFDGDEDQGDGHIUH
6HSXHGHQPHPRUL]DUYDULRVDMXVWHV FXHQFLDV
GHOVLVWHPDGHLQIRHQWUHWHQLPLHQWR
SRUVHSDUDGRSDUDFDGDOODYHGHOYH OWLPRPRGRGHYLVXDOL]DFLQDFWLYR
KFXORHVGHFLUXQDMXVWHSDUDFDGD OWLPDSRVLFLQHQ&'GHDXGLR
FRQGXFWRU 03RFDPELDGRUGH&'VLHVW
GLVSRQLEOHFRQQPHURGHGLVFR
$MXVWHVPHPRUL]DGRV QPHURGHSLVWD\FDUSHWD
$OVDFDUODOODYHGHODFHUUDGXUDGHO HVWDGRGHDMXVWHGHUHSURGXFFLQ
HQFHQGLGRORVDMXVWHVVLJXLHQWHVVH DOHDWRULDUHSURGXFWRUGH&'
JXDUGDQDXWRPWLFDPHQWHSDUDOD
OODYHXWLOL]DGD DMXVWHGHHVWDGRGH73SURJUDPD
GHWUILFR
OWLPRVDMXVWHVGHOYROXPHQXQQL
YHOGHYROXPHQSDUDWRGDVODVIXHQ SRVLFLQGHOFXUVRUSDUDFDGDPHQ
WHVGHDXGLRVDOYRHOWHOIRQRUD HQODSDQWDOOD
GLRUHSURGXFWRUGH&'$8;86%
WRGDVODVSUHVLQWRQDVGHHPLVRUDV
GHUDGLR
WRGRVORVDMXVWHVGHWRQRHVWRV
DMXVWHVVHJXDUGDQSRUVHSDUDGR
SDUDFDGDXQDGHODVIXHQWHVGH
$FWLYDFLQGHVDFWLYDFLQGHOD
SHUVRQDOL]DFLQ
3XOVHHOERWQ&
&21),*SDUDDEULUHO
PHQGHDMXVWHVGHOVLVWHPD
6HOHFFLRQH$$MXVWHVGHOYHKFXOR
\OXHJR$
$MXVWHVGHFRQIRUW
 6LVWHPDGHLQIRHQWUHWHQLPLHQWR
5DGLR
0DQHMR
%RWRQHVGHFRQWURO
/RVERWRQHVGHFRQWUROSULQFLSDOHVGH
ODUDGLRVRQORVVLJXLHQWHV OHFFLRQDGDHQHVDEDQGDGHIUHFXHQ
%$1'$FWLYDODUDGLR
WY%VTXHGDGHHPLVRUDV
$6/LVWDVGHPHPRUL]DFLQDXWR
PWLFD
)$9/LVWDVGHIDYRULWRV
%RWRQHVGHSUHVLQWRQDV
736HUYLFLRGHWUILFRSRUUDGLR

$FWLYDFLQGHODUDGLR
3XOVHHOERWQ%
%$1'SDUDDEULUHO
PHQSULQFLSDOGHODUDGLR
6HVLQWRQL]DUODOWLPDHPLVRUDVH
6HOHFFLQGHODEDQGDGH
IUHFXHQFLDV
3XOVHHOERWQ%
%$1'XQDRYDULDVYH
FHVSDUDVHOHFFLRQDUODEDQGDGHIUH
FXHQFLDVGHVHDGD
6HVLQWRQL]DUODOWLPDHPLVRUDVH
FLDV
%VTXHGDGHHPLVRUDV
%VTXHGDDXWRPWLFDGH
HPLVRUDV
3XOVHGHIRUPDEUHYHHOERWQW
RYSDUDDFWLYDUODVLJXLHQWHHPLVRUD
GHODPHPRULDGHHPLVRUDV
%VTXHGDPDQXDOGHHPLVRUDV
1DYL
3XOVHHOERWQWRY\PDQWQJDOR
&'&'
3XOVHHOERWQWRYGXUDQWHXQRV
VHJXQGRVSDUDHPSH]DUDEXVFDUOD
VLJXLHQWHHPLVRUDTXHVHSXHGHUHFL
ELUHQODEDQGDGHIUHFXHQFLDVDFWXDO
&XDQGRVHDOFDQ]DODIUHFXHQFLDGH
VHDGDODHPLVRUDVHVLQWRQL]DDXWR
PWLFDPHQWH
1RWD
%VTXHGDGHHPLVRUDVPDQXDO6LOD
UDGLRQRHQFXHQWUDXQDHPLVRUD
FDPELDDXWRPWLFDPHQWHDXQQLYHO
GHEVTXHGDPVVHQVLEOH6LWRGD
YDQRHQFXHQWUDXQDHPLVRUDVH
YXHOYHDVHOHFFLRQDUODIUHFXHQFLD
TXHHVWXYRDFWLYDODOWLPDYH]
1RWD
%DQGDGHIUHFXHQFLDV)0FXDQGR
HVWDFWLYDGDODIXQFLQ5'6VOR
VHEXVFDQHPLVRUDV5'6
\FXDQGRHVWDFWLYDGRHOVHUYLFLRGH
SXOVDGR6XHOWHHOERWQFXDQGRFDVL LQIRUPDFLQGHWUILFR73VORVH
OHFFLRQDGD
VHKD\DOOHJDGRDODIUHFXHQFLDGH EXVFDQHPLVRUDVFRQLQIRUPDFLQ
VHDGD GHWUILFR
6HEXVFDODVLJXLHQWHHPLVRUDTXHVH
SXHGHUHFLELU\VHVLQWRQL]DDXWRP
WLFDPHQWH
 6LVWHPDGHLQIRHQWUHWHQLPLHQWR 

6LQWRQL]DFLQPDQXDOGH 1DYL &'

HPLVRUDV
%DQGDGHIUHFXHQFLDV)0
6OR1DYLSXOVHHOERWQ0
0(18
SDUDDEULUHOPHQ)0\VHOHFFLRQH
6LQWRQL]DFLQPDQXDO)0
*LUHHOPDQGR00(18\DMXVWHODIUH
FXHQFLDGHUHFHSFLQSWLPDHQOD
SDQWDOODGHIUHFXHQFLDVHPHUJHQWH
%DQGDGHIUHFXHQFLDV$0
*LUHHOPDQGR00(18\DMXVWHODIUH
FXHQFLDGHUHFHSFLQSWLPDHQOD
SDQWDOODGHIUHFXHQFLDVHPHUJHQWH 1RWD 1RWD
$SDUHFHUHVDOWDGDODHPLVRUDVLQWR /DHPLVRUDVLQWRQL]DGDDFWXDOPHQWH
QL]DGDDFWXDOPHQWH DSDUHFHPDUFDGDFRQL
/LVWDVGHPHPRUL]DFLQ
&DGDEDQGDGHIUHFXHQFLDVGLVSRQH
DXWRPWLFD GHOLVWDVGHPHPRUL]DFLQDXWRP
/DIXQFLQGHPHPRUL]DFLQDXWRP WLFD$
$6$
$6\VHSXHGHQJXDUGDU
WLFDSHUPLWHEXVFDU\JXDUGDUDXWR HPLVRUDVHQFDGDXQDGHHOODV
PWLFDPHQWHODVHPLVRUDVGHXQD
EDQGDGHIUHFXHQFLDVTXHVHUHFLEHQ 0HPRUL]DFLQGHHPLVRUDV
PHMRU DXWRPWLFD
0DQWHQJDSXOVDGRHOERWQ$ $6KDVWD
TXHDSDUH]FDXQPHQVDMHGHPHPR
UL]DFLQDXWRPWLFD(QODVOLVWDVGH
 6LVWHPDGHLQIRHQWUHWHQLPLHQWR
PHPRUL]DFLQDXWRPWLFDVHJXDU
GDUQODVHPLVRUDVGHUDGLRGHHVD
EDQGDGHIUHFXHQFLDVTXHPHMRUVH
UHFLEDQ
3DUDFDQFHODUODPHPRUL]DFLQDXWR
PWLFDSXOVHHOPDQGR0
0(18
0HPRUL]DFLQGHHPLVRUDV
PDQXDO
/DVHPLVRUDVWDPELQVHSXHGHQ
JXDUGDUPDQXDOPHQWHHQODVOLVWDVGH
PHPRUL]DFLQDXWRPWLFD
6HOHFFLRQHODHPLVRUDTXHGHVHD
JXDUGDU
3XOVHGHIRUPDEUHYHHOERWQ$ $6
SDUDDEULUXQDOLVWDGHIDYRULWRVRSDUD
1RWD 1DYL
/DVHPLVRUDVDOPDFHQDGDVPDQXDO
PHQWHVHVREUHVFULEHQGXUDQWHHO
SURFHVRGHPHPRUL]DFLQDXWRP
WLFDGHHPLVRUDV
$FWLYDUXQDHPLVRUDJXDUGDGD
3XOVHGHIRUPDEUHYHHOERWQ$ $6
SDUDDEULUXQDOLVWDGHIDYRULWRVRSDUD
FDPELDUDRWUDOLVWDGHPHPRUL]DFLQ
DXWRPWLFD
3XOVHGHIRUPDEUHYHORVERWRQHVGH
HPLVRUDSDUDVLQWRQL]DUODHPL
VRUDGHODSRVLFLQGHODOLVWDTXHFR
UUHVSRQGD 6HSXHGHQJXDUGDUHPLVRUDVHQ
FDGDOLVWDGHIDYRULWRV6HSXHGHFRQ
/LVWDVGHIDYRULWRV ILJXUDUHOQPHURGHOLVWDVGHIDYRUL
FDPELDUDRWUDOLVWDGHPHPRUL]DFLQ
DXWRPWLFD
3DUDJXDUGDUODHPLVRUDHQXQDSRVL
FLQGHODOLVWDSXOVHHOERWQGHHPL
WRVGLVSRQLEOHVYHDPVDEDMR
/DVHPLVRUDVGHWRGDVODVEDQGDVGH
IUHFXHQFLDVVHSXHGHQJXDUGDUPD 1RWD
$SDUHFHUHVDOWDGDODHPLVRUDVLQWR
QXDOPHQWHHQODOLVWDGHIDYRULWRV
QL]DGDDFWXDOPHQWH
VRUDTXHFRUUHVSRQGDKDVWDTXH
DSDUH]FDXQPHQVDMHGHFRQILUPD *XDUGDUXQDHPLVRUD
FLQ 6HOHFFLRQHODHPLVRUDTXHGHVHD
JXDUGDU
3XOVHGHIRUPDEUHYHHOERWQ) )$9
SDUDDEULUXQDOLVWDGHIDYRULWRVRSDUD
FDPELDUDRWUDOLVWDGHIDYRULWRV
 6LVWHPDGHLQIRHQWUHWHQLPLHQWR 

3DUDJXDUGDUODHPLVRUDHQXQDSRVL 3XOVHHOERWQ&
&21),* 1RWD
FLQGHODOLVWDSXOVHHOERWQGHHPL 6HOHFFLRQH$$MXVWHVGHODUDGLR\OXHJR /DHPLVRUDVLQWRQL]DGDDFWXDOPHQWH
VRUDTXHFRUUHVSRQGDKDVWDTXH
DSDUH]FDXQPHQVDMHGHFRQILUPD
FLQ
$FWLYDUXQDHPLVRUDJXDUGDGD
3XOVHGHIRUPDEUHYHHOERWQ) )$9
SDUDDEULUXQDOLVWDGHIDYRULWRVRSDUD
FDPELDUDRWUDOLVWDGHIDYRULWRV
3XOVHGHIRUPDEUHYHORVERWRQHVGH
HPLVRUDSDUDVLQWRQL]DUODHPL
)DYRULWRVGHUDGLR
6HOHFFLRQHHOQPHURGHOLVWDVGHID
YRULWRVGLVSRQLEOHVTXHGHVHH
&'&'
DSDUHFHPDUFDGDFRQL
*XDUGDUXQDHPLVRUD
6HOHFFLRQHODHPLVRUDTXHGHVHD
JXDUGDU
3XOVHGHIRUPDEUHYHHOERWQ) )$9
SDUDDEULUXQDOLVWDGHIDYRULWRVRSDUD
FDPELDUDRWUDOLVWDGHIDYRULWRV
3DUDJXDUGDUODHPLVRUDHQXQDSRVL
FLQGHODOLVWDSXOVHHOERWQGHHPL
VRUDGHODSRVLFLQGHODOLVWDTXHFR VRUDTXHFRUUHVSRQGDKDVWDTXH
UUHVSRQGD DSDUH]FDXQPHQVDMHGHFRQILUPD
FLQ
'HILQLUHOQPHURGHOLVWDVGH
IDYRULWRVGLVSRQLEOHV $FWLYDUXQDHPLVRUDJXDUGDGD
3XOVHGHIRUPDEUHYHHOERWQ) )$9
SDUDDEULUXQDOLVWDGHIDYRULWRVRSDUD
FDPELDUDRWUDOLVWDGHIDYRULWRV
6HSXHGHQJXDUGDUHPLVRUDVHQ 3XOVHGHIRUPDEUHYHORVERWRQHVGH
FDGDOLVWDGHIDYRULWRV6HSXHGHFRQ HPLVRUDSDUDVLQWRQL]DUODHPL
ILJXUDUHOQPHURGHOLVWDVGHIDYRUL VRUDGHODSRVLFLQGHODOLVWDTXHFR
WRVGLVSRQLEOHVYHDPVDEDMR UUHVSRQGD
&'1RVHSXHGHFRQILJXUDUHO 'HILQLUHOQPHURGHOLVWDVGH
QPHURGHOLVWDVGHIDYRULWRVGLVSR IDYRULWRVGLVSRQLEOHV
QLEOHV QR&'
 6LVWHPDGHLQIRHQWUHWHQLPLHQWR

(QHOPHQSULQFLSDOGHODUDGLRSXOVH
HOPDQGR0
0(18SDUDDEULUHOPHQ
GHEDQGDGHIUHFXHQFLDVFRUUHVSRQ
GLHQWH
1RWD
/DVVLJXLHQWHVLQGLFDFLRQHVHVSHF
ILFDVGH)0VHPXHVWUDQFRPR
HMHPSORV
1DYL

3XOVHHOERWQ&
&21),*
6HOHFFLRQH$$MXVWHVGHODUDGLR\OXHJR
)DYRULWRVGHUDGLR
6HOHFFLRQHHOQPHURGHOLVWDVGHID
YRULWRVGLVSRQLEOHVTXHGHVHH
0HQVGHEDQGDVGH
IUHFXHQFLDV
(QORVPHQVHVSHFILFRVGHODEDQGD
GHIUHFXHQFLDVHQFRQWUDURWUDVIXQ
FLRQHVDOWHUQDWLYDVGHVHOHFFLQGH
HPLVRUDV
/LVWDGHIDYRULWRV
6HOHFFLRQH/ /LVWDGHIDYRULWRV6H
PXHVWUDQWRGDVODVHPLVRUDVGHODV
OLVWDVGHIDYRULWRV
6HOHFFLRQHODHPLVRUDUHTXHULGD
1RWD
/DHPLVRUDVLQWRQL]DGDDFWXDOPHQWH
DSDUHFHPDUFDGDFRQL
6LQWRQL]DFLQPDQXDO
3DUDPVLQIRUPDFLQYHD6LQWRQL
]DFLQPDQXDOPVDUULED
/LVWDVGHHPLVRUDV
6HOHFFLRQH//LVWDGHHPLVRUDV$0
R/
/LVWDGHHPLVRUDV)0
6HPXHVWUDQWRGDVODVHPLVRUDVGH
$0)0TXHVHSXHGHQVLQWRQL]DUHQ
OD]RQDGHUHFHSFLQDFWXDO

1RWD
6LQRVHKDFUHDGRXQDOLVWDGHHPL
VRUDVFRQDQWHULRULGDGHOVLVWHPD
GHDXGLRUHDOL]DXQDEVTXHGDDX
WRPWLFDGHHPLVRUDV
6LVWHPDGHLQIRHQWUHWHQLPLHQWR
6HOHFFLRQHHOFRPDQGRFRUUHVSRQ
GLHQWHSDUDDFWXDOL]DUXQDOLVWDGH
HPLVRUDV
6HLQLFLDXQDEVTXHGDGHHPLVRUDV
&XDQGRODEVTXHGDILQDOL]DVHVLQ
WRQL]DODOWLPDHPLVRUDVHOHFFLR
QDGD
3DUDFDQFHODUODEVTXHGDGHHPLVR
UDVSXOVHHOPDQGR00(18
1RWD
6LVHDFWXDOL]DODOLVWDGHHPLVRUDV
HVSHFILFDGHXQDEDQGDGHIUHFXHQ
FLDVVHDFWXDOL]DUWDPELQODOLVWD
GHFDWHJRUDVFRUUHVSRQGLHQWHVL

PWLFDWDUGDXQSRFRQRWRGDVODV
HPLVRUDVTXHVHSXHGHQUHFLELUHVWD
UQGLVSRQLEOHVLQPHGLDWDPHQWHHQOD
OLVWDGHHPLVRUDVHQHOFDVRGHTXH
VHFDPELHUHSHQWLQDPHQWHGH]RQD
GHUHFHSFLQ(QHVWDVFLUFXQVWDQ
FLDVODDFWXDOL]DFLQGHODVOLVWDVGH
HPLVRUDVVHSXHGHDFHOHUDUFRQHO
FRPDQGRFRUUHVSRQGLHQWHGHDFWXDOL
]DFLQGHODOLVWDGHHPLVRUDV
/LVWDVGHFDWHJRUDV
0XFKDVHPLVRUDV5'6HPLWHQ
XQFGLJR37<TXHHVSHFLILFDHOWLSR
GHSURJUDPDTXHWUDQVPLWHQ
6HOHFFLRQHODHPLVRUDUHTXHULGD
1RWD
/DHPLVRUDVLQWRQL]DGDDFWXDOPHQWH
DSDUHFHPDUFDGDFRQL
$FWXDOL]DFLQGHOLVWDVGHHPLVRUDV
6L\DQRVHSXHGHQUHFLELUODVHPLVR
UDVJXDUGDGDVHQODOLVWDGHHPLVRUDV
GHXQDEDQGDGHIUHFXHQFLDVHVSHF
ILFD ]RQDORFDOHQXQYLDMHODUJRSRUFD
HVWGLVSRQLEOH
,QIRUPDFLQLPSRUWDQWHVREUHOD
DFWXDOL]DFLQGHODVOLVWDVGH
HPLVRUDV
(OVLQWRQL]DGRUGXDOGHOVLVWHPDGH
LQIRHQWUHWHQLPLHQWRDFWXDOL]DGH
IRUPDFRQWLQXDODVOLVWDVGHHPLVRUDV
HQVHJXQGRSODQR'HHVWHPRGRVH
JDUDQWL]DSRUHMHPSORTXHODVOLVWDV
GHHPLVRUDVVLHPSUHFRQWLHQHQODV
HPLVRUDVTXHVHSXHGHQUHFLELUHQOD
ILFDGHODEDQGDGHIUHFXHQFLDV
UUHWHUD&RPRODDFWXDOL]DFLQDXWR
SRUHMHPSORQRWLFLDV$OJXQDVHPL
VRUDVWDPELQFDPELDQHOFGLJR
37<HQIXQFLQGHOFRQWHQLGRTXHVH
WUDQVPLWHHQHVHPRPHQWR
(OVLVWHPDGHLQIRHQWUHWHQLPLHQWR
JXDUGDHVWDVHPLVRUDVRUGHQDGDV
SRUWLSRGHSURJUDPDHQODOLVWDGH
FDWHJRUDVFRUUHVSRQGLHQWH
3DUDEXVFDUXQWLSRGHSURJUDPDGH
WHUPLQDGRSRUHPLVRUDVHOHFFLRQHOD
RSFLQGHOLVWDGHFDWHJRUDVHVSHF
 6LVWHPDGHLQIRHQWUHWHQLPLHQWR
$SDUHFHUXQDOLVWDFRQORVWLSRVGH
SURJUDPDVGLVSRQLEOHVHQHVHPR
PHQWR
6HOHFFLRQHHOWLSRGHSURJUDPDGH
VHDGR
6HPRVWUDUXQDOLVWDGHHPLVRUDV
TXHHVWQWUDQVPLWLHQGRXQSURJUDPD
GHOWLSRVHOHFFLRQDGR
&'&'
6HOHFFLRQHODHPLVRUDUHTXHULGD
/DOLVWDGHFDWHJRUDVVHDFWXDOL]D
FXDQGRORKDFHODOLVWDGHHPLVRUDV /LVWDGHIDYRULWRV
HVSHFILFDGHODEDQGDGHIUHFXHQFLDV 6HOHFFLRQH/ /LVWDGHIDYRULWRV6H
FRUUHVSRQGLHQWH PXHVWUDQWRGDVODVHPLVRUDVGHODV
OLVWDVGHIDYRULWRV
1RWD
/DHPLVRUDVLQWRQL]DGDDFWXDOPHQWH
DSDUHFHPDUFDGDFRQL

6HOHFFLRQHODHPLVRUDUHTXHULGD
1RWD
/DHPLVRUDVLQWRQL]DGDDFWXDOPHQWH
DSDUHFHPDUFDGDFRQL
6LVWHPDGHLQIRHQWUHWHQLPLHQWR 
&'(OVLQWRQL]DGRUGXDOGHOVLV
WHPDGHLQIRHQWUHWHQLPLHQWRDFWXDOL]D
GHIRUPDFRQWLQXDODOLVWDGHHPLVRUDV
GH)0HQVHJXQGRSODQR1RVHUH
TXLHUHXQDDFWXDOL]DFLQPDQXDO
6HLQLFLDXQDEVTXHGDGHHPLVRUDV
(QFXDQWRVHFRPSOHWHODEVTXHGD
VHVLQWRQL]DUODOWLPDHPLVRUDUHFL
ELGD
3DUDFDQFHODUODEVTXHGDGHHPLVR
UDVSXOVHHOPDQGR0 0(18
1RWD
6HOHFFLRQHODHPLVRUDUHTXHULGD 6LVHDFWXDOL]DODOLVWDGHHPLVRUDV
1RWD HVSHFILFDGHXQDEDQGDGHIUHFXHQ
/DHPLVRUDVLQWRQL]DGDDFWXDOPHQWH FLDVVHDFWXDOL]DUWDPELQODOLVWD
DSDUHFHPDUFDGDFRQL GHFDWHJRUDVFRUUHVSRQGLHQWHVL
/LVWDVGHHPLVRUDV
6HOHFFLRQH//LVWDGHHPLVRUDV$0
R/
/LVWDGHHPLVRUDV)0
6HPXHVWUDQWRGDVODVHPLVRUDVGH
$0)0TXHVHSXHGHQVLQWRQL]DUHQ
HVWGLVSRQLEOH
$FWXDOL]DFLQGHOLVWDVGHHPLVRUDV
6L\DQRVHSXHGHQUHFLELUODVHPLVR /LVWDVGHFDWHJRUDV
UDVJXDUGDGDVHQODOLVWDGHHPLVRUDV 0XFKDVHPLVRUDV5'6HPLWHQ
GHXQDEDQGDGHIUHFXHQFLDVHVSHF XQFGLJR37<TXHHVSHFLILFDHOWLSR
ILFD GHSURJUDPDTXHWUDQVPLWHQ
OD]RQDGHUHFHSFLQDFWXDO SRUHMHPSORQRWLFLDV$OJXQDVHPL
6HOHFFLRQHHOFRPDQGRFRUUHVSRQ VRUDVWDPELQFDPELDQHOFGLJR
1RWD GLHQWHSDUDDFWXDOL]DUXQDOLVWDGH 37<HQIXQFLQGHOFRQWHQLGRTXHVH
6LQRVHKDFUHDGRXQDOLVWDGHHPL HPLVRUDV WUDQVPLWHHQHVHPRPHQWR
VRUDVFRQDQWHULRULGDGHOVLVWHPD
GHDXGLRUHDOL]DXQDEVTXHGDDX
WRPWLFDGHHPLVRUDV
 6LVWHPDGHLQIRHQWUHWHQLPLHQWR

(OVLVWHPDGHLQIRHQWUHWHQLPLHQWR
JXDUGDHVWDVHPLVRUDVRUGHQDGDV
SRUWLSRGHSURJUDPDHQODOLVWDGH
FDWHJRUDVFRUUHVSRQGLHQWH
3DUDEXVFDUXQWLSRGHSURJUDPDGH
WHUPLQDGRSRUHPLVRUDVHOHFFLRQHOD
RSFLQGHOLVWDGHFDWHJRUDVHVSHF
ILFDGHODEDQGDGHIUHFXHQFLDV
6HPRVWUDUXQDOLVWDGHHPLVRUDV
TXHHVWQWUDQVPLWLHQGRXQSURJUDPD
GHOWLSRVHOHFFLRQDGR
9HQWDMDVGHO5'6
6HOHFFLRQHODHPLVRUDGHVHDGD
&'6HEXVFDU\VLQWRQL]DUOD
5'65DGLR'DWD6\VWHP
(O5'6HVXQVHUYLFLRGHHPLVRUDVGH
UDGLR)0TXHIDFLOLWDHQJUDQPHGLGD
HQFRQWUDUODHPLVRUDGHVHDGD\TXH
QRKD\DSUREOHPDVGHUHFHSFLQ
(QSDQWDOODDSDUHFHHOQRPEUHGHO
SURJUDPDGHODHPLVRUDHQOXJDUGH
ODIUHFXHQFLD
(QODEVTXHGDGHHPLVRUDVHOVLV
WHPDGHLQIRHQWUHWHQLPLHQWRVLQWR
QL]DVORHPLVRUDV5'6
(OVLVWHPDGHLQIRHQWUHWHQLPLHQWR
VLHPSUHVLQWRQL]DODIUHFXHQFLDGH
HPLVLQTXHVHUHFLEHPHMRUGHOD
HPLVRUDVLQWRQL]DGDJUDFLDVDOVLV
$SDUHFHUXQDOLVWDFRQORVWLSRVGH
SURJUDPDVGLVSRQLEOHVHQHVHPR
PHQWR
6HOHFFLRQHHOWLSRGHSURJUDPDGH
VHDGR
VLJXLHQWHHPLVRUDTXHVHSXHGDUHFL
ELUGHOWLSRVHOHFFLRQDGR
/DOLVWDGHFDWHJRUDVVHDFWXDOL]D
FXDQGRORKDFHODOLVWDGHHPLVRUDV
HVSHFILFDGHODEDQGDGHIUHFXHQFLDV
FRUUHVSRQGLHQWH
1RWD
/DHPLVRUDVLQWRQL]DGDDFWXDOPHQWH
DSDUHFHPDUFDGDFRQL
WHPD$)IUHFXHQFLDDOWHUQDWLYD
(QIXQFLQGHODHPLVRUDTXHUHFLEH
HOVLVWHPDGHLQIRHQWUHWHQLPLHQWR
PXHVWUDHOWH[WRGHUDGLRTXH
SXHGHFRQWHQHUSRUHMHPSORLQIRU
PDFLQVREUHHOSURJUDPDDFWXDO
 6LVWHPDGHLQIRHQWUHWHQLPLHQWR 

1DYL 6LVHGHVDFWLYDODUHJLRQDOL]DFLQVH
VHOHFFLRQDUQIUHFXHQFLDVDOWHUQDWL
YDVGHODVHPLVRUDVVLQWHQHUHQ
FXHQWDORVSURJUDPDVUHJLRQDOHV
9LVXDOL]DFLQGHWH[WR5'6
$OJXQDVHPLVRUDV5'6XWLOL]DQODVO
QHDVTXHLQGLFDHOQRPEUHGHOSUR
JUDPDSDUDPRVWUDULQIRUPDFLQDGL
FLRQDO&XDQGRHVWRVXFHGHHOQRP
EUHGHOSURJUDPDVHRFXOWD
3DUDQRPRVWUDULQIRUPDFLQDGLFLR
QDO
$FWLYDFLQ\GHVDFWLYDFLQGHO5'6 $MXVWH&&RQJHODUWH[WR5'6D$
$FWLY
$MXVWH5
5'6D$ $FWLYR'
'HVDFW
&RQILJXUDFLQGH5'6 7H[WRGHUDGLR
3DUDDEULUXQPHQGHODFRQILJXUD $FWLYDFLQ\GHVDFWLYDFLQGHODUH 6LVHDFWLYDHO5'6\ODUHFHSFLQGH
FLQGH5'6 JLRQDOL]DFLQ XQDHPLVRUDGHUDGLR5'6DSDUH
(O5'6GHEHHVWDUDFWLYDGRSDUDOD FHUEDMRHOQRPEUHGHOSURJUDPDLQ
3XOVHHOERWQ&
&21),* UHJLRQDOL]DFLQ IRUPDFLQVREUHHOSURJUDPDTXHVH
6HOHFFLRQH$$MXVWHVGHODUDGLR\OXHJR $YHFHVDOJXQDVHPLVRUDV5'6HPL
2SFLRQHV5'6 WHQSURJUDPDVGLIHUHQWHVHQFDGDUH
JLQHQIUHFXHQFLDVGLVWLQWDV
$MXVWH5
5HJLRQDOD$$FWLYR'
'HVDFW
6ORVHVHOHFFLRQDUQODVIUHFXHQFLDV
UHFLEH\VREUHODSLVWDGHPVLFDTXH
VHUHSURGXFHHQHVHPRPHQWR
3DUDPRVWUDUXRFXOWDUODLQIRUPDFLQ
$MXVWH5
5DGLRWH[WRD$$FWLYR'
'HVDFW
9ROXPHQ7$
DOWHUQDWLYDV$)FRQORVPLVPRVSUR 6HSXHGHSUHDMXVWDUHOYROXPHQGH
JUDPDVUHJLRQDOHV ORVDQXQFLRVGHWUILFR7$
 6LVWHPDGHLQIRHQWUHWHQLPLHQWR

6HUYLFLRGHWUILFRSRUUDGLR WDOOD6LQRVHHQFXHQWUDQHPLVRUDV (21$QXQFLRVGHRWUDVUHGHV

73 SURJUDPDGHWUILFR FRQVHUYLFLRGHWUILFRSRUUDGLR &RQ(21SXHGHRUORVDQXQFLRVGH
/DVHPLVRUDVGHVHUYLFLRGHWUILFR DSDUHFHU73HQJULV WUILFRSRUUDGLRDXQTXHODHPLVRUD
SRUUDGLRVRQHPLVRUDV5'6TXHHPL /RVDQXQFLRVGHWUILFRVHUHSURGX TXHKDVLQWRQL]DGRQRHPLWDXQVHU
WHQQRWLFLDVGHWUILFR FHQFRQHOYROXPHQGH7$SUHVLQ YLFLRGHWUILFRSRUUDGLRSURSLR6LVH
WRQL]DGR VLQWRQL]DXQDHPLVRUDGHHVWDVFD
$FWLYDFLQ\GHVDFWLYDFLQGHOVHUYL UDFWHUVWLFDVDSDUHFHU7 73HQQHJUR
FLRGHWUILFRSRUUDGLR 6LVHDFWLYDHOVHUYLFLRGHWUILFRSRU FRPRVLVHWUDWDUDGHXQDHPLVRUDFRQ
3DUDDFWLYDU\GHVDFWLYDUODIXQFLQGH UDGLRODUHSURGXFFLQGH&'03 VHUYLFLRGHWUILFRSRUUDGLR
HVSHUDGHORVDQXQFLRVGHWUILFRGHO VHLQWHUUXPSHGXUDQWHHODQXQFLR
VLVWHPDGHLQIRHQWUHWHQLPLHQWR GHWUILFR &'&'
3XOVHHOERWQ773 2UVORDQXQFLRVGHWUILFR
6LVHDFWLYDHOVHUYLFLRGHWUILFRSRU $FWLYHHOVHUYLFLRGHWUILFRSRUUDGLR
UDGLRDSDUHFH>>@HQQHJURHQOD \EDMHWRGRHOYROXPHQGHOVLVWHPDGH
SDQWDOOD\HQJULVVLHOVHUYLFLRGH LQIRHQWUHWHQLPLHQWR
WUILFRSRUUDGLRHVWGHVFRQHF %ORTXHRGHDQXQFLRVGHWUILFR
WDGR
6ORVHUHFLEHQHPLVRUDVGHVHUYL
FLRGHWUILFRSRUUDGLR
6LODHPLVRUDDFWXDOQRHVXQDHPL
VRUDGHVHUYLFLRGHWUILFRSRUUDGLR
VHEXVFDUDXWRPWLFDPHQWHODVL
JXLHQWHHPLVRUDFRQHVHVHUYLFLR
&XDQGRVHHQFXHQWUHXQDHPLVRUD
FRQVHUYLFLRGHWUILFRSRUUDGLR
DSDUHFHU>>73@HQQHJURHQODSDQ
3DUDEORTXHDUXQDQXQFLRGHWUILFR
HVGHFLUGXUDQWHODUHSURGXFFLQGH
XQ&'03
3XOVHHOERWQ7 73RHOPDQGR
0(18SDUDFRQILUPDUHOPHQVDMHGH
FDQFHODFLQGHODSDQWDOOD
(ODQXQFLRGHWUILFRVHFDQFHODSHUR
HOVHUYLFLRGHWUILFRSRUUDGLRVLJXH &RQILJXUDFLQGH5'6
DFWLYDGR 3DUDDEULUXQPHQGHODFRQILJXUD
FLQGH5'6
3XOVHHOERWQ&
&21),*
 6LVWHPDGHLQIRHQWUHWHQLPLHQWR 

6HOHFFLRQH$
$MXVWHVGHODUDGLR\OXHJR $MXVWHODRSFLQ$$QXQFLRGHWUILFR 7H[WRGHUDGLR
2SFLRQHVGH5'6 7$D$
$FWLYR'
'HVDFW 6LVHDFWLYDHO5'6\ODUHFHSFLQGH
&'6HOHFFLRQH$$MXVWHVGH $FWLYDFLQ\GHVDFWLYDFLQGHODUH XQDHPLVRUDGHUDGLR5'6DSDUH
DXGLR\OXHJR2
2SFLRQHVGH5'6 JLRQDOL]DFLQ FHUEDMRHOQRPEUHGHOSURJUDPDLQ
(O5'6GHEHHVWDUDFWLYDGRSDUDOD IRUPDFLQVREUHHOSURJUDPDTXHVH
UHJLRQDOL]DFLQ UHFLEH\VREUHODSLVWDGHPVLFDTXH
VHUHSURGXFHHQHVHPRPHQWR
$YHFHVDOJXQDVHPLVRUDV5'6HPL
WHQSURJUDPDVGLIHUHQWHVHQFDGDUH 3DUDPRVWUDUXRFXOWDUODLQIRUPDFLQ
JLQHQIUHFXHQFLDVGLVWLQWDV $MXVWHODRSFLQ7
7H[WRGHUDGLR
$MXVWHODRSFLQ55HJLRQDO5(* D$
$FWLYR'
'HVDFW
D$
$FWLYR'
'HVDFW
6HUYLFLRGHWUILFRSRUUDGLR
6ORVHVHOHFFLRQDUQODVIUHFXHQFLDV 73 SURJUDPDGHWUILFR
9ROXPDQXQFLRVWUI
6HSXHGHSUHDMXVWDUHOYROXPHQGH
DOWHUQDWLYDV$)FRQORVPLVPRVSUR
JUDPDVUHJLRQDOHV
6LVHGHVDFWLYDODUHJLRQDOL]DFLQVH
VHOHFFLRQDUQIUHFXHQFLDVDOWHUQDWL
YDVGHODVHPLVRUDVVLQWHQHUHQ
FXHQWDORVSURJUDPDVUHJLRQDOHV
/DVHPLVRUDVGHVHUYLFLRGHWUILFR
SRUUDGLRVRQHPLVRUDV5'6TXHHPL
WHQQRWLFLDVGHWUILFR
$FWLYDFLQ\GHVDFWLYDFLQGHOVHUYL
FLRGHWUILFRSRUUDGLR
3DUDDFWLYDU\GHVDFWLYDUODIXQFLQGH
ORVDQXQFLRVGHWUILFR7$ 9LVXDOL]DFLQGHWH[WR5'6 HVSHUDGHORVDQXQFLRVGHWUILFRGHO
$FWLYDFLQ\GHVDFWLYDFLQGHO5'6 $OJXQDVHPLVRUDV5'6RFXOWDQHO VLVWHPDGHLQIRHQWUHWHQLPLHQWR
QRPEUHGHOSURJUDPDHQODOQHDGH 3XOVHHOERWQ773
$MXVWHODRSFLQ5
5'6D$ $FWLY
ODSDQWDOODSDUDPRVWUDULQIRUPDFLQ
R'
'HVDFW 6LHVWDFWLYDGRHOVHUYLFLRGHWU
DGLFLRQDO
$QXQFLRGHWUILFR7$ ILFRSRUUDGLRDSDUHFH>>@HQHO
3DUDQRPRVWUDULQIRUPDFLQDGLFLR PHQSULQFLSDOGHODUDGLR
3DUDDFWLYDURGHVDFWLYDUODIXQFLQ QDO
7$GHIRUPDSHUPDQHQWH 6ORVHUHFLEHQHPLVRUDVGHVHUYL
$MXVWH5'6' 'HWHQHUGHVSOD]GH FLRGHWUILFRSRUUDGLR
WH[WRHQ$
$FWLY
 6LVWHPDGHLQIRHQWUHWHQLPLHQWR

6LODHPLVRUDDFWXDOQRHVXQDHPL (ODQXQFLRGHWUILFRVHFDQFHODSHUR 5HSURGXFWRUGH&'

VRUDGHVHUYLFLRGHWUILFRSRUUDGLR HOVHUYLFLRGHWUILFRSRUUDGLRVLJXH
VHEXVFDUDXWRPWLFDPHQWHODVL DFWLYDGR
JXLHQWHHPLVRUDFRQHVHVHUYLFLR
,QIRUPDFLQJHQHUDO
&XDQGRVHHQFXHQWUHXQDHPLVRUD
FRQVHUYLFLRGHWUILFRSRUUDGLRVH
PRVWUDU>>73@HQHOPHQSULQFLSDO
GHODUDGLR
/RVDQXQFLRVGHWUILFRVHUHSURGX
FHQFRQHOYROXPHQGH7$SUHVLQ
WRQL]DGR
6LVHDFWLYDHOVHUYLFLRGHWUILFRSRU
UDGLRODUHSURGXFFLQGH&'03
VHLQWHUUXPSHGXUDQWHHODQXQFLR
GHWUILFR
2UVORDQXQFLRVGHWUILFR
$FWLYHHOVHUYLFLRGHWUILFRSRUUDGLR
\EDMHWRGRHOYROXPHQGHOVLVWHPDGH
LQIRHQWUHWHQLPLHQWR
%ORTXHRGHDQXQFLRVGHWUILFR
3DUDEORTXHDUXQDQXQFLRGHWUILFR
HVGHFLUGXUDQWHODUHSURGXFFLQGH
XQ&'03 QHFHVDULDXQDFDUDVXVWLWXFLQGHO
3XOVHHOERWQ7
73RHOPDQGR
0(18SDUDFRQILUPDUHOPHQVDMHGH
FDQFHODFLQGHODSDQWDOOD
(21$QXQFLRVGHRWUDVUHGHV
&RQ(21SXHGHRUORVDQXQFLRVGH
WUILFRSRUUDGLRDXQTXHODHPLVRUD
TXHKDVLQWRQL]DGRQRHPLWDXQVHU
YLFLRGHWUILFRSRUUDGLRSURSLR6LVH
VLQWRQL]DXQDHPLVRUDGHHVWDVFD
UDFWHUVWLFDVDSDUHFHU7 73HQQHJUR
FRPRVLVHWUDWDUDGHXQDHPLVRUDFRQ
VHUYLFLRGHWUILFRSRUUDGLR
1DYL
(OUHSURGXFWRUGH&'GHOVLVWHPDGH
LQIRHQWUHWHQLPLHQWRSXHGHUHSURGXFLU
&'GHDXGLR\&'GH03:0$
,QIRUPDFLQLPSRUWDQWHVREUH&'GH
DXGLR\&'GH03:0$
$WHQFLQ
1XQFDVHGHEHQLQVHUWDUGLVFRV
'9'&'VHQFLOORVFRQXQGLPH
WURGHFPQL&'FRQIRUPDVLUUH
JXODUHVHQHOUHSURGXFWRUGHDX
GLR
1RFRORTXHQLQJXQDSHJDWLQDHQ
ORV&''LFKRVGLVFRVVHSXHGHQ
DWDVFDUHQODXQLGDGGH&'\HV
WURSHDUODXQLGDG(QWDOFDVRVHU
GLVSRVLWLYR

/RV&'FRQSURWHFFLQDQWLFRSLD
TXHQRFXPSODQFRQODQRUPDGH
&'GHDXGLRQRVHUHSURGXFLUQ
FRUUHFWDPHQWHRQRVHSRGUQUH
SURGXFLU
/RV&'5\&'5:JUDEDGRVVRQ
PVYXOQHUDEOHVDXQDPDODPDQL
SXODFLQTXHORV&'SUHJUDEDGRV
7UDWHELHQORV&'VREUHWRGRORV
&'5\&'5:JUDEDGRVHQFRQ
WUDUPVLQIRUPDFLQPVDEDMR
(VSRVLEOHTXHORV&'5\&'5:
JUDEDGRVQRVHUHSURGX]FDQELHQ
RQRVHSXHGDQUHSURGXFLU
(Q&'PL[WRVFRPELQDFLRQHVGH
6LVWHPDGHLQIRHQWUHWHQLPLHQWR 
6LXQ&'WLHQHVXFLHGDGRHVWPR /DVHQWUDGDVGHODVOLVWDVGHUHSUR
MDGRSXHGHPDQFKDUVHODOHQWH GXFFLQGHEHQH[SUHVDUVHFRPR
TXHKD\GHQWURGHOUHSURGXFWRUGH UXWDVUHODWLYDV
DXGLR\IDOODU (VWHFDSWXORVORWUDWDVREUHODUH
3URWHMDORV&'GHOFDORU\ODOX]GL SURGXFFLQGHDUFKLYRV03\D
UHFWDGHOVRO TXHORVDUFKLYRV03\:0$IXQ
/DVVLJXLHQWHVOLPLWDFLRQHVVRQY FLRQDQLJXDO&XDQGRVHLQWURGXFH
OLGDVSDUDORVGDWRVJXDUGDGRVHQ XQ&'FRQDUFKLYRV:0$DSDUH
XQ&'GH03:0$ FHQORVPHQVGHORVDUFKLYRV
03
3URIXQGLGDGP[LPDGHODHVWUXF
WXUDGHFDUSHWDVQLYHOHV &'&'
1PHURP[LPRGHDUFKLYRV03 (OUHSURGXFWRUGH&'GHOVLVWHPDGH
:0$TXHVHSXHGHQJXDUGDU LQIRHQWUHWHQLPLHQWRSXHGHUHSURGXFLU
 &'GHDXGLR\&'GH03:0$
DXGLR\GDWRVSRUHMHPSOR03 1RVHSXHGHQUHSURGXFLUDUFKLYRV
VORVHGHWHFWDUQ\UHSURGXFLUQ :0$FRQJHVWLQGHGHUHFKRVGL
ODVSLVWDVGHDXGLR
3URFXUHQRPDQFKDUORV&'FRQORV
GHGRVDOFDPELDUORV
9XHOYDDSRQHUORV&'HQVXIXQGD
MXVWRGHVSXVGHVDFDUORVGHOUH
SURGXFWRUGHDXGLRSDUDSURWHJHU
ORVGHODVXFLHGDG\GHFXDOTXLHU
GDR
JLWDOHV'50GHODVWLHQGDVGH
YHQWDGHPVLFDSRU,QWHUQHW
/RVDUFKLYRV:0$VORVHSXHGHQ
UHSURGXFLUGHIRUPDVHJXUDVLVH
KDQFUHDGRFRQODYHUVLQRSRV
WHULRUGHO5HSURGXFWRUGH:LQGRZV
0HGLD
([WHQVLRQHVGHOLVWDVGHUHSURGXF
FLQDSOLFDEOHVPXSOV
 6LVWHPDGHLQIRHQWUHWHQLPLHQWR
,QIRUPDFLQLPSRUWDQWHVREUH&'GH
DXGLR\&'GH03:0$
$WHQFLQ
1XQFDVHGHEHQLQVHUWDUGLVFRV
'9'&'VHQFLOORVFRQXQGLPH
WURGHFPQL&'FRQIRUPDVLUUH
JXODUHVHQHOUHSURGXFWRUGHDX
GLR
1RFRORTXHQLQJXQDSHJDWLQDHQ
ORV&''LFKRVGLVFRVVHSXHGHQ
DWDVFDUHQODXQLGDGGH&'\HV
WURSHDUODXQLGDG(QWDOFDVRVHU
QHFHVDULDXQDFDUDVXVWLWXFLQGHO
GLVSRVLWLYR
6HDGPLWHQORVVLJXLHQWHVIRUPDWRV
GH&'
&'520PRGR\PRGR
(VSRVLEOHTXHORVDUFKLYRV03
\:0$HVFULWRVHQXQIRUPDWRGLV
WLQWRDOLQGLFDGRPVDUULEDQRVH
UHSURGX]FDQFRUUHFWDPHQWH\TXH
ORVQRPEUHVGHDUFKLYR\QRPEUHV
GHFDUSHWDQRVHOHDQELHQ
/RV&'FRQSURWHFFLQDQWLFRSLD
TXHQRFXPSODQFRQODQRUPDGH
&'GHDXGLRQRVHUHSURGXFLUQ
FRUUHFWDPHQWHRQRVHSRGUQUH
SURGXFLU
/RV&'5\&'5:JUDEDGRVVRQ
PVYXOQHUDEOHVDXQDPDODPDQL
SXODFLQTXHORV&'SUHJUDEDGRV
7UDWHELHQORV&'VREUHWRGRORV
&'5\&'5:JUDEDGRV9HD
PVDEDMR
(VSRVLEOHTXHORV&'5\&'5:
JUDEDGRVQRVHUHSURGX]FDQELHQ
RQRVHSXHGDQUHSURGXFLU(QHV
3URFXUHQRPDQFKDUORV&'FRQORV
GHGRVDOFDPELDUORV
9XHOYDDSRQHUORV&'HQVXIXQGD
MXVWRGHVSXVGHVDFDUORVGHOUH
SURGXFWRUGH&'SDUDSURWHJHUORV
GHODVXFLHGDG\GHFXDOTXLHUGDR
6LXQ&'WLHQHVXFLHGDGRHVWPR
MDGRSXHGHPDQFKDUVHODOHQWH
TXHKD\GHQWURGHOUHSURGXFWRUGH
&'\IDOODU
3URWHMDORV&'GHOFDORU\ODOX]GL
UHFWDGHOVRO
/DVVLJXLHQWHVOLPLWDFLRQHVVRQY
OLGDVSDUDORVGDWRVJXDUGDGRVHQ
XQ&'GH03:0$
1PHURGHSLVWDVP[
1PHURGHFDUSHWDVP[
3URIXQGLGDGGHODHVWUXFWXUDGH
FDUSHWDVP[QLYHOHVUHFR
&'520;$PRGRIRUPD\ WRVFDVRVHOHTXLSRQRHVWDYH PHQGDGRP[QLYHOHV
IRUPD ULDGR
1PHURGHOLVWDVGHUHSURGXFFLQ
6HDGPLWHQORVVLJXLHQWHVIRUPDWRV (QORV&'PL[WRVFRQSLVWDVGHDX P[
GHDUFKLYR GLR\DUFKLYRVFRPSULPLGRV
1PHURGHFDQFLRQHVSRUOLVWDGH
,62QLYHOQLYHO5RPHR SRUHMHPSOR03ODSDUWHFRQSLV
UHSURGXFFLQP[
-ROLHW WDVGHDXGLR\ODSDUWHFRQDUFKLYRV
FRPSULPLGRVVHSXHGHQUHSURGXFLU
SRUVHSDUDGR

([WHQVLRQHVGHOLVWDVGHUHSURGXF
FLQDSOLFD
EOHVPXSOVDV[ZSO
(VWHFDSWXORVORWUDWDVREUHODUH
SURGXFFLQGHDUFKLYRV03\D
TXHORVDUFKLYRV03\:0$IXQ
FLRQDQLJXDO&XDQGRVHLQWURGXFH
XQ&'FRQDUFKLYRV:0$DSDUH
FHQORVPHQVGHORVDUFKLYRV
03
0DQHMR
1DYL
6LVWHPDGHLQIRHQWUHWHQLPLHQWR 
,QLFLRGHODUHSURGXFFLQGH&' 6HOHFFLQGHXQDSLVWD
(PSXMHHO&'FRQHOODGRGHODHWL *LUHHOPDQGR0 0(18SDUDPRVWUDU
TXHWDKDFLDDUULEDHQODUDQXUDGH&' XQDOLVWDGHWRGDVODVSLVWDVGHO&'
KDVWDTXHORFRMD /DSLVWDTXHVHUHSURGXFHDSDUHFH
/DUHSURGXFFLQGHO&'VHLQLFLDDX SUHVHOHFFLRQDGD
WRPWLFDPHQWH\DSDUHFHHOPHQ 6HOHFFLRQHODSLVWDTXHGHVHH
$XGLR&'R$ $XGLR03
,UDODSLVWDVLJXLHQWHRDQWHULRU
6L\DKD\XQ&'HQODXQLGDGSHURQR
VHDFWLYDHOPHQ$$XGLR&'R$ $XGLR 3XOVHGHIRUPDEUHYHHOERWQW
03 RYXQDRYDULDVYHFHV
3XOVHHOERWQ&&'$8; %VTXHGDGHSLVWDVKDFLDGHODQWH
(OPHQ$ $XGLR&'R$$XGLR03VH RDWUV
DEUH\VHUHSURGXFHHO&' 3XOVHGHIRUPDEUHYHHOERWQW
RY\OXHJRSXOVHHOERWQWRY
(QIXQFLQGHORVGDWRVJXDUGDGRVHQ
HO&'RHO&'GH03VHPRVWUDU GHQXHYR\PDQWQJDORSXOVDGR
HQODSDQWDOODXQDLQIRUPDFLQXRWUD KDVWDTXHVHPXHVWUHODSLVWDGH
VREUHHO&'\ODSLVWDGHPVLFDDF VHDGD
WXDO
$YDQFHRUHWURFHVRUSLGR
6LHOPHQ$$XGLR&'R$$XGLR03QR 3XOVHHOERWQWRY\PDQWQJDOR
VHPXHVWUDGHVSXVGHSXOVDUHOER SXOVDGRSDUDDYDQ]DURUHWURFHGHUU
WQ&
&'$8;VHGHEHUDTXHKD\XQ SLGDPHQWHGHQWURGHODSLVWDDFWXDO
&'GHQDYHJDFLQHQODUDQXUDGH
&'3XOVHHOERWQGSDUDH[SXOVDU
HO&'
 6LVWHPDGHLQIRHQWUHWHQLPLHQWR

