&RPSXWDGRUD

0iTXLQD
'LJLWDO
6LQFUyQLFD
&iOFXOR1XPpULFR
&DOFXOROyJLFR
&RQWURODGDSRUSURJUDPD
&RPXQLFDFLyQFRQHOPXQGRH[WHULRU


$UTXLWHFWXUDGH&RPSXWDGRUDV
$UTXLWHFWXUD$WULEXWRVGHXQVLVWHPDTXHWLHQHQXQ
LPSDFWRGLUHFWRHQODHMHFXFLyQOyJLFDGHXQ
SURJUDPD
$WULEXWRVYLVLEOHVSDUDXQSURJUDPDGRU
(MHPSORV &RQMXQWRGHLQVWUXFFLRQHVQURGHELWV
XVDGRVSDUDUHSUHVHQWDUWLSRVGHGDWRVQXPpULFRVR
FDUDFWHUHVWpFQLFDVGHGLUHFFLRQDPLHQWRGH
PHPRULDPHFDQLVPRVGH(6HWF
(M([LVWHODLQVWUXFFLyQGHPXOWLSOLFDFLyQ"


$UTXLWHFWXUDGH&RPSXWDGRUDV
2UJDQL]DFLyQ5HILHUHDODVXQLGDGHVIXQFLRQDOHV\VXV
LQWHUFRQH[LRQHVTXHGDQOXJDUDHVSHFLILFDFLRQHV
DUTXLWHFWyQLFDV
&RPRVRQLPSOHPHQWDGRVHVRVDWULEXWRV
$WULEXWRVGHRUJDQL]DFLyQ'HWDOOHVGHKDUGZDUH
WUDQVSDUHQWHVDOSURJUDPDGRUVHxDOHVGHFRQWURO
LQWHUIDFHVHQWUHHOFRPSXWDGRU\ORVSHULIpULFRVWHFQRORJtD
GHPHPRULDIUHFXHQFLDGHOUHORMHWF
(M([LVWHODXQLGDGGHPXOWLSOLFDFLyQSRUKDUGZDUHRVH
UHDOL]DSRUVXPDVUHSHWLGDV"


)DPLOLDVGHFRPSXWDGRUDV
)DEULFDQWHVRIUHFHQXQDIDPLOLDGHPRGHORVGH
FRPSXWDGRUDV
7RGDVFRQODPLVPDDUTXLWHFWXUDSHURFRQGLVWLQWD
RUJDQL]DFLyQ
/RVLQWHJUDQWHVGHXQDIDPLOLDWLHQHQSUHFLRV\
SUHVWDFLRQHVGLVWLQWDV
$UTXLWHFWXUDSXHGHVREUHYLYLUPXFKRVDxRVSHUROD
RUJDQL]DFLyQHYROXFLRQDFRQODWHFQRORJtD
$UTXLWHFWXUD,%0VLVWHPD


 0LFURFRPSXWDGRUDV5HODFLyQHQWUHDUTXLWHFWXUD\
RUJDQL]DFLyQHVPX\HVWUHFKD
&DPELRVWHFQROyJLFRVLQIOX\HQHQODRUJDQL]DFLyQ\
JHQHUDQDUTXLWHFWXUDVPDVULFDV\SRWHQWHV
+D\PHQRVUHTXLVLWRVGHFRPSDWLELOLGDGHQWUHPRGHORV

(MHPSORVRQORVFRPSXWDGRUHV5,6&5HGXFHG
,QVWUXFWLRQ6HW&RPSXWHU
$TXt PD\RULQWHUDFFLyQHQWUHGLVHxR
DUTXLWHFWyQLFR\GHRUJDQL]DFLyQ


(VWUXFWXUD\)XQFLRQDPLHQWR
&RPSXWDGRU(VXQVLVWHPDFRQVWLWXLGRGHXQFRQMXQWR
GHFRPSRQHQWHVLQWHUUHODFLRQDGRV
/DRUJDQL]DFLyQGHXQFRPSXWDGRUHVMHUiUTXLFD
(VQHFHVDULRWUDWDUFRQXQQLYHOSDUWLFXODUGHOVLVWHPDDOD
YH]
'HFDGDQLYHODOGLVHxDGRUOHLQWHUHVD
(VWUXFWXUD&RPRVHLQWHUFRQHFWDQORVFRPSRQHQWHV
)XQFLyQ ODRSHUDFLyQGHFDGDFRPSRQHQWHLQGLYLGXDO
FRPRSDUWHGHODHVWUXFWXUD


(VWUXFWXUD\)XQFLRQDPLHQWR
&RPSXWDGRUHVXQVLVWHPDFRPSOHMR
1DWXUDOH]DMHUiUTXLFDGHORVVLVWHPDFRPSOHMRV
6LVWHPDMHUiUTXLFR VXEVLVWHPDVLQWHUUHODFLRQDGRV
&DGDXQRGHORVFXDOHVVHRUJDQL]DHQXQD
HVWUXFWXUDMHUiUTXLFDKDVWDHOQLYHOPiVEDMRGHO
VXEVLVWHPDHOHPHQWDO
(QFDGDQLYHOLQWHUHVD(VWUXFWXUD \
IXQFLRQDPLHQWR


(VWUXFWXUD\IXQFLRQDPLHQWR
(VWUXFWXUD0RGRHQTXHORVFRPSRQHQWHV
HVWiQLQWHUUHODFLRQDGRV
)XQFLRQDPLHQWR ODRSHUDFLyQGHFDGD
FRPSRQHQWHLQGLYLGXDOFRPRSDUWHGHOD
HVWUXFWXUD
(QWpUPLQRVGHGHVFULSFLyQGHDUULEDDEDMR
WRSGRZQHVFODUD\HIHFWLYDGHVFRPSRQHUHO
VLVWHPD


(VWUXFWXUD\IXQFLRQDPLHQWR
)XQFLRQHVEiVLFDVGHXQFRPSXWDGRU
3URFHVDPLHQWRGHGDWRV
$OPDFHQDPLHQWRGHGDWRVFRUWRODUJRSOD]R
7UDQVIHUHQFLDVGHGDWRV(QWUDGDVDOLGD &RPXQLFDFLyQGH
GDWRV
&RQWURO'HODVWUHVDQWHULRUHV JHVWLRQDU\GLULJLUSRUPHGLR
GHLQVWUXFFLRQHV

1~PHURGHRSHUDFLRQHVSRVLEOHVTXHSXHGHQVHU
UHDOL]DGDVHVSHTXHxR
3RVLEOHVRSHUDFLRQHVGHXQFRPSXWDGRU


9LVLyQIXQFLRQDOGHXQFRPSXWDGRU
5HFXUVRGH
DOPDFHQDPLHQWR
GHGDWRV

(QWRUQR2SHUDWLYR
)XHQWH\GHVWLQR
GHGDWRV

6LVWHPD
7UDQVIHUH
QFLDGH
GDWRV

0HFDQLVPR
GH&RQWURO

5HFXUVRGH
3URFHVDPLHQWRGH
'DWRV


2SHUDFLRQHV
7UDQVIHUHQFLDGHGDWRV
HJNH\ERDUGWRVFUHHQ
7UDQVIHUH
QFLDGH
GDWRV

$OPDFHQDPLHQWR

0HFDQLVPR
GHFRQWURO

3URFHVDPLHQWR



2SHUDFLRQHV
$OPDFHQDPLHQWR
HJ,QWHUQHWGRZQORDGWRGLVN
6LVWHPD
WUDQVIHUHQ
FLDGH
GDWRV

$OPDFHQDPLHQWR

0HFDQLVPR
GH&RQWURO

3URFHVDPLHQWR



2SHUDFLRQHV
3URFHVDPLHQWRGHKDFLDDOPDFHQDPLHQWR
HJ$FWXDOL]DFLRQGHHVWDGRVEDQFDULRV

7UDQVIHUH
QFLDGH
GDWRV

$OPDFHQDPLHQWR

0HFDQLVPRGH
&RQWURO

3URFHVDPLHQWR



2SHUDFLRQHV
3URFHVDPLHQWRGHVGHDOPDFHQDPLHQWR D(6
(M,PSUHVLyQGHHVWDGRVEDQFDULRV
$OPDFHQDPLHQWR

7UDQVIHUH
QFLD

0HFDQLVPRGH
&RQWURO

3URFHVDPLHQWR



2SHUDFLRQHV
/DVRSHUDFLRQHVGHWDOODGDVSXHGHQSDUHFHUDEVXUGDPHQWH
JHQHUDOL]DGDSHUR
+D\VRUSUHQGHQWHPHQWHPX\SRFDVIRUPDVGHHVWUXFWXUDVGH
FRPSXWDGRUHVTXHVHDMXVWHQDODIXQFLRQTXHYDDVHUOOHYDGDD
FDER(QODUDL]GHHVWRVXE\DFHHOSUREOHPDGHODQDWXUDOH]DGH
XVRJHQHUDOGHFRPSXWDGRUHVHQODFXDOWRGDODHVSHFLDOL]DFLRQ
IXQFLRQDORFXUUHFXDQGRVHSURJUDPD\QRFXDQGRVHGLVHxD
6,(:



(VWUXFWXUDGHXQDFRPSXWDGRUD
&RPRVHLQWHUFRQHFWDQORVFRPSRQHQWHV
(OFRPSXWDGRUHVXQDHQWLGDGTXHLQWHUDFW~D
FRQVXHQWRUQRH[WHUQR
([LVWHQFXDWURFRPSRQHQWHVHVWUXFWXUDOHV
SULQFLSDOHV
8QLGDG&HQWUDOGH3URFHVDPLHQWRSURFHVDGRU
0HPRULD3ULQFLSDODOPDFHQDGDWRV
(QWUDGD6DOLGDWUDQVILHUHQGDWRVHQWUHHOFRPSXWDGRU
\HOHQWRUQRH[WHUQR
6LVWHPDGH,QWHUFRQH[LyQPHFDQLVPRGHFRQH[LyQ 
HQWUHOD&38ODPHPRULD\OD(6

(VWUXFWXUDGHOQLYHOVXSHULRU
3HULSKHUDOV

&RPSXWHU
&HQWUDO
3URFHVVLQJ
8QLW

&RPSXWHU

0DLQ
0HPRU\

6\VWHPV
,QWHUFRQQHFWLRQ

,QSXW
2XWSXW
&RPPXQLFDWLRQ
OLQHV




(VWUXFWXUDGHOD&38
&38
&RPSXWHU

$ULWKPHWLF
DQG
/RJLQ8QLW

5HJLVWHUV

,2
&38

6\VWHP
%XV

,QWHUQDO&38
,QWHUFRQQHFWLRQ

0HPRU\

&RQWURO
8QLW



(VWUXFWXUDGHOD&38
8QLGDG&HQWUDOGH3URFHVDPLHQWR 6XV
SULQFLSDOHVFRPSRQHQWHVHVWUXFWXUDOHV

8QLGDGGHFRQWURO
8QLGDGDULWPpWLFROyJLFD$/8
5HJLVWURV
,QWHUFRQH[LRQHV&38PHFDQLVPRVTXH
SURSRUFLRQDQFRPXQLFDFLyQHQWUHOD8&OD$/8\ORV
UHJLVWURV




(VWUXFWXUDGHOD8QLGDGGH&RQWURO
8QLGDGGH&RQWURO &RQWURODHOIXQFLRQDPLHQWR
GHOD&38\SRUWDQWRGHODFRPSXWDGRUD
,PSOHPHQWDFLyQPLFURSURJUDPDGDDFWXD
HMHFXWDQGRPLFURLQVWUXFFLRQHVTXHGHILQHQVX
IXQFLRQDOLGDG
6XHVWUXFWXUD
0HPRULDGHFRQWURO
/yJLFD6HFXHQFLDO
5HJLVWURV\GHFRGLILFDGRUHV





*HQHUDFLRQHVGH&RPSXWDGRUDV
(YROXFLyQ\SUHVWDFLRQHV
/DHYROXFLyQGHORVFRPSXWDGRUHVVHKD
FDUDFWHUL]DGRSRU
,QFUHPHQWRGHODYHORFLGDGGHOSURFHVDGRU
'LVPLQXFLyQGHOWDPDxRGHORVFRPSRQHQWHV
$XPHQWRGHOWDPDxRGHPHPRULD
$XPHQWRGHODFDSDFLGDGGH(6\GHOD
YHORFLGDG


3ULPHUDJHQHUDFLyQWXERVGHYDFtR
(1,$& 0DXFKO\\(FNHUW,QLFLDQ
3ULPHUFRPSXWDGRUHOHFWUyQLFRGHSURSyVLWRJHQHUDO
GHOPXQGR
0iTXLQDGHFLPDOUHDOL]DEDVHJ
&RQWHQtDPDVGHWXERV
3HVDEDWRQHODGDV\RFXSDEDSLHV
FXDGUDGRV
6HSURJUDPDEDPDQXDOPHQWHFRQPXWDGRUHV\
FRQHFWDQGR\GHVFRQHFWDQGRFDEOHV
1XHYDHUDGHFRPSXWDGRUHVHOHFWUyQLFRV 

0DQFKHVWHU8QLYHUVLW\0DUN,
/RVVXSHUFRPSXWDGRUHVGHXQJUDQYROXPHQ\DOWR
SUHFLRKDQVLGRODUJDPHQWHGHVSOD]DGRVSRU
PiTXLQDVGHWDPDxRPHQRU\SUHFLRPHQRUTXH
RIUHFHQPHMRUSURPHGLRGHSHUIRUPDQFH\SUHFLR

6RXUFHKWWSZZZSDUDORJRVFRP'HDG6XSHU


3ULPHUDJHQHUDFLyQWXERVGHYDFtR
&RQFHSWRGHSURJUDPDDOPDFHQDGR0iTXLQDGHYRQ
1HXPDQ
6HGLVHxDXQQXHYRFRPSXWDGRUGHSURJUDPD
DOPDFHQDGRHO,$6GHSURSyVLWRJHQHUDO)RUPDGR
SRU
0HPRULDSULQFLSDO$OPDFHQDWDQWRGDWRVFRPR
LQVWUXFFLRQHV
8QLGDG$ULWPpWLFRBOyJLFDUHDOL]DRSHUDFLRQHVFRQ
GDWRVELQDULRV
8QLGDGGHFRQWURO,QWHUSUHWDODVLQVWUXFFLRQHVHQ
PHPRULD\SURYRFDVXHMHFXFLyQ
(TXLSRGHHQWUDGDVDOLGDGLULJLGRSRUODXQLGDGGH
FRQWURO


3URSRVLFLRQHVGHYRQ1HXPDQ ,
3ULPHUR 'LVSRVLWLYRHVXQFRPSXWDGRUTXHUHDOL]DUi
IUHFXHQWHPHQWHODVRSHUDFLRQHVHOHPHQWDOHV 
&RQWHQGUi HOHPHQWRVHVSHFLDOL]DGRVVyORHQHVWDV
RSHUDFLRQHV/DSULPHUDSDUWHHVSHFtILFD&$
&HQWUDODULWPpWLFD
6HJXQGR &RQWUROOyJLFRVHUi UHDOL]DGRSRUXQ
yUJDQRFHQWUDOGHFRQWURO&&
7HUFHUR &XDOTXLHUGLVSRVLWLYRTXHUHDOLFH
VHFXHQFLDVODUJDV\FRPSOLFDGDVGHRSHUDFLRQHV
GHEHWHQHUXQDPHPRULDFRQVLGHUDEOH/D

PHPRULDHVODWHUFHUDSDUWHHVSHFLILFDGHOGLVSRVLWLYR

3URSRVLFLRQHVGHYRQ1HXPDQ ,,
/DVWUHVSDUWHVHVSHFtILFDV&$&& MXQWDV& \0
FRUUHVSRQGHQDODVQHXURQDVDVRFLDWLYDVGHOVLVWHPD
QHUYLRVRKXPDQR4XHGDSRUGLVFXWLUORVHTXLYDOHQWHVDOD
QHXURQDVVHQVRULDOHVRDIHUHQWHV\ODVPRWRUDVR
HIHUHQWHVeVWRVVRQORVyUJDQRVGHOGLVSRVLWLYRGHHQWUDGD
\VDOLGD
(/GLVSRVLWLYRWLHQHTXHHVWDUGRWDGRFRQODKDELOLGDGGH
PDQWHQHUFRQWDFWRGHHQWUDGD\VDOLGDFRQPHGLRV
HVSHFtILFRVHOPHGLRGHJUDEDFLyQH[WHULRUGHOGLVSRVLWLYR
5 5HFRUGLQJ
&XDUWR (OGLVSRVLWLYRWLHQHTXHWHQHUyUJDQRVSDUD
WUDQVIHULULQIRUPDFLyQDSDUWLUGH5 DVXVSDUWHV
HVSHFtILFDV&\0eVWRVyUJDQRVIRUPDQVXHQWUDGD , 


