Professional Documents
Culture Documents
Compresor M100 PDF
Compresor M100 PDF
,QVWUXFFLRQHVGHVHUYLFLR
0RELODLU
0
1rB6
)DEULFDQWH
.$(6(5.2035(6625(1*PE+
&REXUJವ32%R[ವ*(50$1<ವ7HOವ)D[
KWWSZZZNDHVHUFRP
0DQXDORULJLQDO
..:0HV6%$02%,/$,5
QGLFH
6REUHHVWHGRFXPHQWR
&µPRXWLOL]DUHVWHGRFXPHQWR
2WURVGRFXPHQWRV
'HUHFKRVGHDXWRU
6¯PERORV\PDUFDFLRQHV
$GYHUWHQFLDV
2WUDVLQGLFDFLRQHV\V¯PERORV
'DWRVW«FQLFRV
3ODFDGHLGHQWLILFDFLµQ
/LVWDGHRSFLRQHV
DGDSWDGRDFDGDDSOLFDFLµQ
/XEULFDGRUGHKHUUDPLHQWDV
'LVWULEXLGRUGHDLUHFRPSULPLGR
)XQFLµQGHDQWLUUUHWRUQR
5HJXODGRUSURSRUFLRQDO
(TXLSRSDUDWHPSHUDWXUDVEDMDV
(TXLSRSDUD]RQDVFRQSHOLJURGHLQFHQGLR
*HQHUDGRU
6HFFLRQDGRUGHEDWHU¯DV
&KDVLV
LOXPLQDFLµQ
'LVSRVLWLYRDQWLUURER
3URWHFFLµQGHSHDWRQHV
&XELHUWDVGHOSDQHOGHFRQWURO
0£TXLQDVLQRSFLRQHV
5XLGR
0RPHQWRVGHDSULHWH
&RQGLFLRQHVDPELHQWDOHV
,QGLFDFLRQHVDGLFLRQDOHV
&K£VLV
3HVRV
1HXP£WLFRV
0RPHQWRVGHDSULHWHSDUDODILMDFLµQGHODVUXHGDV
0RPHQWRVGHDSULHWHSDUDHOGLVSRVLWLYRWUDFWRU
&RPSUHVRU
6REUHSUHVLµQGHVHUYLFLR\FDXGDO
6DOLGDGHDLUHFRPSULPLGR
9£OYXODVGHVHJXULGDG
7HPSHUDWXUD
5HFRPHQGDFLRQHVSDUDHODFHLWHUHIULJHUDQWH
&DQWLGDGGHOOHQDGRGHDFHLWHUHIULJHUDQWH
0RWRU
'DWRVGHOPRWRU
$FHLWHUHFRPHQGDGR
5HFRPHQGDFLRQHVSDUDHOIOXLGRUHIULJHUDQWH
&DQWLGDGHVGHUHSRVWDMH
%DWHU¯D
2SFLRQHV
/XEULFDGRUGHKHUUDPLHQWDV
)LOWURGHDLUHIUHVFR
(TXLSRSDUDWHPSHUDWXUDVEDMDV
*HQHUDGRUYHUVLµQ+]
,QVWUXFFLRQHVGHVHUYLFLR0RELODLU
1rB6 0 L
QGLFH
6HJXULGDG\UHVSRQVDELOLGDG
,QGLFDFLRQHVE£VLFDV
8VRGHELGR
8VRLQGHELGR
5HVSRQVDELOLGDGGHOXVXDULR
5HVSHWRGHODVQRUPDWLYDVOHJDOHV\ODVUHJODVUHFRQRFLGDV
6HOHFFLµQGHOSHUVRQDO
2EVHUYDUORVSOD]RVGHFRQWUROHV\ODVSUHVFULSFLRQHVSDUDODSUHYHQFLµQGH
DFFLGHQWHV
3HOLJURV
6HJXULGDGDQWHIXHQWHVGHSHOLJUR
8VRVHJXURGHODP£TXLQD
$GRSFLµQGHPHGLGDVGHFDU£FWHURUJDQL]DWLYR
=RQDVGHSHOLJUR
'LVSRVLWLYRVGHVHJXULGDG
6H³DOHVGHVHJXULGDG
)XQFLRQDPLHQWRGHOJHQHUDGRU
3URWHFFLµQFRQWUDFRUULHQWHVGHFKRTXH
,QVWUXFFLRQHVSDUDHOIXQFLRQDPLHQWRVHJXURGHOJHQHUDGRU
&RQH[LµQDDODUJDGHUDVHO«FWULFDV
&DUJDP£[LPDGHODUHG
&RQWUROHVUHJXODUHVGHOJHQHUDGRU
(QFDVRGHHPHUJHQFLD
3URFHGLPLHQWRFRUUHFWRHQFDVRGHLQFHQGLR
&RQWDFWRFRQOXEULFDQWHV\O¯TXLGRV
*DUDQW¯D
3URWHFFLµQGHOPHGLRDPELHQWH
&RQVWUXFFLµQ\IXQFLRQDPLHQWR
&DUURFHU¯D
,GHQWLILFDFLµQGHORVFRPSRQHQWHV
'HVFULSFLµQIXQFLRQDOGHODP£TXLQD
0RGRVGHVHUYLFLR\GHUHJXODFLµQ
3XQWRVGHVHUYLFLRGHODP£TXLQD
5HJXODFLµQGH&$5*$3$5&,$/
'LVSRVLWLYRVGHVHJXULGDG
)XQFLRQHVGHFRQWUROFRQGHVFRQH[LµQ
2WURVGLVSRVLWLYRVGHVHJXULGDG
9LJLODQFLDGHOQLYHOGHSµVLWRGHFRPEXVWLEOH
2SFLRQHVGHWUDWDPLHQWRGHODLUHFRPSULPLGR
5HIULJHUDGRUILQDOGHDLUHFRPSULPLGR
6HSDUDGRUFHQWU¯IXJR
,QWHUFDPELDGRUGHFDORU
&RPELQDFLµQGHILOWURV
)LOWURGHDLUHIUHVFR
/XEULFDGRUGHKHUUDPLHQWDV
2SFLµQJHQHUDGRU
0RGRVGHIXQFLRQDPLHQWR
,QVWUXPHQWRVGHFRQWURO
$WHQHUHQFXHQWDGXUDQWHHOIXQFLRQDPLHQWRGHOJHQHUDGRU
2SFLRQHVHTXLSRSDUDWHPSHUDWXUDVEDMDV
)XQFLRQDPLHQWRFRQGHVFRQJHODGRU
3UHFDOHQWDPLHQWRDJXDGHUHIULJHUDFLµQ
2SFLµQ6HFFLRQDGRUGHEDWHU¯DV
2SFLRQHVSDUDHOIXQFLRQDPLHQWRHQODV]RQDVFRQULHVJRGHLQFHQGLR
,QVWUXFFLRQHVGHVHUYLFLR0RELODLU
LL 0 1rB6
QGLFH
3DUDFKLVSDV
9£OYXODGHFLHUUHGHODLUHGHOPRWRU
2SFLRQHVGHWUDQVSRUWH
&KDVLV
&KDVLV
&KDVLV
%DVWLGRUHVWDFLRQDULR
%DVWLGRUHVWDFLRQDULR
2SFLµQGLVSRVLWLYRDQWLUURER
2SFLµQSURWHFFLµQGHSHDWRQHV
2SFLµQFXELHUWDVGHOSDQHOGHFRQWURO
&RQGLFLRQHVGHOPRQWDMH\GHOIXQFLRQDPLHQWR
6HJXULGDG
&RQGLFLRQHVSDUDHOPRQWDMH
0RQWDMH
6HJXULGDG
1RWLILFDFLµQGHGD³RVVXIULGRVGXUDQWHHOWUDQVSRUWH
0RQWDMHGHOGLVSRVLWLYRWUDFWRU
0RQWDUGLVSRVLWLYRWUDFWRUUHJXODEOHHQDOWXUD
0RQWDUGLVSRVLWLYRWUDFWRUQRUHJXODEOHHQDOWXUD
$GDSWDFLµQGHOFKDVLV
$MXVWDUHOVLVWHPDGHWUDFFLµQ
&DPELDUODDUJROOD
3XHVWDHQPDUFKD
6HJXULGDG
&XHVWLRQHVDWHQHUHQFXHQWDDQWHVGHFDGDSXHVWDHQPDUFKD
&RQWUROGHODVFRQGLFLRQHVGHPRQWDMH\GHVHUYLFLR
$REVHUYDUGHVSX«VGHPXFKRWLHPSRGHSDURGHODP£TXLQD
0HGLGDVDWRPDUSDUDWHPSHUDWXUDVEDMDVIXQFLRQDPLHQWRHQLQYLHUQR
5HDOL]DFLµQGHD\XGDGHDUUDQTXH
3XHVWDHQPDUFKDGHOHTXLSRSDUDWHPSHUDWXUDVEDMDV
3RQHUHQPDUFKDHOJHQHUDGRU
)XQFLRQDPLHQWR
6HJXULGDG
&RQH[LµQ\GHVFRQH[LµQ
3XHVWDHQPDUFKDGHODP£TXLQD
3UHFDOHQWDPLHQWRGHOPRWRU
$UUDQTXHGHODP£TXLQD
'HMDUTXHVHFDOLHQWHODP£TXLQD
&RQHFWDUDIXQFLRQDPLHQWR$3/(1$&$5*$
$MXVWDUODSUHVLµQFRQODPDQR
'HVFRQH[LµQGHODP£TXLQD
9LJLODUHOQLYHOGHOGHSµVLWRGHFRPEXVWLEOH
$FFLRQDUHOHQJUDVDGRUGHKHUUDPLHQWDV
$FFLRQDUHOJHQHUDGRU
&RQH[LµQGHOJHQHUDGRU
'HVFRQHFWDUHOJHQHUDGRU
8WLOL]DUHTXLSRSDUDWHPSHUDWXUDVEDMDV
$FFLRQDUODP£TXLQDFRQGHVFRQJHODGRU
3UHFDOHQWDUHODJXDUHIULJHUDQWH
$FFLRQDUHOVHFFLRQDGRUGHEDWHU¯DV
,QVWUXFFLRQHVGHVHUYLFLR0RELODLU
1rB6 0 LLL
QGLFH
'HWHFWDUXQDDYHU¯D\UHSDUDUOD
,QGLFDFLRQHVE£VLFDV
)DOORV\DYHU¯DVGHOPRWRU
(OPRWRUQRDUUDQFDRVHTXHGDSDUDGR
(OPRWRUQRDOFDQ]DHOQ¼PHURFRPSOHWRGHUHYROXFLRQHV
(OSLORWRGHFRQWUROQRVHDSDJD
)DOORV\DYHU¯DVGHOFRPSUHVRU
3UHVLµQGHVHUYLFLRGHPDVLDGRDOWD
3UHVLµQGHVHUYLFLRGHPDVLDGREDMD
/DY£OYXODGHVHJXULGDGVXHOWDDLUH
/DP£TXLQDVHFDOLHQWDGHPDVLDGR
$OWRSRUFHQWDMHGHDFHLWHHQHODLUHFRPSULPLGR
'HVSX«VGHODGHVFRQH[LµQVDOHDFHLWHSRUHOILOWURGHDLUHGHOFRPSUHVRU
$OWRSRUFHQWDMHGHDJXDHQHODLUHFRPSULPLGR
)DOORV\DYHU¯DVGHOJHQHUDGRU
/DWHQVLµQVXPLQLVWUDGDSRUHOJHQHUDGRUHVQXODRLQVXILFLHQWH
7HQVLµQGHOJHQHUDGRUGHPDVLDGRDOWD
0DQWHQLPLHQWR
6HJXULGDG
3ODQHVGHPDQWHQLPLHQWR
5HDOL]DUXQSURWRFRORGHORVWUDEDMRVGHPDQWHQLPLHQWR
7UDEDMRVGHPDQWHQLPLHQWRGHVSX«VGHODSULPHUDSXHVWDHQPDUFKD
7UDEDMRVUHJXODUHVGHPDQWHQLPLHQWR
0RWRU
0DQWHQLPLHQWRGHOUHIULJHUDGRU
0DQWHQLPLHQWRGHOILOWURGHDLUH
0DQWHQLPLHQWRGHOVLVWHPDGHOFDUEXUDQWH
&RQWURODUHOQLYHOGHDFHLWHGHOPRWRU
5HOOHQDGRGHDFHLWHGHOPRWRU
&DPELDUHODFHLWHGHOPRWRU
&DPELRGHOILOWURGHDFHLWH
0DQWHQLPLHQWRGHODVFRUUHDVGHDFFLRQDPLHQWR
0DQWHQLPLHQWRGHODEDWHU¯D
&RPSUHVRU
&RQWURODUQLYHOGHDFHLWHUHIULJHUDQWH
5HOOHQDGRGHDFHLWHUHIULJHUDQWH
&DPELRGHODFHLWHUHIULJHUDQWH
&DPELRGHOILOWURGHDFHLWH
0DQWHQLPLHQWRGHOFROHFWRUGHVXFLHGDGGHOGHSµVLWRVHSDUDGRUGHDFHLWH
&DPELRGHOFDUWXFKRVHSDUDGRUGHDFHLWH
0DQWHQLPLHQWRGHOILOWURGHDLUH
&RQWURODUODVY£OYXODVGHVHJXULGDG
/LPSLDUORVUHIULJHUDGRUHV
/LPSLH]DGHOUHIULJHUDGRUILQDOGHDLUHFRPSULPLGR
0DQWHQLPLHQWRGHODVMXQWDVGHJRPD
&K£VLV
&RQWUROGHODVUXHGDV
0DQWHQLPLHQWRGHOVLVWHPDGHWUDFFLµQ
0DQWHQLPLHQWRGHOVLVWHPDGHIUHQRV
2SFLRQHV
0DQWHQLPLHQWRGHOHQJUDVDGRUGHKHUUDPLHQWDV
0DQWHQLPLHQWRGHOVHSDUDGRUFHQWU¯IXJR
5HDOL]DUXQPDQWHQLPLHQWRGHODFRPELQDFLµQGHORVILOWURV
0DQWHQLPLHQWRGHOILOWURGHDLUHIUHVFR
,QVWUXFFLRQHVGHVHUYLFLR0RELODLU
LY 0 1rB6
QGLFH
,QVWUXFFLRQHVGHVHUYLFLR0RELODLU
1rB6 0 Y
QGLFH
,QVWUXFFLRQHVGHVHUYLFLR0RELODLU
YL 0 1rB6
QGLFHGHLOXVWUDFLRQHV
)LJ 3RVLFLµQGHODVVH³DOHVGHVHJXULGDG
)LJ 3DUWHVGHODFDUURFHU¯D
)LJ 3XHUWDGHUHFKDDELHUWD
)LJ 3XHUWDL]TXLHUGDDELHUWD
)LJ (VWUXFWXUDSULQFLSDO
)LJ 5HJXODFLµQFRQWLQXDGHOFDXGDOSDUDGD
)LJ 3LORWRGHFRQWUROಯUHVHUYDFRPEXVWLEOHರ
)LJ 2SFLRQHVGHDLUHFRPSULPLGR
)LJ /XEULFDGRUGHKHUUDPLHQWDV
)LJ 3DQHOGHODFDMDGHGLVWULEXFLµQGHOJHQHUDGRU9FRUULHQWHWULI£VLFD
)LJ 3DQHOGHODFDMDGHGLVWULEXFLµQGHOJHQHUDGRU9FRUULHQWHWULI£VLFD
)LJ 3DQHOGHODFDMDGHGLVWULEXFLµQGHOJHQHUDGRU9FRUULHQWHDOWHUQD+]
)LJ 'HVFRQJHODGRU
)LJ 3UHFDOHQWDPLHQWRDJXDGHUHIULJHUDFLµQ
)LJ 6HFFLRQDGRUGHEDWHU¯DV
)LJ 'LVWDQFLDP¯QLPDHQWUHODP£TXLQD\H[FDYDFLRQHVSHQGLHQWHV\SDUHGHV
)LJ 0RQWDGRHOGLVSRVLWLYRWUDFWRUUHJXODEOHHQDOWXUD
)LJ 0RQWDUGLVSRVLWLYRWUDFWRUUHJXODEOHHQDOWXUD
)LJ 0RQWDGRHOGLVSRVLWLYRWUDFWRUQRUHJXODEOHHQDOWXUD
)LJ 0RQWDUHOIUHQRGHUHWHQFLµQGHOGLVSRVLWLYRWUDFWRUQRUHJXODEOHHQDOWXUD
)LJ 0RQWDUODUXHGDGHDSR\RGHOGLVSRVLWLYRWUDFWRUQRUHJXODEOHHQDOWXUD
)LJ 5HJXODFLµQGHDOWXUDGHOVLVWHPDGHWUDFFLµQ
)LJ &DPELRGHDUJROODVGLVSRVLWLYRWUDFWRUUHJXODEOHHQDOWXUD
)LJ &DPELRGHODDUJROODGLVSRVLWLYRWUDFWRUQRUHJXODEOHHQDOWXUDPRGHORGHFKDVLVSDUD*UDQ
%UHWD³D
)LJ &DPELRGHODDUJROODGLVSRVLWLYRWUDFWRUQRUHJXODEOHHQDOWXUDPRGHORGHFKDVLVSDUD((88
)LJ (VTXHPDGHFRQH[LRQHVFDEOHVGHHPSDOPHSDUDSXHVWDHQPDUFKD
)LJ 3UHFDOHQWDPLHQWRDJXDGHUHIULJHUDFLµQ
)LJ 9LJLODQFLDGHODLVODPLHQWRJHQHUDGRUFRUULHQWHWULI£VLFDGH9
)LJ 9LJLODQFLDGHODLVODPLHQWRJHQHUDGRUFRUULHQWHWULI£VLFDGH9
)LJ 9LJLODQFLDGHODLVODPLHQWRJHQHUDGRU9FRUULHQWHPRQRI£VLFD+]
)LJ $FFHVRULRVSDUDHODUUDQTXH
)LJ 3HJDWLQDIDVHGHFDOHQWDPLHQWRFRQWHPSHUDWXUDVDPELHQWDOHVLQIHULRUHVDr&
)LJ 5HJXODGRUSURSRUFLRQDO
)LJ $MXVWDUHOHQJUDVDGRUGHKHUUDPLHQWDV
)LJ &RQHFWDUGHVFRQHFWDUHOGHVFRQJHODGRU
)LJ 6HFFLRQDGRUGHEDWHU¯DV
)LJ &RQWURODUHOQLYHOGHOUHIULJHUDQWH
)LJ 'HVFDUJDUHOIOXLGRUHIULJHUDQWHGHOUHIULJHUDGRUGHDJXDGHOPRWRU
)LJ 2ULILFLRGHSXUJDGHOIOXLGRUHIULJHUDQWHGHOUHIULJHUDGRUGHDJXDGHOPRWRU
)LJ 0DQWHQLPLHQWRGHOILOWURGHDLUHGHOPRWRU
)LJ /LPSLDUHOHOHPHQWRILOWUDQWHGHOILOWUR
)LJ 0DQWHQLPLHQWRGHOVLVWHPDGHOFDUEXUDQWH
)LJ 0DQWHQLPLHQWRGHOVHSDUDGRUGHDJXD
)LJ 5HQRYDUHOSUHILOWURGHFDUEXUDQWH
)LJ 6XVWLWXLUHOILOWURILQRGHFRPEXVWLEOH
)LJ &RQWURODUHOQLYHOGHDFHLWHGHOPRWRU
)LJ &DPELDUHODFHLWHGHOPRWRU
)LJ &DPELRGHODFHLWHGHOPRWRURULILFLRGHSXUJD
)LJ &DPELDUHOILOWURGHDFHLWH
)LJ )LMDFLµQSURWHFFLµQFRUUHDV
)LJ &RQWURODUODSRVLFLµQGHODFRUUHDGHDFFLRQDPLHQWR
)LJ &RPSUREDUODWHQVLµQGHFRUUHDVFRQODPDQR
,QVWUXFFLRQHVGHVHUYLFLR0RELODLU
1rB6 0 YLL
QGLFHGHLOXVWUDFLRQHV
,QVWUXFFLRQHVGHVHUYLFLR0RELODLU
YLLL 0 1rB6
QGLFHGHWDEODV
7DE 1LYHOHVGHSHOLJURV\VXVLJQLILFDGR
7DE 3ODFDGHLGHQWLILFDFLµQ
7DE 3ODFDSDUDODFDUJDHQHOSXQWRGHHQJDQFKHRSFLRQHV
7DE DGDSWDGRDFDGDDSOLFDFLµQ
7DE /XEULFDGRUGHKHUUDPLHQWDV
7DE 'LVWULEXLGRUGHDLUHFRPSULPLGR
7DE )XQFLµQGHDQWLUUUHWRUQR
7DE 5HJXODGRUSURSRUFLRQDO
7DE (TXLSRSDUDWHPSHUDWXUDVEDMDV
7DE (TXLSRSDUD]RQDVFRQSHOLJURGHLQFHQGLR
7DE *HQHUDGRU
7DE 6HFFLRQDGRUGHEDWHU¯DV
7DE &KDVLV
7DE LOXPLQDFLµQ
7DE 'LVSRVLWLYRDQWLUURER
7DE 3URWHFFLµQGHSHDWRQHV
7DE &XELHUWDVGHOSDQHOGHFRQWURO
7DE 1LYHOGHSRWHQFLDDF¼VWLFDJDUDQWL]DGR
7DE 1LYHOGHSUHVLµQDF¼VWLFDGHHPLVLµQ
7DE 1LYHOGHSUHVLµQDF¼VWLFDJDUDQWL]DGR
7DE 0RPHQWRVGHDSULHWHWRUQLOORVKH[DJRQDOHV
7DE &RQGLFLRQHVDPELHQWDOHV
7DE 3HVRVGHODVP£TXLQDV
7DE 1HXP£WLFRV
7DE 0RPHQWRGHDSULHWHSDUDODILMDFLµQGHODVUXHGDV
7DE 0RPHQWRVGHDSULHWHSDUDHOGLVSRVLWLYRWUDFWRU
7DE 6REUHSUHVLµQGHVHUYLFLR\FDXGDO
7DE 'LVWULEXLGRUGHDLUHFRPSULPLGR
7DE 3UHVLµQGHUHDFFLµQGHODVY£OYXODVGHVHJXULGDG
7DE 7HPSHUDWXUDVDOLGDGHDLUHFRPSULPLGREORTXHFRPSUHVRU
7DE 7HPSHUDWXUDVGHODVP£TXLQDV
7DE 5HFRPHQGDFLRQHVSDUDHODFHLWHUHIULJHUDQWH
7DE &DQWLGDGGHOOHQDGRGHDFHLWHUHIULJHUDQWH
7DE 'DWRVGHOPRWRU
7DE 5HFRPHQGDFLRQHVSDUDHODFHLWHGHOPRWRU
7DE &DQWLGDGHVGHUHSRVWDMHGHOPRWRU
7DE %DWHU¯D
7DE /XEULFDQWHUHFRPHQGDGRSDUDPDUWLOORVQHXP£WLFRV
7DE &DPSRGHDSOLFDFLµQILOWURGHDLUHIUHVFR
7DE &RQGLFLRQHVDPELHQWDOHV
7DE 5HFRPHQGDFLµQDQWLFRQJHODQWH
7DE %DWHU¯D
7DE $SDUDWRSUHFDOHQWDGRUDJXDGHUHIULJHUDFLµQ
7DE 'DWRVGHOJHQHUDGRU
7DE &DXGDOHVGXUDQWHHOIXQFLRQDPLHQWRGHOJHQHUDGRUJHQHUDGRUVLQOLPLWDFLµQGHFDXGDO
7DE &DXGDOHVGXUDQWHHOIXQFLRQDPLHQWRGHOJHQHUDGRUJHQHUDGRUFRQOLPLWDFLµQGHFDXGDO
7DE &RQH[LµQFDMDVGHHQFKXIH
7DE ,QWHUUXSWRUGHSURWHFFLµQ
7DE 9DORUHVO¯PLWHRSHUDWLYRVJHQHUDGRU
7DE &DUJDP£[LPDGHODUHGFRUULHQWHWULI£VLFD
7DE &DUJDP£[LPDGHODUHGFRUULHQWHDOWHUQD
7DE 'LVPLQXFLµQGHODSRWHQFLDGHELGRDXQDWHPSHUDWXUDDPELHQWDOHOHYDGD
7DE 'DWRVGHOJHQHUDGRU
7DE &DXGDOHVGXUDQWHHOIXQFLRQDPLHQWRGHOJHQHUDGRUJHQHUDGRUVLQOLPLWDFLµQGHFDXGDO
,QVWUXFFLRQHVGHVHUYLFLR0RELODLU
1rB6 0 L[
QGLFHGHWDEODV
,QVWUXFFLRQHVGHVHUYLFLR0RELODLU
[ 0 1rB6
6REUHHVWHGRFXPHQWR
&µPRXWLOL]DUHVWHGRFXPHQWR
6REUHHVWHGRFXPHQWR
&µPRXWLOL]DUHVWHGRFXPHQWR
(OPDQXDOGHVHUYLFLRIRUPDSDUWHGHODP£TXLQD
ᇐ *XDUGHHOPDQXDOGHVHUYLFLRGXUDQWHODGXUDFLµQGHYLGDGHODP£TXLQD
ᇐ (QWUHJXHHOPDQXDOGHVHUYLFLRDWRGRVORVSURSLHWDULRVRXVXDULRVSRVWHULRUHV
ᇐ 9HULILTXHTXHVHLQFOX\DHQHOPDQXDOGHVHUYLFLRFXDOTXLHUPRGLILFDFLµQTXHVHKDJDVREUHOD
P£TXLQD
ᇐ ,QVFULEDQORVGDWRVGHODSODFDGHLGHQWLILFDFLµQ\HOHTXLSDPLHQWRLQGLYLGXDOGHODP£TXLQDHQ
ODVWDEODVGHOFDS¯WXOR
2WURVGRFXPHQWRV
&RQHVWHPDQXDOGHVHUYLFLRUHFLEHXVWHGP£VGRFXPHQWRVSDUDDVHJXUDUXQIXQFLRQDPLHQWRILDEOH
GHODP£TXLQD
႐ &HUWLILFDGRGHUHFHSFLµQLQVWUXFFLRQHVGHVHUYLFLRGHOGHSµVLWRDSUHVLµQ
႐ 'HFODUDFLµQGHFRQIRUPLGDGGHOIDEULFDQWHFRQIRUPHDODVQRUPDVYLJHQWHV
႐ 'RFXPHQWDFLµQGHOPRWRUGHFRPEXVWLµQVLH[LVWH
6LOHIDOWDDOJ¼QGRFXPHQWRSXHGHVROLFLWDUORD.$(6(5
ᇐ &RPSUXHEHODLQWHJULGDGGHODGRFXPHQWDFLµQ\SUHVWHDWHQFLµQDVXFRQWHQLGR
ᇐ (VLPSUHVFLQGLEOHTXHLQGLTXHORVGDWRVGHODSODFDGHFDUDFWHU¯VWLFDVFXDQGRVROLFLWHDOJ¼QGRಣ
FXPHQWR
'HUHFKRVGHDXWRU
(VWHPDQXDOGHVHUYLFLRHVW£SURWHJLGRSRUOD/H\GH'HUHFKRVGH$XWRU/HVURJDPRVVHGLULMDQD
.$(6(5VLWLHQHQSUHJXQWDVDFHUFDGHOHPSOHR\ODUHSURGXFFLµQGHORVGRFXPHQWRV&RQPXFKR
JXVWROHVDFRQVHMDUHPRVFµPRVHSXHGHXWLOL]DUFXDOTXLHULQIRUPDFLµQRULHQWDGDDODGHPDQGD
6¯PERORV\PDUFDFLRQHV
$GYHUWHQFLDV
+D\WUHVQLYHOHVGHSHOLJURVSDUDORVDYLVRVGHDGYHUWHQFLDTXHVHUHFRQRFHU£QHQODSDODEUD
႐ 3(/,*52
႐ $'9(57(1&,$
႐ 35(&$8&,1
,QVWUXFFLRQHVGHVHUYLFLR0RELODLU
1rB6 0
6REUHHVWHGRFXPHQWR
6¯PERORV\PDUFDFLRQHV
3(/,*52
c$TX¯VHHQFXHQWUDHOWLSR\HORU¯JHQGHOSHOLJURLQPLQHQWH
(OLQFXPSOLPLHQWRGHHVWDDGYHUWHQFLDSXHGHRFDVLRQDUSRVLEOHVFRQVHFXHQFLDV
/DSDODEUDಯ3(/,*52ರVLJQLILFDTXHVHSXHGHVXIULUODPXHUWHROHVLRQHVFRUSRUDOHVFXDQGRVH
LJQRUDHODYLVR
ᇐ 0HGLDQWHHVWDVPHGLGDVSRGU£QSURWHJHUVHFRQWUDHOSHOLJUR
ᇐ (QWRGRPRPHQWROHHU\REVHUYDUHVWDVDGYHUWHQFLDVFRQHVPHUR\FRQFLHQFLD
7DE 1LYHOHVGHSHOLJURV\VXVLJQLILFDGR
2WUDVLQGLFDFLRQHV\V¯PERORV
(VWHV¯PERORLQGLFDLQIRUPDFLRQHVSDUWLFXODUPHQWHLPSRUWDQWHV
0DWHULDO $TX¯VHHQFXHQWUDQLQGLFDFLRQHVVREUHKHUUDPLHQWDVHVSHFLDOHVOXEULFDQWHV\O¯TXLGRVRSLH]DVGH
UHFDPELR
&RQGLFLµQ $TX¯VHHQFXHQWUDQODVFRQGLFLRQHVQHFHVDULDVSDUDFXPSOLUXQDIXQFLµQ
$TX¯WDPEL«QVHHVSHFLILFDQFRQGLFLRQHVUHOHYDQWHVGHVHJXULGDGTXHOHVD\XGDQDHYLWDUVLWXDFLRQHV
SHOLJURVDV
2SFLµQGD ᇐ (VWHVLJQRSUHFHGHDODVDFFLRQHVTXHFRQVLVWHQHQXQVµORSDVRGHDFFLµQ
6LVHWUDWDGHYDULDVDFFLRQHVVHKDQXPHUDGRHORUGHQGHORVSDVRVGHODVDFFLRQHVLQGLYLGXDOHV
/DVLQIRUPDFLRQHVTXHVHUHILHUHQDVRODPHQWHXQDRSFLµQOOHYDQXQDPDUFDFLµQSRUHMHPSOR
ಯ2SFLµQGDರVLJQLILFDTXHHVWHS£UUDIRVµORHVSDUDP£TXLQDVFRQHOWUDWDPLHQWRGHDLUHFRPSULಣ
PLGRಯUHIULJHUDGRUILQDO\VHSDUDGRUFHQWU¯IXJRರ/DVPDUFDFLRQHVSDUDODVRSFLRQHVGHVFULWDV
HQHVWHPDQXDOGHVHUYLFLRVHH[SOLFDU£QHQHOFDS¯WXOR
8QVLJQRGHLQWHUURJDFLµQPDUFDODVLQIRUPDFLRQHVDFHUFDGHSUREOHPDVSRWHQFLDOHV
(QHOWH[WRGHD\XGDVHGHQRPLQDODFDXVD
ᇐ \VHLQGLFDODVROXFLµQ
(VWHVLJQRVH³DODLQIRUPDFLRQHVLPSRUWDQWHVRPHGLGDVSDUDODSURWHFFLµQGHOPHGLRDPELHQWH
P£VLQIRUPDFLµQ $TX¯OODPDPRVVXDWHQFLµQDWHPDVP£VDPSOLRV
,QVWUXFFLRQHVGHVHUYLFLR0RELODLU
0 1rB6
'DWRVW«FQLFRV
3ODFDGHLGHQWLILFDFLµQ
'DWRVW«FQLFRV
3ODFDGHLGHQWLILFDFLµQ
(OPRGHOR\ORVSULQFLSDOHVGDWRVW«FQLFRVVHHQFXHQWUDQHQODSODFDGHLGHQWLILFDFLµQGHODP£TXLQD
/DSODFDGHLGHQWLILFDFLµQVHHQFXHQWUDHQODSDUWHH[WHULRUGHODP£TXLQDYHULOXVWUDFLµQFDS¯WXOR
ᇐ ,QWURGX]FDDTX¯ORVGDWRVGHODSODFDGHLGHQWLILFDFLµQFRPRUHIHUHQFLD
&DUDFWHU¯VWLFD 9DORU
1¼PHURGHLGHQWLILFDFLµQGHOYHK¯FXOR
0DVDWRWDODGPLVLEOH
&DUJDSRUHMHDGPLVLEOH
&DUJDDGPLVLEOHVREUHHOSXQWRGHHQJDQFKH
7LSRGHLQVWDODFLµQ
1¼PHURGHDUW¯FXOR
1¼PHURGHVHULH
$³RGHFRQVWUXFFLµQ
0DVDWRWDOHIHFWLYD
&DSDFLGDGGHFDUJDSXQWRGHOHYDQWDPLHQWR
3RWHQFLDQRPLQDOGHOPRWRU
9HORFLGDGGHURWDFLµQGHOPRWRU
6REUHSUHVLµQP£[LPDGHVHUYLFLR
7DE 3ODFDGHLGHQWLILFDFLµQ
/LVWDGHRSFLRQHV
8QDOLVWDGHODVRSFLRQHVLQVWDODGDVOHD\XGDDDVLJQDUODVLQIRUPDFLRQHVGHHVWHPDQXDOGHVHUYLFLR
GHVXP£TXLQDP£VI£FLOPHQWH
/DVRSFLRQHVSUHVHQWHVVHSXHGHQREWHQHUGHODSODFDGRQGHILJXUDQFDUJDRSFLRQHVSDUWHGHUHFKD
GHODSODFDVLJODVGHOHWUDV
(VWDSODFDVHHQFXHQWUD
႐ HQODSDUWHH[WHULRUGHODP£TXLQD
႐ HQVHQWLGRGHFLUFXODFLµQSRUGHODQWHYHUFDS¯WXOR
/DWDEODVLJXLHQWHLQGLFDXQDOLVWDGHODVRSFLRQHVRIUHFLGDVTXHVRQSRVLEOHV
c(QODSODFDHVW£QLPSULPLGDVVRODPHQWHODVVLJODVGHODVRSFLRQHVLQVWDODGDVHQODP£TXLQD
,QVWUXFFLRQHVGHVHUYLFLR0RELODLU
1rB6 0
'DWRVW«FQLFRV
/LVWDGHRSFLRQHV
ᇐ /DVRSFLRQHVSUHVHQWHVVHSXHGHQREWHQHUGHODSODFDFRPELQDGDSDUDODFDUJDVREUHHOSXQWR
GHHQJDQFKHRSFLRQHV
01r0$7 1r6(5
2SFLRQHVLQVWDODGDV
$TX¯VHHQFXHQWUDQODVLQGLFDFLRQHVUHODWLYDVDOD GD GE GF GG
FDUJDHQHOSXQWRGHHQJDQFKHGHODP£TXLQD HD HF
ID IF
KF KG
FD FE
ED EE
OD OE
JD JE
RD
VL VK
VD VF VG
WD WE WF WH
VI VJ SD SE 0
7DE 3ODFDSDUDODFDUJDHQHOSXQWRGHHQJDQFKHRSFLRQHV
2SFLµQGDGEGFGG
DGDSWDGRDFDGDDSOLFDFLµQ
ᇐ ,QVFULELUODVRSFLRQHVGHWHUPLQDGDVFRPRUHIHUHQFLDHQODOLVWDVLJXLHQWH
7DE DGDSWDGRDFDGDDSOLFDFLµQ
2SFLµQHDHF
/XEULFDGRUGHKHUUDPLHQWDV
ᇐ ,QVFULELUODRSFLµQGHWHUPLQDGDFRPRUHIHUHQFLDHQODOLVWDVLJXLHQWH
7DE /XEULFDGRUGHKHUUDPLHQWDV
,QVWUXFFLRQHVGHVHUYLFLR0RELODLU
0 1rB6
'DWRVW«FQLFRV
/LVWDGHRSFLRQHV
2SFLµQIDIF
'LVWULEXLGRUGHDLUHFRPSULPLGR
ᇐ ,QVFULELUODRSFLµQGHWHUPLQDGDFRPRUHIHUHQFLDHQODOLVWDVLJXLHQWH
7DE 'LVWULEXLGRUGHDLUHFRPSULPLGR
2SFLµQKFKG
)XQFLµQGHDQWLUUUHWRUQR
ᇐ ,QVFULELUODRSFLµQGHWHUPLQDGDFRPRUHIHUHQFLDHQODOLVWDVLJXLHQWH
7DE )XQFLµQGHDQWLUUUHWRUQR
2SFLµQFDFE
5HJXODGRUSURSRUFLRQDO
ᇐ ,QVFULELUODRSFLµQGHWHUPLQDGDFRPRUHIHUHQFLDHQODOLVWDVLJXLHQWH
7DE 5HJXODGRUSURSRUFLRQDO
2SFLµQEDEE
(TXLSRSDUDWHPSHUDWXUDVEDMDV
ᇐ ,QVFULELUODRSFLµQGHWHUPLQDGDFRPRUHIHUHQFLDHQODOLVWDVLJXLHQWH
7DE (TXLSRSDUDWHPSHUDWXUDVEDMDV
,QVWUXFFLRQHVGHVHUYLFLR0RELODLU
1rB6 0
'DWRVW«FQLFRV
/LVWDGHRSFLRQHV
2SFLµQODOE
(TXLSRSDUD]RQDVFRQSHOLJURGHLQFHQGLR
ᇐ ,QVFULELUODRSFLµQGHWHUPLQDGDFRPRUHIHUHQFLDHQODOLVWDVLJXLHQWH
7DE (TXLSRSDUD]RQDVFRQSHOLJURGHLQFHQGLR
2SFLµQJDJE
*HQHUDGRU
ᇐ ,QVFULELUODRSFLµQGHWHUPLQDGDFRPRUHIHUHQFLDHQODOLVWDVLJXLHQWH
7DE *HQHUDGRU
2SFLµQRD
6HFFLRQDGRUGHEDWHU¯DV
ᇐ ,QVFULELUODRSFLµQGHWHUPLQDGDFRPRUHIHUHQFLDHQODOLVWDVLJXLHQWH
7DE 6HFFLRQDGRUGHEDWHU¯DV
2SFLµQVDVFVGVKVL
&KDVLV
ᇐ ,QVFULELUODRSFLµQGHWHUPLQDGDFRPRUHIHUHQFLDHQODOLVWDVLJXLHQWH
7DE &KDVLV
,QVWUXFFLRQHVGHVHUYLFLR0RELODLU
0 1rB6
'DWRVW«FQLFRV
/LVWDGHRSFLRQHV
2SFLµQWDWEWFWH
LOXPLQDFLµQ
ᇐ ,QVFULELUODRSFLµQGHWHUPLQDGDFRPRUHIHUHQFLDHQODOLVWDVLJXLHQWH
7DE LOXPLQDFLµQ
2SFLµQVI
'LVSRVLWLYRDQWLUURER
ᇐ ,QVFULELUODRSFLµQGHWHUPLQDGDFRPRUHIHUHQFLDHQODOLVWDVLJXLHQWH
7DE 'LVSRVLWLYRDQWLUURER
2SFLµQVJ
3URWHFFLµQGHSHDWRQHV
ᇐ ,QVFULELUODRSFLµQGHWHUPLQDGDFRPRUHIHUHQFLDHQODOLVWDVLJXLHQWH
7DE 3URWHFFLµQGHSHDWRQHV
2SFLµQSDSE
&XELHUWDVGHOSDQHOGHFRQWURO
ᇐ ,QVFULELUODRSFLµQGHWHUPLQDGDFRPRUHIHUHQFLDHQODOLVWDVLJXLHQWH
7DE &XELHUWDVGHOSDQHOGHFRQWURO
,QVWUXFFLRQHVGHVHUYLFLR0RELODLU
1rB6 0
'DWRVW«FQLFRV
0£TXLQDVLQRSFLRQHV
0RGHOR 0
1LYHOGHSRWHQFLDDF¼VWLFDJDUDQWL]DGR>G%$@
VHJ¼QODQRUPDWLYD&(
7DE 1LYHOGHSRWHQFLDDF¼VWLFDJDUDQWL]DGR
0RGHOR 0
1LYHOGHSUHVLµQDF¼VWLFDGHHPLVLµQ
>G%$@
VHJ¼Q(1,62FLIUDG
'LVWDQFLDGHPHGLFLµQG P
'LPHQVLµQGHODVXSHUILFLHGHPHGLFLµQ4 G%$
&DOFXODGRDSDUWLUGHOQLYHOGHSRWHQFLDDF¼VWLFDJDUDQWL]DGR'LUHFWLYD&(QRUPDE£VLFD
SDUDODPHGLFLµQGHOQLYHOVRQRUR,62
7DE 1LYHOGHSUHVLµQDF¼VWLFDGHHPLVLµQ
1LYHOGHSUHVLµQDF¼VWLFD
0RGHOR 0
1LYHOGHSUHVLµQDF¼VWLFD
JDUDQWL]DGR>G%$@
'LVWDQFLDGHPHGLFLµQP
(OYDORUGHSUHVLµQDF¼VWLFDFXPSOHODQRUPDDPHULFDQD(3$
7DE 1LYHOGHSUHVLµQDF¼VWLFDJDUDQWL]DGR
0RPHQWRVGHDSULHWH
9DORUHVGHRULHQWDFLµQSDUDWRUQLOORVKH[DJRQDOHVFRQFODVHGHUHVLVWHQFLD
7RUQLOORVKH[DJRQDOHV
5RVFD 0 0 0 0 0 0 0
0RPHQWRGHDSULHWH>1P@
7DE 0RPHQWRVGHDSULHWHWRUQLOORVKH[DJRQDOHV
&RQGLFLRQHVDPELHQWDOHV
0RQWDMH 9DORUO¯PLWH
$OWXUDP£[LPDGHLQVWDODFLµQVREUHHOQLYHOGHOPDU
>P@
7HPSHUDWXUDDPELHQWHP¯QLPD>r&@
c
3DUDOXJDUHVGHXELFDFLµQP£VDOWRVVHWHQGU£QTXHFRQVXOWDUFRQHOIDEULFDQWH
,QVWUXFFLRQHVGHVHUYLFLR0RELODLU
0 1rB6
'DWRVW«FQLFRV
&K£VLV
0RQWDMH 9DORUO¯PLWH
7HPSHUDWXUDDPELHQWHP£[LPD>r&@
c
3DUDOXJDUHVGHXELFDFLµQP£VDOWRVVHWHQGU£QTXHFRQVXOWDUFRQHOIDEULFDQWH
7DE &RQGLFLRQHVDPELHQWDOHV
,QGLFDFLRQHVDGLFLRQDOHV
,QGLFDFLRQHVUHODWLYDVDOSHUPLVRGHIXQFLRQDPLHQWRGHODP£TXLQDFRPR
႐ $FRWDFLµQ
႐ 'LVWDQFLDHQWUHUXHGDV
႐ VXSHUILFLHRFXSDGDSRUODP£TXLQD
YHUGLEXMRDFRWDGRFDS¯WXOR
(QORVGLEXMRVDFRWDGRVHQFRQWUDU£LQGLFDFLRQHVUHODWLYDVDODVSRVLFLRQHVGHORVVLJXLHQWHV
RULILFLRVGHVDOLGD\HQWUDGDUHOHYDQWHVDOIXQFLRQDPLHQWRGHODP£TXLQD
႐ (QWUDGDGHDLUHGHUHIULJHUDFLµQ
႐ 6DOLGDGHODLUHGHUHIULJHUDFLµQ
႐ 6DOLGDGHDLUHFRPSULPLGR
႐ 6DOLGDGHORVJDVHVGHHVFDSH
&K£VLV
3HVRV
/RVSHVRVLQGLFDGRVVRQSHVRVP£[LPRV(OSHVRUHDOGHODP£TXLQDGHSHQGHGHOHTXLSDPLHQWR
LQGLYLGXDOYHUSODFDGHLGHQWLILFDFLµQP£TXLQD
7DE 3HVRVGHODVP£TXLQDV
1HXP£WLFRV
&DUDFWHU¯VWLFDGHVLJQDಣ 9DORU
FLµQ
7DPD³RGHORVQHXP£WLಣ 5&
FRV
3UHVLµQP¯QLPD\UHFRಣ
PHQGDGDGHORVQHXP£WLಣ
FRV>EDU@
,QVWUXFFLRQHVGHVHUYLFLR0RELODLU
1rB6 0
'DWRVW«FQLFRV
&RPSUHVRU
&DUDFWHU¯VWLFDGHVLJQDಣ 9DORU
FLµQ
7RUQLOORVGHODVUXHGDV 0[
7DE 1HXP£WLFRV
0RPHQWRVGHDSULHWHSDUDODILMDFLµQGHODVUXHGDV
0HGLRVGHVXMHFLµQ 5RVFD $SHUWXUDGHODOODYH 0RPHQWRGHDSULHWH
>1P@
7RUQLOORGHODUXHGD 0[
7DE 0RPHQWRGHDSULHWHSDUDODILMDFLµQGHODVUXHGDV
0RPHQWRVGHDSULHWHSDUDHOGLVSRVLWLYRWUDFWRU
&RPSRQHQWH 5RVFD &ODVHGHUHVLVWHQFLD 0RPHQWRGHDSULHWH
>1P@
(QJDQFKHHVI«ULFR 0
$UPHOOD 0
'LVSRVLWLYRWUDFWRU 0
0 ದ
0 ದ
7DE 0RPHQWRVGHDSULHWHSDUDHOGLVSRVLWLYRWUDFWRU
&RPSUHVRU
6REUHSUHVLµQGHVHUYLFLR\FDXGDO
6REUHSUHVLµQP£[LPDGHVHUYLFLR>EDU@
%ORTXHFRPSUHVRU6,*0$ *
&DXGDOHIHFWLYR>P PLQ@
7DE 6REUHSUHVLµQGHVHUYLFLR\FDXGDO
6DOLGDGHDLUHFRPSULPLGR
9£OYXODGHVDOLGD>@ 1¼PHUR
*
*
7DE 'LVWULEXLGRUGHDLUHFRPSULPLGR
9£OYXODVGHVHJXULGDG
P£VLQIRUPDFLµQ 6REUHSUHVLµQP£[LPDGHVHUYLFLRYHUSODFDGHLGHQWLILFDFLµQ
,QVWUXFFLRQHVGHVHUYLFLR0RELODLU
0 1rB6
'DWRVW«FQLFRV
&RPSUHVRU
6REUHSUHVLµQP£[LPDGH 3UHVLµQGHUHDFFLµQ>EDU@
VHUYLFLR>EDU@ 9£OYXODGHVHJXULGDG
9£OYXODGHVHJXULGDG
ದ
HQHOGHSµVLWRVHSDUDGRUGHDFHLWH
GHODQWHGHODHQWUDGDGHDLUHFRPSULPLGRVµORRSFLµQFE
7DE 3UHVLµQGHUHDFFLµQGHODVY£OYXODVGHVHJXULGDG
7HPSHUDWXUD
7HPSHUDWXUDHQODVDOLGDGHDLUH
FRPSULPLGRGHOEORTXHFRPSUHVRU
7HPSHUDWXUDDPELHQWH>r&@ 9£OYXODFRPELQDGDY£OYXODWHUPRVW£WLFD
FRQGHWHFWRUGHOD VLQGHWHFWRUGHODWHPಣ
WHPSHUDWXUDDPELHQಣ SHUDWXUDDPELHQWH
WH>r&@ >r&@
RSFLµQGE
ದ
ದ
ದ
7DE 7HPSHUDWXUDVDOLGDGHDLUHFRPSULPLGREORTXHFRPSUHVRU
7HPSHUDWXUDVGHODVP£TXLQDV 9DORUHV
7HPSHUDWXUDILQDOGHFRPSUHVLµQQHFHVDULDSDUDFRQಣ
PXWDFLµQDVHUYLFLRHQ&$5*$>r&@
7HPSHUDWXUDW¯SLFDILQDOGHFRPSUHVLµQGXUDQWHHO
IXQFLRQDPLHQWR>r&@
7HPSHUDWXUDILQDOGHFRPSUHVLµQP£[LPDGHVFRQHಣ
[LµQDXWRP£WLFDGHVHJXULGDG>r&@
7DE 7HPSHUDWXUDVGHODVP£TXLQDV
5HFRPHQGDFLRQHVSDUDHODFHLWHUHIULJHUDQWH
(OWLSRGHODFHLWHUHIULJHUDQWHOOHQDGRVHHQFXHQWUDPDUFDGRFHUFDGHOWXERGHOOHQDGRGHOGHSµVLWR
VHSDUDGRUGHDFHLWH
6LXVWHGTXLHUHSHGLUDFHLWHUHIULJHUDQWHHQFRQWUDU£ODLQIRUPDFLµQQHFHVDULDHQHOFDS¯WXOR
&DUDFWHU¯VWLFD 6,*0$)/8,'
&ODVHGHDFHLWHUHIULಣ 6 02/
JHUDQWH
$VLJQDFLµQ $FHLWHVLQW«WLFR $FHLWHPLQHUDO
VLQVLOLFRQD
,QVWUXFFLRQHVGHVHUYLFLR0RELODLU
1rB6 0
'DWRVW«FQLFRV
0RWRU
&DUDFWHU¯VWLFD 6,*0$)/8,'
&ODVHGHDFHLWHUHIULಣ 6 02/
JHUDQWH
&DPSRGHDSOLFDFLµQ $FHLWHHVW£QGDUSDUDWRGDVODVDSOLFDFLRQHV $FHLWHHVW£QGDUSDUDWRGDVODV
DH[FHSFLµQGHODIDEULFDFLµQGHSURGXFWRV DSOLFDFLRQHVDH[FHSFLµQGHOD
DOLPHQWLFLRV IDEULFDFLµQGHSURGXFWRVDOLಣ
3DUWLFXODUPHQWHDGHFXDGRSDUDP£TXLQDV PHQWLFLRV
FRQDOWRJUDGRGHXWLOL]DFLµQ 3DUWLFXODUPHQWHDGHFXDGRSDಣ
UDP£TXLQDVFRQEDMRJUDGRGH
XWLOL]DFLµQ
$GPLVLµQ ಧ ಧ
9LVFRVLGDGDr& PPV PPV
'SUXHEDVHJ¼QQRUPDV$670 ',1ದ
9LVFRVLGDGDr& PPV PPV
'SUXHEDVHJ¼QQRUPDV$670 ',1ದ
3XQWRGHLQIODPDFLµQ r& r&
'SUXHEDVHJ¼QQRUPDV$670 ,62
'HQVLGDGDr& NJP ದ
,62
3XQWRGHFRQJHODFLµQ r& r&
'SUXHEDVHJ¼QQRUPDV$670 ,62
3RGHUDQWLHPXOJHQWH PLQ ದ
Dr& 'SUXHEDVVHJ¼QQRUPDV$670
7DE 5HFRPHQGDFLRQHVSDUDHODFHLWHUHIULJHUDQWH
&DQWLGDGGHOOHQDGRGHDFHLWHUHIULJHUDQWH
$FHLWHUHIULJHUDQWH &DQWLGDGGHUHSRVWDMH>O@
0£TXLQD
0£TXLQDLQWHUFDPELDGRUGHFDORU
RSFLµQGE
7DE &DQWLGDGGHOOHQDGRGHDFHLWHUHIULJHUDQWH
0RWRU
'DWRVGHOPRWRU
&DUDFWHU¯VWLFD ,QGLFDFLµQ
3URGXFWRWLSR .XERWD9',7
3RWHQFLDQRPLQDOGHOPRWRU>N:@
5HYROXFLRQHVD3/(1$&$5*$>USP @
9HOFLGDGGHJLURHQ0$5&+$(19$&2>USP @
8WLOLFHVµORFDUEXUDQWHVGL«VHOFRQIRUPHD(1R$670'$QWHVGHXWLOL]DURWURVFRPEXVಣ
WLEOHVFRQVXOWHDOIDEULFDQWHGHOPRWRU
,QVWUXFFLRQHVGHVHUYLFLR0RELODLU
0 1rB6
'DWRVW«FQLFRV
0RWRU
&DUDFWHU¯VWLFD ,QGLFDFLµQ
&ODVHGHFDUEXUDQWH 'L«VHO
&RQVXPRGHFRPEXVWLEOHD3/(1$&$5*$>OK@
&RQVXPRGHDFHLWHHQUHODFLµQDOFDUEXUDQWHFRQVXಣ DSUR[LPDGDPHQWH
PLGR>@
8WLOLFHVµORFDUEXUDQWHVGL«VHOFRQIRUPHD(1R$670'$QWHVGHXWLOL]DURWURVFRPEXVಣ
WLEOHVFRQVXOWHDOIDEULFDQWHGHOPRWRU
7DE 'DWRVGHOPRWRU
$FHLWHUHFRPHQGDGR
(ODFHLWHGHPRWRUHPSOHDGRGHEHVDWLVIDFHUODVVLJXLHQWHVFODVLILFDFLRQHV
႐ $&($FODVH((
႐ $3,FODVH&)&,
6HKDOOHQDGRHOPRWRUGHODP£TXLQDSRUSULPHUDYH]FRQHODFHLWHGHOPRWRUGHODFODVHGH
YLVFRVLGDG6$(:ದ
7HPSHUDWXUDVDPELHQWH>r&@ &ODVHGHYLVFRVLGDG
6$(
6$(:
6$(:
6$(:ದ
6$(:ದ
6$(:ದ
7DE 5HFRPHQGDFLRQHVSDUDHODFHLWHGHOPRWRU
5HFRPHQGDFLRQHVSDUDHOIOXLGRUHIULJHUDQWH
(OIOXLGRUHIULJHUDQWHXWLOL]DGRGHEHU£FXPSOLUORVUHTXLVLWRVGHODHVSHFLILFDFLµQ$670'
1RXWLOLFHUHIULJHUDQWHVRDQWLFRQJHODQWHVFRQYHQFLRQDOHVTXHVµORFXPSODQODHVSHFLILFDFLµQ
$670'(VWRVUHIULJHUDQWHVHVW£QFRQFHELGRV¼QLFDPHQWHSDUDDSOLFDFLRQHVVHQFLOODVHQ
DXWRPµYLOHV\SXHGHQDFRUWDUODYLGD¼WLOGHOPRWRU
(QFRQWUDU£P£VLQIRUPDFLµQVREUHHOXVRGHUHIULJHUDQWHVHQHOPDQXDOGHLQVWUXFFLRQHVGHO
IDEULFDQWHGHOPRWRU
&DQWLGDGHVGHUHSRVWDMH
'HVLJQD©¥R &DQWLGDGGHUHSRVWDMH>O@
$FHLWHSDUDPRWRUHV
&RQWHQLGRGHSµVLWRGHFRPEXVWLEOH
)OXLGRUHIULJHUDQWHHQHOFLUFXLWRGHOPRWRU
7DE &DQWLGDGHVGHUHSRVWDMHGHOPRWRU
,QVWUXFFLRQHVGHVHUYLFLR0RELODLU
1rB6 0
'DWRVW«FQLFRV
2SFLRQHV
%DWHU¯D
&DUDFWHU¯VWLFD 9DORU
7HQVLµQ>9@
&DSDFLGDG>$K@
&RUULHQWHGHHQVD\RHQIU¯R>$@
FRQIRUPHD1(
7DE %DWHU¯D
P£VLQIRUPDFLµQ 'HSHQGLHQGRGHOHTXLSRGHODP£TXLQDVHQHFHVLWDU£XQDFDSDFLGDGP£VDOWDGHODEDWHU¯D9HU
FDS¯WXORHTXLSRSDUDWHPSHUDWXUDVEDMDV
2SFLRQHV
2SFLµQHDHF
/XEULFDGRUGHKHUUDPLHQWDV
'HVLJQDFLµQ *DPDGHWHPSHUDWXUD>r&@ &DQWLGDGGHUHSRVWDMH>O@
/XEULFDQWHHVSHFLDOSDUDPDUWLಣ
OORVQHXP£WLFRV
7DE /XEULFDQWHUHFRPHQGDGRSDUDPDUWLOORVQHXP£WLFRV
2SFLµQGF
)LOWURGHDLUHIUHVFR
&DUDFWHU¯VWLFD 9DORU
6REUHSUHVLµQP£[LPDGHVHUYLFLR>EDU@
7HPSHUDWXUDDPELHQWHP¯QLPD>r&@
7HPSHUDWXUDDPELHQWHP£[LPD>r&@
7DE &DPSRGHDSOLFDFLµQILOWURGHDLUHIUHVFR
2SFLµQED
(TXLSRSDUDWHPSHUDWXUDVEDMDV
&RQGLFLRQHVDPELHQWDOHV
0RQWDMH 9DORUO¯PLWH
$OWXUDP£[LPDGHLQVWDODFLµQVREUHHOQLYHOGHO
PDU
>P@
7HPSHUDWXUDDPELHQWHP¯QLPD>r&@
7HPSHUDWXUDDPELHQWHP£[LPD>r&@
c3DUDOXJDUHVGHXELFDFLµQP£VDOWRVFRQVXOWHFRQHOIDEULFDQWH
7DE &RQGLFLRQHVDPELHQWDOHV
,QVWUXFFLRQHVGHVHUYLFLR0RELODLU
0 1rB6
'DWRVW«FQLFRV
2SFLRQHV
3URWHFFLµQDQWLFRQJHODQWHFRQGXFWRVGHDLUHFRPSULPLGR
$QWLFRQJHODQWH &DQWLGDGGHUHSRVWDMH>O@
:DEFRWK\O
7DE 5HFRPHQGDFLµQDQWLFRQJHODQWH
%DWHU¯D
&DUDFWHU¯VWLFD 9DORU
7HQVLµQ>9@
&DSDFLGDG>$K@
&RUULHQWHGHHQVD\RHQIU¯R>$@
FRQIRUPHD1(
7DE %DWHU¯D
2SFLµQEE
3UHFDOHQWDPLHQWRDJXDGHUHIULJHUDFLµQ
$SDUDWRSUHFDOHQWDGRUDJXDGHUHIULJHUDFLµQ 9DORU
0RGHOR '()$
7HQVLµQ>9@
3RWHQFLD>:@
7DE $SDUDWRSUHFDOHQWDGRUDJXDGHUHIULJHUDFLµQ
2SFLµQJDJE
*HQHUDGRUYHUVLµQ+]
'DWRVGHOJHQHUDGRU
,QVWUXFFLRQHVGHVHUYLFLR0RELODLU
1rB6 0
'DWRVW«FQLFRV
2SFLRQHV
7DE 'DWRVGHOJHQHUDGRU
*HQHUDGRU>N9$@
6REUHSUHVLµQP£[LPDGH
VHUYLFLR>EDU@
&DXGDO>PPLQ@*HQHUDಣ
GRU'(6
&DXGDO>PPLQ@*HQHUDಣ
GRU&21
&RQH[LRQHV
,QVWUXFFLRQHVGHVHUYLFLR0RELODLU
0 1rB6
'DWRVW«FQLFRV
2SFLRQHV
7DE &RQH[LµQFDMDVGHHQFKXIH
,QWHUUXSWRUGHSURWHFFLµQ
7DE ,QWHUUXSWRUGHSURWHFFLµQ
9DORUHVO¯PLWHRSHUDWLYRV
VHJ¼Q(1S£JLQDWDEOD
&DUDFWHU¯VWLFDV 9DORU
&ODVHGHHMHFXFLµQ *
*DPDGHDMXVWHGHODWHQVLµQ>@ s
'HVYLDFLµQGHODWHQVLµQHVW£WLFD>@
&D¯GDP£[LPDGHODWHQVLµQGLQ£PLFD>@ ದ
$XPHQWRP£[LPRGHODWHQVLµQGLQ£PLFD>@
7LHPSRGHHVWDELOL]DFLµQP£[LPRGHODWHQVLµQ>PV@
0£[LPDDVLPHWU¯DGHODWHQVLµQ>@
7DE 9DORUHVO¯PLWHRSHUDWLYRVJHQHUDGRU
&DUJDP£[LPDGHODUHGSRUFRQVXPLGRUHVGHFRUULHQWH
&RQVXPLGRUHVµKPLFRVVRQSRUHMHPSORERPELOODV\FDOHIDFWRUHVHO«FWULFRV
/RVPRWRUHVHO«FWULFRV\ORVWUDQVIRUPDGRUHVSHUWHQHFHQSRUHOFRQWUDULRDOJUXSRGHORVFRQVXPLಣ
GRUHVLQGXFWLYRV
&RQGLFLRQHVQRPLQDOHV
႐ 7HPSHUDWXUDDPELHQWHr&
႐ $OWXUDP£[LPDGHODXELFDFLµQVREUHHOQLYHOGHOPDUP
&RUULHQWHWULI£VLFD
,QVWUXFFLRQHVGHVHUYLFLR0RELODLU
1rB6 0
'DWRVW«FQLFRV
2SFLRQHV
7DE &DUJDP£[LPDGHODUHGFRUULHQWHWULI£VLFD
&RUULHQWHDOWHUQD
7DE &DUJDP£[LPDGHODUHGFRUULHQWHDOWHUQD
3RWHQFLDUHGXFLGDFRQWHPSHUDWXUDVDPELHQWHHOHYDGDV
7HPSHUDWXUDDPELHQWH 3RWHQFLDJHQHUDGRU
>r&@
ื HVSRVLEOHREWHQHUODP£[LPDSRWHQFLD
! 5HGXFFLµQHQXQSRUFDGDDXPHQWRGHODWHPSHUDWXUDGHr&
7DE 'LVPLQXFLµQGHODSRWHQFLDGHELGRDXQDWHPSHUDWXUDDPELHQWDOHOHYDGD
2SFLµQJDJE
*HQHUDGRUYHUVLµQ+]
'DWRVGHOJHQHUDGRU
&DUDFWHU¯VWLFDV *HQHUDGRU
9a
3RWHQFLDQRPLQDO>N9$@
ELI£VLFD
3RWHQFLDQRPLQDO>N9$@
PRQRI£VLFD
7HQVLµQ>9@
&RQVWDQFLDGHWHQVLµQ>@ s
FDUJDVLP«WULFD
&RQVWDQFLDGHWHQVLµQ>@
FDUJDDVLP«WULFDPRQRI£ಣ
VLFD
,QVWUXFFLRQHVGHVHUYLFLR0RELODLU
0 1rB6
'DWRVW«FQLFRV
2SFLRQHV
&DUDFWHU¯VWLFDV *HQHUDGRU
9a
&RUULHQWHQRPLQDO>$@
ELI£VLFD9
&RUULHQWHQRPLQDO>$@
ELI£VLFD9
&RUULHQWHQRPLQDO>$@
FRUWRFLUFXLWRV9
FRV3KL ದ
)UHFXHQFLD>+]@
1¼PHURGHUHYROXFLRQHV
>PLQ@
)DFWRUGHGLVWRUVLµQ>@
&RQVWUXFFLµQ 3RORLQWHULRUVLQFUµQLFRFRQWURODGRHOHFWUµQLFDPHQWH
7LSRGHSURWHFFLµQ ,3
7DE 'DWRVGHOJHQHUDGRU
*HQHUDGRU>N9$@
6REUHSUHVLµQP£[LPDGH
VHUYLFLR>EDU@
&DXGDOHIHFWLYR>PPLQ@
&DXGDOHIHFWLYRHQFDVR
GHXWLOL]DFLµQVLPXOW£QHD
GHSRWHQFLDGHOJHQHUDGRU
>PPLQ@
&RQH[LRQHV
&DMDVGHHQFKXIH 1¼PHUR
$9a3(
,QVWUXFFLRQHVGHVHUYLFLR0RELODLU
1rB6 0
'DWRVW«FQLFRV
2SFLRQHV
&DMDVGHHQFKXIH 1¼PHUR
$9a3(
7DE &RQH[LµQFDMDVGHHQFKXIH
,QWHUUXSWRUGHSURWHFFLµQ
7DE ,QWHUUXSWRUGHSURWHFFLµQ
9DORUHVO¯PLWHRSHUDWLYRV
VHJ¼Q(1S£JLQDWDEOD
&DUDFWHU¯VWLFDV 9DORU
&ODVHGHHMHFXFLµQ *
*DPDGHDMXVWHGHODWHQVLµQ>@ s
'HVYLDFLµQGHODWHQVLµQHVW£WLFD>@
&D¯GDP£[LPDGHODWHQVLµQGLQ£PLFD>@ ದ
$XPHQWRP£[LPRGHODWHQVLµQGLQ£PLFD>@
7LHPSRGHHVWDELOL]DFLµQP£[LPRGHODWHQVLµQ>PV@
0£[LPDDVLPHWU¯DGHODWHQVLµQ>@
7DE 9DORUHVO¯PLWHRSHUDWLYRVJHQHUDGRU
&DUJDP£[LPDGHODUHGSRUFRQVXPLGRUHVGHFRUULHQWH
&RQVXPLGRUHVµKPLFRVVRQSRUHMHPSORERPELOODV\FDOHIDFWRUHVHO«FWULFRV
/RVPRWRUHVHO«FWULFRV\ORVWUDQVIRUPDGRUHVSHUWHQHFHQSRUHOFRQWUDULRDOJUXSRGHORVFRQVXPLಣ
GRUHVLQGXFWLYRV
&RQGLFLRQHVQRPLQDOHV
႐ 7HPSHUDWXUDDPELHQWHr&
႐ $OWXUDP£[LPDGHODXELFDFLµQVREUHHOQLYHOGHOPDUP
7DE &DUJDP£[LPDGHODUHG
,QVWUXFFLRQHVGHVHUYLFLR0RELODLU
0 1rB6
'DWRVW«FQLFRV
2SFLRQHV
3RWHQFLDUHGXFLGDFRQWHPSHUDWXUDVDPELHQWHHOHYDGDV
7HPSHUDWXUDDPELHQWH 3RWHQFLDJHQHUDGRU
>r&@
ื HVSRVLEOHREWHQHUODP£[LPDSRWHQFLD
! 5HGXFFLµQHQXQSRUFDGDDXPHQWRGHODWHPSHUDWXUDGHr&
7DE 'LVPLQXFLµQGHODSRWHQFLDGHELGRDXQDWHPSHUDWXUDDPELHQWDOHOHYDGD
,QVWUXFFLRQHVGHVHUYLFLR0RELODLU
1rB6 0
6HJXULGDG\UHVSRQVDELOLGDG
,QGLFDFLRQHVE£VLFDV
6HJXULGDG\UHVSRQVDELOLGDG
,QGLFDFLRQHVE£VLFDV
/DP£TXLQDKDVLGRFRQVWUXLGDVHJ¼QHOHVWDGRDFWXDOGHODW«FQLFD\ODVUHJODVGHVHJXULGDGW«FQLFD
UHFRQRFLGDV6LQHPEDUJRSXHGHQSURGXFLUVHFLHUWRVSHOLJURVGXUDQWHHOXVRGHODP£TXLQD
႐ 5LHVJRGHVXIULUOHVLRQHVFRUSRUDOHVRSHOLJURGHPXHUWHSDUDHOXVXDULRRSDUDWHUFHUDVSHUVRQDV
႐ 'D³RVHQODP£TXLQD\RWURVGD³RVGHFDU£FWHUPDWHULDO
3(/,*52
(OLQFXPSOLPLHQWRGHHVWDVLQGLFDFLRQHVSXHGHRFDVLRQDUOHVLRQHVGHFDU£FWHUPRUWDO
ᇐ /HDODVLQVWUXFFLRQHVGHVHUYLFLRFRQDWHQFLµQ\WHQJDHQFXHQWDVXFRQWHQLGRSDUDSRGHUHPಣ
SOHDUODP£TXLQDGHPDQHUDVHJXUD
ᇐ c8WLOL]DUODP£TXLQDVLHPSUHHQSHUIHFWDVFRQGLFLRQHVW«FQLFDVFRQIRUPHDORSUHVFULWRWHQLHQGR
HQFXHQWDODVHJXULGDGORVULHVJRV\REVHUYDQGRODVLQVWUXFFLRQHVGHVHUYLFLR
ᇐ 5HSDUHGHLQPHGLDWRODVDYHU¯DVTXHUHSHUFXWDQQHJDWLYDPHQWHHQODVHJXULGDGRHQFDUJXHVX
UHSDUDFLµQLQPHGLDWD
8VRGHELGR
/DP£TXLQDHVW£FRQFHELGDH[FOXVLYDPHQWHSDUDODSURGXFFLµQGHDLUHFRPSULPLGRHQVHFWRUHVLQಣ
GXVWULDOHV(OJHQHUDGRURSFLRQDOVLUYHDGHP£VSDUDSURGXFLUFRUULHQWHHO«FWULFDSDUDORVFRQVXPLಣ
GRUHVLQGLYLGXDOHV
&XDOTXLHUXWLOL]DFLµQIXHUDGHHVWHWHUUHQRVHFRQVLGHUDFRPRXVRLQGHELGR(QFDVRGHDYHU¯DVHO
IDEULFDQWHTXHGDOLEHUDGRGHFXDOTXLHUUHVSRQVDELOLGDGSRUXVRLQGHELGR(OXVXDULRVHKDU£FDUJR
GHORVULHVJRVHQGLFKRFDVR
ᇐ &XPSODODVLQGLFDFLRQHVFRQWHQLGDVHQODVSUHVHQWHVLQVWUXFFLRQHVGHVHUYLFLR
ᇐ $FFLRQHODP£TXLQDVµORGHQWURGHORVO¯PLWHVGHSRWHQFLD\FRQIRUPHDODVFRQGLFLRQHVDPELHQಣ
WDOHVDGPLVLEOHV
ᇐ 6LQXQWUDWDPLHQWRDGHFXDGRHODLUHFRPSULPLGRQRSXHGHVHUXWLOL]DGRSDUDILQHVUHVSLUDWRULRV
ᇐ 6LQXQWUDWDPLHQWRDGHFXDGRHODLUHFRPSULPLGRQRSXHGHVHUXWLOL]DGRSDUDSURFHVRVODERUDOHV
GRQGHHODLUHHQWUHHQFRQWDFWRGLUHFWRFRQDOLPHQWRV
8VRLQGHELGR
ᇐ 1RGLULMDDLUHFRPSULPLGRKDFLDSHUVRQDVRDQLPDOHV
ᇐ 6LQXQWUDWDPLHQWRDGHFXDGRHODLUHFRPSULPLGRQRSXHGHVHUXWLOL]DGRSDUDILQHVUHVSLUDWRULRV
ᇐ 1RDGPLWLUTXHODP£TXLQDDVSLUHYDSRUHVRJDVHVYHQHQRVRV£FLGRVLQIODPDEOHVRH[SORVLYRV
ᇐ /DP£TXLQDQRGHEHIXQFLRQDUHQFDPSRVHQORVFXDOHVVHDSOLFDQODVH[LJHQFLDVHVSHF¯ILFDV
UHIHUHQWHVDODSURWHFFLµQFRQWUDODVH[SORVLRQHV
,QVWUXFFLRQHVGHVHUYLFLR0RELODLU
0 1rB6
6HJXULGDG\UHVSRQVDELOLGDG
5HVSRQVDELOLGDGGHOXVXDULR
5HVSRQVDELOLGDGGHOXVXDULR
5HVSHWRGHODVQRUPDWLYDVOHJDOHV\ODVUHJODVUHFRQRFLGDV
VWDVVRQSRUHMHPSORODVQRUPDVHXURSHDVDSOLFDGDVHQODOH\QDFLRQDO\RODVOH\HVSUHVFULSFLRQHV
GHVHJXULGDG\QRUPDVGHSUHYHQFLµQGHDFFLGHQWHVY£OLGDVHQHOSD¯VGHOXVXDULR
ᇐ 'XUDQWHORVWUDEDMRVGHOVHUYLFLRPDQWHQLPLHQWR\WUDQVSRUWHGHODP£TXLQDGHEHQUHVSHWDUVH
ODVQRUPDWLYDVOHJDOHV\ODVUHJODVW«FQLFDVUHOHYDQWHV
6HOHFFLµQGHOSHUVRQDO
/RVW«FQLFRVHVSHFLDOL]DGRVJUDFLDVDVXIRUPDFLµQSURIHVLRQDODV¯FRPRDVXVH[SHULHQFLDV\FRಣ
QRFLPLHQWRVDFHUFDGHODVGLVSRVLFLRQHVSHUWLQHQWHVVRQFDSDFHVGHYDORUDUORVWUDEDMRVHQFDUJDGRV
\GHFRPSUREDUSHOLJURVHYHQWXDOHV
(OSHUVRQDOGHVHUYLFLRDXWRUL]DGRGHEHSRVHHUODVFXDOLILFDFLRQHVVLJXLHQWHV
႐ (VPD\RUGHHGDG
႐ +DOH¯GR\FRPSUHQGLGRODVLQVWUXFFLRQHVGHVHJXULGDGSDUDHOPDQHMRGHODVSDUWHVUHOHYDQWHV
GHOPDQXDOGHVHUYLFLR\ODVUHVSHWD
႐ 7LHQHODIRUPDFLµQ\DXWRUL]DFLµQFRPSHWHQWHSDUDHOPDQHMRVHJXURGHODVLQVWDODFLRQHVDXWRಣ
PRYLO¯VWLFDVHOHFWURW«FQLFDV\QHXP£WLFDV
(OSHUVRQDOGHPDQWHQLPLHQWRDXWRUL]DGRGHEHSRVHHUODVFXDOLILFDFLRQHVVLJXLHQWHV
႐ (VPD\RUGHHGDG
႐ +DOH¯GR\FRPSUHQGLGRODVLQVWUXFFLRQHVGHVHJXULGDGSDUDODLQVWDODFLµQ\HOPDQWHQLPLHQWRGH
ODVSDUWHVUHOHYDQWHVGHOPDQXDOGHVHUYLFLR\ODVUHVSHWD
႐ 6HKDLQVWUXLGRDFHUFDGHORVFRQFHSWRV\ODVUHJODVGHODVHJXULGDGGHODLQVWDODFLRQHVDXWRಣ
PRYLO¯VWLFDVHOHFWURW«FQLFDV\QHXP£WLFDV
႐ 3XHGHFRPSUREDUSHOLJURVHYHQWXDOHVGHOVHFWRUDXWRPRYLO¯VWLFRHOHFWURW«FQLFR\QHXP£WLFR\
HYLWDUGD³RVFRUSRUDOHV\PDWHULDOHVREVHUYDQGRODVLQVWUXFFLRQHVGHVHJXULGDG
႐ 7LHQHODIRUPDFLµQ\DXWRUL]DFLµQFRPSHWHQWHSDUDUHDOL]DUGHPDQHUDVHJXUDHOPDQWHQLPLHQWR
GHHVWDP£TXLQD
(OSHUVRQDOGHWUDQVSRUWHDXWRUL]DGRGHEHSRVHHUODVFXDOLILFDFLRQHVVLJXLHQWHV
႐ (VPD\RUGHHGDG
႐ +DOH¯GR\FRPSUHQGLGRODVLQVWUXFFLRQHVGHVHJXULGDGSDUDHOWUDQVSRUWHGHODVSDUWHVUHOHYDQWHV
GHOPDQXDOGHVHUYLFLR\ODVUHVSHWD
႐ 7LHQHODIRUPDFLµQ\DXWRUL]DFLµQFRPSHWHQWHSDUDHOWUDQVSRUWHVHJXURGHODVLQVWDODFLRQHV
DXWRPRLO¯VWLFDV
႐ 6HKDLQVWUXLGRDFHUFDGHODVUHJODVUHODWLYDVDOPDQHMRVHJXURFRQDXWRPµYLOHV\PDWHULDOHVGH
WUDQVSRUWH
႐ 3XHGHFRPSUREDUSHOLJURVHYHQWXDOHVGHODW«FQLFDDXWRPRYLO¯VWLFD\HYLWDUGD³RVFRUSRUDOHV\
PDWHULDOHVREVHUYDQGRODVLQVWUXFFLRQHVGHVHJXULGDG
,QVWUXFFLRQHVGHVHUYLFLR0RELODLU
1rB6 0
6HJXULGDG\UHVSRQVDELOLGDG
5HVSRQVDELOLGDGGHOXVXDULR
3(/,*52
c3HOLJURGHPXHUWHDOWRFDUSLH]DVFRQGXFWRUDVGHWHQVLµQ
ᇐ /RVWUDEDMRVGHLQVWDODFLµQPDQWHQLPLHQWR\UHSDUDFLµQHQJUXSRVHO«FWULFRVGHODP£TXLQD
VµORSXHGHQVHUUHDOL]DGRVSRUXQHOHFWULFLVWDc(VWRWDPEL«QVHUHILHUHDWUDEDMRVHQSLH]DV
FRQGXFWRUDVGHWHQVLµQ
ᇐ $VHJ¼UHVHGHTXHHOSHUVRQDOHQFDUJDGRGHOPDQHMRHOPDQWHQLPLHQWR\HOWUDQVSRUWHSRVHHOD
FXDOLILFDFLµQQHFHVDULD\HVW£GHELGDPHQWHKDELOLWDGRSDUDUHDOL]DUHVRVWUDEDMRV
2EVHUYDUORVSOD]RVGHFRQWUROHV\ODVSUHVFULSFLRQHVSDUDODSUHYHQFLµQGH
DFFLGHQWHV
/DP£TXLQDHVW£VRPHWLGDDORVSOD]RVGHFRQWUROORFDOHV
(MHPSORVSDUDHOIXQFLRQDPLHQWRHQ$OHPDQLD
ᇐ (IHFW¼HXQFRQWURODQWHVGHODSXHVWDHQPDUFKDVHJ¼QHODUWGHOUHJODPHQWRDOHP£QGH
VHJXULGDGGHOIXQFLRQDPLHQWR
ᇐ 2EVHUYDUODSUXHEDUHSHWLGDFRQIRUPHDOD%*5FDS¯WXOR$VRFLDFLµQ3URIHVLRQDOSDUD
OD6HJXULGDG\OD6DOXGHQHO7UDEDMR
(OXVXDULRRSURSLHWDULRGHODP£TXLQDKDGHHQFDUJDUDXQH[SHUWRTXHUHDOLFHSUXHEDVIXQFLRಣ
QDOHVHQORVGLVSRVLWLYRVGHVHJXULGDGGHFRPSUHVRUHVHQFDVRGHQHFHVLGDGSHURSRUORPHQRV
XQDYH]DOD³R
ᇐ 2EVHUYDUFDPELRGHDFHLWHFRQIRUPHDOD%*5FDS¯WXOR
(OXVXDULRRSURSLHWDULRGHODP£TXLQDKDGHWRPDUODVPHGLGDVRSRUWXQDVSDUDHIHFWXDU\GRಣ
FXPHQWDUHOFDPELRGHDFHLWHHQFDVRQHFHVDULRSHURSRUORPHQRVXQDYH]DOD³R6HDGPLWLU£
RWURLQWHUYDORFXDQGRVHKD\DFRPSUREDGRPHGLDQWHXQDQ£OLVLVGHODFHLWHGHTXHODFDOLGDGGHO
DFHLWHFRQWLQ¼DVLHQGRUHXQLHQGRVXVSURSLHGDGHVLQLFLDOHV
ᇐ 2EVHUYDUORVSOD]RVGHFRQWUROVHJ¼QHO5HJODPHQWRGHOD6HJXULGDGGH)XQFLRQDPLHQWRFRQ
SOD]RVP£[LPRVFRQIRUPHDi
7DE 3OD]RVGHSUXHEDVHJ¼QHO5HJODPHQWRGH6HJXULGDGGH)XQFLRQDPLHQWR
,QVSHFFLµQGHOGLVSRVLWLYRGHVXVSHQVLµQSDUDJU¼D
(OXVXDULRRSURSLHWDULRGHODP£TXLQDGHEHDVHJXUDUVHGHFRPSUREDUSHULµGLFDPHQWHGHDFXHUGR
FRQODVQRUPDWLYDVQDFLRQDOHVHOGHVJDVWH\ORVGD³RVGHWRGRHOGLVSRVLWLYRGHVXVSHQVLµQSDUD
JU¼D
ᇐ (QFDUJDUODLQVSHFFLµQGHOGLVSRVLWLYRGHVXVSHQVLµQSDUDJU¼D
6LHOGLVSRVLWLYRGHVXVSHQVLµQSDUDJU¼DQRHVW£HQSHUIHFWRHVWDGRQRGHEHWUDQVSRUWDUVHOD
P£TXLQDFRQXQDJU¼D(QFDUJXHGHLQPHGLDWRODUHSDUDFLµQGHODP£TXLQD
,QVWUXFFLRQHVGHVHUYLFLR0RELODLU
0 1rB6
6HJXULGDG\UHVSRQVDELOLGDG
3HOLJURV
3HOLJURV
,QGLFDFLRQHVE£VLFDV
$TX¯VHLQIRUPDVREUHORVGLIHUHQWHVWLSRVGHSHOLJURVTXHSXHGDQDSDUHFHUGXUDQWHHOIXQFLRQDPLHQWR
GHODP£TXLQD
/DVSUHVHQWHVLQVWUXFFLRQHVGHVHUYLFLRFRQWLHQHQLQGLFDFLRQHVGHVHJXULGDGE£VLFDVDOSULQFLSLRGH
FDGDFDS¯WXORHQHOS£UUDIRWLWXODGR6HJXULGDG
/DVDGYHUWHQFLDVDSDUHFHQMXVWRGHODQWHGHODVDFWLYLGDGHVSRWHQFLDOPHQWHSHOLJURVDV
6HJXULGDGDQWHIXHQWHVGHSHOLJUR
$TX¯VHLQIRUPDVREUHORVGLIHUHQWHVWLSRVGHSHOLJURVTXHSXHGDQDSDUHFHUGXUDQWHHOIXQFLRQDPLHQWR
GHODP£TXLQD
*DVHVGHHVFDSH
/RVJDVHVGHHVFDSHGHORVPRWRUHVGHFRPEXVWLµQLQWHUQDFRQWLHQHQPRQµ[LGRGHFDUERQRXQJDV
LQRGRUR\PRUWDO
$GHP£VGXUDQWHODFRPEXVWLµQGHJDVRLOVHSURGXFHKROO¯QTXHFRQWLHQHSDUW¯FXODVQRFLYDVSDUD
ODVDOXG
ᇐ c$FFLRQDUODP£TXLQDH[FOXVLYDPHQWHDODLUHOLEUH
ᇐ 1RLQKDODUORVJDVHVGHHVFDSH
ᇐ &RQGXFLUORVJDVHVGHHVFDSHKDFLDHOH[WHULRUDWUDY«VGHXQWXERPD\RUDPP
,QFHQGLR\H[SORVLµQ
(OFDUEXUDQWHSXHGHLQFHQGLDUVHHVSRQW£QHDPHQWH\HVSRVLEOHTXHVHSURGX]FDQJUDYHVOHVLRQHV
RGHIXQFLµQ
ᇐ $VHJ¼UHVHGHTXHQRVHSURGX]FDIXHJRGHQLQJ¼QWLSRQLFKLVSDVHQHOOXJDUGHXELFDFLµQ
ᇐ 1RIXPHPLHQWUDVUHOOHQHHOGHSµVLWRFRQJDVROLQD
ᇐ 1XQFDUHSRVWHFRPEXVWLEOHFRQODP£TXLQDHQPDUFKD
ᇐ 1RKDJDUHERVDUHOFRPEXVWLEOHPLHQWUDVUHOOHQHHOGHSµVLWR
ᇐ 6HFDUFRQXQWUDSRHOFRPEXVWLEOHGHUUDPDGR
ᇐ 0DQWHQJDDOHMDGRHOFDUEXUDQWHGHFRPSRQHQWHVFDOLHQWHVGHODP£TXLQD
ᇐ 5HSRQJDHODQWLFRQJHODQWHRSFLµQEDVLHPSUHFRQODP£TXLQDGHVFRQHFWDGD\HQIU¯R
ᇐ &RPSUXHEHTXHVHUHVSHWHQODVWHPSHUDWXUDVDPELHQWHDGPLVLEOHVHQHOOXJDUGHXELFDFLµQ
)OXLGRUHIULJHUDQWHFDOLHQWH
(OVLVWHPDGHUHIULJHUDFLµQSDUDORVPRWRUHVFDOLHQWHVUHIULJHUDGRVSRUIOXLGRVVHKDOODEDMRSUHVLµQ
$ODEULUVHHOWDSµQURVFDGRHVSRVLEOHTXHHVFDSHHOIOXLGRFDOLHQWHTXHSXHGHFDXVDUJUDYHVTXHಣ
PDGXUDV
ᇐ $QWHVGHDEULUHOVLVWHPDGHUHIULJHUDFLµQGHMHTXHODP£TXLQDVHHQIU¯H
ᇐ $IORMDUHOWDSµQURVFDGRFRQFXLGDGRJLUDQGRVRODPHQWHXQFXDUWRGHYXHOWDKDVWDPHGLDYXHOWD
7DQSURQWRFRPRHVFDSHODVREUHSUHVLµQVHDEULU£HOWDSµQURVFDGRFRPSOHWDPHQWH
,QVWUXFFLRQHVGHVHUYLFLR0RELODLU
1rB6 0
6HJXULGDG\UHVSRQVDELOLGDG
3HOLJURV
)XHU]DVGHFRPSUHVLµQ
([LVWHSHOLJURGHJUDYHVOHVLRQHVDOHVFDSDUVHDLUHFRPSULPLGR/DVLQGLFDFLRQHVVLJXLHQWHVVHUHಣ
ILHUHQDWRGRVORVWUDEDMRVHQSLH]DVTXHSXHGHQHVWDUEDMRWHQVLµQ
ᇐ (VSHUDUKDVWDTXHVHKD\DGHVSUHVXUL]DGRDXWRP£WLFDPHQWHODP£TXLQDFRQWURO,QGLFDFLµQGHO
PDQµPHWUREDU
ᇐ 'HVSX«VDEULUFRQFXLGDGRXQDOODYHGHWRPDGHDLUHFRPSULPLGRSDUDTXHVHGHVSUHVXULFHHO
FRQGXFWRHQWUHODY£OYXODGHUHWHQFLµQSUHVLµQP¯QLPDY£OYXODGHUHWHQFLµQ\ODVDOLGDGHDLUH
FRPSULPLGR
ᇐ (QORVFRPSRQHQWHVGHSUHVLµQSRUHMHPSORWXEHU¯DVGHSµVLWRVQRVHDGPLWHQWUDEDMRVGH
VROGDGXUDWUDWDPLHQWRVW«UPLFRVXRWUDVPRGLILFDFLRQHVPHF£QLFDV\DTXHSXHGHQSHUMXGLFDU
ODUHVLVWHQFLDDODSUHVLµQGHORVFRPSRQHQWHV
'HKDFHUORODVHJXULGDGGHODP£TXLQDQRSRGU¯DTXHGDUJDUDQWL]DGD
)XHU]DVGHUHVRUWH
5LHVJRGHJUDYHVOHVLRQHVDOVROWDUVHUHVRUWHVEDMRWHQVLµQ
/DY£OYXODGHUHWHQFLµQSUHVLµQP¯QLPDODY£OYXODGHVHJXULGDG\ODY£OYXODGHDGPLVLµQVHHQFXHQಣ
WUDQVRPHWLGDVDXQDJUDQWHQVLµQHO£VWLFD
ᇐ 1RDEUDQLGHVPRQWHODVY£OYXODV
&DOLGDGGHODLUHFRPSULPLGR
(ODLUHFRPSULPLGRGHORVFRPSUHVRUHVFRQLQ\HFFLµQGHDFHLWHQRGHEHXWLOL]DUVHFRPRDLUHUHVSLಣ
UDEOHQLHQODHODERUDFLµQGHSURGXFWRVDOLPHQWLFLRVVLQHOWUDWDPLHQWRFRUUHVSRQGLHQWH
ᇐ 1RLQKDODUQXQFDDLUHFRPSULPLGRGHPDQHUDGLUHFWD
ᇐ ,QVWDOHVLVWHPDVGHWUDWDPLHQWRGHDLUHFRPSULPLGRDGHFXDGRVSDUDSRGHUXWLOL]DUHODLUHFRPಣ
