50121653 TVESTA GB2 ES Rev.0615 X7 Web Color 1

Anuncio
0$18$/'(868$5,2
.0/*5037&45"(#
$œE
57&45"(#&43&7
021,7259(67$*%
,1752'8&&,Ï1
$QWHWRGROHDJUDGHFHPRV\IHOLFLWDPRVSRUODDGTXLVLFLyQGHHVWHSURGXFWR
1XHVWURFRPSURPLVRSRUFRQVHJXLUODVDWLVIDFFLyQGHFOLHQWHVFRPRXVWHGTXHGDPDQLILHVWRSRUQXHVWUDFHUWLILFDFLyQ
,62\SRUODIDEULFDFLyQGHSURGXFWRVFRPRHOTXHDFDEDGHDGTXLULU
/DDYDQ]DGDWHFQRORJtDGHVXLQWHULRU\XQHVWULFWRFRQWUROGHFDOLGDGKDUiQTXHFOLHQWHV\XVXDULRVGLVIUXWHQGHODV
LQQXPHUDEOHVSUHVWDFLRQHVTXHHVWHHTXLSRRIUHFH3DUDVDFDUHOPD\RUSURYHFKRGHODVPLVPDV\FRQVHJXLUXQ
FRUUHFWRIXQFLRQDPLHQWRGHVGHHOSULPHUGtDURJDPRVOHDGHWHQLGDPHQWHHVWHPDQXDOGHLQVWUXFFLRQHV
Ë1',&(
,QWURGXFFLyQ
ËQGLFH
3UHFDXFLRQHVGHVHJXULGDG
&DUDFWHUtVWLFDV
)XQFLRQDPLHQWRGHOVLVWHPD
'HVFULSFLyQGHOPRQLWRU
'HVFULSFLyQ
3XOVDGRUHVGHIXQFLyQ
/HGVGHHVWDGR
7HUPLQDOHVGHFRQH[LyQ
0LFURLQWHUUXSWRUGHFRQILJXUDFLyQ
&RQILJXUDFLyQFyGLJRVGHGLUHFFLyQGHOPRQLWRU
,QVWDODFLyQGHOPRQLWRUHQUHJOHWDGHVXSHUILFLH
,QVWDODFLyQGHOPRQLWRUHQFDMDGHHPSRWUDU
)XQFLRQDPLHQWR
'HVFULSFLyQ
5HFLELUOODPDGDGHODSODFD
/DOODPDGDQRVHFRQWHVWDOODPDGDSHUGLGD
)LQDOL]DUOODPDGDGHODSODFD
5HVSRQGHUOODPDGDGHODSODFD
0HQ~GHDMXVWHVGHSDQWDOOD\YROXPHQPRQLWRU,PDJHQQRUPDOEULOODQWHRVXDYHEULOOR\YROXPHQ 0HQ~GHXVXDULR
$FFHGHUDOPHQ~
,QWHUFRPXQLFDFLyQHQWUHYLYLHQGDV
,QWHUFRPXQLFDFLyQHQODPLVPDYLYLHQGD
/ODPDGDDPRQLWRUJXDUGD
0RVWUDULPDJHQGHODSODFDSULQFLSDO
0RVWUDULPDJHQGHODVSODFDV
0RVWUDULPDJHQGHODVFiPDUDVQHFHVDULRPyGXOR00*%y'&$0*% 0RGRGHVYtRGHOODPDGDVQHFHVDULRPyGXOR*60*%
$FWLYDUODOX]H[WHULRUQHFHVDULRPyGXOR00*%
9HUYtGHRVGHOODPDGDVSODFDFiPDUDV\ERUUDUYtGHRVQHFHVDULRPyGXOR00*%
6DOLUGHODIXQFLyQPHQ~
0RGRQRPROHVWHQ
&RQILJXUDFLyQWRQRGHOODPDGDQLYHOGHOODPDGD\WLHPSRDXWRHQFHQGLGR
$MXVWHVVHOHFFLyQLGLRPDFRQILJXUDFLyQGHIHFWR\PHQ~LQVWDODGRU
0HQ~žDEUHSXHUWDVPHQ~SDUDDFWLYDUHODEUHSXHUWDVyDEUHSXHUWDV /LPSLH]DGHOPRQLWRU
1RWDV 35(&$8&,21(6'(6(*85,'$'
1RDSUHWDUH[FHVLYDPHQWHORVWRUQLOORVGHODUHJOHWDGHOPRQLWRU
&XDQGRVHLQVWDOHRPRGLILTXHHOHTXLSRKDFHUORVLQDOLPHQWDFLyQ
/DLQVWDODFLyQ\PDQLSXODFLyQGHHVWRVHTXLSRVGHEHVHUUHDOL]DGRSRUSHUVRQDODXWRUL]DGR
/DLQVWDODFLyQGHEHYLDMDUDOHMDGDDOPHQRVDFPGHFXDOTXLHURWUDLQVWDODFLyQ
,QVWDOHHOPRQLWRUHQXQOXJDUVHFR\SURWHJLGRVLQULHVJRGHJRWHRRSUR\HFFLRQHVGHDJXD
(YLWHHPSOD]DPLHQWRVFHUFDQRVDIXHQWHVGHFDORUK~PHGRVSROYRULHQWRVRFRQPXFKRKXPR
$QWHVGHFRQHFWDUHOHTXLSRYHULILFDUHOFRQH[LRQDGRHQWUHSODFDDOLPHQWDGRUGLVWULEXLGRUHV\PRQLWRUHV
6LJDHQWRGRPRPHQWRODVLQVWUXFFLRQHVGHHVWHPDQXDO
021,7259(67$*%
&$5$&7(5Ë67,&$6
0RQLWRUPDQRVOLEUHV
3DQWDOOD7)7&RORUGH
0RQLWRUFRQLQVWDODFLyQVLPSOLILFDGDEXVGHKLORVQRSRODUL]DGRV
3XOVDGRUHVFDSDFLWDWLYRVSDUDDFFHVR\VHOHFFLyQGHIXQFLRQHVGHPHQ~
0HQ~GHXVXDULR
,QWHUFRPXQLFDFLyQHQWUHYLYLHQGDV
,QWHUFRPXQLFDFLyQHQODPLVPDYLYLHQGD
/ODPDGDDPRQLWRUJXDUGD
0RVWUDUODLPDJHQGHODSODFDV
0RVWUDUODLPDJHQGHFiPDUDVQHFHVDULRPyGXOR00*%y'&$0*%
'HVYtRGHOODPDGDQHFHVDULRPyGXOR*60*%
$FWLYDUOX]H[WHULRUQHFHVDULRPyGXOR00*%
9LVXDOL]DUYLGHRVGHODVOODPDGDVSODFDFiPDUDV\ERUUDUYtGHRVQHFHVDULRPyGXOR00*%
0RGRQRPROHVWHQQRVHUHFLEHQODVOODPDGDGHODSODFDQLGHLQWHUFRPXQLFDFLyQ
&RQILJXUDFLyQWRQRGHOODPDGDYROXPHQGHOODPDGD\WLHPSRDXWRHQFHQGLGR
6HOHFFLyQGHLGLRPD(VSDxRO,QJOpV)UDQFpV3RUWXJXpVR+RODQGpV
0HQ~GHLQVWDODGRU
0RQLWRUFRPRSULQFLSDORVHFXQGDULRVHFXQGDULRyVHFXQGDULR+DVWDPRQLWRUHVSRUYLYLHQGD
0RQLWRUGHYLJLODQWH
3HUPLWLUYHUODLPDJHQGHODSODFDGXUDQWHODOODPDGDHQHOPRQLWRUVHFXQGDULR
$FWLYDUHQHOPHQ~SDUDODDSHUWXUDGHOžDEUHSXHUWDV
9LVXDOL]DUHOPHQ~HQPRGRVLPSOLILFDGRRFRPSOHWR
$FWLYDUODLQWHUFRPXQLFDFLyQHQWUHYLYLHQGDV
0HQ~GHDMXVWHVSDQWDOOD\YROXPHQGXUDQWHDXWRHQFHQGLGRRFRPXQLFDFLyQ
(VFHQD,PDJHQQRUPDOEULOODQWHRVXDYH
%ULOOR
9ROXPHQGHODOWDYR]PRQLWRU
3XOVDGRUGHLQLFLRILQFRPXQLFDFLyQ\HQHVWDGRGHUHSRVRPXHVWUDLPDJHQGHODSODFDQHFHVDULRPyGXOR00*%
3XOVDGRUGHDFWLYDFLyQDEUHSXHUWDV
/HGHVWDGRGHDOLPHQWDFLyQ
/HGSHQGLHQWHGHYLVXDOL]DUYLGHRVGHODVOODPDGDVGHODSODFD
/HGPRGR³QRPROHVWHQ´
7RQRVGHOODPDGDGLIHUHQFLDGRVSDUDLGHQWLILFDUODSURFHGHQFLDGHODOODPDGDSODFDLQWHUFRPXQLFDFLyQRUHOODQR
0LFURLQWHUUXSWRUHVSDUDFRQILJXUDUODGLUHFFLyQGHOPRQLWRUFyGLJRGHOODPDGD
(QWUDGDSDUDOODPDGDGHVGHODSXHUWDGHOUHOODQR
6DOLGDDVRQHUtDDX[LOLDU6$5
)81&,21$0,(172'(/6,67(0$
3DUDUHDOL]DUODOODPDGDHOYLVLWDQWHGHEHUiSUHVLRQDUHOSXOVDGRUFRUUHVSRQGLHQWHDODYLYLHQGDFRQODTXHGHVHD
HVWDEOHFHUFRPXQLFDFLyQXQWRQRDF~VWLFRDGYHUWLUiGHTXHODOODPDGDVHHVWiUHDOL]DQGR\HOOHGVHLOXPLQDUi6LOD
