0$18$/ '( ,16758&&,21(6

9,'(2%521&26&23,2 (9,6 (;(5$

2/<0386 %)  
2/<0386 %)  3
2/<0386 %)  7
2/<0386 %)  ;7
2/<0386 %)  &

1•GH $UWtFXOR (

9HUVLyQ   

0$18$/ '( ,16758&&,21(6

3DUD HO UHSURFHVDPLHQWR GHO HQGRVFRSLR REVHUYH WDPELpQ ODV LQGLFDFLRQHV GHO
´0$18$/ '( 5(352&(6$0,(172 '( /26 (1'26&23,26 2/<0386 '( /$
6(5,( %)µ LQFOXLGR HQ HO YROXPHQ GH HQWUHJD GHO HQGRVFRSLR 
&RQWHQLGR L

&RQWHQLGR
6tPERORV                                                  

3RU IDYRU OHD ODV LQIRUPDFLRQHV LPSRUWDQWHV DQWHV GH

XWLOL]DU HO HQGRVFRSLR                                      
)XQFLyQ                                                         
0DQXDO GH LQVWUXFFLRQHV                                           
)RUPDFLyQ GHO XVXDULR                                             
&RPSDWLELOLGDG FRQ RWURV LQVWUXPHQWRV                               
5HSURFHVDPLHQWR \ PDQWHQLPLHQWR                                  
5HSURFHVDPLHQWR \ PDQWHQLPLHQWR                                  
7pUPLQRV GH DGYHUWHQFLD                                           
$GYHUWHQFLDV \ SUHFDXFLRQHV GH VHJXULGDG                           

&DStWXOR  &RPSUREDFLyQ GHO FRQWHQLGR GHO SDTXHWH       

&DStWXOR  7HUPLQRORJtD \ HVSHFLILFDFLRQHV                

 7HUPLQRORJtD                                                
 )XQFLRQHV GHO HQGRVFRSLR                                    
 (VSHFLILFDFLRQHV                                            

&DStWXOR  3UHSDUDFLyQ H LQVSHFFLyQ                       

 3UHSDUDFLyQ GH ORV LQVWUXPHQWRV                              
 3UHSDUDFLyQ H LQVSHFFLyQ GHO HQGRVFRSLR                       
 3UHSDUDFLyQ H LQVSHFFLyQ GH ORV DFFHVRULRV                     
 ,QVWDODFLyQ GH DFFHVRULRV HQ HO HQGRVFRSLR                     
 3UHSDUDFLyQ LQVSHFFLyQ \ FRQH[LyQ GH ORV HTXLSRV DX[LOLDUHV     
 ,QVSHFFLyQ GHO VLVWHPD HQGRVFySLFR                           

&DStWXOR  )XQFLRQDPLHQWR                               
 ,QWURGXFFLyQ                                                
 8WLOL]DFLyQ GH ORV DFFHVRULRV GH HQGRWHUDSLD                    
 ([WUDFFLyQ GHO HQGRVFRSLR                                    
 7UDQVSRUWH GHO HQGRVFRSLR                                   

1•GH $UWtFXOR ( 6HULH %)

LL &RQWHQLGR

&DStWXOR  *XtD GH VROXFLyQ GH SUREOHPDV                 

 *XtD GH VROXFLyQ GH SUREOHPDV                               
 (QYtR GHO HQGRVFRSLR SDUD UHSDUDU                            

$SpQGLFH                                                  
'LDJUDPD GHO VLVWHPD                                             

)DEULFDQWH \ GLVWULEXLGRU                                   

6HULH %) 1•GH $UWtFXOR (

6tPERORV 

6tPERORV

(Q HO HPEDODMH GHO LQVWUXPHQWR \R HQ HO LQVWUXPHQWR DSDUHFHQ ORV VLJXLHQWHV

VtPERORV

&RQVXOWH HO PDQXDO GH LQVWUXFFLRQHV

1R UHXWLOL]DU

/27 1~PHUR GH ORWH

3LH]D GH DSOLFDFLyQ 7LSR %)

(QGRVFRSLR

1•GH $UWtFXOR ( 6HULH %)

 6tPERORV

6HULH %) 1•GH $UWtFXOR (

3RU IDYRU OHD ODV LQIRUPDFLRQHV LPSRUWDQWHV DQWHV GH XWLOL]DU HO HQGRVFRSLR 

3RU IDYRU OHD ODV LQIRUPDFLRQHV

LPSRUWDQWHV DQWHV GH XWLOL]DU HO
HQGRVFRSLR

)XQFLyQ
(VWRV HQGRVFRSLRV KDQ VLGR GLVHxDGRV SDUD VHU XWLOL]DGRV FRQ
YLGHRSURFHVDGRUHV IXHQWHV GH OX] HTXLSRV GH GRFXPHQWDFLyQ PRQLWRUHV H
LQVWUXPHQWRV GH HQGRWHUDSLD 2/<0386 FRPR SRU HMHPSOR SLQ]DV GH ELRSVLD
DVt FRPR FRQ RWURV HTXLSRV DX[LOLDUHV SDUD HO GLDJQyVWLFR HQGRVFySLFR HQ ODV
YtDV UHVSLUDWRULDV \ HQ HO DSDUDWR WUDTXHREURQTXLDO
(VWRV LQVWUXPHQWRV QR SXHGHQ XVDUVH SDUD QLQJ~Q RWUR ILQ

0DQXDO GH LQVWUXFFLRQHV
(VWH PDQXDO GH LQVWUXFFLRQHV FRQWLHQH LQIRUPDFLRQHV LPSRUWDQWHV SDUD OD
XWLOL]DFLyQ VHJXUD \ HIHFWLYD GH HVWH HQGRVFRSLR $QWHV GH XWLOL]DU ORV
LQVWUXPHQWRV OHD PLQXFLRVDPHQWH HVWH PDQXDO GH LQVWUXFFLRQHV DVt FRPR
WRGRV ORV PDQXDOHV GH LQVWUXFFLRQHV GH ORV HTXLSRV TXH YD\DQ D VHU XWLOL]DGRV
HQ OD H[SORUDFLyQ \ XWLOtFHORV VHJ~Q FRUUHVSRQGD 3RU IDYRU WHQJD HQ FXHQWD
TXH HO PDQXDO GH LQVWUXFFLRQHV FRPSOHWR GH HVWH HQGRVFRSLR FRQVWD GH HVWH
PDQXDO GH LQVWUXFFLRQHV \ GHO µ0$18$/ '( 5(352&(6$0,(172 '( /26
(1'26&23,26 2/<0386 '( /$ 6(5,( %)µ
&RQVHUYH HVWH \ ORV GHPiV PDQXDOHV HQ XQ OXJDU VLHPSUH DFFHVLEOH \ VHJXUR
(Q FDVR GH WHQHU GXGDV X REVHUYDFLRQHV VREUH HO FRQWHQLGR GHO PLVPR
SyQJDVH HQ FRQWDFWR FRQ 2O\PSXV

)RUPDFLyQ GHO XVXDULR

(VWH LQVWUXPHQWR GHEH VHU XWLOL]DGR H[FOXVLYDPHQWH SRU HO PpGLFR R SRU
SHUVRQDO VDQLWDULR EDMR OD VXSHUYLVLyQ GLUHFWD GH XQ PpGLFR (VWH LQVWUXPHQWR
GHEH VHU XWLOL]DGR H[FOXVLYDPHQWH SRU HO PpGLFR R SRU SHUVRQDO VDQLWDULR EDMR OD
VXSHUYLVLyQ GLUHFWD GH XQ PpGLFR (O XVXDULR GHEH GLVSRQHU GH XQD IRUPDFLyQ
VXILFLHQWH HQ WpFQLFDV HQGRVFySLFDV

1•GH $UWtFXOR ( 6HULH %)

 3RU IDYRU OHD ODV LQIRUPDFLRQHV LPSRUWDQWHV DQWHV GH XWLOL]DU HO HQGRVFRSLR

&RPSDWLELOLGDG FRQ RWURV LQVWUXPHQWRV

&RPSUXHEH VHJ~Q HO µ'LDJUDPD GHO VLVWHPDµ GHO DSpQGLFH VL HVWH LQVWUXPHQWR
HV FRPSDWLEOH FRQ ORV HTXLSRV DX[LOLDUHV TXH GHVHD XVDU /D XWLOL]DFLyQ GH
LQVWUXPHQWRV QR FRPSDWLEOHV SXHGH SURGXFLU OHVLRQHV DO SDFLHQWH R GDxRV DO
LQVWUXPHQWR

5HSURFHVDPLHQWR \ PDQWHQLPLHQWR
(VWH HQGRVFRSLR QR KD VLGR GHVLQIHFWDGR R HVWHULOL]DGR DQWHV GH VX HQWUHJD (V
3RU HVWD UD]yQ GHEH VHU UHSURFHVDGR DQWHV GH VX SULPHU XVR VHJ~Q ODV
LQGLFDFLRQHV GHO µ0$18$/ '( 5(352&(6$0,(172 '( /26
(1'26&23,26 2/<0386 '( /$ 6(5,( %)µ
(VWH HQGRVFRSLR GHEH VHU UHSURFHVDGR \ DOPDFHQDGR WUDV VX XWLOL]DFLyQ VHJ~Q
ODV LQGLFDFLRQHV GHO PDQXDO GH UHSURFHVDPLHQWR 8Q UHSURFHVDPLHQWR R
DOPDFHQDMH LQFRUUHFWRV \R LQFRPSOHWRV UHSUHVHQWDQ XQ ULHVJR GH LQIHFFLyQ \
SXHGHQ GDxDU HO VLVWHPD R OLPLWDU ODV SUHVWDFLRQHV GHO PLVPR

5HSURFHVDPLHQWR \ PDQWHQLPLHQWR
(VWH HQGRVFRSLR QR FRQWLHQH SLH]DV TXH SXHGDQ VHU UHSDUDGDV SRU HO XVXDULR
(O LQVWUXPHQWR QR GHEH VHU GHVPRQWDGR PRGLILFDGR R UHSDUDGR SRU HO XVXDULR
SXHV HQ FDVR FRQWUDULR SRGUtDQ SURGXFLUVH OHVLRQHV DO SDFLHQWH R DO XVXDULR \R
GDxRV HQ HO VLVWHPD
(Q FDVR GH VXUJLU SUREOHPDV HQ ORV TXH SRVLEOHPHQWH VH WUDWH GH IDOORV HQ HO
IXQFLRQDPLHQWR REVHUYH ODV LQGLFDFLRQHV GHO FDStWXOR  ´*XtD GH VROXFLyQ GH
SUREOHPDVµ 6L QR SXHGH UHVROYHU HO SUREOHPD FRQ OD D\XGD GH ODV LQGLFDFLRQHV
GHO FDStWXOR  SyQJDVH SRU IDYRU HQ FRQWDFWR FRQ 2O\PSXV

6HULH %) 1•GH $UWtFXOR (

3RU IDYRU OHD ODV LQIRUPDFLRQHV LPSRUWDQWHV DQWHV GH XWLOL]DU HO HQGRVFRSLR 

7pUPLQRV GH DGYHUWHQFLD
/RV VLJXLHQWHV WpUPLQRV GH DGYHUWHQFLD VH XWLOL]DQ D OR ODUJR GH HVWDV
LQVWUXFFLRQHV

$'9(57(1&,$
,QGLFD XQD VLWXDFLyQ SRWHQFLDOPHQWH SHOLJURVD TXH VL QR VH
HYLWD SXHGH WHQHU FRQVHFXHQFLDV PRUWDOHV R SURGXFLU
JUDYHV OHVLRQHV

35(&$8&,Ð1
,QGLFD XQD VLWXDFLyQ SRWHQFLDOPHQWH SHOLJURVD TXH VL QR VH
HYLWD SXHGH RFDVLRQDU OHVLRQHV PHQRV JUDYHV R OHYHV
3XHGH XWLOL]DUVH WDPELpQ SDUD LQGLFDU XQD SUiFWLFD SHOLJURVD
R OD SRVLELOLGDG GH FDXVDU GDxRV DO LQVWUXPHQWR

127$
&$87,21

,QGLFD LQIRUPDFLRQHV DGLFLRQDOHV GH XWLOLGDG

$GYHUWHQFLDV \ SUHFDXFLRQHV GH VHJXULGDG

7HQJD HQ FXHQWD ODV VLJXLHQWHV SUHFDXFLRQHV DO XWLOL]DU HO LQVWUXPHQWR 6LJD
WDPELpQ HO UHVWR GH DGYHUWHQFLDV \ SUHFDXFLRQHV TXH VH H[SRQHQ HQ FDGD
FDStWXOR GH HVWH PDQXDO GH LQVWUXFFLRQHV

$'9(57(1&,$
: 2EVHUYH VLHPSUH OD LPDJHQ HQGRVFySLFD DO DFFLRQDU ORV
PDQGRV GH DQJXODFLyQ DO DFWLYDU OD DVSLUDFLyQ DVt FRPR DO
LQWURGXFLU R H[WUDHU HO WXER GH LQVHUFLyQ GHO HQGRVFRSLR 'H
OR FRQWUDULR SXHGH OHVLRQDU DO SDFLHQWH
: 1R UHDOLFH QLQJXQD LQWHUYHQFLyQ TXLU~UJLFD GH DOWD IUHFXHQFLD
FRQ HO %)& \D TXH HO H[WUHPR GLVWDO GHO LQVWUXPHQWR
QR HVWi DLVODGR \ HO SDFLHQWH SRGUtD VXIULU OHVLRQHV
: 0LHQWUDV TXH OD IXQFLyQ GH FRQJHODFLyQ GH LPDJHQ VH
HQFXHQWUH DFWLYDGD QR DFFLRQH HO PHFDQLVPR GH DQJXODFLyQ
QR DVSLUH \ QR LQWURGX]FD R H[WUDLJD HO HQGRVFRSLR 'H OR
FRQWUDULR SXHGH OHVLRQDU DO SDFLHQWH
: /D JXtD GH OX] GH OD VHFFLyQ GH FRQH[LyQ GHO HQGRVFRSLR VH
HQFXHQWUD PX\ FDOLHQWH DO VHU GHVFRQHFWDGD GH OD IXHQWH GH
OX] 1R OD WRTXH