6HOHFFLQGHSLVWDVFRQHOPHQGH 'XUDQWHODUHSURGXFFLQGH03 6HOHFFLRQH%

%XVFDUSDUDDEULUXQ
&'GHDXGLRR03 PHQFRQODVRSFLRQHVDGLFLRQDOHV
'XUDQWHODUHSURGXFFLQGHO&'GH GHEVTXHGD\VHOHFFLQGHSLVWDV
DXGLR

3XOVHHOPDQGR0 0(18SDUDDEULUHO
PHQ03FRUUHVSRQGLHQWH
3DUDUHSURGXFLUWRGDVODVSLVWDVHQ (QIXQFLQGHODFDQWLGDGGHSLVWDV
3XOVHHOPDQGR0 0(18SDUDDEULUHO RUGHQDOHDWRULRDMXVWH$$OHDWRULR JXDUGDGDVHOSURFHVRGHEVTXHGD
PHQGH&'GHDXGLRFRUUHVSRQ 
GLHQWH
3DUDUHSURGXFLUWRGDVODVSLVWDVHQ
RUGHQDOHDWRULRDMXVWH$
5'0HQ$ $FWLY SXHGHWDUGDUYDULRVPLQXWRV
6HOHFFLRQHXQDRSFLQGHEVTXHGD
3DUDVHOHFFLRQDUXQDSLVWDGHXQD
FDUSHWDROLVWDGHUHSURGXFFLQVL \OXHJRVHOHFFLRQHODSLVWDGHVHDGD
$OHDWRULR HVWGLVSRQLEOHVHOHFFLRQH
5'0HQ$ $FWLY
3DUDVHOHFFLRQDUXQDSLVWDGH&'GH
DXGLRVHOHFFLRQH//LVWDGHSLVWDV
\OXHJRVHOHFFLRQHODSLVWDGHVHDGD
([SXOVLQGHXQ&'
&DUSHWDVR/ /LVWDVGHUHSURGXFFLQ
3XOVHHOERWQG
6HOHFFLRQHXQDFDUSHWDROLVWDGHUH
SURGXFFLQ\OXHJRVHOHFFLRQHOD (O&'VHUH[SXOVDGRGHODUDQXUDGH
SLVWDGHVHDGD &'

6LHO&'QRVHUHWLUDGHVSXVGHOD
H[SXOVLQVHYROYHUDLQWURGXFLUHQ
ODXQLGDGDXWRPWLFDPHQWHDORVSR
FRVVHJXQGRV
&'&'
6LVWHPDGHLQIRHQWUHWHQLPLHQWR
(QIXQFLQGHORVGDWRVJXDUGDGRVHQ
HO&'RHO&'GH03VHPRVWUDU
HQODSDQWDOODXQDLQIRUPDFLQXRWUD
VREUHHO&'\ODSLVWDGHPVLFDDF
WXDO
,QVHUFLQGHXQ&'
0HWDXQ&'FRQHOODGRLPSUHVRKDFLD
DUULEDHQODUDQXUDGH&'KDVWDTXH
ORFRMD
&DPELRGHODYLVWDGHSJLQDQRUPDO

$YDQFHRUHWURFHVRUSLGR
3XOVHHOERWQWRY\PDQWQJDOR
SXOVDGRSDUDDYDQ]DURUHWURFHGHUU
SLGDPHQWHGHQWURGHODSLVWDDFWXDO
6HOHFFLQGHSLVWDVFRQHOPHQGH
&'GHDXGLRR03
'XUDQWHODUHSURGXFFLQGHO&'GH
DXGLR
,QLFLRGHODUHSURGXFFLQGH&'
3XOVHHOERWQ&&'$8;SDUDDEULUHO
VOR&'
'XUDQWHXQDUHSURGXFFLQGH&'GH
DXGLRR03SXOVHHOPDQGR0 0(18
\OXHJRVHOHFFLRQH9
9LVWDGHSJLQDGH
&'SUHGHWR9
9LVWDGHSJLQDGH03
SUHGHW
6HOHFFLRQHODRSFLQGHVHDGD
&DPELRGHQLYHOGHFDUSHWDV
PHQGH&'R03
6LKD\XQ&'HQHOUHSURGXFWRUGH&'
VHUHSURGXFLUVXFRQWHQLGR
VOR&'UHSURGXFFLQGH03
3XOVHHOERWQJRHSDUDFDPELDU
DXQQLYHOGHFDUSHWDVXSHULRURLQIH
ULRU
,UDODSLVWDVLJXLHQWHRDQWHULRU
3XOVHGHIRUPDEUHYHHOERWQW
RY
3XOVHHOPDQGR0 0(18SDUDDEULUHO
PHQGH&'GHDXGLRFRUUHVSRQ
GLHQWH
3DUDUHSURGXFLUWRGDVODVSLVWDVHQ
RUGHQDOHDWRULRDMXVWH5
5HSURGDOHDW
WHPDVHQ$$FWLY
 6LVWHPDGHLQIRHQWUHWHQLPLHQWR
3DUDVHOHFFLRQDUXQDSLVWDGH&'GH
DXGLRVHOHFFLRQH/
/LVWDGHSLVWDV
\OXHJRVHOHFFLRQHODSLVWDGHVHDGD
'XUDQWHODUHSURGXFFLQGH03
3XOVHHOPDQGR0 0(18SDUDDEULUHO
PHQ03FRUUHVSRQGLHQWH
3DUDUHSURGXFLUWRGDVODVSLVWDVHQ
RUGHQDOHDWRULRDMXVWH5
5HSURGDOHDW
WHPDVHQ$$FWLY
3DUDVHOHFFLRQDUXQDSLVWDGHXQD
FDUSHWDROLVWDGHUHSURGXFFLQVL
6HOHFFLRQHXQDFDUSHWDROLVWDGHUH (QWUDGD$8;
SURGXFFLQ\OXHJRVHOHFFLRQHOD
SLVWDGHVHDGD
,QIRUPDFLQJHQHUDO
1RWD 'HEDMRGHODFXELHUWDGHODFRQVROD
6LXQ&'FRQWLHQHGDWRVGHDXGLR FHQWUDOKD\XQDFRQH[LQ$8;SDUD
\03ORVGDWRVGHDXGLRVHSXHGHQ FRQHFWDUIXHQWHVGHDXGLRH[WHUQDV
VHOHFFLRQDUGHVGH//LVWDV
UHSURGXFFLQFDUSHWDV 1DYL
3DUDDEULUXQPHQFRQRSFLRQHVDGL
FLRQDOHVGHEVTXHGD\VHOHFFLQGH
SLVWDVVHOHFFLRQH%
%VTXHGD/DVRS
FLRQHVGLVSRQLEOHVGHSHQGHQGHORV
GDWRVJXDUGDGRVHQHO&'GH03
(OSURFHVRGHEVTXHGDHQHO&'GH
03SXHGHWDUGDUYDULRVPLQXWRV
'XUDQWHHVWHWLHPSRVHUHFLELUODO
WLPDHPLVRUDVHOHFFLRQDGD
([SXOVLQGHXQ&'
3XOVHHOERWQG
(O&'VHUH[SXOVDGRGHODUDQXUDGH &'&'
&'
6LHO&'QRVHUHWLUDGHVSXVGHOD
H[SXOVLQVHYROYHUDLQWURGXFLUHQ
HVWGLVSRQLEOHVHOHFFLRQH/
/LVWDV ODXQLGDGDXWRPWLFDPHQWHDORVSR
UHSURGXFFLQFDUSHWDV FRVVHJXQGRV
 6LVWHPDGHLQIRHQWUHWHQLPLHQWR 

0DQHMR &'&'

1DYL

1RWD
/DWRPDVLHPSUHGHEHHVWDUOLPSLD
\VHFD 3XOVHHOERWQ&
&'$8;XQDRYDULDV
YHFHVSDUDDFWLYDUHOPRGR$8;
3RUHMHPSORVHSXHGHFRQHFWDUXQ
3XOVHHOERWQ&
&'$8;XQDRYDULDV 8QDIXHQWHGHDXGLRFRQHFWDGDDOD
UHSURGXFWRUGH&'SRUWWLOFRQXQD
YHFHVSDUDDFWLYDUHOPRGR$8; HQWUDGD$8;VHSXHGHDFFLRQDUVOR
FODYLMDGHPPDODHQWUDGD$8;
8QDIXHQWHGHDXGLRFRQHFWDGDDOD DWUDYVGHORVHOHPHQWRVGHFRQWURO
HQWUDGD$8;VHSXHGHDFFLRQDUVOR GHODIXHQWHGHDXGLR
DWUDYVGHORVHOHPHQWRVGHFRQWURO
GHODIXHQWHGHDXGLR
 6LVWHPDGHLQIRHQWUHWHQLPLHQWR
3XHUWR86% $WUDYVGHOSXHUWR86%VHSXHGH
FRQHFWDUXQUHSURGXFWRUGH03XQD
XQLGDG86%RXQL3RG
,QIRUPDFLQJHQHUDO
(VWRVDSDUDWRVVHFRQWURODQFRQORV
1DYL PDQGRV\PHQVGHOVLVWHPDGHLQ
IRHQWUHWHQLPLHQWR
1RWD
(OVLVWHPDGHLQIRHQWUHWHQLPLHQWRQR
HVFRPSDWLEOHFRQWRGRVORVUHSUR
GRVHQXQUHSURGXFWRUGH03
RXQDXQLGDG86%
3URIXQGLGDGP[LPDGHODHVWUXF
WXUDGHFDUSHWDVQLYHOHV
1PHURP[LPRGHDUFKLYRV03
:0$TXHVHSXHGHQJXDUGDU

1RVHSXHGHQUHSURGXFLUDUFKLYRV
:0$FRQJHVWLQGHGHUHFKRVGL
GXFWRUHV03XQLGDGHV86%\PR
GHORVGHL3RG
,QIRUPDFLQLPSRUWDQWH
5HSURGXFWRUGH03\XQLGDGHV86%
/RVUHSURGXFWRUHV03\XQLGDGHV
86%FRQHFWDGRVGHEHQFXPSOLUODV
QRUPDVGHFODVHGHDOPDFHQD
JLWDOHV'50GHODVWLHQGDVGH
YHQWDGHPVLFDSRU,QWHUQHW
/RVDUFKLYRV:0$VORVHSXHGHQ
UHSURGXFLUGHIRUPDVHJXUDVLVH
KDQFUHDGRFRQODYHUVLQRSRV
WHULRUGHO5HSURGXFWRUGH:LQGRZV
0HGLD
'HEDMRGHODFXELHUWDGHODFRQVROD
FHQWUDOKD\XQSXHUWR86%SDUDFR
QHFWDUIXHQWHVGHDXGLRH[WHUQDV
1RWD
/DWRPDVLHPSUHGHEHHVWDUOLPSLD
\VHFD
1RWD
$QWHVGHSOHJDUODFXELHUWDGHOD
FRQVRODFHQWUDOFRPSUXHEHTXHOD
XQLGDG86%QRVXIULUGDRV
PLHQWRPDVLYR86%86%06&
6ORVHDGPLWHQORVUHSURGXFWRUHV
03\XQLGDGHV86%TXHWHQJDQ
XQWDPDRGHFOVWHULQIHULRURLJXDO
DN%\WHVFRQXQVLVWHPDGHDU
FKLYRV)$7)$7
1RVHDGPLWHQGLVFRVGXURV
7DPSRFRHVFRPSDWLEOHFRQFRQ
FHQWUDGRUHV86%
/DVVLJXLHQWHVOLPLWDFLRQHVVOR
VRQYOLGDVSDUDORVGDWRVJXDUGD
([WHQVLRQHVGHOLVWDVGHUHSURGXF
FLQDSOLFDEOHVPXSOV
/DVHQWUDGDVGHODVOLVWDVGHUHSUR
GXFFLQGHEHQH[SUHVDUVHFRPR
UXWDVUHODWLYDV
(ODWULEXWRGHOVLVWHPDSDUDFDUSH
WDVDUFKLYRVFRQGDWRVGHDXGLRQR
VHWLHQHTXHFRQILJXUDU
 6LVWHPDGHLQIRHQWUHWHQLPLHQWR 

&' 6HSXHGHQFRQHFWDUORVVLJXLHQWHV 5HSURGXFLUDUFKLYRVGH

GLVSRVLWLYRVDOSXHUWR86%
L3RG
DXGLRJXDUGDGRV
=XQH 1DYL
'LVSRVLWLYR3OD\V)RU6XUH3)'
5HSURGXFWRUGH03XQLGDGHV86%
8QLGDG86%
(VWRVDSDUDWRVVHFRQWURODQFRQORV
PDQGRV\PHQVGHOVLVWHPDGHLQ
IRHQWUHWHQLPLHQWR
1RWD
1RWRGRVORVPRGHORVGHL3RG=XQH
3)'RXQLGDG86%VRQFRPSDWLEOHV
'HEDMRGHODFXELHUWDGHODFRQVROD FRQHOVLVWHPDGHDXGLR
FHQWUDOKD\XQSXHUWR86%SDUDFR
QHFWDUIXHQWHVGHDXGLRH[WHUQDV
1RWD
/DWRPDVLHPSUHGHEHHVWDUOLPSLD
\VHFD 3XOVHHOERWQ& &'$8;XQDRYDULDV
YHFHVSDUDDFWLYDUHOPRGR86%GH
1RWD
DXGLR
1RLQVHUWHXQGLVSRVLWLYRGHXQLGDG
86%FRQXQDORQJLWXGVXSHULRU 6HLQLFLDODUHSURGXFFLQGHORVGDWRV
DPP8QGLVSRVLWLYRPVODUJR GHDXGLRJXDUGDGRVHQHODSDUDWR
VHSXHGHGDDUDOUHEDWLUHOUHSRVD 86%
EUD]RV
 6LVWHPDGHLQIRHQWUHWHQLPLHQWR

/DVIXHQWHVGHGDWRVFRQHFWDGDV $FRQWLQXDFLQHQFRQWUDUVORORV &'

DWUDYVGH86%VHFRQWURODQFRPRVL DVSHFWRVGHIXQFLRQDPLHQWRTXHVRQ
IXHUDXQ&'GHDXGLR03:0$ GLVWLQWRVDORVGHVFULWRVRELHQIXQFLR
 QHVDGLFLRQDOHV
)XQFLRQHVGHOL3RG
L3RG

3XOVHHOERWQ& &'$8;XQDRYDULDV
YHFHVSDUDDFWLYDUHOPRGR86%
6HLQLFLDODUHSURGXFFLQGHORVGDWRV
GHDXGLRJXDUGDGRVHQHODSDUDWR
(QIXQFLQGHORVGDWRVJXDUGDGRV 86%
3XOVHHOERWQ& &'$8;XQDRYDULDV
KD\YDULDVRSFLRQHVSDUDVHOHFFLRQDU
YHFHVSDUDDFWLYDUHOPRGRL3RGGH /DVIXHQWHVGHGDWRVFRQHFWDGDV
\UHSURGXFLUSLVWDV
DXGLR DWUDYVGH86%VHFRQWURODQEVLFD
3XOVHHOPDQGR0 0(18\VHOHFFLRQH PHQWHFRPRVLIXHUDXQ&'GHDXGLR
6HLQLFLDODUHSURGXFFLQGHORVGDWRV
%XVFDUSDUDPRVWUDUODVRSFLRQHVGLV 03
GHDXGLRJXDUGDGRVHQHOL3RG
SRQLEOHV
(OL3RGFRQHFWDGRDWUDYVGH86%VH $FRQWLQXDFLQHQFRQWUDUVORORV
(OSURFHVRGHEVTXHGDHQHODSDUDWR DVSHFWRVGHIXQFLRQDPLHQWRTXHVRQ
FRQWURODEVLFDPHQWHFRPRVLIXHUD
SXHGHWDUGDUYDULRVVHJXQGRV GLVWLQWRVDORVGHVFULWRVRELHQIXQFLR
XQ&'GHDXGLR03:0$
QHVDGLFLRQDOHV
 6LVWHPDGHLQIRHQWUHWHQLPLHQWR 

(OIXQFLRQDPLHQWR\ODVSDQWDOODVTXH (OSURFHVRGHEVTXHGDHQHODSDUDWR 0VLFD%OXHWRRWK

VHGHVFULEHQFRUUHVSRQGHQDXQLGD 86%SXHGHWDUGDUYDULRVPLQXWRV
GHV86%(OIXQFLRQDPLHQWRGHRWURV 'XUDQWHHVWHWLHPSRVHUHFLELUODO
DSDUDWRVFRPRL3RGR=XQHHVSUF WLPDHPLVRUDVHOHFFLRQDGD
,QIRUPDFLQJHQHUDO
WLFDPHQWHHOPLVPR 3DUDUHSURGXFLUWRGDVODVSLVWDVHQ VOR&'FRQ%OXHWRRWK3',0
RUGHQDOHDWRULRDMXVWH0
0H]FODU /DVIXHQWHVGHDXGLRKDELOLWDGDVSDUD
6HOHFFLQGHSLVWDVFRQHOPHQ86% %OXHWRRWKSHMPYLOHVFRQPVLFD
FDQFLRQHVDOHDWRULRHQ$$FWLY
3DUDUHSHWLUODSLVWDTXHVHVHOHF UHSURGXFWRUHV03FRQIXQFLQ%OXH
FLRQDHQHVHPRPHQWRDMXVWH WRRWKHWFFRPSDWLEOHVFRQHOSURWR
5HSHWLUHQ$
$FWLY FRORGHPVLFD$'3SXHGHQFRQHF
WDUVHSRUYDLQDOPEULFDFRQHOVLV
WHPDGHLQIRHQWUHWHQLPLHQWR

,QIRUPDFLQLPSRUWDQWH
3DUDSRGHUFRQHFWDUXQGLVSRVLWLYR
%OXHWRRWKDOVLVWHPDGHLQIRHQWUH
WHQLPLHQWRVHWLHQHTXHHPSDUHMDU
DQWHVFRQHOVLVWHPD
(OVLVWHPDGHLQIRHQWUHWHQLPLHQWR
VORVHFRQHFWDFRQGLVSRVLWLYRV
3XOVHHOPDQGR0 0(18SDUDDEULUHO
%OXHWRRWKFRPSDWLEOHVFRQ$'3
PHQ86%FRUUHVSRQGLHQWH
$GYDQFHG$XGLR'LVWULEXWLRQ3UR
3DUDUHSURGXFLUWRGDVODVSLVWDVGH ILOHYHUVLQRVXSHULRU
IRUPDVXFHVLYDVHOHFFLRQH
(OGLVSRVLWLYR%OXHWRRWKGHEHVHU
5HSURGXFLUWRGRV
FRPSDWLEOHFRQ$95&3$XGLR9L
3DUDPRVWUDUXQPHQFRQYDULDVRS GHR5HPRWH&RQWURO3URILOHYHU
FLRQHVDGLFLRQDOHVGHEVTXHGD\VH VLQRVXSHULRU6LHOGLVSRVLWLYR
OHFFLQGHSLVWDVVHOHFFLRQH QRHVFRPSDWLEOHFRQ$95&3VOR
%VTXHGD
 6LVWHPDGHLQIRHQWUHWHQLPLHQWR
SRGUFRQWURODUVHHOYROXPHQDWUD
YVGHOVLVWHPDGHLQIRHQWUHWHQL
PLHQWR
$QWHVGHFRQHFWDUHOGLVSRVLWLYR
%OXHWRRWKFRQHOVLVWHPDGHLQIRHQ
WUHWHQLPLHQWRIDPLOLDUFHVHHQVX
JXDGHXVXDULRFRQODVIXQFLRQHV
%OXHWRRWK
&RQILJXUDFLQGHPVLFD
%OXHWRRWK
(OPHQ& &RQILJXUDFLQGHPVLFD
%OXHWRRWKVHHQFDUJDGHHPSDUHMDU
\FRQHFWDUORVGLVSRVLWLYRV%OXHWRRWK
FRQHOVLVWHPDGHLQIRHQWUHWHQL
PLHQWR
(PSDUHMDPLHQWRGHXQGLVSRVLWLYR
%OXHWRRWK
,QIRUPDFLQLPSRUWDQWH
(OSURFHVRGHHPSDUHMDPLHQWRVH
GHVDFWLYDFXDQGRHOYHKFXORVH
PXHYH
(VSRVLEOHHPSDUHMDUKDVWDFLQFR
GLVSRVLWLYRVDOVLVWHPD
(OVLVWHPDGHLQIRHQWUHWHQLPLHQWR
VHFRQHFWDDXWRPWLFDPHQWHDOSUL
PHUDSDUDWRGHODOLVWDGHGLVSRVLWL
YRVHPSDUHMDGRVDFWXDO
$FWLYDFLQGHOPHQ 6ORSRGUFRQHFWDUVHDOPLVPR
&RQILJXUDFLQGHPVLFD WLHPSRXQRGHORVGLVSRVLWLYRVHP
SDUHMDGRVDOVLVWHPDGHLQIRHQWUH
%OXHWRRWK
WHQLPLHQWR
3XOVHHOERWQ&
&'$8;XQDRYDULDV
YHFHVSDUDDFWLYDUHOPRGR$8;86% 3RUUHJODJHQHUDOHOHPSDUHMD
R%OXHWRRWK PLHQWRVORVHUHDOL]DXQDYH]
VDOYRTXHVHFDPELHODLQIRUPDFLQ
3XOVHHOERWQ0
0(18\OXHJRVHOHF
GHHPSDUHMDPLHQWRRVHHOLPLQHHO
FLRQH&
&RQILJXUDFLQGH%OXHWRRWK
GLVSRVLWLYR
3URFHGLPLHQWRGHHPSDUHMDPLHQWR
6HOHFFLRQH&
&RQHFWDUDXQGLVSRVLWLYR
QXHYR

(OVLVWHPDGHLQIRHQWUHWHQLPLHQWR
UHDOL]DXQDVHULHGHSUHJXQWDVSDUD
GHWHUPLQDUTXWLSRGHGLVSRVLWLYR
%OXHWRRWKVHGHVHDHPSDUHMDU
&XDQGRVHKDGHWHUPLQDGRVHWLHQH
TXHVHOHFFLRQDUHOPRGRGHGHVFXEUL
PLHQWRHQHOGLVSRVLWLYR%OXHWRRWK
YHDODJXDGHXVXDULRGHOGLVSRVLWLYR
6LVWHPDGHLQIRHQWUHWHQLPLHQWR 
6HOHFFLRQHODFDWHJRUDGHVHDGD(O &DPELRGHO3,1SUHGHWHUPLQDGR
GLVSRVLWLYRHVWFRQHFWDGRDOVLVWHPD
GHLQIRHQWUHWHQLPLHQWR
6LKD\FRQHFWDGRRWURGLVSRVLWLYR
%OXHWRRWKDOVLVWHPDGHLQIRHQWUHWHQL
PLHQWRVHGHVFRQHFWDUGHOVLVWHPD
(OLPLQDFLQGHXQGLVSRVLWLYR
%OXHWRRWK
(QDOJXQRVGLVSRVLWLYRV%OXHWRRWKHV
SRVLEOHTXHWHQJDTXHLQWURGXFLUXQ
FGLJR3,1SDUDFRPSOHWDUHOHPSD
UHMDPLHQWR%XVTXHHOGLVSRVLWLYR
*0XVLF&RQQHFWHQODOLVWDGHGLVSR
VLWLYRV%OXHWRRWK\VLJDODVLQVWUXFFLR
QHVGHOGLVSRVLWLYRSDUDLQWURGXFLUHO
FGLJR3,1VXPLQLVWUDGRSRUHOVLV
WHPDGHLQIRHQWUHWHQLPLHQWR
&RQH[LQGHXQGLVSRVLWLYR
HPSDUHMDGR
6HOHFFLRQH66HOHFFLRQDUGLVSRVLWLYR
$SDUHFHUXQDOLVWDFRQWRGRVORVGLV
SRVLWLYRV%OXHWRRWKDFWXDOPHQWHHP
SDUHMDGRVFRQHOVLVWHPDGHLQIRHQ
WUHWHQLPLHQWR
HPSDUHMDGR
6HOHFFLRQH44XLWDUGLVSRVLWLYR
$SDUHFHUXQDOLVWDFRQWRGRVORVGLV
SRVLWLYRV%OXHWRRWKDFWXDOPHQWHHP
SDUHMDGRVFRQHOVLVWHPDGHLQIRHQ
WUHWHQLPLHQWR
6HOHFFLRQHODFDWHJRUDGHVHDGD(O
GLVSRVLWLYRVHHOLPLQDUGHODOLVWDGH
GLVSRVLWLYRVHPSDUHMDGRV
6HOHFFLRQH&&DPELDU3,1SRUGHIHFWR
6HOHFFLRQHXQRGHORVFGLJRV3,1
SUHGHWHUPLQDGRVRVHOHFFLRQH2 2WUR
SDUDFUHDUXQ3,1QXHYR
3DUDFUHDUXQ3,1QXHYR
6HOHFFLRQH2
2WUR\OXHJRVHOHFFLRQHOD
ORQJLWXGTXHGHVHHSDUDHOFGLJR
3,1
6HOHFFLRQHORVGJLWRVGHOFGLJR3,1
GHXQRHQXQR
 6LVWHPDGHLQIRHQWUHWHQLPLHQWR
0DQHMR
3XOVHHOERWQ& &'$8;XQDRYDULDV
YHFHVSDUDDFWLYDUHOPRGR%OXHWRRWK
6LHVWGLVSRQLEOHHOSULPHUGLVSRVL
WLYRGHODOLVWDGHGLVSRVLWLYRV%OXH
WRRWKHPSDUHMDGRVVHFRQHFWD
DXWRPWLFDPHQWHDOVLVWHPDGHLQ
IRHQWUHWHQLPLHQWR
3DUDFRQHFWDUVHDRWURGLVSRVLWLYR
%OXHWRRWKHPSDUHMDGR
,QLFLDUODUHSURGXFFLQGHSLVWDV 3DUDUHLQLFLDUODUHSURGXFFLQSXOVH
(QIXQFLQGHOGLVSRVLWLYR%OXHWRRWK GHQXHYRHOERWQGHSDQWDOODU
FRQHFWDGR
ODUHSURGXFFLQGHPVLFDHPSLH]D
DXWRPWLFDPHQWHR
ODUHSURGXFFLQGHPVLFDVHWLHQH
TXHLQLFLDUFRQORVPDQGRVGHOGLV
SRVLWLYR%OXHWRRWK
/DUHSURGXFFLQGHGDWRVGHPVLFD
DOPDFHQDGRVHQHOGLVSRVLWLYR%OXH
WRRWKVHSXHGHFRQWURODUDKRUDDWUD
YVGHOVLVWHPDGHLQIRHQWUHWHQL
PLHQWRFRQORVERWRQHVWY\U
6DOWDUDODSLVWDVLJXLHQWH
RDQWHULRU
3XOVHGHIRUPDEUHYHHOERWQW
RY
$YDQFHRUHWURFHVRUSLGR
3XOVHHOERWQWRY\PDQWQJDOR
SXOVDGRSDUDDYDQ]DURUHWURFHGHUU
SLGDPHQWHGHQWURGHODSLVWDDFWXDO
3DXVD
3XOVHHOERWQU
 6LVWHPDGHLQIRHQWUHWHQLPLHQWR 

1DYHJDFLQ
,QIRUPDFLQJHQHUDO
(OVLVWHPDGHQDYHJDFLQOHJXLDU
GHIRUPDILDEOHKDVWDVXGHVWLQRVLQ
QHFHVLGDGGHOHHUPDSDVDXQTXHQR
FRQR]FDOD]RQD
/DVLWXDFLQDFWXDOGHOWUILFRVHWLHQH
HQFXHQWDSDUDFDOFXODUODUXWD
FXDQGRVHXWLOL]DODJXDGHUXWDGLQ
$WHQFLQ
(OXVRGHOVLVWHPDGHQDYHJDFLQ
QRH[LPHDOFRQGXFWRUGHVXUHV
SRQVDELOLGDGGHPDQWHQHUXQDDF
WLWXGYLJLODQWH\FRUUHFWDDOFLUFXODU
6LHPSUHGHEHQVHJXLUVHODVQRU
PDVGHWUILFRUHOHYDQWHV6LODV
LQVWUXFFLRQHVGHOVLVWHPDGHQD
YHJDFLQFRQWUDGLFHQODVQRUPDV
GHWUILFRVLHPSUHSUHYDOHFHQODV
6LVHFRPSDUDQODVVHDOHVGHOVHQ
VRUFRQORVPDSDVGLJLWDOHVGHODWDU
MHWD6'GHOPDSDVHSXHGHGHWHUPL
QDUODSRVLFLQFRQXQDSUHFLVLQGH
XQRVP
(OVLVWHPDWDPELQIXQFLRQDUFRQ
XQDPDODUHFHSFLQGH*36QRREV
WDQWHODSRVLFLQVHGHWHUPLQDUFRQ
PHQRVSUHFLVLQ
'HVSXVGHLQWURGXFLUODGLUHFFLQGH
GHVWLQRRHOSXQWRGHLQWHUVSU[LPD
PLFD3DUDHVWHILQHOVLVWHPDGHLQ
IRHQWUHWHQLPLHQWRUHFLEHDQXQFLRVGH
WUILFRHQOD]RQDGHUHFHSFLQDFWXDO
DWUDYVGH5'670&
1RREVWDQWHHOVLVWHPDGHQDYHJD
FLQQRSXHGHWHQHUHQFXHQWDORVDF
FLGHQWHVGHWUILFRODVQRUPDVGHWU
ILFRTXHFDPELDQVLQDYLVDUVHFRQDQ
WHODFLQQLORVSHOLJURVRSUREOHPDV
TXHSXHGHQDSDUHFHUGHUHSHQWH
SRUHMHPSORREUDVHQXQDFDUUH
QRUPDVGHWUILFR
)XQFLRQDPLHQWRGHOVLVWHPDGH
QDYHJDFLQ
(OVLVWHPDGHQDYHJDFLQXWLOL]DVHQ
VRUHVSDUDGHWHFWDUODSRVLFLQ\HO
PRYLPLHQWRGHOYHKFXOR/DGLVWDQFLD
UHFRUULGDVHFDOFXODDSDUWLUGHODVH
DOGHOYHORFPHWURGHOYHKFXOR\ORV
JLURVGHODVFXUYDVFRQXQVHQVRUJL
JDVROLQHUDKRWHOHWFODUXWDVHFDO
FXODUGHVGHODSRVLFLQDFWXDOKDVWD
HOGHVWLQRVHOHFFLRQDGR
/DVLQVWUXFFLRQHVGHODJXDGHUXWD
VHWUDQVPLWHQSRUYR]\FRQXQDIOH
FKDDVFRPRDWUDYVGHODYLVWDGH
PDSDHQFRORU
6LVWHPDGHLQIRUPDFLQGH
WUILFR70&\JXDGHUXWD
WHUD URVFSLFR/DSRVLFLQVHGHWHUPLQD GLQPLFD
JUDFLDVDVDWOLWHV*36VLVWHPDGH (OVLVWHPDGHLQIRUPDFLQGHWUILFR
SRVLFLRQDPLHQWRJOREDO
70&UHFLEHWRGDODLQIRUPDFLQGH
WUILFRDFWXDOGHODVHPLVRUDVGHUDGLR
70&6LODJXDGHUXWDGLQPLFDHVW
DFWLYDHVWDLQIRUPDFLQVHLQFOX\HHQ
HOFOFXORJOREDOGHODUXWD'XUDQWH
 6LVWHPDGHLQIRHQWUHWHQLPLHQWR
HVWHSURFHVRODSODQLILFDFLQGHOD
UXWDHYLWDORVSUREOHPDVGHWUILFRFR
UUHVSRQGLHQWHVDORVFULWHULRVSUHVH
OHFFLRQDGRV
6LKD\XQSUREOHPDGHWUILFRFRQOD
JXDGHUXWDDFWLYDHQIXQFLQGHORV
DMXVWHVSUHYLRVDSDUHFHUXQPHQ
VDMHSDUDSUHJXQWDUOHVLGHVHDTXHVH
PRGLILTXHODUXWD
/DLQIRUPDFLQGHWUILFR70&DSD
UHFHHQODSDQWDOODGHJXDGHUXWDHQ
IRUPDGHVPERORVRFRPRWH[WRGH
LQIRUPDFLQHQHOPHQ0 0HQVDMHV
70&
3DUDSRGHUXVDUODLQIRUPDFLQGHWU
ILFR70&HOVLVWHPDWLHQHTXHUHFLELU
HPLVRUDV70&HQODUHJLQTXHFR
UUHVSRQGD
'DWRVGHOPDSD
7RGRVORVGDWRVGHOPDSDUHTXHULGRV
VHJXDUGDQHQXQDWDUMHWD6'TXHVH
SURSRUFLRQDFRQHOVLVWHPDGHLQIRHQ
WUHWHQLPLHQWR
9HDODVHFFLQ0DSDVSDUD
REWHQHUODVGHVFULSFLRQHVGHWDOODGDV
DFHUFDGHODPDQLSXODFLQ\VXVWLWX
FLQGHODWDUMHWD6'GHOPDSD
0DQHMR
(OHPHQWRVGHFRQWURO
/RVHOHPHQWRVGHPDQGRVHVSHFIL
FRVPVLPSRUWDQWHVSDUDODQDYHJD
FLQVRQORVVLJXLHQWHV (OPDSDGHODSRVLFLQDFWXDOVH
%RWQ1 1$9DFWLYDODQDYHJDFLQ
PXHVWUDODSRVLFLQDFWXDOVLODJXD
%RWQ' '(67SDUDDEULUHOPHQFRQ
RSFLRQHVSDUDODLQWURGXFFLQGHO
GHVWLQR
&RQPXWDGRUGHRFKRSRVLFLRQHV
SDUDGHVSOD]DUODSDQWDOODHQODYLVWD
GHPDSDGHQDYHJDFLQSDUDVHOHF
FLRQDUHOGHVWLQRSXOVHHQODGLUHF
FLQUHTXHULGDSDUDVLWXDUODFUX]UH
WLFXODUVREUHXQGHVWLQRHQHOPDSD
%RWQ55371$9SDUDUHSHWLUHOOWLPR
PHQVDMHGHODFRQGXFFLQJXLDGD
$FWLYDFLQGHOVLVWHPDGH
QDYHJDFLQ
3XOVHHOERWQ1
1$9
PXHVWUDHQODSDQWDOODYHD,QIRUPD
FLQGHODSDQWDOODPVDGHODQWH
/DJXDGHUXWDGLQPLFDVORIXQ GHUXWDHVLQDFWLYDPXHVWUDODUXWD
FLRQDVLODLQIRUPDFLQGHWUILFRVH FDOFXODGDVLHVWDFWLYDODJXDGH
0HQVDMHVGHODJXDGHUXWD
UHFLEHDWUDYVGHOVLVWHPDGHLQIRU URWDFDPELDHQWUHODYLVWDFRPSOHWD $GHPVGHODLQVWUXFFLRQHVYLVXDOHV
PDFLQGHWUILFR70& GHPDSDYLVWDGHIOHFKDVLODJXDGH GHODSDQWDOODYHD,QIRUPDFLQGHOD
/DIXQFLQGHJXDGHUXWDGLQPLFD UXWDHVWDFWLYD\YLVWDGLYLGLGDYHD SDQWDOODPVDGHODQWHVHDQXQFLD
SXHGHGHVDFWLYDUVHHQHOPHQ ,QIRUPDFLQGHODSDQWDOODPVDGH UQORVPHQVDMHVGHODJXDGHUXWD
2SFLRQHVQDYHJDFLQYHDODVHFFLQ ODQWH FXDQGRODJXDGHUXWDHVWDFWLYD
*XD

6LGHVHDSUHGHILQLUHOYROXPHQGHORV
PHQVDMHVGHODJXDGHUXWDYHD
&RQILJXUDUHOVLVWHPDGHQDYHJD
FLQPVDGHODQWH
6LGHVHDDMXVWDUHOYROXPHQGHORV
PHQVDMHVGHODJXDGHUXWDPLHQWUDV
VHDQXQFLDQJLUHHOERWQ;
6LGHVHDUHSHWLUHOOWLPRPHQVDMHGH
ODJXDGHUXWDDQXQFLDGRSXOVHHO
ERWQ55371$9
,QIRUPDFLQGHODSDQWDOOD
*XDGHUXWDVLQDFWLYDU
6LVWHPDGHLQIRHQWUHWHQLPLHQWR 
6LODJXDGHUXWDQRHVWDFWLYDDSD ,QIRUPDFLQGHODOQHDVXSHULRU
UHFHODVLJXLHQWHLQIRUPDFLQ
(QODOQHDVXSHULRUODKRUDQRP
EUHGHFDOOHGHODSRVLFLQDFWXDO
WHPSHUDWXUDH[WHULRU
'LUHFFLQ\FRRUGHQDGDVJHRJUIL
FDVGHODSRVLFLQDFWXDO
9LVWDGHPDSDGHOD]RQDSU[LPD
DODSRVLFLQDFWXDO
(QHOPDSDVHVHDODODSRVLFLQ
DFWXDOFRQXQWULQJXORURMR
(OVPERORGHXQDEUMXODPXHVWUD
GQGHHVWHO1RUWH
+RUD
6LQRKD\VHDOGH*36GLVSRQLEOH
HQODSRVLFLQDFWXDODSDUHFHUHO 'LVWDQFLDKDVWDHOGHVWLQRILQDO
VPEROR*36WDFKDGRGHEDMRGHO +RUDGHOOHJDGDRGXUDFLQGHOYLDMH
VPERORGHODEUMXOD 7HPSHUDWXUDH[WHULRU
/DHVFDODGHPDSDVHOHFFLRQDGD
,QIRUPDFLQGHODYLVWDGHIOHFKD
DFWXDOPHQWHSDUDFDPELDUGHHV
/DIOHFKDJUDQGHUHSUHVHQWDODGL
FDODJLUHHOERWQ0
0(18
*XDGHUXWDDFWLYD
6LODJXDGHUXWDHVWDFWLYDVH
PXHVWUDODLQIRUPDFLQVLJXLHQWHGH
SHQGLHQGRGHORVDMXVWHV2 2SFLRQHV
QDYHJDFLQDFWXDOHVYHDODVHFFLQ
UHFFLQDVHJXLU
/DIOHFKDSHTXHDUHSUHVHQWDODVL
JXLHQWHUHFRPHQGDFLQGHFRQGXF
FLQ
/DGLVWDQFLDKDVWDODVLJXLHQWHLQ
WHUVHFFLQ
*XD
 6LVWHPDGHLQIRHQWUHWHQLPLHQWR

/DVFDOOHVTXHVDOHQGHODFDOOHDF FDPLHQWRLQWHUVHFFLRQHV\RVDOL
WXDOTXHGHEHPRVVHJXLU GDVGHODDXWRSLVWD
'HEDMRGHOVPERORGHODIOHFKDHO &XDQGRVHOOHJDDXQDLQWHUVHFFLQ
QRPEUHGHODFDOOHDFWXDOTXHGH GHFDUUHWHUDVDSDUHFHLQIRUPDFLQ
EHPRVVHJXLU GHODVLVWHQWHGHFDUULO
3RUHQFLPDGHOVPERORGHODIOH
FKDHOQRPEUHGHODFDOOHTXHGH
EHPRVVHJXLUGHVSXVGHODVL
JXLHQWHLQWHUVHFFLQ
3DUDFRQGXFLUHQDXWRSLVWDV

,QIRUPDFLQGHODYLVWDGHPDSD

6LVHDFWLYDODRSFLQ$
$VLVWHQWHGH
FDUULOHQHOPHQ99HUJXDDO
GHVWLQRYHDODVHFFLQ*XD
VHPRVWUDUHOVLJXLHQWH
WLSRGHLOXVWUDFLQ
'LUHFFLQGHFRQGXFFLQ\GLVWDQ
FLDKDVWDODVLJXLHQWHVDOLGDGHDX
WRSLVWDTXHGHEHVHJXLU
'LVWDQFLDVKDVWDODVSU[LPDV
UHDVGHVHUYLFLR]RQDVGHDSDU
 6LVWHPDGHLQIRHQWUHWHQLPLHQWR 

(QHOODGRGHUHFKRGHODSDQWDOODVH &RQILJXUDUHOVLVWHPDGH
PXHVWUDODVLJXLHQWHLQIRUPDFLQ QDYHJDFLQ
(OVPERORGHXQDEUMXODPXHVWUD 3UHVLRQHHOERWQ&
&21),*\VHOHF
GQGHHVWHO1RUWH FLRQHDFRQWLQXDFLQ$
$MXVWHVGHOD
6LQRKD\VHDOGH*36YHDODVHF QDYHJDFLQSDUDDEULUXQPHQFRQ
FLQ,QIRUPDFLQJHQHUDO ORVDMXVWHVGHQDYHJDFLQHVSHFIL
GLVSRQLEOHHQODSRVLFLQDFWXDO FRV
DSDUHFHUHOVPEROR*36WD
FKDGRGHEDMRGHOVPERORGHODEU
MXOD
/DHVFDODGHPDSDVHOHFFLRQDGD
DFWXDOPHQWHSDUDFDPELDUGHHV
FDODJLUHHOERWQ0
0(18
(QHOPDSDVHPXHVWUDODVLJXLHQWH
LQIRUPDFLQ 3DUDFRPSUREDUORVDMXVWHVDFWXDOHV
/DUXWDVHUHSUHVHQWDFRPRXQDO
QHDD]XO
/DSRVLFLQDFWXDOVHUHSUHVHQWD
FRPRXQWULQJXORURMR
(OGHVWLQRILQDOVHUHSUHVHQWDFRPR
XQDEDQGHUDDFXDGURV
'LYHUVRVVPERORVYHDODVHFFLQ
9ROXPHQQDYHJDFLQ
6HSXHGHQSUHGHILQLUORVYROPHQHV
UHODWLYRVGHOPHQVDMHGHQDYHJDFLQ
\GHTXWLSR
$
$MXVWHORVYDORUHVGHVHDGRVSDUD
$QXQFLR\))RQGR
VHOHFFLRQH77HVWGHYROXPHQ
$MXVWHV70&
6HOHFFLRQH7 7LSRVGHLQIRSDUDDEULUXQ
VXEPHQFRQGLYHUVDVRSFLRQHVSDUD
GHILQLUVLGHVHDTXHDSDUH]FDLQIRU
PDFLQGHPHQVDMHVGHWUILFRHQHO
PDSDGHODFRQGXFFLQJXLDGDDFWLYD
$QXQFLR\GHODIXHQWHGHDXGLR
6XPDULRGHORVVPERORV
)
)RQGRGXUDQWHODHPLVLQGHXQ 6LHVWVHOHFFLRQDGR3 3HUVRQDOL]DGR
TXHLQGLFDQLQIRUPDFLQGHOWUILFR
PHQVDMHGHQDYHJDFLQ VHSXHGHQGHILQLUORVWLSRVGHLQIRTXH
HLQIRUPDFLQJHQHUDORSXQWRVGH
LQWHUV VHPRVWUDUQ
 6LVWHPDGHLQIRHQWUHWHQLPLHQWR

&ULWHULRVGHFODVLILFDFLQ ,PSRUWDU3',LQGLYLGXDOHV 3DUDHOLPLQDUWRGRVORV3',LPSRUWD

6HOHFFLRQHVLORVPHQVDMHVGHWUILFR 6ORVLXQDXQLGDG86%FRQGDWRVGH GRVGHXQDFDWHJRUDGHWHUPLQDGD
GHEHQPRVWUDUVHHQXQRUGHQEDVDGR
HQODGLVWDQFLDRHQHOQRPEUHGHOD
FDOOH
0HQVGHDYLVRWDPELQFRQODQDYHJ
GHVDFW
'HWHUPLQHVLHOVLVWHPDGHLQIRHQWUH
WHQLPLHQWRGHEHPRVWUDUPHQVDMHVGH
DGYHUWHQFLDDXQTXHODJXDGHUXWD
QRHVWDFWLYD
%RUUDUOLVWDV
SXQWRVGHLQWHUV3',DOPDFHQDGRV
HQHOODVHFRQHFWDDOSXHUWR86%
GHOVLVWHPDGHLQIRHQWUHWHQL
PLHQWR
6LGHVHDLPSRUWDUGDWRVGH3',GHVGH
XQDXQLGDG86%YHD([SRUWDUHLP
SRUWDUGDWRVGH3',PVDGHODQWH
(OLPLQDUWRGRVORV3',LPSRUWDGRV
6LORVGDWRVGH3',VORVHLPSRUWDURQ
DOVLVWHPDGHLQIRHQWUHWHQLPLHQWR
YHD([SRUWDUHLPSRUWDUGDWRVGH
3',PVDGHODQWH
6HOHFFLRQHHVWDRSFLQGHOPHQ
SDUDHOLPLQDUWRGRVORVGDWRVGH3',
LPSRUWDGRVGHODPHPRULDP\32,V
LPSRUWDXQDUFKLYRGHGDWRVGH3',
YDFRGHODFDWHJRUDFRUUHVSRQ
GLHQWHDOVLVWHPDGHLQIRHQWUHWHQL
PLHQWR
([SRUWDU3',
([SRUWDWRGRVORVGDWRVGH3',DOPD
FHQDGRVHQODPHPRULDP\32,VGHO
VLVWHPDGHLQIRHQWUHWHQLPLHQWRDXQD
XQLGDG86%FRQHFWDGDDOSXHUWR86%
YHD([SRUWDUHLPSRUWDUGDWRV
GH3',PVDGHODQWH
%RUUDU'LUHFFLQGHFDVD
%RUUDODGLUHFFLQGHFDVDDFWXDOFRQ
ILJXUDGDTXHVHPXHVWUDHQHOPHQ
,QWURGHVWLQRYHDODVHFFLQ(QWUDGD
GHOVLVWHPDGHLQIRHQWUHWHQLPLHQWR GHGHVWLQR
1RWD
1RVHSXHGHQHOLPLQDUGHIRUPDLQ
GLYLGXDOSXQWRVGHLQWHUVLPSRUWD
GRVGHVGHODPHPRULDP\32,V
6LGHVHDHOLPLQDU3',LPSRUWDGRVLQ
GLYLGXDOHVLPSRUWHGDWRVGH3',DF
6HOHFFLRQHVLGHEHQERUUDUVHWRGDV WXDOL]DGRVDOVLVWHPDGHLQIRHQWUHWH
ODVHQWUDGDVGHO/
/LEURGHGLUHFFLRQHV QLPLHQWRTXHQRFRQWHQJDQGDWRVGH
RGH
OWLPRVGHVWLQRV ODVGLUHFFLRQHVGHGLFKRV3',
 6LVWHPDGHLQIRHQWUHWHQLPLHQWR 

([SRUWDUHLPSRUWDUGDWRVGH 3XHGHH[SRUWDUHVWRVGDWRVGH3', 'HILQH\JXDUGHODVGLUHFFLRQHVGH

3', LQGLYLGXDOHVDODXQLGDG86%SDUD GHVWLQRIDYRULWDVVORXQDYH]
XVDUORVPVDGHODQWHSRUHMHPSOR \XVHSRVWHULRUPHQWHORVGDWRVGH
([SOLFDFLRQHVLQLFLDOHV HQRWURVYHKFXORV HVWDVGLUHFFLRQHVHQRWURVYHKFX
7LSRVGHGDWRVGH3', 3',SHUVRQDOL]DGRVGLUHFFLRQHVGH ORV
(OVLVWHPDGHLQIRHQWUHWHQLPLHQWR GHVWLQRIDYRULWDVTXHKDGHILQLGR 9HD([SRUWDUHLPSRUWDU3',LQGL
SURSRUFLRQDORVWLSRVVLJXLHQWHVGH PHGLDQWHFRRUGHQDGDV*36REWH YLGXDOHV\HQWUDGDVGHOOLEURGHGL
GDWRVGHSXQWRVGHLQWHUV QLGDVSHMGHXQPDSDWRSRJU UHFFLRQHVPVDGHODQWH
3XQWRVGHLQWHUVSUHGHILQLGRVDO
PDFHQDGRVHQODWDUMHWD6'GHO
PDSDHLQGLFDGRVPHGLDQWHLFRQRV
HQODSDQWDOODGHOPDSD
3XHGHDOPDFHQDUGLFKRV3',SUH
GHILQLGRVHQHOOLEURGHGLUHFFLRQHV
RFRPR3',LQGLYLGXDOHVHQODPH
PRULDP\32,VGHOVLVWHPDGHLQ
IRHQWUHWHQLPLHQWRYHDPVDGH
ODQWH
'LUHFFLRQHVGHGHVWLQRIDYRULWDV
JXDUGDGDVHQHO/ /LEURGH
GLUHFFLRQHV
3XHGHH[SRUWDUHVWRVGDWRVGHOOL
EURGHGLUHFFLRQHVDODXQLGDG86%
SDUDXVDUORVPVDGHODQWHSRU
HMHPSORHQRWURVYHKFXORV
3',LQGLYLGXDOHVGLUHFFLRQHVGH
GHVWLQRIDYRULWDVJXDUGDGDVHQOD
PHPRULDP\32,V
ILFR\TXHKDLQWURGXFLGRHQDUFKL
YRVGHWH[WR
3XHGHJXDUGDUHVWRVGDWRVGH3',
SHUVRQDOL]DGRVHQXQDXQLGDG86%
HLPSRUWDUGHVSXVORVGDWRVDOD
PHPRULDP\32,VGHOVLVWHPDGHLQ
IRHQWUHWHQLPLHQWRYHDPVDGH
ODQWH
3',LPSRUWDGRVGLUHFFLRQHVGH
GHVWLQRIDYRULWDVTXHVHJXDUGDURQ
DQWHULRUPHQWHHQXQDXQLGDG86%
\TXHVHLPSRUWDURQSRVWHULRUPHQWH
DODPHPRULDP\32,VGHOVLVWHPD
GHLQIRHQWUHWHQLPLHQWR
9HQWDMDVGHH[SRUWDUHLPSRUWDU3',
/DH[SRUWDFLQHLPSRUWDFLQGHGD
WRVGHSXQWRVGHLQWHUVOHSURSRU
FLRQDHQWUHRWUDVODVYHQWDMDVVL
JXLHQWHV
'HILQDVXVGLUHFFLRQHVGHGHVWLQR
IDYRULWDVFPRGDPHQWHHQFDVD
\VHODVGHVSXVHQVXYHKFXOR
9HD&UHDUHLPSRUWDU3',SHUVR
QDOL]DGRVPVDGHODQWH
2UGHQHGHIRUPDFODUDXQDJUDQ
FDQWLGDGGHGLUHFFLRQHVGHGHVWLQR
SHMODVGLUHFFLRQHVGHGHVWLQRID
YRULWDVGHRWURVPLHPEURVGHVXID
PLOLDRGLUHFFLRQHVGHGHVWLQRSDUD
VXSU[LPRYLDMHRYLDMHGHQHJR
FLRVHQVXEPHQVVHSDUDGRV
9HD2UJDQL]DUORVGDWRVGH3',HQ
YDULDVVXEFDUSHWDVPVDGHODQWH
 6LVWHPDGHLQIRHQWUHWHQLPLHQWR

