&XUVRGH9LVXDO)R[3UR /HRQDUGR'DQLHO9HOi]TXH])XHQWHV ,QWURGXFFLyQ 9LVXDO )R[SUR HV XQR GH ORV JHVWRUHV GH %DVHV GH 'DWRV UHODFLRQDOHV PiV UiSLGR \ IOH[LEOH GHO PHUFDGR GLVSRQLHQGR GH XQ FRPSOHMR HQWRUQR GH GHVDUUROOR WRWDOPHQWH RULHQWDGRDOREMHWR\DOWDPHQWHLQWHJUDGRHQHOVLVWHPDRSHUDWLYR:LQGRZV&RPR FXDOTXLHU RWUD DSOLFDFLyQ :LQGRZV HVWiQGDU 9LVXDO )R[SUR VRSRUWD LQWHUIDFHV 0', ,QWHUID] GH 'RFXPHQWR 0XOWLSOH FRPR OD GH :RUG EDUUDV GH KHUUDPLHQWDV D\XGD VHQVLEOHDOFRQWH[WRP~OWLSOHVIXHQWHVDFFHVRDELEOLRWHFDVGHHQODFHGLQiPLFR'// HWF $SDUWH GHO DFFHVR D WDEODV HQ IRUPDWR QDWLYR GH 9LVXDO )R[3UR VH SXHGH DFFHGHU YLUWXDOPHQWHDFXDOTXLHUIXHQWHGHGDWRVFX\RDFFHVRVHSXHGDKDFHUDWUDYpVGH2'%& 2SHQ 'DWDEDVH&RQQHFWLYLW\ (VWH HVWiQGDUGHILQLGRFRPR &RQHFWLYLGDG$ELHUWD GH%DVHVGH'DWRVSHUPLWHDEULU\FRQVXOWDUGLYHUVDVEDVHVGHGDWRVDWUDYpVGHXQ FRQMXQWRGHFRQWURODGRUHVXWLOL]DQGR64/ FRPROHQJXDMHGHFRQVXOWD &RQHODGYHQLPLHQWRGH9LVXDO)R[ORVGHVDUUROODGRUHVGHDSOLFDFLRQHVWLHQHQDFFHVRD PXOWLWXG GH HYHQWRV \ RSFLRQHV TXH ORV SURJUDPDGRUHV GH 9LVXDO %DVLF \ 9LVXDO & WXYLHURQ GXUDQWH DxRV 6H HOLPLQD OD QHFHVLGDG GHO XVR GHO 5($' \ VX FRQIXVD QLGLILFDFLyQ)XQGDWLRQDOUHDG &XUVRGH9LVXDO)R[3UR /HRQDUGR'DQLHO9HOi]TXH])XHQWHV 3URJUDPDFLyQ2ULHQWDGDD(YHQWRV (Q9LVXDO)R[3URFDGDDFFLyQTXHWXUHDOL]DVHVXQHYHQWRSRUHMHPSORHOPRYLPLHQWR GHOPRXVHKDFHUFOLFNVREUHXQERWyQHVFULELUXQWH[WRHQXQFXDGURGHWH[WRHWF3RU OR WDQWR FXDQGR VH SURJUDPD HQ 9LVXDO )R[3UR TXHGDQ DWUiV WRGRV HVDV IRUPDV TXH WHQtDPRVGHSURJUDPDUHQ)R[3URSDUD:LQGRZV DTXtWRGRVHPDQHMDSRUHYHQWRVHV GHFLUVRORSURJUDPDVHOHYHQWRTXHTXLHUHVTXHUHDOLFHXQDDFFLyQFXDQGRVXFHGDDTXt HQ9LVXDO)R[3URQRWLHQHVTXHWHQHUSURFHGLPLHQWRVRUXWLQDVSDUDYDOLGDUSRUHMHPSOR OD HQWUDGD HQ OD FODYH GHO DUWLFXOR VLPSOHPHQWH VH SURJUDPD HO HYHQWR UHVSHFWLYR DGHPiVGHTXHQRHVWDQWHGLRVRHOPDQWHQLPLHQWRGHOVLVWHPD(VGHFLUQRWLHQHVTXH UHFRUUHU WRGR WX DUFKLYR GH UXWLQDV SDUD HQFRQWUDU OD IDOOD QR WLHQHV TXH FRGLILFDU SURFHGLPLHQWRV GH YDOLGDFLyQ 3RU HMHPSOR VXSRQJDPRV TXH HQ )R[3UR '26 R SDUD :LQGRZVGHVHDV SRQHU XQRV ERWRQHV TXHHMHFXWDQFLHUWDVLQVWUXFFLRQHV\FXDQGRVH KDFHHVRWLHQHVTXHFUHDUXQDIXQFLyQHQODFXDOSUHJXQWDVFXiOIXHHOTXHVHSUHVLRQR \VHJ~QHOYDORUHMHFXWDEDVODVLQVWUXFFLRQHVSDUDHVHERWyQHQ9LVXDO)R[3URQRHV DVt VLPSOHPHQWH SURJUDPDV SDUD FDGD ERWyQ OR TXH TXLHUHV LQGHSHQGLHQWHPHQWH GH TXHVHSUHVLRQHRWUR\DVtQRWLHQHVTXHSUHJXQWDUFXDOIXHHOTXHSUHVLRQRSRUTXHFDGD HYHQWRGHFDGDREMHWRHVLQGHSHQGLHQWH\VRORSXHGHRFXUULUXQRHQHVHPRPHQWRHV GHFLUTXHQRVHSXHGHQGHVHQFDGHQDUGRVHYHQWRVDOPLVPRWLHPSRRHV&/,&.RVH 029,2(/5$721RDOJ~QRWURHYHQWR 3URJUDPDFLyQ2ULHQWDGDD2EMHWRV (Q 9LVXDO )R[3UR \ HQ RWURV VH OH OODPDQ REMHWRV D WRGR OR TXH YHV HQ SDQWDOOD ORV REMHWRV VRQ SRU HMHPSOR XQ ERWyQ XQD FDMD GH WH[WR XQD LPDJHQ \ HQ JHQHUDO WRGR REMHWRYLVXDOTXHYHDVHQODSDQWDOOD 6H OHV OODPDQ REMHWRV SRUTXH FDGD XQR WLHQH VXV SURSLHGDGHV SRU HMHPSOR XQ ERWyQ WLHQH VX SURSLHGDG GH WH[WR TXH HV OD TXH VH YH GHQWUR GHO ERWyQ WDPELpQ WLHQH XQ DQFKRXQDOWR\DVtSDUDFDGDXQRGHORVREMHWRVKHDTXtODYHQWDMDGH9LVXDO)R[3UR VREUHOHQJXDMHVFRPR)R[3URSDUD:LQGRZVHQODFXDOVRQVRODPHQWHFDPSRV\TXHQR VHOHSXHGHQFDPELDUVXVFDUDFWHUtVWLFDVGLQiPLFDPHQWHSRUORWDQWRHVWRSURYRFDXQD PD\RUYHORFLGDGHQHOGHVDUUROOR 8Q HMHPSOR VHQFLOOR LPDJtQHQVH TXH WLHQHQ XQD SDQWDOOD GH FDSWXUD HQ OD FXDO HQ HO FDPSRQHFHVLWDVHMHFXWDVXQDSRUFLyQGHFyGLJRTXHVHJ~QHOYDORUTXHWHGHYXHOYD FRQWLQXDVFRQ HOFDPSRRUHJUHVDVSRUGHFLUDOFDPSRVLPSOH\VHQFLOODPHQWHROR KDFHVFRQXQ'R:KLOHRYXHOYHVDSHGLUHOFDPSR\ORPLVPRVXFHGHVLTXLHUHVTXH XQ FDPSR TXH WLHQHV HQ SDQWDOOD SRU DOJXQD UD]yQ QHFHVLWDV FDPELDUOR GH FRORU TXH WLHQHVTXHKDFHUSXHVYROYHUDGHVSOHJDUORFRQVXQXHYRFRORU\HQ9LVXDO)R[3URQR HVDVtSRUTXHHVHFDPSRHVXQREMHWRHQSDQWDOOD\SXHGHVGHFLUOHDOSURJUDPDTXHVH UHJUHVH D WDO REMHWR R FDPELDUOH HO FRORU D WDO REMHWR \ PXFKDV RWUDV FRVDV TXH FRQ )R[3UR QR VH SXHGHQ \ OR TXH SURYRFDQ HV TXH HO SURJUDPDGRU SLHUGD WLHPSR HVFULELHQGROtQHDV\OtQHDVGHFyGLJR &XUVRGH9LVXDO)R[3UR /HRQDUGR'DQLHO9HOi]TXH])XHQWHV (MHPSORGHXQREMHWRHOFXDOWLHQHSURSLHGDGHVTXHORGHVFULEHQ 2EMHWR%RWyQ 7H[WR6RSRUWH7pFQLFR $QFKR $OWR &XUVRGH9LVXDO)R[3UR /HRQDUGR'DQLHO9HOi]TXH])XHQWHV (QWRUQRGH'HVDUUROOR (O HQWRUQR GH GHVDUUROOR VRQ ODV SDUWHV YLVXDOHV GH ODV TXH HVWD FRPSXHVWR WRGR OHQJXDMHGHSURJUDPDFLyQYLVXDOFRPRORVRQ9LVXDO)R[3UR9LVXDO%DVLF'HOSKLHWF HQODVLJILJXUDVHPXHVWUDODSDQWDOODGHLQLFLRGH9LVXDO)R[3UR %DUUDGH0HQ~V %DUUDGH +HUUDPLHQWDV 9HQWDQDGH &RPDQGRV %DUUDGH0HQ~V 3RUPHGLRGHHVWDEDUUDGHPHQ~VSRGUHPRVDFFHVDUDWRGDVODVRSFLRQHVTXH9LVXDO )R[3URQRVRIUHFHFRPR$EULUR&UHDUXQD%DVHGH'DWRVXQ5HSRUWHHWFHWF %DUUDGH+HUUDPLHQWDV 3RUPHGLRGHHVWDEDUUDGH+HUUDPLHQWDVSRGUHPRVDFFHVDUDWRGDVODVRSFLRQHVTXH PiVVHXWLOL]DQVLQQHFHVLGDGGHLUDORVPHQ~VDEXVFDUVXVUHVSHFWLYDVRSFLRQHVHVWR HVSDUDWHQHUXQDFFHVRPiVUiSLGR &XUVRGH9LVXDO)R[3UR /HRQDUGR'DQLHO9HOi]TXH])XHQWHV (O$GPLQLVWUDGRUGH3UR\HFWRV ¢4XHHVXQ3UR\HFWR" 8QSUR\HFWRHQ9LVXDO)R[3URHVHOFRQMXQWRGHSDQWDOODVUHSRUWHV EDVHVGHGDWRVTXH YDQDIRUPDUSDUWHGHO6LVWHPDTXHHVWpVGHVDUUROODQGR8QSUR\HFWRHVWDGLYLGLGRFRPR \DGLMHSRUFDWHJRUtDVSRUXQODGRODVSDQWDOODV\UHSRUWHVGHWXVLVWHPDSRURWURODGR ODVEDVHVGHGDWRVTXHODFRPSRQHQVXVPHQ~VHWF /DVLJ)LJXUDPXHVWUDHODGPLQLVWUDGRUGHSUR\HFWRV 3DJHV7DEVR 3DJLQDV &XUVRGH9LVXDO)R[3UR /HRQDUGR'DQLHO9HOi]TXH])XHQWHV 9HQWDQDGH&RPDQGR /DYHQWDQDGHFRPDQGRVQRVVLUYHSDUDXWLOL]DUFRPDQGRLQWHUDFWLYDPHQWHIXHUDGHXQ SURJUDPD FRQ 9LVXDO )R[3UR SDUD HIHFWXDU WDUHDV GH UHYLVLyQ PDQWHQLPLHQWR \ DOJXQDV RWUDV (VWD HV XQR GH ORV SXQWRV IXHUWHV GH 9LVXDO )R[3URIUHQWH DOHQJXDMHV FRPR9LVXDO%DVLF\'HOSKLORVFXDOHVQRFXHQWDQFRQQLQJXQDRSFLyQSDUHFLGDSRUOR FXDO ODV WDUHDV GH FRPSUREDFLyQ \ PDQWHQLPLHQWR VRQ PiV WHGLRVDV \ SRU OR WDQWR SHUGLGDGHWLHPSR /DVLJILJXUDPXHVWUDODYHQWDQDGHFRPDQGRV 6LHVWDYHQWDQDQRVHHQFXHQWUDHQODSDQWDOODSULQFLSDOVHSXHGHDFWLYDUGHVGHHOPHQ~ YHQWDQD!YHQWDQDGHFRPDQGRVRFRQODWHFODUiSLGD&WUO) %DVHVGH'DWRV\7DEODV ¢4XHHVXQD%DVHGH'DWRV" (Q)R[3URSDUD'26\:LQGRZVXQDEDVHGHGDWRVHUDXQDUFKLYR'%)HQHOFXDOVH DOPDFHQDEDORVUHJLVWURVSRUHMHPSORGHFOLHQWHV (Q 9LVXDO )R[3UR HVWH FRQFHSWR D FDPELDGR $KRUD XQD EDVH GH GDWRV HV XQ FRQWHQHGRU GH WRGDV ODV WDEODV FOLHQWHV DUWtFXORV HWF UHODFLRQHV HQWUH ODV WDEODV tQGLFHVGHODVWDEODVFRQH[LRQHVEDVHVGHGDWRVUHPRWDVHWF &XUVRGH9LVXDO)R[3UR /HRQDUGR'DQLHO9HOi]TXH])XHQWHV (MHPSORGH%DVHGH'DWRVFRQ7DEODVGRQGHVHDSUHFLDXQDUHODFLyQ %DVHGH'DWRV &RQWHQHGRU 