0DQXDOGH6HUYLFLR

9:6HGDQ

6LVWHPD'LJL3OXV

0RWRUL







(ODERUy,QJ-RVp$QWRQLR*DOODUGR0RQFDGD
9tD9HURQD5HVLGHQFLDO-ROODGH$QDKXDF(VFREHGR1/FS
7HOV&HO
HPDLODJDOODUGRP#KRWPDLOFRP
GH1RYLHPEUHGH



,1',&(







+LVWRULD 


'DWRV7pFQLFRV


&RPSUREDFLyQ \ SXHVWD D 7LHPSR GHO 0RPHQWR GH
(QFHQGLGR 


,GHQWLILFDFLyQ GH ORV FRPSRQHQWHV GH ,Q\HFFLyQ \
(QFHQGLGR 


'LDJUDPD GH ORV FRPSRQHQWHV GH ,Q\HFFLyQ \
(QFHQGLGR 


'HVFULSFLyQ &RPSUREDFLyQ 8ELFDFLyQ GH ORV
FRPSRQHQWHVGH,Q\HFFLyQ\(QFHQGLGRFRQ%ORTXH
GH0HGLFLRQHV 


'LDJQyVWLFRFRQ(VFiQHU$XWRPRWUL] 


7DEODGH$YHUtDVFRQYHULILFDFLyQHOpFWULFD 





+,6725,$9:6('$1',*,3/8602725L 



(O VLVWHPD GH LQ\HFFLyQ 'LJLIDQW 6HGDQ FRPLHQ]D HQ  KDVWD  HQ HO 9:
6HGDQ 6X GLVHxR GHVDUUROOR SUHGLFFLyQ \ HQVDPEOH QDFHQ HQ OD IDEULFD 9:
0p[LFR /D PD\RU SDUWH GH ORV FRPSRQHQWHV VRQ IDEULFDGRV HQ 0p[LFR (Q HVWH
VLVWHPD VH FRPLHQ]D D VXVWLWXLU ORV FRPSRQHQWHV PDUFD %26&+ $OHPDQHV (Q OD
LQ\HFFLyQ'LJLIDQWGHO6HGDQVLHVSRVLEOHHOHPSOHRGHORVDSDUDWRVGHGLDJQRVWLFR
9$* 9$* \ 9$*/,1. 3DUD GLIHUHQFLDUOR GH ORV GHPiV VLVWHPDV
'LJLIDQW \D H[LVWHQWHV OD 5HG GH VHUYLFLR GH 9RONVZDJHQ OD OODPD ,1<(&&,1
',*,3/86

'DWRVWpFQLFRV6('$1',*,3/86

/HWUDV0RWRU
$&'
2UGHQ(QFHQGLGR

0RPHQWR(QFHQGLGR7LHPSR
*UDGRVD530
%XMtDV
1<
&DOLEUDFLyQGH%XMtDV
00
GH&2
1RDMXVWDEOHUDQJRD
530HQ0DUFKD0tQLPD
1RDMXVWDEOHUDQJRD530
5300i[LPR
530


&20352%$&,1<38(67$$7,(032'((/020(172'((1&(1','2 

6HSXHGHUHDOL]DUGHGRVPDQHUDV

 &RQHTXLSRGHGLDJQyVWLFR9$*9$*9$*/,1.

(O PRWRU GHEH HVWDU HQFHQGLGR D WHPSHUDWXUD GH WUDEDMR PtQLPR 
JUDGRV&HQWtJUDGRV

/DV530HQ5HODQWLHQWUH\530

&RQHFWDUODSLVWRODGHWLHPSR\HOHTXLSRGHGLDJQRVWLFR

(Q HO HTXLSR GH GLDJQRVWLFR HQWUDU HQ 0RWRU  \ HQWUD D $MXVWH
%iVLFR  SRQHU HO JUXSR  y  VH DFHOHUD HO PRWRU D 
530\VHPDQWLHQHDHVHUpJLPHQODOiPSDUDGHWLHPSRVHDMXVWD
D  *UDGRV \ VH HQIRFD OD OX] HVWURERVFySLFD D OD SROHD GHO
FLJHxDO VL QR FRLQFLGH OD PXHVFD GH  *UDGRV FRQ OD PLWDG GH ORV
VHPLFDUWHUV GHO PRWRU PRYHU HO GLVWULEXLGRU KDVWD KDFHUORV FRLQFLGLU
FRQ OD PXHVFD 8QD YH] DMXVWDGR HO WLHPSR GLVPLQXLU ODV 530 D






5HODQWL GHMDUOR WUDEDMDU XQ PRPHQWR 6DOLU \ GHVFRQHFWDU HO HTXLSR

GHGLDJQRVWLFR

 6LQHTXLSRGHGLDJQRVWLFR
/RV SDVRV VRQ ORV PLVPRV VROR TXH VH GHVFRQHFWD HO VHQVRU GH
WHPSHUDWXUD\DO\DWHQHUDMXVWDGRHOWLHPSRVHYXHOYHDFRQHFWDU



9:&20%,',*,3/8602725L

(O VLVWHPD GH LQ\HFFLyQ 'LJLIDQW &RPEL VH FRPHQ]y D XWLOL]DU HQ DOJXQDV &RPEL \
SDQHOGHVLQHPEDUJRIXHKDVWDHQTXHVHPRQWRHQVXWRWDOLGDGGHOD
SURGXFFLyQ&RPRFDUDFWHUtVWLFDHOPRWRUGHLQ\HFFLyQGHODSULPHUDJHQHUDFLyQGH
&RPEL3DQHO XWLOL]D XQD ERPED GH JDVROLQD PHFiQLFD VXMHWD DO PRQREORFN GHO
PRWRU /D VHJXQGD HGLFLyQ XWLOL]D SUiFWLFDPHQWH ORV PLVPRV FRPSRQHQWHV GH OD
LQ\HFFLyQ 'LJLIDQW TXH XWLOL]D HO *ROI-HWWD D SDUWLU GH  D OD IHFKD (Q HVWD
HGLFLyQODERPEDGHJDVROLQDVHHQFXHQWUDPRQWDGDGHQWURGHOWDQTXHGHJDVROLQD

,GHQWLILFDFLyQGHORVFRPSRQHQWHVGHODLQ\HFFLyQ\HQFHQGLGR
92/.6:$*(1


$


%DWHUtD

%


0RWRUGHDUUDQTXH

&


$OWHUQDGRU

& 

5HJXODGRUGHYROWDMH

'


&RQPXWDGRUGHHQFHQGLGR\DUUDQTXH

- 

5HOHYDGRUSDUDODERPEDGHFRPEXVWLEOHHLQ\HFWRUHV

-
5HOHYDGRUSDUDHOSUHFDOHQWDPLHQWRGHOP~OWLSOHGHDGPLVLyQ

-
8QLGDGGHFRQWUROHOHFWUyQLFRGHPRWRU

-
5HOHYDGRUSDUDDOLPHQWDFLyQGH-PDUFDGRFRQpOQ~PHUR
SDUDpOVHGDQ







)

)

*

*


*

*


*

*

*

*

*

*

*

1

1

1

1

1



,GHQWLILFDFLyQGHORVFRPSRQHQWHVGHODLQ\HFFLyQ\HQFHQGLG R
9RONVZDJHQFRQWLQXDFLyQ
,QWHUUXSWRUGHUHODQWL

,QWHUUXSWRUGHSOHQDDFHOHUDFLyQ
%RPEDGHJDVROLQD

6HQVRUGHIOXMRGHDLUHSODWRVRQGD\SRWHQFLyPHWURGHDMXVWH
SDUD&2
6HQVRUGHSRVLFLyQGHFLJHxDO\530
6HQVRUGH2[LJHQR
6RQGD/DPEGD

6HQVRUGHHIHFWR+DOO

6HQVRUGHWHPSHUDWXUDGHDLUHDVSLUDGR17&
6HQVRUGH*ROSHRRGHWRQDFLyQ

6HQVRUGHWHPSHUDWXUDGHOPRWRU17&

3RWHQFLyPHWURGHODPDULSRVDGHODFHOHUDGRU
6HQVRUGHPDVDGHDLUH
6HQVRUGHFDUJD

,Q\HFWRUSDUDHODUUDQTXHHQIULy
,Q\HFWRUHV

3UHFDOHQWDGRUSDUDHOP~OWLSOHODDGPLVLyQ
9iOYXODHVWDELOL]DGRUDSDUDHOUHODQWL

$FWXDGRUGHSUHVLyQUHJXODGRUGHPH]FOD



,GHQWLILFDFLyQGHORVFRPSRQHQWHVGHODLQ\HFFLyQ\HQFHQGLGR
9RONVZDJHQFRQWLQXDFLyQ



1


1

1

2

3

4

66

9
























YiOYXODHOHFWURPDJQpWLFDSDUDHOFDQLVWHU
9iOYXODFDGHQFLRPpWULFD
7UDQVIRUPDGRUGHHQFHQGLGR%RELQD

3DVRILQDOGHSRWHQFLDPRGXORGHHQFHQGLGR

'LVWULEXLGRU

&RQHFWRUHVGHEXMtDV
%XMtDV

)XVLEOHVHQOD&HQWUDO(OpFWULFD
3RVLFLyQGHODPDULSRVD



',$*5$0$'(/26&20321(17(6'(,1<(&&,1<(1&(1','2 









'(6&5,3&,1&20352%$&,18%,&$&,1'(/26&20321 (17(6
'(,1<(&&,1(1&(1','2<%/248('(0(',&,21(6 

*OD6RQGD/DPEGDRVHQVRUGHR[LJHQR HQHO9:6HGDQWLHQHWUHVFDEOHV
 EODQFRV \ XQR QHJUR ,QIRUPD D OD XQLGDG GH PDQGR GHO
PRWRUODFDQWLGDG GHR[LJHQRTXHOOHYDQORVJDVHVGHHVFDSH
FRQ HVWD LQIRUPDFLyQ OD XQLGDG GH PDQGR GH PRWRU UHJXOD OD
PH]FOD DLUH FRPEXVWLEOH GH PDQHUD SUHFLVD 8ELFDFLyQ (Q HO
P~OWLSOH GH HVFDSH &RPSUREDFLyQ GH OD VRQGD ODPEGD VH
XWLOL]D XQ PXOWtPHWUR HQ OD HVFDOD GH 2KPV FRQ HO PRWRU IULy
GHVFRQHFWDU OD VRQGD ODPEGD FRQHFWDU OD SXQWD URMD GHO
SUREDGRU D OD WHUPLQDO FRQ FDEOH QHJUR GH OD VRQGD FRQHFWDU
OD RWUD SXQWD GHO SUREDGRU D FXDOHVTXLHUD GH ODV RWUDV
WHUPLQDOHV GHO VHQVRU \ GHEH GH OHHU LQILQLWR &RQ HO PRWRU
FDOLHQWH \ OD VRQGD ODPEGD D WHPSHUDWXUD GH IXQFLRQDPLHQWR
HO YDORU GHEHUi VHU FRQWLQXLGDG 3DUD YHULILFDU OD UHVLVWHQFLD
HQWUHORVFDEOHVEODQFRVGHODVRQGDFRQHFWDUHO SUREDGRUHQ
GLFKDV WHUPLQDOHV \ HO YDORU GHEHUi VHU HQWUH  D  2KPV
FRQHOPRWRUIULy&RQHOPRWRUDWHPSHUDWXUDORVYDORUHVVHUiQ
DSUR[LPDGDPHQWH2KPV&RPSUREDFLyQGHODDOLPHQWDFLyQ
GH YROWDMH GH OD VRQGD ODPEGD VH UHFRUUH pO FXEUH SROYR GHO
FRQHFWRU \ VH FRQHFWDQ ODV SXQWDV GHO PXOWtPHWUR HQ ORV GRV
FDEOHVEODQFRVHQODHVFDODGHYROWDMH9FG(OYROWDMHHQUHODQWL
GHEH VHU HO GH EDWHUtD &RPSUREDQGR OD VHxDO GHO VHQVRU
ODPEGD FRQ HO PXOWtPHWUR HQ HVFDOD 9FG R HQ  P9 VH
SRQH XQD OD SXQWD URMD GHO SUREDGRU HQ HO FDEOH QHJUR \ OD
SXQWD QHJUD GHO SUREDGRU D WLHUUD PDVD 1RV GHEH PDUFDU
HQWUH  D  9ROWV &' \ RVFLODQGR HQWUH HVWRV YDORUHV XQ
VHQVRUTXHVHTXHGDHQXQYDORUILMRQRVGDXQLQGLFDWLYRTXH
HVWD IDOODQGR R TXH HVWD OOHQR GH KROOtQ \ VH UHFRPLHQGD
VXVWLWXLU 1RWD VL DO WRPDU OD OHFWXUD GH ORV YROWDMHV GH
DOLPHQWDFLyQ HVWRV QR HVWiQ SUHVHQWHV UHYLVDU ODV OtQHDV GH OD
VRQGD ORV IXVLEOHV KDVWD OD XQLGDG GH PDQGR D\XGDUVH
VLHPSUH GHO GLDJUDPD GHO YHKtFXOR OH DKRUUDUD PXFKR WLHPSR
&RQHOHVFiQHU(QWUDQGRDPRWRUGHVSXpVDPHGLFLyQGH
YDORUHVHQHOJUXSROHHUHOFDPSRHVHHVpOYDORUGH
HOYROWDMHGHOVHQVRUODPEGD

* 6HQVRU GH HIHFWR +DOO LQIRUPD D OD XQLGDG GH FRQWURO GH PRWRU VREUH ODV
UHYROXFLRQHVSRUPLQXWRTXHWLHQHHOPRWRUHQUHODQWLDUULEDGH
530\WDPELpQVREUHODSRVLFLyQTXHWLHQHHOFLJHxDO6LQ
ODVHxDOGHOHIHFWR+DOOODERPEDGHFRPEXVWLEOHQRVHDFWLYD
QRIXQFLRQD8ELFDFLyQ'HQWURGHOGLVWULEXLGRU&RPSUREDFLyQ
GHODDOLPHQWDFLyQGHO6HQVRUGHHIHFWR+DOO6HGHVFRQHFWD\