3URSRVLFLRQHVGHYRQ1HXPDQ ,,,
4XLQWR (OGLVSRVLWLYRWLHQHTXHWHQHUyUJDQRVSDUD
WUDQVIHULULQIRUPDFLyQDSDUWLUGHVXVSDUWHV
HVSHFtILFDV& \0 KDFLD5eVWRVyUJDQRVIRUPDQVX
VDOLGDODTXLQWDSDUWHHVSHFtILFD2 2XWSXW(VPHMRU
GHQXHYRKDFHUWRGDVODVWUDQVIHUHQFLDVDSDUWLUGH0
PHGLDQWH2D5\QXQFDGLUHFWDPHQWH
6DOYRPX\UDUDVH[FHSFLRQHVWRGRVORVFRPSXWDGRUHV
WLHQHQODHVWUXFWXUD\IXQFLRQDPLHQWRTXHODLQGLFDGD
SRU9RQ1HXPDQ


(OPRGHORYRQ1HXPDQQ,$6

(OPRGHORYRQ1HXPDQQSUHVHQWDFLQFRFRPSRQHQWHV
SULQFLSDOHV
XQLGDGGHHQWUDGDXQLGDGGHVDOLGDXQLGDG
DULWPpWLFDOyJLFDXQLGDGGHPHPRULDXQLGDGGH
FRQWURO



2SHUDFLyQGHOFRPSXWDGRU,$6
,QVWLWXWHIRU$GYDQFHG6WXGLHV 

0HPRULDSDODEUDVy SRVLFLRQHV
&DGDSDODEUDELWVGtJLWRVELQDULRV
8QLGDGGHFRQWURO&DSWDLQVWUXFFLRQHV\ODVHMHFXWD
XQDDXQD
5HJLVWURVGH$/8
5HJLVWUR$FXPXODGRU$&\0XOWLSOLFDGRUFRFLHQWH
04DOPDFHQDQRSHUDQGRV\UHVXOWDGRVGH
RSHUDFLRQHVGHOD$/8WHPSRUDOPHQWH
5HJLVWURWHPSRUDOGHPHPRULD0%5FRQWLHQHXQD
SDODEUDTXHGHEHVHUDOPDFHQDGDHQPHPRULDRUHFLEH

XQDSDODEUDSURFHGHQWHGHPHPRULD

)RUPDWRVGHODPHPRULD,$6




%LWGH
VLJQR

D3DODEUDQ~PHUR


&RGRS

 

'LUHFFLyQ



&RGRS



'LUHFFLyQ

E3DODEUDLQVWUXFFLyQ



(VWUXFWXUD([SDQGLGDGHO,$6
8QLGDG&HQWUDOGH3URFHVDPLHQWR
8QLGDG$ULWPHWLFR/RJLFD
$FFXPXODWRU

04

&LUFXLWRVDULWPHWLFRVORJLFR
0%5

(TXLSRGH
(QWUDGD
6DOLGD

'DWRV
,QVWUXFLRQHV 0HPRULD
3ULQFLSDO
0
,%5

3&
0$5

,5

&LUFXLWRVGH
FRQWURO

8QLGDGGHFRQWUROGHSURJUDPD

'LUHFFLRQHV 

2SHUDFLyQGHOFRPSXWDGRU,$6
5HJLVWURVGHOD8QLGDGGH&RQWURO
5HJLVWURGH,QVWUXFFLyQ,5 &RQWLHQHELWVGHOFyGLJRGH
RSHUDFLyQGHODLQVWUXFFLyQTXHVHYDDHMHFXWDU
5HJLVWURWHPSRUDOGH,QVWUXFFLyQ,%5 DOPDFHQD
WHPSRUDOPHQWHODLQVWUXFFLyQFRQWHQLGDHQODSDUWHGHUHFKD
GHXQDSDODEUDGHPHPRULD
&RQWDGRUGHSURJUDPD3&FRQWLHQHODGLUHFFLyQGHOD
SUy[LPDSDUHMDGHLQVWUXFFLRQHVDVHUFDSWDGDGHPHPRULD
5HJLVWURGHGLUHFFLyQGHPHPRULD0$5 HVSHFLILFDOD
GLUHFFLyQHQPHPRULDGHODSDODEUDTXHYDDVHUHVFULWDR

OHtGDHQ0%5

&LFORVGHHMHFXFLyQ
(O,$6HMHFXWDUHSHWLGDPHQWHHO
&LFORGHLQVWUXFFLyQ
&LFORGHFDSWDFLyQ(OFRGRSGHODVLJXLHQWHLQVWUXFFLyQHV
FDUJDGRHQ,5ODSDUWHTXHFRQWLHQHODGLUHFFLyQVHDOPDFHQD
HQ0$5
/DLQVWUXFFLyQHVFDSWDGDGHVGHHO,%5RGHVGHODPHPRULD
&LFORGHHMHFXFLyQ&XDQGRHOFRGRSHVWDHQ,5/RVFLUFXLWRV
GHFRQWUROLQWHUSUHWDQHO&2'23\HMHFXWDQODLQVWUXFFLyQ
HQYLDQGRVHxDOHVGHFRQWURODGHFXDGDVSDUDSURYRFDUTXHORV
GDWRVVHWUDQVILHUDQRTXHOD$/8UHDOLFHXQDRSHUDFLyQ
7DEODGH&RQMXQWRGHLQVWUXFFLRQHVGHO,$6


(OPRGHORGHEXVGHVLVWHPD

(OPRGHORGHYRQ1HXPDQQUHILQDGROODPDGRPRGHORGHEXV
GHOVLVWHPDWLHQHXQD&38$/8\FRQWUROPHPRULD\XQLGDG
GHHQWUDGDVDOLGD
&RPXQLFDFLyQHQWUHFRPSRQHQWHVVHPDQHMDSRUXQFDPLQR
FRPSDUWLGROODPDGREXVGHOVLVWHPDHOFXDOHVWi IRUPDGRSRU
HOEXVGHGDWRVHOEXVGHGLUHFFLRQHV\HOEXVGHFRQWURO
$OJXQDVDUTXLWHFWXUDVSXHGHQWHQHUXQ%XVVHSDUDGRGH,2



&RPSXWDGRUHVFRPHUFLDOHV

(QORVDxRV&RPSDxLDV6SHUU\H,%0
81,9$&,3ULPHUFRPSXWDGRUGHXVRFRPHUFLDO8WLOL]DGDSDUD
HOFHQVRHQ((887DUHDVPDQHMRGHPDWULFHVUHSDUWRGH
SULPDVSDUDHPSUHVDVHWF
81,9$&,,PDVPHPRULD\PiVFDSDFLGDGGHFiOFXOR
HVWUDWHJLDGHFRPSDWLELOLGDGSDUDHYLWDUSHUGHUODLQYHUVLyQHQ
SURJUDPDV
(O81,9$&\VXVVXFHVRUHVGLVHxDGRVSDUDDSOLFDFLRQHV
FLHQWLILFDV\GHFDOFXORVFRPSOHMRV
,%0VDFy VXSULPHUFRPSXWDGRUFRQSURJUDPDVDOPDFHQDGRV
HOHFWUyQLFDPHQWHHQHQ
6HLQLFLDODVHULHGHFRPSXWDGRUHVTXHVLWXDURQD
,%0FRPRHOIDEULFDQWHGHFRPSXWDGRUHVGRPLQDQWH
DSOLFDFLRQHVGHJHVWLRQ


6HJXQGD*HQHUDFLyQ/RV
WUDQVLVWRUHV,
0iVSHTXHxRPiVEDUDWRGLVLSDPHQRVFDORU
(VXQGLVSRVLWLYRGHHVWDGRVyOLGRKHFKRFRQVLOLFLR
,QYHQWDGRHQORV/DERUDWRULRV%HOOHQ
/DQ]DGDSRU1&5\FRQPDVp[LWRSRU5&$
/XHJR,%0VLJXLy FRQODVHULH
6HLQWURGXMHURQXQLGDGHVOyJLFDV\DULWPpWLFDVPiVFRPSOHMDV
8VRGHOHQJXDMHVGHSURJUDPDFLyQGHDOWRQLYHO
6HSURSRUFLRQy XQVRIWZDUHGHOVLVWHPD
$SDUHFHODHPSUHVD'(&FRQHO3'3VHLQLFLDDVLHO
GHVDUUROORGHORVPLQLFRPSXWDGRUHV