7DEOD&XHQWD+DELHQWHV UHODFLRQDGDFRQ&HQWURV GH7UDEDMR ¢4XHHVXQD7DEOD" 8QDWDEODHVXQDUFKLYRGRQGHVHDOPDFHQDODLQIRUPDFLyQHQ&ROXPQDV\UHQJORQHV SRU HMHPSOR HO QRPEUH GH XQ &OLHQWH VX GLUHFFLyQ \ VX WHOpIRQR HVDV VHUtDQ ODV FROXPQDV\ORVUHQJORQHVVHULDWRGRVORVFOLHQWHVUHJLVWUDGRV (Q9LVXDO)R[3URHVXQDUFKLYR'%)FRQRFLGRDQWHULRUPHQWHHQ)R[3URFRPREDVHGH GDWRV(Q9LVXDO)R[3URODVWDEODVWLHQHQDKRUDPDVFDSDFLGDGHVFRPRQRPEUHVODUJRV GHWDEODV\GHFDPSRVUHJODVGHYDOLGDFLyQDQLYHOGHFDPSR\DOJXQDVRWUDV &XUVRGH9LVXDO)R[3UR /HRQDUGR'DQLHO9HOi]TXH])XHQWHV &UHDUXQ3UR\HFWR 3DUD FUHDU XQ SUR\HFWR SDUD XQ VLVWHPD GRQGH DOPDFHQDUHPRV QXHVWUDV WDEODV UHSRUWHVPHQ~VHWF+D\TXHLUDOPHQ~$UFKLYR!1XHYRHQWRQFHVDSDUHFHUiODVLJ 3DQWDOOD 6HOHFFLRQDU ODRSFLyQ 6HOHFFLRQDU 3UR\HFWR \ GDU &OLFN HQ 1XHYR $UFKLYR \ HQWRQFHV DSDUHFHUi OD VLJ 3DQWDOODSDUDHOHJLUXQGLUHFWRULRGRQGHJXDUGDUQXHVWURSUR\HFWR (VFULELUHO 1RPEUHGHO 3UR\HFWR 6HOHFFLRQDU 'LUHFWRULR <GHVSXpV *XDUGDU &XUVRGH9LVXDO)R[3UR /HRQDUGR'DQLHO9HOi]TXH])XHQWHV 8QDYH] JXDUGDGRHOSUR\HFWRDSDUHFHUiODYHQWDQDGH3UR\HFWRVFRQHOQRPEUHTXH QRVRWURVOHSXVLPRVFRPRVHPXHVWUDHQOD6LJ)LJXUD &UHDUXQD%DVHGH'DWRV 'HEHVVHOHFFLRQDUSULPHUROD3DJLQD'DWRV HQHO$GPLQLVWUDGRUGH3UR\HFWRV\HOHJLUOD 2SFLyQ %DVHVGH'DWRVSRVWHULRUPHQWHKDFHUFOLFNVREUHHOERWyQ1XHYR 3DJLQD 'DWRV &UHDUQXHYD %DVHGH $JUHJDUXQD %DVHGH'DWRV TXH\DH[LVWH 0RGLILFDU XQD%DVH GH'DWRV &XUVRGH9LVXDO)R[3UR /HRQDUGR'DQLHO9HOi]TXH])XHQWHV $O KDFHU FOLFN VREUH HO ERWyQ 1XHYD DSDUHFHUi OD YHQWDQD HQ OD FXDO QRV SHGLUi XQ QRPEUH\ODXELFDFLyQGRQGHVHUiJXDUGDGDFRPRVHPXHVWUDHQODVLJ)LJXUD 1RPEUHGHOD %DVHGH 8QD YH] FUHDGD QXHVWUD %DVH GH 'DWRV QRV GHEH DSDUHFHU OR TXH VH OODPD HO FRQWHQHGRUGHOD%DVHGH'DWRVFRPRVHPXHVWUDDFRQWLQXDFLyQ &RQWHQHGRU GH%DVHGH 'DWRV %DUUDGH +HUUDPLHQWDV SDUD%DVHGH 'DWRV &XUVRGH9LVXDO)R[3UR /HRQDUGR'DQLHO9HOi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i]TXH])XHQWHV &UHDUXQD7DEOD 3DUDFUHDUXQDWDEODGHEHVSULPHURLUODSDJLQD'DWRV \VHOHFFLRQDUOD%DVHGH'DWRVD OD FXDO OH TXLHUHV DJUHJDU OD WDEOD GiQGROH GREOH FOLFN VREUH HOOD \ SRVWHULRUPHQWH VHOHFFLRQDUODRSFLyQ7DEODVSDUDGHVSXpVKDFHUFOLFNVREUHHOERWyQ1XHYRFRPRVH PXHVWUDHQODVLJ)LJXUD 3DJLQD 'DWRV &UHDUQXHYD 7DEOD $O KDFHU FOLFN VREUH HO ERWyQ 1XHYR DSDUHFHUi OD YHQWDQD HQ OD FXDO QRV SUHJXQWD VL GHVHDPRV XQD 7DEOD HQ EODQFR R TXHUHPRV XVDU HO $VLVWHQWH SDUD 7DEODV 6HOHFFLRQDUHPRV7DEODHQ%ODQFRFRPRVHPXHVWUDHQODVLJ)LJXUD +DFHUFOLFN HQ7DEOD 1XHYD &XUVRGH9LVXDO)R[3UR /HRQDUGR'DQLHO9HOi]TXH])XHQWHV $O KDFHU FOLFN VREUH HO ERWyQ 7DEOD 1XHYD HQWRQFHV GHEHUi DSDUHFHU GH QXHYR OD YHQWDQDGRQGHQRVSLGHXQ1RPEUH\XQDXELFDFLyQSDUDOD7DEODODWDEODVHJXDUGD FRQ H[WHQVLyQ '%) FRPR \D VH KD YLVWR HVH SURFHGLPLHQWR \D QR VH PRVWUDUD HVD SDQWDOOD 8QD YH] KDELHQGR HOHJLGR XQ QRPEUH \ XQD XELFDFLyQ GRQGH TXHGDUD DOPDFHQDGD OD 7DEODTXHYDPRVDFUHDUQRVDSDUHFHUiHO'LVHxDGRUGH7DEODVFRPRVHPXHVWUDHQ OD6LJ)LJXUD 'HILQLFLyQ GH&DPSRV 7LSRVGH'DWRV 'HILQLFLyQ GHO)RUPDWR GH(QWUDGD 'HILQLFLyQGHUHJODV GHYDOLGDFLyQGHORV FDPSRV 'HILQLFLyQGHFDPSRV ,JXDOTXHHQODVYHUVLRQHVDQWHULRUHVODGHILQLFLyQGHFDPSRVHVLJXDO6HLQWURGXFHHO QRPEUHGHOFDPSRQRPEUHHOWLSRGHGDWRVTXHVRSRUWDUi7LSR\HOWDPDxR 'HILQLFLyQGH0RVWUDU )RUPDWR (VHOIRUPDWRGHVDOLGDGHOFDPSRHMHPSORVLIXHUDQXPpULFRRVL IXHUDFDUiFWHUSDUDTXHVRORDFHSWHPD\~VFXODV 0DVFDUDGH(QWUDGD,JXDOTXHHO)RUPDWOR~QLFRTXHHVSDUDODHQWUDGDGHGDWRV 7LWXOR 'HVFULSFLyQPiVSUHFLVDGHOFDPSRHVGHXWLOLGDGDOGLVHxDUORV)RUPXODULRV 'HILQLFLyQGHUHJODVGHYDOLGDFLyQDQLYHOGHFDPSR &XUVRGH9LVXDO)R[3UR /HRQDUGR'DQLHO9HOi]TXH])XHQWHV /D YDOLGDFLyQ VRQ WULJJHUV R HYHQWRV TXH VH HMHFXWDQ D QLYHO GH FDPSR (MHPSOR XQD YDOLGDFLyQGHXQFDPSRTXHVRORDFHSWHQ~PHURVSRVLWLYRVLG! 5HJOD (V OD UHJOD GH YDOLGDFLyQ HMHPSOR LG ! VL TXHUHPRV TXH DFHSWH YDORUHV SRVLWLYRV 0HQVDMH (V HO PHQVDMH SHUVRQDOL]DGRTXH TXHUHPRV TXH DSDUH]FD HQ SDQWDOOD D OD KRUDGHYLRODUVHODUHJODGHYDOLGDFLyQGHOFDPSR(MHPSORµ6RORVHDFHSWDQQ~PHURV SRVLWLYRV¶QRWDHOWH[WRGHEHHVFULELUVHHQWUHFRPLOODV 9DORU3UHGHWHUPLQDGR9DORUSRUGHIHFWRGHOFDPSRQRWDKD\TXHUHVSHWDUHOWLSRGH GDWRGHO&DPSR /XHJR GH KDFHU OD GHILQLFLyQ GH ORV FDPSRVSDVDPRV D OD GHILQLFLyQ GH ,QGLFHVGHOD WDEODTXHVHUiPX\LPSRUWDQWHDODKRUDGHFUHDUODVUHODFLRQHVHQWUHODVWDEODV 1RPEUHGHO ,QGLFH 7LSRGHO ,QGLFH 1RPEUHGHORV FDPSRVTXH FRPSRQHQHO tQGLFH 1RPEUHGHO,QGLFH1RPEUH ,QWURGXFLUHO1RPEUHGHODUFKLYRtQGLFH(VFRQRFLGRWDPELpQFRPR7$* 7LSRWLSRGH,QGLFH 3ULPDU\ &DQGLGDWH 8QLTXH 5HJXODU /ODYHSULPDULD /ODYHFDQGLGDWD /ODYH~QLFD /ODYHIRUiQHD F1RPEUHGHOD([SUHVLyQ 1RPEUHGHORVFDPSRVTXHFRQIRUPDQODOODYHSULPDULD &XUVRGH9LVXDO)R[3UR /HRQDUGR'DQLHO9HOi]TXH])XHQWHV (MHPSORLGRVLVRQYDULRVFDPSRVLG OLQHD 1RWD VL ORV FDPSRV QR VRQ GHO PLVPR KD\ TXH IRU]DUORV DO WLSR GH GDWR GHVHDGR HMHPSORVLLG HVFDUiFWHU\OtQHDHQWRQFHVHOQRPEUHGHODH[SUHVLyQVHUtD ,G675OLQHD 675FRQYLHUWHGHQ~PHURDFDUiFWHU\9$/FRQYLHUWHGHFDUiFWHUDQXPpULFR (MHUFLFLR3UiFWLFR &UHHODVLJXLHQWHEDVHGHGDWRVFRQHOQRPEUHGH&XUVR (VWUXFWXUDGHODV7DEODVGHOHMHUFLFLR 1RPEUHGHO&DPSR 7RSLFBLG 7RSLF 1RPEUHGHO&DPSR %RRNBLG $XWKRUBLG 723,&6'%) 7LSRGH'DWR /RQJLWXG (QWHUR &DUiFWHU %22.$87+'%) 7LSRGH'DWR HQWHUR HQWHUR /RQJLWXG &XUVRGH9LVXDO)R[3UR 1RPEUHGHO&DPSR DXWKRUBLG )LUVWBQDPH /DVWBQDPH 1RWHV $GGUHVV &LW\ 6WDWH =LS 3KRQH )D[ (PDLO 1RPEUHGHO&DPSR %RRNBLG 7LWOH 7RSLFBLG &RS\ULJKWB\HDU ,VEQBQXPEHU SXEOLVKHUBQDPH SXUFKDVHBSULFH FRYHUW\SH GDWHBSXUFKDVHG 3DJHV 1RWHV /HRQDUGR'DQLHO9HOi]TXH])XHQWHV $87+256'%) 7LSRGH'DWR (QWHUR &DUiFWHU &DUiFWHU 0HPR &DUiFWHU &DUiFWHU &DUiFWHU &DUiFWHU &DUiFWHU &DUiFWHU &DUiFWHU %22.6'%) 7LSRGH'DWR (QWHUR &DUiFWHU (QWHUR (QWHUR &DUiFWHU &DUiFWHU 0RQHWDULR &DUiFWHU )HFKD (QWHUR 0HPR /RQJLWXG /RQJLWXG &XUVRGH9LVXDO)R[3UR /HRQDUGR'DQLHO9HOi]TXH])XHQWHV 5HODFLRQHVHQWUH7DEODV /DVUHODFLRQHVPiVFRPXQHVHQWUHWDEODVVHGHILQHQ 'HXQRDXQR (MHPSORGHXQDOODYHSULPDULDDRWUDOODYHSULPDULD 'HXQRDPXFKRV (MHPSORGHXQDOODYHSULPDULDDXQD5HJXODUR)RUiQHD 'HPXFKRVDPXFKRV $TXtFRPRQRVHSXHGHQHVWDEOHFHUUHODFLRQHVGHPXFKRVD PXFKRV VH WLHQH TXH GLYLGLU HQ GRV UHODFLRQHV GH 8QR D PXFKRV (MHPSOR 8Q $XWRU SXHGHWHQHUYDULRVOLEURVSHURWDPELpQXQOLEURSXHGHWHQHUYDULRVDXWRUHV /DV UHODFLRQHV HQWUH WDEODV VH FUHDQ DUUDVWUDQGR OD OODYH GH OD WDEOD DOD OODYH GH RWUD WDEOD 5HODFLyQHQWUHWDEODV GHXQRDPXFKRV /DILJXUDPXHVWUDXQDUHODFLyQHQWUHODVWDEODV(PSOHDGRV\'HSDUWDPHQWRODUHODFLyQ VHOHHUtDDVt³8QD'HSDUWDPHQWRWLHQHPXFKRVHPSOHDGRV´ &XUVRGH9LVXDO)R[3UR /HRQDUGR'DQLHO9HOi]TXH])XHQWHV 'HQWURGHO'LVHxDGRUGH%DVHVGH'DWRVH[LVWHXQERWyQpOOD%DUUDGH+HUUDPLHQWDV TXH VH OODPD ([DPLQDU %URZVH FRQ HO FXDO YHUHPRV HO FRQWHQLGR GH OD 7DEOD VHOHFFLRQDGD\HQGRQGHSRGUHPRVDJUHJDUHOLPLQDUFDPELDULQIRUPDFLyQGHOD7DEOD VLQQHFHVLGDGGH SURJUDPDFLyQ %RWyQ([DPLQDU $O KDFHU FOLFN VREUH HVWH ERWyQ QRV DSDUHFHUi OD VLJ 9HQWDQD FRP~QPHQWH OODPDGD FRPR%URZVHFRPRVHPXHVWUDHQODVLJ)LJXUD 9HQWDQDGH ([DPLQDU 0HQ~SDUDHO0DQHMR GHOD7DEOD (QODILJXUDDQWHULRUVHSXHGHDSUHFLDUTXHXQUHJLVWURWLHQHXQDPDUFDQHJUDDXQODGR \HORWURQRHVWRTXLHUHGHFLUTXHXQRHVWDPDUFDGRFRPRERUUDGRHOGHODPDUFDVLQ HPEDUJR HVWR QR VLJQLILFD TXH QR H[LVWD 6L VH TXLVLHUDQ HOLPLQDU WRGRV ORV UHJLVWUR PDUFDGRVFRPRERUUDGRVEDVWDUtDFRQHVFULELUODLQVWUXFFLyQ3$&. HQOD9HQWDQDGH &RPDQGRV 3DUD*XDUGDU ORVFDPELRVKD\TXHSUHVLRQDUODFRPELQDFLyQGHWHFODV&WUO: $KRUDFHUUDUORTXHHVODYHQWDQDGH([DPLQDU\ODYHQWDQDGH'LVHxDGRUGH%DVHVGH 'DWRV &XUVRGH9LVXDO)R[3UR /HRQDUGR'DQLHO9HOi]TXH])XHQWHV 'HQWURGHO$GPLQLVWUDGRUGH3UR\HFWRVVLVHOHFFLRQDVODWDEODGHVHDGDSXHGHV XWLOL]DU ORVERWRQHV1XHYR$JUHJDU0RGLILFDU([DPLQDU\4XLWDUTXHVHULDORPLVPRTXHVL HQWUDUDV DO GLVHxDGRU GH %DVHV GH 'DWRV \ VHOHFFLRQDUDV OD 7DEOD\ GHVSXpV KLFLHUDV FOLFNVREUHHOERWyQFRUUHVSRQGLHQWHHQOD%DUUDGH+HUUDPLHQWDV 9LVWDV/RFDOHV ¢4XpHVXQDYLVWD" 8QD YLVWD HV XQ REMHWR TXH VH FUHD HPSOHDQGR OD LQVWUXFFLyQ 6(/(&7 GH 64/ SDUD EDVHVGHGDWRVUHODFLRQDOHV/DVYLVWDVSXHGHQVHUORFDOHVR5HPRWDV ¢3DUDTXHQRVVLUYH" %XHQR QRV VLUYH SDUD FRPELQDU GDWRV GH GLIHUHQWHV WDEODV VLQ WHQHU TXH SURJUDPDU OD XQLyQ GH HVWRV GDWRV SDUD SRGHU GHVSOHJDUORV 3DUD SRGHU XVDUODV VH DEUHQ \ FLHUUDQ FRPRVLIXHUDQXQDWDEODODLQVWUXFFLyQVHULD86(\VHOHGDHOPLVPRWUDWDPLHQWRTXH DHVWDVHVGHFLUTXHWRGRVORVFRPDQGRVTXHVHXVDQFRQODVWDEODVVHSXHGHQXVDU FRQODVYLVWDV 6(/(&7 )520 :+(5( *5283 25'(5 (MHPSOR FDPSRV WDEODV FRQGLFLyQ %<FDPSRVGHDJUXSDPLHQWR %<FDPSRVGHRUGHQDPLHQWR 6(/(&7LGQDPH )520VBUHJLRQ 25'(5%<QDPH &XUVRGH9LVXDO)R[3UR /HRQDUGR'DQLHO9HOi]TXH])XHQWHV &UHDFLyQGHXQDYLVWDORFDO 3ULPHUR GHEHV GH LU D OD 3DJLQD'DWRV GHO $GPLQLVWUDGRU GHSUR\HFWRVVHOHFFLRQDUOD %DVHGH'DWRVSRVWHULRUPHQWHVHOHFFLRQDUODRSFLyQ9LVWDV/RFDOHV\KDFHUFOLFNHQHO %RWyQ1XHYRRELHQHQWUDUDO'LVHxDGRUGH%DVHVGH'DWRV\KDFHUFOLFNHQHOERWyQ SDUDFUHDU9LVWDV/RFDOHV &UHDU9LVWD/RFDO $O KDFHU FOLFN VREUH FXDOTXLHUD GH ODV RSFLRQHV DQWHULRUPHQWH PHQFLRQDGDV GHEHUi DSDUHFHUODVLJ3DQWDOODGRQGHVHQRVSUHJXQWDVLHVXQD9LVWDHQ%ODQFRRGHVHDPRV XWLOL]DU HO $VLVWHQWH +DJDQFOLFN VREUHOD 9LVWD HQ %ODQFRFRPR VHPXHVWUDHQODVLJ )LJXUD /DYHQWDQDSDUDDJUHJDUODVWDEODVVHXWLOL]DSDUDDxDGLUWDEODVTXHVHYDQDRFXSDUHQ OD LQVWUXFFLyQ 6(/(&7 ± 64/ HQ HVWH FDVR HVWDUtDPRV VHOHFFLRQDQGR OD SDUWH GHO 7DEODV HQ OD EDVH GH GDWRV 6HOHFFLRQHPRV $XWKRUV \ OXHJR $JUHJDU /D WDEOD VH DJUHJDUiOXHJROHGDPRV&HUUDU 6HOHFFLRQDUOD %DVHGH'DWRV 6HOHFFLRQDUOD 7DEODDXWLOL]DU &XUVRGH9LVXDO)R[3UR /HRQDUGR'DQLHO9HOi]TXH])XHQWHV 9HQWDQDGHFUHDFLyQGHODYLVWD (OLPLQDU7DEOD $JUHJDU7DEOD $JUHJDU5HODFLyQ 9HU,QVWUXFFLRQHV 64/ 0D[LPL]DU9LVWD &DPSRV $TXtVHVHOHFFLRQDQORVFDPSRVGHODYLVWD6(/(&7FDPSRV &RPELQDFLyQ 5HODFLRQHVHQWUHWDEODV )LOWUR &RQGLFLyQGHILOWUDGR:+(5(FRQGLFLyQ 2UGHQDUSRU FDPSRVGHRUGHQDPLHQWR25'(5%< $JUXSDUSRUFDPSRVGH$JUXSDPLHQWR*5283%< &XUVRGH9LVXDO)R[3UR /HRQDUGR'DQLHO9HOi]TXH])XHQWHV (MHUFLFLR6LPSOH &UHDUXQDYLVWDGRQGHDSDUH]FDQORVVLJ&DPSRV 'HOD7DEOD$XWKRUVWRGRVORVFDPSRV 'HOD7DEOD%RRNVWRGRVORVFDPSRV /D7DEODLQWHUPHGLDGHUHODFLyQVHUiOD7DEOD%RRNDXWK 3DUD YHU HO UHVXOWDGR GH OD 9LVWD KD\ TXH KDFHU FOLFN HQ HO ERWyQ (MHFXWDU TXH VH HQFXHQWUDVREUHODEDUUDGHKHUUDPLHQWDV(VWiQGDU %RWyQ(MHFXWDU 8QD YH] KDFLHQGR FOLFN VREUH HVWH ERWyQ VH GHEH DSDUHFHU OD YHQWDQD GH ([DPLQDU SDUDHVD9LVWDFRPRVHPXHVWUDHQODVLJ)LJXUD &XUVRGH9LVXDO)R[3UR /HRQDUGR'DQLHO9HOi]TXH])XHQWHV &RPDQGRVGH9LVXDO)R[3UR /R VLJ &RPDQGRV VH SXHGHQ XWLOL]DU HQ 9HQWDQD GH &RPDQGRV R GHQWUR GH XQ SURJUDPDFRPRVHPXHVWUDHQODVLJ)LJXUD &RPDQGRV x x x x 3DUD&DPELDUGHGLUHFWRULRGH7UDEDMR 6(7'()$8/772587$'(',5(&725,2 (MHPSOR 6(7'()$8/772&?6,67(0$6?&$-$ /LPSLDUOD3DQWDOOD3ULQFLSDOGH9LVXDO)R[3UR &/($5 0RVWUDUORVDUFKLYRVGHOGLUHFWRULR ',5 (MHPSORV ',5 ',57;7 ',5&?6,67(0$6?&(175$/ 3DUDDSDJDUOD³3ODWLFD´FRQ9LVXDO)R[3UR 6(77$/.2)) (VWRVHKDFHSRUTXHDOERUUDUFUHDUtQGLFHVHWF(QODSDQWDOODGH9LVXDO)R[3URVHYD PRVWUDGRORVUHVXOWDGRVHVSRUHVRTXHHQXQSURJUDPDVHGHEHGHLQFOXLU &XUVRGH9LVXDO)R[3UR x x x x x x /HRQDUGR'DQLHO9HOi]TXH])XHQWHV 3DUDFDPELDUHO)RUPDWRGHOD)HFKD 6(7'$7(72 IRUPDWR (MHPSORV 6(7'$7(72'0< 6(7'$7(720'< 6(7'$7(72%5,7,6+ 3DUDVDOLUGH9LVXDO)R[3UR 48,7 3DUDFDQFHODUODHMHFXFLyQGHXQ3URJUDPD &$1&(/ 3DUD$EULUXQD%DVHGH'DWRV 23(1'$7$%$6(1RPEUHGH OD%DVHGH'DWRV (MHPSOR 23(1'$7$%$6(120,1$ 3DUD&HUUDUXQD%DVHGH'DWRV &/26('$7$%$6(6 3DUD$EULUXQD7DEOD 86( 1RPEUHGHOD7DEOD (MHPSOR 86( FOLHQWHV 86( FOLHQWHV25'(57$*QRPEUH VHOHFFLRQDQGRHOtQGLFHDODEULUODWDEODSDUDQRXVDU VHWRUGHU x 3DUD&HUUDUXQD7DEOD x 3DUD&HUUDUWRGDVODV7DEODV 86( &/26(7$%/(6 &XUVRGH9LVXDO)R[3UR x $JUHJDUXQUHJLVWURHQ%ODQFR x (OLPLQDU5HJLVWURV x x x x x x /HRQDUGR'DQLHO9HOi]TXH])XHQWHV $33(1'%/$1. '(/(7( (MHPSORV '(/(7( '(/(7($// '(/(7()25GHSWR ³´ '(/(7(1(;7 %RUUDUHODFWXDO %RUUDUWRGRV %RUUDUVRORORVGHHVHGHSWR %RUUDUORVVLJGHVSXpVGHODFWXDO 5HFXSHUDU5HJLVWURVPDUFDGRVFRPR%RUUDGRV 5(&$// (MHPSOR 5(&$// 5(&$//$// 5(&$//)25GHSWR ³´ 5(&$//1(;7 5HFREUDUHODFWXDO 5HFREUDUWRGRVORVPDUFDGRV 5HFREUDUORVGHHVHGHSWR 5HFREUDUORVVLJGHVSXpVGHODFWXDO (OLPLQDUORVUHJLVWURV%RUUDGRVFRPR0DUFDGRV 3$&. (OLPLQDUWRGRVORVUHJLVWURVGHILQLWLYDPHQWH\DQRVHSXHGHQUHFREUDU =$3 3DUDLUDO3ULPHUUHJLVWURGHOD7DEOD *2723 3DUDLUDO8OWLPRUHJLVWURGHOD7DEOD *2%27720 3DUDLUDXQ5HJLVWURHVSHFLILFR *2QXPHURGHUHJLVWUR (MHPSOR *2 &XUVRGH9LVXDO)R[3UR x x /HRQDUGR'DQLHO9HOi]TXH])XHQWHV 3DUDEULQFDUGHUHJLVWUR 6.,3 (MHPSOR 6.,3 6.,3± %ULQFDUUHJLVWURKDFLDGHODQWH %ULQFDUUHJLVWURKDFLDDWUiV 3DUDDEULUXQDR9DULDV7DEODV$UHDVGH7UDEDMR 6(/(&7$UHDGH7UDEDMRQXPHURROHWUD 86(7DEOD (MHPSOR 6(/(&7$ 86(&OLHQWHV x 6(/(&7% 86(3URYHHGRUHV 2 86(&OLHQWHVLQ$ 86(3URYHHGRUHVLQ% 3DUD&DPELDUGH$UHDGH7UDEDMR 6(/(&7 $UHDGH7UDEDMR (MHPSOR 6(/(&7$ x R 6(/(&7&OLHQWHV 3DUDHVWDEOHFHUHOtQGLFHGH7UDEDMR 6(725'(5721RPEUHGHO,QGLFH (MHPSOR 6(725'(572QRPEUH 3DUDQRXWLOL]DUQLQJ~QtQGLFHGH7UDEDMR 6(725'(572 &XUVRGH9LVXDO)R[3UR x x x /HRQDUGR'DQLHO9HOi]TXH])XHQWHV 3DUDHVWDEOHFHU)LOWURVGH&RQGLFLyQ 6(7),/7(572 &RQGLFLyQGHO)LOWUR (MHPSORV 6(7),/7(572VXHOGR! 