SULPLGRGHHVWDP£TXLQDFRPRDLUHUHVSLUDEOHUHVSLUDFLµQDGLFLRQDO\RHQODHODERUDFLµQGH
SURGXFWRVDOLPHQWLFLRV
ᇐ 8WLOL]DUDFHLWHUHIULJHUDQWHTXHQRDIHFWHDSURGXFWRVDOLPHQWLFLRVFXDQGRHODLUHFRPSULPLGR
WHQJDFRQWDFWRFRQDOLPHQWRV
3LH]DVURWDWRULDV
([LVWHSHOLJURGHJUDYHVOHVLRQHVDOWRFDUVHODUXHGDGHOYHQWLODGRUHODFRSODPLHQWRRODFRUUHDVLOD
P£TXLQDHVW£FRQHFWDGD
ᇐ $FFLRQDUODP£TXLQDVµORFRQODVUHMLOODVSURWHFWRUDVSXHUWDVGHPDQWHQLPLHQWR\SLH]DVGH
UHYHVWLPLHQWRFHUUDGDV
ᇐ $QWHVGHDEULUODVSXHUWDVODFXELHUWDVHGHEHGHVFRQHFWDU\SDUDUODP£TXLQD
ᇐ 8VHURSDSHJDGDDOFXHUSR\UHGHFLOODSDUDHOSHORHQFDVRQHFHVDULR
ᇐ 0RQWDUORVGLVSRVLWLYRVSURWHFWRUHV\HOUHYHVWLPLHQWRFRUUHFWDPHQWHDQWHVGHYROYHUDSRQHUHQ
PDUFKDHOPRWRU
(OHFWULFLGDG
ᇐ /RVWUDEDMRVTXHWHQJDQTXHUHDOL]DUVHHQHTXLSRVHO«FWULFRVKDQGHVHUOOHYDGRVDFDERH[FOXಣ
VLYDPHQWHSRUHOHFWULFLVWDVSURIHVLRQDOHVDXWRUL]DGRVHLQVWUXLGRVRSRUSHUVRQDVDOHFFLRQDGDV
DWDOHIHFWRVLHPSUHEDMRODGLUHFFLµQ\VXSHUYLVLµQGHXQHOHFWULFLVWDSURIHVLRQDODXWRUL]DGR\
FRQIRUPHDORHVWDEOHFLGRSRUODVQRUPDVHOHFWURW«FQLFDVSHUWLQHQWHV
ᇐ &RPSUXHEHUHJXODUPHQWHHOFRUUHFWRDMXVWH\SHUIHFWRHVWDGRGHODVXQLRQHVHO«FWULFDV
,QVWUXFFLRQHVGHVHUYLFLR0RELODLU
0 1rB6
6HJXULGDG\UHVSRQVDELOLGDG
3HOLJURV
ᇐ /RVWUDEDMRVHQHOJHQHUDGRUODFDMDGHGLVWULEXFLµQGHOJHQHUDGRUKDQGHVHUOOHYDGRVDFDER
VµORSRUXQHOHFWURW«FQLFRH[SHUWRLQVWUXLGR\DXWRUL]DGR
ᇐ 5HDOL]DUORVWUDEDMRVHQHOJHQHUDGRUODFDMDGHGLVWULEXFLµQGHOJHQHUDGRUVRODPHQWDFRQOD
P£TXLQDGHVFRQHFWDGD
7HPSHUDWXUD
ᇐ 1RWRTXHORVFRPSRQHQWHVFDOLHQWHV(QWUHHOORVVHFXHQWDQSRUHMHPSORHOPRWRUGHFRPEXVಣ
WLµQEORTXHFRPSUHVRUWXERVGHDFHLWH\GHSUHVLµQUHIULJHUDGRUGHSµVLWRVHSDUDGRUGHDFHLWH
$GHP£VORVFRPSRQHQWHVVLWXDGRVMXQWRDODVDOLGDGHJDVHVGHHVFDSH\RGHDLUHUHIULJHUDGR
RHQVXFRUULHQWHGHDLUHSXHGHQFDOHQWDUVHH[FHVLYDPHQWH
ᇐ /OHYDUURSDGHPDQJDODUJDQRGHILEUDVVLQW«WLFDVFRPRSRUHMHPSORSROL«VWHU\JXDQWHVGH
VHJXULGDG
ᇐ /OHYDUJXDQWHVGHSURWHFFLµQDOHQJDQFKDU\GHVHQJDQFKDUORVWXERVIOH[LEOHVGHDLUHFRPSULPLGR
H[WHUQRVDODVY£OFXODVGHHVFDSH
ᇐ 'HMDUHQIULDUODP£TXLQDDQWHVGHSURFHGHUDORVWUDEDMRVGHPDQWHQLPLHQWR
ᇐ &XDQGRVHHIHFW¼HQWUDEDMRVGHVROGDGXUDHQODP£TXLQDRFHUFDGH«VWDGHEHU£QWRPDUVHODV
PHGLGDVDGHFXDGDVSDUDTXHQRVHSUHQGDQSLH]DVGHODP£TXLQDYDSRUHVGHFRPEXVWLEOHR
QHEOLQDVGHDFHLWHGHELGRDFKLVSDVRWHPSHUDWXUDVDOWDV
5XLGR
ᇐ $FFLRQDUODP£TXLQDVµORFRQVLVWHPDFRPSOHWRGHLQVRQRUL]DFLµQ
ᇐ (QFDVRQHFHVDULRXWLOLFHSURWHFFLµQDXGLWLYD3RUHMHPSORDOHVFDSDUVHHODLUHSRUODY£OYXODGH
VHJXULGDGSXHGHQSURGXFLUVHHPLVLRQHVLPSRUWDQWHVGHUXLGR
/XEULFDQWHV\O¯TXLGRV
ᇐ 4XHGDHVWULFWDPHQWHSURKLELGRIXPDUDV¯FRPRHQFHQGHUIXHJRV\HPSOHDUOODPDVOLEUHV
ᇐ 2EVHUYDUODVSUHVFULSFLRQHVGHVHJXULGDGVREUHHOPDQHMRFRQFDUEXUDQWHVDFHLWHVOXEULFDQWHV
DQWLFRQJHODQWHV\VXVWDQFLDVTX¯PLFDV
ᇐ (YLWDUHOFRQWDFWRFRQODSLHO\ORVRMRV
ᇐ 1RDVSLUDUYDSRUHVGHFDUEXUDQWHVQLQHEOLQDVROHRVDV
ᇐ 1RFRPHUQLEHEHUPLHQWUDVWUDEDMDFRQFDUEXUDQWHVDFHLWHIOXLGRVUHIULJHUDQWHV\OXEULFDQWHV
DV¯FRPRDQWLFRQJHODQWHV
ᇐ 'LVSRQHUGHORVPHGLRVGHH[WLQFLµQDGHFXDGRVHLQIRUPDUVREUHODXELFDFLµQ\HOPDQHMRGHORV
H[WLQWRUHV
ᇐ 8WLOLFH¼QLFDPHQWHOXEULFDQWHV\O¯TXLGRVDXWRUL]DGRVSRU.$(6(5
3LH]DVGHUHFDPELRLQDGHFXDGDV
ᇐ 8WLOLFH¼QLFDPHQWHSLH]DVGHUHFDPELRTXHKD\DQVLGRDGDSWDGDVSRUHOIDEULFDQWHDODXWLOL]DFLµQ
GHODP£TXLQD/RVUHSXHVWRVLQDGHFXDGRVSHUMXGLFDQODVHJXULGDGGHODP£TXLQD
ᇐ 8WLOLFHVRODPHQWHSLH]DVGHUHFDPELRRULJLQDOHV.$(6(5SDUDORVFRPSRQHQWHVVRPHWLGRVD
SUHVLµQ
,QVWUXFFLRQHVGHVHUYLFLR0RELODLU
1rB6 0
6HJXULGDG\UHVSRQVDELOLGDG
3HOLJURV
$OWHUDFLRQHVRPRGLILFDFLRQHVHQODP£TXLQD
ᇐ 1RHIHFW¼HDOWHUDFLRQHVQLPRGLILFDFLRQHVHQODP£TXLQD\DTXHSXHGHQPHQRVFDEDUODVHJXಣ
ULGDG\HOIXQFLRQDPLHQWRGHODPLVPD
႐ 1RLQFRUSRUHFRPSRQHQWHVDGLFLRQDOHVQRDXWRUL]DGRV
႐ 1RUHDOLFHPRGLILFDFLRQHVHQODP£TXLQDTXHVXSHUHQODPDVDP£[LPD\RLQIOX\DQHQOD
VHJXULGDGLQGXVWULDOGXUDQWHHOWUDQVSRUWHXWLOL]DFLµQGHODP£TXLQD
7DOHVPRGLILFDFLRQHVDQXODU£QHOSHUPLVRGHH[SORWDFLµQFHUWLILFDFLµQSDUDHOWUDQVSRUWHWHಣ
UUHVWUH
8VRVHJXURGHODP£TXLQD
$TX¯HQFRQWUDU£LQIRUPDFLµQVREUHUHJODVGHFRPSRUWDPLHQWRSDUDPDQHMDUODP£TXLQDGHPDQHUD
VHJXUDHQGLVWLQWRVPRPHQWRVGHVXYLGD¼WLO
$9,62
c5LHVJRGHOHVLRQHVSRUODDFFLµQGHFRPSRQHQWHVURWDWRULRVPX\FDOLHQWHVRFRQGXFWRUHVGHFRಣ
UULHQWHHO«FWULFD
5LHVJRGHVXIULUOHVLRQHVJUDYHVDOWRFDUGLFKRVFRPSRQHQWHV
ᇐ 3RQJDVLHPSUHHQPDUFKDODP£TXLQDFRQODVSXHUWDV\ODFXELHUWDFHUUDGDV
ᇐ (IHFW¼HVLHPSUHORVWUDEDMRVGHPDQWHQLPLHQWR\GHFRQWUROFRQODP£TXLQDGHVFRQHFWDGD
7UDQVSRUWH
ᇐ 3RQJDODP£TXLQDIXHUDGHVHUYLFLRDQWHVGHWUDQVSRUWDUOD
ᇐ (OWUDQVSRUWHKDGHVHUOOHYDGRDFDERH[FOXVLYDPHQWHSRUSHUVRQDVTXHWLHQHQODIRUPDFLµQ\
DXWRUL]DFLµQFRPSHWHQWHSDUDHOWUDQVSRUWHVHJXURGHYHK¯FXORV\PDWHULDOHV
ᇐ 'XUDQWHHOWUDQVSRUWHQRGHEHQHQFRQWUDUVHSHUVRQDVHQFLPDRFHUFDGHODP£TXLQD
ᇐ $ODKRUDGHWUDQVSRUWDUODP£TXLQDFRPRUHPROTXHSRUFDUUHWHUD
႐ *DUDQWLFHTXHHOHVWDGRGHOUHPROTXHHVVHJXURSHMFK£VLVQHXP£WLFRVIUHQRVGLVSRVLಣ
WLYRVGHVH³DOL]DFLµQHLOXPLQDFLµQ
႐ 5HVSHWHODVUHJODV\QRUPDWLYDVGHFLUFXODFLµQHVSHF¯ILFDVGHFDGDSD¯VSDUDWUDQVSRUWDUOD
P£TXLQDFRQVHJXULGDG
ᇐ 2EVHUYHODVVLJXLHQWHVUHJODVE£VLFDVSDUDWUDQVSRUWDUODP£TXLQDDUHPROTXH
႐ 5HVSHWDUODFDUJDGHUHPROTXHP£[LPDSHUPLWLGDGHOYHK¯FXORWUDFWRUDV¯FRPRODFDUJD
P£[LPDGHDSR\RSHUPLWLGDSDUDHOHQJDQFKHGHUHPROTXH
႐ (YLWDUGHVSOD]DPLHQWRVH[WUHPRVGHOFHQWURGHJUDYHGDGFDXVDGRVSRUXQH[FHVRGHFDUJD
RVXPDODFRORFDFLµQ
႐ 1RVREUHFDUJXHODP£TXLQDVREUHWRGRHOFK£VLVFRQGXFLHQGRGHPRGRLQDGHFXDGR
႐ 'HEHU£DGDSWDUVHODYHORFLGDGGHFRQGXFFLµQDODVFRQGLFLRQHVGHODFDO]DGD(VSHFLDOಣ
PHQWHHQFDUUHWHUDVQRDVIDOWDGDV\DOWUD]DUFXUYDV
ᇐ 1RHQJDQFKHQLWUDQVSRUWHODP£TXLQDIRUPDQGRXQ£QJXORREOLFXR\DTXHSRGU¯DRFDVLRQDU
SUREOHPDVHQODGLQ£PLFDGHPRYLPLHQWRGLILFXOWDGHVGHPDQLREUDDV¯FRPRGD³RVHQHOYHಣ
K¯FXORWUDFWRURHQODP£TXLQD
ᇐ $QWHVGHWUDQVSRUWDUODP£TXLQDFHUFLµUHVHGHTXHHVW«QGHVPRQWDGRVRGHVDFWLYDGRVORVLQಣ
PRYLOL]DGRUHVFRPRODVFDGHQDVDQWLUURER
,QVWUXFFLRQHVGHVHUYLFLR0RELODLU
0 1rB6
6HJXULGDG\UHVSRQVDELOLGDG
3HOLJURV
ᇐ 6LVHOHYDQWDODP£TXLQDFRQJU¼D5HVSHWDUODVLQVWUXFFLRQHVGHVHJXULGDGSDUDGLVSRVLWLYRVGH
FDUJD\PHFDQLVPRVGHHOHYDFLµQ
႐ 1RSHUPDQHFHUHQOD]RQDGHSHOLJURGXUDQWHHOSURFHVRGHODHOHYDFLµQ
႐ 1ROHYDQWDUQLWUDQVSRUWDUODP£TXLQDQXQFDSRUHQFLPDGHSHUVRQDVRHGLILFLRVGHYLYLHQGDV
႐ /DFDUJD\RHTXLSRVDGLFLRQDOHVQRGHEHU£Q
H[FHGHUODFDSDFLGDGGHFDUJDGHOSXQWRGHOHYDQWDPLHQWRGHODP£TXLQDVXVSHQVLµQ
SRUJU¼D
GHVSOD]DUHOFHQWURGHJUDYHGDGGHODP£TXLQDLQFOLQDFLµQ
႐ (OSXQWRGHOHYDQWDPLHQWRGHEHU£VHUODDUPHOODGHHOHYDFLµQSUHYLVWDDOHIHFWR\QXQFDODV
DVDVEDUUDGHWUDFFLµQQLRWURVFRPSRQHQWHVQRDSWRVSDUDHOOR
႐ 8WLOL]DUH[FOXVLYDPHQWHPHGLRVGHFDUJDDSURSLDGRVTXHVHDGDSWHQDODVQHFHVLGDGHVSUHಣ
YLVLEOHV
႐ 8WLOLFHVµORJDQFKRVGHJU¼DRJULOOHWHVTXHFXPSODQODVGLVSRVLFLRQHVORFDOHVGHVHJXULGDG
႐ 1RILMDUQXQFDFDEOHVFDGHQDVRFXHUGDVGLUHFWDPHQWHHQODDUPHOODGHHOHYDFLµQ
႐ 1RHVW£SHUPLWLGRPDQLSXODUHOGLVSRVLWLYRGHVXVSHQVLµQSDUDJU¼DHVSHFLDOPHQWHORVSXQಣ
WRVGHILMDFLµQGHODDUPHOODGHHOHYDFLµQ
႐ 1ROHYDQWDUODP£TXLQDEUXVFDPHQWH\DTXHHVSRVLEOHTXHVHURPSDDOJ¼QFRPSRQHQWH
႐ 0RYHUODFDUJDOHYDQWDGDOHQWDPHQWH\SRQHUODHQHOVXHORFRQFXLGDGR
႐ 1RGHMHQXQFDODFDUJDVXVSHQGLGDHQHOPHFDQLVPRGHHOHYDFLµQ
ᇐ $GHP£VHVW£SURKLELGR
႐ (OWUDQVSRUWHD«UHROHYDQWDUODP£TXLQDFRQXQKHOLFµSWHURHQJDQFK£QGRODGHOGLVSRVLWLYR
GHVXVSHQVLµQSDUDJU¼D
႐ (OODQ]DPLHQWRGHODP£TXLQDFRQXQSDUDFD¯GDV
0RQWDMH
ᇐ 1RGHEHFRORFDUVHODP£TXLQDGLUHFWDPHQWHGHODQWHGHXQDSDUHG/DDFXPXODFLµQW«UPLFDGHಣ
ELGRDJDVHVFDOLHQWHVGHOVLVWHPDGHHVFDSHSXHGHSHUMXGLFDUODP£TXLQD
ᇐ /DP£TXLQDQRGHEHIXQFLRQDUHQ]RQDVHQODVFXDOHVVHDSOLFDQODVH[LJHQFLDVHVSHF¯ILFDV
UHIHUHQWHVDODSURWHFFLµQFRQWUDH[SORVLRQHV
VWDVVRQSRUHMHPSORODVH[LJHQFLDVFRQUHVSHFWRDOಯXVRGHELGRHQ]RQDVFRQULHVJRGHH[ಣ
SORVLµQVHJ¼Q&('LUHFWLYD$7(;
ᇐ *DUDQWL]DUXQDYHQWLODFLµQ\GHVSUHVXUL]DFLµQVXILFLHQWH
ᇐ 5HVSHWHODVFRQGLFLRQHVDPELHQWDOHVH[LJLGDV
႐ 7HPSHUDWXUDDPELHQWDO
႐ $LUHGHDVSLUDFLµQOLPSLR\VLQDGLWLYRVQRFLYRV
႐ $LUHGHDVSLUDFLµQVLQJDVHV\YDSRUHVH[SORVLYRVRTX¯PLFDPHQWHLQHVWDEOHV
႐ $LUHGHDVSLUDFLµQVLQJDVHVGHHVFDSHGHPRWRUHVGHFRPEXVWLµQ
႐ $LUHGHDVSLUDFLµQVLQPDWHULDVTXHIRUPHQVXVWDQFLDV£FLGDVE£VLFDVSDUWLFXODUPHQWHDPRಣ
QLDFRFORURRVXOIXURGHKLGUµJHQR
ᇐ 6HUHFRPLHQGDLQVWDODUODP£TXLQDIXHUDGHOD]RQDGHVDOLGDGHDLUHFDOLHQWHGHRWUDVP£TXLQDV
ᇐ $VHJ¼UHVHGHTXHODDFFHVLELOLGDGDODP£TXLQDTXHGHJDUDQWL]DGDSDUDSRGHUUHDOL]DUWRGRVORV
WUDEDMRVVLQQLQJ¼QULHVJRQLGLILFXOWDG
ᇐ $VHJXUDUODP£TXLQDSDUDTXHQRUXHGH
ᇐ (YLWHTXHDFW¼HQIXHU]DVDGLFLRQDOHVVREUHODP£TXLQDFRPRFDUJDUODP£TXLQDFRQXQDSDOD
H[FDYDGRUDFRPRSURWHFFLµQDQWLUURER
,QVWUXFFLRQHVGHVHUYLFLR0RELODLU
1rB6 0
6HJXULGDG\UHVSRQVDELOLGDG
3HOLJURV
6HUYLFLR
ᇐ /DP£TXLQDVµORSXHGHXWLOL]DUVHVLSUHVHQWDWRGRVORVGLVSRVLWLYRVGHVHJXULGDGGLVSRVLWLYRVGH
SDUDGDGHHPHUJHQFLD\VLVWHPDVGHLQVRQRUL]DFLµQHQSHUIHFWRHVWDGRGHIXQFLRQDPLHQWR
ᇐ $QWHVGHFRQHFWDUODP£TXLQDDVHJ¼UHVHGHTXHQRSXHGHSRQHUHQSHOLJURDQDGLH
ᇐ 0DQWHQJDFHUUDGDVODVSXHUWDVSDQHOHVSURWHFWRUHVSDUDJDUDQWL]DUODVHJXULGDGSURWHFFLµQ
FRQWUDHOFRQWDFWRDFFLGHQWDO\HOUXLGR\HOIXQFLRQDPLHQWRUHIULJHUDFLµQ
ᇐ (QFDVRGHIDOORVGHIXQFLRQDPLHQWRDSDJXHLQPHGLDWDPHQWHODP£TXLQD\DVHJ¼UHOD6ROLFLWH
ODUHSDUDFLµQGHORVIDOORVLQPHGLDWDPHQWH
ᇐ (IHFWXDUFRQWUROHVUHJXODUHV
႐ SDUDGHWHFWDUGD³RVYLVLEOHV\IXJDV
႐ GHORVGLVSRVLWLYRVGHVHJXULGDG
႐ GHORVFRPSRQHQWHVTXHQHFHVLWDQYLJLODQFLD
ᇐ /DVP£TXLQDVTXHDVSLUDQHODLUHGHODDWPµVIHUDQRVHGHEHQDFFLRQDUQXQFDVLQILOWURVGHDLUH
ᇐ /DVY£OYXODVGHHVFDSHVLQXQFRQVXPLGRUFRQHFWDGRGHEHQSHUPDQHFHUFHUUDGDV
ᇐ 8WLOL]DUVµORWXERVIOH[LEOHVDGHFXDGRVSDUDDLUHFRPSULPLGR
႐ WLSR\WDPD³RDGHFXDGRV\DSWRVSDUDODSUHVLµQGHVHUYLFLRP£[LPDSHUPLWLGDGHODP£TXLQD
႐ QRGD³DGRVGHVJDVWDGRVRGHEDMDFDOLGDG
႐ XWLOL]DUVµORDFRSODPLHQWRV\HPSDOPHVSDUDWXERVIOH[LEOHVGHOWLSR\WDPD³RDGHFXDGRV
ᇐ $QWHVGHGHVHQJDQFKDUXQWXERIOH[LEOHGHDLUHFRPSULPLGRDVHJ¼UHVHGHTXHHOWXERIOH[LEOH
HVW£GHVSUHVXUL]DGR
ᇐ $QWHVGHDSOLFDUSUHVLµQDXQWXERIOH[LEOHGHDLUHFRPSULPLGRVXMHWHILUPHPHQWHHOH[WUHPR
DELHUWR8QH[WUHPRQRVXMHWRHVFRPRXQO£WLJR\SXHGHSURGXFLUOHVLRQHV
ᇐ (QFDVRGHXQDSUHVLµQGHVHUYLFLR!EDUVXMHWHORVWXERVIOH[LEOHVGHDLUHFRPSULPLGRDOD
Y£OYXODGHHVFDSHFRUUHVSRQGLHQWHFRQFDEOHGHVHJXULGDG
0DQWHQLPLHQWR
ᇐ $QWHVGHHIHFWXDUFXDOTXLHUWUDEDMRHQODP£TXLQDDVHJ¼UHVHGHTXHHVW£VLQWHQVLµQIU¯DGHVಣ
SUHVXUL]DGD\DVHJXUDGDFRQWUDXQDUUDQTXHLQYROXQWDULR
ᇐ 8VHURSDSHJDGDDOFXHUSR\TXHQRDUGDI£FLOPHQWH(QFDVRQHFHVDULRXWLOLFHURSDGHSURWHFಣ
FLµQDGHFXDGD
ᇐ 1RGHMDUFRPSRQHQWHVVXHOWRVKHUUDPLHQWDVRED\HWDVGHQWURRHQFLPDGHODP£TXLQD
ᇐ 5HVSHWHORVLQWHUYDORVGHPDQWHQLPLHQWR\GHVXVWLWXFLµQGHSLH]DVGHGHVJDVWHGHDFXHUGRFRQ
HOSODQGHPDQWHQLPLHQWR
ᇐ /RVFRQGXFWRVEDMRSUHVLµQGHEHU£QYROYHUDPRQWDUVHGHELGDPHQWH6HUHDOL]DU£XQDPDUFKD
GHSUXHEDFRQFRPSUREDFLµQGHODHVWDQTXHLGDG
ᇐ /DVSLH]DVGHVPRQWDGDVSXHGHQSUHVHQWDUXQULHVJRSDUDODVHJXULGDG
1RDEULUQLGHVWUXLUFRPSRQHQWHVGHVPRQWDGRVODY£OYXODGHDGPLVLµQSRUHMHPSORVHHQFXHQWUD
VRPHWLGDDXQDJUDQWHQVLµQHO£VWLFD
ᇐ (QQLQJ¼QFDVRUHWLUDURPRGLILFDUORVPDWHULDOHVLQVRQRUL]DQWHV&RPSUXHEHTXHHOPDWHULDO
LQVRQRUL]DQWHQRSUHVHQWDVXFLHGDGQLHVW£GD³DGR6XVWLWXLUHQFDVRQHFHVDULR
3DUDGDDOPDFHQDPLHQWRHOLPLQDFLµQ
ᇐ 'HVFDUJDUOXEULFDQWHV\O¯TXLGRV\HOLPLQDUORVHFROµJLFDPHQWH
(QWUHHOORVVHFXHQWDQSRUHMHPSORFDUEXUDQWHDFHLWHSDUDPRWRUHV\DFHLWHUHIULJHUDQWHDV¯
FRPRPHGLRUHIULJHUDQWH
ᇐ (OLPLQHODP£TXLQDHFROµJLFDPHQWH
,QVWUXFFLRQHVGHVHUYLFLR0RELODLU
0 1rB6
6HJXULGDG\UHVSRQVDELOLGDG
'LVSRVLWLYRVGHVHJXULGDG
$GRSFLµQGHPHGLGDVGHFDU£FWHURUJDQL]DWLYR
ᇐ 'HVLJQHDSHUVRQDODGHFXDGR\GHOLPLWHFODUDPHQWHVXUHVSRQVDELOLGDG
ᇐ 'HWHUPLQHFODUDPHQWHODREOLJDWRULHGDGGHQRWLILFDFLµQGHODVDYHU¯DV\ORVGD³RVTXHSXHGD
VXIULUODP£TXLQD
ᇐ 3URSRUFLRQHLQGLFDFLRQHVUHODWLYDVDOSURFHGLPLHQWRHQFDVRGHLQFHQFLRPHGLGDVGHDODUPD\
GHH[WLQFLµQ
=RQDVGHSHOLJUR
/DWDEODLQIRUPDVREUHODH[WHQVLµQGHODVSRVLEOHV]RQDVGHSHOLJURSDUDHOSHUVRQDO
$HVWDV]RQDVVµORGHEHWHQHUDFFHVRHOSHUVRQDODXWRUL]DGR
7DE =RQDVGHSHOLJUR
'LVSRVLWLYRVGHVHJXULGDG
/RVGLVSRVLWLYRVGHVHJXULGDGJDUDQWL]DQHOPDQHMRGHODP£TXLQDVLQQLQJ¼QULHVJR
ᇐ c1RPRGLILTXHHOXGDQLGHVDFWLYHORVGLVSRVLWLYRVGHVHJXULGDG
ᇐ &RPSUXHEHUHJXODUPHQWHTXHORVGLVSRVWLYRVGHVHJXULGDGIXQFLRQHQGHPRGRILDEOH
ᇐ c1RTXLWHQLGHMHLOHJLEOHVORVOHWUHURV\ODVVH³DOHVGHLQGLFDFLµQ
ᇐ c$VHJ¼UHVHGHTXHORVOHWUHURV\ODVVH³DOHVGHLQGLFDFLµQVHPDQWHQJDQOHJLEOHV
P£VLQIRUPDFLµQ (QFRQWUDU£P£VLQGLFDFLRQHVUHODWLYDVDORVGLVSRVLWLYRVGHVHJXULGDGHQHOFDS¯WXORS£UUDIR
6H³DOHVGHVHJXULGDG
(OJU£ILFRPXHVWUDODSRVLFLµQGHODVVH³DOHVGHVHJXULGDGHQODP£TXLQD(QODWDEODHQFRQWUDU£ODV
VH³DOHVGHVHJXULGDGXWLOL]DGDV\VXVLJQLILFDGR
,QVWUXFFLRQHVGHVHUYLFLR0RELODLU
1rB6 0
6HJXULGDG\UHVSRQVDELOLGDG
6H³DOHVGHVHJXULGDG
)LJ 3RVLFLµQGHODVVH³DOHVGHVHJXULGDG
,QVWUXFFLRQHVGHVHUYLFLR0RELODLU
0 1rB6
6HJXULGDG\UHVSRQVDELOLGDG
6H³DOHVGHVHJXULGDG
3RVLFLµQGHQWURGHODP£TXLQD
VµORP£TXLQDVFRQRSFLµQJDJE
VµORP£TXLQDVPµYLOHV
VµORP£TXLQDVFRQRSFLµQGF
,QVWUXFFLRQHVGHVHUYLFLR0RELODLU
1rB6 0
6HJXULGDG\UHVSRQVDELOLGDG
)XQFLRQDPLHQWRGHOJHQHUDGRU
7DE 6H³DOHVGHVHJXULGDG
2SFLµQJDJE
)XQFLRQDPLHQWRGHOJHQHUDGRU
3URWHFFLµQFRQWUDFRUULHQWHVGHFKRTXH
(QOD'LUHFWLYD,QVWDODFLRQHVHO«FWULFDVDEDMDWHQVLµQ
,(&ದದ',19'(ದ6(5(*8/$/$3527(&&,1&2175$&255,(17(6'(&+248
6HDSOLFDODPHGLGDGHSURWHFFLµQ3URWHFFLµQSRUIXVLEOHFRQFRQWUROGHODLVODPLHQWR\GHVFRQH[LµQರ
&RQIRUPHDHVWDPHGLGDGHSURWHFFLµQHOJHQHUDGRUOOHYDLQFRUSRUDGRXQIXVLEOHDXWRP£WLFRSDUD
WRGRVORVSRORVFRQGLVSDUDGRUGHFRUULHQWHGHWUDEDMR\XQDSDUDWRGHFRQWUROSRUDLVODPLHQWR
ᇐ 'XUDQWHHOIXQFLRQDPLHQWRGHOJHQHUDGRUVHWHQGU£QTXHREVHUYDU\UHVSHWDUODVGLVSRVLFLRQHV
UHODWLYDVDOD3URWHFFLµQFRQWUDFRUULHQWHVGHFKRTXH
,QVWUXFFLRQHVGHVHUYLFLR0RELODLU
0 1rB6
6HJXULGDG\UHVSRQVDELOLGDG
)XQFLRQDPLHQWRGHOJHQHUDGRU
,QVWUXFFLRQHVSDUDHOIXQFLRQDPLHQWRVHJXURGHOJHQHUDGRU
ᇐ 3DUDJDUDQWL]DUHOIXQFLRQDPLHQWRVHJXURGHODP£TXLQDFRQXQJHQHUDGRUKD\TXHREVHUYDUODV
VLJXLHQWHVLQGLFDFLRQHV
႐ +D\TXHFRQWURODUFDGDG¯DHOIXQFLRQDPLHQWRFRUUHFWRGHODSDUDWRGHFRQWUROGHDLVODPLHQWR
႐ (OFRQGXFWRUQHXWUR1QRGHEHFRQHFWDUVHDWLHUUDQLWDPSRFRDOFRQGXFWRUGHSURWHFFLµQ
FRQGXFWRUGHFRPSHQVDFLµQGHSRWHQFLDO3(
႐ (IHFWX«ODFRPSHQVDFLµQGHSRWHQFLDOLQLQWHUUXPSLGDPHQWHGHOJHQHUDGRUP£TXLQDDWUDY«V
GHFDEOHVKDVWDHOFRQVXPLGRUGHFRUULHQWH
6LHOJHQHUDGRUDOLPHQWDXQDUHGHO«FWULFDFRQHFWDGDUHG71FRQWLQXDPHQWHODPHGLGDGH
SURWHFFLµQKDGHSHUPDQHFHUDFWLYDRVHWLHQHTXHDGRSWDUXQDPHGLGDGHSURWHFFLµQHILFD]
6LVHXWLOL]DHOJHQHUDGRUSDUDDOLPHQWDURWUDVUHGHVKDEU£TXHDGRSWDURWUDVPHGLGDVGH
SURWHFFLµQ
/RVWUDEDMRVHQHOJHQHUDGRUODFDMDGHGLVWULEXFLµQGHOJHQHUDGRUKDQGHVHUOOHYDGRVDFDER
VµORSRUXQHOHFWURW«FQLFRH[SHUWR(VWHH[SHUWRVHKDU£UHVSRQVDEOHGHODHILFDFLDGHOD
PHGLGDGHSURWHFFLµQ
႐ 1RHVW£SHUPLWLGRHPSOHDUHOJHQHUDGRUSDUDDOLPHQWDUGLVWULEXLGRUHVGHFRUULHQWHSDUDREUD
႐ 1RGHEHQSRVWFRQHFWDUVHFRQWURODGRUHVGHDLVODPLHQWRGHWU£VGHJHQHUDGRUHVHTXLSDGRV
FRQFRQWUROGHDLVODPLHQWRGDGRTXHORVFRQWURODGRUHVGHDLVODPLHQWRSXHGHQLQIOXHQFLDUVH
PXWXDPHQWH
႐ /RVLQWHUUXSWRUHVGHFRUULHQWHGHGHIHFWRQRIXQFLRQDQHQUHGHVVLQFRQH[LµQDWLHUUDUHG,7
SXHVWDDGLVSRVLFLµQSRUHOJHQHUDGRU\DTXHIDOWDODFRQH[LµQDWLHUUD*UDFLDVDODಯVHSDಣ
UDFLµQGHSURWHFFLµQರFRPRPHGLGDGHSURWHFFLµQGHOJHQHUDGRUQRHVQHFHVDULRSRVWFRಣ
QHFWDUXQLQWHUUXSWRUGHFRUULHQWHGHGHIHFWR
႐ 2EVHUYDUODVSUHVFULSFLRQHVGHODVFRPSD³¯DVHO«FWULFDVORFDOHVVROLFLWDUSHUPLVRVLHVQHಣ
FHVDULR
႐ 'XUDQWHORVWUDEDMRVGHOLPSLH]DHQODP£TXLQDQRGLULJLUHOFKRUURGHDJXDRYDSRUGLUHFWDಣ
PHQWHKDFLDHOJHQHUDGRU\RVXFDMDGHERUQHV
႐ &RPSUREDUUHJXODUPHQWHHOFRUUHFWRDMXVWH\SHUIHFWRHVWDGRGHODVXQLRQHVHO«FWULFDV
&RQH[LµQDDODUJDGHUDVHO«FWULFDV
ᇐ $QWHVGHSRQHUHQPDUFKDHOJHQHUDGRUKD\TXHREVHUYDU\UHVSHWDUODVLQVWUXFFLRQHVUHODWLYDV
DODFRQH[LµQGHDODUJDGHUDV
႐ (QODUHG,7ODORQJLWXGWRWDOGHODVO¯QHDV\GHORVFDEOHVQRGHEHVREUHSDVDUORVP',1
9'(SDUWH,(&
PFRPRP£[LPRHQFDVRGHPPtGHVHFFLµQGHFDEOH
PFRPRP£[LPRHQFDVRGHPPtGHVHFFLµQGHFDEOH
႐ &RPRDODUJDGHUDVGHEHQXVDUVHFRPRP¯QLPRFDEOHV+251)VHJ¼Q',19'(SDUWH
,(&+'
,QVWUXFFLRQHVGHVHUYLFLR0RELODLU
1rB6 0
6HJXULGDG\UHVSRQVDELOLGDG
(QFDVRGHHPHUJHQFLD
&DUJDP£[LPDGHODUHG
ᇐ (QFDVRGHXQDFDUJDGHODUHGP£[LPDSRUORVFRQVXPLGRUHVFRQHFWDGRVKD\TXHWHQHUHQ
FXHQWDORVLJXLHQWH
႐ 6HVXPDQODVSRWHQFLDVGHORVFRQVXPLGRUHVXWLOL]DGRVVLPXOW£QHDPHQWH
႐ /RVIXVLEOHVDXWRP£WLFRVOLPLWDQODFDUJDP£[LPDGHOJHQHUDGRUSRUORVFRQVXPLGRUHVDFRಣ
SODGRV
႐ (VSRVLEOHTXHORVGLVSRVLWLYRVDFFLRQDGRVSRUHOHFWURPRWRUSUHFLVHQFRUULHQWHVGHDUUDQTXH
PXFKRP£VIXHUWHVTXHODVFRUULHQWHVGHWUDEDMRLQGLFDGDV(QFDVRGHGXGDSµQJDVHHQ
FRQWDFWRFRQHOIDEULFDQWH
႐ /DFRUULHQWHWRPDGDSDUDORVFRQVXPLGRUHVGHEHU£GLVWULEXLUVHKRPRJ«QHDPHQWHHQWUHODV
GLVWLQWDVFDMDVGHHQFKXIH
႐ 1RGHEHU£VXSHUDUVHODLQWHQVLGDGGHFRUULHQWHLQGLFDGDSDUDFDGDFDMDGHHQFKXIH
&RQWUROHVUHJXODUHVGHOJHQHUDGRU
ᇐ 3DUDDVHJXUDUXQIXQFLRQDPLHQWRVHJXURGHODP£TXLQDFRQXQJHQHUDGRUPDQWHQJDORVLQWHUಣ
YDORVGHFRQWUROVLJXLHQWHV
႐ 3UXHEDGLDULDSRUSHUVRQDOGHVHUYLFLRDXWRUL]DGR
&RPSUREDUHOIXQFLRQDPLHQWRFRUUHFWRGHODSDUDWRGHFRQWUROSRUDLVODPLHQWR
႐ 3UXHEDDQXDOSRUXQHOHFWULFLVWDSURIHVLRQDODXWRUL]DGRHLQVWUXLGR
3UXHEDYLVXDOGHGD³RVPHF£QLFRVHQHOJHQHUDGRU\ODFDMDGHGLVWULEXFLµQGHOJHQHUDಣ
GRU
3UXHEDYLVXDOGHGD³RVPHF£QLFRVHQHODLVODPLHQWRGHORVFDEOHVGHFRQGXFFLµQ
&RQWUROGHOFRQGXFWRUSURWHFWRU
0HGLFLµQGHODUHVLVWHQFLDGHDLVODPLHQWR
0HGLFLµQGHODFRUULHQWHGHOFRQGXFWRUSURWHFWRU
0HGLFLµQGHODLQWHQVLGDGGHFRUULHQWHGHULYDGDDX[LOLDU
3UXHEDIXQFLRQDOGHOJHQHUDGRU
/LPSLH]DGHORVRULILFLRVGHDLUHGHUHIULJHUDFLµQ
&RQWUROGHIXQFLRQDPLHQWR\OLPSLH]DGHOYHQWLODGRUGHOJHQHUDGRUVLKLFLHUDIDOWD
&RPSUREDUODVXQLRQHVURVFDGDVHQHOJHQHUDGRU\ODFDMDGLVWULEXLGRUDGHOJHQHUDGRU
UHDSUHWDUODVVLKLFLHUDIDOWD
&RQWURODUVLODFXELHUWD\ODVWDSDVGHODVFDMDVGHHQFKXIHSUHVHQWDQGHVSHUIHFWRV\
FRPSUREDUTXHFLHUUDQELHQ
&RPSUREDUTXHVHGLVSRQHGHWRGRVODVSODFDV\SHJDWLQDVGHDYLVRQHFHVDULDV
(QFDVRGHHPHUJHQFLD
3URFHGLPLHQWRFRUUHFWRHQFDVRGHLQFHQGLR
0HGLRVGHH[WLQFLµQDGHFXDGRV
႐ (VSXPD
႐ 'Lµ[LGRGHFDUERQR
႐ $UHQDRWLHUUD
,QVWUXFFLRQHVGHVHUYLFLR0RELODLU
0 1rB6
6HJXULGDG\UHVSRQVDELOLGDG
*DUDQW¯D
0DWHULDVH[WLQWRUDVLQDGHFXDGDV
႐ &KRUURGHDJXDIXHUWH
0DQWHQJDODFDOPD
'«DYLVRGHOLQFHQGLR
6LHVSRVLEOH'HVFRQHFWHODP£TXLQDDWUDY«VGHORVLQVWUXPHQWRVGHFRQWURO
0HGLGDVGHVDOYDPHQWR
႐ $GYLHUWDDODVSHUVRQDVHQSHOLJUR
႐ /OHYHDOXJDUVHJXURDODVSHUVRQDVTXHQHFHVLWHQD\XGD
႐ $EDQGRQHOD]RQDGHSHOLJURWDQU£SLGDPHQWHFRPRVHDSRVLEOH
6LGLVSRQHGHORVFRQRFLPLHQWHVVXILFLHQWHV,QWHQWHH[WLQJXLUHOLQFHQGLR
&RQWDFWRFRQOXEULFDQWHV\O¯TXLGRV
/DP£TXLQDFRQWLHQHORVVLJXLHQWHVOXEULFDQWHV\O¯TXLGRV
႐ (OFRPEXVWLEOH
႐ /XEULFDQWHV
႐ $FHLWHUHIULJHUDQWHFRPSUHVRU
႐ )OXLGRUHIULJHUDQWHGHOPRWRU
႐ FLGRSDUDDFXPXODGRUHV
႐ /XEULFDGRUGHKHUUDPLHQWDVRSFLµQH
႐ $QWLFRQJHODQWHRSFLµQED
(QFDVRQHFHVDULRVROLFLWDUODKRMDGHGDWRVGHVHJXULGDGDFHUFDGHOPDQHMRGHDFHLWHVUHIULಣ
JHUDQWHV.$(6(56,*0$)/8,'FRQLQGLFDFLµQH[DFWDGHODFHLWHUHIULJHUDQWH
ᇐ &RQWDFWRGHORVRMRV
/DYDUORVRMRVDIRQGRFRQDEXQGDQWHDJXDWLELD\FRQVXOWDUDXQP«GLFRLQPHGLDWDPHQWH
ᇐ &RQWDFWRFRQODSLHO
/DYDULPHGLDWDPHQWH
*DUDQW¯D
(OFRQWHQLGRGHHVWHPDQXDOGHVHUYLFLRQRFRPSUHQGHQLQJXQDREOLJDFLµQFRQUHVSHFWRDXQDJDಣ
UDQW¯DLQGHSHQGLHQWH/DJDUDQW¯DVHUHJXODSRUQXHVWUDVFRQGLFLRQHVJHQHUDOHVGHYHQWD
8QUHTXLVLWRSULPRUGLDOSDUDXQDJDUDQW¯DSRUSDUWHQXHVWUDHVHOXVRFRUUHFWRGHODP£TXLQDUHVSHಣ
WDQGRODVFRQGLFLRQHVHVSHF¯ILFDVGHDSOLFDFLµQ
(QYLVWDGHODVQXPHURVDVSRVLELOLGDGHVGHDSOLFDFLµQHOXVXDULRWLHQHODREOLJDFLµQGHGHWHUPLQDU
VLVHSXHGHXWLOL]DUODP£TXLQDSDUDHOFDVRHVSHF¯ILFRGHDSOLFDFLµQ
'HFOLQDPRVWRGDUHVSRQVDELOLGDGSRUODVFRQVHFXHQFLDVGHULYDGDV
႐ GHOHPSOHRGHSLH]DVOXEULFDQWHV\O¯TXLGRVLQDGHFXDGRV
႐ GHPRGLILFDFLRQHVQRDXWRUL]DGDV
႐ GHXQPDQWHQLPLHQWRLQFRUUHFWR
႐ GHUHSDUDFLRQHVLQDGHFXDGDV
,QVWUXFFLRQHVGHVHUYLFLR0RELODLU
1rB6 0
6HJXULGDG\UHVSRQVDELOLGDG
3URWHFFLµQGHOPHGLRDPELHQWH
8QPDQWHQLPLHQWR\XQDUHSDUDFLµQDGHFXDGRVFRPSUHQGHQODXWLOL]DFLµQGHSLH]DVGHUHFDPELR
OXEULFDQWHV\O¯TXLGRVRULJLQDOHV
ᇐ &RQFHUWDUODVFRQGLFLRQHVHVSHF¯ILFDVGHDSOLFDFLµQFRQ.$(6(5
3URWHFFLµQGHOPHGLRDPELHQWH
ᇐ $OPDFHQH\HOLPLQHWRGRVORVOXEULFDQWHV\O¯TXLGRVDV¯FRPRODVSLH]DVGHUHFDPELRFRQIRUPH
DODVSUHVFULSFLRQHVYLJHQWHVVREUHHOPHGLRDPELHQWH
ᇐ 2EVHUYDUODVUHVSHFWLYDVGLVSRVLFLRQHVQDFLRQDOHV
3UHVWDUDWHQFLµQHVSHFLDODDTXHOODVSDUWHVFRQWDPLQDGDVSRUFDUEXUDQWHVDFHLWHIOXLGRVUHಣ
IULJHUDQWHVGHOPRWRU\£FLGRV
ᇐ c1RSHUPLWLUTXHORVOXEULFDQWHV\O¯TXLGRVSHQHWUHQHQHOPHGLRDPELHQWH\TXHQRVHORV
YLHUWDQHQHODOFDQWDULOODGR
,QVWUXFFLRQHVGHVHUYLFLR0RELODLU
0 1rB6
&RQVWUXFFLµQ\IXQFLRQDPLHQWR
&DUURFHU¯D
&RQVWUXFFLµQ\IXQFLRQDPLHQWR
&DUURFHU¯D
/DFDUURFHU¯DHVODSDUWHGHODHVWUXFWXUDH[WHULRUTXHFXEUHODP£TXLQD\TXHHVW£DVHQWDGDVREUH
HOFKDVLV
)LJ 3DUWHVGHODFDUURFHU¯D
3XHUWDSOHJDEOHGHUHFKD 3ODWDIRUPDLQIHULRU
%DVWLGRULQVRQRUL]DQWHSDUDUHIULJHUDGRU 3XHUWDSOHJDEOHL]TXLHUGD
&LHUUHGHSUHVLµQ &XELHUWDSDUDHORMDOGHHOHYDFLµQ
7LUDGRU
/DFDUURFHU¯DFHUUDGDFXPSOHYDULDVIXQFLRQHV
႐ 3URWHFFLµQFRQWUDODLQFOHPHQFLDVFOLP£WLFDV
႐ ,QVRQRUL]DFLµQ
႐ 3URWHFFLµQFRQWUDFRQWDFWRV
႐ &RQGXFFLµQGHODLUHGHUHIULJHUDFLµQ
/DFDUURFHU¯DQRHVW£GLVH³DGDSDUD
႐ &DPLQDUHVWDUGHSLHRVHQWDUVHVREUHHOOD
႐ 'HMDUQLDOPDFHQDUFXDOTXLHUWLSRGHFDUJDV
8QIXQFLRQDPLHQWRVHJXUR\ILDEOHGHODP£TXLQDVµORSXHGHJDUDQWL]DUVHFRQODFDUURFHU¯DFHUUDGD
/DVSXHUWDVSOHJDEOHVVHSXHGHQDEULUFRQD\XGDGHORVWLUDGRUHV3DUDDEULUODVVHGHEHQVROWDUDQWHV
ORVFLHUUHVGHSUHVLµQ
/DVSXHUWDVSOHJDEOHVVHPDQWLHQHQDELHUWDVFRQD\XGDGHUHVRUWHVQHXP£WLFRV
,QVWUXFFLRQHVGHVHUYLFLR0RELODLU
1rB6 0
&RQVWUXFFLµQ\IXQFLRQDPLHQWR
,GHQWLILFDFLµQGHORVFRPSRQHQWHV
,GHQWLILFDFLµQGHORVFRPSRQHQWHV
)LJ 3XHUWDGHUHFKDDELHUWD
3DQHOGHFRQWURO 'HSµVLWRGHFRPEXVWLEOH
'HSµVLWRVHSDUDGRUGHDFHLWH 5HIULJHUDGRUGHDJXD
)LOWURGHDLUHGHOFRPSUHVRU 5HFLSLHQWHGHH[SDQVLµQDJXDGHUHIULJHUDಣ
)LOWURGHOFDUEXUDQWHFRQVHSDUDGRUGHDJXD FLµQ
)LOWURGHFDUEXUDQWH )LOWURGHDLUHGHOPRWRU
0RWRU 5HJXODGRUSURSRUFLRQDO
9£OYXODGHUHWHQFLµQSUHVLµQP¯QLPD
)LJ 3XHUWDL]TXLHUGDDELHUWD
9HQWLODGRU 9£OYXODGHVHJXULGDG
&RPSDUWLPHQWRSDUDKHUUDPLHQWDV &XELHUWDSDUDHORMDOGHHOHYDFLµQ
%ORTXHFRPSUHVRU 2MDOGHHOHYDFLµQGHODVXVSHQVLµQSRUJU¼D
9£OYXODGHDGPLVLµQ
'HVFULSFLµQIXQFLRQDOGHODP£TXLQD
'HVFULSFLµQIXQFLRQDOGHODP£TXLQDVLQRSFLRQHV
/DVLQGLFDFLRQHVGHSRVLFLµQFRUUHVSRQGHQDOHVTXHPDGHWXEHU¯DVHLQVWUXPHQWRVHVTXHPD7,HQ
HOFDS¯WXOR
,QVWUXFFLRQHVGHVHUYLFLR0RELODLU
0 1rB6
&RQVWUXFFLµQ\IXQFLRQDPLHQWR
'HVFULSFLµQIXQFLRQDOGHODP£TXLQD
)LJ (VWUXFWXUDSULQFLSDO
)LOWURGHDLUHGHOFRPSUHVRU &RQGXFWRGHUHWRUQRGHDFHLWH
9£OYXODGHDGPLVLµQ 9£OYXODFRPELQDGDY£OYXODW«UPLFDUHJXODಣ
%ORTXHFRPSUHVRU GRUGHWHPSHUDWXUDGHODFHLWH
'HSµVLWRVHSDUDGRUGHDFHLWH 5HIULJHUDGRUGHDFHLWH
&DUWXFKRVHSDUDGRUGHDFHLWH )LOWURDFHLWH
'LVWULEXLGRUGHDLUHFRPSULPLGR 5HJXODGRUSURSRUFLRQDO
7HUPµPHWURGHFRQWDFWRDGLVWDQFLD )LOWURGHDLUHGHOPRWRU
9£OYXODGHVHJXULGDG 9£OYXODGHGHSUHVXUL]DFLµQ
0DQµPHWUR 9HQWLODGRU
0RWRU 9£OYXODGHUHWHQFLµQSUHVLµQP¯QLPD
9£OYXODGHFRQWURO
(ODLUHDWPRVI«ULFRHVDVSLUDGRSRUHOILOWURGHDLUH \HQ«OVHOLPSLD
$FRQWLQXDFLµQHOEORTXHFRPSUHVRU FRPSULPHHODLUH
8QPRWRUGHFRPEXVWLµQ DFFLRQDHOEORTXHFRPSUHVRU
(QHOEORTXHFRPSUHVRUVHLQ\HFWDHODFHLWHUHIULJHUDQWH(VWHDFHLWHOXEULFDODVSLH]DVPµYLOHV\
KHUPHWL]DORVHVSDFLRVHQWUHORVURWRUHV\IUHQWHDODFDUFDVD(VDUHIULJHUDFLµQGLUHFWDHQODF£PDUD
GHFRPSUHVLµQJDUDQWL]DXQDWHPSHUDWXUDILQDOGHFRPSUHVLµQPX\EDMD
(QHOGHSµVLWRVHSDUDGRUGHDFHLWH VHVHSDUDHODFHLWHUHIULJHUDQWHGHODLUHFRPSULPLGR\VHUHಣ
IULJHUDHQHOUHIULJHUDGRUGHDFHLWH (ODFHLWHUHIULJHUDQWHDWUDYLHVDHOILOWURGHDFHLWH \IOX\H
GHYXHOWDDOSXQWRGHLQ\HFFLµQ/DSUHVLµQLQWHUQDGHODP£TXLQDPDQWLHQHFRQVWDQWHHVWHFLUFXLWR
6HSXHGHSUHVFLQGLUGHXQDERPEDLQGHSHQGLHQWH8QDY£OYXODWHUPRVW£WLFD UHJXODHOQLYHOGH
WHPSHUDWXUDGHOFRPSUHVRU
(QHOGHSµVLWRVHSDUDGRUGHDFHLWH VHVHSDUDHODLUHFRPSULPLGRGHODFHLWHUHIULJHUDQWH\GHVSX«V
DWUDYHVDQGRODY£OYXODGHUHWHQFLµQSUHVLµQP¯QLPD HODLUHFRPSULPLGROOHJDDOGLVWULEXLGRUGH
DLUHFRPSULPLGR /DY£OYXODGHUHWHQFLµQSUHVLµQP¯QLPDVLHPSUHPDQWLHQHFRQVWDQWHXQDSUHVLµQ
P¯QLPDHQHOVLVWHPDSDUDJDUDQWL]DUHOIOXMRFRQWLQXRGHODFHLWHUHIULJHUDQWHHQODP£TXLQD
(OYHQWLODGRULQFRUSRUDGR DVHJXUDODUHIULJHUDFLµQµSWLPDGHWRGRVORVFRPSRQHQWHVFRQODFDಣ
UURFHU¯DFHUUDGD
,QVWUXFFLRQHVGHVHUYLFLR0RELODLU
1rB6 0
&RQVWUXFFLµQ\IXQFLRQDPLHQWR
0RGRVGHVHUYLFLR\GHUHJXODFLµQ
0RGRVGHVHUYLFLR\GHUHJXODFLµQ
3XQWRVGHVHUYLFLRGHODP£TXLQD
/DP£TXLQDWUDEDMDHQORVSXQWRVGHVHUYLFLR
႐ &$5*$
/DY£OYXODGHDGPLVLµQHVW£DELHUWD
(OPRWRUIXQFLRQDFRQHOU«JLPHQP£[LPRGHUHYROXFLRQHV
(OEORTXHFRPSUHVRUVXPLQLVWUDDLUHFRPSULPLGR
႐ &$5*$3$5&,$/
/DY£OYXODGHDGPLVLµQVHDEUH\VHFLHUUDPHGLDQWHXQDY£OYXODGHUHJXODFLµQHOUHJXODGRU
SURSRUFLRQDOFRQIRUPHDODGHPDQGDDFWXDOGHDLUHFRPSULPLGRSRUUHJXODFLµQFRQWLQXDGHO
FDXGDO
/DYHORFLGDG\ODFDUJDGHOPRWRUDXPHQWDQGLVPLQX\HQFRQODGHPDQGDGHDLUHFRPSULPLGR
(OEORTXHFRPSUHVRUVXPLQLVWUDDLUHFRPSULPLGR
႐ &$5*$18/$0$5&+$(19$&2
/DY£OYXODGHDGPLVLµQHVW£FHUUDGD
/DY£OYXODGHFLUFXODFLµQGHDLUHVHDEUHSDUDSHUPLWLUTXHHODLUHFRPSULPLGRTXHKD\HQHO
GHSµVLWRVHSDUDGRUGHDFHLWHIOX\DKDVWDODY£OYXODGHDGPLVLµQ
(ODLUHFRPSULPLGRSDVDDWUDY«VGHOEORTXHFRPSUHVRUHOGHSµVLWRVHSDUDGRUGHDFHLWH\OD
Y£OYXODGHFLUFXODFLµQGHDLUHHQXQFLUFXLWRFHUUDGR
/DSUHVLµQHQHOGHSµVLWRVHSDUDGRUGHDFHLWHSHUPDQHFHFRQVWDQWH
(OPRWRUIXQFLRQDFRQHOU«JLPHQGHUHYROXFLRQHVP¯QLPR
႐ 3$5$'$SURFHVRGHGHWHQFLµQ
/DY£OYXODGHDGPLVLµQVHFLHUUD
/DY£OYXODGHGHVFDUJDVHDEUH\GHVSUHVXUL]DODP£TXLQD
(OPRWRUVHSDUD
5HJXODFLµQGH&$5*$3$5&,$/
/DUHJXODFLµQGHODP£TXLQDKDFHTXHHODLUHFRPSULPLGRSURGXFLGRVHDMXVWHDOFRQVXPRUHDOGH
DLUH3DUDTXHSHUPDQH]FDFRQVWDQWHODVREUHSUHVLµQGHVHUYLFLRGHODP£TXLQDHOFDXGDOYDU¯D
FRQVWDQWHPHQWHGHQWURGHOLQWHUYDORGHUHJXODFLµQGHODP£TXLQDLQGHSHQGLHQWHPHQWHGHOFDXGDO
GHDLUHFRPSULPLGRWRPDGRHQFDGDPRPHQWR
&RQIRUPHDODGHPDQGDDFWXDOGHDLUHFRPSULPLGRODY£OYXODGHDGPLVLµQVHDEUH\VHFLHUUDFRQOD
UHJXODFLµQFRQWLQXDGHOFDXGDOPHGLDQWHHOUHJXODGRUSURSRUFLRQDOXQDY£OYXODGHUHJXODFLµQPHಣ
F£QLFD(OEORTXHFRPSUHVRUSURGXFHDLUHFRPSULPLGRSDUDORVFRQVXPLGRUHVFRQHFWDGRV
(VWDUHJXODFLµQFRQWLQXDGHOFDXGDOSHUPLWHPLQLPL]DUHOFRQVXPRGHFRPEXVWLEOHGHOPRWRU/DFDUJD
\HOFRQVXPRGHFDUEXUDQWHGHOPRWRUDXPHQWDQGLVPLQX\HQFRQODGHPDQGDGHDLUHFRPSULPLGR
,QVWUXFFLRQHVGHVHUYLFLR0RELODLU
0 1rB6
&RQVWUXFFLµQ\IXQFLRQDPLHQWR
'LVSRVLWLYRVGHVHJXULGDG
'LVSRVLWLYRVGHVHJXULGDG
)XQFLRQHVGHFRQWUROFRQGHVFRQH[LµQ
6HYLJLODQDXWRP£WLFDPHQWHODVIXQFLRQHVVLJXLHQWHV
႐ 3UHVLµQGHDFHLWHGHOPRWRU
႐ 7HPSHUDWXUDGHOIOXLGRUHIULJHUDQWH
႐ 7HPSHUDWXUDVDOLGDGHDLUHFRPSULPLGREORTXHFRPSUHVRU
႐ 9LJLODQFLDGHOQLYHOGHSµVLWRGHFRPEXVWLEOH
႐ *HQHUDGRUGHOPRWRU
,QVWUXFFLRQHVGHVHUYLFLR0RELODLU
1rB6 0
&RQVWUXFFLµQ\IXQFLRQDPLHQWR
2SFLRQHVGHWUDWDPLHQWRGHODLUHFRPSULPLGR
(QFDVRGHDYHU¯DVHDFFLRQDHOGLVSRVLWLYRGHFRUWHGHFRPEXVWLEOH(OPRWRUVHSDUD\OD
Y£OYXODGHGHVFDUJDGHVSUHVXUL]DODP£TXLQD
2WURVGLVSRVLWLYRVGHVHJXULGDG
/DP£TXLQDFXHQWDFRQORVVLJXLHQWHVGLVSRVLWLYRVGHVHJXULGDGTXHQRGHEHQVHUPRGLILFDGRV
႐ 9£OYXODVGHVHJXULGDG
/DVY£OYXODVGHVHJXULGDGSURWHJHQHOVLVWHPDGHSUHVLµQFRQWUDXQDXPHQWRGHODSUHVLµQLQDGಣ
PLVLEOH6HDMXVWDQODVY£OYXODVHQI£EULFD
႐ &DUFDVD\FXELHUWDVGHODVSLH]DVPµYLOHV\FRQH[LRQHVHO«FWULFDV
3URWHJHQFRQWUDFRQWDFWRVLQYROXQWDULDV
9LJLODQFLDGHOQLYHOGHSµVLWRGHFRPEXVWLEOH
(OGHSµVLWRGHFRPEXVWLEOHGHODP£TXLQDOOHYDHTXLSDGRXQVLVWHPDGHFRQWUROGHODFDQWLGDGGH
UHSRVWDMH
)LJ 3LORWRGHFRQWUROಯUHVHUYDFRPEXVWLEOHರ
3DQHOGHFRQWURO
3LORWRGHFRQWUROUHVHUYDFRPEXVWLEOH/('DPDULOOR
/£PSDUDGHDYHU¯DFROHFWLYDURMD
2SFLµQGDGEGFGGHDHF
2SFLRQHVGHWUDWDPLHQWRGHODLUHFRPSULPLGR
3DUDGHWHUPLQDGRVXVRVGHEHU£WUDWDUVHHODLUHFRPSULPLGRSURGXFLGRSRUODP£TXLQD
$TX¯HQFRQWUDU£XQDGHVFULSFLµQGHODVSRVLEOHVRSFLRQHVSDUDHOWUDWDPLHQWRGHDLUHFRPSULPLGR
,QVWUXFFLRQHVGHVHUYLFLR0RELODLU
0 1rB6
&RQVWUXFFLµQ\IXQFLRQDPLHQWR
2SFLRQHVGHWUDWDPLHQWRGHODLUHFRPSULPLGR
)LJ 2SFLRQHVGHDLUHFRPSULPLGR
)LOWURGHDLUHIUHVFRRSFLµQGF 6HSDUDGRUFHQWU¯IXJRRSFLµQGD
/XEULFDGRUGHKHUUDPLHQWDV2SFLµQHDHF &RPELQDFLµQGHILOWURVRSFLµQGG
,QWHUFDPELDGRUGHFDORURSFLµQGE 5HIULJHUDGRUILQDOGHDLUHFRPSULPLGRRSಣ
FLµQGD
2SFLµQGD
5HIULJHUDGRUILQDOGHDLUHFRPSULPLGR
(ODLUHFRPSULPLGRVHHQIU¯DHQHOUHIULJHUDGRUVHFXQGDULRGHDLUHFRPSULPLGRKDVWDDOFDQ]DUXQD
WHPSHUDWXUDTXHVXSHUDODGHODPELHQWHHQVµORXQRV.KDVWD.$V¯VHHOLPLQDODPD\RUSDUWH
GHODKXPHGDGFRQWHQLGDHQHODLUHDSUHVLµQ
2SFLµQGD
6HSDUDGRUFHQWU¯IXJR
(OFRQGHQVDGRTXHVHKDIRUPDGRSRUODUHIULJHUDFLµQGHDLUHHVVHSDUDGR\FRQGXFLGRDXQVLOHQಣ
FLDGRUGHHVFDSHGRQGHVHHYDSRUD
2SFLµQGE
,QWHUFDPELDGRUGHFDORU
3DUDHOFDOHQWDPLHQWRGHODLUHFRPSULPLGRVHKDLQVWDODGRXQLQWHUFDPELDGRUGHFDORUGHDLUHDFHLWH
HQHOFXDOVHFDOLHQWDQXHYDPHQWHFRQDFHLWHHODLUHFRPSULPLGRUHGXFL«QGRVHVXFRQWHQLGRGH
KXPHGDG(VWHDLUHFRPSULPLGRFDOLHQWH\VHFRHVµSWLPRSRUHMHPSORSDUDHOFKRUUHDGRGHDUHQD
2SFLµQGG
&RPELQDFLµQGHILOWURV
3DUDREWHQHUXQDLUHFRPSULPLGRH[HQWRGHDFHLWHVHGHEHOOHYDUHODLUHFRPSULPLGRFRQKXPHGDG
UHGXFLGDDWUDY«VGHXQDFRPELQDFLµQFRPSXHVWDSRUXQSUHILOWUR\XQPLFURILOWUR
,QVWUXFFLRQHVGHVHUYLFLR0RELODLU
1rB6 0
&RQVWUXFFLµQ\IXQFLRQDPLHQWR
2SFLRQHVGHWUDWDPLHQWRGHODLUHFRPSULPLGR
2SFLµQGF
)LOWURGHDLUHIUHVFR
(ODLUHFRPSULPLGRGHFRPSUHVRUHVFRQLQ\HFFLµQGHDFHLWHQRGHEHXWLOL]DUVHGLUHFWDPHQWHFRPR
DLUHUHVSLUDEOH
'HELGRDTXHODFRQGHQVDFLµQGHODLUHDPELHQWHDVSLUDGRSURYRFDXQDXPHQWRGHODFRQFHQWUDFLµQ
GHLPSXUH]DVDORTXHVHD³DGHTXHSXHGHQLQWURGXFLUVHHQHODLUHFRPSULPLGRIOXLGRUHIULJHUDQWH\
SDUW¯FXODVGHGHVJDVWHGHEHU£UHDOL]DUVHXQWUDWDPLHQWRSRVWHULRU
(ODLUHFRPSULPLGRFRQKXPHGDGUHGXFLGDSUHYLDPHQWHILOWUDGRGHEHU£WUDWDUVHYROYLHQGRDILOWUDUODV
LPSXUH]DVHQWUHRWUDVSROYRILQR\QLHEODDFHLWRVD\ORVRORUHVGHPRGRTXHSXHGDYROYHUDXWLOL]DUVH
FRPRDLUHUHVSLUDEOH
3DUDHOORGHEHU£OOHYDUVHXQDSDUWHGHODLUHFRPSULPLGRDWUDY«VGHXQDFRPELQDFLµQGHILOWURILQR\
GHPLFURILOWUR
/DFRQH[LµQGHHVWHDLUHWUDWDGRHVW£PDUFDGDHVSHFLDOPHQWH6HKDFRQFHELGRFRPRDFRPSODPLHQWR
U£SLGR\VHHQFXHQWUDHQODSODWDIRUPDLQIHULRUGHODFDUURFHU¯DMXQWRDORVJULIRVGHWRPDGHOGLVWULಣ
EXLGRUGHDLUHFRPSULPLGR
3(/,*52
c3HOLJURGHPXHUWHSRUVXVWDQFLDVYHQHQRVDVGHODLUH
3RVLEOHSDURUHVSLUDWRULR\DTXHHOILOWURQRHOLPLQD&2&2PHWDQRQLRWURVJDVHV\YDSRUHVYHಣ
QHQRVRV
ᇐ c$FFLRQDUODP£TXLQDH[FOXVLYDPHQWHDODLUHOLEUH
ᇐ $LUHGHDVSLUDFLµQOLPSLR\VLQDGLWLYRVQRFLYRV1RGHEHQDVSLUDUVHJDVHVGHHVFDSHGHOPRWRU
(ODLUHFRPSULPLGRDV¯WUDWDGRQRFXPSOHFRQODVH[LJHQFLDVGHODVQRUPDVORFDOHVVREUHಯ$LUHFRPಣ
SULPLGRSDUDHTXLSRVGHSURWHFFLµQUHVSLUDWRULD(VSRUHOORTXHQRGHEHXWLOL]DUVHQXQFDFRPRDLUH
UHVSLUDEOHSXURVRORVLUYHFRPRUHVSLUDFLµQDGLFLRQDOVXPLQLVWURGHDLUHIUHVFRHQHOFDVRGHWUDಣ
EDMRVUHDOL]DGRVHQHQWRUQRVFRQPXFKRSROYRVXFLHGDGFRPRSRUHMHPSORHOFKRUUHDGRGHDUHQD
P£VLQIRUPDFLµQ &RQGLFLRQHVGHOHQWRUQRSDUDODXWLOL]DFLµQGHOILOWURGHDLUHIUHVFRHQHOFDS¯WXOR
2SFLµQHDHF
/XEULFDGRUGHKHUUDPLHQWDV
3DUDOXEULFDUODVKHUUDPLHQWDVQHXP£WLFDVVHQHFHVLWDDLUHFRPSULPLGRTXHFRQWHQJDDFHLWHSDUDWDO
ILQ3DUDHOORVHKDLQVWDODGRXQOXEULFDGRUGHKHUUDPLHQWDVTXHD³DGLU£XQDQHEOLQDROHRVDILQDDO
DLUHFRPSULPLGR
(OFRQWHQLGRGHDFHLWHHQHODLUHFRPSULPLGRVHSXHGHDMXVWDUHQHOOXEULFDGRUGHKHUUDPLHQWDVPHಣ
GLDQWHXQDUXHGDGHGRVLILFDFLµQ
႐ SRFRDFHLWHSDUDOXEULILFDUODVKHUUDPLHQWDVQHXP£WLFDV\SDUDHYLWDUODFRUURVLµQ
႐ P£VDFHLWHSDUDOLPSLDUODVKHUUDPLHQWDVQHXP£WLFDV\SDUDHYLWDUODFRQJHODFLµQHQODVPLVPDV
/DY£OYXODGHFLHUUHVHHQFXHQWUDDOWHUQDWLYDPHQWHHQXQDGHODSRVLFLRQHVVLJXLHQWHV
႐ GLUHFWDPHQWHHQHOOXEULFDGRUGHKHUUDPLHQWDVRSFLµQHF
႐ HQHOWXERGHDLUHRSFLµQHD
,QVWUXFFLRQHVGHVHUYLFLR0RELODLU
0 1rB6
&RQVWUXFFLµQ\IXQFLRQDPLHQWR
2SFLµQJHQHUDGRU
)LJ /XEULFDGRUGHKHUUDPLHQWDV
/XEULFDGRUGHKHUUDPLHQWDV 'HSµVLWRGHDFHLWH
7XEHU¯DGHDLUH 5XHGDGHGRVLILFDFLµQ
9£OYXODGHFLHUUH
2SFLµQIF $REVHUYDUHQFDVRGHFRQGXFWRVGHDLUHFRPSULPLGRVHSDUDGRV
$9,62
c/XEULFDFLµQFRQDFHLWHSDUDKHUUDPLHQWDV
/DVKHUUDPLHQWDVQHXP£WLFDVTXHQRVHSXHGHQOXEULFDUSXHGHQHVWURSHDUVH
ᇐ $QWHVGHFRQHFWDUHVWDVKHUUDPLHQWDVQHXP£WLFDVVHGHEHU£OLPSLDUVRSODQGRHODFHLWHGHKHಣ
UUDPLHQWDVGHODVWXEHU¯DVGHDLUH
2SFLµQJDJE
2SFLµQJHQHUDGRU
3DUDHODEDVWHFLPLHQWRGHORVFRQVXPLGRUHVHO«FWULFRVLQGLYLGXDOHVVHKDLQVWDODGRXQJHQHUDGRU
SDUDSURYHHUGHHQHUJ¯DHO«FWULFD(OJHQHUDGRUHVDFFLRQDGRSRUHOPRWRUPHGLDQWHXQDFRUUHDGH
DFFLRQDPLHQWR8QPHFDQLVPRWHQVRUDVHJXUDDXWRP£WLFDPHQWHODFRUUHFWDWHQVLµQGHODFRUUHD
2SFLµQJD 0RGHORVLQOLPLWDFLµQGHFDXGDO
$OFRQHFWDUHOJHQHUDGRUHOFDXGDOGHDLUHFRPSULPLGRQRVHOLPLWD(OFRPSUHVRUIXQFLRQDFRQSOHQR
FDXGDOLQGHSHQGLHQWHPHQWHGHVLHOJHQHUDGRUHVW£FRQHFWDGRRQR(OFDXGDOP£[LPRGHDLUHFRPಣ
SULPLGRHQP£TXLQDVVLQOLPLWDFLµQGHFDXGDOHVVLQHPEDUJRLQIHULRUDOGHP£TXLQDVFRQOLPLWDFLµQ
GHFDXGDO&DXGDOHVUHGXFLGRVGHDLUHFRPSULPLGRGXUDQWHHOIXQFLRQDPLHQWRGHOJHQHUDGRUY«DVH
HOFDS¯WXOR*HQHUDGRU
2SFLµQJE 0RGHORFRQOLPLWDFLµQGHFDXGDO
$OFRQHFWDUHOJHQHUDGRUVHOLPLWDHOFDXGDOGHDLUHHQODY£OYXODGHDGPLVLµQ(OFRPSUHVRUIXQFLRQD
FRQFDXGDOUHGXFLGR'HHVWHPRGRVHSURWHJHHOPRWRUGHVREUHFDUJD(OFDXGDOGHDLUHFRPSULPLGR
GXUDQWHHOIXQFLRQDPLHQWRGHOJHQHUDGRUHVLQGHSHQGLHQWHGHOPRGRGHVHUYLFLR\GHODSRWHQFLDGHO
JHQHUDGRU
,QVWUXFFLRQHVGHVHUYLFLR0RELODLU
1rB6 0
&RQVWUXFFLµQ\IXQFLRQDPLHQWR
2SFLµQJHQHUDGRU
0RGRVGHIXQFLRQDPLHQWR
(OFRPSUHVRUIXQFLRQDFRQXQDUHJXODFLµQQRUPDOGHOFDXGDOHOJHQHUDGRUSXHGHSURYHHUGHFRಣ
UULHQWHDGLFLRQDOPHQWH
+D\GRVPRGRVGHVHUYLFLRSDUDHOIXQFLRQDPLHQWRGHOJHQHUDGRU6HSUHVHOHFFLRQDQHVWRVPRGRV
FRQHOFRQPXWDGRUVHOHFWRUGHORVPRGRVGHVHUYLFLR
႐ 0RGRGHDUUDQTXHDXWRP£WLFR
႐ &DUJDFRQWLQXD
7DE )XQFLRQDPLHQWRJHQHUDGRUFRPSUHVRU
7DE 0RGRVGHIXQFLRQDPLHQWRJHQHUDGRU
,QVWUXPHQWRVGHFRQWURO
/RVLQWHUUXSWRUHVIXVLEOHV\ODVFDMDVGHHQFKXIHSDUDODFRQH[LµQGHORVFRQVXPLGRUHVHO«FWULFRVVH
HQFXHQWUDQHQODFDMDGHGLVWULEXFLµQGHOJHQHUDGRU/DFRQH[LµQGHORVFRQVXPLGRUHVLQGLYLGXDOHV
VHHIHFWXDU£¼QLFDPHQWHDWUDY«VGHHVWDVFDMDVGHHQFKXIH
,QVWUXFFLRQHVGHVHUYLFLR0RELODLU
0 1rB6
&RQVWUXFFLµQ\IXQFLRQDPLHQWR
2SFLµQJHQHUDGRU
*HQHUDGRUFRUULHQWHWULI£VLFD+]
)LJ 3DQHOGHODFDMDGHGLVWULEXFLµQGHOJHQHUDGRU9FRUULHQWHWULI£VLFD
m&RQPXWDGRUVHOHFWRUGHORVPRGRVGH &DMDGHGLVWULEXFLµQJHQHUDGRU
VHUYLFLR} m,QWHUUXSWRUSULQFLSDOGHOJHQHUDGRU}
&DMDVGHHQFKXIHFRUULHQWHWULI£VLFD m)XVLEOHDXWRP£WLFR}FRQGLVSDUDGRUGH
&DMDVGHHQFKXIHFRUULHQWHPRQRI£VLFD FRUULHQWHGHWUDEDMR
)LJ 3DQHOGHODFDMDGHGLVWULEXFLµQGHOJHQHUDGRU9FRUULHQWHWULI£VLFD
m&RQPXWDGRUVHOHFWRUGHORVPRGRVGH &DMDGHGLVWULEXFLµQJHQHUDGRU
VHUYLFLR} m,QWHUUXSWRUSULQFLSDOGHOJHQHUDGRU}
&DMDVGHHQFKXIHFRUULHQWHWULI£VLFD$ m)XVLEOHDXWRP£WLFR}
&DMDVGHHQFKXIHFRUULHQWHPRQRI£VLFD m)XVLEOHDXWRP£WLFR}FRQGLVSDUDGRUGH
&DMDVGHHQFKXIHFRUULHQWHWULI£VLFD$ FRUULHQWHGHWUDEDMR
,QVWUXFFLRQHVGHVHUYLFLR0RELODLU
1rB6 0
&RQVWUXFFLµQ\IXQFLRQDPLHQWR
2SFLµQJHQHUDGRU
*HQHUDGRUFRUULHQWHPRQRI£VLFD+]
$WHQHUHQFXHQWDGXUDQWHHOIXQFLRQDPLHQWRGHOJHQHUDGRU
$WHQHUHQFXHQWDDQWHVGHFRQHFWDUHOJHQHUDGRU
(QFDVRGHXQDFDUJDGHODUHGP£[LPDKD\TXHWHQHUHQFXHQWDORVLJXLHQWH
႐ 6HVXPDQODVSRWHQFLDVGHORVFRQVXPLGRUHVXWLOL]DGRVVLPXOW£QHDPHQWH
႐ /RVIXVLEOHVDXWRP£WLFRVOLPLWDQODP£[LPDFDUJDSHUPDQHQWHSRUORVFRQVXPLGRUHVDFRSODGRV
$WHQHUHQFXHQWDDQWHVGHODSXHVWDHQPDUFKDGHORVFRQVXPLGRUHVHO«FWULFRV
3(/,*52
c3XHVWDHQPDUFKDGHDSDUDWRVVLQHOGHELGRFRQWURO
(VSRVLEOHTXHVHSURGX]FDQJUDYHVOHVLRQHVI¯VLFDVRGD³RVPDWHULDOHV
ᇐ &RPSUREDUTXHVHKD\DQGHVFRQHFWDGRORVFRQVXPLGRUHV
$GHP£VVHWHQGU£QTXHREVHUYDUORVVLJXLHQWHVFRQVHMRV
႐ 2EVHUYDUORVGDWRVW«FQLFRVGHOJHQHUDGRUDQWHVGHODFRQH[LµQGHORVDSDUDWRVVHQVLEOHVDOD
WHQVLµQ
႐ &RPSUREDUHOHVWDGRSHUIHFWRGHORVFRQVXPLGRUHVHO«FWULFRV\VXVFDEOHVGHFRQH[LµQ
႐ (QFKXIDUVLHPSUHORVDSDUDWRVHO«FWULFRVXQRWUDVRWURDODVFDMDVGHHQFKXIH\SRQHUORVHQ
PDUFKD
႐ (VSUHIHULEOHSRQHUHQPDUFKDSULPHURORVDSDUDWRVFRQXQFRPSRUWDPLHQWRGHVIDYRUDEOHHQHO
DUUDQTXHSRUHMHPSORHOHYDGRFRQVXPRGHFRUULHQWH
6HUHFRPLHQGDQRVXSHUDUODLQWHQVLGDGGHFRUULHQWHLQGLFDGDSDUDFDGDFDMDGHHQFKXIH\QR
VREUHFDUJDUHOJHQHUDGRU
,QVWUXFFLRQHVGHVHUYLFLR0RELODLU
0 1rB6
&RQVWUXFFLµQ\IXQFLRQDPLHQWR
2SFLRQHVHTXLSRSDUDWHPSHUDWXUDVEDMDV
$WHQHUHQFXHQWDDQWHVGHGHVFRQHFWDUHOJHQHUDGRU
႐ 'HVFRQHFWDUORVDSDUDWRVHO«FWULFRVXQRWUDVRWURUHWLUDQGRODVFODYLMDVUHVSHFWLYDVGHODVFDMDV
GHHQFKXIH
႐ (VSUHIHULEOHGHVFRQHFWDUHQ¼OWLPRW«UPLQRORVDSDUDWRVFRQHOP£[LPRFRQVXPRGHFRUULHQWH
႐ &RQWURODUVLODVWDSDVGHODVFDMDVGHHQFKXIHHVW£QFHUUDGDVFRUUHFWDPHQWH
႐ 8QDYH]GHVFRQHFWDGRHOJHQHUDGRUGHMDUIXQFLRQDUODP£TXLQDDSUR[LPDGDPHQWHPLQXWRV
SDUDTXHSXHGDHQIULDUVHHOJHQHUDGRU
2SFLµQEDEE
2SFLRQHVHTXLSRSDUDWHPSHUDWXUDVEDMDV
3DUDHOIXQFLRQDPLHQWRFRQWHPSHUDWXUDVH[WUHPDGDPHQWHEDMDVVHKDLQVWDODGRXQHTXLSDPLHQWR
HVSHFLDOSDUDWHPSHUDWXUDVEDMDV
(VWHHTXLSDPLHQWRJDUDQWL]DXQIXQFLRQDPLHQWRVHJXURGHODP£TXLQDDWHPSHUDWXUDVGH
r&r&
/DLQVWDODFLµQHO«FWULFDSHUPLWHTXHHOPRWRUDUUDQTXHVLQSUREOHPDVDWHPSHUWDXUDVDPELHQWHGH
KDVWDr&
3DUDSURWHJHUORVPHFDQLVPRVGHFRQWURO\UHJXODFLµQFRQWUDODFRQJHODFLµQVHD³DGLU£XQDQWLFRQಣ
JHODQWHDEDVHGHDOFRKRODODLUHGHFRQWURO$V¯VHUHGXFHHOSXQWRGHFRQJHODFLµQGHODSURSRUFLµQ
GHODJXDFRQWHQLGDHQHODLUH
2SFLµQED
)XQFLRQDPLHQWRFRQGHVFRQJHODGRU
)LJ 'HVFRQJHODGRU
&RQGXFWRSLORWRIXQFLRQDPLHQWRFRQGHVಣ /ODYHGHEROD
FRQJHODGRU &RQGXFWRSLORWRO¯QHDE\SDVV
'HVFRQJHODGRU
)XQFLRQDPLHQWRDWHPSHUDWXUDVEDMDV
$WHPSHUDWXUDVDPELHQWDOHVLQIHULRUHVDr&VHDFFLRQDODP£TXLQDGXUDQWHODIDVHGHDUUDQTXHR
SDUDGDFRQHOGHVFRQJHODGRUFRQHFWDGR3XHVWRTXHHOIOXMRGHDLUHFRQWLHQHXQSURGXFWRDQWLFRQಣ
JHODQWHODVY£OYXODV\ORVFRQGXFWRVGHFRQWUROVHKXPHGHFHQFRQHOSURGXFWRDQWLFRQJHODQWH(VWR
HYLWDXQDFRQJHODFLµQGHORVPHFDQLVPRVGHFRQWURO\UHJXODFLµQ
,QVWUXFFLRQHVGHVHUYLFLR0RELODLU
1rB6 0
&RQVWUXFFLµQ\IXQFLRQDPLHQWR
2SFLµQ6HFFLRQDGRUGHEDWHU¯DV
'XUDQWHHOIXQFLRQDPLHQWRGHODP£TXLQDHOFDORUSURGXFLGRLPSLGHODFRQJHODFLµQGHORVFRPSRಣ
QHQWHV
)XQFLRQDPLHQWRHQYHUDQR
&RQWHPSHUDWXUDVDPELHQWDOHVVXSHULRUHVDr&\DQRHVQHFHVDULRDOLPHQWDUORVFRQGXFWRVGH
GLVWULEXFLµQGHODP£TXLQDFRQSURGXFWRVDQWLFRQJHODQWHVSDUDODIDVHGHODUUDQTXH\GHODSDUDGD
2SFLµQEE
3UHFDOHQWDPLHQWRDJXDGHUHIULJHUDFLµQ
3DUDPHMRUDUHODUUDQTXHHQIU¯RVHSXHGHSUHFDOHQWDUHOIOXLGRUHIULJHUDQWHGHOPRWRU
(OVXPLQLVWURGHFRUULHQWHSDUDHOSUHFDOHQWDPLHQWRGHODJXDUHIULJHUDQWHVHHIHFW¼DDWUDY«VGHXQD
IXHQWHGHDOLPHQWDFLµQVHSDUDGD/DFRQH[LµQHQWUHHOHQFKXIHFRQHFWDGRGHI£EULFD\ODFDMDGH
HQFKXIHDODUHGLQVWDODGDSRUHOSURSLHWDULRVHUHDOL]DPHGLDQWHXQFDEOHIOH[LEOHGHFRQH[LµQDOD
UHGLQFOXLGRHQHOVXPLQLVWUR
(OSUHFDOHQWDPLHQWRGHODJXDUHIULJHUDQWHIXQFLRQDVHJ¼QHOSULQFLSLRGHDXWRFLUFXODFLµQ
)LJ 3UHFDOHQWDPLHQWRDJXDGHUHIULJHUDFLµQ
3DQHOGHFRQWURO %ORTXHGHOPRWRU
7RPDGHFRQH[LµQSUHFDOHQWDPLHQWRDJXD 3UHFDOHQWDPLHQWRDJXDGHUHIULJHUDFLµQ
GHUHIULJHUDFLµQ
2SFLµQRD
2SFLµQ6HFFLRQDGRUGHEDWHU¯DV
6HKDLQFRUSRUDGRXQmVHFFLRQDGRUGHEDWHU¯DV}TXHSHUPLWHDLVODUFRPSOHWDPHQWHODEDWHU¯DGHOD
UHGGHDOLPHQWDFLµQGHODP£TXLQDSURWHFFLµQFRQWUDHOLQFHQGLRSURWHFFLµQFRQWUDXQDGHVFDUJD
,QVWUXFFLRQHVGHVHUYLFLR0RELODLU
0 1rB6
&RQVWUXFFLµQ\IXQFLRQDPLHQWR
2SFLRQHVSDUDHOIXQFLRQDPLHQWRHQODV]RQDVFRQULHVJRGHLQFHQGLR
35(&$8&,1
c3HOLJURSRUFRUWRFLUFXLWR
3HOLJURGHGD³RVHQODLQVWDODFLµQHO«FWULFDGHODP£TXLQD
ᇐ $FFLRQDUHOmVHFFLRQDGRUGHEDWHU¯DV}VµORFRQODXQLGDGSDUDGD
ᇐ 1RXWLOLFHHOmVHFFLRQDGRUGHEDWHU¯DV}FRPRLQWHUUXSWRUGHHPHUJHQFLDRLQWHUUXSWRUSULQFLSDO
)LJ 6HFFLRQDGRUGHEDWHU¯DV
m6HFFLRQDGRUGHEDWHU¯DV}
2SFLµQODOE
2SFLRQHVSDUDHOIXQFLRQDPLHQWRHQODV]RQDVFRQULHVJRGHLQFHQಣ
GLR
2SFLµQOD
3DUDFKLVSDV
&XDQGRVHXWLOL]DQPRWRUHV'LHVHOVHQHFHVLWDQORVSDUDFKLVSDVSDUDORVVLOHQFLDGRUHVGHORVJDVHV
GHHVFDSHHQODV]RQDVGHSHOLJURDV¯FRPRSDUDDSOLFDFLRQHVHQODDJULFXOWXUD\ODHFRQRP¯DIRUHVWDO
(QHVWDV]RQDVXQDVRODFKLVSD\DSXHGHSURYRFDUXQLQFHQGLRGHOPDWHULDOLQIODPDEOH
(OSDUDFKLVSDVLQFRUSRUDGRLPSLGHODVDOLGDGHUHVWRVGHFRPEXVWLRQDUGLHQWHVGHOVLOHQFLDGRUGHORV
JDVHVGHHVFDSH
2SFLµQOE
9£OYXODGHFLHUUHGHODLUHGHOPRWRU
6LHOPRWRU'LHVHODVSLUDGHODDWPµVIHUDXQDPH]FODGHJDVLQIODPDEOHHQODDGPLVLµQGHDLUHVH
DUULHVJDXQDDOLPHQWDFLµQDGLFLRQDOGHFRPEXVWLEOHIXHUDGHFRQWURO(VWRDVXYH]SURYRFDXQ
DXPHQWRLQFRQWURODGRGHOQ¼PHURGHUHYROXFLRQHVGHOPRWRUVHJXLGRGHGD³RVPHF£QLFRVHQOD
P£TXLQD1RWRPDQGRODPHGLGDDGHFXDGDVHHVWURSHDU£HOPRWRUDV¯FRPRORVDSDUDWRVFRQHFWDGRV
,QFOXVRXQDH[SORVLµQ\RXQDSURSDJDFLµQGHOLQFHQGLRSXHGHQVHUSRVLEOHV
6LODPH]FODGHOJDVLQIODPDEOHHQWUDHQODDGPLVLµQGHDLUHGHOPRWRU\DQRHVSRVLEOHSDUDUHOPRWRU
FRQODLQWHUUXSFLµQGHODDOLPHQWDFLµQGHOFRPEXVWLEOHQLFDPHQWHODLQWHUUXSFLµQGHODHQWUDGDGHO
DLUHSXHGHSDUDUODP£TXLQDLQPHGLDWDPHQWH
8QDY£OYXODGHDGPLVLµQGHFLHUUHDXWRP£WLFRSDUDHODLUHGHDVSLUDFLµQGHOPRWRUY£OYXOD&KDOZ\Q
FLHUUDODHQWUDGDGHODLUHFXDQGRHOPRWRUDVSLUDODVPH]FODVGHORVJDVHVLQIODPDEOHV(QFRQVHಣ
FXHQFLDHOPRWRUVHSDUDLQPHGLDWDPHQWH
,QVWUXFFLRQHVGHVHUYLFLR0RELODLU
1rB6 0
&RQVWUXFFLµQ\IXQFLRQDPLHQWR