VtQWHVLVGHYR]HVWiKDELOLWDGDHOPHQVDMH³OODPDQGR´QRVLQGLFDUiTXHODOODPDGDVHHVWiUHDOL]DQGR(QHVHLQVWDQWH
HOPRQLWRUGHODYLYLHQGDUHFLEHODOODPDGD6LVHKDSUHVLRQDGRSRUHTXLYRFDFLyQHOSXOVDGRUGHRWUDYLYLHQGDSXOVDU
VREUHHOTXHFRUUHVSRQGDGHODYLYLHQGDGHVHDGDFDQFHODQGRDVtODSULPHUDOODPDGD
/DOODPDGDWLHQHXQDGXUDFLyQGHVHJXQGRVDSDUHFLHQGRODLPDJHQHQHOPRQLWRUSULQFLSDODOUHFLELUODOODPDGDVLQ
TXH HO YLVLWDQWH OR SHUFLED 3DUD YLVXDOL]DU OD LPDJHQ HQ XQ PRQLWRU VHFXQGDULR GHEH KDELOLWDU HVWD IXQFLyQ
SUHYLDPHQWHHQHOPRQLWRU$SOLFDFLyQNLWFKDOHWDSDUHFLHQGRODLPDJHQHQHOPRQLWRUFRQHOFyGLJR³YLYLHQGDR
PRQLWRUFRQHOFyGLJRVLODOODPDGDHVHQOD³YLYLHQGDDOUHFLELUODOODPDGDVLQTXHHOYLVLWDQWHORSHUFLED
6LODOODPDGDQRHVDWHQGLGDDQWHVGHVHJHOOHGVHDSDJDUi\HOFDQDOTXHGDUiOLEUH
3DUDHVWDEOHFHUFRPXQLFDFLyQSUHVLRQHHOSXOVDGRUGHOPRQLWRUHOOHGGHODSODFDVHLOXPLQDUi
/DFRPXQLFDFLyQWHQGUiXQDGXUDFLyQGHXQPLQXWR\PHGLRRKDVWDYROYHUDSUHVLRQDUHOSXOVDGRU)LQDOL]DGDOD
FRPXQLFDFLyQORVOHGV\VHDSDJDUiQ\HOFDQDOTXHGDUiOLEUH6LODVtQWHVLVGHYR]HVWiKDELOLWDGDHOPHQVDMH
³OODPDGDILQDOL]DGD´QRVLQGLFDUiHQODSODFDTXHODOODPDGDKDILQDOL]DGR
6LVHGHVHDDEULUODSXHUWDSUHVLRQDUHOSXOVDGRU GXUDQWHORVSURFHVRVGHOODPDGDRFRPXQLFDFLyQXQDVROD
SXOVDFLyQDFWLYDHODEUHSXHUWDVGXUDQWHFLQFRVHJXQGRVHOOHGVHLOXPLQDUiWDPELpQGXUDQWHFLQFRVHJXQGRV6LOD
VtQWHVLVGHYR]HVWiKDELOLWDGDHOPHQVDMH³SXHUWDDELHUWD´QRVVHUiLQGLFDGRHQODSODFD
/DGHVFULSFLyQGHORVSXOVDGRUHVGHIXQFLyQVHHQFXHQWUDQHQODSiJLQD
021,7259(67$*%
'(6&5,3&,Ï1'(/021,725
D
J
E
K
F
',3
G
21
L
M
H
N
I
D0LFUyIRQR
E3DQWDOOD7)7FRORUGH
F3XOVDGRUHVGHPHQ~
G/HGVGHHVWDGR
H3XOVDGRUHVGHIXQFLyQ
I$OWDYR]
J$QFODMHVGHVXMHFLyQUHJOHWD
K(QWUDGDSDUDFDEOHKRUL]RQWDO
L%RUQHVSDUDFRQH[LyQ%XV
M&RQHFWRU
N0LFURLQWHUUXSWRUGHFRQ¿JXUDFLyQ
3XOVDGRUHVGHIXQFLyQ
/HGVGHHVWDGR
3XOVDGRUGHLQLFLR¿QFRPXQLFDFLyQ
(QUHSRVR0XHVWUDODLPDJHQGHODSODFD
6LH[LVWHPyGXORPHPRULD00*%PXHVWUD
HOYLGHRJUDEDGRSHQGLHQWHGHYLVXDOL]DUGHOD
~OWLPDOODPDGDGHODSODFD
/HGGHSHQGLHQWHYLVXDOL]DUYLGHRVGHODV
OODPDGDVGHODSODFD
3XOVDGRUGHDFWLYDFLyQDEUHSXHUWDV
/HGGHPRGR³QRPROHVWHQ´DFWLYDGR
/HGGHHVWDGRDOLPHQWDFLyQ
7HUPLQDOHVGHFRQH[LyQ\PLFURLQWHUUXSWRU
21
7HUPLQDOHVGHFRQH[LyQ
//&RQH[LyQ%XV
+=+=&RQH[LyQDWLPEUHGHSXHUWD
621(5Ë$*1'&RQH[LyQVRQHUtDDX[LOLDU
6$5
',3
0LFURLQWHUUXSWRUGHFRQ¿JXUDFLyQ
'LS&RQ¿JXUDHO¿QDOGHOtQHD'HMDUHQ21HQDTXHOORVPRQLWRUHVHQ
ORVTXHDFDEHHOUHFRUULGRGHOFDEOHGHOEXV&RORFDUHQ2))VyORHQ
PRQLWRUHVLQWHUPHGLRV
,QWHUUXSWRUQž
9DORUHQ21
21
',3
(MHPSOR $0$5,//21287,/,=$5
1(*52*1'
52-2621(5Ë$
9(5'(+=
%/$1&2+=
',3
7DEODGHYDORUHV
21
/
/
'LSD'LS3DUDFRQ¿JXUDUODGLUHFFLyQGHOPRQLWRUGLUHFFLyQD
/RVLQWHUUXSWRUHVFRORFDGRVHQODSRVLFLyQ2))WLHQHQYDORUFHUR
(QODSRVLFLyQ21WLHQHQDVLJQDGRVORVYDORUHVGHODWDEODDGMXQWD
(O FyGLJR GHO PRQLWRU VHUi LJXDO D OD VXPD GH YDORUHV GH ORV
LQWHUUXSWRUHVFRORFDGRVHQ21
021,7259(67$*%
'(6&5,3&,Ï1'(/021,725
&RQ¿JXUDFLyQFyGLJRVGHGLUHFFLyQGHOPRQLWRUGLUHFFLyQD
'LS&RQ¿JXUDHO¿QDOGHOtQHD'HMDUHQ21HQDTXHOORVPRQLWRUHVHQORVTXHDFDEHHOUHFRUULGRGHOFDEOHGHOEXV
&RORFDUHQ2))VyORHQPRQLWRUHVLQWHUPHGLRV
'LSD2))
'LSD21
21
',3
21
',3
'LSD'LS3DUDFRQ¿JXUDUODGLUHFFLyQGHOPRQLWRUGLUHFFLyQD
&yGLJR
21
&yGLJR
',3
21
&yGLJR
21
21
',3
21
',3
21
21
21
',3
21
',3
21
',3
21
',3
21
',3
21
',3
21
',3
&yGLJR
',3
&yGLJR
',3
&yGLJR
&yGLJR
',3
',3
&yGLJR
&yGLJR
',3
&yGLJR
',3
&yGLJR
',3
&yGLJR
',3
&yGLJR
',3
21
&yGLJR
&yGLJR
',3
21
&yGLJR
21
&yGLJR
',3
',3
21
&yGLJR
21
',3
21
&yGLJR
',3
21
&yGLJR
21
&yGLJR
&yGLJR
&yGLJR
',3
21
&yGLJR
21
&yGLJR
',3
',3
21
&yGLJR
21
&yGLJR
',3
21
&yGLJR
21
21
&yGLJR
',3
21
&yGLJR
21
',3
&yGLJR
',3
&yGLJR
21
',3
021,7259(67$*%
,167$/$&,Ï1'(/021,725(15(*/(7$'(683(5),&,(
(YLWHHPSOD]DPLHQWRVFHUFDQRVDIXHQWHVGHFDORUSROYRULHQWRVRFRQPXFKRKXPR
8ELFDFLyQGHODUHJOHWDGHVXSHU¿FLH
/DSDUWHVXSHULRUGHODUHJOHWDVHGHEHXELFDUDXQDDOWXUDGHPGHOVXHORODGLVWDQFLDPtQLPDHQWUHORVODWHUDOHVGH
ODUHJOHWD\FXDOTXLHUREMHWRGHEHVHUGHFP
P
)LMDUODUHJOHWDGHOPRQLWRUHQODSDUHG
)LMDUODUHJOHWDGHOPRQLWRUDODSDUHGUHDOL]DQGRGRVDJXMHURVGHPPGHGLiPHWUR\XWLOL]DQGRORVWRUQLOORV\WDFRV
VXPLQLVWUDGRVFRQHOPRQLWRU
[
&RORFDUHOPRQLWRU
&RQHFWHORVFDEOHVDOPRQLWRUYHUSiJLQDDFRQWLQXDFLyQFRORTXHHOPRQLWRUSHUSHQGLFXODUDODUHJOHWDKDFLHQGR
FRLQFLGLUORVDJXMHURVGHODEDVHGHOPRQLWRUFRQORVGHVXMHFLyQGHODUHJOHWDDFRQWLQXDFLyQGHVSODFHHOPRQLWRU
KDFLDODUHJOHWDKDVWDTXHHOPRQLWRUTXHGH¿MDGRFRQORVLPDQHVVLWXDGRVHQHOPRQLWRU
