578034. - Academica-e

Anuncio
ESCUELA TÉCNICA SUPERIOR DE INGENIEROS
INDUSTRIALES Y DE TELECOMUNICACIÓN
Titulación:
INGENIERO TÉCNICO INDUSTRIAL MECÁNICO
Título del proyecto:
DISEÑO DE UNA INSTALACIÓN DESALADORA DE
AGUA ABASTECIDA CON UNA PLANTA
FOTOVOLTAICA
Eduardo Jiménez Ayerra
Martín Ibarra Murillo
Pamplona, 25 de Abril de 2013
(6&8(/$7e&1,&$683(5,25'(,1*(1,(526
,1'8675,$/(6<'(7(/(&2081,&$&,Ï1
7LWXODFLyQ
,1*(1,(527e&1,&2,1'8675,$/0(&È1,&2
7tWXORGHOSUR\HFWR
',6(f2'(81$,167$/$&,Ï1'(6$/$'25$'(
$*8$$%$67(&,'$&2181$3/$17$
)27292/7$,&$
'2&80(1721ž0(025,$
(GXDUGR-LPpQH]$\HUUD
0DUWtQ,EDUUD0XULOOR
3DPSORQDGH$EULOGH
Ë1',&(
2%-(7,92'(/352<(&72
/2&$/,=$&,Ï1'(/$,167$/$&,Ï1
&$5$&7(5Ë67,&$6'(/$3$5&(/$
'(6&5,3&,Ï1'(/$,167$/$&,Ï1
'(6$/$&,Ï1'($*8$6
/$'(6$/$&,Ï1(1&$1$5,$6
'(6&5,3&,Ï1'(/352&(62'('(6$/$&,Ï126026,6,19(56$
0(0%5$1$6'(26026,6,19(56$
0(0%5$1$66(*Ò168(6758&785$
0(0%5$1$66(*Ò1680$7(5,$/'()$%5,&$&,Ï1
0(0%5$1$66(*Ò1/$35(6,Ï1'(75$%$-2
0(0%5$1$66(*Ò168&21),*85$&,Ï1
0Ï'8/26'(26026,6,19(56$
'(6&5,3&,Ï1'(/263$5È0(7526'(23(5$&,Ï1'(/$
,167$/$&,Ï1'(26026,6,19(56$
&$5$&7(5Ë67,&$6'(/$*8$'(0$5
&$5$&7(5Ë67,&$6)Ë6,&$6
&$5$&7(5Ë67,&$648Ë0,&$6
&$5$&7(5Ë67,&$602&52%,2/Ï*,$6
&21),*85$&,Ï1'(/352&(62'(26026,6,19(56$
(1(5*,$65(129$%/(63$5$/$'(6$/$&,Ï1'($*8$6
(1(5*,$62/$5)27292/7$,&$
,1752'8&&,Ï1
5$',$&,Ï162/$5
/$&e/8/$)27292/7$,&$
()(&72)27292/7$,&2
)$%5,&$&,Ï1'(&e/8/$6)27292/7$,&$6
*(1(5$'25)27292/7$,&2
0Ï'8/2)27292/7$,&2
(/(0(1726'(810Ï'8/2)27292/7$,&2
3$5È0(7526&$5$&7(5Ë67,&26
25,(17$&,Ï1(,1&/,1$&,Ï1'(0Ï'8/26
)27292/7$,&26
&21),*85$&,Ï1'(/*(1(5$'25)27292/7$,&2
6,67(0$6)27292/7$,&26
6,67(0$6)27292/7$,&26&21(&7$'26$/$5('
6,67(0$6)27292/7$,&26$,6/$'26'(/$5('
',6(f2'(/$,167$/$&,Ï1'(6$/$'25$<%20%(26
)27292/7$,&26
,1752'8&&,Ï1
6,67(0$6'(%20%(2)27292/7$,&2'(&$37$&,Ï1
%20%$6'(&$37$&,Ï1
&$37$&,Ï1'(/$*8$'(0$5
,19(5625'&$&
0Ï'8/26)27292/7$,&26
*(1(5$'25)27292/7$,&2
25,(17$&,Ï1(,1&/,1$&,Ï1
&21),*85$&,Ï1'(/*(1(5$'25)27292/7$,&2
'(3Ï6,72'($/0$&(1$0,(172'($*8$6$/$'$
35(75$7$0,(1726
35(75$7$0,(1726)Ë6,&26
),/75$&,Ï1*526(5$),/7526'($5(1$
),/75$&,Ï1'($),12),/7526'(&$578&+2
35(75$7$0,(172648Ë0,&26
'26,),&$&,Ï1'($17,,1&5867$17(
'26,),&$&,Ï1'(5('8&725
6,67(0$'(%20%(2)27292/7$,&2'($/7$35(6,Ï1
%20%$'($/7$35(6,Ï1
,19(5625'&$&
0Ï'8/26)27292/7$,&26
*(1(5$'25)27292/7$,&2
81,'$''(Ï6026,6,19(56$
%$67,'25'(Ï6026,6,19(56$
32675$7$0,(172
3267&/25$&,Ï1
'(3Ï6,72'($/0$&(1$0,(172'($*8$352'8&72
9(57,'2&21752/$'2$/0$5
,167$/$&,Ï1+,'5È8/,&$
,167580(17$&,Ï1
&$%/(6'(&21(;,21$'2
3527(&&,21(6
(6758&785$623257(<$1&/$-(3$5$3$1(/(6
)27292/7$,&26
&$7$/2*26*5È),&$6<7$%/$6
1250$7,9$<5(*/$0(17$&,Ï1
(GXDUGR-LPpQH]$\HUUD8QLYHUVLGDG3~EOLFDGH1DYDUUD
2%-(72'(/352<(&72
(OREMHWLYRGHOSUR\HFWRHVHOGLVHxRGHXQDLQVWDODFLyQGHVDODGRUDGHDJXDGHPDU
PHGLDQWHODDSOLFDFLyQGHODWHFQRORJtDGHyVPRVLVLQYHUVD\DEDVWHFLGDFRQHQHUJtDVRODU
IRWRYROWDLFD $Vt PLVPR VH UHDOL]DUi HO GLVHxR \ FiOFXOR GH ORV VLVWHPDV \ HTXLSRV
LQVWDODGRVHQODPLVPDSDUDVXFRUUHFWRIXQFLRQDPLHQWR\DEDVWHFLPLHQWRDODSREODFLyQ
/2&$/,=$&,Ï1'(/$,167$/$&,Ï1
/DLQVWDODFLyQGHVDODGRUDREMHWRGHOSUHVHQWHSUR\HFWRVHORFDOL]DHQOD,VOD&DQDULD
GH/DQ]DURWH(VSDxDFRQFUHWDPHQWHHQHO7pUPLQR0XQLFLSDOGH+DULDDOQRUHVWHGHOD
LVOD
&$5$&7(5,67,&$6'(/$3$5&(/$
/D SODQWD GH OD SDUFHOD PLUD HQ GLUHFFLyQ VXUHVWH KDFLD OD SREODFLyQ GH 3XQWD
0XMHUHVEDxDGDSRUHO2FpDQR$WOiQWLFR
'(6&5,3&,Ï1'(/$,167$/$&,Ï1
3RUHOFXDOVHUHGDFWDpVWHSUR\HFWRDILQGHGLVHxDUXQDLQVWDODFLyQGHVDODGRUDGH
DJXD PDULQD PHGLDQWH HO PpWRGR GH yVPRVLV LQYHUVD \ DXWRDEDVWHFLGD FRQ HQHUJtD VRODU
IRWRYROWDLFD
'(6$/$&,Ï1'($*8$6
/$'(6$/$&,Ï1(1&$1$5,$6
3DUDODVRFLHGDGFDQDULDHODJXDVHKDFRQYHUWLGRGHVGHKDFHGpFDGDVHQXQUHFXUVR
OLPLWDGRGHSULPHUDQHFHVLGDG6XHVFDVH]FRQGLFLRQDHQJUDQPHGLGDHOGHVDUUROORVRFLDO\
HFRQyPLFR \ SRGUtD DIHFWDU ODV FRQGLFLRQHV KLJLpQLFRVDQLWDULDV GH OD SREODFLyQ VL QR VH
WRPDQPHGLGDVFRUUHFWRUDV
(ODXPHQWRGHQLYHO\FDOLGDGGHYLGDHQ&DQDULDVMXQWRFRQODVFRQVHFXHQFLDVGH
ODVREUHH[SORWDFLyQHVFDVH]\HPSHRUDPLHQWRGHODFDOLGDGGHODJXDREOLJDQDOXVRGHODV
DJXDVGHSURFHGHQFLDQRQDWXUDOHQPD\RURPHQRUPHGLGDHQWRGRHODUFKLSLpODJR
(QHOFDVRGHODUFKLSLpODJRFDQDULRHOSUREOHPDGHODHVFDVH]GHDJXDHVWiUHIHULGR
D ORV OLPLWDGRV UHFXUVRV GH DJXD SDUD FXPSOLU FRQ OD DFWXDO \R SUR\HFWDGD GHPDQGD HQ
ORFDOL]DFLRQHVHVSHFtILFDVGHELGRDTXHORVVXPLQLVWURVGHDJXDGLVSRQLEOHHVWiQOLPLWDGRV
HQFDQWLGDGRFDOLGDG
/DVDOWHUQDWLYDVDFWXDOHVVRQODVDJXDVGHVDODGDVSDUDFRQVXPRXUEDQRWXUtVWLFRH
LQGXVWULDO
/DV LVODV &DQDULDV KDQ UHFXUULGR D OD GHVDODFLyQ SDUD REWHQHU OD PD\RU SDUWH GHO
DJXDTXHGHPDQGDSULQFLSDOPHQWHODLQGXVWULDWXUtVWLFD
'RFXPHQWRQž0HPRULD
3iJLQDGH
(GXDUGR-LPpQH]$\HUUD8QLYHUVLGDG3~EOLFDGH1DYDUUD
/RV HVFDVRV UHFXUVRV DFXtIHURV GH ODV LVODV HVWiQ OOHJDQGR D OtPLWHV SUHRFXSDQWHV
HOORKDVXSXHVWRTXHLVODVSUiFWLFDPHQWHGHVpUWLFDVFRPR/DQ]DURWHVHDEDVWH]FDQVyORFRQ
DJXDGHVDODGD
(OUHVXOWDGRGHWRGRHOORHVTXHHQODV&DQDULDVXQPLOOyQGHSHUVRQDVVHDEDVWHFHQ
GH ODV SODQWDV GHVDODGRUDV H[LVWHQWHV FRQ XQD FDSDFLGDG GH PñGtD GH
HOODVDVRFLDGDVGLUHFWDPHQWHDODEDVWHFLPLHQWRGHKRWHOHV \DSDUWDPHQWRV(OGHODV
SODQWDV VRQ GH LQYHUVLyQ SULYDGD DXQTXH ODV GH QDWXUDOH]D S~EOLFD SURGXFHQ HO GHO
DJXDGHVDODGD(QFXDQWRDODVWHFQRORJtDVXWLOL]DGDVHOGHODVSODQWDVVRQGH2,HO
GH('\HOGHHYDSRUDFLyQ
*UiILFD'LVWULEXFLyQSRUFHQWXDOSRUQ~PHURGHSODQWDVGHORVPpWRGRVGH
GHVDODFLyQUDGLFDGRVHQ&DQDULDV
)XHQWH+HUQDQGH]
2WURSXQWRLQWHUHVDQWHDFRQVLGHUDUGHODV,VODV&DQDULDVHVHOFRQVXPRHQHUJpWLFR
GHULYDGRGHODGHVDODFLyQHQXQDVLVODVVLQFRQH[LyQGHUHGHOpFWULFDHQWUHHOODVQLFRQHO
FRQWLQHQWHGHEHQVHUDXWRVXILFLHQWHV
'(6&5,3&,Ï1'(/352&(62'('(6$/$&,Ï126026,6,19(56$
/DVWHFQRORJtDVGHGHVDODFLyQFRQVLVWHQHQUHGXFLUHOFRQWHQLGRVDOLQRGHODVDJXDV
SDUD FRQYHUWLUODV HQ DJXDV IDFWLEOHV GH VHU FRQVXPLGDV SRU HO VHU KXPDQR 6X IXHQWH HV
LQDJRWDEOHVLKDEODPRVGHGHVDODFLyQGHDJXDPDULQD
(O PpWRGR GH 2VPRVLV ,QYHUVD VH IXQGDPHQWD SRU H[LVWLU GRV VROXFLRQHV GH
GLIHUHQWHFRQFHQWUDFLyQVHSDUDGDVSRUXQDPHPEUDQDVHPLSHUPHDEOHTXHSHUPLWHHOSDVR
GHO DJXD SHUR QR HO GH ODV VDOHV ([LVWH XQD FLUFXODFLyQ QDWXUDO GH OD VROXFLyQ PHQRV
FRQFHQWUDGD D OD VROXFLyQ PiV FRQFHQWUDGD SDUD LJXDODU ODV FRQFHQWUDFLRQHV ILQDOHV
2VPRVLV FRQ OR TXH OD GLIHUHQFLD GH DOWXUD HQWUH DPEDV FRQFHQWUDFLRQHV VH WUDGXFH HQ
XQDGLIHUHQFLDGHSUHVLyQOODPDGDRVPyWLFD6LVHOHDSOLFDXQDSUHVLyQH[WHUQDTXHVHD
PD\RU D OD 3UHVLyQ 2VPyWLFD GH XQD GLVROXFLyQ UHVSHFWR D OD RWUD HO SURFHVR VH SXHGH
LQYHUWLU KDFLHQGR FLUFXODU DJXD GH OD VROXFLyQ PiV FRQFHQWUDGD D OD VROXFLyQ PHQRV
FRQFHQWUDGDREWHQLHQGRDJXDGHJUDQSXUH]D2VPRVLV,QYHUVD
'RFXPHQWRQž0HPRULD
3iJLQDGH
(GXDUGR-LPpQH]$\HUUD8QLYHUVLGDG3~EOLFDGH1DYDUUD
)LJXUD(VTXHPDGHOIHQyPHQRGH2VPRVLV,QYHUVD
)XHQWHZZZOR]DUQHW
6HWLHQHQGRVUHFLSLHQWHVVHSDUDGRV SRUXQDPHPEUDQDVHPLSHUPHDEOHYHUILJXUD
(O UHFLSLHQWH $ FRQWLHQH XQ IOXLGR FRQ SRFD FRQFHQWUDFLyQ GH VDOHV \ HO UHFLSLHQWH %
FRQWLHQHXQIOXLGRFRQXQDDOWDFRQFHQWUDFLyQGHVDOHV/DyVPRVLVKDFHTXHHODJXDSDVH
GHO UHFLSLHQWH $ DO UHFLSLHQWH % LQWHQWDQGR LJXDODU OD FRQFHQWUDFLyQ GH VDOHV HQ ORV GRV
UHFLSLHQWHV(OWUDVYDVHGHDJXDSDUDUiFXDQGRODSUHVLyQGHODJXDHQGRVSXQWRVVLWXDGRV
HQ OD PLVPD DOWXUD D XQ ODGR \ D RWUR GH OD PHPEUDQD KD\D XQD GLIHUHQFLD GH SUHVLyQ
VXILFLHQWH FRPR SDUD TXH ODV IXHU]DV HOHFWURTXtPLFDV GHO SURFHVR GH yVPRVLV VH
FRQWUDUUHVWHQFRQHVWDSUHVLyQ'HHVWDPDQHUDVHTXHGDUiHQHTXLOLEULRDXQODGR\DRWUR
GH OD PHPEUDQD ORV GRV IOXLGRV /D GLIHUHQFLD GH SUHVLyQ TXH H[LVWH HQWUH ORV GRV
UHFLSLHQWHVGHELGRDTXHHOUHFLSLHQWH%WLHQHPiVFDQWLGDGGHDJXDTXHHOUHFLSLHQWH$VH
OODPD3UHVLyQ2VPyWLFD
)LJXUD(VTXHPDGHOIHQRPHQRGH2VPRVLV
)XHQWHZZZDUWURSLFDFRP
/D GHVDODFLyQ SRU yVPRVLV LQYHUVD YHU ILJXUD VH DSURYHFKD GH HVWH IHQyPHQR
SDUD UHDOL]DU HO SURFHVR LQYHUVR \ FRQVHJXLU DJXD FRQ XQD EDMD FRQFHQWUDFLyQ GH VDOHV D
SDUWLU GH XQ DJXD FRQ DOWD FRQFHQWUDFLyQ 3DUD FRQVHJXLU LQYHUWLU HO SURFHVR HV QHFHVDULR
LQYHUWLU HQHUJtD /D LGHD HV VXPLQLVWUDU DO UHFLSLHQWH % XQD SUHVLyQ VXSHULRU D OD 3UHVLyQ
2VPyWLFD (VWD SUHVLyQ SURYRFDUi TXH HO DJXD IOX\D HQ VHQWLGR FRQWUDULR HV GHFLU GHO
UHFLSLHQWH%DOUHFLSLHQWH$ODPHPEUDQDVHPLSHUPHDEOHQRGHMDUiSDVDUDSHQDVVDOHV
'RFXPHQWRQž0HPRULD
3iJLQDGH
(GXDUGR-LPpQH]$\HUUD8QLYHUVLGDG3~EOLFDGH1DYDUUD
)LJXUD(VTXHPDGHOSURFHVRGH2VPRVLV,QYHUVD
)XHQWHZZZDUWURSLFDFRP
'HHVWHPRGRVHFRQVLJXHXQDJXDHQHOUHFLSLHQWH$FRQXQDFRQFHQWUDFLyQHQVDOHV
PX\EDMDeVWHDJXDREWHQLGDVHUiDSWDSDUDHOFRQVXPRKXPDQRGHVSXpVGHXQWUDWDPLHQWR
TXtPLFR
(OHOHPHQWRGLIHUHQFLDGRUGHODyVPRVLVLQYHUVDHVODPHPEUDQDODFXDOGHEHUHXQLUXQD
VHULHGHFDUDFWHUtVWLFDV
'HEHVHUFDSD]GHUHVLVWLUODVSUHVLRQHVDTXHVHYDDVRPHWHUODVROXFLyQSDUDLQYHUWLU
HOSURFHVR
6XILFLHQWHPHQWHSHUPHDEOHDODJXDSDUDTXHHOIOXMRTXHSURSRUFLRQDVHDHOHYDGR
5HFKD]DUXQSRUFHQWDMHGHVDOHVHOHYDGRSDUDTXHHOSURGXFWRVHDGHEXHQDFDOLGDG
0(0%5$1$6'(26026,6,19(56$
/DVPHPEUDQDVTXHPD\RUDSOLFDFLyQWLHQHHQHOSURFHVRGH2VPRVLV,QYHUVDVRQ
ODVPHPEUDQDVVLQWpWLFDV
/DV PHPEUDQDV VLQWpWLFDV VH FODVLILFDQ GH DFXHUGR D OR H[SXHVWR HQ OD 7DEOD
VLJXLHQWH
$7(1','2$
7,32
(63(625
*UXHVDV
'HOJDGDV
(6758&785$ 3RURVDV
6LPpWULFDV
'HQVDV
$VLPpWULFDV
&20326,&,Ï1
+RPRJpQHDV
+HWHURJpQHDV
&$5*$
,QWHUFDPELDGRUDVGH
DQLRQHV
,QWHUFDPELDGRUHVGH
FDWLRQHV
7DEOD&ODVLILFDFLyQPHPEUDQDVVLQWpWLFDV
)XHQWH'HVDODFLyQGHDJXDVVDOREUHV\GHPDU-RVH$QWRQLR0HGLQD6DQ-XDQ
'RFXPHQWRQž0HPRULD
3iJLQDGH
(GXDUGR-LPpQH]$\HUUD8QLYHUVLGDG3~EOLFDGH1DYDUUD
/DVPHPEUDQDVJUXHVDVWLHQHQXQHVSHVRUPDFURVFySLFRPLHQWUDVTXHODVGHOJDGDV
SXHGHQOOHJDUDWHQHUHVSHVRUHVFRPSDUDEOHVDODVGLPHQVLRQHVPROHFXODUHV
(Q FXDQWR D VX HVWUXFWXUD ODV PHPEUDQDV SXHGHQ VHU SRURVDV \ GHQVDV /DV
PHPEUDQDV SRURVDV FRQVLVWHQ HQ XQD PDWUL] VyOLGD FRQ DJXMHURV GHILQLGRV R SRURV
5HSUHVHQWDQ OD IRUPD PiV VLPSOH GH PHPEUDQD HQ OR TXH UHVSHFWD D ODV SURSLHGDGHV GH
WUDQVSRUWH\PRGRGHVHSDUDFLyQTXHVHHIHFW~DHVWULFWDPHQWHSRUWDPL]DFLyQGHORVSRURV
HQUHODFLyQDOWDPDxRGHODVSDUWtFXODV
(Q ODV PHPEUDQDV GHQVDV HO SHUPHDQWH GHEH SDVDU D WUDYpV GH OD PDWHULD TXH
FRQVWLWX\HODPHPEUDQDSURSLDPHQWHGLFKDSRUORTXHVHSURGXFHXQDVHSDUDFLyQDQLYHO
PROHFXODUHQWUHODVHVSHFLHVGLVXHOWDV\ODVSDUWtFXODVGHOGLVROYHQWH6HOHVOODPDWDPELpQ
PHPEUDQDV VHPLSHUPHDEOHV \ VRQ ODV XWLOL]DGDV HQ ORV SURFHVRV GH GHVDOLQL]DFLyQ SRU
yVPRVLVLQYHUVD
'HVGH HO SXQWR GH YLVWD HVWUXFWXUDO ODV PHPEUDQDV SXHGHQ FDWDORJDUVH FRPR
VLPpWULFDV R DVLPpWULFDV /DV SULPHUDV H[KLEHQ ODV PLVPDV FDUDFWHUtVWLFDV ItVLFRTXtPLFDV
HQFXDOTXLHUSDUWHGHHOODV/DVPHPEUDQDVDVLPpWULFDVVHHPSOHDQIXQGDPHQWDOPHQWHHQ
SURFHVRV TXH LQYROXFUDQ JUDGLHQWHV GH SUHVLyQ HOHYDGRV \ VX HVWUXFWXUD FRQVLVWH HQ XQD
FDSDSROLPpULFDPX\GHOJDGDVLWXDGDVREUHXQDFDSDJUXHVDDOWDPHQWHSRURVDTXHDFW~D
H[FOXVLYDPHQWHFRPRVRSRUWH
8QD PHPEUDQD VH GLFH KRPRJpQHD FXDQGR WRGD HOOD SDUWLFLSD HQ HO SURFHVR GH
SHUPHDGR GH XQD VXVWDQFLD PLHQWUDV TXH VH FDWDORJD FRPR KHWHURJpQHD FXDQGR HO
FRPSRQHQWH DFWLYR TXH SURSLFLD HO SURFHVR GH WUDQVSRUWH HVWi DQFODGR VREUH XQ VRSRUWH
DGHFXDGR SDUD PHPEUDQDV VyOLGDV R GLVXHOWR HQ XQD IDVH OtTXLGD TXH SXHGH SUHVHQWDUVH
FRPRWDORHVWDUHPEHELGDHQXQDPDWUL]SROLPpULFD
(QFXDQWRDODVPHPEUDQDVLQWHUFDPELDGRUDVRVHOHFWLYDVTXHSRVHHQFDUJDSRVLWLYD
DFW~DQ FRPR LQWHUFDPELDGRUDV GH DQLRQHV SXHV FRQWLHQHQ JUXSRV FDWLyQLFRV ILMRV HQ VX
PDWUL]TXHOLJDQDORVDQLRQHVGHORVIOXLGRVHQFRQWDFWRFRQHOOD3RUHOFRQWUDULRVLORV
JUXSRV FDUJDGRV ILMR HQ OD PHPEUDQD VRQ GH WLSR DQLyQLFR OD PHPEUDQD DFW~D FRPR
LQWHUFDPELDGRUD GH FDWLRQHV $Vt SXHV ORV SURFHVRV GH VHSDUDFLyQ FRQ HVWH WLSR GH
PHPEUDQDV VH EDVDQ HQ OD H[FOXVLyQ GH ORV LRQHV FX\D FDUJD HV GHO PLVPR VLJQR TXH OD
FDUJDGHODPHPEUDQD
0(0%5$1$66(*Ò168(6758&785$
'H ORV GLVWLQWRV WLSRV GH PHPEUDQD FLWDGRV HQ GLFKR DSDUWDGR ODV PHPEUDQDV
DVLPpWULFDVVRQODPiVXWLOL]DGDVHQORVSURFHVRVGHyVPRVLVLQYHUVD/DHVWUXFWXUDGHHVWDV
PHPEUDQDVFRPSUHQGHXQDILQDFDSDGHSROtPHURRFDSDDFWLYDVRSRUWDGDSRUXQDVXEFDSD
GHPD\RUSRURVLGDG
6HKDQGHVDUUROODGRGRVWLSRVGLIHUHQWHVGHHVWUXFWXUDV
$VLPpWULFDVLQWHJUDOHVHODERUDGDVSRUHOSURFHVRGHLQYHUVLyQGHIDVHSDUDGDU
OXJDUDXQDFDSDXOWUDILQDDȝPFRPRSDUWHLQWHJUDOGHODPHPEUDQD
'RFXPHQWRQž0HPRULD
3iJLQDGH
(GXDUGR-LPpQH]$\HUUD8QLYHUVLGDG3~EOLFDGH1DYDUUD
$VLPpWULFDV FRPSXHVWDV REWHQLGD SRU SROLPHUL]DFLyQ LQWHUIDFLDO R SRU
LQYHUVLyQGHIDVHTXHJHQHUDXQDSHOtFXODH[WUHPDGDPHQWHILQD§cVREUH
XQDHVWUXFWXUDPLFURSRURVDGHPDWHULDOGLIHUHQWH
(QOD)LJXUDSXHGHYHUVHORVWLSRVHVWUXFWXUDOHVGHODVPHPEUDQDVDVLPpWULFDV
)LJXUD7LSRVHVWUXFWXUDOHVGHODVPHPEUDQDVDVLPpWULFDV
)XHQWH'HVDODFLyQGHDJXDV,($
0(0%5$1$66(*Ò1680$7(5,$/'()$%5,&$&,Ï1
/D IXQFLyQ R HO FRPSRUWDPLHQWR GH XQD PHPEUDQD DVLPpWULFD GHSHQGH HQ JUDQ
PHGLGDGHVXHVWUXFWXUDItVLFDFRPRGHODQDWXUDOH]DTXtPLFDGHOPDWHULDODSDUWLUGHOFXDO
KDVLGRHODERUDGD
(Q OD 7DEOD VH PXHVWUD OD FODVLILFDFLyQ GH ORV PDWHULDOHV PiV IUHFXHQWHPHQWH
HPSOHDGRVHQODIDEULFDFLyQGHPHPEUDQDVHQJHQHUDO
3URGXFWRV
1DWXUDOHV
0RGLILFDGRV
$FHWDWRGH
FHOXORVD
'LDFHWDWR
7ULFHWDWRGH
&HOXORVD
$FHWREXWLUDWRGH
&HOXORVD
1LWUDWRGH
&HOXORVD
&HOXORVD
UHJHQHUDGD
3URGXFWRVVLQWpWLFRV
2WURV
3ROLDPLGDVSROLDPLGDDURPiWLFD
FRSROLDPLGDSROLDPLGDKLGUDFLGD
DULODOTXLOSROLDPLGDSROLXUHD
3ROLEHQ]LPLGD]RO
&RPSOHMRV
SROLHOHFWUROtWLFRV
$FLGRSROLDFUtOLFR
3ROLVXOIRQD
9LGULRSRURVR
3ROtPHURVGHYLQLOR
&DUERQR
3HOLIXUDQR
$FHLWHV
3ROLFDUERQDWR
3ROLHWLOHQR
2[LGRGHJUDILWR
$O2
'RFXPHQWRQž0HPRULD
3iJLQDGH
(GXDUGR-LPpQH]$\HUUD8QLYHUVLGDG3~EOLFDGH1DYDUUD
39$
3$1
6XOIRQDSROLHWHU
3ROLROHILQDV
3ROLKLGDQWRLQD
3ROLXUHDVFtFOLFDV
3ROtPHURVFRPHUFLDOHVQ\ORQHWF
$OFRKROSROLYLQLOLFR
3ROLDFURQLWULOR
3ROLDFURQLWULOR
0H]FODVGHSROtPHURV
7DEOD&ODVLILFDFLyQGHPDWHULDOHVHQODIDEULFDFLyQGHPHPEUDQDV
)XHQWH'HVDODFLyQGHDJXDV,($
(VSHFtILFDPHQWH ORV PDWHULDOHV TXH FRPSRQHQ OD HVWUXFWXUD VHOHFWLYD GH ODV
PHPEUDQDVXWLOL]DGDVHQSURFHVRVGHVHSDUDFLyQHQIDVHOtTXLGDFRPRODyVPRVLVLQYHUVD
LQFOX\HQSROtPHURVDOWDPHQWHRUGHQDGRVFRPRHODFHWDWRGHFHOXORVD$&\ORVGHULYDGRV
GHSROLDPLGDVDURPiWLFDV3$
0HPEUDQDVGHDFHWDWRVGHFHOXORVD$&
/DVPHPEUDQDVDFWXDOHVGH$&HVWiQKHFKDVGHXQDPH]FODGHGLDFHWDWR\WULDFHWDWR
GHFHOXORVD6HIRUPDQSRUODXQLyQtQWLPDGHXQDFDSDILQDRFDSDDFWLYDGHXQSROtPHUR
GH $& HQ XQD GLVROXFLyQ GH DFHWRQD FRQ GHWHUPLQDGRV DGLWLYRV VREUH XQD EDVH GH
SROLpVWHUQRHQWUHWHMLGR7UDVHOSURFHVRGHXQLyQGHODVGRVFDSDVODPHPEUDQDVHFDOLHQWD
HQXQEDxRGHDJXDDXQDWHPSHUDWXUDHQWUH\ž&(OFDOHQWDPLHQWRHVHOSURFHVRTXH
PHMRUDODSHUPVHOHFWLYLGDGGHODPHPEUDQD\VLELHQSURYRFDXQGHVFHQVRGHOWUDQVSRUWHGH
DJXD HO GHVFHQVR GHO SDVR GH VDOHV HV PXFKR PiV VLJQLILFDWLYR 'HVSXpV GHO SURFHVR GH
IDEULFDFLyQVHREWLHQHXQDPHPEUDQDDVLPpWULFDHQVXHVWUXFWXUDFRQXQDFDSDVXSHUILFLDO
GHQVD GH HQWUH \ ȝP TXH HV OD UHVSRQVDEOH GHO UHFKD]R GH VDOHV (O UHVWR GH OD
PHPEUDQDHVXQDFDSDHVSRQMRVD\SRURVDFRQDOWDSHUPHDELOLGDG
(OUHFKD]RGHVDOHV\HOIOXMRGHDJXDFDUDFWHUtVWLFRVGHXQDPHPEUDQDGHFHOXORVD
VHHVWDEOHFHHQHOSURFHVRGHIDEULFDFLyQPHGLDQWHFRQWUROGHODWHPSHUDWXUD\ODGXUDFLyQ
GHOSURFHVRGHFDOHQWDPLHQWR
0HPEUDQDVFRPSXHVWDVGHSROLDPLGDDURPiWLFD3$
/DVPHPEUDQDVFRPSXHVWDVGHSROLDPLGDVHIDEULFDQHQGRVHWDSDV(QODSULPHUD
ODFDSDVRSRUWHGHSROLVXOIRQDVHXQHDXQDFDSDHVSRQMRVDGHSROLpVWHUQRHQWUHWHMLGR/D
FDSDGHSROLVXOIRQDHVPX\SRURVD\QRHVSHUPVHOHFWLYD(QRWUDHWDSDGHIDEULFDFLyQXQD
ILQD SHOtFXOD VHPLSHUPHDEOH VH PRQWD VREUH XQ VXVWUDWR GH SROLVXOIRQD PHGLDQWH
SROLPHUL]DFLyQ LQWHUIDFLDO GH PRQyPHURV TXH FRQWLHQHQ JUXSRV IXQFLRQDOHV GH FORUXURV
FRQJUXSRVDPLQR\iFLGRVFDUER[tOLFRV
(VWHSURFHVRGHIDEULFDFLyQSHUPLWHRSWLPL]DULQGHSHQGLHQWHPHQWHODVSURSLHGDGHV
GH OD FDSD VRSRUWH SRU XQ ODGR \ SRU RWUR ODV GH OD FDSD DFWLYD GH UHFKD]R GH VDOHV (O
UHVXOWDGRHVTXHODVPHPEUDQDVFRPSXHVWDVSUHVHQWDQXQDVFDUDFWHUtVWLFDVGHDOWRVIOXMRV
GHDJXD\GHEDMRSDVRGHVDOHVPHMRUDQGRVXVWDQFLDOPHQWHDODVGHDFHWDWRGHFHOXORVD
'RFXPHQWRQž0HPRULD
3iJLQDGH
(GXDUGR-LPpQH]$\HUUD8QLYHUVLGDG3~EOLFDGH1DYDUUD
0(0%5$1$66(*Ò1/$35(6,Ï1'(75$%$-2
(O SDUiPHWUR IXQGDPHQWDO TXH GHILQH ODV FRQGLFLRQHV GH RSHUDFLyQ GH XQD
LQVWDODFLyQGHyVPRVLVLQYHUVDHVODSUHVLyQGHWUDEDMR(VWDSUHVLyQGHEHVHUYDULDVYHFHV
VXSHULRUDODSUHVLyQRVPyWLFDGHODVROXFLyQGHELGRDORVIHQyPHQRVGHSRODUL]DFLyQGHOD
PHPEUDQD\DODXPHQWRGHODFRQFHQWUDFLyQTXHVHSURGXFHDPHGLGDTXHVHYDJHQHUDQGR
SHUPHDGR
/DVPHPEUDQDVGHyVPRVLVLQYHUVDGLVSRQLEOHVVRQ
0HPEUDQDVGHPX\EDMDSUHVLyQ
6RQODVTXHWUDEDMDFRQSUHVLRQHVFRPSUHQGLGDVHQWUHEDUHV6HXWLOL]DQSDUD
GHVDODUDJXDVGHEDMDVDOLQLGDGHQWUHPJO\IDEULFDUDJXDXOWUDSXUD
0HPEUDQDVGHEDMDSUHVLyQ
(VWDVPHPEUDQDVWUDEDMDQDXQDSUHVLyQHQWUHEDUHV6HXWLOL]DQSDUDGHVDODU
DJXDV GH VDOLQLGDG PHGLD HQWUH PJO DVt FRPR UHGXFLU R HOLPLQDU GH HOOD
FLHUWRVFRPSXHVWRVFRPRQLWUDWRVVXVWDQFLDVRUJiQLFDV
0HPEUDQDVGHPHGLDSUHVLyQ
/D SUHVLyQ GH WUDEDMR GH HVWDV PHPEUDQDV HV HQWUH EDUHV (VWDV IXHURQ ODV
SULPHUDV PHPEUDQDV TXH VH FRPHUFLDOL]DURQ 6H KDQ XWLOL]DGR SDUD GHVDODU DJXDV GH
HOHYDGD VDOLQLGDG HQWUH PJO \ HQ OD DFWXDOLGDG VXV DSOLFDFLRQHV VH KDQ
JHQHUDOL]DGRXWLOL]iQGRVHHQP~OWLSOHVSURFHVRVGHVHSDUDFLyQ\FRQFHQWUDFLyQ
0HPEUDQDVGHDOWDSUHVLyQ
(VWDV PHPEUDQDV VH KDQ XWLOL]DGR SDUD REWHQHU DJXD SRWDEOH D SDUWLU GHO DJXD GH
PDU 6X SUHVLyQ GH WUDEDMR HVWi FRPSUHQGLGD HQWUH EDUHV GHELGR D OD SUHVLyQ
RVPyWLFDGHODJXDGHPDU
0(0%5$1$66(*Ò168&21),*85$&,Ï1
$FWXDOPHQWH ODV PHPEUDQDV TXH VH FRPHUFLDOL]DQ GHSHQGLHQGR GH OD
FRQILJXUDFLyQVRQODVVLJXLHQWHV
- 0HPEUDQDSODQD
- 0HPEUDQDWXEXODU
- 0HPEUDQDGHILEUDKXHFD
- 0HPEUDQDFRQDUUROODPLHQWRHQHVSLUDO
0HPEUDQDVSODQDV
(VHOWLSRPiVVHQFLOOR\HOTXHSULPHURTXHVHXWLOL]y(VWiQFRQVWLWXLGDVSRUXQD
OiPLQDTXHVHFRORFDGHQWURGHXQPDUFRFLUFXODURUHFWDQJXODUTXHDFW~DGHVRSRUWHGHOD
PHPEUDQD \ OH FRQILHUH ULJLGH] \ UHVLVWHQFLD /D VXSHUILFLH GH HVWDV PHPEUDQDV HV
'RFXPHQWRQž0HPRULD
3iJLQDGH
(GXDUGR-LPpQH]$\HUUD8QLYHUVLGDG3~EOLFDGH1DYDUUD
SHTXHxD SRU OR TXH SDUD DXPHQWDU OD SURGXFFLyQ GH ORV HTXLSRV TXH GLVSRQHQ GH HVWDV
PHPEUDQDVVHFRORFDQ XQDVHQFLPDGHRWUDVFRQVWLWX\HQGRXQDHVSHFLH GHFROXPQDVGH
PHPEUDQDV(OSULQFLSDOLQFRQYHQLHQWHGHHVWHWLSRGHPHPEUDQDVHVVXSHTXHxDFDSDFLGDG
SURGXFWLYD SRU OR TXH SDUD XWLOL]DUODV HQ LQVWDODFLRQHV GH WDPDxR PHGLR VH UHTXLHUHQ
QXPHURVDVPHPEUDQDVFRORFDGDVHQSLODVTXHUHVXOWDQYROXPLQRVDVSHVDGDVHLQFyPRGDV
SDUDRSHUDU\TXHHQFDUHFHQHQRUPHPHQWHVXFRVWH
0HPEUDQDVWXEXODUHV
5HSUHVHQWDQ XQD DOWHUQDWLYD D ODV DQWHULRUHV EXVFDQGR FRQVHJXLU XQD PD\RU
VXSHUILFLH XQLWDULD /D PHPEUDQD JHQHUDOPHQWH GH ò GH GLiPHWUR YD DORMDGD HQ HO
LQWHULRU GH XQ WXER GH 39& TXH VRSRUWD OD SUHVLyQ GHO SURFHVR (Q DOJXQRV FDVRV VH
FRORFDQYDULDVPHPEUDQDVHQ HOLQWHULRUGHXQWXERGHDGHGLiPHWUR(OWXERYD
SURYLVWR GH ORV RULILFLRV QHFHVDULRV SDUD HQWUDGD \ VDOLGD GH ORV IOXMRV GH DJXD TXH
LQWHUYLHQHQHQHOSURFHVR(ODJXDDOLPHQWDDODPHPEUDQDSRUVXLQWHULRU\HOSHUPHDGRVH
REWLHQH SRU OD SDUWH H[WHULRU GH OD PLVPD (Q OD DFWXDOLGDG VXV DSOLFDFLRQHV VH OLPLWDQ DO
FDPSRLQGXVWULDO
0HPEUDQDVGHILEUDKXHFD
/DVILEUDVKXHFDVVRQGHHVWUXFWXUDDVLPpWULFD\WDQILQDFRPRXQFDEHOORKXPDQR
6RQFLOLQGURVGH—PGHGLiPHWURH[WHULRU\—PGHGLiPHWURLQWHULRUTXHUHVLVWHQSRU
Vt PLVPDV VLQ VRSRUWHV SUHVLRQHV HOHYDGDV /D VXSHUILFLH GH LQWHUFDPELR SRU XQLGDG GH
YROXPHQHVPX\JUDQGHGDQGROXJDUDPyGXORVH[WUHPDGDPHQWHFRPSDFWRV
/DV ILEUDV KXHFDV IRUPDQ XQ KD] GLVSXHVWR HQ IRUPD GH ³8´ FX\RV H[WUHPRV VH
LQVHUWDQ HQ XQ GLVFRVRSRUWH GH UHVLQD HSR[L GHQWUR GH XQ WXER GH SUHVLyQ GH SROLpVWHU
UHIRU]DGRFRQILEUDGHYLGULRSXHGHYHUVHHQOD)LJXUD
)LJXUD,PDJHQPHPEUDQDGHILEUDKXHFD
)XHQWH'HVDODFLyQGHDJXDV,($
0HPEUDQDVGHDUUROODPLHQWRHQHVSLUDO
/DVPHPEUDQDVGHDUUROODPLHQWRHQHVSLUDOVRQODVPiVXWLOL]DGDVHQORVSURFHVRV
GHyVPRVLVLQYHUVDSRUVHUODVPiVHFRQyPLFDV\FRPSDFWDV(VWiQIRUPDGDVSRUOiPLQDV
'RFXPHQWRQž0HPRULD
3iJLQDGH
(GXDUGR-LPpQH]$\HUUD8QLYHUVLGDG3~EOLFDGH1DYDUUD
UHFWDQJXODUHV GH PHPEUDQDV VHPLSHUPHDEOHV DOWHUQDGDV FRQ RWUDV FDSDV TXH SHUPLWHQ OD
FRQGXFFLyQGHOIOXLGRGHQWURGHHOOD'HVGHIXHUDVHSXHGHYHUFRPRXQDFDMDQHJUDFRQXQ
FDQDOGHHQWUDGD\GRVFDQDOHVGHVDOLGD$OFDQDOGHHQWUDGDOHOODPDUHPRVDOLPHQWDFLyQ\
VHUiSRUGRQGHHQWUHHODJXDTXHVHTXLHUHGHVDODU3RUXQRGHORVFDQDOHVGHVDOLGDVDOGUi
HODJXD\DGHVDODGD6HUiHOFDQDOGHSHUPHDGR<SRU~OWLPRWHQHPRVHOFDQDOGHGHVHFKR
SRU GRQGH VDOGUi HO DJXD TXH QR KD SRGLGR DWUDYHVDU OD PHPEUDQD VHPLSHUPHDEOH
UHFKD]R
)LJXUD,PDJHQPHPEUDQDGHDUUROODPLHQWRHQHVSLUDO
)XHQWH'HVDODFLyQGHDJXDV,($
0Ï'8/26'(26026,6,19(56$
3DUD XWLOL]DU LQGXVWULDOPHQWH ODV PHPEUDQDV GH yVPRVLV LQYHUVD GH IRUPD TXH
SXHGDQWUDEDMDUFRUUHFWDPHQWH \SXHGDQVRSRUWDUODVSUHVLRQHVGHWUDEDMRGHEHQXELFDUVH
HQ HO LQWHULRU GH UHFLSLHQWHV R FRQWHQHGRUHV GHQRPLQDGRV PyGXORV TXH SRU OR JHQHUDO
DGRSWDQIRUPDVFLOtQGULFDV
8Q PyGXOR GH PHPEUDQD HV OD XQLGDG EiVLFD HQ XQ GLVSRVLWLYR GH ILOWUDFLyQ /RV
PyGXORVFRQWLHQHQODVPHPEUDQDVFRQVXVVRSRUWHVDVtFRPRODVFRQGXFFLRQHVQHFHVDULDV
SDUDHOIOXMR\VHVLW~DQHQXQRVUHFLSLHQWHVDGHFXDGRVDODVFRQGLFLRQHVGHRSHUDFLyQ6H
OHVGHEHH[LJLUTXHJDUDQWLFHQHOFDXGDOUHTXHULGRSDUDODLQVWDODFLyQDVtFRPRTXHVHDQOR
PiV FRPSDFWRV SRVLEOHV HV GHFLU TXH LQFOX\DQ OD PD\RU VXSHUILFLH GH PHPEUDQD SRU
XQLGDG GH YROXPHQ GH PyGXOR DVt FRPR TXH WHQJDQ XQD EXHQD FRPSDWLELOLGDG FRQ ORV
IOXLGRVDWUDWDU(OUHFRUULGRGHODDOLPHQWDFLyQUHFKD]RDWUDYpVGHOPyGXORGHPHPEUDQD
HV D[LDO GHVGH HO H[WUHPR GH HQWUDGD GH DOLPHQWDFLyQ KDVWD HO H[WUHPR GH VDOLGD GHO
UHFKD]R
(VWRVPyGXORVGHPHPEUDQDSXHGHQIDEULFDUVHGHGLIHUHQWHVPDWHULDOHVDXQTXHORV
PiV IUHFXHQWHV VRQ ORV GH FHOXORVD \ SROtPHURV VLQWpWLFRV JHQHUDOPHQWH SROLDPLGD
DURPiWLFD
/RVWXERVGHSUHVLyQWLHQHQTXHHVWDUIDEULFDGRVHQPDWHULDOHVFDSDFHVGHVRSRUWDU
ODVSUHVLRQHVGHWUDEDMR\GHUHVLVWLUODVDJUHVLRQHVGHORVDJHQWHVTXtPLFRVXWLOL]DGRV/RV
PDWHULDOHVGHFRQVWUXFFLyQHPSOHDGRVVXHOHQVHUSROLpVWHUUHIRU]DGRFRQILEUDGHYLGULRR
DFHURLQR[LGDEOHSDUDSUHVLRQHVHOHYDGDV
'RFXPHQWRQž0HPRULD
3iJLQDGH
(GXDUGR-LPpQH]$\HUUD8QLYHUVLGDG3~EOLFDGH1DYDUUD
$FRQWLQXDFLyQHQOD)LJXUDVHPXHVWUDODGLVSRVLFLyQGHODVPHPEUDQDVGHQWUR
GHXQWXERGHSUHVLyQ
)LJXUD'LVSRVLFLyQGHODVPHPEUDQDVHQHOLQWHULRUGHOWXERGHSUHVLyQ
)XHQWH'HVDODFLyQGHDJXDV,($
'(6&5,3&,Ï1 '( /26 35$0(7526 '( 23(5$&,Ï1 '( /$
,167$/$&,21'(Ï6026,6,19(56$
3DUDUHDOL]DUHOGLVHxRGHODLQVWDODFLyQGHyVPRVLVLQYHUVDKD\TXHHVSHFLILFDUORV
SDUiPHWURVRSHUDWLYRVTXHSHUPLWDQGHILQLUXQVLVWHPDHIHFWLYRSDUDODFRQVHFXFLyQGHORV
REMHWLYRVSHUVHJXLGRV
(Q OD PD\RUtD GH ORV FDVRV HQ ORV TXH VH GHVDOD DJXD PDULQD VH WLHQH OD
FRQVLGHUDFLyQ GH HIHFWLYLGDG OD FXDO VH WUDVODGD D XQ GLVHxR TXH SURGX]FD OD FDQWLGDG \
FDOLGDGGHDJXDSURGXFWRGHVHDGDFRQHOPD\RUUHFREURSRVLEOH
/RVSULQFLSDOHVSDUiPHWURVGHGLVHxRVRQORVVLJXLHQWHV
5HQGLPLHQWRGHODLQVWDODFLyQ
&DXGDOGHDJXDSURGXFWR
3DVRGHVDOHV
5HQGLPLHQWR
(OUHQGLPLHQWRGHODLQVWDODFLyQȘHVHOFRFLHQWHHQWUHHOFDXGDOGHDJXDSURGXFWR
43REWHQLGRDSDUWLUGHXQGHWHUPLQDGRFDXGDOGHDJXDWUDWDU4$
Ș 434$
(O UHQGLPLHQWR FRQVWLWX\H HQ OD SUiFWLFD XQ SDUiPHWUR GH GLVHxR FRQ XQD IXHUWH
LQFLGHQFLDHQORVDVSHFWRVHFRQyPLFRVUHODFLRQDGRVFRQODFRQVWUXFFLyQ\ODRSHUDFLyQGH
ODVSODQWDVGHyVPRVLVLQYHUVD
'RFXPHQWRQž0HPRULD
3iJLQDGH
(GXDUGR-LPpQH]$\HUUD8QLYHUVLGDG3~EOLFDGH1DYDUUD
$OPDUFDUXQUHQGLPLHQWRHQHOGLVHxRVHHVWiQHVSHFLILFDQGRDVSHFWRVWDOHVFRPR
ODFDQWLGDGGHDJXDGHDOLPHQWDFLyQSRUXQLGDGGHDJXDSURGXFLGDHOWLSR\PDJQLWXGGHO
SUHWUDWDPLHQWR\HOFRQVXPRGHHQHUJtD\GHUHDFWLYRVTXtPLFRV$GHPiVWDPELpQLQIOX\H
HQODVDOLQLGDGGHOSURGXFWRHQODSUHVLyQGHRSHUDFLyQ\HQODFRQFHQWUDFLyQGHVDOHVGHOD
VDOPXHUD
(O YDORU Pi[LPR GHO UHQGLPLHQWR HVWi OLPLWDGR SRU DOJXQRV IDFWRUHV VLHQGR HQWUH
HOORV HO PiV LPSRUWDQWH OD SUHVLyQ RVPyWLFD GH OD VDOPXHUD OD FXDO HVWi GLUHFWDPHQWH
UHODFLRQDGDFRQVXFRQWHQLGRWRWDOHQVyOLGRVGLVXHOWRV67'
/D SUHVLyQ HIHFWLYD GH RSHUDFLyQ GH XQD LQVWDODFLyQ GH yVPRVLV LQYHUVD VH GHILQH
FRPR OD SUHVLyQ VXPLQLVWUDGD SRU OD ERPED GH DOWD SUHVLyQ D OD DOLPHQWDFLyQ PHQRV OD
SUHVLyQRVPyWLFDGHOIOXMRDOLPHQWDFLyQVDOPXHUD
8QDOWRYDORUGHOUHQGLPLHQWRLPSOLFDXQDHOHYDGDFRQFHQWUDFLyQGHVDOHVGLVXHOWDV
HQODVDOPXHUDFRQHOFRQVLJXLHQWHLQFUHPHQWRHQVXSUHVLyQRVPyWLFDORTXHSURYRFDXQD
GLVPLQXFLyQ GH OD SUHVLyQ HIHFWLYD \ SRU WDQWR GH OD SURGXFWLYLGDG GH OD LQVWDODFLyQ
HQWHQGLGDpVWDFRPRFDXGDOGHSHUPHDGR
(QOD*UiILFDVHPXHVWUDHOIDFWRUGHFRQFHQWUDFLyQHQODVDOPXHUDHQIXQFLyQGHO
UHQGLPLHQWR
*UiILFD)DFWRUGHFRQFHQWUDFLyQHQODVDOPXHUDHQIXQFLyQGHOUHQGLPLHQWR
)XHQWH'HVDODFLyQGHDJXDV,($
&DXGDOGHDJXDSURGXFWR
(OFDXGDOGHDJXDSURGXFWRDWUDYpVGHXQDPHPEUDQDVHPLSHUPHDEOHLGHDOYLHQH
GDGRSRUODVLJXLHQWHHFXDFLyQ
43 = . ⋅ ∆3 .FRQVWDQWHFDUDFWHUtVWLFDGHFDGDWLSRGHPHPEUDQD
∆3 HVODGLIHUHQFLDGHSUHVLyQQHWDDWUDYpVGHODPHPEUDQD
'RFXPHQWRQž0HPRULD
3iJLQDGH
(GXDUGR-LPpQH]$\HUUD8QLYHUVLGDG3~EOLFDGH1DYDUUD
(O IOXMR GH YROXPHQ - Y D WUDYpV GH XQD PHPEUDQD GHILQLGR FRPR YROXPHQ GH
DJXD GHVDODGD SURGXFLGD SRU XQLGDG GH VXSHUILFLH GH PHPEUDQD LQVWDODGD \ XQLGDG GH
WLHPSRVHVXHOHUHIHULUDXQGtDGHRSHUDFLyQ\H[SUHVDUVHHQPP
(OIOXMRGHYROXPHQHVXQDIXQFLyQGHOWLSRGHPHPEUDQDXWLOL]DGD\GHORULJHQ\
FDUDFWHUtVWLFDVGHODJXDDWUDWDU(VWRSHUPLWHFDOFXODUODVXSHUILFLHGHPHPEUDQDDLQVWDODU
SDUD REWHQHU XQ GHWHUPLQDGR FDXGDO GH DJXD SURGXFWR GLDULR \ GLYLGLHQGR HVWD VXSHUILFLH
JOREDO SRU OD VXSHUILFLH GH ILOWUDFLyQ GH OD PHPEUDQD HVSHFtILFD TXH VH GHVHD LQVWDODU VH
REWLHQH HO Q~PHUR GH PHPEUDQDV LGyQHR VLHPSUH \ FXDQGR VH RSHUH HQ FRQGLFLRQHV
VLPLODUHVDODVFRQGLFLRQHVQRUPDOL]DGDVGHORVFDXGDOHVHVSHFtILFRVGHGLFKDVPHPEUDQDV
3DUDFRQRFHUODSURGXFWLYLGDGUHDOGHXQDLQVWDODFLyQGH2,VHKDQGHUHDOL]DUXQDV
FRUUHFFLRQHV TXH WHQJDQ HQ FXHQWD ODV YDULDFLRQHV GH ORV IDFWRUHV TXH LQIOX\HQ HQ ORV
FDXGDOHVHVSHFtILFRFRQUHVSHFWRDODVFRQGLFLRQHVQRUPDOL]DGDV'HHVWHPRGRVHKDQGH
FRQVLGHUDU WUHV IDFWRUHV GH FRUUHFFLyQ UHODFLRQDGRV FRQ OD SUHVLyQ GH RSHUDFLyQ OD
WHPSHUDWXUDGHODJXDGHDOLPHQWDFLyQ\HOWLHPSRGHRSHUDFLyQGHODLQVWDODFLyQ7RGRHVWR
SXHGHH[SUHVDUVHHQODVLJXLHQWHHFXDFLyQ
43 = I S ⋅ I 7 ⋅ I W ⋅ 43 4 S HV HO FDXGDO SURGXFWR GH OD LQVWDODFLyQ GH 2, HQ ODV FRQGLFLRQHV UHDOHV GH
WUDEDMR
4SHVHOFDXGDOSURGXFWRGHODSODQWDHQODVFRQGLFLRQHVQRUPDOL]DGDV
ISHVHOIDFWRUGHFRUUHFFLyQGHODSURGXFWLYLGDGDVRFLDGRDODSUHVLyQ
I7HVHOIDFWRUGHFRUUHFFLyQGHELGRDODWHPSHUDWXUD
IW HV HO IDFWRU GH GLVPLQXFLyQ GHO FDXGDO HVSHFtILFR GH ODV PHPEUDQDV FRPR
FRQVHFXHQFLDGHOWLHPSRGHRSHUDFLyQ
$FRQWLQXDFLyQVHGHWDOODQHVWRVWUHVIDFWRUHVGHFRUUHFFLyQORFXDOHVLQIOX\HQGH
IRUPDGLUHFWDHQODSURGXFWLYLGDGGHXQDLQVWDODFLyQGH2,
)DFWRUFRUUHFWRUGHODWHPSHUDWXUD
/DFDSDFLGDGLQVWDQWiQHDGHSURGXFFLyQGHXQDLQVWDODFLyQGH2,HVWiFRQGLFLRQDGD
SRU OD WHPSHUDWXUD GHO DJXD GH DOLPHQWDFLyQ ș 6L VH WRPD ž& FRPR WHPSHUDWXUD GH
UHIHUHQFLDVHGHILQHHOFRHILFLHQWHFRUUHFWRUSDUDODWHPSHUDWXUDFRPRHOFRFLHQWHHQWUHOD
SURGXFWLYLGDG D OD WHPSHUDWXUD GH RSHUDFLyQ \ OD SURGXFWLYLGDG D ž& PDQWHQLHQGR
FRQVWDQWHV ORV RWURV SDUiPHWURV RSHUDWLYRV SUHVLyQ \ FDXGDO HVWDEOHFLpQGRVH
HPStULFDPHQWHTXH
4 θ ª
§ 7 ·º
IW = 3
= $ θ − = H[S« . 7 ⋅ ¨
¸»
43 © ¹¼ ¬
4SșFDXGDOGHSURGXFFLyQGHODLQVWDODFLyQDODWHPSHUDWXUD&HOVLXVș
4SFDXGDOGHSURGXFFLyQGHODLQVWDODFLyQDž&
$ FRQVWDQWH FDUDFWHUtVWLFD GH FDGD WLSR GH PHPEUDQD JHQHUDOPHQWH FRQ XQ YDORU
SUy[LPRDODXQLGDG
7WHPSHUDWXUDHQJUDGRV.HOYLQ
.7FRQVWDQWHGHSHQGLHQWHGHOWLSRGHPHPEUDQDYDUtDHQWUH\
'RFXPHQWRQž0HPRULD
3iJLQDGH
(GXDUGR-LPpQH]$\HUUD8QLYHUVLGDG3~EOLFDGH1DYDUUD
/D WHPSHUDWXUD HV XQ IDFWRU PX\ LPSRUWDQWH D WHQHU HQ FXHQWD HQ ORV SURFHVRV GH
2,\DTXHDIHFWDDODSURGXFWLYLGDGGHODVPHPEUDQDVDVXGHJUDGDFLyQItVLFRTXtPLFDDVt
FRPRDODVROXELOLGDGGHGHWHUPLQDGDVVDOHV\DGHWHUPLQDGDVSURSLHGDGHVItVLFDVGHODJXD
WDOFRPRODYLVFRVLGDG
(Q OD SUiFWLFD OD LQIOXHQFLD GH OD WHPSHUDWXUD VREUH OD SURGXFWLYLGDG YDUtD
DSUR[LPDGDPHQWH HQ WRUQR D XQ SRU FDGD JUDGR GH DXPHQWR R GLVPLQXFLyQ GH OD
WHPSHUDWXUDFRQUHODFLyQDž&
&XDQWRPD\RUVHDODWHPSHUDWXUDGHODJXDGHDOLPHQWDFLyQPD\RUSURGXFWLYLGDGVH
REWHQGUi OR TXH SHUPLWH SRGHU HPSOHDU XQ PHQRU Q~PHUR GH PHPEUDQDV R WUDEDMDU D
PHQRUHVSUHVLRQHV3RUHOFRQWUDULRFXDQWRPD\RUHVODWHPSHUDWXUDPD\RUHVODYHORFLGDG
GH GHJUDGDFLyQ GH ODV PHPEUDQDV \ SRU WDQWR PHQRU VHUi VX YLGD PHGLD SURGXFWLYD $
FRQWLQXDFLyQ HQ OD *UiILFD VH SXHGH YHU OD YDULDFLyQ GHO FRHILFLHQWH FRUUHFWRU SRU
WHPSHUDWXUDHQIXQFLyQGHODWHPSHUDWXUDGHODJXDGHDOLPHQWDFLyQ
*UiILFD9DULDFLyQGHOFRHILFLHQWHFRUUHFWRUSRUWHPSHUDWXUDGHODSURGXFWLYLGDGGHXQ
PyGXORHQIXQFLyQGHODWHPSHUDWXUDGHODJXDGHDOLPHQWDFLyQ
)XHQWH'HVDODFLyQGHDJXDV,($
.
)DFWRUFRUUHFWRUGHODSUHVLyQ
(OIDFWRUGHFRUUHFFLyQSRUSUHVLyQI SHVIXQFLyQGHODSUHVLyQGHRSHUDFLyQGHOD
SODQWDGH2,FRUUHJLGDFRQHOHIHFWRGHSpUGLGDGHFDUJDGHODVLJXLHQWHIRUPD
∆3
∆3 = 3) − PRG − 33 − ∆π )5 3)SUHVLyQGHDOLPHQWDFLyQ
ǻ3PSpUGLGDGHSUHVLyQHQORVPyGXORV
3SSUHVLyQGHODJXDSURGXFWR
ǻʌ)5SUHVLyQRVPyWLFDGHOFRQMXQWRDOLPHQWDFLyQVDOPXHUDUHVSHFWRGHOSURGXFWR
'RFXPHQWRQž0HPRULD
3iJLQDGH
(GXDUGR-LPpQH]$\HUUD8QLYHUVLGDG3~EOLFDGH1DYDUUD
)DFWRUFRUUHFWRUGHOWLHPSRGHRSHUDFLyQ
/DYDULDFLyQGHIW\SRUFRQVLJXLHQWHGHOFDXGDOGHSURGXFFLyQGHXQDLQVWDODFLyQGH
yVPRVLV LQYHUVD YLHQH GHILQLGR SRU HO IDEULFDQWH GH OD PHPEUDQD LQVWDODGD HQ OD XQLGDG
'HIRUPDJHQHUDOVHWLHQHXQRVYDORUHVDSUR[LPDGRVGHGHVFHQVRGHFDXGDOHVHQIXQFLyQ
GHOWLSRGHDJXDDWUDWDUSXHGHQYHUVHHQOD7DEODTXHVHPXHVWUDDFRQWLQXDFLyQ
7LSRGH$JXDGH
$OLPHQWDFLyQ
$JXDVXSHUILFLDO
$JXDVXEWHUUiQHD
$JXDRVPRWL]DGD
3RUFHQWDMHGHGHVFHQVRGH
FDXGDOHVSDUDWUHVDxRV
GHD
GHD
GHD
7DEOD9DORUHVGHOIDFWRUGHRSHUDFLyQHQIXQFLyQGHODJXDDWUDWDU
)XHQWH'HVDODFLyQGHDJXDV,($
3DVRGHVDOHV
(OSDVRGHVDOHV63VHGHILQHFRPRHOFRFLHQWHHQWUHODFRQFHQWUDFLyQGHVDOHVGH
SHUPHDGR&3FRQUHVSHFWRDODFRQFHQWUDFLyQGHVDOHVHQODDOLPHQWDFLyQ&)
&
63 = 3 &)
(VWH SDUiPHWUR YLHQH UHIOHMDGR HQ ORV FXDGURV GH FDUDFWHUtVWLFDV WpFQLFDV GH ODV
PHPEUDQDV(OLQFUHPHQWRGHOSDVRGHVDOHVHQXQDPHPEUDQDGHyVPRVLVLQYHUVDFRQHO
WLHPSRGHRSHUDFLyQHVXQUHIOHMRGHOIHQyPHQRGHGHJUDGDFLyQGHODPHPEUDQDGHELGRD
ODH[SRVLFLyQGHODVPHPEUDQDVDFRPSXHVWRVTXtPLFRVDJUHVLYRVGXUDQWHORVSURFHVRVGH
OLPSLH]D
&$5$&7(5,67,&$6'(/$*8$'(0$5
&$5$&7(5Ë67,&$6)Ë6,&$6
•
6yOLGRVHQVXVSHQVLyQ
/RVVyOLGRVHQVXVSHQVLyQ66HVODPDWHULDHQVXVSHQVLyQTXHHVWiSUHVHQWHHQHO
DJXD 6HJ~Q VX RULJHQ VH KDEOD GH DJXD GXOFH DJXD GH UtR R EDMD FRQFHQWUDFLyQ DJXD
VDOREUHDJXDPDULQDVDOPXHUD\DJXDUHVLGXDOHQIXQFLyQGHVXFRQWHQLGRHQVDOHV(QOD
7DEOD VH PXHVWUD OD FODVLILFDFLyQ GH ODV DJXDV VHJ~Q OD ,QWHUQDWLRQDO 'HVDOLQDWLRQ
$VVRFLDWLRQ,'$
7LSRVGHDJXDV
$JXDSXUD
$JXDGHUtRREDMDFRQFHQWUDFLyQ
'RFXPHQWRQž0HPRULD
67'PJ/
67'PJ/
67'
3iJLQDGH
(GXDUGR-LPpQH]$\HUUD8QLYHUVLGDG3~EOLFDGH1DYDUUD
$JXDVDOREUH
$JXDPDULQD
6DOPXHUD
$JXDUHVLGXDO
67'
67'
67'!