6(7),/7(572VXHOGR! DQGVXHOGR 6(7),/7(572VXHOGR RUVXHOGR 6(7),/7(572GHSWR!³´DQGVXHOGR RUVXHOGR 3ULPHURVHHYDO~DQODVTXHHVWiQHQSDUpQWHVLV\GHVSXpVODVTXHHVWiQIXHUD 3DUDEXVFDULQIRUPDFLyQVLQtQGLFHDFWLYR /2&$7( )25FRQGLFLyQGHE~VTXHGD (MHPSOR /2&$7()25QXPHURBHPSOHDGR ³´ 3DUDEXVFDULQIRUPDFLyQFRQXQtQGLFHDFWLYR 6((. LQIRUPDFLyQDEXVFDUYDULDEOHQXPHURRFDGHQDGHWH[WR (MHPSORV 6((.³´ 6((. QXPBHPSOHDGR 6((. 3DUDHVWRKDGHKDEHUXQtQGLFHDFWLYRFRQ6(725'(572RKDEHUDELHUWRODWDEODFRQ ODRSFLyQ25'(57$*QRPEUHGHOtQGLFH x ([DPLQDUODLQIRUPDFLyQ %52:6( (MHPSORV 86(HPSOHDGR %52:6( 2 %52:6(),(/'6FODYHQRPEUHVXHOGR DTXtVHRPLWLyHOGHSWR 2 %52:6()25GHSWR ³´ VRORHVHGHSWR $TXtVHSXHGHQXWLOL]DUXQDPH]FODGHWRGDV &XUVRGH9LVXDO)R[3UR x /HRQDUGR'DQLHO9HOi]TXH])XHQWHV /LVWDUUHJLVWURVHQ3DQWDOOD /,67 >&DPSRV@RSFLRQDO (MHPSORV /,67 /,67FODYHQRPEUHVXHOGR /,67)25GHSWR ³´ /,672)) /LVWDWRGRVORVFDPSRVHQ3DQWDOOD /LVWDVRORHVRV&DPSRV /LVWDVRORORVGHHVHGHSWR /LVWDUVLQHOQXPHURGHUHJLVWUR $TXt VH SXHGHQ XWLOL]DU XQD PH]FOD GH WRGDV OD ~QLFD GHVYHQWDMD HV TXH VL VRQ GHPDVLDGRVUHJLVWURVORVOLVWDSHURQRKDFHSDXVDSDUDTXHSXHGDVOHHUORVVLQRTXH ORVGHVSOLHJDWRGRV\UHFRUUHORVSULPHURUHJLVWURVKDFLDDUULED\\DQRVHSXHGHQYHU x x /LVWDUUHJLVWURVKDFLDODLPSUHVRUD ,JXDOTXHODDQWHULRUVRORTXHDOILQDOGHODLQVWUXFFLyQVHOHDJUHJD7235,17 (MHPSOR /,672))FODYHQRPEUHVXHOGR7235,17 'HVSOHJDUUHJLVWURVHQ3DQWDOOD 3DUDHVWRVRORVHVXVWLWX\HODLQVWUXFFLyQ/,67 SRU',63/$< &RQ HVWR WLHQHV OD YHQWDMD GH TXH FXDQGR VH OODPD OD SDQWDOOD GH UHJLVWURV HO 9LVXDO )R[3URKDFHXQD3DXVDSDUDTXHORVSXHGDVOHHU\GHVSXpVFRQWLQXDU x 0RGLILFDUOD(VWUXFWXUDGHXQD7DEOD x 'HVSOHJDUHQ3DQWDOODR,PSUHVRUDOD(VWUXFWXUDGHXQD7DEOD 02',)<6758& ',63/$<6758& 2 ',63/$<6758&7235,17 &XUVRGH9LVXDO)R[3UR 2SHUDGRUHV$ULWPpWLFRV 6XPD 0XOWLSOLFDFLyQ 5HVWD 'LYLVLyQ 2SHUDGRUHV/yJLFRV ! ! ! ,JXDOGDG 0D\RUTXH 0HQRUTXH 0D\RUR,JXDOTXH 0HQRURLJXDOTXH 'LIHUHQWH 25 &RQGLFLyQOyJLFD ³2´ $1'&RQGLFLyQOyJLFD³<´ 127 &RQGLFLyQOyJLFDGH1HJDFLyQ /HRQDUGR'DQLHO9HOi]TXH])XHQWHV &XUVRGH9LVXDO)R[3UR /HRQDUGR'DQLHO9HOi]TXH])XHQWHV &UHDU5HSRUWHV 3DUD FUHDU XQ UHSRUWH SULPHUR GHEHV LU DO $GPLQLVWUDGRU GH 3URJUDPDV GHVSXpV VHOHFFLRQD OD SDJLQD 'RFXPHQWRV \ GHVSXpV VHOHFFLRQDU OD RSFLyQ ,QIRUPHV \ GDU &OLFNHQHOERWyQ1XHYRFRPRVHPXHVWUDHQOD6LJ)LJXUD 'RFXPHQWRV ,QIRUPHV 'HVSXpVGHKDEHUGDGRFOLFNVREUHHOERWyQ1XHYRQRVGHEHDSDUHFHUODVLJ3DQWDOOD GRQGH QRV SUHJXQWD TXH VL GHVHDPRV XVDU HO $VLVWHQWH R XQ 5HSRUWH HQ %ODQFR (OHJLUHPRV %ODQFR 3DUD TXH GHVSXpV QRV DSDUH]FD OD 3DQWDOOD GHO 'LVHxDGRU GH ,QIRUPHVFRPRVHPXHVWUDHQODVLJ)LJXUD &XUVRGH9LVXDO)R[3UR /HRQDUGR'DQLHO9HOi]TXH])XHQWHV &RQWUROHVGH ,QIRUPHV 7LWXOR$SDUHFH VRORHQOD +HUUDPLHQWDV SDUD,QIRUPHV (QFDEH]DGR GH3DJLQD 'HWDOOH6H HVSHFLILFDQORV FDPSRVGHODWDEOD 6XPDULR$SDUHFH HQODXOWLPD 3LHGH 3DJLQD (QWRUQRGH 'DWRV /RVLQIRUPHVPXHVWUDQGDWRV\UHVXPHQGDWRVHQXQIRUPXODULRLPSUHVRRHQSDQWDOOD /RVGRVFRPSRQHQWHVSULQFLSDOHVGHORVLQIRUPHVVRQORVGDWRV\HOIRUPDWR/DIXHQWH GHGDWRVGHOLQIRUPHSXHGHVHUXQDWDEODGHEDVHGHGDWRXQDFRQVXOWDRXQDYLVWD (OSULPHUSDVRSDUDGLVHxDUXQLQIRUPHHVGHWHUPLQDUORVGDWRVTXHVHYDQDPRVWUDU\ HOVHJXQGRSDVRHVGHWHUPLQDUFXiOYDDVHUHOPHMRUIRUPDWRSDUDPRVWUDUHVHLQIRUPH 3XHGHFUHDUOLVWDGRVTXHVHEDVHQHQXQD~QLFDWDEODRHQLQIRUPHVFRPSOHMRV (O *HQHUDGRU GH ,QIRUPHV HV XQD KHUUDPLHQWD IOH[LEOH \ GH IiFLOXVR SDUD OD FUHDFLyQ GLVHxR\PRGLILFDFLyQGHLQIRUPHV &XUVRGH9LVXDO)R[3UR /HRQDUGR'DQLHO9HOi]TXH])XHQWHV 3DVRVSDUD&UHDFLyQGH,QIRUPHV 6HOHFFLyQGHORVGDWRV (VWDHVODSDUWHPiVLPSRUWDQWHGHOLQIRUPHODVHOHFFLyQGHGDWRVKD\TXHVDEHUTXp HVORTXHTXLHUHHOXVXDULRRTXHHOXVXDULRPXHVWUHHOGLVHxRGHOLQIRUPHTXHGHVHD SDUDFRPHQ]DUDWUDEDMDU /RV GDWRV SXHGHQ VHU VLPSOHV XWLOL]DQGR XQD VROD WDEOD FRPR OLVWDGRV GH UHJLRQHV OLVWDGRGHGHSDUWDPHQWRVHQWUHRWURVRSXHGHQVHUDOJRPiVFRPSOHMRVXWLOL]DQGRPDV GHXQDWDEOD(MHPSOR5HSRUWHVDJUXSDGRVUHSRUWHVFRQVROLGDGRVHWF (MHPSOR /LVWDGRV (M/LVWDGRVGH7RSLFV LG 'HVFULSFLyQ 1HJRFLRV &LHQFLD )LFFLyQ 3DVRVSDUDFUHDUHO(QWRUQRGH'DWRV 6HOHFFLRQDU HO ERWyQ (QWRUQR GH 'DWRV GH OD EDUUD GH KHUUDPLHQWDV 'LVHxDGRU GH ,QIRUPHV R KDFHU FOLFN FRQ HO ERWyQ GHUHFKR GHO PRXVH VREUH FXDOTXLHU iUHD GHO GLVHxDGRU GH UHSRUWHV \ VHOHFFLRQDU OD RSFLyQ (QWRUQR GH 'DWRV DO KDFHU HVWR DSDUHFHUi OD YHQWDQD GH (QWRUQR GH 'DWRV GRQGH GHEHUi KDFHU FOLFN FRQ HO ERWyQ GHUHFKR VREUH OD YHQWDQD GHO (QWRUQR GH 'DWRV \ VHOHFFLRQDU OD RSFLyQ DJUHJDU HV HQWRQFHV FXDQGR DSDUHFHUi OD YHQWDQD GRQGH VHOHFFLRQDUHPRV ODV WDEODV D XWLOL]DU HQHOUHSRUWHFRPRVHPXHVWUDHQODVLJ)LJXUD %DVHGH'DWRVD XWLOL]DU 7DEODVR9LVWDV DXWLOL]DU &XUVRGH9LVXDO)R[3UR /HRQDUGR'DQLHO9HOi]TXH])XHQWHV 8QD YH] HVFRJLHQGR ODV 7DEODV \ KDELHQGR KHFKR FOLFN HQ HO ERWyQ DJUHJDU SDUD FDGD XQD GH ODV WDEODV TXH YDPRV D XVDU HQ HO (QWRUQR GH 'DWRV DSDUHFHUi ODV 7DEODVTXHVHHVFRJLHURQFRPRVHPXHVWUDHQODVLJ)LJXUD 3DUDHVWDEOHFHUOHXQRUGHQtQGLFHDOD7DEODVHOHFFLRQDGDGHEHVKDFHUFOLFNFRQHQHO ERWyQ3URSLHGDGHVGHODEDUUDGHKHUUDPLHQWDV'LVHxDGRUGH,QIRUPHV RFRQHOERWyQ GHUHFKR GHO PRXVH VREUH OD 7DEOD TXH GHVHDV \ VHOHFFLRQDU OD RSFLyQ 3URSLHGDGHV XQD YH] KDFLHQGR HVWR DSDUHFHUi OD YHQWDQD GH 3URSLHGDGHV GH HVD 7DEOD FRPR VH PXHVWUDHQOD6LJ)LJXUD 6HOHFFLRQDU,QGLFH 6HOHFFLRQDU2UGHU &XUVRGH9LVXDO)R[3UR /HRQDUGR'DQLHO9HOi]TXH])XHQWHV %DUUDGH&RQWUROHVGH,QIRUPHV 6HOHFFLRQDU2EMHWR 6HOHFFLRQDUXQREMHWRGHQWURGHOUHSRUWHSDUDPRYHUORRPRGLILFDURWURVGDWRV +HUUDPLHQWDSDUD7H[WR 6HOHFFLRQDUXQREMHWRFRORFDGRGHQWURGHO5HSRUWH +HUUDPLHQWD&DPSR $JUHJDURPRGLILFDUFDPSRVGHXQDWDEODDXQUHSRUWH +HUUDPLHQWDSDUD/LQHDV 'LEXMDUOLQHDV+RUL]RQWDOHVR9HUWLFDOHVGHQWURGHOUHSRUWH +HUUDPLHQWDSDUDFXDGURV 'LEXMDUUHFWiQJXORVGHQWURGHOUHSRUWH +HUUDPLHQWDSDUD&tUFXORVR(OLSVHV 'LEXMDU&tUFXORVR(OLSVHVGHQWURGHOUHSRUWH +HUUDPLHQWDSDUDEORTXHDUORVREMHWRV 3DUD SHUPLWLU R QR SHUPLWLU TXH VH PRGLILTXH OD SRVLFLyQ GH ORV REMHWRV FRQWHQLGRV GHQWURGHOUHSRUWH &XUVRGH9LVXDO)R[3UR /HRQDUGR'DQLHO9HOi]TXH])XHQWHV &RPRXVDUORV&RQWUROHVGH,QIRUPHV 7H[WR 6HOHFFLRQDUODKHUUDPLHQWD7H[WRGHOD%DUUDGHKHUUDPLHQWDV\GHVSXpVKDFHU FOLFN HQ HO OXJDU \ VHFFLyQ GHO UHSRUWH TXH VH GHVHD \ HVFULELU HO WH[WR FRPR VH PXHVWUDHQODVLJ)LJXUD (VFULELUHO7H[WR +HUUDPLHQWD 7H[WR 6L GHVHDV GDU IRUPDWR D HVWH WH[WR HV GHFLU SRQHUOR HQ QHJULWDV SRU HMHPSOR GHEHV VHOHFFLRQDUHOPHQ~)RUPDWR!)XHQWH 3DUDHGLWDUHOXQ7H[WRGHQWURGHXQUHSRUWHGHEHVVHOHFFLRQDUODKHUUDPLHQWD7H[WR\ KDFHUFOLFNHQHOWH[WRDPRGLILFDU $JUHJDU &DPSR 6HOHFFLRQDU OD