DODUQpVVHOHYDDPHGLUHOYROWDMHGHDOLPHQWDFLyQFRQODOODYH
HQSRVLFLyQGHHQFHQGLGRHQORVERUQHVH[WHULRUHVGHODUQpV\
HVWHGHEHVHU9FGFRPRPtQLPRVLHOYROWDMHHVHOLQGLFDGR
\HOPRWRUQRDUUDQFDSUREDUFRQRWUR6HQVRUGHHIHFWR+DOO
6LQRKD\YROWDMHUHYLVHODVOtQHDVKDVWDODXQLGDGGHFRQWURODVt
FRPR ORV IXVLEOHV \ HO UHOHYDGRU GH OD XQLGDG GH FRQWURO GH
PRWRU/DOHFWXUDVHWRPDFRQHOHVFiQHU(QWUDQGRDPRWRU
GHVSXpVDPHGLFLyQGHYDORUHVHQHOJUXSR
OHHUHOFDPSRHVHHVpOYDORUGHODV530


*6HQVRUGHWHPSHUDWXUDGHODLUHDVSLUDGRLQIRUPDOD8QLGDGGHPDQGR
GHO PRWRU VREUH OD WHPSHUDWXUD GHQVLGDG \ FDQWLGDG GH DLUH
DVSLUDGRSDUDHOPRWRU8ELFDFLyQ(QHOFXHUSRGHDFHOHUDFLyQ
R PDULSRVD FRQ HQFKXIH D]XO &RPSUREDFLyQ VH WRPD OD
OHFWXUD GH VX UHVLVWHQFLD FRQ XQ PXOWtPHWUR HQ OD HVFDOD GH
2KPV<ODOHFWXUDYDULDUHVSHFWRDODWHPSHUDWXUDDODTXHVH
HQFXHQWUHWUDEDMDGRHVWDWHPSHUDWXUDVHOHHFRQVXHTXLSRGH
GLDJQRVWLFR 9$*   \ 9$*/,1. /D OHFWXUD VH WRPD
FRQHOHVFiQHU(QWUDQGRDPRWRUGHVSXpVDPHGLFLyQGH
YDORUHVHQHOJUXSROHHUHOFDPSRHVHHVpOYDORUGH
ODWHPSHUDWXUDRPHGLUORFRQXQWHUPyPHWURGHFRQWDFWRGH
LQIUDUURMRROiVHU\VHFRPSDUDFRQODJUDILFDGHWHPSHUDWXUD

*6HQVRUGHWHPSHUDWXUDGHOPRWRULQIRUPDDODXQLGDGGHFRQWUROVREUHOD
WHPSHUDWXUDTXHWLHQHHOPRWRU8ELFDFLyQYLHQGRHOPRWRUGHO
ODGR L]TXLHUGR HQ OD SDUWH GH DEDMR VX FRPSUREDFLyQ
GHVFRQHFWDU HO 6HQVRU GH VX DUQpV \ WRPDU OD OHFWXUD FRQ XQ
PXOWtPHWURHQODHVFDODGH2KPV\YHULILFDUVXWHPSHUDWXUDHQ
OD JUDILFD GH WHPSHUDWXUD \ DQRWDU HVWD WHPSHUDWXUD WRPDGD
GHODJUDILFD\FRQHFWDUHO9$*R9$*/DOHFWXUDVH
WRPD FRQ HO HVFiQHU (QWUDQGR D PRWRU  GHVSXpV D
PHGLFLyQGHYDORUHVHQHOJUXSROHHUHOFDPSRHVH
HV pO YDORU GH OD WHPSHUDWXUD WRPDGD SRU HO HVFiQHU \
FRPSDUDUOD FRQ OD OHFWXUD TXH GHWHUPLQDPRV GH OD JUDILFD VL
QRGLVSRQHGHXQHVFiQHUVHSXHGHWRPDUODWHPSHUDWXUDFRQ
XQ WHUPyPHWUR GH FRQWDFWR XQ OiVHU R XQR GH LQIUDUURMR \
FRPSDUDU

*(OSRWHQFLyPHWURGHODPDULSRVD 736 WUKRWOHSRVLWLRQ6HQVRU,QIRUPD
D OD XQLGDG GH PDQGR GHO PRWRU VREUH OD SRVLFLyQ GH OD
PDULSRVD HMHPSOR &HUUDGD D PHGLR JDV R D SOHQD
DFHOHUDFLyQ 8ELFDFLyQ YD HQ HO FXHUSR GH DFHOHUDFLyQ HQ HO
HMH GH OD PDULSRVD &RPSUREDFLyQ ItVLFD /D SUXHED VH UHDOL]D
GLUHFWDPHQWHVREUHHOSRWHQFLyPHWURFRQDUQpVGHVFRQHFWDGR



VH XWLOL]D XQ PXOWtPHWUR HQ OD HVFDOD GH 2KPV \ VH WRPD OD
OHFWXUD GH OD FODYLMD  \  \ GHEH GH PDUFDU XQ YDORU ILMR GH
.2KPVDXTXHOHDFHOHUHDOYHKtFXORGHODVFODYLMDV\
HOYDORUGHEHGHVFHQGHUJUDGXDOPHQWHFODYLMDV\HOYDORU
GHEH GH DVFHQGHU JUDGXDOPHQWH VLQ EULQFDU UHSHQWLQDPHQWH R
HO6HQVRUVHHQFXHQWUDGHIHFWXRVR\GHEHGHVXVWLWXLUVH





1

2

3




3DUD FRPSUREDU OD DOLPHQWDFLyQ FRQ HO PRWRU DSDJDGR \ OD OODYH HQ SRVLFLyQ GH
HQFHQGLGR HO PXOWtPHWUR HQ OD HVFDOD GH 9FG FRQ HO VHQVRU
FRQHFWDGRFRQHFWDUHOSUREDGRUHQODVFODYLMDV\HOYROWDMH
GHEH GH VHU GH  D  9FG DO FRQHFWDU HO SUREDGRU HQ ODV
FODYLMDV\DFHOHUHOHQWDPHQWHVLQEULQFRVQLRVFLODFLRQHVHO
YROWDMHGHEHUiVXELUJUDGXDOPHQWH/DOHFWXUDVHWRPDFRQHO
HVFiQHU(QWUDQGRDPRWRUGHVSXpVDPHGLFLyQGHYDORUHV
 HQ HO JUXSR  OHHU HO FDPSR   HVH HV pO YDORU TXp QRV
SUHVHQWD HO SRWHQFLyPHWUR GH OD PDULSRVD HQ SRUFHQWDMH 9HU
QJXORGH0DULSRVDPDVDGHODQWHHQHVWDVHFFLyQ

1 9iOYXOD HOHFWURPDJQpWLFD SDUD HO FDQLVWHU 9iOYXOD FDGHQFLRPpWULFD HV
XQ HOHPHQWR FRQWURODGR SRU OD XQLGDG GH PDQGR GHO PRWRU
TXHUHJXODHOSDVRGHORVYDSRUHVGHJDVROLQDSURYHQLHQWHVGHO
WDQTXH GH JDVROLQD KDFLD HO FDQLVWHU 'HSRVLWR GH FDUEyQ
DFWLYR 6X IXQFLRQDPLHQWR GHSHQGH GH OD LQIRUPDFLyQ TXH
UHFLEH OD XQLGDG GH PDQGR GH PRWRU GHO VHQVRU GH
WHPSHUDWXUD GHO PRWRU \ GH OD VRQGD ODPEGD &RPSUREDFLyQ
&RQ HO PRWRU DSDJDGR OD OODYH HQ SRVLFLyQ GH HQFHQGLGR
FRQHFWDU VX HTXLSR GH GLDJQyVWLFR 9$*   R VX
LQWHUIDVH 9$*/,1. LQLFLDU OD FRPXQLFDFLyQ SDUD PRWRU 
GHVSXpVHVFRJHUSUXHEDGHDFWXDGRUHV\DFFLRQDUHOERWyQ
VLJXLHQWHKDVWDTXHDSDUH]FDODYiOYXODHOHFWURPDJQpWLFDSDUD
pO GHSRVLWR GH FDUEyQ 1 \ HVFXFKDUD HQ HO PRWRU TXH VH
DFWLYD \ GHVDFWLYD HVWD YiOYXOD GHVFRQHFWH OD PDQJXHUD TXH
OOHJDDODYiOYXOD\VySOHOHSRUODPDQJXHUD\HODLUHGHEHGH
IOXLU SDXVDGDPHQWH SXHV OD YiOYXOD VH FLHUUD \ VH DEUH



FRQVWDQWHPHQWH SRU PDQGDWR GH OD XQLGDG GH PDQGR 6L QR
FLUFXODHODLUHRORKDFHFRQVWDQWHPHQWHVXVWLWXLUGLFKDYiOYXOD


1 OD YiOYXOD HVWDELOL]DGRUD GHO UHODQWL  HV XQ HOHPHQWR FRQWURODGR SRU OD
XQLGDG GH FRQWURO GH PRWRU 5HJXOD HO SDVR GHO DLUH DVSLUDGR
SRUHOPRWRUFXDQGRHVWHVHKDOODHQPDUFKDPtQLPDRUHODQWL
8ELFDFLyQ$WUiVGHOFXHUSRGHDFHOHUDFLyQSDUDHO9:VHGDQ
&RPSUREDFLyQ\IXQFLRQDPLHQWRSRQHUODOODYHHQSRVLFLyQGH
HQFHQGLGR HVFXFKDU OD YiOYXOD HVWD GHEH GH SURGXFLU XQ
VRQLGRVLQRORKDFHPHGLUODUHVLVWHQFLDHQWUHVXVGRVFODYLMDV
FRQXQPXOWtPHWURHQODHVFDODGH2KPVGHEHGHPHGLUHQWUH
 \  2KPV VL HO YDORU QR VH HQFXHQWUD HQ HVWH UDQJR
VXVWLWXLU OD YiOYXOD SDUD FRPSUREDU OD DOLPHQWDFLyQ 8WLOL]DU
OiPSDUD GH SUXHED \ FKHFDU HO SDUSDGHR VL QR SDUSDGHD
UHYLVDUODVOtQHDVGHODYiOYXODDODXQLGDGGHPDQGRGHPRWRU
UHYLVDU ORV IXVLEOHV \ UHOHYDGRUHV GH DOLPHQWDFLyQ VL QRVH
FRUULJH SUREDU FRQ RWUD XQLGDG GH PDQGR GH PRWRU
&RPSUREDFLyQGHODUHJXODFLyQGHUHYROXFLRQHVHOPRWRUGHEH
HQFRQWUDUVH D WHPSHUDWXUD GH IXQFLRQDPLHQWR HO 6HQVRU GH
WHPSHUDWXUDHQRUGHQUpJLPHQGHUHODQWLHQRUGHQVLVWHPDGH
DVSLUDFLyQ VLQ IXJDV 6H XWLOL]D XQ PXOWtPHWUR HQ OD HVFDOD GH
PLOL DPSHUHV FRQHFWDU HQ VHULH HO PXOWtPHWUR FRQ OD YiOYXOD
HQFHQGHUHOPRWRUDFHOHUDUWUHVYHFHVD5307RPDUOD
OHFWXUD GHO DSDUDWR GHEH GH OHHU  P$   P$ YDORU
RVFLODQWH VL OD OHFWXUD QR HV DVt SUREDU FRQ RWUD XQLGDG GH
PDQGRGHPRWRU

1(OWUDQVIRUPDGRUGHHQFHQGLGR ERELQD(VRWURHOHPHQWRFRQWURODGR
SRU pO PRGXOR GH HQFHQGLGR 6X IXQFLyQ HV SURSRUFLRQDU  XQ
DOWR YROWDMH HQ VX ERUQH GH VDOLGD GRQGH VH FRQHFWD HO FDEOH
TXH YD DO GLVWULEXLGRU HQ VX ERUQH FHQWUDO 8ELFDFLyQ HQ OD
SDUHGGHIXHJRSDUDHO9:6HGDQ(QHOODGRGHUHFKRVXSHULRU
&RPSUREDFLyQGHODDOLPHQWDFLyQGHYROWDMHGHOWUDQVIRUPDGRU
VH SURFHGH D GHVFRQHFWDU HO DUQpV GH OD ERELQD \ HO FDEOH
FHQWUDO 6H XWLOL]D XQ PXOWtPHWUR HQ OD HVFDOD GH 9FG VH
FRQHFWDQ ODV SXQWDV HQ ORV H[WUHPRV \ VH SRQH OD OODYH HQ
HQFHQGLGR OD OHFWXUD GH YROWDMH GHEHUi HVWDU HQ HO UDQJR GH
 D  9FG HO YROWDMH GH OD EDWHUtD 6H UHWLUD OD OODYH GHO
HQFHQGLGR VH FRQHFWD XQD OiPSDUD GH SUXHED HQWUH OD
WHUPLQDOGHHQPHGLR\ODVGHODRULOODVHDFFLRQDODPDUFKD\
OD OiPSDUD GHEHUi GH SDUSDGHDU VL QR SDUSDGHD UHYLVDU ODV
OtQHDV KDVWD OD XQLGDG GH PDQGR UHYLVDU ORV IXVLEOHV \ ORV
UHOHYDGRUHV GH DOLPHQWDFLyQ GH OD XQLGDG GH PDQGR VL QR VH
FRUULJH SUREDU FRQ RWUD XQLGDG GH PDQGR &RPSUREDFLyQ FRQ



WRGR FRQHFWDGR VH DEUH OD WDSD GH OD ERELQD GRQGH VH
ORFDOL]DQHOERUQHSRVLWLYR\HOQHJDWLYRVHSURFHGHDFRQHFWDU
ODOiPSDUDGHSUXHEDDHVWRVERUQHV&RQHFWHHOHQFHQGLGROD
OiPSDUD GHEHUi GH HQFHQGHU SRU  VHJXQGRV \ OXHJR
DSDJDUVH'DUOHPDUFKD\ODOiPSDUDGHEHUiSDUSDGHDUVLQR
SDUSDGHDVXVWLWXLUODERELQD/DVPHGLFLRQHVGHUHVLVWHQFLDGH
OD ERELQD VH OHHQ GH OD VLJXLHQWH PDQHUD FRQ OD ERELQD
GHVFRQHFWDGD GHO HO DUQpV \ HO FDEOH FHQWUDO VH XWLOL]D XQ
PXOWtPHWUR HQ OD HVFDOD GH 2KPV < VH SRQH ODV SXQWDV GHO
SUREDGRUHQHOERUQHSRVLWLYR\HOQHJDWLYRODOHFWXUDGHEHGH
VHUHQWUH\2KPV$KRUDFRQHFWDUHOSUREDGRUHQWUHHO
ERUQH SRVLWLYR GH OD ERELQD \ HO ERUQH FHQWUDO OD OHFWXUD GHEH
GHVHU.2KPV