1•GH $UWtFXOR ( 6HULH %)

 3RU IDYRU OHD ODV LQIRUPDFLRQHV LPSRUWDQWHV DQWHV GH XWLOL]DU HO HQGRVFRSLR

35(&$8&,Ð1
: 1R WLUH QXQFD GHO FDEOH GH DOLPHQWDFLyQ 'H OR FRQWUDULR HO
FRQHFWRU GH DOLPHQWDFLyQ GHO HQGRVFRSLR SRGUtD
GHVFRQHFWDUVH GHO FRQHFWRU GH VDOLGD GH OD IXHQWH GH OX] \
KDFHU DVt TXH VH SLHUGD OD LPDJHQ HQGRVFySLFD
: 1R HQUROOH OD VHFFLyQ GH LQVHUFLyQ QL HO FDEOH GH
DOLPHQWDFLyQ FRQ XQ UDGLR LQIHULRU D  FP GH OR FRQWUDULR
SRGUtD GDxDU HO LQVWUXPHQWR
: (YLWH WRFDU ORV SLQV GH FRQWDFWR GHO FRQHFWRU HOpFWULFR SDUD
HO FDEOH GHO YLGHRVFRSLR GH OR FRQWUDULR SRGUtD GDxDU HO
VLVWHPD &&'
: 1R JROSHH HO H[WUHPR GLVWDO GH OD VHFFLyQ GH LQVHUFLyQ
HVSHFLDOPHQWH OD VXSHUILFLH GHO REMHWLYR SXHV GH OR FRQWUDULR
SRGUtD GDxDU HO VLVWHPD ySWLFR
: 1R IOH[LRQH QL WRUVLRQH OD VHFFLyQ GH FXUYDGR GH OR FRQWUDULR
SXHGH GDxDU HO LQVWUXPHQWR
: 1R SUHVLRQH OD VHFFLyQ GH FXUYDGR FRQ GHPDVLDGD IXHU]D
GH OR FRQWUDULR HO UHYHVWLPLHQWR GH OD PLVPD SRGUtD
H[SDQGLUVH H[FHVLYDPHQWH R UHVXOWDU GDxDGR SXGLHQGR DVt
SURGXFLUVH IXJDV
: $SDJXH HO YLGHRSURFHVDGRU 2)) DQWHV GH FRQHFWDU R
GHVFRQHFWDU HO FDEOH GHO YLGHRHQGRVFRSLR D OD VHFFLyQ GH
FRQH[LyQ (QFLHQGD 21 R DSDJXH 2)) HO HTXLSR
~QLFDPHQWH FXDQGR HO FDEOH GHO YLGHRHQGRVFRSLR KD\D VLGR
FRQHFWDGR WDQWR DO YLGHRSURFHVDGRU FRPR D OD HQWUDGD SDUD
HO FRQHFWRU GHO FDEOH GHO HQGRVFRSLR 'H OR FRQWUDULR SRGUtDQ
SURGXFLUVH GDxRV HQ HO VLVWHPD \ OD GHVWUXFFLyQ GHO &&'
: /RV LQWHUUXSWRUHV UHPRWRV GHO HQGRVFRSLR QR SXHGHQ
GHVPRQWDUVH GH OD VHFFLyQ GH FRQWURO 1R WLUH GH ORV
LQWHUUXSWRUHV FRQ H[FHVLYD IXHU]D \D TXH GH OR FRQWUDULR
pVWRV SRGUtDQ URPSHUVH
: (YLWH JROSHDU R GREODU ORV FRQWDFWRV HOpFWULFRV GH OD VHFFLyQ
GH FRQH[LyQ GHO HQGRVFRSLR \D TXH SXHGH DOWHUDU HO
FRQWDFWR FRUUHFWR FRQ OD IXHQWH GH OX] \ DSDUHFHU HUURUHV GH
FRQWDFWR

6HULH %) 1•GH $UWtFXOR (

3RU IDYRU OHD ODV LQIRUPDFLRQHV LPSRUWDQWHV DQWHV GH XWLOL]DU HO HQGRVFRSLR 

127$
&$87,21

7HQJD VLHPSUH XQ HQGRVFRSLR GH UHSXHVWR SUHSDUDGR SDUD

TXH HQ FDVR GH SURGXFLUVH XQ IDOOR HQ HO IXQFLRQDPLHQWR
TXHGH JDUDQWL]DGD XQD FRQWLQXDFLyQ GHO SURFHVR FOtQLFR

/RV GHWDOOHV GH OD XWLOL]DFLyQ FOtQLFD GH WpFQLFDV HQGRVFySLFDV VRQ

UHVSRQVDELOLGDG GH HVSHFLDOLVWDV DGHFXDGDPHQWH IRUPDGRV /D VHJXULGDG GHO
SDFLHQWH GXUDQWH OD H[SORUDFLyQ \ WUDWDPLHQWR HQGRVFySLFRV VH JDUDQWL]D
PHGLDQWH OD XWLOL]DFLyQ SURIHVLRQDO GHO LQVWUXPHQWR SRU SDUWH GH XQ PpGLFR $
FRQWLQXDFLyQ HQFRQWUDUi DOJXQRV HMHPSORV GH OR TXH QR HV XQD XWLOL]DFLyQ
SURIHVLRQDO

: /D XWLOL]DFLyQ GH XQ HQGRVFRSLR LQFRUUHFWDPHQWH UHSURFHVDGR R

FRQVHUYDGR SXHGH SURGXFLU OD LQIHFFLyQ GH XQ SDFLHQWH
: /D DVSLUDFLyQ SURORQJDGD \ HQ FRQWDFWR FRQ OD PXFRVD SXHGH SURGXFLU
KHPRUUDJLDV \R OHVLRQHV
: /D LQWURGXFFLyQ \ XWLOL]DFLyQ GH ORV DFFHVRULRV GH HQGRWHUDSLD VLQ
GLVSRQHU GH XQD DGHFXDGD LPDJHQ HQGRVFySLFD SXHGH SURGXFLU
TXHPDGXUDV R OHVLRQHV DO SDFLHQWH
: (V SRVLEOH OHVLRQDU DO SDFLHQWH D WUDYpV GH

 ,QWURGXFFLyQ \ H[WUDFFLyQ GHO HQGRVFRSLR R DVSLUDFLyQ VLQ

GLVSRQHU GH XQD LPDJHQ HQGRVFySLFD FODUD
 8Q JLUR WRUVLyQ R WLUyQ H[FHVLYRV GHO HQGRVFRSLR
DQJXODGR

1•GH $UWtFXOR ( 6HULH %)

 3RU IDYRU OHD ODV LQIRUPDFLRQHV LPSRUWDQWHV DQWHV GH XWLOL]DU HO HQGRVFRSLR

6HULH %) 1•GH $UWtFXOR (

&RPSUREDFLyQ GHO FRQWHQLGR GHO SDTXHWH 

&DStWXOR  &RPSUREDFLyQ GHO FRQWHQLGR

GHO SDTXHWH

&RPSDUH HO FRQWHQLGR GHO SDTXHWH FRQ ORV VLJXLHQWHV FRPSRQHQWHV

&RPSUXHEH TXH QR KD\D QLQJ~Q FRPSRQHQWH GDxDGR R GHIHFWXRVR (Q FDVR GH
TXH DOJ~Q FRPSRQHQWH HVWp GDxDGR GH TXH IDOWH DOJ~Q FRPSRQHQWH R VL 8G
WLHQH DOJXQD GXGD QR SRQJD HQ IXQFLRQDPLHQWR HO LQVWUXPHQWR (VWH
LQVWUXPHQWR QR VH KD GHVLQIHFWDGR QL HVWHULOL]DGR DQWHV GH VX HQWUHJD 3RU HVWD
UD]yQ GHEH UHSURFHVDUVH VHJ~Q ODV LQGLFDFLRQHV GHO µ0$18$/ '(
5(352&(6$0,(172 '( /26 (1'26&23,26 2/<0386 '( /$ 6(5,(
%)µ

1•GH $UWtFXOR ( 6HULH %)

 &RPSUREDFLyQ GHO FRQWHQLGR GHO SDTXHWH

(QGRVFRSLR

0$-

9iOYXOD GH DVSLUDFLyQ
0$-  SLH]DV

&HSLOOR GH OLPSLH]D GHO FDQDO

%:% QR DGHFXDGR SDUD HO %)&

&HSLOOR GH OLPSLH]D SDUD HO FRQHFWRU GH

DVSLUDFLyQ %:6+ SDUD HO %)&

9iOYXOD GH ELRSVLD GH XQ VyOR

XVR 0$-  SLH]DV

&HSLOOR GH OLPSLH]D GHO FDQDO

%:% SDUD %)& &HSLOOR GH OLPSLH]D FRUWR SDUD
HQWUDGD GH FDQDO 0+

$EUHERFDV 0$  SLH]DV

7DSyQ GH HVWDQTXHLGDG
0+

$GDSWDGRU GH OLPSLH]D
0$-

0DQXDO GH 0DQXDO GH
LQVWUXFFLRQHV UHSURFHVDPLHQWR

6HULH %) 1•GH $UWtFXOR (

7HUPLQRORJtD \ HVSHFLILFDFLRQHV 

&DStWXOR  7HUPLQRORJtD \
HVSHFLILFDFLRQHV

 7HUPLQRORJtD

1•GH $UWtFXOR ( 6HULH %)

 7HUPLQRORJtD \ HVSHFLILFDFLRQHV

7DSyQ GH HVWDQTXHLGDG 0+ &DEOH GH DOLPHQWDFLyQ

&RQHFWRU GH YHQWLODFLyQ

 &RQHFWRU HOpFWULFR

1~PHUR GH VHULH

&ODYLMDV GH FRQWDFWR
 6HFFLyQ GH FRQH[LyQ GHO
HQGRVFRSLR
*XtD GH OX]

6HULH %) 1•GH $UWtFXOR (

 7HUPLQRORJtD \ HVSHFLILFDFLRQHV 

0$-

 9iOYXOD GH
DVSLUDFLyQ
0$-

&RQHFWRU SDUD OD
YiOYXOD GH DVSLUDFLyQ
 3DODQFD GH FRQWURO GH
DQJXODFLyQ $55,%$$%$-2

5DQXUD

6HFFLyQ GH FRQWURO

 9iOYXOD GH ELRSVLD
GHVHFKDEOH 0$-

&DQDO GH ELRSVLD

 (QWUDGD SDUD HO FDQDO

GH ELRSVLD

 &yGLJR GH FRORU

0DQJXLWR GH
SURWHFFLyQ

7XER GH LQVHUFLyQORQJLWXG GH WUDEDMR

 ,QWHUUXSWRU UHPRWR

 

6 83 0</ 2

([WUHPR GLVWDO
&RQHFWRU SDUD OD
YiOYXOD GH DVSLUDFLyQ
   6HFFLyQ GH
FXUYDGR

9LVWD VXSHULRU
 ,QWHUUXSWRU GH FRQWURO UHPRWR

1•GH $UWtFXOR ( 6HULH %)

 7HUPLQRORJtD \ HVSHFLILFDFLRQHV

 )XQFLRQHV GHO HQGRVFRSLR

 6HFFLyQ GH FRQH[LyQ GHO HQGRVFRSLR

/D VHFFLyQ GH FRQH[LyQ GHO HQGRVFRSLR FRQHFWD HO HQGRVFRSLR FRQ WXER
GH FRQH[LyQ GH OD IXHQWH GH OX] \ WUDQVPLWH OX] GHVGH OD IXHQWH GH OX]
KDVWD HO HQGRVFRSLR
 &RQHFWRU HOpFWULFR
(O FRQHFWRU SDUD HO FDEOH GHO YLGHRHQGRVFRSLR VH FRQHFWD DO FDEOH GHO
YLGHRHQGRVFRSLR \ FRQHFWD HO HQGRVFRSLR FRQ HO YLGHRSURFHVDGRU (9,6
(VWH HQGRVFRSLR GLVSRQH GH XQ FKLS GH PHPRULD TXH FRQWLHQH LQIRUPDFLyQ
VREUH HO HQGRVFRSLR \ OD WUDQVPLWH DO YLGHRSURFHVDGRU &9 3DUD
REWHQHU LQIRUPDFLyQ PiV GHWDOODGD FRQVXOWH HO PDQXDO GH LQVWUXFFLRQHV GHO
YLGHRSURFHVDGRU &9
 3DODQFD GH FRQWURO GH DQJXODFLyQ $55,%$$%$-2
*LUDQGR OD SDODQFD HQ GLUHFFLyQ ´8µ OD VHFFLyQ GH FXUYDGR VH GHVSOD]D
KDFLD $55,%$ JLUiQGROD HQ GLUHFFLyQ ´'µ VHFFLyQ GH FXUYDGR VH
GHVSOD]D KDFLD $%$-2
 9iOYXOD GH DVSLUDFLyQ 0$-
/D YiOYXOD GH DVSLUDFLyQ VH SUHVLRQD KDFLD DEDMR SDUD DFWLYDU OD
DVSLUDFLyQ /D YiOYXOD WDPELpQ VH XWLOL]D SDUD HOLPLQDU OtTXLGRV R FXDOTXLHU
UHVLGXR TXH KD\D TXHGDGR LQFUXVWDGR HQ HO REMHWLYR
 9iOYXOD GH ELRSVLD GHVHFKDEOH 0$-
$ WUDYpV GH OD UDQXUD GH HVWD YiOYXOD HV SRVLEOH LQWURGXFLU DFFHVRULRV
3XHGH LQWURGXFLU XQD MHULQJD SDUD LQ\HFWDU OtTXLGRV
 (QWUDGD SDUD HO FDQDO GH ELRSVLD
/D HQWUDGD SDUD HO FDQDO GH ELRSVLD VLUYH FRPR
 &DQDO SDUD OD LQWURGXFFLyQ GH DFFHVRULRV GH HQGRWHUDSLD
 &DQDO GH DVSLUDFLyQ
 &DQDO SDUD HO VXPLQLVWUR GH OtTXLGRV PHGLDQWH XQD
MHULQJD D WUDYpV GH OD YiOYXOD GH ELRSVLD
 &yGLJR GH FRORU
(O FyGLJR GH FRORU VLUYH SDUD OD GHWHUPLQDFLyQ UiSLGD GH OD FRPSDWLELOLGDG
GH ORV DFFHVRULRV GH HQGRWHUDSLD (O HQGRVFRSLR SXHGH XWLOL]DUVH FRQ ORV
DFFHVRULRV TXH HVWpQ LOXVWUDGRV FRQ HO PLVPR FyGLJR GH FRORU
: $]XO  %) %)3
: 9HUGH  %)7
: $PDULOOR  %);7