2SFLRQHVGHWUDQVSRUWH
2SFLµQVDVFVGVKVL
2SFLRQHVGHWUDQVSRUWH
2SFLµQVD
&KDVLV
(OFKDVLVWLHQHODVFDUDFWHU¯VWLFDVVLJXLHQWHV
႐ &KDVLVGHXQVRORHMH
႐ (MHFRQUHVRUWHVGHJRPD
႐ %DUUDGHWUDFFLµQUHJXODEOHHQDOWXUD
2SFLµQVG
&KDVLV
(OFKDVLVWLHQHODVFDUDFWHU¯VWLFDVVLJXLHQWHV
႐ &KDVLVGHXQVRORHMH
႐ (MHFRQUHVRUWHVGHJRPD
႐ %DUUDGHWUDFFLµQU¯JLGDQRUHJXODEOHHQDOWXUD
2SFLµQVK
&KDVLV
(OFKDVLVWLHQHODVFDUDFWHU¯VWLFDVVLJXLHQWHV
႐ &KDVLVGHXQVRORHMH
႐ (MHFRQUHVRUWHVGHJRPD
႐ %DUUDGHWUDFFLµQU¯JLGDQRUHJXODEOHHQDOWXUD
႐ 6LQIUHQRGHHVWDFLRQDPLHQWR
2SFLµQVF
%DVWLGRUHVWDFLRQDULR
(OEDVWLGRUFKDVLVWLHQHODVFDUDFWHU¯VWLFDVVLJXLHQWHV
႐ 7ULQHREDVWLGRUVREUHSDWLQHV
႐ 8WLOL]DFLµQFRPRP£TXLQDHVWDFLRQDULD
႐ 0RQWDMHVREUHFDPLµQWUHQSODWDIRUPD
2SFLµQVL
%DVWLGRUHVWDFLRQDULR
(OEDVWLGRUFKDVLVWLHQHODVFDUDFWHU¯VWLFDVVLJXLHQWHV
႐ %DVWLGRUFKDVLV
႐ 8WLOL]DFLµQFRPRP£TXLQDHVWDFLRQDULD
႐ 0RQWDMHVREUHFDPLµQWUHQSODWDIRUPD
,QVWUXFFLRQHVGHVHUYLFLR0RELODLU
0 1rB6
&RQVWUXFFLµQ\IXQFLRQDPLHQWR
2SFLµQGLVSRVLWLYRDQWLUURER
2SFLµQVI
2SFLµQGLVSRVLWLYRDQWLUURER
/DP£TXLQDGLVSRQHGHXQDFDGHQDGHVXMHFLµQFRPRSURWHFFLµQFRQWUDHOURER
2SFLµQVJ
2SFLµQSURWHFFLµQGHSHDWRQHV
3DUDJDUDQWL]DUODLQFROXPLGDGGHSHUVRQDVODP£TXLQDOOHYDHTXLSDGDXQDSURWHFFLµQGHSHDWRQHV
2SFLµQSDSE
2SFLµQFXELHUWDVGHOSDQHOGHFRQWURO
/DP£TXLQDHVW£HTXLSDGDFRQFXELHUWDVSDUDSURWHJHUORVSDQHOHVGHFRQWUROGXUDQWHHOWUDQVSRUWH
\HYLWDUHODFFHVRD«VWRVSRUSDUWHGHSHUVRQDVQRDXWRUL]DGDV
႐ &XELHUWDGHOSDQHOGHFRQWURORSFLµQSD
႐ &XELHUWDGHODFDMDGHGLVWULEXFLµQGHOJHQHUDGRURSFLµQSE
,QVWUXFFLRQHVGHVHUYLFLR0RELODLU
1rB6 0
&RQGLFLRQHVGHOPRQWDMH\GHOIXQFLRQDPLHQWR
6HJXULGDG
&RQGLFLRQHVGHOPRQWDMH\GHOIXQFLRQDPLHQWR
6HJXULGDG
ᇐ 4XHGDHVWULFWDPHQWHSURKLELGRIXPDUDV¯FRPRHQFHQGHUIXHJRV\HPSOHDUOODPDVOLEUHV
ᇐ &XDQGRVHHIHFW¼HQWUDEDMRVGHVROGDGXUDHQODP£TXLQDRFHUFDGH«VWDGHEHU£QWRPDUVHODV
PHGLGDVDGHFXDGDVSDUDTXHQRVHSUHQGDQSLH]DVGHODP£TXLQDYDSRUHVGHFRPEXVWLEOHR
QHEOLQDVGHDFHLWHGHELGRDFKLVSDVRWHPSHUDWXUDVGHPDVLDGRDOWDV
ᇐ /DP£TXLQDQRHVW£SURWHJLGDFRQWUDH[SORVLRQHV
1RGHEHIXQFLRQDUHQFDPSRVHQORVFXDOHVVHDSOLFDQODVH[LJHQFLDVHVSHF¯ILFDVUHIHUHQWHVD
ODSURWHFFLµQFRQWUDODVH[SORVLRQHV
3RUHMHPSORODVH[LJHQFLDVFRQUHVSHFWRDOರXVRGHELGRHQFDPSRVFRQULHVJRGHH[SORVLµQರ
VHJ¼QODGLUHFWLYD$7(;&(
ᇐ 5HVSHWHODVFRQGLFLRQHVDPELHQWDOHVQHFHVDULDV
႐ 7HPSHUDWXUDDPELHQWDO
႐ $LUHGHDVSLUDFLµQOLPSLR\VLQDGLWLYRVQRFLYRV
႐ $LUHGHDVSLUDFLµQH[HQWRGHJDVHV\YDSRUHVH[SORVLYRVRTX¯PLFDPHQWHLQHVWDEOHV
႐ $LUHGHDVSLUDFLµQVLQPDWHULDVTXHIRUPHQVXVWDQFLDV£FLGDVE£VLFDVSDUWLFXODUPHQWHDPRಣ
QLDFRFORURRVXOIXURGHKLGUµJHQR
ᇐ 'LVSRQJDGHSURGXFWRVDGHFXDGRVGHH[WLQFLµQGHLQFHQGLRV
&RQGLFLRQHVSDUDHOPRQWDMH
&RQGLFLµQ (OVXHORGHOOXJDUGHLQVWDODFLµQGHEHVHUKRUL]RQWDOILUPH\DSURSLDGRSDUDVRSRUWDUHOSHVRGHOD
P£TXLQD
)LJ 'LVWDQFLDP¯QLPDHQWUHODP£TXLQD\H[FDYDFLRQHVSHQGLHQWHV\SDUHGHV
*XDUGDUVXILFLHQWHGLVWDQFLDGHORVERUGHVGH]DQMDVGHIXQGDFLµQ\SHQGLHQWHVFRPRP¯QLPR
P
/DP£TXLQDKDGHFRORFDUVHHQSRVLFLµQKRUL]RQWDO
1RREVWDQWHODP£TXLQDSXHGHXWLOL]DUVHSURYLVLRQDOPHQWHHQXQDSRVLFLµQTXHQRH[FHGDORV
rGHLQFOLQDFLµQ
$VHJ¼UHVHGHTXHODDFFHVLELOLGDGDODP£TXLQDTXHGHJDUDQWL]DGDSDUDSRGHUUHDOL]DUWRGRVORV
WUDEDMRVVLQQLQJ¼QULHVJRQLGLILFXOWDG
,QVWUXFFLRQHVGHVHUYLFLR0RELODLU
0 1rB6
&RQGLFLRQHVGHOPRQWDMH\GHOIXQFLRQDPLHQWR
&RQGLFLRQHVSDUDHOPRQWDMH
35(&$8&,1
c3HOLJURGHLQFHQGLRGHELGRDDFXPXODFLµQW«UPLFD\VLVWHPDGHHVFDSHFDOLHQWH
6LODGLVWDQFLDKDVWDODSDUHGHVGHPDVLDGRSHTXH³DSXHGHSURGXFLUVHXQDDFXPXODFLµQW«UPLFD
TXHSXHGHGD³DUODP£TXLQD
ᇐ 1RGHEHFRORFDUVHODP£TXLQDGLUHFWDPHQWHGHODQWHGHXQDSDUHG
ᇐ $OFRORFDUODP£TXLQDFRPSUXHEHTXHWHQJDHVSDFLRVXILFLHQWHSDUDODHQWUDGD\ODVDOLGDGHO
DLUH
3URFXUHJXDUGDUODPD\RUGLVWDQFLDSRVLEOHHQWUHODP£TXLQD\ODVSDUHGHV
$VHJ¼UHVHGHTXHKD\DVXILFLHQWHHVSDFLRSRUHQFLPDGHODP£TXLQD\HQWRGRVVXVODGRV
1RREVWUX\DODVHQWUDGDV\VDOLGDVGHDLUHSDUDTXHHODLUHSXHGDFLUFXODUOLEUHPHQWHSRUHOLQWHULRU
GHODP£TXLQD
(OYLHQWRQRGHEHU£VRSODUHQGLUHFFLµQDODVDOLGDGHODLUHGHUHIULJHUDFLµQ
+D\TXHHYLWDUTXHORVJDVHVGHHVFDSH\HODLUHGHUHIULJHUDFLµQFDOLHQWHVHDQDVSLUDGRV
$VHJ¼UHVHGHTXHODDFFHVLELOLGDGDODP£TXLQDTXHGHJDUDQWL]DGDSDUDSRGHUUHDOL]DUWRGRVORV
WUDEDMRVVLQQLQJ¼QULHVJRQLGLILFXOWDG
35(&$8&,1
c7HPSHUDWXUDDPELHQWDOGHPDVLDGREDMD
(OFRQGHQVDGRKHODGR\XQDOXEULFDFLµQUHGXFLGDGHELGRDTXHHODFHLWHGHOPRWRU\GHOFRPSUHVRU
VHKD\DYXHOWRYLVFRVRSXHGHQSHUMXGLFDUODP£TXLQDDOSRQHUODHQPDUFKD
ᇐ 8WLOLFHDFHLWHGHLQYLHUQRSDUDPRWRUHV
ᇐ 8WLOLFHXQDFHLWHGHSRFDYLVFRVLGDGSDUDUHIULJHUDUHOFRPSUHVRU
ᇐ 'HMDUTXHVHFDOLHQWHODP£TXLQDVLQFDUJDDYHORFLGDGGHJLUR6,1&$5*$YHUFDS¯WXOR
$WHPSHUDWXUDVDPELHQWDOHVLQIHULRUHVDr&REVHUYDUODVLQGLFDFLRQHVGHOFDS¯WXOR
,QVWUXFFLRQHVGHVHUYLFLR0RELODLU
1rB6 0
0RQWDMH
6HJXULGDG
0RQWDMH
6HJXULGDG
$TX¯HQFRQWUDU£XQDVLQGLFDFLRQHVGHVHJXULGDGTXHSHUPLWHQHIHFWXDUORVWUDEDMRVGHPRQWDMHVLQ
QLQJ¼QULHVJR
/DVDGYHUWHQFLDVDSDUHFHQMXVWRGHODQWHGHXQDDFWLYLGDGSRWHQFLDOPHQWHSHOLJURVD
,QGLFDFLRQHVGHVHJXULGDGIXQGDPHQWDOHV
c5HVSHWHODVLQGLFDFLRQHVFRQWHQLGDVHQHOFDS¯WXORಯ6HJXULGDG\UHVSRQVDELOLGDGಯ
c+DFHUHIHFWXDUHOPRQWDMHVµORSRUSHUVRQDOGHLQVWDODFLµQDXWRUL]DGR
P£VLQIRUPDFLµQ (QFRQWUDU£LQIRUPDFLµQUHODWLYDDOSHUVRQDODXWRUL]DGRHQHOFDS¯WXOR
(QFRQWUDU£LQIRUPDFLµQUHODWLYDDORVSRVLEOHVSHOLJURV\HOPRGRGHHYLWDUORVHQHOFDS¯WXOR
1RWLILFDFLµQGHGD³RVVXIULGRVGXUDQWHHOWUDQVSRUWH
([DPLQHODP£TXLQDSDUDFRPSUREDUVLKDVXIULGRGD³RVGXUDQWHHOWUDQVSRUWHWDQWRYLVLEOHV
FRPRRFXOWRV
(QFDVRGHKDEHUVHSURGXFLGRGD³RVHQHOWUDQVSRUWHURJDPRVLQIRUPHQSRUHVFULWRLQPHGLDWDಣ
PHQWHDODDJHQFLDGHWUDQVSRUWHV\DOIDEULFDQWH
0RQWDMHGHOGLVSRVLWLYRWUDFWRU
6LVHHQWUHJDODP£TXLQDVREUHXQEDVWLGRUGHWUDQVSRUWHHOGLVSRVLWLYRWUDFWRUVHGHVPRQWDSDUD
DKRUUDUHVSDFLR(OGLVSRVLWLYRWUDFWRUGHEHPRQWDUVHDQWHVGHUHWLUDUHOEDVWLGRUGHWUDQVSRUWH
0DWHULDO *XDQWHVGHWUDEDMR
/ODYHILMD
0DUWLOORGHJRPDGXUD
&RQGLFLµQ /DP£TXLQDGHEHHVWDUHVWDFLRQDGDGHPDQHUDVHJXUD
/DP£TXLQDGHEHHVWDUGHVFRQHFWDGD
35(&$8&,1
c3HOLJURGHDSODVWDPLHQWR
3HOLJURJUDYHGHOHVLRQHVDOSLOODUVHORVGHGRV
ᇐ /OHYDUJXDQWHVGHSURWHFFLµQ
ᇐ 7UDEDMDUFRQFXLGDGR
,QVWUXFFLRQHVGHVHUYLFLR0RELODLU
0 1rB6
0RQWDMH
0RQWDMHGHOGLVSRVLWLYRWUDFWRU
2SFLµQVD
0RQWDUGLVSRVLWLYRWUDFWRUUHJXODEOHHQDOWXUD
2SFLµQVD
)LJ 0RQWDGRHOGLVSRVLWLYRWUDFWRUUHJXODEOHHQDOWXUD
'LVSRVLWLYRGHUHWHQFLµQ 0XOHWLOODGHVXMHFLµQFRQSDVDGRUGHVHJXಣ
(PSX³DGXUD ULGDG
%DUUDGHGLUHFFLµQ 3DODQFDIUHQRGHPDQRIUHQRGHHVWDFLRQDಣ
PLHQWR
3HUQRGHILMDFLµQFRQWXHUFDDXWREORTXHDಣ
GRUD
2SFLµQVD
)LJ 0RQWDUGLVSRVLWLYRWUDFWRUUHJXODEOHHQDOWXUD
,QVWUXFFLRQHVGHVHUYLFLR0RELODLU
1rB6 0
0RQWDMH
0RQWDMHGHOGLVSRVLWLYRWUDFWRU
2SFLµQVGVK
0RQWDUGLVSRVLWLYRWUDFWRUQRUHJXODEOHHQDOWXUD
2SFLµQVGVK
)LJ 0RQWDGRHOGLVSRVLWLYRWUDFWRUQRUHJXODEOHHQDOWXUD
'LVSRVLWLYRGHUHWHQFLµQ %DUUDGHWUDFFLµQ
&DEOHGHWUDQVPLVLµQGHOIUHQR 5XHGDGHDSR\R
9DULOODMHGHOIUHQR
$EULUODSXHUWDL]TXLHUGD
6DFDUODEROVDFRQHOFDEOHGHWUDQVPLVLµQGHOIUHQR\HOPDWHULDOGHVXMHFLµQGHOFRPSDUWLPLHQWR
GHKHUUDPLHQWDV\GHVHPEDODU
&HUUDUODSXHUWD
5HWLUHORVVHJXURVGHWUDQVSRUWHXQLRQHVURVFDGDVFLQWDDGKHVLYDJRPDHVSXPDGHODVSLH]DV
GHOGLVSRVLWLYRWUDFWRU
,QVWUXFFLRQHVGHVHUYLFLR0RELODLU
0 1rB6
0RQWDMH
0RQWDMHGHOGLVSRVLWLYRWUDFWRU
0RQWDUHOIUHQRGHUHWHQFLµQGHOGLVSRVLWLYRWUDFWRUQRUHJXODEOHHQDOWXUD
2SFLµQVGVK
)LJ 0RQWDUHOIUHQRGHUHWHQFLµQGHOGLVSRVLWLYRWUDFWRUQRUHJXODEOHHQDOWXUD
'LVSRVLWLYRGHUHWHQFLµQ $UDQGHOD
3DODQFDFRQPDQJXLWRGHILMDFLµQ 7XHUFDKH[DJRQDODXWREORTXHR
&DEOHGHWUDQVPLVLµQGHOIUHQR 7XHUFDKH[DJRQDOWXHUFDGHDSULHWH
9DULOODMHGHOIUHQR 7XHUFDKH[DJRQDOFRQWUDWXHUFD
%DUUDGHWUDFFLµQ $ 8QLµQURVFDGDIURQWDOFDEOHGHWUDQVPLVLµQ
3HUQRGHILMDFLµQ GHOIUHQR
% 8QLµQURVFDGDSRVWHULRUFDEOHGHWUDQVPLಣ
VLµQGHOIUHQR
0RQWDUHOGLVSRVLWLYRGHUHWHQFLµQHQODEDUUDGHWUDFFLµQ\FRORFDUORGHPDQHUDTXHVHSXHGDQ
LQVHUWDUORVSHUQRVGHILMDFLµQ
,QVHUWHORVSHUQRVGHILMDFLµQ6LHVQHFHVDULRD\¼GHVHFRQVXDYHVJROSHVGHPDUWLOORLQVHUWDQGR
ODVDUDQGHODV
6XMHWHHOSHUQRGHILMDFLµQFRQODWXHUFDVGHDXWRVHJXULGDGHOSDUGHDSULHWHILJXUDHQHOFDS¯WXOR
$WRUQLOODUODXQLµQURVFDGDIURQWDOGHOFDEOHGHWUDQVPLVLµQGHOIUHQRDOPDQJXLWRGHILMDFLµQGHO
GLVSRVLWLYRGHUHWHQFLµQ\DVHJXUDUORFRQXQDFRQWUDWXHUFD
(QJDQFKDUHOFDEOHGHWUDQVPLVLµQGHOIUHQRHQODVGRVEULGDVGHVXMHFLµQHQODEDUUDGHWUDFFLµQ
\ILMDUODVWXHUFDVGHDSULHWH
$WRUQLOODUHOYDULOODMHGHOIUHQRDODXQLµQURVFDGDSRVWHULRUGHOFDEOHGHWUDQVPLVLµQGHOIUHQR\
DVHJXUDUFRQODFRQWUDWXHUFD
,QVWUXFFLRQHVGHVHUYLFLR0RELODLU
1rB6 0
0RQWDMH
$GDSWDFLµQGHOFKDVLV
0RQWDUODUXHGDGHDSR\RGHOGLVSRVLWLYRWUDFWRUQRUHJXODEOHHQDOWXUD
2SFLµQVGVK
)LJ 0RQWDUODUXHGDGHDSR\RGHOGLVSRVLWLYRWUDFWRUQRUHJXODEOHHQDOWXUD
'LVSRVLWLYRGHUHWHQFLµQ $UDQGHOD
5XHGDGHDSR\R 7XHUFDKH[DJRQDODXWREORTXHR
7RUQLOORGHILMDFLµQ
,QWURGXFLUXQDDUDQGHODHQFDGDXQRGHORVWRUQLOORVGHILMDFLµQLQVHUWDQGR«VWRVHQORVFXDWUR
RULILFLRVGHILMDFLµQVXSHULRUHVGHODSODFDGHPRQWDMHGHODUXHGDGHDSR\R
/HYDQWHHOGLVSRVLWLYRGHUHWHQFLµQ\FROµTXHORGHPDQHUDTXHORVRULILFLRVGHVXMHFLµQGHODV
SODFDVGHPRQWDMHGHODUXHGDGHDSR\R\GHOGLVSRVLWLYRGHUHWHQFLµQHVW«QSRVLFLRQDGDVGH
IRUPDH[DFWD
,QVHUWDUORVWRUQLOORVGHILMDFLµQ\PRQWDUODVDUDQGHODV
6XMHWDUORVWRUQLOORVGHILMDFLµQPHGLDQWHODVWXHUFDVDXWRILMDGRUDV
$GDSWDFLµQGHOFKDVLV
0DWHULDO 7HQD]DV
0DUWLOORGHJRPDGXUD
&RQGLFLµQ 0£TXLQDGHVFRQHFWDGD
'HVHQJDQFKDGDODP£TXLQDGHOYHK¯FXORUHPROFDGRU\HVWDFLRQDGDGHPDQHUDVHJXUD
,QVWUXFFLRQHVGHVHUYLFLR0RELODLU
0 1rB6
0RQWDMH
$GDSWDFLµQGHOFKDVLV
2SFLµQVD
$MXVWDUHOVLVWHPDGHWUDFFLµQ
)LJ 5HJXODFLµQGHDOWXUDGHOVLVWHPDGHWUDFFLµQ
0XOHWLOODGHVXMHFLµQ SDVDGRUGHVXMHFLµQLQWURGXFLGRFRUUHFWDಣ
3DVDGRUHO£VWLFRSDVDGRUGHVHJXULGDG PHQWH
(PSX³DGXUD
6DTXHHOSDVDGRUGHVHJXULGDG\GHVDWRUQLOOHODPXOHWLOODGHVXMHFLµQKDVWDHOWRSH
35(&$8&,1
c3HOLJURGHDSODVWDPLHQWR
3HOLJURJUDYHGHOHVLRQHVDOSLOODUVHORVGHGRVHQHOGLVSRVLWLYRGHUHJXODFLµQ
ᇐ /OHYDUJXDQWHVGHSURWHFFLµQ
ᇐ 7UDEDMDUFRQFXLGDGR
0HGLDQWHHPSX³DGXUDUHJXODUODEDUUDGHWUDFFLµQHQSRVLFLµQKRUL]RQWDOFRQHOHQJDQFKHGH
UHPROTXHGHOYHK¯FXORUHPROFDGRU
(VSRVLEOHDMXVWDUODSLH]DLQWHUPHGLDrKDFLDDUULED\rKDFLDDEDMRKDVWDORVWRSHV
'HELGRDODUHJXODFLµQHQSDUDOHOREDUUDGHGLUHFFLµQHOIUHQRGHUHWHQFLµQSHUPDQHFHVLHPSUH
HQSRVLFLµQKRUL]RQWDOYHUILJ
$SUHWDUODPXOHWLOODGHVXMHFLµQ\DVHJXUDUODFRQXQJROSHGHPDUWLOOR
,QVHUWDUHOSDVDGRUGHVHJXULGDG
&RQWURODUVL
႐ VHKDHQFODYDGRFRUUHFWDPHQWHHOGHQWDGRHQODMXQWXUD
႐ VHKDDSUHWDGRH[DFWDPHQWHODPXOHWLOODGHVXMHFLµQ
႐ HOSDVDGRUGHVXMHFLµQHVW£FRUUHFWDPHQWHLQWURGXFLGRSDUDDVHJXUDUODPXOHWLOODGHVXMHFLµQ
Y«DVHILJXUDSRV
7UDVXQRVNPUHDSUHWDUODPXOHWLOODGHVXMHFLµQ
1RVHSXHGHQVROWDUODVXQLRQHVGHODVDUDQGHODVGHQWDGDVGHODEDUUDGHWUDFFLµQ/DVDUDQಣ
GHODVGHQWDGDVHVW£QEORTXHDGDVSRUFRUURVLµQ
ᇐ 'HVEORTXHDUODXQLµQGHDUDQGHODVGHQWDGDVSRUPRYLPLHQWRVEUXVFRVGHODEDUUDGHWUDFಣ
FLµQKRUL]RQWDOYHUWLFDO
,QVWUXFFLRQHVGHVHUYLFLR0RELODLU
1rB6 0
0RQWDMH
$GDSWDFLµQGHOFKDVLV
&DPELDUODDUJROOD
6HSXHGHHTXLSDUODEDUUDGHWUDFFLµQGHOFK£VLVFRQGLIHUHQWHVDUJROODVRHQJDQFKHV
0DWHULDO *XDQWHVGHWUDEDMR
/ODYHILMD
EDUUDILQDGHPHWDO
&RQGLFLµQ 0£TXLQDGHVFRQHFWDGD
'HVHQJDQFKDGDODP£TXLQDGHOYHK¯FXORUHPROFDGRU\HVWDFLRQDGDGHPDQHUDVHJXUD
35(&$8&,1
c3HOLJURGHDSODVWDPLHQWR
3HOLJURJUDYHGHOHVLRQHVDOSLOODUVHORVGHGRVHQHOGLVSRVLWLYRGHUHJXODFLµQ
ᇐ /OHYDUJXDQWHVGHSURWHFFLµQ
ᇐ 7UDEDMDUFRQFXLGDGR
ᇐ &RPSUXHEHFRQTX«VLVWHPDGHWUDFFLµQHVW£HTXLSDGDODP£TXLQD
2SFLµQVD
&DPELDUODDUJROODHQFDVRGHXQGLVSRVLWLYRWUDFWRUUHJXODEOHHQDOWXUD
3DUDFDPELDUODDUJROODRHOHQJDQFKHHVI«ULFRGHEHU£QHIHFWXDUVHODVVLJXLHQWHVDFWLYLGDGHVGH
PDQHUDDOWHUQDWLYD
2SFLµQVD
'HVPRQWDUHOHQJDQFKHHVI«ULFR 'HVPRQWDUODDUJROOD
6ROWDUODVWXHUFDV \TXLWDUORVWRUQLOORV (PSXMDUKDFLDDWU£VHOIXHOOH
5HWLUHHOHQJDQFKHHVI«ULFRTXHGHVHDFDPಣ 6ROWDUODVWXHUFDV \TXLWDUORVWRUQLOORV
ELDU GHODEDUUDGHWUDFFLµQ 5HWLUDUODDUJROODDFDPELDU GHODEDUUDGH
WUDFFLµQ
,QVWUXFFLRQHVGHVHUYLFLR0RELODLU
0 1rB6
0RQWDMH
$GDSWDFLµQGHOFKDVLV
0RQWDUHOHQJDQFKHHVI«ULFR 0RQWDUODDUJROOD
&RORTXHHOQXHYRHQJDQFKHHVI«ULFR HQOD 0RQWDURLQWURGXFLUODDUJROODQXHYD HQOD
EDUUDGHWUDFFLµQ EDUUDGHWUDFFLµQ
&RORFDUWRGDVORVFRPSRQHQWHVGHPDQHUD &RORFDUWRGDVORVFRPSRQHQWHVGHPDQHUD
TXHVHSXHGDQLQWURGXFLUWRGRVORVWRUQLOORV TXHVHSXHGDQLQWURGXFLUWRGRVORVWRUQLOORV
VLQGLILFXOWDG VLQGLILFXOWDG
,QVHUWDUORVWRUQLOORV HQORVRULILFLRVGHILMDಣ ,QVHUWDUORVWRUQLOORV HQORVRULILFLRVGHILMDಣ
FLµQSUHYLVWRV\VXMHWDUORVSRUPHGLRGHWXHUಣ FLµQSUHYLVWRV\VXMHWDUORVSRUPHGLRGHWXHUಣ
FDVDXWRILMDGRUDV FDVDXWRILMDGRUDV
+DFHUSDVDUHOIXHOOH SRUHQFLPDGHOD
XQLµQURVFDGD
2SFLµQVGVK
&DPELDUODDUJROODHQFDVRGHXQGLVSRVLWLYRWUDFWRUQRUHJXODEOHHQDOWXUD
2SFLµQVG
,QVWUXFFLRQHVGHVHUYLFLR0RELODLU
1rB6 0
0RQWDMH
$GDSWDFLµQGHOFKDVLV
2SFLµQVK
(PSXMDUKDFLDDWU£VHOIXHOOH
6ROWDUODVWXHUFDV \TXLWDUORVWRUQLOORV
5HWLUHHOHQJDQFKHHVI«ULFR RODDUJROOD GHODEDUUDGHWUDFFLµQ
0RQWHRLQWURGX]FDHOHQJDQFKHQXHYR RODQXHYDDUJROOD HQODEDUUDGHWUDFFLµQ
&RORFDUWRGDVORVFRPSRQHQWHVGHPDQHUDTXHVHSXHGDQLQWURGXFLUWRGRVORVWRUQLOORVVLQGLILಣ
FXOWDG
,QWURGX]FDORVWRUQLOORV HQORVRULILFLRVGHILMDFLµQGHODQWHURVGHODDUJROOD RGHOHQJDQFKH
HVI«ULFR \I¯MHORVFRQWXHUFDVDXWREORTXHDGRUDV
3DUDLQWURGXFLUHOWRUQLOORWUDVHURVHDSURYHFKDU£GHOPRPHQWRGHGLVWHQVLµQUHWDUGDGDGHO
DPRUWLJXDGRU'XUDQWHHVWHSHULRGRGHWLHPSRLQVHUWHXQREMHWRDSURSLDGRHQORVRULILFLRVGH
ILMDFLµQGHODPRUWLJXDGRU\GHODDUJROODHQJDQFKHHVI«ULFR
$SULHWHHOIUHQRGHUHWHQFLµQSUHVLRQDQGRFRQIXHU]DODDUJROOD RHOHQJDQFKH
7LUHU£SLGDPHQWHKDFLDGHODQWHGHODDUJROODRGHOHQJDQFKHHVI«ULFRMXQWRFRQODEDUUDGHWUDFFLµQ
HLQWURGX]FDXQDEDUUDILQDGHPHWDODSURSLDGDHQHORULILFLRWUDVHURSDUDHOWRUQLOOR\HQHORULILFLR
GHVXMHFLµQ GHODPRUWLJXDGRU TXHVHHQFXHQWUDGHEDMR
,QVHUWHHOWRUQLOOR HQHORULILFLRFRUUHVSRQGLHQWHGHODDUJROODGHOHQJDQFKH\HQHORULILFLRGH
VXMHFLµQ EORTXHDGRGHODPRUWLJXDGRU 5HWLUHDOPLVPRWLHPSRODEDUUDGHPHWDO)LMDUHO
WRUQLOOR PHGLDQWHODWXHUFDDXWRILMDGRUD
$SUHWDUODVWXHUFDV
+DFHUSDVDUHOIXHOOH SRUHQFLPDGHODXQLµQURVFDGD
&RPSUREDFLµQGHOGLVSRVLWLYRGHUHWHQFLµQ
ᇐ &RPRPHGLGDGHFRQWUROLQVHUWH\VDTXHODEDUUDGHWUDFFLµQPDQXDOPHQWH
6LQRWDXQDUHVLVWHQFLDHODPRUWLJXDGRUQRHVW£FRUUHFWDPHQWHHQJDQFKDGR
,QVWUXFFLRQHVGHVHUYLFLR0RELODLU
0 1rB6
3XHVWDHQPDUFKD
6HJXULGDG
3XHVWDHQPDUFKD
6HJXULGDG
$TX¯HQFRQWUDU£XQDVLQGLFDFLRQHVGHVHJXULGDGTXHSHUPLWHQHIHFWXDUORVWUDEDMRVGHSXHVWDHQ
PDUFKDVLQQLQJ¼QULHVJR
/DVDGYHUWHQFLDVDSDUHFHQMXVWRGHODQWHGHXQDDFWLYLGDGSRWHQFLDOPHQWHSHOLJURVD
,QGLFDFLRQHVGHVHJXULGDGIXQGDPHQWDOHV
c5HVSHWHODVLQGLFDFLRQHVFRQWHQLGDVHQHOFDS¯WXORಯ6HJXULGDG\UHVSRQVDELOLGDGಯ
c(QFDUJXHORVWUDEDMRVGHPDQWHQLPLHQWR¼QLFDPHQWHDSHUVRQDOGHPDQWHQLPLHQWRDXWRUL]DGR
P£VLQIRUPDFLµQ (QFRQWUDU£LQIRUPDFLµQUHODWLYDDOSHUVRQDODXWRUL]DGRHQHOFDS¯WXOR
(QFRQWUDU£LQIRUPDFLµQUHODWLYDDORVSRVLEOHVSHOLJURV\HOPRGRGHHYLWDUORVHQHOFDS¯WXOR
&XHVWLRQHVDWHQHUHQFXHQWDDQWHVGHFDGDSXHVWDHQPDUFKD
(OIDEULFDQWH\DHIHFWXDU£ODSULPHUDSXHVWDHQPDUFKDGHFDGDP£TXLQD6HFRPSUXHEDHO
FRUUHFWRIXQFLRQDPLHQWRGHFDGDP£TXLQDVRPHWL«QGRODDXQH[DPHQPLQXFLRVR
8QDSXHVWDHQPDUFKDHUUµQHDRLQDGHFXDGDSXHGHRFDVLRQDUGD³RVDODVSHUVRQDV\DODP£TXLQD
ᇐ (QFDUJXHORVWUDEDMRVGHSXHVWDHQPDUFKD¼QLFDPHQWHDLQVWDODGRUHV\PDQWHQHGRUHVDXWRULಣ
]DGRVGHELGDPHQWHIRUPDGRVHQHOPDQHMRGHHVWDP£TXLQD
ᇐ 5HWLUDUWRGRVORVPDWHULDOHVGHWUDQVSRUWH\HPEDODMHDV¯FRPRKHUUDPLHQWDVIXHUD\GHQWURGH
ODP£TXLQD
ᇐ 'XUDQWHODVSULPHUDVKRUDVGHIXQFLRQDPLHQWRREVHUYHODP£TXLQDSDUDGHWHFWDUSRVLEOHVGLVಣ
IXQFLRQHV
&RQWUROGHODVFRQGLFLRQHVGHPRQWDMH\GHVHUYLFLR
ᇐ 1RSRQHUHQPDUFKDODP£TXLQDKDVWDTXHVHKD\DQFXPSOLGRWRGRVORVSXQWRVGHODOLVWDGH
FRQWURO
,QVWUXFFLRQHVGHVHUYLFLR0RELODLU
1rB6 0
3XHVWDHQPDUFKD
$REVHUYDUGHVSX«VGHPXFKRWLHPSRGHSDURGHODP£TXLQD
7DE /LVWDGHFRQWUROFRQGLFLRQHVGHPRQWDMH
$REVHUYDUGHVSX«VGHPXFKRWLHPSRGHSDURGHODP£TXLQD
ᇐ $QWHVGHFDGDSXHVWDHQPDUFKDGHVSX«VGHPXFKRWLHPSRDOPDFHQDPLHQWRSDURKD\TXH
HIHFWXDUORVVLJXLHQWHVWUDEDMRV
3HULRGRGH 0HGLGD
DOPDFHQDPLHQWR
VXSHULRUD
PHVHV ᇐ 4XLWDUHOVHFDQWHGHORVRULILFLRVGHORVILOWURVGHDVSLUDFLµQGHDLUHGHO
PRWRU\GHOFRPSUHVRU
ᇐ 9HULILFDUHOILOWURGHDLUH\GHDFHLWH
ᇐ 'HVFDUJDUHODFHLWHFRQVHUYDQWHGHOGHSµVLWRVHSDUDGRUGHDFHLWH
ᇐ 5HOOHQDUGHDFHLWHGHOFRPSUHVRU
ᇐ (YDFXDUHODFHLWHFRQVHUYDQWHGHOPRWRU
ᇐ 5HOOHQDUGHDFHLWHGHOPRWRU
ᇐ &RQWURODUHOIOXLGRUHIULJHUDQWHGHOPRWRU
ᇐ 9HULILFDUORVHVWDGRVGHFDUJDGHODEDWHU¯D
ᇐ 9ROYHUDHPERUQDUODVEDWHU¯DV
ᇐ 9HULILTXHWRGDVODVWXEHU¯DVGHFRPEXVWLEOHGHODFHLWHSDUDHOPRWRU\
DFHLWHSDUDHOFRPSUHVRUFRQUHVSHFWRDIXJDVXQLRQHVVXHOWDVFRQWURODU
URFHV\GD³RV
ᇐ /LPSLDUODFDUURFHU¯DFRQGHWHUJHQWHVTXHGLVXHOYDQODJUDVD\ODVLPSXಣ
UH]DV
ᇐ &RPSUREDUODSUHVLµQGHORVQHXP£WLFRV
PHVHV ᇐ (QFDUJXHDOVHUYLFLRDXWRUL]DGR.$(6(5ODUHYLVLµQGHODVFRQGLFLRQHV
W«FQLFDVGHODP£TXLQD
7DE 0HGLGDVSDUDODSXHVWDHQPDUFKDGHODP£TXLQDGHVSX«VGHXQSHULRGRGHDOPDFHQDPLHQWR
,QVWUXFFLRQHVGHVHUYLFLR0RELODLU
0 1rB6
3XHVWDHQPDUFKD
0HGLGDVDWRPDUSDUDWHPSHUDWXUDVEDMDVIXQFLRQDPLHQWRHQLQYLHUQR
ᇐ 3DUDWHPSHUDWXUDVLQIHULRUHVDr&VHXWLOL]DU£
႐ $FHLWHGHLQYLHUQRSDUDPRWRUHV
႐ 8WLOLFHXQDFHLWHGHSRFDYLVFRVLGDGSDUDUHIULJHUDUHOFRPSUHVRU
႐ &DUEXUDQWHGLHVHOSDUDLQYLHUQR
႐ EDWHU¯DGHPD\RUSRWHQFLD
(QFDVRGHWHPSHUDWXUDVH[WUHPDGDPHQWHEDMDVXWLOL]DUWXERVIOH[LEOHVGHDLUHFRPSULPLGROR
P£VFRUWRVSRVLEOH
'LVSRQLELOLGDGRSHUDFLRQDOGHODP£TXLQD
35(&$8&,1
c)DOORGHOFRQWUROQHXP£WLFRSRUHOIU¯R
'D³RVHQODP£TXLQDGHELGRDSDUW¯FXODVGHKLHORHQORVPHFDQLVPRVGHFRQWURO\UHJXODFLµQ
ᇐ 'HMDUTXHVHFDOLHQWHODP£TXLQDHQ0$5&+$(19$&2SDUDDVHJXUDUXQDUHJXODFLµQSHUಣ
IHFWD
ᇐ 'HMDUTXHVHFDOLHQWHODP£TXLQDFRQODVOODYHVGHWRPDGHDLUHFRPSULPLGRDELHUWDVVLQFDUJD
KDVWDTXHVHKD\DDOFDQ]DGRXQDWHPSHUDWXUDILQDOGHFRPSUHVLµQGHr&(QHOFXDGURGH
PDQGRVVHSXHGHOHHUODWHPSHUDWXUDILQDOGHFRPSUHVLµQHQHOWHUPµPHWURGHFRQWDFWRDGLVಣ
WDQFLD
5HDOL]DFLµQGHD\XGDGHDUUDQTXH
6LODVEDWHU¯DVGHDUUDQTXHVHKDQGHVFDUJDGRODP£TXLQDVµORSXHGHSRQHUVHHQPDUFKDPHGLDQWH
ODD\XGDGHEDWHU¯DVH[WHUQDV\DVHDGHXQYHK¯FXORRGHRWUDP£TXLQDFRQPRWRUGHFRPEXVWLµQ
LQWHUQD
0DWHULDO &DEOHGHHPSDOPHSDUDSXHVWDHQPDUFKD
&RQGLFLµQ 'HVHQJDQFKDGDODP£TXLQDGHOYHK¯FXORUHPROFDGRU\HVWDFLRQDGDGHPDQHUDVHJXUD
3(/,*52
3HOLJURGHLQFHQGLR\H[SORVLµQ
&RUWRFLUFXLWRHQODEDWHU¯DGHELGRDHOHYDGDVFRUULHQWHVGHFRUWRFLUFXLWR/DVEDWHU¯DVGHWHULRUDGDV
SXHGHQSURYRFDULQFHQGLRV\RH[SORVLRQHV
/DFDUFDVDGHODEDWHU¯DSXHGHURPSHUVHSXGLHQGRSURYRFDUXQHVFDSHGH£FLGR
ᇐ 2EVHUYDUODVLQVWUXFFLRQHVGHVHUYLFLRGHORVFDEOHVGHHPSDOPHSDUDSXHVWDHQPDUFKD
ᇐ (OFDEOHGHHPSDOPHSDUDSXHVWDHQPDUFKDQRGHEHFRQHFWDUVHQLDOSRORQHJDWLYRGHODEDWHU¯D
GHVFDUJDGDQLDODFDUURFHU¯DGHODP£TXLQD
ᇐ 7UDEDMDUFRQFXLGDGR
,QVWUXFFLRQHVGHVHUYLFLR0RELODLU
1rB6 0
3XHVWDHQPDUFKD
0HGLGDVDWRPDUSDUDWHPSHUDWXUDVEDMDVIXQFLRQDPLHQWRHQLQYLHUQR
)LJ (VTXHPDGHFRQH[LRQHVFDEOHVGHHPSDOPHSDUDSXHVWDHQPDUFKD
$ %DWHU¯DGHODP£TXLQDEDWHU¯DUHFHSWRUD 3LQ]DGHFRQH[LµQSRORSRVLWLYRURMRHQOD
% %DWHU¯DD\XGDGHDUUDQTXHEDWHU¯DGHDOLಣ EDWHU¯DGHODP£TXLQD
PHQWDFLµQH[WHUQD 3LQ]DGHFRQH[LµQSRORQHJDWLYRQHJUR
3LQ]DGHFRQH[LµQSRORQHJDWLYRQHJUR D]XOEDWHU¯DP£TXLQD
D]XOHQODEDWHU¯DGHOYHK¯FXORDX[LOLDUGH SDUWHPHW£OLFDSXOLGDGHOEORTXHGHOPRWRU
DUUDQTXH GHODP£TXLQDPDVD
3LQ]DGHFRQH[LµQSRORSRVLWLYRURMRHQOD
EDWHU¯DGHOYHK¯FXORDX[LOLDUGHDUUDQTXH
ᇐ 2EVHUYDUODVDGYHUWHQFLDVGHVHJXULGDGVLJXLHQWHVVREUHHOPDQHMRGHEDWHU¯DV
႐ ,QWHUFRQHFWDUVµORODVEDWHU¯DVFRQODPLVPDWHQVLµQQRPLQDO
႐ 1RGHEHQWRFDUVHODP£TXLQD\ORVYHK¯FXORVDX[LOLDUHVGHDUUDQTXH
႐ 'HVFRQHFWHWRGRVORVFRQVXPLGRUHVDOHPERUQDURGHVHPERUQDUVHODVEDWHU¯DV
႐ 8WLOLFHVRODPHQWHFDEOHVGHHPSDOPHSDUDSXHVWDHQPDUFKDQRUPDOL]DGRVFRQSLQ]DVGH
FRQH[LµQDLVODGDV\GHVHFFLµQVXILFLHQWH
႐ 2EVHUYDUODVLQVWUXFFLRQHVGHVHUYLFLRGHORVFDEOHVGHHPSDOPHSDUDSXHVWDHQPDUFKD
႐ 0DQWHQJDDOHMDGRHOFDEOHGHHPSDOPHSDUDSXHVWDHQPDUFKDGHSLH]DVHQPRYLPLHQWR
႐ (YLWDUWRGRWLSRGHFRUWRFLUFXLWRGHELGRDXQDSRODUL]DFLµQLQFRUUHFWD\RXQSXHQWHDGRPHಣ
GLDQWHKHUUDPLHQWDV
႐ 1RLQFOLQDUVHVREUHODVEDWHU¯DVGXUDQWHODD\XGDGHDUUDQTXH
႐ 1RHIHFWXDUXQLQWHQWRGHSXHVWDHQPDUFKDVLVHKDFRQJHODGRODEDWHU¯Dc'HVFRQJHODU
SULPHURODEDWHU¯D
႐ 1RHIHFWXDUXQLQWHQWRGHSXHVWDHQPDUFKDPHGLDQWHXQFDUJDGRUU£SLGR
3UHSDUDFLRQHVDUHDOL]DU
(VWDFLRQDUHOYHK¯FXORDX[LOLDUGHDUUDQTXHDSRFDGLVWDQFLDGHODP£TXLQDVLQTXHODVFDUURFHಣ
U¯DVHVW«QHQFRQWDFWR
3DUDUHOPRWRUGHOYHK¯FXORDX[LOLDUGHDUUDQTXH
$EULUORVDFFHVRVDODVEDWHU¯DVSXHUWDVGHPDQWHQLPLHQWRFDSµGHOPRWRUUHWLUDUODVWDSDVGH
SURWHFFLµQGHORVSRORV
'HVFRQHFWDUWRGRVORVFRQVXPLGRUHVGHFRUULHQWH
,QVWUXFFLRQHVGHVHUYLFLR0RELODLU
0 1rB6
3XHVWDHQPDUFKD
0HGLGDVDWRPDUSDUDWHPSHUDWXUDVEDMDVIXQFLRQDPLHQWRHQLQYLHUQR
(PERUQDUHOFDEOHGHHPSDOPHSDUDSXHVWDHQPDUFKD
(PERUQDUODSULPHUDSLQ]DGHFRQH[LµQ GHOFDEOHGHHPSDOPHURMRDOSRORSRVLWLYRGHODEDWHU¯D
(PERUQDUODVHJXQGDSLQ]DGHFRQH[LµQ GHOFDEOHGHHPSDOPHURMRDOSRORSRVLWLYRGHOD
EDWHU¯D
3(/,*52
c3HOLJURGHH[SORVLµQ
3HOLJURGHLQFHQGLRGHXQDPH]FODGHJDVHVIXOPLQDQWHVDFDXVDGHFKLVSDV
ᇐ (QQLQJ¼QFDVRVHGHEHFRQHFWDUHOSRORQHJDWLYRGHODEDWHU¯DGHD\XGDGHDUUDQTXHFRQHO
SRORQHJDWLYRGHODEDWHU¯DGHODP£TXLQD
$OHPERUQDU\GHVHPERUQDUODVSLQ]DVGHFRQH[LµQSDUDODSXHVWDHQPDUFKDSXHGHQIRUPDUVH
FKLVSDV
ᇐ 7UDEDMDUFRQFXLGDGR
(PERUQDUODSULPHUDSLQ]DGHFRQH[LµQ GHOFDEOHGHHPSDOPHQHJURHQHOEORTXHGHOPRWRU
RHQXQDGHODVSLH]DVFRPSDFWDVGHPHWDOQREDUQL]DGDGHODP£TXLQDDODFXDOHOPRWRUHVW£
FRQHFWDGR ORP£VOHMRVSRVLEOHGHODVEDWHU¯DV
(PERUQDUODVHJXQGDSLQ]DGHFRQH[LµQ GHOFDEOHGHHPSDOPHQHJURDOSRORQHJDWLYRGHOD
EDWHU¯DGHOYHK¯FXORDX[LOLDUGHDUUDQTXH
$UUDQFDUHOPRWRU
3RQHUHQPDUFKDHOPRWRUGHOYHK¯FXORDX[LOLDUGHDUUDQTXH\GHMDUTXHVXEDHOQ¼PHURGH
UHYROXFLRQHV
3RQHUHQPDUFKDHOPRWRUGHODP£TXLQD
8QDYH]DUUDQFDGRHOPRWRUGHMDUIXQFLRQDUORVGRVPRWRUHVGXUDQWHXQRVDSUR[LPDGDPHQWH
PLQXWRV
(VWRHVPX\LPSRUWDQWHFXDQGRODEDWHU¯DHVW£QH[WUHPDGDPHQWHGHVFDUJDGD$OSULQFLSLRVX
FRUULHQWHDEVRUELGDHVG«ELO\WLHQHQXQDHOHYDGDUHVLVWHQFLDLQWHULRU%DMRHVWDVFRQGLFLRQHV
ODVSXQWDVGHWHQVLµQSURGXFLGDVSRUHOJHQHUDGRUGHOPRWRUVµORSXHGHQHVWDUGLVPLQXLGDVSRU
ODEDWHU¯DGHOYHK¯FXORDX[LOLDUGHDUUDQTXH3DUWLFXODUPHQWHHOVLVWHPDHOHFWUµQLFRGHOPRWRU
GHODP£TXLQDHVPX\VHQVLEOHDVREUHWHQVLRQHVTXHSRGU¯DQGD³DUOR
'HVHPERUQDUORVFDEOHVGHHPSDOPHSDUDSXHVWDHQPDUFKD
3DUDUHOPRWRUGHOYHK¯FXORDX[LOLDUGHDUUDQTXH
6HSDUDUORVFDEOHVHQRUGHQLQYHUVRSULPHURORVSRORVQHJDWLYRV\GHVSX«VORVSRORVSRVLWLYRV
&RORFDUODVWDSDVGHSURWHFFLµQGHORVSRORV
&HUUDUODVSXHUWDVGHPDQWHQLPLHQWRHOFDSµGHOPRWRU
6LHOPRWRUVHSDUDGHVSX«VGHGHVHPERUQDUORVFDEOHVSXHGHKDEHUXQGD³RJUDYHSRU
HMHPSORHQHOJHQHUDGRUGHOPRWRURODVEDWHU¯DVTXHGHEHUHSDUDUVHXQWDOOHUHVSHFLDOL]DGR
2SFLµQEDEE
3XHVWDHQPDUFKDGHOHTXLSRSDUDWHPSHUDWXUDVEDMDV
ᇐ &RPSUXHEHFRQTX«HTXLSRSDUDWHPSHUDWXUDVEDMDVHVW£HTXLSDGDODP£TXLQD
,QVWUXFFLRQHVGHVHUYLFLR0RELODLU
1rB6 0
3XHVWDHQPDUFKD
0HGLGDVDWRPDUSDUDWHPSHUDWXUDVEDMDVIXQFLRQDPLHQWRHQLQYLHUQR
2SFLµQED
3XHVWDHQPDUFKDGHOGHVFRQJHODGRU
ᇐ 3DUDODSXHVWDHQPDUFKDGHOGHVFRQJHODGRUJXLDUVHSRUODVLJXLHQWHOLVWDGHFRQWURO
7DE /LVWDGHFRQWUROHTXLSRSDUDWHPSHUDWXUDVEDMDV
2SFLµQEE
$FWLYDFLµQGHOSUHFDOHQWDPLHQWRGHOIOXLGRUHIULJHUDQWH
3DUDPHMRUDUHODUUDQTXHHQIU¯RHVSRVLEOHSUHFDOHQWDUHODJHQWHUHIULJHUDQWHGHOPRWRU
/DFRQH[LµQSDUDHOFDEOHGHFRQH[LµQDODUHGDGMXQWRVHHQFXHQWUDHQHOSDQHOGHFRQWUROGHOD
P£TXLQD
)LJ 3UHFDOHQWDPLHQWRDJXDGHUHIULJHUDFLµQ
3DQHOGHFRQWURO 3UHFDOHQWDPLHQWRDJXDGHUHIULJHUDFLµQ
7RPDGHFRQH[LµQSUHFDOHQWDPLHQWRDJXD %ORTXHPRWRU
GHUHIULJHUDFLµQ
&DEOHFRQH[LµQDODUHG
3(/,*52
c3HOLJURGHPXHUWHSRUWHQVLµQHO«FWULFD
(VSRVLEOHTXHVHSURGX]FDGHIXQFLµQRJUDYHVOHVLRQHVI¯VLFDVGHELGRDXQFRUWRFLUFXLWRGHOSUHಣ
FDOHQWDPLHQWRHO«FWULFRGHODJXDUHIULJHUDQWH
ᇐ 6µORSXHGHFRQHFWDUVHHOFDEOHGHFRQH[LµQDODUHGGHOSUHFDOHQWDPLHQWRGHODJXDUHIULJHUDQWH
DXQHQFKXIHGHFRQWDFWRGHSURWHFFLµQWLSR6FKXNR
ᇐ &RQHFWDUHOSUHFDOHQWDGRUGHODJXDUHIULJHUDQWHFRQODFDMDGHHQFKXIHDODUHGLQVWDODGDSRUHO
SURSLHWDULRDWUDY«VGHOFDEOHGHFRQH[LµQDODUHG
,QVWUXFFLRQHVGHVHUYLFLR0RELODLU
0 1rB6
3XHVWDHQPDUFKD
3RQHUHQPDUFKDHOJHQHUDGRU
2SFLµQJDJE
3RQHUHQPDUFKDHOJHQHUDGRU
6HSXHGHDFFLRQDUHOJHQHUDGRUVLQWRPDGHWLHUUD
$QWHVGHODSXHVWDHQPDUFKDGHOJHQHUDGRUFRQWURODUGLDULDPHQWHHOGLVSRVLWLYRGHFRQWUROGHDLVಣ
ODPLHQWRFRQHOPRWRUHQPDUFKD
*HQHUDGRUFRUULHQWHWULI£VLFD+]
)LJ 9LJLODQFLDGHODLVODPLHQWRJHQHUDGRUFRUULHQWHWULI£VLFDGH9
)LJ 9LJLODQFLDGHODLVODPLHQWRJHQHUDGRUFRUULHQWHWULI£VLFDGH9
m,QWHUUXSWRUSULQFLSDO} m,QWHUUXSWRUSURWHFWRU}FRPRIXVLEOHDXWRಣ
m&RQPXWDGRUVHOHFWRUGHORVPRGRVGH P£WLFRFRQGLVSDUDGRUGHFRUULHQWHGHWUDಣ
VHUYLFLR} EDMRmIXVLEOHSULQFLSDO}
7HFODGHHQVD\RmFRQWUROGHODLVODPLHQWR} &DMDVGHHQFKXIHFRUULHQWHWULI£VLFD
FRQO£PSDUDDYLVDGRUDFRQWDFWRDWLHUUD &DMDVGHHQFKXIHFRUULHQWHDOWHUQD
,QVWUXFFLRQHVGHVHUYLFLR0RELODLU
1rB6 0
3XHVWDHQPDUFKD
3RQHUHQPDUFKDHOJHQHUDGRU
*HQHUDGRUFRUULHQWHPRQRI£VLFD+]
3RQHUHQPDUFKDODP£TXLQD
3(/,*52
c3HOLJURGHPXHUWHDOWRFDUSLH]DVFRQGXFWRUDVGHWHQVLµQ
ᇐ c6µORVHSXHGHXWLOL]DUHOJHQHUDGRUVLHOLQWHUUXSWRUGHSURWHFFLµQKDGLVSDUDGRGXUDQWHOD
SUXHED
&RPSUREDUFRQWUROGHODLVODPLHQWRVHJ¼QODLQVWUXFFLµQGHFRQWUROVLJXLHQWH
/DLQVWUXFFLµQGHFRQWUROWDPEL«QVHHQFXHQWUDFRPRSHJDWLQDHQODFDMDGHGLVWULEXFLµQGHO
JHQHUDGRU
c3(/,*52
7HQVLµQHO«FWULFD
c3HOLJURGHPXHUWHDOWRFDUSLH]DVFRQGXFWRUDVGHWHQVLµQ
Ⴆ&RQWURODUFDGDG¯DHOIXVLEOHSULQFLSDOFRQODP£TXLQDHQPDUFKD
Ⴆc$FFLRQDUHOJHQHUDGRUVµORFRQXQIXVLEOHSULQFLSDOTXHIXQFLRQHFRUUHFWDPHQWH
&RQWURODUHOIXVLEOHSULQFLSDO
ᇐ m&RQHFWDUHOIXVLEOHSULQFLSDO} SDUDHOJHQHUDGRU
ᇐ $FFLRQDUmWHFODGHHQVD\R} GXUDQWHVHJXQGRV
(OmIXVLEOHSULQFLSDO} GLVSDUD
3UREOHPD(OmIXVLEOHSULQFLSDO}QRGLVSDUD"
ᇐ 3DUDUHOJHQHUDGRUHLQIRUPDUHOVHUYLFLR.$(6(5DXWRUL]DGR
7DE ,QVWUXFFLµQGHFRQWUROGHOJHQHUDGRUFRQYLJLODQFLDGHODLVODPLHQWR
,QVWUXFFLRQHVGHVHUYLFLR0RELODLU
0 1rB6
)XQFLRQDPLHQWR
6HJXULGDG
)XQFLRQDPLHQWR
6HJXULGDG
$TX¯VHHQFXHQWUDQLQGLFDFLRQHVGHVHJXULGDGSDUDJDUDQWL]DUTXHODP£TXLQDSXHGDIXQFLRQDUVLQ
QLQJ¼QULHVJR
/DVDGYHUWHQFLDVDSDUHFHQMXVWRGHODQWHGHXQDDFWLYLGDGSRWHQFLDOPHQWHSHOLJURVD
,QGLFDFLRQHVGHVHJXULGDGIXQGDPHQWDOHV
$9,62
c5LHVJRGHOHVLRQHVGHELGRDFRPSRQHQWHVHO«FWULFRVFDOLHQWHV\SLH]DVHQPRYLPLHQWR
3HOLJURGHOHVLRQHVJUDYHVDOWRFDUVHSLH]DVFDOLHQWHV
ᇐ $FFLRQDUODP£TXLQDH[FOXVLYDPHQWHFRQSXHUWDVFXELHUWDFHUUDGDV
ᇐ $QWHVGHDEULUODVSXHUWDVODFXELHUWDGHVFRQHFWDUODP£TXLQD
ᇐ 1RHIHFWXDUQLQJXQRVWUDEDMRVGHFRQWURO\GHDMXVWHFRQODP£TXLQDHQPDUFKD
c5HVSHWHODVLQGLFDFLRQHVFRQWHQLGDVHQHOFDS¯WXORಯ6HJXULGDG\UHVSRQVDELOLGDGರ
(QFRQWUDU£LQGLFDFLRQHVUHODWLYDVDOSHUVRQDODXWRUL]DGRHQHOFDS¯WXOR
(QFRQWUDU£LQGLFDFLRQHVUHODWLYDVDORVSHOLJURV\HOPRGRGHHYLWDUORVHQHOFDS¯WXOR
&RQH[LµQ\GHVFRQH[LµQ
&RQGLFLµQ 1RKD\SHUVRQDOWUDEDMDQGRHQODP£TXLQD
35(&$8&,1
c*UDYHVGD³RVHQHOPRWRUVLVHXWLOL]DQPHGLRVDX[LOLDUHVSDUDHODUUDQTXHHQIU¯R
/RVPHGLRVDX[LOLDUHVFRPR«WHURVSUD\VSDUDHODUUDQTXHGHOPRWRUSXHGHQSURYRFDUJUDYHVGD³RV
HQHOPLVPR
ᇐ 1RXWLOLFHPHGLRVDX[LOLDUHVSDUDHODUUDQTXHHQIU¯R
,QVWUXFFLRQHVGHVHUYLFLR0RELODLU
1rB6 0
)XQFLRQDPLHQWR
&RQH[LµQ\GHVFRQH[LµQ
)LJ $FFHVRULRVSDUDHODUUDQTXH
,QWHUUXSWRUm&RQWURODGRU&RQ} 0DQµPHWURVDOLGDGHDLUHFRPSULPLGR
m&RQPXWDGRUGHDUUDQTXH} 7HUPµPHWURGHFRQWDFWRDGLVWDQFLD
ದ67232II &RQWDGRUGHODVKRUDVGHVHUYLFLR
ದ2Q 3LORWRGHFRQWURO5HVHUYDFDUEXUDQWH
ದ&DOHQWDPLHQWRSUHYLR
ದ67$57
3XOVDGRUm6HUYLFLRFRQFDUJD2Q}FRQSLಣ
ORWRGHFRQWUROLQWHJUDGR6HUYLFLRFRQ
&$5*$
3LORWRGHFRQWURO&RQWUDSUHVLµQ
/£PSDUDLQGLFDGRUDGHODFDUJDO£PSDUD
GHDYHU¯DFROHFWLYD
(QFDVRGHQHYDGDRKHODGDWHQJDSUHVHQWHTXH
&RQODVWHPSHUDWXUDVLQYHUQDOHVHVSRVLEOHTXHVHDPRQWRQHQFRQVLGHUDEOHVFDQWLGDGHVGHQLHYH
\RTXHVHIRUPHKLHORVREUHODP£TXLQD
ᇐ $QWHVGHODSXHVWDHQIXQFLRQDPLHQWRGHEHU£TXLWDUVHODFDUJDGHQLHYH\RKLHORGHODP£TXLQD
3XHVWDHQPDUFKDGHODP£TXLQD
$EULUODSXHUWDGHUHFKD
&RQHFWDUHOVHOHFWRUm&RQWURO2Q}
&HUUDUODSXHUWD
&RQHFWDUHOmFRQPXWDGRUGHHQFHQGLGRGHDUUDQTXH}HQODSRVLFLµQಯ2Qರ
/DO£PSDUDLQGLFDGRUDGHODFDUJDGHEHLOXPLQDUVH
,QVWUXFFLRQHVGHVHUYLFLR0RELODLU
0 1rB6
)XQFLRQDPLHQWR
&RQH[LµQ\GHVFRQH[LµQ
3UHFDOHQWDPLHQWRGHOPRWRU
(OWLHPSRGHSUHFDOHQWDPLHQWRGHEHU£VHUGHSHQGLHQGRGHODWHPSHUDWXUDDPELHQWHGHP¯QLPR
VHJXQGRV\P£[LPRVHJXQGRV/DVWHPSHUDWXUDVEDMDVUHTXLHUHQGHWLHPSRVGHSUHFDOHQWDPLHQWR
P£VSURORQJDGRV
'XUDQWHHOSUHFDOHQWDPLHQWRVHDUUDQFDDXWRP£WLFDPHQWHODERPEDGHFRPEXVWLEOHHO«FWULFD
'HHVWHPRGRVHGHVSUHVXUL]DQORVFRQGXFWRVGHFRPEXVWLEOHDQWHVGHOSURSLRDUUDQTXH
35(&$8&,1
c5RWXUDGHOGLVSRVLWLYRGHSUHFDOHQWDPLHQWR
(OGLVSRVLWLYRGHSUHFDOHQWDPLHQWRSXHGHGD³DUVHGHELGRDXQWLHPSRGHSUHFDOHQWDPLHQWRH[FHಣ
VLYR
ᇐ $FFLRQDUHOGLVSRVLWLYRGHSUHFDOHQWDPLHQWRGXUDQWHXQWLHPSRP£[LPRGHVHJXQGRV
ᇐ &RQHFWDUHOmFRQPXWDGRUGHHQFHQGLGRGHDUUDQTXH}DODSRVLFLµQ3UHFDOHQWDPLHQWR \PDQಣ
WHQHUGXUDQWHDVHJXQGRV
6HFRQHFWDU£QODVEXM¯DVGHSUHFDOHQWDPLHQWR\SUHFDOHQWDU£HOPRWRU
$UUDQTXHGHODP£TXLQD
35(&$8&,1
c5RWXUDGHOGLVSRVLWLYRGHDUUDQTXH
(OPRWRUGHDUUDQTXHSXHGHVHUGD³DGRGHELGRDXQPDQHMRLQFRUUHFWR
ᇐ 1RDFFLRQDUQXQFDHOFRQPXWDGRUGHDUUDQTXHVLHOPRWRUVLJXHIXQFLRQDQGR
ᇐ 1RPDQWHQJDJLUDGRHOFRQPXWDGRUGHDUUDQTXHP£VGHVHJXQGRV
ᇐ (VSHUDUXQRVPLQXWRVWUDVFDGDLQWHQWRGHDUUDQTXH
ᇐ $QWHVGHXQQXHYRLQWHQWRGHSXHVWDHQPDUFKDGHEHU£JLUDUVHHOFRQPXWDGRUGHHQFHQGLGR
GHDUUDQTXHDVXSRVLFLµQLQLFLDOEORTXHRGHUHSHWLFLµQGHDUUDQTXH
ᇐ *LUDUHOmFRQPXWDGRUGHDUUDQTXH}DODSRVLFLµQಯ67$57ರ \VROWDUWDQSURQWRFRPRHOPRWRU
DUUDQTXH
/DO£PSDUDGHFRQWUROGHODFDUJDVHDSDJDWDQSURQWRFRPRVHSRQJDHQPDUFKDHOPRWRU
6LVHLOXPLQDODO£PSDUDGHFRQWUROFRQWUDSUHVLµQWRGDY¯DTXHGDFRQWUDSUHVLµQHQODP£TXLQD
LPSLGLHQGRXQDUUDQTXH
&XDQGRVHDSDJXHODO£PSDUDGHFRQWUROFRQWUDSUHVLµQODSUHVLµQHQODP£TXLQDKDEDMDGROR
VXILFLHQWHFRPRSDUDSHUPLWLUXQQXHYRDUUDQTXH
'HMDUTXHVHFDOLHQWHODP£TXLQD
3DUDSUHYHQLUXQGHVJDVWHLQQHFHVDULRGHODP£TXLQDGHMDUIXQFLRQDUHOPRWRU(15$/(17KDVWD
TXHVHKD\DDOFDQ]DGRXQDWHPSHUDWXUDILQDOGHFRPSUHVLµQGHr&(QHOFXDGURGHPDQGRVVH
SXHGHOHHUODWHPSHUDWXUDILQDOGHFRPSUHVLµQHQHOWHUPµPHWURGHFRQWDFWRDGLVWDQFLD
,QVWUXFFLRQHVGHVHUYLFLR0RELODLU
1rB6 0
)XQFLRQDPLHQWR
&RQH[LµQ\GHVFRQH[LµQ
2SFLµQED
)LJ 3HJDWLQDIDVHGHFDOHQWDPLHQWRFRQWHPSHUDWXUDVDPELHQWDOHVLQIHULRUHVDr&
ᇐ 'HMDUTXHVHFDOLHQWHODP£TXLQDVLQFDUJDDYHORFLGDGGHJLUR(10$5&+$(19$&2
&RQHFWDUDIXQFLRQDPLHQWR$3/(1$&$5*$
&RQGLFLµQ 7HPSHUDWXUDILQDOGHFRPSUHVLµQP¯QLPDGHr&
$9,62
c5LHVJRGHOHVLRQHVJUDYHVSRUDLUHFRPSULPLGR
ᇐ 1XQFDGHEHGLULJLUVHDLUHFRPSULPLGRKDFLDSHUVRQDVRDQLPDOHV
ᇐ 1RGHEHWUDEDMDUQLQJ¼QSHUVRQDOHQODP£TXLQD
ᇐ 7RGRVORVSDQHOHVGHUHYHVWLPLHQWRGHEHQVHUDWRUQLOODGRV
ᇐ 7RGDVODVP£TXLQDVGHEHQHVWDUFHUUDGDV
ᇐ $FFLRQDUHOmSXOVDGRU3OHQDFDUJD2Q}
5HVXOWDGR (OSLORWRGHFRQWURO6HUYLFLRFRQ&$5*$VHLOXPLQDHOPRWRUDFHOHUDKDVWDDOFDQ]DUHOQ¼PHURP£ಣ
[LPRGHUHYROXFLRQHV
$MXVWDUODSUHVLµQFRQODPDQR
/DUHJXODFLµQGHODSUHVLµQGHVDOLGDVHHIHFW¼DDWUDY«VGHXQDUXHGDGHPDQRHQHOUHJXODGRU
SURSRUFLRQDO(OUHJXODGRUSURSRUFLRQDOVHHQFXHQWUDHQODWDSDGHOGHSµVLWRVHSDUDGRUGHDFHLWHGH
ODP£TXLQD(QHOPDQµPHWURGHOSDQHOGHFRQWUROVHSXHGHOHHUODSUHVLµQGHVHDGD
0HGLDQWHHODMXVWHGHODSUHVLµQHQHOUHJXODGRUSURSRUFLRQDOVµORHVSRVLEOHUHDOL]DUXQDMXVWH
GHXQDSUHVLµQLQIHULRUDODVREUHSUHVLµQP£[LPDGHODP£TXLQD
&RQGLFLµQ /DP£TXLQDGHEHHVWDUGHVFRQHFWDGD
,QVWUXFFLRQHVGHVHUYLFLR0RELODLU
0 1rB6
)XQFLRQDPLHQWR
&RQH[LµQ\GHVFRQH[LµQ
)LJ 5HJXODGRUSURSRUFLRQDO
'HSµVLWRVHSDUDGRUGHDFHLWH 'LVSRVLWLYRGHEORTXHR
5HJXODGRUSURSRUFLRQDO 5XHGDPDQXDOmDMXVWHGHODSUHVLµQ}
$EULUODSXHUWDGHUHFKD
6ROWDUHOGLVSRVLWLYRGHEORTXHRGHODUXHGDGHPDQRmDMXVWHGHODSUHVLµQ}FRQXQJLURDOD
L]TXLHUGD
$MXVWDUODSUHVLµQGHVHDGDHQODUXHGDGHPDQRmDMXVWHGHODSUHVLµQ}
႐ 3DUDDXPHQWDUODSUHVLµQJLUHODUXHGDGHPDQRKDFLDODGHUHFKD
႐ 3DUDUHGXFLUODSUHVLµQJLUHODUXHGDGHPDQRKDFLDODL]TXLHUGD
9XHOYDDDSUHWDUHOGLVSRVLWLYRGHEORTXHR
&HUUDUODSXHUWD
3RQJDHQPDUFKDODP£TXLQD\DFWLYHHOVHUYLFLRFRQ&$5*$
$EULUOLJHUDPHQWHODmOODYHGHWRPDGHDLUHFRPSULPLGR}HQHOGLVWULEXLGRUGHDLUHFRPSULPLGR
&RPSUXHEHODSUHVLµQDMXVWDGDHQHOPDQµPHWURGHOFXDGURGHPDQGR
6LHOYDORULQGLFDGRQRVHFRUUHVSRQGHFRQODSUHVLµQGHVDOLGDGHVHDGDGHVFRQHFWHODP£TXLQD
\UHSLWDRWUDYH]HOSURFHVRGHUHJXODFLµQ
'HVFRQH[LµQGHODP£TXLQD
35(&$8&,1
c6REUHFDUJDW«UPLFDGHOWXUERFRPSUHVRU
8QDGHVFRQH[LµQUHSHQWLQDGHOPRWRUFXDQGR«VWHHVW£VRPHWLGRDXQDFDUJDHOHYDGDSXHGHSURಣ
YRFDUDYHU¯DVRGD³RVHQHOWXUERFRPSUHVRU
ᇐ $QWHVGHGHWHQHUHOPRWRUG«MHORIXQFLRQDUXQSDUGHPLQXWRVVLQFDUJDSDUDTXHVHHQIU¯HHO
WXUERFRPSUHVRU
&HUUDUWRGDVODVmOODYHVGHWRPDGHDLUHFRPSULPLGR}HQHOGLVWULEXLGRUGHDLUHFRPSULPLGR
(OPRWRUJLUDDYHORFLGDGGHJLUR(10$5&+$(19$&2\HOWXUERFRPSUHVRUSXHGHHQIULDUVH
7UDQVFXUULGRVXQRVದPLQXWRVFRORFDUHOmFRQPXWDGRUGHHQFHQGLGRGHDUUDQTXH} HQOD
SRVLFLµQಯ6723'HVರ
(OPRWRUVHDSDJDU£
$EULUODSXHUWDGHUHFKD
,QVWUXFFLRQHVGHVHUYLFLR0RELODLU
1rB6 0
)XQFLRQDPLHQWR
9LJLODUHOQLYHOGHOGHSµVLWRGHFRPEXVWLEOH
'HVFRQHFWDUHOVHOHFWRUm&RQWURO2Q}
&HUUDUODSXHUWD
&HUUDUDPEDVSXHUWDVHQFDVRQHFHVDULRSURWHJHUODVFRQFHUUDGXUDV
9LJLODUHOQLYHOGHOGHSµVLWRGHFRPEXVWLEOH
(OGHSµVLWRGHFRPEXVWLEOHGHODP£TXLQDOOHYDHTXLSDGRXQDYLJLODQFLDGHOQLYHOGHOOHQDGR
6LHOQLYHOGHOFDUEXUDQWHDOFDQ]DXQDFDQWLGDGGHWHUPLQDGDUHVHUYDVHDFWLYDHOSLORWRGHFRQWURO
5HVHUYD&DUEXUDQWHHQHOSDQHOGHFRQWURO
ᇐ &RPSUREDUSLORWRGHFRQWURO5HVHUYD&RPEXVWLEOH
(O/('VHLOXPLQD
ᇐ 5HOOHQDUHOGHSµVLWRGHODP£TXLQDLQPHGLDWDPHQWH
2SFLµQHDHF
$FFLRQDUHOHQJUDVDGRUGHKHUUDPLHQWDV
&RQGLFLµQ /DP£TXLQDGHEHHVWDUGHVFRQHFWDGD
(OHQJUDVDGRUGHKHUUDPLHQWDVGHEHHVWDUOOHQRGHDFHLWHSDUDKHUUDPLHQWDV
)LJ $MXVWDUHOHQJUDVDGRUGHKHUUDPLHQWDV
/ODYHGHFLHUUH
,ದDELHUWD
ದFHUUDGD
5XHGDGHGRVLILFDFLµQ
ᇐ $EULUODSXHUWDGHUHFKD
&RQHFWDUDGLWDPHQWRGHDFHLWH
$EULUODY£OYXODGHFLHUUH
&HUUDUODSXHUWD
,QVWUXFFLRQHVGHVHUYLFLR0RELODLU
0 1rB6
)XQFLRQDPLHQWR
$FFLRQDUHOJHQHUDGRU
$MXVWDUODFDQWLGDGGHODGLWDPHQWRGHDFHLWH
(OFRQWHQLGRGHDFHLWHGHODLUHFRPSULPLGRGHSHQGHU£GHOXVRGDGR\GHEHU£REWHQHUORHORSHUDGRU
(VW£HQUHODFLµQFRQODVKHUUDPLHQWDVQHXP£WLFDVXWLOL]DGDV\ORVWXERVIOH[LEOHVGHDLUHFRPSULPLGR
FRQHFWDGRV
/DFDQWLGDGGHDFHLWHSDUDKHUUDPLHQWDVLQFRUSRUDGDSXHGHUHJXODUVHGHVGHODUXHGDGHGRVLILFDFLµQ
႐ *LURHQHOVHQWLGRGHODVPDQHFLOODVGHOUHORM5HGXFLUDGLWDPHQWRGHDFHLWH
႐ *LURHQHOVHQWLGRRSXHVWRDODVPDQHFLOODVGHOUHORM$XPHQWDUDGLWDPHQWRGHDFHLWH
$MXVWDUODFDQWLGDGGHDGLWDPHQWRGHDFHLWHDGHFXDGDGHVGHODUXHGDGHGRVLILFDFLµQ
&HUUDUODSXHUWD
P£VLQIRUPDFLµQ /OHQDUHOHQJUDVDGRUGHKHUUDPLHQWDVFRQDFHLWHSDUDKHUUDPLHQWDVHQFDS¯WXOR
'HVFRQHFWDUHODGLWDPHQWRGHDFHLWH
&HUUDUODY£OYXODGHERODGHFRUWH
&HUUDUODSXHUWD
2SFLµQJDJE
$FFLRQDUHOJHQHUDGRU
3(/,*52
c3HOLJURGHPXHUWHDOWRFDUSLH]DVFRQGXFWRUDVGHWHQVLµQ
ᇐ +D\TXHFRQWURODUFDGDG¯DHOIXQFLRQDPLHQWRFRUUHFWRGHODSDUDWRGHFRQWUROGHDLVODPLHQWR
YHUFDS¯WXOR
ᇐ +DFHUFRQWURODUXQDYH]DOD³RHOJHQHUDGRU\ODFDMDGHGLVWULEXFLµQGHOJHQHUDGRUSRUXQ
HOHFWULFLVWDSURIHVLRQDOYHUFDS¯WXOR
&RQH[LµQGHOJHQHUDGRU
&RQGLFLµQ )XQFLRQDPLHQWRDSOHQDFDUJD
6HKDQOHLGR\VHJXLGRODVLQVWUXFFLRQHVUHODWLYDVDOVHUYLFLRGHOJHQHUDGRUHQHOFDS¯WXOR
m&RQHFWDUHOLQWHUUXSWRUSULQFLSDOGHOJHQHUDGRU}DODSRVLFLµQಯ,ರ
m3RQHUIXVLEOHVDXWRP£WLFRV}DODSRVLFLµQಯ,ರ
&RQHFWDUHOFRQPXWDGRUVHOHFWRUGHORVPRGRVGHVHUYLFLRDOPRGRGHVHUYLFLRGHVHDGR
P£VLQIRUPDFLµQ 3DUDLQVWUXPHQWRVGHFRQWUROGHORVJHQHUDGRUHVYHUFDS¯WXOR
0RGRVGHVHUYLFLRIXQFLRQDPLHQWRJHQHUDGRUYHUFDS¯WXOR
'HVFRQHFWDUHOJHQHUDGRU
&RQGLFLµQ 6HKDQOH¯GR\VHJXLGRODVLQVWUXFFLRQHVUHODWLYDVDODGHVFRQH[LµQGHOJHQHUDGRUHQHOFDS¯WXOR
,QVWUXFFLRQHVGHVHUYLFLR0RELODLU
1rB6 0
)XQFLRQDPLHQWR
8WLOL]DUHTXLSRSDUDWHPSHUDWXUDVEDMDV
35(&$8&,1
c6REUHFDUJDW«UPLFDGHOJHQHUDGRU
8QDGHVFRQH[LµQDEUXSWDGHODP£TXLQDGHVSX«VGHXQSHULRGRODUJRGHOJHQHUDGRUSXHGHSURYRFDU
GD³RVW«UPLFRVHQHOPLVPR
ᇐ $QWHVGHSDUDUODP£TXLQDGHMDUIXQFLRQDUHOPRWRUDSUR[LPDGDPHQWHPLQXWRVSDUDTXHVH
HQIU¯HHOJHQHUDGRU
2SFLµQEDEE
8WLOL]DUHTXLSRSDUDWHPSHUDWXUDVEDMDV
ᇐ 2EVHUYDUORVDYLVRVGHVHJXULGDGHQHOFDS¯WXOR
2SFLµQED
$FFLRQDUODP£TXLQDFRQGHVFRQJHODGRU
&RQGLFLµQ 5HOOHQDGRHOGHVFRQJHODGRUFRQDQWLFRQJHODQWH
)LJ &RQHFWDUGHVFRQHFWDUHOGHVFRQJHODGRU
/ODYHGHFLHUUH
,ದDELHUWD
ದFHUUDGD
5HFLSLHQWHGHOGHVFRQJHODGRU
$FFLRQDUODP£TXLQDFRQHOGHVFRQJHODGRUFRQHFWDGR
)XQFLRQDPLHQWRFRQWHPSHUDWXUDVEDMRr&IXQFLRQDPLHQWRHQLQYLHUQR
&RQGLFLµQ /DP£TXLQDGHEHHVWDUGHVFRQHFWDGD
$EULUODSXHUWDGHUHFKD
,QVWUXFFLRQHVGHVHUYLFLR0RELODLU
0 1rB6
)XQFLRQDPLHQWR
$FFLRQDUHOVHFFLRQDGRUGHEDWHU¯DV
&HUUDU\PDQWHQHUVLHPSUHFHUUDGDODY£OYXODGHFLHUUHHQHOGHVFRQJHODGRUGHODP£TXLQDSRಣ
VLFLµQ
&HUUDUODSXHUWD
5HVXOWDGR /DP£TXLQDHVW£OLVWDSDUDHOVHUYLFLRHQLQYLHUQR
P£VLQIRUPDFLµQ 5HOOHQDUHOGHVFRQJHODGRUFRQDQWLFRQJHODQWHOYHUFDS¯WXOR
$FFLRQDUODP£TXLQDVLQHOGHVFRQJHODGRUFRQHFWDGR
)XQFLRQDPLHQWRFRQWHPSHUDWXUDVSRUHQFLPDGHr&IXQFLRQDPLHQWRHQYHUDQR
&RQGLFLµQ /DP£TXLQDGHEHHVWDUGHVFRQHFWDGD
$EULUODSXHUWDGHUHFKD
&HUUDU\PDQWHQHUVLHPSUHFHUUDGDODY£OYXODGHFLHUUHHQHOGHVFRQJHODGRUGHODP£TXLQDSRಣ
VLFLµQ,
&HUUDUODSXHUWD
2SFLµQEE
3UHFDOHQWDUHODJXDUHIULJHUDQWH
ᇐ $FWLYDFLµQGHOSUHFDOHQWDPLHQWRGHODJXDUHIULJHUDQWHYHUFDS¯WXOR
2SFLµQRD
$FFLRQDUHOVHFFLRQDGRUGHEDWHU¯DV
)LJ 6HFFLRQDGRUGHEDWHU¯DV
m6HFFLRQDGRUGHEDWHU¯DV}
,ದFRQHFWDGR
ದGHVFRQHFWDGR
ᇐ $EULUODSXHUWDL]TXLHUGD
3XHVWDHQPDUFKDGHODP£TXLQD
&RQHFWDUHOmVHFFLRQDGRUGHEDWHU¯DV}
/DEDWHU¯DGHODP£TXLQDHVW£FRQHFWDGDFRQODUHGGHDOLPHQWDFLµQ6HSXHGHSRQHUHQPDUFKD
ODP£TXLQD
&HUUDUODSXHUWD
,QVWUXFFLRQHVGHVHUYLFLR0RELODLU
1rB6 0
)XQFLRQDPLHQWR
$FFLRQDUHOVHFFLRQDGRUGHEDWHU¯DV
3RQHUODP£TXLQDIXHUDGHVHUYLFLR
'HVFRQHFWDUHOmVHFFLRQDGRUGHEDWHU¯DV}
/DEDWHU¯DGHODP£TXLQDHVW£VHSDUDGDGHODUHGGHDOLPHQWDFLµQ
&HUUDUODSXHUWD
,QVWUXFFLRQHVGHVHUYLFLR0RELODLU
0 1rB6
'HWHFWDUXQDDYHU¯D\UHSDUDUOD
,QGLFDFLRQHVE£VLFDV
'HWHFWDUXQDDYHU¯D\UHSDUDUOD
,QGLFDFLRQHVE£VLFDV
/DVWDEODVVLJXLHQWHVOHD\XGDU£QDORFDOL]DUODVFDXVDVGHORVHUURUHV\DWRPDUODVPHGLGDVRSRUಣ
WXQDVSDUDVXHOLPLQDFLµQ
c(IHFW¼HVRODPHQWHODVDFWLYLGDGHVGHVFULWDVHQHVWHPDQXDOGHVHUYLFLR
6LDSHVDUGHODVPHGLGDVSURSXHVWDVQRVHSXHGHUHSDUDUODDYHU¯D$YLVHDO6HUYLFLRGH$VLVಣ
WHQFLD.$(6(5
P£VLQIRUPDFLµQ c6LIXHUDQHFHVDULRUHSDUDUDYHU¯DVWHQGU£QTXHREVHUYDUVHODVLQVWUXFFLRQHVGHOFDS¯WXOR6HJXULಣ
GDGDV¯FRPRODVGLVSRVLFLRQHVORFDOHVGHVHJXULGDGYLJHQWHV
)DOORV\DYHU¯DVGHOPRWRU
P£VLQIRUPDFLµQ 9HUWDPEL«QLQVWUXFFLRQHVGHVHUYLFLRGHOIDEULFDQWHGHOPRWRU
(OPRWRUQRDUUDQFDRVHTXHGDSDUDGR
3RVLEOHFDXVD 0HGLGD 4XL«QSXHGHUHSDUDUOR"
7DOOHUHVಣ 6HUYLFLR ,QVWUXFಣ
SHFLDOL]Dಣ .$(6(5 FLRQHVGH
GR VHUYLFLR
GHOPRWRU
0RWRUGHDUUDQTXHDYHULDGR +DFHUFDPELDU ; ದ ದ
(OGLVSRVLWLYRGHFRUWHGHFRPಣ &RPSUREDUODERELQD\HOVLVWHPD ; ದ ದ
EXVWLEOHQRVHKDDELHUWR HO«FWULFRVLKLFLHUDIDOWDFDPELDU
'HSµVLWRGHFRPEXVWLEOHYDF¯R /OHQDUHOGHSµVLWRGHFRPEXVWLಣ ದ ದ ದ
EOH
(QWUDGDGHEXUEXMDVGHDLUHHQHO 'HVSUHVXUL]DUHOFRQGXFWRGH ದ ದ ;
FRQGXFWRGHFRPEXVWLEOHHQWUH FRPEXVWLEOHYHUFDS¯WXOR
GHSµVLWR\ERPEDGHLQ\HFFLµQ
)LOWURGHFRPEXVWLEOHREVWUXLGR /LPSLDURFDPELDUYHUFDS¯WXOR ದ ದ ;
&RQGXFWRGHFRPEXVWLEOHURWR +DFHUFDPELDU ; ದ ದ
)XVLEOHGHGLVWULEXFLµQRUHO«HVಣ &RPSUREDUOR\HQFDVRQHFHVDಣ ; ; ದ
WURSHDGRV ULRKDFHUFDPELDUOR
7HPSHUDWXUDILQDOGHFRPSUHVLµQ +DFHUDMXVWDU ದ ; ದ
GHPDVLDGRDOWD
(OWHUPµPHWURGHFRQWDFWRDGLVಣ &RPSUREDUOR\HQFDVRQHFHVDಣ ದ ; ದ
WDQFLDHVW£DYHULDGR\QRGDVHಣ ULRKDFHUFDPELDUOR
³DOGHY¯DOLEUH
(OFRQPXWDGRUGHDUUDQTXHIDOOD &RPSUREDUOR\HQFDVRQHFHVDಣ ದ ; ದ
ULRKDFHUFDPELDUOR
&RQH[LRQHV\RFDEOHVVXHOWRVR 7HQVDUORVGHQXHYRVLKLFLHUD ; ದ ದ
URWRVHQODUHGHO«FWULFD IDOWDFDPELDUORVFDEOHV
,QVWUXFFLRQHVGHVHUYLFLR0RELODLU
1rB6 0
'HWHFWDUXQDDYHU¯D\UHSDUDUOD
)DOORV\DYHU¯DVGHOPRWRU
7DE $YHU¯Dಯ0RWRUQRDUUDQFDRVHTXHGDSDUDGRರ
(OPRWRUQRDOFDQ]DHOQ¼PHURFRPSOHWRGHUHYROXFLRQHV
3RVLEOHFDXVD 0HGLGD 4XL«QSXHGHUHSDUDUOR"
7DOOHUHVಣ 6HUYLFLR ,QVWUXFಣ
SHFLDOL]Dಣ .$(6(5 FLRQHVGH
GR VHUYLFLR
GHOPRWRU
(QWUDGDGHEXUEXMDVGHDLUHHQHO 'HVSUHVXUL]DUHOFRQGXFWRGH ದ ದ ;
FRQGXFWRGHFRPEXVWLEOHHQWUH FRPEXVWLEOHYHUFDS¯WXOR
GHSµVLWR\ERPEDGHLQ\HFFLµQ
)LOWURGHFRPEXVWLEOHREVWUXLGR /LPSLDURFDPELDUYHUFDS¯WXOR ದ ದ ;
&RQGXFWRGHFRPEXVWLEOHURWR +DFHUFDPELDU ; ದ ದ
&LOLQGURSDUDDMXVWHGHUHYROXFLRಣ 5HSDUDUOD\HQFDVRQHFHVDULR ; ; ದ
QHVGHVSOD]DGRRHVWURSHDGR KDFHUFDPELDUOD
7DE $YHU¯D(OPRWRUQRDOFDQ]DHOQ¼PHURFRPSOHWRGHUHYROXFLRQHV
(OSLORWRGHFRQWUROQRVHDSDJD
3RVLEOHFDXVD 0HGLGD 4XL«QSXHGHUHSDUDUOR"
7DOOHUHVಣ 6HUYLFLR ,QVWUXFಣ
SHFLDOL]Dಣ .$(6(5 FLRQHVGH
GR VHUYLFLR
GHOPRWRU
&RQH[LRQHV\RFDEOHVVXHOWRVR 7HQVDUORVGHQXHYRVLKLFLHUD ; ದ ದ
URWRVHQODUHGHO«FWULFD IDOWDFDPELDUORVFDEOHV
*HQHUDGRUGHOPRWRUHVWURSHDಣ +DFHUFDPELDUORVLKLFLHUDIDOWD ; ದ ದ
GR
,QVWUXFFLRQHVGHVHUYLFLR0RELODLU
0 1rB6
'HWHFWDUXQDDYHU¯D\UHSDUDUOD
)DOORV\DYHU¯DVGHOFRPSUHVRU
7DE $YHU¯Dಯ3LORWRGHFRQWUROQRVHDSDJDರ
)DOORV\DYHU¯DVGHOFRPSUHVRU
3UHVLµQGHVHUYLFLRGHPDVLDGRDOWD
3RVLEOHFDXVD 0HGLGD 4XL«QSXHGHUHSDUDUOR"
