You are on page 1of 87

6,8*8$5$1Ì

,1',&(

1,1752'8&&,Ï1 
&21&(3726*(1(5$/(6  
0$7(5,$/48(6((175(*$  
'(6&5,3&,Ï1*/2%$/'(/6,67(0$ 
2%-(7,92*(1(5$/  
6(59,&,2648(%5,1'$  
,03$&72'(/$,03/(0(17$&,Ï1'(/6,67(0$  
68%6,67(0$6 
&216,'(5$&,21(6*(1(5$/(6  
&21),*85$&,Ï1'(/6,67(0$ 
352&(626 
$'0,1,675$&,Ï1'(&$55(5$6  
$'0,1,675$&,Ï1'(0$7(5,$6  
&5($&,Ï1'(&,&/26  
$'0,1,675$&,Ï1'(7Ë78/26  
$'0,1,675$&,Ï1'(3/$1(6'((678',2  
,16&5,3&,Ï1$&$55(5$ 
5(,16&5,3&,Ï1$&$55(5$  
'(),1,&,Ï1'(0$75,&(6'((48,9$/(1&,$6 
2725*$0,(172'((48,9$/(1&,$6  
3/$1,),&$&,Ï1'(&856$'$  
,16&5,3&,Ï1$&856$'$ 
*(1(5$&,Ï1'($&7$6'(&856$'2<35202&,Ï1  
3/$1,),&$&,Ï1'((;È0(1(6  
,16&5,3&,Ï1$(;È0(1(6  
*(1(5$&,Ï1'($&7$6'((;È0(1(6  
$6,*1$&,Ï1'($8/$6  
*(67,Ï1'((*5(6$'26  
$1(;26 
$1(;2 3$5È0(7526'(/6,67(0$9  
$1(;2 &21752/(63$5$0(75,=$%/(69 
$1(;2 &21),*85$&,Ï1'(0Ï'8/2648(,17(*5$1(/6,67(0$9  
$1(;2 23(5$&,21(6'(/6,67(0$9  

& 0$18$/)81&,21$/ 2 3$*,1$'(


6,8*8$5$1Ì

1,1752'8&&,Ï1

&21&(3726*(1(5$/(6

8QDGHODViUHDVGHODHVWUXFWXUDRUJDQL]DWLYDGHODV8QLYHUVLGDGHVHVOD$FDGpPLFD ODFXDO
WLHQHFRPRPLVLyQDVLVWLUDOUHFWRUHQODDSOLFDFLyQ\HOGHVDUUROORGHSROtWLFDVDFDGpPLFDVGHOD
8QLYHUVLGDG6XVIXQFLRQHVHVWiQGLULJLGDVEiVLFDPHQWHDSDUWLFLSDUHQSURSXHVWDVGHSUR\HF
WRVDFDGpPLFRVDODQiOLVLVGHSODQHVGHHVWXGLRDODLQWHUYHQFLyQHQODFRRUGLQDFLyQGHOSURFH
VRGHDGPLVLyQXQLYHUVLWDULD\DODLQIRUPDFLyQ\RULHQWDFLyQHGXFDWLYD

(VWH VLVWHPD VH KD FRQFHELGR FRQ OD ILQDOLGDG GH EULQGDUOH D ODV 8QLYHUVLGDGHV \ HVSHFtILFD
PHQWHGHQWURGHHVWDVDVXV8QLGDGHV$FDGpPLFDVXQDKHUUDPLHQWDTXHOHVSHUPLWDDGPLQLV
WUDUODJHVWLyQGHDOXPQRVGHIRUPDVHJXUDFRQODILQDOLGDGGHREWHQHULQIRUPDFLyQFRQVLVWHQWH
SDUDORVQLYHOHVRSHUDWLYRV 6HFWRU$OXPQRV \GLUHFWLYRV 'HFDQR6HFUHWDULR$FDGpPLFR 

&RPRQRYHGDGUHVSHFWRGHORVVLVWHPDVWUDGLFLRQDOHVLQFRUSRUDODSODQLILFDFLyQDQXDO GHOFD
OHQGDULR DFDGpPLFR LQFOX\HQGR FRPLVLRQHV \ WXUQRV GH H[iPHQHV \ WDPELpQ OD SRVLELOLGDG GH
TXHHODOXPQRUHDOLFHSRUVtPLVPRRSHUDFLRQHVWDOHVFRPRODLQVFULSFLyQDFXUVRV\PDWHULDV\
ODFRQVXOWDGHVXVLWXDFLyQDFDGpPLFD(VWRUHSUHVHQWDXQDGLVPLQXFLyQGHODFDUJDRSHUDWLYD
\DTXHHOSURSLRDOXPQRHVTXLHQUHDOL]DSDUWHGHODRSHUDWRULD

0$7(5,$/48(6((175(*$

0DWHULDO'LVSRQLEOH

0DQXDO)XQFLRQDO 6HGHVFULEHQORV
SULQFLSDOHVSXQWRV\SURFHVRVGHOVLVWHPD6H
HQWUHJDFRSLDLPSUHVD\VHHQFXHQWUD
GLVSRQLEOHHQHO&'

3UHVHQWDFLyQGHOVLVWHPD 0DWHULDOSDUD
GLFWDUFXUVRHQFDGD8QLYHUVLGDG

&',QVWDODFLyQ 'LVFRSDUDODLQVWDODFLyQ
GHOVLVWHPD\SDUDDFFHGHUDOUHVWRGHO
PDWHULDO PDQXDO\SUHVHQWDFLyQ 

& 0$18$/)81&,21$/ 2 3$*,1$'(


6,8*8$5$1Ì

'(6&5,3&,Ï1*/2%$/'(/6,67(0$

(OPDQXDOHVWDGHVWLQDGRDDTXHOODVSHUVRQDVTXHGHVHHQWHQHUXQDYLVLyQJHQHUDOGHOVLVWHPD
\ VXDOFDQFH

2%-(7,92*(1(5$/

2EMHWLYR3ULQFLSDO

$GPLQLVWUDUODLQIRUPDFLyQ
FRUUHVSRQGLHQWHDORV
DOXPQRV\HOGHVHPSHxR
DFDGpPLFRGHORVPLVPRV

œ $VHJXUDU HO GHVDUUROOR GH OD JHVWLyQ DFDGpPLFDGH ODVXQLYHUVLGDGHV \ VXV XQLGDGHV PH
GLDQWH XQ VLVWHPD TXH UHJLVWUH WRGDV ODV DFWLYLGDGHV DFDGpPLFDV GH OD XQLYHUVLGDG FRPR
DSR\RGHODVDFFLRQHVRSHUDWLYDV\GHWRPDGHGHFLVLRQHVSDUDSURGXFLUGDWRVDFDGpPLFRV
FRQGLYHUVRGHVWLQR

œ /OHYDU OD DGPLQLVWUDFLyQGHDOXPQRVGH IRUPD HILFLHQWH RUGHQDGD \ VHJXUD GHVGH TXH LQ
JUHVDFRPRDVSLUDQWHKDVWDODREWHQFLyQGHVXGLSORPD\ODLQWHUDFFLyQFRQORVHJUHVDGRV
(OVLVWHPDGHEHUiEULQGDULQIRUPDFLyQFRQILDEOHFRPSOHWDVHJXUD\RSRUWXQDSDUDODWRPD
GHGHFLVLRQHVWiFWLFDV\HVWUDWpJLFDV

œ (O VLVWHPD WLHQH FRPR PLVLyQ DGPLQLVWUDU OD LQIRUPDFLyQ FRUUHVSRQGLHQWH DO 6LVWHPD $FD
GpPLFRGHOD8QLYHUVLGDG\SHUVLJXHORVVLJXLHQWHVREMHWLYRVEiVLFRV

à %DVHGH'DWRV~QLFD/DDFWXDOL]DFLyQUHJLVWUR\FRQVXOWDGHLQIRUPDFLyQTXHVHHQ
FXHQWUDHQXQD~QLFDEDVHGHGDWRV

à &DSWXUD\FRQVXOWDGHGDWRVHQIRUPDGHVFHQWUDOL]DGD3HUPLWHDORVDOXPQRVUHDOL
]DUGHWHUPLQDGDVRSHUDWRULDV\ODFRQVXOWDGHVXVLWXDFLyQDFDGpPLFD

à ,QFRUSRUDFLyQGHFRQWUROHVDXWRPDWL]DGRV3HUPLWHODGLVPLQXFLyQGHODFDUJDGH
WUDEDMRUHVSHFWRGHFRQWUROHVTXHVHUHDOL]DQHQIRUPDPDQXDO
& 0$18$/)81&,21$/ 2 3$*,1$'(
6,8*8$5$1Ì

2EMHWLYRV(VSHFtILFRV
” %DVHGH'DWRV8QLFD
” &DSWXUD\FRQVXOWDGHGDWRV
HQIRUPDGHVFHQWUDOL]DGD
” 6LPSOLFDUORVSURFHVRVGH
DWHQFLyQGHDOXPQRV
” $XWRPDWL]DUFRQWUROHVGH
FRUUHODWLYLGDGHV\DVLVWHQFLD

6(59,&,2648(%5,1'$

4XHVHUYLFLRVEULQGDHO
6,8*8$5$1,"
15HJLVWURGH,QVFULSFLyQ\5HLQVFULSFLyQHQ
FDUUHUDVFXUVDGDV\H[iPHQHV

15HJLVWURGHHTXLYDOHQFLDV\H[iPHQHVUHQGLGRV

1$VLJQDFLyQGH'RFHQWHVD&XUVRV\&DUUHUDV

10DQHMRGHLQIRUPDFLyQGH3ODQHVGH(VWXGLR
HTXLYDOHQFLDV\FRUUHODWLYLGDGHV

1(PLVLyQGH7tWXORV\'LSORPDV

& 0$18$/)81&,21$/ 2 3$*,1$'(


6,8*8$5$1Ì

4XHVHUYLFLRVEULQGDHO
6,8*8$5$1,"

16HJXLPLHQWRGH(JUHVDGRV

1$VLJQDFLyQGH$XODV

1&RQH[LyQUHPRWDYtD,QWHUQHW

17HUPLQDOHVGH$XWRJHVWLyQ

1&RQWUROHV3DUDPHWUL]DEOHV

œ 5HFHSFLyQSURFHVDPLHQWR\SURGXFFLyQGHLQIRUPDFLyQUHIHULGDDORVDOXPQRVHQIXQFLyQ
GHFDGDXQDGHVXVSRVLEOHVVLWXDFLRQHV

œ $VLJQDFLyQGHGRFHQWHVDFXUVRVFDUUHUDV\GLYHUVDVIXQFLRQHVDFDGpPLFDV

œ 3URFHVDPLHQWR GH GDWRV UHIHULGRV D SODQHV GH HVWXGLR YLJHQWHV R DQWHULRUHV VLVWHPDV GH
HTXLYDOHQFLDVFRUUHODWLYLGDGHVHWF

œ $SOLFDFLyQ GH UHFXUVRV \ GH LQIUDHVWUXFWXUD QHFHVDULDV SDUD ODV GLVWLQWDV DFWLYLGDGHV DFD
GpPLFDVFRPRSRUHMHPSORODDVLJQDFLyQGHDXODV

œ *HVWLyQGHVROLFLWXG\HPLVLyQGHWtWXORV\VHJXLPLHQWRGHOHJUHVDGR

œ 3UHVWDFLyQGHVHUYLFLRVDORVXVXDULRVDWUDYpVGHGLVWLQWDVLQWHUIDVHV

à *HVWLyQ(VODLQWHUIDVHTXHXWLOL]DHOSHUVRQDOSHUWHQHFLHQWHDODVGLVWLQWDV8QLGD
GHV$FDGpPLFDV

à $XWRJHVWLyQ/HSHUPLWHDORVDOXPQRVUHDOL]DUGLVWLQWRVWUiPLWHVDWUDYpVGHXQD
YHQWDQLOODHOHFWUyQLFDRWHUPLQDOGHDXWRJHVWLyQ

à ,QWHUQHW %ULQGD OD PLVPD IXQFLRQDOLGDG GH $XWRJHVWLyQ SHUR HO DOXPQR DFFHGH D
WUDYpVGH,QWHUQHW

à (FyIRQR%ULQGDODPLVPDIXQFLRQDOLGDGGH$XWRJHVWLyQSHURHODFFHVRVHUHDOL]DD
WUDYpV GH XQ WHOpIRQR FRQ WRQRV /D VROXFLyQ GH KDUGZDUH SDUD HVWD LQWHUIDVH OD
UHDOL]yXQDHPSUHVDSULYDGD

& 0$18$/)81&,21$/ 2 3$*,1$'(


6,8*8$5$1Ì

,03$&72'(/$,03/(0(17$&,Ï1'(/6,67(0$

6,8*8$5$1,
,PSDFWRGHVX,PSOHPHQWDFLyQ

%DVHGH'DWRV ,QWHUQHW
8QLGDG$FDGpPLFD
$OXPQRV
6,8*8$5$1,

(FyIRQR $XWRJHVWLyQ

œ (OVLVWHPDSHUPLWHPHMRUDUHOWUDWDPLHQWR GH ODLQIRUPDFLyQ \DJLOL]DU ORVPHFDQLVPRVGH


JHVWLyQDFDGpPLFD

œ 3RURWURODGR OD LQVWDODFLyQHQ ODVXQLGDGHV DFDGpPLFDVSHUPLWHKRPRJHQHL]DU ORV SURFH


GLPLHQWRVGHODVPLVPDV/RVDVSHFWRVUHOHYDQWHVGHODLPSOHPHQWDFLyQGHOVLVWHPDVRQ

à $OLJHUDUORVWUiPLWHVDFDGpPLFRVHYLWDQGRODFDUJDEXURFUiWLFDVLQSHUGHUHOFRQWUROGH
ORVPLVPRV

à %ULQGDUDODVDXWRULGDGHVHQFDUJDGDVGHODFRQGXFFLyQKHUUDPLHQWDVGHFRQWUROVREUH
HOPDQHMRGHODJHVWLyQDFDGpPLFD

à 3HUPLWLUDORVWRPDGRUHVGHGHFLVLRQHVRSHUDWLYDVWiFWLFDV\HVWUDWpJLFDVFRQWDUFRQOD
LQIRUPDFLyQHQHOPRPHQWR\OXJDURSRUWXQR

à )RPHQWDUHOWUDEDMRHQHTXLSRHVWDEOHFLHQGRXQIOXMRGHRSHUDFLRQHVHQWUHORVGLVWLQWRV
VHFWRUHV

à &DUJD GH GDWRV HQ OD IXHQWH GH LQIRUPDFLyQ HYLWDQGR GH HVWD PDQHUD ORV HUURUHV SRU
SDVRVVXFHVLYRVHQIRUPDPDQXDO

à 3RVLELOLGDGGHFRQVXOWD\YDOLGDFLyQGHORVGDWRVLQJUHVDGRV

à )DFLOLWDU OD REWHQFLyQ GH LQIRUPDFLyQ SDUD OD JHVWLyQ GH VHFUHWDUtD DFDGpPLFD \ RWURV
GDWRVGHLQWHUpVJHQHUDOSDUDORVDOXPQRV

& 0$18$/)81&,21$/ 2 3$*,1$'(


6,8*8$5$1Ì

68%6,67(0$6

6XEVLVWHPDV
3ODQLILFDFLyQ
*HVWLyQGH ,QIRUPDFLyQ
0DWULFXOD *HUHQFLDO

*HVWLyQ (VWDGtVWLFDV
GH$XODV *HQHUDOHV

6,8*8$5$1,
*HVWLyQGH *HVWLyQGH
&XUVDGD (JUHVDGRV

*HVWLyQGH *HVWLyQGH *HVWLyQGH


(TXLYDOHQFLDV ([iPHQHV &DUUHUDV\3ODQHV

œ *(67,Ï1'(0$75Ë&8/$
3HUPLWH OD LQVFULSFLyQ \ DGPLVLyQ GH DVSLUDQWHV OD UHLQVFULSFLyQ GHO DOXPQR HO WUDWD
PLHQWRGHVDQFLRQHV\VXFDPELRGHSODQ

œ *(67,Ï1'(&856$'2
$GPLQLVWUDORVDFWRVSRUORVFXDOHVXQDOXPQRVHOHFFLRQDODVPDWHULDVDFXUVDUHOVH
JXLPLHQWR GH ODV DFWXDFLRQHV DFDGpPLFDV GH ORV DOXPQRV GXUDQWH HO FXUVDGR GH OD
PDWHULD\ODUHJLVWUDFLyQGHOUHVXOWDGRGHGLFKDFXUVDGDHQODVDFWDVFRUUHVSRQGLHQWHV

œ *(67,Ï1'($8/$6
3HUPLWHODDVLJQDFLyQGHDXODVDODFRPLVLyQSDUDFXUVDGRGHPDWHULDV \DODVPHVDV
SDUDHOWRPDGRGHH[iPHQHV

œ *(67,Ï1'((;È0(1(6
$GPLQLVWUDORVDFWRVSRUORVFXDOHVXQDOXPQRVHOHFFLRQDODVPDWHULDVDUHQGLU\ODUH
JLVWUDFLyQGHOUHVXOWDGRGHGLFKRVH[iPHQHVHQODVDFWDVFRUUHVSRQGLHQWHV

œ *(67,Ï1'((48,9$/(1&,$6
3HUPLWHGHILQLUSROtWLFD GH HTXLYDOHQFLDV \ JHVWLRQDU ODV HTXLYDOHQFLDV RWRUJDGDV D ORV
DOXPQRV

œ *(67,Ï1'((*5(6$'26
$GPLQLVWUDHOHJUHVRGHDOXPQRV\VXWtWXOR,QFOX\HWDPELpQHOPDQHMRGHSDGURQHV\
FHUWLILFDGRV

& 0$18$/)81&,21$/ 2 3$*,1$'(


6,8*8$5$1Ì

œ (67$'Ë67,&$6*(1(5$/(6
3HUPLWHJHQHUDULQIRUPDFLyQHVWDGtVWLFDDVRFLDGDDDOXPQRVDOXPQRVFHQVDGRV\HP
SDGURQDGRVLQJUHVDQWHV\HJUHVDGRV'HEHJHQHUDUWDPELpQXQDUFKLYRGHLQWHUIDVH
TXHDFWXDOLFHORVGDWRVGHOVLVWHPD$5$8&$12

œ *(67,Ï1'(&$55(5$6<3/$1(6
3HUPLWHHOUHJLVWURGHODVFDUUHUDV\SODQHVGHHVWXGLRTXHHVWDEOHFHQODVUHVROXFLRQHV

œ ,1)250$&,Ï1*(5(1&,$/
3HUPLWLUiDORVQLYHOHVGLUHFWLYRVGHODXQLYHUVLGDGH[SORUDUODLQIRUPDFLyQGHPDQHUDWDO
GHD\XGDUHQODWRPDGHGHFLVLRQHV

œ 3/$1,),&$&,Ï1
3HUPLWHGHILQLUHOFDOHQGDULRDFDGpPLFRDQXDOFRQVXVUHVSHFWLYRVSHUtRGRVOHFWLYRV HM
FXDWULPHVWUH  FRPLVLRQHV WXUQRV GH H[DPHQ \ ODV PHVDV GH H[iPHQHV FRUUHVSRQ
GLHQWHV

&216,'(5$&,21(6*(1(5$/(6

3UHPLVDV%iVLFDV

$XGLWRUtD 3ULYDFLGDG

6LVWHPDGH*HVWLyQ
$FDGpPLFD

)OH[LELOLGDG
&RQILDELOLGDG
\ (YROXFLyQ

35,9$&,'$' (OPHQ~GHODDSOLFDFLyQHVWiFRPSXHVWRSRURSHUDFLRQHVTXHVHDJUXSDQHQPy
GXORV\VXEPyGXORV8QDRSHUDFLyQHVXQtWHPGHPHQ~DOTXHXQXVXDULRDFFHGHSDUDUHDOL
]DU XQD WDUHD /RV PyGXORV \ VXEPyGXORV GRFXPHQWDGRV HQ HVWH PDQXDO VRQ SDUWH GH XQD
FRQILJXUDFLyQSRUGHIHFWRGHPHQ~TXHHQYtDHO6,8FRQHOVLVWHPD YHU$QH[R 
/DDSOLFDFLyQSHUPLWHFUHDUXVXDULRVGHOVLVWHPDFRQSHUILOHVSDUWLFXODUHVHQGRQGHFDGDXVXD
ULRGHEHWHQHUDVLJQDGRXQFRQMXQWRGHRSHUDFLRQHVTXHVHUiQODV~QLFDVTXHSXHGHUHDOL]DU
(OXVXDULRGHEHWHQHUXQQRPEUHTXHORLGHQWLILTXH\XQDFODYHSDUDDVHJXUDUVXLGHQWLGDG

$8',725Ë$ *XDUDQtUHJLVWUDODRSHUDWRULDUHDOL]DGD TXHGDWRVVHPRGLILFDQUHJLVWUDQGRVXHV


WDGRDQWHULRU HOXVXDULRTXHODUHDOL]y\HOPRPHQWRHQTXHVHUHDOL]y IHFKD\KRUD SDUDSR

& 0$18$/)81&,21$/ 2 3$*,1$'(


6,8*8$5$1Ì

GHU VHJXLU HO FRPSRUWDPLHQWR GH XQ XVXDULR GHWHUPLQDGR /DV IXQFLRQHV GH DXGLWRUtD HVWiQ
VHSDUDGDVGHODVIXQFLRQHVGHDGPLQLVWUDFLyQGHOVLVWHPD

&21),$%,/,'$' (ODOPDFHQDPLHQWRGHODLQIRUPDFLyQHVWiVRSRUWDGRSRUXQPRWRUGHEDVHGH
GDWRV UHODFLRQDO TXH DVHJXUD OD FRQVLVWHQFLD GH ORV GDWRV \ EULQGD PHFDQLVPRV SDUD UHDOL]DU
WDUHDV GH UHVSDOGR EDFN XS  &XDQGR VXUMD DOJ~Q LPSUHYLVWR TXH FDXVH OD FDtGD GHO VLVWHPD
GHEHQFRQWHPSODUVHODVGLVWLQWDVRSFLRQHVTXHSHUPLWDQUHFRQVWUXLUHOFRQWHQLGRGHODEDVHGH
GDWRVHQIRUPDUiSLGD/DWDUHDGHEDFNXSHVUHVSRQVDELOLGDGGHOD8QLGDG$FDGpPLFD

)/(;,%,/,'$'< (92/8&,Ï1 (VIXQGDPHQWDOWHQHUHQFXHQWDODSDUDPHWUL]DFLyQ\IOH[LELOLGDGGHO


VLVWHPD\DTXHHVWRKDFHDODIXWXUDHYROXFLyQTXHSXHGDWHQHUHOPLVPR
(OVLVWHPDWLHQHXQDDUTXLWHFWXUDTXHOHSHUPLWHDGDSWDUVHDODVGLVWLQWDVUHDOLGDGHVTXHH[LVWHQ
HQODV8QLYHUVLGDGHV

&21),*85$&,Ï1'(/6,67(0$

3DUiPHWURV

*HVWLyQGH&DUUHUDV\3ODQHV

3
*HVWLyQGH0DWULFXODV
$
5
$ *HVWLyQGH&XUVDGDV
0
(
7 *HVWLyQGH([iPHQHV\(TXLYDOHQFLDV
5
2 6HJXULGDG
6

$XWRJHVWLyQ

& 0$18$/)81&,21$/ 2 3$*,1$'(


6,8*8$5$1Ì

&RQWUROHVGLQiPLFRV

& 21752/

$&7,92 ,1$&7,92

0HQVDMH

$GYHUWHQFLD

(VWULFWR

*XDUDQtFXHQWDFRQFRQWUROHVGLQiPLFRV \SDUiPHWURVJHQHUDOHVTXHSHUPLWHQGHILQLU HO FRP


SRUWDPLHQWRGHOVLVWHPD/RVSDUiPHWURVJHQHUDOHVVRQYDULDEOHVTXHDOPRPHQWRGHODLPSOH
PHQWDFLyQWRPDQXQYDORUHQIXQFLyQGHFLHUWDVQHFHVLGDGHVTXHWHQJDOD8QLGDG$FDGpPLFD
/RVGLVWLQWRVYDORUHVTXHSXHGHQWRPDUHVWRVSDUiPHWURVLPSOLFDQXQDIRUPDGLIHUHQWHGHRSH
UDU GH *XDUDQt HVWR HV SDUWH GH OR TXH KDFH IOH[LEOH DO VLVWHPD DQWH GLVWLQWDV UHDOLGDGHV YHU
$QH[R 
2WUDKHUUDPLHQWDSDUDDGDSWDUVHDGLIHUHQWHVQHFHVLGDGHVVRQORVFRQWUROHVGLQiPLFRV(VWRV
FRQWUROHVVRQYDOLGDFLRQHVTXHVHDVRFLDQDXQDRSHUDFLyQ LWHPGHPHQ~ \TXHDOPRPHQWR
GHHMHFXWDUVHODPLVPDVRQGLVSDUDGRV/DIRUPDGHFRPSRUWDUVHGHHVWRVFRQWUROHVSDUDFDGD
RSHUDFLyQ GRQGH HVWiQ DVRFLDGRV VH GHWHUPLQD DO LPSOHPHQWDU HO VLVWHPD MXQWR FRQ ORV SDUi
PHWURVJHQHUDOHV(OVLVWHPDSURYHHXQFRQMXQWRGHFRQWUROHVTXHSXHGHVHUDPSOLDGRSRUOD
8QLGDG$FDGpPLFDVLQQHFHVLGDGGHPRGLILFDUHOVLVWHPD(M3XHGHQDJUHJDUFRQWUROHVSDUD
XVDUHQODLQVFULSFLyQDH[DPHQ
(O FDPELR GH FXDOTXLHUD GH HVWDV GHILQLFLRQHV SDUiPHWURV R FRQWUROHV  LPSOLFD XQD PRGLILFD
FLyQHQODIRUPDGHIXQFLRQDPLHQWRGHOVLVWHPDTXHGHEHHVWDUUHVSDOGDGDSRUXQFDPELRHQOD
IRUPDGHWUDEDMRGHOD8QLGDG$FDGpPLFD\GHEHVHUPDQHMDGDFRQSUHFDXFLyQ

(V LPSRUWDQWH WHQHU HQ FXHQWD TXH XQD HTXLYRFDGD FRQILJXUDFLyQ GH FRQWUROHV \ SDUiPHWURV
SXHGHOOHYDUDTXHHOVLVWHPDQRIXQFLRQHGHDFXHUGRDODVQHFHVLGDGHVGHOD8QLGDG$FDGp
PLFD
*XDUDQtHVWiEDVDGRHQXQDDUTXLWHFWXUDTXHSHUPLWHDODVXQLYHUVLGDGHVUHDOL]DUPRGLILFDFLR
QHVDOVLVWHPDDFRUGHDVXVQHFHVLGDGHV$GHPiVFDGD8QLGDG$FDGpPLFDSXHGHDJUHJDUVXV
SURSLRVFRQWUROHVGLQiPLFRVVLHVWRVQRHVWiQGHILQLGRVSUHYLDPHQWHHQHOVLVWHPDHVWHWLSRGH
DJUHJDGRVQRQHFHVLWDGHXQDPRGLILFDFLyQDOVLVWHPD

8Q FRQWURO GLQiPLFR SXHGHQ RSHUDU GH IRUPD GLIHUHQWH GHSHQGLHQGR GH OD RSHUDFLyQ D OD TXH
HVWp DVRFLDGR  $GHPiV XQD RSHUDFLyQ SXHGH WHQHU HO FRQWURO DFWLYDGR R QR GHSHQGLGR GH OD
LQWHUIDVHSRUODTXHVHHMHFXWH ,QWHUQHW$XWRJHVWLyQ*HVWLyQ(FyIRQR 
6LHOFRQWUROHVWiDFWLYRSDUDXQDRSHUDFLyQVHGHEHGHILQLUODPRGDOLGDGHQODTXHYDDWUDEDMDU

0RGDOLGDGHV

à 0HQVDMH 6L HO FRQWURO IDOOD HPLWH HO PHQVDMH FRUUHVSRQGLHQWH \ SHUPLWH FRQWLQXDU
FRQODRSHUDFLyQ
& 0$18$/)81&,21$/ 2 3$*,1$'(
6,8*8$5$1Ì

à $GYHUWHQFLD 6L HO FRQWURO IDOOD HPLWH HO PHQVDMH \ GHMD OD RSHUDFLyQ HQ HVWDGR
SHQGLHQWHSDUDTXHVHUHDOLFHXQDDSUREDFLyQSRVWHULRU/DPRGDOLGDGGHDGYHUWHQ
FLDHVWiGLVSRQLEOHHQDOJXQDVRSHUDFLRQHV

à (VWULFWR6LHOFRQWUROIDOODQRSHUPLWHUHDOL]DUODRSHUDFLyQ

&RQILJXUDFLRQHVSDUD8QLGDGHV
$FDGpPLFDVGHXQD8QLYHUVLGDG
81,'$'$&$'(0,&$ 81,'$'$&$'(0,&$

23(5$&,Ï1
,16&5,3&,21$

&856$'$

&21752/ &21752/
Pi[LPDFDQWLGDGLQVFULSWRV Pi[LPDFDQWLGDGLQVFULSWRV

SHUPLWLGDV $&7,92<(675,&72 SHUPLWLGDV ,1$&7,92

3$5$0(7526 3$5$0(7526
PD[BLQVFBFXUBLJXDOBSHULRGRBOHFWLYR  PD[BLQVFBFXUBLJXDOBSHULRGRBOHFWLYR 

(QHVWHJUiILFRVHPXHVWUDFRPRHOFDPELRGHYDORUGHXQSDUiPHWUR\XQFRQWUROFRQGLFLRQDHO
IXQFLRQDPLHQWRGHOVLVWHPD
(OFRQWUROFRQWURODPD[FDQWLQVFULSSHUPLWLGDVVLUYHSDUDOLPLWDUHOQ~PHURGHLQVFULSFLRQHV
TXHHODOXPQRSXHGHUHDOL]DUHQXQSHUtRGROHFWLYR
(OSDUiPHWURPD[BLQVFBFXUBLJXDOBSHULRGRBOHFWLYR LQGLFDODFDQWLGDGPi[LPDGHLQVFULSFLR
QHVSHUPLWLGDVHQXQSHUtRGROHFWLYR
(QOD8QLGDG$FDGpPLFDHODOXPQRQRSRGUiLQVFULELUVHDPiVGHPDWHULDVHQXQPLVPR
SHUtRGROHFWLYRSRUTXHHOFRQWUROHVWiDFWLYR\HVWULFWRHQODRSHUDFLyQGH,QVFULSFLyQD&XUVDGD
\ HOSDUiPHWURLQGLFD
(QFDPELRHQOD8QLGDG$FDGpPLFDVLELHQHOSDUiPHWURLQGLFDQRKDEUiOtPLWHHQODFDQWL
GDGGHLQVFULSFLRQHVDFXUVDGDSRUSHUtRGROHFWLYRSDUDHODOXPQRSRUTXHHOFRQWUROHVWiLQDFWL
YR

