B2ca 48002 01 00247 2 D

6&+(1&.352&(66

0LQHUD/XPLQD&RSSHU&DVHURQHV

)HEUHUR D – REVIEWED FOR INFORMATION ONLY
®

Authorization to proceed does not relieve Contractor/Supplier of its
responsibility or liability under the Contract and or Purchase Order.
By José Luis Ibáñez Alegría (jose.ibanez@fluor.com) on Aug 20, 2013

0$18$/'(,16758&&,21(6'(/+$51(529,%5$725,26/.:

PROYECTO CASERONES
B2CA
B2CA-48002-01
HARNEROS VIBRATORIOS + CHUTES
3200-SN-001/002/003/004
5820-MU-MGN-2-2
MANUAL OP. Y MANT. HARNEROS SLK4361W ESP
REV 1
DOCUMENTO CERTIFICADO
FLUOR
HARNEROS VIBRATORIOS
B2CA-48002-1
12.08.2013

&KLOOLFRWKH5G &KDJULQ)DOOV2KLR
)RQR)D[

6&+(1&.352&(66

&KLOOLFRWKH5G&KDJULQ)DOOV2KLR
&RPSDxtD)D[6HUYLFLR

0$18$/'(/+$51(529,%5$725,2

8VXDULR)LQDO )HFKD
0,1(5$/80,1$&233(5± )HEUHUR
&$6(521(6
8ELFDFLyQ 1GH2UGHQ6FKHQFN3URFHVV
&+,/(
'HVFULSFLyQGHO(TXLSR 1~PHUR 1~PHURGHO
GH6HULH (TXLSR
P[P+DUQHUR3ODQRGH
'REOH&XELHUWD
0RGHOR6&+(1&.6/.: 61

&DGDXQRLQFOX\HQGR
([FLWDGRUHVGH)XHU]D'LUHFFLRQDO 61
6&+(1&.

&XELHUWD+DUQHURGH3ROLXUHWDQR 61

&RQMXQWR$FFLRQDPLHQWRGH&RUUHD 61
HQ9

127$'HEHDQRWDUVHHOORVQ~PHURVGHVHULHGHOHTXLSRFXDQGR
VHSLGDUHSXHVWRV

0DQXDOGRF6/.

(VWHGRFXPHQWRHVFRQILGHQFLDO\VHSURSRUFLRQDFRPRLQIRUPDFLyQFRQILGHQFLDOHQHOHQWHQGLGRGHTXHQR
GHEHVHUPRVWUDGRGLVFXWLGRRWUDQVPLWLGRDWHUFHURVQLXVDGRSDUDRWURVILQHVVLQODDSUREDFLyQSRUHVFULWR
GH6FKHQFN3URFHVV

,1',&(
3iJ
352/2*2

0$18$/'(/+$51(529,%5$725,2'(6&+(1&.352&(66

6(*85,'$'<6$/8'/$%25$/(6

92/80(1
5(&(3&,21$/0$&(1$0,(172<0$1,38/$&,21
'(/26+$51(526
$/0$&(1$0,(172<75$163257('(/(;&,7$'25
(6758&785$'(623257(
&21),*85$&,21<)81&,21$0,(172'(/$0$48,1$
$50$'2(,167$/$&,21'(/&21-8172%$67,'25
$50$'2(,167$/$&,21'(/+$51(529,%5$725,2
,167$/$&,21'(/(;&,7$'25
,167$/&,21'(/$63(6$6'(7$321
(;75$&&,21'(/$63(6$6'(7$321
/8%5,&$&,21'(/26(;&,7$'25(6
,167$/$&,21'(/(-(,17(50(',2
,167$/$&,21'(/(-('($&&,21$0,(172
,167$/$&,21'(/$&&,21$0,(172'(&255($
52'$0,(1726'(/(-($&202'$'25±0217$-(
52'$0,(1726'(/(-($&202'$'25±'(60217$-(
&$-$'(6&$162
72548('($35,(7(3$5$(/3(512
35(3$5$&,21'(/26+$51(5269,%5$725,26
3$5$0(',5/$&$55(5$'(/+$51(52
/,67$'(9(5,),&$&,21(6'(38(67$(10$5&+$3$5$
/26+$51(5269,%5$725,26'(6&+(1&.352&(66

92/80(1
23(5$&,21'(/26+$51(5269,%5$725,26
&$/&8/$5/$7$6$'((175(*$'(0$7(5,$/

92/80(1
0$17(1&,21'(/26+$51(5269,%5$725,26
/8%5,&$&,21'(/26(;&,7$'25(6
,163(&&,21'(/$6+25$6
,163(&&,21'(/$6+25$6
/8%5,&$&,21
5(38(67265(&20(1'$'26

92/80(1
/,67$'2'(3/$126

352/2*2

0$18$/'(/+$51(529,%5$725,26&+(1&.

*UDFLDV SRU HOHJLU OD DGTXLVLFLyQ GHO HTXLSR 6FKHQFN 3URFHVV 3UHWHQGHPRV
D\XGDUOH D REWHQHU ODV Pi[LPDV YHQWDMDV SURGXFWLYDV FRQ VX QXHYR HTXLSR \ D
PLQLPL]DU HO FRVWR GH ODUJR SOD]R GH VX PDQWHQFLyQ \ RSHUDFLyQ 6FKHQFN
3URFHVVSLHQVDTXHODHQWUHJDGHXQDQXHYDPiTXLQDQRHVODILQDOL]DFLyQGHXQ
FRQWUDWR VLQR HO FRPLHQ]R GH XQD UHODFLyQ FRQ HO FOLHQWH 3DUD PDQWHQHU HVWD
UHODFLyQ6FKHQFN3URFHVVGHEHDVHJXUDUVHGHTXHODVDWLVIDFFLyQGHOFOLHQWHFRQ
HOHTXLSRVHDFRPSOHWD

&XDOTXLHU GXGD UHIHUHQWH DO QXHYR HTXLSR DO GHVDUUROOR GHO SURFHVR VREUH
PDWHULDVWpFQLFDVLQWHUFDPELRGHVHUYLFLRGHORVPRWRUHVGHOYLEUDGRUUHSXHVWRV
\PDQWHQFLyQGHEHQGLULJLUVHDQXHVWUDRILFLQDDORSRUHPDLOD
VFKHQFNPLQLQJVDOHV#VFKHQFNSURFHVVXV

/DFRUUHFWDLQVWDODFLyQ\SUHSDUDFLyQVRQYLWDOHVSDUDXQDSHUIRUPDQFHGHODUJR
SOD]RGHFXDOTXLHUPiTXLQD&XDOHVTXLHUPRGLILFDFLRQHVRDOWHUDFLRQHVDOHTXLSR
VLQ OD SUHYLDDSUREDFLyQSRU HVFULWR GH 6FKHQFN3URFHVV DQXODUi OD JDUDQWtD GHO
HTXLSR \ SXHGH GHULYDU HQ XQD IDOOD FDWDVWUyILFD GHO HTXLSR \R DFFLGHQWHV GHO
SHUVRQDO KDVWD H LQFOX\HQGR OD PXHUWH GH OR FXDO 6FKHQFN 3URFHVV QR SXHGH
KDFHUVHUHVSRQVDEOH

(O HTXLSR YLEUDWRULR VH HPSOHD JHQHUDOPHQWH FRQ FDQDOHV WUDQVSRUWDGRUHV GH
PDWHULDO TXH FRQWLHQHQ HVSDFLRV HQFHUUDGRV 'HEH WHQHUVH PXFKR FXLGDGR
FXDQGRVHWUDEDMHHQHVSDFLRVHQFHUUDGRV9HULILTXHVLHPSUHODVQHFHVLGDGHVGH
VHJXULGDGHVSHFtILFDGHOWHUUHQRDQWHVGHFRPHQ]DUFRQHOWUDEDMR\DVHJ~UHVHGH
TXHVHVLJDWRGRVORVSURFHGLPLHQWRVDSURSLDGRVGXUDQWHWRGRHOWUDQVFXUVRGHODIDHQD

/HUHFRPHQGDPRVWRPDUVHHOWLHPSRQHFHVDULRSDUDOHHUHVWHPDQXDOHQGHWDOOH
DQWHVGHLQVWDODUHOHTXLSR3RUIDYRUQRYDFLOHHQOODPDUDQXHVWUDRILFLQDVLQR
HVWiVHJXURGHDOJXQDPDWHULDWUDWDGDHQHVWHPDQXDO

5HFRPHQGDPRVHQIiWLFDPHQWHFRORFDUHVWHPDQXDOHQXQOXJDUVHJXUR$GHPiV
XVWHG GHEH UHJLVWUDU HOORV Q~PHURV GH VHULH GHO HTXLSR (Q HVWH PRPHQWR
XVWHG QR GHEH QHFHVLWDU UHSXHVWRV 6LQ HPEDUJR VH UHFRPLHQGD TXH XVWHG
DOPDFHQH DOJXQRV UHSXHVWRV SDUD XVDUORV HQ HO FDVR GH TXH VH UHTXLHUDQ SRU
FLUFXQVWDQFLDV LPSUHYLVWDV &XDQGR VROLFLWH UHSXHVWRV DQRWH HO Q~PHUR GH
PRGHOR GHO KDUQHUR HO Q~PHUR GH VHULH ORV Q~PHURV GH ORV UHSXHVWRV \ OD
GHVFULSFLyQGHHOORVSURSRUFLRQDGDHQORVSODQRVLQFOXLGRVHQHVWHPDQXDO(VWR
QRV SHUPLWLUi LGHQWLILFDU FRUUHFWDPHQWH ODV SLH]DV TXH XVWHG QHFHVLWD
DFHOHUiQGRVHDVtHOSURFHVRGHHQWUHJD6LWLHQHGXGDVVREUHORVtWHPVUHTXHULGRV
SRUIDYRUFRQWiFWHQRV\OHD\XGDUHPRVDLGHQWLILFDUODVSLH]DVTXHQHFHVLWD
BBBBBBBBBBB
GH6FKHQFN3URFHVV

3RU OR JHQHUDO 6FKHQFN 3URFHVV GLVSRQH GH PiV SLH]DV GH ODV TXH VH UHTXLHUH
WtSLFDPHQWHSDUDODPDQWHQFLyQGHUXWLQD\ODVSDQQHV6LQHPEDUJRODVSLH]DV
KDQ VLGR FRQIHFFLRQDGDV HVSHFtILFDPHQWH SDUD VDWLVIDFHU VXV UHTXHULPLHQWRV HQ
WDOHVFDVRVSXHGHTXHQRWHQJDPRVHVWRVFRPSRQHQWHVHQVWRFN

6FKHQFN3URFHVVKDFDSDFLWDGRDWpFQLFRVHLQJHQLHURV\ORVWLHQHDGLVSRVLFLyQ
LQPHGLDWD SDUD OD LQVWDODFLyQ SXHVWD HQ PDUFKD LQVSHFFLRQHV GH PDQWHQFLyQ \
VHUYLFLR HQ WHUUHQR 3RU IDYRU FRQWDFWH D QXHVWUR GHSDUWDPHQWR GH YHQWDV VL
QHFHVLWDGHQXHVWURVVHUYLFLRV

&RQHOILQGHDVLVWLUPHMRUDQXHVWURVFOLHQWHV6FKHQFN3URFHVVSURSRUFLRQDORV
VLJXLHQWHVVHUYLFLRV

x &RPSRQHQWHVGH,QWHUFDPELRGH6HUYLFLR

&XDQGRVHDSRVLEOHUHSDUDUFRPSRQHQWHVWDOHVFRPRH[FLWDGRUHVRIUHFHPRVXQ
SURJUDPD GH LQWHUFDPELR GH VHUYLFLR (VWR SHUPLWH DO XVXDULR ILQDO UHHPSOD]DU
ORV H[FLWDGRUHV FRQ XQ PtQLPR GH WLHPSR GH GHWHQFLyQ \ D XQD HVWUXFWXUD GH
FRVWRSUHFRQYHQLGD7RGRVORVFRPSRQHQWHVGHLQWHUFDPELRGHVHUYLFLRYLHQHQ
FRQ OD JDUDQWtD GHOIDEULFDQWH RULJLQDO GHO HTXLSR 6H XVD VyOR SLH]DV JHQXLQDV
KHFKDVFRQODVHVSHFLILFDFLRQHVFRUUHFWDV

x 3URJUDPD&RPSUDGRU)UHFXHQWHGH5HSXHVWRV\6HUYLFLRV

3XHGH QHJRFLDUVH XQD HVWUXFWXUD GH GHVFXHQWRV FXDQGR VH DSOLFD XQ GHVFXHQWR
FRQYHQLGRSDUDFRPSUDVPiVJUDQGHVRUHJXODUHVGHUHSXHVWRV\VHUYLFLRV(VWR
EHQHILFLDDOFOLHQWHDWUDYpVGHSUHFLRVUHGXFLGRVSLH]DVJHQXLQDVHLQVSHFFLRQHV
SURJUDPDGDVFRQUHJXODULGDG

x 6HUYLFLRVGH,QVSHFFLyQ\0DQWHQFLyQ

6FKHQFN 3URFHVV RIUHFH DGHPiV VHUYLFLRV GH LQVSHFFLyQ \ PDQWHQFLyQ (VWH
VHUYLFLR VH SURSRUFLRQD SDUD PD[LPL]DU OD YLGD ~WLO GH ORV FRPSRQHQWHV \ SDUD
SURSRUFLRQDU HO DYLVR RSRUWXQR GH SUREOHPDV SRWHQFLDOHV SHUPLWLHQGR DVt
UHDOL]DUDFFLRQHVFRUUHFWLYDVDQWHVGHSURGXFLUVHHOSUREOHPD

BBBBBBBBBBBBB
GH6FKHQFN3URFHVV

6(*85,'$'<6$/8'/$%25$/(6

(VWHPDQXDOQRFRQWLHQHLQIRUPDFLyQHVSHFtILFDVREUHOH\HV\UHJODPHQWRV
QDFLRQDOHVRHVWDWDOHVUHIHUHQWHVDREOLJDFLRQHVOHJDOHVGHVXFRPSDxtD\GHO
SHUVRQDOGHDFXHUGRDODOH\HV\UHTXHULPLHQWRVGH26+$

/DLQIRUPDFLyQ\FRQIRUPLGDGHVSHFtILFDVSXHGHLQFOXLUDXQTXHQROLPLWDGRD

D 'HWHUPLQDFLyQ GH ULHVJRV GH OD LQVWDODFLyQ GH OD PiTXLQD GH OD PiTXLQD
SURSLDPHQWH WDO GHO HTXLSR UHODFLRQDGR GH OD RSHUDFLyQ GH OD PiTXLQD
PDQWHQFLyQ PRGLILFDFLRQHV D OD SODQWD H[LVWHQWH R GHVSXpV TXH ODV
³PHGLGDV GH FRQWURO´ QHFHVDULDV VHDQ SXHVWDV HQ HO OXJDU GRQGH VHDQ
DSOLFDEOHV

E &DSDFLWDFLyQ\UHJLVWURGHOSHUVRQDOGHPDQWHQFLyQSDUDPDQWHQHUHOHTXLSR
HQFRQGLFLRQHVDSWDV\FRUUHFWDVSDUDUHDOL]DUHOWUDEDMRDVLJQDGR

F /D FRPSDUDFLyQ\ DOPDFHQDPLHQWR GHWRGRVORVUHJLVWURVGHPDQWHQFLyQ \
PRGLILFDFLyQGHODSODQWD

G /DDLVODFLyQGHODHOHFWULFLGDGGHOVLVWHPDLQFOX\HQGRHOHTXLSRFLUFXQGDQWH
GXUDQWHODPDQWHQFLyQHLQVSHFFLyQGHODSODQWD

H (O ³FRUWH´ \R ³VHxDOL]DFLyQ´ GH OD HOHFWULFLGDG GHO VLVWHPD SDUD LPSHGLU
HQUHGRVVXPHUJLPLHQWRVRDFFLGHQWHV

I &DSDFLWDFLyQ\UHJLVWURGHOSHUVRQDOGHRSHUDFLyQ

J 6LVWHPD GH YLVWR EXHQR \ HQWUHQDPLHQWR SDUD UHDOL]DU WUDEDMRV SDUD ORV
FXDOHVVHKDRWRUJDGRODDXWRUL]DFLyQFRUUHVSRQGLHQWH

K 'HVDUUROOR GH ORV 3URFHGLPLHQWRV 1RUPDOHV GH 2SHUDFLyQ 623 GHO
SURFHVR\HTXLSRHVSHFtILFRV

6FKHQFN 3URFHVV UHFRPLHQGD TXH VX FRPSDxtD SURFXUH OD FRQIRUPLGDG GH OD
DXWRULGDG HVWDWDO FRUUHVSRQGLHQWH HQ UHODFLyQ D OD LQIRUPDFLyQ \ UHTXHULPLHQWRV
DSOLFDEOHV GHO JHUHQWH 26+$ GH OD FRPSDxtD R GH XQ DVHVRU 26+$
LQGHSHQGLHQWH

BBBBBBBBBBBBB
GH6FKHQFN3URFHVV

0$18$/'(/+$51(529,%5$725,2'(6&+(1&.352&(66

92/80(1

,167$/$&,21 < 38(67$ (1 6(59,&,2 '( /26
+$51(5269,%5$725,26

BBBBBBBBBBBBB
GH6FKHQFN3URFHVV

5(&(3&,21$/0$&(1$0,(172<0$1,38/$&,21
'(/26+$51(526

(VWDV LQVWUXFFLRQHV \ WRGRV ORV SODQRV VXPLQLVWUDGRV GHEHQ H[DPLQDUVH
PLQXFLRVDPHQWH DQWHV GH DEULU ORV FRQWHQHGRUHV GH HPEDUTXH R GH
FRPHQ]DU OD LQVWDODFLyQ GHO KDUQHUR /D OLVWD GH HPSDTXH GHVFULEH HO
FRQWHQLGR GH FDGD FRQWHQHGRU HQ GHWDOOH 9HULILTXH HO FRQWHQLGR GHO
FRQWHQHGRU OXHJR GH OD HQWUHJD \ YXHOYD D VHOODUOR SDUD PLQLPL]DU OD
SpUGLGDRGDxRGHORVtWHPVYROYLHQGRDDEULUORVyORFXDQGRGLFKRVtWHPV
VHQHFHVLWHQGXUDQWHODLQVWDODFLyQ

/RV FRPSRQHQWHV UHFXELHUWRV GH JRPD R SROLXUHWDQR WDOHV FRPR ODV
FXELHUWDV GH KDUQHURV GHEHQ SURWHJHUVH GH OD OX] VRODU GLUHFWD GH ODV
WHPSHUDWXUDVH[WUHPDVGHODVJUDQGHVYDULDFLRQHVGHODWHPSHUDWXUDGLDULD
\GHORVGDxRVPHFiQLFRV

,QGHSHQGLHQWHGHORVPDWHULDOHVGHHPSDTXHHOHTXLSRGHEHFRORFDUVHVREUH
XQDEDVHQLYHODGDTXHORSURWHMDGHOFRQWDFWRGLUHFWRFRQHOVXHOR3DUDXQD
SURWHFFLyQ GH FRUWR SOD]R HO HTXLSR GHEH FXEULUVH FRQ XQD ORQD
LPSHUPHDEOH8QDSURWHFFLyQSDUDODUJRSOD]RUHTXHULUiXQDFXELHUWDPiV
FRQVLVWHQWHRXQDOPDFHQDPLHQWRDOLQWHULRU

$OPDFHQH ORV PHFDQLVPRV GHO H[FLWDGRU GHQWUR GH XQ iUHD VHFD \ HPSOHH
PHGLGDVSUHYHQWLYDVGHODFRUURVLyQFRPRVHGHVFULEHHQOD6HFFLyQ

'HEH WHQHUVH FXLGDGR GH HYLWDU VRSRUWDU R OHYDQWDU HO KDUQHUR GH DOJXQD
IRUPD TXH SXGLHUD KDFHU TXH HO KDUQHUR VH WXHU]D R TXH VH GDxH HO
UHYHVWLPLHQWRGHJRPDFXDQGRORKD\DHQODVYLJDVWUDQVYHUVDOHVRHQODV
SODFDVODWHUDOHV

'HEH WHQHUVH FXLGDGR GH QR GHIRUPDU ORV ODGRV GHO KDUQHUR &RORTXH
VLHPSUH ORV HVWURERV HQ ODV RUHMDV GH OHYDQWH LQFOXLGDV VHJ~Q GLVHxR GHO
KDUQHUR6LVHSURSRUFLRQDSXQWDOHVGHWUDQVSRUWHUHPRYLEOHVpVWRVVLUYHQ
WDPELpQFRPRODVRUHMDVGHOHYDQWH\GHEHQXVDUVHVLHPSUHTXHVHOHYDQWH
HOKDUQHUR

BBBBBBBBBBBBB
GH6FKHQFN3URFHVV

$/0$&(1$0,(172<75$163257('(/(;&,7$'25

/RV([FLWDGRUHV')GH6FKHQFN3URFHVVVHVXPLQLVWUDQFRQDEUD]DGHUDVGH
WUDQVSRUWHTXHLPSLGHQHOPRYLPLHQWRGHORVHMHVGHOH[FLWDGRUGXUDQWHOD
HQWUHJD

/DVDEUD]DGHUDVGHWUDQVSRUWHGHEHQXVDUVHFDGDYH]TXHXQH[FLWDGRUVHD
WUDQVSRUWDGR D ILQ GH LPSHGLU TXH VH SURGX]FD GDxRV D ORV GHVFDQVRV \
HQJUDQDMHVGHOH[FLWDGRU

,QPHGLDWDPHQWH DQWHV GH OD LQVWDODFLyQ GHO H[FLWDGRU HQ HO
KDUQHURDOLPHQWDGRU \ PLHQWUDV HO KDUQHUR HVWi KRUL]RQWDO SDUD LPSHGLU
TXHXQVHJPHQWRJLUHLQHVSHUDGDPHQWHVDTXHODVDEUD]DGHUDVGHWUDQVSRUWH
GH DFXHUGR DO VLJXLHQWH SURFHGLPLHQWR 9HU )LJXUD R VHD GHMH ODV
DEUD]DGHUDVHQVXOXJDUSDUDHOWUDVODGRDOUHGHGRUGHOOXJDU

&8,'$'2 7HQJD FXLGDGR GH PDQWHQHU ODV PDQRV DOHMDGDV GH ORV
VHJPHQWRVRVFLODQWHVGHOH[FLWDGRU

D $IORMHODWXHUFDKH[DJRQDOGHGHWUiVGHODFDQDOHWD

E 6DTXHORVSHUQRV\ODJROLOODGHSUHVLyQTXHFRQHFWDQODFDQDOHWDDOD
SDUWHVXSHULRUGHOH[FLWDGRU')

F 6DTXHHOFRQMXQWRDEUD]DGHUDGHWUDQVSRUWH

G 9XHOYDDFRORFDUORVSHUQRV\JROLOODGHSUHVLyQDSULHWHGHDFXHUGRD
OD6HFFLyQ

)LJXUD±$%5$=$'(5$6'(75$163257('(/(;&,7$'25

&XDQGRUHWRUQHHOH[FLWDGRUD6FKHQFN3URFHVVSDUDUHSDUDFLyQDVHJXUHHO
H[FLWDGRU')XVDQGRODVDEUD]DGHUDVGHWUDQVSRUWH

BBBBBBBBBBBBB
GH6FKHQFN3URFHVV

$UPDGRGHODVDEUD]DGHUDVGHWUDQVSRUWH

D $UPH OD FDQDOHWD FRQ OD DEUD]DGHUD GH VHJPHQWR GH WDO IRUPD TXH HO
SHUQR PRQWDQWH GH OD DEUD]DGHUD GH VHJPHQWR TXHGH D WUDYpV GH ORV
DJXMHURVH[WHULRUHVGHODFDQDOHWDFRQXQDWXHUFDVREUHODFDQDOHWD\XQD
WXHUFDGHEDMRGHHOOD

E 6DTXH ORV SHUQRV \ OD JROLOOD GH SUHVLyQ GH OD SDUWH VXSHULRU GHO
([FLWDGRU')

F 8ELTXH OD DEUD]DGHUD GH WUDQVSRUWH HQ HO ([FLWDGRU ') FRQ ODV
HVFXDGUDV GH VXMHFLyQ D HVFXDGUD FRQ OD FDQDOHWD \ HMH ([FLWDGRU
')VHJPHQWR RVFLODQWH127$ (O DOPDGHODFDQDOHWD GHEH GHVFDQVDU
HQODSDUWHVXSHULRUGHO([FLWDGRU')

G )LMH OD FDQDOHWD HQ VX OXJDU FRQ ORV SHUQRV \ JROLOODV GH SUHVLyQ
FRUUHVSRQGLHQWHV$SULHWHGHDFXHUGRDOD6HFFLyQ

H 3UHDSULHWH OD HVFXDGUD GH VXMHFLyQ FRQWUD HO HMH \ VHJPHQWR RVFLODQWH
DMXVWDQGR OD WXHUFD GH GHEDMR GH OD FDQDOHWD (O HMH \ HO VHJPHQWR
RVFLODQWHGHEHQILMDUVHDKRUDHQVXOXJDUGHPRGRTXHQRKD\DQLQJXQD
URWDFLyQSRVLEOH

I $VHJXUH HO FRQMXQWR HQ VX OXJDU DSUHWDQGR OD WXHUFD GH HQFLPD GH OD
FDQDOHWD

/RV([FLWDGRUHV')VHWUDWDQFRQXQDJHQWHSUHYHQWLYRGHODFRUURVLyQDQWHV
GH ODHQWUHJD \ GH VX DOPDFHQDPLHQWR HQ XQD VDOD VHFDFRQ SURWHFFLyQ DO
FOLPDWHPSODGRTXHGXUHDSUR[LPDGDPHQWHPHVHV&XDQGRVHDOPDFHQH
HQ OXJDUHV K~PHGRV HO SHUtRGR GH SURWHFFLyQ VH UHGXFH (Q ORV FOLPDV
WURSLFDOHVODSURWHFFLyQSXHGHGXUDUVyORWUHVPHVHV

(ODJHQWHSUHYHQWLYRGHODFRUURVLyQHPSOHDGRHVQRUPDOPHQWHFRPSDWLEOH
FRQ ORV OXEULFDQWHV GHO VHUYLFLR 9HULILTXH FRQ 6FKHQFN 3URFHVV OD
UHFRPHQGDFLyQ UHIHUHQWH D FRPELQDFLRQHV HVSHFtILFDV GH OXEULFDQWH GH
VHUYLFLR\DJHQWH SUHYHQWLYR GH ODFRUURVLyQ 6LH[LVWH DOJXQD GXGD ODYH
ELHQORVH[FLWDGRUHVDQWHVGHOOHQDUFRQDFHLWH\FDPELHHODFHLWHGHVSXpV
GHKRUDVGHWUDEDMR