7DOOHUHVSHFLDಣ 6HUYLFLR
OL]DGR .$(6(5
5HJXODGRUSURSRUFLRQDOPDODMXVಣ &RPSUREDUODVPHPEUDQDVOLPಣ ದ ;
WDGRRDYHULDGR SLDUODWREHUDHQFDVRQHFHVDULR
FDPELDUHOUHJXODGRUSURSRUFLRಣ
QDO
/DY£OYXODGHDGPLVLµQQRVHFLHಣ &RPSUREDUHOUHJXODGRUHOFRQಣ ದ ;
UUD GXFWRGHFRQWURO\ODY£OYXODGH
DGPLVLµQVLKLFLHUDIDOWDFDPಣ
ELDU
(OPDQµPHWURRIUHFHLQGLFDFLRಣ &RPSUREDUOR\HQFDVRQHFHVDಣ ದ ;
QHVLQFRUUHFWDV ULRKDFHUFDPELDUOR
/DY£OYXODGHGHVFDUJDQRGHMD &RPSUREDUODVFRQH[LRQHV\IXQಣ ದ ;
HVFDSDUHODLUH FLRQDPLHQWRUHSDUDURFDPELDUಣ
ODVVLHVQHFHVDULR
7DE $YHU¯D3UHVLµQGHVHUYLFLRGHPDVLDGRDOWD
3UHVLµQGHVHUYLFLRGHPDVLDGREDMD
3RVLEOHFDXVD 0HGLGD 4XL«QSXHGHUHSDUDUOR"
7DOOHUHVSHFLDಣ 6HUYLFLR
OL]DGR .$(6(5
5HJXODGRUSURSRUFLRQDOPDODMXVಣ &RPSUREDUODVPHPEUDQDVOLPಣ ದ ;
WDGRRDYHULDGR SLDUODWREHUDHQFDVRQHFHVDULR
FDPELDUHOUHJXODGRUSURSRUFLRಣ
QDO
/DY£OYXODGHDGPLVLµQQRVH 5HSDUDUOD\HQFDVRQHFHVDULR ದ ;
DEUHRVµORHQSDUWH KDFHUFDPELDUOD
,QVWUXFFLRQHVGHVHUYLFLR0RELODLU
1rB6 0
'HWHFWDUXQDDYHU¯D\UHSDUDUOD
)DOORV\DYHU¯DVGHOFRPSUHVRU
7DE $YHU¯D3UHVLµQGHVHUYLFLRGHPDVLDGREDMD
/DY£OYXODGHVHJXULGDGVXHOWDDLUH
3RVLEOHFDXVD 0HGLGD 4XL«QSXHGHUHSDUDUOR"
7DOOHUHVSHFLDಣ 6HUYLFLR
OL]DGR .$(6(5
(OFDUWXFKRVHSDUDGRUGHDFHLWH &DPELDUYHUFDS¯WXOR ದ ದ
HVW£PX\VXFLR
/DY£OYXODGHDGPLVLµQQRVHFLHಣ &RPSUREDUHOUHJXODGRUHOFRQಣ ದ ;
UUD GXFWRGHFRQWURO\ODY£OYXODGH
DGPLVLµQVLKLFLHUDIDOWDFDPಣ
ELDU
/DY£OYXODGHVHJXULGDGHVW£PDO 5HSDUDUODVLKLFLHUDIDOWDFDPಣ ದ ;
DMXVWDGD\RQRFLHUUD ELDUOD
7DE $YHU¯D/DY£OYXODGHVHJXULGDGVXHOWDDLUH
/DP£TXLQDVHFDOLHQWDGHPDVLDGR
3RVLEOHFDXVD 0HGLGD 4XL«QSXHGHUHSDUDUOR"
7DOOHUHVSHFLDಣ 6HUYLFLR
OL]DGR .$(6(5
/DUXHGDGHOYHQWLODGRUGHODP£ಣ &DPELDUODSDOHWDRODUXHGDGHO ದ ;
TXLQDHVW£DYHULDGD YHQWLODGRUFRPSOHWD
/DVXSHUILFLHGHOUHIULJHUDGRUGH /LPSLDUODVXSHUILFLHYHUFDS¯WXOR ದ ದ
DFHLWHHVW£VXFLD
(OHOHPHQWRRSHUDWLYRGHODY£Oಣ &RPSUREDUOR\HQFDVRQHFHVDಣ ದ ;
YXODFRPELQDGDQRIXQFLRQD ULRKDFHUFDPELDUOR
,QVWUXFFLRQHVGHVHUYLFLR0RELODLU
0 1rB6
'HWHFWDUXQDDYHU¯D\UHSDUDUOD
)DOORV\DYHU¯DVGHOFRPSUHVRU
7DE $YHU¯D/DP£TXLQDVHFDOLHQWDGHPDVLDGR
$OWRSRUFHQWDMHGHDFHLWHHQHODLUHFRPSULPLGR
3RVLEOHFDXVD 0HGLGD 4XL«QSXHGHUHSDUDUOR"
7DOOHUHVSHFLDಣ 6HUYLFLR
OL]DGR .$(6(5
(OFRQGXFWRGHUHWRUQRGHDFHLWH /LPSLDUHOWDPL]GHOFROHFWRUGH ದ ;
GHOFDUWXFKRVHSDUDGRUGHDFHLWH VXFLHGDGGHOFDUWXFKRVHSDUDGRU
GHOFRPSUHVRUHVW£REWXUDGR GHDFHLWHVLHVQHFHVDULRFDPಣ
ELDUOR
&DUWXFKRVHSDUDGRUGHDFHLWHGHO &DPELDUYHUFDS¯WXOR ದ ದ
FRPSUHVRUUDMDGR
1LYHOGHDFHLWHGHPDVLDGRDOWR 5HGXFLUDOQLYHOP£[LPRYHUFDಣ ದ ದ
HQHOGHSµVLWRVHSDUDGRUGHDFHLಣ S¯WXOR\
WH
7DE $YHU¯Dಯ$OWRSRUFHQWDMHGHDFHLWHHQHODLUHFRPSULPLGRರ
,QVWUXFFLRQHVGHVHUYLFLR0RELODLU
1rB6 0
'HWHFWDUXQDDYHU¯D\UHSDUDUOD
)DOORV\DYHU¯DVGHOJHQHUDGRU
'HVSX«VGHODGHVFRQH[LµQVDOHDFHLWHSRUHOILOWURGHDLUHGHOFRPSUHVRU
3RVLEOHFDXVD 0HGLGD 4XL«QSXHGHUHSDUDUOR"
7DOOHUHVSHFLDಣ 6HUYLFLR
OL]DGR .$(6(5
)XQFLµQGHDQWLUUHWRUQRGHODY£Oಣ 5HSDUDUOD\HQFDVRQHFHVDULR ದ ;
YXODGHDVSLUDFLµQHVWURSHDGD KDFHUFDPELDUOD
7DE $YHU¯Dಯ'HVSX«VGHODGHVFRQH[LµQVDOHDFHLWHSRUHOILOWURGHDLUHGHOFRPSUHVRUಯ
2SFLµQGDGEGFGG
$OWRSRUFHQWDMHGHDJXDHQHODLUHFRPSULPLGR
3RVLEOHFDXVD 0HGLGD 4XL«QSXHGHUHSDUDUOR"
7DOOHUHVSHFLDಣ 6HUYLFLR
OL]DGR .$(6(5
(OWXERGHGHVFDUJDGHOFRQGHQಣ /LPSLDUHOFROHFWRUGHVXFLHGDG ದ ;
VDGRGHOVHSDUDGRUFHQWU¯IXJR GHOVHSDUDGRUFHQWU¯IXJR\VLHV
HVW£DWDVFDGR QHFHVDULRFDPELDUHOWDPL]\OD
WREHUD&DPELDUYHUFDS¯WXOR
7DE $YHU¯Dಯ$OWRSRUFHQWDMHGHDJXDHQHODLUHFRPSULPLGRರ
2SFLµQJDJE
)DOORV\DYHU¯DVGHOJHQHUDGRU
/DWHQVLµQVXPLQLVWUDGDSRUHOJHQHUDGRUHVQXODRLQVXILFLHQWH
3RVLEOHFDXVD 0HGLGD 4X«UHPHGLR"
7DOOHUHVSHFLDಣ &RQWDFWDUHO
OL]DGR 6HUYLFLR7«FQLಣ
FR.$(6(5
&RUUHDGHDFFLRQDPLHQWRGHIHFಣ (QFDUJDUHOFDPELR ; ;
WXRVD
*HQHUDGRUUHJXODGRUGHIHFWXRಣ (QFDUJDUODUHSDUDFLµQ ; ;
VRV
(OLQWHUUXSWRUGHSURWHFFLµQKD &RPSUREDUODSRWHQFLDGHORV ; ದ
GLVSDUDGRGHELGRDXQDVREUHಣ FRQVXPLGRUHVFRQHFWDGRVUHGXಣ
FDUJDRXQGHIHFWR FLUODHQFDVRQHFHVDULRFRPSURಣ
EDUGHTXHORVFRQVXPLGRUHVQR
WHQJDQXQFRUWRFLUFXLWR
+DFHUFRQWURODUVXVWLWXLUHOLQWHಣ ; ;
UUXSWRUSURWHFWRU
9HORFLGDGGHJLURGHOPRWRUGHಣ +DFHUDMXVWDUDODYHORFLGDGQRಣ ; ;
PDVLDGREDMD PLQDO
*HQHUDGRUQRFRQHFWDGR &RQHFWDUHOJHQHUDGRU ದ ದ
,QVWUXFFLRQHVGHVHUYLFLR0RELODLU
0 1rB6
'HWHFWDUXQDDYHU¯D\UHSDUDUOD
)DOORV\DYHU¯DVGHOJHQHUDGRU
7DE $YHU¯DHOJHQHUDGRUQRVXPLQLVWUDWHQVLµQRQRVXPLQLVWUDWHQVLµQVXILFLHQWH
7HQVLµQGHOJHQHUDGRUGHPDVLDGRDOWD
3RVLEOHFDXVD 0HGLGD 4X«UHPHGLR"
7DOOHUHVSHFLDಣ &RQWDFWDUHO
OL]DGR 6HUYLFLR7«FQLಣ
FR.$(6(5
*HQHUDGRUUHJXODGRUGHIHFWXRಣ (QFDUJDUODUHSDUDFLµQ ; ;
VRV
9HORFLGDGGHOPRWRUGHPDVLDGR +DFHUDMXVWDUDODYHORFLGDGQRಣ ; ;
DOWD PLQDO
7DE $YHU¯DWHQVLµQGHOJHQHUDGRUGHPDVLDGRDOWD
,QVWUXFFLRQHVGHVHUYLFLR0RELODLU
1rB6 0
0DQWHQLPLHQWR
6HJXULGDG
0DQWHQLPLHQWR
6HJXULGDG
$TX¯HQFRQWUDU£XQDVLQGLFDFLRQHVGHVHJXULGDGTXHSHUPLWHQUHDOL]DUORVWUDEDMRVGHPDQWHQLPLHQWR
VLQQLQJ¼QULHVJR
/DVDGYHUWHQFLDVDSDUHFHQMXVWRGHODQWHGHXQDDFWLYLGDGSRWHQFLDOPHQWHSHOLJURVD
,QGLFDFLRQHVGHVHJXULGDGIXQGDPHQWDOHV
$9,62
c5LHVJRGHOHVLRQHVSRUODDFFLµQGHFRPSRQHQWHVURWDWRULRVPX\FDOLHQWHVRFRQGXFWRUHVGHFRಣ
UULHQWHHO«FWULFD
5LHVJRGHVXIULUOHVLRQHVJUDYHVDOWRFDUGLFKRVFRPSRQHQWHV
ᇐ 'HVFRQHFWHODP£TXLQDDQWHVGHDEULUODVSXHUWDVRODFXELHUWD
ᇐ 1RHIHFW¼HQLQJ¼QWUDEDMRGHFRQWUROQLGHPDQWHQLPLHQWRVLODP£TXLQDHVW£HQPDUFKD
5HVSHWHODVLQGLFDFLRQHVFRQWHQLGDVHQHOFDS¯WXOR6HJXULGDG\UHVSRQVDELOLGDG
c(QFDUJXHORVWUDEDMRVGHPDQWHQLPLHQWR¼QLFDPHQWHDSHUVRQDOGHPDQWHQLPLHQWRDXWRUL]DGR
$QWHVGHODQXHYDSXHVWDHQPDUFKDFRPSUXHEHTXH
႐ 1RKD\SHUVRQDOWUDEDMDQGRHQODP£TXLQD
႐ WRGRVORVGLVSRVLWLYRV\SDQHOHVSURWHFWRUHVKDQVLGRDWRUQLOODGRV
႐ WRGDVODVKHUUDPLHQWDVKDQVLGRUHWLUDGDVGHODP£TXLQD
/DVSXHUWDVSOHJDEOHVDELHUWDVVHPDQWLHQHQDUULEDFRQD\XGDGHUHVRUWHVQHXP£WLFRV
ᇐ &RPSUXHEHVLODVSXHUWDVVHPDQWLHQHQDELHUWDVSRUVLVRODV
6LODSXHUWDQRVHPDQWLHQHDELHUWD(QFDUJDUODVXVWLWXFLµQGHOUHVRUWHQHXP£WLFR
7UDEDMRVHQHOVLVWHPDGHSUHVLµQ
'HVDFRSODGRVORVFRQVXPLGRUHVGHDLUHFRPSULPLGR
(VSHUDUKDVWDTXHVHKD\DGHVSUHVXUL]DGRDXWRP£WLFDPHQWHODP£TXLQDFRQWURO,QGLFDFLµQGHO
PDQµPHWUREDU
$EULUFRQFXLGDGRODVOODYHVGHWRPDGHDLUHFRPSULPLGRSDUDTXHVHGHVSUHVXULFHHOFRQGXFWR
HQWUHODY£OYXODGHUHWHQFLµQSUHVLµQP¯QLPDY£OYXODGHUHWHQFLµQ\ODVDOLGDGHDLUHFRPSULPLGR
1RDEUDQLGHVPRQWHODVY£OYXODV
7UDEDMRVHQHOVLVWHPDGHDFFLRQDPLHQWR
'HVHPERUQDGRHOFDEOHGHOSRORQHJDWLYRGHODEDWHU¯D
0£TXLQDIU¯D
P£VLQIRUPDFLµQ (QFRQWUDU£LQGLFDFLRQHVUHODWLYDVDOSHUVRQDODXWRUL]DGRHQHOFDS¯WXOR
(QFRQWUDU£LQGLFDFLRQHVUHODWLYDVDORVSRVLEOHVSHOLJURV\HOPRGRGHHYLWDUORVHQHOFDS¯WXOR
3ODQHVGHPDQWHQLPLHQWR
/RVSODQHVGHPDQWHQLPLHQWRFRQWLHQHQXQVXPDULRGHODVLQVWUXFFLRQHVGHPDQWHQLPLHQWRGHOD
P£TXLQD
,QVWUXFFLRQHVGHVHUYLFLR0RELODLU
0 1rB6
0DQWHQLPLHQWR
3ODQHVGHPDQWHQLPLHQWR
ᇐ 6HUHFRPLHQGDTXHOHDODVHFFLµQFRUUHVSRQGLHQWHDQWHVGHTXHVLJDQODVLQVWUXFFLRQHVGHPDQಣ
WHQLPLHQWR
5HDOL]DUXQSURWRFRORGHORVWUDEDMRVGHPDQWHQLPLHQWR
/RVLQWHUYDORVGHPDQWHQLPLHQWRVRQUHFRPHQGDFLRQHVDSOLFDEOHVSDUDFRQGLFLRQHVGHVHUYLFLR
PHGLDV
/RVSODQHVGHPDQWHQLPLHQWRSXHGHQPRGLILFDUVHHQIXQFLµQGHFXDOTXLHUFDVRGHDSOLFDFLµQ
GHODVFRQGLFLRQHVDPELHQWDOHVRGHODFDOLGDGGHPDQWHQLPLHQWR
$9,62
c3HOLJURGHGHVJDVWHRGD³RVHQODP£TXLQDGHELGRDFRQGLFLRQHVGHDSOLFDFLµQ\VHUYLFLRGLIHUHQWHV
ᇐ (QFRQGLFLRQHVDPELHQWDOHVGHVIDYRUDEOHVSRUHMHPSORPXFKRSROYRDOWDKXPHGDGDWPRVಣ
I«ULFDRHQFDVRGHTXHHOXVRVHDLQWHQVLYRKDEU£QTXHUHDOL]DUORVWUDEDMRVGHPDQWHQLPLHQWR
FRQP£VIUHFXHQFLD
ᇐ $GDSWDUORVLQWHUYDORVGHPDQWHQLPLHQWRDODVFRQGLFLRQHVGHXELFDFLµQ\VHUYLFLRORFDOHV
ᇐ 7RPHQRWDVREUHWRGRVORVWUDEDMRVGHPDQWHQLPLHQWR\PDQWHQLPLHQWRSUHYHQWLYRUHDOL]DGRV
'HHVWHPRGRSRGU£FRPSUREDUODIUHFXHQFLDGHORVWUDEDMRVGHPDQWHQLPLHQWR\VXVYDULDFLRQHV
FRQUHVSHFWRDQXHVWUDVUHFRPHQGDFLRQHV
P£VLQIRUPDFLµQ 8QDOLVWDSUHSDUDGDHQFRQWUDU£HQHOFDS¯WXOR
7UDEDMRVGHPDQWHQLPLHQWRGHVSX«VGHODSULPHUDSXHVWDHQPDUFKD
/DVLJXLHQWHWDEODRIUHFHXQDYLVWDJOREDOGHORVWUDEDMRVGHPDQWHQLPLHQWRQHFHVDULRVGHVSX«VGH
ODSULPHUDSXHVWDHQPDUFKD
ᇐ (IHFWXDUORVWUDEDMRVGHPDQWHQLPLHQWRFRQIRUPHDODWDEODVLJXLHQWH
ODVSULPHUDV
ODVSULPHUDV
GHVSX«VGH
GHVSX«VGH
YHUFDS¯WXOR
*UXSR
$YLVR
K
K
$FWLYLGDG
0RWRU
&DPELDUHODFHLWH ; 0RWRU,6
&DPELDUHOILOWURGHDFHLWH ; 0RWRU,6
&RQWURODUORVWXERVGHFRPEXVWLಣ ; 0RWRU,6
EOH\ODVDEUD]DGHUDV
&KDVLV
$SUHWDUORVWRUQLOORVWXHUFDVGH ;
ODVUXHGDV
2SFLµQJDJEJHQHUDGRU
&RQWURODUODWHQVLµQGHODFRUUHD ;
GHDFFLRQDPLHQWRGHOJHQHUDGRU
HQFDVRQHFHVDULRUHWHQVDUOD
K KRUDVGHVHUYLFLR0RWRU,6 YHU,QVWUXFFLRQHVGHVHUYLFLRGHOIDEULFDQWHGHOPRWRU
7DE 7UDEDMRVGHPDQWHQLPLHQWRGHVSX«VGHODSULPHUDSXHVWDHQPDUFKD
,QVWUXFFLRQHVGHVHUYLFLR0RELODLU
1rB6 0
0DQWHQLPLHQWR
3ODQHVGHPDQWHQLPLHQWR
7UDEDMRVUHJXODUHVGHPDQWHQLPLHQWR
/DWDEODVLJXLHQWHOHRIUHFHXQDYLVWDJOREDODFHUFDGHORVLQWHUYDORVGHPDQWHQLPLHQWRGHODP£TXLQD
,QWHUYDORGHPDQWHQLPLHQWR $EUHYLDWXUD
GLDULDPHQWH ದ
FDGDKRUDVGHVHUYLFLRSRUORPHQRVXQDYH]DOD³R $
FDGDKRUDVGHVHUYLFLRSRUORPHQRVXQDYH]DOD³R $
FDGDKRUDVGHVHUYLFLRSRUORPHQRVXQDYH]DOD³R $
FDGDKRUDVGHVHUYLFLRSRUORPHQRVXQDYH]DOD³R $
FDGDKRUDVGHVHUYLFLRSRUORPHQRVFDGDD³RV $
FDGDKRUDVGHVHUYLFLR $
FDGDKRUDVGHVHUYLFLR $
FDGDKRUDVGHVHUYLFLRSRUORPHQRVFDGDD³RV $
7DE ,QWHUYDORVGHPDQWHQLPLHQWRWUDEDMRVGHPDQWHQLPLHQWRUHJXODUHV
/DVVLJXLHQWHVWDEODVRIUHFHQXQDYLVWDJOREDOGHORVWUDEDMRVGHPDQWHQLPLHQWRQHFHVDULRV
ᇐ (IHFWXDUORVWUDEDMRVGHPDQWHQLPLHQWRSUHYHQWLYRSXQWXDOPHQWHFRQIRUPHDODVFRQGLFLRQHV
DPELHQWDOHV\GHVHUYLFLR
3ODQGHPDQWHQLPLHQWR
ᇐ (IHFWXDUORVWUDEDMRVGHPDQWHQLPLHQWRFRQIRUPHDODWDEODVLJXLHQWH
GLDULDPHQWH
9«DVHHO
FDS¯WXOR
$
$
$
$
$
*UXSR
$YLVR
$
$
$FWLYLGDG
0RWRU
&RPSUREDUHOLQGLFDGRUGHVXFLHಣ ;
GDGGHOILOWURGHDLUHGHOPRWRU
&RPSUREDUHOQLYHOGHDFHLWHGHO ; 0RWRU,6
PRWRU
/LPSLDUHOILOWURGHDLUHGHOPRWRU ;
&DPELDUHODFHLWHGHOPRWRU ;
&DPELDUHOILOWURGHDFHLWHGHOPRಣ ; 0RWRU,6
WRU
&RPSUREDUODWHQVLµQGHODFRಣ ; 0RWRU,6
UUHDGHDFFLRQDPLHQWRUHWHQVDU
&DPELDUODVFRUUHDVGHDFFLRQDಣ ; 7(
PLHQWR 0RWRU,6
&DPELRGHOILOWURGHDLUHGHOPRWRU ;
,6GHOPRWRU Y«DQVHODVLQVWUXFFLRQHVGHVHUYLFLRGHOIDEULFDQWHGHOPRWRU7( FRQWDFWDUFRQXQ
WDOOHUHVSHFLDOL]DGR
,QVWUXFFLRQHVGHVHUYLFLR0RELODLU
0 1rB6
0DQWHQLPLHQWR
3ODQHVGHPDQWHQLPLHQWR
GLDULDPHQWH
9«DVHHO
FDS¯WXOR
$
$
$
$
$
*UXSR
$YLVR
$
$
$FWLYLGDG
(QFDUJDUHODMXVWHGHODVY£OYXಣ ; 7(
ODV 0RWRU,6
(QFDUJDUODUHYLVLµQGHOWXUERಣ ; 7(
FRPSUHVRU
&RPSUREDUHOQLYHOGHUHIULJHUDQಣ ; 0RWRU,6
WHGHOPRWRU
/LPSLDUHOUHIULJHUDGRU ;
&RQWURODUODSURWHFFLµQDQWLFRQಣ ; 0RWRU,6
JHODQWHGHOIOXLGRUHIULJHUDQWH
5HYLVDUODPDQJXHUDGHOUHIULJHಣ ; 7(
UDGRU\ODVDEUD]DGHUDVKDFHU 0RWRU,6
VXVWLWXLUODVHQFDVRQHFHVDULR
FDPELDUHOIOXLGRUHIULJHUDQWH ; 0RWRU,6
/OHQDUHOGHSµVLWRGHFRPEXVWLಣ ;
EOH
&RPSUREDUYDFLDUHOVHSDUDGRU ;
GHDJXDFRPEXVWLEOH
5HYLVDUODVWXEHU¯DVGHFRPEXVಣ ; 7(
WLEOH\ODVDEUD]DGHUDVKDFHU
VXVWLWXLUODVHQFDVRQHFHVDULR
+DFHUVXVWLWXLUORVFRQGXFWRVGH ; 7(
FRPEXVWLEOH\ODVDEUD]DGHUDV
/LPSLDUHOPLFURILOWURGHFRPEXVಣ ; 0RWRU,6
WLEOH
&DPELDUHOSUHILOWURGHFRPEXVWLಣ ;
EOH
&DPELDUHOSUHILOWURGHFRPEXVWLಣ ; 0RWRU,6
EOH
/LPSLDUHOGHSµVLWRGHFRPEXVWLಣ ;
EOH
/LPSLDUHOWDPL]GHOGHSµVLWRGH ;
FRPEXVWLEOH
(QFDUJDUXQFRQWUROGHODVWREHಣ ; 7(
UDVGHLQ\HFFLµQ
(QFDUJDUXQFRQWUROGHODERPED ; 7(
GHLQ\HFFLµQ
&RQWUROGHOQLYHOGH£FLGR\PDQಣ ;
WHQLPLHQWRGHODVFRQH[LRQHVGH
ORVFDEOHVGHODEDWHU¯D
,6GHOPRWRU Y«DQVHODVLQVWUXFFLRQHVGHVHUYLFLRGHOIDEULFDQWHGHOPRWRU7( FRQWDFWDUFRQXQ
WDOOHUHVSHFLDOL]DGR
,QVWUXFFLRQHVGHVHUYLFLR0RELODLU
1rB6 0
0DQWHQLPLHQWR
3ODQHVGHPDQWHQLPLHQWR
GLDULDPHQWH
9«DVHHO
FDS¯WXOR
$
$
$
$
$
*UXSR
$YLVR
$
$
$FWLYLGDG
&RPSUHVRU
&RPSUREDUHOLQGLFDGRUGHVXFLHಣ ;
GDGGHOILOWURGHDLUHGHOFRPSUHಣ
VRU
&RQWURODUQLYHOGHDFHLWHGHUHIULಣ ;
JHUDFLµQ
/LPSLDUHOILOWURGHDLUHGHOFRPಣ ;
SUHVRU
/LPSLDUHOUHIULJHUDGRUGHDFHLWH ;
GHOFRPSUHVRU
+DFHUFRQWURODUODVY£OYXODV ;
GHVHJXULGDG
/LPSLDUUHYLVDUHOFROHFWRUGHVXಣ ;
FLHGDGGHOGHSµVLWRVHSDUDGRUGH
DFHLWH
&DPELRGHOILOWURGHDLUHGHOFRPಣ ;
SUHVRU
&DPELDUHODFHLWHUHIULJHUDQWH ;
&DPELDUHOILOWURGHDFHLWHGHO ;
FRPSUHVRU
&DPELDUHOFDUWXFKRVHSDUDGRU ;
GHOGHSµVLWRVHSDUDGRUGHDFHLWH
&KDVLV
&RPSUREDUODSUHVLµQGHODVUXHಣ ;
GDV
&RPSUREDUHODMXVWHGHORVWRUQLಣ ;
OORVWXHUFDVGHODVUXHGDV
0DQWHQLPLHQWRGHOFKDVLV ;
(QJUDVDUODFDEH]DGHDFRSODಣ ;
PLHQWRODVFKDUQHODVODEDUUDGH
WUDFFLµQ
0DQWHQLPLHQWRGHOVLVWHPDGH ;
IUHQRV
9HULILFDUHOGHVJDVWHGHODV]DSDಣ ;
WDVGHOIUHQR
+DFHUDMXVWDUORVIUHQRVGHODV ; 7(
UXHGDV
,6GHOPRWRU Y«DQVHODVLQVWUXFFLRQHVGHVHUYLFLRGHOIDEULFDQWHGHOPRWRU7( FRQWDFWDUFRQXQ
WDOOHUHVSHFLDOL]DGR
,QVWUXFFLRQHVGHVHUYLFLR0RELODLU
0 1rB6
0DQWHQLPLHQWR
3ODQHVGHPDQWHQLPLHQWR
GLDULDPHQWH
9«DVHHO
FDS¯WXOR
$
$
$
$
$
*UXSR
$YLVR
$
$
$FWLYLGDG
&RPSUREDUHOGHVJDVWH\HODMXVಣ ;
WHGHWRGDVODVXQLRQHVURVFDGDV
ELVDJUDVGLVSRVLWLYRVGHEORಣ
TXHRWLUDGRUHV\FLHUUHVGHSUHಣ
VLµQGHODVSXHUWDV
(QJUDVDUODVELVDJUDVGHODV ;
SXHUWDV
0DQWHQLPLHQWRGHODVMXQWDVGH ;
JRPD
(QFDUJDUODLQVSHFFLµQGHOGLVSRಣ ; 7(
VLWLYRGHVXVSHQVLµQSDUDJU¼D
7UDEDMRVGHPDQWHQLPLHQWRJHQHUDOHV
&RPSUREDUHOGHVJDVWH\HODMXVಣ ;
WHGHWRGDVODVXQLRQHVURVFDGDV
FRQGXFWRV\DEUD]DGHUDVGHOD
P£TXLQDTXHVHDQDFFHVLEOHV
&RPSUREDUHODMXVWHHOGHVJDVWH ;
\ODHVWDQTXHLGDGGHODVPDQಣ
JXHUDV
+DFHUFDPELDUORVWXERVIOH[Lಣ ; 7(
EOHV
&RPSUREDUHOSHUIHFWRDMXVWHGH ;
ODVFRQH[LRQHVHO«FWULFDV
,6GHOPRWRU Y«DQVHODVLQVWUXFFLRQHVGHVHUYLFLRGHOIDEULFDQWHGHOPRWRU7( FRQWDFWDUFRQXQ
WDOOHUHVSHFLDOL]DGR
7DE 7UDEDMRVUHJXODUHVGHPDQWHQLPLHQWR
3ODQGHPDQWHQLPLHQWR2SFLRQHV
ᇐ (IHFWXDUORVWUDEDMRVGHPDQWHQLPLHQWRFRQIRUPHDODWDEODVLJXLHQWH
GLDULDPHQWH
9«DVHHO
FDS¯WXOR
$
$
$
2SFLµQ
$YLVR
$
$
$FWLYLGDG
2SFLµQHDHFದ(QJUDVDGRUGHKHUUDPLHQWDV
&RQWURODUHOQLYHOGHDFHLWHGHO ; (+,6
HQJUDVDGRUGHKHUUDPLHQWDV
2SFLµQGDGEGFGG6HSDUDGRUFHQWU¯IXJR
/LPSLDUFRQWURODUHOFROHFWRUGH ;
VXFLHGDG
(7 FRQWDFWDUHOHFWURW«FQLFR7( FRQWDFWDUWDOOHUHVSHFLDOL]DGR
,QVWUXFFLRQHVGHVHUYLFLR0RELODLU
1rB6 0
0DQWHQLPLHQWR
3ODQHVGHPDQWHQLPLHQWR
GLDULDPHQWH
9«DVHHO
FDS¯WXOR
$
$
$
2SFLµQ
$YLVR
$
$
$FWLYLGDG
2SFLµQGDGEGFGG5HIULJHUDGRUILQDOGHDLUHFRPSULPLGR
/LPSLDUORVUHIULJHUDGRUHV ;
2SFLµQGG&RPELQDFLµQGHILOWURV
3XUJDUHOFRQGHQVDGR ;
&DPELRGHORVHOHPHQWRVILOWUDQಣ ;
WHV
2SFLµQGF)LOWURGHDLUHIUHVFR
3XUJDUHOFRQGHQVDGR ;
&RPSUREDUHOLQGLFDGRUGHOQLYHO ;
GHDFHLWH
&DPELRGHORVHOHPHQWRVILOWUDQಣ ;
WHV
2SFLµQED'HVFRQJHODGRU
6HUYLFLRHQLQYLHUQR ;
&RQWURODUHOQLYHOGHOGHVFRQJHಣ
ODGRU
2SFLµQOD3DUDFKLVSDV
/LPSLDUHOSDUDFKLVSDV ;
/LPSLDUHOSDUDFKLVSDVPHGLDQWH ;
VRSODGRGHDLUHFRPSULPLGR
2SFLµQOE9£OYXODGHFLHUUHDLUHGHOPRWRU
/LPSLDUFRQWURODUODY£OYXODGH ;
FLHUUHDLUHGHOPRWRU
2SFLµQJDJEJHQHUDGRU
&RQWURODUODWHQVLµQGHODVFRಣ ;
UUHDVUHWHQVDUODV
(IHFWXDUXQFRQWUROYLVXDOGHODV ;
FRUUHDVGHDFFLRQDPLHQWR
(QFDUJDUHOFRQWUROGHOJHQHUDGRU ; (7
\ODFDMDGHGLVWULEXFLµQGHOJHಣ
QHUDGRU
&DPELDUODVFRUUHDVGHDFFLRQDಣ ;
PLHQWR
+DFHUFRQWURODUFRMLQHWHVGHOJHಣ ; 7(
QHUDGRU
(QFDUJDUODVXVWLWXFLµQGHORVFRಣ ; 7(
MLQHWHVGHOJHQHUDGRU
(7 FRQWDFWDUHOHFWURW«FQLFR7( FRQWDFWDUWDOOHUHVSHFLDOL]DGR
7DE 7UDEDMRVUHJXODUHVGHPDQWHQLPLHQWR2SFLRQHV
,QVWUXFFLRQHVGHVHUYLFLR0RELODLU
0 1rB6
0DQWHQLPLHQWR
0RWRU
0RWRU
ᇐ (IHFWXDUORVWUDEDMRVGHPDQWHQLPLHQWRFRQIRUPHDOSODQGHPDQWHQLPLHQWRHQHOFDS¯WXOR
0DQWHQLPLHQWRGHOUHIULJHUDGRU
0DWHULDO 5HIULJHUDQWH
'LVSRVLWLYRGHFRQWUROGHOUHIULJHUDQWH
5HFLSLHQWHFROHFWRU
/ODYHGHWRUQLOORV
(PEXGR
3D³RSDUDOLPSLH]D
&RQGLFLµQ 0£TXLQDGHVFRQHFWDGD
0£TXLQDVHHQFXHQWUDHQSRVLFLµQKRUL]RQWDO
0£TXLQDFRPSOHWDPHQWHGHVSUHVXUL]DGDHOPDQµPHWURLQGLFDEDU
0£TXLQDIU¯D
'HVDFRSODGRVORVFRQVXPLGRUHVGHDLUHFRPSULPLGRDELHUWDVODVY£OYXODVGHWRPD
$9,62
c)OXLGRUHIULJHUDQWHPX\FDOLHQWHSHOLJURGHHVFDOGDGXUDV
5LHVJRGHOHVLRQHVJUDYHVSRUTXHPDGXUDVFRQIOXLGRFDOLHQWH
ᇐ 'HMDUTXHVHHQIU¯HODP£TXLQDDQWHVGHDEULUOD
35(&$8&,1
c3HOLJURGHTXHPDGXUDVF£XVWLFDVGHELGRDDJHQWHVUHIULJHUDQWHVTXHFRQWLHQHQSURGXFWRVDQWLಣ
FRQJHODQWHV
ᇐ (OIOXLGRUHIULJHUDQWHQRGHEHHQWUDUHQFRQWDFWRFRQORVRMRV\ODSLHO(QFDVRGHFRQWDFWRODYDU
LQPHGLDWDPHQWHFRQDJXDFODUD
ᇐ /OHYDUJDIDVGHSURWHFFLµQ\JXDQWHV
35(&$8&,1
c/DIDOWDGHOIOXLGRHQHOFLUFXLWRGHUHIULJHUDFLµQSXHGHSHUMXGLFDUODP£TXLQD
'HELGRDODIDOWDGHOIOXLGRUHIULJHUDQWHHQHOFLUFXLWRIULJRU¯ILFRHOPRWRUVHVREUHFDOLHQWD(VWRSXHGH
RFDVLRQDUJUDYHVGD³RVPDWHULDOHVHQHOPRWRU
ᇐ &RPSUREDUHOQLYHOGHOIOXLGRUHIULJHUDQWHFDGDG¯D
ᇐ 5HOOHQDUGHIOXLGRUHIULJHUDQWHQHFHVDULR
ᇐ $EULUODSXHUWDGHUHFKD
&RQWURODUHOQLYHOGHOUHIULJHUDQWH
&RPSUXHEHGLDULDPHQWHHOQLYHOGHUHIULJHUDQWHHQHOFLUFXLWRGHUHIULJHUDFLµQGHOPRWRUDQWHVGHOD
SXHVWDHQPDUFKD
(OFRQWUROVHHIHFW¼DHQHOUHFLSLHQWHGHH[SDQVLµQGHOIOXLGRUHIULJHUDQWH
႐ (OQLYHOGHOOHQDGRGHOGHSµVLWRWUDQVSDUHQWHVHSXHGHYHUGHVGHIXHUD
႐ (OQLYHOGHOO¯TXLGRGHEHVLWXDUVHHQWUHODVPDUFDVP¯QLPD\P£[LPDFRQHOPRWRUIU¯R
,QVWUXFFLRQHVGHVHUYLFLR0RELODLU
1rB6 0
0DQWHQLPLHQWR
0RWRU
)LJ &RQWURODUHOQLYHOGHOUHIULJHUDQWH
1LYHOGHOIOXLGRUHIULJHUDQWH 5HIULJHUDGRUGHDJXD
$ 0DUFDP£[LPD//(12 5HERVDGHUR
% 0DUFDP¯QLPD%$-2 7DSµQURVFDGRUHFLSLHQWHGHH[SDQVLµQIOXLಣ
5HFLSLHQWHGHH[SDQVLµQGHOIOXLGRUHIULJHಣ GRUHIULJHUDQWH
UDQWH
&RQWURODUHOQLYHOGHIOXLGRUHIULJHUDQWHHQHOUHFLSLHQWHGHH[SDQVLµQ
6LHOIOXLGRUHIULJHUDQWHTXHGDSRUGHEDMRGHODPDUFDGHQLYHOP¯QLPR % D³DGDP£VIOXLGR
&HUUDUODSXHUWD
$YHULJ¾HFX£OHVODFDXVDGHODIDOWDGHIOXLGRUHIULJHUDQWH\UHP«GLHOD
&RPSUREDFLµQGHOIOXLGRUHIULJHUDQWH
3DUDJDUDQWL]DUODFDOLGDG\ODGXUDFLµQGHOIOXLGRUHIULJHUDQWHFRPSUXHEHHVWHO¯TXLGRVHJ¼QODWDEOD
GHPDQWHQLPLHQWR
/DFDOLGDGGHOIOXLGRUHIULJHUDQWHSXHGHGHWHUPLQDUVHSRUPHGLRGHORVVLJXLHQWHVSDU£PHWURV
႐ ,QVSHFFLµQYLVXDO
႐ 0HGLFLµQGHODFRQFHQWUDFLµQGHDQWLFRQJHODQWH
ᇐ 6ROWDU\TXLWDUODWDSDGHFLHUUHGHOWXERGHOOHQDGR
5HDOL]DFLµQGHODLQVSHFFLµQYLVXDO
&RPSUXHEHVLHOO¯TXLGRUHIULJHUDQWHHVW£GHVFRORULGR\VLFRQWLHQHSDUW¯FXODVHQVXVSHQVLµQIORFXಣ
ODFLµQ
ᇐ 7RPH\DQDOLFHXQDPXHVWUDGHOIOXLGRUHIULJHUDQWH
6LHOO¯TXLGRSUHVHQWDXQDIXHUWHGHFRORUDFLµQRFRQWLHQHSDUW¯FXODVHQVXVSHQVLµQFDPELDUHO
UHIULJHUDQWH
0HGLFLµQGHODFRQFHQWUDFLµQGHDQWLFRQJHODQWH
/DSURSRUFLµQGHDQWLFRQJHODQWHGHOIOXLGRUHIULJHUDQWHVHPLGHFRQXQGLVSRVLWLYRGHFRQWUROSDUDHO
IOXLGRUHIULJHUDQWHSRUHMHPSORXQUHIUDFWµPHWUR
,QVWUXFFLRQHVGHVHUYLFLR0RELODLU
0 1rB6
0DQWHQLPLHQWR
0RWRU
/DP£[LPDSURWHFFLµQSRVLEOHFRQWUDODFRQJHODFLµQVHREWLHQHFRQXQDSURSRUFLµQGHDQWLFRQJHODQWH
GHOGHOYROXPHQ\DTXHDSDUWLUGHHVWDSURSRUFLµQGLVPLQX\HQODVFXDOLGDGHVSURWHFWRUDVFRQWUD
ODFRQJHODFLµQ\VHGLILFXOWDODGLVLSDFLµQGHOFDORU(VWRDVXYH]HOHYDODWHPSHUDWXUDGHVHUYLFLR
GHOPRWRU
35(&$8&,1
c$YHU¯DVGHOPRWRUGHELGRDXQDFRQFHQWUDFLµQLQVXILFLHQWHGHDQWLFRQJHODQWH
&RUURVLµQ
)DOORVHQHOVLVWHPDGHUHIULJHUDFLµQ
/DFDUFDVDGHOPRWRUUHYLHQWD
ᇐ &RPSUREDUHOIOXLGRUHIULJHUDQWH
ᇐ $VHJXUDUODSURWHFFLµQGHOIOXLGRUHIULJHUDQWHFRQWUDODKHODGD
ᇐ /OHQDULQPHGLDWDPHQWHHOIOXLGRUHIULJHUDQWHQHFHVDULR
&RPSUREDUHOIOXLGRUHIULJHUDQWHFRQXQGLVSRVLWLYRGHFRQWUROFRQIRUPHDODVLQVWUXFFLRQHVGHO
IDEULFDQWH
6LODSURSRUFLµQGHDQWLFRQJHODQWHHVLQVXILFLHQWHFDPELHHOIOXLGRUHIULJHUDQWH
9XHOYDDFHUUDUHOWDSµQURVFDGR
&HUUDUODSXHUWD
0H]FODGHOUHIULJHUDQWH
1RXWLOLFHQXQFDVµORDJXDVLQDGLWLYRVSDUDUHIULJHUDQWHV(ODJXDVRODWLHQHXQHIHFWRFRUURVLYR
FXDQGRVHDOFDQ]DODWHPSHUDWXUDGHVHUYLFLRGHOPRWRU$GHP£VHODJXDVRODQRRIUHFHVXILFLHQWH
SURWHFFLµQIUHQWHDODHEXOOLFLµQRODFRQJHODFLµQ
(OUHIULJHUDQWHHVXQDPH]FODGHDJXDGXOFHOLPSLD\DGLWLYRVHVSHFLDOHVSDUDUHIULJHUDQWHVSURGXFWRV
DQWLFRUURVLYRVDQWLFRQJHODQWHVDGLWLYRV
(OUHIULJHUDQWHGHEHSHUPDQHFHUWRGRHOD³RHQHOVLVWHPDGHUHIULJHUDFLµQGHODLQVWDODFLµQSDUD
SURWHJHUODFRQWUDFRUURVLµQ\SDUDHOHYDUHOSXQWRGHHEXOOLFLµQ
(OWLHPSRP£[LPRDGPLVLEOHGHXVRGHOIOXLGRUHIULJHUDQWHHVGHD³RV
ᇐ c7HQJDHQFXHQWDODUHFRPHQGDFLµQHQFXDQWRDOUHIULJHUDQWHTXHDSDUHFHHQHOFDS¯WXOR
3UHSDUDFLµQGHOIOXLGRUHIULJHUDQWH
&RQGLFLµQ (OUHIULJHUDQWHXWLOL]DGRGHEHFXPSOLUODHVSHFLILFDFLµQ$670'
ᇐ 0H]FOHHOIOXLGRUHIULJHUDQWHHQODSURSRUFLµQLQGLFDGDSRUHOIDEULFDQWH
7DEODGHPH]FODVGHORVUHIULJHUDQWHV.$(6(5
3URSRUFLRQHVGHDQWLFRQಣ 3URSRUFLRQHVGHDJXD 3URWHFFLµQDQWLFRQJHODQWHKDVWD
JHODQWH >|&@
SDUWH SDUWHV
SDUWH SDUWHV
SDUWH SDUWH
7DE 7DEODGHPH]FODVGHORVIOXLGRVUHIULJHUDQWHV.$(6(5
c/DSURSRUFLµQGHPH]FODGHODQWLFRQJHODQWHQRGHEHVHULQIHULRUDOSXHVDSDUWLUGHHVWD
FRQFHQWUDFLµQQRVHJDUDQWL]DODSURWHFFLµQDQWLFRUURVLYD
,QVWUXFFLRQHVGHVHUYLFLR0RELODLU
1rB6 0
0DQWHQLPLHQWR
0RWRU
5HOOHQDUGHIOXLGRUHIULJHUDQWH
3DUDJDUDQWL]DUXQDSURWHFFLµQµSWLPDFRQWUDODFRQJHODFLµQ\ODFRUURVLµQ\DILQGHFRQWUDUUHVWDUOD
DFXPXODFLµQGHGHSµVLWRVIRUPDFLµQGHORGRHQHOFLUFXLWRGHUHIULJHUDFLµQODSURSRUFLµQGHDQWLಣ
FRQJHODQWHQRGHEHVHULQIHULRUDO(OOOHQDGRGHOUHIULJHUDQWHFRQDJXDSXUDPRGLILFDHVWDFRQಣ
FHQWUDFLµQ\SRUWDQWRHVW£SURKLELGR
3DUDHYLWDUTXHHOIOXLGRUHIULJHUDQWHVHGHVERUGHGHELGRDVXGLODWDFLµQSRUFDORUVHGHEHGHMDU
XQHVSDFLROLEUHSDUDVXH[SDQVLµQ
&RQGLFLµQ 'HVHPERUQDGRHOFDEOHGHOSRORQHJDWLYRGHODEDWHU¯D
$IORMDU\TXLWDUHOWDSµQGHFLHUUHGHOUHFLSLHQWHGHH[SDQVLµQGHOIOXLGRUHIULJHUDQWH
0H]FOHODFDQWLGDGTXHIDOWHGHIOXLGRUHIULJHUDQWHFRQIRUPHDORVH³DODGRHQODWDEOD\D³DGD
IOXLGRKDVWDHOQLYHOLQGLFDGR
(OIOXLGRUHIULJHUDQWHYHUWLGRTXHGDMXVWRSRUGHEDMRGHODPDUFDGHQLYHOP£[LPR $
&HUUDUHOWDSµQURVFDGR
(PERUQDUHOSRORQHJDWLYRGHODVEDWHU¯DV
&HUUDUODSXHUWD
3RQHUHQPDUFKDHOPRWRU\GHMDUORIXQFLRQDUHQ0$5&+$(19$&2GXUDQWHDSUR[LPDGDPHQWH
PLQXWR
3DUDUHOPRWRU
$EULUODSXHUWDGHUHFKD
&RPSUREDUHOQLYHOGHOUHIULJHUDQWH
6LHOQLYHOGHIOXLGRHQHOGHSµVLWRGHH[SDQVLµQGHOIOXLGRUHIULJHUDQWHKDEDMDGRD³DGDIOXLGR
UHIULJHUDQWH
(IHFWXDUXQDYHULILFDFLµQYLVXDOGHHVWDQTXHLGDG
&HUUDUODSXHUWD
&XDQGRFDPELHHOIOXLGRUHIULJHUDQWHDOSULQFLSLRGHEHU£FRPSUREDUHOQLYHOGHOPLVPRYDULDV
YHFHV\DTXHHVSRVLEOHTXHGXUDQWHHOSURFHVRGHOOHQDGRGHOIOXLGRVHIRUPHQEXUEXMDVGH
DLUHHQHOFLUFXLWRGHUHIULJHUDFLµQ
(YDFXDFLµQGHOIOXLGRUHIULJHUDQWH
7RGRHOUHIULJHUDQWHGHOFLUFXLWRGHUHIULJHUDFLµQVHHYDFXDSRUHOUHIULJHUDGRUGHDJXDGHOPRWRU/D
SXUJDVHOOHYDDFDERSRUPHGLRGHXQDY£OYXODGHFLHUUH\FRQD\XGDGHXQDPDQJXHUDGHHYDFXDಣ
FLµQ
&RQGLFLµQ 0£TXLQDIU¯D
'HVHPERUQDGRHOFDEOHGHOSRORQHJDWLYRGHODEDWHU¯D
,QVWUXFFLRQHVGHVHUYLFLR0RELODLU
0 1rB6
0DQWHQLPLHQWR
0RWRU
)LJ 'HVFDUJDUHOIOXLGRUHIULJHUDQWHGHOUHIULJHUDGRUGHDJXDGHOPRWRU
7DSµQURVFDGRGHOWXERGHOOHQDGR 7XERIOH[LEOHGHSXUJDFRQUDFRUGHFRQHಣ
5HFLSLHQWHGHH[SDQVLµQGHOIOXLGRUHIULJHಣ [LµQ
UDQWH (QFKXIHU£SLGR
5HIULJHUDGRUGHDJXD 9£OYXODGHFLHUUHY£OYXODGHEROD
'HSµVLWRGHFRPEXVWLEOH
$IORMDU\TXLWDUODWDSDGHFLHUUHGHOWXERGHOOHQDGRHQHOUHFLSLHQWHGHH[SDQVLµQGHOIOXLGR
UHIULJHUDQWH
3UHSDUDUHOUHFLSLHQWHFROHFWRUSDUDHOIOXLGRUHIULJHUDQWH
&RQHFWDUHOWXERIOH[LEOHGHSXUJDFRQHOHQFKXIHU£SLGRGHOUHIULJHUDGRUGHDJXD
&ROJDU\ILMDUHOH[WUHPROLEUHGHOWXERIOH[LEOHGHSXUJDHQHOUHFLSLHQWHFROHFWRU
$EUDODY£OYXODGHFLHUUH\SXUJXHHOIOXLGRUHIULJHUDQWH
&HUUDUODOODYHGHFLHUUH\UHWLUDUHOWXERIOH[LEOHGHGHVFDUJD
&HUUDUODWDSDGHFLHUUHGHOWXERGHOOHQDGRHQHOUHFLSLHQWHGHH[SDQVLµQGHOIOXLGRUHIULJHUDQWH
(PERUQDUHOSRORQHJDWLYRGHODVEDWHU¯DV
&HUUDUODSXHUWD
&XDQGRFDPELHHOIOXLGRUHIULJHUDQWHDOSULQFLSLRGHEHU£FRPSUREDUHOQLYHOGHOPLVPRYDULDV
YHFHV\DTXHHVSRVLEOHTXHGXUDQWHHOSURFHVRGHOOHQDGRGHOIOXLGRVHIRUPHQEXUEXMDVGH
DLUHHQHOFLUFXLWRGHUHIULJHUDFLµQ
ᇐ 'HVHFKHHOIOXLGRUHIULJHUDQWHXVDGRFRQIRUPHDODOHJLVODFLµQPHGLRDPELHQWDOYLJHQWH
(QODVP£TXLQDVHVWDFLRQDULDVORVSXQWRVGHSXUJDGHODFHLWH\HOIOXLGRUHIULJHUDQWHGHOPRWRU\HO
FRPSUHVRUHVW£QFHQWUDGRV\GLVSXHVWRVKDFLDIXHUD/DHYDFXDFLµQGHOIOXLGRUHIULJHUDQWHVHOOHYD
DFDERDWUDY«VGHXQDPDQJXHUDDWRUQLOODGDDORULILFLRGHSXUJDGHOUHIULJHUDGRU/DPDQJXHUDHVW£
FHUUDGDHQHOODGRGHGHVFDUJDFRQXQDY£OYXODGHFLHUUH\VHOODGDFRQXQWDSµQURVFDGR
&RQGLFLµQ /DP£TXLQDGHEHKDEHUVHHQIULDGR
'HVHPERUQDGRHOFDEOHGHOSRORQHJDWLYRGHODEDWHU¯D
,QVWUXFFLRQHVGHVHUYLFLR0RELODLU
1rB6 0
0DQWHQLPLHQWR
0RWRU
)LJ 2ULILFLRGHSXUJDGHOIOXLGRUHIULJHUDQWHGHOUHIULJHUDGRUGHDJXDGHOPRWRU
7DSDGHFLHUUHGHOWXERGHOOHQDGR 7DSµQURVFDGR
5HFLSLHQWHGHH[SDQVLµQGHOIOXLGRUHIULJHಣ 9£OYXODGHSXUJDOODYHGHEROD
UDQWH 0DQJXHUDGHGHVFDUJD
5HIULJHUDGRUGHDJXD
2ULILFLRGHSXUJDGHOUHIULJHUDGRUGHDJXD
6ROWDU\TXLWDUODWDSDGHFLHUUHGHOWXERGHOOHQDGR
&RORTXHHOUHFLSLHQWHFROHFWRUGHEDMRGHORULILFLRGHSXUJDGHOUHIULJHUDGRUGHDJXD
'HVHQURVTXHHOWDSµQURVFDGR DEUDODY£OYXODGHSXUJDFRUUHVSRQGLHQWH \UHFRMDHOIOXLGR
UHIULJHUDQWHXVDGR
&LHUUHODY£OYXODGHSXUJD\YXHOYDDHQURVFDUHOWDSµQURVFDGRFRQXQDMXQWDQXHYD
&HUUDUODWDSDGHFLHUUHGHOWXERGHOOHQDGRHQHOUHFLSLHQWHGHH[SDQVLµQGHOIOXLGRUHIULJHUDQWH
(PERUQDUHOSRORQHJDWLYRGHODVEDWHU¯DV
&HUUDUODSXHUWD
ᇐ 'HVHFKHHOIOXLGRUHIULJHUDQWHXVDGRFRQIRUPHDODOHJLVODFLµQPHGLRDPELHQWDOYLJHQWH
0DQWHQLPLHQWRGHOILOWURGHDLUH
/LPSLHHOILOWURGHDLUHFRQIRUPHDODWDEODGHPDQWHQLPLHQWRRDP£VWDUGDUFXDQGRDV¯ORLQGLTXH
HOLQGLFDGRUGHVXFLHGDGFRUUHVSRQGLHQWH
&DPELDUHOILOWURGHDLUHGHVSX«VGHD³RVDP£VWDUGDURFXDQGRVHKD\DOLPSLDGRYHFHV
c1RVHSHUPLWHKDFHUIXQFLRQDUHOPRWRUVLQHOHOHPHQWRILOWUDQWHGHDLUHPRQWDGR1RXWLOL]DU
HOHPHQWRVILOWUDQWHVTXHSUHVHQWHQSOLHJXHVRMXQWDVGD³DGRV
0DWHULDO $LUHFRPSULPLGRGHVRSODGR
5HSXHVWRHQFDVRQHFHVDULR
3D³RSDUDOLPSLH]D
&RQGLFLµQ 0£TXLQDGHVFRQHFWDGD
0£TXLQDFRPSOHWDPHQWHGHVSUHVXUL]DGDHOPDQµPHWURLQGLFDEDU
0£TXLQDIU¯D
'HVDFRSODGRVORVFRQVXPLGRUHVGHDLUHFRPSULPLGRDELHUWDVODVY£OYXODVGHWRPD
,QVWUXFFLRQHVGHVHUYLFLR0RELODLU
0 1rB6
0DQWHQLPLHQWR
0RWRU
$9,62
(OHPHQWRILOWUDQWHGHDLUHGD³DGR
'HVJDVWHGHOPRWRUGHELGRDODVXFLHGDGGHODLUHDVSLUDGR
ᇐ 1ROLPSLHHOHOHPHQWRILOWUDQWHVDFXGL«QGRORRJROSH£QGROR
ᇐ 1RODYHHOHOHPHQWRILOWUDQWH
)LJ 0DQWHQLPLHQWRGHOILOWURGHDLUHGHOPRWRU
,QGLFDGRUGHVXFLHGDG (OHPHQWRILOWUDQWH
]RQDURMDGHODHVFDODGHLQGLFDFLµQ (VWULERVGHVXMHFLµQ
QGLFHGHOLQGLFDGRUGHVXFLHGDG 7DSDGHOILOWUR
%RWµQGHUHSRVLFLµQGHOLQGLFDGRUGHVXFLHಣ
GDG
)LJ /LPSLDUHOHOHPHQWRILOWUDQWHGHOILOWUR
3LVWRODGHDLUHFRPSULPLGRFRQWXERGHVRSODGRH[WUHPRGREODGRXQRV|
(OHPHQWRILOWUDQWH
&RPSUREDUHOJUDGRGHHQVXFLDPLHQWRGHOILOWURGHDLUH
6HGHEHHIHFWXDUHOPDQWHQLPLHQWRGHOILOWURFXDQGRHO¯QGLFHDPDULOORHQHOLQWHULRUGHOLQGLFDGRUGH
HQVXFLDPLHQWRKD\DDOFDQ]DGRHOVHFWRUURMRGHODHVFDODGHLQGLFDFLµQ
$EULUODSXHUWDL]TXLHUGD
&RPSUREDUHOLQGLFDGRUGHVXFLHGDGGHOILOWURGHDLUH
(O¯QGLFHDPDULOORKDDOFDQ]DGRHOVHFWRUURMRGHODHVFDODGHLQGLFDFLµQ/LPSLDURFDPELDUHO
HOHPHQWRILOWUDQWH
&HUUDUODSXHUWD
,QVWUXFFLRQHVGHVHUYLFLR0RELODLU
1rB6 0
0DQWHQLPLHQWR
0RWRU
/LPSLDUHOILOWURGHDLUH
$EULUDPEDVSXHUWDV
6ROWDUHVWULERVGHVXMHFLµQ4XLWDUODWDSD\VDFDUHOILOWURGHDLUH
&RQFXLGDGROLPSLHFRQXQSD³RK¼PHGRODFDUFDVDGHOILOWURODWDSDGHOILOWUR\ODV£UHDVGH
HVWDQTXHLGDG
/LPSLHHOHOHPHQWRILOWUDQWH
႐ /LPSLHODVXSHUILFLHGHOHOHPHQWRILOWUDQWHGHDLUHSUR\HFWDQGRDLUHFRPSULPLGRVHFR
cืEDUHQGLDJRQDOGHVGHGHQWURKDFLDIXHUDKDVWDTXHGHMHGHIRUPDUVHSROYR
႐ (OWXERGHEHVHUORVXILFLHQWHPHQWHODUJRFRPRSDUDOOHJDUDOIRQGRGHOHOHPHQWRILOWUDQWH
႐ /DSXQWDGHOWXERQRGHEHWRFDUHOHOHPHQWRILOWUDQWH
႐ /LPSLDUODV£UHDVGHHVWDQTXHLGDG
,QVSHFFLRQHPLQXFLRVDPHQWHHOHOHPHQWRILOWUDQWHSDUDGHWHFWDUSRVLEOHVGD³RV
6LHOHOHPHQWRILOWUDQWHHVW£GD³DGR&DPELDUHOHOHPHQWRILOWUDQWH
,QVHUWHHOHOHPHQWRILOWUDQWHOLPSLRRQXHYRHQODFDUFDVDGHOILOWUR$OKDFHUORDVHJ¼UHVHGHTXH
HOHOHPHQWRILOWUDQWHHVW£FRUUHFWDPHQWHFRORFDGR\ODVMXQWDVSXHGDQFXPSOLUVXIXQFLµQ
&RORTXHODWDSDGHOILOWUR\I¯MHODFRQORVHVWULERVGHVXMHFLµQ
3RQHUDFHURHOLQGLFDGRUGHVXFLHGDG
ᇐ 3UHVLRQDUHOERWµQGHUHSRVLFLµQGHOLQGLFDGRUGHVXFLHGDGUHSHWLGDVYHFHV
(O¯QGLFHDPDULOORHQHOLQWHULRUGHOLQGLFDGRUGHVXFLHGDGYXHOYHDVXSRVLFLµQLQLFLDOHOLQGLFDGRU
GHVXFLHGDGHVW£GHQXHYROLVWRSDUDHOVHUYLFLR
ᇐ &HUUDUODVSXHUWDV
(OLPLQDUORVFRPSRQHQWHVVXVWLWXLGRV\KHUUDPLHQWDVVXFLDVFRQIRUPHDODVUHJXODFLRQHVPHಣ
GLRDPELHQWDOHV
0DQWHQLPLHQWRGHOVLVWHPDGHOFDUEXUDQWH
0DWHULDO 3LH]DVGHUHSXHVWR
+HUUDPLHQWDV
5HFLSLHQWHFROHFWRU
3D³RSDUDOLPSLH]D
&RQGLFLµQ 0£TXLQDGHVFRQHFWDGD
0£TXLQDHVWDFLRQDGDHQSRVLFLµQKRUL]RQWDO
0£TXLQDFRPSOHWDPHQWHGHVSUHVXUL]DGDHOPDQµPHWURLQGLFDEDU
0£TXLQDIU¯D
'HVDFRSODGRVORVFRQVXPLGRUHVGHDLUHFRPSULPLGRDELHUWDVODVY£OYXODVGHWRPD
,QVWUXFFLRQHVGHVHUYLFLR0RELODLU
0 1rB6
0DQWHQLPLHQWR
0RWRU
3(/,*52
c3HOLJURGHLQFHQGLRSRUDXWRFRPEXVWLµQGHOFRPEXVWLEOH
(QFHQGHURTXHPDUFRPEXVWLEOHSXHGHSURGXFLUOHVLRQHVJUDYHVHLQFOXVRODPXHUWH
ᇐ $VHJ¼UHVHGHTXHQRVHSURGX]FDIXHJRGHQLQJ¼QWLSRQLFKLVSDVHQHOOXJDUGHXELFDFLµQ
ᇐ 3DUDUHOPRWRU
ᇐ 6HFDUFRQXQWUDSRHOFRPEXVWLEOHGHUUDPDGR
ᇐ 0DQWHQJDDOHMDGRHOFDUEXUDQWHGHFRPSRQHQWHVFDOLHQWHVGHODP£TXLQD
ᇐ &RPSUXHEHTXHQRVHVXSHUDQODVWHPSHUDWXUDVDPELHQWHP£[LPDVHQHOOXJDUGHXELFDFLµQ
)LJ 0DQWHQLPLHQWRGHOVLVWHPDGHOFDUEXUDQWH
%RPEDGHFDUEXUDQWH 7DPL]GHOGHSµVLWR
6HSDUDGRUGHDJXD )LOWURPLFUµQLFRGHFDUEXUDQWH
3UHILOWURGHFRPEXVWLEOH 7RUQLOORGHGHVSUHVXUL]DFLµQ
'HSµVLWRGHFRPEXVWLEOH
ᇐ $EULUODSXHUWDGHUHFKD
'HVSUHVXUL]DUHOVLVWHPDGHOFDUEXUDQWH
&XDQGRHOGHSµVLWRVHYDF¯DSRUFRPSOHWRDOFDPELDUHOILOWURGHFRPEXVWLEOHRDOUHDOL]DUWUDEDMRV
HQODVFRQGXFFLRQHVGHFDUEXUDQWHHVSRVLEOHTXHVHLQWURGX]FDDLUHHQHOVLVWHPDGHFRPEXVWLEOH
'HVSUHVXUL]DUHOVLVWHPDGHFDUEXUDQWHVLHOPRWRUQRDUUDQFDDSHVDUGHTXHHOGHSµVLWRGHFDUEXಣ
UDQWHHVW£OOHQR
&RQGLFLµQ 'HVHPERUQDGRODEDWHU¯D
&RORFDUHOUHFLSLHQWHFROHFWRUGHEDMRGHODFDUFDVDGHOILOWURPLFUµQLFRGHFDUEXUDQWH
6ROWDUHOWRUQLOORGHGHVSUHVXUL]DFLµQ GHOILOWURPLFUµQLFRGHFDUEXUDQWH
&HUUDUODSXHUWD
&RQHFWDUHOmFRQPXWDGRUGHDUUDQTXH}SDQHOGHFRQWUROHQODSRVLFLµQಯ&RQರ
6HDUUDQFDODERPEDHO«FWULFDGHFDUEXUDQWHGHVSUHVXUL]DQGRHOVLVWHPDGHFDUEXUDQWH
3DVDGRVXQRVDVHJXQGRFRQHFWDUHOmFRQPXWDGRUGHHQFHQGLGRGHDUUDQTXH}HQOD
SRVLFLµQಯ67232IIರ
$EULUODSXHUWDGHUHFKD
,QVWUXFFLRQHVGHVHUYLFLR0RELODLU
1rB6 0
0DQWHQLPLHQWR
0RWRU
9ROYHUDDSUHWDUHOWRUQLOORGHGHVSUHVXUL]DFLµQ
5HWLUDUORVUHFLSLHQWHVFROHFWRUHV
&HUUDUODSXHUWD
,QPHGLDWDPHQWHGHVSX«VGHGHVSUHVXUL]DUHOVLVWHPDGHOFDUEXUDQWHDUUDQFDUHOPRWRU\KDFHU
IXQFLRQDUODP£TXLQDXQP¯QLPRGHPLQXWRVHQ0$5&+$(19$&2
$EULUODSXHUWDGHUHFKD
&RPSUREDUODKHUPHWLFLGDGGHOSUHILOWURGHFDUEXUDQWH
6LKDHVFDSDGRFDUEXUDQWH9ROYHUDDSUHWDUHOFDUWXFKRILOWUDQWH\WRGDVODVXQLRQHVURVFDGDV
&HUUDUODSXHUWD
0DQWHQLPLHQWRGHOVHSDUDGRUGHFDUEXUDQWHDJXD
6HKDLQVWDODGRXQVHSDUDGRUGHDJXDHQWUHHOGHSµVLWRGHFDUEXUDQWH\ODERPEDGHFDUEXUDQWH(Q
HOGHSµVLWRVHSDUDGRUWUDQVSDUHQWHVHSXHGHYHUHOQLYHOGHOFDUEXUDQWH
(ODJXDWLHQHXQDLPSHUPHDELOLGDGPD\RUTXHHOFDUEXUDQWHSRUHVRVHSRVDHQHOIRQGRGHOGHSµVLWR
VHSDUDGRU(OHQVXFLDPLHQWRGHODJXDWDPEL«QVHGLIHUHQFLDGHOFRORUGHOFDUEXUDQWH
&RQWURODUGLDULDPHQWHVLVHKDQDFXPXODGRDJXD\VXFLHGDGHQHOGHSµVLWRVHSDUDGRUGHDJXD
&RQGLFLµQ 'HVHPERUQDGRHOFDEOHGHOSRORQHJDWLYRGHODEDWHU¯D
)LJ 0DQWHQLPLHQWRGHOVHSDUDGRUGHDJXD
7RUQLOORGHYHQWLODFLµQ
'HSµVLWRVHSDUDGRU
7RUQLOORGHSXUJD
&RQWURODUHOVHSDUDGRUGHDJXD
ᇐ (IHFWXDUXQFRQWUROYLVXDOGHOFDUEXUDQWHHQHOVHSDUDGRUGHDJXD
9DFLDULQPHGLDWDPHQWHHOVHSDUDGRUGHDJXDHQFDVRGHVXFLHGDG
9DFLDUHOVHSDUDGRUGHDJXD
&RORFDUHOUHFLSLHQWHFROHFWRUGHEDMRGHOWRUQLOORGHSXUJD GHOVHSDUDGRUGHDJXD
6ROWDUHOWRUQLOORGHYHQWLODFLµQ HQODSDUWHVXSHULRUGHODWDSDGHOILOWUR
6ROWDUHOWRUQLOORGHSXUJD \GHVFDUJDUHODJXD\ODVLPSXUH]DVVHSDUDGDV
5HFRJHUHOFDUEXUDQWHTXHVDOH
9ROYHUDDSUHWDUHOWRUQLOORGHSXUJD\HOWRUQLOORGHYHQWLODFLµQ
5HWLUDUORVUHFLSLHQWHVFROHFWRUHV
(PERUQDUODEDWHU¯D
,QVWUXFFLRQHVGHVHUYLFLR0RELODLU
0 1rB6
0DQWHQLPLHQWR
0RWRU
(OLPLQDUHOFDUEXUDQWHUHFRJLGR\HOPDWHULDOFRQWDPLQDGRGHFDUEXUDQWHREVHUYDQGRODVQRUಣ
PDWLYDVPHGLRDPELHQWDOHV
ᇐ &HUUDUODSXHUWD
0DQWHQLPLHQWRGHORVILOWURVGHFRPEXVWLEOH
&RQGLFLµQ 'HVHPERUQDGRHOFDEOHGHOSRORQHJDWLYRGHODEDWHU¯D
5HQRYDUHOSUHILOWURGHFDUEXUDQWH
)LJ 5HQRYDUHOSUHILOWURGHFDUEXUDQWH
0DQJXHUDGHFRPEXVWLEOH
$EUD]DGHUD
3UHILOWURGHFRPEXVWLEOH
&RORFDUHOUHFLSLHQWHFROHFWRUGHEDMRGHODFDUFDVDGHOSUHILOWURGHFRPEXVWLEOH
6ROWDUODVDEUD]DGHUDVH[WUDHUHOSUHILOWURGHFDUEXUDQWH GHHQWUHORVWXERVIOH[LEOHV\UHFRJHU
HOFDUEXUDQWHTXHVDOH
&RORFDUXQQXHYRSUHILOWURGHFDUEXUDQWHHQWUHORVWXERVIOH[LEOHV\ILMDUORFRQDEUD]DGHUDVREಣ
VHUYDQGRHOVHQWLGRGHPRQWDMHGHOSUHILOWUR
5HWLUDUORVUHFLSLHQWHVFROHFWRUHV
6XVWLWXLUHOILOWURPLFUµQLFRGHFDUEXUDQWH
)LJ 6XVWLWXLUHOILOWURILQRGHFRPEXVWLEOH
6RSRUWHGHOILOWUR
&DUWXFKRGHOILOWURILQR
6HQWLGRGHJLURSDUDGHVDWRUQLOODUHOFDUWXFKRILOWUDQWH
&RORTXHHOUHFLSLHQWHFROHFWRUGHEDMRGHODFDUFDVDGHOILOWURILQRGHFRPEXVWLEOH
6ROWDU\GHVDWRUQLOODUHOFDUWXFKRILOWUDQWHPLFUµQLFRFRQODVKHUUDPLHQWDVKDELWXDOHVGHOPHUFDGR
5HFRJHUHOFDUEXUDQWHTXHSXHGDKDEHUVHHVFDSDGR
,QVWUXFFLRQHVGHVHUYLFLR0RELODLU
1rB6 0
0DQWHQLPLHQWR
0RWRU
/LPSLHFXLGDGRVDPHQWHODV£UHDVGHHVWDQTXHLGDGGHOILOWURFRQXQSD³RTXHQRVXHOWHSHOXVDV
\HQJUDVDUOROLJHUDPHQWHFRQFRPEXVWLEOH
,PSUHJQDUOLJHUDPHQWHODVXSHUILFLHGHHPSDTXHWDGXUDGHOFDUWXFKRILOWUDQWHPLFUµQLFRFRQFDUಣ
EXUDQWH\DSUHWDUORPDQXDOPHQWHHQHOVHQWLGRGHODVDJXMDVGHOUHORMKDVWDTXHODMXQWDTXHGH
ELHQFRORFDGD
'HVSX«VGHFDPELDUORVILOWURVGHFDUEXUDQWHGHEHU£GHVSUHVXUL]DUVHHOVLVWHPDGHFDUEXUDQWH
(OLPLQHHOFRPEXVWLEOHUHFRJLGRHOPDWHULDO\ORVFRPSRQHQWHVFRQWDPLQDGRVFRQFRPEXVWLEOH
REVHUYDQGRODVQRUPDWLYDVPHGLRDPELHQWDOHV
3XHVWDHQVHUYLFLR
9ROYHUDHPERUQDUODEDWHU¯D
&HUUDUODSXHUWD
$UUDQFDUODP£TXLQD\UHDOL]DUXQDPDUFKDGHSUXHED
3RQHUHQPDUFKDODP£TXLQD\GHMDUODIXQFLRQDUHQ0$5&+$(19$&2GXUDQWHDSUR[LPDGDಣ
PHQWHPLQXWR
'HVFRQHFWDUODP£TXLQD
$EULUODSXHUWDGHUHFKD
(IHFWXDUXQDYHULILFDFLµQYLVXDOGHHVWDQTXHLGDGGHOVLVWHPDGHOFDUEXUDQWH
9ROYHUDDSUHWDUODVXQLRQHVURVFDGDV
&HUUDUODSXHUWD
&RQWURODUHOQLYHOGHDFHLWHGHOPRWRU
(OQLYHOGHDFHLWHGHOPRWRUVHFRQWURODFRQODYDULOODGHPHGLFLµQGHOF£UWHU/DVLWXDFLµQLGHDOHV
FXDQGRHOQLYHOGHOIOXLGRUHIULJHUDQWHVHHQFXHQWUDHQWUHODVGRVPDUFDVGHODYDULOODGHPHGLFLµQ(O
QLYHOQRGHEHU£FDHUSRUGHEDMRGHOm1LYHOP¯QLPRGHDFHLWH}
0DWHULDO 3D³RSDUDOLPSLH]D
&RQGLFLµQ 0£TXLQDGHVFRQHFWDGD
0£TXLQDHVWDFLRQDGDHQSRVLFLµQKRUL]RQWDO
0£TXLQDFRPSOHWDPHQWHGHVSUHVXUL]DGDHOPDQµPHWURLQGLFDEDU
0£TXLQDIU¯D
'HVDFRSODGRVORVFRQVXPLGRUHVGHDLUHFRPSULPLGRDELHUWDVODVY£OYXODVGHWRPD
,QVWUXFFLRQHVGHVHUYLFLR0RELODLU
0 1rB6
0DQWHQLPLHQWR
0RWRU
)LJ &RQWURODUHOQLYHOGHDFHLWHGHOPRWRU
7DSµQGHDFHLWHGHOPRWRU $ 0DUFDFLµQmQLYHOGHDFHLWHP£[LPR}
9DULOODGHPHGLFLµQ % 0DUFDFLµQmQLYHOGHDFHLWHP¯QLPR}
$EULUODSXHUWDGHUHFKD
6DFDUODYDULOODGHPHGLFLµQGHDFHLWHOLPSLDUODFRQXQWUDSRTXHQRGHMHSHOXVD\YROYHUD
LQWURGXFLUOD
9ROYHUDVDFDUODYDULOODSDUDPLUDUHOQLYHOGHDFHLWH
1LYHOGHDFHLWHHQWUHODVGRVPDUFDVGHODYDULOOD&RUUHFWR
(ODFHLWHKDOOHJDGRDOm1LYHOGHDFHLWHP¯QLPR}RHVW£SRUGHEDMR$³DGLUP£VDFHLWH
&HUUDUODSXHUWD
5HOOHQDGRGHDFHLWHGHOPRWRU
0DWHULDO (ODFHLWHGHOPRWRU
3D³RSDUDOLPSLH]D
(PEXGR
&RQGLFLµQ 0£TXLQDGHVFRQHFWDGD
0£TXLQDHVWDFLRQDGDHQSRVLFLµQKRUL]RQWDO
0£TXLQDFRPSOHWDPHQWHGHVSUHVXUL]DGDHOPDQµPHWURLQGLFDEDU
'HVDFRSODGRVORVFRQVXPLGRUHVGHDLUHFRPSULPLGRDELHUWDVODVY£OYXODVGHWRPD
'HVHPERUQDGRHOFDEOHGHOSRORQHJDWLYRGHODEDWHU¯D
5HOOHQDGRGHDFHLWHGHOPRWRU
3DUDFDQWLGDGGHUHOOHQRGHDFHLWHGHOPRWRUYHUFDS¯WXOR
2EVHUYHODPDUFDm1LYHOP£[GHDFHLWH}HQODYDULOODGHPHGLFLµQGHDFHLWH
$EULUODSXHUWDGHUHFKD
5HWLUDUHOWDSµQ\UHOOHQDUGHDFHLWHQXHYR
(VSHUDUXQP¯QLPRGHFLQFRPLQXWRV\YROYHUDFRQWURODUHOQLYHOGHDFHLWH
(ODFHLWHTXHVHDFDEDGHLQWURGXFLUWDUGDDOJXQRVPLQXWRVHQDFXPXODUVHHQHOF£UWHU
1LYHOGHDFHLWHGHPDVLDGREDMRUHOOHQDUGHDFHLWHGHOPRWRU
,QVWUXFFLRQHVGHVHUYLFLR0RELODLU
1rB6 0
0DQWHQLPLHQWR
0RWRU
9XHOYDDDWRUQLOODUHOWDSµQ
9XHOYDDHPERUQDUHOFDEOHGHOSRORQHJDWLYRGHODEDWHU¯D
&HUUDUODSXHUWD
$UUDQFDUODP£TXLQD\UHDOL]DUXQDPDUFKDGHSUXHED
3RQHUHQPDUFKDODP£TXLQD\GHMDUODIXQFLRQDUHQ0$5&+$(19$&2GXUDQWHDSUR[LPDGDಣ
PHQWHPLQXWRV
'HVFRQHFWDUODP£TXLQD
(VSHUDUKDVWDTXHVHKD\DGHVSUHVXUL]DGRDXWRP£WLFDPHQWHODP£TXLQD
c(OPDQµPHWURLQGLFDEDU
$EULUODSXHUWDGHUHFKD
8QDYH]WUDQVFXUULGRVDSUR[PLQXWRVFRPSUXHEHHOQLYHOGHDFHLWHGHOPRWRU
1LYHOGHDFHLWHGHPDVLDGREDMRYROYHUDUHOOHQDUGHDFHLWHGHOPRWRU
(IHFWXDUXQDYHULILFDFLµQYLVXDOGHHVWDQTXHLGDG
&HUUDUODSXHUWD
&DPELDUHODFHLWHGHOPRWRU
(ODFHLWHGHOPRWRUGHEHFDPELDUVH
႐ FRQIRUPHDODWDEODGHPDQWHQLPLHQWR
႐ VHJ¼QHOJUDGRGHVXFLHGDGGHODLUHGHDVSLUDFLµQ
႐ SHURSRUORPHQRVXQDYH]DOD³R
3DUDFDQWLGDGGHUHOOHQRGHDFHLWHGHOPRWRUYHUFDS¯WXOR
0DWHULDO (ODFHLWHGHOPRWRU
5HFLSLHQWHFROHFWRU
/ODYHGHWRUQLOORV
3D³RSDUDOLPSLH]D
&RQGLFLµQ 0£TXLQDGHVFRQHFWDGD
0£TXLQDHVWDFLRQDGDHQSRVLFLµQKRUL]RQWDO
0£TXLQDFRPSOHWDPHQWHGHVSUHVXUL]DGDHOPDQµPHWURLQGLFDEDU
0RWRUFDOLHQWH
'HVDFRSODGRVORVFRQVXPLGRUHVGHDLUHFRPSULPLGRDELHUWDVODVY£OYXODVGHWRPD
'HVHPERUQDGRHOFDEOHGHOSRORQHJDWLYRGHODEDWHU¯D
35(&$8&,1
c3HOLJURGHTXHPDGXUDVSRUFRPSRQHQWHVFDOLHQWHV\VDOLGDGHDFHLWHGHOPRWRU
ᇐ 8VHURSDGHPDQJDODUJD\JXDQWHV
,QVWUXFFLRQHVGHVHUYLFLR0RELODLU
0 1rB6
0DQWHQLPLHQWR
0RWRU
)LJ &DPELDUHODFHLWHGHOPRWRU
%ORTXHGHOPRWRU &£UWHUYLVWRGHVGHDEDMR
&£UWHUGHDFHLWH 2ULILFLRGHSXUJDGHOF£UWHU
7RUQLOORGHSXUJDDFHLWHGHOPRWRU 7DSµQGHDFHLWHGHOPRWRU
&£UWHU
3XUJDGHODFHLWHGHOPRWRU
$EULUODSXHUWDGHUHFKD
'HVHQURVTXHHOWDSµQGHDFHLWHGHOPRWRU
&RORTXHHOUHFLSLHQWHFROHFWRUGHEDMRGHORULILFLRGHSXUJDGHOF£UWHU
6DFDUHOWRUQLOORGHSXUJD
(ODFHLWHGHOPRWRUFDHHQHOUHFLSLHQWHFROHFWRU
/LPSLDUHOWRUQLOORGHSXUJDYROYHUDFRORFDUORFRQXQDQXHYDMXQWD\DSUHWDUOR
'HVHQURVFDUHOWDSµQGHDFHLWHGHOPRWRU
&HUUDUODSXHUWD
(OLPLQHHODFHLWHXVDGRUHFRJLGR\ORVFRPSRQHQWHVFRQWDPLQDGRVFRQDFHLWHUHVSHWDQGRODV
QRUPDWLYDVPHGLRDPELHQWDOHV
P£VLQIRUPDFLµQ 3DUDVDEHUFµPRD³DGLUP£VDFHLWHFRQVXOWHHOFDS¯WXOR
3DUDP£VLQIRUPDFLRQHVUHIHUHQWHVDOFDPELRGHODFHLWHGHOPRWRUYHUODVLQVWUXFFLRQHVGHVHUYLFLR
GHOIDEULFDQWHGHPRWRUHV
(QODVP£TXLQDVHVWDFLRQDULDVORVSXQWRVGHSXUJDGHODFHLWH\HOIOXLGRUHIULJHUDQWHGHOPRWRU\HO
FRPSUHVRUHVW£QFHQWUDGRV\GLVSXHVWRVKDFLDIXHUD/DHYDFXDFLµQGHODFHLWHGHOPRWRUVHOOHYDD
FDERDWUDY«VGHXQDPDQJXHUDDWRUQLOODGDDORULILFLRGHSXUJDGHOEORTXHPRWRU/DPDQJXHUDHVW£
FHUUDGDHQHOODGRGHGHVFDUJDFRQXQDY£OYXODGHFLHUUH\VHOODGDFRQXQWDSµQURVFDGR
,QVWUXFFLRQHVGHVHUYLFLR0RELODLU
1rB6 0
0DQWHQLPLHQWR
0RWRU
2SFLµQVFVL
)LJ &DPELRGHODFHLWHGHOPRWRURULILFLRGHSXUJD
2ULILFLRGHSXUJDGHODFHLWHGHOPRWRU 0DQJXHUDGHGHVFDUJD
7DSµQURVFDGR &£UWHUGHDFHLWH
9£OYXODGHSXUJDOODYHGHEROD 7DSµQGHDFHLWHGHOPRWRU
$EULUODSXHUWDGHUHFKD
'HVHQURVTXHHOWDSµQGHDFHLWHGHOPRWRU
&RORTXHHOUHFLSLHQWHFROHFWRUGHEDMRGHORULILFLRGHSXUJDGHODFHLWHGHOPRWRU
'HVHQURVTXHHOWDSµQURVFDGR DEUDODY£OYXODGHSXUJDFRUUHVSRQGLHQWH \UHFRMDHODFHLWH
XVDGR
&LHUUHODY£OYXODGHSXUJD\YXHOYDDHQURVFDUHOWDSµQURVFDGRFRQXQDMXQWDQXHYD
'HVHQURVFDUHOWDSµQGHDFHLWHGHOPRWRU
&HUUDUODSXHUWD
(OLPLQHHODFHLWHXVDGRUHFRJLGR\ORVFRPSRQHQWHVFRQWDPLQDGRVFRQDFHLWHUHVSHWDQGRODV
QRUPDWLYDVPHGLRDPELHQWDOHV
P£VLQIRUPDFLµQ 3DUDVDEHUFµPRD³DGLUP£VDFHLWHFRQVXOWHHOFDS¯WXOR
3DUDP£VLQIRUPDFLRQHVUHIHUHQWHVDOFDPELRGHODFHLWHGHOPRWRUYHUODVLQVWUXFFLRQHVGHVHUYLFLR
GHOIDEULFDQWHGHPRWRUHV
&DPELRGHOILOWURGHDFHLWH
0DWHULDO 3LH]DGHUHFDPELR
/ODYHSDUDILOWURV
3D³RSDUDOLPSLH]D
5HFLSLHQWHFROHFWRU
&RQGLFLµQ 0£TXLQDGHVFRQHFWDGD
0£TXLQDFRPSOHWDPHQWHGHVSUHVXUL]DGDHOPDQµPHWURLQGLFDEDU
0£TXLQDIU¯D
'HVDFRSODGRVORVFRQVXPLGRUHVGHDLUHFRPSULPLGRDELHUWDVODVY£OYXODVGHWRPD
'HVHPERUQDGRHOFDEOHGHOSRORQHJDWLYRGHODEDWHU¯D
,QVWUXFFLRQHVGHVHUYLFLR0RELODLU
0 1rB6
0DQWHQLPLHQWR
0RWRU
35(&$8&,1
c3HOLJURGHTXHPDGXUDVSRUFRPSRQHQWHVFDOLHQWHV\VDOLGDGHDFHLWHGHOPRWRU
ᇐ 8VHURSDGHPDQJDODUJD\JXDQWHV
)LJ &DPELDUHOILOWURGHDFHLWH
6HQWLGRGHJLURSDUDGHVHQURVFDUHOILOWURGHDFHLWH
)LOWURGHDFHLWH
%ORTXHPRWRU
$EULUODSXHUWDGHUHFKD
3UHSDUDUHOUHFLSLHQWHFROHFWRUGHEDMRGHOILOWURGHDFHLWH
6XHOWHHOILOWURGHDFHLWHJLU£QGRORHQVHQWLGRFRQWUDULRDOGHODVDJXMDVGHOUHORMUHFRMDHODFHLWH
GHOPRWRUTXHVDOJD
/LPSLHFXLGDGRVDPHQWHODV£UHDVGHHVWDQTXHLGDGFRQXQSD³RTXHQRVXHOWHSHOXVDV
(QJUDVDUOLJHUDPHQWHODMXQWDGHOILOWURQXHYRFRQDFHLWH
$SUHWDUHOILOWURGHDFHLWHFRQODVPDQRVHQHOVHQWLGRGHODVDJXMDVGHOUHORM
&RQWURODUHOQLYHOGHDFHLWHGHOPRWRU
1LYHOGHDFHLWHGHPDVLDGREDMRUHOOHQDUGHDFHLWHGHOPRWRU
9XHOYDDHPERUQDUHOFDEOHGHOSRORQHJDWLYRGHODEDWHU¯D
&HUUDUODSXHUWD
P£VLQIRUPDFLµQ (QFRQWUDU£LQIRUPDFLµQP£VGHWDOODGDDFHUFDGHOFDPELRGHOILOWURGHDFHLWHGHOPRWRUHQODVLQVWUXFಣ
FLRQHVGHVHUYLFLRGHOIDEULFDQWHGHOPRWRU
(OLPLQDUHOILOWURGHDFHLWHXVDGRHODFHLWHXVDGRUHFRJLGR\ORVFRPSRQHQWHVFRQWDPLQDGRV
SRUDFHLWHREVHUYDQGRODVQRUPDWLYDVPHGLRDPELHQWDOHV
0DQWHQLPLHQWRGHODVFRUUHDVGHDFFLRQDPLHQWR
/DGXUDFLµQGHODVFRUUHDVGHDFFLRQDPLHQWRVHYHLQIOXHQFLDGDSRUODWHQVLµQGHFRUUHDV
႐ 8QDFRUUHDVXHOWDSXHGHFDXVDUXQGHVOL]DPLHQWRGHODFRUUHDTXHSURYRFDU£GD³RVGHODPLVPD
\SRVLEOHPHQWHXQVREUHFDOHQWDPLHQWRGHOPRWRU
႐ 6LODFRUUHDHVW£GHPDVLDGRWHQVDGDSXHGHHVWLUDUVHHQH[FHVR\FRPRFRQVHFXHQFLDVH
DFRUWDU¯DVXYLGD¼WLO$GHP£VORVFRMLQHWHVGHO£UEROTXHGDU¯DQVRPHWLGRVDXQDWHQVLµQLQQHಣ
FHVDULDPHQWHDOWD\HVRSRGU¯DGD³DUORV
,QVWUXFFLRQHVGHVHUYLFLR0RELODLU
1rB6 0
0DQWHQLPLHQWR
0RWRU
0DWHULDO /ODYHKH[DJRQDOLQWHULRU
/ODYHGHWRUQLOORV