KHUUDPLHQWD &DPSR GH OD EDUUD GH KHUUDPLHQWDV \ GHVSXpVKDFHUFOLFNHQHOOXJDUGRQGHGHVHDVTXHDSDUH]FDHVHFDPSRXQDYH]GDQGR FOLFN HQ HO OXJDU GHVHDGR DSDUHFHUi OD VLJ 3DQWDOOD GRQGH HOHJLUHPRV HO FDPSR TXH GHVHDPRVGHOD7DEODFRPRVHPXHVWUDHQODVLJILJXUD &XUVRGH9LVXDO)R[3UR /HRQDUGR'DQLHO9HOi]TXH])XHQWHV &DPSRD PRVWUDU )RUPDWRGH 6DOLGD 6LGHVHDVSRUHMHPSORSRQHUHQQHJULWDVXQFDPSRYHDOPHQ~)RUPDWR!)XHQWH 3DUD PRGLILFDU XQ FDPSR EDVWD FRQ KDFHU GREOH FOLFN VREUH HO FDPSR \ DSDUHFHUi OD YHQWDQDDQWHULRUPHQWHPRVWUDGD $JUHJDU&DPSR*HQHUDGRUGH([SUHVLRQHV&XDQGRODQHFHVLGDGHVPRVWUDUSRU HMHPSOR GRV FDPSRV MXQWRVR pO FDOFXOR HQWUH GRV FDPSRV QXPpULFRVVH GHEH KDFHU FOLFNVREUHHOERWyQTXHVHHQFXHQWUDDXQODGRGHOFXDGURGHWH[WR([SUHVLyQ FRPRVH PXHVWUDHQODVLJ)LJXUD %RWyQ*HQHUDGRU GH([SUHVLRQHV 8QD YH] KDELHQGR KHFKR FOLFN VREUH HVWH ERWyQ GHEHUi DSDUHFHU OD YHQWDQD GHO *HQHUDGRUGH([SUHVLRQHVFRPRVHPXHVWUDHQODVLJ)LJXUD &XUVRGH9LVXDO)R[3UR /HRQDUGR'DQLHO9HOi]TXH])XHQWHV ([SUHVLyQD ,PSULPLU )XQFLRQHV TXHSXHGHV XWLOL]DU &DPSRV GHOD7DEOD 9DULDEOHV GHO6LVWHPD $JUHJDU &DPSR &DOFXODGR &XDQGR WLHQHV OD QHFHVLGDG GH PRVWUDU SRU HMHPSOR WRWDOHVDOILQDOGHOUHSRUWH3DUDDJUHJDUXQFDPSRFDOFXODGRGHEHVDJUHJDUXQFDPSR QXHYR R VHOHFFLRQDU HO FDPSR TXH TXLHUHV TXH VHD FDOFXODGR\DSDUHFHUiODYHQWDQD GH([SUHVLRQHVGH,QIRUPHVGRQGHVHSRQtDHOQRPEUHGHOFDPSR\HOIRUPDWRDOOtHQ HVD YHQWDQD KD\ XQ ERWyQ TXH GLFH &iOFXORV DO KDFHU FOLFN HQ HVH ERWyQ WH GHEH DSDUHFHUODYHQWDQD&DOFXODU&DPSRFRPRVHPXHVWUDHQODVLJ)LJXUD &XDQGRHPSLH]DD FDOFXODUGHQXHYR )XQFLyQD 5HDOL]DU &XUVRGH9LVXDO)R[3UR /HRQDUGR'DQLHO9HOi]TXH])XHQWHV %DQGDGH5HVXPHQ /DEDQGDGHUHVXPHQHVODTXHVHXVDSDUDPRVWUDUWRWDOHVDO ILQDOGHOUHSRUWH\SRUORWDQWRVRORVHLPSULPHHQODXOWLPDKRMD3RUGHIDXOWFXDQGRVH GLVHxDXQUHSRUWHHQ9LVXDO)R[3URQRDSDUHFHODEDQGDGHUHVXPHQHVWDVHDJUHJD HQHOPHQ~,QIRUPH!7LWXOR5HVXPHQHQWRQFHVDSDUHFHODYHQWDQD7LWXOR5HVXPHQ GRQGHGHEHVPDUFDUODEDQGDTXHGHVHDVTXHVHDJUHJXHDOUHSRUWHXQDYH]KDELHQGR HOHJLGR OD EDQGD GH UHVXPHQ VH GHEH DJUHJDU D WX GLVHxDGRU GH UHSRUWHV FRPR VH PXHVWUDHQODVLJ)LJXUD $TXtYDQ FDPSRV FDOFXODGRV *XDUGDUXQ5HSRUWH 3DUD JXDUGDU XQ UHSRUWH KD\ TXH KDFHU FOLFN VREUH HO ERWyQ GH *XDUGDU TXH VH HQFXHQWUDHQODEDUUDGHKHUUDPLHQWDV(VWiQGDURLUDOPHQ~$UFKLYR!*XDUGDU8QD YH]KHFKRHVWRDSDUHFHUiODSDQWDOODGHJXDUGDUDUFKLYR /RV5HSRUWHVVHJXDUGDQFRQODH[WHQVLyQ)5;8QDYH]JXDUGDGRHOUHSRUWHHVWHVH DJUHJDUDDO$GPLQLVWUDGRUGHSUR\HFWRVHQOD3DJLQD'RFXPHQWRVVHFFLyQ,QIRUPHV 3DUDYHUXQDYLVWD3UHOLPLQDUGHOUHSRUWHKD\TXHKDFHUFOLFNVREUHHOERWyQ &XUVRGH9LVXDO)R[3UR /HRQDUGR'DQLHO9HOi]TXH])XHQWHV 9LVWD 3UHOLPLQDU GH OD EDUUD GH KHUUDPLHQWDV (VWiQGDU R ELHQ LU DO PHQ~ $UFKLYR ! 9LVWD 3UHYLD R HQ RWUR FDVR LU DO $GPLQLVWUDGRU GH 3UR\HFWRV VHOHFFLRQDU HO UHSRUWH \ KDFHU FOLFN HQ HO ERWyQ 9LVWD 3UHYLD (Q FXDOTXLHUD GH ORV FDVRV GHEH DSDUHFHU OD 9HQWDQD GH 9LVWD 3UHOLPLQDU SDUD HO UHSRUWHVHOHFFLRQDGRFRPR VHPXHVWUDHQODVLJ )LJXUD %RWRQ3UHOLPLQDU ,PSULPLU 1DYHJDFLyQ GH3DJLQDV 6DOLU $FHUFDPLHQWR ]RRP (MHUFLFLR x &UHDU XQ UHSRUWH VHQFLOOR GH FDGD XQD GH ODV WDEODV GHO SUR\HFWR XWLOL]DQGR ODV KHUUDPLHQWDVH[SOLFDGDVHQHVWHFDSLWXOR &XUVRGH9LVXDO)R[3UR /HRQDUGR'DQLHO9HOi]TXH])XHQWHV $VLVWHQWHSDUD5HSRUWHV (ODVLVWHQWHSDUDUHSRUWHVHVXQDRSFLyQODFXDOQRVSHUPLWHFUHDUXQUHSRUWHSRUPHGLR GHODVLVWHQWHHOFXDOQRVJXtDDWUDYpVGHXQDVHULHGHSDVRV3DUDFUHDUXQUHSRUWHD WUDYpVGHODVLVWHQWHORSXHGHVKDFHUKDFLHQGRFOLFNVREUHHOERWyQ,QIRUPHVHQODEDUUD GH KHUUDPLHQWDV (VWiQGDU R VHOHFFLRQDQGR OD SDJLQD 'DWRV GHO $GPLQLVWUDGRU GH 3UR\HFWRVVHOHFFLRQDQGRODRSFLyQLQIRUPHV\GHVSXpVGDQGRFOLFNHQHOERWyQ1XHYR \ 9LVXDO )R[3UR WH SUHJXQWDUD VL GHVHDV XQ UHSRUWH HQ EODQFR R TXLHUHV XWLOL]DU HO DVLVWHQWH (QFXDOTXLHUDGHORVGRVFDVRVDSDUHFHUiODYHQWDQDGRQGHVHOHFFLRQDUDQHO$VLVWHQWH SDUDHO7LSRGH5HSRUWHTXHGHVHDQXWLOL]DUFRPRVHPXHVWUDHQODVLJILJXUD 7LSRGH $VLVWHQWH $VLVWHQWHSDUD,QIRUPHV&RQHVWHDVLVWHQWHVHSXHGHJHQHUDUXQUHSRUWHVHQFLOORGH XQDVRODWDEODSRUHMHPSORGHODWDEODGH7HPDV7RSLFV $VLVWHQWHSDUDLQIRUPHVGHJUXSRVWRWDOHV&RQHVWHDVLVWHQWHSXHGHVFUHDUUHSRUWHV DJUXSDGRVFRQVXEWRWDOHVSRUJUXSRSRUHMHPSORFXDQWRVOLEURVKD\GHFDGD&DWHJRUtD FRQWRWDOHVSRUFDWHJRUtD $VLVWHQWHSDUD LQIRUPHV GH XQR D YDULRV &RQ HVWH DVLVWHQWH SXHGHV FUHDU UHSRUWHV SRUHMHPSORGHXQ$XWRUFRQVXVOLEURVHVFRPRHQODVUHODFLRQHVD PXFKRV &XUVRGH9LVXDO)R[3UR /HRQDUGR'DQLHO9HOi]TXH])XHQWHV 3DVRVSDUD8WLOL]DUHO$VLVWHQWHSDUD,QIRUPHV <DXQDYH]DFWLYDGRHO$VLVWHQWH\KDELHQGRVHOHFFLRQDGRSRUHMHPSORODSULPHUDRSFLyQ TXH HV $VLVWHQWH SDUD ,QIRUPHV \ GDQGR DFHSWDU QRV GHEH DSDUHFHUi XQD YHQWDQD GRQGHVHOHFFLRQDUHPRVOD %DVHGH'DWRVOD7DEOD\ORVFDPSRVTXHTXHUHPRVHQHO UHSRUWHFRPRVHPXHVWUDHQODVLJILJXUD 6HOHFFLRQDU %DVHGH 'DWRV 6HOHFFLRQDU 7DEOD &DPSRVGHOD 7DEOD 6HOHFFLRQDU &DPSRV 8QDYH]KDELHQGRVHOHFFLRQDGROD%DVHGH'DWRVOD7DEOD\ORV&DPSRVTXHGHVHDV TXHDSDUH]FDQHQHOUHSRUWHGHEHUiVKDFHUFOLFHQHOERWyQ6LJXLHQWH\DSDUHFHUiXQD YHQWDQDGRQGHHOHJLUHPRVHOHVWLORGHOUHSRUWHGRQGHWHQHPRVRSFLRQHVGLVSRQLEOHV FRPRVHPXHVWUDHQODVLJILJXUD &XUVRGH9LVXDO)R[3UR /HRQDUGR'DQLHO9HOi]TXH])XHQWHV 8QDYH]KDELHQGRVHOHFFLRQDGRHO(VWLORGHSUHVHQWDFLyQSDUDHO5HSRUWHGHEHVKDFHU FOLFNHQHOERWyQ6LJXLHQWHHQWRQFHVQRVDSDUHFHUiXQDYHQWDQDGRQGHHOHJLUHPRVHO 'LVHxRSDUDHO5HSRUWHFRPRVHPXHVWUDHQODVLJILJXUD 8QDYH]KDELHQGRVHOHFFLRQDGRHO'LVHxRSDUDHOUHSRUWHGHEHVKDFHUFOLFNHQHOERWyQ 6LJXLHQWH HQWRQFHV QRV DSDUHFHUi XQD YHQWDQD GRQGH VH QRV SUHJXQWDUD SRUTXH FDPSRVHTXLHUHRUGHQDUHOUHSRUWHFRPRVHPXHVWUDHQODVLJILJXUD &XUVRGH9LVXDO)R[3UR /HRQDUGR'DQLHO9HOi]TXH])XHQWHV 8QDYH]KDELHQGRVHOHFFLRQDGRHORORVFDPSRVSRUORVFXDOHVVHRUGHQDUDHOUHSRUWH GHEHV KDFHU FOLFNVREUHHOERWyQ6LJXLHQWH\DSDUHFHUiODYHQWDQDILQDOGHODVLVWHQWH GRQGH QRV GD YDULDV RSFLRQHV SDUD JXDUGDU HO UHSRUWH FRPR VH PXHVWUD HQ OD VLJ ILJXUD 8QDYH]VHOHFFLRQDGDODRSFLyQGHVHDGDSDUDJXDUGDUHOUHSRUWHKD\TXHKDFHUFOLFNHQ HOERWyQ)LQDOL]DU SDUDTXHJXDUGHHOUHSRUWHFRQHOQRPEUH TXHVHOHGLR\ORDJUHJXp DODSDJLQD'RFXPHQWRVVHFFLyQLQIRUPHV (MHUFLFLR x &UHDUUHSRUWHVGHFDGDXQDGHODVWDEODVGHOSUR\HFWRXWLOL]DQGRHO$VLVWHQWHSDUD ,QIRUPHVVLJXLHQGRORVSDVRVH[SOLFDGRVHQHVWH&DSLWXOR &XUVRGH9LVXDO)R[3UR /HRQDUGR'DQLHO9HOi]TXH])XHQWHV &RPDQGRVSDUDPDQLSXODUORV5HSRUWHV x x x x 0RGLILFDUXQUHSRUWH 0RGLI\5HSRUWQRPEUHGHOUHSRUWH (MHPSOR 0RGLI\5HSRUWDXWKRUV ,PSULPLUXQ5HSRUWH 5HSRUW)RUPQRPEUHGHOUHSRUWHWR3ULQW (MHPSOR 5HSRUW)RUP DXWKRUV WRSULQW 9HUUHSRUWHHQ9LVWD3UHOLPLQDU 5HSRUW)RUPDXWKRUVSUHYLHZ (MHPSOR 5HSRUW)RUPDXWKRUVSUHYLHZ ,PSULPLU5HSRUWH± TXHSUHJXQWHODVRSFLRQHVGHLPSUHVLyQ 5HSRUW)RUPQRPEUHGHOUHSRUWHSURPSW (MHPSOR 5HSRUW)RUPDXWKRUVSURPSW x 5HSRUWHFRQFRQGLFLyQ 5HSRUW)RUPQRPEUHGHOUHSRUWHIRUFRQGLFLyQ (MHPSOR 5HSRUW)RUPHPSOHDGRIRUGHSWR ³´ &XUVRGH9LVXDO)R[3UR /HRQDUGR'DQLHO9HOi]TXH])XHQWHV &UHDU9HQWDQDV 3DUD FUHDU XQD YHQWDQD SULPHUR GHEHV LU DO $GPLQLVWUDGRU GH 3URJUDPDV GHVSXpV VHOHFFLRQDODSDJLQD'RFXPHQWRV\GHVSXpVVHOHFFLRQDUODRSFLyQ)RUPXODULRV \GDU &OLFNHQHOERWyQ1XHYRFRPRVHPXHVWUDHQOD6LJ)LJXUD 'RFXPHQWRV )RUPXODULRV )RUPXODULRV6HQFLOORV 8Q)RUPXODULR6HQFLOORHVHOTXHHVUHDOL]DGRJHQHUDOPHQWHXWLOL]DQGRXQDVRODWDEOD 8Q HMHPSOR WtSLFR GH IRUPXODULRV VHQFLOORV VRQ ODV SDQWDOODV GH ORV FDWiORJRV GH XQ 6LVWHPD TXH VRODPHQWH WLHQHQ OD IXQFLyQ GH UHJLVWUDU PRGLILFDU HOLPLQDU \ FRQVXOWDU GDWRVGHXQDWDEOD 3RUHMHPSORYDPRVDFRQVWUXLUXQDIRUPDVHQFLOODXWLOL]DQGRHO:L]DUGGH9LVXDO)R[SUR &XUVRGH9LVXDO)R[3UR /HRQDUGR'DQLHO9HOi]TXH])XHQWHV $VLVWHQWHSDUD)RUPXODULRV 3DUDFUHDUXQIRUPXODULRFRQHO$VLVWHQWHSDUD)RUPXODULRVSULPHURVHGHEHKDFHUFOLFN VREUHHOERWyQ)RUPXODULRV TXHVHHQFXHQWUDHQODEDUUDGHKHUUDPLHQWDV(VWiQGDUR VHOHFFLRQDU HQ HO $GPLQLVWUDGRU GH 3UR\HFWRV OD SDJLQD 'DWRV \ GHVSXpV OD RSFLyQ )RUPXODULRV\SRVWHULRUPHQWHKDFHUFOLFNHQHOERWy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i]TXH])XHQWHV 3DVRVSDUD8WLOL]DUHO$VLVWHQWHSDUD)RUPXODULRV <DXQDYH]DFWLYDGRHO$VLVWHQWH\KDELHQGRVHOHFFLRQDGRSRUHMHPSORODSULPHUDRSFLyQ TXHHV$VLVWHQWHSDUDIRUPXODULRV\GDQGRDFHSWDUGHEHDSDUHFHUXQDYHQWDQDGRQGH VHVHOHFFLRQDOD%DVHGH'DWRVOD7DEOD\ORVFDPSRVTXHVHGHVHDQHQHOIRUPXODULR FRPRVHPXHVWUDHQODVLJILJXUD 6HOHFFLRQDU %DVHGH 'DWRV 6HOHFFLRQDU 7DEOD &DPSRVGH OD7DEOD 6HOHFFLRQDU &DPSRV 8QDYH]KDELHQGRVHOHFFLRQDGROD%DVHGH'DWRVOD7DEOD\ORV&DPSRVTXHGHVHDV TXHDSDUH]FDQHQHOUHSRUWHGHEHUiVKDFHUFOLFHQHOERWyQ6LJXLHQWH\DSDUHFHUiXQD YHQWDQDGRQGHVHHOLJHHOHVWLORGHOIRUPXODULR\ORVWLSRVGHERWRQHVFRPRVHPXHVWUD HQODVLJILJXUD &XUVRGH9LVXDO)R[3UR /HRQDUGR'DQLHO9HOi]TXH])XHQWHV 8QD YH] KDELHQGRVHOHFFLRQDGR HO (VWLOR GH SUHVHQWDFLyQ SDUD HO )RUPXODULR VHGHEH KDFHU FOLFNHQ HO ERWyQ 6LJXLHQWH HQWRQFHV DSDUHFHUi XQDYHQWDQD GRQGH VH HOLJHHO FDPSRSRUHOFXDOVHTXLHUHRUGHQDUODLQIRUPDFLyQFRPRVHPXHVWUDHQODVLJILJXUD 8QD YH] KDELHQGR VHOHFFLRQDGR HO R ORV FDPSRV SRU ORV FXDOHV VH RUGHQDUD OD LQIRUPDFLyQVHGHEHKDFHUFOLFNVREUHHOERWyQ6LJXLHQWH\DSDUHFHUiODYHQWDQDILQDO GHODVLVWHQWHGRQGHKD\YDULDVRSFLRQHVSDUDJXDUGDUHO)RUPXODULRFRPRVHPXHVWUD HQODVLJILJXUD 8QDYH]VHOHFFLRQDGDODRSFLyQGHVHDGDSDUDJXDUGDUHOIRUPXODULRKD\TXHKDFHUFOLFN HQ HO ERWyQ )LQDOL]DU SDUD TXH JXDUGH HO IRUPXODULR FRQ HO QRPEUH TXH VH OH GLR \ OR DJUHJXpDODSDJLQD'RFXPHQWRVVHFFLyQ)RUPXODULRV (MHUFLFLR&UHDUXQIRUPXODULRSDUDODWDEODGH7RSLFVXWLOL]DQGRHO$VLVWHQWHVLJXLHQGR ORVSDVRVH[SOLFDGRVHQHVWH&DSLWXOR &XUVRGH9LVXDO)R[3UR /HRQDUGR'DQLHO9HOi]TXH])XHQWHV (O'LVHxDGRUGH)RUPXODULRV (O GLVHxDGRU GH IRUPXODULRV HV HO OXJDU GRQGH UHDOPHQWH VH OOHYD D FDER OD SURJUDPDFLyQ FRPR \D VH KD GLFKR DTXt HV GRQGH VH XWLOL]DQ ORV REMHWRV YLVXDOHV FRQWUROHV D ORV FXDOHV FDGD XQR WLHQH VXV SURSLHGDGHV FDUDFWHUtVWLFDV \ HYHQWRV +D\ HYHQWRV TXH VRQ FRPXQHV SDUD OD PD\RUtD GH ORV REMHWRV FRQWUROHV FRPR SRU HMHPSORHO&/,&.RHO0286(029(SRUPHQFLRQDUDOJXQRV 3DUDFUHDUXQIRUPXODULRVLQORVDVLVWHQWHVSULPHURVHGHEHLUDODSDJLQD'RFXPHQWRV HOHJLUODRSFLyQIRUPXODULRV\KDFHUFOLFNVREUHHOERWyQ1XHYRSRVWHULRUPHQWHDHVWR 9LVXDO )R[3UR SUHJXQWDUD VL GHVHDV XWLOL]DU HO DVLVWHQWH R XQ IRUPXODULR HQ EODQFR (Q HVWH FDVR VHUi XQ IRUPXODULR HQ EODQFR DO KDFHU HVWR GHEH DSDUHFHU HO 'LVHxDGRU GH )RUPXODULRVFRPRVHPXHVWUDHQODVLJ)LJXUD %DUUDGH +HUUDPLHQWDVGH )RUPXODULR 2EMHWRVR&RQWUROH V GLVSRQLEOHVSDUDHO 'HVDUUROOR $UHDGHWUDEDMR SDUDHO)RUPXODULR YHQWDQD 9HQWDQDSDUDORV 3URSLHGDGHVGH ORVREMHWRV &XUVRGH9LVXDO)R[3UR /HRQDUGR'DQLHO9HOi]TXH])XHQWHV +HUUDPLHQWDV GH )RUPXODULR (VWDV KHUUDPLHQWDV VH XWLOL]DQ SDUD DFWLYDU DOJXQDV RSFLRQHV FXDQGR VH HVWD GLVHxDQGR HO IRUPXODULR 6H XVD SDUD DFWLYDU OD YHQWDQD GH 3URSLHGDGHVODYHQWDQDGHO(QWRUQRGH'DWRVRSDUDYHUHOFyGLJRGHDOJ~QREMHWR )RUPXODULR$TXtHVGRQGHVHGLEXMDQWRGRVORVFRQWUROHVTXHVHYDXWLOL]DU\DTXHHO IRUPXODULR HQ VL HV XQ FRQWHQHGRU /D GLIHUHQFLD FRQ HO JHQHUDGRU GH SDQWDOODV GH )R[3UR SDUD '26 R :LQGRZV HV TXH DTXt SXHGHV R QR SXHGHV OLJDU ORV FRQWUROHV D FDPSRV GH XQD WDEOD GDQGR PD\RU SRWHQFLD DGHPiV GH TXH VH SXHGHQ FDPELDU ODV SURSLHGDGHVGHFDGDXQR %DUUDGH&RQWUROHV$TXtVHHQFXHQWUDQWRGRVORVFRQWUROHVGLVSRQLEOHVSDUDSRGHUVHU XWLOL]DGRV HQ ORV IRUPXODULRV HQWUH HOORV VH HQFXHQWUDQ ORV VLJ %RWyQ /LVWDV /LVWDV GHVSOHJDEOHV ,PDJHQ (WLTXHWDV GH 7H[WR &DMD GH 7H[WR OtQHD VLPSOH &DMD GH WH[WR PXOWLOLQHDHWF 9HQWDQDGH3URSLHGDGHV$TXtHVGRQGHVHFDPELDQODVSURSLHGDGHVGHORVFRQWUROHV HVWiQYDUtDQVHJ~QHOFRQWUROTXHVHHQFXHQWUHVHOHFFLRQDGRDOKDEODUGHSURSLHGDGHV KD\ TXH GHFLU TXH WDPELpQ VH SXHGHQ FDPELDU SRU PHGLR GH SURJUDPDFLyQ GDQGR DO GHVDUUROODGRUPXFKLVLPDVYHQWDMDVFRQUHVSHFWRD)R[3UR $OJXQDVSURSLHGDGHVPDVXWLOL]DGDVRPDVFRPXQHV &DSWLRQ(VWDVHULDHOWH[WRTXHDSDUHFHHQXQ&RQWURO %DFN&RORU(VWDVHUtDHOFRORUGHIRQGRGHOFRQWURO )RUH&RORU(VWDVHUtDHOFRORUGHODOHWUDGHOFRQWURO 9LVLEOH(VWDVHUtDSDUDPRVWUDUXRFXOWDUXQFRQWURO (QDEOHG(VWDVHUtDSDUDDFWLYDURGHVDFWLYDUXQFRQWURO 1DPH(VWDVHULDHOQRPEUHTXHWHQGUtDHOFRQWUROSDUDKDFHUUHIHUHQFLDVDHO 9DOXH(VWDVHULDSDUDVDEHUHOYDORUTXHWLHQHXQFRQWUROSRUHMHPSORXQDFDQWLGDGHQ XQDFDMDGHWH[WR 0DVDGHODQWHVHWUDWDUDQDOJXQDVSURSLHGDGHVHVSHFLILFDVGHFRQWUROHV &XUVRGH9LVXDO)R[3UR /HRQDUGR'DQLHO9HOi]TXH])XHQWHV 3DVRVSDUDGLVHxDUXQ)RUPXODULR 3DUD GLVHxDU XQ IRUPXODULR SULPHUR KD\ TXH FUHDU XQ IRUPXODULR QXHYR \D HVWDQGR HO IRUPXODULRQXHYRKD\TXHDJUHJDUORVFRQWUROHVTXHVHYDQDXWLOL]DUSDUDHVWRKD\TXH VHOHFFLRQDUHOFRQWUROGHVHDGRGHODEDUUDGHFRQWUROHV\SRVWHULRUPHQWHGLEXMDUORHQHO IRUPXODULR DVLJQiQGROH HO WDPDxR GHVHDGR DUUDVWUDQGR ORV ERUGHV GHO FRQWURO TXH VH HVWDGLEXMDQGRFRPRVHPXHVWUDHQODVLJILJXUD $UUDVWUDU ERUGHV 6HOHFFLRQDU &RQWURO 3DUDFDPELDUODVSURSLHGDGHVGHOFRQWUROVHOHFFLRQDGRVHGHEHUiXWLOL]DUODYHQWDQDGH SURSLHGDGHVVLHVWDYHQWDQDQRVHHQFXHQWUDDFWLYDDEUDTXHDFWLYDUODKDFLHQGRFOLFN HQHOERWyQ3URSLHGDGHVGHODEDUUDGHKHUUDPLHQWDVGHIRUPXODULRVFRPRVHPXHVWUD HQODVLJILJXUD $FWLYDUYHQWDQD 3URSLHGDGHV &XUVRGH9LVXDO)R[3UR /HRQDUGR'DQLHO9HOi]TXH])XHQWHV &RQWUROHVSDUD)RUPXODULR 6HOHFFLRQDU (VWD HV SDUD VHOHFFLRQDU XQ FRQWURO \D VHD HQ OD EDUUD GH KHUUDPLHQWDV R HQ HO