([SRUWDUHLPSRUWDU3',LQGLYLGXDOHV
\HQWUDGDVGHOOLEURGHGLUHFFLRQHV
%UHYHGHVFULSFLQ \(
 &RQHFWHXQDXQLGDG86%DO
SXHUWR86%GHOVLVWHPDGHLQIRHQ
WUHWHQLPLHQWRGHVXYHKFXOR
3XOVHHOERWQ&
&21),*\OXHJRVH /RVGDWRVGHODVGLUHFFLRQHVVHDOPD
OHFFLRQH$
$MXVWHVGHODQDYHJDFLQ FHQDUQHQXQDFDUSHWDOODPDGD
([SRUWDU3', P\32,VGHOGLUHFWRULRUD]GHODXQL
$SDUHFHHOPHQ( ([SRUWDU3', GDG86%
3DUDFDGDFDWHJRUDGH3',H[SRU
WDGDSHM5
5HVWDXUDQWHR3 3ULYDGR
 *XDUGHH[SRUWHVXVGLUHFFLRQHV HQFRQWUDUXQDUFKLYRFRQHOQRPEUH
GHGHVWLQRIDYRULWDVHQODXQLGDG FRUUHVSRQGLHQWHHQGLFKDFDUSHWD
86% (MHPSORV
 &RQHFWHODXQLGDG86%DOSXHUWR )?P\32,V?5HVWDXUDQWHBSRL
86%GHOYHKFXORHTXLSDGRFRQ R)
)?P\32,V?3ULYDGRBSRLGRQGH
XQVLVWHPD1DYLR1DYL HVHOGLUHFWRULRUD]GHODXQLGDG86%
 'HVFDUJXHLPSRUWHORVGDWRVGH
ODVGLUHFFLRQHVDOVLVWHPDGHLQ
IRHQWUHWHQLPLHQWRGHOYHKFXOR
'HVSXVGHLPSRUWDUODVODVGLUHFFLR
QHVSXHGHQVHOHFFLRQDUVHFRPRGHV
WLQRVSDUDODJXDGHUXWD
9HDDFRQWLQXDFLQGHVFULSFLRQHVGH
WDOODGDV
([SRUWDUGDWRVGH3',DXQDXQLGDG
86%
&RQHFWHXQDXQLGDG86%DOSXHUWR
86%GHOVLVWHPDGHLQIRHQWUHWHQL
PLHQWRYHDODVHFFLQ3XHUWR86%

7RGRVORV3',LQGLYLGXDOHVHQODPH
PRULDP\32,V\WRGDVODVHQWUDGDV
GHOOLEURGHGLUHFFLRQHVVHH[SRUWDUQ
GHIRUPDSUHGHWHUPLQDGD
6LORGHVHDGHVPDUTXHORVWLSRVGH
GDWRVGHODVGLUHFFLRQHVTXHQRGH
VHDH[SRUWDU
6HOHFFLRQH,,QLFLDUH[SRUWDFLQSDUD
JXDUGDUORVWLSRVGHGDWRVGHODVGL
UHFFLRQHVVHOHFFLRQDGRVHQODXQLGDG
86%FRQHFWDGD
1RWD
6LORVDUFKLYRVFRQGDWRVGH3',GH
ODPLVPDFDWHJRUD\DVHKDQJXDU
GDGRHQODXQLGDG86%HQODFDU
SHWDP
P\32,VODVYHUVLRQHVDQWLJXDV
GHHVWRVDUFKLYRVVHVREUHVFULELUQ
SRUYHUVLRQHVQXHYDVFRQHOPLVPR
QRPEUH
/DFDUSHWDP P\32,V\ORVDUFKLYRV
FRQGDWRVGH3',QRGHEHQFDP
ELDUVHGHQRPEUHQLPRYHUVHDRWUD
FDUSHWDGHODXQLGDG86%'HQRVHU
DVHOVLVWHPDGHLQIRHQWUHWHQL
PLHQWRQRSRGULPSRUWDUGHQXHYR
ORVGDWRVGHODVGLUHFFLRQHV
 6LVWHPDGHLQIRHQWUHWHQLPLHQWR 

,PSRUWDUGDWRVGH3',GHVGHXQDXQL /DVFRRUGHQDGDV*36\RWURVGDWRV &UHDUORVDUFKLYRVGHWH[WRSDUDORV

GDG86% GHODVGLUHFFLRQHVGHEHQHVFULELUVH GDWRVGH3',
&RQHFWHXQDXQLGDG86%FRQGDWRV HQDUFKLYRVGHWH[WR&DGDXQRGHORV 3XHGHDVLJQDUODVGLUHFFLRQHVGH
GH3',DOPDFHQDGRVYHDGHWDOOHV DUFKLYRVUHSUHVHQWDXQDFDWHJRUDGH GHVWLQRIDYRULWDVDFDWHJRUDVGH
DUULEDDOSXHUWR86%GHOVLVWHPDGH
LQIRHQWUHWHQLPLHQWRYHDODVHFFLQ
3XHUWR86%
3DUDLQLFLDUODLPSRUWDFLQSUHVLRQH
HOERWQ&
&21),*VHOHFFLRQH$ $MXVWHV
GHODQDYHJDFLQVHOHFFLRQH
,PSRUWDU3',LQGLYLGXDOHV\OXHJRVH
OHFFLRQH&&RQWLQXDU
7RGRVORVGDWRVGH3',DOPDFHQDGRV
HQODXQLGDG86%VHLPSRUWDQDOD
PHPRULDP\32,VGHOVLVWHPDGHLQ
IRHQWUHWHQLPLHQWR
&XDQGRVHILQDOL]DODLPSRUWDFLQORV
3',LPSRUWDGRVVHVHOHFFLRQDQFRPR
3',
%UHYHGHVFULSFLQ 3',VHOHDVLJQDXQQPHUR9HD&D
 &UHDORVDUFKLYRVGHWH[WRSDUD
ORVGDWRVGH3',
 (VFULEDORVGDWRVGHODVGLUHFFLR
QHVGHVHDGRVHQORVDUFKLYRVGH
WH[WR
 *XDUGHORVDUFKLYRVGHWH[WRFRQ
ORVGDWRVGH3',HQXQDXQLGDG
86%
 &RQHFWHODXQLGDG86%DOSXHUWR
86%GHOVLVWHPDGHLQIRHQWUHWHQL
PLHQWRGHVXYHKFXOR
3',GLVWLQWDV$FDGDFDWHJRUDGH
WHJRUDVGH3',\QPHURVDVLJQD
GRVPVDGHODQWH
'HEHFUHDUXQDUFKLYRGHWH[WRVHSD
UDGRSDUDFDGDFDWHJRUDGH3',
/RVDUFKLYRVGHWH[WRSXHGHQ
FUHDUVHSHMXVDQGRXQVLPSOHVRIW
ZDUHGHHGLFLQGHWH[WRV
1RWD
(OHGLWRUGHWH[WRVGHEHVHUFRPSD
WLEOHFRQODFRGLILFDFLQGHFDUDFWH
UHV87)SDUD8QLFRGH
GHVWLQRVDWUDYVGHOPHQ,,QWUR
GHVWLQRYHDODVHFFLQ(QWUDGDGH
GHVWLQR
&UHDUHLPSRUWDU3',SHUVRQDOL]DGRV
/RVSXQWRVGHLQWHUVSHUVRQDOL]DGRV
GHEHQGHILQLUVHPHGLDQWHFRRUGHQD
GDV*36TXHSXHGHQREWHQHUVHS
HMGHXQPDSDWRSRJUILFR
 'HVFDUJXHLPSRUWHORVDUFKLYRV
GHWH[WRFRQORVGDWRVGH3',DO
VLVWHPDGHLQIRHQWUHWHQLPLHQWR
'HVSXVGHLPSRUWDUODVODVGLUHFFLR
QHVSXHGHQVHOHFFLRQDUVHFRPRGHV
WLQRVSDUDODJXDGHUXWD
9HDDFRQWLQXDFLQGHVFULSFLRQHVGH
WDOODGDV
(OQRPEUHGHFDGDDUFKLYRGHWH[WR
FRQVLVWHHQHOQRPEUHGHODFDWHJR
UDXQJXLQEDMRHOQPHURGHODFD
WHJRUD\ODH[WHQVLQGHDUFKLYRSRL
(MHPSORVGHQRPEUHVGHDUFKLYRV
1HJRFLRVBSRL
&DVD\KRJDUBSRL
&XOWXUDBSRL
 6LVWHPDGHLQIRHQWUHWHQLPLHQWR

1RWD /DORQJLWXGP[LPDGHOQRPEUHGH
/DORQJLWXGGHORVQRPEUHVGHORV 3',HVGHFDUDFWHUHV/RPLVPR
DUFKLYRVGHWH[WRVHOLPLWDDFD RFXUUHFRQODFDGHQDGHFDUDFWHUHV
UDFWHUHV GHODLQIRUPDFLQDGLFLRQDO\GHOQ
PHURGHWHOIRQR
&DWHJRUDVGH3',\QPHURV
DVLJQDGRV /RVGDWRVGH3',GHFDGDGLUHFFLQ
GHGHVWLQRGHEHQLQWURGXFLUVHHQXQD
3
3ULYDGR1
1HJRFLRV
VRODOQHDVHSDUDGDYHDODLPDJHQ
5HVWDXUDQWH++RWHO
VXSHULRU
$XWRPRFLQ9 9LDMHV&
&LQH
&DVD\KRJDU&&RPSUDV *XDUGDUORVDUFKLYRVGHWH[WRHQXQD
$UWHVDQD''HSRUWH XQLGDG86%
7XULVPR66DOXG22FLR /RVDUFKLYRVGHWH[WRFRQGDWRVGH
&XOWXUD9
9LGDQRFWXUQD /RVGDWRVGH3',GHEHQLQWURGXFLUVH 3',VHDOPDFHQDUQHQXQDFDUSHWD
&RPXQLFDFLQ1 1RWLFLDV\EROVD HQORVDUFKLYRVGHWH[WRHQHOIRUPDWR OODPDGDP P\32,VVLWXDGDHQHOGLUHF
2
2ILFLQDGHOJRELHUQR VLJXLHQWH WRULRUD]GHODXQLGDG86%
*HQHUDO &RRUGLQDGDGHORQJLWXGFRRUGLQDGD (MHPSOR) )?P\32,V?&DVD
(VFULELUGDWRVGH3',HQDUFKLYRVGH GHODWLWXG1RPEUHGH3', \KRJDUBSRLGRQGH) )?HVHOGLUHF
WH[WR &XDOTXLHULQIRUPDFLQDGLFLRQDO WRULRUD]GHODXQLGDG86%
/DLPDJHQVLJXLHQWHPXHVWUDXQDU 1PHURGHWHOIRQRRSFLRQDO &XDQGRKD\DLPSRUWDGRORVGDWRVGH
FKLYRGHWH[WRGHPXHVWUDOODPDGR 3RUHMHPSOR 3',LQGLYLGXDOHVDOVLVWHPDGHLQIRHQ
&DVD\KRJDUBSRLFRQDOJXQRVGD &DVDGH0LFKDHO WUHWHQLPLHQWRYHDODGHVFULSFLQGH
WRVGH3',GHSUXHED
%RQQ+HOOZHJ ODLPSRUWDFLQDFRQWLQXDFLQHO
YHDODLPDJHQVXSHULRU PHQ3 3',LPSRUWDGRVPRVWUDUXQD
/DVFRRUGHQDGDV*36GHEHQH[SUH OLVWDGHFDWHJRUDVGH3',HQWUHODV
VDUVHFRQGHFLPDOHV TXHSXHGHVHOHFFLRQDUFRPRODVVL
JXLHQWHV

2UJDQL]DUORVGDWRVGH3',HQYDULDV
VXEFDUSHWDV
7DPELQSXHGHRUJDQL]DUORVDUFKL
YRVGHWH[WRHQYDULDVVXEFDUSHWDV
FRQQRPEUHVDOD]DU
(MHPSORV) )?P\32,V?$QQV32,V
R)
)?P\32,V?0\-RXUQH\GRQGH) )?
HVHOGLUHFWRULRUD]GHODXQLGDG86%
&XDQGRKD\DLPSRUWDGRORVGDWRVGH
3',LQGLYLGXDOHVRUJDQL]DGRVDVDO
VLVWHPDGHLQIRHQWUHWHQLPLHQWRYHD
ODGHVFULSFLQGHODLPSRUWDFLQ
6LVWHPDGHLQIRHQWUHWHQLPLHQWR 
7RGRVORVGDWRVGH3',DOPDFHQDGRV
HQODXQLGDG86%VHLPSRUWDQDOD
PHPRULDP\32,VGHOVLVWHPDGHLQ
IRHQWUHWHQLPLHQWR
&XDQGRVHILQDOL]DODLPSRUWDFLQORV
3',LPSRUWDGRVVHSXHGHQVHOHFFLR
QDUFRPRGHVWLQRVDWUDYVGHOPHQ
,QWURGHVWLQRYHDODVHFFLQ(QWUDGD
GHGHVWLQRPVDGHODQWH
(QWUDGDGHGHVWLQR
3XOVHHOERWQ''(67SDUDDEULUXQ
&XDQGRKD\DVHOHFFLRQDGRXQVXE
PHQFRQYDULDVRSFLRQHVSDUDLQWUR
PHQVHPXHVWUDODOLVWDGHFDWHJR
GXFLURVHOHFFLRQDUXQGHVWLQR
UDVGH3',LPSRUWDGDVUHODFLRQDGDV
,PSRUWDUORVGDWRVGH3',DOVLVWHPD
GHLQIRHQWUHWHQLPLHQWR
&RQHFWHODXQLGDG86%FRQVXVGDWRV
GH3',LQGLYLGXDOHVDOSXHUWR86%GHO
VLVWHPDGHLQIRHQWUHWHQLPLHQWRYHD
ODVHFFLQ3XHUWR86%
3DUDLQLFLDUODLPSRUWDFLQSUHVLRQH
HOERWQ&
&21),*VHOHFFLRQH$ $MXVWHV
GHODQDYHJDFLQVHOHFFLRQH
DFRQWLQXDFLQHOPHQ3 3', ,PSRUWDU3',LQGLYLGXDOHV\OXHJRVH
LPSRUWDGRVPRVWUDUXQDOLVWDGHVXE OHFFLRQH&
&RQWLQXDU
PHQVHQWUHORVTXHSXHGHVHOHFFLR
QDUFRPRORVVLJXLHQWHV
 6LVWHPDGHLQIRHQWUHWHQLPLHQWR

ILFLR9HD,QWURGXFFLQGHXQDGL QDUXQDGLUHFFLQJXDUGDGDPV
UHFFLQGLUHFWDPHQWHPVDGH DGHODQWH
ODQWH 3XQWRVGHLQWHUVVHOHFFLQGH3',
/LEURGHGLUHFFLRQHVVHOHFFLQGH GLUHFFLRQHVGHSHMUHVWDXUDQ
'LUHFFLQGHFDVDVHOHFFLRQDOD
GLUHFFLQGHFDVDFRQILJXUDGDHQOD
XQDGLUHFFLQGHGHVWLQRTXHVHKD
JXDUGDGRHQHOOLEURGHGLUHFFLRQHV
9HD6HOHFFLQGHXQDGLUHFFLQ
GHOOLEURGHGLUHFFLRQHVPVDGH
ODQWH
9HDWDPELQ*XDUGDUXQDGLUHF
FLQHQHOOLEURGHGLUHFFLRQHVROD
PHPRULDP\32,V\(GLWDURHOLPL
QDUXQDGLUHFFLQJXDUGDGDPV 
DGHODQWH
WHVJDVROLQHUDVKRVSLWDOHVHWF
JXDUGDGDVHQODWDUMHWD6'GHO
PDSDGHOVLVWHPDGHLQIRHQWUHWHQL
PLHQWR9HD6HOHFFLQGHXQSXQWR
GHLQWHUVPVDGHODQWH
6HOHFFLRQDUHQPDSDVHOHFFLQGH
XQGHVWLQRGHODYLVWDGHOPDSDFRQ
HOFRQPXWDGRUGHRFKRSRVLFLRQHV
9HD6HOHFFLQGHXQGHVWLQR
HQHOPDSDPVDGHODQWH
DFWXDOLGDGVLHVWGLVSRQLEOH6L
GHVHDFRQILJXUDUFDPELDUODGLUHF
FLQGHFDVDYHD&RQILJXUDFLQ
GHODGLUHFFLQGHFDVDPVDGH
ODQWH
&XDQGRVHVHOHFFLRQDODGLUHFFLQ
GHFDVDHOVLVWHPDGHLQIRHQWUHWH
QLPLHQWRFDOFXODLQPHGLDWDPHQWH
XQDUXWDGHVGHODSRVLFLQDFWXDO
DODGLUHFFLQGHFDVDHLQLFLDOD
JXDGHUXWD
,QWURGLUHFFLQLQWURGXFFLQGLUHFWD
GHXQDGLUHFFLQGHGHVWLQRFRQHO
SDVFLXGDGFDOOH\QPHURGHHGL
OWLPRVGHVWLQRVVHOHFFLQHQXQD
OLVWDGHGHVWLQRVVHOHFFLRQDGRVUH
FLHQWHPHQWH9HD6HOHFFLRQDUXQ
GHVWLQRDQWHULRUPVDGHODQWH
P\32,VVHOHFFLQGHXQDGLUHF
FLQGHGHVWLQRTXHVHKDJXDUGDGR
HQODPHPRULDP\32,V9HD6H
OHFFLRQDUXQDGLUHFFLQJXDUGDGD
HQODPHPRULDP\32,VPVDGH
ODQWH
9HDWDPELQ*XDUGDUXQDGLUHF
FLQHQHOOLEURGHGLUHFFLRQHVROD
PHPRULDP\32,V\(GLWDURHOLPL
/DWLWXG/RQJLWXGVHOHFFLQGHO
GHVWLQRFRQFRRUGHQDGDVJHRJUIL
FDV9HD6HOHFFLQGHXQGHVWLQR
FRQFRRUGHQDGDVJHRJUILFDVPV
DGHODQWH
6HOHFFLQGHXQDJDVROLQHUD
FRPRGHVWLQRWUDVXQDYLVR
1LYHOGHFRPEXVWLEOHEDMR
&XDQGRHOQLYHOGHFRPEXVWLEOHGHO
GHSVLWRGHOYHKFXORHVEDMRDSD
UHFHXQPHQVDMHGHDGYHUWHQFLD

3DUDLQLFLDUXQDEVTXHGDGHJDVROL
QHUDVSU[LPDVDODSRVLFLQDFWXDO
GHOYHKFXORVHOHFFLRQH*
*DVROLQHUDV
&XDQGRVHILQDOL]DODEVTXHGDVH
PXHVWUDXQDOLVWDFRQWRGDVODVJDVR
OLQHUDVHQFRQWUDGDV
6LVWHPDGHLQIRHQWUHWHQLPLHQWR 
6HOHFFLRQH,,QLFLDUODQDYHJDFLQSDUD
LQLFLDUODJXDGHUXWDDODGLUHFFLQ
TXHVHPXHVWUD
9HDODVHFFLQ*XDSDUDRE
WHQHUODGHVFULSFLQGHODJXDGHUXWD
,QWURGXFFLQGHXQDGLUHFFLQ
GLUHFWDPHQWH
3XOVHHOERWQ' '(67\VHOHFFLRQH
OXHJR,,QWURGLUHFFLQSDUDDEULUHO
PHQTXHVHPXHVWUDDFRQWLQXDFLQ
$FRQWLQXDFLQVHPXHVWUDODOLVWDFRQ
LQIRUPDFLQGHWDOODGDVREUHODJDVR
OLQHUDPDUFDGDDFWXDOPHQWHODRULHQ
WDFLQDSUR[LPDGDDODJDVROLQHUDOD
GLUHFFLQODGLVWDQFLD\ORVWLSRVGH
FRPEXVWLEOHVGLVSRQLEOHVDGHPV
GHJDVROLQD\GLVHO
$EUHYLDWXUDVXVDGDVSDUDWLSRVGH
FRPEXVWLEOH* *1&JDVQDWXUDOFRP
SULPLGR*
*/3JDVOLFXDGRGHSHWU
OHR
,QLFLDUJXDGHUXWDDXQDJDVROLQHUD
6HOHFFLRQHODJDVROLQHUDGHVHDGD
$SDUHFHHOPHQ1 1DYHJDFLQ
 6LVWHPDGHLQIRHQWUHWHQLPLHQWR

6LGHVHDFDPELDUVHOHFFLRQDUHOSDV M)XQFLQGHOLVWDXQDYH]TXHVH
PDUTXHHOFDPSRGHHQWUDGDGHOSDV KDQLQWURGXFLGRGRVOHWUDVHQDOJX
YHULPDJHQVXSHULRU\SXOVHOXHJRHO QRVFDVRVLQFOXVRXQDVHPXHVWUDQ
ERWQ00(18SDUDDEULUHOPHQ WRGRVORVQRPEUHVGLVSRQLEOHVTXH
3DVHV HPSLHFHQFRQHVDVOHWUDV&XDQWDV
PVOHWUDVVHHVFULEDQPVFRUWD
VHUODOLVWD
2.&RPSOHWDODHQWUDGDRDFHSWDHO
WUPLQRGHODEVTXHGD
0DQWHQJDSXOVDGRHOERWQ% %$&.
XQRVVHJXQGRVSDUDERUUDUWRGDVODV
OHWUDVHVFULWDVGHODOQHDGHGDWRV
&RQHOERWQ0 0(18GHVWDTXH 5HSLWDHOSURFHVRSDUDHOUHVWRGHORV
\DFHSWHGHXQDHQXQDODVOHWUDVGH FDPSRVGHHQWUDGDLQWURGXFLUXQQ
6HOHFFLRQHHOSDVGHVHDGR
,QWURGXFFLQGHXQDGLUHFFLQFRQOD
IXQFLQGHHVFULWXUD
0DUTXHHOFDPSRGHGDWRV& &LXGDG (QODOQHDLQIHULRUDSDUHFHQOLVWDV
\SXOVHOXHJRHOERWQ00(18SDUD
DFWLYDUODIXQFLQGHHVFULWXUD
ODFLXGDGGHVHDGD'XUDQWHHVWHSUR PHURGHFDVDRFUXFHHVRSFLRQDO
FHVRHOVLVWHPDEORTXHDUDXWRPWL
FDPHQWHODVOHWUDVTXHQRSXHGHQ
XVDUVHDFRQWLQXDFLQHQHOQRPEUH
GHODFLXGDG
6HSXHGHQVHOHFFLRQDUORVVLJXLHQWHV
VPERORVHQODOQHDLQIHULRU
FRQOHWUDVHVSHFLDOHV
6HVHOHFFLRQDODOHWUDDQWHULRU
RVLJXLHQWH
N%RUUDUODOWLPDOHWUD
$D0D\VFXODVRPLQVFXODV
 6LVWHPDGHLQIRHQWUHWHQLPLHQWR 

&XDQGRFRPSOHWHODGLUHFFLQVHOHF
FLRQH2
2.
$SDUHFHHOPHQ1
1DYHJDFLQ
,QLFLDUJXDGHUXWD
6HOHFFLRQH,,QLFLDUODQDYHJDFLQSDUD
LQLFLDUODJXDGHUXWDDODGLUHFFLQ
TXHVHPXHVWUD
9HDODVHFFLQ*XDSDUDRE
WHQHUODGHVFULSFLQGHODJXDGHUXWD
*XDUGDUODGLUHFFLQ
6HOHFFLRQH* *XDUGDUVLGHVHDJXDUGDU 6HOHFFLRQHODHQWUDGDGHOOLEURGHGL 6HPXHVWUDXQDOLVWDGHODVOWLPDV
ODGLUHFFLQTXHVHPXHVWUDHQHOOLEUR UHFFLRQHVTXHGHVHH GLUHFFLRQHVGHGHVWLQRXVDGDV
GHGLUHFFLRQHVRHQODPHPRULD
P\32,V $SDUHFHHOPHQ1 1DYHJDFLQ 6HOHFFLRQHHOGHVWLQRGHVHDGR
6HPXHVWUDHOPHQ* *XDUGDUYHD $SDUHFHHOPHQ11DYHJDFLQ
,QLFLDUJXDGHUXWD
*XDUGDUXQDGLUHFFLQHQHOOLEURGH 6HOHFFLRQH,,QLFLDUODQDYHJDFLQSDUD ,QLFLDUJXDGHUXWD
GLUHFFLRQHVRHQODPHPRULDP\32,V LQLFLDUODJXDGHUXWDDODGLUHFFLQ 6HOHFFLRQH,,QLFLDUODQDYHJDFLQSDUD
PVDGHODQWH TXHVHPXHVWUD LQLFLDUODJXDGHUXWDDODGLUHFFLQ
9HDODVHFFLQ*XDSDUDRE TXHVHPXHVWUD
6HOHFFLQGHXQDGLUHFFLQGHO
WHQHUODGHVFULSFLQGHODJXDGHUXWD 9HDODVHFFLQ*XDSDUDRE
OLEURGHGLUHFFLRQHV
3XOVHHOERWQ'
'(67\OXHJRVHOHF WHQHUODGHVFULSFLQGHODJXDGHUXWD
6HOHFFLQGHXQGHVWLQRDQWHULRU
FLRQH/
/LEURGHGLUHFFLRQHV 3XOVHHOERWQ'
'(67\VHOHFFLRQH
OXHJR
OWLPRVGHVWLQRVSDUDDEULUHO
PHQTXHVHPXHVWUDDFRQWLQXDFLQ
 6LVWHPDGHLQIRHQWUHWHQLPLHQWR

*XDUGDUODGLUHFFLQ 1RWD 6HOHFFLRQHODRSFLQSDUDRUGHQDUOD

6HOHFFLRQH* *XDUGDUVLGHVHDJXDUGDU /DRSFLQ33',LPSRUWDGRVVORVH OLVWDGHVHDGD
ODGLUHFFLQTXHVHPXHVWUDHQHOOLEUR SXHGHVHOHFFLRQDUVLORVGDWRVGL 6HPXHVWUDXQPHQFRQODVFDWHJR
GHGLUHFFLRQHVRHQODPHPRULD UHFFLRQHVGHORVSXQWRVGHLQWHUV UDVGHSXQWRVGHLQWHUVGLVSRQLEOHV
P\32,V VHGHVFDUJDURQGHXQDXQLGDG86% HQODDFWXDOLGDG
6HPXHVWUDHOPHQ* *XDUGDUYHD YHD([SRUWDUHLPSRUWDUGDWRVGH
*XDUGDUXQDGLUHFFLQHQHOOLEURGH 3',HQODVHFFLQ0DQHMRPV
GLUHFFLRQHVRHQODPHPRULDP\32,V DUULED
PVDGHODQWH 6HOHFFLRQHODRSFLQGHVHDGD6H
PXHVWUDXQPHQFRQODVGLVWLQWDVRS
6HOHFFLRQDUXQDGLUHFFLQ FLRQHVSDUDRUGHQDUODOLVWD
JXDUGDGDHQODPHPRULD
P\32,V
3XOVHHOERWQ'
'(67\VHOHFFLRQH
OXHJRP
P\32,VSDUDDEULUHOPHQTXH
VHPXHVWUDDFRQWLQXDFLQ

6HOHFFLRQHODFDWHJRUDGHVHDGD
6HPXHVWUDXQPHQFRQXQDOLVWDGH
WRGRVORVSXQWRVGHLQWHUVGHODFD
WHJRUDVHOHFFLRQDGDSHM
/DVRSFLRQHVSDUDRUGHQDUODOLVWDGH
WHUPLQDQHQTXRUGHQVHPRVWUDUQ
ODVGLUHFFLRQHVGHORVSXQWRVGHLQWH
UVLQGLYLGXDOHVLPSRUWDGRVPVDGH
ODQWH
5HVWDXUDQWH
1RWD
/RVSXQWRVGHLQWHUVOHMRVGHODSR
VLFLQDFWXDOGHOYHKFXORSXHGHQQR
PRVWUDUVHHQODOLVWD
 6LVWHPDGHLQIRHQWUHWHQLPLHQWR 

6HOHFFLQGHXQSXQWRGH
LQWHUV
3XOVHHOERWQ''(67\OXHJRVHOHF
FLRQH33XQWRVGHLQWHUV
6HPXHVWUDXQPHQFRQYDULDVRS
FLRQHVSDUDVHOHFFLRQDUSXQWRVGHLQ
WHUVHVGHFLUUHVWDXUDQWHVJDVROL
3RUHMHPSORVLEXVFDXQDJDVROLQHUD
6HOHFFLRQH(
(VWDFLQGHVHUYLFLR
6HPXHVWUDXQPHQTXHSURSRUFLRQD
RSFLRQHVTXHSHUPLWHQUHDOL]DUXQD
EVTXHGDPVSUHFLVDGHJDVROLQH
UDV
$FRQWLQXDFLQVHPXHVWUDODOLVWDFRQ
LQIRUPDFLQGHWDOODGDVREUHHOSXQWR
GHLQWHUVPDUFDGRHQODDFWXDOLGDG
ODRULHQWDFLQDSUR[LPDGDDOSXQWRGH
LQWHUVODGLUHFFLQ\ODGLVWDQFLD
,QLFLDUODJXDGHUXWDDOSXQWRGH
LQWHUV
6HOHFFLRQHHOSXQWRGHLQWHUVGH
VHDGR
$SDUHFHHOPHQ1 1DYHJDFLQ
6HOHFFLRQH,,QLFLDUODQDYHJDFLQSDUD
LQLFLDUODJXDGHUXWDDODGLUHFFLQ
TXHVHPXHVWUD
QHUDVKRVSLWDOHVHWF
&HUFDQDVSRVLFLQDFWXDO
6HOHFFLQGHSXQWRVGHLQWHUVFHUFD
GHODSRVLFLQDFWXDOGHOYHKFXOR
8QDYH]TXHKD\DVHOHFFLRQDGROD
RSFLQVHPXHVWUDXQDOLVWDGHWRGDV
&XDQGRVHOHFFLRQD,,QLFLDUEVTXHGD
VHLQLFLDXQDEVTXHGDGHWRGDVODV
JDVROLQHUDVGHOD]RQD/DEVTXHGD
WLHQHHQFXHQWDWRGDVODVJDVROLQHUDV
TXHFXPSOHQORVFULWHULRVGHOILOWUR
FRQILJXUDGRSDUD&&DGHQD\) )XHOW\SH
SDUDFDPELDUHOFULWHULRGHOILOWURYHD
&RQILJXUDFLQGHILOWURVGHUHVWULF
9HDODVHFFLQ*XDSDUDRE ODVFDWHJRUDVGHSXQWRVGHLQWHUV FLQGHEVTXHGDVPVDGHODQWH
WHQHUODGHVFULSFLQGHODJXDGHUXWD GLVSRQLEOHV
 6LVWHPDGHLQIRHQWUHWHQLPLHQWR

&XDQGRVHILQDOL]DODEVTXHGDVH &RQILJXUDFLQGHILOWURVGHUHVWULFFLQ &XDQGRVHOHFFLRQD) )XHOW\SHDSD

PXHVWUDXQDOLVWDFRQWRGDVODVJDVR GHEVTXHGDV UHFHXQDOLVWDFRQWRGRVORVWLSRVGH
OLQHUDVHQFRQWUDGDV &XDQGRVHOHFFLRQD& &DGHQDDSDUHFH FRPEXVWLEOHGLVSRQLEOHVDGHPVGH
XQDOLVWDFRQWRGDVODVPDUFDVRFD
GHQDVGHJDVROLQHUDVGLVSRQLEOHVHQ
OD]RQD
JDVROLQD\GLVHOHQODVJDVROLQHUDV
GHOD]RQD
(OQPHURGHJDVROLQHUDVVHSXHGH
UHGXFLUVHOHFFLRQDQGRDOPHQRVXQ
WLSRGHFRPEXVWLEOH
&XDQGRKD\DPDUFDGRORVWLSRVGH
FRPEXVWLEOHGHVHDGRVVHOHFFLRQH
,QLFLDUEVTXHGDFRQILOWURVVHOHFFR
SDUDXQDEVTXHGDPVUHVWULQJLGD
VHOHFFLRQH&&RQWLQXDUFRQSU[LPR
ILOWURPDUFDVFDGHQDVGHJDVROLQH
$FRQWLQXDFLQVHPXHVWUDODOLVWDFRQ
LQIRUPDFLQGHWDOODGDVREUHODJDVR
OLQHUDPDUFDGDDFWXDOPHQWHODRULHQ
WDFLQDSUR[LPDGDDODJDVROLQHUDOD
GLUHFFLQODGLVWDQFLD\ORVWLSRVGH
FRPEXVWLEOHVGLVSRQLEOHVDGHPV
(OQPHURGHJDVROLQHUDVVHSXHGH
UHGXFLUVHOHFFLRQDQGRDOPHQRVXQD
PDUFDRFDGHQDGHJDVROLQHUDV
UDV
&XDQGRVHLQLFLHODEVTXHGDDSDUH
FHUXQDOLVWDFRQWRGDVODVJDVROLQH
UDVTXHFXPSODQORVFULWHULRVGHOILOWUR
VHOHFFLRQDGRDQWHULRUPHQWH
6HOHFFLRQHODJDVROLQHUDGHVHDGD
$SDUHFHHOPHQ1 1DYHJDFLQ
GHJDVROLQD\GLVHO &XDQGRKD\DPDUFDGRODVPDUFDV ,QLFLDUJXDGHUXWD
$EUHYLDWXUDVXVDGDVSDUDWLSRVGH FDGHQDVGHVHDGDVVHOHFFLRQH,,QLFLDU 6HOHFFLRQH,,QLFLDUODQDYHJDFLQSDUD
FRPEXVWLEOH* *1&JDVQDWXUDOFRP EVTXHGDFRQILOWURVVHOHFFRSDUD LQLFLDUODJXDGHUXWDDODGLUHFFLQ
SULPLGR*
*/3JDVOLFXDGRGHSHWU XQDEVTXHGDPVUHVWULQJLGDVHOHF TXHVHPXHVWUD
OHR FLRQH&
&RQWLQXDUFRQSU[LPRILOWURWL
SRVGHFRPEXVWLEOHV 9HDODVHFFLQ*XDSDUDRE
WHQHUODGHVFULSFLQGHODJXDGHUXWD

*XDUGDUODGLUHFFLQ
6HOHFFLRQH* *XDUGDUVLGHVHDJXDUGDU
ODGLUHFFLQTXHVHPXHVWUDHQHOOLEUR
GHGLUHFFLRQHVRHQODPHPRULD
P\32,V
6HPXHVWUDHOPHQ* *XDUGDUYHD
*XDUGDUXQDGLUHFFLQHQHOOLEURGH
GLUHFFLRQHVRHQODPHPRULDP\32,V
PVDGHODQWH
$ORODUJRGHODDXWRSLVWD
6HOHFFLQGHSXQWRVGHLQWHUVUHOD
FLRQDGRVFRQODDXWRSLVWDHVGHFLU
6LVWHPDGHLQIRHQWUHWHQLPLHQWR
$OUHGHGRUGHRWUDVFLXGDGHV
6HOHFFLQGHSXQWRVGHLQWHUVSU[L
PRVDXQDFLXGDG
&XDQGRVHOHFFLRQDODRSFLQVH
PXHVWUDXQDOLVWDGHSDVHV
6HOHFFLRQHHOSDVGHVHDGR6H
PXHVWUDXQPHQSDUDLQWURGXFLUHO
QRPEUHGHODFLXGDG

&XDQGRODHQWUDGDHVORVXILFLHQWH
PHQWHFRQFUHWDVHPXHVWUDXQDOLVWD
GHFLXGDGHVSRVLEOHV$YHFHVKD\
TXHVHOHFFLRQDUMSDUDTXHDSDUH]FD
ODOLVWD
6HOHFFLRQHODFLXGDGGHVHDGD$SD
UHFHXQPHQFRQORVSXQWRVGHLQWH
UVSU[LPRVDODFLXGDGVHOHFFLR
QDGDRUGHQDGRVSRUFDWHJRUD
6HOHFFLQGHXQSXQWRGHLQWHUVYHD
HOHMHPSORGH&HUFDQDVSRVLFLQDF
WXDO
JDVROLQHUDVRUHDVGHVHUYLFLRDOR
ODUJRGHOLWLQHUDULR6ORHVWGLVSRQL
EOHFXDQGRFRQGXFHSRUXQDDXWR
SLVWD
6HOHFFLQGHXQSXQWRGHLQWHUVYHD
HOHMHPSORGH&HUFDQDVSRVLFLQDF
WXDO
&HUFDQDVGHVWLQR
6HOHFFLQGHSXQWRVGHLQWHUVSU[L
PRVDOGHVWLQRLQWURGXFLGR
6HOHFFLQGHXQSXQWRGHLQWHUVYHD
HOHMHPSORGH&HUFDQDVSRVLFLQDF
WXDO
%XVFDUSRUQRPEUH
6HOHFFLQGHSXQWRVGHLQWHUVDSDU
WLUGHXQQRPEUH
&XDQGRVHOHFFLRQDODRSFLQVH
PXHVWUDXQDOLVWDGHSDVHV
6HOHFFLRQHHOSDVGHVHDGR6H
PXHVWUDXQPHQSDUDLQWURGXFLUHO
QRPEUH
,QWURGX]FDHOQRPEUHGHODFLXGDG
PHGLDQWHODIXQFLQGHHVFULWXUDYHD
,QWURGXFFLQGHXQDGLUHFFLQFRQOD
IXQFLQGHHVFULWXUDPVDUULED
 6LVWHPDGHLQIRHQWUHWHQLPLHQWR
,QWURGX]FDHOQRPEUHGHOSXQWRGHLQ
WHUVGHVHDGRPHGLDQWHODIXQFLQGH
HVFULWXUDYHD,QWURGXFFLQGHXQD
GLUHFFLQFRQODIXQFLQGHHVFULWXUD
PVDUULED
&XDQGRODHQWUDGDHVORVXILFLHQWH
PHQWHFRQFUHWDVHPXHVWUDXQDOLVWD
GHSXQWRVGHLQWHUVSRVLEOHV$YH
FHVKD\TXHVHOHFFLRQDUMSDUDTXH
,QLFLDUJXDGHUXWD
6HOHFFLRQH,,QLFLDUODQDYHJDFLQSDUD
LQLFLDUODJXDGHUXWDDODGLUHFFLQ
TXHVHPXHVWUD
9HDODVHFFLQ*XDSDUDRE
WHQHUODGHVFULSFLQGHODJXDGHUXWD
*XDUGDUODGLUHFFLQ
6HOHFFLRQH* *XDUGDUVLGHVHDJXDUGDU
ODGLUHFFLQTXHVHPXHVWUDHQHOOLEUR
GHGLUHFFLRQHVRHQODPHPRULD
P\32,V
6HPXHVWUDHOPHQ* *XDUGDUYHD
*XDUGDUXQDGLUHFFLQHQHOOLEURGH ,QWURGX]FDHOQPHURGHWHOIRQRGH
GLUHFFLRQHVRHQODPHPRULDP\32,V VHDGRPHGLDQWHODIXQFLQGHHVFUL
PVDGHODQWH WXUDYHD,QWURGXFFLQGHXQDGLUHF
FLQFRQODIXQFLQGHHVFULWXUDPV
%XVFDUSRUQPHUR DUULED
6HOHFFLQGHSXQWRVGHLQWHUVDSDU 8QDYH]TXHODHQWUDGDVHDOREDV
WLUGHXQQPHURGHWHOIRQR WDQWHHVSHFILFDVHPXHVWUDXQDOLVWD
&XDQGRVHOHFFLRQDODRSFLQVH GHSRVLEOHVQPHURVGHWHOIRQR
PXHVWUDXQDOLVWDGHSDVHV FDGDQPHURUHSUHVHQWDXQSXQWRGH
DSDUH]FDODOLVWD
6HOHFFLRQHHOSXQWRGHLQWHUVGH
VHDGR
$SDUHFHHOPHQ1 1DYHJDFLQ
LQWHUV$YHFHVKD\TXHVHOHFFLRQDU
6HOHFFLRQHHOSDVGHVHDGR6H MSDUDTXHDSDUH]FDODOLVWD
PXHVWUDXQPHQSDUDLQWURGXFLUHO
QPHUR 6HOHFFLRQHHOSXQWRGHLQWHUVGH
VHDGR
$SDUHFHHOPHQ1 1DYHJDFLQ

,QLFLDUJXDGHUXWD
6HOHFFLRQH,,QLFLDUODQDYHJDFLQSDUD
LQLFLDUODJXDGHUXWDDODGLUHFFLQ
TXHVHPXHVWUD
9HDODVHFFLQ*XDSDUDRE
WHQHUODGHVFULSFLQGHODJXDGHUXWD
*XDUGDUODGLUHFFLQ
6HOHFFLRQH* *XDUGDUVLGHVHDJXDUGDU
ODGLUHFFLQTXHVHPXHVWUDHQHOOLEUR
GHGLUHFFLRQHVRHQODPHPRULD
P\32,V
6HPXHVWUDHOPHQ* *XDUGDUYHD
*XDUGDUXQDGLUHFFLQHQHOOLEURGH
GLUHFFLRQHVRHQODPHPRULDP\32,V
PVDGHODQWH
6HOHFFLQGHXQGHVWLQRHQHO
PDSD
3XOVHHOERWQ'
'(67\OXHJRVHOHF
FLRQH6
6HOHFFLRQDUHQPDSD
6HPXHVWUDXQPHQFRQXQPDSD
TXHPXHVWUDHOUHDDOUHGHGRUGHOD
SRVLFLQDFWXDO
6LVWHPDGHLQIRHQWUHWHQLPLHQWR 
9HDODVHFFLQ*XDSDUDRE
WHQHUODGHVFULSFLQGHODJXDGHUXWD
*XDUGDUODGLUHFFLQ
6HOHFFLRQH* *XDUGDUVLGHVHDJXDUGDU
ODGLUHFFLQTXHVHPXHVWUDHQHOOLEUR
GHGLUHFFLRQHVRHQODPHPRULD
P\32,V
6HPXHVWUDHOPHQ* *XDUGDUYHD
*XDUGDUXQDGLUHFFLQHQHOOLEURGH
GLUHFFLRQHVRHQODPHPRULDP\32,V
PVDGHODQWH
1RWD
/DHVFDODGHOPDSDVHSXHGHFDP
6HOHFFLQGHXQGHVWLQRFRQ
FRRUGHQDGDVJHRJUILFDV
ELDUFRQHOPDQGR0
0(18
3XOVHHOERWQ''(67\OXHJRVHOHF
&RQHOFRQPXWDGRUGHRFKRSRVLFLR FLRQH/
/DWLWXG/RQJLWXG
QHVGHOERWQ0
0(18FRORTXHHO
SXQWRGHPLUDHQXQGHVWLQRGHO 6HPXHVWUDXQPHQTXHSHUPLWHLQ
PDSD WURGXFLUFRRUGHQDGDVJHRJUILFDV
FRPRGLUHFFLQGHGHVWLQR
3XOVHHOPDQGR00(18SDUDFRQILU
PDUODVHOHFFLQ
$SDUHFHHOPHQ1 1DYHJDFLQ
,QLFLDUJXDGHUXWD
6HOHFFLRQH,,QLFLDUODQDYHJDFLQSDUD
LQLFLDUODJXDGHUXWDDODGLUHFFLQ
TXHVHPXHVWUD
 6LVWHPDGHLQIRHQWUHWHQLPLHQWR

,QWURGXFFLQGHODFRRUGHQDGDGHORQ 6HPXHVWUDHOPHQ* *XDUGDUYHD

JLWXG *XDUGDUXQDGLUHFFLQHQHOOLEURGH
 6HOHFFLRQH//RQJLWXG GLUHFFLRQHVRHQODPHPRULDP\32,V
 *LUHHOPDQGR0 0(18SDUDVHOHF PVDGHODQWH
FLRQDU22R(
(2HVWHR(VWHGHO
,QWURGXFFLQGHODFRRUGHQDGDGHOD
WLWXG
 6HOHFFLRQH/ /DWLWXG
 *LUHHOPDQGR0 0(18SDUDVHOHF
FLRQDU11R6
61RUWHR6XUGHO
PHULGLDQRGH*UHHQZLFK
 3XOVHHOPDQGR0 0(18SDUDFRQ
ILUPDUORVGDWRVLQWURGXFLGRV
 (VFULED\FRQILUPHORVYDORUHVTXH
GHVHDXWLOL]DUSDUDORVJUDGRVPL
QXWRV\VHJXQGRVGHODORQJLWXG
6HOHFFLRQH$
$SOLFDUSDUDFRQILUPDUODV
FRRUGHQDGDVTXHVHPXHVWUDQ
$SDUHFHHOPHQ11DYHJDFLQ
,QLFLDUJXDGHUXWD
*XDUGDXQDGLUHFFLQHQHOOLEUR
GHGLUHFFLRQHVRHQODPHPRULD
P\32,V
(OVLVWHPDGHLQIRHQWUHWHQLPLHQWR
SURSRUFLRQDGRVUHDVVHSDUDGDVGH
PHPRULDGRQGHSXHGHJXDUGDUVXV
GLUHFFLRQHVGHGHVWLQRIDYRULWDVHOOL
EURGHGLUHFFLRQHV\ODPHPRULD
P\32,V
$QWHVGHJXDUGDUXQDGLUHFFLQHQ
XQDGHHVWDVUHDVGHPHPRULDGHEH
DVLJQDUODGLUHFFLQDXQDFDWHJRUD
HFXDGRU
 3XOVHHOPDQGR0 0(18SDUDFRQ
ILUPDUODVHOHFFLQ
 *LUHHOPDQGR0 0(18SDUDLQWUR
GXFLUORVJUDGRVGHVHDGRVGHOD
WLWXG
 3XOVHHOPDQGR0 0(18SDUDFRQ
6HOHFFLRQH,,QLFLDUODQDYHJDFLQSDUD
LQLFLDUODJXDGHUXWDDODGLUHFFLQ
TXHVHPXHVWUD
9HDODVHFFLQ*XDSDUDRE
WHQHUODGHVFULSFLQGHODJXDGHUXWD
*XDUGDUODGLUHFFLQ
6HOHFFLRQH* *XDUGDUVLGHVHDJXDUGDU
6LGHVHDJXDUGDUXQDGLUHFFLQHQ
HOOLEURGHGLUHFFLRQHVGHEHDVLJ
QDUODGLUHFFLQDODVFDWHJRUDV
3ULYDGRR1 1HJRFLRV
6LGHVHDJXDUGDUXQDGLUHFFLQHQ
ODPHPRULDP\32,VSXHGHHOHJLU
HQWUHFDWHJRUDVSHM
5HVWDXUDQWH9 9LDMHVR&
&XOWXUD
ILUPDUORVGDWRVLQWURGXFLGRV ODGLUHFFLQTXHVHPXHVWUDHQHOOLEUR
 ,QGLTXHORVPLQXWRV\VHJXQGRV GHGLUHFFLRQHVRHQODPHPRULD
GHODWLWXGTXHFRUUHVSRQGDQ P\32,V
 6LVWHPDGHLQIRHQWUHWHQLPLHQWR 