6HJXQGD*HQHUDFLyQ/RV
WUDQVLVWRUHV,,
6HULHGH,%0ODIDPLOLDVXIULy DXPHQWRGH
SUHVWDFLRQHV\FDSDFLGDG\RGLVPLQXFLyQGHSUHFLRV
0HPRULDSULQFLSDOFUHFLy GH.D.SDODEUDV
7LHPSRGHDFFHVRDXQDSDODEUDGHPHPRULDGHXVD
XV
&UHFHHOQURGHFRGLJRVGHRSHUDFLyQGHD
'LIHUHQFLDVFRQ,$6
$8VRGHFDQDOHVGHGDWRV
%0XOWLSOH[RUSXQWRFHQWUDOGHFRQH[LyQFHQWUDOGHORVFDQDOHV
GHGDWRVOD&38\ODPHPRULDRUJDQL]DORVDFFHVRVDOD
PHPRULDGHVGHOD&38\ORVFDQDOHVGHGDWRV


6HJXQGD*HQHUDFLyQ/RV
WUDQVLVWRUHV,,,
(QWUHORV\ORVORVFRPSXWDGRUHV
FRPSXHVWRVSRUWUDQVLVWRUHVUHVLVWHQFLDV
FDSDFLGDGHVHWF
(VWRVVHIDEULFDEDQVHSDUDGDPHQWHHQVXV
FRQWHQHGRUHV\OXHJRVHVROGDEDQRFDEOHDEDQ
MXQWRV
3URFHVRHQJRUURVR\FDURDOFUHFHUODFDQWLGDGGH
WUDQVLVWRUHVRPDVDHPSDFDUHQWDUMHWDV
GHFLUFXLWRVHQIRUPDGHSDQHO


*HQHUDFLRQHVGHFRPSXWDGRUHV
*HQHUDFLyQ )HFKDV

7HFQRORJtD



 7UDQVLVWRUHVFRPSRQHQWH 

GLVFUHWR

3HTXHxD\PHGLDQD

LQWHJUDFLyQ

*UDQLQWHJUDFLyQ




9iOYXODV

9HORFLGDG
WtSLFD


$OWDLQWHJUDFLyQ




7HUFHUD*HQHUDFLyQ&LUFXLWRV
LQWHJUDGRV,

$SDUHFHQHQ\UHYROXFLRQDQODHOHFWUyQLFD
([SRQHQWHV,%06LVWHPD\'(&3'3
$SDUHFHODPLFURHOHFWUyQLFDSHTXHxDHOHFWUyQLFD
/RVHOHPHQWRVEiVLFRVGHEHQRIUHFHUDOPDFHQDPLHQWR
SURFHVDPLHQWR\FRQWUROGHIXQFLRQHV
&RPSXWDGRUGLJLWDOUHTXLHUHVRORGRVWLSRVGHFRPSRQHQWHVSXHUWDV
\FHOGDVGHPHPRULD
,QWHUFRQHFWDQGRPXFKRVGHHVWRVGLVSRVLWLYRVVHSXHGHFRQVWUXLU XQ
FRPSXWDGRU
)XQFLRQHVEiVLFDV$OPDFpQGHGDWRV SURSRUFLRQDGRSRUODV
FHOGDVGHPHPRULD
3URFHVDPLHQWRGHGDWRV SURSRUFLRQDGRSRUODVSXHUWDV
7UDQVIHUHQFLDGHGDWRV FDPLQRVHQWUHFRPSRQHQWHV
&RQWURO ORVFDPLQRVHQWUHFRPSRQHQWHVSXHGHQOOHYDUODVVHxDOHV
GHFRQWURO


7HUFHUD*HQHUDFLyQ&LUFXLWRV
LQWHJUDGRV,,
6HFRQVWUX\HQPLOHVGHWUDQVLVWRUHVDOPLVPRWLHPSRHQ
XQDVRODREOHDGHVLOLFLR
/DREOHDVHGLYLGHHQXQDPDWUL]6HIDEULFDHOPLVPR
SDWUyQGHFLUFXLWRHQFDGDiUHD
/DREOHDVHGLYLGHHQFKLSV
&DGDFKLSYDULDVSXHUWDVPDVSXQWRVGHLQWHUFRQH[LRQHV
GHHQWUDGDVDOLGD
6HHQFDSVXODQHQXQDFDUFDVD\TXHOHSURSRUFLRQDSDWDV
9DULRVFKLSVSXHGHQLQWHUFRQHFWDUVHHQXQDWDUMHWDGH
FLXFXLWRLPSUHVRSDUDSURGXFLUFLUFXLWRVPDVFRPSOHMRV\
PD\RUHV


7HUFHUD*HQHUDFLyQ&LUFXLWRV
LQWHJUDGRV,,

3ULPHURVFLUFXLWRV3HTXHxDHVFDODGHLQWHJUDFLyQ
66,
&UHFLy HOQ~PHURGHFRPSRQHQWHVDHQFDSVXODUHQ
XQVRORFKLS
/H\GH0RRUH(OQ~PHURGHWUDQVLVWRUHVTXHVH
SRGUtDQLQWHJUDUHQXQVRORFKLSVHGXSOLFDEDFDGD
DxR\VHSUHGHFtDTXHHVWRFRQWLQXDUtDHQXQIXWXUR
FHUFDQR(OULWPRGLVPLQX\yGXSOLFiQGRVHFDGD
PHVHVHQORVSHUROXHJRODYHORFLGDGVHKD
PDQWHQLGRGHVGHHQWRQFHV


(YROXFLyQGHOQURGHWUDQVLVWRUHVHQORVSURFHVDGRUHV



7HUFHUD*HQHUDFLyQ&LUFLQWHJUDGRV,,,
&RQVHFXHQFLDVGHODOH\GH0RRUH
3UHFLRGHOFKLSKDSHUPDQHFLGRSUiFWLFDPHQWHLQYDULDEOH
&RVWRGHODOyJLFDGHOFRPSXWDGRUD\GHODFLUFXLWHUtDGHOD
PHPRULDKDQFDtGRDXQDYHORFLGDGGUiVWLFD
/DOyJLFD\ODPHPRULDHVWiQPiVSUy[LPRVHQFKLSVPiV
GHQVDPHQWHHQFDSVXODGRV!ODORQJLWXGGHODV
LQWHUFRQH[LRQHVHOpFWULFDVKDGLVPLQXLGR!LQFUHPHQWDQGRVHOD
YHORFLGDGRSHUDWLYD
'LVPLQXFLyQGHOWDPDxRGHOFRPSXWDGRU
5HGXFFLyQGHODVQHFHVLGDGHVGHSRWHQFLD\UHIULJHUDFLyQ
/DVLQWHUFRQH[LRQHVGHORVFLUFXLWRVVRQPiVILDEOHVTXHODV

FRQH[LRQHVVROGDGDV

7HUFHUD*HQHUDFLyQ&LUFLQWHJUDGRV,9

(OVLVWHPDGH,%0IXHODSULPHUDIDPLOLDGH
FRPSXWDGRUHVTXHVHSODQHR
8QFOLHQWHSRGtDHPSH]DUFRQXQPRGHOREDUDWR\
OXHJRSDVDUVHDXQDFRQPD\RUHVFDSDFLGDGHVVLQ
VDFULILFDUODLQYHUVLyQHQVRIWZDUH
/DVFDUDFWHUtVWLFDVGHXQDIDPLOLDVRQ

&RQMXQWRGHLQVWUXFFLRQHVVLPLODURLGpQWLFR
6LVWHPDVRSHUDWLYRVVLPLODUHVRLGpQWLFRV
9HORFLGDGFUHFLHQWH
1XPHURFUHFLHQWHGHSXHUWRVGH(6
7DPDxRGHPHPRULDFUHFLHQWH
&RVWRFUHFLHQWH



