escuela politécnica del ejército carrera de ingeniería mecánica

Anuncio
(6&8(/$32/,7e&1,&$'(/(-e5&,72
&$55(5$'(,1*(1,(5Ë$0(&È1,&$
$1È/,6,6'(,03$&72<&21752/$0%,(17$/(1%$6($
/$
&20326,&,Ï1
48Ë0,&$
'(
/26
*$6(6
'(
&20%867,Ï1 3529(1,(17(6 '( 0$48,1$6 < (48,326
'( 862 ,1'8675,$/ 87,/,=$1'2 (/ $1$/,=$'25 '(
*$6(6 7(672 '(/ /$%25$725,2 '( &219(56,Ï1
'((1(5*Ë$'(/$(63(
352<(&7235(9,2$/$2%7(1&,Ï1'(/7,78/2'(,1*(1,(52
0(&È1,&2
'848($%$/&29,9,$1$0$5*$5,7$
-,0e1(=&$-$6,60$(/$/(-$1'52
',5(&725,1*5$)$(/(63,12=$
&2',5(&725,1*26:$/'20$5,f2
6DQJROTXt
&(57,),&$&,Ï1'(/$(/$%25$&,Ï1'(/352<(&72
(OSUR\HFWR³$1È/,6,6'(,03$&72<&21752/$0%,(17$/
(1%$6($/$&20326,&,Ï148Ë0,&$'(/26*$6(6'(
&20%867,Ï1 3529(1,(17(6 '( 0$48,1$6 < (48,326
'( 862 ,1'8675,$/ 87,/,=$1'2 (/ $1$/,=$'25 '(
*$6(6 7(672 '(/ /$%25$725,2 '( &219(56,Ï1
'((1(5*Ë$'(/$(63(´IXHUHDOL]DGRHQVXWRWDOLGDGSRUORV
6HxRUHV'XTXH$EDOFR9LYLDQD0DUJDULWD\-LPpQH]&DMDV,VPDHO
$OHMDQGURFRPRUHTXHULPLHQWRSDUFLDOSDUDODREWHQFLyQGHOWtWXOR
GH,QJHQLHURV0HFiQLFRV
BBBBBBBBBBBBBBBBBBBB ,QJ5DIDHO(VSLQR]D
BBBBBBBBBBBBBBBBBBBB
,QJ2VZDOGR0DULxR
6DQJROTXt
LL
/(*$/,=$&,Ï1'(/352<(&72
³$1È/,6,6'(,03$&72<&21752/$0%,(17$/(1%$6(
$/$&20326,&,Ï148Ë0,&$'(/26*$6(6'(
&20%867,Ï13529(1,(17(6'(0$48,1$6<(48,326
'(862,1'8675,$/87,/,=$1'2(/$1$/,=$'25'(
*$6(67(672'(//$%25$725,2'(&219(56,Ï1
'((1(5*Ë$'(/$(63(´
(/$%25$'2325
BBBBBBBBBBBBBBBBBBBBBBBB
9LYLDQD'XTXH$EDOFR
BBBBBBBBBBBBBBBBBBBBBBBB
,VPDHO-LPpQH]&DMDV
&$55(5$'(,1*(1,(5Ë$0(&È1,&$
BBBBBBBBBBBBBBBBBBBBBBBBB
,QJ;DYLHU6iQFKH]
',5(&725'(/$&$55(5$'(,1*(1,(5Ë$0(&È1,&$
6DQJROTXt
LLL
'(',&$725,$
(OSUHVHQWHWUDEDMRGHGLFRFRQPXFKR
DIHFWR\UHFRQRFLPLHQWRD
-RVp &DUPHQ 6DQWLDJR -RVp /XLV
1DUF\)HUQDQGR
9LYLDQD
(VWH WUDEDMR VH OR GHGLFR D 'LRV TXH
HVPLJXtDHQHOWUD\HFWRGHPLYLGD
$ WRGD PL IDPLOLD HQ HVSHFLDO D PL
PDGUH
TXH
VLHPSUH
HVWi
DKt
DSRUWDQGR FRQ VX JUDQLWR GH DUHQD \
VLHPSUH HVWi SHQGLHQWH GH ODV FRVDV
TXHKDJR
$ PLV KHUPDQRV SRU VHU PLV PHMRUHV
DPLJRV
,VPDHO
LY
$*5$'(&,0,(1726
$JUDGH]FR D 'LRV D PLV SDGUHV SRU VX SHUPDQHQWH DSR\R \ SUHRFXSDFLyQ
GHYHUPHUHDOL]DGD
$PLIDPLOLD.‫ڧ‬V\DPLJRVSRUVXFRQVWDQWHHVWtPXORPRUDODORODUJRGH
WRGDPLFDUUHUDHVWXGLDQWLO\
$ORV,QJHQLHURV(UQHVWR6RULD\5DIDHO(VSLQRVDSRUVXVRULHQWDFLRQHV\VXV
VDELDVHQVHxDQ]DVTXHVLHPSUHODVWHQGUpSUHVHQWH
9LYLDQD
$JUDGH]FR D 'LRV SRU WRGD OD IRUWDOH]D OD VDOXG \ EHQGLFLRQHV TXH PH KD
GDGRGXUDQWHHOWUDQVFXUVRGHPLYLGDHVWXGLDQWLO
$PLVSDGUHVSRUHODSR\RLQFRQGLFLRQDOTXHVLHPSUHPHEULQGDQHQHVSHFLDO
SDUDHOFXPSOLPLHQWRGHHVWHSUR\HFWR
$ ORV ,QJHQLHURV 5DIDHO (VSLQRVD \ 2VZDOGR 0DULxR SRU DVHVRUDUQRV HQ HO
SUHVHQWHWUDEDMR
8Q DJUDGHFLPLHQWR HVSHFLDO DO ,QJ (UQHVWR 6RULD TXH HQ SD] GHVFDQVH
TXLHQ IXH PHQWRU SURIHVRU DPLJR \ TXLHQ PH DSR\y QR VyOR FRQ
FRQRFLPLHQWRV HVSHFtILFRV VLQR WDPELpQ FRQ OD PRWLYDFLyQ \ HMHPSOR
QHFHVDULRVSDUDFXOPLQDUHVWDPHWD
,VPDHO
Y
Ë1',&('(&217(1,'26
'(',&$725,$LY
$*5$'(&,0,(1726Y
Ë1',&('(&217(1,'26YL
5(680(1[LY
&$3,78/2
*(1(5$/,'$'(6
$17(&('(17(6
'(),1,&,Ï1'(/352%/(0$
2%-(7,926
$/&$1&(
-867,),&$&,Ï1(,03257$1&,$
&$3,78/2
0$5&27(Ï5,&2
,03$&72$0%,(17$/
0(72'2/2*Ë$6
3$5$
(/
(678',2
'(/
,03$&72
$0%,(17$/
&20%867,Ï1
$8',725Ë$(1(5*e7,&$
$1$/,=$'25(6'(*$6(6'(7,32,1'8675,$/
&$3,78/2
,1)250$&,Ï17e&1,&$
0$18$/'(/(48,327(672
YL
$
0($685(0(1760(',&,21(6
%
0(025<0(025,$
&
$1$/<=(56(783&21),*85$&,Ï1'(/$1$/,=$'25
'
6(16256(77,1*6&21),*85$&,Ï1'(/6(1625
(
)8(/6&20%867,%/(6
) 6(/)',$*1267,&6$872',$*1Ï67,&2
3$75Ï1 < &(57,),&$'2 '( &$/,%5$&,Ï1 '(/ (48,32
7(672
352&(62'(87,/,=$&,Ï1<*8Ë$'(/(16$<2
&$3,78/2
35272&2/2'(358(%$6
(-(&8&,Ï1
'(
358(%$6
(1
(/
&$/'(52
'(/
/$%25$725,2'(&219(56,Ï1'((1(5*Ë$'(/$(63(
358(%$6(1(035(6$6'(/$/2&$/,'$'
5(*,6752
<
(/$%25$&,Ï1
'(/
+,67Ï5,&2
'(
5(68/7$'26
&$3Ë78/2
$1È/,6,6'(5(68/7$'26
$3/,&$&,Ï1 '( 1250$6 '( ,03$&72 < &21752/
$0%,(17$/
&8$'52 &203$5$7,92 '( /$ (0,6,Ï1 '( *$6(6
&217$0,1$17(6 (0,7,'$6 325 /$6 (035(6$6 68-(7$6 $
(16$<2
$&&,21(6 ( ,03/(0(17$&,21(6 3$5$ 0(-25$6 (1 (/
862<0$1(-2'(/$(1(5*Ë$3$5$/2*5$581&21752/'(/
$0%,(17(/,03,2
YLL
0$75,='(,03$&72$0%,(17$/
&$3,78/2
&21&/86,21(6<5(&20(1'$&,21(6
&21&/86,21(6
5(&20(1'$&,21(6
YLLL
Ë1',&('(7$%/$6
7DEOD5HODFLyQHQWUHHOSURGXFWRQDFLRQDOEUXWRHOFRQVXPRFRPHUFLDO
GHHQHUJtD\ODHPLVLyQDQXDOGHGLy[LGRGHFDUERQR
7DEOD7LSRVGH,PSDFWRV*HQpULFRVFRQVXVFDXVDV\UHFHSWRUHV
7DEOD0DWUL]GH/HRSROG
7DEOD$FWLYLGDGHV,PSDFWDQWHV
7DEOD0DJQLWXGHVGH$IHFWDFLyQ
7DEOD)DFWRUHVDVHUFRQVLGHUDGRVHQODPDWUL]
7DEOD&ODVLILFDFLyQGHORVFRPEXVWLEOHV
7DEOD&RPSRVLFLyQGHODLUHVHFR
7DEOD9DORUHVGHWtSLFRVGHH[FHVRGH$LUH
7DEOD%DODQFHHQHUJpWLFRHQXQSURFHVRLQGXVWULDO
7DEOD&RQVHFXHQFLDVHQODVDOXGKXPDQDSRULQKDODFLyQGH&2
7DEOD(IHFWRVGHO62VREUHODVDOXGKXPDQD
7DEOD*DVHVTXHFRQWULEX\HQDOHIHFWRLQYHUQDGHUR
7DEOD7LSRVGHVHQVRUHV\VXVSULQFLSLRVGHPHGLFLyQ
7DEODÈUHDV\REMHWLYRVGHDSOLFDFLyQGHODQiOLVLVGHJDVHV
7DEOD&RPSDUDFLyQGHOtPLWHVPi[LPRVSHUPLWLGRVGHODQRUPD
HFXDWRULDQDFRQJXtDVGHOD206
7DEOD0RGHORGH&XDGUR,QIRUPDWLYR
7DEOD0RGHORGH7DEODGH5HVXOWDGRV
7DEOD&XDGUR,QIRUPDWLYR(63(
7DEOD7DEODGHUHVXOWDGRV(63(
7DEOD&XDGUR,QIRUPDWLYR$'(/&$
7DEOD&XDGUR,QIRUPDWLYR81,9(56,'$'&(175$/
7DEOD&XDGUR,QIRUPDWLYR$1'(&
7DEOD&XDGUR,QIRUPDWLYR$1'(&
7DEOD7DEODGHUHVXOWDGRV$'(/&$
7DEOD7DEODGHUHVXOWDGRV8&(
L[
7DEOD7DEODGHUHVXOWDGRV$1'(&
7DEOD7DEODGHUHVXOWDGRV$,06
7DEOD/tPLWHVPi[LPRVSHUPLVLEOHVGHHPLVLRQHVDODLUHSDUDIXHQWHV
ILMDVGHFRPEXVWLyQ
7DEOD&RQYHUVLRQSSPPJP(63(
7DEOD&RQYHUVLyQSSP±PJPñ$'(/&$
7DEOD&RQYHUVLyQSSP±PJPñ8&(
7DEOD&RQYHUVLyQSSP±PJPñ$1'(&
7DEOD&RQYHUVLyQSSP±PJPñ$(,06
7DEOD&XDGURFRPSDUDWLYRGH,QVWLWXFLRQHVVXMHWDVDOHQVD\RHQEDVHD
VXFRQWHQLGRGH12[
7DEOD&XDGURFRPSDUDWLYRGH,QVWLWXFLRQHVVXMHWDVDOHQVD\RHQEDVHD
VXFRQWHQLGRGH62
7DEOD$VLJQDFLyQGHYDORUHVGH0DJQLWXG
7DEOD$VLJQDFLyQGHFRPELQDFLRQHVSDUDFDOLILFDUOD0DJQLWXGGHORV
UHVXOWDGRVGH$'(/&$
7DEOD$VLJQDFLyQGHFRPELQDFLRQHVSDUDFDOLILFDUOD0DJQLWXGGHORV
UHVXOWDGRVGH$1'(&
7DEOD0DWUL]GHLPSDFWRDPELHQWDOGHODVPHGLFLRQHVGH$'(/&$
7DEOD0DWUL]GHLPSDFWRDPELHQWDOGHODVPHGLFLRQHVGH$1'(&
[
Ë1',&('(),*85$6
)LJXUD&RQWHQLGRGHFDGDFXDGUtFXOD
)LJXUD7ULiQJXORGHOD&RPEXVWLyQ
)LJXUD0RGHORGH&RPEXVWLyQ,GHDO
)LJXUD&RPEXVWLyQ&RPSOHWD
)LJXUD'LDJUDPDGHFRPEXVWLyQ
)LJXUD)DVHVGHXQDDXGLWRUtDHQHUJpWLFD
)LJXUD1LYHOHVGHDOFDQFHGHXQD$XGLWRUtD(QHUJpWLFD
)LJXUD(VTXHPDGHXQVHQVRUGHR[tJHQR
)LJXUD(VTXHPDVLPSOLILFDGRGHXQDOtQHDGHJDVHQXQDQDOL]DGRU
PRGHUQR
)LJXUD3DUWHVGHODQDOL]DGRUGHJDVHVWHVWR
)LJXUD&RQH[LRQHV
)LJXUD,QWHUIDFHV
)LJXUD&RPSRQHQWHV
)LJXUD(QFDEH]DGRGHSDQWDOOD
)LJXUD0DLQPHQX
)LJXUD0HDVXUHPHQWV
)LJXUD3URJUDP
)LJXUD'LVSOD\*DV)ORZ5DWH
)LJXUD'LVSOD\2LO)ORZ5DWH
)LJXUD0HQ~0HPRU\
)LJXUD6XEPHQ~1HZIROGHU
)LJXUD6LWH1XPEHU
)LJXUD&DUSHWDJXDUGDGD
)LJXUD0HQ~$QDO\]HU6HW8S
)LJXUD6HWXSIXQFNH\V
)LJXUD0HQ~6HQVRUVHWWLQJV
)LJXUD0HQ~)XHOV
[L
)LJXUD0HQ~6HOI'LDJQRVWLFV
)LJXUD$OLQHDFLyQGHODWHUPRFXSOD
)LJXUD&RUUHFWDSRVLFLyQGHODVRQGD
)LJXUD&DOGHURGHOODERUDWRULRGH7HUPRGLQiPLFDGHO'HSDUWDPHQWRGH
&LHQFLDVGHOD(QHUJtD\0HFiQLFDGHOD(63(
)LJXUD3XQWRGHPHGLFLyQ
)LJXUD7XEHUtDVGHHVFDSH
)LJXUD3XQWRGHPHGLFLyQ
)LJXUD&KLPHQHDVGHKRUQRVGH$'(/&$
)LJXUD&KLPHQHDV$1'(&
)LJXUD,QFLQHUDGRUGHO$HURSXHUWR0DULVFDO6XFUH
[LL
$1(;26
$1(;2
1RUPDV GH HPLVLRQHV DO DLUH GHVGH IXHQWHV ILMDV GH
FRPEXVWLyQ /LEUR 9, $QH[R GHO 7H[WR 8QLILFDGR GH
/HJLVODFLyQ6HFXQGDULDGHO0LQLVWHULRGHO$PELHQ
$1(;2
)RUPXODV\(FXDFLRQHVXWLOL]DGDV
$1(;2
&HUWLILFDGR GH FDOLEUDFLyQ GHO DQDOL]DGRU GH JDVHV WHVWR
$1(;2
0HGLFLRQHVUHDOL]DGDVHQHOFDOGHURGHOD(63(
$1(;2
+RMDGH([FHOSDUDFDOFXORV
[LLL
5(680(1
(O SUHVHQWH SUR\HFWR WUDWD VREUH HO DQiOLVLV GH LPSDFWR \ FRQWURO DPELHQWDO
FRQ OD XWLOL]DFLyQ GHO DQDOL]DGRU GH JDVHV 7(672 TXH DGTXLULy HO
/DERUDWRULRGH&RQYHUVLyQGH(QHUJtDGHOD(VFXHOD3ROLWpFQLFDGHO(MpUFLWR
6HHODERUyXQDJXtDGHSURFHGLPLHQWRV\XQPDQXDOGHXVXDULRTXHGHVFULEH
WRGDVODVIXQFLRQHVQHFHVDULDVSDUDHOIXQFLRQDPLHQWR\FRQILJXUDFLyQ
8QD YH] IDPLOLDUL]DGRV FRQ HO PDQHMR WRWDO GHO HTXLSR VH HODERUy XQ
SURWRFROR GH SUXHEDV TXH UH~QH WRGRV ORV SDUiPHWURV HVHQFLDOHV SDUD XQD
WRPDGHGDWRVTXHJDUDQWLFHODVHJXULGDGGHORSHUDULR\ODYHUDFLGDGGHORV
UHVXOWDGRV(VWHSURWRFRORVHEDVDHQGRFXPHQWRVQRUPDWLYDV\H[SHULHQFLD
GHSURIHVLRQDOHVTXHWUDEDMDQHQHOiPELWRGHODHILFLHQFLDHQHUJpWLFD
/DV SULPHUDV SUXHEDV VH ODV UHDOL]y HQ HO FDOGHUR GHO /DERUDWRULR GH
7HUPRGLQiPLFDGHO'HSDUWDPHQWRGH&LHQFLDVGHOD(QHUJtD\0HFiQLFDGH
OD (VFXHOD 6XSHULRU 3ROLWpFQLFD GHO (MpUFLWR HQ GRQGH VH HIHFWXDURQ
PHGLFLRQHV GXUDQWH GtDV HQ GLVWLQWRV SXQWRV GHO FRQGXFWR GH VDOLGD GH
JDVHV \ YDULDQGR HO PRGR GH RSHUDFLyQ 'HVSXpV GHO DQiOLVLV VH FRQFOX\y
TXHHOFDOGHURVHHQFRQWUDEDHQySWLPDVFRQGLFLRQHVGHIXQFLRQDPLHQWR
6H UHDOL]DURQ ODV PHGLFLRQHV HQ OD FKLPHQHD GHO FDOGHUR GH OD )DFXOWDG GH
,QJHQLHUtD 4XtPLFD GH OD 8QLYHUVLGDG &HQWUDO GHO (FXDGRU HQ ODV HPSUHVDV
$'(/&$6$$1'(&\HQHO$HURSXHUWR,QWHUQDFLRQDO0DULVFDO6XFUH
3XHVWRTXHHODQDOL]DGRUGHJDVHVVyORUHSRUWDLQIRUPDFLyQGH2&2\&2
VH VHOHFFLRQDURQ ODV HFXDFLRQHV TXtPLFDV \ WHUPRGLQiPLFDV SDUD OD
GHWHUPLQDFLyQGHORVYDORUHVGH12[\62QHFHVDULRVSDUDODFRPSDUDFLyQ
FRQ ODV WDEODV GHVFULWDV HQ HO /,%52 9, $1(;2 GHO 7H[WR 8QLILFDGR GH
/HJLVODFLyQ 6HFXQGDULD GHO 0LQLVWHULR GHO $PELHQWH (GLFLyQ (VSHFLDO 1ƒ 6HHODERUyXQFXDGURFRPSDUDWLYRSDUDHYDOXDUTXHHTXLSRVQRFXPSOHQFRQ
ODQRUPDDPELHQWDOGHO(FXDGRU\FRPRUHVXOWDGRVHDSUHFLyTXHHOFDOGHUR
GHOD8QLYHUVLGDG&HQWUDOWXYRXQH[FHGHQWHGHOGH12[SRUHQFLPDGHO
[LY
OtPLWH SHUPLWLGR 'HO DQiOLVLV GH JDVHV GH ORV RWURV HTXLSRV GHVFULWRV VH
FRQFOX\yTXHHVWiQGHQWURGHOLQWHUYDORSHUPLWLGR
[Y
&$3,78/2
*(1(5$/,'$'(6
$17(&('(17(6
/D HYDOXDFLyQ GHO LPSDFWR DPELHQWDO FRPLHQ]D D ILQDOHV GH ORV DxRV HQ
((88\OXHJRVHHVWDEOHFLyHQRWURVSDtVHVGHVDUUROODGRVFRQFDUiFWHUGH
REOLJDWRULR /D HYDOXDFLyQ LQWURGXFH ODV SULPHUDV IRUPDV GH FRQWURO GH ODV
LQWHUDFFLRQHVKXPDQDVFRQHODPELHQWH
(O LPSDFWR DPELHQWDO HV HO SULQFLSDO LQVWUXPHQWR SUHYHQWLYR SDUD OD JHVWLyQ
GHO DPELHQWH FRQ HO FXDO VH UHDOL]DQ HVWXGLRV WpFQLFRV TXH FRQIRUPDQ XQ
FDPSRGHFRQRFLPLHQWRDOTXHQLQJXQDDFWLYLGDGSXHGHVHUDMHQDHVSRUHOOR
TXHVXDSOLFDFLyQUHTXLHUHPXFKDGLVFLSOLQD
+R\HQGtDODVRFLHGDG\HOPXQGRLQGXVWULDOL]DGRPDQWLHQHQXQJUDQLQWHUpV
HQWHPDVUHODFLRQDGRVFRQHODPELHQWH\HOFRQWURODGHFXDGRSDUDHYLWDUXQD
DFHOHUDGDGHJUDGDFLyQGHOSODQHWD3DH]
'(),1,&,Ï1'(/352%/(0$
(O UiSLGR DYDQFH WHFQROyJLFR WUDMR FRQVLJR HO GHVFXEULPLHQWR XVR \
H[SORWDFLyQGHORVFRPEXVWLEOHVIyVLOHV/DGHPDQGDVLQSUHFHGHQWHVGHELGR
DO UiSLGR FUHFLPLHQWR GH OD SREODFLyQ KXPDQD \ HO GHVDUUROOR WHFQROyJLFR
VRPHWHQ DO DPELHQWH D XQD DFHOHUDGD UHGXFFLyQ GH VX FDSDFLGDG SDUD
VXVWHQWDUODYLGD3DH]
(Q ORV DxRV PXFKRV SDtVHV HPSLH]DQ D LPSOHPHQWDU QRUPDV SURSLDV
SDUDDOFDQ]DUXQDSURWHFFLyQDPELHQWDOFRQILDEOH\DGHFXDGD(QHOFDVRGH
(FXDGRU OD QRUPD TXH ULJH HV HO 78/$6 7H[WR 8QLILFDGR GH OD /HJLVODFLyQ
$PELHQWDO 6HFXQGDULD /DV QRUPDV SURYHHQ PpWRGRV SURFHGLPLHQWRV \
YDORUHV Pi[LPRV GH FRQWDPLQDFLyQ SDUD FDGD FRPSRQHQWH GHO DPELHQWH
QDWXUDODLUHDJXDVXHOR
3DUD FXDQWLILFDU HO QLYHO GH FRQWDPLQDFLyQ TXH DIHFWD H[FOXVLYDPHQWH D OD
FDOLGDGGHODLUHH[LVWHQYDULRVPpWRGRV\XQRGHHOORVHVODPHGLFLyQFRQXQ
DQDOL]DGRUGHJDVHVSRUWiWLOFRQFHOGDVHOHFWURTXtPLFDV
(O /DERUDWRULR GH &RQYHUVLyQ GH (QHUJtD GH OD (63( KD DGTXLULGR XQ
DQDOL]DGRU GH JDVHV 7(672 HO FXDO SHUPLWH WRPDU UHJLVWURV GH OD
FRPSRVLFLyQ TXtPLFD GH ORV JDVHV GHFRPEXVWLyQHPDQDGRV SRU GLIHUHQWHV
PiTXLQDV\HTXLSRVGHXVRLQGXVWULDOFRPRSRUHMHPSORFDOGHURVKRUQRVGH
FRPEXVWLyQ /RV UHJLVWURV SRVWHULRUPHQWH VRQ HYDOXDGRV SDUD FRPSDUDUORV
FRQODUHVSHFWLYDQRUPDDPELHQWDO
2%-(7,926
*(1(5$/
'HWHUPLQDU \ FXDQWLILFDU OD FRQFHQWUDFLyQ TXtPLFD GH 2 12[ &2 &2 \
62SURGXFLGRVSRUODFRPEXVWLyQHQHTXLSRVLQGXVWULDOHVSDUDODJHQHUDFLyQ
GHHQHUJtDFRQHOXVRGHODQDOL]DGRUGHJDVHVWHVWRSDUDOXHJRDQDOL]DU
ORVUHVXOWDGRV\HYDOXDUHOJUDGRGHFRQWDPLQDFLyQTXHGLFKRVJDVHVSXHGHQ
RFDVLRQDUDODPELHQWH
(63(&Ë),&26
Ͳ $GLHVWUDPLHQWRHQHOXVR\PDQHMRGHOHTXLSRWHVWR
Ͳ 5HDOL]DU SUXHEDV GH HQVD\R HQ HO FDOGHUR GH OD SODQWD GH YDSRU GH
ODERUDWRULR GH WHUPRGLQiPLFD GHO 'HSDUWDPHQWR GH &LHQFLDV GH OD
(QHUJtD\0HFiQLFDGHOD(VFXHOD6XSHULRU3ROLWpFQLFDGHO(MpUFLWR
Ͳ 8WLOL]DU HO DQDOL]DGRU GH JDVHV WHVWR HQ HPSUHVDV TXH SURGXFHQ
HQHUJtD WpUPLFD D WUDYpV GH SURFHVRV GH FRPEXVWLyQ HQ KRUQRV \
FDOGHURV
Ͳ (MHFXWDU HO SURWRFROR GH SUXHEDV GH PHGLFLyQ GH ORV JDVHV GH
FRPEXVWLyQ
Ͳ (ODERUDUXQFXDGURFRPSDUDWLYRGHLPSDFWRDPELHQWDOTXHRFDVLRQDQ
GLFKDVHPSUHVDV
$/&$1&(
'HVDUUROODU XQ DQiOLVLV GH ,PSDFWR \ &RQWURO $PELHQWDO D WUDYpV GHO
GLDJQyVWLFRGHODFRPSRVLFLyQTXtPLFDGHORVJDVHVHPDQDGRVHQPiTXLQDV
\ HTXLSRV GH XVR LQGXVWULDO D ILQ GH UHFRPHQGDU DFFLRQHV GH FRQWURO