6HULH %) 1•GH $UWtFXOR (

7HUPLQRORJtD \ HVSHFLILFDFLRQHV 

35(&$8&,Ð1
(O %)& QR GLVSRQH GH XQ FyGLJR GH FRORUHV 6L XWLOL]D
DFFHVRULRV GH HQGRWHUDSLD FRQ HO %)& REVHUYH HO
´'LDJUDPD GHO VLVWHPDµ HQ HO DSpQGLFH SDUD VHOHFFLRQDU ORV
DFFHVRULRV GH HQGRWHUDSLD FRPSDWLEOHV

 6HFFLyQ GH FXUYDGR
/D VHFFLyQ GH FXUYDGR PXHYH HO H[WUHPR GLVWDO GHO HQGRVFRSLR
DFFLRQDQGR OD SDODQFD GH FRQWURO GH DQJXODFLyQ SDUD $55,%$$%$-2
 ,QWHUUXSWRUHV GH FRQWURO UHPRWR  D 
/DV IXQFLRQHV GH ORV LQWHUUXSWRUHV  D  SXHGHQ VHOHFFLRQDUVH HQ HO
YLGHRSURFHVDGRU 3DUD REWHQHU LQIRUPDFLyQ PiV GHWDOODGD VREUH OD
VHOHFFLyQ GH IXQFLRQHV YpDVH HO PDQXDO GH LQVWUXFFLRQHV GHO
YLGHRSURFHVDGRU

 (VSHFLILFDFLRQHV

&RQGLFLRQHV DPELHQWDOHV

&RQGLFLRQHV 7HPSHUDWXUD   •&

DPELHQWDOHV DPELHQWH

+XPHGDG UHODWLYD   

GHO DLUH

3UHVLyQ    K3D

DWPRVIpULFD

1•GH $UWtFXOR ( 6HULH %)

 7HUPLQRORJtD \ HVSHFLILFDFLRQHV

(VSHFLILFDFLRQHV

F )XQFLRQHV GHO HQGRVFRSLR

0RGHOR %)

6LVWHPD ySWLFR $QJXOR GH YLVLyQ •

'LUHFFLyQ YLVXDO 9LVLyQ IURQWDO
3URIXQGLGDG GH YLVLyQ    PP
7XER GH 'LiPHWUR H[WHUQR GHO ¡  PP
LQVHUFLyQ H[WUHPR GLVWDO

([WUHPR GLVWDO DPSOLDGR  2EMHWLYR

 *XtD GH OX]
 (QWUDGD SDUD HO FDQDO GH ELRSVLD
 $55,%$ 

 
$%$-2

'LiPHWUR H[WHUQR GHO WXER ¡  PP

GH LQVHUFLyQ

/RQJLWXG GH WUDEDMR  PP

&DQDO GH 'LiPHWUR LQWHUQR GHO FDQDO ¡  PP
ELRSVLD
'LVWDQFLD PtQLPD YLVLEOH  PP GHVGH HO H[WUHPR GLVWDO
'LUHFFLyQ HQ OD TXH HQWUDQ

R VDOHQ ORV DFFHVRULRV GH

HQGRWHUDSLD HQ OD LPDJHQ

HQGRVFySLFD

6HFFLyQ GH =RQD GH DQJXODFLyQ $55,%$ • $%$-2 •

FXUYDGR

/RQJLWXG WRWDO  PP

6HULH %) 1•GH $UWtFXOR (

7HUPLQRORJtD \ HVSHFLILFDFLRQHV 

0RGHOR %)3

6LVWHPD ySWLFR $QJXOR GH YLVLyQ •

'LUHFFLyQ YLVXDO 9LVLyQ IURQWDO
3URIXQGLGDG GH YLVLyQ    PP
7XER GH 'LiPHWUR H[WHUQR GHO ¡  PP
LQVHUFLyQ H[WUHPR GLVWDO

([WUHPR GLVWDO DPSOLDGR  2EMHWLYR

 *XtD GH OX]
 (QWUDGD SDUD HO FDQDO GH ELRSVLD
 $55,%$ 

 
$%$-2

'LiPHWUR H[WHUQR GHO WXER ¡  PP

GH LQVHUFLyQ

/RQJLWXG GH WUDEDMR  PP

&DQDO GH 'LiPHWUR LQWHUQR GHO FDQDO ¡  PP
ELRSVLD
'LVWDQFLD PtQLPD YLVLEOH  PP GHVGH HO H[WUHPR GLVWDO
'LUHFFLyQ HQ OD TXH HQWUDQ

R VDOHQ ORV DFFHVRULRV GH

HQGRWHUDSLD HQ OD LPDJHQ

HQGRVFySLFD

6HFFLyQ GH =RQD GH DQJXODFLyQ $55,%$ • $%$-2 •

FXUYDGR

/RQJLWXG WRWDO  PP

1•GH $UWtFXOR ( 6HULH %)

 7HUPLQRORJtD \ HVSHFLILFDFLRQHV

0RGHOR %)7

6LVWHPD ySWLFR $QJXOR GH YLVLyQ •

'LUHFFLyQ YLVXDO 9LVLyQ IURQWDO
3URIXQGLGDG GH YLVLyQ    PP
7XER GH 'LiPHWUR H[WHUQR GHO ¡  PP
LQVHUFLyQ H[WUHPR GLVWDO

([WUHPR GLVWDO DPSOLDGR  2EMHWLYR

 *XtD GH OX]
 (QWUDGD SDUD HO FDQDO GH ELRSVLD
 $55,%$ 

 
$%$-2

'LiPHWUR H[WHUQR GHO WXER ¡  PP

GH LQVHUFLyQ

/RQJLWXG GH WUDEDMR  PP

&DQDO GH 'LiPHWUR LQWHUQR GHO FDQDO ¡  PP
ELRSVLD
'LVWDQFLD PtQLPD YLVLEOH  PP GHVGH HO H[WUHPR GLVWDO
'LUHFFLyQ HQ OD TXH HQWUDQ

R VDOHQ ORV DFFHVRULRV GH

HQGRWHUDSLD HQ OD LPDJHQ

HQGRVFySLFD

6HFFLyQ GH =RQD GH DQJXODFLyQ $55,%$ • $%$-2 •

FXUYDGR

/RQJLWXG WRWDO  PP

6HULH %) 1•GH $UWtFXOR (

7HUPLQRORJtD \ HVSHFLILFDFLRQHV 

0RGHOR %);7

6LVWHPD ySWLFR $QJXOR GH YLVLyQ •

'LUHFFLyQ YLVXDO 9LVLyQ IURQWDO
3URIXQGLGDG GH YLVLyQ    PP
7XER GH 'LiPHWUR H[WHUQR GHO ¡  PP
LQVHUFLyQ H[WUHPR GLVWDO

([WUHPR GLVWDO DPSOLDGR  2EMHWLYR

 *XtD GH OX]
 (QWUDGD SDUD HO FDQDO GH ELRSVLD
 $55,%$ 

 
$%$-2

'LiPHWUR H[WHUQR GHO WXER ¡  PP

GH LQVHUFLyQ

/RQJLWXG GH WUDEDMR  PP

&DQDO GH 'LiPHWUR LQWHUQR GHO FDQDO ¡  PP
ELRSVLD
'LVWDQFLD PtQLPD YLVLEOH  PP GHVGH HO H[WUHPR GLVWDO
'LUHFFLyQ HQ OD TXH HQWUDQ

R VDOHQ ORV DFFHVRULRV GH

HQGRWHUDSLD HQ OD LPDJHQ

HQGRVFySLFD

6HFFLyQ GH =RQD GH DQJXODFLyQ $55,%$ • $%$-2 •

FXUYDGR

/RQJLWXG WRWDO  PP

1•GH $UWtFXOR ( 6HULH %)

 7HUPLQRORJtD \ HVSHFLILFDFLRQHV

0RGHOR %)&

6LVWHPD ySWLFR $QJXOR GH YLVLyQ •

'LUHFFLyQ YLVXDO 9LVLyQ IURQWDO
3URIXQGLGDG GH YLVLyQ    PP
7XER GH 'LiPHWUR H[WHUQR GHO ¡  PP
LQVHUFLyQ H[WUHPR GLVWDO

([WUHPR GLVWDO DPSOLDGR  2EMHWLYR

 *XtD GH OX]
 (QWUDGD SDUD HO FDQDO GH ELRSVLD
 $55,%$ 

 
$%$-2

'LiPHWUR H[WHUQR GHO WXER ¡  PP

GH LQVHUFLyQ

/RQJLWXG GH WUDEDMR  PP

&DQDO GH 'LiPHWUR LQWHUQR GHO FDQDO ¡  PP
ELRSVLD
'LVWDQFLD PtQLPD YLVLEOH  PP GHVGH HO H[WUHPR GLVWDO
'LUHFFLyQ HQ OD TXH HQWUDQ

R VDOHQ ORV DFFHVRULRV GH

HQGRWHUDSLD HQ OD LPDJHQ

HQGRVFySLFD

6HFFLyQ GH =RQD GH DQJXODFLyQ $55,%$ • $%$-2 •

FXUYDGR

/RQJLWXG WRWDO  PP

6HULH %) 1•GH $UWtFXOR (

7HUPLQRORJtD \ HVSHFLILFDFLRQHV 

'LUHFWLYD GH (VWH LQVWUXPHQWR FXPSOH ORV

SURGXFWRV VDQLWDULRV UHTXLVLWRV GH OD GLUHFWLYD ((&
 VREUH SURGXFWRV VDQLWDULRV
&ODVLILFDFLyQ &ODVH ,, D

(VWH LQVWUXPHQWR FXPSOH FRQ ORV

UHTXLVLWRV GH OD (0& VHJ~Q (1
 FXDQGR VH XWLOL]D HQ
FRPELQDFLyQ FRQ LQVWUXPHQWRV TXH
OOHYDQ OD PDUFD &( R FXDQGR HVWD
PDUFD KD VLGR UHJLVWUDGD HQ VX
PDQXDO GH LQVWUXFFLRQHV
(PLVLyQ &ODVH % VHJ~Q (1 
$xR GH IDEULFDFLyQ 

(O DxR GH IDEULFDFLyQ HV
GHWHUPLQDGR SRU HO VHJXQGR GtJLWR
GHO Q~PHUR GH VHULH
1LYHO GH SURWHFFLyQ 3LH]D GH DSOLFDFLyQ 7LSR %)
FRQWUD GHVFDUJD

HOpFWULFD

1•GH $UWtFXOR ( 6HULH %)

 7HUPLQRORJtD \ HVSHFLILFDFLRQHV

6HULH %) 1•GH $UWtFXOR (

3UHSDUDFLyQ H LQVSHFFLyQ 

&DStWXOR  3UHSDUDFLyQ H LQVSHFFLyQ

$'9(57(1&,$
: 3UHSDUH H LQVSHFFLRQH HO LQVWUXPHQWR DQWHV GH FDGD XVR
VHJ~Q VH GHVFULEH D FRQWLQXDFLyQ &RPSUXHEH WDPELpQ ORV
DFFHVRULRV TXH VH XWLOL]DQ MXQWR FRQ HVWH LQVWUXPHQWR VHJ~Q
VXV UHVSHFWLYRV PDQXDOHV GH LQVWUXFFLRQHV (Q FDVR GH
GHWHFWDU DOJXQD LUUHJXODULGDG QR XWLOLFH HO LQVWUXPHQWR \
FRQVXOWH HO FDStWXOR  µ*XtD GH VROXFLyQ GH SUREOHPDVµ 6L
FRQ OD D\XGD GHO FDStWXOR  WDPSRFR SXHGH UHVROYHU HO
SUREOHPD SyQJDVH HQ FRQWDFWR FRQ 2/<0386 /RV
GHIHFWRV GHO LQVWUXPHQWR X RWUDV LUUHJXODULGDGHV SXHGHQ
FRPSURPHWHU OD VHJXULGDG GHO SDFLHQWH \ GHO XVXDULR \
SURGXFLU JUDYHV GDxRV DO LQVWUXPHQWR
: (VWH LQVWUXPHQWR QR VH KD GHVLQIHFWDGR QL HVWHULOL]DGR DQWHV
GH VX HQWUHJD 3RU HVWD UD]yQ GHEH UHSURFHVDUOR DQWHV GH
VX SULPHUD XWLOL]DFLyQ VHJ~Q ODV LQGLFDFLRQHV GHO µ0$18$/
'( 5(352&(6$0,(172 '( /26 (1'26&23,26
2/<0386 '( /$ 6(5,( %)µ

1•GH $UWtFXOR ( 6HULH %)

 3UHSDUDFLyQ H LQVSHFFLyQ

 3UHSDUDFLyQ GH ORV LQVWUXPHQWRV

3UHSDUH ORV DFFHVRULRV LOXVWUDGRV HQ OD ILJXUD  SDUD FDGD H[SORUDFLyQ SDUD
GHWHUPLQDU OD FRPSDWLELOLGDG YpDVH HO DSDUWDGR ´'LDJUDPD GHO VLVWHPDµ HQ HO
DSpQGLFH DVt FRPR XQ WUDMH SURWHFWRU JDIDV SURWHFWRUDV PDVFDULOOD SURWHFFLyQ
LPSHUPHDEOH \ JXDQWHV UHVLVWHQWHV D VXVWDQFLDV TXtPLFDV  2EVHUYH ORV
PDQXDOHV GH LQVWUXFFLRQHV GHO DFFHVRULR FRUUHVSRQGLHQWH

0RQLWRU

9LGHRSURFHVDGRU

)XHQWH GH OX]