5HFXHUGHTXLWDUODOiPLQDGHSURWHFFLyQIURQWDOGHOPRQLWRUXQDYH]ORVWUDEDMRVGHLQVWDODFLyQKDQ¿QDOL]DGR
021,7259(67$*%
,167$/$&,Ï1'(/021,725(1&$-$'((03275$5
(YLWHHPSOD]DPLHQWRVFHUFDQRVDIXHQWHVGHFDORUSROYRULHQWRVRFRQPXFKRKXPR
8ELFDFLyQGHODFDMDGHHPSRWUDU
5HDOL]DUXQDJXMHURHQODSDUHGTXHXELTXHODSDUWHVXSHULRUGHODFDMDGHHPSRWUDUXQLYHUVDODXQDDOWXUDGHPGHO
VXHORODGLVWDQFLDPtQLPDHQWUHORVODWHUDOHVGHODFDMDGHHPSRWUDU\FXDOTXLHUREMHWRGHEHVHUGHFP
P
&RORFDUFDMDGHHPSRWUDU\PRQWDMHUHJOHWD
3DVDUODLQVWDODFLyQSRUHOKXHFRUHDOL]DGRHQODFDMDGHHPSRWUDU(PSRWUDUHQUDVDU\QLYHODUODFDMD
)LMDUODUHJOHWDGHOPRQLWRUFRQORVWRUQLOORVVXPLQLVWUDGRVHQODFDMDGHHPSRWUDU
7RUQLOORVVXPLQLVWUDGRV
FRQODFDMDGHHPSRWUDU
&RORFDUHOPRQLWRU
&RQHFWHORVFDEOHVDOPRQLWRUYHUSiJLQDDFRQWLQXDFLyQFRORTXHHOPRQLWRUSHUSHQGLFXODUDODUHJOHWDKDFLHQGR
FRLQFLGLUORVDJXMHURVGHODEDVHGHOPRQLWRUFRQORVGHVXMHFLyQGHODUHJOHWDDFRQWLQXDFLyQGHVSODFHHOPRQLWRU
KDFLDODUHJOHWDKDVWDTXHHOPRQLWRUTXHGH¿MDGRFRQORVLPDQHVVLWXDGRVHQHOPRQLWRU
5HFXHUGHTXLWDUODOiPLQDGHSURWHFFLyQIURQWDOGHOPRQLWRUXQDYH]ORVWUDEDMRVGHLQVWDODFLyQKDQ¿QDOL]DGR
021,7259(67$*%
)81&,21$0,(172
'HVFULSFLyQPRQLWRUDOUHFLELUOODPDGDGHODSODFD\HQFRPXQLFDFLyQ
3ODFDTXHKDUHDOL]DGRODOODPDGD
7LHPSRWUDQVFXUULGRGHODOODPDGDFRPXQLFDFLyQ
&RPXQLFDFLyQDFWLYDGD
3XHUWDyDFWLYDGD
/X]H[WHULRUDFWLYDGDQHFHVDULRPRGXOR00*%
*UDEDFLyQDFWLYDGDQHFHVDULRPyGXOR00*%
'6
*UDEDU
5HDOL]DUJUDEDFLyQPDQXDO
1HFHVDULRPyGXOR00*%
$MXVWHV(VFHQDEULOOR\YROXPHQPRQLWRU
YHUDMXVWHVSiJLQD
$FWLYDUOX]H[WHULRU³WHPSRUL]DGD´
1HFHVDULRPyGXOR00*%
)LQDOL]DUOODPDGDFRPXQLFDFLyQ
,QLFLDU¿QDOL]DUFRPXQLFDFLyQ
$FWLYDUDEUHSXHUWDV
5HFLELUOODPDGDGHODSODFD
$OUHFLELUXQDOODPDGDHOPRQLWRUHVQRVDGYHUWLUiQFRQXQDPHORGtD\QRVPRVWUDUiODLPDJHQGHODSODFDHQHO
PRQLWRUSULQFLSDOVLQTXHHOYLVLWDQWHORSHUFLED6tODOODPDGDQRHVDWHQGLGDDQWHVGHVHJXQGRVHOPRQLWRUYXHOYH
DOHVWDGRGHUHSRVR
6LH[LVWHHOPyGXORGHPHPRULD00*%UHDOL]DUiDXWRPiWLFDPHQWHODJUDEDFLyQGHXQYLGHR\HOOHGGHHVWDGRVH
LOXPLQDUiLQGLFiQGRQRVTXHKD\XQYLGHRJXDUGDGRSHQGLHQWHGHYLVXDOL]DU
'6
5HDOL]DUJUDEDFLyQPDQXDO
QHFHVDULRPyGXOR00*%
$MXVWDU(VFHQDEULOOR\YROXPHQPRQLWRU
YHUDMXVWHVSiJLQD
$FWLYDUOX]H[WHULRU³WHPSRUL]DGD´
QHFHVDULRPyGXOR00*%
)LQDOL]DUOODPDGD
6L VH GHVHD DEULU OD SXHUWD SUHVLRQDU HO SXOVDGRU DEUHSXHUWDV GXUDQWH HO SURFHVR GH OODPDGD XQD VROD
SXOVDFLyQDFWLYDHODEUHSXHUWDVGXUDQWHVHJXQGRV
&RQWLQ~D
021,7259(67$*%
)81&,21$0,(172
9LHQHGHODSiJLQDDQWHULRU
/DOODPDGDQRVHFRQWHVWDOODPDGDSHUGLGD
$OUHFLELUXQDOODPDGDHOPRQLWRUHVQRVDGYHUWLUiQFRQXQDPHORGtD\QRVPRVWUDUiODLPDJHQGHODSODFDHQHO
PRQLWRUSULQFLSDOVLQTXHHOYLVLWDQWHORSHUFLED6tODOODPDGDQRHVDWHQGLGDDQWHVGHVHJXQGRVHOPRQLWRUYXHOYH
DOHVWDGRGHUHSRVR
6LH[LVWHHOPyGXORGHPHPRULD00*%UHDOL]DUiDXWRPiWLFDPHQWHODJUDEDFLyQGHXQYLGHR\HOOHGGHHVWDGRVH
LOXPLQDUiLQGLFiQGRQRVTXHKD\XQYLGHRJXDUGDGRSHQGLHQWHGHYLVXDOL]DU
'6
)LQDOL]DUOODPDGDGHODSODFD
$OUHFLELUXQDOODPDGDHOPRQLWRUHVQRVDGYHUWLUiQFRQXQDPHORGtD\QRVPRVWUDUiODLPDJHQGHODSODFDHQHO
PRQLWRUSULQFLSDOVLQTXHHOYLVLWDQWHORSHUFLED6LH[LVWHHOPyGXORGHPHPRULD00*%UHDOL]DUiDXWRPiWLFDPHQWH
ODJUDEDFLyQGHXQYLGHR\HOOHGGHHVWDGRVHLOXPLQDUiLQGLFiQGRQRVTXHKD\XQYLGHRJXDUGDGRSHQGLHQWHGH
YLVXDOL]DU6LVHGHVHD¿QDOL]DUODOODPDGDSUHVLRQHHOSXOVDGRU
6LVHGHVHDDEULUODSXHUWDSUHVLRQDUHOSXOVDGRU GXUDQWHHOSURFHVRGHOODPDGDXQDVRODSXOVDFLyQDFWLYDHO
DEUHSXHUWDVGXUDQWHVHJXQGRV
'6
5HDOL]DUJUDEDFLyQPDQXDO
QHFHVDULRPyGXOR00*%
$MXVWDU(VFHQDEULOOR\YROXPHQPRQLWRU
YHUDMXVWHVSiJLQD
$FWLYDUOX]H[WHULRU³WHPSRUL]DGD´
QHFHVDULRPyGXOR00*%
)LQDOL]DUOODPDGD
6L VH GHVHD DEULU OD SXHUWD SUHVLRQDU HO SXOVDGRU DEUHSXHUWDV GXUDQWH HO SURFHVR GH OODPDGD XQD VROD
SXOVDFLyQDFWLYDHODEUHSXHUWDVGXUDQWHVHJXQGRV
&RQWLQ~D
021,7259(67$*%
)81&,21$0,(172
9LHQHGHODSiJLQDDQWHULRU
5HVSRQGHUOODPDGDGHODSODFD
$OUHFLELUXQDOODPDGDHOPRQLWRUHVQRVDGYHUWLUiQFRQXQDPHORGtD\QRVPRVWUDUiODLPDJHQGHODSODFDHQHO
PRQLWRUSULQFLSDOVLQTXHHOYLVLWDQWHORSHUFLED6LH[LVWHHOPyGXORGHPHPRULD00*%UHDOL]DUiDXWRPiWLFDPHQWH
ODJUDEDFLyQGHXQYLGHR\HOOHGGHHVWDGRVHLOXPLQDUiLQGLFiQGRQRVTXHKD\XQYLGHRJXDUGDGRSHQGLHQWHGH
YLVXDOL]DU6LVHGHVHDUHVSRQGHUDODOODPDGDSUHVLRQHHOSXOVDGRU
/DFRPXQLFDFLyQWHQGUiXQDGXUDFLyQGHXQPLQXWR\PHGLRRKDVWDYROYHUDSUHVLRQDUHOSXOVDGRU
6LVHGHVHDDEULUODSXHUWDSUHVLRQDUHOSXOVDGRU GXUDQWHHOSURFHVRGHOODPDGDRHQFRPXQLFDFLyQXQDVROD
SXOVDFLyQDFWLYDHODEUHSXHUWDVGXUDQWHVHJXQGRV
'6
5HDOL]DUJUDEDFLyQPDQXDO
QHFHVDULRPyGXOR00*%
