&RQWHQLGR

,QWURGXFFLQ  
(QSRFDVSDODEUDV  
/ODYHVSXHUWDV\YHQWDQLOODV  
$VLHQWRVVLVWHPDVGH
VHJXULGDG  
3RUWDREMHWRV  
,QVWUXPHQWRV\PDQGRV  
,OXPLQDFLQ  
6LVWHPDGHLQIRHQWUHWHQLPLHQWR  
&OLPDWL]DFLQ  
&RQGXFFLQ\PDQHMR  
&XLGDGRGHOYHKFXOR  
6HUYLFLR\PDQWHQLPLHQWR  
'DWRVWFQLFRV  
,QIRUPDFLQGHFOLHQWHV  
QGLFHDOIDEWLFR  

,QWURGXFFLQ

,QWURGXFFLQ

,QWURGXFFLQ

'DWRVHVSHFILFRVGHO
YHKFXOR
3RUIDYRUDQRWHORVGDWRVGHVXYH
KFXORHQODSJLQDDQWHULRUSDUDWH
QHUORVDPDQR(VWDLQIRUPDFLQHVW
GLVSRQLEOHHQODVVHFFLRQHV6HUYLFLR
\PDQWHQLPLHQWR\'DWRVWFQLFRV
DVFRPRHQODSODFDGHFDUDFWHUVWL
FDV

,QWURGXFFLQ
6XYHKFXORUHSUHVHQWDXQGLVHR
FRPELQDGRGHDYDQ]DGDWHFQRORJD
VHJXULGDGFRPSDWLELOLGDGHFROJLFD\
HFRQRPD
(VWH0DQXDOGH,QVWUXFFLRQHVOHSUR
SRUFLRQDWRGDODLQIRUPDFLQQHFHVD
ULDSDUDFRQGXFLUHOYHKFXORGHIRUPD
VHJXUD\HILFLHQWH
,QIRUPHDORVRFXSDQWHVVREUHORVSR
VLEOHVSHOLJURVGHOHVLRQHV\DFFLGHQ
WHVGHULYDGRVGHXQXVRLQFRUUHFWRGHO
YHKFXOR
6LHPSUHGHEHFXPSOLUODVOH\HV\ORV
UHJODPHQWRVGHOSDVSRUGRQGHFLU

FXOH'LFKDVOH\HVSXHGHQGLIHULUGH
ODLQIRUPDFLQFRQWHQLGDHQHOSUH
VHQWH0DQXDOGH,QVWUXFFLRQHV
&XDQGRHVWH0DQXDOGH,QVWUXFFLR
QHVKDFHUHIHUHQFLDDXQDYLVLWDDOWD
OOHUOHUHFRPHQGDPRVTXHDFXGDDO
&RQFHVLRQDULR2ILFLDOR7DOOHUGH
6HUYLFLR$XWRUL]DGR&KHYUROHW
7RGRVORV&RQFHVLRQDULRV2ILFLDOHV
R7DOOHUHVGH6HUYLFLR$XWRUL]DGRV
&KHYUROHWOHRIUHFHQXQVHUYLFLRH[
FHOHQWHDSUHFLRVUD]RQDEOHV3HUVR
QDOH[SHULPHQWDGRIRUPDGRSRU&KH
YUROHWWUDEDMDVHJQODVLQVWUXFFLRQHV
HVSHFILFDVGH&KHYUROHW
/DGRFXPHQWDFLQSDUDHOFOLHQWHGH
EHUDHVWDUVLHPSUHDPDQRHQHOYH
KFXOR

8VRGHOSUHVHQWHPDQXDO
(VWHPDQXDOGHVFULEHWRGDVODVRS
FLRQHV\IXQFLRQHVGLVSRQLEOHVSDUD
HVWHPRGHOR$
$OJXQDV
GHVFULSFLRQHVFRPRODVGHOD
SDQWDOOD\ODVIXQFLRQHVGHOPHQ
SRGUDQQRVHUYOLGDVSDUDVX
YHKFXORGHELGRDODYDULDQWHGH

PRGHORODVHVSHFLILFDFLRQHVGHO
SDVRDHTXLSRVRDFFHVRULRV
HVSHFLDOHV
/DVHFFLQ(QSRFDVSDODEUDVOH
SURSRUFLRQDXQDSULPHUDYLVLQGH
FRQMXQWR
/DVWDEODVGHFRQWHQLGRVDOSULQFL
SLRGHOPDQXDO\GHFDGDFDSWXOR
OHD\XGDUQDORFDOL]DUODLQIRUPD
FLQ
(OQGLFHDOIDEWLFROHSHUPLWLUEXV
FDULQIRUPDFLQHVSHFILFD
(QHVWH0DQXDOGH,QVWUXFFLRQHVVH
UHSUHVHQWDQYHKFXORVFRQYRODQWH
DODL]TXLHUGD(OIXQFLRQDPLHQWRHV
VLPLODUSDUDORVYHKFXORVFRQYR
ODQWHDODGHUHFKD
(QHVWHPDQXDOVHXWLOL]DQODVGH
VLJQDFLRQHVGHIEULFDSDUDORVPR
WRUHV/DVGHVLJQDFLRQHVFRPHU
FLDOHVFRUUHVSRQGLHQWHVVHSXHGHQ
HQFRQWUDUHQHOFDSWXOR'DWRVWF
QLFRV
/DVLQGLFDFLRQHVGHGLUHFFLQSHM
L]TXLHUGDRGHUHFKDGHODQWHRGH
WUVVHUHILHUHQVLHPSUHDOVHQWLGR
GHPDUFKD

,QWURGXFFLQ

/DVLQGLFDFLRQHVHQSDQWDOODSXH
GHQQRHVWDUHQVXLGLRPD
/RVPHQVDMHVHQSDQWDOOD\ORVU
WXORVLQWHULRUHVHVWQLPSUHVRVHQ
QHJULWD

3HOLJUR$GYHUWHQFLD\
$WHQFLQ
 3HOLJUR
(OWH[WRPDUFDGRFRQ3
3HOLJUR
RIUHFHLQIRUPDFLQVREUHHOULHVJR
GHVXIULUDFFLGHQWHVROHVLRQHV
LQFOXVRIDWDOHV6LVHLJQRUDGLFKD
LQIRUPDFLQSXHGHKDEHUSHOLJUR
GHOHVLRQHVRPXHUWH

 $GYHUWHQFLD
(OWH[WRPDUFDGRFRQ
$GYHUWHQFLDRIUHFHLQIRUPDFLQ
VREUHULHVJRVGHDFFLGHQWHVROH
VLRQHV6LVHLJQRUDGLFKDLQIRUPD
FLQSXHGHKDEHUULHVJRGHOHVLR
QHV

$WHQFLQ
(OWH[WRPDUFDGRFRQ$
$WHQFLQ
RIUHFHLQIRUPDFLQVREUHSRVLEOHV
GDRVHQHOYHKFXOR6LVHLJQRUD
GLFKDLQIRUPDFLQHOYHKFXOR
SXHGHVXIULUGDRV

6PERORV
/DVUHIHUHQFLDVDSJLQDVVHLQGLFDQ
PHGLDQWH(OVPERORVLJQLILFD
YDVHODSJLQD
/HGHVHDPRVPXFKDVKRUDVGHDJUD
GDEOHFRQGXFFLQ
&KHYUROHW

(OHTXLSDPLHQWRGHORVYHKFXORV
SXHGHYDULDUGHSHQGLHQGRGHODV
YHUVLRQHVFRPHUFLDOL]DGDVHQVX
SDV\GHOPRGHORDGTXLULGR
$VHVUHVHHQXQ&RQFHFLRQDULR
2ILFLDO&KHYUROHWVREUHHO
HTXLSDPLHQWRGHORVYHKFXORV

,QWURGXFFLQ

(VWDSJLQDQRRIUHFHLQIRUPDFLQ

(QSRFDVSDODEUDV

(QSRFDVSDODEUDV

'HVEORTXHRGHOYHKFXOR

/ODYHHOHFWUQLFD

0DQGRDGLVWDQFLD

,QIRUPDFLQLPSRUWDQWH
SDUDVXSULPHUYLDMH

3XOVHHOERWQASDUDGHVEORTXHDUODV
SXHUWDV\HOFRPSDUWLPHQWRGHFDUJD
$EUDODVSXHUWDVWLUDQGRGHODVPDQL
OODVSDUDDEULUHOSRUWQWUDVHURSXOVH
HOERWQVLWXDGRGHEDMRGHODPROGXUD
GHOSRUWQWUDVHUR
6LSXOVDHOERWQIVORVHGHVEOR
TXHD\VHDEUHHOFRPSDUWLPHQWRGH
FDUJD
0DQGRDGLVWDQFLD&LHUUHFHQ
WUDOL]DGR&RPSDUWLPHQWRGH
FDUJD

(OXVXDULRGHEHOOHYDUFRQVLJRODOODYH
HOHFWUQLFD3XOVHHOLQWHUUXSWRUHQOD
PDQLMDGHODSXHUWDSDUDGHVEORTXHDU
HOYHKFXOR\WLUHGHODPDQLMDGHOD
SXHUWDSDUDDEULUOD3DUDDEULUHOSRU
WQWUDVHURSXOVHHOERWQVLWXDGRGH
EDMRGHODPROGXUD
6LVWHPDGHOODYHHOHFWUQLFD

(QSRFDVSDODEUDV

$MXVWHGHORVDVLHQWRV

5HVSDOGRGHODVLHQWR

$OWXUDGHODVLHQWR

7LUHGHODSDODQFDDMXVWHODLQFOLQD
FLQ\VXHOWHODSDODQFD'HMHTXHHO
DVLHQWRHQFODYHDXGLEOHPHQWH1RVH
DSR\HHQHOUHVSDOGRPLHQWUDVOR
DMXVWD
$MXVWHGHORVDVLHQWRV3RVL
FLQGHDVLHQWR

0RYLPLHQWRGHERPEHRGHODSDODQFD
KDFLDDUULED
PVDOWR
KDFLDDEDMR
PVEDMR

3RVLFLQGHODVLHQWR

7LUHGHODVLGHURGHVOLFHHODVLHQWR
VXHOWHHODVLGHUR
$MXVWHGHORVDVLHQWRV3RVL
FLQGHDVLHQWR

$VLHQWRVSRVLFLQGHDVLHQWR


(QSRFDVSDODEUDV

$MXVWHGHORV
DSR\DFDEH]DV

3DUDDMXVWDUODDOWXUDWLUHGHOUHSRVD
FDEH]DVKDFLDDUULED3DUDEDMDUOR
SXOVHHOUHVRUWH\HPSXMHHOUHSRVD
FDEH]DVKDFLDDEDMR
5HSRVDFDEH]DV

&LQWXUQGHVHJXULGDG

$MXVWHGHORVUHWURYLVRUHV
5HWURYLVRULQWHULRU

([WUDLJDHOFLQWXUQGHVHJXULGDG\
HQFOYHORHQHOFLHUUH(OFLQWXUQGH
VHJXULGDGQRGHEHHVWDUUHWRUFLGR\
GHEHTXHGDUELHQDMXVWDGRDOFXHUSR
(OUHVSDOGRQRGHEHHVWDUGHPDVLDGR
LQFOLQDGRKDFLDDWUVP[LPR
DSUR[
3DUDVROWDUHOFLQWXUQSXOVHHOERWQ
URMRGHOFLHUUH
&LQWXURQHVGHVHJXULGDG6LV
WHPDGHDLUEDJV3RVLFLQGH
DVLHQWR

$MXVWHODSDODQFDHQODSDUWHLQIHULRU
SDUDUHGXFLUHOHQFDQGLODPLHQWR
5HWURYLVRULQWHULRU5HWURYLVRU
LQWHULRUFRQDQWLHQFDQGLODPLHQWRDX
WRPWLFR

(QSRFDVSDODEUDV
5HWURYLVRUHVH[WHULRUHV

$MXVWHGHOYRODQWH

6HOHFFLRQH\DMXVWHHOUHWURYLVRUH[
WHULRUFRUUHVSRQGLHQWH
$MXVWHHOFWULFR5HWURYLVRUHV
H[WHULRUHVFRQYH[RV5HWURYL
VRUHVH[WHULRUHVSOHJDEOHV
5HWURYLVRUHVH[WHULRUHVWUPLFRV


'HVEORTXHHODSDODQFDDMXVWHHOYR
ODQWHOXHJRHQFODYHODSDODQFD\DVH
JUHVHGHTXHHVWWRWDOPHQWHEOR
TXHDGD(OYRODQWHVORVHGHEHDMXV
WDUFRQHOYHKFXORSDUDGR\ODGLUHF
FLQGHVEORTXHDGD
6LVWHPDGHDLUEDJV3RVLFLR
QHVGHODOODYHGHOHQFHQGLGR



(QSRFDVSDODEUDV

9LVWDJHQHUDOGHOWDEOHURGHLQVWUXPHQWRV

(QSRFDVSDODEUDV


&RQPXWDGRUGHODVOXFHV  

)DURVDQWLQLHEOD  
$QWLQLHEOD WUDVHUR  




,OXPLQDFLQGHORV
LQVWUXPHQWRV  
6DOLGDVGHDLUHODWHUDOHV  
,QWHUPLWHQWHVJXLDGDVOX]
EDMD\OX]DOWD 
,OXPLQDFLQGHVDOLGD  






&HQWURGHLQIRUPDFLQGHO
FRQGXFWRU  
,QVWUXPHQWRV  
%RFLQD  
$LUEDJGHOFRQGXFWRU  
&HQWURGHLQIRUPDFLQGHO
FRQGXFWRU  
0DQGRDGLVWDQFLDSDUDHO
VLVWHPDGHLQIRHQWUHWHQL
PLHQWR  
/LPSLDSDUDEULVDV
ODYDSDUDEULVDV
OLPSLDOXQHWDODYDOXQHWD  
6DOLGDVGHDLUHFHQWUDOHV    

 6LVWHPDGHLQIRHQWUHWHQL
PLHQWR  
 3DQWDOODGHLQIRUPDFLQ  
 /('GHHVWDGRGHOVLVWHPD
GHDODUPDDQWLUURER  
 3RUWDREMHWRV  
 $LUEDJGHODFRPSDDQWH  
 *XDQWHUD  
&DMDGHIXVLEOHVHQ
YHKFXORVFRQYRODQWHDOD
GHUHFKD  
 7HVWLJRGHFRQWUROGH
GHVDFWLYDFLQGHODLUEDJ\
UHFRUGDWRULRGHOFLQWXUQ
GHVHJXULGDG  
 &DOHIDFFLQYHQWLODFLQ
FOLPDWL]DGRUDXWRPWLFR  
 6LVWHPDGHFRQWUROGH
WUDFFLQ  
&RQWUROHOHFWUQLFRGH
HVWDELOLGDG  
%RWQ(&2SDUDHO
VLVWHPDVWRSVWDUW  



 3DODQFDVHOHFWRUDFDPELR
DXWRPWLFR  












&DPELRPDQXDO  

/XFHVGHHPHUJHQFLD  
&LHUUHFHQWUDOL]DGR  
3HGDOGHODFHOHUDGRU  
%RWQ6WDUW6WRSGHO
VLVWHPDGHOODYH
HOHFWUQLFD  
3HGDOGHOIUHQR  
&HUUDGXUDGHOHQFHQGLGR
FRQEORTXHRGHOYRODQWH  
3HGDOGHOHPEUDJXH  
$MXVWHGHOYRODQWH  
&RQWUROGHYHORFLGDG
FUXFHUR  
&RPSDUWLPHQWR
SRUWDREMHWRV  

&DMDGHIXVLEOHVHQ
YHKFXORVFRQYRODQWHDOD
L]TXLHUGD  
 3DODQFDGHGHVEORTXHR
GHOFDS  



(QSRFDVSDODEUDV

(VWDSJLQDQRRIUHFHLQIRUPDFLQ

(QSRFDVSDODEUDV

,OXPLQDFLQH[WHULRU
&RQPXWDGRUGHODVOXFHV

*LUDU
/XFHVDSDJDGDV

/XFHVGHSRVLFLQ

/XFHVEDMDV


&RQPXWDGRUGHODVOXFHVFRQ
FRQWURODXWRPWLFRGHODVOXFHV

*LUDU
$872




&RQWURODXWRPWLFRGHODV
OXFHVORVIDURV\ODVOXFHV
ODWHUDOHVVHHQFLHQGHQ\
DSDJDQDXWRPWLFDPHQWH
GHSHQGLHQGRGHODVFRQGL
FLRQHVGHOX]H[WHULRU
$FWLYDFLQRGHVDFWLYDFLQ
GHOFRQWURODXWRPWLFRGH
ODVOXFHVHOFRQPXWDGRU
YXHOYHD$
$872
/XFHVGHSRVLFLQ
/XFHVEDMDV

,OXPLQDFLQ





(QSRFDVSDODEUDV

/XFHVDQWLQLHEOD

*XLDGDVOX]DOWD\OX] EDMD

6HDOL]DFLQGHJLURV\FDPELRV
GHFDUULO

3XOVDU
)DURVDQWLQLHEOD

$QWLQLHEODWUDVHUR
P

*XLDGDV
/X]DOWD

7LUHGHODSDODQFD
3UHVLRQHODSDODQFD

'HUHFKD
$OD
L]TXLHUGD

/X]EDMD

3UHVLRQHRWLUHGHOD
SDODQFD

/X]DOWD*XLDGDV 

&RQWURODXWRPWLFRGHODVOXFHV


3DODQFDKDFLDDUULED
3DODQFDKDFLDDEDMR

6HDOL]DFLQGHJLURV\FDPELRVGH
FDUULO

(QSRFDVSDODEUDV
/XFHVGHHPHUJHQFLD

%RFLQD



6LVWHPDVOLPSLD\
ODYDSDUDEULVDV
/LPSLDSDUDEULVDV

6HDFFLRQDQFRQHOERWQe
/XFHVGHHPHUJHQFLD

3XOVHH

SXHUWDVSXHUWDV
+,
YHORFLGDGUSLGD
/2
YHORFLGDGOHQWD
,17
IXQFLRQDPLHQWRDLQWHUYDORV
UHJXODEOHVRVHQVRUGHOOX
YLD
2))
GHVFRQHFWDGR



(QSRFDVSDODEUDV

6WDWLRQ:DJRQ

YHORFLGDGUSLGD

YHORFLGDGOHQWD
'
FRQH[LQDLQWHUYDORVRIXQFLR
QDPLHQWRDXWRPWLFRFRQVHQ
VRUGHOOXYLD
GHVFRQHFWDGR
c

6LVWHPDODYDSDUDEULVDV

6LVWHPDVOLPSLDOXQHWD\
ODYDOXQHWD

3DUDXQVROREDUULGRFXDQGRORVOLP
SLDSDUDEULVDVHVWQGHVFRQHFWDGRV
SXOVHODSDODQFDKDFLDDEDMR
/LPSLDSDUDEULVDV6XVWLWXFLQ
GHODVHVFRELOODV
7LUHGHODSDODQFD
6LVWHPDODYDSDUDEULVDV/
TXLGRGHODYDGR

3XOVHHOLQWHUUXSWRUEDVFXODQWHSDUD
DFWLYDUHOOLPSLDOXQHWD
SRVLFLQ
IXQFLRQDPLHQWRFRQWL
VXSHULRU
QXR
SRVLFLQ
IXQFLRQDPLHQWRLQWHU
LQIHULRU
PLWHQWH
SRVLFLQ
GHVFRQHFWDGR
FHQWUDO
/LPSLDODYDOXQHWD

(QSRFDVSDODEUDV

&OLPDWL]DFLQ
/XQHWDWUPLFDWUDVHUD
UHWURYLVRUHVH[WHULRUHVWUPLFRV

3UHVLRQHODSDODQFD
6HSXOYHUL]DOTXLGRGHODYDGRVREUH
ODOXQHWDWUDVHUD\HOOLPSLDOXQHWDUHD
OL]DHOEDUULGRYDULDVYHFHV
/DUHVLVWHQFLDWUPLFDVHDFFLRQDSXO
VDQGRHOERWQ^
/XQHWDWUPLFDWUDVHUD



'HVHPSDDGR\
GHVFRQJHODFLQGHORVFULVWDOHV

3XOVHHOERWQ5
3RQJDHOPDQGRGHODWHPSHUDWXUDHQ
HOQLYHOPVFOLGR
5HIULJHUDFLQLFRQHFWDGD
/XQHWDWUPLFDWUDVHUD^FRQHFWDGD
&OLPDWL]DGRUDXWRPWLFR



(QSRFDVSDODEUDV

&DMDGHFDPELRV

&DPELRDXWRPWLFR

&DPELRPDQXDO

0DUFKDDWUVFRQHOYHKFXORSDUDGR
GHVHPEUDJXH\OXHJROHYDQWHODDQLOOD
GHODSDODQFDVHOHFWRUD\HQJUDQHOD
PDUFKD
6LODPDUFKDQRHQWUDFRQIDFLOLGDG
SRQJDODSDODQFDHQSXQWRPXHUWR
VXHOWHHOSHGDOGHOHPEUDJXH\SVHOR
GHQXHYROXHJRUHSLWDODVHOHFFLQGH
ODPDUFKD
&DPELRPDQXDO

3
5
1
'

HVWDFLRQDPLHQWR
PDUFKDDWUV
SXQWRPXHUWR
PDUFKDKDFLDGHODQWH

0RGRPDQXDOPXHYDODSDODQFDVH
OHFWRUDGHVGH'
'KDFLDODL]TXLHUGD
PDUFKDPVODUJD

PDUFKDPVFRUWD
<
/DSDODQFDVHOHFWRUDVORSXHGHPR
YHUVHGHODSRVLFLQ3
3FRQHOHQFHQ
GLGRFRQHFWDGR\HOSHGDOGHOIUHQR
SLVDGR3DUDVHOHFFLRQDU3
3R5
5SXOVH
HOERWQGHGHVEORTXHR

&DPELRDXWRPWLFR

(QSRFDVSDODEUDV

$OVDOLUGHYLDMH
&RPSUREDFLRQHVDQWHVGH
FRPHQ]DUXQYLDMH
/DSUHVLQGHORVQHXPWLFRV\VX
HVWDGR
(OQLYHOGHDFHLWHGHOPRWRU\GHORV
GHPVOTXLGRV
7RGRVORVFULVWDOHVUHWURYLVRUHV
LOXPLQDFLQH[WHULRU\SODFDVGH
SDWHQWHGHEHQHVWDUHQEXHQHV
WDGR\OLEUHVGHVXFLHGDGQLHYHR
KLHOR
/DFRUUHFWDSRVLFLQGHORVDVLHQ
WRVFLQWXURQHVGHVHJXULGDG\UH
WURYLVRUHV
(OIXQFLRQDPLHQWRGHORVIUHQRVD
EDMDYHORFLGDGHVSHFLDOPHQWHVL
ORVIUHQRVHVWQKPHGRV

$UUDQTXHGHOPRWRUFRQOD
FHUUDGXUDGHOHQFHQGLGR

*LUHODOODYHDODSRVLFLQ
PXHYDOLJHUDPHQWHHOYRODQWHSDUD
GHVDFWLYDUHOEORTXHR
&DPELRPDQXDODFFLRQHHOHPEUD
JXH
&DPELRDXWRPWLFRDFFLRQHHO
IUHQR\SRQJDODSDODQFDVHOHFWRUD
HQ3
3R1
1
1RDFHOHUH



0RWRUGLVHOJLUHODOODYHDODSRVL
FLQ
SDUDHOSUHFDOHQWDPLHQWR
KDVWDTXHHOWHVWLJRGHFRQWURO
VHDSDJXH
*LUHODOODYHDODSRVLFLQ
\VXO
WHODFXDQGRHOPRWRUHVWHQPDU
FKD
$QWHVGHUHSHWLUHODUUDQTXHRSDUD
DSDJDUHOPRWRUJLUHGHQXHYRODOODYH
D




(QSRFDVSDODEUDV

$UUDQTXHGHOPRWRUFRQHOERWQ
6WDUW6WRS

/DOODYHHOHFWUQLFDGHEHHVWDUHQ
HOLQWHULRUGHOYHKFXORRHOXVXDULR
GHEHOOHYDUODOODYHFRQVLJR
&DPELRPDQXDODFFLRQHHOHPEUD
JXH
&DPELRDXWRPWLFRDFFLRQHHO
IUHQR\SRQJDODSDODQFDVHOHFWRUD
HQ3
3R1
1
1RDFHOHUH
3XOVHHOERWQ6WDUW6WRS\VXOWHOR
FXDQGRHOPRWRUHVWHQPDUFKD(O
/('YHUGHVHLOXPLQDUHQFXDQWR
HOPRWRUHVWHQPDUFKD

3XOVHGHQXHYRHOERWQFRQHOPRWRU
HQPDUFKDSDUDDSDJDUHOPRWRU
$UUDQTXHGHOPRWRU

6LVWHPDVWRSVWDUW

6LHOYHKFXORFLUFXODDEDMDYHORFLGDG
RHVWSDUDGR\VHFXPSOHQGHWHUPL
QDGDVFRQGLFLRQHVDFWLYHODIXQFLQ
GHSDUDGDDXWRPWLFD$XWRVWRSGHO
VLJXLHQWHPRGR
3LVHHOSHGDOGHOHPEUDJXH
SRQJDODSDODQFDHQSXQWRPXHUWR
VXHOWHHOSHGDOGHOHPEUDJXH
/DSDUDGDDXWRPWLFD$XWRVWRSVH
LQGLFDPHGLDQWHODDJXMDHQODSRVL
FLQ$
$8726723HQHOWDFPHWUR

(QSRFDVSDODEUDV
3DUDYROYHUDDUUDQFDUHOPRWRUSLVH
GHQXHYRHOSHGDOGHOHPEUDJXH
6LVWHPDVWRSVWDUW

(VWDFLRQDPLHQWR
$FFLRQHVLHPSUHHOIUHQRGHHVWD
FLRQDPLHQWRVLQSXOVDUHOERWQGH
GHVEORTXHR(QSHQGLHQWHVDSO
TXHORFRQWRGDODILUPH]DSRVLEOH
3DUDUHGXFLUHOHVIXHU]RSLVHHOSH
GDOGHOIUHQRDOPLVPRWLHPSR
'HVFRQHFWHHOPRWRU\HOHQFHQ
GLGR*LUHODOODYHGHOHQFHQGLGRD
VTXHOD\JLUHHOYRODQWHKDVWD
TXHSHUFLEDTXHHOEORTXHRGHOYR
ODQWHKDHQFODYDGR9HKFXORVFRQ
VLVWHPDGHOODYHHOHFWUQLFDFRQHO
YHKFXORSDUDGRSXOVHHOERWQ
6WDUW6WRS\DEUDODSXHUWDGHOFRQ
GXFWRU
(QYHKFXORVFRQFDPELRDXWRP
WLFRPXHYDODSDODQFDVHOHFWRUDD
ODSRVLFLQ3
3\VDTXHODOODYH
6LHOYHKFXORHVWHQXQDVXSHUIL
FLHSODQDRFXHVWDDUULEDHQJUDQH
ODSULPHUDRPXHYDODSDODQFDVH
OHFWRUDD3
3DQWHVGHGHVFRQHFWDUHO
HQFHQGLGR6LHOYHKFXORHVW
FXHVWDDUULEDJLUHODVUXHGDVGH
ODQWHUDVHQODGLUHFFLQFRQWUDULDDO
FRUGQ



6LHOYHKFXORHVWFXHVWDDEDMR
HQJUDQHODPDUFKDDWUVRPXHYD
ODSDODQFDVHOHFWRUDD3
3DQWHVGH
GHVFRQHFWDUHOHQFHQGLGR*LUHODV
UXHGDVGHODQWHUDVKDFLDHOFRUGQ
&LHUUHODVYHQWDQLOODV\HOWHFKRVR
ODU
%ORTXHHHOYHKFXORFRQHOERWQC
GHOPDQGRDGLVWDQFLDRFRQVLV
WHPDGHOODYHHOHFWUQLFDSXOVHHO
LQWHUUXSWRUHQODPDQLMDGHOD
SXHUWD
&RQHFWHHOVLVWHPDGHDODUPDDQWL
UURER
1RHVWDFLRQHHOYHKFXORVREUHXQD
VXSHUILFLHIFLOPHQWHLQIODPDEOH/D
HOHYDGDWHPSHUDWXUDGHOVLVWHPD
GHHVFDSHSRGUDLQIODPDUGLFKD
VXSHUILFLH
/RVYHQWLODGRUHVGHUHIULJHUDFLQ
GHOPRWRUSXHGHQVHJXLUIXQFLR
QDQGRGHVSXVGHGHVFRQHFWDUHO
PRWRU
'HVSXVGHFLUFXODUDXQUJLPHQ
HOHYDGRRDOWDFDUJDGHMHIXQFLRQDU
HOPRWRUGLVHOEUHYHPHQWHFRQ



(QSRFDVSDODEUDV

EDMDFDUJDRDOUDOHQWGXUDQWHD
PLQXWRVDQWHVGHSDUDUORDILQGH
SURWHJHUHOWXUERFRPSUHVRU
/ODYHVFHUUDGXUDV

/ODYHVSXHUWDV\YHQWDQLOODV

/ODYHVSXHUWDV\
YHQWDQLOODV

/ODYHVFHUUDGXUDV
/ODYHV
/ODYHVGHUHSXHVWR

/ODYHVFHUUDGXUDV  
3XHUWDV  
6HJXULGDGGHOYHKFXOR  
5HWURYLVRUHVH[WHULRUHV  
5HWURYLVRULQWHULRU  
9HQWDQLOODV  
7HFKR  



3XOVHHOERWQSDUDGHVSOHJDUOR3DUD
SOHJDUODOODYHSXOVHSULPHURHOERWQ

0DQGRDGLVWDQFLD

(OQPHURGHODOODYHVHHVSHFLILFDHQ
XQDHWLTXHWDTXHVHSXHGHTXLWDU
$OSHGLUOODYHVGHUHSXHVWRGHEHLQGL
FDUVHHOQPHURGHOODYHFRUUHVSRQ
GLHQWH\DTXHODOODYHHVXQFRPSR
QHQWHGHOVLVWHPDLQPRYLOL]DGRU
&HUUDGXUDV

/ODYHFRQSDOHWQSOHJDEOH

6HXVDSDUDDFFLRQDU
&LHUUHFHQWUDOL]DGR
6LVWHPDGHDODUPDDQWLUURER
&RPSDUWLPHQWRGHFDUJD
(OPDQGRDGLVWDQFLDWLHQHXQDOFDQFH
GHPHWURVDSUR[LPDGDPHQWH'L
FKRDOFDQFHSXHGHYHUVHDIHFWDGR
SRULQIOXHQFLDVH[WHUQDV
/DVOXFHVGHHPHUJHQFLDVHLOXPLQDQ
SDUDFRQILUPDUHODFFLRQDPLHQWR



/ODYHVSXHUWDV\YHQWDQLOODV

'HEHWUDWDUORFRQFXLGDGRSURWHJHUOR
GHODKXPHGDG\GHODVWHPSHUDWXUDV
DOWDV\HYLWHDFFLRQDUORLQQHFHVDULD
PHQWH

$YHUD
6LHOFLHUUHFHQWUDOL]DGRQRVHDFWLYD
FRQHOPDQGRDGLVWDQFLDSXHGHGH
EHUVHDORVLJXLHQWH
VHKDH[FHGLGRHODOFDQFH
ODWHQVLQGHODSLODHVGHPDVLDGR
EDMD

DFFLRQDPLHQWRUHSHWLGR\IUHFXHQWH
GHOPDQGRDGLVWDQFLDIXHUDGHODO
FDQFHGHUHFHSFLQGHOYHKFXOR
VHUQHFHVDULRYROYHUDVLQFURQL
]DUOR
VREUHFDUJDGHOFLHUUHFHQWUDOL]DGR
GHELGRDXQDFFLRQDPLHQWRIUH
FXHQWHHQEUHYHVLQWHUYDORVVHLQ
WHUUXPSHODDOLPHQWDFLQGHFR
UULHQWHGXUDQWHXQEUHYHSHURGRGH
WLHPSR
LQWHUIHUHQFLDGHRQGDVGHUDGLRGH
PD\RUSRWHQFLDSURFHGHQWHVGH
RWUDVIXHQWHV
$EULUHOYHKFXOR