6LODFRQVHUYDFLyQVHYDDUHSHWLUSURFHGDHQODVLJXLHQWHIRUPD

&8,'$'2 7HQJD FXLGDGR GH PDQWHQHU ODV PDQRV DOHMDGDV GH ORV
VHJPHQWRVRVFLODQWHVGHOH[FLWDGRU

BBBBBBBBBBBBB
GH6FKHQFN3URFHVV

D &RORTXHHOH[FLWDGRUYHUWLFDOPHQWHIODQFKHGHPRQWDMHYHUWLFDOVREUH
HOUHFLSLHQWHUHFROHFWRUGHPRGRTXHSXHGDGUHQDUDOOtFXDOTXLHUDFHLWH
UHVLGXDO

E 6DTXH ORV WDSRQHV GH OOHQDGR \ GH SXUJD GHO H[FLWDGRU (VSHUH KDVWD
TXH\DQRJRWHHPiVDFHLWH

F 9XHOYD D FRORFDU ORV WDSRQHV GHO IRQGR GHMH DELHUWRV ORV WDSRQHV GH
DUULED

G $JUHJXH XQ SUHYHQWLYR GH OD FRUURVLyQ SRU HM 0RELOH $UPD
VLJXLHQGR ODV LQVWUXFFLRQHV GHOIDEULFDQWH &XDQGRHO SUHYHQWLYR GHOD
FRUURVLyQ HV DFHLWH PH]FODGR \R WLHQH SRU ILQ UHFXEULU ODV VXSHUILFLHV
TXH YD D SURWHJHU OOHQH FRPSOHWDPHQWH HO H[FLWDGRU \ JLUH HO HMH GHO
H[FLWDGRUYDULDVYHFHVDPDQR

H 3XUJXHODPH]FODSUHYHQWLYDGHODFRUURVLyQHQXQHQYDVHOLPSLR(VWH
SXHGHXVDUVHSDUDWUDWDUPXFKRVH[FLWDGRUHV

I 9XHOYD D FRORFDU WRGRV ORV WDSRQHV GH OOHQDGR \ GH SXUJD XVDQGR
JROLOODVVHOODGRUDVQXHYDV

(6758&785$'(623257(

/DVHVWUXFWXUDVGHVRSRUWHGHOKDUQHURGHEHQGLVHxDUVHGHDFXHUGRFRQOD
QRUPD $XVWUDOLDQ 6WDQGDUG 1 $6 R OD $6 VHJ~Q FRUUHVSRQGD
SDUD DEVRUEHU ODV FDUJDV HVWiWLFD \ GLQiPLFD PRVWUDGDV HQ HO 3ODQR GH
LQVWDODFLyQ

/DV FDUJDV GLQiPLFDV PRVWUDGDV HQ HO 3ODQR GH ,QVWDODFLyQ VRQ FDUJDV
FRPSOHWDPHQWHUHYHUVLEOHVTXHVHVREUHLPSRQHQHQODVFDUJDVHVWiWLFDV

(OGLVHxRGHODHVWUXFWXUDGHEHLQFOXLUXQDWROHUDQFLDSDUDFDUJDYLYDGHELGR
DOPDWHULDOTXHLPSDFWDVREUHODFDQDOHWD\IOX\HDWUDYpVGHpVWD

(O FRQMXQWR KDUQHUR QR DSXQWDODUi WUDQVYHUVDOPHQWH QL HVWDELOL]DUi OD
HVWUXFWXUDGHVRSRUWH(VHVHQFLDOTXHODVSODFDVGHEDVHGHOKDUQHURHVWpQ
ILUPHPHQWH DSHUQDGDV D ORV VRSRUWHV FRPR VH GHVFULEH HQ HO 3ODQR GH
,QVWDODFLyQ

/DVFROXPQDVGHVRSRUWHYLJDV\FRQH[LRQHVGHH[WUHPRGHEHQVHUUtJLGDV
\UHVWULQJLGDVFRQWUDHOSDQGHR\HOYROFDPLHQWR

BBBBBBBBBBBBB
GH6FKHQFN3URFHVV

&XDQGRODVYLJDVGHVRSRUWHKDQVLGRHOHJLGDVSDUDH[LJHQFLDVQRUPDOHVGH
UHVLVWHQFLD GHEH FDOFXODUVH VXV IUHFXHQFLDV QDWXUDOHV 'HEH WHQHUVH
FXLGDGRGH DVHJXUDU TXH WRGRVORVSHVRVDGLFLRQDOHV TXH YDQUtJLGDPHQWH
PRQWDGRV HQ ODV YLJDV VHDQ WRPDGRV HQ FXHQWD FXDQGR VH FDOFXOH ODV
IUHFXHQFLDV QDWXUDOHV &XDQGR H[LVWD GXGDV HQ FXDQWR DO JUDGR GH
FRQHFWLYLGDG ORV FiOFXORV GHEHQ LQFOXLU HOORV FDVRV H[WUHPRV &DGD
YH]TXHVHDSRVLEOHHOLMDORVPLHPEURVHVWUXFWXUDOHVGHWDOIRUPDTXHVXV
IUHFXHQFLDV QDWXUDOHV VHDQ PiV DOWDV TXH OD YHORFLGDG GHO H[FLWDGRU (Q
WRGRV ORV FDVRV ODV IUHFXHQFLDV QDWXUDOHV GH ORV PLHPEURV \ OD HVWUXFWXUD
HQWHUDGHEHQVHUGLIHUHQWHVGHODYHORFLGDGGHOH[FLWDGRUHQDORPHQRVHO

&21),*85$&,21<)81&,21$0,(172'(/$0$48,1$

/RV KDUQHURV YLEUDGRUHV VRQ PiTXLQDV FODVLILFDGRUDV TXH WUDQVSRUWDQ
PDWHULDOVREUHXQDFXELHUWDSHUIRUDGDYLEUDWRULD(VWHKDUQHURSHUPLWHTXH
HO PDWHULDO GH PHQRU WDPDxR SDVH D WUDYpV GH OD FXELHUWD \ WUDQVSRUWH HO
PDWHULDO TXH QR SDVD D WUDYpV GH OD FXELHUWD KDVWD GHVFDUJDUOR SRU HO
H[WUHPR

(O KDUQHUR VXPLQLVWUDGR HV XQD ]DUDQGD SODQD GH GREOH FXELHUWD (VWH
KDUQHURWLHQHXQPRWRUHOpFWULFRTXHLPSXOVDWUHVPHFDQLVPRVH[FLWDGRUHV
TXHWUDEDMDQMXQWRVSDUDSURGXFLUHOPRYLPLHQWRYLEUDWRULRGHOKDUQHUR

(O ([FLWDGRU GH )XHU]D 'LUHFFLRQDO ') GH 6FKHQFN 3URFHVV VHHPSOHD
SDUD SURGXFLU HO PRYLPLHQWR OLQHDO SRU PHGLR GH GRV HMHV HTXLSDGRV FRQ
PDVDVH[FpQWULFDVVHJPHQWRVRVFLODQWHVTXHYDQHQJUDQDGRVSDUDFRQWUD
JLUDUDODPLVPDYHORFLGDG/DFRQWUDURWDFLyQGHORVVHJPHQWRVRVFLODQWHV
SURGXFHXQDIXHU]DRVFLODGRUDUHVXOWDQWHDORODUJRGHXQDOtQHDFRQVWDQWH
(VWDHVOD³/tQHDGH&DUUHUD´GHOKDUQHUR

8QDFDUDFWHUtVWLFDLPSRUWDQWHGHO([FLWDGRU')GH6FKHQFN3URFHVVHVTXH
ORV VHJPHQWRV RVFLODQWHV YDQ SRU IXHUD GH OD FDMD GH HQJUDQDMHV
SHUPLWLHQGR DMXVWDU JUDGXDOPHQWH OD PDJQLWXG GH OD IXHU]D SURGXFLGD DO
FDPELDUODPDVDH[FpQWULFD

/D PDVD H[FpQWULFD GHO VHJPHQWR RVFLODQWH VH FDPELD DJUHJDQGR R
TXLWDQGRSHVDVGHWDSyQ9HUGHWDOOHVHQ6HFFLRQHV\

$O DXPHQWDU OD PDVD H[FpQWULFD DJUHJDQGR SHVDV GH WDSyQ DXPHQWD OD
IXHU]D SURGXFLGD \ GH DKt DXPHQWD OD FDUUHUD GHO KDUQHUR $O UHGXFLU OD
PDVDH[FpQWULFDVHUHGXFHDODLQYHUVDODFDUUHUDGHOKDUQHUR

(O³0RPHQWR (VWiWLFR´ GHXQ H[FLWDGRU HV ODPHGLGD GH OD FDSDFLGDG GH
IXHU]D GHO H[FLWDGRU LQGHSHQGLHQWH GH OD YHORFLGDG GH WUDEDMR 6XHOH
PHQFLRQDUVH D YHFHV HO ³0RPHQWR GH 7UDEDMR´ GHO H[FLWDGRU Â0RPHQWR
GH7UDEDMR´HVGRVYHFHVHOPRPHQWRHVWiWLFR

/RV([FLWDGRUHV')VHVXPLQLVWUDQFRQSHVDVGHWDSyQVHSDUDGDVODVTXH
GHEHQLQVWDODUVHFRPRVHPXHVWUDHQOD)LJXUD7RGRVORVVHJPHQWRV
RVFLODQWHVGHEHQWHQHUXQQ~PHURLJXDOGHSHVDVGHWDSyQLQVWDODGDVHQOD
PLVPD FRQILJXUDFLyQ R GH RWUD IRUPD RFXUULUi XQD UiSLGD \ FDWDVWUyILFD
IDOODGHOKDUQHUR

(O PRWRU LPSXOVRU YD FRQHFWDGR D XQ H[FLWDGRU SRU PHGLR GH XQ HMH
DFFLRQDGRU \ ORV H[FLWDGRUHV YDQ FRQHFWDGRV SRU XQ VHJXQGR HMH TXH
WUDQVPLWHODIXHU]DLPSXOVRUDGHVGHXQH[FLWDGRUDORWUR

(O HMH TXH FRQHFWD ORV GRV H[FLWDGRUHV VH OODPD HMH LQWHUPHGLR \ pVWH
DVHJXUD TXH ORV H[FLWDGRUHV HVWpQ DOLQHDGRV R VHD TXH HVWpQ
VLQFURQL]DGRV R ³HQ IDVH´ (V HVHQFLDO TXH ORV H[FLWDGRUHV HVWpQ
DOLQHDGRV GH DFXHUGR D 6HFFLyQ R GH RWUR PRGR RFXUULUi XQD
UiSLGD\FDWDVWUyILFDIDOODGHOKDUQHUR

6L XQ H[FLWDGRU IDOOD GXUDQWH HO WUDEDMR DSDJXH GH LQPHGLDWR HO
KDUQHURpVWHVyORGHEHIXQFLRQDUFRQWUHVH[FLWDGRUHV

/RV HMHV LQWHUPHGLRV GH 6FKHQFN VRQ HMHV WXEXODUHV GH OHQJHWD FRQ XQ
HOHPHQWRGHJRPDIOH[LEOHHQFDGDH[WUHPR(OHMHDFFLRQDGRUHVVLPLODU
DOHMHLQWHUPHGLRSHURQRUPDOPHQWHHVPiVFRUWR\FRQIUHFXHQFLDQRWLHQH
XQDVHFFLyQWXEXODU

(O HMH DFFLRQDGRU FRQHFWD HQWUH HO PRWRU \ HO H[FLWDGRU DFFLRQDPLHQWR
GLUHFWR SDUD LPSXOVDU HO H[FLWDGRU D OD YHORFLGDG GHO PRWRU
$OWHUQDWLYDPHQWHSXHGHHPSOHDUVHXQFRQMXQWRDFFLRQDPLHQWRGHFRUUHDHQ
9 \ HMH VHFXQGDULR SDUD SHUPLWLU TXH OD YHORFLGDG GHO H[FLWDGRU VHD
GLIHUHQWH D OD YHORFLGDGGHO PRWRU 3DUD HVWH KDUQHUR HO PRWRU LPSXOVD HO
HMH GH DFFLRQDPLHQWR D WUDYpV GH XQ DFFLRQDPLHQWR GH FRUUHD \ HMH
VHFXQGDULRHOFXDODVXYH]LPSXOVDDOH[FLWDGRU

(O WUDEDMR HQ HO KDUQHUR VyOR GHEH FRQGXFLUVH GHVSXpV TXH HO
DFFLRQDPLHQWRGHOKDUQHUR\ORVVLVWHPDVGHDOLPHQWDFLyQGHPDWHULDO
KD\DQ VLGR DLVODGRV GH DFXHUGR FRQ ORV SURFHGLPLHQWRV GH VHJXULGDG
GHOWHUUHQR$QWHVGHFRPHQ]DUDWUDEDMDUHQHOKDUQHURDVHJ~UHVHGH
TXHQRKD\DQLQJ~QPDWHULDOGHDOLPHQWDFLyQDWUDSDGRHQODFDQDOHWD
GHDOLPHQWDFLyQTXHSXGLHUDFDHUGXUDQWHHOWUDEDMR-$0$6VHVXED
DORVKDUQHURVRDOLPHQWDGRUHVHQIXQFLRQDPLHQWR

BBBBBBBBBBBBB
GH6FKHQFN3URFHVV

$50$'2(,167$/$&,21'(/%$67,'25'($,6/$&,21

,GHQWLILTXH ODV SLH]DV FRPSRQHQWHV \ ILMDGRUHV HQ HO 3ODQR $UPDGR GHO
%DVWLGRUGH$LVODFLyQ7RPHQRWDGHODPDVDGHOFRQMXQWR\DVHJXUHTXH
KD\D XQ VRSRUWH DGHFXDGR \ ILUPH GXUDQWH HO DUPDGR (O PDUFR GH
DLVODFLyQVHOOHQDFRQKRUPLJyQ

6RSRUWH ORV PDUFRV ODWHUDOHV DSUR[LPDGDPHQWH D PP VREUH XQD
VXSHUILFLHUD]RQDEOHPHQWHQLYHODGDDODGLVWDQFLDGHOFHQWURPRVWUDGDHQHO
SODQRGHDUPDGR\SRQJDODLQDVHQFDGDPDUFRODWHUDOSDUDQLYHODUGHQWUR
GH PP $VHJ~UHVH GH TXH ORV IODQFKHV GH H[WUHPR HVWpQ HQ OtQHD GH
ODGRDODGR

&RORTXH ODV YLJDV WUDQVYHUVDOHV HQWUH ORV PDUFRV ODWHUDOHV \ FRQHFWH FDGD
H[WUHPRFRQORVSHUQRVDSUHWDGRVVyORVXDYHPHQWH

9HULILTXHTXHFDGDEDVWLGRUODWHUDOHVWpYHUWLFDO/DGLVWDQFLDGHOFHQWURGHO
UHVRUWHGHEHYHULILFDUVHWDQWRSDUDORVOXJDUHVGHUHVRUWHVXSHULRUFRPRGH
DEDMR

9HULILTXHTXHHOFRQMXQWRHVWpDHVFXDGUDWDQWRHQODYLVWDGHSODQRFRPRHQ
ODYLVWDGHH[WUHPRODVGLDJRQDOHVLJXDOHVGHQWURGHPP

9HULILTXHTXHODVUHJLRQHVGHPRQWDMHGHUHVRUWHHVWpQQLYHODGDVGHODGRD
ODGRRVHDTXHTXHGHQHQHOPLVPRSODQRDQWHVGHDSUHWDUSRUFRPSOHWR
ORVSHUQRVGHDFXHUGRFRQOD6HFFLyQ

9HULILTXHODWHQVLyQGHORVSHUQRVGHDFXHUGRD6HFFLyQHQFDGD
SHUQR \ SLQWH ORV KLORV H[SXHVWRV GHO SHUQR SDUD LQGLFDU TXH FDGD SHUQR
HVWiWRWDOPHQWHDSUHWDGR\FKHTXHDGR

0RQWH ODV SODFDV GH EDVH GH UHVRUWH HQ OD HVWUXFWXUD GH VRSRUWH XVDQGR
WXHUFDV SODQDV WHPSRUDOHV 1LYHOH ODV SODFDV GH EDVH XVDQGR ODLQDV GH
PRGR TXH OD SDUWH VXSHULRU GH WRGDV ODV SODFDV GH EDVHHVWpQ GHQWUR GH
PPGHOPLVPRSODQR1RJUDXWHHQLFRORTXHWXHUFDVDXWREORTXHDGRUDVHQ
HVWHPRPHQWR

0RQWH ODV UXHGDV GHO EDVWLGRU GH DLVODFLyQ $VHJ~UHVH GH TXH HVWpQ
LQVWDODGDVSDUDODGLVWDQFLDUHDOGHOFHQWURGHOULHO&RQILUPHODGLVWDQFLD
GHOFHQWURGHOULHOSRUPHGLFLyQHQWHUUHQR

8ELTXHORVSDVDGRUHVJURPPHWVHQODVSRVLFLRQHVGHHVSLJDHVSHFLILFDGDV
SDUDXVDUHQHO3ODQRGH,QVWDODFLyQ

/HYDQWH HO EDVWLGRU DUPDGR XVDQGR ORV HVWURERV FRQHFWDGRV D ODV
RUHMDVGHOHYDQWHSURSRUFLRQDGDV\FRORTXHHOEDVWLGRUGHDLVODFLyQHQ
ORVULHOHV

&RQILUPH TXH OD GLVWDQFLD GHO FHQWUR GH OD UXHGD HVWp FRUUHFWD KDFLHQGR
JLUDUHOEDVWLGRUSRUWRGDODH[WHQVLyQGHVXUHFRUULGR$MXVWHORVFHQWURVGH
UXHGDVFRPRVHQHFHVLWHSDUDLPSHGLUTXHVHWUDEHQGXUDQWHHOUHFRUULGR

8ELTXHHOEDVWLGRUGHDLVODFLyQVREUHODVSODFDVEDVHGHUHVRUWH

/HYDQWHHOEDVWLGRUGHDLVODFLyQ0DQWHQJDHOQLYHOGHOEDVWLGRUGHQWURGH
LQFUHPHQWRVGHPPPLHQWUDVOHYDQWD\EDMD

&RORTXH ORV UHVRUWHVHQ VX SRVLFLyQ EDMRHOEDVWLGRU GHDLVODFLyQ\ VREUH
ODVSODFDVEDVHGHUHVRUWH&RQVXOWHHQHO3ODQRGH,QVWDODFLyQORVOXJDUHV
GHUHVRUWHVDXVDU

1RWD6XHOHSURSRUFLRQDUVHOXJDUHV³GHUHVHUYD´DGLFLRQDOHV

%DMHHOEDVWLGRUGHDLVODFLyQKDVWDORVUHVRUWHV1RFRORTXHDPRUWLJXDGRUHV
SRUHOPRPHQWR

$GYHUWHQFLD-DPiVDMXVWHODSRVLFLyQGHORVUHVRUWHVRHPSDFDGRUHVD
PDQR PLHQWUDV HO HTXLSR HVWi VLHQGR XELFDGR 8VH KHUUDPLHQWDV
DGHFXDGDVSDUDWRPDUORVtWHPV

9HULILTXHTXHODVSODFDVEDVHGHUHVRUWHGHOKDUQHURGHODSDUWHVXSHULRUGHO
EDVWLGRUGHDLVODFLyQHVWpQQLYHODGDV\DODDOWXUDFRUUHFWD$MXVWHODDOWXUD
SRU PHGLR GH ODLQDV HQWUH ODV SODFDV EDVH GH UHVRUWH \ HO EDVWLGRU GH
DLVODFLyQ

,GHQWLILTXH H LQVWDOH ORV DPRUWLJXDGRUHV GHO EDVWLGRU GH DLVODFLyQ GH
DFXHUGR DO 3ODQR GH ,QVWDODFLyQ $VHJ~UHVH GH TXH ORV SHUQRV WHQJDQ VX
WRUTXHGHDFXHUGRFRQORHVSHFLILFDGRHQ6HFFLyQ

6L HO EDVWLGRU GH DLVODFLyQ VH YD D PRYHU VDTXH HO FRQMXQWR KDUQHUR \
DFFLRQDPLHQWRVLHVWiLQVWDODGRHQHVWHPRPHQWR'HVFRQHFWH\VDTXHORV
DPRUWLJXDGRUHV /HYDQWH FRQ JDWD HO EDVWLGRU GH DLVODFLyQ \ VDTXH ORV
UHVRUWHV GH FDGD H[WUHPR 0DQWHQJD HO QLYHO GHO EDVWLGRU GH DLVODFLyQ
GHQWUR GH LQFUHPHQWRV GH PP PLHQWUDV OHYDQWD \ EDMD 'HVHFKH \
UHHPSODFHODVWXHUFDVGHDPRUWLJXDGRUXVDGDV

$50$'2(,167$/$&,21'(/+$51(529,%5$725,2

/RVKDUQHURVYLEUDWRULRVVXHOHQHPEDUFDUVHFRQORVH[FLWDGRUHVUHWLUDGRVSRU
UD]RQHV GH WUDQVSRUWH SDUD XQD VHSDUDFLyQ DGLFLRQDO HQ OD LQVWDODFLyQ R
SDUDUHGXFLUODPDVDGHOHYDQWH
BBBBBBBBB
GH6FKHQFN3URFHVV

,GHQWLILTXHODVSODFDVEDVHGHUHVRUWHORVSHUQRV\WXHUFDVGHPRQWDMHSRU
WHUFHURVHQHO3ODQRGH,QVWDODFLyQ

0RQWHODVSODFDVEDVHGHUHVRUWHHQODHVWUXFWXUDGHVRSRUWHVLHVQHFHVDULR
HPSOHDQGRWXHUFDVSODFDVWHPSRUDOHV\QLYHOHXVDQGRODLQDVGHPRGRTXH
ODSDUWHVXSHULRUGHODVSODFDVEDVHGHVFDQVHHQHOPLVPRSODQRGHQWURGH
XQD WROHUDQFLD GH PP 1R DSULHWH ODV WXHUFDV DXWRWUDEDGRUDV SRU HO
PRPHQWR

,GHQWLILTXH ORV SDVDGRUHV JURPPHWV GH UHVRUWH \ ORV UHVRUWHV ,QVWDOH ORV
JURPPHWVGHUHVRUWHHQORVWXERVGHODVSODFDVEDVH\ODVHVFXDGUDVSXHQWH
GHO KDUQHUR HQ ORV OXJDUHV PRVWUDGRV HQ HO SODQR GH LQVWDODFLyQ OXHJR
FRORTXHORVUHVRUWHVHQODVSODFDVEDVH

/HYDQWH HO KDUQHUR XVDQGR HVWURERV FRQHFWDGRV D ODV RUHMDV GH OHYDQWH
SURSRUFLRQDGDV$MXVWHORVHVWURERVSDUDHYLWDUTXHVHWXHU]DHOKDUQHUR\
SDUDPDQWHQHUDpVWHHQHOiQJXORGHLQVWDODFLyQGLVHxDGRFRQXQiQJXOR
LQFOXLGRPi[LPRGHORVHVWURERVGHJUDGRV

$GYHUWHQFLD-DPiVDMXVWHODSRVLFLyQGHORVUHVRUWHVDPDQRPLHQWUDV
HO KDUQHUR HVWi VLHQGR XELFDGR 8VH KHUUDPLHQWDV DGHFXDGDV SDUD
WRPDUHOUHVRUWH

%DMHHOKDUQHURKDVWDORVUHVRUWHV

&XDQGR ORV H[FLWDGRUHV KD\DQ VLGR VDFDGRV SDUD HO WUDQVSRUWH PRQWH HO
PHFDQLVPRH[FLWDGRUHQHOKDUQHURGHDFXHUGRFRQOD6HFFLyQ

$VHJ~UHVHGHTXHHOPRWRUHVWpDLVODGRGHOVXPLQLVWURHOpFWULFRGHDFXHUGR
FRQORVSURFHGLPLHQWRVGHDLVODFLyQ\URWXODFLyQGHOOXJDU

)LMHHODFRSODPLHQWRDFFLRQDGRUDOHMHGHDVLHQWRGHDFXHUGRFRQODVHFFLyQ
\DUPHHODFFLRQDPLHQWRGHFRUUHDGHDFXHUGRFRQHO3ODQR&RQMXQWR
$FFLRQDGRUH³,QVWDODFLyQGHO$FFLRQDPLHQWRGH&RUUHD´GH6HFFLyQ

0RQWHHOHMHLQWHUPHGLRGHDFXHUGRFRQOD6HFFLyQ\OXHJRHOHMHGH
DFFLRQDPLHQWRGHDFXHUGRFRQOD6HFFLyQ(OHMHLQWHUPHGLRFRQHFWD
GRV H[FLWDGRUHV ORV TXH GHEHQ DOLQHDUVH DQWHV GH OD LQVWDODFLyQ GHO HMH
LQWHUPHGLR

/D DOLQHDFLyQ GH ODV XQLGDGHV H[FLWDGRU VH REWLHQH DVHJXUDQGR ORV
VHJPHQWRV RVFLODQWHV GH XQD XQLGDG SDUD LPSHGLU OD URWDFLyQ OXHJR
JLUDQGR OD RWUD XQLGDG KDVWD TXH OD RULHQWDFLyQ GH ORV VHJPHQWRV VHD OD
PLVPDSDUDDPEDVXQLGDGHV6LKD\GXGDVVREUHODDOLQHDFLyQYHULILTXH
PLGLHQGR OD GLVWDQFLD HQWUH ORV DJXMHURV GH ODV SHVDV GH WDSyQ GH FDGD
H[FLWDGRU1RPLGDIXHUDGHODVXSHUILFLHGHODSLH]DIXQGLGDRGHOFRUWH
GHSHUILO

$'9(57(1&,$ 38('( 2&855,5 81$ )$//$ 35217$ <
&$7$6752),&$ 6, /26 0(&$1,6026 )81&,21$1 )8(5$ '(
$/,1($&,21

&RQILUPHTXHORVPHFDQLVPRVGHOH[FLWDGRUHVWpQDOLQHDGRV\OLEUHVSDUDJLUDU

,GHQWLILTXH ODV SURWHFFLRQHV FXDQGR VH VXPLQLVWUHQ HQ HO 3ODQR &RQMXQWR
+DUQHUR

0RQWH ODV SURWHFFLRQHV 1RWD 8VH WXHUFDV DXWRWUDEDGRUDV R /RFWLWH *UDGR
SHJDPHQWRWUDEDGRUGHKLORVDQDHUyELFRSDUDORVSHUQRVSXHVWRVHQORVDJXMHURV
WHUUDMDGRV

6DTXHORVSDQHOHVGHSURWHFFLyQGHFXELHUWDFXDQGRORVKD\D

9HULILTXHTXHORVSXHQWHVGHEDUUDGHDEUD]DGHUDHVWpQILUPHPHQWHFRQHFWDGRVDOD
HVFXDGUD

9HULILTXH HO DSULHWH GH ORV SHUQRV GH UHWHQFLyQ GH OD FXELHUWD GH DFXHUGR D OD
6HFFLyQ 3LQWH SURJUHVLYDPHQWH ORV KLORV H[SXHVWRV SDUD LQGLFDU TXH HVWiQ
FKHTXHDGRV\FRUUHFWRV