& 0$18$/)81&,21$/ 2 3$*,1$'(


6,8*8$5$1Ì

352&(626

6HGHILQHFRPRSURFHVRDXQFRQMXQWRGHDFWLYLGDGHVUHODFLRQDGDVTXHWLHQHQSRUREMHWLYRXQ
SURGXFWRRUHVXOWDGRILQDO

 $'0,1,675$&,Ï1'(&$55(5$6

 $'0,1,675$&,Ï1'(0$7(5,$6

 &5($&,Ï1'(&,&/26

 $'0,1,675$&,Ï1'(7Ë78/26

 $'0,1,675$&,Ï1'(3/$1(6'((678',2

 ,16&5,3&,Ï1$&$55(5$

 5(,16&5,3&,Ï1$&$55(5$

 '(),1,&,Ï1'(0$75,&(6'((48,9$/(1&,$6

 2725*$0,(172'((48,9$/(1&,$6

 3/$1,),&$&,Ï1'(&856$'$

 ,16&5,3&,Ï1$&856$'$

 *(1(5$&,Ï1'($&7$6'(&856$'2<35202&,Ï1

 3/$1,),&$&,Ï1'((;È0(1(6

 ,16&5,3&,Ï1$(;È0(1(6

 *(1(5$&,Ï1'($&7$6'((;È0(1(6

 $6,*1$&,Ï1'($8/$6

 *(67,Ï1'((*5(6$'26

& 0$18$/)81&,21$/ 2 3$*,1$'(


6,8*8$5$1Ì

$'0,1,675$&,Ï1'(&$55(5$6

(QXQD8QLGDG$FDGpPLFDVHGLFWDQPDWHULDVSDUDXQDRYDULDVFDUUHUDV3DUDTXHHODOXPQR
SXHGDFXUVDUXQDFDUUHUDGHWHUPLQDGDODPLVPDWLHQHTXHWHQHUDOPHQRVXQ3ODQGH(VWXGLR
TXHODLPSOHPHQWH8QDFDUUHUDWHQGUiXQ~QLFRWtWXORGHJUDGR

œ 5(48,6,726 35(9,26  3DUDODFUHDFLyQGHXQDFDUUHUDDTXHOODV8QLGDGHV$FDGpPLFDVTXH


XWLOLFHQORVVLJXLHQWHVFRQFHSWRVGHEHUiQGHILQLUORV

à &XUVRGH LQJUHVR 2SHUDFLyQXD  (O&XUVRGH,QJUHVRHVXQUHTXLVLWRREOLJDWR


ULR(O*XDUDQtOOHYDODUHJLVWUDFLyQGHORVUHVXOWDGRVGHO&XUVRGH,QJUHVR
6L OD 8QLGDG $FDGpPLFD GHVHD OOHYDU HO UHJLVWUR HQ DFWDV SRUTXH ODV PDWHULDV IRUPDQ
SDUWH GH OD KLVWRULD DFDGpPLFD R LQWHUYLHQHQ HQ DOJ~Q UpJLPHQ GH FRUUHODWLYLGDGHV VH
GHEHFDUJDUHOFXUVRGHLQJUHVRFRPRXQDFDUUHUDRFRPRSDUWHGHHOOD

à $TXHOODV 8QLGDGHV $FDGpPLFDV TXH XWLOLFHQ HO FRQFHSWR GH GHSDUWDPHQWR 2SHUDFLyQ
XD GHEHQGHILQLUOR

à 5HTXLVLWRVGHLQJUHVRWDQWRGHODXQLGDGDFDGpPLFDFRPRORVGHXQDFDUUHUDHQSDUWL
FXODU 2SHUDFLRQHVXD\XD /RVUHTXLVLWRVGHLQJUHVRDOD8QLGDG$FD
GpPLFDVRQYiOLGRV SDUD FXDOTXLHU FDUUHUD PLHQWUDV TXH ORV UHTXLVLWRV GH LQJUHVR D OD
FDUUHUDVRQSURSLRVGHGLFKDFDUUHUD/RVUHTXLVLWRVSXHGHQVHUREOLJDWRULRVRQRREOL
JDWRULRV

œ &XDQGRVHGHILQHXQDFDUUHUDVHLQJUHVDQGDWRVEiVLFRVGHODPLVPD 2SHUDFLyQFDU 

&DUUHUDFRQPiVGHXQ
3ODQGH(VWXGLR

& $55(5$

3ODQ 3ODQ 3ODQ

& 0$18$/)81&,21$/ 2 3$*,1$'(


6,8*8$5$1Ì

$'0,1,675$&,Ï1'(0$7(5,$6

(QHOVLVWHPDODVPDWHULDVSHUWHQHFHQDOD8QLGDG$FDGpPLFD\SXHGHQGLFWDUVHHQXQDRYD
ULDVFDUUHUDV(VQHFHVDULRSULPHURGHILQLUODVPDWHULDVTXHOXHJRVHUHODFLRQDUiQFRQODVUHV
SHFWLYDVFDUUHUDVIRUPDQGRSODQHVGHHVWXGLRV

0DWHULDV&DUUHUDV\3ODQGH(VWXGLR

8QLGDG
$FDGpPLFD

0DWHULD &DUUHUD

3ODQGH
(VWXGLR

œ 5(48,6,726 35(9,26 3DUD OD FUHDFLyQ GH ODV PDWHULDV FRUUHVSRQGLHQWHV D XQD FDUUHUD HV
QHFHVDULRGHILQLU

à 3HUtRGRGHGLFWDGR 2SHUDFLyQXD  (O XVRGHHVWH GDWRHVRSFLRQDO \ DFULWHULR


GHOD8QLGDG$FDGpPLFD
(OSHUtRGRGHGLFWDGRTXHVHGHILQDHQHVWHPRPHQWRHVHOTXHVHVXJLHUHSRUGHIHFWR
DODUPDUXQSODQ\SXHGHVHUPRGLILFDGRHQHVHSXQWR

à $TXHOODV 8QLGDGHV $FDGpPLFDV TXH XWLOLFHQ HO FRQFHSWR GH GHSDUWDPHQWR 2SHUDFLyQ
XD GHEHQGHILQLUOR

œ &XDQGRVHGHILQHXQDPDWHULDVHLQJUHVDQGDWRVEiVLFRVGHODPLVPD\DTXHOODV8QLGDGHV
$FDGpPLFDV TXH XWLOLFHQ HO FRQFHSWR GH FiWHGUD GHEHQ GHILQLUOR HQ HVWH PRPHQ
WR 2SHUDFLyQFDU 
/DFiWHGUDVRORSXHGHH[LVWLUHQHOFRQWH[WRGHXQDPDWHULD\DFDGDFiWHGUDVHOHSRGUiQ
DVLJQDUORVGRFHQWHVFRUUHVSRQGLHQWHV
$GHPiVSRUFDGDPDWHULDTXHGLFWHXQJUXSRGHGRFHQWHVWLHQHTXHH[LVWLUXQDFiWHGUD

& 0$18$/)81&,21$/ 2 3$*,1$'(


6,8*8$5$1Ì

7LSRGH0DWHULD

0 $7(5,$

*(1(5,&$ 1250$/

2SWDWLYD

2SWDWLYD

2SWDWLYD

œ 0 $7(5,$6237$7,9$6 (/(&7,9$6 8QDPDWHULDRSWDWLYDHVDTXHOODHQODTXHHODOXPQRWLHQH


ODOLEHUWDGGHHOHJLUHQWUHXQJUXSRGHPDWHULDV(OSODQGHHVWXGLRVOHGDODRSFLyQDODOXP
QRGHVHOHFFLRQDUDOJXQDVPDWHULDVGHXQJUXSRGHWHUPLQDGR(QHOSODQVHGHILQHODFDQWL
GDGGHPDWHULDVQHFHVDULDVGHFDGDJUXSRGHRSWDWLYDV

0DWHULDV2SWDWLYDV

3ODQGH
(VWXGLRV
0DWHPiWLFD
)tVLFD
 7DOOHU

2SWDWLYD 7DOOHU
 7DOOHU


& 0$18$/)81&,21$/ 2 3$*,1$'(


6,8*8$5$1Ì

/DIRUPDGHUHJLVWUDUPDWHULDVRSWDWLYDVHQ*XDUDQtHVDWUDYpVGHPDWHULDVJHQpULFDV/D
PDWHULDJHQpULFDHQJOREDYDULDVPDWHULDVRSWDWLYDV\FRQWLHQHHOSXQWDMHWRWDOQHFHVDULRSD
UD VX DSUREDFLyQ 3DUD FDGD RSWDWLYD LQFOXLGD HQ OD PDWHULD JHQpULFD VH GHILQH HO SXQWDMH
TXHUHSUHVHQWD&XDQGRHODOXPQRDSUXHEDXQDFDQWLGDGGHRSWDWLYDVFX\DVXPDGHSXQ
WRVHVLJXDORPD\RUDOTXHUHTXLHUHODJHQpULFDHOVLVWHPDFRQVLGHUDODPDWHULDJHQpULFD
FRPRDSUREDGD
(Q OD KLVWRULD DFDGpPLFD GH ORV DOXPQRV ILJXUDUi HO GHWDOOH GH ODV PDWHULDV RSWDWLYDV TXH
DSUREy\QRODPDWHULDJHQpULFD

0DWHULD*HQpULFD

0DWHULD*HQpULFD6HPLQDULR
0tQLPR3XQWRV

2S 2S 2S 2S


3LQWXUD 'LEXMR (VFXOWXUD 0~VLFD
SXQWRV SXQWRV SXQWRV SXQWRV

$OJXQDVIRUPDVGHDSUREDFLyQGH0DWHULD*HQpULFD6HPLQDULR
2S2S 0DWHULD*HQpULFD$SUREDGD
2S2S 0DWHULD*HQpULFD$SUREDGD

œ 3DUD OD FUHDFLyQ GH XQD PDWHULD HV QHFHVDULR TXH OD 8QLGDG $FDGpPLFD GHILQD HO FULWHULR
FRQHOTXHODYDDXWLOL]DUGHQWURGHXQ3ODQGH(VWXGLRVHVGHFLUVLHVFRP~QDYDULDVFD
UUHUDVRVRORYDDSHUWHQHFHUDXQDFDUUHUD
6RORVHGHEHUiQXVDUPDWHULDVFRPXQHVVLOD8QLYHUVLGDGDFWXDOPHQWHWUDEDMDFRQHVH
FRQFHSWR(VWiSHQVDGRSDUDDTXHOODVFDUUHUDVHQODVFXDOHVH[LVWHQDxRVFRPXQHV\OD
DSUREDFLyQGHXQDPDWHULDGHHVWRVDxRVHVYiOLGDSDUDFXDOTXLHUDGHODVFDUUHUDVVLQOD
QHFHVLGDGGHXQDHTXLYDOHQFLDRWUiPLWHTXHODDYDOH6LHVQHFHVDULDXQDHTXLYDOHQFLDSD
UDTXHODDSUREDFLyQGHXQDPDWHULDVHDYiOLGDHQRWURSODQGHODPLVPDFDUUHUDHQWRQFHV
HVWDVGHEHQLQJUHVDUVHFRPRPDWHULDVGLVWLQWDV DXQTXHWHQJDQHOPLVPRQRPEUH 

0DWHULDV&RPXQHVVLXQDPDWHULDHVFRP~QDYDULDVFDUUHUDVHOVLVWHPDSHUPLWHGRVIRU
PDVGHIXQFLRQDPLHQWR

½ /DPDWHULDVHFRQVLGHUDDSUREDGDDXWRPiWLFDPHQWHHQODVFDUUHUDVHQODTXHHODOXP
QRHVWpLQVFULSWR

½ /D PDWHULD SRGUi TXHGDU DSUREDGD D WUDYpV GH XQD HTXLYDOHQFLD $O VHU PDWHULDV FR
PXQHVODSROtWLFDGHHTXLYDOHQFLDVHQWUHODVPLVPDVHVWiLPSOtFLWDHQHOVLVWHPD\QRHV
QHFHVDULR GHILQLUOD FRQ XQD PDWUL] GH HTXLYDOHQFLD YHU 'HILQLFLyQ GH 0DWULFHV GH
(TXLYDOHQFLDV 

6LXQDPDWHULDHVFRP~QDGLVWLQWRVSODQHVGHODPLVPDFDUUHUDODPDWHULDTXHGDDSUREDGD
DXWRPiWLFDPHQWHSDUDODFDUUHUD
& 0$18$/)81&,21$/ 2 3$*,1$'(
6,8*8$5$1Ì

6LHODOXPQRUHDOL]DXQFDPELRGHSODQDTXHOODVPDWHULDVTXHHVWpQDSUREDGDVHQHOSODQ
GHHVWXGLRVDQWHULRU\TXHSHUWHQH]FDQDOQXHYRSODQQRQHFHVLWDQGHXQDHTXLYDOHQFLD
6LVHQHFHVLWDUDGHXQDHTXLYDOHQFLDSDUDVXDSUREDFLyQHVQHFHVDULRGHILQLUPDWHULDVGLV
WLQWDVSDUDHOQXHYRSODQ

0DWHULDV&RPXQHVDPiVGH
XQD&DUUHUD
&DUUHUD &DUUHUD

0DWHULDV

3ULPHU 0DWHPiWLFD 0DWHPiWLFD 3ULPHU


&RPXQHV

$xR )tVLFD )tVLFD $xR


%LRORJtD %LRORJtD

/DVPDWHULDV0DWHPiWLFD)tVLFD\%LRORJtDVRQPDWHULDVFRPXQHVDDPEDVFDUUHUDVWLHQHQ

LJXDOFRGLILFDFLyQ

0DWHULDV1R&RPXQHV

&DUUHUD &DUUHUD

3ULPHU 0DWHPiWLFD 0DWHPiWLFD 3ULPHU


$xR )tVLFD )tVLFD $xR
%LRORJtD %LRORJtD

/DPDWHULD³0DWHPiWLFD´SHUWHQHFLHQWHDOD&DUUHUDHVGLVWLQWDDODPDWHULD³0DWHPiWLFD´GH

OD&DUUHUDD~QWHQLHQGRHOPLVPRQRPEUH1RVRQPDWHULDVFRPXQHVWLHQHQGLVWLQWDFRGLILFDFLyQ

& 0$18$/)81&,21$/ 2 3$*,1$'(


6,8*8$5$1Ì

&5($&,Ï1'(&,&/26

8Q &LFOR UHSUHVHQWD XQ FULWHULR GH DJUXSDFLyQ GH PDWHULDV (VWRV JUXSRV GH PDWHULDV SRGUiQ
VHUDVRFLDGRVDXQRRYDULRVSODQHVSHUPLWLHQGRGHHVDPDQHUDVHUUHXWLOL]DGRV3HUPLWHPD\RU
IOH[LELOLGDGSDUDUHSUHVHQWDUGLVWLQWDVYDULDQWHVGHSODQHVTXHH[LVWHQHQODV8QLGDGHV$FDGp
PLFDV/RVFLFORVGHILQLGRVHQHOVLVWHPDQRWLHQHQSRUTXHFRUUHVSRQGHUVHFRQHOFRQFHSWRGH
FLFORVXVDGRVHQODVUHVROXFLRQHVGHSODQHVGHHVWXGLR8QDFDUUHUDSXHGHWHQHUXQ~QLFRFLFOR
HQHOVLVWHPD/RVFLFORVVHXWLOL]DQDGHPiVSDUDGHILQLUODVRULHQWDFLRQHVGHXQWtWXOR&DGD
RULHQWDFLyQWLHQHVXVFLFORVSURSLRVFRQODVPDWHULDVTXHODGHILQHQ\WRGDVFRPSDUWHQXQDEDVH
FRP~QTXHWDPELpQHVWiIRUPDGDSRUFLFORV

œ 5(48,6,72635(9,26

à 3DUD OD FUHDFLyQ GH FLFORV HV QHFHVDULR GHILQLU FRQ DQWHULRULGDG ODV PDWHULDV TXH OR
FRQIRUPDUiQ 2SHUDFLyQFDU 

œ /DVPDWHULDVVHGHEHQDJUXSDUHQFLFORVSDUDSRGHUIRUPDUSDUWHGHXQSODQGHHVWXGLRV
8Q&LFORUHSUHVHQWDXQFULWHULRGHDJUXSDFLyQGHPDWHULDV'HEHQHVWDUDUPDGRVGHPDQH
UDWDOTXHDJUXSDQGRRPiVFLFORVVHSXHGDQGHWHUPLQDUODVPDWHULDVTXHFRPSRQHQ HO
SODQEDVH\WRGDVVXVRULHQWDFLRQHV$GHPiVVHSXHGHQFRPSDUWLUXQRRYDULRVFLFORVHQWUH
FDUUHUDVSODQ7DPELpQORVFLFORVVHSXHGHQDUPDUWHQLHQGRHQFXHQWDIXWXURVFRQWUROHVGH
FRUUHODWLYDV (M 3DUD UHDOL]DU 6HPLQDULR ,, KDFH IDOWD WHQHU SRU OR PHQRV WUHV PDWHULDV GH
VHJXQGRDxR 

œ &XDQGRVHGHILQHXQFLFORVHLQJUHVDQGDWRVEiVLFRVGHOPLVPR\VHVHOHFFLRQDQODVPDWH
ULDVTXHORFRQIRUPDUiQ 2SHUDFLyQFDU 

8VRGH&LFORV
3ODQ%DVH
&LFOR 3ODQGH(VWXGLRV
2ULHQWDFLyQ 2ULHQWDFLyQ

&DUUHUD &LFOR
&LFOR 3ODQGH(VWXGLRV
2ULHQWDFLyQ 2ULHQWDFLyQ

&DUUHUD &LFOR &LFOR 3ODQGH


(VWXGLRV

3ODQ%DVH
&LFORFLFORFRP~QDGRVFDUUHUDV
&LFOR\FLFORVDSOLFDGRVDRULHQWDFLRQHV

& 0$18$/)81&,21$/ 2 3$*,1$'(


6,8*8$5$1Ì

$'0,1,675$&,Ï1'(7Ë78/26

(O *XDUDQt FRQWHPSOD OD XWLOL]DFLyQ GH GRV WLSRV GH WtWXORV WtWXOR GH JUDGR \ WtWXOR LQWHUPHGLR
&XDQGRHODOXPQRUHFLEHXQWtWXORLQWHUPHGLRFRQWLQ~DHQFDOLGDGGHDOXPQRGHOD8QLYHUVLGDG
HQFDPELRFXDQGRHODOXPQRUHFLEHXQWtWXORGHJUDGRSDVDUDVHUHJUHVDGR

œ &XDQGRVHGHILQHXQWtWXORVHLQJUHVDQGDWRVEiVLFRVGHOPLVPR 2SHUDFLyQFDU 

œ 8QDFDUUHUDWLHQHXQ~QLFRWtWXORGHJUDGR\SXHGHWHQHUXQRRPXFKRVWtWXORVLQWHUPHGLRV

7tWXORV,QWHUPHGLR\GH*UDGR

7tWXOR,QWHUPHGLR 7LWXORGH*UDGR

7
Ë
7
8
/
2
$/8012 (*5(6$'2

& 0$18$/)81&,21$/ 2 3$*,1$'(


6,8*8$5$1Ì

$'0,1,675$&,Ï1'(3/$1(6'((678',2
/D PDQHUD GH UHODFLRQDU ODV PDWHULDV FRQ OD FDUUHUD FRUUHVSRQGLHQWH HV D WUDYpV GHO SODQ GH
HVWXGLRV&XDQGRVHJHQHUDXQSODQGHHVWXGLRVHVQHFHVDULRHVSHFLILFDUODFDUUHUD
8QSODQ GH HVWXGLR HVWiFRPSXHVWRSRU GLVWLQWRVFLFORV\ SRUXQFLHUWR Q~PHUR GH DFWLYLGDGHV
H[WUDFXUULFXODUHVVLODFDUUHUDUHTXLHUHGHHVWDVDFWLYLGDGHV/DGHILQLFLyQGHSODQHVGHHVWXGLR
HVXQSURFHVRFHQWUDOSDUDHOIXQFLRQDPLHQWRGHO*XDUDQt

œ 5(48,6,72635(9,26 3DUDODFUHDFLyQGHXQSODQGHHVWXGLRVHVQHFHVDULRGHILQLU

à &DUUHUD 3URFHVR$GPLQLVWUDFLyQGH&DUUHUDV 

à 0DWHULDV 3URFHVR$GPLQLVWUDFLyQGH0DWHULDV 

à &LFORV 3URFHVR&UHDFLyQGH&LFORV 

à 7tWXOR 3URFHVR$GPLQLVWUDFLyQGH7tWXORV

à $TXHOODV8QLGDGHV $FDGpPLFDVTXH XWLOLFHQHOFRQFHSWR GH DFWLYLGDGHV H[WUDFXUULFXOD


UHV 2SHUDFLyQFDU GHEHQGHILQLUODV

œ (O3ODQGH(VWXGLRV WLHQHWUHVHVWDGRVSRVLEOHV

à 1XHYR(O3ODQGH(VWXGLRVSRGUiVHUPRGLILFDGR \ QRWLHQH LPSOLFDQFLDVDGPLQLV


WUDWLYDV\DFDGpPLFDVKDVWDTXHHOPLVPRHVWp$FWLYR9LJHQWH

à $FWLYR9LJHQWH8QDYH]TXHHO3ODQGH(VWXGLRVHVWiFDUJDGR\YHULILFDGRGHEHUi
VHUDFWLYDGRSDUDTXHHOPLVPRFRPLHQFHDUHJLU(VWHQXHYRSODQSDVDUiDVHUHO
SODQ YLJHQWH GH OD FDUUHUD \ HO TXH HUD YLJHQWH KDVWD HVWH PRPHQWR SDVDUi D VHU
DFWLYRQRYLJHQWH

à $FWLYR 1R 9LJHQWH &DEH GHVWDFDU TXH SXHGHQ FRQYLYLU YDULRV SODQHV GH HVWXGLRV
DFWLYRVSDUDXQDPLVPDFDUUHUDSHURVRORHO~OWLPRSODQGHHVWXGLRVDFWLYRVHUiHO
YLJHQWH

à %DMD6HSXHGHGDUGHEDMDDXQSODQGHHVWXGLRVFXDQGRWRGRVVXVDOXPQRVWLHQHQ
FDOLGDGGHHJUHVDGRRKD\DQDEDQGRQDGR

œ 3DUD TXH HO 3ODQ GH (VWXGLRVSXHGDVHUPRGLILFDGRVH QHFHVLWD GH XQD UHVROXFLyQ TXH OR
UHVSDOGH(VWDPRGLILFDFLyQLQGLFDODJHQHUDFLyQGHXQQXHYRSODQ(QDOJXQRVFDVRVSXH
GHVHUQHFHVDULRUHDOL]DUPRGLILFDFLRQHVPHQRUHVDXQSODQDFWLYRGHELGRDXQDFDUJDHUUy
QHD GH ORV GDWRV VLQ WHQHU TXH JHQHUDU XQ QXHYR SODQ 3DUD UHIOHMDU OD KLVWRULD GH HVWRV
FDPELRVHO*XDUDQtPDQHMDHOFRQFHSWRGHYHUVLyQGHXQSODQ/RVDOXPQRVVLHPSUHHVWD
UiQDVRFLDGRVDOD~OWLPDYHUVLyQGHOSODQDFWLYRDOTXHSHUWHQHFHQ
/D~QLFDLQIRUPDFLyQTXHSXHGHVHUDFWXDOL]DGDVLQODQHFHVLGDGGHXQDUHVROXFLyQRFDP
ELRGHYHUVLyQHVODUHIHUHQWHDWDOOHUHVVHPLQDULRV\PDWHULDVRSWDWLYDVTXHVXHOHQYDULDU
VXFRQWHQLGRDORODUJRGHOWLHPSR(M(QXQSHUtRGRGHWHUPLQDGRODPDWHULD6HPLQDULRHV
GLFWDGDSRUXQSURIHVRUH[WUDQMHURTXHYLQRFDVXDOPHQWHDOSDtV3RUHVWHDFRQWHFLPLHQWRHO
FRQWHQLGRGHODPDWHULDRHOQRPEUHGHODPLVPDSXHGHQFDPELDUVHJ~QORVFRQRFLPLHQWRV
GHGLFKRSURIHVRU

œ &XDQGRVHGHILQHXQSODQGHHVWXGLRV 2SHUDFLyQFDU VHLQGLFD

à /DFDUUHUD

à 8QRRYDULRVFLFORVTXHFRPSRQHQHOSODQGH(VWXGLRV

& 0$18$/)81&,21$/ 2 3$*,1$'(


6,8*8$5$1Ì

½ 3RU FDGD PDWHULD VH OH GHILQH SHUtRGR \ DxR GH GLFWDGR FRUUHODWLYLGDGHV PDWHULDV
FXUVDGDV\PDWHULDVDSUREDGDVQHFHVDULDVSDUDFXUVDUXQDPDWHULD\RUHQGLUH[D
PHQ HVFDODGHQRWDV FDOLILFDFLyQSDUDFXUVDGD\H[iPHQHVILQDOHV \VHGHWHUPL
QDQ ODV DFWLYLGDGHV H[WUDFXUULFXODUHV FRQ VX FRUUHVSRQGLHQWH SXQWDMH VL OD FDUUHUD
UHTXLHUHGHDFWLYLGDGHVIXHUDGHOD8QLGDG$FDGpPLFD(MWUDEDMRHQKRVSLWDOHV 
6L OD PDWHULD HV SURPRFLRQDEOH SDUD HO SODQ KD\ TXH XWLOL]DU XQD HVFDOD GH QRWDV
TXH LQFOX\D OD SRVLELOLGDG GH SURPRFLyQ (O FULWHULR SDUD SURPRFLRQDU OR GHILQH OD
HVFDODGHQRWDV(MHODOXPQRSURPRFLRQDFRQPiVGH

œ 6H GHWHUPLQD FXDO HV HO WtWXOR GH JUDGR SDUD HO SODQ GH HVWXGLRV 2SHUDFLyQ FDU  (O
WtWXORGHJUDGRGHEHVHUHOPLVPRSDUDWRGRVORVSODQHVGHODFDUUHUD
6L HOWtWXORWLHQHRULHQWDFLRQHVKD\ TXHGHILQLUTXHFLFORVIRUPDQHOSODQEDVH \ TXH FLFORV
SHUWHQHFHQDFDGDXQDGHODVRULHQWDFLRQHV
(O SODQ EDVH VRQ FLFORV TXH SHUWHQHFHQ D WRGDV ODV RULHQWDFLRQHV 6L HO WtWXOR QR WLHQH
RULHQWDFLRQHVWRGRVVXVFLFORVIRUPDQSDUWHGHOSODQEDVH
/RVFLFORVHOHJLGRVSDUDHOSODQEDVH\SDUDVXRULHQWDFLyQGHEHQWHQHUPDWHULDVGLVWLQWDV

œ $&7,9$5 3/$1 '( (678',26 8QD YH] TXH HO 3ODQ GH (VWXGLRV HVWp FDUJDGR \ YHULILFDGR
GHEHUiVHUDFWLYDGRSDUDTXHHOPLVPRFRPLHQFHDUHJLU 2SHUDFLyQFDU (VWHQXHYR
SODQSDVDUiDVHUHOSODQYLJHQWHGHODFDUUHUD&DEHGHVWDFDUTXHSXHGHQFRQYLYLUYDULRV
SODQHVGHHVWXGLRVDFWLYRVSDUDXQDPLVPDFDUUHUDSHURVRORHO~OWLPRSODQGHHVWXGLRVDF
WLYDGRVHUiHOYLJHQWH

3DVRVSDUD$FWLYDUXQ3ODQGH
(VWXGLRV

$GPLQLVWUDU $GPLQLVWUDU &UHDU


ODV&DUUHUDV ODV0DWHULDV ORV&LFORV

$&7,9$5 $GPLQLVWUDUORV $GPLQLVWUDU


3ODQGH(VWXGLR 3ODQHVGH(VWXGLR ORV7tWXORV

& 0$18$/)81&,21$/ 2 3$*,1$'(


6,8*8$5$1Ì

7tWXORVGH*UDGRFRQ2ULHQWDFLRQHV

2ULHQWDFLyQ

&DUUHUD 7tWXOR

2ULHQWDFLyQ

&DUUHUD 7tWXOR

&DUUHUDFRQ7tWXORV,QWHUPHGLRV
\ 2ULHQWDFLRQHV

7tWXOR
,QWHUPHGLR 7tWXOR
2ULHQWDFLyQ
3ODQ

&DUUHUD 7tWXOR
3ODQ

7tWXOR
7tWXOR
,QWHUPHGLR 2ULHQWDFLyQ

& 0$18$/)81&,21$/ 2 3$*,1$'(


6,8*8$5$1Ì

8VRGH&LFORV
3ODQ%DVH
& &LFOR 3ODQGH(VWXGLRV
D 2ULHQWDFLyQ 2ULHQWDFLyQ
U
7

U
t

H
W

X
&LFOR
U &LFOR 3ODQGH(VWXGLRV
O

D 2ULHQWDFLyQ 2ULHQWDFLyQ
R




&
D 7

U &LFOR &LFOR 3ODQGH


t

U (VWXGLRV
W

H
X

U
O

D
3ODQ%DVH


&DUUHUDFRQGRV7tWXORV,QWHUPHGLRV

7tWXOR
,QWHUPHGLR

7tWXOR
&DUUHUD 3ODQ GH
*UDGR
7tWXOR
,QWHUPHGLR

& 0$18$/)81&,21$/ 2 3$*,1$'(


6,8*8$5$1Ì

,16&5,3&,Ï1$&$55(5$

/DLQVFULSFLyQHVODH[SUHVLyQGHYROXQWDGGHXQDSHUVRQDGHLQJUHVDUDXQDRYDULDVFDUUHUDV
&XDQGR ODSHUVRQD LQJUHVDSRUSULPHUDYH]DOD8QLGDG$FDGpPLFDVHOD LQVFULEH FRPR DVSL
UDQWHDODVFDUUHUDVTXHVROLFLWH
8QD YH] TXH FXPSOD FRQ ORV UHTXLVLWRV REOLJDWRULRV VH OH SRGUi JHQHUDU HO Q~PHUR GH OHJDMR
FRUUHVSRQGLHQWH(ODVSLUDQWHQRHVDOXPQRKDVWDODJHQHUDFLyQGHVXOHJDMR