IRUPXODULR (WLTXHWD (VWH VLUYH SDUD FRORFDU WH[WR GH LQIRUPDFLyQ HQ HO IRUPXODULR VROR HQ RFDVLRQHV HVSHFLDOHVVHSRGUiFDPELDUHVGHFLUTXHDTXtQRVHSXHGHWHFOHDUWH[WRREVpUYHVHOD VLJILJXUD &XDGURGH7H[WR (VWHVLUYHSDUDFRORFDUXQDVFDMDVGHWH[WRHQODVFXDOHVVHYDDWHFOHDUODLQIRUPDFLyQ HQXQDVRODOtQHDODGLIHUHQFLDFRQODVHWLTXHWDVHVTXHFRQHVWDVLVHSXHGHPRGLILFDU HOWH[WRTXHVHHQFXHQWUDGHQWURGHHO2EVpUYHVHODVLJILJXUD &XDGURGH 7H[WR &XDGURGH(GLFLyQ (VWHFXPSOHODPLVPDIXQFLyQTXHHOFXDGURGHWH[WRFRQODGLIHUHQFLDGHTXHDTXtHV SDUDHVFULELUHQP~OWLSOHVOtQHDV &XUVRGH9LVXDO)R[3UR /HRQDUGR'DQLHO9HOi]TXH])XHQWHV %RWyQGH&RPDQGR /RVERWRQHVGHFRPDQGRVXHOHQHPSOHDUVHSDUDLQLFLDUXQHYHQWRTXHOOHYDDFDERXQD DFFLyQ FRPR FHUUDU XQ IRUPXODULR PRYHUVH D RWUR UHJLVWUR LPSULPLU XQ LQIRUPH HWF 2EVpUYHVHODVLJILJXUD *UXSRGHFRPDQGRV (VWH VH XWLOL]D SDUD FUHDU XQD VHULH GH ERWRQHV GH FRPDQGR TXH SXHGHQ PDQLSXODUVH LQGLYLGXDOPHQWHRFRPRJUXSR2EVpUYHVHODVLJILJXUD *UXSRGHRSFLRQHV (VWH VH XWLOL]D SDUD TXH VH HOLMD XQD RSFLyQ HQWUH YDULDV SRVLEOHV GHQWUR GHO JUXSR 2EVpUYHVHODVLJILJXUD &XUVRGH9LVXDO)R[3UR /HRQDUGR'DQLHO9HOi]TXH])XHQWHV &DVLOODGH9HULILFDFLyQ (VWHVHXWLOL]DSDUDDVLJQDUXQYDORUGHIDOVRRYHUGDGHUDGHSHQGLHQGRGHVLVHPDUFDR QRVHPDUFDODFDVLOOD2EVpUYHVHODVLJILJXUD &XDGURFRPELQDGR (VWHVHXWLOL]DSRQHU OLVWDGHVSOHJDEOHHQHOIRUPXODULRFRQXQDVHULHGHYDORUHVTXHDO KDFHU FOLFN VREUH HO VH GHVSOHJDUDQ VREUH HO IRUPXODULR GH HVWRV YDORUHV VROR VH HVFRJHUiXQRQRFRQIXQGLUVHFRQORVERWRQHVGHRSFLyQ2EVpUYHVHODVLJILJXUD &XDGURGH/LVWD (VWH FXPSOH FRQ OD PLVPD IXQFLyQ TXH HO FXDGURFRPELQDGR OD GLIHUHQFLD GH HVWH HV TXH QR VH WLHQH TXH KDFHU FOLFN VREUH HO SDUD TXH GHVSOLHJXH HO FRQWHQLGR VL QR TXH VLHPSUHHVWDYLVLEOH &RQWUROQXPpULFR (VWH HV FRPR XQ FXDGUR GH WH[WR FRQ OD GLIHUHQFLD GH TXH VROR DFHSWD YDORUHV QXPpULFRV\PXHVWUDGRVIOHFKDVSDUDDXPHQWDURGLVPLQXLUHOYDORU2EVpUYHVHODVLJ ILJXUD &XUVRGH9LVXDO)R[3UR /HRQDUGR'DQLHO9HOi]TXH])XHQWHV &XDGULFXOD (VWH VH XWLOL]D SDUD GHVSOHJDU OD LQIRUPDFLyQ GH WDEODV HQ FROXPQDV \ UHQJORQHV HV FRPR HO FRPDQGR %URZVH VROR TXH PXFKR PDV SRWHQWH DGHPiV GH TXH GHEH LU FRQWHQLGRHQXQIRUPXODULR2EVpUYHVHODVLJILJXUD ,PDJHQ (VWHVRORVHXWLOL]DSDUDPRVWUDULPiJHQHVHQXQIRUPXODULR &XUVRGH9LVXDO)R[3UR /HRQDUGR'DQLHO9HOi]TXH])XHQWHV (QWRUQRGH'DWRV(OHQWRUQRDOLJXDOTXHHO'LVHxDGRUGH,QIRUPHVHVHOOXJDUGRQGH VHVHOHFFLRQDQODVWDEODVFRQODVTXHYDDWUDEDMDUHQHVWHFDVRHOIRUPXODULR3DUD DFWLYDUODYHQWDQDGHOHQWRUQRGHGDWRVVHGHEHKDFHUFOLFNVREUHHOERWyQHQWRUQRGH GDWRVHQODEDUUDGHKHUUDPLHQWDVGHIRUPXODULRVRKDFHUFOLFNFRQHOERWyQGHUHFKR VREUHDOJ~QOXJDUGHOIRUPXODULR\VHOHFFLRQDUODRSFLyQHQWRUQRGHGDWRVXQDYH] KHFKRHVWRGHEHUiDSDUHFHUODYHQWDQDGHOHQWRUQRGHGDWRVODSULPHUDYH]TXHVH DFWLYDHVGHFLUTXHQRKD\QLQJXQDWDEODVHOHFFLRQDGDLQPHGLDWDPHQWHDSDUHFHUiXQD YHQWDQDGRQGHVHHOHJLUiODRODVWDEODVDXVDUFRPRVHPXHVWUDHQODVLJILJXUD (QWRUQR GH'DWRV 6HOHFFLRQDU WDEODV 3DUDDJUHJDUODRODVWDEODVDOHQWRUQRGHGDWRVEDVWDFRQVHOHFFLRQDUODWDEOD\KDFHU FOLFNVREUHHOERWyQDJUHJDUXQDYH]DJUHJDGDVODVWDEODVVHGHEHKDFHUFOLFNHQHO ERWyQFHUUDUSDUDFHUUDUODYHQWDQDGHVHOHFFLyQ\TXHVRORTXHGHDFWLYDODGHOHQWRUQR GHGDWRV &XUVRGH9LVXDO)R[3UR /HRQDUGR'DQLHO9HOi]TXH])XHQWHV &RPRVHSURJUDPDHQ9LVXDO)R[3UR (Q 9LVXDO )R[3UR QR KD\ XQD QRUPD GH SURJUDPDFLyQ D VHJXLU FRPR VH KDFH SRU HMHPSORHQ'HOSKLR&GRQGHHQXQDVHFFLyQVHGHFODUDQODVYDULDEOHVJOREDOHVHQ XQDODVIXQFLRQHVDXWLOL]DUHQRWUDODVYDULDEOHVORFDOHVSDUDFDGDSURFHGLPLHQWR\TXH FDGDYDULDEOHTXHVHYDDXVDUGHELyKDEHUVLGRGHFODUDGDDQWHVGHVXXVRDGHPiV TXH QR VH SXHGH FDPELDU VX WLSR GH GDWR VX ULJLGH] HQ OD HVWUXFWXUD GH OD SURJUDPDFLyQ TXH DXQTXH HV OD PHMRU IRUPD GH SURJUDPDU SDUD QR KDFHU PDORV KiELWRVGHSURJUDPDFLyQ/RPLVPRVXFHGHFRQOHQJXDMHVFRPR9LVXDO%DVLFGRQGHD ODVYDULDEOHVTXHVHOHVSXHGHFDPELDUHOWLSRVHOHOODPDGHWLSR9DULDQWDXQTXHHQ9% VH OH SXHGH GHFLU TXH WRGDV ODV YDULDEOHV TXH VH LQWHQWHQ XWLOL]DU KDOODQ VLGR SUHYLDPHQWHGHFODUDGDV (Q9LVXDO)R[3URODVLQVWUXFFLRQHVVHSXHGHQHVFULELUFRQVXVFXDWURSULPHUDVOHWUDVHV GHFLUTXH9LVXDO )R[3URODVUHFRQRFHSRUTXHQRKD\XQDVRODLQVWUXFFLyQTXHHPSLHFHQ FRQODVPLVPDVOHWUDVHVWRSXHGHD\XGDUPXFKRDODKRUDGHGHVDUUROODUXQVLVWHPD SHURWDPELpQSXHGHKDFHUHOFyGLJRPiVGLItFLOGHOHHUSDUDTXLHQQRHVWHDFRVWXPEUDGR DHVWHHVWLOR GHSURJUDPDFLyQ 7LSRV'DWRVSDUD9DULDEOHV 1XPpULFR 3DUDDOPDFHQDUYDORUHVQXPpULFRVFRPRHGDGHVRVXHOGR 6WULQJ 3DUDDOPDFHQDUYDORUHVDOIDQXPpULFRV 'DWH 3DUDDOPDFHQDUIHFKDVSRUHMHPSORODIHFKDGHQDFLPLHQWR /RJLFDO 3DUDDOPDFHQDUYDORUHVEROHDQRVYHUGDGHURRIDOVR &RPR \D VH GLMR HQ 9LVXDO )R[3UR QR KD\ WDQWD ULJLGH] D OD KRUD GH GHFODUDU \ XVDU YDULDEOHVSHURVHVLJXHFRQVHUYDQGRDOJXQDVFRVDVFRPRQRSRGHUXQLUXQDYDULDEOH 6WULQJFRQXQDYDULDEOHWLSR'DWHVLQDQWHVKDEHUFRQYHUWLGR ODYDULDEOH'DWHD6WULQJ SDUDSRGHUXQLUODV 'HFODUDFLyQGHYDULDEOHV 9DULDEOHVSXEOLFDV 38%/,&QRPEUHGHYDULDEOH 9DULDEOHVORFDOHV /2&$/QRPEUHGHYDULDEOH $O GHFODUDU YDULDEOHV S~EOLFDV R ORFDOHV QR HV QHFHVDULR SRQHU XQ 38%/,& SRU FDGD YDULDEOH VLPSOHPHQWH VH VHSDUDQ ODV YDULDEOHV SRU FRPDV SRU HMHPSOR 38%/,& QRPEUH GLUHFFLRQ WHOHIRQR $GHPiV GH HVWR VH SXHGH DSUHFLDU TXH DTXt QR VH OH HVWDEOHFLy HO WLSR GH GDWR VLPSOHPHQWH VH GLMR VL HUD SXEOLFD R ORFDO SRU OR WDQWR GHVSXpVGHKDEHUGHFODUDGRTXHWLSRGHYDULDEOHKDEUtDTXHGHFODUDUHOWLSRGHGDWR &XUVRGH9LVXDO)R[3UR /HRQDUGR'DQLHO9HOi]TXH])XHQWHV 'HFODUDFLyQGH7LSRVGH'DWRVSDUD9DULDEOHV (Q9LVXDO)R[3URKD\GRVIRUPDVGHGHFODUDUORVWLSRVGHGDWRVGHODVYDULDEOHV (VWDEOHFLHQGRXQYDORUSDUDODYDULDEOHSRUHMHPSOR 38%/,& QRPEUH 1RPEUH ³´ 6H SXHGH DSUHFLDU TXH VH OH DVLJQR XQ FDUiFWHU HQ EODQFR D HVD YDULDEOH VLQ HPEDUJRHVRQRTXLHUHGHFLUTXHQRSXHGHDOPDFHQDUFDUDFWHUHVGHORQJLWXG 8WLOL]DQGRODSDODEUDUHVHUYDGD6725(72SRUHMHPSOR 6725(VSDFH72QRPEUH $TXt VH XWLOL]D OD SDODEUD UHVHUYDGD VWRUH TXH QRV VLUYH SDUD GHFODUDU YDULDEOHV SRVWHULRUPHQWHVHXWLOL]DXQDIXQFLyQSDUDHVWDEOHFHUFXDQWRVFDUDFWHUHVGHORQJLWXG WHQGUiHVDYDULDEOHHVRQRTXLHUHGHFLUTXHQRVHSXHGDPRGLILFDUVXORQJLWXG\DO ILQDOHOQRPEUHGHODYDULDEOH7DPELpQVHSXHGHQGHFODUDUYDULDVYDULDEOHVFRQXQD ORQJLWXGHVSHFLILFDVHSDUDQGRODVYDULDEOHFRQFRPDVSRUHMHPSOR 6725(VSDFH72QRPEUHGLUHFFLRQ 6725(72 HGDGVXHOGR /LEHUDUODPHPRULDXWLOL]DGDSRUODVYDULDEOHV &XDQGR VH GHFODUDQ YDULDEOHV \ VH XVDQ HQ XQ SURJUDPD \ SRU DOJXQD UD]yQ HVDV YDULDEOHV\DQRVRQQHFHVDULDVORPDVFRQYHQLHQWHHVERUUDUODVGHPHPRULD\DTXHHQ VL 9LVXDO )R[3UR FRQVXPH PHPRULD VH GHEH WUDWDU GH WHQHU HQ PHPRULD HO PHQRU QXPHURGHYDULDEOHVDELHUWDV 