&DEOH GHO YLGHRVFRSLR $FFHVRULR GH HQGRWHUDSLD

%RPED GH DVSLUDFLyQ

9iOYXOD GH ELRSVLD

$EUHERFDV

9iOYXOD GH DVSLUDFLyQ

(QGRVFRSLR

: 7RDOODV GH SDSHO : &XEHWD SDUD ORV LQVWUXPHQWRV : 3DxRV VLQ KLODFKDV : 9HVWXDULR SURWHFWRU

)LJXUD 

6HULH %) 1•GH $UWtFXOR (

3UHSDUDFLyQ H LQVSHFFLyQ 

 3UHSDUDFLyQ H LQVSHFFLyQ GHO HQGRVFRSLR

/LPSLH \ GHVLQIHFWH R HVWHULOLFH HO HQGRVFRSLR VHJ~Q ODV LQGLFDFLRQHV GHO
PDQXDO GH UHSURFHVDPLHQWR

,QVSHFFLyQ GHO HQGRVFRSLR

 &RPSUXHEH TXH QL OD VHFFLyQ GH FRQWURO QL OD VHFFLyQ GH FRQH[LyQ GHO

HQGRVFRSLR HVWpQ DUDxDGDV

 &RPSUXHEH TXH QL HO PDQJXLWR SURWHFWRU QL HO WXER GH LQVHUFLyQ HVWpQ

GREODGRV WRUVLRQDGRV R SUHVHQWHQ FXDOTXLHU RWUD LUUHJXODULGDG

 &RPSUXHEH TXH OD VXSHUILFLH GHO WXER GH LQVHUFLyQ QR HVWp GREODGD

GHIRUPDGD R SUHVHQWH FXDOTXLHU RWUD LUUHJXODULGDG

 3DVH OD SXQWD GH ORV GHGRV D OR ODUJR GH OD ORQJLWXG WRWDO GHO WXER GH

LQVHUFLyQ FXLGDGRVDPHQWH SDUD FRPSUREDU TXH QR KD\ REMHWRV VDOLHQWHV R
FXDOTXLHU RWUD LUUHJXODULGDG YHU )LJ 

)LJXUD 

 &RPSUXHEH TXH HO UHYHVWLPLHQWR GH OD VHFFLyQ GH FXUYDGR QR SUHVHQWH

DKRQGDPLHQWRV GHIRUPDFLRQHV URWXUDV DJXMHURV R FXDOTXLHU RWUD
LUUHJXODULGDG

 6XMHWH OD VHFFLyQ GH FXUYDGR OLJHUDPHQWH SRU OD SDUWH PHGLD \ ILUPHPHQWH

D  FP GHO H[WUHPR GLVWDO $VHJ~UHVH SUHVLRQDQGR \ WLUDQGR OLJHUDPHQWH
GH TXH OD VHFFLyQ GH FXUYDGR QR WHQJD MXHJR

 &RPSUXHEH TXH HO REMHWLYR HQ HO H[WUHPR GLVWDO GHO WXER GH LQVHUFLyQ GHO

HQGRVFRSLR QR HVWp UD\DGR GHIRUPDGR R SUHVHQWH FXDOTXLHU RWUD
LUUHJXODULGDG

1•GH $UWtFXOR ( 6HULH %)

 3UHSDUDFLyQ H LQVSHFFLyQ

,QVSHFFLyQ GHO PHFDQLVPR GH DQJXODFLyQ

5HDOLFH ORV VLJXLHQWHV SDVRV SDUD UHYLVDU OD VHFFLyQ GH FXUYDGR PLHQWUDV HVWi
UHFWD

 *LUH ODV SDODQFDV GH FRQWURO GH DQJXODFLyQ $55,%$$%$-2 HQ FDGD

GLUHFFLyQ KDVWD TXH OOHJXHQ DO WRSH $VHJ~UHVH GH TXH OD VHFFLyQ GH
FXUYDGR VH PXHYH VLQ SUREOHPDV \ GH TXH VH DOFDQ]D OD DQJXODFLyQ

 *LUH ODV SDODQFDV GH FRQWURO GH DQJXODFLyQ $55,%$$%$-2 OHQWDPHQWH

KDVWD TXH DOFDQFHQ VX SRVLFLyQ QHXWUD FRUUHVSRQGLHQWH $VHJ~UHVH GH
TXH OD VHFFLyQ GH FXUYDGR UHWRUQD VLQ SUREOHPDV D XQD SRVLFLyQ PiV R
PHQRV UHFWD

 3UHSDUDFLyQ H LQVSHFFLyQ GH ORV DFFHVRULRV

/LPSLH \ GHVLQIHFWH R HVWHULOLFH OD YiOYXOD GH DVSLUDFLyQ \ OD YiOYXOD GH ELRSVLD
VHJ~Q ODV LQGLFDFLRQHV GHO PDQXDO GH UHSURFHVDPLHQWR

,QVSHFFLyQ GH OD YiOYXOD GH DVSLUDFLyQ 0$-

$'9(57(1&,$
1R XWLOLFH OD YiOYXOD GH DVSLUDFLyQ 0$- SDUD XQ
Q~PHUR VXSHULRU D  H[SORUDFLRQHV

127$
&$87,21

(VWD YiOYXOD KD VLGR GLVHxDGD SDUD VHU XWLOL]DGD FRQ

HQGRVFRSLRV GH OD VHULH %)    \ 

&RPSUXHEH TXH OD YiOYXOD GH DVSLUDFLyQ 0$- QR SUHVHQWH GDxRV YHU

)LJ

 $VHJ~UHVH GH TXH OD YiOYXOD QR HVWp GREODGD R URWD

 $VHJ~UHVH GH TXH HO ERWyQ SXHGD SXOVDUVH VLQ WHQHU TXH KDFHU GHPDVLDGD
IXHU]D

6HULH %) 1•GH $UWtFXOR (

3UHSDUDFLyQ H LQVSHFFLyQ 

%RWyQ

0$-

&RQHFWRU SDUD OD
DVSLUDFLyQ

)LJXUD 

,QVSHFFLyQ GH OD YiOYXOD GH ELRSVLD

$'9(57(1&,$
/D YiOYXOD GH ELRSVLD GH XQ VyOR XVR 0$- HV XQ
DUWtFXOR GHVHFKDEOH 1R OD GHVLQIHFWH R HVWHULOLFH
QXHYDPHQWH

127$
&$87,21

/D YiOYXOD GH ELRSVLD GH XQ VyOR XVR 0$- KD VLGR

GLVHxDGD SDUD VHU XWLOL]DGD FRQ ORV HQGRVFRSLRV GH OD VHULH
%)    \ 

$VHJ~UHVH GH TXH OD YiOYXOD GH ELRSVLD QR HVWp DJULHWDGD R GREODGD YHU )LJ



5DQXUD

&DUFDVD

)LJXUD 

1•GH $UWtFXOR ( 6HULH %)

 3UHSDUDFLyQ H LQVSHFFLyQ

 ,QVWDODFLyQ GH DFFHVRULRV HQ HO HQGRVFRSLR

,QVWDODFLyQ GH OD YiOYXOD GH DVSLUDFLyQ

 ,QWURGX]FD OD YiOYXOD GH DVSLUDFLyQ HQ HO FRQHFWRU GH DVSLUDFLyQ \ DOLQLH HO

EUD]R VLWXDGR HQ OD VHFFLyQ SULQFLSDO FRQ OD PDUFD EODQFD VLWXDGD HQ HO
HQGRVFRSLR YHU )LJ 

 3UHVLRQH OD YiOYXOD GH DVSLUDFLyQ KDFLD DEDMR KDVWD TXH RLJD XQ µFOLFµ

&RPSUXHEH TXH OD YiOYXOD HVWp DVHJXUDGD \ IXQFLRQH FRUUHFWDPHQWH

9iOYXOD GH DVSLUDFLyQ

0DUFD EODQFD

&RQHFWRU SDUD
OD YiOYXOD GH DVSLUDFLyQ

)LJXUD 

127$
&$87,21

$OJXQDV YHFHV VXHQD XQ µFOLFµ DQWHV GH TXH OD YiOYXOD GH

DVSLUDFLyQ KD\D TXHGDGR WRWDOPHQWH HQJDWLOODGD HQ HO
FRQHFWRU GH DVSLUDFLyQ 3UHVLRQH OD YiOYXOD GH DVSLUDFLyQ
ILUPHPHQWH KDFLD DEDMR FRQ HO ILQ GH DVHJXUDUVH GH TXH OD
YiOYXOD HVWi ILMD HQ HO FRQHFWRU

6HULH %) 1•GH $UWtFXOR (

3UHSDUDFLyQ H LQVSHFFLyQ 

,QVWDODFLyQ GH OD YiOYXOD GH ELRSVLD

&RORTXH OD YiOYXOD GH ELRSVLD 0$- VREUH OD HQWUDGD SDUD HO FDQDO GH
ELRSVLD GHO HQGRVFRSLR YHU )LJ  $VHJ~UHVH GH TXH OD YiOYXOD KD VLGR
FRORFDGD FRUUHFWDPHQWH

127$
&$87,21

(V SRVLEOH TXH OD YiOYXOD GH ELRSVLD VH YXHOYD PiV UtJLGD D

EDMDV WHPSHUDWXUDV \ TXH SRU HVWD UD]yQ VHD GLItFLO
LQVWDODUOD 3UHVLyQHOD ILUPHPHQWH KDFLD DEDMR SDUD LQVWDODUOD

)LJXUD 

 3UHSDUDFLyQ LQVSHFFLyQ \ FRQH[LyQ GH ORV

HTXLSRV DX[LOLDUHV

3UHSDUDFLyQ H LQVSHFFLyQ GH ORV HTXLSRV DX[LOLDUHV

35(&$8&,Ð1
: 8WLOLFH H[FOXVLYDPHQWH HO YLGHRSURFHVDGRU (9,6 &9
SDUD ORV LQVWUXPHQWRV %)3 %);7 \ %)&
(VWRV HQGRVFRSLRV QR VRQ FRPSDWLEOHV FRQ HO
YLGHRSURFHVDGRU (9,6 &9 R FRQ HO &9
: /RV HQGRVFRSLRV GH OD VHULH %) QR VRQ FRPSDWLEOHV FRQ
HO YLGHRSURFHVDGRU (9,6 &9

3UHSDUH H LQVSHFFLRQH OD IXHQWH GH OX] HO YLGHRSURFHVDGRU HO PRQLWRU HO

UHFLSLHQWH GH DJXD OD ERPED GH DVSLUDFLyQ \ ORV DFFHVRULRV GH HQGRWHUDSLD
VHJ~Q VXV PDQXDOHV GH LQVWUXFFLRQHV FRUUHVSRQGLHQWHV

1•GH $UWtFXOR ( 6HULH %)

 3UHSDUDFLyQ H LQVSHFFLyQ

&RQH[LyQ GH HTXLSRV DX[LOLDUHV DO HQGRVFRSLR

35(&$8&,Ð1
: &RQ ORV LQVWUXPHQWRV %)3 %);7 \ %)&
GHEH XWLOL]DU H[FOXVLYDPHQWH HO FDEOH GHO YLGHRVFRSLR
(;(5$ 0$-
(VWRV HQGRVFRSLRV QR VRQ FRPSDWLEOHV FRQ HO FDEOH GHO
YLGHRVFRSLR  0' R FRQ HO 0'
: 3DUD REWHQHU LQIRUPDFLyQ PiV GHWDOODGD VREUH ODV SRVLEOHV
FRPELQDFLRQHV GHO HQGRVFRSLR FRQ HO YLGHRSURFHVDGRU \ FRQ
HO FDEOH GHO YLGHRHQGRVFRSLR REVHUYH SRU IDYRU HO´'LDJUDPD
GHO VLVWHPDµ HQ HO DSpQGLFH

 ,QWURGX]FD OD VHFFLyQ GH FRQH[LyQ GHO HQGRVFRSLR FRPSOHWDPHQWH HQ HO

WXER GH FRQH[LyQ GH OD IXHQWH GH OX]

 $SDJXH HO YLGHRSURFHVDGRU 2))

0DUFD DPDULOOD

0DUFD  DPDULOOD 0DUFD  DPDULOOD

)LJXUD 

 $OLQLH OD PDUFD VLWXDGD HQ HO FDEOH GHO YLGHRHQGRVFRSLR FRQ OD PDUFD 

VLWXDGD HQ OD HQWUDGD SDUD HO FRQHFWRU GHO FDEOH GHO YLGHRHQGRVFRSLR H
LQWURG~]FDOR KDVWD TXH RLJD XQ µFOLFµ YHU )LJ 

 *LUH HO FDEOH GHO YLGHRHQGRVFRSLR HQ HO VHQWLGR GH ODV DJXMDV GHO UHORM

KDVWD TXH RLJD XQ µFOLFµ YHU )LJ 

 $VHJ~UHVH GH TXH OD PDUFD VLWXDGD HQ HO FDEOH GHO YLGHRHQGRVFRSLR VH

KD\D DOLQHDGR FRQ OD PDUFD  VLWXDGD HQ OD VHFFLyQ GH FRQH[LyQ GHO
HQGRVFRSLR

 &RQHFWH HO WXER GH DVSLUDFLyQ GH OD ERPED GH DVSLUDFLyQ DO FRQHFWRU GH

DVSLUDFLyQ GH OD YiOYXOD GH DVSLUDFLyQ

6HULH %) 1•GH $UWtFXOR (

3UHSDUDFLyQ H LQVSHFFLyQ 

 ,QVSHFFLyQ GHO VLVWHPD HQGRVFySLFR

,QVSHFFLyQ GH OD LPDJHQ HQGRVFySLFD

(QFLHQGD HO YLGHRSURFHVDGRU (9,6 OD IXHQWH GH OX] \ HO PRQLWRU 21 H
LQVSHFFLRQH OD LPDJHQ HQGRVFySLFD VHJ~Q ORV PDQXDOHV GH LQVWUXFFLRQHV
FRUUHVSRQGLHQWHV

127$
&$87,21

6L QR SXHGH YHU HO REMHWR FODUDPHQWH OLPSLH HO REMHWLYR FRQ

XQ SDxR OLPSLR \ VLQ KLODFKDV \ KXPHGHFLGR FRQ DOFRKRO
HWtOLFR R LVRSURStOLFR DO 

,QVSHFFLyQ GH OD IXQFLyQ GH DVSLUDFLyQ

$'9(57(1&,$
1R DVSLUH FRQ XQD SUHVLyQ VXSHULRU D  K3D
 NJIFP  SVL 'H OR FRQWUDULR HV SRVLEOH TXH QR
SXHGD GHWHQHU OD DVSLUDFLyQ IiFLOPHQWH