œ 5(48,6,72635(9,26

à 3ODQ$FWLYR9LJHQWH 3URFHVR$GPLQLVWUDFLyQGH3ODQHVGH(VWXGLR 

œ ,16&5,3&,Ï1$&$55(5$

à (Q HO PRPHQWR TXH VH UHDOL]D OD LQVFULSFLyQ D XQD GHWHUPLQDGD FDUUHUD 2SHUDFLyQ
PDW  VH UHJLVWUDQ ORV UHTXLVLWRV GH LQVFULSFLyQ TXH HO DOXPQR SUHVHQWD VHJ~Q HO
FULWHULRGHOD8QLGDG$FDGpPLFD6LODSHUVRQDQRSHUWHQHFHDOD8QLGDG$FDGpPLFDVH
GHEHQ FDUJDU GDWRV SHUVRQDOHV FHQVDOHV \ VH JHQHUD XQ Q~PHUR GH LQVFULSFLyQ /D
IRUPD GH JHQHUDFLyQ GHO Q~PHUR GH LQVFULSFLyQ OR GHILQH OD 8QLGDG $FDGpPLFD DO LP
SOHPHQWDUHOVLVWHPD

à 6L VH GHILQLy TXH VH RWRUJDQ WXUQRV GH LQVFULSFLyQ RSHUDFLyQ XD  VH UHDOL]D OD
LQVFULSFLyQFRQODFDUJDGHORVGDWRVPtQLPRVUHTXHULGRVSHURODSHUVRQDGHEHUiFRQ
FXUULUHQODIHFKDHVWLSXODGDSDUDSUHVHQWDUUHTXLVLWRV\RFRPSOHWDUGDWRVFHQVDOHV

à /D8QLGDG$FDGpPLFDGHEHGHILQLUFXDOHVVRQORVGDWRVSHUVRQDOHV\FHQVDOHVFRQORV
TXHYDDWUDEDMDU

œ 5(*,675$&,Ï1'(5(48,6,726&803/,'26<'$726&(16$/(6 6LOD8QLGDG$FDGpPLFDHVWD
EOHFH TXH HO DVSLUDQWH SUHVHQWH ORV UHTXLVLWRV GH LQVFULSFLyQ 2SHUDFLyQ PDW y
PDW  \ FRPSOHWH VXV GDWRV FHQVDOHV 2SHUDFLyQ PDW  HQ XQD IHFKD HVWLSXOD
GD WXUQRV GH LQVFULSFLyQ GLVWLQWDD ODIHFKD GH LQVFULSFLyQ D OD FDUUHUD OD SHUVRQD GHEHUi
FRQFXUULU\SUHVHQWDUORVPLVPRVHQHVDIHFKD

œ 5(*,675$&,Ï1 '( /26 5(68/7$'26 '(/ &8562 '( ,1*5(62 3DUD DTXHOODV FDUUHUDV TXH
WHQJDQFXUVRGHLQJUHVRVHGHEHQUHJLVWUDUORVUHVXOWDGRVGHOPLVPR 2SHUDFLyQPDW
DQWHVGHJHQHUDU ORVOHJDMRV GH ORV DOXPQRV (O FXPSOLPLHQWR GHO FXUVR GH LQJUHVR HV XQ
UHTXLVLWRREOLJDWRULRSDUDVHUDOXPQRGHODFDUUHUD

œ *(1(5$&,Ï1 '( /(*$-26 '( $/80126 7RGRDVSLUDQWHTXHKD\DFXPSOLGRFRQORVUHTXLVL


WRVGHLQJUHVRVHJ~QHOFULWHULRGHOD8QLGDG$FDGpPLFDVHFRQYLHUWHHQDOXPQRGHODFDUUH
UDXQDYH]JHQHUDGRVXOHJDMR PDW 
([LVWHQ FRQWUROHV SDUDPHWUL]DEOHV 2SHUDFLyQ DGPLQ  DVRFLDGRV D HVWD RSHUDFLyQ YHU
$QH[R 
/RVFRQWUROHVYHULILFDQVLHODOXPQRSUHVHQWyORVUHTXLVLWRVREOLJDWRULRVGHOD8QLGDG$FD
GpPLFD\GHOD&DUUHUD
/RVUHTXLVLWRVSDUDODJHQHUDFLyQGHORVOHJDMRVGHORVDOXPQRVTXHGDQDFULWHULRGHOD8QL
GDG$FDGpPLFD
(OVLVWHPDDVLJQDXQOHJDMRDFDGDSHUVRQDSRUFDGDFDUUHUDHQODTXHHVWpLQVFULSWR(VWH
GDWRSXHGHVHUHOPLVPRSDUDWRGDVODVFDUUHUDVRGLVWLQWRHQFDGDXQDGHHOODV/DIRUPD
HQTXHVHJHQHUDHVWHFyGLJRVHGHILQHDOLPSOHPHQWDUHOVLVWHPD

& 0$18$/)81&,21$/ 2 3$*,1$'(


6,8*8$5$1Ì

,QVFULSFLyQD&DUUHUD

$63,5$17( 5($/,=$,16&5,3&,21

&803/(
5(48,6,726
,1*5(62$
81$&$55(5$

$/8012 6(*(1(5$
/(*$-2

*HQHUDFLyQGH1~PHURGH/HJDMR

3HUVRQD
1~PHURGH,QVFULSFLyQ

$OXPQR $OXPQR
/HJDMR /HJDMR

&DUUHUD &DUUHUD

/RV/HJDMRVSXHGHQVHQLJXDOHVRGLIHUHQWHVVHJ~QHOFULWHULRGHOD

8QLGDG$FDGpPLFD

& 0$18$/)81&,21$/ 2 3$*,1$'(


6,8*8$5$1Ì

5(,16&5,3&,Ï1$&$55(5$

/DUHLQVFULSFLyQHVODH[SUHVLyQGHYROXQWDGGHODOXPQRDFRQWLQXDUHQODFDUUHUD\HOQRFXP
SOLPLHQWRGHHVWHDFWRDGPLQLVWUDWLYRSXHGHWHQHULPSOLFDQFLDVSDUDHODOXPQRVHJ~QHOFULWHULR
XWLOL]DGRSRUOD8QLGDG$FDGpPLFDFRPRSRUHMHPSORLQDFWLYDUORSDUDFXUVDURUHQGLUPDWHULDV

œ /DUHLQVFULSFLyQ 2SHUDFLyQPDW HVODH[SUHVLyQGHYROXQWDGGHODOXPQRDFRQWLQXDU


HQODFDUUHUD\SHUPLWHODDFWXDOL]DFLyQGHORVGDWRVFHQVDOHVGHODOXPQRVLOD8QLGDG$FD
GpPLFDORUHTXLULHVH
7DPELpQVHSXHGHWHQHUDFFHVRDHVWDRSHUDFLyQGHVGH$XWRJHVWLyQR,QWHUQHW
([LVWHQ FRQWUROHV SDUDPHWUL]DEOHV HQ RWUDV RSHUDFLRQHV TXH SXHGHQ YHULILFDU HO FXPSOL
PLHQWRGHHVWHSURFHVR(MLQVFULSFLyQDFXUVDGD

œ (QHOVLVWHPDHOXVRGHHVWDRSHUDFLyQ 2SHUDFLyQPDW \ODSHULRGLFLGDGFRQODTXH


VHUHDOLFHTXHGDDFULWHULRGHFDGD8QLGDG$FDGpPLFD

5HLQVFULSFLyQD&DUUHUD

*(67,21 $872*(67,21 ,17(51(7

5(,16&5,3&,21

& 0$18$/)81&,21$/ 2 3$*,1$'(


6,8*8$5$1Ì

'(),1,&,Ï1'(0$75,&(6'((48,9$/(1&,$6

/DSROtWLFDGHHTXLYDOHQFLDVGHXQD8QLGDG$FDGpPLFDGHILQHODVUHODFLRQHVHQWUHVXVPDWHULDV
/DPDWULFHVGHHTXLYDOHQFLDVUHIOHMDHVWDSROtWLFDGHQWURGHOVLVWHPDGHILQLHQGRODUHODFLyQ \OD
FRUUHVSRQGHQFLDHQWUHPDWHULDV

œ (OVLVWHPDSHUPLWHGHILQLUSROtWLFDVRPDWULFHVGHHTXLYDOHQFLDV 2SHUDFLyQFDU HQWUH

à 0DWHULDVGHQWURGHOD8QLGDG$FDGpPLFD

à 0DWHULDVHQWUHGRVFDUUHUDV

à 0DWHULDVGHGRVSODQHVGHODPLVPDFDUUHUD

à 0DWHULDVGHSODQHVGHGLIHUHQWHVFDUUHUDV

(QORVFXDWURFDVRVODUHODFLyQHQWUHODVPDWHULDVSXHGHVHUXQRDXQRXQRDPXFKRVPXFKRV
D XQRRPXFKRVDPXFKRV

œ /DVHTXLYDOHQFLDVFRUUHVSRQGLHQWHVDPDWHULDVTXHQRVHFRPSOHWDURQGHQWURGHOD8QLGDG
$FDGpPLFD (MHTXLYDOHQFLDVH[WHUQDV QRWLHQHQXQDSROtWLFDGHFODUDGDHQHOVLVWHPD

œ /D SROtWLFD GH HTXLYDOHQFLDV HQWUH PDWHULDV FRPXQHV HVWi LPSOtFLWD HQ HO VLVWHPD \ QR HV
QHFHVDULRODFDUJDGHPDWULFHVGHHTXLYDOHQFLDVSDUDGLFKDSROtWLFD

œ /DHTXLYDOHQFLDHQWUHPDWHULDVGHODPDWUL]GHHTXLYDOHQFLDVSXHGHVHUWRWDORSDUFLDO

œ /DVUHODFLRQHVHQWUHPDWHULDVHQODVPDWULFHVVRQXQLGLUHFFLRQDOHV

(TXLYDOHQFLDVHQWUH3ODQHVGH(VWXGLRV
&DUUHUD
,QJHQLHUtDHQ6LVWHPDV

GH,QIRUPDFLyQ

3ODQ 3ODQ

&RPSXWDFLyQ
0DWHPiWLFD
(TXLYDOHQFLDHQWUHSODQHV 'LVFUHWD
ÈOJHEUD

&RPSXWDFLyQDSUREDGDÈOJHEUDDSUREDGD 0DWHPiWLFD'LVFUHWDDSUREDGD

& 0$18$/)81&,21$/ 2 3$*,1$'(


6,8*8$5$1Ì

(TXLYDOHQFLDVHQWUH&DUUHUDV
&DUUHUD &DUUHUD
,QJHQLHUtDHQ6LVWHPDV
,QJHQLHUtDHQ(OHFWUyQLFD
GH,QIRUPDFLyQ

3ODQ 3ODQ

,QWURGXFFLyQ
0DWHPiWLFD D OD
(TXLYDOHQFLDHQWUHFDUUHUDV
0DWHPiWLFD

0DWHPiWLFDUHJXODUL]DGD ,QWURGXFFLyQDOD0DWHPiWLFDDSUREDGD

& 0$18$/)81&,21$/ 2 3$*,1$'(


6,8*8$5$1Ì

2725*$0,(172'((48,9$/(1&,$6

8QDHTXLYDOHQFLDHVWiIRUPDGDSRUHOFRQMXQWRGHPDWHULDVTXHVHHVWiHYDOXDQGR\XQDUHVR
OXFLyQTXHODUHVSDOGH
6LHORWRUJDPLHQWRGHHTXLYDOHQFLDVHVWiEDVDGRHQPDWHULDVFXUVDGDVRDSUREDGDVGHQWURGH
OD8QLGDG$FDGpPLFDVHSXHGHQWRPDUFRPREDVHXQDRYDULDVPDWULFHVGHHTXLYDOHQFLD

œ 5(48,6,72635(9,26

à 0DWULFHV GH (TXLYDOHQFLDV QHFHVDULDV 3URFHVR 'HILQLFLyQ GH 0DWULFHV GH (TXLYDOHQ
FLDV 

œ *(1(5$&,Ï1 '( 5(62/8&,21(6 '( (48,9$/(1&,$6 &XDQGRKD\ XQ SHGLGRGHHTXLYDOHQFLD


VHSURFHGHDODHYDOXDFLyQGHODPLVPD6LODHTXLYDOHQFLDVHDSUXHEDVHHPLWHXQDUHVROX
FLyQ 2SHUDFLyQHTXLY TXHOXHJRVHUiXWLOL]DGDSDUDGDUGHDOWDXQDHTXLYDOHQFLD

œ $/7$'((48,9$/(1&,$6 2SHUDFLyQHTXLY +D\GLVWLQWRVWLSRVGH(TXLYDOHQFLDV

à 3RU&DPELRGH3ODQ6HVHOHFFLRQDODPDWUL]GHHTXLYDOHQFLDVTXHUHIOHMDODSROtWLFD
GHILQLGDSDUDHOFDPELRGHSODQ'HWRGDVODVPDWHULDVSRVLEOHVLQFOXLGDVHQODPD
WUL]HOHJLGDVHSXHGHQVHOHFFLRQDUVRORDTXHOODVTXHVHTXLHUDQGDUSRUDSUREDGDV
R UHJXODUL]DGDV

à 3RU&DPELRGH&DUUHUD6HVHOHFFLRQDODPDWUL]GHHTXLYDOHQFLDVTXHUHIOHMDODSR
OtWLFD GHILQLGD SDUD HO FDPELR GH FDUUHUD 'H WRGDV ODV PDWHULDV SRVLEOHV LQFOXLGDV
HQ OD PDWUL] HOHJLGD VH SXHGHQ VHOHFFLRQDU VROR DTXHOODV TXH VH TXLHUDQ GDU SRU
DSUREDGDVRUHJXODUL]DGDV

à +LVWyULFDDFWXDOPHQWHVHXWLOL]DSDUDUHJLVWUDUH[iPHQHVTXHQRLQJUHVDURQSRUPL
JUDFLyQ

à ([WHUQD1RVHXWLOL]DODPDWUL]GHHTXLYDOHQFLDV6HHOLJHQWRGDVODVPDWHULDVSHU
WHQHFLHQWHVDOD8QLGDG$FDGpPLFDTXHVHOHYDQDGDUSRUDSUREDGDVRUHJXODUL
]DGDV6HHYDO~DQODVPDWHULDV\VLFXPSOHFRQODVFRQGLFLRQHVGHDSUREDFLyQGH
ILQLGDV SRU OD 8QLGDG DFDGpPLFD VH GDQ SRU DSUREDGDV 7DPELpQ HO *XDUDQt SHU
PLWHODUHJLVWUDFLyQRSFLRQDOGHORVGDWRVGHODPDWHULD\HODFWDGHH[DPHQHQODV
TXHILJXUDQODVQRWDVGHODVPDWHULDVHQODLQVWLWXFLyQGRQGHIXHURQDSUREDGDV

/DHTXLYDOHQFLD QR HVWiRWRUJDGDKDVWDTXHVH HPLWDODUHVROXFLyQ FRUUHVSRQGLHQWH \ VHD


FRQILUPDGD

œ &21),50$&,Ï1 '( (48,9$/(1&,$6 2SHUDFLyQ HTXLY  ([LVWH XQ SDUiPHWUR GHO VLVWHPD
TXHLQGLFDVLHVQHFHVDULRFRQILUPDURQRODFDUJDGHXQDHTXLYDOHQFLDSDUDTXHVHFRQVL
GHUHQ DSUREDGDV ODV PDWHULDV TXH OD PLVPD LQYROXFUD /DV PDWHULDV TXH VH HVWiQ GDQGR
SRUDSUREDGDVQRWLHQHQLPSDFWRHQODKLVWRULDDFDGpPLFDKDVWDTXHVHUHDOLFHHVWDRSHUD
FLyQ VLHOSDUiPHWURORLQGLFD 

œ 5(&7,),&$&,Ï1 '( (48,9$/(1&,$6 6H UHFWLILFD OD HTXLYDOHQFLD 2SHUDFLyQ HTXLY  VHJ~Q
HOFULWHULRTXHXWLOLFHOD8QLGDG$FDGpPLFD
8QD YH] TXH OD HTXLYDOHQFLD HVWi FRQILUPDGD QR SXHGH VHU PRGLILFDGD SRU OR WDQWR SDUD
FRUUHJLU FXDOTXLHU HTXLYRFDFLyQ VH GHEHUi FDUJDU XQD UHFWLILFDFLyQ GH OD UHVROXFLyQ TXH
SHUPLWHOOHYDUODKLVWRULDGHORVVXFHVLYRVFDPELRV

œ ([LVWHQFRQWUROHVSDUDPHWUL]DEOHVDVRFLDGRVDODVRSHUDFLRQHVGHHVWHSURFHVR

& 0$18$/)81&,21$/ 2 3$*,1$'(


6,8*8$5$1Ì

0DWULFHVGH(TXLYDOHQFLDV

&DPELRGH &DPELRGH
+LVWyULFD ([WHUQD
3ODQGH(VWXGLR &DUUHUD

8WLOL]D 1R8WLOL]D

0$75,='((48,9$/(1&,$6

& 0$18$/)81&,21$/ 2 3$*,1$'(


6,8*8$5$1Ì

3/$1,),&$&,Ï1'(&856$'$

/D8QLGDG$FDGpPLFDSODQLILFDVXHVTXHPDGHFXUVDGRVHJ~QVXVQHFHVLGDGHV/DSODQLILFD
FLyQVHUHDOL]DGHILQLHQGRXQFDOHQGDULRDFDGpPLFRTXHHVWiFRPSXHVWRHQWUHRWUDVFRVDVSRU
SHUtRGRVOHFWLYRV(OSHUtRGROHFWLYRHVHOLQWHUYDORGHWLHPSRHQHOFXDOVHGLFWDQODVPDWHULDV
3DUDFDGDSHUtRGROHFWLYR RSHUDFLyQXD VHGHILQHQODVIHFKDVGHLQLFLR\ILQGHOPLVPR
\ ODVIHFKDVHQODVFXDOHVVHOOHYDUiQDFDERODVLQVFULSFLRQHV/DIRUPDGHLQGLFDUTXHPDWH
ULDVVHGLFWDQHQFDGDSHUtRGROHFWLYRHVDWUDYpVGHODUPDGRGHFRPLVLRQHV
8QDFRPLVLyQLGHQWLILFDODFXUVDGDGHXQDPDWHULDHQXQSHUtRGROHFWLYRGHWHUPLQDGR/DPDWH
ULDSXHGHWHQHUYDULDVFRPLVLRQHVHQHVHSHUtRGR

/RVSRVLEOHVFULWHULRVGHDUPDGRGHFRPLVLRQHVVRQ

à &RPLVLRQHVSRUFiWHGUDVLODPDWHULDHVWiDVRFLDGDDPiVGHXQDFiWHGUD

à &RPLVLRQHVSRUFDUUHUDVLODPDWHULDHVWiHQPiVGHXQDFDUUHUD

à &RPLVLRQHVSRUFDUUHUDSODQVLODPDWHULDHVWiHQPiVGHXQSODQGHODPLVPDRGH
GLVWLQWDVFDUUHUDV

à &RPLVLRQHVSRUWXUQRGHFXUVDGDVLODPDWHULDVHGLFWDHQGLVWLQWRVWXUQRV PDxDQD
WDUGHQRFKH 

(VWRVFULWHULRVQRVRQH[FOX\HQWHVQLREOLJDWRULRV(MODPDWHULDVHHQFXHQWUDHQPiVGHXQSODQ
GHHVWXGLRV\VHDUPDXQD~QLFDFRPLVLyQ

/RVDOXPQRVFXDQGRVHLQVFULEHQSDUDFXUVDUXQDPDWHULDORKDFHQHQXQDFRPLVLyQTXHSXHGH
WHQHUGtDV\KRUDULRVGHWHUPLQDGRVSDUDHOGLFWDGR
(VSRVLEOHTXHGRVRPiVFRPLVLRQHVFRPSDUWDQDXODV\KRUDULRVGHGLFWDGR

œ 5(48,6,72635(9,26 /RVVLJXLHQWHVGDWRVGHEHQHVWDUFDUJDGRVVLVHYDQDXWLOL]DU

à 3HUtRGROHFWLYRHVHOLQWHUYDORGHWLHPSRHQHOFXDOVHGLFWDQODVPDWHULDV (VWHUHTXL
VLWRHVQHFHVDULR  2SHUDFLyQXD 

à 'RFHQWHVVRQORVGRFHQWHVDFDUJRGHODFRPLVLyQ 2SHUDFLyQFXU 

à &iWHGUDFiWHGUDGHODPDWHULDDFDUJRGHODFRPLVLyQ 2SHUDFLyQFDU 

à *UXSRGHFDUUHUDVOLPLWDODLQVFULSFLyQDXQJUXSRGHFDUUHUDV 2SHUDFLyQFDU 

à &DUUHUD OLPLWD OD LQVFULSFLyQ D ORV DOXPQRV GH XQD GHWHUPLQDGD FDUUHUD 2SHUDFLyQ
FDU 

à &DUUHUDSODQOLPLWDODLQVFULSFLyQDORVDOXPQRVGHXQSODQGHXQDGHWHUPLQDGDFDUUH
UD 2SHUDFLyQFDU 

(VQHFHVDULRWHQHUHQFXHQWDTXHSDUDTXHODVOLPLWDFLRQHVIXQFLRQHQGHEHQDFWLYDUVHORVFRQ
WUROHVFRUUHVSRQGLHQWHV YHU$QH[R 

œ &XDQGRVHGDGHDOWDDXQDFRPLVLyQVHOHSXHGHDVLJQDU 2SHUDFLyQFXU 

à %DQGDKRUDULDVRQORVGtDV\KRUDULRVGHFXUVDGD(VWHGDWRVHXWLOL]DUiHQHOPyGXOR
GH DVLJQDFLyQ GH DXODV (VWi GLVSRQLEOH SDUD HO DOXPQR HQ HO PRPHQWR GH OD LQVFULS
FLyQ

& 0$18$/)81&,21$/ 2 3$*,1$'(


6,8*8$5$1Ì

à 'RFHQWHVVRQORVGRFHQWHVDFDUJRGHODFRPLVLyQ(VWiGLVSRQLEOHSDUDHODOXPQRHQ
HOPRPHQWRGHODLQVFULSFLyQ

à 7XUQRPDxDQDWDUGHQRFKH(VWiGLVSRQLEOHSDUDHODOXPQRHQHOPRPHQWRGHODLQV
FULSFLyQ

à ,QVFULSFLyQKDELOLWDGDLQGLFDVLHVWiDELHUWDODLQVFULSFLyQDODFRPLVLyQ

à )HFKDGHLQVFULSFLyQVLODIHFKDGHLQVFULSFLyQDODFRPLVLyQGLILHUHGHODIHFKDGHLQV
FULSFLyQGHOSHUtRGROHFWLYRVHSXHGHFDUJDUFRPRXQDH[FHSFLyQ

à /RV VLJXLHQWHV YDORUHV SXHGHQ VHU XVDGRV SRU ORV FRQWUROHV SDUDPHWUL]DEOHV \ HVWiQ
GLVSRQLEOHVSDUDHODOXPQRHQHOPRPHQWRGHODLQVFULSFLyQ

½ /HWUDGHVGHKDVWDOLPLWDLQVFULSFLRQHVSRUDSHOOLGR

½ *UXSRGHFDUUHUDVOLPLWDODLQVFULSFLyQDXQJUXSRGHFDUUHUDV

½ &DUUHUDOLPLWDODLQVFULSFLyQDORVDOXPQRVGHXQDGHWHUPLQDGDFDUUHUD

½ &DUUHUDSODQOLPLWDODLQVFULSFLyQDORVDOXPQRVGHXQSODQGHXQDGHWHUPLQDGDFD
UUHUD

½ &DSDFLGDGGHDOXPQRVSRUFRPLVLyQOLPLWDODLQVFULSFLyQSDUDXQDFDQWLGDGGHWHU
PLQDGDGHDOXPQRV

½ &iWHGUD FiWHGUD GH OD PDWHULD D FDUJR GH OD FRPLVLyQ (VWi GLVSRQLEOH SDUD HO
DOXPQRHQHOPRPHQWRGHODLQVFULSFLyQ

œ 8QDYH]UHDOL]DGDODLQVFULSFLyQHOVLVWHPDSHUPLWHDJUHJDUR TXLWDUFRPLVLRQHVFRQODUH
GLVWULEXFLyQGHDOXPQRVTXHVHDQHFHVDULD 2SHUDFLyQFXU 

6HOHFFLyQGH&RPLVLyQ
0$7(5,$

&RPLVLyQ &RPLVLyQ &RPLVLyQ


7XUQR0DxDQD 7XUQR7DUGH 7XUQR1RFKH

(O DOXPQRVHOHFFLRQDFRPLVLyQGHVHDGD

& 0$18$/)81&,21$/ 2 3$*,1$'(


6,8*8$5$1Ì

,16&5,3&,Ï1$&856$'$

3HUPLWHDXQDOXPQRVHOHFFLRQDUODVFRPLVLRQHVHQODVFXDOHVTXLHUHFXUVDUVXVPDWHULDV
7DPELpQ VH SXHGH WHQHU DFFHVR D HVWD RSHUDFLyQ GHVGH $XWRJHVWLyQ R ,QWHUQHW 2SHUDFLyQ
FXU 

œ 5(48,6,726 35(9,26 (VQHFHVDULRFUHDUFRPRPtQLPRXQDFRPLVLyQ 2SHUDFLyQFXU


SRUPDWHULDDQWHVGHOSHUtRGRGHLQVFULSFLyQDFXUVDGD

œ ',675,%8&,Ï1 '( &20,6,21(6 8QDYH]UHDOL]DGDODLQVFULSFLyQH[LVWHODSRVLELOLGDGGHUHD


FRPRGDU D ORV DOXPQRV JHQHUDQGR QXHYDV FRPLVLRQHV \ GLVWULEX\pQGRORV VREUH ODV PLV
PDV 2SHUDFLyQFXU &XDQGRDODLQVFULSFLyQGHXQDOXPQRVHOHPRGLILFDODFRPLVLyQ
pVWDSXHGHTXHGDUHQHVWDGRSHQGLHQWHRDFHSWDGDGHSHQGLHQGRGHODGHILQLFLyQTXHXWLOLFH
OD8QLGDG$FDGpPLFD(VWDGHILQLFLyQSXHGHGHSHQGHUGHODQHFHVLGDGGHUHDOL]DUFRQWUROHV
D XQDLQVFULSFLyQHQIXQFLyQGHODFRPLVLyQHOHJLGD

,QVFULSFLyQD&XUVDGD(VTXHPD$

23(5$&,Ï1
$872*(67,21
&RQWUROHV
,16&5,3&,21$

12$&7,9$'26
&856$'$

,QVFULSFLRQHVHQ
(67$'23(1',(17(

352&(6$5
,16&5,3&,21(6
23(5$&,Ï1
&RQWUROHV
$&7,9$'26
352&(6$5,16&5,3&,21(6$&856$5(1

(67$'23(1',(17(

,QVFULSFLRQHV$&(37$'$6

& 0$18$/)81&,21$/ 2 3$*,1$'(


6,8*8$5$1Ì

,QVFULSFLyQD&XUVDGD(VTXHPD%

23(5$&,Ï1
$872*(67,21
&RQWUROHV
,16&5,3&,21$

$&7,9$'26
&856$'$

,QVFULSFLRQHVHQ ,QVFULSFLRQHV
(67$'23(1',(17( $&(37$'$6
352&(6$5
,16&5,3&,21(6
&RQWUROHV 23(5$&,Ï1
$&7,9$'26 352&(6$5,16&5,3&,21(6$&856$5(1

(67$'23(1',(17(

,QVFULSFLRQHV$&(37$'$6

œ (QEDVHDODFRQILJXUDFLyQGHOVLVWHPD SDUiPHWURV\FRQWUROHV H[LVWHQGLVWLQWDVIRUPDVGH


OOHYDUDFDERHOSURFHVRGHLQVFULSFLyQ

à (Q HO HVTXHPD $ VH LQJUHVDQ ODV LQVFULSFLRQHV \ HQ RWUR PRPHQWR VH UHDOL]DQ FRQWUROHV
VREUHODVPLVPDV(MVHFRQWURODQFRUUHODWLYLGDGHVHOFXPSOLPLHQWRGHUHLQVFULSFLyQDQXDO
(OSDUiPHWURBHVWDGRBILQDOBLQVFBFXUVDGDLQGLFDTXHODVLQVFULSFLRQHVDFXUVDGDTXHGD
UiQVLHPSUHHQHVWDGRSHQGLHQWH\HOSUHILMR LQGLFDTXHHVHOSDUiPHWURGH$XWRJHVWLyQ
H[LVWH XQ SDUiPHWUR GLIHUHQWH SDUD FDGD LQWHUIDVH (Q OD RSHUDFLyQ LQVFULSFLyQ D FXUVDGD
ORV FRQWUROHV SDUDPHWUL]DEOHV QHFHVDULRV HVWiQ LQDFWLYRV SDUD TXH WRGDV ODV LQVFULSFLRQHV
SXHGDQ VHU UHJLVWUDGDV < DGHPiV HQ OD RSHUDFLyQ 3URFHVDU LQVFULSFLRQHV D FXUVDU HQ
HVWDGRSHQGLHQWH 2SHUDFLyQFXU HVWiQDFWLYRVWRGRVORVFRQWUROHVSDUDPHWUL]DEOHV
QHFHVDULRV