*XDUGDUXQDGLUHFFLQHQHOOLEURGH
GLUHFFLRQHV
3XOVHHOERWQ' '(67SDUDDEULUHO
PHQ,,QWURGHVWLQR\VHOHFFLRQHXQD
RSFLQSDUDODHQWUDGDRVHOHFFLQGH
XQDGLUHFFLQGHGHVWLQRSHM,,QWUR
GLUHFFLQROWLPRVGHVWLQRVYHDOD
VHFFLQVREUHGHVFULSFLRQHVGHODHQ
WUDGDRVHOHFFLQGHGLUHFFLRQHVPV
DUULED
8QDYH]TXHKDLQWURGXFLGRRVHOHF
FLRQDGRODGLUHFFLQGHGHVWLQRGH
VHDGDVHPXHVWUDHOPHQ $OWHUQDWLYDPHQWHSXHGHLQWURGXFLUXQ 1RWD
1DYHJDFLQ QPHURGHWHOIRQR 6LVHOHFFLRQDFXDOTXLHUFDWHJRUD
6HOHFFLRQH* *XDUGDU /DFDWHJRUDSUHGHWHUPLQDGD GLVWLQWDGH3
3ULYDGRR1
1HJRFLRVODGL
6HPXHVWUDHOPHQ* *XDUGDUFRQOD 3ULYDGRSXHGHFDPELDUVH UHFFLQGHOGHVWLQRVHJXDUGDUHQ
GLUHFFLQGHGHVWLQRDQWHULRUPHQWHLQ D1
1HJRFLRV ODPHPRULDP\32,VQRHQHOOLEURGH
WURGXFLGDRVHOHFFLRQDGDFRPRQRP GLUHFFLRQHV
6HOHFFLRQHODFDWHJRUDTXHVHPXHV
EUHSUHGHWHUPLQDGR WUDSDUDDEULUXQPHQFRQXQDOLVWD 6HOHFFLRQH1
1HJRFLRV
(OQRPEUHSUHGHWHUPLQDGRSXHGH GHWRGDVODVFDWHJRUDVGHGLUHFFLR $SDUHFHGHQXHYRHOPHQ* *XDUGDU
FDPELDUVHYHUHOHMHPSORHQODLPD QHVGLVSRQLEOHV 6HOHFFLRQH2
2.SDUDJXDUGDUODGLUHF
JHQLQIHULRUXVDQGRODIXQFLQGHHV FLQGHGHVWLQRHQHOOLEURGHGLUHF
FULWXUDYHD,QWURGXFFLQGHXQDGL FLRQHVXVDQGRHOQRPEUH\ODFDWHJR
UHFFLQFRQODIXQFLQGHHVFULWXUD UDTXHDSDUHFHQ
PVDUULED
6HSXHGHJXDUGDUXQP[LPRGH
GLUHFFLRQHVGHGHVWLQRHQHOOLEURGH
GLUHFFLRQHV
 6LVWHPDGHLQIRHQWUHWHQLPLHQWR
*XDUGDUXQDGLUHFFLQHQODPHPRULD
P\32,V
*XDUGDUXQDGLUHFFLQGHGHVWLQRHQ
ODPHPRULDP\32,VIXQFLRQDGHLJXDO
PRGRTXHSDUDHOOLEURGHGLUHFFLR
QHVFRPRVHGHVFULELDQWHULRU
PHQWH
/DQLFDGLIHUHQFLDUDGLFDHQVHOHF
FLRQDUXQDFDWHJRUDGLVWLQWD
D3
3ULYDGRR1
1HJRFLRVSHM
5HVWDXUDQWH$$XWRPRFLQ
R&
&RPSUDV
1RWD
6LVHOHFFLRQDXQDGHODVFDWHJRUDV
3ULYDGRR1
1HJRFLRVODGLUHFFLQGHO
GHVWLQRVHJXDUGDUHQHOOLEURGHGL
UHFFLRQHVQRHQODPHPRULD
P\32,V
(GLWDURHOLPLQDUXQDGLUHFFLQ
JXDUGDGD
/RVGDWRVGHODGLUHFFLQLQFOXLGDVOD
(GLWDURHOLPLQDUXQDHQWUDGDGHOOLEUR
GHGLUHFFLRQHV
3XOVHHOERWQ''(67VHOHFFLRQH
/LEURGHGLUHFFLRQHV6HOHFFLRQHOD
HQWUDGDGHODGLUHFFLQGHVHDGD
\OXHJR(
(GLWDU
$SDUHFHHOPHQ( (GLWDU
(VWQGLVSRQLEOHVODVVLJXLHQWHVRS
FLRQHV JXUDUODGLUHFFLQTXHVHPXHVWUD
8QDYH]TXHKDFRQILUPDGRODGL
UHFFLQHGLWDGDVHYXHOYHDPRV
WUDUHOPHQ11DYHJDFLQ
6LGHVHDHGLWDUWDPELQHOQRPEUH
RFDPELDUODFDWHJRUDGHEHVHOHF
FLRQDUODGLUHFFLQFRUUHVSRQGLHQWH
HQHOOLEURGHGLUHFFLRQHVGHQXHYR
YHDPVDUULED
1RPEUH\QPHURXQDYH]TXHKD
VHOHFFLRQDGRHVWDRSFLQSXHGH
HGLWDUHOQRPEUHGHODHQWUDGDGHO
OLEURGHGLUHFFLRQHVHGLWDUHOQ
PHURGHWHOIRQRRVHOHFFLRQDUXQD
FDWHJRUDQXHYDYHD*XDUGDUXQD
GLUHFFLQHQHOOLEURGHGLUHFFLRQHV
PVDUULED
%RUUDUSHUPLWHERUUDUODGLUHFFLQ
TXHDSDUHFHGHOOLEURGHGLUHFFLR
QHV
&RPR'LUHFFDVDSHUPLWHFRQIL
FRPRODGLUHFFLQGHFDVDYHD
FDWHJRUD\HOQPHURGHWHOIRQR 'LUHFFLQDEUHHOPHQ,,QWUR &RQILJXUDFLQGHODGLUHFFLQGH
JXDUGDGRVHQHOOLEURGHGLUHFFLRQHV GLUHFFLQ3XHGHHGLWDUODGLUHFFLQ FDVDPVDGHODQWH
RHQODPHPRULDP\32,VSXHGHQHGL TXHVHPXHVWUDPHGLDQWHODIXQFLQ
WDUVHRHOLPLQDUVHSRUFRPSOHWRHQ GHHVFULWXUDYHD,QWURGXFFLQGH
FXDOTXLHUPRPHQWR XQDGLUHFFLQFRQODIXQFLQGHHV
FULWXUDPVDUULED
 6LVWHPDGHLQIRHQWUHWHQLPLHQWR 

(GLWDURHOLPLQDUXQDHQWUDGDGH /DHGLFLQRHOLPLQDFLQGHODHQWUDGD 7DPSRFRHVSRVLEOHHOLPLQDUGLUHFWD

P\32,V GHP\32,VTXHVHPXHVWUDIXQFLRQD PHQWHORVGDWRVGHODGLUHFFLQGH
3XOVHHOERWQ'
'(67\VHOHFFLRQH GHLJXDOPRGRTXHVHGHVFULELSDUD SXQWRVGHLQWHUVLQGLYLGXDOHVLPSRU
OXHJRP
P\32,VSDUDDEULUHOPHQTXH XQDHQWUDGDGHOOLEURGHGLUHFFLRQHV WDGRVGHODPHPRULDP\32,V
VHPXHVWUDDFRQWLQXDFLQ YHDPVDUULED 6LGHVHDHOLPLQDU3',LQGLYLGXDOHV
1RWDVDFHUFDGH3',LPSRUWDGRV LPSRUWDGRV
/RVSXQWRVGHLQWHUVLPSRUWDGRV ,PSRUWHGDWRVGH3',DFWXDOL]DGRVDO
3',GHVFDUJDGRVGHXQDXQLGDG VLVWHPDGHLQIRHQWUHWHQLPLHQWRTXH
86%QRSXHGHQHGLWDUVHGLUHFWD
PHQWH
6LGHVHDHGLWDUORVGDWRVGHOD
GLUHFFLQGHXQSXQWRGHLQWHUV
LPSRUWDGR XQDUFKLYRGHGDWRVGH3',YDFRGH
(QSULPHUOXJDUGHEHJXDUGDUODGL
UHFFLQHQHOOLEURGHGLUHFFLRQHV
RFRPRSXQWRGHLQWHUVLQGLYLGXDO
$FRQWLQXDFLQSXHGHHGLWDUORV
(GLWDURHOLPLQDU3',LQGLYLGXDOHV GDWRVGHODGLUHFFLQGHODHQWUDGD
6HOHFFLRQH3 3',LQGLYLGXDOHVVHOHF GHOOLEURGHGLUHFFLRQHVRHQWUDGD
FLRQHODRSFLQSDUDRUGHQDUGHVHDGD GHP\32,VFRUUHVSRQGLHQWHTXH
SHM&
QRFRQWHQJDQORVGDWRVGHODGLUHF
FLQGHORV3',TXHGHVHDHOLPLQDU
6LGHVHDHOLPLQDUWRGRVORV3',GH
XQDFDWHJRUDGHWHUPLQDGDLPSRUWH
ODFDWHJRUDFRUUHVSRQGLHQWH
'HVFULSFLRQHVDFHUFDGHODLPSRUWD
FLQGHGDWRVGH3',YHD([SRUWDU
HLPSRUWDUGDWRVGH3',HQODVHFFLQ
0DQHMRPVDUULED
3DUDHOLPLQDUWRGRVORV3',
LPSRUWDGRV
&HUFDQDVSRVLFLQDFWXDOVH SXHGHVHOHFFLRQDUHQ3 3',
LQGLYLGXDOHV 3XOVHHOERWQ&
&21),*\OXHJRVH
OHFFLRQHODFDWHJRUDGHVHDGDSHM
OHFFLRQH$
$MXVWHVGHODQDYHJDFLQ
5HVWDXUDQWHVHOHFFLRQHODGLUHFFLQ
GHVHDGD\VHOHFFLRQHDFRQWLQXDFLQ
(GLWDU
$SDUHFHHOPHQ( (GLWDU
2SXHGHLPSRUWDUORVGDWRVDFWXD
\(
(OLPLQDUWRGRVORV3',LPSRUWDGRV
OL]DGRVGHODGLUHFFLQGHXQDXQL
GDG86%YHD([SRUWDUHLPSRUWDU
ORVGDWRVGH3',HQODVHFFLQ
0DQHMRPVDUULED
 6LVWHPDGHLQIRHQWUHWHQLPLHQWR

&RQILJXUDFLQGHODGLUHFFLQGH 1RWDVDFHUFDGH3',LPSRUWDGRV
FDVD /RVSXQWRVGHLQWHUVLPSRUWDGRV
$QWHVGHTXHSXHGDFRQILJXUDUXQD 3',GHVFDUJDGRVGHXQDXQLGDG
GLUHFFLQFRPRGLUHFFLQGHFDVD
GHEHJXDUGDUODGLUHFFLQHQHOOLEUR
GHGLUHFFLRQHVRHQODPHPRULD
P\32,VYHUODVGHVFULSFLRQHVFR
UUHVSRQGLHQWHVPVDUULED
&RQILJXUDUXQDHQWUDGDGHOOLEURGH
GLUHFFLRQHVFRPRGLUHFFLQGHFDVD
3XOVHHOERWQ'
'(67VHOHFFLRQH
/LEURGHGLUHFFLRQHV6HOHFFLRQHOD
HQWUDGDGHODGLUHFFLQGHVHDGDVH
OHFFLRQH(
(GLWDU\OXHJR&
&RPR'LUHF
86%QRSXHGHQFRQILJXUDUVHGLUHF
&RQILJXUDUXQ3',LQGLYLGXDOFRPRGL
UHFFLQGHFDVD
6HOHFFLRQH3 3',LQGLYLGXDOHVVHOHF
WDPHQWHFRPRGLUHFFLQGHFDVD
6LGHVHDFRQILJXUDUODGLUHFFLQGHXQ
3',LPSRUWDGRFRPRGLUHFFLQGH
FDVD
(QSULPHUOXJDUGHEHJXDUGDUODGL
UHFFLQHQHOOLEURGHGLUHFFLRQHV
RFRPRSXQWRGHLQWHUVLQGLYLGXDO
$FRQWLQXDFLQSXHGHFRQILJXUDUORV
GDWRVGHODGLUHFFLQGHODHQWUDGDGHO
OLEURGHGLUHFFLRQHVRHQWUDGDGH
P\32,VFRUUHVSRQGLHQWHTXHSXHGH
FDVD FLRQHODRSFLQSDUDRUGHQDUODOLVWD VHOHFFLRQDUHQ3 3',LQGLYLGXDOHV
/DGLUHFFLQTXHVHPXHVWUDVHFRQ GHVHDGDSHM&
&HUFDQDVSRVLFLQ FRPRGLUHFFLQGHFDVD
ILJXUDFRPRODGLUHFFLQGHFDVD DFWXDOVHOHFFLRQHODFDWHJRUDGH
QXHYD\VHPXHVWUDFRPRODSULPHUD VHDGDSHM5
RSFLQHQHOPHQ,,QWURGHVWLQR
&RQILJXUDUXQDHQWUDGDGHP\32,V
FRPRGLUHFFLQGHFDVD
3XOVHHOERWQ'
'(67\VHOHFFLRQH
OXHJRP
P\32,VSDUDDEULUHOPHQTXH
VHPXHVWUDDFRQWLQXDFLQ
5HVWDXUDQWHVHOHF
FLRQHODGLUHFFLQGHVHDGDVHOHF
FLRQH(
(GLWDU\VHOHFFLRQHDFRQWLQXD
FLQ&
&RPR'LUHFFDVD
/DGLUHFFLQTXHVHPXHVWUDVHFRQ
ILJXUDFRPRODGLUHFFLQGHFDVD
QXHYD\VHPXHVWUDFRPRODSULPHUD
RSFLQHQHOPHQ,,QWURGHVWLQR
*XD
3XOVHHOERWQ11$9\DFRQWLQXDFLQ
HOERWQ0
0(18SDUDPRVWUDUHOPHQ
SULQFLSDOGHQDYHJDFLQ
(QIXQFLQGHVLODJXDGHUXWDHVW
LQDFWLYDRDFWLYDHQHVHPRPHQWR
DSDUHFHUQXQDVRSFLRQHVGHPHQ
GLVWLQWDV
 6LVWHPDGHLQIRHQWUHWHQLPLHQWR 

)XQFLRQHVFRQODJXDGHUXWD GHGLUHFFLRQHVRHQODPHPRULD
LQDFWLYD P\32,VHQODVHFFLQ(QWUDGDGH
GHVWLQRPVDUULED
(GLWDUFDPELDRHGLWDODGLUHFFLQ
TXHVHPXHVWUDYHD(GLWDURHOL
PLQDUXQDGLUHFFLQJXDUGDGDHQ
ODVHFFLQ(QWUDGDGHGHVWLQR
PVDUULED
&ULWHULRVGHUXWDFRQILJXUDRFDP
ELDORVFULWHULRVGHFOFXORGHOD
UXWDYHD2SFLRQHVGHQDYHJD
FLQPVDGHODQWH
(VWQGLVSRQLEOHVODVVLJXLHQWHVRS
FLRQHV 0HQVDMHV70&
3DUDREWHQHULQIRUPDFLQVREUH70&
,QLFLDUODQDYHJDFLQLQLFLDODJXD
,QLFLDUODQDYHJDFLQ YHDODVHFFLQ*XDGLQPLFD
GHUXWDDODGLUHFFLQTXHVHPXHV
&XDQGRVHOHFFLRQD,,QLFLDUOD 
WUD
QDYHJDFLQDSDUHFHHOPHQTXHVH 6HOHFFLRQH0 0HQVDMHV70&SDUDPRV
0RVWUDUHQHOPDSDPXHVWUDODSR
PXHVWUDDFRQWLQXDFLQ WUDUXQDOLVWDFRQWRGRVORVPHQVDMHV
VLFLQGHODGLUHFFLQPRVWUDGDHQ
GHWUILFR7&0TXHVHUHFLEHQHQHVH
HOPDSD
PRPHQWR
/ODPDUQRGLVSRQLEOH
*XDUGDUJXDUGDODGLUHFFLQTXH
VHPXHVWUDHQHOOLEURGHGLUHFFLR
QHVRHQODPHPRULDP\32,VYHD
*XDUGDUXQDGLUHFFLQHQHOOLEUR
 6LVWHPDGHLQIRHQWUHWHQLPLHQWR
6HOHFFLRQHXQPHQVDMHGHWUILFR
7&0SDUDPRVWUDULQIRUPDFLQGHWD
OODGDVREUHHOSUREOHPDGHWUILFRHQ
FXHVWLQ
2SFLRQHVQDYHJDFLQ
(QHOPHQFRUUHVSRQGLHQWHHQFRQ
WUDUYDULDVRSFLRQHV\XQJUDQQ
PHURGHVXEPHQVUHODFLRQDGRV
SDUDFRQILJXUDUODJXDGHUXWD
6HOHFFLRQHXQRGHORVVLJXLHQWHVFUL
WHULRV
0VUSLGD
0VFRUWD
0VHFRQPLFDVHFDOFXODXQD
UXWDRSWLPL]DGDGHVGHHOSXQWRGH
YLVWDHQHUJWLFRWHQLHQGRHQ
FXHQWDORVSDUPHWURVHVSHFILFRV
GHOYHKFXORFRQILJXUDGRVDFWXDO
PHQWHHQHOPHQ3 3DUPHWURVGHO
YHKFXORYHDDFRQWLQXDFLQ
6HOHFFLRQH33DUPHWURVGHOYHKFXOR
&ULWHULRVGHUXWD
SDUDDEULUXQPHQGHVHOHFFLQGH
ORVSDUPHWURVHVSHFILFRVGHOYH
KFXOR
(OFOFXORGHODUXWDVHSXHGHGHOLPL
WDUDSDUWLUGHYDULRVFULWHULRV

/DVFRQILJXUDFLRQHVVHOHFFLRQDGDV
VHWHQGUQHQFXHQWDSDUDHOFOFXOR
GHODUXWDVL0
0VHFRQPLFDHVWVH
OHFFLRQDGRHQODDFWXDOLGDGYHD
DUULED
7UDVFRQILJXUDUORVSDUPHWURVGH
VHDGRVHQHOYHKFXORSXOVH%%$&.
SDUDVDOLUGHOPHQ
6HOHFFLRQH* *XDGLQPLFDSDUDDEULU
XQPHQTXHOHSHUPLWLUFRQILJXUDUOD
JXDGHUXWDGLQPLFD
3DUDREWHQHULQIRUPDFLQVREUHOD
JXDGHUXWDGLQPLFDYHDODVHFFLQ
*XDGLQPLFD
6LVWHPDGHLQIRHQWUHWHQLPLHQWR 
6HOHFFLRQH* *XDGLQPLFDSDUDDFWL
YDUGHVDFWLYDUODJXDGHUXWDGLQ
PLFD
6LHVWDFWLYDGDODJXDGHUXWDGLQ
PLFD
6HOHFFLRQH5 5HFDOFXODU
DXWRPWLFDPHQWHVLGHVHDUHFDOFXODU
ODUXWDDXWRPWLFDPHQWHFXDQGRKD\
SUREOHPDVGHWUILFR
6HOHFFLRQH5 5HFDOFXODUFRQ
FRQILUPDFLQVLGHVHDUHFDOFXODUOD
UXWDVORGHVSXVGHFRQILUPDUHO
PHQVDMHFRUUHVSRQGLHQWH 6LGHVHDVHOHFFLRQDUXQDRPVGH
ODVVLJXLHQWHVRSFLRQHVHQHOPHQ
6HOHFFLRQH$ $FHSWDUDMXVWHVSDUDDF
&ULWHULRVGHUXWD
WLYDUORVDMXVWHVTXHDSDUHFHQ\SDUD
VDOLUGHOPHQ 6LQDXWRSLVWDV
6LQSHDMH
6LQWQHOHV
6LQIHUULHV
&RQVLGHUDUODVFDUUHWHUDVGH
DFFHVRUHVWULQJLGR
9HUJXDDOGHVWLQR
/DVVLJXLHQWHVRSFLRQHVHVWQGLVSR
QLEOHVHQODSDQWDOODGHODJXDGH
UXWD
 6LVWHPDGHLQIRHQWUHWHQLPLHQWR

&RQODRSFLQ,,QIRUPDFLQ
HPHUJHQWHVHOHFFLRQDVLGHVHDTXH
ODLQIRUPDFLQGHODJXDGHUXWDGHO
VLVWHPDGHQDYHJDFLQGHEHUDDSD
UHFHUHQYHQWDQDVHPHUJHQWHVRVH
LQGLTXHGHRWUDPDQHUDSRUHMHPSOR
6LXVDODRSFLQ,,QIRUPDFLQ
HPHUJHQWHSXHGHGHWHUPLQDUTX
WLSRGHLOXVWUDFLQGHEHUDPRVWUDUVH
FXDQGRVHDOFDQ]DXQDLQWHUVHFFLQ
GHDXWRSLVWD
6LVHGHVDFWLYD,,QIRUPDFLQ
HPHUJHQWHVHPXHVWUDHOVLJXLHQWH
WLSRGHLOXVWUDFLQ
6LVHDFWLYD,,QIRUPDFLQHPHUJHQWH
VHPXHVWUDHOVLJXLHQWHWLSRGHLOXV
WUDFLQ
HQODUDGLR/DLQIRUPDFLQVHRFXOWD
GHVSXVGHXQSHURGRGHWLHPSRSXO
VDQGRHOERWQ% %$&.
6HOHFFLRQH$ $FHSWDUDMXVWHVSDUDDF
WLYDUORVDMXVWHVTXHDSDUHFHQ\YRO
YHUDOPHQ2 2SFLRQHVQDYHJDFLQ
2SFLRQHVGHOPDSD
6HOHFFLRQH2 2SFLRQHVGHOPDSD
\OXHJR2 2ULHQWDFLQPDSDSDUDPRV
WUDUHOVLJXLHQWHVXEPHQ
 6LVWHPDGHLQIRHQWUHWHQLPLHQWR 

3DQWDOODGHKRUDGHOOHJDGDRGH
WLHPSRGHFRQGXFFLQ
&XDQGRVHOHFFLRQDODRSFLQ0 0RVWUDU
GXUDFLQSUHYLVWDR00RVWUDUKRUDGH
OOHJDGDSUHYLVWDHQHOPHQ22SFLRQHV
QDYHJDFLQVHPXHVWUDHOWLHPSRFR
UUHVSRQGLHQWHHQODOQHDVXSHULRUGH
ODSDQWDOODGHJXDGHUXWD

,QIRUPDFLQSRVLFLQDFWXDO
$SDUHFHODVLJXLHQWHLQIRUPDFLQHQ
ODSRVLFLQDFWXDO
6HOHFFLRQHVLODRULHQWDFLQGHOPDSD &LXGDG /DSRVLFLQDFWXDOSXHGHFRSLDUVHDO
HQODSDQWDOODGHEHEDVDUVHHQHO 1RPEUHGHFLXGDG OLEURGHGLUHFFLRQHVRDODPHPRULD
UXPERRHQODSRVLFLQGHOQRUWH /DWLWXG P\32,VXVDQGR* *XDUGDUYHD*XDU
6HOHFFLRQH22SFLRQHVGHOPDSD GDUXQDGLUHFFLQHQHOOLEURGHGLUHF
/RQJLWXG FLRQHVRHQODPHPRULDP\32,VHQ
\OXHJR9
9HUGHVWLQRVHVSHFLDOHVHQHO
PDSDSDUDDEULUXQVXEPHQFRQYD 9LVWDGHPDSD ODVHFFLQ(QWUDGDGHGHVWLQRPV
ULDVRSFLRQHV\GHILQLUVLORVSXQWRVGH DUULED
LQWHUVGHEHUDQDSDUHFHU\HQHVH
FDVRTXSXQWRVGHLQWHUVGHEHUDQ ,QIRUPDFLQGHOGHVWLQR
PRVWUDUVHHQHOPDSD ,QIRUPDFLQPRVWUDGDODPLVPDTXH
HQODSDQWDOODGH3
3RVLFLQDFWXDO
&XDQGRVHVHOHFFLRQD
3HUVRQDOL]DGRVHSXHGHGHILQLUHO
WLSRGHSXQWRVGHLQWHUVTXHGHEH
UDQPRVWUDUVHHQHOPDSD
SRUHMHPSORUHVWDXUDQWHVKRWHOHV
OXJDUHVSEOLFRVHWF
 6LVWHPDGHLQIRHQWUHWHQLPLHQWR

)XQFLRQHVGHODJXDGHUXWD 7UDVVHOHFFLRQDU0 0HQVDMHV70& ,QIRUPDFLQGHODVUXWDV

DFWLYD DSDUHFHHOPHQ) )LOWUR 6HSXHGHDFFHGHUDODVLJXLHQWHLQ
6HOHFFLRQHVLGHEHUDPRVWUDUVH IRUPDFLQHQHOPHQ,,QIRUPDFLQGH
7RGDVODVQRWLFLDVGHWUILFRRVOR$ $ ODVUXWDV
ORODUJRGHODUXWDHQODOLVWD0
0HQVDMHV /LVWDGHWUD\HFWRV
70&YHDPVDGHODQWH ,QIRUPDFLQSRVLFLQDFWXDO
,QIRUPDFLQGHOGHVWLQR
9LVWDJHQHUDOUXWDDFWXDO
/LVWDGHWUD\HFWRV

3DUDU1DYHJ
&XDQGRVHOHFFLRQD3 3DUDU1DYHJOD
JXDGHUXWDVHGHVDFWLYD\VHPXHV
WUDQODVRSFLRQHVGHOPHQSDUDOD
JXDGHUXWDLQDFWLYDYHD)XQFLRQHV 2SFLRQHVQDYHJDFLQ
FRQODJXDGHUXWDLQDFWLYDPV 3DUDREWHQHUXQDGHVFULSFLQYHD
DUULED )XQFLRQHVFRQODJXDGHUXWDLQDF
WLYDPVDUULED
0HQVDMHV70& 7RGDVODVFDOOHVGHODUXWDFDOFXODGD
3DUDREWHQHULQIRUPDFLQVREUH70& VHLQGLFDQHQXQDOLVWDFRQODVGLVWDQ
YHDODVHFFLQ*XDGLQPLFD FLDVFRUUHVSRQGLHQWHV

 6LVWHPDGHLQIRHQWUHWHQLPLHQWR 

/RVHOHPHQWRVGHODOLVWDGHUXWDV
PDUFDGRVFRQHOVPERORVHSXH
GHQH[SDQGLUVHOHFFLRQQGRORV7UDV
VHOHFFLRQDUORVDSDUHFHUPVLQIRU
PDFLQVREUHHOHOHPHQWRGHODOLVWD
FRUUHVSRQGLHQWH
,QIRUPDFLQSRVLFLQDFWXDO
3DUDREWHQHUXQDGHVFULSFLQYHD
)XQFLRQHVFRQODJXDGHUXWDLQDF
WLYDPVDUULED
,QIRUPDFLQGHOGHVWLQR
3DUDREWHQHUXQDGHVFULSFLQYHD
)XQFLRQHVFRQODJXDGHUXWDLQDF 3RVLFLQ /LVWDGHWUD\HFWRV
WLYDPVDUULED 'HVWLQR (QODOLVWDGHQRPEUHGHFDOOHVGHOD
UXWDFDOFXODGDDFWXDOVHSXHGHQH[
9LVWDJHQHUDOUXWDDFWXDO +RUDGHOOHJDGD FOXLUFDOOHVGHODJXDGHUXWD
$SDUHFHODVLJXLHQWHLQIRUPDFLQGH 'LVWDQFLD
ODUXWDDFWXDO
9LVWDGHPDSD
%ORTXHDUWUD\HFWR
'LVSRQHGHODVVLJXLHQWHVRSFLRQHV
SDUDH[FOXLUPDQXDOPHQWHGHWHUPLQD
GDV]RQDVVHFFLRQHVGHUXWDGHOD
JXDGHUXWD
 6LVWHPDGHLQIRHQWUHWHQLPLHQWR

3DUDH[FOXLUXQDFDOOHGHODJXDGH
UXWD EORTXHDGDV
0DUTXHHOQRPEUHGHFDOOHFRUUHV
SRQGLHQWH\SXOVHHOPDQGR00(18(O
QRPEUHGHFDOOHDSDUHFHUWDFKDGR
6LORGHVHDSXHGHH[FOXLUPVQRP
EUHVGHFDOOHVGHODJXDGHUXWD
6HOHFFLRQH$$FHSWDUDMXVWHV\DFHSWH
HOPHQVDMHTXHDSDUHFH
/DUXWDVHYXHOYHDFDOFXODUWHQLHQGR
HQFXHQWDTXHQRVHGHVHDSDVDUSRU
HVDVFDOOHV
'LVWDQFLD
&RQILJXUDQGRXQDGLVWDQFLDVH
SXHGHH[FOXLUGHODJXDGHUXWDOD
VHFFLQGHODUXWDGHVGHODSRVLFLQ
$MXVWHODGLVWDQFLDGHVHDGDSXOVHHO
PDQGR0 0(18\FRQILUPHDFRQWLQXD
FLQHOPHQVDMHTXHDSDUHFH
/DUXWDVHYXHOYDDFDOFXODUWHQLHQGR
HQFXHQWDTXHQRVHGHVHDSDVDUSRU
(OLPLQDUWRGDVODVFDUUHWHUDV
7UDVVHOHFFLRQDUHVWDRSFLQWRGDV
ODV]RQDVRVHFFLRQHVGHUXWDVHOHF
FLRQDGDDQWHVFRPRH[FOXLGDVGHOD
JXDGHUXWDVHYROYHUQDLQFOXLUDO
FDOFXODUODJXDGHUXWD
*XDGLQPLFD
6LODJXDGHODUXWDGLQPLFDHVWDF
WLYDVHLQFOX\HHQHOFOFXORGHODUXWD
ODVLWXDFLQGHWUILFRDFWXDOTXHHO
VLVWHPDGHLQIRHQWUHWHQLPLHQWRUHFLEH
SRU70&6HSURSRQHXQDUXWDTXH
WLHQHHQFXHQWDWRGRVORVSUREOHPDV
GHWUILFRVRUHVWULFFLRQHVGHORVFUL
WHULRVSUHGHILQLGRVSRUHMHPSORUXWD
DFWXDODODGLVWDQFLDFRQILJXUDGD HVDVHFFLQGHUXWD PVFRUWDVLQDXWRSLVWDVHWF
1RWD (QFDVRGHSUREOHPDGHWUILFR
(OEORTXHRGHODUXWDLQWURGXFLGRSHU SRUHMHPSORDWDVFRFDUUHWHUDFH
PDQHFHDFWLYRKDVWDTXHVHUHDOLFH
XQQXHYRFOFXORGHODUXWD
UUDGDHQODUXWDSRUODTXHVHFRQ
GXFHDSDUHFHUXQPHQVDMH\VHRLU
XQPHQVDMHGHYR]LQGLFDQGRHOWLSR
GHSUREOHPD(OFRQGXFWRUSXHGHGH
FLGLUVLFRQYLHQHVRUWHDUHOSUREOHPD

GHWUILFRWRPDQGRODDOWHUQDWLYDSUR
SXHVWDDODUXWDRELHQFRQWLQXDU\SD
VDUSRUODYDTXHWLHQHHOSUREOHPD
GHWUILFR
6LODJXDGHUXWDQRHVWDFWLYDWDP
ELQVHLQIRUPDUGHORVSUREOHPDV
GHWUILFRTXHKD\DHQOD]RQDSU
[LPD
6LODJXDGHUXWDHVWDFWLYDHOVLV
WHPDFRPSUREDUGHIRUPDFRQWLQXD
DSDUWLUGHODLQIRUPDFLQGHWUILFRVL
HVPHMRUYROYHUDFDOFXODUODUXWDRWR
PDUXQDUXWDDOWHUQDWLYDTXHWHQJDHQ
FXHQWDODVLWXDFLQGHWUILFRDFWXDO
(OPHQ2 2SFLRQHVQDYHJDFLQSHU
PLWHFRQWURODUODDFWLYDFLQ\GHVDFWL
YDFLQGHODJXDGHUXWDGLQPLFD
DVFRPRORVFULWHULRVGHOFOFXORGHOD
UXWD\RWURVDMXVWHVGHQDYHJDFLQ WHPDGHLQIRHQWUHWHQLPLHQWRVHEDVD
YHDODVHFFLQ*XD
6LVWHPDGHLQIRHQWUHWHQLPLHQWR
/DJXDGHUXWDGLQPLFDVORIXQ
FLRQDVLODLQIRUPDFLQGHWUILFRVH
UHFLEHDWUDYVGHOVLVWHPDGHLQIRU
PDFLQGHWUILFR5'670&
(OSRVLEOHUHWUDVRGHELGRDXQSUR
EOHPDGHWUILFRFDOFXODGRSRUHOVLV
HQORVGDWRVTXHHOVLVWHPDUHFLEH
DWUDYVGHODHPLVRUD5'670&TXH
WLHQHVLQWRQL]DGDHQHVHPRPHQWR(O
UHWUDVRUHDOSXHGHVHUGLVWLQWRDOFDO
FXODGR

0DSDV
7RGRVORVGDWRVGHOPDSDUHTXHULGRV
SDUDHOXVRGHOVLVWHPDGHQDYHJD
FLQVHJXDUGDQHQODWDUMHWD6'SUR
SRUFLRQDGDFRQHOVLVWHPDGHLQIRHQ
WUHWHQLPLHQWR
7DUMHWD6'GHOPDSD
(OOHFWRUGHWDUMHWDV6'GHOVLVWHPDGH
LQIRHQWUHWHQLPLHQWRVORSXHGHOHHUOD
WDUMHWD6'SURSRUFLRQDGDHVSHFILFD
PHQWHSDUDVXXVRFRQHOVLVWHPDGH
QDYHJDFLQGHOYHKFXOR(OOHFWRUGH
WDUMHWDV6'QRSXHGHOHHUQLQJQRWUR
WLSRGHWDUMHWDV6'
'HELGRDODIHFKDGHFUHDFLQGHORV
GDWRVGHOPDSDGHODWDUMHWD6'
SXHGHTXHQRVHLQFOX\DQHQHOPDSD
DOJXQDVFDUUHWHUDVQXHYDVRTXHDO
JXQRVQRPEUHV\FDUUHWHUDVVHDQGLV
WLQWRVDORVTXHVHXVDEDQFXDQGRVH
FUHDURQORVGDWRVGHOPDSD
6LGHVHDVROLFLWDUWDUMHWDV6'DGLFLR
QDOHVRXQDDFWXDOL]DFLQGHORVGDWRV
GHOPDSDFRQWDFWHFRQVXFRQFHVLR
QDULRRILFLDO&KHYUROHW
 6LVWHPDGHLQIRHQWUHWHQLPLHQWR
9HDPVDGHODQWHSDUDREWHQHULQIRU
PDFLQDFHUFDGHODVXVWLWXFLQGH
XQDWDUMHWD6'GHOPDSD
,QIRUPDFLQLPSRUWDQWHVREUHOD
PDQLSXODFLQGHODWDUMHWD6'
$WHQFLQ
1XQFDWUDWHGHHPSOHDUXQDWDU
MHWD6'TXHVHHQFXHQWUHDJULH
WDGDRGHIRUPDGDRTXHVHKD\D
UHSDUDGRFRQFLQWDDGKHVLYD(OOR
SXHGHGDDUHOHTXLSR
0DQLSXOHODWDUMHWD6'FRQFXLGDGR
1RWRTXHQXQFDORVFRQWDFWRVPH
WOLFRV
1RXVHSURGXFWRVGHOLPSLH]DFRQ
YHQFLRQDOHVEHQ]LQDGLVROYHQWHV
1RFRORTXHSHJDWLQDVQLHVFULED 3UHVLRQHVREUHODWDUMHWD6'LQVHU
QDGDHQODVVXSHUILFLHVGHODWDU WDGDSDUDGHVEORTXHDUOD\WLUHGHHOOD
MHWD SDUDH[WUDHUODGHODUDQXUD
1RJXDUGHODWDUMHWD6'HQOXJDUHV
,QWURGXFFLQGHODWDUMHWD6'
H[SXHVWRVDODOX]GLUHFWDGHOVRO
RDDOWDVWHPSHUDWXUDVRKXPHGDG
&RORTXHVLHPSUHODWDUMHWD6'HQ
VXIXQGDFXDQGRQRODXVH
6XVWLWXFLQGHODWDUMHWD6'GHO
PDSD
/DUDQXUDGHODWDUMHWD6'HVWVL
WXDGDGHEDMRGHODFXELHUWDGHODFRQ
VRODFHQWUDO
([WUDFFLQGHODWDUMHWD6'
(PSXMHFRQFXLGDGRODWDUMHWD6'FRQ
HOERUGHFRUWDGRKDFLDODL]TXLHUGD
RVSUD\DQWLHVWWLFR YHDODLPDJHQVXSHULRUHQODUDQXUD
KDVWDTXHTXHGHHQFDMDGD
6LQHFHVLWDOLPSLDUODWDUMHWD6'
XVHXQSDRVXDYH 1RWD
1RGREOHODWDUMHWD6'1RXVHXQD /DWDUMHWD6'\ODUDQXUDSDUDODWDU
WDUMHWD6'TXHHVWGREODGD MHWD6'GHEHQPDQWHQHUVHVLHPSUH
RDJULHWDGD OLPSLDV\VHFDV
 6LVWHPDGHLQIRHQWUHWHQLPLHQWR 

6XPDULRGHORVVPERORV
 6LVWHPDGHLQIRHQWUHWHQLPLHQWR

1 ([SOLFDFLQ 1 ([SOLFDFLQ 1 ([SOLFDFLQ

 3RVLFLQDFWXDOPDSD  3UHFDXFLQDGYHUWHQFLD  /XJDUGHLQWHUV
 'HVWLQR  &DUUHWHUDFHUUDGD  'HSRUWH\RFLR
 3RVLFLQDFWXDOOLVWDGHUXWDV  7UILFRGHQVR  6DOLU
 QRGLVSRQLEOH  $WDVFRGHWUILFR  0XVHR
 QRGLVSRQLEOH  (VWUHFKDPLHQWR  $OTXLOHUGHDXWRPYLOHV
 1LHEOD  /LVWDDELHUWD  ,QIRUPDFLQGHYLDMH
 2EUDV  /LVWDFHUUDGD  $FWLYLGDGGHRFLR
 3DYLPHQWRGHVOL]DQWH  &HQWURFRPHUFLDO  6HUYLFLRV
 +XPRRSROYR  &DUUHWHUDGHSHDMH  &DMHURDXWRPWLFR
 1LHYH  ,QIRUPDFLQWXUVWLFD  (VWDFLQGHDXWREXVHV
 /OXYLDLQWHQVD  /XJDUGHDFDPSDGD
6LVWHPDGHLQIRHQWUHWHQLPLHQWR 
 6LVWHPDGHLQIRHQWUHWHQLPLHQWR

1 ([SOLFDFLQ 1 ([SOLFDFLQ 7HOIRQR

 )DUPDFLD  $SDUFDPLHQWRFRQYDULDV
SODQWDV 7HOIRQRVPYLOHV
 &LQH \UDGLRWUDQVPLVRUHV
 *DVROLQHUD
 $HURSXHUWR
 UHDGHVHUYLFLR ,QVWUXFFLRQHVGHPRQWDMH
 3DUTXHGHDWUDFFLRQHV \QRUPDVGHXVR
 5HVWDXUDQWH 3DUDODLQVWDODFLQ\XVRGHXQWHO
 &LXGDG
 /DYDERV IRQRPYLOVHWLHQHQTXHFXPSOLUODV
 %DQFR LQVWUXFFLRQHVGHPRQWDMHHVSHFILFDV
 0RQXPHQWRKLVWULFR GHOYHKFXOR\ODVQRUPDVGHXVRGHO
 0HQVDMHGHWUILFR
 +RVSLWDO IDEULFDQWHGHOWHOIRQR\GHOPDQRVOL
 )HUU\ EUHV(QFDVRFRQWUDULRVHSXHGH
 (PHUJHQFLD DQXODUHOSHUPLVRGHFLUFXODFLQGHO
 )URQWHUD YHKFXOR
 3ROLFD 'LUHFWLYDHXURSHD&(
 7QHO
 3XHUWR 5HFRPHQGDFLRQHVSDUDXQIXQFLRQD
 .LRVFR
PLHQWRVLQSUREOHPDV
 3XHUWRGHPRQWDD
 7LHQGDGHFRPLGD $QWHQDH[WHULRUGHELGDPHQWHLQVWD
 /XJDUSEOLFR ODGDSDUDREWHQHUHOP[LPRDO
 +RWHOPRWHO
 5HODFLRQDGRFRQHODXWRPYLO FDQFHSRVLEOH
 6DOLGDGHDXWRSLVWD 3RWHQFLDGHHPLVLQP[LPDGH
 7DOOHUPHFQLFR :
 $SDUFDPLHQWR
 &HPHQWHULR 0RQWDMHGHOWHOIRQRHQXQOXJDU
 $SDUFDPLHQWRGLVXDVRULR DGHFXDGRUHVSHWDQGRODLQIRUPD
FLQUHOHYDQWHGHODQRWD
 6LVWHPDGHLQIRHQWUHWHQLPLHQWR 

3LGDDVHVRUDPLHQWRVREUHHOOXJDU
DGHFXDGRSDUDHOPRQWDMHGHODDQ $WHQFLQ
WHQDH[WHULRURORVVRSRUWHVSDUDORV
DSDUDWRVDVFRPRVREUHODVSRVLEL /RVWHOIRQRVPYLOHV\UDGLR
OLGDGHVH[LVWHQWHVSDUDXWLOL]DUDSDUD WUDQVPLVRUHVSXHGHQSURYRFDUID
WRVFRQXQDSRWHQFLDGHHPLVLQVX OORVHQHOIXQFLRQDPLHQWRGHORV
SHULRUDORV: VLVWHPDVHOHFWUQLFRVGHOYHKFXOR
VLVHXVDQHQHOLQWHULRUGHOYH
(OXVRGHXQGLVSRVLWLYRGHPDQRVOL KFXORVLQDQWHQDH[WHULRUVDOYR
EUHVVLQDQWHQDH[WHULRUHQORVVLVWH TXHVHFXPSODQODVQRUPDVDQWHV
PDV*60\8076 PHQFLRQDGDV
VORHVWSHUPLWLGRVLHOWHOIRQRPYLO
QRVXSHUDXQDSRWHQFLDGHHPLVLQ
P[LPDGH:HQHOFDVRGH*60
RGH:HQORVGHPV
3RUPRWLYRVGHVHJXULGDGOHUHFR
PHQGDPRVTXHQRXWLOLFHHOWHOIRQR
PLHQWUDVFRQGXFH,QFOXVRODXWLOL]D
FLQGHXQGLVSRVLWLYRGHPDQRVOLEUHV
SXHGHGLVWUDHUOHGHODFRQGXFFLQ

 $GYHUWHQFLD
(OXVRGHUDGLRWUDQVPLVRUHV\WH
OIRQRVPYLOHVTXHLQFXPSODQODV
QRUPDVDQWHVPHQFLRQDGDVVOR
HVWSHUPLWLGRFRQXQDDQWHQDVL
WXDGDHQHOH[WHULRUGHOYHKFXOR
 &OLPDWL]DFLQ

&OLPDWL]DFLQ 6LVWHPDVGH 7HPSHUDWXUD

$MXVWHODWHPSHUDWXUDJLUDQGRHO
FOLPDWL]DFLQ PDQGR
6LVWHPDGHFDOHIDFFLQ 5RMR FDOLHQWH
6LVWHPDVGHFOLPDWL]DFLQ   $]XO IUR
6DOLGDVGHDLUH   \YHQWLODFLQ
/DFDOHIDFFLQQRVHUWRWDOPHQWH
0DQWHQLPLHQWR  
HIHFWLYDKDVWDTXHHOPRWRUKD\DDO
FDQ]DGRVXWHPSHUDWXUDGHIXQFLRQD
PLHQWR

'LVWULEXFLQGHDLUH
6HOHFFLRQHODVDOLGDGHDLUHSXOVDQGR
ORVERWRQHV
+ KDFLDODFDEH]D\ORVSLHV
* KDFLDORVSLHV
, KDFLDOD]RQDGHODFDEH]DPH
GLDQWHVDOLGDVGHDLUHUHJXOD
EOHV
0DQGRVSDUDOD ) KDFLDHOSDUDEULVDV\OD]RQD
7HPSHUDWXUD UHSRVDSLV
'LVWULEXFLQGHDLUH (ODMXVWHVHOHFFLRQDGRVHLQGLFDPH
9HORFLGDGGHOYHQWLODGRU GLDQWHXQ/('GHOERWQ
'HVHPSDDGR\GHVFRQJHODFLQ 9HORFLGDGGHOYHQWLODGRU
/XQHWDWUPLFDWUDVHUD $MXVWHHOFDXGDOGHDLUHFRQHFWDQGR
ODYHORFLGDGGHVHDGDGHOYHQWLODGRU

'HVHPSDDGR
\GHVFRQJHODFLQ5
3XOVHHOERWQ5HOYHQWLODGRUVH
FRQHFWDDXWRPWLFDPHQWHDXQD
YHORFLGDGPVDOWDODGLVWULEXFLQ
GHDLUHVHRULHQWDKDFLDHOSDUDEUL
VDV
3RQJDHOPDQGRGHODWHPSHUDWXUD
HQHOQLYHOPVFOLGR
&RQHFWHODOXQHWDWUPLFDWUD
VHUD^
$EUDODVVDOLGDVGHDLUHVHJQVHD
QHFHVDULR\RULQWHODVKDFLDODV
YHQWDQLOODV
/XQHWDWUPLFDWUDVHUD^
,QGLFDFLQGHORVDMXVWHV
/DVIXQFLRQHVVHOHFFLRQDGDVVHLQGL
FDQPHGLDQWHHO/('GHOERWQDFWL
YDGR
$LUHDFRQGLFLRQDGR
0DQGRVSDUDOD EOHV
7HPSHUDWXUD
'LVWULEXFLQGHDLUH
9HORFLGDGGHOYHQWLODGRU
'HVHPSDDGR\GHVFRQJHODFLQ
5HFLUFXODFLQGHDLUH
&OLPDWL]DFLQ 
5HIULJHUDFLQL
/XQHWDWUPLFDWUDVHUD
7HPSHUDWXUD
$MXVWHODWHPSHUDWXUDJLUDQGRHO
PDQGR
5RMR FDOLHQWH
$]XO IUR
/DFDOHIDFFLQQRVHUWRWDOPHQWH
HIHFWLYDKDVWDTXHHOPRWRUKD\DDO
FDQ]DGRVXWHPSHUDWXUDGHIXQFLRQD
PLHQWR
'LVWULEXFLQGHDLUH
6HOHFFLRQHODVDOLGDGHDLUHSXOVDQGR
ORVERWRQHV
+ KDFLDODFDEH]D\ORVSLHV
* KDFLDORVSLHV
, KDFLDOD]RQDGHODFDEH]DPH
GLDQWHVDOLGDVGHDLUHUHJXOD
) KDFLDHOSDUDEULVDV\OD]RQD
UHSRVDSLV
(ODMXVWHVHOHFFLRQDGRVHLQGLFDPH
GLDQWHXQ/('GHOERWQ
 &OLPDWL]DFLQ

9HORFLGDGGHOYHQWLODGRU &RQHFWHODOXQHWDWUPLFDWUD (QHOPRGRGHUHFLUFXODFLQVHUH

$MXVWHHOFDXGDOGHDLUHFRQHFWDQGR
ODYHORFLGDGGHVHDGDGHOYHQWLODGRU
'HVHPSDDGR
\GHVFRQJHODFLQGHORV
FULVWDOHV5
VHUD^
$EUDODVVDOLGDVGHDLUHVHJQVHD
QHFHVDULR\RULQWHODVKDFLDODV
YHQWDQLOODV
/XQHWDWUPLFDWUDVHUD^
6LVWHPDGHUHFLUFXODFLQGH
DLUH
(OPRGRGHUHFLUFXODFLQGHDLUHVH
DFFLRQDFRQHOERWQ
 $GYHUWHQFLD
&RQGXFLUFRQHOPRGRGHUHFLUFX
GXFHHOLQWHUFDPELRGHDLUHIUHVFR
(QFDVRGHIXQFLRQDPLHQWRVLQUH
IULJHUDFLQDXPHQWDODKXPHGDG
GHODLUH\VHSXHGHQHPSDDUORV
FULVWDOHV/DFDOLGDGGHODLUHGHO
KDELWFXORGLVPLQX\HHVWRSXHGH
KDFHUTXHORVRFXSDQWHVVHVLHQ
WDQPDUHDGRV
5HIULJHUDFLQL
6HDFFLRQDFRQHOERWQL\VORIXQ
FLRQDFRQHOPRWRU\HOYHQWLODGRUHQ
PDUFKD
(ODLUHDFRQGLFLRQDGRUHIULJHUD\GHV
ODFLQFRQHFWDGRGXUDQWHXQSH KXPLGLILFDVHFDHODLUHFXDQGROD
URGRSURORQJDGRSXHGHSURYRFDU WHPSHUDWXUDH[WHULRUVHVLWDXQSRFR
VXHR&DPELHSHULGLFDPHQWHDO SRUHQFLPDGHOSXQWRGHFRQJHODFLQ
PRGRGHDLUHH[WHULRUSDUDSHUPLWLU 3RUHVRVHSXHGHFRQGHQVDUDJXD
ODHQWUDGDGHDLUHIUHVFR TXHVDOHSRUGHEDMRGHOYHKFXOR
3XOVHHOERWQ5HOYHQWLODGRUVH
6LQRHVQHFHVDULRUHIULJHUDURGHV
FRQHFWDDXWRPWLFDPHQWHDXQD
KXPLGLILFDUHODLUHGHVFRQHFWHODUH
YHORFLGDGPVDOWDODGLVWULEXFLQ
IULJHUDFLQSDUDDKRUUDUFRPEXVWLEOH
GHDLUHVHRULHQWDKDFLDHOSDUDEUL
VDV
&RQHFWHODUHIULJHUDFLQL
3RQJDHOPDQGRGHODWHPSHUDWXUD
HQHOQLYHOPVFOLGR
 &OLPDWL]DFLQ 

5HIULJHUDFLQP[LPD ,QGLFDFLQGHORVDMXVWHV
/DVIXQFLRQHVVHOHFFLRQDGDVVHLQGL
FDQPHGLDQWHHO/('GHOERWQDFWL
YDGR

&OLPDWL]DGRUDXWRPWLFR
HOHFWUQLFR
 $GYHUWHQFLD
1RGXHUPDHQXQYHKFXORFRQHO
VLVWHPDGHDLUHDFRQGLFLRQDGR 0DQGRVSDUDHOPRGRDXWRPWLFR
RGHFDOHIDFFLQHQFHQGLGR
$EUDEUHYHPHQWHODVYHQWDQLOODVSDUD 3XHGHVXIULUOHVLRQHVJUDYHVRID $872 PRGRDXWRPWLFR
TXHHODLUHFDOLHQWHVDOJDUSLGD WDOHVGHELGRDXQDFDGDGHOQLYHO HOVLVWHPDVHOHF
PHQWH GHR[JHQR\RODWHPSHUDWXUDFRU FLRQDDXWRPWLFD
SRUDO PHQWHWRGRVORV
&RQHFWHODUHIULJHUDFLQL DMXVWHVH[FHSWROD
&RQHFWHHOVLVWHPDGHUHFLUFXODFLQ WHPSHUDWXUD
GHDLUH 7HPSHUDWXUH SUHVHOHFFLQGHOD
3XOVHHOLQWHUUXSWRUGHGLVWULEXFLQ WHPSHUDWXUDGH
GHDLUH, VHDGD
3RQJDHOPDQGRGHODWHPSHUDWXUD
HQHOQLYHOPVIUR
3RQJDODYHORFLGDGGHOYHQWLODGRUDO
P[LPR
$EUDWRGDVODVVDOLGDV
 &OLPDWL]DFLQ

/DVIXQFLRQHVVLJXLHQWHVSXHGHQ 0RGRDXWRPWLFR$872
DGDSWDUVHPDQXDOPHQWHGHVDFWL
YDQGRHOPRGRDXWRPWLFR
)DQ FDXGDOVHOHFFLRQDEOH
VSHHG
02'( GLVWULEXFLQGHDLUHVH
OHFFLRQDEOH
5 GHVHPSDDGR\GHV
FRQJHODFLQ
; HQFHQGHURDSDJDUHO
VLVWHPD
L DFWLYDURGHVDFWLYDUOD
UHIULJHUDFLQ &DGDFDPELRGHDMXVWHVVHLQGLFDHQ
 UHFLUFXODFLQGHDLUH ODSDQWDOODGHLQIRUPDFLQGXUDQWH
$46 VHQVRUGHFDOLGDGGHO XQRVVHJXQGRV $MXVWHEVLFRSDUDHOP[LPRFRQIRUW
DLUH 3XOVHHOERWQ$$872HODLUHDFRQ
/DVIXQFLRQHVDFWLYDGDVVHLQGLFDQ
/XQHWDWUPLFDWUDVHUD^ PHGLDQWHHO/('GHOERWQ GLFLRQDGRVHDFWLYDDXWRPWLFD
PHQWH
6HUHJXODDXWRPWLFDPHQWHODWHP (OFOLPDWL]DGRUDXWRPWLFRHOHFWU
SHUDWXUDSUHVHOHFFLRQDGD(QHO QLFRVORIXQFLRQDSOHQDPHQWHFRQHO $EUDWRGDVODVVDOLGDVGHDLUH
PRGRDXWRPWLFRODYHORFLGDGGHO PRWRUHQPDUFKD $MXVWHODWHPSHUDWXUDSUHVHOHFFLR
YHQWLODGRU\ODGLVWULEXFLQGHDLUHUH QDGDXVDQGRHOFRQPXWDGRUJLUDWR
JXODQDXWRPWLFDPHQWHHOFDXGDOGH ULRL]TXLHUGR
DLUH /DUHJXODFLQGHODYHORFLGDGGHOYHQ
(OVLVWHPDVHSXHGHDGDSWDUPDQXDO WLODGRUHQPRGRDXWRPWLFRVHSXHGH
PHQWHPHGLDQWHHOXVRGHORVPDQGRV FDPELDUHQHOPHQ$ $MXVWHV
GHGLVWULEXFLQGHDLUH\GHYHORFLGDG 3HUVRQDOL]DFLQGHOYHKFXOR
GHOYHQWLODGRU