 6XPHUMD HO H[WUHPR GLVWDO GHO WXER GH LQVHUFLyQ HQ DJXD HVWpULO \ SUHVLRQH

HO ERWyQ GH OD YiOYXOD GH DVSLUDFLyQ $VHJ~UHVH GH TXH FRQWLQXDPHQWH
IOX\H DJXD HQ HO YDVR FROHFWRU GH OD ERPED GH DVSLUDFLyQ

 6XHOWH OD YiOYXOD $VHJ~UHVH GH TXH OD DVSLUDFLyQ VH GHWLHQH \ GH TXH OD

YiOYXOD GH DVSLUDFLyQ YXHOYH D VX SRVLFLyQ LQLFLDO

 ([WUDLJD HO H[WUHPR GLVWDO GHO DJXD $SULHWH OD YiOYXOD GH DVSLUDFLyQ \

DVSLUH DLUH GXUDQWH XQRV VHJXQGRV SDUD OLPSLDU ORV UHVWRV GH DJXD TXH
KD\DQ TXHGDGR HQ HO FDQDO

,QVSHFFLyQ GHO FDQDO GH ELRSVLD

35(&$8&,Ð1
0DQWHQJD ORV RMRV DOHMDGRV GHO H[WUHPR GLVWDO DO LQWURGXFLU
ORV DFFHVRULRV GH HQGRWHUDSLD

 ,QWURGX]FD HO DFFHVRULR GH HQGRWHUDSLD D WUDYpV GH OD YiOYXOD GH ELRSVLD

 $VHJ~UHVH GH TXH HO DFFHVRULR GH HQGRWHUDSLD VDOJD IiFLOPHQWH GHO
H[WUHPR GLVWDO

1•GH $UWtFXOR ( 6HULH %)

 3UHSDUDFLyQ H LQVSHFFLyQ

,QVSHFFLyQ GHO VXPLQLVWUR GH DJXD

 ,QWURGX]FD XQD MHULQJD OOHQD FRQ DJXD HVWpULO HQ OD YiOYXOD GH ELRSVLD \

SUHVLRQH HO pPEROR KDFLD DEDMR

 $VHJ~UHVH GH TXH HO DJXD VDOJD SRU HO H[WUHPR GLVWDO

127$
&$87,21

: /D MHULQJD GHEH LQWURGXFLUVH WRWDOPHQWH \ PDQWHQHUVH HQ

XQD SRVLFLyQ YHUWLFDO HQ UHODFLyQ FRQ OD YiOYXOD SDUD
JDUDQWL]DU XQ VXPLQLVWUR GH DJXD FRUUHFWR \ SDUD TXH QR
VDOJD DJXD SRU OD YiOYXOD GH ELRSVLD
: 1R SUHVLRQH OD YiOYXOD GH DVSLUDFLyQ KDFLD DEDMR GXUDQWH HO
VXPLQLVWUR GH DJXD GH OR FRQWUDULR HO DJXD VHUtD JXLDGD SRU
HO WXER GH DVSLUDFLyQ QR VDOLHQGR DVt SRU HO H[WUHPR GLVWDO
GHO HQGRVFRSLR
: 6L QR VDOH DJXD SRU HO H[WUHPR GLVWDO GHO HQGRVFRSLR LQ\HFWH
DLUH HQ HO FDQDO

6HULH %) 1•GH $UWtFXOR (

)XQFLRQDPLHQWR 

&DStWXOR  )XQFLRQDPLHQWR

(VWH LQVWUXPHQWR GHEH VHU XWLOL]DGR H[FOXVLYDPHQWH SRU HO PpGLFR R SRU

SHUVRQDO VDQLWDULR EDMR OD VXSHUYLVLyQ GLUHFWD GH XQ PpGLFR
(O XVXDULR GHEH GLVSRQHU GH XQD IRUPDFLyQ VXILFLHQWH HQ WpFQLFDV
HQGRVFySLFDV (VWH PDQXDO GH LQVWUXFFLRQHV QR LQFOX\H QLQJXQD GHVFULSFLyQ QL
H[SOLFDFLyQ GH ODV WpFQLFDV HQGRVFySLFDV VLQR ~QLFDPHQWH XQD H[SOLFDFLyQ
EiVLFD GHO PDQHMR \ GH ODV SUHFDXFLRQHV QHFHVDULDV SDUD OD XWLOL]DFLyQ GHO
LQVWUXPHQWR

$'9(57(1&,$
: (Q FDVR GH REVHUYDU DOJ~Q GHIHFWR HQ HO IXQFLRQDPLHQWR GHO
HQGRVFRSLR LQWHUUXPSD LQPHGLDWDPHQWH OD H[SORUDFLyQ
([WUDLJD HO HQGRVFRSLR OHQWDPHQWH GHO SDFLHQWH VLQ GHMDU GH
REVHUYDU OD LPDJHQ HQGRVFySLFD /D XWLOL]DFLyQ GH XQ
HQGRVFRSLR GHIHFWXRVR SXHGH OHVLRQDU DO SDFLHQWH
: (Q FDVR GH SHUGHU UHSHQWLQDPHQWH OD LPDJHQ HQGRVFySLFD
GXUDQWH OD H[SORUDFLyQ R GH TXH pVWD TXHGH FRQJHODGD \ QR
SXHGD VHU UHVWDEOHFLGD DSDJXH HO LQWHUUXSWRU SULQFLSDO GHO
YLGHRSURFHVDGRU (9,6 2)) \ YXHOYD D HQFHQGHUOR
QXHYDPHQWH 21 6L QR UHFXSHUD OD LPDJHQ LQWHUUXPSD
LQPHGLDWDPHQWH OD H[SORUDFLyQ \ H[WUDLJD HO HQGRVFRSLR GHO
SDFLHQWH VLQ WRFDU ODV SDODQFDV GH FRQWURO GH DQJXODFLyQ
: 6L HO GLVSRVLWLYR GH DQJXODFLyQ R FXDOTXLHU RWUD SLH]D GHO
VLVWHPD QR IXQFLRQDQ FRUUHFWDPHQWH LQWHUUXPSD OD
H[SORUDFLyQ LQPHGLDWDPHQWH PXHYD ORV PDQGRV GH FRQWURO
GH DQJXODFLyQ VyOR VL HV HVWULFWDPHQWH QHFHVDULR
6HJXLGDPHQWH H[WUDLJD HO HQGRVFRSLR GHO SDFLHQWH
OHQWDPHQWH REVHUYDQGR VLHPSUH OD LPDJHQ HQGRVFySLFD (Q
FDVR GH QR SRGHU H[WUDHU HO HQGRVFRSLR VLQ GLILFXOWDG GHO
SDFLHQWH QR OR LQWHQWH YLROHQWDPHQWH GHMH HO HQGRVFRSLR
GHQWUR GHO SDFLHQWH \ SyQJDVH HQ FRQWDFWR FRQ 2O\PSXV
LQPHGLDWDPHQWH 8QD H[WUDFFLyQ YLROHQWD SXHGH SURGXFLUOH
OHVLRQHV DO SDFLHQWH

1•GH $UWtFXOR ( 6HULH %)

 )XQFLRQDPLHQWR

: 1R LQWURGX]FD QL H[WUDLJD HO WXER GH LQVHUFLyQ GHO

HQGRVFRSLR FXDQGR HO DFFHVRULR GH HQGRWHUDSLD VDOJD GHO
H[WUHPR GLVWDO GHO HQGRVFRSLR 'H OR FRQWUDULR SXHGH
OHVLRQDU DO SDFLHQWH
: 8WLOLFH HO YHVWXDULR GH SURWHFFLyQ DGHFXDGR SDUD SURWHJHUVH
GH DJHQWHV TXtPLFRV \ PDWHULDO SRWHQFLDOPHQWH LQIHFFLRVR
8WLOLFH XQ HTXLSR DGHFXDGR TXH LQFOX\D JDIDV SURWHFWRUDV
PDVFDULOOD \ URSD \ JXDQWHV LPSHUPHDEOHVDQWLFRUURVLyQ GHO
WDPDxR DGHFXDGR

 ,QWURGXFFLyQ

6XMHFLyQ \ PDQHMR GHO HQGRVFRSLR

/D VHFFLyQ GH FRQWURO GHO HQGRVFRSLR VH VRVWLHQH FRQ OD PDQR L]TXLHUGD /D
9iOYXOD GH DVSLUDFLyQ SXHGH VHU DFFLRQDGD FRQ HO GHGR tQGLFH L]TXLHUGR /D
SDODQFD GH FRQWURO GH DQJXODFLyQ $55,%$$%$-2 SXHGH VHU PDQHMDGD FRQ HO
SXOJDU L]TXLHUGR 'H HVWD IRUPD OD PDQR GHUHFKD TXHGD OLEUH SDUD HO PDQHMR GHO
WXER GH LQVHUFLyQ YHU )LJ 

)LJXUD 

6HULH %) 1•GH $UWtFXOR (

)XQFLRQDPLHQWR 

,QWURGXFFLyQ GHO HQGRVFRSLR

35(&$8&,Ð1
: 1R XWLOLFH DFHLWH GH ROLYD R SURGXFWRV TXH FRQWHQJDQ
OXEULFDQWHV FRQ XQD EDVH GH SHWUyOHR SRU HMHPSOR YDVHOLQD
\D TXH WDOHV SURGXFWRV SXHGHQ SURYRFDU XQD H[SDQVLyQ
H[FHVLYD GHO UHYHVWLPLHQWR GH OD VHFFLyQ GH FXUYDGR \ SRU
FRQVLJXLHQWH GDxDUOR
: $QWHV GH LQWURGXFLU HO HQGRVFRSLR GHEH XWLOL]DU VLHPSUH XQ
DEUHERFDV FRQ HO ILQ GH HYLWDU TXH HO SDFLHQWH PXHUGD
DFFLGHQWDOPHQWH HO WXER GH LQVHUFLyQ

 (Q FDVR QHFHVDULR DSOtTXHOH DO WXER GH LQVHUFLyQ XQ OXEULFDQWH VROXEOH HQ

DJXD DGHFXDGR SDUD VX XWLOL]DFLyQ PpGLFD

 &ROyTXHOH HO DEUHERFDV DO SDFLHQWH

 2EVHUYH VLHPSUH OD LPDJHQ HQGRVFySLFD DO GHVSOD]DU HO H[WUHPR GLVWDO GHO
HQGRVFRSLR GHVGH OD ERFD KDVWD OD IDULQJH

35(&$8&,Ð1
(O WXER GH LQVHUFLyQ QR GHEH GREODUVH FHUFD GHO PDQJXLWR GH
SURWHFFLyQ FRQ XQ UDGLR LQIHULRU D  FP SXHV SRGUtD
GDxDUVH YHU )LJ 

! FP

)LJXUD 

1•GH $UWtFXOR ( 6HULH %)

 )XQFLRQDPLHQWR

$QJXODFLyQ GHO H[WUHPR GLVWDO

$FFLRQH OD SDODQFD GH FRQWURO GH DQJXODFLyQ DGHFXDGDPHQWH SDUD JXLDU EDMR
REVHUYDFLyQ OD LQWURGXFFLyQ GHO H[WUHPR GLVWDO

,Q\HFFLyQ \ DVSLUDFLyQ GH OtTXLGRV

F ,Q\HFFLyQ GH OtTXLGRV

35(&$8&,Ð1
1R SUHVLRQH OD YiOYXOD GH DVSLUDFLyQ KDFLD DEDMR GXUDQWH OD
LQ\HFFLyQ GH OtTXLGRV GH OR FRQWUDULR SRGUtDQ HQWUDU OtTXLGRV
HQ OD ERPED GH DVSLUDFLyQ

&RQHFWH XQD MHULQJD D OD UDQXUD GH OD YiOYXOD GH ELRSVLD \ SUHVLRQH HO pPEROR

KDFLD DEDMR

F $VSLUDFLyQ GH OtTXLGRV

$'9(57(1&,$
(YLWH DVSLUDU IOXLGRV YLVFRVRV R HOHPHQWRV VyOLGRV SXHV HOOR
SXHGH RFDVLRQDU OD REVWUXFFLyQ GHO FDQDO R GH OD YiOYXOD (Q
FDVR GH TXH OD YiOYXOD GH DVSLUDFLyQ HVWp REVWUXLGD \ QR VH
SXHGD GHWHQHU OD DVSLUDFLyQ GHVFRQHFWH HO WXER GH
DVSLUDFLyQ GH OD YiOYXOD GH DVSLUDFLyQ ,QWHUUXPSD
LQPHGLDWDPHQWH OD H[SORUDFLyQ REVHUYH OD LPDJHQ
HQGRVFySLFD \ H[WUDLJD HO HQGRVFRSLR GHO SDFLHQWH

35(&$8&,Ð1
'XUDQWH OD H[SORUDFLyQ DVHJ~UHVH GH TXH HO YDVR FROHFWRU QR
VH OOHQH R UHERVH 6L VH DVSLUDQ OtTXLGRV HQ XQ YDVR FROHFWRU
OOHQR SXHGHQ SURGXFLUVH GDxRV HQ OD ERPED GH DVSLUDFLyQ

3UHVLRQH OD YiOYXOD GH DVSLUDFLyQ KDFLD DEDMR SDUD DVSLUDU IOXLGRV R GHVHFKRV

H[FHGHQWHV TXH SXHGDQ HQWRUSHFHU OD LPDJHQ HQGRVFySLFD YHU )LJ 

6HULH %) 1•GH $UWtFXOR (

)XQFLRQDPLHQWR 

9iOYXOD GH
DVSLUDFLyQ

)LJXUD 

2EVHUYDFLyQ GH OD LPDJHQ HQGRVFySLFD

$'9(57(1&,$
/D WHPSHUDWXUD GHO H[WUHPR GLVWDO GHO HQGRVFRSLR SXHGH
VREUHSDVDU XQD WHPSHUDWXUD GH • & GHELGR D OD IXHUWH
LOXPLQDFLyQ HQGRVFySLFD \ DOFDQ]DU KDVWD • & 8QD
WHPSHUDWXUD GH VXSHUILFLH VXSHULRU D • & SXHGH SURGXFLU
TXHPDGXUDV GH ODV PXFRVDV 3RU HVWD UD]yQ XWLOLFH VLHPSUH
OD PtQLPD LQWHQVLGDG GH OX] QHFHVDULD \ OD FDQWLGDG GH
WLHPSR PHQRU QHFHVDULD SDUD FRQVHJXLU XQD REVHUYDFLyQ
DGHFXDGD (YLWH HQ OR SRVLEOH XQD REVHUYDFLyQ GHPDVLDGR
SUy[LPD \ XQ FRQWDFWR SURORQJDGR GHO H[WUHPR GLVWDO FRQ ODV
PXFRVDV