$JXDGHQ~FOHRVXUEDQRVRLQGXVWULDOHV
7DEOD&ODVLILFDFLyQGHODVDJXDV
)XHQWH,'$
•
7HPSHUDWXUD
(Q QXHVWUDV ODWLWXGHV ODV WHPSHUDWXUDV PHGLDV GHO DJXD GHO PDU YDUtDQ HQWUH \
ž&HQWUHHOLQYLHUQR\YHUDQR
&$5$&7(5Ë67,&$648Ë0,&$6
• &RQGXFWLYLGDGHOpFWULFDRVDOLQLGDG
(VWH SDUiPHWUR LQGLFD GH IRUPD LQGLUHFWD \ DSUR[LPDGD HO FRQWHQLGR GH VDOHV
GLVXHOWDVHQHODJXD/DPHGLGDGHODFRQGXFWLYLGDGHOpFWULFDVHEDVDHQHOSULQFLSLRGHTXH
HO IOXMR GH FRUULHQWH HOpFWULFD TXH VH WUDQVPLWH D WUDYpV GH XQD GLVROXFLyQ EDMR
GHWHUPLQDGDVFRQGLFLRQHVYDUtDFRQODFRQFHQWUDFLyQGHVDOHVSUHVHQWHVHQODPLVPD
• 3+
(V HO ORJDULWPR QHJDWLYR GH OD FRQFHQWUDFLyQ GH LRQHV KLGUyJHQR GHO DJXD \ HV
FRQVHFXHQFLD GH ODV VDOHV TXH OOHYD HQ VROXFLyQ 6X YDORU HV XQ tQGLFH LQGLFDWLYR GH ODV
FDUDFWHUtVWLFDVGHODJXD6XYDORUPHGLGRDž&SUHVHQWDXQYDORUGHS+VHGLFHTXH
VLHVVXSHULRUDHVEiVLFDRLQFUXVWDQWHHVGHFLUHQXQPHGLRDOFDOLQRS+DOWRIDYRUHFH
ODVLQFUXVWDFLRQHVRSUHFLSLWDFLRQHVGHVDOHVVREUHODVVXSHUILFLHVGHXQDLQVWDODFLyQ3RUHO
FRQWUDULRXQS+EDMRiFLGRIDYRUHFHODFRUURVLyQ
•
&RPSRVLFLyQTXtPLFDGHODJXD
(Q OD WDEOD VH PXHVWUD OD FRPSDUDWLYD HQWUH OD FRPSRVLFLyQ GHO DJXD GH PDU
HVWiQGDU\ODGHODJXDGHO2FpDQR$WOiQWLFRHQODLVODGH/DQ]DURWH
3DUiPHWURV
3+
6XOIDWR
&ORUXUR
%LFDUERQDWR
%URPXUR
)OXRUXUR
&DOFLR
0DJQHVLR
6RGLR
3RWDVLR
'RFXPHQWRQž0HPRULD
$JXD GH PDU
HVWiQGDUPJ/
$JXDGHRFpDQRDWOiQWLFRLVOD
/DQ]DURWHPJ/
3iJLQDGH
(GXDUGR-LPpQH]$\HUUD8QLYHUVLGDG3~EOLFDGH1DYDUUD
(VWURQFLR
%RUDWR
6tOLFH
7RWDOVyOLGRVGLVXHOWRV
7DEOD&DOLGDGHVGHDJXDGHPDUHVWiQGDUH,VODGH/DQ]DURWH
)XHQWH ,QWURGXFFLyQDODGHVDODFLyQGHDJXDV-RVp0LJXHO9H]D7HOGH*HVWLyQ
,QWHJUDOGH6HUYLFLR6$
/D SULPHUD WLHQH XQ FRQWHQLGR GH VyOLGRV GLVXHOWRV 67' DSUR[LPDGR GH PJ/ PLHQWUDV TXH HO DJXD GHO 2FpDQR $WOiQWLFR TXH EDxD OD LVOD GH /DQ]DURWH WLHQH
DOUHGHGRU GH PJ/ (VWR HV GHELGR D TXH ODV DJXDV GH ODV ]RQDV FiOLGDV FRPR
/DQ]DURWH GHELGR D OD PD\RU HYDSRUDFLyQ GHVGH HO PDU SUHVHQWDQ XQD VDOLQLGDG
OLJHUDPHQWHVXSHULRUDODPHGLD
&$5$&7(5Ë67,&$60,&52%,2/Ï*,&$6
(O FRQWHQLGR PLFURELROyJLFR GHO DJXD GH PDU WDPELpQ PHUHFH DWHQFLyQ PX\
HVSHFLDOPHQWHFXDQGRVHWUDEDMDHQXQDGHVDODGRUDPHGLDQWHSURFHVRVGHPHPEUDQDV/RV
PLFURRUJDQLVPRV SUHVHQWHV HQ HO DJXD EUXWD WLHQGHQ D IRUPDU ELRSHOtFXODV VREUH ODV
VXSHUILFLHVSRUODVTXHYDQSDVDQGRGHIRUPDTXHSXHGHQOOHJDUDIRUPDUVHDJUHJDGRVGH
LPSRUWDQFLD (VWR WUDH FRQVLJR HO IHQyPHQR GH HQVXFLDPLHQWR ELROyJLFR TXH SURGXFH
DWDVFDPLHQWRV \ODFRQVLJXLHQWHSpUGLGDGHFDUJDHQODVLQVWDODFLRQHVKLGUiXOLFDV \HQODV
PHPEUDQDV
&21),*85$&,Ï1'(/352&(62'(26026,6,19(56$
(QHOHVTXHPDVHPXHVWUDQORVHOHPHQWRVSULQFLSDOHVTXHLQWHUYLHQHQHQSURFHVRGH
yVPRVLVLQYHUVD
ŐƵĂƐĂůĂĚĂĚĞů
ŵĂƌ
ůŝŵĞŶƚĂĐŝſŶ
WƌŽĐĞƐŽĚĞ
KƐŵŽƐŝƐ/ŶǀĞƌƐĂ
WĞƌŵĞĂĚŽ
ZĞĐŚĂnjŽ
(VTXHPD(OHPHQWRVSULQFLSDOHVHQHOSURFHVRGHyVPRVLVLQYHUVD
'RFXPHQWRQž0HPRULD
3iJLQDGH
(GXDUGR-LPpQH]$\HUUD8QLYHUVLGDG3~EOLFDGH1DYDUUD
(1(5*,$65(129$%/(63$5$'(6$/$&,Ï1'($*8$6
/DXWLOL]DFLyQGHHQHUJtDVUHQRYDEOHVSDUDGHVDODFLyQGHDJXDVHVXQGHVHRTXHVH
KDSXHVWRGHPDQLILHVWRHQQXPHURVDVRFDVLRQHV(VWRVHGHEHSRUXQDSDUWHDOKHFKRGH
TXHHQXQDPLVPD]RQDJHRJUiILFDVXHOHQFRLQFLGLUODHVFDVH]GHDJXD\ODDEXQGDQFLDGH
UHFXUVRVHQHUJpWLFRVUHQRYDEOHV
/D GHVDODFLyQ DO VHU PX\ LQWHQVLYD HQ HQHUJtD SXHGH EHQHILFLDUVH GH HQHUJtDV
FRQVLGHUDGDVJUDWXLWDVFRPRODVUHQRYDEOHV
/DVHQHUJtDVUHQRYDEOHVUHTXLHUHQJUDQGHVVXSHUILFLHVFDSWDGRUDVSDUDREWHQHUXQD
GHWHUPLQDGDFDQWLGDGGHHQHUJtD~WLO(VWDVGHPDQGDVGHUHFXUVRVSXHGHQVHUHQIRUPDGH
WHUUHQRRHTXLSRVFRQXQDVXSHUILFLHGHFDSWDFLyQ
$VLPLVPRODHQHUJtDVRODUHVYDULDEOHHQLQWHQVLGDGDORODUJRGHOWLHPSRDVtOD
UDGLDFLyQVRODUWLHQHXQFLFORGLDULRTXHHQHOPHMRUGHORVFDVRVYDGHVGHFHURKDVWDXQ
Pi[LPRKDFLDODVKRUDVGHOPHGLRGtD\HOORVLHPSUHTXHHOGtDVHDFODUR(QGtDVQXEODGRV
ODLQWHQVLGDGVHUiPX\EDMD
(OFRQMXQWRGHHVWRVIDFWRUHVVHUHVXPHDFRQWLQXDFLyQ
&RLQFLGHQFLD HQ XQD PLVPD ]RQD JHRJUiILFD GH HVFDVH] GH DJXD \ H[LVWHQFLD GH
UHFXUVRVHQHUJpWLFRVUHQRYDEOHV
/DVHQHUJtDVUHQRYDEOHVQRVRQJUDWXLWDV5HTXLHUHQFRQVLGHUDEOHVLQYHUVLRQHV
1HFHVLGDGGHJUDQGHVVXSHUILFLHVFDSWDGRUDV
9DULDEOHVHQLQWHQVLGDGDORODUJRGHOWLHPSR/LPLWDFLyQGH]RQDVFRQSRVLELOLGDG
GHH[SORWDFLyQFRQWLQXDGD
'LILFXOWDGHVGHDFRSODPLHQWRSDUDVLVWHPDVGHGHVDODFLyQTXHRSHUDQHQFRQWLQXR\
HQUpJLPHQHVWDFLRQDULR
(1(5*Ë$62/$5)27292/7$,&$
,1752'8&&,Ï1
/DHQHUJtDVRODUIRWRYROWDLFDHVDTXHOODTXHVHFDUDFWHUL]DSRUIXQFLRQDUDEDVHGH
SDQHOHVIRWRYROWDLFRVTXHFDSWDQODVUDGLDFLRQHVOXPLQRVDVGHOVRO\ODVWUDQVIRUPDQHQXQD
FRUULHQWH HOpFWULFD (Q pVWD H[LVWH XQD FRQYHUVLyQ GLUHFWD GH OD OX] VRODU HQ HOHFWULFLGDG
PHGLDQWHXQGLVSRVLWLYRHOHFWUyQLFRGHQRPLQDGR³FpOXODIRWRYROWDLFD´(VWDFRQYHUVLyQGH
ODHQHUJtDGHODOX]VRODUHQHQHUJtDHOpFWULFDHVXQIHQyPHQRItVLFRFRQRFLGRFRPR³HIHFWR
IRWRYROWDLFRRIRWRHOpFWULFR´
/D FDQWLGDG GH HQHUJtD VRODU TXH SXHGH VHU DSURYHFKDEOH GHSHQGH GH PXFKRV
IDFWRUHV DOJXQRV GH HOORV SXHGHQ VHU FRQWURODGRV HQ HO GLVHxR H LQVWDODFLyQ GHO VLVWHPD
RULHQWDFLyQLQFOLQDFLyQXELFDFLyQGHSDQHOHVHWF\RWURVVHHVFDSDQGHFRQWURO\DTXH
HVWiQHQIXQFLyQGHODORFDOL]DFLyQJHRJUiILFD\PHWHRURORJtDGHODLQVWDODFLyQ
/D HQHUJtD VRODU VH HQFXHQWUD GLVSRQLEOH HQ WRGR HO PXQGR $OJXQDV ]RQDV GHO
SODQHWD UHFLEHQ PiV UDGLDFLyQ VRODU TXH RWUDV (Q HO FDVR SDUWLFXODU GH /DQ]DURWH ORV
'RFXPHQWRQž0HPRULD
3iJLQDGH
(GXDUGR-LPpQH]$\HUUD8QLYHUVLGDG3~EOLFDGH1DYDUUD
VLVWHPDVIRWRYROWDLFRVVRQXQDDOWHUQDWLYDPX\LQWHUHVDQWHGHVGHODVSHUVSHFWLYDVWpFQLFD\
HFRQyPLFDSXHVODUHJLyQGLVSRQHGXUDQWHWRGRHODxRGHDEXQGDQWHUDGLDFLyQVRODU
/D HQHUJtD VRODU IRWRYROWDLFD SUHVHQWD QXPHURVDV YHQWDMDV GH ODV FXDOHV SRGHPRV
GHVWDFDU
/DHQHUJtDTXHSURFHGHGHOVROHVOLPSLD\UHQRYDEOHQRFXHVWDGLQHUR
1R FRQWDPLQD SURGXFH HPLVLRQHV GH &2 LQVLJQLILFDQWHV \ QR HPLWH RWURV JDVHV
FRQWDPLQDQWHVDODDWPyVIHUD
1RFRQVXPHFRPEXVWLEOHVQLVHSURGXFHQLQJXQDFRPEXVWLyQ
1RJHQHUDUHVLGXRVQLUXLGRV
6XLQVWDODFLyQHVUHODWLYDPHQWHVLPSOH
,PSDFWRYLVXDOUHGXFLGRSURSRUFLRQDOPHQWHDVXDSOLFDFLyQ
5HTXLHUHSRFRPDQWHQLPLHQWR
7LHQHQXQDYLGDODUJDORVIDEULFDQWHVVHxDODQXQDYLGDSURPHGLRGHDxRV
5HVLVWHFRQGLFLRQHVFOLPiWLFDVH[WUHPDVJUDQL]RYLHQWRWHPSHUDWXUDKXPHGDG
,QVWDODFLyQHQ]RQDVUXUDOHVGHVDUUROORWHFQRORJtDVSURSLDV
(O VLOLFLR HOHPHQWR EDVH SDUD OD IDEULFDFLyQ GH ODV FpOXODV IRWRYROWDLFDV HV PX\
DEXQGDQWHQRVLHQGRQHFHVDULRH[SORWDU\DFLPLHQWRVGHIRUPDLQWHQVLYD
6H SXHGH DSOLFDU HQ OXJDUHV GH EDMR FRQVXPR HQHUJpWLFR SRU HMHPSOR HQ FDVDV
XELFDGDVHQVLWLRVUXUDOHVGRQGHQROOHJDODUHGHOpFWULFDJHQHUDORVXWUDQVPLVLyQ
HVPX\FRVWRVD
7ROHUD DXPHQWDU OD SRWHQFLD PHGLDQWH OD LQFRUSRUDFLyQ GH QXHYRV PyGXORV
IRWRYROWDLFRV
5$',$&,Ï162/$5
(O6ROJHQHUDHQHUJtDPHGLDQWHUHDFFLRQHVQXFOHDUHVGHIXVLyQTXHVHSURGXFHQHQ
VX Q~FOHR (VWD HQHUJtD UHFLEH HO QRPEUH GH UDGLDFLyQ VRODU VH WUDQVPLWH HQ IRUPD GH
UDGLDFLyQ HOHFWURPDJQpWLFD \ DOFDQ]D OD DWPyVIHUD WHUUHVWUH HQ IRUPD GH FRQMXQWR GH
UDGLDFLRQHVR HVSHFWURHOHFWURPDJQpWLFRFRQORQJLWXGHVGHRQGDTXHYDQ GH—P D
—PDSUR[LPDGDPHQWH
*UiILFD(VSHFWURHOHFWURPDJQpWLFRGHODUDGLDFLyQVRODUH[WUDDWPRVIpULFD\HQOD
VXSHUILFLHWHUUHVWUH
'RFXPHQWRQž0HPRULD
3iJLQDGH
(GXDUGR-LPpQH]$\HUUD8QLYHUVLGDG3~EOLFDGH1DYDUUD
/DPDJQLWXGGHUDGLDFLyQVRODUTXHOOHJDDOD7LHUUDSXHGHVHUPHGLGD\VXXQLGDG
HVHO:PðYDWLRSRUPHWURFXDGUDGR
/DUDGLDFLyQTXHDWUDYLHVDODVXSHUILFLHGHOVROWLHQHXQDSRWHQFLDGHDOUHGHGRUGH
0:P OOHJDQGR DO WRSH GH OD DWPyVIHUD WHUUHVWUH VyOR DOJR PiV GH N:P HVWH
YDORUHVFRQRFLGRFRPRFRQVWDQWHVRODU\VHODGHILQHFRPRODHQHUJtDSURYHQLHQWHGHOVRO
TXH SRU XQLGDG GH WLHPSR HV UHFLELGD HQ OD XQLGDG GH iUHD SRU XQD VXSHUILFLH
SHUSHQGLFXODUDODUDGLDFLyQXELFDGDHQHOHVSDFLRDODGLVWDQFLDPHGLDVROWLHUUD
/XHJR SDVD SRU OD DWPyVIHUD WHUUHVWUH GRQGH HV SDUFLDOPHQWH DEVRUELGD \
UHGLVWULEXLGDODUDGLDFLyQVRODUDOFDQ]DODVXSHUILFLHGHOD7LHUUDFRQYDORUHVPi[LPRVTXH
UDUDPHQWHVXSHUDQN:PHQGtDVGHVSHMDGRV
0DSD/DUDGLDFLyQVRODUPXQGLDO
)XHQWH+25,.26+,,7HVLV$QiOLVLVGHODVFRPSRQHQWHVDUPyQLFDVGHORV
LQYHUVRUHVIRWRYROWDLFRVGHFRQH[LyQDUHG(VFXHOD3ROLWpFQLFDGH0DGULGSJ
(IHFWRVGHODDWPRVIHUDVREUHODUDGLDFLyQ
/DUDGLDFLyQVRODUDWUDYLHVDODDWPyVIHUDDQWHVGHOOHJDUDODVXSHUILFLHWHUUHVWUH\VH
DOWHUD SRU HO DLUH OD VXFLHGDG HO YDSRU GH DJXD ORV DHURVROHV HQ VXVSHQVLyQ \ RWURV
HOHPHQWRV GH OD DWPyVIHUD (VWDV DOWHUDFLRQHV VRQ GH GLIHUHQWHV WLSRV VHJ~Q OD SURSLHGDG
ySWLFDTXHVHSRQHGHPDQLILHVWR
5HIOH[LyQQXEHV
$EVRUFLyQ R]RQR R[tJHQR GLy[LGR GH FDUERQR YDSRU GH DJXD 6yOR DFW~D VREUH
DOJXQDVORQJLWXGHVGHRQGDGHODUDGLDFLyQ
'LIXVLyQSROYRDHURVROHVJRWDVGHDJXD
(VWRVHIHFWRVYDUtDQGHSHQGLHQGRGHODFDQWLGDGGHDWPyVIHUDTXHODUDGLDFLyQVRODU
KDGHDWUDYHVDU3DUDHVSHFLILFDUHVWDGLVWDQFLDVHXWLOL]DHOFRQFHSWRGHPDVDGHDLUH$0
TXHHVHOHVSHVRUGHODDWPyVIHUDWHUUHVWUHTXHUHFRUUHODUDGLDFLyQVRODUGLUHFWDH[SUHVDGR
FRPR P~OWLSOR GHO FDPLQR TXH UHFRUUHUtD HQ XQD GLUHFFLyQ SHUSHQGLFXODU D OD VXSHUILFLH
WHUUHVWUH&XDQGRHO6ROHVWiHQVXSRVLFLyQPiVDOWDHQXQGtDVLQQXEHVODPDVDGHDLUH
$0DWUDYHVDGDHVPtQLPD\YDOHDQLYHOGHOPDU6HLQGLFDFRPR$0(OYDORU$0
VH XWLOL]D SDUD HVSHFLILFDU ODV FRQGLFLRQHV VREUH XQD VXSHUILFLH QRUPDO DO 6RO IXHUD GH OD
DWPyVIHUDWHUUHVWUH
'RFXPHQWRQž0HPRULD
3iJLQDGH
(GXDUGR-LPpQH]$\HUUD8QLYHUVLGDG3~EOLFDGH1DYDUUD
)LJXUD0DVDGHDLUH$0SDUDGLIHUHQWHViQJXORVFHQLWDOHV
6HSXHGHFDOFXODUODPDVDGHDLUHFRQODH[SUHVLyQ
$0 =
=
VHQγ V FRV θ ]V
Ȗ s = ángulo de elevación solar (grados)
ș zs = ángulo o distancia cenital
7LSRVGHUDGLDFLyQVRODUVREUHXQDVXSHUILFLH
/DUDGLDFLyQVRODUVREUHXQUHFHSWRUVHFODVLILFDHQWUHVFRPSRQHQWHV
5DGLDFLyQGLUHFWDODIRUPDQORVUD\RVUHFLELGRVGLUHFWDPHQWHGHO6RO
5DGLDFLyQ GLIXVD SURFHGHQWH GH WRGD OD EyYHGD GHO FLHOR H[FOX\HQGR HO GLVFR
VRODUODIRUPDQORVUD\RVGLVSHUVDGRVSRUODDWPyVIHUDHQGLUHFFLyQDOUHFHSWRUSRU
HMHPSORHQXQGtDFRPSOHWDPHQWHQXEODGRWRGDODUDGLDFLyQUHFLELGDHVGLIXVD
5DGLDFLyQ UHIOHMDGD R GH DOEHGR UHIOHMDGD SRU OD VXSHUILFLH WHUUHVWUH KDFLD HO
UHFHSWRU'HSHQGHGLUHFWDPHQWHGHODQDWXUDOH]DGHODVPRQWDxDVODJRV HGLILFLRV
HWFTXHURGHDQDOUHFHSWRU
/DVXPDGHWRGDVODVUDGLDFLRQHVGHVFULWDVUHFLEHHOQRPEUHGHUDGLDFLyQJOREDOTXHHV
OD UDGLDFLyQ VRODU WRWDO TXH UHFLEH OD VXSHUILFLH GH XQ UHFHSWRU \ SRU OR WDQWR OD TXH QRV
LQWHUHVDFRQRFHU\FXDQWLILFDU
'RFXPHQWRQž0HPRULD
3iJLQDGH
(GXDUGR-LPpQH]$\HUUD8QLYHUVLGDG3~EOLFDGH1DYDUUD
)LJXUD7LSRVGHUDGLDFLyQVREUHXQDVXSHUILFLH
3DUDFXDQWLILFDUODUDGLDFLyQVRODUVHXWLOL]DQGRVPDJQLWXGHVTXHFRUUHVSRQGHQDOD
SRWHQFLD\DODHQHUJtDGHODUDGLDFLyQTXHOOHJDQDXQDXQLGDGGHVXSHUILFLHVHGHQRPLQDQ
LUUDGLDQFLDHLUUDGLDFLyQ\VXVGHILQLFLRQHV\XQLGDGHVVRQODVVLJXLHQWHV
‡ ,UUDGLDQFLD SRWHQFLD R UDGLDFLyQ LQFLGHQWH SRU XQLGDG GH VXSHUILFLH ,QGLFD OD
LQWHQVLGDGGHODUDGLDFLyQVRODU6HPLGHHQYDWLRVSRUPHWURFXDGUDGR:P
‡ ,UUDGLDFLyQ LQWHJUDFLyQ R VXPD GH ODV LUUDGLDQFLDV HQ XQ SHULRGR GH WLHPSR
GHWHUPLQDGR (V OD FDQWLGDG GH HQHUJtD VRODU UHFLELGD GXUDQWH XQ SHULRGR GH WLHPSR 6H
PLGHHQMXOLRVSRUPHWURFXDGUDGRSRUXQSHULRGRGHWLHPSR-PSRUKRUDGtDVHPDQD
PHVDxRHWFVHJ~QHOFDVR
(Q OD SUiFWLFD GDGD OD UHODFLyQ FRQ OD JHQHUDFLyQ GH HQHUJtD HOpFWULFD VH XWLOL]D
FRPRXQLGDG:KP\VXVP~OWLSORVPiVKDELWXDOHV.:KP\0:KP
2WURFRQFHSWRLPSRUWDQWHHVHOGH,QVRODFLyQpVWHFRUUHVSRQGHDOYDORUDFXPXODGR
GHODLUUDGLDQFLDHQXQWLHPSRGDGR6LHOWLHPSRVHPLGHHQKRUDVKODLQVRODFLyQWHQGUi
XQLGDGHVGH:DWWVKRUDSRUPHWURFXDGUDGR:KP*HQHUDOPHQWHVHUHSRUWDHVWHYDORU
FRPR XQD DFXPXODFLyQ GH HQHUJtD TXH SXHGH VHU KRUDULD GLDULD HVWDFLRQDO R DQXDO /D
LQVRODFLyQWDPELpQVHH[SUHVDHQWpUPLQRVGHKRUDVVRODUHVSLFR8QDKRUDVRODUSLFRHV
HTXLYDOHQWH D OD HQHUJtD UHFLELGD GXUDQWH XQD KRUD D XQD LUUDGLDQFLD SURPHGLR GH
:P/DHQHUJtDTXHSURGXFHHOVLVWHPDIRWRYROWDLFRHVGLUHFWDPHQWHSURSRUFLRQDOD
ODLQVRODFLyQTXHUHFLEH
)LJXUD,UUDGLDQFLD\KRUDVVRODUSLFRLQVRODFLyQ
'RFXPHQWRQž0HPRULD
3iJLQDGH
(GXDUGR-LPpQH]$\HUUD8QLYHUVLGDG3~EOLFDGH1DYDUUD
6L VH VXPD WRGD OD UDGLDFLyQ JOREDO TXH LQFLGH VREUH XQ OXJDU GHWHUPLQDGR HQ XQ
SHULRGR GH WLHPSR GHILQLGR KRUD GtD PHV DxR VH REWLHQH OD HQHUJtD HQ N:KP R HQ
0-P(VWHYDORUHVGLIHUHQWHVHJ~QODUHJLyQGRQGHQRVHQFRQWUHPRV
/$&(/8/$)27292/7$,&$
/DVFpOXODVIRWRYROWDLFDVSDUDJHQHUDFLyQHQHUJpWLFDVRQDTXHOODVTXHWUDQVIRUPDQ
ODHQHUJtDOXPLQRVDIRWRQHVHQHOHFWULFLGDGHOHFWURQHVHQPRYLPLHQWRDSURYHFKDQGRODV
SURSLHGDGHV GH ORV PDWHULDOHV VHPLFRQGXFWRUHV 'LFKDV FpOXODV HVWiQ IRUPDGDV SRU
GLVSRVLWLYRV WLSR GLRGR FRQVWLWXLGRV SRU PDWHULDOHV VHPLFRQGXFWRUHV HQ ORV TXH
DUWLILFLDOPHQWHVHKDFUHDGRXQFDPSRHOpFWULFRFRQVWDQWHPHGLDQWHXQDXQLyQSQTXHDO
UHFLELUUDGLDFLyQVRODUVHH[FLWDQ \SURYRFDQVDOWRVHOHFWUyQLFRV JHQHUDQGRXQDSHTXHxD
GLIHUHQFLDGHSRWHQFLDOHQVXVH[WUHPRV
)LJXUD&pOXODIRWRYROWDLFD
)XHQWHKWWSZZZWHUUDRUJDUWLFXORVDUWKWPO
/D FHOGD FXHQWD FRQ GRV WHUPLQDOHV OD FDUD H[SXHVWD D OD OX] SRVHH XQ HQUHMDGR
PHWiOLFRPX\ILQRSODWD\RDOXPLQLRHOFXDOFROHFWDORVHOHFWURQHVIRWRJHQHUDGRV(VWD
FDSD FRUUHVSRQGH D OD WHUPLQDO QHJDWLYD /D RWUD FDUD FXHQWD FRQ XQD FDSD PHWiOLFD
XVXDOPHQWHGHDOXPLQLR(VWDFRUUHVSRQGHDODWHUPLQDOSRVLWLYD\DTXHHQHOODVHDFXPXODQ
ODV FDUJDV SRVLWLYDV /D FHOGD HVWi FXELHUWD FRQ XQD SHOtFXOD GHOJDGD DQWL UHIOHMDQWH SDUD
GLVPLQXLUODVSpUGLGDVSRUUHIOH[LyQ
)LJXUD'LDJUDPDLQWHUQRGHXQDIRWRFHOGD
)XHQWHZZZHOHFWULFLGDGJUDWXLWDFRPIXQGDPHQWRVIRWRYROWDLFRVKWPO
'RFXPHQWRQž0HPRULD
3iJLQDGH
(GXDUGR-LPpQH]$\HUUD8QLYHUVLGDG3~EOLFDGH1DYDUUD
()(&72)27292/7$,&2
(OSULQFLSLREiVLFRGHOHIHFWRIRWRYROWDLFRRIRWRHOpFWULFRHVTXHHVSRVLEOHOLEHUDU
HOHFWURQHVGHORViWRPRVGHOPDWHULDOVHPLFRQGXFWRU \HQ HVWRVHOHFWURQHVOLEUHVKDFHUHO
PDWHULDOFRQGXFWLYR
)LJXUD6LVWHPDIRWRYROWDLFRVLPSOH
)XHQWH*UHHQ(PSRZHUPHQW,7'*0DQXDOGH&DSDFLWDFLRQHV6LVWHPDV)RWRYROWDLFDV
/DV FpOXODV VRODUHV VH IDEULFDQ FRQ VHPLFRQGXFWRUHV /RV VHPLFRQGXFWRUHV VRQ
HOHPHQWRV VyOLGRV TXH WLHQHQ XQD FRQGXFWLYLGDG HOpFWULFD LQIHULRU D OD GH XQ FRQGXFWRU
PHWiOLFR SHUR VXSHULRU D OD GH XQ EXHQ DLVODQWH (O VHPLFRQGXFWRU PiV XWLOL]DGR HV HO
VLOLFLR
/RV iWRPRV GH VLOLFLR WLHQHQ VX RUELWDO H[WHUQR LQFRPSOHWR FRQ VROR FXDWUR
HOHFWURQHVGHQRPLQDGRVHOHFWURQHVGHYDOHQFLD(VWRViWRPRVIRUPDQXQDUHGFULVWDOLQDHQ
OD TXH FDGD iWRPR FRPSDUWH VXV FXDWUR HOHFWURQHV GH YDOHQFLD FRQ ORV FXDWUR iWRPRV
YHFLQRVIRUPDQGRHQODFHVFRYDOHQWHV
)LJXUD5HSUHVHQWDFLyQGHORVHQODFHVGHORViWRPRVGHOVLOLFLR
&XDOTXLHUDSRUWHGHHQHUJtDFRPRXQDHOHYDFLyQGHODWHPSHUDWXUDRODLOXPLQDFLyQ
GHOVHPLFRQGXFWRUSURYRFDTXHDOJXQRVHOHFWURQHVGHYDOHQFLDDEVRUEDQVXILFLHQWHHQHUJtD
SDUDOLEUDUVHGHOHQODFHFRYDOHQWH\PRYHUVHDWUDYpVGHODUHGFULVWDOLQDFRQYLUWLpQGRVHHQ
'RFXPHQWRQž0HPRULD
3iJLQDGH
(GXDUGR-LPpQH]$\HUUD8QLYHUVLGDG3~EOLFDGH1DYDUUD
HOHFWURQHVOLEUHV&XDQGRXQHOHFWUyQOLEUHDEDQGRQDHOiWRPRGHXQFULVWDOGHVLOLFLRGHMD
HQODUHGFULVWDOLQDXQDYDFDQWHKXHFRFRQFDUJDSRVLWLYD
/RV HOHFWURQHV \ KXHFRV TXH VH JHQHUDQ DO LOXPLQDU XQ VHPLFRQGXFWRU VH PXHYHQ
SRU VX LQWHULRU DOHDWRULDPHQWH FDGD YH] TXH XQ HOHFWUyQ HQFXHQWUD XQ KXHFR OR RFXSD \
OLEHUDODHQHUJtDDGTXLULGDSUHYLDPHQWHHQIRUPDGHFDORUHVWRVHOODPDUHFRPELQDFLyQGH
XQSDUHOHFWUyQKXHFR(VWHSURFHVRQRWLHQHQLQJXQDXWLOLGDGVLQRVHFRQVLJXHVHSDUDUORV
HOHFWURQHV \ ORV KXHFRV GH PDQHUD TXH VH DJUXSHQ HQ GLIHUHQWHV ]RQDV SDUD IRUPDU XQ
FDPSRHOpFWULFRGHIRUPDTXHHOVHPLFRQGXFWRUVHFRPSRUWHFRPRXQJHQHUDGRUHOpFWULFR
6L GH DOJXQD IRUPD VH FRQVLJXH PDQWHQHU HVWD VHSDUDFLyQ \ VH PDQWLHQH FRQVWDQWH OD
LOXPLQDFLyQ DSDUHFH XQD GLIHUHQFLD GH SRWHQFLDO (VWD FRQYHUVLyQ GH OX] HQ GLIHUHQFLD GH
SRWHQFLDOUHFLEHHOQRPEUHGHHIHFWRIRWRYROWDLFR
)$%5,&$&,Ï1'(&e/8/$6)27292/7$,&$6
6LOLFLRPRQRFULVWDOLQRFDUDFWHUL]DGRSRUXQDGLVSRVLFLyQRUGHQDGD\SHULyGLFDGH
IRUPD TXH VROR WLHQH XQD RULHQWDFLyQ FULVWDOLQD GRQGH WRGRV ORV iWRPRV HVWiQ
GLVSXHVWRVVLPpWULFDPHQWH3UHVHQWDXQFRORUD]XODGRRVFXUR\FRQXQFLHUWREULOOR
PHWiOLFR$OFDQ]DQUHQGLPLHQWRVGHKDVWDHO
)LJXUD3DQHOIRUPDGRFRQFpOXODVGHVLOLFLRPRQRFULVWDOLQR
)XHQWHKWWSIXHQWHVUHQRYDEOHVEORJVSRWFRPFOXODVIRWRYROWDLFDVKWPO
6LOLFLRSROLFULVWDOLQRVLOLFLRGHSRVLWDGRVREUHRWURVXVWUDWRFRPRXQDFDSDGH
PLFUyPHWURV\WDPDxRGHJUDQRHQWUHPLFUyPHWUR\PP/DVGLUHFFLRQHVGH
DOLQHDFLyQ YDQ FDPELDQGR FDGD FLHUWR WLHPSR GXUDQWH HO SURFHVR GH GHSRVLFLyQ
$OFDQ]DQUHQGLPLHQWRVGHKDVWDHO
'RFXPHQWRQž0HPRULD
3iJLQDGH
(GXDUGR-LPpQH]$\HUUD8QLYHUVLGDG3~EOLFDGH1DYDUUD
)LJXUD3DQHOIRUPDGRFRQFpOXODVGHVLOLFLRSROLFULVWDOLQR
)XHQWHKWWSIXHQWHVUHQRYDEOHVEORJVSRWFRPFOXODVIRWRYROWDLFDVKWPO
6LOLFLRDPRUIRFRPSXHVWRKLGURJHQDGRGHVLOLFLRQRFULVWDOLQRGHSRVLWDGRVREUH
RWUD VXVWDQFLD FRQ XQ HVSHVRU GH ȝP 3UHVHQWDQ XQ FRORU PDUUyQ \ JULV RVFXUR
(VWDWHFQRORJtDSHUPLWHGLVSRQHUGHFpOXODVGHPX\GHOJDGRHVSHVRU\IDEULFDFLyQ
PiVVLPSOH\EDUDWDDXQTXHFRQHILFLHQFLDGHO
)LJXUD3DQHOIRUPDGRFRQFpOXODVGHVLOLFLRDPRUIR
)XHQWHKWWSIXHQWHVUHQRYDEOHVEORJVSRWFRPFOXODVIRWRYROWDLFDVKWPO
*(1(5$'25)27292/7$,&2
0Ï'8/2)27292/7$,&2
8Q PyGXOR VRODU HVWi FRQVWLWXLGR SRU YDULDV FpOXODV LJXDOHV FRQHFWDGDV
HOpFWULFDPHQWH HQWUH Vt HQ VHULH \R HQ SDUDOHOR GH IRUPD TXH OD WHQVLyQ \ FRUULHQWH
VXPLQLVWUDGDSRUHOSDQHOVHLQFUHPHQWDKDVWDDMXVWDUVHDOYDORUGHVHDGR
(O PyGXOR FXHQWD FRQ RWURV HOHPHQWRV D SDUWH GH ODV FpOXODV VRODUHV TXH KDFHQ
SRVLEOHODDGHFXDGDSURWHFFLyQGHOFRQMXQWRIUHQHDORVDJHQWHVH[WHUQRVDVHJXUDQGRXQD
ULJLGH]VXILFLHQWHSRVLELOLWDQGRODVXMHFLyQDODVHVWUXFWXUDVTXHORVRSRUWDQ\SHUPLWLHQGR
ODFRQH[LyQHOpFWULFD
'RFXPHQWRQž0HPRULD
3iJLQDGH
(GXDUGR-LPpQH]$\HUUD8QLYHUVLGDG3~EOLFDGH1DYDUUD
(/(0(172648(&20321(1(/0Ï'8/2)27292/7$,&2
‡ &XELHUWD IURQWDO 6XHOH VHU GH YLGULR WHPSODGR GH HQWUH \ PP GH HVSHVRU FRQ
PX\ EXHQD WUDQVPLVLyQ GH OD UDGLDFLyQ VRODU SURSRUFLRQD SURWHFFLyQ FRQWUD ORV DJHQWHV
DWPRVIpULFRV\ORVLPSDFWRV/DVXSHUILFLHH[WHULRUGHOYLGULRHVDQWLUUHIOH[LYD\HVWiWUDWDGD
SDUD LPSHGLU OD UHWHQFLyQ GHO SROYR \ OD VXFLHGDG /D VXSHUILFLH LQWHULRU JHQHUDOPHQWH HV
UXJRVDORTXHSHUPLWHXQDEXHQDDGKHUHQFLDFRQHOHQFDSVXODQWHGHODVFpOXODVDGHPiVGH
IDFLOLWDUODSHQHWUDFLyQGHODUDGLDFLyQVRODU6HFDUDFWHUL]DSRUVXUHVLVWHQFLDPHFiQLFD \
DOWDWUDQVPLVLYLGDG
‡(QFDSVXODQWH(QODPD\RUtDGHORVPyGXORVVHHPSOHDHWLOYLQLODFHWDWR(9$(Q
FRQWDFWR GLUHFWR FRQ ODV FpOXODV SURWHJH ODV FRQH[LRQHV HQWUH ODV PLVPDV \ DSRUWD
UHVLVWHQFLD FRQWUD YLEUDFLRQHV H LPSDFWRV $GHPiV SURSRUFLRQD HO DFRSODPLHQWR FRQ OD
FXELHUWD IURQWDO \ OD SURWHFFLyQ SRVWHULRU $O LJXDO TXH OD FXELHUWD IURQWDO SHUPLWH OD
WUDQVPLVLyQGHODUDGLDFLyQVRODU
‡3URWHFFLyQSRVWHULRULJXDOPHQWHGHEHGDUULJLGH]\XQDJUDQSURWHFFLyQIUHQWHDORV
DJHQWHV DWPRVIpULFRV 8VXDOPHQWH VH HPSOHDQ OiPLQDV IRUPDGDV SRU GLVWLQWDV FDSDV GH
PDWHULDOHVGHGLIHUHQWHVFDUDFWHUtVWLFDV
‡ &XELHUWDSRVWHULRU6HXWLOL]DXQDFDSDGHSROLYLQLORIOXRUXUR39)RGHSROLpVWHU
-XQWR FRQ OD FXELHUWD IURQWDO SURWHJH DO PyGXOR GH OD KXPHGDG \ RWURV DJHQWHV
DWPRVIpULFRV \ OR DtVOD HOpFWULFDPHQWH 'H QDWXUDOH]D RSDFD HV KDELWXDO TXH VHD GH FRORU
EODQFRSDUDUHIOHMDUODOX]VRODUTXHQRUHFRJHQODVFpOXODVVREUHODFDUDSRVWHULRUUXJRVDGH
ODFXELHUWDIURQWDOTXHODUHIOHMDGHQXHYRKDFLDODVFpOXODV$OJXQRVIDEULFDQWHVSRQHQOD
FXELHUWDGHYLGULRSDUDDSURYHFKDUODUDGLDFLyQVRODUUHIOHMDGDTXHSXHGHUHFRJHUVHSRUOD
SDUWH SRVWHULRU GHO PyGXOR 3DUD HOOR ODV FpOXODV VRODUHV LQFOX\HQ FDSDV GH VLOLFLR DPRUIR
TXHUHFRJHHVWDUDGLDFLyQ
‡ 0DUFR PHWiOLFR /D PD\RUtD GH ORV IDEULFDQWHV XWLOL]DQ DOXPLQLR DQRGL]DGR
3URSRUFLRQDULJLGH] \ UHVLVWHQFLDPHFiQLFD DOPyGXORDGHPiVGHXQVLVWHPDGHILMDFLyQ
,QFRUSRUDXQDFRQH[LyQSDUDODWRPDGHWLHUUD
‡&RQH[LRQHV6LWXDGDVHQODSDUWHSRVWHULRUGHOPyGXORKDELWXDOPHQWHFRQVLVWHHQXQD
FDMDFRQXQDSURWHFFLyQUHFRPHQGDGDFRQWUDHOSROYR\HODJXDIDEULFDGDFRQPDWHULDOHV
SOiVWLFRVUHVLVWHQWHVDODVWHPSHUDWXUDVHOHYDGDVTXHHQVXLQWHULRULQFRUSRUDORVERUQHVGH
FRQH[LyQSRVLWLYR\QHJDWLYRGHOPyGXOR\ORVGLRGRVGHSDVRGLRGRVE\SDVV
‡'LRGRGHSURWHFFLyQVXPLVLyQHVSURWHJHUFRQWUDVREUHFDUJDVXRWUDVDOWHUDFLRQHVGH
ODVFRQGLFLRQHVGHIXQFLRQDPLHQWRGHSDQHO
'RFXPHQWRQž0HPRULD
3iJLQDGH
(GXDUGR-LPpQH]$\HUUD8QLYHUVLGDG3~EOLFDGH1DYDUUD
)LJXUD(OHPHQWRVGHXQSDQHOIRWRYROWDLFR
)XHQWH),5&23UR\HFWRGH(QHUJtD5HQRYDEOH
3$5È0(7526&$5$&7(5Ë67,&26
/RV PyGXORV IRWRYROWDLFRV TXHGDQ FDUDFWHUL]DGRV SRU XQD VHULH GH SDUiPHWURV
HOpFWULFRV UHIHULGRV D XQDV FRQGLFLRQHV FOLPiWLFDV GHQRPLQDGDV 67& TXH YLHQHQ
GHWHUPLQDGDVSRUORVVLJXLHQWHVYDORUHV
7HPSHUDWXUDGHODFpOXODž&
5DGLDFLyQVRODU:P
0DVDGHDLUH$0
(OKHFKRGHUHIHUHQFLDUORVSDUiPHWURVGHOPyGXORDXQDVFRQGLFLRQHVGHWHUPLQDGDV
GHPHGLGDWLHQHFRPRFRQVHFXHQFLDSULQFLSDOTXHXQPyGXORGHXQDGHWHUPLQDGDSRWHQFLD
SLFR SRU HMHPSOR :S ~QLFDPHQWH JHQHUDUi GLFKD SRWHQFLD HQ ODV FRQGLFLRQHV GH
UHIHUHQFLD DQWHV PHQFLRQDGDV &RPR ODV FRQGLFLRQHV GH WHPSHUDWXUD \ UDGLDFLyQ FDVL
'RFXPHQWRQž0HPRULD
3iJLQDGH
(GXDUGR-LPpQH]$\HUUD8QLYHUVLGDG3~EOLFDGH1DYDUUD
VLHPSUH VRQ GLVWLQWDV D ODV FRQGLFLRQHV 67& HO PyGXOR IRWRYROWDLFR YD D JHQHUDU HQ OD
PD\RUtDGHORVFDVRVXQDSRWHQFLDLQIHULRUDODGHOFDWiORJR
'HQWUR GH ORV SDUiPHWURV HOpFWULFRV GHO PyGXOR IRWRYROWDLFR TXH SURSRUFLRQD HO
IDEULFDQWHORVPiVUHSUHVHQWDWLYRVVRQORVVLJXLHQWHV
3RWHQFLDSLFR3RWHQFLDPi[LPDTXHSXHGHSURSRUFLRQDUXQPyGXORIRWRYROWDLFR
&RUUHVSRQGHDOSXQWRGHODFXUYDFDUDFWHUtVWLFDGRQGH9,HVPi[LPR
7HQVLyQ GH Pi[LPD SRWHQFLD 9SPS (V OD WHQVLyQ FRUUHVSRQGLHQWH DO SXQWR GH
Pi[LPDSRWHQFLDGHOD FXUYDFDUDFWHUtVWLFDGHOPyGXORIRWRYROWDLFR(VODWHQVLyQ
GHWUDEDMRGHOPyGXOR\ODTXHVHXWLOL]DSDUDGLVHxDUORVVLVWHPDVIRWRYROWDLFRV
,QWHQVLGDGGHPi[LPDSRWHQFLD,SPS(VODWHQVLyQFRUUHVSRQGLHQWHDOSXQWRGH
Pi[LPDSRWHQFLDGHODFXUYDFDUDFWHUtVWLFDGHOPyGXORIRWRYROWDLFR(VODFRUULHQWH
GHWUDEDMRGHOPyGXOR\ODTXHVHXWLOL]DSDUDGLVHxDUVLVWHPDVIRWRYROWDLFRV
7HQVLyQGHFLUFXLWRDELHUWR9RF(VODPi[LPDWHQVLyQTXHSXHGHSURSRUFLRQDUHO
PyGXORVLVHGHMDQVXVWHUPLQDOHVHQFLUFXLWRDELHUWRPyGXORJHQHUDQGRVLQHVWDU
FRQHFWDGRDQLQJXQDFDUJD
,QWHQVLGDG GH FRUWRFLUFXLWR ,FF 0i[LPD FRUULHQWH TXH YD D VHU FDSD] GH
SURSRUFLRQDUHOPyGXORIRWRYROWDLFRVLVHFRUWRFLUFXLWDQVXVWHUPLQDOHV9 (O PyGXOR IRWRYROWDLFR HV XQ JHQHUDGRU HOpFWULFR TXH DFW~D FRPR IXHQWH GH
LQWHQVLGDG&XDQGRVREUHHOPyGXORLQFLGHODUDGLDFLyQVRODUpVWHILMDVXWHQVLyQDOUHGHGRU
GH XQ YDORU GHWHUPLQDGR \ YD YDULDQGR VX LQWHQVLGDG HQ IXQFLyQ GH OD LQWHQVLGDG GH OD
UDGLDFLyQLQFLGHQWH3RUWDQWRLQWHQVLGDGGHUDGLDFLyQ\WHPSHUDWXUDGHODVFpOXODVVRQORV
GRVSDUiPHWURVTXHGHWHUPLQDQODVSURSLHGDGHVHOpFWULFDVGHXQPyGXORIRWRYROWDLFR
(Q OD FXUYD VH SXHGHQ YHU ORV YDORUHV VLJQLILFDWLYRV GHO PyGXOR FRPR VRQ ,VF
FRUULHQWH GH FRUWRFLUFXLWR 9RF 9ROWDMH GH FLUFXLWR DELHUWR \ 9SPS \ ,SPS 9ROWDMH \
FRUULHQWHGHOSXQWRGHPi[LPDSRWHQFLD
*UiILFD&XUYD,939HQFRQGLFLRQHV67&
'RFXPHQWRQž0HPRULD
3iJLQDGH
(GXDUGR-LPpQH]$\HUUD8QLYHUVLGDG3~EOLFDGH1DYDUUD
(IHFWRVGHODLUUDGLDQFLD\WHPSHUDWXUDVREUHHOPyGXORIRWRYROWDLFR
/DLUUDGLDQFLDDIHFWDSULQFLSDOPHQWHDODFRUULHQWH\ORKDFHGHIRUPDSURSRUFLRQDO
DPD\RULUUDGLDQFLDHOPyGXORIRWRYROWDLFRSURSRUFLRQDXQDPD\RULQWHQVLGDG\YLFHYHUVD
&RPR VH YH HQ OD ILJXUD OD 9SPS SUDFWLFDPHQWH QR YDULD IUHQWH D YDULDFLRQHV GH
LUUDGLDQFLDPLHQWUDVTXHOD ,SPSVXIUHLQFUHPHQWRVLPSRUWDQWHVDPHGLGDTXHHOQLYHOGH
LUUDGLDQFLDYDDXPHQWDQGR
/DV YDULDFLRQHV GH WHPSHUDWXUD DIHFWDQ SULQFLSDOPHQWH D ORV YDORUHV GH YROWDMH
WHQLHQGR XQD PD\RU LQIOXHQFLD HQ OD WHQVLyQ GH FLUFXLWR DELHUWR 8Q LQFUHPHQWR HQ OD
WHPSHUDWXUDGHODVFpOXODVVHWUDGXFHHQXQDGLVPLQXFLyQWDQWRGHOD9SPS FRPROD9RFTXH
VHWUDGXFHHQXQDSpUGLGDGHODSRWHQFLDGHOPyGXOR
*UiILFD9DULDFLyQGHODFDUDFWHULVWLFDVVHJ~QODUDGLDFLyQ
*UiILFD9DULDFLyQGHODFDUDFWHULVWLFDVHOpFWULFDVVHJ~QODWHPSHUDWXUD
'RFXPHQWRQž0HPRULD
3iJLQDGH
(GXDUGR-LPpQH]$\HUUD8QLYHUVLGDG3~EOLFDGH1DYDUUD
25,(17$&,Ï1(,1&/,1$&,Ï1'(0Ï'8/26
)27292/7$,&26
/D RULHQWDFLyQ H LQFOLQDFLyQ GH XQ JHQHUDGRU IRWRYROWDLFR VH GHILQHQ PHGLDQWH
FRRUGHQDGDVDQJXODUHVODVFXDOHVYDUtDQHQUHODFLyQDOOXJDUGHODLQVWDODFLyQ
ÈQJXORGHD]LPXWĮiQJXORTXHIRUPDODSUR\HFFLyQVREUHHOSODQRKRUL]RQWDOGH
ODVXSHUILFLHGHOJHQHUDGRU\ODGLUHFFLyQ6XU9DOHJUDGRVVLFRLQFLGHFRQODRULHQWDFLyQ
VXUHVSRVLWLYRKDFLDHORHVWH\QHJDWLYRKDFLDHOHVWH6LFRLQFLGHFRQHOHVWHVXYDORUHV±
\VLFRLQFLGHFRQHORHVWHVXYDORUHVJUDGRV
&RPRQRUPDJHQHUDOORVPyGXORVIRWRYROWDLFRVGHEHQRULHQWDUVHKDFLDHOVXUVLOD
LQVWDODFLyQVHHQFXHQWUDHQHOKHPLVIHULRQRUWH\VLVHXELFDHQHOKHPLVIHULRVXUKDEUiTXH
RULHQWDUORKDFLDHOQRUWH
)LJXUDÈQJXORGHRULHQWDFLyQ
)XHQWH3DUHMD0(QHUJtDIRWRYROWDLFD&iOFXORGHXQDLQVWDODFLyQDLVODGD
0DUFRPER
ÈQJXOR GH LQFOLQDFLyQ ȕ iQJXOR TXH IRUPD OD VXSHUILFLH GHO JHQHUDGRU FRQ HO
SODQRKRUL]RQWDO6XYDORUHVVLHOPyGXORVHFRORFDKRUL]RQWDO\JUDGRVVLVHFRORFD
YHUWLFDO/DFDSWDFLyQGHHQHUJtDVRODUSXHGHYDULDU\VHUiPi[LPDFXDQGRODSRVLFLyQGHOD
SODFDVHDSHUSHQGLFXODUDODUDGLDFLyQ
)LJXUDÈQJXORGHLQFOLQDFLyQ
)XHQWH3DUHMD0(QHUJtDIRWRYROWDLFD&iOFXORGHXQDLQVWDODFLyQDLVODGD0DUFRPER
'RFXPHQWRQž0HPRULD
3iJLQDGH
(GXDUGR-LPpQH]$\HUUD8QLYHUVLGDG3~EOLFDGH1DYDUUD
&21),*85$&,Ï1'(/*(1(5$'25)27292/7$,&2
(O FRQMXQWR GH PyGXORV VRODUHV FRQHFWDGRV HQ VHULH IRUPDQ OR TXH VH GHQRPLQD
UDPDO ORV UDPDOHV FRQHFWDGRV HQ SDUDOHOR FRQVWLWX\HQ HO JHQHUDGRU IRWRYROWDLFR /D
ILQDOLGDGGHHVWDFRQILJXUDFLyQHVREWHQHUODVFDUDFWHUtVWLFDVGHWHQVLyQ\SRWHQFLDGHVHDGD
GHDFXHUGRDORVUHTXHULPLHQWRVGHQXHVWURVLVWHPD
6HSXHGHQUHDOL]DUWUHVWLSRVGHFRQH[LyQHQIXQFLyQGHODVQHFHVLGDGHV
&RQH[LyQVHULHSDUDHOHYDUODWHQVLyQGHOJHQHUDGRU
&RQH[LyQSDUDOHORSDUDHOHYDUODLQWHQVLGDGGHOJHQHUDGRU
&RQH[LyQVHULHSDUDOHORSDUDHOHYDUODWHQVLyQ\ODLQWHQVLGDGGHOJHQHUDGRU
&RQH[LyQGHPyGXORVHQVHULH
/DLQWHQVLGDGGHOJHQHUDGRUHVLJXDODODGHXQPyGXOR\ODWHQVLyQGHOJHQHUDGRUHV
ODWHQVLyQGHXQPyGXORSRUHOQ~PHURGHPyGXORVHQVHULH
IG = IM
IG : Intensidad del generador (A)
IM : Intensidad de un modulo (V)
8* = 1 V ⋅8 0 N s : Numero de modulos conectados en serie
UG : Tension del generador (V)
UM : Tension de un modulo (V)
(OFRQH[LRQDGRHQVHULHGHORVPyGXORVVHUHDOL]DFRQHFWDQGRHOWHUPLQDOSRVLWLYR
GH XQ PyGXOR FRQ HO QHJDWLYR GHO VLJXLHQWH PyGXOR (O WHUPLQDO QHJDWLYR GHO SULPHU
PyGXORHVHOWHUPLQDOQHJDWLYRGHOJHQHUDGRU\HOWHUPLQDOSRVLWLYRGHO~OWLPRPyGXORHVHO
WHUPLQDOSRVLWLYRGHOJHQHUDGRU
'RFXPHQWRQž0HPRULD
3iJLQDGH
(GXDUGR-LPpQH]$\HUUD8QLYHUVLGDG3~EOLFDGH1DYDUUD
)LJXUD&RQH[LyQGH1PyGXORVHQVHULH
&RQH[LyQGHPyGXORVHQSDUDOHOR
/DWHQVLyQGHOJHQHUDGRUHVLJXDODODGHXQPyGXOR\ODLQWHQVLGDGGHOJHQHUDGRUHV
ODLQWHQVLGDGGHXQPyGXORSRUHOQ~PHURGHPyGXORVHQSDUDOHOR
,* = 1 S ⋅ , 0 IG : intensidad del generador (A)
IM : intensidad de un módulo (A)
Np : número de módulos conectados en paralelo
8* = 80 UG : tensión del generador (V)
UM : tensión de un módulo (V)
(O FRQH[LRQDGR HQ SDUDOHOR GH ORV PyGXORV VH UHDOL]D FRQHFWDQGR HO WHUPLQDO
SRVLWLYR GH WRGRV ORV PyGXORV HQWUH Vt SDUD IRUPDU HO WHUPLQDO SRVLWLYR GHO JHQHUDGRU \
FRQHFWDQGR HO WHUPLQDO QHJDWLYR GH WRGRV ORV PyGXORV HQWUH Vt SDUD IRUPDU HO WHUPLQDO
QHJDWLYRGHOJHQHUDGRU
'RFXPHQWRQž0HPRULD
3iJLQDGH
(GXDUGR-LPpQH]$\HUUD8QLYHUVLGDG3~EOLFDGH1DYDUUD
)LJXUD&RQH[LyQGH1PyGXORVHQSDUDOHOR
&RQH[LyQGHPyGXORVHQVHULHSDUDOHOR
/DWHQVLyQGHOJHQHUDGRUHVODWHQVLyQGHXQPyGXORSRUHOQ~PHURGHPyGXORVHQ
VHULH\ODLQWHQVLGDGGHOJHQHUDGRUHVODLQWHQVLGDGGHXQPyGXORSRUHOQ~PHURGHUDPDV
HQSDUDOHOR&DGDJUXSRGHPyGXORVFRQHFWDGRVHQVHULHVHGHQRPLQDUDPDRFDGHQD
,* = 1 S ⋅ , 0 IG : intensidad del generador (A)
IM : intensidad de un módulo (A)
Np : número de ramas conectadas en paralelo
8 * = 1 V ⋅8 0 Ns : número de módulos conectados en serie
UG : tensión del generador (V)
UM : tensión de un módulo (V)
3DUDFRQHFWDUORVPyGXORVGHXQDUDPDVHDSOLFDHOSURFHGLPLHQWRGHFRQH[LRQDGR
HQVHULHGHPyGXORV(OWHUPLQDOQHJDWLYRGHOSULPHUPyGXORHVHOWHUPLQDOQHJDWLYRGHOD
UDPD \ HO WHUPLQDO SRVLWLYR GHO ~OWLPR PyGXOR HV HO WHUPLQDO SRVLWLYR GH OD UDPD (O
FRQH[LRQDGR WHUPLQD DSOLFDQGR HO SURFHGLPLHQWR GH FRQH[LyQ SDUDOHOR D ODV UDPDV
UHDOL]DGDVSUHYLDPHQWH
'RFXPHQWRQž0HPRULD
3iJLQDGH
(GXDUGR-LPpQH]$\HUUD8QLYHUVLGDG3~EOLFDGH1DYDUUD
)LJXUD&RQH[LyQGH1VPyGXORVHQVHULH\1SUDPDVHQSDUDOHOR
/RVSDUiPHWURVHOpFWULFRVGHXQ JHQHUDGRU IRWRYROWDLFRGHSHQGHQGLUHFWDPHQWHGH
ORVSDUiPHWURVGHVXVPyGXORV6LWRGRVORVPyGXORVVRQLJXDOHV\WUDEDMDQHQODVPLVPDV
FRQGLFLRQHV GH LUUDGLDQFLD \ WHPSHUDWXUD OD WHQVLyQ LQWHQVLGDG \ SRWHQFLD TXH SXHGH
SURSRUFLRQDUXQJHQHUDGRUIRWRYROWDLFRFXPSOHQODVVLJXLHQWHVUHODFLRQHV
3*Pi[ = 1 V ⋅ 1 3 ⋅ 3Pi[ PGmáx : potencia máxima del generador (W)
Pmáx : potencia máxima del módulo (W)
Np : numero de ramas conectadas en paralelo
Ns : numero de módulos conectados en serie
8 *RF = 1 V ⋅ 8 RF UGoc : tensión de circuito abierto del generador (V)
Uoc : tensión de circuito abierto del módulo (V)
, *VF = 1 S ⋅ , VF IGsc : intensidad de cortocircuito del generador (A)
Isc : intensidad de cortocircuito del módulo (A)
8 *PSS = 1 V ⋅ 8 PSS UGmpp : tensión máxima del generador (V)
Umpp : tensión máxima de módulo (V)
'RFXPHQWRQž0HPRULD
3iJLQDGH
(GXDUGR-LPpQH]$\HUUD8QLYHUVLGDG3~EOLFDGH1DYDUUD
, *PSS = 1 S ⋅ , PSS IGmpp : intensidad máxima del generador (A)
Impp : intensidad máxima del módulo (A)
α* = 1 S ⋅α Į G : coeficiente intensidad − temperatura del generador(mA/º C o %/º C)
Į : coeficiente intensidad − temperatur a del módulo(mA/ º C o %/º C)
β* = 1 V ⋅ β ȕ G : coeficient e tensión − temperatur a del generador (mV/º C o %/º C)
ȕ : coeficient e tensión − temperatur a del módulo (mV/º C o %/º C)
6,67(0$6)27292/7$,&26
(Q WpUPLQRV JHQHUDOHV VH GHILQH FRPR VLVWHPD IRWRYROWDLFR HO FRQMXQWR GH
FRPSRQHQWHV PHFiQLFRV HOpFWULFRV \ HOHFWUyQLFRV XWLOL]DGRV HQ HO DSURYHFKDPLHQWR GH OD
HQHUJtDVRODUGLVSRQLEOHSDUDWUDQVIRUPDUODHQHQHUJtDHOpFWULFD
(VWRV VLVWHPDV GHSHQGLHQGR GH VX FRQILJXUDFLyQ \ GH OD SRWHQFLD SURGXFLGD VH
SXHGHQGLYLGLUHQ
- 6LVWHPDVGHFRQH[LyQDUHG
- 6LVWHPDV$LVODGRV
6,67(0$6)27292/7$,&2&21(&7$'26$/$5('
/RVFRPSRQHQWHVTXHFRQIRUPDQXQVLVWHPDIRWRYROWDLFRGHFRQH[LyQDUHGVRQ
-
0yGXORVIRWRYROWDLFRV
5HJXODGRUGHFDUJD
,QYHUVRU
6LVWHPDGHPHGLFLyQGHJHQHUDFLyQGHHQHUJtD
6LVWHPDGHPRQLWRUL]DFLyQ
&DEOHDGRHOHPHQWRVGHSURWHFFLyQGHOVLVWHPD
&RQVXPRV
'RFXPHQWRQž0HPRULD
3iJLQDGH
(GXDUGR-LPpQH]$\HUUD8QLYHUVLGDG3~EOLFDGH1DYDUUD
)LJXUD&RPSRQHQWHVGHXQDLQVWDODFLyQGHFRQH[LyQDUHG
(Q ORV VLVWHPDV GH FRQH[LyQ D UHG HV QHFHVDULR FXPSOLU ORV UHTXLVLWRV WpFQLFRV
GHPDQGDGRVSRUODFRPSDxtDHOpFWULFDDODFXDOHVWiQFRQHFWDGRVQXHVWURVLVWHPD'HLJXDO
PDQHUDVHLQFOXLUiQGHQWURGHQXHVWURVLVWHPDIRWRYROWDLFRXQFRQMXQWRGHPHGLFLyQSDUD
FRQWDELOL]DU OD HQHUJtD SURGXFLGD SRU HO VLVWHPD IRWRYROWDLFR GXUDQWH VX SHULRGR GH
IXQFLRQDPLHQWR
/DV SULQFLSDOHV DSOLFDFLRQHV GH ORV VLVWHPDV IRWRYROWDLFRV FRQHFWDGRV D OD UHG
HOpFWULFDFRQYHQFLRQDOVRQ
- 6LVWHPDVHQWHMDGR\HGLILFLRV
- 6LVWHPDV PRGXODUHV GH IiFLO LQVWDODFLyQ SHQVDGRV SDUD OD FDSWDFLyQ
DSURYHFKDPLHQWR GH OD UDGLDFLyQ VRODU HQ ODV VXSHUILFLHV OLEUHV GH ORV WHMDGRV GH
FDVDV\HGLILFLRV
- 3ODQWDVGHSURGXFFLyQ
- ,QVWDODFLRQHVGHFRQH[LyQDUHGGHDSOLFDFLyQLQGXVWULDOTXHSXHGHQVHULQVWDODGDV
HQ ]RQDV UXUDOHV R VREUHSXHVWDV HQ JUDQGHV FXELHUWDV GH iUHDV XUEDQDV
DSDUFDPLHQWRVFHQWURVFRPHUFLDOHViUHDVGHSRUWLYDVQRDSURYHFKDGDVSDUDRWURV
XVRV
- ,QWHJUDFLyQGHHGLILFLRV
- /DSULQFLSDOFDUDFWHUtVWLFDGHHVWHWLSRGHLQVWDODFLyQHVTXHHVWiQLQWHJUDGRVHQOD
HVWUXFWXUD SULQFLSDO GH OD HGLILFDFLyQ GH PRGR TXH ORV SDQHOHV VRODUHV HQFDMDQ
HVWpWLFD\HVWUXFWXUDOPHQWHHQODFXELHUWDGHOHGLILFLR
6,67(0$6)27292/7$,&26$,6/$'26'(/$5('
8WLOL]DGRV SDUD SURYHHU GH HOHFWULFLGDG D VLWLRV OHMDQRV TXH SRU VX XELFDFLyQ
JHRJUiILFD \ GLILFXOWDG GH DFFHVR QR FRPSHQVD SDJDU HO FRVWH GH OD FRQH[LyQ D OD UHG
FRQYHQFLRQDO
/RVVLVWHPDVDLVODGRVDOQRHVWDUFRQHFWDGRVDODUHGHOpFWULFDQRUPDOPHQWHHVWiQ
HTXLSDGRVFRQEDWHUtDVGHDFXPXODFLyQSDUDDOPDFHQDUODHQHUJtDSURGXFLGD
'RFXPHQWRQž0HPRULD
3iJLQDGH
(GXDUGR-LPpQH]$\HUUD8QLYHUVLGDG3~EOLFDGH1DYDUUD
VRQ
/RVFRPSRQHQWHVTXHFRQIRUPDQXQVLVWHPDIRWRYROWDLFRDLVODGRGHODUHGHOpFWULFD
0yGXORVIRWRYROWDLFRV
5HJXODGRUGHFDUJD
6LVWHPDGHDFXPXODFLyQ
,QYHUVRU
6LVWHPDGHPRQLWRUL]DFLyQ
&DEOHDGRHOpFWULFR
(OHPHQWRVGHSURWHFFLyQGHOVLVWHPD
&RQVXPRV
)LJXUD&RPSRQHQWHVGHXQDLQVWDODFLyQDLVODGD
)XHQWHZZZ6ROFDLVXUHV
/DVSULQFLSDOHVDSOLFDFLRQHVGHORVVLVWHPDVIRWRYROWDLFRVGHFRQH[LyQDLVODGDVRQ
-
(OHFWULILFDFLyQGHYLYLHQGDV\HGLILFLRV
$OXPEUDGRS~EOLFR
$SOLFDFLRQHVDJURSHFXDULDV
%RPEHR\WUDWDPLHQWRGHDJXD
6HxDOL]DFLyQGHFDUUHWHUDVXREUDV
6LVWHPDVGHPHGLFLyQRWHOHFRQWURODLVODGRV
$SOLFDFLRQHVPL[WDVFRQRWUDVUHQRYDEOHV
'RFXPHQWRQž0HPRULD
3iJLQDGH
(GXDUGR-LPpQH]$\HUUD8QLYHUVLGDG3~EOLFDGH1DYDUUD
',6(f2 '( /$ ,167$/$&,Ï1 '(6$/$'25$ < %20%(26
)27292/7$,&26
,1752'8&&,Ï1
/D LQVWDODFLyQ GHVDODGRUD WHQGUi XQD FDSDFLGDG GH SURGXFFLyQ GH PK GH
DJXDSURGXFWR(OVXPLQLVWURHQHUJpWLFRSDUDOOHYDUDFDERODGHVDODFLyQGHODJXD\REWHQHU
HODJXDSURGXFWRHVWDUiIRUPDGRSRUYDULRVVLVWHPDVGHERPEHRIRWRYROWDLFR
3DUDODFDSWDFLyQGHODJXDGHPDUVHXWLOL]DUiQGRVVLVWHPDVGHERPEHRIRWRYROWDLFR
LQGHSHQGLHQWHV
&DGD XQR HVWDUi IRUPDGR SRU XQD SODQWD IRWRYROWDLFD GLVSXHVWD GH PyGXORV
IRWRYROWDLFRV TXH JHQHUDQ XQD FRUULHQWH FRQWLQXD TXH HO LQYHUVRU VH HQFDUJDUi GH
WUDQVIRUPDU HQ FRUULHQWH DOWHUQD SDUD DGDSWDUOD DO FRQVXPR GHO FRQMXQWRPRWRUERPED GH
FDSWDFLyQSDUDVXIXQFLRQDPLHQWR
/DV ERPEDV VHUiQ ODV HQFDUJDGDV GH LPSXOVDU XQ FDXGDO GH DJXD D XQD DOWXUD R
FDUJD~WLOVXILFLHQWHSDUDGHSRVLWDUODHQXQGHSyVLWRLQWHUPHGLRHOHYDGRSDUDVXSRVWHULRU
DOLPHQWDFLyQDODLQVWDODFLyQGHVDODGRUD
'HELGRDTXHHODJXDGHDOLPHQWDFLyQFRQWLHQHXQDVHULHGHFRPSRQHQWHVRUJiQLFRV
\ QR RUJiQLFRV TXH GHEHQ VHU FRQWURODGRV GHQWUR GH XQRV GHWHUPLQDGRV OtPLWHV
VRPHWHUHPRV D QXHVWUD DJXD D XQD VHULH GH SUHWUDWDPLHQWRV ItVLFRV \ TXtPLFRV /RV
SUHWUDWDPLHQWRV ItVLFRV D ORV TXH VHUi VRPHWLGR DQWHV GH HQWUDU HQ ODV PHPEUDQDV GH
yVPRVLV LQYHUVD VRQ OD ILOWUDFLyQ JURVHUD \ OD GH DILQR /RV SUHWUDWDPLHQWRV TXtPLFRV
XWLOL]DGRVVRQXQDQWLLQFUXVWDQWH\XQUHGXFWRU(ODQWLLQFUXVWDQWHVHUiLQ\HFWDGRDQWHVGH
ORVILOWURVGHFDUWXFKRV\HOUHGXFWRUDQWHVGHHQWUDUDODVPHPEUDQDVGHyVPRVLVLQYHUVD
(OVLVWHPDIRWRYROWDLFRGHERPEHRGHDOWDSUHVLyQUHFLELUiHODJXDGHDOLPHQWDFLyQ
\DILOWUDGD\ODERPEHDUiDPX\DOWDSUHVLyQDWUDYpVGHODVPHPEUDQDVGHyVPRVLVLQYHUVD
SDUDOOHYDUDFDERODVHSDUDFLyQGHODVVDOHVGHODJXD
(QHOSURFHVRGHyVPRVLVLQYHUVDVHSURGXFLUiQGRVIOXMRV8QRGHHOORVHVHODJXD
SURGXFWRRGHVDODGDTXHGHVSXpVGHVHUFORUDGDVHGHSRVLWDUiHQXQGHSyVLWRGHUHJXODFLyQ
SDUDVXSRVWHULRUXWLOL]DFLyQ\DEDVWHFLPLHQWR<HORWURIOXMRHVDTXHOTXHQRKDSRGLGR
DWUDYHVDUODVPHPEUDQDV\VHUHFKD]DUiDOSXQWRGHYHUWLGR
$FRQWLQXDFLyQVHPXHVWUDXQHVTXHPDJHQHUDOGHODLQVWDODFLyQ
'RFXPHQWRQž0HPRULD
3iJLQDGH
(GXDUGR-LPpQH]$\HUUD8QLYHUVLGDG3~EOLFDGH1DYDUUD
(VTXHPD,QVWDODFLyQGHVDODGRUD\ERPEHRVIRWRYROWDLFRV
6,67(0$6'(%20%(2)27292/7$,&2'(&$37$&,Ï1
%20%$6'(&$37$&,Ï1
/DVERPEDVFRPXQHVGLVSRQLEOHVHQHOPHUFDGRKDQVLGRGHVDUUROODGDVSHQVDQGRHQ
TXH KD\ XQD IXHQWH GH SRWHQFLD FRQVWDQWH /D SRWHQFLD TXH SURGXFHQ ORV PyGXORV
IRWRYROWDLFRV HV GLUHFWDPHQWH SURSRUFLRQDO D OD GLVSRQLELOLGDG GH OD UDGLDFLyQ VRODU HV
GHFLUDPHGLGDTXHHOVROFDPELDVXSRVLFLyQGXUDQWHHOGtDODSRWHQFLDJHQHUDGDSRUORV
PyGXORVYDUtD\HQFRQVHFXHQFLDODSRWHQFLDHQWUHJDGDDODERPED3RUHVWDUD]yQVHKDQ
GLVHxDGRDOJXQDVERPEDVHVSHFLDOHVSDUDODHOHFWULFLGDGIRWRYROWDLFDFRPRVRQODVERPEDV
GHGHVSOD]DPLHQWRSRVLWLYRRYROXPpWULFDV\ODVERPEDVFHQWUtIXJDV
/DV ERPEDV YROXPpWULFDV R GH GHVSOD]DPLHQWR SRVLWLYR VRQ DGHFXDGDV SDUD HO
ERPEHR GH EDMRV FDXGDOHV \R GRQGH OD SURIXQGLGDG HV JUDQGH SHUR HQ IXQFLRQDPLHQWR
FXDQGRODUDGLDFLyQVRODUDXPHQWDWDPELpQDXPHQWDODYHORFLGDGGHOPRWRU\SRUORWDQWRHO
IOXMRGHDJXDERPEHDGDHVPD\RU
/DV ERPEDV FHQWUtIXJDV SRU VX FDUDFWHUtVWLFD SDUYHORFLGDG QR ODV KDFHQ
DGHFXDGDVSDUDRSHUDUGLUHFWDPHQWHFRQHFWDGDVDXQJHQHUDGRUIRWRYROWDLFRHVGHFLU
QHFHVLWDQ GH RWUR HOHPHQWR HO LQYHUVRU TXH DGHFXH pVWD FDUDFWHUtVWLFD DO IXQFLRQDPLHQWR
GHO JHQHUDGRU IRWRYROWDLFR 'HELGR D OD QHFHVLGDG GH XQ SDU SUiFWLFDPHQWH FRQVWDQWH
QHFHVLWDQXQDFRUULHQWHFRQVWDQWHORTXHQRRFXUUHHQORVJHQHUDGRUHVIRWRYROWDLFRVGRQGH
ODFRUULHQWHHVGLUHFWDPHQWHSURSRUFLRQDODODLUUDGLDQFLD
/D ERPED GLVPLQXLUi HO FDXGDO ERPEHDGR KDVWD TXH VH UHTXLHUD PHQRU FRUULHQWH
SRUWDQWRODERPEDGHMDUiGHERPEHDUFXDQGRODFRUULHQWHJHQHUDGDGHVFLHQGDGHXQQLYHO
FUtWLFR3DUDSUHYHQLUTXHHVWRRFXUUDHQODPD\RUSDUWHGHOGtDHVQHFHVDULRVHOHFFLRQDU
XQDFRUULHQWHTXHHVWpPX\SRUGHEDMRGHODFRUULHQWHPi[LPDJHQHUDGDSRUORVSDQHOHVDOR
ODUJR GHO GtD (Q FRQVHFXHQFLD HV QHFHVDULR VDFULILFDU SDUWH GH OD SRWHQFLD GHO
JHQHUDGRUGDQGRFRPRUHVXOWDGRVLVWHPDVFRQEDMRVUHQGLPLHQWRVWRWDOHV
/DVERPEDVFHQWULIXJDVSXHGHQVHUVXPHUJLEOHVRGHVXSHUILFLH
'RFXPHQWRQž0HPRULD
3iJLQDGH
(GXDUGR-LPpQH]$\HUUD8QLYHUVLGDG3~EOLFDGH1DYDUUD
/DVERPEDVVXSHUILFLDOHVVHLQVWDODQDQLYHOGHOVXHOR\WLHQHQODYHQWDMDGHTXHVH
OHV SXHGH LQVSHFFLRQDU \ GDU VHUYLFLR IiFLOPHQWH 7LHQHQ OD OLPLWDQWH GH TXH QR WUDEDMDQ
DGHFXDGDPHQWHVLODSURIXQGLGDGGHVXFFLyQH[FHGHORVPHWURV
&$37$&,Ï1'(/$*8$'(0$5
/D FDSWDFLyQ GH DJXD EUXWD GH PDU VH UHDOL]DUi SRU WRPD DELHUWD PHGLDQWH GRV
ERPEDV GH FDSWDFLyQ GH WLSR FHQWULIXJDV \ VXSHUILFLDOHV VLWXDGDV D SRFRV PHWURV GH OD
RULOOD
/DERPEDVHOHFFLRQDGDSDUDOOHYDUDFDERODFDSWDFLyQGHDJXDEUXWDGHPDUGHEH
DSRUWDUXQFDXGDOGHPKDXQDDOWXUDGHPHWURVVHJ~QHO'2&80(1721ž
&È/&8/26
6H KD VHOHFFLRQDGR XQD ERPED FHQWULIXJD QRUPDOL]DGD ',1 GHO IDEULFDQWH
%20%$6,785GHODVHULH,1DFRSODGDDXQPRWRUHOpFWULFRGHFRUULHQWHDOWHUQD
(OQ~PHURWRWDOGHERPEDVDLQVWDODUGHHVWHPRGHORVRQ
(QOD)LJXUDSXHGHYHUVHHOPRGHORVHOHFFLRQDGR
)LJXUD%RPEDFHQWULIXJDVHULH,1DFRSODGDDPRWRUHOpFWULFR
)XHQWH)DEULFDQWH,785%20%$6
/DVSUHVWDFLRQHVPi[LPDVGHODERPEDVHOHFFLRQDGDVHGHWDOODQDFRQWLQXDFLyQHQ
OD7DEOD
%20%$&(175,)8*$6(5,(,1
&DXGDOPK
$OWXUD~WLOP
3UHVLyQEDU
5HYROXFLRQHVUSP
7HPSHUDWXUDž&
Dž&
7DEOD&DUDFWHUtVWLFDVWpFQLFDVGHODERPEDFHQWULIXJDVHULH,1
)XHQWH)DEULFDQWH,785%20%$6
'RFXPHQWRQž0HPRULD
3iJLQDGH
(GXDUGR-LPpQH]$\HUUD8QLYHUVLGDG3~EOLFDGH1DYDUUD
(OFiOFXORMXVWLILFDWLYRGHODERPEDGHFDSWDFLyQVHHQFXHQWUDHQHO'2&80(172
1ž&È/&8/2GHOSUHVHQWHSUR\HFWR
,19(5625'&$&
/RVLQYHUVRUHV'&$&WLHQHQODSULQFLSDOPLVLyQGHWUDQVIRUPDUODFRUULHQWH
FRQWLQXD GH VDOLGD GHO JHQHUDGRU HQ FRUULHQWH DOWHUQD DSWD SDUD VX XWLOL]DFLyQ SRU
PRWRUHV$&/RVLQYHUVRUHVGHXVRHQERPEHRIRWRYROWDLFRJHQHUDQXQDVDOLGDPRQRR
WULIiVLFD FRQ YROWDMH \ IUHFXHQFLD YDULDEOHV /D YDULDFLyQ GH OD IUHFXHQFLD GH VDOLGD
SHUPLWH D ORV PRWRUHV RSHUDU D YHORFLGDGHV GLVWLQWDV GH OD YHORFLGDG QRPLQDO
FRUUHVSRQGLHQWH D OD IUHFXHQFLD QRPLQDO GH +] \ DVt GLVPLQXLU HO XPEUDO GH
LUUDGLDQFLDVRODUSDUDHODUUDQTXHGHODERPED1RUPDOPHQWHHVWRVLQYHUVRUHVVXHOHQ
LQFRUSRUDUXQVHJXLGRUGHOSXQWRGHPi[LPDSRWHQFLD$PEDVFDUDFWHUtVWLFDVSHUPLWHQ
DXPHQWDUHOUHQGLPLHQWRGHOVLVWHPDGHERPEHRIRWRYROWDLFR
/RVLQYHUVRUHVYLHQHQFDUDFWHUL]DGRVSULQFLSDOPHQWHSRUODWHQVLyQGHHQWUDGDTXH
VHGHEHDGDSWDUDOJHQHUDGRUODSRWHQFLDPi[LPDTXHSXHGHSURSRUFLRQDU\ODHILFLHQFLD
(VWD~OWLPDVHGHILQHFRPRODUHODFLyQHQWUHODSRWHQFLDHOpFWULFDTXHHOLQYHUVRUHQWUHJDD
ODXWLOL]DFLyQSRWHQFLDGHVDOLGD\ODSRWHQFLDHOpFWULFDTXHH[WUDHGHOJHQHUDGRUSRWHQFLD
GHHQWUDGD
$VSHFWRV LPSRUWDQWHV TXH KDEUiQ GH FXPSOLU ORV LQYHUVRUHV SDUD LQVWDODFLRQHV
DXWyQRPDVVRQ
- 'HEHUiQ WHQHU XQD HILFLHQFLD DOWD SXHV HQ FDVR FRQWUDULR VH KDEUi GH DXPHQWDU
LQQHFHVDULDPHQWHHOQ~PHURGHSDQHOHVSDUDDOLPHQWDUODFDUJD
- (VWDUDGHFXDGDPHQWHSURWHJLGRVFRQWUDFRUWRFLUFXLWRV\VREUHFDUJDV
- $XPHQWDHOFRVWR\FRPSOHMLGDGGHVLVWHPD
/RVLQYHUVRUHVHOHJLGRVSDUDORVVLVWHPDVGHERPEHRGHFDSWDFLyQVRQHO390
GHOIDEULFDQWH390$67(5(OQ~PHURWRWDOGHLQYHUVRUHVDLQVWDODUGHHVWHPRGHOR
VRQ(VWRVLQYHUVRUHVWLHQHQODSULQFLSDOPLVLyQGHWUDQVIRUPDUODFRUULHQWHFRQWLQXDGH
VDOLGDGHO JHQHUDGRU HQ FRUULHQWH DOWHUQDSDUDTXHVHD DSWDSDUDHOIXQFLRQDPLHQWRGHORV
PRWRUHV$&GHODVERPEDVFHQWULIXJDVGHFDSWDFLyQ
(QOD)LJXUDSXHGHYHUVHHOPRGHORVHOHFFLRQDGR
)LJXUD,QYHUVRU390DVWHUGHODVHULHFODVH
)XHQWH)DEULFDQWH/7L5((QHUJ\
'RFXPHQWRQž0HPRULD
3iJLQDGH
(GXDUGR-LPpQH]$\HUUD8QLYHUVLGDG3~EOLFDGH1DYDUUD
/DVFDUDFWHUtVWLFDVHOpFWULFDVVRQODVVLJXLHQWHV
,19(5625390$67(5
6DOLGD$&
3RWHQFLDQRPLQDO$&
7HQVLyQGHUHG
)UHFXHQFLDGHUHG
)XVLEOHGHUHGFRQH[LyQD9&RUULHQWHPi[LPD
GHVDOLGD$&
)DFWRUGHSRWHQFLD$
(QWUDGD'&
(QWUDGDPi[LPD'&
7HQVLyQGHHQWUDGD'&0i[LPD
&RUULHQWHGHHQWUDGD'&0i[LPD
5DQJR033
6HJXLGRUHVGH033
(ILFLHQFLD
(ILFLHQFLDPi[LPD
N:
9[9
+]+]
$
N:
9
$
9D9
!!!