7RGDVODVVDOLGDVGHDLUHVHDFFLRQDQ
DXWRPWLFDPHQWHHQHOPRGRDXWR
PWLFR3RUHVRODVVDOLGDVGHDLUH
GHEHUDQHVWDUVLHPSUHDELHUWDV
3UHVHOHFFLQGHODWHPSHUDWXUD
$MXVWHODWHPSHUDWXUDDOYDORUGH
VHDGRJLUDQGRHOPDQGR
5RMR FDOLHQWH
$]XO IUR
6LVHDMXVWDODWHPSHUDWXUDPQLPDHO
FOLPDWL]DGRUDXWRPWLFRIXQFLRQDDOD
P[LPDSRWHQFLDGHUHIULJHUDFLQ
&OLPDWL]DFLQ 
6LVHDMXVWDODWHPSHUDWXUDP[LPD 9HORFLGDGGHOYHQWLODGRUV
HOFOLPDWL]DGRUDXWRPWLFRIXQFLRQD
DODP[LPDSRWHQFLDGHFDOHIDFFLQ
'HVHPSDDGR
\GHVFRQJHODFLQGHORV
FULVWDOHV5
3XOVHHOERWQ5
/DWHPSHUDWXUD\ODGLVWULEXFLQGHO
DLUHVHUHJXODQDXWRPWLFDPHQWH
HOYHQWLODGRUIXQFLRQDDYHORFLGDG
PVDOWD
3DUDYROYHUDOPRGRDXWRPWLFR
SXOVHHOERWQ5 *LUHHOFRQPXWDGRUJLUDWRULRGHUHFKR
&RQHFWHODOXQHWDWUPLFDWUDVHUD^ /DYHORFLGDGGHOYHQWLODGRUVHOHFFLR
/XQHWDWUPLFDWUDVHUD^ QDGDVHLQGLFDPHGLDQWHHOQPHUR
HQODSDQWDOOD
$MXVWHVPDQXDOHV 3DUDYROYHUDOPRGRDXWRPWLFR
3XOVHHOERWQ$$872
/RVDMXVWHVGHOFOLPDWL]DGRUDXWRP
WLFRVHSXHGHQFDPELDUDFWLYDQGRORV
ERWRQHV\FRQPXWDGRUHVJLUDWRULRV
GHOVLJXLHQWHPRGR$OFDPELDUXQ
DMXVWHVHGHVDFWLYDUHOPRGRDXWR
PWLFR
 &OLPDWL]DFLQ
'LVWULEXFLQGHDLUH02'( , KDFLDOD]RQDGHODFDEH]D
PHGLDQWHVDOLGDVGHDLUHUH
JXODEOHV
+ KDFLDOD]RQDGHODFDEH]D
PHGLDQWHVDOLGDVGHDLUHUH
JXODEOHV\OD]RQDUHSRVD
SLV
9XHOWDDODGLVWULEXFLQGHDLUHDXWR
PWLFD'HVDFWLYHHODMXVWHFRUUHV
SRQGLHQWHRSXOVHHOERWQ$ $872
5HIULJHUDFLQL
6HDFWLYDRGHVDFWLYDFRQHOERWQL
(ODLUHDFRQGLFLRQDGRUHIULJHUD\GHV
3XOVHHOERWQ002'(XQDYH]RUH
5HFLUFXODFLQGHDLUH
DXWRPWLFD
(OVLVWHPDGHUHFLUFXODFLQGHDLUH
DXWRPWLFDWLHQHXQVHQVRUGHKXPH
GDGGHODLUHTXHFDPELDDXWRPWLFD
PHQWHDDLUHH[WHULRUVLODKXPHGDG
GHODLUHLQWHULRUHVGHPDVLDGRDOWD
0RGRPDQXDOGHUHFLUFXODFLQ
GHDLUH
(OPRGRPDQXDOGHUHFLUFXODFLQGH
DLUHVHDFFLRQDFRQHOERWQ
 $GYHUWHQFLD
SHWLGDPHQWHSDUDHIHFWXDUHODMXVWH
GHVHDGRHODMXVWHGHODGLVWULEXFLQ
GHDLUHVHLQGLFDHQODSDQWDOODGHLQ
IRUPDFLQ
5 KDFLDHOSDUDEULVDVOD]RQD
+ GHODFDEH]D\OD]RQDUHSR
VDSLV
5 KDFLDHOSDUDEULVDV\OD]RQD
* UHSRVDSLV
* KDFLDORVSLHV
KXPLGLILFDVHFDHODLUHFXDQGROD
WHPSHUDWXUDH[WHULRUVXSHUDXQQLYHO
GHWHUPLQDGR3RUHVRVHSXHGHFRQ
GHQVDUDJXDTXHVDOHSRUGHEDMRGHO
YHKFXOR
6LQRHVQHFHVDULRUHIULJHUDURGHV
KXPLGLILFDUHODLUHGHVFRQHFWHODUH
IULJHUDFLQSDUDDKRUUDUFRPEXVWLEOH
(QHOPRGRGHUHFLUFXODFLQVHUH
GXFHHOLQWHUFDPELRGHDLUHIUHVFR
(QFDVRGHIXQFLRQDPLHQWRVLQUH
IULJHUDFLQDXPHQWDODKXPHGDG
GHODLUH\VHSXHGHQHPSDDUORV
FULVWDOHV/DFDOLGDGGHODLUHGHO
KDELWFXORGLVPLQX\HHVWRSXHGH
KDFHUTXHORVRFXSDQWHVVHVLHQ
WDQPDUHDGRV
 &OLPDWL]DFLQ 

6HQVRUGHFDOLGDGGHODLUH$46 6DOLGDVGHDLUH
(OVHQVRUGHFDOLGDGGHODLUHGHWHFWD
ODPDODFDOLGDGGHODLUHDPELHQWH 6DOLGDVGHDLUHUHJXODEOHV
\FDPELDDXWRPWLFDPHQWHDDLUHLQ
WHULRU &RQODUHIULJHUDFLQFRQHFWDGDVH
GHEHGHMDUDELHUWDDOPHQRVXQDGH
(QFHQGHURDSDJDUHOVLVWHPD; ODVVDOLGDVGHDLUHSDUDHYLWDUTXHVH
FRQJHOHHOHYDSRUDGRUGHELGRDOD
3XOVDQGRHOERWQ;VHDFWLYDQRGHV
IDOWDGHPRYLPLHQWRGHODLUH
DFWLYDQWRGDVODVIXQFLRQHVGHFDOH
IDFFLQYHQWLODFLQ\VLVWHPDGHUH
IULJHUDFLQ

$MXVWHVEVLFRV 'LULMDHOIOXMRGHDLUHLQFOLQDQGR\EDV
$OJXQRVDMXVWHVSXHGHQFDPELDUVH FXODQGRODVDOHWDV
HQHOPHQ$$MXVWHVGHODSDQWDOODGH
LQIRUPDFLQ3HUVRQDOL]DFLQGHOYH
KFXOR

&DOHIDFWRUDX[LOLDU
&DOHIDFWRUGHDLUHVORYHKFXOR
GLVHO 3DUDDEULUODVDOLGDJLUHODUXHGDGH
(OVLVWHPD4XLFNKHDWHVXQFDOHIDFWRU DMXVWHD7
HOFWULFRDX[LOLDUTXHFDOLHQWDHODLUH
GHOKDELWFXORPVUSLGDPHQWH
 &OLPDWL]DFLQ

3DUDFHUUDUODVDOLGDJLUHODUXHGDGH 0DQWHQLPLHQWR )LOWURGHSROHQ

DMXVWHD
(QWUDGDGHDLUH )LOWURGHSROHQFRQWURODGR
 $GYHUWHQFLD PDQXDOPHQWH
(OILOWURHOLPLQDSROYRKROOQSROHQ
1RILMHREMHWRVDODVDOHWDVGHODV
HVSRUDV\RORUHVILOWURFRPELQDGR
VDOLGDVGHDLUH+D\ULHVJRGHOH
GHODLUHTXHHQWUDHQHOYHKFXORDWUD
VLRQHV\GDRVHQFDVRGHDFFL
YVGHODHQWUDGDGHDLUH
GHQWH

6DOLGDVGHDLUHILMDV
+D\VDOLGDVGHDLUHDGLFLRQDOHVSRU
GHEDMRGHOSDUDEULVDVGHODVYHQWD
QLOODV\HQODV]RQDVGHORVSLHV
/DHQWUDGDGHDLUHHQHOFRPSDUWL
PHQWRGHOPRWRUGHODQWHGHOSDUDEUL
VDVGHEHHVWDUOLEUHSDUDSHUPLWLUOD
HQWUDGDGHDLUH5HWLUHFXDOTXLHUUHVWR
GHKRMDVVXFLHGDGRQLHYH
)XQFLRQDPLHQWRUHJXODU
GHODLUHDFRQGLFLRQDGR
3DUDJDUDQWL]DUXQIXQFLRQDPLHQWR
HILFLHQWH\GXUDGHURGHOVLVWHPDOD
UHIULJHUDFLQGHEHDFWLYDUVHGXUDQWH
XQRVPLQXWRVXQDYH]DOPHVLQGH
SHQGLHQWHPHQWHGHODVLWXDFLQFOL
PDWROJLFD\GHODSRFDGHODR/D
UHIULJHUDFLQQRIXQFLRQDDWHPSHUD
WXUDVH[WHULRUHVEDMDV
6HUYLFLR
3DUDJDUDQWL]DUXQDSRWHQFLDGHUHIUL
JHUDFLQSWLPDOHUHFRPHQGDPRV
UHYLVDUDQXDOPHQWHHOFOLPDWL]DGRU
DXWRPWLFRODSULPHUDUHYLVLQGHEH
UHDOL]DUVHDORVWUHVDRVGHODSUL
PHUDPDWULFXODFLQ
 &OLPDWL]DFLQ 

3UXHEDGHIXQFLRQDPLHQWR\SUH
VLQ
)XQFLRQDPLHQWRGHODFDOHIDFFLQ
3UXHEDGHHVWDQTXHLGDG
&RPSUREDFLQGHODVFRUUHDVGH
WUDQVPLVLQ
/LPSLH]DGHOFRQGHQVDGRU\GHO
GHVDJHGHOHYDSRUDGRU
3UXHEDGHUHQGLPLHQWR
 &RQGXFFLQ\PDQHMR

&RQGXFFLQ\PDQHMR 5HFRPHQGDFLRQHVSDUD $UUDQTXH\PDQHMR

5HFRPHQGDFLRQHVSDUDOD
FRQGXFFLQ  
$UUDQTXH\PDQHMR  
6LVWHPDGHHVFDSHGHOPRWRU  
&DPELRDXWRPWLFR  
ODFRQGXFFLQ
&RQWUROGHOYHKFXOR
1RGHMHTXHHOYHKFXORFLUFXOH
FRQHOPRWRUSDUDGR
(QGLFKDVLWXDFLQPXFKRVVLVWHPDV
QRIXQFLRQDQFRPRHOVHUYRIUHQRROD
5RGDMHGHXQYHKFXOR
QXHYR
2EVHUYHODVVLJXLHQWHVSUHFDXFLRQHV
GXUDQWHORVSULPHURVFLHQWRVGHNLO
PHWURVSDUDPHMRUDUODVSUHVWDFLR
QHVODHFRQRPD\ODGXUDELOLGDGGH
VXYHKFXOR
&DPELRPDQXDO   GLUHFFLQDVLVWLGD&RQGXFLUGHHVWH
)UHQRV  
6LVWHPDVGHFRQWUROGHOD
FRQGXFFLQ  
5HJXODGRUGHYHORFLGDG  
6LVWHPDVGHGHWHFFLQGH
REMHWRV  
&RPEXVWLEOH  
(YLWHDFHOHUDUDOP[LPRHQORV
PRGRVXSRQHXQSHOLJURSDUDXVWHG
\SDUDORVGHPV
3HGDOHV
3DUDDVHJXUDUXQOLEUHUHFRUULGRGHO
SHGDOQRGHEHKDEHUDOIRPEULOODVHQ
OD]RQDGHORVSHGDOHV
DUUDQTXHV
1RUHYROXFLRQHH[FHVLYDPHQWHHO
PRWRU
(YLWHODVSDUDGDVEUXVFDVVDOYRHQ
FDVRVGHHPHUJHQFLD(VWRSHUPL
WLUTXHORVIUHQRVVHDVLHQWHQDGH
FXDGDPHQWH
(YLWHLQLFLDUODPDUFKDUSLGD
PHQWHODVDFHOHUDFLRQHVEUXVFDV
\ODFRQGXFFLQSURORQJDGDDDOWD
YHORFLGDGSDUDHYLWDUGDRVHQHO
PRWRU\DKRUUDUFRPEXVWLEOH
(YLWHDFHOHUDUDOP[LPRHQODV
PDUFKDVFRUWDV
1RUHPROTXHRWURYHKFXOR

3RVLFLRQHVGHODFHUUDGXUD
GHOHQFHQGLGR
 (QFHQGLGRGHVFRQHFWDGR
 (QFHQGLGRGHVFRQHFWDGRYR
ODQWHGHVEORTXHDGR
 (QFHQGLGRFRQHFWDGRFRQPR
WRUGLVHOSUHFDOHQWDPLHQWR
 $UUDQTXH
$UUDQTXHGHOPRWRU
$UUDQTXHGHOPRWRUFRQOD
FHUUDGXUDGHOHQFHQGLGR
*LUHODOODYHDODSRVLFLQPXHYD
OLJHUDPHQWHHOYRODQWHSDUDGHVDF
WLYDUHOEORTXHR
&DPELRPDQXDOPDQWHQJDSLVDGR
HOSHGDOGHOHPEUDJXH
&DPELRDXWRPWLFRPDQWHQJDSL
VDGRHOIUHQR\PXHYDODSDODQFD
VHOHFWRUDKDFLD3 3R1
1
1RDFHOHUH
&RQGXFFLQ\PDQHMR 
0RWRUGLVHOJLUHODOODYHDODSRVL
FLQ
SDUDHOSUHFDOHQWDPLHQWR
KDVWDTXHHOWHVWLJRGHFRQWURO
VHDSDJXH
*LUHODOODYHDODSRVLFLQ
\VXO
WHODFXDQGRHOPRWRUHVWHQPDU
FKD
$QWHVGHUHSHWLUHODUUDQTXHRSDUD
DSDJDUHOPRWRUJLUHGHQXHYRODOODYH
D

$UUDQTXHGHOYHKFXORFRQ
WHPSHUDWXUDVEDMDV
(ODUUDQTXHGHOPRWRUVLQFDOHIDFWR
UHVDGLFLRQDOHVSXHGHTXHEDMHKDVWD
&6HSUHFLVDXQDFHLWHGHPRWRU
GHODYLVFRVLGDGFRUUHFWDHOFRPEXV
WLEOHFRUUHFWRVHUYLFLRVUHDOL]DGRV
\XQDEDWHUDFRQODFDUJDVXILFLHQWH
&RQWHPSHUDWXUDVLQIHULRUHV
D&HOFDPELRDXWRPWLFRQHFH
VLWDXQDIDVHGHFDOHQWDPLHQWRGH
XQRVPLQXWRV/DSDODQFDVHOHFWRUD
GHEHHVWDUHQODSRVLFLQ3 3
 &RQGXFFLQ\PDQHMR
&RUWHGHFRPEXVWLEOHHQ
UJLPHQGHUHWHQFLQ
/DDOLPHQWDFLQGHFRPEXVWLEOHVH
FRUWDDXWRPWLFDPHQWHGXUDQWHHOU
JLPHQGHUHWHQFLQHVGHFLUFXDQGR
VHFRQGXFHHOYHKFXORFRQXQDPDU
FKDHQJUDQDGDSHURVLQSLVDUHODFH
OHUDGRU
(VWDFLRQDPLHQWR
1RHVWDFLRQHHOYHKFXORVREUHXQD
VXSHUILFLHIFLOPHQWHLQIODPDEOH/D
HOHYDGDWHPSHUDWXUDGHOVLVWHPD
GHHVFDSHSRGUDLQIODPDUGLFKD
VXSHUILFLH
$FFLRQHVLHPSUHHOIUHQRGHHVWD
FLRQDPLHQWRVLQSXOVDUHOERWQGH
GHVEORTXHR(QSHQGLHQWHVDSO
TXHORFRQWRGDODILUPH]DSRVLEOH
3DUDUHGXFLUHOHVIXHU]RSLVHHOSH
GDOGHOIUHQRDOPLVPRWLHPSR
'HVFRQHFWHHOPRWRU\HOHQFHQ
GLGR*LUHHOYRODQWHKDVWDTXHVH
HQFODYHHOEORTXHRGHOPLVPR
6LHOYHKFXORHVWHQXQDVXSHUIL
FLHSODQDRFXHVWDDUULEDHQJUDQH
ODSULPHUDRPXHYDODSDODQFDVH
OHFWRUDD3
3DQWHVGHGHVFRQHFWDUHO
HQFHQGLGR6LHOYHKFXORHVW
FXHVWDDUULEDJLUHODVUXHGDVGH
ODQWHUDVHQODGLUHFFLQFRQWUDULDDO
ERUGLOOR
6LHOYHKFXORHVWFXHVWDDEDMR
HQJUDQHODPDUFKDDWUVRPXHYD
ODSDODQFDVHOHFWRUDD3 3DQWHVGH
GHVFRQHFWDUHOHQFHQGLGR*LUHODV
UXHGDVGHODQWHUDVKDFLDHOERUGLOOR
%ORTXHHHOYHKFXOR\DFWLYHHOVLV
WHPDGHDODUPDDQWLUURER
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
PWLFDPHQWHGXUDQWHODPDUFKD(O
ILOWURVHOLPSLDTXHPDQGRODV

SDUWFXODVGHKROOQDDOWDVWHPSHUD
WXUDV(VWHSURFHVRVHUHDOL]DDXWR
PWLFDPHQWHHQGHWHUPLQDGDVFRQGL
FLRQHVGHFLUFXODFLQ\SXHGHGXUDU
GHDPLQXWRV'XUDQWHHVWH
WLHPSRSXHGHDXPHQWDUHOFRQVXPR
GHFRPEXVWLEOH/DJHQHUDFLQGH
KXPR\RORUHVGXUDQWHHOSURFHVRHV
QRUPDO
(QGHWHUPLQDGDVFRQGLFLRQHVGHFRQ
GXFFLQFRPRHQGLVWDQFLDVFRUWDV
HOVLVWHPDQRVHSXHGHOLPSLDUDXWR
PWLFDPHQWH
6LHVQHFHVDULROLPSLDUHOILOWUR\ODV
FRQGLFLRQHVFLWDGDVQRKDQSHUPLWLGR
ODOLPSLH]DDXWRPWLFDVHHQFHQGHU
RSDUSDGHDUHOWHVWLJRGHFRQWURO
6LJDFRQGXFLHQGRFRQXQDYHOR
FLGDGPQLPDGHNPKGXUDQWH
XQRVPLQXWRVRKDVWDTXHVHDSD
JXHHOLQGLFDGRUGHFRQWURO(QFDVR
QHFHVDULRFDPELHDXQDPDUFKDPV
FRUWD6HLQLFLDODOLPSLH]DGHOILOWURGH
SDUWFXODVGLVHO
'XUDQWHODOLPSLH]DVHUHFRPLHQGD
QRLQWHUUXPSLUHOYLDMHQLGHVFRQHFWDU
HOHQFHQGLGR
&RQGXFFLQ\PDQHMR 
$WHQFLQ
6LHOSURFHVRGHOLPSLH]DVHLQWH
UUXPSHPVGHXQDYH]KD\XQ
JUDQULHVJRGHSURYRFDUJUDYHV
GDRVHQHOPRWRU
/DOLPSLH]DVHUHDOL]DPVUSLGD
PHQWHDUHJPHQHVGHUHYROXFLRQHV
PRWRUHOHYDGRV\FDUJDGHOPRWRU
DOWD
(OWHVWLJRGHFRQWUROVHDSDJDHQ
FXDQWRVHKDFRPSOHWDGRHOSURFHVR
GHDXWROLPSLH]D
 &RQGXFFLQ\PDQHMR

&DWDOL]DGRU FDVRGHHPHUJHQFLDVHSXHGHFRQWL &DPELRDXWRPWLFR

(OFDWDOL]DGRUUHGXFHHOFRQWHQLGRGH
VXVWDQFLDVQRFLYDVHQORVJDVHVGH
HVFDSH
QXDUFLUFXODQGRGXUDQWHXQEUHYHSH
ULRGRPDQWHQLHQGRODYHORFLGDGGHO
(OFDPELRDXWRPWLFRSHUPLWHHOFDP
YHKFXOR\HOUJLPHQGHOPRWRUEDMRV
ELRGHPDUFKDVPDQXDOPRGRPD
QXDORDXWRPWLFRPRGRDXWRP
$WHQFLQ WLFR

/RVFRPEXVWLEOHVGHXQDFDOLGDG 3DQWDOODLQGLFDGRUDGHO
GLVWLQWDDORVPHQFLRQDGRVHQODV
SJLQDVSRGUDQ FDPELR
FDXVDUGDRVHQHOFDWDOL]DGRU
RHQORVFRPSRQHQWHVHOHFWUQL
FRV
/DJDVROLQDVLQTXHPDUSXHGH
SURGXFLUXQVREUHFDOHQWDPLHQWR
\GDRVHQHOFDWDOL]DGRU3RUHVR
VHGHEHHYLWDUHOXVRH[FHVLYRGHO
PRWRUGHDUUDQTXHYDFLDUHOGH
SVLWRGHFRPEXVWLEOH\DUUDQFDU
HOPRWRUHPSXMDQGRRUHPROFDQGR
HOYHKFXOR

6LVHSURGXFHQIDOORVGHHQFHQGLGR
IXQFLRQDPLHQWRLUUHJXODUGHOPRWRU /DPDUFKDRHOPRGRVHOHFFLRQDGRVH
GLVPLQXFLQSHUFHSWLEOHGHODSRWHQ PXHVWUDHQODSDQWDOODLQGLFDGRUDGHO
FLDGHOPRWRURFXDOTXLHURWUDDQRPD FDPELR
ODKDJDVXEVDQDUODFDXVDGHODDYH
UDHQXQWDOOHUORDQWHVSRVLEOH(Q

3DODQFDVHOHFWRUD
3 SRVLFLQGHHVWDFLRQDPLHQWR
ODVUXHGDVHVWQEORTXHDGDV $ILQGHDSURYHFKDUHOHIHFWRGHIUHQR
VORVHGHEHVHOHFFLRQDUFRQHO
YHKFXORSDUDGR\HOIUHQRGH
HVWDFLRQDPLHQWRDFFLRQDGR
5 PDUFKDDWUVVORVHGHEHVH
OHFFLRQDUFRQHOYHKFXORSD
UDGR
1 SXQWRPXHUWR
' PRGRDXWRPWLFRFRQWRGDVODV
PDUFKDV
&RQGXFFLQ\PDQHMR 
/DSDODQFDVHOHFWRUDHVWEORTXHDGD (VWDFLRQDPLHQWR
HQ3
33DUDPRYHUVHFRQHFWHHOHQ $FFLRQHHOIUHQRGHHVWDFLRQDPLHQWR
FHQGLGRSLVHHOSHGDOGHOIUHQR VHOHFFLRQH33\VDTXHODOODYHGHOHQ
\SXOVHHOERWQGHGHVEORTXHR FHQGLGR
3DUDVHOHFFLRQDU33R5
5SXOVHHOERWQ /DOODYHGHOHQFHQGLGRVORVHSXHGH
GHGHVEORTXHR VDFDUFXDQGRODSDODQFDVHOHFWRUD
1RDFHOHUHPLHQWUDVHQJUDQDXQD HVWHQODSRVLFLQ3
3
PDUFKD1XQFDSLVHORVSHGDOHVGHO
DFHOHUDGRU\GHOIUHQRDOPLVPR
WLHPSR
0RGRPDQXDO
&RQXQDPDUFKDHQJUDQDGD\HOIUHQR
VXHOWRHOYHKFXORDYDQ]DOHQWD
PHQWH
(IHFWRGHIUHQRGHOPRWRU
GHOPRWRUVHOHFFLRQHDWLHPSRXQD
PDUFKDPVEDMDDOFLUFXODUFXHVWD
DEDMR
6DFDUHOYHKFXORPHFLQGROR
6ORVHGHEHPHFHUHOYHKFXOR
FXDQGRTXHGDDWDVFDGRHQDUHQD
0XHYDODSDODQFDVHOHFWRUDGHVGHOD
EDUURRQLHYH0XHYDODSDODQFDVH SRVLFLQ'
'KDFLDODL]TXLHUGD\OXHJR
OHFWRUDUHSHWLGDPHQWHHQWUH'
'\5
51R KDFLDGHODQWHRKDFLDDWUV
UHYROXFLRQHH[FHVLYDPHQWHHOPRWRU
\HYLWHXQDDFHOHUDFLQEUXVFD  3DUDFDPELDUDXQDPDUFKD
PVODUJD
 &RQGXFFLQ\PDQHMR
< 3DUDFDPELDUDXQDPDUFKD
PVFRUWD
6LVHVHOHFFLRQDXQDPDUFKDPV
ODUJDFLUFXODQGRDXQDYHORFLGDGGH
PDVLDGREDMDRELHQXQDPDUFKD
PVFRUWDDXQDYHORFLGDGGHPD
VLDGRDOWDQRVHSURGXFHHOFDPELR
GHPDUFKD
6LHOUJLPHQGHOPRWRUHVGHPDVLDGR
EDMRVHFDPELDDXWRPWLFDPHQWH
DSDUWLUGHXQDGHWHUPLQDGDYHORFLGDG
DXQDPDUFKDPVFRUWD
&RQUHJPHQHVGHUHYROXFLRQHVDOWRV
GHOPRWRUQRVHSURGXFHHOFDPELR
DXWRPWLFRDXQDPDUFKDPVODUJD
3URJUDPDVHOHFWUQLFRVGH
PDUFKD
0HGLDQWHHODXPHQWRGHOUJLPHQ
GHOPRWRUHOSURJUDPDGHWHPSH
UDWXUDGHIXQFLRQDPLHQWRSRQHHO
FDWDOL]DGRUUSLGDPHQWHDODWHP
SHUDWXUDQHFHVDULD
/DIXQFLQGHVHOHFFLQDXWRPWLFD
GHSXQWRPXHUWRDFWDFXDQGRVH
GHWLHQHHOYHKFXORFRQXQDPDUFKD
GHDYDQFH
)XQFLQNLFNGRZQ
3DUDXQDPD\RUDFHOHUDFLQSLVHHO
SHGDOGHODFHOHUDGRUKDVWDHOIRQGR
\PDQWQJDORSLVDGR/DFDMDGHFDP
ELRVVHOHFFLRQDUXQDPDUFKDPV
FRUWDGHSHQGLHQGRGHOUJLPHQGHO
PRWRU
$YHUD
(QFDVRGHDYHUDVHHQFLHQGHHO
WHVWLJRGHDYHUDVJ/DFDMDGH
FDPELRVGHMDGHFDPELDUDXWRPWLFD
\PDQXDOPHQWHSRUTXHHVWEOR
TXHDGDHQDOJXQDPDUFKD
+DJDVXEVDQDUODFDXVDGHODDYHUD
HQXQWDOOHU
,QWHUUXSFLQGHFRUULHQWH
(QFDVRGHLQWHUUXSFLQGHFRUULHQWH
ODSDODQFDVHOHFWRUDQRVHSXHGHPR
YHUGHODSRVLFLQ33/DOODYHQRVH
SXHGHVDFDUGHODFHUUDGXUDGHOHQ
FHQGLGR
6LODEDWHUDHVWGHVFDUJDGDSRQJD
HQPDUFKDHOYHKFXORFRQFDEOHVDX
[LOLDUHVGHDUUDQTXH
6LODEDWHUDQRHVODFDXVDGHODDYH
UDVXHOWHODSDODQFDVHOHFWRUD\VD
TXHODOODYHGHODFHUUDGXUDGHOHQ
FHQGLGR

'HVEORTXHRGHODSDODQFD
VHOHFWRUD
 $FFLRQHHOIUHQRGHHVWDFLRQD
PLHQWR
 ,QVHUWHXQGHVWRUQLOODGRUHQ
 $EUDODWDSDDODGHUHFKDGHOD
SDODQFDVHOHFWRUD
 &LHUUHODWDSD
ODDEHUWXUDKDVWDHOWRSH\VDTXH
ODSDODQFDVHOHFWRUDGHODSRVL
FLQ3
36LVHVHOHFFLRQDGHQXHYR
3ODSDODQFDVHOHFWRUDYROYHU
DEORTXHDUVH+DJDVXEVDQDUOD
FDXVDGHODLQWHUUXSFLQGHFR
UULHQWHHQXQWDOOHU
&RQGXFFLQ\PDQHMR 
&DPELRPDQXDO
3DUDHQJUDQDUODPDUFKDDWUVFRQHO
YHKFXORSDUDGROHYDQWHODDQLOODGH
ODSDODQFDVHOHFWRUD\HQJUDQHOD
PDUFKD
6LODPDUFKDQRHQWUDFRQIDFLOLGDG
SRQJDODSDODQFDHQSXQWRPXHUWR
VXHOWHHOSHGDOGHOHPEUDJXH\SVHOR
GHQXHYROXHJRUHSLWDODVHOHFFLQGH
ODPDUFKD
1RKDJDSDWLQDUHOHPEUDJXHLQQHFH
VDULDPHQWH
 &RQGXFFLQ\PDQHMR

3LVHVLHPSUHDIRQGRHOSHGDOGHOHP )UHQRV 6LVWHPDDQWLEORTXHRGH

EUDJXH1RXWLOLFHHOSHGDOFRPR
DSR\RSDUDHOSLH IUHQRV
(OVLVWHPDGHIUHQRVWLHQHGRVFLUFXL
WRVGHIUHQRLQGHSHQGLHQWHV (OVLVWHPDDQWLEORTXHRGHIUHQRV
$WHQFLQ
6HUHFRPLHQGDFRQGXFLUFRQDP
EDVPDQRVDOYRODQWHVLHPSUH
TXHVHDSRVLEOH(YLWHFRORFDUODV
PDQRVHQODSDODQFDVHOHFWRUD
6LIDOODXQRGHORVFLUFXLWRVGHIUHQRV
DQHVSRVLEOHIUHQDUHOYHKFXORFRQ
HORWURFLUFXLWR6LQHPEDUJRSDUDIUH
QDUKD\TXHSLVDUHOSHGDOILUPH
PHQWH6HUHTXLHUHPXFKDPV
IXHU]DSDUDHOOR/DGLVWDQFLDGHIUH
QDGRVHUPD\RU$QWHVGHFRQWLQXDU
VXYLDMHUHFXUUDDODD\XGDGHXQWD
OOHU
&XDQGRHOPRWRUQRHVWHQPDUFKD
HOVHUYRIUHQRGHMDGHIXQFLRQDUGHV
SXVGHSLVDUHOSHGDOGHOIUHQRXQD
RGRVYHFHV(VWRQRVLJQLILFDTXHOD
DFFLQGHOIUHQRVHDPHQRUSHURKD
EUTXHSLVDUHOSHGDOFRQPVIXHU]D
(VWRGHEHWHQHUVHHQFXHQWDHVSH
FLDOPHQWHDOUHPROFDUHOYHKFXOR
$OLQLFLDUODPDUFKDHOVLVWHPDUHDOL]D
XQDDXWRFRPSUREDFLQTXHSXHGH
VHUDXGLEOH
7HVWLJRGHFRQWURO1
$%6HYLWDTXHVHEORTXHHQODVUXH
GDV
(O$%6FRPLHQ]DDUHJXODUODSUHVLQ
GHORVIUHQRVHQFXDQWRXQDUXHGD
PXHVWUDWHQGHQFLDDEORTXHDUVH(O
YHKFXORPDQWLHQHODPDQLREUDELOL
GDGLQFOXVRGXUDQWHXQDIUHQDGD
DIRQGR
/DUHJXODFLQGHOVLVWHPD$%6VH
PDQLILHVWDPHGLDQWHODVSXOVDFLRQHV
GHOSHGDOGHOIUHQR\XQUXLGRGHUH
JODMH
3DUDXQDHILFDFLDSWLPDGHOIUHQDGR
PDQWHQJDHOSHGDOGHOIUHQRSLVDGR
GXUDQWHWRGRHOSURFHVRGHIUHQDGR
DXQTXHHOSHGDOWLHPEOH1RGLVPL
QX\DODSUHVLQHMHUFLGDVREUHHOSH
GDO
7HVWLJRGHFRQWUROS

$YHUD
 $GYHUWHQFLD
6LKD\XQDDYHUDGHO$%6ODVUXH
GDVSXHGHQEORTXHDUVHHQFDVR
&RQGXFFLQ\PDQHMR 
$SOLTXHVLHPSUHHOIUHQRGHHVWDFLR 6LVWHPDVGHFRQWUROGH
QDPLHQWRILUPHPHQWHVLQSXOVDUHO
ERWQGHGHVEORTXHRHQSHQGLHQWHV ODFRQGXFFLQ
DFFLQHORFRQWRGDODILUPH]DSRVLEOH
3DUDVROWDUHOIUHQRGHHVWDFLRQD 6LVWHPDGHFRQWUROGH
PLHQWROHYDQWHXQSRFRODSDODQFD WUDFFLQ
GHIUHQD]RVIXHUWHV/DVYHQWDMDV
GHO$%6\DQRHVWQGLVSRQLEOHV
$OIUHQDUDIRQGRHOYHKFXOR\DQR
UHVSRQGHDOYRODQWH\SXHGHGH
UUDSDU
+DJDVXEVDQDUODFDXVDGHODDYHUD
HQXQWDOOHU
)UHQRGHHVWDFLRQDPLHQWR
SXOVHHOERWQGHGHVEORTXHR\EDMH
FRPSOHWDPHQWHODSDODQFD
3DUDUHGXFLUHOHVIXHU]RQHFHVDULR
SDUDDFFLRQDUHOIUHQRGHHVWDFLRQD
PLHQWRSLVHVLPXOWQHDPHQWHHOSH
GDOGHOIUHQR
7HVWLJRGHFRQWURO 
$VLVWHQWHGHIUHQDGD
$OSLVDUIXHUWH\USLGRHOSHGDOGHO
IUHQRVHIUHQDDXWRPWLFDPHQWHFRQ
ODP[LPDSRWHQFLDGHOIUHQRIUHQDGD
(OVLVWHPDGHFRQWUROGHWUDFFLQ7&
PHMRUDODHVWDELOLGDGGHPDUFKDHQ
FDVRQHFHVDULRFRQLQGHSHQGHQFLD
GHOWLSRGHFDO]DGD\GHODJDUUHGHORV
QHXPWLFRVHYLWDQGRTXHSDWLQHQODV
UXHGDVPRWULFHV
(QFXDQWRODVUXHGDVPRWULFHVFR
PLHQ]DQDSDWLQDUVHUHGXFHODSR
WHQFLDGHOPRWRU\VHIUHQDLQGLYLGXDO
PHQWHODUXHGDTXHPVSDWLQD(VWR
PHMRUDFRQVLGHUDEOHPHQWHODHVWDEL
OLGDGGHPDUFKDGHOYHKFXORVREUH
FDO]DGDVUHVEDODGL]DV
DIRQGR (O7&HVWRSHUDWLYRHQFXDQWRVH
0DQWHQJDSLVDGRHOSHGDOGHOIUHQR DSDJDHOWHVWLJRGHFRQWUROE
PLHQWUDVVHDQHFHVDULRIUHQDU
&XDQGRLQWHUYLHQHHO7&SDUSDGHDHO
DIRQGR/DP[LPDIXHU]DGHIUHQDGD
WHVWLJRE
VHUHGXFHDXWRPWLFDPHQWHDOVROWDU
HOSHGDOGHOIUHQR
 &RQGXFFLQ\PDQHMR
 $GYHUWHQFLD
1RGHMHTXHHVWDFDUDFWHUVWLFDHV
SHFLDOGHVHJXULGDGOHLQFLWHDFRQ
GXFLUDUULHVJDGDPHQWH
/DYHORFLGDGGHEHDGDSWDUVHDODV
FRQGLFLRQHVGHODFDO]DGD
7HVWLJRGHFRQWUROE
6HHQFLHQGHHOWHVWLJRGHFRQWURON
(O7&VHUHDFWLYDSXOVDQGRGHQXHYR
HOERWQE
(O7&WDPELQVHUHDFWLYDODSU[LPD
YH]TXHFRQHFWHHOHQFHQGLGR
&RQWUROHOHFWUQLFRGH
HVWDELOLGDG
(OFRQWUROHOHFWUQLFRGHHVWDELOLGDG
 $GYHUWHQFLD
1RGHMHTXHHVWDFDUDFWHUVWLFDHV
SHFLDOGHVHJXULGDGOHLQFLWHDFRQ
GXFLUDUULHVJDGDPHQWH
/DYHORFLGDGGHEHDGDSWDUVHDODV
FRQGLFLRQHVGHODFDO]DGD
7HVWLJRGHFRQWUROE
'HVDFWLYDFLQ (6&PHMRUDODHVWDELOLGDGGHPDU 'HVDFWLYDFLQ
FKDHQFDVRQHFHVDULRFRQLQGHSHQ
GHQFLDGHOWLSRGHFDO]DGD\GHODJD
UUHGHORVQHXPWLFRV7DPELQHYLWD
TXHSDWLQHQODVUXHGDVPRWULFHV
(QFXDQWRHOYHKFXORFRPLHQ]DDGH
6HSXHGHGHVFRQHFWDUHO7&FXDQGR
VHDQHFHVDULRTXHODVUXHGDVPRWUL
FHVSDWLQHQSXOVHHOERWQEGXUDQWH
VHJXQGRVDSUR[
UUDSDUVXEYLUDMHVVREUHYLUDMHVVH
UHGXFHODSRWHQFLDGHOPRWRU\VHIUH
QDQODVUXHGDVLQGLYLGXDOPHQWH(VWR
PHMRUDFRQVLGHUDEOHPHQWHODHVWDEL
OLGDGGHPDUFKDGHOYHKFXORVREUH
FDO]DGDVUHVEDODGL]DV
(O(6&HVWRSHUDWLYRHQFXDQWRVH
DSDJDHOWHVWLJRGHFRQWUROE
3DUDXQDFRQGXFFLQPX\GHSRUWLYD
&XDQGRLQWHUYLHQHHO(6&SDUSDGHD VHSXHGHGHVDFWLYDUHO(6&PDQ
HOWHVWLJRE WHQJDSXOVDGRHOERWQEGXUDQWH
VHJXQGRVDSUR[

6HHQFLHQGHHOWHVWLJRGHFRQWUROQ
(O(6&VHUHDFWLYDSXOVDQGRGH
QXHYRHOERWQE6LSUHYLDPHQWHVH
GHVDFWLYHO7&WDQWRHO7&FRPRHO
(6&HVWDUQGHVDFWLYDGRV
(O(6&WDPELQVHUHDFWLYDODSU
[LPDYH]TXHFRQHFWHHOHQFHQGLGR
5HJXODGRUGHYHORFLGDG
(OUHJXODGRUGHYHORFLGDGSHUPLWH
PHPRUL]DU\PDQWHQHUYHORFLGDGHV
GHVGHORVKDVWDORVNPKDSUR
[LPDGDPHQWH6HSXHGHQSURGXFLU
YDULDFLRQHVUHVSHFWRDODYHORFLGDG
PHPRUL]DGDFXDQGRVHFRQGXFH
FXHVWDDUULEDRFXHVWDDEDMR
3RUPRWLYRVGHVHJXULGDGHOUHJXOD
GRUGHYHORFLGDGVORVHSXHGHDFWL
YDUWUDVKDEHUSLVDGRXQDYH]HOSHGDO
GHOIUHQR
&RQGXFFLQ\PDQHMR 
1RDFWLYHHOUHJXODGRUGHYHORFLGDGVL
QRHVDFRQVHMDEOHPDQWHQHUXQDYH
ORFLGDGFRQVWDQWH
&RQFDPELRDXWRPWLFRVORGHEH
DFWLYDUHOUHJXODGRUGHYHORFLGDGHQHO
PRGRDXWRPWLFR
7HVWLJRGHFRQWURO>
&RQH[LQ
3XOVHHOLQWHUUXSWRUEDVFXODQWH>HQ
ODSDUWHVXSHULRUHOWHVWLJRGHFRQWURO
>VHHQFLHQGHHQEODQFR
$FWLYDFLQ
$FHOHUHKDVWDDOFDQ]DUODYHORFLGDG
GHVHDGD\JLUHODUXHGDGHDMXVWH
D6
6(7VHPHPRUL]D\PDQWLHQHOD
YHORFLGDGDFWXDO6HHQFLHQGHODOX]
YHUGHGHOWHVWLJRGHFRQWURO>6H
SXHGHVROWDUHOSHGDOGHODFHOHUDGRU
/DYHORFLGDGGHOYHKFXORSXHGHDX
PHQWDUVHSLVDQGRHOSHGDOGHODFHOH
UDGRU&XDQGRVHVXHOWDHOSHGDOGHO
DFHOHUDGRUVHUHFXSHUDODYHORFLGDG
PHPRUL]DGDSUHYLDPHQWH
 &RQGXFFLQ\PDQHMR
$XPHQWDUODYHORFLGDG
&RQHOUHJXODGRUGHYHORFLGDGDFWL
YDGRPDQWHQJDODUXHGDGHDMXVWHJL
UDGDKDFLD55(6RJUHODEUHYH
PHQWHD55(6YDULDVYHFHVODYHOR
FLGDGDXPHQWDFRQWLQXDPHQWHRHQ
SHTXHRVLQFUHPHQWRV
&RPRDOWHUQDWLYDDFHOHUHKDVWDOD
YHORFLGDGGHVHDGD\PHPRULFHHOYD
ORUJLUDQGRODUXHGDD5
5(6
5HGXFLUODYHORFLGDG
&RQHOUHJXODGRUGHYHORFLGDGDFWL
YDGRPDQWHQJDODUXHGDGHDMXVWHJL
UDGDKDFLD6
6(7RJUHODEUHYHPHQWH
D6
6(7YDULDVYHFHVODYHORFLGDG
GLVPLQX\HFRQWLQXDPHQWHRHQSH
TXHRVLQFUHPHQWRV
'HVDFWLYDFLQ
3XOVHHOERWQ\HOWHVWLJRGHFRQWURO
>VHHQFLHQGHHQEODQFR(OUHJXOD
GRUGHYHORFLGDGHVWGHVDFWLYDGR6H
JXDUGDODYHORFLGDGPHPRUL]DGD
'HVDFWLYDFLQDXWRPWLFD PLHQWR
DXQDYHORFLGDGGHOYHKFXORLQIH
ULRUDNPKDSUR[LPDGDPHQWH
DOSLVDUHOSHGDOGHOIUHQR
DOSLVDUHOSHGDOGHOHPEUDJXH 6LVWHPDVGHGHWHFFLQ
FRQODSDODQFDVHOHFWRUDHQ1 1
GHREMHWRV
DOLQWHUYHQLUHOVLVWHPDGHFRQWURO
GHWUDFFLQRHOFRQWUROHOHFWUQLFR
$VLVWHQWHGHDSDUFDPLHQWR
GHHVWDELOLGDG
5HVWDEOHFHUODYHORFLGDG
PHPRUL]DGD
$XQDYHORFLGDGVXSHULRUDNPK
JLUHODUXHGDGHDMXVWHKDFLD55(6
6HHVWDEOHFHUODYHORFLGDGPHPRUL
]DGD6LODGLIHUHQFLDHQWUHODYHORFL
GDGDFWXDO\ODYHORFLGDGPHPRUL]DGD
HVVXSHULRUDNPKHOYHKFXORQR
SXHGHUHVWDEOHFHUODYHORFLGDGPH
PRUL]DGD
'HVFRQH[LQ (ODVLVWHQWHGHDSDUFDPLHQWRIDFLOLWD
3XOVHHOLQWHUUXSWRUEDVFXODQWH>HQ HOHVWDFLRQDPLHQWRPLGLHQGRODGLV
ODSDUWHLQIHULRUHOWHVWLJRGHFRQWURO WDQFLDHQWUHHOYHKFXOR\ORVSRVLEOHV
>VHDSDJD6HERUUDODYHORFLGDG REVWFXORVWUDVHURV\HPLWLHQGRVH
PHPRUL]DGD/DYHORFLGDGPHPRUL DOHVDFVWLFDV6LQHPEDUJRHVWR
]DGDVHERUUDWDPELQDOGHVFRQHFWDU QRH[LPHDOFRQGXFWRUGHVXUHVSRQ
HOHQFHQGLGR VDELOLGDGHQODPDQLREUDGHDSDUFD

(OVLVWHPDVHFRPSRQHGHFXDWUR
VHQVRUHVGHDSDUFDPLHQWRSRUXOWUD
VRQLGRVPRQWDGRVHQHOSDUDFKRTXHV
WUDVHUR
7HVWLJRGHFRQWUROJ
1RWD
&XDOTXLHUDFFHVRULRLQVWDODGRHQHO
$YHUD
(QFDVRGHDYHUDHQHOVLVWHPDVH
HQFLHQGHJ
$GHPVVLHOVLVWHPDQRIXQFLRQDGH
ELGRDFRQGLFLRQHVWHPSRUDOHVFRPR
ODSUHVHQFLDGHQLHYHHQORVVHQVR
UHVVHLOXPLQDJ
&RQGXFFLQ\PDQHMR 
(OUHQGLPLHQWRGHORVVLVWHPDVGH
DVLVWHQFLDDODSDUFDPLHQWRSXHGH
YHUVHUHGXFLGRSRUXQFDPELRGH
QLYHOGHORVVHQVRUHV
6RQDSOLFDEOHVFRQGLFLRQHVSDUWL
FXODUHVSDUDORVYHKFXORVDOWRVS
HMYHKFXORVWRGRWHUUHQRPRQR
YHKFXORHQHOUHDGHGHWHFFLQ
SXHGHFDXVDUXQPDOIXQFLRQD
PLHQWRGHOVLVWHPD
$FWLYDFLQ
(OVLVWHPDVHDFWLYDDXWRPWLFD
PHQWHDOHQJUDQDUODPDUFKDDWUV
/DSUHVHQFLDGHXQREVWFXORVHLQ
GLFDPHGLDQWHDYLVRVDFVWLFRV(OLQ
WHUYDORHQWUHDYLVRVVHDFRUWDFRQ
IRUPHHOYHKFXORVHDFHUFDDOREVW
FXOR&XDQGRODGLVWDQFLDHVLQIHULRU
DFPHODYLVRDFVWLFRVXHQDFRQ
WLQXDPHQWH
'HVDFWLYDFLQ
(OVLVWHPDVHGHVDFWLYDDXWRPWLFD
PHQWHFXDQGR
,QGLFDFLRQHVLPSRUWDQWHVSDUD
HOXVRGHORVVLVWHPDVGH
DVLVWHQFLDDODSDUFDPLHQWR
 $GYHUWHQFLD
(QGHWHUPLQDGDVFLUFXQVWDQFLDV
DOJXQDVVXSHUILFLHVUHIOHFWDQWHV
VREUHREMHWRVRURSDVDVFRPR
IXHQWHVGHUXLGRH[WHUQDVSXHGHQ
GDUOXJDUDIDOORVGHOVLVWHPDHQOD
GHWHFFLQGHREVWFXORV
$WHQFLQ
(OUHQGLPLHQWRGHORVVHQVRUHV
YROPHQHVIXUJRQHWDV1RVH
SXHGHJDUDQWL]DUODLGHQWLILFDFLQ
GHREMHWRVHQODSDUWHVXSHULRUGHO
YHKFXOR
/RVREMHWRVFRQXQDVHFFLQGH
UHIOH[LQPX\SHTXHDFRPRRE
MHWRVHVWUHFKRVRORVPDWHULDOHV
EODQGRVSXHGHQQRVHUGHWHFWDGRV
SRUHOVLVWHPD
/RVVLVWHPDVGHDVLVWHQFLDDO
DSDUFDPLHQWRQRD\XGDQDORV
FRQGXFWRUHVDHYLWDUREVWFXORV
LQHVSHUDGRV
1RWD
/RVVHQVRUHVSRGUDQGHWHFWDUXQ
REMHWRLQH[LVWHQWHSHUWXUEDFLQGHO
SXHGHYHUVHUHGXFLGRVLHVWQFX HFRGHELGRDSHUWXUEDFLRQHVDFV
HOYHKFXORVXSHUDORVNPK WLFDVRPHFQLFDVH[WHUQDV
ELHUWRVSHMSRUKLHORRQLHYH
HOYHKFXORHVWDSDUFDGR
KD\XQDDYHUDHQHOVLVWHPD
 &RQGXFFLQ\PDQHMR
&RPEXVWLEOH
&RPEXVWLEOHSDUDPRWRUHV
GHJDVROLQD
8WLOLFHVORFRPEXVWLEOHVLQSORPR
TXHFXPSODODQRUPD(1
(OXVRGHFRPEXVWLEOHGHFDOLGDGTXH
QRFXPSOHFRQODVUHJXODFLRQHVWF
QLFDVSXHGHOOHYDUDGDRVHQHOPR
WRU\ODSUGLGDGHWRGDVODVREOLJD
FLRQHVGHODJDUDQWD
6HSXHGHQXVDUFRPEXVWLEOHVQRUPD
OL]DGRVHTXLYDOHQWHVFRQXQFRQWH
QLGRP[LPRGHHWDQROGHOSRU
YROXPHQ(QWDOFDVRXWLOLFHVOR
FRPEXVWLEOHTXHFXPSODODQRUPD
(',1
8WLOLFHFRPEXVWLEOHFRQHORFWDQDMH
UHFRPHQGDGR(OXVRGHXQ
FRPEXVWLEOHFRQXQRFWDQDMHLQIHULRU
GLVPLQX\HODSRWHQFLD\HOSDUPRWRU
DXPHQWDQGROLJHUDPHQWHHOFRQVXPR
GHFRPEXVWLEOH
$WHQFLQ
(OXVRGHFRPEXVWLEOHTXHQR
FXPSOHFRQODQRUPDWLYD(1
RVLPLODUSXHGHFRQGXFLUDGDRV
HQORVGHSVLWRVRHOPRWRU\SU
GLGDGHODJDUDQWD
$WHQFLQ
(OFRPEXVWLEOHFRQXQRFWDQDMH
GHPDVLDGREDMRSXHGHRFDVLRQDU
XQDFRPEXVWLQLQFRQWURODGD\GD
RVHQHOPRWRU
&RPEXVWLEOHSDUDPRWRUHV
GLVHO
8WLOLFHVORFRPEXVWLEOHGLVHOTXH
FXPSODODQRUPD(1
(OXVRGHFRPEXVWLEOHGHFDOLGDGTXH
QRFXPSOHFRQODVUHJXODFLRQHVWF
QLFDVSXHGHOOHYDUDGDRVHQHOPR
WRU\ODSUGLGDGHWRGDVODVREOLJD
FLRQHVGHODJDUDQWD
(QSDVHVGHIXHUDGHOD8QLQ(XUR
SHDXVHFRPEXVWLEOHHXURGLVHOFRQ
XQDFRQFHQWUDFLQGHVXOIXURLQIHULRU
DSSP
$WHQFLQ
(OXVRGHFRPEXVWLEOHTXHQR
FXPSOHFRQODQRUPDWLYD(1
RVLPLODUSXHGHFRQGXFLUDXQD
SUGLGDGHSRWHQFLDGHOPRWRUXQ
GHVJDVWHPD\RUGHOPRWRUGDRV
HQHOPRWRU\SUGLGDGHODJDUDQ
WD
1RXVHDFHLWHVGLVHOPDULQRVDFHL
WHVSDUDFDOHIDFFLQ$TXD]ROHQL
HPXOVLRQHVGHGLVHO\DJXDVLPLOD
UHV1RGHEHGLOXLUVHHOFRPEXVWLEOH
GLVHOFRQFRPEXVWLEOHSDUDPRWRUHV
GHJDVROLQD
/DIOXLGH]\ILOWUDELOLGDGGHOFRPEXVWL
EOHGLVHOGHSHQGHQGHODWHPSHUD
WXUD&XDQGRODVWHPSHUDWXUDVVRQ
EDMDVUHSRVWHFRPEXVWLEOHGLVHOFRQ
SURSLHGDGHVSDUDXVRHQLQYLHUQRJD
UDQWL]DGDV
 &RQGXFFLQ\PDQHMR 