3XHGH REWHQHU LQIRUPDFLyQ PiV SUHFLVD VREUH HO DMXVWH GH EULOOR HQ HO PDQXDO

GH LQVWUXFFLRQHV GH OD IXHQWH GH OX]

1•GH $UWtFXOR ( 6HULH %)

 )XQFLRQDPLHQWR

 8WLOL]DFLyQ GH ORV DFFHVRULRV GH HQGRWHUDSLD

3DUD REWHQHU LQIRUPDFLyQ PiV GHWDOODGD VREUH OD FRPELQDFLyQ GHO HQGRVFRSLR
FRQ DFFHVRULRV GH HQGRWHUDSLD HVSHFLDOHV FRQVXOWH HO ´'LDJUDPD GHO VLVWHPDµ
HQ HO DSpQGLFH \ ORV PDQXDOHV GH LQVWUXFFLRQHV GH ORV DFFHVRULRV GH
HQGRWHUDSLD FRUUHVSRQGLHQWHV

$'9(57(1&,$
: (Q FDVR GH QR SRGHU H[WUDHU HO DFFHVRULR GH HQGRWHUDSLD GHO
HQGRVFRSLR FLHUUH HO H[WUHPR GHO DFFHVRULR R UHFyMDOR GHQWUR
GH VX YDLQD 'HVSXpV H[WUDLJD HO HQGRVFRSLR OHQWDPHQWH GHO
SDFLHQWH VLQ GHMDU GH REVHUYDU OD LPDJHQ HQGRVFySLFD
: 1R XWLOLFH HO FHSLOOR GH OLPSLH]D GHO FDQDO SDUD H[WUDHU
SUXHEDV GH WHMLGR R SDUD UHDOL]DU FXDOTXLHU RWUR WLSR GH
GLDJQyVWLFR R SURSyVLWR WHUDSpXWLFR 'H OR FRQWUDULR HO
SDFLHQWH SRGUtD VXIULU OHVLRQHV \ H[LVWH HO ULHVJR GH
FRQWDPLQDFLyQ SXGLpQGRVH SURGXFLU WDPELpQ GDxRV HQ HO
VLVWHPD

,QWURGXFFLyQ GH ORV DFFHVRULRV GH HQGRWHUDSLD

 &RPSUXHEH OD FRPSDWLELOLGDG GHO DFFHVRULR XWLOL]DGR FRQ HO HQGRVFRSLR

VHJ~Q HO µ'LDJUDPD GHO 6LVWHPDµ TXH VH PXHVWUD HQ HO DSpQGLFH

 3URFXUH QR PRYHU ODV SDODQFDV GH FRQWURO GH DQJXODFLyQ $55,%$$%$-2

H LQWURGX]FD HO DFFHVRULR GH HQGRWHUDSLD OHQWDPHQWH D WUDYpV GH OD UDQXUD
GH OD YiOYXOD GH ELRSVLD

35(&$8&,Ð1
: (Q FDVR GH HQFRQWUDU DOJXQD UHVLVWHQFLD \ GH TXH OD
LQWURGXFFLyQ VH FRPSOLTXH PDQWHQJD OD VHFFLyQ GH FXUYDGR
OR PiV UHFWD SRVLEOH VLQ OOHJDU D SHUGHU OD LPDJHQ
HQGRVFySLFD /D LQWURGXFFLyQ IRU]DGD GHO LQVWUXPHQWDO GH
HQGRWHUDSLD SXHGH GDxDU HO HQGRVFRSLR \R SURGXFLU
OHVLRQHV DO SDFLHQWH

6HULH %) 1•GH $UWtFXOR (

)XQFLRQDPLHQWR 

: $VHJ~UHVH GH TXH HO H[WUHPR GHO DFFHVRULR HVWp FHUUDGR R

UHFRJLGR GHQWUR GH OD YDLQD ,QWURG~]FDOR OHQWDPHQWH HQ OD
YiOYXOD GH ELRSVLD 1R DEUD OD SXQWD GHO DFFHVRULR GH
HQGRWHUDSLD QL OR H[WUDLJD GH VX YDLQD PLHQWUDV OR LQWURGXFH
HQ HO FDQDO 'H OR FRQWUDULR SRGUtD GDxDU WDQWR HO FDQDO FRPR
HO DFFHVRULR

 0DQWHQJD HO DFFHVRULR GH HQGRWHUDSLD D XQRV  FP GH OD YiOYXOD GH

ELRSVLD H LQWURG~]FDOR OHQWDPHQWH \ FRQ DYDQFHV FRUWRV FRQ HO ILQ GH HYLWDU
TXH HO DFFHVRULR GH HQGRWHUDSLD VH GREOH R URPSD

)XQFLRQDPLHQWR GH ORV DFFHVRULRV GH HQGRWHUDSLD

(QFRQWUDUi LQVWUXFFLRQHV VREUH HO IXQFLRQDPLHQWR GH ORV DFFHVRULRV GH
HQGRWHUDSLD HQ VXV FRUUHVSRQGLHQWHV PDQXDOHV GH LQVWUXFFLRQHV

([WUDFFLyQ GH ORV DFFHVRULRV GH HQGRWHUDSLD

([WUDLJD HO DFFHVRULR GH HQGRWHUDSLD OHQWDPHQWH FRQ OD SXQWD FHUUDGD \R
UHWUDtGR HQ OD YDLQD

$'9(57(1&,$
1R H[WUDLJD QXQFD HO DFFHVRULR GH HQGRWHUDSLD VL OD SXQWD VH
HQFXHQWUD DELHUWD R IXHUD GH OD YDLQD SXHV HVWR SRGUtD
RFDVLRQDU OHVLRQHV DO SDFLHQWH \R GDxRV DO DFFHVRULR (Q
FDVR GH QR SRGHU H[WUDHU HO DFFHVRULR GH HQGRWHUDSLD GHO
HQGRVFRSLR H[WUiLJDORV MXQWRV FRQ FXLGDGR REVHUYDQGR
VLHPSUH OD LPDJHQ HQGRVFySLFD 7HQJD FXLGDGR GH QR
OHVLRQDU QLQJ~Q WHMLGR

&DXWHUL]DFLyQ GH DOWD IUHFXHQFLD

$'9(57(1&,$
: 1R UHDOLFH QLQJXQD LQWHUYHQFLyQ TXLU~UJLFD GH DOWD IUHFXHQFLD
FRQ HO %)& \D TXH HO H[WUHPR GLVWDO GH HVWH
LQVWUXPHQWR QR HVWi DLVODGR 'H OR FRQWUDULR HO SDFLHQWH
SRGUtD VXIULU OHVLRQHV
: 'XUDQWH XQD RSHUDFLyQ HOHFWURTXLU~UJLFD QR GHEH LQVXIODUVH
R[LJHQR (VWR SXHGH SURGXFLU TXHPDGXUDV

1•GH $UWtFXOR ( 6HULH %)

 )XQFLRQDPLHQWR

: $VHJ~UHVH VLHPSUH GH TXH HO HOHFWURGR GHO DFFHVRULR GH

HOHFWURFLUXJtD GH DOWD IUHFXHQFLD DFFHVRULR SDUD
HOHFWURFLUXJtD VH HQFXHQWUD D XQD GLVWDQFLD DGHFXDGD GHO
H[WUHPR GLVWDO GHO HQGRVFRSLR $VHJ~UHVH GH TXH OD PDUFD
YHUGH VLWXDGD HQ HO H[WUHPR GLVWDO GHO DFFHVRULR SDUD
HOHFWURFLUXJtD SXHGH VHU REVHUYDGD FRQVWDQWHPHQWH HQ OD
LPDJHQ HQGRVFySLFD YHU )LJ  6L HO HOHFWURGR VH
HQFXHQWUD GHPDVLDGR FHUFD GHO H[WUHPR GLVWDO GHO
HQGRVFRSLR SXHGHQ SURGXFLUVH GDxRV HQ HO HQGRVFRSLR \R
HQ ORV HTXLSRV DX[LOLDUHV /D XWLOL]DFLyQ GH XQ HQGRVFRSLR
GHIHFWXRVR SXHGH SURGXFLU OHVLRQHV DO SDFLHQWH

35(&$8&,Ð1
: $MXVWH HO QLYHO GH SRWHQFLD GHO HTXLSR TXLU~UJLFR GH DOWD
IUHFXHQFLD DO YDORU PtQLPR QHFHVDULR 6L DMXVWD HO QLYHO GH
SRWHQFLD D XQ YDORU GHPDVLDGR DOWR SRGUtD GDxDU HO
DLVODPLHQWR GHO HQGRVFRSLR \R GHO LQVWUXPHQWR OR TXH
SRGUtD FRQOOHYDU D TXH HO XVXDULR \R HO SDFLHQWH VXIULHUDQ
TXHPDGXUDV
: $QWHV GH OOHYDU D FDER OD FDXWHUL]DFLyQ GH DOWD IUHFXHQFLD
DVHJ~UHVH GH TXH ODV VXSHUILFLHV GHO HQGRVFRSLR QR
SUHVHQWHQ DKRQGDPLHQWRV GHIRUPDFLRQHV R FXDOTXLHU RWUD
LUUHJXODULGDG
: 1R XWLOLFH HO PRGR GH FRDJXODFLyQ 635$< GHO DFFHVRULR GH
HOHFWURFLUXJtD GXUDQWH OD FDXWHUL]DFLyQ GH DOWD IUHFXHQFLD 'H
OR FRQWUDULR SRGUtD GDxDU HO HQGRVFRSLR

,PDJHQ
HQGRVFySLFD

(OHFWURGR

7XER IOH[LEOH

0DUFD YHUGH

)LJXUD 

$ OD KRUD GH UHDOL]DU OD SUHSDUDFLyQ LQVSHFFLyQ \ FRQH[LyQ GH DFFHVRULRV GH

HOHFWURFLUXJtD GH DOWD IUHFXHQFLD \ GH HTXLSRV HOHFWURTXLU~UJLFRV GH DOWD
IUHFXHQFLD FRQVXOWH VXV PDQXDOHV GH LQVWUXFFLRQHV FRUUHVSRQGLHQWHV

6HULH %) 1•GH $UWtFXOR (

)XQFLRQDPLHQWR 

127$
&$87,21

: /DV VXSHUILFLHV GH ORV HQGRVFRSLRV GH OD VHULH %) FRQ

H[FHSFLyQ GHO %)& HVWiQ DLVODGRV &RQ HOOR HVWRV
LQVWUXPHQWRV VRQ DGHFXDGRV SDUD VX XWLOL]DFLyQ HQ
LQWHUYHQFLRQHV TXLU~UJLFDV GH DOWD IUHFXHQFLD
: $OJXQRV HQGRVFRSLRV 2O\PSXV GLVSRQHQ GH XQ FLUFXLWR
UHJHQHUDWLYR SDUD SRVLELOLWDU OD WUDQVPLVLyQ GH OD FRUULHQWH GH
IXJD GHO DFFHVRULR HOHFWURTXLU~UJLFR D OD XQLGDG
HOHFWURTXLU~UJLFD /RV HQGRVFRSLRV GH OD VHULH %) VLQ
HPEDUJR QR GLVSRQHQ GH XQ FLUFXLWR UHJHQHUDWLYR \D TXH
JUDFLDV D OD FRUWD ORQJLWXG GH OD SLH]D GH LQVHUFLyQ VyOR
SXHGHQ WUDQVPLWLUVH SHTXHxDV FRUULHQWHV GH IXJD HQWUH HO
DFFHVRULR HOHFWURTXLU~UJLFR \ HO HQGRVFRSLR 3RU HVWD UD]yQ
QR HV QHFHVDULR XWLOL]DU HO FDEOH 6
: 6L XWLOL]D OD XQLGDG HOHFWURTXLU~UJLFD 2O\PSXV 36' VRQ
QHFHVDULRV ORV VLJXLHQWHV FDEOHV 3
 &DEOH 3 0%
 &DEOH 3 SDUD OD SODFD GH SDFLHQWH GHVHFKDEOH 0%
1R HV QHFHVDULR XWLOL]DU HO FDEOH 6
: $O XWLOL]DU FRUULHQWH GH DOWD IUHFXHQFLD SXHGHQ SURGXFLUVH
LQWHUIHUHQFLDV HQ OD LPDJHQ HQGRVFySLFD (VWR HV XQ KHFKR
QRUPDO TXH QR LQGLFD QLQJXQD DYHUtD

&LUXJtD OiVHU
$'9(57(1&,$
: 'XUDQWH XQD RSHUDFLyQ FRQ OiVHU QR GHEH LQVXIODUVH
R[LJHQR (VWR SXHGH SURGXFLU TXHPDGXUDV
: 0HGLDQWH OD REVHUYDFLyQ GH OD LPDJHQ HQGRVFySLFD
DVHJ~UHVH VLHPSUH GH TXH H[LVWH XQD GLVWDQFLD DGHFXDGD
HQWUH HO WHMLGR WUDWDGR \ HO H[WUHPR GLVWDO GHO HQGRVFRSLR \
GH TXH OD SXQWD GH OD VRQGD OiVHU VH HQFXHQWUD HQ OD
SRVLFLyQ FRUUHFWD HQ OD LPDJHQ HQGRVFySLFD DQWHV GH
GLVSDUDU HO UD\R OiVHU 'H OR FRQWUDULR VH SXHGHQ SURGXFLU
OHVLRQHV DO SDFLHQWH \R GDxRV DO HQGRVFRSLR

1•GH $UWtFXOR ( 6HULH %)