SDODQFDGHVXMHFLµQDGHFXDGDYDULOODFRUWD
3LH]DGHUHFDPELR
&RQGLFLµQ 0£TXLQDGHVFRQHFWDGD
0£TXLQDFRPSOHWDPHQWHGHVSUHVXUL]DGDHOPDQµPHWURLQGLFDEDU
0£TXLQDIU¯D
'HVDFRSODGRVORVFRQVXPLGRUHVGHDLUHFRPSULPLGRDELHUWDVODVY£OYXODVGHWRPD
'HVHPERUQDGRHOFDEOHGHOSRORQHJDWLYRGHODEDWHU¯D
$9,62
c3ROHDV\FRUUHDVHQPRYLPLHQWR
3HOLJURGHJUDYHVOHVLRQHV\FRQWXVLRQHVGHELGRDODIXHU]DGHWUDFFLµQGHODVFRUUHDV
ᇐ &RPSUREDUODVFRUUHDVVµORFRQHOPRWRUSDUDGR
ᇐ $FFLRQDUODP£TXLQDH[FOXVLYDPHQWHFRQODSURWHFFLµQGHFRUUHDV
ᇐ $EULUDPEDVSXHUWDV
5HWLUHODSURWHFFLµQGHODVFRUUHDV
)LJ )LMDFLµQSURWHFFLµQFRUUHDV
3URWHFFLµQGHFRUUHDV $UDQGHOD
7RUQLOORGHFDEH]DKH[DJRQDO 7RUQLOORFLO¯QGULFRFRQFDEH]DKH[DJRQDOLQಣ
WHULRU
ᇐ 6ROWDUORVWRUQLOORVGHILMDFLµQGHODSURWHFFLµQGHFRUUHDV\TXLWDUOD
(IHFWXDUXQFRQWUROYLVXDO
&RPSUREDUGD³RVYLVLEOHV
ᇐ &RPSUREDUURWXUDVGHVKLODGXUDVRGHIRUPDFLRQHVGHOMXHJRFRPSOHWRGHODVFRUUHDVGHDFFLRಣ
QDPLHQWR
6LGHWHFWDGD³RVRGHVJDVWHFDPELHODFRUUHDGHDFFLRQDPLHQWRLQPHGLDWDPHQWH
,QVWUXFFLRQHVGHVHUYLFLR0RELODLU
0 1rB6
0DQWHQLPLHQWR
0RWRU
&RPSUREDUODSRVLFLµQGHODFRUUHD
)LJ &RQWURODUODSRVLFLµQGHODFRUUHDGHDFFLRQDPLHQWR
3ROHD
&RUUHDVGHDFFLRQDPLHQWR
5DQXUDJX¯DGHODSROHD
ᇐ &RQWURODUODSRVLFLµQGHODFRUUHDGHDFFLRQDPLHQWR
6LODODFRUUHDHVW£SRVLFLRQDGDGHPDVLDGRSURIXQGDPHQWHHQODUDQXUDJX¯DFDPELHODFRUUHD
GHDFFLRQDPLHQWRLQPHGLDWDPHQWH
0RQWDUODSURWHFFLµQGHODVFRUUHDV
&HUUDUODVSXHUWDV
&RQWURODUODWHQVLµQGHODVFRUUHDV
3DUDHYLWDUGLIHUHQFLDVGHORQJLWXGGHELGRDWHPSHUDWXUDVGLIHUHQFLDOHVFRQWURODUHOWHQVDGRGHODV
FRUUHDVVµORFXDQGRHVW£QFDOLHQWHVQRVREUHFDOHQWDGDV
/DWHQVLµQGHODVFRUUHDVSXHGHFRPSUREDUVHDPDQR(MHUFHUSUHVLµQVREUHODFRUUHDDSUHWDQGR
FRQHOSXOJDUSDUDFRPSUREDUODWHQVLµQGHFRUUHDV
)LJ &RPSUREDUODWHQVLµQGHFRUUHDVFRQODPDQR
$ 'HIOH[LµQDGPLVLEOHGHODFRUUHDGHDFFLRQDPLHQWR
&DUJDGHODSUHVLµQDSUR[LPDGDPHQWHದNJ
GHIOH[LµQDGPLVLEOHದPP
&RPSUREDUODWHQVLµQGHFRUUHDVFRQODPDQRYHULOXVWUDFLµQ
7HQVHODFRUUHDTXHHVW«IORMD
0RQWDUODSURWHFFLµQGHODVFRUUHDV
9XHOYDDHPERUQDUHOFDEOHGHOSRORQHJDWLYRGHODEDWHU¯D
&HUUDUODVSXHUWDV
,QVWUXFFLRQHVGHVHUYLFLR0RELODLU
1rB6 0
0DQWHQLPLHQWR
0RWRU
7HQVDUVXVWLWXLUFRUUHDVGHDFFLRQDPLHQWR
7HQVDGRGHODFRUUHDGHDFFLRQDPLHQWRDWUDY«VGHODXQLµQURVFDGDGHOJHQHUDGRUGHFRUULHQWH
WULI£VLFD
)LJ 7HQVDUVXVWLWXLUFRUUHDVGHDFFLRQDPLHQWR
&RUUHDVGHDFFLRQDPLHQWR 7XHUFDKH[DJRQDOWXHUFDGHDSULHWH
*HQHUDGRUGHFRUULHQWHWULI£VLFD 7RUQLOORKH[DJRQDOWRUQLOORGHVXMHFLµQ
%ORTXHPRWRU
7HQVDUODVFRUUHDVGHDFFLRQDPLHQWR
$IORMDUHOWRUQLOORGHILMDFLµQ\HOWRUQLOORWHQVRUGHOJHQHUDGRUGHFRUULHQWHWULI£VLFD
&RORFDUSDODQFDDGHFXDGDHQWUHHOJHQHUDGRUGHFRUULHQWHWULI£VLFD\HOEORTXHGHOPRWRU
(MHUFHUSUHVLµQKDFLDHOH[WHULRUGHOJHQHUDGRUGHFRUULHQWHWULI£VLFDFRQFXLGDGRPHGLDQWHOD
SDODQFDKDVWDTXHODFRUUHDGHDFFLRQDPLHQWRHVW«WHQVDGD
9ROYHUDDSUHWDUWRUQLOORGHVXMHFLµQ\WRUQLOORWHQVRU
4XLWDUODSDODQFD
&RPSUREDUODWHQVLµQGHODFRUUHDVYHULOXVWUDFLµQ
3RFDWHQVLµQGHODVFRUUHDV(MHUFHUSUHVLµQKDFLDHOH[WHULRUGHOJHQHUDGRUGHFRUULHQWHWULI£VLFD
7HQVDGRGHFRUUHDGHPDVLDGRDOWD$SUHWDUGHOJHQHUDGRUGHFRUULHQWHWULI£VLFDKDFLDGHQWURFRQ
FXLGDGR
&DPELDUODFRUUHDGHDFFLRQDPLHQWR
$IORMDUHOWRUQLOORGHVXMHFLµQ\GHOWRUQLOORWHQVRUGHOJHQHUDGRUGHFRUULHQWHWULI£VLFDKDVWDTXH
VHSXHGDUHWLUDUODFRUUHDGHDFFLRQDPLHQWRGHODVSROHDV
5HWLUDUFRUUHDGHDFFLRQDPLHQWR
&RPSUREDUVLKD\VXFLHGDGHQODVSROHDVGHWUDQVPLVLµQRVLHVW£QGHVJDVWDGDV
6LXQDSROHDHVW£VXFLDO¯PSLHOD
3ROHDGHVJDVWDGD(QFDUJDUODVXVWLWXFLµQGHODSROHDGHWUDQVPLVLµQ
&RORFDUODQXHYDFRUUHDGHDFFLRQDPLHQWRVREUHODVSROHDVGHWUDQVPLVLµQVLQIXHU]DDPDQR
7HQVDUODFRUUHDGHDFFLRQDPLHQWR
8QDYH]GHVPRQWDGDXQDFRUUHDDFFLRQDPLHQWR«VWD\DQRVHSXHGHYROYHUDXWLOL]DU
'HVSX«VGHGRVDWUHVKRUDVGHVHUYLFLRDSUR[LPDGDPHQWHVHGHEHFRQWURODUODWHQVLµQGHODV
FRUUHDV
,QVWUXFFLRQHVGHVHUYLFLR0RELODLU
0 1rB6
0DQWHQLPLHQWR
0RWRU
/DFRUUHDGHDFFLRQDPLHQWRGHVPRQWDGDGHEHU£HOLPLQDUVHFRQIRUPHDODVSUHVFULSFLRQHVSDUD
ODSURWHFFLµQGHOPHGLRDPELHQWHYLJHQWHV
3XHVWDHQVHUYLFLR
0RQWDUODSURWHFFLµQGHODVFRUUHDV
6XMHWDUWXERIOH[LEOHGHOUDGLDGRU
9XHOYDDHPERUQDUHOFDEOHGHOSRORQHJDWLYRGHODEDWHU¯D
&HUUDUODVSXHUWDV
P£VLQIRUPDFLµQ (QFRQWUDU£P£VLQIRUPDFLµQVREUHHOGHVPRQWDMHWHQVDGR\VXVWLWXFLµQGHODVFRUUHDVHQODVLQVಣ
WUXFFLRQHVGHVHUYLFLRGHOIDEULFDQWHGHOPRWRU
0DQWHQLPLHQWRGHODEDWHU¯D
ᇐ 6LODEDWHU¯DVHGHVFDUJDVLQPRWLYRDSDUHQWHKD\TXHFRQWURODUHOVLVWHPDGHFDUJD
6HJXULGDG
$9,62
c3HOLJURGHFDXWHUL]DFLRQHVGHELGRDODVDOLGDGH£FLGRV
ᇐ /OHYDUODFRUUHVSRQGLHQWHURSDGHSURWHFFLµQDV¯FRPRJXDQWHVGHFDXFKRUHVLVWHQWHVDORV
£FLGRV
ᇐ /OHYDUJDIDVGHSURWHFFLµQ\PDVFDULOOD
ᇐ 1RYROFDUODEDWHU¯D(O£FLGRSXHGHVDOLUGHORVRULILFLRVGHHVFDSHGHDLUH
ᇐ 7UDEDMDUFRQFXLGDGR
'XUDQWHORVWUDEDMRVGHPDQWHQLPLHQWRGHODEDWHU¯DGHEHUHVSHWDUORVDVSHFWRVVLJXLHQWHV
)LJ 3HJDWLQDGHDYLVRFRQVH³DOHVGHVHJXULGDGHQODEDWHU¯D
c6HSURKLEHHOHPSOHRGHIXHJRFKLVSDV c/DEDWHU¯DFRQWLHQHXQ£FLGRFRUURVLYR
OODPDOLEUH\IXPDU c2EVHUYDUODVLQVWUXFFLRQHVGHOIDEULFDQWH
c/OHYDUJDIDVSURWHFWRUDVPDVFDULOODc3HOLಣ GHEDWHU¯DV
JURGHFDXWHUL]DFLµQ c3HOLJURGHH[SORVLµQ
c0DQWHQJDDORVQL³RVDOHMDGRVGH£FLGRV\
EDWHU¯DV
ᇐ 2EVHUYDUODVVH³DOHVGHVHJXULGDGGHODSHJDWLQDGHDYLVRHQODEDWHU¯D
0£VDGYHUWHQFLDVGHVHJXULGDGVREUHHOPDQHMRGHEDWHU¯DV
1RUHWLUDULQQHFHVDULDPHQWHODSURWHFFLµQGHORVSRORVGHODEDWHU¯D
,QVWUXFFLRQHVGHVHUYLFLR0RELODLU
1rB6 0
0DQWHQLPLHQWR
0RWRU
c1RSRQJDQKHUUDPLHQWDVVREUHODEDWHU¯Dc([LVWHSHOLJURGHFRUWRFLUFXLWRVREUHFDOHQWDPLHQWR
\H[SORVLµQGHODEDWHU¯D
c7HQHUPXFKRFXLGDGRFRQODVEDWHU¯DVTXHOOHYDQ\DXQWLHPSRPD\RUGHVHUYLFLRRKDQVLGR
FDUJDGDV\DSHOLJURGHODIRUPDFLµQGHXQDPH]FODGHJDVHVIXOPLQDQWHV\DOWDPHQWHH[SORVLYRV
c3URFXUDUODYHQWLODFLµQDGHFXDGD
&RQWURODU\FXLGDUODEDWHU¯D
$XQTXHXQDEDWHU¯DWHQJDHODWULEXWRQRQHFHVLWDPDQWHQLPLHQWRHVLPSUHVFLQGLEOHTXHVHFXLGH
SDUDSRGHUDVHJXUDUVXIXQFLRQDPLHQWRGXUDQWHXQDYLGD¼WLOP£VODUJD
/LPSLDUODFDUFDVD\ODVFRQH[LRQHVUHJXODUPHQWHFRQXQDED\HWD$V¯VHSUHYLHQHQFRUULHQWHVGH
IXJDV\VHUHGXFHXQDDXWRGHVFDUJD
0DWHULDO *UDVDSDUDSRORV
$JXDGHVWLODGD
3D³RSDUDOLPSLH]D
*XDQWHVGHSURWHFFLµQ
&RQGLFLµQ 0£TXLQDGHVFRQHFWDGD
0£TXLQDVHHQFXHQWUDHQSRVLFLµQKRUL]RQWDO
0£TXLQDFRPSOHWDPHQWHGHVSUHVXUL]DGDHOPDQµPHWURLQGLFDEDU
0£TXLQDIU¯D
$EULUODSXHUWDL]TXLHUGD
/LPSLDUODFDUFDVD\ODVFRQH[LRQHV
(QJUDVDUOLJHUDPHQWHORVFRQWDFWRVFRQJUDVDGHSRORSDUDSURWHJHUORVFRQWUDODFRUURVLµQ
&RPSUREDUHOSHUIHFWRDMXVWHGHODVFRQH[LRQHVGHORVFDEOHVHQFDVRQHFHVDULRYROYHUDDSUHಣ
WDUORV
&HUUDUODSXHUWD
&RQWURODUHOQLYHOGH£FLGRGHODEDWHU¯D
1RUPDOPHQWHODFDQWLGDGGH£FLGRHVVXILFLHQWHSDUDWRGDODYLGD¼WLOGHODEDWHU¯D6LQHPEDUJRVH
GHEHU¯DFRQWURODUHOQLYHOGH£FLGRXQDYH]DOD³R(OQLYHOGH£FLGRGHEHU¯DOOHJDUKDVWDODPDUFDFLµQ
RFPSRUHQFLPDGHODVSODFDV
c&DPELDUODEDWHU¯DLQPHGLDWDPHQWHVLXQDFDUFDVDGHIHFWXRVDHVODFDXVDGHXQDS«UGLGDGH
O¯TXLGR
$9,62
c'HVWUXFFLµQGHODEDWHU¯D
&XDQGRVHUHOOHQDODEDWHU¯DFRQ£FLGRSXURVXELU£ODFRQFHQWUDFLµQGHOHOHFWURO¯WLFRVHSXHGH
GHVWUXLUODEDWHU¯D
ᇐ 5HSRQJRH[FOXVLYDPHQWHDJXDGHVWLODGD
$EULUODSXHUWDL]TXLHUGD
&RQWUROQLYHOGH£FLGRGHODEDWHU¯D
(OQLYHOGH£FLGRQROOHJDKDVWDODPDUFDFLµQHVSHFLILFDGDHQODEDWHU¯D
ᇐ 5HSRQHUDJXDGHVWLODGD
ᇐ &HUUDUODSXHUWD
,QVWUXFFLRQHVGHVHUYLFLR0RELODLU
0 1rB6
0DQWHQLPLHQWR
0RWRU
6HUYLFLRHQLQYLHUQR
(QLQYLHUQRODEDWHU¯DHVW£VRPHWLGDDHVIXHU]RVPD\RUHV$WHPSHUDWXUDVEDMDVVHGLVSRQHVRODಣ
PHQWHGHXQDSDUWHGHODSRWHQFLDRULJLQDOGHDUUDQTXH
35(&$8&,1
c3HOLJURGHFRQJHODFLµQGHODEDWHU¯D
8QDEDWHU¯DGHVFDUJDGDHVW£GHVSURWHJLGDFRQWUDHOIU¯R\SXHGHOOHJDUDFRQJHODUVHDഒ
ᇐ &RQWURODUHOHVWDGRGHFDUJDGHODEDWHU¯DFRQXQGHQV¯PHWURSDUD£FLGRV
ᇐ 5HFDUJDUODEDWHU¯D
ᇐ /LPSLDUORVERUQHVGHORVSRORV\OXEULFDUORVFRQJUDVDSDUDSRORV
&RPSUXHEHXQDYH]SRUVHPDQDHOQLYHOGHFDUJDGHODEDWHU¯D
&DUJDEDMD5HFDUJDUODEDWHU¯D
(QFDVRGHSHULRGRVGHSDURGHODP£TXLQDGXUDQWHYDULDVVHPDQDV'HVPRQWDUODEDWHU¯D\
DOPDFHQDUODHQXQOXJDUGRQGHHVW«SURWHJLGDVFRQWUDKHODGDVSDUDTXHQRVHFRQJHOH
(QFDVRVH[WUHPRVVHUHFRPLHQGDHOHPSOHRGHXQDEDWHU¯DGHDUUDQTXHHQIU¯RGHDOWRUHQಣ
GLPLHQWR\RXQDEDWHU¯DDX[LOLDUDGLFLRQDO
'HVPRQWDU\PRQWDUODEDWHU¯D
0DWHULDO /ODYHGHWRUQLOORV
*XDQWHVGHSURWHFFLµQ
&RQGLFLµQ 0£TXLQDGHVFRQHFWDGD
0£TXLQDVHHQFXHQWUDHQSRVLFLµQKRUL]RQWDO
0£TXLQDFRPSOHWDPHQWHGHVSUHVXUL]DGDHOPDQµPHWURLQGLFDEDU
0£TXLQDIU¯D
$9,62
c3HOLJURGHH[SORVLµQGHODEDWHU¯D
(QFDVRGHFRUWRFLUFXLWRODEDWHU¯DVHFDOLHQWDIXHUWHPHQWH\SXHGHUHYHQWDU
(VSRVLEOHTXHVHSURGX]FDXQHVFDSHGH£FLGR
ᇐ 1RSRQHUQXQFDHQFRUWRFLUFXLWRODEDWHU¯DSRUHMHPSORFRQKHUUDPLHQWDV
ᇐ /OHYDUJXDQWHVGHSURWHFFLµQ
35(&$8&,1
c*HQHUDFLµQGHVREUHWHQVLµQGHOJHQHUDGRUGHOPRWRU
3HOLJURGHGHVWUXFFLµQGHOUHJXODGRU\ORVGLRGRVGHOJHQHUDGRUGHOPRWRUSRUSXQWDVGHWHQVLµQ
ᇐ 1RGHVHPERUQDUODEDWHU¯DFRQHOPRWRUHQPDUFKD\DTXHVHLQWHUUXPSLU£ODIXQFLµQGHOD
EDWHU¯D
$EULUODSXHUWDL]TXLHUGD
'HVHPERUQDUSULPHURHOSRORQHJDWLYRGHVSX«VHOSRORSRVLWLYR
'HVHQURVFDUODILMDFLµQGHODEDWHU¯D
([WUDLJDODEDWHU¯DOHYDQW£QGRODFRQFXLGDGR
&HUUDUODSXHUWD
0RQWDMHGHODEDWHU¯DHQRUGHQLQYHUVR
,QVWUXFFLRQHVGHVHUYLFLR0RELODLU
1rB6 0
0DQWHQLPLHQWR
&RPSUHVRU
&DPELRGHODEDWHU¯D
&XDQGRVHVXVWLWX\DODEDWHU¯DODQXHYDEDWHU¯DGHEHU£WHQHUODPLVPDFDSDFLGDGODPLVPDLQWHQಣ
VLGDGGHFRUULHQWH\ODPLVPDFRQVWUXFFLµQTXHODEDWHU¯DRULJLQDO
ᇐ 6XVWLWXLUODEDWHU¯DVµORSRURWUDGHOPLVPRWLSR
/DVEDWHU¯DVXVDGDVFRQVWLWX\HQUHVLGXRVWµ[LFRV\GHEHQGHVHFKDUVHFRQIRUPHDODOHJLVODFLµQ
PHGLRDPELHQWDOYLJHQWH
&RPSUHVRU
ᇐ (IHFWXDUORVWUDEDMRVGHPDQWHQLPLHQWRFRQIRUPHDOSODQGHPDQWHQLPLHQWRHQHOFDS¯WXOR
&RQWURODUQLYHOGHDFHLWHUHIULJHUDQWH
6HFRPSUXHEDHOQLYHOGHDFHLWHHQHOWXERGHOOHQDGRGHDFHLWHGHOGHSµVLWRVHSDUDGRUGHDFHLWH
'HVSX«VGHUHWLUDUHOWDSµQURVFDGRGHEHU¯DYHUVHHOQLYHOGHDFHLWH
0DWHULDO 3D³RSDUDOLPSLH]D
&RQGLFLµQ 0£TXLQDGHVFRQHFWDGD
0£TXLQDHVWDFLRQDGDHQSRVLFLµQKRUL]RQWDO
c0£TXLQDFRPSOHWDPHQWHGHVSUHVXUL]DGDHOPDQµPHWURLQGLFDEDU
'HVDFRSODGRVORVFRQVXPLGRUHVGHDLUHFRPSULPLGRDELHUWDVODVY£OYXODVGHWRPD
)LJ &RQWURODUQLYHOGHDFHLWHUHIULJHUDQWH
'HSµVLWRVHSDUDGRUGHDFHLWH $ 1LYHOGHDFHLWHP¯QLPR
7XERGHOOHQDGRGHDFHLWH % 1LYHOGHDFHLWHP£[LPR
7DSµQURVFDGR
$EULUODSXHUWDGHUHFKD
$EULUOHQWDPHQWHHOWDSµQURVFDGR\GHVHQURVFDUGHOWXERGHOOHQDGRGHDFHLWH
&RPSUXHEHYLVXDOPHQWHVLKD\DFHLWH
6LQRHVYLVLEOHHOQLYHOGHDFHLWHD³DGLUP£VDFHLWHUHIULJHUDQWH
9ROYHUDHQURVFDUHOWDSµQURVFDGR
&HUUDUODSXHUWD
,QVWUXFFLRQHVGHVHUYLFLR0RELODLU
0 1rB6
0DQWHQLPLHQWR
&RPSUHVRU
5HOOHQDGRGHDFHLWHUHIULJHUDQWH
0DWHULDO $FHLWHUHIULJHUDQWH
(PEXGR
3D³RSDUDOLPSLH]D
/ODYHGHWRUQLOORV
&RQGLFLµQ 0£TXLQDGHVFRQHFWDGD
0£TXLQDHVWDFLRQDGDHQSRVLFLµQKRUL]RQWDO
c0£TXLQDFRPSOHWDPHQWHGHVSUHVXUL]DGDHOPDQµPHWURLQGLFDEDU
0£TXLQDIU¯D
'HVDFRSODGRVORVFRQVXPLGRUHVGHDLUHFRPSULPLGRDELHUWDVODVY£OYXODVGHWRPD
'HVHPERUQDGRHOFDEOHGHOSRORQHJDWLYRGHODEDWHU¯D
/OHQDUGHIOXLGRUHIULJHUDQWH
8QDSHJDWLQDFRQHOWLSRGHDFHLWHUHIULJHUDQWHOOHQDGRVHHQFXHQWUDHQHOGHSµVLWRVHSDUDGRUGH
DFHLWH
35(&$8&,1
c/DP£TXLQDSXHGHVXIULUGD³RVVLVHXWLOL]DQIOXLGRVUHIULJHUDQWHVLQFRPSDWLEOHV
ᇐ 1RPH]FOHQXQFDDFHLWHVUHIULJHUDQWHVLQFRPSDWLEOHV
ᇐ 8WLOLFHVRODPHQWHHODFHLWHUHIULJHUDQWHGHOPLVPRWLSRTXHVHHQFXHQWUD\DHQODP£TXLQD
$EULUODSXHUWDGHUHFKD
$EULUOHQWDPHQWHHOWDSµQURVFDGRGHOWXERGHOOHQDGR\GHVHQURVFDU
&RQD\XGDGHXQHPEXGRD³DGDDFHLWHUHIULJHUDQWHKDVWDDOFDQ]DUHOQLYHOP£[LPR %
&RQWURODUHOQLYHOGHDFHLWH
&RQWURODUTXHODMXQWDGHOWDSµQURVFDGRQRSUHVHQWHGD³RVH[WHUQRV
-XQWDGHIHFWXRVD&DPELDUMXQWD
&HUUDUWXERGHOOHQDGRFRQWDSµQURVFDGR
(PERUQDUHOSRORQHJDWLYRGHODVEDWHU¯DV
&HUUDUODSXHUWD
$UUDQFDUODP£TXLQD\UHDOL]DUXQDPDUFKDGHSUXHED
&RQHFWDUODP£TXLQD\DFFLRQDUODHQ0$5&+$(19$&2KDVWDTXHKD\DDOFDQ]DGRODWHPSHಣ
UDWXUDGHVHUYLFLR
&HUUDUORVJULIRVGHWRPD
'HVFRQHFWDUODP£TXLQD
(VSHUDUKDVWDTXHVHKD\DGHVSUHVXUL]DGRDXWRP£WLFDPHQWHODP£TXLQD
c(OPDQµPHWURLQGLFDEDU
$EULUORVJULIRVGHWRPD
$EULUODSXHUWDGHUHFKD
&RQWURODUHOQLYHOGHDFHLWHUHIULJHUDQWHWUDVDSUR[LPDGDPHQWHPLQXWRV
6LHOQLYHOGHDFHLWHUHIULJHUDQWHHVGHPDVLDGREDMRYXHOYDDD³DGLUP£VDFHLWHUHIULJHUDQWH
,QVWUXFFLRQHVGHVHUYLFLR0RELODLU
1rB6 0
0DQWHQLPLHQWR
&RPSUHVRU
(IHFWXDUXQDYHULILFDFLµQYLVXDOGHHVWDQTXHLGDG
&HUUDUODSXHUWD
&DPELRGHODFHLWHUHIULJHUDQWH
3RUUHJODJHQHUDOSXUJDUWRGRHODFHLWHUHIULJHUDQWH
႐ 'HSµVLWRVHSDUDGRUGHDFHLWH
႐ 5HIULJHUDGRUGHDFHLWH
႐ GHORVFRQGXFWRVGHDFHLWH
႐ ,QWHUFDPELDGRUGHFDORURSFLµQGE
0DWHULDO $FHLWHUHIULJHUDQWH
5HFLSLHQWHFROHFWRU
-XQWDQXHYDSDUDWRUQLOORGHSXUJD
(PEXGR
3D³RSDUDOLPSLH]D
/ODYHGHWRUQLOORV
&RQGLFLµQ 0£TXLQDGHVFRQHFWDGD
0£TXLQDHVWDFLRQDGDHQSRVLFLµQKRUL]RQWDO
0£TXLQDFRPSOHWDPHQWHGHVSUHVXUL]DGDHOPDQµPHWURLQGLFDEDU
0£TXLQDFDOLHQWH
'HVDFRSODGRVORVFRQVXPLGRUHVGHDLUHFRPSULPLGRDELHUWDVODVY£OYXODVGHWRPD
'HVHPERUQDGRHOFDEOHGHOSRORQHJDWLYRGHODEDWHU¯D
35(&$8&,1
c3HOLJURGHTXHPDGXUDVSRUFRQWDFWRFRQFRPSRQHQWHVFDOLHQWHV\HVFDSHVGHDFHLWHUHIULJHUDQWH
ᇐ 8VHURSDGHPDQJDODUJD\JXDQWHV
,QVWUXFFLRQHVGHVHUYLFLR0RELODLU
0 1rB6
0DQWHQLPLHQWR
&RPSUHVRU
)LJ &DPELDUHODFHLWHUHIULJHUDQWHGHOFRPSUHVRU
'HSµVLWRVHSDUDGRUGHDFHLWH 7XERIOH[LEOHGHSXUJDFRQUDFRUGHFRQHಣ
7RUQLOORGHSXUJDGHSµVLWRVHSDUDGRUGH [LµQ
DFHLWH 5HIULJHUDGRUGHDFHLWH
7XERGHOOHQDGRGHDFHLWH 'HSµVLWRGHFRPEXVWLEOH
9£OYXODGHFLHUUHY£OYXODGHEROD 5HIULJHUDGRUGHDJXDGHOPRWRU
(QFKXIHU£SLGR
ᇐ 2EVHUYDUORVDYLVRVGHVHJXULGDGHQHOFDS¯WXOR
(YDFXDFLµQGHODFHLWHUHIULJHUDQWH
ᇐ $EULUODSXHUWDGHUHFKD
'HVFDUJDUDFHLWHUHIULJHUDQWHGHOGHSµVLWRVHSDUDGRUGHDFHLWH
9DFLDUHOGHSµVLWRVHSDUDGRUGHDFHLWHSRURWURWRUQLOORGHSXUJDVLWXDGRHQODSDUWHLQIHULRUGHOGHಣ
SµVLWRDFFHVLEOHGHVGHDEDMRSRUXQRULILFLRHQODFKDSDGHIRQGR
'HVHQURVTXHHOWDSµQURVFDGR GHOWXERGHOOHQDGRGHDFHLWHGHOGHSµVLWRVHSDUDGRUGHDFHLWH
&RORFDUHOUHFLSLHQWHFROHFWRUGHEDMRGHOWRUQLOORGHSXUJD GHOGHSµVLWRVHSDUDGRUGHDFHLWH
'HVHQURVFDUHOWRUQLOORGHSXUJD \FROHFWDUHODFHLWHUHIULJHUDQWH
9ROYHUDHQURVFDUHOWRUQLOORGHSXUJDFRQODMXQWDQXHYD
9DFLDUHODFHLWHGHUHIULJHUDFLµQGHOUHIULJHUDGRUGHDFHLWH
/DSXUJDGHODFHLWHGHUHIULJHUDFLµQVHOOHYDDFDERSRUPHGLRGHXQDY£OYXODGHFLHUUHTXHKD\HQ
HOUHIULJHUDGRUGHDFHLWH\FRQD\XGDGHXQDPDQJXHUDGHHYDFXDFLµQ
&RORFDUHOGHSµVLWRFROHFWRUGHEDMRGHOUHIULJHUDGRUGHDFHLWHDEHUWXUDHQODFKDSDGHOVXHOR
&RQHFWDUXQDPDQJXHUDGHHYDFXDFLµQ DGHFXDGDDOHQFKXIHU£SLGRGHOUHIULJHUDGRUGHDFHLಣ
WH
0HWHUHOH[WUHPROLEUHGHODPDQJXHUDSRUODDEHUWXUDGHODFKDSDGHOVXHORPHWHU\ILMDUGHQWUR
GHOUHFLSLHQWHFROHFWRU
$EULUODOODYHGHFLHUUH OHQWDPHQWH\HYDFXDUHODFHLWHUHIULJHUDQWH
&HUUDUODOODYHGHFLHUUH\UHWLUDUHOWXERIOH[LEOHGHGHVFDUJD
,QVWUXFFLRQHVGHVHUYLFLR0RELODLU
1rB6 0
0DQWHQLPLHQWR
&RPSUHVRU
2SFLµQGE (YDFXDFLµQGHODFHLWHUHIULJHUDQWHGHOLQWHUFDPELDGRUGHFDORU
(OLQWHUFDPELDGRUGHFDORUVHYDF¯DSRURWURWRUQLOORGHSXUJDVLWXDGRHQHOLQWHUFDPELDGRUGHFDORU
DFFHVLEOHGHVGHDEDMRSRUXQRULILFLRHQODFKDSDGHIRQGR
2SFLµQGE
)LJ (YDFXDFLµQGHODFHLWHUHIULJHUDQWHGHOLQWHUFDPELDGRUGHFDORU
'HSµVLWRVHSDUDGRUGHDFHLWH 7RUQLOORGHSXUJDGHOLQWHUFDPELDGRUGHFDಣ
,QWHUFDPELDGRUGHFDORU ORU
&£UWHU &£UWHUYLVWRGHVGHDEDMR
7HQHUSUHSDUDGRHOUHFLSLHQWHFROHFWRUGHEDMRGHOWRUQLOORGHSXUJD GHOLQWHUFDPELDGRUGH
FDORU
'HVHQURVTXHHOWRUQLOORGHSXUJDGHOLQWHUFDPELDGRUGHFDORU\UHFRMDHODFHLWHUHIULJHUDQWH
9ROYHUDHQURVFDUHOWRUQLOORGHSXUJDFRQODMXQWDQXHYD
5HDOL]DUORV7WDEDMRVILQDOHV
(QURVTXHHOWDSµQURVFDGR GHOWXERGHOOHQDGRGHDFHLWHGHOGHSµVLWRVHSDUDGRUGHDFHLWH
&HUUDUODSXHUWD
(OLPLQDUHODFHLWHXVDGR\HOPDWHULDOFRQWDPLQDGRGHDFHLWHREVHUYDQGRODVQRUPDWLYDVPHಣ
GLRDPELHQWDOHV
P£VLQIRUPDFLµQ 3DUDVDEHUFµPRD³DGLUP£VDFHLWHFRQVXOWHHOFDS¯WXOR
2SFLµQVFVL
(YDFXDFLµQGHODFHLWHUHIULJHUDQWHP£TXLQDVHVWDFLRQDULDV
(QODVP£TXLQDVHVWDFLRQDULDVORVSXQWRVGHSXUJDGHODFHLWH\HOIOXLGRUHIULJHUDQWHGHOPRWRU\HO
FRPSUHVRUHVW£QFHQWUDGRV\GLVSXHVWRVKDFLDIXHUD/DHYDFXDFLµQGHODFHLWHUHIULJHUDQWHVHOOHYD
DFDERDWUDY«VGHPDQJXHUDVHQURVFDGDVHQORVRULILFLRVGHSXUJDGHOGHSµVLWRVHSDUDGRUGHDFHLWH
\HOEORTXHFRPSUHVRU/DVPDQJXHUDVHVW£QFHUUDGDVHQHOODGRGHGHVFDUJDFRQXQDY£OYXODGH
FLHUUH\VHOODGDVFRQXQWDSµQURVFDGR
,QVWUXFFLRQHVGHVHUYLFLR0RELODLU
0 1rB6
0DQWHQLPLHQWR
&RPSUHVRU
)LJ &DPELRGHODFHLWHUHIULJHUDQWHGHOFRPSUHVRURULILFLRVGHSXUJD
7DSµQURVFDGRGHOWXERGHOOHQDGRGHDFHLಣ 7DSµQURVFDGR
WH 9£OYXODGHSXUJDOODYHGHEROD
&RQH[LµQGHSXUJDGHOUHIULJHUDGRUGHDFHLಣ 0DQJXHUDGHGHVFDUJD
WH
&RQH[LµQGHSXUJDGHOGHSµVLWRVHSDUDGRU
GHDFHLWH
$EULUODSXHUWDGHUHFKD
'HVHQURVTXHHOWDSµQURVFDGR GHOWXERGHOOHQDGRGHDFHLWHGHOGHSµVLWRVHSDUDGRUGHDFHLWH
'HVFDUJDUDFHLWHUHIULJHUDQWHGHOGHSµVLWRVHSDUDGRUGHDFHLWH
&RORTXHHOUHFLSLHQWHFROHFWRUGHEDMRGHORULILFLRGHSXUJDGHODFHLWHUHIULJHUDQWHGHOGHSµVLWR
VHSDUDGRUGHDFHLWH
'HVHQURVTXHHOWDSµQURVFDGRFRUUHVSRQGLHQWHDEUDODY£OYXODGHSXUJD\UHFRMDHODFHLWHXVDGR
&LHUUHODY£OYXODGHSXUJD\YXHOYDDHQURVFDUHOWDSµQURVFDGRFRQXQDMXQWDQXHYD
9DFLDUHODFHLWHGHUHIULJHUDFLµQGHOUHIULJHUDGRUGHDFHLWH
&RORTXHHOUHFLSLHQWHFROHFWRUGHEDMRGHORULILFLRGHSXUJDGHODFHLWHUHIULJHUDQWHGHOUHIULJHUDGRU
GHDFHLWH
'HVHQURVTXHHOWDSµQURVFDGRFRUUHVSRQGLHQWHDEUDODY£OYXODGHSXUJD\UHFRMDHODFHLWHXVDGR
&LHUUHODY£OYXODGHSXUJD\YXHOYDDHQURVFDUHOWDSµQURVFDGRFRQXQDMXQWDQXHYD
5HDOL]DUORV7WDEDMRVILQDOHV
(QURVTXHHOWDSµQURVFDGR GHOWXERGHOOHQDGRGHDFHLWHGHOGHSµVLWRVHSDUDGRUGHDFHLWH
&HUUDUODSXHUWD
(OLPLQDUHODFHLWHXVDGR\HOPDWHULDOFRQWDPLQDGRGHDFHLWHREVHUYDQGRODVQRUPDWLYDVPHಣ
GLRDPELHQWDOHV
P£VLQIRUPDFLµQ 3DUDVDEHUFµPRD³DGLUP£VDFHLWHFRQVXOWHHOFDS¯WXOR
,QVWUXFFLRQHVGHVHUYLFLR0RELODLU
1rB6 0
0DQWHQLPLHQWR
&RPSUHVRU
&DPELRGHOILOWURGHDFHLWH
0DWHULDO 3LH]DGHUHFDPELR
/ODYHSDUDILOWURV
5HFLSLHQWHFROHFWRU
3D³RSDUDOLPSLH]D
&RQGLFLµQ 0£TXLQDGHVFRQHFWDGD
0£TXLQDFRPSOHWDPHQWHGHVSUHVXUL]DGDHOPDQµPHWURLQGLFDEDU
0£TXLQDIU¯D
'HVDFRSODGRVORVFRQVXPLGRUHVGHDLUHFRPSULPLGRDELHUWDVODVY£OYXODVGHWRPD
'HVHPERUQDGRHOFDEOHGHOSRORQHJDWLYRGHODEDWHU¯D
35(&$8&,1
c3HOLJURGHTXHPDGXUDVSRUFRQWDFWRFRQFRPSRQHQWHVFDOLHQWHV\HVFDSHVGHDFHLWHUHIULJHUDQWH
ᇐ 8VHURSDGHPDQJDODUJD\JXDQWHV
)LJ &DPELDUHOILOWURGHDFHLWH
)LOWURGHDFHLWH 9£OYXODWHUPRVW£WLFD
6HQWLGRGHJLURSDUDGHVHQURVFDUHOILOWURGH 5HJLVWURGHODWHPSHUDWXUDDPELHQWHQR
DFHLWH FRQODRSFLµQGE
&DPELDUHOILOWURGHDFHLWH
$EULUODSXHUWDL]TXLHUGD
7HQHUSUHSDUDGRHOUHFLSLHQWHFROHFWRU
6XHOWHHOILOWURGHDFHLWHJLU£QGRORHQVHQWLGRFRQWUDULRDOGHODVDJXMDVGHOUHORMUHFRMDHODFHLWH
UHIULJHUDQWHTXHVDOJD
/LPSLDUFXLGDGRVDPHQWHODV£UHDVGHXQLµQFRQXQWUDSRTXHQRVXHOWHSHOXVDV
(QJUDVDUOLJHUDPHQWHODMXQWDGHOILOWURQXHYRFRQDFHLWH
$SUHWDUHOILOWURGHDFHLWHFRQODVPDQRVHQHOVHQWLGRGHODVDJXMDVGHOUHORM
&RQWURODUHOQLYHOGHOIOXLGRUHIULJHUDQWHHQHOGHSµVLWRVHSDUDGRUGHDFHLWH
6LHOQLYHOGHDFHLWHUHIULJHUDQWHHVGHPDVLDGREDMRD³DGDP£VDFHLWHUHIULJHUDQWH
9XHOYDDHPERUQDUHOFDEOHGHOSRORQHJDWLYRGHODEDWHU¯D
&HUUDUODSXHUWD
(OLPLQDUHOILOWURGHDFHLWHXVDGRHODFHLWHUHIULJHUDQWHTXHKD\DVDOLGR\HOPDWHULDOFRQWDPLQDGR
GHDFHLWHREVHUYDQGRODVQRUPDWLYDVPHGLRDPELHQWDOHV
,QVWUXFFLRQHVGHVHUYLFLR0RELODLU
0 1rB6
0DQWHQLPLHQWR
&RPSUHVRU
$UUDQFDUODP£TXLQD\UHDOL]DUXQDPDUFKDGHSUXHED
&RQHFWDUODP£TXLQD\DFFLRQDUODHQ0$5&+$(19$&2KDVWDTXHKD\DDOFDQ]DGRODWHPSHಣ
UDWXUDGHVHUYLFLR
&HUUDUORVJULIRVGHWRPD
'HVFRQHFWDUODP£TXLQD
(VSHUDUKDVWDTXHVHKD\DGHVSUHVXUL]DGRDXWRP£WLFDPHQWHODP£TXLQD
c(OPDQµPHWURLQGLFDEDU
$EULUORVJULIRVGHWRPD
$EULUDPEDVSXHUWDV
8QDYH]WUDQVFXUULGRVDSUR[PLQXWRVFRPSUXHEHHOQLYHOGHDFHLWHUHIULJHUDQWH
6LHOQLYHOGHDFHLWHUHIULJHUDQWHHVGHPDVLDGREDMRYXHOYDDD³DGLUP£VDFHLWHUHIULJHUDQWH
(IHFWXDUXQDYHULILFDFLµQYLVXDOGHHVWDQTXHLGDG
&HUUDUODVSXHUWDV
0DQWHQLPLHQWRGHOFROHFWRUGHVXFLHGDGGHOGHSµVLWRVHSDUDGRUGHDFHLWH
0DWHULDO 3D³RSDUDOLPSLH]D
/ODYHGHWRUQLOORV
GHVWRUQLOODGRUSHTXH³R
.LWGHPDQWHQLPLHQWRY£OYXODFRQWURO
*DVROLQDGHODYDGRRDOFRKRO
&RQGLFLµQ 0£TXLQDGHVFRQHFWDGD
c0£TXLQDFRPSOHWDPHQWHGHVSUHVXUL]DGDHOPDQµPHWURLQGLFDEDU
0£TXLQDIU¯D
'HVDFRSODGRVORVFRQVXPLGRUHVGHDLUHFRPSULPLGRDELHUWDVODVY£OYXODVGHWRPD
'HVHPERUQDGRHOFDEOHGHOSRORQHJDWLYRGHODEDWHU¯D
)LJ /LPSLDUHOFROHFWRUGHVXFLHGDG
7DSDGHSµVLWRVHSDUDGRUGHDFHLWH 7REHUD
9£OYXODGHFRQWURO (QFKXIHURVFDGR
7XHUFDGHUDFRU -XQWDDQXODU
&RQGXFWRGHUHWRUQRGHDFHLWH 7DPL]
ᇐ $EULUODSXHUWDGHUHFKD
$IORMHODWXHUFDGHUDFRU\GREOHHOFRQGXFWRGHUHWRUQRGHDFHLWHKDFLDXQODGR
'HVHQURVTXHHOHQFKXIHURVFDGR
'HVDWRUQLOOHHOWDPL]GHOHQFKXIHURVFDGR
,QVWUXFFLRQHVGHVHUYLFLR0RELODLU
1rB6 0
0DQWHQLPLHQWR
&RPSUHVRU
'HVHQURVTXHODWREHUDXWLOL]DQGRHOGHVWRUQLOODGRU\UHW¯UHODGHOHQVFKXIHURVFDGR
/LPSLHHOHQFKXIHURVFDGRHOWDPL]ODWREHUD\ODMXQWDDQXODUFRQJDVROLQDGHODYDGRRDOFRKRO
&RPSUXHEHHOGHVJDVWHGHODWREHUDGHOWDPL]\GHODMXQWDDQXODU
6LHVW£QPX\GHVJDVWDGRVVXVWLWXLUORVFRPSRQHQWHV
9XHOYDDPRQWDUODWREHUD\HOWDPL]HQHOHQFKXIHURVFDGR
9XHOYDDHQURVFDUHOHQFKXIHURVFDGR\FRPSUXHEHTXHODMXQWDDQXODUHVW£FRUUHFWDPHQWH
DVHQWDGD
9XHOYDDDWRUQLOODUHOFRQGXFWRGHUHWRUQRGHDFHLWH
3XHVWDHQVHUYLFLR
9XHOYDDHPERUQDUHOFDEOHGHOSRORQHJDWLYRGHODEDWHU¯D
&HUUDUODSXHUWD
(OLPLQDUORVFRPSRQHQWHVVXVWLWXLGRV\KHUUDPLHQWDVVXFLDVFRQIRUPHDODVUHJXODFLRQHVPHಣ
GLRDPELHQWDOHV
$UUDQFDUODP£TXLQD\UHDOL]DUXQDPDUFKDGHSUXHED
3RQHUHQPDUFKDODP£TXLQD\GHMDUODIXQFLRQDUHQ0$5&+$(19$&2GXUDQWHDSUR[LPDGDಣ
PHQWHPLQXWRV
'HVFRQHFWDUODP£TXLQD
(VSHUDUKDVWDTXHVHKD\DGHVSUHVXUL]DGRDXWRP£WLFDPHQWHODP£TXLQD
c(OPDQµPHWURLQGLFDEDU
$EULUORVJULIRVGHWRPD
$EULUODSXHUWDGHUHFKD
(IHFWXDUXQDYHULILFDFLµQYLVXDOGHHVWDQTXHLGDG
'HVFRQHFWDUODP£TXLQD
&HUUDUODSXHUWD
&DPELRGHOFDUWXFKRVHSDUDGRUGHDFHLWH
(OFDUWXFKRVHSDUDGRUGHDFHLWHQRVHSXHGHOLPSLDU
/DGXUDFLµQGHOFDUWXFKRVHSDUDGRUGHDFHLWHVHYHLQIOXHQFLDGDSRU
႐ ODSUHVHQFLDGHLPSXUH]DVHQHODLUHDVSLUDGR
႐ 2EVHUYDFLµQGHORVLQWHUYDORVGHFDPELRGH
$FHLWHUHIULJHUDQWH
)LOWURGHDFHLWH
)LOWURGHDLUH
,QVWUXFFLRQHVGHVHUYLFLR0RELODLU
0 1rB6
0DQWHQLPLHQWR
&RPSUHVRU
0DWHULDO 3LH]DGHUHFDPELR
3D³RSDUDOLPSLH]D
/ODYHGHWRUQLOORV
&RQGLFLµQ 0£TXLQDGHVFRQHFWDGD
c0£TXLQDFRPSOHWDPHQWHGHVSUHVXUL]DGDHOPDQµPHWURLQGLFDEDU
0£TXLQDIU¯D
'HVDFRSODGRVORVFRQVXPLGRUHVGHDLUHFRPSULPLGRDELHUWDVODVY£OYXODVGHWRPD
'HVHPERUQDGRHOFDEOHGHOSRORQHJDWLYRGHODEDWHU¯D
ᇐ $EULUODSXHUWDGHUHFKD
&DPELRGHOFDUWXFKRVHSDUDGRUGHDFHLWH
)LJ &DPELRGHOFDUWXFKRVHSDUDGRUGHDFHLWH
7XHUFDGHUDFRUFRQGXFWRGHGLVWULEXFLµQ 7RUQLOORGHILMDFLµQ
7XERGHOFRQGXFWRGHUHWRUQRGHDFHLWH 9£OYXODGHFRQWURO
DWRUQLOODGRDODWDSD 9£OYXODVROHQRLGH
7XHUFDGHUDFRUGHOFRQGXFWRGHUHWRUQRGH -XQWD
DFHLWHDWRUQLOODGDDOFROHFWRUGHVXFLHGDG *UDSDPHW£OLFD
7XEHU¯DGHDLUH &DUWXFKRVHSDUDGRUGHDFHLWH
8QLµQURVFDGDGHWXERV
7DSD
,QVWUXFFLRQHVGHVHUYLFLR0RELODLU
1rB6 0
0DQWHQLPLHQWR
&RPSUHVRU
6DFDUHOFDUWXFKRVHSDUDGRUGHDFHLWHXVDGR FRQODVMXQWDV
/LPSLDUWRGDV£UHDVGHHVWDQTXHLGDGFRQXQWUDSR\WHQJDFXLGDGRGHTXHQRFDLJDQSDUW¯FXODV
H[WUD³DVLPSXUH]DVHQHOGHSµVLWRVHSDUDGRUGHDFHLWH
c1RUHWLUHQODVJUDSDVPHW£OLFDV
/DVSDUWHVPHW£OLFDVGHOFDUWXFKRVHSDUDGRUGHDFHLWHHVW£QLQWHUFRQHFWDGDVHQWUHV¯HO«FWULಣ
FDPHQWH3DUDHVWHILQODVMXQWDV OOHYDQXQDJUDSDPHW£OLFD TXHDVHJXUDODFRQWLQXLGDG
GHOFRQWDFWRHQWUHHOGHSµVLWRVHSDUDGRUGHDFHLWH\HODUPD]µQGHODLQVWDODFLµQ
&RORFDUHOFDUWXFKRVHSDUDGRUGHDFHLWHQXHYRFRQVXVMXQWDVQXHYDV\DWRUQLOODUODWDSD
9ROYHUDSRVLFLRQDUHOWXERGHDLUH
9ROYHUDDMXVWDU\DSUHWDUODVXQLRQHVURVFDGDVVXHOWDV
9ROYHUDVXMHWDUODFRQH[LµQGHFDEOHVHSDUDGD
&RQWURODUHOQLYHOGHOIOXLGRUHIULJHUDQWHHQHOGHSµVLWRVHSDUDGRUGHDFHLWH
6LHOQLYHOGHDFHLWHUHIULJHUDQWHHVGHPDVLDGREDMRD³DGDP£VDFHLWHUHIULJHUDQWH
$OPLVPRWLHPSRTXHVHVXVWLWX\HHOFDUWXFKRVHSDUDGRUGHDFHLWHGHEHU£KDFHUVHXQPDQWHಣ
QLPLHQWRGHOFROHFWRUGHVXFLHGDGGHODY£OYXODGHFRQWURO
P£VLQIRUPDFLµQ ,QIRUPDFLµQVREUHHOPDQWHQLPLHQWRGHOFROHFWRUGHVXFLHGDGGHODY£OYXODGHFRQWUROYHUFDS¯WXಣ
OR
3XHVWDHQVHUYLFLR
(PERUQDUHOSRORQHJDWLYRGHODVEDWHU¯DV
&HUUDUODSXHUWD
(OLPLQDUORVFRPSRQHQWHVVXVWLWXLGRV\KHUUDPLHQWDVVXFLDVFRQIRUPHDODVUHJXODFLRQHVPHಣ
GLRDPELHQWDOHV
$UUDQFDUODP£TXLQD\UHDOL]DUXQDPDUFKDGHSUXHED
&RQHFWDUODP£TXLQD\DFFLRQDUODHQ0$5&+$(19$&2KDVWDTXHKD\DDOFDQ]DGRODWHPSHಣ
UDWXUDGHVHUYLFLR
&HUUDUORVJULIRVGHWRPD
'HVFRQHFWDUODP£TXLQD
(VSHUDUKDVWDTXHVHKD\DGHVSUHVXUL]DGRDXWRP£WLFDPHQWHODP£TXLQD
c(OPDQµPHWURLQGLFDEDU
$EULUORVJULIRVGHWRPD
$EULUODSXHUWDGHUHFKD
8QDYH]WUDQVFXUULGRVDSUR[PLQXWRVFRPSUXHEHHOQLYHOGHDFHLWHUHIULJHUDQWH
6LHOQLYHOGHDFHLWHUHIULJHUDQWHHVGHPDVLDGREDMRD³DGDP£VDFHLWHUHIULJHUDQWH
(IHFWXDUXQDYHULILFDFLµQYLVXDOGHHVWDQTXHLGDG
&HUUDUODSXHUWD
,QVWUXFFLRQHVGHVHUYLFLR0RELODLU
0 1rB6
0DQWHQLPLHQWR
&RPSUHVRU
2SFLµQED
&DPELRGHOFDUWXFKRVHSDUDGRUGHDFHLWHP£TXLQDFRQHTXLSRSDUDWHPSHUDWXUDVEDMDV
2SFLµQED
႐ 'HVFRQJHODGRUFRQHFWDGRDWUDY«VGHO¯QHDVGHFRQWURO
႐ 7XERGHOFRQGXFWRGHUHWRUQRGHDFHLWH TXHVHHQFXHQWUDDWRUQLOODGREDMRODWDSD
6DFDUHOFDUWXFKRVHSDUDGRUGHDFHLWHXVDGR FRQODVMXQWDV
,QVWUXFFLRQHVGHVHUYLFLR0RELODLU
1rB6 0
0DQWHQLPLHQWR
&RPSUHVRU
/LPSLDUWRGDV£UHDVGHHVWDQTXHLGDGFRQXQWUDSR\WHQJDFXLGDGRGHTXHQRFDLJDQSDUW¯FXODV
H[WUD³DVLPSXUH]DVHQHOGHSµVLWRVHSDUDGRUGHDFHLWH
c1RVHGHEHQTXLWDUODVJUDSDVPHW£OLFDV
/DVSLH]DVPHW£OLFDVGHOFDUWXFKRVHSDUDGRUGHDFHLWHHVW£QLQWHUFRQHFWDGDVHQWUHV¯HO«FWULಣ
FDPHQWH3DUDHVWHILQODVMXQWDV OOHYDQXQDJUDSDPHW£OLFD TXHDVHJXUDODFRQWLQXLGDG
GHOFRQWDFWRHQWUHHOGHSµVLWRVHSDUDGRUGHDFHLWH\HODUPD]µQGHODLQVWDODFLµQ
,QVHUWDUHOQXHYRFDUWXFKRVHSDUDGRUFRQMXQWDVQXHYDV
9ROYHUDSRVLFLRQDUFXLGDGRVDPHQWHODWDSDHQHOGHSµVLWRVHSDUDGRUGHDFHLWH\FRORFDUHO
GHVFRQJHODGRUFRQVXVRSRUWH
$SUHWDUODWDSD
9ROYHUDSRVLFLRQDUHOWXERGHDLUH
5HVWDEOH]FDODVXQLRQHVURVFDGDVSUHYLDPHQWHVROWDGDV\DSUL«WHODV
&RQWURODUHOQLYHOGHOIOXLGRUHIULJHUDQWHHQHOGHSµVLWRVHSDUDGRUGHDFHLWH
6LHOQLYHOGHDFHLWHUHIULJHUDQWHHVGHPDVLDGREDMRD³DGDP£VDFHLWHUHIULJHUDQWH
$OPLVPRWLHPSRTXHVHVXVWLWX\HHOFDUWXFKRVHSDUDGRUGHDFHLWHGHEHU£KDFHUVHXQPDQWHಣ
QLPLHQWRGHOFROHFWRUGHVXFLHGDGGHODY£OYXODGHFRQWURO
P£VLQIRUPDFLµQ ,QIRUPDFLµQVREUHHOPDQWHQLPLHQWRGHOFROHFWRUGHVXFLHGDGGHODY£OYXODGHFRQWUROYHUFDS¯WXಣ
OR
3XHVWDHQVHUYLFLR
(PERUQDUHOSRORQHJDWLYRGHODVEDWHU¯DV
&HUUDUODSXHUWD
(OLPLQDUORVFRPSRQHQWHVVXVWLWXLGRV\KHUUDPLHQWDVVXFLDVFRQIRUPHDODVUHJXODFLRQHVPHಣ
GLRDPELHQWDOHV
$UUDQFDUODP£TXLQD\UHDOL]DUXQDPDUFKDGHSUXHED
&RQHFWDUODP£TXLQD\DFFLRQDUODHQ0$5&+$(19$&2KDVWDTXHKD\DDOFDQ]DGRODWHPSHಣ
UDWXUDGHVHUYLFLR
&HUUDUORVJULIRVGHWRPD
'HVFRQHFWDUODP£TXLQD
(VSHUDUKDVWDTXHVHKD\DGHVSUHVXUL]DGRDXWRP£WLFDPHQWHODP£TXLQD
c(OPDQµPHWURLQGLFDEDU
$EULUORVJULIRVGHWRPD
$EULUODSXHUWDGHUHFKD
8QDYH]WUDQVFXUULGRVDSUR[PLQXWRVFRPSUXHEHHOQLYHOGHDFHLWHUHIULJHUDQWH
6LHOQLYHOGHDFHLWHUHIULJHUDQWHHVGHPDVLDGREDMRD³DGDP£VDFHLWHUHIULJHUDQWH
(IHFWXDUXQDYHULILFDFLµQYLVXDOGHHVWDQTXHLGDG
&HUUDUODSXHUWD
0DQWHQLPLHQWRGHOILOWURGHDLUH
/LPSLHHOILOWURGHDLUHFRQIRUPHDODWDEODGHPDQWHQLPLHQWRRDP£VWDUGDUFXDQGRDV¯ORLQGLTXH
HOLQGLFDGRUGHVXFLHGDGFRUUHVSRQGLHQWH
&DPELDUHOILOWURGHDLUHGHVSX«VGHD³RVDP£VWDUGDURFXDQGRVHKD\DOLPSLDGRYHFHV
,QVWUXFFLRQHVGHVHUYLFLR0RELODLU
0 1rB6
0DQWHQLPLHQWR
&RPSUHVRU
c1RVHSHUPLWHPRQWDUODP£TXLQDVLQHOHOHPHQWRILOWUDQWHGHDLUHPRQWDGR1RXWLOL]DUHOHಣ
PHQWRVILOWUDQWHVTXHSUHVHQWHQSOLHJXHVRMXQWDVGD³DGRV
0DWHULDO $LUHFRPSULPLGRGHVRSODGR
5HSXHVWRHQFDVRQHFHVDULR
3D³RSDUDOLPSLH]D
&RQGLFLµQ 0£TXLQDGHVFRQHFWDGD
0£TXLQDFRPSOHWDPHQWHGHVSUHVXUL]DGDHOPDQµPHWURLQGLFDEDU
0£TXLQDIU¯D
'HVDFRSODGRVORVFRQVXPLGRUHVGHDLUHFRPSULPLGRDELHUWDVODVY£OYXODVGHWRPD
$9,62
(OHPHQWRILOWUDQWHGHDLUHGD³DGR
'HVJDVWHGHOPRWRUGHELGRDODVXFLHGDGGHODLUHDVSLUDGR
ᇐ 1ROLPSLHHOHOHPHQWRILOWUDQWHVDFXGL«QGRORRJROSH£QGROR
ᇐ 1RODYHHOHOHPHQWRILOWUDQWH
)LJ 0DQWHQLPLHQWRGHOILOWURGHDLUHGHOFRPSUHVRU
,QGLFDGRUGHVXFLHGDG (OHPHQWRILOWUDQWH
]RQDURMDGHODHVFDODGHLQGLFDFLµQ (VWULERVGHVXMHFLµQ
QGLFHGHOLQGLFDGRUGHVXFLHGDG 7DSDGHOILOWUR
%RWµQGHUHSRVLFLµQGHOLQGLFDGRUGHVXFLHಣ
GDG
,QVWUXFFLRQHVGHVHUYLFLR0RELODLU
1rB6 0
0DQWHQLPLHQWR
&RPSUHVRU
)LJ /LPSLDUHOHOHPHQWRILOWUDQWHGHOILOWUR
3LVWRODGHDLUHFRPSULPLGRFRQWXERGHVRSODGRH[WUHPRGREODGRXQRV|
(OHPHQWRILOWUDQWH
ᇐ $EULUDPEDVSXHUWDV
&RPSUREDUHOJUDGRGHHQVXFLDPLHQWRGHOILOWURGHDLUH
6HGHEHHIHFWXDUHOPDQWHQLPLHQWRGHOILOWURFXDQGRHO¯QGLFHDPDULOORHQHOLQWHULRUGHOLQGLFDGRUGH
HQVXFLDPLHQWRKD\DDOFDQ]DGRHOVHFWRUURMRGHODHVFDODGHLQGLFDFLµQ
ᇐ &RPSUREDUHOLQGLFDGRUGHVXFLHGDGGHOILOWURGHDLUH
(O¯QGLFHDPDULOORKDDOFDQ]DGRHOVHFWRUURMRGHODHVFDODGHLQGLFDFLµQ/LPSLDURFDPELDUHO
HOHPHQWRILOWUDQWH
/LPSLDUHOILOWURGHDLUH
6ROWDUHVWULERVGHVXMHFLµQ4XLWDUODWDSD\VDFDUHOILOWURGHDLUH
&RQFXLGDGROLPSLHFRQXQSD³RK¼PHGRODFDUFDVDGHOILOWURODWDSDGHOILOWUR\ODV£UHDVGH
HVWDQTXHLGDG
/LPSLHHOHOHPHQWRILOWUDQWH
႐ /LPSLHODVXSHUILFLHGHOHOHPHQWRILOWUDQWHGHDLUHSUR\HFWDQGRDLUHFRPSULPLGRVHFR
cืEDUHQGLDJRQDOGHVGHGHQWURKDFLDIXHUDKDVWDTXHGHMHGHIRUPDUVHSROYR
႐ (OWXERGHEHVHUORVXILFLHQWHPHQWHODUJRFRPRSDUDOOHJDUDOIRQGRGHOHOHPHQWRILOWUDQWH
႐ /DSXQWDGHOWXERQRGHEHWRFDUHOHOHPHQWRILOWUDQWH
႐ /LPSLDUODV£UHDVGHHVWDQTXHLGDG
,QVSHFFLRQHPLQXFLRVDPHQWHHOHOHPHQWRILOWUDQWHSDUDGHWHFWDUSRVLEOHVGD³RV
6LHOHOHPHQWRILOWUDQWHHVW£GD³DGR&DPELDUHOHOHPHQWRILOWUDQWH
,QVHUWHHOHOHPHQWRILOWUDQWHOLPSLRRQXHYRHQODFDUFDVDGHOILOWUR$OKDFHUORDVHJ¼UHVHGHTXH
HOHOHPHQWRILOWUDQWHHVW£FRUUHFWDPHQWHFRORFDGR\ODVMXQWDVSXHGDQFXPSOLUVXIXQFLµQ
&RORTXHODWDSDGHOILOWUR\I¯MHODFRQORVHVWULERVGHVXMHFLµQ
3RQHUDFHURHOLQGLFDGRUGHVXFLHGDG
ᇐ 3UHVLRQDUHOERWµQGHUHSRVLFLµQGHOLQGLFDGRUGHVXFLHGDGUHSHWLGDVYHFHV
(O¯QGLFHDPDULOORHQHOLQWHULRUGHOLQGLFDGRUGHVXFLHGDGYXHOYHDVXSRVLFLµQLQLFLDOHOLQGLFDGRU
GHVXFLHGDGHVW£GHQXHYROLVWRSDUDHOVHUYLFLR
ᇐ &HUUDUODVSXHUWDV
(OLPLQDUORVFRPSRQHQWHVVXVWLWXLGRV\KHUUDPLHQWDVVXFLDVFRQIRUPHDODVUHJXODFLRQHVPHಣ
GLRDPELHQWDOHV
,QVWUXFFLRQHVGHVHUYLFLR0RELODLU
0 1rB6
0DQWHQLPLHQWR
/LPSLDUORVUHIULJHUDGRUHV
&RQWURODUODVY£OYXODVGHVHJXULGDG
ᇐ +DJDFRQWURODUODVY£OYXODVGHVHJXULGDGFRQIRUPHDODWDEODGHPDQWHQLPLHQWRSRUHOVHUYLFLR
DXWRUL]DGR.$(6(5
/LPSLDUORVUHIULJHUDGRUHV
/RVUHIULJHUDGRUHVGHOPRWRU\GHOFRPSUHVRUHVW£QFRORFDGRVXQRGHEDMRGHORWURHQHOEORTXH
UHIULJHUDGRU
/DIUHFXHQFLDGHODOLPSLH]DGHSHQGHPXFKRGHODVFRQGLFLRQHVDPELHQWDOHVH[LVWHQWHVHQHOOXJDU
GHLQVWDODFLµQ
/DDFXPXODFLµQGHLPSXUH]DVTXHVHGHSRVLWDQHQORVUHIULJHUDGRUHVSXHGHHOHYDUODWHPSHUDWXUD
GHOFLUFXLWRGHDFHLWH\SURGXFLUXQVREUHFDOHQWDPLHQWRGHOPRWRU
&RPSUREDUFRQUHJXODULGDGODOLPSLH]DGHORVUHIULJHUDGRUHV
(YLWHTXHVHOHYDQWHSROYR(QFDVRQHFHVDULRXWLOLFHSURWHFFLµQUHVSLUDWRULD
1ROLPSLHORVUHIULJHUDGRUHVFRQREMHWRVDILODGRV\DTXHSRGU¯DQGD³DUORV
(QFDVRGHVXFLHGDGH[WUHPDKDJDOLPSLDUORVUHIULJHUDGRUHVSRUHOVHUYLFLR.$(6(5
0DWHULDO $LUHFRPSULPLGR
&KRUURGHDJXDRGHYDSRU
&RQGLFLµQ 6HKDHVWDFLRQDGRODP£TXLQDHQXQOXJDUGHOLPSLH]DFRQVHSDUDGRUGHDFHLWH
0£TXLQDGHVFRQHFWDGD
0£TXLQDIU¯D
0£TXLQDFRPSOHWDPHQWHGHVSUHVXUL]DGDHOPDQµPHWURLQGLFDEDU
'HVDFRSODGRVORVFRQVXPLGRUHVGHDLUHFRPSULPLGRDELHUWDVODVY£OYXODVGHWRPD
'HVHPERUQDGRHOFDEOHGHOSRORQHJDWLYRGHODEDWHU¯D
35(&$8&,1
c'D³RVHQODP£TXLQDSRUFKRUURVGHDJXDRYDSRUIXHUWHV
8QFKRUURGHDJXDRGHYDSRUGLUHFWRSXHGHGD³DURGHVWUXLUORVFRPSRQHQWHVHO«FWULFRVHLQVWUXಣ
PHQWRVGHLQGLFDFLµQ
ᇐ &XEUDORVFRPSRQHQWHVHO«FWULFRVFRPRODFDMDGHGLVWULEXFLµQHOJHQHUDGRUHOPRWRUGH
DUUDQTXHRORVLQVWUXPHQWRVGHLQGLFDFLµQ
ᇐ 1RGLULMDHOFKRUURGHDJXDRGHYDSRUKDFLDORVFRPSRQHQWHVVHQVLEOHVFRPRHOJHQHUDGRU
HOPRWRUGHDUUDQTXHRORVLQVWUXPHQWRVGHLQGLFDFLµQ
,QVWUXFFLRQHVGHVHUYLFLR0RELODLU
1rB6 0
0DQWHQLPLHQWR
/LPSLDUORVUHIULJHUDGRUHV
)LJ /LPSLH]DGHORVUHIULJHUDGRUHVGHOPRWRU\HOFRPSUHVRU
/DGRIURQWDOFRPSUHVRUEDVWLGRULQVRQRULಣ 5HIULJHUDGRUGHDFHLWHFRPSUHVRU
]DQWHUHMLOODGHOUHIULJHUDGRUGHVPRQWDGR 5HIULJHUDGRUGHDJXDPRWRU
6HQWLGRGHOFKRUURGHDJXDRGHYDSRUSDUD
ODOLPSLH]DGHVGHHOH[WHULRUDOLQWHULRU
$EULUDPEDVSXHUWDV
$QWHVGHOLPSLDUORVUHIULJHUDGRUHVFXEULUORVRULILFLRVGHDVSLUDFLµQGHORVILOWURVGHDLUHGHOPRWRU
\FRPSUHVRU
'HVPRQWDUORVEDVWLGRUHVLQVRQRUL]DQWHVGHODQWHGHORVUHIULJHUDGRUHV
/LPSLHODVODPLQLOODVGHORVUHIULJHUDGRUHVSUR\HFWDQGRDLUHFRPSULPLGRFKRUURVGHDJXDRFKRಣ
UURVGHYDSRUHQVHQWLGRFRQWUDULRDOGHOIOXMRGHVGHHOH[WHULRUKDFLDHOLQWHULRU
5HPRQWDUHOEDVWLGRULQVRQRUL]DQWH
4XLWDUODVFXELHUWDVGHORVRULILFLRVGHDVSLUDFLµQGHORVILOWURVGHDLUH
9XHOYDDHPERUQDUODEDWHU¯D
&HUUDUODVSXHUWDV
3RQHUHQPDUFKDODP£TXLQD\GHMDUTXHVHFDOLHQWHSDUDTXHSXHGDQHYDSRUDUVHORVUHVLGXRV
GHDJXD
c/LPSLDUODVODPLQLOODVVXFLDVGHOUHIULJHUDGRUH[FOXVLYDPHQWHHQOXJDUHVSUHYLVWRVSDUDWDOILQ
FRQVHSDUDGRUGHDFHLWH
2SFLµQGDGEGFGG
/LPSLH]DGHOUHIULJHUDGRUILQDOGHDLUHFRPSULPLGR
(OUHIULJHUDGRUILQDOGHDLUHFRPSULPLGRVHHQFXHQWUDDSDUWHMXQWRDORVFRPSRQHQWHVGHWUDWDPLHQWR
GHODLUHFRPSULPLGR
,QVWUXFFLRQHVGHVHUYLFLR0RELODLU
0 1rB6
0DQWHQLPLHQWR
/LPSLDUORVUHIULJHUDGRUHV
0DWHULDO $LUHFRPSULPLGR
&KRUURGHDJXDRGHYDSRU
&RQGLFLµQ 6HKDHVWDFLRQDGRODP£TXLQDHQXQOXJDUGHOLPSLH]DFRQVHSDUDGRUGHDFHLWH
0£TXLQDGHVFRQHFWDGD
0£TXLQDIU¯D
0£TXLQDFRPSOHWDPHQWHGHVSUHVXUL]DGDHOPDQµPHWURLQGLFDEDU
'HVDFRSODGRVORVFRQVXPLGRUHVGHDLUHFRPSULPLGRDELHUWDVODVY£OYXODVGHWRPD
'HVHPERUQDGRHOFDEOHGHOSRORQHJDWLYRGHODVEDWHU¯DV
35(&$8&,1
c'D³RVHQODP£TXLQDSRUFKRUURVGHDJXDRYDSRUIXHUWHV
8QFKRUURGHDJXDRGHYDSRUGLUHFWRSXHGHGD³DURGHVWUXLUORVFRPSRQHQWHVHO«FWULFRVHLQVWUXಣ
PHQWRVGHLQGLFDFLµQ
ᇐ &XEUDORVFRPSRQHQWHVHO«FWULFRVFRPRODFDMDGHGLVWULEXFLµQRORVLQVWUXPHQWRVGHLQGLFDFLµQ
ᇐ 1RGLULMDHOFKRUURGHDJXDRGHYDSRUKDFLDORVFRPSRQHQWHVVHQVLEOHVFRPRORVHOHPHQWRV
GHPDQGR\GHLQGLFDFLµQ
2SFLµQGDGEGFGG
)LJ /LPSLH]DGHOUHIULJHUDGRUILQDOGHDLUHFRPSULPLGR
5HIULJHUDGRUILQDOGHDLUHFRPSULPLGR
6HQWLGRGHOFKRUURGHDJXDRGHYDSRUSDUDODOLPSLH]DGHVGHHOLQWHULRUKDFLDHOH[WHULRU
$EULUDPEDVSXHUWDV
$QWHVGHOLPSLDUORVUHIULJHUDGRUHVFXEULUORVRULILFLRVGHDVSLUDFLµQGHORVILOWURVGHDLUHGHOPRWRU
\FRPSUHVRU
/LPSLHODVODPLQLOODVGHORVUHIULJHUDGRUHVSUR\HFWDQGRDLUHFRPSULPLGRFKRUURVGHDJXDRFKRಣ
UURVGHYDSRUHQVHQWLGRFRQWUDULRDOGHOIOXMRGHVGHHOLQWHULRUKDFLDHOH[WHULRU
4XLWDUODVFXELHUWDVGHORVRULILFLRVGHDVSLUDFLµQGHORVILOWURVGHDLUH
9XHOYDDHPERUQDUODEDWHU¯D
&HUUDUODVSXHUWDV
3RQHUHQPDUFKDODP£TXLQD\GHMDUTXHVHFDOLHQWHSDUDTXHSXHGDQHYDSRUDUVHORVUHVLGXRV
GHDJXD
c/LPSLDUODVODPLQLOODVVXFLDVGHOUHIULJHUDGRUH[FOXVLYDPHQWHHQOXJDUHVSUHYLVWRVSDUDWDOILQ
FRQVHSDUDGRUGHDFHLWH
,QVWUXFFLRQHVGHVHUYLFLR0RELODLU
1rB6 0
0DQWHQLPLHQWR
0DQWHQLPLHQWRGHODVMXQWDVGHJRPD
0DQWHQLPLHQWRGHODVMXQWDVGHJRPD
/DVMXQWDVGHJRPDHQWUHODFDUURFHU¯D\ODVSXHUWDVVLUYHQSDUDDPRUWLJXDUHOVRQLGR\FRPRSURಣ
WHFFLµQKHUP«WLFDFRQWUDHODJXDGHOOXYLD
(VSHFLDOPHQWHDQWHVGHOLQYLHUQRHVQHFHVDULRFXLGDUODVMXQWDVSDUDHYLWDUTXHVHSHJXHQ\VHUDMHQ
DODEULUODVSXHUWDV
0DWHULDO 3D³RSDUDOLPSLH]D
$FHLWHVLOLFµQLFRRYDVHOLQD
&RQGLFLµQ 0£TXLQDGHVFRQHFWDGD
c0£TXLQDFRPSOHWDPHQWHGHVSUHVXUL]DGDHOPDQµPHWURLQGLFDEDU
0£TXLQDIU¯D
'HVDFRSODGRVORVFRQVXPLGRUHVGHDLUHFRPSULPLGRDELHUWDVODVY£OYXODVGHWRPD
$EULUWRGDVODVSXHUWDV
/LPSLDUODVMXQWDVGHJRPDFRQXQWUDSRTXHQRGHMHSHOXVD\FRPSUREDUURWXUDVDJXMHURVX
RWURVGD³RV
-XQWDGHIHFWXRVD(QFDUJDUODVXVWLWXFLµQODMXQWD
(QJUDVDUFXLGDGRVDPHQWHODVMXQWDVGHJRPD
&HUUDUODVSXHUWDV
&K£VLV
ᇐ (IHFWXDUORVWUDEDMRVGHPDQWHQLPLHQWRFRQIRUPHDOSODQGHPDQWHQLPLHQWRHQHOFDS¯WXOR
&RQWUROGHODVUXHGDV
/DVUXHGDVGHEHQUHYLVDUVHGHVSX«VGHORVSULPHURVNP\WUDVFDGDFDPELRGHUXHGDSHURDO
PHQRVVHPHVWUDOPHQWHSDUDFRPSUREDUVLHVW£QELHQFRORFDGDVGHWHFWDUGHIHFWRVYLVLEOHV\YHULILFDU
VLODSUHVLµQGHORVQHXP£WLFRVHVODSUHVFULWD
0DWHULDO /ODYHGHDMXVWHGLQDPRP«WULFD
'LVSRVLWLYRGHFRQWUROGHODSUHVLµQGHORVQHXP£WLFRV
&RQGLFLµQ 0£TXLQDGHVFRQHFWDGD\HVWDFLRQDGDGHPDQHUDVHJXUD
$VHJ¼UHVHGHTXHORVWRUQLOORVGHODVUXHGDVHVW«QELHQDSUHWDGRV
&RPSUREDUGHIHFWRVYLVLEOHVGHORVQHXP£WLFRVOODQWDV
(QFDVRGHGD³RVRGHVJDVWH5HQRYDUORVQHXP£WLFRVOODQWDV
&RPSUREDUHOSHUILOGHORVQHXP£WLFRVFRQIRUPHDODVHVSHFLILFDFLRQHVOHJDOHVGHOSD¯VHQOD
PD\RU¯DGHSD¯VHVHVGHFRPRP¯QLPRPP
&RPSUREDUODSUHVLµQGHORVQHXP£WLFRV
P£VLQIRUPDFLµQ (OSDUGHDSULHWHGHORVWRUQLOORVGHODVUXHGDVILJXUDHQHOFDS¯WXOR
/DSUHVLµQSUHVFULWDSDUDODVQHXP£WLFRVILJXUDHQHOFDS¯WXOR
(QFDGDFXEUHUXHGDVKD\XQDGKHVLYRFRQODSUHVLµQGHOQHXP£WLFRSUHVFULWD
,QVWUXFFLRQHVGHVHUYLFLR0RELODLU
0 1rB6
0DQWHQLPLHQWR
&K£VLV
0DQWHQLPLHQWRGHOVLVWHPDGHWUDFFLµQ
(QFDVRQHFHVDULRKD\TXHOLPSLDU\HQJUDVDUOXEULFDUODVSDUWHVGHGHVOL]DPLHQWR\ORVSXQWRVGH
DSR\RDV¯FRPRODVS®H]DVGHDUWLFXODFLµQDORVXPRFDGDVHLVPHVHV
0DWHULDO *UDVDXQLYHUVDODEDVHGHOLWLR
DFHLWHH[HQWRGH£FLGR
3D³RSDUDOLPSLH]D
&RQGLFLµQ 0£TXLQDGHVFRQHFWDGD
'HVHQJDQFKDGDODP£TXLQDGHOYHK¯FXORUHPROFDGRU\HVWDFLRQDGDGHPDQHUDVHJXUD
2SFLµQVD
)LJ 0DQWHQLPLHQWRGHOVLVWHPDGHWUDFFLµQ
(PSX³DGXUD 3XQWRVGHOXEULFDFLµQSRUDFHLWH
&DEOHGHWUDQVPLVLµQ 3XQWRVGHHQJUDVH
&RQWUROGHOGLVSRVLWLYRWUDFWRU
&RPSUXHEHVLHOGLVSRVLWLYRWUDFWRUIXQFLRQDFRUUHFWDPHQWH\VHPXHYHFRQIDFLOLGDG
/LPSLH\OXEULTXHWRGDVODVSDUWHVGHGHVOL]DPLHQWR\ORVSXQWRVGHDSR\R
2SFLµQVD &RQWUROGHODUHJXODFLµQGHODDOWXUDGHOGLVSRVLWLYRWUDFWRU
ᇐ &RQWUROGHODIXQFLRQDOLGDGGHODUHJXODFLµQGHODDOWXUDGHOGLVSRVLWLYRWUDFWRU
/DVDUDQGHODVGHQWDGDVGHOGLVSRVLWLYRWUDFWRUUHJXODEOHHQDOWXUDHVW£QEORTXHDGDVSRUFRUURಣ
VLµQHOGLVSRVLWLYRWUDFWRU\DQRVHSXHGHUHJXODU
ᇐ 'HVEORTXHHODXQLµQGHDUDQGHODVGHQWDGDVUHDOL]DQGRPRYLPLHQWRVEUXVFRVFRQODEDUUD
GHWUDFFLµQKRUL]RQWDOHVYHUWLFDOHV
ᇐ /LPSLHODXQLµQGHDUDQGHODVGHQWDGDV\OXEU¯TXHODFRQJUDVDKLGUµIRED
P£VLQIRUPDFLµQ 3DUDVDEHUFµPRUHJXODUHOVLVWHPDGHWUDFFLµQFRQVXOWHHOFDS¯WXOR
2SFLµQVDVG 0DQWHQLPLHQWRGHOGLVSRVLWLYRGHHVWDFLRQDPLHQWR
ᇐ $SOLTXHXQDFDSDOLJHUDGHDFHLWHDORVSHUQRV\ODVSLH]DVGHDUWLFXODFLµQGHOIUHQRGHPDQR\
ODSDODQFDGHLQYHUVLµQ
,QVWUXFFLRQHVGHVHUYLFLR0RELODLU
1rB6 0
0DQWHQLPLHQWR
&K£VLV
0DQWHQLPLHQWRGHOGLVSRVLWLYRGHUHWHQFLµQ
(QJUDVDUHOGLVSRVLWLYRGHUHWHQFLµQ
ᇐ 3UHQVDUJUDVDHQODERTXLOODGHHQJUDVHKDVWDTXHHVFDSHJUDVDQXHYDGHORVSXQWRVGHHQJUDVH
P£VLQIRUPDFLµQ 3DUDSXQWRVGHHQJUDVHYHULOXVWUDFLµQ
&RPSUREDUHODPRUWLJXDGRU
6ROWDUHOFDEOHGHWUDQVPLVLµQHQXQODGR
$SUHWDUIXHUWHPHQWHHQHODPRUWLJXDGRUFRQWUDODUHVLVWHQFLDDPRUWLJXDGRUD
+DFHUVXVWLWXLUHODPRUWLJXDGRUSRUXQWDOOHUHVSHFLDOL]DGRFXDQGR
႐ ODUHVLVWHQFLDRSXHVWDHVPX\G«ELO
႐ VHKDQIRUPDGREROVDVGHDLUH
႐ HODPRUWLJXDGRUVHHVWLUDI£FLOPHQWH
႐ VDOHDFHLWH
0DQWHQLPLHQWRGHOHQJDQFKHHVI«ULFR
2SFLµQVDVG
,QVWUXFFLRQHVGHVHUYLFLR0RELODLU
0 1rB6
0DQWHQLPLHQWR
&K£VLV
2SFLµQVK
&RPSUXHEHVLHOHQJDQFKHHVI«ULFRIXQFLRQDFRUUHFWDPHQWH\VHPXHYHFRQIDFLOLGDG
/LPSLDUHOHQJDQFKHHVI«ULFR(QJUDVDUROXEULFDUHOFDVTXHWHMXQWXUDV\FRMLQHWHV
0DQWHQLPLHQWRGHOVLVWHPDGHIUHQRV
$ODMXVWDUHOVLVWHPDGHIUHQRVVHFRPSHQVDXQGHVJDVWHGHODVSDVWLOODVGHIUHQRSRUHOUHDMXVWHGH
ODVSDVWLOODVGHIUHQR
'HEHQWHQHUVHHQFXHQWDORVVLJXLHQWHVSXQWRV
႐ (IHFW¼HVXFHVLYDPHQWHHODMXVWHHQORVIUHQRVGHWRGDVODVUXHGDV
႐ 'XUDQWHHODMXVWHJLUHODUXHGDVµORHQHOVHQWLGRGHODPDUFKDGHDYDQFH
0DWHULDO 'HVWRUQLOODGRU
/LQWHUQD
*UDVDXQLYHUVDODEDVHGHOLWLR
&RQGLFLµQ /DP£TXLQDGHEHHVWDUGHVFRQHFWDGD
(OHYH\DSR\HODP£TXLQD
6XHOWHHOIUHQRGHHVWDFLRQDPLHQWR\VDTXHSRUFRPSOHWRODEDUUDGHWUDFFLµQGHOGLVSRVLWLYRGH
UHWHQFLµQ
/RVFDEOHVGHIUHQRQRHVW£QWHQVDGRV
&RPSUREDFLµQGHODMXVWHGHOVLVWHPDGHIUHQRV
$FFLRQHHOIUHQRGHHVWDFLRQDPLHQWRKDVWDHOSULPHUGLHQWH
*LUHODVUXHGDVHQHOVHQWLGRGHODPDUFKD
&RPSUXHEHVLHQODVGRVUXHGDVKD\XQDUHVLVWHQFLDGHIUHQRXQLIRUPH
6LODUHVLVWHQFLDGHIUHQRQRHVXQLIRUPHDMXVWHHOVLVWHPDGHIUHQRV
6XHOWHHOIUHQRGHHVWDFLRQDPLHQWR
,QVWUXFFLRQHVGHVHUYLFLR0RELODLU
1rB6 0
0DQWHQLPLHQWR
&K£VLV
&RPSUREDFLµQGHOGHVJDVWHGHODVSDVWLOODVGHIUHQRGHODVUXHGDV
)LJ &RPSUREDFLµQGHOJURVRUGHODSDVWLOODGHIUHQR
2ULILFLRGHFRQWURO
3DVWLOODGHIUHQR
5HWLUHHOWDSµQGHORULILFLRGHFRQWURO
&RPSUXHEHHOJURVRUGHODSDVWLOODGHIUHQRFRQXQDOLQWHUQD
6LHOJURVRUUHVWDQWHGHODVSDVWLOODVGHIUHQRHVLQIHULRUDPPHQFDUJXHVXVXVWLWXFLµQHQXQ
WDOOHUHVSHFLDOL]DGR
9XHOYDDLQVHUWDUHOWDSµQHQHORULILFLRGHFRQWURO
$MXVWHGHOVLVWHPDGHIUHQRV
-XQWRDORULILFLRGHDMXVWHKD\XQDIOHFKDHVWDPSDGDHQODSODFDGHOIUHQR
႐ *LURHQHOVHQWLGRGHODIOHFKDUHDMXVWDUHOIUHQR
႐ *LURHQVHQWLGRFRQWUDULRDOGHODIOHFKDVROWDUHOIUHQR
)LJ $MXVWHGHOVLVWHPDGHIUHQRV
)UHQRGHODUXHGD 3HUILOGHFRPSHQVDFLµQQLYHOGHFRPSHQಣ
$ $MXVWHGHOVLVWHPDGHIUHQRV VDFLµQ
+HUUDPLHQWDDX[LOLDUGHVWRUQLOODGRU 8QLµQURVFDGDGHODYDULOODGHIUHQR
7XHUFDGHDMXVWH 9DULOODGHIUHQR
% $MXVWHGHODYDULOODGHIUHQR 8QLµQURVFDGDGHOFDEOHGHIUHQRGHODUXHGD
&DEOHGHIUHQRGHODUXHGDFDEOH%RZGHQ
5HWLUHHOWDSµQGHFLHUUHGHORULILFLRGHDMXVWH
,QVWUXFFLRQHVGHVHUYLFLR0RELODLU
0 1rB6
0DQWHQLPLHQWR
2SFLRQHV
$SULHWHODWXHUFDGHDMXVWH FRQXQGHVWRUQLOODGRUKDVWDLQPRYLOL]DUODVUXHGDVHQHOVHQWLGRGH
ODPDUFKD
&HQWUHODVSDVWLOODVGHIUHQRDFFLRQDQGRYDULDVYHFHVHOIUHQRGHHVWDFLRQDPLHQWR
$IORMHODWXHUFDGHDMXVWHFRQXQGHVWRUQLOODGRUGHDGLHQWHVKDVWDTXH\DQRKD\DHIHFWR
GHIUHQDGRDOJLUDUODUXHGDKDFLDGHODQWH
$FFLRQHHOIUHQRGHHVWDFLRQDPLHQWR
&RPSUXHEHODSRVLFLµQGHOSHUILOGHFRPSHQVDFLµQ FRQUHVSHFWRDODYDULOODGHIUHQR
6LHOSHUILOGHFRPSHQVDFLµQIRUPDXQ£QJXORUHFWRFRQODYDULOODGHIUHQRORVIUHQRVGHODVUXHGDV