$MXVWHVEVLFRV
$OJXQRVDMXVWHVSXHGHQFDPELDUVH
HQHOPHQ$
$MXVWHVGHOD
SDQWDOODGHLQIRUPDFLQ3HUVRQDOL]D
FLQGHOYHKFXOR

6XVWLWXFLQGHODSLODGHOPDQGR
DGLVWDQFLD
6XVWLWX\DODSLODHQFXDQWRGLVPLQX\D
HODOFDQFH

/DVSLODVQRGHEHQDUURMDUVHDODED
VXUDGRPVWLFD'HEHQGHVHFKDUVH
HQXQSXQWRGHUHFRJLGDDXWRUL]DGR
SDUDVXUHFLFODMH

'HVSOLHJXHODOODYH\DEUDODXQLGDG
6XVWLWX\DODSLODWLSR&5SUHV
WDQGRDWHQFLQDODSRVLFLQGHPRQ
WDMH&LHUUHODXQLGDG\VLQFURQLFHHO
PDQGRDGLVWDQFLD

/ODYHVSXHUWDV\YHQWDQLOODV
1RWD
3DUDTXHODOODYHIXQFLRQHFRUUHFWD
PHQWHVLJDHVWRVFRQVHMRV
(YLWHGHMDUFDHUODOODYH
1RFRORTXHREMHWRVSHVDGRVVR
EUHODOODYH
0DQWHQJDODOODYHDOHMDGDGHO
DJXD\GHODOX]VRODUGLUHFWD6LOD
OODYHVHPRMDVTXHODFRQXQ
SDRVXDYH

6LVWHPDGHOODYH
HOHFWUQLFD

$UUDQTXHGHOPRWRU

 3HOLJUR
1RSXOVHHOERWQ6WDUW6WRSFRQHO
YHKFXORHQPDUFKD(OFRQGXFWRU
SRGUDSHUGHUHOFRQWUROGHOYH
KFXORGHMDUDGHIXQFLRQDUHOVHU
YRIUHQR\FDXVDUXQDFFLGHQWH
$VLPLVPRQXQFDGHMHEHEVQL
RV\MYHQHVVRORVHQHOYHKFXOR
3XHGHRFXUULUDOJQDFFLGHQWH

$MXVWHVPHPRUL]DGRV
$OVDFDUODOODYHGHODFHUUDGXUDGHO
HQFHQGLGRVHPHPRUL]DQDXWRPWL
FDPHQWHORVDMXVWHVSDUDODOODYHXWL
OL]DGD
&OLPDWL]DGRUDXWRPWLFRHOHFWU
QLFR
,OXPLQDFLQ
6LVWHPDGHLQIRHQWUHWHQLPLHQWR
&HUUDGXUDVGHSXHUWDVHOFWULFDV
/RVDMXVWHVJXDUGDGRVVHXWLOL]DQDX
WRPWLFDPHQWHFXDQGRVHLQVHUWDOD
OODYHHQODFHUUDGXUDGHOHQFHQGLGR
3HUVRQDOL]DFLQGHOYHKFXOR



 3HOLJUR
3HUPLWHHODFFLRQDPLHQWRVLQODOODYH
PHFQLFDGHORVLJXLHQWH
HOFLHUUHFHQWUDOL]DGR
HOVLVWHPDGHDODUPDDQWLUURER
HOHQFHQGLGR\HOPRWRUGHDUUDQ
TXH
(OFRQGXFWRUVORWLHQHTXHOOHYDU
FRQVLJRODOODYHHOHFWUQLFD
1RWD
1RSRQJDODOODYHHOHFWUQLFDHQHO
FRPSDUWLPHQWRGHFDUJDQLGHODQWH
GHOGLVSOD\GHLQIRUPDFLQ

$OSXOVDUHOERWQ6WDUW6WRSVH
SXHGHDUUDQFDUHOPRWRUVLODOODYH
HOHFWUQLFDHVWHQHOYHKFXOR
1XQFDGHMHVRORVHQHOYHKFXORD
QLRVQLDSHUVRQDVTXHQRHVWQ
IDPLOLDUL]DGDVFRQHOPLVPR3R
GUDQGDUOXJDUDDFFLGHQWHV'HV
FRQHFWHHOHQFHQGLGRFXDQGR
VDOJDGHOYHKFXOR\OOHYHVLHPSUH
FRQVLJRODOODYHHOHFWUQLFD



/ODYHVSXHUWDV\YHQWDQLOODV

0DQGRDGLVWDQFLD

/DVSLODVQRGHEHQDUURMDUVHDODED
VXUDGRPVWLFD'HEHQGHVHFKDUVH
HQXQSXQWRGHUHFROHFFLQDXWRUL]D
GR SDUDVXUHFLFODMH
6XVWLWXFLQGHODSLOD
6XVWLWX\DODSLODWLSR&5DWHQ
GLHQGRDODSRVLFLQGHPRQWDMH(Q
FODYHODVWDSDV

6LQFURQL]DFLQGHOPDQGRD
GLVWDQFLD

/DOODYHHOHFWUQLFDWLHQHWDPELQXQ
PDQGRDGLVWDQFLD

&DPELRGHODSLODGHODOODYH
HOHFWUQLFD
6XVWLWX\DODSLODHQFXDQWRHOVLVWHPD
QRIXQFLRQHFRUUHFWDPHQWHRVHUH
GX]FDHODOFDQFH/DQHFHVLGDGGH
VXVWLWXLUODSLODVHLQGLFDPHGLDQWHXQ
FGLJRGHHUURUHQHO &HQWURGH
,QIRUPDFLQDOFRQGXFWRU

(OPDQGRDGLVWDQFLDVHVLQFURQL]D
DXWRPWLFDPHQWHHQFDGDSURFHVRGH
DUUDQTXH

&LHUUHFHQWUDOL]DGR
3HUPLWHEORTXHDU\GHVEORTXHDUODV
SXHUWDVHOFRPSDUWLPHQWRGHFDUJD\
ODWDSDGHOGHSVLWRGHFRPEXVWLEOH
$OWLUDUGHXQDPDQLMDLQWHULRUVHGHV
EORTXHD\VHDEUHODSXHUWD
1RWD
(QFDVRGHDFFLGHQWHGHXQDGHWHU
PLQDGDJUDYHGDGHOYHKFXORVH
GHVEORTXHDDXWRPWLFDPHQWH

'HVEORTXHR
0DQGRDGLVWDQFLD

$YHUD
6LQRHVSRVLEOHDFFLRQDUHOFLHUUH
FHQWUDOL]DGRRDUUDQFDUHOPRWRU
SXHGHGHEHUVHDXQDGHODVFDXVDV
VLJXLHQWHV
DYHUDHQHOPDQGRDGLVWDQFLD

OODYHHOHFWUQLFDIXHUDGHODOFDQFH
GHUHFHSFLQ
3DUDVXEVDQDUODFDXVDGHODDYHUD
FDPELHODSRVLFLQGHODOODYHHOHFWU
QLFD

3XOVHHOERWQA

/ODYHVSXHUWDV\YHQWDQLOODV
6HSXHGHFRQILJXUDUSDUDGHVEOR
TXHDUVORODSXHUWDGHOFRQGXFWRU
SXOVDQGRHOERWQAXQDYH]\SDUD
GHVEORTXHDUWRGDVODVSXHUWDVHO
FRPSDUWLPHQWRGHFDUJD\ODWDSDGHO
GHSVLWRGHFRPEXVWLEOHSXOVDQGRHO
ERWQAGRVYHFHV
/RVDMXVWHVSXHGHQFDPELDUVHHQHO
PHQ$
$MXVWHVGHODSDQWDOODGHLQIRU
PDFLQ3HUVRQDOL]DFLQGHOYHKFXOR

/RVDMXVWHVVHSXHGHQPHPRUL]DU
PHGLDQWHODOODYHXWLOL]DGDDMXVWHV
PHPRUL]DGRV
6LVWHPDGHOODYHHOHFWUQLFD

3XOVHHOLQWHUUXSWRUHQODPDQLMDGHOD
SXHUWDSDUDGHVEORTXHDUHOYHKFXOR
\WLUHGHODPDQLMDGHODSXHUWDSDUD
DEULUODRSXOVHHOERWQGHEDMRGHOD
PROGXUDGHODWDSDGHOEDO
/DOODYHHOHFWUQLFDGHEHHVWDUIXHUD
GHOYHKFXORDPHQRVGHXQPHWURGH
GLVWDQFLDDSUR[LPDGDPHQWH
6HSXHGHFRQILJXUDUSDUDGHVEOR
TXHDUVORODVSXHUWDVGHOODGRFR
UUHVSRQGLHQWHRWRGDVODVSXHUWDV
/RVDMXVWHVSXHGHQFDPELDUVHHQHO
PHQ$
$MXVWHVGHODSDQWDOODGHLQIRU
PDFLQ3HUVRQDOL]DFLQGHOYHKFXOR


%ORTXHR
0DQGRDGLVWDQFLD
&LHUUHODVSXHUWDVHOFRPSDUWLPHQWR
GHFDUJD\ODWDSDGHOGHSVLWRGH
FRPEXVWLEOH



3XOVHHOERWQC
6LODSXHUWDGHOFRQGXFWRUQRHVW
ELHQFHUUDGDHOFLHUUHFHQWUDOL]DGRQR
IXQFLRQDU$FWLYDFLQRGHVDFWLYD
FLQGHHVWDIXQFLQHQHOPHQ
$MXVWHVGHODSDQWDOODGHLQIRUPDFLQ
3HUVRQDOL]DFLQGHOYHKFXOR



/ODYHVSXHUWDV\YHQWDQLOODV

6LVWHPDGHOODYHHOHFWUQLFD

1RWD
(OYHKFXORQRVHEORTXHDDXWRPWL
FDPHQWH

SXHUWDV

'HVEORTXHRGHOSRUWQWUDVHUR
SXHUWDV6WDWLRQ:DJRQ

3XOVHHOLQWHUUXSWRUHQXQDPDQLMDGH
ODSXHUWD
/DOODYHHOHFWUQLFDGHEHHVWDUIXHUD
GHOYHKFXORDPHQRVGHXQPHWURGH
GLVWDQFLDDSUR[LPDGDPHQWH/DRWUD
OODYHHOHFWUQLFDQRGHEHHVWDUHQHO
LQWHULRUGHOYHKFXOR
'HEHQWUDQVFXUULUVHJXQGRVDQWHV
GHSRGHUGHVEORTXHDUHOYHKFXOR(Q
HVHSOD]RGHWLHPSRVHSXHGHFRP
SUREDUTXHHOYHKFXORHVWEOR
TXHDGR

3XOVHHOERWQI(OSRUWQWUDVHUR
VHGHVEORTXHD\VHDEUHPLHQWUDV
TXHODVGHPVSXHUWDVSHUPDQHFHQ
EORTXHDGDV
3XOVHHOERWQAXQDYH]RGRVYHFHV
GHSHQGLHQGRGHODMXVWHVHOHFFLR
QDGR(OSRUWQWUDVHURVHGHVEOR
TXHDU\VHDEULU
3HUVRQDOL]DFLQGHOYHKFXOR

6LVWHPDGHOODYHHOHFWUQLFD

$WHQFLQ
&XDQGRWRGDVODVSXHUWDVHVWQ
EORTXHDGDVHOFRPSDUWLPHQWRGH
FDUJDSXHGHGHVEORTXHDUVHFRQOD
OODYHHOHFWUQLFD(QWRQFHVVLFLH
UUDHOSRUWQWUDVHURFRQODOODYH

/ODYHVSXHUWDV\YHQWDQLOODV
HOHFWUQLFDHQHOLQWHULRUGHOFRP
SDUWLPHQWRGHFDUJDODSXHUWDGHO
FRQGXFWRU\HOSRUWQWUDVHURVH
GHVEORTXHDUQ\VRQDUXQDYLVR
DFVWLFR

%RWRQHVGHOFLHUUHFHQWUDOL]DGR
3HUPLWHQEORTXHDURGHVEORTXHDUWR
GDVODVSXHUWDVHOFRPSDUWLPHQWRGH
FDUJD\ODWDSDGHOGHSVLWRGHFRP
EXVWLEOH

&XDQGRODOODYHHVWHQODFHUUDGXUD
GHOHQFHQGLGRHOEORTXHRVORVHU
SRVLEOHVLWRGDVODVSXHUWDVHVWQFH
UUDGDV

$YHUDHQHOVLVWHPDGHPDQGR
DGLVWDQFLDRVLVWHPDGHOODYH
HOHFWUQLFD
'HVEORTXHR



GHOGHSVLWRGHFRPEXVWLEOH3DUD
GHVDFWLYDUHOVLVWHPDDQWLUURERFR
QHFWHHOHQFHQGLGR
%ORTXHR
&RQHFWHHOHQFHQGLGR\SXOVHHOER
WQGHOFLHUUHFHQWUDOL]DGRCSDUDEOR
TXHDUWRGDVODVSXHUWDVHOFRPSDUWL
PHQWRGHFDUJD\ODWDSDGHOGHSVLWR
GHFRPEXVWLEOH/XHJRFLHUUHOD
SXHUWDGHOFRQGXFWRU\EORTXHOD
GHVGHIXHUDFRQODOODYH

$YHUDGHOFLHUUHFHQWUDOL]DGR

3XOVHHOERWQCSDUDEORTXHDU
3XOVHHOERWQASDUDGHVEORTXHDU

'HVEORTXHHPDQXDOPHQWHODSXHUWD
GHOFRQGXFWRUJLUDQGRODOODYHHQOD
FHUUDGXUD&RQHFWHHOHQFHQGLGR\
SXOVHHOERWQGHOFLHUUHFHQWUDOL]DGR
ASDUDGHVEORTXHDUWRGDVODVSXHUWDV
HOFRPSDUWLPHQWRGHFDUJD\ODWDSD

'HVEORTXHR
'HVEORTXHHPDQXDOPHQWHODSXHUWD
GHOFRQGXFWRUJLUDQGRODOODYHHQOD
FHUUDGXUD/DVRWUDVSXHUWDVSXHGHQ
DEULUVHDFFLRQDQGRODPDQLOODLQWHULRU
GRVYHFHV/DWDSDGHOGHSVLWRGH
FRPEXVWLEOHQRVHSXHGHDEULU3DUD
GHVDFWLYDUHOVLVWHPDDQWLUURERFR
QHFWHHOHQFHQGLGR



/ODYHVSXHUWDV\YHQWDQLOODV

'HVEORTXHRGHOSRUWQWUDVHUR

%ORTXHRDXWRPWLFR
%ORTXHRDXWRPWLFRGHVSXVGH
LQLFLDUODPDUFKD

7LUHGHODPDQLMDHQHOLQWHULRUGHO
SRUWQWUDVHUR
%ORTXHR
3XOVHHOERWQLQWHULRUGHEORTXHRGH
WRGDVODVSXHUWDVH[FHSWRODSXHUWD
GHOFRQGXFWRU/XHJRFLHUUHODSXHUWD
GHOFRQGXFWRU\EORTXHODGHVGH
IXHUDFRQODOODYH/DWDSDGHOGHS
VLWRGHFRPEXVWLEOH\HOSRUWQWUDVHUR
QRVHSXHGHQEORTXHDU

(VWDIXQFLQGHVHJXULGDGSXHGH
FRQILJXUDUVHSDUDEORTXHDUDXWRPWL
FDPHQWHWRGDVODVSXHUWDVHOFRP
SDUWLPHQWRGHFDUJD\ODWDSDGHOGH
SVLWRGHFRPEXVWLEOHHQFXDQWRHO
YHKFXORLQLFLDODPDUFKD
/RVDMXVWHVSXHGHQFDPELDUVHHQHO
PHQ$
$MXVWHVGHODSDQWDOODGHLQIRU
PDFLQ3HUVRQDOL]DFLQGHOYHKFXOR

'LFKREORTXHRVHGHVEORTXHDUDX
WRPWLFDPHQWHVLRFXUUHDOJRGHORVL
JXLHQWH
&RQFDPELRDXWRPWLFRFXDQGROD
SDODQFDVHOHFWRUDHVWHQ3GHVSXV
GHFRQGXFLU
&RQFDPELRPDQXDOFXDQGRVH
VDFDODOODYHGHODFHUUDGXUDGHOHQ
FHQGLGRGHVSXVGHFRQGXFLU
&RQOODYHHOHFWUQLFD\FDPELRPD
QXDOFXDQGRHOPRWRUVHSDUDSXO
VDQGRHOERWQ6WDUW6WRSGHVSXVGH
FRQGXFLU

 3HOLJUR
1RGHVEORTXHHODSXHUWDFRQHO
YHKFXORHQPDUFKD6LXQRFX
SDQWHDEUHODSXHUWDVLQTXHUHUVH
SXHGHQSURGXFLUOHVLRQHVJUDYHVR
IDWDOHVHQFDVRGHDFFLGHQWH
3RUPRWLYRVGHVHJXULGDGVLOD
SXHUWDVHGHVEORTXHDPDQXDO
PHQWHYXHOYDDEORTXHDUOD
XVDQGRHOERWQGHEORTXHRGHOD
SXHUWD
/RVDMXVWHVVHSXHGHQPHPRUL]DU
PHGLDQWHODOODYHXWLOL]DGD

/ODYHVSXHUWDV\YHQWDQLOODV

6HJXURVSDUDQLRV

8VDQGRODOODYHRXQGHVWRUQLOODGRU
DGHFXDGRJLUHORVVHJXURVSDUDQL
RVGHODVSXHUWDVWUDVHUDVKDVWDOD
SRVLFLQKRUL]RQWDO/DVSXHUWDVQR
SXHGHQDEULUVHGHVGHHOLQWHULRU3DUD
VXGHVDFWLYDFLQJLUHORVVHJXURV
SDUDQLRVKDVWDODSRVLFLQYHUWLFDO



3XHUWDV
&RPSDUWLPHQWRGHFDUJD
3RUWQWUDVHUR
$SHUWXUD
6WDWLRQ:DJRQ
SXHUWDV6

 3HOLJUR
8WLOLFHORVVHJXURVSDUDQLRV
VLHPSUHTXHYLDMHQQLRVHQORV
DVLHQWRVWUDVHURV

$WHQFLQ
1RWLUHGHODPDQLMDLQWHULRUGHOD
SXHUWDPLHQWUDVHOVHJXURSDUDQL
RVHVWHQODSRVLFLQGHEOR
TXHR$OKDFHUHVWRSXHGHGDDU
ODPDQLMDLQWHULRUGHODSXHUWD

'HVSXVGHOGHVEORTXHRSXOVHHOER
WQVLWXDGREDMRODPDQLMDRGHEDMR
GHODPROGXUDGHOSRUWQWUDVHUR\
DEUDHOSRUWQWUDVHUR
SXHUWDV



/ODYHVSXHUWDV\YHQWDQLOODV
$WHQFLQ
$QWHVGHDEULUHOSRUWQWUDVHUR
FRPSUXHEHVLKD\REVWUXFFLRQHV
SRUDUULEDFRPRXQDSXHUWDGHJD
UDMHSDUDHYLWDUGDRVHQHOSRUWQ
WUDVHUR&RPSUXHEHVLHPSUHOD
]RQDGHPRYLPLHQWRSRUHQFLPD\
GHWUVGHOSRUWQWUDVHUR

3XOVHHOERWQIGHOPDQGRDGLV
WDQFLDKDVWDTXHHOSRUWQWUDVHURVH
DEUDRSXOVHHOERWQVLWXDGRGHEDMR
GHODPROGXUDGHOSRUWQWUDVHURGHV
SXVGHGHVEORTXHDUHOYHKFXOR

 3HOLJUR
1RFLUFXOHFRQHOSRUWQWUDVHUR
DELHUWRRHQWUHDELHUWRSHMDO
WUDQVSRUWDUREMHWRVYROXPLQRVRV
\DTXHSRGUDQHQWUDUJDVHVGH
HVFDSHW[LFRVLQRGRURVHLQYLVL
EOHVHQHOYHKFXOR3XHGHQRFD
VLRQDUXQGHVYDQHFLPLHQWRHLQ
FOXVRODPXHUWH

1RWD
6LVHPRQWDQGHWHUPLQDGRVDFFHVR
ULRVSHVDGRVHQHOSRUWQWUDVHUR
SXHGHTXHVWHQRVHPDQWHQJDHQ
SRVLFLQDELHUWD
&LHUUH

8WLOLFHODPDQLMDLQWHULRU $OFHUUDU
QRSXOVHHOERWQVLWXDGR
GHEDMRGHODPROGXUDRGHEDMRGHOD
PDQLMDSDUDHYLWDUTXHHOSRUWQWUD
VHURVHYXHOYDDGHVEORTXHDU

/ODYHVSXHUWDV\YHQWDQLOODV

6HJXULGDGGHOYHKFXOR
6LVWHPDGHDODUPD
DQWLUURER
(OVLVWHPDGHDODUPDDQWLUURERFRQ
WUROD
/DVSXHUWDVHOSRUWQWUDVHUR\HO
FDS
(OHQFHQGLGR

&RQPDQGRDGLVWDQFLDVHDFWLYD
GLUHFWDPHQWHSXOVDQGRGHQXHYRC
GHVSXVGHOEORTXHRR
&RQVLVWHPDGHOODYHHOHFWUQLFD
VHDFWLYDGLUHFWDPHQWHSXOVDQGRGH
QXHYRHOLQWHUUXSWRUHQODPDQLMDGH
ODSXHUWDGHVSXVGHOEORTXHR



/('GHHVWDGR

$FWLYDFLQ

6HDFWLYDDXWRPWLFDPHQWHVH
JXQGRVGHVSXVGHEORTXHDUHOYH
KFXORLQLFLDOL]DFLQGHOVLVWHPDR

(O/('GHHVWDGRHVWLQWHJUDGRHQHO
VHQVRUVLWXDGRHQODSDUWHVXSHULRU
GHOWDEOHURGHLQVWUXPHQWRV
(VWDGRGXUDQWHORVSULPHURVVH
JXQGRVGHVGHODDFWLYDFLQGHOVLV
WHPDGHDODUPDDQWLUURER
/('
FRPSUREDFLQUH
HQFHQGLGR
WDUGRGHDFWLYDFLQ
(O/('
ODVSXHUWDVHOSRU
SDUSDGHD
WQWUDVHURRHO
USLGDPHQWH
FDSQRHVWQELHQ
FHUUDGRVRDYHUD
GHOVLVWHPD



/ODYHVSXHUWDV\YHQWDQLOODV

(VWDGRGHVSXVGHDFWLYDUVHHOVLV
WHPD
(O/('
HOVLVWHPDHVWDF
SDUSDGHD
WLYDGR
OHQWDPHQWH

,QPRYLOL]DGRU

(QFDVRGHDYHUDUHFXUUDDODD\XGD
GHXQ&RQFHVLRQDULR2ILFLDOR7DOOHU
GH6HUYLFLR$XWRUL]DGR&KHYUROHW

'HVDFWLYDFLQ
9HKFXORVFRQVLVWHPDGHOODYHHOHF
WUQLFD3XOVDQGRHOLQWHUUXSWRUHQOD
PDQLMDGHODSXHUWDVHGHVDFWLYDHO
VLVWHPDGHDODUPDDQWLUURER

$ODUPD

$OGHVEORTXHDUHOYHKFXORSXOVDQGR
HOERWQARWLUDQGRGHODPDQLMDGH
ODSXHUWDVHGHVDFWLYDHOVLVWHPDGH
DODUPDDQWLUURER

/DDODUPDVHSXHGHVLOHQFLDUSXO
VDQGRFXDOTXLHUERWQGHOPDQGRD
GLVWDQFLDRFRQHFWDQGRHOHQFHQGLGR
(OVLVWHPDGHDODUPDDQWLUURERVOR
VHSXHGHGHVDFWLYDUSXOVDQGRHOER
WQASXOVDQGRHOLQWHUUXSWRUHQXQD
PDQLMDGHODSXHUWDVORFRQVLVWHPD
GHOODYHHOHFWUQLFDRFRQHFWDQGRHO
HQFHQGLGR

(OVLVWHPDHVWLQWHJUDGRHQODFHUUD
GXUDGHOHQFHQGLGR\FRPSUXHEDVLHO
YHKFXORSXHGHVHUDUUDQFDGRFRQOD
OODYHXWLOL]DGD6LHOVLVWHPDUHFRQRFH
DOWUDQVSRQGHGRUGHODOODYHVH
SXHGHDUUDQFDUHOYHKFXOR
(OLQPRYLOL]DGRUHOHFWUQLFRVHDFWLYD
DXWRPWLFDPHQWHGHVSXVGHVDFDU
ODOODYHGHOHQFHQGLGRRGHGHVFRQHF
WDUHOPRWRUSXOVDQGRHOERWQ6WDUW
6WRS
6LHOWHVWLJRGHFRQWUROGVHHQFLHQGH
RSDUSDGHDFRQHOHQFHQGLGRFRQHF
WDGRKD\XQDDYHUDHQHOVLVWHPDQR
VHSXHGHDUUDQFDUHOPRWRU'HVFR
QHFWHHOHQFHQGLGR\OXHJRUHSLWDHO
LQWHQWRGHDUUDQTXH
6LHOWHVWLJRGHFRQWUROFRQWLQDHQ
FHQGLGRRSDUSDGHDQGRLQWHQWH
DUUDQFDUHOPRWRUFRQODOODYHGHUH
SXHVWR\UHFXUUDDODD\XGDGHXQ
&RQFHVLRQDULR2ILFLDOR7DOOHUGH
6HUYLFLR$XWRUL]DGR&KHYUROHW

/ODYHVSXHUWDV\YHQWDQLOODV
1RWD
(OLQPRYLOL]DGRUQREORTXHDODV
SXHUWDV'HVSXVGHVDOLUGHOYH
KFXORVLHPSUHGHEHEORTXHDUOR\
FRQHFWDUHOVLVWHPDGHDODUPDDQWL
UURER
7HVWLJRGHFRQWUROG

5HWURYLVRUHVH[WHULRUHV
)RUPDFRQYH[D
(OUHWURYLVRUH[WHULRUFRQYH[RUHGXFH
ORVQJXORVPXHUWRV/DIRUPDGHOHV
SHMRKDFHTXHORVREMHWRVSDUH]FDQ
PVSHTXHRVORTXHDIHFWDDOD
DSUHFLDFLQGHODVGLVWDQFLDV



/XHJREDVFXOHHOPDQGRSDUDDMXVWDU
HOUHWURYLVRU

3OHJDGR

$MXVWHHOFWULFR

6HOHFFLRQHHOUHWURYLVRUH[WHULRUFR
UUHVSRQGLHQWHJLUDQGRHOPDQGRDOD
L]TXLHUGD/RDODGHUHFKD5(QOD
SRVLFLQ
QRKD\VHOHFFLRQDGRQLQ
JQUHWURYLVRU

3DUDODVHJXULGDGGHORVSHDWRQHV
ORVUHWURYLVRUHVH[WHULRUHVEDVFXODQ
GHVXSRVLFLQGHPRQWDMHQRUPDODO
UHFLELULPSDFWRVGHXQDGHWHUPLQDGD
IXHU]D9XHOYDDFRORFDUHOUHWURYLVRU
HQVXSRVLFLQSUHVLRQDQGROLJHUD
PHQWHVREUHODFDUFDVD



/ODYHVSXHUWDV\YHQWDQLOODV

3OHJDGRHOFWULFR

 3HOLJUR
0DQWHQJDVLHPSUHORVUHWURYLVR
UHVFRUUHFWDPHQWHDMXVWDGRV\XWL
OFHORVGXUDQWHODFRQGXFFLQSDUD
YHUPHMRUORVREMHWRV\ORVGHPV
YHKFXORVTXHOHURGHDQ1RFRQ
GX]FDFRQDOJXQRGHORVUHWURYLVR
UHVSOHJDGR

5HWURYLVRULQWHULRU
$QWLHQFDQGLODPLHQWR
PDQXDO

5HWURYLVRUHVWUPLFRV
*LUHHOPDQGRD\OXHJRSXOVHHO
PDQGRKDFLDDEDMR6HSOHJDUQORV
GRVUHWURYLVRUHVH[WHULRUHV
3XOVHGHQXHYRHOPDQGRKDFLD
DEDMRDPERVUHWURYLVRUHVYROYHUQD
VXSRVLFLQRULJLQDO
6LXQUHWURYLVRUSOHJDGRHOFWULFD
PHQWHVHGHVSOLHJDPDQXDOPHQWHDO
SXOVDUHOPDQGRKDFLDDEDMRVORVH
GHVSOHJDUHOFWULFDPHQWHHORWURUH
WURYLVRU

3DUDUHGXFLUHOHQFDQGLODPLHQWRDF
FLRQHODSDODQFDTXHKD\GHEDMRGHOD
FDUFDVDGHOHVSHMR

6HFRQHFWDSXOVDQGRHOERWQ^
/DFDOHIDFFLQIXQFLRQDFRQHOPRWRU
HQPDUFKD\VHGHVFRQHFWDDXWRP
WLFDPHQWHSRFRWLHPSRGHVSXV

/ODYHVSXHUWDV\YHQWDQLOODV

$QWLHQFDQGLODPLHQWR
DXWRPWLFR



9HQWDQLOODV
/HYDQWDYLGULRVHOFWULFRV
 3HOLJUR

(OHQFDQGLODPLHQWRSURGXFLGRSRU
ORVYHKFXORVTXHQRVVLJXHQGH
QRFKHVHUHGXFHDXWRPWLFDPHQWH

7HQJDFXLGDGRDODFFLRQDUORVOH
YDQWDYLGULRVHOFWULFRV+D\ULHVJR
GHDFFLGHQWHVHVSHFLDOPHQWH
SDUD ORVQLRV
6LKD\QLRVHQHODVLHQWRWUDVHUR
DFWLYHHOVHJXURSDUDQLRVGHORV
OHYDQWDYLGULRVHOFWULFRV
2EVHUYHDWHQWDPHQWHODVYHQWDQL
OODVFXDQGRODVFLHUUH$VHJUHVH
GHTXHQDGDTXHGHDWUDSDGR
PLHQWUDVVHPXHYHQ
/RVOHYDQWDYLGULRVHOFWULFRVIXQFLRQDQ
FRQHOHQFHQGLGRFRQHFWDGR
KDVWDPLQXWRVGHVSXVGHGHV
FRQHFWDUHOHQFHQGLGR
'HVSXVGHGHVFRQHFWDUHOHQFHQ
GLGRVHGHVDFWLYDHODFFLRQDPLHQWR
GHODVYHQWDQLOODVFXDQGRVHDEUHXQD
SXHUWDGHODQWHUD

$FFLRQHHOLQWHUUXSWRUGHODYHQWDQLOOD
FRUUHVSRQGLHQWHSXOVHSDUDDEULUR
WLUHSDUDFHUUDU

)XQFLRQ
QDPLHQWRGHORV
OHYDQWDYLGULRVGHODQWHURVFRQ
IXQFLQGHVHJXULGDG
3XOVHRWLUHOLJHUDPHQWHKDVWDHOSUL
PHUILDGRUODYHQWDQLOODVXEHREDMD
PLHQWUDVHVWDFFLRQDGRHOLQWHUUXS
WRU
3XOVHRWLUHFRQPVIXHU]DKDVWDHO
VHJXQGRILDGRU\OXHJRVXHOWHODYHQ
WDQLOODVXEHREDMDDXWRPWLFDPHQWH



/ODYHVSXHUWDV\YHQWDQLOODV

FRQIXQFLQGHVHJXULGDG3DUDGHWH
QHUHOPRYLPLHQWRYXHOYDDDFFLRQDU
HOLQWHUUXSWRUHQODPLVPDGLUHFFLQ

)XQFLRQDPLHQWRGHORV
OHYDQWDYLGULRVGHODQWHURV\
WUDVHURVVLQIXQFLQGH
VHJXULGDG
3XOVHRWLUHOLJHUDPHQWHKDVWDHOSUL
PHUILDGRUODYHQWDQLOODVXEHREDMD
PLHQWUDVHVWDFFLRQDGRHOLQWHUUXS
WRU
3XOVHFRQPVIXHU]DKDVWDHOVH
JXQGRILDGRU\OXHJRVXHOWHODYHQWD
QLOODVHEDMDDXWRPWLFDPHQWH3DUD
GHWHQHUHOPRYLPLHQWRYXHOYDDDF
FLRQDUHOLQWHUUXSWRUHQODPLVPDGL
UHFFLQ

)XQFLQGHVHJXULGDG
6LHOFULVWDOGHODYHQWDQLOODHQFXHQWUD
DOJQREVWFXORHQODPLWDGVXSHULRU
GHOUHFRUULGRGXUDQWHHOFLHUUHDXWR
PWLFRVHGHWHQGULQPHGLDWDPHQWH
\YROYHUDDEULUVH