6L IXHURQ SURYLVWRV VDTXH ORV SXQWDOHV GH WUDQVSRUWH &RQVXOWH 3ODQR GH
,QVWDODFLyQ

9HULILTXHODDOLQHDFLyQGHOKDUQHUR&RQVXOWH3ODQRGH,QVWDODFLyQ

9HULILTXH OD LQFOLQDFLyQ HVWiWLFD D OR ODUJR \ DQFKR GH OD FXELHUWD GHO KDUQHUR
&RQVXOWH 3ODQR GH ,QVWDODFLyQ 6H UHTXLHUH XQD KRUL]RQWDO GHQWUR GH PP
&RUULMDXVDQGRODLQDVGHEDMRGHODVSODFDVEDVHGHUHVRUWH

9HULILTXHTXHODDOWXUDGHOUHVRUWHDFDGDODGRGHOKDUQHURVHDLJXDOGHQWURGH
PP &RUULMD VHJ~Q VH UHTXLHUD FRORFDQGR ODLQDV GHEDMR GH OD SODFD EDVH GH
UHVRUWH

9HULILTXHTXHORVUHVRUWHVHVWpQYHUWLFDOHVGHQWURGHPP

9HULILTXHTXHWRGDVODVWROHUDQFLDVHVWiWLFDVGHRSHUDFLyQHVWpQGHDFXHUGRFRQHO
3ODQRGH,QVWDODFLyQ

6DTXH ODV WXHUFDV SODQDV GH ORV SHUQRV GH OD SODFD EDVH GH UHVRUWH 9XHOYD D
FRORFDU ODV WXHUFDV DXWRWUDEDGRUDV \ DSULHWH FRPSOHWDPHQWH GH DFXHUGR FRQ OD
6HFFLyQ 9HULILTXH HO DSULHWH \ SLQWH ORV KLORV GH SHUQR H[SXHVWRV SDUD
LQGLFDUTXHHVWiQFKHTXHDGRV\FRUUHFWRV

BBBBBBBBB
GH6FKHQFN3URFHVV

,167$/$&,21'(/(;&,7$'25

/RV H[FLWDGRUHV ') VH VXPLQLVWUDQ FRQ SHVDV GH WDSyQ VHSDUDGDV ODV TXH
GHEHQLQVWDODUVHFRPRVHPXHVWUDHQOD)LJXUD7RGRVORVVHJPHQWRV
RVFLODQWHVGHEHQWHQHUXQQ~PHURLJXDOGHSHVDVGHWDSyQLQVWDODGDVHQOD
PLVPDIRUPDRHOKDUQHURVXIULUiXQDIDOODSURQWD\FDWDVWUyILFD

&XDQGR VH XVH WUHV H[FLWDGRUHV HQ HO PLVPR KDUQHUR HV HVHQFLDO TXH ODV
SHVDVGHWDSyQHVWpQLQVWDODGDVHQODPLVPDIRUPDHQWRGRVORVVHJPHQWRV
RVFLODQWHV \ TXH ORV WUHV H[FLWDGRUHV HVWpQ DOLQHDGRV GH DFXHUGR FRQ OD
6HFFLyQ

/DWHPSHUDWXUDGHVHUYLFLRQRGHEHUiH[FHGHUORV&6LH[FHGHORV
& FRQVXOWH D 6FKHQFN 3URFHVV VREUH VLVWHPDV UHIULJHUDQWHV SDUD
H[FLWDGRUHV

/RV PRWRUHV LPSXOVRUHV HVWiQ GLVHxDGRV GH PRGR TXH OD YHORFLGDG GH
RSHUDFLyQ VH REWHQJD UiSLGDPHQWH /RV PRWRUHV GHEHQ FRQHFWDUVH SDUD
SDUWLGDGLUHFWDHQOtQHD'2/SDUDSURGXFLUHOPi[LPRWRUTXHGHSDUWLGD
GHOPRWRU

/DYHORFLGDGGHRSHUDFLyQSHUPLVLEOHVHPXHVWUDHQHO3ODQRGH,QVWDODFLyQ
12 &$0%,( /$ 327(1&,$ '(/ 02725 2 /$ 9(/2&,'$'
'( )81&,21$0,(172 GH ORV KDUQHURV VLQ HO FRQVHQWLPLHQWR SUHYLR
SRUHVFULWRGH6FKHQFN3URFHVV

&RQHFWH ORV JULOOHWHV \ FDEOHV GH OHYDQWH VyOR HQ ORV DJXMHURV GH OHYDQWH
SURYLVWRV HQ ODV QHUYDGXUDV GHO H[WUHPR GH OD FDMD -DPiV OHYDQWH XQ
H[FLWDGRUWRPiQGRORGHORVVHJPHQWRVRVFLODQWHV7HQJDFXLGDGRGHHYLWDU
TXH VH JROSHH ORV VHJPHQWRV RVFLODQWHV OR TXH GHULYDUtD HQ GDxRV D ORV
URGDPLHQWRVGHURGLOORV

6DTXHODVDEUD]DGHUDVGHWUDQVSRUWHGHDFXHUGRD6HFFLyQ

8VH VyOR WXHUFDV \ SHUQRV µ6FKHQFN 3URFHVV¶ QXHYRV SDUD DSUHWDU ORV
H[FLWDGRUHVDODYLJDFRUUHVSRQGLHQWH

5HFXEUDORVKLORVGHSHUQRVFRQSDVWDGHDUPDGRDEDVHGHGLVXOIXURGH
PROLEGHQR \ OXHJR LQVWDOH ORV SHUQRV GHVGH GHQWUR GH OD YLJD GH
H[FLWDGRUHV

8VH OD FRQWUDWXHUFD GH VHJXULGDG 6FKHQFN 3URFHVV LQVWDODGD IXHUD GH OD
YLJD GH H[FLWDGRUHV GH PRGR TXH OD WXHUFD HVSHFLDO DVLHQWH GHQWUR GH OD
FDUD GH OD SDUWH PDTXLQDGD GH OD FDMD H[FLWDGRU FRPR VH PXHVWUD HQ OD
)LJXUD

/RV SHUQRV \ WXHUFDV VRQ SDUD XQ XVR VRODPHQWH 'HVHFKH ODV WXHUFDV \
SHUQRVDQWLJXRVGHVSXpVGHVDFDUORV

0RQWHHOH[FLWDGRUGHWDOIRUPDTXHORVVHJPHQWRVRVFLODQWHVH[WHULRUHVHO
HMH ODUJR HV VLHPSUH HO HMH DFFLRQDGR HVWpQ HQ HO OXJDU PRVWUDGR HQ HO
3ODQRGH,QVWDODFLyQ

$SULHWHODVWXHUFDVFRPRVHHVSHFLILFDHQOD6HFFLyQ

0RQWHHOHMHLQWHUPHGLRGHDFXHUGRFRQOD6HFFLyQ\HOHMHLPSXOVRU
GHDFXHUGRFRQOD6HFFLyQ

,QVWDOHODVSHVDVGHWDSyQGHDFXHUGRFRQOD6HFFLyQ

&RORTXHXQQ~PHURLJXDOGHSHVDVGHWDSyQHQODPLVPDIRUPDHQWRGRV
ORVVHJPHQWRVRVFLODQWHVGHODPDQHUDPRVWUDGDHQOD)LJXUD

6DTXHODVSHVDVGHWDSyQVLHVQHFHVDULRGHDFXHUGRFRQOD6HFFLyQ

0RQWHODVSURWHFFLRQHVFXDQGRODVKD\DFRPRVHPXHVWUDHQHO3ODQRGH
,QVWDODFLyQ 8VH WXHUFDV DXWRWUDEDGRUDV R SDUD ORV SHUQRV SXHVWRV HQ ORV
DJXMHURVWHUUDMDGRVXVH/RFWLWH*UDGR

6DTXH ODV SURWHFFLRQHV \ UHDSULHWH ORV SHUQRV GH PRQWDMH GHO H[FLWDGRU
GHVSXpV GH KRUDV GHWUDEDMR /XHJR YXHOYD D FRORFDU ODV SURWHFFLRQHV
FRPRVHLQGLFDHQ6HFFLyQ

6/':±[')6

&213(6$'(7$321 3(6$'(7$321,17(5,25
62/$0(17(

6,13(6$'(7$321

),*85$±&21),*85$&,21'(/$63(6$6'(7$321

,167$/$&,21'(/$63(6$6'(7$321

7RGRV ORV H[FLWDGRUHV ') GH 6FKHQFN 3URFHVV YDQ SURYLVWRV GH SHVDV GH
WDSyQVHSDUDGDVODVTXHGHEHQLQVWDODUVHHQODIRUPDPRVWUDGDHQOD)LJXUD
&RORTXHXQQ~PHURLJXDOGHSHVDVVLQEDODQFHDUHQODPLVPDIRUPD
HQWRGRVORVVHJPHQWRVRVFLODQWHV

D /LPSLH ODV SHUIRUDFLRQHV GH VHJPHQWRV \ ODV SHVDV GH WDSyQ
LQFOX\HQGRHODJXMHURSDVDGRUGHUHWHQFLyQGHMDQGROLEUHVGHSLQWXUD
y[LGR\VXFLHGDG

E ,QVSHFFLRQHHODJXMHURGHOSDVDGRUGHUHWHQFLyQSDUDDVHJXUDUVHGHTXH
HVWpYDFtRRVHDTXHQRFRQWHQJD\DXQSDVDGRU

F 5HFXEUD OD SHUIRUDFLyQ GHO VHJPHQWR \ OD SHVD GH WDSyQ FRQ SDVWD GH
DUPDGRDEDVHGHGLVXOIXURGHPROLEGHQR

G &RORTXHODSHVDGHWDSyQHQODSHUIRUDFLyQGHOVHJPHQWR\OXHJRDOLQHH
ODSHVDGHWDSyQGHWDOIRUPDTXHHODJXMHURGHOSDVDGRUGHUHWHQFLyQ
HVWpHQOtQHDFRQHODJXMHURGHOSDVDGRUGHILMDFLyQGHOVHJPHQWR

H ,QVHUWH OD SHVD GH WDSyQ FRPSOHWDPHQWH HQ HO VHJPHQWR (VWD GHEH
WHUPLQDUSDUHMDFRQFDGDODGR

I $OLQHHFRQH[DFWLWXGORVDJXMHURVGHOSDVDGRUGHILMDFLyQ

J $OLQHH HO SDVDGRU GH ILMDFLyQ GH PDQHUD TXH OD JDUJDQWD HVWp HQ OD
GLUHFFLyQGHURWDFLyQ\TXHODFiPDUDDSXQWHKDFLDHOHMHGHOH[FLWDGRU

K ,QWURGX]FDHOSDVDGRUGHILMDFLyQHPSOHDQGRXQSXQ]yQKDVWDXQSXQWR
MXVWR GHEDMR GH OD VXSHUILFLH GHO VHJPHQWR 1R LQWURGX]FD HO SDVDGRU
WRGRHOUHFRUULGRKDFLDODSHVDGHWDSyQ

)LJXUD±,167$/$&,21'(/$63(6$6'(7$321

(;75$&&,21'(/$63(6$6'(7$321

D ,QWURGX]FD HO SDVDGRU GH ILMDFLyQ KDFLD OD SHVD GH WDSyQ XVDQGR XQ
SXQ]yQ

E 6DTXHODSHVDGHVEDODQFHDGD

F 6DTXHLQPHGLDWDPHQWHHOSDVDGRUGHILMDFLyQSDUDLPSHGLUTXHVHLQVWDOH
GRVSDVDGRUHVFXDQGRVHUHLQVWDOHODSHVDGHWDSyQ

G /DV SHVDV GHVEDODQFHDGDV TXH VH DWDVFDQ SXHGHQ VROWDUVH FRQ OHYHV
JROSHFLWRVGHXQPDUWLOOR8QDPD\RUIXHU]DSXHGHDSOLFDUVHXVDQGRXQD
JDWD KLGUiXOLFD VLQ HPEDUJR HVWH ~OWLPR PpWRGR SXHGH GDxDU ORV
URGDPLHQWRV

H 8VHXQVROYHQWHSDUDy[LGRSDUDDIORMDUODVSHVDVGHWDSyQ-DPiVHPSOHH
JROSHV GH PDUWLOOR SHVDGR \D TXHHVWR SXHGHGDxDUORV URGDPLHQWRV GHO
H[FLWDGRU

I 6DTXHHOSDVDGRUGHUHWHQFLyQIXHUDGHODSHVDGHWDSyQ

/8%5,&$&,21'(/26(;&,7$'25(6

/RVH[FLWDGRUHVVHVXPLQLVWUDQ6,1DFHLWH$JUHJXHDFHLWHDQWHVGH
VX XVR /RV H[FLWDGRUHV 6FKHQFN 3URFHVV XWLOL]DQ OXEULFDFLyQ SRU
VDOSLTXH GH DFHLWH FRQ HVSDUFLGRUHV GH DFHLWH LQWHUQRV VHOORVGH DFHLWH
GHILHOWUR\XQODEHULQWRH[WHUQRTXHVHUHOOHQDLQLFLDOPHQWHFRQJUDVD
/RVH[FLWDGRUHVQXHYRVRFXSDUiQJUDVDGHORVODEHULQWRV(VWRQRHV
XQGHIHFWR(OODEHULQWRQRQHFHVLWDUHHQJUDVDUVH

/RVH[FLWDGRUHVVRQWUDWDGRVFRQXQDJHQWHSUHYHQWLYRGHODFRUURVLyQ
DQWHVGHVXHQWUHJD&RQVXOWH6HFFLyQ

/RVWDSRQHVGHOOHQDGRGHDFHLWHHVWiQHQODSDUWHVXSHULRUGHODFDMD(O
PiVEDMRGHpVWRVVHXVDSDUDPHGLUFRQYDULOODGHLQPHUVLyQHOQLYHOGHO
DFHLWH &RQVXOWH 7DEOD /LPSLH HO iUHD FLUFXQGDQWH GHO WDSyQ
DQWHVGHVDFDUHOWDSyQ

/D FDQWLGDG UHTXHULGD GH DFHLWH GHSHQGH GHO iQJXOR GH LQVWDODFLyQ GHO
H[FLWDGRU &RQVXOWH )LJXUD \ OD FDQWLGDG LQGLFDGD HQ OD 7DEOD
HVXQYDORUQRPLQDO

BBBBBBBBB
GH6FKHQFN3URFHVV

(O QLYHO ILQDO GH DFHLWH FRPR VH HVSHFLILFD HQ OD 7DEOD GHEH
GHWHUPLQDUVH XVDQGR OD YDULOOD GH LQPHUVLyQ LQFOXLGD HQ HO
VXPLQLVWURGH6FKHQFN3URFHVV/DYDULOODGHLQPHUVLyQGHEHVDFDUVH
GHOH[FLWDGRUGHVSXpVGHFKHTXHDUHOQLYHOGHDFHLWH$VHJ~UHVHGHTXH
HOWDSyQGHOOHQDGRGHDFHLWHHVWpFRORFDGR

(O JUDGR GH YLVFRVLGDG \ HO WLSR GH DFHLWH UHTXHULGRV GHSHQGH GH OD
WHPSHUDWXUDUHDOGHVHUYLFLRGHOH[FLWDGRU(OJUDGRGHYLVFRVLGDG\HO
WLSR GH DFHLWH UHFRPHQGDGRV VH HQOLVWDQ HQ OD 7DEOD /D
WHPSHUDWXUDDPELHQWHHQOLVWDGDHVXQDJXtDVyORSDUDODHOHFFLyQLQLFLDO
GHO DFHLWH DQWHVGH OD SXHVWD HQIXQFLRQDPLHQWR /DHOHFFLyQILQDO GHO
DFHLWHGHEHKDFHUVHHQEDVHDODWHPSHUDWXUDGHWUDEDMRPHGLGD

&DPELHHODFHLWHGHVSXpVGHODVSULPHUDVKRUDVGHRSHUDFLyQ\GHDOOt
HQ DGHODQWH FDGD KRUDV R FDGD WUHV PHVHV FRPR Pi[LPR
6FKHQFN 3URFHVV UHFRPLHQGD WHQHU XQ SURJUDPD GH PRQLWRUHR GHO
HVWDGR GHO DFHLWH TXH SHUPLWD HVWDEOHFHU HO SHUtRGR ySWLPR SDUD HO
FDPELRGHDFHLWHSDUDODVFRQGLFLRQHVGHWHUUHQRORFDOHV

6L HO DFHLWH HVWi PX\ VXFLR \R HO H[FLWDGRU HVWi IXQFLRQDQGR D XQD
WHPSHUDWXUD DOWD GH RSHUDFLyQ UHGX]FD HO WLHPSR HQWUH FDPELRV GH
DFHLWHHLPSOHPHQWHXQSURJUDPDGHPRQLWRUHRGHOHVWDGRGHODFHLWHTXH
SHUPLWD HVWDEOHFHU HO SHUtRGR ySWLPR SDUD FDPELDU HO DFHLWH SDUD ODV
FRQGLFLRQHVGHWHUUHQRORFDOHV3XHGHTXHVHUHTXLHUDXQDFHLWHGHPHMRU
FDOLGDG

&XDQGR FDPELH HO DFHLWH HV PHMRU SXUJDU HO DFHLWH GH ORV H[FLWDGRUHV
LQPHGLDWDPHQWH GHVSXpV GH OD GHWHQFLyQ \ DLVODFLyQ PLHQWUDV HO DFHLWH
HVWi WRGDYtD FDOLHQWH (VWR PD[LPL]D HO DSURYHFKDPLHQWR GHO DFHLWH
IUHVFR DO VDFDU HO DFHLWH DQWLJXR DQWHV GH TXH RFXUUD FXDOTXLHU
VHGLPHQWDFLyQ

/RV FDPELRV GH DFHLWH IUHFXHQWHV \ HO DFHLWH GH FDOLGDG ySWLPD
DXPHQWDQODYLGDGHVHUYLFLRGHOH[FLWDGRU

8VHJROLOODVGHVHOORQXHYDVHQORVWDSRQHVGHSXUJD\GHOOHQDGR

BBBBBBBBB
GH6FKHQFN3URFHVV

),*85$0(',&,21'(/1,9(/'($&(,7(

(;&,7$'2502'(/2 ')
72'26/2668),-26
$1*8/2 '( 1,9(/ '( $&(,7( 6(*81
,167$/$&,21 9$5,//$'(,10(56,21
*5$'26 PP

1$

7ROHUDQFLDHQHOQLYHOGHDFHLWHPP&(52

7$%/$±7$%/$1,9(/'($&(,7(

BBBBBBBBB
GH6FKHQFN3URFHVV

7(03(5$785$ 7(03(5$785$'(
$0%,(17( 23(5$&,21

7,32 '( $&(,7(

9,6&26,'$'$

&203$7,%/(&21(/$&(,7(
^/ 6, 6,
0,1(5$/

7$%/$±&8$'527,32<9,6&26,'$''(/$&(,7(

7(03(5$785$ 7(03(5$785$
$0%,(17( '(23(5$&,21

7$%/$±&8$'527,32'(*5$6$

BBBBBBBBB
GH6FKHQFN3URFHVV

,167$/$&,21'(/(-(,17(50(',2

/RVKDUQHURVYLEUDWRULRV6FKHQFN3URFHVVVXHOHQWHQHUXQPRWRUHOpFWULFR
TXH LPSXOVDQ GRV PHFDQLVPRV H[FLWDGRUHV TXH WUDEDMDQ MXQWRV SDUD
SURGXFLUXQPRYLPLHQWRYLEUDWRULRGHOKDUQHUR

(O PRWRU HVWi FRQHFWDGR D XQ H[FLWDGRU SRU HO HMH LPSXOVRU /RV GRV
H[FLWDGRUHV HVWiQ FRQHFWDGRV SRU HO HMH LQWHUPHGLR TXH WUDQVPLWH OD
SRWHQFLD LPSXOVRUD GH XQ H[FLWDGRU DO RWUR \ DVHJXUD WDPELpQ TXH ORV
H[FLWDGRUHV HVWpQ GHELGDPHQWH DOLQHDGRV R VHD HVWiQ VLQFURQL]DGRV R
³HQIDVH´

(VHVHQFLDOTXHORVH[FLWDGRUHVWUDEDMHQHQDOLQHDFLyQ6LORVH[FLWDGRUHV
HVWiQ IXHUD GH DOLQHDFLyQ RFXUULUi XQD SURQWD IDOOD HVWUXFWXUDO GHO
KDUQHUR

6HGLFHTXHGRVH[FLWDGRUHVHVWiQHQDOLQHDFLyQFXDQGRORVVHJPHQWRV
RVFLODQWHVGHDPEDVXQLGDGHVHVWiQHQODVPLVPDVSRVLFLRQHV

/RVHMHVLQWHUPHGLRV6FKHQFN3URFHVVVRQHMHVWXEXODUHVGHOHQJHWDFRQ
XQHOHPHQWRGHJRPDIOH[LEOHHQFDGDH[WUHPR

(OHMHGHDFFLRQDPLHQWRHVVLPLODUDOHMHLQWHUPHGLRSHURQRUPDOPHQWH
HVPiVFRUWR\QRWLHQHXQDVHFFLyQWXEXODU

(OWUDEDMRHQHOKDUQHURVyORGHEHUHDOL]DUVHGHVSXpVTXHORVVLVWHPDV
DFFLRQDGRUGHOKDUQHUR\DOLPHQWDGRUGHPDWHULDOKD\DQVLGRDLVODGRVGH
DFXHUGR FRQ ORV SURFHGLPLHQWRV GH VHJXULGDG GHO UHFLQWR $QWHV GH
FRPHQ]DUDWUDEDMDUFRQHOKDUQHURDVHJ~UHVHGHTXHQRKD\DPDWHULDO
GH DOLPHQWDFLyQ DWUDSDGR HQ OD FDQDOHWD GH DOLPHQWDFLyQ TXH SXGLHUD
FDHUGXUDQWHHOWUDEDMR-$0$6VHVXEDDORVKDUQHURVRDOLPHQWDGRUHV
TXHHVWiQRSHUDQGR

/DV KHUUDPLHQWDV UHTXHULGDV SDUD OD LQVWDODFLyQ GHO HMH LQWHUPHGLR
LQFOX\HQ

D /ODYH $OOHQ GH PP RGH ]yFDORLQKH[ GH PP SDUDSULVLRQHURV
FDEH]DGH]yFDOR0
E /ODYH$OOHQGHPPRGH]yFDORLQKH[GHPPSDUDSULVLRQHURV
FDEH]DGH]yFDOR0
F /ODYH$OOHQGHPPRGH]yFDORLQKH[GHPPSDUDSULVLRQHURV
FDEH]DGH]yFDOR0
G /ODYH$OOHQGHPPRGH]yFDORLQKH[GHPPSDUDSULVLRQHURV
FDEH]DGH]yFDOR0
BBBBBBBBBBBBB
GH6FKHQFN3URFHVV

&RQILUPHTXHORVVHJPHQWRVRVFLODQWHVGHOH[FLWDGRUHVWpQDOLQHDGRVGHODGRD
ODGR \ VXMHWRV HQ VX OXJDU /D DOLQHDFLyQ SXHGH ORJUDUVH UHVWULQJLHQGR XQ
H[FLWDGRUSDUDLPSHGLUODURWDFLyQ\JLUDQGROXHJRHOVHJXQGRH[FLWDGRUKDVWD
TXH ORV VHJPHQWRV RVFLODQWHV HVWpQ HQ OD PLVPD SRVLFLyQ 0LGD OD GLVWDQFLD
HQWUHORVDJXMHURVGHSHVDVGHWDSyQPDTXLQDGRVHQORVVHJPHQWRVRVFLODQWHVD
PHGLGDTXHVHVREUHSRQHQ/DVPHGLFLRQHVGHEHQVHUODVPLVPDVGHQWURGH
PPHQFDGDH[FLWDGRU

/RVDFRSODPLHQWRVH[FLWDGRUTXHFRQHFWDQHOHMHLQWHUPHGLRFRQHOH[FLWDGRUVH
PRQWDQDOH[FLWDGRUJHQHUDOPHQWHHQODIiEULFD1RREVWDQWHHQHOFDVRGHTXH
KD\DTXHPRQWDUORVDFRSODPLHQWRVGHOH[FLWDGRUSURFHGDFRPRVLJXH

D ,GHQWLILTXHHODFRSODPLHQWRH[FLWDGRU\ORVSHUQRVHQHO3ODQR$UPDGRGHO
(MH

E ,GHQWLILTXH \ OLPSLH ODV UHJLRQHV DSHUQDGDV GHO DFRSODPLHQWR H[FLWDGRU \
VHJPHQWR RVFLODQWH GHO H[FLWDGRU SDUD DVHJXUDUVH GH TXH HVWpQ OLEUHV GH
y[LGRFDVFDULOODSLQWXUDDFHLWHRJUDVD

F 8ELTXHHOSULPHUDFRSODPLHQWRGHH[FLWDGRUHQHOVHJPHQWRRVFLODQWHGHXQ
H[FLWDGRU \ UHWpQJDOR XVDQGR ORV SULVLRQHURV FRQ JROLOODV GH SUHVLyQ
DWRUQLOODGRVVyORFRQDSULHWHPDQXDO

G 9HULILTXH TXH WDQWR ORV DJXMHURV GHO SDVDGRU GH DOLQHDFLyQ ([FLWDGRUHV
' VRODPHQWH HVWpQ XELFDGRV HQ OtQHD FRQ ORV DJXMHURV GH PP GH
GLiPHWURGHOVHJPHQWRRVFLODQWH

H 5HSLWD ODV HWDSDV µD¶ D µG¶GH PiV DUULED SDUD HO VHJXQGR DFRSODPLHQWR GH
H[FLWDGRU

I $VHJ~UHVH GH TXH ORV WUHV SDVDGRUHV GH DFFLRQDPLHQWR HQ FDGD
DFRSODPLHQWRH[FLWDGRUHVWpQHQOtQHD

J &RORTXH ORV SDVDGRUHV 6HO/RF GH PP GLiPHWUR HQ ORV DJXMHURV H
LQWURG~]FDORVDWUDYpVGHODFRSODPLHQWRHQORVVHJPHQWRVRVFLODQWHV

K $SULHWHSURJUHVLYDPHQWHORVSULVLRQHURVDXQWRUTXHILQDOFRPRORLQGLFDOD
6HFFLyQ

/LPSLH ORV SDVDGRUHV GH DFFLRQDPLHQWR HQ HO DFRSODPLHQWR GHO H[FLWDGRU
WHQLHQGRFXLGDGRGHVDFDUODFRQWDPLQDFLyQGHODJXMHUR0HQFDGDSDVDGRUGH
DFFLRQDPLHQWR

5HFXEUD ORV SDVDGRUHV GH DFFLRQDPLHQWR FRQ SDVWD GH PRQWDMH GH PROLEGHQR
7HQJDFXLGDGRGHPDQWHQHUORVDJXMHURVWHUUDMDGRVOLEUHVGHSDVWD

/LPSLHORVSDVDGRUHVGH DFFLRQDPLHQWRGHOHMHLQWHUPHGLRWHQLHQGRFXLGDGRGH
UHPRYHUODFRQWDPLQDFLyQGHODJXMHUR0HQFDGDSDVDGRUGHDFFLRQDPLHQWR

5HFXEUD ORV SDVDGRUHV GH DFFLRQDPLHQWR FRQ SDVWD GH PRQWDMH GH PROLEGHQR
7HQJDFXLGDGRGHPDQWHQHUORVDJXMHURVWHUUDMDGRVOLEUHVGHSDVWD

&RORTXHORVGLVFRVGHJRPDHQFDGDH[WUHPRGHOHMHLQWHUPHGLR

$VHJ~UHVHGHTXHHODJXMHUR0HQFDGDSDVDGRUGHDFFLRQDPLHQWRHVWp
OLPSLRSUHSDUHHODJXMHURFRQ/RFWLWH

&RORTXH OD JROLOOD GHO DFRSODPLHQWR \ ORV SULVLRQHURV DYHOODQDGRV 0
DVHJXUDGRVFRQ/RFWLWH\DSUHWDGRVFRQWRUTXHGH1P

&RPSULPDHOHMHFRQOHQJHWDDOODUJRPtQLPR

/HYDQWH HO HMH LQWHUPHGLR D VX SRVLFLyQ \ GHVOLFH XQ H[WUHPR HQ ORV
SDVDGRUHV GHDFFLRQDPLHQWR GHO DFRSODPLHQWR H[FLWDGRU UHWHQJDFRQXQ
SHUQRSURYLVRULR

([WLHQGD HO HMH KDFLD ORV SDVDGRUHV GH DFFLRQDPLHQWR GHO VHJXQGR
DFRSODPLHQWRGHH[FLWDGRU

&RQILUPH TXH ORV H[FLWDGRUHV HVWpQ ³HQ IDVH´ GH DFXHUGR D 6HFFLyQ

,QVWDOH OD JROLOOD GH DFRSODPLHQWR \ ORV SULVLRQHURV DYHOODQDGRV 0
ILUPHPHQWHFRQ/RFWLWH\DSULHWHDXQWRUTXHGH1PSDUDUHWHQHUHOHMH
LQWHUPHGLRHQORVDFRSODPLHQWRVGHH[FLWDGRU

/XEULTXH OD OHQJHWD XVDQGR JUDVD VDSRQLILFDGD GH OLWLR SHQHWUDFLyQ
WHPSHUDWXUDGHOLFXDGR&SRUHMHPSOR0RELOJUHDVH;+3

),*85$&21-8172(-(,17(50(',2

BBBBBBBBBBBBB
GH6FKHQFN3URFHVV

,167$/$&,21'(/(-('($&&,21$0,(172

(OPRWRUVHFRQHFWDDXQH[FLWDGRUSRUPHGLRGHXQHMHGHDFFLRQDPLHQWR
HQDOJXQRVFDVRVDWUDYpVGHXQDSROHD\HMHVHFXQGDULRTXHWUDQVPLWHOD
SRWHQFLDGHDFFLRQDPLHQWR

/RV HMHV GHDFFLRQDPLHQWR 6FKHQFN 3URFHVV VRQ HMHV GH OHQJHWD FRQ XQ
DFRSODPLHQWRGHGLVFRGHJRPDIOH[LEOHHQFDGDH[WUHPR

(O WUDEDMR HQ HO KDUQHUR VyOR GHEH UHDOL]DUVH GHVSXpV TXH ORV VLVWHPDV
DFFLRQDPLHQWRKDUQHUR\DOLPHQWDGRUGHPDWHULDOKD\DQVLGRDLVODGRVGH
DFXHUGR D ORV SURFHGLPLHQWRV GH VHJXULGDG GHO UHFLQWR $QWHV GH
FRPHQ]DUDWUDEDMDUHQHOKDUQHURDVHJ~UHVHGHTXHQRKD\DPDWHULDOGH
DOLPHQWDFLyQ DWUDSDGR HQ OD FDQDOHWD GH DOLPHQWDFLyQ TXH SXGLHUD FDHU
GXUDQWH HO WUDEDMR -$0$6 VH VXED D ORV KDUQHURV R DOLPHQWDGRUHV TXH
HVWpQIXQFLRQDQGR

/DV KHUUDPLHQWDV UHTXHULGDV SDUD OD LQVWDODFLyQ GHO HMH GH DFFLRQDPLHQWR
LQFOX\HQ

D /ODYH $OOHQ GH PP RGH ]yFDORLQKH[ GH PP SDUDSULVLRQHURV
FDEH]DGH]yFDOR0
E /ODYH$OOHQGHPPRGH]yFDORLQKH[GHPPSDUDSULVLRQHURV
FDEH]DGH]yFDOR0
F /ODYH$OOHQGHPPRGH]yFDORLQKH[GHPPSDUDSULVLRQHURV
FDEH]DGH]yFDOR0
G /ODYH$OOHQGHPPRGH]yFDORLQKH[GHPPSDUDSULVLRQHURV
FDEH]DGH]yFDOR0

(O DFRSODPLHQWR HMH VHFXQGDULR PRWRU TXH FRQHFWD HO HMH GH
DFFLRQDPLHQWRDOHMHVHFXQGDULRRPRWRUSDUDDFFLRQDPLHQWRGLUHFWRVH
DUPD JHQHUDOPHQWHHQOD IiEULFD 6LQ HPEDUJRHQFDVR TXH VH QHFHVLWH
PRQWDUHOHMHVHFXQGDULRSURFHGDFRPRVLJXH

D ,GHQWLILTXH HO DFRSODPLHQWR HMH VHFXQGDULRPRWRU ORV SHUQRV \ OD
FKDYHWDHQHO3ODQR$UPDGRGHO(MHGH$FFLRQDPLHQWR

E &RORTXHODFKDYHWDHQHOHMHVHFXQGDULR

F 3UHVLRQHHODFRSODPLHQWRHMHVHFXQGDULRKDFLDHOHMH

G ,QVWDOHHOWRUQLOORGHWUDEDFRQODFRQWUDWXHUFD

(O DFRSODPLHQWR GH H[FLWDGRU TXH FRQHFWD HO HMH GH DFFLRQDPLHQWR DO
H[FLWDGRU VH DUPD JHQHUDOPHQWH HQ OD IiEULFD 6LQ HPEDUJR VL VH
QHFHVLWDPRQWDUHOIODQFKHDGDSWDGRUSURFHGDFRPRVLJXH

D ,GHQWLILTXHHODFRSODPLHQWRGHOH[FLWDGRU\SHUQRVGHIODQFKHHQHO
3ODQR$UPDGRGHO(MHGH$FFLRQDPLHQWR

E ,GHQWLILTXH \ OLPSLH ODV UHJLRQHV DSHUQDGDV GHO DFRSODPLHQWR
H[FLWDGRU \ HO VHJPHQWR RVFLODQWH GHO H[FLWDGRU SDUD DVHJXUDUVH GH
TXHHVWpQOLEUHVGHy[LGRFDVFDULOODSLQWXUDDFHLWHRJUDVD

F 8ELTXH HO DFRSODPLHQWR GHO H[FLWDGRU HQ HO VHJPHQWR RVFLODQWH GHO
H[FLWDGRU\UHWHQJDSRUPHGLRGHSULVLRQHURVFRQJROLOODVGHSUHVLyQ
DWRUQLOODGRVFRQDSULHWHPDQXDOVRODPHQWH

G 9HULILTXH TXH DPERV DJXMHURV GH SDVDGRU GH DOLQHDFLyQ H[FLWDGRU
')VRODPHQWHHVWpQXELFDGRVHQOtQHDFRQORVGRVDJXMHURVGH
PPGHGLiPHWURGHOVHJPHQWRRVFLODQWH

H $SULHWHSURJUHVLYDPHQWHORVSULVLRQHURVDXQWRUTXHILQDOGHDFXHUGR
D6HFFLyQ

/LPSLH ORV SDVDGRUHV GH DFFLRQDPLHQWR GHO DFRSODPLHQWR H[FLWDGRU
WHQLHQGRFXLGDGRGHUHPRYHUODFRQWDPLQDFLyQGHODJXMHUR0HQFDGD
SDVDGRUGHDFFLRQDPLHQWR

5HFXEUD ORV SDVDGRUHV GH DFFLRQDPLHQWR FRQ SDVWD GH DUPDGR GH
PROLEGHQR7HQJDFXLGDGRGHPDQWHQHUORVDJXMHURVWHUUDMDGRVOLEUHVGH
SDVWD

/LPSLHORVSDVDGRUHVGHDFFLRQDPLHQWRGHOHMHLPSXOVRUWHQLHQGRFXLGDGR
GH UHPRYHU OD FRQWDPLQDFLyQ GHO DJXMHUR 0 HQ FDGD SDVDGRU GH
DFFLRQDPLHQWR

5HFXEUD ORV SDVDGRUHV GH DFFLRQDPLHQWR FRQ SDVWD GH DUPDGR GH
PROLEGHQR7HQJDFXLGDGRGHPDQWHQHUORVDJXMHURVWHUUDMDGRVOLEUHVGH
SDVWD

,QVWDOHORVGLVFRVGHJRPDHQFDGDH[WUHPRGHOHMHGHDFFLRQDPLHQWR

9HULILTXH TXH HO DJXMHUR 0 GH FDGD SDVDGRU GH DFFLRQDPLHQWR HVWp
OLPSLR3UHSDUHHODJXMHURFRQ/RFWLWH

,QVWDOH OD JROLOOD GH DFRSODPLHQWR \ SULVLRQHURV DYHOODQDGRV 0
DVHJXUDGRVFRQ/RFWLWH\DSUHWDGRVDXQWRUTXHGH1P

&RPSULPDHOHMHGHOHQJHWDDOODUJRPtQLPR

BBBBBBBBBBBBB
GH6FKHQFN3URFHVV

/HYDQWHHOHMHGHDFFLRQDPLHQWRKDVWDVXSRVLFLyQ\GHVOLFHXQH[WUHPR
KDFLD ORV SDVDGRUHV GH DFFLRQDPLHQWR GHO DFRSODPLHQWR H[FLWDGRU
5HWHQJDFRQXQSHUQRSURYLVRULR

([WLHQGD HO HMH KDFLD ORV SDVDGRUHV GH DFFLRQDPLHQWR GHO DFRSODPLHQWR
HMHVHFXQGDULRPRWRU

,QVWDOH OD JROLOOD GHO DFRSODPLHQWR \ SULVLRQHURV DYHOODQDGRV 0
ILUPHPHQWHFRQ/RFWLWH\DSULHWHDXQWRUTXHGH1PSDUDUHWHQHUHOHMH
GHDFFLRQDPLHQWRKDFLDORVIODQFKHVGHODGDSWDGRU

/XEULTXH OD OHQJHWD FDGD KRUDV R VHLV PHVHV OR TXH RFXUUD
SULPHUR HPSOHDQGR JUDVD VDSRQLILFDGD GH OLWLR SHQHWUDFLyQ \
WHPSHUDWXUD GH OLFXDGR & PtQLPR SRU HM 0RELOJUHDVH
;+3

),*85$&21-8172(-('($&&,21$0,(172

BBBBBBBBBBBBB
GH6FKHQFN3URFHVV

,167$/$&,21'(/$&&,21$0,(172325&255($

/DVFRUUHDVHQ9GHEHQDOPDFHQDUVHHQXQDVDODVHFDOHMRVGHODVWXEHUtDV
FDOLHQWHV\GHODOX]VRODUGLUHFWD

6LHPSUHTXHVHDSRVLEOHFXHOJXHODVFRUUHDVIORMDPHQWHHQUROORVVHQFLOORV
RWULSOHV(YLWHVLHPSUHDWDUODVFRQXQDFXHUGDGHOJDGD

3HTXHxDV SDUWLGXUDV HQ ORV ODGRV GH OD FRUUHD HQ 9 VRQ FDXVDGDV
JHQHUDOPHQWH SRU XQR R PiV GH ORV VLJXLHQWHV IDFWRUHV H[FHVLYR FDORU
YDSRUHV TXtPLFRV \R DQWLJHGDG (O FDORU H[FHVLYRSXHGH VHU JHQHUDGR
SRUIDOWDGHWHQVLyQHQODFRUUHD9HULILTXHGLFKDWHQVLyQSRUPHGLRGHO
LQGLFDGRUGHWHQVLyQGHFRUUHDV)HQQHU

/DKLQFKD]yQRUHEODQGHFLPLHQWRGHODFRUHDSXHGHQVHUFDXVDGRVSRUXQD
H[FHVLYDFRQWDPLQDFLyQGHDFHLWHSRUFLHUWRVIOXLGRVGHFRUWHVROYHQWHV
GHFDXFKRRSHJDPHQWR

(OODWLJD]RGHODFRUUHDGXUDQWHHOIXQFLRQDPLHQWRHVFDXVDGRJHQHUDOPHQWH
SRU XQD WHQVLyQ LQFRUUHFWD GH OD FRUUHD SULQFLSDOPHQWH HQ ORV
DFFLRQDPLHQWRVGHFHQWURVODUJRV6LXQDWHQVLyQOLJHUDPHQWHPiVDOWDR
PiV EDMD QR VROXFLRQD HO SUREOHPD SXHGH KDEHU XQD IUHFXHQFLD GH
YLEUDFLyQ FUtWLFD HQ HO VLVWHPD TXH UHTXLHUH XQ UHGLVHxR R XQD FRUUHD
UHFXELHUWD

/D EXHQD DOLQHDFLyQ GH ODV FRUUHDV HV FUtWLFD \D TXH GH RWUR PRGR ORV
IODQFRVGHODFRUUHDVHJDVWDUiQUiSLGDPHQWH\FRQHOORODYLGD~WLOGHODV
FRUUHDVVHYHUiJUDQGHPHQWHUHGXFLGD

&RUUHJLUODWHQVLyQHQ9GHODFRUUHDHVYLWDOVLVHSUHWHQGHTXHODVFRUUHDV
SURSRUFLRQHQ WRGD VX YLGD GH VHUYLFLR $MXVWH OD WHQVLyQ GH OD FRUUHD
XVDQGR XQ LQGLFDGRU GH WHQVLyQ GH FRUUHDV )HQQHU GH IRUPD TXH XQD
IXHU]DGH1HZWRQVDSOLFDGDHQHOWUDPRPHGLRGHODFRUUHDSURGX]FD
XQDGHIOH[LyQGHPP9HULILTXHFDGDFRUUHDLQGLYLGXDOPHQWH

,QVWDODFLyQGHORVEXMHVUHJXODGRUHV7DSHUORFN

D 6DTXHHOUHYHVWLPLHQWRSURWHFWRUGHODSHUIRUDFLyQGHIXHUDGHOEXMH\
GH OD SHUIRUDFLyQ GHO OD ERFLQD 'HVSXpV GH DVHJXUDUVH GH TXH ODV
VXSHUILFLHV WHUUDMDGDV FRLQFLGHQWHV HVWpQ FRPSOHWDPHQWH OLPSLDV \
OLEUHVGHDFHLWHRVXFLHGDGLQVHUWHHOEXMHHQODERFLQDGHPRGRTXHORV
DJXMHURVTXHGHQDOLQHDGRV

BBBBBBBBBBBBB
GH6FKHQFN3URFHVV

$JXMHURGHOLEHUDFLyQGHOEXMH
7RUQLOORGHDSULHWH

),*85$3(5)25$&,21'(%8-(67$3(5/2&.

E $FHLWHDEXQGDQWHPHQWHHOKLOR\ODSXQWDGHORVSULVLRQHURVRHOKLOR\
GHEDMR GH OD FDEH]D GH ORV SULVLRQHURV &RORTXH ORV WRUQLOORV VLQ
DSUHWDUHQORVDJXMHURVGHDSULHWHWHUUDMDGRVHQODERFLQD

F 6LVHYDDFRORFDUFKDYHWDFROyTXHODHQHOFKDYHWHURGHOHMHDQWHVGH
LQVWDODUHOEXMH(QHVHQFLDOTXHVHDXQDFKDYHWDSDUDOHOD\GHDMXVWH
ODWHUDOVRODPHQWH\WHQJD6(3$5$&,21325$55,%$

G /LPSLHHOHMHHLQVWDOHODERFLQDDOHMHFRPRXQDXQLGDG\XEtTXHORHQ
OD SRVLFLyQ GHVHDGD 5HFXHUGH TXH HO EXMH DJDUUDUi SULPHUR HO HMH \
OXHJRODERFLQDVHLQWURGXFLUiOLJHUDPHQWHHQHOEXMH

H 8VDQGR XQD OODYH KH[DJRQDO DSULHWH ORV WRUQLOORV JUDGXDO \
DOWHUQDWLYDPHQWHDODMXVWHGHWRUTXHFRUUHFWRVHJ~Q7DEOD

I 0DUWLOOHH FRQWUD HO H[WUHPR JUDQGH GHO EXMH HPSOHDQGR XQ WUR]R GH
PDGHUD R PDQJXLWR SDUD HYLWDU GDxRV (VWR DVHJXUDUi TXH HO EXMH
DVLHQWHELHQDHVFXDGUDHQODSHUIRUDFLyQ/RVWRUQLOORVJLUDUiQDKRUD
XQSRFRPiV5HSLWDHVWHPDUWLOOHRDOWHUQDGRDSUHWDQGRHOWRUQLOORXQD
RGRVYHFHVSDUDREWHQHUHPi[LPRDJDUUHHQHOHMH

J 'HVSXpV TXH HO DFFLRQDPLHQWR KD\D HVWDGR IXQFLRQDQGR EDMR FDUJD
GXUDQWH XQ WLHPSR FRUWR GHWHQJD HO VLVWHPD \ YHULILTXH HO DSULHWH GH
ORVWRUQLOORV

K /OHQHORVDJXMHURVYDFtRVFRQJUDVDSDUDH[FOXLUODVXFLHGDG

BBBBBBBBBBBBB
GH6FKHQFN3URFHVV

7DPDxRGHO%XMH
7RUTXHGHDSULHWH
GHOWRUQLOOR
1P
7RUQLOOR
7DPDxR
'LiPHWURGH
H[WUHPRJUDQGH
0DVD$SUR[
NJ

7$%/$72548(6'(7251,//27$3(5/2&.

3DUDVDFDUORVEXMHV7DSHUORFN

D $IORMH WRGRV ORV WRUQLOORV GDQGR YDULDV YXHOWDV 6DTXH XQR R GRV
WRUQLOORV VHJ~Q VH UHTXLHUD SDUD XVDUORV HQ ORV DJXMHURV OLEHUDGRUHV
&RQVXOWH )LJXUD $FHLWH HO KLOR \ OD SXQWD GH ORV WRUQLOORV
SULVLRQHURV R HO KLOR \ GHEDMR GH OD FDEH]D GH ORV SULVLRQHURV H
LQVHUWHORVWRUQLOORVHQORVDJXMHURVOLEHUDGRUHVGHOEXMH

E $SULHWH ORV WRUQLOORV DOWHUQDGDPHQWH KDVWD TXH DIORMH HO EXMH HQ OD
ERFLQD\HOFRQMXQWREXMHTXHGHOLEUHHQHOHMH

F 6DTXHHOFRQMXQWREXMHGHOHMH

BBBBBBBBBBBBB
GH6FKHQFN3URFHVV

52'$0,(1726'(/(-(6(&81'$5,2±0217$-(

/RV URGDPLHQWRV GH URGLOORV FRQ SHUIRUDFLyQ FyQLFD FRQ PDQJXLWR
DGDSWDGRUVHXVDQHQHOHMHVHFXQGDULR/RVURGDPLHQWRVGHURGLOORVVRQ
HOHPHQWRVGHPiTXLQDGHWUDEDMRSHVDGRFRQDOWDSUHFLVLyQ3DUDTXHGHQ
XQD SURORQJDGD YLGD ~WLO HO HPSOHR GH KHUUDPLHQWDV GH PRQWDMH
DGHFXDGDV DVt FRPR OD OLPSLH]D \ HO DVHR HQ HO UHFLQWR GH DUPDGR VRQ
H[LJHQFLDVHVHQFLDOHV

/RVURGDPLHQWRVFRQSHUIRUDFLyQFyQLFDVHPRQWDQVLHPSUHFRQXQDMXVWH
GH LQWHUIHUHQFLD HQ HO PDQJXLWR DGDSWDGRU /RV URGDPLHQWRV SXHGHQ
LQWURGXFLUVH HQ HO PDQJXLWR DGDSWDGRU XVDQGR OD WXHUFD GHO PDQJXLWR
3XHGHHPSOHDUVHXQDOODYHGHJDQFKRRXQDOODYHGHLPSDFWRSDUDDSUHWDU
ODWXHUFD

(OJUDGRGHLQWHUIHUHQFLDHVGHWHUPLQDGRSRUODUHGXFFLyQHQODWROHUDQFLD
LQWHUQD UDGLDO R HO GHVSOD]DPLHQWR D[LDO GHO DQLOOR LQWHULRU HQ VX DVLHQWR
FyQLFR&RQVXOWH7DEOD&RQORVURGDPLHQWRVGHURGLOORVHVIpULFRV
SRUORJHQHUDOHVSUHIHULEOHPHGLUODUHGXFFLyQGHODWROHUDQFLD\DTXHOD
WROHUDQFLD LQLFLDO \ OD H[SDQVLyQ QHFHVDULD GHO DQLOOR LQWHULRU VRQ
UHODWLYDPHQWHJUDQGHV\ODUHGXFFLyQGHWROHUDQFLDUHVXOWDQWHSXHGHSRU
ORWDQWRPHGLUVHSRUPHGLRVVHQFLOORV

'HEHXVDUVHFDOLEUHVItOHUTXHWHQJDQKRMDVFRQHVSHVRUGHPPRPiV
SDUD PHGLU OD WROHUDQFLD DQWHV GXUDQWH \ GHVSXpV GH PRQWDU HO
URGDPLHQWR/DWROHUDQFLDGHEHPHGLUVHVLHPSUHHQWUHHODQLOORH[WHULRU\
XQURGLOORGHVFDUJDGR

$QWHV GH PHGLUHO DQLOOR GHEH JLUDUVH DOJXQDV YHFHV SDUD DVHJXUDUVH GH
TXHORVURGLOORVDVXPDQVXVSRVLFLRQHVFRUUHFWDV'XUDQWHODPHGLFLyQHO
URGLOORHQHOSXQWRGHPHGLFLyQHVWiOLJHUDPHQWHRSULPLGRFRQWUDHODQLOOR
JXtDHQWUHODVGRVKLOHUDVGHURGLOORV/DWROHUDQFLDLQWHUQDUDGLDOPHGLGD
GHEHVHUODPLVPDSDUDDPEDVKLOHUDVGHURGLOORV

'LiPHWUR GH 5HGXFFLyQ LQ OD WROHUDQFLD 'HVSOD]DPLHQWR$[LDO
3HUIRUDFLyQ GHO LQWHUQDUDGLDOPP PP
URGDPLHQWR
VREUH EDMR 0tQ 0i[ 0tQ 0i[

7$%/$0(',&,21(6(1&2/2&$&,21'(52'$0,(1726

BBBBBBBBBBBBB
GH6FKHQFN3URFHVV

52'$0,(1726'(/(-(6(&81'$5,2±'(60217$-(

6L ORV URGDPLHQWRV YDQ D YROYHU D XVDUVH GHVSXpV GH VDFDUORV OD IXHU]D
HPSOHDGDSDUDGHVPRQWDUORVGHEHDSOLFDUVHDWUDYpVGHODQLOORLQWHULRU\
QRDWUDYpVGHORVHOHPHQWRVGHURGDGR

/RV URGDPLHQWRV SXHGHQ VDFDUVH HQ SULQFLSLR DIORMDQGR OD WXHUFD GHO
PDQJXLWRDGDSWDGRUXQDVSRFDVYXHOWDV\OXHJRHPSOHDQGRXQPDUWLOOR\
XQPDQGULOWXEXODURXQPDQGULOVHJPHQWDGRHVSHFLDO6HUHTXLHUHVyOR
XQRVSRFRVJROSHVGHPDUWLOORGDGRVDODFDUDGHODQLOORLQWHULRU

&$-$'(6&$162

/DFRORFDFLyQGHOURGDPLHQWRHQODSHUIRUDFLyQGHOGHVFDQVRHVWiGLVHxDGR
SDUD GLVSRVLFLRQHV GH URGDPLHQWRV WDQWR IORWDQWHV FRPR XELFDGRUHV (O
HMHVHFXQGDULRFRPSUHQGHXQDGLVSRVLFLyQGHURGDPLHQWRXELFDGRUSRUHO
ODGR DFFLRQDPLHQWR GH FRUUHD \ XQD GLSRVLFLyQ GH URGDPLHQWR QR
XELFDGRUSRUHOODGRGHOKDUQHUR

(O URGDPLHQWR XELFDGRU VH FRORFD FHQWUDOPHQWH XVDQGR GRV DQLOORV
XELFDGRUHVXQRDFDGDODGRGHOURGDPLHQWR

/DVFDMDVVHGLYLGHQKRUL]RQWDOPHQWHSDUDPRQWDU\VDFDUORVURGDPLHQWRV
\ HO HMH 'HEH WHQHUVH FXLGDGR GH PDQWHQHU OD WDSDFRUUHFWDFRQ ODEDVH
FRUUHFWDPDUFiQGRODVDQWHVGHVDFDUODV

/OHQHFDGDFDQDOGHSLVWDGHORVURGDPLHQWRVFRQJUDVD&RQVXOWHOD7DEOD
GH7LSRVGH*UDVD/OHQHHOODEHULQWRFRQJUDVD\OXEULTXHHOVHOOR

72548('($35,(7('(3(5126

7$0$f2 '( *5$'2 '( 72548( '( 72548( '(
3(512 5(6,67(1&,$ $35,(7(HQ1P $35,(7( HQ
0,1,02 &RQVXOWH1RWDV OESLHV6yOR5HI
0
0
0
0
0
0
0
0

7$%/$9$/25(6'(72548(3$5$,163(&&,21
'(/263(5126

1RWDV
D (O DSULHWH GHO SHUQR GHEH YHULILFDUVH GHVSXpV GH ODV SULPHUDV
KRUDVGHWUDEDMR\FRPRVHREVHUYDHQODVOLVWDVGHYHULILFDFLRQHVGH
PDQWHQFLyQHQODVHFFLyQ0DQWHQFLyQGHHVWHPDQXDO

E 'HEH XVDUVH XQD JROLOOD HQGXUHFLGD GHEDMR GHO FRPSRQHQWH ILMDGRU
TXHJLUHSDUDDSUHWDUHOSHUQR

F /DV VXSHUILFLHV GH FRQWDFWR GH ORV FRPSRQHQWHV DSHUQDGRV GHEHQ
HVWDU OLEUHV GH DFHLWH VXFLHGDG \ JUDVD /D SLQWXUD GH PiV GH
PLFUDVGHHVSHVRUGHSHOtFXODVHFDGHEHVDFDUVH