 )XQFLRQDPLHQWR

35(&$8&,Ð1
: $QWHV GH LQWURGXFLU R H[WUDHU OD VRQGD OiVHU OOHYH ORV PDQGRV
GH FRQWURO GH DQJXODFLyQ $55,%$$%$-2 GHO HQGRVFRSLR D
OD SRVLFLyQ QHXWUD GH WDO PDQHUD TXH OD VHFFLyQ GH FXUYDGR
HVWp UHFWD 6L OD VHFFLyQ GH FXUYDGR HVWi IOH[LRQDGD SXHGHQ
SURGXFLUVH GDxRV HQ HO FDQDO GH ELRSVLD
: 'HMH HQIULDU OD SXQWD GH OD VRQGD OiVHU DQWHV GH H[WUDHUOD GHO
FDQDO 'H OR FRQWUDULR HV SRVLEOH TXH HO FDQDO UHVXOWH
GDxDGR
: 1R XWLOLFH XQD VRQGD GHIHFWXRVD 8QD VRQGD FRQ XQD YDLQD
R FRQ XQ H[WUHPR GLVWDO GHIHFWXRVRV SXHGH SURGXFLUOH
OHVLRQHV DO SDFLHQWH \ GDxRV HQ HO VLVWHPD

$ OD KRUD GH UHDOL]DU OD SUHSDUDFLyQ OD LQVSHFFLyQ \ OD FRQH[LyQ GHO HTXLSR GH

FLUXJtD OiVHU \ GH OD VRQGD OiVHU REVHUYH HO PDQXDO GH LQVWUXFFLRQHV
FRUUHVSRQGLHQWH

/DYDGR EURQTXLRDOYHRODU

F 8WLOL]DFLyQ GHO HTXLSR %$/ ODYDGR EURQTXLRDOYHRODU

 'HVFRQHFWH HO WXER GH DVSLUDFLyQ GH OD YiOYXOD GH DVSLUDFLyQ &RQpFWHOR DO

FRQHFWRU GH DVSLUDFLyQ GH XQ HTXLSR %$/ FRUULHQWH
&RQHFWH HO WXER GH DVSLUDFLyQ GHO HTXLSR %$/ D OD HQWUDGD SDUD HO
FRQHFWRU GH OD YiOYXOD GH DVSLUDFLyQ YHU )LJ 

)LJXUD 

6HULH %) 1•GH $UWtFXOR (

)XQFLRQDPLHQWR 

 &RQHFWH XQD MHULQJD OOHQD FRQ OtTXLGR GH ODYDGR SRU HMHPSOR VROXFLyQ
VDOLQD HQ OD UDQXUD GH OD YiOYXOD GH ELRSVLD \ SUHVLRQH HO pPEROR KDFLD
DEDMR SDUD LQ\HFWDU OtTXLGR GH ODYDGR

 3UHVLRQH OD YiOYXOD GH DVSLUDFLyQ KDFLD DEDMR SDUD DVSLUDU HO OtTXLGR GH

ODYDGR

F 8WLOL]DFLyQ GH XQD MHULQJD

 &RQHFWH XQD MHULQJD FXLGDGRVDPHQWH HQ OD UDQXUD GH OD YiOYXOD GH ELRSVLD

GH XQ VyOR XVR 0$-

 3UHVLRQH HO pPEROR KDFLD DEDMR SDUD LQ\HFWDU OtTXLGR GH ODYDGR YHU )LJ
 D

 7tUH GHO pPEROR OHQWDPHQWH KDFLD DUULED FRQ OD MHULQJD FRQHFWDGD SDUD
DVSLUDU OtTXLGR GH ODYDGR YHU )LJ  E

D E

)LJXUD 

 ([WUDFFLyQ GHO HQGRVFRSLR

 ([WUDLJD HO HQGRVFRSLR OHQWDPHQWH GHO SDFLHQWH REVHUYDQGR VLHPSUH OD

LPDJHQ HQGRVFySLFD

 5HWLUH HO DEUHERFDV GH OD ERFD GHO SDFLHQWH

1•GH $UWtFXOR ( 6HULH %)

 )XQFLRQDPLHQWR

 7UDQVSRUWH GHO HQGRVFRSLR

7UDQVSRUWH GHQWUR GHO KRVSLWDO

$ OD KRUD GH WUDQVSRUWDU HO HQGRVFRSLR VXMHWH OD VHFFLyQ GH FRQH[LyQ MXQWR FRQ
OD VHFFLyQ GH FRQWURO FRQ XQD PDQR \ HO H[WUHPR GLVWDO GHO WXER GH LQVHUFLyQ
FRQ OD RWUD ILUPHPHQWH SHUR VLQ KDFHU SUHVLyQ VHJ~Q VH UHSUHVHQWD HQ OD ILJXUD


)LJXUD 

7UDQVSRUWH IXHUD GHO KRVSLWDO

7UDQVSRUWH HO HQGRVFRSLR VLHPSUH HQ VX PDOHWD

35(&$8&,Ð1
: /D PDOHWD QR SXHGH GHVLQIHFWDUVH QL OLPSLDUVH 3RU OR WDQWR
KD\ TXH OLPSLDU \ GHVLQIHFWDU HO HQGRVFRSLR DQWHV GH
GHSRVLWDUOR HQ OD PDOHWD 'HVLQIHFWH R HVWHULOLFH HO
HQGRVFRSLR GH QXHYR DQWHV GH YROYHU D XWLOL]DUOR
: 3DUD HO WUDQVSRUWH GHO HQGRVFRSLR UHWLUH HO WDSyQ GH
HVWDQTXHLGDG GH OR FRQWUDULR ORV FDPELRV GH SUHVLyQ GH DLUH
SXHGHQ GDxDU HO HQGRVFRSLR

6HULH %) 1•GH $UWtFXOR (

*XtD GH VROXFLyQ GH SUREOHPDV 

&DStWXOR  *XtD GH VROXFLyQ GH

SUREOHPDV

(Q FDVR GH TXH HO HQGRVFRSLR HVWp YLVLEOHPHQWH GDxDGR QR IXQFLRQH

FRUUHFWDPHQWH R GXUDQWH ODV FRPSUREDFLRQHV GHVFULWDV HQ HO FDStWXOR 
´3UHSDUDFLyQ H LQVSHFFLyQµ VH GHWHFWHQ RWUDV LUUHJXODULGDGHV QR OR XWLOLFH
3yQJDVH SRU IDYRU HQ FRQWDFWR FRQ 2O\PSXV
/RV SUREOHPDV TXH SRVLEOHPHQWH QR VXSRQJDQ XQ IDOOR HQ HO IXQFLRQDPLHQWR
SXHGHQ UHVROYHUVH VHJ~Q ODV LQGLFDFLRQHV GHO DSDUWDGR  ´*XtD GH VROXFLyQ
GH SUREOHPDVµ (Q FDVR GH QR SRGHU UHVROYHU HO SUREOHPD QR XWLOLFH HO
HQGRVFRSLR \ HQYtHOR D UHSDUDU D 2O\PSXV
2O\PSXV QR UHSDUD ODV SLH]DV DFFHVRULR 6L XQD GH HVWDV SLH]DV VH HVWURSHD
FRQWDFWH FRQ 2O\PSXV SDUD DGTXLULU XQ UHFDPELR

$'9(57(1&,$
1R XWLOLFH HO HQGRVFRSLR QXQFD HQ XQ SDFLHQWH VL VRVSHFKD
TXH H[LVWH DOJXQD LUUHJXODULGDG /RV GDxRV R LUUHJXODULGDGHV
GHO DSDUDWR SXHGHQ FRPSURPHWHU OD VHJXULGDG GHO SDFLHQWH
R GHO XVXDULR \ GDxDU VHULDPHQWH HO VLVWHPD

 *XtD GH VROXFLyQ GH SUREOHPDV

F 6XPLQLVWUR GH DJXD

3UREOHPD &DXVD SUREDEOH 6ROXFLyQ

6DOH OtTXLGR SRU OD /D YiOYXOD GH ELRSVLD QR ,QVWiOHOD FRUUHFWDPHQWH VHJ~Q VH

YiOYXOD GH ELRSVLD KD VLGR LQVWDODGD LQGLFD HQ HO DSDUWDGR  HQ OD
FRUUHFWDPHQWH SiJLQD 
/D MHULQJD QR KD VLGR ,QWURG~FDOD FXLGDGRVDPHQWH
LQWURGXFLGD FRQ FXLGDGR
1R SXHGH FRORFDUVH OD /D YiOYXOD GH ELRSVLD HV &iPELHOD SRU XQD YiOYXOD GH
YiOYXOD GH ELRSVLD GHIHFWXRVD ELRSVLD QXHYD

1•GH $UWtFXOR ( 6HULH %)

 *XtD GH VROXFLyQ GH SUREOHPDV

F $VSLUDFLyQ

3UREOHPD &DXVD SUREDEOH 6ROXFLyQ

1R DVSLUD R OR KDFH /D YiOYXOD GH ELRSVLD QR ,QVWiOHOD FRUUHFWDPHQWH VHJ~Q VH

LQVXILFLHQWHPHQWH KD VLGR LQVWDODGD LQGLFD HQ HO DSDUWDGR  HQ OD
FRUUHFWDPHQWH SiJLQD 
/D YiOYXOD GH ELRSVLD HV &iPELHOD SRU XQD YiOYXOD GH
GHIHFWXRVD ELRSVLD QXHYD
/D ERPED GH DVSLUDFLyQ $MXVWH OD ERPED GH DVSLUDFLyQ
QR KD VLGR DMXVWDGD VHJ~Q ODV LQGLFDFLRQHV GH OD
FRUUHFWDPHQWH ERPED GH DVSLUDFLyQ
/D YiOYXOD GH DVSLUDFLyQ &DPELH OD YiOYXOD GH DVSLUDFLyQ
HV GHIHFWXRVD SRU XQD QXHYD
/D YiOYXOD GH DVSLUDFLyQ /D YiOYXOD GH DVSLUDFLyQ &DPELH OD YiOYXOD GH DVSLUDFLyQ
HVWi REVWUXLGD HV GHIHFWXRVD SRU XQD QXHYD
/D YiOYXOD GH ELRSVLD QR 3UHVLyQ GH DVSLUDFLyQ 5HGX]FD OD SUHVLyQ GH
UHFXSHUD VX SRVLFLyQ GHPDVLDGR DOWD DVSLUDFLyQ
LQLFLDO
1R SXHGH FRORFDUVH OD 8WLOL]DFLyQ GH OD YiOYXOD 8WLOLFH XQD YiOYXOD DGHFXDGD
YiOYXOD GH DVSLUDFLyQ GH DVSLUDFLyQ HUUyQHD
/D YiOYXOD GH DVSLUDFLyQ &DPELH OD YiOYXOD GH DVSLUDFLyQ
HV GHIHFWXRVD SRU XQD QXHYD
F &DOLGDG GH LPDJHQ \ EULOOR

3UREOHPD &DXVD SUREDEOH 6ROXFLyQ

1R H[LVWH LPDJHQ 1R KDQ VLGR HQFHQGLGRV (QFLHQGD WRGRV ORV LQWHUUXSWRUHV

WRGRV ORV LQWHUUXSWRUHV SULQFLSDOHV 21
SULQFLSDOHV
/D LPDJHQ QR HV QtWLGD (O REMHWLYR HVWi VXFLR /LPSLH HO REMHWLYR FRQ XQ SDxR
KXPHGHFLGR FRQ DOFRKRO HWtOLFR R
LVRSURStOLFR DO 
/D LPDJHQ HV $MXVWH LQFRUUHFWR GH OD $MXVWH OD IXHQWH GH OX] VHJ~Q VX
GHPDVLDGR FODUD R IXHQWH GH OX] PDQXDO GH LQVWUXFFLRQHV
GHPDVLDGR RVFXUD

6HULH %) 1•GH $UWtFXOR (

*XtD GH VROXFLyQ GH SUREOHPDV 

F $FFHVRULR GH HQGRWHUDSLD

3UREOHPD &DXVD SUREDEOH 6ROXFLyQ

(O DFFHVRULR GH 8WLOL]DFLyQ GH XQ 6HOHFFLRQH XQ DFFHVRULR GH

HQGRWHUDSLD QR SXHGH DFFHVRULR GH HQGRWHUDSLD FRPSDWLEOH
LQWURGXFLUVH IiFLOPHQWH D HQGRWHUDSLD QR FRQVXOWDQGR HO ´'LDJUDPD GHO
WUDYpV GHO FDQDO GH FRPSDWLEOH VLVWHPDµ HQ HO DSpQGLFH
ELRSVLD $VHJ~UHVH GH TXH HO FyGLJR GH
FRORU VH FRUUHVSRQGD FRQ HO
HQGRVFRSLR
F 2WUDV

3UREOHPD &DXVD SUREDEOH 6ROXFLyQ

(O LQWHUUXSWRU UHPRWR QR 8WLOL]DFLyQ GHO $FFLRQH HO LQWHUUXSWRU UHPRWR

IXQFLRQD LQWHUUXSWRU UHPRWR FRUUHFWR
HUUyQHR
$MXVWH LQDGHFXDGR GH $MXVWH ODV IXQFLRQHV GH ORV
ODV IXQFLRQHV GH ORV LQWHUUXSWRUHV UHPRWRV
LQWHUUXSWRUHV UHPRWRV FRUUHFWDPHQWH FRPR VH LQGLFD
HQ HO PDQXDO GH LQVWUXFFLRQHV GHO
YLGHRSURFHVDGRU

1•GH $UWtFXOR ( 6HULH %)

 *XtD GH VROXFLyQ GH SUREOHPDV

 (QYtR GHO HQGRVFRSLR SDUD UHSDUDU

$'9(57(1&,$
$QWHV GH HQYLDU VX HQGRVFRSLR SDUD UHSDUDU OtPSLHOR D
IRQGR \ GHVLQIpFWHOR R HVWHULOtFHOR 8Q UHSURFHVDPLHQWR
LQVXILFLHQWH GHO HTXLSR VXSRQH XQ ULHVJR GH LQIHFFLyQ SDUD
FDGD SHUVRQD TXH OR PDQLSXOH HQ HO KRVSLWDO R HQ HO VHUYLFLR
WpFQLFR 2O\PSXV