à (QHOHVTXHPD%DOLQWHQWDUUHDOL]DU OD LQVFULSFLyQ HOVLVWHPDYHULILFDTXHVH FXPSODQ ORV


FRQWUROHV (OSDUiPHWUR BHVWDGRBILQDOBLQVFBFXUVDGD LQGLFD TXH ODV LQVFULSFLRQHV D FXU
VDGD SRGUiQ TXHGDU HQ HVWDGR DFHSWDGR GHSHQGH GH ORV FRQWUROHV SDUDPHWUL]DEOHV  \ HO
SUHILMR LQGLFDTXHHVHOSDUiPHWURGH$XWRJHVWLyQH[LVWHXQSDUiPHWURGLIHUHQWHSDUDFD
GDLQWHUIDVH(QODRSHUDFLyQLQVFULSFLyQDFXUVDGDORVFRQWUROHV SDUDPHWUL]DEOHVQHFHVD
ULRVHVWiQDFWLYRV\VHSXHGHGHILQLUSDUDFDGDFRQWUROTXHVLODFRQGLFLyQTXHYDOLGDQRVH
FXPSOHODLQVFULSFLyQTXHGHSHQGLHQWHR QRVH DFHSWH6RORKDFHIDOWD SURFHVDUFXUVDGDV
SHQGLHQWHV VL H[LVWLHUDQ ([LVWH OD SRVLELOLGDG GH SURFHVDU LQVFULSFLRQHV SHQGLHQ
WHV 2SHUDFLyQFXU 

œ (V SRVLEOH TXH XQ DOXPQR SXHGD FXUVDU XQD PDWHULD \D UHJXODUL]DGD GHSHQGLHQGR GH XQ
SDUiPHWURGHOVLVWHPD

&DGD8QLGDG$FDGpPLFDSXHGHDJUHJDUVXVSURSLRVFRQWUROHVGLQiPLFRVSDUDDVRFLDUDHVWD
RSHUDFLyQ 9HU&RQILJXUDFLyQGHO6LVWHPD 

& 0$18$/)81&,21$/ 2 3$*,1$'(


6,8*8$5$1Ì

*(1(5$&,Ï1'($&7$6'(&856$'2<35202&,Ï1

/DVDFWDVGHFXUVDGR\SURPRFLyQUHJLVWUDQHOUHVXOWDGRGHODFXUVDGDGHORVDOXPQRVGHXQD
FRPLVLyQ
/DVPDWHULDVSURPRFLRQDOHVVRQDTXHOODVTXHHQGHWHUPLQDGDVFLUFXQVWDQFLDVVXUHJXODUL]D
FLyQLQFOX\HWDPELpQODDSUREDFLyQGHODPDWHULD ODPDWHULDQRH[LJHH[DPHQILQDO 
/RVSODQHVGHHVWXGLRVGHILQHQFXDOHVVRQODVPDWHULDVSURPRFLRQDOHV
(OVLVWHPDSHUPLWHGHILQLUHOPRPHQWRHQHOFXDOVHHYDO~DFXDOHVVRQORVDOXPQRVGHXQDFR
PLVLyQTXHSXHGHQSURPRFLRQDUODPDWHULD(MHOFRQWUROSXHGHVHUHQHOPRPHQWRGHODLQV
FULSFLyQDOILQDOL]DUODFXUVDGD

œ *(1(5$&,Ï1'($&7$'($/801265(*8/$5(6<35202&,21$/(6 2SHUDFLRQHVFXU\
FXU $OJHQHUDUHODFWDGHFXUVDGRVHLQFOX\HQWRGRVORVDOXPQRVSHUWHQHFLHQWHVDOD
FRPLVLyQ(VWRTXLHUHGHFLUTXHILJXUDQWDPELpQDTXHOORVDOXPQRVHQFRQGLFLRQHVGHSUR
PRFLRQDUODPDWHULD
$OJHQHUDUHODFWDGHSURPRFLyQVRORVHUHJLVWUDQORVDOXPQRVHQFRQGLFLRQHVGHSURPRFLR
QDU8QDYH]JHQHUDGDODVDFWDVSXHGHQVHULPSUHVDVSDUDTXHHOGRFHQWHYXHOTXHODVQR
WDV(OIRUPDWRFRQHOTXHVHLPSULPHQODVDFWDVHVXQDGHILQLFLyQGHOD8QLGDG$FDGpPLFD
6LHQHODFWDGHSURPRFLyQVHLQGLFDTXHHODOXPQRREWXYRODQRWDQHFHVDULDSDUDSURPR
FLRQDUODPDWHULDHVWDLQIRUPDFLyQHVWUDVODGDGDDXWRPiWLFDPHQWHDODFWDGHFXUVDGR\VROR
SRGUiPRGLILFDUVHDWUDYpVGHODFWDGHSURPRFLyQ
6LHQHODFWDGHSURPRFLyQVHLQGLFDTXHHODOXPQRQRSURPRFLRQyODPDWHULDVHGHEHUH
JLVWUDUHQHODFWDGHFXUVDGRHOUHVXOWDGRGHODFXUVDGD

œ 02',),&$&,Ï1'($&7$'($/801265(*8/$5(6<35202&,21$/(6$%,(57$6 (VSRVLEOH
PRGLILFDUODVDFWDVVRORPLHQWUDVHVWiQDELHUWDV DQWHVGHOFLHUUH (VWRLPSOLFDTXHVH
SXHGHQFDPELDUYDORUHVRDJUHJDURTXLWDUDOXPQRV3XHGHVHUQHFHVDULRWHQHUTXHUHLP
SULPLUHODFWDXQDYH]TXHORVGDWRVVHPRGLILFDURQ(OVLVWHPDDVLJQDXQFyGLJRGHYHUVLyQ
GHLPSUHVLyQDODFWDFXDQGRVHHPLWH\RWURFXDQGRVHUHDOL]DXQFDPELR(VWRSHUPLWH
LGHQWLILFDUVLHODFWDLPSUHVDVHFRUUHVSRQGHFRQODVXOWLPDVDFWXDOL]DFLRQHVTXHVHKLFLHURQ
D ORVGDWRVFRPSDUDQGRDPEDVYHUVLRQHV

œ &(55$5$&7$'(&856$'2<35202&,Ï1 2SHUDFLRQHVFXU\FXU 8QDYH]TXH


VHSDVDURQODVQRWDV\HVWiQYHULILFDGDVODVDFWDVGHEHUiQVHUFHUUDGDVSDUDTXHORVGDWRV
TXHFRQWLHQHQWHQJDQYDOLGH]HQODKLVWRULDDFDGpPLFDGHORVDOXPQRV8QDYH]FHUUDGDV
ODVDFWDVQRSRGUiQVHUPRGLILFDGDV
(VQHFHVDULRSULPHURFHUUDUHODFWDGHSURPRFLyQSDUDOXHJRFHUUDUHODFWDGHFXUVDGRGH
XQDFRPLVLyQ 6RORVLODPDWHULDHVSURPRFLRQDEOHVLQRQRKD\DFWDGHSURPRFLyQ

œ 5(&7,),&$&,Ï1'($&7$6 2SHUDFLRQHVFXU\FXU 6LHVQHFHVDULRPRGLILFDU


LQIRUPDFLyQGHXQDFWDFHUUDGDGHEHKDFHUVHDWUDYpVGHXQDUHFWLILFDFLyQGHODFWD
(VWRSHUPLWHLQJUHVDUODLQIRUPDFLyQFRUUHJLGDPDQWHQLHQGRHODFWDRULJLQDO<WDPELpQ
FRQVWDGHGRVSDVRV

 /DJHQHUDFLyQGHODFWDUHFWLILFDWLYD
 (OFLHUUHGHODFWDUHFWLILFDWLYD

8QDFWDUHFWLILFDWLYDSXHGHWHQHUDVXYH]UHFWLILFDFLRQHV1RKD\OtPLWHHQODFDQWLGDGGH
UHFWLILFDFLRQHVTXHSXHGDWHQHUHODFWD(VWHHVTXHPDHVYiOLGRSDUDDFWDVGHFXUVDGR\
SURPRFLyQ

&DGD8QLGDG$FDGpPLFDSXHGHDJUHJDUVXVSURSLRVFRQWUROHVGLQiPLFRVSDUDDVRFLDUDHVWD
RSHUDFLyQ 9HU&RQILJXUDFLyQGHO6LVWHPD 

& 0$18$/)81&,21$/ 2 3$*,1$'(


6,8*8$5$1Ì

$FWDVGH&XUVDGD\$FWDVGH
3URPRFLyQ
0$7(5,$

&RPLVLyQ &RPLVLyQ

$FWDGH $FWDGH
&XUVDGD &XUVDGD

$FWDGH $FWDGH
3URPRFLyQ 3URPRFLyQ

& 0$18$/)81&,21$/ 2 3$*,1$'(


6,8*8$5$1Ì

3/$1,),&$&,Ï1'((;È0(1(6

/D8QLGDG$FDGpPLFDSODQLILFDVXHVTXHPDGHH[iPHQHVILQDOHVVHJ~QVXVQHFHVLGDGHV/D
SODQLILFDFLyQVHUHDOL]DGHILQLHQGRXQFDOHQGDULRDFDGpPLFRTXHHVWiFRPSXHVWRHQWUHRWUDV
FRVDVSRUWXUQRVGHH[iPHQHV(OWXUQRGHH[DPHQHVHOLQWHUYDORGHWLHPSRHQHOFXDOVH
HYDO~DQODVPDWHULDV8QWXUQRGHH[DPHQFRQVWDGHXQRRPiVOODPDGRV
3DUDFDGDWXUQRGHH[DPHQ 2SHUDFLyQH[D VHGHILQHQODVIHFKDVGHLQLFLR\ILQGHO
PLVPR\ORVOODPDGRVTXHORFRPSRQHQ3DUDFDGDOODPDGRVHLQJUHVDQODVIHFKDVHQODVFXD
OHVVHOOHYDUiQDFDERODVLQVFULSFLRQHVDH[iPHQHV\ODGXUDFLyQGHOPLVPR/DIRUPDGHLQGL
FDUTXHPDWHULDVVHHYDO~DQHQFDGDWXUQRGHH[DPHQHVDWUDYpVGHODUPDGRGHPHVDVGH
H[iPHQHV 2SHUDFLyQH[D 
8QDPHVDGHH[DPHQLGHQWLILFDHOH[DPHQGHXQDPDWHULDHQXQWXUQRGHWHUPLQDGR/DPDWHULD
SXHGHWHQHUYDULDVPHVDVHQHVHWXUQR
8QDPHVDSXHGHWHQHUPiVGHXQOODPDGRGHSHQGLHQGRGHOWXUQRGHH[DPHQDOTXHSHUWHQH]
FD3DUDFDGDOODPDGRGHODPHVDVHLQGLFD

à )HFKDGHH[DPHQGtDHQTXHVHWRPDHOH[DPHQ

à %DQGDKRUDULDHVHOGtD \KRUDULR GHOH[DPHQ(VWHGDWRVHXWLOL]DUi HQ HOPyGXORGH


DVLJQDFLyQGHDXODV(VWiGLVSRQLEOHSDUDHODOXPQRHQHOPRPHQWRGHODLQVFULSFLyQ

à 'RFHQWHVVRQORVGRFHQWHVDFDUJRGHODPHVD(VWiGLVSRQLEOHSDUDHODOXPQRHQHO
PRPHQWRGHODLQVFULSFLyQ

à )HFKDGHLQVFULSFLyQ6LXQDPHVDUHTXLHUHGHXQDIHFKDGHLQVFULSFLyQGLVWLQWDGHOD
GHOOODPDGRVHSXHGHFDUJDUFRPRXQDH[FHSFLyQ

/RVSRVLEOHVFULWHULRVGHDUPDGRGHPHVDVVRQ

à 0HVDVSRUFiWHGUDVLODPDWHULDHVWiDVRFLDGDDPiVGHXQDFiWHGUD

à 0HVDVSRUFDUUHUDVLODPDWHULDHVWiHQPiVGHXQDFDUUHUD

à 0HVDVSRUFDUUHUDSODQVLODPDWHULDHVWiHQPiVGHXQSODQGHODPLVPDRGHGLVWLQWDV
FDUUHUDV

à 0HVDVSRUFRPLVLyQVLVHTXLHUHDUPDUXQDPHVDSDUDFDGDFRPLVLyQ

(VWRVFULWHULRVQRVRQH[FOX\HQWHVQLREOLJDWRULRV(MODPDWHULDVHHQFXHQWUDHQPiVGHXQSODQ
GHHVWXGLRV\VHDUPDXQD~QLFDPHVD

/RVDOXPQRVFXDQGRVHLQVFULEHQSDUDUHQGLUXQDPDWHULDORKDFHQHQXQDPHVDTXHSXHGH
WHQHUGtDV\KRUDULRVGHWHUPLQDGRVSDUDHOH[DPHQ
(VSRVLEOHTXHGRVRPiVPHVDVFRPSDUWDQDXODV\KRUDULRV

œ 5(48,6,72635(9,26 /RVVLJXLHQWHVGDWRVGHEHQHVWDUFDUJDGRVVLVHYDQDXWLOL]DU

à 7XUQR GH ([DPHQ HV HO LQWHUYDOR GH WLHPSR HQ HO FXDO VH HYDO~DQ ODV PDWH
ULDV 2SHUDFLyQH[D 

à 'RFHQWHVVRQORVGRFHQWHVDFDUJRGHODPHVD 2SHUDFLyQFXU 

à &iWHGUDFiWHGUDGHODPDWHULD 2SHUDFLyQFDU 

à *UXSRGHFDUUHUDVOLPLWDODLQVFULSFLyQDXQJUXSRGHFDUUHUDV 2SHUDFLyQFDU 

& 0$18$/)81&,21$/ 2 3$*,1$'(


6,8*8$5$1Ì

à &DUUHUD OLPLWD OD LQVFULSFLyQ D ORV DOXPQRV GH XQD GHWHUPLQDGD FDUUHUD 2SHUDFLyQ
FDU 

à &DUUHUDSODQOLPLWDODLQVFULSFLyQDORVDOXPQRVGHXQSODQGHXQDGHWHUPLQDGDFDUUH
UD 2SHUDFLyQFDU 

(VQHFHVDULRWHQHUHQFXHQWDTXHSDUDTXHODVOLPLWDFLRQHVIXQFLRQHQGHEHQDFWLYDUVHORVFRQ
WUROHVFRUUHVSRQGLHQWHV YHU$QH[R 

œ &XDQGRVHGDGHDOWDDXQDPHVDVHOHSXHGHDVLJQDU 2SHUDFLyQH[D 

à 7LSRVGH$OXPQRVGHODPHVDVLVRQDOXPQRVUHJXODUHVOLEUHVRDPERV

à *UXSRGHFDUUHUDVOLPLWDODLQVFULSFLyQDXQJUXSRGHFDUUHUDV

à &DUUHUDOLPLWDODLQVFULSFLyQDORVDOXPQRVGHXQDGHWHUPLQDGDFDUUHUD

à &DUUHUDSODQOLPLWDODLQVFULSFLyQDORVDOXPQRVGHXQSODQGHXQDGHWHUPLQDGDFDUUHUD

à &iWHGUD FiWHGUD GH OD PDWHULD (VWi GLVSRQLEOH SDUD HO DOXPQR HQ HO PRPHQWR GH OD
LQVFULSFLyQ

/RV YDORUHV SXHGHQ VHU XVDGRV SRU ORV FRQWUROHV SDUDPHWUL]DEOHV \ HVWiQ GLVSRQLEOHV SDUD HO
DOXPQRHQHOPRPHQWRGHODLQVFULSFLyQ

6HOHFFLyQGH7XUQRGH([iPHQ
0$7(5,$

0HVDGH 0HVDGH
([iPHQ ([iPHQ

/ODPDGR /ODPDGR /ODPDGR /ODPDGR

(ODOXPQRVHOHFFLRQD0HVD\/ODPDGR

& 0$18$/)81&,21$/ 2 3$*,1$'(


6,8*8$5$1Ì

,16&5,3&,Ï1$(;È0(1(6

3HUPLWHDXQDOXPQRVHOHFFLRQDUODVPHVDVHQODVFXDOHVTXLHUHUHQGLUVXVPDWHULDV
7DPELpQVHSXHGHWHQHUDFFHVRDHVWDRSHUDFLyQGHVGH$XWRJHVWLyQR,QWHUQHW

œ 5(48,6,726 35(9,26 (V QHFHVDULR FUHDU FRPR PtQLPR XQD PHVD SRU PDWHULD DQWHV GHO
SHUtRGRGHLQVFULSFLyQDH[DPHQ 2SHUDFLyQH[D 

,QVFULSFLyQD([iPHQ(VTXHPD$

23(5$&,Ï1
$872*(67,21
&RQWUROHV
,16&5,3&,21$

12$&7,9$'26
(;$0(1

,QVFULSFLRQHVDH[iPHQHQ
(67$'23(1',(17(

352&(6$5
,16&5,3&,21(6
23(5$&,Ï1
&RQWUROHV
$&7,9$'26
352&(6$5,16&5,3&,21(6$(;$0(1(1

(67$'23(1',(17(

,QVFULSFLRQHVDH[iPHQ
$&(37$'$6

& 0$18$/)81&,21$/ 2 3$*,1$'(


6,8*8$5$1Ì

,QVFULSFLyQD([iPHQ(VTXHPD%

23(5$&,Ï1
$872*(67,21
&RQWUROHV
,16&5,3&,21$

$&7,9$'26
(;$0(1

,QVFULSFLRQHVHQ ,QVFULSFLRQHV
(67$'23(1',(17( $&(37$'$6
352&(6$5
,16&5,3&,21(6
&RQWUROHV 23(5$&,Ï1
$&7,9$'26 352&(6$5,16&5,3&,21(6$(;$0(1(1

(67$'23(1',(17(

,QVFULSFLRQHV$&(37$'$6

œ (QEDVHDODFRQILJXUDFLyQGHOVLVWHPD SDUiPHWURV\FRQWUROHV H[LVWHQGLVWLQWDVIRUPDVGH


OOHYDUDFDERHOSURFHVRGHLQVFULSFLyQDH[DPHQ

à (Q HO HVTXHPD $ VH LQJUHVDQ ODV LQVFULSFLRQHV \ HQ RWUR PRPHQWR VH UHDOL]DQ FRQWUROHV
VREUHODVPLVPDV(MVHFRQWURODQFRUUHODWLYLGDGHVHOFXPSOLPLHQWRGHUHLQVFULSFLyQDQXDO
(OSDUiPHWURBHVWDGRBILQDOBLQVFBH[DPHQLQGLFDTXHODVLQVFULSFLRQHVDH[DPHQTXHGD
UiQVLHPSUHHQHVWDGRSHQGLHQWH\HOSUHILMR LQGLFDTXHHVHOSDUiPHWURGH$XWRJHVWLyQ
H[LVWH XQ SDUiPHWUR GLIHUHQWH SDUD FDGD LQWHUIDVH (Q OD RSHUDFLyQ LQVFULSFLyQ D H[DPHQ
ORV FRQWUROHV SDUDPHWUL]DEOHV QHFHVDULRV HVWiQ LQDFWLYRV SDUD TXH WRGDV ODV LQVFULSFLRQHV
SXHGDQVHUUHJLVWUDGDV<DGHPiVHQODRSHUDFLyQ3URFHVDULQVFULSFLRQHVDH[DPHQHQ
HVWDGRSHQGLHQWH 2SHUDFLyQ H[D HVWiQ DFWLYRV WRGRV ORV FRQWUROHV SDUDPHWUL]DEOHV
QHFHVDULRV

à (QHOHVTXHPD%DOLQWHQWDUUHDOL]DU OD LQVFULSFLyQ HOVLVWHPDYHULILFDTXHVH FXPSODQ ORV


FRQWUROHV(OSDUiPHWURBHVWDGRBILQDOBLQVFBH[DPHQLQGLFDTXHODVLQVFULSFLRQHVDH[D
PHQ SRGUiQ TXHGDU HQ HVWDGR DFHSWDGR GHSHQGH GH ORV FRQWUROHV SDUDPHWUL]DEOHV  \ HO
SUHILMR LQGLFDTXHHVHOSDUiPHWURGH$XWRJHVWLyQH[LVWHXQSDUiPHWURGLIHUHQWHSDUDFD
GDLQWHUIDVH(QODRSHUDFLyQLQVFULSFLyQDH[DPHQORVFRQWUROHVSDUDPHWUL]DEOHVQHFHVD
ULRVHVWiQDFWLYRV\VHSXHGHGHILQLUSDUDFDGDFRQWUROTXHVLODFRQGLFLyQTXHYDOLGDQRVH
FXPSOHODLQVFULSFLyQTXHGHSHQGLHQWHRQRVHDFHSWH6RORKDFHIDOWDSURFHVDULQVFULSFLR
QHVSHQGLHQWHVVLH[LVWLHUDQ

œ ([LVWHODSRVLELOLGDGSDUDHODOXPQRGHUHQGLUHQXQWXUQRGHH[DPHQPiVGHXQDYH]XQD
GHWHUPLQDGDPDWHULD(VWDGHILQLFLyQVHUHDOL]DDOLPSOHPHQWDUHOVLVWHPDDWUDYpVGHORV
SDUiPHWURVGHOVLVWHPD

&DGD8QLGDG$FDGpPLFDSXHGHDJUHJDUVXVSURSLRVFRQWUROHVGLQiPLFRVSDUDDVRFLDUDHVWD
RSHUDFLyQ 9HU&RQILJXUDFLyQGHO6LVWHPD 

& 0$18$/)81&,21$/ 2 3$*,1$'(


6,8*8$5$1Ì

*(1(5$&,Ï1'($&7$6'((;È0(1(6

/DVDFWDVGHH[DPHQUHJLVWUDQHOUHVXOWDGRGHODVHYDOXDFLRQHVUHDOL]DGDVDORVDOXPQRVGHXQ
GHWHUPLQDGROODPDGRSHUWHQHFLHQWHDXQDPHVDGHH[DPHQ
([LVWHQEiVLFDPHQWHGRVIRUPDVGHWUDEDMDUFRQODVDFWDVGHH[DPHQ

 6H JHQHUD HO DFWD \ VH LPSULPH SDUD TXH HO GRFHQWH SXHGD FRPSOHWDUOD 8QD YH]
TXHHO'HSDUWDPHQWRGH$OXPQRVUHFLEHHODFWDFRPSOHWD \ILUPDGDODUHJLVWUDHQ
HOVLVWHPD\DUFKLYDHODFWDERODQWHFRPRGHILQLWLYD(VWHPHFDQLVPRSHUPLWHTXHHO
GRFXPHQWR TXH LQWHUYLQR HQ HO DFWR DFDGpPLFR VHD HO TXH TXHGD GHILQLWLYDPHQWH
DUFKLYDGR

 6H JHQHUD HO DFWD \ VH LPSULPH SDUD TXH HO GRFHQWH SXHGD FRPSOHWDUOD 8QD YH]
TXHHO'HSDUWDPHQWRGH$OXPQRVUHFLEHHODFWDFRPSOHWD \ILUPDGDODUHJLVWUDHQ
HOVLVWHPD\ODYXHOYHDLPSULPLUSDUDTXHHOGRFHQWHILUPHHODFWDFRQODVQRWDVSD
VDGDV(VWDVHJXQGDLPSUHVLyQGHODFWDHVODTXHVHJXDUGDFRPRGHILQLWLYD

'HVGHHOPRPHQWRHQTXHHODFWDHVJHQHUDGDKDVWDHOFLHUUHGHODPLVPDORVDOXPQRVSXHGHQ
FRQVXOWDUDWUDYpVGH,QWHUQHWR$XWRJHVWLyQHOUHJLVWURGHODVDFWDVHQODVTXHILJXUDQ(ODOXP
QRVRORYHUiODLQIRUPDFLyQGHODFWDUHIHUHQWHDVtPLVPR(VWRSHUPLWHGHWHFWDUSRVLEOHVHTXL
YRFDFLRQHVDOLQJUHVDUODVQRWDVDQWHVGHTXHHODFWDVHDFHUUDGD'HHVWDIRUPDODVPRGLILFD
FLRQHVQHFHVDULDVVHUHDOL]DQVREUHHODFWD\DTXHODPLVPDQRHVWiFHUUDGD

œ *(1(5$&,Ï1'($&7$'((;$0(1 (OVLVWHPDSHUPLWHJHQHUDUHODFWDGHXQDPHVDHQSDUWL
FXODU 2SHUDFLyQ H[D  R JHQHUDU PDVLYDPHQWH ODV DFWDV GH YDULDV PHVDV 2SHUDFLyQ
H[D
(QFDGDDFWDVHLQFOX\HQORVDOXPQRVLQVFULSWRVDODPHVD6RORVHLQFOXLUiQDORVDOXPQRV
FX\DVLQVFULSFLRQHVQRHVWpQSHQGLHQWHV

œ ,035(6,Ï1 '( $&7$6 '( (;$0(1 8QD YH] JHQHUDGDV ODV DFWDV SXHGHQ VHU LPSUHVDV SDUD
TXHHOGRFHQWHYXHOTXHODVQRWDV 2SHUDFLyQH[D 
(OIRUPDWRFRQHOTXHVHLPSULPHQODVDFWDVHVXQDGHILQLFLyQGHOD8QLGDG$FDGpPLFD

œ &$5*$ '( 127$6 (1 (/ $&7$ '( (;$0(1 8QDYH]TXHVHYXHOFDQODVQRWDVHQHODFWDER


ODQWHGHEHQLQJUHVDUVHHQHOVLVWHPD 2SHUDFLyQH[DRH[D 
([LVWHODSRVLELOLGDGGHLPSULPLUHODFWDFRQODVQRWDV\DSDVDGDVHQHOVLVWHPD 2SHUDFLyQ
H[D 

œ 02',),&$&,21'($&7$6'((;$0(1$%,(57$6 (VSRVLEOHPRGLILFDUXQDFWDGHH[DPHQ
VRORVLHVWDDELHUWD/DVPRGLILFDFLRQHVSXHGHQVHUVREUHYDORUHVFDUJDGRVHQHODFWDR
DJUHJDURTXLWDUDOXPQRV6LVHDJUHJDQDOXPQRVHVSRVLEOHKDFHUORGHQWURGHXQIROLR\D
H[LVWHQWHRHQXQIROLRQXHYR(VWDVHJXQGDRSFLyQHV~WLOSDUDQRWHQHUTXHUHLPSULPLUWR
GDHODFWD(M6LXQDOXPQRVHSUHVHQWDHOGtDGHOH[DPHQ\VHYHULILFDTXHSXHGHUHQGLU
SHURQRHVWDEDLQVFULSWRVHORSXHGHLQFRUSRUDUDODFWDHQRWURIROLR\VHOHHQWUHJDDOD
PHVDXQDQXHYDKRMDSDUDTXHQRWHQJDTXHSDVDUWRGDVODVQRWDVTXH\DWLHQHUHJLVWUD
GDV([LVWHQFRQWUROHVSDUDPHWUL]DEOHVDVRFLDGRVDODLQFRUSRUDFLyQGHXQDOXPQRHQXQ
DFWDDELHUWD

3XHGHVHUQHFHVDULRWHQHUTXHUHLPSULPLUHODFWDXQDYH]TXHORVGDWRVVHPRGLILFDURQ(O
VLVWHPDDVLJQDXQFyGLJRGHYHUVLyQGHLPSUHVLyQDODFWDFXDQGRVHHPLWH\RWURFXDQGRVH
UHDOL]DXQFDPELR(VWRSHUPLWHLGHQWLILFDUVLHODFWDLPSUHVDVHFRUUHVSRQGHFRQODVXOWL
PDVDFWXDOL]DFLRQHVTXHVHKLFLHURQDORVGDWRVFRPSDUDQGRDPEDVYHUVLRQHV

œ &(55$5$&7$'((;$0(1 2SHUDFLRQHVH[D 8QDYH]TXHVHSDVDURQODVQRWDV\


HVWiQYHULILFDGDVODVDFWDVGHEHUiQVHUFHUUDGDVSDUDTXHORVGDWRVTXHFRQWLHQHQWHQJDQ
YDOLGH]HQODKLVWRULDDFDGpPLFDGHORVDOXPQRV8QDYH]FHUUDGDVODVDFWDVQRSRGUiQVHU
PRGLILFDGDV

& 0$18$/)81&,21$/ 2 3$*,1$'(


6,8*8$5$1Ì

œ 5(&7,),&$&,Ï1'($&7$6 6LHVQHFHVDULRPRGLILFDULQIRUPDFLyQGHXQDFWDFHUUDGDGHEH
KDFHUVHDWUDYpVGHXQDUHFWLILFDFLyQGHODFWD
(VWRSHUPLWHLQJUHVDUODLQIRUPDFLyQFRUUHJLGDPDQWHQLHQGRHODFWDRULJLQDO<WDPELpQ
FRQVWDGHGRVSDVRV

 /DJHQHUDFLyQGHODFWDUHFWLILFDWLYD 2SHUDFLyQH[D 


 (OFLHUUHGHODFWDUHFWLILFDWLYD 2SHUDFLyQH[D 

8QDFWDUHFWLILFDWLYD SXHGHWHQHU DVX YH]UHFWLILFDFLRQHV 1R KD\ OtPLWH HQ OD FDQWLGDG GH
UHFWLILFDFLRQHVTXHSXHGDWHQHUHODFWD

(PLVLyQ$FWDVGH([iPHQ
0$7(5,$

0HVDGH 0HVDGH
([iPHQ ([iPHQ

/ODPDGR /ODPDGR /ODPDGR /ODPDGR

$FWDGH $FWDGH $FWDGH $FWDGH


([iPHQ ([iPHQ ([iPHQ ([iPHQ

& 0$18$/)81&,21$/ 2 3$*,1$'(


6,8*8$5$1Ì

$6,*1$&,Ï1'($8/$6

(OVLVWHPDSHUPLWHWRPDUODLQIRUPDFLyQGHKRUDULRVFRQWHQLGDHQODVPHVDV\FRPLVLRQHV\
XWLOL]DUODSDUDGHILQLUODDVLJQDFLyQGHDXODV$ODVLJQDUXQDXODVHYHQORVGDWRVGHODFRPLVLyQ
R PHVDHQFXHVWLyQ\ODLQIRUPDFLyQGHRFXSDFLyQTXH\DWLHQHQODVDXODV(VSRVLEOHTXHGRV
R PiVFRPLVLRQHVFRPSDUWDQHODXODHQHOPLVPRKRUDULR/RPLVPRSXHGHVXFHGHUFRQPHVDV
GHH[DPHQ(M6LVHDUPDQDFWDVVHSDUDGDVSRUFDUUHUDSDUDXQDPDWHULDHVQHFHVDULRJHQH
UDUXQDPHVDSDUDFDGDFDUUHUDSHURVLHOGRFHQWHTXHWRPDHOH[DPHQILQDOHVHOPLVPRSDUD
ODVGRVFDUUHUDVHVSRVLEOHTXHDPEDVPHVDVWHQJDQODPLVPDDXOD\HOPLVPRGtD