$MXVWDU(VFHQDEULOOR\YROXPHQPRQLWRU
YHUDMXVWHVSiJLQD
$FWLYDUOX]H[WHULRU³WHPSRUL]DGD´
QHFHVDULRPyGXOR00*%
)LQDOL]DUOODPDGDFRPXQLFDFLyQ
,QLFLDU¿QDOL]DUFRPXQLFDFLyQ
6L VH GHVHD DEULU OD SXHUWD SUHVLRQDU HO SXOVDGRU DEUHSXHUWDV GXUDQWH HO SURFHVR GH OODPDGD R HQ
FRPXQLFDFLyQXQDVRODSXOVDFLyQDFWLYDHODEUHSXHUWDVGXUDQWHVHJXQGRV
0(1Ò$-867(63$17$//$<92/80(1
3DUD DFFHGHU DO PHQ~ GH DMXVWHV SDQWDOOD \ YROXPHQ HQ PRQLWRU HO PRQLWRU GHEH HVWDU HQ FRPXQLFDFLyQ R
DXWRHQFHQGLGR$FRQWLQXDFLyQSXOVHODRSFLyQVHPRVWUDUiODSDQWDOODGHVHOHFFLyQ
'6
'6
3DUDDFFHGHUDODMXVWHGHHVFHQDSXOVHODRSFLyQ6HPRVWUDUiODVLJXLHQWHSDQWDOODGHVHOHFFLyQFRQODD\XGDGH
ORVSXOVDGRUHV\VHOHFFLRQHHOWLSRGHLPDJHQGHVHDGRQRUPDOEULOODQWHRVXDYHUHVSHFWLYDPHQWH3XOVH
ODRSFLyQSDUDVDOLU\YROYHUDODSDQWDOODGHVHOHFFLyQ
3DQWDOODGHVHOHFFLyQ
'6
'6
&RQWLQ~D
021,7259(67$*%
)81&,21$0,(172
9LHQHGHODSiJLQDDQWHULRU
3DUDDFFHGHUDODMXVWHGHOEULOORSXOVHODRSFLyQ6HPRVWUDUiODVLJXLHQWHSDQWDOODGHVHOHFFLyQFRQODD\XGDGH
ORVSXOVDGRUHV\VHOHFFLRQHHOQLYHOGHEULOORGHVHDGR3XOVHODRSFLyQSDUDVDOLU\YROYHUDODSDQWDOODGH
VHOHFFLyQ
3DQWDOODGHVHOHFFLyQ
'6
'6
ũƵƐƚĞĚĞǀĂůŽƌ
ĐƚƵĂů͗ϱ
3DUDDFFHGHUDODMXVWHGHOYROXPHQGHOPRQLWRUSXOVHODRSFLyQ6HPRVWUDUiODVLJXLHQWHSDQWDOODGHVHOHFFLyQ
FRQODD\XGDGHORVSXOVDGRUHV\VHOHFFLRQHHOQLYHOGHYROXPHQGHVHDGR3XOVHODRSFLyQSDUDVDOLU\YROYHU
DODSDQWDOODGHVHOHFFLyQ3XOVHRWUDYH]ODRSFLyQVLVHGHVHDVDOLUGHOPHQ~GHDMXVWHVSDQWDOOD\YROXPHQ
3DQWDOODGHVHOHFFLyQ
'6
'6
ũƵƐƚĞĚĞǀĂůŽƌ
ĐƚƵĂů͗ϱ
0(1Ò'(868$5,2
3DUDDFFHGHUDOPHQ~HOPRQLWRUGHEHHVWDUHQUHSRVR$FRQWLQXDFLyQSUHVLRQHVREUHXQRGHORVSXOVDGRUHVGH
PHQ~VLWXDGRVDODGHUHFKDGHODSDQWDOOD
3XOVDGRUHVGHPHQ~
$FRQWLQXDFLyQVHPRVWUDUiODSULPHUDSDQWDOODGHRSFLRQHVGHOPHQ~
3DQWDOODGHPHQ~
,UDODSDQWDOODGHOPHQ~
,QWHUFRPXQLFDFLyQHQWUHYLYLHQGDV
,QWHUFRPXQLFDFLyQHQODPLVPDYLYLHQGD
/ODPDUDPRQLWRUJXDUGD
&RQWLQ~D
021,7259(67$*%
0(1Ò'(868$5,2
9LHQHGHODSiJLQDDQWHULRU
,QWHUFRPXQLFDFLyQHQWUHYLYLHQGDV
3DUDDFFHGHUDODIXQFLyQGHLQWHUFRPXQLFDFLyQHQWUHYLYLHQGDVSXOVHVREUHODRSFLyQ6HPRVWUDUiODVLJXLHQWH
SDQWDOODGHVHOHFFLyQFRQODD\XGDGHORVSXOVDGRUHV\VHOHFFLRQHODYLYLHQGDDODTXHGHVHDOODPDU
>@
ŶƚĞƌŝŽƌ
>@
^ŝŐƵŝĞŶƚĞ
>@
DĂƌĐĂƌ
>@
^Ăůŝƌ
$FRQWLQXDFLyQSXOVHVREUHODRSFLyQSDUDUHDOL]DUODOODPDGD6HPRVWUDUiODVLJXLHQWHSDQWDOODGHOODPDGDLQGLFDQGR
ODGLUHFFLyQGHODYLYLHQGDDOODPDU8QWRQRDF~VWLFRODUJRFRQ¿UPDUiTXHODOODPDGDVHHVWiUHDOL]DQGRRXQRVWRQRV
DF~VWLFRVFRUWRVQRVLQGLFDUiQTXHODXQLGDGOODPDGDHVWiHQFRPXQLFDFLyQFRQODSODFDRHQLQWHUFRPXQLFDFLyQFRQ
RWUDYLYLHQGD\QRVHUHDOL]DUiODOODPDGDODIXQFLyQLQWHUFRPXQLFDFLyQGHEHHVWDUKDELOLWDGD6LODOODPDGDVHHVWi
UHDOL]DQGRVHSXHGHKDFHUUHOODPDGDSXOVDQGRODRSFLyQRSXOVHODRSFLyQSDUDFDQFHODUODOODPDGD
5HDOL]DOODPDGDLQWHUFRPXQLFDFLyQ
>@
ŶƚĞƌŝŽƌ
>@
^ŝŐƵŝĞŶƚĞ
>@
DĂƌĐĂƌ
>@
^Ăůŝƌ
3RUIDYRUHVSHUH
(QHOPRQLWRUHVGHODYLYLHQGDOODPDGDXQDPHORGtDQRVLQGLFDUiODSUHVHQFLDGHXQDOODPDGDGHLQWHUFRPXQLFDFLyQ\
OD GLUHFFLyQ GH OD YLYLHQGD TXH HVWi UHDOL]DQGR OD OODPDGD 3UHVLRQH HO SXOVDGRU SDUD DFHSWDU OD OODPDGD \
HVWDEOHFHUFRPXQLFDFLyQRSXOVHODRSFLyQSDUDFDQFHODUOD6LVHKDDFHSWDGRODOODPDGDODFRPXQLFDFLyQWHQGUi
XQDGXUDFLyQGHPLQXWR\PHGLRRKDVWDYROYHUDSUHVLRQDUHOSXOVDGRURELHQSXOVDQGRODRSFLyQ
6LGHVHDPRGL¿FDUHOYROXPHQGHFRPXQLFDFLyQHQHOPRQLWRUSXOVHODRSFLyQ
5HFLEHOODPDGDLQWHUFRPXQLFDFLyQ
(QFRPXQLFDFLyQ
6L GXUDQWH HO SURFHVR GH LQWHUFRPXQLFDFLyQ VH UHFLEH XQD OODPDGD GH OD SODFD HQ XQD GH ODV YLYLHQGDV OD
LQWHUFRPXQLFDFLyQTXHGDUiFDQFHODGDXQDPHORGtDHQHOPRQLWRUGHODYLYLHQGDDGYHUWLUiGHTXHODOODPDGDVHHVWi
UHDOL]DQGRDSDUHFLHQGRODLPDJHQHQHOPRQLWRUSULQFLSDO3DUDHVWDEOHFHUFRPXQLFDFLyQFRQODSODFDSUHVLRQDUHO
SXOVDGRUHQHOPRQLWRU6LKD\PRQLWRUHVVHFXQGDULRVHQODYLYLHQGDSUHVLRQDUHOSXOVDGRUHQFXDOTXLHUDGHORV
PRQLWRUHV
/RVWRQRVGHOODPDGDUHSURGXFLGRVVRQGLIHUHQWHVHQIXQFLyQGHOOXJDUGHVGHHOTXHVHUHDOL]yODOODPDGDORFXDOSHUPLWH
DOXVXDULRGLVWLQJXLUVXSURFHGHQFLD
&RQWLQ~D
021,7259(67$*%
0(1Ò'(868$5,2
9LHQHGHODSiJLQDDQWHULRU
,QWHUFRPXQLFDFLyQHQODPLVPDYLYLHQGD
3DUDDFFHGHUDODIXQFLyQGHLQWHUFRPXQLFDFLyQHQODPLVPDYLYLHQGDSXOVHVREUHODRSFLyQ6HPRVWUDUiOD
VLJXLHQWHSDQWDOODGHOODPDGDXQWRQRDF~VWLFRODUJRFRQ¿UPDUiTXHODOODPDGDVHHVWiUHDOL]DQGRRXQRVWRQRV
DF~VWLFRVFRUWRVQRVLQGLFDUiQTXHKD\XQPRQLWRUGHODYLYLHQGDHQFRPXQLFDFLyQFRQODSODFD\QRVHUHDOL]DUiOD
OODPDGD6LODOODPDGDVHHVWiUHDOL]DQGRVHSXHGHKDFHUUHOODPDGDSXOVDQGRODRSFLyQRSXOVHODRSFLyQSDUD
FDQFHODUODOODPDGD
5HDOL]DOODPDGDLQWHUFRPXQLFDFLyQ