DPELHQWDOORFXDOOOHYDUiDODVHPSUHVDVDKDFHUXQXVRDGHFXDGR\HILFLHQWH
GH OD HQHUJtD FRPR DVt ORV GHPDQGD HO 3ODQ 1DFLRQDO GHO %XHQ 9LYLU
SODQWHDGRSRUHO*RELHUQR1DFLRQDO
-867,),&$&,Ï1(,03257$1&,$
$FWXDOPHQWHXQDGHODVQHFHVLGDGHVLPSHULRVDVGHODVHPSUHVDVTXHWLHQHQ
SURFHVRV TXH PDQHMDQ HQHUJtD WpUPLFD HV OD PDQWHQFLyQ \ RSWLPL]DFLyQ GH
VXV HTXLSRV LQYROXFUDGRV HQ HVWRV SURFHVRV FRPR FDOGHUDV KRUQRV GH
FRPEXVWLyQTXHPDGRUHVHQJHQHUDO3DUDORJUDUXQIXQFLRQDPLHQWRySWLPR
FRQ ORV PtQLPRV FRVWRV GH XVR \ FRQVXPR GH HQHUJtD VRQ QHFHVDULDV ODV
$XGLWRUtDV (QHUJpWLFDV ODV FXDOHV GLDJQRVWLFDQ HO HVWDGR DFWXDO GH ORV
HTXLSRV \ SURFHVRV HQHUJpWLFRV SDUD GDU VROXFLRQHV EDVDGDV HQ GDWRV
PHGLEOHV\UHDOHV
(ODQDOL]DGRUGHJDVHVSHUPLWHUHDOL]DUHVWHWLSRGHGLDJQyVWLFRV\SRVWHULRU
VROXFLyQDSUREOHPDVGHPDORVXVRVRFRQVXPRVH[FHVLYRVGHHQHUJtD&RQ
HVWHDQDOL]DGRUGHJDVHVHVSRVLEOHSUHVWDUVHUYLFLRVDWRGRWLSRGHHPSUHVD
TXHXWLOLFHQHQHUJtDWpUPLFDFRPRIXHQWHPRWUL]\TXHGHVHHQRSHUDUEDMRODV
QRUPDV DPELHQWDOHV YLJHQWHV (O DQiOLVLV GH JDVHV FRQ HVWH HTXLSR RVFLOD
HQWUHORV86'SRUHQVD\R
&$3,78/2
0$5&27(Ï5,&2
,03$&72$0%,(17$/
,1752'8&&,Ï1
/RVJDVHVGHHIHFWRLQYHUQDGHURVRQORVFDXVDQWHVGHOFDOHQWDPLHQWRJOREDO
FX\R LPSDFWR DPELHQWDO HQ HO (FXDGRU OR KDFH DOWDPHQWH YXOQHUDEOH HQ
FXHVWLRQHVGHFDPELRFOLPiWLFR
/DSURGXFFLyQGHHVWRVJDVHVHQHO(FXDGRUSDUWLFXODUPHQWHVHJHQHUDHQ
ODVFLXGDGHVPHGLDQDV\JUDQGHVGHELGRDOLQFUHPHQWRGHOSDUTXHYHKLFXODU
\ VXV HPLVLRQHV VLQ GHMDU GH ODGR D ODV LQGXVWULDV SODQWDV FHPHQWHUDV
FHQWUDOHV GH JHQHUDFLyQ WpUPLFD LQGXVWULDV GHO DFHUR TXH SURGXFHQ
FRQWDPLQDQWHVSRUPHGLRGHVXVIXHQWHVILMDVTXHVRQORVKRUQRV\FDOGHURV
'iQGROH OD LPSRUWDQFLD TXHPHUHFH HVWHVHULR SUREOHPD YDULRV SDtVHV KDQ
DGRSWDGRQRUPDWLYDVSDUDODUHJXODFLyQGHODFRQWDPLQDFLyQ\HQ(FXDGRUHO
0LQLVWHULR GHO $PELHQWH HV HO HQWH UHJXODGRU TXH D WUDYpV GHO 7H[WR
8QLILFDGR GH /HJLVODFLyQ $PELHQWDO 6HFXQGDULD 78/$6 /LEUR 9, $QH[R KDFHUHIHUHQFLDDODFDOLGDGGHODLUH\FRQWURODODVHPLVLRQHVGHIXHQWHVILMDV
3DH]
&21&(372
6H GHQRPLQD LPSDFWR DPELHQWDO D ODV FRQVHFXHQFLDV SURYRFDGDV SRU
FXDOTXLHU DFFLyQ TXH PRGLILTXH ODV FRQGLFLRQHV GH VXEVLVWHQFLD R GH
VXVWHQWDELOLGDG GH XQ HFRVLVWHPD SDUWH GH pO R GH ORV LQGLYLGXRV TXH OR
FRPSRQHQ&RQHVD)GH]9LWRUD
/DV DFFLRQHV VRQ SURGXFLGDV JHQHUDOPHQWH SRUTXH HO KRPEUH HQ VX
E~VTXHGD GH DOFDQ]DU FLHUWRV ILQHV WDOHV FRPR ORV DYDQFHV WHFQROyJLFRV
JXHUUDV FUHFLPLHQWR GHPRJUiILFR GHMDQ FRQVHFXHQFLDV VHFXQGDULDV
PD\RUPHQWHQHJDWLYDVGHQWURGHOPHGLRQDWXUDORVRFLDO
(OGHVDUUROORWHFQROyJLFRHVGHVLJXDOHQHOSODQHWD\SXHGHHVWDEOHFHUVHTXH
HQODPD\RUtDGHORVFDVRVH[LVWHXQDUHODFLyQGLUHFWDHQWUHODULTXH]DGHXQ
SDtV VX FRQVXPR GH HQHUJtD \ VX FRQWULEXFLyQ DO SUREOHPD GH OD
FRQWDPLQDFLyQ3DH]
7DEOD5HODFLyQHQWUHHOSURGXFWRQDFLRQDOEUXWRHOFRQVXPR
FRPHUFLDOGHHQHUJtD\ODHPLVLyQDQXDOGHGLy[LGRGHFDUERQR
,1*5(62
1$&,21$/
%5872
&È3,7$
862$18$/'(
(1(5*Ë$
&È3,7$
86'
3(75Ï/(2
+DLWt
,QGLD
%ROLYLD
3DUDJXD\
&KLQD
&RORPELD
(FXDGRU
3HU~
%UDVLO
8UXJXD\
5XVLD
$UJHQWLQD
9HQH]XHOD
&KLOH
3URPHGLR
PXQGLDO
0p[LFR
(VSDxD
)UDQFLD
-DSyQ
(VWDGRV
8QLGRV
3$Ë6
.*(4(1
6XL]D
)XHQWH*HVWLyQGHOD&DOLGDGGHO$LUH
(0,6,Ï1
$18$/'(
&2&È3,7$
721
7,326'(,03$&72$0%,(17$/
6H UHFRPLHQGD OD XWLOL]DFLyQ GH OD HVWUXFWXUD SUHVHQWDGD HQ OD 7DEOD FRPR DSR\R SDUD OD WLSLILFDFLyQ GH LPSDFWRV JHQpULFRV FRQ VXV FDXVDV \
UHFHSWRUDV
7DEOD7LSRVGH,PSDFWRV*HQpULFRVFRQVXVFDXVDV\UHFHSWRUHV
&$86$635,0$5,$6
'(/,03$&72
,03$&726
$IHFFLyQGHWHUULWRULRVpWQLFRV\R
FXOWXUDOHV
$IHFFLyQGLUHFWDDKDELWDWVHVSHFLHV\
SDLVDMHV
2&83$&,Ï1
'(/68(/2
$IHFFLyQGLUHFWDDHOHPHQWRVGHO
SDWULPRQLRQDWXUDO\FXOWXUDO
5(&(3725(6'(
/26,03$&726
7(55,725,26
e71,&26<2
&8/785$/(6
$IHFFLyQLQGLUHFWD\SHUWXUEDFLyQGH
KDELWDWVHVSHFLHV\SDLVDMHV
8VRGHUHFXUVRVQDWXUDOHVUHQRYDEOHV
&$0%,2'(862
&RQVXPRGHUHFXUVRVQDWXUDOHVQR
UHQRYDEOHV
'LVPLQXFLyQGHODGLVSRQLELOLGDGGH
UHFXUVRV
&216802'(
5(&85626
,PSDFWRVGHULYDGRVGHODFFHVRGH
UHFXUVRV
5LHVJRVGHULYDGRVGHOXVR\JHVWLyQGH
VXVWDQFLDVSHOLJURVDV\UHVLGXRV
&DPELRFOLPiWLFR
(0,6,Ï1'(
&217$0,1$17(6<
5(6,'826
&RQWDPLQDFLyQGHODLUH
+È%,7$76
<(63(&,(6
5(&85626
1$785$/(6<
&8/785$/(6
)81&,21$0,(172
'(/26
(&26,67(0$6
0RGLILFDFLyQGHODFDOLGDGGHYLGD\
VDOXGS~EOLFD
,1'8&&,Ï1'(
$&7,9,'$'
0RGLILFDFLyQGHODFDOLGDGGHORV
UHFXUVRVQDWXUDOHV
&$/,'$''(9,'$
<6$/8'
'HJUDGDFLyQGHVXHORV
&RQWDPLQDFLyQGHODVDJXDV
5HWURDOLPHQWDFLyQ\DFXPXODFLyQGH
LPSDFWRV
5,(6*263$5$
/$6$/8'<(/
$0%,(17(
,PSDFWRVVLQpUJLFRV
$IHFWDFLyQGHWHUULWRULRVpWQLFRV\R
FXOWXUDOHV
)XHQWH*HVWLyQGHOD&DOLGDGGHO$LUH
/RVLPSDFWRVDPELHQWDOHVSULQFLSDOPHQWHVHRULJLQDQSRU
Ͳ (ODSURYHFKDPLHQWRGHUHFXUVRVQDWXUDOHV\DVHDQUHQRYDEOHVFRPR
OD SHVFD DJULFXOWXUD HWF R QR UHQRYDEOHV FRPR OD H[WUDFFLyQ GHO
SHWUyOHRRGHOFDUEyQ
Ͳ /D FRQWDPLQDFLyQ \D TXH WRGRV ORV SUR\HFWRV SURGXFHQ DOJ~Q
UHVLGXRTXHVRQH[SXOVDGRVDODPELHQWH
Ͳ /D RFXSDFLyQ GHO WHUULWRULR SXHV VH PRGLILFD ODV FRQGLFLRQHV
QDWXUDOHV SRU DFFLRQHV FRPR HO GHVPRQWH FRPSDFWDFLyQ GHO VXHOR
3DH]
0(72'2/2*Ë$6 3$5$ (/ (678',2 '(/ ,03$&72
$0%,(17$/
,03257$1&,$
(VWDV PHWRGRORJtDV GDQ HO VRSRUWH \ OD D\XGD SDUD LGHQWLILFDU SUHGHFLU \
HYDOXDU ORV LPSDFWRV DPELHQWDOHV GH ORV SUR\HFWRV D UHDOL]DUVH VH GHEH
WRPDU HQ FXHQWD TXH QR H[LVWH XQD PHWRGRORJtD ~QLFD SHUR VH SXHGH
GLVSRQHU GH PHWRGRORJtDV DSOLFDEOHV D OD GLYHUVLGDG GH DFWLYLGDGHV D
HYDOXDUVH&RQHVD)GH]9LWRUD
6H WRPD HQ FXHQWD XQD FODVLILFDFLyQ JHQHUDO SDUD DJUXSDUODV HQ ODV
VLJXLHQWHVFDWHJRUtDV
0pWRGRVGHLGHQWLILFDFLyQGHLPSDFWRV
Ͳ /LVWDVGHFKHTXHRGHHIHFWRV
Ͳ )OXMRJUDPDV\UHGHVFDXVDOHV
0pWRGRVGHYDORUDFLyQGHLPSDFWRV
Ͳ 6LVWHPD%DWHOOH
Ͳ 0DWUL]GH/HRSROG
0e72'26'(,'(17,),&$&,Ï1'(,03$&726
/LVWDVGHFRQWURO
(VHOPpWRGRPiVVLPSOH \FRQVLVWHHQFRPSUREDUORVLPSDFWRVTXHWLHQHQ
PD\RU SUREDELOLGDG GH SURGXFLUVH PHGLDQWH OLVWDV SUHVWDEOHFLGDV 6H GHEH
WHQHU HQ FXHQWD TXH FDGD HVWXGLR HV XQ FDVR FRQFUHWR \ TXH VH SXHGHQ
SURGXFLULPSDFWRVTXHQRFRQVWDUDQHQHVWDVOLVWDV
/DYHQWDMDGHHVWDPHWRGRORJtDGHHVWXGLRHVODTXHVHDQDOL]DGHXQDIRUPD
VLVWHPiWLFD HO FRQMXQWR GH LPSDFWRV TXH VH SXHGHQ SURGXFLU FRQ VXV
UHVSHFWLYRV HIHFWRV ORJUDQGR XQD UDSLGH] HQ OD LGHQWLILFDFLyQ GH DFFLRQHV
TXH SXHGHQ DIHFWDU DO DPELHQWH GHWHUPLQDFLyQ GH IDFWRUHV DPELHQWDOHV D
VHU HYDOXDGRV \ ORV SRVLEOHV LPSDFWRV DPELHQWDOHV TXH VH WHQGUtDQ /D
GHVYHQWDMD HV TXH VRQ GHPDVLDGR JHQHUDOHV H LQFRPSOHWDV QR LOXVWUDQ ODV
LQWHUDFFLRQHV HQWUHODVDFFLRQHV \ORVIDFWRUHVH[LVWLUiQSDUiPHWURVTXHQR
VHUiQWRPDGRVHQFXHQWDSRUVHUOLVWDVSUHGHILQLGDV'HOD0D]D(VWDGHV
+HUQDGH]
'LDJUDPDVGHUHGHV
,QWHJUDQ ODV FDXVDV GH ORV LPSDFWRV \ VXV FRQVHFXHQFLDV D WUDYpV GH OD
LGHQWLILFDFLyQGHLQWHUUHODFLRQHVTXHH[LVWHQHQWUHODVDFFLRQHV\ORVIDFWRUHV
DPELHQWDOHV TXH UHFLEHQ HO LPSDFWR $\XGDQ D SUHVHQWDU OD LQIRUPDFLyQ
DFHUFDGHXQLPSDFWRDPELHQWDO/DGHVYHQWDMDHVODLQVXILFLHQWHLQIRUPDFLyQ
\ DOWHUQDWLYDV SDUD HYDOXDU ORV LPSDFWRV DGHPiV VX UHSUHVHQWDFLyQ JUDILFD
SXHGHYROYHUVHFRPSOHMD&RQHVD)GH]9LWRUD
0e72'26'(9$/25$&,Ï1'(,03$&726
6LVWHPD%DWHOOH
(VWDPHWRGRORJtDGHHYDOXDFLyQVHEDVDHQODFRQVLGHUDFLyQGHLQGLFDGRUHV
GH LPSDFWR /RV LQGLFDGRUHV GH LPSDFWR VRQ PHGLGDV TXH VH RWRUJDQ
WRPDQGR HQ FXHQWD OD LPSRUWDQFLD GHO IDFWRU DPELHQWDO TXH GHSHQGH GH OD
IRUPDHQTXHVHDIHFWDODFDOLGDGDPELHQWDO\ODVDOXGGHODVSHUVRQDV/RV
SDUiPHWURV DQDOL]DGRV GHEHQ VHU LGHQWLILFDEOHV \ PHGLEOHV \ UHVSRQGHU D
ODV QHFHVLGDGHV GH SUHGLFFLyQ LQWHUSUHWDFLyQ \ HYDOXDFLyQ GHO SUR\HFWR
&RQHVD)GH]9LWRUD
0DWULFHV
/D PDWUL] IXH GLVHxDGD SDUD OD HYDOXDFLyQ GH LPSDFWRV DVRFLDGRV FRQ FDVL
FXDOTXLHU WLSR GH SUR\HFWR 6X XWLOLGDG SULQFLSDO HV SURYHHU LQIRUPDFLyQ
FXDOLWDWLYDVREUHUHODFLRQHVFDXVD\HIHFWRSHURWDPELpQHVGHJUDQXWLOLGDG
SDUDODSUHVHQWDFLyQRUGHQDGDGHORVUHVXOWDGRVGHODHYDOXDFLyQ
0$75,='(/(232/'
(OPpWRGRGH/HRSROGHVHOPiVXWLOL]DGR\VHEDVDHQXQDPDWUL]HQODFXDO
ODV FROXPQDV FRQWLHQHQ ODV DFFLRQHV GHO KRPEUH TXH SXHGHQ DOWHUDU HO
DPELHQWH \ ODV ILODV VRQ FDUDFWHUtVWLFDV GHO PHGLR R IDFWRUHV DPELHQWDOHV
ORV SRVLEOHV DVSHFWRV H LPSDFWRV RUGHQDGRV VHJ~Q OD FDWHJRUtD DPELHQWH
ItVLFRELROyJLFR VRFLRHFRQyPLFR TXH SXHGHQ VHU DOWHUDGRV &RQ ODV
HQWUDGDVHQILODV\FROXPQDVVHGHILQHQODVUHODFLRQHVH[LVWHQWHV
$OXWLOL]DUODPDWUL]GH/HRSROGVHGHEHFRQVLGHUDUXQDDFFLyQ\VXSRWHQFLDO
GH LPSDFWR VREUH FDGD HOHPHQWR DPELHQWDO 3RU RWUR ODGR HV QHFHVDULR
UHFRUGDUTXHQRWRGDVODVDFFLRQHVVHDSOLFDQHQWRGRVORVSUR\HFWRV\TXH
QR WRGRV ORV IDFWRUHV DPELHQWDOHV DIHFWDEOHV SRWHQFLDOPHQWH VRQ UHDOPHQWH
VXVFHSWLEOHVGHVHUPRGLILFDGRVDOSXQWRGHSHUPLWLUTXHODLQIRUPDFLyQTXH
Gp HVWD PDWUL] VHD PDQHMDEOH 8QR GH ORV DVSHFWRV PiV DWUDFWLYRV GH OD
PDWUL] GH /HRSROG HV TXH HO Q~PHUR GH DFFLRQHV SXHGH DXPHQWDUVH R
GLVPLQXLUGHOWRWDO
/D7DEODPXHVWUDXQHMHPSOR&RURQHO*UDHIOLQJ
7DEOD0DWUL]GH/HRSROG
7,78/2
62&,2
(&2120,&2
),6,&2
%,2/2*,&2
0(',
2
$&&,21(6<2$&7,9,'$'(6
,03$&7$17(6
680$'(
,17(5$&&,21(6
$63(&72
$0%,(17$
/
$
$
$
$
$
$
$
$
680$'(
,17(5$&&,21(6
$ $
)XHQWH&LHQFLDH,QJHQLHUtD1HRJUDQDGLQD
8Q SULPHU SDVR SDUD OD XWLOL]DFLyQ GH 0DWUL] GH /HRSROG FRQVLVWH HQ OD
LGHQWLILFDFLyQ GH ODV LQWHUDFFLRQHV H[LVWHQWHV SDUD OR FXDO SULPHUR VH
FRQVLGHUDQWRGDVODVDFFLRQHVFROXPQDVTXHSXHGHQWHQHUOXJDUGHQWURGHO
SUR\HFWRHQFXHVWLyQ/D7DEODGHVFULEHODVDFWLYLGDGHVPiVLPSRUWDQWHV
SDUD VHU FRQVLGHUDGDV HQ OD RSHUDFLyQ GH XQ KRUQR R FDOGHUD TXH XWLOL]D
FRPEXVWLEOHVIyVLOHV&RQHVD)GH]9LWRUD
7DEOD$FWLYLGDGHV,PSDFWDQWHV
$&7,9,'$'
Ͳ 5HTXHULPLHQWRVGHHQHUJtD
Ͳ 0DQHMR\GLVSRVLFLyQGHUHVLGXRV
2SHUDFLyQ
Ͳ 0DQWHQLPLHQWR
Ͳ 0DQRGHREUD
Ͳ (PLVLRQHVDODDWPRVIHUD
$ FRQWLQXDFLyQ VH UHTXLHUH FRQVLGHUDU WRGRV DTXHOORV IDFWRUHV DPELHQWDOHV
GH LPSRUWDQFLD ILODV WUD]DQGR XQD GLDJRQDO HQ OD FXDGUtFXOD
FRUUHVSRQGLHQWH D OD FROXPQD DFFLyQ \ ILOD IDFWRU FRQVLGHUDGRV 8QD YH]
KHFKR HVWR SDUD WRGDV ODV DFFLRQHV VH WHQGUiQ PDUFDGDV ODV FXDGUtFXODV
TXH UHSUHVHQWHQ LQWHUDFFLRQHV R HIHFWRV D WHQHU HQ FXHQWD 'HVSXpV TXH
VH KDQ PDUFDGR ODV FXDGUtFXODV TXH UHSUHVHQWHQ LPSDFWRV SRVLEOHV VH
SURFHGH D XQD HYDOXDFLyQ LQGLYLGXDO GH ORV PiV LPSRUWDQWHV DVt FDGD
FXDGUtFXODDGPLWHGRVYDORUHVFRPRVHLQGLFDHQOD)LJXUD'HOD0D]D
(VWDGHV+HUQDGH]
)LJXUD&RQWHQLGRGHFDGDFXDGUtFXOD
)XHQWH%LRGLYHUVLGDG0DQHMR\&RQVHUYDFLyQGH5HFXUVRV)RUHVWDOHV
0DJQLWXG
(VODDVLJQDFLyQGHXQYDORUQXPpULFRFXDOLWDWLYRGHXQDLQWHUDFFLyQODFXDO
VH EDVD HQ XQD YDORUDFLyQ REMHWLYD GH ORV KHFKRV UHODFLRQDGRV FRQ HO
LPSDFWRSUHYLVWR3DUDGLFKDYDORUDFLyQVHWRPDHQFXHQWDSDUiPHWURVWDOHV
FRPR
&DUiFWHU GHO LPSDFWR R 1DWXUDOH]D /RV LPSDFWRV SXHGHQ VHU
EHQHILFLRVRV R SHUMXGLFLDOHV /RV SULPHURV VRQ FDUDFWHUL]DGRV SRU HO
VLJQRSRVLWLYRORVVHJXQGRVVHORVH[SUHVDQFRPRQHJDWLYRV
3HUVLVWHQFLD 6H UHILHUH DO WLHPSR TXH HO HIHFWR GXUDUi KDVWD TXH VH
UHWRUQH D OD VLWXDFLyQ LQLFLDO HQ IRUPD QDWXUDO R D WUDYpV GH PHGLGDV
FRUUHFWRUDV 8Q HIHFWR FRQVLGHUDGR SHUPDQHQWH SXHGH VHU UHYHUVLEOH
FXDQGR ILQDOL]D OD DFFLyQ TXH FDXVD HVWH LPSDFWR R LUUHYHUVLEOH FXDQGR
SRUHMHPSORVHDOWHUDQODVIRUPDVJHRJUiILFDVVXHORSDLVDMH
0DJQLWXG,QWHQVLGDG 5HSUHVHQWD OD LQFLGHQFLD GH OD DFFLyQ FDXVDO
VREUHHOIDFWRULPSDFWDGRHQHOiUHDHQODTXHVHSURGXFHHOHIHFWR
&HUWLGXPEUH GHO LPSDFWR 6H UHILHUH D VX SUREDELOLGDG GH RFXUUHQFLD \
VHHVWLPDPHGLDQWH³MXLFLRGHH[SHUWRV´
5HYHUVLELOLGDG /D SHUVLVWHQFLD \ OD UHYHUVLELOLGDG VRQ LQGHSHQGLHQWHV
(VWH DWULEXWR HVWi UHIHULGR D OD SRVLELOLGDG GH UHFXSHUDFLyQ GHO
FRPSRQHQWHGHOPHGLRRIDFWRUDIHFWDGRSRUXQDGHWHUPLQDGDDFFLyQ6H
FRQVLGHUD ~QLFDPHQWH DTXHOOD UHFXSHUDFLyQ UHDOL]DGD HQ IRUPD QDWXUDO
GHVSXpVGHTXHODDFFLyQKDILQDOL]DGR&XDQGRXQHIHFWRHVUHYHUVLEOH
GHVSXpVGHWUDQVFXUULGRHOWLHPSRGHSHUPDQHQFLDHOIDFWRUUHWRUQDUiD
ODFRQGLFLyQLQLFLDO/D7DEODLQGLFDXQGHVJORVHGHODVPDJQLWXGHV
GHDIHFWDFLyQ&RQHVD)GH]9LWRUD
7DEOD0DJQLWXGHVGH$IHFWDFLyQ
&$5È&7(5
3(56,67(1&,$
3RVLWLYR 7HPSRUDO 7
1HJDWLYR 3HUPDQHQWH 3
,17(16,'$'
%DMR %
0HGLR 0
$OWR $
&(57,'80%5(
5(9(56,%,/,'$
'
&LHUWR &
5HYHUVLEOH 5
3UREDEOH 35
,UUHYHUVLEOH ,
)XHQWH/RV,PSDFWRV$PELHQWDOHV\VX(YDOXDFLyQ
,PSRUWDQFLD
(YLGHQFLD HO SHVR UHODWLYR TXH HO IDFWRU DPELHQWDO FRQVLGHUDGR WLHQH GHQWUR
GHO SUR\HFWR R OD SRVLELOLGDG GH TXH VH SUHVHQWHQ DOWHUDFLRQHV (VWi
UHODFLRQDGD FRQ ODV FRQVHFXHQFLDV SUREDEOHV GHO LPSDFWR SUHYLVWR OD
DVLJQDFLyQGHYDORUQXPpULFRGHODLPSRUWDQFLDVHEDVDHQHOMXLFLRVXEMHWLYR
GH OD SHUVRQD R GHO HTXLSR TXH WUDEDMD HQ HO HVWXGLR SUiFWLFD TXH VH
GHQRPLQDHOPpWRGR'(/3+,$FRQWLQXDFLyQOD7DEODFLWDORVIDFWRUHV
(OPpWRGR'HOSKL HVXQD PHWRGRORJtD GH LQYHVWLJDFLyQ PXOWLGLVFLSOLQDU SDUDOD UHDOL]DFLyQ
GHSURQyVWLFRV\SUHGLFFLRQHV
TXHVHYDQDWRPDUHQFXHQWDHQODPDWUL]GH/HRSROG&RURQHO*UDHIOLQJ
7DEOD)DFWRUHVDVHUFRQVLGHUDGRVHQODPDWUL]
)$&725(6$0%,(17$/(6
%,Ï7,&26
)ORUD
'LYHUVLGDG