œ 5(48,6,72635(9,26

à *HQHUDUFRPLVLRQHVRPHVDVFRQVXUHVSHFWLYDEDQGDKRUDULD 2SHUDFLRQHVFXU\
H[D 

à $OWDGH(GLILFLRVVHGDQGHDOWDORVHGLILFLRVTXHVHXWLOL]DUiQSDUDHOFXUVDGRGHPDWH
ULDV\HOWRPDGRGHH[iPHQHV 2SHUDFLyQDXO 

à $OWD GH 7LSR GH $XOD VH GHILQHQ ORV GLVWLQWRV WLSRV GH DXOD TXH VH XWLOL]D
UiQ HMODERUDWRULRFODVHVWHyULFD SDUDHOFXUVDGRGHPDWHULDV \HOWRPDGRGHH[iPH
QHV 2SHUDFLyQDXO 

à $OWDGH$XODVVHGHILQHQODVDXODVTXHVHXWLOL]DUiQSDUDHOFXUVDGRGHPDWHULDV\HO
WRPDGRGHH[iPHQHV 2SHUDFLyQDXO 

œ $6,*1$&,Ï1 '( $8/$6 3$5$ &20,6,21(6 VROR VH SRGUiQ DVLJQDU DXODV VL ODV FRPLVLRQHV
WLHQHVXEDQGDKRUDULDGHILQLGD 2SHUDFLyQDXO 

œ $6,*1$&,Ï1 '( $8/$6 3$5$ 0(6$6 '( (;È0(1(6 SUpVWDPR GH DXODV SDUD H[iPHQHV 6H
DVLJQDXQDXODSDUDXQDPHVDGHH[DPHQGHWHUPLQDGD 2SHUDFLyQDXO (VQHFHVDULR
TXHODPHVDWHQJDXQDEDQGDKRUDULDDVLJQDGD

œ /RV DOXPQRV SXHGHQ FRQVXOWDU GHVGH $XWRJHVWLyQ R ,QWHUQHW VX DJHQGD GH FODVHV (VWD
DJHQGD FRQWLHQH OD LQIRUPDFLyQ GH ODV FRPLVLRQHVPHVDV GRQGH HO DOXPQR HVWi LQVFULS
WR HGLILFLRDXODKRUDULRFRPLVLyQPHVD 2SHUDFLyQDJUHS 

& 0$18$/)81&,21$/ 2 3$*,1$'(


6,8*8$5$1Ì

$VLJQDFLyQGH$XODV

$8/$

$VLJQDFLyQ $VLJQDFLyQ

&RPLVLyQ &RPLVLyQ &RPLVLyQ


 D D D

& 0$18$/)81&,21$/ 2 3$*,1$'(


6,8*8$5$1Ì

*(67,Ï1'((*5(6$'26

(OVLVWHPDSHUPLWHDFRPSDxDUODJHVWLyQGHOGLSORPD'HHVWDIRUPDFDGD8QLGDG$FDGpPLFD
SXHGHVDEHUHOHVWDGRSDUWLFXODUHQTXHVHHQFXHQWUDXQDVROLFLWXGGHWtWXOR

œ 5(48,6,72635(9,26

à $OWD GH -XUDPHQWRV VH GHILQH OD IyUPXOD GH MXUDPHQWR TXH ORV DOXPQRV SXHGHQ HOH
JLU 2SHUDFLyQHJU (M-XUDUSRUODSDWULD

à $OWDGH&RODFLRQHVVHGHILQHODIHFKDGHODFWRHQHOFXDOHOHJUHVDGRYDDUHFLELUHOGL
SORPD 2SHUDFLyQHJU /DFRODFLyQHVHODFWRGRQGHVHHQWUHJDQORVWtWXORVDORV
HJUHVDGRV

œ 62/,&,78''(7Ë78/26

à (O DOXPQR VROLFLWD OD H[SHGLFLyQ GHO WtWXOR 2SHUDFLyQ HJU  3DUD TXH OD VROLFLWXG
SXHGDVHULQJUHVDGDDOVLVWHPDVHYDOLGDTXHHODOXPQRKD\DFXPSOLGRFRQHOSODQGH
HVWXGLRV(OVLVWHPDSHUPLWHGHWHFWDUWRGRVORV DOXPQRV TXH HVWiQ HQ FRQGLFLRQHV GH
HJUHVDU\UHDOL]DUODLQLFLDFLyQGHOWUiPLWHHQIRUPDDXWRPiWLFD 2SHUDFLyQHJU 

à (OVLVWHPDSHUPLWHUHJLVWUDUHODYDQFHGHOWUiPLWH\HPLWHORVUHVXOWDGRVQHFHVDULRVHQ
FDGD HWDSD /DV HWDSDV TXH FRQIRUPDQ HO WUiPLWH \ ORV IRUPXODULRV TXH VH HPLWHQ HQ
FDGDXQDGHHOODVVHSXHGHQFRQILJXUDUSRUFDGDLQVWDODFLyQGHO*XDUDQt

(PLVLyQ7tWXOR\'LSORPD

6HFWRU7,78/26 6HFWRU$/80126
(*5(6$'2
&HQWUDOL]DGR 8QLGDG$FDGHPLFD

(PLVLyQ7tWXOR\ 5HJLVWUR7tWXORV
'LSORPD (PLWLGRV

& 0$18$/)81&,21$/ 2 3$*,1$'(


6,8*8$5$1Ì

$1(;26
$1(;2 3$5È0(7526'(/6,67(0$9
/RVSDUiPHWURVGHOVLVWHPDVHXWLOL]DQSDUDGHILQLUHOIXQFLRQDPLHQWRGHOPLVPR\VXVYDORUHV
GHEHQVHUGHWHUPLQDGRVDOPRPHQWRGHLPSOHPHQWDFLyQ(VWRVSDUiPHWURVH[LVWHQSDUDVR
SRUWDUODVGLVWLQWDVUHDOLGDGHVGHODV8QLGDGHV$FDGpPLFDV

*(67,Ï1'(&$55(5$6<3/$1(6

120%5('(/3$5È0(752 '(6&5,3&,Ï1

'HSDUWDPHQWRV 'HSDUWDPHQWRVVLODXQLGDGDFDGpPLFDWUDEDMDFRQGHSDU
WDPHQWRVRQR
œ 9DORUHV
µ6¶ +D\GHSDUWDPHQWRV
µ1¶ 1RKD\GHSDUWDPHQWRV
&XUVRVBGHB,QJUHVR œ &XUVRVGH,QJUHVRVLODVFDUUHUDVWLHQHQFXUVRGH
LQJUHVRRQR
œ 9DORUHV
µ6¶ +D\FXUVRGHLQJUHVR
µ1¶ 1RKD\FXUVRGHLQJUHVR
&iWHGUDV œ &iWHGUDVVLODXQLGDGDFDGpPLFDPDQHMDFiWHGUDVR
QR
œ 9DORUHV
µ6¶ +D\FiWHGUDV
µ1¶ 1RKD\FiWHGUDV
FRQGBDSUREDFLRQ (VWHSDUiPHWURVRORVHGHEHWHQHUHQFXHQWDVLHQOD)D
FXOWDGVHWUDEDMDFRQODSDUWLFXODULGDGGHUHQGLU([iPHQHV
SRUSDUWHV
œ &RQGLFLRQHVGH$SUREDFLyQ6LSHUPLWHRQRPRGLILFDU
ODV&RQGLFLRQHVGH$SUREDFLyQGHPDWHULDVSHUWHQH
FLHQWHVDXQSODQFRQIHFKDGHHQWUDGDHQYLJHQFLD3D
UD([iPHQHVSRUSDUWHV
œ 9DORUHV
µ6¶ 3HUPLWHPRGLILFDUODV&RQGLFLRQHVGH$SUREDFLyQ
GHPDWHULDVSHUWHQHFLHQWHVDXQSODQFRQIHFKDGHHQ
WUDGDHQYLJHQFLD
µ1¶ 1RSHUPLWHPRGLILFDUODV&RQGLFLRQHVGH$SURED
FLyQGHPDWHULDVSHUWHQHFLHQWHVDXQSODQFRQIHFKDGH
HQWUDGDHQYLJHQFLD

& 0$18$/)81&,21$/ 2 3$*,1$'(


6,8*8$5$1Ì

*(67,Ï1'(0$75Ë&8/$6

120%5('(/3$5È0(752 '(6&5,3&,Ï1

WXUQRBLQVFULSFLRQ œ 7XUQRGH,QVFULSFLyQ6LRWRUJDRQR7XUQRVGH
,QVFULSFLyQDODVSHUVRQDVHQODLQVFULSFLyQDFDUUH
UDVSDUDOXHJRDFWXDOL]DUORVGDWRVFHQVDOHVSHUVR
QDOHVUHTXLVLWRVHWF
œ 9DORUHV
µ6¶ 2WRUJDORV7XUQRVGH,QVFULSFLyQ
µ1¶ 1RRWRUJDORV7XUQRVGH,QVFULSFLyQ
SHULRGRBLQVFULSFLR œ &yGLJRGH3HUtRGRGHLQVFULSFLyQ'HWHUPLQDXQ
QRPEUHPQHPRWpFQLFRTXHLGHQWLILFDUiDODVLQVFULS
FLRQHV\UHLQVFULSFLRQHVDFDUUHUDVFRQXQGHWHUPL
QDGRSHUtRGR(VWHFDPSRVLHPSUHWHQGUiHOYDORU
DFWXDOTXHGHEHJUDEDUVHHQODVFRUUHVSRQGLHQWHV
WDEODV
JHQHUDFLRQBOHJDMR œ *HQHUDU/HJDMR1RPEUHGHO2EMHWR3RZHU%XLOGHU
TXHVHRFXSDGHODJHQHUDFLyQSHUVRQDOL]DGDGHXQ
OHJDMR&RQVWDQWH XRBOHJDMRBDOXPQR
LQVFBFDUUHUDBHTXLYBDXWR ,QVFULSFLyQDFDUUHUD JHQHUDFLyQGHOHJDMR
&XDQGRXQDOXPQRVHLQVFULEHHQXQDQXHYDFDUUHUDVH
OHGDQSRUDSUREDGDVWRGDVODVPDWHULDVFRPXQHVGHVX
QXHYRSODQGHHVWXGLRVTXH\DWXYLHUDDSUREDGDVHQ
RWUDVFDUUHUDVDOPRPHQWRGHJHQHUDUOHOHJDMRDODOXPQR
9DORUHV
µ6¶ VLµ1¶ QR

OHJDMRBXQLFR 0LVPROHJDMRHQWRGDVODVFDUUHUDV
&XDQGRXQDOXPQRVHLQVFULEHHQXQDQXHYDFDUUHUDVH
OHRWRUJDHOPLVPRQ~PHURGHOHJDMRTXH\DWHQtDHQVX
SULPHUFDUUHUD
9DORUHV
µ6¶ VLµ1¶ QR

& 0$18$/)81&,21$/ 2 3$*,1$'(


6,8*8$5$1Ì

*(67,Ï1'(&856$'26

120%5('(/3$5È0(752 '(6&5,3&,Ï1

BHVWDGRBILQDOBLQVFBFXUVDGD œ (VWDGR)LQDOGH,QVFULSFLRQHVD&XUVDGDV±*HV
WLyQ'HWHUPLQDHOHVWDGRILQDOGH,QVFULSFLRQHVD
&XUVDGDVLQGHSHQGLHQWHPHQWHGHOUHVXOWDGRGHOD
HMHFXFLyQGHORVFRQWUROHVSRU*HVWLyQ
œ 9DORUHV
µ$¶ ,QVFULSFLyQ$FHSWDGD
µ3¶ ,QVFULSFLyQ3HQGLHQWH
BHVWDGRBILQDOBLQVFBFXUVDGD œ (VWDGR)LQDOGH,QVFULSFLRQHVD&XUVDGDV±$X
WR*HVWLyQ 'HWHUPLQDHOHVWDGRILQDOGH,QVFULSFLR
QHVD&XUVDGDVLQGHSHQGLHQWHPHQWHGHOUHVXOWDGR
GHODHMHFXFLyQGHORVFRQWUROHVSRU$XWR*HVWLyQ
œ 9DORUHV
µ$¶ ,QVFULSFLyQ$FHSWDGD
µ3¶ ,QVFULSFLyQ3HQGLHQWH
BHVWDGRBILQDOBLQVFBFXUVDGD œ (VWDGR)LQDOGH,QVFULSFLRQHVD&XUVDGDV±,QWHU
QHW'HWHUPLQDHOHVWDGRILQDOGH,QVFULSFLRQHVD
&XUVDGDVLQGHSHQGLHQWHPHQWHGHOUHVXOWDGRGHOD
HMHFXFLyQGHORVFRQWUROHVSRU,QWHUQHW
œ 9DORUHV
µ$¶ ,QVFULSFLyQ$FHSWDGD
µ3¶ ,QVFULSFLyQ3HQGLHQWH
BHVWDGRBILQDOBLQVFBFXUVDGD œ (VWDGR)LQDOGH,QVFULSFLRQHVD&XUVDGDV±7(
'HWHUPLQDHOHVWDGRILQDOGH,QVFULSFLRQHVD&XUVD
GDVLQGHSHQGLHQWHPHQWHGHOUHVXOWDGRGHODHMHFX
FLyQGHORVFRQWUROHVSRU7HOpIRQR
œ 9DORUHV
µ$¶ ,QVFULSFLyQ$FHSWDGD
µ3¶ ,QVFULSFLyQ3HQGLHQWH
FDQWBPD[BLQVFBFXUVBSRUBPDWBHQBSHUBOHFW œ &DQWLGDG0i[LPDGH,QVFULSFLRQHVD&XUVDGDV
SRU0DWHULDHQXQ3HUtRGR/HFWLYR'HWHUPLQDOD
FDQWLGDGPi[LPDGHYHFHVTXHXQDOXPQRSXHGH
FXUVDUXQDPLVPDPDWHULDGHQWURGHXQPLVPRSH
UtRGROHFWLYR
œ 9DORUHV
3RUHOPRPHQWRODPLVPDLQWHUIDFHDVXPH
PD[BLQVFBFXUBLJXDOBSHULRGRBOHFWLYR œ 0i[LPDFDQWLGDGGH,QVFULSFLRQHVD&XUVDGDVHQ
HOPLVPRSHUtRGROHFWLYR&DQWLGDGPi[LPDGHLQV
FULSFLRQHVDFXUVDGDVGHXQDOXPQRHQXQPLVPR
SHUtRGROHFWLYR
œ 9DORUHV
'HD1
FDQWBGHBLQVFBH[BXQDBPDWHULDBSRUBOODPDGR œ &DQWLGDGGH,QVFULSFLRQHVDH[DPHQSDUDXQD
PDWHULDSRUOODPDGR6LOD,QVFULSFLyQHVSRUOODPD
GRGHWHUPLQDODFDQWLGDGGH,QVFULSFLRQHVDH[iPH
QHVSHUPLWLGDVDXQDPDWHULDHQXQPLVPROODPDGR
GHQWURGHXQ7XUQR
œ 9DORUHV
'HD1

& 0$18$/)81&,21$/ 2 3$*,1$'(


6,8*8$5$1Ì

120%5('(/3$5È0(752 '(6&5,3&,Ï1

5HFXUVDUBUHJXODUL]DGDV œ 5HFXUVDUUHJXODUL]DGDV6LXQDOXPQRSXHGHUHFXU
VDUXQDPDWHULDTXHWLHQHUHJXODUL]DGD

9DORUHV œ
µ6¶ 3XHGHXQDOXPQRUHFXUVDUXQDPDWHULDTXHWLH
QHUHJXODUL]DGD
µ1¶ 1RSXHGHXQDOXPQRUHFXUVDUXQDPDWHULDTXH
WLHQHUHJXODUL]DGD
OLQHDVBIROLRBDFWDBFXUVDGRV œ /LQHDVSRUIROLRHQHODFWDGHFXUVDGDV&DQWLGDG
GHOLQHDVSRUIROLRGHILQLGDVSDUDXQ$FWDGH&XUVD
GRV
œ 9DORUHV
'HD1
FRQWURODBGHWDOOHBDFWDBFXUVDGRV œ &RQWURODHOGHWDOOHGHODFWDGHFXUVDGDV6LUHDOL]D
R QRHOFRQWUROGHOGHWDOOHGHO$FWDGH&XUVDGRVDO
PRPHQWRGHFHUUDUOR 3RUHMHPSORHOFRQWUROGHFR
UUHODWLYLGDGHV 
œ 9DORUHV
µ6¶ 6HUHDOL]DHOFRQWUROGHOGHWDOOHGHO$FWDGH&XU
VDGRVDOPRPHQWRGHFHUUDUOR
µ1¶ 1RVHUHDOL]DHOFRQWUROGHOGHWDOOHGHO$FWDGH
&XUVDGRVDOPRPHQWRGHFHUUDUOR
(VFDODBFXUVDGD œ (VFDODGH&XUVDGD(VFDODGHQRWDVSRUGHIHFWR
TXHVHXWLOL]DHQODFDUJDGHOSODQFXDQGRVHGHILQHQ
ORVDWULEXWRVGHODVPDWHULDV
RUGHQBGHWDOOHBDFWDVBFXUVDGR œ 2UGHQGHJHQHUDFLyQGHOGHWDOOHGHODVDFWDVGH
FXUVDGD2UGHQHQHOTXHVHJHQHUDUiHOGHWDOOHGH
ODV$FWDVGH&XUVDGR 3URPRFLRQDOHVR5HJXODUHV 
œ 9DORUHV
 /HJDMR
 $SHOOLGR\1RPEUH
 7LSR\1URGH'RFXPHQWR
,QVHUWDBDOXPQRVBQRBSURPRFLRQDGRVBHQBDFWD ,QVHUWDDOXPQRVTXHQRSURPRFLRQDURQHQHODFWD6L
FDUJDRQR$OXPQRV1R3URPRFLRQDGRVHQ$FWDVGH
3URPRFLRQDOHV
9DORUHV
µ6¶ (QHO$FWDGH3URPRFLRQDGRVDSDUHFHQORVDOXPQRV
TXHSURPRFLRQDURQ\ORVTXHQRORKLFLHURQ
µ1¶ (QHO$FWDGH3URPRFLRQDGRVVRODPHQWHDSDUHFHQ
ORVDOXPQRVTXHSURPRFLRQDURQ

3RUHOPRPHQWRQRVHXVD'HMDUYDORUILMR 1

,QVHUWDBDOXPQRVBSURPRFLRQDGRVBHQBDFWD ,QVHUWDDOXPQRVTXHSURPRFLRQDURQHQHODFWD6LORV
DOXPQRVTXHSURPRFLRQDURQYDQDDSDUHFHUHQHO$FWD
GH5HJXODUHV
9DORUHV
µ6¶ (QHO$FWDGH5HJXODUHVDSDUHFHQORVDOXPQRVTXH
SURPRFLRQDURQ\ORVTXHQRORKLFLHURQ
µ1¶ (QHO$FWDGH5HJXODUHVVRODPHQWHDSDUHFHQORV
DOXPQRVTXHQRSURPRFLRQDURQ\UHJXODUL]DURQODPDWH
ULD
3RUHOPRPHQWRQRVHXVD'HMDUYDORUILMR 1

& 0$18$/)81&,21$/ 2 3$*,1$'(


6,8*8$5$1Ì

120%5('(/3$5È0(752 '(6&5,3&,Ï1

0XHVWUDBDOXPQRVBQRBSURPRFLRQDGRV œ 0XHVWUDDOXPQRVTXHQRSURPRFLRQDURQ0RVWUDU
ORVDOXPQRVQR3URPRFLRQDGRVDOPRPHQWRGHFH
UUDUHODFWDGHSURPRFLyQ

œ 9DORUHV
µ6¶ 0XHVWUDORVDOXPQRVQR3URPRFLRQDGRVDO
PRPHQWRGHFHUUDUHODFWDGHSURPRFLyQ
µ1¶ 1RPXHVWUDORVDOXPQRVQR3URPRFLRQDGRVDO
PRPHQWRGHFHUUDUHODFWDGHSURPRFLyQ

3RUHOPRPHQWRQRVHXVD'HMDUYDORUILMR 1

&DQWLGDGBGLDVBUHDGPLVLRQ œ &DQWLGDGGHGtDVTXHGXUDXQDUHDGPLVLyQ
œ 9DORUHV
'HD1
FDQWLGDGBPDWHULDVBUHDGPLVLRQ œ &DQWLGDGGHPDWHULDVSDUDODUHDGPLVLyQ&DQWL
GDGGHPDWHULDVQHFHVDULDVSDUDVHUUHJXODUGHV
SXpVGHODSULPHUDUHDGPLVLyQ
œ 9DORUHV
'HD1
FDQWLGDGBPDWHULDVBUHJXODULGDG œ &DQWLGDGGHPDWHULDVSRUDxRDFDGpPLFR&DQWL
GDGGHPDWHULDVDSUREDGDVQHFHVDULDVSRUDxRDFD
GpPLFRSDUDTXHXQDOXPQRVHDUHJXODUHQODFDUUH
UD
œ 9DORUHV
'HD1
DJUHJDUBDOXPQRVBDFWDBSURPRBQRH[LVWHDFWDU 3HUPLWLUDJUHJDUDOXPQRVDO$FWDGH3URP
'HWHUPLQDVLDODJUHJDUXQ$OXPQRDO$FWDGH3URPRFLR
QDOHVR5HFWLILFDWLYDGH3URPRFLRQDOHVHVWHGHEHH[LVLWLU
HQDOJXQ HQFDVRGHTXHH[LVWDQPDVGH$FWD $FWD
GH5HJXODULGDGGHOD&RPLVLyQ
9DORUHV
µ6¶ VLµ1¶ QR

3RUHOPRPHQWRQRVHXVD'HMDUYDORUILMR 1

DJUHJDUBDOXPQRVBQRBLQVFBDFWDBSURPRFLRQ 3HUPLWLUDJUHJDUDOXPQRVQR,QVF$FWD3URP
'HWHUPLQDVLSHUPLWHDJUHJDUXQ$OXPQRQRLQVFULSWRDO
$FWDGH3URPRFLRQDOHVR5HFWLILFDWLYDGH3URPRFLRQDOHV
9DORUHV
µ6¶ VLµ1¶ QR
DJUHJDUBDOXPQRVBQRBLQVFBDFWDBUHJXODUHV 'HWHUPLQDVLSHUPLWHDJUHJDUXQ$OXPQRQRLQVFULSWRDO
$FWDGH5HJXODUHV
9DORUHV
µ6¶ VLµ1¶ QR
DVHQWDUBQRWDVBDFWDVBUHJXODUHV ,QJUHVDU1RWDHQ$FWDGH5HJXODUHV
&RQWURODVLVHGHEHLQJUHVDUOD1RWDHQ$FWDVGH5HJXOD
UHV\5HFWLILFDWLYDVGH5HJXODUHV
9DORUHV

1

1R2EOLJDWRULD3XHGHRQRLQJUHVDUVHOD1RWDHQHO
GHWDOOHGHO$FWDGH5HJXODUHV

2

2EOLJDWRULDGHEHLQJUHVDUVHOD1RWDHQHOGHWDOOH
GHO$FWDGH5HJXODUHV


6

6LQ1RWDV1RGHEHLQJUHVDUVHOD1RWDHQHOGHWDOOH
GHO$FWDGH5HJXODUHV
6LVHLQJUHVDURQODVPLVPDVVH
HOLPLQDUiQDOPRPHQWRGHFHUUDUHODFWDGHUHJXODUHV
& 0$18$/)81&,21$/ 2 3$*,1$'(
6,8*8$5$1Ì

120%5('(/3$5È0(752 '(6&5,3&,Ï1

LQVHUWDBDOXPQRVBSURPRFLRQDGRVBDFWDUHJ ,QVHUWDUDOXPQRVQR3URPRYLGRVHQHO$FWD5HJXODUHV
'HWHUPLQDVLVHGHEHQDJUHJDURQR$OXPQRV3URPRYL
GRVHQ$FWDVGH5HJXODUHV
9DORUHV

1

1R/RVDOXPQRV3URPRYLGRVQRVHLQVHUWDQHQHQ
HO$FWDGH5HJXODUHV


6

6L/RVDOXPQRV3URPRYLGRVYDQHQHO$FWDGH5H
JXODUHV
PXHVWUDBDOXPQRVBQRBSURPRFLRQDGRV 0RVWUDUDOXPQRVQR3URPRFHQ$FWDV
0RVWUDUORV$OXPQRVQR3URPRFLRQDGRVDOPRPHQWRGH
&HUUDUHO$FWDGH3URPRFLyQ
9DORUHV
µ6¶ VLµ1¶ QR
SURPRFLRQBYDOHBHQBWRGDVBODVBFDUUHUDV /D3URPRFLyQYDOHSDUDWRGDVODVFDUUHUDV
6LHOSDUiPHWURHVWiHQµ6¶ODPDWHULDSURPRFLRQDGDVH
GDUiSRUSURPRFLRQDGDHQHOUHVWRGHODVFDUUHUDVGHO
DOXPQRVLODPDWHULDILJXUDHQVXSODQGHHVWXGLRV
9DORUHV
µ6¶ VLµ1¶ QR

& 0$18$/)81&,21$/ 2 3$*,1$'(


6,8*8$5$1Ì

*(67,Ï1'((;È0(1(6<(48,9$/(1&,$6

120%5('(/3$5È0(752 '(6&5,3&,Ï1

BHVWDGRBILQDOBLQVFBH[DPHQ œ (VWDGR)LQDOGH,QVFULSFLRQHVD([iPHQHV±*HV
WLyQ'HWHUPLQDHOHVWDGRILQDOGH,QVFULSFLRQHVD
([iPHQHVLQGHSHQGLHQWHPHQWHGHOUHVXOWDGRGHOD
HMHFXFLyQGHORVFRQWUROHVSRU*HVWLyQ
œ 9DORUHV
µ$¶ ,QVFULSFLyQ$FHSWDGD
µ3¶ 3HQGLHQWH
BHVWDGRBILQDOBLQVFBH[DPHQ œ (VWDGR)LQDOGH,QVFULSFLRQHVD([iPHQHV±$XWR
*HVWLyQ'HWHUPLQDHOHVWDGRILQDOGH,QVFULSFLRQHVD
([iPHQHVLQGHSHQGLHQWHPHQWHGHOUHVXOWDGRGHOD
HMHFXFLyQGHORVFRQWUROHVSRU$XWR*HVWLyQ
œ 9DORUHV
µ$¶ $FWLYD
µ3¶ 3HQGLHQWH
BHVWDGRBILQDOBLQVFBH[DPHQ œ (VWDGR)LQDOGH,QVFULSFLRQHVD([iPHQHV±,QWHU
QHW'HWHUPLQDHOHVWDGRILQDOGH,QVFULSFLRQHVD([i
PHQHVLQGHSHQGLHQWHPHQWHGHOUHVXOWDGRGHODHMHFX
FLyQGHORVFRQWUROHVSRU,QWHUQHW
œ 9DORUHV
µ$¶ $FWLYD
µ3¶ 3HQGLHQWH
BHVWDGRBILQDOBLQVFBH[DPHQ œ )LQDOGH,QVFULSFLRQHVD([iPHQHV±7('HWHUPLQD
HOHVWDGRILQDOGH,QVFULSFLRQHVD([iPHQHVLQGHSHQ
GLHQWHPHQWHGHOUHVXOWDGRGHODHMHFXFLyQGHORVFRQ
WUROHVSRU7HOpIRQR
œ 9DORUHV
µ$¶ $FWLYD
µ3¶ 3HQGLHQWH
FDQWBGHBLQVFBH[BXQDBPDWHULDBSRUBWXUQR œ &DQWLGDGGHLQVFULSFLRQHVDH[DPHQSDUDXQD0D
WHULDHQXQWXUQR'HWHUPLQDOD&DQWLGDGGH,QVFULS
FLRQHVD([iPHQHVSHUPLWLGDVDXQD0DWHULDHQXQ
7XUQR1RLPSRUWDVLODLQVFULSFLyQHVSRUWXUQRROOD
PDGR
œ 9DORUHV
'HD1
FDQWBGHBLQVFBH[BXQDBPDWHULDBSRUBOODPDGR œ &DQWLGDGGHLQVFULSFLRQHVDH[DPHQSDUDXQD0D
WHULDHQXQOODPDGR'HWHUPLQDOD&DQWLGDGGH,QV
FULSFLRQHVD([iPHQHVSHUPLWLGDVDXQD0DWHULDHQXQ
OODPDGR1RLPSRUWDVLODLQVFULSFLyQHVSRUWXUQRR
OODPDGR
œ 9DORUHV
'HD1
PRGDOLGDGBGHBLQVFULSFLRQHVBDBH[DPHQHV œ 0RGDOLGDGGHODV,QVFULSFLRQHVD([iPHQHV3RU
7XUQRR/ODPDGR\GHWHUPLQDODPRGDOLGDGGHOD,QV
FULSFLyQD([DPHQ
3RUHOPRPHQWRVyORVHXWLOL]DSRUµOODPDGR¶