3RUIDYRUHVSHUH
8QDPHORGtDHQHOUHVWRGHPRQLWRUHVGHODYLYLHQGDQRVLQGLFDUiQODSUHVHQFLDGHODOODPDGDGHLQWHUFRPXQLFDFLyQ
3UHVLRQHHOSXOVDGRUSDUDDFHSWDUODOODPDGD\HVWDEOHFHUFRPXQLFDFLyQRSXOVHODRSFLyQSDUDFDQFHODUOD6L
VHKDDFHSWDGRODOODPDGDODFRPXQLFDFLyQWHQGUiXQDGXUDFLyQGHPLQXWR\PHGLRRKDVWDYROYHUDSUHVLRQDUHO
SXOVDGRURELHQSXOVDQGRODRSFLyQ
6LGHVHDPRGL¿FDUHOYROXPHQGHFRPXQLFDFLyQHQHOPRQLWRUSXOVHODRSFLyQ
5HFLEHOODPDGDLQWHUFRPXQLFDFLyQ
(QFRPXQLFDFLyQ
6LGXUDQWHHOSURFHVRGHLQWHUFRPXQLFDFLyQVHUHFLEHXQDOODPDGDGHODSODFDODLQWHUFRPXQLFDFLyQTXHGDUiFDQFHODGD
XQDPHORGtDHQHOPRQLWRUGHODYLYLHQGDDGYHUWLUiGHTXHODOODPDGDVHHVWiUHDOL]DQGRDSDUHFLHQGRODLPDJHQHQHO
PRQLWRUSULQFLSDO3DUDHVWDEOHFHUFRPXQLFDFLyQFRQODSODFDSUHVLRQDUHOSXOVDGRUHQHOPRQLWRU6LKD\PRQLWRUHV
VHFXQGDULRVHQODYLYLHQGDSUHVLRQDUHOSXOVDGRUHQFXDOTXLHUDGHORVPRQLWRUHV
6L GXUDQWH HO SURFHVR GH LQWHUFRPXQLFDFLyQ VH UHFLEH XQD OODPDGD GH RWUD YLYLHQGD OD LQWHUFRPXQLFDFLyQ TXHGDUi
FDQFHODGDXQDPHORGtDHQHOPRQLWRUGHODYLYLHQGDDGYHUWLUiGHTXHODOODPDGDVHHVWiUHDOL]DQGRDSDUHFLHQGROD
GLUHFFLyQGHODYLYLHQGDTXHHVWiUHDOL]DQGRODOODPDGDGHLQWHUFRPXQLFDFLyQYHU³LQWHUFRPXQLFDFLyQHQWUHYLYLHQGDV´
SiJLQD
/RVWRQRVGHOODPDGDUHSURGXFLGRVVRQGLIHUHQWHVHQIXQFLyQGHOOXJDUGHVGHHOTXHVHUHDOL]yODOODPDGDORFXDOSHUPLWH
DOXVXDULRGLVWLQJXLUVXSURFHGHQFLD
&RQWLQ~D
021,7259(67$*%
0(1Ò'(868$5,2
9LHQHGHODSiJLQDDQWHULRU
/ODPDGDDPRQLWRUJXDUGD
3DUDUHDOL]DUXQDOODPDGDDOPRQLWRUGHOJXDUGDGHOD¿QFDVLH[LVWHSXOVHVREUHODRSFLyQ 6HPRVWUDUiOD
VLJXLHQWH SDQWDOOD GH OODPDGD LQGLFDQGR OD GLUHFFLyQ ¶*8¶ GHO PRQLWRU JXDUGD D OODPDU 8Q WRQR DF~VWLFR ODUJR
FRQ¿UPDUiTXHODOODPDGDVHHVWiUHDOL]DQGRRXQRVWRQRVDF~VWLFRVFRUWRVQRVLQGLFDUiQTXHHOPRQLWRUJXDUGDHVWi
HQFRPXQLFDFLyQFRQRWUDYLYLHQGD\QRVHUHDOL]DUiODOODPDGD6LODOODPDGDVHHVWiUHDOL]DQGRVHSXHGHKDFHU
UHOODPDGDSXOVDQGRODRSFLyQRSXOVHODRSFLyQSDUDFDQFHODUODOODPDGD
5HDOL]DOODPDGDLQWHUFRPXQLFDFLyQ
*8
3RUIDYRUHVSHUH
(Q HO PRQLWRU JXDUGD XQD PHORGtD LQGLFDUi OD SUHVHQFLD GH XQD OODPDGD \ OD GLUHFFLyQ GH OD YLYLHQGD TXH HVWi
UHDOL]DQGRODOODPDGD3UHVLRQHHOSXOVDGRUSDUDDFHSWDUODOODPDGD\HVWDEOHFHUFRPXQLFDFLyQRSXOVHODRSFLyQ
SDUDFDQFHODUOD6LVHKDDFHSWDGRODOODPDGDODFRPXQLFDFLyQWHQGUiXQDGXUDFLyQGHPLQXWR\PHGLRRKDVWD
YROYHUDSUHVLRQDUHOSXOVDGRURELHQSXOVDQGRODRSFLyQ
6LGHVHDPRGL¿FDUHOYROXPHQGHFRPXQLFDFLyQHQHOPRQLWRUSXOVHODRSFLyQ
5HFLEHOODPDGDLQWHUFRPXQLFDFLyQ
(QFRPXQLFDFLyQ
6LGXUDQWHHOSURFHVRGHOODPDGDRFRPXQLFDFLyQFRQHOPRQLWRUJXDUGDODYLYLHQGDUHFLEHXQDOODPDGDGHODSODFDOD
OODPDGDRFRPXQLFDFLyQFRQHOPRQLWRUJXDUGDTXHGDUiFDQFHODGD8QDPHORGtDHQHOPRQLWRUGHODYLYLHQGDDGYHUWLUi
GHTXHODOODPDGDGHODSODFDVHHVWiUHDOL]DQGRDSDUHFLHQGRODLPDJHQHQHOPRQLWRUSULQFLSDO3DUDHVWDEOHFHU
FRPXQLFDFLyQFRQODSODFDSUHVLRQDUHOSXOVDGRU HQHOPRQLWRU6LKD\PRQLWRUHVVHFXQGDULRVHQODYLYLHQGD
SUHVLRQDUHOSXOVDGRUHQFXDOTXLHUDGHORVPRQLWRUHV
/RVWRQRVGHOODPDGDUHSURGXFLGRVVRQGLIHUHQWHVHQIXQFLyQGHOOXJDUGHVGHHOTXHVHUHDOL]yODOODPDGDORFXDOSHUPLWH
DOXVXDULRGLVWLQJXLUVXSURFHGHQFLD
&RQWLQ~D
021,7259(67$*%
0(1Ò'(868$5,2
9LHQHGHODSiJLQDDQWHULRU
3DUDDFFHGHUDODVLJXLHQWHSDQWDOODGHPHQ~SXOVHODRSFLyQRVLVHGHVHDVDOLUGHOPHQ~SUHVLRQHHOSXOVDGRU
3DQWDOODGHPHQ~
3DQWDOODGHPHQ~
,UDODSDQWDOODGHPHQ~
0RVWUDULPDJHQGHODSODFDSULQFLSDO
0RVWUDULPDJHQGHODSODFDy
0RVWUDULPDJHQFiPDUDV
0RVWUDULPDJHQGHODSODFDSULQFLSDO
3DUDPRVWUDUODLPDJHQGHODSODFDSULQFLSDOSXOVHVREUHODRSFLyQ 6HPRVWUDUiODVLJXLHQWHSDQWDOODFRQOD
LPDJHQSURFHGHQWHGHODSODFDFRQGLUHFFLyQLQGLFDQGRODSODFDVHOHFFLRQDGD¶'6
\HOWLHPSRWUDQVFXUULGRGH
FRQH[LyQ/DFRQH[LyQWHQGUiXQDGXUDFLyQGHVHJXQGRVRKDVWDSXOVDUODRSFLyQ
6LVHGHVHDHVWDEOHFHUFRPXQLFDFLyQGHDXGLR\YLGHRFRQODSODFDVHOHFFLRQDGDSUHVLRQHHOSXOVDGRU/DSDQWDOOD
PRVWUDUiHOVtPEROR /DFRPXQLFDFLyQWHQGUiXQDGXUDFLyQGHPLQXWR\PHGLRRKDVWDYROYHUDSUHVLRQDUHO
SXOVDGRURELHQSXOVDQGRODRSFLyQ
6LVHGHVHDDEULUODSXHUWDSUHVLRQHHOSXOVDGRUGXUDQWHORVSURFHVRVGHPRVWUDULPDJHQRFRPXQLFDFLyQXQDVROD
SXOVDFLyQDFWLYDHODEUHSXHUWDVGXUDQWHVHJXQGRV
'6
(VWHVtPERORVyORVHPXHVWUDHQPRGRFRPXQLFDFLyQDFWLYDGD
'6
5HDOL]DUJUDEDFLyQPDQXDO
QHFHVDULRPyGXOR00*%
$MXVWHV(VFHQDEULOOR\YROXPHQPRQLWRU
YHUDMXVWHVSiJLQDV
$FWLYDUOX]H[WHULRU³WHPSRUL]DGD´
QHFHVDULRPyGXOR00*%
)LQDOL]DUFRPXQLFDFLyQFRQODSODFD
&RQWLQ~D
021,7259(67$*%
0(1Ò'(868$5,2
9LHQHGHODSiJLQDDQWHULRU
0RVWUDULPDJHQGHODVSODFDV
3DUDPRVWUDUODLPDJHQGHXQDGHODVSODFDVLQVWDODGDVSXOVHVREUHODRSFLyQ6HPRVWUDUiODVLJXLHQWHSDQWDOOD