$QXODUODIXQFLQGHVHJXULGDG
(QFDVRGHGLILFXOWDGHVSDUDFHUUDU
SRUHVFDUFKDRVLPLODUPDQWHQJDDF
FLRQDGRHOLQWHUUXSWRU/DYHQWDQLOOD
VXEHVLQODIXQFLQGHVHJXULGDG
3DUDGHWHQHUHOPRYLPLHQWRVXHOWH\
YXHOYDDDFFLRQDUHOLQWHUUXSWRUXQD
YH]PVHQODPLVPDGLUHFFLQ

6HJXURSDUDQLRVHQODV
YHQWDQLOODVWUDVHUDV

 3HOLJUR
/DVSDUWHVGHOFXHUSRTXHVREUH
VDOJDQGHOYHKFXORSXHGHQJRO
SHDUVHFRQREMHWRVDOSDVDU0DQ
WHQJDWRGDVODVSDUWHVGHOFXHUSR
HQHOLQWHULRUGHOYHKFXOR

3XOVHHOLQWHUUXSWRURSDUDGHVDFWLYDU
ORVOHYDQWDYLGULRVHOFWULFRVGHODV
SXHUWDVWUDVHUDVHO/('VHLOXPLQD
3DUD DFWLYDUORVSXOVHGHQXHYRR

6REUHFDUJD
6LVHDFFLRQDQUHSHWLGDPHQWHODV
YHQWDQLOODVDLQWHUYDORVEUHYHVHVSR
VLEOHTXHVHGHVDFWLYHHODFFLRQD
PLHQWRGHODVYHQWDQLOODVGXUDQWHDO
JQWLHPSR

/ODYHVSXHUWDV\YHQWDQLOODV
,QLFLDOL]DFLQGHORV
OHYDQWDYLGULRV HOFWULFRV
6LODVYHQWDQLOODVQRVHSXHGHQFHUUDU
DXWRPWLFDPHQWHSHMGHVSXVGH
GHVFRQHFWDUODEDWHUDGHOYHKFXOR
DFWLYHODHOHFWUQLFDGHODVYHQWDQLOODV
GHOVLJXLHQWHPRGR
 &LHUUHODVSXHUWDV
 &RQHFWHHOHQFHQGLGR
 &LHUUHODYHQWDQLOODFRPSOHWD
PHQWH\PDQWHQJDHOLQWHUUXSWRU
DFFLRQDGRGXUDQWHRWURVVHJXQ
GRV
 5HSLWDODRSHUDFLQSDUDFDGD
YHQWDQLOOD

/XQHWDWUPLFDWUDVHUD



1RDUDHRGDHORVKLORVGHOGH
VHPSDDGRUFXDQGROLPSLHRUHD
OLFHFXDOTXLHURWURWLSRGHWUDEDMR
HQODOXQHWDWUDVHUD

3DUDVROHV
/RVSDUDVROHVVHSXHGHQDEDWLUR
EDVFXODUKDFLDXQODGRSDUDHYLWDUHO 
HQFDQGLODPLHQWR
6LORVSDUDVROHVWLHQHQHVSHMRVLQWH
JUDGRVODVWDSDVGHORVHVSHMRVGH
EHQHVWDUFHUUDGDVGXUDQWHODPDU
FKD
6HFRQHFWDSXOVDQGRHOERWQ^
/DFDOHIDFFLQIXQFLRQDFRQHOPRWRU
HQPDUFKD\VHGHVFRQHFWDDXWRP
WLFDPHQWHSRFRWLHPSRGHVSXV

$WHQFLQ
1RXWLOLFHLQVWUXPHQWRVDILODGRVR
OLPSLDFULVWDOHVDEUDVLYRVHQODOX
QHWDWUDVHUDGHOYHKFXOR



/ODYHVSXHUWDV\YHQWDQLOODV

7HFKR

3HUVLDQDVRODU
/DSHUVLDQDVRODUVHDFFLRQDPDQXDO
PHQWH
$EUDRFLHUUHODSHUVLDQDVRODUGHVOL
]QGROD&XDQGRHOWHFKRVRODUHVW
DELHUWRODSHUVLDQDVLHPSUHHVW
DELHUWD

7HFKRVRODU
 3HOLJUR
7HQJDFXLGDGRDODFFLRQDUHOWH 
FKRVRODU+D\ULHVJRGHDFFLGHQ
WHV HVSHFLDOPHQWHSDUDORVQLRV
2EVHUYHDWHQWDPHQWHODVSLH]DV
PYLOHVGXUDQWHVXDFFLRQD
PLHQWR$VHJUHVHGHTXHQDGD
TXHGHDWUDSDGRPLHQWUDVVHPXH
YHQ
(OWHFKRVRODUIXQFLRQD
FRQHOHQFHQGLGRFRQHFWDGR
KDVWDPLQXWRVGHVSXVGHGHV
FRQHFWDUHOHQFHQGLGR
'HVSXVGHGHVFRQHFWDUHOHQFHQ
GLGRVHGHVDFWLYDHODFFLRQDPLHQWR
GHOWHFKRVRODUFXDQGRVHDEUHXQD
SXHUWDGHODQWHUD

,QGLFDFLRQHVJHQHUDOHV

$EULURFHUUDU
3XOVHSRUVXDYHPHQWHKDVWDHO
SULPHUILDGRUHOWHFKRVRODUVHDEUHR
FLHUUDPLHQWUDVHOLQWHUUXSWRUHVWDF
FLRQDGR
3XOVHSRUILUPHPHQWHKDVWDHO
VHJXQGRILDGRU\OXHJRVXHOWHHOWH
FKRVRODUVHDEUHRFLHUUDDXWRPWL
FDPHQWHFRQODIXQFLQGHVHJXULGDG
DFWLYDGD3DUDGHWHQHUHOPRYL
PLHQWRDFFLRQHHOLQWHUUXSWRUXQDYH]
PV

6XELURFHUUDU
3XOVHTRUHOWHFKRVRODUVH
VXEHRVHFLHUUDDXWRPWLFDPHQWH

)XQFLQGHVHJXULGDG
6LHOWHFKRVRODUHQFXHQWUDUHVLVWHQ
FLDGXUDQWHHOFLHUUHDXWRPWLFRVH
GHWLHQHLQPHGLDWDPHQWH\YXHOYHD
DEULUVH
$QXODUODIXQFLQGHVHJXULGDG
(QFDVRGHGLILFXOWDGHVSDUDFHUUDU
SRUHVFDUFKDRVLPLODUPDQWHQJDDF
FLRQDGRHOLQWHUUXSWRUUKDVWDHOVH
JXQGRILDGRU(OWHFKRVRODUVHFLHUUD
VLQODIXQFLQGHVHJXULGDG3DUDGH
WHQHUHOPRYLPLHQWRVXHOWHHOLQWH
UUXSWRU

/ODYHVSXHUWDV\YHQWDQLOODV
,QLFLDOL]DUWUDVXQIDOORGHFRUULHQWH
&XDQGRVHSURGXFHXQIDOORGHFR
UULHQWHSXHGHTXHVORVHDSRVLEOH
DFFLRQDUHOWHFKRVRODUKDVWDFLHUWR
SXQWR'LUMDVHDO&RQFHVLRQDULR
2ILFLDOR7DOOHUGH6HUYLFLR$XWRUL
]DGR&KHYUROHWSDUDLQLFLDOL]DU HO
VLVWHPD





$VLHQWRVVLVWHPDVGHVHJXULGDG

$VLHQWRVVLVWHPDVGH
VHJXULGDG
$SR\DFDEH]DV  
$VLHQWRVGHODQWHURV  
$VLHQWRVWUDVHURV  
&LQWXURQHVGHVHJXULGDG  
6LVWHPDGHDLUEDJV  
6LVWHPDVGHUHWHQFLQLQIDQWLO  

$SR\DFDEH]DV
3RVLFLQ
 3HOLJUR
&RQGX]FDVLHPSUHFRQHODSR\D
FDEH]DVDMXVWDGRHQODSRVLFLQ
FRUUHFWD
6LORVDSR\DFDEH]DVHVWQGHV
PRQWDGRVRUHJXODGRVLQFRUUHFWD
PHQWHVHSXHGHQVXIULUJUDYHVOH
VLRQHVHQODFDEH]D\HQHOFXHOOR
HQFDVRGHFROLVLQ
$QWHVGHFRQGXFLUDVHJUHVHGH
UHDMXVWDUHODSR\DFDEH]DV

(OFHQWURGHODSR\DFDEH]DVGHEHUD
HVWDUDOQLYHOGHORVRMRV6LHVWRQR
HVSRVLEOHSDUDSHUVRQDVPX\DOWDV
VHGHEHDMXVWDUHODSR\DFDEH]DVHQ
ODSRVLFLQPVDOWDSDUDSHUVRQDV
GHSRFDHVWDWXUDVHGHEHDMXVWDUHQ
ODSRVLFLQPVEDMD

$VLHQWRVVLVWHPDVGHVHJXULGDG
$SR\DFDEH]DVHQORVDVLHQWRV
GHODQWHURV

$SR\DFDEH]DVHQORVDVLHQWRV
WUDVHURV

$MXVWHGHODDOWXUD

$MXVWHGHODDOWXUD



$VLHQWRVGHODQWHURV
3RVLFLQGHDVLHQWR
 3HOLJUR
&RQGX]FDVLHPSUHFRQHODVLHQWR
DMXVWDGRFRUUHFWDPHQWH

7LUHGHODSR\DFDEH]DVKDFLDDUULED
3DUDEDMDUORSXOVHHOUHVRUWH\HP
SXMHHODSR\DFDEH]DVKDFLDDEDMR

7LUHGHODSR\DFDEH]DVKDFLDDUULED
3DUDEDMDUORSXOVHHOUHVRUWH\HP
SXMHHODSR\DFDEH]DVKDFLDDEDMR
6LQWHVHORPVFHUFDSRVLEOHGHO
UHVSDOGR$MXVWHODGLVWDQFLDGHO
DVLHQWRKDVWDORVSHGDOHVGHPRGR
TXHFRQORVSHGDOHVSLVDGRVODV



$VLHQWRVVLVWHPDVGHVHJXULGDG

SLHUQDVTXHGHQGREODGDVHQXQOL
JHURQJXOR'HVOLFHHODVLHQWRGHO
DFRPSDDQWHKDFLDDWUVOR
P[LPRSRVLEOH
&RORTXHORVKRPEURVORPVFHUFD
SRVLEOHGHOUHVSDOGR$MXVWHODLQFOL
QDFLQGHOUHVSDOGRGHPRGRTXH
SXHGDDJDUUDUHOYRODQWHFRQORVEUD
]RVOLJHUDPHQWHGREODGRV$OJLUDU
HOYRODQWHGHEHPDQWHQHUHOFRQ
WDFWRGHORVKRPEURVFRQHOUHV
SDOGR(OUHVSDOGRQRGHEHHVWDU
GHPDVLDGRLQFOLQDGRKDFLDDWUV
/HUHFRPHQGDPRVXQQJXORGHLQ
FOLQDFLQP[LPRGH
$MXVWHHOYRODQWH
$MXVWHODDOWXUDGHODVLHQWRGHPRGR
TXHHOFDPSRYLVXDOTXHGHOLEUHKD
FLDWRGRVORVODGRV\SXHGDYHUWR
GRVORVLQVWUXPHQWRVLQGLFDGRUHV
'HEHUDTXHGDUFRPRPQLPRXQ
SDOPRGHKROJXUDHQWUHODFDEH]D\
HOUHYHVWLPLHQWRGHOWHFKR/RV
PXVORVGHEHQTXHGDUDSR\DGRVOL
JHUDPHQWHVLQSUHVLQVREUHHO
DVLHQWR

$MXVWHHODSR\DFDEH]DV
$MXVWHODDOWXUDGHOFLQWXUQGHVH
JXULGDG

3RVLFLQGHODVLHQWR

$MXVWHGHORVDVLHQWRV
 3HOLJUR
3DUDSHUPLWLUXQFRUUHFWRGHVSOLH
JXHGHODLUEDJGHEHHVWDUVHQ
WDGRDPVGHFPGHOYRODQWH

 3HOLJUR
1XQFDDMXVWHORVDVLHQWRVPLHQ
WUDVFRQGXFH\DTXHSRGUDQPR
YHUVHGHIRUPDLQFRQWURODGD

7LUHGHODVLGHURGHVOLFHHODVLHQWR
VXHOWHHODVLGHUR

$VLHQWRVVLVWHPDVGHVHJXULGDG
5HVSDOGRGHODVLHQWR

$OWXUDGHODVLHQWR

7LUHGHODSDODQFDDMXVWHODLQFOLQD
FLQ\VXHOWHODSDODQFD'HMHTXHHO
DVLHQWRHQFODYHDXGLEOHPHQWH

0RYLPLHQWRGHERPEHRGHODSDODQFD
KDFLDDUULED
DVLHQWRPVDOWR
KDFLDDEDMR
DVLHQWRPVEDMR



1XQFDGHMHHOPDQGRDGLVWDQFLD
HQHOYHKFXORFXDQGRDEDQGRQH
HOYHKFXOR+D\ULHVJRGHOHVLR
QHVSDUDODVSHUVRQDVVLQVXSHU
YLVLQHQFDVRGHDMXVWHGHORV
DVLHQWRVHOFWULFRV
2EVHUYHDWHQWDPHQWHORVDVLHQWRV
FXDQGRORVDMXVWH,QIRUPHDGH
FXDGDPHQWHDORVRFXSDQWHVGHO
YHKFXOR

$MXVWHGHODVLHQWRHOFWULFR
 3HOLJUR
'HEHWHQHUFXLGDGRDODFFLRQDUORV
DVLHQWRVHOFWULFRV+D\ULHVJRGH
OHVLRQHVHVSHFLDOPHQWHSDUDORV
QLRV3RGUDQTXHGDUREMHWRV
DWUDSDGRV

3RVLFLQGHODVLHQWR
0XHYDHOLQWHUUXSWRUKDFLDGHODQWH
KDFLDDWUV



$VLHQWRVVLVWHPDVGHVHJXULGDG

,QFOLQDFLQGHODVLHQWR

6REUHFDUJD
6LKD\XQDVREUHFDUJDHOFWULFDGHO
DMXVWHGHODVLHQWRVHFRUWDDXWRPWL
FDPHQWHODDOLPHQWDFLQHOFWULFDGX
UDQWHXQEUHYHSHULRGRGHWLHPSR

0XHYDHOLQWHUUXSWRUKDFLDDUULEDKD
FLDDEDMRHQODSDUWHGHODQWHUD

$SR\DEUD]RV

$OWXUDGHODVLHQWR
0XHYDHOLQWHUUXSWRUKDFLDDUULEDKD
FLDDEDMRHQODSDUWHWUDVHUD

5HVSDOGRGHODVLHQWR

$SR\DEUD]RVHQWUHORV
DVLHQWRVGHODQWHURV
3XOVHHOERWQ\OHYDQWHHODSR\D
EUD]RV(ODSR\DEUD]RVFRQWLHQHXQ
FRPSDUWLPHQWRSRUWDREMHWRV

$MXVWHKRUL]RQWDO

7LUHGHODSDODQFDDMXVWHODLQFOLQD
FLQ\VXHOWHODSDODQFD'HMHTXHHO
DVLHQWRHQFODYHDXGLEOHPHQWH
1RVHDSR\HHQHOUHVSDOGRPLHQWUDV
ORDMXVWD

3UHVLRQHODSDODQFDSDUDGHVOL]DUHO
DSR\DEUD]RV

$VLHQWRVVLVWHPDVGHVHJXULGDG

$VLHQWRVWUDVHURV
$SR\DEUD]RV

OTXLGRVGHUUDPDGRVSXHGHQGD
DUHOHTXLSDPLHQWRLQWHULRU\ORV
FRPSRQHQWHVHOFWULFRV
1RFRORTXHREMHWRVGLVWLQWRVGH
YDVRVRODWDVHQHOSRUWDYDVRV'L
FKRVREMHWRVSXHGHQVDOLUSUR\HF
WDGRVHQFDVRGHXQIUHQD]R
EUXVFRRXQDFFLGHQWHFRQULHVJR
GHOHVLRQHVSDUDORVRFXSDQWHVGHO
YHKFXOR



&LQWXURQHVGH
VHJXULGDG
5HFRUGDWRULRGHOFLQWXUQGHVHJXUL
GDGGHODVLHQWRGHOFRQGXFWRUWHVWLJR
GHFRQWUROGHOFLQWXUQGHVHJXULGDG
7

%DMHHODSR\DEUD]RVWLUDQGRGHODFR
UUHD(ODSR\DEUD]RVDEDWLGRFRQ
WLHQHXQSRUWDYDVRV

 3HOLJUR
7HQJDFXLGDGRFXDQGRXVHORV
SRUWDYDVRV6LVHGHUUDPDXQDEH
ELGDPX\FDOLHQWHSXHGHRFDVLR
QDUOHVLRQHVDORVRFXSDQWHV/RV

$ODFHOHUDURIUHQDUEUXVFDPHQWHHO
YHKFXORORVFLQWXURQHVVHEORTXHDQ
SDUDSURWHJHUDORVRFXSDQWHV



$VLHQWRVVLVWHPDVGHVHJXULGDG
 3HOLJUR

$EUFKHVHHOFLQWXUQGHVHJXUL
GDGDQWHVGHFDGDYLDMH
(QFDVRGHXQDFFLGHQWHODVSHU
VRQDVTXHQRXVDQORVFLQWXURQHV
GHVHJXULGDGSRQHQHQSHOLJURVXV
YLGDV\ODVGHORVGHPVRFXSDQ
WHV
/RVFLQWXURQHVHVWQGLVHDGRVSDUD
VHUXWLOL]DGRVSRUXQDVRODSHUVRQDDO
PLVPRWLHPSR1RVRQDGHFXDGRV
SDUDSHUVRQDVPHQRUHVGHDRVR
GHHVWDWXUDLQIHULRUDFP
&RPSUXHEHSHULGLFDPHQWHTXHWR
GDVODVSLH]DVGHOVLVWHPDGHFLQWX
URQHVIXQFLRQDQELHQ\QRSUHVHQWDQ
GDRVQLFRQWDPLQDFLQ
+DJDVXVWLWXLUFXDOTXLHUFRPSRQHQWH
GDDGR'HVSXVGHXQDFFLGHQWH
KDJDVXVWLWXLUORVFLQWXURQHV\ORVSUH
WHQVRUHVGLVSDUDGRVHQXQ
&RQFHVLRQDULR2ILFLDOR7DOOHUGH
6HUYLFLR$XWRUL]DGR&KHYUROHW
1RWD
3URFXUHTXHORVFLQWXURQHVQRTXH

GHQDWUDSDGRVQLVXIUDQGDRVFDX
VDGRVSRUHOFDO]DGRXREMHWRVFRQ
ERUGHVDILODGRV(YLWHTXHHQWUHVX
FLHGDGHQORVUHWUDFWRUHVGHORVFLQ
WXURQHV

/LPLWDGRUHVGHIXHU]DGHORV
FLQWXURQHV
(QORVDVLHQWRVGHODQWHURVHVWHGLV
SRVLWLYRUHGXFHODIXHU]DVREUHHO
FXHUSRDOGHVEORTXHDUGHIRUPD
DPRUWLJXDGDHOFLQWXUQGXUDQWHXQD
FROLVLQ

3UHWHQVRUHVGHFLQWXURQHV

(QFDVRGHFROLVLRQHVIURQWDOHV\WUD
VHUDVDSDUWLUGHXQDGHWHUPLQDGD
JUDYHGDGVHWHQVDQORVFLQWXURQHV
GHVHJXULGDGGHODQWHURV

 3HOLJUR
/DPDQLSXODFLQLQFRUUHFWDSRU
HMHPSORGXUDQWHHOGHVPRQWDMHR
PRQWDMHGHORVFLQWXURQHVRGHORV
FLHUUHVSXHGHSURYRFDUODDFWLYD
FLQGHORVSUHWHQVRUHVFRQHOFRQ
VLJXLHQWHULHVJRGHOHVLRQHV
/DDFWLYDFLQGHORVSUHWHQVRUHVVH
LQGLFDPHGLDQWHODLOXPLQDFLQGHO
WHVWLJRGHFRQWUROT
/RVSUHWHQVRUHVGHFLQWXURQHVDFWL
YDGRVGHEHQVXVWLWXLUVHHQXQ
&RQFHVLRQDULR2ILFLDOR7DOOHUGH
6HUYLFLR$XWRUL]DGR&KHYUROHW /RV
SUHWHQVRUHVVHDFWLYDQVORXQD
YH]
1RWD
1RHVWSHUPLWLGRPRQWDUDFFHVR
ULRVQLFRORFDUREMHWRVTXHSXHGDQ
PHQRVFDEDUHOIXQFLRQDPLHQWRGH
ORVSUHWHQVRUHVGHFLQWXURQHV1R

$VLHQWRVVLVWHPDVGHVHJXULGDG
UHDOLFHPRGLILFDFLRQHVHQORVFRP
SRQHQWHVGHORVSUHWHQVRUHVGHFLQ
WXURQHVSRUTXHVHSRGUDDQXODUHO
SHUPLVRGHFLUFXODFLQGHOYHKFXOR

$MXVWHGHODDOWXUD

&LQWXUQGHVHJXULGDGGH
WUHVSXQWRV
$EURFKDUVHHOFLQWXUQ

/DURSDVXHOWDRPX\JUXHVDLPSLGH
TXHHOFLQWXUQVHDMXVWHDOFXHUSR
1RFRORTXHQLQJQREMHWRFRPRXQ
EROVRRXQWHOIRQRPYLOHQWUHHOFLQ
WXUQ\HOFXHUSR

 3HOLJUR

([WUDLJDHOFLQWXUQGHOUHWUDFWRU
JXHORSRUHQFLPDGHOFXHUSRVLQUH
WRUFHUOR\HQFODYHODOHQJHWDHQHO
FLHUUH'XUDQWHHOYLDMHWHQVHIUH
FXHQWHPHQWHHOFLQWXUQDEGRPLQDOWL
UDQGRVXDYHPHQWHGHODEDQGDWRU
FLFD

(OFLQWXUQQRGHEHDSR\DUVHVR
EUHREMHWRVGXURVRIUJLOHVJXDU
GDGRVHQORVEROVLOORVGHODURSD

 ([WUDLJDXQSRFRHOFLQWXUQ
 3XOVHHOERWQ
 $MXVWHODDOWXUD\HQFODYH





$VLHQWRVVLVWHPDVGHVHJXULGDG
'HVPRQWDMH

$MXVWHODDOWXUDGHPRGRTXHHOFLQWX
UQSDVHSRUHOKRPEUR1RGHEHSD
VDUSRUHOFXHOORRODSDUWHVXSHULRUGHO
EUD]R
1RORDMXVWHPLHQWUDVFRQGXFH

3DUDVROWDUHOFLQWXUQSXOVHHOERWQ
URMRGHOFLHUUH

&LQWXURQHVGHVHJXULGDGHQORV
DVLHQWRVWUDVHURV
(OFLQWXUQGHVHJXULGDGGHWUHVSXQ
WRVGHODVLHQWRFHQWUDOVORVHSXHGH
H[WUDHUGHOUHWUDFWRUVLHOUHVSDOGR
HVWHQODSRVLFLQPVDWUDVDGD

8VRGHOFLQWXUQGHVHJXULGDG
GXUDQWHHOHPEDUD]R

 3HOLJUR
(OFLQWXUQDEGRPLQDOGHEHSDVDU
ORPVEDMRSRVLEOHVREUHODSHOYLV
SDUDHYLWDUODSUHVLQVREUHHODE
GRPHQ

$VLHQWRVVLVWHPDVGHVHJXULGDG

&LQWXUQDEGRPLQDO

6LVWHPDGHDLUEDJV

&LQWXUQDEGRPLQDOHQHO
DVLHQWRFHQWUDOWUDVHUR

(OVLVWHPDGHDLUEDJVVHFRPSRQHGH
YDULRVVLVWHPDVLQGLYLGXDOHV
&XDQGRVHDFWLYDQORVDLUEDJVVHLQ
IODQHQPLOLVHJXQGRV7DPELQVH
GHVLQIODQWDQUSLGDPHQWHTXHDPH
QXGRQRVHOOHJDQDSHUFLELUGXUDQWH
ODFROLVLQ

(OFLQWXUQGHVHJXULGDGSDUDHO
DVLHQWRFHQWUDOWUDVHURHVXQFLQWXUQ
DEGRPLQDO3DUDDMXVWDUVXORQJLWXG
SXOVHHQODSDUWHVXSHULRUGHODWDSD
GHODOHQJHWD\DSULHWHRDIORMHHOFLQ
WXUQ

 3HOLJUR
6LVHPDQLSXODQLQGHELGDPHQWH
ORVDLUEDJVSXHGHQGLVSDUDUVH
(OFRQGXFWRUGHEHUDVHQWDUVHOR
PVSHJDGRDOUHVSDOGRTXHVHD
SRVLEOHVLQSHUGHUHOFRQWUROGHO
YHKFXOR6LHVWVHQWDGRGHPD
VLDGRFHUFDGHODLUEDJHVWHSRGUD
SURGXFLUOHVLRQHVJUDYHVRIDWDOHV
DOLQIODUVH
3DUDREWHQHUODP[LPDSURWHF
FLQHQFXDOTXLHUWLSRGHFKRTXH
WRGRVORVRFXSDQWHVLQFOXLGRHO
FRQGXFWRUGHEHUQOOHYDUVLHPSUH
DEURFKDGRVORVFLQWXURQHVGHVH
JXULGDGDILQGHPLQLPL]DUHOULHVJR



GHVXIULUOHVLRQHVJUDYHVRIDWDOHV
HQFDVRGHFKRTXH1RVHFRORTXH
LQQHFHVDULDPHQWHFHUFDGHXQDLU
EDJFXDQGRHOYHKFXORHVWHQ
PDUFKD
$OGHVSOHJDUVHHODLUEDJSRGUD
FDXVDUHURVLRQHVHQODFDUDRHO
FXHUSROHVLRQHVSRUURWXUDGHJD
IDVRTXHPDGXUDVSRUODH[SOR
VLQ
1RWD
/DXQLGDGHOHFWUQLFDGHFRQWUROGHO
VLVWHPDGHDLUEDJV\GHORVSUHWHQ
VRUHVGHFLQWXURQHVHVWVLWXDGDHQ
OD]RQDGHODFRQVRODFHQWUDO1RVH
GHEHQGHSRVLWDUREMHWRVPDJQWLFRV
HQGLFKD]RQD
1RSHJXHQDGDHQODVWDSDVGHORV
DLUEDJVQLORVFXEUDFRQQLQJQRWUR
PDWHULDO
&DGDDLUEDJVHDFWLYDXQDYH]VROD
PHQWH+DJDFDPELDUORVDLUEDJVDF
WLYDGRVHQXQWDOOHU
1RUHDOLFHPRGLILFDFLRQHVHQHOVLV
WHPDGHDLUEDJVSRUTXHVHSRGUD
DQXODUHOSHUPLVRGHFLUFXODFLQGHO
YHKFXOR



$VLHQWRVVLVWHPDVGHVHJXULGDG

$FXGDDXQWDOOHUSDUDHOGHVPRQWDMH
GHOYRODQWHGHOWDEOHURGHLQVWUX
PHQWRVGHORVUHYHVWLPLHQWRVODV
MXQWDVGHODVSXHUWDVORVDVLGHURV\
ORVDVLHQWRV
&XDQGRVHGHVSOLHJDXQDLUEDJVH
SXHGHSURGXFLUXQIXHUWHUXLGR\
KXPR(VWRHVQRUPDO\QRUHVXOWD
SHOLJURVRVSHURHQDOJXQRVFDVRV
SXHGHLUULWDUODSLHOGHORFXSDQWH6LOD
LUULWDFLQFRQWLQDFRQVXOWHDXQP
GLFR

 3HOLJUR
1XQFDGHMHTXHYLDMHQQLRVPX
MHUHVHPEDUD]DGDVRSHUVRQDV
PD\RUHV\GELOHVHQHODVLHQWR
GHODFRPSDDQWHHTXLSDGRFRQ
DLUEDJV$VLPLVPRQRFLUFXOHFRQ
XQDVLHQWRLQIDQWLOPRQWDGRHQHO
PLVPR(QFDVRGHDFFLGHQWHHO
LPSDFWRGHODLUEDJLQIODGRSRGUD
FDXVDUGDRVIDFLDOHVROHVLRQHV
IDWDOHV

$WHQFLQ
6LHOYHKFXORVXIUHXQIXHUWHLP
SDFWRHQEDGHQHVRSRUREMHWRVHQ
FDUUHWHUDVVLQDVIDOWDURDFHUDVVH
SXHGHLQIODUHODLUEDJ3DUDHYLWDU
XQGHVSOLHJXHDFFLGHQWDOGHODLU
EDJFRQGX]FDGHVSDFLRVREUHVX
SHUILFLHVQRGLVHDGDVSDUDODFLU
FXODFLQGHYHKFXORV
7HVWLJRGHFRQWUROTGHOVLVWHPDGH
DLUEDJV

6LVWHPDGHDLUEDJV
IURQWDOHV
(OVLVWHPDGHDLUEDJVIURQWDOHVVH
FRPSRQHGHXQDLUEDJHQHOYRODQWH\
XQRHQHOWDEOHURGHLQVWUXPHQWRVHQ
HOODGRGHODFRPSDDQWH6HSXHGHQ
LGHQWLILFDUSRUHOUWXOR$
$,5%$*
(OVLVWHPDGHDLUEDJVGHODQWHURVH
DFWLYDHQFDVRGHFKRTXHGHXQDGH
WHUPLQDGDJUDYHGDG(OHQFHQGLGR
GHEHHVWDUFRQHFWDGR

6HDPRUWLJXDHOPRYLPLHQWRKDFLDGH
ODQWHGHORVRFXSDQWHVGHORVDVLHQ
WRVGHODQWHURVUHGXFLQGRVHFRQVL
GHUDEOHPHQWHHOULHVJRGHOHVLRQHV
HQODSDUWHVXSHULRUGHOFXHUSR\OD
FDEH]D

 3HOLJUR
6ORVHREWLHQHXQDSURWHFFLQ
SWLPDFXDQGRHODVLHQWRHVWHQ
ODSRVLFLQFRUUHFWD
1RGHEHKDEHUREVWFXORVHQOD
]RQDGHLQIODGRGHORVDLUEDJV

$VLHQWRVVLVWHPDVGHVHJXULGDG
/OHYHHOFLQWXUQGHVHJXULGDG
DEURFKDGRFRUUHFWDPHQWH6OR
DVSRGUSURWHJHUOHHODLUEDJ

 3HOLJUR

6LVWHPDGHDLUEDJV
ODWHUDOHV

6HUHGXFHFRQVLGHUDEOHPHQWHHO
ULHVJRGHOHVLRQHVHQODSDUWHVXSH
ULRUGHOFXHUSR\ODSHOYLVHQFDVRGH
XQFKRTXHODWHUDO

 3HOLJUR
(OVLVWHPDGHDLUEDJVODWHUDOHVVH
FRPSRQHGHXQDLUEDJHQFDGDUHV
SDOGRGHORVDVLHQWRVGHODQWHURV6H
SXHGHQLGHQWLILFDUSRUHOUWXOR
$,5%$*
(OVLVWHPDGHDLUEDJVODWHUDOHVVHDF
WLYDHQFDVRGHFKRTXHGHXQDGHWHU
PLQDGDJUDYHGDG(OHQFHQGLGRGHEH
HVWDUFRQHFWDGR



1RGHEHKDEHUREVWFXORVHQOD
]RQDGHLQIODGRGHORVDLUEDJV
1RWD
6ORGHEHQXWLOL]DUVHIXQGDVGH
DVLHQWRVKRPRORJDGDVSDUDVXYH
KFXOR7HQJDFXLGDGRGHQRWDSDU
ORVDLUEDJV

/RVQLRVVHQWDGRVPX\SU[LPRV
DORVDLUEDJVODWHUDOHVFRUUHQHO
ULHVJRGHVXIULUOHVLRQHVJUDYHVR
LQFOXVRIDWDOHVVLHODLUEDJVHGHV
SOLHJDHVSHFLDOPHQWHVLODFD
EH]DHOFXHOORRHOSHFKRGHOQLR
HVWQSU[LPRVDODLUEDJHQHOPR
PHQWRGHOGHVSOLHJXH
1XQFDGHMHTXHHOQLRVHDSR\H
HQODSXHUWDRFHUFDGHOPGXORGHO
DLUEDJODWHUDO