& 0$18$/)81&,21$/ 2 3$*,1$'(


6,8*8$5$1Ì

120%5('(/3$5È0(752 '(6&5,3&,Ï1

UHVWULFFLRQHVBDBPXOWLSOHVBLQVFBH[DPHQ œ 5HVWULFFLRQHVDGLFLRQDOHVSDUDODLQVFULSFLyQP~OWL
SOHDH[iPHQHV5HVWULFFLRQHVTXHWLHQHQODVLQVFULS
FLRQHVD([DPHQFXDQGRVHSHUPLWHPiVGHXQDSRU
OODPDGRWXUQR
œ 9DORUHV
µ/¶ /LEUH1RVHFRQWURODQDGD
µ'¶ 'HVSXpVGHO([DPHQ6HGHEHFRQWURODUSDVDGDOD
SULPHUDLQVFULSFLyQDXQDPDWHULDHQXQWXUQRTXH\D
KD\DSDVDGRODIHFKD\KRUDGHOH[DPHQHQTXHHO
DOXPQRHVWDEDLQVFULSWRDQWHULRUPHQWH
µ$¶ 6LHVWXYR$XVHQWH6HGHEHFRQWURODUSDVDGDOD
SULPHUDLQVFULSFLyQDXQDPDWHULDHQXQWXUQRTXH\D
HVWpFHUUDGDHO$FWDGH([DPHQHQGRQGHHODOXPQR
HVWXYRLQVFULSWRDQWHULRUPHQWH\TXHHQHVH$FWDHO
$OXPQRQRILJXUHRILJXUHFRPRDXVHQWH
LQVFBH[DPHQBVHOHFFLRQBDXWRBWLSRBLQVF œ 7LSRGH,QVFULSFLyQD([DPHQ
œ 9DORUHV
µ6¶ /DLQVFULSFLyQDH[DPHQVHVROXFLRQDUiDXWRPiWL
FDPHQWHVHJ~QHODOXPQRUHJXODUL]yRQRODPDWHULD
(VWDHQ*HVWLyQ\$XWRJHVWLyQ)DOWD,QWHUQHW
µ1¶ (ODOXPQRGHEHVHOHFFLRQDUHOWLSRGHLQVFULSFLyQD
H[DPHQµOLEUHR5HJXODU¶
,QVFULSFLRQBH[DPHQBSRUBOODPDGR œ ,QVFULSFLyQDH[DPHQSRUOODPDGR/DVLQVFULSFLRQHV
SDUDUHQGLUH[iPHQHVSXHGHQHIHFWXDUVHSRUWXUQRGH
H[DPHQRSRUOODPDGR
œ 9DORUHV
(VWHYDORUQRVHSXHGHPRGLILFDU)LMR 6
,QVFULSFLRQBH[DPHQBXQLFRBOODPDGR œ ,QVFULSFLyQDH[DPHQ~QLFROODPDGR3HUPLWHUHQGLU
XQ~QLFROODPDGRSRUWXUQRGHH[DPHQILQDO
œ 9DORUHV
µ6¶ 6RORSXHGHUHQGLUXQOODPDGR
µ1¶ (ODOXPQRSXHGHUHQGLUHQWRGRVORVOODPDGRVGHO
WXUQR
/LQHDVB)ROLR œ /LQHDVSRUIROLR&DQWLGDGGHOtQHDVTXHYDDWHQHUXQ
DFWDGHH[DPHQPX\OLJDGRDODFDQWLGDGGHDOXPQRV
TXHHQWUDQHQXQIROLR
œ 9DORUHV
'HD1
,QVFULSFLRQBH[DPHQBFDWHGUD œ ,QVFULSFLyQGHH[DPHQGHODFiWHGUD6LHODOXPQR
GHEHLQVFULELUVHHQODPLVPDFiWHGUDHQODTXHFXUVy
œ 9DORUHV
µ6¶ (ODOXPQRGHEHLQVFULELUVHHQODPLVPDFiWHGUDHQ
ODTXHFXUVy
µ1¶ (ODOXPQRSXHGHLQVFULELUVHHQFXDOTXLHUFiWHGUD
(VFDODBH[DPHQ (VFDODGH([DPHQ&yGLJRGH(VFDODGHQRWDVSRUGHIHFWR
TXHVHXWLOL]DHQODFDUJDGHOSODQFXDQGRVHGHILQHQORV
DWULEXWRVGHODVPDWHULDV

& 0$18$/)81&,21$/ 2 3$*,1$'(


6,8*8$5$1Ì

120%5('(/3$5È0(752 '(6&5,3&,Ï1

FRQWURODBGHWDOOHBDFWD œ &RQWURODHOGHWDOOHGHODFWDGHH[DPHQ6LUHDOL]DRQR
HOFRQWUROGHOGHWDOOHGHO$FWDGH([DPHQDOPRPHQWRGH
FHUUDUOR
œ 9DORUHV
µ6¶ 6HUHDOL]DHOFRQWUROGHOGHWDOOHGHO$FWDGH([D
PHQDOPRPHQWRGHFHUUDUOR
µ1¶ 1RVHUHDOL]DHOFRQWUROGHOGHWDOOHGHO$FWDGH
([DPHQDOPRPHQWRGHFHUUDUOR

'HMDUYDORUILMR 1

RUGHQBGHWDOOHBDFWDVBH[DPHQ œ 2UGHQGHJHQHUDFLyQGHOGHWDOOHGHODVDFWDVGH
H[DPHQ2UGHQHQHOTXHVHJHQHUDUiHOGHWDOOHGHODV
$FWDVGH([DPHQ
œ 9DORUHV
 /HJDMR
 $SHOOLGR\1RPEUH
 7LSR\1URGH'RFXPHQWR
 3RUIHFKD\KRUDGHLQVFULSFLyQ
DJUHJDUBDOXPQRVBDFWDVBH[DPHQ œ $JUHJDUDOXPQRVDODFWDGHH[DPHQ'HILQHHQTXH
IROLRVHDJUHJDUDQHOORVDOXPQRVDXQ$FWDGH([D
PHQ
œ 9DORUHV
 (QXQQXHYRIROLR
 (QHO~OWLPRIROLRGHODFWDGHH[DPHQ6LHO~OWLPRIR
OLRHVWDFRPSOHWRJHQHUDXQQXHYRIROLR
 &RQVXOWDDOXVXDULRGRQGHGHVHDDJUHJDUHOORV
DOXPQRVHQHODFWDGHH[DPHQVLHQXQQXHYRIROLRR
HQHO~OWLPRIROLRGHODFWDGHH[DPHQ
HTXLYBFRQILUPDBDXWR œ &RQILUPDDXWRPiWLFDPHQWHXQDHTXLYDOHQFLD
œ 9DORUHV
µ6¶ 1RVHUiQHFHVDULRFRQILUPDU
µ1¶ 6HUiQHFHVDULRFRQILUPDUOXHJRODHTXLYDOHQFLD
µ3¶ 6HSUHJXQWDUiTXHVHGHVHDKDFHU
(TXLYBSDVDUBUHSUREDGRV 61
([DPHQBYDOHBHQBWRGDVBODVBFDUUHUDV 61&XDQGRVHFLHUUDHODFWDGHH[DPHQVLHVWiHQµ6¶HO
SDUiPHWURVHJHQHUDQHQKLVWRULDDFDGpPLFDODVDSUREDFLR
QHVSDUDODVRWUDVFDUUHUDVHQGRQGHVHHQFXHQWUHHVDPD
WHULD PDWHULDVFRPXQHV
HTXLYBYDOHBHQBWRGDVBODVBFDUUHUDV /DVHTXLYDOHQFLDVYDOHQSDUDWRGDVODVFDUUHUDV
/DVHTXLYDOHQFLDVRWRUJDGDVDORVDOXPQRVVRQYiOLGDVSDUD
WRGDVODVFDUUHUDVTXHHVWpFXUVDQGRVLODPDWHULDILJXUDHQ
ORVSODQHVGHHVWXGLRV
9DORUHV
µ6¶ VLµ1¶ QR
*HQHUDFLRQBQURBDFWDBUHFWLILFDWLYDBH[DPHQ &RQVWDQWHXRBJHQHUDBQURBDFWDBUHFWBH[DPHQ
IRUPDBJHQBDFWD &RQVWDQWH OODPDGR
JHQBQURBDFWDBSURY &RQVWDQWHXRBJHQHUDBQURBOLVW1RPEUHGHO2EMHWR3RZHU
%XLOGHUTXHJHQHUDHO1URGH/LVWDGRGH([DPHQ
FRQWURODBFRUUHODWLYDVBDFWXDOHV 6HFRQWURODQODVFRUUHODWLYDVFRQWUDHOSODQGHODOXPQR

& 0$18$/)81&,21$/ 2 3$*,1$'(


6,8*8$5$1Ì

6(*85,'$'

120%5('(/3$5È0(752 '(6&5,3&,Ï1

FODYHBORQJLWXGBPLQLPD œ /RQJLWXGPtQLPDGHOD3DVV:RUG/RQJPtQLPDGHOD
SDVV:RUGSDUDXWLOL]DUHQLQWHUIDVHVFRPR,QWHUQHW
œ 9DORUHV
'HD
FODYHBPD[BFDQWLGDGBGHBORJXHRVBIDOOLGRV œ 0i[LPDFDQWLGDGGHORJXHRVIDOOLGRV0i[LPDFDQWLGDG
GHLQWHQWRVGHORJXHRVIDOOLGRVDSDUWLUGHOFXDOHOXVXDULR
TXHGDEORTXHDGR
œ 9DORUHV
'HD1
FODYHBVRORBQXPHURV œ 6RORQ~PHURVHQFODYHGH$XWRJHVWLyQ3HUPLWHVROR
Q~PHURVFRPRFDUDFWHUHVYiOLGRVHQODFODYHGHXVXDULR
GH$XWRJHVWLyQ
œ 9DORUHV
µ6¶ 3HUPLWHVRORQ~PHURVFRPRFDUDFWHUHVYiOLGRVHQOD
FODYHGHXVXDULRGH$XWRJHVWLyQ
µ1¶ 1RUHVWULQJHORVFDUDFWHUHVHQODFODYHGHXVXDULRGH
$XWRJHVWLyQ
LQWHUQHWBWLHPSRBPD[BLGGOHBFRQH[LRQ œ 0i[LPRWLHPSRGHFRQH[LyQLGGOHHQ,QWHUQHW
FODYHBGLDVBDYLVRBGHBH[SLUDFLRQ œ 'tDVGHDYLVRDQWHVGHTXHH[SLUHOD&ODYHGH$FFHVR
&DQWLGDGGHGtDVGHDYLVRDQWHVGHTXHH[SLUHOD3DVV
:RUG
œ 9DORUHV
'HD
FODYHBGLDVBGHBH[SLUDFLRQ œ &DQWLGDGGHGtDVGHYLGDGHODSDVV:RUG&DQWLGDGGH
GtDVGHDFFHVRXWLOL]DQGRODPLVPDFODYH
œ 9DORUHV
'HD1

& 0$18$/)81&,21$/ 2 3$*,1$'(


6,8*8$5$1Ì

$872*(67,Ï1

120%5('(/3$5È0(752 '(6&5,3&,Ï1

,PSULPLUBFRPSUREBLQVFBFXUVDGDBDXWRJ œ ,PSULPLUFRPSUREDQWHGHFXUVDGD3HUPLWHLPSULPLUHO
FRPSUREDQWHGHLQVFULSFLyQDXQDFXUVDGDHQHO6LVWHPD
GH$XWRJHVWLyQ
œ 9DORUHV
µ6¶ 6HLPSULPHHOFRPSUREDQWHGH,QVFULSFLyQHQOD,QV
FULSFLyQD&XUVDGDGHXQD0DWHULD
µ1¶ 1R,PSULPHFRPSUREDQWHGH,QVFULSFLyQ
,PSULPLUBFRPSUREBLQVFBH[DPHQBDXWRJ œ ,PSULPLUFRPSUREDQWHGHLQVFULSFLyQDH[DPHQ3HU
PLWHLPSULPLUHOFRPSUREDQWHGHLQVFULSFLyQDH[DPHQIL
QDOGHXQDPDWHULDHQHOPRPHQWRHQTXHHODOXPQRVH
LQVFULEHDH[DPHQILQDOHQHO6LVWHPDGH$XWRJHVWLyQ
œ 9DORUHV
µ6¶ 6HLPSULPHHOFRPSUREDQWHGHLQVFULSFLyQDH[DPHQ
ILQDOGHXQDPDWHULD
µ1¶ 1RLPSULPHFRPSUREDQWHGH,QVFULSFLyQDH[DPHQ
ILQDOGHXQDPDWHULD

& 0$18$/)81&,21$/ 2 3$*,1$'(


6,8*8$5$1Ì

$1(;2 &21752/(63$5$0(75,=$%/(69

(QHVWHDQH[RVHSUHVHQWDQORVFRQWUROHVSDUDPHWUL]DEOHVTXHHOVLVWHPDWLHQH\DTXHRSHUD
FLRQHVHVWiQDVRFLDGRV(OREMHWLYRGHHVWRVFRQWUROHVHVSHUPLWLUDGDSWDUDOVLVWHPDDGLIHUHQ
WHVUHDOLGDGHV(OXVRGHHVWRVFRQWUROHVSDUDXQD8QLGDG$FDGpPLFDVHGHILQHDOPRPHQWRGH
LPSOHPHQWDUHOVLVWHPD

/DJHQHUDFLyQGHHVWRVFRQWUROHVQRQHFHVLWDXQDPRGLILFDFLyQGHOVLVWHPD\HVSRVLEOHDJUHJDU
QXHYRVFRQWUROHVLQFOXVRHQRSHUDFLRQHVTXHWRGDYtDQRWLHQHQQLQJXQR/RVFRQWUROHVVH
DJUXSDQSRUHYHQWRVFDGDHYHQWRWLHQHXQFRQMXQWRGHRSHUDFLRQHVDVRFLDGDV(M&XUVDU
PDWHULDHVWHHYHQWRWLHQHODVRSHUDFLRQHV,QVFULSFLyQDFXUVDGD\3URFHVDULQVFULSFLRQHVSHQ
GLHQWHV

& 0$18$/)81&,21$/ 2 3$*,1$'(


6,8*8$5$1Ì

&21752/(63$5$0(75,=$%/(63$5$&856$50$7(5,$

&RQWURO 2SHUDFLyQ 'HVFULSFLyQ


&RQWURODODUHLQVFULSFLyQ &XU &RQWURODODUHLQVFULSFLyQDQXDO
DQXDO FWUBUHLQVFU3HU 9HULILFDTXHODSHUVRQDVHKD\DUHLQVFULSWRHQDOJXQDFDUUHUD
&RQWURODFRUUHODWLYLGDGHV &XU 8QDOXPQRQRVHSXHGHLQVFULELUDXQDPDWHULDVLQRWLHQHODV
SDUDFXUVDU &XU FRUUHODWLYDVDOGtD
FWUBFRUU,QVF&XUV
&RQWURODODUHLQVFULSFLyQ &XU &RQWURODODUHLQVFULSFLyQDQXDOHQXQDFDUUHUD
DQXDOHQXQDFDUUHUD &XU 9HULILFDTXHODSHUVRQDVHKD\DUHLQVFULSWRHQXQDFDUUHUDHQ
FWUBUHLQVFU$OXPQR SDUWLFXODU

&RQWURODTXHHO$OXPQR &XU &RQWURODTXHHO$OXPQRWHQJDORVUHTXLVLWRVREOLJDWRULRVFXP


WHQJDORVUHTXLVLWRV &XU SOLGRV
FWUBUHTFXPSOLGR
&RQWURODDSHOODOXPYVOH &XU 6LHVWiQFDUJDGRVORVFDPSRVOHWUDBGHVGH\OHWUDBKDVWDHQOD
WUDVFRPLVLyQ &XU FRPLVLyQHODSHOOLGRGHODOXPQRGHEHHVWDUGHQWURGHHVH
FWUBQRP$OX&RPLVLRQ UDQJRSDUDSRGHULQVFULELUVHHQODPLVPD
&RQWURODFRPLVyQYV*UXSR &XU 6LHQODFRPLVLyQVHLQGLFDXQJUXSRGHFDUUHUDVXQDOXPQR
&DUUHUD &XU GHEHSHUWHQHFHUDXQDGHODVFDUUHUDVGHOJUXSRSDUDSRGHU
FWUBJUS&DUUHUD&RP LQVFULELUVHHQODPLVPD
&RQWURODUHVWULFFLRQHVGH &XU 'DGRXQJUXSRGHPDWHULDVFRQWURODTXHHODOXPQRVHLQVFUL
HU$xR &XU EDDWRGDVHOODVHQHOPLVPRWXUQRHVGHFLUVLHODOXPQRVH
FWUBEORTXHR+RUDULR DQRWyDXQDGHHOODVDODQRFKHDOVHOHFFLRQDUXQDGHODV
RWUDVGHEHUiHOHJLUXQDFRPLVLyQGHOWXUQRQRFKH
(OJUXSRGHPDWHULDVVHGHILQHVHJ~QHODxRGHFXUVDGDHQ
TXHILJXUDQHQHOSODQGHHVWXGLRVVHGHEHGHILQLUXQDxRHQ
ODWDEODSDUBFRQWUROHV FDPSRSDUBDGLFLRQDOHV \HOFRQWURO
FRQWURODUiVREUHODVPDWHULDVGHODxRGHILQLGR
6LODFRPLVLyQQRWLHQHXQWXUQRGHILQLGRODLQVFULSFLyQVH
DFHSWDUiLJXDODSHVDUGHOFRQWURO
&RQWURODHOFXSRGHODFR &XU /DFDSDFLGDGGHODFRPLVLyQGHEHVHUPD\RUTXHODFDQWLGDG
PLVLyQ FWUBFXSR&RPLVLRQ &XU GHLQVFULSFLRQHVSDUDDGPLWLUXQDQXHYDLQVFULSFLyQ
9DOLGDTXHQRVHLQVFULEDQDFXUVDUXQDPDWHULDPiVDOXPQRV
TXHORVLQGLFDGRVHQHOFDPSR&$3$&,'$'GH$%0GH&R
PLVLRQHV
&RQWURODPi[FDQWLQVFULS &XU 8QDOXPQRQRSXHGHLQVFULELUVHHQPiVFRPLVLRQHVTXHOD
3HUPLWLGDV &XU FDQWLGDGPi[LPDSHUPLWLGD(VWDFDQWLGDGPi[LPDHVWiGHFOD
FWUBPD[,QVF&XUV UDGDHQXQSDUiPHWURGHOVLVWHPD
PD[BLQVFBFXUBLJXDOBSHULRGRBOHFWLYR 
6HGHEHQFRQWDUODVLQVFULSFLRQHVGHODSHUVRQDHQWRGDVODV
FDUUHUDVTXHHVWpFXUVDQGRGXUDQWHXQSHUtRGROHFWLYR

&21752/(63$5$0(75,=$%/(63$5$%$-$'(,16&5,3&,Ï1$&856$'$

&RQWURO 2SHUDFLyQ 'HVFULSFLyQ


&RQWURODODLQVF12HVWHHQ &XU /DLQVFULSFLyQQRGHEHKDEHUVLGRLQFOXLGDHQXQDFWD
DFWD FWUBLQVF(Q$FWD

& 0$18$/)81&,21$/ 2 3$*,1$'(


6,8*8$5$1Ì

&21752/(63$5$0(75,=$%/(63$5$5(1',5(;$0(1

&RQWURO 2SHUDFLyQ 'HVFULSFLyQ


&RQWURODODUHLQVFULSFLyQ ([D &RQWURODODUHLQVFULSFLyQDQXDO
DQXDO FWUBUHLQVFU3HU 9HULILFDTXHODSHUVRQDVHKD\DUHLQVFULSWRHQDOJXQDFDUUHUD
&RUUHODWLYDVHQ,QVFD([D ([D 8QDOXPQRQRVHSXHGHLQVFULELUDXQDPDWHULDVLQRWLHQHODV
PHQ FWUBFRUU,QVF([DP ([D FRUUHODWLYDVDOGtD
([D
([D
([D
([D
([D
&RQWURODODUHLQVFULSFLyQ ([D &RQWURODODUHLQVFULSFLyQDQXDOHQXQDFDUUHUD
DQXDOHQXQDFDUUHUD ([D 9HULILFDTXHODSHUVRQDVHKD\DUHLQVFULSWRHQXQDFDUUHUDHQ
FWUBUHLQVFU$OXPQR ([D SDUWLFXODU
([D
([D
([D
([D
&RQWURODTXHHO$OXPQR ([D &RQWURODTXHHO$OXPQRWHQJDORVUHTXLVLWRVREOLJDWRULRVFXP
WHQJDORVUHTXLVLWRV ([D SOLGRV
FWUBUHTFXPSOLGR ([D
([D
([D
([D
([D
9HULILFDVLH[LVWH$FWDGH ([D 1RSHUPLWLULQVFULSFLRQHVDPHVDVFRQDFWDJHQHUDGDSDUD
([DPHQ FWUBDFWD*HQHUDGD ([D HVH/ODPDGR(VWDGRGHO$FWD!%DMD
&RQWURODVL\DSDVROD)H ([D 1RSHUPLWLULQVFULSFLRQHVDPHVDVFRQIHFKD\KRUDGHH[D
FKDGHO([DPHQ ([D PHQDQWHULRUODDFWXDO
FWUBH[DPHQ<D7RPDGR
&RQWURODHO*UXSRGH&DUUH ([D 6LHQODPHVDVHLQGLFDXQJUXSRGHFDUUHUDVXQDOXPQRGHEH
UDGHOD0HVD ([D SHUWHQHFHUDXQDGHODVFDUUHUDVGHOJUXSRSDUDSRGHULQVFUL
FWUBJUS&DUUHUD0HVD ([D ELUVHHQODPLVPD
([D
([D
([D
([D
5HJXODULGDG\&XUVDGDHQ ([D 3DUDSRGHULQVFULELUVHDUHQGLUXQDPDWHULDHQFRQGLFLyQGH
,QVFD([DPHQ ([D UHJXODUHODOXPQRGHEHWHQHUODUHJXODULGDGGHODPDWHULD
FWUBUHJXODULGDG ([D FXUVDGDHTXLYDOHQFLDSDUFLDORPDWHULDTXHQRUHTXLHUHFXU
([D VDGD 3DUDTXHODUHJXODULGDGVHDYiOLGDKD\TXHYHUHOSD
([D UiPHWURGHOVLVWHPDLQVFULSFLRQBH[DPHQBFDWHGUDSDUDVD
([D EHUVLKDFHIDOWDTXHODUHJXODULGDGVHDHQODPLVPDFiWHGUD
([D GHODPHVDGHH[DPHQ

&21752/(63$5$0(75,=$%/(63$5$%$-$'(,16&5,3&,Ï1$(;$0(1

1RWLHQHFRQWUROHVDVRFLDGRVD~Q

&21752/(63$5$0(75,=$%/(63$5$&2168/7$5+,6725,$$&$ 'e0,&$

1RWLHQHFRQWUROHVDVRFLDGRVD~Q

&21752/(63$5$0(75,=$%/(63$5$&2168/7$5$&78$&,Ï13529,625,$

1RWLHQHFRQWUROHVDVRFLDGRVD~Q

&21752/(63$5$0(75,=$%/(63$5$&2168/7$50$7(5,$65(*8/$5,=$'$6
& 0$18$/)81&,21$/ 2 3$*,1$'(
6,8*8$5$1Ì

1RWLHQHFRQWUROHVDVRFLDGRVD~Q

&21752/(63$5$0(75,=$%/(63$5$&2168/7$5$*(1'$'(&/$6(6

1RWLHQHFRQWUROHVDVRFLDGRVD~Q

&21752/(63$5$0(75,=$%/(63$5$&2168/7$53/$1'((678',26

1RWLHQHFRQWUROHVDVRFLDGRVD~Q

&21752/(63$5$0(75,=$%/(63$5$&2168/7$5,16&5,3&,21(6$&856$'$6

1RWLHQHFRQWUROHVDVRFLDGRVD~Q

&21752/(63$5$0(75,=$%/(63$5$&2168/7$5,16&5,3&,21(6$(;È0(1(6

1RWLHQHFRQWUROHVDVRFLDGRVD~Q

&21752/(63$5$0(75,=$%/(63$5$&$0%,2'(&/$9(

1RWLHQHFRQWUROHVDVRFLDGRVD~Q

&21752/(63$5$0(75,=$%/(63$5$/$*(1(5$&,Ï1'(/(*$-26

&RQWURO 2SHUDFLyQ 'HVFULSFLyQ


&RQWURODVLOD3HUVRQD3UH 0DW &RQWURODVLOD3HUVRQD3UHVHQWRORVUHTXLVLWRV2EOLJDWRULRVGH
VHQWRORVUHTXLVLWRV2EOLJD OD8QLGDG$FDGpPLFD
WRULRVGHOD8QLGDG$FDGp
PLFD
&RQWURODVLOD3HUVRQD3UH 0DW &RQWURODVLOD3HUVRQD3UHVHQWRORVUHTXLVLWRV122EOLJDWRULRV
VHQWRORVUHTXLVLWRV12 GHOD8QLGDG$FDGpPLFD
2EOLJDWRULRVGHOD8QLGDG
$FDGpPLFD
&RQWURODVLOD3HUVRQD3UH 0DW &RQWURODVLOD3HUVRQD3UHVHQWRORVUHTXLVLWRV2EOLJDWRULRVGH
VHQWRORVUHTXLVLWRV2EOLJD OD&DUUHUD
WRULRVGHOD&DUUHUD
&RQWURODVLOD3HUVRQD3UH 0DW &RQWURODVLOD3HUVRQD3UHVHQWRORVUHTXLVLWRV122EOLJDWRULRV
VHQWRORVUHTXLVLWRV12 GHOD&DUUHUD
2EOLJDWRULRVGHOD&DUUHUD

& 0$18$/)81&,21$/ 2 3$*,1$'(


6,8*8$5$1Ì

&21752/(63$5$0(75,=$%/(63$5$$352%$50$7(5,$6325(48,9$/(1&,$6

&RQWURO 2SHUDFLyQ 'HVFULSFLyQ


&RQWURODODUHLQVFULSFLyQ (TXLY &RQWURODODUHLQVFULSFLyQDQXDO
DQXDO FWUBUHLQVFU3HU (TXLY 9HULILFDTXHODSHUVRQDVHKD\DUHLQVFULSWRHQDOJXQDFDUUHUD
(TXLY
&RUUHODWLYDVHQ,QVFD (TXLY 'HEHWHQHUODVFRUUHODWLYDVDOGtD
([DPHQ (TXLY
FWUBFRUU,QVF([DP (TXLY
&RQWURODODUHLQVFULSFLyQ (TXLY &RQWURODODUHLQVFULSFLyQDQXDOHQXQDFDUUHUD
DQXDOHQXQDFDUUHUD (TXLY 9HULILFDTXHODSHUVRQDVHKD\DUHLQVFULSWRHQXQDFDUUHUDHQ
FWUBUHLQVFU$OXPQR (TXLY SDUWLFXODU
&RQWURODTXHHO$OXPQR (TXLY &RQWURODTXHHO$OXPQRWHQJDORVUHTXLVLWRVREOLJDWRULRV
WHQJDORVUHTXLVLWRV (TXLY FXPSOLGRV
FWUBUHTFXPSOLGR (TXLY

& 0$18$/)81&,21$/ 2 3$*,1$'(


6,8*8$5$1Ì

&21752/(63$5$0(75,=$%/(63$5$$*5(*$5$/80126$$&7$6'(5(*8/$5(6

&RQWURO 2SHUDFLyQ 'HVFULSFLyQ


&RQWURODODUHLQVFULSFLyQ  &RQWURODODUHLQVFULSFLyQDQXDO
DQXDO FWUBUHLQVFU3HU FXU 9HULILFDTXHODSHUVRQDVHKD\DUHLQVFULSWRHQDOJXQDFDUUHUD
FXU
FXU
&RQWURODFRUUHODWLYLGDGHV 
6HYHULILFDVLWLHQHODVFRUUHODWLYDVDOGtD
SDUDFXUVDU FXU
FWUBFRUU,QVF&XUV FXU
FXU
&RQWURODODUHLQVFULSFLyQ  &RQWURODODUHLQVFULSFLyQDQXDOHQXQDFDUUHUD
DQXDOHQXQDFDUUHUD FXU
9HULILFDTXHODSHUVRQDVHKD\DUHLQVFULSWRHQXQDFDUUHUDHQ
FWUBUHLQVFU$OXPQR FXU
SDUWLFXODU
FXU
&RQWURODTXHHO$OXPQR  &RQWURODTXHHO$OXPQRWHQJDORVUHTXLVLWRVREOLJDWRULRV
WHQJDORVUHTXLVLWRV FXU FXPSOLGRV
FWUBUHTFXPSOLGR FXU
FXU
&RQWURODDSHOODOXPYV  6LHVWiQFDUJDGRVORVFDPSRVOHWUDBGHVGH\OHWUDBKDVWDHQOD
OHWUDVFRPLVLyQ FXU FRPLVLyQHODSHOOLGRGHODOXPQRGHEHHVWDUGHQWURGHHVH
FWUBQRP$OX&RPLVLRQ FXU UDQJRSDUDSRGHULQVFULELUVHHQODPLVPD
FXU
&RQWURODFRPLVyQYV  6LHQODFRPLVLyQVHLQGLFDXQJUXSRGHFDUUHUDVXQDOXPQR
*UXSR&DUUHUD FXU GHEHSHUWHQHFHUDXQDGHODVFDUUHUDVGHOJUXSRSDUDSRGHU
FWUBJUS&DUUHUD&RP FXU LQVFULELUVHHQODPLVPD
FXU
&RQWURODUHVWULFFLRQHVGH  'DGRXQJUXSRGHPDWHULDVFRQWURODTXHHODOXPQRVHLQVFUL
HU$xR FXU EDDWRGDVHOODVHQHOPLVPRWXUQRHVGHFLUVLHODOXPQRVH
FWUBEORTXHR+RUDULR FXU DQRWyDXQDGHHOODVDODQRFKHDOVHOHFFLRQDUXQDGHODV
FXU RWUDVGHEHUiHOHJLUXQDFRPLVLyQGHOWXUQRQRFKH
(OJUXSRGHPDWHULDVVHGHILQHVHJ~QHODxRGHFXUVDGDHQ
TXHILJXUDQHQHOSODQGHHVWXGLRVVHGHEHGHILQLUXQDxRHQ
ODWDEODSDUBFRQWUROHV FDPSRSDUBDGLFLRQDOHV \HOFRQWURO
FRQWURODUiVREUHODVPDWHULDVGHODxRGHILQLGR
6LODFRPLVLyQQRWLHQHXQWXUQRGHILQLGRODLQVFULSFLyQVH
DFHSWDUiLJXDODSHVDUGHOFRQWURO