GHVHOHFFLyQSXOVHODRSFLyQFRUUHVSRQGLHQWHDODSODFD³SXHUWD´TXHGHVHHYLVXDOL]DUODLPDJHQ
^ĞůĞĐĐŝſŶĚĞƉƵĞƌƚĂ
WƵĞƌƚĂϭ
WƵĞƌƚĂϮ
WƵĞƌƚĂϯ
WƵĞƌƚĂϰ
$FRQWLQXDFLyQVHPRVWUDUiODVLJXLHQWHSDQWDOODFRQODLPDJHQSURFHGHQWHGHODSODFDVHOHFFLRQDGDFRQGLUHFFLyQ
LQGLFDQGRODSODFDVHOHFFLRQDGD¶'6
\HOWLHPSRWUDQVFXUULGRGHFRQH[LyQ
/DFRQH[LyQWHQGUiXQDGXUDFLyQGHVHJXQGRVRKDVWDSXOVDUODRSFLyQ
6LVHGHVHDHVWDEOHFHUFRPXQLFDFLyQGHDXGLR\YLGHRFRQODSODFDVHOHFFLRQDGDSUHVLRQHHOSXOVDGRU/DSDQWDOOD
PRVWUDUiHOVtPEROR /DFRPXQLFDFLyQWHQGUiXQDGXUDFLyQGHPLQXWR\PHGLRRKDVWDYROYHUDSUHVLRQDUHO
SXOVDGRURELHQSXOVDQGRODRSFLyQ
6LVHGHVHDDEULUODSXHUWDSUHVLRQHHOSXOVDGRUGXUDQWHORVSURFHVRVGHPRVWUDULPDJHQRFRPXQLFDFLyQXQDVROD
SXOVDFLyQDFWLYDHODEUHSXHUWDVGXUDQWHVHJXQGRV
'6
(VWHVtPERORVyORVHPXHVWUDHQPRGRFRPXQLFDFLyQDFWLYDGD
'6
5HDOL]DUJUDEDFLyQPDQXDO
QHFHVDULRPyGXOR00*%
$MXVWHV(VFHQDEULOOR\YROXPHQPRQLWRU
YHUDMXVWHVSiJLQDV
$FWLYDUOX]H[WHULRU³WHPSRUL]DGD´
QHFHVDULRPyGXOR00*%
)LQDOL]DUFRPXQLFDFLyQFRQODSODFD
&RQWLQ~D
021,7259(67$*%
0(1Ò'(868$5,2
9LHQHGHODSiJLQDDQWHULRU
0RVWUDULPDJHQGHODVFiPDUDVQHFHVDULRPyGXOR00*%y'&$0*%
3DUDPRVWUDUODLPDJHQGHXQDGHODVFiPDUDVLQVWDODGDVSXOVHVREUHODRSFLyQ 6HPRVWUDUiODVLJXLHQWH
SDQWDOODGHVHOHFFLyQSXOVHODRSFLyQFRUUHVSRQGLHQWHDODFiPDUDTXHGHVHHYLVXDOL]DUODLPDJHQ
ůĞŐŝƌĐĄŵĂƌĂ
^ĞůĞĐĐŝſŶĚĞƉƵĞƌƚĂ
ĄŵĂƌĂϭ
WƵĞƌƚĂϭ
ĄŵĂƌĂϮ
WƵĞƌƚĂϮ
ĄŵĂƌĂϯ
WƵĞƌƚĂϯ
ĄŵĂƌĂϰ
WƵĞƌƚĂϰ
$FRQWLQXDFLyQVHPRVWUDUiODVLJXLHQWHSDQWDOODFRQODLPDJHQSURFHGHQWHGHODFiPDUDVHOHFFLRQDGDFRQGLUHFFLyQ
LQGLFDQGRODFiPDUDVHOHFFLRQDGD¶&0
\HOWLHPSRWUDQVFXUULGRGHFRQH[LyQ
/DFRQH[LyQWHQGUiXQDGXUDFLyQGHVHJXQGRVRKDVWDSXOVDUODRSFLyQ
&0
5HDOL]DUJUDEDFLyQPDQXDO
QHFHVDULRPyGXOR00*%
$MXVWHV(VFHQDEULOOR
YHUDMXVWHVSiJLQDV
$FWLYDUOX]H[WHULRU³WHPSRUL]DGD´
QHFHVDULRPyGXOR00*%
)LQDOL]DUFRQH[LyQFRQODFiPDUD
3DUDDFFHGHUDODSDQWDOODGHPHQ~SXOVHODRSFLyQRVLVHGHVHDVDOLUGHOPHQ~SUHVLRQHHOSXOVDGRU
3DQWDOODGHPHQ~
3DQWDOODGHPHQ~
,UDODSDQWDOODGHPHQ~
0RGRGHVYtRGHOODPDGDV
$FWLYDUOX]H[WHULRU
QHFHVDULRPyGXOR00*%
0RVWUDUYLGHRVGHOODPDGDV\FiPDUDVJUDEDGRV
&RQWLQ~D
021,7259(67$*%
0(1Ò'(868$5,2
9LHQHGHODSiJLQDDQWHULRU
0RGRGHVYtRGHOODPDGDVQHFHVDULRPyGXOR*60*%
3DUDDFFHGHUDODVIXQFLRQHVGHOPRGRGHVYtRSXOVHVREUHODRSFLyQ6HPRVWUDUiODVLJXLHQWHSDQWDOODGHVHOHFFLyQ
SXOVHODRSFLyQSDUDHGLWDUHOQ~PHURGHWHOpIRQRGHODUHG¿MDRPyYLODOTXHVHGHVYLDUiODOODPDGDGHODSODFD
dƌĂŶƐĨĞƌŝƌůůĂŵĂĚĂ
WƵĞƌƚĂϭ
^ĞůĞĐĐŝſŶĚĞƉƵĞƌƚĂ ĚŝƚĂƌŶƷŵĞƌŽƐ
^ŝŶĚĞƐǀşŽ
WƵĞƌƚĂϮ
dĞů͗
^ŝŶŽƌĞƐƉŽŶĚĞ
WƵĞƌƚĂϯ
ĞƐǀşŽůůĂŵĂĚĂ
WƵĞƌƚĂϰ
6HPRVWUDUiODVLJXLHQWHSDQWDOODGHHGLFLyQGHOQ~PHURGHWHOpIRQRFRQODD\XGDGHORVSXOVDGRUHV\LQWURGX]FD
HOSULPHUQ~PHURGHOWHOpIRQRDFRQWLQXDFLyQSXOVHODRSFLyQSDUDLQWURGXFLUHOVLJXLHQWHQ~PHURGHOWHOpIRQRUHSLWD
ORVSDVRVDQWHULRUHVKDVWDLQWURGXFLUHOQ~PHURGHWHOpIRQRFRPSOHWR3DUDVDOYDU\VDOLUSXOVHODRSFLyQ6LTXLHUH
VDOLUVLQVDOYDUHOQ~PHURGHWHOpIRQRLQWURGXFLGRSUHVLRQHHOSXOVDGRU
EƷŵĞƌŽĚĞĞŶƚƌĂĚĂ
^ĞůĞĐĐŝſŶĚĞƉƵĞƌƚĂ
^Ƶďŝƌ
WƵĞƌƚĂϭ
ĂũĂƌ
WƵĞƌƚĂϮ
ϲ
EƷŵĞƌŽĚĞĞŶƚƌĂĚĂ
^ĞůĞĐĐŝſŶĚĞƉƵĞƌƚĂ
^Ƶďŝƌ
WƵĞƌƚĂϭ
ĂũĂƌ
WƵĞƌƚĂϮ
ϲϭϵϭϳϭϴyy
^ŝŐƵŝĞŶƚĞ
WƵĞƌƚĂϯ
ďƌĞƉƵĞƌƚĂ͗^>/Z͊
^ĂůǀĂƌΘƐĂůŝƌ
WƵĞƌƚĂϰ
^ŝŐƵŝĞŶƚĞ
WƵĞƌƚĂϯ
ďƌĞƉƵĞƌƚĂ͗^>/Z͊
^ĂůǀĂƌΘƐĂůŝƌ
WƵĞƌƚĂϰ
6HPRVWUDUiODVLJXLHQWHSDQWDOODFRQHOQ~PHURGHWHOpIRQR\DHGLWDGR$FRQWLQXDFLyQVHOHFFLRQHODRSFLyQGHVHDGD
dƌĂŶƐĨĞƌŝƌůůĂŵĂĚĂ
WƵĞƌƚĂϭ
^ĞůĞĐĐŝſŶĚĞƉƵĞƌƚĂ ĚŝƚĂƌŶƷŵĞƌŽƐ
dĞů͗ϲϭϵϭϳϭϴyy
^ŝŶĚĞƐǀşŽ
WƵĞƌƚĂϮ
(GLWDUQ~PHURGHWHOpIRQRGHODUHG¿MDRPyYLO
0RGROODPDGDSODFDVLQGHVYtR
^ŝŶŽƌĞƐƉŽŶĚĞ
WƵĞƌƚĂϯ
0RGROODPDGDSODFDGHVYtRVLQRVHUHVSRQGH
HQVHJXQGRV
ĞƐǀşŽůůĂŵĂĚĂ
WƵĞƌƚĂϰ
0RGROODPDGDSODFDGHVYtRGLUHFWR
$FRQWLQXDFLyQVHPRVWUDUiODVLJXLHQWHSDQWDOODFRQODRSFLyQVHOHFFLRQDGD
ĞƐǀşŽĚĞůůĂŵĂĚĂ
&RQWLQ~D
021,7259(67$*%
0(1Ò'(868$5,2
9LHQHGHODSiJLQDDQWHULRU
$FWLYDUOX]H[WHULRUQHFHVDULRPyGXOR00*%
3DUDDFWLYDUODOX]H[WHULRUSXOVHODRSFLyQVHPRVWUDUiODVLJXLHQWHSDQWDOODGHVHOHFFLyQ3XOVHODRSFLyQSDUD
DFWLYDUODOX]H[WHULRUFXDQGRVHGHVHHDSDJDUODOX]SXOVHODRSFLyQ
KƉĐŝſŶůƵnj
3DUDDFWLYDUODOX]H[WHULRUHQPRGRWHPSRUL]DGRSXOVHODRSFLyQODOX]HVWDUiDFWLYDGDGXUDQWHPLQXWRVR
KDVWDSXOVDUODRSFLyQ3DUDVDOLUGHODSDQWDOODGHVHOHFFLyQSXOVHODRSFLyQ
KƉĐŝſŶůƵnj
KƉĐŝſŶůƵnj
9HUYtGHRVGHOODPDGDVSODFDFiPDUDV\ERUUDUYtGHRVQHFHVDULRPyGXOR00*%
3DUDYLVXDOL]DUORVYLGHRVGHOODPDGDVFiPDUDVSXOVHODRSFLyQ6HPRVWUDUiODVLJXLHQWHSDQWDOODGHVHOHFFLyQ
FRQODD\XGDGHORVSXOVDGRUHV\VHOHFFLRQHHOYLGHRDYLVXDOL]DU/DGXUDFLyQGHFDGDYLGHRHVGHVHJXQGRV
3DUDDFFHGHUDODIXQFLyQERUUDUYLGHRVSXOVHODRSFLyQ6HPRVWUDUiODVLJXLHQWHSDQWDOODGHVHOHFFLyQ