(VSHFLHVHQSHOLJUR
9DULHGDG
)DXQD
'LYHUVLGDG
(VSHFLHVHQSHOLJUR
9DULHGDG
$LUH
&2
12[
62[
62&,2(&21Ï0,&26
(FRQyPLFRV
3RE8UEDQD7UDEDMDGRUD
6RFLDOHV
6DOXG
&XOWXUDOHV
3DLVDMH
)XHQWH(YDOXDFLyQGH,PSDFWRV$PELHQWDOHV
/D IRUPD GH FRPR FDGD DFFLyQ SURSXHVWD DIHFWD D ORV SDUiPHWURV
DPELHQWDOHV DQDOL]DGRV VH YLVXDOL]D D WUDYpV GH ORV SURPHGLRV SRVLWLYRV \
SURPHGLRV QHJDWLYRV SDUD FDGD FROXPQD ORV PLVPRV TXH HVWiQ
UHSUHVHQWDGRV SRU OD VXPD FXDGUtFXODV PDUFDGDV FRQ HO VLJQR SRVLWLYR \
QHJDWLYRUHVSHFWLYDPHQWH'HOD0D]D(VWDGHV+HUQDGH]
352&(',0,(172
(Q VtQWHVLV SDUD HODERUDU OD 0DWUL] GH (YDOXDFLyQ GH ,PSDFWRV &DXVD (IHFWR/HRSROGVHDSOLFDQORVVLJXLHQWHVSURFHGLPLHQWRV
'HWHUPLQDUHOiUHDDHYDOXDU
'HWHUPLQDUODVDFFLRQHVTXHHMHUFHUiHOSUR\HFWRVREUHHOiUHD
'HWHUPLQDU SDUD FDGD DFFLyQ TXH HOHPHQWRV VH DIHFWDQ (VWR VH ORJUD
PHGLDQWHHOUD\DGRFRUUHVSRQGLHQWHDODFXDGUtFXODGHLQWHUDFFLyQ
'HWHUPLQDUODLPSRUWDQFLDGHFDGDHOHPHQWRHQXQDHVFDODGHD
'HWHUPLQDUODPDJQLWXGGHFDGDDFFLyQVREUHFDGD HOHPHQWRGHHQXQD
HVFDODGHD
'HWHUPLQDUVLODPDJQLWXGHVSRVLWLYDRQHJDWLYD
'HWHUPLQDU FXDQWDV DFFLRQHV GHO SUR\HFWR DIHFWDQ DO DPELHQWH
GHVJORViQGRODVHQSRVLWLYRRQHJDWLYDV&RURQHO*UDHIOLQJ
&20%867,Ï1
&21&(372
(VODUHDFFLyQGHR[LGDFLyQHQWUHHOFRPEXVWLEOH\HOFRPEXUHQWHTXHLQFOX\H
HPLVLyQGHHQHUJtDORFXDOJHQHUDXQGHVSUHQGLPLHQWRGHFDORU\OX]
'HQWUR GH XQD FiPDUD GH FRPEXVWLyQ D XQD WHPSHUDWXUD HOHYDGD VH
SURGXFHHVWHSURFHVRHQGRQGHWDPELpQVHVXPLQLVWUDHOR[tJHQRQHFHVDULR
UHTXHULGR SDUD HO SURFHVR \ GHSHQGH GHOWLSRGH FRPEXVWLEOHVH SURGXFLUiQ
UHVLGXRV/D)LJXUDUHSUHVHQWDHOWULiQJXORGHODFRPEXVWLyQ$QGUpV
%DUULR
)LJXUD7ULiQJXORGHOD&RPEXVWLyQ
)XHQWH)tVLFD\4XtPLFDž(62
3ULQFLSDOHVUHDFFLRQHVTXtPLFDV
൅ ଶ ՜ ଶ ଶ ൅ ͳȀʹଶ ՜ ଶ ͳȀʹଶ ൅ ଶ ՜ ଶ ͳȀʹܰଶ ൅ ଶ ՜ ܰଶ 35,1&,3,2'(/$&20%867,Ï1
(V OD UHDFFLyQ TXtPLFD HQWUH HO FRPEXVWLEOH \ HO R[tJHQR OD PLVPD TXH
SURGXFHXQDJUDQFDQWLGDGGHOX]\FDORU
‫ ܧܮܤܫܷܶܵܤܯܱܥ‬൅ ‫ ܧܴܫܣ‬ሳልልልልልልልልሰ ‫ܫܷܶܵܤܯܱܥܧܦܵܧܵܣܩ‬Vܰ ൅ ‫ܩܴܧܰܧ‬A‫ܣ‬
'XUDQWH HVWH SURFHVR VH SURGXFHQ WUDQVIRUPDFLRQHV \ UHDFFLRQHV TXtPLFDV
TXH GHSHQGHQ GH ODFRPSRVLFLyQ GHOFRPEXVWLEOH \ ODV FRQGLFLRQHV HQ TXH
VH UHDOLFH OD FRPEXVWLyQ &XDQGR VH TXHPD XQ KLGURFDUEXUR VH WLHQH XQ
PRGHORGHHFXDFLyQTXtPLFDFRPRHOTXHVHGHWDOODDFRQWLQXDFLyQ
&20%867,%/($,5(
&20%867,Ï1
*$6(6
'(
஼஺௅ைோȀாோோீூ஺
‫ܥ‬௫ ‫ܪ‬௬ ൅ ܱଶ ൅ ܰଶ ሱۛۛۛۛۛۛۛۛۛۛۛۛሮ ‫ܱܥ‬ଶ ൅ ‫ܪ‬ଶ ܱ ൅ ܰଶ (OHPHQWRVTXHLQWHUYLHQHQHQODFRPEXVWLyQ
Ͳ &DUERQR
Ͳ +LGUyJHQR
Ͳ 2[LJHQR
Ͳ 1LWUyJHQR
/RV SURGXFWRV GH XQD UHDFFLyQ GH FRPEXVWLyQ VRQ &2 +2 12[ \ y[LGRV
GHFXDOTXLHURWURHOHPHQWR$QGUpV%DUULR
&20%867,%/(6
&RPEXVWLEOHHVFXDOTXLHUPDWHULDOFDSD]GHOLEHUDUHQHUJtDFXDQGRVHR[LGD
GHIRUPDYLROHQWDFRQGHVSUHQGLPLHQWRGHFDORU
(QOD7DEODVHGHWDOODVXUHVSHFWLYDFODVLILFDFLyQ
7DEOD&ODVLILFDFLyQGHORVFRPEXVWLEOHV
0DGHUDV\UHVLGXRVYHJHWDOHV
7XUEDV
/LJQLWRV
&DUEyQ
1$785$/(6
+XOODV
6Ï/,'26
$QWUDFLWD
&RTXHV&DUEyQ\3HWUyOHR
$JORPHUDGRV\EULTXHWDV
$57,),&,$/(6
&DUEyQYHJHWDO
/Ë48,'26
1DWXUDOHVIHUPHQWDFLyQ
$/&2+2/(6
$UWLILFLDOHV
5(6,'8$/(6
/HMtDVQHJUDV
*DVyOHRV
'(5,9$'26'(/
3(75Ï/(2
)XHOyOHRV
5(6,'8$/(6
)XHO±*DV
*$61$785$/
'LIHUHQWHVIDPLOLDV
*$6(6/,&8$'26
'(3(75Ï/(2
3URSDQRV\EXWDQRV
*/3
*DVGHDOWRKRUQR
*$6(2626
*DVGHFRTXH
$57,),&,$/(62
*DVSREUH
(/$%25$'26
*DVGHDJXD
*DVFLXGDG
%,2*$6
)XHQWH(QHUJtDLQIFX
7LSRVGHFRPEXVWLEOH
Ͳ 'RPpVWLFRV*DV0DGHUD&DUEyQYHJHWDO
Ͳ ,QGXVWULDOHV &DUEyQPLQHUDO*DVRLO3HWUyOHR*DVROLQD
9$/25'(/$,5('(&20%867,Ï1
(Q DOJXQRV SURFHVRV VH XWLOL]D R[tJHQR SXUR R XQD PH]FOD GH DLUHR[tJHQR
SDUDODFRPEXVWLyQ(QOD7DEODVHGHWDOODODFRPSRVLFLyQYROXPpWULFD\
HQPDVDGHODLUHVHFR
7DEOD&RPSRVLFLyQGHODLUHVHFR
&20321(17(
)5$&&,Ï1
0$6$
)5$&&,Ï1
92/80e75,&$
2[tJHQR
1LWUyJHQR
$UJyQ
&2
+LGUyJHQR
*DVHVUDURV
727$/
)XHQWHOPWILEORJVSRWFRP
(O R[tJHQR QHFHVDULR SDUD XQ SURFHVR GH FRPEXVWLyQ VH VXPLQLVWUD FRPR
SDUWH GHO DLUH GH FRPEXVWLyQ TXH FRQVWD GH QLWUyJHQR R[LJHQR PtQLPDV
FDQWLGDGHVGHGLy[LGRGHFDUERQR\RWURVJDVHV+1H$U+H$QGUpV
%DUULR
7,326'(&20%867,Ï1
&RPEXVWLyQ,GHDO
7DPELpQ OODPDGD FRPEXVWLyQ HVWHTXLRPpWULFD HQ GRQGH ODV VXVWDQFLDV
FRPEXVWLEOHVUHDFFLRQDQKDVWDHOPi[LPRJUDGRSRVLEOHGHR[LGDFLyQSRUOR
WDQWR QR KDEUi VXVWDQFLDV FRPEXVWLEOHV HQ ORV SURGXFWRV R KXPRV GH OD
UHDFFLyQ)HUQDQGH]
(OSURFHVRGHFRPEXVWLyQLGHDOTXHVHHVTXHPDWL]DHQOD)LJXUDLQGLFD
TXH FXDQGR VH VXPLQLVWUD R[tJHQR D OD FRPEXVWLyQ pVWD HV VXILFLHQWH SDUD
TXHPDUORVFRPEXVWLEOHV1LFRPEXVWLEOHVQLR[tJHQRVVHOLEHUDQ
)LJXUD0RGHORGH&RPEXVWLyQ,GHDO
)XHQWH7HVWR7HFQRORJtDGH0HGLFLyQHQ&DOGHUDV
/D FDQWLGDG GH DLUH QHFHVDULDSDUD ODFRPEXVWLyQVH OD GHQRPLQD&DQWLGDG
7HyULFD GH $LUH ߣ \ TXH VH OD GHWHUPLQD PHGLDQWH HO FiOFXOR
HVWHTXLRPpWULFR
(VWDFRPEXVWLyQFRQVWLWX\HHOFDVR/tPLWH,GHDOLUUHDOL]DEOHHQODSUiFWLFDOD
PLVPDTXHVHWRPDFRPREDVHGHUHIHUHQFLDWHVWR
&RPEXVWLyQ&RPSOHWD
(O DLUH HQ HVWH WLSR GH FRPEXVWLyQ GHEH VHU VXSHULRU D OD WHyULFD R
HVWHTXLRPpWULFD OD SUHVHQFLD GH R[tJHQR HQ ORV JDVHV GH FRPEXVWLyQ HV
QRUPDOSRUORWDQWRVHXWLOL]DXQH[FHVRGHDLUHSDUDKDFHUUHDFFLRQDUHQVX
WRWDOLGDG HO FRPEXVWLEOH TXH HVWi GLVSRQLEOH HQ HO SURFHVR /D )LJXUD PXHVWUDHOPRGHORGHFRPEXVWLyQFRQߣ!)HUQDQGH]
)LJXUD&RPEXVWLyQ&RPSOHWD
)XHQWHWHVWR7HFQRORJtDGH0HGLFLyQHQ&DOGHUDV
/RVSURGXFWRVGHXQDFRPEXVWLyQFRPSOHWDHVWiGDGDSRU
‫ ܪܥ‬൅ ‫ܯܧܴܫܣ‬Aܰ‫ ܱܯܫ‬൅ ‫ ܧܶܰܧܫܥܫܨܷܵܧܴܫܣܧܦܱܵܧܥܺܧ‬ሱۛሮ ‫ܱܥ‬ଶ ൅ ‫ܪ‬ଶ ܱ ൅ ܰଶ
൅ ܱܰ௫ 'yQGH
&2+21FRPEXVWLyQSHUIHFWD
ܱܰ௫ GHELGRDOH[FHVRGHDLUH
$SDUHFH2OLEUH
/DFDQWLGDGGHYDSRUGHDJXDDXPHQWDHQSURSRUFLRQDDODFDQWLGDGGHDLUH
GHFRPEXVWLyQ
(O H[FHVR GH DLUH DO HPSOHDU GHEH VHU HO PtQLPR QHFHVDULR GH WDO PDQHUD
TXHODFRPEXVWLyQ VHD FRPSOHWD \ TXHODV SpUGLGDVWpUPLFDV SRU FKLPHQHD
VHDQODVPtQLPDVSRVLEOHV)HUQDQGH]
&RPEXVWLyQ,QFRPSOHWD
(Q HVWH WLSR GH FRPEXVWLyQ QR VH KD DOFDQ]DGR HO JUDGR Pi[LPR GH
R[LGDFLyQ SRU OR WDQWR H[LVWH SUHVHQFLD GH VXVWDQFLDV FRPEXVWLEOHV R
OODPDGRV WDPELpQ LQTXHPDGRV 3RU OR JHQHUDO HVWDV VXVWDQFLDV VRQ HO
FDUERQRKROOtQ&2+)HUQDQGH]
/D FRPEXVWLyQ LQFRPSOHWD VH SURGXFH FXDQGR VH DSRUWD DLUH HQ FDQWLGDG
LQVXILFLHQWH
(VWDFRPEXVWLyQHVWiGDGDSRU
‫ ܪܥ‬൅ ‫ܯܧܴܫܣ‬Aܰ‫ ܱܯܫ‬൅ ‫ ܧܶܰܧܫܥܫܨܷܵܰܫܧܴܫܣܧܦܱܵܧܥܺܧ‬ሱሮ
‫ܱܥ‬ଶ ൅ ‫ ܥ‬൅ ‫ܪ‬ଶ ܱ ൅ ܰଶ ൅ ܱଶ ൅ ܱܰ௫ 'yQGH
(OGH&2GLVPLQX\H
(QHVWDUHDFFLyQVHREVHUYDTXHDSDUHFHQLQTXHPDGRVJDVHRVRV&2
&RPEXVWLyQ,PSHUIHFWD
(VODFRPEXVWLyQHQODFXDOH[LVWHH[FHVRGHDLUHPD\RUTXHHOVXILFLHQWH
(VWDFRPEXVWLyQHVWiGDGDSRU
‫ ܪܥ‬൅ ‫ܯܧܴܫܣ‬Aܰ‫ ܱܯܫ‬൅ ‫ܧܶܰܧܫܥܫܨܷܵܮܧܧܷܴܱܻܳܣܯܧܴܫܣܧܦܱܵܧܥܺܧ‬
ሱሮ ‫ܱܥ‬ଶ ൅ ‫ ܱܥ‬൅ ‫ܪ‬ଶ ܱ ൅ ܰଶ ൅ ܱଶ ൅ ܱܰ௫ (VWH WLSR GH FRPEXVWLyQ VH GD JHQHUDOPHQWH HQ OD SUiFWLFD \ HV
FRQVHFXHQFLDGHODVLPSHUIHFFLRQHVFXDOLWDWLYDVGHOTXHPDGRU\GHOVLVWHPD
RSHUDWLYRGHODLQVWDODFLyQ)HUQDQGH]
,03257$1&,$'(/(;&(62'($,5(
(QXQSURFHVRGHFRPEXVWLyQHOH[FHVRGHDLUHHVLPSRUWDQWHSXHVWRTXH
Ͳ $HOHYDGRVYRO~PHQHVVHUHGXFHQODVWHPSHUDWXUDVGHFRPEXVWLyQ\
GHHVWDPDQHUDVHDXPHQWDODSpUGLGDGHHQHUJtDFRQODFRQVHFXHQWH
SpUGLGDGHOFDORU~WLO
Ͳ 8Q SHTXHxR H[FHVR GH DLUH VHUtD OD FDXVD GH TXH DOJXQRV
FRPSRQHQWHV GHO FRPEXVWLEOH QR VH TXHPHQ (VWR VLJQLILFD XQ
UHQGLPLHQWR GH FRPEXVWLyQ UHGXFLGR \ XQ DXPHQWR GH OD
FRQWDPLQDFLyQ GHO DLUH DO HPLWLU ORV FRPSRQHQWHV LQTXHPDGRV D OD
DWPyVIHUDWHVWR
/D7DEODPXHVWUDYDULRVUDQJRVWtSLFRVGHYDORUHVGHH[FHVRGHDLUHGH
WLSRVHVSHFtILFRVGHSURFHVRVGHFRPEXVWLyQ
7DEOD9DORUHVGHWtSLFRVGHH[FHVRGH$LUH
3/$17$'(&20%867,Ï1 5$1*2'((;$,5( (;&(622
0RWRUHVGHFRPEXVWLyQ
«
4XHPDGRUGHJDV
«
4XHPDGRUGHSHWUyOHR
«
4XHPDGRUGHFDUEyQHQSROYR
«
7RVWDGRUGHFDUEyQPDUUyQ
«
)XHQWHWHVWR7HFQRORJtDGH0HGLFLyQHQ&DOGHUDV
5(68/7$'26'(/$&20%867,Ï1(1&+,0(1($6
/RV UHVXOWDGRV PiV FRPXQHV GH OD FRPEXVWLyQ VRQ KXPR OODPD FDORU \
JDVHV
+XPR6HREWLHQHGHXQDFRPEXVWLyQLQFRPSOHWD HQ OD TXHVXVSHTXHxDV
SDUWtFXODVVHKDFHQYLVLEOHVHLPSLGHQHOSDVRGHOX]
6LHOKXPRHV
Ͳ %ODQFRRJULVVLJQLILFDTXHDUGHOLEUHPHQWH
Ͳ 1HJURRJULVRVFXURLQGLFDIXHJRFDOLHQWH\IDOWDGHR[tJHQR
Ͳ $PDULOORLPSOLFDTXHKD\JDVHVTXHVRQWy[LFRV
/ODPD *DV LQFDQGHVFHQWH $UGHUi VLHPSUH FRQ OODPD ORV FRPEXVWLEOHV
OtTXLGRV\JDVHRVRV
&DORU)OXMRGHHQHUJtDTXHVHGDQHQWUHGRVFXHUSRVTXHWLHQHQGLIHUHQWHV
WHPSHUDWXUDV
*DVHV3XHGHQVHUWy[LFRV\GHSHQGHQGHOWLSRGHFRPEXVWLEOHTXHVHXVH
(QWUHORVJDVHVFRPXQHVTXHVHWLHQH
&2*DVLQFRORURLQRGRURTXHVHHQFXHQWUDHQJUDQGHVFDQWLGDGHVHQOD
DWPyVIHUD WHUUHVWUH \ HVWH JDV VH SURGXFH HQ WRGRV ORV SURFHVRV GH
FRPEXVWLyQ
+2 FRPR YDSRU GH DJXD (V HO UHVXOWDGR GHO R[tJHQR FRQ HO KLGUyJHQR
TXHHVWiFRQWHQLGRHQHOFRPEXVWLEOH
1 *DV HQ FRQGLFLRQHV QRUPDOHV \ SULQFLSDO FRQVWLWX\HQWHGHOD DWPyVIHUD
\ QR LQWHUYLHQH GLUHFWDPHQWH HQ HO SURFHVR GH FRPEXVWLyQ \D TXH
LQJUHVDDODFDOGHUDVHFDOLHQWD\VDOHSRUODFKLPHQHD
2(OR[tJHQRUHVWDQWHTXHQRVHXWLOL]yHQHOSURFHVRGHFRPEXVWLyQHQHO
FDVRGHXWLOL]DUDLUHHQH[FHVRDSDUHFHFRPRFRPSRQHQWHGHORVJDVHV GH
FRPEXVWLyQ\HVXQDPHGLGDSDUDHOUHQGLPLHQWRGHODFRPEXVWLyQ\DGHPiV
VLUYHSDUDGHWHUPLQDUODVSpUGLGDVSRUFKLPHQHD\HOFRQWHQLGRGH&2
&2*DVLQRGRURLQFRORURHVHOSURGXFWRGHODFRPEXVWLyQLQFRPSOHWD
12[ (O QLWUyJHQR SUHVHQWH HQ HO FRPEXVWLEOH \ HQ HO DLUH GHO DPELHQWH VH
XQHQ FRQ HO R[tJHQR GHO DLUH SDUD DVt FUHDU HO PRQy[LGR GH QLWUyJHQR \
GHVSXpVGHFLHUWRWLHPSRHVWHJDVVHR[LGDMXQWRFRQHOR[tJHQRSDUDIRUPDU
HOGLy[LGRGHQLWUyJHQR(O12\HO12VRQORVOODPDGRVy[LGRVGHQLWUyJHQR
12[
62 (O GLy[LGR GH D]XIUH HV XQ JDV LQFRORUR Wy[LFR \ WLHQH XQ RORU IXHUWH
(VWHy[LGRVHIRUPDDSDUWLUGHOD]XIUHGHOFRPEXVWLEOHWHVWR
'(7(50,1$&,Ï1'(/92/80(1'((;&(62'($,5(
6HGHWHUPLQDDSDUWLUGHODVFRQFHQWUDFLRQHVGH&2&2\2HQORVJDVHV
GHFRPEXVWLyQ
(VWDVUHODFLRQHVVHPXHVWUDQHQODTXHLQGLFD)LJXUDWHVWR
)LJXUD'LDJUDPDGHFRPEXVWLyQ
)XHQWHWHVWR7HFQRORJtDGH0HGLFLyQHQ&DOGHUDV
(Q FRQGLFLRQHV LGHDOHV GH PH]FOD DLUHFRPEXVWLEOH FDGDYDORU GH &2 HVWi
UHODFLRQDGRFRQXQFLHUWRYDORUGH&2iUHDFRQH[DLUHRXQFLHUWRYDORU
GH2iUHDFRQH[$LUH!(OYDORUGH&2SRUVtPLVPRQRHVGHILQLWLYR
SRUTXHODFXUYDPXHVWUDXQPi[LPR
(QODSUiFWLFDXQOLJHURH[FHVRGHDLUHUHVXOWDLGHDOSDUDHOIXQFLRQDPLHQWR
GH OD SODQWD SHUR VLHPSUH VH VXPLQLVWUD PiV DLUH D OD FRPEXVWLyQ TXH HO
WHyULFDPHQWH QHFHVDULR \ SURGXFWR GH HVWR VRQ ODV FRPEXVWLRQHV
LQHILFLHQWHVTXHVHJHQHUDQWHVWR
5(1',0,(172'(&20%867,Ï1
(VXQYDORUGHWHUPLQDGRSRUODHQHUJtDGHHQWUDGD\VDOLGDHQXQSURFHVRGH
FRPEXVWLyQ HQ FRQGLFLRQHV GH IXQFLRQDPLHQWR FRQVWDQWH 8Q UHQGLPLHQWR
WRWDOHVODUHODFLyQTXHVHGDHQWUHODHQHUJtDWRWDOVXPLQLVWUDGDHQODFiPDUD
GH FRPEXVWLyQ \ OD HQHUJtD GLVSRQLEOH HQ HO SURFHVR WHVWR /DV
IyUPXODVTXHHODQDOL]DGRU GHJDVHV7HVWR XWLOL]DHQVXVRIWZDUHHVWiQ
LQFOXLGDVHQHO$1(;2
&XDQGRVHWLHQHXQIXQFLRQDPLHQWRFRQVWDQWHODVXPDGHWRGDVODVHQHUJtDV
TXHDOLPHQWDQHOSURFHVRHVLJXDODODVHQHUJtDVGLVWULEXLGDVHQHOSURFHVR
8QHMHPSORVHPXHVWUDHQOD7DEOD
7DEOD%DODQFHHQHUJpWLFRHQXQSURFHVRLQGXVWULDO
(QHUJtDV TXH DOLPHQWDQ XQ (QHUJtDVGLVWULEXLGDVHOSURFHVR
SURFHVR
3RGHU FDORUtILFR QHWR GHO &DORU VHQVLEOH \ HQHUJtD TXtPLFD GH
FRPEXVWLEOH \ OD HQHUJtD GHO ORV FRPSRQHQWHV GHO JDV GH
FRPEXVWLEOH
FRPEXVWLyQ SHUGLGD GH JDVHV GH
FRPEXVWLyQ
&DORUGHDLUHGHFRPEXVWLyQ
3RGHUHV FDORUtILFRV \ FDORU GH
UHVLGXRVHQHVFRPEURV\FHQL]D
&DORU HTXLYDOHQWH D OD HQHUJtD 3HUGLGD GH HQHUJtD PHGLDQWH GH
PHFiQLFDSURGXFLGDHQODSODQWD FRQGXFFLyQWpUPLFD
&RQWHQLGRGHFDORUGHKRUQRVFRQ &RQWHQLGR GH FDORU GHO FRPEXVWLEOH
DOLQHDFLyQGHFRPEXVWLEOHV
OLEHUDGRGHOKRUQR
3HUGLGD GH FDORU PHGLDQWH IXJDV GHO
KRUQR
)XHQWHWHVWR$QiOLVLVGH*DVHVGH&RPEXVWLyQHQOD,QGXVWULD
3DUD PHMRUDU HO UHQGLPLHQWR GH OD FRPEXVWLyQ WRPDU HQ FXHQWD OD VLJXLHQWH
UHJOD
³/D Pi[LPD HILFDFLD GH FRPEXVWLyQ VyOR VH FRQVLJXH FXDQGR OD SpUGLGD
WpUPLFDSRUFKLPHQHDVHHQFXHQWUDHQVXQLYHOPtQLPRFRQSRFRH[FHVRGH
DLUH´WHVWR
&RQ HO XVR GHO DQDOL]DGRU GH JDVHV \ OD UHJXODFLyQ GHO FDOGHUR X KRUQR HV
SRVLEOH
Ͳ 0D[LPL]DUODSURGXFFLyQGH&2
Ͳ 0LQLPL]DUHOFRQWHQLGRGH&2HQORVSURGXFWRV
(V UHFRPHQGDEOH DGDSWDU HO TXHPDGRU R OD FiPDUD GH FRPEXVWLyQ D OD
FDSDFLGDG WpUPLFD QRPLQDO GHOFDOGHUR HVWR VHORUHDOL]DFRQORVFDWiORJRV
GHO FDOGHUR DGHPiV VH GHEH UHJXODU OD FDQWLGDG GH FRPEXVWLEOH HQ HO
FRQVXPRSDUDGHHVWDIRUPDORJUDU
Ͳ $MXVWHODFRQFHQWUDFLyQGH&2
Ͳ $MXVWH OD WHPSHUDWXUD GHO JDV GH FRPEXVWLyQ VHJ~Q HVSHFLILTXH HO
IDEULFDQWH
Ͳ 2SWLPLFHODVFRQFHQWUDFLRQHVGH&2
6L OD WHPSHUDWXUD GHO HTXLSR FRUUHVSRQGH D ODV HVSHFLILFDFLRQHV GHO
IDEULFDQWH HQWRQFHV HO VLVWHPD HVWi HQ OD PD\RU SDUWH GH ORV FDVRV
FRUUHFWDPHQWHUHJXODGRWHVWR
$3/,&$&,21(6'(/$&20%867,Ï1
Ͳ &DOHIDFFLyQSODQWDVGHFDOHIDFFLyQFDOHIDFFLyQJHQHUDO
Ͳ *HQHUDFLyQGHHQHUJtDHOpFWULFD
Ͳ *HQHUDFLyQ GH YDSRU \ DJXD FDOLHQWH SDUD XVR HQ LQGXVWULDV GH
SURFHVR
Ͳ )DEULFDFLyQGHFLHUWRVPDWHULDOHVFHPHQWRYLGULRFHUiPLFD
Ͳ 7UDWDPLHQWRWpUPLFRGHVXSHUILFLHGHSDUWHVPHWiOLFDV
Ͳ ,QFLQHUDFLyQGHGHVSHUGLFLRV\UHVLGXRV
,03$&72 $0%,(17$/ '( /26 *$6(6 3529(1,(17(6 '( /$
&20%867,Ï1,1'8675,$/
'Ly[LGRGHFDUERQR&2
(VWH JDV FRQWULEX\H FRQVLGHUDEOHPHQWH DO HIHFWR LQYHUQDGHUR GHELGR D VX