7HUFHUD*HQHUDFLyQ&LUFLQWHJUDGRV9
/DVGLIHUHQFLDVHQWUHPRGHORVVHEDVDURQHQ
/DYHORFLGDGEiVLFD
(OWDPDxR
*UDGRGHVLPXOWDQHLGDG

3RUHM/RJUDUVHPD\RUYHORFLGDGHQODHMHFXFLyQ
GHXQDLQVWUXFFLyQGDGDXVDQGRXQDFLUFXLWHULDPDV
FRPSOHMDHQOD$/8SHUPLWLHQGRTXHODV
VXERSHUDFLRQHVVHUHDOL]DUDQHQSDUDOHOR
2WURPRGRLQFUHPHQWDUODDPSOLWXGGHOFDPLQRGH
GDWRVHQWUHPHPRULDSULQFLSDO\OD&38


7HUFHUD*HQHUDFLyQ&LUFLQWHJUDGRV9

1DFHHO3'3GH'(&
'HEDMRFRVWR\WDPDxRSHTXHxR
&RVWDEDGyODUHV
8VDEDQXQDHVWUXFWXUDTXHDKRUDHV
SUiFWLFDPHQWHXQLYHUVDOSDUDPLQLFRPSXWDGRUHV\
PLFURFRPSXWDGRUHVHVWUXFWXUDGHEXV
7RGRVORVFRPSRQHQWHVGHOVLVWHPDFRPSDUWHQXQ
FRQMXQWRGHFDPLQRVFX\RXVRHVWDFRQWURODGRSRU
OD&38


'(& 3'3%XV6WUXFWXUH

&RQVROH
&RQWUROOHU

&38

0DLQ0HPRU\

,2
0RGXOH

,2
0RGXOH

201,%86



OWLPDVJHQHUDFLRQHV,
([LVWHXQDFXHUGRQRWDQJHQHUDOSDUDODFXDUWD\TXLQWDJHQHUDFLyQ
WD  ,QWHJUDFLyQDJUDQHVFDOD/6,GHFRPSRQHQWHV
HQXQVRORFKLS
WDJHQHUDFLyQHQDGHODQWH,QWHJUDFLyQDPX\JUDQGHHVFDOD9/6,
GHFRPSRQHQWHVSRUFKLS
$FWXDOPHQWHFKLSV9/6,FRQPiVGHFRPSRQHQWHV
&RQHODYDQFHGHODWHFQRORJtDORVQXHYRVSURGXFWRVHOVRIWZDUH\ODV
FRPXQLFDFLRQHVODVHSDUDFLyQGHJHQHUDFLRQHVVHYXHOYHPHQRVFODUD
/RVFLUFXLWRVLQWHJUDGRVIXHURQXVDGRVSDUDFRQVWUXLUHOSURFHVDGRUOD$/8
\8&
7DPELpQHVWDPLVPDWHFQRORJtDSRGtDXVDUVHSDUDFRQVWUXLUPHPRULDV



OWLPDVJHQHUDFLRQHV,,
0HPRULDV (QWUHORV\ORVGHDQLOORVGHPDWHULDO
IHUURPDJQpWLFR
6HPDJQHWL]DEDQHQXQVHQWLGRHODQLOOROODPDGRQ~FOHR
\UHSUHVHQWDEDXQXQRHQHORWURXQFHUR
(UDPiVELHQUiSLGDSHURHUDFDUDYROXPLQRVD\XVDEDOHFWXUD
GHVWUXFWLYD/HtDXQELWGHPHPRULDHQXQDPLOpVLPDGHVHJXQGR

0HPRULDVHPLFRQGXFWRUD ,QWURGXFLGDVHQSRU
)DLUFKLOG8QFKLSSRGtDWHQHUELWVGHPHPRULD
(UDQRGHVWUXFWLYD\PiVEDUDWD/HtDXQELWGHPHPRULDHQPLO
PLOORQpVLPDVGHVHJ(OFRVWRSRUELWHUDPD\RUTXHHOGHXQQ~FOHR
(QSUHFLRGHPHPRULDVHPLFRQGXFWRUPHQRUTXHODGHQ~FOHR

$SDUWLUGHDOOt FRQWLQXDGLVPLQXFLyQGHOSUHFLR\DXPHQWR

GHODGHQVLGDG

OWLPDVJHQHUDFLRQHV,,,

0LFURSURFHVDGRUHV(QFDGDFKLSKDEtDPiVHOHPHQWRV
FUHFHHQGHQVLGDG
(Q,QWHOGHVDUUROOy VX&RQWHQtDWRGRVORV
FRPSRQHQWHVGHOD&38HQXQVRORFKLS0LFURSURFHVDGRU
(YROXFLyQGHOQ~PHURGHELWVTXHHOSURFHVDGRUWUDWDDODYH]
2WUDPHGLGDHVODDQFKXUDGHOEXVGHGDWRV
(QDSDUHFHHO,QWHOPLFURSURFHVDGRUGHELWV
(QQDFHHO,17(/SULPHUPLFURSURFHVDGRUGHXVR
JHQHUDO
,17(/HVGHELWVPD\RUFDSDFLGDGGH
GLUHFFLRQDPLHQWRPiVUiSLGRFRQMXQWRGHLQVWUXFFLRQHVPiV
ULFR

$ILQDOHVGHORVDSDUHFHQORVGHELWV

3URFHVDGRUHVGHODGpFDGDGHORV



)HFKDGH
 
LQWURGXFFLyQ













0+]
9HORFLGDGGH
0+]
.+] .+] 0+] 0+]
UHORM
0+]
0+]
$QFKXUDGHO
EXV
1~PHURGH
WUDQVLVWRUHV
PLFURQV
0HPRULD
GLUHFFLRQDEOH
0HPRULD
YLUWXDO

ELWV

ELWV

ELWV

ELWV















NE\WHV


NE\WH

0E\WH 0E\WH

E\WHV

ELWV













3URFHVDGRUHVGHODGpFDGDGHORV

) HF K DG H
LQ WURG X FFLy Q
9 HOR F LG DG G H
UHOR M
$ Q F K X UD G HO
EXV
1 ~ P HUR G H
WUDQ VLVWR UHV



,Q WH O
70
';

,Q WH O  7
0 6 ;

,Q WH O  7
0 ' ;
&38

   

     

    

    

 0 + ]
  0 + ]
   0 + ]   0 + ]

  0 + ]
  0 + ]

  E LWV

  E LWV

  E LWV

     
  

   
 

     
 

0 HP R ULD


G LUHFF LR Q DE OH P H J DE \WH V JLJ DE \WHV

0 HP R ULD
 J LJ DE \WH
WH UDE \WH V
YLUWX D O


J LJ DE \WHV

WHUDE \WH V

  0 + ]
  0 + ]
  E LWV
 
P LOOR Q HV
   

J LJ DE \WHV

WHUDE \WH V


3URFHVDGRUHVGHODGpFDGDGHORV


,QWHO70 3HQWLXP
6;
3URFHVDGRU

3HQWLXP 3HQWLXP,,
3UR
3URFHVDGRU
3URFHVDGRU

)HFKDGH
LQWURGXFFLyQ



9HORFLGDGGH
UHORM

0+]
0+]

0+]
0+]

0+]
0+]

ELWV

ELWV

ELWV

$QFKXUDGHO
EXV
1~PHURGH
WUDQVLVWRUHV

0HPRULD
GLUHFFLRQDEOH
0HPRULD
YLUWXDO







0+]
0+]
ELWV


PLOORQHV PLOORQHV
PLOORQHV
PLOORQHV







PHJDE\WHV JLJDE\WHV JLJDE\WHV JLJDE\WHV

WHUDE\WHV WHUDE\WHV WHUDE\WHV
JLJDE\WHV


1LYHOHVGHPiTXLQD

+D\XQQ~PHURGHQLYHOHVHQXQDFRPSXWDGRUDHO
Q~PHURH[DFWRHVWi DELHUWRDOGHEDWHGHVGHHOQLYHOGHO
XVXDULRKDVWDHOQLYHOGHOWUDQVLVWRU $PHGLGDTXHVH
GHVFLHQGHGHVGHHOQLYHOVXSHULRUHVWRVQLYHOHVVHWRUQDQ
PHQRVDEVWUDFWRV\FRPLHQ]DDDSDUHFHUFDGDYH]PiV
ODHVWUXFWXUDLQWHUQDGHODFRPSXWDGRUD