1 0RGXOR GH HQFHQGLGR HV RWUR HOHPHQWR FRQWURODGR SRU OD XQLGDG GH
PDQGRGHPRWRU6XIXQFLRQDPLHQWRHVGHVFRQHFWDU\FRQHFWDU
HO FLUFXLWR SULPDULR GHO WUDQVIRUPDGRU GH HQFHQGLGR %RELQD
1 SDUD TXH HVWD HOHYH HO YROWDMH HQ HO ERUQH GH VDOLGD
GRQGH VH FRQHFWD HO FDEOH TXH YD D OD WDSD GHO GLVWULEXLGRU
8ELFDFLyQ 0RQWDGR HQ OD ERELQD 1RWD KDFH ODV YHFHV GH
SODWLQRSHURFRQWURODGRSRUODXQLGDGGHPDQGRGHOPRWRU



1,Q\HFWRUHVGHJDVROLQDVRQHOHPHQWRVFRQWURODGRVSRUODXQLGDGGHPDQGR
GH PRWRU GHGLFDGRV D DOLPHQWDU GH JDVROLQD D ORV FLOLQGURV
LQ\HFWDGRV VREUH HO P~OWLSOH GH DGPLVLyQ R HO FXHUSR GH
DFHOHUDFLyQHQVXFDVRVLVWHPD0RQRPRWURQLF3DUDFRPSUREDU
TXH OH OOHJD HO SXOVR GHVGH OD XQLGDG GH PDQGR GHO PRWRU VH
XWLOL]D XQD OiPSDUD GH SUXHED R XQ IRFR WHVWLJR TXH FRQHFWH
H[DFWDPHQWHHQHOLQ\HFWRU\ODSUXHEDHVTXHDOGDUOHPDUFKD
RTXHGDUVHHQFHQGLGRHOPRWRUGHOYHKtFXORGHEHGHGHVWHOODU
VLQRGHVWHOODUHYLVDUORVIXVLEOHVYHUHOGLDJUDPDGHOYHKtFXOR
UHYLVDUHOUHOHYDGRUTXHDOLPHQWDDODXQLGDGGHPDQGRUHYLVDU
ODVOtQHDVTXHYDQGHORVLQ\HFWRUHVDODXQLGDG GHPDQGRGH
PRWRUVLHQHVWRVSDVRVHVWiQELHQSUREDUFRQRWUDXQLGDGGH
PDQGR 3DUD FRPSUREDU ORV LQ\HFWRUHV VH UHTXLHUH GH XQ
SXOVDGRU GH LQ\HFWRUHV VH UHDOL]D OD SUXHED GH OD VLJXLHQWH
PDQHUD FRQHFWDU XQ PDQyPHWUR HQ HO ULHO GH LQ\HFWRUHV \
SRQHUODOODYHGHOYHKtFXORHQODSRVLFLyQGHHQFHQGLGRPHGLU
OD SUHVLyQ VHxDODGD HQ HO PDQyPHWUR YROYHU D SRQHU OD OODYH
HQDSDJDGRGHVFRQHFWDUXQLQ\HFWRUFRQHFWDUOHHOSXOVDGRU\
HVWHDVXYH]TXHVHHQFXHQWUHHQHUJL]DGR\YROYHUDKDFHUHO
SDVRDQWHULRUVRORTXHODWRPDGHODOHFWXUDVHUHDOL]DGHVSXpV



GH KDEHU SXOVDGR HO LQ\HFWRU \ DVt VXFHVLYDPHQWH DQRWDQGR

ODV FDtGDV GH SUHVLyQ GH ORV LQ\HFWRUHV HQ FXHVWLyQ \ DO
WHUPLQDU OD SUXHED FRPSDUDU ODV OHFWXUD XQ LQ\HFWRU TXH VX
SUHVLyQ SUiFWLFDPHQWH QR YDUtH HV XQ LQGLFDWLYR TXH VH
HQFXHQWUD WDSDGR XQ LQ\HFWRU TXH DO SXOVDUOR VX SUHVLyQ EDMD
GHPDVLDGRHVLQGLFDWLYRTXHVpHQFXHQWUDDELHUWRVLDO SXOVDU
HO LQ\HFWRU VX SUHVLyQ QR YDULD HV SUREDEOH TXH VX ERELQD VH
HQFXHQWUH DELHUWD \ VH SURFHGH D YHULILFDFLyQ FRQ XQ
PXOWtPHWURHQODHVFDODGH2KPV\VHPLGHODUHVLVWHQFLDGHOD
ERELQDVLHVLQILQLWRVHHQFXHQWUDDELHUWD\KD\TXHVXVWLWXLUOR
HOYDORUGHUHVLVWHQFLDGHOLQ\HFWRUHVWDHQHOUDQJRGHD
2KPV3DUDUHVWDEOHFHUHOIOXMRTXHHQWUHJDQORVLQ\HFWRUHVVH
UHFRPLHQGD XQ ODYDGR GH ORV PLVPRV FRQ ER\D R ERWH
SUHVXUL]DGR VL FRQ HVWH PpWRGR HVWiQGDU QR PHMRUDQ VH
UHFRPLHQGD VDFDU HO ULHO GH ORV LQ\HFWRUHV GHO YHKtFXOR
SUHVXUL]DUOR FRQ ER\D \ XWLOL]DU DOJ~Q VROYHQWH PiV DJUHVLYR
FRPRHOWKLQHU\YHUDTXHVHGHVWDSDQVLFRQHVWHPpWRGRQR
HV VXILFLHQWH VH UHFRPLHQGD XWLOL]DU XQ VLVWHPD GH XOWUDVRQLGR
SDUDOLEHUDUODVODFDVRJRPDVTXHSXGLHUDWHQHUHOLQ\HFWRU


- UHOHYDGRU SDUD OD ERPED GH FRPE XVWLEOH VH HQFXHQWUD HQ OD FHQWUDO
HOpFWULFD GHWUiV GHO WDEOHUR GH LQVWUXPHQWRV  \ SDUD HO 9:
6HGDQ HVWD PDUFDGR FRQ pO QXPHUR  HVWH UHOHYDGRU OH
SURSRUFLRQDDODERPEDGHFRPEXVWLEOH*ODDOLPHQWDFLyQGH
YROWDMHSDUDVXIXQFLRQDPLHQWRVLHPSUH\FXDQGRODXQLGDGGH
PDQGRUHFLEDVHxDOGHOVHQVRUGHHIHFWR+DOO*$ODFFLRQDU
HO HQFHQGLGR HVWH UHOHYDGRU - VH DFWLYD VROR SRU XQRV
VHJXQGRV

-8QLGDGGHPDQGRGHOPRWRU',*,3/86FXHQWDFRQSLQHV8ELFDFLyQ
$EDMR DVLHQWR WUDVHUR ODGR L]TXLHUGR (VWD XQLGDG FRQWUROD HO
IXQFLRQDPLHQWRGHOPRWRUOHVSURSRUFLRQDWDQWRDORVVHQVRUHV
FRPR D ORV DFWXDGRUHV XQ YROWDMH GH DOLPHQWDFLyQ SDUD TXH
HVWRV D VX YH] LQIRUPHQ D OD XQLGDG GH PDQGR GH ODV
FRQGLFLRQHVHQODVTXHHVWiQRSHUDQGRGLFKRVVHQVRUHV\KDFHU
DMXVWHV SRU PHGLR GH ORV DFWXDGRUHV TXHGD HVWDEOHFLGR HO
PRPHQWR GH LQ\HFFLyQ DVt FRPR GHO WLHPSR GH LJQLFLyQ OD
HVWDELOL]DFLyQGHODPDUFKDPtQLPD/DXQLGDGGHPDQGRHVWD
GRWDGD GH PHPRULD GH DYHUtDV \ HV FRQYHQLHQWH FRQVXOWDUOD
FRQ VX HTXLSR GH GLDJQRVWLFR 9$*   R VX LQWHUIDVH
9$*/LQN SDUD WHQHU XQD ORFDOL]DFLyQ UiSLGD GH OD IDOOD HQ
FXHVWLyQ/RVFRPSRQHQWHVTXHSXHGHQUHSRUWDUDYHUtDVVRQ
6HQVRU+DOO
3RWHQFLyPHWURGHODPDULSRVD



 6RQGDODPEGD
6HQVRUWHPSHUDWXUDGHDGPLVLyQ
6HQVRUGHFDUJD
9iOYXODFDGHQFLyPpWULFD
(WDSDILQDOGHHQFHQGLGR
,Q\HFWRUHV
9iOYXODHVWDELOL]DGRUDUHODQWL
/RV DFWXDGRUHV TXH SXHGHQ VHU SUREDGRV FRQ VX HTXLSR GH GLDJQRVWLFR 9$*
\9$*/,1.VRQ


9iOYXODHVWDELOL]DGRUDGH5HODQWL
9iOYXODFDGHQFLyPpWULFD
5HOHYDGRUGHODERPEDGHFRPEXVWLEOH

5HDOL]iQGRVHGHODVLJXLHQWHPDQHUDVHSUHVLRQDHOERWyQGHPRWRUVHSUHVLRQD
HOERWyQDFWXDGRUHV\VHYDHVFRJLHQGRHODFWXDGRUDSUREDU




* ERPED GH JDVROLQD HQ HO 6HGDQ XELFDFLyQ HVWD PRQWDGD H[WHUQDPHQWH
GHEDMR GHO WDQTXH GH JDVROLQD (VWD ERPED HVWD DOLPHQWDGD
SRUJUDYHGDGQRVXFFLRQDODJDVROLQDVRORODLPSXOVD

&RPSUREDFLyQ ItVLFD GH OD ERPED * \ GHO UHJXODGRU GH
FRPEXVWLEOH 'HVFRQHFWDU OD YiOYXOD 6FKUDGHU ORFDOL]DGD HQ HO
H[WUHPR L]TXLHUGR GHO ULHO GH LQ\HFWRUHV &RQHFWDU HO
PDQyPHWURGHSUHVLyQGHFRPEXVWLEOHHQHOULHOGHLQ\HFWRUHV

(QFLHQGD HO PRWRU HQ 5HODQWL WRPDU OD SUHVLyQ VX YDORU
QRPLQDO HV  .JV R  /EV 'HVFRQHFWH OD PDQJXHUD GH
YDFLy GHO UHJXODGRU GH SUHVLyQ HV GH FRORU EODQFD PHGLU OD
SUHVLyQ \ HVWD GHEH GH VXELU  .JV R  /EV $SDJXH HO
PRWRU &RPSUREDQGR OD HVWDQTXHLGDG GHO VLVWHPD VH UHDOL]D
WRPDQGRODOHFWXUDGHOPDQyPHWURGHVSXpVGHPLQXWRVGH
TXHHOPRWRUVHDSDJy\GHEHWHQHUFRPRPtQLPR.JVR
/EVGHSUHVLyQ6LODSUHVLyQGLVPLQX\HSRUGHEDMRGH.JV
(QFLHQGD HO PRWRU SDUD FUHDU SUHVLyQ \ DSDJXH HO PRWRU \
RSULPLUFRQXQVDUJHQWRRSLQ]DVHOWXERIOH[LEOHGHODWXEHUtD
GH UHWRUQR HVWH VDOH GHO UHJXODGRU GH SUHVLyQ 7RPDU OHFWXUD
GHO PDQyPHWUR GH SUHVLyQ VL HVWD SHUPDQHFH SRU VX HQFLPD
GHVXOLPLWHLQIHULRU.JVR/EVHQPLQXWRVPi[LPR
HOUHJXODGRUGHSUHVLyQHVWDGHIHFWXRVR

6LODSUHVLyQGLVPLQX\HYHULILFDU

,Q\HFWRUHVSHUPHDEOHVFRQIXJD

9iOYXODVGHUHWHQFLyQGHODERPED*QRVHOODQ




(PSDOPHVGHWXEHUtDRFRQH[LRQHVQRVHOODQ

/LJDVR5LQJVGHULHORLQ\HFWRUHVQRVHOODQ

&RPSUREDFLyQ HOpFWULFD GH OD ERPED GH JDVROLQD * VL OD
ERPED QR WUDEDMD DO FRQHFWDU HO HQFHQGLGR KDFHU OD VLJXLHQWH
FRPSUREDFLyQ


9HULILFDU ORV IXVLEOH   GH  DPSHUHV DOLPHQWD D OD

8QLGDG GH 0DQGR GH 0RWRU IXVLEOH  GH  DPSHUHV
DOLPHQWD FRQ FRUULHQWH SHUPDQHQWH DO UHOHYDGRU GH OD
ERPEDGHJDVROLQDPDUFDGRFRQpOQXPHUR\HVWD
PRQWDGR HQ XQ VRSRUWH LQGHSHQGLHQWH GHWUiV GHO
WDEOHUR GH LQVWUXPHQWRV \ IXVLEOH  PRQWDGR HQ XQ
VRSRUWHLQGHSHQGLHQWHDXQODGRGHORVUHOHYDGRUHV\HV
SDUDDOLPHQWDFLyQGHODERPEDGHFRPEXVWLEOHVLHVWiQ
HQ RUGHQ GHVPRQWDU HO UHOHYDGRU GH OD ERPED GH
JDVROLQD  8VDQGR XQD OiPSDUD GH SUXHED R
0XOWtPHWURHQODHVFDODGH9FGYHULILFDUORVFRQWDFWRV
\  FRQ UHVSHFWR D WLHUUD PDVD (Q OD EDVH GHO SRUWD
UHOHYDGRU