7DEOD(VSHFLILFDFLRQHVWpFQLFDVGHOLQYHUVRU
)XHQWH)DEULFDQWH/7L5((QHUJ\
/RV FiOFXORV MXVWLILFDWLYR GHO LQYHUVRU VH HQFXHQWUD HQ HO '2&80(172 1ž &È/&8/26GHOSUHVHQWHSUR\HFWR
0Ï'8/26)27292/7,&26
/RV PyGXORV VRODUHV IRWRYROWDLFRV HOHJLGRV VRQ GH VLOLFLR PRQRFULVWDOLQR GHO
IDEULFDQWH,62)27Ï1PRGHOR,
)LJXUD,VRIRWyQ,
)XHQWH)DEULFDQWH,VRIRWyQ
'RFXPHQWRQž0HPRULD
3iJLQDGH
(GXDUGR-LPpQH]$\HUUD8QLYHUVLGDG3~EOLFDGH1DYDUUD
/DVSULQFLSDOHVFDUDFWHUtVWLFDVHOpFWULFDVGHORVPyGXORVREWHQLGDVGHOFDWDORJRGHO
IDEULFDQWHVRQODVVLJXLHQWHV
,62)27Ï1, )tVLFDV
'LPHQVLRQHV
[[PP
3HVR
.J
1~PHURGHFpOXODVHQVHULH
1~PHURGHFpOXODVHQSDUDOHOR
12&7:Pž&$0PV
ž&
(OpFWULFDV:ž&$0
9ROWDMH1RPLQDO9Q
9
3RWHQFLD0i[LPD3PD[
:S
&RUULHQWH&RUWRFLUFXLWR,VF
$
7HQVLyQGH&LUFXLWR$ELHUWR9RF
9
&RUULHQWH0i[LPD3RWHQFLD,PS
$
7HQVLyQGH0i[LPD3RWHQFLD9PS
9
&RQVWUXFFLyQ
&pOXODV
6LOLFLR0RQRFULVWDOLQR
7DEOD(VSHFLILFDFLRQHVWpFQLFDVGHOPyGXORVRODU
)XHQWH)DEULFDQWH,VRIRWyQ
/DVFDUDFWHUtVWLFDVHOpFWULFDVGHOJHQHUDGRUIRWRYROWDLFRVHGHILQHQFRPRVXVYDORUHV
Pi[LPRVHQ&RQGLFLRQHV(VWiQGDUGH0HGLGD&(0
/DVGLPHQVLRQHVGHOPyGXOR,VRIRWyQ,VRQODVPRVWUDGDVHQODILJXUD
)LJXUD'LPHQVLRQHVGHOSDQHOIRWRYROWDLFR
$FRQWLQXDFLyQVHGHWDOODQODVFXUYDVFDUDFWHUtVWLFDVGHOPyGXOR,VRIRWyQ,
'RFXPHQWRQž0HPRULD
3iJLQDGH
(GXDUGR-LPpQH]$\HUUD8QLYHUVLGDG3~EOLFDGH1DYDUUD
*UiILFD9DULDFLyQ,9GHOPyGXOR,VRIRWyQ,HQIXQFLyQGHOD7HPSHUDWXUDGHOD
FpOXOD
*UiILFD5HODFLyQ,9GHOPyGXOR,VRIRWyQ,HQFRQGLFLRQHVHVWiQGDUGHPHGLGD
*(1(5$'25)27292/7$,&2
25,(17$&,Ï1(,1&/,1$&,Ï1
3DUDSRGHUHIHFWXDUHOGLPHQVLRQDGRGHOJHQHUDGRUIRWRYROWDLFRSULPHURVHQHFHVLWD
VDEHU OD UDGLDFLyQ VRODU VREUH XQD VXSHUILFLH KRUL]RQWDO GHO OXJDU GH QXHVWUR
HPSOD]DPLHQWR3DUDHOORVHGLVSRQHGHODVWDEODVGHUDGLDFLyQVRODUDFWXDOL]DGDVGHOSXQWR
HQFXHVWLyQ
'RFXPHQWRQž0HPRULD
3iJLQDGH
(GXDUGR-LPpQH]$\HUUD8QLYHUVLGDG3~EOLFDGH1DYDUUD
/RFDOL]DFLyQ/DQ]DURWH
/DWLWXGž¶¶¶1
/RQJLWXGž¶¶¶2
0HV
(QHUR
)HEUHUR
0DU]R
$EULO
0D\R
-XQLR
-XOLR
$JRVWR
6HSWLHPEUH
2FWXEUH
1RYLHPEUH
'LFLHPEUH
0HGLD
5DGLDFLyQPHGLDPHQVXDO
GLDULDN:KPGLD
7DEOD5DGLDFLyQPHGLDPHQVXDOGLDULDVXSHUILFLHKRUL]RQWDON:KPGtD
)XHQWH39*LV3KRWRYROWDLF*HRJUDSKLFDO,QIRUPDWLRQ6\VWHP
/D FDQWLGDG GH HQHUJtD VRODU LQFLGHQWH VREUH XQD VXSHUILFLH GHSHQGH GH VX
RULHQWDFLyQ UHODWLYD DO VXU \ GHO iQJXOR TXH IRUPD FRQ ORV UD\RV GHO VRO 3RU WDQWR HV
QHFHVDULR GHWHUPLQDU OD RULHQWDFLyQ \ HO iQJXOR GH LQFOLQDFLyQ GH QXHVWUR JHQHUDGRU
IRWRYROWDLFR 3DUD HOOR HV QHFHVDULR HVWLPDU OD UDGLDFLyQ JOREDO LQFLGHQWH VREUH XQD
VXSHUILFLH D GLVWLQWRV iQJXORV GH LQFOLQDFLyQ \ RULHQWDGD DO VXU D SDUWLU GH ORV GDWRV GH
UDGLDFLyQJOREDOVREUHVXSHUILFLHKRUL]RQWDO'HHVWDIRUPDREWHQHPRVODVLJXLHQWHWDEOD
ÈQJXORVGHLQFOLQDFLyQGHOJHQHUDGRU
IRWRYROWDLFR
0HV
ž
ž ž ž ž ž ž
(QHUR
)HEUHUR
0DU]R
$EULO
0D\R
-XQLR
-XOLR
$JRVWR
6HSWLHPEUH 2FWXEUH
1RYLHPEUH 'LFLHPEUH 'RFXPHQWRQž0HPRULD
ž
ž
ž
3iJLQDGH
(GXDUGR-LPpQH]$\HUUD8QLYHUVLGDG3~EOLFDGH1DYDUUD
0HGLD
7DEOD5DGLDFLyQPHGLDPHQVXDOGLDULDSDUDGLIHUHQWHVLQFOLQDFLRQHVN:KPGtD
)XHQWH39*LV3KRWRYROWDLF*HRJUDSKLFDO,QIRUPDWLRQ6\VWHP
/XHJRGHHQWUHODVGLVWLQWDVLQFOLQDFLRQHVGHOJHQHUDGRUIRWRYROWDLFRVHOHFFLRQDPRV
HQURMRODGHžGHELGRDTXHHVODLQFOLQDFLyQGRQGHPD\RUUDGLDFLyQVRODUHVFDSWDGDD
ORODUJRGHODxR<GHHQWUHWRGRVORVPHVHVGHODxRSDUDHVWDLQFOLQDFLyQVHOHFFLRQDPRV
HQ D]XO HO PHV PiV GHVIDYRUDEOH 'LFLHPEUH FRQ XQD LUUDGLDFLyQ PHGLD GLDULD GH :KPGtDSDUDXQiQJXORGHLQFOLQDFLyQGHJUDGRVRULHQWDFLyQ6XU
$ FRQWLQXDFLyQ VH PXHVWUDQ HQ OD WDEOD ORV GDWRV GH GLVHxR GH QXHVWUR JHQHUDGRU
IRWRYROWDLFR
/RFDOLGDG/DQ]DURWH
/DWLWXGž¶¶¶1
/RQJLWXGž¶¶¶2
0HVGHGLPHQVLRQDGR'LFLHPEUH
,QFOLQDFLyQGHORVSDQHOHVž
2ULHQWDFLyQGHORVSDQHOHVž
Mes
5DGLDFLyQN:KPGLD
Enero
Febrero
Marzo
Abril
Mayo
Junio
Julio
Agosto
Septiembre
Octubre
Noviembre
Diciembre
Media
7DEOD'DWRVGHGLVHxRGHOJHQHUDGRUIRWRYROWDLFR
)XHQWH(ODERUDFLyQ3URSLD
'RFXPHQWRQž0HPRULD
3iJLQDGH
(GXDUGR-LPpQH]$\HUUD8QLYHUVLGDG3~EOLFDGH1DYDUUD
&21),*85$&,Ï1'(/*(1(5$'25)27292/7$,&2
6H YDQ D GLVHxDU GRV JHQHUDGRUHV IRWRYROWDLFRV LQGHSHQGLHQWHV TXH VHUYLUiQ GH
VXPLQLVWURHQHUJpWLFRDODVERPEDVGHFDSWDFLyQGHDJXDGHPDU
/DFRQILJXUDFLyQDGRSWDGDGHORVJHQHUDGRUHVIRWRYROWDLFRVSDUDODDSOLFDFLyQHVOD
VLJXLHQWH
&RQILJXUDFLyQGHOJHQHUDGRU
,QFOLQDFLyQGHORVSDQHOHV
žILMD
2ULHQWDFLyQGHORVSDQHOHV
3RWHQFLDGHFDGDSDQHO
ž
:
1~PHURGHSDQHOHVHQSDUDOHOR
1~PHURGHSDQHOHVHQVHULH
1~PHURWRWDOGHSDQHOHVLQVWDODGRV
7HQVLyQGHOJHQHUDGRU
&RUULHQWHGHOJHQHUDGRU
3RWHQFLDGHOJHQHUDGRU
:
3RWHQFLDWRWDOLQVWDODGD
:
7DEOD'LVHxRGHODFRQILJXUDFLyQGHOJHQHUDGRUIRWRYROWDLFR
)XHQWH(ODERUDFLyQ3URSLD
(O FiOFXOR MXVWLILFDWLYR GH OD FRQILJXUDFLyQ GHO JHQHUDGRU VH HQFXHQWUD HQ HO
'2&80(1721ž&È/&8/2GHOSUHVHQWHSUR\HFWR
'(3Ï6,72'($/0$&(1$0,(172'($*8$6$/$'$
'HELGRDTXHORVVLVWHPDVGHERPEHRIRWRYROWDLFRVVLQDOPDFHQDPLHQWRGHHQHUJtD
QRSURYHHQDJXDFXDQGRHOVROQREULOODHVUHFRPHQGDEOHFRQWDUFRQXQWDQTXHRGHSyVLWR
HOHYDGRTXHDOPDFHQHHVDHQHUJtDSDUDVXSRVWHULRUXWLOL]DFLyQ
'HEHWHQHUODVXILFLHQWHFDSDFLGDGSDUDDOPDFHQDUHODJXDEUXWDLPSXOVDGDSRUODV
ERPEDVGHFDSWDFLyQ
5HJXODUL]DU OD GHPDQGD GH IXQFLRQDPLHQWR GH OD LQVWDODFLyQ GHVDODGRUD VREUH OD
SURGXFFLyQ R LPSXOVLyQ GH ODV ERPEDV GH FDSWDFLyQ DO GHSyVLWR 'H pVWD PDQHUD QR HV
QHFHVDULRLQVWDODUGHSyVLWRVRWDQTXHVGHJUDQGHVWDPDxRVRFDSDFLGDGHV
'RFXPHQWRQž0HPRULD
3iJLQDGH
(GXDUGR-LPpQH]$\HUUD8QLYHUVLGDG3~EOLFDGH1DYDUUD
'$726'(',6(f2
(OGHSyVLWRGHDOPDFHQDPLHQWRHVWiVLWXDGRDXQDFRWDGHPHWURVVREUHHOQLYHO
GHO PDU 7HQGUi XQD DOWXUD GH PHWURV DOWXUD OD FXDO OD WXEHUtD GH FRQGXFFLyQ GH ODV
ERPEDVGHLPSXOVLyQGHVFDUJDUiHODJXDEUXWDGHPDUDOGHSyVLWR/DFDSDFLGDGGHGLFKR
GHSyVLWRVHUiGH P7HQGUiODFDSDFLGDGVXILFLHQWHSDUD DOPDFHQDUORVH[FHVRVGH
DJXD SURSRUFLRQDGRV SRU ODV ERPEDV GH FDSWDFLyQ (O GHSyVLWR WHQGUi OD ILQDOLGDG GH
DVHJXUDU HO DSRUWH FRQWLQXR \ VLQ IOXFWXDFLRQHV GHO DJXD EUXWD KDVWD OD OtQHD GH
SUHWUDWDPLHQWR\PHPEUDQDVGH2VPRVLV,QYHUVD
35(75$7$0,(1726
(ODJXDTXHVHYDGHVDODUSURYHQLHQWHGHOGHSyVLWRGHDOPDFHQDPLHQWRFRQWLHQHXQD
VHULHGHFRPSRQHQWHVRUJiQLFRV\QRRUJiQLFRVTXHGHEHQVHUFRQWURODGRVGHQWURGHXQRV
GHWHUPLQDGRV OtPLWHV GH IRUPD TXH FXDQGR OOHJXH D ODV PHPEUDQDV QR VH SURGX]FD XQ
GHWHULRURLPSRUWDQWHGHODVPLVPDV3RUHOORKD\TXHDFRQGLFLRQDUHODJXDGHDOLPHQWDFLyQ
DQWHVGHVRPHWHUODDOSURFHVRGHyVPRVLVLQYHUVDVRPHWLpQGRODDXQDVHULHGHWUDWDPLHQWRV
TXHSXHGHQVHUGHGRVWLSRV
)tVLFRV GHVWLQDGRV D HOLPLQDU IXQGDPHQWDOPHQWH ORV HOHPHQWRV VyOLGRV DOJDV \
PDWHULDRUJiQLFD
4XtPLFRVGHVWLQDGRVDHYLWDUDWDTXHVDODPHPEUDQDRSUHFLSLWDGRVGHVDOHVVREUHOD
PLVPD
3DUD GHWHUPLQDU HO SUHWUDWDPLHQWR HV QHFHVDULR DSOLFDU DO DJXD GH DOLPHQWDFLyQ XQ
DQiOLVLV GHO DJXD \ FRQRFHU OD FDOLGDG GHO DJXD GH IRUPD TXH VH VDOYDJXDUGH D ODV
PHPEUDQDVGHOHQVXFLDPLHQWRSUHPDWXUR
(QWUHORVSDUiPHWURVDFRQVLGHUDUVHHQFXHQWUDQ
- 3DUiPHWURVItVLFRTXtPLFRVWDOHVFRPRWHPSHUDWXUDS+\FRQGXFWLYLGDGHOpFWULFD
- &DQWLGDG\WLSRVGHPLFURRUJDQLVPRVH[LVWHQWHV
- ËQGLFHGHGHQVLGDGGHVHGLPHQWRV6',TXHVHPLGHDWUDYpVGHODWXUELGH]
35(75$7$0,(1726)Ë6,&26
(O REMHWLYR GH HVWRV SUHWUDWDPLHQWRV HV HOLPLQDU IXQGDPHQWDOPHQWH ORV HOHPHQWRV
VyOLGRV DOJDV \ PDWHULD RUJiQLFD TXH VH HQFXHQWUDQ HQ HO DJXD GH DOLPHQWDFLyQ (V PX\
LPSRUWDQWHHOLPLQDUORVRFRQVHJXLUPDQWHQHUORVGHQWURGHXQRVGHWHUPLQDGRVOtPLWHVSDUD
HYLWDUHOGHWHULRURRDYHUtDGHOVLVWHPDKLGUiXOLFR\GHODVPHPEUDQDV
/RVSUHWUDWDPLHQWRVItVLFRVDORVTXHVHUiVRPHWLGRDQWHVGHHQWUDUHQORVEDVWLGRUHV
GHyVPRVLVLQYHUVDVRQODILOWUDFLyQJURVHUD\ODILOWUDFLyQGHDILQR
),/75$&,Ï1*526(5$),/7526'($5(1$
/D ILOWUDFLyQ JURVHUD VH UHDOL]D FRQ ILOWURV TXH FRQWLHQHQ XQD R PiV FDSDV GH
PDWHULDOILOWUDQWH(QHOORVHODJXDVHLQWURGXFHSRUODSDUWHVXSHULRU\YDSDVDQGRDWUDYpV
GHODVGLVWLQWDVFDSDVOOHJDQGRDODSDUWHLQIHULRUGRQGHHVUHFRJLGD
'RFXPHQWRQž0HPRULD
3iJLQDGH
(GXDUGR-LPpQH]$\HUUD8QLYHUVLGDG3~EOLFDGH1DYDUUD
/RVILOWURVGHSUHVLyQHPSOHDGRVHQODVLQVWDODFLRQHVGHyVPRVLVLQYHUVDWUDEDMDQHQ
HOLQWHUYDORGH.JFP\SXHGHQVHUYHUWLFDOHVXKRUL]RQWDOHV
/RV ILOWURV TXH VH XWLOL]DQ SXHGHQ VHU WDQWR DELHUWRV FRPR FHUUDGRV \ HQ HOORV VH
GHSRVLWD XQ PDWHULDO SRURVR TXH DFW~D D PRGR GH PHGLR ILOWUDQWH 'HSHQGLHQGR GH HVWH
SRGHPRVWHQHUILOWURVGHDUHQDDELHUWRVRGHJUDYHGDG\FHUUDGRVRGHSUHVLyQ
3RUODIRUPDHQTXHVHUHDOL]DHOSURFHVRGHILOWUDFLyQSXHGHKDEODUVHGHILOWUDFLyQ
OHQWDRUiSLGD/RVILOWURVOHQWRVXWLOL]DQYHORFLGDGHVGHILOWUDFLyQPX\EDMDVPKOR
TXHLPSOLFDWHQHUPD\RUHVSDFLRHQODLQVWDODFLyQ6RQPiVIiFLOHVGHRSHUDU\VHOLPSLDQ
VRODPHQWH FRQ DJXD D FRQWUDFRUULHQWH /RV ILOWURV UiSLGRV IXQFLRQDQ D YHORFLGDGHV PiV
HOHYDGDV TXH YDUtDQ HQWUH PK SDUD ORV ILOWURV GH JUDYHGDG \ GH PK SDUD ORV
ILOWURV D SUHVLyQ /D ILOWUDFLyQ UiSLGD HV PiV HILFD] (Q LQVWDODFLRQHV GH yVPRVLV LQYHUVD
VyORVHHPSOHDQORVILOWURVUiSLGRV
8Q ILOWUR YLHQH GHILQLGR IXQGDPHQWDOPHQWH SRU ODV YHORFLGDGHV GH ILOWUDFLyQ \ D
SDUWLUGHHOODVVHGHWHUPLQDODVXSHUILFLHILOWUDQWH&RPRHOFRVWHGHXQILOWURHVIXQFLyQGH
OD VXSHUILFLH ILOWUDQWH HO GLVHxR GHEH WUDWDU GH FRQVHJXLU OD PD\RU SURGXFFLyQ VREUH OD
PHQRUVXSHUILFLH
(OREMHWLYRILQDOHVFRQVHJXLUXQILOWURTXHSURSRUFLRQHXQDJXDTXHUHVSRQGDDODV
FDUDFWHUtVWLFDV H[LJLGDV TXH ORV FLFORV GH IXQFLRQDPLHQWR VHDQ OR PiV ODUJRV SRVLEOHV \
TXH XQD YH] TXH VH HQVXFLH HO ODYDGR GHO PLVPR SHUPLWD UHFXSHUDU VXV FRQGLFLRQHV GH
IXQFLRQDPLHQWR
3RUWDQWRHQHOGLVHxRGHEHQDQDOL]DUVHORVVLJXLHQWHVDVSHFWRVSULQFLSDOPHQWH
7LSRJUDQXORPHWUtD\HVSHVRUGHOPHGLRILOWUDQWH(OPDWHULDOPiVHPSOHDGRHVOD
DUHQDGHVtOLFHFX\DJUDQXORPHWUtDVHHQFXHQWUDHQWUH\PP5HVSHFWRDOHVSHVRUGH
ODFDSDHVGHFP
9HORFLGDG GH ILOWUDFLyQ SDUD ORV ILOWURV D SUHVLyQ HO UDQJR GH RSHUDFLyQ HV PK
'$726'(',6(f2
'DGD OD FDOLGDG GHO DJXD D WUDWDU \ WHQLHQGR HQ FXHQWD WRGDV ODV FRQVLGHUDFLRQHV
DQWHULRUHVVHKDRSWDGRSRUILOWURVGHDUHQDDSUHVLyQKRUL]RQWDOHVFRQXQDVRODFDSDGH
PDWHULDO ILOWUDQWH GH JUDQXORPHWUtD HQWUH \ PP FRQ XQ WDPDxR HIHFWLYR GH JUDQR
HQWUH\PP\XQFRHILFLHQWHGHXQLIRUPLGDGGHVHJ~QELEOLRJUDItD
/DLQVWDODFLyQREMHWRGHOSUHVHQWHSUR\HFWRHVWDUiGRWDGDGHXQLGDGHVGHILOWURVGH
SUHVLyQ KRUL]RQWDOHV GH OD ILUPD &DOSODV FRQVWUXLGRV HQ SROLpVWHU UHIRU]DGR FRQ ILEUD GH
YLGULR(QOD)LJXUDDSXHGHYHUVHHOPRGHORVHOHFFLRQDGR
'RFXPHQWRQž0HPRULD
3iJLQDGH
(GXDUGR-LPpQH]$\HUUD8QLYHUVLGDG3~EOLFDGH1DYDUUD
)LJXUD)LOWURGHDUHQD&DOSDV
)XHQWH)DEULFDFLyQ&DOSODV
$FRQWLQXDFLyQHQOD7DEODVHGHWDOODQODVGLPHQVLRQHVGHOHTXLSR
),/752'($5(1$+25,=217$/&$/3/$6ɮ
'LiPHWURP
/RQJLWXGP
6XSHUILFLHILOWUDQWHP
3UHVLyQGHRSHUDFLyQNJFP
7HPSHUDWXUDž&
7DEOD(VSHFLILFDFLRQHVWpFQLFDVGHOILOWURGHDUHQDVHOHFFLRQDGR
)XHQWH)DEULFDQWH&DOSODV
(O FiOFXOR MXVWLILFDWLYR GHO GLVHxR GH ORV ILOWURV GH DUHQD VH SUHVHQWD HQ HO
'2&80(1721ž&È/&8/26GHOSUHVHQWHSUR\HFWR
),/75$&,Ï1'($),12),/7526'(&$578&+2
/RVILOWURVGHFDUWXFKRVHXWLOL]DQFRPRSDUWHGHOSUHWUDWDPLHQWRItVLFRSDUDUHDOL]DU
XQDILOWUDFLyQPiVILQDTXHODOOHYDGDDFDERFRQORVILOWURVGHDUHQD(VWRVHUHDOL]DSRUTXH
ORVIDEULFDQWHVGHPHPEUDQDVH[LJHQXQQLYHOGHILOWUDFLyQPtQLPRGHODJXDPLFUDV
+DVWDDKRUDORVILOWURVGHFDUWXFKRPiVXVDGRVHUDQORVILOWURVGHKLOReVWRVHVWiQ
IRUPDGRVSRUXQDOPDRHMHGHPDWHULDOUHVLVWHQWHDODFRUURVLyQ39&RDFHURLQR[LGDEOH
FRQSHUIRUDFLRQHVODWHUDOHV
6XIXQFLRQDPLHQWRHVWiEDVDGRHQTXHVREUHpOVHHQUROODXQKLORGHHVSHVRULJXDO
(OWLSRGHHQUROODPLHQWR\ODWHQVLyQRSUHVLyQTXHVHDSOLFDGHSHQGHGHOWDPDxRGHOSRUR
(ODXPHQWRGHSDUWtFXODVUHWHQLGDVYDLQFUHPHQWDQGRODREWXUDFLyQGHSRURV\SRUWDQWROD
SpUGLGDGHFDUJDKDVWDOOHJDUDXQYDORUHQ HOTXHODVXVWLWXFLyQHVLQHYLWDEOH \DTXHODV
SDUWtFXODV QR VH GHVSUHQGHQ UiSLGDPHQWH 6LQ HPEDUJR DFWXDOPHQWH H[LVWH XQD YDULHGDG
'RFXPHQWRQž0HPRULD
3iJLQDGH
(GXDUGR-LPpQH]$\HUUD8QLYHUVLGDG3~EOLFDGH1DYDUUD
PHMRUDGDGHILOWURVGHFDUWXFKRVRQORV ILOWURVSOHJDEOHV(OVLVWHPD HVHOPLVPRSHURHO
PDWHULDOILOWUDQWHVHVXVWLWX\HSRUXQDWHODSOHJDGDVREUHHOHMH
/DVYHQWDMDVTXHWLHQHQHVWRVILOWURVIUHQWHDORVGHKLORVRQODVVLJXLHQWHV
- 6X VXSHUILFLH ILOWUDQWH HV VXSHULRU \ OHV SHUPLWH HQ LJXDOGDG GH FRQGLFLRQHV
GLVPLQXLUODVSpUGLGDVGHFDUJD
- (ORQJDFLyQHQODYLGD~WLOGHOILOWUR
- 6H QHFHVLWDQ XQ PHQRU Q~PHUR GH ILOWURV SDUD FRQVHJXLU XQD FDXGDO GHWHUPLQDGR
SRUORTXHKD\XQDUHGXFFLyQGHFRVWHV
'$726'(',6(f2
6H LQVWDODUi XQ SRUWDILOWUR GH FDUWXFKR GH OD ILUPD +$506&2 TXH DORMDQ HQ VX
LQWHULRU FDUWXFKRV ILOWUDQWHV GH KLOR ERELQDGR GH SROLSURSLOHQR FDGD XQR GH ORQJLWXG
PP FDSDFHV GH ILOWUDU SDUWtFXODV GH WDPDxRV KDVWD ȝP &DGD XQLGDG GH PLFUR
ILOWUDFLyQVRSRUWDSUHVLRQHVGHWUDEDMRGHKDVWD.JFP/DHQWUDGD\VDOLGDGHORVILOWURV
GHFDUWXFKRVHUHDOL]DPHGLDQWHWXEHUtDVGH35)9
(Q ODV )LJXUDV \ VH PXHVWUDQ ODV ILJXUDV GH ORV FDUWXFKRV \ SRUWDILOWURV
VHOHFFLRQDGRV
)LJXUD&DUWXFKRV+DUPVFRVHULH
)XHQWH)DEULFDQWH+DUPVFR
'RFXPHQWRQž0HPRULD
3iJLQDGH
(GXDUGR-LPpQH]$\HUUD8QLYHUVLGDG3~EOLFDGH1DYDUUD
)LJXUD3RUWDILOWURV+DUPVFR+,))/
)XHQWH)DEULFDQWH+DUPVFR
$ FRQWLQXDFLyQ HQ OD 7DEOD \ 7DEOD VHPXHVWUDQ ODV FDUDFWHUtVWLFDV GH ORV
ILOWURV\SRUWDILOWURVHOHJLGRV
&$578&+2+$506&26(5,(02'(/2
&DXGDOGHRSHUDFLyQ*30
'LiPHWURH[WHUQRLQFK
'LiPHWURLQWHUQRLQFK
7HPSHUDWXUDž)
7DEOD(VSHFLILFDFLRQHVWpFQLFDVGHORVFDUWXFKRVVHOHFFLRQDGRV
)XHQWH)DEULFDQWH+DUPVFR
3257$),/752+$506&2+,)
&DXGDOPi[LPRGHRSHUDFLyQPK
1~PHURPi[LPRGHFDUWXFKRV
7DEOD(VSHFLILFDFLRQHVWpFQLFDVGHOSRUWDILOWURVHOOHFFLRQDGR
)XHQWH)DEULFDQWH+DUPVFR
(OFiOFXORMXVWLILFDWLYRGHOSURFHVRGHGLVHxRGHORVILOWURVGHFDUWXFKRVHHQFXHQWUD
HQHO'2&80(1721ž&È/&8/26GHOSUHVHQWHSUR\HFWR
'RFXPHQWRQž0HPRULD
3iJLQDGH
(GXDUGR-LPpQH]$\HUUD8QLYHUVLGDG3~EOLFDGH1DYDUUD
35(75$7$0,(172648Ë0,&26
&RQXQDGHFXDGRWUDWDPLHQWRTXtPLFRGHODJXDGHDOLPHQWDFLyQDOSURFHVRVHORJUD
DXPHQWDUWDQWRODHILFLHQFLDFRPRODYLGD~WLOGHODVPHPEUDQDV
(QORVSURFHVRVGHyVPRVLVLQYHUVDHOSUHWUDWDPLHQWRTXtPLFRHVQHFHVDULR
IXQGDPHQWDOPHQWHSRUWUHVPRWLYRV
,QFUXVWDFLyQHQODVPHPEUDQDV
(VODSUHFLSLWDFLyQ\GHSRVLFLyQGHVDOHVSRFRVROXEOHVFRPRSRUHMHPSOR&D&2
%D62 &D62 \ PHWDOHV TXH DWDFDQ D ODV PHPEUDQDV 3DUD HYLWDU HILFD]PHQWH ORV
GHSyVLWRVGHHVWDVVDOHVVREUHODVPHPEUDQDVVHSXHGHDxDGLUDQWLLQFUXVWDQWHRUHGXFLUHO
S+
(QVXFLDPLHQWRGHODVPHPEUDQDV
(O HQVXFLDPLHQWR GH ODV PHPEUDQDV SXHGH VHU GH YDULRV WLSRV $ FRQWLQXDFLyQ VH
GHWDOODQ DOJXQR GH HOORV &RORLGDO SDUWtFXODV R PDWHULD FRORLGDO TXH SHUPDQHFHQ HQ ORV
SRURV GH ODV PHPEUDQDV WDOHV FRPR DUFLOODV VtOLFH KLGUXURV KLGUy[LGRV PHWiOLFRV \
UHVWRV RUJiQLFRV 2FXUUH HQ WRGRV ORV SURFHVRV GH ILOWUDFLyQ SRU SUHVLyQ
LQGHSHQGLHQWHPHQWHGHORULJHQGHODVDJXDV
$WDTXHDODVPHPEUDQDV
(QHVWHFDVRVHSURGXFHXQGDxRLUUHYHUVLEOHHQODFDSDDFWLYDRGHUHFKD]RGHVDOHV
GHODVPHPEUDQDVSHUPLWLHQGRHOSDVRUHODWLYDPHQWHOLEUHGHVDOHV\DJXD
/RV SUHWUDWDPLHQWRV TXtPLFRV XWLOL]DGRV VRQ OD GRVLILFDFLyQ GH UHGXFWRU \ DQWL
LQFUXVWDQWH
'26,),&$&,Ï1'($17,,1&5867$17(
(Q OD LQVWDODFLyQ GLVHxDGD HO SURGXFWR XWLOL]DGR HV XQ iFLGR SROLFDUER[tOLFR
QHXWUDOL]DGR FX\R QRPEUH FRPHUFLDO HV *HQHV\V 6: 6H WUDWD GH XQD VROXFLyQ GH iFLGR
IRVIyULFR GHVDUUROODGR FRPR DQWLLQFUXVWDQWH SDUD PHGLDQDV \ JUDQGHV GHVDODGRUDV (V XQ
SURGXFWRGHQXHYDWHFQRORJtDTXHVHXWLOL]DHQSHTXHxDVGRVLV,QKLEHWRGDVODVIRUPDVGH
LQFUXVWDFLyQ SHUPLWLHQGR HO GLVHxR GH VLVWHPDV TXH RSHUHQ D HOHYDGRV SRUFHQWDMHV GH
UHFXSHUDFLyQ
*HQHV\V 6: GHEH VHU GRVLILFDGR GH IRUPD FRQWLQXD DO DJXD GH DOLPHQWDFLyQ 6XV
SULQFLSDOHVFDUDFWHUtVWLFDVVRQ
6XVSULQFLSLRVDFWLYRVVRQPX\XWLOL]DGRVHQLQVWDODFLRQHVGHDJXDSRWDEOH
(VDOWDPHQWHHIHFWLYRIUHQWHDODVLQFUXVWDFLRQHVPiVFRPXQHV
,QKLEHGHSyVLWRVGHVtOLFHKLHUUR\DOXPLQLR
(VFRPSDWLEOHFRQWRGRWLSRGHPHPEUDQD
5HGXFHODQHFHVLGDGGHXVDUiFLGR
3HUPLWHDORVVLVWHPDVRSHUDUDFRQSRUFHQWDMHVGHUHFXSHUDFLyQDOWRV
(VXQDDOWHUQDWLYDHFRQyPLFDIUHQWHDOXVRGHiFLGRV\SROtPHURV
'RFXPHQWRQž0HPRULD
3iJLQDGH
(GXDUGR-LPpQH]$\HUUD8QLYHUVLGDG3~EOLFDGH1DYDUUD
'$726'(',6(f2
(OFDXGDOGHGLVROXFLyQTXHKD\LQ\HFWDUHQODOtQHDGHRSHUDFLyQHVGHOK
/DVROXFLyQVHSXHGHSUHSDUDUiHQXQGHSyVLWR\ODGRVLILFDFLyQGHODQWLLQFUXVWDQWH
PHGLDQWH XQD ERPED GRVLILFDGRUD 'LFKDV ERPEDV HVWiQ HTXLSDGDV FRQ YDULDGRUHV GH
IUHFXHQFLD\FRQFDSDFLGDGSDUDWUDWDUHOGHOFDXGDO
(OGLVHxRGHODVERPEDVGRVLILFDGRUDVQRHVWDUiQLQFOXLGDVHQHVWHSUR\HFWR
(Q HO '2&80(172 1ž &È/&8/26 GHO SUHVHQWH SUR\HFWR VH HQFXHQWUD HO
FiOFXORMXVWLILFDWLYRGHODGRVLILFDFLyQGHDQWLLQFUXVWDQWH
'26,),&$&,Ï1'(5('8&725
3DUD OD UHGXFFLyQ GH OD DFWLYLGDG GH ORV DJHQWHV R[LGDQWHV VH KD SUHYLVWR OD
GRVLILFDFLyQ HQ FRQWLQXR GH PHWDELVXOILWR VyGLFR DQWHV GH DFFHGHU HO DJXD GH PDU D ODV
PHPEUDQDVGHWDOIRUPDTXHVHJDUDQWLFHODDXVHQFLDWRWDOGHFORUROLEUH\DTXHGDGDOD
QDWXUDOH]DTXtPLFDGHODVPHPEUDQDVSROLDPLGDDURPiWLFDQRWROHUDQHOFORUR$GHPiVVH
FRQVLJXHXQSRGHU DOJXLFLGDUHJXODQGR HOFUHFLPLHQWRELROyJLFRPHGLDQWHOD HOLPLQDFLyQ
GHO R[tJHQR GHO DJXD GH DOLPHQWDFLyQ D OD YH] TXH VH FRQVLJXH XQD GLVPLQXFLyQ GH S+
HYLWDQGRLQFUXVWDFLRQHV
'$726'(',6(f2
(O FDXGDO GH OD VROXFLyQ FRPHUFLDO GH PHWDELVXOILWR TXH HV QHFHVDULR DxDGLU SRU
OtQHDGHSURGXFFLyQHV/KODVROXFLyQHVDO
/D VROXFLyQ VH SXHGH SUHSDUDU HQ XQ GHSyVLWR \ OD GRVLILFDFLyQ GHO UHGXFWRU
PHGLDQWHXQDERPEDGRVLILFDGRUDHTXLSDGDVFRQYDULDGRUHVGHIUHFXHQFLD\FRQFDSDFLGDG
SDUDWUDWDUHOGHOFDXGDO
(OGLVHxRGHODVERPEDVGRVLILFDGRUDVQRHVWDUiQLQFOXLGDVHQHVWHSUR\HFWR
(Q HO '2&80(172 1ž &È/&8/26 GHO SUHVHQWH SUR\HFWR VH HQFXHQWUD HO
FiOFXORMXVWLILFDWLYRGHODGRVLILFDFLyQGHUHGXFWRU
6,67(0$'(%20%(2)27292/7$,&2'($/7$35(6,Ï1
%20%$'($/7$35(6,Ï1
(VWH JUXSR WLHQH OD PLVLyQ GH SURSRUFLRQDU OD SUHVLyQ QHFHVDULD SDUD FRQVHJXLU OD
VHSDUDFLyQ GH VDOHV HQ ODV PHPEUDQDV GH 2VPRVLV ,QYHUVD GHO DJXD GH DOLPHQWDFLyQ
DSRUWHDVtFRPRYHQFHUODVSpUGLGDVGHFDUJDGHOFLUFXLWRKLGUiXOLFR
/DERPEDVHOHFFLRQDGDGHEHVXPLQLVWUDUXQFDXGDOGHPK\XQDFDUJDGH
P(VGHWLSRFHQWUtIXJDKRUL]RQWDOPXOWLFHOXODUPRGHOR/(GHOIDEULFDQWH+LGURWHFDU
%RPEDV
6XVSUHVWDFLRQHVPi[LPDVVHPXHVWUDQDFRQWLQXDFLyQHQOD7DEOD
'RFXPHQWRQž0HPRULD
3iJLQDGH
(GXDUGR-LPpQH]$\HUUD8QLYHUVLGDG3~EOLFDGH1DYDUUD
%20%$$/7$35(6,Ï1'(+,'527(&$5%20%$602'(/2/(
&DXGDOPK
$OWXUD~WLOP
3UHVLyQEDU
7HPSHUDWXUDž&
5HYROXFLRQHVPLQ
7DEOD3UHVWDFLRQHVPi[LPDVGHODERPEDGHDOWDSUHVLyQVHOHFFLRQDGD
)XHQWH+LGURWHFDU%RPEDV6$
6HGHEHDFODUDUTXHODSUHVLyQPi[LPDQXQFDVHDOFDQ]DUi\DTXHVXOtPLWHVXSHULRU
GHEHVHUODSUHVLyQPi[LPDDGPLVLEOHGHWUDEDMRGHODVPHPEUDQDV
/RVFiOFXORVMXVWLILFDWLYRVGHODVHOHFFLyQGHODERPEDGHDOWDSUHVLyQSXHGHQYHUVH
HQHO'2&80(1721ž&È/&8/26GHOSUHVHQWHSUR\HFWR
,19(5625'&$&
3DUD HO VLVWHPD GH ERPEHR IRWRYROWDLFR GH DOWD SUHVLyQ VH YDQ D LQVWDODU FXDWUR
LQYHUVRUHV390GHOIDEULFDQWH390$67(5
(QOD)LJXUDSXHGHYHUVHHOPRGHORVHOHFFLRQDGR
)LJXUD,QYHUVRU390DVWHUGHODVHULHFODVH
)XHQWH)DEULFDQWH/7L5((QHUJ\
/DVFDUDFWHUtVWLFDVHOpFWULFDVVRQODVVLJXLHQWHV
390$67(5
6DOLGD$&
3RWHQFLDQRPLQDO$&
7HQVLyQGHUHG
)UHFXHQFLDGHUHG
)XVLEOHGHUHGFRQH[LyQD9&RUULHQWHPi[LPD
GHVDOLGD$&
'RFXPHQWRQž0HPRULD
.:
9[9
+]+]
$
3iJLQDGH
(GXDUGR-LPpQH]$\HUUD8QLYHUVLGDG3~EOLFDGH1DYDUUD
)DFWRUGHSRWHQFLD$
(QWUDGD'&
(QWUDGDPi[LPD'&
7HQVLyQGHHQWUDGD'&0i[LPD
&RUULHQWHGHHQWUDGD'&0i[LPD
5DQJR033
6HJXLGRUHVGH033
(ILFLHQFLD
(ILFLHQFLDPi[LPD
.:S
9
$
9D9
!!!
7DEOD(VSHFLILFDFLRQHVWpFQLFDVGHOLQYHUVRU
)XHQWH)DEULFDQWH/7L5((QHUJ\
/RVYDORUHVGHHQWUDGDGHORVLQYHUVRUHVVHOHFFLRQDGRVVHDMXVWDUiQDORVYDORUHVGH
WHQVLyQLQWHQVLGDG\SRWHQFLDGHVDOLGDGHJHQHUDGRUHVIRWRYROWDLFRVLQVWDODGRV
0Ï'8/26)27292/7$,&26
/RVPyGXORVIRWRYROWDLFRVVHOHFFLRQDGRVSDUDHOVLVWHPDGHERPEHRGHDOWDSUHVLyQ
VRQGHOPLVPRIDEULFDQWH\FDUDFWHUtVWLFDV,62)27Ï1,GHVFULWRVHQHO$3$57$'2
0Ï'8/26)27292/7$,&26
*(1(5$'25)27292/7$,&2
/RVJHQHUDGRUHVIRWRYROWDLFRVVHUYLUiQGHVXPLQLVWURHQHUJpWLFRDODERPEDGHDOWD
SUHVLyQSDUDOOHYDUDFDERHOSURFHVRGHGHVDODFLyQ
/D FRQILJXUDFLyQ GH ORV JHQHUDGRUHV IRWRYROWDLFRV SDUD HO VLVWHPD GH ERPEHR GH
DOWDSUHVLyQVHSUHVHQWDHQODVLJXLHQWHWDEOD
&RQILJXUDFLyQGHOJHQHUDGRU
,QFOLQDFLyQGHORVSDQHOHV
žILMD
2ULHQWDFLyQGHORVSDQHOHV
ž
3RWHQFLDGHFDGDSDQHO
:
1~PHURGHSDQHOHVHQSDUDOHOR
1~PHURGHSDQHOHVHQVHULH
1~PHURWRWDOGHSDQHOHVLQVWDODGRV
7HQVLyQGHOJHQHUDGRU
9
&RUULHQWHGHOJHQHUDGRU
$
3RWHQFLDWRWDOLQVWDODGD
:
7DEOD'LVHxRGHODFRQILJXUDFLyQGHOJHQHUDGRUIRWRYROWDLFR
)XHQWH(ODERUDFLyQ3URSLD
(OFiOFXORMXVWLILFDWLYRGHODFRQILJXUDFLyQGHOJHQHUDGRUVHHQFXHQWUDHQHO
'2&80(1721ž&È/&8/26GHOSUHVHQWHSUR\HFWR
'RFXPHQWRQž0HPRULD
3iJLQDGH
(GXDUGR-LPpQH]$\HUUD8QLYHUVLGDG3~EOLFDGH1DYDUUD
81,'$''(Ï6026,6,19(56$
/DVFRQVLGHUDFLRQHVKDWHQHUHQFXHQWDHQHOGLVHxRGHODXQLGDGGHyVPRVLVLQYHUVD
VRQ
/D8WLOL]DFLyQGHWXERVGHSUHVLyQGHHOHPHQWRVGHPHPEUDQD
/D XWLOL]DFLyQ GH ORV WXERV GH SUHVLyQ GH HOHPHQWRV KD SHUPLWLGR HQWUH RWURV
DXPHQWDUODUHFXSHUDFLyQSRUHQFLPDGHO HQXQDVRODHWDSD \UHGXFLUHOQ~PHURGH
WXERVGHSUHVLyQ
/D0HMRUDGHOUHFKD]RGHODVPHPEUDQDV
/RVSURFHVRVGHIDEULFDFLyQGHPHPEUDQDVKDQLGRSHUIHFFLRQiQGRVHDXPHQWDQGR
HO SRUFHQWDMH PHGLR GH UHFKD]R GH VDOHV (Q OD DFWXDOLGDG HVWi HQ WRUQR DO FRQ OD
FRQVLJXLHQWH PHMRUD HQ OD FDOLGDG GHO SHUPHDGR HQ XQD VROD HWDSD FRQWHQLGR HQ VDOHV
LQIHULRUDORVPJ/
$XPHQWRGHODVXSHUILFLHGHPHPEUDQD
(Q HO SURFHVR GH IDEULFDFLyQ GH PHPEUDQDV OD DXWRPDWL]DFLyQ \ ORV VLVWHPDV GH
HQUROODGR MXQWR FRQ ODPRGLILFDFLyQ GHO WDPDxR \ HO Q~PHUR GH KRMDV XWLOL]DGDV HQ FDGD
PyGXORKDQSHUPLWLGRREWHQHUXQDGLVWULEXFLyQ PiVXQLIRUPHGHODVKRMDVDVtFRPRXQD
PD\RUVXSHUILFLHSRUPyGXOR(VWHDXPHQWRGHODVXSHUILFLHGHPHPEUDQDSRUFDGDPyGXOR
SHUPLWH UHGXFLU HO Q~PHUR GH PyGXORV LQFLGLHQGR GLUHFWDPHQWH HQ HO FRVWH GH OD
LQVWDODFLyQFRQXQDGLVPLQXFLyQFRQVLGHUDEOH
$XPHQWRGHODSUHVLyQGHWUDEDMRGHODVPHPEUDQDV
6H UHTXLHUHQ SUHVLRQHV HQ XQ UDQJR GH WUDEDMR GH EDUHV /DV PHPEUDQDV
HVSLUDOHV GH DJXD GH PDU WUDEDMDQ FRQ SUHVLRQHV GH KDVWD EDUHV (Q OD DFWXDOLGDG ORV
IDEULFDQWHVGHPHPEUDQDVKDQODQ]DGRDOPHUFDGRXQDQXHYDJHQHUDFLyQGHPHPEUDQDVGH
DJXDGHPDUTXHSXHGHQWUDEDMDUFRQSUHVLRQHVGHKDVWDEDUHV
%$67,'25'(Ï6026,6,19(56$
'$726'(',6(f2
6H LQVWDODUi XQD OtQHD GH SURGXFFLyQ FRPSXHVWD SRU XQ EDVWLGRU GH HVWUXFWXUD
PHWiOLFDFRQVWUXLGRSDUDDOEHUJDUORVWXERVGHSUHVLyQGHHOHPHQWRV(OEDVWLGRUFRQWLHQH
WXERVGHSUHVLyQGHODILUPD%(//GHHQWUDGDIURQWDO\SUHVLyQPi[LPDGHRSHUDFLyQGH
NJFP
(O EDVWLGRU GH 2VPRVLV ,QYHUVD FRQWHQGUi PHPEUDQDV 6H KDQ DGRSWDGR
PHPEUDQDV GH SROLDPLGD DURPiWLFD \ DUUROODPLHQWR HQ HVSLUDO GH OD ILUPD +\GUDQDXWLFV
FX\DVFDUDFWHUtVWLFDVWpFQLFDVVHGHVFULEHQDFRQWLQXDFLyQHQOD7DEOD
'RFXPHQWRQž0HPRULD
3iJLQDGH
(GXDUGR-LPpQH]$\HUUD8QLYHUVLGDG3~EOLFDGH1DYDUUD
0(0%5$1$6+<5$1$87,&66:&0$;
&DXGDOGHSHUPHDGRPGtD
3RUFHQWDMH5HFKD]RGH6DOHV
ÈUHDDFWLYDP
3UHVLyQ0i[LPDGH2SHUDFLyQ0SD
7HPSHUDWXUD0i[LPDž&
5DQJRGH3+RSHUDFLyQ
7DEOD(VSHFLILFDFLRQHVWpFQLFDVGHODPHPEUDQDVHOHFFLRQDGD
)XHQWH)DEULFDQWH+\GUDQDXWLFV
/DFRQYHUVLyQGHGLVHxRHVGHO\ODFRQILJXUDFLyQHVHQHWDSD\SDVR6H
KD RSWDGR SRU HVWD FRQILJXUDFLyQ GDGD ODV FDUDFWHUtVWLFDV GHO DJXD GH PDU D GHVDODU \
DWHQGLHQGRDORVFULWHULRVGHGLVHxRGHOIDEULFDQWHGHPHPEUDQDV+\GUDQDXWLFV
32675$7$0,(172
3DUDHODFRQGLFLRQDPLHQWRGHODJXDGHVDODGDSURGXFLGDHVQHFHVDULRVRPHWHUODDXQ
SRVWWUDWDPLHQWR (O REMHWLYR GHO PLVPR HV FXPSOLU FRQ OD QRUPDWLYD YLJHQWH 5'
SRU HO TXH VH HVWDEOHFHQ ORV FULWHULRV VDQLWDULRV SDUD HO DJXD GH FRQVXPR
KXPDQR
3267&/25$&,Ï1
&RPR HO DJXD TXH VH YD D GHVDODU KD VLGR GHVSURYLVWD GH VXV FDUDFWHUtVWLFDV
R[LGDQWHVPHGLDQWHODGRVLILFDFLyQGHPHWDELVXOILWRVyGLFRHQHOSURGXFWRQRH[LVWHFORUR
UHVLGXDO<FRPRDQWHVGHVXXVRILQDOVXHOHDOPDFHQDUVHHQDOJ~QGHSyVLWRH[LVWHULHVJR
GHTXHSXHGDFRQWDPLQDUVH3RUHOORVLHODJXDVHYDDGHGLFDUDDEDVWHFLPLHQWRXUEDQRHV
QHFHVDULRFORUDUODSDUDFXPSOLUFRQODQRUPDWLYDVDQLWDULDHQFXDQWRDSUHVHQFLDGH FORUR
UHVLGXDOHQODUHG
/RVWUHVSURFHGLPLHQWRVGHFORUDFLyQTXHVHHPSOHDQHQHVWDIDVHVRQ
*DV FORUR 0X\ H[WHQGLGR HQ ORV DEDVWHFLPLHQWRV FXDQGR VH WUDWDQ GH JUDQGHV
FDXGDOHV6XPDQLSXODFLyQHVPiVSHOLJURVD\VHUHTXLHUHDLVODUDGHFXDGDPHQWHORVHTXLSRV
SDUDHYLWDUDFFLGHQWHV
+LSRFORULWRVyGLFR(VHOSURFHGLPLHQWRPiVEDUDWRWDQWRGHLPSODQWDFLyQFRPR
GHIXQFLRQDPLHQWR
+LSRFORULWR FiOFLFR 6LPLODU HQ VX DSOLFDFLyQ DO DQWHULRU 7LHQH OD YHQWDMD GH
DSRUWDUFDOFLRTXHVLUYHSDUDHOHYDUHOFRQWHQLGRGHHVWHHOHPHQWRHQHODJXDSURGXFWR
3RUORTXHODPHMRUDOWHUQDWLYDSDUDOOHYDUDFDERODFORUDFLyQHVXWLOL]DUKLSRFORULWR
VyGLFR
'RFXPHQWRQž0HPRULD
3iJLQDGH
(GXDUGR-LPpQH]$\HUUD8QLYHUVLGDG3~EOLFDGH1DYDUUD
'$726'(',6(f2
(OFDXGDODGRVLILFDUGHKLSRFORULWRVyGLFRDOGHGLVROXFLyQHVOK&RQpO
VH WUDWDUiQ ORV PG GH DJXD SURGXFWR TXH VH REWLHQHQ HQ OD LQVWDODFLyQ 3DUD VX
GRVLILFDFLyQVHSXHGHGLVSRQHUGHXQDERPEDGRVLILFDGRUDFRQYDULDGRUHVGHIUHFXHQFLD\
FRQFDSDFLGDGSDUDWUDWDUHOGHOFDXGDO
(OGLVHxRGHODERPEDGRVLILFDGRUDQRHVWDUiLQFOXLGDHQHVWHSUR\HFWR
/RVFiOFXORVMXVWLILFDWLYRVGHODGRVLILFDFLyQGHKLSRFORULWRVyGLFRVHSUHVHQWDQHQ
HO'2&80(1721ž&È/&8/26GHOSUHVHQWHSUR\HFWR
'(3Ï6,72'($/0$&(1$0,(172'($*8$352'8&72
7UDV HO SRVWWUDWDPLHQWR HO DJXD HV FRQGXFLGD PHGLDQWH XQD WXEHUtD GH 35)9 DO
GHSyVLWR GH DJXD SURGXFWR GRQGH VH FRQWURODUi \ YHULILFDUi OD FDOLGDG GHO DJXD SURGXFWR
SDUD VX SRVWHULRU DEDVWHFLPLHQWR D OD SREODFLyQ 7LHQH XQD FDSDFLGDG GH P
VXILFLHQWHSDUDDOEHUJDUODSURGXFFLyQGHWUHVGtDV(QHOGHSyVLWRVHGLVSRQHGHXQPHGLGRU
GHQLYHOSDUDFRQWURODUVLHVQHFHVDULRORVH[FHVRVGHDJXD\UHJXODUHODEDVWHFLPLHQWRDOD
SREODFLyQ
9(57,'2&21752/$'2$/0$5
(QODFRPSRVLFLyQTXtPLFDGHOUHFKD]RVHLQFOX\HDGHPiVODVVDOHV FRQFHQWUDGDV
VDOPXHUDORVGLIHUHQWHVSURGXFWRVTXtPLFRVXWLOL]DGRVHQODVGLVWLQWDVIDVHVGHOSURFHVR
GHGHVDODFLyQ
3DUDOD JHVWLyQGHGLFKRVSURGXFWRVTXtPLFRVHVFRQYHQLHQWHVXGLOXFLyQFRQPiV
DJXD GH PDU DQWHV GH VX YHUWLGR SHUR VHJ~Q GLYHUVDV LQYHVWLJDFLRQHV QR WLHQHQ SRU TXp
FRQVLGHUDUVHFRPSXHVWRVWy[LFRVFRQWDPLQDQWHV\DTXH
- /DV GRVLV XVDGDV VRQ GHO RUGHQ GH D SSP SRU OR TXH UHVXOWDQ GHVSUHFLDEOHV
IUHQWHDOUHVWRGHVDOHV
- /DELRGHJUDGDELOLGDGGHORVDQWLLQFUXVWDQWHVHVWRWDODXQTXHYDUtDODYHORFLGDGFRQ
ODTXHORKDFHQ
- (OFORUROLEUHGHORVELRFLGDVGHEHSDVDUDFORUXURVDQWHVGHHQWUDUHQODPHPEUDQD
GHELGRDVXEDMDWROHUDQFLDIUHQWHDOFORURVLHQGRGHVSUHFLDEOHIUHQWHDOFRQWHQLGR
GHHVWHLyQHQODVDOPXHUD
- (OUHGXFWRUVHR[LGDDVXOIDWRVLHQGRWDPELpQGHVSUHFLDEOHIUHQWHDOFRQWHQLGRGH
HVWHLyQ
/D RSFLyQ PiV FRP~Q TXH VH OOHYD D FDER HQ OD GHVDODFLyQ GH DJXD GH PDU SRU
yVPRVLV LQYHUVD HV HO YHUWLGR FRQWURODGR DO PDU ELHQ GH IRUPD GLUHFWD R ELHQ PHGLDQWH
HPLVDULRVVXEPDULQRV
',6(f25(&20(1'$'2
(OYHUWLGRGHODVDOPXHUDDOPDUGHEHUiKDFHUVH WUDVKDEHUVHGLOXLGRSUHYLDPHQWH
/DSURSRUFLyQPtQLPDGHEHVHUGHSDUWHVGHDJXDGHPDUSRUSDUWHGHVDOPXHUD'HHVWD
IRUPD VH FRQVLJXH GLVPLQXLU PX\ VLJQLILFDWLYDPHQWH OD H[WHQVLyQ GHQWUR GHO PDU GH OD
'RFXPHQWRQž0HPRULD
3iJLQDGH
(GXDUGR-LPpQH]$\HUUD8QLYHUVLGDG3~EOLFDGH1DYDUUD
SOXPDKLSHUVDOLQDUHVXOWDQWHWUDVHOYHUWLGR$OILQDOGHODFRQGXFFLyQGHOYHUWLGRVHFRQVHMD
ODLQVWDODFLyQGHGLIXVRUHVSDUDD\XGDUODGLVSHUVLyQGHOYHUWLGRGHVDOPXHUDHQHODJXDGH
PDU
,167$/$&,Ï1+,'5È8/,&$
/DVWXEHUtDVGHODLQVWDODFLyQGHEHQSHUPLWLUHOWUDQVSRUWHGHODJXDGHVGHHOSXQWR
GH FDSWDFLyQ KDVWD ODV PHPEUDQDV GH yVPRVLV LQYHUVD DVt FRPR ORV GRV IOXMRV TXH VH
RULJLQDQWUDVHOSURFHVRHOSURGXFWRKDVWDHOGHSyVLWRGHDOPDFHQDPLHQWR\ODVDOPXHUDDO
SXQWRGHYHUWLGR
(OGLVHxRGHODVWXEHUtDVGHXQDSODQWDGH2,GHEHWHQGHUD
- 'LVPLQXLUHOQ~PHURGHFRQH[LRQHV\GHHVWUHFKDPLHQWRV
- 6HUUHVLVWHQWHVDODFRUURVLyQ
- 7HQHUXQDEXHQDUHODFLyQFDOLGDGSUHFLR
/D LQVWDODFLyQ SXHGH GLYLGLUVH HQ GRV ]RQDV ELHQ GLIHUHQFLDGDV DWHQGLHQGR DO
PDWHULDOXWLOL]DGRHQODVFRQGXFFLRQHVGHQRPLQDGDV]RQDGHDOWDSUHVLyQ\]RQDGHEDMD
SUHVLyQ
([LVWHQ GRV WLSRV GH PDWHULDOHV TXH MXHJDQ XQ SDSHO IXQGDPHQWDO HQ ODV
LQVWDODFLRQHVGHyVPRVLVLQYHUVDPDWHULDOHVSOiVWLFRV\PHWiOLFRV
/D WHFQRORJtD GH SOiVWLFRV KD VLGR IXQGDPHQWDO SDUD HO GHVDUUROOR GH ODV
LQVWDODFLRQHV GH GHVDODFLyQ \D TXH KDQ SHUPLWLGR GLVSRQHU GH PDWHULDOHV D SUHFLRV
UD]RQDEOHV\PX\UHVLVWHQWHVWDQWRDODFRUURVLyQFRPRDORVSURGXFWRVTXtPLFRV
6X PHQRU UHVLVWHQFLD D ORV HVIXHU]RV IUHQWH D ORV PDWHULDOHV PHWiOLFRV ORV KDFH
LPSUHVFLQGLEOHV HQ WRGD SDUWH GH OD LQVWDODFLyQ TXH WUDEDMD D EDMD SUHVLyQ /RV PiV
XWLOL]DGRVHQODVLQVWDODFLRQHVGHVDODGRUDVVRQ3(39&\35)9
/DVFRQGXFFLRQHVJHQHUDOHVGHODSDUWHGHODLQVWDODFLyQGHEDMDSUHVLyQHVGHFLU
ODV FRQGXFFLRQHV TXH YDQ GHVGH OD LPSXOVLyQ GH ODV ERPEDV GH FDSWDFLyQ KDVWD OD
LPSXOVLyQGHODVERPEDVGHDOWDSUHVLyQ\ODVTXHFRQGXFHQHOSHUPHDGRSURGXFLGRSRUODV
PHPEUDQDVKDVWDHOGHSyVLWRGHDOPDFHQDPLHQWRRUHJXODFLyQGHODLQVWDODFLyQVXHOHVVHU
GH PDWHULDOHV SOiVWLFRV SRU VHU PiV UHVLVWHQWHV D OD FRUURVLyQ DVt FRPR SRU VRSRUWDU
SUHVLRQHVPHGLDV3”.JFP
/RV PiV XWLOL]DGRV VRQ HO 39& R HO SROLSURSLOHQR HQ FRQGXFFLRQHV GH GLiPHWURV
SHTXHxRV GH KDVWD ´ \ 35)9 SDUD GLiPHWURV VXSHULRUHV D ´ 6H WUDWD GH PDWHULDOHV
UtJLGRV DXQTXH GRWDGRV GH XQD FLHUWD IOH[LELOLGDG TXH SRU WDQWR PHGLDQWH ORV
FRUUHVSRQGLHQWHV DFFHVRULRV VH DGDSWDQ SHUIHFWDPHQWH D FXDOTXLHU UHFRUULGR \ SHUPLWHQ
FRQVWUXLUXQDLQVWDODFLyQKLGUiXOLFDFRPSDFWD
/DVWXEHUtDVSDUDOD]RQDGHEDMDSUHVLyQGHQXHVWUDSODQWDHVWDUiQ FRQVWUXLGDVGH
35)9SURSRUFLRQDGDVSRUODHPSUHVD)/2:7,7(GHOPRGHORGHQRPLQDGR61\
31
'RFXPHQWRQž0HPRULD
3iJLQDGH
(GXDUGR-LPpQH]$\HUUD8QLYHUVLGDG3~EOLFDGH1DYDUUD
$ FRQWLQXDFLyQ VH PXHVWUDQ ORV UHVXOWDGRV D PRGR GH UHVXPHQ ODV OtQHDV GH OD
LQVWDODFLyQGHEDMDSUHVLyQ
YƚƵďĞƌşĂ
;ŵϯͬĚşĂͿ
Y
ƚƵďĞƌşĂ
;ŵϯͬŚͿ
Y
ƚƵďĞƌşĂ
;ŵϯͬƐͿ
sĨůƵŝĚŽ
;ŵͬƐͿ
%235)9'1
ϱϳϳ͕ϱϯ
%235)9'1
ϱϳϳ͕ϱϯ
ϳϮ͕ϭϵ
Ϭ͕ϬϮϬϬϱ
ϳϮ͕ϭϵ
Ϭ͕ϬϮϬϬϱ
$)$35)9'1
ϭϭϱϱ͕Ϭϲ
ϭϰϰ͕ϯϴ
()$35)9'1
ϱϳϳ͕ϱϯ
()$35)9'1
ϱϳϳ͕ϱϯ
6)$35)9'1
6)$35)9'1
$)&35)9'1
dƌĂŵŽ;>şŶĞĂƐĚĞďĂũĂ
ƉƌĞƐŝſŶͿ
E
;ŵŵͿ
ŝ;ŵŵͿ
ĞƐƉĞƐŽƌ
;ŵŵͿ
>ŽŶŐŝƚƵĚ;ŵͿ
Ϯ͕ϭϭϯϯ
ϭϬϬ
Ϯ͕ϭϭϯϯ
ϭϬϬ
ϭϬϵ͕Ϯ
ϯ͕ϲ
ϲϱϬ
ϭϬϵ͕Ϯ
ϯ͕ϲ
Ϭ͕ϬϰϬϭ
Ϯ͕ϬϮϰϳ
ϲϱϬ
ϭϱϬ
ϭϱϴ͕ϴ
ϰ͕ϴ
ϯϬ
ϳϮ͕ϭϵ
Ϭ͕ϬϮϬϬϱ
ϳϮ͕ϭϵ
Ϭ͕ϬϮϬϬϱ
Ϯ͕ϭϭϯϯ
ϭϬϬ
ϭϬϵ͕Ϯ
ϯ͕ϲ
ϯ
Ϯ͕ϭϭϯϯ
ϭϬϬ
ϭϬϵ͕Ϯ
ϯ͕ϲ
ϯ
ϱϳϳ͕ϱϯ
ϳϮ͕ϭϵ
ϱϳϳ͕ϱϯ
ϳϮ͕ϭϵ
Ϭ͕ϬϮϬϬϱ
Ϯ͕ϭϭϯϯ
ϭϬϬ
ϭϬϵ͕Ϯ
ϯ͕ϲ
ϯ
Ϭ͕ϬϮϬϬϱ
Ϯ͕ϭϭϯϯ
ϭϬϬ
ϭϬϵ͕Ϯ
ϯ͕ϲ
ϭϭϱϱ͕Ϭϲ
ϭϰϰ͕ϯϴ
ϯ
Ϭ͕ϬϰϬϭ
Ϯ͕ϬϮϰϳ
ϭϱϬ
ϭϱϴ͕ϴ
ϰ͕ϴ
ϱ
()&35)9'1
ϱϳϳ͕ϱϯ
()&35)9'1
ϱϳϳ͕ϱϯ
ϳϮ͕ϭϵ
Ϭ͕ϬϮϬϬϱ
Ϯ͕ϭϭϯϯ
ϭϬϬ
ϭϬϵ͕Ϯ
ϯ͕ϲ
ϯ
ϳϮ͕ϭϵ
Ϭ͕ϬϮϬϬϱ
Ϯ͕ϭϭϯϯ
ϭϬϬ
ϭϬϵ͕Ϯ
ϯ͕ϲ
ϯ
6)&35)9'1
ϱϳϳ͕ϱϯ
6)&35)9'1
ϱϳϳ͕ϱϯ
ϳϮ͕ϭϵ
Ϭ͕ϬϮϬϬϱ
Ϯ͕ϭϭϯϯ
ϭϬϬ
ϭϬϵ͕Ϯ
ϯ͕ϲ
ϯ
ϳϮ͕ϭϵ
Ϭ͕ϬϮϬϬϱ
Ϯ͕ϭϭϯϯ
ϭϬϬ
ϭϬϵ͕Ϯ
ϯ͕ϲ
$$335)9'1
ϯ
ϭϭϱϱ͕Ϭϲ
ϭϰϰ͕ϯϴ
Ϭ͕ϬϰϬϭ
Ϯ͕ϬϮϰϳ
ϭϱϬ
ϭϱϴ͕ϴ
ϰ͕ϴ
ϲ
335)9'1
ϱϰϮ͕ϴϴ
ϲϳ͕ϴϲ
Ϭ͕Ϭϭϴϴϱ
Ϯ͕ϬϬϱ
ϭϬϬ
ϭϬϵ͕Ϯ
ϯ͕ϲ
7RWDOPHWURV
ϭϱ
ϭϰϲϱ
7DEOD/tQHDVGHEDMDSUHVLyQGHODLQVWDODFLyQ
/DVFRQGXFFLRQHVGHDOWDSUHVLyQHVGHFLUORVWUDPRVGHWXEHUtDVHQWUHODLPSXOVLyQ
GHODVERPEDVGHDOWDSUHVLyQ\ODVPHPEUDQDVDVtFRPRODVTXHUHFRJHQODVDOPXHUDVRQ
GHPDWHULDOHVPHWiOLFRVGDGRTXHWLHQHQTXHVRSRUWDUSUHVLRQHVVXSHULRUHVDNJFP\HQ
HOFDVRGHODJXDGHPDUSXHGHQDOFDQ]DUKDVWDORVRPiVNJFP6HUHFXUUHSRUWDQWRD
DOHDFLRQHV PHWiOLFDV SHUR WHQLHQGR HQ FXHQWD TXH QR VyOR GHEHQ VRSRUWDU ODV DOWDV
SUHVLRQHVGHRSHUDFLyQVLQRTXHDGHPiVGHEHQVHUPX\UHVLVWHQWHVDODFRUURVLyQ
/D FRUURVLyQ GH ODV FRQGXFFLRQHV PHWiOLFDV SURYRFDUtD HO GHVSUHQGLPLHQWR \ OD
LQFUXVWDFLyQ GH GHSyVLWRV HQ ODV PHPEUDQDV OLPLWDQGR OD YLGD ~WLO GH pVWDV %DMR HVWDV
SUHPLVDVFRPRSULPHUDRSFLyQSRUVXGLVSRQLELOLGDGHQHOPHUFDGR\SUHFLRIUHQWHDRWUR
WLSRGHDOHDFLRQHVPHWiOLFDVQRIpUUHDVVHHQFXHQWUDWRGDODIDPLOLDGHORVDFHURV
3DUD DJXD PDULQD VH KD FRPSUREDGR TXH ORV PHMRUHV UHVXOWDGRV HQ VHUYLFLR ORV
SURSRUFLRQDHODFHUR$,6,
(Q QXHVWUD LQVWDODFLyQ ODV FRQGXFFLRQHV GH DOWD SUHVLyQ VHUiQ GH $&(52
,12;,'$%/( $,6, GHO IDEULFDQWH $&,1(6*21 SRU VHU HO PDWHULDO TXH PiV VH
DGHFXD1RVRORGHEHUHVLVWLUODVDOWDVSUHVLRQHVVLQRDGHPiVVHUUHVLVWHQWHVDODFRUURVLyQ
\D TXH SURYRFDUtD HO GHVSUHQGLPLHQWR \ OD LQFUXVWDFLyQ GH GHSyVLWRV GH ODV PHPEUDQDV
OLPLWDQGRODYLGD~WLOGHpVWDV
'RFXPHQWRQž0HPRULD
3iJLQDGH
(GXDUGR-LPpQH]$\HUUD8QLYHUVLGDG3~EOLFDGH1DYDUUD
$FRQWLQXDFLyQVHPXHVWUDQORVUHVXOWDGRVDPRGRGHUHVXPHQODVOtQHDVGHODLQVWDODFLyQ
GHDOWDSUHVLyQ
WͲ/^/ϯϭϲͲ^,ϰϬ^ͲEϭϱϮ͕ϰ͘
ϭϭϱϱ͕Ϭϲ
Y
ƚƵďĞƌşĂ
;ŵϯͬŚͿ
ϭϰϰ͕ϯϴ
ϭϱϮ͕ϰ
ϭϱϰ͕Ϭϲ
ϳ͕ϭϭ
ϱ
DͲ/^/ϯϭϲͲ^,ϰϬ^ͲEϯϭ͕ϳϱ͘
ϱϳ͕ϳϲ
ϳ͕ϮϮ
Ϭ͕ϬϬϮ
Ϯ͕Ϭϴϯ
ϯϭ͕ϳϱ
ϯϱ͕Ϭϰ
ϯ͕ϱϲ
Ϯ
^Ͳ/^/ϯϭϲͲ^,ϰϬ^ͲEϯϭ͕ϳϱ͘
ϱϳ͕ϳϲ
ϳ͕ϮϮ
Ϭ͕ϬϬϮ
Ϯ͕Ϭϴϯ
ϯϭ͕ϳϱ
ϯϱ͕Ϭϰ
ϯ͕ϱϲ
Ϯ
ZͲ/^/ϯϭϲͲ^,ϰϬ^ͲEϭϬϭ͕ϲ
dŽƚĂůŵĞƚƌŽƐ
ϲϭϮ͕ϭϴ
ϳϲ͕ϱϮ
Ϭ͕ϬϮϭϮϱ
Ϯ͕ϭϱϲ
ϭϬϭ͕ϲ
ϭϬϮ͕Ϯϲ
ϲ͕ϬϮ
ϲ
ϭϱ
dƌĂŵŽ;>şŶĞĂƐĚĞĂůƚĂƉƌĞƐŝſŶͿ
YƚƵďĞƌşĂ
;ŵϯͬĚşĂͿ
Y
ƚƵďĞƌşĂ
;ŵϯͬƐͿ
Ϭ͕ϬϰϬϭ
s
ĨůƵŝĚŽ
;ŵͬƐͿ
Ϯ͕ϱϵϭ
E
;ŵŵͿ
ŝ
;ŵŵͿ
ĞƐƉĞƐŽƌ
;ŵŵͿ
>ŽŶŐŝƚƵĚ
;ŵͿ
7DEOD/tQHDVGHDOWDSUHVLyQGHODLQVWDODFLyQ
/RV FiOFXORV GHO GLPHQVLRQDGR GH WXEHUtDV VH HQFXHQWUDQ UHDOL]DGRV HQ HO
'2&80(1721ž&È/&8/26GHOSUHVHQWHSUR\HFWR
,167580(17$&,Ï1
0DQyPHWURV
/RVPDQyPHWURVVRQLQVWUXPHQWRVGHSUHFLVLyQ\VHGHEHQPDQHMDUFRQFXLGDGR6H
UHFRPLHQGD VHOHFFLRQDU SDUD FDGD PDQyPHWUR XQ UDQJR HVWiQGDU FX\R YDORU IRQGR HVFDOD
VHDDSUR[LPDGDPHQWHHOGREOHGHODSUHVLyQGHWUDEDMRFRQORTXHVHORJUDUiSURORQJDUOD
GXUDFLyQ GHO DSDUDWR \ DO PLVPR WLHPSR VH IDFLOLWDUi OD OHFWXUD GH OD LQGLFDFLyQ TXH VH
HIHFWXDUiHQHOFHQWURGHODHVIHUD
'HEHUi FRPSUREDUVH TXH ORV PDWHULDOHV GH ODV SDUWHV HQ FRQWDFWR FRQ HO IOXLGR GH
SURFHVRVHDQORVDGHFXDGRVSDUDHOWLSRGHIOXLGRDPHGLU
(QpVWDLQVWDODFLyQVHXWLOL]DQHTXLSRVGLVWLQWRVSDUDPHGLUODSUHVLyQGHODJXDGXOFH
\GHODJXDVDODGD8QRVGHORVPiVLPSRUWDQWHVVRQORVLQVWDODGRVHQODOtQHDGHVDOPXHUD
SDUDHOFRQWUROGHODSUHVLyQGHOUHFKD]R
7UDQVPLVRUHVGHSUHVLyQ
/RVWUDQVPLVRUHVXVDGRVHQODLQVWDODFLyQIXQFLRQDQFRQODWpFQLFDGHGRVFDEOHV\
WLHQHQ XQD VHxDO GH VDOLGD DQDOyJLFD GH D P$ (VWRV WUDQVPLVRUHV FRQWLHQHQ XQ
PLFURSURFHVDGRU LQWHUQR TXH SHUPLWH UHDOL]DU GLYHUVDV IXQFLRQHV \ GD IDFLOLGDG GH
RSHUDFLyQ $QiORJDPHQWH DO FDVR GH ORV PDQyPHWURV KD\ TXH GLVWLQJXLU HQWUH ORV
WUDQVPLVRUHV XWLOL]DGRV HQ ODV OtQHDV GH DJXD GH DOLPHQWDFLyQ \ UHFKD]R \ HO TXH VH
HQFXHQWUDHQODOtQHDGHDJXDSURGXFWR(VWDGLVWLQFLyQDOXGHDOUDQJRGHFDOLEUDFLyQ
5DQJRGHFDOLEUDFLyQ
- /tQHDGH$OLPHQWDFLyQ\5HFKD]RDWP
- /tQHDGHDJXD3URGXFWRDWP
3UHVRVWDWRVGLIHUHQFLDOHV
/RV SUHVRVWDWRV GLIHUHQFLDOHV FRPR WRGRV ORV LQVWUXPHQWRV GH SUHVLyQ GLIHUHQFLDO
UHTXLHUHQ HVSHFLDO FXLGDGR HQ HO GLVHxR \ HMHFXFLyQ GH ODV XQLRQHV HQWUH ORV SXQWRV GH
'RFXPHQWRQž0HPRULD
3iJLQDGH
(GXDUGR-LPpQH]$\HUUD8QLYHUVLGDG3~EOLFDGH1DYDUUD
PHGLGD \ HO LQVWUXPHQWR \D TXH OD OtQHD GH FRQH[LyQ IRUPD SDUWH LQWHJUDQWH GHO
LQVWUXPHQWR HQ OD WUDQVPLVLyQ GH OD YDULDEOH PHGLGD GHVGH HO SXQWR GH PHGLGD DO PLVPR
LQVWUXPHQWR
(QODLQVWDODFLyQH[LVWHQORVVLJXLHQWHVLQVWUXPHQWRV
(TXLSRSDUDODPHGLGDGHODSUHVLyQGLIHUHQFLDOHQHOILOWURGHDUHQD
5DQJREDU
(TXLSRSDUDODPHGLGDGHODSUHVLyQGLIHUHQFLDOHQHOILOWURGHFDUWXFKR
5DQJREDU
(TXLSRSDUDODPHGLGDGHODSUHVLyQGLIHUHQFLDOHQODVPHPEUDQDV
5DQJREDU
,QGLFDGRU\WUDVPLVRUGHFDXGDO
(O WLSR GH HTXLSRV XWLOL]DGRV HQ OD LQVWDODFLyQ SDUD OD PHGLFLyQ GH FDXGDO VRQ
DTXpOORVHPSOHDGRVHQIOXLGRVFRQGXFWLYRV\HQWXEHUtDFHUUDGD
6HXWLOL]DQORVVLJXLHQWHVFDXGDOtPHWURV
- (QODOtQHDGHHQWUDGDDORVILOWURVGHDUHQD
- (QODOtQHDGHDGPLVLyQGHODVERPEDVGHDOWDSUHVLyQ
- (Q ODV OtQHDV GH DOLPHQWDFLyQ D ODV PHPEUDQDV \ DJXD SURGXFWR SDUD FRQWURO GHO
IOXMRGHSHUPHDGR
7UDQVPLVRUHLQGLFDGRUGHFRQGXFWLYLGDG
/RV ,QGLFDGRUHV VHQVRUHV VRQ HTXLSRV GH GLVHxR VHQFLOOR \ PHGLFLRQHV SUHFLVDV
/RVPDWHULDOHVGHTXHHVWiQKHFKRVVRQGHDOWDGXUDELOLGDG\UHVLVWHQFLDDODFRUURVLyQ1R
UHTXLHUHQ FDOLEUDFLyQ 'LVSRQHQ GH XQRV HOHFWURGRV GH WLWDQLR UREXVWRV GLVSRQLEOHV FRQ
FpOXODVFRQVWDQWHV(OHOHFWURGRLQFOX\HXQVHQVRUGHWHPSHUDWXUDGHOWLSR3W
(QODSODQWDVHHQFXHQWUDQLQVWDODGRVGHIRUPDFRQMXQWDHQODVVLJXLHQWHVOtQHDV
- (QHOGHSyVLWRLQWHUPHGLR
- (QODOtQHDGHDOLPHQWDFLyQDORVILOWURVGHFDUWXFKR
- (QODOtQHDGHDOLPHQWDFLyQDODVPHPEUDQDV
- (QODOtQHDGHDJXDSURGXFWR
- (QODOtQHDGHDJXDSURGXFWR
,QGLFDGRU\WUDQVPLVRUGHS+
/RVLQGLFDGRUHVGHS+VRQVHQVRUHVGHIiFLOLQVWDODFLyQ3RVHHQXQGLDIUDJPDGH
37)(TXHUHSHOHODVXFLHGDG\SUHYLHQHODVREVWUXFFLRQHVDVHJXUDQGRXQDPHGLFLyQ
SUHFLVDGXUDQWHXQODUJRSHULRGR&RQXQFRQGXFWRRWXEHUtDSXHGHQVHUVXPHUJLGRVHQXQ
WDQTXH
(OWUDQVPLVRUGHS+HVVLPLODUDORVGHFRQGXFWLYLGDGSRVHHQXQPLFURSURFHVDGRU
TXHGDYDORUHVGHS+\WHPSHUDWXUD
'RFXPHQWRQž0HPRULD
3iJLQDGH
(GXDUGR-LPpQH]$\HUUD8QLYHUVLGDG3~EOLFDGH1DYDUUD
(QODLQVWDODFLyQVHHQFXHQWUDQORVVLJXLHQWHVS+PHWURVGHVFULWRV
- (QHOGHSyVLWRLQWHUPHGLR
- (QODOtQHDGHDOLPHQWDFLyQDORVILOWURVGHFDUWXFKR
- (QODOtQHDGHDOLPHQWDFLyQDODVPHPEUDQDV
- (QODOtQHDGHDJXDSURGXFWRDQWHVGHOGHSyVLWRGHHTXLOLEULRRVPyWLFR
- (QODOtQHDGHDJXDWUDWDGDOLVWDSDUDGLVWULEXFLyQ
7UDQVPLVRUHLQGLFDGRUGHWHPSHUDWXUD
(O3WHVXQVHQVRUGH7HPSHUDWXUDTXHFRQVLVWHHQXQDODPEUHGHSODWLQRTXHD
ƒ&OHFRUUHVSRQGHQRKPLRV\TXHDODXPHQWDUODWHPSHUDWXUDDXPHQWDVXUHVLVWHQFLD