FDSDFLGDG GH ILOWUDU OD UDGLDFLyQ GH FDORU 8QD GH ODV PDQLIHVWDFLRQHV HV OD
GLVPLQXFLyQGHODVPDVDVGHKLHORHQODV]RQDVSRODUHVFRQHOFRQVHFXHQWH
DXPHQWRGHODWHPSHUDWXUDPHGLDGHOSODQHWD&RQFHQWUDFLRQHVVXSHULRUHVD
HQHODPELHQWHFRQOOHYDDXQDSHUGLGDLQPHGLDWDGHFRQFLHQFLDWHVWR
0RQy[LGRGHFDUERQR&2
(O 0RQR[LGR GH FDUERQR HV YHQHQRVR HQ HVSDFLRV FHUUDGRV HO YDORU OtPLWH
HQOXJDUHVGHWUDEDMRHVGHSSP
(Q HO RUJDQLVPR GH ORV VHUHV KXPDQRV HO &2 VH FRPELQD FRQ OD
KHPRJORELQD GH OD VDQJUH \ FRPR UHVXOWDGR REVWDFXOL]D HO WUDQVSRUWH \
SURYLVLyQGHR[tJHQRDORVyUJDQRVLQWHUQRV
$FRQWLQXDFLyQOD7DEODLQGLFDORVYDORUHVGH&2\VXLPSDFWRWHVWR
7DEOD&RQVHFXHQFLDVHQODVDOXGKXPDQDSRULQKDODFLyQGH&2
&21&(175$&,Ï1'(
&2(1(/$,5(
7,(032'(,1+$/$&,Ï1<()(&726
9DORU OtPLWH XPEUDO FRQFHQWUDFLyQ Pi[ TXH VH
SXHGHUHVSLUDUGXUDQWHXQSHUtRGRGHKRUDV
SSP
SSP
SSP
'RORUGHFDEH]DHQHOiUHDGHODIUHQWHHQy
KRUDV TXH VH H[WLHQGH D WRGD HO iUHD GH OD
FDEH]D
SSP
0DUHR QiXVHDV \ WHPEORUHV HQ ODV SLHUQDV HQ
PLQXWRV3pUGLGDGHODFRQFLHQFLDHQKRUDV
SSP
&HIDOHD QiXVHDV \ PDUHRV HQ PLQXWRV
0XHUWHHQKRUDV
SSP
&HIDOHD QiXVHDV \ PDUHRV HQ y PLQXWRV
0XHUWHHQPLQXWRV
SSP
&HIDOHD\PDUHRV HQ yPLQXWRV 0XHUWHHQ
yPLQXWRV
SSP
0XHUWHHQyPLQXWRV
'RORUGHFDEH]DOHYHHQyKRUDV
)XHQWHWHVWR7HFQRORJtDGH0HGLFLyQHQ&DOGHUDV
Ï[LGRVGHQLWUyJHQR12\12VXPDQ12[
6RQFDWDORJDGRVFRPRUHVSRQVDEOHVGHFDXVDUGLVPLQXFLyQHQODVIXQFLRQHV
SXOPRQDUHV HVSHFLDOPHQWH HQ SHUVRQDV FRQ HQIHUPHGDGHV UHVSLUDWRULDV
SUHYLDVWHVWR
'Ly[LGRGHD]XIUH62
(O YDORU OtPLWH HQ HO OXJDU GH WUDEDMR HV GH SSP -XQWR FRQ DJXD R
FRQGHQVDGRV IRUPD HO iFLGR VXOI~ULFR +62 ORV GRV VRQ EDVWDQWH
SHUMXGLFLDOHV /RV y[LGRV GH D]XIUH SURGXFHQ WDPELpQ HQIHUPHGDGHV
UHVSLUDWRULDV3DH]
(QHORUJDQLVPRKXPDQRFDXVDORVVLJXLHQWHVHIHFWRV
Ͳ 2SDFDPLHQWRGHODFyUQHD
Ͳ ,QIODPDFLyQGHODVYtDVUHVSLUDWRULDV
Ͳ ,UULWDFLyQ RFXODU SRU IRUPDFLyQ GH iFLGR VXOIXURVR VREUH ODV PXFRVDV
K~PHGDV
Ͳ $OWHUDFLRQHVSVtTXLFDV
Ͳ (GHPDSXOPRQDU
Ͳ 3DURFDUGLDFR
Ͳ &RODSVRFLUFXODWRULR
(Q OD 7DEOD VH PXHVWUD ORV HIHFWRV SRU LQKDODFLyQ HQ OD VDOXG
KXPDQDTXHGHSHQGHGHODFRQFHQWUDFLyQGH62
7DEOD(IHFWRVGHO62VREUHODVDOXGKXPDQD
&21&(175$&,Ï1
(1+25$6
—JP
()(&722%6(59$'2
±
3RVLEOH LQFUHPHQWR GH ORV WUDVWRUQRV UHVSLUDWRULRV WRV
LUULWDFLyQ GH OD JDUJDQWD \ VLOELGRV HQ HO SHFKR HQ
SHUVRQDVFRQDVPD
±
,QFUHPHQWR GH ORV WUDVWRUQRV UHVSLUDWRULRV HQ SHUVRQDV
FRQ DVPD \ DJUDYDPLHQWR GH ODV SHUVRQDV FRQ
HQIHUPHGDGHVSXOPRQDUHV\FDUGtDFDV
±
,QFUHPHQWR VLJQLILFDWLYR GH ORV WUDVWRUQRV UHVSLUDWRULRV
HQSHUVRQDVFRQDVPD\DJUDYDPLHQWRGHODVSHUVRQDV
FRQHQIHUPHGDGHVSXOPRQDUHV\FDUGtDFDV
±
7UDVWRUQRVUHVSLUDWRULRVVHYHURVHQSHUVRQDVFRQDVPD
\ ULHVJR VHULR GH DJUDYDPLHQWR GH ODV SHUVRQDV FRQ
HQIHUPHGDGHVSXOPRQDUHV\FDUGtDFDV
‫ޓ‬
&DPELRV HQ OD IXQFLyQ SXOPRQDU \ WUDVWRUQRV
UHVSLUDWRULRVHQLQGLYLGXRVVDQRV
)XHQWH*HVWLyQGHOD&DOLGDGGHO$LUH
+LGURFDUEXURV&[+\R+&
/RV&[+\VRQODEDVHGHODTXtPLFDRUJiQLFDHQODQDWXUDOH]DVHHQFXHQWUDQ
HQ HO FUXGR GH SHWUyOHR JDV QDWXUDO \ FDUEyQ /DV HPLVLRQHV WLHQHQ OXJDU
GXUDQWH OD SURGXFFLyQ GH SURGXFWRV KLGURFDUERQDWRV DVt FRPR GXUDQWH VX
XVR \ TXHPDGR 2WURV HMHPSORV VRQ GLVROYHQWHV SOiVWLFRV EDUQLFHV
FRPEXVWLEOHVGHYHKtFXORVHWF/DVIXHQWHVGHHPLVLyQGH&[+\WDPELpQVH
IRUPDQ GHELGR D XQ SURFHVR GH FRPEXVWLyQ LQFRPSOHWD SRU HMHPSOR HQ
LQFHQGLRVIRUHVWDOHV/DVHPLVLRQHVGHKLGURFDUEXURVWDPELpQFRQWULEX\HQDO
HIHFWRLQYHUQDGHUR3DH]
6yOLGRVSROYRKROOtQ
(O PDWHULDO SDUWLFXODGR HV SHOLJURVR SDUD ORV VHUHV YLYRV SRUTXH SURGXFH
DIHFFLRQHV UHVSLUDWRULDV GHELGR D ODV VXVWDQFLDV Wy[LFDV \R FDQFHUtJHQDV
TXHVHSUHVHQWDQHQODVSDUWLFXODV
(IHFWRLQYHUQDGHUR
(VXQRGHORVSULQFLSDOHVIDFWRUHVTXHSURYRFDQHOFDOHQWDPLHQWRJOREDOGHOD
WLHUUDGHELGRDTXHGHWHUPLQDGRVJDVHVUHWLHQHQ SDUWHGHODHQHUJtDTXHHO
VXHORHPLWHSRUKDEHUVLGRFDOHQWDGRSRUODUDGLDFLyQVRODU\DVtDXPHQWDUOD
WHPSHUDWXUDGHOJORERWHUUHVWUH
/D7DEODLQGLFDDOJXQRVYDORUHVGHORVJDVHVGHHIHFWRLQYHUQDGHUR
3DH]
7DEOD*DVHVTXHFRQWULEX\HQDOHIHFWRLQYHUQDGHUR
7LSRGH*DV
&RQFHQWUDFLyQ$FWXDO &RQWULEXFLyQƒ&
9DSRU'H$JXD
±
'Ly[LGR'H&DUERQR
SSP
2]RQR
SSP
Ï[LGR'H1LWUyJHQR
SSP
0HWDQR
SSP
2WURV
SSP
)XHQWH,QJHQLHUtD$PELHQWDO
$8',725Ë$(1(5*e7,&$
&21&(372
8QD DXGLWRUtD HQHUJpWLFD HV XQD LQVSHFFLyQ HVWXGLR \ DQiOLVLV GH ORV IOXMRV
GHHQHUJtDHQXQHGLILFLRSURFHVRRVLVWHPDFRQHOREMHWLYRGHFRPSUHQGHU
OD HQHUJtD GLQiPLFD GHO VLVWHPD EDMR HVWXGLR 1RUPDOPHQWH XQD DXGLWRUtD
HQHUJpWLFD VH OOHYD D FDER SDUD EXVFDU RSRUWXQLGDGHV SDUD UHGXFLU OD
FDQWLGDG GH HQHUJtD GH HQWUDGD HQ HO VLVWHPD VLQ DIHFWDU QHJDWLYDPHQWH OD
VDOLGD(VTXHUUD
/DDXGLWRUtDHQHUJpWLFDHVXQSURFHVRVLVWHPiWLFRPHGLDQWHHOTXH
Ͳ 6H REWLHQH XQ FRQRFLPLHQWR VXILFLHQWHPHQWH ILDEOH GHO FRQVXPR
HQHUJpWLFRGHXQDHPSUHVD
Ͳ 6HGHWHFWDQORVIDFWRUHVTXHDIHFWDQDOFRQVXPRGHHQHUJtD
Ͳ 6H LGHQWLILFDQ HYDO~DQ \ RUGHQDQ ODV GLVWLQWDV RSRUWXQLGDGHV GH
DKRUURGHHQHUJtDHQIXQFLyQGHVXUHQWDELOLGDG
2%-(7,926'(81$$8',725,$(1(5*e7,&$
Ͳ 2EWHQHUXQFRQRFLPLHQWRILDEOHGHORVFRQVXPRVHQHUJpWLFRV
Ͳ 2SWLPL]DUHOVXPLQLVWURGHHQHUJtD
Ͳ 0HMRUDUODFRQWUDWDFLyQGHODHQHUJtDHOpFWULFD\ORVFRPEXVWLEOHV
Ͳ ,GHQWLILFDUHOFRVWHHQHUJpWLFR
Ͳ 'HWHFWDU \ HYDOXDU ODV RSRUWXQLGDGHV GH DKRUUR \ GH PHMRUD GH OD
HILFLHQFLDHQHUJpWLFD
Ͳ (OLPLQDUODVSpUGLGDVHQHUJpWLFDV
Ͳ $QDOL]DUODSRVLELOLGDGGHXWLOL]DUHQHUJtDVUHQRYDEOHV
%(1(),&,26
Ͳ 5HGXFFLyQGHORVFRVWHVHQHUJpWLFRVPHGLDQWHODRSWLPL]DFLyQGHORV
FRQVXPRVHQHUJpWLFRV
Ͳ $XPHQWRGHODYLGD~WLOGHORVHTXLSRV
Ͳ $XPHQWRGHODFRPSHWLWLYLGDG
Ͳ 0HMRUD GH OD LPDJHQ FRUSRUDWLYD SRU OD FRQWULEXFLyQ DO FXLGDGR GHO
DPELHQWH
Ͳ $FFHVRDD\XGDVS~EOLFDVSRUODUHDOL]DFLyQGH(VWXGLRV(QHUJpWLFRV
7,326'($8',725Ë$(1(5*e7,&$
D $XGLWRUtD,QIRUPiWLFD
Ͳ $QDOL]DUHOFRQVXPRGHHQHUJtD
Ͳ &RQWURODUODFDQWLGDG\HOFRVWRGHHQHUJtDHOpFWULFDXWLOL]DGD
Ͳ &RQWURODU\YDOLGDUHOSDJRGHODVIDFWXUDVGHHQHUJtDHOpFWULFD
Ͳ 3UHYHUIOXMRGHFDMDGDIDFWXUDVDUHFLELU
Ͳ 'LDJQRVWLFDURSRUWXQLGDGHVGHHILFLHQFLD
Ͳ (YDOXDUORVUHVXOWDGRVGHODVDFFLRQHVGHHILFLHQFLD
E $XGLWRUtD$GPLQLVWUDWLYD
Ͳ &ODVLILFDFLyQGHODVFXHQWDVGHHQHUJtD
Ͳ 5HJXODUL]DFLyQGHODGHPDQGDFRQWUDWDGD
Ͳ $OWHUDFLyQGHODHVWUXFWXUDWDULIDULD
Ͳ 'HVDFWLYDFLyQGHODVLQVWDODFLRQHVVLQXWLOL]DFLyQ
Ͳ (QWHQGLPLHQWRV FRQ ODV GLVWULEXLGRUDV GH HQHUJtD SDUD
GLVPLQXFLyQGHWDULIDV
F $XGLWRUtD7pFQLFD
Ͳ &RUUHFFLyQGHOIDFWRUGHSRWHQFLD
Ͳ $OWHUDFLyQGHODWHQVLyQGHDOLPHQWDFLyQ
Ͳ 0HMRUDGHOIDFWRUGHFDUJDHQODVLQVWDODFLRQHV
Ͳ 0RGLILFDFLyQGHODDOWXUDJHRPpWULFD
Ͳ 'LVPLQXFLyQGHODSRWHQFLDGHORVHTXLSDPLHQWRV
Ͳ 5HGXFFLyQGHODVSpUGLGDVGHFDUJDHQODVWXUEXOHQFLDV
Ͳ 5HGXFFLyQGHOYROXPHQGHDJXDERPEHDGD
Ͳ 0HMRUD HQ HO UHQGLPLHQWR GHO FRQMXQWR PRWRU ERPED 6DQFKR
0LUy*DOODUGR
/D)LJXUDPXHVWUDODVIDVHVGHXQD$XGLWRUtD(QHUJpWLFD
35(',$*1Ï67,&2
'DWRVJHQHUDOHV\GH
SURGXFFLyQ
$8',725Ë$(1(5*e7,&$
'LDJUDPDGHSURFHVR
'DWRVJHQHUDOHV
&RQVXPRDQXDOGHHQHUJtD
&RQVXPRVHQHUJpWLFRV
'LVWULEXFLyQGHOFRQVXPR
0HGLFLRQHVHOpFWULFDV\
WpUPLFDV
3ULQFLSDOHVHTXLSRV
$QiOLVLV\FiOFXORV
5HVLGXRV\HIOXHQWHV
UHFXSHUDEOHV
$KRUURGHHQHUJtD
*HQHUDFLyQGHHQHUJtD
6XVWLWXFLyQGHHQHUJtD
&RQFOXVLRQHVGHODDXGLWRUtD
5HFRPHQGDFLRQHVGHOHTXLSR
DXGLWRU
',$*1Ï67,&2'(
,PSOHPHQWDFLyQGHODV
PHMRUDVRSDUWHGHODV
PLVPDVSRUODHPSUHVD
6(*8,0,(172
)LJXUD)DVHVGHXQDDXGLWRUtDHQHUJpWLFD
(QOD)LJXUDVHGHWDOODQORVQLYHOHVGHXQD$XGLWRULD(QHUJpWLFD
(YDOXDFLyQGHOHVWDGRJHQHUDOGHODV
LQVWDODFLRQHVPHGLDQWHLQVSHFFLyQWpFQLFD
UHYLVLyQGHIDFWXUDV\FRQVXPLGRUHVSULQFLSDOHV
2EWHQFLyQGHXQLQIRUPHGHHVWDGRGHODV
1,9(/,
LQVWDODFLRQHV
2EWHQFLyQGHXQLQIRUPHGHHVWDGRGHODV
LQVWDODFLRQHV
$QiOLVLVGHVLVWHPDVHLQVWDODFLRQHVFRQPD\RU
SURIXQGLGDGTXHXQGLDJQyVWLFR
&DPSDxDGHPHGLFLRQHVPiVH[WHQVDFRQ
1,9(/,,
LQVWUXPHQWDFLyQHOpFWULFD\WpUPLFD
5HDOL]DFLyQGHHVWLPDFLRQHVHFRQyPLFDVGH
LQYHUVLyQ\DPRUWL]DFLyQ
(VWXGLRFRPSOHWRGHWRGRVORVVHUYLFLRV
LQVWDODFLRQHV\VLVWHPDVFRQVXPLGRUHVGH
HQHUJtD
,QYHQWDULRFRPSOHWRGHVLVWHPDVDQDOL]DHOXVR
UpJLPHQ\IXQFLRQDPLHQWR\FRQGLFLRQHVGH
1,9(/,,,
RSHUDFLyQGHWRGRVORVHTXLSRV
6LPXODFLyQLQIRUPiWLFDGHVLVWHPDV\HOHPSOHR
GHLQVWUXPHQWDFLyQWpUPLFDHOpFWULFD
&iOFXORVGHWDOODGRVGHDKRUURGHHQHUJtD
UHGXFFLyQGHFRVWHV\HPLVLRQHV
)LJXUD1LYHOHVGHDOFDQFHGHXQD$XGLWRUtD(QHUJpWLFD
$1$/,=$'25(6'(*$6(6'(7,32,1'8675,$/
'HWHFWDQ JDVHV HQ SURFHVRV TXtPLFRV \ PHWDO~UJLFRV HQ HO iUHD GH
VHJXULGDG\FRQWURODPELHQWDOVLUYHQSDUDWRPDUPXHVWUDVGHORVJDVHVTXH
VDOHQ GH FKLPHQHDV R FRQGXFWRV GH KXPRV D ORV TXH SRU PHGLR GH ORV
VHQVRUHV HOHFWURTXtPLFRV VH SXHGHQ VDEHU ODV FRQFHQWUDFLRQHV GH VXV
FRPSRQHQWHV
(VWRV DQDOL]DGRUHV GH JDVHV YLHQHQ SURYLVWRV GH XQD VRQGD WHUPRSDU TXH
WRPD OD WHPSHUDWXUD GH ORV JDVHV \ WLHQH XQ FRQGXFWR GH DVSLUDFLyQ GH
GRQGH VH WRPD OD PXHVWUD GH ORV JDVHV LQPHGLDWDPHQWH XQD YH]
VHOHFFLRQDGRHOWLSRGHFRPEXVWLEOH
(O DQDOL]DGRU GH JDVHV LQGLFD ORV UHVXOWDGRV TXH HO XVXDULR QHFHVLWD HQ VX
SDQWDOODHQWUHHVWRVSXHGHQHVWDU
&2HQYROXPHQ
2HQYROXPHQ
&2SSP
H[FHVRGHDLUH
(VWRV LQVWUXPHQWRV VRQ FRPSDFWRV OLJHURV WUDQVSRUWDEOHV GH IiFLO XVR
PHGLFLyQ UiSLGD VX FRQVXPR GH HQHUJtD \ PDQWHQLPLHQWR HV PtQLPR
DGHPiVVHORVSXHGHFHUWLILFDUFDOLEUDUUHFDOLEUDUSDUDFXPSOLUFRQQRUPDV
LQWHUQDFLRQDOHVWHVWR
&/$6,),&$&,Ï1'(/26$1$/,=$'25(66(*Ò168',6(f2
Ͳ $QDOL]DGRUHV SRUWiWLOHV DSOLFDFLyQ PyYLO VH OR UHDOL]D HQ GLIHUHQWHV
SXQWRV\VXPHGLFLyQHVFRUWD
Ͳ $QDOL]DGRUHV SDUD LQVWDODFLRQHV ILMDV PHGLFLRQHV FRQWLQXDV HQ
SXQWRVILMRVGXUDQWHPHVHV\DxRV
Ͳ $QDOL]DGRUHV LQVLWX 6H LQVWDODQ \ RSHUDQ GLUHFWDPHQWH HQ HO
SURFHVR
Ͳ $QDOL]DGRUHVH[WUDFWLYRV6HLQVWDODIXHUDGHODFRUULHQWHGHOSURFHVR
\XWLOL]DXQDVRQGDGHPXHVWUHR
/RV VHQVRUHV VRQ OD SDUWH PiV LPSRUWDQWH HQ XQ DQDOL]DGRU GH JDVHV TXH
PLGHQ XQD FDQWLGDG ItVLFD R XQ FDPELR HQ XQD FDQWLGDG ItVLFD FRPR
WHPSHUDWXUD SUHVLyQ FRQFHQWUDFLyQ 8Q VHQVRU HVWi IRUPDGR SRU HO
HOHPHQWR VHQVRU VHQVRU HOHPHQWDO \ XQ WUDQVPLVRU (O HOHPHQWR VHQVRU
GHEH WHQHU XQD FDUDFWHUtVWLFD SHM FRQGXFWLYLGDG DEVRUFLyQ GH OX] TXH
FDPELD FRQ ODV YDULDFLRQHV GHO FRPSRQHQWH GH PHGLFLyQ (QWRQFHV HO
WUDQVPLVRU WUDQVIRUPD HVWD ³UHDFFLyQ´ GHOHOHPHQWR VHQVRUHQXQD VHxDO GH
PHGLFLyQWHVWR
(QOD7DEODGHVFULEHDOJXQRVGHORVJUXSRVPiVXWLOL]DGRV
7DEOD7LSRVGHVHQVRUHV\VXVSULQFLSLRVGHPHGLFLyQ
6(1625
6HQVRUHOHFWURFDWDOtWLFR
6HQVRUSRODURJUiILFR
6HQVRUySWLFR
6HQVRUFDORULPpWULFR
35,1&,3,2'(0(',&,Ï1
&RQGXFWLYLGDGHOpFWULFD
,QWHUDFFLyQ HQWUH OD HQHUJtD
TXtPLFD\ODHQHUJtDHOpFWULFD
&DUDFWHUtVWLFDVySWLFDV
5HDFFLyQ DO FDORU GXUDQWH OD
LQWHUDFFLyQFRQFLHUWRVJDVHV
$EVRUFLyQ GH OD UDGLDFLyQ
6HQVRUIRWRPpWULFR
SRU HMHPSOR LQIUDUURMRV R
XOWUDYLROHWDV
6HQVRUSDUDPDJQpWLFR
&DUDFWHUtVWLFDV
SDUDPDJQpWLFDVGHR[tJHQR
)XHQWHWHVWR$QiOLVLVGHJDVHVGHFRPEXVWLyQHQODLQGXVWULD
/D)LJXUDLQGLFDHOIXQFLRQDPLHQWRGHXQVHQVRUGHR[tJHQR
)LJXUD(VTXHPDGHXQVHQVRUGHR[tJHQR
)XHQWHWHVWR$QiOLVLVGHJDVHVGHFRPEXVWLyQHQODLQGXVWULD
Ͳ (OJDVGHFRPEXVWLyQUHVSHFWRDODVPROpFXODVGHR[tJHQRDWUDYLHVD
OD PHPEUDQD \ OOHJD DO FiWRGR GHO VHQVRU 'HELGR D OD FRPSRVLFLyQ
GHOPDWHULDOGHOFiWRGRWLHQHOXJDUXQDUHDFFLyQTXtPLFDTXHSURYRFD
ODOLEHUDFLyQGHLRQHV2+SDUWtFXODVFDUJDGDV
Ͳ /RVLRQHVHPLJUDQDWUDYpVGHOIOXLGRHOHFWUROtWLFRDOiQRGRGHOVHQVRU
Ͳ (O PRYLPLHQWR GHLRQHV SURGXFH XQD FRUULHQWH HOpFWULFDHQHOFLUFXLWR
H[WHUQR SURSRUFLRQDO D OD FRQFHQWUDFLyQ GH 2 HVWR VLJQLILFD TXH D
PD\RUFRQFHQWUDFLyQPD\RUFRUULHQWHHOpFWULFD
Ͳ 6H PLGH OD YDULDFLyQ GH YROWDMH HQ OD UHVLVWHQFLD \ VH SURFHVD
HOHFWUyQLFDPHQWHWHVWR
/DYLGDHQVHUYLFLRGHORVVHQVRUHVGHR[tJHQRHVGHXQRVDxRV
3DUD SUHYHQLUGDxRVHQODVFpOXODVGHPHGLFLyQ GHEHQ HYLWDUVH ORVOXJDUHV
HQ TXH SXHGDQ SUHFLSLWDU ORV FRQGHQVDGRV /RV DQDOL]DGRUHV PRGHUQRV
XWLOL]DQ WUDPSLOODV GH FRQGHQVDGRV LQGHSHQGLHQWHV SDUD SURWHJHU HO
LQVWUXPHQWR
/D )LJXUD PXHVWUD HQ IRUPDVLPSOLILFDGD OD GLVSRVLFLyQ GH ODOtQHD GH
JDV
)LJXUD(VTXHPDVLPSOLILFDGRGHXQDOtQHDGHJDVHQXQDQDOL]DGRU
PRGHUQR
)XHQWHWHVWR$QiOLVLVGHJDVHVGHFRPEXVWLyQHQODLQGXVWULD
/DERPED3DVSLUDORVJDVHVGHODFRPEXVWLyQKDFtDHOWXERGHPXHVWUHR\
ORVHQYtDDODWUDPSLOODGHFRQGHQVDGRV(OWHUPRSDUHQODSXQWDGHODVRQGD
PLGHODWHPSHUDWXUDGHORVJDVHV
/D WUDPSLOOD GH FRQGHQVDGRV \ HO ILOWUR LQWHJUDO ³VHFDQ´ ORV JDVHV GH
FRPEXVWLyQ \ UHWLHQHQ ODV SDUWtFXODV GH SROYR X KROOtQ /D PXHVWUD GH JDV
SDVDSRUODERPED3\VHOHIXHU]DDSDVDUSRUXQFDSLODUKDVWDOOHJDUDXQD
DQWHFiPDUD OXHJR HO JDV D PHGLU IOX\H KDVWD ODV FpOXODV GH PHGLFLyQ TXH
VHJ~QHOGLVHxRPLGHODVFRQFHQWUDFLRQHVGH2&21212\62
/D WHPSHUDWXUD GHO DLUH GH FRPEXVWLyQ OD PLGH XQ VHQVRU GH WHPSHUDWXUD
FRQHFWDGRGLUHFWDPHQWHDOLQVWUXPHQWRGHPHGLFLyQWHVWR
È5($6'($3/,&$&,Ï1
/RVDQDOL]DGRUHVGHJDVHVWLHQHQYDULDViUHDVGHDSOLFDFLyQSULQFLSDOHV
2SWLPL]DFLyQGHODFRPEXVWLyQ3URFHVRVGHFRPEXVWLyQFRQHOREMHWLYR
GH DKRUUDU HQHUJtD SURWHJHU OD SODQWD H[WHQVLyQ GH YLGD GH VHUYLFLR \
PLQLPL]DUODVHPLVLRQHV
&RQWURO GHO SURFHVR &RQWURO GH XQD FRPSRVLFLyQ FRQFUHWD GH JDV SDUD