$VLHQWRVVLVWHPDVGHVHJXULGDG

6LVWHPDGHDLUEDJVGH
FRUWLQD

 3HOLJUR
1RGHEHKDEHUREVWFXORVHQOD
]RQDGHLQIODGRGHORVDLUEDJV
/RVJDQFKRVHQORVDVLGHURVGHO
PDUFRGHOWHFKRVORGHEHQXWLOL
]DUVHSDUDFROJDUSUHQGDVGHYHV
WLUOLJHUDVVLQSHUFKDV1RGHEHQ
JXDUGDUVHREMHWRVHQHVWDVSUHQ
GDVGHYHVWLU

'HVDFWLYDFLQGHORV
DLUEDJVVLHVWHTXLSDGR
(OVLVWHPDGHDLUEDJVGHFRUWLQDVH
FRPSRQHGHXQDLUEDJHQHOPDUFR
GHOWHFKRDFDGDODGR6HSXHGHQ
LGHQWLILFDUSRUHOUWXOR$
$,5%$*HQORV
SLODUHVGHOWHFKR
(OVLVWHPDGHDLUEDJVIURQWDOHVVH
DFWLYDHQFDVRGHFKRTXHIURQWDO
VHYHUR(OHQFHQGLGR GHEHHVWDU
FRQHFWDGR
6HUHGXFHFRQVLGHUDEOHPHQWHHO
ULHVJRGHOHVLRQHVHQODFDEH]DHQ
FDVRGHXQLPSDFWRODWHUDO

'HEHQGHVDFWLYDUVHORVVLVWHPDVGH
DLUEDJIURQWDO\ODWHUDOSDUDHODVLHQWR
GHODFRPSDDQWHVLVHYDDPRQWDUXQ
VLVWHPDGHUHWHQFLQLQIDQWLOHQGLFKR
DVLHQWR(OVLVWHPDGHDLUEDJVGHFRU
WLQDORVSUHWHQVRUHVGHFLQWXURQHV\
WRGRVORVVLVWHPDVGHDLUEDJGHOFRQ
GXFWRUSHUPDQHFHUQDFWLYDGRV

(OVLVWHPDGHDLUEDJGHODFRPSD
DQWHVHSXHGHGHVDFWLYDUPHGLDQWH
XQDFHUUDGXUDHQHOODGRGHOWDEOHUR
GHLQVWUXPHQWRVYLVLEOHFRQODSXHUWD
GHODFRPSDDQWHDELHUWD

 3HOLJUR
'HVDFWLYHHOVLVWHPDGHDLUEDJGHO
DFRPSDDQWHFXDQGRHODVLHQWR
GHODFRPSDDQWHHVWRFXSDGR
SRUXQQLR
$FWLYHHOVLVWHPDGHDLUEDJGHO
DFRPSDDQWHFXDQGRHODVLHQWR
GHODFRPSDDQWHHVWRFXSDGR
SRUXQDGXOWR

$VLHQWRVVLVWHPDVGHVHJXULGDG
8WLOLFHODOODYHGHOHQFHQGLGRSDUDVH
OHFFLRQDUODSRVLFLQ
:GHVFRQHFWDU
ORVDLUEDJVGHO
DFRPSDDQWHHV
WQGHVDFWLYDGRV
\QRVHLQIODUQHQ
FDVRGHFROLVLQ
6HHQFLHQGHHO
WHVWLJRGHFRQWURO
:GHVFRQHFWDUGH
IRUPDSHUPD
QHQWH6HSXHGH
PRQWDUXQVLV
WHPDGHUHWHQFLQ
LQIDQWLO
GHDFXHUGR
FRQHOFXD
GUR3
3RVLFLRQHVGH
PRQWDMHGHO
VLVWHPDGH
UHWHQFLQLQIDQWLO

9FRQHFWDGR
ORVDLUEDJVGHO
DFRPSDDQWHHV
WQDFWLYDGRV1R
VHSXHGHQPRQWDU
VLVWHPDVGHUH
WHQFLQLQIDQWLO



6LVWHPDVGHUHWHQFLQ
LQIDQWLO

(QFDVRGHFROLVLQORVVLVWHPDVGH
DLUEDJSDUDHODVLHQWRGHODFRPSD
DQWHVHLQIODUQVLHPSUHTXHHOWHV
WLJRGHFRQWURO:GHVFRQHFWDUQRHVW
HQFHQGLGR
&DPELHHOHVWDGRVORFRQHOYHKFXOR
SDUDGR\HOHQFHQGLGRGHVFRQHFWDGR
(OHVWDGRVHPDQWLHQHKDVWDHOSU
[LPRFDPELR
7HVWLJRGHFRQWUROGHGHVDFWLYDFLQ
GHODLUEDJ

/HUHFRPHQGDPRVHOVLVWHPDGHUH
WHQFLQLQIDQWLO*0DGDSWDGRHVSH
FILFDPHQWHDOYHKFXOR
&XDQGRXWLOLFHXQVLVWHPDGHUHWHQ
FLQLQIDQWLOSUHVWHDWHQFLQDODVVL
JXLHQWHVLQVWUXFFLRQHVGHXVR\PRQ
WDMHDVFRPRDODVLQVWUXFFLRQHVVX
PLQLVWUDGDVFRQHOVLVWHPDGHUHWHQ
FLQLQIDQWLO
6LHPSUHGHEHQFXPSOLUVHODVQRUPDV
ORFDOHVRQDFLRQDOHV(QDOJXQRVSD
VHVHVWSURKLELGRHOXVRGHVLVWHPDV
GHUHWHQFLQLQIDQWLOHQGHWHUPLQDGDV
SOD]DVGHDVLHQWR



$VLHQWRVVLVWHPDVGHVHJXULGDG
EDJSDUDHODVLHQWRGHODFRPSD
DQWHGHEHQHVWDUGHVDFWLYDGRV
HQFDVRFRQWUDULRHOGHVSOLHJXH
GHORVDLUEDJVVXSRQHXQSHOLJUR
GHPXHUWHSDUDHOQLR
(VWRHVDSOLFDEOHHVSHFLDOPHQWHVL
VHXVDQVLVWHPDVGHUHWHQFLQLQ
IDQWLORULHQWDGRVKDFLDDWUVHQHO
DVLHQWRGHODFRPSDDQWH

 3HOLJUR
 3HOLJUR
181&$XWLOLFHXQVLVWHPDGHUH
WHQFLQLQIDQWLOFRORFDGRKDFLD
DWUVHQXQDVLHQWRSURWHJLGRSRU
XQ$,5%$*$&7,92VLWXDGRGH
ODQWHGHOPLVPR\DTXHSRGUD
RFDVLRQDU/(6,21(6*5$9(6R
SHOLJURGH08(57(DO1,2

 3HOLJUR
&XDQGRVHXWLOLFHXQVLVWHPDGH
UHWHQFLQLQIDQWLOHQHODVLHQWRGHO
DFRPSDDQWHORVVLVWHPDVGHDLU

6LHOYHKFXORHVWHTXLSDGRFRQ
XQFLQWXUQDEGRPLQDOHQHO
DVLHQWRFHQWUDOWUDVHURQRVHGHEH
PRQWDUQLQJQVLVWHPDGHUHWHQ
FLQLQIDQWLOHQGLFKRDVLHQWR
6HDFRQVHMDPRQWDUHOVLVWHPDGH
UHWHQFLQLQIDQWLOQLFDPHQWHHQ
XQRGHORVDVLHQWRVH[WHULRUHVWUD
VHURVGHODVHJXQGDILODGHDVLHQ
WRV
'HVDFWLYDFLQGHORVDLUEDJVVL
HVWHTXLSDGR

6HOHFFLQGHOVLVWHPDFRUUHFWR
/RVDVLHQWRVWUDVHURVVRQHOOXJDU
PVDGHFXDGRSDUDILMDUXQVLVWHPD
GHUHWHQFLQLQIDQWLO
6LHPSUHTXHVHDSRVLEOHORVQLRV
GHEHUDQYLDMDUPLUDQGRKDFLDDWUV
HQHOYHKFXOR(VFRQYHQLHQWHFDP
ELDUHOVLVWHPDFXDQGRODFDEH]DGHO
QLR\DQRSXHGDDSR\DUVHFRUUHFWD
PHQWHDODDOWXUDGHORVRMRV$VVH
JDUDQWL]DTXHODFROXPQDYHUWHEUDO
GHOQLRTXHDQHVPX\GELOVXIUD
PHQRVWHQVLQHQFDVRGHDFFLGHQWH
/RVQLRVPHQRUHVGHDRVRFRQ
XQDDOWXUDLQIHULRUDFPVORGH
EHUDQYLDMDUHQXQDVLHQWRGHVHJX
ULGDGLQIDQWLODGHFXDGR
&RPSUXHEHODREOLJDWRULHGDGGHOXVR
GHVLVWHPDVGHUHWHQFLQLQIDQWLOVH
JQODVOH\HV\ORVUHJODPHQWRVORFD
OHV
1XQFDGHEHOOHYDUXQQLRHQEUD]RV
FXDQGRYLDMHHQHOYHKFXOR(QFDVR
GHFROLVLQQRSRGUVXMHWDUDOQLR
HQVXVEUD]RV
&XDQGROOHYHQLRVXVHORVVLVWHPDV
GHUHWHQFLQLQIDQWLODGHFXDGRVVH
JQVXSHVR

$VLHQWRVVLVWHPDVGHVHJXULGDG
$VHJUHVHGHTXHHOVLVWHPDGHUH
WHQFLQLQIDQWLOTXHVHYDDPRQWDU
VHDFRPSDWLEOHFRQHOWLSRGHYH
KFXOR
$VHJUHVHGHTXHODSRVLFLQGH
PRQWDMHGHOVLVWHPDGHUHWHQFLQLQ
IDQWLOHQHOYHKFXORVHDFRUUHFWD
/RVQLRVVORGHEHQHQWUDU\VDOLUGHO
YHKFXORSRUHOODGRRSXHVWRDOGHO
WUILFR
&XDQGRQRVHXVHHOVLVWHPDGHUH
WHQFLQLQIDQWLODVHJUHORFRQXQFLQ
WXUQGHVHJXULGDGRGHVPQWHORGHO
YHKFXOR
1RWD
1RSHJXHQDGDHQORVVLVWHPDVGH
UHWHQFLQLQIDQWLOQLORVWDSHFRQQLQ
JQRWURPDWHULDO
8QVLVWHPDGHUHWHQFLQLQIDQWLOTXH
KD\DVLGRVRPHWLGRDWHQVLQHQXQ
DFFLGHQWHGHEHVXVWLWXLUVH
$VHJUHVHGHTXHORVQLRVYD\DQ
VHQWDGRVHQORVDVLHQWRVWUDVHURV
FRQVLVWHPDVGHUHWHQFLQLQIDQWLO
+DVWDTXHORVQLRVSXHGDQXVDU
FLQWXURQHVGHVHJXULGDGVHOHFFLRQH
XQVLVWHPDGHUHWHQFLQDGHFXDGR

SDUDVXHGDG\DVHJUHVHGHTXHHO
QLRORXWLOLFH9HDODVLQVWUXFFLRQHV
UHOHYDQWHVGHORVVLVWHPDVGHUHWHQ
FLQLQIDQWLO





$VLHQWRVVLVWHPDVGHVHJXULGDG

3RVLFLRQHVGHPRQWDMHGHOVLVWHPDGHUHWHQFLQLQIDQWLO
2SFLRQHVSHUPLWLGDVSDUDHOPRQWDMHGHXQVLVWHPDGHUHWHQFLQLQIDQWLO
(QHODVLHQWRGHODFRPSDDQWH

(QORVDVLHQWRVH[WHULRUHV

(QHODVLHQWRFHQWUDO

1LYHOGHSHVRRGHHGDG

DLUEDJDFWLYDGR DLUEDJGHVDFWLYDGR

WUDVHURV

WUDVHUR

*UXSRKDVWDNJ
RPHVHVDSUR[

8

8

*UXSRKDVWDNJ
RDRVDSUR[

8

8

*UXSR,GHDNJ
;
RGHPHVHVDDRVDSUR[

8

8

*UXSR,,GHDNJ
RGHDDRVDSUR[

*UXSR,,,GHDNJ
RGHDDRVDSUR[

8
;

6ORVLORVVLVWHPDVGHDLUEDJGHODVLHQWRGHODFRPSDDQWHHVWQGHVDFWLYDGRV6LHOVLVWHPDGHUHWHQFLQLQIDQWLO
VHILMDFRQXQFLQWXUQGHVHJXULGDGGHWUHVSXQWRVDMXVWHODDOWXUDGHODVLHQWRHQODSRVLFLQPVHOHYDGD\DVHJUHVH
GHTXHHOFLQWXUQGHVHJXULGDGGHOYHKFXORVDOJDKDFLDGHODQWHGHVGHHOSXQWRGHDQFODMHVXSHULRU
$VLHQWRGLVSRQLEOHFRQVRSRUWHVGHPRQWDMH,62),;\DQFODMHVXSHULRU
$GHFXDGRSDUDXVRXQLYHUVDOHQFRPELQDFLQFRQXQFLQWXUQGHVHJXULGDGGHWUHVSXQWRV
1RVHSHUPLWHQVLVWHPDVGHUHWHQFLQLQIDQWLOHQHVWDFODVHGHSHVR

$VLHQWRVVLVWHPDVGHVHJXULGDG



2SFLRQHVSHUPLWLGDVSDUDHOPRQWDMHGHXQVLVWHPDGHUHWHQFLQLQIDQWLO,62),;
&ODVHGHSHVR

(QHODVLHQWRGHO
&ODVHGHWDPDR )LMDFLQ DFRPSDDQWH

(QORVDVLHQWRV
H[WHULRUHVWUDVHURV

(QHODVLHQWR
FHQWUDOWUDVHUR

*UXSRKDVWDNJ

,/

,625 ;

,/

,625 ;

,/

,625

,/

*UXSR,GHDNJ '

,625 ;

,/

&

,625 ;

,/

,62)

,/,8)

%

,62); ;

,/,8)

,62)

,/,8)

*UXSRKDVWDNJ (
'
&

,/
,8)
;


,625

$GHFXDGDSDUDVLVWHPDVGHUHWHQFLQLQIDQWLO,62),;GHODVFDWHJRUDV
HVSHFILFDGHOYHKFXOR

OLPLWDGD
R
VH
PLXQLYHUVDO
(OVLVWHPDGHUHWHQFLQ,62),;GHEHHVWDUKRPRORJDGRSDUDHOWLSRHVSHFILFRGHYHKFXOR
$GHFXDGDSDUDVLVWHPDVGHUHWHQFLQLQIDQWLO,62),;RULHQWDGRVKDFLDGHODQWHGHFDWHJRUDXQLYHUVDOKRPROR
JDGRVSDUDVXXVRHQHVWDFODVHGHSHVR
1LQJQVLVWHPDGHUHWHQFLQLQIDQWLO,62),;KRPRORJDGRHQHVWDFODVHGHSHVR
0XHYDHODVLHQWRGHODQWHURKDVWDODSRVLFLQPVDGHODQWDGDRPXYDORKDFLDGHODQWHKDVWDTXHHOVLVWHPDGH
UHWHQFLQLQIDQWLOQRLQWHUILHUDFRQHOUHVSDOGRGHODVLHQWRGHODQWHUR



$VLHQWRVVLVWHPDVGHVHJXULGDG

&ODVHGHWDPDR,62),;\GLVSRVLWLYRGHDVLHQWR
$,62)
%,62)
%,62);
&,625
',625
(,625

6LVWHPDGHUHWHQFLQLQIDQWLORULHQWDGRKDFLDGHODQWHSDUDQLRVGHWDOODP[LPDHQODFODVHGHSHVR
GHDNJ
6LVWHPDGHUHWHQFLQLQIDQWLORULHQWDGRKDFLDGHODQWHSDUDQLRVPVSHTXHRVHQODFODVHGHSHVR
GHDNJ
6LVWHPDGHUHWHQFLQLQIDQWLORULHQWDGRKDFLDGHODQWHSDUDQLRVPVSHTXHRVHQODFODVHGHSHVR
GHDNJ
6LVWHPDGHUHWHQFLQLQIDQWLORULHQWDGRKDFLDDWUVSDUDQLRVGHWDOODP[LPDHQODFODVHGHSHVRKDVWD
NJ
6LVWHPDGHUHWHQFLQLQIDQWLORULHQWDGRKDFLDDWUVSDUDQLRVPVSHTXHRVHQODFODVHGHSHVRKDVWD
NJ
6LVWHPDGHUHWHQFLQLQIDQWLORULHQWDGRKDFLDDWUVSDUDQLRVSHTXHRVHQODFODVHGHSHVR
KDVWDNJ

$VLHQWRVVLVWHPDVGHVHJXULGDG

6LVWHPDVGHUHWHQFLQ
LQIDQWLO,62),;

6LVHXVDQVRSRUWHVGHPRQWDMH
,62),;SDUDHODVLHQWRVHSXHGHQ
XWLOL]DUVLVWHPDVGHUHWHQFLQLQIDQWLO
KRPRORJDGRVSDUDXVRXQLYHUVDOFRQ
,62),;



$EUDODWDSDGHODDUJROODGHILMDFLQ
UHTXHULGDPDUFDGDFRQHOVPEROR
GHODVLHQWRLQIDQWLO

6LVWHPDVGHUHWHQFLQ
LQIDQWLOFRQDQFODMHV
VXSHULRUHV
/DVDUJROODVGHILMDFLQGHORVDQFOD
MHV7RSWHWKHUHVWQPDUFDGRVFRQ
HOVPERORHQODFXELHUWDGHOFRP
SDUWLPHQWRGHFDUJD
)LMHORVVLVWHPDVGHVHJXULGDGLQIDQWLO
,62),;KRPRORJDGRVSDUDHOYH
KFXORDORVVRSRUWHVGHPRQWDMH
,62),;
/RVVLVWHPDVGHUHWHQFLQLQIDQWLO
,62),;VORSXHGHQPRQWDUVHHQODV
SOD]DVH[WHULRUHVGHODILODGHDVLHQ
WRVWUDVHURV
/RVVRSRUWHVGHPRQWDMH,62),;VH
LQGLFDQPHGLDQWHXQDHWLTXHWDHQHO
UHVSDOGR

$GHPVGHOVRSRUWHGHPRQWDMH
,62),;ILMHODFRUUHDGHO DQFODMH
VXSHULRUDODVDUJROODVGHILMD FLQ
SDUDHODQFODMHVXSHULRU/DFR UUHD
GHEHSDVDUHQWUHODVGRVYDULOODV
JXDGHODSR\DFDEH]DV
/DVSRVLFLRQHVGHODFDWHJRUDXQL
YHUVDOSDUDORVVLVWHPDVGHUHWHQFLQ
LQIDQWLO,62),;HVWQPDUFDGDVPH
GLDQWH,8)HQODWDEOD



3RUWDREMHWRV

3RUWDREMHWRV
&RPSDUWLPHQWRVSRUWDREMHWRV  
&RPSDUWLPHQWRGHFDUJD  
6LVWHPDSRUWDHTXLSDMHVGH
WHFKR  
,QIRUPDFLQVREUHODFDUJD  

&RPSDUWLPHQWRV
SRUWDREMHWRV
 3HOLJUR
1RJXDUGHREMHWRVSHVDGRVRDIL
ODGRVHQORVFRPSDUWLPHQWRVSRU
WDREMHWRV(QFDVRFRQWUDULRVLVH
DEULHUDODWDSDGHOFRPSDUWLPHQWR
SRUWDREMHWRVSRUXQDIUHQDGD
IXHUWHXQDPDQLREUDEUXVFDGHO
YRODQWHRXQDFFLGHQWHORVRFX
SDQWHVGHOYHKFXORSRGUDQVXIULU
OHVLRQHVSRUHOLPSDFWRGHGLFKRV
REMHWRV

3RUWDREMHWRVHQHOWDEOHUR
GHLQVWUXPHQWRV
3RUWDREMHWRVHQODSDUWH
VXSHULRUGHOWDEOHURGH
LQVWUXPHQWRV

7LUHGHODVDSDUDOHYDQWDUODWDSD

3RUWDREMHWRV
3RUWDREMHWRVGHEDMRGHO
FRQPXWDGRUGHODVOXFHV

*XDQWHUD



3RUWDYDVRV
 3HOLJUR

7LUHGHODVDSDUDDEULUODFDMD

3DUDDEULUWLUHGHODVD
/DJXDQWHUDVHSXHGHFHUUDUFRQOD
OODYHGHOYHKFXOR

 3HOLJUR
3DUDUHGXFLUHOULHVJRGHOHVLRQHV
HQFDVRGHDFFLGHQWHRIUHQD]R
EUXVFRPDQWHQJDVLHPSUHOD
JXDQWHUDFHUUDGDFXDQGRHOYH
KFXORHVWHQPDUFKD

1RGHMHYDVRVFRQOTXLGRFDOLHQWH
VLQWDSDUHQHOSRUWDYDVRVFXDQGR
HOYHKFXORHVWHQPDUFKD6LHO
OTXLGRFDOLHQWHVHGHUUDPDSXHGH
TXHPDUVH6LODTXHPDGXUDDIHFWD
DOFRQGXFWRUSRGUDSHUGHUHOFRQ
WUROGHOYHKFXOR
3DUDUHGXFLUHOULHVJRGHOHVLRQHV
SHUVRQDOHVHQFDVRGHIUHQD]R
EUXVFRRFROLVLQQRFRORTXHHQHO
SRUWDYDVRVERWHOODVYDVRVODWDV
HWFVLQWDSDURDVHJXUDUFXDQGR
HOYHKFXORHVWHQPDUFKD



3RUWDREMHWRV
+D\SRUWDYDVRVDGLFLRQDOHVHQHOUH
SRVDEUD]RVWUDVHURFXDQGRHVWED
MDGR

&RPSDUWLPHQWRGH
FDUJD

3RUWDREMHWRVGHO
DSR\DEUD]RV

$EDWLUORVUHVSDOGRVGHORV
DVLHQWRVWUDVHURV

3RUWDREMHWRVHQHO
DSR\DEUD]RVGHODQWHUR

/RVSRUWDYDVRVHVWQVLWXDGRVHQOD
FRQVRODFHQWUDO

(OUHVSDOGRWUDVHURHVWGLYLGLGRHQ
GRVSDUWHV6HSXHGHQDEDWLUDPEDV
SDUWHV
%DMHORVDSR\DFDEH]DVSXOVDQGRHO
UHVRUWH

 3HOLJUR

3UHVLRQHODSDODQFDSDUDGHVOL]DU\
OHYDQWDUHODSR\DEUD]RV

6LVHDEDWHXQDVLHQWRWUDVHURFRQ
ORVFLQWXURQHVGHVHJXULGDGDQ
DEURFKDGRVVHSXHGHQGDDUORV
FLQWXURQHVGHVHJXULGDGRHO
DVLHQWR6LHPSUHVHGHEHQGHVD
EURFKDUORVFLQWXURQHVGHVHJXUL
GDG\GHYROYHUORVDVXSRVLFLQ
QRUPDOGHDORMDPLHQWRDQWHVGH
DEDWLUXQDVLHQWRWUDVHUR
/HYDQWHHODSR\DEUD]RVWUDVHUR

3RUWDREMHWRV



6LORVFLQWXURQHVGHVHJXULGDGQRVH
HQUROODQDXWRPWLFDPHQWHLQVHUWHWR
GRVORVFLQWXURQHVGHVHJXULGDGHQ
VXVUDQXUDV
3XHGHTXHHOFLQWXUQGHVHJXULGDG
FHQWUDOWUDVHURVHEORTXHHFXDQGROH
YDQWHHOUHVSDOGRGHODVLHQWR6LIXHUD
DVGHMHTXHHOFLQWXUQVHUHWUDLJD
KDVWDHOP[LPR\HPSLHFHGHQXHYR
1XQFDDEDWDHOUHVSDOGRGHODVLHQWR
FXDQGRHOFLQWXUQGHODVLHQWRFHQWUDO
WUDVHURHVWDEURFKDGRRH[WUDGR
7LUHGHODSDODQFDGHGHVEORTXHRHQ
XQRRDPERVODGRV\DEDWDORVUHV
SDOGRVVREUHODEDQTXHWDGHDVLHQWR
$QWHVGHDEDWLUORVUHVSDOGRVLQWUR
GX]FDORVFLQWXURQHVGHVHJXULGDGGH
ORVDVLHQWRVH[WHULRUHVHQODVJXDV

3RQJDORVUHVSDOGRVHQSRVLFLQYHU
WLFDO\GHVHQJDQFKHORVFLQWXURQHVGH
VHJXULGDGGHODVJXDVGHVXMHFLQ
(QFODYHORVUHVSDOGRVHQVXSRVLFLQ
HPSXMDQGRHQODSDUWHVXSHULRUGHO
UHVSDOGRKDVWDTXHHQFODYHDXGLEOH
PHQWH
9XHOYDDWLUDUGHORVUHVSDOGRVKDFLD
GHODQWHSDUDDVHJXUDUVHGHTXHHV
WQFRUUHFWDPHQWHHQFODYDGRV
/RVUHVSDOGRVVORHVWDUQELHQHQ
FODYDGRVFXDQGRQRVHDQYLVLEOHVODV
PDUFDVURMDVHQDPERVODGRVFHUFD
GHODSDODQFDGHGHVEORTXHR

 3HOLJUR
1RSHUPLWHTXHORVRFXSDQWHVVH
VLHQWHQVREUHHOUHVSDOGRDEDWLGR
GHORVDVLHQWRVFRQHOYHKFXORHQ
PDUFKD\DTXHGLFKDSRVLFLQGH
DVLHQWRHVLQFRUUHFWD\QRKD\GLV
SRQLEOHVFLQWXURQHVGHVHJXULGDG
SDUDVXXVR(VWRSRGUDRFDVLR
QDUOHVLRQHVJUDYHVRIDWDOHVHQ
FDVRGHDFFLGHQWHRIUHQD]R
EUXVFR/RVREMHWRVWUDQVSRUWDGRV
VREUHHOUHVSDOGRDEDWLGRQRGH
EHUDQVXSHUDUODDOWXUDGHORV



3RUWDREMHWRV

DVLHQWRVGHODQWHURV(QFDVRFRQ
WUDULRODFDUJDSRGUDGHVOL]DUVH
KDFLDGHODQWH\RFDVLRQDUGDRVR
OHVLRQHVDOIUHQDUEUXVFDPHQWH

*DQFKRSDUDEROVDV

3RUWDREMHWRVWUDVHUR

&XELHUWDGHO
FRPSDUWLPHQWRGHFDUJD

(QODYHUVLQ6WDWLRQ:DJRQKD\VL
WXDGDXQDEDQGHMDGHWUVGHORV
DVLHQWRVWUDVHURV

1RFRORTXHQLQJQREMHWRVREUHODFX
ELHUWD

'HVPRQWDMHGHODEDQGHMD

9HUVLQSXHUWDV
'HVPRQWDMH

(QHOODGRL]TXLHUGRGHOFRPSDUWL
PHQWRGHFDUJDKD\XQJDQFKRSDUD
FROJDUEROVDVGHWUDQVSRUWHOLJHUDV

$WHQFLQ
1RFXHOJXHREMHWRVSHVDGRVHQHO
JDQFKRSDUDEROVDV3RGUD
GDDUVH

(PSXMHODEDQGHMDKDFLDDUULEDSRUOD
SDUWHIURQWDOSDUDGHVHQFODYDUOD
7LUHGHODEDQGHMDKDFLDDWUV\GHV
PQWHOD

0RQWDMHGHODEDQGHMD
,QVHUWHODEDQGHMDHQODVJXDVODWH
UDOHVWUDVHUDV\EMHOD

'HVHQJDQFKHODVFLQWDVGHVXMHFLQ
GHOSRUWQWUDVHUR

3RUWDREMHWRV

/HYDQWHODFXELHUWDSRUODSDUWHWUD
VHUD\HPSMHODKDFLDDUULEDSRUOD
SDUWHGHODQWHUD
'HVPRQWHODWDSD
$EURFKDUVHHOFLQWXUQ
,QVHUWHODFXELHUWDHQODVJXDVODWH
UDOHV\EMHOD)LMHODVFLQWDVGHVXMH
FLQDOSRUWQWUDVHUR

6WDWLRQ:DJRQ
&HUUDUODFXELHUWD
7LUHGHODFXELHUWDKDFLDDWUVXVDQGR
HODVLGHURKDVWDTXHVHHQFODYHHQODV
ILMDFLRQHVODWHUDOHV



$EULUODFXELHUWD

&XELHUWDHQODSRVLFLQVXSHULRU

7LUHGHODVLGHURHQHOH[WUHPRGHOD
FXELHUWDKDFLDDWUV\KDFLDDEDMR6H
HQUROODDXWRPWLFDPHQWH

(PSXMHHODVLGHURHQHOH[WUHPRGHOD
FXELHUWDKDFLDDEDMR/DSDUWHWUDVHUD
GHODFXELHUWDVHJXDDXWRPWLFD
PHQWHKDFLDDUULED



3RUWDREMHWRV

'HVPRQWDUODFXELHUWD

&XELHUWDGHOSRUWDREMHWRV
GHOFRPSDUWLPLHQWRGH
HTXLSDMHV

$UJROODV

&XELHUWDGHOSLVRWUDVHUR
6WDWLRQ:DJRQ

$EUDODFXELHUWDGHOFRPSDUWLPHQWR
GHFDUJD
(PSXMHHOSHVWLOORKDFLDGHQWUR\OH
YDQWHODFXELHUWD'HVPRQWHODFX
ELHUWD
0RQWDUODFXELHUWD
,QVHUWHODFXELHUWDHQODVXMHFLQODWH
UDO(PSXMHKDFLDGHQWURHOSHVWLOORGHO
RWURODGRGHODFXELHUWD\VXMWHOR
%DMHODFXELHUWD\VXHOWHHOSHVWLOOR
SDUDTXHVHHQFODYH

/DVDUJROODVHVWQGLVHDGDVSDUDIL
MDUODVFRUUHDVGHDPDUUHRXQDUHG
SDUDHOHTXLSDMH\HYLWDUTXHVHGHV
SODFHQORVREMHWRVWUDQVSRUWDGRV
'HVEORTXHHODFXELHUWDGHOSLVRWUD
VHURHPSXMDQGRORVGRVSHVWLOORVKD
FLDGHQWUR/HYDQWHODFXELHUWDWLUDQGR
GHODVLGHUR3OLHJXH\FRORTXHODFX
ELHUWDGHWUVGHORVDVLHQWRVWUDVHURV

5HGGHVHJXULGDG
/DUHGGHVHJXULGDGHVWGLVSRQLEOH
HQHO6WDWLRQ:DJRQ\VHSXHGHPRQ
WDUGHWUVGHORVDVLHQWRVWUDVHURVR
VLORVUHVSDOGRVWUDVHURVHVWQDEDWL
GRVGHWUVGHORVDVLHQWRVGHODQWH
URV

3RUWDREMHWRV
1RVHGHEHQWUDQVSRUWDUSHUVRQDV
GHWUVGHODUHGGHVHJXULGDG



'HWUVGHORVDVLHQWRVGHODQWHURV

0RQWDMHGHODEDUUD

)LMHODFRUUHDDODVDUJROODVVLWXDGDV
GHEDMRGHODEDQTXHWDGHODVLHQWRWUD
VHUR
$EDWDORVUHVSDOGRV
0XHYDORVDVLHQWRVGHODQWHURVKDFLD
GHODQWHSDUDUHGXFLUODWHQVLQVLHV
QHFHVDULR

(QFDGDODGRGHOPDUFRGHOWHFKRKD\
GRVDEHUWXUDVGHPRQWDMHHQJDQFKH
\HQFODYHODYDULOODGHODUHGHQXQ
ODGRFRPSULPDODYDULOODSDUDHQJDQ
FKDUOD\HQFODYDUODHQHORWURODGR
&RPSDUWLPHQWRGHFDUJD

0RQWDMH
'HWUVGHORVDVLHQWRVWUDVHURV

)LMHHOJDQFKRLQIHULRUFRQODDEHUWXUD
PLUDQGRKDFLDDWUVUHVSHFWRDODDU
JROODGHODSDUHGODWHUDOGHUHFKDHL]
TXLHUGDUHVSHFWLYDPHQWH$MXVWHOD
ORQJLWXGGHODVFRUUHDVGHODUHGGH
VHJXULGDGILMDQGRHOJDQFKRVXSHULRU
DODVDUJROODVGHODFRUUHD0DQWHQJD
ODFRUUHDWHQVDGDPLHQWUDVLQVWDODOD
EDUUD

'HVPRQWDMH
'HVHQJDQFKHODVYDULOODVGHODUHGGH
VHJXULGDGGHORVVRSRUWHVHQHO
PDUFRGHOWHFKR6XHOWHODVFRUUHDV
GHODVDUJROODV(QUROOHODUHGGHVH
JXULGDG\IMHODFRQXQDFLQWD