&DYLGDG    FRQ  9&' SHUPDQHQWHV &DYLGDG  
FRQ   9FG FRQ OODYH DELHUWD /D OiPSDUD GH SUXHED
GHEHUiGHHQFHQGHUHQDPEDVSUXHEDVVLQRHQFLHQGH
HQDOJXQDGHODVGRVSUXHEDVUHSDUDUFLUFXLWRVDELHUWRV
HQOtQHDVIDOVRFRQWDFWRGHIXVLEOH


7LHPSR GH ,Q\HFFLyQ (VWD OHFWXUD VH WRPD FRQ HO HVFiQHU (QWUDQGR D PRWRU
GHVSXpVDPHGLFLyQGHYDORUHVHQHOJUXSROHHUHOFDPSRHVHHVpO
YDORUGHHOWLHPSRGHDSHUWXUDGHOLQ\HFWRUFRQPRWRUIUtRRVFLODHQWUH\06
FRQIRUPHHOPRWRUVHFDOLHQWDHOYDORUGLVPLQX\HKDVWDFDHUHQWUH\PV6t
HO YDORU SHUPDQHFH VLHPSUH HQ  06 R PiV HO PRWRU WHQGUi D DKRJDUVH SRU
H[FHVRGHFRPEXVWLEOH9HULILFDUHOWLHPSRVRQGDODPEGDVHQVRUGHWHPSHUDWXUD
GHPRWRU\GHDLUHDVSLUDGRDVtWDPELpQODVWLHUUDVIXVLEOHVFDEOHDGR


&LFORGH,Q\HFFLyQ(VWD OHFWXUD VH WRPD FRQ HOHVFiQHU (QWUDQGR D PRWRU 
GHVSXpVDPHGLFLyQGHYDORUHVHQHOJUXSROHHUHOFDPSRHVHHVpOYDORU
GH FLFOR GH LQ\HFFLyQ (Q UHODQWL HVWH YDORU GHEH HVWDU HQWUH  \  &RQ HO
PRWRU IUtR HO YDORU SXHGH VLWXDUVH HQWUH  \  \ FRQIRUPH HO PRWRU VH
FDOLHQWD LUi GLVPLQX\HQGR KDVWD VLWXDUVH HQWUH   \   6t VX YDORU H[FHGH
   FRQ HO PRWRU D WHPSHUDWXUD HVWR HV PD\RU D R& KDEUi H[FHVR GH



FRPEXVWLEOH 9HULILFDU VHQVRU ODPEGD VHQVRU WHPSHUDWXUD GH PRWRU VHQVRU

WHPSHUDWXUDDLUHGHDGPLVLyQWLHUUDVIXVLEOHVFDEOHDGR


$QJXORGH0DULSRVD(VWDOHFWXUDVHWRPDFRQHOHVFiQHU(QWUDQGRDPRWRU
GHVSXpVDPHGLFLyQGHYDORUHVHQHOJUXSROHHUHOFDPSRHVHHVpOYDORU
GHOiQJXORGHPDULSRVDTXpOHHHOHVFiQHUHVWHYDORUVLHPSUHGHEHGHVHUFHURHQ
UHODQWL6tWLHQHRWURYDORUHOPRWRUVHTXHGDUiDFHOHUDGR\QRGLVPLQXLUiQODV530
ODVHVWDEOHFLGDVVRQ530VLQRHVFHURVXYDORUYHULILFDU6HQVRUGHSRVLFLyQ
GHPDULSRVD

QJXOR GH DYDQFH (VWD OHFWXUD VH WRPD FRQ HO HVFiQHU (QWUDQGR D PRWRU 
GHVSXpVDPHGLFLyQGHYDORUHVHQHOJUXSROHHUHOFDPSRHVHHVpOYDORU
'HOiQJXORGHDYDQFHWRPDGRSRUHOHVFiQHU(VWHYDORUHQUHODQWLGHEHGHRVFLODU
HQWUH  \  GH DYDQFH ODV OHWUDV Y27 VLJQLILFDQ $QWHV GHO SXQWR PXHUWR
6XSHULRU6tDSDUHFHQ27VLJQLILFD'HVSXpVGHOSXQWRPXHUWR6XSHULRU6LHQ
FXDOTXLHUD GH ORV GRV FDVRV QR VH FXPSOHQ ORV YDORUHV GH DMXVWH GHO WLHPSR GH
HQFHQGLGRY27FRQHFWHVXHVFiQHU\UHDOLFHHO$MXVWH%iVLFRFRPRYLHQH
GHVFULWRHQODVHFFLyQ&20352%$&,1<38(67$$7,(032'((/020(172'(
(1&(1','2


(VWDGRGH0DUFKD /((5/$8)7(//$67(VWDOHFWXUDVHWRPDFRQHOHVFiQHU
(QWUDQGR D PRWRU  GHVSXpV D PHGLFLyQ GH YDORUHV  HQ HO JUXSR  OHHU HO
FDPSRHVWHYDORUQRVLQGLFDFXDQGRHOPRWRUHVWDWUDEDMDQGRHOUHODQWL\QRVOR
LQGLFDFRQODSDODEUD/((5/$8)&XDQGRVXSHUDPRVODV530GHUHODQWLFDPELDD
OD SDODEUD 7(//$67 FDUJD SDUFLDO &XDQGR QR VH LQGLTXHQ FRUUHFWDPHQWH HVWRV
HVWDGRV FKHFDU HO VHQVRU +$// HO SRWHQFLyPHWUR GH OD PDULSRVD \ OD VHxDO GHO
VHQVRUGHFDUJD





















'LDJQyVWLFRFRQ(VFiQHU$XWRPRWU L]



6HSXHGHQUHDOL]DUORVGLDJQyVWLFRVFRQGLIHUHQWHVHTXLSRVTXHVHHQFXHQWUDQHQ
HO PHUFDGR HO HTXLSR RULJLQDO HV HO 9$*   9$*  (TXLSR GH RULJHQ
$OHPiQ VX FRVWR IOXFW~D HQWUH  \  'yODUHV $PHULFDQRV RWUDV
DOWHUQDWLYDV VHUtDQ XQ HTXLSR FRPR HO &- (XUR GH ,QMHFWR &OHDQ (TXLSR GH
RULJHQ 0H[LFDQR VX FRVWR HV GH  'yODUHV $PHULFDQRV XQD LQWHUID] GH
SXHUWR VHULDO FRPR OD 9$*&20 (TXLSR GH RULJHQ $OHPiQ XWLOL]D SURJUDPD GH
LQVWDODGRHQ3&SDUDVXIXQFLRQDPLHQWR\ODDOWHUQDWLYDPDVHFRQyPLFDVHULDXQD
LQWHUIDVH GH 9$*/,1. XWLOL]D SURJUDPD LQVWDODGR HQ 3& R /DS 7RS  (TXLSR GH
RULJHQ0H[LFDQRVXFRVWRHVGH'yODUHV$PHULFDQRV






9$*9$*9$*&209$*/,1.

&-(XUR

/DYHQWDMDGHO9$*&20\HO9$*/,1.HVTXHJUDILFDQODVOHFWXUDVGHORVVHQVRUHV
HQYLYRHLPSULPHpOGLDJQRVWLFRFRQORVGDWRVGHVXQHJRFLR

/RVHTXLSRVDQWHVGHVFULWRVHVWiQDODYHQWD\VHUYLFLRFRQVXVHUYLGRU

,QJ -RVp $QWRQLR *DOODUGR 0RQFDGD 9tD 9HURQD   -ROOD GH $QDKXDF HQ &'
(VFREHGR 1XHYR /HyQ 0p[LFR &3  7HOV      
FRUUHRHOHFWUyQLFRDJDOODUGRP#KRWPDLOFRP-DJDOODUGRP#\DKRRFRP


















'LDJQRVWLFRFRQ(VFiQHU$XWRPRWUL]FRQWLQXDFLyQ 

(VWRV HVFiQHUV XWLOL]DQ FyGLJRV GH GLUHFFLyQ SDUD DFFHGHU ODV GLIHUHQWHV
FRPSXWDGRUDVTXHWHQJDHOYHKtFXORFRPRORVRQ


(/(&7521,&$'(/02725

(/(&7521,&$'(/&$0%,275$160,6,1

)5(126$%6

$,5($&21',&,21$'2

%2/6$'($,5(

,167580(17267$%/(52

,1029,/,=$'25

&,(55(&(175$/,=$'2

5$',2

(VWRV VRQ DOJXQRV FyGLJRV GH GLUHFFLyQ HO 9: 6('$1 VROR WLHQH PRWRU
XWLOL]DUHPRVSXHV~QLFDPHQWHSDUDHVWHYHKtFXOR

(QHVWHPRGRGHIXQFLRQDPLHQWRHOHVFiQHUHVSHUDHOLQJUHVRGHGRVFLIUDDWUDYpV
GHOWHFODGRQXPpULFR(VWDVFLIUDVIRUPDQHOFyGLJRGHGLUHFFLyQGHXQDXQLGDGGH
PDQGRFRPRORVRQODVGHVFULWDVHQORVSiUUDIRVDQWHULRUHVGHHVWDPLVPDVHFFLyQ
'LDJQRVWLFRFRQ(VFiQHU$XWRPRWUL]FRQWLQXDFLyQ

(Q HO 9$*  \ 9$*  VH SXOVD  SDUD 0RWRU \ GHVSXpV OD WHFOD 4 \ HO
HTXLSRVHFRPXQLFDFRQHOYHKtFXORVLQWHQHUTXHGDUOHPDUFDRPRGHOR


9HULILFDFLyQVLVWHPDGHO9HKtFXOR
+(/3



,QWURGXFLUFyGLJRGHGLUHFFLyQ;;



6tXVWHGQRUHFXHUGDTXHFyGLJRGHGLUHFFLyQSXOVDURSULPDODWHFOD+(/3\OHGDUi
XQ UHVXPHQ GH WRGRV ORV FyGLJRV GH GLUHFFLyQ H[LVWHQWHV UHFXHUGH TXH GHSHQGH
GHO YHKtFXOR TXH XVWHG HVWH GLDJQRVWLFDQGR SXHGD WHQHU WDQWDV FRPSXWDGRUDV
FRPRHTXLSRWHQJDVLHVXQ9:6('$1VRORWLHQHGH0RWRUVLHVXQ3$66$7SXHV
WHQGUiPXFKDVFRPSXWDGRUDV$OLQWURGXFLUHOFyGLJRODSDQWDOODFDPELDD


9HULILFDFLyQVLVWHPDGHO9HKtFXOR
4



(OHFWUyQLFDGHO0RWRU








$OFRPXQLFDUVHQRVSURSRUFLRQDpOQXPHURGHFKDVLVGHOYHKtFXOR\pOQXPHURGHOD
XQLGDGGHPDQGR


443907401 A
02725




&RGLILFDFLyQ111
:6& 12345

/DGHVFULSFLyQGHHVWDSDQWDOODODGDUHPRVHQHOVLJXLHQWHSDJLQD
<D TXH HQWUDPRV D OD FRPSXWDGRUD GHO 9: 6('$1 WHQHPRV ODV VLJXLHQWHV
KHUUDPLHQWDVSDUDSRGHUKDFHUSUXHEDV\GLDJQyVWLFRVTXHVHOODPDQIXQFLRQHV
< HVWDV IXQFLRQHVVH UHSUHVHQWDQ SRU FyGLJRV GH  GtJLWRV TXH D FRQWLQXDFLyQ OHV
PRVWUDUp


&2168/7$59(56,1'(/$81,'$''(0$1'2

&2168/7$'(0(025,$'($9(5$&2',*26'()$//$

',$*1267,&2'((/(0(1726$&78$'25(6

,1,&,$5(/$-867(%$6,&2

%255$50(025,$'($9(5$6

),1$/,=$5(0,6,21(6

&2',),&$5/$81,'$''(0$1'2

/((5%/248('(9$/25(6'(0(',&,1
/(&785$'(6(1625(6
/((59$/25,1',9,'8$/'(0(',&,1
$'$37$&,1


+DEODUHPRVSXHVGHODFRQVXOWDGHODYHUVLyQGHODXQLGDGGHPDQGR 

6HSXOVDGHVSXpVODWHFOD4\QRVPXHVWUDODVLJXLHQWHSDQWDOOD

81,'$''(0$1'2(67((6e/180(52'(3$57(







443907401 A
02725



&RGLILFDFLyQ111
:6& 12345

CODIFICACIN
CODIGO DE EMPRESA



3~OVDUIOHFKDKDFLDODL]TXLHUGDFRPRORLQGLFDODSDQWDOOD

eO QXPHURGHXQLGDGGHPDQGR  HVpO QXPHUR GH SDUWH GH OD FRPSXWDGRUD HQ
HVWHFDVRGHOPRWRU

/D FRGLILFDFLyQ HV XWLOL]DGD SDUD TXH VH FRPSRUWH FRQ FLHUWDV FDUDFWHUtVWLFDV OD
FRPSXWDGRUD\VLOOHJDQDFDPELDUXQDKD\TXHOHHUVLHVSRVLEOHVXFRGLILFDFLyQ\
SRQpUVHORDODQXHYDFRPSXWDGRUD


(VWDSDQWDOODQRVODGDFXDQGRHQWUDPRVSRUSULPHUDYH]DOGLDJQRVWLFRGHPRWRU
FRPRORYLPRVDOSULQFLSLRGHHVWDVHFFLyQ

(O HTXLSR GH GLDJQRVWLFR UHTXLHUH WHQHU XQ &yGLJR GH (PSUHVD WDOOHU R
FRQFHVLRQDULR SDUD SRGHU UHDOL]DU DMXVWHV EiVLFRV DGDSWDFLRQHV \ FRGLILFDFLRQHV\
HQHVWDSDQWDOODPXHVWUDTXLHQFRGLILFyHVWDXQLGDGGHPDQGR
&RQVXOWHPRVODPHPRULDGHDYHUtD 