5(/($6( YDULDEOHYDULDEOH (MHPSOR 5(/($6(QRPEUHGLUHFFLRQ 8QHMHPSORVHULDSRUHMHPSORDOLQLFLDUXQSURJUDPDVHGHFODUDQYDULDEOHVSDUDUHDOL]DU FLHUWRVSURFHVRVHQGRQGHVHDOPDFHQDQYDORUHVHQYDULDEOHVSHURHVDVYDULDEOHVVROR ODVXVDPRVHQHVHPRPHQWR\HQHVHSURJUDPDHMHFXWDPRVRWURSURJUDPDGHQXHVWUR VLVWHPDHQHVHPRPHQWRVHGHFODUDQPDVYDULDEOHV\DVtVXFHVLYDPHQWHHQWRQFHVVH OOHJDDXQPRPHQWRGRQGHVHWLHQHQPXFKDVYDULDEOHVHQPHPRULDTXH \DQRVHHVWiQ XWLOL]DQGRSRUHVRHVFRQYHQLHQWHTXHDOGHWHFWDUTXHHVDVYDULDEOHV\DQRWHQGUiQXQ XVR~WLOSRVWHULRUPHQWHGHGRQGHIXHURQFUHDGDVGHEHUiQVHUERUUDGDVGHPHPRULD SDUDDVtWHQHUXQPHMRUUHQGLPLHQWRHQHOVLVWHPD &XUVRGH9LVXDO)R[3UR /HRQDUGR'DQLHO9HOi]TXH])XHQWHV 6HQWHQFLDVGHFRQWURO ,)FRQGLFLyQ7+(1 (/6( (1',) 6LUYHSDUDSUHJXQWDUSRUXQYDORUTXHFXPSODXQDFRQGLFLyQ (MHPSOR ,)HGDG7+(1 :DLWZLQGRZ³(UHVPHQRUGH(GDG´ (/6( :DLW:LQGRZ³(UHV0D\RUGH(GDG´ (1',) '2&$6( &$6(FRQGLFLyQ (1'&$6( 6LUYH SDUD SUHJXQWDU SRU YDULRV SRVLEOHV YDORUHV SDUD XQD YDULDEOH R FDPSR HVWH VXVWLWX\HDO,)7+(1KDFLHQGRHOFyGLJRPDVOHJLEOH (MHPSOR '2&$6( &$6(HGDG :DLWZLQGRZ³(UHVXQQLxR´ &$6(HGDG!DQGHGDG :DLWZLQGRZ³(UHVXQDGROHFHQWH´ &$6( HGDG!DQGHGDG :DLWZLQGRZ³(UHVXQDGXOWR´ (1'&$6( &XUVRGH9LVXDO)R[3UR /HRQDUGR'DQLHO9HOi]TXH])XHQWHV )25 YDULDEOH YDORULQLFLDO 72 YDORUILQDO 1(;7YDULDEOH (MHPSOR )25FRQWDGRU 72 ,QVWUXFFLRQHVDSURFHVDU 1(;7FRQWDGRU '2:+,/(FRQGLFLyQ /223 (MHPSOR '2:+,/( FRQWDGRU ,QVWUXFFLRQHVDSURFHVDU /223 ,QVWUXFFLRQHVEiVLFDVSDUDSURJUDPDU ,PSULPLUXQYDORUHQ3DQWDOOD " YDULDEOH (MHPSOR " IHFKD " 7LPH ,PSULPLUXQYDORUHQ,PSUHVRUD """ YDULDEOH (MHPSOR """ YDULDEOH """7LPH (OLPSULPLUYDORUHVHQSDQWDOODQRVVLUYHSRUHMHPSORSDUDFRPSUREDUHOFRQWHQLGR GHYDULDEOHV &XUVRGH9LVXDO)R[3UR /HRQDUGR'DQLHO9HOi]TXH])XHQWHV &RPHQWDULRV /RV FRPHQWDULRV GHQWUR GH XQ SURJUDPD VH OHV DJUHJD XQ DQWHV GHO WH[WRLQIRUPDWLYRRFRQ DXQODGRGHODLQVWUXFFLyQDFRPHQWDU $EULUODEDVHGHGDWRV 23(1'$7$%$6(GDWRV $EULUODEDVHGHGDWRV 'HVSOHJDUYHQWDQDGHDYLVR /DVYHQWDQDVGHDYLVRVRQSDUWHLPSRUWDQWHGHQWURGHXQVLVWHPD\DTXHJUDFLDVD HVWDVVHSXHGHPDQWHQHULQIRUPDGRDOXVXDULRGHTXHHVORTXHRFXUUHHQ FLHUWR PRPHQWRSRUHMHPSORVLEXVFDXQHPSOHDGR\HVWHQRH[LVWHHQHOVLVWHPDSDUD HVRVLUYHQHVWDVYHQWDQDVHQGRQGHVHGHVSOLHJDXQWH[WRLQIRUPDWLYR\HVWD HVSHUDDTXHHOXVXDULRSXOVHFXDOTXLHUWHFODSDUDFRQWLQXDU :DLW:LQGRZ PHQVDMH (MHPSOR :DLW:LQGRZ³(VWHHVXQPHQVDMHGHSUXHED(QWHU!SDUD&RQWLQXDU´ 2EWHQHUODIHFKDGHO6LVWHPD '$7( (MHPSOR )HFKD '$7( 2EWHQHUODKRUDGHO6LVWHPD 7,0( (MHPSOR +RUDBDFWXDO 7,0( &XUVRGH9LVXDO)R[3UR /HRQDUGR'DQLHO9HOi]TXH])XHQWHV %XVFDULQIRUPDFLyQHQXQ,QGLFH (VWDIXQFLyQVHXWLOL]DSDUDVDEHUVLH[LVWHXQYDORUHQXQDWDEODTXHWHQJDXQtQGLFH DFWLYR\UHJUHVDYHUGDGHURRIDOVRVHJ~QHOUHVXOWDGRTXHREWHQJDGHODE~VTXHGD SRUORWDQWRVHXVDFRQMXQWDPHQWHFRQODLQVWUXFFLyQ,) 6((. (MHPSOR ,)6((.YDORU :DLWZLQGRZ³6LH[LVWH´ (/6( :DLWZLQGRZ³1R([LVWH´ (1',) )XQFLRQHVSDUDOD&RQYHUVLyQGH7LSRVGH'DWRV (VWDHVXQDSDUWHPX\LPSRUWDQWHHQHOGHVDUUROORGHVLVWHPDV\DTXHVLQRH[LVWLHUDQ HVWDV IXQFLRQHV QR SRGUtDPRV PDQLSXODU OD LQIRUPDFLyQ \D TXH FRPR VH GLMR QR VH SXHGHQKDFHURSHUDFLRQHVHQWUHWLSRVGHGDWRVGLVWLQWRVHQODVLJ7DEODVHPXHVWUDQ ODVIXQFLRQHVSDUDODFRQYHUVLyQGHORVWLSRVGHGDWRV 675QYDORU 9$/FYDORU &72'FYDORU '72&IYDORU &RQYHUWLUXQYDORUQXPpULFRDFDUiFWHU &RQYHUWLUXQYDORUFDUiFWHUDQXPpULFR &RQYHUWLUXQYDORUFDUiFWHUDIHFKD &RQYHUWLUXQYDORUGHIHFKDDFDUiFWHU &XUVRGH9LVXDO)R[3UR /HRQDUGR'DQLHO9HOi]TXH])XHQWHV &UHDU0HQ~V 3DUD FUHDU XQ UHSRUWH SULPHUR GHEHV LU DO $GPLQLVWUDGRU GH 3URJUDPDV GHVSXpV VHOHFFLRQDODSDJLQD2WURV\GHVSXpVVHOHFFLRQDUODRSFLyQPHQ~V \KDFHU&OLFNHQHO ERWyQ1XHYR'HVSXpVGHKDEHUGDGRFOLFNVREUHHOERWyQ1XHYRQRVGHEHDSDUHFHUOD VLJ 3DQWDOOD GRQGH QRV SUHJXQWD TXH VL GHVHDPRV 8Q 0HQ~ QRUPDO R XQ 0HQ~ HPHUJHQWH GH FRQWH[WR $O HOHJLU 0HQ~ QRUPDOGHEH DSDUHFHU OD YHQWDQD GHO 'LVHxDGRUGH0HQ~VFRPRVHPXHVWUDHQODVLJ)LJXUD 7H[WRSDUD ODRSFLyQ $FFLyQD 5HDOL]DU %RWyQ SDUD FUHDUOD $FFLyQ 1LYHOSDUD ODRSFLyQ GHOPHQ~ ,QGLFDGRU (VHOWH[WRTXHYDDSDUHFHUDODKRUDGHGHVSOHJDUVHODRSFLyQHQHOPHQ~ $FFLyQ(VODDFFLyQTXHVHUHDOL]DUDDOVHOHFFLRQDUHVDRSFLyQGHPHQ~HQWUHHOODV HVWDVXEPHQ~ TXHVHULDSDUDPRVWUDUXQVXEPHQ~GHHVDRSFLyQFRPDQGR SDUD HMHFXWDUXQDLQVWUXFFLyQFXDQGRVHVHOHFFLRQDHVDRSFLyQSURFHGLPLHQWR SDUDHMHFXWDU XQDVHULDGHLQVWUXFFLRQHVFXDQGRVHVHOHFFLRQHHVDRSFLyQ &UHDU 6LUYHSDUD FUHDUODRSFLyQTXHVHVHOHFFLRQRHQ$FFLyQ 1LYHOGHPHQ~ 6LUYHSDUDGHVSOD]DUVHSRUORVGLIHUHQWHVQLYHOHVGHXQPHQ~ &XUVRGH9LVXDO)R[3UR /HRQDUGR'DQLHO9HOi]TXH])XHQWHV 3DVRVSDUDGLVHxDUXQ)RUPXODULR 3DUD GLVHxDU XQ 0HQ~ SULPHUR KD\ TXH FUHDU XQ PHQ~ QXHYR \D HVWDQGR HO PHQ~ QXHYRKD\TXHDJUHJDUODVRSFLRQHVGHOPHQ~TXHVHYDQDXWLOL]DUSDUDHVWRKD\TXH VHOHFFLRQDU OD VHFFLyQ ,QGLFDGRU \ HVFULELUHO WH[WRSDUDHOPHQ~SDUDFRQVHJXLUTXH XQDOHWUDVHDODWHFODUiSLGDSDUDHVDRSFLyQ$OW$VHOHDQWHSRQH?DODOHWUDTXH VHTXLHUHTXHVHDHODFFHVRUiSLGRFRPRVHPXHVWUDHQODVLJILJXUD 3DUD FUHDU XQ VXEPHQ~ VH GHEH VHOHFFLRQDU SULPHUR OD RSFLyQ D OD FXDO VH OH GHVHD FUHDUXQVXEPHQ~\KDFHUFOLFNHQHOERWyQFUHDUHQWRQFHVHOQLYHOGHPHQ~FDPELDUDD VXEPHQ~ \ DOOt VH FUHDUDQ ODV RSFLRQHV SDUD HO VXEPHQ~ WDO FRPR VH FUHDQ FRQ XQ PHQ~SULQFLSDOFRPRVHPXHVWUDHQODVLJILJXUD 6XEPHQ~SDUDOD RSFLyQ 0DQWHQLPLHQWR &XUVRGH9LVXDO)R[3UR /HRQDUGR'DQLHO9HOi]TXH])XHQWHV 3DUDYHUXQD9LVWD3UHYLDGHOPHQ~SDUDYHUFRPRVHYHUtD\DHQHOVLVWHPDVHGHEH KDFHUFOLFNHQHOERWyQ9LVWD3UHYLDGHO'LVHxDGRUGHPHQ~VHQWRQFHVDSDUHFHUiHQOD YHQWDQDSULQFLSDOGH9LVXDO)R[3URHOPHQ~TXHVHKDGLVHxDGRFRPRVHPXHVWUDHQOD VLJILJXUD 3DUDSRGHUXWLOL]DUXQPHQ~GHQWURGHXQVLVWHPDVHGHEHQVHJXLUORVVLJSDVRV *HQHUDUHOFyGLJRFRUUHVSRQGLHQWHDOPHQ~SDUDHVWRVHXWLOL]DODRSFLyQGHOPHQ~ SULQFLSDO GH 9LVXDO )R[3UR 0HQ~ ± *HQHUDU HQWRQFHV DSDUHFHUi XQD YHQWDQD GRQGHOHSRQGUHPRVXQQRPEUH\FRQODH[WHQVLyQ035HOFXDOFRQWLHQHWRGRVORV FRPDQGRVQHFHVDULRVSDUDFUHDUHOPHQ~(VLPSRUWDQWHGHFLUTXHFXDOTXLHUFDPELR TXHVHUHDOLFHHQHOPHQ~VHGHEHUiYROYHUDJHQHUDUHOFyGLJR <DTXH9LVXDO)R[3URWLHQHVXPHQ~SULQFLSDODFWLYDGRHVWHVHGHEHGHVDFWLYDUSDUD TXHVHSXHGDXVDUHOPHQ~TXHVHGLVHxRHVWRVHKDFHHPLWLHQGRODVLJLQVWUXFFLyQ HQODYHQWDQDGHFRPDQGRVRGHQWURGHOSURJUDPD 6(76<60(182)) 3DUD SRGHUPRVWUDUHOPHQ~GLVHxDGRVHGHEHHMHFXWDUHODUFKLYRTXHFRQWLHQHHO FyGLJRIXHQWHGHOPHQ~ '2FXUVRPSU <GHVSXpVGHHMHFXWDUHOPHQ~VHGHEHHPLWLUODLQVWUXFFLyQ5($'(9(176SDUD TXHHOSURJUDPDVHPDQWHQJDHQHMHFXFLyQ < SRU XOWLPR DO VDOLU GHO PHQ~ TXH VH GLVHxR KDEUi TXH UHVWDEOHFHU HO PHQ~ GH 9LVXDO)R[35R 6(76<60(1872'()$/7 <SDUDGDUSRUWHUPLQDGDODHMHFXFLyQGHOSURJUDPDKDEUiTXHDJUHJDUORVLJ &/($5(9(176