WLHQHQHOPLVPRMXHJR
6LHOSHUILOGHFRPSHQVDFLµQHVW£HQGLDJRQDOFRQUHVSHFWRDODYDULOODGHIUHQRDMXVWHODYDULOOD
$FFLRQHXQSRFRHOIUHQRGHHVWDFLRQDPLHQWR\FRPSUXHEHVLFRLQFLGHQORVSDUHVGHIUHQDGRGHO
ODGRL]TXLHUGR\GHOODGRGHUHFKR
6LODVUXHGDVVHIUHQDQFRQGLIHUHQWHLQWHQVLGDGDMXVWHGHQXHYRHOVLVWHPDGHIUHQRV
9XHOYDDLQVHUWDUHOWDSµQGHFLHUUHHQHORULILFLRGHDMXVWH
1RWLHQHQLPSRUWDQFLDORVVXDYHVVRQLGRVGHURFHTXHQRDIHFWDQDOOLEUHPRYLPLHQWRGHOD
UXHGD
$MXVWHGHODYDULOODGHIUHQR
(QJUDVDUHOYDULOODMHGHIUHQR
(QJUDVDUHOYDULOODMHGHIUHQRXQDYH]DOD³RDP£VWDUGDUHQFDVRQHFHVDULRIXQFLRQDPLHQWRGXUR
0DWHULDO JUDVDXQLYHUVDODEDVHGHOLWLR
3D³RSDUDOLPSLH]D
&RQGLFLµQ 0£TXLQDGHVFRQHFWDGD
'HVHQJDQFKDGDODP£TXLQDGHOYHK¯FXORUHPROFDGRU\HVWDFLRQDGDGHPDQHUDVHJXUD
ᇐ /LPSLDU\OXEULFDUODVSDUWHVGHGHVOL]DPLHQWR\MXQWXUDVGHOYDULOODMHGHIUHQR
2SFLRQHV
ᇐ (IHFWXDUORVWUDEDMRVGHPDQWHQLPLHQWRFRQIRUPHDOSODQGHPDQWHQLPLHQWRHQHOFDS¯WXOR
,QVWUXFFLRQHVGHVHUYLFLR0RELODLU
1rB6 0
0DQWHQLPLHQWR
2SFLRQHV
2SFLµQHDHF
0DQWHQLPLHQWRGHOHQJUDVDGRUGHKHUUDPLHQWDV
0DWHULDO $FHLWHSDUDKHUUDPLHQWDVOXEULFDQWHHVSHFLDOSDUDPDUWLOORVQHXP£WLFRV
(PEXGR
3D³RSDUDOLPSLH]D
&RQGLFLµQ 0£TXLQDGHVFRQHFWDGD
/DP£TXLQDVHHQFXHQWUDHQSRVLFLµQKRUL]RQWDO
c0£TXLQDFRPSOHWDPHQWHGHVSUHVXUL]DGDHOPDQµPHWURLQGLFDEDU
0£TXLQDIU¯D
'HVDFRSODGRVORVFRQVXPLGRUHVGHDLUHFRPSULPLGRDELHUWDVODVY£OYXODVGHWRPD
)LJ 0DQWHQLPLHQWRGHOHQJUDVDGRUGHKHUUDPLHQWDV
(QWUDGDGHDLUHFRPSULPLGR 3DUWHVXSHULRUGHOHQJUDVDGRUGHKHUUDಣ
'HSµVLWRGHDFHLWH PLHQWDVFRQWXERGHOOHQDGRSDUDHODFHLWH
&DQWLGDGGHDFHLWH 7DSµQURVFDGRFRQYDULOODGHPHGLFLµQGH
6XSHUILFLHDFHLWH DFHLWH\WXERGHVXELGDLQWHJUDGR
6DOLGDGHODFHLWHSDUDKHUUDPLHQWDV 5XHGDGHGRVLILFDFLµQ
-XQWDWµULFD
ᇐ $EULUODSXHUWDGHUHFKD
&RQWUROGHOQLYHOGHODFHLWHSDUDKHUUDPLHQWDV
&RQWURODUGLDULDPHQWHHOQLYHOGHDFHLWHHQHOHQJUDVDGRUGHKHUUDPLHQWDV
(QHOLQWHULRUGHOWDSµQURVFDGRGHOWXERGHOOHQDGRSDUDHODFHLWHKD\XQDYDULOODGHPHGLFLµQSDUD
FRPSUREDUHOQLYHOGHDFHLWH
(OQLYHOGHDFHLWHGHEHVLWXDUVHHQHOWHUFLRVXSHULRUGHODYDULOODGHPHGLFLµQ
$EULUOHQWDPHQWHHOWDSµQURVFDGRGHOWXERGHOOHQDGRGHDFHLWH\GHVHQURVFDU
/LPSLHODYDULOODGHPHGLFLµQGHOQLYHOGHDFHLWHFRQXQSD³RGHOLPSLH]DTXHQRVXHOWHSHOXVDV
\YXHOYDDHQURVFDUFRPSOHWDPHQWHHOWDSµQURVFDGR
,QVWUXFFLRQHVGHVHUYLFLR0RELODLU
0 1rB6
0DQWHQLPLHQWR
2SFLRQHV
9ROYHUDUHWLUDUGHOWRGRHOWDSµQURVFDGR\FRPSUREDUHOQLYHOGHDFHLWHHQODYDULOODGHPHGLFLµQ
1LYHOGHDFHLWHHQHOWHUFLRVXSHULRUGHODYDULOODGHPHGLFLµQ1LYHOGHDFHLWHFRUUHFWR
1LYHOGHDFHLWHEDMR5HOOHQDULQPHGLDWDPHQWHFRQDFHLWHSDUDKHUUDPLHQWDV
&HUUDUODSXHUWD
5HOOHQDGRGHOXEULFDGRUGHKHUUDPLHQWD
$EULUOHQWDPHQWHHOWDSµQURVFDGRGHOWXERGHOOHQDGRGHDFHLWH\GHVHQURVFDU
&RQD\XGDGHOHPEXGRD³DGDDFHLWHSDUDKHUUDPLHQWDVKDVWDDOFDQ]DUHOQLYHOP£[LPRDSUR[
ದPPSRUGHEDMRGHOERUGHVXSHULRUGHOGHSµVLWRGHDFHLWH
&RQWURODUQXHYDPHQWHHOQLYHOGHDFHLWH
&RPSUXHEHVLODMXQWDWµULFDSUHVHQWDGD³RVDSUHFLDEOHVDVLPSOHYLVWD
-XQWDWµULFDGD³DGD6XVWLWXLUMXQWDWµULFD
&HUUDUHOWXERGHOOHQDGRFRQWDSµQURVFDGR
&HUUDUODSXHUWD
P£VLQIRUPDFLµQ 7LSRGHDFHLWH\YROXPHQGHOOHQDGRGHOOXEULFDGRUGHKHUUDPLHQWDVYHUFDS¯WXOR
2SFLµQGDGEGFGG
0DQWHQLPLHQWRGHOVHSDUDGRUFHQWU¯IXJR
6HGHEHU£OLPSLDUHOFROHFWRUGHVXFLHGDGGHOVHSDUDGRUFHQWU¯IXJRFXDQGRHODLUHFRPSULPLGRFRQಣ
WHQJDXQDSURSRUFLµQHOHYDGDGHDJXD
0DWHULDO 3D³RSDUDOLPSLH]D
/ODYHGHWRUQLOORV
GHVWRUQLOODGRUSHTXH³R
.LWGHPDQWHQLPLHQWRGHOFROHFWRUGHVXFLHGDG
*DVROLQDGHODYDGRRDOFRKRO
&RQGLFLµQ 0£TXLQDGHVFRQHFWDGD
0£TXLQDIU¯D
0£TXLQDFRPSOHWDPHQWHGHVSUHVXUL]DGDHOPDQµPHWURLQGLFDEDU
'HVDFRSODGRVORVFRQVXPLGRUHVGHDLUHFRPSULPLGRDELHUWDVODVY£OYXODVGHWRPD
'HVHPERUQDGRHOFDEOHGHOSRORQHJDWLYRGHODEDWHU¯D
,QVWUXFFLRQHVGHVHUYLFLR0RELODLU
1rB6 0
0DQWHQLPLHQWR
2SFLRQHV
)LJ /LPSLDUHOFROHFWRUGHVXFLHGDG
6HSDUDGRUFHQWU¯IXJR 7DPL]
&ROHFWRUGHVXFLHGDG 7XHUFDGHUDFRUGHODPDQJXHUDGHHVFDSH
0DQJXHUDGHHVFDSHGHFRQGHQVDGRV GHFRQGHQVDGRV
7DSµQURVFDGR 7REHUD
-XQWDWµULFD &DUFDVDFROHFWRUGHVXFLHGDG
ᇐ $EULUODSXHUWDL]TXLHUGD
/LPSLH]DGHOFROHFWRUGHVXFLHGDG
'HVHQURVFDUHOWDSµQURVFDGR \UHWLUDUHOWDPL]
6XHOWHODWXHUFDGHUDFRU \UHWLUHODPDQJXHUDGHHVFDSHGHFRQGHQVDGRV GHOFROHFWRUGH
VXFLHGDG
'HVHQURVFDUODWREHUD XWLOL]DQGRHOGHVWRUQLOODGRU\UHWLUDUODGHODFDUFDVDGHOFROHFWRUGH
VXFLHGDG
/LPSLHODWREHUDHOWDPL]HOWDSµQURVFDGRODMXQWDWµULFD \ODFDUFDVDGHOFROHFWRUGHVXFLHGDG
FRQJDVROLQDGHODYDGRRDOFRKRO
&RPSUXHEHHOGHVJDVWHGHODWREHUDHOWDPL]\ODMXQWDWµULFD
6LHVW£QPX\GHVJDVWDGRVVXVWLWXLUORVFRPSRQHQWHV
&RORTXHHOWDPL]VREUHHOWDSµQURVFDGR
9XHOYDDHQURVFDUHOWDSµQURVFDGR\FRPSUXHEHTXHODMXQWDWµULFDHVW£FRUUHFWDPHQWHDVHQWDGD
9XHOYDDHQURVFDUODWREHUD\ILMHODPDQJXHUDGHHVFDSHGHFRQGHQVDGRVFRQODWXHUFDGHUDFRU
3XHVWDHQVHUYLFLR
9XHOYDDHPERUQDUHOFDEOHGHOSRORQHJDWLYRGHODEDWHU¯D
&HUUDUODSXHUWD
$UUDQFDUODP£TXLQD\UHDOL]DUXQDPDUFKDGHSUXHED
3RQHUHQPDUFKDODP£TXLQD\GHMDUODIXQFLRQDUHQ0$5&+$(19$&2GXUDQWHDSUR[LPDGDಣ
PHQWHPLQXWRV
'HVFRQHFWDUODP£TXLQD
(VSHUDUKDVWDTXHVHKD\DGHVSUHVXUL]DGRDXWRP£WLFDPHQWHODP£TXLQD
c(OPDQµPHWURLQGLFDEDU
,QVWUXFFLRQHVGHVHUYLFLR0RELODLU
0 1rB6
0DQWHQLPLHQWR
2SFLRQHV
$EULUORVJULIRVGHWRPD
$EULUODSXHUWDL]TXLHUGD
&RPSUXHEHVLODFDUFDVDGHOVHSDUDGRUFHQWU¯IXJR\HOWXERIOH[LEOHVRQHVWDQFRV
&HUUDUODSXHUWD
2SFLµQGG
5HDOL]DUXQPDQWHQLPLHQWRGHODFRPELQDFLµQGHORVILOWURV
&RQGLFLµQ 0£TXLQDGHVFRQHFWDGD
0£TXLQDHVWDFLRQDGDHQSRVLFLµQKRUL]RQWDO
0£TXLQDFRPSOHWDPHQWHGHVSUHVXUL]DGDHOPDQµPHWURLQGLFDEDU
'HVDFRSODGRVORVFRQVXPLGRUHVGHDLUHFRPSULPLGRDELHUWDVODVY£OYXODVGHWRPD
$9,62
c3HOLJURJUDYHGHOHVLRQHVSRUVDOLGDGHDLUHFRPSULPLGR
/DFRPELQDFLµQGHILOWURVHVW£EDMRSUHVLµQGXUDQWHHOIXQFLRQDPLHQWR6LVHVXHOWDQRVHDEUHQORV
FRPSRQHQWHVVRPHWLGRVDSUHVLµQH[LVWHULHVJRGHVXIULUJUDYHVOHVLRQHV
ᇐ $VHJ¼UHVHGHTXHODP£TXLQDHVW«FRPSOHWDPHQWHGHVSUHVXUL]DGD&RQWUROc(OPDQµPHWUR
LQGLFDEDU
ᇐ 'HVSUHVXUL]DUODFRPELQDFLµQGHILOWURV
,QVWUXFFLRQHVGHVHUYLFLR0RELODLU
1rB6 0
0DQWHQLPLHQWR
2SFLRQHV
2SFLµQGG
)LJ 5HDOL]DUXQPDQWHQLPLHQWRGHODFRPELQDFLµQGHORVILOWURV
&RPELQDFLµQGHILOWURV 0DQµPHWURGHODSUHVLµQGLIHUHQFLDOLQVWUXಣ
D 0LFURILOWUR PHQWRGHFRQWUROSDUDHOSHUVRQDOGHPDQಣ
E 3UHILOWUR WHQLPLHQWR
6HSDUDGRUFHQWU¯IXJR &DEH]DGHILOWUR
8QLµQURVFDGDSDUDODPDQJXHUDGHGHVಣ -XQWDGHODFDMD
FDUJDGHOFRQGHQVDGR (OHPHQWRILOWUDQWH
9£OYXODGHFLHUUHOODYHGHERODSDUDGHVಣ &DUFDVDGHOILOWUR
FDUJDGHFRQGHQVDGR
ᇐ $EULUODSXHUWDL]TXLHUGD
(YDFXDUFRQGHQVDGR
0DWHULDO 5HFLSLHQWHFROHFWRU
3D³RSDUDOLPSLH]D
&RORFDUORVUHFLSLHQWHVFROHFWRUHVGHEDMRGHORVWXERVIOH[LEOHVGHODFRPELQDFLµQGHILOWURV
$EULUODVY£OYXODVGHFLHUUHGHOFRQGHQVDGRGHOSUHILOWUR\GHOPLFURILOWUR
&HUUDUODSXHUWD
3RQHUHQPDUFKDODP£TXLQD\DFFLRQDUODHQ0$5&+$(19$&2
6HH[SXOVDHOFRQGHQVDGRVHSDUDGRHQODVFDUFDVDVGHODFRPELQDFLµQGHILOWURV
&XDQGRHPSLHFHDVDOLUVµORDLUHFRPSULPLGRGHVFRQHFWDUODP£TXLQD
$EULUODSXHUWDL]TXLHUGD
&HUUDUODVY£OYXODVGHFLHUUH
&HUUDUODSXHUWD
6HGHEHDOPDFHQDUHOFRQGHQVDGRFROHFWDGRHQUHFLSLHQWHVHVSHFLDOHV\HOLPLQDUORFRQIRUPH
DODVSUHVFULSFLRQHVSDUDODSURWHFFLµQGHOPHGLRDPELHQWH
,QVWUXFFLRQHVGHVHUYLFLR0RELODLU
0 1rB6
0DQWHQLPLHQWR
2SFLRQHV
6XVWLWXLUORVHOHPHQWRVILOWUDQWHV
(OSUHILOWUR\HOPLFURILOWURHVW£QFRPSXHVWRVSRUGRVFDUWXFKRVILOWUDQWHVGLVWLQWRVTXHWLHQHQTXH
UHFDPELDUVHSRUSDUHVc2EVHUYDUODVSRVLFLRQHVUHVSHFWLYDV
c1RWRFDUORVQXHYRVHOHPHQWRVILOWUDQWHVFRQORVGHGRVVLQSURWHFFLµQ3XHGHSHUMXGLFDUVX
IXQFLRQDOLGDG
c1RVHSHUPLWHSRQHUHQIXQFLRQDPLHQWRODFRPELQDFLµQGHILOWURVVLQORVHOHPHQWRVILOWUDQWHV
PRQWDGRV
0DWHULDO 3LH]DVGHUHSXHVWR
/ODYHSDUDILOWURV
/ODYHGHWRUQLOORV
3D³RSDUDOLPSLH]D
*XDQWHVGHWHODOLPSLRV
&RQGLFLµQ 0£TXLQDIU¯D
'HVHPERUQDGRHOFDEOHGHOSRORQHJDWLYRGHODEDWHU¯D
$VHJXUDUXQDFRPELQDFLµQGHILOWURVVLQSUHVLµQ
ᇐ $EUDOHQWDPHQWHODVY£OYXODVGHFLHUUHGHOFRQGHQVDGRGHOSUHILOWUR\GHOPLFURILOWUR
/DSUHVLµQUHVLGXDOHVFDSD
6XVWLWXLUHOHOHPHQWRILOWUDQWHGHOSUHILOWUR
$IORMHODVXQLRQHVURVFDGDVGHODPDQJXHUDGHGHVFDUJDGHOFRQGHQVDGRGHODFDUFDVDGHILOWURV
FRUUHVSRQGLHQWH\UHWLUHODPDQJXHUD
'HVDWRUQLOODUODFDUFDVDGHOILOWURHQVHQWLGRFRQWUDULRDOGHODVDJXMDVGHOUHORM
6DFDUHOHOHPHQWRILOWUDQWHWLUDQGRGH«OKDFLDDEDMR
/LPSLDUODFDEH]DGHOILOWURODFDUFDVD\ODVVXSHUILFLHVGHHPSDTXHWDGXUDFRQXQWUDSRTXHQR
GHMHSHOXVD
&RQWURODUODMXQWDGHODFDUFDVD
6LODMXQWDGHODFDUFDVDHVW£GD³DGRVXVWLW¼\DOD
,QVHUWDUHOQXHYRHOHPHQWRILOWUDQWH
c8WLOLFHJXDQWHV
$WRUQLOODUODFDUFDVDGHOILOWURHQHOVHQWLGRGHODVDJXMDVGHOUHORM
(QURVFDUODPDQJXHUDGHHVFDSHGHFRQGHQVDGRV
6XVWLWXLUHOHOHPHQWRILOWUDQWHGHOPLFURILOWUR
$IORMHODVXQLRQHVURVFDGDVGHODPDQJXHUDGHGHVFDUJDGHOFRQGHQVDGRGHODFDUFDVDGHILOWURV
FRUUHVSRQGLHQWH\UHWLUHODPDQJXHUD
'HVDWRUQLOODUODFDUFDVDGHOILOWURHQVHQWLGRFRQWUDULRDOGHODVDJXMDVGHOUHORM
6DFDUHOHOHPHQWRILOWUDQWHWLUDQGRGH«OKDFLDDEDMR
/LPSLDUODFDEH]DGHOILOWURODFDUFDVD\ODVVXSHUILFLHVGHHPSDTXHWDGXUDFRQXQWUDSRTXHQR
GHMHSHOXVD
,QVWUXFFLRQHVGHVHUYLFLR0RELODLU
1rB6 0
0DQWHQLPLHQWR
2SFLRQHV
&RQWURODUODMXQWDGHODFDUFDVD
6LODMXQWDGHODFDUFDVDHVW£GD³DGRVXVWLW¼\DOD
,QVHUWDUHOQXHYRHOHPHQWRILOWUDQWH
c8WLOLFHJXDQWHV
$WRUQLOODUODFDUFDVDGHOILOWURHQHOVHQWLGRGHODVDJXMDVGHOUHORM
(QURVFDUODPDQJXHUDGHHVFDSHGHFRQGHQVDGRV
3XHVWDHQVHUYLFLR
9ROYHUDFHUUDUODVY£OYXODVGHFLHUUHGHHVFDSHGHFRQGHQVDGR
5HDSULHWHWRGDVODVXQLRQHVURVFDGDVGHODFRPELQDFLµQGHILOWURV
9XHOYDDHPERUQDUHOFDEOHGHOSRORQHJDWLYRGHODEDWHU¯D
&HUUDUODSXHUWD
(OLPLQDUORVFRPSRQHQWHVVXVWLWXLGRV\KHUUDPLHQWDVVXFLDVFRQIRUPHDODVUHJXODFLRQHVPHಣ
GLRDPELHQWDOHV
P£VLQIRUPDFLµQ 0£VLQIRUPDFLµQDFHUFDGHOFDPELRGHHOHPHQWRVILOWUDQWHVHQFRQWUDU£HQODVಯ,QVWUXFFLRQHVGHVHUಣ
YLFLRILOWURVರHQHOFDS¯WXOR
$UUDQFDUODP£TXLQD\UHDOL]DUXQDPDUFKDGHSUXHED
3RQHUHQPDUFKDODP£TXLQD\GHMDUODIXQFLRQDUHQ0$5&+$(19$&2GXUDQWHDSUR[LPDGDಣ
PHQWHPLQXWRV
'HVFRQHFWDUODP£TXLQD
(VSHUDUKDVWDTXHVHKD\DGHVSUHVXUL]DGRDXWRP£WLFDPHQWHODP£TXLQD
c(OPDQµPHWURLQGLFDEDU
$EULUORVJULIRVGHWRPD
$EULUODSXHUWDL]TXLHUGD
&RPSUXHEHODKHUPHWLFLGDGGHODFDUFDVDGHODFRPELQDFLµQGHILOWURV\GHORVWXERVIOH[LEOHV
&HUUDUODSXHUWD
2SFLµQGF
0DQWHQLPLHQWRGHOILOWURGHDLUHIUHVFR
$QWHVGHHIHFWXDUFXDOTXLHUWUDEDMRHQHOILOWURGHDLUHIUHVFRIDPLOLDU¯FHVHFRQODVLQVWUXFFLRQHVGH
VHUYLFLRSDUDILOWURVGHDLUHFRPSULPLGRILOWURVGHDLUHIUHVFRGHOFDS¯WXOR
c1RVHSHUPLWHSRQHUHQIXQFLRQDPLHQWRODP£TXLQDVLQORVHOHPHQWRVILOWUDQWHVPRQWDGRV
&RQGLFLµQ 0£TXLQDGHVFRQHFWDGD
0£TXLQDHVWDFLRQDGDHQSRVLFLµQKRUL]RQWDO
0£TXLQDFRPSOHWDPHQWHGHVSUHVXUL]DGDHOPDQµPHWURLQGLFDEDU
'HVDFRSODGRVORVFRQVXPLGRUHVGHDLUHFRPSULPLGRDELHUWDVODVY£OYXODVGHWRPD
,QVWUXFFLRQHVGHVHUYLFLR0RELODLU
0 1rB6
0DQWHQLPLHQWR
2SFLRQHV
2SFLµQGF
)LJ 0DQWHQLPLHQWRGHOILOWURGHDLUHIUHVFR
)LOWURGHDLUHIUHVFR (OHPHQWRILOWUDQWHSDUWHVXSHULRUHOHPHQWR
0LWDGLQIHULRUGHODFDUFDVD ILOWUDQWHGHDGVRUFLµQ
(OHPHQWRILOWUDQWHSDUWHLQIHULRUHOHPHQWR 0LWDGVXSHULRUGHODFDUFDVD
ILOWUDQWHGHDOWRUHQGLPLHQWR ,QGLFDGRUGHOQLYHOGHDFHLWH
7URQFR 3XUJDGRUGHFRQGHQVDGRVFRQY£OYXODGH
VDOLGDSDUDGHVFDUJDPDQXDO
ᇐ $EULUODSXHUWDGHUHFKD
(YDFXDUFRQGHQVDGR
0DWHULDO 5HFLSLHQWHFROHFWRU
3D³RSDUDOLPSLH]D
&RORTXHHOUHFLSLHQWHFROHFWRUGHEDMRGHOSXUJDGRUGHFRQGHQVDGRVGHOILOWURGHDLUHIUHVFR
$EULUODY£OYXODGHVDOLGDGHOILOWURGHDLUHIUHVFR
&HUUDUODSXHUWD
3RQHUHQPDUFKDODP£TXLQD\GHMDUODIXQFLRQDUHQ0$5&+$(19$&2GXUDQWHDSUR[LPDGDಣ
PHQWHPLQXWRV
(OFRQGHQVDGRVHSDUDGRHQODFDUFDVDGHOILOWURGHDLUHIUHVFRVHHOLPLQDSRUVRSODGR
'HVFRQHFWDUODP£TXLQD
$EULUODSXHUWDGHUHFKD
&HUUDUODOODYHGHSXUJD
5HWLUHFRQFXLGDGRHOUHFLSLHQWHFROHFWRU
&HUUDUODSXHUWD
6HGHEHDOPDFHQDUHOFRQGHQVDGRFROHFWDGRHQUHFLSLHQWHVHVSHFLDOHV\HOLPLQDUORFRQIRUPH
DODVSUHVFULSFLRQHVSDUDODSURWHFFLµQGHOPHGLRDPELHQWH
&RPSUREDUHOLQGLFDGRUGHOQLYHOGHDFHLWH
(OILOWURGHDLUHIUHVFRHVW£HTXLSDGRFRQXQLQGLFDGRUGHOQLYHOGHDFHLWH&XDQGRHOLQGLFDGRUVHWL³H
GHFRORUD]XOVLJQLILFDTXHQRVHJDUDQWL]DHOIXQFLRQDPLHQWRGHOILOWUR\TXHHOILOWURQRGHEHFRQWLQXDU
XWLOL]£QGRVH$PERVHOHPHQWRVILOWUDQWHV\HOLQGLFDGRUGHEHQVXVWLWXLUVHFRQLQGHSHQGHQFLDGHOSODQ
GHPDQWHQLPLHQWR
&RPSUREDUHOLQGLFDGRUGHQLYHOGHDFHLWHFRPRP¯QLPRXQDYH]DOG¯D
(OLQGLFDGRUVRORPXHVWUDHOQLYHOGHDFHLWH6XIXQFLµQQRHVODGHLQIRUPDUVREUHORVLQWHUYDORV
GHFDPELRGHORVHOHPHQWRVILOWUDQWHV
,QVWUXFFLRQHVGHVHUYLFLR0RELODLU
1rB6 0
0DQWHQLPLHQWR
2SFLRQHV
&RPSUREDUHOLQGLFDGRUGHOQLYHOGHDFHLWH
6LHOLQGLFDGRUDSDUHFHWH³LGRGHFRORUD]XO6XVWLWXLUDPERVHOHPHQWRVILOWUDQWHVLQGLFDGRUGHO
QLYHOGHDFHLWH
&HUUDUODSXHUWD
6XVWLWXLUSLH]DVGHPDQWHQLPLHQWR
(OILOWURGHDLUHIUHVFRFRQVWDGHGRVFDUWXFKRVILOWUDQWHVGLVWLQWRVTXHWLHQHQTXHUHFDPELDUVHSRU
SDUHVc2EVHUYDUODVSRVLFLRQHVUHVSHFWLYDV
c1RWRFDUORVQXHYRVHOHPHQWRVILOWUDQWHVFRQORVGHGRVVLQSURWHFFLµQ3XHGHSHUMXGLFDUVX
IXQFLRQDOLGDG
0DWHULDO 3LH]DVGHUHSXHVWR
/ODYHSDUDILOWURV
/ODYHGHWRUQLOORV
3D³RSDUDOLPSLH]D
*XDQWHVGHWHODOLPSLRV
&RQGLFLµQ 0£TXLQDIU¯D
'HVHPERUQDGRHOFDEOHGHOSRORQHJDWLYRGHODEDWHU¯D
$VHJXUDUXQDFRPELQDFLµQGHILOWURVGHDLUHIUHVFRVLQSUHVLµQ
ᇐ $EUDODY£OYXODGHVDOLGDGHOILOWURGHDLUHIUHVFRSDUDTXHVDOJDODSUHVLµQUHVLGXDOTXHSXHGD
TXHGDU
&DPELDUHOHOHPHQWRILOWUDQWHLQIHULRUHOHPHQWRILOWUDQWHGHDOWRUHQGLPLHQWR
'HVHQURVFDUODSDUWHLQIHULRUGHODFDUFDVDHQHOVHQWLGRFRQWUDULRDOGHODVDJXMDVGHOUHORM
6DFDUHOHOHPHQWRILOWUDQWHWLUDQGRGH«OKDFLDDEDMR
/LPSLDUODSDUWHVXSHULRUGHODFDUFDVD\ODVVXSHUILFLHVGHHPSDTXHWDGXUDFRQXQWUDSRTXHQR
GHMHSHOXVD
&RQWURODUODMXQWDGHODFDUFDVD
6LODMXQWDGHODFDUFDVDHVW£GD³DGRVXVWLW¼\DOD
,QVHUWDUHOQXHYRHOHPHQWRILOWUDQWHLQIHULRU
c8WLOLFHJXDQWHV
$WRUQLOODUODSDUWHLQIHULRUGHODFDUFDVDHQHOVHQWLGRGHODVDJXMDVGHOUHORM
&DPELDUHOHOHPHQWRILOWUDQWHVXSHULRUHOHPHQWRILOWUDQWHGHDGVRUFLµQ
'HVHQURVFDUODSDUWHVXSHULRUGHODFDUFDVDHQHOVHQWLGRFRQWUDULRDOGHODVDJXMDVGHOUHORM
6DFDUHOHOHPHQWRILOWUDQWHWLUDQGRGH«OKDFLDDUULED
/LPSLDUODSDUWHVXSHULRUGHODFDUFDVD\ODVVXSHUILFLHVGHHPSDTXHWDGXUDFRQXQWUDSRTXHQR
GHMHSHOXVD
&RQWURODUODMXQWDGHODFDUFDVD
6LODMXQWDGHODFDUFDVDHVW£GD³DGRVXVWLW¼\DOD
,QVWUXFFLRQHVGHVHUYLFLR0RELODLU
0 1rB6
0DQWHQLPLHQWR
2SFLRQHV
,QVHUWDUHOQXHYRHOHPHQWRILOWUDQWH
c8WLOLFHJXDQWHV
$WRUQLOODUODSDUWHVXSHULRUGHODFDUFDVDHQHOVHQWLGRGHODVDJXMDVGHOUHORM
6XVWLWXLUHOLQGLFDGRUGHOQLYHOGHDFHLWH
'HVHQURVFDUHOLQGLFDGRUGHOQLYHOGHDFHLWH
/LPSLDUHOWURQFR\ODV£UHDVGHHVWDQTXHLGDGFRQXQWUDSRTXHQRGHMHSHOXVD
(QURVFDUHOQXHYRLQGLFDGRUGHOQLYHOGHDFHLWH
3XHVWDHQVHUYLFLR
&HUUDUODOODYHGHSXUJD
9XHOYDDHPERUQDUHOFDEOHGHOSRORQHJDWLYRGHODEDWHU¯D
&HUUDUODSXHUWD
(OLPLQDUORVFRPSRQHQWHVVXVWLWXLGRV\KHUUDPLHQWDVVXFLDVFRQIRUPHDODVUHJXODFLRQHVPHಣ
GLRDPELHQWDOHV
P£VLQIRUPDFLµQ (QFRQWUDU£P£VLQIRUPDFLµQDFHUFDGHOFDPELRGHORVHOHPHQWRVILOWUDQWHVHQODVLQVWUXFFLRQHVGH
VHUYLFLRSDUDILOWURVGHDLUHFRPSULPLGRILOWURVGHDLUHIUHVFRHQHOFDS¯WXOR
$UUDQFDUODP£TXLQD\UHDOL]DUXQDPDUFKDGHSUXHED
3RQHUHQPDUFKDODP£TXLQD\GHMDUODIXQFLRQDUHQ0$5&+$(19$&2GXUDQWHDSUR[LPDGDಣ
PHQWHPLQXWRV
'HVFRQHFWDUODP£TXLQD
(VSHUDUKDVWDTXHVHKD\DGHVSUHVXUL]DGRDXWRP£WLFDPHQWHODP£TXLQD
c(OPDQµPHWURLQGLFDEDU
$EULUORVJULIRVGHWRPD
$EULUODSXHUWDGHUHFKD
&RPSUXHEHODKHUPHWLFLGDGGHODFDUFDVDGHOILOWURGHDLUHIUHVFR\GHORVWXERVIOH[LEOHV
&HUUDUODSXHUWD
2SFLµQED
0DQWHQLPLHQWRGHGHVFRQJHODGRU
$WHPSHUDWXUDVLQIHULRUHVDr&VHGHEHFRQWURODUGLDULDPHQWHHOQLYHOGHODQWLFRQJHODQWHDQWHVGH
ODSXHVWDHQPDUFKD
&RQGLFLµQ 0£TXLQDGHVFRQHFWDGD
0£TXLQDFRPSOHWDPHQWHGHVSUHVXUL]DGDHOPDQµPHWURLQGLFDEDU
0£TXLQDIU¯D
'HVDFRSODGRVORVFRQVXPLGRUHVGHDLUHFRPSULPLGRDELHUWDVODVY£OYXODVGHWRPD
,QVWUXFFLRQHVGHVHUYLFLR0RELODLU
1rB6 0
0DQWHQLPLHQWR
2SFLRQHV
3(/,*52
c3HOLJURGHLQFHQGLR\H[SORVLµQGHELGRDDXWRLQIODPDFLµQGHODQWLFRQJHODQWH
ᇐ 5HSRQJDHODQWLFRQJHODQWHVLHPSUHFRQODP£TXLQDGHVFRQHFWDGD\IU¯D
2SFLµQED
)LJ 5HOOHQDUHOGHVFRQJHODGRU
8QLµQURVFDGDGHVFRQJHODGRU
3DUWHLQIHULRUGHVFRQJHODGRU
$EULUDPEDVSXHUWDV
6ROWDUODDWRUQLOODGXUDGHOGHVFRQJHODGRU\UHWLUDUODSDUWHLQIHULRU
/OHQDUDSUR[LPDGDPHQWHGHODSDUWHLQIHULRUFRQHODQWLFRQJHODQWH
9ROYHUDHQURVFDUFXLGDGRVDPHQWHODSDUWHLQIHULRUFRQFXLGDGR
&HUUDUODVSXHUWDV
2SFLµQJDJE
0DQWHQLPLHQWRGHODFRUUHDGHDFFLRQDPLHQWRGHOJHQHUDGRU
/DWHQVLµQFRUUHFWDGHODFRUUHDGHDFFLRQDPLHQWRHVGHHQRUPHLPSRUWDQFLDSDUDHOIXQFLRQDPLHQWR
SHUIHFWRGHOJHQHUDGRU\SDUDDOFDQ]DUXQDODUJDGXUDFLµQGHODFRUUHD/DYLGD¼WLOGHODFRUUHDGH
DFFLRQDPLHQWRVHYHLQIOXHQFLDGDSRUHOWHQVDGR
႐ 8QDFRUUHDVXHOWDSXHGHFDXVDUXQGHVOL]DPLHQWRGHODFRUUHDTXHSURYRFDU£GD³RVGHODPLVPD
႐ 6LODFRUUHDHVW£GHPDVLDGRWHQVDGDSXHGHHVWLUDUVHHQH[FHVR\FRPRFRQVHFXHQFLDVH
DFRUWDU¯DVXYLGD¼WLO$GHP£VORVFRMLQHWHVGHO£UEROTXHGDU¯DQVRPHWLGRVDXQDWHQVLµQLQQHಣ
FHVDULDPHQWHDOWD\HVRSRGU¯DGD³DUORV
0DWHULDO /ODYHGHWRUQLOORV
3LH]DGHUHFDPELRVLHVQHFHVDULR
&RQGLFLµQ 0£TXLQDGHVFRQHFWDGD
0£TXLQDFRPSOHWDPHQWHGHVSUHVXUL]DGDHOPDQµPHWURLQGLFDEDU
0£TXLQDIU¯D
'HVDFRSODGRVORVFRQVXPLGRUHVGHDLUHFRPSULPLGRDELHUWDVODVY£OYXODVGHWRPD
'HVHPERUQDGRHOFDEOHGHOSRORQHJDWLYRGHODEDWHU¯D
,QVWUXFFLRQHVGHVHUYLFLR0RELODLU
0 1rB6
0DQWHQLPLHQWR
2SFLRQHV
$9,62
c3ROHDV\FRUUHDVHQPRYLPLHQWR
3HOLJURGHJUDYHVFRQWXVLRQHVRGHDPSXWDFLµQGHPLHPEURVDOWRFDUVHODVFRUUHDVHQPRYLPLHQWR
ᇐ &RQWURODUODFRUUHDGHDFFLRQDPLHQWRVµORFRQODP£TXLQDGHVFRQHFWDGD
ᇐ $FFLRQDUODP£TXLQDH[FOXVLYDPHQWHFRQODSURWHFFLµQGHFRUUHDV
ᇐ $EULUODSXHUWDL]TXLHUGD
5HWLUHODSURWHFFLµQGHODVFRUUHDV
)LJ )LMDFLµQSURWHFFLµQFRUUHDVJHQHUDGRU
7RUQLOORGHFDEH]DKH[DJRQDO 3URWHFFLµQGHFRUUHDV
$UDQGHOD &RUUHDGHDFFLRQDPLHQWRGHOJHQHUDGRU
7RSHVGHJRPD 6RSRUWHPHFDQLVPRWHQVRUGHODVFRUUHDV
ᇐ 6ROWDUORVWRUQLOORVGHILMDFLµQGHODSURWHFFLµQGHFRUUHDV\TXLWDUOD
(IHFWXDUXQFRQWUROYLVXDO
&RPSUXHEHODFRUUHDGHDFFLRQDPLHQWRSDUDYHUVLSUHVHQWDURWXUDVGHVKLODFKDGRVRGHIRUPDಣ
FLRQHV
6LGHWHFWDGD³RVRGHVJDVWHFDPELHODFRUUHDGHDFFLRQDPLHQWRLQPHGLDWDPHQWH
0RQWDUODSURWHFFLµQGHODVFRUUHDV
9XHOYDDHPERUQDUHOFDEOHGHOSRORQHJDWLYRGHODEDWHU¯D
&HUUDUODSXHUWD
&RQWURODUODWHQVLµQGHODVFRUUHDV
3DUDHYLWDUGLIHUHQFLDVGHORQJLWXGGHELGRDWHPSHUDWXUDVGLIHUHQFLDOHVFRQWURODUHOWHQVDGR
GHODVFRUUHDVVµORFXDQGRHVW£QFDOLHQWHVQRVREUHFDOHQWDGDV
,QVWUXFFLRQHVGHVHUYLFLR0RELODLU
1rB6 0
0DQWHQLPLHQWR
2SFLRQHV
(OGLVSRVLWLYRWHQVRUUHDMXVWDDXWRP£WLFDPHQWHHOWHQVDGRGHODFRUUHDDWUDY«VGHXQPXHOOHGH
SUHVLµQGHQWURGHXQPDUJHQGHILQLGR(OJUDGRGHOWHQVDGR $ GHODWHQVLµQGHFRUUHDVVHFRQWUROD
HQODUHJXODFLµQGHODVFRUUHDVYHULOXVWUDFLµQ
9DORUHVGHDMXVWHGHOJUDGRGHOWHQVDGR
႐ 'LVWDQFLDGHDMXVWHPP
႐ 'LVWDQFLDP¯QLPDPP
&RQWURODUHOJUDGRGHOWHQVDGR $ HQODUHJXODFLµQGHODVFRUUHDV
*UDGRGHOWHQVDGRLQIHULRUDODGLVWDQFLDP¯QLPD7HQVDUODFRUUHDGHDFFLRQDPLHQWR
9XHOYDDHPERUQDUHOFDEOHGHOSRORQHJDWLYRGHODEDWHU¯D
&HUUDUODSXHUWD
7HQVDUVXVWLWXLUFRUUHDVGHDFFLRQDPLHQWR
)LJ 7HQVDUODFRUUHDGHDFFLRQDPLHQWRGHOJHQHUDGRU
6RSRUWHPHFDQLVPRWHQVRUGHODVFRUUHDV 6RSRUWHEDVFXODQWHGHOJHQHUDGRU
7XHUFDKH[DJRQDO $MXVWHGHFRUUHDV
$UDQGHODHVI«ULFD 5HVRUWHGHSUHVLµQ
&RMLQHWHFµQLFR 7XHUFDKH[DJRQDODXWREORTXHR
7XHUFDKH[DJRQDOWXHUFDGHDSULHWH *HQHUDGRU
&RUUHDGHDFFLRQDPLHQWRFRUUHVHQXYH $ *UDGRGHOWHQVDGR
3ROHDGHOJHQHUDGRU
7HQVDUODVFRUUHDVGHDFFLRQDPLHQWR
6ROWDU ODWXHUFD
$WUDY«VGHODWXHUFD WXHUFDGHDSULHWHWHQVDUODFRUUHDGHDFFLRQDPLHQWR KDVWDTXHHO
JUDGRGHOWHQVDGR $ FRUUHVSRQGDDODGLVWDQFLDGHDMXVWH
$SUHWDUODVWXHUFDV \
9XHOYDDHPERUQDUHOFDEOHGHOSRORQHJDWLYRGHODEDWHU¯D
&HUUDUODSXHUWD
&DPELDUODFRUUHDGHDFFLRQDPLHQWR
5HWLUDUODSURWHFFLµQGHFRUUHDV
$IORMDUODWXHUFD KDVWDTXHVHSXHGDUHWLUDUODFRUUHDGHDFFLRQDPLHQWR GHODVSROHDV
,QVWUXFFLRQHVGHVHUYLFLR0RELODLU
0 1rB6
0DQWHQLPLHQWR
2SFLRQHV
5HWLUDUFRUUHDGHDFFLRQDPLHQWR
&RPSUREDUVLKD\VXFLHGDGHQODVSROHDVGHWUDQVPLVLµQRVLHVW£QGHVJDVWDGDV
6LXQDSROHDHVW£VXFLDO¯PSLHOD
6LXQDSROHDHVW£GHVJDVWDGDVXVWLW¼\DOD
&RORFDUODQXHYDFRUUHDGHDFFLRQDPLHQWRVREUHODVSROHDVGHOPRWRU\GHOJHQHUDGRUFRQOD
PDQRVLQKDFHUIXHU]D
$WUDY«VGHODWXHUFD WXHUFDGHDSULHWHWHQVDUODFRUUHDGHDFFLRQDPLHQWR KDVWDTXHHO
JUDGRGHOWHQVDGR $ FRUUHVSRQGDDODGLVWDQFLDGHDMXVWH
$SUHWDUODVWXHUFDV \
0RQWDUODSURWHFFLµQGHODVFRUUHDV
9XHOYDDHPERUQDUHOFDEOHGHOSRORQHJDWLYRGHODEDWHU¯D
&HUUDUODSXHUWD
3RQJDHQPDUFKDODP£TXLQD\GHMHTXHODFRUUHDGHDFFLRQDPLHQWRIXQFLRQHXQRVದPLQXWRV
D3/(1$&$5*$
&RQWURODUHOWHQVDGRGHODFRUUHDWHQVDUODVLHVQHFHVDULR
႐ 7UDQVFXUULGDVGRVKRUDVGHVHUYLFLRYROYHUDFRQWURODUHOWHQVDGRGHODVFRUUHDV
႐ 8QDYH]GHVPRQWDGDXQDFRUUHDDFFLRQDPLHQWR«VWD\DQRVHSXHGHYROYHUDXWLOL]DU
/DFRUUHDGHDFFLRQDPLHQWRGHVPRQWDGDGHEHU£HOLPLQDUVHFRQIRUPHDODVSUHVFULSFLRQHVSDUD
ODSURWHFFLµQGHOPHGLRDPELHQWHYLJHQWHV
2SFLµQOD
/LPSLDUHOSDUDFKLVSDV
3DUDHYLWDUODVDOLGDGHUHVWRVGHFRPEXVWLµQDUGLHQWHVGHOVLOHQFLDGRUGHJDVHVGHHVFDSHHVQHಣ
FHVDULRHOLPLQDUODDFXPXODFLµQGHKROO¯QHQHOSDUDFKLVSDVFDGDGRVPHVHVDSUR[LPDGDPHQWH
0DWHULDO 7XERGHJRPDDGHFXDGR
5HFLSLHQWHSDUDFROHFWDUKROO¯Q
3D³RSDUDOLPSLH]D
*XDQWHVGHSURWHFFLµQ
*DIDVGHSURWHFFLµQ
&RQGLFLµQ 0£TXLQDGHVFRQHFWDGD
0£TXLQDHVWDFLRQDGDHQSRVLFLµQKRUL]RQWDO
0£TXLQDFRPSOHWDPHQWHGHVSUHVXUL]DGDHOPDQµPHWURLQGLFDEDU
0£TXLQDIU¯D
'HVDFRSODGRVORVFRQVXPLGRUHVGHDLUHFRPSULPLGRDELHUWDVODVY£OYXODVGHWRPD
3(/,*52
c3HOLJURGHDVIL[LDSRULQKDODFLµQGHJDVHVGHHVFDSHYHQHQRVRV
c/RVJDVHVGHHVFDSHGHORVPRWRUHVGHFRPEXVWLµQLQWHUQDFRQWLHQHQPRQµ[LGRGHFDUERQRXQ
JDVLQRGRUR\PRUWDO
ᇐ c$FFLRQDUODP£TXLQDH[FOXVLYDPHQWHDODLUHOLEUH
ᇐ 1RLQKDODUORVJDVHVGHHVFDSH
,QVWUXFFLRQHVGHVHUYLFLR0RELODLU
1rB6 0
0DQWHQLPLHQWR
2SFLRQHV
35(&$8&,1
c3HOLJURGHTXHPDGXUDVSRUSLH]DVFDOLHQWHV\FKLVSDV
ᇐ 8VHURSDGHPDQJDODUJD\JXDQWHV
ᇐ /OHYDUSURWHFFLµQRFXODU
)LJ /LPSLDUHOSDUDFKLVSDV
7XERGHHVFDSHGHOVLOHQFLDGRUGHORVJDಣ 5DFRUGHGHVFDUJDGHOGHSµVLWRGHKROO¯Q
VHVGHFRPEXVWLµQ FRQWDSµQURVFDGR
2ULILFLRHQODFKDSDGHOIRQGRDFFHVRDOUDಣ 6LOHQFLDGRUGHHVFDSHFRQSDUDFKLVSDVLQಣ
FRUGHGHVFDUJD WHJUDGR
'HVHQURVFDUHOWDSµQGHOUDFRUGHGHVFDUJDGHOGHSµVLWRGHKROO¯Q
,QVHUWDUHOWXERIOH[LEOHHQHOUDFRUGHGHVFDUJDFROJDUHOH[WUHPRGHOWXERIOH[LEOHHQHOUHFLSLHQWH
FROHFWRUSDUDHOKROO¯Q
3RQHUHQPDUFKDHOPRWRUGHODP£TXLQD
&XEULUHQSDUWHHOWXERILQDOGHOVLOHQFLDGRUGHHVFDSHSDUDDXPHQWDUODSUHVLµQHQHOVLVWHPDGH
ORVJDVHVGHHVFDSH
5HVXOWDGR 6HH[SXOVDHOKROO¯QSRUHOWXERIOH[LEOH\VHUHFRJHU£HQXQUHFLSLHQWHFROHFWRU
'HVFRQHFWDUODP£TXLQD
5HWLUDUHOWXERIOH[LEOH\HQURVFDUHOWDSµQHQUDFRUGHGHVFDUJD
6HUHFRPLHQGDOLPSLDUHOSDUDFKLVSDVFRQDLUHFRPSULPLGRXQDYH]DOD³R
(OLPLQDUHOKROO¯QHFROµJLFDPHQWH
2SFLµQOE
0DQWHQLPLHQWRGHODY£OYXODGHFLHUUHDLUHGHOPRWRU
0DWHULDO $LUHFRPSULPLGRGHVRSODGR
*DVROLQDGHODYDGRRDOFRKRO
3D³RSDUDOLPSLH]D
'HVWRUQLOODGRU
&RQGLFLµQ 0£TXLQDGHVFRQHFWDGD
0£TXLQDFRPSOHWDPHQWHGHVSUHVXUL]DGDHOPDQµPHWURLQGLFDEDU
0£TXLQDIU¯D
'HVDFRSODGRVORVFRQVXPLGRUHVGHDLUHFRPSULPLGRDELHUWDVODVY£OYXODVGHWRPD
,QVWUXFFLRQHVGHVHUYLFLR0RELODLU
0 1rB6
0DQWHQLPLHQWR
2SFLRQHV
$9,62
c/DY£OYXODGHFLHUUHGHODLUHGHOPRWRUQRVHFLHUUDDODVSLUDUODPH]FODJDVHRVDLQFHQGLDEOHGHO
DLUHDPELHQWH
5LHVJRGHODGHVWUXFFLµQGHOPRWRUDV¯FRPRXQDH[SORVLµQRSURSDJDFLµQGHXQLQFHQGLR
ᇐ 1RFDPELDUHODMXVWHGHODXQLµQURVFDGDGHODY£OYXOD
ᇐ (QFDUJDUHODMXVWHGHODY£OYXODDXQWDOOHUHVSHFLDOL]DGRRDOVHUYLFLRW«FQLFRGH.$(6(5
)LJ 0DQWHQLPLHQWRGHODY£OYXODGHFLHUUHDLUHGHOPRWRU
(QWUDGDGHDLUHGHFRPEXVWLµQGHOPRWRU 7XERIOH[LEOHDVSLUDFLµQGHDLUHODGRGHOILOಣ
)LOWURGHDLUHGHOPRWRU WURGHDLUH
7XERIOH[LEOHDVSLUDFLµQGHDLUHODGRGHO 9£OYXODGHFLHUUHDLUHGHOPRWRU
PRWRU $EUD]DGHUD
ᇐ $EULUDPEDVSXHUWDV
/LPSLDUODY£OYXODGHFLHUUHDLUHGHOPRWRU
$9,62
c/DY£OYXODGHFLHUUHGHODLUHGHOPRWRUQRFLHUUDFRPSOHWDPHQWH
5LHVJRGHODGHVWUXFFLµQGHOPRWRUDV¯FRPRXQDH[SORVLµQRSURSDJDFLµQGHXQLQFHQGLR
ᇐ 1RHQJUDVDUODY£OYXODSHOLJURTXHVHSHJXHQORVFRMLQHWHVGHELGRDODVHPLVLRQHVGHSROYR
6ROWDUODDEUD]DGHUDGHOWXERIOH[LEOHSRUHOODGRGHOILOWURGHDLUHGHODY£OYXODGHFLHUUHGHDLUH
GHOPRWRUUHWLUDUHOWXERIOH[LEOHSDUDDVSLUDFLµQGHDLUH\JLUDUORKDFLDHOODGR
&RQWURODUVLHOHVSDFLRLQWHULRUGHODY£OYXODGHFLHUUHGHODLUHGHPRWRUHVW£OLPSLR
6LODY£OYXODGHFLHUUHGHODLUHGHOPRWRUHVW£VXFLDO¯PSLHODODY£OYXODPHGLDQWHXQVRSODGRFRQ
DLUHFRPSULPLGR
(QFDVRQHFHVDULROLPSLDUFRQJDVROLQDGHODYDGRRDOFRKRO\GHMDUVHFDU
6LQRORJUDUHWLUDUWRGDODVXFLHGDG'LULJLUVHDXQWDOOHUHVSHFLDOL]DGRRDOVHUYLFLRW«FQLFRGH
.$(6(5
&RQWURODUHOIXQFLRQDPLHQWREXHQR\I£FLOGHODY£OYXODGHFLHUUHGHODLUHGHOPRWRU
&RPSUREDUVH³DOHVGHGHVJDVWHH[FHVLYRGHODY£OYXOD
&RQWURODUVLODWDSDGHY£OYXODFLHUUDI£FLO\FRPSOHWDPHQWH
,QVWUXFFLRQHVGHVHUYLFLR0RELODLU
1rB6 0
0DQWHQLPLHQWR
2SFLRQHV
5HVXOWDGR 6XVWLWXLUODODY£OYXODGHFLHUUHGHODLUHGHOPRWRUHQFDVRGHIXHUWHGHVJDVWHRSUREOHPDVGHIXQFLRಣ
QDPLHQWR
9XHOYDDILMDUHOWXERIOH[LEOHGHDVSLUDFLµQGHDLUH\DSULHWHODXQLµQURVFDGDGHODVDEUD]DGHUDV
SDUDWXERV
&HUUDUODVSXHUWDV
3RQJDHOPRWRUHQPDUFKD\FRQHFWHODP£TXLQDHQHOVHUYLFLR&21&$5*$
6LHOPRWRUVHDSDJDDOFRQHFWDUHOVHUYLFLR&21&$5*$HQFDUJXHDXQWDOOHUHVSHFLDOL]DGRR
DO6HUYLFLR7«FQLFRGH.$(6(5HODMXVWHGHODY£OYXODGHFLHUUHGHODLUHGHOPRWRU
,QVWUXFFLRQHVGHVHUYLFLR0RELODLU
0 1rB6
0DQWHQLPLHQWR
3URWRFRODUORVWUDEDMRVGHPDQWHQLPLHQWR
3URWRFRODUORVWUDEDMRVGHPDQWHQLPLHQWR
1¼PHURGHODP£TXLQD
ᇐ ,QVFULELUVHHQODOLVWDORVWUDEDMRVGHPDQWHQLPLHQWRHIHFWXDGRV
7DE 7UDEDMRVGHPDQWHQLPLHQWRSURWRFRODGRV
,QVWUXFFLRQHVGHVHUYLFLR0RELODLU
1rB6 0
5HSXHVWRVOXEULFDQWHVDVLVWHQFLD
3UHVWHDWHQFLµQDODSODFDGHLGHQWLILFDFLµQ
5HSXHVWRVOXEULFDQWHVDVLVWHQFLD
3UHVWHDWHQFLµQDODSODFDGHLGHQWLILFDFLµQ
/DSODFDGHLGHQWLILFDFLµQFRQWLHQHWRGDVODVLQIRUPDFLRQHVSDUDODLGHQWLILFDFLµQGHVXP£TXLQD
(VWDVLQIRUPDFLRQHVVRQQHFHVDULDVSDUDRIUHFHUOHVXQVHUYLFLRµSWLPR
ᇐ 5RJDPRVLQGLTXHQORVGDWRVGHODSODFDGHLGHQWLILFDFLµQFXDQGRWHQJDQFRQVXOWDVDFHUFDGHO
SURGXFWRRFXDQGRSLGDQUHSXHVWRV
(QFDUJDUSLH]DVGHPDQWHQLPLHQWROXEULFDQWHV\O¯TXLGRV
/DVSLH]DVGHPDQWHQLPLHQWRORVOXEULFDQWHV\ORVO¯TXLGRV.$(6(5WLHQHQODVPLVPDVFDUDFWHU¯VWLಣ
FDVTXHODVSLH]DV\O¯TXLGRVRULJLQDOHV(VW£QDGDSWDGRVSDUDVXXWLOL]DFLµQHQQXHVWUDVP£TXLQDV
$9,62
'D³RVDSHUVRQDVRP£TXLQDVFDXVDGRVSRUUHSXHVWRVOXEULFDQWHV\O¯TXLGRVLQFRUUHFWRV
3LH]DVGHPDQWHQLPLHQWR\O¯TXLGRVLQDGHFXDGRVRGHEDMDFDOLGDGSXHGHQGD³DUODP£TXLQDR
SHUMXGLFDUVHULDPHQWHVXIXQFLRQDPLHQWR
(QFDVRGHSURGXFLUVHGD³RVHVSRVLEOHTXHSHUVRQDVUHVXOWHQKHULGDV
ᇐ 8VDUVRODPHQWHUHSXHVWRVRULJLQDOHV\ORVO¯TXLGRVTXHVHLQGLFDQ
ᇐ (QFDUJXHUHJXODUPHQWHODVODERUHVGHPDQWHQLPLHQWRDOVHUYLFLRDXWRUL]DGRGH.$(6(5
&RPSUHVRU
7DE 3LH]DVGHPDQWHQLPLHQWRFRPSUHVRU
&RPSRQHQWHVGHOPRWRU.XERWD
,QVWUXFFLRQHVGHVHUYLFLR0RELODLU
0 1rB6
5HSXHVWRVOXEULFDQWHVDVLVWHQFLD
.$(6(5$,56(59,&(
7DE 3LH]DVGHPDQWHQLPLHQWRGHOPRWRU
.$(6(5$,56(59,&(
(O.$(6(5$,56(59,&(OHRIUHFH
႐ 7«FQLFRVGHDVLVWHQFLDDXWRUL]DGRVFRQIRUPDFLµQHVSHF¯ILFDSRU.$(6(5
႐ PD\RUVHJXULGDGGHVHUYLFLR\DTXHVHSUHYLHQHQDYHU¯DV
႐ DKRUURGHHQHUJ¯DGDGRTXHVHHYLWDQS«UGLGDVGHSUHVLµQ
႐ 6HJXULGDGJUDFLDVDODVSLH]DVGHUHFDPELRRULJLQDOHV.$(6(5
႐ DOWDVHJXULGDGGHVGHHOSXQWRGHYLVWDMXU¯GLFR\DTXHVHUHVSHWDQWRGDVODVUHJXODFLRQHV
ᇐ &LHUUHFRQQRVRWURVXQDFXHUGRGHPDQWHQLPLHQWR.$(6(5$,56(59,&(
6XYHQWDMD
$LUHFRPSULPLGRDPHQRUFRVWH\PD\RUGLVSRQLELOLGDG
'LUHFFLRQHVGHSXQWRVGHDVLVWHQFLD
$OILQDOGHHVWHPDQXDOGHVHUYLFLRHQFRQWUDU£ODVGLUHFFLRQHVGHORVUHSUHVHQWDQWHVGH.$(6(5HQ
WRGRHOPXQGR
5HSXHVWRVSDUDPDQWHQLPLHQWR\UHSDUDFLRQHV
0HGLDQWHHVWDOLVWDGHODVSLH]DVGHUHFDPELRSXHGHXVWHGSODQLILFDUODGHPDQGDGHPDWHULDOHQ
IXQFLµQGHODVFRQGLFLRQHVGHVHUYLFLR\SHGLUODVSLH]DVGHUHFDPELRQHFHVDULDV
$9,62
c'D³RVDSHUVRQDVRP£TXLQDVFDXVDGRVSRUWUDEDMRVLQFRUUHFWRVHQODP£TXLQD
/RVWUDEDMRVGHFRQWUROPDQWHQLPLHQWRSUHYHQWLYR\RUHSDUDFLµQLQFRUUHFWRVSXHGHQGD³DUODP£ಣ
TXLQDRPHQRVFDEDUVHULDPHQWHVXIXQFLRQDPLHQWR(QFDVRGHSURGXFLUVHGD³RVHVSRVLEOHTXH
SHUVRQDVUHVXOWHQKHULGDV
ᇐ 1RKDJDUHDOL]DUORVWUDEDMRVSDUDHOFRQWUROHOPDQWHQLPLHQWRSUHYHQWLYR\ODUHSDUDFLµQGH
ODP£TXLQDTXHQRVHKD\DQGHVFULWRHQHOSUHVHQWHPDQXDOGHVHUYLFLRSRUSHUVRQDVQRFXDಣ
OLILFDGDV
ᇐ +DJDUHDOL]DURWURVWUDEDMRVTXHQRVHKD\DQGHVFULWRHQHOSUHVHQWHPDQXDOGHVHUYLFLRVµOR
SRUXQWDOOHUHVSHFLDOL]DGRRSRUHOVHUYLFLRDXWRUL]DGR.$(6(5
,QVWUXFFLRQHVGHVHUYLFLR0RELODLU
1rB6 0
5HSXHVWRVOXEULFDQWHVDVLVWHQFLD
5HSXHVWRVSDUDPDQWHQLPLHQWR\UHSDUDFLRQHV
,QVWUXFFLRQHVGHVHUYLFLR0RELODLU
0 1rB6
5HSXHVWRVOXEULFDQWHVDVLVWHQFLD
5HSXHVWRVSDUDPDQWHQLPLHQWR\UHSDUDFLRQHV
,QVWUXFFLRQHVGHVHUYLFLR0RELODLU
1rB6 0
5HSXHVWRVOXEULFDQWHVDVLVWHQFLD
5HSXHVWRVSDUDPDQWHQLPLHQWR\UHSDUDFLRQHV
,QVWUXFFLRQHVGHVHUYLFLR0RELODLU
0 1rB6
5HSXHVWRVOXEULFDQWHVDVLVWHQFLD
5HSXHVWRVSDUDPDQWHQLPLHQWR\UHSDUDFLRQHV
,QVWUXFFLRQHVGHVHUYLFLR0RELODLU
1rB6 0
5HSXHVWRVOXEULFDQWHVDVLVWHQFLD
5HSXHVWRVSDUDPDQWHQLPLHQWR\UHSDUDFLRQHV
,QVWUXFFLRQHVGHVHUYLFLR0RELODLU
0 1rB6
5HSXHVWRVOXEULFDQWHVDVLVWHQFLD
5HSXHVWRVSDUDPDQWHQLPLHQWR\UHSDUDFLRQHV
,QVWUXFFLRQHVGHVHUYLFLR0RELODLU
1rB6 0
5HSXHVWRVOXEULFDQWHVDVLVWHQFLD
5HSXHVWRVSDUDPDQWHQLPLHQWR\UHSDUDFLRQHV
,QVWUXFFLRQHVGHVHUYLFLR0RELODLU
0 1rB6
5HSXHVWRVOXEULFDQWHVDVLVWHQFLD
5HSXHVWRVSDUDPDQWHQLPLHQWR\UHSDUDFLRQHV
,QVWUXFFLRQHVGHVHUYLFLR0RELODLU
1rB6 0
5HSXHVWRVOXEULFDQWHVDVLVWHQFLD
5HSXHVWRVSDUDPDQWHQLPLHQWR\UHSDUDFLRQHV
,QVWUXFFLRQHVGHVHUYLFLR0RELODLU
0 1rB6
5HSXHVWRVOXEULFDQWHVDVLVWHQFLD
5HSXHVWRVSDUDPDQWHQLPLHQWR\UHSDUDFLRQHV
,QVWUXFFLRQHVGHVHUYLFLR0RELODLU
1rB6 0
5HSXHVWRVOXEULFDQWHVDVLVWHQFLD
5HSXHVWRVSDUDPDQWHQLPLHQWR\UHSDUDFLRQHV
,QVWUXFFLRQHVGHVHUYLFLR0RELODLU
0 1rB6
5HSXHVWRVOXEULFDQWHVDVLVWHQFLD
5HSXHVWRVSDUDPDQWHQLPLHQWR\UHSDUDFLRQHV
,QVWUXFFLRQHVGHVHUYLFLR0RELODLU
1rB6 0
5HSXHVWRVOXEULFDQWHVDVLVWHQFLD
5HSXHVWRVSDUDPDQWHQLPLHQWR\UHSDUDFLRQHV
,QVWUXFFLRQHVGHVHUYLFLR0RELODLU
0 1rB6
5HSXHVWRVOXEULFDQWHVDVLVWHQFLD
5HSXHVWRVSDUDPDQWHQLPLHQWR\UHSDUDFLRQHV
,QVWUXFFLRQHVGHVHUYLFLR0RELODLU
1rB6 0
5HSXHVWRVOXEULFDQWHVDVLVWHQFLD
5HSXHVWRVSDUDPDQWHQLPLHQWR\UHSDUDFLRQHV
,QVWUXFFLRQHVGHVHUYLFLR0RELODLU
0 1rB6
5HSXHVWRVOXEULFDQWHVDVLVWHQFLD
5HSXHVWRVSDUDPDQWHQLPLHQWR\UHSDUDFLRQHV
,QVWUXFFLRQHVGHVHUYLFLR0RELODLU
1rB6 0
5HSXHVWRVOXEULFDQWHVDVLVWHQFLD
5HSXHVWRVSDUDPDQWHQLPLHQWR\UHSDUDFLRQHV
,QVWUXFFLRQHVGHVHUYLFLR0RELODLU
0 1rB6
5HSXHVWRVOXEULFDQWHVDVLVWHQFLD
5HSXHVWRVSDUDPDQWHQLPLHQWR\UHSDUDFLRQHV
,QVWUXFFLRQHVGHVHUYLFLR0RELODLU
1rB6 0
5HSXHVWRVOXEULFDQWHVDVLVWHQFLD
5HSXHVWRVSDUDPDQWHQLPLHQWR\UHSDUDFLRQHV
,QVWUXFFLRQHVGHVHUYLFLR0RELODLU
0 1rB6
5HSXHVWRVOXEULFDQWHVDVLVWHQFLD
5HSXHVWRVSDUDPDQWHQLPLHQWR\UHSDUDFLRQHV
,QVWUXFFLRQHVGHVHUYLFLR0RELODLU
1rB6 0
5HSXHVWRVOXEULFDQWHVDVLVWHQFLD
5HSXHVWRVSDUDPDQWHQLPLHQWR\UHSDUDFLRQHV
,QVWUXFFLRQHVGHVHUYLFLR0RELODLU
0 1rB6
5HSXHVWRVOXEULFDQWHVDVLVWHQFLD
5HSXHVWRVSDUDPDQWHQLPLHQWR\UHSDUDFLRQHV
,QVWUXFFLRQHVGHVHUYLFLR0RELODLU
1rB6 0
5HSXHVWRVOXEULFDQWHVDVLVWHQFLD
5HSXHVWRVSDUDPDQWHQLPLHQWR\UHSDUDFLRQHV
,QVWUXFFLRQHVGHVHUYLFLR0RELODLU
0 1rB6
5HSXHVWRVOXEULFDQWHVDVLVWHQFLD
5HSXHVWRVSDUDPDQWHQLPLHQWR\UHSDUDFLRQHV
,QVWUXFFLRQHVGHVHUYLFLR0RELODLU
1rB6 0
5HSXHVWRVOXEULFDQWHVDVLVWHQFLD
5HSXHVWRVSDUDPDQWHQLPLHQWR\UHSDUDFLRQHV
,QVWUXFFLRQHVGHVHUYLFLR0RELODLU
0 1rB6
5HSXHVWRVOXEULFDQWHVDVLVWHQFLD
5HSXHVWRVSDUDPDQWHQLPLHQWR\UHSDUDFLRQHV
,QVWUXFFLRQHVGHVHUYLFLR0RELODLU
1rB6 0
5HSXHVWRVOXEULFDQWHVDVLVWHQFLD
5HSXHVWRVSDUDPDQWHQLPLHQWR\UHSDUDFLRQHV
,QVWUXFFLRQHVGHVHUYLFLR0RELODLU
0 1rB6
5HSXHVWRVOXEULFDQWHVDVLVWHQFLD
5HSXHVWRVSDUDPDQWHQLPLHQWR\UHSDUDFLRQHV
,QVWUXFFLRQHVGHVHUYLFLR0RELODLU
1rB6 0
5HSXHVWRVOXEULFDQWHVDVLVWHQFLD
5HSXHVWRVSDUDPDQWHQLPLHQWR\UHSDUDFLRQHV
,QVWUXFFLRQHVGHVHUYLFLR0RELODLU
0 1rB6
5HSXHVWRVOXEULFDQWHVDVLVWHQFLD
5HSXHVWRVSDUDPDQWHQLPLHQWR\UHSDUDFLRQHV
,QVWUXFFLRQHVGHVHUYLFLR0RELODLU
1rB6 0
5HSXHVWRVOXEULFDQWHVDVLVWHQFLD
5HSXHVWRVSDUDPDQWHQLPLHQWR\UHSDUDFLRQHV
,QVWUXFFLRQHVGHVHUYLFLR0RELODLU
0 1rB6
5HSXHVWRVOXEULFDQWHVDVLVWHQFLD
5HSXHVWRVSDUDPDQWHQLPLHQWR\UHSDUDFLRQHV
,QVWUXFFLRQHVGHVHUYLFLR0RELODLU
1rB6 0
5HSXHVWRVOXEULFDQWHVDVLVWHQFLD
5HSXHVWRVSDUDPDQWHQLPLHQWR\UHSDUDFLRQHV
,QVWUXFFLRQHVGHVHUYLFLR0RELODLU
0 1rB6
5HSXHVWRVOXEULFDQWHVDVLVWHQFLD
5HSXHVWRVSDUDPDQWHQLPLHQWR\UHSDUDFLRQHV
,QVWUXFFLRQHVGHVHUYLFLR0RELODLU
1rB6 0
5HSXHVWRVOXEULFDQWHVDVLVWHQFLD
5HSXHVWRVSDUDPDQWHQLPLHQWR\UHSDUDFLRQHV
,QVWUXFFLRQHVGHVHUYLFLR0RELODLU
0 1rB6
5HSXHVWRVOXEULFDQWHVDVLVWHQFLD
5HSXHVWRVSDUDPDQWHQLPLHQWR\UHSDUDFLRQHV
,QVWUXFFLRQHVGHVHUYLFLR0RELODLU
1rB6 0
5HSXHVWRVOXEULFDQWHVDVLVWHQFLD
5HSXHVWRVSDUDPDQWHQLPLHQWR\UHSDUDFLRQHV
,QVWUXFFLRQHVGHVHUYLFLR0RELODLU
0 1rB6
5HSXHVWRVOXEULFDQWHVDVLVWHQFLD
5HSXHVWRVSDUDPDQWHQLPLHQWR\UHSDUDFLRQHV
,QVWUXFFLRQHVGHVHUYLFLR0RELODLU
1rB6 0
5HSXHVWRVOXEULFDQWHVDVLVWHQFLD
5HSXHVWRVSDUDPDQWHQLPLHQWR\UHSDUDFLRQHV
,QVWUXFFLRQHVGHVHUYLFLR0RELODLU
0 1rB6
5HSXHVWRVOXEULFDQWHVDVLVWHQFLD
5HSXHVWRVSDUDPDQWHQLPLHQWR\UHSDUDFLRQHV
,QVWUXFFLRQHVGHVHUYLFLR0RELODLU
1rB6 0
5HSXHVWRVOXEULFDQWHVDVLVWHQFLD
5HSXHVWRVSDUDPDQWHQLPLHQWR\UHSDUDFLRQHV
,QVWUXFFLRQHVGHVHUYLFLR0RELODLU
0 1rB6
5HSXHVWRVOXEULFDQWHVDVLVWHQFLD
5HSXHVWRVSDUDPDQWHQLPLHQWR\UHSDUDFLRQHV
,QVWUXFFLRQHVGHVHUYLFLR0RELODLU
1rB6 0
5HSXHVWRVOXEULFDQWHVDVLVWHQFLD
5HSXHVWRVSDUDPDQWHQLPLHQWR\UHSDUDFLRQHV
,QVWUXFFLRQHVGHVHUYLFLR0RELODLU
0 1rB6
5HSXHVWRVOXEULFDQWHVDVLVWHQFLD
5HSXHVWRVSDUDPDQWHQLPLHQWR\UHSDUDFLRQHV
,QVWUXFFLRQHVGHVHUYLFLR0RELODLU
1rB6 0
5HSXHVWRVOXEULFDQWHVDVLVWHQFLD
5HSXHVWRVSDUDPDQWHQLPLHQWR\UHSDUDFLRQHV
,QVWUXFFLRQHVGHVHUYLFLR0RELODLU
0 1rB6
5HSXHVWRVOXEULFDQWHVDVLVWHQFLD
5HSXHVWRVSDUDPDQWHQLPLHQWR\UHSDUDFLRQHV
,QVWUXFFLRQHVGHVHUYLFLR0RELODLU
1rB6 0
5HSXHVWRVOXEULFDQWHVDVLVWHQFLD
5HSXHVWRVSDUDPDQWHQLPLHQWR\UHSDUDFLRQHV
,QVWUXFFLRQHVGHVHUYLFLR0RELODLU
0 1rB6
5HSXHVWRVOXEULFDQWHVDVLVWHQFLD
5HSXHVWRVSDUDPDQWHQLPLHQWR\UHSDUDFLRQHV
,QVWUXFFLRQHVGHVHUYLFLR0RELODLU
1rB6 0
5HSXHVWRVOXEULFDQWHVDVLVWHQFLD
5HSXHVWRVSDUDPDQWHQLPLHQWR\UHSDUDFLRQHV
,QVWUXFFLRQHVGHVHUYLFLR0RELODLU
0 1rB6
5HSXHVWRVOXEULFDQWHVDVLVWHQFLD
5HSXHVWRVSDUDPDQWHQLPLHQWR\UHSDUDFLRQHV
,QVWUXFFLRQHVGHVHUYLFLR0RELODLU
1rB6 0
5HSXHVWRVOXEULFDQWHVDVLVWHQFLD
5HSXHVWRVSDUDPDQWHQLPLHQWR\UHSDUDFLRQHV
,QVWUXFFLRQHVGHVHUYLFLR0RELODLU
0 1rB6
5HSXHVWRVOXEULFDQWHVDVLVWHQFLD
5HSXHVWRVSDUDPDQWHQLPLHQWR\UHSDUDFLRQHV
,QVWUXFFLRQHVGHVHUYLFLR0RELODLU
1rB6 0
5HSXHVWRVOXEULFDQWHVDVLVWHQFLD
5HSXHVWRVSDUDPDQWHQLPLHQWR\UHSDUDFLRQHV
,QVWUXFFLRQHVGHVHUYLFLR0RELODLU
0 1rB6
5HSXHVWRVOXEULFDQWHVDVLVWHQFLD
5HSXHVWRVSDUDPDQWHQLPLHQWR\UHSDUDFLRQHV
,QVWUXFFLRQHVGHVHUYLFLR0RELODLU
1rB6 0
5HSXHVWRVOXEULFDQWHVDVLVWHQFLD
5HSXHVWRVSDUDPDQWHQLPLHQWR\UHSDUDFLRQHV
,QVWUXFFLRQHVGHVHUYLFLR0RELODLU
0 1rB6
5HSXHVWRVOXEULFDQWHVDVLVWHQFLD
5HSXHVWRVSDUDPDQWHQLPLHQWR\UHSDUDFLRQHV
,QVWUXFFLRQHVGHVHUYLFLR0RELODLU
1rB6 0
5HSXHVWRVOXEULFDQWHVDVLVWHQFLD
5HSXHVWRVSDUDPDQWHQLPLHQWR\UHSDUDFLRQHV
,QVWUXFFLRQHVGHVHUYLFLR0RELODLU
0 1rB6
5HSXHVWRVOXEULFDQWHVDVLVWHQFLD
5HSXHVWRVSDUDPDQWHQLPLHQWR\UHSDUDFLRQHV
,QVWUXFFLRQHVGHVHUYLFLR0RELODLU
1rB6 0
5HSXHVWRVOXEULFDQWHVDVLVWHQFLD
5HSXHVWRVSDUDPDQWHQLPLHQWR\UHSDUDFLRQHV
,QVWUXFFLRQHVGHVHUYLFLR0RELODLU
0 1rB6
5HSXHVWRVOXEULFDQWHVDVLVWHQFLD
5HSXHVWRVSDUDPDQWHQLPLHQWR\UHSDUDFLRQHV
,QVWUXFFLRQHVGHVHUYLFLR0RELODLU
1rB6 0
5HSXHVWRVOXEULFDQWHVDVLVWHQFLD
5HSXHVWRVSDUDPDQWHQLPLHQWR\UHSDUDFLRQHV
,QVWUXFFLRQHVGHVHUYLFLR0RELODLU
0 1rB6
5HSXHVWRVOXEULFDQWHVDVLVWHQFLD
5HSXHVWRVSDUDPDQWHQLPLHQWR\UHSDUDFLRQHV
,QVWUXFFLRQHVGHVHUYLFLR0RELODLU
1rB6 0
5HSXHVWRVOXEULFDQWHVDVLVWHQFLD
5HSXHVWRVSDUDPDQWHQLPLHQWR\UHSDUDFLRQHV
,QVWUXFFLRQHVGHVHUYLFLR0RELODLU
0 1rB6
5HSXHVWRVOXEULFDQWHVDVLVWHQFLD
5HSXHVWRVSDUDPDQWHQLPLHQWR\UHSDUDFLRQHV
,QVWUXFFLRQHVGHVHUYLFLR0RELODLU
1rB6 0
5HSXHVWRVOXEULFDQWHVDVLVWHQFLD
5HSXHVWRVSDUDPDQWHQLPLHQWR\UHSDUDFLRQHV
,QVWUXFFLRQHVGHVHUYLFLR0RELODLU
0 1rB6
5HSXHVWRVOXEULFDQWHVDVLVWHQFLD
5HSXHVWRVSDUDPDQWHQLPLHQWR\UHSDUDFLRQHV
,QVWUXFFLRQHVGHVHUYLFLR0RELODLU
1rB6 0
5HSXHVWRVOXEULFDQWHVDVLVWHQFLD
5HSXHVWRVSDUDPDQWHQLPLHQWR\UHSDUDFLRQHV
,QVWUXFFLRQHVGHVHUYLFLR0RELODLU
0 1rB6
5HSXHVWRVOXEULFDQWHVDVLVWHQFLD
5HSXHVWRVSDUDPDQWHQLPLHQWR\UHSDUDFLRQHV
,QVWUXFFLRQHVGHVHUYLFLR0RELODLU
1rB6 0
5HSXHVWRVOXEULFDQWHVDVLVWHQFLD
5HSXHVWRVSDUDPDQWHQLPLHQWR\UHSDUDFLRQHV
,QVWUXFFLRQHVGHVHUYLFLR0RELODLU
0 1rB6
5HSXHVWRVOXEULFDQWHVDVLVWHQFLD
5HSXHVWRVSDUDPDQWHQLPLHQWR\UHSDUDFLRQHV
,QVWUXFFLRQHVGHVHUYLFLR0RELODLU
1rB6 0
5HSXHVWRVOXEULFDQWHVDVLVWHQFLD
5HSXHVWRVSDUDPDQWHQLPLHQWR\UHSDUDFLRQHV
,QVWUXFFLRQHVGHVHUYLFLR0RELODLU
0 1rB6
5HSXHVWRVOXEULFDQWHVDVLVWHQFLD
5HSXHVWRVSDUDPDQWHQLPLHQWR\UHSDUDFLRQHV
,QVWUXFFLRQHVGHVHUYLFLR0RELODLU
1rB6 0
5HSXHVWRVOXEULFDQWHVDVLVWHQFLD
5HSXHVWRVSDUDPDQWHQLPLHQWR\UHSDUDFLRQHV
,QVWUXFFLRQHVGHVHUYLFLR0RELODLU
0 1rB6
3DUDGDDOPDFHQDPLHQWRWUDQVSRUWH
3DUDGD
3DUDGDDOPDFHQDPLHQWRWUDQVSRUWH
3DUDGD
/DSDUDGDGHODP£TXLQDVHKDFHQHFHVDULDSRUHMHPSORHQORVVLJXLHQWHVFDVRV
႐ /DP£TXLQDQRVHYDDQHFHVLWDUSURYLVLRQDOPHQWH
႐ /DP£TXLQDQRVHYDDXVDUGXUDQWHXQSHULRGRODUJR
႐ 6HYDDOOHYDUODP£TXLQDDOGHVJXDFH
&RQGLFLµQ 0£TXLQDGHVFRQHFWDGD
0£TXLQDVHFD\IU¯D
/OHYHDFDERORVSDVRVTXHVHGHVFULEHQDFRQWLQXDFLµQSDUDODSDUDGDFRUUHVSRQGLHQWH
'HVSX«VFRORTXHHQHOSDQHOGHPDQGRVXQFDUWHOTXHLQGLTXHTXHODP£TXLQDHVW£SDUDGD
3DUDGDSURYLVLRQDO
3XHVWDIXHUDGHVHUYLFLRGHODP£TXLQDKDVWDDSUR[LPDGDPHQWHPHVHV
0DWHULDO /£PLQDSO£VWLFD
&LQWDDGKHVLYDUHVLVWHQWHDODKXPHGDG
'HVHPERUQDUODVEDWHU¯DVSULPHURHOSRORQHJDWLYRGHVSX«VHOSRORSRVLWLYR
&LHUUHORVRULILFLRVVLJXLHQWHVGHODP£TXLQDFRQO£PLQDSO£VWLFD\FLQWDDGKHVLYDUHVLVWHQWHDOD
KXPHGDG
႐ $VSLUDFLµQGHDLUHGHOPRWRU
႐ $VSLUDFLµQGHDLUHGHOFRPSUHVRU
႐ 6LVWHPDGHHVFDSH
3RQHUXQDSODFDLQGLFDGRUDHQHOSDQHOGHPDQGRFRQUHVSHFWRDOSHULRGRGHSDUR
c$WHQFLµQ
3XHVWDIXHUDGHVHUYLFLRSURYLVLRQDOGHODP£TXLQD
6HKDQFHUUDGRODVVLJXLHQWHVDEHUWXUDVGHODP£TXLQD
႐ $VSLUDFLµQGHDLUHGHOPRWRU
႐ $VSLUDFLµQGHDLUHGHOFRPSUHVRU
႐ (VFDSH
1XHYDSXHVWDHQPDUFKDFRQIRUPHDODVLQVWUXFFLRQHVGHVHUYLFLR
)HFKD)LUPD
7DE 7H[WRSODFDLQGLFDGRUD3XHVWDSURYLVLRQDOIXHUDGHVHUYLFLRGHODP£TXLQD
,QVWUXFFLRQHVGHVHUYLFLR0RELODLU
1rB6 0
3DUDGDDOPDFHQDPLHQWRWUDQVSRUWH
3DUDGD
0£TXLQDSDUDGDGXUDQWHYDULDVVHPDQDVFRQKHODGDIXHUWH
35(&$8&,1
c3HOLJURGHFRQJHODFLµQGHODEDWHU¯D
/DVEDWHU¯DVGHVFDUJDGDVHVW£QGHVSURWHJLGDVFRQWUDHOIU¯R\\DSXHGHQOOHJDUDFRQJHODUVH
r&
ᇐ $OPDFHQDUODEDWHU¯DHQXQOXJDUGRQGHHVW«SURWHJLGDFRQWUDKHODGDV
ᇐ &HUFLµUHVHGHTXHODEDWHU¯DHVW«FRPSOHWDPHQWHFDUJDGDGXUDQWHHODOPDFHQDPLHQWR
'HVPRQWDUODEDWHU¯D\DOPDFHQDUODHQXQOXJDUGRQGHHVW«SURWHJLGDFRQWUDKHODGDV
&RPSUREDUHOHVWDGRGHFDUJDGHODEDWHU¯DYROYHUDFDUJDUODHQFDVRQHFHVDULR
3HULRGRODUJRGHSDUDGD
3DUDGDGHODP£TXLQDDSDUWLUGHPHVHVDSUR[LPDGDPHQWHRSDUDGDSURORQJDGDIXHUDGHVHUYLFLR
0DWHULDO 5HFLSLHQWHFROHFWRU
$FHLWHFRQVHUYDQWH
&RQVHUYDQWH
$JHQWHVHFDQWH
/£PLQDSO£VWLFD
&LQWDDGKHVLYDUHVLVWHQWHDODKXPHGDG
ᇐ 5HDOL]DUORVWUDEDMRVVLJXLHQWHVSDUDXQSHULRGRODUJRGHSDUDGD
,QVWUXFFLRQHVGHVHUYLFLR0RELODLU
0 1rB6
3DUDGDDOPDFHQDPLHQWRWUDQVSRUWH
7UDQVSRUWHV
7DE /LVWDGHFRQWUROSDUDOD3XHVWDIXHUDGHVHUYLFLRGXUDQWHXQSHULRGRSURORQJDGR
ᇐ 3RQHUXQDSODFDLQGLFDGRUDHQHOSDQHOGHPDQGRFRQUHVSHFWRDOSHULRGRGHSDUR
c$WHQFLµQ
0£TXLQDSDUDGD
6HKDOOHQDGRODP£TXLQDFRQDFHLWHFRQVHUYDQWH
3DUDODQXHYDSXHVWDHQPDUFKD
႐ 6HUHDOL]DU£QODVPHGLGDVSDUDOD3XHVWDHQPDUFKDGHVSX«VGHPXFKRWLHPSRGHSDUR
႐ 1XHYDSXHVWDHQPDUFKDFRQIRUPHDODVLQVWUXFFLRQHVGHVHUYLFLR
)HFKD)LUPD
7DE 7H[WRSODFDLQGLFDGRUD3DUDGDGXUDQWHXQSHULRGRGHWLHPSRODUJR
ᇐ 'HEHFRORFDUVHODP£TXLQDHQXQDPELHQWHVHFRTXHQRWHQJDPXFKDVYDULDFLRQHVGHWHPSHಣ
UDWXUD
7UDQVSRUWHV
&RQGLFLµQ 0£TXLQDGHVFRQHFWDGD\SURWHMLGDFRQWUDXQDUUDQTXHLQYROXQWDULR
c0£TXLQDFRPSOHWDPHQWHGHVSUHVXUL]DGDHOPDQµPHWURLQGLFDEDU
0£TXLQDIU¯D
'HVDFRSODGRVORVFRQVXPLGRUHVGHDLUHFRPSULPLGRKDQVLGRDIORMDGRV\UHWLUDGRVWRGRVORVFRQಣ
GXFWRVGHFRQH[LµQGHODP£TXLQDGHVFRQHFDGD
+DQVLGRDIORMDGRV\UHWLUDGRVWRGRVORVFRQGXFWRVGHFRQH[LµQGHODP£TXLQDGHVFRQHFDGD
7RPDUODVPHGLGDVQHFHVDULDVSDUDLQPRYLOL]DURUHWLUDUWRGDVODVSLH]DVVXHOWDVXRVFLODQWHVTXH
SRGU¯DQFDHUVHGXUDQWHHOWUDQVSRUWHGHODP£TXLQD
(OWUDQVSRUWHKDGHVHUOOHYDGRDFDERH[FOXVLYDPHQWHSRUSHUVRQDVTXHWLHQHQODIRUPDFLµQ\DXಣ
WRUL]DFLµQFRPSHWHQWHSDUDHOWUDQVSRUWHVHJXURGHYHK¯FXORV\PDWHULDOHV
$9,62
c5LHVJRGHFD¯GD\DWURSHOODPLHQWR
c&RQVLGHUDEOHSHOLJURGHOHVLRQHVRGHPXHUWHSRUFDLGD\RDWURSHOODPLHQWRFRQODP£TXLQD
ᇐ 'XUDQWHHOWUDQVSRUWHQRGHEHQHQFRQWUDUVHSHUVRQDVHQFLPDRFHUFDGHODP£TXLQD
ᇐ $VHJ¼UHVHGHTXHQRSHUPDQH]FDQSHUVRQDVSUHVHQWHVHQOD]RQDGHSHOLJUR
,QVWUXFFLRQHVGHVHUYLFLR0RELODLU
1rB6 0
3DUDGDDOPDFHQDPLHQWRWUDQVSRUWH
7UDQVSRUWHV
7UDQVSRUWHGHODP£TXLQDFRPRUHPROTXHSRUFDUUHWHUD
6HDGPLWHHOWUDQVSRUWHGHXQFRPSUHVRUPµYLOFRPRUHPROTXHSRUFDUUHWHUD6HKDFRQFHELGROD
P£TXLQDFRQIRUPHDVXVFDUDFWHU¯VWLFDVFRQVWUXFWLYDVSDUDXQDYHORFLGDGP£[LPDGHNPK$