6HSXOVDGHVSXpVODWHFOD4\QRVPXHVWUDODVLJXLHQWHSDQWDOOD


$YHUtDVGHWHFWDGDV





3XOVDQGRODWHFODVHSXHGHQYHUHQODSDQWDOODODLQIRUPDFLyQGHODV
DYHUtDVSUHVHQWHV



7UDQVPLVRUUHYROXFLRQHVGHOPRWRU*


6LQVHxDO







63



6LHQODOtQHDLQIHULRUGHODSDQWDOODVHLQGLFDHOWLSRGHDYHUtDFRQHODJUHJDGR63
HQWRQFHVVHWUDWDGHXQDDYHUtDHVSRUiGLFD

/RVFyGLJRVVHUHSUHVHQWDQHQGtJLWRVSDUDIDOODVSHUPDQHQWHV\HQGtJLWRVHQ
IDOODVLQWHUPLWHQWHVyHVSRUiGLFDV63

(OOLVWDGRGHFyGLJRVDVtFRPRHOUDVWUHRGHODVIDOODVVHSUHVHQWDHQODVHFFLyQ
7DEODGH$YHUtDV0DVDGHODQWHHQHVWHPDQXDOGHVHUYLFLR





'LDJQRVWLFRGHHOHPHQWRV$FWXDGR UHV

6HSXOVDGHVSXpVODWHFOD4

&RQpOGLDJQRVWLFRGH$FWXDGRUHVVHKDFHXQDYHULILFDFLyQHOpFWULFDGHOORVFLUFXLWRV
\DFWXDGRUHVTXHWHQJDHOVLVWHPD

(O HVFiQHU GD OD RUGHQ D OD XQLGDG GH PDQGR SDUD TXH VH DFWLYH HO SULPHU
DFWXDGRU

'LDJQRVWLFRGH$FWXDGRUHV





,Q\HFWRUFLOLQGUR1



3XOVDQGRODWHFOD
VHOHGDODRUGHQGHDFWLYDUHOSUy[LPRDFWXDGRU(O
RUGHQ GH YHULILFDFLyQ GH ORV GLVWLQWRV DFWXDGRUHV HV HVWDEOHFLGR SRU OD XQLGDG GH
0DQGR

(QFDVRTXHQRVHDFWLYHQDOJXQRGHORVDFWXDGRUHVTXHDSDUHFHQHQODSDQWDOOD
VH GHEH GH YHULILFDU VL KD\ XQD DYHUtD GH FRQHFWRUHV pO HQ FDEOHDGR R ORV
DFWXDGRUHVHVSHFtILFRV

,QLFLDUHO$MXVWH%iVLFR

(O$MXVWH%iVLFRHVQHFHVDULRFXDQGRVHFDPELDODXQLGDGGHPDQGR\DVHDQXHYD
RXVDGDFXDQGRVHFDPELDDOJ~QVHQVRURODYiOYXOD(VWDELOL]DGRUDSDUDHO5HODQWL
RXQDDILQDFLyQ

6L HO VLVWHPD VH HQFXHQWUD HQ DMXVWH EiVLFR HV SRVLEOH HIHFWXDU SRU HMHPSOR XQ
DMXVWHGHOPRPHQWRGHHQFHQGLGR$MXVWHGHWLHPSRRSXHVWDDWLHPSRGHOPRWRU
R$MXVWHGHPDUFKDPtQLPD

3DUD UHDOL]DU HO DMXVWH EiVLFR HO PRWRU GHEH GH WHQHU XQD WHPSHUDWXUD PD\RU GH
R&JUDGRVFHQWtJUDGRV

6HSXOVDGHVSXpVODWHFOD4\QRVPXHVWUDODVLJXLHQWHSDQWDOOD


,QLFLDUHO$MXVWH%iVLFR



,QWURGXFLUQ~PHURGHJUXSRYDORUHV;;




6tODLQGLFDFLyQGHORVYDORUHVPHGLGRVVHHIHFW~DFRQXQLGDGHVItVLFDVpOQXPHUR
GHJUXSRGHLQGLFDFLyQHOHJLGRVHLQGLFDHQODOtQHDVXSHULRUGHUHFKDGHODSDQWDOOD



1~PHURGHJUXSR


6LVWHPDHQ$MXVWH%iVLFR 







R& 
PLQ
R&
9



6H SXHGH RSWDU SRU RWUR JUXSR GH YDORUHV GH PHGLFLyQ SXOVDQGR OD WHFOD & H
LQJUHVDQGRHOQ~PHURGHJUXSRGHVHDGRRSXOVDQGRODWHFOD
SDUDLUDO
VLJXLHQWHJUXSRDVFHQGHQWH

3DUDHOJUXSRHVWHJUXSRPXHVWUDOHFWXUDVVLQXQLGDGItVLFD


6LVWHPDHQ$MXVWH%iVLFR 












/DGHVFULSFLyQGHHVWDVPDJQLWXGHVVHGDHQODVHFFLyQGH/HHUEORTXHVGHYDORUHV
GHHPLVLyQPDVDGHODQWHHQHVWHPDQXDO

%RUUDUPHPRULDGH$YHUtDV

'HVSXpV GH OD UHSDUDFLyQ VH GHEH GH ERUUDU OD PHPRULD GH DYHUtDV FRQ HVWD
IXQFLyQ

$QWHVGHGDUODRUGHQGHERUUDGRGHODPHPRULDGHDYHUtDVHOHVFiQHUDYHULJXDVL
HVWDKDVLGRFRQVXOWDGDSUHYLDPHQWH


7UDQVPLVLyQUiSLGDGHGDWRV 




/DPHPRULDGHDYHUtDVHVWiERUUDGD



6t KD VLGR ERUUDGD OD PHPRULD GH DYHUtDV \ D SHVDU GH HOOR DSDUHFH LQGLFDGR HO
VLJXLHQWHWH[WRODPHPRULDGHDYHUtDVGHEHVHUFRQVXOWDGDQXHYDPHQWH\ODDYHUtD
UHSDUDGD

7UDQVPLVLyQUiSLGDGHGDWRV 



/DPHPRULDGHDYHUtDVQRKDVLGRERUUDGD






)LQDOL]DUODHPLVLyQ

)LQDOL]DODWUDQVPLVLyQGHGDWRVDODXQLGDGGHPDQGRHQODTXHHVWDED(M0RWRU
<YXHOYHDOPHQ~GRQGHXVWHGSXHGHHOHJLURWUDXQLGDGGHPDQGRDHVFiQHUHVWR
HV GDUOH RWUR FyGLJR GH GLUHFFLyQ HMHPSOR DO SULQFLSLR GH HVWD VHFFLyQ FRQ HO
QRPEUH'LDJQRVWLFRFRQ(VFiQHU$XWRPRWUL]


7UDQVPLVLyQUiSLGDGHGDWRV 
+(/3


,QWURGXFLUFyGLJRGHGLUHFFLyQ;;




&RGLILFDUODXQLGDGGHFRQWURORPDQGR 

0HGLDQWHHVWDIXQFLyQVHSXHGHPRGLILFDUODPHPRULDGHODXQLGDGGHPDQGR'H
HVWD IRUPD HVWD PLVPD XQLGDG GH PDQGR VH SXHGH DGDSWDU SDUD GLIHUHQWHV
PRWRUHV DFFHVRULRV FDUURFHUtDV R WUHQHV GH URGDMH  WUDQVPLVLyQ HVWiQGDU R
DXWRPiWLFDDVtFRPRDGLVSRVLFLRQHVOHJDOHVGHGLVWLQWRVSDtVHV


&RGLILFDUODXQLGDGGHFRQWURO





,QWURGXFLUQXPHURGHFyGLJR;;;

(OFyGLJRHVWDFRPSUHQGLGRHQWUH\\SRUHVWHPRWLYRGHEHGHVHUGH
GtJLWRV

3XOVDUODWHFOD4VHFRQILUPDODHQWUDGD
'HVSXpVGHKDEHUKHFKRHOFDPELRRFRGLILFDFLyQODXQLGDGGHFRQWUROLQGLFDOD
YHUVLyQDFWXDOGHODLGHQWLILFDFLyQGHODXQLGDGGHPDQGR\HOFRUUHVSRQGLHQWH
FyGLJRGHHPSUHVD:6&



443907401 A
02725




&RGLILFDFLyQ111
:6& 12345





/HHU%ORTXHGHYDORUHVGHPHGLFLyQ 

$OJXQDV XQLGDGHV GH FRQWURO R PDQGR SXHGHQ WUDQVPLWLU PXFKRV YDORUHV GH
PHGLFLyQ (VWRV YDORUHV GH PHGLFLyQ  GDQ LQIRUPDFLyQ VREUH HO HVWDGR GH
IXQFLRQDPLHQWRGHOVLVWHPDyGHORVVHQVRUHVFRQHFWDGRV

(Q PXFKRV FDVRV VH SXHGHQ DSURYHFKDU ORV GDWRV WUDQVPLWLGRV SDUD IDFLOLWDU OD
ORFDOL]DFLyQ\ODUHSDUDFLyQGHDYHUtDV

'HELGR D TXH QR VH SXHGHQ YDORUDU VLPXOWiQHDPHQWH WRGRV HVWRV YDORUHV GH
PHGLFLyQ VH ORV KD DJUXSDGR HQ EORTXHV \ SXHGHQ VHU HOHJLGRV D WUDYpV GHO
QXPHURGHJUXSR

/HHUEORTXHYDORUHVPHGLFLyQ
+(/3



,QWURGXFLUQXPHURGHJUXSR;;



'HVSXpVGHKDEHULQWURGXFLGRHOQ~PHURGHJUXSR\GHKDEHUFRQILUPDGRSXOVDQGR
ODWHFOD4HOHVFiQHUOHPRVWUDUDODVPHGLFLRQHVGHGLFKRJUXSRHQODSDQWDOOD

(VWDSDQWDOODHVSDUDHOJUXSR 


/HHUEORTXHYDORUHVGHPHGLFLyQ 











3RVLFLyQ


/DLQWHUSUHWDFLyQGHORVQ~PHURVLQGLFDGRVHQODSDQWDOODYDUtDQGHDFXHUGRDO
YHKtFXOR\VRQ

3RVLFLyQ'HVFULSFLyQ

7HPSHUDWXUDGHOOLTXLGRUHIULJHUDQWHRPRWRU

&DUJDGHPRWRU

5pJLPHQGHOPRWRU

,QWHJUDGRU/DPEGD

$GDSWDFLyQ/DPEGDDO5DOHQWt

$GDSWDFLyQ/DPEGD

$GDSWDFLyQ/DPEGD

(VWDELOL]DFLyQGHO5HODQWt

(QWUDGDVGHORVFRQPXWDGRUHV

0RPHQWRGHHQFHQGLGR





(VWDSDQWDOODHVSDUDHOJUXSR 


/HHUEORTXHYDORUHVGHPHGLFLyQ 




R& 
PLQ
9 PV




**YHUVHFFLyQ'HVFULSFLyQ


(VWDSDQWDOODHVSDUDHOJUXSR 


/HHUEORTXHYDORUHVGHPHGLFLyQ 




R& 
PLQ
R




7HPSHUDWXUDGHOPRWRU5300RWRU9ROWDMH/DPEGD7LHPSRGHLQ\HFFLyQ

YHUVHFFLyQ'HVFULSFLyQ

(VWDSDQWDOODHVSDUDHOJUXSR 


/HHUEORTXHYDORUHVGHPHGLFLyQ 




R& 
PLQ
R&
9




7HPSHUDWXUDGHOPRWRU5300RWRU$QJXORGHPDULSRVDFLFORGHLQ\HFFLyQ







DLUHGHDGPLVLyQ 


YHUVHFFLyQ'HVFULSFLyQ

(VWDSDQWDOODHVSDUDHOJUXSR 


/HHUEORTXHYDORUHVGHPHGLFLyQ 




R& 
PLQ
R&Y27 




7HPSHUDWXUDGHOPRWRU5300RWRU7HPSHUDWXUD9ROWDMHGHEDWHUtD

 YHUVHFFLyQ'HVFULSFLyQ

7HPSHUDWXUDGHOPRWRU5300RWRU$QJXORGH6HQVRUGHFDUJD\YDFtR

$YDQFH\WLHPSR




(VWDSDQWDOODHVSDUDHOJUXSR 


/HHUEORTXHYDORUHVGHPHGLFLyQ 




R& 
PLQ
R&
9





(VWDSDQWDOODHVSDUDHOJUXSR 


/HHUEORTXHYDORUHVGHPHGLFLyQ 


/(5/$8)

R& 
PLQ
R&Y27 7(//$67




7HPSHUDWXUDGHOPRWRU5300RWRU$QJXORGHPDULSRVD9ROWDMHGHEDWHUtD

<WLHPSRYHUVHFFLyQ'HVFULSFLyQ

7HPSHUDWXUDGHOPRWRU5300RWRU$QJXORGHDYDQFH(VWDGRGHPDUFKD

(VWDSDQWDOODHVSDUDHOJUXSR 


/HHUEORTXHYDORUHVGHPHGLFLyQ 




R& 
PLQ
9 9





7HPSHUDWXUDGHOPRWRU5300RWRU9ROWDMH/DPEGD9ROWDMHGHEDWHUtD

3DUDLUDYDQ]DQGRHQWUHORVJUXSRVVHSXOVDODWHFODFRQIOHFKDTXHDSXQWDKDFLD

$UULEDy$EDMR















7DEODGH$YHUtDV


1RWD
$QWHV GH VXVWLWXLU FRPSRQHQWHV GHWHFWDGRV FRPR GHIHFWXRVRV KD\ TXH
FRQWURODU FRQVXOWDQGR HO HVTXHPD GH FLUFXLWRV ORV FDEOHV GH FRQH[LyQ GH
HVWRVFRPSRQHQWHV\ODVXQLRQHVDPDVD(VWRHVHVSHFLDOPHQWHYDOLGRHQHO
FDVRGHTXHODDYHUtDVHDFDOLILFDGDGHDSDULFLyQHVSRUiGLFD63
3DUDODYHULILFDFLyQGHFDEOHV
(OFyGLJRGHDYHUtD\HOFyGLJRLQWHUPLWHQWHVHUiQLPSUHVRVHQHOPRGRGH
IXQFLRQDPLHQWR  7UDQVPLVLyQ UiSLGD GH GDWRV VROR HVWDQGR FRQHFWDGD OD
LPSUHVRUDGHODSDUDWROHFWRUGHDYHUtDV
(MHPSOR
&yGLJRGHDYHUtDV 