3RUWDREMHWRV

/DUHGGHVHJXULGDGGHVPRQWDGD
SXHGHJXDUGDUVHGHEDMRGHODFX
ELHUWDGHOSLVRWUDVHUR

WXDGRGHEDMRGHODFXELHUWDGHOSLVR
GHOFRPSDUWLPLHQWRGHHTXLSDMHV

7ULQJXORGHDGYHUWHQFLD
GHHVWDUHTXLSDGR

6WDWLRQ:DJRQ

%RWLTXQGHHVWDU
HTXLSDGR
SXHUWDV

SXHUWDV

3OLHJXHODVFRUUHDV*XDUGHHOWULQ
JXORGHDGYHUWHQFLDHQHOHVSDFLRVL
WXDGRGHWUVGHODVFRUUHDVHQHOLQ
WHULRUGHOSRUWQWUDVHUR
*XDUGHODFXELHUWDGHOWULQJXORGH
DGYHUWHQFLDFRQXQDFLQWDWLSRYHOFUR

9HUVLQSXHUWDV
*XDUGHHOWULQJXORGHDGYHUWHQFLDHQ
HOFRPSDUWLPHQWRSRUWDREMHWRVVL

*XDUGHHOERWLTXQHQODUHMLOODHQHO
ODGRGHUHFKRGHOFRPSDUWLPHQWRGH
FDUJD

9HUVLQSXHUWDV
*XDUGHHOERWLTXQHQHOFRPSDUWL
PHQWRSRUWDREMHWRVVLWXDGRGHEDMRGH
ODFXELHUWDGHOSLVRGHOFRPSDUWL
PLHQWRGHHTXLSDMHV

3RUWDREMHWRV
6WDWLRQ:DJRQ

([WLQWRUVLHVWHTXLSDGR



6LVWHPDSRUWDHTXLSDMHV
GHWHFKR
3RUWDHTXLSDMHVGHWHFKR
3RUPRWLYRVGHVHJXULGDG\SDUDHYL
WDUGDRVHQHOWHFKRVHUHFRPLHQGD
XVDUHOVLVWHPDGHSRUWDHTXLSDMHVGH
WHFKRKRPRORJDGRSDUDVXYHKFXOR
6LJDODVLQVWUXFFLRQHVGHPRQWDMH\
GHVPRQWHHOSRUWDHTXLSDMHVFXDQGR
QRVHYD\DDXWLOL]DU

3OLHJXHODFRUUHD*XDUGHHOERWLTXQ
HQHOHVSDFLRVLWXDGRGHWUVGHXQD
FRUUHDHQHOLQWHULRUGHOSRUWQWUD
VHUR

(OOXJDUGHVWLQDGRDOH[WLQWRUHVW
VLWXDGRHQOD]RQDUHSRVDSLV
GHEDMRGHODVLHQWRGHODFRPSDDQWH
5HFXHUGHTXHHVWHYHKFXORSXHGH
VHUQRFRPHUFLDOL]DGRFRQHOH[WLQWRU
DOPRPHQWRGHVXFRPSUD



3RUWDREMHWRV

,QIRUPDFLQVREUHOD
FDUJD

/RVREMHWRVSHVDGRVHQHOFRPSDU
WLPHQWRGHFDUJDGHEHQFRORFDUVH
DSR\DGRVFRQWUDORVUHVSDOGRVGH
ORVDVLHQWRV$VHJUHVHGHTXHORV
UHVSDOGRVHVWQELHQHQFODYDGRV
6LVHSXHGHQDSLODUORVREMHWRVORV
PVSHVDGRVGHEHQFRORFDUVH
DEDMR
$VHJXUHORVREMHWRVFRQFRUUHDVGH
DPDUUHILMDGDVDODVDUJROODV

$VHJXUHORVREMHWRVHQHOFRPSDU
WLPHQWRGHFDUJDSDUDHYLWDUVX
GHVOL]DPLHQWR
&XDQGRVHWUDQVSRUWHQREMHWRVHQ
HOFRPSDUWLPHQWRGHFDUJDORVUHV
SDOGRVGHORVDVLHQWRVWUDVHURVQR
GHEHQHVWDULQFOLQDGRVKDFLDGH
ODQWH
/DFDUJDQRGHEHVREUHVDOLUSRUHQ
FLPDGHOERUGHVXSHULRUGHORVUHV
SDOGRV
1RFRORTXHREMHWRVVREUHODFX
ELHUWDGHOFRPSDUWLPHQWRGHFDUJD
QLHOWDEOHURGHLQVWUXPHQWRVQR
WDSHHOVHQVRUVLWXDGRHQODSDUWH
VXSHULRUGHOWDEOHURGHLQVWUXPHQ
WRV
/DFDUJDQRGHEHREVWDFXOL]DUHO
DFFLRQDPLHQWRGHORVSHGDOHVHO
IUHQRGHHVWDFLRQDPLHQWRRODSD
ODQFDGHFDPELRVQLLPSHGLUODOL
EHUWDGGHPRYLPLHQWRVGHOFRQGXF
WRU1RVHGHEHQGHMDUREMHWRVVXHO
WRVHQHOKDELWFXOR
1RFRQGX]FDFRQHOFRPSDUWLPHQWR
GHFDUJDDELHUWR

/DFDUJDWLOHVODGLIHUHQFLDHQWUH
HOSHVRP[LPRDXWRUL]DGRGHOYH
KFXORYDVHODSODFDGHFDUDFWH
UVWLFDV\HOSHVRHQYDFR
3DUDFDOFXODUHOSHVRHQYDFRLQ
WURGX]FDORVGDWRVGHVXYHKFXOR
GHODWDEODGHSHVRVHQODSJLQD

(OSHVRHQYDFRLQFOX\HORVSHVRV
FDOFXODGRVSDUDHOFRQGXFWRU
NJHOHTXLSDMHNJ\WRGRV
ORVOTXLGRVGHSVLWROOHQRDO

(OHTXLSDPLHQWRRSFLRQDO\ORVDF
FHVRULRVDXPHQWDQHOSHVRHQYD
FR
&RQGXFLUFRQFDUJDHQHOWHFKRDX
PHQWDODVHQVLELOLGDGGHOYHKFXORD
ORVYLHQWRVODWHUDOHV\WLHQHXQ
HIHFWRQHJDWLYRVREUHODPDQLREUD
ELOLGDGGHELGRDODHOHYDFLQGHO
FHQWURGHJUDYHGDG'LVWULEX\DOD
FDUJDXQLIRUPHPHQWH\DVHJUHOD
FRQFRUUHDVGHVXMHFLQ$MXVWHOD
SUHVLQGHORVQHXPWLFRV\ODYH
ORFLGDGGHOYHKFXORDODVFRQGLFLR
QHVGHFDUJD&RPSUXHEH\YXHOYD

3RUWDREMHWRV
DDSUHWDUODVFRUUHDVFRQIUHFXHQ
FLD
1RFRQGX]FDDPVGHNPK





,QVWUXPHQWRV\PDQGRV

,QVWUXPHQWRV\
PDQGRV

0DQGRV
$MXVWHGHOYRODQWH

0DQGRV  
7HVWLJRVOXPLQRVRVH
LQGLFDGRUHV  
3DQWDOODVGHLQIRUPDFLQ  
0HQVDMHVGHOYHKFXOR  
2UGHQDGRUGHDERUGR  
3HUVRQDOL]DFLQGHOYHKFXOR  

$WHQFLQ
6LHOHMHGHODFROXPQDGHODGLUHF
FLQVXIUHXQIXHUWHLPSDFWR
FXDQGRVHDMXVWDHOYRODQWHRFRQ
ODSDODQFDEORTXHDGDVHSXHGHQ
RFDVLRQDUGDRVHQORVFRPSR
QHQWHVGHOYRODQWH

0DQGRVHQHOYRODQWH

'HVEORTXHHODSDODQFDDMXVWHHOYR
ODQWHOXHJRHQFODYHODSDODQFD\DVH
JUHVHGHTXHHVWWRWDOPHQWHEOR
TXHDGD
(OYRODQWHVORVHGHEHDMXVWDUFRQHO
YHKFXORSDUDGR
(OVLVWHPDGHLQIRHQWUHWHQLPLHQWRVH
SXHGHPDQHMDUFRQORVPDQGRVHQHO
YRODQWH

,QVWUXPHQWRV\PDQGRV
9DVHHOPDQXDOGHOVLVWHPDGHLQ
IRHQWUHWHQLPLHQWRRODVHFFLQ6LV
WHPDGHLQIRHQWUHWHQLPLHQWRSDUD
PVLQIRUPDFLQ

/LPSLDODYDSDUDEULVDV
/LPSLDSDUDEULVDV

'
c



FRQH[LQDLQWHUYDORVRIXQFLR
QDPLHQWRDXWRPWLFRFRQVHQ
VRUGHOOXYLD
GHVFRQHFWDU

3DUDXQVROREDUULGRFXDQGRORVOLP
SLDSDUDEULVDVHVWQGHVFRQHFWDGRV
SXOVHODSDODQFDKDFLDDEDMR
1RORVXWLOLFHVLHOSDUDEULVDVHVWKH
ODGR
'HVFRQFWHORVHQWQHOHVGHODYDGR

%RFLQD

,QWHUYDORGHIXQFLRQDPLHQWWRDMXVWDEOH

3XOVHH

SXHUWDVSXHUWDV
+,
YHORFLGDGUSLGD
/2
YHORFLGDGOHQWD
,17
IXQFLRQDPLHQWRDLQWHUYDORV
UHJXODEOHVRVHQVRUGHOOX
YLD
2))
GHVFRQHFWDU
6WDWLRQ:DJRQ

YHORFLGDGUSLGD

YHORFLGDGOHQWD

SXHUWDVSXHUWDV
3DODQFDGHOOLPSLDSDUDEULVDVHQ
SRVLFLQ,,17
7



,QVWUXPHQWRV\PDQGRV

6WDWLRQ:DJRQ
3DODQFDGHOOLPSLDSDUDEULVDVHQSR
VLFLQ'
*LUHODUXHGDGHDMXVWHSDUDDMXVWDUHO
LQWHUYDORGHIXQFLRQDPLHQWR
LQWHUYDOR
JLUHODUXHGDGHDMXVWH
FRUWR
KDFLDDUULED
LQWHUYDOR
JLUHODUXHGDGHDMXVWH
ODUJR
KDFLDDEDMR
)XQFLRQDPLHQWRDXWRPWLFRFRQ
VHQVRUGHOOXYLD

SXHUWDVSXHUWDV
,17
)XQFLRQDPLHQWRDXWRPWLFR
FRQVHQVRUGHOOXYLD

6WDWLRQ:DJRQ
3DODQFDGHOOLPSLDSDUDEULVDVHQSR
VLFLQ'
(OVHQVRUGHOOXYLDGHWHFWDODFDQWLGDG
GHDJXDHQHOSDUDEULVDV\UHJXODDX
WRPWLFDPHQWHODIUHFXHQFLDGHORV
OLPSLDSDUDEULVDV
6HQVLELOLGDGUHJXODEOHGHOVHQVRUGH
OOXYLD

*LUHODUXHGDGHDMXVWHSDUDDMXVWDUOD
VHQVLELOLGDG
VHQVLELOLGDG
JLUHODUXHGDGH
EDMD
DMXVWHKDFLDDEDMR
VHQVLELOLGDG
JLUHODUXHGDGH
DOWD
DMXVWHKDFLDDUULED

$WHQFLQ
(QWQHOHVGHODYDGRGHVFRQHFWH
ORVOLPSLDSDUDEULVDV\HOPRGRDX
WRPWLFRFRQVHQVRUGHOOXYLD

0DQWHQJDHOVHQVRUOLEUHGHSROYR
VXFLHGDG\KLHOR

,QVWUXPHQWRV\PDQGRV
6LFDPELDORVOLPSLDSDUDEULVDVDO
PRGRGHVHQVRUGHOOXYLDRJLUDOD
UXHGDGHDMXVWHGHEDMDVHQVLELOLGDG
DDOWDVHQVLELOLGDGFRQHOHQFHQGLGR
FRQHFWDGRORVOLPSLDSDUDEULVDVVH
DFFLRQDUQXQDYH]SDUDFRPSUREDU
HOVLVWHPD

/DYDSDUDEULVDV

7LUHGHODSDODQFD6HSXOYHUL]DO
TXLGRGHODYDGRVREUHHOSDUDEULVDV\
ORVOLPSLDSDUDEULVDVVHDFFLRQDQGX
UDQWHYDULRVFLFORV

 3HOLJUR
6LODYLVLQGHOFRQGXFWRUQRHV
FODUDVHSXHGHSURGXFLUXQDFFL
GHQWH\RFDVLRQDUOHVLRQHVSHUVR
QDOHV\GDRVHQHOYHKFXORX
RWUDVSURSLHGDGHV
1RXWLOLFHORVOLPSLDSDUDEULVDVVLHO
SDUDEULVDVHVWVHFRXREVWUXLGR
SRUHMHPSORFRQQLHYHRKLHOR6L
XWLOL]DORVOLPSLDSDUDEULVDVHQXQ
SDUDEULVDVREVWUXLGRVHSXHGHQ
GDDUODVHVFRELOODVHOPRWRU\HO
FULVWDO
&RQWLHPSRIURFRPSUXHEHTXH
ODVHVFRELOODVQRHVWQSHJDGDV
SRUFRQJHODFLQDOSDUDEULVDV6L
XWLOL]DHOOLPSLDSDUDEULVDVFRQOD
HVFRELOODFRQJHODGDSXHGHGDDU
VXPRWRU
1RDFFLRQHHOODYDSDUDEULVDVFRQ
WLQXDPHQWHGXUDQWHPVGHXQRV
VHJXQGRVQLFXDQGRHOGHSVLWR
GHOOTXLGRGHODYDGRHVWYDFR
(VWRSRGUDSURYRFDUHOVREUHFD
OHQWDPLHQWRGHOPRWRUGHOODYDOX
QHWD\SURYRFDUXQDDYHUD



/LPSLDODYDOXQHWD

3XOVHHOLQWHUUXSWRUEDVFXODQWHSDUD
DFWLYDUHOOLPSLDOXQHWD
SRVLFLQ
IXQFLRQDPLHQWRFRQWL
VXSHULRU
QXR
SRVLFLQ
IXQFLRQDPLHQWRLQWHU
LQIHULRU
PLWHQWH
SRVLFLQ
GHVFRQHFWDU
FHQWUDO



,QVWUXPHQWRV\PDQGRV
(OVLVWHPDODYDOXQHWDVHGHVDFWLYD
FXDQGRHOQLYHOGHOTXLGRHVEDMR

7HPSHUDWXUDH[WHULRU

5HORM
/DIHFKD\ODKRUDVHPXHVWUDQHQOD
SDQWDOODGHLQIRUPDFLQ

$MXVWHGHODIHFKD\ODKRUD
&'&'
&RQHFWHHOVLVWHPDGHLQIRHQWUHWHQL
PLHQWR
3XOVHHOERWQ&
&ORFN

3UHVLRQHODSDODQFD6HSXOYHUL]DO
TXLGRGHODYDGRVREUHODOXQHWDWUD
VHUD\HOOLPSLDOXQHWDVHUHDOL]DHOED
UULGRYDULDVYHFHV
1RORXWLOLFHVLODOXQHWDWUDVHUDHVW
KHODGD
'HVFRQFWHORVHQWQHOHVGHODYDGR
(OOLPSLDOXQHWDVHFRQHFWDDXWRPWL
FDPHQWHFXDQGRHVWFRQHFWDGRHO
OLPSLDSDUDEULVDV\VHHQJUDQDODPDU
FKDDWUV
/DDFWLYDFLQRGHVDFWLYDFLQGHHVWD
IXQFLQVHSXHGHFDPELDUHQHOPHQ
$MXVWHVGHODSDQWDOODGHLQIRUPDFLQ
3HUVRQDOL]DFLQGHOYHKFXOR

(OGHVFHQVRGHODWHPSHUDWXUDVHLQ
GLFDLQPHGLDWDPHQWHHODXPHQWRVH
LQGLFDFRQXQOLJHURUHWUDVR

 3HOLJUR
/DFDUUHWHUDSXHGHHVWDU\DKH
ODGDDXQTXHODSDQWDOODPXHVWUH
XQRVSRFRVJUDGRVSRUHQFLPDGH
&

6HSXHGHQHIHFWXDUORVDMXVWHVGHOD
IHFKD\ODKRUD
3HUVRQDOL]DFLQGHOYHKFXOR

,QVWUXPHQWRV\PDQGRV
6LVWHPDGHDXGLR0\/LQN1DYL

9DVHHOPDQXDOGHOVLVWHPDGHLQ
IRHQWUHWHQLPLHQWRSDUDPVLQIRUPD
FLQ

7RPDVGHFRUULHQWH

/DVWRPDVGHFRUULHQWHGH9HVWQ
VLWXDGDVHQODSDUWHGHODQWHUD\WUD
VHUDGHODFRQVRODGHOSLVR
6WDWLRQ:DJRQ+D\XQDWRPDGHFR
UULHQWHGH9VLWXDGDHQODSDUHGOD
WHUDOL]TXLHUGDGHOFRPSDUWLPHQWRGH
FDUJD

(OFRQVXPRP[LPRQRGHEHVXSHUDU
ORVYDWLRV
/DVWRPDVGHFRUULHQWHVHGHVDFWLYDQ
DOGHVFRQHFWDUHOHQFHQGLGR$GH
PVODVWRPDVGHFRUULHQWHVHGHV
DFWLYDQWDPELQVLODWHQVLQGHODED
WHUDHVEDMD
1RFRQHFWHDFFHVRULRVGHVXPLQLVWUR
GHFRUULHQWHFRPRSXHGHQVHUGLVSR
VLWLYRVGHFDUJDHOFWULFDREDWHUDV
3DUDHYLWDUGDRVQRXWLOLFHFRQHFWR
UHVLQDGHFXDGRV
6LVWHPDVWRSVWDUW



7HVWLJRVOXPLQRVRVH
LQGLFDGRUHV
9HORFPHWUR

,QGLFDODYHORFLGDGGHOYHKFXOR
(ODYLVRDFVWLFRGHYHORFLGDGH[FH
VLYDVRQDUXQDYH]SDUDDOHUWDUDO
FRQGXFWRU\SDUDTXHUHGX]FDODYH
ORFLGDGGHOYHKFXORHQFXDQWRVXSHUH
ORVNPK



,QVWUXPHQWRV\PDQGRV

&XHQWDNLOPHWURV

3DUDSRQHUORDFHURPDQWHQJDSXO
VDGRHOERWQGHDMXVWHGXUDQWHXQRV
VHJXQGRVFRQHOHQFHQGLGRFRQHF
WDGR

7DFPHWUR

$WHQFLQ
6LODDJXMDHVWHQHOVHFWRUGHDG
YHUWHQFLDVHKDH[FHGLGRHOUJL
PHQP[LPRDGPLVLEOHGHOPRWRU
+D\SHOLJURSDUDHOPRWRU

,QGLFDGRUGHFRPEXVWLEOH

/DOQHDLQIHULRUPXHVWUDHONLORPH
WUDMHUHJLVWUDGRGHOYHKFXOR

&XHQWDNLOPHWURVSDUFLDO
/DOQHDVXSHULRUPXHVWUDODGLVWDQFLD
UHFRUULGDGHVGHODOWLPDSXHVWDD
&XDQGROD
FHURYDORUP[

GLVWDQFLDUHJLVWUDGDOOHJXHD
HOFXHQWDNLOPHWURVSDUFLDOVHSRQGU
VLQQHFHVLGDGGHUHLQLFLDUOR
D

,QGLFDODVUHYROXFLRQHVSRUPLQXWRGHO
PRWRU
&RQGX]FDHQORVUHJPHQHVPVED
MRVGHOPRWRUHQFDGDPDUFKDWDQWR
FRPRVHDSRVLEOH

0XHVWUDHOQLYHOGHFRPEXVWLEOHHQHO
GHSVLWR
(OWHVWLJRGHFRQWUROLVHLOXPLQDVL
HOQLYHOHQHOGHSVLWRHVEDMR5H
SRVWHLQPHGLDWDPHQWH
1XQFDGHEHDJRWDUHOGHSVLWR

,QVWUXPHQWRV\PDQGRV
'HELGRDOFRPEXVWLEOHTXHTXHGDHQ
HOGHSVLWRODFDQWLGDGUHTXHULGD
SDUDOOHQDUHOGHSVLWRSXHGHVHULQ
IHULRUDODFDSDFLGDGHVSHFLILFDGD
1RWD
$QWHVGHUHSRVWDUDVHJUHVHGH
TXHHOHQFHQGLGRHVWGHVFRQHF
WDGR
6LDFFLRQDODFHUUDGXUDGHOHQFHQ
GLGRGXUDQWHHOUHSRVWDMHSXHGHTXH
ODDJXMDGHOLQGLFDGRUGHFRPEXVWL
EOHQRVHDOHHOQLYHOGHFRPEXVWLEOH
FRUUHFWR
(QSHQGLHQWHVHVSRVLEOHTXHOD
DJXMDGHOLQGLFDGRUGHFRPEXVWLEOH
QRVHDOHHOQLYHOGHFRPEXVWLEOH
FRUUHFWRGHELGRDOPRYLPLHQWRGHO
FRPEXVWLEOHHQHOGHSVLWR

,QGLFDGRUGHWHPSHUDWXUD
GHOUHIULJHUDQWHGHOPRWRU



$WHQFLQ
6LODWHPSHUDWXUDGHOUHIULJHUDQWH
GHOPRWRUHVGHPDVLDGRDOWDGH
WHQJDHOYHKFXOR\SDUHHOPRWRU
3HOLJURSDUDHOPRWRU&RPSUXHEH
HOQLYHOGHUHIULJHUDQWH

,QGLFDFLQGHVHUYLFLR
6LVWHPDGHYLGDWLOGHODFHLWH
GHOPRWRUSDUDPRWRUHVGLVHO
QRGLVSRQLEOHHQWRGDVODVYHUVLRQHV
RPRWRUHV
0XHVWUDODWHPSHUDWXUDGHOUHIULJH
UDQWH
]RQD
HOPRWRUQRKDDOFDQ
L]TXLHUGD
]DGRWRGDYDVXWHP
SHUDWXUDGHIXQFLRQD
PLHQWR
]RQD
WHPSHUDWXUDQRUPDO
FHQWUDO
GHIXQFLRQDPLHQWR
]RQD
WHPSHUDWXUDGHPD
GHUHFKD
VLDGRDOWD

,QWHUYDORVGHFDPELRGHODFHLWHGH
PRWRU
(OYHKFXORSXHGHGLVSRQHUGHXQVLV
WHPDLQIRUPWLFRTXHLQGLFDFXQGR
VHGHEHFDPELDUHOILOWUR\HODFHLWHGHO
PRWRU6HEDVDHQODVUHYROXFLRQHV\
ODWHPSHUDWXUDGHOPRWRU\QRHQHO
NLORPHWUDMH6HJQODVFRQGLFLRQHV
GHFRQGXFFLQHONLORPHWUDMHFRQHO
TXHVHWLHQHTXHFDPELDUHODFHLWHGHO
PRWRUSXHGHYDULDUFRQVLGHUDEOH
PHQWH



,QVWUXPHQWRV\PDQGRV

3DUDTXHHOVLVWHPDGHYLGDWLOGHO
DFHLWHIXQFLRQHELHQHOVLVWHPDGHEH
SRQHUVHDFHURFDGDYH]TXHVHFDP
ELDHODFHLWH&XDQGRHOVLVWHPDFDO
FXODTXHDODFHLWHOHTXHGDSRFDYLGD
WLOLQGLFDTXHKD\TXHFDPELDUOR
(QWRQFHVDSDUHFHHOFGLJR&
&RG(
HQHOFHQWURGHLQIRUPDFLQGHO
FRQGXFWRU&DPELHHODFHLWHORDQWHV
SRVLEOHHQORVSU[LPRVNP
(VSRVLEOHTXHVLFRQGXFHHQODVPH
MRUHVFRQGLFLRQHVSRVLEOHVHOVLVWHPD
GHYLGDWLOGHODFHLWHQRLQGLTXHTXH
WLHQHTXHFDPELDUHODFHLWHKDVWD
GHQWURGHXQDR(ODFHLWH\HOILOWUR
GHOPRWRUGHEHQFDPELDUVHFRPRP
QLPRXQDYH]DODR\HQHVHPR
PHQWRGHEHSRQHUVHDFHURHOVLV
WHPD6XFRQFHVLRQDULR2ILFLDOR7D
OOHUGH6HUYLFLR$XWRUL]DGR&KHYUROHW
FXHQWDFRQ SHUVRQDOGHVHUYLFLR
IRUPDGRTXH SXHGHQUHDOL]DUHVWH
WUDEDMR\SRQHU DFHURHOVLVWHPD
7DPELQHVLPSRUWDQWHTXHFRP
SUXHEHHODFHLWHUHJXODUPHQWHHQWUH
ORVLQWHUYDORVGHYDFLDGRGHODFHLWH\
ORPDQWHQJDFRQHOQLYHODGHFXDGR6L
HOVLVWHPDVHSRQHDFHURSRUHUURU
GHEHUFDPELDUHODFHLWHDOFDERGH

NPGHVGHHOOWLPRFDPELRGH
DFHLWH$FXUGHVHGHSRQHUDFHURHO
VLVWHPDGHYLGDWLOGHODFHLWHFXDQGR
FDPELHHODFHLWH
3DQWDOODGHYLGDWLOGHODFHLWH
UHVWDQWH

(OLQGLFDGRUGHFRQWURO(PXHVWUDHQ
HOFHQWURGHLQIRUPDFLQGHOFRQGXF
WRUODYLGDWLOTXHOHTXHGDDODFHLWH
MXQWRFRQXQSRUFHQWDMH3DUDTXH
DSDUH]FDVHWLHQHTXHFRQHFWDUHOHQ
FHQGLGRVLQSRQHUHOPRWRUHQPDU
FKD
&HQWURGHLQIRUPDFLQGHOFRQGXFWRU


,QIRUPDFLQGHVHUYLFLR
3XHVWDDFHURGHOVLVWHPDGHYLGDWLO
GHODFHLWHGHOPRWRU
3RQJDDFHURHOVLVWHPDFDGDYH]TXH
FDPELHHODFHLWHSDUDTXHSXHGDFDO
FXODUFXQGRVHWHQGUTXHFDPELDU
GHQXHYRHODFHLWHGHOPRWRU3DUD
SRQHUDFHURHOVLVWHPDGHYLGDWLOGHO
PRWRUSURFHGDGHOVLJXLHQWHPRGR
&RQXQDKHUUDPLHQWDGHH[SORUD
FLQ
(QHO&RQFHVLRQDULR2ILFLDOR
7DOOHUGH6HUYLFLR$XWRUL]DGR
&KHYUROHWSRQGUQDFHURHOVLV
WHPDFRQHVWDKHUUDPLHQWDGHV
SXVGHOFDPELRGHDFHLWH
&RQHOSHGDOGHODFHOHUDGRU
6DTXHODOODYHGHOHQFHQGLGRR
FRQVLVWHPD6WDUW6WRSGHVFR
QHFWHHOHQFHQGLGRGXUDQWHPV
GHXQPLQXWR
0HWDODOODYHHQHOHQFHQGLGR\
JUHODDODSRVLFLQRFRQVLV
WHPD6WDUW6WRSFRQHFWHHOHQ
FHQGLGRHQFHQGLGRFRQHFWDGR
SHURVLQDUUDQFDUHOPRWRU
3LVHDIRQGRHOSHGDOGHODFHOH

,QVWUXPHQWRV\PDQGRV
UDGRU\PDQWQJDORSLVDGRGX
UDQWHGRVVHJXQGRV
6XHOWHHOSHGDOGHODFHOHUDGRU
GXUDQWHGRVVHJXQGRV
9XHOYDDSLVDU\DVROWDUHOSHGDO
GHODFHOHUDGRUFRPRVHKDGHV
FULWRDQWHVGRVYHFHVHQPHQRV
GHXQPLQXWR
&RQHOERWQ6
6(7&/5HQYHKFX
ORVFRQXQDSDQWDOODGHJDPDPH
GLD
0(18GHODSDODQFD
3XOVHHOERWQ0
GHORVLQWHUPLWHQWHV\VHOHFFLRQH
0HQGHLQIRUPDFLQGHOYHKFXOR
*LUHODUXHGDGHUHJXODFLQKDVWD
TXHDSDUH]FDHOPHQFRQODYLGD
WLOUHVWDQWHGHODFHLWHGHOPRWRU
3XOVHHOERWQ6
6(7&/5GXUDQWH
XQRVVHJXQGRVFRQHOHQFHQGLGR
FRQHFWDGR6LDQDSDUHFH&
&RG(
HQHOFHQWURGHLQIRUPDFLQGHO
FRQGXFWRUFXDQGRHOYHKFXORKD
DUUDQFDGRHOVLVWHPDGHYLGDWLO
GHOPRWRUQRVHKDUHLQLFLDGR5H
SLWDHOSURFHGLPLHQWR
&RQHOPDQGRGHSXHVWDDFHURHQ
YHKFXORVFRQSDQWDOODGHJDPDE
VLFD

3XOVHHOPDQGRGHUHLQLFLRGXUDQWH
XQRVVHJXQGRVKDVWDTXHVH
KD\DPRVWUDGRODYLGDWLOUHVWDQWH
GHODFHLWHGHOPRWRU6XHOWHHO
PDQGRGHUHLQLFLR\SOVHORGH
QXHYRXQRVVHJXQGRVSDUDUHLQL
FLDUHOVLVWHPDGHFRQWUROGHYLGD
WLOGHODFHLWHGHOPRWRU

7HVWLJRVGHFRQWURO
/RVWHVWLJRVGHFRQWUROGHVFULWRVQR
HVWQSUHVHQWHVHQWRGRVORVYHKFX
ORV/DGHVFULSFLQHVYOLGDSDUDWR
GDVODVYHUVLRQHVGHFXDGURVGHLQV
WUXPHQWRV$OFRQHFWDUHOHQFHQGLGR



VHLOXPLQDUQEUHYHPHQWHODPD\RUD
GHORVWHVWLJRVGHFRQWURODPRGRGH
SUXHEDIXQFLRQDO
/RVFRORUHVGHORVWHVWLJRVGHFRQWURO
VLJQLILFDQORVLJXLHQWH
5RMR
3HOLJURUHFRUGDWRULRLP
SRUWDQWH
$PDULOOR
$YLVRLQIRUPDFLQDYH
UD
9HUGH
&RQILUPDFLQGHDFWLYD
FLQ
$]XO
&RQILUPDFLQGHDFWLYD
FLQ
%ODQFR
&RQILUPDFLQGHDFWLYD
FLQ



,QVWUXPHQWRV\PDQGRV

7HVWLJRVGHFRQWUROHQHOFXDGURGHLQVWUXPHQWRV

,QVWUXPHQWRV\PDQGRV
7HVWLJRVGHFRQWUROHQOD
FRQVRODFHQWUDO

,QWHUPLWHQWHV

5HFRUGDWRULRGHOFLQWXUQ
GHVHJXULGDG
5HFRUGDWRULRGHOFLQWXUQGH
VHJXULGDGHQORVDVLHQWRV
GHODQWHURV
7SDUDHODVLHQWRGHOFRQGXFWRUVH
HQFLHQGHRSDUSDGHDHQURMR
CSDUDHODVLHQWRGHODFRPSDDQWH
VHHQFLHQGHRSDUSDGHDHQURMR
FXDQGRHODVLHQWRHVWRFXSDGR

,QWHUPLWHQWHV
.VHHQFLHQGHRSDUSDGHDHQYHUGH

3DUSDGHD
(OWHVWLJRGHFRQWUROSDUSDGHD
FXDQGRHVWQFRQHFWDGRVORVLQWHUPL
WHQWHVRODVOXFHVGHHPHUJHQFLD
3DUSDGHRUSLGRIDOORGHXQLQWHUPL
WHQWHRGHOIXVLEOHFRUUHVSRQGLHQWH
6XVWLWXFLQGHOPSDUDV)X
VLEOHV

6HHQFLHQGH
VHJXQGRVGHVSXVGHFRQHFWDUHO
HQFHQGLGRVHJXQGRVGHVSXV
GHDUUDQFDUHOPRWRURDOFDQ]DUXQD
GLVWDQFLDRYHORFLGDGHVSHFILFDVLQ
DEURFKDUVHHOFLQWXUQGHVHJXULGDG
3DUSDGHD
'XUDQWHVHJXQGRVGHVSXVGH
DUUDQFDUHOPRWRURDOFDQ]DUXQDGLV
WDQFLDYHORFLGDGHVSHFILFDVLQDEUR
FKDUVHHOFLQWXUQGHVHJXULGDG
$EURFKDUVHHOFLQWXUQGHVHJXULGDG