ODKRUDGHWUDQVSRUWDUODP£TXLQDFRPRUHPROTXHSRUFDUUHWHUDGHEHU£QREVHUYDUVHODVUHJODV\
QRUPDWLYDVGHFLUFXODFLµQHVSHF¯ILFDVGHFDGDSD¯V
ᇐ 2EVHUYDUORVDYLVRVGHVHJXULGDGHQHOFDS¯WXORಯ8VRVHJXURGHODP£TXLQDರ
3UHSDUDFLµQGHOWUDQVSRUWH
$FRPRGDUODFDUJD
3UHFDXFLRQHVDGLFLRQDOHVHQFDVRGHPXFKDVXFLHGDGHQODP£TXLQD
/DP£TXLQDSXHGHHVWDUPX\VXFLDGHVSX«VGHKDEHUODXWLOL]DGRGXUDQWHSHU¯RGRVODUJRVHQREUDV
(QHVWHHVWDGRODP£TXLQDQRSXHGHFLUFXODUQLWUDQVSRUWDUVHSRUFDUUHWHUD
/LPSLHODP£TXLQDHVSHFLDOPHQWHOD]RQDGHOFK£VLV
&RPSUXHEHHOIXQFLRQDPLHQWRGHORVQHXP£WLFRVIUHQRVHLQVWDODFLRQHVGHOXFHV\VH³DOHV
(QFDVRVGHIDOORVHQHOIXQFLRQDPLHQWR6ROLFLWHTXHVHUHSDUHQORVIDOORVDQWHVGHWUDQVSRUWDU
ODP£TXLQD
3UHFDXFLRQHVDGLFLRQDOHVHQFDVRGHQHYDGDVRIRUPDFLµQGHKLHOR
&RQODVWHPSHUDWXUDVLQYHUQDOHVHVSRVLEOHTXHVHDPRQWRQHQFRQVLGHUDEOHVFDQWLGDGHVGHQLHYH\
TXHVHIRUPHKLHORVREUHODP£TXLQD
35(&$8&,1
c3HOLJURGHDFFLGHQWHVSRUODQLHYH\RHOKLHORTXHVHFDHGHODP£TXLQD
/DQLHYH\HOKLHORTXHVHFDHQGHODP£TXLQDSXHGHQSRQHUHQSHOLJURORVYHK¯FXORVTXHFLUFXODQ
GHWU£V
(VSRVLEOHTXHVHSURGX]FDQSUREOHPDVHQHOPRYLPLHQWRGHOYHK¯FXORRTXHVHUHJLVWUHQGD³RVHQ
ODP£TXLQD
6HSXHGHH[FHGHUODFDUJDDGPLVLEOHGHODP£TXLQDFDUJDSRUHMH
ᇐ 1RWUDQVSRUWDUODP£TXLQDFRQQLHYH\RKLHOR
ᇐ (OLPLQDUODQLHYH\HOKLHORTXHFXEUDQODP£TXLQDDQWHVGHSURFHGHUDVXUHPROTXH
$QWHVGHUHPROFDUODP£TXLQDFRQXQYHK¯FXORHIHFWXDUORVLJXLHQWH
&RPSUXHEHTXHHVFRPSDWLEOHHOGLVSRVLWLYRGHUHPROTXHGHOYHK¯FXORUHPROFDGRUFRQODDUPHOOD
RHOHQJDQFKHHVI«ULFRGHODP£TXLQD
&RPSUREDUTXHODP£TXLQDHVW£GHVFRQHFWDGD\SURWHJLGDFRQWUDXQDUUDQTXHLQYROXQWDULR
$IORMDU\UHWLUDUWRGRVORVFRQGXFWRVGHFRQH[LµQGHODP£TXLQD
,QVWUXFFLRQHVGHVHUYLFLR0RELODLU
0 1rB6
3DUDGDDOPDFHQDPLHQWRWUDQVSRUWH
7UDQVSRUWHV
&RPSUXHEHTXHQRVHKDQTXHGDGRKHUUDPLHQWDVVXHOWDVHQ\RVREUHODP£TXLQD
&HUUDU\EORTXHDUODVSXHUWDV
2SFLµQVD $MXVWDUODDOWXUDGHODEDUUDGHWUDFFLµQDOHQJDQFKHGHOYHK¯FXORUHPROFDGRU
$QWHVGHSURFHGHUDOWUDQVSRUWHODEDUUDGHWUDFFLµQGHODP£TXLQDGHEHU£DOLQHDUVHHQKRUL]RQWDO
FRQHOHQJDQFKHGHOYHK¯FXORWUDFWRU
)LJ 3RVLFLµQGHWUDQVSRUWH
$9,62
c3HOLJURGHDFFLGHQWHSRUSUREOHPDVHQODGLQ£PLFDGHPRYLPLHQWR
([LVWHODSRVLELOLGDGGHH[FHGHURQRDOFDQ]DUHOQLYHOGHFDUJDSHUPLWLGRVREUHHOSXQWRGHHQJDQಣ
FKH
3XHGHQSURGXFLUVHGD³RVDSHUVRQDVSURYRFDGRVSRUXQDFFLGHQWHGXUDQWHHOWUDQVSRUWH
3XHGHQSURGXFLUVHGD³RVHQODP£TXLQDRHOYHK¯FXORWUDFWRU
ᇐ 1RHQJDQFKDUODP£TXLQDDOYHK¯FXORWUDFWRUHQGLDJRQDO
ᇐ /DEDUUDGHWUDFFLµQGHODP£TXLQDGHEHHVWDUHQSRVLFLµQKRUL]RQWDOFRQUHVSHFWRDOHQJDQFKH
GHUHPROTXHGHOYHK¯FXORUHPROFDGRU
ᇐ $MXVWDUODDOWXUDGHODEDUUDGHWUDFFLµQDODGHOGLVSRVLWLYRGHUHPROTXHGHOYHK¯FXOR
P£VLQIRUPDFLµQ 3DUDVDEHUFµPRUHJXODUODDOWXUDGHOGLVSRVLWLYRWUDFWRUFRQVXOWHHOFDS¯WXOR
$FRSODUODP£TXLQD
2SFLµQVDVG (QJDQFKHHVI«ULFRYHUVLµQ8(
3DUDHODFRSODPLHQWRGHODP£TXLQDSRVLFLRQDUHOHQJDQFKHHVI«ULFRDELHUWRHQODERODGHOHQJDQFKH
SDUDUHPROTXHGHOYHK¯FXORWUDFWRU\HQFODYDUOD6HKDHQJDQFKDGRFRUUHFWDPHQWHODERODGHOHQಣ
JDQFKHSDUDUHPROTXHVLHOGLVSRVLWLYRGHUHPROTXHH[SXOVDHOFLOLQGURYHUGHGHOLQGLFDGRUGHHQFODಣ
YDPLHQWR\VHKDFHYLVLEOH
,QVWUXFFLRQHVGHVHUYLFLR0RELODLU
1rB6 0
3DUDGDDOPDFHQDPLHQWRWUDQVSRUWH
7UDQVSRUWHV
)LJ (QJDQFKHHVI«ULFR$/.28(
0DQJRHQJDQFKH %RODGHOHQJDQFKHGHUHPROTXHYHK¯FXOR
(QJDQFKHHVI«ULFR WUDFWRU
&LOLQGURLQGLFDGRUHQFODYDPLHQWRH[SXOVDಣ
GR
35(&$8&,1
c3HOLJURJUDYHGHOHVLRQHVDOSLOODUVHORVGHGRV
6HSXHGHQSLOODUORVGHGRVFRQHOPHFDQLVPRGHFLHUUHSRUUHVRUWHV
ᇐ 1RSRQJDQXQFDORVGHGRVHQHOHQJDQFKHHVI«ULFRDELHUWR
ᇐ /OHYDUJXDQWHVGHSURWHFFLµQ
7LUDUKDFLDDUULEDGHOPDQJRGHOHQJDQFKH
(OHQJDQFKHHVI«ULFRVHDEUH
$9,62
c3HOLJURGHDFFLGHQWHSRUXQPDODFRSODPLHQWRGHOHQJDQFKHHVI«ULFR
6LQRVHDFRSODFRUUHFWDPHQWHHOHQJDQFKHHVI«ULFRHOUHPROTXHSRGU¯DVROWDUVHGHOYHK¯FXORWUDFWRU
\SURYRFDUXQDFFLGHQWH
ᇐ &RPSUXHEHVLHOHQJDQFKHGHUHPROTXHHVW£FRUUHFWDPHQWHDVHQWDGR
&RORTXHHOHQJDQFKHHVI«ULFRDELHUWRVREUHODERODGHOHQJDQFKHGHUHPROTXHGHOYHK¯FXORWUDFWRU
WLUDQGRKDFLDDUULEDGHODHPSX³DGXUD
(OHQJDQFKHVHHQFDMDU£FRQXQUXLGRGHELGRDODFDUJDGHDSR\R(OPHFDQLVPRGHHQJDQFKH
VHEORTXHDDXWRP£WLFDPHQWH6HFLHUUD\VHDVHJXUDDXWRP£WLFDPHQWH
3RUPRWLYRVGHVHJXULGDGSUHVLRQHVREUHHOPDQJRGHOHQJDQFKHSDUDKDFHUORGHVFHQGHU
(OPHFDQLVPRHVW£FRPSOHWDPHQWHEORTXHDGRFXDQGR\DQLVLTXLHUDVHSXHGHSUHVLRQDUKDFLD
DEDMRHOPDQJRGHHQJDQFKHPDQXDOPHQWH
&RPSUXHEHVLHOHQJDQFKHGHUHPROTXHHVW£FRUUHFWDPHQWHDVHQWDGR
႐ &RPSUXHEHVLHVSRVLEOHSUHVLRQDUKDFLDDEDMRODHPSX³DGXUDGHOHQJDQFKHFRQODPDQR
႐ &RQWURODUVLHOGLVSRVLWLYRGHUHPROTXHKDH[SXOVDGRHOFLOLQGURGHOLQGLFDGRUGHHQFODYDಣ
PLHQWR\VHKDFHYLVLEOH
(OFLOLQGURGHOLQGLFDGRUGHHQFODYDPLHQWRQRHVYLVLEOH
ᇐ $EULUHOPDQJRGHOHQJDQFKH\OHYDQWDUOLJHUDPHQWHODERODGHOHQJDQFKH
ᇐ 9ROYHUDFRORFDUHOHQJDQFKHHVI«ULFRVREUHODERODGHOHQJDQFKHSUHVLRQDQGRIXHUWHPHQWH
KDFLDDEDMR
&RPSUREDFLµQGHOLQGLFDGRUGHGHVJDVWHGHOHQJDQFKHHVI«ULFRYHUVLµQ8(
(OHQJDQFKHHVI«ULFRHVW£HTXLSDGRFRQXQLQGLFDGRUGHGHVJDVWH
,QVWUXFFLRQHVGHVHUYLFLR0RELODLU
0 1rB6
3DUDGDDOPDFHQDPLHQWRWUDQVSRUWH
7UDQVSRUWHV
(OLQGLFDGRUGHGHVJDVWHVLWXDGRHQODHPSX³DGXUDGHOHQJDQFKHLQGLFD
႐ (OO¯PLWHGHGHVJDVWHGHODERODGHHQJDQFKHGHOYHK¯FXORWUDFWRU
႐ (OO¯PLWHGHGHVJDVWHGHOHQJDQFKHHVI«ULFR
)LJ ,QGLFDGRUGHGHVJDVWHGHOHQJDQFKHHVI«ULFR
(QJDQFKHHVI«ULFR ]RQDYHUGHFRUUHFWR
,QGLFDGRUGHGHVJDVWH ದ ]RQDURMDO¯PLWHGHGHVJDVWHVXSHUDGR
$9,62
c3HOLJURGHDFFLGHQWHSRUHOGHVJDVWHGHOHQJDQFKHHVI«ULFR
/DP£TXLQDSRGU¯DVROWDUVHGHOYHK¯FXORWUDFWRU
ᇐ 1RHQJDQFKHQLWUDQVSRUWHODP£TXLQD
ᇐ (QFDUJXHODUHYLVLµQGHOHQJDQFKHHVI«ULFR\GHODERODGHHQJDQFKH
ᇐ (QFDUJXHODVXVWLWXFLµQGHODVSLH]DVGHVJDVWDGDV
(QJDQFKHODP£TXLQDDOYHK¯FXORWUDQVSRUWDGRU\GHVSO£FHODOHQWD\FXLGDGRVDPHQWHXWLOL]DQGR
HOFRQMXQWRUHPROFDGRUXQRVP
(OGHVSOD]DPLHQWRDMXVWDU£DOP£[LPRHOPHFDQLVPRGHDFRSODPLHQWR
2EVHUYHHOLQGLFDGRUGHGHVJDVWH\YDORUHHOUHVXOWDGRGHODVLJXLHQWHPDQHUD
,QGLFDGRUGH 6LJQLILFDGR
GHVJDVWH
0DUFDHQOD]Rಣ ႐ (OHQJDQFKHHVI«ULFRHVW£QXHYR
QDYHUGH ႐ (OGHVJDVWHGHODERODGHHQJDQFKHGHOYHK¯FXORWUDFWRUHVDGPLVLEOH
ᇐ 1RHVQHFHVDULRDGRSWDUQLQJXQDPHGLGD
0DUFDHQOD]Rಣ ႐ (OGHVJDVWHGHODERODGHHQJDQFKHVHHQFXHQWUDHQHOO¯PLWHP¯QLPRHOHQಣ
QDURMD JDQFKHHVI«ULFRQRHVW£GHVJDVWDGR
႐ /DERODGHHQJDQFKHHVW£QXHYDHOHQJDQFKHHVI«ULFRHVW£PX\GHVJDVWDGR
႐ /DERODGHHQJDQFKH\HOHQJDQFKHHVI«ULFRHVW£QPX\GHVJDVWDGRV
႐ (OHQJDQFKHHVI«ULFRHVW£GD³DGR
ᇐ (QFDUJXHODUHYLVLµQGHOHQJDQFKHHVI«ULFR\GHODERODGHHQJDQFKHDXQ
WDOOHUHVSHFLDOL]DGR
ᇐ (QFDUJXHODVXVWLWXFLµQGHODVSLH]DVGHVJDVWDGDV
7DE ,QGLFDGRUGHGHVJDVWHGHOHQJDQFKHHVI«ULFR
,QVWUXFFLRQHVGHVHUYLFLR0RELODLU
1rB6 0
3DUDGDDOPDFHQDPLHQWRWUDQVSRUWH
7UDQVSRUWHV
3DUDHQJDQFKDUODP£TXLQDFRORTXHHOHQJDQFKHHVI«ULFRDELHUWRVREUHODERODGHOHQJDQFKHGH
UHPROTXHGHOYHK¯FXORWUDFWRU\HQF£MHOR
35(&$8&,1
c3HOLJURJUDYHGHOHVLRQHVDOSLOODUVHORVGHGRV
6HSXHGHQSLOODUORVGHGRVFRQHOPHFDQLVPRGHFLHUUHSRUUHVRUWHV
ᇐ 1RSRQJDQXQFDORVGHGRVHQHOHQJDQFKHHVI«ULFRDELHUWR
ᇐ /OHYDUJXDQWHVGHSURWHFFLµQ
&RPSUXHEHVLVHKDH[WUD¯GRHOSHUQRGHVHJXULGDGGHOHQJDQFKHHVI«ULFR(QFDVRQHFHVDULR
V£TXHOR
7LUDUKDFLDDUULEDGHOPDQJRGHOHQJDQFKH
(OHQJDQFKHHVI«ULFRVHDEUH
$9,62
c(QJDQFKHHVI«ULFRDFRSODGRLQFRUUHFWDPHQWH
6LHOHQJDQFKHHVI«ULFRQRHVW£ELHQDFRSODGR\EORTXHDGRHQODFDEH]DHVI«ULFDGHOHQJDQFKHGH
UHPROTXHVHSXHGHVROWDUHOUHPROTXHGHOYHK¯FXORWUDFWRU\FDXVDUXQDFFLGHQWH
ᇐ &RPSUXHEHVLHOHQJDQFKHGHUHPROTXHHVW£FRUUHFWDPHQWHDVHQWDGR
ᇐ &RPSUXHEHVLHOSHUQRGHVHJXULGDGHVW£FRUUHFWDPHQWHDVHQWDGR
&RORTXHHOHQJDQFKHHVI«ULFRDELHUWRVREUHODERODGHOHQJDQFKHGHUHPROTXHGHOYHK¯FXORWUDFಣ
WRU
(OHQJDQFKHHVI«ULFRVHTXHGDHQFDMDGRGHELGRDODFDUJDGHDSR\R(OPHFDQLVPRGHHQJDQFKH
VHEORTXHDDXWRP£WLFDPHQWH6HFLHUUD\VHDVHJXUDDXWRP£WLFDPHQWH
3RUPRWLYRVGHVHJXULGDGSUHVLRQHVREUHHOPDQJRGHOHQJDQFKHSDUDKDFHUORGHVFHQGHU
(OPHFDQLVPRHVW£FRPSOHWDPHQWHEORTXHDGRFXDQGR\DQLVLTXLHUDVHSXHGHSUHVLRQDUKDFLD
DEDMRHOPDQJRGHHQJDQFKHPDQXDOPHQWH
,QWURGX]FDHOSHUQRGHVHJXULGDGHQHORULILFLRGHILMDFLµQGHOHQJDQFKHHVI«ULFR
,QVWUXFFLRQHVGHVHUYLFLR0RELODLU
0 1rB6
3DUDGDDOPDFHQDPLHQWRWUDQVSRUWH
7UDQVSRUWHV
'HVSX«VGHHQJDQFKDUODP£TXLQDDOYHK¯FXORUHPROFDGRUKD\TXHUHDOL]DUORVVLJXLHQWHVWUDEDMRV
)LJ 6ROWDUHOIUHQRGHHVWDFLRQDPLHQWR
D )UHQRGHHVWDFLRQDPLHQWRFRQUHVRUWHQHXಣ E )UHQRGHHVWDFLRQDPLHQWRFRQVHFWRUGHQಣ
P£WLFR WDGR\DOPDFHQDGRUGHIXHU]DSRUPXHOOH
)UHQRGHPDQR %RWµQGHGHVEORTXHRGHOIUHQRGHPDQR
0DUFDFLµQಯ£UHDGHSXQWRPXHUWRರ
2SFLµQVD &K£VLVUHJXODEOHHQDOWXUD
&RQWURODUODDOWXUD9HUWDPEL«QFDS¯WXOR
&RQWURODUVL
႐ KDQHQFDMDGRFRUUHFWDPHQWHORVGHQWDGRVHQODVDUWLFXODFLRQHVGHOGLVSRVLWLYRWUDFWRU
႐ VHKDQYXHOWRDDSUHWDUODVSDODQFDVGHEORTXHR
႐ VHKDQLQVHUWDGRFRUUHFWDPHQWHORVSDVDGRUHVGHVHJXULGDG
/HYDQWDUODUXHGDGHDSR\RJLU£QGRODFRPRXQWRUQLOORKDVWDHOWRSH
&RQWURODUVLODVUXHGDVHVW£QELHQFRORFDGDV\VLORVQHXP£WLFRVQRSUHVHQWHQGHIHFWRVYLVLEOHV
&RPSUREDUODSUHVLµQGHORVQHXP£WLFRV
(PSDOPDUHOFDEOHGHOPHFDQLVPRGHOXFHV\VH³DOHV\FRPSUREDUVXIXQFLRQDPLHQWR
6ROWDUHOIUHQRGHHVWDFLRQDPLHQWR
9HUILJXUDD
႐ 7LUHHOIUHQRGHPDQRXQSRFRKDFLDDUULED\DFFLRQHHOERWµQGHGHVEORTXHR
႐ 3UHVLRQHHOIUHQRGHPDQRKDFLDDEDMRPDQWHQLHQGRHOERWµQGHGHVEORTXHRSXOVDGRKDVWD
TXHQRWHTXHKDOOHJDGRDOಯUHDGHSXQWRPXHUWRರ
5HWLUDUODVFX³DVGHGHEDMRGHODVUXHGDV
/HYDQWDUODUXHGDGHDSR\RJLU£QGRODFRPRXQWRUQLOORKDVWDHOWRSH
&RQWURODUVLODVUXHGDVHVW£QELHQFRORFDGDV\VLORVQHXP£WLFRVQRSUHVHQWHQGHIHFWRVYLVLEOHV
&RPSUREDUODSUHVLµQGHORVQHXP£WLFRV
(PSDOPDUHOFDEOHGHOPHFDQLVPRGHOXFHV\VH³DOHV\FRPSUREDUVXIXQFLRQDPLHQWR
6ROWDUHOIUHQRGHHVWDFLRQDPLHQWR
9HUILJXUDE
႐ 7LUHHOIUHQRGHPDQRXQSRFRKDFLDDUULED\DFFLRQHHOERWµQGHGHVEORTXHR
႐ 3UHVLRQHHOIUHQRGHPDQRGHOWRGRKDFLDDEDMRPDQWHQLHQGRHOERWµQGHGHVEORTXHRSUHಣ
VLRQDGR
5HWLUDUODVFX³DVGHGHEDMRGHODVUXHGDV
,QVWUXFFLRQHVGHVHUYLFLR0RELODLU
1rB6 0
3DUDGDDOPDFHQDPLHQWRWUDQVSRUWH
7UDQVSRUWHV
2SFLµQVK
)LJ 6H³DOHVGHVHJXULGDGDVHJXUDUODVFX³DV
$9,62
c)DOWDQFX³DV
3HOLJURGHPXHUWHRKHULGDVJUDYHVVLQRVHDVHJXUDODP£TXLQDFRQWUDGHVOL]DPLHQWRFXHVWDDEDMR
ᇐ $QWHVGHSURFHGHUDOWUDQVSRUWHDFRPRGDUODVFX³DVGHEORTXHRHQORVFRPSDUWLPHQWRVDGHಣ
FXDGRV
ᇐ 5HVWLWXLUGHLQPHGLDWRODFX³DTXHIDOWD
/HYDQWDUODUXHGDGHDSR\RJLU£QGRODFRPRXQWRUQLOORKDVWDHOWRSH
&RQWURODUVLODVUXHGDVHVW£QELHQFRORFDGDV\VLORVQHXP£WLFRVQRSUHVHQWHQGHIHFWRVYLVLEOHV
&RPSUREDUODSUHVLµQGHORVQHXP£WLFRV
0RQWDUODLQVWDODFLµQGHOXFHV\VH³DOHV\HIHFWXDUXQDSUXHEDIXQFLRQDO
5HWLUDUODVFX³DVGHEORTXHR\DFRPRGDUODVHQORVFRPSDUWLPHQWRVDGHFXDGRV
3RGU£DGTXLULUODVFX³DVTXHQHFHVLWHHQODVGHOHJDFLRQHVGH.$(6(5(QFRQWUDU£XQDOLVWD
GHODVPLVPDVDOILQDOGHHVWHPDQXDO(OQ¼PHURGHUHIHUHQFLDGHODVFX³DVHV
2SFLµQVDVG *DUDQW¯DGHIUHQDGRHQFDVRGHTXHVHVXHOWHODP£TXLQDGHOYHK¯FXORUHPROFDGRU
(QFDVRGHTXHODP£TXLQDVHVXHOWHGHOYHK¯FXORUHPROFDGRUGHIRUPDLQYROXQWDULDHOFDEOHGH
VHJXULGDGDFFLRQDU£HOIUHQRGHHVWDFLRQDPLHQWRIUHQDGRGHHPHUJHQFLD
3DUDTXHIXQFLRQHFRUUHFWDPHQWHHVWHIUHQDGRGHHPHUJHQFLDHVLPSUHVFLQGLEOHTXHVHLQWURGX]FD
HOFDEOHGHUXSWXUDHQVXJX¯D
,QVWUXFFLRQHVGHVHUYLFLR0RELODLU
0 1rB6
3DUDGDDOPDFHQDPLHQWRWUDQVSRUWH
7UDQVSRUWHV
)LJ )LMDFLµQGHOFDEOHGHUXSWXUD
&DEOHGHVHJXULGDG
*X¯DFDEOHGHUXSWXUDRMDO
&LHUUHPRVTXHWµQ
35(&$8&,1
c$FFLRQDPLHQWRLQYROXQWDULRGHOIUHQR
$OJLUDUHQODVFXUYDVSRGU¯DDFFLRQDUVHHOIUHQRGHXUJHQFLDVLHOFDEOHGHUXSWXUDHVGHPDVLDGR
FRUWR(VWRSRGU¯DVLJQLILFDUXQGHVJDVWHPD\RUGHORVIUHQRVGHODP£TXLQD
ᇐ 8WLOLFHXQFDEOHGHUXSWXUDGHORQJLWXGVXILFLHQWH
,QWURGXFLUHOFDEOHGHUXSWXUDHQHORMDOVROGDGRODWHUDOPHQWHJX¯DFDEOHGHUXSWXUD
$PDUUDUHOFDEOHDOUHGHGRUGHODERODGHOHQJDQFKHGHOYHK¯FXORWUDFWRU\ILMDUFRQHOPRVTXHWµQ
)LJ $GYHUWHQFLDGH3HOLJURGHKHULGDVSRUFD¯GDGHODEDUUDGHWUDFFLµQ
,QVWUXFFLRQHVGHVHUYLFLR0RELODLU
1rB6 0
3DUDGDDOPDFHQDPLHQWRWUDQVSRUWH
7UDQVSRUWHV
2SFLµQVD &K£VLVUHJXODEOHHQDOWXUD
6LVHDSDUFDHQSHQGLHQWHKDEU£TXHDVHJXUDUODP£TXLQDSDUDTXHQRVHGHVOLFHFXHVWDDEDMR
)LJ $FFLRQDUHOIUHQRGHHVWDFLRQDPLHQWR
D )UHQRGHHVWDFLRQDPLHQWRFRQUHVRUWHQHXಣ E )UHQRGHHVWDFLRQDPLHQWRFRQVHFWRUGHQಣ
P£WLFR WDGR\DOPDFHQDGRUGHIXHU]DSRUPXHOOH
)UHQRGHPDQR 6HFWRUGHQWDGR
5HVRUWHQHXP£WLFR $OPDFHQDGRUGHIXHU]DSRUPXHOOH
0DUFDFLµQಯ£UHDGHSXQWRPXHUWRರ
6ROWDUORVFDEOHVGHOPHFDQLVPRGHOXFHV\VH³DOHV
7LUHKDFLDDUULEDFRQIXHU]DGHODSDODQFDGHPDQRGHOIUHQRGHHVWDFLRQDPLHQWRKDVWDDOFDQ]DU
HOUHDGH3XQWRPXHUWRರYHUILJXUDD
(OUHVRUWHQHXP£WLFRWHQVDU£HOIUHQRGHHVWDFLRQDPLHQWR\ORPDQWHQGU£WHQVDGR
6ROWDUHOFDEOHGHUXSWXUD
%DMDUODUXHGDGHDSR\R
3RQHUFX³DVGHEDMRGHODVUXHGDV
'HVHQJDQFKDUODP£TXLQDGHOYHK¯FXORUHPROFDGRU
႐ 7LUDUKDFLDDUULEDGHOPDQJRGHOHQJDQFKH
႐ 'HVHQJDQFKDUHOHQJDQFKHHVI«ULFRGHOHQJDQFKHGHUHPROTXHGHOYHK¯FXOR
(OUHVRUWHQHXP£WLFRKDFHTXHHOIUHQRVHDMXVWHDXWRP£WLFDPHQWHDOHVWDFLRQDUODP£TXLQDHQ
FXHVWDDEDMRSDUDTXHQRUXHGH
6LVHDSDUFDHQSHQGLHQWHKDEU£TXHDVHJXUDUODP£TXLQDSDUDTXHQRVHGHVOLFHFXHVWDDEDMR
6ROWDUORVFDEOHVGHOPHFDQLVPRGHOXFHV\VH³DOHV
7LUHKDFLDDUULEDFRQIXHU]DGHODSDODQFDGHPDQRGHOIUHQRGHHVWDFLRQDPLHQWRKDVWDHO¼OWLPR
GLHQWHGHOVHFWRUYHUILJXUDE
)UHQRGHPDQRHQSRVLFLµQYHUWLFDOHODOPDFHQDGRUGHIXHU]DSRUPXHOOHGHODWLPRQHU¯DGHIUHQR
HVW£WHQVDGR
(OIUHQRGHPDQRQRVHHQFXHQWUDHQSRVLFLµQWRWDOPHQWHYHUWLFDO1RVHKDDVHJXUDGRHOUHPROಣ
TXHSDUDHYLWDUVXGHVSOD]DPLHQWR
6ROWDUHOFDEOHGHUXSWXUD
%DMDUODUXHGDGHDSR\R
3RQHUFX³DVGHEDMRGHODVUXHGDV
,QVWUXFFLRQHVGHVHUYLFLR0RELODLU
0 1rB6
3DUDGDDOPDFHQDPLHQWRWUDQVSRUWH
7UDQVSRUWHV
'HVHQJDQFKDUODP£TXLQDGHOYHK¯FXORUHPROFDGRU
႐ 7LUDUKDFLDDUULEDGHOPDQJRGHOHQJDQFKH
႐ 'HVHQJDQFKDUHOHQJDQFKHHVI«ULFRGHOHQJDQFKHGHUHPROTXHGHOYHK¯FXOR
6LVHDSDUFDHQSHQGLHQWHKDEU£TXHDVHJXUDUODP£TXLQDSDUDTXHQRVHGHVOLFHFXHVWDDEDMR
)LJ 6H³DOHVGHVHJXULGDGFRORFDUFX³DV
$9,62
c0£TXLQDVLQIUHQRGHHVWDFLRQDPLHQWR
3HOLJURGHPXHUWHRKHULGDVJUDYHVVLQRVHDVHJXUDODP£TXLQDFRQWUDGHVOL]DPLHQWRFXHVWDDEDMR
ᇐ &RORTXHFX³DVEDMRODVUXHGDVDQWHVGHGHVHQJDQFKDUODP£TXLQDGHOYHK¯FXORWUDFWRU
ᇐ 6LODP£TXLQDQRYDDPRYHUVHGHEHU£QFRORFDUVHVLHPSUHFX³DVEDMRODVUXHGDVSDUDHYLWDU
VXGHVSOD]DPLHQWR
ᇐ 1RGHVSOD]DUODP£TXLQDPDQXDOPHQWH
%DMDUODUXHGDGHDSR\R
3RQHUFX³DVGHEDMRGHODVUXHGDV
'HVPRQWDUODLQVWDODFLµQGHOXFHV\VH³DOHV
'HVHQJDQFKDUODP£TXLQDGHOYHK¯FXORUHPROFDGRU
႐ ([WUDLJDHOSHUQRGHVHJXULGDGGHOHQJDQFKHHVI«ULFR
႐ 7LUDUKDFLDDUULEDGHOPDQJRGHOHQJDQFKH
႐ 'HVHQJDQFKDUHOHQJDQFKHHVI«ULFRGHOHQJDQFKHGHUHPROTXHGHOYHK¯FXOR
႐ 9XHOYDDLQWURGXFLUHOSHUQRGHVHJXULGDGHQHORULILFLRGHILMDFLµQGHOHQJDQFKHHVI«ULFR
7UDQVSRUWHGHODP£TXLQDFRQXQDJU¼D
3UHFDXFLRQHVDGLFLRQDOHVHQFDVRGHQHYDGDVRIRUPDFLµQGHKLHOR
(QORVPHVHVGHLQYLHUQRHVSRVLEOHTXHVHDFXPXOHVREUHODP£TXLQDXQDFDQWLGDGFRQVLGHUDEOH
GHQLHYHRKLHOR
(VWRSXHGHPRGLILFDUODORFDOL]DFLµQGHOFHQWURGHPDVDGHODP£TXLQDGHPDQHUDGHVIDYRUDEOH
SRVLFLµQWRUFLGD
(VSRVLEOHTXHVHSURGX]FDXQDVREUHFDUJDGHORVGLVSRVLWLYRVGHHOHYDFLµQWDQWRGHODJU¼DFRPR
GHODP£TXLQD
ᇐ $GHP£VVHWRPDU£QODVVLJXLHQWHVSUHFDXFLRQHVHQFDVRGHQHYDGDVRIRUPDFLµQGHKLHOR
႐ $QWHVGHHOHYDUODP£TXLQDFRQJU¼DVHGHEHU£TXLWDUFDUJDGHQLHYH\RKLHORGHODPLVPD
႐ &RPSUREDUOLEUHDFFHVRDODFXELHUWDGHORMDOGHHOHYDFLµQSDUDDEULUOD
,QVWUXFFLRQHVGHVHUYLFLR0RELODLU
1rB6 0
3DUDGDDOPDFHQDPLHQWRWUDQVSRUWH
7UDQVSRUWHV
$QWHVGHOHYDQWDUODP£TXLQDHIHFWXDUORVWUDEDMRVVLJXLHQWHV
3DUDWUDQVSRUWHVFRQJU¼DHVW£SUHYLVWRXQRMDOGHHOHYDFLµQFRPRSXQWRGHILMDFLµQ$HVWHRMDOVH
DFFHGHDEULHQGRKDFLDDUULEDXQDWDSDVLWXDGDHQODSDUWHFHQWUDOGHODFDSRWD
'HVEORTXHDUODFXELHUWDGHVGHHOLQWHULRU\DEULUODKDFLDDUULED
$MXVWDUHOJDQFKRGHJU¼DHQSRVLFLµQYHUWLFDOSRUHQFLPDGHORMDOGHHOHYDFLµQ
(QJDQFKDUHOJDQFKRGHJU¼D
&HUUDU\EORTXHDUODVSXHUWDV
/HYDQWDUODP£TXLQDFRQFXLGDGR
$OGHSRVLWDUODP£TXLQDHQHOVXHORWHQJDHQFXHQWD
35(&$8&,1
c'D³RVHQODP£TXLQDDOGHSRVLWDUODHQHOVXHORLQFRUUHFWDPHQWH
$OJXQDVSLH]DVGHODP£TXLQDVREUHWRGRHOEDVWLGRUSXHGHQVXIULUGD³RVDOGHSRVLWDUODP£TXLQD
HQHOVXHOR
ᇐ 3RQHUODP£TXLQDHQHOVXHORFRQFXLGDGR
ᇐ 3RQJDHVSHFLDOFXLGDGRHQQRGHSRVLWDUODP£TXLQDODWHUDOPHQWH
ᇐ %DMDUODP£TXLQDGHVSDFLR\FRQFXLGDGR
2SFLµQVF
7UDQVSRUWHGHODP£TXLQDFRQXQDFDUUHWLOODHOHYDGRUD
&RQGLFLµQ 0£TXLQDGHVFRQHFWDGD
+DQVLGRDIORMDGRV\UHWLUDGRVWRGRVORVFRQGXFWRVGHFRQH[LµQGHODP£TXLQD
35(&$8&,1
c$OOHYDQWDUVHODP£TXLQDPHGLDQWHXQDFDUUHWLOODGHKRUTXLOODHOHYDGRUDGHPDQHUDLQFRUUHFWDHV
SRVLEOHTXHVHSURGX]FDQGD³RVHQODPLVPD
/DP£TXLQDSXHGHFDHUVHRVXIULUGD³RVSRUODVKRUTXLOODVHOHYDGRUDV
ᇐ 1ROHYDQWDUODVP£TXLQDVTXHWHQJDQFK£VLVFRQUXHGDVFRQODFDUUHWLOODGHKRUTXLOODHOHYDGRUD
ᇐ /HYDQWDUODVP£TXLQDVFRQFDUUHWLOODHOHYDGRUDVRODPHQWHVLHVW£QPRQWDGDVVREUHWULQHRV
ᇐ /HYDQWDUODP£TXLQDGHVGHXQODWHUDOPHWLHQGRHOWHQHGRUGHODFDUUHWLOODHQORVRULILFLRVGHO
WULQHR
2SFLµQVF
)LJ 7UDQVSRUWHFRQFDUUHWLOODHOHYDGRUD
7ULQHR
2ULILFLRVGHOWULQHRSDUDHOHYDFLµQ
,QVWUXFFLRQHVGHVHUYLFLR0RELODLU
0 1rB6
3DUDGDDOPDFHQDPLHQWRWUDQVSRUWH
7UDQVSRUWHV
&HUUDU\ILMDUODVSXHUWDVRODFDSRWD
3RVLFLRQDUODFDUUHWLOODHOHYDGRUDDXQODGRGHODP£TXLQDHQIUHQWHGHORVRULILFLRVGHOWULQHR\
GLULJLUODKRUTXLOOD
,QWURGXFLUODKRUTXLOODGHODFDUUHWLOODHQORVRULILFLRVKDVWDVXSHUDUWRGDODORQJLWXGGHOEDVWLGRU
/DP£TXLQDHQWHUDGHEHGHVFDQVDUVREUHODVKRUTXLOODVHOHYDGRUDV
/HYDQWDUODP£TXLQDFRQFXLGDGR
7UDQVSRUWHFRPRFDUJD
1XHVWURVHPEDODMHV\VLVWHPDVGHVHJXULGDGSDUDHOWUDQVSRUWHHVW£QGLVH³DGRVGHPDQHUD
TXHHOSURGXFWROOHJXHDOFOLHQWHHQSHUIHFWRHVWDGRVLHPSUHTXHHOWUDWRHQHOWUDQVSRUWHVHDFRUUHFWR
3DUDHOWUDQVSRUWHSRUY¯DPDU¯WLPDRD«UHDVROLFLWHLQIRUPDFLµQGHWDOODGDDOVHUYLFLRDXWRUL]DGRGH
DVLVWHQFLD.$(6(5
0DWHULDO &X³DV
=DSDWDVGHIUHQRRHVFXDGUDGDVGHPDGHUD
6XMHFLRQHVFRUUHDVGHVXMHFLµQ
0HGLGDVGHVHJXULGDGGHODFDUJD
$ODVHJXUDUODFDUJDGHEHU£QUHVSHWDUVHHQSULQFLSLRWRGDVODVGLUHFWLYDV\QRUPDWLYDVQDFLRಣ
QDOHVSHUWLQHQWHVSDUDHOWUDQVSRUWH
/DFDUJDGHEHU£EORTXHDUVH\DVHJXUDUVHGHPDQHUDTXHQRVHHVFXUUDYXHOTXHUXHGHQL
FDLJDQLVLTXLHUDHQFDVRGHIUHQDGRHQVHFRRGHHVTXLYDPLHQWRGHREVW£FXORV7DPEL«Q
GHEHU£SUHYHQLUVHTXHSURGX]FDUXLGRVHYLWDEOHV$OKDFHUORGHEHU£QUHVSHWDUVHODVUHJODV
UHFRQRFLGDVGHODW«FQLFDSRUHMHPSORHQ$OHPDQLDGLUHFWLYD9',II
/DUHVSRQVDELOLGDGGHDVHJXUDUODFDUJDUHFDHVREUHHOFRQGXFWRU\HOHQFDUJDGRGHODFDUJD
\VXMHFLµQGHORVREMHWRV
&RPRVLVWHPDVGHVHJXULGDGSDUDHOWUDQVSRUWHVHKDQGHXVDUFX³DV]DSDWDVGHIUHQRRHVFXDGUDV
GHPDGHUD
(QFDVRQHFHVDULRFRORFDUFRUUHDVGHVXMHFLµQSDUDVXMHWDUODP£TXLQDSRUHOFKDVLVRSRUODEDUUD
GHWUDFFLµQ
)LJ 6XMHFLRQHVFRPRGLVSRVLWLYRVGHDVHJXUDPLHQWRGHODVFDUJDV
,QVWUXFFLRQHVGHVHUYLFLR0RELODLU
1rB6 0
3DUDGDDOPDFHQDPLHQWRWUDQVSRUWH
$OPDFHQDPLHQWR
35(&$8&,1
c'D³RVHQODFDUURFHU¯DFDXVDGRVSRUORVWHQVRUHVRFRUUHDVGHVXMHFLµQ
/DVIXHU]DVSURYRFDGDVSRUORVPRYLPLHQWRVGXUDQWHHOWUDQVSRUWHSXHGHQFDXVDUGD³RVHQDOJXQDV
SDUWHVGHODFDUURFHU¯D
ᇐ 1RILMDUODVFRUUHDVGHVXMHFLµQDSDUWHVGHODFDUURFHU¯D
ᇐ 6XMHWDUODVFRUUHDVGHVXMHFLµQVLHPSUHDOFKDVLV
c2EVHUYHSDUDHOWUDQVSRUWHODVGLUHFWLYDVYLJHQWHVVREUHVHJXULGDG\SUHYHQFLµQGHDFFLGHQWHV
'HEHU£DVHJXUDUVHODFDUJDHQODVXSHUILFLHGHWUDQVSRUWHFRQWUDURGDPLHQWRLQFOLQDFLµQGHVOLಣ
]DPLHQWRRFD¯GD
3DUDFXDOTXLHUGXGDVREUHWUDQVSRUWH\DVHJXUDPLHQWRGHODFDUJDFRQWDFWHFRQHOVHUYLFLRGH
DVLVWHQFLD.$(6(5
/DHPSUHVD.$(6(5QRVHUHVSRQVDEOL]DGHORVGD³RVSURYRFDGRVHQODP£TXLQDSRUXQ
WUDQVSRUWHLQDGHFXDGRRXQDVHJXUDPLHQWRLQFRUUHFWRRLQVXILFLHQWHGHODFDUJD
(QHOFDVRGHXQLGDGHVSUHVWDGDVGHDOTXLOHURH[SXHVWDVHQIHULDVGHPXHVWUDVGHEHU£Q
XVDUVHORVPLVPRVGLVSRVLWLYRVGHVHJXULGDGGHOWUDQVSRUWHGHLGDSDUDHOWUDQVSRUWHGHYXHOWD
$WHQHUHQFXHQWDDQWHVGHOHQY¯RSRUIOHWHD«UHR
c(QHOWUDQVSRUWHSRUDYLµQODP£TXLQDHVFRQVLGHUDGDFRPRPHUFDQF¯DSHOLJURVDc(OLQFXPSOLPLHQWR
GHODVQRUPDWLYDVFRUUHVSRQGLHQWHVSXHGHWHQHUFRPRFRQVHFXHQFLDPXOWDVHOHYDGDV
3(/,*52
c3HOLJURGHLQFHQGLR\H[SORVLµQSRUSUHVHQFLDGHOXEULFDQWHV\O¯TXLGRV
/DP£TXLQDHVW£HTXLSDGDFRQXQPRWRUGHFRPEXVWLµQ
ᇐ &RPSUXHEHTXHVHUHWLUHQWRGRVORVPDWHULDOHVSHOLJURVRVTXHFRQWLHQHODP£TXLQDDQWHVGHO
WUDQVSRUWHSRUY¯DD«UHD
ᇐ 5HWLUDUWRGRVORVPDWHULDOHVSHOLJURVRV
6HWUDWDGH
႐ &DQWLGDGHVUHVLGXDOHVGHFDUEXUDQWH\JDVHVGHFDUEXUDQWHV
႐ /XEULFDQWHVGHOPRWRU\HOFRPSUHVRU
႐ /¯TXLGRVHOHFWURO¯WLFRVGHODVEDWHU¯DVUHOOHQDEOHV
႐ &DQWLGDGHVUHVLGXDOHVGHODFHLWHHQHOOXEULFDGRUGHKHUUDPLHQWDVRSFLµQHDHF
႐ &DQWLGDGHVUHVLGXDOHVGHODQWLFRQJHODQWHHQHOGHVFRQJHODGRURSFLµQED
$OPDFHQDPLHQWR
/DKXPHGDGSURYRFDODFRUURVLµQSDUWLFXODUPHQWHHQHOPRWRUGHFRPEXVWLµQHOEORTXHFRPSUHVRU
\HQHOGHSµVLWRVHSDUDGRUGHDFHLWH
6LVHFRQJHODODKXPHGDGHQODP£TXLQDSXHGHGD³DUORVFRPSRQHQWHVODVPHPEUDQDVGHODV
Y£OYXODV\ODVMXQWDV
.$(6(5OHRIUHFHDVHVRUDPLHQWRFXDQGRWHQJDSUHJXQWDVDFHUFDGHODOPDFHQDPLHQWRFRಣ
UUHFWR\ODSXHVWDGHPDUFKD
,QVWUXFFLRQHVGHVHUYLFLR0RELODLU
0 1rB6
3DUDGDDOPDFHQDPLHQWRWUDQVSRUWH
'HVJXDFH
35(&$8&,1
c'D³RVHQODP£TXLQDGHELGRVDKXPHGDG\FRQJHODFLµQ
ᇐ ,PSHGLUODHQWUDGDGHKXPHGDG\ODIRUPDFLµQGHDJXDFRQGHQVDGD
ᇐ 2EVHUYDUODWHPSHUDWXUDGHDOPDFHQDMH!r&
ᇐ $OPDFHQDUODVP£TXLQDVHQXQOXJDUVHFR\FRQXQULHVJRGHFRQJHODFLµQORP£VUHGXFLGRSRಣ
VLEOH
'HVJXDFH
3DUDHOGHVJXDFHGHODP£TXLQDSXUJDUWRGRVORVOXEULFDQWHV\O¯TXLGRV\UHWLUDUORVILOWURVVXFLRV
&RQGLFLµQ 0£TXLQDSDUDGD
3XUJDUWRGRHOFDUEXUDQWHGHODP£TXLQD
3XUJDUGHODP£TXLQDWRGRHODFHLWHUHIULJHUDQWH\HODFHLWHGHOPRWRU
5HWLUDUWRGRVORVILOWURVVXFLRV\HOFDUWXFKRVHSDUDGRUGHDFHLWH
3DUDODVP£TXLQDVFRQPRWRUGHFRPEXVWLµQUHIULJHUDGRVSRUDJXDSXUJDUWRGRHODJHQWHUHIULಣ
JHUDQWH
(QWUHJDUODP£TXLQDDXQDHPSUHVDGHUHFLFODMHHVSHFLDOL]DGD\DXWRUL]DGD
ᇐ /RVFRPSRQHQWHVFRQWDPLQDGRVGHFDUEXUDQWHIOXLGRUHIULJHUDQWHDFHLWHGHOPRWRUR
DJHQWHIULJRU¯ILFRGHEHU£QHOLPLQDUVHFRQIRUPHDODVGLUHFWLYDVPHGLRDPELHQWDOHVYLJHQWHV
,QVWUXFFLRQHVGHVHUYLFLR0RELODLU
1rB6 0
$S«QGLFH
,GHQWLILFDFLµQ
$S«QGLFH
,GHQWLILFDFLµQ
)LJ ,GHQWLILFDFLµQ
3ODFDGHLGHQWLILFDFLµQGHODP£TXLQDFRQ 3ODFDSDUDODFDUJDVREUHHOSXQWRGHHQಣ
HOQ¼PHURGHVHULHGHODXQLGDG JDQFKH\RSFLRQHV
1¼PHUR9,1
HVWDPSDGRHQODFDUURFHಣ 3ODFDGHLGHQWLILFDFLµQGHOPRWRUFRQQ¼ಣ
U¯D PHURGHVHULHGHOPRWRU
6¯PERORGHLGHQWLILFDFLµQGHOYHK¯FXOR
,QVWUXFFLRQHVGHVHUYLFLR0RELODLU
0 1rB6
$S«QGLFH
(VTXHPDGHWXEHU¯DVHLQVWUXPHQWRVHVTXHPD7,
,QVWUXFFLRQHVGHVHUYLFLR0RELODLU
1rB6 0
$S«QGLFH
(VTXHPDGHWXEHU¯DVHLQVWUXPHQWRVHVTXHPD7,
,QVWUXFFLRQHVGHVHUYLFLR0RELODLU
0 1rB6
$S«QGLFH
(VTXHPDGHWXEHU¯DVHLQVWUXPHQWRVHVTXHPD7,
,QVWUXFFLRQHVGHVHUYLFLR0RELODLU
1rB6 0
$S«QGLFH
(VTXHPDGHWXEHU¯DVHLQVWUXPHQWRVHVTXHPD7,
,QVWUXFFLRQHVGHVHUYLFLR0RELODLU
0 1rB6
$S«QGLFH
'LEXMRVDFRWDGRV
'LEXMRVDFRWDGRV
2SFLµQVD
'LEXMRDFRWDGRFK£VLVFRQUHJXODFLµQGHDOWXUD
,QVWUXFFLRQHVGHVHUYLFLR0RELODLU
1rB6 0
$S«QGLFH
'LEXMRVDFRWDGRV
,QVWUXFFLRQHVGHVHUYLFLR0RELODLU
0 1rB6
$S«QGLFH
'LEXMRVDFRWDGRV
2SFLµQVG
'LEXMRDFRWDGRFK£VLVVLQUHJXODFLµQGHDOWXUD
,QVWUXFFLRQHVGHVHUYLFLR0RELODLU
1rB6 0
$S«QGLFH
'LEXMRVDFRWDGRV
,QVWUXFFLRQHVGHVHUYLFLR0RELODLU
0 1rB6
$S«QGLFH
'LEXMRVDFRWDGRV
2SFLµQVK
'LEXMRDFRWDGRFK£VLVVLQIUHQRGHHVWDFLRQDPLHQWR
,QVWUXFFLRQHVGHVHUYLFLR0RELODLU
1rB6 0
$S«QGLFH
'LEXMRVDFRWDGRV
,QVWUXFFLRQHVGHVHUYLFLR0RELODLU
0 1rB6
$S«QGLFH
'LEXMRVDFRWDGRV
2SFLµQVF
'LEXMRDFRWDGRHVWDFLRQDULRHVWUXFWXUDVREUHWULQHR
,QVWUXFFLRQHVGHVHUYLFLR0RELODLU
1rB6 0
$S«QGLFH
'LEXMRVDFRWDGRV
,QVWUXFFLRQHVGHVHUYLFLR0RELODLU
0 1rB6
$S«QGLFH
'LEXMRVDFRWDGRV
2SFLµQVL
'LEXMRDFRWDGRHVWDFLRQDULRHVWUXFWXUDVREUHEDVWLGRU
,QVWUXFFLRQHVGHVHUYLFLR0RELODLU
1rB6 0
$S«QGLFH
'LEXMRVDFRWDGRV
,QVWUXFFLRQHVGHVHUYLFLR0RELODLU
0 1rB6
$S«QGLFH
(VTXHPDVGHGLVWULEXFLµQHO«FWULFD
(VTXHPDVGHGLVWULEXFLµQHO«FWULFD
(VTXHPDGHFRQH[LRQHV
,QVWUXFFLRQHVGHVHUYLFLR0RELODLU
1rB6 0
$S«QGLFH
(VTXHPDVGHGLVWULEXFLµQHO«FWULFD
,QVWUXFFLRQHVGHVHUYLFLR0RELODLU
0 1rB6
$S«QGLFH
(VTXHPDVGHGLVWULEXFLµQHO«FWULFD
,QVWUXFFLRQHVGHVHUYLFLR0RELODLU
1rB6 0
$S«QGLFH
(VTXHPDVGHGLVWULEXFLµQHO«FWULFD
,QVWUXFFLRQHVGHVHUYLFLR0RELODLU
0 1rB6
$S«QGLFH
(VTXHPDVGHGLVWULEXFLµQHO«FWULFD
,QVWUXFFLRQHVGHVHUYLFLR0RELODLU
1rB6 0
$S«QGLFH
(VTXHPDVGHGLVWULEXFLµQHO«FWULFD
,QVWUXFFLRQHVGHVHUYLFLR0RELODLU
0 1rB6
$S«QGLFH
(VTXHPDVGHGLVWULEXFLµQHO«FWULFD
,QVWUXFFLRQHVGHVHUYLFLR0RELODLU
1rB6 0
$S«QGLFH
(VTXHPDVGHGLVWULEXFLµQHO«FWULFD
,QVWUXFFLRQHVGHVHUYLFLR0RELODLU
0 1rB6
$S«QGLFH
(VTXHPDVGHGLVWULEXFLµQHO«FWULFD
,QVWUXFFLRQHVGHVHUYLFLR0RELODLU
1rB6 0
$S«QGLFH
(VTXHPDVGHGLVWULEXFLµQHO«FWULFD
,QVWUXFFLRQHVGHVHUYLFLR0RELODLU
0 1rB6
$S«QGLFH
(VTXHPDVGHGLVWULEXFLµQHO«FWULFD
2SFLµQWF
(VTXHPDGH&RQH[LRQHVGHOD,QVWDODFLµQGH$OXPEUDGR\6H³DOHV
,QVWUXFFLRQHVGHVHUYLFLR0RELODLU
1rB6 0
$S«QGLFH
(VTXHPDVGHGLVWULEXFLµQHO«FWULFD
,QVWUXFFLRQHVGHVHUYLFLR0RELODLU
0 1rB6
$S«QGLFH
(VTXHPDVGHGLVWULEXFLµQHO«FWULFD
,QVWUXFFLRQHVGHVHUYLFLR0RELODLU
1rB6 0
$S«QGLFH
(VTXHPDVGHGLVWULEXFLµQHO«FWULFD
,QVWUXFFLRQHVGHVHUYLFLR0RELODLU
0 1rB6
$S«QGLFH
(VTXHPDVGHGLVWULEXFLµQHO«FWULFD
,QVWUXFFLRQHVGHVHUYLFLR0RELODLU
1rB6 0
$S«QGLFH
(VTXHPDVGHGLVWULEXFLµQHO«FWULFD
,QVWUXFFLRQHVGHVHUYLFLR0RELODLU
0 1rB6
$S«QGLFH
(VTXHPDVGHGLVWULEXFLµQHO«FWULFD
2SFLµQWH
(VTXHPDGH&RQH[LRQHVGHOD,QVWDODFLµQGH$OXPEUDGR\6H³DOHV
,QVWUXFFLRQHVGHVHUYLFLR0RELODLU
1rB6 0
$S«QGLFH
(VTXHPDVGHGLVWULEXFLµQHO«FWULFD
,QVWUXFFLRQHVGHVHUYLFLR0RELODLU
0 1rB6
$S«QGLFH
(VTXHPDVGHGLVWULEXFLµQHO«FWULFD
,QVWUXFFLRQHVGHVHUYLFLR0RELODLU
1rB6 0
$S«QGLFH
(VTXHPDVGHGLVWULEXFLµQHO«FWULFD
2SFLµQJDJE
3ODQRGHFRQH[LRQHVGHOJHQHUDGRU9a
,QVWUXFFLRQHVGHVHUYLFLR0RELODLU
0 1rB6
$S«QGLFH
(VTXHPDVGHGLVWULEXFLµQHO«FWULFD
,QVWUXFFLRQHVGHVHUYLFLR0RELODLU
1rB6 0
$S«QGLFH
(VTXHPDVGHGLVWULEXFLµQHO«FWULFD
,QVWUXFFLRQHVGHVHUYLFLR0RELODLU
0 1rB6
$S«QGLFH
(VTXHPDVGHGLVWULEXFLµQHO«FWULFD
,QVWUXFFLRQHVGHVHUYLFLR0RELODLU
1rB6 0
$S«QGLFH
(VTXHPDVGHGLVWULEXFLµQHO«FWULFD
,QVWUXFFLRQHVGHVHUYLFLR0RELODLU
0 1rB6
$S«QGLFH
(VTXHPDVGHGLVWULEXFLµQHO«FWULFD
,QVWUXFFLRQHVGHVHUYLFLR0RELODLU
1rB6 0
$S«QGLFH
(VTXHPDVGHGLVWULEXFLµQHO«FWULFD
,QVWUXFFLRQHVGHVHUYLFLR0RELODLU
0 1rB6
$S«QGLFH
(VTXHPDVGHGLVWULEXFLµQHO«FWULFD
,QVWUXFFLRQHVGHVHUYLFLR0RELODLU
1rB6 0
$S«QGLFH
(VTXHPDVGHGLVWULEXFLµQHO«FWULFD
,QVWUXFFLRQHVGHVHUYLFLR0RELODLU
0 1rB6
$S«QGLFH
(VTXHPDVGHGLVWULEXFLµQHO«FWULFD
2SFLµQJDJE
3ODQRGHFRQH[LRQHVGHOJHQHUDGRU9a
,QVWUXFFLRQHVGHVHUYLFLR0RELODLU
1rB6 0
$S«QGLFH
(VTXHPDVGHGLVWULEXFLµQHO«FWULFD
,QVWUXFFLRQHVGHVHUYLFLR0RELODLU
0 1rB6
$S«QGLFH
(VTXHPDVGHGLVWULEXFLµQHO«FWULFD
,QVWUXFFLRQHVGHVHUYLFLR0RELODLU
1rB6 0
$S«QGLFH
(VTXHPDVGHGLVWULEXFLµQHO«FWULFD
,QVWUXFFLRQHVGHVHUYLFLR0RELODLU
0 1rB6
$S«QGLFH
(VTXHPDVGHGLVWULEXFLµQHO«FWULFD
,QVWUXFFLRQHVGHVHUYLFLR0RELODLU
1rB6 0
$S«QGLFH
(VTXHPDVGHGLVWULEXFLµQHO«FWULFD
,QVWUXFFLRQHVGHVHUYLFLR0RELODLU
0 1rB6
$S«QGLFH
(VTXHPDVGHGLVWULEXFLµQHO«FWULFD
,QVWUXFFLRQHVGHVHUYLFLR0RELODLU
1rB6 0
$S«QGLFH
(VTXHPDVGHGLVWULEXFLµQHO«FWULFD
,QVWUXFFLRQHVGHVHUYLFLR0RELODLU
0 1rB6
$S«QGLFH
(VTXHPDVGHGLVWULEXFLµQHO«FWULFD
,QVWUXFFLRQHVGHVHUYLFLR0RELODLU
1rB6 0
$S«QGLFH
(VTXHPDVGHGLVWULEXFLµQHO«FWULFD
2SFLµQJDJE
3ODQRGHFRQH[LRQHVGHOJHQHUDGRU9a
,QVWUXFFLRQHVGHVHUYLFLR0RELODLU
0 1rB6
$S«QGLFH
(VTXHPDVGHGLVWULEXFLµQHO«FWULFD
,QVWUXFFLRQHVGHVHUYLFLR0RELODLU
1rB6 0
$S«QGLFH
(VTXHPDVGHGLVWULEXFLµQHO«FWULFD
,QVWUXFFLRQHVGHVHUYLFLR0RELODLU
0 1rB6
$S«QGLFH
(VTXHPDVGHGLVWULEXFLµQHO«FWULFD
,QVWUXFFLRQHVGHVHUYLFLR0RELODLU
1rB6 0
$S«QGLFH
(VTXHPDVGHGLVWULEXFLµQHO«FWULFD
,QVWUXFFLRQHVGHVHUYLFLR0RELODLU
0 1rB6
$S«QGLFH
(VTXHPDVGHGLVWULEXFLµQHO«FWULFD
,QVWUXFFLRQHVGHVHUYLFLR0RELODLU
1rB6 0
$S«QGLFH
(VTXHPDVGHGLVWULEXFLµQHO«FWULFD
,QVWUXFFLRQHVGHVHUYLFLR0RELODLU
0 1rB6
$S«QGLFH
(VTXHPDVGHGLVWULEXFLµQHO«FWULFD
,QVWUXFFLRQHVGHVHUYLFLR0RELODLU
1rB6 0
$S«QGLFH
(VTXHPDVGHGLVWULEXFLµQHO«FWULFD
,QVWUXFFLRQHVGHVHUYLFLR0RELODLU
0 1rB6
$S«QGLFH
(VTXHPDGHO&LUFXLWRGH&RPEXVWLEOH
(VTXHPDGHO&LUFXLWRGH&RPEXVWLEOH
,QVWUXFFLRQHVGHVHUYLFLR0RELODLU
1rB6 0
$S«QGLFH
(VTXHPDGHO&LUFXLWRGH&RPEXVWLEOH
,QVWUXFFLRQHVGHVHUYLFLR0RELODLU
0 1rB6
$S«QGLFH
(VTXHPDGHO&LUFXLWRGH&RPEXVWLEOH
,QVWUXFFLRQHVGHVHUYLFLR0RELODLU
1rB6 0
$S«QGLFH
,QVWUXFFLRQHVGHVHUYLFLRGHOILOWURGHDLUHFRPSULPLGRFRPELQDFLµQGHILOWURV
2SFLµQGG
,QVWUXFFLRQHVGHVHUYLFLRGHOILOWURGHDLUHFRPSULPLGRFRPELQDFLµQ
GHILOWURV
,QVWUXFFLRQHVGHVHUYLFLR0RELODLU
0 1rB6
$S«QGLFH
,QVWUXFFLRQHVGHVHUYLFLRGHOILOWURGHDLUHFRPSULPLGRFRPELQDFLµQGHILOWURV
Serie / Serie
FA (D ), FB (D&E), FC (D&E), FD (E), FE (D&E), FF (D&E), FG
FILTER-FA-FG_06 S I
,QVWUXFFLRQHVGHVHUYLFLR0RELODLU
1rB6 0
$S«QGLFH
,QVWUXFFLRQHVGHVHUYLFLRGHOILOWURGHDLUHFRPSULPLGRFRPELQDFLµQGHILOWURV
,QVWUXFFLRQHVGHVHUYLFLR0RELODLU
0 1rB6
$S«QGLFH
,QVWUXFFLRQHVGHVHUYLFLRGHOILOWURGHDLUHFRPSULPLGRFRPELQDFLµQGHILOWURV
Filtro: Está nda r/ Sta nda rd Filtro: D-Pa ck Ba sic Filtro: D-Pa ck Filtro: E-Pa ck Filtro: Ele m e nto/Ca rtucce
Tipo No. Tipo No. Tipo No. Tipo Tipo No.
FB-6 9.4620.0 FB-6 B 9.4620.00110 FB-6 D 9.4620.00120 FB -6 E E-B-6 9.4812.0
FB-10 9.4621.0 FB-10 B 9.4621.00110 FB-10 D 9.4621.00120 FB-10 E E-B-10 9.4813.0
FB-18 9.4622.0 FB-18 B 9.4622.00110 FB-18 D 9.4622.00120 FB-18 E E-B-18 9.4814.0
FB-28 9.4623.0 FB-28 B 9.4623.00110 FB-28 D 9.4623.00120 FB-28 E E-B-28 9.4815.0
FB-48 9.4624.0 FB-48 B 9.4624.00110 FB-48 D 9.4624.00120 FB-48 E E-B-48 9.4816.0
FB-71 9.4625.0 FB-71 B 9.4625.00110 FB-71 D 9.4625.00120 FB-71 E E-B-71 9.4817.0
FB-107 9.4626.0 FB-107 B 9.4626.00110 FB-107 D 9.4626.00120 FB-107 E E-B-107 9.4818.0
FB-138 9.4627.0 FB-138 B 9.4627.00110 FB-138 D 9.4627.00120 FB-138 E E-B-138 9.4819.0
FB-177 9.4628.0 FB-177 B 9.4628.00110 FB-177 D 9.4628.00120 FB-177 E E-B-177 9.4820.0
FB-221 9.4629.0 FB-221 B 9.4629.00110 FB-221 D 9.4629.00120 FB-221 E E-B-221 9.4821.0
FB-185 9.4630.0 - - FB-185 D 9.4630.00120 FB-185 E E-B-185 9.4822.0
FB-283 9.4631.0 - - FB-283 D 9.4631.00120 FB-283 E E-B-283 9.4823.0
FB-354 9.4632.0 - - FB-354 D 9.4632.00120 FB-354 E E-B-185 9.4822.0
FB-526 9.4633.0 - - FB-526 D 9.4633.00120 FB-526 E E-B-185 9.4822.0
FB-708 9.4634.0 - - FB-708 D 9.4634.00120 FB-708 E E-B-185 9.4822.0
FB-885 9.4635.0 - - FB-885 D 9.4635.00120 FB-885 E E-B-185 9.4822.0
FB-1420 9.4636.0 - - FB-1420 D 9.4636.00020 FB-1420 E E-B-185 9.4822.0
FB-1950 9.4637.0 - - FB-1950 D 9.4637.00020 FB-1950 E E-B-185 9.4822.0
FB-2480 9.4638.0 - - FB-2480 D 9.4638.00020 FB-2480 E E-B-185 9.4822.0
D-Pack: Filtro con manómetro de presión diferencial y ECO-DRAIN D-Pack: Filtro con manometro della pressione differenziale e ECO-
DRAIN
D-Pack-Basic: Filtro con manómetro de presión diferencial y ECO-
DRAIN 30 D-Pack-Basic: Filtro con manometro della pressione differenziale
e ECO-DRAIN 30
E-Pack: Filtro con monitor y ECO-DRAIN
E-Pack: Filtro con monitor del filtro e ECO-DRAIN
Para el número de los elementos de filtro ver capítulo 3. „Datos Il numero di elementi filtranti è indicato al capitolo 3. „Caratteristiche
técnicos“. tecniche“.
FILTER-FA-FG_06 S I
,QVWUXFFLRQHVGHVHUYLFLR0RELODLU
1rB6 0
$S«QGLFH
,QVWUXFFLRQHVGHVHUYLFLRGHOILOWURGHDLUHFRPSULPLGRFRPELQDFLµQGHILOWURV
Filtro: Estándar/ Standard Filtro: D-Pack Basic Filtro: D-Pack Filtro: E-Pack Filtro: Elemento/Cartucce
Tipo No. Tipo No. Tipo No. Tipo Tipo No.
FC-6 9.4640.0 FC-6 B 9.4640.00110 FC-6 D 9.4640.00120 FC-6 E E-C-6 9.4824.0
FC-10 9.4641.0 FC-10 B 9.4641.00110 FC-10 D 9.4641.00120 FC-10 E E-C-10 9.4825.0
FC-18 9.4642.0 FC-18 B 9.4642.00110 FC-18 D 9.4642.00120 FC-18 E E-C-18 9.4826.0
FC-28 9.4643.0 FC-28 B 9.4643.00110 FC-28 D 9.4643.00120 FC-28 E E-C-28 9.4827.0
FC-48 9.4644.0 FC-48 B 9.4644.00110 FC-48 D 9.4644.00120 FC-48 E E-C-48 9.4828.0
FC-71 9.4645.0 FC-71 B 9.4645.00110 FC-71 D 9.4645.00120 FC-71 E E-C-71 9.4829.0
FC-107 9.4646.0 FC-107 B 9.4646.00110 FC-107 D 9.4646.00120 FC-107 E E-C-107 9.4830.0
FC-138 9.4647.0 FC-138 B 9.4647.00110 FC-138 D 9.4647.00120 FC-138 E E-C-138 9.4831.0
FC-177 9.4648.0 FC-177 B 9.4648.00110 FC-177 D 9.4648.00120 FC-177 E E-C-177 9.4832.0
FC-221 9.4649.0 FC-221 B 9.4649.00110 FC-221 D 9.4649.00120 FC-221 E E-C-221 9.4833.0
FC-185 9.4650.0 - - FC-185 D 9.4650.00120 FC-185 E E-C-185 9.4834.0
FC-283 9.4651.0 - - FC-283 D 9.4651.00120 FC-283 E E-C-283 9.4835.0
FC-354 9.4652.0 - - FC-354 D 9.4652.00120 FC-354 E E-C-185 9.4834.0
FC-526 9.4653.0 - - FC-526 D 9.4653.00120 FC-526 E E-C-185 9.4834.0
FC-708 9.4654.0 - - FC-708 D 9.4654.00120 FC-708 E E-C-185 9.4834.0
FC-885 9.4655.0 - - FC-885 D 9.4655.00120 FC-885 E E-C-185 9.4834.0
FC-1420 9.4656.0 - - FC-1420 D 9.4656.00020 FC-1420 E E-C-185 9.4834.0
FC-1950 9.4657.0 - - FC-1950 D 9.4657.00020 FC-1950 E E-C-185 9.4834.0
FC-2480 9.4658.0 - - FC-2480 D 9.4658.00020 FC-2480 E E-C-185 9.4834.0
D-Pack: Filtro con manómetro de presión diferencial y ECO-DRAIN D-Pack: Filtro con manometro della pressione differenziale e ECO-
DRAIN
D-Pack-Basic: Filtro con manómetro de presión diferencial y ECO-
DRAIN 30 D-Pack-Basic: Filtro con manometro della pressione differenziale
e ECO-DRAIN 30
E-Pack: Filtro con monitor y ECO-DRAIN
E-Pack: Filtro con monitor del filtro e ECO-DRAIN
Para el número de los elementos de filtro ver capítulo 3. „Datos Il numero di elementi filtranti è indicato al capitolo 3. „Caratteristiche
técnicos“. tecniche“.
FILTER-FA-FG_06 S I
,QVWUXFFLRQHVGHVHUYLFLR0RELODLU
0 1rB6
$S«QGLFH
,QVWUXFFLRQHVGHVHUYLFLRGHOILOWURGHDLUHFRPSULPLGRFRPELQDFLµQGHILOWURV
Filtro: Está nda r/ Sta nda rd Filtro: D-Pa ck Basic Filtro: D-Pa ck Filtro: E-P ack Filtro: Ele m e nto/Ca rtucce
Tipo No. Tipo No. Tipo No. Tipo Tipo No.
FE-6 9.4700.0 FE-6 B 9.4700.00110 FE-6 D 9.4700.00120 FE -6 E E-E -6 9.4860.0
FE-10 9.4701.0 FE-10 B 9.4701.00110 FE-10 D 9.4701.00120 FE -10 E E-E -10 9.4861.0
FE-18 9.4702.0 FE-18 B 9.4702.00110 FE-18 D 9.4702.00120 FE -18 E E-E -18 9.4862.0
FE-28 9.4703.0 FE-28 B 9.4703.00110 FE-28 D 9.4703.00120 FE -28 E E-E -28 9.4863.0
FE-48 9.4704.0 FE-48 B 9.4704.00110 FE-48 D 9.4704.00120 FE -48 E E-E -48 9.4864.0
FE-71 9.4705.0 FE-71 B 9.4705.00110 FE-71 D 9.4705.00120 FE -71 E E-E -71 9.4865.0
FE-107 9.4706.0 FE-107 B 9.4706.00110 FE-107 D 9.4706.00120 FE -107 E E-E -107 9.4866.0
FE-138 9.4707.0 FE-138 B 9.4707.00110 FE-138 D 9.4707.00120 FE -138 E E-E -138 9.4867.0
FE-177 9.4708.0 FE-177 B 9.4708.00110 FE-177 D 9.4708.00120 FE -177 E E-E -177 9.4868.0
FE-221 9.4709.0 FE-221 B 9.4709.00110 FE-221 D 9.4709.00120 FE -221 E E-E -221 9.4869.0
FE-185 9.4710.0 - - FE-185 D 9.4710.00120 FE -185 E E-E -185 9.4870.0
FE-283 9.4711.0 - - FE-283 D 9.4711.00120 FE -283 E E-E -283 9.4871.0
FE-354 9.4712.0 - - FE-354 D 9.4712.00120 FE -354 E E-E -185 9.4870.0
FE-526 9.4713.0 - - FE-526 D 9.4713.00120 FE -526 E E-E -185 9.4870.0
FE-708 9.4714.0 - - FE-708 D 9.4714.00120 FE -708 E E-E -185 9.4870.0
FE-885 9.4715.0 - - FE-885 D 9.4715.00120 FE -885 E E-E -185 9.4870.0
FE-1420 9.4716.0 - - FE-1420 D 9.4716.00020 FE -1420 E E-E -185 9.4870.0
FE-1950 9.4717.0 - - FE-1950 D 9.4717.00020 FE -1950 E E-E -185 9.4870.0
FE-2480 9.4718.0 - - FE-2480 D 9.4718.00020 FE -2480 E E-E -185 9.4870.0
D-Pack: Filtro con manómetro de presión diferencial y ECO-DRAIN D-Pack: Filtro con manometro della pressione differenziale e ECO-
DRAIN
D-Pack-Basic: Filtro con manómetro de presión diferencial y ECO-
DRAIN 30 D-Pack-Basic: Filtro con manometro della pressione differenziale
e ECO-DRAIN 30
E-Pack: Filtro con monitor y ECO-DRAIN
E-Pack: Filtro con monitor del filtro e ECO-DRAIN
Filtro: Estándar/ Standard Filtro: D-Pa ck Basic Filtro: D-Pack Filtro: E-Pack Filtro: Elemento/Ca rtucce
Tipo No. Tipo No. Tipo No. Tipo Tipo No.
FF-6 9.4720.0 FF-6 B 9.4720.00110 FF-6 D 9.4720.00120 FF-6 E E-F-6 9.4872.0
FF-10 9.4721.0 FF-10 B 9.4721.00110 FF-10 D 9.4721.00120 FF-10 E E-F-10 9.4873.0
FF-18 9.4722.0 FF-18 B 9.4722.00110 FF-18 D 9.4722.00120 FF-18 E E-F-18 9.4874.0
FF-28 9.4723.0 FF-28 B 9.4723.00110 FF-28 D 9.4723.00120 FF-28 E E-F-28 9.4875.0
FF-48 9.4724.0 FF-48 B 9.4724.00110 FF-48 D 9.4724.00120 FF-48 E E-F-48 9.4876.0
FF-71 9.4725.0 FF-71 B 9.4725.00110 FF-71 D 9.4725.00120 FF-71 E E-F-71 9.4877.0
FF-107 9.4726.0 FF-107 B 9.4726.00110 FF-107 D 9.4726.00120 FF-107 E E-F-107 9.4878.0
FF-138 9.4727.0 FF-138 B 9.4727.00110 FF-138 D 9.4727.00120 FF-138 E E-F-138 9.4879.0
FF-177 9.4728.0 FF-177 B 9.4728.00110 FF-177 D 9.4728.00120 FF-177 E E-F-177 9.4880.0
FF-221 9.4729.0 FF-221 B 9.4729.00110 FF-221 D 9.4729.00120 FF-221 E E-F-221 9.4881.0
FF-185 9.4730.0 - - FF-185 D 9.4730.00120 FF-185 E E-F-185 9.4882.0
FF-283 9.4731.0 - - FF-283 D 9.4731.00120 FF-283 E E-F-283 9.4883.0
FF-354 9.4732.0 - - FF-354 D 9.4732.00120 FF-354 E E-F-185 9.4882.0
FF-526 9.4733.0 - - FF-526 D 9.4733.00120 FF-526 E E-F-185 9.4882.0
FF-708 9.4734.0 - - FF-708 D 9.4734.00120 FF-708 E E-F-185 9.4882.0
FF-885 9.4735.0 - - FF-885 D 9.4735.00120 FF-885 E E-F-185 9.4882.0
FF-1420 9.4736.0 - - FF-1420 D 9.4736.00020 FF-1420 E E-F-185 9.4882.0
FF-1950 9.4737.0 - - FF-1950 D 9.4737.00020 FF-1950 E E-F-185 9.4882.0
FF-2480 9.4738.0 - - FF-2480 D 9.4738.00020 FF-2480 E E-F-185 9.4882.0
D-Pack: Filtro con manómetro de presión diferencial y ECO-DRAIN D-Pack: Filtro con manometro della pressione differenziale e ECO-
DRAIN
D-Pack-Basic: Filtro con manómetro de presión diferencial y ECO-
DRAIN 30 D-Pack-Basic: Filtro con manometro della pressione differenziale
e ECO-DRAIN 30
E-Pack: Filtro con monitor y ECO-DRAIN
E-Pack: Filtro con monitor del filtro e ECO-DRAIN
Para el número de los elementos de filtro ver capítulo 3. „Datos Il numero di elementi filtranti è indicato al capitolo 3. „Caratteristiche
técnicos“. tecniche“.
FILTER-FA-FG_06 S I
,QVWUXFFLRQHVGHVHUYLFLR0RELODLU
1rB6 0
$S«QGLFH
,QVWUXFFLRQHVGHVHUYLFLRGHOILOWURGHDLUHFRPSULPLGRFRPELQDFLµQGHILOWURV
Filtro: Está nda r/ Sta nda rd Filtro: D-Pa ck Ba sic Filtro: D-Pa ck Filtro: E-Pa ck
Tipo No. Tipo No. Tipo No. Tipo
FFG-6 9.4760.0 FFG-6 B 9.4760.00110 FFG-6 D 9.4760.00120 FFG-6 E
FFG-10 9.4761.0 FFG-10 B 9.4761.00110 FFG-10 D 9.4761.00120 FFG-10 E
FFG-18 9.4762.0 FFG-18 B 9.4762.00110 FFG-18 D 9.4762.00120 FFG-18 E
FFG-28 9.4763.0 FFG-28 B 9.4763.00110 FFG-28 D 9.4763.00120 FFG-28 E
FFG-48 9.4764.0 FFG-48 B 9.4764.00110 FFG-48 D 9.4764.00120 FFG-48 E
FFG-71 9.4765.0 FFG-71 B 9.4765.00110 FFG-71 D 9.4765.00120 FFG-71 E
FFG-107 9.4766.0 FFG-107 B 9.4766.00110 FFG-107 D 9.4766.00120 FFG-107 E
FFG-138 9.4767.0 FFG-138 B 9.4767.00110 FFG-138 D 9.4767.00120 FFG-138 E
FFG-177 9.4768.0 FFG-177 B 9.4768.00110 FFG-177 D 9.4768.00120 FFG-177 E
FFG-221 9.4769.0 FFG-221 B 9.4769.00110 FFG-221 D 9.4769.00120 FFG-221 E
FFG-185 9.4770.0 - - FFG-185 D 9.4770.00120 FFG-185 E
FFG-283 9.4771.0 - - FFG-283 D 9.4771.00120 FFG-283 E
FFG-354 9.4772.0 - - FFG-354 D 9.4772.00120 FFG-354 E
FFG-526 9.4773.0 - - FFG-526 D 9.4773.00120 FFG-526 E
FFG-708 9.4774.0 - - FFG-708 D 9.4774.00120 FFG-708 E
FFG-885 9.4775.0 - - FFG-885 D 9.4775.00120 FFG-885 E
FFG-1420 9.4776.0 - - FFG-1420 D 9.4776.00020 FFG-1420 E
FFG-1950 9.4777.0 - - FFG-1950 D 9.4777.00020 FFG-1950 E
FFG-2480 9.4778.0 - - FFG-2480 D 9.4778.00020 FFG-2480 E
Combinación de filtros compuesta por la serie FF & FG. Combinazione di filtri della serie FF & FG
D-Pack: Filtro con manómetro de presión diferencial y ECO-DRAIN D-Pack: Filtro con manometro della pressione differenziale e ECO-
DRAIN
D-Pack-Basic: Filtro con manómetro de presión diferencial y ECO-
DRAIN 30 D-Pack-Basic: Filtro con manometro della pressione differenziale
e ECO-DRAIN 30
E-Pack: Filtro FF con monitor y ECO-DRAIN
E-Pack: Filtro FF con monitor del filtro e ECO-DRAIN
Para el número de los elementos de filtro ver capítulo 3. „Datos Il numero di elementi filtranti è indicato al capitolo 3. „Caratteristiche
técnicos“. tecniche“.
FILTER-FA-FG_06 S I
,QVWUXFFLRQHVGHVHUYLFLR0RELODLU
0 1rB6
$S«QGLFH
,QVWUXFFLRQHVGHVHUYLFLRGHOILOWURGHDLUHFRPSULPLGRFRPELQDFLµQGHILOWURV
Indice Indice
1. Introducción 1. Introduzione
7. Montaggio
7. Montaje
8. Messa in funzione
8. Puesta en marcha, funcionamiento
Hemos comprobado si el contenido del manual de instrucciones Abbiamo esaminato il contenuto delle istruzioni per l`uso in merito
coincide con el aparato descrito. alla sua conformità con l`apparecchio descritto.