&yGLJRLQWHUPLWHQWH
GtJLWRV



GtJLWRV









,PSUHVLyQHQLPSUHVRUD
3RVLEOHVFDXVDVGHOD
(OLPLQDFLyQGHODDYHUtD
GHO9$*
DYHUtD
1LQJXQDDYHUtD
6LH[LVWHXQDUHFODPDFLyQ &RPSUREDUVLHVWi
LGHQWLILFDGD
$YHUtDQRLGHQWLILFDGDSRU PRQWDGDODFRUUHFWD
HODXWRGLDJQyVWLFR
XQLGDGGHPDQGR
&RQVXOWDUpOQXPHURGH
SDUWH

,QWHUUXSFLyQGHFDEOHR
&RPSUREDUDUQpVGHO*
6HQVRU+DOO*
FRUWRFLUFXLWRDSRVLWLYR
SiJLQD
,QWHUUXSFLyQDPDVD
&RUWRFLUFXLWRDSRVLWLYR
&RUWRFLUFXLWRDPDVD
&DEOHVRHO*WLHQHQ

FRUWRFLUFXLWRDPDVD

3RWHQFLyPHWURGHIHFWXRVR &RPSUREDUDUQpVGHO*
3RWHQFLyPHWURGHOD
3iJLQD
PDULSRVDGHJDVHV*
&RQVXOWDUEROHWtQWpFQLFR
,QWHUUXSFLyQR

FRUWRFLUFXLWRDSRVLWLYR
)XQFLyQVXEIXQFLyQ


&RUWRFLUFXLWRHQPDVD ,QWHUUXSFLyQRFRUWR
(QFDVRGDGRVXVWLWXLU
FLUFXLWRDPDVD


$QWHV GH YROYHU D HQFHQGHU HO PRWRU ERUUDU OD PHPRULD GH DYHUtDV <
SRVWHULRUPHQWH UHWLUDU HO FRQHFWRU GH OD XQLGDG GH PDQGR - \ QXHYDPHQWH
FRQHFWDUOR






,PSUHVLyQHQLPSUHVRUDV
9$*

6HQVRUGHWHPSHUDWXUDGHO
PRWRU*17&,,

&RUWRFLUFXLWRDPDVD
LQWHUUXSFLyQRFRUWRFLUFXLWR
DSRVLWLYR



6RQGDODPED*

6LQVHxDO

&RUWRFLUFXLWRDSRVLWLYR

3RVLEOHVFDXVDVGHODV
DYHUtDV
*GHIHFWXRVR

(OLPLQDFLyQGHODVDYHUtDV
&RPSUREDUDUQpVGHO*
SiJLQD

$UQpVWLHQHFRUWRFLUFXLWRD 
PDVD*GHIHFWXRVRR
SRUFRUURVLyQIDOVRV
FRQHFWDGRV
,QWHUUXSFLyQGH$UQpVR

FRUWRFLUFXLWRDSRVLWLYR
*GHIHFWXRVD
6XVWLWXLU*SiJLQD
,QWHUUXSFLyQGHDUQpV

&RPSUREDUDUQpVGHO*
SiJLQD


,QWHUUXSFLyQR
FRUWRFLUFXLWRDSRVLWLYR
&RUWRFLUFXLWRDPDVD
,QWHUUXSFLyQR

FRUWRFLUFXLWRDPDVD

7DQTXHGHJDVROLQDYDFtR /OHQDUWDQTXHGHJDVROLQD
\ERUUDUODDYHUtD

*GHIHFWXRVR
&RPSUREDUDUQpVGHO*
6HQVRUGHWHPSHUDWXUDGHO
SiJLQD
DLUHGHDGPLVLyQ*
17&,

&RUWRFLUFXLWRDPDVD
$UQpVR*WLHQH

FRUWRFLUFXLWRDPDVD
,QWHUUXSFLyQR
,QWHUUXSFLyQR*WLHQH 
FRUWRFLUFXLWRDSRVLWLYR
FRUWRFLUFXLWRDSRVLWLYR















,PSUHVLyQHQLPSUHVRUDV
9$*

7HQVLyQGHDOLPHQWDFLyQ
9DORUPX\DOWR
9DORUPX\EDMR

3RVLEOHVFDXVDVGHODV
DYHUtDV
7HQVLyQGHODEDWHUtDSRU
HQFLPDGH9

(OLPLQDFLyQGHODVDYHUtDV

&RPSUREDUJHQHUDGRU\R
UHJXODGRUGLDJUDPDV
HOpFWULFRVSURJUDPDGH
ORFDOL]DFLyQGHDYHUtDV
&RPSUREDUODWHQVLyQ

7HQVLyQGHODEDWHUtDSRU
GHEDMRGH9

9iOYXODHVWDELOL]DGRUDGH &RPSUREDUYiOYXOD
5HJXODFLyQGHODPDUFKDD UDOHQWL1FRQHFWRU
HVWDELOL]DGRUDGHUDOHQWL
UDOHQWL
VXFLR
/tPLWHGHUHJXODFLyQPX\
DOWR
/tPLWHGHUHJXODFLyQPX\ (QWUDGDGHDLUHHQWUHHO
&RPSUREDUVLVWHPDGH
EDMR
P~OWLSOHGHDGPLVLyQ\HO DVSLUDFLyQSiJLQD
ILOWURGHDLUH

&DOHIDFWRUGHODVRQGD
&RPSUREDUDUQpVGH
5HJXODFLyQODPEGD
GHIHFWXRVR
FDOHIDFWRUGHODVRQGD
/tPLWHGHUHJXODFLyQQRVH 

DOFDQ]D

6LVWHPDGHHVFDSHHQWUHOD &RPSUREDUHOVLVWHPDGH
FXODWD\HOFDWDOL]DGRUFRQ HVFDSH
IXJDV

(QFHQGLGRIXHUDGH
&RPSUREDUODVSDUWHVGHO
HVSHFLILFDFLRQHV
VLVWHPDGHHQFHQGLGR
SiJLQD

6LVWHPDGHDVSLUDFLyQFRQ &RPSUREDUVLVWHPDGH
IXJDV
DVSLUDFLyQSiJLQD



















,PSUHVLyQHQLPSUHVRUDV
9$*
$QWHFHGHQWH/tPLWHGH
UHJXODUL]DFLyQPX\DOWR


/tPLWHGHUHJXODFLyQPX\
EDMR

7UDQVPLVRUGHSUHVLyQGHO
WXERGHDGPLVLyQ*
1LQJXQDVHxDO

3RVLEOHVFDXVDVGHODV
DYHUtDV
9iOYXODVGHLQ\HFFLyQ
GHIHFWXRVDV11
11
3RFRFRPEXVWLEOH

9iOYXODPDJQpWLFDGH
FDUEyQDFWLYR1
VLHPSUHDELHUWD
3UHVLyQGHFRPEXVWLEOH
PX\DOWD
*GHIHFWXRVR

(OLPLQDFLyQGHODVDYHUtDV
&RPSUREDUUHVLVWHQFLD
1111

&RPSUREDUUHJXODGRUGH
FRPEXVWLEOH
&RPSUREDUODYiOYXOD

&RPSUREDUUHJXODGRUGH
FRPEXVWLEOH
&RPSUREDU*
3iJLQD
6XVWLWXLUXQLGDGGH
PDQGR
*GHIHFWXRVRR
9HULILFDUKHUPHWLFLGDG
PDQJXHUDTXHFRQHFWDOD YHUHQJRPDGRGHODWDSD
P~OWLSOHGHDGPLVLyQFRQ GHOPRWRUSDUDUXWDVGH
ODXQLGDGGHPDQGR
PDQJXHUDVGHYDFtR
GDxDGRRGHIHFWXRVR
3UHVLyQGHFRPEXVWLEOHQR &RPSUREDUUHJXODGRUGH
HVFRUUHFWD
SUHVLyQGHFRPEXVWLEOH


5HODFLyQGHODPH]FODQR
HVFRUUHFWD
/tPLWHGHDGDSWDFLyQPX\ (QFHQGLGRIXHUDGH
&RPSUREDUORV
DOWRROtPLWHGHDGDSWDFLyQ HVSHFLILFDFLRQHV
FRPSRQHQWHVGHOVLVWHPD
PX\EDMR
GHHQFHQGLGRSiJLQD

6LVWHPDGHDGPLVLyQ
&RPSUREDUVLVWHPDGH
SHUPHDEOH
DGPLVLyQSiJLQD

9iOYXODVGHLQ\HFFLyQ1 &RPSUREDU11
111
11

6LVWHPDGHHVFDSHHQWUH &RPSUREDUVLVWHPDGH
FXODWD\FDWDOL]DGRUFRQ
HVFDSH
IXJDV

9iOYXODPDJQpWLFDGH
&RPSUREDU1
FDUEyQDFWLYR1VLHPSUH
DELHUWD


6HSXHGHQPRVWUDUODVDYHUtDVR\FRQODVIDOODV
RERUUDUODPHPRULDGH DYHUtDV\SRVWHULRUPHQWHHIHFWXDUXQUHFRUULGRGH
SUXHED\YROYHUDFRQVXOWDUODPHPRULDGHDYHUtDV






,PSUHVLyQHQLPSUHVRUDV
9$*

6DOLGDGHHQFHQGLGR

&RUWRFLUFXLWRDSRVLWLYR

9iOYXODHOHFWURPDJQpWLFD
SDUDHOFDUEyQDFWLYR1
LQWHUUXSFLyQRFRUWRFLUFXLWR
DSRVLWLYR
,QWHUUXSFLyQR
FRUWRFLUFXLWRDPDVD
,Q\HFWRUHVGHFLOLQGURV
1111
&RUWRFLUFXLWRDSRVLWLYR

9iOYXODHVWDELOL]DGRUDGH
UDOHQWt
&RUWRFLUFXLWRDSRVLWLYR
,QWHUUXSFLyQR
FRUWRFLUFXLWRDPDVD

5HOHYDGRUSDUDERPEDGH
FRPEXVWLEOH-
&RUWRFLUFXLWRDSRVLWLYR

3RVLEOHVFDXVDVGHODV
DYHUtDV
(WDSDILQDOGHSRWHQFLD
SDUDHOWUDQVIRUPDGRUGH
HQFHQGLGR1WLHQH
FRUWRFLUFXLWRDSRVLWLYR
1GHIHFWXRVRRHODUQpV
WLHQHFRUWRFLUFXLWRD
SRVLWLYR

(OLPLQDFLyQGHODVDYHUtDV

1GHIHFWXRVRRDUQpV
WLHQHFRUWRFLUFXLWRDPDVD
-GHIHFWXRVRRDUQpV
WLHQHFRUWRFLUFXLWRD
SRVLWLYR

&RPSUREDU1
SiJLQD

&RPSUREDUDUQpV1
SiJLQD


6XVWLWXLU1
1GHIHFWXRVRRHODUQpV 
WLHQHFRUWRFLUFXLWRDPDVD
$UQpVGHLQ\HFWRUHV
&RPSUREDUDUQpVGH
GHIHFWXRVRVRWLHQH
LQ\HFWRUHV
FRUWRFLUFXLWRDSRVLWLYR
6XVWLWXLUYiOYXODV
9iOYXODVGHLQ\HFFLyQ
GHIHFWXRVDV
GHIHFWXRVDV
1GHIHFWXRVRRDUQpV
&RPSUREDUDUQpVGH1
WLHQHFRUWRFLUFXLWRD
SiJLQD
SRVLWLYR
&RPSUREDUDUQpV-
SiJLQD
6XVWLWXLU-HVTXHPDGH
FLUFXLWRVGHFRUULHQWH
SURJUDPDGHORFDOL]DFLyQ
GHDYHUtDVVHGiQ
&RPSRQHQWHVLQWHUQRVGH 6XVWLWXLUXQLGDGGHPDQGR
ODXQLGDGGHPDQGR
-


8QLGDGGHPDQGR
GHIHFWXRVD


1RWD(QDOJXQRVFDVRVSDUDERUUDUODPHPRULDGHDYHUtDVHVQHFHVDULRDSDJDUHO
PRWRUGHVSXpVGHODUHSDUDFLyQ\HQFHQGHUQXHYDPHQWHSDUDXWLOL]DUODRSFLyQ
ERUUDUODPHPRULDGHDYHUtDV






9HULILFDFLyQHOpFWULFD

9HULILFDFLyQGHFDEOHV\FRPSRQHQWHVFRQHOHTXLSRGHYHULILFDFLRQHV9$*

1RWDV 6H XWLOL]DUi SDUD OD YHULILFDFLyQ HO PXOWtPHWUR GLJLWDO 9:0  & \ OD
OiPSDUDGHYHULILFDFLyQGHGLRGRV9$*$

/RVYDORUHVQRPLQDOHVFLWDGRVVRQYiOLGRVSDUDXQDWHPSHUDWXUDDPELHQWHGHD
&

6LORVYDORUHVPHGLGRVGLILHUHQGHORVYDORUHVQRPLQDOHVGHWHUPLQDUODDYHUtDVHJ~Q
HOHVTXHPDGHFLUFXLWRVGHFRUULHQWH

6LORVYDORUHVPHGLGRVGLILHUHQVRODPHQWHGHIRUPDSRFRVLJQLILFDWLYDGHORVYDORUHV
QRUPDOHV VH OLPSLDUiQ ODV WHUPLQDOHV \ HO HQFKXIH GH YHULILFDGRU \ ORV FDEOHV GH
PHGLFLyQ \ VH UHSHWLUi OD YHULILFDFLyQ $QWHV GH OOHYDU D FDER OD VXVWLWXFLyQ GH ORV
FRPSRQHQWHVDIHFWDGRVVHFRPSUREDUiQORVFDEOHV\FRPSRQHQWHVHVSHFLDOPHQWH
HQFDVRGHYDORUHVD2KPV