$LUEDJV\SUHWHQVRUHVGH
FLQWXURQHV
TVHHQFLHQGHHQURMR
$OFRQHFWDUHOHQFHQGLGRHOWHVWLJRGH
FRQWUROVHLOXPLQDGXUDQWHXQRVVH
JXQGRV6LQRVHHQFLHQGHQRVH
DSDJDGHVSXVGHVHJXQGRVRVLVH
HQFLHQGHGXUDQWHODPDUFKDKD\XQD
DYHUDHQORVSUHWHQVRUHVGHFLQWXUR
QHVRHQHOVLVWHPDGHDLUEDJV/RV
VLVWHPDVSRGUDQQRGLVSDUDUVHHQ
FDVRGHDFFLGHQWH
/DDFWLYDFLQGHORVSUHWHQVRUHVGH
FLQWXURQHVRORVDLUEDJVVHLQGLFDPH
GLDQWHODLOXPLQDFLQSHUPDQHQWHGHO
WHVWLJRT

 3HOLJUR
+DJDVXEVDQDULQPHGLDWDPHQWHOD
FDXVDGHODDYHUDHQXQ
&RQFHVLRQDULR2ILFLDOR7DOOHUGH
6HUYLFLR$XWRUL]DGR&KHYUROHW
6LVWHPDGHDLUEDJSUHWHQVRUHVGH
FLQWXURQHV



,QVWUXPHQWRV\PDQGRV

'HVDFWLYDFLQGHORV
DLUEDJVVLHVWHTXLSDGR
(OWHVWLJR9GHODLUEDJGHODFRPSD
DQWHVHHQFLHQGHHQDPDULOOR
&XDQGRHVWHWHVWLJRGHFRQWUROVHHQ
FLHQGHLQGLFDTXHHODLUEDJGHODFRP
SDDQWHHVWDFWLYDGR
(OWHVWLJRGHODLUEDJGHODFRPSD
DQWHVHHQFLHQGHHQDPDULOOR
&XDQGRHVWHWHVWLJRGHFRQWUROVHHQ
FLHQGHLQGLFDTXHHODLUEDJGHODFRP
SDDQWHHVWGHVDFWLYDGR

6LVWHPDGHFDUJD
NVHHQFLHQGHRSDUSDGHDHQURMR
6HLOXPLQDDOFRQHFWDUHOHQFHQGLGR\
VHDSDJDSRFRGHVSXVGHDUUDQFDU
HOPRWRU

6LVHHQFLHQGHFRQHOPRWRUHQ
PDUFKD
'HWHQJDHOYHKFXOR\SDUHHOPRWRU
/DEDWHUDQRVHFDUJD/DUHIULJHUD
FLQGHOPRWRUSXHGHHVWDULQWHUUXP
SLGD&RQPRWRUHVGLVHOSXHGHGH
MDUGHIXQFLRQDUHOVHUYRIUHQR5HFX
UUDDODD\XGDGHXQ&RQFHVLRQDULR
2ILFLDOR7DOOHUGH6HUYLFLR$XWRUL]D
GR&KHYUROHW

7HVWLJRGHDYHUDV
9VHHQFLHQGHRSDUSDGHDHQDPD
ULOOR
6HLOXPLQDDOFRQHFWDUHOHQFHQGLGR\
VHDSDJDSRFRGHVSXVGHDUUDQFDU
HOPRWRU

5HYLVLQXUJHQWHGHO
YHKFXOR
JVHHQFLHQGHHQDPDULOORFXDQGR
HOYHKFXORQHFHVLWDXQDUHYLVLQ
6HHQFLHQGHHQFRPELQDFLQFRQXQ
FGLJRGHDGYHUWHQFLD
0HQVDMHVGHOYHKFXOR

6LVWHPDGHIUHQRV\
HPEUDJXH
1LYHOGHOOTXLGRGHIUHQRV\
HPEUDJXH
VHHQFLHQGHHQURMR
6HHQFLHQGHFRQHOIUHQRGHHVWDFLR
QDPLHQWRVXHOWRVLHOQLYHOGHOOTXLGR
GHIUHQRVHPEUDJXHHVGHPDVLDGR
EDMRRVLKD\XQDDYHUDGHOVLVWHPD
GHIUHQRV

 3HOLJUR
6LVHHQFLHQGHODOPSDUDGHDG
YHUWHQFLDGHOVLVWHPDGHIUHQRV
FRPSUXHEHHOQLYHOGHOTXLGRGH
IUHQRV\FRQWDFWHGHLQPHGLDWR D
XQ&RQFHVLRQDULR2ILFLDOR7DOOHU
GH6HUYLFLR$XWRUL]DGR&KHYUROHW
6LHVWEDMRHOQLYHOGHOTXLGRGH
IUHQRVHQHOGHSVLWRQRFRQ
GX]FDHOYHKFXOR
(OORSXHGHLPSHGLUTXHVXVIUHQRV
IXQFLRQHQFRUUHFWDPHQWH&RQGX
FLUFRQIUHQRVGHIHFWXRVRVSXHGH

,QVWUXPHQWRV\PDQGRV
FDXVDUOHVLRQHV\GDRVHQVXYH
KFXOR\RWURVREMHWRV
6HLOXPLQDGHVSXVGHFRQHFWDUHO
HQFHQGLGRVLHOIUHQRGHHVWDFLRQD
PLHQWRPDQXDOHVWDFFLRQDGR


$FFLRQHHOSHGDO
SDUSDGHDHQDPDULOOR
3DUSDGHDFXDQGRHVQHFHVDULRDF
FLRQDUHOSHGDOGHOHPEUDJXHSDUD
DUUDQFDUHOPRWRUFRQHOVLVWHPDVWRS
VWDUW
3DUSDGHDFXDQGRHVQHFHVDULRSLVDU
HOSHGDOGHOIUHQRRGHOHPEUDJXH
SDUDDUUDQFDUYHKFXORVFRQVLVWHPD
GHOODYHHOHFWUQLFD

6LWUDQVFXUULGRVXQRVVHJXQGRVHO
WHVWLJRQRVHDSDJDRVLVHHQFLHQGH
GXUDQWHODPDUFKDKD\XQDDYHUDHQ
HOVLVWHPD$%6(OVLVWHPDGHIUHQRV
GHOYHKFXORVLJXHHVWDQGRRSHUDWLYR
SHURVLQODUHJXODFLQGHO$%6
6LVWHPDDQWLEORTXHRGHIUHQRV


&DPELRDXQDPDUFKDPV
ODUJD
>VHHQFLHQGHHQYHUGHFXDQGRVH
UHFRPLHQGDFDPELDUDXQDPDUFKD
PVODUJDSDUDDKRUUDUFRPEXVWLEOH

'LUHFFLQDVLVWLGD
FVHHQFLHQGHHQDPDULOOR

6LVWHPDDQWLEORTXHRGH
IUHQRV$%6

6HHQFLHQGHFXDQGROD
GLUHFFLQDVLVWLGDHVOLPLWDGD

SVHHQFLHQGHHQDPDULOOR
6HLOXPLQDGXUDQWHXQRVVHJXQGRV
GHVSXVGHFRQHFWDUHOHQFHQGLGR(O
VLVWHPDHVWRSHUDWLYRFXDQGRVH
DSDJDHOWHVWLJRGHFRQWURO

/DGLUHFFLQDVLVWLGDVHOLPLWDSRUXQ
VREUHFDOHQWDPLHQWRGHOVLVWHPD(O
WHVWLJRGHFRQWUROVHDSDJDFXDQGRHO
VLVWHPDVHKDHQIULDGR



6HHQFLHQGHFXDQGROD
GLUHFFLQDVLVWLGDHVW
GHVDFWLYDGD
$YHUDHQHOVLVWHPDGHODGLUHFFLQ
DVLVWLGD5HFXUUDDXQ&RVQFHVLR
QDULR2ILFLDOR7DOOHUGH6HUYLFLR
$XWRUL]DGR&KHYUROHW

6HHQFLHQGHHQFDVRGH
LQWHUUXSFLQGHFRUULHQWH
(OVHQVRUGHOQJXORGHODGLUHFFLQ
GHEHFDOLEUDUVHSDUDTXHSXHGDIXQ
FLRQDUHOVLVWHPDGHODGLUHFFLQDVLV
WLGD
6LGHVHDUHDOL]DUXQDFDOLEUDFLQ
DXWRPWLFDFRQGX]FDHQOQHD
UHFWDDXQDYHORFLGDGEDMDFRQV
WDQWH
6LHOLQGLFDGRUGHFRQWUROSHUPD
QHFHLOXPLQDGRJLUHHOYRODQWH
GHVGHODSRVLFLQOPLWHDODSRVL
FLQOPLWHSDUDXQDFDOLEUDFLQPD
QXDO
(OLQGLFDGRUGHFRQWUROVHDSDJD
FXDQGRHOVLVWHPDVHSRQHGHQXHYR
HQIXQFLRQDPLHQWR
6LVWHPDVWRSVWDUW



,QVWUXPHQWRV\PDQGRV

$VLVWHQWHGHHVWDFLRQDPLHQWR
SRUXOWUDVRQLGRV
JVHHQFLHQGHHQDPDULOOR
$YHUDHQHOVLVWHPD
R
$YHUDSRUTXHORVVHQVRUHVHVWQVX
FLRVRFXELHUWRVGHQLHYHRKLHOR
R
,QWHUIHUHQFLDVFDXVDGDVSRUIXHQWHV
H[WHUQDVGHXOWUDVRQLGRV8QDYH]HOL
PLQDGDODIXHQWHGHODVLQWHUIHUHQ
FLDVHOVLVWHPDIXQFLRQDUFRQQRU
PDOLGDG
+DJDVXEVDQDUODFDXVDGHODDYHUD
GHOVLVWHPDHQXQ&RQFHVLRQDULR
2ILFLDOR7DOOHUGH6HUYLFLR$XWRUL]D
GR&KHYUROHW
6HQVRUHVGHHVWDFLRQDPLHQWRSRU
XOWUDVRQLGRV

&RQWUROHOHFWUQLFRGH
HVWDELOLGDGGHVDFWLYDGR
QVHHQFLHQGHHQDPDULOOR
6HHQFLHQGHFXDQGRHOVLVWHPDHVW
GHVDFWLYDGR

&RQWUROHOHFWUQLFRGH
HVWDELOLGDG\VLVWHPDGH
FRQWUROGHWUDFFLQ
EVHHQFLHQGHRSDUSDGHDHQDPDUL
OOR

6HHQFLHQGH
+D\XQDDYHUDHQHOVLVWHPD6H
SXHGHFRQWLQXDUFRQGXFLHQGR6LQ
HPEDUJRODHVWDELOLGDGGHPDUFKD
SXHGHHPSHRUDUGHSHQGLHQGRGHOHV
WDGRGHODFDO]DGD
+DJDVXEVDQDUODFDXVDGHODDYHUD
HQXQ&RQFHVLRQDULR2ILFLDOR7DOOHU
GH6HUYLFLR$XWRUL]DGR&KHYUROHW

3DUSDGHD
,QWHUYHQFLQDFWLYDGHOVLVWHPD
3XHGHUHGXFLUVHODSRWHQFLDGHOPR
WRU\HOYHKFXORSXHGHIUHQDUVHXQ
SRFRDXWRPWLFDPHQWH
&RQWUROHOHFWUQLFRGHHVWDELOLGDG
6LVWHPDGHFRQWUROGHWUDFFLQ


6LVWHPDGHFRQWUROGH
WUDFFLQGHVDFWLYDGR
NVHHQFLHQGHHQDPDULOOR
6HHQFLHQGHFXDQGRHOVLVWHPDHVW
GHVDFWLYDGR

3UHFDOHQWDPLHQWR
VHHQFLHQGHHQDPDULOOR
6HHQFLHQGHFXDQGRHVWDFWLYDGRHO
SUHFDOHQWDPLHQWR6HDFWLYDVORVLOD
WHPSHUDWXUDH[WHULRUHVEDMD

)LOWURGHSDUWFXODVGLVHO
VHLOXPLQDRSDUSDGHDHQDPDULOOR
VLHVQHFHVDULROLPSLDUHOILOWURGHSDU
WFXODVGLVHORODVFRQGLFLRQHVGHFLU
FXODFLQQRKDQSHUPLWLGRODOLPSLH]D
DXWRPWLFD
&RQWLQHFRQGXFLHQGR\SURFXUHTXH
HOUJLPHQGHOPRWRUQREDMHGHODV
USP
(OLQGLFDGRUVHDSDJDUHQFXDQWR
VHKD\DFRPSOHWDGRODRSHUDFLQGH
DXWROLPSLH]D

,QVWUXPHQWRV\PDQGRV
6LVHDSDJDHOPRWRUPLHQWUDVHVWH
LQGLFDGRUHVWHQFHQGLGRRSDUSD
GHDQGRDXPHQWDHOFRQVXPRGH
FRPEXVWLEOH\VHUHGXFHODYLGDWLO
GHODFHLWHGHOPRWRU7HQJDHQFXHQWD
TXHHOFRQGXFWRUGHEHFRQWLQXDUFRQ
HOSURFHVRGHUHJHQHUDFLQHQFRQ
GXFFLQPRVWUDGRPVDUULEDKDVWD
TXHHOLQGLFDGRUGHOILOWURGHSDUWFXODV
GLVHOVHDSDJXH
3DUDPVLQIRUPDFLQFRQVXOWHODHWL
TXHWDGHO'3)HQHOLQWHULRUGHOYH
KFXOR
)LOWURGHSDUWFXODVGLVHOVLV
WHPDGHSDUDGDDUUDQTXH

3UHVLQGHDFHLWHGHO
PRWRU
(VHHQFLHQGHHQURMR
6HLOXPLQDDOFRQHFWDUHOHQFHQGLGR\
VHDSDJDSRFRGHVSXVGHDUUDQFDU
HOPRWRU

6LVHHQFLHQGHFRQHOPRWRUHQ
PDUFKD
$WHQFLQ
/DOXEULFDFLQGHOPRWRUSXHGHHV
WDULQWHUUXPSLGD6HSXHGHQRFD
VLRQDUGDRVHQHOPRWRU\RHO
EORTXHRGHODVUXHGDVPRWULFHV
 &DPELRPDQXDOSLVHHOHPEUD
JXH
 6HOHFFLRQHSXQWRPXHUWRFDPELR
DXWRPWLFRSDODQFDVHOHFWRUDHQ
1
 $EDQGRQHODFDUUHWHUDORDQWHV
SRVLEOHVLQSRQHUHQSHOLJURD
RWURVYHKFXORV
 'HVFRQHFWHHOHQFHQGLGR

 3HOLJUR
&RQHOPRWRUDSDJDGRVHUQHFH
VDULDXQDIXHU]DFRQVLGHUDEOH
PHQWHPD\RUSDUDIUHQDU\JLUDUHO
YRODQWH'XUDQWHXQDSDUDGDDX



WRPWLFD$XWRVWRSODXQLGDGGH

VHUYRIUHQRVHPDQWHQGURSHUD
WLYD
1RVDTXHODOODYHKDVWDTXHHOYH
KFXORQRVHHQFXHQWUHGHWHQLGR
'HORFRQWUDULRHOEORTXHRGHOYR
ODQWHSRGUDDFFLRQDUVHSRUVRU
SUHVD
&RPSUXHEHHOQLYHOGHDFHLWHDQWHV
GHUHFXUULUDODD\XGDGHXQ&RQFH
VLRQDULR2ILFLDOR7DOOHUGH6HUYLFLR
$XWRUL]DGR&KHYUROHW 

1LYHOGHFRPEXVWLEOHEDMR
LVHHQFLHQGHHQDPDULOOR
6HHQFLHQGHFXDQGRHOQLYHOHQHOGH
SVLWRGHFRPEXVWLEOHHVGHPDVLDGR
EDMR
&DWDOL]DGRU
3XUJDGHOVLVWHPDGHFRPEXVWLEOH
GLVHO

,QPRYLOL]DGRU
GSDUSDGHDHQDPDULOOR



,QVWUXPHQWRV\PDQGRV

6LHOLQGLFDGRUFRQWLQDLOXPLQDGRR
SDUSDGHDFRQHOHQFHQGLGRDFWLYDGR
KD\XQIDOORHQHOVLVWHPD1RVH
SXHGHDUUDQFDUHOPRWRU

6HHQFLHQGHFXDQGRHVWFRQHFWDGR
HODQWLQLHEODWUDVHUR

/XFHVH[WHULRUHV

VHHQFLHQGHHQYHUGH
6HHQFLHQGHFXDQGRHOVHQVRUGHOOX
YLDDXWRPWLFRHVWDFWLYDGR

VHHQFLHQGHHQYHUGH
6HHQFLHQGHFXDQGRHVWQFRQHFWD
GDVODVOXFHVH[WHULRUHV

/X]DOWD
!VHHQFLHQGHHQD]XO
6HHQFLHQGHFXDQGRHVWQFRQHFWD
GDVODVOXFHVDOWDV\FXDQGRVHDFFLR
QDODJXLDGD

/XFHVDQWLQLHEOD
VHHQFLHQGHHQYHUGH
6HHQFLHQGHFXDQGRHVWQFRQHFWD
GRVORVIDURVDQWLQLHEOD

$QWLQLHEODWUDVHUR
PVHHQFLHQGHHQDPDULOOR

6HQVRUGHOOXYLD

&RQWUROGHYHORFLGDG
FUXFHUR
>VHHQFLHQGHHQEODQFRRYHUGH

6HHQFLHQGHHQEODQFR
(OVLVWHPDHVWHQFHQGLGR

6HHQFLHQGHHQYHUGH
6HKDPHPRUL]DGRXQDYHORFLGDGGH
WHUPLQDGD
&RQWUROGHYHORFLGDGFXUFHUR


&DSDELHUWR
VHHQFLHQGHHQDPDULOOR
6HHQFLHQGHFXDQGRHOFDSHVW
DELHUWR
6LVWHPDVWRSVWDUW

3XHUWDDELHUWD
KVHHQFLHQGHHQURMR
6HHQFLHQGHFXDQGRVHDEUHXQD
SXHUWDRHOSRUWQWUDVHUR

,QVWUXPHQWRV\PDQGRV

3DQWDOODVGH
LQIRUPDFLQ
&HQWURGHLQIRUPDFLQGHO
FRQGXFWRU

(OFHQWURGHLQIRUPDFLQGHOFRQGXF
WRU',&HVWVLWXDGRHQHOFXDGURGH
LQVWUXPHQWRV\HVWGLVSRQLEOHFRPR
SDQWDOODGHJDPDPHGLDRSDQWDOODGH
JDPDDOWD

(QODSDQWDOODGHJDPDPHGLDVH
SXHGHQVHOHFFLRQDUORVVLJXLHQWHV
PHQVSULQFLSDOHVSXOVDQGRHOERWQ
0(18
0HQGHLQIRUPDFLQGHOYHKFXOR
0HQGHLQIRUPDQFLQYLDMH
FRPEXVWLEOH

(QODSDQWDOODGHJDPDDOWDORVPH
QVSULQFLSDOHVSXHGHQVHOHFFLR
0(18/RV
QDUVHSXOVDQGRHOERWQ0
VPERORVGHORVPHQVVHPXHVWUDQ
HQODOQHDVXSHULRUGHODSDQWDOOD



;0
0HQGHLQIRUPDFLQGHO
YHKFXOR
:0
0HQGHLQIRUPDQFLQYLDMH
FRPEXVWLEOH

6HOHFFLQGHPHQV\IXQFLRQHV
/RVPHQV\ODVIXQFLRQHVVHSXHGHQ
VHOHFFLRQDUPHGLDQWHORVERWRQHVHQ
ODSDODQFDGHORVLQWHUPLWHQWHV

3XOVHHOERWQ0
0(18SDUDFDPELDU
HQWUHPHQVRSDUDYROYHUGHXQVXE
PHQDOVLJXLHQWHQLYHOVXSHULRUGHO
PHQ



,QVWUXPHQWRV\PDQGRV
3XOVHHOERWQ6
6(7&/5SDUDVHOHF
FLRQDUXQDIXQFLQRFRQILUPDUXQ
PHQVDMH
3HUVRQDOL]DFLQGHOYHKFXOR
2UGHQDGRUGHDERUGR

*LUHODUXHGDGHDMXVWHSDUDVHOHFFLR
QDUXQVXEPHQ3XOVHHOERWQ6
6(7
&/5SDUDFRQILUPDU

0HQGHLQIRUPDFLQGHO
YHKFXOR

*LUHODUXHGDGHDMXVWHSDUDUHVDOWDU
XQDRSFLQGHOPHQRSDUDHVWDEOH
FHUXQYDORUQXPULFR

3XOVHHOERWQ0
0(18SDUDVHOHFFLR
QDUHO0
0HQGHLQIRUPDFLQGHO
YHKFXORRVHOHFFLRQH;HQODSDQ
WDOODGHJDPDDOWD
*LUHODUXHGDGHDMXVWHSDUDVHOHFFLR
QDUXQVXEPHQ3XOVHHOERWQ6
6(7
&/5SDUDFRQILUPDU
6LJDODVLQVWUXFFLRQHVGDGDVHQHO
VXEPHQ
8QLGDGVHSXHGHQFDPELDUODVXQL
GDGHVPRVWUDGDVHQSDQWDOOD

0HQGHLQIRUPDQFLQYLDMH
FRPEXVWLEOH
3UHVLRQHHOERWQ0
0(18SDUDVHOHF
FLRQDU0
0HQGHLQIRUPDQFLQYLDMH
FRPEXVWLEOHR:HQODSDQWDOOD
FRPELGHDOWDJDPD

2GPHWURSDUFLDO
2GPHWURSDUFLDO
(QYHKFXORVFRQRUGHQDGRUGHD
ERUGRHQFRQWUDUPVVXEPHQV
0HQGHLQIRUPDFLQGHYLDMHFRP
EXVWLEOHRUGHQDGRUGHDERUGR


,QVWUXPHQWRV\PDQGRV



3DQWDOODGHLQIRUPDFLQ
JUILFDSDQWDOODGH
LQIRUPDFLQHQFRORU
'HSHQGLHQGRGHODFRQILJXUDFLQGHO
YHKFXORSXHGHWHQHUXQD
3DQWDOODGHLQIRUPDFLQJUILFD
R
3DQWDOODGHLQIRUPDFLQHQFRORU
FRQIXQFLQGHSDQWDOODWFWLO

3DQWDOODGHLQIRUPDFLQJUILFD
'HSHQGLHQGRGHOVLVWHPDGHLQIRHQ
WUHWHQLPLHQWRODSDQWDOODGHLQIRUPD
FLQJUILFDHVWGLVSRQLEOHHQWUHV
YHUVLRQHV
&'

&'

6LVWHPDGHDXGLR

6HDFFHGHDORVPHQV\ORVDMXVWHV
PHGLDQWHODSDQWDOOD
/DSDQWDOODGHLQIRUPDFLQJUILFDLQ
GLFDORVLJXLHQWH
KRUD
WHPSHUDWXUDH[WHULRU
IHFKD
DMXVWHVGHOFOLPDWL]DGRUDXWRPWLFR
HOHFWUQLFR
VLVWHPDGHLQIRHQWUHWHQLPLHQWR
YDVHODGHVFULSFLQGHOPDQXDOGHO
VLVWHPDGHLQIRHQWUHWHQLPLHQWR
DMXVWHVGHSHUVRQDOL]DFLQGHOYH
KFXOR



,QVWUXPHQWRV\PDQGRV

6HOHFFLQFRQORVVLVWHPDVGH
LQIRHQWUHWHQLPLHQWR&'&'

6HOHFFLQFRQHOVLVWHPDGH
LQIRHQWUHWHQLPLHQWR6LVWHPDGHDXGLR
3XOVHHOERWQ&
&21),*SDUDDFFHGHU
DOPHQGH&RQILJXUDFLQGHOVLV
WHPD
*LUHHOERWQ0
0(18781(SDUDVH
OHFFLRQDUXQDMXVWHRXQYDORU
0(18781(SDUD
3XOVHHOERWQ0
FRQILUPDUXQDMXVWHRXQYDORU
3XOVHHOERWQ%
%$&.SDUDVDOLUGHXQ
PHQ

3DQWDOODGHLQIRUPDFLQHQFRORU
SXOVHHOERWQ&
&21),*$SDUHFHOD
SJLQDGHOPHQ$
$MXVWHV
*LUHHOERWQ0
0(18SDUDVHOHFFLRQDU
XQDMXVWHRXQYDORU
3XOVHHOERWQ0
0(18SDUDFRQILUPDU
XQDMXVWHRXQYDORU
3XOVHHOERWQ%
%$&.SDUDVDOLUGHXQ
PHQ

(QIXQFLQGHOVLVWHPDGHLQIRHQWUH
WHQLPLHQWRODSDQWDOODGHLQIRUPDFLQ
HQFRORUHVWGLVSRQLEOHHQGRVYHU
VLRQHV0\/LQNFRQVXOWHHOJUILFRVL
JXLHQWH\1DYL

6HDFFHGHDORVPHQV\ORVDMXVWHV
PHGLDQWHODSDQWDOOD
/DSDQWDOODGHLQIRUPDFLQHQFRORU
LQGLFDORVLJXLHQWH
KRUD
WHPSHUDWXUDH[WHULRU
IHFKD
DMXVWHVGHOFOLPDWL]DGRUDXWRPWLFR
HOHFWUQLFR
VLVWHPDGHLQIRHQWUHWHQLPLHQWR
YDVHODGHVFULSFLQGHOPDQXDOGHO
VLVWHPDGHLQIRHQWUHWHQLPLHQWR
DMXVWHVGHSHUVRQDOL]DFLQGHOYH
KFXOR

,QVWUXPHQWRV\PDQGRV
6HOHFFLQFRQHOVLVWHPDGH
LQIRHQWUHWHQLPLHQWR0\/LQN
3XOVH$SDUHFHODSJLQDGHO
PHQFFRQILJXUDFLQ
3XOVHHOHOHPHQWRGHOPHQTXHGH
VHHVHOHFFLRQDUHQODSDQWDOOD\FRQ
ILUPH
3XOVHTSDUDVDOLUGHXQPHQ
6HOHFFLQFRQHOVLVWHPDGH
LQIRHQWUHWHQLPLHQWR1DYL
3XOVHHOERWQ&
&21),*SDUDDFFHGHU
DOPHQGH&RQILJXUDFLQGHOVLV
WHPD
*LUHHOERWQ0
0HQX6(/SDUDVHOHF
FLRQDUXQDMXVWHRXQYDORU
3XOVHHOERWQ0
0HQX6(/SDUDFRQ
ILUPDUXQDMXVWHRXQYDORU
3XOVHHOERWQ%
%$&.SDUDVDOLUGHXQ
PHQ
(OVLVWHPDGHLQIRHQWUHWHQLPLHQWR
SXHGHFRQWURODUVHWDPELQXVDQGR
ORVERWRQHVGHODSDQWDOODWFWLO

0HQVDMHVGHOYHKFXOR
/RVPHQVDMHVDSDUHFHQHQHOFHQWUR
GHLQIRUPDFLQGHOFRQGXFWRU',&
HQODSDQWDOODGHLQIRUPDFLQRVHLQ
GLFDQPHGLDQWHVHDOHV\DYLVRV
DFVWLFRV&RQILUPHORVPHQVDMHVGH
DGYHUWHQFLDFRQHOERWQPXOWLIXQ
FLQ
(OYHKFXORRHOPRWRUSXHGHVXIULU
JUDYHVGDRVVLFRQWLQDFRQGX
FLHQGRPLHQWUDVKD\HQFHQGLGRXQ
PHQVDMHGHOYHKFXORHQHO',&5H
FXUUDLQPHGLDWDPHQWHDXQVHUYLFLR
GHWDOOHU



0HQVDMHVGHOYHKFXORGHOD
SDQWDOODGHJDPDPHGLD

/RVPHQVDMHVGHOYHKFXORVHPXHV
WUDQFRPRFGLJRVQXPULFRV
1

0HQVDMHGHOYHKFXOR

1RVHGHWHFWDQLQJQPDQGRD
GLVWDQFLDSXOVHHOSHGDOGHO
HPEUDJXHSDUDUHLQLFLDU

&ROXPQDGHODGLUHFFLQ
EORTXHDGD



$YHUDGHOLQWHUPLWHQWHGHODQ
WHURL]TXLHUGR



,QVWUXPHQWRV\PDQGRV

0HQVDMHGHOYHKFXOR

0HQVDMHGHOYHKFXOR



$YHUDGHOLQWHUPLWHQWHWUDVHUR
L]TXLHUGR



&DPELHHODFHLWHGHOPRWRU
SURQWR



$YHUDGHOLQWHUPLWHQWHGHODQ
WHURGHUHFKR



3RWHQFLDGHOPRWRUUHGXFLGD



5HYLVLQXUJHQWHGHOYHKFXOR



$YHUDGHOLQWHUPLWHQWHWUDVHUR
GHUHFKR





6XVWLWX\DODSLODGHOPDQGRD
GLVWDQFLD

0DQGRDGLVWDQFLDQRGHWHF
WDGRFDPELHODSRVLFLQGHOD
OODYHHOHFWUQLFDRXVHODWRPD
VLWXDGDHQODFRQVRODFHQWUDO



/LPSLHHOVLVWHPDGHDOHUWDGH
SXQWRFLHJRODWHUDO





$JXDHQHOILOWURGHOFRPEXVWLEOH

0DQGRDGLVWDQFLDQRGHWHF
WDGRSLVHHOIUHQRSDUDYROYHUD
DUUDQFDU



,QWHQWRGHURER



&DPELHDODSRVLFLQGHHVWD
FLRQDPLHQWR



5HYLVLQGHOEORTXHRGHOD
FROXPQDGHODGLUHFFLQ



5HYLVLQGHODLUEDJ



5HYLVLQGHODLUHDFRQGLFLRQDGR

 )DOORGHODVLVWHQWHGHHVWDFLRQD
PLHQWROLPSLHHOSDUDJROSHV



5HYLVLQGHOVLVWHPDGHDOHUWD
GHSXQWRFLHJRODWHUDO

 $VLVWHQWHGHHVWDFLRQDPLHQWR



5HOOHQHHODFHLWHGHPRWRU




5HYLVLQGHODFDMDGHFDPELRV

0HQVDMHVGHOYHKFXORGHOD
SDQWDOODGHJDPDDOWD

/RVPHQVDMHVGHOYHKFXORVHPXHV
WUDQFRPRWH[WR6LJDODVLQVWUXFFLR
QHVTXHDSDUHFHQHQORVPHQVDMHV
(OVLVWHPDPXHVWUDPHQVDMHVUHODFLR
QDGRVFRQORVWHPDVVLJXLHQWHV
1LYHOHVGHOTXLGRV
6LVWHPDGHDODUPDDQWLUURER
)UHQRV
6LVWHPDVGHWUDFFLQ
6LVWHPDVGHFRQWUROGHODFRQGXF
FLQ
&RQWUROGHYHORFLGDGFUXFHUR

,QVWUXPHQWRV\PDQGRV
6LVWHPDVGHGHWHFFLQGHREMHWRV
,OXPLQDFLQVXVWLWXFLQGHOPSD
UDV
6LVWHPDOLPSLD\ODYDSDUDEULVDV
3XHUWDVYHQWDQLOODV
0DQGRDGLVWDQFLD
&LQWXURQHVGHVHJXULGDG
6LVWHPDVGHDLUEDJV
0RWRU\FDMDGHFDPELRV
3UHVLQGHORVQHXPWLFRV
)LOWURGHSDUWFXODVGLVHO
%DWHUD

$YLVRVDFVWLFRV
$ODUUDQFDUHOPRWRURGXUDQWHOD
PDUFKD
6LQRVHKDDEURFKDGRHOFLQWXUQ
GHVHJXULGDG
6LVHVREUHSDVDXQDGHWHUPLQDGD
YHORFLGDGFRQHOIUHQRGHHVWDFLR
QDPLHQWRDFFLRQDGR

6LDSDUHFHXQFGLJRGHDGYHUWHQ
FLDHQHOFHQWURGHLQIRUPDFLQGHO
FRQGXFWRU
6LHODVLVWHQWHGHHVWDFLRQDPLHQWR
GHWHFWDXQREMHWR



2UGHQDGRUGHDERUGR
/RVPHQV\ODVIXQFLRQHVVHSXHGHQ
VHOHFFLRQDUPHGLDQWHORVERWRQHVHQ
ODSDODQFDGHORVLQWHUPLWHQWHV

&XDQGRHOYHKFXORHVW
HVWDFLRQDGR\RVHDEUHXQD
SXHUWD
+DVWDTXHHOPRWRUDUUDQTXHFRQOD
OODYHHQODFHUUDGXUDGHOHQFHQGLGR
&RQODVOXFHVH[WHULRUHVHQFHQGL
GDV