5HSRVWDMH  3HOLJUR
(OFRPEXVWLEOHHVLQIODPDEOH\H[
SORVLYR3URKLELGRIXPDU(YLWHOD
SUHVHQFLDGHOODPDVGHVFXELHUWDV
RFKLVSDV
6LSHUFLEHRORUDFRPEXVWLEOHGHQ
WURGHOYHKFXORKDJDVXEVDQDUOD
FDXVDLQPHGLDWDPHQWHHQXQWD
OOHU

 3HOLJUR
$QWHVGHUHSRVWDUGHVFRQHFWHHO
PRWRU\FXDOTXLHUVLVWHPDGHFD
OHIDFFLQH[WHUQRFRQFPDUDGH
FRPEXVWLQ6HGHEHQGHVFRQHF
WDUORVWHOIRQRVPYLOHV
$OUHSRVWDUGHEHQREVHUYDUVHODV
LQVWUXFFLRQHV\QRUPDVGHVHJXUL
GDGGHODHVWDFLQGHVHUYLFLR
$WHQFLQ
(QFDVRGHUHSRVWDUFRPEXVWLEOH
LQFRUUHFWRQRFRQHFWHHOHQFHQ
GLGR
/DWDSDGHOGHSVLWRGHFRPEXVWLEOH
HVWVLWXDGDHQHOODGRWUDVHURGHUH
FKRGHOYHKFXOR
/DWDSDGHOGHSVLWRVORVHSXHGH
DEULUFRQHOYHKFXORGHVEORTXHDGR
'HVEORTXHHODWDSDGHOGHSVLWRGH
FRPEXVWLEOHSXOVDQGRVREUHOD
PLVPD
 &RQGXFFLQ\PDQHMR

(OWDSQGHOGHSVLWRVHSXHGHHQ
JDQFKDUHQHOVRSRUWHGHODWDSDGHO
GHSVLWRGHFRPEXVWLEOH

$WHQFLQ
/LPSLHLQPHGLDWDPHQWHHOFRP
EXVWLEOHTXHKD\DSRGLGRUHERVDU

7DSQGHOGHSVLWR
6ORHOWDSQGHOGHSVLWRRULJLQDOOH
SURSRUFLRQDXQFRUUHFWRIXQFLRQD
PLHQWR/RVYHKFXORVFRQPRWRUGL
VHOWLHQHQXQWDSQGHOGHSVLWRHV
SHFLDO

&XLGDGRGHOYHKFXOR
,QIRUPDFLQJHQHUDO   6LHOYHKFXORYDDHVWDULQPRYLOL]DGR
&RPSUREDFLRQHVGHOYHKFXOR    
6XVWLWXFLQGHERPELOODV  
6LVWHPDHOFWULFR  
+HUUDPLHQWDVGHOYHKFXOR  
/ODQWDV\QHXPWLFRV  
$UUDQTXHFRQFDEOHV  
5HPROFDGR  
&XLGDGRGHODVSHFWR  
,QIRUPDFLQJHQHUDO
$FFHVRULRV
\PRGLILFDFLRQHVGHO
YHKFXOR
/HUHFRPHQGDPRVHOXVRGHUHSXHV
WRV\DFFHVRULRVRULJLQDOHV\SLH]DV
KRPRORJDGDVSRUHOIDEULFDQWHHVSH
FILFDPHQWHSDUDVXWLSRGHYHKFXOR
1RSRGHPRVHYDOXDUQLJDUDQWL]DUOD
ILDELOLGDGGHRWURVSURGXFWRVDXQTXH
FXHQWHQFRQXQDDXWRUL]DFLQRILFLDO
RGHRWUDQGROH
1RVHGHEHQHIHFWXDUPRGLILFDFLRQHV
HQHOVLVWHPDHOFWULFRSRUHMHPSOR
FDPELRVHQODVXQLGDGHVHOHFWUQLFDV
&XLGDGRGHOYHKFXOR 
,QPRYLOL]DFLQGHOYHKFXOR
,QPRYLOL]DFLQGXUDQWHXQ
SHULRGRGHWLHPSRSURORQJDGR
GXUDQWHYDULRVPHVHV
/DYDU\HQFHUDUHOYHKFXOR
&RPSUREDUODFHUDSURWHFWRUDHQHO
FRPSDUWLPHQWRGHOPRWRU\ORVED
MRV
/LPSLDU\FRQVHUYDUODVMXQWDVGH
JRPD
5HOOHQHHOGHSVLWRGHFRPEXVWLEOH
SRUFRPSOHWR
&DPELDUHODFHLWHGHOPRWRU
9DFLDUHOGHSVLWRGHOOTXLGRGHOD
GHFRQWUROFKLSWXQLQJ
YDGR
&RPSUREDUODSURWHFFLQDQWLFRQ
JHODQWH\DQWLFRUURVLYDGHOUHIULJH
UDQWH
$MXVWDUODSUHVLQGHORVQHXPWL
FRVDOYDORUHVSHFLILFDGRSDUD
SOHQDFDUJD
 &XLGDGRGHOYHKFXOR
$SDUFDUHOYHKFXORHQXQOXJDU
VHFR\ELHQYHQWLODGR(QJUDQDUOD
SULPHUDRODPDUFKDDWUVRSRQHU
ODSDODQFDVHOHFWRUDHQ33&DO]DUHO
YHKFXORSDUDHYLWDUTXHUXHGH
1RDFFLRQDUHOIUHQRGHHVWDFLRQD
PLHQWR
$EULUHOFDSFHUUDUWRGDVODVSXHU
WDV\EORTXHDUHOYHKFXOR
'HVHPERUQHHOSRORQHJDWLYRGHOD
EDWHUDGHOYHKFXOR7HQJDHQ
FXHQWDORVVLVWHPDVTXHQRIXQFLR
QDUQFRPRHOVLVWHPDGHDODUPD
DQWLUURER
3XHVWDHQVHUYLFLRGHQXHYR
3DUDYROYHUDSRQHUHQVHUYLFLRHOYH
KFXOR
(PERUQDUHOSRORQHJDWLYRGHODED
WHUDGHOYHKFXOR$FWLYDUHOFRQWURO
HOHFWUQLFRGHORVHOHYDOXQDVHOF
WULFRV
&RPSUREDUODSUHVLQGHORVQHX
PWLFRV
5HOOHQDUHOGHSVLWRGHOOTXLGRGH
ODYDGR
&RPSUREDUHOQLYHOGHDFHLWHGHO &RPSUREDFLRQHVGHO
PRWRU
&RPSUREDUHOQLYHOGHOUHIULJHUDQWH
YHKFXOR
0RQWDUODSODFDGHPDWUFXODVL 5HDOL]DFLQGHWUDEDMRV
IXHUDQHFHVDULR
5HFRJLGDGHYHKFXORV
XVDGRV
'LVSRQHGHLQIRUPDFLQVREUHFHQ
WURVGHUHFRJLGDGHYHKFXORVXVDGRV
\VREUHHOUHFLFODMHGHHVWRVYHKFXORV
HQQXHVWUDZHE(OGHVJXDFHGHEH
HQFDUJDUVHDXQDHPSUHVDGHUHFL
FODMHDXWRUL]DGD
 $GYHUWHQFLD
/DVFRPSUREDFLRQHVHQHOFRP
SDUWLPLHQWRGHOPRWRUGHEHQHIHF
WXDUVHFRQHOHQFHQGLGRGHVFR
QHFWDGR
(OYHQWLODGRUGHUHIULJHUDFLQ
SXHGHIXQFLRQDUDXQTXHHOHQFHQ
GLGRHVWGHVFRQHFWDGR
 &XLGDGRGHOYHKFXOR 

 3HOLJUR
(OVLVWHPDGHHQFHQGLGRXWLOL]D
XQDWHQVLQPX\DOWD1RWRTXH
VXVFRPSRQHQWHV

&DS
$SHUWXUD

(PSXMHHOJDQFKRGHVHJXULGDGKDFLD
ODL]TXLHUGD\DEUDHOFDS
 $GYHUWHQFLD
&XDQGRHOPRWRUHVWFDOLHQWHWR
TXHVORHODFROFKDGRGHHVSXPD
GHODYDULOODGHDSR\RGHOFDS
(QWUDGDGHDLUH
7LUHGHODSDODQFDGHGHVEORTXHR
\GHYXOYDODDVXSRVLFLQRULJLQDO
)LMHODYDULOODGHDSR\RGHOFDS
&LHUUH
$QWHVGHFHUUDUHOFDSLQVHUWHODYD
ULOODGHDSR\RHQVXDORMDPLHQWR
%DMHFDS\GMHORFDHUVREUHHOFLH
UUH&RPSUXHEHTXHHOFDSTXHGH
HQFODYDGR
 &XLGDGRGHOYHKFXOR

9LVWDGHOFRPSDUWLPHQWRGHOPRWRU
0RWRUGHJDVROLQD/'(\+
 &XLGDGRGHOYHKFXOR 

0RWRUGHJDVROLQD/;7
 &XLGDGRGHOYHKFXOR

0RWRUGLVHO/13

 'HSVLWRGHOOTXLGRGHODGLUHF
FLQDVLVWLGD
 7DSQGHODFHLWHGHOPRWRU

 'HSVLWRGHOOTXLGRGHIUHQRV

 'HSVLWRGHOUHIULJHUDQWHGHOPR
WRU
 &DMDGHIXVLEOHV
 'HSVLWRGHOOTXLGRGHODYDGR

 %DWHUD
 9DULOODGHPHGLFLQGHOQLYHOGH
DFHLWHGHOPRWRU
 )LOWURGHDLUHGHOPRWRU
$FHLWHGHOPRWRU
&RPSUXHEHHOQLYHOGHDFHLWHGHOPR
WRUFRQUHJXODULGDGSDUDSUHYHQLUGD
RVHQHOPRWRU$VHJUHVHGHTXHVH
XVDHODFHLWHGHODHVSHFLILFDFLQFR
UUHFWD/TXLGRV\OXEULFDQWHVUHFR
PHQGDGRV
&XLGDGRGHOYHKFXOR 
/DFRPSUREDFLQVHUHDOL]DFRQHOYH
KFXORHQXQDVXSHUILFLHQLYHODGD(O
PRWRUGHEHHVWDUDWHPSHUDWXUDGH
IXQFLRQDPLHQWR\OOHYDUSDUDGRDOPH
QRVPLQXWRV
([WUDLJDODYDULOODGHPHGLFLQOP
SLHODHLQVUWHODKDVWDHOWRSHGHO
PDQJRYXHOYDDH[WUDHUOD\FRP
SUXHEHHOQLYHOGHDFHLWHGHOPRWRU
,QVHUWHODYDULOODGHPHGLFLQKDVWDHO
WRSHGHOPDQJR\JUHODPHGLDYXHOWD
5HOOHQHDFHLWHGHPRWRUFXDQGRHOQL
YHOKD\DGHVFHQGLGRKDVWDODPDUFD
0,1
6HXWLOL]DQGLVWLQWRVWLSRVGHYDULOODGH
PHGLFLQGHODFHLWHVHJQHOWLSRGH
PRWRU
 &XLGDGRGHOYHKFXOR

/HUHFRPHQGDPRVHOXVRGHOPLVPR )LOWURGHDLUHGHOPRWRU
WLSRGHDFHLWHGHOPRWRUXWLOL]DGRHQHO $WHQFLQ
OWLPRFDPELR
6ORGHEHXWLOL]DUVHDQWLFRQJH
(OQLYHOGHDFHLWHGHOPRWRUQRGHEH ODQWHKRPRORJDGR
H[FHGHUODPDUFDVXSHULRU0 0$;GHOD
YDULOODGHPHGLFLQ
1LYHOGHUHIULJHUDQWH
$WHQFLQ
$WHQFLQ
6LKD\XQH[FHVRGHDFHLWHGHOPR
8QQLYHOGHUHIULJHUDQWHGHPD
WRUGHEHYDFLDUVHRDVSLUDUVH
VLDGREDMRSXHGHRFDVLRQDUGDRV
HQHOPRWRU
&DSDFLGDGHV
&RORTXHHOWDSQFRUUHFWDPHQWH
\DSULWHOR 3DUDVXVWLWXLUHOILOWURGHDLUHGHOPR
WRUGHVHQURVTXHWRUQLOORV\GHV
PRQWHODFDUFDVDGHOILOWUR
$WHQFLQ
$OFRQGXFLUSRUXQDSHQGLHQWH 5HIULJHUDQWHGHOPRWRU
SXHGHDSDUHFHUHOFGLJRHQHO (OUHIULJHUDQWHRIUHFHSURWHFFLQDQWL
FHQWURGHLQIRUPDFLQGHOFRQGXF FRQJHODQWHKDVWDXQRV&
WRU
6HGHEHPDQWHQHUXQDFRQFHQWUDFLQ
6LHOFGLJRGHVDSDUHFHDOFRQGX VXILFLHQWHGHDQWLFRQJHODQWH
FLUSRUXQDVXSHUILFLHOODQDQRHV
QHFHVDULRHFKDUPVDFHLWH

&RQHOVLVWHPDGHUHIULJHUDFLQIUR
HOQLYHOGHOUHIULJHUDQWHGHEHHVWDUSRU
HQFLPDGHODPDUFDGHODOQHDGHOOH
QDGR5HOOHQHVLHOQLYHOHVPVEDMR
 $GYHUWHQFLD
'HMHTXHVHHQIUHHOPRWRUDQWHV
GHDEULUHOWDSQ$EUDHOWDSQ
FXLGDGRVDPHQWHSDUDTXHHOVLV
WHPDVHGHVSUHVXULFHOHQWDPHQWH
5HOOHQHFRQXQDPH]FODGHDJXDGHV
PLQHUDOL]DGD\DQWLFRQJHODQWHKRPR
ORJDGRSDUDHOYHKFXOR&RORTXHHO
WDSQ\DSULWHORILUPHPHQWH+DJD
FRPSUREDUODFRQFHQWUDFLQGHDQWL
FRQJHODQWH\VXEVDQDUODFDXVDGHOD
SUGLGDGHUHIULJHUDQWHHQXQWDOOHU
/TXLGRGHODGLUHFFLQ
DVLVWLGD
$WHQFLQ
,QFOXVRXQDPQLPDFDQWLGDGGH
FRQWDPLQDFLQSXHGHFDXVDUGD
RVHQHOVLVWHPDGHGLUHFFLQ
HLPSHGLUVXFRUUHFWRIXQFLRQD
PLHQWR1RSHUPLWDTXHODVXFLH
GDGHQWUHHQFRQWDFWRFRQHOODGR
GHOOTXLGRGHOWDSRQGHOGHSVLWR
RODYDULOODQLTXHHQWUHHQHOGH
SVLWR
&XLGDGRGHOYHKFXOR 
$EUD\UHWLUHHOWDSQ6HTXHODYDULOOD
GHPHGLFLQFRQXQSDR\JLUHHOWD
SQHQHOGHSVLWR$EUDGHQXHYRHO
WDSQUHWUHOR\YHULILTXHHOQLYHOGH
OTXLGRGHODGLUHFFLQDVLVWLGD
(OQLYHOGHOOTXLGRGHODGLUHFFLQ
DVLVWLGDGHEHHVWDUHQWUHODVPDUFDV
0,1\0 0$;
6LHOQLYHOGHOTXLGRHVGHPDVLDGR
EDMRUHFXUUDDODD\XGDGHXQWDOOHU
/TXLGRGHODYDGR
5HOOHQHFRQOTXLGRODYDSDUDEULVDV
TXHFRQWHQJDDQWLFRQJHODQWH
 &XLGDGRGHOYHKFXOR
)UHQRV
(QFDVRGHJURVRUPQLPRGHODVSDV
WLOODVGHIUHQRVHHQFLHQGHHOWHV
WLJRJ
6HSXHGHFRQWLQXDUFRQGXFLHQGR
SHURKDJDVXVWLWXLUODVSDVWLOODVGHIUH
QRVORDQWHVSRVLEOH
8QDYH]PRQWDGDVODVSDVWLOODVGH
IUHQRQXHYDVQRIUHQHDIRQGRLQQH
FHVDULDPHQWHGXUDQWHORVSULPHURV
YLDMHV
/TXLGRGHIUHQRV
 $GYHUWHQFLD
(OOTXLGRGHIUHQRVHVW[LFR\FR
UURVLYR(YLWHVXFRQWDFWRFRQORV
RMRVODSLHOODURSDRVXSHUILFLHV
SLQWDGDV
(OQLYHOGHOOTXLGRGHIUHQRVGHEHHV
WDUHQWUHODVPDUFDV0 0,1\0
0$;
$OUHOOHQDUGHEHDVHJXUDUVHODP
[LPDOLPSLH]D\DTXHODFRQWDPLQD
FLQGHOOTXLGRGHIUHQRVSXHGHRFD
VLRQDUIDOORVHQHOVLVWHPDGHIUHQRV
+DJDVXEVDQDUODFDXVDGHODSUGLGD
GHOTXLGRGHIUHQRVHQXQWDOOHU
8WLOLFHVOROTXLGRGHIUHQRVGHDOWR
UHQGLPLHQWRKRPRORJDGRSDUDVXYH
KFXOR/TXLGRGHIUHQRV\HPEUDJXH

%DWHUD
/DEDWHUDGHOYHKFXORQRUHTXLHUH
PDQWHQLPLHQWRVLHPSUHTXHHOSHUILO
GHFRQGXFFLQSHUPLWDTXHODEDWHUD
VHFDUJXHORVXILFLHQWH/DFRQGXF
FLQHQGLVWDQFLDVFRUWDV\ORVIUH
FXHQWHVDUUDQTXHVGHOPRWRUSXHGHQ
GHVFDUJDUODEDWHUD(YLWHHOXVRGH
FRQVXPLGRUHVHOFWULFRVLQQHFHVD
ULRV
/DVSLODVQRGHEHQDUURMDUVHDODED
VXUDGRPVWLFD'HEHQGHVHFKDUVH
HQXQSXQWRGHUHFRJLGDDXWRUL]DGR
SDUDVXUHFLFODMH
/DLQPRYLOL]DFLQGHOYHKFXORGX
UDQWHPVGHVHPDQDVSXHGHRFD
VLRQDUODGHVFDUJDGHODEDWHUD'HV
HPERUQHHOSRORQHJDWLYRGHODEDWH
UDGHOYHKFXOR

6ORVHGHEHHPERUQDURGHVHPERU
QDUODEDWHUDFRQHOHQFHQGLGRGHV
FRQHFWDGR
 $GYHUWHQFLD
3DUDHYLWDUH[SORVLRQHVPDQ
WHQJDDOHMDGRGHODEDWHUDFXDO
TXLHUREMHWRLQFDQGHVFHQWH/DH[
SORVLQGHODEDWHUDSXHGHRFD
VLRQDUOHVLRQHVJUDYHVRIDWDOHV
\GDRVHQHOYHKFXOR
(YLWHVXFRQWDFWRFRQORVRMRVOD
SLHOODURSDRVXSHUILFLHVSLQWDGDV
(OOTXLGRFRQWLHQHFLGRVXOIULFR
TXHSXHGHRFDVLRQDUOHVLRQHV
\GDRVHQFDVRGHFRQWDFWRGL
UHFWRFRQHOPLVPR(QFDVRGH
FRQWDFWRFRQODSLHOODYHOD]RQD
FRQDJXD\DFXGDLQPHGLDWDPHQWH
DOPGLFR
0DQWQJDVHOHMRVGHODOFDQFHGH
ORVQLRV
1RLQFOLQHXQDEDWHUDDELHUWD
3URWHFFLQFRQWUDGHVFDUJDGHODED
WHUD
(WLTXHWDGHDGYHUWHQFLD
6LJQLILFDGRGHORVVPERORV 5HSLWDHVWHSURFHVRGHVSXVGHHV
1RDFHUFDUDFKLVSDVOODPDVVLQ
SURWHFFLQQLKXPR
3URWHJHUVLHPSUHORVRMRV/RVJD
VHVH[SORVLYRVSXHGHQSURYRFDUOH
VLRQHVHLQFOXVRFHJXHUD
0DQWHQJDODEDWHUDOHMRVGHODO
FDQFHGHORVQLRV
/DEDWHUDFRQWLHQHFLGRVXOIULFR
TXHSXHGHSURYRFDUFHJXHUD
RTXHPDGXUDVJUDYHV
&XLGDGRGHOYHKFXOR 
9HDHOPDQXDOGHLQVWUXFFLRQHV
SDUDREWHQHUPVLQIRUPDFLQ
3XHGHKDEHUJDVHVH[SORVLYRV
FHUFDGHODEDWHUD
3XUJDGHOVLVWHPDGH
FRPEXVWLEOHGLVHO
6LVHKDDJRWDGRHOGHSVLWRKD\TXH
SXUJDUHOVLVWHPDGHFRPEXVWLEOHGL
VHO&RQHFWHHOHQFHQGLGRWUHVYHFHV
GXUDQWHXQRVVHJXQGRVFDGDYH]
/XHJRLQWHQWHDUUDQFDUHOPRWRUGX
UDQWHXQP[LPRGHVHJXQGRV
SHUDUXQPQLPRGHVHJXQGRV6LQR
FRQVLJXHDUUDQFDUHOPRWRUUHFXUUD
DODD\XGDGHXQWDOOHU
 &XLGDGRGHOYHKFXOR
6XVWLWXFLQGHODV
HVFRELOODV
/HYDQWHHOEUD]RGHOOLPSLDOXQHWD
3XOVHODSDODQFDGHGHVEORTXHR
\GHVDFRSOHODHVFRELOOD
(VFRELOODGHODOXQHWDWUDVHUD
/HYDQWHHOEUD]RGHOOLPSLDOXQHWD
'HVDFRSOHODHVFRELOODFRPRVH
PXHVWUDHQODLOXVWUDFLQ\GHVPQ
WHOD
$FRSOHODHVFRELOODOLJHUDPHQWHLQFOL
QDGDUHVSHFWRDOEUD]RGHOOLPSLDSD
UDEULVDV\HPSMHODKDVWDTXHHQ
FDMH
%DMHHOEUD]RGHOOLPSLDSDUDEULVDV
FXLGDGRVDPHQWH
6XVWLWXFLQGH
ERPELOODV
'HVFRQHFWHHOHQFHQGLGR\HOLQWH
UUXSWRUFRUUHVSRQGLHQWHRFLHUUHODV
SXHUWDV
8QDERPELOODQXHYDVORVHGHEHVX
MHWDUSRUODEDVH1RWRTXHHOFULVWDO
GHODERPELOODFRQODVPDQRVGHVQX
GDV
8WLOLFHVORHOPLVPRWLSRGHERPELOOD
SDUDODVXVWLWXFLQ
6XVWLWX\DODVERPELOODVGHORVIDURV
GHVGHHOFRPSDUWLPHQWRGHOPRWRU
)DURVKDOJHQRV
/X]GHFUXFH\OX]GHFDUUHWHUD
 'HVHQFKXIHHOFRQHFWRUGHOD
ERPELOOD
 &XLGDGRGHOYHKFXOR 

 'HVPRQWHODWDSDSURWHFWRUD  ([WUDLJDODERPELOODGHODFDMDGHO  'HVPRQWHODWDSDSURWHFWRUD

UHIOHFWRU
 &XDQGRPRQWHODQXHYDERPELOOD
LQVHUWHODVOHQJHWDVHQORVUHED
MHVGHOUHIOHFWRU
 (QFODYHHOFOLSHOVWLFR
 &RORTXHODWDSDSURWHFWRUDGHO
IDURHQVXSRVLFLQ\FLUUHOD
 (QFKXIHHOFRQHFWRUHQODERPEL
OOD

/XFHVODWHUDOHV
 3UHVLRQHHOFOLSHOVWLFRGHVHQ  'HVHQFKXIHHOFRQHFWRUGHOD  'HVPRQWHHOSRUWDOPSDUDVGHOD
FODYH\EDVFOHODKDFLDDUULED ERPELOOD OX]ODWHUDOGHOUHIOHFWRU
 &XLGDGRGHOYHKFXOR

,QWHUPLWHQWHVGHODQWHURV\OXFHV
GHHVWDFLRQDPLHQWR

 'HVPRQWHODERPELOODGHOFDVTXL
OOR
 ,QVHUWHODERPELOODQXHYD
 *LUHHOSRUWDOPSDUDVHQVHQWLGR
 ,QVHUWHHOSRUWDOPSDUDVHQHOUH
IOHFWRU
 &RORTXHODWDSDSURWHFWRUDGHO
IDURHQVXSRVLFLQ\FLUUHOD
 (QFKXIHHOFRQHFWRUHQODERPEL
OOD
 3UHVLRQHOLJHUDPHQWHODERPELOOD
HQHOFDVTXLOORJUHODHQVHQWLGR
DQWLKRUDULRVTXHOD\VXVWLWX\DOD
ERPELOOD
DQWLKRUDULR\GHVHQFOYHOR
 ,QVHUWHHOSRUWDOPSDUDVHQHOUH
IOHFWRU\JUHORHQVHQWLGRKRUDULR
SDUDHQFODYDUOR
/XFHVDQWLQLHEOD
+DJDFDPELDUODVERPELOODVHQXQWD
OOHU
 &XLGDGRGHOYHKFXOR 

/XFHVWUDVHUDV  'HVPRQWHHOJUXSRSWLFRWUDVHUR
$VHJUHVHGHTXHHOFRQGXFWRGH
SXHUWDV FDEOHVSHUPDQH]FDHQVXSRVL
FLQ

 'HVHQURVTXHORVGRVWRUQLOORV

 $EUDODVGRVWDSDV  /X]GHPDUFKDDWUV 
,QWHUPLWHQWH

/X]WUDVHUDOX]GHIUHQR

 &XLGDGRGHOYHKFXOR

 *LUHHOSRUWDOPSDUDVHQVHQWLGR
DQWLKRUDULR
 'HVPRQWHHOSRUWDOPSDUDV3UH  $EUDODVWUHVFXELHUWDV
VLRQHOLJHUDPHQWHODERPELOODHQ
HOFDVTXLOORJUHODHQVHQWLGRDQ
WLKRUDULRVTXHOD\VXVWLWX\DOD
ERPELOOD
 ,QVHUWHHOSRUWDOPSDUDVHQHO
JUXSRSWLFRWUDVHUR\DWRUQOOHOR
HQVXSRVLFLQ&RQHFWHHOHQ
FKXIHGHOFDEOHDGR0RQWHHO
JUXSRSWLFRWUDVHURHQODFDUUR
FHUD\DSULHWHORVWRUQLOORV&LHUUH
\HQFODYHODVWDSDV
 &RQHFWHHOHQFHQGLGRHQFLHQGD
\FRPSUXHEHWRGDVODVOXFHV  'HVDWRUQLOOHORVWUHVWRUQLOORV
9HUVLQSXHUWDV
 &XLGDGRGHOYHKFXOR 

 'HVPRQWHHOJUXSRSWLFRWUDVHUR  'HVPRQWHHOSRUWDOPSDUDV3UH
$VHJUHVHGHTXHHOFRQGXFWRGH VLRQHOLJHUDPHQWHODERPELOODHQ
FDEOHVSHUPDQH]FDHQVXSRVL HOFDVTXLOORJUHODHQVHQWLGRDQ
FLQ WLKRUDULRVTXHOD\VXVWLWX\DOD
ERPELOOD
 ,QVHUWHHOSRUWDOPSDUDVHQHO
JUXSRSWLFRWUDVHUR\DWRUQOOHOR
HQVXSRVLFLQ&RQHFWHHOHQ
FKXIHGHOFDEOHDGR0RQWHHO
JUXSRSWLFRWUDVHURHQODFDUUR
FHUD\DSULHWHORVWRUQLOORV&LHUUH
\HQFODYHODVWDSDV
 *LUHHOSRUWDOPSDUDVHQVHQWLGR  &RQHFWHHOHQFHQGLGRHQFLHQGD
DQWLKRUDULR \FRPSUXHEHWRGDVODVOXFHV
/X]GHPDUFKDDWUV
 ,QWHUPLWHQWH
 +DJDFDPELDUODERPELOODHQXQWDOOHU
/X]WUDVHUDOX]GHIUHQR

,QWHUPLWHQWHVODWHUDOHV
 (PSXMHODOX]KDFLDODSDUWHSRV
WHULRUGHOYHKFXOR\GHVPQWHOD
 *LUHHOSRUWDOPSDUDVHQVHQWLGR
DQWLKRUDULR
 ([WUDLJDODERPELOODGHOSRUWDOP
SDUDV\FPELHOD
 9XHOYDDPRQWDUHQRUGHQLQ
YHUVR
 &XLGDGRGHOYHKFXOR

/X]GHODPDWUFXOD 9HUVLQSXHUWDV

SXHUWDV

 ([WUDLJDODFDMDGHODERPELOODKD
FLDDEDMRVLQWLUDUGHOFDEOH
 ,QVHUWHXQGHVWRUQLOODGRUHQSRVL
*LUHHOSRUWDOPSDUDVHQVHQWLGR FLQYHUWLFDOHQHOSRUWDOPSDUDV
DQWLKRUDULRSDUDGHVHQFODYDU SUHVLRQHKDFLDXQODGR\GHVEOR
 'HVHQURVTXHORVGRVWRUQLOORV
 'HVPRQWHODERPELOODGHOSRUWD TXHHHOPXHOOH
OPSDUDV\VXVWLWX\DODERPELOOD  ([WUDLJDODFDMDGHODERPELOODKD
 ,QVHUWHHOSRUWDOPSDUDVHQOD FLDDEDMRVLQWLUDUGHOFDEOH
FDMD\JUHORHQVHQWLGRKRUDULR
 ,QVHUWHODFDMDGHODERPELOOD\I
MHODXVDQGRXQGHVWRUQLOODGRU
 &XLGDGRGHOYHKFXOR 

3LORWRDQWLQLHEOD
SXHUWDV

 *LUHHOSRUWDOPSDUDVHQVHQWLGR  'HVPRQWHHOSRUWDOPSDUDV3UH
DQWLKRUDULRSDUDGHVHQFODYDU VLRQHOLJHUDPHQWHODERPELOODHQ
 'HVPRQWHODERPELOODGHOSRUWD HOFDVTXLOORJUHODHQVHQWLGRDQ
OPSDUDV\VXVWLWX\DODERPELOOD WLKRUDULRVTXHOD\VXVWLWX\DOD
 5HWLUHHOUHYHVWLPLHQWRGHODWDSD ERPELOOD
 ,QVHUWHHOSRUWDOPSDUDVHQOD GHOPDOHWHUR
FDMD\JUHORHQVHQWLGRKRUDULR  ,QVHUWHHOSRUWDOPSDUDVHQOD
 *LUHHOSRUWDOPSDUDVHQVHQWLGR WDSDGHOPDOHWHUR9XHOYDDFROR
 ,QVHUWH\HQFODYHODFDMDGHOD DQWLKRUDULR FDUHOUHYHVWLPLHQWRLQWHULRUHQOD
ERPELOOD WDSDGHOPDOHWHUR
 &RQHFWHHOHQFHQGLGRHQFLHQGD
\FRPSUXHEHODVOXFHV

9HUVLQSXHUWDV
+DJDFDPELDUODERPELOODHQXQWDOOHU
 &XLGDGRGHOYHKFXOR
,OXPLQDFLQLQWHULRU
/X]GHFRUWHVDOXFHVGHOHFWXUD
+DJDFDPELDUODVERPELOODVHQXQWD
OOHU
/X]GHOFRPSDUWLPHQWRGHFDUJD
 ([WUDLJDODOPSDUDKDFLHQGRSD
ODQFDFRQXQGHVWRUQLOODGRU
 3UHVLRQHOLJHUDPHQWHODERPELOOD
KDFLDHOFOLSHOVWLFR\VTXHOD
 ,QVHUWHODERPELOODQXHYD
 0RQWHODOPSDUD
,OXPLQDFLQGHOWDEOHURGH
LQVWUXPHQWRV
+DJDFDPELDUODVERPELOODVHQXQWD
OOHU
6LVWHPDHOFWULFR
)XVLEOHV
(OIXVLEOHGHUHSXHVWRGHEHWHQHUOD
PLVPDHVSHFLILFDFLQTXHHOIXVLEOH
GHIHFWXRVR
+D\GRVFDMDVGHIXVLEOHVHQHOYH
KFXOR
HQODSDUWHGHODQWHUDL]TXLHUGDGHO
FRPSDUWLPHQWRGHOPRWRU
HQHOLQWHULRUGHWUVGHOFRPSDUWL
PHQWRSRUWDREMHWRVRHQORVYHK
FXORVFRQYRODQWHDODGHUHFKDGH
WUVGHODJXDQWHUD
(QXQDFDMDHQFLPDGHOERUQHSRVL
WLYRGHODEDWHUDKD\DOJXQRVIXVL
EOHVSULQFLSDOHV6LIXHUDQHFHVDULR
KJDORVFDPELDUHQXQWDOOHU
$QWHVGHVXVWLWXLUXQIXVLEOHGHVFR
QHFWHHOLQWHUUXSWRUFRUUHVSRQGLHQWH
\HOHQFHQGLGR
8QIXVLEOHGHIHFWXRVRSXHGHUHFRQR
FHUVHSRUTXHHOKLORHVWIXQGLGR1R
VXVWLWX\DHOIXVLEOHKDVWDTXHVHVXE
VDQHODFDXVDGHODDYHUD
 &XLGDGRGHOYHKFXOR 

$OJXQDVIXQFLRQHVSXHGHQHVWDUSUR
WHJLGDVSRUYDULRVIXVLEOHV
3XHGHKDEHUIXVLEOHVLQVHUWDGRVVLQ
TXHODIXQFLQHVWGLVSRQLEOHHQHO
YHKFXOR

([WUDFWRUGHIXVLEOHV
3XHGHKDEHUXQH[WUDFWRUGHIXVLEOHV
HQODFDMDGHIXVLEOHVGHOFRPSDUWL
PHQWRGHOPRWRU
 &XLGDGRGHOYHKFXOR

&DMDGHIXVLEOHVGHO
FRPSDUWLPHQWRGHOPRWRU

&RORTXHHOH[WUDFWRUGHIXVLEOHVHQOD
SDUWHVXSHULRURODWHUDOGHOIXVLEOHFR
UUHVSRQGLHQWH\H[WULJDOR
/DFDMDGHIXVLEOHVHVWHQODSDUWH
GHODQWHUDL]TXLHUGDGHOFRPSDUWL
PHQWRGHOPRWRU
'HVHQFODYHODWDSDOHYQWHOD\UHW
UHOD
(VSRVLEOHTXHWRGDVODVGHVFULSFLR
QHVGHODVFDMDVGHIXVLEOHVHQHOPD
QXDOQRVHDQDSOLFDEOHVDVXYHKFXOR
&XDQGRFRPSUXHEHODFDMDGHIXVL
EOHVFRQVXOWHODHWLTXHWDGHOD
PLVPD
 &XLGDGRGHOYHKFXOR 

1 &LUFXLWR 1 &LUFXLWR 1 &LUFXLWR

 0GXORGHFRQWUROGHOFDPELR  /LPSLDOXQHWD  $%6
 0GXORGHFRQWUROGHOPRWRU  (QFHQGLGRVHQVRUGHFDOLGDG  0GXORGHFRQWUROGHOD
GHODLUH FDUURFHUD

 (QFHQGLGRDLUEDJ  0GXORGHFRQWUROGHOD
 6ROHQRLGHGHYHQWLODFLQGHO FDUURFHUD
FQLVWHU  0GXORGHFRQWUROGHO
FRPEXVWLEOH  &DOHIDFFLQGHDVLHQWRV
 (OHQFHQGLGR GHODQWHURV

 /LPSLDSDUDEULVDV  7HFKRVRODU
 %RPEDGHFRPEXVWLEOH
  6LVWHPDGHLQIRHQWUHWHQLPLHQWR
 (OHYDOXQDVHOFWULFRVWUDVHURV DPSOLILFDGRU
 ,Q\HFFLQGHFRPEXVWLEOH
 
 ,Q\HFFLQGHFRPEXVWLEOH
VLVWHPDGHHQFHQGLGR   /X]GHFDUUHWHUDODGRGHUHFKR
 0GXORGHFRQWUROGHOPRWRU  (OHYDOXQDVHOFWULFRV  /X]GHFDUUHWHUDODGRL]TXLHUGR
GHODQWHURV
 6RQGDODPEGD 
 %RPEDGHYDFRHOHFWUQLFD
 6ROHQRLGHGHOPRWRUGH 
DUUDQTXH  $%6

 6ROHQRLGHGHYHQWLODFLQGHO 
FQLVWHU  9HQWLODGRUGHUHIULJHUDFLQ
 /XQHWDWUPLFDWUDVHUD
 

 &XLGDGRGHOYHKFXOR
1 &LUFXLWR

 9HQWLODGRUGHUHIULJHUDFLQ
 9HQWLODGRUGHUHIULJHUDFLQ
 6RQGDODPEGD
 /XFHVDQWLQLHEOD


 %RFLQD
 7DEOHURGHLQVWUXPHQWRV
 (VSHMRHOHFWURFURPWLFR
 &RQPXWDGRUGHODVOXFHV
FRQWUROGHODVOXFHV
 3OHJDGRGHORVUHWURYLVRUHV
 /DYDSDUDEULVDV
 %ORTXHRGHODFROXPQDGHOD
GLUHFFLQ

1 &LUFXLWR &DMDGHIXVLEOHVGHOWDEOHUR
 &DOHIDFFLQGHFRPEXVWLEOH GHLQVWUXPHQWRV
GLVHO
 5HWURYLVRUHVWUPLFRV
 5HWURYLVRUHVWUPLFRV
 $LUHDFRQGLFLRQDGR
 6HQVRUGHOXQHWDWUDVHUD
 6HQVRUGHFDOLGDGGHODLUH
 3LORWRDQWLQLHEOD
 /DYDOXQHWD
 0GXORGHFRQWUROGHOVLVWHPD /DFDMDGHIXVLEOHVHVWGHWUVGHO
GHFRPEXVWLEOH FRPSDUWLPHQWRSRUWDREMHWRVHQHOWD
 EOHURGHLQVWUXPHQWRV
 $EUDHOFRPSDUWLPHQWR
 6HQVRUGHWHQVLQGHODEDWHUD
 'HVPRQWHODSDUWHLQIHULRUGHO
 6HQVRUGHOOXYLD FRPSDUWLPHQWRHQODGLUHFFLQGH
ODVIOHFKDV


 'HVPRQWHHOFRPSDUWLPHQWRPH
GLDQWHODVGRVUDQXUDVHQODGLUHF
FLQGHODVIOHFKDV
9XHOYDDPRQWDUHOFRPSDUWLPHQWRHQ
RUGHQLQYHUVR
(QORVYHKFXORVFRQYRODQWHDODGH
UHFKDODFDMDGHIXVLEOHVHVWVLWXDGD
GHWUVGHXQDWDSDHQODJXDQWHUD
$EUDODJXDQWHUD\GHVPRQWHODWDSD
(VSRVLEOHTXHWRGDVODVGHVFULSFLR
QHVGHODVFDMDVGHIXVLEOHVHQHOPD
QXDOQRVHDQDSOLFDEOHVDVXYHKFXOR
&XDQGRFRPSUXHEHODFDMDGHIXVL
EOHVFRQVXOWHODHWLTXHWDGHOD
PLVPD
&XLGDGRGHOYHKFXOR 
1 &LUFXLWR
 6LVWHPDGHLQIRHQWUHWHQLPLHQWR
WHOIRQRGHPDQRVOLEUHV

 8QLGDGGHFRQWUROGHOD
FDUURFHUD
 6LVWHPDGHLQIRHQWUHWHQLPLHQWR
 3DQWDOODGHLQIRUPDFLQ
DVLVWHQWHGHDSDUFDPLHQWR
VLUHQDGHDODUPD
 (QFHQGHGRUGHFLJDUULOORV
 &XLGDGRGHOYHKFXOR
1 &LUFXLWR
 7RPDGHFRUULHQWH
 0GXORGHFRQWUROGHOD
FDUURFHUD
 0GXORGHFRQWUROGHOD
FDUURFHUD
 0GXORGHFRQWUROGHOD
FDUURFHUD
 9HQWLODGRUGHOKDELWFXOR

 $VLHQWRVFDOHIDFWDGRV
 &RQHFWRUGHGLDJQRVLV
 $LUEDJ
 &LHUUHFHQWUDOL]DGRSRUWQ
WUDVHUR
 6LVWHPDGHDLUHDFRQGLFLRQDGR

 3DODQFDGHFDPELRV

1 &LUFXLWR +HUUDPLHQWDVGHO
 &XDGURGHLQVWUXPHQWRV YHKFXOR
 (OHQFHQGLGR +HUUDPLHQWDV
 0GXORGHFRQWUROGHOD
FDUURFHUD 9HKFXORVFRQMXHJRGH
UHSDUDFLQGHQHXPWLFRV
 0GXORGHFRQWUROGHOD
FDUURFHUD
 %ORTXHRGHODFROXPQDGHOD
GLUHFFLQ

/DVKHUUDPLHQWDV\HOMXHJRGHUHSD
UDFLQGHQHXPWLFRVHVWQHQXQ
FRPSDUWLPHQWRSRUWDREMHWRVGHEDMR
GHODFXELHUWDGHOSLVRHQHOFRPSDU
WLPHQWRGHFDUJD

9HKFXORVFRQUXHGDGH
UHSXHVWR
(OJDWR\ODVKHUUDPLHQWDVHVWQHQ
XQFRPSDUWLPHQWRSRUWDREMHWRVHQHO
FRPSDUWLPHQWRGHFDUJDGHEDMRGHOD
UXHGDGHUHSXHVWR5XHGDGHUH
SXHVWR
&XLGDGRGHOYHKFXOR 
/ODQWDV\QHXPWLFRV
(VWDGRGHORVQHXPWLFRV
HVWDGRGHODVOODQWDV
&RQGX]FDOHQWDPHQWHVREUHORVERU
GLOORV\VLHVSRVLEOHHQQJXORUHFWR
5RGDUVREUHVXSHUILFLHVFRQERUGHV
DJXGRVSXHGHGDDUORVQHXPWLFRV
\ODVOODQWDV$ODSDUFDUQRDSULVLRQH
ORVQHXPWLFRVFRQWUDHOERUGLOOR
&RPSUXHEHSHULGLFDPHQWHVLODV
OODQWDVHVWQGDDGDV(QFDVRGH
GDRVRGHVJDVWHH[FHVLYRUHFXUUD
DODD\XGDGHXQWDOOHU
1HXPWLFRVGHLQYLHUQR
/RVQHXPWLFRVGHLQYLHUQRRIUHFHQ
PD\RUVHJXULGDGDWHPSHUDWXUDVLQ
IHULRUHVD&\SRUWDQWRGHEHUDQ
PRQWDUVHHQWRGDVODVUXHGDV
/DSHJDWLQDFRQHOOPLWHGHYHORFL
GDGVHJQODVQRUPDVGHWUILFRGHO
SDVGHEHFRORFDUVHHQHOFDPSRYL
VXDOGHOFRQGXFWRU
 &XLGDGRGHOYHKFXOR
/RVQHXPWLFRVGHWDPDR
55
\5VHSXHGHQXWLOL]DUFRPR
QHXPWLFRVGHLQYLHUQR
/RVQHXPWLFRVGHWDPDR
5\5QRVHGH
EHQXWLOL]DUFRPRQHXPWLFRVGHLQ
YLHUQR
'HVLJQDFLRQHVGHORV
QHXPWLFRV
3HM
5+
 $QFKXUDGHOQHXPWLFRHQ
PP
 5HODFLQGHVHFFLQDOWXUD
GHOQHXPWLFRUHVSHFWRDOD
/HWUDGHOFGLJRGHYHORFLGDG 3UHVLQGHORVQHXPWLFRV
4 KDVWDNPK
6 KDVWDNPK
7 KDVWDNPK
+ KDVWDNPK
9 KDVWDNPK
: KDVWDNPK
3UHVLQGHORVQHXPWLFRV
&RPSUXHEHODSUHVLQGHORVQHXP
WLFRVHQIURDOPHQRVFDGDGDV
\DQWHVGHFXDOTXLHUYLDMHODUJR1R
ROYLGHODUXHGDGHUHSXHVWR
'HVHQURVTXHHOWDSQGHODYOYXOD
\HQODHWLTXHWDFRORFDGDHQHOPDUFR
GHODSXHUWDGHODQWHUDL]TXLHUGD
/RVGDWRVVREUHSUHVLRQHVVRQYOL
GRVSDUDQHXPWLFRVIURV6RQDSOL
FDEOHVDQHXPWLFRVGHYHUDQR\GH
LQYLHUQR
/DUXHGDGHUHSXHVWRVHGHEHLQIODU
VLHPSUHFRQODSUHVLQHVSHFLILFDGD
SDUDFDUJDFRPSOHWD
/DSUHVLQGHORVQHXPWLFRV(&2
D\XGDUDUHGXFLUHOFRQVXPRGH
FRPEXVWLEOH
8QDSUHVLQGHORVQHXPWLFRVLQFR
UUHFWDDIHFWDUQHJDWLYDPHQWHDOD
VHJXULGDGDODPDQLREUDELOLGDGGHO
YHKFXORDOFRQIRUW\DOFRQVXPRGH
DQFKXUDHQ FRPEXVWLEOHDGHPVGHDXPHQWDUHO
5 7LSRGHFXELHUWD5DGLDO GHVJDVWHGHORVQHXPWLFRV
5) 7LSR5XQ)ODW
 'LPHWURGHODOODQWDHQSXO
JDGDV
 QGLFHGHFDUJDSHMHV
HTXLYDOHQWHDNJ
+ /HWUDGHOFGLJRGHYHORFLGDG