&RQWLQ~D
021,7259(67$*%
0(1Ò'(868$5,2
9LHQHGHODSiJLQDDQWHULRU
6LVHGHVHDERUUDUHOYLGHRVHOHFFLRQDGRSXOVHODRSFLyQ6HPRVWUDUiODVLJXLHQWHSDQWDOODSXOVHODRSFLyQ
SDUDFRQ¿UPDUHOERUUDGRRSXOVHODRSFLyQRVL¿QDOPHQWHQRVHGHVHDUHDOL]DUHOERUUDGRGHOYLGHR\YROYHUDOD
SDQWDOODDQWHULRU
3DUDERUUDUWRGRVORVYLGHRVJUDEDGRVGHODYLYLHQGDSXOVHODRSFLyQ6HPRVWUDUiODVLJXLHQWHSDQWDOODSXOVHOD
RSFLyQSDUDFRQ¿UPDUHOERUUDGRRSXOVHODRSFLyQRVL¿QDOPHQWHQRVHGHVHDUHDOL]DUHOERUUDGRGHWRGRV
ORVYLGHRV\YROYHUDODSDQWDOODDQWHULRU
3XOVHODRSFLyQSDUDYROYHUDODSDQWDOODSULQFLSDOGHVHOHFFLyQ\YLVXDOL]DGRGHYLGHRV
3XOVHODRSFLyQSDUDYROYHUDODSDQWDOODGHPHQ~
3DQWDOODGHPHQ~
&RQWLQ~D
021,7259(67$*%
0(1Ò'(868$5,2
9LHQHGHODSiJLQDDQWHULRU
3DUDDFFHGHUDODSDQWDOODGHPHQ~SXOVHODRSFLyQRVLVHGHVHDVDOLUGHOPHQ~SUHVLRQHHOSXOVDGRU
3DQWDOODGHPHQ~
3DQWDOODGHPHQ~
6DOLUGHODIXQFLyQPHQ~
0RGRQRPROHVWHQ
&RQ¿JXUDFLyQWRQROODPDGDQLYHOOODPDGD\
WLHPSRDXWRHQFHQGLGR
$MXVWHVVHOHFFLyQLGLRPDUHVWDXUDUFRQ¿JXUDFLyQ
GHIHFWR\DFFHVRPHQ~LQVWDODGRU
6DOLUGHODIXQFLyQPHQ~GHXVXDULR
3DUDVDOLUGHODIXQFLyQPHQ~GHXVXDULRGHOPRQLWRUSXOVHODRSFLyQ
0RQLWRUHQUHSRVR
0RGRQRPROHVWHQ
3DUDDFFHGHUDODVIXQFLRQHVGHOPRGRQRPROHVWHQSXOVHVREUHODRSFLyQ 6HPRVWUDUiODVLJXLHQWHSDQWDOODGH
VHOHFFLyQ
EŽŵŽůĞƐƚĞ
^ĞůĞĐĐŝſŶĚĞƉƵĞƌƚĂ
hƐŽEŽƌŵĂů
WƵĞƌƚĂϭ
ϭŚŽƌĂ
WƵĞƌƚĂϮ
ϴŚŽƌĂƐ
WƵĞƌƚĂϯ
^ŝĞŵƉƌĞ
WƵĞƌƚĂϰ
&RQWLQ~D
021,7259(67$*%
0(1Ò'(868$5,2
9LHQHGHODSiJLQDDQWHULRU
3DUDDFWLYDUHOPRGRQRPROHVWHQSXOVHODRSFLyQHOOHGGHHVWDGRVHLOXPLQDUiLQGLFDQGRQRVTXHODIXQFLyQ
HVWiDFWLYD(OPRQLWRUQRUHFLELUiODVOODPDGDVGHODSODFDQLGHLQWHUFRPXQLFDFLyQ&XDQGRVHGHVHHVDOLUGHOPRGR
QRPROHVWHQSXOVHODRSFLyQ\HOOHGGHHVWDGRVHDSDJDUi
EŽŵŽůĞƐƚĞ
^ĞůĞĐĐŝſŶĚĞƉƵĞƌƚĂ
hƐŽEŽƌŵĂů
WƵĞƌƚĂϭ
ϭŚŽƌĂ
WƵĞƌƚĂϮ
ϴŚŽƌĂƐ
WƵĞƌƚĂϯ
^ŝĞŵƉƌĞ
WƵĞƌƚĂϰ
3DUDDFWLYDUHOPRGRQRPROHVWHQWHPSRUL]DGR³KRUD´SXOVHODRSFLyQ HOOHGGHHVWDGR VHLOXPLQDUi
LQGLFDQGRQRVTXHODIXQFLyQHVWiDFWLYD(OPRQLWRUQRUHFLELUiODVOODPDGDVGHODSODFDQLGHLQWHUFRPXQLFDFLyQ(O
PRGRQRPROHVWHQHVWDUiDFWLYDGRGXUDQWHKRUDRKDVWDSXOVDUODRSFLyQHOOHGGHHVWDGRVHDSDJDUi
EŽŵŽůĞƐƚĞ
^ĞůĞĐĐŝſŶĚĞƉƵĞƌƚĂ
hƐŽEŽƌŵĂů
WƵĞƌƚĂϭ
ϭŚŽƌĂ
WƵĞƌƚĂϮ
ϴŚŽƌĂƐ
WƵĞƌƚĂϯ
^ŝĞŵƉƌĞ
WƵĞƌƚĂϰ
3DUDDFWLYDUHOPRGRQRPROHVWHQWHPSRUL]DGR³KRUDV´SXOVHODRSFLyQ HOOHGGHHVWDGR VHLOXPLQDUi
LQGLFDQGRQRVTXHODIXQFLyQHVWiDFWLYD(OPRQLWRUQRUHFLELUiODVOODPDGDVGHODSODFDQLGHLQWHUFRPXQLFDFLyQ(O
PRGRQRPROHVWHQHVWDUiDFWLYDGRGXUDQWHKRUDVRKDVWDSXOVDUODRSFLyQHOOHGGHHVWDGRVHDSDJDUi
EŽŵŽůĞƐƚĞ
^ĞůĞĐĐŝſŶĚĞƉƵĞƌƚĂ
hƐŽEŽƌŵĂů
WƵĞƌƚĂϭ
ϭŚŽƌĂ
WƵĞƌƚĂϮ
ϴŚŽƌĂƐ
WƵĞƌƚĂϯ
^ŝĞŵƉƌĞ
WƵĞƌƚĂϰ
&RQ¿JXUDFLyQWRQROODPDGDQLYHOOODPDGD\WLHPSRDXWRHQFHQGLGR
3DUDDFFHGHUDODVIXQFLRQHVGHFRQ¿JXUDFLyQSXOVHVREUHODRSFLyQ6HPRVWUDUiODSDQWDOODGHVHOHFFLyQ
^ĞůĞĐĐŝſŶĚĞƉƵĞƌƚĂ
dŽŶŽůůĂŵĂĚĂ
WƵĞƌƚĂϭ
EŝǀĞůůůĂŵĂĚĂ
WƵĞƌƚĂϮ
ƵƚŽĞŶĐĞŶĚŝĚŽ
WƵĞƌƚĂϯ
^Ăůŝƌ
WƵĞƌƚĂϰ
&RQWLQ~D
021,7259(67$*%
0(1Ò'(868$5,2
9LHQHGHODSiJLQDDQWHULRU
3DUDDFFHGHUDORVWRQRVGHOODPDGDSXOVHODRSFLyQVHPRVWUDUiODSDQWDOODGHVHOHFFLyQ
3DQWDOODGHVHOHFFLyQ
dŽŶŽůůĂŵĂĚĂ
WƵĞƌƚĂϭ
3DQWDOODGHVHOHFFLyQ
^ĞůĞĐĐŝſŶĚĞƉƵĞƌƚĂ
>ůĂŵĂĚĂƉůĂĐĂ
WƵĞƌƚĂϭ
EŝǀĞůůůĂŵĂĚĂ
WƵĞƌƚĂϮ
/ŶƚĞƌĐŽŵ
WƵĞƌƚĂϮ
ƵƚŽĞŶĐĞŶĚŝĚŽ
WƵĞƌƚĂϯ
dŝŵďƌĞ
WƵĞƌƚĂϯ
^Ăůŝƌ
WƵĞƌƚĂϰ
^Ăůŝƌ
WƵĞƌƚĂϰ
3DUDPRGL¿FDUHOWRQRGHOODPDGDGHODSODFDGHLQWHUFRPXQLFDFLyQRGHOWLPEUHGHSXHUWDVHOHFFLRQHODRSFLyQ
GHVHDGD6HPRVWUDUiODVLJXLHQWHSDQWDOODGHVHOHFFLyQFRQODD\XGDGHORVSXOVDGRUHV\VHOHFFLRQHHOWRQR
GHVHDGR3XOVHODRSFLyQSDUDVDOLU\YROYHUDODSDQWDOODGHVHOHFFLyQ
3DQWDOODGHVHOHFFLyQ
>ůĂŵĂĚĂƉůĂĐĂ
WƵĞƌƚĂϭ
^Ƶďŝƌ
WƵĞƌƚĂϭ
dŽŶŽƐĞůĞĐĐŝŽŶĂĚŽ
/ŶƚĞƌĐŽŵ
WƵĞƌƚĂϮ
dŝŵďƌĞ
WƵĞƌƚĂϯ
ĂũĂƌ
WƵĞƌƚĂϮ
ĐƚƵĂů͗ϭϮ
WƵĞƌƚĂϯ
^Ăůŝƌ
WƵĞƌƚĂϰ
^Ăůŝƌ
WƵĞƌƚĂϰ
3XOVHODRSFLyQSDUDLUDODSDQWDOODGHVHOHFFLyQ
3DQWDOODGHVHOHFFLyQ
3DQWDOODGHVHOHFFLyQ
>ůĂŵĂĚĂƉůĂĐĂ
WƵĞƌƚĂϭ
dŽŶŽůůĂŵĂĚĂ
WƵĞƌƚĂϭ
/ŶƚĞƌĐŽŵ
WƵĞƌƚĂϮ
EŝǀĞůůůĂŵĂĚĂ
WƵĞƌƚĂϮ
dŝŵďƌĞ
WƵĞƌƚĂϯ
ƵƚŽĞŶĐĞŶĚŝĚŽ
WƵĞƌƚĂϯ
^Ăůŝƌ
WƵĞƌƚĂϰ
^Ăůŝƌ
WƵĞƌƚĂϰ
3DUDDFFHGHUDOQLYHOGHOODPDGDSXOVHODRSFLyQ6HPRVWUDUiODVLJXLHQWHSDQWDOODGHVHOHFFLyQFRQODD\XGDGH
ORVSXOVDGRUHV\VHOHFFLRQHHOQLYHOGHOODPDGDGHVHDGR3XOVHODRSFLyQSDUDVDOLU\YROYHUDODSDQWDOOD
GHVHOHFFLyQ
3DQWDOODGHVHOHFFLyQ
dŽŶŽůůĂŵĂĚĂ
WƵĞƌƚĂϭ
EŝǀĞůůůĂŵĂĚĂ
WƵĞƌƚĂϮ
ƵƚŽĞŶĐĞŶĚŝĚŽ
WƵĞƌƚĂϯ
ũƵƐƚĞĚĞǀĂůŽƌ
ĐƚƵĂů͗ϲ
^Ăůŝƌ
WƵĞƌƚĂϰ
&RQWLQ~D
021,7259(67$*%
0(1Ò'(868$5,2
9LHQHGHODSiJLQDDQWHULRU
3DUDDFFHGHUDODMXVWHGHOWLHPSRGHDXWRHQFHQGLGRSXOVHODRSFLyQ 6HPRVWUDUiODVLJXLHQWHSDQWDOODGH
VHOHFFLyQFRQODD\XGDGHORVSXOVDGRUHV\VHOHFFLRQHHOWLHPSRGHVHDGR3XOVHODRSFLyQSDUDVDOLU\YROYHU
DODSDQWDOODGHVHOHFFLyQ
3DQWDOODGHVHOHFFLyQ