1LYHOHVGHPiTXLQD
(QODDUTXLWHFWXUDVXHOHHPSOHDUVHXQFRQFHSWRGH
QLYHOHV
,GHDEiVLFDH[LVWHQFLDGHPXFKRVQLYHOHVGHVGHORV
FXDOHVFRQVLGHUDUDODFRPSXWDGRUD
'HVGHHOQLYHOPiVDOWRHQTXHHOXVXDULRHMHFXWD
SURJUDPDVKDVWDHOQLYHOLQIHULRUTXHFRQVLVWHHQ
WUDQVLVWRUHV\FDEOHV



1LYHOHVGHPiTXLQD

+D\XQQ~PHURGHQLYHOHVHQXQDFRPSXWDGRUDHO
Q~PHURH[DFWRHVWi DELHUWRDOGHEDWHGHVGHHOQLYHOGHO
XVXDULRKDVWDHOQLYHOGHOWUDQVLVWRU $PHGLGDTXHVH
GHVFLHQGHGHVGHHOQLYHOVXSHULRUHVWRVQLYHOHVVHWRUQDQ
PHQRVDEVWUDFWRV\FRPLHQ]DDDSDUHFHUFDGDYH]PiV
ODHVWUXFWXUDLQWHUQDGHODFRPSXWDGRUD



1LYHOHVGHPiTXLQD
1LYHOGHOXVXDULRRGHOSURJUDPDGHDSOLFDFLyQ
(OXVXDULRLQWHUDFWXDFRQODFRPSXWDGRUDSRUPHGLRGH
ODHMHFXFLyQGHSURJUDPDVFRPRSURFHVDGRUHVGHWH[WR
SODQLOODVGHFiOFXORRMXHJRV
9HODFRPSXWDGRUDDWUDYpVGHORVSURJUDPDVTXH
HMHFXWD
3RFRRQDGDYLVLEOHODHVWUXFWXUDLQWHUQD



1LYHOHVGHPiTXLQD

1LYHOGHOOHQJXDMHGHDOWRQLYHO
(OXVXDULRLQWHUDFWXDFRQODFRPSXWDGRUDSRUPHGLRGH
ODHMHFXFLyQGHSURJUDPDVHQOHQJXDMHVFRPR&
3DVFDO)RUWUDQR-DYD
(OSURJUDPDGRUYHORVWLSRVGHGDWRV\ODVLQVWUXFFLRQHV
1RFRQRFHFRPRODPiTXLQDFRQILJXUDHVRVWLSRVGH
GDWRV
(VIXQFLyQGHOFRPSLODGRUFRQYHUWLUORVKDFLDORVFLUFXLWRV
GHODFRPSXWDGRUD
/RVSURJUDPDVDVt HVFULWRVSXHGHQVHUUHFRPSLODGRV
SDUDGLVWLQWRVWLSRVGHPiTXLQDFRPSDWLELOLGDGGH
FyGLJRIXHQWH


1LYHOHVGHPiTXLQD

1LYHOGHOOHQJXDMHGHPiTXLQD
0LUDQKDFLDDEDMR HQODMHUDUTXtD
'HEHQWUDWDUFRQFXHVWLRQHVFLUFXLWDOHVWDOHVFRPROD
HVWUXFWXUDGHORVUHJLVWURV\ODWUDQVIHUHQFLDGHGDWRV
HQWUHHOORV
(OFRQMXQWRGHLQVWUXFFLRQHVGHOOHQJXDMHGHPiTXLQD
SDUDXQDFRPSXWDGRUDVHGHQRPLQDMXHJRGH
LQVWUXFFLRQHV
0XFKDVLQVWUXFFLRQHVSXHGHQGHVFULELUVHHQWpUPLQRVGH
ODVWUDQVIHUHQFLDVHIHFWXDGDVHQWUHUHJLVWURV
&yGLJRUHDOTXHXWLOL]DODPiTXLQDHVHOFyGLJRELQDULR
$VVHPEOHU WUDGXFHHVTXHPDVQHPRWpFQLFRVGHXQ
OHQJXDMHFRP~QWDOHVFRPR029('DWD$FFD

H[SUHVLRQHVIRUPDGDVSRUXQRV\FHURV

1LYHOHVGHPiTXLQD
&RPSDWLELOLGDGELQDULD
6HULH,%0 ,QWHO&RUSRUDWLRQ
3HQWLXP
(VSRVLEOHWHQHUPDTXLQDVTXHGLILHUHQHQOD
LPSOHPHQWDFLRQGHOQLYHOLQIHULRUSHURTXHUHSUHVHQWDQHO
PLVPRFRQMXQWRGHLQVWUXFFLRQHVRDOJXQVXEFRQMXQWRR
VXSHUFRQMXQWRGHXQMXHJRGHLQVWUXFFLRQHVGDGR
2WUDVFRPSXWDGRUDVRIUHFHQDVXVXVXDULRVGLVWLQWRV
MXHJRVHLQVWUXFFLRQHVORTXHGLILFXOWDHOWUDQVSRUWHGHO
SDTXHWHGHSURJUDPDVGHVRIWZDUHGHXQDFRPSXWDGRUD
KDFLDRWUDIDPLOLD


1LYHOHVGHPiTXLQD

1LYHOGH&RQWURO
/D8QLGDGGHFRQWURODWUDYpVGHVHxDOHVGHFRQWURO
WUDQVILHUHODLQIRUPDFLyQHQWUHUHJLVWURV
/D8GH&RQWUROLQWHUSUHWDODVLQVWUXFFLRQHVGHPiTXLQD
XQDDXQDTXHPLUDQKDFLDDEDMR HQODMHUDUTXtD
)RUPDVGLIHUHQWHVGHLPSOHPHQWDUODXQLGDGGHFRQWURO
&DEOHDGR&RQWURO0LFURSURJUDPDGR
&DEOHDUVHxDOHVGHFRQWUROTXHHIHFWXDQODWUDQVIHUHQFLD
HQWUHUHJLVWURV\HVWiQJHQHUDGDVDSDUWLUGHXQEORTXH
GHFRPSRQHQWHVOyJLFRVGLJLWDOHV
9HQWDMDV9HORFLGDG\FDQWLGDGGHFRPSRQHQWHV
'HVYHQWDMDV([WUHPDGDPHQWHGLILFLOHVGHGLVHxDU 

1LYHOHVGHPiTXLQD
0LFURSURJUDPDGD0iVOHQWDSHURPiVVHQFLOOD
3URJUDPDHVFULWRHQOHQJXDMHGHQLYHOPHQRUD~QH
LPSOHPHQWDGRHQORVFLUFXLWRVGHODPiTXLQDFX\D
IXQFLyQHVLQWHUSUHWDUODVLQVWUXFFLRQHVGHOOHQJXDMHGH
PiTXLQD
)LUPZDUHLQFOX\HKDUGZDUH\VRIWZDUH\VHHMHFXWDD
WUDYpVGHXQPLFURFRQWURODGRUTXLHQHMHFXWDODV
PLFURLQVWUXFFLRQHVUHDOHV



1LYHOHVGHPiTXLQD
1LYHOGHODVXQLGDGHVIXQFLRQDOHV
/DVWUDQVIHUHQFLDVGHUHJLVWURV\ODVGHPiV
RSHUDFLRQHVLPSOHPHQWDGDVSRUODXQLGDGGHFRQWURO
PXHYHQLQIRUPDFLyQGHVGH\KDFLDXQLGDGHV
IXQFLRQDOHV
6HLQFOX\HQORVUHJLVWURVLQWHUQRVGHOD&38OD$/8\
ODPHPRULDSULQFLSDOGHODFRPSXWDGRUD



1LYHOHVGHPiTXLQD

&LUFXLWRVOyJLFRVWUDQVLVWRUHV\FDEOHV

/RVFLUFXLWRVOyJLFRVVHXWLOL]DQSDUDFRQVWUXLUODV
XQLGDGHVIXQFLRQDOHV\ORVWUDQVLVWRUHVVHXVDQ
SDUDFRQVWUXLUORVFLUFXLWRVOyJLFRV
&XLFXLWRVOyJLFRV,PSOHPHQWDQODVRSHUDFLRQHV
OyJLFDVGHPiVEDMRQLYHOGHODVFXDOHVGHSHQGHHO
IXQFLRQDPLHQWRGHODFRPSXWDGRUD
7UDQVLVWRUHVVHXWLOL]DQSDUDFRQVWUXLUORVFLUFXLWRV
OyJLFRV
8OWLPRQLYHOIRUPDGDSRUFRPSRQHQWHVHOpFWULFRV
FRPRWUDQVLVWRUHV\FDEOHVTXHVLUYHQSDUD
FRQVWUXLUORVFLUFXLWRVORJLFRV$HVWHQLYHOHO
FRPSRUWDPLHQWRVHGLVSHUVDHQWpUPLQRVGH
WHQVLRQHVFRUULHQWHVWLHPSRVGHSURSDJDFLyQGH
VHxDOHVHIHFWRVFXiQWLFRV\RWURVWHPDVGHEDMR
QLYHO