G (VWD WDEOD QR VH DSOLFD D ORV SHUQRV WHQVRUHV GH OD WHOD KDUQHUR
LQFOLQDGR

H /RV SHUQRV GHO H[FLWDGRU VRQ SDUD XQ XVR VRODPHQWH \ GHEHQ
LQVWDODUVH GHVGH GHQWUR GH OD YLJD H[FLWDGRU FRQ ODV WXHUFDV
HVSHFLDOHV 6FKHQFN 3URFHVV IXHUD GH OD YLJD H[FLWDGRU &RQVXOWH
GHWDOOHVHQ6HFFLyQ

I 'p XQ 7RUTXH D ODV WXHUFDV 1\ORF 0 GH KXVLOORV GH FDOFH D
1P

J 'pXQ7RUTXHDODVWXHUFDV1\ORF0GH3HUQRVGHFDOFH1L+DUGD
1P

K 'pXQ7RUTXHDORVSHUQRV0GHFDOFHSODFDSRVWHULRUFRQWDSDGH
SROLXUHWDQRD1P

/D 7DEOD FRQWLHQH VyOR WRUTXHV GH LQVSHFFLyQ /D WHQVLyQ GH
LQVWDODFLyQGHEHREWHQHUVHDSUHWDQGRSRUYXHOWDGHSLH]DFRPRVLJXH

D $VHJ~UHVH GH TXH OD JROLOOD HVWp GHEDMR GHO FRPSRQHQWH WXHUFD R
SHUQRTXHVHYDDJLUDU

E $VHJ~UHVHHQWRGRPRPHQWRGHTXHHOFRPSRQHQWHQRJLUHVLQXQD
JROLOOD

F $SULHWHWRGRVORVSHUQRVVXMHWDQGRODXQLyQ\DVHDFRQORVSULPHURV
SRFRV LPSDFWRV GH XQD OODYH GHLPSDFWR R FRQ HO HVIXHU]R WRWDOGH
XQDVRODSHUVRQDFRQXQDOODYHGHODUJRHVWiQGDU

G 0DUTXH OD SRVLFLyQ GH OD WXHUFD FRUUHVSRQGLHQWH DO SHUQR FRQ XQ
PDUFDGRUSHUPDQHQWHDVHJXUDQGRTXHODPDUFDHVWpYLVLEOHWDQWRHQ
ODWXHUFDFRPRHQHOSHUQR

H $SOLTXH OD WHQVLyQ FRUUHFWD JLUDQGR HO FRPSRQHQWH HOHJLGR TXH
FRUUHVSRQGD DO FRPSRQHQWH HVWDFLRQDULR HQ OD FDQWLGDG GDGD HQ OD 7DEOD

8VR 6FKHQFN 3URFHVV /DUJR GHO 3HUQR 5RWDFLyQ SDUD 2EWHQHU OD
1RUPDO H[WUHPR GHO SHUQR D 7HQVLyQ&RUUHFWD
SDUWHGHGHEDMRGHOD 0tQ 0i[
FDEH]D
3HUQRVGHO([FLWDGRU +DVWD H LQFOX\HQGR
3HUQRV GH 3ODFD %DVH GH GLiPHWURVGHSHUQRV GHYXHOWD òYXHOWD
5HVRUWHODUJRDGHWHUPL
QDUVHHQHODUPDGR
3HUQRV GH 3ODFD %DVH GH 0iV GH GLiPHWURV
5HVRUWHODUJRDGHWHUPL KDVWD H LQFOX\HQGR òYXHOWD GHYXHOWD
QDUVHHQHODUPDGR GLiPHWURV

7$%/$527$&,215(48(5,'$3$5$(/$35,(7(
98(/7$'(3,(=$

BBBBBBBBBBBBB
GH6FKHQFN3URFHVV

38(67$(16(59,&,2'(/26+$51(5269,%5$725,26

/RV KDUQHURV YLEUDWRULRV VRQ PiTXLQDV FODVLILFDGRUDV TXH WUDQVSRUWDQ
PDWHULDOVREUHXQDFXELHUWDSHUIRUDGDYLEUDWRULD(OKDUQHURSHUPLWHTXH
HOPDWHULDOGHPHQRUWDPDxRSDVHDWUDYpVGHODFXELHUWDPLHQWUDVTXHHO
PDWHULDO GH PD\RU WDPDxR TXH QR FDH D WUDYpV GH OD FXELHUWD HV
WUDVODGDGRKDVWDTXHGHVFDUJDKDFLDDIXHUDSRUHOH[WUHPRGHODFXELHUWD

$QWHV GHO IXQFLRQDPLHQWR LQLFLDO GHO KDUQHUR FRQILUPH TXH VH KD\D
FKHTXHDGRWRGDVODVWROHUDQFLDVGHHVWiWLFD\TXHHVWpQGHDFXHUGRFRQODV
GLPHQVLRQHVPRVWUDGDVHQHO3ODQRGH,QVWDODFLyQ

&XDQGR XQ KDUQHUR VH KDFH SDUWLU R VH GHWLHQH OD IUHFXHQFLD YLEUDWRULD
GHOKDUQHURFRLQFLGLUiEUHYHPHQWHFRQODIUHFXHQFLDGHUHVRQDQFLDQDWXUDO
GHO VLVWHPD GH VXVSHQVLyQ GH UHVRUWH \ WHQGUi OXJDU OD UHVRQDQFLD GH
UHVRUWH/RVPRWRUHVLPSXOVRUHVGHOKDUQHURHVWiQGLVHxDGRVSDUDDFHOHUDU
UiSLGDPHQWH HO KDUQHUR D WUDYpV GH OD ]RQD GH UHVRQDQFLD GH UHVRUWH
HVSHUDGD6LQHPEDUJRGXUDQWHODGHWHQFLyQHOKDUQHURWRPDUiXQRRGRV
PLQXWRV SDUD URWDU KDVWD XQD GHWHQFLyQ $ PHGLGD TXH HO KDUQHUR SDVD
OHQWDPHQWHDWUDYpVGHOD]RQDGHUHVRQDQFLDGHUHVRUWHHOODUJRGHVXUHFRUULGR
DXPHQWDUiFRQVLGHUDEOHPHQWH(VWRHVQRUPDO\DEDMDYHORFLGDGQRGDxDD
PHQRVTXHHOKDUQHURLPSDFWHFRQWUDREMHWRVHVWDFLRQDULRV

/RVPRWRUHVGHDFFLRQDPLHQWRHVWiQGLVHxDGRVGHPRGRTXHODYHORFLGDG
GH IXQFLRQDPLHQWR VH DOFDQFH UiSLGDPHQWH /RV PRWRUHV GHEHQ
FRQHFWDUVHSDUDSDUWLGDGLUHFWDHQOtQHD'2/SDUDSURGXFLUHOPi[LPR
WRUTXHGHSDUWLGDGHOPRWRU

$QWHVGHSRQHUHQPDUFKDGHEHFRQILUPDUVHODLQWHJULGDGGHODDLVODFLyQ
HOpFWULFDHQWRGRVORVPRWRUHVHOpFWULFRV

&RQILUPHTXHWRGRHOHTXLSRDFFLRQDGRHVWpFRUUHFWDPHQWHLQVWDODGRTXH
ORVH[FLWDGRUHVHVWpQOLEUHVSDUDJLUDU\TXHORVGLVSRVLWLYRVGHGHWHQFLyQ
GHHPHUJHQFLDHVWpQWRWDOPHQWHRSHUDWLYRV

&RQILUPH TXH WRGDV ODV FXxDV GH UHWHQFLyQ GH OD FXELHUWD KD\DQ VLGR
LQVWDODGDV \ TXH ORV SHUQRV GH OD SODFD GH GHVJDVWH ODWHUDO KD\DQ VLGR
GHELGDPHQWHDSUHWDGRV

$'9(57(1&,$ /RV PHFDQLVPRV GHO H[FLWDGRU VH HQWUHJDQ VLQ
DFHLWH$JUHJXHDFHLWHDQWHVGHVXXVR

&RQILUPH TXH ORV PHFDQLVPRV GHO H[FLWDGRU KD\DQ VLGR OOHQDGRV FRQ OD
FDQWLGDG FRUUHFWD GHO DFHLWH DGHFXDGR &RQVXOWH 6HFFLyQ /D
HOHFFLyQ GH OD YLVFRVLGDG LQLFLDO VH EDVDUi HQ OD WHPSHUDWXUD DPELHQWH
HVSHUDGD &RQILUPH OD HOHFFLyQ GHO DFHLWH PLGLHQGR OD WHPSHUDWXUD UHDO
GH WUDEDMR GH ORV H[FLWDGRUHV XQ WLHPSR VXILFLHQWH GHVSXpV GH SRQHU HQ
IXQFLRQDPLHQWRSDUDSHUPLWLUTXHODWHPSHUDWXUDGHWUDEDMRVHHVWDELOLFH

9HULILTXHTXHWRGRHOSHUVRQDOHVWpDOHMDGRGHOKDUQHUR\TXHQRVHKD\D
GHMDGR KHUUDPLHQWDV R PDWHULDOHV VREUH OD HVWUXFWXUD YLEUDWRULD R GHQWUR
GHODVYLJDVKXHFDV

$KRUD SXHGH HIHFWXDUVH OD SXHVWD HQ IXQFLRQDPLHQWR /RV KDUQHURV
SXHGHQ KDFHUVHSDUWLUFRQ R VLQPDWHULDO GH DOLPHQWDFLyQHQ ODFXELHUWD
1R REVWDQWH OD SXHVWD HQ IXQFLRQDPLHQWR GHEH VHU VLHPSUH GHVGH HO
UHSRVR R VHD GHVSXpV GH XQD GHWHQFLyQ GHMH TXH HO PRYLPLHQWR GHO
KDUQHURFHVHSRUFRPSOHWRDQWHVGHYROYHUDKDFHUORSDUWLU

$'9(57(1&,$ (O KDFHU SDUWLU HO VLVWHPD DQWHV GH TXH KD\D
FHVDGRHOPRYLPLHQWRSXHGHKDFHUTXHRFXUUDRVFLODFLRQHVH[FHVLYDV
GXUDQWH OD SXHVWD HQ IXQFLRQDPLHQWR GHULYDQGR HVWR HQ GDxRV DO
KDUQHUR\DOHTXLSRFLUFXQGDQWH

2EVHUYH HO IOXMR GH PDWHULDO HQ OD FXELHUWD GHO KDUQHUR /D FDQDOHWD GH
DOLPHQWDFLyQ GHEH DMXVWDUVH SDUD TXH GLVWULEX\D HO PDWHULDO HQ IRUPD
SDUHMD\FRQWLQXDPHQWHSRUWRGRHODQFKRGHODFXELHUWD

(VFXFKHSDUDYHUVLKD\tWHPVVXHOWRV1RKDJDIXQFLRQDUHOKDUQHUR
FRQSHUQRVVXHOWRV XRWURVtWHPVVXHOWRV\DTXHGHKDFHUORRFXUULUi
SURQWDPHQWH XQ GDxR LUUHSDUDEOH D OD HVWUXFWXUD GHO KDUQHUR
'HWHQJD \ DtVOH HO KDUQHUR GH DFXHUGR FRQ ORV SURFHGLPLHQWRV GHO
UHFLQWRDQWHVGHFRUUHJLUORVtWHPVVXHOWRV

9HULILTXHHODSULHWHGHWRGRVORVSHUQRVGHVSXpVGHODVSULPHUDVKRUDV
GHWUDEDMR\GHDOOtHQDGHODQWHFDGDKRUDVGHRSHUDFLyQ\FRPRVH
HVSHFLILFDHQODVHFFLyQ0DQWHQFLyQGHHVWHPDQXDO

9HULILTXHIUHFXHQWHPHQWHODWHPSHUDWXUDGHWUDEDMRGHOH[FLWDGRUGXUDQWH
ODV SULPHUDV KRUDV GH WUDEDMR FRQWLQXR SDUD DVHJXUDU OD HOHFFLyQ
FRUUHFWDGHODFHLWHOXEULFDQWHGHDFXHUGRDODWHPSHUDWXUDGHVHUYLFLR

/RVH[FLWDGRUHVWRPDUiQDSUR[LPDGDPHQWHXQDKRUDGHWUDEDMRFRQWLQXR
SDUDDOFDQ]DUVXWHPSHUDWXUDGHWUDEDMRHVWDEOH

,QVSHFFLRQHWRGRVORVtWHPVHQOLVWDGRVHQOD/LVWDGH9HULILFDFLRQHVSDUD
OD ,QVWDODFLyQ \ 3XHVWD HQ 0DUFKD &RQVXOWH 6HFFLyQ \ YHULILTXH
TXHKD\DXQDRSHUDFLyQFRUUHFWD

BBBBBBBBBBBBB
GH6FKHQFN3URFHVV

3$5$0(',5(/5(&255,'2'(/+$51(52

(OODUJRGHUHFRUULGR6\HOiQJXORGHUHFRUULGRɎSXHGHQGHWHUPLQDUVH
KDFLHQGRXQWUD]DGRGHOPRYLPLHQWRGHOKDUQHURFRPRVLJXH

D &RQHFWH XQD SHTXHxD WDUMHWD ODV WDUMHWDV GH YLVLWD VLUYHQ ELHQ
6FKHQFN 3URFHVVWLHQH WDUMHWDV GH SUXHED GH UHFRUULGR GLVSRQLEOHVD
FDGD HVTXLQD \ DO FHQWUR GH OD SODFD ODWHUDO XVDQGR FLQWD DGKHVLYD
XVDQGRXQWRWDOGHVHLVWDUMHWDV

E 0DUTXH XQD OtQHD GH UHIHUHQFLD KRUL]RQWDO HQ OD WDUMHWD XVDQGR XQ
QLYHO GH EXUEXMD 0DQWHQJD HO PLVPR H[WUHPR GHO QLYHO KDFLD HO
H[WUHPRGHGHVFDUJDGHOKDUQHUR

F 'HWHUPLQHODGLUHFFLyQJHQHUDOGHUHFRUULGRREVHUYDQGRODVPDUFDVHQ
ODVXSHUILFLHGHODSODFDODWHUDO

G 6RVWHQJD XQD SOXPD OR PiV HVWDFLRQDULDPHQWH SRVLEOH HPSOHDQGR
DPEDV PDQRV \ WRTXH OHYHPHQWH FRQ HOOD OD WDUMHWD GH PRGR GH
REWHQHUXQDOtQHDDPHGLGDTXHHOKDUQHURVHPXHYHFRQWUDODSOXPD

H 5HSLWDODHWDSDDQWHULRUSDUDREWHQHUXQFLHUWRQ~PHURGHOtQHDV

I )LQDOPHQWH VXMHWH XQD SOXPD FRPR HO FDVR DQWHULRU \ WRTXH
OHYHPHQWHFRQHOODFRQWUDODWDUMHWDPLHQWUDVPXHYHODSOXPDORPiV
HQiQJXORVUHFWRVSRVLEOHDOUHFRUULGRSDUDSURGXFLUXQ]LJ]DJHQOD
WDUMHWDDPHGLGDTXHHOKDUQHURVHPXHYHFRQWUDODSOXPD

J 'HO WUD]DGR HQ OD WDUMHWD SXHGHQ PHGLUVH HO iQJXOR \ HO ODUJR GH
UHFRUULGRFRPRVHPXHVWUDPiVDEDMR

/DV OHFWXUDV GHO UHFRUULGR \ GHO iQJXOR GH FDUUHUD HQ FDGD HVTXLQD GHO
KDUQHUR SXHGHQVHUOLJHUDPHQWH GLIHUHQWHV (VWR QRHV LQXVXDO \D TXH HO
PHGLR GH PHGLFLyQ UHTXLHUH GH SUiFWLFD &RQVXOWH D6FKHQFN 3URFHVV VL
ODVYDULDFLRQHVH[FHGHQHOGHODOHFWXUDSDUDWDUMHWDVKHFKDVSRUXQ
RSHUDGRUFRQH[SHULHQFLD

)LJXUD7$5-(7$'(5(&255,'27,3,&$

/,67$'(9(5,),&$&,21(6'(38(67$(10$5&+$
3$5$+$51(5269,%5$725,266&+(1&.352&(66

86(/$3$5$38(67$(16(59,&,2<358(%$6'(7$//(5

&OLHQWH

8ELFDFLyQGHO5HFLQWR

5HIHUHQFLDGHOD2EUD

0RGHORGH+DUQHUR1

1~PHURGH6HULHGHO+DUQHUR

(TXLSR+DUQHUR1

0RGHORGH([FLWDGRU1

1~PHURGH6HULHGHO([FLWDGRU
/DGR$FFLRQDPLHQWR

1~PHURGH6HULHGHO([FLWDGRU
/DGRGH1R$FFLRQDPLHQWR

2UGHQGHO&OLHQWH1

&RQWDFWRGHO&OLHQWH

,QJHQLHURGH6FKHQFN3URFHVV

)HFKD

BBBBBBBBBBBBB
GH6FKHQFN3URFHVV

$ ,QVSHFFLyQ9LVXDO*HQHUDO

$'DxRHQHO7UDQVSRUWH

$'DxRHQOD,QVWDODFLyQ

$'DxRHQHO$OPDFHQDPLHQWR

$(VWDGRGHOD3LQWXUD

$5HVRUWHV±&DQWLGDG8ELFDFLyQ&RUUHFWDV

$$OWXUDVGH5HVRUWHV
0LGD \ UHJLVWUH HO ODUJR GH UHVRUWH DO FHQWUR GHO SDTXHWH GH UHVRUWHV (O
ODUJRGHEHVHULJXDOGHQWURGHPPGHODGRDODGR\ODYHUWLFDOGHOUHVRUWH
GHQWURGHPP

)OXMR
+DUQHUR %DVWLGRU 8QLGDGHV %DVWLGRU +DUQHUR 8QLGDGHV
,62 ,62
/+' PP 5+' PP
/+) PP 5+) PP

$3ODFDV%DVHGH5HVRUWH$VHJXUDGDV

$,QFOLQDFLyQGHOD&XELHUWD±7UDQVYHUVDO(QOtQHD

$7RGRVORV3HUQRV,QVWDODGRVFRQ7XHUFDV$XWRWUDEDGRUDV

$7ROHUDQFLDVHQOD(VWUXFWXUDHQ*HQHUDO

$7ROHUDQFLDGHOD&DQDOHWD
GH$OLPHQWDFLyQ/DGR/+PP/DGR5+PP

3RVWHULRU/+PP3RVWHULRU5+PP

&XELHUWD/+PP&XELHUWD5+PP

$7ROHUDQFLDHQWUHODFDQDOHWDGHGHVFDUJD\HOKDUQHURFRPRVLJXH

/+$UULEDPP5+$UULEDPP

/+$EDMRPP5+$EDMRPP

% ,QVSHFFLyQGH,QVWDODFLyQGHO([FLWDGRU\HO$FFLRQDPLHQWR

%([FLWDGRU8ELFDGR&RUUHFWDPHQWH

%3HUQRV([FLWDGRUFRQ7XHUFD*ROLOOD)XHUDGHOD9LJD

%3HUQRVGHO([FLWDGRU$SUHWDGRV&RUUHFWDPHQWH

%$FRSODPLHQWRVGHO(MH$FFLRQDGRU$VHJXUDGRV\$OLQHDGRV

%$FRSODPLHQWRVGHO(MH,QWHUPHGLR$VHJXUDGRV

%([FLWDGRUHV$OLQHDGRVR³(Q)DVH´

%7HQVLyQ\$OLQHDFLyQGHODV&RUUHDVHQ9

%5RGDPLHQWRV\6HOORVGHO(MH6HFXQGDULR(QJUDVDGRV

%1LYHOGH$FHLWHHQORV([FLWDGRUHV

%7LSRGH$FHLWHHQORV([FLWDGRUHV0LGDXVDQGRYDULOODGHLQPHUVLyQ

%/HQJHWDGHO(MH$FFLRQDGRU/XEULFDGD

%/HQJHWDVGHO(MH,QWHUPHGLR/XEULFDGDV

%3URWHFFLRQHV$VHJXUDGDV

& ,QVSHFFLyQGHOD,QVWDODFLyQGH3LH]DVGH'HVJDVWH

&0yGXORVGH$OLPHQWDFLyQ$VHJXUDGRV

&0yGXORVGHOD&XELHUWD$VHJXUDGRV

&0yGXORVGH'HVFDUJD$VHJXUDGRV

&$EUD]DGHUDV/DWHUDOHV$VHJXUDGDV

BBBBBBBBBBBBB
GH6FKHQFN3URFHVV

' )XQFLRQDPLHQWRGH3UXHED6LQ0DWHULDO

'(VWUXFWXUDGHOD7ROHUDQFLDGHO+DUQHUR
'XUDQWHOD3XHVWDHQ0DUFKD\OD'HWHQFLyQ

'5XLGR,QXVXDO

'9HORFLGDGGHO,PSXOVRUGHO([FLWDGRUUHJLVWUR

'/HFWXUDGHO5HFRUULGR\GHO$QJXORFRQHFWHODVWDUMHWDV
GHUHFRUULGRSDUDUHSRUWDU

5HVXOWDGRVGHOD7DUMHWDGH5HFRUULGRGHO+DUQHUR

/+'PPJUDGRV5+'PPJUDGRV

/+& PPJUDGRV 5+&PPJUDGRV

/+) PP JUDGRV5+)PPJUDGRV

5HVXOWDGRVGHOD7DUMHWDGH5HFRUULGRGHO%DVWLGRUGH$LVODFLyQ



'7HPSGHO([FLWDGRU$FFLRQDPLHQWR&1R$FFLRQDP&

'7HPS5RGDPLHQWR(MH6HFXQG/DGR&RUUHD&/DGR([FLWDGRU&

'7RPDGH&RUULHQWHGHO0RWRU $PSHUHV

'7UDQVLHQWHGH'HWHQFLyQ

'0RYLPLHQWR,QXVXDOHQHO+DUQHUR

'9LEUDFLyQGHOD(VWUXFWXUD

&RPHQWDULRV

( )XQFLRQDPLHQWRGH3UXHED&RQ0DWHULDO

()XJDGH0DWHULDO

(7RPDGH&RUULHQWHGHO0RWRU

(/HFWXUDGHO5HFRUULGR\GHO$QJXOR
FRQHFWHODWDUMHWDVGHUHFRUULGRSDUDUHSRUWDU

5HVXOWDGRVGHOD7DUMHWDGH5HFRUULGRGHO+DUQHUR


/+& PPJUDGRV 5+&PPJUDGRV


5HVXOWDGRVGHOD7DUMHWDGH5HFRUULGRGHO%DVWLGRUGH$LVODFLyQ



(5XLGR,QXVXDO

(9HORFLGDGGH$FFLRQDPLHQWRGHO([FLWDGRU

($PSOLWXGHVGHOD$OLPHQWDFLyQD
7UDYpVGH7RGRHO$QFKRGHOD&XELHUWD

(3URIXQGLGDGGHO/HFKR$FHSWDEOH

(&RPSUHVLyQGHO5HVRUWH$FHSWDEOH

($FXPXODFLyQGH0DWHULDO

(7UDQVLHQWHGH'HWHQFLyQ

(0RYLPLHQWR,QXVXDO

&RPHQWDULRV

) ,WHPVGH$FFLyQ

$FFLyQ5HTXHULGD 3RU

5HSUHVHQWDQWH6FKHQFN3URFHVV5HSUHVHQWDQWHGHO&OLHQWH

1RPEUH,PSUHVR 1RPEUH,PSUHVR

)LUPD)HFKD)LUPD)HFKD

BBBBBBBBBBBB
(VWHGRFXPHQWRHVFRQILGHQFLDO\VHSURSRUFLRQDFRPRLQIRUPDFLyQFRQILGHQFLDOHQHOHQWHQGLGRGHTXH
QR GHEHVHUPRVWUDGRGLVFXWLGRRWUDQVPLWLGRDWHUFHURVQLXVDGRSDUDRWURVILQHVVLQODDSUREDFLyQ

&RQHFWHODVWDUMHWDVGHUHFRUULGRSDUDHOIXQFLRQDPLHQWRGHSUXHEDVLQPDWHULDODTXt

$MXVWHGHO([FLWDGRU FRQSHVDGHWDSyQ VLQSHVDGH
WDSyQ
9HORFLGDGGHO([FLWDGRU530
1~PHURGH0RGHORGHO([FLWDGRU1~PHURGH0RGHORGHO+DUQHUR

'(6&$5*$0$12,=48,(5'$ '(6&$5*$0$12'(5(&+$

&(17520$12,=48,(5'$ &(17520$12'(5(&+$

$/,0(17$&,21 0$12 $/,0(17$&,21 0$12
,=48,(5'$ '(5(&+$

BBBBBBBBBBBB

&RQHFWHODVWDUMHWDVGHUHFRUULGRSDUDHOIXQFLRQDPLHQWRGHSUXHEDFRQPDWHULDODTXt

$MXVWHGHO([FLWDGRU FRQSHVDGHWDSyQ VLQSHVDGH
WDSyQ
9HORFLGDGGHO([FLWDGRU5307DVDGH$OLPHQWDFLyQGHO+DUQHURWSK
1~PHURGH0RGHORGHO([FLWDGRU1~PHURGH0RGHORGHO+DUQHUR

'(6&$5*$0$12,=48,(5'$ '(6&$5*$0$12'(5(&+$

&(17520$12,=48,(5'$ &(17520$12'(5(&+$

$/,0(17$&,21 0$12 $/,0(17$&,21 0$12
,=48,(5'$ '(5(&+$

BBBBBBBBBBBB

0$18$/'(/+$51(529,%5$725,2

92/80(1

)81&,21$0,(172'(/26+$51(5269,%5$725,26

BBBBBBBBBBBB

)81&,21$0,(172'(/26+$51(5269,%5$725,26

&XDQGRXQKDUQHURVHKDFHSDUWLURVHGHWLHQHODIUHFXHQFLDYLEUDWRULD
GHOKDUQHURFRLQFLGLUiEUHYHPHQWHFRQODIUHFXHQFLDGHUHVRQDQFLDQDWXUDO
GHO VLVWHPD GH VXVSHQVLyQ GH UHVRUWH \ WHQGUi OXJDU OD UHVRQDQFLD GH
UHVRUWH/RVPRWRUHVLPSXOVRUHVGHOKDUQHURHVWiQGLVHxDGRVSDUDDFHOHUDU
UiSLGDPHQWH HO KDUQHUR D WUDYpV GH OD ]RQD GH UHVRQDQFLD GH UHVRUWH
HVSHUDGD6LQHPEDUJRGXUDQWHODGHWHQFLyQHOKDUQHURSDVDUiDWUDYpVGH
OD ]RQD GH UHVRQDQFLD GH UHVRUWH \ HO ODUJR GH VX UHFRUULGR DXPHQWDUi
FRQVLGHUDEOHPHQWH(VWRHVQRUPDO\DEDMDYHORFLGDGQRGDxDD PHQRVTXH
HOKDUQHURLPSDFWHFRQWUDREMHWRVHVWDFLRQDULRV