dŽŶŽůůĂŵĂĚĂ
WƵĞƌƚĂϭ
EŝǀĞůůůĂŵĂĚĂ
WƵĞƌƚĂϮ
ƵƚŽĞŶĐĞŶĚŝĚŽ
WƵĞƌƚĂϯ
ũƵƐƚĞĚĞǀĂůŽƌ
ĐƚƵĂů͗ϯϬƐĞĐ
^Ăůŝƌ
WƵĞƌƚĂϰ
3XOVHODRSFLyQSDUDLUDODSDQWDOODGHPHQ~
3DQWDOODGHVHOHFFLyQ
3DQWDOODGHPHQ~
dŽŶŽůůĂŵĂĚĂ
WƵĞƌƚĂϭ
EŝǀĞůůůĂŵĂĚĂ
WƵĞƌƚĂϮ
ƵƚŽĞŶĐĞŶĚŝĚŽ
WƵĞƌƚĂϯ
^Ăůŝƌ
WƵĞƌƚĂϰ
$MXVWHVVHOHFFLRQDULGLRPDFRQ¿JXUDFLyQSRUGHIHFWR\PHQ~LQVWDODGRU
3DUDDFFHGHUDODMXVWHGHOLGLRPDFRQ¿JXUDFLyQSRUGHIHFWR\PHQ~LQVWDODGRUSXOVHODRSFLyQ 6HPRVWUDUiOD
VLJXLHQWHSDQWDOODGHVHOHFFLyQHLQIRUPDFLyQGHOPRQLWRU
3DQWDOODGHPHQ~
,ͬt͗Ăϭ͘ϰ
/ĚŝŽŵĂ
^ͬt͗ϬϮ͘Ϭϭ͘Ϭϰ
ZĞƐƚĂƵƌĂƌ
WƵĞƌƚĂϮ
ĚĚƌ͗ϬϬ͘ϬϬ
WƵĞƌƚĂϯ
sŝĚĞŽ^d͗hdK
^Ăůŝƌ
WƵĞƌƚĂϰ
3DUDDFFHGHUDODVHOHFFLyQGHOLGLRPDSXOVHODRSFLyQ6HPRVWUDUiODVLJXLHQWHSDQWDOODGHVHOHFFLyQ
,ͬt͗Ăϭ͘ϰ
/ĚŝŽŵĂ
^ͬt͗ϬϮ͘Ϭϭ͘Ϭϰ
^ƉĂŶŝƐŚ
ŶƚĞƌŝŽƌ
ZĞƐƚĂƵƌĂƌ
WƵĞƌƚĂϮ
ŶŐůŝƐŚ
^ŝŐƵŝĞŶƚĞ
WƵĞƌƚĂϮ
ĚĚƌ͗ϬϬ͘ϬϬ
WƵĞƌƚĂϯ
&ƌĞŶĐŚ
ŽŶĮƌŵĂƌ
WƵĞƌƚĂϯ
sŝĚĞŽ^d͗hdK
^Ăůŝƌ
WƵĞƌƚĂϰ
WŽƌƚƵŐƵĠƐ
^Ăůŝƌ
WƵĞƌƚĂϰ
&RQWLQ~D
021,7259(67$*%
0(1Ò'(868$5,2
9LHQHGHODSiJLQDDQWHULRU
&RQODD\XGDGHORVSXOVDGRUHV\VHOHFFLRQHHOLGLRPDGHVHDGRSXOVHODRSFLyQSDUDFRQ¿UPDURSXOVHOD
RSFLyQSDUDVDOLUVLQPRGL¿FDU\YROYHUDODSDQWDOODDQWHULRU
^ƉĂŶŝƐŚ
ŶƚĞƌŝŽƌ
,ͬt͗Ăϭ͘ϰ
/ĚŝŽŵĂ
ŶŐůŝƐŚ
^ŝŐƵŝĞŶƚĞ
WƵĞƌƚĂϮ
^ͬt͗ϬϮ͘Ϭϭ͘Ϭϰ
ZĞƐƚĂƵƌĂƌ
WƵĞƌƚĂϮ
&ƌĞŶĐŚ
ŽŶĮƌŵĂƌ
WƵĞƌƚĂϯ
ĚĚƌ͗ϬϬ͘ϬϬ
WƵĞƌƚĂϯ
^Ăůŝƌ
WƵĞƌƚĂϰ
sŝĚĞŽ^d͗hdK
^Ăůŝƌ
WƵĞƌƚĂϰ
WŽƌƚƵŐƵĠƐ
3DUDDFFHGHUDODIXQFLyQGHFRQ¿JXUDFLyQSRUGHIHFWRSXOVHODRSFLyQ6HPRVWUDUiODVLJXLHQWHSDQWDOODSXOVH
ODRSFLyQSDUDFRQ¿UPDU\GHMDUORVYDORUHVGHDMXVWHHQ³&RQ¿JXUDFLyQ´YHUSiJLQDSRUGHIHFWRGHIiEULFD
RSXOVHODRSFLyQRVL¿QDOPHQWHQRVHGHVHDHMHFXWDUHVWDIXQFLyQ\YROYHUDODSDQWDOODDQWHULRU
,ͬt͗Ăϭ͘ϰ
/ĚŝŽŵĂ
^ͬt͗ϬϮ͘Ϭϭ͘Ϭϰ
ZĞƐƚĂƵƌĂƌ
WƵĞƌƚĂϮ
ĚĚƌ͗ϬϬ͘ϬϬ
WƵĞƌƚĂϯ
sŝĚĞŽ^d͗hdK
^Ăůŝƌ
WƵĞƌƚĂϰ
3DUDDFFHGHUDOPHQ~GHLQVWDODGRUHQODSDQWDOODGHVHOHFFLyQHLQIRUPDFLyQGHOPRQLWRUSUHVLRQHHOSXOVDGRU
GXUDQWHVHJXQGRV6HPRVWUDUiODVLJXLHQWHSDQWDOODGHFRQ¿JXUDFLyQ
,ͬt͗Ăϭ͘ϰ
/ĚŝŽŵĂ
^ͬt͗ϬϮ͘Ϭϭ͘Ϭϰ
ZĞƐƚĂƵƌĂƌ
WƵĞƌƚĂϮ
ĚĚƌ͗ϬϬ͘ϬϬ
WƵĞƌƚĂϯ
sŝĚĞŽ^d͗hdK
^Ăůŝƌ
WƵĞƌƚĂϰ
DĞŶƷŝŶƐƚĂůĂĚŽƌ
΀ϬϬϬϬ΁
^Ƶďŝƌ
ĂũĂƌ
WƵĞƌƚĂϮ
WƵĞƌƚĂϯ
^ŝŐƵŝĞŶƚĞ
ďƌĞƉƵĞƌƚĂ͗^>/Z͊
ŽŶĮƌŵĂƌ
WƵĞƌƚĂϰ
&RQODD\XGDGHORVSXOVDGRUHV\LQWURGX]FDHOSULPHUQ~PHURGHOFyGLJRGHIXQFLyQDFRQWLQXDFLyQSXOVHOD
RSFLyQSDUDLQWURGXFLUHOVLJXLHQWHQ~PHURGHOFyGLJRGHIXQFLyQUHSLWDORVSDVRVDQWHULRUHVKDVWDLQWURGXFLUHO
Q~PHURGHOFyGLJRGHIXQFLyQFRPSOHWR&RQ¿UPHHOFyGLJRGHIXQFLyQLQWURGXFLGRSXOVDQGRODRSFLyQ3DUDVDOLU
SUHVLRQHHOSXOVDGRU\YROYHUDODSDQWDOODDQWHULRU9HUFyGLJRVGHIXQFLyQLQVWDODGRUHQSiJLQD
DĞŶƷŝŶƐƚĂůĂĚŽƌ
΀ϬϬϬϬ΁
ďƌĞƉƵĞƌƚĂ͗^>/Z͊
^Ƶďŝƌ
,ͬt͗Ăϭ͘ϰ
/ĚŝŽŵĂ
ĂũĂƌ
WƵĞƌƚĂϮ
^ͬt͗ϬϮ͘Ϭϭ͘Ϭϰ
ZĞƐƚĂƵƌĂƌ
WƵĞƌƚĂϮ
WƵĞƌƚĂϯ
^ŝŐƵŝĞŶƚĞ
ĚĚƌ͗ϬϬ͘ϬϬ
WƵĞƌƚĂϯ
ŽŶĮƌŵĂƌ
WƵĞƌƚĂϰ
sŝĚĞŽ^d͗hdK
^Ăůŝƌ
WƵĞƌƚĂϰ
&RQWLQ~D
021,7259(67$*%
0(1Ò'(868$5,2
9LHQHGHODSiJLQDDQWHULRU
&yGLJRVGHIXQFLyQLQVWDODGRU
>@0RQLWRUSULQFLSDOIiEULFD>@D>@0RQLWRUVHFXQGDULRD
>@0RQLWRUGHYLJLODQWH>@)LQPRQLWRUGHYLJLODQWHIiEULFD
>@&RQPHQXžDEUHSXHUWDV >@6LQPHQ~žDEUHSXHUWDVIiEULFD
>@0HQ~VLPSOL¿FDGR>@0HQ~FRPSOHWRIiEULFD
>@,QWHUFRPXQLFDFLyQKDELOLWDGD>@,QWHUFRPXQLFDFLyQGHVKDELOLWDGDIiEULFD
&DGDYLYLHQGDGHEHWHQHUXQDVRODXQLGDGSULQFLSDO6LH[LVWHQPiVXQLGDGHVHQODYLYLHQGDVHGHEHUiQFRQ¿JXUDUFRPRVHFXQGDULDV
3DUDVDOLUGHODSDQWDOODGHVHOHFFLyQHLQIRUPDFLyQGHOPRQLWRUSXOVHODRSFLyQ6HPRVWUDUiODSDQWDOODGHPHQ~
3DQWDOODGHPHQ~
,ͬt͗Ăϭ͘ϰ
/ĚŝŽŵĂ
^ͬt͗ϬϮ͘Ϭϭ͘Ϭϰ
ZĞƐƚĂƵƌĂƌ
WƵĞƌƚĂϮ
ĚĚƌ͗ϬϬ͘ϬϬ
WƵĞƌƚĂϯ
sŝĚĞŽ^d͗hdK
^Ăůŝƌ
WƵĞƌƚĂϰ
3DUDVDOLUGHODIXQFLyQPHQ~GHXVXDULRGHOPRQLWRUSXOVHODRSFLyQ
3DQWDOODGHPHQ~
0RQLWRUHQUHSRVR
0(1Ҟ$%5(38(57$6
3DUDDFFHGHUDOPHQ~GHžDEUHSXHUWDVSUHVLRQHHOSXOVDGRU GXUDQWHXQSURFHVRGHOODPDGDFRPXQLFDFLyQR
DXWRHQFHQGLGR6HPRVWUDUiODVLJXLHQWHSDQWDOODGHVHOHFFLyQFRQODD\XGDGHORVSXOVDGRUHV\VHOHFFLRQHHO
DEUHSXHUWDVyDEUHSXHUWDVUHVSHFWLYDPHQWHTXHVHGHVHHDFWLYDU3XOVHODRSFLyQSDUDVDOLUGHOPHQ~
3DQWDOODPHQ~žDEUHSXHUWDV
'6
,03257$17((VQHFHVDULRDFWLYDUHQHOPRQLWRUHOFyGLJRGHIXQFLyQ³YHU³PHQ~LQVWDODGRU´HQSiJLQD\
/,03,(=$'(/021,725
1RXWLOL]DUGLVROYHQWHVGHWHUJHQWHVQLSURGXFWRVGHOLPSLH]DTXHFRQWHQJDQiFLGRVYLQDJUHRTXHVHDQDEUDVLYRV
8WLOL]DUXQSDxRK~PHGRQRPRMDGRVXDYHTXHQRGHMHSHORVFRQDJXD
3iVHORVREUHHOPRQLWRUVLHPSUHHQODPLVPDGLUHFFLyQGHDUULEDDDEDMR
'HVSXpVGHOLPSLDUHOPRQLWRUXWLOLFHXQSDxRVHFR\VXDYHTXHQRGHMHSHORVSDUDHOLPLQDUODKXPHGDG
021,7259(67$*%
127$6
4JTUFNBTEFDPNVOJDBDJœO4"
HPMNBS!HPMNBSFT
XXXHPMNBSFT
(PMNBSTFSFTFSWBFMEFSFDIPBDVBMRVJFSNPEJGJDBDJœOTJOQSFWJPBWJTP
(PMNBSTFS¥TFSWFMFESPJUEFUPVUFNPEJGJDBUJPOTBOTQS¥BWJT
(PMNBSSFTFSWFTUIFSJHIUUPNBLFBOZNPEJGJDBUJPOTXJUIPVUQSJPSOPUJDF
Descargar