HOpFWULFD(OLQFUHPHQWRGHODUHVLVWHQFLDQRHVOLQHDOSHURVtFUHFLHQWH\FDUDFWHUtVWLFRGHO
SODWLQR GH WDO IRUPD TXH PHGLDQWH WDEODV VH HQFXHQWUD OD WHPSHUDWXUD H[DFWD D OD TXH
FRUUHVSRQGH
(QODLQVWDODFLyQVHHQFXHQWUDQLQVWDODGRVHQODVVLJXLHQWHVOtQHDV
- (QHOGHSyVLWRLQWHUPHGLR
- (QODOtQHDGHDOLPHQWDFLyQDODVPHPEUDQDV
6HQVRUHVGHQLYHO
6HHPSOHDQSDUDOOHYDUDFDERHOFRQWUROGHOQLYHOGHOtTXLGRHQORVGHSyVLWRVGHOD
LQVWDODFLyQ
(QODSODQWDVHHQFXHQWUDQLQVWDODGRVHQ
- (QHOGHSyVLWRLQWHUPHGLR
- (QHOGHSyVLWRGHDJXDSURGXFWR
3UHVRVWDWRV
6RQ HOHPHQWRV GH SURWHFFLyQ GH ORV HTXLSRV &XDQGR VH VXSHUDQ ORV YDORUHV GH
FRQVLJQD GDGRV D VXV VHQVRUHV SURYRFDQ OD DSHUWXUD GHO FRQWDFWR QRUPDOPHQWH FHUUDGR \
SDUDQHOHTXLSRDOTXHHVWiQDVRFLDGRV
+D\SUHVRVWDWRVGHEDMDLQVWDODGRVHQODDGPLVLyQGHWRGDVODVERPEDVSDUDHYLWDUOD
FDYLWDFLyQTXHSURGXFHQODSDUDGDGHODVPLVPDV<SUHVRVWDWRVGHDOWDHQODDOLPHQWDFLyQ
DODVPHPEUDQDVSRUVLVHVXSHUDODSUHVLyQGHWUDEDMRPi[LPRDGPLVLEOHGHODVPLVPDV
SRGHUSDUDUODERPEDGHDOWDSUHVLyQ
9iOYXODVGHFRQWURO
/D LQVWDODFLyQ GLVSRQH GH XQD YiOYXOD GH FRQWURO HOHFWUyQLFD HQ OD LPSXOVLyQ GHO
JUXSRGHDOWDSUHVLyQDQWHVGHODHQWUDGDGHODJXDGHDOLPHQWDFLyQDODVPHPEUDQDV6RQ
ODVHQFDUJDGDVGHUHJXODUHQFDGDPRPHQWRODSUHVLyQGHDOLPHQWDFLyQD ODVPHPEUDQDV
TXHYDULDUiFRQHOWLHPSRHQIXQFLyQGHOUHQGLPLHQWRGHODVPLVPDV
'RFXPHQWRQž0HPRULD
3iJLQDGH
(GXDUGR-LPpQH]$\HUUD8QLYHUVLGDG3~EOLFDGH1DYDUUD
&$%/(6'(&21(;,21$'2
(V HO FRPSRQHQWH LQGLVSHQVDEOH SDUD HO WUDQVSRUWH GH HQHUJtD HOpFWULFD HQWUH ORV
GLIHUHQWHVEORTXHVGHOVLVWHPDIRWRYROWDLFR
(VLQHYLWDEOHTXHRFXUUDODSHUGLGDGHHQHUJtDHQIRUPDGH FDORUGHELGRDTXHOD
UHVLVWHQFLD HOpFWULFD GHO FRQGXFWRU QXQFD HV QXOD /D HOHFFLyQ GH XQ FDEOH FRQGXFWRU
UHSUHVHQWDXQFRPSURPLVRHQWUHXQYDORUEDMRGHUHVLVWHQFLD\HOFRVWHGHOPLVPR'HQWUR
GH OD JDPD GH PDWHULDOHV H[LVWHQWHV HO FREUH SUHVHQWD XQD EXHQD VROXFLyQ DO VHU XQ
PDWHULDOOLJHURORTXHIDYRUHFHVXHPSOHRHQOtQHDVGHWUDQVPLVLyQGHHQHUJtDHOpFWULFD
/DUHVLVWHQFLDGHXQPDWHULDOFRQGXFWRUYLHQHGDGDSRUODH[SUHVLyQ
ρ ⋅ /
U=
$
'RQGH
- U UHSUHVHQWD HO YDORU GH OD UHVLVWHQFLD OLQHDO HQ :P \ GHSHQGH GHO PDWHULDO
FRQGXFWRU\GHODWHPSHUDWXUDGHWUDEDMRTXHDOFDQ]DHOFRQGXFWRU
- /ODORQJLWXGGHOFRQGXFWRUHQP
- $HVHOiUHDGHODVHFFLyQGHOFRQGXFWRUHQP
- UHVLVWHQFLDGHOPDWHULDO
/D H[SUHVLyQ DQWHULRU LQGLFD TXH SDUD XQD ORQJLWXG GHWHUPLQDGD XQ DXPHQWR GHO
GLiPHWURVLJQLILFDXQDPHQRUFDtGDGHYROWDMHHQHOFDEOHPHQRUSpUGLGDGHHQHUJtD(VWR
LPSOLFD TXH HQ HO GLVHxR GHO FDEOHDGR VH GHEHUiQ WHQHU HQ FXHQWD ODV FDtGDV GH WHQVLyQ
SURGXFLGDVHQORVFRQGXFWRUHVGHELGRDODUHVLVWHQFLDGHORVPLVPRV&RQFUHWDPHQWHHQHO
FDVR GH LQVWDODFLRQHV IRWRYROWDLFDV ORV FRQGXFWRUHV GH OD SDUWH GH FRUULHQWH FRQWLQXD
GHEHUiQ WHQHU VHFFLyQ VXILFLHQWH SDUD TXH OD FDtGD GH WHQVLyQ VHD LQIHULRU GH \ ORV
FRQGXFWRUHVGHFRUULHQWHDOWHUQDSDUDTXHODFDtGDGHWHQVLyQVHDLQIHULRUGHO3DUD
HOOR ODV VHFFLRQHV GH ORV FDEOHV XWLOL]DGRV HQ QXHVWUD LQVWDODFLyQ GHEHQ FDOFXODUVH HQ
IXQFLyQGHODPi[LPDSRWHQFLDGHSpUGLGDVDGPLVLEOHVSDUDODLQVWDODFLyQ
3DUD GHWHUPLQDU OD VHFFLyQ PtQLPD QRUPDOL]DGD GHO FDEOHDGR VH KDQ WHQLGR HQ
FXHQWDGRVFULWHULRV
&ULWHULRGHODLQWHQVLGDGPi[LPDDGPLVLEOHRGHFDOHQWDPLHQWR
/D WHPSHUDWXUD GHO FRQGXFWRU GHO FDEOH WUDEDMDQGR D SOHQD FDUJD \ HQ UpJLPHQ
SHUPDQHQWH QR GHEHUi VXSHUDU HQ QLQJ~Q PRPHQWR OD WHPSHUDWXUD Pi[LPD DGPLVLEOH
DVLJQDGDGHORVPDWHULDOHVTXHVHXWLOL]DQSDUDHODLVODPLHQWRGHOFDEOH(VWDWHPSHUDWXUDVH
HVSHFLILFD HQ ODV QRUPDV SDUWLFXODUHV GH ORV FDEOHV \ VXHOH VHU GH ž & SDUD FDEOHV FRQ
DLVODPLHQWRV WHUPRSOiVWLFRV \ GH ž & SDUD FDEOHV FRQ DLVODPLHQWRV WHUPRHVWDEOHV 6H
DSOLFDUiXQIDFWRUGHVHJXULGDGGHXQ
&ULWHULRGHODFDtGDGHWHQVLyQ
/D FLUFXODFLyQ GH FRUULHQWH D WUDYpV GH ORV FRQGXFWRUHV RFDVLRQD XQD SpUGLGD GH
SRWHQFLDWUDQVSRUWDGDSRUHO FDEOH \XQDFDtGDGHWHQVLyQRGLIHUHQFLD GHWHQVLRQHVHQHO
'RFXPHQWRQž0HPRULD
3iJLQDGH
(GXDUGR-LPpQH]$\HUUD8QLYHUVLGDG3~EOLFDGH1DYDUUD
RULJHQ \H[WUHPRGHFDQDOL]DFLyQ(VWDFDtGDGHWHQVLyQGHEHGHVHULQIHULRUDORVOtPLWHV
PDUFDGRVSRUHO5HJODPHQWRHQFDGDSDUWHGHODLQVWDODFLyQHQHOFDVRGH&&LQIHULRUDO
\ HQ &$ LQIHULRU DO FRQ HO REMHWR GH JDUDQWL]DU HO IXQFLRQDPLHQWR GH ORV
UHFHSWRUHVDOLPHQWDGRVSRUHOFDEOH(VWHFULWHULRVXHOHVHUGHWHUPLQDQWHFXDQGRODVOtQHDV
VRQGHODUJDORQJLWXG
/RV FDEOHV VHOHFFLRQDGRV VRQ 59. N9 GHO IDEULFDQWH &$%/(1$ 6$ 6RQ
FDEOHV GH FREUH DLVODGRV FRQ SROLHWLOHQR UHWLFXODGR ;/3( \ FXELHUWD GH SROLFORUXUR GH
YLQLOR39&
)LJXUD
)XHQWH)DEULFDQWH&$%/(16$6$
(VWHFDEOHSDUDGLVWULEXFLyQGHHQHUJtDHVDGHFXDGRSDUDFRQH[LRQHVLQGXVWULDOHVGH
EDMDWHQVLyQ6XDOWDIOH[LELOLGDGIDFLOLWDVXEVWDQFLDOPHQWHHOSURFHVRGH LQVWDODFLyQ \HQ
FRQVHFXHQFLD HV SDUWLFXODUPHQWH DGHFXDGR HQ WUD]DGRV GLItFLOHV 3XHGH VHU HQWHUUDGR R
LQVWDODGRHQXQWXERDVtFRPRDODLQWHPSHULHVLQUHTXHULUSURWHFFLyQDGLFLRQDO
(OFDEOH59..9VRSRUWDHQWRUQRVK~PHGRVLQFOX\HQGRODWRWDOLQPHUVLyQHQ
DJXD$OJXQDVFDUDFWHUtVWLFDVGHOFDEOH59.N9VRQ
- (OXVRGHFRQGXFWRUHVIOH[LEOHVGHFREUHDVtFRPRORVPDWHULDOHVGHDLVODPLHQWR\
FXELHUWDKDFHQDHVWHFDEOHDOWDPHQWHIOH[LEOH
- (O DLVODPLHQWR GH SROLHWLOHQR UHWLFXODGR ;/3( SHUPLWH XQD JUDQ WUDQVPLVLyQ GH
SRWHQFLD DVt FRPR XQD PD\RU UHVLVWHQFLD D VREUHFDUJDV $GLFLRQDOPHQWH DOFDQ]D
XQDWHPSHUDWXUDPi[LPDGHVHUYLFLRGHOFRQGXFWRUGHƒ&
- (OXVRGHFDEOHIOH[LEOHDXPHQWDQRWDEOHPHQWHODYHORFLGDGGHLQVWDODFLyQORTXH
HQPXFKRVFDVRVVLJQLILFDPHQRUHVFRVWHVGHLQVWDODFLyQ
- /DFXDOLGDGGHQRSURSDJDFLyQGHODOODPDGHOFDEOH59..9FRQWULEX\HD
PHMRUDUODVHJXULGDGJHQHUDOGHODLQVWDODFLyQ
- (OGLVHxRGH59..9SHUPLWHLQVWDODUHVWHFDEOHHQFDVLFXDOTXLHUHQWRUQR
HQHOH[WHULRUHQWHUUDGRHQFRQGLFLRQHVK~PHGDVRLQFOXVRVXPHUJLGRHQDJXD
&DUDFWHUtVWLFDVWpFQLFDV
- &RQGXFWRUGHFREUHHOHFWUROtWLFRUHFRFLGRFODVHVHJ~Q,(&
- $LVODPLHQWR GH ;/3( FRQ FXELHUWD GH 39& IOH[LEOH /D PH]FOD HVSHFLDO GH 39&
XWLOL]DGD RIUHFH XQD H[FHOHQWH SURWHFFLyQ DO DWDTXH TXtPLFR \ D OD DEVRUFLyQ GH
DJXD
- 7HQVLyQQRPLQDOPi[LPDN9
- 7HPSHUDWXUDPi[LPDž
- &RQVWUXFFLyQVHJ~QQRUPD81(
'RFXPHQWRQž0HPRULD
3iJLQDGH
(GXDUGR-LPpQH]$\HUUD8QLYHUVLGDG3~EOLFDGH1DYDUUD
3527(&&,21(6
/DVLQVWDODFLRQHVGHEHUiQVHJXLUODVQRUPDVGHSURWHFFLyQGHSHUVRQDVGLVSXHVWDV
HQHOUHJODPHQWRHOHFWUyQLFRGHEDMDWHQVLyQROHJLVODFLRQHVSRVWHULRUHVYLJHQWHV
&RPR SULQFLSLR JHQHUDO VH GHEH JDUDQWL]DU XQ JUDGR PtQLPR GH DLVODPLHQWR
HOpFWULFRSDUDHTXLSRV\PDWHULDOHVVHGHEHUiQLQFOXLUHOHPHQWRVQHFHVDULRVTXHJDUDQWLFHQ
ODVHJXULGDGGHODVSHUVRQDVIUHQWH DFRQWDFWRVHOpFWULFRVHVSHFLDOPHQWH HQDTXHOWLSRGH
LQVWDODFLRQHVGHRSHUDFLyQVXSHULRUD9
/RVPDWHULDOHVXELFDGRVDODLQWHPSHULHGHEHUiQWHQHUXQJUDGRGHSURWHFFLyQ,3
GHEHUiQ HVWDU SURWHJLGRV FRQWUD IDFWRUHV DPELHQWDOHV HQ SDUWLFXODU ORV HIHFWRV GH OD
UDGLDFLyQVRODU \ODKXPHGDG/RVPDWHULDOHVXELFDGRVHQHOLQWHULRUWHQGUiQXQJUDGRGH
SURWHFFLyQ,3/RVHTXLSRVHOHFWUyQLFRVGHODLQVWDODFLyQFXPSOLUiQFRQODVGLUHFWLYDVGH
VHJXULGDG HOpFWULFD \ FRPSDWLELOLGDG HOHFWURPDJQpWLFD TXH VHUiQ JDUDQWL]DGDV SRU HO
IDEULFDQWH
(O VLVWHPD GH SURWHFFLRQHV GHEHUi FXPSOLU ODV H[LJHQFLDV SUHYLVWDV HQ OD
UHJODPHQWDFLyQ YLJHQWH \ GHEHUi DFUHGLWDUVH PHGLDQWH OD GHVFULSFLyQ WpFQLFD GH ORV
GLVSRVLWLYRV GH SURWHFFLyQ \ HOHPHQWRV GH FRQH[LyQ SUHYLVWRV HQ FXDOTXLHU LQVWDODFLyQ
HQWUHORVFXDOHVVHLQFOX\HQ
- ,QWHUUXSWRUJHQHUDOPDJQHWRWpUPLFR
- ,QWHUUXSWRUDXWRPiWLFRGLIHUHQFLDOFRQHOILQGHSURWHJHUDODVSHUVRQDVHQFDVRGH
GHULYDFLyQHQODSDUWHFRQWtQXDGHODLQVWDODFLyQ
- ,QWHUUXSWRUDXWRPiWLFRGHLQWHUFRQH[LyQSDUDODFRQH[LyQGHVFRQH[LyQDXWRPiWLFD
GHODLQVWDODFLyQIRWRYROWDLFDHQFDVRGHSpUGLGDVGHWHQVLyQRIUHFXHQFLDHQODUHG
- (Q FRQH[LRQHV GH UHG WULIiVLFD ODV SURWHFFLRQHV SDUD LQWHUFRQH[LyQ GH Pi[LPD \
PtQLPDIUHFXHQFLD\Pi[LPD\PtQLPDWHQVLyQTXHVHLQVWDODUiQSDUDFDGDIDVH
6H GHEHUiQ LQFOXLU WRGDV ODV SURWHFFLRQHV QHFHVDULDV SDUD OD LQVWDODFLyQ FRQWUD
FRUWRFLUFXLWRVVREUHFDUJDV\VREUHWHQVLRQHV
6REUHFDUJDV
6REUHFDUJD HV HO H[FHVR GH LQWHQVLGDG HQ XQ FLUFXLWR GHELGR D XQ GHIHFWR GH
DLVODPLHQWRXQDDYHUtDRXQDGHPDQGDH[FHVLYDGHFDUJD8QDVREUHFDUJDQRGHVSHMDGDD
ORODUJRGHOWLHPSRSXHGHGHJHQHUDUHQFRUWRFLUFXLWR
(O HIHFWR SULQFLSDO GH XQD VREUHFDUJD HV HO FDOHQWDPLHQWR GH ORV FRQGXFWRUHV D
WHPSHUDWXUDVQRDGPLVLEOHVSURYRFDQGRHOGHWHULRURGHORVPLVPRV\GHVXVDLVODQWHV\
UHGXFLHQGRVXYLGD~WLO
(O REMHWLYR ILQDO GH SURWHFFLyQ FRQWUD VREUHFDUJDV HV SHUPLWLU DTXHOODV TXH
FRUUHVSRQGDQDXQVHUYLFLRQRUPDOSHURGHVFRQHFWiQGRODV FRQDQWHODFLyQSDUDTXHQRVH
VREUHSDVHHOWLHPSRGHVREUHFDUJDDGPLVLEOH
'RFXPHQWRQž0HPRULD
3iJLQDGH
(GXDUGR-LPpQH]$\HUUD8QLYHUVLGDG3~EOLFDGH1DYDUUD
(O GLVSRVLWLYR GH SURWHFFLyQ SRGUi VHU R XQ LQWHUUXSWRU DXWRPiWLFR GH FRUWH
RPQLSRODUFRQFXUYDWpUPLFDGHFRUWHRXQFRUWRFLUFXLWRIXVLEOH,7&%7
&RUWRFLUFXLWRV
&RUWRFLUFXLWR HV OD XQLyQ GH GRV R PiV SDUWHV GH XQ FLUFXLWR HOpFWULFR FRQ XQD
GLIHUHQFLDGHSRWHQFLDOHQWUHVtDWUDYpVGHXQDSHTXHxDLPSHGDQFLD(ORULJHQVXHOHHVWDU
HQXQDFRQH[LyQLQFRUUHFWDRHQXQGHIHFWRGHDLVODPLHQWR
/DSURWHFFLyQFRQWUDFRUWRFLUFXLWRVGHEHUiHVWDUGLVHxDGDSDUDOLPLWDUORVHVIXHU]RV
GHRULJHQWpUPLFR\GLQiPLFRDOPtQLPRGHELHQGRGHWHFWDUORV\GHVSHMDUORV
6REUHWHQVLRQHV
6REUHWHQVLyQHVODHOHYDFLyQGHODWHQVLyQDYDORUHVPX\DOWRVGXUDQWHXQWUDQVLWRULR
GHSRFRVPLOLVHJXQGRV(O5HJODPHQWRGH%7FRQWHPSODWUHVWLSRVGHVREUHWHQVLRQHVTXH
VRQ OD VREUHWHQVLyQ WLSR UD\R FDXVDGD SRU GHVFDUJDV DWPRVIpULFDV OD VREUHWHQVLyQ WLSR
PDQLREUD JHQHUDOPHQWH SURYRFDGDV SRU FRQPXWDFLRQHV HQ OD UHG \ OD VREUHWHQVLyQ D
IUHFXHQFLDLQGXVWULDOSURYRFDGDSRUGHIHFWRVHQODUHG
3XHVWDGHWLHUUD
3DUD LQVWDODFLRQHV FRQ WHQVLRQHV QRPLQDOHV VXSHULRUHV D 9 VH GHEH LQVWDODU XQ
FLUFXLWRGHWLHUUD/DVSXHVWDVDWLHUUDVHHVWDEOHFHQSULQFLSDOPHQWHFRQREMHWRGHOLPLWDUOD
WHQVLyQ TXH FRQ UHVSHFWR D WLHUUD SXHGDQ SUHVHQWDU HQ XQ PRPHQWR GDGR ODV PDVDV
PHWiOLFDV DVHJXUDU OD DFWXDFLyQ GH ODV SURWHFFLRQHV \ HOLPLQDU R GLVPLQXLU HO ULHVJR TXH
VXSRQHXQDDYHUtDHQORVPDWHULDOHVHOpFWULFRVXWLOL]DGRV
/DSXHVWDRFRQH[LyQDWLHUUDHVODXQLyQHOpFWULFDGLUHFWDVLQIXVLEOHVQLSURWHFFLyQ
DOJXQD GH XQD SDUWH GHO FLUFXLWR HOpFWULFR R GH XQD SDUWH FRQGXFWRUD QR SHUWHQHFLHQWH DO
PLVPRPHGLDQWHXQDWRPDGHWLHUUDFRQXQHOHFWURGRRJUXSRVGHHOHFWURGRVHQWHUUDGRVHQ
HOVXHOR
(6758&785$ 623257( < $1&/$-( 3$5$ 3$1(/(6
)27292/7$,&26
8QR GH ORV HOHPHQWRV DX[LOLDUHV LPSRUWDQWHV GH XQ VLVWHPD IRWRYROWDLFR HV OD
HVWUXFWXUDTXHVRSRUWDORVSDQHOHV(VWDKDGHSURSRUFLRQDUXQEXHQDQFODMHGHOJHQHUDGRU
VRODU\KDGHUHVLVWLUDODDFFLyQGHORVHOHPHQWRVDWPRVIpULFRVYLHQWRQHYDGDVDIHFWDQGR
D ODV FDUJDV PHFiQLFDV TXH KDQ GH VRSRUWDU ODV HVWUXFWXUDV \ D ORV PDWHULDOHV TXH ODV
FRPSRQHQ DVt FRPR D OD RULHQWDFLyQ R LQFOLQDFLyQ GH ORV SDQHOHV SDUD HO PHMRU
DSURYHFKDPLHQWRGHODUDGLDFLyQ
'RFXPHQWRQž0HPRULD
3iJLQDGH
(GXDUGR-LPpQH]$\HUUD8QLYHUVLGDG3~EOLFDGH1DYDUUD
)LJXUD(VWUXFWXUDVRSRUWHSDUDSDQHOHVIRWRYROWDLFRV
',6(f2'(/$(6758&785$
&RQVLVWH HQ XQD HVWUXFWXUD VRSRUWH ILMD GLVHxDGD SDUD XQD LQFOLQDFLyQ GH ORV
PyGXORVVRODUHVIRWRYROWDLFRVGHž\RULHQWDGDKDFLDHOVXU
6HKDSUHYLVWRXQDDOWXUDDOVXHORGHXQRVPHWURVDGHFXDGDSDUDHYLWDUTXHOD
YHJHWDFLyQ SXHGD VRPEUHDU OD HVWUXFWXUD &DGD XQR GH HVWRV FXHUSRV WLHQH VRSRUWHV
WULDQJXODUHVRFDEDOOHWHV\XQWRWDOGHDQFODMHVDOVXHOR
(OVRSRUWHKDGHUHVLVWLUORVHVIXHU]RVTXHWUDQVPLWHODHVWUXFWXUD\DTXHHVWDSRUVL
PLVPDVRORDFW~DFRPRWUDQVPLVRUUHVLVWHQWHGHHOORV/RVSULQFLSDOHVHVIXHU]RVTXHGHEH
UHVLVWLUVRQ
- /RVGHULYDGRVGHODIXHU]DGHOYLHQWRHQFXDOTXLHUGLUHFFLyQ/DHVWUXFWXUDVH
FDOFXODSDUDVRSRUWDUYLHQWRVGHKDVWDNPKFXPSOLHQGRHODFWXDO&7(
- 3URSLRSHVRGHODHVWUXFWXUD\PyGXORVVRSRUWDGRV
- 3HVRGHQLHYHVREUHODVXSHUILFLHGHORVPyGXORV&XPSOLHQGRHODFWXDO&7(
$WHQGLHQGRDORVHVIXHU]RVDVRSRUWDUVHGLVHxDVREUH]DSDWDDLVODGDGHKRUPLJyQ
/DLQVWDODFLyQPiVFRP~QHVVREUH]DSDWDGHKRUPLJyQKRUPLJRQDGDLQVLWX
/D HVWUXFWXUD QHFHVLWD SDUD VX FRUUHFWD LQVWDODFLyQ XQRV SXQWRV GH XQLyQ
FRQVLVWHQWHVHQXQDVYDULOODVURVFDGDVRSHUQRVHPHUJHQWHVGHOVRSRUWHQRUPDOPHQWHGH
0\GHXQDORQJLWXGVXILFLHQWHSDUDHOFRUUHFWRDQFODMH\QLYHODFLyQ
'RFXPHQWRQž0HPRULD
3iJLQDGH
(GXDUGR-LPpQH]$\HUUD8QLYHUVLGDG3~EOLFDGH1DYDUUD
(GXDUGR-LPpQH]$\HUUD8QLYHUVLGDG3~EOLFDGH1DYDUUD
)LJXUD'HWDOOHGHDQFODMH\QLYHODFLyQVREUH]DSDWD
)LJXUD'HWDOOHGHDQFODMH\QLYHODFLyQVREUH]DSDWD
&RPSRQHQWHVGHODHVWUXFWXUD
&RPSRQHQWHVGHODHVWUXFWXUD
&DGD FXHUSR GH HVWUXFWXUD VH FRPSRQH GH YDULRV VXEFRQMXQWRV
VXEFRQMXQ
VHJ~Q HO VLJXLHQWH
JUiILFR
6XEFRQMXQWRFDEDOOHWH$QFODMHVFLPHQWDFLyQ&RUUHDV8QLyQFRUUHDFDEDOOHWH
6XEFRQMXQWRFDEDOOHWH$QFODMHVFLPHQWDFLyQ
&RUUHDV8QLyQFRUUHDFDEDOOHWH
)LJXUD&RPSRQHQWHVGHODHVWUXFWXUD
'RFXPHQWRQž0HPRULD
'RFXPHQWRQž0HPRULD
3iJLQDGH
(GXDUGR-LPpQH]$\HUUD8QLYHUVLGDG3~EOLFDGH1DYDUUD
68%&21-8172&$%$//(7(
9LJDYHUWLFDO9LJDVXHOR9LJDLQFOLQDGD±3RUWDFRUUHDV7RUQLOOHUtDGHXQLyQ
)LJXUD
/D HVWUXFWXUD VH GLVHxD \ GLPHQVLRQD GH IRUPD VHQFLOOD JUDFLDV D VX VLVWHPD
PRGXODU'HHVWHPRGRODHVWUXFWXUDHVWiIRUPDGDSRUFDEDOOHWHV
3DUD WRGDV ODV GLVSRVLFLRQHV GH OD HVWUXFWXUD VH DVHJXUD OD UHVLVWHQFLD HVWUXFWXUDO
IUHQWHDODVFRQGLFLRQHVGHYLHQWR\FRQGLFLRQHVFOLPiWLFDVVHJ~QODQRUPDWLYDYLJHQWHHQ
HOOXJDUGHLQVWDODFLyQ
&255($6
/DVFRUUHDVGHVRSRUWHSDUDORVPyGXORVVRQXQRVSHUILOHVGHVHFFLyQFRQWLQXDGH
DFHUR 1RUPDOPHQWH IDEULFDGDV HQ EDVH D FKDSD GH DFHUR GH UHVLVWHQFLD DGHFXDGD DFHUR
6VRPHWLGDDXQSURFHVRGHFRQIRUPDGRSRUODPLQDGRRSOHJDGRSRVWHULRU7DPELpQ
VHUHDOL]DUiQWDODGURVPHGLDQWHSXQ]RQDGRRFRUWHSRUOiVHURSODVPDHQOtQHD
6H UHDOL]D HQ VHFFLRQHV DELHUWDV SDUD IDFLOLWDU HO PRQWDMH \ FRUUHFWR DSULHWH GH ORV
WRUQLOORVGHILMDFLyQDRWURVFRPSRQHQWHV/DVVHFFLRQHVVRQDELHUWDVGHVHFFLyQ&R=FRQ
VLPLODUHVUHVLVWHQFLDV/DVHFFLyQ=SHUPLWHDVXYH]XQDVHQFLOODRSHUDFLyQGHDSULHWHGH
WRUQLOORVPHGLDQWHPHGLRVPHFiQLFRV3HUPLWHDVLPLVPRHOUHPDFKDGRGHORVPyGXORV
/DV GLPHQVLRQHV VRQ XQ FDQWR GH PP XQDV DODV GH PP \ XQ HVSHVRU GH PP
'RFXPHQWRQž0HPRULD
3iJLQDGH
(GXDUGR-LPpQH]$\HUUD8QLYHUVLGDG3~EOLFDGH1DYDUUD
)LJXUD3HUILOGHDFHURDELHUWRGHVHFFLyQHQ&
/OHYDXQUHFXEULPLHQWRSRVWHULRUSRUJDOYDQL]DGRHQFDOLHQWHGHXQHVSHVRUPtQLPR
GHPLFUDVTXHDVHJXUDXQDEXHQDUHVLVWHQFLDDODFRUURVLyQ\GXUDELOLGDGFXPSOLHQGROD
OHJLVODFLyQDFWXDO
9,*$,1&/,1$'$
/DYLJDLQFOLQDGDGHVRSRUWHSDUDODVFRUUHDVHVWiIRUPDGDSRUXQSHUILOFHUUDGRGH
VHFFLyQUHFWDQJXODU/DVGLPHQVLRQHVH[WHULRUHVVRQGH[PP\HVSHVRUPP(O
PDWHULDO HV DFHUR GH FRQVWUXFFLyQ GH FDOLGDG 6 /OHYD RULILFLRV WDODGUDGRV SDUD HO
PRQWDMHVREUHHOODGHOUHVWRGHFRPSRQHQWHVGHOFDEDOOHWH6REUHpVWRVRULILFLRVVHPRQWDQ
WXHUFDV UHPDFKHV HVWDQGDUL]DGDV SDUD SHUPLWLU OD ILMDFLyQ DWRUQLOODGD GHO UHVWR GH
FRPSRQHQWHVREWHQLHQGRFRUUHFWRVSDUHVGHDSULHWHDVHJXUDQGRXQDILMDFLyQILDEOHDODUJR
SOD]R
)LJXUD3HUILOGHDFHURFHUUDGRGHVHFFLyQUHFWDQJXODU
'RFXPHQWRQž0HPRULD
3iJLQDGH
(GXDUGR-LPpQH]$\HUUD8QLYHUVLGDG3~EOLFDGH1DYDUUD
)LJXUD3HUILOGHDFHURFHUUDGRGHVHFFLyQUHFWDQJXODUFRQWXHUFDVUHPDFKHV
7DPELpQOOHYDXQUHFXEULPLHQWRSRVWHULRUSRUJDOYDQL]DGRHQFDOLHQWHGHXQHVSHVRU
PtQLPRGHPLFUDVTXHDVHJXUDXQDEXHQDUHVLVWHQFLDDODFRUURVLyQ\GXUDELOLGDG/DV
WXHUFDVUHPDFKHVVRQGHDFHURFRQXQUHFXEULPLHQWRFLQFDGR
9,*$68(/2
/D YLJD VXHOR HV XQ SHUILO FRQWLQXR GH DFHUR GH VHFFLyQ & /D IDEULFDFLyQ HV
PHGLDQWH SURFHVR GH ODPLQDFLyQ \ FRQIRUPDGR HQ FRQWLQXR R ELHQ SOHJDGR GHVGH FKDSD
ODPLQDGD /DV GLPHQVLRQHV EDVH GHO SHUILO VRQ GH PP GH FDQWR \ DODV GH PP (O
HVSHVRUHVGHPP
/DYLJDVXHOROOHYDSUDFWLFDGRVORVRULILFLRVSDUDHOPRQWDMHFRQWUDODYLJDLQFOLQDGD
\HOSXQWDODVtFRPRORVRULILFLRVSDUDHOPRQWDMHVREUHORVDQFODMHVGHODFLPHQWDFLyQ
)LJXUD3HUILOGHDFHURGHVHFFLyQHQ&
/D YLJD VXHOR OOHYD XQ UHFXEULPLHQWR SRVWHULRU SRU JDOYDQL]DGR HQ FDOLHQWH GH XQ
HVSHVRUPtQLPRGHPLFUDV
'RFXPHQWRQž0HPRULD
3iJLQDGH
(GXDUGR-LPpQH]$\HUUD8QLYHUVLGDG3~EOLFDGH1DYDUUD
9,*$9(57,&$/23817$/
'HQRPLQDPRV SXQWDO D OD SLH]D YHUWLFDO TXH FLHUUD HO WULiQJXOR TXH FRPSRQH HO
FDEDOOHWH6HWUDWDGHXQDYLJDGHVHFFLyQFRQWLQXD&GHFDQWRDSUR[PP\DODVGHHQWUH
PPGHSHQGLHQGRGHODFRQILJXUDFLyQGHILQLWLYD(OHVSHVRUQRUPDOHVGHPP
(OSXQWDOOOHYDSUDFWLFDGRVHQVXH[WUHPRVXSHULRUORVWDODGURVSDUDHOSDVRGHORV
WRUQLOORVGHPRQWDMHFRQWUDODYLJDLQFOLQDGD\HQODSDUWHLQIHULRURULILFLRVSDUDHOPRQWDMH
FRQWUDODYLJDGHVXHORELHQFRQWRUQLOORV\WXHUFDVRELHQFRQWXHUFDUHPDFKH
)LJXUD3HUILOGHDFHURGHVHFFLyQHQ&
(OSXQWDOWDPELpQOOHYDXQUHFXEULPLHQWRSRVWHULRUSRUJDOYDQL]DGRHQFDOLHQWHGH
XQHVSHVRUPtQLPRGHPLFUDV
$%$5&21(6'($0$55('(&255($6
3DUDHODPDUUHGHODVFRUUHDVVREUHODYLJDLQFOLQDGDGHORVFDEDOOHWHVVHHPSOHDQ
XQRVDEDUFRQHV6HWUDWDGHXQDVSLH]DVGHFRQH[LyQIDEULFDGDVDSDUWLUGHYDULOODGHDFHUR
URVFDGD\FLQFDGD/RVDEDUFRQHVVRQGHFDOLGDG(OHPSOHRGHHVWRVDEDUFRQHVSHUPLWH
XQ PRQWDMH PX\ IOH[LEOH GH ODV FRUUHDV VREUH ORV FDEDOOHWHV GH IRUPD TXH VH SXHGHQ
UHVROYHUSUREOHPDVGHSODQLWXGRGHVQLYHOIiFLOPHQWH
'RFXPHQWRQž0HPRULD
3iJLQDGH
(GXDUGR-LPpQH]$\HUUD8QLYHUVLGDG3~EOLFDGH1DYDUUD
)LJXUD$EDUFyQDPDUUDGRDFRUUHD
7251,//(5Ë$
7RGDODWRUQLOOHUtD\HOHPHQWRVGHXQLyQGHORVFRPSRQHQWHVHQWUHVLDVtFRPRORV
GH DPDUUH GH ORV PyGXORV VRQ GH DFHUR GH FDOLGDG FRQ WUDWDPLHQWR FLQFDGR SDUD
DVHJXUDUVXUHVLVWHQFLDDODFRUURVLyQ
0217$-('(0Ï'8/26
3DUD HO PRQWDMH GH ORV PyGXORV VREUH OD HVWUXFWXUD VH KD SUHYLVWR OD ILMDFLyQ
PHGLDQWH WRUQLOORV 6LVWHPD PiV FRP~Q GH PRQWDMH (O PyGXOR VH DPDUUD PHGLDQWH
WRUQLOORV\WXHUFDVDWUDYpVGHVXVSURSLRVRULILFLRV
$QFODMHVDOVRSRUWH
/RVDQFODMHVDODFLPHQWDFLyQSDUDHOPRQWDMHGHODHVWUXFWXUDVHKDKDFHQPHGLDQWH
SHUQRURVFDGR
‡ 7XHUFD DUDQGHOD GH HVSHUD (VWD WXHUFD SHUPLWLUi OD QLYHODFLyQ FXDQGR
FRORTXHPRVHQFLPDODHVWUXFWXUD/DDUDQGHODHVGHWLSRDQFKDSDUDPHMRUDUODWUDQVPLVLyQ
GHHVIXHU]RVDODHVWUXFWXUD
‡8QDYH]FRORFDGD\QLYHODGDODHVWUXFWXUDVHFRORFDUiVREUHHOODXQDFRQWUDWXHUFD
DUDQGHODDQFKDSDUDILMDUODSRVLFLyQ(OPRQWDMHTXHGDVHJ~QGHWDOOH
'RFXPHQWRQž0HPRULD
3iJLQDGH
(GXDUGR-LPpQH]$\HUUD8QLYHUVLGDG3~EOLFDGH1DYDUUD
(GXDUGR-LPpQH]$\HUUD8QLYHUVLGDG3~EOLFDGH1DYDUUD
)LJXUD$QFODMHDORVVRSRUWHV
(QHOPRQWDMHVREUHSLFDVVHKDGH GLVSRQHUGHSLH]DVHVSHFLDOHVSDUDHOPRQWDMH
(QHOPRQWDMHVREUHSLFDVVHKDGHGLVSRQHUGHSLH]DVHVSHFLDOHVSDUDHOPRQWDMH
VHJ~QGHWDOOH
)LJXUD'HWDOOHDQFODMHDVRSRUWH
'RFXPHQWRQž0HPRULD
'RFXPHQWRQž0HPRULD
3iJLQDGH
(GXDUGR-LPpQH]$\HUUD8QLYHUVLGDG3~EOLFDGH1DYDUUD
'HpVWDPDQHUDODHVWUXFWXUDVRSRUWHTXHGDELHQVXMHWDDOWHUUHQR\SXHGDUHVLVWLUODV
DFFLRQHV DPELHQWDOHV FRPR SXHGHQ VHU YLHQWR QLHYH \ OOXYLD \ ODV DFFLRQHV SURSLDV
UHVXOWDQWHVGHOSHVRGHORVPyGXORV\RWURVPDWHULDOHV
&$7$/2*26*5È),&$6<7$%/$6
(QHVWHDSDUWDGRVHDGMXQWDQWRGDVODVILFKDVWpFQLFDVGHORVHTXLSRVXWLOL]DGRVHQHO
GLVHxRGHODLQVWDODFLyQ$GHPiVVHDGMXQWDQODVWDEODV\JUiILFDVTXHKDQVLGRQHFHVDULDV
GXUDQWHODHODERUDFLyQGHOGLVHxRGHODLQVWDODFLyQ
'RFXPHQWRQž0HPRULD
3iJLQDGH
(GXDUGR-LPpQH]$\HUUD8QLYHUVLGDG3~EOLFDGH1DYDUUD
'RFXPHQWRQž0HPRULD
3iJLQDGH
(GXDUGR-LPpQH]$\HUUD8QLYHUVLGDG3~EOLFDGH1DYDUUD
'RFXPHQWRQž0HPRULD
3iJLQDGH
(GXDUGR-LPpQH]$\HUUD8QLYHUVLGDG3~EOLFDGH1DYDUUD
'RFXPHQWRQž0HPRULD
3iJLQDGH
(GXDUGR-LPpQH]$\HUUD8QLYHUVLGDG3~EOLFDGH1DYDUUD
'RFXPHQWRQž0HPRULD
3iJLQDGH
(GXDUGR-LPpQH]$\HUUD8QLYHUVLGDG3~EOLFDGH1DYDUUD
1250$7,9$<5(*/$0(17$&,Ï1
1RUPDWLYDGHFDUiFWHUHVWDWDO
•
•
•
/H\GHGHQRYLHPEUHGHO6HFWRU(OpFWULFR
5HDO'HFUHWRGHGHGLFLHPEUHSRUHOTXHVHUHJXODQODVDFWLYLGDGHV
GH WUDQVSRUWH GLVWULEXFLyQ FRPHUFLDOL]DFLyQ VXPLQLVWUR \ SURFHGLPLHQWRV GH
DXWRUL]DFLyQGHLQVWDODFLRQHVGHHQHUJtDHOpFWULFD
5HDO 'HFUHWR GH GH DJRVWR SRU HO TXH VH DSUXHED HO 5HJODPHQWR
(OHFWURWpFQLFRSDUD%DMD7HQVLyQH,QVWUXFFLRQHV7pFQLFDV&RPSOHPHQWDULDV
1RUPDWLYDGHFDUiFWHUDXWRQyPLFR
•
•
/H\GHGHGLFLHPEUHGHUHJXODFLyQGHO6HFWRU(OpFWULFR&DQDULR
'HFUHWRGHGHQRYLHPEUHSRUHOTXHVHUHJXODODRUJDQL]DFLyQ\HO
IXQFLRQDPLHQWRGHO5HJLVWURGH,QVWDODFLRQHVGH3URGXFFLyQ(OpFWULFD
1RUPDV81(
/DVSULQFLSDOHVVRQODVVLJXLHQWHV
•
•
•
•
•
•
•
•
•
81((1 QRYLHPEUH ([SUHVLyQ DQDOtWLFD SDUD ORV SHUILOHV VRODUHV
GLDULRV
81((1 DEULO 0yGXORV IRWRYROWDLFRV )9 GH VLOLFLR FULVWDOLQR
SDUDDSOLFDFLyQWHUUHVWUH&XDOLILFDFLyQGHOGLVHxR\DSUREDFLyQGHWLSR
81((1 3URFHGLPLHQWR GH FRUUHFFLyQ FRQ OD WHPSHUDWXUD \ OD
LUUDGLDQFLD GH OD FDUDFWHUtVWLFD L9 GH GLVSRVLWLYRV IRWRYROWDLFRV GH VLOLFLR
FULVWDOLQR
81((1 'LVSRVLWLYRV IRWRYROWDLFRV 3DUWH 0HGLGD GH OD
FDUDFWHUtVWLFDLQWHQVLGDGWHQVLyQGHORVPyGXORVIRWRYROWDLFRV
81((1 'LVSRVLWLYRV IRWRYROWDLFRV 3DUWH 5HTXLVLWRV GH
FpOXODVVRODUHVGHUHIHUHQFLD
81((1'LVSRVLWLYRVIRWRYROWDLFRV3DUWH5HTXLVLWRVSDUDORV
PyGXORVVRODUHVGHUHIHUHQFLD
81((13DUiPHWURVFDUDFWHUtVWLFRVGHORVVLVWHPDVIRWRYROWDLFRV
)9DXWyQRPRV
81((1DEULO6LVWHPDVIRWRYROWDLFRV)9WHUUHVWUHVJHQHUDGRUHV
GHSRWHQFLD*HQHUDOLGDGHV\JXtD
81((1 DEULO 3URWHFFLyQ FRQWUD ODV VREUHWHQVLRQHV GH ORV
VLVWHPDVIRWRYROWDLFRV)9SURGXFWRUHVGHHQHUJtD±*XtD
'RFXPHQWRQž0HPRULD
3iJLQDGH
(GXDUGR-LPpQH]$\HUUD8QLYHUVLGDG3~EOLFDGH1DYDUUD
%,%/,2*5$)Ë$
• ³$JXDVGHO7HOGH´*HVWLyQ,QWHJUDOGH6HUYLFLRV6$
• 0HGLQD 6DQ -XDQ -RVp $QWRQLR ³'HVDODFLyQ GH DJXDV VDOREUHV \ GH PDU
ÏVPRVLV,QYHUVD´(GLFLRQHV0XQGL3UHQVD
• 0LJXHO $ORQVR $EHOOD ³6LVWHPDV )RWRYROWDLFRV ,QWURGXFFLyQ DO GLVHxR
\GLPHQVLRQDGR GH LQVWDODFLRQHV GH HQHUJtD VRODU IRWRYROWDLFD´ 6HJXQGD HGLFLyQ
• 9DULRV DXWRUHV ³*XtD SDUD HO GHVDUUROOR GH SUR\HFWRV GH ERPEHR GH DJXD FRQ
HQHUJtDIRWRYROWDLFD´6DQGLD1DWLRQDO/DERUDWRULHV
• 9LFHQWH0XxR]'tH]³6LVWHPDVIRWRYROWDLFRVSDUDERPEHRGHDJXD´*UXSRGH
,QYHVWLJDFLyQ,'($8QLYHUVLGDGGH-DpQ
• ³7UDWDPLHQWRGHODJXDSRUSURFHVRVGHPHPEUDQD´$::$(G0F*UDZ+LOO
• )DULxDV,JOHVLDV02VPRVLVLQYHUVDIXQGDPHQWRVWHFQRORJtDV\DSOLFDFLRQHV(G
0F*UDZ+LOO
• 9H]D-0,QWURGXFFLyQDODGHVDODFLyQGHDJXDV3XEOLFDFLRQHV8QLYHUVLGDGGHODV
3DOPDV
• ´3OLHJRGH&RQGLFLRQHV7pFQLFDVHQ,QVWDODFLRQHV$LVODGDVGHUHG´'HSDUWDPHQWR
GHHQHUJtDVRODUGH,'$(
'LUHFFLRQHVGH,QWHUQHW
• ZZZDFLQHVJRQHV
• ZZZFDOSODVHV
• ZZZIORZWLWHHV
• ZZZKDUPVFRHV
• ZZZKLGUDQDXWLFVHV
• ZZZKLGURWHFDUHV
• ZZZLWXUHV
2WUDVUHIHUHQFLDV
• 'HVDODGRUD)XHUWHYHQWXUD
• ,QVWLWXWR7HFQROyJLFR&DQDULR
'RFXPHQWRQž0HPRULD
3iJLQDGH
(6&8(/$7e&1,&$683(5,25'(,1*(1,(526
,1'8675,$/(6<'(7(/(&2081,&$&,Ï1
7LWXODFLyQ
,1*(1,(527e&1,&2,1'8675,$/0(&È1,&2
7tWXORGHOSUR\HFWR
',6(f2'(81$,167$/$&,Ï1'(6$/$'25$'(
$*8$$%$67(&,'$&2181$3/$17$
)27292/7$,&$
'2&80(1721ž&È/&8/26
(GXDUGR-LPpQH]$\HUUD
0DUWtQ,EDUUD0XULOOR
3DPSORQDGH$EULOGH
Ë1',&(
%$/$1&('(0$7(5,$
,1752'8&&,Ï1
'$726'(3$57,'$
',6(f2'(/6,67(0$'(35(75$7$0,(172
,1752'8&&,Ï1
),/7526'($5(1$
),/7526'(&$578&+2
'26,),&$&,Ï1'($17,,1&5867$17(
'26,),&$&,Ï1'(5('8&725
',0(16,21$'2'(/$81,'$''(26026,6,19(56$
,1752'8&&,Ï1
6(/(&&,Ï1'(/$0(0%5$1$
&È/&8/2'(/266Ï/,'26727$/(6',68(/72667'
&È/&8/2'(/$35(6,Ï1260Ï7,&$
&È/&8/2'(/1Ò0(52'(0(0%5$1$6<78%26'(35(6,Ï1
&È/&8/2'(/$35(6,Ï1'(23(5$&,Ï1
6,67(0$'(32675$7$0,(172
,1752'8&&,Ï1
'26,),&$&,Ï1'(+,32&/25,726Ï',&2
&È/&8/2'(/$,167$/$&,Ï1+,'5È8/,&$
',0(16,21$'2'(/$678%(5,$6
3e5','$6'(&$5*$
&$5*$Ò7,/<6(/(&&,Ï1'(/$6%20%$6
%20%$6'(&$37$&,Ï1
%20%$'($/7$35(6,Ï1
&È/&8/26'(/$,167$/$&,Ï1)27292/7$,&$
&È/&8/2'(/1Ò0(52'(0Ï'8/26
1Ò0(52'(0Ï'8/26'(/6,67(0$'(&$37$&,Ï1
1Ò0(52'(0Ï'8/26'(/6,67(0$'($/7$35(6,Ï1
(GXDUGR-LPpQH]$\HUUD8QLYHUVLGDG3~EOLFDGH1DYDUUD
%$/$1&('(0$7(5,$
,1752'8&&,Ï1
6HSDUWHGHTXHDFWXDOPHQWHHQODLVODGH/DQ]DURWHODGHPDQGDGHDJXDSRWDEOHHVGH
OKDEGtD 3RU HOOR VH YD D GLVHxDU XQD LQVWDODFLyQ GHVDODGRUD GH DJXD GH PDU
DEDVWHFLGD FRQ XQD SODQWD IRWRYROWDLFD TXH VHD FDSD] GH SURGXFLU PGtD GH DJXD
SRWDEOHSDUDDEDVWHFHUXQDSREODFLyQDSUR[LPDGDGHKDELWDQWHV
.
'$726'(3$57,'$
• $QiOLVLVGHODJXDGHDOLPHQWDFLyQ
$ FRQWLQXDFLyQ VH DGMXQWD OD 7DEOD FRQ OD FRPSRVLFLyQ LyQLFD GHO DJXD GH PDU
2FpDQR $WOiQWLFR /DQ]DURWH VHJ~Q GDWRV IDFLOLWDGRV SRU $JXDV GH 7HOGH *HVWLyQ
,QWHJUDOGHO6HUYLFLR6$
3DUiPHWURV
&RQFHQWUDFLyQ PJ/LWUR
FRUULHQWH$OLPHQWDFLyQ
&DOFLR
0DJQHVLR
6RGLR
3RWDVLR
$OXPLQLR
$PRQLR
%RUR
%LFDUERQDWRV
6XOIDWRV
&ORUXURV
)ORUXURV
1LWUDWRV
7DEOD&RPSRVLFLyQLyQLFDGHODJXDGHOPDU
)XHQWHV$JXDVGH7HOGH*HVWLyQLQWHJUDOGHO6HUYLFLR
3RU WDQWR WHQHPRV HQ QXHVWUD DJXD GH DOLPHQWDFLyQ XQ WRWDO GH SSP GH
VyOLGRVWRWDOHVGLVXHOWRV67'
2WURVGDWRVHQHOGLVHxRGDODVLQVWDODFLRQHVGHyVPRVLVLQYHUVDVRQODWHPSHUDWXUD
PHGLDGHODJXDGHOPDUHOS+HOtQGLFHGHWXUELGH]\HOtQGLFHGHHQVXFLDPLHQWR6',(Q
QXHVWURFDVR
‘…—‡–‘͑ʹ&iOFXORV
3iJLQDGH
(GXDUGR-LPpQH]$\HUUD8QLYHUVLGDG3~EOLFDGH1DYDUUD
7 ž&
S+ ËQGLFHGHWXUELGH]178
ËQGLFHGHHQVXFLDPLHQWR6',
&DUDFWHUtVWLFDV\FDOLGDGGHVHDGDVGHODJXDSURGXFWR
(QFXDQWRDODFDOLGDGGHODJXDSURGXFWRHVFXPSOLUFRQHO5'GHOGH
IHEUHURSRUHOTXHVHHVWDEOHFHQORVFULWHULRVVDQLWDULRVGHODFDOLGDGGHODJXDGHFRQVXPR
KXPDQR
67'PJ/
'XUH]D PJ/GH&D
S+ ±
%$/$1&('(0$7(5,$,1,&,$/
'HIRUPDJHQHUDOVHWLHQHTXH
ሺͳሻ
•
ሺʹሻ
'yQGH
(OFDXGDOGHDOLPHQWDFLyQ4$PK
(OFDXGDOGHSHUPHDGRRFDXGDODJXDSURGXFWR43PK
(OFDXGDOGHUHFKD]RRVDOPXHUD45PK
&RQRFLGRV HO FDXGDO GH DJXD SURGXFWR \ HO UHQGLPLHQWR JOREDO UHVROYHPRV HO
EDODQFHPDWHULD
(OFDXGDOGHDJXDSURGXFWRRFDXGDOGHSHUPHDGRGHPDQGDGRHV
/D FRQILJXUDFLyQ GH OD XQLGDG GH yVPRVLV VHUi GH XQ VROR SDVR \ OD FRQYHUVLyQ
JOREDOGHOSURFHVRGHO
(OFDXGDOGHDOLPHQWDFLyQGHODERPEDGHDOWDSUHVLyQ\ODVPHPEUDQDVGHRVPRVLV
LQYHUVDHV
'RFXPHQWRQž&iOFXORV
3iJLQDGH
(GXDUGR-LPpQH]$\HUUD8QLYHUVLGDG3~EOLFDGH1DYDUUD
&RQRFLGRVHOFDXGDOGHDOLPHQWDFLyQ\HOFDXGDOGHSHUPHDGRGHVSHMDPRVHOFDXGDO
GHUHFKD]R
&RQRFLGRV HO FDXGDO GH DOLPHQWDFLyQ WRWDO TXH DOLPHQWD D OD SODQWD GHVDODGRUD \
WHQLHQGRHQFXHQWDTXHVHYDQDLQVWDODUGRVERPEDVGHFDSWDFLyQREWHQHPRVHOFDXGDOTXH
VXPLQLVWUDFDGDERPED6LHQGR
',6(f2'(/6,67(0$'(35(75$7$0,(172
,172'8&&,Ï1
6HYDDGLVHxDUHOVLVWHPDGHSUHWUDWDPLHQWRWDQWRItVLFRFRPRTXtPLFRTXHVHYDQ
DOOHYDUDFDERHQODLQVWDODFLyQ
(OVLVWHPDGH3UHWUDWDPLHQWRYDDVHUHOVLJXLHQWH
3UHWUDWDPLHQWRVItVLFRV
)LOWUDFLyQJURVHUDFRQORVILOWURVGHDUHQD
)LOWUDFLyQGHDILQRFRQORVILOWURVGHFDUWXFKR
3UHWUDWDPLHQWRVTXtPLFRV
'RVLILFDFLyQGHDQWLLQFUXVWDQWH
'RVLILFDFLyQGHUHGXFWRU
$FRQWLQXDFLyQVHGLVHxDQFDGDXQRGHORVHTXLSRV
'RFXPHQWRQž&iOFXORV
3iJLQDGH
(GXDUGR-LPpQH]$\HUUD8QLYHUVLGDG3~EOLFDGH1DYDUUD
),/7526'($5(1$
/DILOWUDFLyQHQDUHQDVHHQFXHQWUDGHQWURGHORVSUHWUDWDPLHQWRVItVLFRVDORVTXHHV
VRPHWLGD HO DJXD GH PDU DQWHV GH VX DFFHVR D OD XQLGDG GH yVPRVLV LQYHUVD &RQ HOOD VH
FRQVLJXHODHOLPLQDFLyQGHORVVyOLGRVVXVSHQGLGRV\ODUHGXFFLyQGHODFRQFHQWUDFLyQGH
FRORLGHVTXHSXHGDWHQHUHODJXDGHPDU
(O ILOWUR HOHJLGR HV HO ILOWUR KRUL]RQWDO VHULH + GHO IDEULFDQWH &DOSODV 6XV
GLPHQVLRQHVVRQ
'LiPHWUR P
/RQJLWXG P
6XSHUILFLHILOWUDQWH P
/D YHORFLGDG GH ILOWUDFLyQ SDUD HVWH WLSR GH ILOWURV VHJ~Q IDEULFDQWH GHEH HVWDU
FRPSUHQGLGD HQWUH PK VLHQGR GH PK HO Pi[LPR HQ HO FDVR GH HVWDU WRGRV ORV
ILOWURVRSHUDWLYRV
$FRQWLQXDFLyQVHGHWHUPLQDUiHOQ~PHURGHILOWURVQHFHVDULRVDLQVWDODU3DUDHOOR
VHDSOLFDODH[SUHVLyQVLJXLHQWH
!"#$ !"#$$
ሺ͵ሻ
%!"#$ &'!"#$
'yQGH
1ILOWURVHVHOQ~PHURGHILOWURVGHDUHQDDLQVWDODU
4ILOWUDUHVHOFDXGDOGHDJXDDWUDWDUPK
6ILOWURHVODVHFFLyQGHFDGDILOWURP
9ILOWURHVODYHORFLGDGGHILOWUDFLyQUHFRPHQGDGDPK
(O FDXGDO GH DJXD D ILOWUDU HV GH PK /D VHFFLyQ GH ORV ILOWURV HV \
FRPR OD YHORFLGDG GH ILOWUDFLyQ UHFRPHQGDGD FRPR Pi[LPD HV GH PK VH SXHGH
GHWHUPLQDUTXHHOQ~PHURGHILOWURVDLQVWDODUHV
!"#$ ؆
&
6HLQVWDODUiQGRVILOWURVGHDUHQD
6LQHPEDUJR HVQHFHVDULRGHWHUPLQDUODYHORFLGDGGHILOWUDFLyQUHDOHQ HOFDVRGH
WHQHUWRGRVORVILOWURVRSHUDWLYRVQRGHEHGHVREUHSDVDUGHPK/XHJR
%!"#$()*+!"#$ ,
&
3RUWDQWRHOUHVXOWDGRREWHQLGRHVYiOLGR
'RFXPHQWRQž&iOFXORV
3iJLQDGH
(GXDUGR-LPpQH]$\HUUD8QLYHUVLGDG3~EOLFDGH1DYDUUD
!"#$ ),/7526'(&$578&+2
(OVHJXQGRGHORVSUHWUDWDPLHQWRVItVLFRVHVODILOWUDFLyQGHVHJXULGDGRILOWUDFLyQ
SRUFDUWXFKRV(OFRPHWLGRGHHVWDILOWUDFLyQHVSURWHJHUDODVPHPEUDQDVGHSDUWtFXODVHQ
VXVSHQVLyQ/RVIDEULFDQWHVGHPHPEUDQDVHVWDEOHFHQHOWDPDxRPi[LPRGHSDUWtFXODHQ
PLFUDV
/RV ILOWURV GH FDUWXFKRV HOHJLGRV VRQ GH OD ILUPD +DUPVFR (Q pO HQWUDQ FDUWXFKRVGHPP/RVFDUWXFKRVHOHJLGRVVRQGHODVHULH'HELGRDTXHHOWDPDxR
GHODVSDUWtFXODVDUHWHQHUHVGHPLFUDVFRPRPtQLPRHOILOWURGHFDUWXFKRDLQVWDODUVHUi
HO
(O FDXGDO GH DOLPHQWDFLyQ D WUDWDU SRU ORV ILOWURV HV GH PK $VXPLHQGR
FDXGDOHV QRUPDOHV GH RSHUDFLyQ GH PK SRU FDUWXFKR HOHPHQWDO GH PP SDUD
XQLGDGHV GH PP WHQGUHPRV TXH HO FDXGDO GH RSHUDFLyQ HV GH PK $
FRQWLQXDFLyQ VH GHWHUPLQD HO Q~PHUR GH ILOWURV GH FDUWXFKRV QHFHVDULR SRU OtQHD GH
RSHUDFLyQ
-. !"#”$
ሺͶሻ
-.
'yQGH
1)&HVHOQ~PHURGHILOWURVGHFDUWXFKRDLQVWDODU
4ILOWUDUHVHOFDXGDOGHDJXDDWUDWDUPK
4)&HVHOFDXGDOGHRSHUDFLyQGHOILOWURGHFDUWXFKRPK
6XVWLWX\HQGRHQODH[SUHVLyQDQWHULRUVHREWLHQH
-. ؆
6LHQFDGDSRUWDILOWURKD\ILOWURVGHFDUWXFKRGHPPHOQ~PHURGHSRUWD
ILOWURVDLQVWDODUHQODOtQHDVHUiGHGRV
'26,),&$&,Ï1'($17,,1&5867$17(
/DGRVLILFDFLyQGH DQWLLQFUXVWDQWHWLHQH FRPRREMHWLYRHYLWDUORVGHSyVLWRVGHODV
VDOHVLQFUXVWDQWHVWDOHVFRPRVXOIDWRFiOFLFR \VXOIDWRGHEDULRHQODVPHPEUDQDV(VWRV
GHSyVLWRVSURGXFHQXQDGLVPLQXFLyQHQHOUHQGLPLHQWRGHODLQVWDODFLyQ\XQDXPHQWRHQOD
SUHVLyQGHRSHUDFLyQ
'RFXPHQWRQž&iOFXORV
3iJLQDGH
(GXDUGR-LPpQH]$\HUUD8QLYHUVLGDG3~EOLFDGH1DYDUUD
(O DQWLLQFUXVWDQWH HOHJLGR HV XQ iFLGR SROLFDUER[tOLFR QHXWUDOL]DGR /D GRVLV
UHFRPHQGDGDSRUHOIDEULFDQWHHVPJ/
$FRQWLQXDFLyQVHGHWHUPLQDHOFDXGDOGHDQWLLQFUXVWDQWHTXHHVQHFHVDULRDxDGLU
(&/
ሺͷሻ
0
'yQGH
FHVODGRVLVGHSURGXFWRDDxDGLUJP
4IHVHOFDXGDOGHDJXDGHDOLPHQWDFLyQDWUDWDUPK
ȡHVODGHQVLGDGGHOSURGXFWRDXWLOL]DUJFP
/XHJRVXVWLWX\HQGRVHWLHQHTXHHOFDXGDOGHGLVROXFLyQDLQ\HFWDUHV
&
&
&
"
'26,),&$&,Ï1'(5('8&725
/DGRVLILFDFLyQGHUHGXFWRUWLHQHFRPRREMHWLYRUHGXFLUODDFWLYLGDGGHORVDJHQWHV
R[LGDQWHV GH IRUPD TXH VH JDUDQWLFH OD DXVHQFLD WRWDO GH FORUR OLEUH $GHPiV UHJXOD HO
FUHFLPLHQWRELROyJLFR\DFW~DFRQWUDODVLQFUXVWDFLRQHVUHJXODHOS+
/DHOLPLQDFLyQGHOR[tJHQRGHODJXDIDYRUHFHODSURWHFFLyQGHODVSDUWHVPHWiOLFDV
GHODLQVWDODFLyQGHODFRUURVLyQ\FRPRFRQVHFXHQFLDSURWHJHDODVPHPEUDQDVGHGLFKRV
SURGXFWRVFRUURVLYRV
(OSXQWRGHLQ\HFFLyQHVGHVSXpVGHORVILOWURVGHDUHQD\GHVSXpVGHORVILOWURVGH
FDUWXFKR\DTXHVHHOLPLQDHOFORUROLEUHMXVWRDQWHVGHODHQWUDGDDODVPHPEUDQDV/XHJR
VHGRVLILFDUiHQHVWRVSXQWRV
(OUHGXFWRUVHOHFFLRQDGRHVHOPHWDELVXOILWRVyGLFR
/D GRVLV UHFRPHQGDGD HV GH PJ/ &RPR OD VROXFLyQ FRPHUFLDO HV DO OD
GRVLVDLQ\HFWDUVHUiGHPJ/
$FRQWLQXDFLyQVHGHWHUPLQDHOFDXGDOGHUHGXFWRUTXHHVQHFHVDULRDxDGLU
(&/
ሺ͸ሻ
0
'yQGH
FHVODGRVLVGHSURGXFWRDDxDGLUJP
'RFXPHQWRQž&iOFXORV
3iJLQDGH
(GXDUGR-LPpQH]$\HUUD8QLYHUVLGDG3~EOLFDGH1DYDUUD
4IHVHOFDXGDOGHDJXDGHDOLPHQWDFLyQDWUDWDUPK
ȡHVODGHQVLGDGGHOSURGXFWRDXWLOL]DUJFP
6XVWLWX\HQGRVHWLHQHTXHHOFDXGDOGHGLVROXFLyQDLQ\HFWDUHV
&ͳͶͶǡ͵ͺ
ൌ ͻǡ͵͵ͷ ȉ ͳͲିସ ଷ ȀŠ ൌ Ͳǡͻ͵͵ͷŽȀŠ
ȉͳͲ଺
',0(16,21$'2'(/$81,'$''(26026,6,19(56$
,1752'8&&,Ï1
3DUDHOGLVHxRGHODXQLGDGGHyVPRVLVLQYHUVDVHKDQVHJXLGRODVLJXLHQWHVHFXHQFLD
GHFiOFXOR
D6HOHFFLyQGHODPHPEUDQD
E&iOFXORGHORVVyOLGRVWRWDOHVGLVXHOWRV
F&iOFXORGHODSUHVLyQRVPyWLFD
G&iOFXORGHOQ~PHURGHPHPEUDQDV\WXERVGHSUHVLyQ
H&iOFXORGHORVIDFWRUHVGHFRUUHFFLyQFiOFXORGHOIOXMRGHGLVHxRFiOFXOR
GHOQ~PHURGHPHPEUDQDV\WXERVGHSUHVLyQUHDOHV
I&iOFXORGHODSUHVLyQGHRSHUDFLyQ
J&iOFXORGHOUHQGLPLHQWRUHDOGHODLQVWDODFLyQ
6(/(&&,Ï1'(/$0(0%5$1$
/D PHPEUDQD HOHJLGD VHUi DVLPpWULFD GH SROLDPLGD DURPiWLFD \ FRQ XQD
FRQILJXUDFLyQGHDUUROODPLHQWRHQHVSLUDO
/DPHPEUDQDHOHJLGDHVOD6:&0$;GHOIDEULFDQWH+\GUDQDXWLFV
$FRQWLQXDFLyQVHGHWDOODQDOJXQDGHODVFDUDFWHUtVWLFDVGHGLFKDPHPEUDQD
43 PG
5HFKD]RVDOHV ÈUHDDFWLYD P
&È/&8/2'(/2662/,'26727$/(6',68(/72667'
&RQRFLGRVORVFDXGDOHVYROXPpWULFRVGHWRGDVODVFRUULHQWHV \ODVFRQFHQWUDFLRQHV
GH ORV GLVWLQWRV LRQHV HQ OD FRUULHQWH GH DOLPHQWDFLyQ VH FDOFXODQ ODV FRQFHQWUDFLRQHV GH
HVWRV PLVPRV LRQHV HQ ODV FRUULHQWHV GH SHUPHDGR \ UHFKD]R 3DUD HOOR VH UHVXHOYH HO
EDODQFHGHPDWHULD
- ሺ͹ሻ
'RFXPHQWRQž&iOFXORV
3iJLQDGH
(GXDUGR-LPpQH]$\HUUD8QLYHUVLGDG3~EOLFDGH1DYDUUD
- &.- &. &. ሺͺሻ
'HVSHMDQGRGHODHFXDFLyQODFRQFHQWUDFLyQGHOSHUPHDGRSDUDHOFRPSRQHQWHLVH
WLHQHTXH
.1) ‫ܥ‬ி௜ ȉ ܳி െ ‫ܥ‬ோ௜ ȉ ܳோ
ሺͻሻ
ܳ௉
3RURWURODGRFRQRFLGRVODFRQFHQWUDFLyQGHODDOLPHQWDFLyQSDUDHOFRPSRQHQWHL
GHWDOODGDHQHO$3$57$'2HOUHFKD]RGHVDOHVGHODPHPEUDQD$3$57$'2
\ODFRQYHUVLyQJOREDOGHOVLVWHPD$3$57$'2VHGHWHUPLQDODFRQFHQWUDFLyQGHO
UHFKD]RSDUDHOFRPSRQHQWHL
. ܴܵ ȉ ‫ܥ‬ி
ሺͳͲሻ
ͳെߟ
(OSRUFHQWDMHGHUHFKD]R56GHODPHPEUDQDHV
5HDOL]DQGRHOFiOFXORGHODFRQFHQWUDFLyQSDUDHO&DOFLRHQHOUHFKD]RVHWLHQH
. &
23)#$
<ODFRQFHQWUDFLyQGH&DOFLRHQHOSHUPHDGR
. &
23)#$
5HDOL]DQGRHOFiOFXORSDUDWRGRVORVFRPSRQHQWHVVHREWLHQHFRPRSXHGHYHUVHD
FRQWLQXDFLyQHQOD7DEODODVFRPSRVLFLRQHVGHFDGDXQDGHODVFRUULHQWHV
&RQFHQWUDFLyQ
&RQFHQWUDFLyQ
&RQFHQWUDFLyQ
3DUiPHWURV
PJ/FRUULHQWH PJ/FRUULHQWH PJ/FRUULHQWH
5HFKD]R
3HUPHDGR
$OLPHQWDFLyQ
&DOFLR
0DJQHVLR
6RGLR
3RWDVLR
$OXPLQLR
$PRQLR
%RUR
%LFDUERQDWRV
6XOIDWRV
&ORUXURV
)ORUXURV
'RFXPHQWRQž&iOFXORV
3iJLQDGH
(GXDUGR-LPpQH]$\HUUD8QLYHUVLGDG3~EOLFDGH1DYDUUD
1LWUDWRV
7DEOD&RPSRVLFLyQFRUULHQWHVDOLPHQWDFLyQUHFKD]R\SHUPHDGR
6XPDQGRWRGDVODVFRPSRVLFLRQHVVHREWLHQHQORVVyOLGRVWRWDOHVGLVXHOWRVHQFDGD
XQDGHODVFRUULHQWHV
67'SHUPHDGR PJ/
67'UHFKD]R PJ/
67'DOLPHQWDFLyQ PJ/
'H HVWD IRUPD VH FRPSUXHED TXH QXHVWUD DJXD SURGXFWR FXPSOH FRQ HO
5'HOFXDOHVWDEOHFHTXHORV67'GHEHQVHULQIHULRUHVDPJ/
&È/&8/2'(/$35(6,Ï1260Ï7,&$
6LGRVGLVROXFLRQHVDFXRVDVGHGLIHUHQWHFRQFHQWUDFLyQVHHQFXHQWUDQVHSDUDGDVSRU
XQDPHPEUDQDVHPLSHUPHDEOHDSDUHFHXQGLIHUHQFLDOGHSUHVLyQHQWUHORVGRVODGRVGHOD
PHPEUDQDOODPDGDSUHVLyQRVPyWLFD
6L VH DSOLFD DUWLILFLDOPHQWH DO ODGR GH OD GLVROXFLyQ XQD SUHVLyQ VXSHULRU D OD
SUHVLyQRVPyWLFDFRPLHQ]DDSDVDUDJXDGHVGHODGLVROXFLyQGHPD\RUFRQFHQWUDFLyQDOD
GHPHQRUSXULILFDQGRpVWD~OWLPD\REWHQLHQGRSRUWDQWRXQDJXDGHSXUH]DDGPLVLEOH3RU
HOORHVLPSRUWDQWHFRQRFHUODSUHVLyQRVPyWLFDGHODJXDGHDOLPHQWDFLyQ\DTXHDSDUWLUGH
HOOD VH GHWHUPLQDUi OD SUHVLyQ GH WUDEDMR GH ODV ERPEDV GH DOWD SUHVLyQ (VWD ~OWLPD
FRQGLFLRQDUiHOFRQVXPRHQHUJpWLFRGHOSURFHVRGHDTXtVXJUDQLPSRUWDQFLD
&RQVLGHUDFLRQHVWHUPRGLQiPLFDVSHUPLWHQHVWDEOHFHUTXHODUHODFLyQH[LVWHQWHHQWUH
OD SUHVLyQ RVPyWLFD GH XQD VROXFLyQ \ OD FRQFHQWUDFLyQ GH VXVWDQFLDV TXH OD FRPSRQHQ
YLHQHGDGDSRUODHFXDFLyQÏVPRVLVLQYHUVD0DQXHO)DULxDV
&5
4 ൬ ൰ &3+ ሺͳͳሻ
6
'yQGH
ʌSUHVLyQRVPyWLFDGHODVROXFLyQ
D DFWLYLGDGGHOVROYHQWHDJXD
5 FRQVWDQWHGHORVJDVHVSHUIHFWRV
7 WHPSHUDWXUDDEVROXWDHQJUDGRV.HOYLQ
9 YROXPHQPRODUSDUFLDOGHOVROYHQWHHQODVROXFLyQ
/DDFWLYLGDGGHODJXDHQXQDVROXFLyQWHQLHQGRHQFXHQWDTXHHQNJGHDJXDKD\
PROHVYLHQHGDGDSRUODHFXDFLyQ
'RFXPHQWRQž&iOFXORV
3iJLQDGH
(GXDUGR-LPpQH]$\HUUD8QLYHUVLGDG3~EOLFDGH1DYDUUD
3+ σ )
&7ሺͳʹሻ
6XVWLWX\HQGRHOYDORUGHODDFWLYLGDGGHODJXDREWHQHPRVTXHODSUHVLyQRVPyWLFD
TXHGD
4&7&ሺ#ሻ& ෍ ) ሺͳ͵ሻ
'yQGH
ʌ3UHVLyQRVPyWLFDEDUHV
θ &RHILFLHQWHRVPyWLFR
W7HPSHUDWXUDGHODJXDž&
Ȉ PL 6XPDWRULR GH ODV PRODOLGDGHV GH WRGRV ORV FRQVWLWX\HQWHV GH OD VROXFLyQ WDQWR
LyQLFRVFRPRQRLyQLFRV
/DPRODOLGDGGHFDGDFRPSRQHQWHVHFDOFXODPHGLDQWHODVLJXLHQWHHFXDFLyQ
) .)
'59
&8&
ሺͳͶሻ
'yQGH
&L&RQFHQWUDFLyQGHOFRPSRQHQWHLGHODVROXFLyQH[SUHVDGDHQPJ/
3PL3HVRPROHFXODUGHOFRPSRQHQWHL
67'&RQWHQLGRHQVDOHVWRWDOHVGHODVROXFLyQHQPJ/
<HOFRHILFLHQWHRVPyWLFR‘YLHQHGDGRSRUODUHODFLyQVLJXLHQWH
7
'
& ൬&3+ ൰ &:.&ሺ:ሻ ሺͳͷሻ
&:
'yQGH,H,VRQIXHU]DVLyQLFDV\6$%\&FRHILFLHQWHVHPStULFRVSDUDFDOFXODUORVVH
XWLOL]DQODVVLJXLHQWHVH[SUHVLRQHV
: & ෍൫) &;) ൯ሺͳ͸ሻ
: & ෍ ) ሺͳ͹ሻ
σ ) &;) '& ቆ
ቇ&൤
൨ &0 ሺͳͺሻ
σ )
ሺ#ሻ&9
'RQGHODGHQVLGDGVHFDOFXODFRPR
0&ͳͲିସ ȉ െ ʹǡ͸ͻͶͻͳ ȉ ͳͲି଺ ȉ ଶ ሺͳͻሻ
'RFXPHQWRQž&iOFXORV
3iJLQDGH
(GXDUGR-LPpQH]$\HUUD8QLYHUVLGDG3~EOLFDGH1DYDUUD
&: ሺʹͲሻ
.
ହଷଶଵ
&3+ሺ5ሻሺʹͳሻ
5
ͶͲǡͷͲͳ͸
&3+ሺ5ሻሺʹʹሻ
ሺ ൅ ʹ͹͵ǡͳ͸ሻ
9 ሺ୘ାଶ଻ଷǡଵ଺ሻȉ ሺ ൅ ʹ͹͵ǡͳ͸ሻ
&ሺ ൅ ʹ͹͵ǡͳ͸ሻଶ &ͳͲି଻ &ሺ ൅ ʹ͹͵ǡͳ͸ሻଷ ሺʹ͵ሻ
$ FRQWLQXDFLyQ VH UHDOL]DQ ORV FiOFXORV FRUUHVSRQGLHQWHV $ PRGR GH HMHPSOR VH
KDUiQSDUDODFRUULHQWHGHDOLPHQWDFLyQ3DUDHOORVHSDUWHGHORVGDWRVGHFRPSRVLFLyQ \
SHVRPROHFXODUGHFDGDLyQWDEXODGRVDFRQWLQXDFLyQ
&RQFHQWUDFLyQ
3HVR0ROHFXODU
3DUiPHWURV
PJ/FRUULHQWH
JPRO
$OLPHQWDFLyQ
&DOFLR
0DJQHVLR
6RGLR
3RWDVLR
$OXPLQLR
$PRQLR
%RUR
%LFDUERQDWRV
6XOIDWRV
&ORUXURV
)ORUXURV
1LWUDWRV
7DEOD&RPSRVLFLyQ\SHVRPROHFXODUGHFDGDFRPSRQHQWH
6HGHWHUPLQDQORVVyOLGRVWRWDOHVGLVXHOWRVHQODFRUULHQWHGHDOLPHQWDFLyQ
67' Ȉ&L PJ/LWUR
$FRQWLQXDFLyQVHUHDOL]DHOFiOFXORGHODPRODOLGDGGHODFRUULHQWHGHDOLPHQWDFLyQ
3DUDHOORHVQHFHVDULRREWHQHUSULPHURODPRODOLGDGGHFDGDFRPSRQHQWH\GHVSXpVFRQHO
VXPDWRULRGHWRGDVVHWHQGUiODPRODOLGDGGHODFRUULHQWH3DUDHOFDVRGHOFDOFLRVHJ~QOD
H[SUHVLyQ
'RFXPHQWRQž&iOFXORV
3iJLQDGH
(GXDUGR-LPpQH]$\HUUD8QLYHUVLGDG3~EOLFDGH1DYDUUD
) .)
&8&
'59
ൌ
.)