& 0$18$/)81&,21$/ 2 3$*,1$'(


6,8*8$5$1Ì

&21752/(63$5$0(75,=$%/(63$5$&21),50$55(68/7$'2'(&856$'$ &,(55('($&7$'(
5(*8/$5,'$'268&255(&&,Ï1

&RQWURO 2SHUDFLyQ 'HVFULSFLyQ


&RQWURODODUHLQVFULSFLyQ FXU &RQWURODODUHLQVFULSFLyQDQXDO
DQXDO FWUBUHLQVFU3HU FXU 9HULILFDTXHODSHUVRQDVHKD\DUHLQVFULSWRHQDOJXQDFDUUHUD
&RQWURODFRUUHODWLYLGDGHV FXU 8QDOXPQRQRVHSXHGHLQVFULELUDXQDPDWHULDVLQRWLHQHODV
SDUDFXUVDU FXU FRUUHODWLYDVDOGtD
FWUBFRUU,QVF&XUV
&RQWURODODUHLQVFULSFLyQ FXU &RQWURODODUHLQVFULSFLyQDQXDOHQXQDFDUUHUD
DQXDOHQXQDFDUUHUD FXU 9HULILFDTXHODSHUVRQDVHKD\DUHLQVFULSWRHQXQDFDUUHUDHQ
FWUBUHLQVFU$OXPQR SDUWLFXODU
&RQWURODTXHHO$OXPQR FXU &RQWURODTXHHO$OXPQRWHQJDORVUHTXLVLWRVREOLJDWRULRV
WHQJDORVUHTXLVLWRV FXU FXPSOLGRV
FWUBUHTFXPSOLGR
&RQWURODDSHOODOXPYV FXU 6LHVWiQFDUJDGRVORVFDPSRVOHWUDBGHVGH\OHWUDBKDVWDHQOD
OHWUDVFRPLVLyQ FXU FRPLVLyQHODSHOOLGRGHODOXPQRGHEHHVWDUGHQWURGHHVH
FWUBQRP$OX&RPLVLRQ UDQJRSDUDSRGHULQVFULELUVHHQODPLVPD
&RQWURODFRPLVyQYV FXU 6LHQODFRPLVLyQVHLQGLFDXQJUXSRGHFDUUHUDVXQDOXPQR
*UXSR&DUUHUD FXU GHEHSHUWHQHFHUDXQDGHODVFDUUHUDVGHOJUXSRSDUDSRGHU
FWUBJUS&DUUHUD&RP LQVFULELUVHHQODPLVPD
&RQWURODUHVWULFFLRQHVGH FXU 'DGRXQJUXSRGHPDWHULDVFRQWURODTXHHODOXPQRVHLQVFUL
HU$xR FXU EDDWRGDVHOODVHQHOPLVPRWXUQRHVGHFLUVLHODOXPQRVH
FWUBEORTXHR+RUDULR DQRWyDXQDGHHOODVDODQRFKHDOVHOHFFLRQDUXQDGHODV
RWUDVGHEHUiHOHJLUXQDFRPLVLyQGHOWXUQRQRFKH
(OJUXSRGHPDWHULDVVHGHILQHVHJ~QHODxRGHFXUVDGDHQ
TXHILJXUDQHQHOSODQGHHVWXGLRVVHGHEHGHILQLUXQDxRHQ
ODWDEODSDUBFRQWUROHV FDPSRSDUBDGLFLRQDOHV \HOFRQWURO
FRQWURODUiVREUHODVPDWHULDVGHODxRGHILQLGR
6LODFRPLVLyQQRWLHQHXQWXUQRGHILQLGRODLQVFULSFLyQVH
DFHSWDUiLJXDODSHVDUGHOFRQWURO

& 0$18$/)81&,21$/ 2 3$*,1$'(


6,8*8$5$1Ì

&21752/(63$5$0(75,=$%/(63$5$$*5(*$5$/80126(1$&7$'(35202&,21(6

&RQWURO 2SHUDFLyQ 'HVFULSFLyQ


&RQWURODODUHLQVFULSFLyQ FXU &RQWURODODUHLQVFULSFLyQDQXDO
DQXDO FWUBUHLQVFU3HU FXU 9HULILFDTXHODSHUVRQDVHKD\DUHLQVFULSWRHQDOJXQDFDUUHUD
FXU
&RQWURODFRUUHODWLYLGDGHV FXU 8QDOXPQRQRVHSXHGHLQVFULELUDXQDPDWHULDVLQRWLHQHODV
SDUDFXUVDU FXU FRUUHODWLYDVDOGtD
FWUBFRUU,QVF&XUV FXU
&RQWURODODUHLQVFULSFLyQ FXU &RQWURODODUHLQVFULSFLyQDQXDOHQXQDFDUUHUD
DQXDOHQXQDFDUUHUD FXU 9HULILFDTXHODSHUVRQDVHKD\DUHLQVFULSWRHQXQDFDUUHUDHQ
FWUBUHLQVFU$OXPQR FXU SDUWLFXODU
&RQWURODTXHHO$OXPQR FXU &RQWURODTXHHO$OXPQRWHQJDORVUHTXLVLWRVREOLJDWRULRV
WHQJDORVUHTXLVLWRV FXU FXPSOLGRV
FWUBUHTFXPSOLGR FXU
&RQWURODDSHOODOXPYV FXU 6LHVWiQFDUJDGRVORVFDPSRVOHWUDBGHVGH\OHWUDBKDVWDHQOD
OHWUDVFRPLVLyQ FXU FRPLVLyQHODSHOOLGRGHODOXPQRGHEHHVWDUGHQWURGHHVH
FWUBQRP$OX&RPLVLRQ FXU UDQJRSDUDSRGHULQVFULELUVHHQODPLVPD
&RQWURODFRPLVyQYV FXU 6LHQODFRPLVLyQVHLQGLFDXQJUXSRGHFDUUHUDVXQDOXPQR
*UXSR&DUUHUD FXU GHEHSHUWHQHFHUDXQDGHODVFDUUHUDVGHOJUXSRSDUDSRGHU
FWUBJUS&DUUHUD&RP FXU LQVFULELUVHHQODPLVPD
&RQWURODUHVWULFFLRQHVGH FXU 'DGRXQJUXSRGHPDWHULDVFRQWURODTXHHODOXPQRVHLQVFUL
HU$xR FXU EDDWRGDVHOODVHQHOPLVPRWXUQRHVGHFLUVLHODOXPQRVH
FWUBEORTXHR+RUDULR FXU DQRWyDXQDGHHOODVDODQRFKHDOVHOHFFLRQDUXQDGHODV
RWUDVGHEHUiHOHJLUXQDFRPLVLyQGHOWXUQRQRFKH
(OJUXSRGHPDWHULDVVHGHILQHVHJ~QHODxRGHFXUVDGDHQ
TXHILJXUDQHQHOSODQGHHVWXGLRVVHGHEHGHILQLUXQDxRHQ
ODWDEODSDUBFRQWUROHV FDPSRSDUBDGLFLRQDOHV \HOFRQWURO
FRQWURODUiVREUHODVPDWHULDVGHODxRGHILQLGR
6LODFRPLVLyQQRWLHQHXQWXUQRGHILQLGRODLQVFULSFLyQVH
DFHSWDUiLJXDODSHVDUGHOFRQWURO
&RUUHODWLYDVHQ,QVFD FXU 9HULILFDVLWLHQHODVFRUUHODWLYDVDOGtD
([DPHQ FXU
FWUBFRUU,QVF([DP FXU

& 0$18$/)81&,21$/ 2 3$*,1$'(


6,8*8$5$1Ì

&21752/(63$5$0(75,=$%/(63$5$&21),50$55(68/7$'2'(35202&,Ï1 &,(55('($&7$'(
35202&,Ï1268&255(&&,Ï1

&RQWURO 2SHUDFLyQ 'HVFULSFLyQ


&RQWURODODUHLQVFULSFLyQ FXU &RQWURODODUHLQVFULSFLyQDQXDO
DQXDO FWUBUHLQVFU3HU FXU 9HULILFDTXHODSHUVRQDVHKD\DUHLQVFULSWRHQDOJXQDFDUUHUD
&RQWURODODUHLQVFULSFLyQ FXU &RQWURODODUHLQVFULSFLyQDQXDOHQXQDFDUUHUD
DQXDOHQXQDFDUUHUD FXU 9HULILFDTXHODSHUVRQDVHKD\DUHLQVFULSWRHQXQDFDUUHUDHQ
FWUBUHLQVFU$OXPQR SDUWLFXODU
&RQWURODTXHHO$OXPQR FXU &RQWURODTXHHO$OXPQRWHQJDORVUHTXLVLWRVREOLJDWRULRV
WHQJDORVUHTXLVLWRV FXU FXPSOLGRV
FWUBUHTFXPSOLGR
&RQWURODDSHOODOXPYV FXU 6LHVWiQFDUJDGRVORVFDPSRVOHWUDBGHVGH\OHWUDBKDVWDHQOD
OHWUDVFRPLVLyQ FXU FRPLVLyQHODSHOOLGRGHODOXPQRGHEHHVWDUGHQWURGHHVH
FWUBQRP$OX&RPLVLRQ UDQJRSDUDSRGHULQVFULELUVHHQODPLVPD
&RQWURODFRPLVyQYV FXU 6LHQODFRPLVLyQVHLQGLFDXQJUXSRGHFDUUHUDVXQDOXPQR
*UXSR&DUUHUD FXU GHEHSHUWHQHFHUDXQDGHODVFDUUHUDVGHOJUXSRSDUDSRGHU
FWUBJUS&DUUHUD&RP LQVFULELUVHHQODPLVPD
&RQWURODUHVWULFFLRQHVGH FXU 'DGRXQJUXSRGHPDWHULDVFRQWURODTXHHODOXPQRVHLQVFUL
HU$xR FXU EDDWRGDVHOODVHQHOPLVPRWXUQRHVGHFLUVLHODOXPQRVH
FWUBEORTXHR+RUDULR DQRWyDXQDGHHOODVDODQRFKHDOVHOHFFLRQDUXQDGHODV
RWUDVGHEHUiHOHJLUXQDFRPLVLyQGHOWXUQRQRFKH
(OJUXSRGHPDWHULDVVHGHILQHVHJ~QHODxRGHFXUVDGDHQ
TXHILJXUDQHQHOSODQGHHVWXGLRVVHGHEHGHILQLUXQDxRHQ
ODWDEODSDUBFRQWUROHV FDPSRSDUBDGLFLRQDOHV \HOFRQWURO
FRQWURODUiVREUHODVPDWHULDVGHODxRGHILQLGR
6LODFRPLVLyQQRWLHQHXQWXUQRGHILQLGRODLQVFULSFLyQVH
DFHSWDUiLJXDODSHVDUGHOFRQWURO
&RUUHODWLYDVHQ,QVFD FXU 9HULILFDVLWLHQHODVFRUUHODWLYDVDOGtD
([DPHQ FXU
FWUBFRUU,QVF([DP

& 0$18$/)81&,21$/ 2 3$*,1$'(


6,8*8$5$1Ì

$1(;2 &21),*85$&,Ï1'(0Ï'8/2648(,17(*5$1(/6,67(0$9
(OVLVWHPD6,8*XDUDQtHVWiFRPSXHVWRSRUYDULRVPyGXORVTXHFXPSOHQGLVWLQWDVIXQFLRQHV

&RQILJXUDFLyQGHPyGXORVSURYLVWDSRUHO6,8

0Ï'8/26 '(),1,&,Ï1 68%0Ï'8/26 23(5$&,21(6

$FFHVRV $%0GH8VXDULRV
6H GHILQH OD PD\RU SDUWH GHO FRPSRUWD $GPLQLVWUDFLyQ GH 6LV +DELOLWDFLyQGH3URFHVRV
PLHQWRTXHXWLOL]DHOUHVWRGHORVPyGXORV WHPD &RQILJXUDFLyQGH&RQWUROHV
$GPLQLVWUDFLyQGHO
GHO VLVWHPD \ SHUPLWH HO UHJLVWUR GH ORV
6LVWHPD
XVXDULRV GHO VLVWHPD SXGLHQGR DVLJQDUOH 2SHUDFLRQHV GH $XWR 'HVEORTXHR GH 8VXDULRV GH
D FDGDXQRVXSHUILOGHXVXDULR JHVWLyQ $XWRJHVWLyQ

& 0$18$/)81&,21$/ 2 3$*,1$'(


6,8*8$5$1Ì

0Ï'8/26 '(),1,&,Ï1 68%0Ï'8/26 23(5$&,21(6

$%0GH&DUUHUDV
'HILQLFLyQ 5HTXLVLWRV GH ,QJUHVR D
XQD&DUUHUD
$%0*UXSRVGH&DUUHUDV
&DUUHUDV
%DMDGHXQD&DUUHUD
$FWLYDU3ODQGH(VWXGLRV
$FWLYDU9HUVLyQGHXQ3ODQ
&DPELRGH(VWDGRGHXQD&DUUHUD
$%0GH0DWHULDV
0DWHULDV $%0GH&LFORV
$%0GH*UXSRGH0DWHULDV
$%0GH3ODQHVGH(VWXGLRV
$%0GH$FWLYLGDGHV ([WUDFXUULFXOD
UHV
3HUPLWH HO UHJLVWUR GH ODV FDUUHUDV \ SOD 3ODQHV
'HILQLFLyQ GH 0DWULFHV GH (TXLYD
QHV GH HVWXGLR TXH HVWDEOHFHQ ODV UHVR
OHQFLDV
OXFLRQHV \ DGPLQLVWUD OD GHILQLFLyQ GH
&DUUHUDV\3ODQHV %DMDGH3ODQHV
FDUUHUDV PDWHULDV WtWXORV SODQHV UHTXL
5HSRUWHGH&DUUHUDV
VLWRV GH LQJUHVR FLFORV \ DFWLYLGDGHV H[
5HSRUWHGH0DWHULDV
WUDFXUULFXODUHV
5HSRUWHGH7tWXORV
5HSRUWHGH3ODQHVGH(VWXGLR
5HSRUWHGH&LFORV
5HSRUWHGH0DWHULDV*HQpULFDV
5HSRUWHV
5HSRUWHGH*UXSRVGH&DUUHUDV
5HSRUWHGH*UXSRVGH0DWHULDV
5HSRUWH GH $FWLYLGDGHV ([WUDFXUUL
FXODUHV
&DUDFWHUtVWLFDVGH3ODQHV
5HSRUWHGHXQ&LFOR
$%0GH7tWXORV
'HILQLFLyQGHORV7tWXORVTXH2WRUJD
7tWXORV
XQ3ODQ
%DMDGHXQ7tWXOR

& 0$18$/)81&,21$/ 2 3$*,1$'(


6,8*8$5$1Ì

0Ï'8/26 '(),1,&,Ï1 68%0Ï'8/26 23(5$&,21(6

,QVFULSFLyQD&DUUHUDV
$%0ILFKD&DWDVWUDO
&DUJDU5HTXLVLWRV&XPSOLGRV
*HQHUDU/HJDMRVGH$OXPQRV
5HLQVFULSFLyQD&DUUHUDV
$FWXDOL]DFLRQHV
%DMDGH3HUVRQDV
%DMDGHXQ$OXPQR
&DPELRGH 3ODQGH (VWXGLRVGHXQ
$OXPQR
$QXODU5HTXLVLWR&XPSOLGR
5HJXODULGDGSRU$OXPQRR&DUUHUD
$OXPQRV 5HJXOD
5HDGPLVLyQ
UHV
6ROXFLyQDEDMDGH$OXPQR
&DUJDU1RWDV&XUVRGH,QJUHVR
3HUPLWHODLQVFULSFLyQ\DGPLVLyQGHDVSL $OWHUQDWLYDV&XUVR,QJUHVR
UDQWHV OD UHLQVFULSFLyQ GHO DOXPQR HO &XUVRGH,QJUHVR 0RGLILFDU5HVXOWDGRV&XUVR,QJUHVR
0DWUtFXOD
WUDWDPLHQWRGHVDQFLRQHV\VXFDPELRGH ([FHSWXDU&XUVR,QJUHVR
SODQ 'LVWULEXFLyQ&XUVRGH,QJUHVR
5HSRUWH GH ,QVFULSWRV HQ XQD &D
UUHUD
5HSRUWH GH 5HTXLVLWRV GH XQD 3HU
VRQD
5HSRUWHGH'DWRV3HUVRQDOHV
5HSRUWHGH'DWRV&HQVDOHV
5HSRUWH GH 3HUVRQDV QR 0DWULFXOD
5HSRUWHV
GDV
5HSRUWHGH$OXPQRV
+LVWRULD$FDGpPLFD
5HSRUWHGH$OXPQRV3ROLFDUUHUD
5HSRUWHGH$OXPQRV0XOWLXVR
+LVWRULD$FDGpPLFD9HUVLyQ$QWH
ULRU

& 0$18$/)81&,21$/ 2 3$*,1$'(


6,8*8$5$1Ì

0Ï'8/26 '(),1,&,Ï1 68%0Ï'8/26 23(5$&,21(6

,QVFULSFLyQD&XUVDGDV
%DMDGH,QVFULSFLyQDFXUVDGD
3URFHVDU ,QVFULSFLRQHV D &XU
VDGDVHQHVWDGRSHQGLHQWH
$FWXDOL]DFLRQHV $%0GH&RPLVLRQHV
'LVWULEXFLyQGH&RPLVLRQHV
$%0GH'RFHQWHV
$OXPQRV 3URPRFLRQDOHV SRU
3HUPLWH OD DGPLQLVWUDFLyQ GH FRPLVLRQHV
&RPLVLyQ
JHVWLRQDORVDFWRVDGPLQLVWUDWLYRVSRUORV
$%0GH5HJXODUHV
FXDOHVXQDOXPQRVHOHFFLRQDODVPDWHULDV
&XUVDGD &HUUDU$FWDGH5HJXODULGDG
D FXUVDU\UHJLVWUDODDFWXDFLyQ $FWDVGH5HJXODULGDG
$%0GH3URPRFLRQDOHV
DFDGpPLFDGHORVDOXPQRVHQHOFXUVDGR
&HUUDU$FWDGH3URPRFLyQ
GHPDWHULDV
5HFWLILFDWLYD GH $FWD GH 3UR
PRFLyQ
5HFWLILFDWLYD GH $FWD GH &XU
VDGD
5HFWLILFDWLYDV
&HUUDU $FWD 5HFWLILFDWLYD GH
3URPRFLyQ
&HUUDU $FWD 5HFWLILFDWLYD GH
5HJXODULGDG

& 0$18$/)81&,21$/ 2 3$*,1$'(


6,8*8$5$1Ì

0Ï'8/26 '(),1,&,Ï1 68%0Ï'8/26 23(5$&,21(6

/LVWD GH $VLVWHQFLD GH $OXP


QRVHQ&XUVRV
,QVFULSFLRQHV D &XUVDGDV 5H
FKD]DGDV
,QVFULSFLRQHV D &XUVDGDV GH
XQD0DWHULD
3HUPLWH OD DGPLQLVWUDFLyQ GH FRPLVLRQHV
,QVFULSFLRQHV D &XUVDGDV
JHVWLRQDORVDFWRVDGPLQLVWUDWLYRVSRUORV
3HQGLHQWHGH&RQWURO
FXDOHVXQDOXPQRVHOHFFLRQDODVPDWHULDV
&XUVDGD 5HSRUWHV ,QVFULSFLRQHV D &XUVDGDV GH
D FXUVDU\UHJLVWUDODDFWXDFLyQ
XQ$OXPQR
DFDGpPLFDGHORVDOXPQRVHQHOFXUVDGR
,QVFULSFLRQHV D &XUVDGDV SRU
GHPDWHULDV
&RPLVLyQ
0DWHULDVTXHSXHGH&XUVDUXQ
$OXPQR
5HJXODULGDGHVGHXQ$OXPQR
7RWDO GH ,QVFULSWRV HQ XQ 3H
UtRGR

& 0$18$/)81&,21$/ 2 3$*,1$'(


6,8*8$5$1Ì

0Ï'8/26 '(),1,&,Ï1 68%0Ï'8/26 23(5$&,21(6

7XUQRGH([DPHQ
(OLPLQDUXQ7XUQRGH([DPHQ
/LEURVGH$FWDV
0HVDVGH([DPHQ
$FWXDOL]DFLRQHV (OLPLQDU0HVDGH([DPHQ
,QVFULSFLyQD([DPHQ
%DMDGH,QVFULSFLyQD([DPHQ
3URFHVDU ,QVFULSFLRQHV D ([iPHQHV
3HQGLHQWHV
*HQHUDU$FWDVGH([DPHQ
*HQHUDFLyQ 0DVLYD GH $FWDV GH
([DPHQ
$JUHJDU)ROLRV&RPSOHPHQWDULRVDXQ
$FWD
&DUJDGH1RWDVDXQ$FWDGH([DPHQ
$GPLQLVWUDODVPHVDVGHH[iPHQHVJHV
,PSULPLU$FWDGH([DPHQVLQ1RWD
([iPHQHV WLRQD ODV LQVFULSFLRQHV D H[iPHQHV \
$QXODU$FWDGH([DPHQVLQ1RWD
UHJLVWUDORVUHVXOWDGRVGHORVPLVPRV
0RGLILFDU$FWDGH ([DPHQ1R,PSUH
$FWDVGH([DPHQ
VDFRQ1RWDV
,PSULPLU$FWDGH([DPHQFRQ1RWDV
0RGLILFDU$FWDGH([DPHQFRQ1RWDV
$QXODU $FWD GH ([DPHQ ,PSUHVD FRQ
1RWDV
5HLPSULPLU $FWD GH ([DPHQ FRQ R
VLQQRWDV
&LHUUHGH$FWDVGH([DPHQ
9HUXQ$FWDGH([DPHQ&HUUDGD
5HFWLILFDFLyQGH$FWDVGH([DPHQ
&LHUUH GH $FWDV 5HFWLILFDWLYDV GH
5HFWLILFDWLYDV ([DPHQ
,PSUHVLyQ GH $FWD 5HFWLILFDWLYDV GH
([DPHQ

& 0$18$/)81&,21$/ 2 3$*,1$'(


6,8*8$5$1Ì

0Ï'8/26 '(),1,&,Ï1 68%0Ï'8/26 23(5$&,21(6

,QVFULSFLRQHVD([iPHQHV
$XGLWRUtD GH ,QVFULSFLRQHV D
([iPHQHVGHXQ$OXPQR
$OXPQRV ,QVFULSWRV D ([DPHQ
HQXQD)HFKD
7RWDO GH $OXPQRV ,QVFULSWRV
SDUDXQD)HFKDGH([DPHQ
0HVDV GH H[DPHQ HQ XQ 7XU
QR
$FWDV GH ([DPHQ TXH 1R
HVWiQ&HUUDGDV
5HFHSFLyQ GH &LWDFLRQHV GH
$GPLQLVWUDODVPHVDVGHH[iPHQHVJHV 3URIHVRUHV
([iPHQHV WLRQD ODV LQVFULSFLRQHV D H[iPHQHV \ 5HSRUWHV &LWDFLyQ GH 'RFHQWHV D )H
UHJLVWUDORVUHVXOWDGRVGHORVPLVPRV FKDVGH([iPHQHV
7RWDO GH ,QVFULSWRV SDUD XQD
0DWHULD
,QVFULSFLRQHV D ([iPHQHV
5HFKD]DGDV
([iPHQHVFRQDQRUPDOLGDGHV
([iPHQHV$QXODGRV
$OXPQRV ,QVFULSWRV D XQD 0H
VDGH([DPHQ
$OXPQRV ,QVFULSWRV D ([DPHQ
HQXQD0DWHULD
0HVDV GH ([DPHQ TXH 1R
WLHQHQ$FWD*HQHUDGD

& 0$18$/)81&,21$/ 2 3$*,1$'(


6,8*8$5$1Ì

0Ï'8/26 '(),1,&,Ï1 68%0Ï'8/26 23(5$&,21(6

$%0GH(GLILFLRV
$%07LSRVGH$XOD
$%07LSRVGH&ODVH
$FWXDOL]DFLRQHV
3HUPLWHODDVLJQDFLyQGHDXODVDODFRPL $%0GH$XODV
VLyQFiWHGUDSDUDHOFXUVDGR GHPDWHULDV &DOHQGDULRGH0DWHULDVSRU$XOD
$XODV
\ WRPDGRGHH[iPHQHV &DOHQGDULRGH0DWHULDVSRU'tD
$VLJQDFLyQSDUD&RPLVLRQHV
$VLJQDFLRQHV
3UHVWDPRVSDUDH[iPHQHV
&DOHQGDULRGH0DWHULDVSRU$XOD
5HSRUWHV
&DOHQGDULRGH0DWHULDVSRU'tD
$%0GH&HUWLILFDGRVGHO6LVWHPD
$FWXDOL]DFLRQHV &HUWLILFDGRV 3HQGLHQWHV 3HGLGRV
SRU$XWRJHVWLyQ
&HUWLILFDGR GH 0DWHULDV 'HVDSUR
EDGDV
&HUWLILFDGRGH0DWHULDV$SUREDGDV
&HUWLILFDGRGH,QVFULSFLyQ
&HUWLILFDGRGH$OXPQR5HJXODU
&HUWLILFDGR GH 5HTXLVLWRV (QWUHJD
GRV
&HUWLILFDGRV 3HUPLWHODHPLVLyQGHFHUWLILFDGRV
&HUWLILFDGRGH0DWHULDV5HQGLGDV
(PLVLyQ GH &HUWLIL
&HUWLILFDGRGH3URPHGLR*HQHUDO
FDGRV
&HUWLILFDGR GH 3URPHGLR $FDGpPL
FR
&HUWLILFDGR GH 0DWHULDV 'HVDSUR
EDGDV±9HUVLyQ$QWHULRU
&HUWLILFDGR GH 0DWHULDV $SUREDGDV
± 9HUVLyQ$QWHULRU
&HUWLILFDGRGH0DWHULDV5HQGLGDV±
9HUVLyQ$QWHULRU

& 0$18$/)81&,21$/ 2 3$*,1$'(


6,8*8$5$1Ì

0Ï'8/26 '(),1,&,Ï1 68%0Ï'8/26 23(5$&,21(6

$%0GH(TXLYDOHQFLDV
5HVROXFLRQHVGH(TXLYDOHQFLDV
$FWXDOL]DFLRQHV
&RQILUPDFLyQGH(TXLYDOHQFLDV
5HFWLILFDFLyQGH(TXLYDOHQFLDV
3HUPLWH OD DGPLQLVWUDFLyQ GH HTXLYDOHQ 5HSRUWH GH (TXLYDOHQFLDV 2WRUJD
(TXLYDOHQFLDV FLDV RWRUJDGDV D ORV DOXPQRV \ ODV UHVR GDV
OXFLRQHVTXHDYDODQDODVPLVPDV 5HSRUWH GH (TXLYDOHQFLDV 3HQ
5HSRUWHV GLHQWHV
$FWDVGH(TXLYDOHQFLDV
5HSRUWH GH 0DWULFHV GH (TXLYDOHQ
FLDV
0RGLILFDFLyQGH'DWRVGHOD8QLGDG
$FDGpPLFD
0RGLILFDFLyQ GH ORV SDUiPHWURV GHO
VLVWHPD
$%0GHORV3HUtRGRV/HFWLYRV
$%0GH'HSDUWDPHQWRV
$%0GH5HTXLVLWRVGH,QJUHVR
$FWXDOL]DFLRQHV
$%0GH(VFDODVGH1RWDV
'HILQHHOFRPSRUWDPLHQWRGHO VLVWHPD HQ $%0GH&XUVRVGH,QJUHVR
8QLGDG$FDGpPLFD EDVHDODVQHFHVLGDGHVIXQFLRQDOHVGHOD 'HILQLFLyQGH5HTXLVLWRVGH,QJUHVR
8QLGDG$FDGpPLFD D OD8QLGDG$FDGpPLFD
%DMDGH'HSDUWDPHQWRV
$%0GH3HUtRGRV
$%0GH&ROHJLRV6HFXQGDULRV
5HSRUWHGH'HSDUWDPHQWRV
5HSRUWHGH5HTXLVLWRVGH,QJUHVR
5HSRUWHV 5HSRUWHGH&XUVRVGH,QJUHVR
5HSRUWHGH5HTXLVLWRVGH,QJUHVRD
OD8QLGDG$FDGpPLFD

& 0$18$/)81&,21$/ 2 3$*,1$'(


6,8*8$5$1Ì

0Ï'8/26 '(),1,&,Ï1 68%0Ï'8/26 23(5$&,21(6

$%0GH-XUDPHQWRV
$%0GH&RODFLRQHV
'HWHFFLyQ DXWRPiWLFD GH
$FWXDOL]DFLRQHV (JUHVDGRV
6ROLFLWXGGH7tWXORV
0RGLILFDFLyQ GH 2EVHUYDFLyQ
GH&RUUHODWLYLGDGHV
&HUWLILFDGR $QDOtWLFR GH (VWX
GLRV 7('H
(PLVLyQ GH OD 'LVSRVLFLyQ GHO
*HVWLRQD HO HJUHVR GH DOXPQRV \ OD VROL 'HFDQR
FLWXG GH ORV GLSORPDV ,QFOX\H WDPELpQ HO (QWUHJDGHO'LSORPD
(JUHVDGRV PDQHMRGHSDGURQHV\FHUWLILFDGRV (QWUHJD GH 'LSORPDV SRU FR
ODFLyQ
(PLVLyQGH&HUWLILFDGRV
(PLVLyQ GH &HUWLILFDGRV GH
7tWXORHQ7UiPLWH
(PLVLyQGH&HUWLILFDGRVGH)LQ
GH&DUUHUD
(PLVLyQGH7(',,
1RWDSDUDHO 6HFUHWDULR*HQH
UDO$FDGpPLFR
5HSRUWH GH &RODFLRQHV GH
*UDGR
5HSRUWHV
3DGUyQGH*UDGXDGRV
7UiPLWHVGH7tWXORVSRU(VWDGR