1LYHOHVGHPiTXLQD

,QWHUDFFLRQHVHQWUHQLYHOHV
6XHOHFRQIXQGLUVHHQIRUPDIUHFXHQWH
3URJUDPDVHPXODGRUHV(PXODQHOMXHJRFRPSOHWRGH
LQVWUXFFLRQHVGHXQDFRPSXWDGRUDVREUHRWUD
FRPSXWDGRUDGLVWLQWD
&RPSXWDGRUHVTXHQRWLHQHQFRSURFHVDGRUGHSXQWR
IORWDQWHHPXODQODVLQVWUXFFLRQHVGHSXQWRIORWDQWHSRU
PHGLRGHXQDVHULHGHUXWLQDVLPSOHPHQWDGDVHQHO
OHQJGHPiTXLQDGHOPLFURSURFHVDGRU\DOPDFHQDGDV
HQXQFLUFXLWRLQWHJUDGRGHPHPRULD520/RVSXQWRV
GHYLVWDGHORVOHQJXDMHVDEVROXWR\GHDOWRQLYHOVRQ
ORVPLVPRVSDUDDPEDVLPSOHPHQWDFLRQHVFRQ
H[FHSFLyQGHODYHORFLGDG
1LYHOGHOHQJDDOWRQLYHO\ORVQLYHOHVGHILUPZDUH\GH
ODVXQLGDGHVIXQFLRQDOHVSXHGHQHVWDUWDQ
HQWUHOD]DGRVTXHUHVXOWHGLItFLOLGHQWLILFDUTXH

RSHUDFLyQVHHVWi SURGXFLHQGRHQTXp QLYHO

/DSHUVSHFWLYDGHOSURJUDPDGRU
(OSURJUDPDGRUTXHWUDEDMDHQOHQJXDMHGHPiTXLQD
WLHQHLQWHUHVHQHOOHQJXDMH \HQODVXQLGDGHV
IXQFLRQDOHV
(VWRVGRVHOHPHQWRVFRQIRUPDQODDUTXLWHFWXUDGH
SURJUDPDFLyQGHODFRPSXWDGRUD
/DSHUVSHFWLYDGHODUTXLWHFWRGHFRPSXWDGRUDV
2EVHUYDDOVLVWHPDGHVGHWRGRVVXVQLYHOHV
$OHQIRFDUHOGLVHxRGHXQD3&VXIUHUHTXHULPLHQWRV
GHUHQGLPLHQWR\UHVFWULFLRQHVGHFRVWR
(VWDEXVTXHGDGHHTXLOLEULROOHYDDXQDE~VTXHGDGH
FRPSURPLVRHQWUH\DWUDYpVGHORVQLYHOHVGH

PDTXLQD

$7\SLFDO
&RPSXWHU
6\VWHP



'LVHxRSDUDFRQVHJXLUPHMRUHV
SUHVWDFLRQHV,
3UHFLR!'LVPLQX\HSUHVWDFLRQHV\FDSDFLGDG!FUHFH
$SOLFDFLRQHVGHRILFLQDTXHUHTXLHUHQGHPD\RUSRWHQFLDGH
ORVPLFURSURFHVDGRUHVLQFOX\HQ
3URFHVDPLHQWRGHLPiJHQHV
5HFRQRFLPLHQWRGHOKDEOD
$SOLFDFLRQHVPXOWLPHGLD
9tGHRFRQIHUHQFLDV
$OPDFHQDPLHQWRGHILFKHURVGHYR]\YtGHR


'LVHxRSDUDFRQVHJXLUPHMRUHV
SUHVWDFLRQHV,,
(VWDFLRQHVGHWUDEDMR !DSOLFDFLRQHVGHLQJHQLHUtDFLHQFLD\
VLPXODFLRQHV
1HJRFLRV!VHUYLGRUHVSDUDWUDQVDFFLRQHV\EDVHVGHGDWRV
UHGHVFOLHQWHVHUYLGRUTXHUHHPSOD]DQORVFHQWURVGHFRPSXWR
GHDQWDxR
/RPDVVRUSUHQGHQWH%ORTXHVIXQFLRQDOHVGHKR\!VLPLODUHV
DO,$6GHKDFHDxRV
1RYHGRVDVWpFQLFDVSDUDPD[LPL]DUODVSUHVWDFLRQHV


'LVHxRSDUDFRQVHJXLUPHMRUHV
SUHVWDFLRQHV,,,
)DFWRUHVTXHKD\WUDVODQHFHVLGDGGHGLVHxDUSDUDREWHQHUPHMRUHV
SUHVWDFLRQHV
9HORFLGDGGHO0LFURSURFHVDGRU 6XHYROXFLyQFRQWLQXDFRQILUPDQGR
OD/H\GH0RRUH5HGXFLHQGRHOWDPDxRGHODVGHOJDGDVOtQHDVGHORV
FLUFXLWRVGHORVWUDQVLVWRUHVGHVLOLFLRSRUDxRVHSRGUtDFUHDUXQD
QXHYDJHQHUDFLyQGHFKLSVFDGDWUHVDxRVFRQHOFXiGUXSOHGH
WUDQVLVWRUHV
(QFKLSVGHPHPRULD6HKDFXDGULSOLFDGRODFDSDFLGDGGHODV'5$0
FDGDWUHVDxRVWHFQRORJtDEiVLFDGHODPHPRULDSULQFLSDO
(1PLFURSURFHVDGRUHV/DDGLFLyQGHQXHYRVFLUFXLWRV\SRWHQFLDFLyQGH
ODYHORFLGDGKDFRQVHJXLGRFXDGUXSOLFDURTXLQWXSOLFDUODVSUHVWDFLRQHV
FDGDWUHVDxRVGHVGHTXH,17(/ODQ]y VX;HQ


'LVHxRSDUDFRQVHJXLUPHMRUHV
SUHVWDFLRQHV,9
9HORFLGDGGHOPLFURSURFHVDGRU$OFDQ]DUi VXSRWHQFLDVL
VHORDOLPHQWDFRQXQDFRUULHQWHFRQVWDQWHGHLQVWUXFFLRQHV
'LVHxDGRUHVGHOSURFHVDGRUHODERUDQWpFQLFDVFDGDYH]PiV
VRILVWLFDGDV
$3UHGLFFLyQGHUDPLILFDFLyQHOSURFHVDGRUVHDQWLFLSDDO
VRIWZDUH\SUHGLFHTXHUDPDVRJUXSRVGHLQVWUXFFLRQHVVHYDQ
DSURFHVDUGHVSXpVFRQ!SUREDELOLGDG
%$QiOLVLVGHIOXMRGHGDWRVODVLQVWUXFFLRQHVVHUHJXODQ
SDUDVHUHMHFXWDGDVFXDQGRHVWpQOLVWDVLQGHSHQGLHQWHPHQWH
GHORUGHQRULJLQDOGHOSURJUDPD(YLWDUHWUDVRVLQQHFHVDULRV
&(MHFXFLyQHVSHFXODWLYD XWLOL]DODVGRVDQWHULRUHV\HMHFXWD
LQVWUXFFLRQHVDQWHVGHTXHDSDUH]FDQHQODHMHFXFLyQGHO
SURJUDPD/RVUHVXOWDGRVHQSRVLFLRQHVWHPSRUDOHV


(YROXFLyQGHODVFDUDFWHUtVWLFDVGH'5$0\GHO
SURFHVDGRU



'LVHxRSDUDFRQVHJXLUPHMRUHV
SUHVWDFLRQHV9

(TXLOLEULRGHSUHVWDFLRQHV$MXVWDUODRUJDQL]DFLyQ\ODDUTXLWHFWXUDSDUD
FRPSHQVDUODVGHVLJXDOGDGHVGHFDSDFLGDGHQWUHORVGLVWLQWRV
FRPSRQHQWHV

,QWHUID]HQWUHHOSURFHVDGRU\ODPHPRUDSULQFLSDO&UHFLPLHQWRGHOD
YHORFLGDGGHOSURFHVDGRU\GHODFDSDFLGDGGHPHPRULDODYHORFLGDGGH
WUDQVIHUHQFLDGHGDWRVHQWUHHOORVKDTXHGDGRUHWUDVDGD