3DUDFRQHFWDUHOYHULILFDGRUHQODFDMDGHYHULILFDFLyQ9$*VHGHEHUiXWLOL]DU
HOMXJRGHPHGLRVDX[LOLDUHV9$*$

/RV Q~PHUR GH ORV FRQWDFWRV GHO HQFKXIH GH FRQH[LyQ \ ORV Q~PHURV GH WHUPLQDO
GHOHTXLSRGHYHULILFDFLyQFRLQFLGHQHQWUHVt

7HQVLyQGHODEHWHUtDHQRUGHQ
)XVLEOHV     \  HQ HO SRUWD
UHOHYDGRUGHPDQGR$HQRUGHQ

&RQH[LRQHV D PDVD GH FDPELR \ PRWRU
HQRUGHQ

%RPED GH JDVROLQD \ UHOHYDGRU GH OD
ERPEDHQRUGHQ

5HWLUDU HO FRQHFWRU  GH OD XQLGDG GH
PDQGR 'LJLSOXV - VRODPHQWH HO
HQFHQGLGRGHVFRQHFWDGR

&RQHFWDU FDMD GH YHULILFDFLyQ 9$*
 HQ HO FRQHFWDU GH OD XQLGDG GH
PDQGR
5HDOL]DUYHULILFDFLyQGHDFXHUGRDWDEODV



$WHQFLyQ
$QWHV GH OOHYDU D FDER OD FRQH[LyQ GH ORV FDEOHV GH PHGLFLyQ VH FRQPXWDUi HO
YHULILFDGRUDODHVFDODGHPHGLFLyQFRUUHVSRQGLHQWHSDUDHYLWDUODGHVWUXFFLyQGH
ORVFRPSRQHQWHVHOHFWUyQLFRV


3DVRGH

7HUPLQDOHV

SUXHED

9$*

6HYHULILFD

&RQGLFLRQHVGH

9DORUHV

FRPSUREDFLyQWUDEDMRV

QRPLQDOHV 

DGLFLRQDOHV






77



$OLPHQWDFLyQGH

(QFHQGLGRGHVFRQHFWDGR

7HQVLyQGHOD

WHQVLyQGHODXQLGDG

EDWHUtD

GHFRQWURO

DSUR[LPDGDPHQWH

$OLPHQWDFLyQGH

(QFHQGLGRFRQHFWDGR

7HQVLyQGHOD

WHQVLyQXQLGDGGH

EDWHUtD

PDQGR

DSUR[LPDGDPHQWH



$UQpVGHODERPED

SXHQWHDU

GHFRPEXVWLEOH

&RQHFWDUHOHQFHQGLGR

HOIXQFLRQDPLHQWR

6HGHEHHVFXFKDU

-

GHODERPEDGH
FRPEXVWLEOH



7 

9iOYXODVGHLQ\HFFLyQ



D2KPV




7 

9iOYXODPDJQpWLFD

SDUDHOGHSyVLWRGH

FDUEyQDFWLYDGR



2KPV

3XHQWHDUORVFRQWDFWRV

0i[LPR

GHOFRQHFWRUGHODVRQGD

2KPV

1


7 

ODPEGD






$UQpVDODVRQGD

&RQHFWDUHOFRQHFWRUDOD

ODPEGD*

VRQGDODPEGD

3XHQWHDUORVFRQWDFWRV

,QILQLWR2KPV

0i[LPR

GHOFRQHFWRUGHODVRQGD

2KPV

&RQHFWDUHOFRQHFWRUGHOD

,QILQLWR2KPV



FRQWDFWR

GHOFRQHFWRU

&DEOHDOFRQHFWRU

QHJURGHOD

QHJURGHGLDJQyVWLFR



KHUUDPLHQWD

VLWXDGRHQODSDUHG



0i[LPR

9$*

GHIXHJRDOD

FDEOHJULV

L]TXLHUGD

VRQGDODPEGD

2KPV

EODQFR
GLDJQyVWLFR




$UQpVSDUD6HQVRUGH

WHPSHUDWXUDGHO



9HUJUiILFD


&RQHFWRUyFWXSOHDXQODGRGHODXQLGDGGHPDQGRODFRQH[LyQGHEHVHU
HQHOFRQHFWRUPDFKR
PRWRU*




3DVRGH

7HUPLQDOHV

SUXHED

9$*

6HYHULILFD

&RQGLFLRQHVGH

9DORUHV

FRPSUREDFLyQWUDEDMRV

QRPLQDOHV 

DGLFLRQDOHV




9DORUSHUPDQHQWHVLQ

.RKPV

LPSRUWDUSRVLFLyQ

0DULSRVDFHUUDGD

2KPV
'HEH

3RWHQFLyPHWURGHOD

LQFUHPHQWDUVH

$EULUPDULSRVDOHQWDPHQWH

XQLIRUPHPHQWH\



PDULSRVDGHJDVHV



*

0DULSRVDFHUUDGD

2KPV

'HEHGLVPLQXLU

$EULUPDULSRVDOHQWDPHQWH

XQLIRUPHPHQWH\

SURJUHVLYDPHQWH
ODUHVLVWHQFLD



SURJUHVLYDPHQWH
ODUHVLVWHQFLD


4XLWDUHOFRQHFWRUGHO



6HQVRUKDOOSXHQWHDUORV

$UQpVGHO6HQVRUKDOO

FRQWDFWRVGHO

0i[LPR



*

FRQHFWRU

2KPV

3XHQWHDUORVFRQWDFWRV



GHOFRQHFWRU




7 




4XLWDUHOFRQHFWRUGH

,QILQLWR2KPV

PDQGRGHHQFHQGLGR
$UQpVSDUDPyGXOR

3XHQWHDUFRQWDFWRV

GHHQFHQGLGR1

GHOFRQHFWRU

2KPV

3XHQWHDUFRQWDFWRV

0i[LPR

7 

6HQVRUGH





WHPSHUDWXUDGHODLUH

$UQpVSDUDYiOYXOD



7 

HVWDELOL]DGRUDGH

5DOHQWt1

0i[LPR

GHOFRQHFWRU

2KPV

9HUJUiILFD

2KPV

'HVFRQHFWDUODYiOYXOD

,QILQLWR2KPV

GHDGPLVLyQ*

&RQHFWRUyFWXSOHDXQODGRGHODXQLGDGGHPDQGRODFRQH[LyQGHEHVHU
HQHOFRQHFWRUPDFKR

*UDILFD9DORUHVGHUHVLVWHQFLDSDUD
6HQVRUGH7HPSHUDWXUDGH0RWRU
6HQVRUGH7HPSHUDWXUDGHO$LUHGH
DGPLVLyQ



6LVWHPDVGHHQFHQGLGRHLQ\HFFLyQ'LJLSOXV


3DUWHGHHQFHQGLGRUHSDUDU

1RWDV
/D XQLGDG GH PDQGR GHO HTXLSR GH HQFHQGLGR H LQ\HFFLyQ HVWi GRWDGD GH
XQDPHPRULDGHDYHUtDV$QWHVGHOOHYDUDFDERUHSDUDFLRQHVWUDEDMRVGHDMXVWH\
SDUDODORFDOL]DFLyQGHDYHUtDVGHEHFRQVXOWDUHVWDPHPRULDGHDYHUtDV\YHULILFDUVH
ODVFRQH[LRQHVGHGHSUHVLyQDLUHH[WHUQR

/RVFRPSRQHQWHVLQGLFDGRVFRQXQDVWHULVFR VHSXHGHQFRPSUREDUFRQ
PHPRULDGHDYHUtDVSiJLQDFRQVXOWDUPHPRULDGHDYHUtDV

/RV FRPSRQHQWHV LQGLFDGRV FRQ GRV DVWHULVFRV    SXHGHQ FRPSUREDUVH
FRQGLDJQRVWLFRGHHOHPHQWRVDFWXDGRUHV

/RV HPSDOPHV GH WXERV IOH[LEOHV HVWiQ DVHJXUDGRV FRQ DEUD]DGHUDV GH
DSULHWH\DWRUQLOODEOHV

6XVWLWXLU ODV DEUD]DGHUDV GH DSULHWH SRU DEUD]DGHUDV DWRUQLOODEOHV FRPR
QRUPDGHDSOLFDFLyQJHQHUDO

3DUD HO FRUUHFWR IXQFLRQDPLHQWR GHO VLVWHPD HV QHFHVDULR TXH H[LVWD XQD
WHQVLyQPtQLPDGHEDWHUtDGH9&'

1RXWLOL]DUSURGXFWRVHVWDQTXHL]DQWHVTXHFRQWHQJDQVLOLFyQ
/DVSDUWtFXODVGHVLOLFyQGHGLFKRVSURGXFWRVHVWDQTXHL]DQWHVVRQDVSLUDGRVSRUHO
PRWRU\GDxDQODVRQGDODPEGD6HQVRUGHR[LJHQR




0HGLGDVGHVHJXULGDGSiJLQD
5HJODVGHOLPSLH]DSiJLQD
'DWRVWpFQLFRVSiJLQD

$XWRGLDJQyVWLFR \ YHULILFDFLyQ HOpFWULFD SDUD HO HTXLSR GH HQFHQGLGR H LQ\HFFLyQ
'LJLSOXVSiJLQDV\










6LVWHPDGHHQFHQGLGRHLQ\HFFLyQ'LJLSOXV 












 &RQHFWRU
5HWLUDU \ FRORFDU VRODPHQWH FRQ HO
HQFHQGLGRGHVFRQHFWDGR

 6RSRUWHGHODXQLGDGGHPDQGR
 1P

 8QLGDGGHPDQGR'LJLSOXV-

3DUD
LQ\HFFLyQ
HQFHQGLGR
DXWRGLDJQyVWLFR UHJXODFLyQ ODPEGD \
OLPLWDGRU GH UHYROXFLRQHV $O VXVWLWXLU
YHULILFDUODSUXHEDGHUDOHQWt
0RQWDGD SRU GHEDMR GHO DVLHQWR
SRVWHULRU HQ HO H[WUHPR L]TXLHUGR
6HQVRU GH FDUJD GHO PRWRU *
LQWHJUDGRHQODXQLGDGGHPDQGR

 6HQVRUODPEGD* 1P
3RVLFLyQ GH PRQWDMH HQ HO FDWDOL]DGRU
HQJUDVDU ~QLFDPHQWH OD URVFD FRQ *
HVWi QR GHEH LQWURGXFLUVH HQ OD UHQGLMD
GHOFXHUSRGHODVRQGDDOLPHQWDFLyQGH
WHQVLyQ DO FDOHIDFWRU D WUDYpV GHO
UHOHYDGRU SDUD ERPED GH FRPEXVWLEOH
-

 &RQHFWRUGHSRORV
3DUDVRQGDODPEGD









0~OWLSOHGHDGPLVLyQ














 3RWHQFLyPHWURGHODPDULSRVD*

6XVWLWXLUORVLSUHVHQWDGDxRV

 6HQVRU SDUD WHPSHUDWXUD GHO DLUH GH
DGPLVLyQ* 

 &XHUSRGHODPDULSRVD
(Q FDVR GH DYHUtD R FRUUHFFLyQ GH ORV
DMXVWHV VXVWLWXLU HO FXHUSR GH OD
PDULSRVD

 -XQWD
6XVWLWXLU

 0~OWLSOHGHDGPLVLyQSDUWHVXSHULRU

 9iOYXOD PDJQpWLFD SDUD HO GHSyVLWR GH
FDUEyQDFWLYDGR1

 +DFLDHOGHSyVLWRGHFDUEyQDFWLYDGR

 9iOYXODHVWDELOL]DGRUDGHUDOHQWt
5HVLVWHQFLD2KPV

 1P

$QLOORGHVRSRUWH





















'LVWULEXLGRUGHFRPEXVWLEOHLQ\HFWRUHV



 9iOYXODVGHLQ\HFFLyQ11 

5HVLVWHQFLD2KPV

 1P

 7DSyQURVFDGR

 'LVWULEXLGRUGHFRPEXVWLEOHL]TXLHUGR
&RQ UDFRU SDUD SUXHED GH SUHVLyQ GH
FRPEXVWLEOH

 7XEHUtDGHUHWRUQR
$]XO

 $OLPHQWDFLyQGHFRPEXVWLEOH

 *UDSDGHVXMHFLyQ

 5HJXODGRUGHSUHVLyQGHOFRPEXVWLEOH

 'LVWULEXLGRUGHFRPEXVWLEOHGHUHFKR

6HQVRUGHWHPSHUDWXUDGHOPRWRU
%ODQFR
0RQWDGRHQODFXODWDL]TXLHUGD

















)LOWURGHDLUHGHVPRQWDU\PRQWDU

 3DUWHVXSHULRUGHOILOWURGHDLUH

 (OHPHQWRILOWURGHDLUH

 3DUWHLQIHULRUGHOILOWURGHDLUH













0HGLGDVGHVHJXULGDG

$ ILQ GH HYLWDU OHVLRQHV SHUVRQDOHV \R OD GHVWUXFFLyQ GHO HTXLSR GH
HQFHQGLGRHLQ\HFFLyQKD\TXHWHQHUHQFXHQWDODVVLJXLHQWHVLQVWUXFFLRQHV
GHVHJXULGDG

1RWRFDUQLH[WUDHUORVFDEOHVGHHQFHQGLGRFRQHOPRWRUHQPDUFKD
QLDOUpJLPHQGHDUUDQTXH
&RQHFWDU \ GHVFRQHFWDU ORV FDEOHV GHO HTXLSR GH HQFHQGLGR H
LQ\HFFLyQ LQFOX\HQGR ORV FDEOHV GH FRQH[LyQ GH ORV DSDUDWRV GH
PHGLFLyQH[FOXVLYDPHQWHFRQHOHQFHQGLGRGHVFRQHFWDGR
6L KD\ TXH PDQWHQHU HO PRWRU JLUDQGR DO UpJLPHQ GH DUUDQTXH
HYLWDQGRTXHVHSRQJDHQPDUFKDSRUHMHPSORSDUDODYHULILFDFLyQ



GH OD FRPSUHVLyQ KD\ TXH GHVFRQHFWDU HO FRQHFWRU GH  SRORV GHO
WUDQVIRUPDGRUGHHQFHQGLGR





5HJODVGHOLPSLH]D

$O UHDOL]DU WUDEDMRV GH VXPLQLVWURV GH FRPEXVWLEOHV HTXLSRV GH LQ\HFFLyQ
KDEUiTXHREVHUYDUDWHQWDPHQWHODVVLJXLHQWHVUHJODVVREUHOLPSLH]D