35(&$8&,Ð1
2O\PSXV QR VH KDFH UHVSRQVDEOH GH ODV OHVLRQHV R
GHVSHUIHFWRV TXH SXHGDQ RFDVLRQDUVH SRU ORV LQWHQWRV GH
UHSDUDFLyQ TXH QR KD\DQ VLGR UHDOL]DGRV SRU SHUVRQDO GH
2O\PSXV

$QWHV GH HQYLDU HO HQGRVFRSLR SDUD VX UHSDUDFLyQ SyQJDVH SRU IDYRU HQ

FRQWDFWR FRQ 2O\PSXV 6L HQYtD HO HQGRVFRSLR SDUD UHSDUDU DGMXQWH XQD
GHVFULSFLyQ GH OD DYHUtD R GH ORV GDxRV GHO HQGRVFRSLR DVt FRPR HO WHOpIRQR GH
XQD SHUVRQD GH FRQWDFWR TXH FRQR]FD HQ GHWDOOH HO SUREOHPD $Vt PLVPR
DGMXQWH XQD 2UGHQ GH 5HSDUDFLyQ
3DUD HO HQYtR GHO HQGRVFRSLR D UHSDUDU REVHUYH ODV LQGLFDFLRQHV SDUD
´7UDQVSRUWH IXHUD GHO KRVSLWDOµ HQ OD SiJLQD 

6HULH %) 1•GH $UWtFXOR (

$SpQGLFH 

$SpQGLFH

'LDJUDPD GHO VLVWHPD

$ FRQWLQXDFLyQ VH GHWDOODQ ODV FRPELQDFLRQHV GH LQVWUXPHQWRV \ DFFHVRULRV
DFRQVHMDGRV TXH SXHGHQ XWLOL]DUVH FRQ HVWH LQVWUXPHQWR (V SRVLEOH TXH
DOJXQRV SURGXFWRV QR VHDQ DVHTXLEOHV HQ WRGDV SDUWHV 7DPELpQ SXHGHQ VHU
FRPSDWLEOHV FRQ HVWH LQVWUXPHQWR RWURV SURGXFWRV LQWURGXFLGRV SRVWHULRUPHQWH
HQ HO PHUFDGR 3DUD PiV LQIRUPDFLyQ DO UHVSHFWR SyQJDVH HQ FRQWDFWR FRQ
2O\PSXV

$'9(57(1&,$
/D XWLOL]DFLyQ GH RWUDV FRPELQDFLRQHV GH SURGXFWRV GLVWLQWDV
D ODV LQGLFDGDV HQ HVWH GLDJUDPD HVWiQ EDMR OD H[FOXVLYD
UHVSRQVDELOLGDG GHO XVXDULR

1•GH $UWtFXOR ( 6HULH %)

 $SpQGLFH

8QLGDGHV HOHFWURTXLU~UJLFDV %RPEDV GH DVSLUDFLyQ

GH DOWD IUHFXHQFLD

.9 668

36'
8(6

0$-

9iOYXOD GH
DVSLUDFLyQ
0$-

9iOYXOD GH ELRSVLD
GHVHFKDEOH 0$-

&DEOH GHO YLGHRVFRSLR &DEOH GHO YLGHRVFRSLR 

(;(5$ 0$- 0' y 0+

9LGHRSURFHVDGRU (9,6
9LGHRSURFHVDGRU (9,6
(;(5$ &9 
&9( $EUHERFDV
0$

)XHQWH GH OX] (9,6 (;(5$ )XHQWH GH OX] XQLYHUVDO (9,6

&/9 &/( &/988( &/((

QR FRPSDWLEOH FRQ HQGRVFRSLRV %)3 %);7 \ %)&

6HULH %) 1•GH $UWtFXOR (

$SpQGLFH 

$SDUDWRV GH OLPSLH]D \ GH GHVLQIHFFLyQ

&RPSUREDGRU GH IXJDV
0%

/LPSLDGRU
XOWUDVyQLFR
'HVLQIHFWDQWH .6
HQGRWpUPLFR 8QLGDG GH
(7' PDQWHQLPLHQWR
08
7DSyQ GH
HVWDQTXHLGDG
0+

&HSLOOR GH OLPSLH]D GHO FDQDO

&HSLOOR GH OLPSLH]D SDUD HO FRQHFWRU %:% QR DGHFXDGR SDUD
GH DVSLUDFLyQ %:6+ SDUD ORV %)& $GDSWDGRU GH OLPSLH]D
%)& 0$-

&HSLOOR GH OLPSLH]D FRUWR SDUD

HQWUDGD GH FDQDO 0+
&HSLOOR GH OLPSLH]D GHO FDQDO
%:% SDUD %)&

F 9LGHRSURFHVDGRU (9,6 (;(5$9LGHRSURFHVDGRUHV (9,6

&DEOH GHO &DEOH GHO

&DEOH GHO YLGHRVFRSLR (;(5$
(1'26&23,2 YLGHRVFRSLR  YLGHRVFRSLR 

&9 &9 &9 &9

%)3 £ £ L £

%) L L L £

%)7 L L L £

%);7 £ £ L £

%)& £ £ L £

L FRPSDWLEOH £ QR FRPSDWLEOH

1•GH $UWtFXOR ( 6HULH %)

 $SpQGLFH

F $&&(625,2 '( (1'27(5$3,$

$&&(625,2 '( 3,1=$6 '( %,236,$

(1'27(5$3,$ )HQHVWUDGD FRQ

'LHQWHV GH UDWyQ 7LSR RVFLODQWH )HQHVWUDGD
DJXMD

9,'(26&23,2

%)7 )%& )%& )%& )%&

%)3 )%& )%& )%& )%&

%);7 )%& )%& )%& )%&

%)&    

$&&(625,2 '( 3,1=$6 '( %,236,$

(1'27(5$3,$ 'LHQWHV GH
2YDO 2YDO FRQ S~D 'LHQWHV GH UDWyQ
FRFRGULOR

9,'(26&23,2

%)7 )%& )%&  

%)3 )%&   

%);7 )%& )%. )%. )%.

%)& )%' R '   

$&&(625,2 '( 3,1=$6 '( %,236,$ *,5$725,$6 &(3,//2 '( &,72/2*Ï$

(1'27(5$3,$
&RQ GREOH
&RQ YHQWDQD 2YDO FRQ S~D &RQ WXER
DUWLFXODFLyQ

9,'(26&23,2

%)7 )%&5 )%&5 %&& R %&& R

%)3 )%&5  %&& R %&& R
%);7 )%&5 )%&5 %&& R %&& R
%)&    

R (V SRVLEOH TXH HVWRV LQVWUXPHQWRV QR VHDQ DVHTXLEOHV HQ FXDOTXLHU

VLWLR

6HULH %) 1•GH $UWtFXOR (

$SpQGLFH 

&(3,//2 '( &(3,//2 '(

$&&(625,2 '(
&,72/2*Ï$ &,72/2*Ï$
(1'27(5$3,$
3$3,/Ó7202 '( &,72/2*Ï$
&HSLOOR GH FLWRORJtD
7LSR HVWiQGDU
GH XQ VROR XVR

9,'(26&23,2

%)7 %&& R %&'

  
&&&5 R &&&5 R
%)3 %&& R %&'

  
&&&5 R &&&5 R
%);7 %&& R %&'

  
&&&5 R &&&5 R
%)&  %&&  

$&&(625,2 '( 3,1=$6 '( &8(5326 (;75$f26

(1'27(5$3,$
(QJRPDGR VLQ &RQ GLHQWHV GH &RQ GLHQWHV GH
([WUDFWRU
OiWH[ UDWyQ UDWyQ DILODGRV

9,'(26&23,2

%)7 )*3 )*& )*& 

%)3 )*3   

%);7 )*3 )*& )*& )*&

%)&    

$&&(625,2 '( 3,1=$6 '( &8(5326 (;75$f26

(1'27(5$3,$ 'LHQWHV GH &HVWDV FXHUSRV

&HVWDV FXHUSRV H[WUDxRV HVSHFLDO
FRFRGULOR H[WUDxRV

9,'(26&23,2

%)7   )*' )*' R '

%)3   )*' )*' R '

%);7 )*/ )*/ )*' )*' R '

%)&   )*' )*' R '

R (V SRVLEOH TXH HVWRV LQVWUXPHQWRV QR VHDQ DVHTXLEOHV HQ FXDOTXLHU

VLWLR

1•GH $UWtFXOR ( 6HULH %)

 $SpQGLFH

3,1=$6 '( &8(5326 (;75$f26

$&&(625,2 '(
(;75$&725
(1'27(5$3,$ &HVWDV GH FXHUSRV
7LSR DJXMD WULSOH 7LSR OD]R 0$*1(7,&2
H[WUDxRV SDUDOHODV

9,'(26&23,2

%)7 )*' )*' )*' ,(3 R

%)3 )*' )*' )*' ,(3 R
%);7 )*' )*' )*' ,(/ R
%)& )*' )*' )*' 

$&&(625,2 '( &$7(7(5 7,32

&$18/$
(1'27(5$3,$ $*8-$ '( $*8-$ '(
635$<
,1<(&&,Ó1 $63,5$&,21
7LSR HVWiQGDU 7LSR VSUD\

9,'(26&23,2

%)7 35% 3:& 10' R // 1$&&

%)3 35% 3:& 10. R // 1$&&

10' R 
%);7 35% 3:&
/  /
1$&&

%)&    

$&&(625,2 '( 0(','25

&$7Ë7(5 '(
(1'27(5$3,$
%$/Ó1
(VWiQGDU $QJXODEOH

9,'(26&23,2

%)7 0& R 0&& R %&

%)3 0& R 0&& R %&

%);7 0& R 0&& R %&

%)&   

R (V SRVLEOH TXH HVWRV LQVWUXPHQWRV QR VHDQ DVHTXLEOHV HQ FXDOTXLHU

VLWLR

6HULH %) 1•GH $UWtFXOR (

$SpQGLFH 

F $FFHVRULR SDUD HOHFWURFLUXJtD

$&&(625,2 '( (/(&752'2 '( 3,1=$6 '(

$6$ '( 32/,3(&720,$
(1'27(5$3,$ &2$*8/$&,Ó1 %,236,$ 325

&UHFLHQWH 7LSR JUDQGH 7LSR EROD &$/25

9,'(26&23,2

%)7 6'& 6'& &'& )'&&

%)3 6'& 6'& &'& )'&

%);7 6'& 6'& &'& )'&&

$&&(625,2 '(

(1'27(5$3,$ 3$3,/Ó7202

9,'(26&23,2

%)7 .'&

%)3 .'&

%);7 .'&

1•GH $UWtFXOR ( 6HULH %)

 $SpQGLFH

6HULH %) 1•GH $UWtFXOR (

)DEULFDQWH \ GLVWULEXLGRU 

)DEULFDQWH \ GLVWULEXLGRU

)DEULFDQWH 1~PHUR GH 1~PHUR GH ID[

WHOpIRQR
2/<0386 2SWLFDO &R /WG      
6DQ(L %XLOGLQJ  
 1LVKL 6KLQMXNX FKRPH 
6KLQMXNXNX
 7RN\R -DSDQ

&RPHUFLDOL]DGRU UHVSRQVDEOH 1~PHUR GH 1~PHUR GH ID[

WHOpIRQR
2/<0386 2SWLFDO &R (XURSD *PE+       
:HQGHQVWU      
' +DPEXUJ
3RVWIDFK   
' +DPEXUJ

3RU IDYRU SyQJDVH HQ FRQWDFWR FRQ VX GLVWULEXLGRU ORFDO HQ FDVR GH WHQHU DOJXQD SUHJXQWD R FRPHQWDULR TXH
KDFHU HQ UHODFLyQ FRQ HVWH PDQXDO GH LQVWUXFFLRQHV R FRQ HO SURGXFWR

'LVWULEXLGRU 1~PHUR GH 1~PHUR GH ID[

WHOpIRQR
2/<0386 $8675,$        
*(6(//6&+$)7 0%+       
6KXWWOHZRUWKVWUD‰H 
3RVWIDFK 
$   :LHQ
19 201,/$%2        
%RRPVHVWHHQZHJ       
%   $DUWVHODDU
2/<0386 237,&$/ 6FKZHL] $*        
&KULHVEDXPVWUD‰H       
9RONHWVZLO
&+   6FKZHU]HQEDFK
3$3$(7,6 0(',&$/ &2 /7'        
 $WKDODVVD $YH      
&KDSR 7RZHU 2II    
32 %R[ 
&<  1LFRVLD
2/<0386 237,&$/ &2 (XURSD *PE+      
'HXWVFKODQG     
:HQGHQVWUD‰H   
'   +DPEXUJ 
3RVWIDFK   
'   +DPEXUJ

1•GH $UWtFXOR ( 6HULH %)

 )DEULFDQWH \ GLVWULEXLGRU

'LVWULEXLGRU 1~PHUR GH 1~PHUR GH ID[

WHOpIRQR
2/<0386 '$10$5. $6        
%ORNNHQ       
'.   %LUNHU¡G
0(',&$/ (8523$ 6$        
9LD $XJXVWD       
(   %DUFHORQD
2/<0386 )5$1&(        
'pSDUWHPHQW (QGRVFRSLH 0pGLFDOH        
 5XH G·$UFXHLO 6LOLF / 
)   5XQJLV &HGH[
2/<0386 )LQODQG 2\       
+DNDPlHQNXMD       
%R[ 
),1   9DQWDD
352721 /7'        
0HGLFDO +RVSLWDO (TXLSPHQW 6XSSOLHV (QJLQHHUV  
 (OLD (OLRX VWU
1HRV .RVPRV
*5   $WKHQV
2/<0386 ,WDOLD 6UO        
9LD 0RGLJOLDQL       
,   6HJUDWH 0LODQR
,QWHU KI      
6yOW~Q       
,6   5H\NMDYLN
2/<0386 125*( $6      
.MHOVnVYHLHQ         
1   2VOR
3$(6 1('(5/$1' %9        
,QGXVWULHZHJ       
1/   1: =RHWHUZRXGH5LMQGLMN
7(&12/2*,$6 0e',&$6 (1'26&Ð3,&$6 6$        
5XD 3URI 2UODQGR 5LEHLUR %      
3   /LVERD
2/<0386 237,&$/ $%       
32 %R[       
6    6ROQD

6HULH %) 1•GH $UWtFXOR (