/RVPRWRUHVGHDFFLRQDPLHQWRGHOKDUQHURHVWiQGLVHxDGRVGHPRGRTXHOD
YHORFLGDGGHIXQFLRQDPLHQWRVHDOFDQFHUiSLGDPHQWH\GHEHQFRQHFWDUVH
SDUDSDUWLGDGLUHFWDHQOtQHD'2/

(O KDUQHUR GHEH KDFHUVH SDUWLU DQWHV GH TXH SDUWDQ ORV VLVWHPDV GH
DOLPHQWDFLyQGHPDWHULDO(VUHFRPHQGDEOHGHMDUTXHHOKDUQHURDOFDQFH
VX YHORFLGDG GH WUDEDMR HVWDEOH DQWHV GH KDFHU SDUWLU OD DOLPHQWDFLyQ GH
PDWHULDOKDFLDHOKDUQHUR'HMHSRUORPHQRVVHJXQGRVSDUDTXHHOKDUQHUR
DOFDQFHVXYHORFLGDGGHWUDEDMRHVWDEOHDQWHVGHTXHSDUWDODDOLPHQWDFLyQ

/DSDUWLGDGHEHVHUGHVGHHOUHSRVR'HVSXpVGHODGHWHQFLyQGHMHTXHHO
PRYLPLHQWRFHVHFRPSOHWDPHQWHSDUDYROYHUDKDFHUSDUWLU(OYROYHUD
SDUWLUGXUDQWHODGHVFDUJDGHOKDUQHURSXHGHKDFHUTXHRFXUUDXQUHFRUULGR
H[FHVLYR GXUDQWH HO SDVR D WUDYpV GH OD YHORFLGDG GH UHVRQDQFLD GHO UHVRUWH
FDXVDQGRGDxRVDOKDUQHURFXDQGRLPSDFWDFRQREMHWRVHVWDFLRQDULRV

'HWHQJDODDOLPHQWDFLyQGHPDWHULDO\GHMHHOWLHPSRVXILFLHQWHSDUDTXHHO
PDWHULDO HQ HO VLVWHPD GH DOLPHQWDFLyQ VHD GHVFDUJDGR GHVGH HO KDUQHUR
DQWHVGHTXHpVWHVHGHWHQJD

(OPDWHULDOHQH[FHVRGHODFDUJDGHKDUQHURQRUPDOSURGXFLUiXQGHVJDVWH
DGLFLRQDO HQ HO VLVWHPDDFFLRQDGRU GH PRWRU \ SURORQJDUi HO SHUtRGRGH
UHVRQDQFLD GH OD SDUWLGD 'HEH HYLWDUVH KDFHU SDUWLU HO KDUQHUR FRQ XQD
FDUJDWRWDOGHPDWHULDOVLTXLHUHREWHQHUVHODPi[LPDYLGDGHVHUYLFLRGHO
PRWRUFRUUHDVHQ9VLODVKD\\UHVRUWHV

3DUD REWHQHU OD Pi[LPD SHUIRUPDQFH GHO KDUQHUR OD DOLPHQWDFLyQ GH
PDWHULDOGHEHDJUHJDUVHDORVFDOFHVGHOH[WUHPRGHDOLPHQWDFLyQYDFtRVD
XQIOXMRGHEDMDYHORFLGDGTXHVHHVSDU]DHQIRUPDSDUHMD\FRQWLQXDSRU
WRGRHODQFKRGHODFXELHUWDGHOKDUQHUR

/DV SODFDV ODWHUDOHV GH ORV KDUQHURV YLEUDGRUHV 6FKHQFN 3URFHVV HVWiQ
SURWHJLGDV SRU SODFDV GH GHVJDVWH TXH IRUPDQ QRUPDOPHQWH EDUUDV GH
DEUD]DGHUD ODWHUDOHV SDUD OD FXELHUWD /D DOWXUD GHO PDWHULDO QR GHEH
MDPiV H[FHGHU OD DOWXUD GH HVDV EDUUDV GH DEUD]DGHUD 1R REVWDQWH HQ
DOJXQRVFDVRVVHUHTXHULUiXQDSURWHFFLyQDGLFLRQDOFRQWUDHOGHVJDVWH

3$5$&$/&8/$5/$7$6$'((175(*$'(0$7(5,$/

/D WDVD GH HQWUHJD YROXPpWULFD ³4Y´ GHSHQGH GHO DQFKR GHO HTXLSR % HQ
PHWURVGHQWURGHODVEDUUDVGHDEUD]DGHUDGHODSURIXQGLGDGGHOPDWHULDO
DFDUUHDGR SURIXQGLGDG GHO OHFKR + HQ PHWURV \ GH OD YHORFLGDG GHO
WUDVODGRYHQPHWURVSRUVHJXQGR

4 %[+[Y[PHWURVF~ELFRVSRUKRUD

/DWDVDGHHQWUHJDGHPDVD³4P´WRQHODGDVSRUKRUDSXHGHFDOFXODUVHGH
OD WDVD GH HQWUHJD YROXPpWULFD \ OD GHQVLGDG HQ PDVD GHO PDWHULDO ³'E´
NLOyJUDPRVSRUPHWURF~ELFRFRPRVLJXH

4P 4Y['E·WRQHODGDVSRUKRUD

'HEHSRQHUVHDWHQFLyQHQHOOXJDUGHPHGLFLyQGHODSURIXQGLGDGGHOOHFKR
\D TXH SDUD OD PD\RUtD GH ORV KDUQHURV FLHUWD SURSRUFLyQ GHO PDWHULDO
SDVDUiSRUODVDEHUWXUDVGHODFXELHUWD

/D PHGLFLyQ GH OD SURIXQGLGDG GHO OHFKR HQ HO SDQHO VyOLGR GH GHVFDUJD
LQGLFDUi OD FDQWLGDG GH PDWHULDO VREUHGLPHQVLRQDGR TXH HVWi VLHQGR
GHVFDUJDGR GHVGH HO KDUQHUR ,JXDOPHQWH VL OD SURIXQGLGDG GHO OHFKR VH
PLGHHQHOSDQHOVyOLGRGHOH[WUHPRGHDOLPHQWDFLyQSXHGHGHWHUPLQDUVH
ODFDQWLGDGGHPDWHULDOHQHVHSXQWR

6LHPSUH TXH OD GHQVLGDG HQ PDVD VH FRQR]FD SDUD HO PDWHULDO GH
DOLPHQWDFLyQ\WDPELpQSDUDHOPDWHULDOVREUHGLPHQVLRQDGRODSDVDGDGH
PDVD WRWDO SXHGH FDOFXODUVH FRPR OD SDVDGD GHO VREUHGLPHQVLRQDGR /D
SDVDGD GHO VXEGLPHQVLRQDGR HV HQWRQFHV OD GLIHUHQFLD HQWUH ODV GRV
FDQWLGDGHV

/DSURIXQGLGDGGHOOHFKR\ODYHORFLGDGGHWUDVODGRVRQLQIOXHQFLDGRVSRU
PXFKRV IDFWRUHV WDOHV FRPR FRQILJXUDFLyQ GHO KDUQHUR YHORFLGDG GHO
H[FLWDGRUORQJLWXGGHUHFRUULGRiQJXORGHOUHFRUULGRWDVDGHDOLPHQWDFLyQ
GHPDWHULDO\SURSLHGDGHVGHOPDWHULDOGHDOLPHQWDFLyQSRUHMDWHUURQDGR
K~PHGRVHFRFRQSDUWtFXODVDJXGDV

/RVPDWHULDOHVHQPDVDFULVWDOLQRV\DWHUURQDGRVTXHWLHQHQXQFRQWHQLGR
GHSROYRPPGHPHQRVGHOVRQJHQHUDOPHQWHPDQHMDGRVFRQ
IDFLOLGDG /RV SURGXFWRV SROYRURVRV R SHJDMRVRV VRQ PiV GLItFLOHV GH
PDQHMDU\SXHGHQUHTXHULUFLHUWDVFDUDFWHUtVWLFDVGHGLVHxRHVSHFtILFDVSRU
HM DFHOHUDFLyQ GHO KDUQHUR PiV DOWD TXH OD QRUPDO SDUD REWHQHU XQD
SHUIRUPDQFHHILFLHQWHGHOKDUQHUR

/D YHORFLGDG GH WUDVODGR SXHGH DMXVWDUVH FDPELDQGR OD ORQJLWXG GH
UHFRUULGR HO iQJXOR GHO UHFRUULGR Ɏ OD LQFOLQDFLyQ GHO HTXLSR R OD
YHORFLGDGGHOORVH[FLWDGRUHV

2SHUDFLyQ1RUPDO

0iTXLQD 6/.:
5HFRUULGR6 ±PP
$QJXORGH([SHGLFLyQɎ ±
9HORFLGDGGHO([FLWDGRU
UHYROXFLRQHVSRUPLQXWR

$'9(57(1&,$1RFDPELHODYHORFLGDGGHRSHUDFLyQRHODMXVWHGH
ODV SHVDV GH WDSyQ VLQ OD SUHYLD DXWRUL]DFLyQ GH 6FKHQFN 3URFHVV
3XHGHRFXUULUXQGDxRLUUHPHGLDEOHSRUXQDMXVWHLQFRUUHFWRGHODV
SHVDVGHWDSyQRSRUXQDYHORFLGDGLQFRUUHFWDGHOKDUQHUR

(OiQJXORGHUHFRUULGRVHHOLJHDOPRPHQWRGHOGLVHxRLQLFLDOGHSHQGLHQGR
GHO PDWHULDO TXH VH YD D PDQHMDU GH OD LQFOLQDFLyQ GH OD FXELHUWD GHO
WDPDxR\IRUPDGHODVDEHUWXUDVGHODFXELHUWDODVDEHUWXUDVPiVJUDQGHV
UHTXLHUHQ XQ iQJXOR GH UHFRUULGR PiV HPSLQDGR \ GHO HIHFWR GH
]DUDQGHDGR VXDYH GH iQJXOR PiV SHTXHxR DJXGR GH iQJXOR PiV
JUDQGH

(Q HO FDVR GH HVWRV KDUQHURV \ GH PDWHULDO IiFLOPHQWH PDQLSXODGR VH
REWHQGUiQRUPDOPHQWHODVVLJXLHQWHVYHORFLGDGHVGHWUDVODGR

0RGHOR 6/.:
$QJXORGHOD&XELHUWD
GH'HVFDUJD
9HORFLGDGGH7UDVODGR
PHWURVSRUPLQXWR

BBBBBBBBBBBB

0$18$/'(/+$51(529,%5$725,26&+(1&.

92/80(1

0$17(1&,21'(/26+$51(5269,%5$725,26

BBBBBBBBBBBB

0$17(1&,21'(/26+$51(5269,%5$725,26

3RUIDYRUOHDODVVHFFLRQHVFRUUHVSRQGLHQWHVWDQWRDOYROXPHQGH,QVWDODFLyQ
FRPR GH 0DQWHQFLyQ GH HVWH PDQXDO DQWHV GH FRPHQ]DU HO WUDEDMR GH
PDQWHQFLyQ *UDQ SDUWH GH OD LQIRUPDFLyQ UHODWLYD D OD LQVWDODFLyQ R
UHPRFLyQGHFRPSRQHQWHVHVWiFXELHUWDHQHOYROXPHQGH,QVWDODFLyQ

$'9(57(1&,$ 5HSDUH R OLPSLH HO HTXLSR VyOR GHVSXpV GH KDEHU
DLVODGR HO VXPLQLVWUR HOpFWULFR DO DFFLRQDPLHQWR GHO KDUQHUR \ VLVWHPD
GH DOLPHQWDFLyQ GH PDWHULDO -DPiV VH VXED D ORV KDUQHURV TXH HVWpQ
IXQFLRQDQGR

(OHTXLSRYLEUDGRUWUDEDMDEDMRODVPiVDUGXDVFRQGLFLRQHV$OWUDEDMDUFRQ
PDWHULDOTXHVXHOHVHUDOWDPHQWHDEUDVLYR\RFRUURVLYRUHDOL]DPiVGHXQ
PLOOyQ GH FLFORV GH HVIXHU]R HQ XQ GtD (V GH YLWDO LPSRUWDQFLD TXH
FXDOTXLHUGHIHFWRRGDxRVHFRUULMDSURQWDPHQWH8QSUREOHPDPHQRUVL
VH OR SDVD SRU DOWR SXHGH FRQYHUWLUVH UiSLGDPHQWH HQ XQD IDOOD
HVWUXFWXUDOPD\RU

8QD LQVSHFFLyQ JHQHUDO GLDULD GHO KDUQHUR \ XQD LQVSHFFLyQ VLVWHPiWLFD
PD\RU FDGD KRUDV GH WUDEDMR GDUiQ SRU UHVXOWDGR PHQRUHV FRVWRV GH
PDQWHQFLyQPHQRVSpUGLGDGHSURGXFFLyQ\XQDRSHUDFLyQPiVSURYHFKRVD

(OQLYHOGHDFHLWHGHOH[FLWDGRUGHEHFKHTXHDUVHFDGDKRUDVGHWUDEDMR\
HO DFHLWH GHEH FDPELDUVH FDGD KRUDV GH WUDEDMR GH DFXHUGR FRQ OD
6HFFLyQ

&RPR JXtD JHQHUDO WRGRV ORV SHUQRV GHEHQ LQVSHFFLRQDUVH HQ VX DSULHWH
FDGDKRUDVGHWUDEDMR$OJXQRVWLSRVGHFXELHUWDSXHGHTXHUHTXLHUDQ
XQFKHTXHRPiVIUHFXHQWH/RVXVXDULRVGHEHQUHDOL]DUYHULILFDFLRQHVPiV
IUHFXHQWHVKDVWDTXHVHHVWDEOH]FDXQSDWUyQGHSURFHGLPLHQWR

/RV SHUQRV \ ODV WXHUFDV DXWRWUDEDGRUDV VRQ HQ JHQHUDO GH XQ VROR XVR
'HVHFKHORVSHUQRV\WXHUFDVDQWLJXRVGHVSXpVGHVDFDUORV\FiPELHORVSRU
XQD WXHUFD DXWRWUDEDGRUD \ SHUQRH LQVWDOH XQD JROLOOD HQGXUHFLGD EDMRHO
tWHPTXHYDDJLUDUSDUDDSUHWDUODFRQH[LyQ

/RV SHUQRV LQVWDODGRV HQ ORV DJXMHURV WHUUDMDGRV GHEHQ DVHJXUDUVH XVDQGR
/RFWLWH*UDGRXRWURHTXLYDOHQWH

/DHVWUXFWXUDYLEUDGD\WRGDVODVSDUWHVPRYLEOHVFRQHFWDGDVUHVRUWHVHMHV
LPSXOVRUHV HWF GHEHQ SRGHU PRYHUVH FRQ OLEHUWDG 1LQJXQD SLH]D GHO
KDUQHUR GHEH JROSHDU FRQWUD SDUWHV HVWDFLRQDULDV SRU HM FDQDOHWDV
SODWDIRUPDVQLWUDEDMDUFRQPDWHULDOGHDOLPHQWDFLyQDFXPXODGR

,QVSHFFLRQH FRQ IUHFXHQFLD OD FXELHUWD \ UHWLUH LQPHGLDWDPHQWH HO PDWHULDO
SHJDMRVR /D UHSDUDFLyQ R UHHPSOD]R GH ORV SDQHOHV GH FXELHUWD JDVWDGRV R
SDQHOHVVXHOWRVGHEHHIHFWXDUVHDQWHVGHTXHRFXUUDXQDIDOODWRWDOHYLWDQGRDVt
GDxRVDRWURVFRPSRQHQWHVGHOKDUQHURRGHOHTXLSRFRUULHQWHDEDMR

&DPELH GH LQPHGLDWR ORV UHVRUWHV TXHEUDGRV /RV UHVRUWHV WLHQHQ
QRUPDOPHQWHXQDODUJDYLGD~WLO\DPHQRVTXHVHSHUPLWDTXHRFXUUDXQ
PDO WUDWR R DFXPXODFLyQ GH PDWHULDO HQ OD HVSLUDV OD IDOOD GH XQ UHVRUWH
SXHGH LQGLFDU TXH WRGR HO MXHJR GH UHVRUWHV HVWi OOHJDQGR D VX OtPLWH GH
VHUYLFLR6HUHFRPLHQGDTXHVLIDOODXQRGHORVUHVRUWHVVHUHHPSODFHWRGRV
ORVUHVRUWHVGHHVHSXQWRGHVRSRUWH

9HULILTXHHOHVWDGR\WHQVLyQGHODFRUUHDHQ9FDGDKRUDVGHWUDEDMR

/RV KDUQHURV YLEUDWRULRV MDPiV GHEHQ KDFHUVH WUDEDMDU FRQ DOJXQD GH ODV
FRQGLFLRQHV HVSHFLILFDGDV HQ OD /LVWD GH 9HULILFDFLRQHV GH 0DQWHQFLyQ
&RQVXOWH OD 6HFFLyQ R 6( 7(1'5$ 81$ 35217$ )$//$
&RPR ODV FRQGLFLRQHV GHO WHUUHQR YDUtDQ EDVWDQWH QR HV SRVLEOH
SURSRUFLRQDU XQ SURJUDPD UtJLGR SDUD HVWDV YHULILFDFLRQHV /RV XVXDULRV
GHEHQ XVDU ORV ODSVRV GH WLHPSR SURSRUFLRQDGRV FRPR JXtD UHDOL]DQGR
LQVSHFFLRQH PiV IUHFXHQWHV KDVWD TXH VH HVWDEOH]FD XQ SDWUyQ GH
SURFHGLPLHQWR

,QVSHFFLRQH OD SODFD ODWHUDO GHQWUR \ GHEDMR GH OD FXELHUWD YLJDV
WUDQVYHUVDOHV ULHOHV \ OLVWRQHV GHO VRSRUWH FXELHUWD HQ FDGD FDPELR GH
FXELHUWD TXH VH KDJD (VWRV FRPSRQHQWHV TXHGDQ H[SXHVWRV GXUDQWH HO
UHHPSOD]RGHODFXELHUWD(QWRGRFDVRLQVSHFFLRQHORVULHOHV\OLVWRQHV
GHVRSRUWHFXELHUWDDORPHQRVFDGDWUHVPHVHV

6DTXH FXDOTXLHU VHOODGRU VXHOWR GH DOUHGHGRU GH ORV OLVWRQHV ,QVSHFFLRQH
YLHQGR VL KD\ VHxDOHV GH FRUURVLyQ HQ ODV FRQH[LRQHV 6L OD FRUURVLyQ HV
HYLGHQWH GHEH GHVPRQWDUVH OD FRQH[LyQ TXLWDUVH OD FRUURVLyQ UHFXEULUVH
ODV VXSHUILFLHV FRQ PLFUDV ')7 GH LPSULPDQWH HVWUXFWXUDO YROYHU D
DUPDUVH FRQ SHUQRV QXHYRV \ OXHJR YROYHU D VHOODUVH /LPSLH OD UHJLyQ
DOUHGHGRU GHO OLVWyQ XVDQGR OLPSLDGRU 6LND &OHDQHU IURWDQGR HQ XQD
GLUHFFLyQ VRODPHQWH \ YXHOYD D VHOODU XVDQGR VHOODGRU GH FDXFKR XUHWDQR
6LNDIOH[R6LNDIOH[

/8%5,&$&,21'(/26(;&,7$'25(6

/RV H[FLWDGRUHV VH VXPLQLVWUDQ 6,1 DFHLWH $JUHJXH DFHLWH DQWHV GH VX
XVR/RVH[FLWDGRUHV6FKHQFN3URFHVVXWLOL]DQOXEULFDFLyQSRUVDOSLTXHGH
DFHLWHFRQHVSDUFLGRUHVGHDFHLWH LQWHUQRV VHOORVGHDFHLWHGHILHOWUR \ XQ
ODEHULQWRH[WHUQRTXHVHUHOOHQDLQLFLDOPHQWHFRQJUDVD/RVH[FLWDGRUHV
QXHYRV HVSDUFHQ JUDVD GH ORV ODEHULQWRV (VWR QR HV XQ GHIHFWR (O
ODEHULQWRQRUHTXLHUHVHUUHHQJUDVDGR

BBBBBBBBBBBB

/RVH[FLWDGRUHVVHWUDWDQFRQXQDJHQWHSUHYHQWLYRGHODFRUURVLyQDQWHVGH
VXHQWUHJD&RQVXOWH6HFFLyQ

/RVWDSRQHVOOHQDGRUHVGHDFHLWHYDQHQODSDUWHVXSHULRUGHODFDMDGHpVWRV
HO GH PiV DEDMR VH XVD SDUD PHGLU FRQ YDULOOD GH LQPHUVLyQ HO QLYHO GHO DFHLWH
2EVHUYH)LJXUD/LPSLHDOiUHDDOUHGHGRUGHOWDSyQDQWHVGHVDFDUGLFKR
WDSyQ

/D FDQWLGDG GH DFHLWH UHTXHULGD GHSHQGH GHO iQJXOR GH LQVWDODFLyQ GHO
H[FLWDGRU2EVHUYH)LJXUD\ODFDQWLGDGLQGLFDGDHQOD7DEOD
HVXQYDORUQRPLQDOVyORSDUDORVILQHVGHOSHGLGR

(O QLYHO ILQDO GH DFHLWH FRPR VH HVSHFLILFD HQ OD 7DEOD GHEH
GHWHUPLQDUVH HPSOHDQGR OD YDULOOD GH LQPHUVLyQ LQFOXLGD HQ HO
VXPLQLVWUR GH 6FKHQFN 3URFHVV /D YDULOOD GHEH VDFDUVH GHO H[FLWDGRU
GHVSXpVGHYHULILFDUVHHOQLYHOGHDFHLWH$VHJ~UHVHGHYROYHUDFRORFDUHO
WDSyQGHOOHQDGRGHDFHLWH

(O JUDGR GH YLVFRVLGDG \ HO WLSR GH DFHLWH UHTXHULGRV GHSHQGHQ GH OD
WHPSHUDWXUD UHDO GH VHUYLFLR GHOH[FLWDGRU (O JUDGR GH YLVFRVLGDG \ WLSR
GH DFHLWH UHFRPHQGDGRV VH HQOLVWDQ HQ OD 7DEOD /D WHPSHUDWXUD
DPELHQWH HQOLVWDGD HV VyOR XQD JXtD SDUD OD HOHFFLyQ LQLFLDO GHO DFHLWH
SUHYLDDODSXHVWDHQVHUYLFLR/DHOHFFLyQILQDOGHODFHLWHGHEHKDFHUVHHQ
EDVHDODWHPSHUDWXUDGHWUDEDMRPHGLGD

&DPELHHODFHLWHGHVSXpVGHODVSULPHUDVKRUDVGHRSHUDFLyQ\GHDOOtHQ
DGHODQWHFDGDKRUDVRDORPHQRVFDGDPHVHV6FKHQFN3URFHVV
WHQHU XQ SURJUDPD GH PRQLWRUHR GHO HVWDGR GHO DFHLWH SDUD HVWDEOHFHU HO
SHUtRGRySWLPRGHFDPELRGHDFHLWHSDUDODVFRQGLFLRQHVORFDOHVGHOUHFLQWR

6L HO DFHLWH HVWi PX\ VXFLR \R HO H[FLWDGRU HVWi WUDEDMDQGR D XQD
WHPSHUDWXUDDOWDUHGX]FDHOWLHPSR HQWUHORVFDPELRVGHDFHLWHHLPSOHPHQWH
XQSURJUDPDGHPRQLWRUHRGHOHVWDGRGHODFHLWHSDUDODVFRQGLFLRQHVORFDOHVGHO
UHFLQWR3XHGHTXHVHUHTXLHUDXQDFHLWHGHPHMRUFDOLGDG

&XDQGR FDPELH HO DFHLWH HV PHMRU SXUJDU HO DFHLWH GH ORV H[FLWDGRUHV
LQPHGLDWDPHQWH GHVSXpV GH GHWHQHUVH \ DLVODUVHHOpFWULFDPHQWH HO HTXLSR
PLHQWUDVHODFHLWHHVWiWRGDYtDFDOLHQWH(VWRPD[LPL]DODYHQWDMDGHWHQHU
XQ DFHLWH IUHVFR DO VDFDUVH HO DFHLWH DQWLJXR DQWHV GH TXH RFXUUD DOJXQD
VHGLPHQWDFLyQ

/RV FDPELRV IUHFXHQWHV GHO DFHLWH \ XQ DFHLWH GH OD PHMRU FDOLGDG
DXPHQWDQODYLGDGHVHUYLFLRGHORVH[FLWDGRUHV

&DPELHODVJROLOODVVHOORXVDGDVHQORVWDSRQHVGHDFHLWHDODSULPHUDVHxDO
GHGHVJDVWH6RQPXFKRPiVEDUDWDVTXHORVH[FLWDGRUHVQXHYRV
/RV H[FLWDGRUHV 6FKHQFN 3URFHVV TXH VH HQWUHJDQ QR QHFHVLWDQ
UHVSLUDGHURV(ODJUHJDUOHVXQUHVSLUDGHURHVSHUMXGLFLDO\DQXODODJDUDQWtD
GH6FKHQFN3URFHVV