$QWHV GH VROWDU OLPSLDU PLQXFLRVDPHQWH ORV SXQWRV GH XQLyQ \ VXV
DOUHGHGRUHV
/DV OLPSLH]DV GHVPRQWDGDV VH FRORFDUiQ VREUH XQD EDVH OLPSLD
WDSiQGRVHDFRQWLQXDFLyQXWLOL]DQGROiPLQDVGHSOiVWLFRRSDSHO\QR
SDxRVTXHVXHOWHQILEUDV
&XEULURJXDUGDUFXLGDGRVDPHQWHODVSLH]DVDELHUWDVHQFDVRGHTXH
ODUHSDUDFLyQQRVHYD\DDUHDOL]DULQPHGLDWDPHQWH
0RQWDUVRORSLH]DVOLPSLDV
6DFDU ODV SLH]DV GH UHFDPELR GHO HQYDVH VyOR LQPHGLDWDPHQWH DQWHV
GHPRQWDUODV
1R XWLOL]DU SLH]DV TXH VH KDEtDQ JXDUGDGR VLQ HPEDODU SRU HMHPSOR
HQFDMDVGHKHUUDPLHQWDVHWF

(VWDQGRDELHUWDODLQVWDODFLyQ
'HEHGHVHUSRVLEOHQRWUDEDMDUFRQDLUHFRPSULPLGR
'HEHGHVHUSRVLEOHQRPRYHUHOYHKtFXOR


'DWRVWpFQLFR

6LJODVGHOPRWRU
$&'
9HULILFDFLyQGHOUDOHQWt

5pJLPHQGHUDOHQWLPLQ

)DFWRUODPEGD

&RQWHQLGRGH&29RO

8QLGDGGHPDQGR

1~PHURGHSDUWHSDUDVXVWLWXFLyQ

/LPLWDFLyQ
GHO
Q~PHUR
GH 
UHYROXFLRQHVPLQ

2WURV YDORUHV GH YHULILFDFLyQ \ DMXVWH FRQ HO GHVDUUROOR GH OD
UHSDUDFLyQ











&RPSUREDFLyQGHVRQGDODPEGD

&RQDX[LOLRGHO9$*$

7RPDU OHFWXUD FRQ HO RKPHWUR HQ HO FRQHFWRU GH OD VRQGD ODPEGD
GHVFRQHFWDGD (QWUH ODV WHUPLQDOHV \  FDEOHV EODQFRV HO YDORUGHEH GH
VHU2KPV2KPV

(QWUHODWHUPLQDOFDEOHQHJUR\PDVDRODVWHUPLQDOHVRHOYDORUGHEH
GH VHU LQILQLWR FLUFXLWR DELHUWR HVWD SUXHED VH UHDOL]D D WHPSHUDWXUD
DPELHQWHVLODVOHFWXUDVGLVWDQPXFKRGHODVLQGLFDGDVVXVWLWXLUODVVRQGDV

&RQ OD VRQGD FRQHFWDGD \ HO PRWRU HQ UDOHQWt UHFRUUHU XQ SRFR pO FXEUH
SROYRKDFLDDWUiV\FRQHODX[LOLRGHO9$*$\HOYROWtPHWUR9:0&
WRPDU OD OHFWXUD HQ ODV WHUPLQDOHV  \  /D WHQVLyQ GHEH VHU
DSUR[LPDGDPHQWHLJXDODODEDWHUtD

0HGLUODVHxDOHQWUHODWHUPLQDO\ODPDVDGHEHGHVHUGHDYROWLRV
RVFLODQWHVHQFDVRGHQRWHQHUOHFWXUDVFRQVXOWDUODWDEODGHYHULILFDFLyQGHO
 R HO GLDJUDPD VHGiQ   HQ EXVFD GH IDOVRV FRQWDFWRV R
LQWHUUXSFLRQHVGHFRUULHQWH


6LVWHPDGHHQFHQGLGRHLQ\HFFLyQ'LJLSOXV 

3DUWHGHHQFHQGLGRUHSDUDFLyQ

1RWD
(QHVWDSDUWHVRODPHQWHVHYDQDWUDWDUODV SDUWHVTXHFRUUHVSRQGHQDO
HQFHQGLGR SDUD ORV GHPiV SDUWHV GHO VLVWHPDV GH LQ\HFFLyQ FRQVXOWDU
HQODSiJLQD

/DXQLGDGGHPDQGRHVWiHTXLSDGDFRQVXDXWRGLDJQyVWLFR

/RV FRPSRQHQWHV LGHQWLILFDGRV FRQ XQ DVWHULVFRV   SXHGHQ VHU

YHULILFDGRVFRQHODXWRGLDJQyVWLFR

3DUD UHSDUDFLRQHV \ DYHUtDV VH SXHGH FRQVXOWDU OD PHPRULD GH DYHUtDV
SiJLQDFRQVXOWDGHODPHPRULDGHDYHUtDV

0HGLGDVGHVHJXULGDGSiJLQD




'DWRVWpFQLFRVEXMtDVGHHQFHQGLGR





 &DEOHGHHQFHQGLGR
9HULILFDUODFRQGXFWLYLGDG

 (QFKXIHSDUDDQWLSDUDVLWDULR
.RKPV

 %RUQH

 %RUQH

 (WDSD ILQDO GHO WUDQVIRUPDGRU GH
HQFHQGLGR1
9HULILFDFLyQSiJLQD

 1P





 7UDQVIRUPDGRUGHHQFHQGLGR1


9HULILFDFLyQSiJLQD
'LVWLQWLYROHWUDV15
1RGHSDUWH%
(WLTXHWDYHUGH

 &RQHFWRUGHWUHVSRORV

 &LQWDDPDVD
+DFLDODWDSD

(QFKXIHEXMtDGHHQFHQGLGR
2KPV

%XMtDGHHQFHQGLGR1P
0RGHOR\GLVWDQFLDHQWUHHOHFWURGRVSiJLQD

1P




$QLOORREWXUDGRUWRURLGDO
6XVWLWXLUORVLSUHVHQWDGDxRV

7RUQLOORGHDQFODMHGHOGLVWULEXLGRU1P

*UDSDGHDQFODMH

'LVWULEXLGRUGHHQFHQGLGRFRQ6HQVRU+DOO* 

&DSHUX]DJXDUGDSROYR

5RWRUGHOGLVWULEXLGRUGHHQFHQGLGR
5HVLVWHQFLD2KPV

7DSDGHOGLVWULEXLGRU
2EVpUYHVHVLH[LVWHQJULHWDVKXHOODVGHFRUULHQWHGHIXJD
9HULILFDUHOGHVJDVWHGHORVFRQWDFWRV
/LPSLDUDQWHVGHHIHFWXDUVXPRQWDMH
9HULILFDUHOGHVJDVWH\OLEUHDFFLRQDPLHQWRGHODVHVFRELOODV

$QLOORGHEOLQGDMH

0HGLGDVGHVHJXULGDG

$O ILQ GH HYLWDU OHVLRQHV SHUVRQDOHV \R OD GHVWUXFFLyQ GHO HTXLSR GH HQFHQGLGR H
LQ\HFFLyQKD\TXHWHQHUHQFXHQWDODVVLJXLHQWHVLQVWUXFFLRQHVGHVHJXULGDG

1R WRFDU QL H[WUDHU ORV FDEOHV GH HQFHQGLGR FRQ HO PRWRU HQ
PDUFKDQLDOUpJLPHQGHDUUDQTXH
&RQHFWDU \ GHVFRQHFWDU ORV FDEOHV GHO HTXLSR GH HQFHQGLGR H
LQ\HFFLyQ LQFOX\HQGR ORV FDEOHV GH FRQH[LyQ GH ORV DSDUDWRV GH
PHGLFLyQH[FOXVLYDPHQWHFRQHOHQFHQGLGRGHVFRQHFWDGR
6L KD\ TXH PDQWHQHU HO PRWRU JLUDQGR DO UpJLPHQ GH DUUDQTXH
HYLWDQGR TXH VH SRQJD HQ PDUFKD SRU HMHPSOR SDUD OD
YHULILFDFLyQ GH FRPSUHVLyQ KD\ TXH GHVFRQHFWDU HO HQFKXIH GHO
WUDQVIRUPDGRUGHHQFHQGLGR
1RFRQHFWDUQLQJ~QFRQGHQVDGRUDOERUQH
1R KD\ TXH VXVWLWXLU HO URWRU GHO GLVWULEXLGRU GH HQFHQGLGR GH 
. 2KPV GLVWLQWLYR 5 SRU RWUR GLIHUHQWH WDPSRFR SDUD HO
VLVWHPDDQWLSDUiVLWDULRGHODUDGLR
(Q HO VLVWHPD GH SURWHFFLyQ DQWLSDUDVLWDULD GH OD UDGLR KD\ TXH
XWLOL]DU HQ ORV FDEOHV GH ODWD WHQVLyQ VRODPHQWH UHVLVWHQFLDV GH 
.2KPV\HQFKXIHVSDUDODVEXMtDVGHHQFHQGLGRGH.2KPV




5HJODVGH/LPSLH]D

$O UHDOL]DU HO WUDEDMR GH VXPLQLVWUR GH FRPEXVWLEOHV  HTXLSR GH LQ\HFFLyQ OOHYDU
DFDERODVVLJXLHQWHVUHJODV

  $QWHV GH VROWDU OLPSLDU PLQXFLRVDPHQWH ORV SXQWRV GH XQLyQ \ VXV
DOUHGHGRUHV

   /DV SLH]DV GHVPRQWDGDV VH FRORFDUiQ VREUH XQD VXSHUILFLH OLPSLD
WDSiQGRVHDFRQWLQXDFLyQXWLOL]DQGRODPLQDVGHSOiVWLFRRSDSHO\QRSDxRV
TXpVXHOWHQILEUDV

&XEULU\JXDUGDUFXLGDGRVDPHQWHODVSLH]DVDELHUWDVHQFDVRGHTXpOD
UHSDUDFLyQQRVHYD\DDUHDOL]DULQPHGLDWDPHQWH

0RQWDUVRORSLH]DVOLPSLDV
6DFDUODVSLH]DVGHUHFDPELRGHVXHPSDTXHVyORLQPHGLDWDPHQWHDQWHVGH
PRQWDUVHRLQVWDODUVH
1RXWLOL]DUSLH]DVTXpVHKDEtDQJXDUGDGRVLQHPEDODUSRU(M(QFDMDVGH
KHUUDPLHQWDHWF

(VWDQGRDELHUWDODLQVWDODFLyQWDOOHU
'HVHUSRVLEOHQRWUDEDMDUFRQDLUHFRPSULPLGR
'HVHUSRVLEOHQRPRYHUHOYHKtFXOR


'DWRVWpFQLFRVEXMtDVGHHQFHQGLGR


/HWUDVGLVWLQWLYDVGHOPRWRU
$&'
2UGHQGHHQFHQGLGR

%XMtDVGHHQFHQGLGR

9:$XGL
1
'HVLJQDFLyQGHORVIDEULFDQWHV
1<
'LVWDQFLD HQWUH HOHFWURGRV OLPLWH GH PP
GHVJDVWH
3DUGHDSULHWH
1P
8QLGDGGHPDQGRQRGHSDUWH

0RPHQWRGHHQFHQGLGR
DQWHVGHOSPV
9DORUGHFRPSUREDFLyQ

9DORUGHDMXVWH
DQWHVHOSPV





'LVWULEXLGRU'HVPRQWDMH\0RQWDMH 



0DUFDGHOFLOLQGURFRPSUREDFLyQ

0RWRUPRQWDGR
&RORFDODSROHDGHOFLJHxDOHQHO306
GHOFLOLQGUR

(O URWRU GHO GLVWULEXLGRU GHEH FRLQFLGLU
FRQ OD PDUFD HQ OD FDUFDVD GHO
GLVWULEXLGRU




'LVWULEXLGRU'HVPRQWDU\0RQWDU 

&RORFDUHOFLJHxDOHQODVPDUFDVGHO306GHOFLOLQGUR
'HVPRQWDUHOGLVWULEXLGRU
0RQWDUHOGLVWULEXLGRU


6HQVRU+DOOFRPSUREDFLyQ

)DOODUHFRQRFLGDSRUHODXWRGLDJQyVWLFR
&RPSUREDFLyQHOpFWULFDSiJLQD
5HWLUDUHOFRQHFWRUGHO6HQVRU+DOO
&RQHFWDUHOPXOWtPHWUR9:0&FRQ
D\XGD GH 9$*  HQ ORV FRQWDFWRV
RSXHVWRV GHO FRQHFWRU HO PXOWtPHWUR
GHEH HVWDU HQ OD HVFDOH GH WHQVLyQ
YROWDMH
&RQHFWDU HO HQFHQGLGR GHEH KDEHU 
9FRPRPtQLPR
6LODWHQVLyQHVFRUUHFWD
o 6XVWLWXLUHOGLVWULEXLGRU
6L QR KD\ WHQVLyQ R QR VH DOFDQ]D HO
YDORUPtQLPR
o 6XVWLWXLU OD XQLGDG GH PDQGR 'LJLSOXV
-








7UDQVIRUPDGRUGHHQFHQGLGRFRPSUREDFLyQ 

5HWLUDU HO FRQHFWRU GHO WUDQVIRUPDGRU
GHHQFHQGLGR1\HOFDEOHGHODWD
WHQVLyQ
9HULILFDU OD UHVLVWHQFLD GHO GHYHQDGR
SULPDULR FRQ HO PXOWtPHWUR HQWUH
ERUQH\ERUQH
o 9DORUQRPLQDO0LOLRKPV
9HULILFDU OD UHVLVWHQFLD GHO GHYHQDGR
VHFXQGDULR FRQ HO PXOWtPHWUR HQWUH HO
ERUQH\HOERUQH
o 9DORUQRPLQDO.RKPV
6L QR VH DOFDQ]DQ ORV YDORUHV
QRPLQDOHV
o 5HDOL]DUODVSUXHEDVVLJXLHQWHV






(WDSDILQDOGHSRWHQFLDFRPSUREDFLyQ 

6HQVRU+DOOHQRUGHQ
6HQVRUGHUHYROXFLRQHVGHOPRWRUHQRUGHQ
&RPSUREDFLyQHOpFWULFDRUGHQODSUXHEDSiJLQD
7UDQVIRUPDGRUGHHQFHQGLGRHQRUGHQ