 $GYHUWHQFLD
6LODSUHVLQHVLQVXILFLHQWHORV
QHXPWLFRVSXHGHQFDOHQWDUVH
FRQVLGHUDEOHPHQWHSXGLHQGR
SURGXFLUVHGHVSHUIHFWRVLQWHUQRV
TXHSXHGHQOOHJDUDSURYRFDUHO
GHVSUHQGLPLHQWRGHODEDQGDGH
URGDGXUDHLQFOXVRXQUHYHQWQGHO
QHXPWLFRFXDQGRVHFLUFXOD
DJUDQYHORFLGDG
3URIXQGLGDGGHOGLEXMR
&XLGDGRGHOYHKFXOR 
&DPELRGHOWDPDRGH
QHXPWLFRV\OODQWDV
6LVHXWLOL]DQQHXPWLFRVFRQXQWD
PDRGLIHUHQWHDORVPRQWDGRVGHI
EULFDSXHGHVHUQHFHVDULRUHSURJUD
PDUHOYHORFPHWURDVFRPRODSUH
VLQQRPLQDOGHORVQHXPWLFRV
\UHDOL]DURWUDVPRGLILFDFLRQHVHQHO
YHKFXOR
$OFDPELDUDQHXPWLFRVGHRWURWD
PDRKDJDVXVWLWXLUODSHJDWLQDFRQ
ODSUHVLQGHORVQHXPWLFRV
/DSURIXQGLGDGPQLPDDXWRUL]DGDOH
JDOPHQWHPPVHKDDOFDQ]DGR
&RPSUXHEHUHJXODUPHQWHODSURIXQ  $GYHUWHQFLD
FXDQGRHOGLEXMRPXHVWUDXQLQGLFD
GLGDGGHOGLEXMR
GRUGHGHVJDVWH7:, 7UHDG:HDU
3RUPRWLYRVGHVHJXULGDGORVQHX ,QGLFDWRU6XSRVLFLQVHLQGLFDPH (OXVRGHFXELHUWDVRQHXPWLFRV
PWLFRVGHEHQVXVWLWXLUVHDODOFDQ]DU GLDQWHPDUFDVHQHOIODQFRGHOQHX LQDSURSLDGRVSXHGHGDUOXJDU
HOGLEXMRXQDSURIXQGLGDGGHPP PWLFR DDFFLGHQWHV\DODDQXODFLQGHO
QHXPWLFRVGHLQYLHUQRDORVPP SHUPLVRGHFLUFXODFLQGHVXYH
6LHOGHVJDVWHGHODQWHIXHVHPD\RU KFXOR
TXHGHWUVFDPELHSHULGLFDPHQWH
ODVUXHGDVGHODQWHUDVSRUODVWUDVH
UDV$VHJUHVHGHTXHODGLUHFFLQGH
JLURGHODVUXHGDVVHDODPLVPDGH
DQWHV
/RVQHXPWLFRVHQYHMHFHQDXQTXH
QRVHXVHQ/HUHFRPHQGDPRVVXVWL
WXLUORVQHXPWLFRVFDGDDRV
 &XLGDGRGHOYHKFXOR
7DSDFXERV
6HGHEHQXWLOL]DUWDSDFXERV\QHX
PWLFRVKRPRORJDGRVSRUHOIDEUL
FDQWHSDUDHOYHKFXORFRUUHVSRQ
GLHQWHTXHFXPSOHQWRGRVORVUHTXL
VLWRVGHODFRPELQDFLQGHOODQWD
\QHXPWLFR
6LQRVHXWLOL]DQWDSDFXERV\QHXP
WLFRVKRPRORJDGRVSRUHOIDEULFDQWH
ORVQHXPWLFRVQRGHEHQGLVSRQHUGH
QHUYDGXUDGHSURWHFFLQUDGLDO
/RVWDSDFXERVQRGHEHQPHQRVFDEDU
ODUHIULJHUDFLQGHORVIUHQRV
 $GYHUWHQFLD
(OXVRGHQHXPWLFRVRWD]DVGH
UXHGDLQDGHFXDGDVSXHGHGDUOX
JDUDODSUGLGDUHSHQWLQDGHSUH
VLQ\SRUWDQWRRFDVLRQDUXQDF
FLGHQWH
&DGHQDVSDUDQLHYH
6ORVHSXHGHQXWLOL]DUFDGHQDVHQ
ODVUXHGDVGHODQWHUDV
6ORVHSXHGHQPRQWDUFDGHQDVHQ
QHXPWLFRVGHWDPDR5
1RVHGHEHQPRQWDUFDGHQDVHQQHX
PWLFRVGHWDPDR5
55
\5
8WLOLFHVLHPSUHFDGHQDVGHHVODER
QHVILQRVTXHQRVREUHVDOJDQPVGH
PPGHOGLEXMRGHOQHXPWLFR\GH
ORVODGRVLQWHULRUHVLQFOXLGRHOFLHUUH
 $GYHUWHQFLD
/RVGDRVSXHGHQRFDVLRQDUXQ
UHYHQWQGHOQHXPWLFR
-XHJRGHUHSDUDFLQGH
QHXPWLFRV
(OMXHJRGHUHSDUDFLQGHQHXPWLFRV
SHUPLWHVXEVDQDUGDRVPHQRUHVHQ
HOGLEXMRGHOQHXPWLFR
1RUHWLUHORVFXHUSRVH[WUDRVGHORV
QHXPWLFRV
/RVGDRVTXHVXSHUHQORVPP
RTXHHVWQHQHOIODQFRGHOQHXP
WLFRFHUFDGHODOODQWDQRSXHGHQVHU
VXEVDQDGRVFRQHOMXHJRGHUHSDUD
FLQGHQHXPWLFRV
 $GYHUWHQFLD
1RFRQGX]FDDPVGHNPK
1RORXVHGXUDQWHXQSHULRGRSUR
ORQJDGR
(OPDQHMRGHOYRODQWH\ODPDQLR
EUDELOLGDGSXHGHQYHUVHDIHFWD
GHODFDGHQD GDV
 &XLGDGRGHOYHKFXOR 

(QFDVRGHVXIULUXQSLQFKD]R  (QURVTXHHOWXERIOH[LEOHGHDLUH
$FFLRQHHOIUHQRGHHVWDFLRQDPLHQWR GHOFRPSUHVRUDODFRQH[LQHQHO
\HQJUDQHODSULPHUDODPDUFKDDWUV ERWHGHVHOODGRU
R3
3  &RORTXHHOERWHGHVHOODGRUHQOD
VXMHFLQGHOFRPSUHVRU
&RORTXHHOFRPSUHVRUFHUFDGHO
QHXPWLFRGHPRGRTXHHOERWH
GHVHOODGRUHVWHQSRVLFLQYHUWL
FDO

 6DTXHHOFDEOHGHFRQH[LQHOF
WULFD\HOWXERIOH[LEOHGHDLUHGHO
FRPSDUWLPHQWRSRUWDREMHWRVHQOD
SDUWHLQIHULRUGHOFRPSUHVRU

(OMXHJRGHUHSDUDFLQGHQHXPWLFRV
HVWHQXQFRPSDUWLPHQWRGHEDMRGH
ODFXELHUWDGHOSLVRHQHOFRPSDUWL
PHQWRGHFDUJD
 6DTXHHOMXHJRGHUHSDUDFLQGH
QHXPWLFRVGHOFRPSDUWLPHQWR  'HVHQURVTXHHOWDSQGHODYO
YXODGHOQHXPWLFRDYHULDGR
 ([WUDLJDHOFRPSUHVRU
 (QURVTXHHOWXERIOH[LEOHGHOOH
QDGRDODYOYXODGHOQHXPWLFR
 (OLQWHUUXSWRUGHOFRPSUHVRUGHEH
HVWDUHQ!
 &XLGDGRGHOYHKFXOR
 &RQHFWHHOHQFKXIHGHOFRPSUH
VRUDODWRPDSDUDDFFHVRULRVHQ
ODSDUWHWUDVHUDGHODFRQVROD
3DUDLPSHGLUODGHVFDUJDGHODED
WHUDUHFRPHQGDPRVGHMDUHOPR
WRUHQPDUFKD
 3RQJDHOLQWHUUXSWRUEDVFXODQWH
GHOFRPSUHVRUHQ,,(OQHXPWLFR
VHOOHQDUFRQHOVHOODGRU
 0LHQWUDVVHYDFDHOERWHGHVH
 7RGRHOVHOODGRUVHERPEHDDOLQ
WHULRUGHOQHXPWLFR$FRQWLQXD
FLQVHLQIODHOQHXPWLFR
 /DSUHVLQSUHVFULWDSDUDHOQHX
PWLFRGHEHUDDOFDQ]DUVHHQXQ
SOD]RGHPLQXWRV3UHVLQGH
ORVQHXPWLFRV8QDYH]
DOFDQ]DGDODSUHVLQFRUUHFWD
GHVFRQHFWHHOFRPSUHVRU
6LODSUHVLQSUHVFULWDQRVHDO
FDQ]DHQXQSOD]RGH
PWLFRV\FRQWLQHHOSURFHVRGH
LQIODGRGXUDQWHRWURVPLQXWRV
6LDQQRVHDOFDQ]DODSUHVLQ
SUHVFULWDVLJQLILFDTXHHOGDRGHO
QHXPWLFRHVGHPDVLDGRJUDYH
5HFXUUDDODD\XGDGHXQWDOOHU
9DFHHOH[FHVRGHSUHVLQGHORV
QHXPWLFRVPHGLDQWHHOERWQVL
WXDGRHQFLPDGHOLQGLFDGRUGH
SUHVLQ
(OFRPSUHVRUQRGHEHHVWDUHQ
VHUYLFLRPVGHPLQXWRV
 'HVDFRSOHHOMXHJRGHUHSDUDFLQ
GHQHXPWLFRV3XOVHODSHVWDD
TXHKD\HQHOVRSRUWHSDUDGHV
PRQWDUHOERWHGHVHOODGRUGHOVR
SRUWH(QURVTXHHOWXERIOH[LEOHGH
LQIODGRHQODFRQH[LQOLEUHGHO
ERWHGHVHOODGRU(VWRHYLWDIXJDV
GHVHOODGRU*XDUGHHOMXHJRGH
UHSDUDFLQGHQHXPWLFRVHQHO
FRPSDUWLPHQWRGHFDUJD
OODGRUXQRVVHJXQGRVHOPD
QPHWURGHOFRPSUHVRUSXHGHOOH
JDUDPRVWUDUEUHYHPHQWHSUHVLR
QHVGHKDVWDEDU3RVWHULRU
PHQWHODSUHVLQHPSLH]DDGHV
FHQGHU
 (OLPLQHHOH[FHVRGHVHOODGRUFRQ
PLQXWRVGHVFRQHFWHHOMXHJR XQSDR
GHUHSDUDFLQGHQHXPWLFRV
+DJDJLUDUHOQHXPWLFRXQD
YXHOWDFRPSOHWD9XHOYDDFRQHF
WDUHOMXHJRGHUHSDUDFLQGHQHX

 /DSHJDWLQDTXHVHDGMXQWDFRQHO
ERWHGHVHOODGRUTXHLQGLFDODYH
ORFLGDGP[LPDDXWRUL]DGDGHEH
FRORFDUVHHQHOFDPSRYLVXDOGHO
FRQGXFWRU
 &RQWLQHODPDUFKDLQPHGLDWD
PHQWHSDUDTXHHOVHOODGRUVHGLV
WULEX\DXQLIRUPHPHQWHHQHOQHX
PWLFR'HVSXVGHFRQGXFLU
XQRVNPQRPVGH
6LODSUHVLQGHOQHXPWLFRHVVX
SHULRUDEDUDMVWHODDOYDORU
SUHVFULWR5HSLWDHOSURFHGLPLHQWR
KDVWDTXHQRKD\DPVSUGLGD
GHSUHVLQ
6LODSUHVLQGHOQHXPWLFRHVLQ
IHULRUDEDUQRVHSXHGHFLU
FXODUFRQHOYHKFXOR5HFXUUDDOD
D\XGDGHXQWDOOHU
 *XDUGHHOMXHJRGHUHSDUDFLQGH
&XLGDGRGHOYHKFXOR 
7HQJDHQFXHQWDODIHFKDGHFDGX
FLGDGGHOMXHJR'HVSXVGHGLFKD
IHFKDQRSXHGHJDUDQWL]DUVHVXFD
SDFLGDGGHVHOODGR&RPSUXHEHOD
IHFKDGHFDGXFLGDGLQGLFDGDHQHO
ERWHGHVHOODGRU
6XVWLWX\DHOERWHGHVHOODGRUXQDYH]
XVDGR'HVHFKHHOERWHFRQIRUPH
DODVGLVSRVLFLRQHVOHJDOHVYLJHQWHV
(OFRPSUHVRU\HOVHOODGRUSXHGHQ
PLQXWRVGHWQJDVH\FRP
SUXHEHODSUHVLQGHOQHXPWLFR
3DUDHOORFRQHFWHGLUHFWDPHQWHHO
WXERIOH[LEOHGHDLUHDODYOYXOD
GHOQHXPWLFR\DOFRPSUHVRU
QHXPWLFRVHQHOFRPSDUWLPHQWR
GHFDUJD
1RWD
/DVFDUDFWHUVWLFDVGHPDUFKDGHO
QHXPWLFRUHSDUDGRVHYHQDIHFWD
GDVQHJDWLYDPHQWHSRUORTXHHVUH
FRPHQGDEOHVXVWLWXLUGLFKRQHXP
WLFR
6LHOFRPSUHVRUSURGXFHUXLGRVDQ
PDORVRVHFDOLHQWDGMHORGHVFR
QHFWDGRGXUDQWHDOPHQRVPLQX
WRV
/DYOYXODGHVHJXULGDGLQWHJUDGD
VHDEUHDXQDSUHVLQGHEDU
XWLOL]DUVHDXQDWHPSHUDWXUDGH
KDVWD&DSUR[LPDGDPHQWH
/RVDGDSWDGRUHVVXPLQLVWUDGRV
SXHGHQXWLOL]DUVHSDUDLQIODURWURV
REMHWRVFRPREDORQHVGHIWEROFRO
FKRQHVGHDLUHERWHVQHXPWLFRV
HWF(VWQDORMDGRVHQODSDUWHLQIH
ULRUGHOFRPSUHVRU3DUDGHVPRQWDU
ORVHQURVTXHHOWXERIOH[LEOHGHDLUH
GHOFRPSUHVRU\H[WUDLJDHODGDSWD
GRU
&DPELRGHUXHGDV
$OJXQRVYHKFXORVHVWQHTXLSDGRV
FRQXQMXHJRGHUHSDUDFLQGHQHX
PWLFRVHQYH]GHXQDUXHGDGHUH
SXHVWR
 &XLGDGRGHOYHKFXOR
6HGHEHQHIHFWXDUORVSUHSDUDWLYRV
\REVHUYDUODVLQGLFDFLRQHVVLJXLHQ
WHV XWLOLFHHOJDWR
$SDUTXHHOYHKFXORHQXQDVXSHU
ILFLHQLYHODGDILUPH\QRGHVOL]DQWH
/DVUXHGDVGHODQWHUDVGHEHQHVWDU
HQSRVLFLQGHPDUFKDHQOQHD
UHFWD
$FFLRQHHOIUHQRGHHVWDFLRQD
PLHQWR\HQJUDQHODSULPHUDOD
PDUFKDDWUVR3 3
6DTXHODUXHGDGHUHSXHVWR

1XQFDFDPELHPVGHXQDUXHGD
VLPXOWQHDPHQWH
8WLOLFHHOJDWRQLFDPHQWHSDUD
FDPELDUODVUXHGDVHQFDVRGHSLQ
FKD]RQRSDUDHOFDPELRHVWDFLR
QDOGHQHXPWLFRVGHLQYLHUQRRGH
YHUDQR
6LHOWHUUHQRGRQGHHVWHVWDFLR
QDGRHOYHKFXORHVEODQGRGHEH
FRORFDUVHGHEDMRGHOJDWRXQDEDVH
HVWDEOHFRQXQJURVRUP[LPRGH
1RGHEHKDEHUSHUVRQDVQLDQLPD
OHVGHQWURGHOYHKFXORFXDQGRVH
1RVHPHWDQXQFDGHEDMRGHXQYH
KFXORTXHHVWDO]DGRFRQXQJDWR
1RDUUDQTXHHOYHKFXORPLHQWUDV
HVWOHYDQWDGRFRQHOJDWR
/LPSLHODVWXHUFDVGHUXHGD\ODV
URVFDVFRQXQSDROLPSLRDQWHVGH
PRQWDUODUXHGD
 $GYHUWHQFLD
 'HVHQFODYHORVWDSRQHVGHODV
1RHQJUDVHHOWRUQLOORGHUXHGDOD WXHUFDVGHUXHGDFRQXQGHVWRUQL
WXHUFDGHUXHGDQLHOFRQRGHOD OODGRU\GHVPQWHORV4XLWHHOWD
WXHUFDGHUXHGD SDFXERVFRQHOJDQFKR+HUUD
PLHQWDVGHOYHKFXOR
/ODQWDVGHDOHDFLQ'HVHQFODYH
ORVWDSRQHVGHODVWXHUFDVGH
UXHGDFRQXQGHVWRUQLOODGRU\GHV
PQWHORV3DUDSURWHJHUODOODQWD
FRORTXHXQSDRVXDYHHQWUHHO
GHVWRUQLOODGRU\ODOODQWDGHDOHD
FLQ
FP
 &XLGDGRGHOYHKFXOR 

 9DULDQWH

'HVSOLHJXHODOODYHSDUDUXHGDV &RORTXHODPDQRGHWUVGHODFX
0RQWHODOODYHSDUDWRUQLOORVGH \PQWHODDVHJXUQGRVHGHVX ELHUWDGHOUHYHVWLPLHQWRGHOHV
UXHGDDVHJXUQGRVHGHTXHVH FRUUHFWDFRORFDFLQ\DIORMHFDGD WULER
FRORFDELHQ\DIORMHFDGDWXHUFD WXHUFDGHUXHGDPHGLDYXHOWD 7LUHKDFLDDEDMR\KDFLDDIXHUD
GHUXHGDPHGLDYXHOWD  6ORHQORVPRGHORVGHSRUWLYRV SDUDGHVPRQWDUODFXELHUWD/DFX
9DULDQWH ELHUWDHVWILMDGDFRQXQDQFODMH
 &XLGDGRGHOYHKFXOR

$MXVWHHOJDWRDODDOWXUDQHFHVD
ULD&RORTXHHOJDWRGLUHFWDPHQWH
GHEDMRGHOSXQWRGHHOHYDFLQGH
PRGRTXHQRSXHGDUHVEDODU

$MXVWHHOJDWRDODDOWXUDQHFHVD
 $VHJUHVHGHTXHHOJDWRHVWFR ULD&RORTXHHOJDWRGLUHFWDPHQWH
UUHFWDPHQWHFRORFDGRHQORVSXQ GHEDMRGHOSXQWRGHHOHYDFLQGH
WRVGHHOHYDFLQGHOYHKFXOR PRGRTXHQRSXHGDUHVEDODU
 9DULDQWH $FRSOHODPDQLYHODGHOJDWR\FRQ
HOJDWRFRUUHFWDPHQWHDOLQHDGR
JLUHODPDQLYHODKDVWDTXHOD
UXHGDVHGHVSHJXHGHOVXHOR
9DULDQWH

$FRSOHODOODYHSDUDUXHGDV\FRQ
HOJDWRFRUUHFWDPHQWHDOLQHDGR
JLUHODOODYHSDUDUXHGDVKDVWDTXH
ODUXHGDVHGHVSHJXHGHOVXHOR
 'HVHQURVTXHODVWXHUFDVGH
UXHGD
 &DPELHODUXHGD
 (QURVTXHODVWXHUFDVGHUXHGD
 %DMHHOYHKFXOR
 ,QVHUWHFRPSOHWDPHQWHODOODYH
SDUDUXHGDV\DSULHWHODVWXHUFDV
VLJXLHQGRXQRUGHQHQFUX](OSDU
GHDSULHWHHVGH1P
 $OLQHHHORULILFLRSDUDODYOYXODHQ
HOWDSDFXERVFRQODYOYXODGHO
QHXPWLFRDQWHVGHOPRQWDMH
0RQWHORVWDSRQHVGHODVWXHUFDV
GHUXHGD
 6ORHQORVPRGHORVGHSRUWLYRV
&XLGDGRGHOYHKFXOR 
5XHGDGHUHSXHVWR
/DUXHGDGHUHSXHVWRSXHGHFODVLIL
FDUVHFRPRXQDUXHGDGHHPHUJHQ
FLDGHSHQGLHQGRGHOWDPDRUHVSHFWR
DODVRWUDVUXHGDVPRQWDGDV\GHOD
OHJLVODFLQQDFLRQDO
/DUXHGDGHUHSXHVWRWLHQHXQDOODQWD
GHDFHUR
(OXVRGHXQDUXHGDGHUHSXHVWRGH
PHQRUWDPDRTXHODVGHPVUXH
GDVRMXQWRFRQQHXPWLFRVGHLQ
9XHOYDDPRQWDUODFXELHUWD YLHUQRSXHGHDIHFWDUDOFRPSRUWD
,QWURGX]FDORVGRVSDVDGRUHVWUD PLHQWRGHPDUFKD+DJDVXVWLWXLUHO
VHURVHQORVRULILFLRVGHOUHYHVWL QHXPWLFRDYHULDGRORDQWHVSRVLEOH
PLHQWRGHOHVWULER\SOLHJXHODFX
ELHUWDSDUDDFRSODUOD
 *XDUGHODUXHGDVXVWLWXLGD
\ODVKHUUDPLHQWDVGHOYHKFXOR

 &RPSUXHEHODSUHVLQGHOQHXP
WLFRPRQWDGR\HOSDUGHDSULHWHGH
ODVWXHUFDVGHUXHGDORDQWHVSR
VLEOH
+DJDUHSDUDURVXVWLWXLUHOQHXPWLFR
DYHULDGR
 &XLGDGRGHOYHKFXOR
/DUXHGDGHUHSXHVWRHVWVLWXDGDHQ
HOFRPSDUWLPHQWRGHFDUJDGHEDMRGH
ODFXELHUWDGHOSLVR(VWILMDGDHQHO
UHEDMHPHGLDQWHXQDWXHUFDGHPDUL
SRVD
(OKXHFRGHODUXHGDGHUHSXHVWRQR
HVWGLVHDGRSDUDWRGRVORVWDPD
RVGHQHXPWLFRVSHUPLWLGRV6LXQD
UXHGDHVPVDQFKDTXHODGHUH
SXHVWRVHGHEHJXDUGDUHQHOKXHFR
GHODUXHGDGHUHSXHVWRGHVSXVGH
FDPELDUODVUXHGDVODFXELHUWDGHO
SLVRSXHGHFRORFDUVHHQFLPDGHOD
UXHGDTXHVREUHVDOH
6LVHSLQFKDXQDUXHGDGHVXDXWR $UUDQTXHFRQFDEOHV
PYLOPLHQWUDVUHPROFDRWURYHKFXOR
PRQWHODUXHGDGHHPHUJHQFLDHQHO
1RDUUDQTXHFRQFDUJDGRUHVUSLGRV
HMHGHODQWHUR\XQDUXHGDQRUPDOHQ
HOHMHWUDVHUR 8QYHKFXORFRQODEDWHUDGHVFDU
JDGDSXHGHSRQHUVHHQPDUFKDFRQ
&DGHQDVSDUDQLHYH
FDEOHVDX[LOLDUHVGHDUUDQTXH\ODED
WHUDGHRWURYHKFXOR
1HXPWLFRVFRQGLUHFFLQGH
URGDGXUD
 $GYHUWHQFLD
/RVQHXPWLFRVFRQGLUHFFLQGHUR
GDGXUDGHEHQPRQWDUVHSDUDTXH
7HQJDPXFKRFXLGDGRFXDQGR
UXHGHQHQHOVHQWLGRGHPDUFKD/D DUUDQTXHFRQFDEOHVDX[LOLDUHV
GLUHFFLQGHURGDGXUDVHLQGLFDPH
&XDOTXLHUGHVYLDFLQGHODVLQV
GLDQWHXQVPERORSHMXQDIOHFKD WUXFFLRQHVVLJXLHQWHVSXHGHRFD
HQHOIODQFR VLRQDUOHVLRQHVRGDRVPDWHULD
5XHGDGHHPHUJHQFLD
6LODVUXHGDVVHPRQWDQHQVHQWLGR OHVRFDVLRQDGRVSRUODH[SORVLQ
(OXVRGHODUXHGDGHHPHUJHQFLD
FRQWUDULRDODGLUHFFLQGHURGDGXUD GHODEDWHUDRGDRVHQORVVLVWH
SXHGHDIHFWDUDOFRPSRUWDPLHQWRGH
3XHGHYHUVHDIHFWDGRHOFRPSRUWD PDVHOFWULFRVGHDPERVYHKFX
PDUFKD+DJDVXVWLWXLURUHSDUDUHO
PLHQWRGHPDUFKD+DJDVXVWLWXLU ORV
QHXPWLFRDYHULDGRORDQWHVSRVLEOH
RUHSDUDUHOQHXPWLFRDYHULDGROR
6ORGHEHPRQWDUVHXQDUXHGDGH
DQWHVSRVLEOH
HPHUJHQFLD1RFRQGX]FDDPVGH
NPK7RPHODVFXUYDVGHVSDFLR 6HGHEHFRQGXFLUFRQPXFKDSUH
1RXWLOLFHODUXHGDGXUDQWHXQSHURGR FDXFLQHQFDVRGHOOXYLD\QLHYH
GHWLHPSRSURORQJDGR

 $GYHUWHQFLD
(YLWHVXFRQWDFWRFRQORVRMRVOD
SLHOODURSDRVXSHUILFLHVSLQWDGDV
(OOTXLGRFRQWLHQHFLGRVXOIULFR
TXHSXHGHRFDVLRQDUOHVLRQHV
\GDRVHQFDVRGHFRQWDFWRGL
UHFWRFRQHOPLVPR
1RH[SRQJDODEDWHUDDOODPDV
GHVFXELHUWDVRFKLVSDV
8QDEDWHUDGHVFDUJDGDSXHGHKH
ODUVHDWHPSHUDWXUDVSU[LPDV
D&'HVFRQJHOHODEDWHUDDQWHV
GHFRQHFWDUORVFDEOHVDX[LOLDUHVGH
DUUDQTXH
/OHYHJDIDV\URSDGHSURWHFFLQ
FXDQGRPDQLSXOHXQDEDWHUD
8WLOLFHXQDEDWHUDDX[LOLDUGHOD
1RGHVFRQHFWHODEDWHUDGHVFDU
JDGDGHOYHKFXOR
'HVFRQHFWHWRGRVORVFRQVXPLGR
UHVHOFWULFRVLQQHFHVDULRV
1RVHDSR\HVREUHODEDWHUDGX
UDQWHHODUUDQTXHFRQORVFDEOHVDX
[LOLDUHV
1RGHMHTXHORVERUQHVGHXQFDEOH
WRTXHQORVGHORWURFDEOH
/RVYHKFXORVQRGHEHQHQWUDUHQ
FRQWDFWRGXUDQWHHOSURFHVRGH
DUUDQTXHFRQFDEOHV
$FFLRQHHOIUHQRGHHVWDFLRQD
PLHQWRFDPELRPDQXDOHQSXQWR
PXHUWRFDPELRDXWRPWLFRHQ3 3
&XLGDGRGHOYHKFXOR 
&RQHFWHORVFDEOHVHQHOVLJXLHQWHRU
GHQ
 &RQHFWHHOFDEOHURMRDOERUQHSR
VLWLYRGHODEDWHUDDX[LOLDU
 &RQHFWHHORWURH[WUHPRGHOFDEOH
URMRDOERUQHSRVLWLYRGHODEDWHUD
GHVFDUJDGD
 &RQHFWHHOFDEOHQHJURDOERUQH
QHJDWLYRGHODEDWHUDDX[LOLDU
 &RQHFWHHORWURH[WUHPRGHOFDEOH
QHJURDXQSXQWRGHPDVDGHOYH
KFXORFRPRHOEORTXHGHOPRWRU
RXQWRUQLOORGHPRQWDMHGHOPRWRU
&RQFWHORORPVOHMRVSRVLEOHGH
ODEDWHUDGHVFDUJDGDFRPRP
QLPRDFP
&RORTXHORVFDEOHVGHIRUPDTXHQR
SXHGDQHQJDQFKDUVHHQSLH]DVJLUD
WRULDVGHOFRPSDUWLPHQWRGHOPRWRU
PLVPDWHQVLQYROWLRV6XFD 3DUDDUUDQFDUHOPRWRU
SDFLGDG$KQRGHEHVHUPX\LQIH
 $UUDQTXHHOPRWRUGHOYHKFXOR
ULRUDODGHODEDWHUDGHVFDUJDGD
TXHVXPLQLVWUDODFRUULHQWH
8WLOLFHFDEOHVDX[LOLDUHVGHDUUDQ
 $UUDQTXHHORWURPRWRUXQRV
TXHFRQERUQHVDLVODGRV\XQDVHF
PLQXWRVGHVSXV/RVLQWHQWRV
FLQPQLPDGHPPHQPRWR
GHDUUDQTXHVHGHEHQUHDOL]DUHQ
UHVGLVHOGHPP
LQWHUYDORVGHPLQXWR\QRGHEHQ
GXUDUPVGHVHJXQGRV
 &XLGDGRGHOYHKFXOR

 'HMHHQPDUFKDORVGRVPRWRUHV 5HPROFDGR
DOUDOHQWGXUDQWHXQRVPLQXWRV
FRQORVFDEOHVFRQHFWDGRV
5HPROFDGRGHOYHKFXOR
 &RQHFWHXQFRQVXPLGRUHOFWULFR
SHMODVOXFHVRODOXQHWDWUPLFD
WUDVHUDHQHOYHKFXORTXHUHFLEH
FRUULHQWH
 ,QYLHUWDH[DFWDPHQWHHORUGHQDQ
WHULRUSDUDGHVFRQHFWDUORVFD
EOHV

'HVHQFODYHODWDSDSXOVDQGRVREUHOD
PDUFD\GHVPQWHOD
/DDUJROODGHUHPROTXHVHJXDUGDFRQ
ODVKHUUDPLHQWDVGHOYHKFXOR
(QURVTXHODDUJROODGHUHPROTXHWRGR
ORSRVLEOHKDVWDTXHTXHGHHQSRVL
FLQKRUL]RQWDO
)LMHXQFDEOHGHUHPROTXHRPHMRU
XQDEDUUDGHUHPROTXHDODDUJROOD
/DDUJROODGHUHPROTXHVORGHEHXWL
OL]DUVHSDUDUHPROFDU\QRSDUDHOUHV
FDWHGHOYHKFXOR
&RQHFWHHOHQFHQGLGRSDUDGHVEOR
TXHDUHOYRODQWH\SDUDTXHIXQFLRQHQ
ODVOXFHVGHOIUHQRODERFLQD\ORVOLP
SLDSDUDEULVDV
&DPELRHQSXQWRPXHUWR
&RQHFWHODVOXFHVGHHPHUJHQFLDGH
DPERVYHKFXORV

$WHQFLQ
&RQGX]FDGHVSDFLR\GHIRUPD
VXDYH8QDFRQGXFFLQEUXVFD
SXHGHGDDUHOYHKFXOR
6LHOPRWRUQRHVWHQPDUFKDVHUH
TXLHUHPXFKDPVIXHU]DSDUDIUHQDU
\GLULJLUHOYHKFXOR
3DUDHYLWDUTXHHQWUHKXPRGHOHV
FDSHGHOYHKFXORWUDFWRUFRQHFWHHO
VLVWHPDGHUHFLUFXODFLQGHDLUH\FLH
UUHODVYHQWDQLOODV
9HKFXORVFRQFDPELRDXWRPWLFR(O
YHKFXORGHEHUHPROFDUVHKDFLDDGH
ODQWHVLQVXSHUDUXQDYHORFLGDGGH
NPKQLXQUHFRUULGRGHNP(Q
WRGRVORVGHPVFDVRVRVLHOFDPELR
HVWDYHULDGRHOHMHGHODQWHURGHEH
OHYDQWDUVHGHOVXHOR
5HFXUUDDODD\XGDGHXQWDOOHU
7UDVHOUHPROFDGRGHVHQURVTXHOD
DUJROODGHUHPROTXH
,QVHUWHODWDSDSRUDEDMR\FLHUUHOD
WDSD
(OPHMRUPWRGRHVWUDQVSRUWDUHOYH
KFXORPHGLDQWHXQYHKFXORGHUHV
FDWH
5HPROFDGRGHRWUR
YHKFXOR
FLQKRUL]RQWDO
'HVHQFODYHODWDSDSXOVDQGRVREUHOD
PDUFD\GHVPQWHOD
/DDUJROODGHUHPROTXHVHJXDUGDFRQ
ODVKHUUDPLHQWDVGHOYHKFXOR
&XLGDGRGHOYHKFXOR 
(QURVTXHODDUJROODGHUHPROTXHWRGR
ORSRVLEOHKDVWDTXHTXHGHHQSRVL
/DDUJROODGHVXMHFLQH[LVWHQWHHQOD
SDUWHLQIHULRUWUDVHUDGHOYHKFXOR
QXQFDGHEHHPSOHDUVHFRPRDUJROOD
GHUHPROTXH
)LMHXQFDEOHGHUHPROTXHRPHMRU
XQDEDUUDGHUHPROTXHDODDUJROOD
/DDUJROODGHUHPROTXHVORGHEHXWL
OL]DUVHSDUDUHPROFDU\QRSDUDHOUHV
FDWHGHRWURYHKFXOR
 &XLGDGRGHOYHKFXOR
$WHQFLQ
&RQGX]FDGHVSDFLR\GHIRUPD
VXDYH8QDFRQGXFFLQEUXVFD
SXHGHGDDUHOYHKFXOR
7UDVHOUHPROFDGRGHVHQURVTXHOD
DUJROODGHUHPROTXH
,QVHUWHODWDSDSRUDEDMR\HQFODYHOD
WDSD
&XLGDGRGHODVSHFWR
&XLGDGRH[WHULRU
&HUUDGXUDV
/DVFHUUDGXUDVVHOXEULFDQHQIEULFD
FRQXQDJUDVDGHDOWDFDOLGDGSDUDFL
OLQGURVGHFHUUDGXUD8WLOLFHXQSUR
GXFWRGHVFRQJHODQWHVORHQXQFDVR
DEVROXWDPHQWHQHFHVDULRSXHVVX
HIHFWRGHVHQJUDVDQWHSHUMXGLFDHO
IXQFLRQDPLHQWRGHODVFHUUDGXUDV
'HVSXVGHXVDUXQSURGXFWRGHV
FRQJHODQWHKDJDHQJUDVDUODVFHUUD
GXUDVHQXQWDOOHU
/DYDGR
/DSLQWXUDGHOYHKFXORHVWH[SXHVWD
DODVLQIOXHQFLDVDPELHQWDOHV/DYH
\HQFHUHHOYHKFXORFRQUHJXODULGDG
6LXWLOL]DWQHOHVGHODYDGRDXWRP
WLFRVHOHFFLRQHXQSURJUDPDTXHLQ
FOX\DODDSOLFDFLQGHFHUD
/RVFRQWDPLQDQWHVGHOH[WHULRUFRPR
H[FUHPHQWRVGHSMDURVLQVHFWRV
PXHUWRVUHVLQD\SROHQGHORVUER
OHVGHEHQOLPSLDUVHGHOYHKFXORLQ
PHGLDWDPHQWH\DTXHSXHGHQFDX
VDUGDRVDODSLQWXUD
6LXWLOL]DXQWQHOGHODYDGRFXPSOD
ODVLQVWUXFFLRQHVGHOIDEULFDQWH/RV
OLPSLDSDUDEULVDV\HOOLPSLDOXQHWDGH
EHQHVWDUGHVFRQHFWDGRV%ORTXHHHO
YHKFXORSDUDTXHODWDSDGHOGHSVLWR
GHFRPEXVWLEOHQRSXHGDDEULUVH
'HVPRQWHODDQWHQD\DFFHVRULRVH[
WHUQRVFRPRSRUWDHTXLSDMHVGHWHFKR
HWF
6LVHODYDHOYHKFXORDPDQRGHEHQ
HQMXDJDUVHELHQODV]RQDVLQWHULRUHV
GHORVSDVDUUXHGDV
/LPSLHWDPELQORVUHERUGHVLQWHULR
UHV\ORVSOLHJXHVHQODVSXHUWDV\HO
FDSDELHUWRVDVFRPRODV]RQDVGH
ODFDUURFHUDFXELHUWDVSRUORVPLV
PRV
+DJDHQJUDVDUODVELVDJUDVGHWRGDV
ODVSXHUWDVHQXQWDOOHU
1ROLPSLHHOFRPSDUWLPHQWRGHOPRWRU
FRQFKRUURGHYDSRURDSDUDWRVGH
DOWDSUHVLQ
 &XLGDGRGHOYHKFXOR 

(QMXDJXHELHQHOYHKFXOR\IUWHOR (ODEULOODQWDGRFRQVLOLFRQDIRUPDXQD 7HFKRVRODU

FRQXQDJDPX]D(QMXDJXHODJD SHOFXODSURWHFWRUDFRQORTXHQRHV 1XQFDVHGHEHOLPSLDUFRQGLVROYHQ
PX]DFRQIUHFXHQFLD8WLOLFHJDPX QHFHVDULRHQFHUDU WHVRSURGXFWRVDEUDVLYRVFRPEXVWL
]DVGLVWLQWDVSDUDODVVXSHUILFLHVSLQ /DVSDUWHVGHSOVWLFRGHODFDUURFH EOHVSURGXFWRVDJUHVLYRVFRPR
WDGDV\SDUDORVFULVWDOHVORVUHVWRV UDQRVHGHEHQWUDWDUFRQFHUDQLDEUL DJXDUUVVROXFLRQHVTXHFRQWHQJDQ
GHFHUDHQORVFULVWDOHVGLILFXOWDQOD
YLVLELOLGDG
1RXWLOLFHREMHWRVGXURVSDUDHOLPLQDU
PDQFKDVGHDOTXLWUQ8WLOLFHVSUD\
SDUDHOLPLQDUDOTXLWUQGHODVVXSHUIL
FLHVSLQWDGDV
/XFHVH[WHULRUHV
/DVWDSDVGHORVIDURV\GHRWUDVOXFHV
VRQGHSOVWLFR1RXWLOLFHSURGXFWRV
DEUDVLYRVRFXVWLFRVQRXWLOLFHXQ
UDVFDGRUGHKLHORQLORVOLPSLHHQ
VHFR
$EULOODQWDGR\HQFHUDGR
(QFHUHHOYHKFXORFRQUHJXODULGDGD
PVWDUGDUFXDQGRHODJXDQRUHV
OODQWDGRUHV
&ULVWDOHVGHYHQWDQLOODV
\HVFRELOODVGHORV
OLPSLDSDUDEULVDV
8WLOLFHXQSDRVXDYHTXHQRVXHOWH
SHOXVDVRXQDJDPX]DFRQOLPSLDFULV
WDOHV\TXLWDLQVHFWRV
$OOLPSLDUODOXQHWDWUDVHUDSURFXUHQR
GDDUODUHVLVWHQFLDWUPLFDGHOLQWH
ULRUGHODOXQHWD
3DUDUHWLUDUHOKLHORPDQXDOPHQWHVH
GHEHXWLOL]DUXQUDVFDGRUGHKLHORGH
ILORDJXGR3UHVLRQHHOUDVFDGRUILU
PHPHQWHFRQWUDHOFULVWDOSDUDTXHQR
TXHGHVXFLHGDGGHEDMRGHOPLVPR
DFHWRQDHWFSURGXFWRVFLGRV
RPX\DOFDOLQRVQLFRQHVSRQMDV
DEUDVLYDV1RDSOLTXHFHUDQLDEULOODQ
WDGRUHVHQODSDUWHFHQWUDOGHOWHFKR
VRODU
5XHGDV\QHXPWLFRV
1RXVHHTXLSRVGHOLPSLH]DDDOWD
SUHVLQ
/LPSLHODVOODQWDVFRQXQOLPSLDGRUGH
OODQWDVGHS+QHXWUR
/DVOODQWDVHVWQSLQWDGDV\SXHGHQ
WUDWDUVHFRQORVPLVPRVSURGXFWRV
TXHODFDUURFHUD
'DRVHQODSLQWXUD
EDOHIRUPDQGRSHUODV(QFDVRFRQ
WUDULRODSLQWXUDVHUHVHFD
6ORHVQHFHVDULRDEULOODQWDUODSLQ
WXUDVLVWDWLHQHDGKHULGDVVXVWDQ
FLDVVOLGDVRVLVHKDSXHVWRPDWH
\WLHQHPDODVSHFWR
TXHSXHGDUD\DUHOFULVWDO
6LODVHVFRELOODVGHMDQUDVWURVSXH
GHQOLPSLDUVHFRQXQSDRVXDYH
\OLPSLDFULVWDOHV
5HSDUHORVSHTXHRVGHVSHUIHFWRV
HQODSLQWXUDFRQURWXODGRUGHUHWRTXH
DQWHVGHTXHVHIRUPH[LGR$FXGD
DXQWDOOHUVLKD\GDRVPD\RUHVHQOD
SLQWXUDR]RQDVR[LGDGDV
 &XLGDGRGHOYHKFXOR
%DMRVGHOYHKFXOR
$OJXQDV]RQDVGHORVEDMRVGHOYH
KFXORWLHQHQXQDFDSDSURWHFWRUDGH
39&\RWUDV]RQDVPVGHOLFDGDVWLH
QHQXQDFDSDGHFHUDSURWHFWRUDGX
UDGHUD
&RPSUXHEHORVEDMRVGHOYHKFXOR
GHVSXVGHOODYDGR\HQFDVRQHFH
VDULRKJDORHQFHUDU
/RVSURGXFWRVDEDVHGHEHWQ\FDX
FKRSXHGHQGDDUODFDSDGH39&
+DJDUHDOL]DUORVWUDEDMRVUHODFLRQD
GRVFRQORVEDMRVHQXQWDOOHU
6HUHFRPLHQGDODYDUORVEDMRVDQWHV
\GHVSXVGHOLQYLHUQR\UHYLVDUOD
FDSDGHFHUDSURWHFWRUD
&XLGDGRLQWHULRU
+DELWFXOR\WDSLFHUD
(OLQWHULRUGHOYHKFXORLQFOXLGRHOVDO
SLFDGHUR\ORVUHYHVWLPLHQWRVVOR
GHEHOLPSLDUVHFRQXQSDRVHFR
RFRQSURGXFWRSDUDOLPSLH]DGHLQWH
ULRUHV
/LPSLHODWDSLFHUDGHFXHURFRQDJXD 3LH]DVGHSOVWLFR\GHJRPD
FODUD\XQSDRVXDYH6LHVWPX\ /DVSLH]DVGHSOVWLFR\JRPDSXH
VXFLDXWLOLFHXQSURGXFWRSDUDHOFXL GHQOLPSLDUVHFRQORVPLVPRVSURGXF
GDGRGHOFXHUR WRVTXHODFDUURFHUD(QFDVRQHFH
(OWDEOHURGHLQVWUXPHQWRVVORGHEH VDULRXWLOLFHXQOLPSLDGRUSDUDLQWHULR
OLPSLDUVHFRQXQSDRVXDYHK UHV1RXVHQLQJQRWURSURGXFWR
PHGR (YLWHHVSHFLDOPHQWHHOXVRGHGLVRO
/LPSLHODWDSLFHUDFRQXQDDVSLUD YHQWHV\JDVROLQD1RXVHHTXLSRVGH
GRUD\XQFHSLOOR(OLPLQHODVPDQ OLPSLH]DDDOWDSUHVLQ
FKDVFRQXQOLPSLDGRUSDUDWDSLFH
UDV
/LPSLHORVFLQWXURQHVGHVHJXULGDG
FRQDJXDWHPSODGDROLPSLDGRUSDUD
LQWHULRUHV
$WHQFLQ
&LHUUHODVILMDFLRQHVGHYHOFUR\D
TXHORVFLHUUHVGHYHOFURDELHUWRV
GHODURSDSXHGHQGDDUHOWDSL
]DGRGHORVDVLHQWRV
 6HUYLFLR\PDQWHQLPLHQWR 

6HUYLFLR ,QIRUPDFLQJHQHUDO &RQWUROGHODYLGDWLOGHODFHLWH

\PDQWHQLPLHQWR
,QIRUPDFLQJHQHUDO  
0DQWHQLPLHQWRSURJUDPDGR  
3LH]DVOTXLGRV\OXEULFDQWHV
UHFRPHQGDGRV  
,QIRUPDFLQGHVHUYLFLR
3DUDJDUDQWL]DUODVHJXULGDG\ODHFR
QRPDGHIXQFLRQDPLHQWRGHOYH
KFXORDVFRPRSDUDPDQWHQHUVX
YDORUHVGHYLWDOLPSRUWDQFLDUHDOL]DU
WRGRVORVWUDEDMRVGHPDQWHQLPLHQWR
HQORVLQWHUYDORVFRUUHFWRVVHJQOR
HVSHFLILFDGR
HQPRWRUHVGLVHO
/RVLQWHUYDORVGHVHUYLFLRVHEDVDQ
HQYDULRVSDUPHWURVTXHGHSHQGHQ
GHOXVR\VHFDOFXODQXVDQGRGLFKRV
SDUPHWURV
(OFRQWUROGHYLGDWLOGHODFHLWHOHLQ
GLFDFXQGRFDPELDUHODFHLWHGHOPR
WRU

&RQILUPDFLRQHV
/DFRQILUPDFLQGHOVHUYLFLRUHDOL]DGR
GHEHUHJLVWUDUVHHQHO0DQXDOGH6HU
YLFLR\*DUDQWD/DLQGLFDFLQGHOD
IHFKD\HONLORPHWUDMHVHFRPSOHWD
FRQHOVHOOR\ODILUPDGHOWDOOHUTXH
HIHFWDHOVHUYLFLR
$VHJUHVHGHTXHHO0DQXDOGH6HU
YLFLR\*DUDQWDVHUHOOHQHVLHPSUH
FRUUHFWDPHQWHFRPRSUXHEDGHXQ
VHUYLFLRFRQWLQXDGRQHFHVDULRHQ
FDVRGHUHFODPDFLRQHVGHJDUDQWD
RFRUWHVD\EHQHILFLRVRDOYHQGHUHO
YHKFXOR
 6HUYLFLR\PDQWHQLPLHQWR

0DQWHQLPLHQWRSURJUDPDGR
3ODQHVGHUHYLVLRQHV
,QWHUYDORGHPDQWHQLPLHQWR
$OFDERGHDRNPORTXHRFXUUDDQWHV

0DQWHQLPLHQWR,8WLOLFHODRSFLQ0DQWHQLPLHQWR,SDUDHOSULPHUVHUYLFLRRVLHOVHUYLFLRUHDOL]DGRDQWHULRUPHQWHIXHHO
0DQWHQLPLHQWR,,
0DQWHQLPLHQWR,,8WLOLFHODRSFLQ0DQWHQLPLHQWR,,VLHOVHUYLFLRUHDOL]DGRDQWHULRUPHQWHIXHHO0DQWHQLPLHQWR,
3DUDYHKFXORVHTXLSDGRVFRQXQVLVWHPDGHFRQWUROGHODYLGDWLOGHODFHLWH
6LHOQPHURGHFGLJRDSDUHFHHQHOFHQWURGHLQIRUPDFLQGHOFRQGXFWRU',&\VHKDUHDOL]DGRHOPDQWHQLPLHQWR
DQWHULRUDOPHQRVPHVHVDQWHVGHEHUHDOL]DUWDPELQORVWUDEDMRVGHPDQWHQLPLHQWRFRUUHVSRQGLHQWHV
2SHUDFLQGHVHUYLFLR 0DQWHQLPLHQWR, 0DQWHQLPLHQWR,,
6XVWLWXLUHODFHLWHGHOPRWRU\HOILOWUR 5 5
,QVSHFFLRQDUVLKD\IXJDVRGDRV , ,
,QVSHFFLRQDUHOILOWURGHDLUHGHOPRWRU , ,

 6LFRQGXFHEDMRFRQGLFLRQHVH[LJHQWHVFRQGXFFLQHQGLVWDQFLDVFRUWDVUDOHQWIUHFXHQWHRFRQGXFFLQFRQPXFKR
SROYRHVSRVLEOHTXHGHEDVXVWLWXLUHODFHLWHGHOPRWRU\HOILOWURFRQXQDIUHFXHQFLDPD\RU(QPRWRUHVGLVHOVXVWLW\DOR
FXDQGRDSDUH]FDHOQPHURGHFGLJRHQHO',&
 /DSUGLGDGHOTXLGRHQFXDOTXLHUVLVWHPDGHOYHKFXORSRGUDLQGLFDUXQSUREOHPD6HGHEHUDLQVSHFFLRQDU\UHSDUDU
HOVLVWHPD\FRPSUREDUHOQLYHOGHOOTXLGR$DGDOTXLGRVLIXHUDQHFHVDULR
 6LVHFLUFXODQRUPDOPHQWHSRU]RQDVSROYRULHQWDVVHGHEHLQVSHFFLRQDUHOILOWURFRQPD\RUIUHFXHQFLD3XHGHVHU
QHFHVDULRFDPELDUHOILOWURPVDPHQXGR
 6HUYLFLR\PDQWHQLPLHQWR 

2SHUDFLQGHVHUYLFLR 0DQWHQLPLHQWR, 0DQWHQLPLHQWR,,

,QVSHFFLRQDUORVQHXPWLFRVVXVSUHVLRQHVGHLQIODGR\HOGHVJDVWH , ,
,QVSHFFLRQDUHOVLVWHPDGHIUHQRV , ,
,QVSHFFLRQDUORVQLYHOHVGHOOTXLGRUHIULJHUDQWHGHOPRWRU\GHOOTXLGRODYDSDUDEULVDV , ,
DDGLUOTXLGRHQFDVRQHFHVDULR
,QVSHFFLRQDUORVFRPSRQHQWHVGHODVXVSHQVLQ\ODGLUHFFLQ , ,
,QVSHFFLRQDUODVHVFRELOODV\HOIXQFLRQDPLHQWRGHODVOXFHVH[WHULRUHV , ,
,QVSHFFLRQDUODVFRUUHDVGHWUDQVPLVLQ , ,
5HDOL]DUFXDOTXLHUVHUYLFLRDGLFLRQDOUHTXHULGRYDVHODVHFFLQDSOLFDEOH , ,
&RPSUREDUVLKD\FDPSDDVDSOLFDEOHV , ,
6XVWLWXLUHOOTXLGRGHIUHQRV 5

 ,QVSHFFLRQHYLVXDOPHQWHVLODVWXEHUDV\ODWLJXLOORVGHIUHQRVSUHVHQWDQREVWUXFFLRQHVIXJDVJULHWDVUR]DGXUDVHWF
,QVSHFFLRQHHOHVWDGRGHODVXSHUILFLHGHOGLVFR\VLODVSDVWLOODVGHIUHQRHVWQGHVJDVWDGDV,QVSHFFLRQHVLORVIRUURV
ODV]DSDWDVGHORVWDPERUHVGHIUHQRSUHVHQWDQGHVJDVWHRJULHWDV,QVSHFFLRQHORVRWURVFRPSRQHQWHVGHORVIUHQRV
FRPRWDPERUHVERPELQHVSLQ]DVIUHQRGHHVWDFLRQDPLHQWRHWF
 ,QVSHFFLRQHYLVXDOPHQWHODVXVSHQVLQGHODQWHUD\WUDVHUD\HOVLVWHPDGHODGLUHFFLQSRUVLSUHVHQWDQGDRVIDOWDQ
SLH]DVRHVWQIORMDVRKD\VLJQRVGHGHVJDVWH,QVSHFFLRQHVLORVFRPSRQHQWHVGHODGLUHFFLQDVLVWLGDSUHVHQWDQ
JULHWDVUR]DGXUDVREVWUXFFLRQHVHWF
 ,QVSHFFLRQDVLODVHVFRELOODVSUHVHQWDQGHVJDVWHJULHWDVRVXFLHGDG/LPSLHHOSDUDEULVDV\ODVHVFRELOODVVLHVWQ
VXFLRV6XVWLWX\DODVHVFRELOODVGHVJDVWDGDVRGDDGDV
 6LHOYHKFXORVHXWLOL]DHQFRQGLFLRQHVDGYHUVDVFRQGXFFLQHQWHUUHQRVPRQWDRVRVRFRQGXFFLQIUHFXHQWHFRQ
UHPROTXHSXHGHVHUQHFHVDULRVXVWLWXLUHOOTXLGRGHIUHQRVFRQPVIUHFXHQFLD
 6HUYLFLR\PDQWHQLPLHQWR

2SHUDFLQGHVHUYLFLR 0DQWHQLPLHQWR, 0DQWHQLPLHQWR,,

,QVSHFFLRQDUHOVLVWHPDGHUHIULJHUDFLQGHOPRWRU ,
,QVSHFFLRQDUORVFRPSRQHQWHVGHORVVLVWHPDVGHVHJXULGDG ,
,QVSHFFLRQDUORVFRPSRQHQWHVGHODFDGHQDFLQHPWLFD\ODWUDQVPLVLQ ,
/XEULFDUORVFRPSRQHQWHVGHODFDUURFHUD ,