FRQWURODU XQ SURFHVR GH HODERUDFLyQ FRQ HO ILQ GH REWHQHU FLHUWDV
HVSHFLILFDFLRQHV\FXDOLGDGHVGHOSURGXFWR
&RQWURO GH HPLVLRQHV 5HYLVLyQ GH SODQWDV GH OLPSLH]D GH JDV SDUD
FRUUHJLU OD RSHUDFLyQ \ FRQWURODU ODV FRQFHQWUDFLRQHV GH FRQWDPLQDQWHV GH
JDVHV GH FRPEXVWLyQ SDUD TXH FXPSODQ HO YDORU OtPLWH HVSHFLILFDGR WHVWR
/D 7DEOD GHWDOOD ODV DSOLFDFLRQHV HQ ODV TXH VH SXHGH XWLOL]DU HO
DQDOL]DGRUGHJDVHV
7DEODÈUHDV\REMHWLYRVGHDSOLFDFLyQGHODQiOLVLVGHJDVHV
$SOLFDFLRQHV\REMHWLYRVGHODQiOLVLVGHJDVHV
&RQWUROGHILOWUR\
FRQWUROGHOJDVGH
&RQWUROGHXQD
2SWLPL]DFLyQGH
HVFDSHSDUDTXH
DWPyVIHUDGHJDV
ODFRPEXVWLyQ
FXPSODQODV
FRQFUHWD
HVSHFLILFDFLRQHVGH
HPLVLRQHVOtPLWH
*HQHUDFLyQ\
0LQLPL]DUORV
FRQVHUYDFLyQGH
&XPSOLPLHQWRGH
FRVWHVRSHUDWLYRV
XQDFXDOLGDG
ODVQRUPDVGH
\ODHPLVLyQGH
HVSHFtILFDGHO
HPLVLyQ
FRQWDPLQDQWHV
SURGXFWR
8WLOL]DFLyQ
&RQWUROGH
FRPEXVWLyQ
&RQWUROGHO
SURFHVR
&RQWUROGH
HPLVLRQHV
;
;
;
;
;
;
;
;
;
;
;
;
;
;
;
;
;
&HPHQWRFDO
FULVWDO
3URGXFFLyQGH
PHWDO
7UDWDPLHQWRGH
PHWDO
*HQHUDFLyQGH
FDORU
(OLPLQDFLyQGH
GHVHFKRV
,QYHVWLJDFLyQ\
GHVDUUROOR
4XtPLFD
SHWURTXtPLFD
)XHQWHWHVWR$QiOLVLVGH*DVHVGH&RPEXVWLyQHQOD,QGXVWULD
1250$6 '( ,03$&72 < &217$0,1$&,Ï1 $0%,(17$/
1$&,21$/(6(,17(51$&,21$/(6
0XFKRV SDtVHV HVWiQ REOLJDGRV D FXPSOLU UHJXODFLRQHV OHJDOHV TXH HVWpQ
UHODFLRQDGDVFRQHPLVLRQHVGHJDVHVSDUDGHHVWHPRGRJDUDQWL]DUTXHQR
VREUHSDVHORVYDORUHVOtPLWHHVWDEOHFLGRVFRPRSRUHMHPSORHQ$OHPDQLDOD
HQFDUJDGD HV ³%XQGHVLPPLVVLRQV6FKXW]JHVHW]´ %OP6FK* R 'HFUHWR
)HGHUDO GH &RQWURO GH (PLVLyQ )HGHUDO HQ ((88 HV HO 'HFUHWR GHO $LUH
/LPSLRGHOD$JHQFLDGH3URWHFFLyQGHO$PELHQWH(QYLURQPHQWDO3URWHFWLRQ
$JHQF\ (3$ HQ (XURSD R $VLD WRGDYtD QR H[LVWHQ UHJXODFLRQHV \ HV SRU
HVR TXH DOJXQRV SDtVHV XWLOL]DQ HO %OP6FK* GH $OHPDQLD R HO 'HFUHWR GH
$LUH /LPSLR GH 86$ &OHDU $LU $FW FRPR EDVH SDUD VXV SURSLDV
HVSHFLILFDFLRQHVWHVWR
1250$6,17(51$&,21$/(6
)XQGDPHQWRVDOHPDQHV
'HFUHWR )HGHUDO GH &RQWURO GH (PLVLRQ %XQGHVLPPLVLRQVVFKXW]JHVHW]
%LP6FK*
1XPHURVDV RUGHQDQ]DV UHVSHFWR D UHJXODFLRQHV SDUD OD LPSODQWDFLyQ GH OD
OH\5HFKWVYHURUGQXQJHQ%LP6FK9
5HJXODFLRQHV HVSHFtILFDV FRPR HO 7$ /XIW 7HFKQLVFKH $QOHLWXQJ /XIW \ OD
,QVWUXFFLyQ7pFQLFDGHO$LUH7,$LU
(O7,$LUHVXQGRFXPHQWRDGPLQLVWUDWLYRHQODOH\GHFRQWURO%LP6FK*TXH
FRPSUHQGH UHJXODFLRQHV GHVGH OD SULPHUD DSOLFDFLyQ SDUD XQD LQVWDODFLyQ
KDVWD HO FRQWURO GH IXQFLRQDPLHQWR UXWLQDULR H LQFOX\H HVSHFLILFDFLRQHV GH
YDORUHVGHHPLVLyQOtPLWHGHFRQWDPLQDQWHV
&XDQGR VH FRQVWUX\H XQD QXHYD SODQWD R VH UHFRQVWUX\H H[LVWH XQD
RUJDQL]DFLyQ TXH UHDOL]D HO SULPHU HQVD\R \ FHUWLILFD GHQWUR GH ORV ± PHVHV GHVSXpV GH OD SXHVWD HQ PDUFKD \ OXHJR VH UHDOL]DQ PHGLFLRQHV
SXQWXDOHV GH PLQXWRV FDGD DxRV GH WDO PDQHUD TXH HVWDV PHGLFLRQHV
VHFRPSDUDQFRQORVYDORUHVOtPLWHVHVSHFLILFDGRVWHVWR
)XQGDPHQWRVHQ((88
$JHQFLD GH 3URWHFFLyQ GHO $PELHQWH 86 (QYLURQPHQWDO 3URWHFWLRQ $JHQF\
(3$(VWDDJHQFLDGHVDUUROODPpWRGRVGHHQVD\R\RUGHQDQORVFRQWUROHV
GH HTXLSR SDUD DVt UHGXFLU OD FRQWDPLQDFLyQ GH OD VDOXG KXPDQD \ GHO
DPELHQWH (Q ((88 FDGD HVWDGR HV UHVSRQVDEOH GH RWUDV UHJXODFLRQHV
HVSHFtILFDV \ HVWDV SXHGHQ VHU PXFKR PiV HVWULFWDV TXH ORV UHTXLVLWRV
IHGHUDOHV WDPELpQ VH HVWDEOHFHQ ³iUHDV GH ORJUR´ \ VRQ DTXHOODV GRQGH HO
DLUHDPELHQWHHVUHODWLYDPHQWHOLPSLR\ODVOODPDGDV³iUHDVGHQRORJUR´\
VRQ ODV TXH VH HQFXHQWUDQ DOUHGHGRU GH XQD FLXGDG \ VX iUHD HV PX\
FRQWDPLQDGD
([LVWHQPpWRGRVSDUDODWRPDGHJDVHVHQHVWHSDtV\VRQ
Ͳ 0pWRGR GH HQVD\R GH IXHQWH HQVD\R GH FKLPHQHD HQVD\R SXQWXDO \
HQRWURVFDVRVORVHQVD\RVVRQDQXDOHVRFDGDDxRV
Ͳ 0pWRGRGHVLVWHPDVGHFRQWUROGHHPLVLRQHVHQVD\RGHFKLPHQHDFDGD
DxR
&RQODILQDOLGDGGHQRFRQWDPLQDUHODPELHQWHH[LVWHQDJHQFLDVGHDSOLFDFLyQ
GH UHJXODUL]DFLRQHV ODV PLVPDV TXH HPLWHQ PXOWDV FLYLOHV \R DFFLRQHV
SHQDOHVVLQRVHFXPSOHQODVQRUPDV
/D 86 (3$ \ OD 6RFLHGDG $PHULFDQD KDQ HPLWLGR PpWRGRV GH HQVD\R GH
DQDOL]DGRUHV SRUWiWLOHV ORV PLVPRV TXH GHEHQ GH FXPSOLU HVWiQGDUHV GH
FRQWUROGHFDOLGDGWHVWR
1RUPDV1DFLRQDOHV
(O 0LQLVWHULR GHO 0HGLR $PELHQWH GHO (FXDGRU EDMR HO DPSDUR GH OD /H\ GH
*HVWLyQ$PELHQWDO \GHO5HJODPHQWRDOD/H\GH*HVWLyQ$PELHQWDOSDUDOD
3UHYHQFLyQ \ &RQWURO GH OD &RQWDPLQDFLyQ $PELHQWDO WLHQH FRPR SULQFLSDO
REMHWLYR SUHVHUYDU OD VDOXG GH ODV SHUVRQDV \ OD FDOLGDG GHO DLUH TXH VH
HQFXHQWUDHQHODPELHQWH
(QODUHDOL]DFLyQGHHVWHSUR\HFWRVHYDDFRPSDUDUORVGDWRVREWHQLGRVFRQ
OD 1250$ '( (0,6,21(6 $/ $,5( '(6'( )8(17(6 ),-$6 '(
&20%867,Ï1 TXH VH HQFXHQWUD HQ HO /,%52 9, $QH[R GH OD OH\
DQWHULRUPHQWHPHQFLRQDGD
(Q(FXDGRUODJHVWLyQDPELHQWDOLQLFLyHQVLQHPEDUJRWUDQVFXUULURQ
DxRV SDUD TXH VH HVWDEOH]FD XQD QRUPD GH FDOLGDG GHO DLUH OD FXDO IXH
DSUREDGDPHGLDQWHUHJODPHQWRDODOH\UHIHULGDHQMXOLRGH(VWDQRUPD
VH EDVD HQ JXtDV GH OD 2UJDQL]DFLyQ 0XQGLDO GH OD 6DOXG 206 FX\RV
SDUiPHWURVVHORVSXHGHFRPSDUDUOD7DEOD3DH]
7DEOD&RPSDUDFLyQGHOtPLWHVPi[LPRVSHUPLWLGRVGHODQRUPD
HFXDWRULDQDFRQJXtDVGHOD206
&217$0,1$17(
81,'$'
3DUWtFXODV
VHGLPHQWDEOHV
PJFP
1$
—JP
—JP
—JP
—JP
—JP
1$
—JP
V
—JP
1$
—JP
—JP
—JP
1$
—JP
1$
—JP
—JP
1$
—JP
—JP
1$
0DWHULDOSDUWLFXODGR
30
0DWHULDOSDUWLFXODGR
30
0DWHULDOSDUWLFXODGR
30
'Ly[LGRGHD]XIUH
62
2]RQR2
'Ly[LGRGHQLWUyJHQR
12
1250$(&8$'25 *8Ë$6206
)XHQWH*HVWLyQGHOD&DOLGDGGHO$LUH
(VWDQRUPDHVREOLJDWRULD\ULJHHQWRGRQXHVWURSDtV\HVWDEOHFHORVOtPLWHV
SHUPLVLEOHV GH ODV HPLVLRQHV DO DLUH GHVGH GLIHUHQWHV DFWLYLGDGHV DGHPiV
SURYHH GH PpWRGRV SURFHGLPLHQWRV \ DOJXQRV FULWHULRV SDUD OD JHVWLyQ H
LQFOX\HDFFLRQHVSDUDHSLVRGLRVFUtWLFRVGHFRQWDPLQDFLyQDWPRVIpULFD
$O UHDOL]DU ODV GLYHUVDV PHGLFLRQHV pVWDV GHEHUiQ GHPRVWUDU FXPSOLPLHQWR
FRQ ORV YDORUHV Pi[LPRV SHUPLVLEOHV GH HPLVLRQHV DO DLUH GHILQLGRV HQ OD
QRUPDWpFQLFDVHJ~QFRUUHVSRQGD
/D1RUPDFRPSOHWDGHHPLVLRQHVDODLUHGHVGHIXHQWHVILMDVGHFRPEXVWLyQ
VHODLQFOX\HHQHO$1(;2
5(&20(1'$&,21(63$5$(/&803/,0,(172'(1250$6
$O DSOLFDU HVWD QRUPD VH GHEH GHILQLU VL OD IXHQWH ILMD HV VLJQLILFDWLYD R QR
SDUD HO SULPHU FDVR VH GHEHUi GHPRVWUDU HO UHVSHWLYR FXPSOLPLHQWR FRQ ORV
OtPLWHVPi[LPRVSHUPLVLEOHVGHHPLVLyQDODLUHSRUORWDQWRGHEHUiHIHFWXDU
PHGLFLRQHV GH OD WDVD GH HPLVLRQHV GH FRQWDPLQDQWHV \ SDUD HO VHJXQGR
FDVR HVWDV IXHQWHV QR HVWiQ REOLJDGDV D HIHFWXDU VXV HPLVLRQHV DFWXDOHV
FRQORFXDOHORSHUDGRURHOSURSLHWDULRGHEHUiWHQHUORVUHVSHFWLYRVUHJLVWURV
RFHUWLILFDGRVDILQGHUHSRUWDUDOD(QWLGDG$PELHQWDOGH&RQWUROFDGDDxR
7RGDV ODV IXHQWHV ILMDV GH FRPEXVWLyQ GHEHUiQ GH WHQHU VX UHVSHFWLYR
SHUPLVR TXH GHEHUi VHU UHQRYDGR SHULyGLFDPHQWH SRU OD (QWLGDG $PELHQWDO
GH&RQWURO
(QHO$QH[RVHPHQFLRQDQODVUHFRPHQGDFLRQHVSDUDHOFXPSOLPLHQWRGHOD
QRUPDGHHPLVLRQHVDODLUHGHVGHIXHQWHVILMDVGHFRPEXVWLyQ
&$3,78/2
,1)250$&,Ï17e&1,&$
0$18$/'(/(48,327(672
'(6&5,3&,Ï1'(/(48,32
3$57(6'(/,167580(172'(0(',&,Ï1
/D)LJXUDHVTXHPDWL]DODVSDUWHVGHODQDOL]DGRUGHJDVHV
%RWyQGHHQFHQGLGR
,QWHUIDFHV86%LQIUDUURMR
7UDPSD
GH
FRQGHQVDGR
SRVWHULRU
)LMDFLyQ GHO RMDO SDUD FRUUHD
GHVXMHFLyQ
'LVSOD\RSDQWDOOD
6XMHWDGRUHV
PDJQpWLFRV
SRVWHULRU
7HFODGR
&XELHUWD
GH
VHUYLFLR
SRVWHULRU
6DOLGDGHJDV
&RQH[LRQHVGHOLQVWUXPHQWR
)LJXUD3DUWHVGHO
DQDOL]DGRUGHJDVHVWHVWR
7HFODGR
%RWyQHQFHQGLGRDSDJDGR
%RWRQHV QDUDQMDV WLHQHQ YDULDV IXQFLRQHV TXH VH PXHVWUDQ HQ HO
GLVSOD\\GHSHQGHQGHOPHQ~
'HVSOD]DKDFLDDUULEDLQFUHPHQWDYDORUHV
'HVSOD]DKDFLDDEDMRGLVPLQX\HYDORUHV
$WUiVFDQFHODIXQFLyQ
$EUHHOPHQ~SULQFLSDO
$EUHHOGLDJQyVWLFRGHOLQVWUXPHQWR
&DPELDODOX]GHOGLVSOD\
&RQH[LRQHVGHO,QVWUXPHQWR
/D)LJXUDHQXPHUDODVFRQH[LRQHVGHODQDOL]DGRUGHJDVHV
&RQHFWRUGHOVHQVRU
&RQHFWRU SDUD WRPD GH JDVHV GH
FRPEXVWLyQ
&RQHFWRU SDUD DOLPHQWDFLyQ HOpFWULFD
SULQFLSDO
)LJXUD
&RQH[LRQHV
&RQHFWRUSDUDSUHVLyQS
&RQHFWRUSDUDSUHVLyQS
,QWHUIDFHV
/D)LJXUDGHVFULEHODVLQWHUIDFHVGHODQDOL]DGRUGHJDVHV
,QWHUID]SDUD86%SDUDFRQH[LyQFRQ3&
,QWHUID] SDUD ,QIUDUURMR SDUD FRQH[LyQ FRQ
LPSUHVRUDVDGDSWDEOHV
)LJXUD
,QWHUIDFHV
&RPSRQHQWHV
/D)LJXUDHQXPHUDORVFRPSRQHQWHVGHODQDOL]DGRUGHJDVHV
%DWHUtDUHFDUJDEOH
%RPEDSDUDPHGLFLyQGHJDVHV
&pOXODV SDUD PHGLFLyQ 6ORW &2 12
62
&pOXODVSDUDPHGLFLyQ6ORW2
&pOXODVSDUDPHGLFLyQ6ORW1262
)LOWURDGLFLRQDO
)LJXUD&RPSRQHQWHV
(QFDEH]DGR
/D)LJXUDGHVFULEHODVSDUWHVGHOHQFDEH]DGRTXHDSDUHFHHQODSDQWDOOD
GHODQDOL]DGRUGHJDVHV
$GYHUWHQFLD LQGLFD VL HO LQVWUXPHQWR
WLHQHDOJ~QWLSRGHHUURU
&DUSHWDDFWLYR\ORFDOL]DFLyQ
1LYHOGHEDWHUtD
)LJXUD(QFDEH]DGR
GHSDQWDOOD
&RQWHQLGRGHODSDQWDOOD
&21),*85$&,Ï1'(/(48,32
3DUD DFFHGHU D ORV PHQ~VOD 5XWD &RUWD H[SOLFD JUiILFDPHQWH HO RUGHQ TXH
VHGHEHVHJXLUSDUDOOHJDUDGLFKDSRVLFLyQSRUHMHPSOR
0HPRU\
1HZ)ROGHU
6LJQLILFD
3UHVLRQDUHOERWyQ0HQ~3ULQFLSDO
(VFRJHUFRQORVERWRQHV
VHOHFFLRQDU³0HPRU\´\OXHJRSUHVLRQDU
³2.´
(VFRJHU FRQ ORV ERWRQHV
VHOHFFLRQDU ³1HZ )ROGHU´ \ SXOVDU
³2.´
3RUFRQILJXUDFLyQGHIiEULFDGHVSXpVGHHQFHQGHUHOHTXLSRVHYLVXDOL]DUiHO
PHQ~ 0HDVXUHPHQWV 0HGLFLRQHV TXH SHUPLWH UHDOL]DU ODV PHGLFLRQHV
GLUHFWDPHQWHHQODFDUSHWDDFWLYD
3DUDFRQILJXUDUHOHTXLSRVHGHEHSUHVLRQDUHOERWyQGHPHQ~SULQFLSDO
GHVSOHJDUiODSDQWDOODFRPRORLQGLFDOD)LJXUD
\
0DLQPHQX
$ 0HDVXUHPHQWV
% 0HPRU\
& $QDO\]HUVHWXS
' 6HQVRUVHWWLQJV
( )XHOV
)LJXUD0DLQPHQX
) 6HOIGLDJQRVWLFV
'HWDOOHGHOFRQWHQLGRGHO0DLQ0HQX0HQ~3ULQFLSDO
$ 0($685(0(1760(',&,21(6
0HDVXUHPHQWV
(VWHPHQ~VHUHDOL]DQFRQVWDGHODVVLJXLHQWHVRSFLRQHVGHPHGLFLyQFRPR
LQGLFDOD)LJXUD
$ 0HDVXUHPHQWV
$ )OXHJDVWHVW
$ 3URJUDP
$ *DVIORZUDWH
$ 2LOIORZUDWH
$ %XUQHUFRQWUROOHU
)LJXUD0HDVXUHPHQWV
$)OXHJDVWHVW3UXHEDGHJDVGHFRPEXVWLyQ,QLFLDODPHGLFLyQ
0HDVXUHPHQWV
)OXHJDVWHVW
$ 3URJUDP 3URJUDPD 6H SXHGH FUHDU GLIHUHQWHV SURJUDPDV SDUD
JXDUGDUORV\HMHFXWDUORVFRPRLQGLFDOD)LJXUD
0HDVXUHPHQWV
3URJUDP
3DUDFUHDURPRGLILFDUXQSURJUDPD
(VFRJHUGHODOLVWD\SUHVLRQDU³&KDQJH´
'DWDUDWHFDPELDHOWLHPSRGHGXUDFLyQ
GHODSUXHEDGH±VHJ
6DPSOH WLPH FDPELD HO WLHPSR GH
PXHVWUHR
1DPH FK FDPELD HO QRPEUH DO
SURJUDPD
)LJXUD3URJUDP
*XDUGDUFRQ³2N´³VDYHLQSXW´
3DUD HMHFXWDU HO SURJUDPD EDVWD FRQ VHOHFFLRQDU GH OD OLVWD \ SUHVLRQDU
³6WDUW´
(QODSDQWDOODVHYLVXDOL]D
Ͳ 6WDUW ZLWK ]HURLQJ $OPDQFHQD ORV GDWRV GHO DPELHQWH TXH VRQ
UHFHSWDGRVSRUHOVHQVRUGHODQDOL]DGRU
Ͳ 6WDUWZLWKRXW]HURLQJ,QLFLDVLQDMXVWDUYDORUHV
(VFRJHUFXDOTXLHURSFLyQ\SUHVLRQDU³2N´
127$3RUUHFRPHQGDFLyQGHOSURYHHGRUGHODQDOL]DGRUGHJDVHVHOHTXLSR
QR GHEH RSHUDU PiV GH PLQ VHJXLGRV SXHV OD YLGD ~WLO VH DFRUWDUtD
VLJQLILFDWLYDPHQWH
$*DVIORZUDWH&DXGDOGHJDV
0HDVXUHPHQWV
*DVIORZUDWH
6H DFWLYD ~QLFDPHQWH FXDQGR HO FRPEXVWLEOH
VHOHFFLRQDGR VH SUHVHQWD HQ HVWDGR JDVHRVR
/D)LJXUDLQGLFDXQDSDQWDOODGHHMHPSOR
3DUD UHDOL]DU HO FRQWURO GH OD WDVD GH IOXMR GH
JDV
(VFRJHUXQWLHPSRGHSUXHED7HVWWLPH
ORV WLHPSRV VRQ )LJXUD'LVSOD\
*DV)ORZ5DWH
VHJXQGRV
,QLFLDUODPHGLFLyQFRQ³6WDUW´
3RQHUHOYDORUGHO)OXMRGHJDV*DVIORZ
$XWRPiWLFDPHQWHORVYDORUHVVHFDOFXODUiQ
*XDUGDUFRQ³2NFRS\UHDGLQJV´
$2LOIORZUDWH&DXGDOGHDFHLWH
0HDVXUHPHQWV
2LOIORZUDWH
6H DFWLYD ~QLFDPHQWH FXDQGR HO FRPEXVWLEOH
VHOHFFLRQDGRVHSUHVHQWDHQHVWDGROtTXLGR
/D)LJXUDLQGLFDXQHMHPSOR
3DUDUHDOL]DUHVWHFRQWUROGHODWDVDGHIOXMRGHJDV
VHGHEH
3RQHUHOYDORUGHODWDVDGHIOXMR)ORZUDWH
3RQHUHOYDORUGHODSUHVLyQ2LOSUHVVXUH
6HFDOFXODUiQDXWRPiWLFDPHQWHORVYDORUHV
)LJXUD'LVSOD\
2LO)ORZ5DWH
*XDUGDUFRQ³2NFRS\UHDGLQJV´
$%XUQHUFRQWUROOHU&RQWUROGHOTXHPDGRU
0HDVXUHPHQWV
2LOIORZUDWH
3DUDDFWLYDUHVWDIXQFLyQVHQHFHVLWDXQDGDSWDGRU
% 0(025<0(025,$
0HPRU\
(VWDRSFLyQSHUPLWHFUHDUUHYLVDU\HOLPLQDUORVDUFKLYRVTXHVHJXDUGDQHQ
HO LQVWUXPHQWR /D )LJXUD PXHVWUD HO FRQWHQLGR GH OD SDQWDOOD GH HVWH
PHQ~
% 0HPRU\
% 1HZIROGHU
% 6RUWOLVW
% 5HVWRUHOLVW
% /LVWD
GH
FDUSHWDV
)LJXUD0HQ~0HPRU\
JXDUGDGDV
'HWDOOHGHOPHQ~0HPRU\
%1HZIROGHU1XHYD&DUSHWD
/DV FDUSHWDV FXPSOHQ OD IXQFLyQ GH DOPDFHQDU VXEGLUHFWRULRV GH PDQHUD
RUGHQDGD
6HSXHGHQJXDUGDUKDVWDFDUSHWDVHQODPHPRULD
3URFHGLPLHQWRSDUDFUHDUXQDQXHYDFDUSHWD
0HPRU\
1HZIROGHU
6HGHVSOHJDUiHQODSDQWDOODXQDOLVWDFRPRLQGLFDOD)LJXUD
%1HZIROGHU
5HWXUQWRPHPFXVW
%6LWHQXPEHU
%6LWHQDPH
%$GGUHVV
%=LSFRGH
)LJXUD6XEPHQ~1HZIROGHU
%&LW\6WDWH
'HWDOOHGHOVXEPHQ~1HZ)ROGHU
%6LWHQXPEHU1XPHURGHOVLWLR
0HPRU\
1HZIROGHU
6LWHQXPEHU
$TXt DSDUHFHUi XQD PDWUL] DOIDQXPpULFD SDUD DVLJQDU XQ QRPEUH FRPR
LQGLFDOD)LJXUD/DVOHWUDV\RQ~PHURVVHHVFRJHQ\VHSUHVLRQD³2N´
'HEHWHQHUPi[LPRFDUDFWHUHV
8QDYH]DVLJQDGRXQQRPEUHVHORGHEHJXDUGDUFRQ³2N
VDYHLQSXW´
(VWHSURFHGLPLHQWR HV HO PLVPR SDUD WRGDV ODV RSFLRQHV
TXHVHHQFXHQWUDQHQHVWHVXEPHQ~WHQHUHQFXHQWDTXH
QR HV QHFHVDULR OOHQDU WRGRV HVWRV FDPSRV SXHV EDVWD
FRQXQQRPEUHSDUDJXDUGDUXQDQXHYDFDUSHWD
)LJXUD
6LWH1XPEHU
%6LWHQDPH1RPEUHGHO6LWLR
0HPRU\
1HZIROGHU
6LWHQDPH
%$GGUHVV'LUHFFLyQ
0HPRU\
1HZIROGHU
$GGUHVV
1HZIROGHU
=LSFRGH
%=LSFRGH&yGLJR=LS
0HPRU\
%&LW\6WDWH&LXGDGSDtV
&LW\6WDWH
1HZIROGHU
0HPRU\
3DUDJXDUGDU\VDOLU
2NHQ5HWXUQWRPHPFXVW