),*85$±0(',&,21'(/1,9(/'($&(,7(

02'(/2'((;&,7$'25 ')
72'26/2668),-26
$1*8/2'(,167$/$&,21 1,9(/ '(/ $&(,7(
&21 9$5,//$ '(
,10(56,21
*5$'26 PP

1$
7ROHUDQFLDHQHOQLYHOGHDFHLWHPP&(52

7$%/$1,9(/'($&(,7(5(48(5,'2

BBBBBBBBBBBB

7(03(5$785$
7(03(5$785$
$0%,(17( '(23(5$&,21

7,32'($&(,7(

9,6&26,'$'$

9,6&26,'$'$

9,6&26,'$'$

9,6&26,'$'$

9,6&26,'$'$

&203$7,%/(&21(/$&(,7(
6, 6, 6,
0,1(5$/

7$%/$±&8$'527,32<9,6&26,'$''(/$&(,7(

7(03(5$785$ 7(03(5$785$'(
$0%,(17( 23(5$&,21

7$%/$&8$'527,32'(*5$6$

BBBBBBBBBBBB

,163(&&,21'(/$6+25$6
(OVLJXLHQWHOLVWDGRWLHQHSRUREMHWRVHUFRSLDGR\HPSOHDGRHQODVLQVSHFFLRQHV
GH UXWLQD IRUPDQGR XQ UHJLVWUR GHO HVWDGR GHO KDUQHUR \ GHO WLHPSR HQ XQ
PRPHQWR GHILQLGR 5HFRPHQGDPRV XVDUOR FRPR XQD D\XGD HQ OD SODQLILFDFLyQ
GHOPRQLWRUHR\ODPDQWHQFLyQ
/,67$'(,163(&&,21'(/$6+25$6 )HFKD 9HULILFDGRSRU
([FLWDGRU (VWDGR &RPHQWDULRV
$%&
9HULILTXH HO H[FLWDGRU PLHQWUDV IXQFLRQD
YLHQGR VL KD\ LQGLFDFLyQ GH IXJD GH DFHLWH
GHVGHHOH[FLWDGRU
£126$48(/$63527(&&,21(6
127$ /RV ODEHULQWRV HVSDUFLUiQ JUDVD
FXDQGR HO H[FLWDGRU HVWi QXHYR 1R UH
HQJUDVH ORV ODEHULQWRV 6RQ UHOOHQDGRV FRQ
DFHLWHGHVGHORVVHOORV
9HULILTXH HO H[FLWDGRU PLHQWUDV IXQFLRQD
FKHTXHDQGRVLKD\XQSRVLEOHUXLGR
8VDQGR XQ WHUPyPHWUR QR GH FRQWDFWR
YHULILTXHVLHOH[FLWDGRUWLHQHWHPSHUDWXUDGH
WUDEDMRH[FHVLYD
127$6HUHTXLHUHKRUDGHWLHPSRIXQFLR
QDQGR SDUD DOFDQ]DU OD WHPSHUDWXUD GH
WUDEDMR OD FXDO YDULDUi FRQ OD WHPSHUDWXUD
DPELHQWH
$FFLRQDPLHQWR\(MHVGH$FFLRQDP
9HULILTXH ORV PRQWDMHV PRWRU YLHQGR VL KD\
LQGLFDFLyQGHDOJRVXHOWR
9HULILTXH ORV URGDPLHQWRV GHO PRWRU YLHQGR
VL KD\ XQ SRVLEOH UXLGR R WHPSHUDWXUD GH
WUDEDMRH[FHVLYD
9HULILTXH TXH ODV SURWHFFLRQHV HVWpQ HQ
EXHQDVFRQGLFLRQHV
9HULILTXH ORV 5RGDPLHQWRV GHO (MH 6HFXQ
GDULRYLHQGRVLWLHQHQUXLGRRH[FHVLYDWHP
SHUDWXUD & VREUH DPELHQWH HV DFHS
WDEOH
9HULILTXHYLVXDOPHQWHODVFRUUHDVHQ9YLHQ
GRVLPXHVWUDVURWXUDVRSpUGLGDGHWHQVLyQ
&XHUSRGHO+DUQHUR
&RQ HO KDUQHUR IXQFLRQDQGR YHULILTXH OD
IRUPD GHO IOXMR GH PDWHULDO (O OHFKR GHEH
HVWDU GLVWULEXLGR SDUHMDPHQWH VREUH WRGR HO
DQFKRGHODFXELHUWD
&RQHO KDUQHUR IXQFLRQDQGR HVFXFKHVL KD\
UXLGRGHSHUQRVRSLH]DVVXHOWRV'HWHQJDHO
KDUQHUR DQWHV GH UHHPSOD]DU FXDOHVTXLHU
SHUQRV R SLH]DV VXHOWRV SDUD HYLWDU SRVLEOHV
DFFLGHQWHVDOSHUVRQDO
9HULILTXHHOHVWDGRGHODVFXELHUWDV \UHYHV
WLPLHQWRV GHO KDUQHUR GHVGH IXHUD GHO
KDUQHUR
9HULILTXH VL KD\ IXJD GH PDWHULDO VREUH HO
FRVWDGR\SDUWHGHDWUiVGHOKRUQRFKHTXHDU
SRVLEOHEORTXHRGHODFDQDOHWD

9HULILTXH VL KD\ SRVLEOH LQWHUIHUHQFLD HQWUH
HOFXHUSRGHOKDUQHUR\ODVWROYDVHVWDFLRQD
ULDV FDQDOHWDV \ YLJDV GH FRQVWUXFFLyQ
GHELGR D DFXPXODFLyQ GH PDWHULDO R D XQD
LQVXILFLHQWHVHSDUDFLyQRSHUDWLYD
6RSRUWHV
9HULILTXHORV UHVRUWHV YLHQGR VL KD\ DFXPX
ODFLyQ GH PDWHULDO DOUHGHGRU GH ODV HVSLUDV
GHOUHVRUWHOLPSLHOR TXHVHD QHFHVDULRVyOR
GHVSXpVGHGHWHQHU\DLVODUHOVLVWHPDGHDF
FLRQDPLHQWR\GHDOLPHQWDFLyQ
9HULILTXHORV UHVRUWHV YLHQGR VL KD\ LQGLFD
FLyQ GH URWXUD HVSHFLDOPHQWH VL OD FRPSUH
VLyQHVGHVLJXDOHQFDGDODGRGHOKDUQHUR
9HULILTXH VL ORV DPRUWLJXDGRUHV WLHQHQ XQD
H[FHVLYD WHPSHUDWXUD \ SRVLEOHV HOHPHQWRV
GHPRQWDMHVXHOWRV
/(<(1'$62%5($6(5(48,(5($&&,21,10(',$7$±&217$&7$5$/683(5
(/(67$'29,625
%6(5(48,(5($7(1&,21(1/$352;,0$'(7(1&,21352
*5$0$'$±)2508/(25'(1'(75$%$-2
&%8(1$6&21',&,21(6±126(1(&(6,7$$&&,21$/*81$

BBBBBBBBBBBB

,163(&&,21'(/$6+25$6

/,67$'(,163(&&,21'(/$6+25$6 )HFKD 9HULILFDGRSRU
([FLWDGRU (VWDGR &RPHQWDULRV
$%&
9HULILTXH HO QLYHO GH DFHLWH HQ HO H[FLWDGRU
XVDQGR OD YDULOOD GH LQPHUVLyQ 6DTXH GLFKD
YDULOOD GHVSXpV GH YHULILFDU UHHPSODFH OD
JROLOOD VHOOR \ HO WDSyQ (O QLYHO GH DFHLWH
GHEHYHULILFDUVHDQWHVGHKDFHUSDUWLUHOKDU
QHUR R HQ HO FDVR GH RSHUDFLyQ FRQWLQXD
GHEH GHWHQHUVH HO KDUQHUR XQ SHUtRGR GH
WLHPSR VXILFLHQWH SDUD SHUPLWLU TXH WRGR HO
DFHLWHGUHQHKDFLDHOIRQGRGHODFDMDGHOPH
FDQLVPR&DPELHHODFHLWHGHVSXpVGH
KRUDVGHWUDEDMR
9HULILTXHVLKD\DOJXQDLQGLFDFLyQ GHILOWUD
FLyQ GH DFHLWH GHVGH HO H[FLWDGRU 127$
/RV ODEHULQWRV HVSDUFLUiQ JUDVD FXDQGR HO
H[FLWDGRU HVWp QXHYR 12 UHHQJUDVH ORV OD
EHULQWRV(OORVVHDEDVWHFHUiQGH DFHLWH GHV
GHORVVHOORV
9HULILTXH HO DFHLWH HQ OD FDMD YLHQGR VL KD\
LQGLFDFLyQGHFRQWDPLQDFLyQ6LODKD\SXU
JXH \ YXHOYD D OOHQDU FRQ OD FDQWLGDG
FRUUHFWDGHDFHLWHQXHYR0RQLWRUHHHODFHLWH
+DJDDQiOLVLVGHDFHLWHSDUDGHWHUPLQDUFXiO
HVODIXHQWHGHFRQWDPLQDFLyQ
9HULILTXHYLHQGRVLKD\SHUQRVVXHOWRVHQHO
PHFDQLVPR
9HULILTXH HO PHFDQLVPR PLHQWUDV HVWi IXQ
FLRQDQGRSDUDYHUVLKD\SRVLEOHVUXLGRV
9HULILTXHHOPHFDQLVPRYLHQGRVLKD\H[FH
VLYD WHPSHUDWXUD VREUH DPELHQWH HV
QRUPDO127$6HUHTXLHUHKRUDGHIXQ
FLRQDPLHQWRSDUDDOFDQ]DUODWHPSHUDWXUDGH
WUDEDMR OD TXH YDULDUi FRQ OD WHPSHUDWXUD
DPELHQWH
$FFLRQDPLHQWR \ (MHV GH
$FFLRQDPLHQWR
9HULILTXH ORV HOHPHQWRV GH PRQWDMH PRWRU
YLHQGRVLKD\SLH]DVVXHOWDV
9HULILTXH ORV URGDPLHQWRV GHO PRWRU YLHQGR
VLKD\UXLGRRH[FHVLYDWHPSGHWUDEDMR
9HULILTXHORVDFRSODPLHQWRVGHJRPDGHORV
HMHV,PSXOVRUH,QWHUPHGLRYLHQGRVLPXHV
WUDQSDUWLGXUDVDORPHQRVFDGDPHVHV
9HULILTXHODOHQJHWDGHHMHV ,PSXOVRU H ,Q
WHUPHGLRYLHQGRVLWLHQHMXHJR\UHOOHQHFRQ
JUDVDDORPHQRVFDGDPHVHV

9HULILTXHTXHODVSURWHFFLRQHVHVWpQHQEXH
QDVFRQGLFLRQHV\OLEUHVGHSDUWLGXUDV
9HULILTXH OD OXEULFDFLyQ GHO URGDPLHQWR GHO
HMH VHFXQGDULR UHOOHQH FRQ JUDVD FDGD
PHVHV
/(<(1'$62%5($6(5(48,(5($&&,21,10(',$7$±&217$&7$5$/68
(/(67$'23(59,625
%6(5(48(5,5$$7(1&,21(1/$352;,0$'(7(1&,21±
)2508/(81$25'(1'(75$%$-2
&%8(1$6&21',&,21(6±126(5(48,(5($&&,21$/*81$

BBBBBBBBBBBB

/,67$ '( ,163(&&,21 '( /$6 )HFKD 9HULILFDGRSRU
+25$6
&XHUSRGHO+DUQHUR (VWDGR &RPHQWDULRV
$%&
&RQ HO KDUQHUR IXQFLRQDQGR YHULILTXH OD
IRUPDGHOIOXMRGHPDWHULDOVREUHFXELHUWDV\
UHFXEULPLHQWRV(OOHFKRGHEHHVWDUGLVWULEXL
GR HQ IRUPD SDUHMD VREUH WRGR HO DQFKR GHO
KDUQHUR
&RQHOKDUQHURIXQFLRQDQGRYHULILTXHVLKD\
SHUQRV R SLH]DV VXHOWRV 'HWHQJD HO KDUQHUR
DQWHV GH UHHPSOD]DU FXDOHVTXLHU SHUQRV R
SLH]DVVXHOWRVSDUDHYLWDUSRVLEOHVDFFLGHQWHV
DOSHUVRQDO
9HULILTXH ODV SODFDV ODWHUDOHV YLJD GHOH[FL
WDGRU \ YLJDV WUDQVYHUVDOHV YLHQGR VL KD\
SRVLEOHVSDUWLGXUDV
9HULILTXH VL KD\ SRVLEOH LQWHUIHUHQFLD HQWUH
HOFXHUSRGHOKDUQHUR\ODVWROYDVHVWDFLRQD
ULDVFDQDOHWDV\YLJDVGHFRQVWUXFFLyQGHEL
GRDDFXPXODFLyQGHPDWHULDORDXQDLQVXIL
FLHQWHVHSDUDFLyQGHODRSHUDFLyQ
9HULILTXH ORV UHYHVWLPLHQWRV GHO KDUQHUR
YLHQGR VL KD\ DFXPXODFLyQ GH PDWHULDO
6iTXHODVLODKD\
9HULILTXH VL ORV UHYHVWLPLHQWRV GHO KDUQHUR
PXHVWUDQ GHVJDVWH R URWXUDV 9HULILTXH ORV
SHUQRVGHDQFODMH
9HULILTXH ORV SHUQRV GHO UHYHVWLPLHQWR
KDUQHURYLHQGRVLHVWiQVXHOWRVRURWRV
9HULILTXH OD SLQWXUD H[WHUQD YLHQGR VL KD\
GDxRV \ VHxDOHV GH HURVLyQFRUURVLyQ ±
3URJUDPHXQDUHSDUDFLyQGHUXWLQD
6RSRUWHV
9HULILTXHORV UHVRUWHV YLHQGR VL KD\ DFXPX
ODFLyQGHPDWHULDODOUHGHGRUGHODVHVSLUDVGH
pVWRV\OtPSLHORVVLHVQHFHVDULR
9HULILTXH TXH ORV UHVRUWHV WHQJDQ XQD FRP
SUHVLyQLJXDOHQFDGDODGRGHOKDUQHUR
9HULILTXH ORV UHVRUWHV YLHQGR VL KD\ LQGLFD
FLyQ GH URWXUD HVSHFLDOPHQWH VL OD FRPSUH
VLyQHVWiGHVLJXDOSRUFDGDODGRGHOKDUQHUR
9HULILTXH ORV DPRUWLJXDGRUHV YLHQGR VL
WLHQHQSRVLEOHILOWUDFLyQGHDFHLWH
9HULILTXH ORV DPRUWLJXDGRUHV YLHQGR VL KD\
SRVLEOHVHOHPHQWRVGHPRQWDMHVXHOWRV
9HULILTXH VL HO PRQWDMH GHO UHVRUWH WLHQH
GHVJDVWHH[FHVLYR
/(<(1'$62%5($6(5(48,(5($&&,21,10(',$7$± &217$&7$5$/68
(/(67$'23(59,625
%6(5(48(5,5$$7(1&,21(1/$352;,0$'(7(1&,21±
)2508/(81$25'(1'(75$%$-2
&%8(1$6&21',&,21(6±126(5(48,(5($&&,21$/*81$

/8%5,&$&,21

352*5$0$'(/8%5,&$&,21
,7(0 '(6&5,3&,21 7,32 '( &$17,'$''( $&7,9,'$' 3(5,2'2
'(/,7(0 /8%5,&$17( /8%5,&$17( (1
+25$6
$&(,7( &202 6( 5( 9(5,),48(
(;&,7$'25 &2168/7( 48,(5$3$5$ 86$1'2
$/&$1=$5 9$5,//$ '(
7$%/$ 1,9(/ '( 7$%/$ ,10(56,21 <
5(%$/6( 6, (6
1(&(6$5,2
(;&,7$'25 $&(,7( &2168/7( 385*8( <
&2168/7( 7$%/$ 5(//(1(
7$%/$
52'$0,(172 *5$6$
(-(6(&81'$ &2168/7( J 5(%$/6(
5,2 7$%/$
*5$6$
&2168/7( J 5(%$/6(
7$%/$
*5$6$
&2168/7( J 5(%$/6(
7$%/$
*5$6$
&2168/7( J 5(%$/6(
7$%/$

5(*,6752'(/8%5,&$&,21

'(6&5,3&,21 8/7,0$)(&+$&203/(7$'2
'(/,7(0
&$0%,2 '(
$&(,7( '(/
(;&,7$'25
*5$6$
52'$0,(172
(-(
6(&81'$5,2
*5$6$
/(1*h(7$ (-(
,038/625
*5$6$
/(1*h(7$ (-(
,17(50(',2
*5$6$
52'$0,(1726
02725

BBBBBBBBBBBB

5(38(67265(&20(1'$'26

'(6&5,3&,21'(/$0$48,1$10RGHOR1'(6(5,(

+DUQHUR3ODQRGH'REOH&XELHUWD6/.:

/,67$'(5(38(6726
&$17,'$' '(6&5,3&,21 1'(3,(=$
&RUUHD HQ 9 ± $FFLRQDGRU GH
+DUQHUR
$FRSODPLHQWRGH'LVFRGH*RPD
*ROLOODGH6HJXULGDG
*ROLOODGH$FRSODPLHQWR
3HUQRGH$FRSODPLHQWR
&RQM(MH,PSXOVRU')6
&RQM(MH,QWHUPHGLR')6
5HVRUWH'*DOYDQL]DGR
3DVDGRU*URPPHWGHO5HVRUWH
7DSyQ± $FHLWHGHO([FLWDGRU
6HOOR±7DSyQGHO$FHLWH([FLWDGRU
7DSyQ±$FHLWHGHO([FLWDGRU
6HOOR±7DSyQGH$FHLWH([FLWDGRU
([FLWDGRU')6
7XHUFD0RQWDMHGHO([FLWDGRU0
3HUQRGH0RQWDMH([FLWDGRU
&RQM(MH6HFXQGDULR

/DVFDQWLGDGHVPRVWUDGDVVRQSDUDXQKDUQHURYLEUDWRULR

'HEHDQRWDUVHHOORVQ~PHURVGHVHULHGHOHTXLSRFXDQGRSLGDUHSXHVWRV

BBBBBBBBBBBB
GH6FKHQFN3URFHVV

0$18$/'(/+$51(529,%5$725,26&+(1&.

92/80(1

3/$126

BBBBBBBBBBBB
GH6FKHQFN3URFHVV

FLUOR
B2CA-48002-1
18.03.2013
PROYECTO CASERONES
B2CA
B2CA-48002-01
SCREEN 3200-SN-001/002/003/004
1120-GDW-MEC-2-1 2 DE 2
GA - INSTALLATION LAYOUT - 2 DE 2
REV 1
1

PROYECTO CASERONES
B2CA
B2CA-48002-01 FLUOR

B2CA-48002-1
6($/6($0:,7+6,.$)/(;,7(0
3200-SN-001/002 04.09.2012
3820-PLDÑ-MEC-2-2
21$//6($06)2581'(53$1
SCREEN ASSEMBLY
REV 1

601$/
6&5((1
61 6(&7,21))
6(&7,21((

601$/
6&5((1
61
$ '
( (
$

&
% ) )

601$86
',6&+$5*(81'(5)/2:3$1
601$86
)(('81'(5)/2:3$1 ,1&/8'(21(35,172)601$86
,1&/8'(21(35,172)601$86
601$86
,1&/8'(21(35,172)601$86
752//(<
,1&/8'(21(35,172)601$
,1&/8'(21(35,172)601$/
,1&/8'(21(35,172)601$/
6,.$)/(;78%(
) 8%2/73,3(=,1&3/$7('
:$6+(5)/$70+$5'(1('*$/9
:$6+(5)/$70+$5'(1('*$/9
:$6+(5)/$70+$5'(1('*$/9
187+(;1</2&0=3
187+(;1</2&0=3
187+(;1</2&0=3
%2/7+(;+($'&$33/$7('0;00
%2/7+(;+($'&$33/$7('0;00
%2/7+(;+($'&$33/$7('0;00
%2/7+(;+($'&$33/$7('0;00
'(7$,/' '(7$,/& 47< 3$57180%(5 '(6&5,37,21 ,7(0
'(7$,/% 3DUWV/LVW

7<3
PROJECT SHEET
SIZE IF IN DOUBT ASK

A1 DO NOT SCALE
6(&7,21$$ Schenck Process Mining N.A.
This document is confidentail and is made DRAWN
www.schenckprocess.us
SDP TITLE DRAWING No.
available as a confidential disclosure on the

understanding that it shall not be shown to DATE 12/6/2011 KIT - TROLLEY/SCREEN SMNA-000-112125-02
discussed with or transmitted to third
parties, or used for andy other purpose CHECKED SDP
6&$/( SYSTEM INSTALLATION
without the prior written approval of
SCHENCK PROCESS MINING N.A. APPROVED SDP 1:20 REV. 0 SHEET 1 of 1
PROYECTO CASERONES
B2CA

B2CA-48002-01 FLUOR
B2CA-48002-1
3200-SN-003/004 04.09.2012
3820-PLDÑ-MEC-2-1
6($/6($0:,7+6,.$)/(;,7(0
SCREEN ASSEMBLY
21$//6($06)2581'(53$1
REV 1

601$5
6&5((1
61 6(&7,21))

6(&7,21((

601$5
6&5((1
61
$ '
601$
3,3($66(0%/<
( (
$

&
% ) )

601$86
',6&+$5*(81'(5)/2:3$1
601$86
601$86 )(('81'(5)/2:3$1 ,1&/8'(21(35,172)601$86
752//(<$66(0%/<5,*+7+$1' ,1&/8'(21(35,172)601$86
,1&/8'(21(35,172)601$86
,1&/8'(21(35,172)601$
,1&/8'(21(35,172)601$5
,1&/8'(21(35,172)601$5
6,.$)/(;78%(
) 8%2/73,3(=,1&3/$7('
:$6+(5)/$70+$5'(1('*$/9
:$6+(5)/$70+$5'(1('*$/9
:$6+(5)/$70+$5'(1('*$/9
187+(;1</2&0=3
187+(;1</2&0=3
187+(;1</2&0=3
%2/7+(;+($'&$33/$7('0;00
%2/7+(;+($'&$33/$7('0;00
%2/7+(;+($'&$33/$7('0;00
%2/7+(;+($'&$33/$7('0;00
'(7$,/' '(7$,/& 47< 3$57180%(5 '(6&5,37,21 ,7(0
'(7$,/% 3DUWV/LVW

7<3
PROJECT SHEET

6(&7,21$$ Schenck Process Mining N.A. www.schenckprocess.us A1 DO NOT SCALE
7<3 This document is confidentail and is made DRAWN SDP TITLE DRAWING No.
understanding that it shall not be shown to DATE 12/6/2011 KIT - TROLLEY/SCREEN SMNA-000-112125-01
parties, or used for andy other purpose CHECKED SDP
6&$/( SYSTEM INSTALLATION
SCHENCK PROCESS MINING N.A. APPROVED SDP 1:20 REV. 0 SHEET 1 of 1
10642-10000-1211-03
PROYECTO CASERONES 3200-SN-004
B2CA
B2CA-48002-01
3200-SN-004
TAG 3200-SN-004
3820-PLDÑ-MEC-2-14
FLUOR
SCREEN ASSEMBLY N° 2 - LINEA 2 HARNEROS VIBRATORIOS
B2CA-48002-1
REV 1 01.10.2012
10642-10000-1211-04
B2CA
B2CA-48002-01
3200-SN-003
TAG 3200-SN-003
3820-PLDÑ-MEC-2-13
FLUOR
B2CA-48002-1
REV 1 01.10.2012
10642-10000-1211-02
B2CA
B2CA-48002-01 3200-SN-002
TAG 3200-SN-002
3820-PLDÑ-MEC-2-12
FLUOR
B2CA-48002-1
REV 1 01.10.2012
10642-10000-1211-01
B2CA
B2CA-48002-01
3200-SN-001
3200-SN-001
3820-PLDÑ-MEC-2-11
FLUOR
B2CA-48002-1
REV 1 01.10.2012
10642-10000-1211-03
3200-SN-004
PROYECTO CASERONES
B2CA
3200-SN-004
B2CA-48002-01
3200-SN-004
2120-PLDG-MEC-6 FLUOR
SCREEN BODY N°2 - LINEA 2 B2CA-48002-1
18.03.2013
REV 0
10642-10000-1211-04
3200-SN-002
PROYECTO CASERONES
3200-SN-003
B2CA
B2CA-48002-01
3200-SN-003
SCREEN BODY N°1 - LINEA 2
B2CA-48002-1
REV 0 18.03.2013
10642-10000-1211-02
3200-SN-003
PROYECTO CASERONES
3200-SN-002
B2CA
B2CA-48002-01
3200-SN-002
18.03.2013
REV 0
10642-10000-1211-01
3200-SN-001
PROYECTO CASERONES
3200-SN-001
B2CA
B2CA-48002-01
3200-SN-001
REV 0 18.03.2013
*5&. 25: 1"35/6.#&3 %&4$3*15*0/ ."5&3*"- ."44 505"-
64 413*/(#"4&1-"5&
64 413*/(#"4&1-"5&
64 %".1&3$-&7*4
$0/$3&5&
#0-5)&9)%.Y;11$
#0-5)&9)%.Y;11$
#0-5)&9)%.Y;11$
#0-5)&9)%.Y;11$
/65/:-0$.;11$
/65/:-0$.;11$
8"4)&31-"*/.;11$
352<(&72 &$6(521(6 8"4)&3)"3%&/&%
%&$ .("-71$
" " %&$ 8"4)&3)"3%&/&%
+$51(526 9,%5$725,26 &+87(6 .("-71$
61
64 4*%&.&.#&3-)
64 4*%&.&.#&33)
3/'f0(&
64 %*4$)"3(&&/%$3044.&.#&3
,62/$7,21 )5$0( $66(0%/< 64 '&&%&/%$3044.&.#&3
5(9 64 $07&31-"5&
64 $07&31-"5&
."5&3*"-%*.&/4*0/4-*45&%"3&/0.*/"-4*;&40/-:"/%%0/05*/$-6%&" 505"-&45*."5&%."44
803,*/("--08"/$& '"#3*$"5034)"--"%+645$655*/(4*;&450"$)*&7&
3&26*3&%'*/*4)&%4*;&"44)08/0/5)&%3"8*/( LH

FLUOR
B2CA-48002-1
18.07.2013
$534
$
"3&"450'*--8*5)$0/$3&5&
4)08/"4)"5$)&%

4&$5*0/""
4$"-&

1-"/7*&8
'LPHQVLRQVPHDVXUHGIURP 'LPHQVLRQVPHDVXUHGIURP
#
07&3"--

,=$BE=++=$"4&30/&4=*40-"5*0/'3".&=3&7=EXH
$534
7*&8#
7*&8$
127(6$%287,167$//$7,21
6((7+()2//2:,1*'5$:,1*6
.,7752//(<6&5((16<67(0,167$//$7,21752//(< 3/'f0(&
6&5((1$66(0%/<61 3/'f0(&
127(6$%287&21&5(7(,7(0
453&/(5)0'$0/$3&5&.1B
$0/$3&5&%&/4*5:,H.
4-6.1NN450/&"((3&("5&
$0/$3&5&50#&7*#3"5*0/1"$,&%
1305&$55"11&%)0-&48*5).Y#0-54
#&'03&1063*/($0/$3&5&"/%3&.07&
8)&/$0/$3&5&*4)"3%&/&%
130+&$5 4*;& *'*/%06#5"4,

" %0/054$"-&
5IJTEPDVNFOUJTDPOGJEFOUJBMBOEJTNBEF %3"8/ ++" 5*5-& %3"8*/(/P
"%%&%07&3"--%*.&/4*0/4 .% 4%1 4%1 BWBJMBCMFBTBDPOGJEFOUJBMEJTDMPTVSFPOUIF
VOEFSTUBOEJOHUIBUJUTIBMMOPUCFTIPXO
UP EJTDVTTFEXJUIPSUSBOTNJUUFEUPUIJSE
%"5&
4$"-&
4-,89'-"54$3&&/
*446&%'03$0/4536$5*0/ ++" %/ &) QBSUJFT PSVTFEGPSBOZPUIFSQVSQPTF $)&$,&% %/ *40-"5*0/'3".&
3&7 %&4$3*15*0/ %"5& #: $),% "11%
XJUIPVUUIFQSJPSXSJUUFOBQQSPWBMPG
4DIFODL1SPDFTT"VTUSBMJB1UZ-UE "11% &) "44&.#-: 3&7*4*0/
*5&. 25: 1"35/6.#&3 %&4$3*15*0/ ."5&3*"- ."44 505"-
64 413*/(#"4&1-"5&
64 413*/(#"4&1-"5&
64 %".1&3$-&7*4
$0/$3&5&
#0-5)&9)%.Y;11$
#0-5)&9)%.Y;11$
#0-5)&9)%.Y;11$
,167$//63$&(5 #0-5)&9)%.Y;11$
'5$:,1*13/'*0(& /65/:-0$.;11$
/65/:-0$.;11$
8"4)&31-"*/.;11$
8"4)&3)"3%&/&%
.("-71$
352<(&72 &$6(521(6
" " %&$
8"4)&3)"3%&/&%
.("-71$
%&$ 64 4*%&.&.#&3-)
+$51(526 9,%5$725,26 &+87(6 64 4*%&.&.#&33)
61 64 %*4$)"3(&&/%$3044.&.#&3
3/'f0(& 64 '&&%&/%$3044.&.#&3
64 $07&31-"5&
,62/$7,21 )5$0( $66(0%/<
64 $07&31-"5&
5(9 ."5&3*"-%*.&/4*0/4-*45&%"3&/0.*/"-4*;&40/-:"/%%0/05*/$-6%&" 505"-&45*."5&%."44
803,*/("--08"/$& '"#3*$"5034)"--"%+645$655*/(4*;&450"$)*&7&
3&26*3&%'*/*4)&%4*;&"44)08/0/5)&%3"8*/( LH