,,QVSHFFLRQDUHVWRVSXQWRV\ODVSLH]DVUHODFLRQDGDV6LIXHUDQHFHVDULRFRUUHJLUOLPSLDUUHOOHQDUDMXVWDURVXVWLWXLU
55HSRQHUVXVWLWXLURFDPELDU

 ,QVSHFFLRQHYLVXDOPHQWHORVWXERVIOH[LEOHV\KJDORVVXVWLWXLUVLHVWQDJULHWDGRVDERPEDGRVRGHWHULRUDGRV
,QVSHFFLRQHWRGDVODVWXEHUDVFRQH[LRQHV\DEUD]DGHUDVVXVWLW\DODVSRUSLH]DVRULJLQDOHVHQFDVRQHFHVDULR3DUD
JDUDQWL]DUXQFRUUHFWRIXQFLRQDPLHQWRVHUHFRPLHQGDUHDOL]DUXQDSUXHEDGHSUHVLQGHOVLVWHPDGHUHIULJHUDFLQ\GHO
WDSQGHOGHSVLWRDVFRPRXQDOLPSLH]DH[WHUQDGHOUDGLDGRU\GHOFRQGHQVDGRUGHODLUHDFRQGLFLRQDGR
 $VHJUHVHGHTXHWDQWRORVFLQWXURQHVGHVHJXULGDGFRPRHOWHVWLJRUHFRUGDWRULRGHORVFLQWXURQHVGHVHJXULGDG
IXQFLRQDQFRUUHFWDPHQWH&RPSUXHEHVLKD\SLH]DVGHOVLVWHPDGHFLQWXURQHVGHVHJXULGDGTXHHVWQIORMDVRGDDGDV
6LREVHUYDFXDOTXLHUFRVDTXHSXHGDLPSHGLUHOFRUUHFWRIXQFLRQDPLHQWRGHXQFLQWXUQGHVHJXULGDGKDJDTXHOR
UHSDUHQ$VHJUHVHGHTXHORVFLQWXURQHVGHVHJXULGDGGHVJDUUDGRVRGHVKLODFKDGRVVHDQVXVWLWXLGRV
 /XEULTXHWRGRVORVFLOLQGURVGHODVFHUUDGXUDVELVDJUDV\SHVWLOORVGHODVSXHUWDVELVDJUDV\SHVWLOORVGHOFDSELVDJUDV
\SHVWLOORVGHODWDSDGHOPDOHWHUR3XHGHVHUQHFHVDULDXQDOXEULFDFLQPVIUHFXHQWHVLHOYHKFXORHVWH[SXHVWRDXQ
HQWRUQRFRUURVLYR6LVHDSOLFDJUDVDGHVLOLFRQDHQORVEXUOHWHVFRQXQSDROLPSLRDXPHQWDUVXYLGDWLOVHOODUQ
PHMRU\QRVHSHJDUQQLFKLUULDUQ

2SHUDFLQGHVHUYLFLR
6XVWLWXLUHOILOWURGHSROHQ
6XVWLWXLUHOILOWURGHDLUH
6XVWLWXLUODVEXMDV
6XVWLWX\DHOFDEOHGHHQFHQGLGR
6XVWLWX\DHOILOWURGHFRPEXVWLEOHGLVHO
6XVWLWXLUHOUHIULJHUDQWHGHOPRWRU
6XVWLWXLUHODFHLWHGHOFDPELRDXWRPWLFR
6XVWLWXLUODFRUUHDGHWUDQVPLVLQDX[LOLDU
6XVWLWXLUODFRUUHDGHGLVWULEXFLQ
,QVSHFFLRQDUHOMXHJRGHYOYXODVDMXVWDUORVL /'(\+FDGDNPDRV
IXHUDQHFHVDULR
6XVWLWXLUODFDGHQDGHODGLVWULEXFLQ
6HUYLFLR\PDQWHQLPLHQWR 
,QWHUYDOR
&DGDNPDRV
&DGDNPDRV
/;7&DGDNPDRV
/'(\+FDGDNPDRV
/;7&DGDNPDRV
&DGDNPDRV
&DGDNPDRV
&DGDNPHQFRQGLFLRQHVQRUPDOHV\FDGDNPHQ
FRQGLFLRQHVGLIFLOHV
/'(\+FRQFRUUHDGHHVWLUDPLHQWRFDGDNPDRV
/;7&DGDNPDRV
/'(\+FDGDNPDRV
/13&DGDNPDRV
 6HUYLFLR\PDQWHQLPLHQWR

(OHPHQWRVGHPDQWHQLPLHQWRJHQHUDO
(OHPHQWR 2SHUDFLQGHVHUYLFLR
7RGRV &RPSUREDUWRGRVORVVLVWHPDVSRUVLSUHVHQWDQLQWHUIHUHQFLDVXREVWUXFFLRQHV\VLIDOWDQSLH]DV
RHVWQGDDGDV6XVWLWXLUODVSLH]DVTXHVHDQQHFHVDULDV6XVWLWXLUFXDOTXLHUFRPSRQHQWHTXH
SUHVHQWHXQGHVJDVWHH[FHVLYR
&DPELRDXWRPWLFR &DPELDUHODFHLWHGHOFDPELRDXWRPWLFR\HOILOWURVLHOYHKFXORVHFRQGXFHHQXQDRPVGHODV
VLJXLHQWHVFRQGLFLRQHV
7UILFRXUEDQRLQWHQVRFRQWHPSHUDWXUDVH[WHULRUHVQRUPDOHVGH&RVXSHULRUHV
7HUUHQRVPRQWDRVRV
&RQGXFFLQIUHFXHQWHFRQUHPROTXH
8WLOL]DFLQFRPRWD[LFRFKHGHSROLFDRYHKFXORGHUHSDUWR
&LQWXURQHV ,QVSHFFLRQDUYLVXDOPHQWHVLDOJQFLQWXUQHVWGHVKLODFKDGRSUHVHQWDJULHWDVRGDRVHYLGHQWHV
6XVWLWXLUHOFLQWXUQVLIXHUDQHFHVDULR
(VWDGR\SUHVLQGH 6HGHEHLQVSHFFLRQDUHOHVWDGRGHORVQHXPWLFRVDQWHVGHFRQGXFLUHOYHKFXOR\FRPSUREDUOD
LQIODGRGHORV SUHVLQGHLQIODGRFRQXQPDQPHWURFDGDYH]TXHUHSRVWHFRPEXVWLEOHRDOPHQRVXQDYH]DOPHV
QHXPWLFRV
$OLQHDFLQGHODV 6LIXHUDQHFHVDULRKDJDURWDU\HTXLOLEUDUODVUXHGDV
UXHGDV

6HUYLFLRVDGLFLRQDOHV
&RQGLFLRQHVGHIXQFLRQDPLHQWR
H[WUHPDVM
/DVFRQGLFLRQHVGHIXQFLRQDPLHQWR
H[WUHPDVVHGDQFXDQGRRFXUUHFRQ
IUHFXHQFLDDOPHQRVXQRGHORVVL
JXLHQWHVIDFWRUHV
DUUDQTXHVHQIUR
SDUDGDV\DUUDQTXHVIUHFXHQWHV
XVRGHOUHPROTXH
SHQGLHQWHV\RJUDQGHVDOWLWXGHV
FDO]DGDVHQPDOHVWDGR
DUHQD\SROYR
IOXFWXDFLRQHVH[WUHPDVGHODWHP
SHUDWXUD
/RVYHKFXORVGHSROLFDWD[LV\YHK
FXORVGHDXWRHVFXHODWDPELQVHFOD
VLILFDQFRPRVXMHWRVDFRQGLFLRQHVGH
IXQFLRQDPLHQWRH[WUHPDV
(QFRQGLFLRQHVGHIXQFLRQDPLHQWR
H[WUHPDVSXHGHVHUQHFHVDULRUHDOL
]DUGHWHUPLQDGRVWUDEDMRVGHVHUYLFLR
SURJUDPDGRFRQPD\RUIUHFXHQFLD
TXHHQORVLQWHUYDORVSUHVFULWRV
3LGDDVHVRUDPLHQWRWFQLFRVREUHORV
UHTXLVLWRVGHVHUYLFLRHQIXQFLQGH
ODVFRQGLFLRQHVGHIXQFLRQDPLHQWR
HVSHFILFDVGHVXYHKFXOR
VHUW[LFRV'HEHQPDQLSXODUVH
6HUYLFLR\PDQWHQLPLHQWR 
3LH]DVOTXLGRV
\OXEULFDQWHV
UHFRPHQGDGRV
/TXLGRV\OXEULFDQWHV
UHFRPHQGDGRV
8VHVORSURGXFWRVTXHFXPSODQFRQ
ODVHVSHFLILFDFLRQHVUHFRPHQGDGDV
/RVGDRVTXHUHVXOWDQGHOXVRGH
SURGXFWRVTXHLQFXPSOHQFRQHVWDV
HVSHFLILFDFLRQHVQRHVWQFXELHUWRV
SRUODJDUDQWD
 $GYHUWHQFLD
/RVOTXLGRVOXEULFDQWHV\FRP
EXVWLEOHVVRQSHOLJURVRV\SXHGHQ
FRQFXLGDGR3UHVWHDWHQFLQDOD
LQIRUPDFLQTXHILJXUDHQORVHQ
YDVHV
 6HUYLFLR\PDQWHQLPLHQWR
$FHLWHGHOPRWRU
(ODFHLWHGHOPRWRUVHLGHQWLILFDSRUVX
FDOLGDG\VXYLVFRVLGDG/DFDOLGDGHV
PVLPSRUWDQWHTXHODYLVFRVLGDGDOD
KRUDGHVHOHFFLRQDUTXDFHLWHGHO
PRWRUVHYDDXVDU/DFDOLGDGGHO
DFHLWHJDUDQWL]DSRUHMHPSORODOLP
SLH]DGHOPRWRUODSURWHFFLQFRQWUD
HOGHVJDVWH\HOFRQWUROGHOHQYHMHFL
PLHQWRGHODFHLWHPLHQWUDVTXHHO
JUDGRGHYLVFRVLGDGLQIRUPDVREUHOD
IOXLGH]GHODFHLWHHQIXQFLQGHOD
WHPSHUDWXUD
&DOLGDGGHODFHLWHGHOPRWRU
GH[RV 0RWRUHVGHJDVROLQD
\GLVHO
6HOHFFLQGHODFHLWHGHOPRWRU
FRUUHFWR
/DVHOHFFLQGHODFHLWHGHOPRWRUGH
SHQGHGHODHVSHFLILFDFLQGHDFHLWH
\HOJUDGRGHYLVFRVLGDGDGHFXDGRV
8WLOLFH\SLGDVLHPSUHDFHLWHVGHPR
WRUFRQODPDUFDGHFHUWLILFDFLQGH
GH[RV/RVDFHLWHVTXHFXPSOHQORV
UHTXLVLWRVGHOYHKFXORGHEHQWHQHUOD
PDUFDGHODFHUWLILFDFLQGH[RVHQHO
UHFLSLHQWH(VWDPDUFDGHFHUWLILFD
FLQLQGLFDTXHHODFHLWHKDVLGRDSUR
EDGRVHJQODVHVSHFLILFDFLRQHVGH
GH[RV
(OYHKFXORYLHQHGHIEULFDFRQ
DFHLWHGHPRWRUKRPRORJDGRGH[RV
8WLOLFHVLHPSUHDFHLWHGHOPRWRUTXH
8VRGHDFHLWHVGHPRWRUDOWHUQDWLYRV
VLQRKD\DFHLWHGH[RV(QHOFDVRGH
TXHQRSXHGDHQFRQWUDUDFHLWHGHO
PRWRUDSUREDGRSRUGH[RVSDUDFDP
ELDUHODFHLWHRSDUDUHOOHQDUGHEH
XVDUXQDFHLWHGHOPRWRUDOWHUQDWLYR
FRQODVFDUDFWHUVWLFDVPHQFLRQDGDV
PVDUULED1RREVWDQWHVLXWLOL]D
DFHLWHVTXHQRFXPSOHQODVHVSHFLIL
FDFLRQHVGHGH[RVHOUHQGLPLHQWR
SXHGHUHVXOWDUDIHFWDGRHQGHWHUPL
QDGDVFLUFXQVWDQFLDV
5HSRVLFLQGHODFHLWHGHOPRWRU
6HSXHGHQPH]FODUDFHLWHVPRWRUGH
GLIHUHQWHVIDEULFDQWHV\PDUFDV
VLHPSUHTXHFXPSODQORVUHTXLVLWRV
GHODFHLWHGHOPRWRUFDOLGDG\YLVFR
$&($$% 6OR/;7VLQRHVW KD\DVLGRDSUREDGRVHJQODVHVSH VLGDG
$&($$% GLVSRQLEOHHODFHLWH FLILFDFLRQHVGHGH[RVRXQDFHLWHGHO 6LQRKD\GLVSRQLEOHDFHLWHGHODFDOL
GHPRWRUDSUREDGR PRWRUHTXLYDOHQWHFRQHOJUDGRGH GDGUHTXHULGDVHSXHGHXVDUKDVWD
$&($& SRUGH[RV YLVFRVLGDGDSURSLDGR(QFDVRGHQR XQP[LPRGHOLWURGH
$3,60 XVDUHODFHLWHGHOPRWRURHTXLYDOHQWH $&($$%R$%VORXQDYH]
$3,61 HOPRWRUSXHGHVXIULUGDRVTXHQR
FXEULUODJDUDQWDGHOYHKFXOR
6LQRHVWVHJXURGHVLVXDFHLWHHVW
DSUREDGRVHJQODVHVSHFLILFDFLRQHV
GHGH[RVSUHJQWHOHDVXSURYHHGRU
GHVHUYLFLRV
HQWUHFDGDFDPELRGHDFHLWH/DYLV
FRVLGDGGHEHVHUGHOJUDGRFRUUHFWR
6HSURKEHHOXVRGHDFHLWHGHPRWRU
FRQFDOLGDG$&($$%R$%VR
ODPHQWH\DTXHVHSXHGHQRFDVLRQDU
 6HUYLFLR\PDQWHQLPLHQWR 

GDRVHQHOPRWRUDODUJRSOD]RHQ )XQFLRQDPLHQWRFRQWHPSHUDWXUDV /DSULPHUDFLIUDVHJXLGDSRUXQD:

GHWHUPLQDGDVFRQGLFLRQHVGHIXQFLR EDMDV LQGLFDODYLVFRVLGDGDEDMDVWHPSHUD
QDPLHQWR (QXQD]RQDPX\IUDGRQGHODWHP WXUDV\ODVHJXQGDFLIUDLQGLFDODYLV
SHUDWXUDFDHSRUGHEDMRGH&VH FRVLGDGDDOWDVWHPSHUDWXUDV
$GLWLYRVGHODFHLWHGHOPRWRU
SXHGHXVDUXQDFHLWH6$(:8Q
(OXVRGHDGLWLYRVGHODFHLWHGHOPRWRU DFHLWHFRQHVWHJUDGRGHYLVFRVLGDG 5HIULJHUDQWH\DQWLFRQJHODQWH
SRGUDFDXVDUGDRV\DQXODUODJD DUUDQFDUPHMRUHQIURFXDQGRHOPR 8WLOLFHVORUHIULJHUDQWHGHODUJDGX
UDQWD WRUHVWDWHPSHUDWXUDVPX\EDMDV
*UDGRVGHYLVFRVLGDGGHODFHLWHGHO &XDQGRVHOHFFLRQHXQDFHLWHFRQHO
PRWRU JUDGRGHYLVFRVLGDGDGHFXDGRDVH
JUHVHGHHOHJLUVLHPSUHXQDFHLWH
TXHFXPSODODVHVSHFLILFDFLRQHVGH
GH[RV
+DVWD&\PHQRV:
:
+DVWD&::
+DVWD&::
UDFLQ//&VLQVLOLFDWRV
(OVLVWHPDVHOOHQDHQIEULFDFRQUH
IULJHUDQWHTXHRIUHFHXQDH[FHOHQWH
SURWHFFLQDQWLFRUURVLYD\DQWLFRQJH
ODQWHKDVWDXQRV&(VWDFRQ
FHQWUDFLQGHEHUDPDQWHQHUVHGX
UDQWHWRGRHODR(OXVRGHDGLWLYRV
SDUDHOUHIULJHUDQWHGHVWLQDGRV
DRIUHFHUSURWHFFLQDGLFLRQDOFRQWUD
ODFRUURVLQRDVHOODUIXJDVPHQRUHV
SXHGHFDXVDUSUREOHPDVGHIXQFLR
VORSDUD/;7 QDPLHQWR(OIDEULFDQWHQRVHKDFH
+DVWD&:: UHVSRQVDEOHGHODVFRQVHFXHQFLDV
VORSDUD/;7 GHOXVRGHDGLWLYRVSDUDHOUHIULJH
(OJUDGRGHYLVFRVLGDG6$(LQIRUPD UDQWH
VREUHODIOXLGH]GHODFHLWH(ODFHLWH
PXOWLJUDGRVHLGHQWLILFDPHGLDQWHGRV
/TXLGRGHIUHQRV\HPEUDJXH
6$(:HVHOPHMRUJUDGRGHYLV
FLIUDV 8WLOLFHVOROTXLGRGHIUHQRV'27
FRVLGDGSDUDHOYHKFXOR1RXWLOLFH
DFHLWHVGHJUDGRVGHYLVFRVLGDG
FRPR6$(::
R:
 6HUYLFLR\PDQWHQLPLHQWR

&RQHOWLHPSRHOOTXLGRGHIUHQRV
DEVRUEHKXPHGDGTXHUHGXFHODHIL
FDFLDGHOVLVWHPDGHIUHQRV3RUHVR
VHGHEHVXVWLWXLUHOOTXLGRGHIUHQRV
HQHOLQWHUYDORHVSHFLILFDGR
(OOTXLGRGHIUHQRVGHEHJXDUGDUVH
HQXQHQYDVHFHUUDGRSDUDHYLWDUOD
DEVRUFLQGHDJXD
$VHJUHVHGHTXHHOOTXLGRGHIUHQRV
QRVHFRQWDPLQH
 'DWRVWFQLFRV 

'DWRVWFQLFRV ,GHQWLILFDFLQGHO
YHKFXOR
,GHQWLILFDFLQGHOYHKFXOR   1PHURGHLGHQWLILFDFLQ
'DWRVGHOYHKFXOR   GHOYHKFXOR

(OQPHURGHLGHQWLILFDFLQGHOYH
KFXORWDPELQHVYLVLEOHDWUDYVGHO
SDUDEULVDV

(OQPHURGHLGHQWLILFDFLQGHOYH
KFXORHVWVLWXDGRHQHOSLVRGHOYH
KFXORHQHOODGRGHUHFKRGHEDMRGH
XQDWDSDHQWUHODSXHUWDGHODQWHUD\HO
DVLHQWR
 'DWRVWFQLFRV

3ODFDGHFDUDFWHUVWLFDV 9DULDQWH

9DULDQWH

/DSODFDGHFDUDFWHUVWLFDVVHHQ
FXHQWUDHQHOPDUFRGHODSXHUWDGH
ODQWHUDL]TXLHUGD
/DSODFDGHFDUDFWHUVWLFDVHVWVL
WXDGDHQHOFRPSDUWLPHQWRGHOPRWRU
,QIRUPDFLQGHODHWLTXHWDGHFDUDF
WHUVWLFDV
 1PHURGHLGHQWLILFDFLQGHOYH
KFXOR
 1PHURGHKRPRORJDFLQGH
WLSR
 )DEULFDQWH
 3HVRP[LPRDXWRUL]DGRHQ
NJ
 3HVRP[LPRDXWRUL]DGRFRQ
UHPROTXHHQNJ
 &DUJDP[LPDDGPLVLEOHHQHO
HMHGHODQWHURHQNJ
 'DWRVWFQLFRV 

 &DUJDP[LPDDGPLVLEOHHQHO
HMHWUDVHURHQNJ
 'DWRVHVSHFILFRVGHOYHKFXOR
RGHOSDVUHVSHFWLYDPHQWH
/DVXPDGHODVFDUJDVVREUHHOHMH
GHODQWHUR\WUDVHURQRGHEHH[FHGHU
HOSHVRP[LPRDXWRUL]DGRGHOYH
KFXOR3RUHMHPSORVLHOHMHGHODQ
WHURVRSRUWDODFDUJDP[LPDDGPLVL
EOHHOWUDVHURVORSRGUOOHYDUXQD
FDUJDLJXDODOSHVRP[LPRDXWRUL
]DGRPHQRVODFDUJDVREUHHOHMHGH
ODQWHUR
/RVGDWRVWFQLFRVVHGHWHUPLQDQ
FRQIRUPHDODVQRUPDVGHOD8QLQ
(XURSHD4XHGDUHVHUYDGRHOGHUH
FKRDLQWURGXFLUPRGLILFDFLRQHV/DV
HVSHFLILFDFLRQHVFRQWHQLGDVHQODGR
FXPHQWDFLQGHOYHKFXORVLHPSUH
WLHQHQSULRULGDGUHVSHFWRDORVGDWRV
IDFLOLWDGRVHQHVWHPDQXDO
 'DWRVWFQLFRV

'DWRVGHOYHKFXOR
'DWRVGHOPRWRU
'HVLJQDFLQFRPHUFLDO ' ' ' 'VO
'LVWLQWLYRGHOPRWRU /;7 /'( + /13
1PHURGHFLOLQGURV    
&LOLQGUDGD>FP@    
3RWHQFLDGHOPRWRU>N:@    
DUSP    
3DU>1P@    
DUSP    
7LSRGHFRPEXVWLEOH *DVROLQD *DVROLQD *DVROLQD 'LVHO
2FWDQDMH521
UHFRPHQGDGR   
SHUPLWLGR   
 'DWRVWFQLFRV 

'HVLJQDFLQFRPHUFLDO ' ' ' 'VO

'LVWLQWLYRGHOPRWRU /;7 /'( + /13
1PHURGHFLOLQGURV    
&LOLQGUDGD>FP@    
3RWHQFLDGHOPRWRU>N:@    
DUSP    
3DU>1P@    
DUSP    
7LSRGHFRPEXVWLEOH *DVROLQD *DVROLQD *DVROLQD 'LVHO
2FWDQDMH521
UHFRPHQGDGR   
SHUPLWLGR   
 'DWRVWFQLFRV

3UHVWDFLRQHV
SXHUWDV
0RWRU /;7 /'( + /13
9HORFLGDGP[LPD>NPK@
&DPELRPDQXDO    
&DPELRDXWRPWLFR    

9HUVLQSXHUWDV
0RWRU /;7 /'( + /13
9HORFLGDGP[LPD
&DPELRPDQXDO    
&DPELRDXWRPWLFR    

 /DYHORFLGDGP[LPDLQGLFDGDVHSXHGHDOFDQ]DUFRQHOSHVRHQYDFRVLQFRQGXFWRUPVNJGHFDUJDWLO(O

HTXLSDPLHQWRRSFLRQDOSXHGHUHGXFLUODYHORFLGDGP[LPDLQGLFDGD
 9DORUQRGLVSRQLEOHHQODIHFKDGHLPSUHVLQ
 'DWRVWFQLFRV 

&RQVXPRGHFRPEXVWLEOHHPLVLRQHVGH&2
SXHUWDV
&DPELRPDQXDOFDPELRDXWRPWLFR
0RWRU /;7 /'( + /13
XUEDQR>ONP@    
H[WUDXUEDQR>ONP@    
PL[WR>ONP@    
&2>JNP@    

9HUVLQSXHUWDV
&DPELRPDQXDOFDPELRDXWRPWLFR
0RWRU /;7 /'( + /13
XUEDQR>ONP@    
H[WUDXUEDQR>ONP@    
PL[WR>ONP@    
&2>JNP@    

 9DORUQRGLVSRQLEOHHQODIHFKDGHLPSUHVLQ
 'DWRVWFQLFRV

3HVRVGHOYHKFXOR
3HVRHQYDFRPRGHOREVLFRVLQQLQJQHTXLSDPLHQWRRSFLRQDO
(OSHVRHQYDFRLQFOX\HORVSHVRVFDOFXODGRVSDUDHOFRQGXFWRUNJHOHTXLSDMHNJ\WRGRVORVOTXLGRVGHSVLWR
OOHQRDO
SXHUWDV
0RWRU &DPELRPDQXDO &DPELRDXWRPWLFR
VLQFRQDLUHDFRQGLFLRQDGR /;7  
>NJ@ /'(  
+  
/13  

9HUVLQSXHUWDV
0RWRU &DPELRPDQXDO &DPELRDXWRPWLFR
VLQFRQDLUHDFRQGLFLRQDGR /;7  

>NJ@ /'(  

+  
/13  

 9DORUQRGLVSRQLEOHHQODIHFKDGHLPSUHVLQ
 'DWRVWFQLFRV 

3HVRHQYDFRPRGHOREVLFRFRQWRGRHOHTXLSDPLHQWRRSFLRQDO
(OSHVRHQYDFRLQFOX\HORVSHVRVFDOFXODGRVSDUDHOFRQGXFWRUNJHOHTXLSDMHNJ\WRGRVORVOTXLGRVGHSVLWR
OOHQRDO
SXHUWDV
0RWRU &DPELRPDQXDO &DPELRDXWRPWLFR
VLQFRQDLUHDFRQGLFLRQDGR /;7  
>NJ@ /'(  
+  
/13  

9HUVLQSXHUWDV
0RWRU &DPELRPDQXDO &DPELRDXWRPWLFR
VLQFRQDLUHDFRQGLFLRQDGR /;7  

>NJ@ /'(  

+  
/13  

 9DORUQRGLVSRQLEOHHQODIHFKDGHLPSUHVLQ
 'DWRVWFQLFRV

'LPHQVLRQHVGHOYHKFXOR
SXHUWDV 9HUVLQSXHUWDV
/RQJLWXG>PP@  
$QFKXUDVLQUHWURYLVRUHVH[WHULRUHV>PP@  
$QFKXUDFRQGRVUHWURYLVRUHVH[WHULRUHV>PP@  
$OWXUDVLQDQWHQD>PP@  
/RQJLWXGGHOSLVRGHOFRPSDUWLPHQWRGHFDUJD>PP@  
$QFKXUDGHOFRPSDUWLPHQWRGHFDUJD>PP@  
$OWXUDGHOFRPSDUWLPHQWRGHFDUJD>PP@  
'LVWDQFLDHQWUHHMHV>PP@  
'LPHWURGHJLUR>P@  

&DSDFLGDGHV
$FHLWHGHOPRWRU
0RWRU /;7 /'( + /13
LQFOXLGRHOILOWUR>O@    
HQWUH0,1\0$;>O@    
 'DWRVWFQLFRV 

'HSVLWRGHFRPEXVWLEOH
*DVROLQDGLVHOFDSDFLGDGQRPLQDO>O@ 

3UHVLRQHVGHORVQHXPWLFRV
0RWRU 1HXPWLFRV GHODQWH GHWUV
>N3DEDU@>SVL@ >N3DEDU@>SVL@
/;7 5  
5
/'( 5  
5
5
+ 5  
5
5

 3UHVLQ(&2>N3DEDU@>SVL@

 'DWRVWFQLFRV

0RWRU 1HXPWLFRV GHODQWH GHWUV

>N3DEDU@>SVL@ >N3DEDU@>SVL@
/13 5  
5
5
5
7RGRV 5XHGDGHHPHUJHQFLD  

5HJLVWURGHGDWRVGHO
,QIRUPDFLQGH
FOLHQWHV YHKFXOR\SULYDFLGDG
5HJLVWUDGRUHVGHGDWRV
(OYHKFXORSRVHHXQDVHULHGHDYDQ
5HJLVWURGHGDWRVGHOYHKFXOR
\SULYDFLGDG   ]DGRVVLVWHPDVTXHVXSHUYLVDQ
\FRQWURODQGLIHUHQWHVGDWRVGHOYH
KFXOR$OJXQRVGDWRVVHJXDUGDQGX
UDQWHHOIXQFLRQDPLHQWRQRUPDOGHO
YHKFXORSDUDIDFLOLWDUODVUHSDUDFLR
QHVGHORVIDOORVGHWHFWDGRVRWURVGD
WRVVRQDOPDFHQDGRVVORHQFDVRGH
DFFLGHQWHRLQFLGHQWHHQORVVLVWHPDV
GHOYHKFXORTXHWLHQHQXQDIXQFLQ
GHUHJLVWURGHGDWRVWDOHVFRPRHO
PGXORGHFRQWUROGHORVDLUEDJV
/RVVLVWHPDVSXHGHQUHJLVWUDUGDWRV
GHGLDJQVWLFRVREUHHOHVWDGRGHOYH
KFXORSHMQLYHOGHDFHLWHRNLORPH
,QIRUPDFLQGHFOLHQWHV 
VLVWHPDVGHGLDJQRVLVJOREDOGH&KH
YUROHWFXDQGRHOYHKFXORVHUHYLVDHQ
XQWDOOHUSDUDGRFXPHQWDUHOKLVWRULDO
GHVHUYLFLRGHOYHKFXOR(VWRSHUPLWH
DOWDOOHURIUHFHUOHXQVHUYLFLRGHPDQ
WHQLPLHQWR\UHSDUDFLQPVHIL
FLHQWHDGDSWDGRDVXYHKFXORFDGD
YH]TXHYXHOYDDOWDOOHU
(OIDEULFDQWHQRDFFHGHUDORVGDWRV
VREUHHOFRPSRUWDPLHQWRGHOFRQGXF
WRUHQFDVRGHDFFLGHQWHQLORVIDFLOL
WDUDWHUFHURVH[FHSWR
FRQDXWRUL]DFLQGHOSURSLHWDULRGHO
YHKFXORRHQYHKFXORVGHOHDVLQJ
FRQODGHODUUHQGDWDULR
SRUUHTXHULPLHQWRSROLFLDORGHRU
JDQLVPRVHVWDWDOHVHTXLYDOHQWHV
FRPRSDUWHGHODGHIHQVDHQFDVR
GHSURFHVRMXGLFLDOFRQWUDHOIDEUL
WUDMHHLQIRUPDFLQVREUHVXPDQHMR FDQWH
SHMUJLPHQGHOPRWRUDFFLRQD SRUSUHVFULSFLQOHJDO
PLHQWRGHORVIUHQRV\XWLOL]DFLQGH
ORVFLQWXURQHVGHVHJXULGDG
3DUDODOHFWXUDGHHVWRVGDWRVVRQ
QHFHVDULRVHTXLSRVHVSHFLDOHV\DF
FHVRDOYHKFXOR$OJXQRVGDWRVVH
WUDQVPLWHQHOHFWUQLFDPHQWHDORV
 ,QIRUPDFLQGHFOLHQWHV

$GHPVHOIDEULFDQWHSRGUXWLOL]DU ,GHQWLILFDFLQSRU
ORVGDWRVUHFRSLODGRV\UHFLELGRV
FRQILQHVGHLQYHVWLJDFLQSURSLD
SDUDIDFLOLWDUORVFRQILQHVGHLQYHV
WLJDFLQVLHPSUHTXHVHJDUDQWLFH
ODFRQILGHQFLDOLGDG\VHGHPXHVWUH
ODQHFHVLGDG
SDUDFRPSDUWLUFRQRWUDVRUJDQL]D
FLRQHVFRQMXQWRVGHGDWRVQRYLQ
FXODGRVDXQYHKFXORHVSHFILFR
FRQILQHVGHLQYHVWLJDFLQ
UDGLRIUHFXHQFLD5),'
/DWHFQRORJD5),'VHXWLOL]DHQDO
JXQRVYHKFXORVSDUDIXQFLRQHV
FRPRHOFRQWUROGHODSUHVLQGHORV
QHXPWLFRV\ODVHJXULGDGGHOVLV
WHPDGHHQFHQGLGR6HXWLOL]DWDP
ELQHQRSFLRQHVGHFRQIRUWFRPRORV
PDQGRVDGLVWDQFLDSDUDHOEORTXHR
\GHVEORTXHRGHSXHUWDV\HODUUDQ
TXHDGLVWDQFLDDVFRPRHQORV
WUDQVPLVRUHVLQVWDODGRVHQHOYH
KFXORSDUDDEULUSXHUWDVGHFRFKH
UDV/DWHFQRORJD5),'HQORVYHK
FXORV&KHYUROHWQRXWLOL]DQLUHJLVWUD
LQIRUPDFLQSHUVRQDOQLWLHQHFRQH
[LQFRQFXDOTXLHURWURVLVWHPD&KH
YUROHWTXHFRQWHQJDLQIRUPDFLQSHU
VRQDO
,QIRUPDFLQGHFOLHQWHV 


QGLFHDOIDEWLFR $ $QWLGHVOXPEUDPLHQWRPDQXDO 
$FFHVRULRV\PRGLILFDFLRQHVGHO $QXQFLRVGHRWUDVUHGHV 
YHKFXOR  $QXQFLRVGHWUILFR 
$FHLWHGHOPRWRU  $UJROODV 
$FWLYDFLQGHODUDGLR  $UUDQTXHFRQFDEOHV 
$FWLYDFLQGHOUHSURGXFWRUGH $UUDQTXHGHOPRWRU 
&'  $VLVWHQWHGHDSDUFDPLHQWR 
$FWLYDFLQGHOVLVWHPDGH $VLVWHQWHGHDSDUFDPLHQWRSRU
QDYHJDFLQ  XOWUDVRQLGRV 
$FWLYDUHPLVRUDVJXDUGDGDV $VLVWHQWHGHIUHQDGD 
  $YHUD 
$FWXDOL]DFLQGHOLVWDVGH $YLVRVDFVWLFRV 
HPLVRUDV 
$LUEDJV\SUHWHQVRUHVGH
%
FLQWXURQHV  %DWHUD 
$LUHDFRQGLFLRQDGR  %RFLQD 
$MXVWHGHORVDVLHQWRV  %RWLTXQ 
$MXVWHGHORVUHWURYLVRUHV  %VTXHGDGHHPLVRUDV 
$MXVWHGHOUHSRVDFDEH]DV  &
$MXVWHGHOYRODQWH  &DGHQDVSDUDQLHYH 
$MXVWHGHOYROXPHQ  &DMDGHFDPELRV 
$MXVWHGHOYROXPHQGH &DMDGHIXVLEOHVGHO
QDYHJDFLQ  FRPSDUWLPHQWRGHOPRWRU 
$MXVWHHOFWULFR  &DMDGHIXVLEOHVGHOWDEOHURGH
$MXVWHVGHOWRQR  LQVWUXPHQWRV 
$MXVWHVGHOYROXPHQ  &DOHIDFFLQ 
$MXVWHVPHPRUL]DGRV  &DOHIDFWDGR 
$OVDOLUGHYLDMH  &DOHIDFWRUDX[LOLDU 
$QWLGHVOXPEUDPLHQWRDXWRPWLFR  &DPELRDXQDPDUFKDPVODUJD 

&DPELRDXWRPWLFR 
&DPELRGHOWDPDRGH
QHXPWLFRV\OODQWDV 
&DPELRGHUXHGDV 
&DPELRPDQXDO  &RQWURODXWRPWLFRGHODVOXFHV  
&DSDFLGDGHV 
&DS 
&DWDOL]DGRU 
&HQLFHURV 
&HQWURGHLQIRUPDFLQGHO
FRQGXFWRU 
&LHUUHFHQWUDOL]DGR 
&LQWXUQGHVHJXULGDG 
&LQWXUQGHVHJXULGDGGHWUHV
SXQWRV 
&LQWXURQHVGHVHJXULGDG  &RUWHGHFRPEXVWLEOHHQ
&OLPDWL]DFLQ 
&OLPDWL]DGRUDXWRPWLFR
HOHFWUQLFR 
&RPEXVWLEOHSDUDPRWRUHVGH
JDVROLQD 
&RPEXVWLEOHSDUDPRWRUHV
GLVHO 
&RPSDUWLPHQWRGHFDUJD 
&RQH[LQGHODUDGLR 
&RQH[LQGHXQGLVSRVLWLYRGH
PVLFD%OXHWRRWK 
&RQILJXUDFLQGHPVLFD
%OXHWRRWK 
&RQILJXUDFLQGH5'6 
&RQPXWDGRUGHODVOXFHV 
&RQVXPRGHFRPEXVWLEOH
HPLVLRQHVGH&2  'LUHFFLQDVLVWLGD 
&RQWUROGHODLOXPLQDFLQGHO
WDEOHURGHLQVWUXPHQWRV 
&RQWUROGHOYHKFXOR 
&RQWUROHOHFWUQLFRGH
HVWDELOLGDG 
&RQWUROHOHFWUQLFRGH
HVWDELOLGDGGHVDFWLYDGR 
&RQWUROHOHFWUQLFRGH
HVWDELOLGDG\VLVWHPDGH
FRQWUROGHWUDFFLQ 
UJLPHQGHUHWHQFLQ 
&XELHUWDGHOFRPSDUWLPHQWRGH
FDUJD 
&XHQWDNLOPHWURV 
&XHQWDNLOPHWURVSDUFLDO 
&XHQWDUUHYROXFLRQHV 
&XLGDGRH[WHULRU 
&XLGDGRLQWHULRU 
'
'DWRVGHOPRWRU 
'HVDFWLYDFLQGHORVDLUEDJV 
'HVEORTXHRGHOYHKFXOR 

'HVLJQDFLRQHVGHORV
QHXPWLFRV 
'LPHQVLRQHVGHOYHKFXOR 
'LUHFFLQGHFDVD 
'LVSRVLWLYRDQWLUURER 
(
(OHYDOXQDVHOFWULFRV 
(OHYDOXQDVPDQXDOHV 
(PSDUHMDPLHQWRGHXQ
GLVSRVLWLYRGHPVLFD
%OXHWRRWK 
(QFHQGHGRUGHFLJDUULOORV 
(QFHQGLGR\DSDJDGRGHO
VLVWHPDGH
LQIRHQWUHWHQLPLHQWR 
(QWUDGD$8;
FRQH[LQ 
(QWUDGDGHDLUH 
(QWUDGDGHGHVWLQR 
(QWUDGDGHGLUHFFLQ 
(21 
(VWDFLRQDPLHQWR 
)
)DURVDQWLQLHEOD 
)DURVHPSDDGRV 
)DURVHQYLDMHVDOH[WUDQMHUR 
)DURVKDOJHQRV 


)LOWURGHDLUHGHOPRWRU  ,OXPLQDFLQGHVDOLGD  /TXLGRGHODYDGR 

)LOWURGHSDUWFXODVGLVHO  ,OXPLQDFLQH[WHULRU  /TXLGRV\OXEULFDQWHV
)LOWURGHSROHQ  ,OXPLQDFLQLQWHULRU  UHFRPHQGDGRV 
)RUPDFRQYH[D  ,QGLFDFLQGHVHUYLFLR  /LVWDVGHIDYRULWRV 
)UHQRGHHVWDFLRQDPLHQWR  ,QGLFDGRUGHFRPEXVWLEOH  /LVWDVGHPHPRUL]DFLQ
)UHQRGHPDQR  ,QGLFDGRUGHWHPSHUDWXUDGHO DXWRPWLFD 
)UHQRV  UHIULJHUDQWHGHOPRWRU  /ODQWDV\QHXPWLFRV 
)XQFLRQDPLHQWREVLFR  ,QIRUPDFLQGHVHUYLFLR  /ODYHV 
)XQFLRQDPLHQWRGHORVPHQV    ,QIRUPDFLQJHQHUDO /XFHVDQWLQLHEOD 
)XQFLRQDPLHQWRUHJXODUGHODLUH   /XFHVGHHPHUJHQFLD 
DFRQGLFLRQDGR  ,QIRUPDFLQVREUHODFDUJD  /XFHVGHHVWDFLRQDPLHQWR 
)XQFLQGHHVFULWXUD  ,QLFLRGHODUHSURGXFFLQGH&'  /XFHVGHOHFWXUD 
)XVLEOHV  ,QPRYLOL]DFLQGHOYHKFXOR  /XFHVGHPDUFKDDWUV 
,QPRYLOL]DGRU  /XFHVHQORVSDUDVROHV 
* ,QWHUPLWHQWHV  /XFHVH[WHULRUHV 
*XDQWHUD  ,QWHUPLWHQWHVODWHUDOHV  /XFHVWUDVHUDV 
*XDUGDUHPLVRUDV  ,QWHUUXSFLQGHFRUULHQWH  /XQHWDWUPLFDWUDVHUD 
*XD  ,QWURGXFFLQ  /X]GHFDUUHWHUD 
*XDGHUXWD  /X]GHODPDWUFXOD 
*XDGLQPLFD  -
-XHJRGHUHSDUDFLQGH 0
+ QHXPWLFRV  0DQGRDGLVWDQFLD 
+HUUDPLHQWDV  0DQGR%$&. 
/ 0DQGR0(18 
, /LEURGHGLUHFFLRQHV 
,GHQWLILFDFLQSRU 0DQGRVHQHOYRODQWH 
/LPSLDODYDOXQHWD  0DQHMR
UDGLRIUHFXHQFLD5),' 
,OXPLQDFLQGHHQWUDGD 
,OXPLQDFLQGHOWDEOHURGH
LQVWUXPHQWRV 
/LPSLDODYDSDUDEULVDV 
 
/TXLGRGHIUHQRV  0DSDV 
/TXLGRGHIUHQRV\HPEUDJXH 
0HQVDMHVGHOYHKFXOR 
/TXLGRGHODGLUHFFLQDVLVWLGD  

0HQVGHEDQGDVGH
IUHFXHQFLDV 
0RGRPDQXDO 
P\32,V 
1 YROXPHQGHQDYHJDFLQ 
1DYHJDFLQ
DFWLYDFLQ 
DYLVRGHQLYHOGHFRPEXVWLEOH
EDMR 
EORTXHRGHUXWD 
'LUHFFLQGHFDVD 
HOHPHQWRVGHFRQWURO 
HOLPLQDUGLUHFFLQGHFDVD 
HOLPLQDU3',LPSRUWDGRV 
HQWUDGDGHGHVWLQR 
IXQFLRQDPLHQWR 
JXDGHFDUULOGHDXWRSLVWD 
JXDGHUXWD 
JXDGLQPLFD 
LPSRUWDUH[SRUWDU3', 
LQLFLDUQDYHJDFLQ 
/LEURGHGLUHFFLRQHV 
OLVWDGHUXWDV 
PDQHMR 
PHQVDMHVGH70& 
P\32,V 
RSFLRQHVGHQDYHJDFLQ 
SDQWDOODGHQDYHJDFLQ 
3XQWRVGHLQWHUV 
UHSHWLUHOOWLPRPHQVDMHGH
QDYHJDFLQ 
VXPDULRGHORVVPERORV 
WDUMHWD6'GHOPDSD 
XVRGHODIXQFLQGHHVFULWXUD 
1HXPWLFRVGHLQYLHUQR 
1LYHOGHFRPEXVWLEOHEDMR 
1PHURGHLGHQWLILFDFLQGHO
YHKFXOR 
2 3RVLFLRQHVGHODFHUUDGXUDGHO
2SHUDFLQGHXQGLVSRVLWLYRGH
PVLFD%OXHWRRWK 
2UGHQDGRUGHDERUGR  VLVWHPDGHUHWHQFLQLQIDQWLO 
3
3DODQFDVHOHFWRUD 
3DQWDOODGHLQIRUPDFLQJUILFD
SDQWDOODGHLQIRUPDFLQHQ
FRORU 
3DQWDOODGHQDYHJDFLQ 
3DQWDOODLQGLFDGRUDGHOFDPELR 
3DUDVROHV 
3',LQGLYLGXDOHV 
3',SHUVRQDOL]DGRV 
3HOLJUR$GYHUWHQFLD\$WHQFLQ 
3HUVRQDOL]DFLQ 
3HUVRQDOL]DFLQGHOYHKFXOR 
3HVRVGHOYHKFXOR 

3LORWRDQWLQLHEOD 
3ODFDGHFDUDFWHUVWLFDV 
3ODQHVGHUHYLVLRQHV 
3OHJDGR 
3RUWDHTXLSDMHVGHWHFKR 
3RUWDJDIDV 
3RUWDREMHWRVGHOUHSRVDEUD]RV 
3RUWDREMHWRVHQHOWDEOHURGH
LQVWUXPHQWRV 
3RUWDYDVRV 
3RVLFLQGHDVLHQWR 
HQFHQGLGR 
3RVLFLRQHVGHPRQWDMHGHO
3UHFDOHQWDPLHQWR 
3UHVLQGHDFHLWHGHOPRWRU 
3UHVLQGHORVQHXPWLFRV 
3UHVLRQHVGHORVQHXPWLFRV 
3UHVWDFLRQHV 
3URIXQGLGDGGHOGLEXMR 
3URJUDPDVHOHFWUQLFRVGH
PDUFKD 
3URWHFFLQFRQWUDGHVFDUJDGH
ODEDWHUD 
3XHUWDDELHUWD 
3XHUWR86%
)XQFLRQHVGHOL3RG 
LQIRUPDFLQLPSRUWDQWH 


PRGHORVL3RGDGPLWLGRV  5HIULJHUDQWHGHOPRWRU  6HOHFFLQGHODEDQGDGH

UHSURGXFLUDUFKLYRVGHDXGLR 5HIULJHUDQWH\DQWLFRQJHODQWH  IUHFXHQFLDV 
JXDUGDGRV  5HJLRQDOL]DFLQ  6HQVRUGHFDOLGDGGHODLUH 
3XUJDGHOVLVWHPDGH 5HJLVWUDGRUHVGHGDWRV  6HQVRUGHOOXYLD 
FRPEXVWLEOHGLVHO  5HJXODFLQGHODOFDQFHGHORV 6HDOL]DFLQGHJLURV\FDPELRV
IDURV  GHFDUULO 
4 5HJXODGRUGHYHORFLGDG  6HUYLFLR 
4XLFNKHDW  5HORM  6HUYLFLRVDGLFLRQDOHV 
5 5HPROFDGRGHOYHKFXOR  6LOHQFLR 
5DGLR 5HPROFDGRGHRWURYHKFXOR  6PERORV 
5'65DGLR'DWD6\VWHP  5HSRVDEUD]RV  6LVWHPDDQWLEORTXHRGHIUHQRV  
DFWLYDFLQ  5HSRVDFDEH]DV  6LVWHPDDQWLEORTXHRGHIUHQRV
EVTXHGDGHHPLVRUDV 
OLVWDVGHHPLVRUDV 
/LVWDVGHIDYRULWRV 
OLVWDVGHPHPRUL]DFLQ
DXWRPWLFD 
PDQHMR 
PHQVGHEDQGDVGH
IUHFXHQFLDV 
VHOHFFLQGHODEDQGDGH
IUHFXHQFLDV 
5IDJDV 
5'6 
5HSRVWDMH  $%6 
5HSURGXFLUDUFKLYRVGHDXGLR 6LVWHPDDQWLUURER 
JXDUGDGRV  6LVWHPDGHDLUEDJV 
5HSURGXFWRUGH&' 6LVWHPDGHDLUEDJVGHFRUWLQD 
DFWLYDFLQ  6LVWHPDGHDLUEDJVIURQWDOHV 
LQIRUPDFLQLPSRUWDQWH  6LVWHPDGHDLUEDJVODWHUDOHV 
PDQHMR  6LVWHPDGHDODUPDDQWLUURER 
5HVXPHQGHORVHOHPHQWRVGH 6LVWHPDGHFDOHIDFFLQ
FRQWURO  \YHQWLODFLQ 
5HYLVLQXUJHQWHGHOYHKFXOR  6LVWHPDGHFDUJD 
5RGDMHGHXQYHKFXORQXHYR  6LVWHPDGHFRQWUROGHWUDFFLQ  
5XHGDGHUHSXHVWR  6LVWHPDGHFRQWUROGHWUDFFLQ
5'65DGLR'DWD6\VWHP 
5HDOL]DFLQGHWUDEDMRV 
5HFRJLGDGHYHKFXORVXVDGRV 
5HFRUGDWRULRGHOFLQWXUQGH
VHJXULGDG 
GHVDFWLYDGR 
6 6LVWHPDGHHVFDSHGHOPRWRU 
6DOLGDVGHDLUHILMDV 
6LVWHPDGHIUHQRV\HPEUDJXH   
6DOLGDVGHDLUHUHJXODEOHV 
6HJXURVSDUDQLRV 

6LVWHPDGHLQIRHQWUHWHQLPLHQWR
DMXVWHGHOYROXPHQ 
DMXVWHVGHOWRQR 
DMXVWHVGHOYROXPHQ 
FRQH[LQ 
HOHPHQWRVGHFRQWURO 
PDQGRVGHDXGLRGHOYRODQWH 
PDQHMR 
SDQHOGHLQVWUXPHQWRV 
SHUVRQDOL]DFLQ 

7 9LVWDJHQHUDOGHOWDEOHURGH
7DSDFXERV  LQVWUXPHQWRV 
7DUMHWD6'  9ROXPHQFRPSHQVDGRGH
7DUMHWD6'GHOPDSD YHORFLGDG 
PDQLSXODFLQ  9ROXPHQGHQDYHJDFLQ 
VXVWLWXFLQ 
7HFKRVRODU 
7HOIRQRVPYLOHV
\UDGLRWUDQVPLVRUHV 
7HPSHUDWXUDH[WHULRU 
VLOHQFLR 
YROXPHQFRPSHQVDGRGH
YHORFLGDG 
YROXPHQGHDQXQFLRVGH
WUILFR 
YROXPHQHQIXQFLQGHOD
YHORFLGDG 
YROXPHQLQLFLDOP[LPR 
6LVWHPDVGHUHWHQFLQLQIDQWLO 
6LVWHPDVGHUHWHQFLQLQIDQWLO
FRQDQFODMHVVXSHULRUHV 
6LVWHPDVGHUHWHQFLQLQIDQWLO
,62),; 
6LVWHPDVOLPSLD\ODYDSDUDEULVDV 
6XPDULRGHORVVPERORV 
6XVWLWXFLQGHERPELOODV 
6XVWLWXFLQGHODVHVFRELOODV 
7HVWLJRGHDYHUDV0,/ 
7HVWLJRVGHFRQWURO 
7RPDVGHFRUULHQWH 
7ULQJXORGHDGYHUWHQFLD 
8
8VRGHODHQWUDGD$8; 
8VRGHODUDGLR 
8VRGHOSUHVHQWHPDQXDO 
8VRGHOSXHUWR86% 
8VRGHOUHSURGXFWRUGH&' 
8VRGHOVLVWHPDGH
LQIRHQWUHWHQLPLHQWR 
8VRGHOVLVWHPDGHQDYHJDFLQ 
9
9HORFPHWUR 
9HQWLODFLQ 
9LVWDGHOFRPSDUWLPHQWRGHO
PRWRU