& 0$18$/)81&,21$/ 2 3$*,1$'(


6,8*8$5$1Ì

$1(;2 23(5$&,21(6'(/6,67(0$9

23(5$&,Ï1 120%5('(/$23(5$&,Ï1 0Ï'8/2 68%0Ï'8/2

'HVEORTXHR GH XVXDULRV GH DXWR


DFD $GPLQLVWUDFLyQGHOVLVWHPD 2SHUDFLRQHVGH$XWRJHVWLyQ
JHVWLyQ
DFF $%0GHXVXDULRV $GPLQLVWUDFLyQGHOVLVWHPD $FFHVRV

DGPLQ +DELOLWDFLyQGHSURFHVRV $GPLQLVWUDFLyQGHOVLVWHPD $GPLQLVWUDFLyQGHOVLVWHPD


2SHUDFLRQHV SRU $XWRJHVWLyQ 
DJUHS /LVWDGRGH,QVFULSFLyQD([iPHQHV 2SHUDFLRQHVGH$XWRJHVWLyQ
&RQV
DJUHS /LVWDGRGH,QVFULSFLyQD([iPHQHV 2SHUDFLRQHVSRU$XWRJHVWLyQ 2SHUDFLRQHVGH$XWRJHVWLyQ

DJUHS /LVWDGRGH,QVFULSFLyQD&XUVDGDV 2SHUDFLRQHVSRU$XWRJHVWLyQ 2SHUDFLRQHVGH$XWRJHVWLyQ


2SHUDFLRQHV SRU $XWRJHVWLyQ 
DJUHS /LVWDGRGH,QVFULSFLyQD&XUVDGDV 2SHUDFLRQHVGH$XWRJHVWLyQ
&RQV
2SHUDFLRQHV SRU $XWRJHVWLyQ 
DJUHS 3ODQGH(VWXGLRV 2SHUDFLRQHVGH$XWRJHVWLyQ
&RQV
DJUHS 3ODQGH(VWXGLRV 2SHUDFLRQHVSRU$XWRJHVWLyQ 2SHUDFLRQHVGH$XWRJHVWLyQ

DJUHS +LVWRULD$FDGpPLFD 2SHUDFLRQHVSRU$XWRJHVWLyQ 2SHUDFLRQHVGH$XWRJHVWLyQ


2SHUDFLRQHV SRU $XWRJHVWLyQ 
DJUHS +LVWRULD$FDGpPLFD 2SHUDFLRQHVGH$XWRJHVWLyQ
&RQV
2SHUDFLRQHV SRU $XWRJHVWLyQ 
DJUHS $FWXDFLyQ3URYLVRULD 2SHUDFLRQHVGH$XWRJHVWLyQ
&RQV
DJUHS $FWXDFLyQ3URYLVRULD 2SHUDFLRQHVSRU$XWRJHVWLyQ 2SHUDFLRQHVGH$XWRJHVWLyQ
2SHUDFLRQHV SRU $XWRJHVWLyQ 
DJUHS 0DWHULDV5HJXODUHV 2SHUDFLRQHVGH$XWRJHVWLyQ
&RQV
DJUHS 0DWHULDV5HJXODUHV 2SHUDFLRQHVSRU$XWRJHVWLyQ 2SHUDFLRQHVGH$XWRJHVWLyQ
2SHUDFLRQHV SRU $XWRJHVWLyQ 
DJUHS $JHQGDGH&ODVHV 2SHUDFLRQHVGH$XWRJHVWLyQ
&RQV
DJUHS $JHQGDGH&ODVHV 2SHUDFLRQHVSRU$XWRJHVWLyQ 2SHUDFLRQHVGH$XWRJHVWLyQ

& 0$18$/)81&,21$/ 2 3$*,1$'(


6,8*8$5$1Ì

23(5$&,Ï1 120%5('(/$23(5$&,Ï1 0Ï'8/2 68%0Ï'8/2

DXO $%07LSRVGH&ODVH $XODV $FWXDOL]DFLRQHV

DXO $%07LSRVGH$XOD $XODV $FWXDOL]DFLRQHV

DXO $VLJQDFLyQSDUDFRPLVLRQHV $XODV $VLJQDFLRQHV

DXO 3UpVWDPRVSDUDH[iPHQHV $XODV $VLJQDFLRQHV

DXO $%0GHDXODV $XODV $FWXDOL]DFLRQHV

DXO $%0GHHGLILFLRV $XODV $FWXDOL]DFLRQHV

DXO &DOHQGDULRGHPDWHULDVSRUDXOD $XODV 5HSRUWHV

DXO &DOHQGDULRGHPDWHULDVSRUGtD $XODV 5HSRUWHV

FDU $%0GHFDUUHUDV &DUUHUDV\3ODQHV &DUUHUDV

FDU $%0GHPDWHULDV &DUUHUDV\3ODQHV 0DWHULDV

FDU $%0GHWtWXORV &DUUHUDV\3ODQHV 7tWXORV

FDU $%0GHSODQHVGHHVWXGLR &DUUHUDV\3ODQHV 3ODQHV

FDU $%0GHFLFORV &DUUHUDV\3ODQHV 0DWHULDV


'HILQLFLyQGHORVWtWXORVTXHRWRUJD
FDU &DUUHUDV\3ODQHV 7tWXORV
XQSODQ
'HILQLFLyQ GH PDWULFHV GH HTXLYD
FDU &DUUHUDV\3ODQHV 3ODQHV
OHQFLDV
FDU $%0GHJUXSRVGHFDUUHUDV &DUUHUDV\3ODQHV &DUUHUDV

FDU $%0GHJUXSRGHPDWHULDV &DUUHUDV\3ODQHV 0DWHULDV


$%0GHDFWLYLGDGHVH[WUDFXUULFXOD
FDU &DUUHUDV\3ODQHV 3ODQHV
UHV
'HILQLFLyQ GH UHTXLVLWRV GH LQJUHVR
FDU &DUUHUDV\3ODQHV &DUUHUDV
D XQDFDUUHUD

& 0$18$/)81&,21$/ 2 3$*,1$'(


6,8*8$5$1Ì

23(5$&,Ï1 120%5('(/$23(5$&,Ï1 0Ï'8/2 68%0Ï'8/2

FDU %DMDGHXQDFDUUHUD &DUUHUDV\3ODQHV &DUUHUDV

FDU %DMDGHXQ7LWXOR &DUUHUDV\3ODQHV 7tWXORV

FDU %DMDGH3ODQHV &DUUHUDV\3ODQHV 3ODQHV

FDU $FWLYDUXQSODQGHHVWXGLRV &DUUHUDV\3ODQHV &DUUHUDV

FDU $FWLYDUYHUVLyQGHXQSODQ &DUUHUDV\3ODQHV &DUUHUDV

FDU &DPELRGHHVWDGRGHXQDFDUUHUD &DUUHUDV\3ODQHV &DUUHUDV

FDU 5HSRUWHGHFDUUHUDV &DUUHUDV\3ODQHV 5HSRUWHV

FDU 5HSRUWHGHPDWHULDV &DUUHUDV\3ODQHV 5HSRUWHV

FDU 5HSRUWHGHWtWXORV &DUUHUDV\3ODQHV 5HSRUWHV

FDU 5HSRUWHGHSODQHVGHHVWXGLR &DUUHUDV\3ODQHV 5HSRUWHV

FDU 5HSRUWHGHFLFORV &DUUHUDV\3ODQHV 5HSRUWHV


5HSRUWH GH PDWULFHV GH HTXLYDOHQ
FDU (TXLYDOHQFLDV 5HSRUWHV
FLDV
FDU 5HSRUWHGH0DWHULDV*HQpULFDV &DUUHUDV\3ODQHV 5HSRUWHV

FDU 5HSRUWHGHJUXSRVGHFDUUHUDV &DUUHUDV\3ODQHV 5HSRUWHV

FDU 5HSRUWHGHJUXSRVGHPDWHULDV &DUUHUDV\3ODQHV 5HSRUWHV


5HSRUWH GH DFWLYLGDGHV H[WUDFXUUL
FDU &DUUHUDV\3ODQHV 5HSRUWHV
FXODUHV
FDU &DUDFWHUtVWLFDVGHSODQHV &DUUHUDV\3ODQHV 5HSRUWHV

FDU 5HSRUWHGHXQFLFOR &DUUHUDV\3ODQHV 5HSRUWHV

FHU $EPGH&HUWLILFDGRVGHO6LVWHPD &HUWLILFDGRV $FWXDOL]DFLRQHV

& 0$18$/)81&,21$/ 2 3$*,1$'(


6,8*8$5$1Ì

23(5$&,Ï1 120%5('(/$23(5$&,Ï1 0Ï'8/2 68%0Ï'8/2

&HUWLILFDGRV 3HQGLHQWHV 3HGLGRV


FHU &HUWLILFDGRV $FWXDOL]DFLRQHV
SRU$XWRJHVWLyQ
FXU $%0GH'RFHQWHV &XUVDGD $FWXDOL]DFLRQHV

FXU $%0GH&RPLVLRQHV &XUVDGD $FWXDOL]DFLRQHV

FXU ,QVFULSFLyQD&XUVDGDV 2SHUDFLRQHVSRU$XWRJHVWLyQ 2SHUDFLRQHVGH$XWRJHVWLyQ

FXU ,QVFULSFLyQD&XUVDGDV &XUVDGD $FWXDOL]DFLRQHV


3URFHVDU,QVFULSFLRQHVD&XUVDGDV
FXU &XUVDGD $FWXDOL]DFLRQHV
HQHVWDGR3HQGLHQWH
FXU 'LVWULEXFLyQGH&RPLVLRQHV &XUVDGD $FWXDOL]DFLRQHV

FXU $%0GH5HJXODUHV &XUVDGD $FWDVGH5HJXODULGDG

FXU $%0GH3URPRFLRQDOHV &XUVDGD $FWDVGH5HJXODULGDG

FXU &HUUDU$FWDGH5HJXODULGDG &XUVDGD $FWDVGH5HJXODULGDG

FXU &HUUDU$FWDGH3URPRFLyQ &XUVDGD $FWDVGH5HJXODULGDG

FXU 5HFWLILFDWLYDGH$FWDGH3URPRFLyQ &XUVDGD 5HFWLILFDWLYDV

FXU 5HFWLILFDWLYDGH$FWDGH5HJXODUHV &XUVDGD 5HFWLILFDWLYDV

FXU &DUJDGH1RWDV3DUFLDOHV &XUVDGD $FWXDOL]DFRLQHV


$OXPQRV SURPRFLRQDOHV SRU FRPL
FXU &XUVDGD $FWXDOL]DFLRQHV
VLyQ
FXU %DMDGH,QVFULSFLyQD&XUVDGDV &XUVDGD $FWXDOL]DFLRQHV

FXU %DMDGH,QVFULSFLyQD&XUVDGDV 2SHUDFLRQHVSRU$XWRJHVWLyQ 2SHUDFLRQHVGH$XWRJHVWLyQ


$%0 GH 5HJXODUHV \ 3URPRFLRQD
FXU &XUVDGD $FWXDOL]DFLRQ
OHV
&HUUDU $FWD 5HFWLILFDWLYD GH 5HJX
FXU &XUVDGD 5HFWLILFDWLYDV
ODULGDG

& 0$18$/)81&,21$/ 2 3$*,1$'(


6,8*8$5$1Ì

23(5$&,Ï1 120%5('(/$23(5$&,Ï1 0Ï'8/2 68%0Ï'8/2

&HUUDU $FWD 5HFWLILFDWLYD GH 3UR


FXU &XUVDGD 5HFWLILFDWLYDV
PRFLyQ
FXU ,QVFULSD&XUVDGDVGHXQD0DWHULD &XUVDGD 5HSRUWHV

FXU ,QVFULSD&XUVDGDV5HFKD]DGDV &XUVDGD 5HSRUWHV


,QVFULS D &XUVDGDV 3HQGLHQWHV GH
FXU &XUVDGD 5HSRUWHV
&RQWURO
FXU ,QVFULSD&XUVDGDVGHXQ$OXPQR &XUVDGD 5HSRUWHV

FXU ,QVFULSD&XUVDGDVSRU&RPLVLyQ &XUVDGD 5HSRUWHV


0DWHULDV TXH SXHGH &XUVDU XQ
FXU &XUVDGD 5HSRUWHV
$OXPQR
&HUWLILFDGR GH 0DWHULDV 'HVDSUR
FXU &HUWLILFDGRV (PLVLyQGH&HUWLILFDGRV
EDGDV
7RWDO GH $OXPQRV ,QVFULSWRV SDUD
FXU ([iPHQHV 5HSRUWHV
XQD)HFKDGH([DPHQ
FXU &HUWLILFDGRGH0DWHULDV$SUREDGDV &HUWLILFDGRV (PLVLyQGH&HUWLILFDGRV
/LVWD GH DVLVWHQFLD GH DOXPQRV HQ
FXU &XUVDGD 5HSRUWHV
&XUVRV
FXU 7RWDOGH,QVFULSWRVHQXQ3HUtRGR &XUVDGD 5HSRUWHV

FXU 5HJXODULGDGHVGHXQDOXPQR &XUVDGD 5HSRUWHV

HJU $%0GH-XUDPHQWRV (JUHVDGRV $FWXDOL]DFLRQHV

HJU $%0GH&RODFLRQHV (JUHVDGRV $FWXDOL]DFLRQHV

HJU 5HSRUWHGH&RODFLRQHVGHJUDGR (JUHVDGRV 5HSRUWHV

HJU 3DGUyQGH*UDGXDGRV (JUHVDGRV 5HSRUWHV


'HWHFFLyQ DXWRPiWLFD GH HJUHVD
HJU (JUHVDGRV $FWXDOL]DFLRQHV
GRV
HJU 6ROLFLWXGGH7tWXORV (JUHVDGRV $FWXDOL]DFLRQHV

& 0$18$/)81&,21$/ 2 3$*,1$'(


6,8*8$5$1Ì

23(5$&,Ï1 120%5('(/$23(5$&,Ï1 0Ï'8/2 68%0Ï'8/2

&HUWLILFDGR DQDOtWLFR GH HVWXGLRV


HJU (JUHVDGRV (PLVLyQGH&HUWLILFDGRV
7('H
(PLVLyQ GH OD GLVSRVLFLyQ GHO 'H
HJU (JUHVDGRV (PLVLyQGH&HUWLILFDGRV
FDQR
HJU (QWUHJDGHO'LSORPD (JUHVDGRV (PLVLyQGH&HUWLILFDGRV

HJU (QWUHJDGH'LSORPDV SRUFRODFLyQ (JUHVDGRV (PLVLyQGH&HUWLILFDGRV


(PLVLyQ GH &HUWLILFDGRV GH 7tWXOR
HJU (JUHVDGRV (PLVLyQGH&HUWLILFDGRV
HQ7UiPLWH
(PLVLyQ GH &HUWLILFDGRV GH )LQ GH
HJU (JUHVDGRV (PLVLyQGH&HUWLILFDGRV
&DUUHUD
1RWD SDUD HO 6HFUHWDULR *HQHUDO
HJU (JUHVDGRV (PLVLyQGH&HUWLILFDGRV
$FDGpPLFR
HJU (PLVLyQGH7(',, (JUHVDGRV (PLVLyQGH&HUWLILFDGRV

HJU 7UiPLWHVGHWtWXORVSRUHVWDGR (JUHVDGRV 5HSRUWHV


0RGLILFDFLyQ GH 2EVHUYDFLyQ GH
HJU (JUHVDGRV $FWXDOL]DFLRQHV
&RUUHODWLYLGDGHV
HTXLY $%0GHHTXLYDOHQFLDV (TXLYDOHQFLDV $FWXDOL]DFLRQHV

HTXLY &RQILUPDFLyQGHHTXLYDOHQFLDV (TXLYDOHQFLDV $FWXDOL]DFLRQHV

HTXLY 5HFWLILFDFLyQGHHTXLYDOHQFLDV (TXLYDOHQFLDV $FWXDOL]DFLRQHV


5HSRUWH GH HTXLYDOHQFLDV RWRUJD
HTXLY (TXLYDOHQFLDV 5HSRUWHV
GDV
5HSRUWH GH (TXLYDOHQFLDV 3HQ
HTXLY (TXLYDOHQFLDV 5HSRUWHV
GLHQWHV
HTXLY $FWDVGH(TXLYDOHQFLDV (TXLYDOHQFLDV 5HSRUWHV

HTXLY 5HVROXFLRQHVGHHTXLYDOHQFLDV (TXLYDOHQFLDV $FWXDOL]DFLRQHV

H[D 7XUQRGH([DPHQ ([iPHQHV $FWXDOL]DFLRQHV

& 0$18$/)81&,21$/ 2 3$*,1$'(


6,8*8$5$1Ì

23(5$&,Ï1 120%5('(/$23(5$&,Ï1 0Ï'8/2 68%0Ï'8/2

H[D (OLPLQDUXQ7XUQRGH([DPHQ ([iPHQHV $FWXDOL]DFLRQHV

H[D 0HVDVGH([DPHQ ([iPHQHV $FWXDOL]DFLRQHV

H[D /LEURVGH$FWDV ([iPHQHV $FWXDOL]DFLRQHV

H[D (OLPLQDU0HVD([DPHQ ([iPHQHV $FWXDOL]DFLRQHV

H[D ,QVFULSFLyQD([DPHQHV 2SHUDFLRQHVSRU$XWRJHVWLyQ 2SHUDFLRQHVGH$XWRJHVWLyQ

H[D ,QVFULSFLyQD([DPHQHV ([iPHQHV $FWXDOL]DFLRQHV


3URFHVDU ,QVFULSFLRQHV D ([iPH
H[D ([iPHQHV $FWXDOL]DFLRQHV
QHV3HQGLHQWHVGH&RQWURO
*HQHUDFLyQ 0DVLYD GH $FWDV GH
H[D ([iPHQHV $FWDVGH([DPHQ
([DPHQ
H[D *HQHUDU$FWDGH([DPHQ ([iPHQHV $FWDVGH([DPHQ
$JUHJDU)ROLRV&RPSOHPHQWDULRV D
H[D ([iPHQHV $FWDVGH([DPHQ
XQ$FWD
H[D ,PSULPLU$FWDGH([DPHQVLQ1RWDV ([iPHQHV $FWDVGH([DPHQ

H[D $QXODU$FWDGH([DPHQVLQ1RWDV ([iPHQHV $FWDVGH([DPHQ


&DUJDGH1RWDVDXQ$FWDGH([D
H[D ([iPHQHV $FWDVGH([DPHQ
PHQ
0RGLILFDU $FWD GH ([DPHQ 1R ,P
H[D ([iPHQHV $FWDVGH([DPHQ
SUHVDFRQ1RWDV
,PSULPLU $FWD GH ([DPHQ FRQ 1R
H[D ([iPHQHV $FWDVGH([DPHQ
WDV
0RGLILFDU$FWDGH([DPHQ,PSUHVD
H[D ([iPHQHV $FWDVGH([DPHQ
FRQ1RWDV
$QXODU $FWD GH ([DPHQ ,PSUHVD
H[D ([iPHQHV $FWDVGH([DPHQ
FRQ1RWDV
5HLPSULPLU$FWDGH([DPHQ FRQR
H[D ([iPHQHV $FWDVGH([DPHQ
VLQ1RWDV

& 0$18$/)81&,21$/ 2 3$*,1$'(


6,8*8$5$1Ì

23(5$&,Ï1 120%5('(/$23(5$&,Ï1 0Ï'8/2 68%0Ï'8/2

H[D &LHUUHGH$FWDVGH([DPHQ ([iPHQHV $FWDVGH([DPHQ

H[D 9HUXQ$FWDGH([DPHQ&HUUDGD ([iPHQHV $FWDVGH([DPHQ

H[D 5HFWLILFDFLyQGH$FWDVGH([DPHQ ([iPHQHV 5HFWLILFDWLYDV


&LHUUH GH $FWDV 5HFWLILFDWLYDV GH
H[D ([iPHQHV 5HFWLILFDWLYDV
([DPHQ
,PSUHVLyQ GH DFWD UHFWLILFDWLYDV GH
H[D ([iPHQHV 5HFWLILFDWLYDV
H[DPHQ
H[D %DMDGH,QVFULSFLyQD([DPHQ 2SHUDFLRQHVSRU$XWRJHVWLyQ 2SHUDFLRQHVGH$XWRJHVWLyQ

H[D %DMDGH,QVFULSFLyQD([DPHQ ([iPHQHV $FWXDOL]DFLRQHV

H[D ,QVFULSFLRQHVD([iPHQHV ([iPHQHV 5HSRUWHV


,QVFULSFLRQHV D ([iPHQHV 5HFKD
H[D ([iPHQHV 5HSRUWHV
]DGDV
H[D ([iPHQHVFRQ$QRUPDOLGDGHV ([iPHQHV 5HSRUWHV
$FWDV GH ([DPHQ TXH QR HVWDQ
H[D ([iPHQHV 5HSRUWHV
&HUUDGDV
H[D ([iPHQHV$QXODGRV ([iPHQHV 5HSRUWHV

H[D 0HVDVGHH[iPHQHVHQXQWXUQR ([iPHQHV 5HSRUWHV


$OXPQRV LQVFULSWRV HQ XQD 0HVD
H[D ([iPHQHV 5HSRUWHV
GH([DPHQ
$OXPQRV LQVFULSWRV D ([DPHQ HQ
H[D ([iPHQHV 5HSRUWHV
XQD0DWHULD
$OXPQRV LQVFULSWRV D ([DPHQ HQ
H[D ([iPHQHV 5HSRUWHV
XQD)HFKD
7RWDOGH,QVFULSWRV SDUD XQD 0DWH
H[D ([iPHQHV 5HSRUWHV
ULD
0HVDV GH H[DPHQ TXH QR WLHQHQ
H[D ([iPHQHV 5HSRUWHV
DFWDJHQHUDGD

& 0$18$/)81&,21$/ 2 3$*,1$'(


6,8*8$5$1Ì

23(5$&,Ï1 120%5('(/$23(5$&,Ï1 0Ï'8/2 68%0Ï'8/2

5HFHSFLyQ GH FLWDFLRQHV GH SURIH


H[D ([iPHQHV 5HSRUWHV
VRUHV
&LWDFLyQ GH 'RFHQWHV D IHFKDV GH
H[D ([iPHQHV 5HSRUWHV
H[iPHQHV
PDW ,QVFULSFLyQD&DUUHUDV 0DWUtFXOD $FWXDOL]DFLRQHV

PDW &DUJDU1RWDV&XUVR,QJUHVR 0DWUtFXOD &XUVRGH,QJUHVR

PDW $OWHUQDWLYDV&XUVR,QJUHVR 0DWUtFXOD &XUVRGH,QJUHVR


0RGLILFDU 5HVXOWDGRV &XUVR ,QJUH
PDW 0DWUtFXOD &XUVRGH,QJUHVR
VR
PDW ([FHSWXDU&XUVR,QJUHVR 0DWUtFXOD &XUVRGH,QJUHVR

PDW &DUJDU5HTXLVLWRV&XPSOLGRV 0DWUtFXOD $FWXDOL]DFLRQHV

PDW *HQHUDU/HJDMRVGH$OXPQRV 0DWUtFXOD $FWXDOL]DFLRQHV

PDW %DMDGH3HUVRQDV 0DWUtFXOD $FWXDOL]DFLRQHV

PDW %DMDGHXQ$OXPQR 0DWUtFXOD $FWXDOL]DFLRQHV

PDW 'LVWULEXFLyQ&XUVRGH,QJUHVR 0DWUtFXOD &XUVRGH,QJUHVR


&DPELRGH3ODQGH(VWXGLRVGHXQ
PDW 0DWUtFXOD $FWXDOL]DFLRQHV
$OXPQR
PDW $%0GH&ROHJLRV6HFXQGDULRV 8QLGDG$FDGpPLFD $FWXDOL]DFLRQHV

PDW 5HLQVFULSFLyQD&DUUHUDV 0DWUtFXOD $FWXDOL]DFLRQHV

PDW 5HLQVFULSFLyQD&DUUHUDV 2SHUDFLRQHVSRU$XWRJHVWLyQ 2SHUDFLRQHVGH$XWRJHVWLyQ

PDW $QXODUUHTXLVLWRFXPSOLGR 0DWUtFXOD $FWXDOL]DFLRQHV


5HSRUWHGHLQVFULSWRVHQXQDFDUUH
PDW 0DWUtFXOD 5HSRUWHV
UD
PDW &HUWLILFDGRGH,QVFULSFLyQ &HUWLILFDGRV (PLVLyQGH&HUWLILFDGRV

& 0$18$/)81&,21$/ 2 3$*,1$'(


6,8*8$5$1Ì

23(5$&,Ï1 120%5('(/$23(5$&,Ï1 0Ï'8/2 68%0Ï'8/2

5HSRUWH GH UHTXLVLWRV GH XQD SHU


PDW 0DWUtFXOD 5HSRUWHV
VRQD
&HUWLILFDGR GH UHTXLVLWRV HQWUHJD
PDW &HUWLILFDGRV (PLVLyQGH&HUWLILFDGRV
GRV
PDW 5HSRUWHGHGDWRVSHUVRQDOHV 0DWUtFXOD 5HSRUWHV

PDW 5HSRUWHGHGDWRVFHQVDOHV 0DWUtFXOD 5HSRUWHV


5HSRUWHGHSHUVRQDVQRPDWULFXOD
PDW 0DWUtFXOD 5HSRUWHV
GDV
PDW 5HSRUWHGHDOXPQRV 0DWUtFXOD 5HSRUWHV

PDW +LVWRULDDFDGpPLFD 0DWUtFXOD 5HSRUWHV

PDW &HUWLILFDGRGHDOXPQRUHJXODU &HUWLILFDGRV (PLVLyQGH&HUWLILFDGRV

PDW 5HSRUWHGHDOXPQRVSROLFDUUHUD 0DWUtFXOD 5HSRUWHV

PDW &HUWLILFDGRGHPDWHULDVUHQGLGDV &HUWLILFDGRV (PLVLyQGH&HUWLILFDGRV

PDW &HUWLILFDGRGHSURPHGLRJHQHUDO &HUWLILFDGRV (PLVLyQGH&HUWLILFDGRV

PDW &HUWLILFDGRGHSURPHGLRDFDGpPLFR &HUWLILFDGRV (PLVLyQGH&HUWLILFDGRV

PDW 5HSRUWHGHDOXPQRVPXOWLXVR 0DWUtFXOD 5HSRUWHV

PDW &RPSUREDQWHGH5HLQVFULSFLyQ 2SHUDFLRQHVSRU$XWRJHVWLyQ 2SHUDFLRQHVGH$XWRJHVWLyQ

SDU &RQILJXUDFLyQGHFRQWUROHV $GPLQLVWUDFLyQGHOVLVWHPD $GPLQLVWUDFLyQGHOVLVWHPD


+LVWRULDDFDGpPLFD 9HUVLyQ DQWH
SUX 0DWUtFXOD 5HSRUWHV
ULRU
&HUWLILFDGR GH PDWHULDV UHQGLGDV 
SUX &HUWLILFDGRV (PLVLyQGH&HUWLILFDGRV
9HUVLyQDQWHULRU
&HUWLILFDGR GH 0DWHULDV 'HVDSUR
SUX &HUWLILFDGRV (PLVLyQGH&HUWLILFDGRV
EDGDV9HUVLyQ$QWHULRU
&HUWLILFDGR GH 0DWHULDV $SUREDGDV
SUX &HUWLILFDGRV (PLVLyQGH&HUWLILFDGRV
 9HUVLyQ$QWHULRU

& 0$18$/)81&,21$/ 2 3$*,1$'(


6,8*8$5$1Ì

23(5$&,Ï1 120%5('(/$23(5$&,Ï1 0Ï'8/2 68%0Ï'8/2

UHJ 5HJXODULGDGSRUDOXPQRRFDUUHUD 0DWUtFXOD $OXPQRVUHJXODUHV

UHJ 5HDGPLVLyQ 0DWUtFXOD $OXPQRVUHJXODUHV

UHJ 6ROXFLyQDEDMDGHDOXPQR 0DWUtFXOD $OXPQRVUHJXODUHV


0RGLILFDFLyQGHGDWRVGHODXQLGDG
XD 8QLGDG$FDGpPLFD $FWXDOL]DFLRQHV
DFDGpPLFD
0RGLILFDFLyQGHORVSDUiPHWURVGHO
XD 8QLGDG$FDGpPLFD $FWXDOL]DFLRQHV
VLVWHPD
XD $%0GHSHUtRGRVOHFWLYRV 8QLGDG$FDGpPLFD $FWXDOL]DFLRQHV

XD $%0GHGHSDUWDPHQWRV 8QLGDG$FDGpPLFD $FWXDOL]DFLRQHV

XD $%0GHUHTXLVLWRVGHLQJUHVR 8QLGDG$FDGpPLFD $FWXDOL]DFLRQHV

XD $%0GHHVFDODVGHQRWDV 8QLGDG$FDGpPLFD $FWXDOL]DFLRQHV

XD $%0GHFXUVRVGHLQJUHVR 8QLGDG$FDGpPLFD $FWXDOL]DFLRQHV


'HILQLFLyQ GH UHTXLVLWRV GH LQJUHVR
XD 8QLGDG$FDGpPLFD $FWXDOL]DFLRQHV
D ODXQLGDGDFDGpPLFD
XD %DMDGHGHSDUWDPHQWRV 8QLGDG$FDGpPLFD $FWXDOL]DFLRQHV

XD $%0GHSHUtRGRV 8QLGDG$FDGpPLFD $FWXDOL]DFLRQHV

XD 5HSRUWHGHGHSDUWDPHQWRV 8QLGDG$FDGpPLFD 5HSRUWHV

XD 5HSRUWHGHUHTXLVLWRVGHLQJUHVR 8QLGDG$FDGpPLFD 5HSRUWHV

XD 5HSRUWHGHFXUVRVGHLQJUHVR 8QLGDG$FDGpPLFD 5HSRUWHV


5HSRUWHGHUHTXLVLWRVGH LQJUHVRD
XD 8QLGDG$FDGpPLFD 5HSRUWHV
ODXQLGDGDFDGpPLFD

& 0$18$/)81&,21$/ 2 3$*,1$'(


&0$18$/)81&,21$/2 3$*,1$'(

You might also like