'XUDQWHXQDSDUDGDDXWRPWLFD
$XWRVWRS
6LVHDEUHODSXHUWDGHOFRQGXFWRU
3XOVHHOERWQ0
0(18SDUDVHOHFFLR
QDUHO0
0HQGHLQIRUPDQFLQYLDMH
FRPEXVWLEOHRVHOHFFLRQH:HQOD
SDQWDOODGHJDPDDOWD



,QVWUXPHQWRV\PDQGRV
RIUHFLHQGRDVODSRVLELOLGDGGHYHULQ
IRUPDFLQGHYLDMHGLYHUVDSDUDGLIH
UHQWHVFRQGXFWRUHV
3DUDUHLQLFLDUPDQWHQJDSXOVDGRHO
ERWQ6
6(7&/5HQFDGDPRGRGX
UDQWHXQRVVHJXQGRV

*LUHODUXHGDGHDMXVWHSDUDVHOHFFLR
QDUXQRGHORVVXEPHQV
2GPHWURSDUFLDO
2GPHWURSDUFLDO
$OFDQFH
&RQVXPRPHGLR
&RQVXPRLQVWDQWQHR
9HORFLGDGPHGLD

2UGHQDGRUGHDERUGR\
/DLQIRUPDFLQGHORVGRVRUGHQDGR
UHVGHDERUGRVHSXHGHUHLQLFLDUSRU
VHSDUDGRSDUDHORGPHWURHOFRQ
VXPRPHGLR\ODYHORFLGDGPHGLD

3DUDUHLQLFLDUPDQWHQJDSXOVDGRHO
ERWQGHDMXVWHRHOERWQ6
6(7&/5
GXUDQWHXQRVVHJXQGRV

$OFDQFH
2GPHWURSDUFLDO
(ORGPHWURSDUFLDOPXHVWUD OD
GLVWDQFLDUHJLVWUDGDGHVGHXQUHV
WDEOHFLPLHQWRGHWHUPLQDGR
(ORGPHWURSDUFLDOFRQWDELOL]DKDVWD
NLOPHWURVGHGLVWDQFLD\OXHJR
VHSRQHD

(ODOFDQFHVHFDOFXODDSDUWLUGHOFRQ
WHQLGRDFWXDOGHOGHSVLWR\GHOFRQ
VXPRLQVWDQWQHR/DSDQWDOODPXHV
WUDYDORUHVSURPHGLR
'HVSXVGHFDUJDUFRPEXVWLEOHHO
DOFDQFHVH DFWXDOL]DDXWRPWLFD
PHQWHDOSRFR WLHPSR
6LHOQLYHOGHFRPEXVWLEOHHQHOGHS
VLWRHVEDMRDSDUHFHXQPHQVDMHHQ
HOFHQWURGHLQIRUPDFLQGHOFRQGXF
WRU

,QVWUXPHQWRV\PDQGRV
$GHPVVHHQFLHQGHHOWHVWLJRGH
FRQWUROLHQHOLQGLFDGRUGHFRP
EXVWLEOH

&RQVXPRPHGLR

9HORFLGDGPHGLD
,QGLFDFLQGHODYHORFLGDGPHGLD/D
PHGLFLQSXHGHUHLQLFLDUVHHQFXDO
TXLHUPRPHQWR
3DUDUHLQLFLDUPDQWHQJDSXOVDGRHO
ERWQ6
6(7&/5GXUDQWHXQRVVHJXQ
GRV



3HUVRQDOL]DFLQGHO
YHKFXOR

&RQVXPRLQVWDQWQHR

/RVSDUPHWURVGHOYHKFXORVHSXH
GHQSHUVRQDOL]DUFDPELDQGRORVDMXV
WHVHQHOFHQWURGHLQIRUPDFLQGHO
FRQGXFWRU\HQODSDQWDOODGHLQIRUPD
FLQ
'HSHQGLHQGRGHOHTXLSDPLHQWRGHO
YHKFXORHVSRVLEOHTXHDOJXQDVGH
ODVIXQFLRQHVGHVFULWDVDFRQWLQXD
FLQQRHVWQGLVSRQLEOHV

,QGLFDFLQGHOFRQVXPRLQVWDQWQHR
$YHORFLGDGHVEDMDVVHPXHVWUDHO
FRQVXPRSRUKRUD

$MXVWHVGHOFHQWURGH
LQIRUPDFLQGHOFRQGXFWRU

,QGLFDFLQGHOFRQVXPRPHGLR/D
PHGLFLQSXHGHUHLQLFLDUVHHQFXDO
TXLHUPRPHQWR
3DUDUHLQLFLDUPDQWHQJDSXOVDGRHO
ERWQ6
6(7&/5GXUDQWHXQRVVHJXQ
GRV

$WHQFLQ
(OFRQVXPRLQVWDQWQHR\PHGLR
GHFRPEXVWLEOHSXHGHQYDULDUVH
JQODVFRQGLFLRQHVGHFRQGXF
FLQHOHVWLORGHFRQGXFFLQROD
YHORFLGDGGHOYHKFXOR

/RVDMXVWHVGH8
8QLGDGVHSXHGHQVH
OHFFLRQDUPHGLDQWHORVERWRQHVHQOD
SDODQFDGHORVLQWHUPLWHQWHV



,QVWUXPHQWRV\PDQGRV

3XOVHHOERWQ0
0(18SDUDVHOHFFLR
QDUHO0
0HQGHLQIRUPDFLQGHO
YHKFXORRVHOHFFLRQH;HQODSDQ
WDOODGHJDPDDOWD

$SDUHFHHOPHQGHDMXVWHVGH
8QLGDG
6HSXHGHQFDPELDUODVXQLGDGHV
PRVWUDGDVHQSDQWDOOD
3XOVHHOERWQ6
6(7&/5\JLUHOD
UXHGDGHDMXVWHSDUDVHOHFFLRQDUXQD
GHODVXQLGDGHV
8QLGDG*UDQ%UHWDD
8QLGDG(VWDGRV8QLGRV
8QLGDG(XURSD
3XOVHHOERWQ6
6(7&/5SDUDFRQILU
PDU

$MXVWHVGHODSDQWDOODGH
LQIRUPDFLQ
&'&'

&XDQGRHVWFRQHFWDGRHODXGLR
SXOVHHOERWQ&
&21),*$SDUHFHHO
PHQ$
$MXVWHV

,QVWUXPHQWRV\PDQGRV
0HGLDQWHHOERWQ0
0(18VHSXHGHQ
VHOHFFLRQDUORVVLJXLHQWHVDMXVWHV
,GLRPDV/DQJXDJHV
+RUD\IHFKD
$MXVWHVGHODUDGLR
$MXVWHVGHOYHKFXOR
/RVVLJXLHQWHVDMXVWHVSXHGHQFDP
ELDUVHHQORVVXEPHQVFRUUHVSRQ
GLHQWHV

$MXVWHVGHOYHKFXOR

,GLRPDV/DQJXDJHV
6HOHFFLQGHOLGLRPDGHVHDGR
+RUD\IHFKD
9DVHODVHFFLQ5HORM\HOPD
QXDOGHOVLVWHPDGHLQIRHQWUHWHQL
PLHQWRSDUDPVLQIRUPDFLQ
$MXVWHVGHODUDGLR
9DVHHOPDQXDOGHOVLVWHPDGHLQ
IRHQWUHWHQLPLHQWRSDUDPVLQIRUPD
FLQ

7HPSHUDWXUD\FDOLGDGGHODLUH
9HORFLGDGYHQWLODGRUDXWRP0RGL
ILFDODYHORFLGDGGHOYHQWLODGRU
DOWDPHGLDEDMD
5HFLUFXODFLQDLUHDXWRPW0RGL
ILFDODVHQVLELOLGDGGHOVHQVRUGH
FDOLGDGGHODLUH$46EDMDDOWD
'HVHPSDDPLHQWRDXWRPWDFWL
YDGRGHVDFWLYDGRDFWLYDRGHVDF
WLYDHOGHVHPSDDGRDXWRPWLFR
'HVHPSDDPLHQWRWUDVDXWRDFWL
YDGRGHVDFWLYDGRDFWLYDRGHVDF
WLYDHOGHVHPSDDGRWUDVHURDXWR
PWLFR



$MXVWHVGHFRQIRUW
9ROXPHQGHDYLVRV&DPELDHOYR
OXPHQGHORVDYLVRVDFVWLFRV
/LPSLDSDUWUDVDXWRPDWUV$F
WLYDRGHVDFWLYDODFRQH[LQDXWR
PWLFDGHOOLPSLDOXQHWDFXDQGRVH
HQJUDQDODPDUFKDDWUV
'HWHFFLQFROLVLRQHVD\XGDHVWDF
$\XGDDOHVWDFLRQDPLHQWR$FWLYDR
GHVDFWLYDORVVHQVRUHVGHXOWUDVR
QLGRV
$YLVRQJXORPXHUWRODWHUDO$FWLYD
RGHVDFWLYDHOVLVWHPDGHDOHUWDGH
SXQWRFLHJRODWHUDO
,OXPLQDFLQDPELHQWHH[WHULRU
,OXPLQDFLQH[WHULRUDODEULU$FWLYD
RGHVDFWLYDODLOXPLQDFLQGHHQ
WUDGD
'XUDFLQDOVDOLUGHOYHKFXOR$F
WLYDRGHVDFWLYD\FDPELDODGXUD
FLQGHODLOXPLQDFLQDOVDOLU
&LHUUHFHQWUDOL]DGR
&LHUUHDXWRPWLFRGHSXHUWDV$F
WLYDRGHVDFWLYDODIXQFLQGHEOR
TXHRDXWRPWLFRGHSXHUWDV



,QVWUXPHQWRV\PDQGRV

$SHUWXUDDXWRPWLFDSXHUWDV&DP
ELDODFRQILJXUDFLQSDUDGHVEOR
TXHDUVORODSXHUWDGHOFRQGXFWRU
RWRGDVODVSXHUWDVDODFFLRQDUHO
GHVEORTXHR
$SHUWXUDFLHUUHDUUDQTXHUHPRWR
5HVSXHVWDFLHUUHDGLVWDQFLD$F
WLYDRGHVDFWLYDODFRQILUPDFLQGH
ODVOXFHVGHHPHUJHQFLDDODFFLR
QDUHOEORTXHR
3XHUWDFRQGWRGDVSXOVDUYH]
&DPELDODFRQILJXUDFLQSDUDGHV
EORTXHDUVORODSXHUWDGHOFRQGXF
WRURWRGRHOYHKFXORDODFFLRQDUHO
GHVEORTXHR

$MXVWHVGHODSDQWDOODGH
LQIRUPDFLQ
6LVWHPDGHDXGLR

,GLRPDV/DQJXDJHV
6HOHFFLQGHOLGLRPDGHVHDGR
&RQILJXUDFLQGHKRUD\IHFKD
9DVHHOPDQXDOGHOVLVWHPDGHLQ
IRHQWUHWHQLPLHQWRSDUDPVLQIRUPD
FLQ
$MXVWHVGHODUDGLR
9DVHHOPDQXDOGHOVLVWHPDGHLQ
IRHQWUHWHQLPLHQWRSDUDPVLQIRUPD
FLQ
3XOVHHOERWQ&
&21),*SDUDDFFHGHU
DOPHQGH&RQILJXUDFLQGHOVLV
WHPD
*LUHHOPDQGR0
0(18781(SDUDDF
FHGHUDOPHQGHVHDGR\OXHJRSXOVH
HOERWQ0
0(18781(
,GLRPDV/DQJXDJHV
&RQILJXUDFLQGHKRUD\IHFKD
$MXVWHVGHODUDGLR
&RQILJXUDFLQ%OXHWRRWK
$MXVWHVGHOYHKFXOR
/RVVLJXLHQWHVDMXVWHVSXHGHQFDP
ELDUVHHQORVVXEPHQVFRUUHVSRQ
GLHQWHV

&RQILJXUDFLQ%OXHWRRWK
9DVHHOPDQXDOGHOVLVWHPDGHLQ
IRHQWUHWHQLPLHQWRSDUDPVLQIRUPD
FLQ
$MXVWHVGHOYHKFXOR
7HPSHUDWXUD\FDOLGDGGHODLUH
9HORFLGDGYHQWLODGRUDXWRP0RGL
ILFDODYHORFLGDGGHOYHQWLODGRU
DOWDPHGLDEDMD
5HFLUFXODFLQDLUHDXWRPW0RGL
ILFDODVHQVLELOLGDGGHOVHQVRUGH
FDOLGDGGHODLUH$46EDMDDOWD
'HVHPSDDPLHQWRDXWRPW$FWL
YDGRGHVDFWLYDGRDFWLYDRGHVDF
WLYDHOGHVHPSDDGRDXWRPWLFR

,QVWUXPHQWRV\PDQGRV
'HVHPSDDGRDXWRPWLFR
$FWLYDGRGHVDFWLYDGRDFWLYDR
GHVDFWLYDHOGHVHPSDDGRWUDVHUR
DXWRPWLFR
&RQIRUW\FRPRGLGDG
9ROXPHQGHDYLVRV&DPELDHOYR
OXPHQGHORVDYLVRVDFVWLFRV
/LPSLDOXQHWDDXWRPWLFRFRQ
PDUFKDDWUV
$FWLYDRGHVDFWLYDODFRQH[LQDX
WRPWLFDGHOOLPSLDOXQHWDFXDQGR
VHHQJUDQDODPDUFKDDWUV
6LVWHPDVGHGHWHFFLQGH
FROLVLRQHV
$\XGDDOHVWDFLRQDPLHQWR$FWLYDR
GHVDFWLYDORVVHQVRUHVGHXOWUDVR
QLGRV
$YLVRQJXORPXHUWRODWHUDO$FWLYD
RGHVDFWLYDHOVLVWHPDGHDOHUWDGH
SXQWRFLHJRODWHUDO
,OXPLQDFLQ
/XFHVGHORFDOL]DFLQGHOYHKFXOR
$FWLYDRGHVDFWLYDODLOXPLQDFLQGH
HQWUDGD
,OXPLQDFLQGHVDOLGD

$FWLYDRGHVDFWLYD\FDPELDODGX
UDFLQGHODLOXPLQDFLQDOVDOLU
&LHUUHFHQWUDOL]DGR
$SHUWXUDDXWRPWLFDSXHUWDV$F
WLYDRGHVDFWLYDODIXQFLQGHEOR
TXHRDXWRPWLFRGHSXHUWDVGHV
SXVGHGHVFRQHFWDUHOHQFHQGLGR
3UHYHQLUEORTXHRFRQODSXHUWD
DELHUWD$FWLYDRGHVDFWLYDODIXQ
FLQGHEORTXHRDXWRPWLFRGH
SXHUWDVPLHQWUDVKD\XQDSXHUWD
DELHUWD
%ORTXHRGHVEORTXHR\DUUDQTXHD
GLVWDQFLD
&RQILUPDFLQOXPLQRVDGHO
GHVEORTXHRDGLVWDQFLD
$FWLYDRGHVDFWLYDODFRQILUPDFLQ
GHODVOXFHVGHHPHUJHQFLDDOGHV
EORTXHDU
5HVSXHVWDFLHUUHDGLVWDQFLD$F
WLYDRGHVDFWLYDODFRQILUPDFLQGH
ODVOXFHVGHHPHUJHQFLDDODFFLR
QDUHOEORTXHR
'HVEORTXHRGHSXHUWDVD
GLVWDQFLD&DPELDODFRQILJXUDFLQ
SDUDGHVEORTXHDUVORODSXHUWDGHO



FRQGXFWRURWRGRHOYHKFXORDOGHV
EORTXHDU
5HVWDEOHFHUDMXVWHVGHIEULFD
5HVWDEOHFHWRGRVORVDMXVWHVDORV
YDORUHVSUHGHWHUPLQDGRV

$MXVWHVGHODSDQWDOODGH
LQIRUPDFLQ
0\/LQN

&XDQGRHVWFRQHFWDGRHODXGLR
SXOVHHOERWQHQHOSDQHOGHPDQ
GRV
3XOVHD
DMXVWHV



,QVWUXPHQWRV\PDQGRV

6HSXHGHQVHOHFFLRQDUORVVLJXLHQWHV
PHQV
DMXVWHVGHKRUD\IHFKD
DMXVWHVGHODUDGLR
DMXVWHVGHFRQH[LQ
DMXVWHVGHOYHKFXOR
LGLRPD
/RVVLJXLHQWHVDMXVWHVSXHGHQFDP
ELDUVHHQORVVXEPHQVFRUUHVSRQ
GLHQWHV
DMXVWHVGHKRUD\IHFKD
9DVHHOPDQXDOGHOVLVWHPDGHLQ
IRHQWUHWHQLPLHQWRSDUDPVLQIRUPD
FLQ
DMXVWHVGHODUDGLR
9DVHHOPDQXDOGHOVLVWHPDGHLQ
IRHQWUHWHQLPLHQWRSDUDPVLQIRUPD
FLQ
DMXVWHVGHFRQH[LQ
9DVHHOPDQXDOGHOVLVWHPDGHLQ
IRHQWUHWHQLPLHQWRSDUDPVLQIRUPD
FLQ

DMXVWHVGHOYHKFXOR
FOLPD\FDOLGDGGHODLUH
YHORFLGDGDXWRPWLFDGHO
YHQWLODGRU0RGLILFDODYHORFLGDGGHO
YHQWLODGRUDOWDPHGLDEDMD
VHQVRUGHFDOLGDGGHODLUH0RGLILFD
ODVHQVLELOLGDGGHOVHQVRUGHFDOL
GDGGHODLUH$46EDMDDOWD
PRGRGHODLUHDFRQGLFLRQDGRDFWL
YDGRGHVDFWLYDGROWLPRDMXVWH
GHVHPSDDGRDXWRPWLFRDFWL
YDGRGHVDFWLYDGR
GHVHPSDDGRDXWRPWLFRGHOD
OXQHWDWUDVHUDDFWLYDGRGHVDFWL
YDGR
FRQIRUW\FRPRGLGDG
YROXPHQGHORVDYLVRVDFVWLFRV
&DPELDHOYROXPHQGHORVDYLVRV
DFVWLFRV
OLPSLDOXQHWDDXWRPWLFRFRQ
PDUFKDDWUV$FWLYDRGHVDFWLYDOD
FRQH[LQDXWRPWLFDGHOOLPSLDOX
QHWDFXDQGRVHHQJUDQDODPDUFKD
DWUV

GHWHFFLQGHFROLVLRQHV
DVLVWHQWHGHDSDUFDPLHQWR$FWLYD
RGHVDFWLYDORVVHQVRUHVGHXOWUD
VRQLGRV
DOHUWDGH]RQDFLHJDODWHUDO$FWLYD
RGHVDFWLYDHOVLVWHPDGHDOHUWDGH
SXQWRFLHJRODWHUDO
LOXPLQDFLQ
LOXPLQDFLQGHVDOLGD'HVDFWL
YDGDVVV
OXFHVGHORFDOL]DFLQGHOYHKFXOR
6HOHFFLRQHDFWLYDFLQRGHVDFWLYD
FLQ
FHUUDGXUDVGHSXHUWDVHOFWULFDV
SUHYHQLUEORTXHRFRQODSXHUWD
DELHUWD6HOHFFLRQHDFWLYDFLQRGH
VDFWLYDFLQ
EORTXHRGHSXHUWDVUHWDUGDGR6H
OHFFLRQHDFWLYDFLQRGHVDFWLYD
FLQ
DMXVWHVGHEORTXHRGHVEORTXHR
GHVEORTXHRGHHQWUDGDSDVLYD6H
OHFFLRQHWRGDVODVSXHUWDVSXHUWD
GHOFRQGXFWRU
FRQILUPDFLQOXPLQRVDGHO
GHVEORTXHRDGLVWDQFLD6HOHFFLRQH

,QVWUXPHQWRV\PDQGRV
OXFHVGHHPHUJHQFLDOXFHVDSD
JDGDV
FRQILUPDFLQOXPLQRVD\DFVWLFD
GHOGHVEORTXHRDGLVWDQFLD6HOHF
FLRQHVOROXFHVOXFHV\ERFLQD
VORERFLQDGHVDFWLYDGR
GHVEORTXHRGHSXHUWDVDGLVWDQFLD
6HOHFFLRQHWRGDVODVSXHUWDV
SXHUWDGHOFRQGXFWRU
UHFRUGDWRULRGHPDQGRDGLVWDQFLD
HQYHKFXOR6HOHFFLRQHDFWLYDFLQ
RGHVDFWLYDFLQ
RSFLQGHFPDUDWUDVHUD(VWH
PHQVORDSDUHFHVLKD\XQDF
PDUDUHWURYLVRUD59&LQVWDODGD
HQVXYHKFXOR
VPERORV6HOHFFLRQHDFWLYDFLQR
GHVDFWLYDFLQ
JXDV6HOHFFLRQHDFWLYDFLQRGH
VDFWLYDFLQ
DMXVWHVGHIEULFDGHOYHKFXOR
5HVWDEOHFHGHQXHYRORVYDORUHVGH
ORVDMXVWHVGHIEULFD
LGLRPD
6HOHFFLQGHOLGLRPDGHVHDGR

$MXVWHVGHODSDQWDOODGH
LQIRUPDFLQ
1DYL
3XOVHHOERWQ&RQILJSDQWDOODGHOD
SJLQDGHLQLFLRRHOERWQ&
&21),*
GHODSODFDIURQWDOSDUDHQWUDUHQHO
PHQ&RQILJXUDFLQ
3XOVHODEDUUDGHGHVSOD]DPLHQWR
KDVWDTXHVHPXHVWUHODRSFLQGH
VHDGD6HOHFFLRQHODFRQILJXUDFLQ
TXHGHVHDFDPELDU
,GLRPDV
+RUD\IHFKD
$MXVWHVGHODUDGLR
$MXVWHVGHOWHOIRQR
$MXVWHVGHQDYHJDFLQ
$MXVWHVGHOYHKFXOR
$MXVWHVGHSDQWDOOD
/RVVLJXLHQWHVDMXVWHVSXHGHQFDP
ELDUVHHQORVVXEPHQVFRUUHVSRQ
GLHQWHV
,GLRPDV/DQJXDJHV
6HOHFFLQGHOLGLRPDGHVHDGR



+RUD\IHFKD
9DVHHOPDQXDOGHOVLVWHPDGHLQ
IRHQWUHWHQLPLHQWRSDUDPVLQIRUPD
FLQ
$MXVWHVGHODUDGLR
9DVHHOPDQXDOGHOVLVWHPDGHLQ
IRHQWUHWHQLPLHQWRSDUDPVLQIRUPD
FLQ
$MXVWHVGHOWHOIRQR
9DVHHOPDQXDOGHOVLVWHPDGHLQ
IRHQWUHWHQLPLHQWRSDUDPVLQIRUPD
FLQ
$MXVWHVGHQDYHJDFLQ
9DVHHOPDQXDOGHOVLVWHPDGHLQ
IRHQWUHWHQLPLHQWRSDUDPVLQIRUPD
FLQ
$MXVWHVGHOYHKFXOR
&OLPD\FDOLGDGGHODLUH
9HORFLGDGDXWRPWLFDGHO
YHQWLODGRU0RGLILFDODYHORFLGDGGHO
YHQWLODGRUDOWDPHGLDEDMD
6HQVRUGHFDOLGDGGHODLUH0RGLILFD
ODVHQVLELOLGDGGHOVHQVRUGHFDOL
GDGGHODLUH$46EDMDDOWD



,QVWUXPHQWRV\PDQGRV

0RGRGHODLUHDFRQGLFLRQDGRGHV
DFWLYDGRDFWLYDGROWLPRDMXVWH
'HVHPSDDGRDXWRPWLFRDFWL
YDGRGHVDFWLYDGRDFWLYDRGHVDF
WLYDHOGHVHPSDDGRDXWRPWLFR
'HVHPSDDGRWUDVHURDXWRPWLFR
DFWLYDGRGHVDFWLYDGRDFWLYDR
GHVDFWLYDHOGHVHPSDDGRWUDVHUR
DXWRPWLFR
&RQIRUW\FRPRGLGDG
9ROXPHQGHORVDYLVRVDFVWLFRV
&DPELDHOYROXPHQGHORVDYLVRV
DFVWLFRV
/LPSLDOXQHWDGHPDUFKDDWUV
DXWRPWLFR
$FWLYDRGHVDFWLYDODFRQH[LQDX
WRPWLFDGHOOLPSLDOXQHWDFXDQGR
VHHQJUDQDODPDUFKDDWUV
6LVWHPDVGHGHWHFFLQGH
FROLVLRQHV
$VLVWHQWHGHHVWDFLRQDPLHQWR
$FWLYD RGHVDFWLYDORVVHQVRUHV
GHXOWUDVRQLGRV
$OHUWDGH]RQDFLHJDODWHUDO$FWLYD
RGHVDFWLYDHOVLVWHPDGHDOHUWDGH
SXQWRFLHJRODWHUDO

,OXPLQDFLQ
/XFHVGHORFDOL]DFLQGHOYHKFXOR
$FWLYDRGHVDFWLYDODLOXPLQDFLQGH
HQWUDGD
,OXPLQDFLQGHVDOLGD$FWLYDRGHV
DFWLYD\FDPELDODGXUDFLQGHOD
LOXPLQDFLQDOVDOLU
%ORTXHRGHSXHUWDVHOFWULFR
%ORTXHRGHSXHUWDVDXWRPWLFR
$FWLYDRGHVDFWLYDODIXQFLQGHEOR
TXHRDXWRPWLFRGHSXHUWDV
'HVEORTXHRGHSXHUWDV
DXWRPWLFR$FWLYDRGHVDFWLYDOD
IXQFLQGHEORTXHRDXWRPWLFRGH
SXHUWDVGHVSXVGHGHVFRQHFWDUHO
HQFHQGLGR
%ORTXHRGHSXHUWDVUHWDUGDGR$F
WLYDRGHVDFWLYDODIXQFLQGHEOR
TXHRDXWRPWLFRGHSXHUWDVFRQUH
WDUGR
3UHYHQLUEORTXHRFRQODSXHUWD
DELHUWD$FWLYDRGHVDFWLYDODIXQ
FLQGHEORTXHRDXWRPWLFRGH
SXHUWDVPLHQWUDVKD\XQDSXHUWD
DELHUWD
%ORTXHRGHVEORTXHRDUUDQTXHD
GLVWDQFLD

&RQILUPDFLQGHOEORTXHRD
GLVWDQFLD$FWLYDRGHVDFWLYDODFRQ
ILUPDFLQGHODVOXFHVGHHPHUJHQ
FLDDODFFLRQDUHOEORTXHR
&RQILUPDFLQGHOGHVEORTXHRD
GLVWDQFLD$FWLYDRGHVDFWLYDODFRQ
ILUPDFLQGHODVOXFHVGHHPHUJHQ
FLDDOGHVEORTXHDU
'HVEORTXHRGHSXHUWDVD
GLVWDQFLD&DPELDODFRQILJXUDFLQ
SDUDGHVEORTXHDUVORODSXHUWDGHO
FRQGXFWRURWRGRHOYHKFXORDOGHV
EORTXHDU
5HFRUGDWRULRGHPDQGRDGLVWDQFLD
HQYHKFXOR$FWLYDRGHVDFWLYDXQ
UHFRUGDWRULRVLVHGHMDODOODYHHOHF
WUQLFDHQHOYHKFXOR
5HVWDEOHFHUDMXVWHVGHIEULFD"
5HVWDEOHFHWRGRVORVDMXVWHVSUH
GHWHUPLQDGRVGHIEULFD
$MXVWHVGHSDQWDOOD
3XOVHHOERWQ&RQILJSDQWDOODGHOD
SJLQDGHLQLFLRRHOERWQ&
&21),*
GHODSODFDIURQWDOSDUDHQWUDUHQHO
PHQ$MXVWHVGHSDQWDOOD

,QVWUXPHQWRV\PDQGRV
0HQGHODSJLQDGHLQLFLR
9DVHHOPDQXDOGHOVLVWHPDGHLQ
IRHQWUHWHQLPLHQWRSDUDPVLQIRU
PDFLQ
2SFLRQHVGHFPDUDWUDVHUD
3XOVHSDUDDMXVWDUODVRSFLRQHVGH
ODFPDUDWUDVHUD
$SDJDUSDQWDOOD
9DVHHOPDQXDOGHOVLVWHPDGHLQ
IRHQWUHWHQLPLHQWRSDUDPVLQIRU
PDFLQ
&RQILJXUDFLQGHPDSD
9DVHHOPDQXDOGHOVLVWHPDGHLQ
IRHQWUHWHQLPLHQWRSDUDPVLQIRU
PDFLQ
3DQWDOODGHPDSD
9DVHHOPDQXDOGHOVLVWHPDGHLQ
IRHQWUHWHQLPLHQWRSDUDPVLQIRU
PDFLQ





,OXPLQDFLQ

,OXPLQDFLQ

,OXPLQDFLQH[WHULRU

&RQPXWDGRUGHODVOXFHVFRQ
FRQWURODXWRPWLFRGHODVOXFHV

&RQPXWDGRUGHODVOXFHV
,OXPLQDFLQH[WHULRU  
,OXPLQDFLQLQWHULRU  
&DUDFWHUVWLFDVGHOD
LOXPLQDFLQ 

*LUHHOFRQPXWDGRUGHODVOXFHV
/XFHVDSDJDGDV

/XFHVGHSRVLFLQ

/XFHVEDMDV

7HVWLJRGHFRQWURO

*LUHHOFRQPXWDGRUGHODVOXFHV
$872
&RQWURODXWRPWLFRGHODV
OXFHVGHSHQGLHQGRGHODV
FRQGLFLRQHVGHOX]H[WH
ULRU
P
$FWLYDFLQRGHVDFWLYDFLQ
GHOFRQWURODXWRPWLFRGH
OXFHV(OFRQPXWDGRU
YXHOYHD$
$872
/XFHVGHSRVLFLQ

/XFHVEDMDV


,OXPLQDFLQ
$OFRQHFWDUHOHQFHQGLGRVLHPSUHVH
DFWLYDHOFRQWURODXWRPWLFRGHODVOX
FHV
&XDQGRODVOXFHVHVWQHQFHQGLGDV
VHLOXPLQD,QGLFDGRUGHFRQWURO


&RQWURODXWRPWLFRGHODV
OXFHV

WUDVHUDVDXWRPWLFDPHQWH(VWDIXQ
FLQFRQOOHYDXQEUHYHUHWDUGRGHSHQ
GLHQGRGHODVFRQGLFLRQHVOXPLQRVDV
6LORVOLPSLDSDUDEULVDVIXQFLRQDQ
FRQWLQXDPHQWHGXUDQWHFLFORV\HO
H[WHULRUHVWRVFXURODVOXFHVH[WH
ULRUHVVHHQFHQGHUQDXWRPWLFD
PHQWH

/X]DOWD



 3HOLJUR
&DPELHVLHPSUHODOX]DOWDDOD
OX]EDMDFXDQGRVH DSUR[LPHQ
YHKFXORVGHIUHQWHR FXDQGR
WHQJDYHKFXORVGHODQWH /DOX]
DOWDSXHGHFHJDU WHPSRUDOPHQWH
DRWURVFRQGXFWRUHVORTXH
SRGUDSURYRFDUXQD FROLVLQ

*XLDGDV
3DUDDFFLRQDUODVJXLDGDVWLUHGH
OD SDODQFD

)DURVHQYLDMHVDO
H[WUDQMHUR

)XQFLQDXWRPWLFDGHODVOXFHV
&XDQGRVHDFWLYDODIXQFLQDXWRP
WLFDGHODVOXFHV$
$872HOVLVWHPD
HQFLHQGHODVOXFHVEDMDV\ODVOXFHV

3DUDFDPELDUGHOX]EDMDDOX]DOWD
FDUUHWHUDSXOVHODSDODQFD
3DUDFDPELDUDOX]EDMDYXHOYDD
SXOVDURWLUDUGHODSDODQFD

/DOX]EDMDDVLPWULFDDXPHQWDHO
FDPSRGHYLVLQGHODFDUUHWHUDHQHO
ODGRGHODFRPSDDQWH
6LQHPEDUJRDOFLUFXODUHQSDVHV
GRQGHVHFRQGXFHSRUHOODGR
RSXHVWRGHODFDUUHWHUDGHEHDMXVWDU
ORVIDURVSDUDHYLWDUHOHQFDQGLOD
PLHQWRGHORVYHKFXORVTXHYLHQHQ
GHIUHQWH