&8&
ൌ ͲǡͲͳͶ
‘Ž
†‡ƒ‰—ƒ
ͳǤͲͲͲ‰”ƒ‘•
/RVUHVXOWDGRVREWHQLGRVVHPXHVWUDQDFRQWLQXDFLyQ
3DUiPHWURV
PLPROJ
GHDJXD
&DOFLR
0DJQHVLR
6RGLR
3RWDVLR
$OXPLQLR
$PRQLR
%RUR
%LFDUERQDWRV
6XOIDWRV
&ORUXURV
)ORUXURV
1LWUDWRV
7DEOD0RODOLGDGHVFRPSRQHQWHV
6HJXLGDPHQWHVHFDOFXODODYDOHQFLDGHFDGDLyQ
3DUiPHWURV
9DOHQFLD=L
&DOFLR
0DJQHVLR
6RGLR
3RWDVLR
$OXPLQLR
$PRQLR
%RUR
%LFDUERQDWRV
6XOIDWRV
&ORUXURV
)ORUXURV
1LWUDWRV
7DEOD9DOHQFLDFRPSRQHQWHV
'RFXPHQWRQž&iOFXORV
3iJLQDGH
(GXDUGR-LPpQH]$\HUUD8QLYHUVLGDG3~EOLFDGH1DYDUUD
&RQORVGDWRVGHPRODOLGDG\YDOHQFLDVHFDOFXODQODVIXHU]DVLyQLFDV3DUDHOORHV
QHFHVDULRWHQHUFDOFXODGRVORVWpUPLQRVVLJXLHQWHV
ȈPL PROJGHDJXD
ȈPLā=L 3RUWDQWR
, , $ FRQWLQXDFLyQ VH FDOFXOD HO YDORU GHO FRHILFLHQWH RVPyWLFR \ FRPR VH SXHGH
REVHUYDUHQVXGHILQLFLyQSDUDFDOFXODUORVRQQHFHVDULRVORVVLJXLHQWHVGDWRV
)XHU]DLyQLFDFDOFXODGDDQWHULRUPHQWH
&RUUHODFLRQHVHPStULFDVWDOHVFRPR$%&'\6GHILQLGDVHQSiUUDIRVDQWHULRUHV
$ % & ' 3DUDFDOFXODU6HVQHFHVDULRFDOFXODUODGHQVLGDGGHODFRUULHQWHSULPHUR3DUDHOOR
VHSDUWHGHTXHODWHPSHUDWXUDPi[LPDGHODFRUULHQWHHVž&GHIRUPDTXH
ȡ /XHJR
6 3RUWDQWRHOYDORUGHOFRHILFLHQWHRVPyWLFRHV
‘ 3RU~OWLPRXWLOL]DQGRWRGRVORVFiOFXORVDQWHULRUHVVHGHWHUPLQDODSUHVLyQRVPyWLFDGH
ODFRUULHQWHGHDOLPHQWDFLyQ
Ȇ) EDU
+DFLHQGRORVPLVPRVFiOFXORVSDUDODVFRUULHQWHVGHSHUPHDGRV\UHFKD]RVHREWLHQHTXH
&RUULHQWH
3UHVLyQ2VPyWLFDɉEDU
$OLPHQWDFLyQ
3HUPHDGR
5HFKD]R
7DEOD5HVXOWDGRVFiOFXORVSUHVLRQHVRVPyWLFDV
'RFXPHQWRQž&iOFXORV
3iJLQDGH
(GXDUGR-LPpQH]$\HUUD8QLYHUVLGDG3~EOLFDGH1DYDUUD
&È/&8/2'(/180(52'(0(0%5$1$6<78%26'(35(6,Ï1
3DUWLHQGR GHO FDXGDO TXH HV QHFHVDULR SURGXFLU \ FRQ ORV GDWRV WpFQLFRV GH OD
PHPEUDQD HOHJLGD WDOHV FRPR iUHD \ IOXMR HVSHFtILFR VH SXHGH KDFHU XQD HVWLPDFLyQ
LQLFLDOGHOQ~PHURGHPHPEUDQDVTXHYDDOOHYDUHOEDVWLGRUGHyVPRVLVLQYHUVD
• &iOFXORGHOQ~PHURGHPHPEUDQDV
(O Q~PHUR GH PHPEUDQDV VH UHSUHVHQWD SRU 1 \ VH GHWHUPLQD D SDUWLU GH OD
H[SUHVLyQVLJXLHQWH
ሺʹͶሻ
<&
'yQGH
4SHVHOFDXGDOGHSHUPHDGRTXHVHTXLHUHREWHQHUHQHVWHFDVRHVGHPGtD
-HVHOIOXMRHVSHFtILFR\VHGHILQHFRPRHOYROXPHQSURGXFLGRGHDJXDGHVDODGDSRU
XQLGDG GH VXSHUILFLH GH PHPEUDQD LQVWDODGD \ XQLGDG GH WLHPSR 6H H[SUHVD HQ
PP‫ڄ‬GtD
/XHJR
< ሺʹͷሻ
$HVHOiUHDQRPLQDOGHODPHPEUDQD
(OSULPHUFiOFXORGHPHPEUDQDVVHKDUiSDUDXQIOXMRLGHDOL]DGRLJXDODOPi[LPR
3DUDHOORVHXWLOL]DHOFDXGDOQRPLQDOGHODPHPEUDQDSURSRUFLRQDGRSRUHOIDEULFDQWH3RU
WDQWRFRQRFLGRVHOFDXGDOQRPLQDO\iUHDGHODPHPEUDQD
4Q PGtD
$ P
6XVWLWX\HQGRHQODH[SUHVLyQ
<= + ȉ †Àƒ
3)#$ &
/XHJRHOQ~PHURGHPHPEUDQDVVHUiVHJ~QODH[SUHVLyQ
'RFXPHQWRQž&iOFXORV
>?$+
<& &
3iJLQDGH
(GXDUGR-LPpQH]$\HUUD8QLYHUVLGDG3~EOLFDGH1DYDUUD
• &iOFXORGHOQ~PHURGHWXERVGHSUHVLyQ
$SOLFDQGR OD UHFRPHQGDFLyQ GHO IDEULFDQWH GH XWLOL]DU PHPEUDQDV SRU WXER H
SUHVLyQVHWLHQHTXHHOQ~PHURWRWDOGHWXERVGHSUHVLyQVHUi
5@?1$?)*+
•
>
&DXGDOGHDJXDSURGXFWR
(OFDXGDOGHDJXDSURGXFWRDWUDYpVGHXQDPHPEUDQDVHPLSHUPHDEOHLGHDOYLHQHGDGR
SRUODVLJXLHQWHHFXDFLyQ
A&Bሺʹ͸ሻ
'yQGH
.HVXQDFRQVWDQWHFDUDFWHUtVWLFDGHFDGDWLSRGHPHPEUDQD
ǻ3HVODGLIHUHQFLDGHSUHVLyQQHWDDWUDYpVGHODPHPEUDQD
&XDQGRVHGLVHxDXQDLQVWDODFLyQGH2,\VHTXLHUHFRQRFHUVXSURGXFWLYLGDGUHDO
HQFXDQWRDFDXGDOGHDJXDSURGXFWRVHUHILHUHSUHVHQWH\IXWXUDVHKDQGHUHDOL]DUXQDV
FRUUHFFLRQHV TXH WHQJDQ HQ FXHQWD ODV YDULDFLRQHV GH ORV IDFWRUHV TXH LQIOX\HQ HQ ORV
FDXGDOHVHVSHFtILFRFRQUHVSHFWRDODVFRQGLFLRQHVQRUPDOL]DGDV'HHVWHPRGRVHKDQGH
FRQVLGHUDU WUHV IDFWRUHV GH FRUUHFFLyQ UHODFLRQDGRV FRQ OD SUHVLyQ GH RSHUDFLyQ OD
WHPSHUDWXUDGHODJXDGHDOLPHQWDFLyQ\HOWLHPSRGHRSHUDFLyQGHODLQVWDODFLyQ7RGRHVWR
SXHGHH[SUHVDUVHHQODVLJXLHQWHHFXDFLyQ
/1 &/# &/5 & 'yQGH
4SHVHOFDXGDOSURGXFWRGHODSODQWDGH2,HQODVFRQGLFLRQHVUHDOHVGHWUDEDMR
4SHVHOFDXGDOSURGXFWRGHODSODQWDHQODVFRQGLFLRQHVQRUPDOL]DGDV
I7HVHOIDFWRUGHFRUUHFFLyQGHODSURGXFWLYLGDGDVRFLDGRDODSUHVLyQ
ISHVHOIDFWRUGHFRUUHFFLyQGHELGRDODWHPSHUDWXUD
IW HV HO IDFWRU GH GLVPLQXFLyQ GHO FDXGDO HVSHFtILFR GH ODV PHPEUDQDV FRPR
FRQVHFXHQFLDGHOWLHPSRGHRSHUDFLyQ
•
&iOFXORGHORVIDFWRUHVFRUUHFWRUHV
$FRQWLQXDFLyQVHGHWHUPLQDQORVIDFWRUHVFRUUHFWRUHV
D)DFWRUFRUUHFWRUGHWHPSHUDWXUD
/DWHPSHUDWXUDHVXQIDFWRULPSRUWDQWHDWHQHUHQFXHQWDHQORVSURFHVRVGHyVPRVLV
LQYHUVD \D TXH DIHFWD D OD SURGXFWLYLGDG GH ODV PHPEUDQDV D VX GHJUDGDFLyQ ItVLFR
TXtPLFD\DODVROXELOLGDGGHGHWHUPLQDGDVVDOHV
'RFXPHQWRQž&iOFXORV
3iJLQDGH
(GXDUGR-LPpQH]$\HUUD8QLYHUVLGDG3~EOLFDGH1DYDUUD
/RVIDEULFDQWHVGHPHPEUDQDVFDOFXODQODSURGXFWLYLGDGGHODVPLVPDVDž&SHUR
HQODSUiFWLFDUDUDPHQWHVHWLHQHHODJXDGHDOLPHQWDFLyQDHVWDWHPSHUDWXUD/DYDULDFLyQ
GH OD PLVPD YDUtD OD SURGXFWLYLGDG HQ WRUQR D XQ SRU FDGD JUDGR GH DXPHQWR R
GLVPLQXFLyQ
(Q UHVXPHQ FXDQWR PHQRU VHD OD WHPSHUDWXUD GHO DJXD GH DOLPHQWDFLyQ PD\RU
SURGXFWLYLGDG VH REWHQGUi OR TXH SHUPLWLUi XWLOL]DU XQ PHQRU Q~PHUR GH PHPEUDQDV R
WUDEDMDUDSUHVLRQHVPHQRUHV3RUHOFRQWUDULRFXDQWRPD\RUVHDODWHPSHUDWXUDPD\RUHVOD
YHORFLGDG GH GHJUDGDFLyQ GH OD PHPEUDQD \ SRU WDQWR PHQRU VHUi VX YLGD PHGLD
SURGXFWLYD
6HHVWDEOHFHHPStULFDPHQWHTXH
/# ሺ7ሻ ሺ7ሻ
5
?=1 ൤A5 ൬
൰൨ሺʹ͹ሻ
1 ሺሻ
'yQGH
43șFDXGDOGHSURGXFFLyQGHODSODQWDDODWHPSHUDWXUDș&HOVLXV
43FDXGDOGHSURGXFFLyQGHODSODQWDDž&
$ FRQVWDQWH FDUDFWHUtVWLFD GH FDGD WLSR GH PHPEUDQD JHQHUDOPHQWH FRQ XQ YDORU
SUy[LPRDODXQLGDG
7WHPSHUDWXUDHQJUDGRV.HOYLQ
.7FRQVWDQWHGHSHQGLHQWHGHOWLSRGHPHPEUDQD
(OIDFWRUFRUUHFWRUGHWHPSHUDWXUDVHSXHGHGHWHUPLQDUWDPELpQPHGLDQWHODJUiILFD
TXHVHPXHVWUDDFRQWLQXDFLyQ*UiILFD
/DWHPSHUDWXUDGHQXHVWUDDJXDGHDOLPHQWDFLyQHV7 ž&SRUWDQWR
*UiILFD)DFWRUGHFRUUHFFLyQGHWHPSHUDWXUDIUHQWHDODWHPSHUDWXUD
)XHQWH*XtDSDUDODUHPLQHUDOL]DFLyQGHODVDJXDVGHVDODGDV0DQXHO+HUQDQGH]6XDUH]
(QWUDQGRHQODWDEODFRQXQYDORUGHODWHPSHUDWXUDGHž& HVFRJHPRVHOIDFWRUGH
FRUUHFFLyQGHODWHPSHUDWXUD
'RFXPHQWRQž&iOFXORV
3iJLQDGH
(GXDUGR-LPpQH]$\HUUD8QLYHUVLGDG3~EOLFDGH1DYDUUD
்݂ ൎ Ͳǡͺ͹
b.- Factor corrector de presión
El factor corrector de presión
I 3 se define como:
/ ሺ B4ሻ1?$()*+
ሺʹͺሻ
ሺ B4ሻ1$@?
'yQGH
3P SUHVLyQ GH PHPEUDQD \ VH GHILQH FRPR OD SUHVLyQ UHTXHULGD SDUD TXH OD
VHSDUDFLyQ RFXUUD (VWi HQ IXQFLyQ GHO IOXMR GHO FRHILFLHQWH GH SHUPHDELOLGDG GH OD
PHPEUDQD\GHODGLIHUHQFLDGHSUHVLyQRVPyWLFDDDPERVODGRVGHODPHPEUDQD/XHJR
<
B4- ሺʹͻሻ
ǻʌ)5GLIHUHQFLDGHSUHVLyQRVPyWLFDHQWUHODFRUULHQWHGHDOLPHQWDFLyQ\UHFKD]R
3DUD FDOFXODU HO IDFWRU FRUUHFWRU GH SUHVLyQ HV QHFHVDULR WHQHU GDWRV GH RSHUDFLyQ \ GH
SUXHEDOXHJR
'DWRVGHRSHUDFLyQ
(O IOXMR Pi[LPR YLHQH UHFRPHQGDGR SRU HO IDEULFDQWH \ HQ QXHVWUR FDVR HV /PāKHOFRHILFLHQWHGHSHUPHDELOLGDGGHQXHVWUDPHPEUDQDHV /PāKāEDU \GHO
$3$57$'2REWHQHPRVORVGDWRVGHSUHVLRQHVRVPyWLFDV/XHJRREWHQHPRVTXH
C
D
οߨிିோ ൌ ʹͲǡͳʹܾܽ‫ݎ‬
'DWRVGHSUXHED
(VWRVGDWRVVRQIDFLOLWDGRVSRUHOIDEULFDQWHGHODPHPEUDQD
3P EDU
ǻʌ EDU
3RUWDQWRVXVWLWX\HQGRHQODH[SUHVLyQREWHQHPRVTXHHOIDFWRUFRUUHFWRUHV
/ 'RFXPHQWRQž&iOFXORV
ሺ B4ሻ1?$()*+ ሺ B4ሻ1$@?
3iJLQDGH
(GXDUGR-LPpQH]$\HUUD8QLYHUVLGDG3~EOLFDGH1DYDUUD
݂௣ ൌ Ͳǡͻͳ͵
F)DFWRUFRUUHFWRUGHOWLHPSRGHRSHUDFLyQ
'XUDQWHHOSHUtRGRGHWLHPSRGHRSHUDFLyQGHXQDSODQWDGHyVPRVLVLQYHUVDWRGDV
ODV PHPEUDQDV VXIUHQ FDPELRV HQ VX HVWUXFWXUD ItVLFD LQWHUQD \ HQ VX VXSHUILFLH
H[SHULPHQWDQGRXQIHQyPHQRGHFRPSDFWDFLyQORTXHDIHFWDDVXSHUPHDELOLGDG(VGHFLU
ODVPHPEUDQDVVHYXHOYHQPiVGHQVDV\PHQRVSHUPHDEOHVDODJXD\DODVVDOHV
(O IDFWRU GH GHVFHQVR GH IOXMR GH DJXD D WUDYpV GH XQD PHPEUDQD FRQ HO WLHPSR GH
RSHUDFLyQVHGHILQHFRPR
/# 1 ሺ#ሻ
ሺ͵Ͳሻ
ሺሻ
'yQGH
4SWFDXGDOGHDJXDDWLHPSRWGHRSHUDFLyQGHODSODQWD
4SFDXGDOGHDJXDHQHOPRPHQWRGHSXHVWDHQPDUFKDGHODSODQWD
(QQXHVWURFDVRHOIDEULFDQWHQRVSURSRUFLRQDHVWHIDFWRU\VXYDORUHV
I W = $FRQWLQXDFLyQFRQORVIDFWRUHVFRUUHFWRUHVREWHQLGRVVHUHDOL]DODQRUPDOL]DFLyQ
GHOVLVWHPD\VHGHWHUPLQDHOQ~PHURGHPHPEUDQDVGHQXHVWUDLQVWDODFLyQ
•
&iOFXORGHOIOXMRGHGLVHxR
+DFLHQGRXVRGHORVIDFWRUHVFRUUHFWRUHVREWHQLGRVHQORVDSDUWDGRV DQWHULRUHV \GHOD
H[SUHVLyQ TXH VH PXHVWUD D FRQWLQXDFLyQ VH FDOFXOD HO FDXGDO GH GLVHxR GH QXHVWUD
PHPEUDQD
4G = 4Q ⋅ I S ⋅ I 7 ⋅ I W (31)
'yQGH
4GHVHOFDXGDOGHGLVHxRGHQXHVWUDPHPEUDQD
4QHVHOFDXGDOQRPLQDOGHQXHVWUDPHPEUDQDTXHHVPGtD
ISIDFWRUFRUUHFWRUGHSUHVLyQTXHHV
I7IDFWRUFRUUHFWRUGHWHPSHUDWXUDTXHHV
IWIDFWRUFRUUHFWRUWLHPSRTXHHV
/XHJR
4G ‫ ڄڄڄ‬PGtD
'RFXPHQWRQž&iOFXORV
3iJLQDGH
(GXDUGR-LPpQH]$\HUUD8QLYHUVLGDG3~EOLFDGH1DYDUUD
4G PGtD
&RQHVWHFDXGDOVHREWLHQHTXHHOIOXMRGHGLVHxRSDUDQXHVWUDPHPEUDQDHV
‫ܬ‬ௗ ൌ
ܳௗ ͳ͹ǡͳ͵
݉ଷ
ൌ
ൌ ͲǡͶͳͻ ଶ ȉ ݀Àܽ ൌ ͳ͹ǡͶͷͺ‫ݏ݋ݎݐ݅ܮ‬Ȁ݉ଶ ȉ ݄
‫ܣ‬
ͶͲǡͺ
݉
< 3)#$ &
&RQHVWHYDORUREWHQLGRVHFRPSUXHEDTXHODQRUPDOL]DFLyQHVYiOLGDSXHVWRTXHVH
HQFXHQWUD HQWUH ORV YDORUHV UHFRPHQGDGRV SRU HO IDEULFDQWH WHQLHQGR HQ FXHQWD ODV
FDUDFWHUtVWLFDV GH QXHVWUD DJXD GH DOLPHQWDFLyQ (O YDORU WtSLFR TXH VH UHFRPLHQGD XVDU
FRPRIOXMRGHGLVHxRHVGH/PāK
• &iOFXORGHOQ~PHURGHPHPEUDQDV\WXERVGHSUHVLyQ
8QDYH]REWHQLGRHOIOXMRGHGLVHxRVHUHDOL]DHOFiOFXORGHOQ~PHURGHPHPEUDQDV
\ WXERV GH SUHVLyQ TXH YD D WHQHU QXHVWUD XQLGDG GH yVPRVLV LQYHUVD 8WLOL]DQGR ODV
H[SUHVLRQHVGHILQLGDVHQHO$3$57$'2VHREWLHQHTXH
>
< & &
/XHJRFRPRSRUWXERGHSUHVLyQVHWLHQHQPHPEUDQDVHOQ~PHURWRWDOGHWXERV
GHSUHVLyQVHUi
5@?$?)*+
>
&È/&8/2'(/$35(6,Ï1'(23(5$&,Ï1
/DSUHVLyQGHRSHUDFLyQHVODSUHVLyQQHFHVDULDSDUDYHQFHUODSUHVLyQRVPyWLFD\
FRQVHJXLU OD VHSDUDFLyQ 7HQLHQGR HQ FXHQWD HO IOXMR GH RSHUDFLyQ GH ODV PHPEUDQDV OD
SUHVLyQUHTXHULGDSDUDTXHVHGpHOSURFHVRHV
<
B4 $
6LQHPEDUJRFRPRVHSXHGHYHUHQODH[SUHVLyQDQWHULRUQRVHHVWiQWHQLHQGRHQ
FXHQWD ODV SpUGLGDV TXH VH SURGXFHQ HQ HO VLVWHPD 3RU HOOR HV QHFHVDULR GHWHUPLQDU OD
SUHVLyQ ySWLPD GH UHQGLPLHQWR GH OD ERPED GH DOWD SUHVLyQ SUHVLyQ UHFRPHQGDGD GH
ERPEHR(VWDSUHVLyQVHGHWHUPLQDPHGLDQWHODH[SUHVLyQVLJXLHQWH
൫&BE ൯ሺ͵ʹሻ
'yQGHǻ3HVODGLIHUHQFLDGHSUHVLyQQHWDTXHVHGHILQHFRPR
'RFXPHQWRQž&iOFXORV
3iJLQDGH
(GXDUGR-LPpQH]$\HUUD8QLYHUVLGDG3~EOLFDGH1DYDUUD
BE B4- ሺ͵͵ሻ
3RUWDQWRVHREWLHQHTXHODSUHVLyQUHFRPHQGDGDGHERPEHRHV
ሺሺ
ሻሻ
$
WZсϰϴ͕ϱϭďĂƌ
/D SUHVLyQ UHFRPHQGDGD GH ERPEHR REWHQLGR HV XQ YDORU OyJLFR GLFKD SUHVLyQ
GHEHUVHUGHDEDUVXSHULRUDODSUHVLyQRVPyWLFDGHDOLPHQWDFLyQ
6,67(0$'(32675$7$0,(172
,1752'8&&,Ï1
(O SHUPHDGR ILQDO REWHQLGR WUDV HO SURFHVR GH yVPRVLV LQYHUVD SRVHH XQD EDMD
FRQFHQWUDFLyQ GH LRQHV DVt FRPR XQ S+ EDMR 3RU HOOR FRQ HO ILQ GH DGHFXDU HO DJXD
GHVDODGDDODQRUPDWLYDYLJHQWH5'\UHGXFLUODDJUHVLYLGDGGHODJXDSDUDDVt
SURWHJHUORVHOHPHQWRVGHFRQGXFFLyQDODEDVWHFLPLHQWRVHKDSUHYLVWRGHXQGHVLQIHFWDQWH
TXHHVHOKLSRFORULWRVyGLFR
'26,),&$&,Ï1'(+,32&/25,726Ï',&2
'HELGR D OD DGLFLyQ GHO UHGXFWRU DQWHV GH ORV EDVWLGRUHV GH yVPRVLV LQYHUVD HO
SHUPHDGR REWHQLGR WLHQH XQD PX\ EDMD FRQFHQWUDFLyQ GH FORUR DFWLYR UHVLGXDO &RPR
FRQVHFXHQFLD GH HVWR HO DJXD SURGXFWR FRUUH SHOLJUR GH FRQWDPLQDUVH GXUDQWH VX
DOPDFHQDGR\GLVWULEXFLyQDODUHGGHDEDVWHFLPLHQWR
3RU HOOR VH YD DxDGLU KLSRFORULWR VyGLFR FRQ HO ILQ GH FXPSOLU FRQ OD QRUPDWLYD
YLJHQWHHQFXDQWRDSUHVHQFLDGHFORURUHVLGXDO
/DGRVLVHQHOGLVHxRGHHVWHWLSRGHLQVWDODFLRQHVHVGHPJ/GHSURGXFWRSXUR
7RPDQGRPJ/\FRPRODVROXFLyQFRPHUFLDODGTXLULGDHVDOODGRVLVDLQ\HFWDUHV
PJ/
$FRQWLQXDFLyQVHGHWHUPLQDHOFDXGDOGHKLSRFORULWRVyGLFRTXHHVQHFHVDULRDxDGLU
(&/
ሺ͵Ͷሻ
0
'yQGH
FHVODGRVLVGHSURGXFWRDDxDGLUJP
4IHVHOFDXGDOGHDJXDGHDOLPHQWDFLyQDWUDWDUPK
'RFXPHQWRQž&iOFXORV
3iJLQDGH
(GXDUGR-LPpQH]$\HUUD8QLYHUVLGDG3~EOLFDGH1DYDUUD
ȡHVODGHQVLGDGGHOSURGXFWRDXWLOL]DUJFP
/XHJRVXVWLWX\HQGRVHWLHQHTXHHOFDXGDOGHGLVROXFLyQDLQ\HFWDUHV
4G PK /LWURVK
&È/&8/2'(/$,167$/$&,Ï1+,'5È8/,&$
',0(16,21$'2'(/$678%(5,$6
/D LQVWDODFLyQ VH GLYLGH HQ GRV ]RQDV ELHQ GLIHUHQFLDGDV DWHQGLHQGR DO PDWHULDO
XWLOL]DGRHQODVFRQGXFFLRQHVGHQRPLQDGDV]RQDGHDOWDSUHVLyQ\]RQDGHEDMDSUHVLyQ
(Q QXHVWUD LQVWDODFLyQ VH XWLOL]DUi 35)9 SROLpVWHU UHIRU]DGR GH ILEUD GH YLGULR
SDUD ODV WXEHUtDV GH EDMD SUHVLyQ \ DFHUR LQR[LGDEOH $,6, / SDUD ODV WXEHUtDV GH DOWD
SUHVLyQ
7XEHUtDVGHEDMDSUHVLyQ
$ FRQWLQXDFLyQ VH GHWDOOD HO SURFHGLPLHQWR GH FiOFXOR SDUD ODV WXEHUtDV GH EDMD
SUHVLyQ (VWH FRQVLVWH HQ KDOODU HO GLiPHWUR GHO FRQGXFWR SRU HO TXH FLUFXOD HO DJXD TXH
VHUi HO GLiPHWUR QRPLQDO GHO IDEULFDQWH LQPHGLDWDPHQWH VXSHULRU DO KDOODGR HQ HO
SURFHGLPLHQWR GH FiOFXOR 3DUD HOOR VH VXSRQH XQD YHORFLGDG GH IOXLGR &RQRFLGR HO
FDXGDO HO Q~PHUR GH WXEHUtDV \ XQD YHORFLGDG VXSXHVWD GH PV YHORFLGDG GH FDXGDO
Pi[LPDUHFRPHQGDGDSRUHOIDEULFDQWH)/2:7,7(REWHQHPRVHOGLiPHWURGHOFRQGXFWR
/DVH[SUHVLRQHVXWLOL]DGDVSDUDUHDOL]DUHOGLPHQVLRQDGRGHWXEHUtDVVHPXHVWUDQD
FRQWLQXDFLyQ
&
9ඨ ሺ͵ͷሻ
4&%
9)+# 9?=# &?ሺ͵͸ሻ
% ሺ͵͹ሻ
'RFXPHQWRQž&iOFXORV
4&9
ሺ͵ͺሻ
3iJLQDGH
(GXDUGR-LPpQH]$\HUUD8QLYHUVLGDG3~EOLFDGH1DYDUUD
•
7XEHUtDV,PSXOVLyQERPEDVFDSWDFLyQGHDJXDGHPDU
'HQRPLQDFLyQGHODVOtQHDV%235)9'1\%235)9'1
&DGDWXEHUtDGHLPSXOVLyQWHQGUiXQFDXGDOGH
ܳ஻ ൌ ͹ʹǡͳͻ݉ଷ Ȁ݄ ൌ ͲǡͲʹͲͲͷ݉ଷ Ȁ‫ ݏ‬ൌ ʹͲǡͲͷ݈Ȁ‫ݏ‬
&RQRFLGRVHOFDXGDOGHODVERPEDV\XQDYHORFLGDGVXSXHVWDGHPVFDOFXODPRV
HO GLiPHWUR ' SDUD HOHJLU HO PDWHULDO \ ODV GLPHQVLRQHV TXH KD\ TXH XWLOL]DU SDUD OD
WXEHUtDGHLPSXOVLyQGHODERPEDGHFDSWDFLyQGHODJXDGHPDU
2EWHQHPRVHOVLJXLHQWHGLiPHWURGHWXEHUtD
&
&
9 ඨ
ඨ
4&%
4&
(O PDWHULDO XWLOL]DGR HV 35)9 /D WXEHUtD HOHJLGD HV GH 35)9 GHO IDEULFDQWH
)/2:7,7( 61 \ 31 /DV GLPHQVLRQHV SURSRUFLRQDGDV SRU HO IDEULFDQWH VH
PXHVWUDQHQODVLJXLHQWHWDEOD
78%(5,$'(35)9)/2:7,7(61<31
'1PP
'H[WPP
'LQWPP
7DEOD'LPHQVLRQHVWXEHUtDVOtQHDV%235)9'1\%235)9'1
)XHQWH)/2:7,7(
&RQRFLGRHOGLiPHWURLQWHULRU
‫ܦ‬௜௡௧ ൌ ͳͲͻǡʹ݉݉ ൌ ͲǡͳͲͻʹ݉
&RPSUREDPRVVLODWXEHUtDHOHJLGDHVODFRUUHFWDVHJ~QODVH[SUHVLRQHV\
‫ݒ‬ൌ
4&
ͲǡͲʹͲͲͷ
݉
ൌ ʹǡͳͳ͵͵ ൏ ͵݉Ȁ‫ݏ‬
ͲǡͲͲͻͶ
‫ݏ‬
4XHGD FRPSUREDGR TXH OD YHORFLGDG VXSXHVWD HV FRUUHFWD \ SRU WDQWR OD WXEHUtD
HOHJLGDHVODDGHFXDGD
(O FiOFXOR SDUD ODV VLJXLHQWHV OtQHDV HV DQiORJR DO FDOFXODGR SDUD OD OtQHD %2
35)9'1
7XEHUtDVGHHQWUDGDDORVILOWURVGHDUHQD
'RFXPHQWRQž&iOFXORV
3iJLQDGH
(GXDUGR-LPpQH]$\HUUD8QLYHUVLGDG3~EOLFDGH1DYDUUD
'HQRPLQDFLyQGHODOtQHD()$35)9'1\()$35)9'1
7XEHUtDVGHVDOLGDGHORVILOWURVGHDUHQD
'HQRPLQDFLyQGHODOtQHD6)$35)9'1\6)$35)9'1
7XEHUtDGHHQWUDGDDILOWURVGHFDUWXFKRV
'HQRPLQDFLyQGHODOtQHD()&35)9'1\()&35)9'1
7XEHUtDGHVDOLGDDILOWURVGHFDUWXFKRV
'HQRPLQDFLyQGHODOtQHD6)&35)9'1\6)&35)9'1
• 7XEHUtDGHDOLPHQWDFLyQDILOWURVGHDUHQD
'HQRPLQDFLyQGHODOtQHD$)$35)9'1
(OFDXGDOGHDOLPHQWDFLyQDORVILOWURVGHDUHQDHV
ࡽ࡭ ൌ ૚૝૝ǡ ૜ૡ
࢓૜
ൌ ૙ǡ ૙૝૙૚૚࢓૜ Ȁ࢙
ࢎ
&RQRFLGRVHOFDXGDOGHDOLPHQWDFLyQDORVILOWURVGHDUHQD\XQDYHORFLGDGVXSXHVWD
GH PV VHJ~Q HO IDEULFDQWH FDOFXODPRV HO GLiPHWUR GH OD FRQGXFFLyQ D SDUWLU GH OD
HFXDFLyQ
&
&
9 ඨ
ඨ
4&%
4&
(O PDWHULDO XWLOL]DGR HV 35)9 /D WXEHUtD HOHJLGD HV GH 35)9 GHO IDEULFDQWH
)/2:7,7( 61 \ 31 /DV GLPHQVLRQHV SURSRUFLRQDGDV SRU HO IDEULFDQWH VH
PXHVWUDQHQODVLJXLHQWHWDEOD
78%(5Ë$'(35)9)/2:7,7(61<31
'1PP
'H[WPP
'LQWPP
7DEOD'LPHQVLRQHVWXEHUtDOtQHD$)$35)9'1.
)XHQWH)/2:7,7(
(OGLiPHWURLQWHUQRGHODWXEHUtD
9)+# &RPSUREDPRVVLODWXEHUtDHOHJLGDHVODFRUUHFWDVHJ~QH[SUHVLRQHV\
'RFXPHQWRQž&iOFXORV
‫ܣ‬ൌ
ߨ ȉ Ͳǡͳͷͺͺଶ
ൌ ͲǡͲͳͻͺͳ݉ଶ Ͷ
3iJLQDGH
(GXDUGR-LPpQH]$\HUUD8QLYHUVLGDG3~EOLFDGH1DYDUUD
%
,
4XHGD FRPSUREDGR TXH OD YHORFLGDG VXSXHVWD HV FRUUHFWD \ SRU WDQWR OD WXEHUtD
HOHJLGDHVODDGHFXDGD
(O FiOFXOR GH ODV WXEHUtDV GH ODV VLJXLHQWHV OtQHDV HV DQiORJR DO FDOFXODGR SDUD OD
OtQHD$)$35)9'1
&ROHFWRUGHVDOLGDGHILOWURVGHDUHQDDILOWURVGHFDUWXFKRV
'HQRPLQDFLyQGHODOtQHD$)&35)9'1
&ROHFWRUVDOLGDGHILOWURVGHFDUWXFKRDERPEDGHDOWDSUHVLyQ
'HQRPLQDFLyQGHODOtQHD$$335)9'1
• &ROHFWRUGHDJXDSHUPHDGDDGHSyVLWRGHDJXDSURGXFWR
'HQRPLQDFLyQGHODOtQHD335)9'1
(OFDXGDOGHSHUPHDGRRDJXDSURGXFWRHV
&iOFXORGHO'LiPHWURGHODFRQGXFFLyQDSDUWLUGHODHFXDFLyQ:
&
&
9 ඨ
ඨ
4&%
4&
(O PDWHULDO XWLOL]DGR HV 35)9 /D WXEHUtD HOHJLGD HV GH 35)9 GHO IDEULFDQWH
)/2:7,7( 61 \ 31 /DV GLPHQVLRQHV SURSRUFLRQDGDV SRU HO IDEULFDQWH VH
PXHVWUDQHQODVLJXLHQWHWDEOD
78%(5,$'(35)9)/2:7,7(61<31
'1PP
'H[WPP
'LQWPP
7DEOD'LPHQVLRQHVWXEHUtDOtQHD335)9'1
)XHQWH)/2:7,7(
(OGLiPHWURLQWHUQRGHODWXEHUtD
9)+# &RPSUREDFLRQHVDSDUWLUGHHFXDFLRQHV\
'RFXPHQWRQž&iOFXORV
3iJLQDGH
(GXDUGR-LPpQH]$\HUUD8QLYHUVLGDG3~EOLFDGH1DYDUUD
‫ܣ‬ൌ
%
ߨ ȉ ͲǡͳͲͻʹଶ
ൌ ͲǡͲͲͻͶ݉ଶ
Ͷ
,
4XHGD FRPSUREDGR TXH OD YHORFLGDG VXSXHVWD HV FRUUHFWD \ SRU WDQWR OD WXEHUtD
HOHJLGDHVODDGHFXDGD
7XEHUtDVGHDOWDSUHVLyQ
(QOD]RQDGHDOWDSUHVLyQTXHVHH[WLHQGHGHVGHODERPEDGHDOWDSUHVLyQKDVWDHO
EDVWLGRU GH PHPEUDQDV \ GHVGH OD VDOLGD GHO UHFKD]R GHO EDVWLGRU KDVWD HO GHSyVLWR GH
HYDFXDFLyQGHVDOPXHUDHVLPSRVLEOHODXWLOL]DFLyQGHPDWHULDOHVSOiVWLFRV\DTXHQLQJXQR
HVFDSD]GHVRSRUWDUODVHOHYDGDVSUHVLRQHVDXWLOL]DUEDU
6HUHFXUUHSRUWDQWRDDOHDFLRQHVPHWiOLFDVSHURWHQLHQGRHQFXHQWDTXHDGHPiVGH
WHQHUTXHVRSRUWDUHOHYDGDVSUHVLRQHVGHEHUVHUPX\UHVLVWHQWHVDODFRUURVLyQ3DUDDJXD
PDULQDVHKDFRPSUREDGRTXHORVPHMRUHVUHVXOWDGRVHQVHUYLFLRORVSURSRUFLRQDHODFHUR
LQR[LGDEOH$,6,
$ FRQWLQXDFLyQ VH GHWDOOD HO SURFHGLPLHQWR GH FiOFXOR SDUD ODV WXEHUtDV GH DOWD
SUHVLyQ (VWH FRQVLVWH HQ KDOODU HO GLiPHWUR GHO FRQGXFWR SRU HO TXH FLUFXOD HO DJXD TXH
VHUi HO GLiPHWUR QRPLQDO GHO IDEULFDQWH LQPHGLDWDPHQWH VXSHULRU DO KDOODGR HQ HO
SURFHGLPLHQWR GH FiOFXOR &RQRFLGR HO FDXGDO HO Q~PHUR GH WXEHUtDV \ XQD YHORFLGDG
VXSXHVWDGHPVYHORFLGDGGHFDXGDOPi[LPDUHFRPHQGDGDSRUHOIDEULFDQWHREWHQHPRV
HOGLiPHWURGHOFRQGXFWR
/DVH[SUHVLRQHVXWLOL]DGDVSDUDUHDOL]DUHOGLPHQVLRQDGRGHWXEHUtDVVHPXHVWUDQD
FRQWLQXDFLyQ
&
9ඨ ሺ͵ͻሻ
4&%
9)+# 9?=# &?ሺͶͲሻ
% ሺͶͳሻ
4&9
ሺͶʹሻ
&RPRWHQVLyQPi[LPDDGPLVLEOHVHHPSOHDUiHOOtPLWHHOiVWLFRGHOPDWHULDOFRQXQ
FRHILFLHQWHGHVHJXULGDGGH
'RFXPHQWRQž&iOFXORV
3iJLQDGH
(GXDUGR-LPpQH]$\HUUD8QLYHUVLGDG3~EOLFDGH1DYDUUD
3DUDHOGLPHQVLRQDPLHQWRGHODVWXEHUtDVGHDFHURVHYDDXWLOL]DUODH[SUHVLyQTXH
UHODFLRQDODWHQVLyQTXHVRSRUWDXQDWXEHUtDGHSDUHGGHOJDGD5LH!HQGLUHFFLyQUDGLDO
6HWLHQHODVVLJXLHQWHVHFXDFLRQHV
F7 &)
?+)$?(()*+$)"ሺͶ͵ሻ
?
)
G
)1*#?)?1$??"2ሺͶͶሻ
?
•
&ROHFWRUGHUHFKD]RDGHSyVLWRYHUWLGRVDOPXHUD
'HQRPLQDFLyQGHODOtQHD5($,6,6&+6'1
(OFDXGDOGHUHFKD]RGHODWXEHUtDKDVWDHOGHSyVLWRGHYHUWLGRGHVDOPXHUDHV
/DSUHVLyQGHOIOXLGRVHHQFXHQWUDHQWRUQRDORVEDUHVSHURVHYDDXWLOL]DUFRPR
SUHVLyQ Pi[LPD GHO IOXLGR EDUHV XQ PiV SDUD DVHJXUDU TXH OD WXEHUtD SRGUi
WUDEDMDUDGHFXDGDPHQWH
6XSRQLHQGRXQDYHORFLGDGGHIOXLGRGHPV \FRQRFLGRVODSUHVLyQPi[LPDTXH
SXHGH VRSRUWDU OD FRQGXFFLyQ \ HO OtPLWH HOiVWLFR GHO DFHUR LQR[LGDEOH $,6, /
SURFHGHPRVDUHDOL]DUORVVLJXLHQWHVFiOFXORV
'DWRV
%
3 EDU
σ H /tPLWHHOiVWLFRDFHUR$,6,/0SDEDU
&DOFXODPRVıș
F? F? $
H 6LHQGRNHOFRHILFLHQWHGHVHJXULGDGTXHWLHQHXQYDORUGH
&DOFXODPRVHO6FKHGXOHGHODWXEHUtDGHDFHURSDUDVDEHUFXDOHOHJLU
'RFXPHQWRQž&iOFXORV
3iJLQDGH
(GXDUGR-LPpQH]$\HUUD8QLYHUVLGDG3~EOLFDGH1DYDUUD
݄ܵܿ ൌ
(OHJLPRV6FKHGXOH6
ͳͲͲͲ ȉ ܲ ͳͲͲͲ ȉ ͷͷ
ൌ
ൌ ʹ͵ǡͻͳ
ߪ௘
ʹ͵ͲͲ
&iOFXORGHO'LiPHWURGHODFRQGXFFLyQDSDUWLUGHHFXDFLyQ
&
&
9 ඨ
ඨ
4&
4&
(OPDWHULDOXWLOL]DGRHV$FHUR,QR[LGDEOH//DWXEHUtDHOHJLGDHV6&+('8/(
$670 /DV GLPHQVLRQHV SURSRUFLRQDGDV SRU HO IDEULFDQWH VH PXHVWUDQ HQ OD VLJXLHQWH
WDEOD
7XEHUtD6FKHGXOH$6706
'1 'H[WPP HVSHVRUPP 'LQWPP
7DEOD'LPHQVLRQHVWXEHUtDOtQHD5($,6,6&+6'1
)XHQWH$&,1(6*21
&DOFXODPRVHOGLiPHWURLQWHUQRPHGLDQWHODH[SUHVLyQ
9)+# &
(OHVSHVRUGHSDUHGWHQGUiHOVLJXLHQWHYDORU
?
&9) &
&F? &
(VWRVVRQORVYDORUHVPtQLPRVGHGLiPHWURLQWHUQR'L\HVSHVRUGHSDUHGTXHGHEH
WHQHUODWXEHUtD
9) G
&? &
4XHGD FRPSUREDGR TXH OD YHORFLGDG GH IOXMR HV FRUUHFWD \ TXH VH FXPSOH OD
KLSyWHVLVGHSDUHGGHOJDGDSRUORTXHODWXEHUtDHVYiOLGD
&RPSUREDFLRQHVDSDUWLUGHHFXDFLRQHV\
‫ݒ‬ൌ
'RFXPHQWRQž&iOFXORV
4&
ͲǡͲʹͳʹͷ
݉
ൌ ʹǡͷͻͳ ൏ ͵݉Ȁ‫ݏ‬
ͲǡͲͲͺʹ
‫ݏ‬
3iJLQDGH
(GXDUGR-LPpQH]$\HUUD8QLYHUVLGDG3~EOLFDGH1DYDUUD
) 9) G
? &? &
•
7XEHUtDVGHDOLPHQWDFLyQDPHPEUDQDVGHRVPRVLVLQYHUVD
'HQRPLQDFLyQGHODOtQHD$0$,6,6&+6'1
(OFDXGDOGHODVWXEHUtDVGHDOLPHQWDFLyQDODVPHPEUDQDVGHRVPRVLVLQYHUVDHV
8 &
&
9 ඨ
ඨ
4&
4&
7XEHUtD6FKHGXOH$6706
'1 'H[WPP HVSHVRUPP 'LQWPP
7DEOD'LPHQVLRQHVWXEHUtDOtQHD$0$,6,6&+6'1
)XHQWH$&,1(6*21
&DOFXODPRVHOGLiPHWURLQWHUQRPHGLDQWHODH[SUHVLyQ
9)+# &
(OHVSHVRUGHSDUHGWHQGUiHOVLJXLHQWHYDORU
?
&9) &
&F? &
(VWRVVRQORVYDORUHVPtQLPRVGHGLiPHWURLQWHUQR'L\HVSHVRUGHSDUHGTXHGHEH
WHQHUODWXEHUtD
9) G
&? &
&RPSUREDFLRQHVDSDUWLUGHHFXDFLRQHV\
'RFXPHQWRQž&iOFXORV
4&
3iJLQDGH
(GXDUGR-LPpQH]$\HUUD8QLYHUVLGDG3~EOLFDGH1DYDUUD
‫ݒ‬ൌ
ͲǡͲͲʹ
݉
ൌ ʹǡͲͺ͵ ൏ ͵݉Ȁ‫ݏ‬
ͲǡͲͲͲͻ͸
‫ݏ‬
) 9) G
? &? &
4XHGD FRPSUREDGR TXH OD YHORFLGDG GH IOXMR HV FRUUHFWD \ TXH VH FXPSOH OD
KLSyWHVLVGHSDUHGGHOJDGDSRUORTXHODWXEHUtDHVYiOLGD
• 7XEHUtDVGHVDOLGDPHPEUDQDVRVPRVLVLQYHUVD
'HQRPLQDFLyQGHODOtQHD60$,6,6&+6'1
(OFDXGDOGHODVWXEHUtDVGHVDOLGDGHODVPHPEUDQDVGHRVPRVLVLQYHUVDHV
ܳெ ൌ ͹ǡʹͳͻ
݉ଷ
ൌ ͲǡͲͲʹ݉ଷ Ȁ‫ݏ‬
݄
(OFiOFXORGHODVWXEHUtDVGHVDOLGDGHODVPHPEUDQDVGHRVPRVLVLQYHUVDHVDQiORJR
DODWXEHUtDOtQHD$0$,6,6&+6'1
• 7XEHUtDLPSXOVLyQERPEDGHDOWDSUHVLyQDEDVWLGRUGHRVPRVLVLQYHUVD
'HQRPLQDFLyQGHODOLQHD$3$,6,6&+6'1
(O FDXGDO GH LPSXOVLyQ GH OD ERPED GH DOWD SUHVLyQ D ORV EDVWLGRUHV GH RVPRVLV
LQYHUVDHV
ࡽ࡭ ൌ ૚૝૝ǡ ૜ૡ࢓૜ Ȁࢎ ൌ ૙ǡ ૙૝૙૚૚࢓૜ Ȁ࢙
&iOFXORGHO'LiPHWURGHODFRQGXFFLyQDSDUWLUGHHFXDFLyQ
&
&
9 ඨ
ඨ
4&
4&
'1
'RFXPHQWRQž&iOFXORV
7XEHUtD6FKHGXOH$6706
'H[WPP HVSHVRUPP 'LQWPP
3iJLQDGH
(GXDUGR-LPpQH]$\HUUD8QLYHUVLGDG3~EOLFDGH1DYDUUD
7DEOD'LPHQVLRQHVWXEHULDOLQHD$3$,6,6&+6'1
)XHQWH$&,1(6*21
&DOFXODPRVHOGLiPHWURLQWHUQRPHGLDQWHODH[SUHVLyQ
9)+# &
(OHVSHVRUGHSDUHGWHQGUiHOVLJXLHQWHYDORU
?
&9) &
&F? &
(VWRVVRQORVYDORUHVPtQLPRVGHGLiPHWURLQWHUQR'L\HVSHVRUGHSDUHGTXHGHEH
WHQHUODWXEHUtD
9) G
&? &
&RPSUREDFLRQHVDSDUWLUGHHFXDFLRQHV\
‫ݒ‬ൌ
4&
ͲǡͲͶͲͳͳ
݉
ൌ ʹǡͳͷ͸ ൏ ͵݉Ȁ‫ݏ‬
ͲǡͲͳͺ͸
‫ݏ‬
) 9) G
? &? &
4XHGD FRPSUREDGR TXH OD YHORFLGDG GH IOXMR HV FRUUHFWD \ TXH VH FXPSOH OD
KLSyWHVLVGHSDUHGGHOJDGDSRUORTXHODWXEHUtDHVYiOLGD
$ FRQWLQXDFLyQ VH PXHVWUDQ ORV UHVXOWDGRV D PRGR GH UHVXPHQ ODV OtQHDV GH OD
LQVWDODFLyQGHDOWDSUHVLyQ
Y
ƚƵďĞƌşĂ
;ŵϯͬŚͿ
Y
ƚƵďĞƌşĂ
;ŵϯͬƐͿ
s
ĨůƵŝĚŽ
;ŵͬƐͿ
8:':'.I
'9 ':':'.I
'9 J:':'.I
'9 dŽƚĂůŵĞƚƌŽƐ
dƌĂŵŽ;>şŶĞĂƐĚĞĂůƚĂƉƌĞƐŝſŶͿ
YƚƵďĞƌşĂ
;ŵϯͬĚşĂͿ
:':'.I
'9 E
;ŵŵͿ
ŝ
;ŵŵͿ
ĞƐƉĞƐŽƌ
;ŵŵͿ
>ŽŶŐŝƚƵĚ
;ŵͿ
ϭϱ
7DEOD/tQHDVGHDOWDSUHVLyQGHODLQVWDODFLyQ
7DPELpQVHPXHVWUDQORVUHVXOWDGRVDPRGRGHUHVXPHQODVOtQHDVGHODLQVWDODFLyQ
GHEDMDSUHVLyQ
'RFXPHQWRQž&iOFXORV
3iJLQDGH
(GXDUGR-LPpQH]$\HUUD8QLYHUVLGDG3~EOLFDGH1DYDUUD
dƌĂŵŽ ;>şŶĞĂƐ ĚĞ ďĂũĂ
ƉƌĞƐŝſŶͿ
Y ƚƵďĞƌşĂ
;ŵϯͬĚşĂͿ
Y
ƚƵďĞƌşĂ
;ŵϯͬŚͿ
Y
ƚƵďĞƌşĂ
;ŵϯͬƐͿ
s ĨůƵŝĚŽ
;ŵͬƐͿ
E
;ŵŵͿ
ŝ;ŵŵͿ
ĞƐƉĞƐŽƌ
;ŵŵͿ
>ŽŶŐŝƚƵĚ;ŵͿ
%235)9'1
%235)9'1
$)$35)9'1
()$35)9'1
()$35)9'1
6)$35)9'1
6)$35)9'1
$)&35)9'1
()&35)9'1
()&35)9'1
6)&35)9'1
6)&35)9'1
$$335)9'1
335)9'1
7RWDOPHWURV
ϭϰϲϱ
7DEOD/tQHDVGHEDMDSUHVLyQGHODLQVWDODFLyQ
3e5','$6'(&$5*$
/DVSpUGLGDVGHFDUJDTXHVHSURGXFHQDOFLUFXODUHODJXDSRUODVFRQGXFFLRQHVVH
GLYLGHQHQGRVWLSRVOLQHDOHV\VLQJXODUHV
• 3pUGLGDVOLQHDOHV
3DUDFDOFXODUHOYDORUGHODSpUGLGDGHFDUJDOLQHDOTXHVHSURGXFHHQXQFRQGXFWR
GHVHFFLyQFLUFXODUVHHPSOHDODHFXDFLyQGH'DUF\:HLVEDFK
'yQGH
3 %
I /& & ሺͶͷሻ
9 &2
K3pUGLGDGHFDUJDP
I)DFWRUGHIULFFLyQ
//RQJLWXGHTXLYDOHQWHGHODWXEHUtDP
''LiPHWURLQWHUQRGHODWXEHUtDP
99HORFLGDGGHOIOXLGRPV
JPV$FHOHUDFLyQGHODJUDYHGDG
/DHFXDFLyQGH'DUF\:HLVEDFKHVYiOLGDSDUDIOXLGRVYLVFRVRVHLQFRPSUHVLEOHVHQ
UpJLPHQHVWDFLRQDULR\FRPSOHWDPHQWHGHVDUUROODGRODPLQDURWXUEXOHQWR
(O IDFWRU GH IULFFLyQ GH )DQQLQJ HV IXQFLyQ GH OD UXJRVLGDG UHODWLYD GH OD WXEHUtD
‫\ 'ܭ‬GHOQ~PHURGH5H\QROGV5H/DUXJRVLGDG‫ܭ‬GHSHQGH~QLFDPHQWHGHOPDWHULDO
FRQODTXHVHIDEULFDHOPDWHULDO\WLHQHXQYDORUGHPSDUDHO35)9\PSDUDHO
DFHUR
'RFXPHQWRQž&iOFXORV
3iJLQDGH
(GXDUGR-LPpQH]$\HUUD8QLYHUVLGDG3~EOLFDGH1DYDUUD
&RQHOQ~PHURGH5H\QROGV\ODUXJRVLGDGUHODWLYDVHFDOFXODHOIDFWRUGHIULFFLyQ
SDUDFDGDWUDPRGHWXEHUtD
$FRQWLQXDFLyQFDOFXODUHPRVORVYDORUHVGHORVQ~PHURVGH5H\QROGV\IDFWRUHVGH
IULFFLyQ SDUD FDGD WUDPR GH WXEHUtD &RQ HVWRV YDORUHV \ ORV FRQRFLGRV OD ORQJLWXG
GLiPHWUR YHORFLGDG \ DFHOHUDFLyQ GH OD JUDYHGDG REWHQGUHPRV ODV SpUGLGDV GH FDUJD
OLQHDOHVGHFDGDWXEHUtD
3DUD HO FiOFXOR GH ODV SpUGLGDV GH FDUJD OLQHDOHV XWLOL]DUHPRV ODV VLJXLHQWHV
H[SUHVLRQHV
//ሺ?K$ ሻሺͶ͸ሻ
K
K$ ሺͶ͹ሻ
9
ܴ஽ ൌ
ξ/
&"2 ቆ
‫ݒ‬ȉ‫ܦ‬
ሺͶͺሻ
ߥ
K9 ቇሺͶͻሻ
9 &ξ/
&DOFXODPRVSRUHMHPSORSDUDODOtQHD%235)9'1HOYDORUGH5'\GH‫'ܭ‬
VHJ~QODVH[SUHVLRQHV\
$ 9 &
&
&
&RQRFLGRHOQ~PHURGH5H\QROGV\HOIDFWRUGHIULFFLyQORVLQWURGXFLUHPRV
HQODH[SUHVLyQ
&"2 ൬
൰
&ξ
ξ/
'HVSHMDPRVHOYDORUGHI\REWHQHPRV
݂ଵ ൌ ͲǡͲͳ͸Ͳ͹ͻ
/RLQVHUWDPRVGHQXHYRHQODH[SUHVLyQ
&"2 ൬
൰
&ξ
ξ/
'HpVWDIRUPDREWHQHPRVHOYDORUGHIULFFLyQPiVDSUR[LPDGRTXHHV
'RFXPHQWRQž&iOFXORV
3iJLQDGH
(GXDUGR-LPpQH]$\HUUD8QLYHUVLGDG3~EOLFDGH1DYDUUD
݂ଶ ൌ ͲǡͲͳͷͻ͹
&RQpVWHYDORU\ORVFRQRFLGRVGHORQJLWXGGLiPHWURYHORFLGDG\DFHOHUDFLyQGHOD
JUDYHGDGREWHQGUHPRVODVSpUGLGDVGHFDUJDOLQHDOHVGHFDGDWXEHUtDFRQODH[SUHVLyQ
5HDOL]DQGRHOFiOFXORSDUDODVGHPiVOtQHDVGHODLQVWDODFLyQREWHQHPRVODVLJXLHQWH
WDEODGHSpUGLGDVOLQHDOHV
L-69 sĨůƵŝĚŽ
;ŵͬƐͿ
J
>ŽŶŐŝƚƵĚ
;ŵͿ
L-69 J
Ϯϭ͕ϲϯϴ
--69 J
J--69 J
J--69 J
'--69 J
'--69 J
-.-69 J
J-.-69 J
'-.-69 J
-69 J
Ϭ͕ϭϮϱ
dƌĂŵŽ
ŝ;ŵŵͿ
Ŭͬ
ZĞ
Ĩ
ŚĨ;ŵͿ
Ϯϭ͕ϲϯϴ
-69 J
:':'.I
'9 8:':'.I
'9 ':':'.I
'9 J
J:':'.I
'9 7RWDOPHWURV
Ϯϲ͕ϰϱ
7DEOD3pUGLGDVGHFDUJDOLQHDOHVGHODVFRQGXFFLRQHV
• 3pUGLGDVVLQJXODUHV
/DVSpUGLGDVGHFDUJDVLQJXODUHVVRQODVTXHVHSURGXFHQHQORVDFFHVRULRFRGRV
YiOYXODVWpV«6HGHEHQDTXHHOIOXMRHQHOLQWHULRUGHORVPLVPRVHVWULGLPHQVLRQDO\
FRPSOHMRSURGXFLpQGRVHXQDJUDQGLVLSDFLyQGHHQHUJtD
6H GHWHUPLQDQ PHGLDQWH HO PpWRGR GH ODV FDUJDV GH YHORFLGDG TXH FRQVLVWH HQ
DVLJQDUDFDGDDFFHVRULRXQYDORU³N´TXHDOPXOWLSOLFDUORSRUODFDUJDGHYHORFLGDGTXHOR
DWUDYLHVDVHDLJXDODOYDORUGHODSpUGLGDGHFDUJDTXHSURGXFH
/DSpUGLGDGHFDUJDGHORVDFFHVRULRVYLHQHGDGDSRUODVLJXLHQWHH[SUHVLyQ
݄௩ ൌ ෍ ‫ ܭ‬ȉ
‫ݒ‬ଶ
ሺͷͲሻ
ʹȉ݃
'yQGH
KY 3pUGLGDGHFDUJDVLQJXODUP
.&RQVWDQWHTXHGHSHQGHGHOWLSRGHDFFHVRULR
9YHORFLGDGGHOIOXLGRPV
'RFXPHQWRQž&iOFXORV
3iJLQDGH
(GXDUGR-LPpQH]$\HUUD8QLYHUVLGDG3~EOLFDGH1DYDUUD
*$FHOHUDFLyQGHODJUDYHGDG PV
/D VLJXLHQWH WDEOD PXHVWUD HO YDORU GH OD FRQVWDQWH ³N´ GH ORV GLVWLQWRV DFFHVRULRV
SDUDFDGDWUDPRGHWXEHUtDGHODLQVWDODFLyQ
dƌĂŵŽƐ
L-69 L-69 --69 J--69 J--69 '--69 '--69 -.-69 J-.-69 '-.-69 -69 -69 :':'.I
'9 8:':'.I
'9 ':':'.I
'9 J:':'.I
'9 dŽƚĂůŵĞƚƌŽƐ
ŽĚŽϵϬǑ
dĠ
CD
CD
C
CD
CD
sĄůǀƵůĂĚĞ
ƌĞƚĞŶĐŝſŶ
sĄůǀƵůĂ
ŵĂƌŝƉŽƐĂ
sĄůǀƵůĂ
ĐŽŵƉƵĞƌƚĂ
ƌŝĚĂ
ƌĞƚĞŶĐŝſŶ
<
ϱϲ͕ϵϵϱ
7DEOD$FFHVRULRVHQODVOtQHDV
3RU HMHPSOR SDUD HO WUDPR %235)9'1 WHQHPRV ORV VLJXLHQWHV GDWRV HO
YDORUGHODVSpUGLGDVGHFDUJDVLQJXODUHVVHUiQ
'DWRV
9 PV
Ȉ. J PV
6XVWLWX\HQGRORVGDWRVHQODH[SUHVLyQREWHQHPRV
% ෍ A&
%
&
&2
&
5HDOL]DQGRHOFiOFXORSDUDODVGHPiVOtQHDVGHODLQVWDODFLyQREWHQHPRVODVLJXLHQWH
WDEODGHSpUGLGDVVLQJXODUHV
dƌĂŵŽƐ
L-69 L-69 --69 J--69 J--69 '--69 '--69 ŽĚŽϵϬǑ
dĠ
CD
CD
C
D
'RFXPHQWRQž&iOFXORV
sĄůǀƵůĂĚĞ
ƌĞƚĞŶĐŝſŶ
sĄůǀƵůĂ
ŵĂƌŝƉŽƐĂ
sĄůǀƵůĂ
ĐŽŵƉƵĞƌƚĂ
ƌŝĚĂ
ƌĞƚĞŶĐŝſŶ
ƐƵŵĂ
<
ǀ
%;ŵͿ
3iJLQDGH
(GXDUGR-LPpQH]$\HUUD8QLYHUVLGDG3~EOLFDGH1DYDUUD
-.-69 J-.-69 '-.-69 -69 -69 :':'.I
'
9 8:':'.I
'
9 ':':'.I
'
9 J:':'.I
'
9 dŽƚĂůŵĞƚƌŽƐ
CD
CD
ϲϬ͕ϵϵϱ
ϭϰ͕ϯϰϯϱ
7DEOD3pUGLGDVGHFDUJDVLQJXODUHVGHODVFRQGXFFLRQHV
&$5*$2$/785$Ò7,/<6(/(&&,Ï1'(/$6%20%$6
3DUDVHOHFFLRQDUODVERPEDVVHUiQHFHVDULRVDEHUHOFDXGDO\ODFDUJDQHFHVDULDTXH
GHEHDSRUWDU(OFDXGDOGHODVERPEDVORFRQRFHPRV6LQHPEDUJRODFDUJDRDOWXUD~WLOGH
ODVERPEDVQRVHFRQRFH\VHUiQHFHVDULRKDOODUODDWUDYpVGHODHFXDFLyQGH%HUQRXLOOL
M
% % N N I$ ሺͷͳሻ
0
&2
'yQGH
: FDUJDP
ȡ GHQVLGDGGHODJXDDž&HQNJPñ
J PVð
3$\3% SUHVLyQGHODJXDHQ$\%HQNJP
=$\=% DOWXUDJHRPpWULFDGLIHUHQFLDGHFRWDVHQWUHORVSXQWRV$\%HQPHWURV
9 $\9 % YHORFLGDGHVPHGLDVGHOOtTXLGRHQODVVHFFLRQHVGHODVFRQGXFFLRQHVHQ
ORVSXQWRV$\%HQPV
+ SpUGLGDVGHFDUJDHQODFRQGXFFLyQ
3DUDHOFiOFXORGHODFDUJDGHFDGDXQDGHODVERPEDVGHODLQVWDODFLyQQHFHVLWDPRV
FRQRFHU HO YDORU GH ODV SpUGLGDV GH FDUJD GH ODV FRQGXFFLRQHV DVt FRPR ODV SUHVLRQHV
DOWXUDVJHRPpWULFDV\YHORFLGDGHVHQFRWDV$\%
%20%$6'(&$37$&,Ï1
/DV ERPEDV GH FDSWDFLyQ VH HQFDUJDQ GH LPSXOVDU HO DJXD GHVGH OD ]RQD GH
FDSWDFLyQGHDJXDGHPDUKDVWDHOGHSyVLWRLQWHUPHGLRGHDJXDEUXWDDWUDYpVGHORVWUDPRV
%235)9'1%235)9'1
3DUDVXHOHFFLyQQHFHVLWDPRVFRQRFHUHOFDXGDO\ODFDUJDTXHGHEHUiGHVDUUROODU
3DUD HOOR VH UHVXHOYH HO %DODQFH GH (QHUJtD 0HFiQLFD SDUD XQ IOXMR QR YLVFRVR
LQFRPSUHVLEOHXQLGLPHQVLRQDOWHQLHQGRHQFXHQWDODVSpUGLGDVGHFDUJDGHILQLGDVHQHOORV
FiOFXORVKLGUiXOLFRV5HVROYLHQGRGLFKREDODQFHREWHQHPRVODFDUJDTXHGHEHQGHVDUUROODU
GLFKDVERPEDV
'RFXPHQWRQž&iOFXORV
3iJLQDGH
(GXDUGR-LPpQH]$\HUUD8QLYHUVLGDG3~EOLFDGH1DYDUUD
(OFDXGDOTXHGHEHDSRUWDUFDGDERPEDHVGHPñK/DFDUJDTXHGHEHUHDOL]DU
GLFKD ERPED D SDUWLU GH OD HFXDFLyQ GH %HUQRXLOOL GRQGH HO SXQWR $ VH HQFXHQWUD HQ OD
ERFDGHODWXEHUtDVXPHUJLGDPHWURV\HOSXQWR%DPHWURVHQODERFDGHODWXEHUtDGH
GHVFDUJDDOGHSyVLWRLQWHUPHGLRGHDJXDEUXWD
/DYHORFLGDG HQHOSXQWR$HVODGHODVXSHUILFLH \SRUWDQWRVHFRQVLGHUDLJXDOD
FHUR\HQHOSXQWR%VHUiODTXHOOHYHHOIOXLGRHQODFRQGXFFLyQ
/DDOWXUDJHRPpWULFDTXHPLGHODSpUGLGDGHFDUJDGHELGRDODGLIHUHQFLDGHFRWDV
HQWUHODFDSWDFLyQ\HOYDFLDGRDGHSyVLWR\WRPDQGRFRPRFRWDFHURODERFDGHODWXEHUtD
VXPHUJLGD(VWDWRPDXQYDORUGHPHWURV
/D SUHVLyQ HQ % VHUi LJXDO D OD DWPRVIpULFD \ HQ $ YHQGUi GDGD SRU OD VLJXLHQWH
H[SUHVLyQ
0&# &
A2
A2
(
3RUWDQWRUHVXPLHQGRWHQHPRVORVVLJXLHQWHVGDWRV
3XQWR$%RFDGHWXEHUtDVXPHUJLGD
˜୅ ൌ ͲȀ•
œ୅ ൌ െͳͲ
୅ ൌ ʹͲǡ͵͵ʹ
‰
ൌ ʹͲǡ͵͵ʹ
…ଶ
3XQWR%%RFDGHWXEHUtDGHVFDUJD
˜୆ ൌ ʹǡͳͳ͵͵Ȁ•
œ୆ ൌ ͸Ͳ
୆ ൌ ʹͲǡ͵͵ʹ
‰
ൌ ʹͲǡ͵͵ʹ
…ଶ
6XVWLWX\HQGRHQHO%DODQFHGH(QHUJtD0HFiQLFDHFXDFLyQREWHQHPRV
Mሺሻ
&
/DVERPEDVGHEHQLPSXOVDUXQFDXGDOGHPKFDGDXQD\UHDOL]DUXQDFDUJD
PtQLPDGHP/DVERPEDVVHOHFFLRQDGDV VRQVXPLQLVWUDGDVSRUODHPSUHVD ,785
%20%$6
'RFXPHQWRQž&iOFXORV
3iJLQDGH
(GXDUGR-LPpQH]$\HUUD8QLYHUVLGDG3~EOLFDGH1DYDUUD
%20%$'($/7$35(6,Ï1
(OREMHWLYRGHODERPEDGHDOWDSUHVLyQVHUiVXPLQLVWUDUHOFDXGDOGHDOLPHQWDFLyQD
ORVEDVWLGRUHVGHyVPRVLVLQYHUVD(OGLVHxRGHOSURFHVRGHyVPRVLVLQYHUVDVHKDGHVFULWR
HQXQDOtQHDFRQXQDHWDSDFDGDOtQHD
(O FDXGDO D VXPLQLVWUDU SRU GLFKD ERPED OR KDUi D WUDYpV GHO VLJXLHQWH WUDPR GH
WXEHUtD$$335)9'1
3DUD OD HOHFFLyQ GH OD ERPED GH DOWD SUHVLyQ QHFHVLWDPRV FRQRFHU HO FDXGDO \ OD
FDUJDTXHGHEHUiGHVDUUROODUGLFKDERPED3DUDHOORDSOLFDPRVODHFXDFLyQGH%HUQRXLOOL
(OFDXGDOTXHGHEHDSRUWDUHVGHPK/DFDUJDDSDUWLUGH%HUQRXLOOLGRQGH
HOSXQWR$VHORFDOL]DHQODERFDGHLPSXOVLyQGHODERPED\HOSXQWR%HQODHQWUDGDGH
ORVEDVWLGRUHV
/DGLIHUHQFLDGHSUHVLyQHQWUHHOSXQWR%\HOSXQWR$GHEHUiVHUODHVWLSXODGDFRPR
QHFHVDULDSDUDUHDOL]DUODyVPRVLVLQYHUVD'LFKDSUHVLyQVHFDOFXOyHQHO$3$57$'2
',0(16,21$'281,'$'Ï6026,6,19(56$\WRPDXQYDORUDSUR[LPDGRGH
EDUHV
/D YHORFLGDG HQ DPERV SXQWRV $ \ % VHUi OD PLVPD QR VH FRQVLGHUDUi HQ ORV
FiOFXORVGHODDOWXUD~WLORWUDEDMRGHODERPED
3XQWR$%RFDGHLPSXOVLyQGHODERFDGHODERPEDGHDOWDSUHVLyQ
‫ݒ‬஺ െ ‫ݒ‬஻ ‫ݖ‬஺ െ ‫ݖ‬஻ $
0&2
3XQWR%(QWUDGDDORVEDVWLGRUHV
‫ݒ‬஺ െ ‫ݒ‬஻ ‫ݖ‬஺ െ ‫ݖ‬஻ 6XVWLWX\HQGRREWHQHPRV
M
/D ERPED GHEH LPSXOVDU XQ FDXGDO GH PK \ UHDOL]DU XQ FDUJD PtQLPD GH
P /D ERPED VHOHFFLRQDGD HV VXPLQLVWUDGD SRU OD HPSUHVD +,'527(&$5
%20%$66$PRGHOR/((VWDVERPEDVVRQODVGHQRPLQDGDV³ERPEDVGHDOWDSUHVLyQ´
'RFXPHQWRQž&iOFXORV
3iJLQDGH
(GXDUGR-LPpQH]$\HUUD8QLYHUVLGDG3~EOLFDGH1DYDUUD
6H WUDWD GH ERPEDV FHQWUtIXJDV KRUL]RQWDOHV PXOWLFHOXODUHV FRQ ORV URGHWHV GH SDODV
KHOLFRLGDOHVGHDVSLUDFLyQVLPSOH
&È/&8/26'(/$,167$/$&,Ï1)27292/7$,&$
&È/&8/2'(/1Ò0(52'(02'8/26
3DUD GHWHUPLQDU OD FRQILJXUDFLyQ \ HO WDPDxR GHO JHQHUDGRU IRWRYROWDLFR HV
QHFHVDULR FRQRFHU OD HQHUJtD KLGUiXOLFD QHFHVDULD SDUD GHVSOD]DU HO YROXPHQ GH DJXD
QHFHVDULR D OD DOWXUD R FDUJD ~WLO GHVHDGD SDUD FDGD DSOLFDFLyQ 'H pVWD IRUPD SDUD
GHWHUPLQDUODHQHUJtDKLGUiXOLFDTXHVHYDDQHFHVLWDUHQFDGDVLVWHPDGHERPEHRVHSDUWH
GHODVLJXLHQWHH[SUHVLyQ
(K ሺ-GtDሻ ȡ൫.JP ൯ÂJ൫PV ൯Â9൫P GtD൯Â+ሺPሻሺͷʹሻ
<
J ൬ ൰ OJ+?$2+?(?$)1$?$?"%"@?+?2@$?P@?$)
0ሺA2 ሻO9?+)?"2@
2ሺ ሻO(?"?$()*+?"2$%?
6ሺ ሻO6"@?+?2@+?(?$)1$
IሺሻO"#@$($2QR"
7HQLHQGR HQ FXHQWD TXH - HTXLYDOH D : V \ TXH KRUD VRQ VHJXQGRV
(QWRQFHVN:āKHTXLYDOHD-
/DH[SUHVLyQDQWHULRUTXHGDGHODVLJXLHQWHIRUPD
J ሺAMሻ0ሺA2 ሻ&2ሺ ሻ&6ሺ ሻ&Iሺሻ&
AM
ሺͷ͵ሻ
<
AM
J ൬
൰ OJ+?$2+?(?$)1$?$?"%"@?+?2@$?P@?$)
0ሺA2 ሻO9?+)?"2@
2ሺ ሻO(?"?$()*+?"2$%?
6ሺ ሻO6"@?+?2@+?(?$)1$
IሺሻO"#@$($2QR"
'RFXPHQWRQž&iOFXORV
3iJLQDGH
(GXDUGR-LPpQH]$\HUUD8QLYHUVLGDG3~EOLFDGH1DYDUUD
1Ò0(52'(0Ï'8/26'(/6,67(0$'(&$37$&,Ï1
1LYHOHVWiWLFR
P
$OWXUDGHOD
GHVFDUJDP
&DUJDSRU
IULFFLyQP
&DUJD'LQiPLFD
7RWDOP
&DUJDR
DOWXUD~WLO
P
9ROXPHQ
GHDJXD
GHQVLGDG
ERPEHDGR
GHODJXD
PGtD
[
[
(QHUJtD
DFHOHUDFLyQ
KLGUiXOLFD
PV
:KGtD
[
(QHUJtD
KLGUiXOLFD
:KGtD
5HQGLPLHQWRFRQMXQWR
PRWRUERPED
(QHUJtDHOpFWULFD
:KGtD
(QHUJtD
HOpFWULFD :KGtD
+RUDVVROSLFR
KGtD
3RWHQFLDWRWDO:
7HQVLyQ
3RWHQFLD
,QWHQVLGDG
QRPLQDOGHO WRWDO:
$
VLVWHPD9
9
5HQGLPLHQWR
GHOFDEOHDGR
,QWHQVLGDG
FRUUHJLGD
$
,QWHQVLGDG ,QWHQVLGDG
FRUUHJLGD
QRPLQDOGHO
$
PyGXOR$
0yGXORV
HQ
SDUDOHOR
7HQVLyQ
QRPLQDOGHO
VLVWHPD9
9
7HQVLyQQRPLQDO
GHOPyGXOR9
0yGXORV
HQVHULH
0yGXORV
HQSDUDOHOR
'RFXPHQWRQž&iOFXORV
[
0yGXORVHQ
VHULH
7RWDOGH
PyGXORV
3iJLQDGH
(GXDUGR-LPpQH]$\HUUD8QLYHUVLGDG3~EOLFDGH1DYDUUD
7RWDOGH PyGXORV
[
3RWHQFLDGHO
PyGXOR:
3RWHQFLDWRWDO
LQVWDODGD:
3RWHQFLDWRWDO
LQVWDODGD:
5HQGLPLHQWR
GHOLQYHUVRU
3RWHQFLDGHO
LQYHUVRU
:
1Ò0(52'(0Ï'8/26'(/6,67(0$'($/7$35(6,Ï1
&DUJD~WLO
P
&DUJDSRU
IULFFLyQP
&DUJD
'LQiPLFD
7RWDOP
&DUJDR
9ROXPHQGHDJXD
DOWXUD ERPEHDGRPGtD
~WLOP
[
(QHUJtD
GHQVLGDG
DFHOHUDFLyQ
KLGUiXOLFD
GHODJXD
PV
:KGtD
[
[
(QHUJtD
KLGUiXOLFD
:KGtD
5HQGLPLHQWR
FRQMXQWRPRWRU
ERPED
(QHUJtDHOpFWULFD
:KGtD
(QHUJtD
HOpFWULFD :KGtD
+RUDVVROSLFR
KGtD
3RWHQFLDWRWDO:
7HQVLyQ
QRPLQDO
3RWHQFLD
GHO
WRWDO:
VLVWHPD
9
9
,QWHQVLGDG
FRUUHJLGD
$
,QWHQVLGDG
5HQGLPLHQWR
$
GHOFDEOHDGR
'RFXPHQWRQž&iOFXORV
3iJLQDGH
(GXDUGR-LPpQH]$\HUUD8QLYHUVLGDG3~EOLFDGH1DYDUUD
,QWHQVLGDG ,QWHQVLGDG 0yGXORV
FRUUHJLGD
QRPLQDOGHO
HQ
$
PyGXOR$
SDUDOHOR
7HQVLyQ
7HQVLyQQRPLQDOGHO
0yGXORVHQ
QRPLQDOGHO
PyGXOR9
VHULH
VLVWHPD9
9
0yGXORV
HQ
0yGXORVHQVHULH 7RWDOGHPyGXORV
SDUDOHOR
[
7RWDOGH 3RWHQFLDGHO
3RWHQFLDWRWDO
PyGXORV
PyGXOR:
LQVWDODGD:
[
3RWHQFLDWRWDO
1~PHURGH
3RWHQFLDGHO
LQVWDODGD:
,QYHUVRUHV
LQYHUVRU:
'HILQLFLRQHV
1LYHOHVWiWLFRP/DGLVWDQFLDYHUWLFDOPHGLGDGHVGHHOQLYHOGHOVXHORKDVWDHOHVSHMRGHO
DJXDFXDQGRQRKD\XQDERPEDRSHUDQGR
$OWXUDGHGHVFDUJDP'LVWDQFLDYHUWLFDOPHGLGDGHVGHHOQLYHOGHOVXHORKDVWDHOSXQWR
GRQGHHODJXDHVGHVFDUJDGD
&DUJDSRUIULFFLyQP3pUGLGDVSRUIULFFLyQFDXVDGDVSRUHOSDVRGHODJXDSRUODWXEHUtD
UXJRVD
&DUJDHVWiWLFDP6XPDGHOQLYHOHVWiWLFR\ODDOWXUDGHGHVFDUJD
&DUJDGLQiPLFDWRWDOP6XPDGHODFDUJDSRUODIULFFLyQ\ODFDUJDHVWiWLFD
9ROXPHQGHDJXDQHFHVDULRPGtD9ROXPHQGHDJXDUHTXHULGRSRUHOVLVWHPD
(QHUJtD KLGUiXOLFD :KGtD (QHUJtD QHFHVDULD SDUD HOHYDU HO YROXPHQ GH DJXD
QHFHVDULR
(ILFLHQFLD GH OD ERPED (V OD SURSRUFLyQ GH HQHUJtD HOpFWULFD WUDQVIRUPDGD D HQHUJtD
KLGUiXOLFD
9ROWDMHQRPLQDOGHOVLVWHPD9YROWDMHDOTXHGHEHIXQFLRQDUHOVLVWHPDGXUDQWHHOGtD
(VWHHVHOYROWDMHGHDGPLVLyQHQHOFRQWURODGRURLQYHUVRU
&RUULHQWH GHO SUR\HFWR $ &RUULHQWH QHFHVDULD SDUD VDWLVIDFHU OD FDUJD GHO VLVWHPD GHO
PHVGHGLVHxR
'RFXPHQWRQž&iOFXORV
3iJLQDGH
(GXDUGR-LPpQH]$\HUUD8QLYHUVLGDG3~EOLFDGH1DYDUUD
)DFWRU GH UHQGLPLHQWR GHO FRQGXFWRU /RV FRQGXFWRUHV HOpFWULFRV ELHQ VHOHFFLRQDGRV
WLHQHQXQDHILFLHQFLDDSUR[LPDGDGHHQORVVLVWHPDVGHERPEHRVRODU
&RUULHQWH FRUUHJLGD GHO SUR\HFWR $ &RUULHQWH PtQLPD GHO DUUHJOR QHFHVDULD SDUD
DFWLYDUHOVLVWHPDGHERPEHR
&RUULHQWH,PSGHO PyGXOR$&RUULHQWHDPi[LPDSRWHQFLD ,PSSURSRUFLRQDGDSRU HO
IDEULFDQWHGHOPyGXORIRWRYROWDLFR
0yGXORVHQSDUDOHOR1~PHURGHPyGXORVTXHLUiQFRQHFWDGRVHQSDUDOHOR
9ROWDMHQRPLQDOGHOVLVWHPD9
9ROWDMH9PSGHOPyGXOR9YROWDMHGHPi[LPDSRWHQFLD9PSGHOPyGXOR
0yGXORV HQ VHULH Q~PHUR GH PyGXORV FRQHFWDGRV HQ VHULH QHFHVDULRV SDUD SURGXFLU OD
WHQVLyQGHOVLVWHPD
0yGXORVHQSDUDOHORQ~PHURGHPyGXORVTXHLUiQFRQHFWDGRVHQSDUDOHOR
7RWDO GH PyGXORV 1~PHUR WRWDO GH PyGXORV HQ HO DUUHJOR (V HO SURGXFWR GHO Q~PHUR
GHPyGXORVHQSDUDOHORSRUHOQ~PHURGHPyGXORVHQVHULH
&RUULHQWH,PSGHOPyGXOR$
3RWHQFLDWRWDO:3RWHQFLDGHODUUHJORIRWRYROWDLFR
'RFXPHQWRQž&iOFXORV
3iJLQDGH
PRODUCED BY AN AUTODESK EDUCATIONAL PRODUCT
PRODUCED BY AN AUTODESK EDUCATIONAL PRODUCT
PRODUCED BY AN AUTODESK EDUCATIONAL PRODUCT
de Navarra
Nafarroako
Unibertsitate Publikoa
E.T.S.I.I.T.
PROYECTO:
DEPARTAMENTO:
PROYECTOS E ING.RURAL
REALIZADO:
abastecida con una planta fotovoltaica
PLANO:
FECHA:
10/02/2013
ESCALA:
S/E
7
PRODUCED BY AN AUTODESK EDUCATIONAL PRODUCT
PRODUCED BY AN AUTODESK EDUCATIONAL PRODUCT
PRODUCED BY AN AUTODESK EDUCATIONAL PRODUCT
PRODUCED BY AN AUTODESK EDUCATIONAL PRODUCT
de Navarra
Nafarroako
Unibertsitate Publikoa
E.T.S.I.I.T.