FLUOR
B2CA-48002-1
$534
18.07.2013
$
"3&"450'*--8*5)$0/$3&5&
4)08/"4)"5$)&%

4&$5*0/""
4$"-&
,167$//63$&(5
'5$:,1*13/'*0(&

1-"/7*&8
#
07&3"--

,=$BE=++=$"4&30/&4=*40-"5*0/'3".&=3&7=EXH
$534
7*&8#
7*&8$
127(6$%287,167$//$7,21
6((7+()2//2:,1*'5$:,1*6
.,7752//(<6&5((16<67(0,167$//$7,21752//(< 3/'f0(&
6&5((1$66(0%/<61 3/'f0(&
127(6$%287&21&5(7(,7(0
453&/(5)0'$0/$3&5&.1B
$0/$3&5&%&/4*5:,H.
4-6.1NN450/&"((3&("5&
$0/$3&5&50#&7*#3"5*0/1"$,&%
1305&$55"11&%)0-&48*5).Y#0-54
#&'03&1063*/($0/$3&5&"/%3&.07&
8)&/$0/$3&5&*4)"3%&/&%
130+&$5 4*;& *'*/%06#5"4,

" %0/054$"-&
%"5&
4$"-&
4-,89'-"54$3&&/
3&7 %&4$3*15*0/ %"5& #: $),% "11%
*5&. 25: 1"35/6.#&3 %&4$3*15*0/ ."5&3*"- ."44 505"-
64 413*/(#"4&1-"5&
64 413*/(#"4&1-"5&
64 %".1&3$-&7*4
$0/$3&5&
#0-5)&9)%.Y;11$
#0-5)&9)%.Y;11$
#0-5)&9)%.Y;11$
#0-5)&9)%.Y;11$
/65/:-0$.;11$
/65/:-0$.;11$
8"4)&31-"*/.;11$
352<(&72 &$6(521(6 8"4)&3)"3%&/&%
%&$ .("-71$
" " %&$
8"4)&3)"3%&/&%
.("-71$
+$51(526 9,%5$725,26 &+87(6
64 4*%&.&.#&3-)
61 64 4*%&.&.#&33)
3/'f0(& 64 %*4$)"3(&&/%$3044.&.#&3
,62/$7,21 )5$0( $66(0%/< 64 '&&%&/%$3044.&.#&3
5(9 64 $07&31-"5&
64 $07&31-"5&
."5&3*"-%*.&/4*0/4-*45&%"3&/0.*/"-4*;&40/-:"/%%0/05*/$-6%&" 505"-&45*."5&%."44
803,*/("--08"/$& '"#3*$"5034)"--"%+645$655*/(4*;&450"$)*&7&
3&26*3&%'*/*4)&%4*;&"44)08/0/5)&%3"8*/( LH

FLUOR
B2CA-48002-1
$534
18.07.2013
$
"3&"450'*--8*5)$0/$3&5&
4)08/"4)"5$)&%

4&$5*0/""
4$"-&

1-"/7*&8
#
07&3"--

,=$BE=++=$"4&30/&4=*40-"5*0/'3".&=3&7=EXH
$534
7*&8#
7*&8$
127(6$%287,167$//$7,21
6((7+()2//2:,1*'5$:,1*6
.,7752//(<6&5((16<67(0,167$//$7,21752//(< 3/'f0(&
6&5((1$66(0%/<61 3/'f0(&
127(6$%287&21&5(7(,7(0
453&/(5)0'$0/$3&5&.1B
$0/$3&5&%&/4*5:,H.
4-6.1NN450/&"((3&("5&
$0/$3&5&50#&7*#3"5*0/1"$,&%
1305&$55"11&%)0-&48*5).Y#0-54
#&'03&1063*/($0/$3&5&"/%3&.07&
8)&/$0/$3&5&*4)"3%&/&%
130+&$5 4*;& *'*/%06#5"4,

" %0/054$"-&
%"5&
4$"-&
4-,89'-"54$3&&/
3&7 %&4$3*15*0/ %"5& #: $),% "11%
*5&. 25: 1"35/6.#&3 %&4$3*15*0/ ."5&3*"- ."44 505"-
64 413*/(#"4&1-"5&
64 413*/(#"4&1-"5&
64 %".1&3$-&7*4
$0/$3&5&
#0-5)&9)%.Y;11$
#0-5)&9)%.Y;11$
#0-5)&9)%.Y;11$
352<(&72 &$6(521(6
,167$//63$&(5 #0-5)&9)%.Y;11$
'5$:,1*13/'*0(& %&$
/65/:-0$.;11$
%&$ /65/:-0$.;11$
+$51(526 9,%5$725,26 &+87(6 8"4)&31-"*/.;11$
61 8"4)&3)"3%&/&%
3/'f0(& .("-71$
" " ,62/$7,21 )5$0( $66(0%/<
8"4)&3)"3%&/&%
.("-71$
5(9
64 4*%&.&.#&3-)
64 4*%&.&.#&33)
64 %*4$)"3(&&/%$3044.&.#&3
64 '&&%&/%$3044.&.#&3
64 $07&31-"5&
64 $07&31-"5&
."5&3*"-%*.&/4*0/4-*45&%"3&/0.*/"-4*;&40/-:"/%%0/05*/$-6%&" 505"-&45*."5&%."44
803,*/("--08"/$& '"#3*$"5034)"--"%+645$655*/(4*;&450"$)*&7&
3&26*3&%'*/*4)&%4*;&"44)08/0/5)&%3"8*/( LH

FLUOR
$534
B2CA-48002-1
18.07.2013
$
"3&"450'*--8*5)$0/$3&5&
4)08/"4)"5$)&%

4&$5*0/""
4$"-&
,167$//63$&(5
'5$:,1*13/'*0(&

1-"/7*&8
#
07&3"--

,=$BE=++=$"4&30/&4=*40-"5*0/'3".&=3&7=EXH
$534
7*&8#
7*&8$
127(6$%287,167$//$7,21
6((7+()2//2:,1*'5$:,1*6
.,7752//(<6&5((16<67(0,167$//$7,21752//(< 3/'f0(&
6&5((1$66(0%/<61 3/'f0(&
127(6$%287&21&5(7(,7(0
453&/(5)0'$0/$3&5&.1B
$0/$3&5&%&/4*5:,H.
4-6.1NN450/&"((3&("5&
$0/$3&5&50#&7*#3"5*0/1"$,&%
1305&$55"11&%)0-&48*5).Y#0-54
#&'03&1063*/($0/$3&5&"/%3&.07&
8)&/$0/$3&5&*4)"3%&/&%
130+&$5 4*;& *'*/%06#5"4,

" %0/054$"-&
%"5&
4$"-&
4-,89'-"54$3&&/
3&7 %&4$3*15*0/ %"5& #: $),% "11%
PROYECTO CASERONES
B2CA
B2CA-48002-01
SCREEN 3200-SN-004
3820-PLDÑ-MEC-2-24
SCREEN TOP DECK ASSEMBLY N°4
REV 2
FLUOR
B2CA-48002-1
18.03.2013
PROYECTO CASERONES
B2CA
B2CA-48002-01
SCREEN 3200-SN-003
3820-PLDÑ-MEC-2-22
REV 2
FLUOR
B2CA-48002-1
18.03.2013
PROYECTO CASERONES
B2CA
B2CA-48002-01
SCREEN 3200-SN-002
3820-PLDÑ-MEC-2-20
REV 2
FLUOR
B2CA-48002-1
18.03.2013
PROYECTO CASERONES
B2CA
B2CA-48002-01
SCREEN 3200-SN-001
3820-PLDÑ-MEC-2-3
REV 2
FLUOR
B2CA-48002-1
18.03.2013
PROYECTO CASERONES
B2CA
B2CA-48002-01
SCREEN 3200-SN-004
3820-PLDÑ-MEC-2-25
SCREEN BOTTOM DECK ASSEMBLY N°4
REV 2
FLUOR
B2CA-48002-1
18.03.2013
PROYECTO CASERONES
B2CA
B2CA-48002-01
SCREEN 3200-SN-002
3820-PLDÑ-MEC-2-21
REV 2
FLUOR
B2CA-48002-1
18.03.2013
PROYECTO CASERONES
B2CA
B2CA-48002-01
SCREEN 3200-SN-002
3820-PLDÑ-MEC-2-21
REV 2
FLUOR
B2CA-48002-1
18.03.2013
PROYECTO CASERONES
B2CA
B2CA-48002-01
SCREEN 3200-SN-001
3820-PLDÑ-MEC-2-4
REV 2
FLUOR
B2CA-48002-1
18.03.2013
601$ *$6.(73,3()/$1*(
601$ 3,3(+($'(5
601$ 3,3(+($'(5
601$ 3,3(+($'(5
601$ )/$1*(%/$1.,1*&/$66
601$ 3,3(+($'(5
601$ 3,3(+($'(5
601$ *$6.(73,3()/$1*(
601$ :(/'0(173,3((/%2:7<3(

601$ :(/'0(173,3((/%2:7<3(
601$ :(/'0(173,3((/%2:7<3(
601$ :(/'0(173,3((/%2:7<3(

601$ 635$<%$5%27720'(&.
601$ &5266+($'(5723'(&.',6&+$5*((1'
601$ 635$<%$5723'(&.',6&+$5*((1'

601$ 635$<%$5723'(&.)(('(1'
601$ &5266+($'(5723'(&.)(('(1'
:$6+(5)/$70+$5'(1('
:$6+(5)/$70+$5'(1('
187+(;1</2&0=3
187+(;1</2&0=3
%2/7+(;+($'&$33/$7('0;00
%2/7+(;+($'&$33/$7('0;00
47< 3$57180%(5 '(6&5,37,21 ,7(0
601$3$576/,67

352<(&72 &$6(521(6
%&$
%&$
+$51(526 9,%5$725,26 &+87(6
61 61
/<70(&
635$<%$5 $66(0%/< /,1($ GH
5(9

)/825
+$51(5269,%5$725,26
%&$

7<3

7<3*$6.(7$1'+$5':$5()25

$//)/$1*(&211(&7,216

$

$

352-(&7 6+((7
6,=( ,),1'28%7$6.

6FKHQFN3URFHVV0LQLQJ1$ ZZZVFKHQFNSURFHVVXV $ '21276&$/(

7KLVGRFXPHQWLVFRQILGHQWDLODQGLVPDGH '5$:1 -/7 7,7/( '5$:,1*1R
DYDLODEOHDVDFRQILGHQWLDOGLVFORVXUHRQWKH
6/.:;)/$76&5((1
6(&7,21$$
XQGHUVWDQGLQJWKDWLWVKDOOQRWEHVKRZQWR
GLVFXVVHGZLWKRUWUDQVPLWWHGWRWKLUG
'$7(
6&$/( 635$<%$56<67(0 601$
SDUWLHVRUXVHGIRUDQG\RWKHUSXUSRVH &+(&.(' -/7
ZLWKRXWWKHSULRUZULWWHQDSSURYDORI
6&+(1&.352&(660,1,1*1$ $33529(' 6'3 ),1$/$66(0%/<5+ 5(9 6+((7RI
352<(&72 &$6(521(6
%&$
%&$
+$51(526 9,%5$725,26 &+87(6
61 61
/<70(&
635$<%$5 $66(0%/< /,1($ GH

7<3*$6.(7$1'+$5':$5()25 5(9
$//)/$1*(&211(&7,216

5()127(
)/825
+$51(5269,%5$725,26
%&$

5()127(

5()127(
5()127(

7<3

5()127(

5()127(

601$ *$6.(73,3()/$1*(
601$ 3,3(+($'(5
601$ 3,3(+($'(5
601$ 3,3(+($'(5
601$ )/$1*(%/$1.,1*&/$66
127(6$66(0%/<6+,33,1*,16758&7,216 601$ 3,3(+($'(5
601$ 3,3(+($'(5
$66(0%/(,7(06$1'6(7635,25726+,30(1786,1* 601$ *$6.(73,3()/$1*(
,7(06 601$ :(/'0(173,3((/%2:7<3(
$66(0%/(,7(06$1'6(7635,25726+,30(1786,1*
601$ :(/'0(173,3((/%2:7<3(
,7(06
$66(0%/(,7(06$1'35,25726+,30(1786,1*,7(06 601$ :(/'0(173,3((/%2:7<3(
601$ :(/'0(173,3((/%2:7<3(
$66(0%/(,7(06$1'35,25726+,30(1786,1*,7(06 601$ 635$<%$5%27720'(&.
601$ &5266+($'(5723'(&.',6&+$5*((1'
+($'(572%(),(/':(/'(''85,1*),1$/,167$//$7,21 601$ 635$<%$5723'(&.',6&+$5*((1'
$//27+(5)/$1*(&211(&7,21672%($66(0%/(',1),(/' 601$ 635$<%$5723'(&.)(('(1'
86,1*,7(06
601$ &5266+($'(5723'(&.)(('(1'
:$6+(5)/$70+$5'(1('
:$6+(5)/$70+$5'(1('
187+(;1</2&0=3
187+(;1</2&0=3
%2/7+(;+($'&$33/$7('0;00
%2/7+(;+($'&$33/$7('0;00
47< 3$57180%(5 '(6&5,37,21 ,7(0
601$3$576/,67
352-(&7 6+((7
6,=( ,),1'28%7$6.
3/($6(6((6+((7)25$'',7,21$/
'(7$,/6$1'5()(5(1&(',0(16,216 6FKHQFN3URFHVV0LQLQJ1$ ZZZVFKHQFNSURFHVVXV $ '21276&$/(
7KLVGRFXPHQWLVFRQILGHQWDLODQGLVPDGH '5$:1 -/7 7,7/( '5$:,1*1R

DYDLODEOHDVDFRQILGHQWLDOGLVFORVXUHRQWKH
6/.:;)/$76&5((1
XQGHUVWDQGLQJWKDWLWVKDOOQRWEHVKRZQWR
GLVFXVVHGZLWKRUWUDQVPLWWHGWRWKLUG
'$7(
6&$/( 635$<%$56<67(0 601$
SDUWLHVRUXVHGIRUDQG\RWKHUSXUSRVH &+(&.(' -/7
ZLWKRXWWKHSULRUZULWWHQDSSURYDORI
6&+(1&.352&(660,1,1*1$ $33529(' 6'3 ),1$/$66(0%/<5+ 5(9 6+((7RI
601$ *$6.(73,3()/$1*(

601$ 3,3(+($'(5
601$ 3,3(+($'(5
601$ 3,3(+($'(5
601$ )/$1*(%/$1.,1*&/$66
601$ 3,3(+($'(5
601$ 3,3(+($'(5
601$ *$6.(73,3()/$1*(
601$ :(/'0(173,3((/%2:7<3(

601$ :(/'0(173,3((/%2:7<3(
601$ :(/'0(173,3((/%2:7<3(
601$ :(/'0(173,3((/%2:7<3(
601$ 635$<%$5%27720'(&.
7<3 601$ &5266+($'(5723'(&.',6&+$5*((1'
601$ 635$<%$5723'(&.',6&+$5*((1'
601$ 635$<%$5723'(&.)(('(1'
601$ &5266+($'(5723'(&.)(('(1'
:$6+(5)/$70+$5'(1('
:$6+(5)/$70+$5'(1('

187+(;1</2&0=3
187+(;1</2&0=3
%2/7+(;+($'&$33/$7('0;00
%2/7+(;+($'&$33/$7('0;00

47< 3$57180%(5 '(6&5,37,21 ,7(0

601$3$576/,67
PROYECTO CASERONES
B2CA
B2CA-48002-01
3200-SN-001 / 3200-SN-002
3520-LYT-MEC-2-2
SPRAYBAR ASSEMBLY LINEA 1 (2 de 2)
REV 1

FLUOR
B2CA-48002-1
01.10.2012

7<3*$6.(7$1'+$5':$5()25

$//)/$1*(&211(&7,216 $

$

PROJECT SHEET

Schenck Process Mining N.A. www.schenckprocess.us A1 DO NOT SCALE
This document is confidentail and is made DRAWN JLT TITLE DRAWING No.
understanding that it shall not be shown to DATE 11/21/2011 SLK4361WX FLAT SCREEN SMNA-000-280019-02
6(&7,21$$
6&$/( SPRAY BAR SYSTEM
parties, or used for andy other purpose CHECKED JLT
SCHENCK PROCESS MINING N.A. APPROVED SDP 1/20 FINAL ASSEMBLY - LH REV. 0 SHEET 2 of 2
6 4 2 23 19 PROYECTO CASERONES
B2CA
18
REF NOTE 3 B2CA-48002-01
12 HARNEROS VIBRATORIOS + CHUTES
3200-SN-001 / 3200-SN-002
3520-LYT-MEC-2-1
6 4 2 23 19
SPRAYBAR ASSEMBLY LINEA 1 (1 de 2)
REV 1
REF NOTE 4
21
FLUOR
B2CA-48002-1
01.10.2012
7
13
TYP
(9)
REF NOTE 1
8
17
REF NOTE 2
11 9 TYP GASKET AND HARDWARE FOR

5 3 1 16 ALL 3" FLANGE CONNECTIONS
10
11
14
17
11
7 20
15
REF NOTE 1
REF NOTE 2
9
11
10
22
2 SMNA-000-281063-01 GASKET, 12" PIPE FLANGE 23

11
1 SMNA-000-281060-02 12" PIPE HEADER 22
1 SMNA-000-281056-02 12" PIPE HEADER 21
NOTES: (ASSEMBLY / SHIPPING INSTRUCTIONS)
1 SMNA-000-281054-02 12" PIPE HEADER 20
1. ASSEMBLE ITEMS 7 AND 8 (2 SETS) PRIOR TO SHIPMENT. USING 2 SMNA-000-281053-01 FLANGE, 12", BLANKING, CLASS 150 19
ITEMS 1, 3, 5 & 16. 1 SMNA-000-281052-01 12" PIPE HEADER 18
2. ASSEMBLE ITEMS 9 AND 10 (2 SETS) PRIOR TO SHIPMENT. USING 11 2 SMNA-000-281050-01 12" PIPE HEADER 17
ITEMS 1, 3, 5 & 16. 18 SMNA-000-281024-01 GASKET, 3" PIPE FLANGE 16
3. ASSEMBLE ITEMS 19 AND 18 PRIOR TO SHIPMENT. USING ITEMS 1 SMNA-000-280021-04 WELDMENT PIPE ELBOW TYPE 4 15
2, 4, 6 & 23.
4. ASSEMBLE ITEMS 19 AND 21 PRIOR TO SHIPMENT. USING ITEMS 1 SMNA-000-280021-03 WELDMENT PIPE ELBOW TYPE 3 14
2, 4, 6 & 23. 1 SMNA-000-280021-02 WELDMENT PIPE ELBOW TYPE 2 13
5. 12" HEADER TO BE FIELD WELDED DURING FINAL INSTALLATION. 1 SMNA-000-280021-01 WELDMENT PIPE ELBOW TYPE 1 12
ALL OTHER 3" FLANGE CONNECTIONS TO BE ASSEMBLED IN FIELD 6 SMNA-000-280020-09 SPRAY BAR BOTTOM DECK 11
USING ITEMS 1, 3, 5 & 16. 2 SMNA-000-280020-07 CROSS HEADER TOP DECK DISCHARGE END 10
2 SMNA-000-280020-05 SPRAY BAR TOP DECK DISCHARGE END 9
2 SMNA-000-280020-02 SPRAY BAR TOP DECK FEED END 8
2 SMNA-000-280020-01 CROSS HEADER TOP DECK FEED END 7
24 000-550001-20 WASHER FLAT M20 HARDENED 6
72 000-550001-16 WASHER FLAT M16 HARDENED 5
24 000-540003-20 NUT HEX NYLOC M20 ZP 4
72 000-540003-16 NUT HEX NYLOC M16 ZP 3
24 000-510100-20 BOLT HEX HEAD CAP PLATED M20 X 100MM 2
72 000-510080-16 BOLT HEX HEAD CAP PLATED M16 X 80MM 1
QTY PART NUMBER DESCRIPTION ITEM
SMNA-000-280019-02 PARTS LIST
PROJECT SHEET
*PLEASE SEE SHEET 2 FOR ADDITIONAL SIZE IF IN DOUBT ASK
DETAILS AND REFERENCE DIMENSIONS 10642-0000
Schenck Process Mining N.A. www.schenckprocess.us A1 DO NOT SCALE
This document is confidentail and is made DRAWN JLT TITLE DRAWING No.
understanding that it shall not be shown to DATE 11/21/2011 SLK4361WX FLAT SCREEN SMNA-000-280019-02
SCALE SPRAY BAR SYSTEM
parties, or used for andy other purpose CHECKED JLT
SCHENCK PROCESS MINING N.A. APPROVED SDP 1/20 FINAL ASSEMBLY - LH REV. 0 SHEET 1 of 2
352<(&72 &$6(521(6
%&$
%&$ )/825
+$51(5269,%5$725,26
+$51(526 9,%5$725,26 &+87(6
%&$
6&5((1 61
3/'f0(&
'5,9( $66(0%/< 1
5(9
1 de 4
352<(&72 &$6(521(6
%&$
%&$ )/825
+$51(5269,%5$725,26
+$51(526 9,%5$725,26 &+87(6
%&$
6&5((1 61
3/'f0(&
'5,9( $66(0%/< 1
5(9
1 de 4
352<(&72 &$6(521(6
%&$
%&$ )/825
+$51(526 9,%5$725,26 &+87(6 +$51(5269,%5$725,26
%&$
6&5((1 61
3/'f0(&
'5,9( $66(0%/< 1
5(9
1 de 4
352<(&72 &$6(521(6
%&$
%&$ )/825
+$51(526 9,%5$725,26 &+87(6 +$51(5269,%5$725,26
%&$
6&5((1 61
3/'f0(&
'5,9( $66(0%/< 1
5(9
1 de 4
PROYECTO CASERONES
B2CA
B2CA-48002-01 FLUOR
HARNEROS VIBRATORIOS + CHUTES B2CA-48002-1
SCREEN 3200-SN-004 18.03.2013
3820-PLDÑ-MEC-2-33
DRIVE SHAFT ASSEMBLY 4
REV 2
PROYECTO CASERONES
B2CA
B2CA-48002-01 FLUOR
SCREEN 3200-SN-003 18.03.2013
3820-PLDÑ-MEC-2-30
REV 2
PROYECTO CASERONES
B2CA
B2CA-48002-01 FLUOR
SCREEN 3200-SN-002 18.03.2013
3820-PLDÑ-MEC-2-27
REV 2
PROYECTO CASERONES
B2CA
B2CA-48002-01 FLUOR
B2CA-48002-1
SCREEN 3200-SN-001 18.03.2013
3820-PLDÑ-MEC-2-6
REV 2
PROYECTO CASERONES
B2CA
B2CA-48002-01 FLUOR
SCREEN 3200-SN-004 18.03.2013
3820-PLDÑ-MEC-2-34
INTERMEDIATE SHAFT ASSEMBLY N°4
REV 2
BS 1 DE 4
1
0 FOR CONSTRUCTION 10.01.12 BS FM GA
PROYECTO CASERONES
B2CA
B2CA-48002-01 FLUOR
18.03.2013
SCREEN 3200-SN-003
3820-PLDÑ-MEC-2-31
REV 2
BS 1 DE 4
1
PROYECTO CASERONES
B2CA
B2CA-48002-01 FLUOR
18.03.2013
SCREEN 3200-SN-002
3820-PLDÑ-MEC-2-28
REV 2
BS 1 DE 4
1
PROYECTO CASERONES
B2CA
B2CA-48002-01 FLUOR
B2CA-48002-1
SCREEN 3200-SN-001 18.03.2013
3820-PLDÑ-MEC-2-7
REV 2
BS 1 DE 4
1

B2ca 48002 01 00247 2 D

Uploaded by

Document Information

Original Title

Copyright

Available Formats

Share this document

Share or Embed Document

Sharing Options

Did you find this document useful?

Is this content inappropriate?

Copyright:

Available Formats

B2ca 48002 01 00247 2 D

Uploaded by

Copyright:

Available Formats

HARNEROS VIBRATORIOS + CHUTES

available as a confidential disclosure on the

130+&$5 4;& '*/%06#5"4,

130+&$5 4;& '*/%06#5"4,

130+&$5 4;& '*/%06#5"4,

130+&$5 4;& '*/%06#5"4,

7KLVGRFXPHQWLVFRQILGHQWDLODQGLVPDGH '5$:1 -/7 7,7/( '5$:,1*1R

11 9 TYP GASKET AND HARDWARE FOR

2 SMNA-000-281063-01 GASKET, 12" PIPE FLANGE 23

You might also like

B2ca 48002 01 00247 2 D

Uploaded by

Document Information

Original Title

Copyright

Available Formats

Share this document

Share or Embed Document

Sharing Options

Did you find this document useful?

Is this content inappropriate?

Copyright:

Available Formats

B2ca 48002 01 00247 2 D

Uploaded by

Copyright:

Available Formats

HARNEROS VIBRATORIOS + CHUTES

  

available as a confidential disclosure on the

  

130+&$5 4*;& *'*/%06#5"4,

130+&$5 4*;& *'*/%06#5"4,

130+&$5 4*;& *'*/%06#5"4,

130+&$5 4*;& *'*/%06#5"4,

7KLVGRFXPHQWLVFRQILGHQWDLODQGLVPDGH '5$:1 -/7 7,7/( '5$:,1*1R

11 9 TYP GASKET AND HARDWARE FOR

2 SMNA-000-281063-01 GASKET, 12" PIPE FLANGE 23

You might also like

130+&$5 4;& '*/%06#5"4,

130+&$5 4;& '*/%06#5"4,

130+&$5 4;& '*/%06#5"4,

130+&$5 4;& '*/%06#5"4,

7KLVGRFXPHQWLVFRQILGHQWDLODQGLVPDGH '5$:1 -/7 7,7/( '5$:,1*1R