6LODLQWHUID]RODPHPRULDQRPDQWLHQHQHOULWPRGHODVGHPDQGDVGHO
SURFHVDGRUVHSLHUGHWLHPSRYDOLRVRGHSURFHVDPLHQWR

0DQHUDVGHDWDFDUGHVGHODDUTXLWHFWXUD

D ,QFUHPHQWDUHOQURGHELWVTXHVHUHFXSHUDQGHXQDVRODYH]KDFLHQGRODV
'5$0PiVDQFKDV

E &DPELDUODLQWHUID]'5$0LQFOX\HQGRXQDFDFKHXRWURHVTXHPDGH
DOPDFHQDPLHQWRWHPSRUDOHQHOFKLS'5$0

'LVHxRSDUDFRQVHJXLUPHMRUHV
SUHVWDFLRQHV9,

5HGXFLUODIUHFXHQFLDGHODFFHVRDPHPRULDLQFRUSRUDQGRFDFKHV FDGD
YH]PiVFRPSOHMDV\HILFLHQWHV8QDRPiVFDFKHVHQHOFKLSGHO
SURFHVDGRUDVt FRPRXQDFDFKHIXHUDGHOFKLSFHUFDGHOSURFHVDGRU

G ,QFUHPHQWDUHODQFKRGHEDQGDHQWUHHOSURFHVDGRU\ODPHPRULD
XVDQGREXVHVGHPiVDOWDYHORFLGDG
 2WUDiUHDGHGLVHxRVHEDVDHQHOPDQHMRGHGLVSRVLWLYRVGH(6

(VWRVGLVSRVLWLYRVFUHDQXQDWUHPHQGDGHPDQGDGHSURFHVDPLHQWRGH
GDWRV

3URFHVDGRUHVDFWXDOHVSXHGHQPDQHMDUORVGDWRVSURGXFLGRVSRUHVRV
GLVSRVLWLYRVSHURHOSUREOHPDHVPRYHUORVGDWRVHQWUHHOSURFHVDGRU\
ORVSHULIpULFRVHVWUDWHJLDVGHFDFKHV\DOPDFHQDPLHQWREXVHVGH
LQWHUFRQH[LyQGHDOWDYHORFLGDGXVRGHFRQILJXUDFLRQHV

PXOWLSURFHVDGRU

'LVHxRSDUDFRQVHJXLUPHMRUHV
SUHVWDFLRQHV9,,
5HTXHULPLHQWRVWtSLFRVGHDQFKRGHEDQGDSDUDGLVWLQWDVWHFQRORJtDVGH
SHULIpULFRV

*UiILFRV

&RORUGHELWV

$QFKRGHEDQGD
UHTXHULGR
0%\WHVVHJ

5HGGHiUHDORFDO

%$6(;

0%\WHVVHJ

3HULIpULFR

7HFQRORJtD

&RQWURODGRUGHGLVFR 6&6,R3

0%\WHVVHJ

9LGHRGHPRYLPLHQWR [#ISV 0%\WHVVHJ


&RPSOHWR

'LVHxRSDUDFRQVHJXLUPHMRUHV
SUHVWDFLRQHV9,,
'LVHxDGRUHV HQODE~VTXHGDGHOHTXLOLEULRHQWUHODGHPDQGDGH
UHQGLPLHQWR\SURFHVDPLHQWRSRUSDUWHGHORVFRPSRQHQWHVGHO
SURFHVDGRUODPHPRULDSULQFLSDOORVGLVSRVLWLYRVGH(6\ODV
HVWUXFWXUDVGHLQWHUFRQH[LyQ
(OGLVHxRVHGHEHHQIUHQWDUDGRVIDFWRUHVHQFRQVWDQWH
HYROXFLyQ
/DYHORFLGDGGHFDPELRGHOUHQGLPLHQWRGHODVGLVWLQWDViUHDV
WHFQROyJLFDVSURFHVDGRUEXVHVPHPRULD\SHULIpULFRVHV
HQRUPHPHQWHGLIHUHQWHHQWUHHOORV
1XHYDVDSOLFDFLRQHV\QXHYRVGLVSRVLWLYRVSHULIpULFRV
LQWURGXFHQQXHYDVGHPDQGDVFRQUHVSHFWRGHODVLQVWUXFFLRQHV
WtSLFDV\HOPRGHORGHDFFHVRDGDWRV


(YROXFLyQGHO3HQWLXP\GHO3RZHU3&

3HQWLXP 'pFDGDVGHHVIXHU]RHQGLVHxRGHFRPSXWDGRUHVGH
UHSHUWRULRFRPSOHMRGHLQVWUXFFLRQHV&,&6
3RZHU3& GHVFHQGLHQWHGLUHFWRGHOSULPHUVLVWHPD5,6&HO,%0
6HXVDHQPLOORQHVGHPiTXLQDV$SSOH0DFLQWRVK\HQ
VLVWHPDVFRQPLFURSURFHVDGRUHVHPEHELGRV
)DPLOLDGH3RZHU3&
D PiTXLQDGHELWV
E SDUDFRPSXWDGRUHVSRUWiWLOHV\GHVREUHPHVD0iTXLQDGHELWV
SHURGHFRVWRPDVEDMRHLPSOHPHQWDFLyQPDVHILFLHQWH
F FRPSXWDGRUHVGHVREUHPHVD\VHUYLGRUHVILQDOHVELWVSHUR
WpFQLFDPiVDYDQ]DGDV
G  SDUDVHUYLGRUHVILQDOHVDUTXLWHFWXUDGHELWV
H *  ,QWHJUDGRVQLYHOHVGHFDFKHHQHOFKLSGHO
SURFHVDGRUSULQFLSDO

I * ,QFUHPHQWDHOSDUDOHOLVPR\ODYHORFLGDGLQWHUQDGHOFKLSGHO
SURFHVDGRU

$UTXLWHFWXUD\RUJDQL]DFLyQGH
FRPSXWDGRUDV 
%LEOLRJUDItD
6WDOOLQJV :LOOLDPV  2UJDQL]DFLyQ \ $UTXLWHFWXUD GH
&RPSXWDGRUDV  (G 3UHQWLFH+DOO$xR
0XUGRFFD 0LOHV -  3ULQFLSLRV GH DUTXLWHFWXUD GH
FRPSXWDGRUDV  (G 3UHQWLFH+DOO $xR
0DUWLQH] *DU]D -DLPH 2OLYHUD 5RGUtJXH] -$ 
2UJDQL]DFLyQ \ $UTXLWHFWXUD GH &RPSXWDGRUDV   (G 
3HDUVRQ(GXFDFLRQ $xR
)DFXOWDGGH&LHQFLDV([DFWDV\1DWXUDOHV\$JULPHQVXUD
/LF9*RGR\



$UTXLWHFWXUD\RUJDQL]DFLyQGH
FRPSXWDGRUDV 

7DUHDVFRPSOHPHQWDULDV

/HHU LWHP   (VWXGLR GH XQ FDVR 3DJ  D  GHO
OLEUR 0XUGRFFD 0LOHV -  3ULQFLSLRV GH DUTXLWHFWXUD GH
FRPSXWDGRUDV  (G 3UHQWLFH+DOO $xR
3HQVDU \ UHVROYHU HO SUREOHPD   'H DFXHUGR D OR
SURSXHVWR SRU /D OH\ GH 0RRUH OD SRWHQFLD GH
FRPSXWDFLyQVHGXSOLFDFDGDPHVHVTXHVHDWULEX\H
DOFUHDGRUGH,QWHOVXUJHTXH ODV LQVWUXFFLRQHVGHSXQWR
IORWDQWH VH HMHFXWDQ HQ IRUPD FLUFXLWDO FLHQ YHFHV PDV
UiSLGRTXHFXDQGRVHODVHPXOD8VDQGRODOH\GH0RRUH
FRPR JXtD &XDQWR WLHPSR OH OOHYDUi D OD SRWHQFLD GH
FRPSXWDFLyQ FUHFHU D SXQWR WDO TXH ODV LQVWUXFFLRQHV GH
SWR IORWDQWH VH HPXOHQ WDQ UiSLGR FRPR VXV DQWHULRUHV
FRQWUDSDUWLGDVHQHOKDUGZDUH"