PROYECTO:
DEPARTAMENTO:
PROYECTOS E ING.RURAL
REALIZADO:
abastecida con una planta fotovoltaica
PLANO:
FECHA:
10/02/2013
ESCALA:
S/E
8
PRODUCED BY AN AUTODESK EDUCATIONAL PRODUCT
PRODUCED BY AN AUTODESK EDUCATIONAL PRODUCT
PRODUCED BY AN AUTODESK EDUCATIONAL PRODUCT
PRODUCED BY AN AUTODESK EDUCATIONAL PRODUCT
de Navarra
Nafarroako
Unibertsitate Publikoa
E.T.S.I.I.T.
PROYECTO:
DEPARTAMENTO:
PROYECTOS E ING.RURAL
REALIZADO:
abastecida con una planta fotovoltaica
PLANO:
FECHA:
10/02/2013
ESCALA:
S/E
9
PRODUCED BY AN AUTODESK EDUCATIONAL PRODUCT
PRODUCED BY AN AUTODESK EDUCATIONAL PRODUCT
PRODUCED BY AN AUTODESK EDUCATIONAL PRODUCT
PRODUCED BY AN AUTODESK EDUCATIONAL PRODUCT
de Navarra
Nafarroako
Unibertsitate Publikoa
E.T.S.I.I.T.
PROYECTO:
DEPARTAMENTO:
PROYECTOS E ING.RURAL
REALIZADO:
abastecida con una planta fotovoltaica
PLANO:
FECHA:
10/02/2013
ESCALA:
S/E
10
PRODUCED BY AN AUTODESK EDUCATIONAL PRODUCT
PRODUCED BY AN AUTODESK EDUCATIONAL PRODUCT
PRODUCED BY AN AUTODESK EDUCATIONAL PRODUCT
PRODUCED BY AN AUTODESK EDUCATIONAL PRODUCT
de Navarra
Nafarroako
Unibertsitate Publikoa
E.T.S.I.I.T.
PROYECTO:
DEPARTAMENTO:
PROYECTOS E ING.RURAL
REALIZADO:
abastecida con una planta fotovoltaica
PLANO:
FECHA:
10/02/2013
ESCALA:
S/E
11
PRODUCED BY AN AUTODESK EDUCATIONAL PRODUCT
PRODUCED BY AN AUTODESK EDUCATIONAL PRODUCT
PRODUCED BY AN AUTODESK EDUCATIONAL PRODUCT
PRODUCED BY AN AUTODESK EDUCATIONAL PRODUCT
de Navarra
Nafarroako
Unibertsitate Publikoa
E.T.S.I.I.T.
PROYECTO:
DEPARTAMENTO:
PROYECTOS E ING.RURAL
REALIZADO:
abastecida con una planta fotovoltaica
PLANO:
FECHA:
10/02/2013
ESCALA:
S/E
12
PRODUCED BY AN AUTODESK EDUCATIONAL PRODUCT
PRODUCED BY AN AUTODESK EDUCATIONAL PRODUCT
PRODUCED BY AN AUTODESK EDUCATIONAL PRODUCT
PRODUCED BY AN AUTODESK EDUCATIONAL PRODUCT
de Navarra
Nafarroako
Unibertsitate Publikoa
E.T.S.I.I.T.
PROYECTO:
DEPARTAMENTO:
PROYECTOS E ING.RURAL
REALIZADO:
abastecida con una planta fotovoltaica
PLANO:
FECHA:
10/02/2013
ESCALA:
S/E
13
PRODUCED BY AN AUTODESK EDUCATIONAL PRODUCT
(6&8(/$7e&1,&$683(5,25'(,1*(1,(526
,1'8675,$/(6<'(7(/(&2081,&$&,Ï1
7LWXODFLyQ
,1*(1,(527e&1,&2,1'8675,$/0(&È1,&2
7tWXORGHOSUR\HFWR
',6(f2'(81$,167$/$&,Ï1'(6$/$'25$'(
$*8$$%$67(&,'$&2181$3/$17$
)27292/7$,&$
'2&80(1721ž3/,(*2'(&21',&,21(6
(GXDUGR-LPpQH]$\HUUD
0DUWtQ,EDUUD0XULOOR
3DPSORQDGH$EULOGH
Ë1',&(
2%-(72
&21',&,21(6*(1(5$/(6
&21',&,21(6)$&8/7$7,9$6
(/,1*(1,(52',5(&725
(/&216758&725
9(5,),&$&,Ï1'(/26'2&80(1726'(/352<(&72
3/$1'(6(*85,'$'(+,*,(1(
2),&,1$(1/$2%5$
35(6(1&,$(1/$2%5$
75$%$-2612(67,38/$'26(;35(6$0(17(
,17(535(7$&,21(6$&/$$&,21(6<02',),&$&,21(6'(/26
'2&80(1726'(352<(&72
5(&/$0$&,21(6&2175$/$6Ï5'(1(6'(/$',5(&&,Ï1
)$&8/7$7,9$
)$/7$6'(35(621$/
&$0,126<$&&(626
5(3/$17(2
&20,(1=2'(/$2%5$5,702'((-(&8&,Ï1'(/26
75$%$-26
25'(1'(/2675$%$-26
)$&,/,'$'(63$5$27526&2175$7,67$6
$03/,$&,Ï1'(/352<(&72325&$86$6,035(9,67$62'(
)8(5=$0$<25
352552*$325&$86$'()8(5=$0$<25
5(63216$%,/,'$''(/$',5(&&,Ï1)$&8/7$7,9$(1(/
5(75$62'(/$2%5$
&21',&,21(6*(1(5$/(6'((-(&8&,Ï1'(/2675$%$-26
2%5$62&8/7$6
75$%$-26'()(&782626
9,&,262&8/726
'(/260$7(5,$/(6<'(/26$3$5$72668352&('(1&,$
35(6(17$&,Ï1'(08(675$6
0$7(5,$/(61287,/,=$%/(6
*$67262&$6,21$'26325358(%$6<(16$<26
/,03,(=$'(/$62%5$6
3/$=2'(*$5$17,$
&216(59$&,Ï1'(/$62%5$65(&,%,'$63529,6,21$/0(17(
5(&(3&,Ï1'(),1,7,9$
35Ï552*$'(/3/$=2'(*$5$17Ë$
5(&(3&,21(6'(75$%$-26&8<$&2175$7$+$<$6,'2
5(6&,1''$
&21',&,21(6(&21Ï0,&$6
35,1&,3,2*(1(5$/
&20326,&,Ï1'(35(&,2681,7$5,26
35(&,2'(&2175$7$,03257('(&2175$7$
35(&,26&2175$',&725,26
5(&/$0$&,21(6'($80(172'(35(&,26325&$86$6
',9(56$6
5(&/$0$&,21(6'($80(172'(35(&,26325&$86$6
',9(56$6
)250$675$',&,21$/(6'(0(',52'($3/,&$5/2635(&,26
'(/$5(9,6,Ï1'(/2635(&,26&2175$7$'26
$&23,2'(0$7(5,$/(6
9$/25$&,Ï1<$%212'(/2675$%$-26
0(-25$6'(2%5$6/,%5(0(17((-(&87$'$6
$%212'(75$%$-2635(6838(67$'26&213$57,'$$/=$'$
$%212'($*27$0,(172<2752675$%$-26(63(&,$/(6
3$*26
$%212'(75$%$-26(-(&87$'26'85$17((/3/$=2'(
*$5$17Ë$
,03257('(/$,'(01,=$&,Ï13255(75$6212-867,),&$'2
(1(/3/$=2'(7(50,1$&,Ï1'(/$62%5$6
'(025$'(/263$*26
0(-25$6<$80(1726'(2%5$&$626&2175$5,26
81,'$'(6'(2%5$6'()(&7826$63(52$&(37$%/(6
6(*852'(/$62%5$6
&216(59$&,Ï1'(/$2%5$
862325(/&2175$7,67$'((',),&,22%,(1(6'(/
3523,(7$5,2
6(*852'(5(63216$%,/,'$'&,9,/
&$5*26$/&2175$7,67$
&21',&,21(67e&1,&$6'(,167$/$&,21(6)27292/7$,&$6,'($
2%-(72
*(1(5$/,'$'(6
'(),1,&,21(6
5$',$&,Ï162/$5
*(1(5$'25(6)27292/7$,&26
,19(5625(6
,167$/$&,Ï1
,17(*5$&,Ï1$548,7(&7Ï1,&$
',6(f2
25,(17$&,Ï1,1&/,1$&,Ï1<620%5$6
',0(16,21(6'(/6,67(0$
6,67(0$'(021,725,=$&,Ï1
&20321(17(6<0$7(5,$/(6
*(1(5$/,'$'(6
*(1(5$'25(6)27292/7$,&26
(6758&785$623257(
,19(5625(6
&$%/($'2
3527(&&,21(6<38(67$$7,(55$
6,67(0$6*(1(5$'25(6)27292/7$,&26
5(&(3&,Ï1<358(%$6
5(48(5,0,(17267e&1,&26'(/&2175$72'(
0$17(1,0,(172
*(1(5$/,'$'(6
352*5$0$'(0$17(1,0,(172
*$5$17Ë$6
&21',&,21(6-85Ë',&$6
$&&,'(17(6<'$f26352'8&,'26(1/$62%5$6
3$522$3/$=$0,(172'(/$2%5$
6863(16,Ï1'(3$*26
5(675,&&,Ï1'(&2175$72
$5%,75$-(
$8',725Ë$
(GXDUGR-LPpQH]$\HUUD8QLYHUVLGDG3~EOLFDGH1DYDUUD
2%-(72
(OREMHWRGHHVWH3OLHJRHVGHILQLUODVFRQGLFLRQHVTXHKDQGHUHJLUHQODHMHFXFLyQ
GH ODV REUDV GH ODV LQVWDODFLRQHV IRWRYROWDLFDV ILMDQGR ORV QLYHOHV WpFQLFRV \ GH FDOLGDG
H[LJLEOHVSUHFLVDQGRODVLQWHUYHQFLRQHVTXHFRUUHVSRQGHQVHJ~QHOFRQWUDWR\FRQDUUHJOR
D OD OHJLVODFLyQ DSOLFDEOH DO SURPRWRU R GXHxR GH OD REUD R LQVWDODFLyQ DO FRQWUDWLVWD R
LQVWDODGRU GH OD PLVPD DO LQJHQLHUR WpFQLFR GLUHFWRU GH OD REUD DVt FRPR ODV UHODFLRQHV
HQWUH WRGRV HOORV \ VXV FRUUHVSRQGLHQWHV REOLJDFLRQHV HQ RUGHQ DO FXPSOLPLHQWR GHO
FRQWUDWR GH OD LQVWDODFLyQ (VWDEOHFH ODV FRQGLFLRQHV JHQHUDOHV GH FRQWUDWDFLyQ HQWUH OD
SDUWHFRQWUDWDQWHSDUDODTXHVHUHDOL]DODREUD\HOFRQWUDWLVWDTXHHVHOTXHUHDOL]DODREUD
&21',&,21(6*(1(5$/(6
$ FRQWLQXDFLyQ VH QRPEUDUiQ ODV QRUPDV JHQHUDOHV GH HMHFXFLyQ TXH VHUiQ GH
REOLJDGRFXPSOLPLHQWR
7RGRVORVPDWHULDOHV\HTXLSRVTXHVHXWLOLFHQHQODREUDGHEHUiQFXPSOLUODVFRQGLFLRQHV
TXH VH HVWDEOHFHQ HQ HO 3OLHJR GH &RQGLFLRQHV \ GHEHUiQ VHU DSUREDGRV SRU OD SDUWH
FRQWUDWDQWH
6HUi REOLJDFLyQ GHO FRQWUDWLVWD LQGLFDU DO UHSUHVHQWDQWH GH OD SDUWH FRQWUDWDQWH OD
SURFHGHQFLD GH ORV PDWHULDOHV \ HTXLSRV TXH YD\DQ D VHU XWLOL]DGRV FRQ OD DQWHODFLyQ
VXILFLHQWHSDUDTXHSXHGDQKDFHUVHODVFRPSUREDFLRQHV\HQVD\RVTXHHVWLPHFRQYHQLHQWH
ODSDUWHFRQWUDWDQWH
/DDFHSWDFLyQGHXQPDWHULDOHQXQPRPHQWRGHWHUPLQDGRQRVHUiREVWiFXORSDUDTXHVL
SRVWHULRUPHQWHIXHUDQHQFRQWUDGRVGHIHFWRVVHDUHFKD]DGR
(OFRQWUDWLVWDGDUiWRGRWLSRGHIDFLOLGDGHVSRQLHQGRDGLVSRVLFLyQGHODSDUWHFRQWUDWDQWH
\DVXFRVWDWRGDFODVHGHPXHVWUDVGHPDWHULDOHVTXHHVWLPHRSRUWXQRH[DPLQDU
/RV WUDEDMRV D UHDOL]DU VH HMHFXWDUiQ GH DFXHUGR FRQ HO SUR\HFWR \ GHPiV GRFXPHQWRV
UHGDFWDGRVSRUHOLQJHQLHURDXWRUGHOPLVPR
&XDOTXLHUYDULDFLyQTXHVHSUHWHQGDHMHFXWDUVREUHODREUDSUR\HFWDGDGHEHUiVHUSXHVWD
SUHYLDPHQWH HQ FRQRFLPLHQWR GHO LQJHQLHUR GLUHFWRU VLQ FX\R FRQRFLPLHQWR QR VHUi
HMHFXWDGD (Q FDVR FRQWUDULR HO FRQWUDWLVWD HMHFXWDQWH GH GLFKD XQLGDG GH REUD VHUi HO
UHVSRQVDEOHGHODVFRQVHFXHQFLDVTXHHOORRULJLQDVH
(O FRQWUDWLVWD QRPEUDUi XQ HQFDUJDGR JHQHUDO HO FXDO GHEHUi HVWDU FRQVWDQWHPHQWH HQ
REUDPLHQWUDVHQ HOODWUDEDMHQREUHURVGHVX JUHPLR /DPLVLyQGHOHQFDUJDGRVHUiODGH
DWHQGHU \ HQWHQGHU ODV yUGHQHV GH OD GLUHFFLyQ IDFXOWDWLYD FRQRFHU HO SUHVHQWH 3OLHJR GH
&RQGLFLRQHV H[KLELGR SRU HO FRQWUDWLVWD \ YHODU GH TXH HO WUDEDMR VH HMHFXWH HQ EXHQDV
FRQGLFLRQHV\VHJ~QODVEXHQDVDUWHVGHODFRQVWUXFFLyQ
&21',&,21(6)$&8/7$7,9$6
(O,QJHQLHUR'LUHFWRU
&RUUHVSRQGHDO,QJHQLHUR'LUHFWRU
5HGDFWDUORVFRPSOHPHQWRVRUHFWLILFDFLRQHVGHOSUR\HFWRTXHVHSUHFLVHQ
$VLVWLUDODVREUDVFXDQWDVYHFHVORUHTXLHUDVXQDWXUDOH]DFRPSOHMLGDGDILQGHUHVROYHU
ODVFRQWLQJHQFLDVTXHVHSURGX]FDQHLPSDUWLUODVLQVWUXFFLRQHVFRPSOHPHQWDULDVTXHVHDQ
SUHFLVDVSDUDFRQVHJXLUODFRUUHFWDVROXFLyQGHLQJHQLHUtD
'RFXPHQWRQž3OLHJRGHFRQGLFLRQHV
3iJLQDGH
(GXDUGR-LPpQH]$\HUUD8QLYHUVLGDG3~EOLFDGH1DYDUUD
&RRUGLQDU OD LQWHUYHQFLyQ HQ REUD GH RWURV WpFQLFRV TXH HQ VX FDVR FRQFXUUDQ D OD
GLUHFFLyQFRQIXQFLyQSURSLDHQDVSHFWRVSDUFLDOHVGHVXHVSHFLDOLGDG
$SUREDUODVFHUWLILFDFLRQHVSDUFLDOHVGHREUDODOLTXLGDFLyQILQDO\DVHVRUDUDOSURPRWRU
HQHODFWRGHODUHFHSFLyQ
3UHSDUDUODGRFXPHQWDFLyQILQDOGHODREUD\H[SHGLU\VXVFULELUHQXQLyQGHO,QJHQLHURHO
FHUWLILFDGRILQDOGHODPLVPD
(O&RQVWUXFWRU
&RUUHVSRQGHDO&RQVWUXFWRU
2UJDQL]DUORVWUDEDMRVGHFRQVWUXFFLyQUHGDFWDQGRORVSODQHVGHREUDVTXHVHSUHFLVHQ\
SUR\HFWDQGRRDXWRUL]DQGRODVLQVWDODFLRQHVSURYLVLRQDOHV\PHGLRVDX[LOLDUHVGHODREUD
(ODERUDUHO 3ODQ GH 6HJXULGDG H +LJLHQH GH OD REUD HQ DSOLFDFLyQ GHO HVWXGLR
FRUUHVSRQGLHQWH\GLVSRQHUHQWRGRFDVRODHMHFXFLyQGHODVPHGLGDVSUHYHQWLYDVYHODQGR
SRUVXFXPSOLPLHQWR
6XVFULELUFRQHO,QJHQLHURHODFWDGHOUHSODQWHRGHODREUD
2VWHQWDU OD MHIDWXUD GH WRGR HO SHUVRQDO TXH LQWHUYHQJD HQ OD REUD \ FRRUGLQDU ODV
LQWHUYHQFLRQHVGHORVVXEFRQWUDWLVWDV
$VHJXUDUODLGRQHLGDG GHWRGRV \ FDGDXQRGH ORVPDWHULDOHV \HOHPHQWRVFRQVWUXFWLYRV
TXH VH XWLOLFHQ FRPSUREDQGR ORV SUHSDUDWLYRV HQ REUD \ UHFKD]DQGRORV VXPLQLVWURV R
SUHIDEULFDGRVTXHQRFXHQWHQFRQODVJDUDQWtDVRGRFXPHQWRVGHLGRQHLGDGUHTXHULGRVSRU
ODVQRUPDVGHDSOLFDFLyQ
&XVWRGLDU HO /LEUR GH yUGHQHV \ VHJXLPLHQWR GH OD REUD \ GDU HO HQWHUDGR D ODV
DQRWDFLRQHVTXHVHSUDFWLTXHQHQHOPLVPR
)DFLOLWDU DO ,QJHQLHUR FRQ DQWHODFLyQ VXILFLHQWH ORV PDWHULDOHV SUHFLVRV SDUD HO
FXPSOLPLHQWRGHVXFRPHWLGR
3UHSDUDUODVFHUWLILFDFLRQHVSDUFLDOHVGHREUD\ODSURSXHVWDGHOLTXLGDFLyQILQDO
6XVFULELUFRQHO3URPRWRUODVDFWDVGHUHFHSFLyQSURYLVLRQDO\GHILQLWLYD
&RQFHUWDUORVVHJXURVGHDFFLGHQWHVGHWUDEDMR\GHGDxRVDWHUFHURVGXUDQWHODREUD
9HULILFDFLyQGHORVGRFXPHQWRVGHOSUR\HFWR
$QWHV GH GDU FRPLHQ]R D ODV REUDV HO &RQVWUXFWRU FRQVLJQDUi SRU HVFULWR TXH OD
GRFXPHQWDFLyQDSRUWDGDOHUHVXOWDVXILFLHQWHSDUDODFRPSUHQVLyQGHODWRWDOLGDGGHODREUD
FRQWUDWDGDRHQFDVRFRQWUDULRVROLFLWDUiODVDFODUDFLRQHVSHUWLQHQWHV
(O&RQWUDWLVWDVHVXMHWDUiDODV/H\HV5HJODPHQWRV\2UGHQDQ]DVYLJHQWHVDVtFRPRDODV
TXHVHGLFWHQGXUDQWHODHMHFXFLyQGHODREUD
'RFXPHQWRQž3OLHJRGHFRQGLFLRQHV
3iJLQDGH
(GXDUGR-LPpQH]$\HUUD8QLYHUVLGDG3~EOLFDGH1DYDUUD
3ODQGHVHJXULGDGHKLJLHQH
(O&RQVWUXFWRUDODYLVWDGHO3UR\HFWRGH(MHFXFLyQFRQWHQLHQGRHQVXFDVRHO(VWXGLR
GH 6HJXULGDG H +LJLHQH SUHVHQWDUi HO 3ODQ GH 6HJXULGDG H +LJLHQH GH OD REUD D OD
DSUREDFLyQGHO,QJHQLHUR7pFQLFRGHOD'LUHFFLyQ)DFXOWDWLYD
2ILFLQDHQODREUD
(O &RQVWUXFWRU KDELOLWDUi HQ OD REUD XQD RILFLQD HQ OD TXH H[LVWLUi XQD PHVD R WDEOHUR
DGHFXDGR HQ HO TXH SXHGDQ H[WHQGHUVH \ FRQVXOWDUVH ORV SODQRV (Q GLFKD RILFLQD WHQGUi
VLHPSUHHO&RQWUDWLVWDDGLVSRVLFLyQGHOD'LUHFFLyQ)DFXOWDWLYD
(O3UR\HFWRGH(MHFXFLyQFRPSOHWRLQFOXLGRVORVFRPSOHPHQWRVTXHHQVXFDVRUHGDFWHHO
,QJHQLHUR
/D/LFHQFLDGH2EUDV
(O/LEURGHÏUGHQHV\$VLVWHQFLDV
(O3ODQGH6HJXULGDGH+LJLHQH
(O/LEURGH,QFLGHQFLDV
(O5HJODPHQWR\2UGHQDQ]DGH6HJXULGDGH+LJLHQHHQHO7UDEDMR
3UHVHQFLDGHOFRQVWUXFWRUHQODREUD
(O -HIH GH OD REUD HVWDUi SUHVHQWH GXUDQWH OD MRUQDGD OHJDO GH WUDEDMR \ DFRPSDxDUi DO
,QJHQLHURHQODVYLVLWDVTXHKDJDQDODVREUDVSRQLpQGRVHDVXGLVSRVLFLyQSDUDODSUiFWLFD
GHORVUHFRQRFLPLHQWRVTXHVHFRQVLGHUHQQHFHVDULRV\VXPLQLVWUiQGROHVORVGDWRVSUHFLVRV
SDUDODFRPSUREDFLyQGHPHGLFLRQHV\OLTXLGDFLRQHV
7UDEDMRVQRHVWLSXODGRVH[SUHVDPHQWH
(VREOLJDFLyQGHODFRQWUDWDHOHMHFXWDUODEXHQDFRQVWUXFFLyQ\DVSHFWRGHODVREUDVDXQ
FXDQGRQRVHKDOOHH[SUHVDPHQWHGHWHUPLQDGRHQORVGRFXPHQWRVGH3UR\HFWRVLHPSUHTXH
VLQ VHSDUDUVH GH VX HVStULWX \ UHFWD LQWHUSUHWDFLyQ OR GLVSRQJD HO ,QJHQLHUR GHQWUR GH ORV
OtPLWHVGHSRVLELOLGDGHVTXHORVSUHVXSXHVWRVKDELOLWHQSDUDFDGDXQLGDGGHREUD\WLSRGH
HMHFXFLyQ
,QWHUSUHWDFLRQHV DFODUDFLRQHV \ PRGLILFDFLRQHV GH ORV GRFXPHQWRV GHO
SUR\HFWR
&XDOTXLHU UHFODPDFLyQ TXH HQ FRQWUD GH ODV GLVSRVLFLRQHV WRPDGDV SRU pVWRV FUHD
RSRUWXQR KDFHU HO &RQVWUXFWRU KDEUi GH GLULJLUOD GHQWUR SUHFLVDPHQWH GHO SOD]R GH WUHV
GtDV D TXLHQ ODKXELHUH GLFWDGR HO FXDO GDUi DO &RQVWUXFWRU HO FRUUHVSRQGLHQWH UHFLER VL
HVWHORVROLFLWDVH
(O &RQVWUXFWRU SRGUi UHTXHULU GHO ,QJHQLHUR VHJ~Q VXV UHVSHFWLYRV FRPHWLGRV ODV
LQVWUXFFLRQHVRDFODUDFLRQHVTXHVHSUHFLVHQSDUDODFRUUHFWDLQWHUSUHWDFLyQ\HMHFXFLyQGH
ORSUR\HFWDGR
'RFXPHQWRQž3OLHJRGHFRQGLFLRQHV
3iJLQDGH
(GXDUGR-LPpQH]$\HUUD8QLYHUVLGDG3~EOLFDGH1DYDUUD
5HFODPDFLRQHVFRQWUDODVyUGHQHVGHODGLUHFFLyQIDFXOWDWLYD
/DV UHFODPDFLRQHV TXH HO &RQWUDWLVWD TXLHUD KDFHU FRQWUD ODV yUGHQHV R LQVWUXFFLRQHV
GLPDQDGDVGHOD'LUHFFLyQ)DFXOWDWLYDVyORSRGUiSUHVHQWDUODVDWUDYpVGHO,QJHQLHURDQWH
OD3URSLHGDGVLVRQGHRUGHQHFRQyPLFR \ GH DFXHUGRFRQODV FRQGLFLRQHVHVWLSXODGDV HQ
ORV3OLHJRVGH&RQGLFLRQHVFRUUHVSRQGLHQWHV
)DOWDVGHSHUVRQDO
(O ,QJHQLHUR HQ VXSXHVWRV GH GHVREHGLHQFLD D VXV LQVWUXFFLRQHV PDQLILHVWD
LQFRPSHWHQFLD R QHJOLJHQFLD JUDYH TXH FRPSURPHWDQ R SHUWXUEHQ OD PDUFKD GH ORV
WUDEDMRV SRGUi UHTXHULU DO&RQWUDWLVWD SDUD TXH DSDUWH GH OD REUD D ORV GHSHQGLHQWHV X
RSHUDULRVFDXVDQWHVGHODSHUWXUEDFLyQ
&DPLQRV\DFFHVRV
(O&RQVWUXFWRUGLVSRQGUiSRUVXFXHQWDORVDFFHVRVDODREUD\HOFHUUDPLHQWRRYDOODGRGH
pVWD (O ,QJHQLHUR SRGUi H[LJLU VX PRGLILFDFLyQ R PHMRUD $Vt PLVPR HO &RQVWUXFWRU VH
REOLJDUi D OD FRORFDFLyQ HQ OXJDU YLVLEOH D OD HQWUDGD GH OD REUD GH XQ FDUWHO H[HQWR GH
SDQHOPHWiOLFRVREUHHVWUXFWXUDDX[LOLDUGRQGHVHUHIOHMDUiQORVGDWRVGHODREUDHQUHODFLyQ
DOWtWXORGHODPLVPDHQWLGDGSURPRWRUD\QRPEUHVGHORVWpFQLFRVFRPSHWHQWHVTXHGHEHUi
VHUDSUREDGRSUHYLDPHQWHDVXFRORFDFLyQSRUOD'LUHFFLyQ)DFXOWDWLYD
5HSODQWHR
(O&RQVWUXFWRULQLFLDUiODVREUDVFRQHOUHSODQWHRGHODVPLVPDVHQHOWHUUHQRVHxDODQGR
ODV UHIHUHQFLDV SULQFLSDOHV TXH PDQWHQGUi FRPR EDVH GH XOWHULRUHV UHSODQWHRV SDUFLDOHV
'LFKRVWUDEDMRVVHFRQVLGHUDUiQDFDUJRGHO&RQWUDWLVWDHLQFOXLGRVHQVXRIHUWD
(O&RQVWUXFWRUVRPHWHUiHOUHSODQWHRDODDSUREDFLyQGHO ,QJHQLHUR \XQDYH]HVWHKD\D
GDGRVXFRQIRUPLGDGSUHSDUDUiXQDFWDDFRPSDxDGDGHXQSODQRTXHGHEHUiVHDSUREDGD
SRUHO,QJHQLHURVLHQGRUHVSRQVDELOLGDGGHO&RQVWUXFWRUODRPLVLyQGHHVWHWUiPLWH
&RPLHQ]RGHODREUD5LWPRGHHMHFXFLyQGHORVWUDEDMRV
(O &RQVWUXFWRU GDUi FRPLHQ]R D ODV REUDV HQ HO SOD]R PDUFDGR GHVDUUROOiQGRODV HQ OD
IRUPD QHFHVDULD SDUD TXH GHQWUR GH ORV SHUtRGRV SDUFLDOHV HQ DTXHOORV VHxDODGRV TXHGHQ
HMHFXWDGRV ORV WUDEDMRV FRUUHVSRQGLHQWHV \ HQ FRQVHFXHQFLD OD HMHFXFLyQ WRWDO VH OOHYH D
HIHFWRGHQWURGHOSOD]RH[LJLGRHQHO&RQWUDWR
2UGHQGHORVWUDEDMRV
(Q JHQHUDO OD GHWHUPLQDFLyQ GHO RUGHQ GH ORV WUDEDMRV HV IDFXOWDG GH OD FRQWUDWD VDOYR
DTXHOORVFDVRVHQTXHSRUFLUFXQVWDQFLDVGHRUGHQWpFQLFRHVWLPHFRQYHQLHQWHVXYDULDFLyQ
OD'LUHFFLyQ)DFXOWDWLYD
)DFLOLGDGHVSDUDRWURVFRQWUDWLVWDV
'H DFXHUGR FRQ OR TXH UHTXLHUD OD 'LUHFFLyQ )DFXOWDWLYD HO &RQWUDWLVWD *HQHUDO GHEHUi
GDU WRGDV ODV IDFLOLGDGHV UD]RQDEOHV SDUD OD UHDOL]DFLyQ GH ORV WUDEDMRV TXH OH VHDQ
'RFXPHQWRQž3OLHJRGHFRQGLFLRQHV
3iJLQDGH
(GXDUGR-LPpQH]$\HUUD8QLYHUVLGDG3~EOLFDGH1DYDUUD
HQFRPHQGDGRVDWRGRVORVGHPiV&RQWUDWLVWDVTXHLQWHUYHQJDQHQODREUD(OORVLQSHUMXLFLR
GHODVFRPSHQVDFLRQHVHFRQyPLFDVDTXHKD\DOXJDUHQWUH&RQWUDWLVWDVSRUXWLOL]DFLyQGH
PHGLRVDX[LOLDUHVRVXPLQLVWURVGHHQHUJtDXRWURVFRQFHSWRV
$PSOLDFLyQGHOSUR\HFWRSRUFDXVDVLPSUHYLVWDVRGHIXHU]DPD\RU
&XDQGRVHDSUHFLVRSRUPRWLYRLPSUHYLVWRRSRUFXDOTXLHUDFFLGHQWHDPSOLDUHO3UR\HFWR
QR VH LQWHUUXPSLUiQ ORV WUDEDMRV FRQWLQXiQGRVH VHJ~Q ODV LQVWUXFFLRQHV GDGDV SRU HO
,QJHQLHUR
3URUURJDSRUFDXVDGHIXHU]DPD\RU
6L SRU FDXVD GH IXHU]D PD\RU R LQGHSHQGLHQWH GH OD YROXQWDG GHO &RQVWUXFWRU pVWH QR
SXGLHVHFRPHQ]DUODVREUDVRWXYLHVHTXHVXVSHQGHUODVRQROHIXHUDSRVLEOHWHUPLQDUODV
HQORVSOD]RVSUHILMDGRVVHOHRWRUJDUiXQDSUyUURJDSURSRUFLRQDGDSDUDHOFXPSOLPLHQWRGH
ODFRQWUDWDSUHYLRLQIRUPHIDYRUDEOHGHO,QJHQLHUR3DUDHOORHO&RQVWUXFWRUH[SRQGUiHQ
HVFULWRGLULJLGRDO,QJHQLHURODFDXVDTXHLPSLGHODHMHFXFLyQRODPDUFKDGHORVWUDEDMRV\
HO UHWUDVR TXH SRU HOOR VH RULJLQDUtD HQ ORV SOD]RV DFRUGDGRV UD]RQDQGR GHELGDPHQWH OD
SUyUURJDTXHSRUGLFKDFDXVDVROLFLWD
5HVSRQVDELOLGDGGHODGLUHFFLyQIDFXOWDWLYDHQHOUHWUDVRGHODREUD
(O&RQWUDWLVWDQRSRGUiH[FXVDUVHGHQRKDEHUFXPSOLGRORVSOD]RVGHREUDHVWLSXODGRV
DOHJDQGR FRPR FDXVD OD FDUHQFLD GH SODQRV X yUGHQHV GH OD 'LUHFFLyQ )DFXOWDWLYD D
H[FHSFLyQ GHO FDVR HQ TXH KDELpQGROR VROLFLWDGR SRU HVFULWR QR VH OH KXELHVHQ
SURSRUFLRQDGR
&RQGLFLRQHVJHQHUDOHVGHHMHFXFLyQGHORVWUDEDMRV
7RGRV ORV WUDEDMRV VH HMHFXWDUiQ FRQ HVWULFWD VXMHFLyQ DO 3UR\HFWR D ODV PRGLILFDFLRQHV
GHOPLVPRTXHSUHYLDPHQWHKD\DQVLGRDSUREDGDV\DODVyUGHQHVHLQVWUXFFLRQHVTXHEDMR
VX UHVSRQVDELOLGDG \ SRU HVFULWR HQWUHJXHQ HO ,QJHQLHUR DO &RQVWUXFWRU GHQWUR GH ODV
OLPLWDFLRQHVSUHVXSXHVWDULDV
2EUDVRFXOWDV
'HWRGRVORVWUDEDMRV\XQLGDGHVGHREUDTXHKD\DQGHTXHGDURFXOWRVDODWHUPLQDFLyQGHO
HGLILFLRVHOHYDQWDUiQORVSODQRVSUHFLVRVSDUDTXHTXHGHQSHUIHFWDPHQWHGHILQLGRVHVWRV
GRFXPHQWRV VH H[WHQGHUi SRU WULSOLFDGR HQWUHJiQGRVH XQR DO ,QJHQLHUR \ HO VHJXQGR DO
&RQWUDWLVWD ILUPDGRV WRGRV HOORV SRU ORV WUHV 'LFKRV SODQRV TXH GHEHUiQ LU
VXILFLHQWHPHQWH DFRWDGRV VH FRQVLGHUDUiQ GRFXPHQWRV LQGLVSHQVDEOHV H LUUHFXVDEOHV SDUD
HIHFWXDUODVPHGLFLRQHV
7UDEDMRVGHIHFWXRVRV
(O&RQVWUXFWRUGHEHHPSOHDUORVPDWHULDOHVTXHFXPSODQODVFRQGLFLRQHVH[LJLGDVHQODV
3OLHJR GH &RQGLFLRQHV 7pFQLFDV SDUWLFXODUHV \ UHDOL]DUi WRGRV \ FDGD XQR GH ORV WUDEDMRV
FRQWUDWDGRVGHDFXHUGRFRQORHVSHFLILFDGRWDPELpQHQGLFKRGRFXPHQWR3RUHOOR\KDVWD
TXHWHQJDOXJDUODUHFHSFLyQGHILQLWLYDGHOHGLILFLRHVUHVSRQVDEOHGHODHMHFXFLyQGHORV
'RFXPHQWRQž3OLHJRGHFRQGLFLRQHV
3iJLQDGH
(GXDUGR-LPpQH]$\HUUD8QLYHUVLGDG3~EOLFDGH1DYDUUD
WUDEDMRVTXHKDFRQWUDWDGR\GHODVIDOWDV\GHIHFWRVTXHHQpVWRVSXHGDQH[LVWLUSRUVXPDOD
HMHFXFLyQRSRUODGHILFLHQWHFDOLGDGGHORVPDWHULDOHVHPSOHDGRVRDSDUDWRVFRORFDGRV
9LFLRVRFXOWRV
6LHO,QJHQLHURWXYLHVHIXQGDGDVUD]RQHVSDUDFUHHUHQODH[LVWHQFLDGHYLFLRVRFXOWRVGH
FRQVWUXFFLyQHQODVREUDVHMHFXWDGDVRUGHQDUiHIHFWXDUHQFXDOTXLHUWLHPSR\DQWHVGHOD
UHFHSFLyQGHILQLWLYDORVHQVD\RVGHVWUXFWLYRVRQRTXHFUHDQHFHVDULRVSDUDUHFRQRFHUORV
WUDEDMRVTXHVXSRQJDGHIHFWXRVRVGDGRFXHQWDGHODFLUFXQVWDQFLDDO,QJHQLHUR
'HORVPDWHULDOHV\GHORVDSDUDWRV6XSURFHGHQFLD
2EOLJDWRULDPHQWH \ DQWHV GH SURFHGHU D VX HPSOHR R DFRSLR HO &RQVWUXFWRU GHEHUi
SUHVHQWDUDO,QJHQLHURXQDOLVWDFRPSOHWDGHORVPDWHULDOHV\DSDUDWRVTXHYD\DDXWLOL]DUHQ
OD TXHVH HVSHFLILTXHQ WRGDV ODV LQGLFDFLRQHV VREUH PDUFDV FDOLGDGHV SURFHGHQFLD H
LGRQHLGDGGHFDGDXQRGHHOORV
3UHVHQWDFLyQGHPXHVWUDV
$ SHWLFLyQ GHO ,QJHQLHUR HO &RQVWUXFWRU OH SUHVHQWDUi ODV PXHVWUDV GH ORV PDWHULDOHV
VLHPSUHFRQODDQWHODFLyQSUHYLVWDHQHO&DOHQGDULRGHOD2EUD
0DWHULDOHVQRXWLOL]DEOHV
(O&RQVWUXFWRUDVXFRVWDWUDQVSRUWDUi\FRORFDUiDJUXSiQGRORVRUGHQDGDPHQWH\HQHO
OXJDUDGHFXDGRORVPDWHULDOHVSURFHGHQWHVGHODVH[FDYDFLRQHVGHUULERVHWFTXHQRVHDQ
XWLOL]DEOHVHQODREUD
6LQRVHKXELHVHSUHFHSWXDGRQDGDVREUHHOSDUWLFXODUVHUHWLUDUiQGHHOODFXDQGRDVtOR
RUGHQHHO,QJHQLHUR
*DVWRVRFDVLRQDGRVSRUSUXHEDV\HQVD\RV
7RGRV ORV JDVWRV RULJLQDGRV SRU ODV SUXHEDV \ HQVD\RV GH PDWHULDOHV R HOHPHQWRV TXH
LQWHUYHQJDQHQODHMHFXFLyQGHODVREUDVVHUiGHFXHQWDGHODFRQWUDWD
7RGRHQVD\RTXHQRKD\DUHVXOWDGRVDWLVIDFWRULRRTXHQRRIUH]FDODVVXILFLHQWHVJDUDQWtDV
SRGUiFRPHQ]DUVHGHQXHYRDFDUJRGHOPLVPR
/LPSLH]DGHODVREUDV
(V REOLJDFLyQ GHO &RQVWUXFWRU PDQWHQHU OLPSLDV ODV REUDV \ VXV DOUHGHGRUHV WDQWR GH
HVFRPEURVFRPRGHPDWHULDOHVVREUDQWHVKDFHUGHVDSDUHFHUODVLQVWDODFLRQHVSURYLVLRQDOHV
TXHQRVHDQQHFHVDULDVDVtFRPRDGRSWDUODVPHGLGDV\HMHFXWDUWRGRVORVWUDEDMRVTXHVHDQ
QHFHVDULRVSDUDTXHODREUDRIUH]FDEXHQDVSHFWR
'RFXPHQWRQž3OLHJRGHFRQGLFLRQHV
3iJLQDGH
(GXDUGR-LPpQH]$\HUUD8QLYHUVLGDG3~EOLFDGH1DYDUUD
3OD]RGHJDUDQWtD
(O SOD]R GH JDUDQWtD VHUi GH XQ DxR \ GXUDQWH HVWH SHUtRGR HO &RQWUDWLVWD FRUUHJLUi ORV
GHIHFWRV REVHUYDGRV HOLPLQDUi ODV REUDV UHFKD]DGDV \ UHSDUDUi ODV DYHUtDV TXH SRU HVWD
FDXVDVHSURGXMHUDQ
(O&RQWUDWLVWDJDUDQWL]DDOD$GPLQLVWUDFLyQFRQWUDWRGDUHFODPDFLyQGHWHUFHUDSHUVRQD
GHULYDGD GHO LQFXPSOLPLHQWR GH VXV REOLJDFLRQHV HFRQyPLFDV R GLVSRVLFLRQHV OHJDOHV
UHODFLRQDGDVFRQODREUD
&RQVHUYDFLyQGHODVREUDVUHFLELGDVSURYLVLRQDOPHQWH
/RV JDVWRV GH FRQVHUYDFLyQ GXUDQWH HO SOD]R GH JDUDQWtD FRPSUHQGLGR HQWUH ODV
UHFHSFLRQHV SURYLVLRQDOHV \ GHILQLWLYDV FRUUHUiQ D FDUJR GHO &RQWUDWLVWD 3RU OR WDQWR HO
&RQWUDWLVWD GXUDQWH HVWH DxR GH JDUDQWtD VHUi HO FRQVHUYDGRU GHO HGLILFLR GRQGH WHQGUi HO
SHUVRQDOVXILFLHQWHSDUDDWHQGHUDWRGDVODVDYHUtDV\UHSDUDFLRQHVTXHSXHGDQSUHVHQWDVH
5HFHSFLyQGHILQLWLYD
/DUHFHSFLyQGHILQLWLYDVHYHULILFDUiGHVSXpVGHWUDQVFXUULGRHOSOD]RGHJDUDQWtDHQLJXDO
IRUPD \FRQODVPLVPDVIRUPDOLGDGHVTXHODSURYLVLRQDODSDUWLUGHFX\DIHFKDFHVDUiOD
REOLJDFLyQ GHO &RQVWUXFWRU GH UHSDUDU D VX FDUJR DTXpOORV GHVSHUIHFWRV LQKHUHQWHV D OD
QRUPD FRQVHUYDFLyQ GH ODV LQVWDOFLRQHV \ TXHGDUiQ VyOR VXEVLVWHQWHV WRGDV ODV
UHVSRQVDELOLGDGHVTXHSXGLHUDQDOFDQ]DUOHSRUYLFLRVGHODFRQVWUXFFLyQ
3UyUURJDGHOSOD]RGHJDUDQWtD
6LDOSURFHGHUDOUHFRQRFLPLHQWRSDUDODUHFHSFLyQGHILQLWLYDGHODREUDQRVHHQFRQWUDVH
pVWD HQ ODV FRQGLFLRQHV GHELGDV VH DSOD]DUi GLFKD UHFHSFLyQ GHILQLWLYD \ HO ,QJHQLHUR
'LUHFWRU PDUFDUi DO &RQVWUXFWRU ORV SOD]RV \ IRUPDV HQ TXH GHEHUiQ UHDOL]DUVH ODV REUDV
QHFHVDULDV
5HFHSFLRQHVGHWUDEDMRVFX\DFRQWUDWDKD\DVLGRUHVFLQGLGD
(QHOFDVRGHUHVROXFLyQGHOFRQWUDWRHO&RQWUDWLVWDYHQGUiREOLJDGRDUHWLUDUHQHOSOD]R
TXH VH ILMH HQ HO 3OLHJR GH &RQGLFLRQHV 3DUWLFXODUHV OD PDTXLQDUtD PHGLRV DX[LOLDUHV
LQVWDODFLRQHVHWFDUHVROYHUORVVXEFRQWUDWRVTXHWXYLHVHFRQFHUWDGRV\DGHMDUODREUDHQ
FRQGLFLRQHVGHVHUUHDQXGDGDVSRURWUDHPSUHVD
&21',&,21(6(&21Ï0,&$6
3ULQFLSLRJHQHUDO
7RGRV ORV TXH LQWHUYLHQHQ HQ HO SURFHVR GH FRQVWUXFFLyQ WLHQHQ GHUHFKR D SHUFLELU
SXQWXDOPHQWH ODV FDQWLGDGHV GHYHQJDGDV SRU VX FRUUHFWD DFWXDFLyQ FRQ DUUHJOR D ODV
FRQGLFLRQHVFRQWUDFWXDOPHQWHHVWDEOHFLGDV
/DSURSLHGDGHOFRQWUDWLVWD\HQVXFDVRORVWpFQLFRVSXHGHQH[LJLUVHUHFtSURFDPHQWHODV
JDUDQWtDVDGHFXDGDVDOFXPSOLPLHQWRSXQWXDOGHVXVREOLJDFLRQHVGHSDJR
'RFXPHQWRQž3OLHJRGHFRQGLFLRQHV
3iJLQDGH
(GXDUGR-LPpQH]$\HUUD8QLYHUVLGDG3~EOLFDGH1DYDUUD
&RPSRVLFLyQGHSUHFLRVXQLWDULRV
(OFiOFXORGHORVSUHFLRVGHODVGLVWLQWDVXQLGDGHVGHODREUDHVHOUHVXOWDGRGHVXPDUORV
FRVWHVGLUHFWRVORVLQGLUHFWRVORVJDVWRVJHQHUDOHV\HOEHQHILFLRLQGXVWULDO
6HFRQVLGHUDUiQFRVWHVGLUHFWRV
D /D PDQR GH REUD FRQ VXV SOXVHV FDUJDV \ VHJXURV VRFLDOHV TXH LQWHUYLHQHQ
GLUHFWDPHQWHHQODHMHFXFLyQGHODXQLGDGGHREUD
E /RVPDWHULDOHVDORV SUHFLRVUHVXOWDQWHVDSLHGHODREUDTXHTXHGHQ LQWHJUDGRVHQOD
XQLGDGGHTXHVHWUDWHRTXHVHDQQHFHVDULRVSDUDVXHMHFXFLyQ
F /RV HTXLSRV \ VLVWHPDV WpFQLFRV GH OD VHJXULGDG H KLJLHQH SDUD OD SUHYHQFLyQ \
SURWHFFLyQGHDFFLGHQWHV\HQIHUPHGDGHVSURIHVLRQDOHV
G/RVJDVWRVGHSHUVRQDOFRPEXVWLEOHHQHUJtDHWFTXHWHQJDOXJDUSRUDFFLRQDPLHQWRR
IXQFLRQDPLHQWRGHODPDTXLQDUtDHLQVWDODFLRQHVXWLOL]DGDVHQODHMHFXFLyQGHODXQLGDGGH
REUDV
H /RVJDVWRVGHDPRUWL]DFLyQ \ FRQVHUYDFLyQGHODPDTXLQDUtDLQVWDODFLRQHVVLVWHPDV \
HTXLSRVDQWHULRUPHQWHFLWDGRV
6HFRQVLGHUDUiQFRVWHVLQGLUHFWRV
/RV JDVWRV GH LQVWDODFLyQ GH RILFLQDV D SLH GH REUD FRPXQLFDFLRQHV HGLILFDFLyQ GH
DOPDFHQHVWDOOHUHVSDEHOORQHVWHPSRUDOHVSDUDREUHURVODERUDWRULRVVHJXURVHWFORVGHO
SHUVRQDOWpFQLFR\DGPLQLVWUDWLYRDGVFULWRH[FOXVLYDPHQWHDODREUD\ORVLPSUHYLVWRV
7RGRVHVWRVJDVWRVVHFLIUDUiQHQXQSRUFHQWDMHGHORVFRVWHVGLUHFWRV
6HFRQVLGHUDUiQJDVWRVJHQHUDOHV
/RV JDVWRV JHQHUDOHV GH HPSUHVD JDVWRV ILQDQFLHURV FDUJDV ILVFDOHV \ WDVDV GH OD
DGPLQLVWUDFLyQOHJDOPHQWHHVWDEOHFLGDV6HFLIUDUiQFRPRXQSRUFHQWDMHGHODVXPDGHORV
FRVWHVGLUHFWRVHLQGLUHFWRV
%HQHILFLRLQGXVWULDO
(O EHQHILFLR LQGXVWULDO GHO &RQWUDWLVWD VH HVWDEOHFH HQ HO SRU VREUH OD VXPD GH ODV
DQWHULRUHVSDUWLGDV
3UHFLRGH(MHFXFLyQPDWHULDO
6H GHQRPLQDUi 3UHFLR GH (MHFXFLyQ PDWHULDO DO UHVXOWDGR REWHQLGR SRU OD VXPD GH ORV
DQWHULRUHVFRQFHSWRVDH[FHSFLyQGHO%HQHILFLR,QGXVWULDO
3UHFLRGH&RQWUDWD
(OSUHFLRGH&RQWUDWDHVODVXPDGHORVFRVWHVGLUHFWRVORVLQGLUHFWRVORV*DVWRV*HQHUDOHV
\HO%HQHILFLR,QGXVWULDO
(O,9$JLUDVREUHHVWDVXPDSHURQRLQWHJUDHOSUHFLR
'RFXPHQWRQž3OLHJRGHFRQGLFLRQHV
3iJLQDGH
(GXDUGR-LPpQH]$\HUUD8QLYHUVLGDG3~EOLFDGH1DYDUUD
3UHFLRGHFRQWUDWD,PSRUWHGHFRQWUDWD
(Q HO FDVR GH TXH ORV WUDEDMRV D UHDOL]DU HQ XQ HGLILFLR X REUD DQHMD FXDOTXLHUD VH
FRQWUDWDVHQDULHVJR\YHQWXUDVHHQWLHQGHSRU3UHFLRGH&RQWUDWDHOTXHLPSRUWDHOFRVWH
WRWDOGHODXQLGDGGHREUDHVGHFLUHOSUHFLRGH(MHFXFLyQPDWHULDOPiVHOWDQWRSRUFLHQWR
VREUHHVWH~OWLPRSUHFLRHQFRQFHSWRGH%HQHILFLR,QGXVWULDOGHO&RQWUDWLVWD
3UHFLRVFRQWUDGLFWRULRV
6H SURGXFLUiQ SUHFLRV FRQWUDGLFWRULRV VyOR FXDQGR OD 3URSLHGDG SRU PHGLR GHO
,QJHQLHURGHFLGD LQWURGXFLU XQLGDGHV R FDPELRV GH FDOLGDG HQ DOJXQD GH ODV SUHYLVWDV R
FXDQGRVHDQHFHVDULRDIURQWDUDOJXQDFLUFXQVWDQFLDLPSUHYLVWD
(O &RQWUDWLVWD HVWDUi REOLJDGR D HIHFWXDU ORV FDPELRV $ IDOWD GH DFXHUGR HO SUHFLR VH
UHVROYHUi FRQWUDGLFWRULDPHQWH HQWUH HO ,QJHQLHUR \ HO &RQWUDWLVWD DQWHV GH FRPHQ]DU OD
HMHFXFLyQGHORVWUDEDMRV\HQHOSOD]RTXHGHWHUPLQDHO3OLHJRGH&RQGLFLRQHV3DUWLFXODUHV
5HFODPDFLRQHVGHDXPHQWRGHSUHFLRVSRUFDXVDVGLYHUVDV
6L HO &RQWUDWLVWD DQWHV GH OD ILUPD GHO FRQWUDWR QR KXELHVH KHFKR OD UHFODPDFLyQ X
REVHUYDFLyQRSRUWXQDQRSRGUiEDMRQLQJ~QSUHWH[WRGHHUURUXRPLVLyQUHFODPDUDXPHQWR
GHORVSUHFLRVILMDGRVHQHOFXDGURFRUUHVSRQGLHQWHGHOSUHVXSXHVWRTXHVLUYDGHEDVHSDUDOD
HMHFXFLyQGHODVREUDVFRQUHIHUHQFLDD)DFXOWDWLYDV
)RUPDVWUDGLFLRQDOHVGHPHGLURGHDSOLFDUORVSUHFLRV
(QQLQJ~QFDVRSRGUiDOHJDUHO&RQWUDWLVWDORVXVRV\FRVWXPEUHVGHOSDtVUHVSHFWRGHOD
DSOLFDFLyQGHORVSUHFLRVRGHIRUPDGHPHGLUODVXQLGDGHVGHREUDHMHFXWDGDV
'HODUHYLVLyQGHORVSUHFLRVFRQWUDWDGRV
&RQWUDWiQGRVHODVREUDVDULHVJR \YHQWXUDQRVHDGPLWLUiODUHYLVLyQGHORVSUHFLRVHQ
WDQWRTXHHOLQFUHPHQWR QRDOFDQFHHQODVXPDGHODVXQLGDGHVTXHIDOWHQSRUUHDOL]DUGH
DFXHUGRFRQHO&DOHQGDULRXQPRQWDQWHVXSHULRUDOWUHVSRUGHOLPSRUWHWRWDOGHO
SUHVXSXHVWRGH&RQWUDWR
1R KDEUi UHYLVLyQ GH SUHFLRV GH ODV XQLGDGHV TXH SXHGDQ TXHGDU IXHUD GH ORV SOD]RV
ILMDGRVHQHO&DOHQGDULRGHODRIHUWD
$FRSLRGHPDWHULDOHV
(O&RQWUDWLVWDTXHGDREOLJDGRDHMHFXWDUORVDFRSLRVGHPDWHULDOHVRDSDUDWRVGHREUDTXH
OD3URSLHGDGRUGHQDSRUHVFULWR
/RV PDWHULDOHV DFRSLDGRV XQD YH] DERQDGRV SRU HO 3URSLHWDULR VRQ GH OD H[FOXVLYD
SURSLHGDGGHpVWHGHVXJXDUGD\FRQVHUYDFLyQVHUiUHVSRQVDEOHHO&RQWUDWLVWD
'RFXPHQWRQž3OLHJRGHFRQGLFLRQHV
3iJLQDGH
(GXDUGR-LPpQH]$\HUUD8QLYHUVLGDG3~EOLFDGH1DYDUUD
9DORUDFLyQ\DERQRGHORVWUDEDMRV
3UHYLD PHGLDFLyQ \ DSOLFDQGR DO WRWDO GH ODV GLYHUVDV XQLGDGHV GH REUD HMHFXWDGDV GHO
SUHFLRLQYDULDEOHHVWLSXODGRGHDQWHPDQRSDUDFDGDXQDGHHOODVVHDERQDUiDO&RQWUDWLVWD
HOLPSRUWH GH ODV FRPSUHQGLGDV HQ ORV WUDEDMRV HMHFXWDGRV \ XOWLPDGRV FRQ DUUHJOR \
VXMHFLyQ D ORVGRFXPHQWRV TXH FRQVWLWX\HQ HO 3UR\HFWR ORV TXH VHUYLUiQ GH EDVH SDUD OD
PHGLFLyQ\YDORUDFLyQGHODVGLYHUVDVXQLGDGHV
$O &RQWUDWLVWD TXH SRGUi SUHVHQFLDU ODV PHGLFLRQHV QHFHVDULDV SDUD H[WHQGHU GLFKD
UHODFLyQ VH OH IDFLOLWDUiQ SRU HO ,QJHQLHUR ORV GDWRV FRUUHVSRQGLHQWHV GH OD UHODFLyQ
YDORUDGD
/DV UHODFLRQHV YDORUDGDV FRQWHQGUiQ VRODPHQWH OD REUD HMHFXWDGD HQ HO SOD]R D TXH OD
YDORUDFLyQVHUHILHUH(QFDVRGHTXHHO,QJHQLHUR'LUHFWRUORH[LJLHUDODVFHUWLILFDFLRQHV
VHH[WHQGHUiQDORULJHQ
0HMRUDVGHREUDVOLEUHPHQWHHMHFXWDGDV
&XDQGR HO &RQWUDWLVWD FRQ DXWRUL]DFLyQ GHO ,QJHQLHUR'LUHFWRU HPSOHDVH PDWHULDOHV GH
PiVHVPHUDGDSUHSDUDFLyQRGHPD\RUWDPDxRTXHHOVHxDODGRHQHO3UR\HFWRRVXVWLWX\HVH
XQDFODVHGHIiEULFDFRQRWUDTXHWXYLHVHDVLJQDGRPD\RUSUHFLRRHMHFXWDVHFRQPD\RUHV
GLPHQVLRQHVFXDOTXLHUSDUWHGHODREUDRHQJHQHUDOLQWURGXMHVHHQpVWD \VLQSHGtUVHOD
FXDOTXLHUDRWUDPRGLILFDFLyQTXHVHDEHQHILFLRVDDMXLFLRGHO,QJHQLHUR'LUHFWRUQRWHQGUi
GHUHFKRVLQHPEDUJRPiVTXHDODERQRGHORTXHSXGLHUDFRUUHVSRQGHUOHHQHOFDVRGHTXH
KXELHVHFRQVWUXLGRODREUDFRQHVWULFWDVXMHFLyQDODSUR\HFWDGD\FRQWUDWDGDRDGMXGLFDGD
$ERQRGHWUDEDMRVSUHVXSXHVWDGRVFRQSDUWLGDDO]DGD
(ODERQRGHORVWUDEDMRVSUHVXSXHVWDGRVHQSDUWLGDDO]DGDVHHIHFWXDUiGHDFXHUGRFRQHO
SURFHGLPLHQWRTXHFRUUHVSRQGDHQWUHORVTXHDFRQWLQXDFLyQVHH[SUHVDQ
D 6L H[LVWHQ SUHFLRV FRQWUDWDGRV SDUD XQLGDGHV GH REUD LJXDOHV ODV SUHVXSXHVWDGDV
PHGLDQWHSDUWLGDDO]DGDVHDERQDUiQSUHYLDPHGLFLyQ\DSOLFDFLyQGHOSUHFLRHVWDEOHFLGR
E6LH[LVWHQSUHFLRVFRQWUDWDGRVSDUDXQLGDGHVGHREUDVLPLODUHVVHHVWDEOHFHUiQSUHFLRV
FRQWUDGLFWRULRV SDUD ODV XQLGDGHV FRQ SDUWLGD DO]DGD GHGXFLGRV GH ORV VLPLODUHV
FRQWUDWDGRV
F 6L QR H[LVWHQ SUHFLRVFRQWUDWDGRV SDUD XQLGDGHV GH REUD LJXDOHV R VLPLODUHV OD SDUWLGD
DO]DGDVHDERQDUitQWHJUDPHQWHDO&RQWUDWLVWD
$ERQRGHDJRWDPLHQWRV\RWURVWUDEDMRVHVSHFLDOHV
&XDQGR IXHVH SUHFLVR HIHFWXDU DJRWDPLHQWRV LQ\HFFLRQHV X RWUD FODVH GH WUDEDMRV GH
FXDOTXLHUDtQGROHHVSHFLDOXRUGLQDULDWHQGUiHO&RQWUDWLVWDODREOLJDFLyQGHUHDOL]DUORV\GH
VDWLVIDFHUORVJDVWRVGHWRGDFODVHTXHRFDVLRQHQVLHPSUHTXHOD'LUHFFLyQ)DFXOWDWLYDOR
FRQVLGHUDUiQHFHVDULRSDUDODVHJXULGDG\FDOLGDGGHODREUD
'RFXPHQWRQž3OLHJRGHFRQGLFLRQHV
3iJLQDGH
(GXDUGR-LPpQH]$\HUUD8QLYHUVLGDG3~EOLFDGH1DYDUUD
3DJRV
/RVSDJRVVHHIHFWXDUiQSRUHO3URSLHWDULRHQORVSOD]RVSUHYLDPHQWHHVWDEOHFLGRV \VX
LPSRUWHFRUUHVSRQGHUiSUHFLVDPHQWHDOGHODVFHUWLILFDFLRQHVGHREUDFRQIRUPDGDVSRUHO
,QJHQLHUR'LUHFWRUHQYLUWXGGHODVFXDOHVVHYHULILFDQDTXHOORV
$ERQRGHWUDEDMRVHMHFXWDGRVGXUDQWHHOSOD]RGHJDUDQWtD
(IHFWXDGDODUHFHSFLyQSURYLVLRQDO\VLGXUDQWHHOSOD]RGHJDUDQWtDVHKXELHUDQHMHFXWDGR
WUDEDMRVFXDOHVTXLHUDSDUDVXDERQRVHSURFHGHUiDVt
ž 6L ORV WUDEDMRV TXH VH UHDOLFHQ HVWXYLHUDQ HVSHFLILFDGRV HQ HO 3UR\HFWR \ VLQ FDXVD
MXVWLILFDGDQRVHKXELHUDQUHDOL]DGRSRUHO&RQWUDWLVWDDVXGHELGRWLHPSR\HO,QJHQLHUR
'LUHFWRUH[LJLHUDVXUHDOL]DFLyQGXUDQWHHOSOD]RGHJDUDQWtDVHUiQYDORUDGRVDORVSUHFLRV
TXHILJXUHQHQHO3UHVXSXHVWR
ž6HKDQHMHFXWDGRWUDEDMRVSUHFLVRVSDUDODUHSDUDFLyQGHGHVSHUIHFWRVRFDVLRQDGRVSRUHO
XVR GHO HGLILFLR SRU KDEHU VLGR pVWH XWLOL]DGR GXUDQWH GLFKR SOD]R SRU HO 3URSLHWDULR VH
YDORUDUiQ\DERQDUiQDORVSUHFLRVGHOGtDSUHYLDPHQWHDFRUGDGRV
ž 6L VH KDQ HMHFXWDGR WUDEDMRV SDUD OD UHSDUDFLyQ GH GHVSHUIHFWRV RFDVLRQDGRV SRU
GHILFLHQFLDGHODFRQVWUXFFLyQRGHODFDOLGDGGHORVPDWHULDOHVQDGDVHDERQDUiSRUHOORVDO
&RQWUDWLVWD
,PSRUWH GH OD LQGHPQL]DFLyQ SRU UHWUDVR QR MXVWLILFDGR HQ HO SOD]R GH
WHUPLQDFLyQGHODVREUDV
/DLQGHPQL]DFLyQSRUUHWUDVRHQODWHUPLQDFLyQVHHVWDEOHFHUiHQXQWDQWRSRUPLO
GHO LPSRUWH WRWDO GH ORV WUDEDMRV FRQWUDWDGRV SRU FDGD GtD QDWXUDO GH UHWUDVR FRQWDGRV D
SDUWLUGHOGtDGHWHUPLQDFLyQILMDGRHQHO&DOHQGDULRGHREUD
'HPRUDGHORVSDJRV
6HUHFKD]DUiWRGDVROLFLWXGGHUHVROXFLyQGHOFRQWUDWRIXQGDGDHQGLFKDGHPRUDGH3DJRV
FXDQGRHO&RQWUDWLVWDQRMXVWLILTXHTXHHQODIHFKDGHSUHVXSXHVWRFRUUHVSRQGLHQWHDOSOD]R
GHHMHFXFLyQTXHWHQJDVHxDODGRHQHOFRQWUDWR
0HMRUDV\DXPHQWRVGHREUD&DVRVFRQWUDULRV
1RVHDGPLWLUiQPHMRUDVGHREUDPiVTXHHQHOFDVRHQTXHHOLQJHQLHUR'LUHFWRUKD\D
RUGHQDGR SRU HVFULWR OD HMHFXFLyQ GH WUDEDMRV QXHYRV R TXH PHMRUHQ OD FDOLGDG GH ORV
FRQWUDWDGRVDVtFRPRODGHORVPDWHULDOHV\DSDUDWRVSUHYLVWRVHQHOFRQWUDWR7DPSRFRVH
DGPLWLUiQ DXPHQWRV GH REUD HQ ODV XQLGDGHV FRQWUDWDGDV VDOYR FDVR GH HUURU HQ ODV
PHGLFLRQHVGHO3UR\HFWRDPHQRVTXHHO,QJHQLHUR'LUHFWRURUGHQHWDPELpQSRUHVFULWROD
DPSOLDFLyQGHODVFRQWUDWDGDV
'RFXPHQWRQž3OLHJRGHFRQGLFLRQHV
3iJLQDGH
(GXDUGR-LPpQH]$\HUUD8QLYHUVLGDG3~EOLFDGH1DYDUUD
8QLGDGHVGHREUDVGHIHFWXRVDVSHURDFHSWDEOHV
&XDQGR SRU FXDOTXLHU FDXVD IXHUD PHQHVWHU YDORUDU REUD GHIHFWXRVD SHUR DFHSWDEOH D
MXLFLR GHO ,QJHQLHUR'LUHFWRU GH ODV REUDV pVWH GHWHUPLQDUi HO SUHFLR R SDUWLGD GH DERQR
GHVSXpVGHRtUDO&RQWUDWLVWDHOFXDOGHEHUiFRQIRUPDUVHFRQGLFKDUHVROXFLyQVDOYRHOFDVR
HQ TXH HVWDQGR GHQWUR GHO SOD]R GH HMHFXFLyQ SUHILHUD GHPROHU OD REUD \ UHKDFHUOD FRQ
DUUHJORDFRQGLFLRQHVVLQH[FHGHUGHGLFKRSOD]R
6HJXURGHODVREUDV
(O&RQWUDWLVWD HVWDUiREOLJDGR D DVHJXUDUODREUD FRQWUDWDGDGXUDQWHWRGRHOWLHPSRTXH
GXUH VX HMHFXFLyQ KDVWD OD UHFHSFLyQ GHILQLWLYD OD FXDQWtD GHO VHJXUR FRLQFLGLUi HQ FDGD
PRPHQWRFRQHOYDORUTXHWHQJDQSRUFRQWUDWDORVREMHWRVDVHJXUDGRV
/RVULHVJRVDVHJXUDGRV\ODVFRQGLFLRQHVTXHILJXUHQHQODSyOL]DRSyOL]DVGH6HJXURV
ORVSRQGUiHO&RQWUDWLVWDDQWHVGHFRQWUDWDUORVHQFRQRFLPLHQWRGHO3URSLHWDULRDOREMHWR
GHUHFDEDUGHpVWHVXSUHYLDFRQIRUPLGDGRUHSDURV
&RQVHUYDFLyQGHODREUD
6LHO&RQWUDWLVWDVLHQGRVXREOLJDFLyQQRDWLHQGHDODFRQVHUYDFLyQGHODVREUDVGXUDQWH
HOSOD]RGHJDUDQWtDHQHOFDVRGHTXHHOHGLILFLRQRKD\DVLGRRFXSDGRSRUHO3URSLHWDULR
DQWHV GH OD UHFHSFLyQ GHILQLWLYD HO ,QJHQLHUR'LUHFWRU HQ UHSUHVHQWDFLyQ GHO 3URSLHWDULR
SRGUiGLVSRQHUWRGRORTXHVHDSUHFLVRSDUDTXHVHDWLHQGDDODJXDUGHUtDOLPSLH]D\WRGR
ORTXHIXHVHPHQHVWHUSDUDVXEXHQDFRQVHUYDFLyQDERQiQGRVHWRGRHOORSRUFXHQWDGHOD
FRQWUDWD
8VRSRUHOFRQWUDWLVWDGHHGLILFLRRELHQHVGHOSURSLHWDULR
&XDQGR GXUDQWH OD HMHFXFLyQ GH ODV REUDV RFXSH HO &RQWUDWLVWDWHQGUi REOLJDFLyQ GH
UHSDUDUORV \ FRQVHUYDUORV SDUD KDFHU HQWUHJD GH HOORV D OD WHUPLQDFLyQ GHO FRQWUDWR HQ
SHUIHFWRHVWDGRGHFRQVHUYDFLyQUHSRQLHQGRORVTXHVHKXELHVHQLQXWLOL]DGRVLQGHUHFKRD
LQGHPQL]DFLyQSRUHVWDUHSRVLFLyQQLSRUODVPHMRUDVKHFKDVHQORVHGLILFLRVSURSLHGDGHVR
PDWHULDOHVTXHKD\DXWLOL]DGR
6HJXURGHUHVSRQVDELOLGDGFLYLO
(O &RQWUDWLVWD GHEHUi WHQHU FRQWUDWDGR XQ 6HJXUR SRU 5HVSRQVDELOLGDG&LYLO GH GDxRV D
WHUFHURVSRUFDXVDGHHVWDREUDVXVLQVWDODFLRQHVRPDTXLQDULDFX\RLPSRUWHPtQLPRSRU
VLQLHVWURVHUiGHXQPLOOyQGRVFLHQWRVPLOHXURV
&DUJRVDOFRQWUDWLVWD
6LHO&RQWUDWLVWDVLHQGRVXREOLJDFLyQQRDWLHQGHDODFRQVHUYDFLyQGHODREUDGXUDQWHHO
SOD]R GH JDUDQWtD HQ HO FDVR GH TXH HO HGLILFLR QR KD\D VLGR RFXSDGR SRU HO 3URSLHWDULR
DQWHV GH OD UHFHSFLyQ GHILQLWLYD HO ,QJHQLHUR'LUHFWRU HQ UHSUHVHQWDFLyQ GHO 3URSLHWDULR
SRGUiGLVSRQHUWRGRORTXHVHDSUHFLVRSDUDTXHVHDWLHQGDDODJXDUGHUtDOLPSLH]D\WRGR
ORTXHIXHVHPHQHVWHUSDUDVXEXHQDFRQVHUYDFLyQDERQiQGRVHWRGRHOORSRUFXHQWDGHOD
FRQWUDWD
'RFXPHQWRQž3OLHJRGHFRQGLFLRQHV
3iJLQDGH
(GXDUGR-LPpQH]$\HUUD8QLYHUVLGDG3~EOLFDGH1DYDUUD
&21',&,21(67(&1,&$6'(,167$/$&,21(6)27292/7$,&$6,'$(
2EMHWR
)LMDUODVFRQGLFLRQHVWpFQLFDVPtQLPDVTXHGHEHQFXPSOLUODVLQVWDODFLRQHVIRWRYROWDLFDV
DLVODGDV GH OD UHG 3UHWHQGH VHUYLU GH JXtD SDUD LQVWDODGRUHV \ IDEULFDQWHV GH HTXLSRV
GHILQLHQGRODVHVSHFLILFDFLRQHVPtQLPDVTXHGHEHFXPSOLUXQDLQVWDODFLyQSDUDDVHJXUDUVX
FDOLGDGHQEHQHILFLRGHOXVXDULR\GHOSURSLRGHVDUUROORGHHVWDWHFQRORJtD
6H YDORUDUi OD FDOLGDG ILQDO GH OD LQVWDODFLyQ SRU HO VHUYLFLR GH HQHUJtD HOpFWULFD
SURSRUFLRQDGRHILFLHQFLDHQHUJpWLFDFRUUHFWRGLPHQVLRQDGRHWF\SRUVXLQWHJUDFLyQHQ
HOHQWRUQR
(OiPELWRGHDSOLFDFLyQGHHVWH3OLHJRGH&RQGLFLRQHV7pFQLFDVHQORTXHVLJXH3&7VH
DSOLFD D WRGRV ORV VLVWHPDV PHFiQLFRV HOpFWULFRV \ HOHFWUyQLFRV TXH IRUPDQ SDUWH GH ODV
LQVWDODFLRQHV
(QGHWHUPLQDGRVVXSXHVWRVGHOSUR\HFWRVHSRGUiQDGRSWDUSRUODSURSLDQDWXUDOH]DGHO
PLVPR R GHO GHVDUUROOR WHFQROyJLFR VROXFLRQHV GLIHUHQWHV D ODV H[LJLGDV HQ HVWH 3&7
VLHPSUH TXH TXHGH VXILFLHQWHPHQWH MXVWLILFDGD VX QHFHVLGDG \ TXH QR LPSOLTXHQ XQD
GLVPLQXFLyQGHODVH[LJHQFLDVPtQLPDVGHFDOLGDGHVSHFLILFDGDVHQHOPLVPR
(VWH 3&7 HVWi DVRFLDGR D ODV OtQHDV GH D\XGD SDUD OD SURPRFLyQ GH LQVWDODFLRQHV GH
HQHUJtDVRODUIRWRYROWDLFDHQHOiPELWRGHO3ODQGH(QHUJtDV5HQRYDEOHV
*HQHUDOLGDGHV
(VWH3OLHJRHVGHDSOLFDFLyQDWRGDVODVLQVWDODFLRQHVVRODUHVIRWRYROWDLFDVDLVODGDVGHOD
UHGGHVWLQDGDVD
(OHFWULILFDFLyQGHYLYLHQGDV\HGLILFLRV
$OXPEUDGRS~EOLFR
$SOLFDFLRQHVDJURSHFXDULDV
%RPEHR\WUDWDPLHQWRGHDJXD
$SOLFDFLRQHVPL[WDVFRQRWUDVIXHQWHVGHHQHUJtDVUHQRYDEOHV
7DPELpQ SRGUi VHU GH DSOLFDFLyQ D RWUDV LQVWDODFLRQHV GLVWLQWDV D ODV GHO DSDUWDGR VLHPSUHTXHWHQJDQFDUDFWHUtVWLFDVWpFQLFDVVLPLODUHV
(Q WRGR FDVR HV GH DSOLFDFLyQ WRGD OD QRUPDWLYD TXH DIHFWH D LQVWDODFLRQHV VRODUHV
IRWRYROWDLFDV
5HDO 'HFUHWR GH GH DJRVWR SRU HO TXH VH DSUXHED HO 5HJODPHQWR
(OHFWURWpFQLFRSDUD%DMD7HQVLyQ%2(GH
&yGLJR7pFQLFRGHOD(GLILFDFLyQ&7(FXDQGRVHDDSOLFDEOH
'LUHFWLYDV(XURSHDVGHVHJXULGDG\FRPSDWLELOLGDGHOHFWURPDJQpWLFD
'RFXPHQWRQž3OLHJRGHFRQGLFLRQHV
3iJLQDGH
(GXDUGR-LPpQH]$\HUUD8QLYHUVLGDG3~EOLFDGH1DYDUUD
'HILQLFLRQHV
5DGLDFLyQVRODU
5DGLDFLyQVRODU
(QHUJtDSURFHGHQWHGHO6ROHQIRUPDGHRQGDVHOHFWURPDJQpWLFDV
,UUDGLDQFLD
'HQVLGDG GH SRWHQFLD LQFLGHQWH HQ XQD VXSHUILFLH R OD HQHUJtD LQFLGHQWH HQ XQD
VXSHUILFLHSRUXQLGDGGHWLHPSR\XQLGDGGHVXSHUILFLH6HPLGHHQN:P
,UUDGLDFLyQ
(QHUJtD LQFLGHQWH HQ XQD VXSHUILFLH SRU XQLGDG GH VXSHUILFLH \ D OR ODUJR GH XQ
FLHUWRSHUtRGRGHWLHPSR6HPLGHHQ0-PRN:KP
$xR0HWHRUROyJLFR7tSLFRGHXQOXJDU$07
&RQMXQWRGHYDORUHVGHODLUUDGLDFLyQKRUDULDFRUUHVSRQGLHQWHVDXQDxRKLSRWpWLFR
TXHVHFRQVWUX\HHOLJLHQGRSDUDFDGDPHVXQPHVGHXQDxRUHDOFX\RYDORUPHGLR
PHQVXDOGHODLUUDGLDFLyQJOREDOGLDULDKRUL]RQWDOFRLQFLGDFRQHOFRUUHVSRQGLHQWHD
WRGRVORVDxRVREWHQLGRVGHODEDVHGHGDWRV
*HQHUDGRUHV)RWRYROWDLFRV
&pOXODVRODURIRWRYROWDLFD
'LVSRVLWLYRTXHWUDQVIRUPDODHQHUJtDVRODUHQHQHUJtDHOpFWULFD
&pOXODGHWHFQRORJtDHTXLYDOHQWH&7(
&pOXODVRODUFX\DWHFQRORJtDGHIDEULFDFLyQ\HQFDSVXODGRHVLGpQWLFDDODGHORVPyGXORV
IRWRYROWDLFRVTXHIRUPDQHOJHQHUDGRUIRWRYROWDLFR
0yGXORIRWRYROWDLFR
&RQMXQWRGHFpOXODVVRODUHVLQWHUFRQHFWDGDVHQWUHVt\HQFDSVXODGDVHQWUHPDWHULDOHVTXHODV