%6RUWOLVW2UGHQDODOLVWDHQRUGHQDOIDEpWLFR
0HPRU\
6RUWOLVW
%5HVWRUHOLVW5HJUHVDDORUGHQDQWHULRU
0HPRU\
5HVWRUHOLVW
/DFDUSHWDDSDUHFHUiHQODOLVWDFRQHOQRPEUHTXHVHOHGLRHQ1~PHURGHO
6LWLR +DFHU ³2N´ HQ OD FDUSHWD TXH VH FUHy \ DSDUHFHUi OR TXH PXHVWUD OD
)LJXUD
%&DUSHWD*XDUGDGD
%1HZWHVWVLWH
%5HWXUQWRPHPFXVW
%6RUWOLVW
%5HVWRUHOLVW
%(VSDFLRGRQGHVHJXDUGDQ
ORVVLWHV
)LJXUD&DUSHWDJXDUGDGD
%1HZWHVWVLWH1XHYRVLWLRGHSUXHED
0HPRU\
&DUSHWDJXDUGDGD
1HZWHVWVLWH
(Q HVWH DUFKLYR TXH VH HQFXHQWUD OD FDUSHWD FUHDGD VH JXDUGDUiQ ODV
PHGLFLRQHVUHDOL]DGDV6HSXHGHQFUHDUPi[LPRDUFKLYRVGHQWURGHXQD
FDUSHWD\VHSXHGHQJXDUGDUPiVGHOHFWXUDVGHQWURGHFDGDDUFKLYR
/DV OHFWXUDV GH ODV PHGLFLRQHV VH DOPDFHQDQ FRQ OD IHFKD \ KRUD
DXWRPiWLFDPHQWH
(O QRPEUH VH OR DVLJQD GH OD PLVPD PDQHUD TXH VH UHDOL]y FRQ OD QXHYD
FDUSHWD
6LVHGHVHDJXDUGDUGHQWURGHHVWHVLWLRRDUFKLYRODLQIRUPDFLyQVHOHFFLRQDU
³2N´
1RVHSXHGHHOLPLQDUXQDUFKLYRHQXVRSDUDKDFHUORVHGHEHHVFRJHURWRU
DUFKLYR \ HQWRQFHV SURFHGHU HQ ³(GLW´ KDFHU ³2N´ HQ ³'HOHWH VLWH ZLWK DOO
GDWD´ \ VH HOLPLQDUi HO VLWLR FRQ WRGDV ODV OHFWXUDV GH ODV PHGLFLRQHV
JXDUGDGDV
%5HWXUQ WR PHPFXVW 5HJUHVDU D PHPRULD 5HJUHVD DO PHQ~ GH
PHPRULD
%6RUW OLVW 2UGHQDU OLVWD 2UGHQD OD OLVWD HQ RUGHQ DOIDEpWLFR GHEHQ
KDEHUDOPHQRVVLWLRVGHSUXHED
%5HVWRUH OLVW 5HVWDXUDU OLVWD 5HJUHVD DO DQWHULRU RUGHQDPLHQWR GH
ODOLVWDGHEHQKDEHUDOPHQRVVLWLRVGHSUXHED
& $1$/<=(56(783&21),*85$&,Ï1'(/$1$/,=$'25
$QDO\]HUVHWXS
&RQILJXUD OD SUHVHQWDFLyQ WDQWR HQ SDQWDOOD FRPR HQ LPSUHVLyQ \ DOJXQDV
RSFLRQHVGHQWURGHOLQVWUXPHQWRFRPRLQGLFDOD)LJXUD
& $QDO\]HUVHWXS
& 'LVSOD\VHWXS
& 3ULQWHU
& 6HWXSIXQFNH\V
& $XWRRII
& 'DWHWLPH
& /DQJXDJH
)LJXUD0HQ~$QDO\]HU6HW8S
'HWDOOHGHOPHQ~$QDO\]HU6HW8S
& 'LVSOD\VHWXS&RQILJXUDFLyQGHODSDQWDOOD
$QDO\]HUVHWXS
'LVSOD\VHWXS
3DUDVHOHFFLRQDUODFDQWLGDGGHSDUiPHWURVGHPHGLFLyQVHSXHGHQREVHUYDU
HQODSDQWDOODPi[LPRVHWLHQHODVRSFLRQHVHQORVVLJXLHQWHVERWRQHV
&%ODQN(QEODQFR$XPHQWD
&&KDQJH&DPELDU&DPELD
&'HO(OLPLQDU(OLPLQD
& 3ULQWHU,PSUHVRUD
$QDO\]HUVHWXS
3ULQWHU
6HGLVSRQHGHGRVRSFLRQHV
&&XVWRP SULQWRXW ,PSUHVLyQ SHUVRQDOL]DGD (GLWD HO WH[WR TXH YD
HQ ODV WUHV SULPHUDV OtQHDV GH HQFDEH]DGR \ HQ OD OtQHD GHO SLH GH
SiJLQD
&6HOHFW SULQWHU 6HOHFFLRQDU LPSUHVRUD 6HOHFFLRQDU HQWUH ORV
PRGHORVGHLPSUHVRUDFRPSDWLEOHWHVWR
& 6HWXSIXQFNH\V$MXVWDUIXQFLRQHVGHODVWHFODV
$QDO\]HUVHWXS
6HWXSIXQFNH\V
$VLJQD WHFODV SDUD UHDOL]DU IXQFLRQHV GH IRUPD UiSLGD SDUD XVDUODV VROR DO
LQVWDQWHTXHVHHQFLHQGHHOHTXLSROD)LJXUDGDXQHMHPSOR
& 6HWXSIXQFNH\V
&)OXHJDVWHVW
&3URJUDP
&*DVRLOIORZUDWH
&%XUQHUFRQWUROV
)LJXUD6HWXSIXQFNH\V
6RORKDFHIDOWDHVFRJHUODIXQFLyQ\SUHVLRQDUODVWHFODV
TXHYDQD
UHDOL]DUHVWDIXQFLyQ
& $XWR RII $SDJDGR DXWRPiWLFR 6H SXHGH KDELOLWDU R GHVKDELOLWDU OD
IXQFLyQ \ GDUOH XQ WLHPSR HQWUH \ PLQ SDUD TXH VH DSDJXH
DXWRPiWLFDPHQWHHOHTXLSRFXDQGRHVWHLQDFWLYR
$QDO\]HUVHWXS
$XWRRII
& 'DWH WLPH +RUD \ IHFKD &DPELD KRUD \ IHFKD TXH VH JXDUGD GHO
LQVWUXPHQWR/DVPHGLFLRQHVVHDUFKLYDQFRQHVWRVYDORUHV
$QDO\]HUVHWXS
'DWHWLPH
& /DQJXDJH,GLRPD&DPELDHOLGLRPDHQWUH,QJOpV\)UDQFpV
$QDO\]HUVHWXS
/DQJXDJH
' 6(16256(77,1*6&21),*85$&,Ï1'(/6(1625
6HQVRUVHWWLQJV
(VWDRSFLyQHVPHMRUQRPRGLILFDUODSRUTXHDTXtVHFDOLEUDQORVVHQVRUHVOD
)LJXUDPXHVWUDHOFRQWHQLGRTXHDSDUHFH
' 6HQVRUVHWWLQJV
' 12DGGLWLRQ
' 6HQVRUSURWHFW
' &DOLEUDWLRQGDWD
' 5HFDOLEUDWLRQ
)LJXUD0HQ~6HQVRUVHWWLQJV
' 12DGGLWLRQ2SFLyQTXHVHKDEOLWDFXDQGRH[LVWHXQVHQVRUGH12
' 6HQVRU SURWHFW 6LUYH SDUD SURWHJHU D ORV VHQVRUHV GH SRVLEOHV
VREUHFDUJDV\GHSHQGHGHODVFHOGDVTXHVHXWLOLFH
' &DOLEUDWLRQ GDWD 6HSXHGHREVHUYDULPSULPLU\YHUXQDJUiILFDGHORV
GDWRVGHFDOLEUDFLyQ
' 5HFDOLEUDWLRQ5HFDOLEUDORVVHQVRUHV
(
)8(/6&20%867,%/(6
)XHOV
'HVSOLHJD XQD OLVWD GH FRPEXVWLEOHV FRPR
PXHVWUDOD)LJXUD
/DV RSFLRQHVGH IXHO RLO \ VH XWLOL]DQ SDUD ORV
GLIHUHQWHVWLSRVGHGLpVHO\HOIXHORLOHVSDUDHOPiV
SHVDGR
)LJXUD0HQ~
)XHOV
127$ (Q FDVR GH TXH ODPDTXLQDULD LQGXVWULDOWUDEDMH FRQ XQD PH]FOD GH
FRPEXVWLEOHVHVHOHFFLRQDUiHOGHPD\RUSRUFHQWDMH(M6LODPH]FODHVGH
GLHVHO\EXQNHUHOFRPEXVWLEOHHOHJLGRVHUiHOGLHVHO
)
6(/)',$*1267,&6$872',$*1Ï67,&2
6HOIGLDJQRVWLFV
5HDOL]D XQ GLDJQyVWLFR UiSLGR GHO HTXLSR DO
LQGLFDU SRVLEOHV IDOODV OD )LJXUD PXHVWUDORTXHDSDUHFHHQODSDQWDOOD
)LJXUD0HQ~6HOI
'LDJQRVWLFV
0(',&,Ï1
35(3$5$&,Ï135(9,$'(/(48,32
$-867$59$/25(6,1,&,$/(6
0HGLFLyQGHODWHPSHUDWXUDGHODLUHGHODPELHQWH
(OHTXLSRWLHQHXQVHQVRURSFLRQDOTXHPRQLWRUHDODWHPSHUDWXUDDPELHQWH
(Q DXVHQFLD GHO VHQVRU VH XVDUi HO YDORU GH OD WHPSHUDWXUD PHGLGD SRU OD
WHUPRFXSOD GH ODVRQGD GHJDVHVGHFRPEXVWLyQGXUDQWHODIDVHGHDMXVWH
GHYDORUHVLQLFLDOHV
5(&20(1'$&,21(6$17(6'(/$720$'('$726
$MXVWDUODVRQGDPRGXODUGHJDVHVGHFRPEXVWLyQ
5HYLVDUODWHUPRFXSOD
5HYLVDU HO FDVTXLOOR DQWHV GH XWLOL]DU SDUD
YHULILFDU TXH OD WHUPRFXSOD QR WRSH OD SDUHG GH
)LJXUD$OLQHDFLyQ
ODVRQGD(QGHUH]DUHQFDVRGHVHUQHFHVDULR
GHODWHUPRFXSOD
$OLQHDUODVRQGDGHORVJDVHVGHFRPEXVWLyQ
$OLQHH OD VRQGD JLUiQGROD GH WDO PDQHUD TXH
SHUPLWD TXH HO JDV GH FRPEXVWLyQ IOX\D
OLEUHPHQWHSRUODWHUPRFXSOD
/D ERTXLOOD GH OD VRQGD GHEH HVWDU HQ HO FHQWUR
GHOIOXMRGHOJDVGHFRPEXVWLyQTXHHVHOiUHDGH
PiVDOWDWHPSHUDWXUD
)LJXUD&RUUHFWD
SRVLFLyQGHODVRQGD
&RQILJXUDUODVOHFWXUDVHQODSDQWDOOD
6H YLVXDOL]DUiQ DTXHOORV SDUiPHWURV \ XQLGDGHV TXH IXHURQ
VHOHFFLRQDGRV HQ HO 'LVSOD\ VHWXS &RQILJXUDFLyQ GH OD SDQWDOOD
GHVFULWRHQODSiJLQD$QWHVGHFRPHQ]DUODVPHGLFLRQHVHVQHFHVDULR
TXHFRQILJXUHHVWRVSDUiPHWURVSUHYLDPHQWH
(VFRJHUODORFDOL]DFLyQHQODPHPRULD
(VUHFRPHQGDEOHFUHDUXQDFDUSHWDSDUDXQQXHYRJUXSRGHPHGLFLRQHV
\GHHVWDPDQHUDVHPDQWLHQHXQDEDVHGHGDWRVRUGHQDGRV
&8,'$'2<0$17(1,0,(172
$17(6'(/862
Ͳ 6H GHEH FDUJDUODEDWHUtD KDVWD TXHOOHJXH DO Pi[LPR GH VX FDSDFLGDG
7HQHUHQFXHQWDTXHHODQDOL]DGRUGHEHHVWDUDSDJDGRSDUDUHFDUJDUVH\
HO HTXLSR QR UHDOL]D PHGLFLRQHV FXDQGR HVWD HQFKXIDGR D XQ
WRPDFRUULHQWH 3RU RWUD SDUWH VH UHFRPLHQGD UHFDUJDU OD EDWHUtD FXDQGR
HVWp FRPSOHWDPHQWH GHVFDUJDGD FRQ HO ILQ GH DODUJDU OD YLGD ~WLO GH OD
PLVPD
Ͳ &RORFDUHOHVWXFKHSDUDSURWHJHUHOH[WHULRUGHODQDOL]DGRUGHJDVHV
Ͳ (QVDPEODU FRUUHFWDPHQWH OD VRQGD DO DQDOL]DGRU GH JDVHV SDUD HYLWDU
TXHVHGHVSUHQGDGXUDQWHODPHGLFLyQ
'85$17((/862
Ͳ $O VHU XQ HTXLSR SRUWiWLO VH UHFRPLHQGD QR UHDOL]DU PHGLFLRQHV FRQ
WLHPSRVPD\RUHVGHRPLQXWRV
Ͳ (YLWDUFRORFDUORHQVXSHUILFLHVFDOLHQWHV\VXFLDV
'(638e6'(/862
Ͳ (VSHUDU TXH OD VRQGD VH HQIUtH SDUD OXHJR OLPSLDU ORV UHVLGXRV GH
FDUEyQSURGXFWRVGHODFRPEXVWLyQ
Ͳ 5HYLVDU TXH ORV ILOWURV HVWpQ OLPSLRV SDUD SRGHU UHDOL]DU QXHYDV
PHGLFLRQHV
3$75Ï1 < &(57,),&$'2 '( &$/,%5$&,Ï1 '(/
(48,327(672
/RV DQDOL]DGRUHV TXH VH XWLOL]DQ SDUD HO FRQWURO GH HPLVLRQHV VRQ GH LJXDO
GLVHxR D ORV XWLOL]DGRV HQ RWUDV iUHDV GH DQiOLVLV GH SURFHVR 1R REVWDQWH
FXPSOHQ ORV UHTXLVLWRV GHWHUPLQDGRV \ HQ PXFKRV SDtVHV VXSHUDU ODV
SUXHEDV GH LGRQHLGDG HVSHFLDOL]DGD SDUD REWHQHU OD FHUWLILFDFLyQ GH
XWLOL]DFLyQHQDSOLFDFLRQHVGHFRQWUROGHHPLVLRQHV
3DUD HO FHUWLILFDGR GH FDOLEUDFLyQ VH UHTXLHUH TXH ORV DQDOL]DGRUHV VHDQ GH
IiFLOFDOLEUDFLyQFRUUHFWRWUDQVSRUWH\UHVXOWDGRVUHSURGXFLEOHV
352&(62'(87,/,=$&,Ï1<*8Ë$'(/(16$<2
(QHVWHSUR\HFWRVHYDDXWLOL]DUXQDQDOL]DGRUSRUWiWLOTXHRSHUDFRQFHOGDV
HOHFWURTXtPLFDV HO FXDO WLHQH VX UHVSHFWLYR FHUWLILFDGR GH FDOLEUDFLyQ
RWRUJDGR SRU HO IDEULFDQWH \ FXHQWD FRQ VXV DFFHVRULRV ORV PLVPRV TXH
SHUPLWHQHODFRQGLFLRQDPLHQWRGHODPXHVWUDGHORVJDVHVSUHYLRDOLQJUHVR
GHODPLVPDDODVHFFLyQGHPHGLFLyQ
/OHQDUHOVLJXLHQWHFXDGURLQIRUPDWLYRTXHDFRQWLQXDFLyQVHGHWDOODHQOD
7DEOD
7DEOD0RGHORGH&XDGUR,QIRUPDWLYR
(6&8(/$32/,7e&1,&$'(/(-(5&,72
'(3$57$0(172'(&,(1&,$6'(/$
(1(5*Ë$<0(&È1,&$
/$%25$725,2'(&219(56,Ï1'((1(5*Ë$
(035(6$
)(&+$'(0(',&,Ï1
&,8'$'
1R5(*,6752
',5(&&,Ï1
5(63216$%/(
7(/e)212
7,32'(&20%867,%/( 7,32'(0$48,1$5,$
02'(/2
6(5,(
1R'(0(',&,21(6
7$0%%8/%26(&2
0e72'2
&(/'$6
(/(&75248,0,&$6
7$0%%8/%2+Ò0('2
3DUDODPHGLFLyQGHODFRPSRVLFLyQTXtPLFDGHORVJDVHVSURYHQLHQWHVGHOD
FRPEXVWLyQ HQ KRUQRV \ FDOGHUDV GH XVR LQGXVWULDO HV QHFHVDULR WHQHU WRGR
OLVWR DQWHV GH SURFHGHU SXHV FDEH PHQFLRQDU TXH ODV PHGLFLRQHV
JHQHUDOPHQWHVHUHDOL]DQHQODDOWXUD\VHGHEHSRUORWDQWRWUDWDUGHHYLWDU
ORVPD\RUHVFRQWUDWLHPSRVSRVLEOHV\DTXHODVFKLPHQHDVGHKRUQRVGHXVR
LQGXVWULDOWLHQHQGLPHQVLRQHVTXHOOHJDQDPWVGHDOWXUDHVSRUHVWRTXH
DPiVGHODFRUUHFWDFRQILJXUDFLyQGHODQDOL]DGRUGHJDVHVHOXVRGHFLHUWR
HTXLSRGHSURWHFFLyQSHUVRQDOHVQHFHVDULR
Ͳ &DVFR
Ͳ *DIDV
Ͳ 0DVFDULOOD
Ͳ *XDQWHV
Ͳ 2UHMHUDV
Ͳ 0DQGLORYHURORGHODQWDO
Ͳ %RWDVSXQWDVGHDFHUR
Ͳ $UQpV
&RQILJXUDFLyQGHODQDOL]DGRUGHJDVHV
D &UHDU \R VHOHFFLRQDU HO DUFKLYR GRQGH VH JXDUGDUDQ ORV GDWRV GH ODV
PHGLFLRQHVIROGHUVLWHQXPEHUH[SOLFDGRHQHO&DSLWXOR
E (ODQDOL]DGRUGHJDVHVVRORLQFOX\HODVFHOGDVGH&2\2SRUORTXHVH
GHEHHVFRJHUORVYDORUHVDVHUPRVWUDGRVHQODSDQWDOOD\JXDUGDGRVHQ
HO UHJLVWUR GH GDWRV GH ODV PHGLFLRQHV 7LSRV GH JDVHV TXH VH GHVHD
DQDOL]DU
Ͳ 2 2[tJHQRHQ
Ͳ &2 0RQR[LGRGHFDUERQRHQSSP
Ͳ 7DPE
7HPSHUDWXUDGHDPELHQWHHQƒ&
Ͳ &2 'LR[LGRGHFDUERQRHQ
Ͳ ()) (ILFLHQFLDGHFRPEXVWLyQHQ
Ͳ ([$LU
([FHVRGHDLUH
Ͳ 7VWDFN
7HPSHUDWXUDGHORVJDVHVGHODFKLPHQHDƒ&
([SOLFDGRHQHO&DStWXOR
F 6HOHFFLRQDUHOWLSRGHFRPEXVWLEOH
G &UHDU \R VHOHFFLRQDU HO SURJUDPD GH PHGLFLyQ '$7$ 5$7( VHJ
6$03/(5$7(PLQ3RUODUHFRPHQGDFLyQTXHQRVHGHEHPHGLUPDV
GHPLQXWRVSDUDSURORQJDUODYLGD~WLOGHOHTXLSR
H (QVDPEODU OD VRQGD FRUUHFWDPHQWH \ UHYLVDU TXH OD WHUPRFXSOD LQWHUQD
QRHVWHGREODGD
I ,QLFLDU OD PHGLFLyQ GH SUXHED IXHUD GH OD FKLPHQHD SDUD REVHUYDU TXH
WRGRIXQFLRQHFRUUHFWDPHQWHVREUHWRGRHO³]HURLQJ´
J ,QVHUWDU OD VRQGD HQ OD FKLPHQHD \ HPSH]DU OD PHGLFLyQ 5HYLVDU OD
UHFRPHQGDFLyQSDUDODFRORFDFLyQGHODVRQGD
K 8QD YH] ILQDOL]DGD OD PHGLFLyQ UHWLUDU OD VRQGD QR WRFDUOD SXHV HVWDUi
FDOLHQWH\UHSHWLUHQXQLQWHUYDORGHPLQXWRVHQWUHPHGLFLRQHV
L )LQDOL]DGRHOSURFHGLPLHQWRDSDJDUHOHTXLSROLPSLDUOR\JXDUGDUOR
(O DQDOL]DGRU GH JDVHV DOPDFHQDUi XQD FDQWLGDG GH GDWRV GXUDQWH FDGD
PHGLFLyQ \ GHSHQGH GHO SURJUDPD TXH VH KD\D FUHDGR HVWRV GDWRV VHUiQ
UHFROHFWDGRV\SURFHVDGRV
3DUD OD FRPSDUDFLyQ GHO QLYHO GH FRQWDPLQDFLyQ TXH UHDOL]D HO HTXLSR
LQGXVWULDOVHQHFHVLWDQORVYDORUHVGHORVy[LGRVGHQLWUyJHQR1212TXH
MXQWRV GDQ HO YDORU GHO 12[ HO GLy[LGR GH D]XIUH 62 HVWRV GDWRV VH
GHGXFHQPHGLDQWHODHFXDFLyQHVWHTXLRPpWULFDGHOGLHVHO(OFiOFXORGHORV
FRHILFLHQWHVGHHVWDHFXDFLyQHVWiGHWDOODGRHQHO$1(;2
‫ܥ‬ଵଶ ‫ܪ‬ଶ଺ ൅ ͳͺǤͷሺܱଶ ൅ ͵Ǥ͹͸ܰଶ ሻ ሱۛሮ ͳͺǤͷሺ͵Ǥ͹͸ሻܰଶ ൅ ͳʹ‫ܱܥ‬ଶ ൅ ͳ͵‫ܪ‬ଶ ܱ
$O LQFOXLU HO UHVWR GH SURGXFWRV GH OD UHDFFLyQ \ DO WRPDU HQ FXHQWD HO DLUH
K~PHGRVHWLHQHODHFXDFLyQUHDO
ܽሺ‫ܥ‬ଵଶ ‫ܪ‬ଶ଺ ൅ ͲǤͲͷܵሻ ൅ ܾሺܱଶ ൅ ͵Ǥ͹͸ܰଶ ሻ ൅ ܿ‫ܪ‬ଶ ܱ ሱۛሮ
݀ ሺ͵Ǥ͹͸ሻܰଶ ൅ ݁‫ܱܥ‬ଶ ൅ ݂‫ܪ‬ଶ ܱ ൅ ܱ݃ܵଶ ൅ ݄ܱܰ ൅ ܱ݅ଶ ൅ ݆‫ܱܥ‬
/RV GDWRV VXPLQLVWUDGRV SRU HO DQDOL]DGRU GH JDVHV TXH HVWiQ H[SUHVDGRV
HQSSPVHGHEHQWUDQVIRUPDUHQHQSHVR
$1(;2HFXDFLyQ
$1(;2HFXDFLyQ
(O D]XIUH HV XQD LPSXUH]D SUHVHQWH HQ HO GLHVHO GH DFXHUGR D UHSRUWH GH
3HWURHFXDGRUHVGHSSP
3DUD LJXDODU ODV UHDFFLRQHV TXtPLFDV GHWDOODGDV HQ HO $QH[R VH XWLOL]D HO
PpWRGRPDWHPiWLFRSDUDGHHVWDPDQHUDFDOFXODUWRGRVORVFRHILFLHQWHV
&DUERQR
ͳʹܽ ൌ ݁ ൅ ݆
+LGUyJHQR ʹ͸ܽ ൅ ʹܿ ൌ ʹ݂
$]XIUH
ͲǤͲͷܽ ൌ ݃
2[tJHQR
ʹܾ ൅ ʹܿ ൌ ʹ݁ ൅ ݂ ൅ ʹ݃ ൅ ݄ ൅ ʹ݅ ൅ ݆
1LWUyJHQR
ʹ ‫͵ כ‬Ǥ͹͸ ‫ ܾ כ‬ൌ ʹ ‫ ݀ כ‬൅ ݄
&RQODHFXDFLyQTXtPLFDLJXDODGDVHSURFHGHUiDOOHQDUOD7DEOD
7DEOD0RGHORGH7DEODGH5HVXOWDGRV
7$%/$'(5(68/7$'26
'(7(50,1$&,21(6
0(',&,21(6
7HPSHUDWXUDDPELHQWHƒ&
2[tJHQR2
0RQy[LGRGHFDUERQR&2SSP 'Ly[LGRGHFDUERQR&2
Ï[LGRVQLWURVRV12[SSP
'Ly[LGRGHD]XIUH62SSP
([FHVRGHDLUH
KWWSZZZSHWURFRPHUFLDOFRPZSVSRUWDOXWSFB6%.[//0066]3\[%]&3RVBM
4$1$4]F3,Z0'GZW]$'/\M<[14F4B&E(G)$$1+)*<
&$3,78/2
35272&2/2'(358(%$6
(-(&8&,Ï1 '( 358(%$6 (1 (/ &$/'(52 '(/
/$%25$725,2 '( &219(56,Ï1 '( (1(5*Ë$ '( /$
(63(
&RQ OD ILQDOLGDG GHO DGLHVWUDPLHQWR HQ HO XVR GHO DQDOL]DGRU GH JDVHV VH
UHDOL]DURQ PHGLFLRQHV GXUDQWH WUHV GtDV VH LQVHUWy OD VRQGD HQ GRV SXQWRV
GLIHUHQWHVGHOGXFWRGHVDOLGD\VHYDULyODLQWHQVLGDGGHGHVIRJXHGHYDSRU
(OUHJLVWURGHODVPHGLFLRQHVVHGHWDOODHQHO$1(;2
)LJXUD&DOGHURGHOODERUDWRULRGH7HUPRGLQiPLFDGHO'HSDUWDPHQWR
GH&LHQFLDVGHOD(QHUJtD\0HFiQLFDGHOD(63(
(OSULPHUSXQWRGHPHGLFLyQVHORXELFyDODVDOLGDGHOGXFWRGHHVFDSHGHO
FDOGHURGRQGHVHGHVIRJDORVJDVHVDOH[WHULRUGHOODERUDWRULR
)LJXUD3XQWRGHPHGLFLyQ
(O VHJXQGR SXQWR GH PHGLFLyQ VH OR XELFy HQ OD WXEHUtD GH ORV JDVHV GH
HVFDSHGHFRPEXVWLyQGHQWURGHOFXDUWRGHPDTXLQDVHQODSDUWHSRVWHULRU
GHOFDOGHUR
)LJXUD7XEHUtDVGHHVFDSH
)LJXUD3XQWRGHPHGLFLyQ
7DEOD&XDGUR,QIRUPDWLYR(63(
(6&8(/$32/,7e&1,&$'(/(-e5&,72
'(3$57$0(172'(&,(1&,$6'(/$(1(5*Ë$<0(&È1,&$
/$%25$725,2'(&219(56,Ï1'((1(5*Ë$
(035(6$
(63(
)(&+$'(0(',&,Ï1
&,8'$'
6$1*2/48Ë
1R5(*,6752
',5(&&,Ï1
$Y*UDO5XPLxDKXLVQ6DQJROTXt±(FXDGRU
5(63216$%/(
,QJ(UQHVWR6RULD
7,32'(
&20%867,%/(
',(6(/
7(/e)212
7,32'(
0$48,1$5,$
&$/'(52