Sin embargo no se pueden excluir diferencias, de modo que no Poiché non è possibile escludere la presenza di discrepanze,
podemos garantizar que coincidan por completo. non possiamo tuttavia garantirne la conformità assoluta.
FILTER-FA-FG_06 S I
,QVWUXFFLRQHVGHVHUYLFLR0RELODLU
1rB6 0
$S«QGLFH
,QVWUXFFLRQHVGHVHUYLFLRGHOILOWURGHDLUHFRPSULPLGRFRPELQDFLµQGHILOWURV
1. Introducción 1. Introduzione
En las presentes instrucciones de servicio se encuentra la Nei singoli capitoli delle presenti istruzioni per l`uso sono raccolte
información completa y dividida en los correspondientes capítulos. tutte le informazioni necessarie.
Leer y observar estas informaciones. Servirán de ayuda para La preghiamo di leggere e rispettare le istruzioni del manuale e le
evitar accidentes. avvertenze per la prevenzione di infortuni
Este símbolo indica los textos que requieren absoluta Con questo simbolo vengono evidenziate le istruzioni del
atención. manuale che devono essere rispettate nel modo più
assoluto
• Importantes instrucciones de seguridad
• Importanti avvertenze per la prevenzione di infortuni
• Importantes instrucciones de mantenimiento /
conservación • Importanti avvertenze per l`impiego o per la manutenzione
• Advertencia de posibles falsas maniobras • Avvisi per prevenire i rischi di un uso incoretto
1.3 Explicación de los símbolos en el filtro 1.3 Legenda dei simboli applicati
sull`apparecchio
FILTER-FA-FG_06 S I
,QVWUXFFLRQHVGHVHUYLFLR0RELODLU
0 1rB6
$S«QGLFH
,QVWUXFFLRQHVGHVHUYLFLRGHOILOWURGHDLUHFRPSULPLGRFRPELQDFLµQGHILOWURV
Atención! Attenzione!
• Los filtros han de utilizarse únicamente de acuerdo con • I filtri devono essere utilizzati esclusivamente per le
lo descrito en las presentes instrucciones de servicio, applicazioni descritte nelle presenti istruzioni per l`uso
para la preparación de aire comprimido. ovvero per la depurazione di aria compressa.
Advertencia! Pericolo!
• Los filtros han de utilizarse, mantenerse y recomponerse • L`impiego del prodotto e gli interventi di servizio,
exclusivamente por personal cualificado. manutenzione e riparazione devono avvenire esclusiva-
mente da parte di personale qualificato.
• De acuerdo con las advertencias de seguridad en la
presente documentación o en el mismo producto, se • Ai sensi delle nomrme di sicurezza e delle istruzioni per
entiende por personal cualificado aquel que: l`uso del prodotto a cui fa riferimento la presente
documentazione, quale personale qualificato si intendono:
∗ conoce y está instruido acerca de las instalaciones de
aire comprimido y los peligros relacionados. ∗ le persone addestrate ed esperte nell`uso di impiati ad
aria compressa, che hanno ricevuto idonee istruzioni in
∗ conoce el contenido de la presente documentación, merito ai rischi connessi all`impiego di tali sistemi e
relacionado con el funcionamiento.
∗ che hanno studiato le istruzioni per l`uso del prodotto
∗ tiene una formación y autorización para la puesta en comprese nella presente documentazione,
marcha y el mantenimiento de este tipo de instalaciones.
∗ oltre ad essere titolari di una qualificazione professionale
o di un`autorizzazione per la messa in funzione e la
manutenzione di tali dispositivi.
FILTER-FA-FG_06 S I
,QVWUXFFLRQHVGHVHUYLFLR0RELODLU
1rB6 0
$S«QGLFH
,QVWUXFFLRQHVGHVHUYLFLRGHOILOWURGHDLUHFRPSULPLGRFRPELQDFLµQGHILOWURV
Advertencia! Pericolo!
El (los) filtro(s) contiene(n) sistemas bajo alta presión. Nei filtri sono compresi componenti sottoposti a pressioni
Antes de iniciar los trabajos de servicio, hay que eliminar molto elevate.
la presión. Prima di eseguire operazioni di servizio si deve scaricare
la pressione presente in tali componenti.
Advertencia!
Pericolo!
Los sistemas de filtro con trampas de vapor dirigidos
electrónicamente, contienen elementos de construcción Nei filtri dotati di dispositivi elettrici per lo scarico della
bajo tensión eléctrica. condensa sono compresi componenti alimentati con
Antes de iniciar los trabajos de servicio, hay que descon- tensione elettrica.
ectar todos los polos de la red de alimentación de tensión Prima di eseguire interventi di servizio si devono scollegare
eléctrica. tutti i poli dalla rete di alimentazione dell`energia elettrica.
(Desconectar los enchufes, y el interruptor principal). (Estrarre la spina di rete, disinserire il dispositivo tramite
l`interruttore principale).
ATENCION!
Todos los trabajos en el sistema eléctrico han de ATTENZIONE!
realizarse exclusivamente por parte de personal Tutti i lavori riguardanti l`impianto elettrico devono
con formación electrotécnica o personas instruidas, essere eseguiti soltanto da parte del personale
bajo su supervisión qualificato oppure da persone opportunamente
istruite ed operanti sotto la sorveglianza del
personale qualificato.
Nota!
ATENCION!
Los filtros / sistemas de filtros para la preparación de aire ATTENZIONE!
respiratorio han de ser utilizados y manipulados con previa
aprobación del fabricante de los filtros / sistemas de filtros. I filtri / sistemi filtranti per il trattamento di aria da respirare
devono essere stati approvati dalla casa costruttrice.
FILTER-FA-FG_06 S I
,QVWUXFFLRQHVGHVHUYLFLR0RELODLU
0 1rB6
1rB6
MODELO DESCRIPCION / Caudal Conexión Presión de Dimensiones Peso Elementos de recambio de los filtros
DENOMINAZIONE MODELLO volumétrico Raccordo trabajo Dimensioni Cartucce di ricambio
Portata Pressione
d`esercizio
Grado del- Caja del filtro Alto / Ancho / Grado del Caja del filtro Número
filtro Corpo del filtro Altezza Larghezza filtro Corpo del Unità
0
Construcción modular / Sistema modulare
-6 0,58 3/8“ 16 105 -6 1
-10 1,00 1/2“ 16 Véase el 105 Véase el -10 1
FA- -18 1,75 1/2“ 16 capítulo 105 capítulo E-A- -18 1
2,83 3/4“ 16 „Esquema 133 „Esquema 1
-28 -28
dimensional“
dimensional“
FB- -48 4,83 1“ 16 133 E-B -48 1
-71 7,10 1-1/2“ 16 164 Vedasi -71 1
FC- -107 10,7 1-1/2“ 16 Vedasi 164 capitolo E-C -107 1
$S«QGLFH
,QVWUXFFLRQHVGHVHUYLFLR0RELODLU
FF- -283 28,3 DN80 16 1045 400 capítulo E-F -283 2
-354 35,4 DN80 16 1045 400 „Esquema -185 2
FG- -526 42,6 DN100 16 1085 440 dimensional“ E-G- -185 3
-708 70,8 DN100 16 1105 535 -185 4
Vedasi
- 10 -
-885 88,5 DN100 16 1105 535 capitolo -185 5
-1420 142 DN150 16 1215 600 „Disegno -185 8
-1950 195 DN150 16 1245 720 quotato“ -185 11
-2480 248 DN150 16 1265 750 -185 14
• La capacidad m³/h se refiere a +20°C y 1 bar absolu to, con una presión de trabajo de 7 bar / Portata in m³/h a 20°C con 1 bar assoluto e con una pression e d`esercizio di 7 bar.
• Mayor prsión de trabajo según demanda / Su richiesta sono disponibili anche articoli per pressioni d`esercizio più elevate.
• Caja de filtro F-185 – F-2480: La construcción de los recipientes corresponde a la norma 87/404/EEG de la CEE para recipientes a presión simples, y lleva el s´mbolo de la CE /
Corpo del filtro F-185 – F-2480: serbatoio conforme alle direttive CE 87/404/EEC, per serbatoi a pressione semplici, contrassegnato con il marchio CE
F0523
Caudal volumétrico-tabla de correcciones / Tabella di regolazione della portata
D- N am e
Presión de trabajo mínima / Pressione d`esercizio minima
bar 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16
erstellt
Factor de corrección / Fattore di correzione 0,38 0,52 0,63 0,75 0,88 1,00 1,13 1,26 1,38 1,52 1,65 1,76 1,87 2 2,14
14.06.07 SK
Interpretación:
N am e
En presiones diferentes a los 7 bar, el caudal volumétrico máximo se calcula como sigue:
Multiplicar el factor de corrección de la correspondiente presión de trabajo mínima con el caudal volumétrico elegido de la tabla.
gepr.
Pressione di progetto:
14.06.07 KC
Con pressioni inferiori o superiori a 7 bar, la portata viene calcolata come segue:
Name
il fattore di correzione della rispettiva pressione d`esercizio minima viene moltiplicato con la portata prescelta in base alla suesposta tabella.
F0435
ersetzt f.
Condiciones de funcionamiento: Condizioni d`esercizio:
3. Caratteristiche tecniche
ersetzt d.
Presión de trabajo mínima con trampa de vapor automática: 2,0 bar Min. pressione d`esercizio con separatore automatico della condensa: 2,0 bar
FILTER-FA-FG_06 S I
,QVWUXFFLRQHVGHVHUYLFLRGHOILOWURGHDLUHFRPSULPLGRFRPELQDFLµQGHILOWURV
$S«QGLFH
,QVWUXFFLRQHVGHVHUYLFLRGHOILOWURGHDLUHFRPSULPLGRFRPELQDFLµQGHILOWURV
• La filtración de profundidad de dos pasos ofrece un • La filtrazione in profondità a due stadi consente un elevato
excelente rendimiento y una mayor duración del elemento rendimento ed una lunga durata dell`elemento filtrante
del filtro • Elimina il 100% della condensa
• Elimina el 100% del condensado • Elimina le particelle solide > 1 micron
• Elimina las partículas sólidas > 1 micra • Tenore di olio residuo < 1 ppm w/w
• Contenido de aceite residual < 1 ppm w/w • Separatore automatico della condensa
• Trampa de vapor automática • Indicatore della pressione differenziale sul corpo del filtro
• Indicación de la presión diferencial en la caja del filtro • Massimo carico di fluidi: 2 g/m3
• Carga máxima de líquido: 2 g/m 3.
Aplicaciones: Applicazioni:
• Filtros generales para el aire de talleres • Filtro multiuso per l`aria ambiente di officine
• Prefiltros para filtros de alto rendimiento • Prefiltro per filtri ad alta efficienza
• Filtros posteriores para secadores de adsorción • A monte di essiccatori ad adsorbimento
• Filtración final para refrigeradores posteriores o • Filtrazione finale dopo l`impiego di postrefrigeratori o
secadores essiccatori
Funcionamiento: Funzionamento:
El aire entra desde arriba en el elemento de filtro FC y circula de L’aria entra dall’alto nell’elemento filtrante FC ed affluisce
forma radial a través de la envuelta de protección interior radialmente attraverso la camicia perforata interna nel 1º stadio
perforada hasta el primer paso de filtración. Este paso consiste del filtro. Questo stadio si compone di diversi strati in fibra di
de varias capas de fibra de vidrio y una placa de fibras de vidrio vetro e da una stuoia di supporto realizzata anch’essa in fibra di
de soporte. Ahora el aire entra al segundo paso de filtración, que vetro. Le particelle di sostanze solide più grosse vengono
consiste en una mezcla de varias capas de fibras de vidrio intercettate in questo stadio. L’aria affluisce quindi nel 2º stadio
impregnadas y microfibras. En ambos pasos, las partículas sólidas di filtrazione composto da strati alternati in fibra di vetro impregnata
y líquidos se filtran, de acuerdo con el principio de la filtración de e in microfibra. In entrambi gli stadi vengono filtrate particelle
profundidad y de fusión. El aire sale por la envuelta de soporte solide e liquide mediante la filtrazione in profondità e sfruttando
l’effetto di coalescenza. L’aria fuoriesce attraverso la camicia
perforata di supporto esterna.
FILTER-FA-FG_06 S I
,QVWUXFFLRQHVGHVHUYLFLR0RELODLU
0 1rB6
$S«QGLFH
,QVWUXFFLRQHVGHVHUYLFLRGHOILOWURGHDLUHFRPSULPLGRFRPELQDFLµQGHILOWURV
• Elimina más del 99,99% de los aerosoles de aceite • Elimina oltre il 99,99% della condensa
• Elimina las partículas sólidas > 0,01 micras • Elimina le particelle solide > 0,01 micron
• Contenido de aceite residual < 0,01 ppm w/w • Tenore olio residuo < 0,01 ppm w/w
• Trampa de vapor automática • Separatore automatico della condensa
• Indicación de la presión diferencial an la caja del filtro • Indicatore della pressione differenziale sul corpo del filtro
• Carga máxima de líquido: 1 g/m 3 • Massimo carico di fluidi: 1 g/m3
Aplicaciones: Applicazioni:
• Prefiltro para secadores de membrana • Prefiltro per essiccatori a membrana
• Prefiltros para secadores de adsorción • Prefiltro per essiccatori ad adsorbimento
• Filtración final (en caso de escasa humedad) • Filtrazione finale (se è presente una lieve umidità)
Funcionamiento: Funzionamento:
El aire entra desde arriba en el elemento de filtro FE y circula a L’aria entra dall’alto nell’elemento filtrante FE ed affluisce
través de la envuelta de protección interior, y de forma radial a radialmente nella camicia interna di supporto penetrando
través de diferentes capas de algodón de vidrio. A continuación, attraverso diversi strati di fibra di vetro. Dopodiché l’aria passa
el aire circula a través de otro tamiz. En este primer paso de attraverso un ulteriore filtro. In questo 1º stadio di filtrazione
filtración se eliminan las mayores partículas. El segundo paso de vengono eliminate le particelle più grandi. Nel 2º stadio vengono
filtración se filtran los aerosoles y componentes sólidos mediante trattenuti gli aerosoli e le particelle solide mediante una parete a
una membrana de varias capas de algodón de vidrio reforzado membrana costituita da più strati di fibra di vetro, rinforzata con
por resina de epoxi, adecuada para los aerosoles más finos. El resina epossidica e adatta in modo particolare per aerosoli molto
medio filtrante es una capa de fibras de vidrio submicrón y funciona fini. Il mezzo filtrante è costituito da un letto di fibre di vetro di
de acuerdo con el principio de la fusión y de la filtración de diametro inferiore al micron e funziona secondo il principio di
profundidad. La envuelta interior de material esponjoso compensa coalescenza nonché in base all’effetto di filtrazione in profondità.
las oscilaciones del aire y las concentraciones de aerosoles y La camicia interna in materiale espanso compensa gli scostamenti
garantiza un reparto uniforme. En la envuelta exterior de material d’aria e le concentrazioni di aerosol e garantisce una distribuzione
esponjoso se acumulan las gotitas de aceite, que debido a la omogenea. La camicia esterna del filtro trattiene le goccioline di
gravedad fluyen hacia la parte inferior del filtro, goteando al olio, le quali precipitano per forza di gravità nella parte inferiore
recipiente del filtro. del filtro e vengono quindi raccolte nell’apposito contenitore.
FILTER-FA-FG_06 S I
,QVWUXFFLRQHVGHVHUYLFLR0RELODLU
1rB6 0
$S«QGLFH
,QVWUXFFLRQHVGHVHUYLFLRGHOILOWURGHDLUHFRPSULPLGRFRPELQDFLµQGHILOWURV
7. Montaje 7. Montaggio
ATENCION! ATTENZIONE!
Durante el montaje debe controlarse que no se Durante il montaggio si deve fare attenzione affinché
transmitan fuerzas de tracción o presión a las i raccordamenti degli apparecchi non vengano
conexiones del aparato. sottoposti a nessuna forza di trazione e/o di
compressione.
Indicación:!
En el caso de filtrados estándard de FB, FC, FE i FF Avviso!
del tamaño-185 & -283 ... -2480, filtrados D-Pack-Basic Nel caso dei filtri standard FB, FC, FE i FF delle misure
FB, FC, FE i FF, y los filtrados de E-Pack FA, FB, FC, FE -185 & -283 ... -2480, dei filtri D-Pack-Basic FB, FC, FE
y FF tanto como los desaguadores son adjuntados i FF, e dei filtri E-Pack FA, FB, FC, FE i FF, gli scaricatori
y tienen que ser asamblados según el dibujo di condensa sono confezionati separatamente e
presentado en el apartado 11. „Dibujo con el devono essere montati come indicato ne capitolo
dimensionamiento „. 11 „Disegno quotato“.
7.3 Conexión a la red de aire comprimido 7.3 Allacciamento alla rete dell`aria
El conducto de entrada y salida del aire comprimido debería de
compressa
equiparse con un bypass, para fines de servicio.
El dimensionado de las conexiones se describen en el capítulo 3. La tubazione di entrata ed uscita dell’aria compressa dovrebbe
„Datos Técnicos“. essere dotata di un bypass per gli interventi di manutenzione.
Per informazioni sul dimensionamento dei raccordi si consulti il
capitolo 3. “Caratteristiche tecniche”.
ATENCION!
Oberserve la dirección del paso. ATTENZIONE!
No intercambie la entrada y salida de aire Verificare la direzione del flusso.
comprimido Non invertire mai l`entrata e l`uscita dell`aria
compressa.
Durante el montaje de la trampa de vapor hay que Durante il montaggio del separatore della condensa
observar que el vapor pueda salir sin obstáculos. si deve fare attenzione affinché la condensa possa
defluire liberamente, cioè senza incontrare alcun
ostacolo.
NOTA!
Para la eliminación del vapor hay que tener en AVVISO!
cuenta la contaminación. Observe las prescrip- Per lo smaltimento della condensa si deve tener
ciones legales en vigor. conto del suo grado di inquinamento. Osservare le
vigenti norme di legge.
En caso del filtros FD, FG no existe conexión para la trampa de
vapor. Il filtros FD, FG non necessita di alcun raccordo per lo scarico
della condensa.
F0523 14.06.07 SK 14.06.07 KC F0435
- 21 -
D- N am e erstellt N am e gepr. Name ersetzt f. ersetzt d.
FILTER-FA-FG_06 S I
,QVWUXFFLRQHVGHVHUYLFLR0RELODLU
0 1rB6
$S«QGLFH
,QVWUXFFLRQHVGHVHUYLFLRGHOILOWURGHDLUHFRPSULPLGRFRPELQDFLµQGHILOWURV
8.1 Preparación para la puesta en marcha 8.1 Premesse per la messa in funzione
Los filtros / sistemas de filtros de aire comprimido I filtri / sistemi filtranti dell`aria compressa sono
están preparados para su puesta en marcha, si: pronti per il funzionamento se:
• La presión nominal de la placa de características • la pressione indicata sulla targhetta corrisponde alla
corresponde a la presión de trabajo máxima pressione massima d’esercizio;
• Han sido instalados de acuerdo con el capítulo 7. • sono stati installati in conformità alle istruzioni del capitolo
„Montaje“. 7. „Montaggio“;
• Todas las conexiones de entrada y salida están • tutte le tubazioni di mandata e di aspirazione sono state
conectadas de forma adecuada. collegate a regola d’arte;
• Las energías necesarias (aire comprimido) están dispo- • sono disponibili le energie necessarie (aria compressa);
nibles.
• gli organi di intercettazione (p. es. valvola, rubinetto a
• Los dispositivos de cierre (p.e. válvula, grifo de macho sfera) sono chiusi;
esférico) en las conexiones de entrada y salida de aire
comprimido están cerrados. • la condensa può defluire senza ostacoli nella sua condotta
di scarico;
• El vapor puede salir sin obstáculos a través de la trampa
de vapor. • il separatore della condensa con controllo elettrico viene
alimentato con la corretta tensione d’esercizio (valido
• La trampa de vapor con mando eléctrico está conectada soltanto per separatori dotati di controllo elettrico);
con la red de alimentación de tensión, a la tensión de
trabajo correspondiente. (Sólo en caso de trampas de • il filtro / sistema filtrante è stato equipaggiato con gli
vapor con mando eléctrico). elementi filtranti adatti.
Antes de la puesta en marcha hay que asegurar que Prima della messa in funzione si deve controllare
se cumplan todas las condiciones descritas en el che siano state soddisfatte tutte le condizioni
apartado 8.1 „Preparación para la puesta en descritte al capitolo 8.1 „Premesse per la messa in
marcha“. funzione“.
Ponga bajo presión el filtro / sistema de filtros, abriendo Erogare la pressione nel filtro / sistema filtrante aprendo
lentamente el conducto de entrada y salida de aire lentamente la tubazione di entrata e di uscita dell`aria
comprimido. compressa.
Cierre el dispositivo de cierre en el bypass (si procede). Chiudere l`organo d`intercettazione nel bypass
(eventualmente presente).
FILTER-FA-FG_06 S I
,QVWUXFFLRQHVGHVHUYLFLR0RELODLU
1rB6 0
$S«QGLFH
,QVWUXFFLRQHVGHVHUYLFLRGHOILOWURGHDLUHFRPSULPLGRFRPELQDFLµQGHILOWURV
Manómetro diferencial funciona como el indicador diagnostico Il manometro di pressione differenziale, quale strumento
que señala cada interrupción de la contaminación particular. diagnostico di interferenze, informa su un imbrattamento atipico.
El filtro FG no requiere indicación de la presión Il filtro FG non richiede un indicatore della pressione
diferencial. differenziale.
FILTER-FA-FG_06 S I
,QVWUXFFLRQHVGHVHUYLFLR0RELODLU
0 1rB6
$S«QGLFH
,QVWUXFFLRQHVGHVHUYLFLRGHOILOWURGHDLUHFRPSULPLGRFRPELQDFLµQGHILOWURV
9. Mantenimiento, 9. Manutenzione
Cambio de los elementos de filtro Cambio degli elementi filtranti
9.1 Durabilidad de los elementos de filtro 9.1 Durata degli elementi filtranti
La duración de vida de los componentes de filtración depende de La durata degli elementi filtranti dipende dal carico. Con l’aumento
su carga. Junto con el aumento de su carga crece la diferencia del carico degli elementi aumenta la pressione differenziale sul
entre siê las presiones en el filtrado. filtro.
Los componentes de la filtración deberán ser recambiados de
acuerdo con la siguiente tabla. Gli elementi filtranti devono essere sostituiti secondo la tabella
seguente:
9.2 Cambio de los elementos de filtro 9.2 Cambio degli elementi filtranti
Caja de filtro -6 a -221 Corpo del filtro -6 fino a -221
Para el número de los elementos de filtro ver capítulo 3. „Datos Number of cartridges see chapter 3. „Technical data“.
Técnicos“.
PERICOLO!
ADVERTENCIA!
• Non impiegare alcun utensile (corpo del filtro -6 fino a -
• No utilice herramientas (caja de filtro -6 a -48). 48).
• No abra o cierre el filtro con fuerza. • L`apertura e la chiusura del filtro devono essere eseguite
• El (los) filtro(s) contiene(n) sistemas bajo alta presión. senza forzare i componenti.
Antes de los trabajos de servicio debe eliminarse la • I filtri comprendono sistemi operanti sotto pressioni
presión. elevate.
Scaricare la pressione prima di iniziare interventi
manutenzionali.
Cerrar el dispositivo de cierre en la entrada y salida de aire
comprimido.
Chiudere il dispositivo di intercettazione all`entrata/uscita
Soltar el mango de conexión de la trampa de vapor en (1). dell`aria compressa.
(sólo en FB, FC, FE, FF).
Staccare il flessibile di scarico della condensa (1). (solo
Soltar lentamente y en el sentido de las agujas del reloj el per FB, FC, FE, FF).
tornillo moleteado (1).
Svitare lentamente in senso antiorario la vite a testa zigrinata
(1). Il corpo del filtro viene disaerato.
Pieza de
mantenimiento Aplicación Inspección de mantenimiento
Tipo
Parte di Applicazione Intervallo di manutenzione
manutenzione
Filtro con
carbon actico 1.000 horas hombre
FG
Filtro a carbone 1.000 ore di esercizio
attivo
Unidad de
Prefiltro 6.000 horas hombre
mantenimiento
Prefiltro 6.000 ore di esercizio
Unità di manutenzione
Desaguadores / Unidad de
Microfiltro 6.000 horas hombre
Scaricatori di mantenimiento
Microfiltro 6.000 ore di esercizio
condensa Unità di manutenzione
Unidad de Filtro
1
6.000 horas hombre
mantenimiento complementado
6.000 ore di esercizio
Unità di manutenzione Filtri combinati
FILTER-FA-FG_06 S I
,QVWUXFFLRQHVGHVHUYLFLR0RELODLU
1rB6 0
$S«QGLFH
,QVWUXFFLRQHVGHVHUYLFLRGHOILOWURGHDLUHFRPSULPLGRFRPELQDFLµQGHILOWURV
9. Mantenimiento, 9. Manutenzione
Cambio de los elementos de filtro Cambio degli elementi filtranti
• Caja de filtro -6 a -48 (cierre de bayoneta) • Corpo del filtro -6 fino a -48 (attacco a baionetta)
∗ Presionar la caja de filtro hacia arriba, contra el cabezal. ∗ Premere il corpo del filtro verso l`alto, ovvero in direzione
∗ A continuación girar lentamente la caja de filtro en el della testa.
sentido de las agujas del reloj, contra el tope (1/8 de giro ∗ Ruotare quindi lentamente in senso orario e fino all`arresto
aproximadamente) y sacar hacia abajo. (circa 1/8 di giro) il corpo del filtro e sfilarlo verso il basso.
• Caja de filtro -71 a -221 (cierre de rosca) • Corpo del filtro -71 fino a -221 (collegamento a viti)
∗ Desenroscar la caja de filtro contra el sentido de las ∗ Svitare il corpo del filtro in senso antiorario (manualmente
agujas del reloj (manualmente o mediante una llave de o utilizzando una chiave per filtri).
filtro).
Sfilare e sostituire l`elemento filtrante come indicato nel
Sacar y sustituir el elemento del filtro según el dibujo seguente schizzo.
siguiente.
Nota: Il rivestimento in espanso degli elementi filtranti FE,
Nota: La envuelta de material espumoso de los FF e FG non deve essere mai toccato con le dita.
elementos de filtro de la serie FE, FF, FG no ha de
tocarse con los dedos. Rimontare il corpo del filtro procedendo nell`ordine inverso.
Caja de filtro -185 a -2480 Corpo del filtro -185 fino a -2480
Para el número de los elementos de filtro ver el capítulo Il numero di elementi filtranti è indicato al capitolo
3. „Datos técnicos“. 3. „Caratteristiche tecniche“.
ADVERTENCIA! PERICOLO!
• El (los) filtro(s) contiene(n) elementos bajo alta presión. • I filtri comprendono sistemi operanti sotto pressioni
Para los trabajos de servicio debe eliminarse la presión. elevate.
Scaricare la pressione prima di iniziare interventi
manutenzionali.
FILTER-FA-FG_06 S I
,QVWUXFFLRQHVGHVHUYLFLR0RELODLU
0 1rB6
$S«QGLFH
,QVWUXFFLRQHVGHVHUYLFLRGHOILOWURGHDLUHFRPSULPLGRFRPELQDFLµQGHILOWURV
9. Mantenimiento, 9. Manutenzione
Cambio de los elementos de filtro Cambio degli elementi filtranti
Cerrar el dispositivo de cierre en la entrada y salida de aire Chiudere il dispositivo di intercettazione dell`entrata/uscita
comprimido. dell`aria compressa.
Soltar el mango de descarga de vapor (1) Staccare il flessibile di scarico della condensa (1)
(sólo en FB, FC, FE, FF). (solo per FB, FC, FE, FF).
Para ventilar la caja de filtro se procede de la siguiente forma: Per disaerare il corpo del filtro si deve:
- En la trampa de vapor no. 30505: soltar el tornillo de - svitare in senso antiorario la vite di sfiato (3), se viene
ventilación (3) en sentido contrario a las agujas del reloj. impiegato il separatore della condensa n. 30505.
- FG: abrir el grifo de macho esférico (5). - aprire il rubinetto a sfera (5), se viene utilizzato il filtro FG.
Desenroscar los tornillos de la unión de flancos en el fondo Le viti della flangia di collegamento sul fondo del corpo del
de la caja de filtro, ya que posiblemente exista una presión filtro vanno svitate con cautela, poiché nel sistema può
restante en el sistema. essere presente una pressione residua.
Eliminar todos los tornillos excepto uno, y girar la brida de Svitare tutte le viti eccetto l`ultima ed orientare lateralmente
forma lateral. la flangia.
Destornillar los elementos de filtro contra el sentido de las Svitare in senso antiorario gli elementi filtranti.
agujas del reloj.
Atornillar nuevos elementos de filtro sin herramientas, lo Avvitare i nuovi elementi filtranti manualmente, ovvero
más fuerte posible con los dedos. senza utilizzare strumenti e senza forzarli eccessivamente.
Nota: La envuelta de material espumoso de los Nota: Il revistimento in espanso degli elementi filtranti FE,
elementos de filtro de la serie FE, FF y FG no ha de FF e FG non deve essere mai toccato con le dita.
tocarse con los dedos.
Chiudere nuovamente il corpo del filtro procedendo in
Montar la caja de filtro en el sentido inverso. ordine inverso.
1 3
1 3
FILTER-FA-FG_06 S I
,QVWUXFFLRQHVGHVHUYLFLR0RELODLU
1rB6 0
$S«QGLFH
,QVWUXFFLRQHVGHVHUYLFLRGHOILOWURGHDLUHFRPSULPLGRFRPELQDFLµQGHILOWURV
9. Mantenimiento, 9. Manutenzione
Cambio de los elementos de filtro Cambio degli elementi filtranti
Desaguadores / paquetes de mantenimiento deberán ser Gli scaricatori di condensa / pacchetti di manutenzione devono
recambiados regularmente de acuerdo con la siguiente tabla. essere sistituiti regolarmente secondo la tabella seguente.
Desaguador flotante/
3.000 Bh
Scaricatore di condensa a galleggiante
Unidad de mantenimiento
Unità di manutenzione 6.000 Bh
(ECO DRAIN 30/31)
La información detallada esta accesible el Anexo de ECO DRAIN. Informazioni più dettagliate sono riportate anche nell’allegato a
ECO DRAIN.
FILTER-FA-FG_06 S I
,QVWUXFFLRQHVGHVHUYLFLR0RELODLU
0 1rB6
$S«QGLFH
,QVWUXFFLRQHVGHVHUYLFLRGHOILOWURGHDLUHFRPSULPLGRFRPELQDFLµQGHILOWURV
9. Mantenimiento, 9. Manutenzione
Cambio de los elementos de filtro Cambio degli elementi filtranti
Desaguadores / paquetes de mantenimiento deberán ser Gli scaricatori di condensa / pacchetti di manutenzione devono
recambiados regularmente de acuerdo con la siguiente tabla. essere sistituiti regolarmente secondo la tabella seguente.
Desaguador flotante/
3.000 Bh
Scaricatore di condensa a galleggiante
Unidad de mantenimiento
Unità di manutenzione 6.000 Bh
(ECO DRAIN 30/31)
La información detallada esta accesible el Anexo de ECO DRAIN. Informazioni più dettagliate sono riportate anche nell’allegato a
ECO DRAIN.
FILTER-FA-FG_06 S I
,QVWUXFFLRQHVGHVHUYLFLR0RELODLU
0 1rB6
$S«QGLFH
,QVWUXFFLRQHVGHVHUYLFLRGHOILOWURGHDLUHFRPSULPLGRFRPELQDFLµQGHILOWURV
• si el filtro / sistema de filtros ha sido averiado o destrui-do • se il filtro / sistema filtrante è stato danneggiato o distrutto
por la influencia de fuerza mayor o por influencias del da cause di forza maggiore oppure per l’effetto di agenti
medio ambiente. atmosferici;
• en caso de averías causadas por manipulación • se i danni sono sorti in seguito ad un impiego incorretto e,
inadecuada y especialmente por incumplimiento con las in specie, se non sono state rispettate le istruzioni per
instrucciones de servicio y mantenimiento (control l’uso e per la manutenzione (controlli ad intervalli regolari
periódico de la trampa de vapor / cambio periódico de los del separatore della condensa / regolare intervallo di
elementos de filtro). sostituzione degli elementi filtranti);
• si el filtro / sistema de filtros no ha sido utilizado de acuerdo • nel caso in cui il filtro / sistema filtrante venga utilizzato
con las especificaciones (véase capítulo 3. „Datos per un scopo differente da quello dichiarato nella speci-
técnicos“). ficazione (vedasi capitolo 3 „Caratteristiche tecniche“);
• si el filtro / sistema de filtros ha sido abierto o reparado de • se il filtro / sistema filtrante viene aperto o riparato in
forma inadecuada por talleres o personas no autorizadas modo incorretto o da officine o persone non autorizzate
y / o presenta defectos mecánicos de cualquier tipo. e/o se presenta danneggiamenti meccanici di qualsiasi
tipo;
FILTER-FA-FG_06 S I
,QVWUXFFLRQHVGHVHUYLFLR0RELODLU
1rB6 0
$S«QGLFH
,QVWUXFFLRQHVGHVHUYLFLRGHOILOWURGHDLUHFRPSULPLGRILOWURGHDLUHIUHVFR
2SFLµQGF
,QVWUXFFLRQHVGHVHUYLFLRGHOILOWURGHDLUHFRPSULPLGRILOWURGHDLUH
IUHVFR
,QVWUXFFLRQHVGHVHUYLFLR0RELODLU
0 1rB6
$S«QGLFH
,QVWUXFFLRQHVGHVHUYLFLRGHOILOWURGHDLUHFRPSULPLGRILOWURGHDLUHIUHVFR
dh
domnick hunter
AC010 - AC030
NL OLIEDAMP & GEUR VERWIJDERINGSFILTERS DE FILTER ZUM ENTFERNEN VON ÖLNEBEL UND GERÜCHEN
FR FILTRES D'ÉLIMINATION DES ODEURS ET DES VAPEURS D'HUILE FI ÖLJYHÖYRYN JA HAJUN POISTOSUODATTIMET
DA FILTER FÖR AVLÄGSNING AV OLJEÅNGOR OCH LUKT EL ΦΙΛΤΡΑ ΑΦΑΙΡΕΣΗΣ ΑΤΜΩΝ & ΟΣΜΩΝ ΛΑ∆ΙΟΥ
ES FILTROS DE ELIMINACIÓN DE OLORES Y VAPORES DE ACEITE PT VAPOR DO ÓLEO E FILTROS DE REMOÇÃO DOS CHEIROS
IT FILTRI PER L'ELIMINAZIONE DEGLI ODORI E DEI VAPORI D'OLIO PL FILTRY DO USUWANIA OPARÓW I ZAPACHU OLEJU
LV EĻĻAS TVAIKU UN AROMĀTA NOVĒRŠANAS FILTRI LT ALYVOS GARŲ IR KVAPO ŠALINIMO FILTRAI
RU ФИЛЬТРЫ ДЛЯ УСТРАНЕНИЯ ЗАПАХА И ПАРОВ МАСЛА SL FILTRI ZA ODSTRANJEVANJE OLJNIH HLAPOV IN VONJAV
TR YAĞ BUHARI VE KOKUSU GİDERİCİ FİLTRELER MT FILTRI LI JNE{{U L-FWAR TA}-}JUT U L-IRWEJJA{
1 FILTER-DH-OIL-XEVOLUTION 01
,QVWUXFFLRQHVGHVHUYLFLR0RELODLU
1rB6 0
$S«QGLFH
,QVWUXFFLRQHVGHVHUYLFLRGHOILOWURGHDLUHFRPSULPLGRILOWURGHDLUHIUHVFR
,QVWUXFFLRQHVGHVHUYLFLR0RELODLU
0 1rB6
$S«QGLFH
,QVWUXFFLRQHVGHVHUYLFLRGHOILOWURGHDLUHFRPSULPLGRILOWURGHDLUHIUHVFR
AC010 - AC030
• Highlights actions or procedures, which if not performed correctly, may lead to personal injury or death.
• Benadrukt de acties of procedures die, indien niet juist uitgevoerd, lichamelijk letsel of de dood kunnen veroorzaken.
• Weist auf Aktionen oder Verfahren hin, die bei fehlerhafter Durchführung zu Verletzungen und tödlichen Unfällen führen können.
• Met en relief les actions ou procédures qui, si elles ne sont pas exécutées correctement, peuvent entraîner des dommages
corporels ou la mort.
Warning • Osoittaa toimenpiteitä tai menettelytapoja, jotka väärin suoritettuina saattavat aiheuttaa henkilövahingon tai kuoleman.
• Anger åtgärder och metoder som kan orsaka personskador eller dödsfall om de inte utförs korrekt.
• Fremhever handlinger eller prosedyrer som kan føre til personskade eller dødsfall hvis de ikke utføres på korrekt måte.
• Fremhæver handlinger eller fremgangsmåder, som kan medføre personskade eller dødsfald, hvis de ikke udføres korrekt.
• Επισηµαίνει τις ενέργειες ή τις διαδικασίες, οι οποίες αν δεν πραγµατοποιηθούν σωστά, µπορεί να οδηγήσουν σε
τραυµατισµÞ προσωπικού ή σε θάνατο
• Destaca acciones o procedimientos que, de no realizarse correctamente, pueden ocasionar daños personales o la muerte.
• Realça as acções ou procedimentos que, se não forem executados correctamente, poderão provocar danos pessoais ou morte.
• Segnala azioni o procedure che, se non eseguite correttamente, comportano il rischio di infortuni o morte.
• Wskazuje działania i procedury, które w razie niewłaściwego wykonania mogą prowadzić do obrażeń ciała lub śmierci.
• Zvýrazňuje činnosti alebo postupy, ktoré môžu v prípade nesprávneho vykonania viesť zraneniu alebo usmrteniu.
• Upozornění na činnosti nebo postupy, jejichž nesprávné provádění může vést ke zranění nebo usmrcení osob.
• Tõstab esile toimingud või protseduurid, mis väära teostamise korral võivad põhjustada kehavigastusi või surma.
• Olyan műveleteket vagy eljárásokat jelöl, amelyek nem megfelelő módon történő végrehajtása súlyos vagy végzetes személyi
sérülést okozhat.
• Uzsver darbības vai procedūras, kuru rezultātā, ja tās neveic pareizi, var izraisīt ievainojumus vai nāvi.
• Žymi veiksmus ar procedūras, kuriuos atlikus neteisingai, galima susižeisti ar mirti.
• Указывает на действия, ненадлежащее выполнение которых может привести к нанесению вреда здоровью или
смерти
• Označuje dejanja ali postopke, ki lahko ob nepravilnem izvajanju poškodujejo človeka ali povzročijo smrt.
• Doğru bir şekilde yerine getirilmediği takdirde bu ürüne hasar verebilecek işlem ve süreçleri vurgular.
• Tissottolinea l-azzjonijiet jew il-pro/eduri, li jekk ma jsirux kif suppost, jista’ jkun hemm korriment jew mewt
• Highlights actions or procedures, which if not performed correctly, may lead to damage to this product.
• Benadrukt de acties of procedures die, indien niet juist uitgevoerd, schade kunnen berokkenen aan dit product.
• Weist auf Aktionen oder Verfahren hin, die bei fehlerhafter Durchführung zu Schäden am Gerät führen können.
• Met en relief les actions ou procédures qui, si elles ne sont pas exécutées correctement, peuvent endommager ce produit.
• Osoittaa toimenpiteitä tai menettelytapoja, jotka väärin suoritettuina saattavat vaurioittaa tätä laitetta.
Caution • Anger åtgärder och metoder som kan orsaka skador på den här produkten om de inte utförs korrekt.
• Fremhever handlinger eller prosedyrer som kan føre til skade på produktet hvis de ikke utføres på korrekt måte.
• Fremhæver handlinger eller fremgangsmåder, som kan medføre beskadigelse af dette produkt, hvis de ikke udføres korrekt.
• Επισηµαίνει τις ενέργειες ή τις διαδικασίες, οι οποίες αν δεν πραγµατοποιηθούν σωστά, µπορεί να προκαλέσουν
ζηµιά στο προϊÞν αυτÞ
• Destaca acciones o procedimientos que, de no realizarse correctamente, pueden ocasionar el deterioro del producto.
• Realça as acções ou procedimentos que, se não forem executados correctamente, poderão danificar este produto.
• Segnala azioni o procedure che, se non eseguite correttamente, comportano il rischio di danneggiare il prodotto.
• Wskazuje działania i procedury, które w razie niewłaściwego wykonania mogą powodować uszkodzenie produktu.
• Zvýrazňuje činnosti alebo postupy, ktoré v prípade nesprávneho vykonania môžu viesť k poškodeniu tohto výrobku.
• Upozornění na činnosti nebo postupy, jejichž nesprávné provádění může vést k poškození tohoto výrobku.
• Tõstab esile toimingud või protseduurid, mis väära teostamise korral võivad käesolevat toodet kahjustada.
• Olyan műveleteket vagy eljárásokat jelöl, amelyek nem megfelelő módon történő végrehajtása a termék károsodásához
vezethet.
• Uzsver darbības vai procedűras, kuru rezultātā, ja tās neveic pareizi, var sabojāt šo izstrādājumu.
• Žymi veiksmus ar procedūras, kuriuos atlikus neteisingai, galima sugadinti šį gaminį.
• Указывает на действия, ненадлежащее выполнение которых может привести к повреждениям данного изделия
• Označuje dejanja ali postopke, ki lahko ob nepravilnem izvajanju poškodujejo izdelek.
• Doğru bir şekilde yerine getirilmediği takdirde yaralanma ya da ölüme yol açabilecek işlem ve süreçleri vurgular
• Tissottolinea l-azzjonijiet jew il-pro/eduri, li jekk ma jsirux kif suppost, tista’ ssir [sara lil dan il prodott
• Suitable gloves must be worn. • Altijd geschikte handschoenen dragen.
• Geeignete Schutzhandschuhe tragen. • Le port de gants adaptés est obligatoire.
• Käytettävä asianmukaisia käsineitä. • Använd lämpliga handskar.
• Bruk egnede hansker. • Der skal anvendes egnede handsker.
• Απαιτείται να φοράτε κατάλληλα γάντια • Se deben llevar puestos guantes apropiados.
• Devem ser utilizadas luvas adequadas. • Indossare guanti di protezione.
• Należy zakładać odpowiednie rękawice • Je nutné použít vhodné rukavice.
• Kohustuslik kanda sobivaid kaitsekindaid • Viseljen megfelelő védőkesztyűt.
• Jāvalkā piemēroti cimdi. • Reikia mūvėti tinkamas pirštines.
• Работы должны проводиться в соответствующих перчатках • Uporabiti je treba ustrezne rokavice.
• Uygun eldiven giyilmelidir • G[andhom jintlibsu ingwanti adatti
• Highlights the requirements for disposing of used parts and waste.
• Benadrukt de vereisten voor het weggooien van gebruikte onderdelen en afval.
• Weist auf die Anforderungen zur Entsorgung gebrauchter Teile und Abfall hin.
• Met en relief les consignes de mise au rebut des pièces usagées et des déchets.
• Osoittaa käytettyjen osien ja jätteen hävittämistä koskevia vaatimuksia.
• Anger de krav som ställs på bortskaffande av gamla delar och avfall.
• Fremhever kravene for avhending av brukte deler og avfall.
• Fremhæver kravene til bortskaffelse af udtjente dele og affald.
• Επισηµαίνει τις απαιτήσεις απÞρριψης των χρησιµοποιηµένων εξαρτηµάτων και των απορριµµάτων
• Destaca los requisitos para desechar las piezas usadas y los residuos.
• Realça os requisitos para eliminar as peças utilizadas e os desperdícios.
• Segnala i criteri per lo smaltimento di componenti usati e rifiuti.
• Wskazuje wymagania dotyczące usuwania zużytych części i odpadów.
• Zvýrazňuje požiadavky pre zneškodňovanie použitých dielov a odpadu.
• Upozornění na požadavky týkající se likvidace použitých dílů a odpadu.
• Tõstab esile kasutatud osade ja jääkide utiliseerimisele esitatavad nõuded
• A használt alkatrészek és a hulladék megfelelő módon történő elhelyezésére hívja fel a figyelmet.
• Uzsver prasības tam, kā atbrīvoties no lietotajām detaļām un atkritumiem.
• Žymi panaudotų dalių ir atliekų išmetimo reikalavimus.
• Указывает на требования по уничтожению использованных деталей и отходов
• Označuje zahteve za odlaganje rabljenih delov in odpadkov.
• Kullanılmış parçaların ve atıkların atılmasına ilişkin gereklilikleri vurgular
• Tissottolinea l-kundizzjonijiet biex wie[ed jarmi l-partijiet u]ati u l-iskart
2 FILTER-DH-OIL-XEVOLUTION 01
1
,QVWUXFFLRQHVGHVHUYLFLR0RELODLU
1rB6 0
$S«QGLFH
,QVWUXFFLRQHVGHVHUYLFLRGHOILOWURGHDLUHFRPSULPLGRILOWURGHDLUHIUHVFR
AC010 - AC030
• Pressure. • Druk • Druck. • Pression.
• Paine. • Tryck • Trykk • Tryk
• Πίεση • Presión. • Pressão. • Pressione.
• Ciśnienie • Tlak.. • Tlak. • Surve.
• Nyomás alatt. • Spiediens. • Slėgis. • Давление
• Tlak • Basınç • Pressjoni
• Release Pressure. • Druk aflaten. • Druck ablassen.
• Évacuation de pression. • Vapauta paine. • Tryckutsläpp.
• Avlast trykk • Aflast tryk • ΕκτÞνωση πίεσης
• Despresurizar. • Liberta Pressão. • Scaricare la pressione.
• Ciśnienie spustowe • Uvoľnite tlak. • Uvolnění tlaku.
• Surve väljalase • Engedje ki a nyomást. • Pazeminiet spiedienu.
• Išleiskite slėgį. • Стравить давление • Sprostitev tlaka.
• Basıncı Kaldırın • Ne[[i l-pressjoni
• Replace every year • Elk jaar vervangen • Jährlich austauschen
• Remplacer tous les ans. • Vaihda vuosittain. • Byt varje år
• Skift ut hvert år • Udskift en gang om året • Αντικατάσταση κάθε χρÞνο
• Sustituir anualmente • Substituir todos os anos • Sostituire ogni anno
• Należy wymieniać raz w roku • Každý rok vymieňajte • Nutná výměna každý rok.
• Asendage igal aastal • Évente cserélje • Nomainiet reizi gadā
• Keiskite kartą per metus • Заменять каждый год. • Zamenjajte vsako leto.
• Her yıl değiştirin • Ibdel kull sena
• Filter housing / Model • Filterhuis / Model • Filtergehäuse / Modell
• Logement du filtre/modèle. • Suodatinkotelo/-malli • Filterhus/modell
• Filterhus/-modell • Filterhus/modell • Υποδοχή/µοντέλο φίλτρου
• Caja de filtro/modelo. • Caixa / Modelo do filtro • Corpo del filtro / Modello
• Obudowa filtra / model. • Kryt filtra / Model • Kryt filtru / Model
• Filtri korpus/mudel • Szűrőház / típus • Filtra korpuss / modelis
• Filtro korpusas / modelis • Корпус фильтра / модель • Ohišje filtra / Model
• Filtre muhafazası / Model • Kontenitur tal-filtru - Mudell
• High efficiency filter element • Zeer efficiënt filterelement
• Hochleistungsfilterelement • Cartouche filtrante haute efficacité.
• Tehokas suodatinelementti • Högeffektivt filterelement
• Høyeffektivt filterelement • Högeffektivt filterelement
• Φίλτρο υψηλής απÞδοσης • Elemento filtrante de gran eficiencia.
• Elemento do filtro de elevado rendimento • Elemento filtrante ad alta efficienza
• Wysokowydajny wkład filtra • Vysoko účinný filtračný článok
• Vysoce účinný filtrační prvek • Kõrgtootlik filterelement
• Nagy hatékonyságú szűrőelem • Augstas produktivitātes filtra elements
• Labai efektyvus filtravimo elementas • Высокоэффективный фильтрующий элемент
• Visoko učinkovit filtrirni element • Yüksek etkinlikli filtre öğesi
• Element tal-filtru b’effi/jenza kbira
• Adsorption filter cartridge - Granular carbon • Adsorptiefilter cartridge - korrelvormige actieve kool
• Adsorptionsfiltereinsatz - Granulatkohle • Cartouche filtrante d'adsorption - Charbon en granulés.
• Adsorptiosuodatinelementti – rakeinen hiili • Adsorptionsfilterkassett – Kornigt kol
• Adsorpsjonsfilterpatron – Karbon i kornform • Adsorptionsfilterkassett – Kornigt kol
• Φυσίγγιο φίλτρου προσρÞφησης - Κοκκώδης άνθρακας • Cartucho filtrante de adsorción, gránulos de carbón.
• Cartucho do filtro de absorção - Carvão granular • Filtro a cartuccia ad adsorbimento - granuli di carbone
• Adsorpcyjny wkład filtrujący z węgla ziarnistego • Adsorpčná filtračná kazeta – Granulovaný uhlík
• Adsorpční filtrační prvek – granulovaný uhlík • Adsorptsioonfiltri kassett – teraline süsi
• Adszorpciós szűrőbetét – granulált szén • Absorbējoša filtra kasetne – graudains ogleklis
• Adsorbcinio filtro kasetė – anglies granulės • Адсорбционный фильтрующий элемент –
гранулированный уголь
• Kaseta adsorpcijskega filtra – zrnasti ogljik • Adsorpsiyon filtresi kartuşu – Taneli karbon
• Kaxxa assorbenti tal-filtru – Karbonju mrammel
• Adsorption filter element - Wrapped carbon cloth
• Adsorptie filterelement - gewikkelde koolstofdoek
• Adsorptionsfilterelement - eingewickeltes Filtertuch aus Kohlenstoff
• Cartouche filtrante d'adsorption - Charbon entouré de tissu.
• Adsorptiosuodatinelementti – kääritty hiilikangas
• Adsorptionsfilterelement – Veckad kolfiberduk
• Adsorpsjonsfilterelement – Innpakket karbonstoff
• Adsorptionsfilterelement – Veckad kolfiberduk
• Φίλτρο προσρÞφησης - Τυλιγµένο ύφασµα άνθρακα
• Elemento filtrante de adsorción, capas de tejido de carbón.
• Elemento do filtro de absorção - Pano revestido de carvão
• Elemento filtrante ad adsorbimento - tessuto al carbone con struttura ad avvolgimento
• Wkład adsorpcyjny filtra ze zwijanej tkaniny z włókna węglowego
• Adsorpčný filtračný článok – Zabalená uhlíková tkanina
• Adsorpční filtrační prvek – zabalená uhlíková tkanina
• Adsorptsioonfiltri element – isoleeritud süsinikriie
• Adszorpciós szűrőelem – göngyölt szénszövet
• Absorbējošs filtra elements – satīta oglekļa drāniņa
• Adsorbcinis filtravimo elementas – susuktas anglies audinys
• Адсорбционный фильтрующий элемент – ткань из углеродистого волокна
• Adsorpcijski filtrirni element – navita ogljikova krpa
• Adsorpsiyon filtresi öğesi - Sarılı karbon kumaş
• Element tal-filtru li jassorbixxi - Xoqqa tal-karbonju mge]wra
• Ensure coorrect tool is used
• Zorg dat het juiste gereedschap wordt gebruik • Stellen Sie sicher, dass Sie das richtige Werkzeug
verwenden.
• Vérifier que les outils adéquats sont utilisés. • Käytettävä oikeaa työkalua
• Se till att rätt verktyg används. • Pass på at korrekt verktøy brukes
• Sørg for at benytte korrekt værktøj • Βεβαιωθείτε Þτι χρησιµοποιείται το σωστÞ εργαλείο
• Asegúrese de que se utiliza la herramienta adecuada • Certifique-se de que é utilizada a ferramenta correcta
• Assicurarsi di utilizzare l'utensile corretto • Należy używać odpowiedniego narzędzia.
• Uistite sa, že používate správny nástroj • Zkontrolujte použití správného nástroje
• Tagage õige tööriista kasutamine • Mindig a célnak megfelelő szerszámot használja
• Izmantojiet tikai atbilstošus darbarīkus • Įsitikinkite, kad naudojamas reikiamas įrankis
• Убедитесь, что используется правильный инструмент • Poskrbite, da boste uporabili ustrezno orodje
• Doğru alet kullanılmasını sağlayın • Kun ]gur li tintu]a l-g[odda t-tajba
3 FILTER-DH-OIL-XEVOLUTION 01
2
,QVWUXFFLRQHVGHVHUYLFLR0RELODLU
0 1rB6
$S«QGLFH
,QVWUXFFLRQHVGHVHUYLFLRGHOILOWURGHDLUHFRPSULPLGRILOWURGHDLUHIUHVFR
AC010 - AC030
Warning!
This product must be installed and maintained by competent and authorised personnel only, under strict observance of these operating instructions,
any relevant standards and legal requirements where appropriate.
Waarschuwing!
Dit product mag alleen geïnstalleerd en onderhouden worden door deskundig en bevoegd personeel met strikte inachtneming van deze
bedieningsinstructies en de betreffende normen en wettelijke vereisten indien van toepassing.
Warnung!
Das Produkt darf ausschließlich von autorisiertem Fachpersonal unter strikter Befolgung dieser Betriebsanleitung, ggf. relevanter Normen sowie
gesetzlicher Vorschriften installiert und gewartet werden.
Attention !
Ce produit doit être installé et entretenu exclusivement par un personnel compétent et autorisé, dans le respect le plus strict de ce mode d’emploi
et des normes applicables et exigences légales éventuelles.
Varoitus!
Tämän tuotteen saa asentaa ja huoltaa vain pätevä ja valtuutettu henkilöstö, noudattaen tarkasti näitä käyttöohjeita, kaikkia asiaankuuluvia normeja
ja tarpeen vaatiessa lain asettamia vaatimuksia.
Varning!
Produkten får endast installeras och underhållas av utbildad och behörig personal, som följer denna bruksanvisning och eventuella tillämpliga
normer och lagföreskrifter noga i förekommande fall.
Advarsel!
Dette produktet må bare installeres og vedlikeholdes av kompetent og autorisert personale, i streng overholdelse av disse betjeningsanvisningene,
alle relevante standarder og rettslige krav der det passer.
Advarsel!
Dette produkt må kun installeres og vedligeholdes af autoriseret personale, under nøje overholdelse af disse driftsinstruktioner, relevante standarder
og lovgivningsmæssige krav, hvor dette er aktuelt.
Προειδοποίηση!
Η εγκατάσταση και συντήρηση αυτού του προϊÞντος πρέπει να γίνεται µÞνο απÞ κατάλληλα εκπαιδευµένο και εξουσιοδοτηµένο
προσωπικÞ, µε αυστηρή τήρηση των οδηγιών χειρισµού, των εφαρµοζÞµενων προτύπων και των νοµικών απαιτήσεων Þπου απαιτείται.
Advertencia
La instalación y mantenimiento de este producto debe ser efectuada únicamente por personal competente y autorizado, respetándose de forma
estricta estas instrucciones de funcionamiento, así como cualquier norma y requerimiento legal que sean aplicables.
Advertência!
A instalação e a manutenção deste produto só deve ser realizada por pessoal autorizado e competente, sob estrita observância destas instruções
de utilização e de quaisquer normas e requisitos legais relevantes, quando adequado.
4 FILTER-DH-OIL-XEVOLUTION 01
3
,QVWUXFFLRQHVGHVHUYLFLR0RELODLU
1rB6 0
$S«QGLFH
,QVWUXFFLRQHVGHVHUYLFLRGHOILOWURGHDLUHFRPSULPLGRILOWURGHDLUHIUHVFR
AC010 - AC030
MT
Rakkomandazzjonijiet g[all-Installazzjoni
Nirrakkomandaw li l-arja kompressata ti;i trattata qabel ma tid[ol fis-sistema ta’ distribuzzjoni kif ukoll fil-punti / l-applikazzjonijiet kriti/i ta’ l-u]u.
L-installazzjoni ta’ tag[mir li jnixxef l-arja kumpressata fuq sistema li kienet imxarrba jista’ jirri]ulta f’aktar tag[bija ta’ [mie; g[all-filtri li jintu]aw f’punt
wie[ed, g[all-perjodu sakemm is-sistema ta’ distribuzzjoni tinxef. L-elementi tal-filtri jista’ jkollhom b]onn li jinbidlu aktar spiss matul dan il-perjodu.
G[al installazzjonijiet fejn jintu]aw kumpressuri ming[ajr ]ejt, xorta jkun hemm pre]enti ajrusols u partijiet ta’ l-ilma, g[alhekk xorta g[andhom jintu]aw gradi
bi skop ;enerali u b’effi//jenza kbira.
Filtru g[al skopijiet ;enerali g[andu dejjem ji;i installat biex jipprote;i l-filtru ta’ effi/jenza kbira mill-volum kbir ta’ ajrusols likwidi u partijiet solidi.
Installa tag[mir ta’ purifikazzjoni fl-aktar temperatura baxxa possibbli imma b’mod li ma jkunx hemm iffri]ar, preferibbilment aktar ‘l isfel mill-aftercoolers u
mir-ri/evituri ta’ l-arja.
Tag[mir tal-purifikazzjoni fil-punt ta’ l-u]u g[andu ji;i installat kemm jista’ jkun qrib tal-post fejn g[andu japplika.
It-tag[mir ta’ purifikazzjoni m’g[andux ji;i installat aktar ‘l isfel mill-valvs li jift[u malajr u g[andu jkun protett minn possibilità ta’ fluss b’lura jew
kundizzjonijiet o[ra stressanti.
Naddaf il-pajps kollha li jwasslu g[at-tag[mir ta’ purifikazzjoni qabel tinstalla u l-papjs kollha wara li tinstalla t-tag[mir ta’ purifikazzjoni u qabel ma tqabbad
ma’ l-applikazzjoni finali.
Jekk tiffittja linji ta’ by-pass madwar it-tag[mir ta’ purifikazzjoni, kun ]gur li hemm bi]]ejjed filtrazzjoni ffittjata mal-linja tal-by-pass biex ma t[allix li jkun
hemm kontaminazzjoni tas-sistema aktar ‘l isfel.
Ipprovdi fa/ilità biex tiddrejnja l-likwidi li jin;abru mit-tag[mir tal-purifikazzjoni. Il-likwidi li jin;abru g[andhom ji;u trattati u mormija b’mod risponsabbli.
I]-]mien kemm idumu jservu l-elementi tal-filtru li jne[[i l-fwar ta]-]jut huwa affettwat mill-kon/entrazzjoni ta]-]ejt tad-d[ul, l-umdità relattiva u t-temperatura
tas-sistema ta’ l-arja kumpressata. L-elementi li jne[[u l-fwar ta]-]jut ikollhom b]onn jinbidlu aktar ta’ sikwit mill-element s[i[ ekwivalenti.
Mudelli AC010 I - AC030 I huma ffittjati b’indikatur tal-volum ta]-]ejt. Kemm l-elementi tal-filtru kif ukoll l-indikatur g[andhom jinbidlu jekk l-
indikatur isir ta’ kulur blu.
Jekk Jog[;bok Innota - Dan hu indikatur tal-volum ta]-]ejt u ma jindikax i]-]mien li jdum iservi l-element tal-filtru.
5 FILTER-DH-OIL-XEVOLUTION 01
20
,QVWUXFFLRQHVGHVHUYLFLR0RELODLU
0 1rB6
$S«QGLFH
,QVWUXFFLRQHVGHVHUYLFLRGHOILOWURGHDLUHFRPSULPLGRILOWURGHDLUHIUHVFR
AC010 - AC030
010 FI 010 MI
- -
030 FI 030 MI
1/4” 1/2”
6 FILTER-DH-OIL-XEVOLUTION 01
21
,QVWUXFFLRQHVGHVHUYLFLR0RELODLU
1rB6 0
$S«QGLFH
,QVWUXFFLRQHVGHVHUYLFLRGHOILOWURGHDLUHFRPSULPLGRILOWURGHDLUHIUHVFR
AC010 - AC030
AA AC AC
010 A
010 B 010AA 010AC
010 C
015 B
015AA 015AC
015 C
020 C
020 E
030 E BOIE1
030 F 030AA 030AC AC010 I - AC030 I
030 G
7 FILTER-DH-OIL-XEVOLUTION 01
26
,QVWUXFFLRQHVGHVHUYLFLR0RELODLU
0 1rB6
$S«QGLFH
,QVWUXFFLRQHVGHVHUYLFLRGHOILOWURGHDLUHFRPSULPLGRILOWURGHDLUHIUHVFR
AC010 - AC030
• Pressure. • Druk • Druck. • Pression.
• Paine. • Tryck • Trykk • Tryk
• Πίεση • Presión. • Pressão. • Pressione.
• Ciśnienie • Tlak.. • Tlak. • Surve.
• Nyomás alatt. • Spiediens. • Slėgis. • Давление
• Tlak • Basınç • Pressjoni
• Release Pressure. • Druk aflaten. • Druck ablassen.
• Évacuation de pression. • Vapauta paine. • Tryckutsläpp.
• Avlast trykk • Aflast tryk • ΕκτÞνωση πίεσης
• Despresurizar. • Liberta Pressão. • Scaricare la pressione.
• Ciśnienie spustowe • Uvoľnite tlak. • Uvolnění tlaku.
• Surve väljalase • Engedje ki a nyomást. • Pazeminiet spiedienu.
• Išleiskite slėgį. • Стравить давление • Sprostitev tlaka.
• Basıncı Kaldırın • Ne[[i l-pressjoni
• Replace every year • Elk jaar vervangen • Jährlich austauschen
• Remplacer tous les ans. • Vaihda vuosittain. • Byt varje år
• Skift ut hvert år • Udskift en gang om året • Αντικατάσταση κάθε χρÞνο
• Sustituir anualmente • Substituir todos os anos • Sostituire ogni anno
• Należy wymieniać raz w roku • Každý rok vymieňajte • Nutná výměna každý rok.
• Asendage igal aastal • Évente cserélje • Nomainiet reizi gadā
• Keiskite kartą per metus • Заменять каждый год. • Zamenjajte vsako leto.
• Her yıl değiştirin • Ibdel kull sena
• Filter housing / Model • Filterhuis / Model • Filtergehäuse / Modell
• Logement du filtre/modèle. • Suodatinkotelo/-malli • Filterhus/modell
• Filterhus/-modell • Filterhus/modell • Υποδοχή/µοντέλο φίλτρου
• Caja de filtro/modelo. • Caixa / Modelo do filtro • Corpo del filtro / Modello
• Obudowa filtra / model. • Kryt filtra / Model • Kryt filtru / Model
• Filtri korpus/mudel • Szűrőház / típus • Filtra korpuss / modelis
• Filtro korpusas / modelis • Корпус фильтра / модель • Ohišje filtra / Model
• Filtre muhafazası / Model • Kontenitur tal-filtru - Mudell
• High efficiency filter element • Zeer efficiënt filterelement
• Hochleistungsfilterelement • Cartouche filtrante haute efficacité.
• Tehokas suodatinelementti • Högeffektivt filterelement
• Høyeffektivt filterelement • Högeffektivt filterelement
• Φίλτρο υψηλής απÞδοσης • Elemento filtrante de gran eficiencia.
• Elemento do filtro de elevado rendimento • Elemento filtrante ad alta efficienza
• Wysokowydajny wkład filtra • Vysoko účinný filtračný článok
• Vysoce účinný filtrační prvek • Kõrgtootlik filterelement
• Nagy hatékonyságú szűrőelem • Augstas produktivitātes filtra elements
• Labai efektyvus filtravimo elementas • Высокоэффективный фильтрующий элемент
• Visoko učinkovit filtrirni element • Yüksek etkinlikli filtre öğesi
• Element tal-filtru b’effi/jenza kbira
• Adsorption filter cartridge - Granular carbon • Adsorptiefilter cartridge - korrelvormige actieve kool
• Adsorptionsfiltereinsatz - Granulatkohle • Cartouche filtrante d'adsorption - Charbon en granulés.
• Adsorptiosuodatinelementti – rakeinen hiili • Adsorptionsfilterkassett – Kornigt kol
• Adsorpsjonsfilterpatron – Karbon i kornform • Adsorptionsfilterkassett – Kornigt kol
• Φυσίγγιο φίλτρου προσρÞφησης - Κοκκώδης άνθρακας • Cartucho filtrante de adsorción, gránulos de carbón.
• Cartucho do filtro de absorção - Carvão granular • Filtro a cartuccia ad adsorbimento - granuli di carbone
• Adsorpcyjny wkład filtrujący z węgla ziarnistego • Adsorpčná filtračná kazeta – Granulovaný uhlík
• Adsorpční filtrační prvek – granulovaný uhlík • Adsorptsioonfiltri kassett – teraline süsi
• Adszorpciós szűrőbetét – granulált szén • Absorbējoša filtra kasetne – graudains ogleklis
• Adsorbcinio filtro kasetė – anglies granulės • Адсорбционный фильтрующий элемент –
гранулированный уголь
• Kaseta adsorpcijskega filtra – zrnasti ogljik • Adsorpsiyon filtresi kartuşu – Taneli karbon
• Kaxxa assorbenti tal-filtru – Karbonju mrammel
• Adsorption filter element - Wrapped carbon cloth
• Adsorptie filterelement - gewikkelde koolstofdoek
• Adsorptionsfilterelement - eingewickeltes Filtertuch aus Kohlenstoff
• Cartouche filtrante d'adsorption - Charbon entouré de tissu.
• Adsorptiosuodatinelementti – kääritty hiilikangas
• Adsorptionsfilterelement – Veckad kolfiberduk
• Adsorpsjonsfilterelement – Innpakket karbonstoff
• Adsorptionsfilterelement – Veckad kolfiberduk
• Φίλτρο προσρÞφησης - Τυλιγµένο ύφασµα άνθρακα
• Elemento filtrante de adsorción, capas de tejido de carbón.
• Elemento do filtro de absorção - Pano revestido de carvão
• Elemento filtrante ad adsorbimento - tessuto al carbone con struttura ad avvolgimento
• Wkład adsorpcyjny filtra ze zwijanej tkaniny z włókna węglowego
• Adsorpčný filtračný článok – Zabalená uhlíková tkanina
• Adsorpční filtrační prvek – zabalená uhlíková tkanina
• Adsorptsioonfiltri element – isoleeritud süsinikriie
• Adszorpciós szűrőelem – göngyölt szénszövet
• Absorbējošs filtra elements – satīta oglekļa drāniņa
• Adsorbcinis filtravimo elementas – susuktas anglies audinys
• Адсорбционный фильтрующий элемент – ткань из углеродистого волокна
• Adsorpcijski filtrirni element – navita ogljikova krpa
• Adsorpsiyon filtresi öğesi - Sarılı karbon kumaş
• Element tal-filtru li jassorbixxi - Xoqqa tal-karbonju mge]wra
• Ensure coorrect tool is used
• Zorg dat het juiste gereedschap wordt gebruik • Stellen Sie sicher, dass Sie das richtige Werkzeug
verwenden.
• Vérifier que les outils adéquats sont utilisés. • Käytettävä oikeaa työkalua
• Se till att rätt verktyg används. • Pass på at korrekt verktøy brukes
• Sørg for at benytte korrekt værktøj • Βεβαιωθείτε Þτι χρησιµοποιείται το σωστÞ εργαλείο
• Asegúrese de que se utiliza la herramienta adecuada • Certifique-se de que é utilizada a ferramenta correcta
• Assicurarsi di utilizzare l'utensile corretto • Należy używać odpowiedniego narzędzia.
• Uistite sa, že používate správny nástroj • Zkontrolujte použití správného nástroje
• Tagage õige tööriista kasutamine • Mindig a célnak megfelelő szerszámot használja
• Izmantojiet tikai atbilstošus darbarīkus • Įsitikinkite, kad naudojamas reikiamas įrankis
• Убедитесь, что используется правильный инструмент • Poskrbite, da boste uporabili ustrezno orodje
• Doğru alet kullanılmasını sağlayın • Kun ]gur li tintu]a l-g[odda t-tajba
3 FILTER-DH-OIL-XEVOLUTION 01
2
,QVWUXFFLRQHVGHVHUYLFLR0RELODLU
0 1rB6
$S«QGLFH
,QVWUXFFLRQHVGHVHUYLFLRGHOILOWURGHDLUHFRPSULPLGRILOWURGHDLUHIUHVFR
AC010 - AC030
Warning!
This product must be installed and maintained by competent and authorised personnel only, under strict observance of these operating instructions,
any relevant standards and legal requirements where appropriate.
Waarschuwing!
Dit product mag alleen geïnstalleerd en onderhouden worden door deskundig en bevoegd personeel met strikte inachtneming van deze
bedieningsinstructies en de betreffende normen en wettelijke vereisten indien van toepassing.
Warnung!
Das Produkt darf ausschließlich von autorisiertem Fachpersonal unter strikter Befolgung dieser Betriebsanleitung, ggf. relevanter Normen sowie
gesetzlicher Vorschriften installiert und gewartet werden.
Attention !
Ce produit doit être installé et entretenu exclusivement par un personnel compétent et autorisé, dans le respect le plus strict de ce mode d’emploi
et des normes applicables et exigences légales éventuelles.
Varoitus!
Tämän tuotteen saa asentaa ja huoltaa vain pätevä ja valtuutettu henkilöstö, noudattaen tarkasti näitä käyttöohjeita, kaikkia asiaankuuluvia normeja
ja tarpeen vaatiessa lain asettamia vaatimuksia.
Varning!
Produkten får endast installeras och underhållas av utbildad och behörig personal, som följer denna bruksanvisning och eventuella tillämpliga
normer och lagföreskrifter noga i förekommande fall.
Advarsel!
Dette produktet må bare installeres og vedlikeholdes av kompetent og autorisert personale, i streng overholdelse av disse betjeningsanvisningene,
alle relevante standarder og rettslige krav der det passer.
Advarsel!
Dette produkt må kun installeres og vedligeholdes af autoriseret personale, under nøje overholdelse af disse driftsinstruktioner, relevante standarder
og lovgivningsmæssige krav, hvor dette er aktuelt.
Προειδοποίηση!
Η εγκατάσταση και συντήρηση αυτού του προϊÞντος πρέπει να γίνεται µÞνο απÞ κατάλληλα εκπαιδευµένο και εξουσιοδοτηµένο
προσωπικÞ, µε αυστηρή τήρηση των οδηγιών χειρισµού, των εφαρµοζÞµενων προτύπων και των νοµικών απαιτήσεων Þπου απαιτείται.
Advertencia
La instalación y mantenimiento de este producto debe ser efectuada únicamente por personal competente y autorizado, respetándose de forma
estricta estas instrucciones de funcionamiento, así como cualquier norma y requerimiento legal que sean aplicables.
Advertência!
A instalação e a manutenção deste produto só deve ser realizada por pessoal autorizado e competente, sob estrita observância destas instruções
de utilização e de quaisquer normas e requisitos legais relevantes, quando adequado.
4 FILTER-DH-OIL-XEVOLUTION 01
3
,QVWUXFFLRQHVGHVHUYLFLR0RELODLU
1rB6 0
$S«QGLFH
,QVWUXFFLRQHVGHVHUYLFLRGHOILOWURGHDLUHFRPSULPLGRILOWURGHDLUHIUHVFR
AC010 - AC030
MT
Rakkomandazzjonijiet g[all-Installazzjoni
Nirrakkomandaw li l-arja kompressata ti;i trattata qabel ma tid[ol fis-sistema ta’ distribuzzjoni kif ukoll fil-punti / l-applikazzjonijiet kriti/i ta’ l-u]u.
L-installazzjoni ta’ tag[mir li jnixxef l-arja kumpressata fuq sistema li kienet imxarrba jista’ jirri]ulta f’aktar tag[bija ta’ [mie; g[all-filtri li jintu]aw f’punt
wie[ed, g[all-perjodu sakemm is-sistema ta’ distribuzzjoni tinxef. L-elementi tal-filtri jista’ jkollhom b]onn li jinbidlu aktar spiss matul dan il-perjodu.
G[al installazzjonijiet fejn jintu]aw kumpressuri ming[ajr ]ejt, xorta jkun hemm pre]enti ajrusols u partijiet ta’ l-ilma, g[alhekk xorta g[andhom jintu]aw gradi
bi skop ;enerali u b’effi//jenza kbira.
Filtru g[al skopijiet ;enerali g[andu dejjem ji;i installat biex jipprote;i l-filtru ta’ effi/jenza kbira mill-volum kbir ta’ ajrusols likwidi u partijiet solidi.
Installa tag[mir ta’ purifikazzjoni fl-aktar temperatura baxxa possibbli imma b’mod li ma jkunx hemm iffri]ar, preferibbilment aktar ‘l isfel mill-aftercoolers u
mir-ri/evituri ta’ l-arja.
Tag[mir tal-purifikazzjoni fil-punt ta’ l-u]u g[andu ji;i installat kemm jista’ jkun qrib tal-post fejn g[andu japplika.
It-tag[mir ta’ purifikazzjoni m’g[andux ji;i installat aktar ‘l isfel mill-valvs li jift[u malajr u g[andu jkun protett minn possibilità ta’ fluss b’lura jew
kundizzjonijiet o[ra stressanti.
Naddaf il-pajps kollha li jwasslu g[at-tag[mir ta’ purifikazzjoni qabel tinstalla u l-papjs kollha wara li tinstalla t-tag[mir ta’ purifikazzjoni u qabel ma tqabbad
ma’ l-applikazzjoni finali.
Jekk tiffittja linji ta’ by-pass madwar it-tag[mir ta’ purifikazzjoni, kun ]gur li hemm bi]]ejjed filtrazzjoni ffittjata mal-linja tal-by-pass biex ma t[allix li jkun
hemm kontaminazzjoni tas-sistema aktar ‘l isfel.
Ipprovdi fa/ilità biex tiddrejnja l-likwidi li jin;abru mit-tag[mir tal-purifikazzjoni. Il-likwidi li jin;abru g[andhom ji;u trattati u mormija b’mod risponsabbli.
I]-]mien kemm idumu jservu l-elementi tal-filtru li jne[[i l-fwar ta]-]jut huwa affettwat mill-kon/entrazzjoni ta]-]ejt tad-d[ul, l-umdità relattiva u t-temperatura
tas-sistema ta’ l-arja kumpressata. L-elementi li jne[[u l-fwar ta]-]jut ikollhom b]onn jinbidlu aktar ta’ sikwit mill-element s[i[ ekwivalenti.
Mudelli AC010 I - AC030 I huma ffittjati b’indikatur tal-volum ta]-]ejt. Kemm l-elementi tal-filtru kif ukoll l-indikatur g[andhom jinbidlu jekk l-
indikatur isir ta’ kulur blu.
Jekk Jog[;bok Innota - Dan hu indikatur tal-volum ta]-]ejt u ma jindikax i]-]mien li jdum iservi l-element tal-filtru.
5 FILTER-DH-OIL-XEVOLUTION 01
20
,QVWUXFFLRQHVGHVHUYLFLR0RELODLU
0 1rB6
$S«QGLFH
,QVWUXFFLRQHVGHVHUYLFLRGHOILOWURGHDLUHFRPSULPLGRILOWURGHDLUHIUHVFR
AC010 - AC030
010 FI 010 MI
- -
030 FI 030 MI
1/4” 1/2”
6 FILTER-DH-OIL-XEVOLUTION 01
21
,QVWUXFFLRQHVGHVHUYLFLR0RELODLU
1rB6 0
$S«QGLFH
,QVWUXFFLRQHVGHVHUYLFLRGHOILOWURGHDLUHFRPSULPLGRILOWURGHDLUHIUHVFR
AC010 - AC030
AA AC AC
010 A
010 B 010AA 010AC
010 C
015 B
015AA 015AC
015 C
020 C
020 E
030 E BOIE1
030 F 030AA 030AC AC010 I - AC030 I
030 G
7 FILTER-DH-OIL-XEVOLUTION 01
26
,QVWUXFFLRQHVGHVHUYLFLR0RELODLU
0 1rB6
$S«QGLFH
,QVWUXFFLRQHVGHVHUYLFLRGHOILOWURGHDLUHFRPSULPLGRILOWURGHDLUHIUHVFR
AC010 - AC030
6. Maintenance
Onderhoud • Wartung • Entretien • Kunnossapito • Underhåll • Vedlikehold • Vedligeholdelse • Συντήρηση • Mantenimiento • Manutenção
• Manutenzione • Konserwacja • Údržba • Údržba • Hooldus • Karbantartás • Tehniskā apkope • Techninė priežiūra • Обслуживание
• Vzdrževanja • Bakım • Manutenzjoni
+
AA
1000
10,000
¡ 1,000 AC AC
50
hrs
20 30 40 50 ˚C
(68) (86) (104) (122) ˚F
Models AC010 I - AC030 I are fitted with a bulk oil indicator. Both filter elements and indicator should be changed if indicator is blue in
colour.
Please Note - This is a bulk oil indicator, it does not indicate filter element life.
Modellen AC010 I - AC030 I zijn uitgerust met een bulk olie indicator. Zowel de filterelementen als de indicator moeten vervangen
worden als de indicator blauw van kleur is.
N.B. - Dit is een bulk olie indicator, het is geen indicator voor de levensduur van het filterelement.
Die Modelle AC010 I - AC030 I sind mit einer Ölanzeige ausgestattet. Sowohl die Filterelemente also auch die Anzeige sollte
ausgetauscht werden, wenn sich die Anzeige blau färbt.
Bitte beachten - Es handelt sich hier um eine Ölanzeige. Diese gibt keinen Hinweis auf die Lebensdauer des Filterelements.
Les modèles AC010 I - AC030 I sont fournis avec un indicateur de présence massive d'huile. Lorsque l'indicateur est bleu, il est
nécessaire de remplacer les cartouches et l'indicateur.
Remarque : Il s'agit d'un indicateur de présence massive d'huile, et non pas de la durée de vie des cartouches.
Malleissa AC010 I – AC030 I on öljynilmaisin. Sekä suodatinelementit että ilmaisin on vaihdettava, jos ilmaisin on sininen.
Huomautus – Tämä on öljynilmaisin. Se ei ilmaise suodatinelementin ikää.
Modell AC010 I - AC030 I har en indikator för större mängder olja. Både filterelement och indikator ska bytas om indikatorn har blå
färg.
Observera –- indikatorn visar oljeförekomst, den indikerar inte filterelementets livslängd.
Modell AC010 I - AC030 I er montert med bulkvolum oljeindikator. Både filterelementer og indikator skal skiftes når indikatoren er blå.
Merk – Dette er en bulkvolum oljeindikator, den indikerer ikke filterelementets levetid.
Modell AC010 I - AC030 I har en indikator för större mängder olja. Både filterelement och indikator ska bytas om indikatorn har blå
färg.
Observera –- indikatorn visar oljeförekomst, den indikerar inte filterelementets livslängd.
Τα µοντέλα AC010 I - AC030 I διαθέτουν ένα δείκτη παρουσίας λαδιού. Ùταν ο δείκτης είναι µπλε πρέπει να αλλάζονται
τÞσο τα φίλτρα Þσο και οι δείκτες.
Παρακαλούµε σηµειώστε Þτι - ΑυτÞς είναι ένας δείκτης παρουσίας λαδιού, δεν υποδεικνύει τη διάρκεια ζωής του φίλτρου.
Los modelos AC010 I - AC030 I disponen de un indicador de presencia de aceite. Si el indicador se vuelve azul deben cambiarse
tanto los elementos filtrantes como el indicador.
Nota importante: se trata de un indicador de presencia de aceite. No indica la vida del elemento filtrante.
Modelos AC010 I - AC030 I são instalados com um indicador do óleo em bruto. Ambos os elementos do filtro e o indicador deverão
ser mudados se o indicador estiver azul.
Nota - Este é um indicador do óleo em bruto, não indica a vida útil do elemento do filtro.
I modelli AC010 I - AC030 I sono provvisti di un indicatore degli oli misti. Sostituire gli elementi filtranti e l'indicatore quando il secondo
assume una colorazione blu.
Nota - L'indicatore segnala la presenza di oli misti, ma non la durata dell'elemento filtrante.
8 FILTER-DH-OIL-XEVOLUTION 01
27
,QVWUXFFLRQHVGHVHUYLFLR0RELODLU
1rB6 0
$S«QGLFH
,QVWUXFFLRQHVGHVHUYLFLRGHOILOWURGHDLUHFRPSULPLGRILOWURGHDLUHIUHVFR
AC010 - AC030
1 2
3 4
2
1
0 bar 0 bar
0 psi 0 psi
5 6
1 2
9 FILTER-DH-OIL-XEVOLUTION 01
29
,QVWUXFFLRQHVGHVHUYLFLR0RELODLU
0 1rB6
$S«QGLFH
,QVWUXFFLRQHVGHVHUYLFLRGHOILOWURGHDLUHFRPSULPLGRILOWURGHDLUHIUHVFR
AC010 - AC030
7 8
0 bar
0 psi
9 10
0 bar 0 bar
0 psi 0 psi
11 12
1
2 0 bar
0 psi 2
10 FILTER-DH-OIL-XEVOLUTION 01
30
,QVWUXFFLRQHVGHVHUYLFLR0RELODLU
1rB6 0
$S«QGLFH
,QVWUXFFLRQHVGHVHUYLFLRGHOILOWURGHDLUHFRPSULPLGRILOWURGHDLUHIUHVFR
AC010 - AC030
13 14
1
15
11 FILTER-DH-OIL-XEVOLUTION 01
31
,QVWUXFFLRQHVGHVHUYLFLR0RELODLU
0 1rB6
1rB6
Declaration of Conformity EN Verklaring van Conformiteit NL Konformitätserklärung DE
AC010, 015, 020 025, 030 AC010, 015, 020 025, 030 AC010, 015, 020 025, 030
Standards used Generally in accordance with ASMEVIII Div 1 : Gehanteerde normen Gewoonlijk volgens ASMEVIII Div 1 : 2004. Angewandte Normen Allgemein in Übereinstimmung mit ASMEVIII
2004. Div 1 : 2004.
PED-beoordelingstraject: Artikel 3.3 (AC 010, 015, 020, 025)
PED Assesment Route : Article 3.3 (AC 010, 015, 020, 025) Module A (AC 030) Beurteilungsroute der Druckgeräterichtlinie: Artikel 3.3 (AC 010, 015, 020, 025)
0
Notified body for PED: N/A Benannte Stelle für die N/A
EC Type onderzoekscertificaat: N/A Druckgeräterichtlinie:
EC Type-examination Certificate: N/A
Bevoegde vertegenwoordiger Barry Wade EG-Baumusterprüfbescheinigung: N/A
Authorised Representative Barry Wade
Business Systems Improvement Manager Manager Bedrijfssysteemverbetering
domnick hunter ltd Bevollmächtigter Vertreter Barry Wade
domnick hunter ltd
Business Systems Improvement Manager
Declaration Verklaring domnick hunter ltd
I declare that as the authorised representative, the above information in relation to the supply / Als bevoegde vertegenwoordiger verklaar ik dat bovenstaande informatie met betrekking tot de Erklärung
manufacture of this product, is in conformity with the standards and other related documents levering / vervaardiging van dit product overeenstemt met de normen en andere bijbehorende
documentatie volgens de bepalingen van bovengenoemde richtlijnen. Hiermit erkläre ich als bevollmächtigter Vertreter die Konformität der oben aufgeführten
$S«QGLFH
,QVWUXFFLRQHVGHVHUYLFLR0RELODLU
Nummer der Erklärung: 0001/280905
AC010, 015, 020 025, 030 AC010, 015, 020 025, 030 AC010, 015, 020 025, 030
Normes utilisées Généralement conforme à ASMEVIII div. 1 : Käytetyt standardit Yleensä seuraavan standardin mukaisesti: Använda standarder Generellt i enlighet med ASMEVIII Div 1:
2004. ASMEVIII Div 1: 2004. 2004.
Méthode d’évaluation de la directive Article 3.3 (AC010, 015, 020, 025, 030) PED-arviointimenettely: Artikla 3.3 (AC010, 015, 020, 025, 030) Fastställningsväg för PED: Artikel 3.3 (AC010, 015, 020, 025, 030)
d'équipements de pression : Module A (AC030) Moduuli A (AC030) Modul A (AC030)
Organisme de notification pour la directive N/A PED-säännösten ilmoitettu laitos: N/A Anmält organ för PED: N/A
d'équipement sous pression :
EY-tyyppihyväksynnän sertifikaatti: N/A EG-intyg om typprovning: N/A
Certificat d’examen de type CE : N/A
Valtuutettu edustaja Barry Wade Auktoriserad representant Barry Wade
Représentant agréé Barry Wade Yritysjärjestelmien kehityspäällikkö Business Systems Improvement Manager
Business Systems Improvement Manager domnick hunter ltd domnick hunter ltd
domnick hunter ltd
Vakuutus Försäkran
Déclaration Valtuutettuna edustajana vakuutan, että yllä olevat tiedot, jotka liittyvät tämän tuotteen Jag försäkrar, i egenskap av auktoriserad representant, att ovannämnda information avseende
Je déclare à titre de représentant agréé que les informations ci-dessus liées à la toimittamiseen tai valmistamiseen, ovat standardien ja muiden asiaan liittyvien asiakirjojen leverans/tillverkning av denna produkt överensstämmer med standarder och övriga relaterade
fourniture/fabrication de ce produit sont en conformité avec les normes et autres documents mukaisia ja noudattavat yllä mainittuja direktiivejä. dokument enligt villkoren i ovanstående direktiv.
liés déclarés selon les dispositions des directives susmentionnées.
Allekirjoitus: Päiväys: 28 / 09 / 05
Underskrift: Datum: 28 / 09 / 05
Signature : Date : 28 / 09 / 05
,QVWUXFFLRQHVGHVHUYLFLRGHOILOWURGHDLUHFRPSULPLGRILOWURGHDLUHIUHVFR
$S«QGLFH
,QVWUXFFLRQHVGHVHUYLFLRGHOILOWURGHDLUHFRPSULPLGRILOWURGHDLUHIUHVFR
,QVWUXFFLRQHVGHVHUYLFLR0RELODLU
0 1rB6