SURWHJHQGHORVHIHFWRVGHODLQWHPSHULH
5DPDIRWRYROWDLFD
6XEFRQMXQWR GH PyGXORV IRWRYROWDLFRV LQWHUFRQHFWDGRV HQ VHULH R HQ DVRFLDFLRQHV VHULH
SDUDOHORFRQYROWDMHLJXDODODWHQVLyQQRPLQDOGHOJHQHUDGRU
*HQHUDGRUIRWRYROWDLFR
$VRFLDFLyQHQSDUDOHORGHUDPDVIRWRYROWDLFDV
&RQGLFLRQHV(VWiQGDUGH0HGLGD&(0
&RQGLFLRQHVGHLUUDGLDQFLD\WHPSHUDWXUDHQODFpOXODVRODUXWLOL]DGDVFRPRUHIHUHQFLDSDUD
FDUDFWHUL]DUFpOXODVPyGXORV\JHQHUDGRUHVIRWRYROWDLFRV\GHILQLGDVGHOPRGRVLJXLHQWH
,UUDGLDQFLD*67&:P
'LVWULEXFLyQHVSHFWUDO$0*
,QFLGHQFLDQRUPDO
'RFXPHQWRQž3OLHJRGHFRQGLFLRQHV
3iJLQDGH
(GXDUGR-LPpQH]$\HUUD8QLYHUVLGDG3~EOLFDGH1DYDUUD
7HPSHUDWXUDGHFpOXODƒ&
3RWHQFLDPi[LPDGHOJHQHUDGRUSRWHQFLDSLFR
3RWHQFLDPi[LPDTXHSXHGHHQWUHJDUHOPyGXORHQODV&(0
721&
7HPSHUDWXUDGHRSHUDFLyQQRPLQDOGHODFpOXODGHILQLGDFRPRODWHPSHUDWXUDTXHDOFDQ]DQ
ODV FpOXODV VRODUHV FXDQGR VH VRPHWH DO PyGXOR D XQD LUUDGLDQFLD GH :P FRQ
GLVWULEXFLyQHVSHFWUDO$0*ODWHPSHUDWXUDDPELHQWHHVGHƒ&\ODYHORFLGDGGHO
YLHQWRGHPV
,QYHUVRUHV
,QYHUVRU
&RQYHUWLGRUGHFRUULHQWHFRQWLQXDHQFRUULHQWHDOWHUQD
9506
9DORUHILFD]GHODWHQVLyQDOWHUQDGHVDOLGD
3RWHQFLDQRPLQDO9$
3RWHQFLD HVSHFLILFDGD SRU HO IDEULFDQWH \ TXH HO LQYHUVRU HV FDSD] GH HQWUHJDU GH IRUPD
FRQWLQXD
&DSDFLGDGGHVREUHFDUJD
&DSDFLGDG GHO LQYHUVRU SDUD HQWUHJDU PD\RU SRWHQFLD TXH OD QRPLQDO GXUDQWH FLHUWRV
LQWHUYDORVGHWLHPSR
5HQGLPLHQWRGHOLQYHUVRU
5HODFLyQHQWUHODSRWHQFLDGHVDOLGD \ODSRWHQFLDGHHQWUDGDGHOLQYHUVRU'HSHQGHGHOD
SRWHQFLD\GHODWHPSHUDWXUDGHRSHUDFLyQ
)DFWRUGHSRWHQFLD
&RFLHQWHHQWUHODSRWHQFLDDFWLYD:\ODSRWHQFLDDSDUHQWH9$DODVDOLGDGHOLQYHUVRU
,QVWDODFLyQ
,QVWDODFLRQHVIRWRYROWDLFDV
$TXHOODVTXHGLVSRQHQGHPyGXORVIRWRYROWDLFRVSDUDODFRQYHUVLyQGLUHFWDGHODUDGLDFLyQ
VRODUHQHQHUJtDHOpFWULFDVLQQLQJ~QSDVRLQWHUPHGLR
,QVWDODFLRQHVIRWRYROWDLFDVLQWHUFRQHFWDGDV
$TXHOODV TXH GLVSRQHQ GH FRQH[LyQ ItVLFD FRQ ODV UHGHV GH WUDQVSRUWH R GLVWULEXFLyQ GH
HQHUJtDHOpFWULFDGHOVLVWHPD\DVHDGLUHFWDPHQWHRDWUDYpVGHODUHGGHXQFRQVXPLGRU
/tQHD\SXQWRGHFRQH[LyQ\PHGLGD
/D OtQHD GH FRQH[LyQ HV OD OtQHD HOpFWULFD PHGLDQWH OD FXDO VH FRQHFWDQ ODV LQVWDODFLRQHV
IRWRYROWDLFDV FRQ XQ SXQWR GH UHG GH OD HPSUHVD GLVWULEXLGRUD R FRQ OD DFRPHWLGD GHO
XVXDULRGHQRPLQDGRSXQWRGHFRQH[LyQ\PHGLGD
'RFXPHQWRQž3OLHJRGHFRQGLFLRQHV
3iJLQDGH
(GXDUGR-LPpQH]$\HUUD8QLYHUVLGDG3~EOLFDGH1DYDUUD
,QWHUUXSWRUDXWRPiWLFRGHODLQWHUFRQH[LyQ
'LVSRVLWLYRGHFRUWHDXWRPiWLFRVREUHHOFXDODFW~DQODVSURWHFFLRQHVGHLQWHUFRQH[LyQ
,QWHUUXSWRUJHQHUDO
'LVSRVLWLYRGHVHJXULGDG\PDQLREUDTXHSHUPLWHVHSDUDUODLQVWDODFLyQIRWRYROWDLFDGHOD
UHGGHODHPSUHVDGLVWULEXLGRUD
*HQHUDGRUIRWRYROWDLFR
$VRFLDFLyQHQSDUDOHORGHUDPDVIRWRYROWDLFDV
5DPDIRWRYROWDLFD
6XEFRQMXQWR GH PyGXORV LQWHUFRQHFWDGRV HQ VHULH R HQ DVRFLDFLRQHV VHULHSDUDOHOR FRQ
YROWDMHLJXDODODWHQVLyQQRPLQDOGHOJHQHUDGRU
3RWHQFLDGHODLQVWDODFLyQIRWRYROWDLFDRSRWHQFLDQRPLQDO
6XPD GH OD SRWHQFLD QRPLQDO GH ORV LQYHUVRUHV OD HVSHFLILFDGD SRU HO IDEULFDQWH TXH
LQWHUYLHQHQHQODVWUHVIDVHVGHODLQVWDODFLyQHQFRQGLFLRQHVQRPLQDOHVGHIXQFLRQDPLHQWR
,QWHJUDFLyQDUTXLWHFWyQLFD
6HJ~QORVFDVRVVHDSOLFDUiQODVGHQRPLQDFLRQHVVLJXLHQWHV
,QWHJUDFLyQDUTXLWHFWyQLFDGHPyGXORVIRWRYROWDLFRV
&XDQGR ORV PyGXORV IRWRYROWDLFRV FXPSOHQ XQD GREOH IXQFLyQ HQHUJpWLFD \
DUTXLWHFWyQLFDUHYHVWLPLHQWRFHUUDPLHQWRRVRPEUHDGR\DGHPiVVXVWLWX\HQDHOHPHQWRV
FRQVWUXFWLYRVFRQYHQFLRQDOHV
5HYHVWLPLHQWR
&XDQGRORVPyGXORVIRWRYROWDLFRVFRQVWLWX\HQSDUWHGHODHQYROYHQWHGHXQDFRQVWUXFFLyQ
DUTXLWHFWyQLFD
&HUUDPLHQWR
&XDQGRORVPyGXORVFRQVWLWX\HQHOWHMDGRRODIDFKDGDGHODFRQVWUXFFLyQDUTXLWHFWyQLFD
GHELHQGRJDUDQWL]DUODGHELGDHVWDQTXLGDG\DLVODPLHQWRWpUPLFR
(OHPHQWRVGHVRPEUHDGR
&XDQGR ORV PyGXORV IRWRYROWDLFRV SURWHJHQ D OD FRQVWUXFFLyQ DUTXLWHFWyQLFD GH OD
VREUHFDUJDWpUPLFDFDXVDGDSRUORVUD\RVVRODUHVSURSRUFLRQDQGRVRPEUDV
'LVHxR
2ULHQWDFLyQLQFOLQDFLyQ\VRPEUDV
/DV SpUGLGDV GH UDGLDFLyQ FDXVDGDV SRU XQD RULHQWDFLyQ H LQFOLQDFLyQ GHO JHQHUDGRU
GLVWLQWDVDODVySWLPDV\SRUVRPEUHDGRHQHOSHUtRGRGHGLVHxRQRVHUiQVXSHULRUHVDORV
YDORUHVHVSHFLILFDGRVHQODWDEOD,
'RFXPHQWRQž3OLHJRGHFRQGLFLRQHV
3iJLQDGH
(GXDUGR-LPpQH]$\HUUD8QLYHUVLGDG3~EOLFDGH1DYDUUD
7$%/$,
(O FiOFXOR GH ODV SpUGLGDV GH UDGLDFLyQ FDXVDGDV SRU XQD LQFOLQDFLyQ \ RULHQWDFLyQ GHO
JHQHUDGRUGLVWLQWDVDODVySWLPDVVHKDUiGHDFXHUGRDODSDUWDGRGHODQH[R,
(QDTXHOORVFDVRVHQORVTXHSRUUD]RQHVMXVWLILFDGDVQRVHYHULILTXHQODVFRQGLFLRQHV
GHODSDUWDGRVHHYDOXDUiQODVSpUGLGDVWRWDOHVGHUDGLDFLyQLQFOX\pQGRVHHOFiOFXOR
HQOD0HPRULDGH6ROLFLWXG
'LPHQVLRQDGRGHOVLVWHPD
,QGHSHQGLHQWHPHQWH GHO PpWRGR GH GLPHQVLRQDGR XWLOL]DGR SRU HO LQVWDODGRU GHEHUiQ
UHDOL]DUVHORVFiOFXORVPtQLPRVMXVWLILFDWLYRVTXHVHHVSHFLILFDQHQHVWH3&7
6HUHDOL]DUiXQDHVWLPDFLyQGHOFRQVXPRGHHQHUJtD
6H GHWHUPLQDUi HO UHQGLPLHQWR HQHUJpWLFR GH OD LQVWDODFLyQ \ HO JHQHUDGRU PtQLPR
UHTXHULGR3PSPLQSDUDFXEULUODVQHFHVLGDGHVGHFRQVXPR
(O LQVWDODGRU SRGUi HOHJLU HO WDPDxR GHO JHQHUDGRU \ GHO DFXPXODGRU HQ IXQFLyQ GH ODV
QHFHVLGDGHVGHDXWRQRPtDGHOVLVWHPDGHODSUREDELOLGDGGHSpUGLGDGHFDUJDUHTXHULGD\
GH FXDOTXLHU RWUR IDFWRU TXH TXLHUD FRQVLGHUDU (O WDPDxR GHO JHQHUDGRU VHUi FRPR
Pi[LPRXQVXSHULRUDO 3PSPLQFDOFXODGRHQ(QDSOLFDFLRQHVHVSHFLDOHVHQ
ODVTXHVHUHTXLHUDQSUREDELOLGDGHVGHSpUGLGDVGHFDUJDPX\SHTXHxDVSRGUiDXPHQWDUVHHO
WDPDxRGHOJHQHUDGRUMXVWLILFDQGRODQHFHVLGDG\HOWDPDxRHQOD0HPRULDGH6ROLFLWXG
&RPR FULWHULR JHQHUDO VH YDORUDUi HVSHFLDOPHQWH HO DSURYHFKDPLHQWR HQHUJpWLFR GH OD
UDGLDFLyQVRODU
6LVWHPDGHPRQLWRUL]DFLyQ
(OVLVWHPDGHPRQLWRUL]DFLyQFXDQGRVHLQVWDOHSURSRUFLRQDUiPHGLGDVFRPRPtQLPR
GHODVVLJXLHQWHVYDULDEOHV
7HQVLyQ\FRUULHQWH&&GHOJHQHUDGRU
3RWHQFLD&&FRQVXPLGDLQFOX\HQGRHOLQYHUVRUFRPRFDUJD&&
3RWHQFLD &$ FRQVXPLGD VL OD KXELHUH VDOYR SDUD LQVWDODFLRQHV FX\D DSOLFDFLyQ
HVH[FOXVLYDPHQWHHOERPEHRGHDJXD
&RQWDGRUYROXPpWULFRGHDJXDSDUDLQVWDODFLRQHVGHERPEHR
5DGLDFLyQVRODUHQHOSODQRGHORVPyGXORVPHGLGDFRQXQPyGXORRXQDFpOXODGH
WHFQRORJtDHTXLYDOHQWH
7HPSHUDWXUDDPELHQWHHQODVRPEUD
'RFXPHQWRQž3OLHJRGHFRQGLFLRQHV
3iJLQDGH
(GXDUGR-LPpQH]$\HUUD8QLYHUVLGDG3~EOLFDGH1DYDUUD
/RVGDWRVVHSUHVHQWDUiQHQIRUPDGHPHGLDVKRUDULDV/RVWLHPSRVGHDGTXLVLFLyQ
OD SUHFLVLyQ GH ODV PHGLGDV \ HO IRUPDWR GH SUHVHQWDFLyQ GH ODV PLVPDV VH KDUi
FRQIRUPH DO GRFXPHQWR GHO -5&,VSUD ³*XLGHOLQHVIRUWKH$VVHVVPHQW RI
3KRWRYROWDLF3ODQWV±'RFXPHQW$´5HSRUW(85(1
&RPSRQHQWHV\PDWHULDOHV
*HQHUDOLGDGHV
7RGDVODVLQVWDODFLRQHVGHEHUiQFXPSOLUFRQODVH[LJHQFLDVGHSURWHFFLRQHV \VHJXULGDG
GH ODV SHUVRQDV \ HQWUH HOODV ODV GLVSXHVWDV HQ HO 5HJODPHQWR (OHFWURWpFQLFR GH %DMD
7HQVLyQROHJLVODFLyQSRVWHULRUYLJHQWH
&RPR SULQFLSLR JHQHUDO VH WLHQH TXH DVHJXUDU FRPR PtQLPR XQ JUDGR GH DLVODPLHQWR
HOpFWULFRGHWLSREiVLFRFODVH,SDUDHTXLSRV\PDWHULDOHV
6H LQFOXLUiQ WRGRV ORV HOHPHQWRV QHFHVDULRV GH VHJXULGDG SDUD SURWHJHU D ODV SHUVRQDV
IUHQWH D FRQWDFWRV GLUHFWRV H LQGLUHFWRV HVSHFLDOPHQWH HQ LQVWDODFLRQHV FRQ WHQVLRQHV GH
RSHUDFLyQVXSHULRUHVD9506R9&&6HUHFRPLHQGDODXWLOL]DFLyQGHHTXLSRV\
PDWHULDOHVGHDLVODPLHQWRHOpFWULFRGHFODVH,,
6H LQFOXLUiQ WRGDV ODV SURWHFFLRQHV QHFHVDULDV SDUD SURWHJHU D OD LQVWDODFLyQ IUHQWH D
FRUWRFLUFXLWRVVREUHFDUJDV\VREUHWHQVLRQHV
/RV PDWHULDOHV VLWXDGRV HQ LQWHPSHULH VH SURWHJHUiQ FRQWUD ORV DJHQWHV DPELHQWDOHV HQ
SDUWLFXODUFRQWUDHOHIHFWRGHODUDGLDFLyQVRODU\ODKXPHGDG7RGRVORVHTXLSRVH[SXHVWRV
DODLQWHPSHULHWHQGUiQXQJUDGRPtQLPRGHSURWHFFLyQ,3\ORVGHLQWHULRU,3
/RVHTXLSRV HOHFWUyQLFRVGHODLQVWDODFLyQFXPSOLUiQFRQODVGLUHFWLYDV FRPXQLWDULDVGH
6HJXULGDG(OpFWULFD\&RPSDWLELOLGDG(OHFWURPDJQpWLFDDPEDVSRGUiQVHUFHUWLILFDGDVSRU
HOIDEULFDQWH
(Q OD 0HPRULD GH 'LVHxR R 3UR\HFWRVH LQFOXLUiQ ODV HVSHFLILFDFLRQHV WpFQLFDV
SURSRUFLQDGDVSRUHOIDEULFDQWHGHWRGRVORVHOHPHQWRVGHODLQVWDODFLyQ
3RUPRWLYRVGHVHJXULGDG\RSHUDFLyQGHORVHTXLSRVORVLQGLFDGRUHVHWLTXHWDVHWFGH
ORVPLVPRVHVWDUiQHQDOJXQDGHODVOHQJXDVHVSDxRODVRILFLDOHVGHOOXJDUGRQGHVHVLW~DOD
LQVWDODFLyQ
*HQHUDGRUHVIRWRYROWDLFRV
7RGRVORVPyGXORVGHEHUiQVDWLVIDFHUODVHVSHFLILFDFLRQHV81((1SDUDPyGXORV
GHVLOLFLRFULVWDOLQR81((1SDUDPyGXORVIRWRYROWDLFRVGHFDSDGHOJDGDR81(
(1SDUDPyGXORVGHFRQFHQWUDFLyQDVtFRPRODHVSHFLILFDFLyQ81((1\
VREUHVHJXULGDGHQPyGXORV)9(VWHUHTXLVLWRVHMXVWLILFDUiPHGLDQWHODSUHVHQWDFLyQGHO
FHUWLILFDGRRILFLDOFRUUHVSRQGLHQWHHPLWLGRSRUDOJ~QODERUDWRULRDFUHGLWDGR
'RFXPHQWRQž3OLHJRGHFRQGLFLRQHV
3iJLQDGH
(GXDUGR-LPpQH]$\HUUD8QLYHUVLGDG3~EOLFDGH1DYDUUD
(OPyGXOROOHYDUiGHIRUPDFODUDPHQWHYLVLEOHHLQGHOHEOHHOPRGHORQRPEUHRORJRWLSR
GHO IDEULFDQWH \ HO Q~PHUR GH VHULH WUD]DEOH D OD IHFKD GH IDEULFDFLyQ TXH SHUPLWD VX
LGHQWLILFDFLyQLQGLYLGXDO
6H XWLOL]DUiQ PyGXORV TXH VH DMXVWHQ D ODV FDUDFWHUtVWLFDV WpFQLFDV GHVFULWDV D
FRQWLQXDFLyQ (Q FDVR GH YDULDFLRQHV UHVSHFWR GH HVWDV FDUDFWHUtVWLFDV FRQ FDUiFWHU
H[FHSFLRQDOGHEHUiSUHVHQWDUVHHQOD0HPRULDMXVWLILFDFLyQGHVXXWLOL]DFLyQ
/RVPyGXORVGHEHUiQOOHYDUORVGLRGRVGHGHULYDFLyQSDUDHYLWDUODVSRVLEOHVDYHUtDVGH
ODVFpOXODV\VXVFLUFXLWRVSRUVRPEUHDGRVSDUFLDOHV\WHQGUiQXQJUDGRGHSURWHFFLyQ,3
/RVPDUFRVODWHUDOHVVLH[LVWHQVHUiQGHDOXPLQLRRDFHURLQR[LGDEOH
3DUD TXH XQ PyGXOR UHVXOWH DFHSWDEOH VX SRWHQFLD Pi[LPD \ FRUULHQWH GH FRUWRFLUFXLWR
UHDOHVUHIHULGDVDFRQGLFLRQHVHVWiQGDUGHEHUiQHVWDUFRPSUHQGLGDVHQHOPDUJHQGHO“
GHORVFRUUHVSRQGLHQWHVYDORUHVQRPLQDOHVGHFDWiORJR
6HUi UHFKD]DGR FXDOTXLHU PyGXOR TXH SUHVHQWH GHIHFWRV GH IDEULFDFLyQ FRPR URWXUDV R
PDQFKDV HQ FXDOTXLHUD GH VXV HOHPHQWRV DVt FRPR IDOWD GH DOLQHDFLyQ HQ ODV FpOXODV R
EXUEXMDVHQHOHQFDSVXODQWH
&XDQGR ODV WHQVLRQHV QRPLQDOHV HQ FRQWLQXD VHDQ VXSHULRUHV D 9 OD HVWUXFWXUD GHO
JHQHUDGRU\ORVPDUFRVPHWiOLFRVGHORVPyGXORVHVWDUiQFRQHFWDGRVDXQDWRPDGHWLHUUD
TXHVHUiODPLVPDTXHODGHOUHVWRGHODLQVWDODFLyQ
6HLQVWDODUiQORVHOHPHQWRVQHFHVDULRVSDUDODGHVFRQH[LyQGHIRUPDLQGHSHQGLHQWH\HQ
DPERVWHUPLQDOHVGHFDGDXQDGHODVUDPDVGHOJHQHUDGRU
7RGRVORVPyGXORVTXHLQWHJUHQODLQVWDODFLyQVHUiQGHOPLVPRPRGHORRHQHOFDVRGH
PRGHORV GLVWLQWRV HO GLVHxR GHEH JDUDQWL]DU WRWDOPHQWH OD FRPSDWLELOLGDG HQWUH HOORV \ OD
DXVHQFLDGHHIHFWRVQHJDWLYRVHQODLQVWDODFLyQSRUGLFKDFDXVD
(Q DTXHOORV FDVRV HQ TXH VH XWLOLFHQ PyGXORV QR FXDOLILFDGRV GHEHUi MXVWLILFDUVH
GHELGDPHQWH \ DSRUWDU GRFXPHQWDFLyQ VREUH ODV SUXHEDV \ HQVD\RV D ORV TXH KDQ VLGR
VRPHWLGRV(QFXDOTXLHUFDVRWRGRSURGXFWRTXHQRFXPSODDOJXQDGHODVHVSHFLILFDFLRQHV
DQWHULRUHV GHEHUi FRQWDU FRQ OD DSUREDFLyQ H[SUHVD GHO ,'$( (Q WRGRV ORV FDVRV KDQ GH
FXPSOLUVHODVQRUPDVYLJHQWHVGHREOLJDGRFXPSOLPLHQWR
(VWUXFWXUDVRSRUWH
6HGLVSRQGUiQODVHVWUXFWXUDVVRSRUWHQHFHVDULDVSDUDPRQWDUORVPyGXORV\VHLQFOXLUiQ
WRGRVORVDFFHVRULRVTXHVHSUHFLVHQ
/D HVWUXFWXUD GH VRSRUWH \ HO VLVWHPD GH ILMDFLyQ GH PyGXORV SHUPLWLUiQ ODV QHFHVDULDV
GLODWDFLRQHV WpUPLFDV VLQ WUDQVPLWLU FDUJDV TXH SXHGDQ DIHFWDU D OD LQWHJULGDG GH ORV
PyGXORVVLJXLHQGRODVQRUPDVGHOIDEULFDQWH
'RFXPHQWRQž3OLHJRGHFRQGLFLRQHV
3iJLQDGH
(GXDUGR-LPpQH]$\HUUD8QLYHUVLGDG3~EOLFDGH1DYDUUD
/D HVWUXFWXUD VRSRUWH GH ORV PyGXORV KD GH UHVLVWLU FRQ ORV PyGXORV LQVWDODGRV ODV
VREUHFDUJDV GHO YLHQWR \ QLHYH GH DFXHUGR FRQ OR LQGLFDGR HQ HO &yGLJR 7pFQLFR GH OD
(GLILFDFLyQ&7(
(O GLVHxR GH OD HVWUXFWXUD VH UHDOL]DUi SDUD OD RULHQWDFLyQ \ HO iQJXOR GH LQFOLQDFLyQ
HVSHFLILFDGRSDUDHO JHQHUDGRU IRWRYROWDLFRWHQLHQGRHQFXHQWDOD IDFLOLGDGGHPRQWDMH \
GHVPRQWDMH\ODSRVLEOHQHFHVLGDGGHVXVWLWXFLRQHVGHHOHPHQWRV
/DHVWUXFWXUDVHSURWHJHUiVXSHUILFLDOPHQWHFRQWUDODDFFLyQGHORVDJHQWHVDPELHQWDOHV
/DUHDOL]DFLyQGHWDODGURVHQODHVWUXFWXUDVHOOHYDUiDFDERDQWHVGHSURFHGHUHQVXFDVR
DOJDOYDQL]DGRRSURWHFFLyQGHODPLVPD
/DWRUQLOOHUtDHPSOHDGDGHEHUiVHUGHDFHURLQR[LGDEOH(QHOFDVRGHTXHODHVWUXFWXUD
VHD JDOYDQL]DGD VH DGPLWLUiQ WRUQLOORV JDOYDQL]DGRV H[FHSWXDQGR ORV GH VXMHFLyQ GH ORV
PyGXORVDODPLVPDTXHVHUiQGHDFHURLQR[LGDEOH
/RVWRSHVGHVXMHFLyQGHPyGXORV\ODSURSLDHVWUXFWXUDQRDUURMDUiQVRPEUDVREUHORV
PyGXORV
6L HVWi FRQVWUXLGD FRQ SHUILOHV GH DFHUR ODPLQDGR FRQIRUPDGR HQ IUtR FXPSOLUiQ ODV
QRUPDV 81((1 \ 81((1 SDUD JDUDQWL]DU WRGDV VXV FDUDFWHUtVWLFDV
PHFiQLFDV\GHFRPSRVLFLyQTXtPLFD
,QYHUVRUHV
/RVUHTXLVLWRVWpFQLFRVGHHVWHDSDUWDGRVHDSOLFDQDLQYHUVRUHVPRQRIiVLFRVRWULIiVLFRV
TXHIXQFLRQDQFRPRIXHQWHGHWHQVLyQILMDYDORUHILFD]GHODWHQVLyQ\IUHFXHQFLDGHVDOLGD
ILMRV3DUDRWURVWLSRVGHLQYHUVRUHVVHDVHJXUDUiQUHTXLVLWRVGHFDOLGDGHTXLYDOHQWHV
/RVLQYHUVRUHVVHUiQGHRQGDVHQRLGDOSXUD6HSHUPLWLUiHOXVRGHLQYHUVRUHVGHRQGDQR
VHQRLGDO VL VX SRWHQFLD QRPLQDO HV LQIHULRU D N9$ QR SURGXFHQ GDxR D ODV FDUJDV \
DVHJXUDQXQDFRUUHFWDRSHUDFLyQGHpVWDV
/RVLQYHUVRUHVVHFRQHFWDUiQDODVDOLGDGHFRQVXPRGHOUHJXODGRUGHFDUJDRHQERUQHV
GHO DFXPXODGRU (Q HVWH ~OWLPR FDVR VH DVHJXUDUi OD SURWHFFLyQ GHO DFXPXODGRU IUHQWH D
VREUHFDUJDV \ VREUHGHVFDUJDV GH DFXHUGR FRQ OR HVSHFLILFDGR HQ HO DSDUWDGR (VWDV
SURWHFFLRQHV SRGUiQ HVWDU LQFRUSRUDGDV HQ HO SURSLR LQYHUVRU R VH UHDOL]DUiQ FRQ XQ
UHJXODGRUGHFDUJDHQFX\RFDVRHOUHJXODGRUGHEHSHUPLWLUEUHYHVEDMDGDVGHWHQVLyQHQHO
DFXPXODGRUSDUDDVHJXUDUHODUUDQTXHGHOLQYHUVRU
(O LQYHUVRU GHEH DVHJXUDU XQD FRUUHFWD RSHUDFLyQ HQ WRGR HO PDUJHQ GH WHQVLRQHV GH
HQWUDGDSHUPLWLGDVSRUHOVLVWHPD
/DUHJXODFLyQGHOLQYHUVRUGHEHDVHJXUDUTXHODWHQVLyQ\ODIUHFXHQFLDGHVDOLGDHVWpQHQ
ORVVLJXLHQWHVPiUJHQHVHQFXDOTXLHUFRQGLFLyQGHRSHUDFLyQ
9120“VLHQGR9120 9506R9506
+]“
'RFXPHQWRQž3OLHJRGHFRQGLFLRQHV
3iJLQDGH
(GXDUGR-LPpQH]$\HUUD8QLYHUVLGDG3~EOLFDGH1DYDUUD
(OLQYHUVRUVHUiFDSD]GHHQWUHJDUODSRWHQFLDQRPLQDOGHIRUPDFRQWLQXDGDHQHOPDUJHQ
GHWHPSHUDWXUDDPELHQWHHVSHFLILFDGRSRUHOIDEULFDQWH
(O LQYHUVRU GHEH DUUDQFDU \ RSHUDU WRGDV ODV FDUJDV HVSHFLILFDGDV HQ OD LQVWDODFLyQ
HVSHFLDOPHQWHDTXHOODVTXHUHTXLHUHQHOHYDGDVFRUULHQWHVGHDUUDQTXH79PRWRUHVHWF
VLQLQWHUIHULUHQVXFRUUHFWDRSHUDFLyQQLHQHOUHVWRGHFDUJDV
/RVLQYHUVRUHVHVWDUiQSURWHJLGRVIUHQWHDODVVLJXLHQWHVVLWXDFLRQHV
7HQVLyQGHHQWUDGDIXHUDGHOPDUJHQGHRSHUDFLyQ
'HVFRQH[LyQGHODFXPXODGRU
&RUWRFLUFXLWRHQODVDOLGDGHFRUULHQWHDOWHUQD
6REUHFDUJDVTXHH[FHGDQODGXUDFLyQ\OtPLWHVSHUPLWLGRV
(ODXWRFRQVXPRGHOLQYHUVRUVLQFDUJDFRQHFWDGDVHUiPHQRURLJXDODOGHODSRWHQFLD
QRPLQDOGHVDOLGD
/DV SpUGLGDV GH HQHUJtD GLDULD RFDVLRQDGDV SRU HO DXWRFRQVXPR GHO LQYHUVRU VHUiQ
LQIHULRUHVDOGHOFRQVXPRGLDULRGHHQHUJtD6HUHFRPLHQGDTXHHOLQYHUVRUWHQJDXQ
VLVWHPDGH³VWDQGE\´SDUDUHGXFLUHVWDVSpUGLGDVFXDQGRHOLQYHUVRUWUDEDMDHQYDFtRVLQ
FDUJD
(OUHQGLPLHQWRGHOLQYHUVRUFRQFDUJDVUHVLVWLYDVVHUiVXSHULRUDORVOtPLWHVHVSHFLILFDGRV
HQODWDEOD,,
7$%/$,,
6HFRQVLGHUDUiTXHORVLQYHUVRUHVVRQGHRQGDVHQRLGDOVLODGLVWRUVLyQDUPRQLFDWRWDO
GHODWHQVLyQGHVDOLGDHVLQIHULRUDOFXDQGRHOLQYHUVRUDOLPHQWDFDUJDVOLQHDOHVGHVGH
HOKDVWDHOGHODSRWHQFLDQRPLQDO
/RVLQYHUVRUHVGHEHUiQHVWDUHWLTXHWDGRVFRQDOPHQRVODVLJXLHQWHLQIRUPDFLyQ
3RWHQFLDQRPLQDO9$
7HQVLyQQRPLQDOGHHQWUDGD9
7HQVLyQ9506\IUHFXHQFLD+]QRPLQDOHVGHVDOLGD
)DEULFDQWHQRPEUHRORJRWLSR\Q~PHURGHVHULH
3RODULGDG\WHUPLQDOHV
/DFDUDFWHUL]DFLyQGHORVLQYHUVRUHVGHEHUiKDFHUVHVHJ~QODVQRUPDVVLJXLHQWHV
81((1 &RPSRQHQWHV GH DFXPXODFLyQ FRQYHUVLyQ \ JHVWLyQ GH HQHUJtD
GHVLVWHPDVIRWRYROWDLFRV&XDOLILFDFLyQGHOGLVHxR\HQVD\RVDPELHQWDOHV
81((1 6LVWHPDV IRWRYROWDLFRV $FRQGLFLRQDGRUHV GH SRWHQFLD
3URFHGLPLHQWRSDUDODPHGLGDGHOUHQGLPLHQWR
'RFXPHQWRQž3OLHJRGHFRQGLFLRQHV
3iJLQDGH
(GXDUGR-LPpQH]$\HUUD8QLYHUVLGDG3~EOLFDGH1DYDUUD
/RVLQYHUVRUHVFXPSOLUiQFRQODVGLUHFWLYDVFRPXQLWDULDVGH6HJXULGDG(OpFWULFD\
&RPSDWLELOLGDG (OHFWURPDJQpWLFD DPEDV VHUiQ FHUWLILFDGDV SRU HO IDEULFDQWH
LQFRUSRUDQGRSURWHFFLRQHVIUHQWHD
&RUWRFLUFXLWRVHQDOWHUQD
7HQVLyQGHUHGIXHUDGHUDQJR
)UHFXHQFLDGHUHGIXHUDGHUDQJR
6REUHWHQVLRQHVPHGLDQWHYDULVWRUHVRVLPLODUHV
3HUWXUEDFLRQHV SUHVHQWHV HQ OD UHG FRPR PLFURFRUWHV SXOVRV GHIHFWRV GH FLFORV
DXVHQFLD\UHWRUQRGHODUHGHWF
$GLFLRQDOPHQWHKDQGHFXPSOLUFRQOD'LUHFWLYD&(GHO3DUODPHQWR(XURSHR\
GHO&RQVHMRGHGHGLFLHPEUHGHUHODWLYDDODDSUR[LPDFLyQGHODVOHJLVODFLRQHVGH
ORV(VWDGRVPLHPEURVHQPDWHULDGHFRPSDWLELOLGDGHOHFWURPDJQpWLFD
&DEOHDGR
7RGRHOFDEOHDGRFXPSOLUiFRQORHVWDEOHFLGRHQODOHJLVODFLyQYLJHQWH
/RVFRQGXFWRUHVQHFHVDULRVWHQGUiQODVHFFLyQDGHFXDGDSDUDUHGXFLUODVFDtGDVGHWHQVLyQ
\ORVFDOHQWDPLHQWRV&RQFUHWDPHQWHSDUDFXDOTXLHUFRQGLFLyQGHWUDEDMRORVFRQGXFWRUHV
GHEHUiQ WHQHU OD VHFFLyQ VXILFLHQWH SDUD TXH OD FDtGD GH WHQVLyQ VHD LQIHULRU LQFOX\HQGR
FXDOTXLHUWHUPLQDOLQWHUPHGLRDODODWHQVLyQQRPLQDOFRQWLQXDGHOVLVWHPD
6H LQFOXLUi WRGD OD ORQJLWXG GH FDEOHV QHFHVDULD SDUWH FRQWLQXD \R DOWHUQD SDUD FDGD
DSOLFDFLyQ FRQFUHWD HYLWDQGR HVIXHU]RV VREUH ORV HOHPHQWRV GH OD LQVWDODFLyQ \ VREUH ORV
SURSLRVFDEOHV
/RVSRVLWLYRV\QHJDWLYRVGHODSDUWHFRQWLQXDGHODLQVWDODFLyQVHFRQGXFLUiQVHSDUDGRV
SURWHJLGRV \ VHxDOL]DGRV FyGLJRV GH FRORUHV HWLTXHWDV HWF GH DFXHUGR D OD QRUPDWLYD
YLJHQWH
/RVFDEOHVGHH[WHULRUHVWDUiQSURWHJLGRVFRQWUDODLQWHPSHULH
3URWHFFLRQHV\SXHVWDDWLHUUD
7RGDVODVLQVWDODFLRQHVFRQWHQVLRQHVQRPLQDOHVVXSHULRUHVDYROWLRVFRQWDUiQFRQXQD
WRPDGHWLHUUDDODTXHHVWDUiFRQHFWDGDFRPRPtQLPRODHVWUXFWXUDVRSRUWHGHOJHQHUDGRU
\ORVPDUFRVPHWiOLFRVGHORVPyGXORV
(O VLVWHPD GH SURWHFFLRQHV DVHJXUDUi OD SURWHFFLyQ GH ODV SHUVRQDV IUHQWH D FRQWDFWRV
GLUHFWRV H LQGLUHFWRV (Q FDVR GH H[LVWLU XQD LQVWDODFLyQ SUHYLD QR VH DOWHUDUiQ ODV
FRQGLFLRQHVGHVHJXULGDGGHODPLVPD
/DLQVWDODFLyQHVWDUiSURWHJLGDIUHQWHDFRUWRFLUFXLWRVVREUHFDUJDV \VREUHWHQVLRQHV6H
SUHVWDUiHVSHFLDODWHQFLyQDODSURWHFFLyQGHODEDWHUtDIUHQWHDFRUWRFLUFXLWRVPHGLDQWHXQ
IXVLEOHGLV\XQWRUPDJQHWRWpUPLFRXRWURHOHPHQWRTXHFXPSODFRQHVWDIXQFLyQ
'RFXPHQWRQž3OLHJRGHFRQGLFLRQHV
3iJLQDGH
(GXDUGR-LPpQH]$\HUUD8QLYHUVLGDG3~EOLFDGH1DYDUUD
6LVWHPDVJHQHUDGRUHVIRWRYROWDLFRV
/RV PyGXORV IRWRYROWDLFRV GHEHUiQ LQFRUSRUDU HO PDUFDGR &( VHJ~Q OD 'LUHFWLYD
&(GHO3DUODPHQWR(XURSHR\GHO&RQVHMRGHGHGLFLHPEUHGHUHODWLYDD
OD DSUR[LPDFLyQ GH ODV OHJLVODFLRQHV GH ORV (VWDGRV PLHPEURV VREUH HO PDWHULDO HOpFWULFR
GHVWLQDGR D XWLOL]DUVH FRQ GHWHUPLQDGRV OtPLWHV GH WHQVLyQ $GHPiV GHEHUiQ FXPSOLU OD
QRUPD81((1DUPRQL]DGDSDUDOD'LUHFWLYD&(VREUHFXDOLILFDFLyQGH
ODVHJXULGDGGHPyGXORVIRWRYROWDLFRV\ODQRUPD81((1VREUHLQIRUPDFLRQHVGH
ODV KRMDV GH GDWRV \ GH ODV SODFDV GH FDUDFWHUtVWLFDV SDUD ORV PyGXORV IRWRYROWDLFRV
$GLFLRQDOPHQWH HQ IXQFLyQ GH OD WHFQRORJtD GHO PyGXOR pVWH GHEHUi VDWLVIDFHU ODV
VLJXLHQWHVQRUPDV
81((10yGXORVIRWRYROWDLFRV)9GHVLOLFLRFULVWDOLQRSDUDXVRWHUUHVWUH
&XDOLILFDFLyQGHOGLVHxR\KRPRORJDFLyQ
81((1 0yGXORV IRWRYROWDLFRV )9 GH OiPLQD GHOJDGD SDUD DSOLFDFLRQHV
WHUUHVWUHV
&XDOLILFDFLyQGHOGLVHxR\DSUREDFLyQGHWLSR
81((10yGXORV\VLVWHPDVIRWRYROWDLFRVGHFRQFHQWUDFLyQ&39&XDOLILFDFLyQ
GHOGLVHxR\KRPRORJDFLyQ
/RVPyGXORVTXHVHHQFXHQWUHQLQWHJUDGRVHQODHGLILFDFLyQDSDUWHGHTXHGHEHQFXPSOLU
OD QRUPDWLYD LQGLFDGD DQWHULRUPHQWH DGHPiV GHEHUiQ FXPSOLU FRQ OR SUHYLVWR HQ OD
'LUHFWLYD&((GHO&RQVHMRGHGHGLFLHPEUHGHUHODWLYDDODDSUR[LPDFLyQ
GH ODV GLVSRVLFLRQHV OHJDOHV UHJODPHQWDULDV \ DGPLQLVWUDWLYDV GH ORV (VWDGRV PLHPEURV
VREUHORVSURGXFWRVGHFRQVWUXFFLyQ
$TXHOORV PyGXORV TXH QR SXHGDQ VHU HQVD\DGRV VHJ~Q HVWDV QRUPDV FLWDGDV GHEHUiQ
DFUHGLWDUHOFXPSOLPLHQWRGHORVUHTXLVLWRVPtQLPRVHVWDEOHFLGRVHQODVPLVPDVSRURWURV
PHGLRV\FRQFDUiFWHUSUHYLRDVXLQVFULSFLyQGHILQLWLYDHQHOUHJLVWURGHUpJLPHQHVSHFLDO
GHSHQGLHQWHGHOyUJDQRFRPSHWHQWH
6HUi QHFHVDULR MXVWLILFDU OD LPSRVLELOLGDG GH VHU HQVD\DGRV DVt FRPR OD DFUHGLWDFLyQ
GHOFXPSOLPLHQWR GH GLFKRV UHTXLVLWRV OR TXH GHEHUi VHU FRPXQLFDGR SRU HVFULWR D OD
'LUHFFLyQ*HQHUDOGH3ROtWLFD(QHUJpWLFD\0LQDVTXLHQUHVROYHUiVREUHODFRQIRUPLGDGR
QRGHODMXVWLILFDFLyQ\DFUHGLWDFLyQSUHVHQWDGDV
(O PyGXOR IRWRYROWDLFR OOHYDUi GH IRUPD FODUDPHQWH YLVLEOH H LQGHOHEOH HO PRGHOR \
QRPEUHRORJRWLSRGHOIDEULFDQWHDVtFRPRXQDLGHQWLILFDFLyQLQGLYLGXDORQ~PHURGHVHULH
WUD]DEOHDODIHFKDGHIDEULFDFLyQ
6H XWLOL]DUiQ PyGXORV TXH VH DMXVWHQ D ODV FDUDFWHUtVWLFDV WpFQLFDV GHVFULWDV D
FRQWLQXDFLyQ
/RVPyGXORVGHEHUiQOOHYDUORVGLRGRVGHGHULYDFLyQSDUDHYLWDUODVSRVLEOHVDYHUtDVGH
ODVFpOXODV\VXVFLUFXLWRVSRUVRPEUHDGRVSDUFLDOHV\WHQGUiQXQJUDGRGHSURWHFFLyQ,3
/RVPDUFRVODWHUDOHVVLH[LVWHQVHUiQGHDOXPLQLRRDFHURLQR[LGDEOH
3DUD TXH XQ PyGXOR UHVXOWH DFHSWDEOH VX SRWHQFLD Pi[LPD \ FRUULHQWH GH FRUWRFLUFXLWR
UHDOHVUHIHULGDVDFRQGLFLRQHVHVWiQGDUGHEHUiQHVWDUFRPSUHQGLGDVHQHOPDUJHQGHO“
GHORVFRUUHVSRQGLHQWHVYDORUHVQRPLQDOHVGHFDWiORJR
'RFXPHQWRQž3OLHJRGHFRQGLFLRQHV
3iJLQDGH
(GXDUGR-LPpQH]$\HUUD8QLYHUVLGDG3~EOLFDGH1DYDUUD
6HUi UHFKD]DGR FXDOTXLHU PyGXOR TXH SUHVHQWH GHIHFWRV GH IDEULFDFLyQ FRPR URWXUDV R
PDQFKDV HQ FXDOTXLHUD GH VXV HOHPHQWRV DVt FRPR IDOWD GH DOLQHDFLyQ HQ ODV FpOXODV R
EXUEXMDVHQHOHQFDSVXODQWH
6HUiGHVHDEOHXQDDOWDHILFLHQFLDGHODVFpOXODV
/DHVWUXFWXUDGHOJHQHUDGRUVHFRQHFWDUiDWLHUUD
3RUPRWLYRVGHVHJXULGDG\SDUDIDFLOLWDUHOPDQWHQLPLHQWR\UHSDUDFLyQGHOJHQHUDGRUVH
LQVWDODUiQ ORV HOHPHQWRV QHFHVDULRV IXVLEOHV LQWHUUXSWRUHV HWF SDUD OD GHVFRQH[LyQ GH
IRUPD LQGHSHQGLHQWH \ HQ DPERV WHUPLQDOHV GH FDGD XQD GH ODV UDPDV GHO UHVWR GHO
JHQHUDGRU
/RV PyGXORV IRWRYROWDLFRV HVWDUiQ JDUDQWL]DGRV SRU HO IDEULFDQWH GXUDQWH XQ SHUtRGR
PtQLPRGHDxRV\FRQWDUiQFRQXQDJDUDQWtDGHUHQGLPLHQWRGXUDQWHDxRV
5HFHSFLyQ\SUXHEDV
(OLQVWDODGRUHQWUHJDUiDOXVXDULRXQGRFXPHQWRDOEDUiQHQHOTXHFRQVWHHOVXPLQLVWURGH
FRPSRQHQWHV PDWHULDOHV \ PDQXDOHV GH XVR \ PDQWHQLPLHQWR GH OD LQVWDODFLyQ (VWH
GRFXPHQWR VHUi ILUPDGR SRU GXSOLFDGR SRU DPEDV SDUWHV FRQVHUYDQGR FDGD XQD XQ
HMHPSODU /RV PDQXDOHV HQWUHJDGRV DO XVXDULR HVWDUiQ HQ DOJXQD GH ODV OHQJXDV RILFLDOHV
HVSDxRODVGHOOXJDUGHOXVXDULRGHODLQVWDODFLyQSDUDIDFLOLWDUVXFRUUHFWDLQWHUSUHWDFLyQ
/DV SUXHEDV D UHDOL]DU SRU HO LQVWDODGRU FRQ LQGHSHQGHQFLD GH OR LQGLFDGR FRQ
DQWHULRULGDGHQHVWH3&7VHUiQFRPRPtQLPRODVVLJXLHQWHV
)XQFLRQDPLHQWR\SXHVWDHQPDUFKDGHOVLVWHPD
3UXHED GH ODV SURWHFFLRQHV GHO VLVWHPD \ GH ODV PHGLGDV GH VHJXULGDG
HVSHFLDOPHQWHODVGHODFXPXODGRU
&RQFOXLGDV ODV SUXHEDV \ OD SXHVWD HQ PDUFKD VH SDVDUi D OD IDVH GH OD 5HFHSFLyQ
3URYLVLRQDOGHOD,QVWDODFLyQ(O$FWDGH5HFHSFLyQ3URYLVLRQDOQRVHILUPDUiKDVWDKDEHU
FRPSUREDGRTXHHOVLVWHPDKDIXQFLRQDGRFRUUHFWDPHQWHGXUDQWHXQPtQLPRGHKRUDV
VHJXLGDV VLQ LQWHUUXSFLRQHV R SDUDGDV FDXVDGDV SRU IDOORV GHO VLVWHPD VXPLQLVWUDGR
$GHPiVVHGHEHQFXPSOLUORVVLJXLHQWHVUHTXLVLWRV
(QWUHJDGHODGRFXPHQWDFLyQUHTXHULGDHQHVWH3&7
5HWLUDGDGHREUDGHWRGRHOPDWHULDOVREUDQWH
/LPSLH]DGHODV]RQDVRFXSDGDVFRQWUDQVSRUWHGHWRGRVORVGHVHFKRVDYHUWHGHUR
'XUDQWH HVWH SHUtRGR HO VXPLQLVWUDGRU VHUi HO ~QLFR UHVSRQVDEOH GH OD RSHUDFLyQ GHO
VLVWHPDDXQTXHGHEHUiDGLHVWUDUDOXVXDULR
7RGRV ORV HOHPHQWRV VXPLQLVWUDGRV DVt FRPR OD LQVWDODFLyQ HQ VX FRQMXQWR HVWDUiQ
SURWHJLGRVIUHQWHDGHIHFWRVGHIDEULFDFLyQLQVWDODFLyQRHOHFFLyQGHFRPSRQHQWHVSRUXQD
JDUDQWtDGHWUHVDxRVVDOYRSDUDORVPyGXORVIRWRYROWDLFRVSDUDORVTXHODJDUDQWtDVHUiGH
RFKRDxRVFRQWDGRVDSDUWLUGHODIHFKDGHODILUPDGHO$FWDGH5HFHSFLyQ3URYLVLRQDO
'RFXPHQWRQž3OLHJRGHFRQGLFLRQHV
3iJLQDGH
(GXDUGR-LPpQH]$\HUUD8QLYHUVLGDG3~EOLFDGH1DYDUUD
1R REVWDQWH YHQFLGD OD JDUDQWtD HO LQVWDODGRU TXHGDUi REOLJDGR D OD UHSDUDFLyQ GH ORV
IDOORVGHIXQFLRQDPLHQWRTXHVHSXHGDQSURGXFLUVLVHDSUHFLDVHTXHVXRULJHQSURFHGHGH
GHIHFWRV RFXOWRV GH GLVHxR FRQVWUXFFLyQ PDWHULDOHV R PRQWDMH FRPSURPHWLpQGRVH D
VXEVDQDUORV VLQ FDUJR DOJXQR (Q FXDOTXLHU FDVR GHEHUi DWHQHUVH D OR HVWDEOHFLGR HQ OD
OHJLVODFLyQYLJHQWHHQFXDQWRDYLFLRVRFXOWRV
5HTXHULPLHQWRVWpFQLFRVGHOFRQWUDWRGHPDQWHQLPLHQWR
*HQHUDOLGDGHV
6HUHDOL]DUiXQFRQWUDWRGHPDQWHQLPLHQWRSUHYHQWLYR \ FRUUHFWLYR DOPHQRVGHWUHV
DxRV
(OPDQWHQLPLHQWRSUHYHQWLYRLPSOLFDUiFRPRPtQLPRXQDUHYLVLyQDQXDO
(OFRQWUDWRGHPDQWHQLPLHQWRGHODLQVWDODFLyQLQFOXLUiODVODERUHVGHPDQWHQLPLHQWRGH
WRGRVORVHOHPHQWRVGHODLQVWDODFLyQDFRQVHMDGRVSRUORVGLIHUHQWHVIDEULFDQWHV
3URJUDPDGHPDQWHQLPLHQWR
(O REMHWR GH HVWH DSDUWDGR HV GHILQLU ODV FRQGLFLRQHV JHQHUDOHV PtQLPDV TXH GHEHQ
VHJXLUVHSDUDHOPDQWHQLPLHQWRGHODVLQVWDODFLRQHVGHHQHUJtDVRODU IRWRYROWDLFDDLVODGDV
GHODUHGGHGLVWULEXFLyQHOpFWULFD
6H GHILQHQ GRV HVFDORQHV GH DFWXDFLyQ SDUD HQJOREDU WRGDV ODV RSHUDFLRQHV QHFHVDULDV
GXUDQWH OD YLGD ~WLO GH OD LQVWDODFLyQ SDUD DVHJXUDU HO IXQFLRQDPLHQWR DXPHQWDU OD
SURGXFFLyQ\SURORQJDUODGXUDFLyQGHODPLVPD
0DQWHQLPLHQWRSUHYHQWLYR
0DQWHQLPLHQWRFRUUHFWLYR
3ODQ GH PDQWHQLPLHQWR SUHYHQWLYR RSHUDFLRQHV GH LQVSHFFLyQ YLVXDO YHULILFDFLyQ GH
DFWXDFLRQHV \ RWUDV TXH DSOLFDGDV D OD LQVWDODFLyQ GHEHQ SHUPLWLU PDQWHQHU GHQWUR GH
OtPLWH DFHSWDEOHV ODV FRQGLFLRQHV GH IXQFLRQDPLHQWR SUHVWDFLRQHV SURWHFFLyQ \
GXUDELOLGDGGHODLQVWDODFLyQ
3ODQ GH PDQWHQLPLHQWR FRUUHFWLYR WRGDV ODV RSHUDFLRQHV GH VXVWLWXFLyQ QHFHVDULDV SDUD
DVHJXUDUTXHHOVLVWHPDIXQFLRQDFRUUHFWDPHQWHGXUDQWHVXYLGD~WLO,QFOX\H
/D YLVLWD D OD LQVWDODFLyQ HQ ORV SOD]RV LQGLFDGRV \ FDGD YH] TXH HO XVXDULR OR
UHTXLHUDSRUDYHUtDJUDYHHQODLQVWDODFLyQ
(O DQiOLVLV \ SUHVXSXHVWDFLyQ GH ORV WUDEDMRV \ UHSRVLFLRQHV QHFHVDULDV SDUD HO
FRUUHFWRIXQFLRQDPLHQWRGHODPLVPD
/RV FRVWHV HFRQyPLFRV GHO PDQWHQLPLHQWR FRUUHFWLYR FRQ HO DOFDQFH LQGLFDGR
IRUPDQSDUWHGHOSUHFLRDQXDOGHOFRQWUDWRGHPDQWHQLPLHQWR3RGUiQQRHVWDULQFOXLGDVQL
ODPDQRGHREUDQLODVUHSRVLFLRQHVGHHTXLSRVQHFHVDULDVPiVDOOiGHOSHUtRGRGHJDUDQWtD
'RFXPHQWRQž3OLHJRGHFRQGLFLRQHV
3iJLQDGH
(GXDUGR-LPpQH]$\HUUD8QLYHUVLGDG3~EOLFDGH1DYDUUD
(OPDQWHQLPLHQWRGHEHUHDOL]DUVHSRUSHUVRQDOWpFQLFRFXDOLILFDGREDMRODUHVSRQVDELOLGDG
GHODHPSUHVDLQVWDODGRUD
(O PDQWHQLPLHQWR SUHYHQWLYR GH OD LQVWDODFLyQ LQFOXLUi XQD YLVLWD DQXDO HQ OD TXH VH
UHDOL]DUiQFRPRPtQLPRODVVLJXLHQWHVDFWLYLGDGHV
9HULILFDFLyQGHOIXQFLRQDPLHQWRGHWRGRVORVFRPSRQHQWHV\HTXLSRV
5HYLVLyQGHOFDEOHDGRFRQH[LRQHVSOHWLQDVWHUPLQDOHVHWF
&RPSUREDFLyQ GHO HVWDGR GH ORV PyGXORV VLWXDFLyQ UHVSHFWR DO SUR\HFWR
RULJLQDOOLPSLH]D\SUHVHQFLDGHGDxRVTXHDIHFWHQDODVHJXULGDG\SURWHFFLRQHV
(VWUXFWXUD VRSRUWH UHYLVLyQ GH GDxRV HQ OD HVWUXFWXUD GHWHULRUR SRU DJHQWHV
DPELHQWDOHVR[LGDFLyQHWF
,QYHUVRUHVHVWDGRGHLQGLFDGRUHV\DODUPDV
&DtGDVGHWHQVLyQHQHOFDEOHDGRGHFRQWLQXD
9HULILFDFLyQ GH ORV HOHPHQWRV GH VHJXULGDG \ SURWHFFLRQHV WRPDV GH WLHUUD
DFWXDFLyQGHLQWHUUXSWRUHVGHVHJXULGDGIXVLEOHVHWF
(Q LQVWDODFLRQHV FRQ PRQLWRUL]DFLyQ OD HPSUHVD LQVWDODGRUD GH OD PLVPD UHDOL]DUi XQD
UHYLVLyQ FDGD VHLV PHVHV FRPSUREDQGR OD FDOLEUDFLyQ \ OLPSLH]D GH ORV PHGLGRUHV
IXQFLRQDPLHQWR\FDOLEUDFLyQGHOVLVWHPDGHDGTXLVLFLyQGHGDWRVDOPDFHQDPLHQWRGHORV
GDWRVHWF
/DV RSHUDFLRQHV GH PDQWHQLPLHQWR UHDOL]DGDV VH UHJLVWUDUiQ HQ XQ OLEUR GH
PDQWHQLPLHQWR
*DUDQWtDV
ÈPELWRJHQHUDOGHODJDUDQWtD
6LQ SHUMXLFLR GH XQD SRVLEOH UHFODPDFLyQ D WHUFHURV OD LQVWDODFLyQ VHUi UHSDUDGD GH
DFXHUGRFRQHVWDVFRQGLFLRQHVJHQHUDOHVVLKDVXIULGRXQDDYHUtDDFDXVDGHXQGHIHFWRGH
PRQWDMH R GH FXDOTXLHUD GH ORV FRPSRQHQWHV VLHPSUH TXH KD\D VLGR PDQLSXODGD
FRUUHFWDPHQWHGHDFXHUGRFRQORHVWDEOHFLGRHQHOPDQXDOGHLQVWUXFFLRQHV
/DJDUDQWtDVHFRQFHGHDIDYRUGHOFRPSUDGRUGHODLQVWDODFLyQORTXHGHEHUiMXVWLILFDUVH
GHELGDPHQWH PHGLDQWH HO FRUUHVSRQGLHQWH FHUWLILFDGR GH JDUDQWtD FRQ OD IHFKD TXH VH
DFUHGLWHHQODHQWUHJDGHODLQVWDODFLyQ
3OD]RV
(OVXPLQLVWUDGRUJDUDQWL]DUiODLQVWDODFLyQGXUDQWHXQSHUtRGRPtQLPRGHWUHVDxRVSDUD
WRGRV ORV PDWHULDOHV XWLOL]DGRV \ HO PRQWDMH 3DUD ORV PyGXORV IRWRYROWDLFRV OD JDUDQWtD
VHUiGHRFKRDxRV
6L KXELHUD GH LQWHUUXPSLUVH OD H[SORWDFLyQ GHO VLVWHPD GHELGR D UD]RQHV GH ODV TXH HV
UHVSRQVDEOH HO VXPLQLVWUDGRU R D UHSDUDFLRQHV TXH KD\D GH UHDOL]DU SDUD FXPSOLU ODV
HVWLSXODFLRQHV GH OD JDUDQWtD HO SOD]R VH SURORQJDUi SRU OD GXUDFLyQ WRWDO GH GLFKDV
LQWHUUXSFLRQHV
'RFXPHQWRQž3OLHJRGHFRQGLFLRQHV
3iJLQDGH
(GXDUGR-LPpQH]$\HUUD8QLYHUVLGDG3~EOLFDGH1DYDUUD
&RQGLFLRQHVHFRQyPLFDV
/DJDUDQWtDLQFOX\HWDQWRODUHSDUDFLyQRUHSRVLFLyQGHORVFRPSRQHQWHV\ODVSLH]DVTXH
SXGLHUDQUHVXOWDUGHIHFWXRVDVFRPRODPDQRGHREUD
4XHGDQLQFOXLGRVORVVLJXLHQWHVJDVWRVWLHPSRVGHGHVSOD]DPLHQWRPHGLRVGHWUDQVSRUWH
DPRUWL]DFLyQ GH YHKtFXORV \ KHUUDPLHQWDV GLVSRQLELOLGDG GH RWURV PHGLRV \ HYHQWXDOHV
SRUWHV GH UHFRJLGD \ GHYROXFLyQ GH ORV HTXLSRV SDUD VX UHSDUDFLyQ HQ ORV WDOOHUHV GHO
IDEULFDQWH
$VLPLVPR VH GHEH LQFOXLU OD PDQR GH REUD \ PDWHULDOHV QHFHVDULRV SDUD HIHFWXDU ORV
DMXVWHV\HYHQWXDOHVUHJODMHVGHOIXQFLRQDPLHQWRGHODLQVWDODFLyQ
6L HQ XQ SOD]R UD]RQDEOH HO VXPLQLVWUDGRU LQFXPSOH ODV REOLJDFLRQHV GHULYDGDV GH OD
JDUDQWtDHOFRPSUDGRUGHODLQVWDODFLyQSRGUiSUHYLDQRWLILFDFLyQHVFULWDILMDUXQDIHFKD
ILQDO SDUD TXH GLFKR VXPLQLVWUDGRU FXPSOD FRQ VXV REOLJDFLRQHV 6L HO VXPLQLVWUDGRU QR
FXPSOHFRQVXVREOLJDFLRQHVHQGLFKRSOD]R~OWLPRHOFRPSUDGRUGHODLQVWDODFLyQSRGUi
SRUFXHQWD\ULHVJRGHOVXPLQLVWUDGRUUHDOL]DUSRUVtPLVPRODVRSRUWXQDVUHSDUDFLRQHVR
FRQWUDWDUSDUDHOORDXQWHUFHURVLQSHUMXLFLRGHODUHFODPDFLyQSRUGDxRV\SHUMXLFLRVHQ
TXHKXELHUHLQFXUULGRHOVXPLQLVWUDGRU
$QXODFLyQGHODJDUDQWtD
/D JDUDQWtD SRGUi DQXODUVH FXDQGR OD LQVWDODFLyQ KD\D VLGR UHSDUDGD PRGLILFDGD R
GHVPRQWDGD DXQTXH VyOR VHD HQ SDUWH SRU SHUVRQDV DMHQDV DO VXPLQLVWUDGRU R D ORV
VHUYLFLRV GH DVLVWHQFLD WpFQLFD GH ORV IDEULFDQWHV QR DXWRUL]DGRV H[SUHVDPHQWH SRU HO
VXPLQLVWUDGRUH[FHSWRHQODVFRQGLFLRQHVGHO~OWLPRSXQWRGHODSDUWDGR
/XJDU\WLHPSRGHODSUHVWDFLyQ
&XDQGRHOXVXDULRGHWHFWHXQGHIHFWRGHIXQFLRQDPLHQWRHQODLQVWDODFLyQORFRPXQLFDUi
IHKDFLHQWHPHQWHDOVXPLQLVWUDGRU&XDQGRHOVXPLQLVWUDGRUFRQVLGHUHTXHHVXQGHIHFWRGH
IDEULFDFLyQGHDOJ~QFRPSRQHQWHORFRPXQLFDUiIHKDFLHQWHPHQWHDOIDEULFDQWH
(OVXPLQLVWUDGRUDWHQGHUiHODYLVRHQXQSOD]RPi[LPRGHKRUDVVLODLQVWDODFLyQQR
IXQFLRQDRGHXQDVHPDQDVLHOIDOORQRDIHFWDDOIXQFLRQDPLHQWR
/DV DYHUtDV GH ODV LQVWDODFLRQHV VH UHSDUDUiQ HQ VX OXJDU GH XELFDFLyQ SRU HO
VXPLQLVWUDGRU 6L OD DYHUtD GH DOJ~Q FRPSRQHQWH QR SXGLHUD VHU UHSDUDGD HQ HO GRPLFLOLR
GHOXVXDULRHOFRPSRQHQWHGHEHUiVHUHQYLDGRDOWDOOHURILFLDOGHVLJQDGRSRUHOIDEULFDQWH
SRUFXHQWD\DFDUJRGHOVXPLQLVWUDGRU
(O VXPLQLVWUDGRU UHDOL]DUi ODV UHSDUDFLRQHV R UHSRVLFLRQHV GH SLH]DV FRQ OD PD\RU
EUHYHGDG SRVLEOH XQD YH] UHFLELGR HO DYLVR GH DYHUtD SHUR QR VH UHVSRQVDELOL]DUi GH ORV
SHUMXLFLRV FDXVDGRV SRU OD GHPRUD HQ GLFKDV UHSDUDFLRQHV VLHPSUH TXH VHD LQIHULRU D GtDVQDWXUDOHV
'RFXPHQWRQž3OLHJRGHFRQGLFLRQHV
3iJLQDGH
(GXDUGR-LPpQH]$\HUUD8QLYHUVLGDG3~EOLFDGH1DYDUUD
&21',&,21(6-85Ë',&$6
$FFLGHQWHV\GDxRVSURGXFLGRVHQODVREUDV
(OFRQWUDWLVWDVHUiHO~QLFRUHVSRQVDEOHGHORVGDxRV \SHUMXLFLRVSURGXFLGRVGXUDQWHOD
UHDOL]DFLyQ GH ORV WUDEDMRV ELHQ VREUH OD PDTXLQDULD GH WUDEDMR HTXLSRV TXH VH HVWpQ
LQVWDODQGRGDxRV DWHUFHURVHLQFOXVRFXDOTXLHUDFFLGHQWHTXHVXFHGDDFXDOTXLHUDGHORV
RSHUDULRVTXHHVWpQWUDEDMDQGREDMRVXUHVSRQVDELOLGDG
&RPR FRQVHFXHQFLD GH HOOR HO FRQWUDWLVWD GHEHUi UHSDUDU ORV GDxRV \ SHUMXLFLRV
RFDVLRQDGRV
(OFRQWUDWLVWDVHUiUHVSRQVDEOHGHORVHTXLSRV\PDWHULDOHVGHVGHHOPRPHQWRTXHVHKDFH
FDUJRGHHOORVSDUDVXLQVWDODFLyQKDVWDODUHFHSFLyQGHILQLWLYDSRUODSDUWHFRQWUDWDQWH
(OFRQWUDWLVWDVHUHVSRQVDELOL]DUiGHODDGHFXDGDSURWHFFLyQGHORVHTXLSRVTXHYDQDVHU
LQVWDODGRVFRQWUDORVGDxRVRULJLQDGRVDOVHUH[SXHVWRVDODLQWHPSHULH\WRPDUiPHGLGDV
SDUDHYLWDUGDxRVRSpUGLGDVSRUFXDOTXLHUPRWLYR
7DPELpQVHKDUiUHVSRQVDEOHGHORVGDxRVRSpUGLGDVTXHSXHGDQVXIULUORVHTXLSRVTXH
VRQREMHWRGHORVWUDEDMRVGHPRQWDMHFRPRFRQVHFXHQFLDGHVXDFWXDFLyQHQODFRORFDFLyQ
GHGLFKRVHTXLSRV3RUFRQVLJXLHQWHGHEHUiVXVWLWXLUORVRUHSDUDUORV
6yORVHUiQDGPLVLEOHVODVUHFODPDFLRQHVGHOFRQWUDWLVWDSRUSpUGLGDVDYHUtDVRGDxRVDOD
SDUWHFRQWUDWDQWH
/DSDUWHFRQWUDWDQWHHQPRGRDOJXQRVHKDUiFDUJRGHODVSpUGLGDVGDxRVRDYHUtDVTXH
VXIUDHOFRQWUDWLVWD
(OFRQWUDWLVWDGHEHUiWRPDUDVXFRVWDWRGDVODVPHGLGDVRSRUWXQDVSDUDTXHVXPDTXLQDULD
\VXVPDWHULDOHVTXHXWLOLFHHQODREUDQRVXIUDQGDxRV
3DURRDSOD]DPLHQWRGHODREUD
(QHOFDVRGHTXHODSDUWHFRQWUDWDQWHPDQGHHOSDURDEVROXWRGHORVWUDEDMRVHOFRQWUDWR
TXHGDDXWRPiWLFDPHQWHUHVFLQGLGR
6LODSDUWHFRQWUDWDQWH PDQGDHODSOD]DPLHQWRGHORVWUDEDMRVSRUXQWLHPSRVXSHULRUDO
GHO WLHPSR TXH WUDQVFXUUH GHVGH OD DGMXGLFDFLyQ KDVWD OD ILQDOL]DFLyQ HVWLPDGD HO
FRQWUDWLVWDWLHQHHOGHUHFKRDODLQGHPQL]DFLyQTXHOHFRUUHVSRQGD
(OFRQWUDWLVWDWDPELpQWHQGUiHOGHUHFKRDODUHVFLVLyQGHOFRQWUDWRHQHOFDVRGHTXHVH
SURGX]FDQ GLYHUVRV DSOD]DPLHQWRV FX\D GXUDFLyQ WRWDO H[FHGD GHO DQWHULRUPHQWH
FLWDGR
6LSRUDOJ~QPRWLYRODSDUWHFRQWUDWDQWHPDQGDHOFHVHGHODVREUDVGXUDQWHXQSHULRGR
LQIHULRU DO GH WLHPSR DQWHV PHQFLRQDGR HO FRQWUDWLVWD WHQGUi GHUHFKR D XQD
LQGHPQL]DFLyQSHURQRDODUHVFLVLyQGHOFRQWUDWR
6XVSHQVLyQGHSDJRV
(QHOFDVRGHTXHVHSURGX]FDODTXLHEUDRVXVSHQVLyQGHSDJRVSRUSDUWHGHOFRQWUDWLVWD
OD SDUWH FRQWUDWDQWH SRGUi UHVFLQGLU HO FRQWUDWR VLHQGR VXILFLHQWH OD QRWLILFDFLyQ GH OD
VXVSHQVLyQHQHOSOD]RGHGRVPHVHVDSDUWLUGHODGHFODUDFLyQGHVXVSHQVLyQGHSDJRV
'RFXPHQWRQž3OLHJRGHFRQGLFLRQHV
3iJLQDGH
(GXDUGR-LPpQH]$\HUUD8QLYHUVLGDG3~EOLFDGH1DYDUUD
/DVPHGLGDVTXHODSDUWHFRQWUDWDQWHWXYLHUDTXHWRPDUSDUDODFRQVHUYDFLyQ\VHJXULGDG
GHODVREUDVUHDOL]DGDVLUiQDFDUJRGHOFRQWUDWLVWD
5HVFLVLyQGHFRQWUDWR
6LVHSURGXMHUDODUHVFLVLyQGHFRQWUDWRVHFRPSUREDUiQODVREUDVUHDOL]DGDVVHKDUiXQ
LQYHQWDULRGHORVPDWHULDOHVTXHKDUHFLELGRHOFRQWUDWLVWDDVtFRPRGHODPDTXLQDULD\GH
ODVLQVWDODFLRQHVGHODREUD
6LVHUHVFLQGHHOFRQWUDWRSRUORVFDVRVDQWHULRUPHQWHLQGLFDGRVODSDUWHFRQWUDWDQWHSRGUi
H[LJLUDOFRQWUDWLVWDTXHPDQWHQJDHQODREUDWRGRVRSDUWHGHVXVHTXLSRV\PDWHULDOSDUD
SRGHUVHJXLUFRQORVWUDEDMRVFRQWUDWDQGRDRWURFRQWUDWLVWD
/RV PDWHULDOHV \ ODV LQVWDODFLRQHV UHWHQLGDV VHUiQ FRPSUDGRV R DOTXLODGRV SRU OD SDUWH
FRQWUDWDQWHDOFRQWUDWLVWDVLHQGRHYDOXDGRVORVSUHFLRVGHFHVLyQELHQSRUXQSHULWDMHRSRU
XQDFXHUGRHQWUHDPEDVSDUWHV
6L IXHUD QHFHVDULR SRQHU HQ EXHQ HVWDGR GH IXQFLRQDPLHQWR HO PDWHULDO \ PDTXLQDULD
DOTXLODGRVORVJDVWRVLUiQDFDUJRGHOFRQWUDWLVWD
'HVGHODUHVFLVLyQGHOFRQWUDWR\KDVWDTXHQRVHKDJDFDUJRGHODPDTXLQDULD\PDWHULDOHV
TXHHVWLPHQHFHVDULRSDUDFRQWLQXDUORVWUDEDMRVGHODREUDODSDUWHFRQWUDWDQWHQRSDJDUi
QLQJ~QDOTXLOHU
&XDQGR OD SDUWH FRQWUDWDQWH QR QHFHVLWH OD PDTXLQDULD FRQWUDWDGD DYLVDUi DO FRQWUDWLVWD
SDUDTXHSURFHGDDODUHWLUDGDGHVXPDWHULDO
/DSDUWHFRQWUDWDQWHGHEHUiGHYROYHUODPDTXLQDULDHQSHUIHFWRHVWDGRGHIXQFLRQDPLHQWR
(QFDVRGHTXHQRVHDDVtODSDUWHFRQWUDWDQWHGHEHUiLQGHPQL]DUDOFRQWUDWLVWDGHDFXHUGR
FRQORVGDxRVSURGXFLGRVTXHVHUiQHYDOXDGRVSRUXQSHULWDMHRSRUPXWXRDFXHUGR
$UELWUDMH
&XDOTXLHUWLSRGHSUREOHPDVTXHVXUMDQWDQWRHQODLQWHUSUHWDFLyQGHOFRQWUDWRFRPRHQ
ODHMHFXFLyQGHOPLVPRVHUiDUUHJODGRPHGLDQWHXQDUELWUDMH
6HQRPEUDUiQWUHViUELWURVXQRSRUFDGDXQDGHODVSDUWHV\HOWHUFHURVHUiHOHJLGRSRU
PXWXRDFXHUGRGHDPEDVSDUWHV
6LQRKXELHUDDFXHUGRSDUDODHOHFFLyQGHOWHUFHUiUELWURpVWHVHUiQRPEUDGRSRUHOMXH]
FRPSHWHQWH
'RFXPHQWRQž3OLHJRGHFRQGLFLRQHV
3iJLQDGH
(GXDUGR-LPpQH]$\HUUD8QLYHUVLGDG3~EOLFDGH1DYDUUD
$XGLWRUtD
(O FRQWUDWLVWD WHQGUi GHUHFKR D HMHUFLWDU DXGLWRULD VREUH ORV OLEURV \ FRPSUREDQWHV GHO
FRQWUDWLVWDUHODFLRQDGRVFRQORVFRVWRVSDUWHVGHKRUDVSDUWHVGHDVLVWHQFLDIDFWXUDFLyQ\
JDVWRVUHHPEROVDEOHV
(VWH GHUHFKR SRGUi HMHUFLWDUVH FXDQWDV YHFHV VH FRQVLGHUH UD]RQDEOH GHQWUR GHO DxR
SRVWHULRUDODVIHFKDVGHODVIDFWXUDFLRQHVRFDUJRVGHOFRQWUDWDQWH
'RFXPHQWRQž3OLHJRGHFRQGLFLRQHV
3iJLQDGH
(6&8(/$7e&1,&$683(5,25'(,1*(1,(526
,1'8675,$/(6<'(7(/(&2081,&$&,Ï1
7LWXODFLyQ
,1*(1,(527e&1,&2,1'8675,$/0(&È1,&2
7tWXORGHOSUR\HFWR
',6(f2'(81$,167$/$&,Ï1'(6$/$'25$'(
$*8$$%$67(&,'$&2181$3/$17$
)27292/7$,&$
'2&80(1721ž35(6838(672
(GXDUGR-LPpQH]$\HUUD
0DUWtQ,EDUUD0XULOOR
3DPSORQDGH$EULOGH
Ë1',&(
,1752'8&&,Ï1
35(6838(672
35(6838(672'((-(&8&,Ï10$7(5,$/3(0
35(6838(672'((-(&8&,Ï1325&2175$7$3(&
35(6838(672*(1(5$/325&2175$7$
35(6838(672*(1(5$/727$/
(GXDUGR-LPpQH]$\HUUD8QLYHUVLGDG3~EOLFDGH1DYDUUD
,1752'8&&,Ï1
(VWH GRFXPHQWR WLHQH FRPR REMHWLYR OD HVWLPDFLyQ GHO SUHVXSXHVWR JHQHUDO GH
HMHFXFLyQGHOSUR\HFWR³'LVHxRGHXQD,QVWDODFLyQ'HVDODGRUDGHDJXDDEDVWHFLGDFRQXQD
3ODQWD)RWRYROWDLFD´3DUDHOORVHWHQGUiHQFXHQWDHOFRVWHTXHVXSRQGUiHOLQPRYLOL]DGR
HTXLSRVFRQGXFFLRQHV\DFFHVRULRV\ODPDQRGHREUDSDUDODFRQVWUXFFLyQ\PRQWDMHGH
ORVHTXLSRVHQODLQVWDODFLyQSUR\HFWDGD
(QSULPHUOXJDUVHFDOFXODUiHO3UHVXSXHVWRGH(MHFXFLyQ0DWHULDO3(0UHIHUHQWHDO
SUHFLR GH ORV HTXLSRV $ FRQWLQXDFLyQ VH LQFOXLUi HO %HQHILFLR ,QGXVWULDO \ ORV *DVWRV
*HQHUDOHV REWHQLpQGRVH HO 3UHVXSXHVWR GH (MHFXFLyQ SRU FRQWUDWD 3(& 'HVSXpV VH
LQFOXLUiHOSUHVXSXHVWRGHUHGDFFLyQ\HOSUHVXSXHVWRGHGLUHFFLyQGHOSUR\HFWR
3RU~OWLPRSDUDREWHQHUHOSUHVXSXHVWRWRWDOVHOHDxDGLUiHO,9$TXHVXSRQHXQ
35(6838(672
$FRQWLQXDFLyQVHGHWDOODUiQORVSUHFLRVXQLWDULRVGHFDGDXQRGHORVHOHPHQWRVTXH
FRPSRQHQODLQVWDODFLyQSUR\HFWDGD
(OSUHVXSXHVWRVHDJUXSDHQODVVLJXLHQWHVSDUWLGDV
• 81,'$''(),/7526'($5(1$
81,'$'(6
'(6&5,3&,Ï1
),/7526'($5(1$KRUL]RQWDO\GHSUHVLyQGH
FDUDFWHUtVWLFDV
)DEULFDQWH&$/3/$6VHULH+
'LiPHWURP
/RQJLWXGP
6XSHUILFLHILOWUDQWHP
35(6838(6723$57,'$),/7526'($5(1$
35(&,2
81,7$5,2
¼
727$/
¼
•
81,'$''(),/7526'(&$578&+26
81,'$'(6
'(6&5,3&,Ï1
),/7526'(&$578&+2GHFDUDFWHUtVWLFDV
)DEULFDQWH+$506&2+,)
&DXGDOPi[LPRPK
&DUWXFKRVLQVWDODGRV
/RQJLWXGFDUWXFKRVPP
*UDGRILOWUDFLyQQRPLQDOPLFUDV
35(6838(6723$57,'$),/7526'(&$578&+26
35(&,2
81,7$5,2
¼
727$/
¼
'RFXPHQWRQž3UHVXSXHVWR
3iJLQDGH
(GXDUGR-LPpQH]$\HUUD8QLYHUVLGDG3~EOLFDGH1DYDUUD
81,'$''(Ï6026,6,19(56$
•
81,'$'(6