1R'(
0(',&,21(6
0e72'2
&(/'$6
(/(&75248Ë0,&$6
7$0%%8/%26(&2
7$0%%8/%2
+Ò0('2
ž&
ž&
/RVGDWRVTXHIXHURQJXDUGDGRVHQHODQDOL]DGRUGHJDVHVVRQDQDOL]DGRV
FRQODD\XGDGH([FHO
'DWRVREWHQLGRVFRQHODQDOL]DGRUSURPHGLRV
2
&2 ([FDLUH
&2
SSP
NJNJGHDLUHVHFR
+XPHGDG
ܽሺ‫ܥ‬ଵଶ ‫ܪ‬ଶ଺ ൅ ͲǤͲǤͲͷܵሻ ൅ ܾሺܱଶ ൅ ͵Ǥ͹͸ܰଶ ሻ ൅ ܿ‫ܪ‬ଶ ܱ ሱۛሮ
݀ ሺ͵Ǥ͹͸ሻܰଶ ൅ ݁‫ܱܥ‬ଶ ൅ ݂‫ܪ‬ଶ ܱ ൅ ܱ݃ܵଶ ൅ ݄ܱܰ ൅ ܱ݅ଶ ൅ ݆‫ܱܥ‬
8WLOL]DU ODV HFXDFLRQHV GHO $1(;2 SDUD HQFRQWUDU ORV FRHILFLHQWHV \
FRPSOHWDUODHFXDFLyQTXtPLFD
,JXDODUFDUERQRV
ͳʹܽ ൌ ݁ ൅ ݆
D &RQWHQLGRGHD]XIUH
ͲǤͲͷܽ ൌ ݃
J
$&UHDO 'HO$1(;2HFXDFLyQ
$&UHDO
/D UHODFLyQ‫ܣ‬Ȁ‫ܥ‬௘௦௧௘௤ XWLOL]D ORV YDORUHV GH OD HFXDFLyQ HVWHTXLRPpWULFD \ DVt
WHQHU HQ FXHQWD TXH HO FRHILFLHQWH GHO GLHVHO HV OD XQLGDG 3DUD OD UHODFLyQ
‫ܣ‬Ȁ‫ܥ‬௥௘௔௟ VH OR UHVXHOYH HQ IRUPD VLPLODU SRU OR TXH VH GLYLGH D WRGD OD
HFXDFLyQ UHDO SDUD HO FRHILFLHQWH GHO GLHVHO TXH HQ HVWH FDVR HV D GH OD
VLJXLHQWHPDQHUD
ܽ
ܾ
ܿ
ሺ‫ܥ‬ଵଶ ‫ܪ‬ଶ଺ ൅ ͲǤͲͷܵሻ ൅ ሺܱଶ ൅ ͵Ǥ͹͸ܰଶ ሻ ൅ ‫ܪ‬ଶ ܱ ՜
ܽ
ܽ
ܽ
݁
݂
݃
݄
݅
݆
݀
ሺ͵Ǥ͹͸ሻܰଶ ൅ ‫ܱܥ‬ଶ ൅ ‫ܪ‬ଶ ൅ ܱܵଶ ൅ ܱܰ ൅ ܱଶ ൅ ‫ܱܥ‬
ܽ
ܽ
ܽ
ܽ
ܽ
ܽ
ܽ
'HVSHMDU\HQFRQWUDUE
E 3DUDHOFRQWHQLGRGHODJXDXVDUODKXPHGDG
F 3DUDHOKLGUyJHQR
ʹ͸ܽ ൅ ʹܿ ൌ ʹ݂
I 3DUDORVy[LGRVGHQLWUyJHQRLJXDODUORVR[tJHQRV
ʹܾ ൅ ܿ ൌ ʹ݁ ൅ ݂ ൅ ʹ݃ ൅ ݄ ൅ ʹ݅ ൅ ݆
K ±±±
K )LQDOPHQWHVHLJXDODQORVQLWUyJHQRV
ʹ ‫͵ כ‬Ǥ͹͸ ‫ ܾ כ‬ൌ ʹ ‫ ݀ כ‬൅ ݄
G (FXDFLyQTXtPLFDLJXDODGD
&+621+21
&2+26212[2&2
7DEOD7DEODGHUHVXOWDGRV(63(
7$%/$'(5(68/7$'26
'(7(50,1$&,21(6
0(',&,21(6
7HPSHUDWXUDDPELHQWHƒ&
2[tJHQR2
0RQy[LGRGHFDUERQR&2SSP 'Ly[LGRGHFDUERQR&2
Ï[LGRVQLWURVRV12[SSP
'Ly[LGRGHD]XIUH62SSP
([FHVRGHDLUH
358(%$6(1(035(6$6'(/$/2&$/,'$'
6(/(&&,Ï1'((035(6$6
3DUDODHMHFXFLyQGHODWRPDGHGDWRVFRQHODQDOL]DGRUGHJDVHVWHVWR
VH XWLOL]y XQD VRQGD TXH VH FRORFy HQ SXQWRV GH PHGLFLyQ XELFDGRV HQ ODV
FKLPHQHDVGHKRUQRV\FDOGHUDVSRUORTXHODVHPSUHVDVTXHSRVHHQHVWH
WLSR GH PDTXLQDULD \ HTXLSR LQGXVWULDO VRQ ODV LGyQHDV SDUD UHDOL]DU HVWH
HVWXGLR
6HVROLFLWyODDXWRUL]DFLyQ SDUDUHDOL]DUODPHGLFLyQGHJDVHVHQFKLPHQHDV
GHODVVLJXLHQWHVHPSUHVDV
Ͳ 7(6$/,$635,1*6&203$1<6$6HFW0DFKDFKL
Ͳ $'(/&$$&(5Ë$'(/(&8$'25&$9tD$OyDJ6WRGRPLQJR.P
Ͳ (&2)52=6$6HFW$ORDVt0DFKDFKL
Ͳ 129$&(526$ORFDOL]DGDHQ/DVVRSURYLQFLDGH&RWRSD[L
Ͳ +2/&,0 (&8$'25 6$ %DUULR 6DQ 5DIDHO YtD D 6DQ -XDQ
/DWDFXQJD
Ͳ &('$/6HFW/DWDFXQJD
/DV HPSUHVDV JXDUGDQ FRQ PXFKR UHFHOR OD LQIRUPDFLyQ SHUWLQHQWH GH NDV
HPLVLRQHV GH JDVHV DO DLUH SXHV VHU GLYXOJDGD SRGUtD FRPSURPHWHU D
VDQFLRQHVSRUSDUWHGHO0LQLVWHULRGHO$PELHQWH
'H ODV HPSUHVDV DQWHULRUPHQWH PHQFLRQDGDV VRODPHQWH VH DFHSWy OD
VROLFLWXGHQ$'(/&$
3RUPHGLRGHOFRQYHQLRYLJHQWHFRQOD(63(IXHSRVLEOHUHDOL]DUPHGLFLRQHV
HQHOKRUQRGH$1'(&FX\DVLQVWDODFLRQHVHVWiQXELFDGDVHQHOVHFWRUGHOD
3XQWLOOD*XDVPR6XUHQODFLXGDGGH*XD\DTXLO
$GHPiVVHSXGRFRQFUHWDUXQDYLVLWDDOODERUDWRULRGH,QJHQLHUtD4XtPLFDGH
OD 8QLYHUVLGDG &HQWUDO GHO (FXDGRU TXH IRUPD SDUWH GH ORV ODERUDWRULRV
FHUWLILFDGRV SDUDUHDOL]DU HVWXGLRV FRUUHVSRQGLHQWHV D OD PHGLFLyQ GH JDVHV
GHFRPEXVWLyQSURYHQLHQWHVGHHTXLSRV\PDTXLQDULDLQGXVWULDO
<JUDFLDVDOGHSDUWDPHQWRGH0DQWHQLPLHQWRGHO$HURSXHUWR0DULVFDO6XFUH
GH4XLWRIXHSRVLEOHUHDOL]DUPHGLFLRQHVHQHOLQFLQHUDGRU
6(/(&&,Ï1'(352&(626(48,326<0È48,1$668-(7$6$
358(%$6&21(/$1$/,=$'25'(*$6(6
$'(/&$ SRVHH SODQWDV GH /DPLQDGR 7UHILODGR \ )XQGLGRUD FDGD XQD
FXHQWDFRQKRUQRVTXHWLHQHQFKLPHQHDVTXHDOFDQ]DQORVPWVGHDOWXUD
LGHDOHVSDUDUHDOL]DUPHGLFLRQHV\DSOLFDUWRGRHOSURFHGLPLHQWR
/DFKLPHQHDGHOKRUQRGHOD1$9(7GHODPLQDGRVIXHODTXHVHDXWRUL]y
SDUDUHDOL]DUODVPHGLFLRQHV
(Q HVWH KRUQR VH FDOLHQWDQ D XQRV ž& ORV OLQJRWHV GH DFHUR VRQ HO
PDWHULDO GLUHFWR SDUDODHODERUDFLyQ GH YDULOODV GHFRQVWUXFFLyQ TXHHV XQR
GHORVSURGXFWRVTXHVHKDFHQHQODIiEULFD
/DFKLPHQHDPLGHPWVGHDOWXUD\PWVGHGLiPHWUR
)LJXUD&KLPHQHDVGHKRUQRVGH$'(/&$
(Q OD SODQWD LQGXVWULDO GH DFHUtD \ ODPLQDFLyQ GH $1'(& H[LVWHQ YDULRV
KRUQRVTXHWUDEDMDQFRQHOHFWULFLGDG\FRQFRPEXVWLEOHLQGXVWULDO$OVHUXQD
HPSUHVD TXH FXPSOH QRUPDV LQWHUQDFLRQDOHV \ UHJODPHQWRV LQWHUQRV IXH
QHFHVDULR HO SDUWLFLSDU HQ XQD FKDUOD GH LQGXFFLyQ \ REVHUYDU PDWHULDO
YLGHRJUiILFRUHODFLRQDGRFRQODVHJXULGDGLQGXVWULDO
/D FKLPHQHD GH $1'(& PLGH DSUR[LPDGDPHQWH PWV GH DOWXUD \ HVWD
HTXLSDGD FRQ XQD SODWDIRUPD \ XQ SXQWR GH PHGLFLyQ FRPR UHFRPLHQGD OD
QRUPD78/$6
)LJXUD&KLPHQHDV$1'(&
(QOD)DFXOWDGGH,QJHQLHUtD4XtPLFDGHOD8QLYHUVLGDG&HQWUDOGHO(FXDGRU
VHKL]RODVSUXHEDVHQXQFDOGHURTXHORVDOXPQRVXWLOL]DQSDUDUHDOL]DUVXV
SUiFWLFDV DFDGpPLFDV GH PDQHUD VLPLODU DO FDOGHUR TXH H[LVWH HQ HO
ODERUDWRULRGHHQHUJtDVGHOD(63(
(Q HO $HURSXHUWR 0DULVFDO 6XFUH VH UHDOL]DURQ PHGLFLRQHV HQ OD FKLPHQHD
GHOLQFLQHUDGRUFX\D IXQFLyQ HVOD TXHPD GH WRGD ODEDVXUD SURYHQLHQWH GH
ODV LQVWDODFLRQHV GHO DHURSXHUWR JUDFLDV D OD DXWRUL]DFLyQ GHO MHIH GH
PDQWHQLPLHQWRIXHSRVLEOHDFFHGHUDHVWHOXJDU
)LJXUD,QFLQHUDGRUGHO$HURSXHUWR0DULVFDO6XFUH
(-(&8&,Ï1'(/$*8Ë$'(358(%$6
&RQ OD LQIRUPDFLyQ SURSRUFLRQDGD VH OOHQDQ ORV FXDGURV TXH VH GHWDOODQ D
FRQWLQXDFLyQ
7DEOD&XDGUR,QIRUPDWLYR$'(/&$
(6&8(/$32/,7e&1,&$'(/(-e5&,72
'(3$57$0(172'(&,(1&,$6'(/$(1(5*Ë$<0(&È1,&$
/$%25$725,2'(&219(56,Ï1'((1(5*Ë$
(035(6$
$'(/&$
)(&+$'(0(',&,Ï1
&,8'$'
$/2$*
1R5(*,6752
',5(&&,Ï1
9tD$OyDJ6WRGRPLQJR.P
5(63216$%/(
,QJ;DYLHU9LOODOED
7,32'(
&20%867,%/(
%81.(5)8(/2,/
7(/e)212
7,32'(
0$48,1$5,$
+2512
1R'(
0(',&,21(6
0e72'2
&(/'$6
(/(&75248Ë0,&$6
7$0%%8/%2
+Ò0('2
ž&
7$0%%8/%26(&2
ž&
7DEOD&XDGUR,QIRUPDWLYR81,9(56,'$'&(175$/
(6&8(/$32/,7e&1,&$'(/(-e5&,72
'(3$57$0(172'(&,(1&,$6'(/$(1(5*Ë$<0(&È1,&$
/$%25$725,2'(&219(56,Ï1'((1(5*Ë$
(035(6$
81,9(56,'$'
&(175$/
)(&+$'(0(',&,Ï1
&,8'$'
48,72
1R5(*,6752
',5(&&,Ï1
&LXGDGHOD8QLYHUVLWDULD$Y$PpULFD
5(63216$%/(
,QJ:DVKLQJWRQ5XL]
7,32'(
&20%867,%/(
',(6(/
7(/e)212
7,32'(
0$48,1$5,$
&$/'(52
1R'(
0(',&,21(6
0e72'2
&(/'$6
(/(&75248Ë0,&$6
7$0%%8/%2
+Ò0('2
ž&
7$0%%8/%26(&2
ž&
7DEOD&XDGUR,QIRUPDWLYR$1'(&
(6&8(/$32/,7e&1,&$'(/(-e5&,72
'(3$57$0(172'(&,(1&,$6'(/$(1(5*Ë$<0(&È1,&$
/$%25$725,2'(&219(56,Ï1'((1(5*Ë$
(035(6$
$1'(&
)(&+$'(0(',&,Ï1
&,8'$'
48,72
1R5(*,6752
',5(&&,Ï1
*XDVPR6XU$Y5D~O&OHPHQWH+XHUWD
5(63216$%/(
,QJÈQJHO1DUYiH]
7,32'(
&20%867,%/(
%81.(5)8(/2,/
7(/e)212
7,32'(
0$48,1$5,$
+2512
1R'(
0(',&,21(6
0e72'2
&(/'$6
(/(&75248Ë0,&$6
7$0%%8/%2
+Ò0('2
ž&
7$0%%8/%26(&2
ž&
7DEOD&XDGUR,QIRUPDWLYR$1'(&
(6&8(/$32/,7e&1,&$'(/(-e5&,72
'(3$57$0(172'(&,(1&,$6'(/$(1(5*Ë$<0(&È1,&$
/$%25$725,2'(&219(56,Ï1'((1(5*Ë$
(035(6$
$(5238(572
0$5,6&$/
68&5(
)(&+$'(0(',&,Ï1
&,8'$'
48,72
1R5(*,6752
',5(&&,Ï1
$YV$PD]RQDV\'HOD3UHQVDVQ
5(63216$%/(
7(/e)212
7,32'(
&20%867,%/(
',(6(/
7,32'(
0$48,1$5,$
,1&,1(5$'25
1R'(
0(',&,21(6
0e72'2
&(/'$6
(/(&75248Ë0,&$6
7$0%%8/%2
+Ò0('2
ž&
7$0%%8/%26(&2
ž&
5(*,6752 < (/$%25$&,Ï1 '(/ +,67Ï5,&2 '(
5(68/7$'26
3DUD+RUQRGH$GHOFD
&È/&8/26
'DWRVREWHQLGRVFRQHODQDOL]DGRUSURPHGLRV
2
&2
SSP
&2 ([FDLUH
NJNJGHDLUHVHFR
+XPHGDG
൅ ͲǤͲͷܵሻ ൅ ܾሺܱଶ ൅ ͵Ǥ͹͸ܰ
ଶ ሻ ൅ ܿ‫ܪ‬ଶ ܱ ሱۛሮ
ܽሺ‫ܥ‬ଵଶ ‫ܪ‬ଶ଺
݀ ሺ͵Ǥ͹͸ሻܰଶ ൅ ݁‫ܱܥ‬ଶ ൅ ݂‫ܪ‬ଶ ܱ ൅ ܱ݃ܵଶ ൅ ݄ܱܰ ൅ ܱ݅ଶ ൅ ݆‫ܱܥ‬
8WLOL]DU ODV HFXDFLRQHV GHO $1(;2 SDUD HQFRQWUDU ORV FRHILFLHQWHV \
FRPSOHWDUODHFXDFLyQTXtPLFD
,JXDODUFDUERQRV
D 'HO$1(;2HFXDFLyQ
$&UHDO
$&UHDO &RQWHQLGRGHD]XIUH
J 8WLOL]DUODHFXDFLyQGHVFULWDHQHO$1(;2SDUDFDOFXODUHOFRHILFLHQWH
ܽ
ܾ
ܿ
ሺ‫ܥ‬ଵଶ ‫ܪ‬ଶ଺ ൅ ͲǤͲͷܵሻ ൅ ሺܱଶ ൅ ͵Ǥ͹͸ܰଶ ሻ ൅ ‫ܪ‬ଶ ܱ ՜
ܽ
ܽ
ܽ
݀
݁
݂
݃
݄
݅
݆
ሺ͵Ǥ͹͸ሻܰଶ ൅ ‫ܱܥ‬ଶ ൅ ‫ܪ‬ଶ ൅ ܱܵଶ ൅ ܱܰ ൅ ܱଶ ൅ ‫ܱܥ‬
ܽ
ܽ
ܽ
ܽ
ܽ
ܽ
ܽ
'HVSHMDU\HQFRQWUDUE
E 3DUDHOFRQWHQLGRGHODJXDXVDUODKXPHGDG
F 3DUDHOKLGUyJHQR
I 3DUDORVy[LGRVGHQLWUyJHQRLJXDODUORVR[tJHQRV
K K )LQDOPHQWHVHLJXDODQORVQLWUyJHQRV
G (FXDFLyQTXtPLFDLJXDODGD
&+621+21
&2+26212[2&2
7DEOD7DEODGHUHVXOWDGRV$'(/&$
7$%/$'(5(68/7$'26
'(7(50,1$&,21(6
0(',&,21(6
7HPSHUDWXUDDPELHQWHƒ&
2[LJHQR2
0RQy[LGRGHFDUERQR&2SSP
'Ly[LGRGHFDUERQR&2
Ï[LGRVQLWURVRV12[SSP
'Ly[LGRGHD]XIUH62SSP
([FHVRGHDLUH
3DUDFDOGHURGHOD8&(
&È/&8/26
'DWRVREWHQLGRVFRQHODQDOL]DGRUSURPHGLRV
2
&2
SSP
&2 ([FDLUH
NJNJGHDLUHVHFR
+XPHGDG
8WLOL]DUODVHFXDFLRQHVGHO$1(;2SDUDHQFRQWUDUORVFRHILFLHQWHV\
FRPSOHWDUODHFXDFLyQTXtPLFD
ܽሺ‫ܥ‬ଵଶ ‫ܪ‬ଶ଺ ൅ ͲǤͲͷܵሻ ൅ ܾሺܱଶ ൅ ͵Ǥ͹͸ܰଶ ሻ ൅ ܿ‫ܪ‬ଶ ܱ ሱۛሮ
݀ ሺ͵Ǥ͹͸ሻܰଶ ൅ ݁‫ܱܥ‬ଶ ൅ ݂‫ܪ‬ଶ ܱ ൅ ܱ݃ܵଶ ൅ ݄ܱܰ ൅ ܱ݅ଶ ൅ ݆‫ܱܥ‬
,JXDODUFDUERQRV
D &RQWHQLGRGHD]XIUH
J 'HO$1(;2HFXDFLyQ
$&UHDO
$&UHDO 8WLOL]DUODHFXDFLyQGHVFULWDHQHO$1(;2SDUDFDOFXODUHOFRHILFLHQWH
ܿ
ܽ
ܾ
ሺ‫ܥ‬ଵଶ ‫ܪ‬ଶ଺ ൅ ͲǤͲͷܵሻ ൅ ሺܱଶ ൅ ͵Ǥ͹͸ܰଶ ሻ ൅ ‫ܪ‬ଶ ܱ ՜
ܽ
ܽ
ܽ
݀
݁
݂
݃
݄
݅
݆
ሺ͵Ǥ͹͸ሻܰଶ ൅ ‫ܱܥ‬ଶ ൅ ‫ܪ‬ଶ ൅ ܱܵଶ ൅ ܱܰ ൅ ܱଶ ൅ ‫ܱܥ‬
ܽ
ܽ
ܽ
ܽ
ܽ
ܽ
ܽ
'HVSHMDU\HQFRQWUDUE
E 3DUDHOFRQWHQLGRGHODJXDXVDUODKXPHGDG
F 3DUDHOKLGUyJHQR
I 3DUDORVy[LGRVGHQLWUyJHQRLJXDODUORVR[tJHQRV
K K )LQDOPHQWHVHLJXDODQORVQLWUyJHQRV
G (FXDFLyQTXtPLFDLJXDODGD
&+621+21
&2+26212[2&2
7DEOD7DEODGHUHVXOWDGRV8&(
7$%/$'(5(68/7$'26
'(7(50,1$&,21(6
0(',&,21(6
7HPSHUDWXUDDPELHQWHƒ&
2[tJHQR2
0RQy[LGRGHFDUERQR&2SSP
'Ly[LGRGHFDUERQR&2
Ï[LGRVQLWURVRV12[SSP
'Ly[LGRGHD]XIUH62SSP
([FHVRGHDLUH
3DUDHOKRUQRGH$1'(&
&È/&8/26
'DWRVREWHQLGRVFRQHODQDOL]DGRUSURPHGLRV
2
&2
SSP &2
([FDLUH
NJNJGHDLUHVHFR
+XPHGDG
8WLOL]DU ODV HFXDFLRQHV GHO $1(;2 SDUD HQFRQWUDU
FRPSOHWDUODHFXDFLyQTXtPLFD
ORV FRHILFLHQWHV
\
ܽሺ‫ܥ‬ଵଶ ‫ܪ‬ଶ଺ ൅ ͲǤͲǤͲͷܵሻ ൅ ܾሺܱଶ ൅ ͵Ǥ͹͸ܰଶ ሻ ൅ ܿ‫ܪ‬ଶ ܱ ሱۛሮ
݀ ሺ͵Ǥ͹͸ሻܰଶ ൅ ݁‫ܱܥ‬ଶ ൅ ݂‫ܪ‬ଶ ܱ ൅ ܱ݃ܵଶ ൅ ݄ܱܰ ൅ ܱ݅ଶ ൅ ݆‫ܱܥ‬
,JXDODUFDUERQRV
D &RQWHQLGRGHD]XIUH
J 'HO$1(;2HFXDFLyQ
$ &UHDO
$ &UHDO 8WLOL]DU OD HFXDFLyQ GHVFULWD HQ HO $1(;2 SDUD FDOFXODU HO
FRHILFLHQWH
ܽ
ܾ
ܿ
ሺ‫ܥ‬ଵଶ ‫ܪ‬ଶ଺ ൅ ͲǤͲͷܵሻ ൅ ሺܱଶ ൅ ͵Ǥ͹͸ܰଶ ሻ ൅ ‫ܪ‬ଶ ܱ ՜
ܽ
ܽ
ܽ
݀
݁
݂
݃
݄
݅
݆
ሺ͵Ǥ͹͸ሻܰଶ ൅ ‫ܱܥ‬ଶ ൅ ‫ܪ‬ଶ ൅ ܱܵଶ ൅ ܱܰ ൅ ܱଶ ൅ ‫ܱܥ‬
ܽ
ܽ
ܽ
ܽ
ܽ
ܽ
ܽ
'HVSHMDU\HQFRQWUDUE
E 3DUDHOFRQWHQLGRGHODJXDXVDUODKXPHGDG
F 3DUDHOKLGUyJHQR I 3DUDORVy[LGRVGHQLWUyJHQRLJXDODUORVR[tJHQRV
K ±±±
K )LQDOPHQWHVHLJXDODQORVQLWUyJHQRV
G (FXDFLyQTXtPLFDLJXDODGD
&+621+21
&2+26212[2
&2
7DEOD7DEODGHUHVXOWDGRV$1'(&
7$%/$'(5(68/7$'26
'(7(50,1$&,21(6
0(',&,21(6
7HPSHUDWXUDDPELHQWHƒ&
2[LJHQR2
0RQy[LGRGHFDUERQR&2SSP
'Ly[LGRGHFDUERQR&2
Ï[LGRVQLWURVRV12[SSP
'Ly[LGRGHD]XIUH62SSP
([FHVRGHDLUH
3DUDHOLQFLQHUDGRUGHO$HURSXHUWR0DULVFDO6XFUH
&È/&8/26
'DWRVREWHQLGRVFRQHODQDOL]DGRUSURPHGLRV
2
&2
SSP
&2
([FDLUH
+XPHGDG
NJNJGHDLUHVHFR
ܽሺ‫ܥ‬ଵଶ ‫ܪ‬ଶ଺ ൅ ͲǤͲǤͲͷܵሻ ൅ ܾሺܱଶ ൅ ͵Ǥ͹͸ܰଶ ሻ ൅ ܿ‫ܪ‬ଶ ܱ ሱۛሮ
݀ ሺ͵Ǥ͹͸ሻܰଶ ൅ ݁‫ܱܥ‬ଶ ൅ ݂‫ܪ‬ଶ ܱ ൅ ܱ݃ܵଶ ൅ ݄ܱܰ ൅ ܱ݅ଶ ൅ ݆‫ܱܥ‬
8WLOL]DU ODV HFXDFLRQHV GHO $1(;2 SDUD HQFRQWUDU ORV FRHILFLHQWHV \
FRPSOHWDUODHFXDFLyQTXtPLFD
,JXDODUFDUERQRV
D &RQWHQLGRGHD]XIUH
J 'HO$1(;2HFXDFLyQ
$&UHDO
$&UHDO
8WLOL]DUODHFXDFLyQGHVFULWDHQHO$1(;2SDUDFDOFXODUHOFRHILFLHQWH
ܽ
ܿ
ܾ
ሺ‫ܥ‬ଵଶ ‫ܪ‬ଶ଺ ൅ ͲǤͲͷܵሻ ൅ ሺܱଶ ൅ ͵Ǥ͹͸ܰଶ ሻ ൅ ‫ܪ‬ଶ ܱ ՜
ܽ
ܽ
ܽ
݀
݁
݂
݃
݄
݅
݆
ሺ͵Ǥ͹͸ሻܰଶ ൅ ‫ܱܥ‬ଶ ൅ ‫ܪ‬ଶ ൅ ܱܵଶ ൅ ܱܰ ൅ ܱଶ ൅ ‫ܱܥ‬
ܽ
ܽ
ܽ
ܽ
ܽ
ܽ
ܽ
'HVSHMDU\HQFRQWUDUE
E 3DUDHOFRQWHQLGRGHODJXDXVDUODKXPHGDG
F 3DUDHOKLGUyJHQR
I 3DUDORVy[LGRVGHQLWUyJHQRLJXDODUORVR[tJHQRV
K K )LQDOPHQWHVHLJXDODQORVQLWUyJHQRV
G (FXDFLyQTXtPLFDLJXDODGD
&+62
1+21
&2+26212[2&2
7DEOD7DEODGHUHVXOWDGRV$,06
7$%/$'(5(68/7$'26
'(7(50,1$&,21(6
7HPSHUDWXUDDPELHQWHƒ&
2[LJHQR2
'Ly[LGRGHFDUERQR&2
Ï[LGRVQLWURVRV12[SSP
'Ly[LGRGHD]XIUH62SSP
([FHVRGHDLUH
0RQy[LGRGHFDUERQR&2SSP
0(',&,21(6
&$3Ë78/2
$1È/,6,6'(5(68/7$'26
$3/,&$&,Ï1 '( 1250$6 '( ,03$&72 < &21752/
$0%,(17$/
3DUDODDSOLFDFLyQGHQRUPDVGHLPSDFWR\FRQWURODPELHQWDOHQSULPHUOXJDU
VHGHEHFRPSDUDUORVYDORUHVREWHQLGRVFRQORVSHUPLVLEOHV
7DEOD/tPLWHVPi[LPRVSHUPLVLEOHVGHHPLVLRQHVDODLUHSDUD
IXHQWHVILMDVGHFRPEXVWLyQ
)8(17(78/$6/LEUR9,$QH[R
/RVUHVXOWDGRVREWHQLGRVHQHOFDOGHURVHPXHVWUDQHQOD7DEOD
7DEOD&RQYHUVLRQSSPPJP(63(
ሾ‫݉݌݌‬ሿ ሾ݉݃Ȁ݉ଷ ሿ
Ï[LGRVQLWURVRV12[SSP
'Ly[LGRGHD]XIUH62SSP +2512'(35(&$/(17$0,(172'(/,1*27(6$'(/&$
7DEOD&RQYHUVLyQSSP±PJPñ$'(/&$
ሾ‫݉݌݌‬ሿ ሾ݉݃Ȁ݉ଷ ሿ
Ï[LGRVQLWURVRV12[SSP
'Ly[LGRGHD]XIUH62SSP &$/'(528&(
7DEOD&RQYHUVLyQSSP±PJPñ8&(
ሾ‫݉݌݌‬ሿ ሾ݉݃Ȁ݉ଷ ሿ
Ï[LGRVQLWURVRV12[SSP
'Ly[LGRGHD]XIUH62SSP +2512$1'(&
7DEOD&RQYHUVLyQSSP±PJPñ$1'(&
ሾ‫݉݌݌‬ሿ ሾ݉݃Ȁ݉ଷ ሿ
Ï[LGRVQLWURVRV12[SSP
'Ly[LGRGHD]XIUH62SSP ,1&,1(5$'25$(5238(572
7DEOD&RQYHUVLyQSSP±PJPñ$(,06
ሾ‫݉݌݌‬ሿ ሾ݉݃Ȁ݉ଷ ሿ
Ï[LGRVQLWURVRV12[SSP
'Ly[LGRGHD]XIUH62SSP 6HREVHUYDTXHHOFDOGHURGHOD(63(SRUVHUQXHYR\HVWDUHQEXHQHVWDGR
SUHVHQWDYDORUHVEDMRVWDQWRHQORV12[\62
(Q$'(/&$ORVYDORUHVVHHQFXHQWUDQSRUGHEDMRGHODQRUPDSHUPLVLEOH\
VH FRQVWDWy TXH HVWD HPSUHVD WLHQH XQ EXHQ HTXLSR FDOLEUDGR SRU HOOR TXH
SUHVHQWDYDORUHVEDMRVWDQWRHQORV12[\62
6HSXHGHREVHUYDUTXHHOFDOGHURGHOD8&(QRFXPSOHFRQODQRUPDGHELGR
DTXHHOYDORUGHO12[VREUHSDVDORHVWDEOHFLGRHQODQRUPD
6H SXHGH REVHUYDU TXH HO KRUQR GH$1'(& HVWD GHQWUR GH ORV SDUiPHWURV
SHUPLVLEOHV
/DV PHGLFLRQHV GHO LQFLQHUDGRU GHO $HURSXHUWR 0DULVFDO 6XFUH WDPELpQ VH
HQFXHQWUDQGHQWURGHOOtPLWHHVWDEOHFLGRSRUODQRUPDHFXDWRULDQD
&8$'52 &203$5$7,92 '( /$ (0,6,Ï1 '( *$6(6
&217$0,1$17(6 (0,7,'$6 325 /$6 (035(6$6
68-(7$6$(16$<2
$ FRQWLQXDFLyQ VH SUHVHQWDQ GRV FXDGURV FRQ ORV YDORUHV REWHQLGRV GH ODV
LQVWLWXFLRQHVVXMHWDVDHQVD\R\VHODVFRPSDUDFRQHOOtPLWHHVWDEOHFLGRSRU
HO78/$6
7DEOD&XDGURFRPSDUDWLYRGH,QVWLWXFLRQHVVXMHWDVDOHQVD\RHQ
EDVHDVXFRQWHQLGRGH12[
78/$6
(;&(62
ሾ࢓ࢍȀ࢓૜ ሿ
&803/(
ሾ࢓ࢍȀ࢓૜ ሿ
8&(
12
$'(/&$
6,
(63(
6,
$1'(&
6,
$,06
6,
7DEOD&XDGURFRPSDUDWLYRGH,QVWLWXFLRQHVVXMHWDVDOHQVD\RHQ
EDVHDVXFRQWHQLGRGH62
78/$6
(;&(62
ሾ࢓ࢍȀ࢓૜ ሿ
&803/(
ሾ࢓ࢍȀ࢓૜ ሿ
8&(
6,
$'(/&$
6,
(63(
6,
$1'(&
6,
$,06
6,
&RPR VH SXHGH DSUHFLDU HO FDOGHUR GH OD 8QLYHUVLGDG &HQWUDO GHO (FXDGRU
H[FHGHVXVHPLVLRQHVGH12[HQXQHVSRUHOORTXHQRFXPSOHFRQOD
QRUPD GHVFULWD SRU HO 78/$6 \ SRU OR WDQWR HVWH FDOGHUR FRQWDPLQD HO
DPELHQWHSDUWLFXODUPHQWHHODLUH
(VWH GDWR HVWi DFRUGH FRQ OD FRQWDPLQDFLyQ JHQHUDGDSRU HOFDOGHURTXH D
VLPSOH YLVWD VH SXGR DSUHFLDU SXHV HO KXPR TXH JHQHUDEDQ ORV JDVHV GH
FRPEXVWLyQFRQWHQtD SDUWtFXODVGHFDUEyQ TXHIORWDEDQ HQ HO DLUHSHUR TXH
QRLQFRPRGDDHVWDLQVWLWXFLyQGHELGRDTXHHOFDPSXVXQLYHUVLWDULRHVPX\
H[WHQVR\ODFKLPHQHDGHOFDOGHURHVWiHQXQOXJDUEDVWDQWHGHVSHMDGR
2WUD FRQVLGHUDFLyQ HV TXH VROR XWLOL]DQ HVWH FDOGHUR SDUD UHDOL]DU SUiFWLFDV
GH ODERUDWRULR GH TXtPLFD \ VRORVH OR HQFLHQGH SRFDV KRUDV D OD VHPDQD
7DOYH]SRUHVWDUD]yQOD8&(QRWRPDPHGLGDVHQFXDQWRDOIXQFLRQDPLHQWR
GHVXFDOGHUR
$&&,21(6 ( ,03/(0(17$&,21(6 3$5$ 0(-25$6
(1(/862<0$1(-2'(/$(1(5*Ë$3$5$/2*5$5
81&21752/'(/$0%,(17(/,03,2
(V QHFHVDULR FRQVHJXLU XQD DSUR[LPDFLyQ D OD FRPEXVWLyQ FRPSOHWD
FRPEXVWLyQ HVWHTXLRPpWULFD GHO FRPEXVWLEOH 8Q SDUiPHWUR GHWHUPLQDQWH
SDUD XQ IXQFLRQDPLHQWR ySWLPR HQWUH RWURV HV OD FRQILJXUDFLyQ GHO DLUH GH
FRPEXVWLyQ5HJXODUHVWHSDUiPHWURUHVXOWDEHQHILFLRVRWDQWRSDUDHODKRUUR
GHFRPEXVWLEOHFRPRSDUDHOFRQWUROGHHPLVLRQHVGHJDVHVFRQWDPLQDQWHV
(OFDOGHURGHOD8QLYHUVLGDG&HQWUDOSUHVHQWyYDORUHVDOWRVGHPRQy[LGRGH
FDUERQRTXHDXQTXHQRH[LVWHXQDUHJXODFLyQHQODQRUPDVHGHEHFXLGDGR
GHELGRDTXHHVXQJDVGDxLQRSDUDORVVHUHVYLYRV\HODPELHQWH
&XDQGR XQ HTXLSR SUHVHQWD QLYHOHV DOWRV GH &2 GH DFXHUGR D ODV
UHFRPHQGDFLRQHVGHWHVWRVHSURFHGHGHODVLJXLHQWHPDQHUD
&2PD\RUGHSSP0DQWHQLPLHQWRGHOVLVWHPD
&2PD\RUGHSSP&LHUUHGHOVXPLQLVWUR
(QHOFDVRGHOFDOGHURGHOD8QLYHUVLGDG&HQWUDOORVYDORUHVGH&2VXSHUDQ
ORVSSPODUHFRPHQGDFLyQHVGDUPDQWHQLPLHQWR\UHJXODUHOH[FHVRGH
DLUH
0$75,='(,03$&72$0%,(17$/
&RQ ORV GDWRV REWHQLGRV GH ODV PHGLFLRQHV \ OXHJR GH GHGXFLU ODV
FRQFHQWUDFLRQHVGHORVJDVHVIDOWDQWHVVHSURFHGHFRQODHODERUDFLyQGHOD
PDWUL]GHLPSDFWRDPELHQWDO
/DVDFFLRQHV\IDFWRUHVTXHVHGHWDOODQHQODPDWUL]VHORVDQDOL]DHQODIDVH
GH RSHUDFLyQ GHELGR D TXH ODV HPSUHVDV VH HQFRQWUDEDQ ODERUDQGR
QRUPDOPHQWH
3DUD RWRUJDU YDORUHV GH PDJQLWXG VH UHDOL]D XQD FRPELQDFLyQ GH ORV
DVSHFWRV GHWDOODGRV HQ OD SiJLQD (O YDORU FXDOLWDWLYR HVWi FRPSUHQGLGR
HQWUH HO \ HO HQ HO TXH FRUUHVSRQGH D OD DOWHUDFLyQ Pi[LPD
SURYRFDGDHQHOIDFWRUDPELHQWDOFRQVLGHUDGR\ODPtQLPD/D7DEOD
LQGLFD ORV YDORUHV TXH VH DVLJQDURQ DFRUGH D OD FRPELQDFLyQ SRU HMHPSOR
SDUD XQD FRPELQDFLyQ 3HUPDQHQWH ± $OWD ± &LHUWR ± ,UUHYHUVLEOH 3$&,
WHQGUiXQYDORUGHSRUTXHHVODPiVLQWHQVDSRURWURODGRODFRPELQDFLyQ
7(0325$/ ± %$-2 ± 352%$%/( ± 5(9(56,%/( 7%355 WHQGUi HO
YDORUGHSRUVHUODPHQRVLQWHQVD
7DEOD$VLJQDFLyQGHYDORUHVGH0DJQLWXG
,17(16,'$'
&20%,1$&,21
7%355
7%35,7%&5
7%&,
70355
70&57035,7$355
3%35570&,7$&57$35,
3%&53%35,303557$&,
3%&,30&53035,3$355
30&,3$&53$35,
3$&,
6HUHDOL]DHODQiOLVLVFRQODVXSHUYLVLyQ\UHFRPHQGDFLRQHVGHXQLQJHQLHUR
DPELHQWDOSDUDJDUDQWL]DUTXHHOSURFHGLPLHQWRHVHODGHFXDGR
(QODV7DEOD\7DEODTXHVHGHWDOODQDFRQWLQXDFLyQPXHVWUDQODV
FRPELQDFLRQHV TXH VH DVLJQDURQ SDUD FDOLILFDU OD PDJQLWXG GHO LPSDFWR QR
WRGRV ORV FXDGURV GH ODV PDWULFHV HVWiQ OOHQRV GHELGR D TXH QR DSOLFDEDQ
SDUDODFDOLILFDFLyQ
7DEOD$VLJQDFLyQGHFRPELQDFLRQHVSDUDFDOLILFDUOD0DJQLWXGGH
ORVUHVXOWDGRVGH$'(/&$
7DEOD$VLJQDFLyQGHFRPELQDFLRQHVSDUDFDOLILFDUOD0DJQLWXGGH
ORVUHVXOWDGRVGH$1'(&
Ͳ 6HXWLOL]DOD7DEODSDUDDVLJQDUHOYDORUQXPpULFR\VHDQDOL]DHO
FDUiFWHUSDUDHOVLJQRUHVSHFWLYR)LQDOPHQWHVHHYDO~DODLPSRUWDQFLD
GHO LPSDFWR SDUD FRPSOHWDU FDGD FHOGD GH OD PDWUL] GH LPSDFWR
DPELHQWDFX\RUHVXOWDGRVHPXHVWUDDFRQWLQXDFLyQHQOD7DEOD
\OD7DEOD
7DEOD0DWUL]GHLPSDFWRDPELHQWDOGHODVPHGLFLRQHVGH$'(/&$
3DUDHODQiOLVLVGHORVYDORUHVGHORVLPSDFWRVGHODPDWUL]HODERUDGDFRQORV
UHVXOWDGRV GH ODV PHGLFLRQHV UHDOL]DGDV HQ OD FKLPHQHD GH $'(/&$ VH
WRPyHQFXHQWDTXH
Ͳ (OYDORUGHHQPDQRGHREUDHVGHELGRDTXHODRSHUDFLyQGHO
KRUQRFRQWULEX\HVLJQLILFDWLYDPHQWHDOELHQHVWDUHFRQyPLFR\VRFLDOGH
ODV SHUVRQDV TXH KDELWDQ HQ ORV DOUHGHGRUHV GH OD HPSUHVD QR VROR
SRUODIXHQWHGHHPSOHRGLUHFWDVLQRWDPELpQSRUHOJLURFRPHUFLDOTXH
IDYRUHFHDOVHFWRU
Ͳ (O YDORU GH HV SRUTXH ODV HPLVLRQHV HVWiQ GHQWUR GH ORV OtPLWHV
HVWDEOHFLGRV SRU OD QRUPD 6H GHEH WHQHU HQ FXHQWD TXH HO KRUQR
WUDEDMD WRGR HO GtD HQ WXUQRV URWDWLYRV ORV GtDV D H[FHSFLyQ
FXDQGRVHORDSDJDSDUDUHDOL]DUHOPDQWHQLPLHQWRUHVSHFWLYR
Ͳ (O PDQWHQLPLHQWR WLHQH XQ SXHV DVHJXUD HO EXHQ
IXQFLRQDPLHQWRGHOKRUQR\DTXHRSWLPL]DHOSURFHVRGHFRPEXVWLyQ\
HYLWD OD HPLVLyQ H[FHVLYD GH FRQWDPLQDQWHV DO DPELHQWH /D
SDUDOL]DFLyQGHODV DFWLYLGDGHVHQ HO KRUQR GXUDQWHHOPDQWHQLPLHQWR
GLVPLQX\HODSURGXFFLyQGHODHPSUHVD
Ͳ /DVHPLVLRQHVYHKLFXODUHVSUHVHQWDQFRQFHQWUDFLRQHVDOWDVGHJDVHV
FRQWDPLQDQWHV SHURVRQPHQRVLPSRUWDQWHVGHELGRDTXHHOXVRGHO
YHKtFXOR GHQWURGHODVLQVWDODFLRQHVGHODHPSUHVD HVUHVWULQJLGRHV
SRUHOORTXHVHOHFDOLILFDFRQXQ
7DEOD0DWUL]GHLPSDFWRDPELHQWDOGHODVPHGLFLRQHVGH$1'(&
3DUDHODQiOLVLVGHORVYDORUHVGHORVLPSDFWRVGHODPDWUL]HODERUDGDFRQORV
UHVXOWDGRVGHODVPHGLFLRQHVUHDOL]DGDVHQODFKLPHQHDGH$1'(&VHWRPy
HQFXHQWDTXH
Ͳ (OYDORUGHHQPDQRGHREUDHVGHELGRDTXHODRSHUDFLyQGHO
KRUQRFRQWULEX\HVLJQLILFDWLYDPHQWHDOELHQHVWDUHFRQyPLFR\VRFLDOGH
ODV SHUVRQDV TXH KDELWDQ HQ ORV DOUHGHGRUHV GH OD HPSUHVD QR VROR
SRUODIXHQWHGHHPSOHRGLUHFWDVLQRWDPELpQSRUHOJLURFRPHUFLDOTXH
IDYRUHFHDOVHFWRU
Ͳ (OYDORUGHHVSRUTXHODVHPLVLRQHVDODDWPyVIHUDHVWiQGHQWUR
GHORVOtPLWHVHVWDEOHFLGRVSRUODQRUPD6HGHEHWHQHUHQFXHQWDTXH
HO KRUQR WUDEDMD WRGR HO GtD HQ WXUQRV URWDWLYRV ORV GtDV D
H[FHSFLyQ FXDQGR VH OR DSDJD SDUD UHDOL]DU HO PDQWHQLPLHQWR
UHVSHFWLYR
Ͳ (O PDQWHQLPLHQWR WLHQH XQ SXHV DVHJXUD HO EXHQ
IXQFLRQDPLHQWRGHOKRUQR\DTXHRSWLPL]DHOSURFHVRGHFRPEXVWLyQ\
HYLWD OD HPLVLyQ H[FHVLYD GH FRQWDPLQDQWHV DO DPELHQWH /D
SDUDOL]DFLyQGHODVDFWLYLGDGHV HQ HOKRUQR GXUDQWHHOPDQWHQLPLHQWR
GLVPLQX\HODSURGXFFLyQGHODHPSUHVD
Ͳ /DVHPLVLRQHVYHKLFXODUHVSUHVHQWDQFRQFHQWUDFLRQHVDOWDVGHJDVHV
FRQWDPLQDQWHVSHURVRQPHQRVLPSRUWDQWHVGHELGRD TXHHOXVRGHO
YHKtFXOR GHQWURGHODVLQVWDODFLRQHVGHODHPSUHVD HVUHVWULQJLGRHV
SRUHOORTXHVHOHFDOLILFDFRQXQ
Ͳ
/D HPSUHVD HVWD FRQVWUXLGD FHUFD DO PDU \ HQ VXV DOUHGHGRUHV KD\
DUEROHV\SDOPHUDVSRUORTXHVHGDODLPSRUWDQFLDGHOFDVR
&$3,78/2
&21&/86,21(6<5(&20(1'$&,21(6
&21&/86,21(6
Ͳ (O YDORU GH HQ PDQR GH REUD SDUD $'(/&$ \ $1'(& HV
GHELGR D TXH OD RSHUDFLyQ GHO KRUQR FRQWULEX\H VLJQLILFDWLYDPHQWH DO
ELHQHVWDU HFRQyPLFR \ VRFLDO GH ODV SHUVRQDV TXH KDELWDQ HQ ORV
DOUHGHGRUHVGHODHPSUHVD
Ͳ (O YDORU GH $'(/&$ \GH HQ $1'(& TXHVH REWXYRHQ ODV
HPLVLRQHV HV SRUTXH HVWiQ GHQWUR GH ORV OtPLWHV HVWDEOHFLGRV SRU OD
QRUPD(OLPSDFWRQHJDWLYRSRUODVHPLVLRQHVGHJDVHVGHOKRUQRGH
$1'(&HVPD\RUDOGH$'(/&$GHELGRDTXHODVLQVWDODFLRQHVGHOD
SULPHUD HVWiQ FRQVWUXLGDV FHUFD DO PDU \ URGHDGD GH DUEROHV \
SDOPHUDVORTXHGLILHUHGH$'(/&$ TXHHVWiHQXQD ]RQD LQGXVWULDO
FHUFDQDDDXWRSLVWDV
Ͳ 3DUD $'(/&$ \ $1'(& HO PDQWHQLPLHQWR WLHQH XQ YDORU GH SXHV DVHJXUD HO EXHQ IXQFLRQDPLHQWR GHO KRUQR \D TXH RSWLPL]D HO
SURFHVRGHFRPEXVWLyQ\HYLWDODHPLVLyQH[FHVLYDGHFRQWDPLQDQWHV
DODPELHQWH
Ͳ /DVHPLVLRQHVYHKLFXODUHVSUHVHQWDQFRQFHQWUDFLRQHVDOWDVGHJDVHV
FRQWDPLQDQWHVSHURVRQPHQRVLPSRUWDQWHVGHELGRD TXHHOXVRGHO
YHKtFXOR GHQWURGHODVLQVWDODFLRQHVGHODHPSUHVD HVUHVWULQJLGRHV
SRUHOORTXHVHOHFDOLILFDFRQXQ
Ͳ /D QRUPD 78/$6 UHFRPLHQGD TXH ORV 12[ QR VXSHUHQ XQD
FRQFHQWUDFLyQGHPJPGHQWURGHODVHPLVLRQHVGHJDVHVGHOR
UHVXOWDGRVREWHQLGRVVHSXHGHFRQFOXLUTXHHVWiQGHQWURGHODQRUPD
HO FDOGHUR GH OD (63( PJP HO KRUQR 1 GH $'(/&$
PJP HO KRUQR GH $1'(& PJP HO LQFLQHUDGRU
GHO$HURSXHUWR,QWHUQDFLRQDO0DULVFDO6XFUHGH4XLWRPJP
Ͳ 3DUDHOFDOGHURGHOD8&(VHREWXYRXQDPHGLFLyQGHPJP
QR FXPSOH OD QRUPD \D TXH HVWi SRU HQFLPD GHO OtPLWH UHFRPHQGDGR
HQXQ
Ͳ 'H ORV YDORUHV FDOFXODGRV GH 62 VH REWXYR SDUD OD (63( PJP SDUD $'(/&$ PJP SDUD $1'(& PJP
SDUD HO $HURSXHUWR 0DULVFDO 6XFUH PJP \ SDUD OD 8&(
PJPGHORTXHVHFRQFOX\HTXHODVHPSUHVDVHLQVWLWXFLRQHV
DQDOL]DGDV FXPSOHQ FRQ OD QRUPD \D TXH VH HQFXHQWUDQ SRU GHEDMR
GHOOtPLWHUHFRPHQGDGRTXHHVPJP
Ͳ (O DQDOL]DGRU GH JDVHV WHVWR PRVWUy XQD IiFLO XWLOL]DFLyQ \
SURJUDPDFLyQ SDUD UHDOL]DU PHGLFLRQHV GH JDVHV GH FRPEXVWLyQ TXH
VHJXDUGDQDXWRPiWLFDPHQWHHQODPHPRULDLQWHUQDSDUDVXSRVWHULRU
DQiOLVLV
Ͳ 3RUVXWDPDxR\SHVROLJHURHVDGHFXDGRSDUDUHDOL]DUPHGLFLRQHVHQ
XQDDPSOLDYDULHGDGGHFKLPHQHDV
Ͳ /D UiSLGD GHWHFFLyQ GH JDVHV GH FRPEXVWLyQ HV XQD YHQWDMD
VLJQLILFDWLYD
Ͳ (ODQiOLVLV GHLPSDFWR\FRQWURODPELHQWDOUHDOL]DGRHQHVWHSUR\HFWR
EHQHILFLDDODVHPSUHVDVGHELGRTXHHYDO~DVLODFDOLGDGGHODLUHHQHO
DPELHQWHGHQWURGHODHPSUHVDHVODDGHFXDGDSDUDQRFRPSURPHWHU
ODVDOXGGHORVWUDEDMDGRUHVWDPELpQHYDO~DVLODVFRQFHQWUDFLRQHVGH
FRQWDPLQDQWHV VH HQFXHQWUDQ HQ HO UDQJR TXH HVWDEOHFH OD QRUPD
SDUD HYLWDU VDQFLRQHV TXH SRGUtDQ OOHJDU DO FLHUUH GHILQLWLYR GH OD
FRPSDxtD
5(&20(1'$&,21(6
Ͳ &RQFLHQWL]DUDOJUHPLRLQGXVWULDOVREUHODVYHQWDMDVSUHYHQWLYDVGHXQ
FRQWURO GH HPLVLRQHV GH JDVHV HQ HTXLSRV \ PiTXLQDV \ GH HVWD
PDQHUDFRQWLQXDUHOHVWXGLRUHDOL]DGRHQHVWHSUR\HFWRFRQHODQiOLVLV
GHFRPEXVWLEOHVVyOLGRV\JDVHRVRV
Ͳ 3DUDPDQWHQHUXQFRQWUROHQODVHPLVLRQHVVHGHEHORJUDUTXHHODLUH
VHD VXILFLHQWH SDUD FRPEXVWLRQDU OD PD\RU FDQWLGDG GH FDUERQR GHO
FRPEXVWLEOH \ TXH QR VHD WDQ H[FHVLYR SDUD HYLWDU LQHILFLHQFLD HQ OD
FRPEXVWLyQ
Ͳ /D FRQFHQWUDFLyQ GH 62 SUHVHQWH HQ ODV HPLVLRQHV GH JDVHV GH
FRPEXVWLyQ HV GLUHFWDPHQWH SURSRUFLRQDO DO FRQWHQLGR GH D]XIUH TXH
WLHQH FRPR LPSXUH]D HO FRPEXVWLEOH SRU HOOR VH UHFRPLHQGD UHDOL]DU
SHULyGLFDPHQWHXQDQiOLVLVTXtPLFRGHOFRPEXVWLEOHSDUDFRQWURODUTXH
HOD]XIUHVHHQFXHQWUHHQQLYHOHVDFHSWDEOHV
Ͳ 3DUD XWLOL]DUHODQDOL]DGRUGHJDVHV GHXQDIRUPDDGHFXDGDVHGHEH
XWLOL]DUHOPDQXDOGHVFULWR\HOYLGHRTXHVHLQFOX\H
Ͳ /D FDOLEUDFLyQ GHO DQDOL]DGRU GH JDVHV HVWi FHUWLILFDGD VLQ HPEDUJR
SDUD REWHQHU PHGLFLRQHV FRQ XQ DOWR JUDGR GH FHUWH]D HV QHFHVDULR
DGTXLULU FHOGDV HOHFWURTXtPLFDV GH 62 \ 12 TXH VRQ ORV JDVHV D
WRPDUHQFXHQWDHQODQRUPDGHO78/$6
Ͳ 3DUD HYLWDU HUURUHV DO PRPHQWR GH DQDOL]DU HVWDGtVWLFDPHQWH ORV
GDWRVVHUHFRPLHQGDDGTXLULUHOVRIWZDUH\FDEOHXVESDUDFRQHFWDUOR
DXQFRPSXWDGRUSHUVRQDO
Ͳ 8WLOL]DU HO DUFKLYR GH ([FHO GH HVWH SUR\HFWR VLUYH SDUD FDOFXODU ORV
YDORUHV IDOWDQWHV \ ORV PLVPRV TXH VH FRPSDUDQ FRQ OD QRUPD GHO
78/$6
Ͳ ,PSOHPHQWDU HQ OD (63( XQ ODERUDWRULR TXH UHDOLFH HVWXGLRV GH
LPSDFWR\FRQWURODPELHQWDOHQFRQMXQWRFRQFDUUHUDVDILQHV
$1(;2
1250$6'((0,6,21(6$/$,5('(6'(
)8(17(6),-$6'(&20%867,Ï1/,%52
9,$1(;2'(/7(;7281,),&$'2'(
/(*,6/$&,Ï16(&81'$5,$'(/
0,1,67(5,2'(/$0%,(17(
$1(;2
)2508/$6
$1(;2
&(57,),&$'2'(&$/,%5$&,Ï1'(/
$1$/,=$'25'(*$6(67(672
$1(;2
0(',&,21(65($/,=$'$6(1(/
&$/'(52'(/$(63(
$1(;2
+2-$'((;&(/3$5$&È/&8/26
5()(5(1&,$6
%,%/,2*5È),&$6
$QGUpV ' 0 %DUULR - )tVLFD \ 4XtPLFD ž (62 (VSDxD
(GLWRULDO(',7(;
&RQHVD )GH]9LWRUD 9 *XtD 0HWRGROyJLFD SDUD OD (YDOXDFLyQ GHO
LPSDFWR$PELHQWDOWDHG0DGULG(GLFLRQHV0XQGL3UHQVD
&RURQHO- *UDHIOLQJ: (YDOXDFLyQ \ 0DQHMR $PELHQWDO GH XQD
SODQWD UHFLFODGRUD GH SORPR 7HVLV GH JUDGR 8QLYHUVLGDG 1DFLRQDO
0D\RUGH6DQ0DUFRV/LPD3HU~
'HOD0D]D&(VWDGHV&+HUQDGH]-%LRGLYHUVLGDG0DQHMR<
&RQVHUYDFLRQ'H5HFXUVRV)RUHVWDOHV&KLOH(GLWRULDO8QLYHUVLWDULD
(VTXHUUD 3 'LVSRVLWLYRV \ 6LVWHPDV SDUD HO $KRUUR GH (QHUJtD
%DUFHORQD0DUFRPER6$
)HUQDQGH] - $SXQWHV GH FODVH &RPEXVWLyQ ,QGXVWULDO 0HQGR]D
&RORPELD
0RUDOHVGH0RVTXHUD</RV,PSDFWRV$PELHQWDOHV\VX(YDOXDFLyQ
&LHQFLDH,QJHQLHUtD1HRJUDQDGLQD
3DH]&*HVWLyQGHOD&DOLGDGGHO$LUH4XLWR(FXDGRU6(
6DQFKR-0LUy5*DOODUGR6*HVWLyQGHOD(QHUJtD9DOHQFLD
(VSDxD(GLWRULDOGHOD839
WHVWR7HFQRORJtDGH0HGLFLyQHQ&DOGHUDVUDHG$UJHQWLQD
WHVWR $QiOLVLV GH *DVHV GH &RPEXVWLyQ HQ OD ,QGXVWULD GD HG
$UJHQWLQD
9DUJDV0/DFRUURVRYLGDGDWPRVIpULFDVREUHHVWUXFWXUDVPHWiOLFDV
JHQHUDGD SRU IXHQWHV HVWDFLRQDULDV HQ *XD\DTXLO 7HVLV GH *UDGR
(VFXHOD6XSHULRU3ROLWpFQLFDGHO/LWRUDO*XD\DTXLO(FXDGRU
',5(&&,Ï1'(,17(51(7
KWWSHVZLNLSHGLDRUJZLNL$XGLWRU&$'DBHQHUJ&$WLFD
KWWSZZZDLQ\PDFRP(),&,(1&,$(1(5*(7,&$((VHUYLFLRV
DXGLWRULDVKWPO
KWWSZZZHQHUJLDLQIFXLHH
PHS6\7&'*7DOOHU%85(&20%867,213')
KWWSZZZHFRFRQWUROFRPVYDUFKLYRVFRPEXVWLRQKWPO
KWWSZZZHFRFRQWUROFRPVYDUFKLYRVSKS
KWWSZZZFGWVHVSROHGXHFGRFXPHQWRV$XGLWRULD(QHUJHWLFDSGI
KWWSZZZWH[WRVFLHQWLILFRVFRPHQHUJLDFRPEXVWLEOHVRULJHQFODVLILFDFLRQ
Descargar