'(6&5,3&,Ï1
0(0%5$1$6'(26026,6,19(56$GH
FDUDFWHUtVWLFDV
)DEULFDQWH+,'5$1$87,&66:&0$;
7LSR3ROLDPLGDDURPiWLFD
&RQILJXUDFLyQ$UUROODPLHQWRHVSLUDO
'LiPHWUR
/RQJLWXG
78%26'(35(6,Ï1SDUDDOEHUJDUHOHPHQWRV
GHPHPEUDQDGHFDUDFWHUtVWLFDV
)DEULFDQWH6(//
'LiPHWUR
/RQJLWXG
35(6838(6723$57,'$26026,6,19(56$
35(&,2
81,7$5,2
¼
727$/
¼
%20%$6
•
81,'$'(6
'(6&5,3&,Ï1
%20%$'(&$37$&,21FHQWUtIXJDSDUD
FDSWDFLyQGH$JXDGH0DUGHFDUDFWHUtVWLFDV
)DEULFDQWH,785%20%$6
&DXGDOP
3UHVLyQEDU
%20%$'($/7$35(6,Ï1GHFDUDFWHUtVWLFDV
)DEULFDQWH+,'527(&$5/(
&DXGDOPK
3UHVLyQEDU
35(6838(6723$57,'$%20%$6
35(&,2
81,7$5,2
¼
727$/
¼
•
0Ï'8/26
81,'$'(6
'(6&5,3&,Ï1
0Ï'8/26)27292/7$,&26
)DEULFDQWH,62)27Ï1
0RGHOR,
7HQVLyQ9
3RWHQFLD:
35(6838(6723$57,'$0Ï'8/26
35(&,2
81,7$5,2
¼
727$/¼
'RFXPHQWRQž3UHVXSXHVWR
3iJLQDGH
(GXDUGR-LPpQH]$\HUUD8QLYHUVLGDG3~EOLFDGH1DYDUUD
•
,19(5625(6
81,'$'(6
'(6&5,3&,Ï1
,19(5625(6SDUDHOVLVWHPDGHERPEHRGH
FDSWDFLyQ
)DEULFDQWH/7L5((QHUJ\
0RGHOR390$67(5
7HQVLyQ$&9
,QWHQVLGDG$&$
3RWHQFLD$&.:
,19(5625(6SDUDHOVLVWHPDGHERPEHRGH
DOWDSUHVLyQ
)DEULFDQWH/7L5((QHUJ\
0RGHOR390$67(5
7HQVLyQ$&9
,QWHQVLGDG$&$
3RWHQFLD$&.:
35(6838(6723$57,'$,19(5625(6
35(&,2
81,7$5,2
¼
727$/¼
•
&$%/(6(/e&75,&26
0(7526
'(6&5,3&,Ï1
&$%/(6(/e&75,&26LQWHUFRQH[LRQDGRGH
PyGXORV
&$%/(6(/e&75,&26FDMDFRQH[LRQHV
LQYHUVRUHV
&$%/(6(/e&75,&26LQYHUVRUHVFDMDGH
FRQH[LRQHVJHQHUDO
&$%/(6(/e&75,&26FDMDGHFRQH[LRQHV
JHQHUDOERPEDV
)DEULFDQWH&$%/(1$6$
0RGHOR59.N9
35(6838(6723$57,'$&$%/(6(/e&75,&26
35(&,2
0(752¼
727$/¼
•
2%5$&,9,/
0(7526
'(6&5,3&,Ï1
78%(5,$6'(32/,(67(55()25=$'2
&21),%5$'(9,'5,2
78%(5,$6'($&(52,12;,'$%/($,6,
/
(;&$9$&,Ï1'(=$1-$6
35(6838(6723$57,'$2%5$&,9,/
35(&,2
0(752¼
727$/¼
'RFXPHQWRQž3UHVXSXHVWR
3iJLQDGH
(GXDUGR-LPpQH]$\HUUD8QLYHUVLGDG3~EOLFDGH1DYDUUD
(6758&785$623257(<$1&/$-(
•
0(7526
'(6&5,3&,Ï1
3(5),/'($&(52DELHUWRGH
VHFFLyQHQ&
'LPHQVLRQHV[[FP
3(5),/'($&(52FHUUDGRGH
VHFFLyQUHFWDQJXODU
'LPHQVLRQHV[[FP
35(&,2
¼.J
.JPHWUR
727$/
¼
0(7526
&Ò%,&26
'(6&5,3&,Ï1
=$3$7$6GHKRUPLJyQ+$
%,,DIDEULFDGRHQFHQWUDO
'LPHQVLRQHV[[FP
35(&,2
¼P
727$/
¼
81,'$'(6
'(6&5,3&,Ï1
35(&,2
81,7$5,2
¼
3(5126'($1&/$-(0pWULFD
\FDOLGDGFRQWXHUFDGH
QLYHODFLyQ\FRQWUDWXHUFD
35(6838(6723$57,'$(6758&785$623257(<
$1&/$-(
727$/
¼
35(6838(672'((-(&8&,Ï1'(0$7(5,$/3(0
3$57,'$6
)LOWURVGHDUHQD
)LOWURVGHFDUWXFKR
2VPRVLV,QYHUVD
%RPEDV
2EUD&LYLO
0yGXORV
,QYHUVRUHV
&DEOHVHOpFWULFRV
(VWUXFWXUDVRSRUWH\DQFODMH
0DQRGH2EUD
727$/3(0
&267(¼
(/35(6838(672'((-(&8&,Ï10$7(5,$/GHOD,QVWDODFLyQ'HVDODGRUDGH$JXD
DEDVWHFLGD FRQ XQD 3ODQWD )RWRYROWDLFD DVFLHQGH D OD FDQWLGDG GH ³81 0,//Ï1
'26&,(1726 &8$5(17$ < 2&+2 0,/ 75(6&,(1726 48,1&( (8526 &21
75(,17$<&8$752&(17,026´
'RFXPHQWRQž3UHVXSXHVWR
3iJLQDGH
(GXDUGR-LPpQH]$\HUUD8QLYHUVLGDG3~EOLFDGH1DYDUUD
35(6838(672'((-(&8&,Ï1325&2175$7$3(&
&21&(372
3(0
*DVWRVJHQHUDOHV\EHQHILFLRLQGXVWULDO
727$/3(&
&267(¼
(/35(6838(672'((-(&8&,Ï1325&2175$7$GHOD,QVWDODFLyQ'HVDODGRUDGH
$JXD DEDVWHFLGD FRQ XQD 3ODQWD )RWRYROWDLFD DVFLHQGH D OD FDQWLGDG GH ³81 0,//Ï1
75(6&,(17266(7(17$<75(60,/&,(172&8$5(17$<6(,6(8526&21
2&+(17$<6,(7(&(17,026´
35(6838(672*(1(5$/325&2175$7$
&21&(372
3(&
3UHVXSXHVWRGH5HGDFFLyQGH3UR\HFWR
3UHVXSXHVWRGH'LUHFFLyQGH3UR\HFWR
727$/35(6838(672*(1(5$/325
&2175$7$
&267(¼
(/35(6838(672*(1(5$/325&2175$7$GHOD,QVWDODFLyQ'HVDODGRUDGH$JXD
DEDVWHFLGDFRQXQD3ODQWD)RWRYROWDLFDDVFLHQGHDODFDQWLGDGGH³810,//Ï1
&8$752&,(1726&,1&8(17$<&,1&20,/48,1,(172675(,17$<&,1&2
(8526&216(6(17$<2&+2&(17,026´
35(6838(672*(1(5$/
&21&(372
35(6838(672*(1(5$/325&2175$7$
,9$
727$/35(6838(672*(1(5$/
&267(¼
(/35(6838(672*(1(5$/GHOD,QVWDODFLyQ'HVDODGRUDGH$JXDDEDVWHFLGDFRQXQD
3ODQWD)RWRYROWDLFDDVFLHQGHDODFDQWLGDGGH³810,//Ï16(7(&,(17266(6(17$
<8120,/&,(172129(17$<2&+2(8526&21',(&,6,(7(&(17,026´
'RFXPHQWRQž3UHVXSXHVWR
3iJLQDGH
(6&8(/$7e&1,&$683(5,25'(,1*(1,(526
,1'8675,$/(6<'(7(/(&2081,&$&,Ï1
7LWXODFLyQ
,1*(1,(527e&1,&2,1'8675,$/0(&È1,&2
7tWXORGHOSUR\HFWR
',6(f2'(81$,167$/$&,Ï1'(6$/$'25$'(
$*8$$%$67(&,'$&2181$3/$17$
)27292/7$,&$
'2&80(1721ž6(*85,'$'<6$/8'
(GXDUGR-LPpQH]$\HUUD
0DUWtQ,EDUUD0XULOOR
3DPSORQDGH$EULOGH
Ë1',&(
0(025,$
2%-(72'(/(678',2
1250$7,9$
&$5$&7(5,67,&$6'(/$,167$/$&,21
'(),1,&,21'(/265,(6*26
0(','$6'(3527(&&,21<35(9(1&,21
3/,(*2'(&21',&,21(6
',6326,&,21(6/(*$/(6$3/,&$%/(6
&21',&,21(63$5$/260(',26'(3527(&&,21
6(59,&,26'(35(9(1&,21
,167$/$&,21(60e',&$6
38(67$(135$&7,&$6(*8,0,(172<&21752/
(GXDUGR-LPpQH]$\HUUD8QLYHUVLGDG3~EOLFDGH1DYDUUD
0(025,$
2%-(72'(/(678',2
(OREMHWLYRGHpVWHGRFXPHQWRHVHOHVWXGLRGHVHJXULGDG\VDOXGGHODLQVWDODFLyQ
GHVDODGRUD\ODVLQVWDODFLRQHVIRWRYROWDLFDVGHQXHVWURSUR\HFWR
1250$7,9$
&RPR FRQVHFXHQFLD GH OD /H\ GH GH QRYLHPEUH GH 3UHYHQFLyQ GH
5LHVJRV /DERUDOHV HO 0,1,67(5,2 '( /$ 35(6,'(1&,$ KD DSUREDGR HO 5($/
'(&5(72GHGHRFWXEUHSRUHOTXHVHHVWDEOHFHQGLVSRVLFLRQHVPtQLPDV
GHVHJXULGDG\VDOXGHQODVREUDVGHFRQVWUXFFLyQSXEOLFDGRHQHO%2(Q~PGH
GH2FWXEUHGH
(QHVWH5HDO'HFUHWRVHGHILQHHOQXHYR(678',2'(6(*85,'$'<6$/8'
DVt FRPR HO (678',2 %$6,&2 '( 6(*85,'$' < 6$/8' \ HO 3/$1 '(
6(*85,'$'<6$/8'(1(/75$%$-2
6HJ~QHODUWtFXORGHHVWH5HDO'HFUHWRHVREOLJDWRULDODLQFOXVLyQGHO(VWXGLRGH
VHJXULGDG \VDOXGRGHO(VWXGLR%iVLFRGHVHJXULGDG \VDOXGHQHOSUR\HFWRGHREUDSDUD
SRGHU YLVDU GLFKR SUR\HFWR \ WDPELpQ SDUD OD H[SHGLFLyQ GH OD OLFHQFLD PXQLFLSDO \ GH
RWUDVDXWRUL]DFLRQHV\WUiPLWHVSRUSDUWHGHODVGLIHUHQWHV$GPLQLVWUDFLRQHVS~EOLFDV
&$5$&7(5,67,&$6'(/$,167$/$&,21
'HVFULSFLyQGHODLQVWDODFLyQ\VLWXDFLyQ
/D REUD REMHWR GH HVWH HVWXGLR VRQ ODV LQVWDODFLRQHV HOpFWULFDV REUDV \ PRQWDMHV
DVRFLDGRV SDUD OD LQVWDODFLyQ GH XQ FRQMXQWR GH SODFDV IRWRYROWDLFDV SDUD JHQHUDFLyQ GH
HQHUJtDHOpFWULFD
'HVFULSFLyQGHORVSURFHVRV
3RURUGHQFURQROyJLFRORVSURFHVRVDUHDOL]DUVRQORVVLJXLHQWHV
0RQWDMHGHVLVWHPDVSDUDDVHJXUDUODVHJXULGDGGHODVSHUVRQDV\ODVFRVDV
0RQWDMHGHHVWUXFWXUDGHVRSRUWHDQFODGDVREUHHOWHUUHQRH[LVWHQWH
0RQWDMHGHODVSODFDVIRWRYROWDLFDV
7HQGLGRGHFDEOHVGHSRWHQFLD\GHFRQWURO
&RQH[LRQHVGHODSXHVWDDWLHUUD
,QVWDODFLyQ GH ,QYHUVRUHV \ WHQGLGR GH OtQHDV GH FRUULHQWH FRQWLQXD \ FRUULHQWH
DOWHUQD
,QVWDODFLyQGHOFXDGURGHFRQWDGRUHVSURWHFFLyQ\PHGLGD
3UXHEDV\SXHVWDHQPDUFKD
'RFXPHQWRQž6HJXULGDG\VDOXG
3iJLQDͳ†‡ͳͺ
(GXDUGR-LPpQH]$\HUUD8QLYHUVLGDG3~EOLFDGH1DYDUUD
'(),1,&,21'(/265,(6*26
$QDOL]DPRV D FRQWLQXDFLyQ ORV ULHVJRV SUHYLVLEOHV LQKHUHQWHV D ODV DFWLYLGDGHV GH
HMHFXFLyQSUHYLVWDVDVtFRPRORVGHULYDGRVGHOXVRGHODPDTXLQDUtD\PHGLRVDX[LOLDUHVR
GHODPDQLSXODFLyQGHLQVWDODFLRQHVPiTXLQDVRKHUUDPLHQWDVHOpFWULFDV
&RQHOILQGHQRKDFHULQQHFHVDULDPHQWHUHSHWLWLYDODUHODFLyQGHULHVJRVJHQHUDOHV
DQDOL]DUHPRV SULPHUR ORV ULHVJRV JHQHUDOHV TXH SXHGDQ GDUVH HQ FXDOTXLHUD GH ODV
DFWLYLGDGHV \ VHJXLUHPRV GHVSXpV FRQ HO DQiOLVLV GH ORV HVSHFtILFRV GH FDGD DFWLYLGDG
LQFOX\HQGRORVTXHSXHGDQDIHFWDUDWHUFHUDVSHUVRQDVDMHQDVDODREUD
'H HVWD IRUPD VH SUHWHQGH SRU XQ ODGR KDFHU RSHUDWLYR HVWH 3ODQ \D TXH SHUPLWH
XQD YLVLyQ JHQHUDO GH ORV ULHVJRV VREUH ORV TXH KDEUi TXH LQVLVWLU VLVWHPiWLFDPHQWH
DxDGLpQGROHODDFWXDFLyQVREUHRWURVIDFWRUHVFRQEDVHDDFWLYLGDGHVFRQFUHWDV
5LHVJRVJHQHUDOHV
(QWHQGHPRVFRPRULHVJRVJHQHUDOHVDTXHOORVTXHDIHFWDQDWRGDVODVSHUVRQDVTXH
WUDEDMHQHQODVDFWLYLGDGHVREMHWRGHHVWH3ODQLQGHSHQGLHQWHPHQWHGHODDFWLYLGDGFRQFUHWD
TXHUHDOLFHQ
6HSUHYpTXHSXHGDQGDUVHORVVLJXLHQWHV
&DtGDGHREMHWRVRFRPSRQHQWHVGHODLQVWDODFLyQVREUHSHUVRQDV
&DtGDGHSHUVRQDVDGLVWLQWRQLYHOSRUXQKXHFRGHVGHSODWDIRUPDV
&DtGDGHSHUVRQDVDOPLVPRQLYHO
3UR\HFFLRQHVGHSDUWtFXODVDORVRMRV
&RQMXQWLYLWLVSRUDUFRGHVROGDGXUDXRWURV
+HULGDVHQPDQRVRSLHVSRUHOPDQHMRGHPDWHULDOHV
6REUHHVIXHU]RV
*ROSHV\FRUWHVSRUHOPDQHMRGHKHUUDPLHQWDV
+HULGDVSRUREMHWRVSXQ]DQWHVRFRUWDQWHV
*ROSHVFRQWUDREMHWRV
$WUDSDPLHQWRHQWUHREMHWRV
4XHPDGXUDVSRUFRQWDFWRVWpUPLFRV
([SRVLFLyQDGHVFDUJDVHOpFWULFDV
$WUDSDPLHQWRSRUYXHOFRGHPiTXLQDV
$WURSHOORVRJROSHVSRUYHKtFXORVHQPRYLPLHQWR
3ROYRUXLGRHWF
5LHVJRVHVSHFtILFRV
+DFHPRVUHIHUHQFLDDORVULHVJRVSURSLRVGHDFWLYLGDGHVFRQFUHWDVTXHDIHFWDQVROR
DOSHUVRQDOTXHUHDOL]DWUDEDMRVHQODPLVPD
'RFXPHQWRQž6HJXULGDG\VDOXG
3iJLQDʹ†‡ͳͺ
(GXDUGR-LPpQH]$\HUUD8QLYHUVLGDG3~EOLFDGH1DYDUUD
(VWH SHUVRQDO HVWDUi H[SXHVWR D ORV ULHVJRV JHQHUDOHV DQWHV UHODFLRQDGRV PiV ORV
HVSHFtILFRVGHVXDFWLYLGDG
(QFRQVHFXHQFLDDQDOL]DPRVDFRQWLQXDFLyQODVDFWLYLGDGHVPiVVLJQLILFDWLYDV
$OEDxLOHUtD\SLQWXUD
(Q OD UHDOL]DFLyQ GH HVWRV WUDEDMRV DGHPiV GH ORV JHQHUDOHV SXHGHQ GDUVH ORV
VLJXLHQWHVULHVJRVDxDGLGRV
$XPHQWRGHSRVLELOLGDGHVGHFDtGDVGHDOWXUDGHPDWHULDOHVRSHUVRQDVDFDXVDGH
ODFRQWLQXDPRYLOLGDGGHOWUDEDMR
,QWR[LFDFLyQSRULQKDODFLyQGHYDSRUHVWy[LFRV
6DOSLFDGXUDVSULQFLSDOPHQWHDORVRMRVGHSURGXFWRVLUULWDQWHV
,QFHQGLRVGHYDSRUHVFRPEXVWLEOHV
7UDQVSRUWHGHPDWHULDOHV\HTXLSRVGHQWURGHODREUD
(Q HVWD DFWLYLGDG DGHPiV GH ORV ULHVJRV JHQHUDOHV DQWHULRUPHQWH GHVFULWRV VRQ
SUHYLVLEOHVORVVLJXLHQWHV
'HVSUHQGLPLHQWR\FDtGDGHODFDUJDRGHXQDSDUWHSRUVHUpVWDH[FHVLYDRHVWDU
PDOVXMHWD
*ROSHVFRQWUDSDUWHVVDOLHQWHVGHODFDUJD
$WURSHOORVGHSHUVRQDV
9XHOFRV
&KRTXHVFRQWUDRWURVYHKtFXORVRPiTXLQDV
*ROSHVGHODFDUJDFRQWUDLQVWDODFLRQHV
7UDEDMRVGHIHUUDOOD
/RV ULHVJRV PiV FRPXQHV TXH DGHPiV GH ORV JHQHUDOHV VH SUHYHHQ HQ OD
PDQLSXODFLyQ\PRQWDMHGHIHUUDOODVRQ
&DtGDGHEDUUDVGXUDQWHHOL]DGR\WUDQVSRUWHGHORVSDTXHWHV
&RUWHV\KHULGDVHQHOPDQHMRGHODVEDUUDVRDODPEUHV
$WUDSDPLHQWRGXUDQWHODVRSHUDFLRQHVGHFDUJD\GHVFDUJDGHSDTXHWHVGHEDUUDVR
HQODFRORFDFLyQGHODVPLVPDV
7RUFHGXUDV GH SLHV WURSLH]RV \ FDtGDV DO PLVPR QLYHO DO FDPLQDU VREUH ODV
DUPDGXUDV
5RWXUDVHYHQWXDOHVGHEDUUDVGXUDQWHHOGREODGRRHVWLUDGR
0RQWDMHVHOHFWURPHFiQLFRVGHHTXLSRV\GHDFFHVRULRV
$GHPiVGHORVULHVJRVJHQHUDOHVVRQSUHYLVLEOHVORVVLJXLHQWHV
&DtGDGHPDWHULDOHVSRUPDODHMHFXFLyQGHPDQLREUDVGHHOHYDFLyQ\DFRSODPLHQWR
GHORVPLVPRVRIDOORPHFiQLFRGHORVHTXLSRV
&DtGDGHORVPDWHULDOHV
&DtGDGHSHUVRQDVGHVGHHVFDOHUDVGHPDQRRGHVGHWXEHUtDVRHVWUXFWXUDV
([SORVLRQHVRLQFHQGLRVGHELGRDOXVRGHJDVHVHQWUDEDMRVFRQVRSOHWH
'RFXPHQWRQž6HJXULGDG\VDOXG
3iJLQD͵†‡ͳͺ
(GXDUGR-LPpQH]$\HUUD8QLYHUVLGDG3~EOLFDGH1DYDUUD
5LHVJRVGHULYDGRVGHOXVRGHPiTXLQDV\PHGLRVDX[LOLDUHV
$QDOL]DUHPRV HQ HVWH DSDUWDGR ORV ULHVJRV TXH DGHPiV GH ORV JHQHUDOHV SXHGHQ
SUHVHQWDUVH HQHO XVR GH OD PDTXLQDUtD ODV KHUUDPLHQWDV HOpFWULFDV R PHFiQLFDV \ ORV
PHGLRVDX[LOLDUHVFRQHOILQGHTXHHVWHSODQVHDORPiVRSHUDWLYRSRVLEOHDQDOL]DUHPRV
ORV ULHVJRV SUHYLVLEOHV HQHVWRV PHGLRV DX[LOLDUHV GH HMHFXFLyQ FODVLILFiQGRORV HQ ORV
VLJXLHQWHVJUXSRV
0iTXLQDVILMDVKHUUDPLHQWDV\FXDGURVHOpFWULFRV
/RVULHVJRVPiVVLJQLILFDWLYRVVRQ
/RV FDUDFWHUtVWLFRV GH WUDEDMRV HQ HOHPHQWRV FRQ WHQVLyQ HOpFWULFD HQ ORV TXH
SXHGHQSURGXFLUVHDFFLGHQWHVSRUFRQWDFWRVWDQWRGLUHFWRVFRPRLQGLUHFWRV
/HVLRQHV SRU XVR LQDGHFXDGR R PDODV FRQGLFLRQHV GH PiTXLQDV JLUDWRULDV R GH
FRUWH
3UR\HFFLRQHVGHSDUWtFXODV
&RUWHVHQPDQRVSRUPDQLSXODFLyQGHPDWHULDOUHVLGXDO
0HGLRVGHHOHYDFLyQ
&RQVLGHUDPRVFRPRULHVJRVHVSHFtILFRVGHHVWRVPHGLRVORVVLJXLHQWHV
&DtGDGHODFDUJDSRUGHILFLHQWHHVWULEDGR
5RWXUD GH FDEOH JDQFKR HVWURER JULOOHWH R FXDOTXLHU RWUR PHGLR DX[LOLDU GH
HOHYDFLyQ
*ROSHVRDSODVWDPLHQWRVSRUPRYLPLHQWRVLQFRQWURODGRVGHODFDUJD
9XHOFRGHODJU~D
([FHVRGHFDUJDFRQODFRQVLJXLHQWHURWXUDRYXHOFRGHOPHGLRFRUUHVSRQGLHQWH
)DOORGHHOHPHQWRVPHFiQLFRVRHOpFWULFRV
&DtGD GH SHUVRQDV D GLVWLQWR QLYHO GXUDQWH ODV RSHUDFLRQHV GH PRYLPLHQWR GH
FDUJDV
$WUDSDPLHQWR GH FXDOTXLHU FXHUSR GXUDQWH ODV RSHUDFLRQHV GH HVWUREDGR R
FRORFDFLyQGHODFDUJD
0HGLRVGHWUDQVSRUWH
1RV UHIHULPRV HQ HVWH DSDUWDGR D ORV PHGLRV GH WUDQVSRUWH LQWHUQR GH PDWHULDOHV
WDOHVFRPRSODWDIRUPDVFDPLRQHVHWF\DORVULHVJRVSUHYLVLEOHVWDOHVFRPR
/RV\DPHQFLRQDGRVHQHOSXQWR³7UDQVSRUWHGHPDWHULDOHV\HTXLSRVGHQWURGHOD
REUD´
&XDOTXLHU DFFLGHQWH R LQFLGHQWH TXH SXGLHUD SURGXFLUVH SRU IDOOR GH IUHQRV
GLUHFFLyQVHxDOL]DFLyQGHPDQLREUDVHWF
'RFXPHQWRQž6HJXULGDG\VDOXG
3iJLQDͶ†‡ͳͺ
(GXDUGR-LPpQH]$\HUUD8QLYHUVLGDG3~EOLFDGH1DYDUUD
$QGDPLRVSODWDIRUPDV\HVFDOHUDV
6RQSUHYLVLEOHVORVVLJXLHQWHVULHVJRV
&DtGDVGHSHUVRQDVDGLVWLQWRQLYHO
9XHOFRVGHDQGDPLRVSRUIDOORVGHODEDVHRIDOWDVGHDUULRVWUDPLHQWR
'HUUXPEDPLHQWRGHDQGDPLRVSRUIDOORGHORVVRSRUWHVGHVXMHFLyQ
9XHOFRVRGHVOL]DPLHQWRGHHVFDOHUDV
&DtGDGHPDWHULDOHVRKHUUDPLHQWDVGHVGHHODQGDPLR
(TXLSRVGHVROGDGXUD\FRUWH
,QFHQGLRV
4XHPDGXUDV
([SORVLyQGHERWHOODVGHJDVHV
3UR\HFFLRQHVLQFDQGHVFHQWHV
0(','$6'(3527(&&,21<35(9(1&,21
0HGLGDVSUHYHQWLYDVFROHFWLYDV\GHFDUiFWHUJHQHUDO
6HDGRSWDUDQODVPHGLGDVSUHYHQWLYDVSURSLDVGHODREUDFRPRVRQ
$QGDPLRVPHWiOLFRV
5HGHV 6H FRORFDUiQ UHGHV D OR ODUJR GH WRGD OD QDYH HQFLPD GH OD FXELHUWD
H[LVWHQWHGHPDQHUDTXHVHLPSLGDODFDtGDGHSHUVRQDVDGLVWLQWRQLYHO
/tQHDVGHYLGD6HFRORFDUiQOtQHDVGHYLGDSDUDFDGDGLHQWHGHODQDYHLQGXVWULDO
7RGRV ORV WUDEDMDGRUHV GHEHUiQ HVWDU XQLGRV HQ WRGR PRPHQWR D GLFKDV OtQHDV GH YLGD
PLHQWUDVWUDEDMHQVREUHODFXELHUWD
(VFDOHUDVGHPDQR
3ODWDIRUPDVGHWUDEDMR
/DV JHQHUDOHVGHODREUDDSUHYHQLUSRUHOFRQWUDWLVWDFRQVWUXFWRU \ODVHVSHFtILFDV
GHOWUDEDMRGHLQVWDODFLyQHOpFWULFDSUHYLVWD
(Q ODV IDVHV GH D\XGDV DOD SDOHWD VH WHQGUi XQ HVSHFLDO LQWHUpV HQ DUUHJODU ODV
VXSHUILFLHVGHWUiQVLWR\HYDFXDUORVHVFRPEURV
(OPRQWDMHGHDSDUDWRVHOpFWULFRVVLHPSUHVHUHDOL]DUiFRQSHUVRQDOHVSHFLDOL]DGR
/D LOXPLQDFLyQ FRQ OXFHV SRUWiWLOHV VH KDUi PHGLDQWH SRUWDOiPSDUDV HVWDQFR FRQ
PDQJRDLVODQWH\UHMDGHSURWHFFLyQGHODERPELOODDOLPHQWDGRD9
1RVHSRGUiQHVWDEOHFHUFRQH[LRQHVGHFRQGXFWRUHVHQORVFXDGURVSURYLVLRQDOHV
GHREUDVLQHQFKXIHVPDFKRKHPEUD
/DVHVFDOHUDVGHPDQRVHUiQGHOWLSRWLMHUDFRQ]DSDWLOODVDQWLGHVOL]DQWHV\FDGHQD
OLPLWDGRUDGHODDEHUWXUD
6HSURKtEHH[SUHVDPHQWHODIRUPDFLyQGHDQGDPLRVXWLOL]DQGRHVFDOHUDVGHPDQR
1R VH SRGUiQ XWLOL]DU HVFDOHUDV GH PDQR R DQGDPLRV GH FDSLWHO HQ OXJDUHV FRQ
ULHVJRGHFDtGDVGHVGHXQDDOWXUDVLDQWHVQRVHKDQLQVWDODGRODVUHGHVRSURWHFFLRQHVGH
VHJXULGDGFRUUHVSRQGLHQWHV
'RFXPHQWRQž6HJXULGDG\VDOXG
3iJLQDͷ†‡ͳͺ
(GXDUGR-LPpQH]$\HUUD8QLYHUVLGDG3~EOLFDGH1DYDUUD
/DV KHUUDPLHQWDV D XWLOL]DU HVWDUiQ SURWHJLGDV FRQ PDWHULDO DLVODQWH QRUPDOL]DGR
FRQWUDFRQWDFWRVFRQHQHUJtDHOpFWULFD
6H UHWLUDUDQ LQPHGLDWDPHQWH ODV KHUUDPLHQWDV FRQ HO DLVODPLHQWR GHIHFWXRVR
FDPELiQGRODVFRQRWUDVHQEXHQHVWDGR
/DV SUXHEDV GH IXQFLRQDPLHQWR GH OD LQVWDODFLyQ HOpFWULFD VH DQXQFLDUiQ SRU
HVFULWRDQWHVGHTXHHPSLHFHQDWRGRHOSHUVRQDOGHODREUDSDUDDVtSRGHUHYLWDUSRVLEOHV
DFFLGHQWHV
$QWHVGHFRQHFWDUODLQVWDODFLyQHOpFWULFDVHKDUiXQDUHYLVLyQHQSURIXQGLGDGGH
ODV FRQH[LRQHVGH PHFDQLVPRV SURWHFFLRQHV \ XQLRQHV GH WRGRV ORV FXDGURV HOpFWULFRV \
DSDUDWRV
$QWHV GH OD RSHUDFLyQ DQWHULRU VH FRPSUREDUi OD H[LVWHQFLD UHDO HQ ODV VDODV GHO
FHQWUR GHWUDQVIRUPDFLyQ GHO WDEXUHWH \ GH ODV SHUFKDV GH PDQLREUD H[WLQWRUHV GH SROYR
VHFR FDUWHOHVDYLVDGRUHV \ ERWLTXtQ /RV RSHUDULRV WHQGUiQ TXH OOHYDU ORV HTXLSRV GH
SURWHFFLyQSHUVRQDO
0HGLGDVSUHYHQWLYDVLQGLYLGXDOHV
,QGLFDPRV OD LQGXPHQWDULD SDUD OD SURWHFFLyQ SHUVRQDO VLHQGR VX XWLOL]DFLyQ PiV
IUHFXHQWHHQHVWDIDVHGHODREUD
&DVFR GH SROLHWLOHQR KRPRORJDGR SDUD XWLOL]DUOR GHQWUR GH OD REUD GH IRUPD
SHUPDQHQWH
%RWDVDLVODQWHV&21(;,21(6
%RWDVGHVHJXULGDG
*XDQWHVDLVODQWHV
5RSDGHWUDEDMR
)DMDHOiVWLFDSDUDODVXMHFLyQGHODFLQWXUD
%DQTXHWDGHPDQLREUDDLVODQWH
&RPSUREDGRUHVGHWHQVLyQ
+HUUDPLHQWDVDLVODQWHV
3/,(*2'(&21',&,21(6
',6326,&,21(6/(*$/(6$3/,&$%/(6
6HUiQ GH REOLJDGR FXPSOLPLHQWR ODV GLVSRVLFLRQHV TXH HVWiQ GHQWUR GH ODV
VLJXLHQWHVUHJODPHQWDFLRQHV
(VWDWXWRGHORVWUDEDMDGRUHV
2UGHQDQ]D*HQHUDOGH6HJXULGDGH+LJLHQHHQHOWUDEDMR20%2(
3ODQ1DFLRQDOGH+LJLHQH\6HJXULGDGHQHO7UDEDMR20%2(
&RPLWpVGH6HJXULGDGH+LJLHQHHQHOWUDEDMR'HFUHWR%2(
5HJODPHQWRGH6HJXULGDGH+LJLHQHHQODLQGXVWULDGHODFRQVWUXFFLyQ20
%2(
5HJODPHQWRGHORVVHUYLFLRV0pGLFRVGH(PSUHVD20%2(
2UGHQDQ]D GH 7UDEDMR GH OD &RQVWUXFFLyQ 9LGULR \ &HUiPLFD 20 %2(
+RPRORJDFLyQGHORVPHGLRVGHSURWHFFLyQSHUVRQDOGHORVWUDEDMDGRUHV30
%2(
'RFXPHQWRQž6HJXULGDG\VDOXG
3iJLQD͸†‡ͳͺ
(GXDUGR-LPpQH]$\HUUD8QLYHUVLGDG3~EOLFDGH1DYDUUD
5HJODPHQWR(OHFWURWpFQLFRGH%DMD7HQVLyQ20%2(
5HJODPHQWRGHDSDUDWRVHOHYDGRUHVSDUDREUDV20%2(
&RQYHQLR&ROHFWLYR3URYLQFLDOGHOD&RQVWUXFFLyQ
2EOLJDWRULHGDGGHODLQFOXVLyQGHXQ(VWXGLRGH6HJXULGDGH+LJLHQHHQHOWUDEDMRHQORV
SUR\HFWRVGHHGLILFDFLyQ\REUDVS~EOLFDV5HDO'HFUHWR
%2(
/H\GHSUHYHQFLyQGHULHVJRVODERUDOHV/(<
5HJODPHQWRGH$OWD7HQVLyQ5'
&21',&,21(63$5$/260(',26'(3527(&&,21
7RGDV ODV SLH]DV GH SURWHFFLyQ SHUVRQDO \ ORV HOHPHQWRV GH SURWHFFLyQ FROHFWLYD
WHQGUiQ XQSHUtRGR GH YLGD ~WLO 8QD YH] ILQDOL]DGR HVWH HOHPHQWR VH VXVWLWXLUi SRU RWUR
QXHYR
&XDQGRSRUODVFLUFXQVWDQFLDVGHOWUDEDMRVHSURGX]FDXQGHWHULRURPiVUiSLGRGHOR
SUHYLVWRHQXQDGHWHUPLQDGDSLH]DRHTXLSRVHUiUHSXHVWRLQPHGLDWDPHQWHVHUiUHKXVDGR\
VXVWLWXLGRLQPHGLDWDPHQWH
6HVXVWLWXLUiQODVSLH]DV\ORVHTXLSRVTXHDFDXVDGHOXVRVHKD\DQGHIRUPDGR\QR
WHQJDQODIRUPDTXHUHFRPLHQGDHOIDEULFDQWH
(OXVRGHXQDSLH]DRGHXQHTXLSRGHSURWHFFLyQQXQFDUHSUHVHQWDUiXQULHVJRHQ
VtPLVPR
3URWHFFLRQHVSHUVRQDOHV
$ FRQWLQXDFLyQ VH GHVFULEHQ ODV FDUDFWHUtVWLFDV GH OD LQGXPHQWDULD GH SURWHFFLyQ
SHUVRQDOPiVXVXDO
&DVFR
(OFDVFRKDGHVHUGHXVRSHUVRQDO\REOLJDGRHQODVREUDVGHFRQVWUXFFLyQ
7LHQHTXHVHUKRPRORJDGRGHDFXHUGRFRQOD1RUPD7pFQLFD5HJODPHQWDULD07
5HVROXFLyQGHOD'*'H7UDEDMRGH%2('(/
/DVSULQFLSDOHVFDUDFWHUtVWLFDVVRQ
&ODVH 1 VH SXHGH KDFHU VHUYLU HQ WUDEDMRV GH ULHVJR HOpFWULFR D WHQVLRQHV
LQIHULRUHVRLJXDOHVD9
3HVRQRKDGHVREUHSDVDUGHJUDPRV
/RVTXHKD\DQVXIULGRLPSDFWRVYLROHQWRVRTXHWHQJDQPiVGHDxRVDXQTXHQR
KD\DQVLGRXWLOL]DGRVKDQGHVHUVXVWLWXLGRVSRUXQRVGHQXHYRV
(Q FDVRV H[WUHPRV ORV SRGUiQ XWLOL]DU GLYHUVRV WUDEDMDGRUHV VLHPSUH TXH VH FDPELHQ ODV
SDUWHVLQWHULRUHVHQFRQWDFWRFRQODFDEH]D
'RFXPHQWRQž6HJXULGDG\VDOXG
3iJLQD͹†‡ͳͺ
(GXDUGR-LPpQH]$\HUUD8QLYHUVLGDG3~EOLFDGH1DYDUUD
%RWDV
'HELGRDTXHORVWUDEDMDGRUHVGHOUDPRGHODFRQVWUXFFLyQHVWiQVRPHWLGRVDOULHVJR
GHDFFLGHQWHV\TXHKD\SRVLELOLGDGGHSHUIRUDFLyQGHODVVXHODVSRUFODYRVHVREOLJDGRHO
XVR GHFDO]DGR GH VHJXULGDG ERWDV ]DSDWRV R VDQGDOLDV KRPRORJDGRV GH DFXHUGR FRQ OD
1RUPD7pFQLFD 5HJODPHQWDULD 07 5HVROXFLyQ GH OD '* 'H 7UDEDMR GHO %2(1~PGHO
/DVFDUDFWHUtVWLFDVSULQFLSDOHVVRQ
&ODVH,,,FDO]DGRFRQSXQWHUD\SODQWLOOD
3HVRQRVREUHSDVDUDQORVJUDPRV
&XDQGRVHWUDEDMHHQWLHUUDVK~PHGDVGRQGHVHSXHGDQUHFLELUVDOSLFDGXUDVGHDJXD
RPRUWHURODVERWDVVHUiQGHJRPD1RUPD7pFQLFD5HJODPHQWDUtD075HVROXFLyQGH
OD'*'H7UDEDMRGHO%2(Q~PGHO&ODVH(
*XDQWHV
3DUD HYLWDU DJUHVLRQHV HQ ODV PDQRV GH ORV WUDEDMDGRUHV GHUPDWRVLV FRUWHV
DUDxD]RVSLFDGXUDVHWFVHXWLOL]DUiQJXDQWHV3XHGHQVHUGHGLIHUHQWHVPDWHULDOHVFRPR
SRUHMHPSOR
$OJRGyQSXQWRWUDEDMRVOLJHURV
&XHURPDQLSXODFLyQHQJHQHUDO
0DOODPHWiOLFDPDQLSXODFLyQGHFKDSDVFRUWDQWHV
/RQDPDQLSXODFLyQGHPDGHUDVHWF
3DUDODSURWHFFLyQFRQWUDODVDJUHVLRQHVTXtPLFDVKDQGHHVWDUKRPRORJDGRVVHJ~Q
OD1RUPD7pFQLFD5HJODPHQWDUtD075HVROXFLyQGHOD'*GHWUDEDMRGHO
%2( Q~P GHO 3DUD ORV WUDEDMRV HQ ORV TXH SXHGD KDEHU ULHVJRV GH
HOHFWURFXFLyQ VH XWLOL]DUiQ JXDQWHV KRPRORJDGRV GH DFXHUGR FRQ OD 1RUPD 7pFQLFD
5HJODPHQWDUtD 07 5HVROXFLyQ GH OD '* GH7UDEDMR GHO %2( Q~P GHO
&LQWXURQHVGHVHJXULGDG
&XDQGRVHWUDEDMHHQXQOXJDUDOWR\FRQSHOLJURGHFDtGDVHYHQWXDOHVHVSUHFHSWLYR
HO XVR GHFLQWXURQHV GH VHJXULGDG KRPRORJDGRV GH DFXHUGR FRQ ODV 1RUPDV 7pFQLFDV
5HJODPHQWDULDVVLJXLHQWHV
075HVROXFLyQGHOD'*'HWUDEDMRGHO%2(Q~PGHO
075HVROXFLyQGHOD'*'HWUDEDMRGHO%2(Q~PGHO
'RFXPHQWRQž6HJXULGDG\VDOXG
3iJLQDͺ†‡ͳͺ
(GXDUGR-LPpQH]$\HUUD8QLYHUVLGDG3~EOLFDGH1DYDUUD
075HVROXFLyQGHOD'*'H7UDEDMRGHO%2(Q~PGHO
/DVFDUDFWHUtVWLFDVSULQFLSDOHVVRQ
&ODVH$FLQWXUyQGHVXMHFLyQ
6H XWLOL]DUiQ FXDQGR HO WUDEDMDGRU QR WHQJD TXH GHVSOD]DUVH R FXDQGR VXV
GHVSOD]DPLHQWRV VHDQOLPLWDGRV (O HOHPHQWR GH HQJDQFKH HVWDUi VLHPSUH WLUDQWH SDUD
LPSHGLUFDtGDOLEUH
&ODVH%FLQWXUyQGHVXVSHQVLyQ
6H XWLOL]DUi FXDQGR HO WUDEDMDGRU SXHGD TXHGDU VXVSHQGLGR SHUR VROR FRQ OD
SRVLELOLGDG GHHVIXHU]RV HVWiWLFRV SHVR GHO WUDEDMDGRU QXQFD H[LVWLUi OD SRVLELOLGDG GH
FDtGDOLEUH
&ODVH&FLQWXUyQGHFDtGD
6HXWLOL]DUiFXDQGRHOWUDEDMDGRUSXHGDGHVSOD]DUVH\H[LVWDODSRVLELOLGDGGHFDtGD
OLEUH 6H WLHQH TXH YLJLODU GH IRUPD HVSHFLDO OD VHJXULGDG GHO SXQWR GH DQFODMH \ VX
UHVLVWHQFLD
'LVSRVLWLYRVFRQWUDFDtGDV
&XDQGR ORV WUDEDMDGRUHV KDJDQ RSHUDFLRQHV GH HOHYDFLyQ \ GHVFHQVR VH XVDUiQ
GLVSRVLWLYRVFRQWUD FDtGDV VHJ~Q OD FODVLILFDFLyQ UHJXODGD D OD 1RUPD 7pFQLFD
5HJODPHQWDUtD075HVROXFLyQDOD'*'HWUDEDMRGHO%2(Q~PGHO
&ODVH $ (O WUDEDMDGRU KDUi RSHUDFLRQHV GH HOHYDFLyQ \ GHVFHQVR \ QHFHVLWD
OLEHUWDGGHPRYLPLHQWRV
&ODVH % 3DUD RSHUDFLRQHV GH GHVFHQVR R HQ ODV RFDVLRQHV HQ TXH KDJD IDOWD
XQDHYDFXDFLyQUiSLGDGHSHUVRQDV
&ODVH&3DUDWUDEDMRVGHGXUDFLyQFRUWD\VXVWLWX\HQGRDQGDPLRV
3URWHFWRUHVDXGLWLYRV
&XDQGRORVWUDEDMDGRUHVHVWpQHQXQOXJDURiUHDGHWUDEDMRFRQXQQLYHOGHUXLGR
VXSHULRUDORVG%$HVREOLJDWRULRHOXVRGHSURWHFWRUHVDXGLWLYRVTXHVLHPSUHVRQGH
XVRLQGLYLGXDO
(VWRV SURWHFWRUHV HVWDUiQ KRPRORJDGRV GH DFXHUGR FRQ OD 1RUPD 7pFQLFD
5HJODPHQWDUtD 07 5HVROXFLyQ GH OD ' * GH 75$%$-2 '(/ %2(
Q~PGHO
/RVSURWHFWRUHVDXGLWLYRVSXHGHQVHUWDSRQHVRUHMHUDVRFDVFRVFRQWUDHOUXLGR
'RFXPHQWRQž6HJXULGDG\VDOXG
3iJLQDͻ†‡ͳͺ
(GXDUGR-LPpQH]$\HUUD8QLYHUVLGDG3~EOLFDGH1DYDUUD
6HJ~QORVYDORUHVGHDWHQXDFLyQVHFODVLILFDQHQODVFDWHJRUtDV$%&'(
3URWHFWRUHVGHODYLVWD
&XDQGR ORV WUDEDMDGRUHV HVWiQ H[SXHVWRV D OD SUR\HFFLyQ GH SDUWtFXODV SROYR \
KXPRVDOSLFDGXUDVGHOtTXLGRVUDGLDFLRQHVSHOLJURVDVRGHVOXPEUDPLHQWRVVHWHQGUiQTXH
SURWHJHUODYLVWDFRQJDIDVGHVHJXULGDG\RSDQWDOODV/DVJDIDV\RFXODUHVGHSURWHFFLyQ
KDQ GH HVWDUKRPRORJDGDV GH DFXHUGR FRQ ODV 1RUPDV 7pFQLFDV 5HJODPHQWDUtDV 07
5HVROXFLyQGHOD'*GH7UDEDMRGHO%2(Q~PGHO
/DV SDQWDOODV FRQWUD OD SUR\HFFLyQ GH FXHUSRV ItVLFRV KDQ GH VHU GH PDWHULDO
RUJiQLFRWUDQVSDUHQWHOLEUHGHHVWUtDVUD\DVRGHIRUPDFLRQHV
(QHOFDVRGHSDQWDOODVGHVROGDGRUVHDMXVWDUiQDODVKRPRORJDFLRQHVUHFRJLGDVHQ
ODV 1RUPDV7pFQLFDV 5HJODPHQWDULDV 07 5HVROXFLyQ GH OD '* 'H 7UDEDMR GHO
\075HVROXFLyQGHOD'*'H WUDEDMRGHO%2(Q~PGHO
\075HVROXFLyQGHOD'*'H7UDEDMRGHO%2(Q~PGHO
/DV JDIDV SURWHFWRUDV WHQGUiQ HO FULVWDO GREOH VHUi RVFXUR \ UHWUiFWLO SDUD IDFLOLWDU
TXHODVSDUWtFXODVQRODVUDOOHQRSLTXHQ
(VWDVSDQWDOODVSXHGHQVHUGHPDQRFRQDUQpVSURSLRVSDUDTXHORVWUDEDMDGRUHVVH
ODVDMXVWHQDODFDEH]DRDFRSODGDVDOFDVFRGHVHJXULGDG
3URWHFWRUHVGHODVYtDVUHVSLUDWRULDV
&RQVLGHUDPRV FRPR PiV IUHFXHQWHV HQ HVWH VHFWRU OD LQKDODFLyQ GH SROYR HQ ODV
RSHUDFLRQHVGHFRUWHFRQGLVFRGHSLH]DVFHUiPLFDVRGHSUHIDEULFDGRVGH KRUPLJyQ3DUD
SURWHJHU ODV YtDVUHVSLUDWRULDV GH ORV WUDEDMDGRUHV GHGLFDGRV D HVWH WUDEDMR VH KDUiQ VHUYLU
FDUHWDV FRQ ILOWURPHFiQLFR KRPRORJDGR GH DFXHUGR FRQ ODV 1RUPDV 7pFQLFDV
5HJODPHQWDULDV075HVROXFLyQGHOD'*GH7UDEDMRGHO%2(Q~P
GH\075HVROXFLyQGHOD'*GHWUDEDMRGHO%2(Q~PGH
5RSDGHWUDEDMR
/RVWUDEDMDGRUHVXWLOL]DUiQURSDGHWUDEDMRIDFLOLWDGDJUDWXLWDPHQWHSRUODHPSUHVD
/DURSDVHUiGHXQWHMLGROLJHUR\IOH[LEOHDMXVWDGDDOFXHUSRVLQHOHPHQWRVDGLFLRQDOHV\
IiFLOHVGHOLPSLDU
+HUUDPLHQWDVPDQXDOHVSDUDWUDEDMRVHOpFWULFRVHQ%7
6L VH KDQ GH KDFHU WUDEDMRV HOpFWULFRV H LQVWDODFLRQHV GH %7 ODV KHUUDPLHQWDV
PDQXDOHVXWLOL]DGDV FRPR GHVWRUQLOODGRUHV DOLFDWHV WHQD]DV HWF +DQ GH HVWDU
'RFXPHQWRQž6HJXULGDG\VDOXG
3iJLQDͳͲ†‡ͳͺ
(GXDUGR-LPpQH]$\HUUD8QLYHUVLGDG3~EOLFDGH1DYDUUD
KRPRORJDGDVGHDFXHUGRFRQOD1RUPD7pFQLFD5HJODPHQWDUtD075HVROXFLyQGHOD
'*GHWUDEDMRGHO%2(Q~PGH
%DUDQGLOODV
+DQGHHVWDUFRORFDGDVDOUHGHGRUGHOSHUtPHWURGHORVDJXMHURVGRQGHWUDEDMDQORV
LQVWDODGRUHVHOpFWULFRVRPHFiQLFRVHQORVTXHKD\SHOLJURVHTXHFDLJDQODVSHUVRQDV/DV
RWUDVODVVXPLQLVWUDUiHOFRQVWUXFWRUGHODREUDFLYLOFRPR\DVHKDH[SOLFDGRDOLQLFLRGH
HVWHHVWXGLR
7HQGUiQXQDDOWXUDGHFP&RQXQDEDUUDLQWHUPHGLDGHURGDSLpV
(VWDUiQDQFODGDV\GLPHQVLRQDGDVGHIRUPDTXHJDUDQWLFHQODUHWHQFLyQGHODVSHUVRQDVVLQ
GHIRUPDFLyQSHUPDQHQWHQLIUDFWXUD
5HGHVSHULPpWULFDVGHIRUMDGR\YHUWLFDOHVGHHVFDOHUD
6HHQWLHQGHODVSURYHHUiHO&RQWUDWLVWDGHODREUDFLYLOHQODVFRQGLFLRQHVVHxDODGDV
DOSULQFLSLRGHHVWHHVWXGLR
3ODWDIRUPDVGHWUDEDMR
9DULHGDGHV $QGDPLRV GH FDSLWHO FDVWLOORV GH KRUPLJyQ SODWDIRUPDV PyYLOHV
YRODGDVSODWDIRUPDVPyYLOHVFRQUXHGDVHWF
0DWHULDOHV SODWDIRUPD JHQHUDOPHQWH GH PDGHUD H[FHSWR HQ FDVRV HVSHFLDOHV GH
DPELHQWHVGRQGHKD\SHOLJURGHFRPEXVWLyQ
/RVFDVWLOORVSXHGHQVHULQGLVWLQWDPHQWHGHPDGHUDRPHWiOLFRV/RVVHJXQGRVVRQ
PiV PDQHMDEOHV TXH ORV SULPHURV /DV SODWDIRUPDV YRODGDV SXHGHQ VHU GH PDGHUD
RPHWiOLFDVSHURORVVLVWHPDVGHILMDFLyQVHUiQPHWiOLFRV
8VR SUiFWLFDPHQWH GXUDQWH OD HMHFXFLyQ GH OD REUD GH HVWUXFWXUDV
FHUUDPLHQWRVLQWHULRUHVFHUUDPLHQWRVH[WHULRUHVUHFXODGRVIDVHGHDFDEDGRHLQVWDODFLRQHV
HWF
&RQGLFLRQHVFRQVWUXFWLYDVHVWiQGHILQLGDVHQHODUWtFXORGHO2*6+7
8VR SUiFWLFDPHQWH GXUDQWH OD HMHFXFLyQ GH OD REUD GH HVWUXFWXUDV FHUUDPLHQWRV
LQWHULRUHVFHUUDPLHQWRVH[WHULRUHVUHFXODGRVIDVHGHDFDEDGRHLQVWDODFLRQHVHWF
³/DVSODWDIRUPDVGHWUDEDMRILMDVRPyYLOHVHVWDUiQKHFKDVGHPDWHULDOHVVyOLGRV
VX HVWUXFWXUD \ UHVLVWHQFLD VHUiQ SURSRUFLRQDGDV D ODV FDUJDV ILMDV R PyYLOHV TXH KD\DQ
GHVRSRUWDU´
³/RV SLVRV \ SDVLOORV GH ODV SODWDIRUPDV GH WUDEDMR VHUiQ DQWLGHVOL]DQWHV
PDQWHQLpQGRORVOLEUHV GH REVWiFXORV \ HVWDUiQ SURYLVWRV GH XQ VLVWHPD GH GUHQDMH TXH
SHUPLWDODHOLPLQDFLyQGHSURGXFWRVUHVEDODGL]RV´
/DVSODWDIRUPDVTXHRIUH]FDQSHOLJURGHFDtGDVGHVGHPiVGHPHWURVGHDOWXUD
HVWDUiQSURWHJLGDV HQ WRGR VX DOUHGHGRU FRQ EDUDQGLOODV \ ]yFDORV DWHQGLHQGR D ODV
FRQGLFLRQHVTXHVHVHxDODQHQHODUWtFXOR´
³&XDQGR VH WUDEDMH VREUH SODWDIRUPDV PyYLOHV VH XWLOL]DUiQ GLVSRVLWLYRV GH
VHJXULGDGTXHHYLWHQHOGHVSOD]DPLHQWRRFDtGDV
(VWDVFRQGLFLRQHVVHFRPSOHPHQWDQFRQHODUWtFXORLQFOXLGRHQODVXEVHFFLyQD
'RFXPHQWRQž6HJXULGDG\VDOXG
3iJLQDͳͳ†‡ͳͺ
(GXDUGR-LPpQH]$\HUUD8QLYHUVLGDG3~EOLFDGH1DYDUUD
³$QGDPLRV´GHOD2UGHQDQ]D/DERUDOGHOD&RQVWUXFFLyQ
$UW
³/RV WDEORQHV TXH IRUPHQ OD SODWDIRUPD GH ORV DQGDPLRV VH GLVSRQGUiQ GH WDO
IRUPD TXH QR VH SXHGD PRYHU QL WDPSRFR EDVFXODU GHVOL]DUVH R KDFHU FXDOTXLHU
PRYLPLHQWRSHOLJURVR´
$UW
³+DVWDPGHDOWXUDVHSXHGHQXWLOL]DUDQGDPLRVGHFDEDOOHWHVPHWiOLFRVILMRVVLQWUDEDV
(QWUH\PHWURVGHDOWXUDPi[LPDSHUPLWLGDSDUDHVWHWLSRGHDQGDPLRVVHKDUiQVHUYLU
FDEDOOHWHVPHWiOLFRVDUPDGRVGHEDVWLGRUHVPHWiOLFRVWUDEDGRV´
7HQGUiQXQPtQLPRGHFPGHDQFKR\HVWDUiQVXMHWRVVyOLGDPHQWHDORVSXQWRV
GHDQFODMHGHWDOPDQHUDTXHQRSXHGDQUHVEDODUVHQLYROFDUVH
/DV SODWDIRUPDV TXH HVWpQ VLWXDGDV D GRV R PiV PHWURV GH DOWXUD WHQGUiQ
EDUDQGLOODVSHULPpWULFDV FRPSOHWDV GH FP 'H DOWXUD IRUPDGDV SRU SDVDPDQRV EDUUD
LQWHUPHGLD\URGDSLpV
6RORSRGUiQHVWDUVLQEDUDQGLOODORVODGRVGHODSODWDIRUPDRDQGDPLRVVLWXDGRVGH
PDQHUDSHUPDQHQWHDFPRPHQRVGHXQSDUiPHWURYHUWLFDOVyOLGR
&DEOHVGHILMDFLyQGHORVFLQWXURQHVGHVHJXULGDG\SXQWRVIXHUWHVGHDQFODMH
7HQGUiQ XQD UHVLVWHQFLD VXILFLHQWH SDUD SRGHU UHVLVWLU ORV HVIXHU]RV TXH SXHGDQ
UHFLELUFRPRFRQVHFXHQFLDGHVXIXQFLyQGHSURWHFFLyQ
(VFDOHUDVGHPDQR
7LSRV
6HQFLOOD3DUDVXSHUDUDOWXUDVTXHQRVREUHSDVHQORVPHWURV
5HIRU]DGD3DUDVXSHUDUDOWXUDVTXHQRVREUHSDVHQORVPHWURV
([WHQVLEOH1RVHXWLOL]DQHQHOUDPRGHODFRQVWUXFFLyQ
'HWLMHUD3DUDWUDEDMRVSXQWXDOHV
0DWHULDOHV
'H KLHUUR 1R VH KDFHQ VHUYLU SDUD WUDEDMDU HQ SUHVHQFLD GH FRUULHQWH
HOpFWULFDVRORVHXWLOL]DQSDUDODIXQFLyQSULQFLSDOGHVSOD]DPLHQWRV
'HDOXPLQLR6RQOLJHUDV\PDQHMDEOHV
'HPDGHUD6RQODVPiVUHFRPHQGDEOHVSDUDODLQGXVWULDGHODFRQVWUXFFLyQ
WDQWRSRUVXIXQFLyQSULQFLSDOFRPRSRUODVHFXQGDULD
8VR
'RFXPHQWRQž6HJXULGDG\VDOXG
3iJLQDͳʹ†‡ͳͺ
(GXDUGR-LPpQH]$\HUUD8QLYHUVLGDG3~EOLFDGH1DYDUUD
'XUDQWHWRGDODREUD\HVSHFLDOPHQWHHQODVIDVHVGHHVWUXFWXUD\DFDEDGR
&RQGLFLRQHVFRQVWUXFWLYDV'HILQLGDVHQHODUWtFXORGHOD2*6+7
³/DHVFDOHUDGHPDQRWHQGUiVLHPSUHODVJDUDQWtDVTXHKDJDQIDOWDSRUORTXHKDFH
DVROLGH]HVWDELOLGDG\VHJXULGDG\VLHVHOFDVRGHDLVODPLHQWRHLQFRPEXVWLyQ´
³&XDQGR ORV PRQWDQWHV VRQ GH PDGHUD VHUiQ GH XQD VROD SLH]D \ VXV HVFDORQHV
HVWDUiQELHQHQFDMDGRV\QRVRODPHQWHHQFODYDGRV´
³/DVHVFDOHUDVGHPDQRVRODPHQWHVHSRGUiQSLQWDUFRQEDUQL]\QRFRQSLQWXUD
GHELGRDTXHFRQpVWDSXHGHQTXHGDUHVFRQGLGRVSRVLEOHVGHIHFWRV´
³6H SURKtEH HPSDOPDU HVFDOHUDV´ H[FHSWXDQGR ODV H[WHQVLEOHV TXH HVWiQ
JDUDQWL]DGDVSRUORVUHVSHFWLYRVIDEULFDQWHV
³+DQ GH HVWD SURYLVWDV GH WDFRQHV SXQWDV GH KLHUUR JUDSDV \ RWURV PHFDQLVPRV
DQWLGHVOL]DQWHV HQ ORV SLHV R GH JDQFKRV GH VXMHFLyQ HQ OD SDUWH VXSHULRU´ /RVGLIHUHQWHV
HOHPHQWRVGHILMDFLyQVHUiQHQIXQFLyQGHOWHUUHQRGRQGHVHDJXDQWHQ
(MHPSORV VXSHUILFLHV SLQWDGDV FRQ WHQGHQFLD D GHVOL]DPLHQWR WDORQHV GH JRPD DUHQD
RWLHUUDSXQWDVPHWiOLFDVWLHUUDLUUHJXODUJUDSDVFRQVRSRUWHGHJRPDDUWLFXODGDV
+HUUDPLHQWDVSRUWiWLOHV
+HUUDPLHQWDVSRUWiWLOHVHOpFWULFDV
+HUUDPLHQWDVSRUWiWLOHVQHXPiWLFDV
+HUUDPLHQWDVSRUWiWLOHVGHFRPEXVWLyQ
+HUUDPLHQWDVPDQXDOHVSURSLDPHQWHOODPDGDV
+HUUDPLHQWDVSRUWiWLOHVHOpFWULFDV
'HFRUWH7UHSDGRUDV
'HDEUDVLyQ'HDEUDVLyQ
3RUFDOHQWDPLHQWR6ROGDGXUDV
6ROR FRPHQWDUHPRV ORV SHOLJURV TXH WLHQHQ ODV KHUUDPLHQWDV HQ Vt PLVPDV \ QR
WHQGUHPRVHQFXHQWDORVTXHVHGHULYDQGHODVVXSHUILFLHVGHWUDEDMRORVDQGDPLRVHWFTXH
VHXVDQSDUDWUDEDMDUFRQHVWDVKHUUDPLHQWDVSRUWiWLOHV
$QiOLVLVGHORVULHVJRV
&RQWDFWRHOpFWULFRGLUHFWR
&RQWDFWRHOpFWULFRLQGLUHFWR
&RUWHV\HURVLRQHV
(QJDQFKHV
3UR\HFFLyQGHSDUWtFXODVLQFDQGHVFHQWHVRQR
*ROSHVRFRUWHVSRUUHERWHVYLROHQWRVGHODVKHUUDPLHQWDV
4XHPDGXUDV
$PELHQWHFRQSROYR
'RFXPHQWRQž6HJXULGDG\VDOXG
3iJLQDͳ͵†‡ͳͺ
(GXDUGR-LPpQH]$\HUUD8QLYHUVLGDG3~EOLFDGH1DYDUUD
0HGLGDVSUHYHQWLYDV
/RV FDEOHV HOpFWULFRV GH DOLPHQWDFLyQ WHQGUiQ DLVODPLHQWRV HQ XQ HVWDGR
GHFRQVHUYDFLyQFRUUHFWR6LVHKDFHQVHUYLUSURORQJDFLRQHVVHUiQFRQFRQHFWRUHVDGHFXDGRV
\ QXQFD VH HPSDOPDUiQ SURYLVLRQDOPHQWH DXQTXH VH KDJD VHUYLU FLQWDDLVODQWH FRPR
SURWHFWRU
/DV KHUUDPLHQWDV SRUWiWLOHV WHQGUiQ ORV VLJXLHQWHV VLVWHPDV GH VHJXULGDG
GREOHDLVODPLHQWRV WRPD GH WLHUUD GH ODV PDVDV 370 R XWLOL]DFLyQ FRQ WUDQVIRUPDGRU
GHVHJXULGDGRVHSDUDFLyQGHFLUFXLWRV
6H OOHYDUi URSD DMXVWDGD QR VH OOHYDUi DQLOORV R FDGHQDV QL QDGD TXH FRQOOHYH
ODSRVLELOLGDGGHHQJDQFKDUVHRSLOODUVH
6HXWLOL]DUiQHVWDVKHUUDPLHQWDVFRQFXLGDGRHVSHFLDOPHQWHODVGHDEUDVLyQTXH
WLHQHQXQD YHORFLGDG GH URWDFLyQ PX\ DOWD 8Q FRQWDFWR DFFLGHQWDO GH OD FDUFDVD R GHO
PDQJRPLHQWUDV VH WUDEDMD XQ HQJDQFKH OLJHUR R XQD SDUDGD SXHGHQ KDFHU TXH OD
KHUUDPLHQWDUHERWHGHUHSHQWH \FRQYLROHQFLDOOHJDQGRDFRUWDURDHURVLRQDUODSDUWHGHO
FXHUSRTXHHQFXHQWUHHQVXWUD\HFWRULD
1R VH WRFDUiQ ODV EURFDV GLVFRV HWF ,QPHGLDWDPHQWH GHVSXpV GH TXH KD\DQ
WUDEDMDGRSRUTXH HVWiQ PX\ FDOLHQWHV (O FDVR GH ORV VROGDGRUHV HV HVSHFLDO \D TXH VH
SRQGUiQHQXQVRSRUWHHVSHFLDOXQDYH]GHVFRQHFWDGRVSDUDHYLWDUTXHPDGXUDV
7HQLHQGR HQ FXHQWD TXH OD HPLVLyQ GH SROYR HV SXQWXDO FXDQGR VH WUDEDMH VH
OOHYDUiQFDUHWDV
$O WUDEDMDU VH XWLOL]DUi KHUUDPLHQWDV FRQ PXFKR FXLGDGR FRQ ODV EURFDV \ ORV
GLVFRV ELHQ DSUHWDGRV PDQWHQLHQGR ODV WUD\HFWRULDV GH FRUWH ELHQ SHUSHQGLFXODUHV D
ODVXSHUILFLHGHWUDEDMR\FRQXQFHQWUDGRFRUUHFWRGHOSXQWRGHWUDEDMRHWF
+HUUDPLHQWDVSRUWiWLOHVQHXPiWLFDV
4XHDFW~DQSRUSHUFXVLyQ0DUWLOORSLFDGRU
4XHDFW~DQSRULPSDFWR3LVWRODFODYDGRUDJUDSDGRUDHWF
$QiOLVLVGHORVULHVJRV
*ROSHVSRUURWXUDGHODPDQJXHUD
*ROSHVFRUWHV\SHUIRUDFLyQHQJHQHUDO
(VWUpVVRQRUR
9LEUDFLRQHV
3UR\HFFLRQHVGHSDUWtFXODV
0HGLGDVSUHYHQWLYDV
5HYLVDUODVPDQJXHUDVGHDOLPHQWDFLyQGHDLUHFDPELDULQPHGLDWDPHQWHODVTXH
HVWpQUHVTXHEUDMDGDV R FRQ ILVXUDV \ HQ JHQHUDO WRGDV ODV TXH KD\DQ SHUGLGR HODVWLFLGDG
DOGREODUODV
&RORFDU YiOYXODV GH VHJXULGDG SRU GHVDKRJR GH SUHVLyQ FRQ OD ILQDOLGDG GH
HYLWDUODWLJD]RVFXDQGRVHURPSDQODVPDQJXHUDV
1RVHSRQGUiQLQJXQDSDUWHGHOFXHUSRHQHOPLVPRODGRGHOSXQWRGHRSHUDFLyQ
HQJHQHUDOQLHQODWUD\HFWRULDGHODVSLVWRODVFODYDGRUDVHQSDUWLFXODU
'RFXPHQWRQž6HJXULGDG\VDOXG
3iJLQDͳͶ†‡ͳͺ
(GXDUGR-LPpQH]$\HUUD8QLYHUVLGDG3~EOLFDGH1DYDUUD
6HXWLOL]DUiQSURWHFWRUHVGHODVRUHMDVFXDQGRHOQLYHOGHUXLGRVXSHUHORVG%
$WDQWRVLHVVHJXLGRFRPRVLHVLQWHUPLWHQWHSRULPSDFWR
6HXWLOL]DUiQDQWLYLEUDWRULRVFXDQGRVHWUDEDMHFRQPDUWLOORVSLFDGRUHV
6H XWLOL]DUi FDO]DGR GH VHJXULGDG FRQ SXQWDV PHWiOLFDV SDUD HYLWDU JROSHV HQ ORV
SLHV
7DPELpQ\FRPRQRUPDORVWUDEDMDGRUHVOOHYDUiJDIDVGHVHJXULGDG\FXDQGRKD\D
HPDQDFLRQHVGHSROYRFDUHWDV
7RGRVORVWUDEDMRVTXHVHUHDOLFHQFRQHVWDVKHUUDPLHQWDVH[LJHQHOXVRGHJXDQWHV
GHFXHUR
+HUUDPLHQWDVSRUWiWLOHVGHFRPEXVWLyQ
%iVLFDPHQWHVRQORVVRSOHWHV
$QiOLVLVGHULHVJRV
4XHPDGXUDV
,QFHQGLRV
0HGLGDVSUHYHQWLYDV
7RGRVORVWUDEDMRVTXHVHUHDOLFHQFRQHVWDVKHUUDPLHQWDVH[LJHQHOXVRGHJXDQWHV
GHFXHUR
&RQWURODU TXH HO VRSOHWH HVWp HQ EXHQ HVWDGR \ FRUUHFWDPHQWH ILMDGR DO GHSyVLWR
GHFRPEXVWLEOH\DTXHDFWXDOPHQWHORPiVIUHFXHQWHHVTXHVHDQERPERQDVGHEXWDQR
&RQWURODUTXHODPDQJXHUDGHFRQH[LyQHVWpHQEXHQHVWDGR
5HJXODU DGHFXDGDPHQWH OD SUHVLyQ HO TXHPDGRU SDUD TXH OD OODPD QR VHD
GHPDVLDGRODUJD
1RWUDEDMDUFHUFDGHPDWHULDVFRPEXVWLEOHV
7HQHUXQDEXHQDYHQWLODFLyQHQORFDOHVFHUUDGRV
+DFHUVHUYLUJDIDVRSDQWDOODVGHSURWHFFLyQRJXDQWHV
+HUUDPLHQWDVPDQXDOHV
6RQPX\YDULDGDVWDQWRSRUVXIXQFLyQFRPRSRUVXXWLOL]DFLyQ
7LSRVPiVFRPXQHV
3XQ]DQWHV(VFDUSD
'HSHUFXVLyQ0DUWLOORV
'HFRUWHV6LHUUDV\FL]DOODV
2WUDV'HVWRUQLOODGRUHVSDWDGHFDEUDHWF
$QiOLVLVGHULHVJRV
*ROSHVFRUWHVSLQFKD]RV
3UR\HFFLyQGHSDUWtFXODV
'RFXPHQWRQž6HJXULGDG\VDOXG
3iJLQDͳͷ†‡ͳͺ
(GXDUGR-LPpQH]$\HUUD8QLYHUVLGDG3~EOLFDGH1DYDUUD
0HGLGDVSUHYHQWLYDV
&RUUHFWRHVWDGRGHFRQVHUYDFLyQGHODVKHUUDPLHQWDVPDQJXHUDVHWF
&RQRFLPLHQWR\XVRDGHFXDGRSRUSDUWHGHORVIDPLOLDUHVGHORVTXHODVXVHQ
/LPSLH]D\FRQVHUYDFLyQWDQWRHQHODOPDFpQFRPRHQHOWUDEDMRPDQWHQLpQGRODV
OLPSLDV\HQEXHQHVWDGRGHXVR
&RQWUROSHULyGLFRGHVXHVWDGRFRPSUREDFLyQ\PDQWHQLPLHQWR
8VRGHODLQGXPHQWDULDSDUDODSURWHFFLyQSHUVRQDOFRQUHIHUHQFLDDOULHVJRJDIDV
GHVHJXULGDGERWDVSURWHFWRUHVGHODVPDQRVHWF
3LVWRODFODYDGRUD
(Q UHDOLGDG HV XQD KHUUDPLHQWD SRUWiWLO SHUR SRU VXV FDUDFWHUtVWLFDV SXHGH VHU
FRQVLGHUDGDXQDUPDGHIXHJRSRUHVWHPRWLYRKD\TXHH[WUHPDUODVSUHFDXFLRQHVFXDQGR
VHXVH
$QiOLVLVGHULHVJRV
+HULGDVSXQ]DQWHVSRUUHERWHVSUR\HFFLRQHVRSHUIRUDFLRQHV
0HGLGDVSUHYHQWLYDV
+DFHUVHUYLUODFDUJDDGHFXDGDVHJ~QODVLQVWUXFFLRQHVTXHHOIDEULFDQWH6RORFRQ
HVWRTXHGDQHOLPLQDGRVXQLPSRUWDQWHQ~PHURGHSHUIRUDFLRQHV\UHERWHV
+DFHUVHUYLUXQDFDPSDQDSURWHFWRUDLQFOXVRFRQORVPDUWLOORVFODYDGRUHVHQORV
TXHODYHORFLGDGGHVDOLGDHVPHQRUTXHHQODVSLVWRODV
1XQFD VH KD GH FODYDU HQ HVTXLQDV KDEUi XQD GLVWDQFLD PtQLPD GH FP
HQVXSHUILFLHVFXUYDGDVPDWHULDOHVIiFLOPHQWHSHUIRUDEOHVPDWHULDOHVHOiVWLFRVRPX\GXURV
RPX\IUiJLOHV
6XXVRFRPSRUWD
1RDSXQWDUDQDGLH
1RWHQHUODFDUJDGDHQODPDQR
7UDQVSRUWDUODERFDDEDMR\GHVFDUJDGD
(IHFWXDUHOGLVSDURGHVGHGHWUiVGHODKHUUDPLHQWD\QXQFDGHODGR
0DQWHQHUODKHUUDPLHQWDHQXQHVWDGRGHFRQVHUYDFLyQDGHFXDGR
+DFHUVHUYLUVLHPSUHFDVFR\JDIDVGHVHJXULGDG
([WLQWRUHV
'RFXPHQWRQž6HJXULGDG\VDOXG
3iJLQDͳ͸†‡ͳͺ
(GXDUGR-LPpQH]$\HUUD8QLYHUVLGDG3~EOLFDGH1DYDUUD
6HUiGHSROYRVHFRSROLYDOHQWHGH.J<.J
6(59,&,26'(35(9(1&,21
6HUYLFLRWpFQLFRGHVHJXULGDG\VDOXG
(O LQVWDODGRU WHQGUi XQ VHUYLFLR GH DVHVRUDPLHQWR SDUD ORV WHPDV GH VHJXULGDG \
VDOXG
6HUYLFLRPpGLFR
(OLQVWDODGRUWHQGUiXQ6HUYLFLR0pGLFRGH(PSUHVDSURSLRRFRPSDUWLGR
,167$/$&,21(60e',&$6
6HUHYLVDUiHOERWLTXtQPHQVXDOPHQWHUHSRQLHQGRHOPDWHULDOJDVWDGR
38(67$(135$&7,&$6(*8,0,(172<&21752/
(O FRRUGLQDGRU HQ PDWHULD GH VHJXULGDG \ VDOXG GXUDQWH OD HMHFXFLyQ GH OD REUD
WHQGUi TXH OOHYDUD FDER OD SXHVWD HQ SUiFWLFD HO VHJXLPLHQWR \ GHO FRQWURO GH PDQHUD
LQWHJUDGD FRQ OD GLUHFFLyQIDFXOWDWLYD \ VLJXLHQGR ODV SDXWDV GHO FRRUGLQDGRU GXUDQWH HO
SUR\HFWRGHORVHOHPHQWRVGHVHJXULGDG\VDOXG
'HWRGDVODVWDUHDVDVLJQDGDVVHUiQHFHVDULRGHVFULELUXQPDQXDOHVWDQGDUL]DGRGH
ODV QRUPDV GHVHJXULGDG D VHJXLU SDUD FDGD WDUHD HQ FRQFUHWR \ KDEUi TXH KDFHU XQ
VHJXLPLHQWRSDUDYHULILFDUVXFXPSOLPLHQWR
6HUHGDFWDUiQXQRVSDQIOHWRVDFRPSOHWDUSRUHOHQFDUJDGRRUHVSRQVDEOHGHFDGD
WUDEDMRGRQGHVHHVFULEDHOVHJXLPLHQWRGHFDGDXQDGHODVSDXWDVGHVHJXULGDGVHJXLGDV\
TXHWHQGUiTXHILUPDUHOPLVPRUHVSRQVDEOH
7DPELpQ VH SUHYp OD FUHDFLyQ GH XQRV FXUVRV SDUD FRQFLHQFLDU \ HGXFDU D ORV
WUDEDMDGRUHVHQPDWHULDWDQWRGHVHJXULGDGFRPRGHVDOXG$TXtVHH[SRQGUiQORVPpWRGRV
GH WUDEDMR \ ORVULHVJRV TXH HVWRV SXHGHQ RFDVLRQDU MXQWDPHQWH FRQ ODV PHGLGDV GH
VHJXULGDG TXH KDEUi TXH XVDUSDUD HYLWDUORV $ HVWRV FXUVRV R FKDUODV WHQGUiQ TXH DVLVWLU
WRGRVORVWUDEDMDGRUHVGHIRUPDSHULyGLFD
7DPELpQ VH LPSDUWLUi XQ FXUVR GH VRFRUULVPR \ SULPHURV DX[LOLRV 6H SUHYp OD
SURPRFLyQ GH LQLFLDWLYDV \ DFWXDFLRQHV GH FXDOTXLHU SHUVRQD GH OD REUD SDUD TXHSXHGD
SODQWHDU ORV SRVLEOHV SUREOHPDV R LPSHGLPHQWRV D OD DSOLFDFLyQ GH ODV PHGLGDV
'RFXPHQWRQž6HJXULGDG\VDOXG
3iJLQDͳ͹†‡ͳͺ
(GXDUGR-LPpQH]$\HUUD8QLYHUVLGDG3~EOLFDGH1DYDUUD
GHVHJXULGDG DVt FRPR OD H[LVWHQFLD GH ULHVJRV LQQHFHVDULRV FLUFXQVWDQFLDV HVSHFLDOHV \
VXUHVROXFLyQ
(VQHFHVDULRUHPDUFDUSRU~OWLPRTXHSDUDOOHYDUDFDERWRGDVHVWDVQRUPDVKDFH
IDOWD XQD EXHQDRUJDQL]DFLyQ XQ FRQWURO H[KDXVWLYR GH WRGDV ODV DFWLYLGDGHV \ XQD
GHVFULSFLyQFODUDGHORVGHEHUHV\GHFDGDQLYHOGHOSHUVRQDOIRPHQWDQGRODFRRSHUDFLyQ\
OD LQVWUXFFLyQ GH WRGRV ORVDJHQWHV LQFOXLGRV HQ OD FRQVWUXFFLyQ H[SORWDFLyQ \
PDQWHQLPLHQWRGHODVLQVWDODFLRQHVGHVFULWDVHQHOSUR\HFWR
'RFXPHQWRQž6HJXULGDG\VDOXG
3iJLQDͳͺ†‡ͳͺ
Descargar