,OXPLQDFLQ

+DJDUHJXODUORVIDURVHQXQ
&RQFHVLRQDULR2ILFLDOR7DOOHUGH
6HUYLFLR$XWRUL]DGR&KHYUROHW

6HDOL]DFLQGHJLURV\
FDPELRVGHFDUULO

/XFHVGHHPHUJHQFLD

3DUDHPLWLUWUHVLQWHUPLWHQFLDVSHM
SDUDXQFDPELRGHFDUULOSXOVHODSD
ODQFDKDVWDSHUFLELUFLHUWDUHVLVWHQFLD
\VXOWHOD
3DUDXQDLQGLFDFLQPVSURORQJDGD
PDQWHQJDODSDODQFDSXOVDGD
'HVFRQHFWHORVLQWHUPLWHQWHVPD
QXDOPHQWHPRYLHQGRODSDODQFD
KDVWDVXSRVLFLQRULJLQDO

)DURVDQWLQLHEOD

6HDFFLRQDQFRQHOERWQe
&XDQGRVHDFWLYDQODVOXFHVGHHPHU
JHQFLDWDPELQSDUSDGHDODVXSHUIL
FLHURMDGHOERWQ
/DVOXFHVGHHPHUJHQFLDVHFRQHFWDQ
DXWRPWLFDPHQWHVLVHDFWLYDQORVDLU
EDJV

3DODQFD
KDFLD
DUULED
3DODQFD
KDFLD
DEDMR

,QWHUPLWHQWHGHUHFKR
,QWHUPLWHQWHL]TXLHUGR

6LODSDODQFDVHPXHYHPVDOOGHO
SXQWRGHUHVLVWHQFLDHOLQWHUPLWHQWH
VHFRQHFWDSHUPDQHQWHPHQWH
&XDQGRHOYRODQWHYXHOYHDJLUDUVH
GHVDFWLYDHOLQWHUPLWHQWHDXWRPWLFD
PHQWH

6HDFFLRQDQFRQHOERWQ

,OXPLQDFLQ

$QWLQLHEODWUDVHUR



/XFHVGHPDUFKDDWUV

,OXPLQD
DFLQLQWHULRU

/DOX]GHPDUFKDDWUVVHHQFLHQGH
DXWRPWLFDPHQWHFXDQGRHVWFR
QHFWDGRHOHQFHQGLGR\VHHQJUDQDOD
PDUFKDDWUV

&RQWUROGHOD
DLOXPLQDFLQ
GHOWDEOHUR
RGHLQVWUXPHQWRV

)DURVHPSDDGRV
(OLQWHULRUGHODVOXFHVSXHGHHPSD
DUVHFRQWLHPSRIUR\KPHGROOXYLD
LQWHQVDRGHVSXVGHODYDUHOYH
KFXOR(OHPSDDPLHQWRGHVDSDUHFH
USLGDPHQWHSDUDIDFLOLWDUHOSURFHVR
HQFLHQGDORVIDURV
6HDFFLRQDQFRQHOERWQP
&RQPXWDGRUGHODVOXFHVHQSRVLFLQ
$XWRDOFRQHFWDUHODQWLQLHEODWUDVHUR
VHHQFHQGHUQDXWRPWLFDPHQWHORV
IDURV
&RQPXWDGRUGHODVOXFHVHQ
SRVLFLQHODQWLQLHEODWUDVHURVOR
VHSXHGHFRQHFWDUMXQWRFRQORVIDURV
DQWLQLHEOD

6HSXHGHDMXVWDUHOEULOORGHODVVL
JXLHQWHVOXFHVFXDQGRODVOXFHVH[
WHULRUHVHVWQHQFHQGLGDV
,OXPLQDFLQGHOWDEOHURGHLQVWUX
PHQWRV
0DQGRVHQHOYRODQWH
3DQWDOODGHLQIRUPDFLQ
(OHPHQWRVGHPDQGRGHOFOLPDWL]D
GRU
,QWHUUXSWRUHVLOXPLQDGRV



,OXPLQDFLQ

*LUHHOPDQGRI\PDQWQJDORKDVWD
REWHQHUHOEULOORGHVHDGR

/XFHVLQWHULRUHV

$FFLRQHHOLQWHUUXSWRUEDVFXODQWH
Z
FRQH[LQ\GHVFRQH[LQ
DXWRPWLFD
SXOVHX
VLHPSUHHQFHQGLGDV
SXOVHY
VLHPSUHDSDJDGDV

/X]GHFRUWHVD

/XFHVGHOHFWXUD

 3HOLJUR
(YLWHXVDUODVOXFHVLQWHULRUHV
PLHQWUDVFRQGXFHHQODRVFXULGDG
8QKDELWFXORLOXPLQDGRUHGXFHOD
YLVLELOLGDGHQODRVFXULGDG\SRGUD
GDUOXJDUDXQDFROLVLQ

/XFHVHQORVSDUDVROHV
6HHQFLHQGHQDODEULUODWDSD

$OHQWUDU\VDOLUGHOYHKFXORVHHQ
FLHQGHQDXWRPWLFDPHQWHODVOXFHV
GHFRUWHVDOXHJRVHDSDJDQFRQXQ
OHYHUHWDUGR6HHQFLHQGHEUHYH
PHQWHDXQTXHODOODYHVHVDTXHGHOD
FHUUDGXUDGHOHQFHQGLGR

6HDFFLRQDFRQORVERWRQHVV\W

,OXPLQDFLQ

&DUDFWHUVWLFDVGHOD
LOXPLQDFLQ
,OXPLQDFLQGHHQWUDGD
,OXPLQDFLQGHELHQYHQLGD
/RVIDURVODVOXFHVODWHUDOHVODVOX
FHVWUDVHUDV\ODLOXPLQDFLQLQWHULRU
VHHQFLHQGHQEUHYHPHQWHDOGHVEOR
TXHDUHOYHKFXORFRQHOPDQGRDGLV
WDQFLD(VWDIXQFLQIDFLOLWDODORFDOL
]DFLQGHOYHKFXORHQOXJDUHVRVFX
URV
/DVOXFHVVHDSDJDQLQPHGLDWDPHQWH
FXDQGRODOODYHGHOHQFHQGLGRVHJLUD
DODSRVLFLQGHDFFHVRULRV
/DDFWLYDFLQRGHVDFWLYDFLQGHHVWD
IXQFLQVHSXHGHFDPELDUHQHOPHQ
$MXVWHVGHODSDQWDOODGHLQIRUPDFLQ
3HUVRQDOL]DFLQGHOYHKFXOR
/RVDMXVWHVVHSXHGHQPHPRUL]DU
PHGLDQWHODOODYHXWLOL]DGD



,OXPLQDFLQGHHQWUDGD
6HFRQHFWDUQDGLFLRQDOPHQWHODVVL
JXLHQWHVOXFHVDODEULUODSXHUWDGHO
FRQGXFWRU
6HLOXPLQDQDOJXQRVLQWHUUXSWRUHV
$OJXQDVOXFHVLQWHULRUHV

,OXPLQDFLQGHVDOLGD
/RVIDURVODVOXFHVODWHUDOHV\ODVOX
FHVWUDVHUDVLOXPLQDQHOFDPLQRGX
UDQWHXQSHULRGRGHWLHPSRDMXVWDEOH
GHVSXVGHVDOLUGHOYHKFXOR
1RWD
/DLOXPLQDFLQGHHQWUDGD\ODLOXPL
QDFLQGHVDOLGDVHSXHGHQHQFHQ
GHURDSDJDUDXWRPWLFDPHQWHGH
SHQGLHQGRGHODVFRQGLFLRQHVGHRV
FXULGDGHQHOH[WHULRU

&RQH[LQ
(OSURFHVRVLJXLHQWHVORHVDSOLFDEOH
DORVYHKFXORVVLQIXQFLQDXWRP
WLFDGHODVOXFHV(OFRQPXWDGRUGH
ODVOXFHVGHEHHVWDUHQODSRVLFLQ
2))GHVDFWLYDGR6LVHFLHUUDOD
SXHUWDGHOFRQGXFWRUODVOXFHVVH
DSDJDUQDXWRPWLFDPHQWHGHVSXV
GHOWLHPSRHVWDEOHFLGR
 'HVFRQHFWHHOHQFHQGLGR
 6DTXHODOODYHGHOHQFHQGLGR
 $EUDODSXHUWDGHOFRQGXFWRU



,OXPLQDFLQ

 7LUHGHODSDODQFDGHORVLQWHUPL
WHQWHV
 &LHUUHODSXHUWDGHOFRQGXFWRU
6LQRVHFLHUUDODSXHUWDGHOFRQGXF
WRUODVOXFHVVHDSDJDUQGHVSXVGH
GRVPLQXWRV
/DVOXFHVVHDSDJDQLQPHGLDWDPHQWH
VLWLUDGHODSDODQFDGHORVLQWHUPLWHQ
WHVFRQODSXHUWDGHOFRQGXFWRU
DELHUWD
6LHOFRQPXWDGRUGHODVOXFHVHVWHQ
ODSRVLFLQ$872\VHVDFDODOODYH
GHVSXVGHGHVFRQHFWDUHOHQFHQ
GLGRODVOXFHVH[WHULRUHVGHOYHKFXOR
FRQIXQFLQDXWRPWLFDGHODVOXFHV
VHHQFHQGHUQDXWRPWLFDPHQWHGH
SHQGLHQGRGHOQLYHOGHRVFXULGDG
/DDFWLYDFLQGHVDFWLYDFLQ\GXUD
FLQGHHVWDIXQFLQGHLOXPLQDFLQVH
SXHGHFDPELDUHQHOPHQ$
$MXVWHVGH
ODSDQWDOODGHLQIRUPDFLQ3HUVRQDOL
]DFLQGHOYHKFXOR
/RVDMXVWHVVHSXHGHQPHPRUL]DU
PHGLDQWHODOODYHXWLOL]DGD

3URWHFFLQFRQWUD
GHVFDUJDGHODEDWHUD
3DUDHYLWDUODGHVFDUJDGHODEDWHUD
FRQHOHQFHQGLGRGHVFRQHFWDGRDO
JXQDVOXFHVLQWHULRUHVVHDSDJDQDX
WRPWLFDPHQWHGHVSXVGHXQFLHUWR
WLHPSR
6LGHVFRQHFWDHOHQFHQGLGRFRQODV
OXFHVH[WHULRUHVHQFHQGLGDVVHDSD
JDUQDXWRPWLFDPHQWHGHIRUPDLQ
PHGLDWDRXQRVSRFRVPLQXWRVGHV
SXVGHSHQGLHQGRGHODRVFXULGDG
H[WHULRURGHODVFRQGLFLRQHVGH
DMXVWH
/DVOXFHVH[WHULRUHVVHDSDJDUQ
GHVSXVGHPLQXWRVVLODVDFWLYD
PDQXDOPHQWHFRQHOHQFHQGLGRGHV
FRQHFWDGR

6LVWHPDGHLQIRHQWUHWHQLPLHQWR

6LVWHPDGH
LQIRHQWUHWHQLPLHQWR
/DVFDUDFWHUVWLFDVH[WHULRUHV\R
SUHVWDFLRQHVGHOVLVWHPDGH
LQIRHQWUHWHQLPLHQWRSXHGHYDULDU
GHSHQGLHQGRGHORVPRGHORV
FRPHUFLDOL]DGRVHQVXSDV\
YHKFXORDGTXLULGR
,QWURGXFFLQ  
5DGLR  
5HSURGXFWRUGH&'  
(QWUDGD$8;  
3XHUWR86%  
0VLFD%OXHWRRWK  
5HFRQRFLPLHQWRGHYR]  
7HOIRQR  

,QWURGXFFLQ
,QIRUPDFLQJHQHUDO
(OVLVWHPDGHLQIRHQWUHWHQLPLHQWROH
RIUHFHOROWLPRHQVLVWHPDVGHRFLRH
LQIRUPDFLQ
(QODVEDQGDVGHIUHFXHQFLD$0\
)0ODUDGLRGLVSRQHGHGRFHSUHVLQ
WRQDVGHHPLVRUDVTXHVHSXHGHQ
FRQILJXUDUDXWRPWLFDPHQWH$GH
PVVHSXHGHQDVLJQDUHPLVRUDV
GHIRUPDPDQXDOLQGHSHQGLHQWHVGH
ODEDQGDGHIUHFXHQFLDV
&RQHOUHSURGXFWRUGHUDGLRLQWHJUDGR
SRGUUHSURGXFLU&'GHDXGLR\GH
03:0$
$GHPVSXHGHFRQHFWDUGLVSRVLWLYRV
H[WHUQRVGHDOPDFHQDPLHQWRGHGD
WRVSRUHMHPSORXQL3RGXQUHSUR
GXFWRU03XQOSL]86%VDOYR
&'RXQUHSURGXFWRUSRUWWLOGH
&'DOVLVWHPDGHLQIRHQWUHWHQLPLHQWR
FRPRIXHQWHDGLFLRQDOGHDXGLR\D
VHDSRUFDEOHRSRU%OXHWRRWKVDOYR
&'



(OSURFHVDGRUGHVRQLGRGLJLWDOOH
RIUHFHYDULRVPRGRVGHHFXDOL]DFLQ
SUHGHILQLGRVSDUDPHMRUDUHOVRQLGR
'HIRUPDRSFLRQDOHOVLVWHPDGHLQ
IRHQWUHWHQLPLHQWRVHSXHGHPDQHMDU
FRQORVPDQGRVHQHOYRODQWH
$GHPVHOVLVWHPDGHLQIRHQWUHWHQL
PLHQWRSXHGHHTXLSDUVHFRQXQVLV
WHPDGHOWHOIRQR
(OGLVHRLQWHOLJHQWHGHORVHOHPHQWRV
GHPDQGRODFODULGDGGHODVSDQWDOODV
\HOPDQGRPXOWLIXQFLQ0
0(18OHSHU
PLWHQFRQWURODUHOVLVWHPDGHIRUPD
IFLOHLQWXLWLYD
1RWD
(VWHPDQXDOGHVFULEHWRGDVODVRS
FLRQHV\FDUDFWHUVWLFDVGLVSRQLEOHV
SDUDORVGLYHUVRVVLVWHPDVGHLQ
IRHQWUHWHQLPLHQWR'HWHUPLQDGDV
GHVFULSFLRQHVLQFOXLGDVODVGHIXQ
FLRQHVGHODSDQWDOOD\ORVPHQV
SXHGHQQRVHUDSOLFDEOHVDVXYH
KFXORSRUODYDULDQWHGHPRGHORODV
HVSHFLILFDFLRQHVGHOSDVHOHTXLSD
PLHQWRHVSHFLDORORVDFFHVRULRV



6LVWHPDGHLQIRHQWUHWHQLPLHQWR

,QIRUPDFLQLPSRUWDQWHVREUH
IXQFLRQDPLHQWR\VHJXULGDGGH
WUILFR
 3HOLJUR
(OXVRGHOVLVWHPDGHDXGLRQR
GHEHLQWHUIHULUQXQFDFRQODFRQ
GXFFLQVHJXUDGHOYHKFXOR(Q
FDVRGHGXGDGHWHQJDHOYHKFXOR
\DFFLRQHHOVLVWHPDGHDXGLR
PLHQWUDVHOYHKFXORHVWGHWH
QLGR

5HFHSFLQGHHPLVRUDVGHUDGLR
(QODUHFHSFLQGHUDGLRVHSXHGHQ
SURGXFLUVLOELGRVUXLGRVGLVWRUVLRQHV
RIDOORVGHUHFHSFLQSRU
ODVYDULDFLRQHVGHODGLVWDQFLD
GHVGHODHPLVRUD
ODUHFHSFLQPOWLSOHGHELGDDUH
IOH[LRQHV
\ODVLQWHUIHUHQFLDV

'LVSRVLWLYRDQWLUURER
(OVLVWHPDGHLQIRHQWUHWHQLPLHQWR
HVWHTXLSDGRFRQXQVLVWHPDGHVH
JXULGDGHOHFWUQLFDSDUDHYLWDUURERV
&RPRFRQVHFXHQFLDHOVLVWHPDGH
LQIRHQWUHWHQLPLHQWRVORIXQFLRQDHQ
VXYHKFXOR\FDUHFHGHYDORUSDUDXQ
ODGUQ

6LVWHPDGHLQIRHQWUHWHQLPLHQWR

5HVXPHQGHORVHOHPHQWRVGHFRQWURO
&'






6LVWHPDGHLQIRHQWUHWHQLPLHQWR

%RWQP  

&/2&.  

 %$&.  

3XOVDFLQVHFRQHFWD
GHVFRQHFWDHOVLVWHPD
LQIRWDLQPHQW  

6LHOVLVWHPDLQIRWDLQPHQW
HVWGHVFRQHFWDGR
PXHVWUDODKRUD\ODIHFKD  

0HQUHWURFHGHXQQLYHO  

*LURDMXVWDHOYROXPHQ  

%RWRQHVGHHPLVRUD  


6LHOVLVWHPDGHLQIRHQWUH
WHQLPLHQWRHVWDFWLYDGR
FDPELHHODMXVWHGHKRUD\
IHFKD  
,1)2  

,QIRUPDFLQDGLFLRQDOTXH
GHSHQGHGHOFRQWH[WR  
721(  

$MXVWHVGHWRQRV  

$6  

3XOVDFLQSURORQJDGD
PHPRUL]DODHPLVRUD  

3XOVDFLQEUHYH
VHOHFFLRQDODHPLVRUD  
%VTXHGDKDFLDDWUV  

5DGLREXVFDKDFLDDWUV  




&'03:0$VHVDOWD
XQDSLVWDKDFLDDWUV  
&'03:0$LQLFLR
SDXVDGHUHSURGXFFLQ  
%VTXHGDKDFLDGHODQWH  
5DGLREXVFDKDFLDGHODQWH 
&'03:0$VHVDOWD
XQDSLVWDKDFLDGHODQWH  

1LYHOHVGHPHPRULD
DXWRPWLFRV  
3XOVDFLQEUHYH
VHOHFFLRQDODOLVWDGH
YDORUHVJXDUGDGRV
DXWRPWLFDPHQWH  
3XOVDFLQSURORQJDGD
PHPRUL]DODHPLVRUD
DXWRPWLFDPHQWH  

,QWURGXFFLQGHGDWRV
HOLPLQDHOOWLPRFDUFWHUR
WRGDODHQWUDGD  
 ([SXOVLQGH&'  
 0(18  
&RQWUROFHQWUDOGH
VHOHFFLQ\H[SORUDFLQGH
PHQV  
 )$9  
/LVWDVGHIDYRULWRV  
 7HOIRQR6LOHQFLR  
$EUHHOPHQSULQFLSDOGHO
WHOIRQR  
$FWLYDGHVDFWLYDHOPRGR
GHVLOHQFLR  
 &21),*  
$MXVWHVGHOVLVWHPD  
 5DQXUDGH&'  

6LVWHPDGHLQIRHQWUHWHQLPLHQWR
 &'$8;  
,QLFLDODUHSURGXFFLQGH
XQ&'03:0$R
FDPELDODIXHQWHGHDXGLR  
 %$1'  
$FWLYDODUDGLRRFDPELDOD
EDQGDGHIUHFXHQFLDV  




&'

6LVWHPDGHLQIRHQWUHWHQLPLHQWR

6LVWHPDGHLQIRHQWUHWHQLPLHQWR







%RWQP  



&/2&.  

 %$&.  

3XOVDFLQVHFRQHFWD
GHVFRQHFWDHOVLVWHPD
LQIRWDLQPHQW  

6LHOVLVWHPDLQIRWDLQPHQW
HVWGHVFRQHFWDGR
PXHVWUDODKRUD\ODIHFKD  

0HQUHWURFHGHXQQLYHO  

*LURDMXVWDHOYROXPHQ  

%RWRQHVGHHPLVRUD  

6LHOVLVWHPDGHLQIRHQWUH
WHQLPLHQWRHVWDFWLYDGR
FDPELHHODMXVWHGHKRUD\
IHFKD  
,1)2  

3XOVDFLQSURORQJDGD
PHPRUL]DODHPLVRUD  

3XOVDFLQEUHYH
VHOHFFLRQDODHPLVRUD  
%VTXHGDKDFLDDWUV  

,QIRUPDFLQDGLFLRQDOTXH
GHSHQGHGHOFRQWH[WR  
 721(  

5DGLREXVFDKDFLDDWUV  

$MXVWHVGHWRQRV  

 $6  

&'03:0$VHVDOWD
XQDSLVWDKDFLDDWUV  
03FDUSHWDVXSHULRU  
&'03:0$LQLFLR
SDXVDGHUHSURGXFFLQ  
03FDUSHWDLQIHULRU  
%VTXHGDKDFLDGHODQWH  
5DGLREXVFDKDFLDGHODQWH 
&'03:0$VHVDOWD
XQDSLVWDKDFLDGHODQWH  

1LYHOHVGHPHPRULD
DXWRPWLFRV  
3XOVDFLQEUHYH
VHOHFFLRQDODOLVWDGH
YDORUHVJXDUGDGRV
DXWRPWLFDPHQWH  
3XOVDFLQSURORQJDGD
PHPRUL]DODHPLVRUD
DXWRPWLFDPHQWH  

,QWURGXFFLQGHGDWRV
HOLPLQDHOOWLPRFDUFWHUR
WRGDODHQWUDGD  
 ([SXOVLQGH&'  
 0(18  
&RQWUROFHQWUDOGH
VHOHFFLQ\H[SORUDFLQGH
PHQV  
 )$9  
/LVWDVGHIDYRULWRV  
 7HOIRQR6LOHQFLR  
$EUHHOPHQSULQFLSDOGHO
WHOIRQR  
$FWLYDGHVDFWLYDHOPRGR
GHVLOHQFLR  
 &21),*  
$MXVWHVGHOVLVWHPD  
 5DQXUDGH&'  



6LVWHPDGHLQIRHQWUHWHQLPLHQWR

 &'$8;  

0DQGRVGHVRQLGRGHOYRODQWH

,QLFLDODUHSURGXFFLQGH
XQ&'03:0$R
FDPELDODIXHQWHGHDXGLR  
 %$1'  

65&)XHQWH  

3XOVDFLQVHOHFFLRQDOD
IXHQWHGHVRQLGR  
6LODUDGLRHVWDFWLYDJLUH
KDFLDDUULEDKDFLDDEDMR
SDUDVHOHFFLRQDUOD
HPLVRUDSUHVLQWRQL]DGD
VLJXLHQWHDQWHULRU  

$FWLYDODUDGLRRFDPELDOD
EDQGDGHIUHFXHQFLDV  

3XOVDFLQEUHYHDFHSWD
XQDOODPDGDWHOHIQLFD  
RPDUFDHOQPHURGHOD
OLVWDGHOODPDGDV  
RDFWLYDUHOUHFRQRFLPLHQWR
GHYR]VLHVWGLVSRQLEOH   
3XOVDFLQSURORQJDGD
PXHVWUDODOLVWDGHOODPDGDV 
RGHVDFWLYDUHO
UHFRQRFLPLHQWRGHYR]VL
HVWGLVSRQLEOH  

6LKD\XQUHSURGXFWRUGH
&'DFWLYRJLUHKDFLD
DUULEDKDFLDDEDMRSDUD
VHOHFFLRQDUODSLVWDGH&'
03:0$VLJXLHQWH
DQWHULRU  
6LHVWDFWLYRHOVLVWHPD
GHOWHOIRQRJLUHKDFLD
DUULEDKDFLDDEDMRSDUD
VHOHFFLRQDUODHQWUDGD
VLJXLHQWHDQWHULRUGHOD
OLVWDGHOODPDGDV  
6LHOVLVWHPDGHOWHOIRQR
HVWDFWLYDGR\KD\
OODPDGDVHQHVSHUDJLUH
KDFLDDUULEDKDFLDDEDMR
SDUDFDPELDUHQWUH
OODPDGDV  

6LVWHPDGHLQIRHQWUHWHQLPLHQWR




$XPHQWDHOYROXPHQ  

5HGXFHHOYROXPHQ  
3XOVDFLQEUHYHILQDOL]D
UHFKD]DODOODPDGD  
RFLHUUDODOLVWDGHOODPDGDV 
RDFWLYDGHVDFWLYDHOPRGR
GHVLOHQFLR  
RGHVDFWLYDUHO
UHFRQRFLPLHQWRGHYR]VL
HVWGLVSRQLEOH  

0DQHMR
(OHPHQWRVGHFRQWURO
(OVLVWHPDGHLQIRHQWUHWHQLPLHQWRVH
FRQWURODFRQORVERWRQHVGHIXQFLQ
ORVPDQGRVPXOWLIXQFLQ\ORVPHQV
TXHDSDUHFHQHQODSDQWDOOD
/DVLQVWUXFFLRQHVVHSXHGHQLQWURGX
FLURSFLRQDOPHQWHDWUDYVGH
ODXQLGDGGHFRQWUROFHQWUDOGHOSD
QHOGHLQVWUXPHQWRV
ORVPDQGRVGHOYRODQWH
HOVLVWHPDGHUHFRQRFLPLHQWRGH
YR]VLHVWGLVSRQLEOH

(QFHQGLGR\DSDJDGRGHO
VLVWHPDGHLQIRHQWUHWHQLPLHQWR
3XOVHHOPDQGR;GHIRUPDEUHYH
&XDQGRVHHQFLHQGHVHDFWLYDODO
WLPDIXHQWHGHLQIRHQWUHWHQLPLHQWR
VHOHFFLRQDGD
'HVFRQH[LQDXWRPWLFD
6LVHHQFLHQGHHOVLVWHPDGHLQIRHQ
WUHWHQLPLHQWRFRQHOPDQGR;FRQHO
HQFHQGLGRGHVFRQHFWDGRVHYROYHU



DDSDJDUDXWRPWLFDPHQWHDOFDERGH
PLQXWHVGHVGHODOWLPDLQVWUXF
FLQGHOXVXDULR

$MXVWHGHOYROXPHQ
*LUHHOERWQ;$SDUHFHODVLJXLHQWH
FRQILJXUDFLQHQODSDQWDOOD
&XDQGRVHHQFLHQGHHOVLVWHPDGHLQ
IRHQWUHWHQLPLHQWRVHDMXVWDHOOWLPR
YROXPHQVHOHFFLRQDGRVLHPSUHTXH
HOYROXPHQVHDLQIHULRUDOYROXPHQ
P[LPRGHLQLFLR
(OYROXPHQP[LPRGHLQLFLR
SXHGHDMXVWDUDSDUWH
9ROXPHQFRPSHQVDGRGHYHORFLGDG
&XDQGRVHDFWLYDHOYROXPHQFRP
SHQVDGRGHYHORFLGDGHOYROX
PHQVHDGDSWDDXWRPWLFDPHQWHDOD
FDUUHWHUD\HOUXLGRGHOYLHQWRTXHKD\
DOFRQGXFLU
6LOHQFLR
3XOVHHOERWQ\#VLKD\GLVSRQLEOH
XQVLVWHPDGHOWHOIRQRSXOVHGX
UDQWHXQRVVHJXQGRVSDUDVXSULPLU
HOVRQLGRGHODVIXHQWHVGHDXGLR



6LVWHPDGHLQIRHQWUHWHQLPLHQWR

3DUDFDQFHODUODVXSUHVLQGHOVR
QLGRJLUHHOERWQ;RSXOVHGHQXHYR
HOERWQ\?#VLKD\GLVSRQLEOHXQ
VLVWHPDGHOWHOIRQRSXOVHGXUDQWH
XQRVVHJXQGRV
/LPLWDFLQGHYROXPHQD
WHPSHUDWXUDVDOWDV
&XDQGRKD\WHPSHUDWXUDVPX\DOWDV
HQHOYHKFXORHOVLVWHPDGHLQIRHQ
WUHWHQLPLHQWROLPLWDHOYROXPHQP
[LPRTXHVHSXHGHDMXVWDU6LHVQH
FHVDULRHOYROXPHQVHUHGXFHGHPD
QHUDDXWRPWLFD

0RGRVGHIXQFLRQDPLHQWR
5DGLR
3XOVHHOERWQ%
%$1'SDUDDEULUHO
PHQSULQFLSDOGHODUDGLRRSDUD
FDPELDUHQWUHEDQGDVGHIUHFXHQFLDV
GLVWLQWDV
3XOVHHOPDQGR0
0(18SDUDDEULUXQ
VXEPHQFRQRSFLRQHVGHVHOHFFLQ
GHHPLVRUDV
'HVFULSFLQGHWDOODGDGHODVIXQFLR
QHVGHODUDGLR

5HSURGXFWRUHVGHDXGLR
3XOVHHOERWQ&
&'$8;SDUDDEULUHO
PHQGH&'86%L3RG$8;RHO
PHQ%OXHWRRWKVLHVWGLVSRQLEOHR
SDUDFDPELDUGHXQPHQDRWUR
3XOVHHOPDQGR0
0(18SDUDDEULUXQ
VXEPHQFRQRSFLRQHVGHVHOHFFLQ
GHSLVWDV
'HVFULSFLQGHWDOODGDGH
/DVIXQFLRQHVGHOUHSURGXFWRUGH
&'
/DVIXQFLRQHVGHODHQWUDGD$8;

/DVIXQFLRQHVGHOSXHUWR86%
VDOYR&'
)XQFLRQHVGHPVLFD%OXHWRRWK
VDOYRFRQ&'
7HOIRQR
VLHVWGLVSRQLEOHHOVLVWHPDGHOWH
OIRQR
3XOVHHOERWQ\?#SDUDVHOHFFLRQDU
HOPHQGHOWHOIRQR
3XOVHHOERWQ0
0(18SDUDDEULUXQ
VXEPHQFRQRSFLRQHVSDUDODHQ
WUDGDRVHOHFFLQGHQPHURV

'HVFULSFLQGHWDOODGDGHODVIXQFLR
QHVGHOVLVWHPDGHOWHOIRQR

)XQFLRQDPLHQWREVLFR
%RWQ0(18
(OPDQGR0
0(18HVHOHOHPHQWRGH
FRQWUROFHQWUDOGHORVPHQV
*LUDU
SDUDPDUFDUXQDRSFLQGHOPHQ
&'SDUDPRVWUDUXQDRSFLQ
GHOPHQ
SDUDDMXVWDUXQYDORUQXPULFR
3XOVDU
SDUDVHOHFFLRQDURDFWLYDUODRSFLQ
PDUFDGD
&'SDUDVHOHFFLRQDURDFWLYDU
ODRSFLQPRVWUDGD
SDUDFRQILUPDUXQYDORUDMXVWDGR
SDUDDFWLYDURGHVDFWLYDUXQDIXQ
FLQGHOVLVWHPD

6LVWHPDGHLQIRHQWUHWHQLPLHQWR
%RWQ%$&.
3XOVHEUHYHPHQWHHOERWQSDUD
VDOLUGHXQPHQ
YROYHUGHXQVXEPHQDOVLJXLHQWH
QLYHOVXSHULRUGHOPHQ

(MHPSORVGHIXQFLRQDPLHQWRGH
PHQV

3XOVHHOPDQGR0
0(18SDUDVHOHFFLR
QDUODRSFLQPDUFDGD



$MXVWHGHXQYDORU

6XEPHQV
8QDIOHFKDHQHOERUGHGHUHFKRGHO
PHQLQGLFDTXHGHVSXVGHVHOHF
FLRQDUODRSFLQVHDEULUXQVXE
PHQFRQRSFLRQHVDGLFLRQDOHV
$FWLYDFLQGHXQDMXVWH

(MHPSORVFRUUHVSRQGLHQWHVD&'
6HOHFFLRQDUXQDRSFLQ

*LUHHOPDQGR0
0(18SDUDFDPELDUHO
YDORUDFWXDOGHODMXVWH
3XOVHHOPDQGR0
0(18SDUDFRQILUPDU
HOYDORUDMXVWDGR

*LUHHOPDQGR0
0(18SDUDPRYHUHO
FXUVRU IRQGRGHFRORUKDVWDODRS
FLQGHVHDGD

*LUHHOPDQGR0
0(18SDUDPDUFDUHO
DMXVWHGHVHDGR
3XOVHHOPDQGR0
0(18SDUDDFWLYDUHO
DMXVWH



6LVWHPDGHLQIRHQWUHWHQLPLHQWR

$FWLYDU\GHVDFWLYDUXQDIXQFLQ

(MHPSORVFRUUHVSRQGLHQWHVD&'
(OHPHQWRVGHPHQ\VPERORV

/DIOHFKDKDFLDODGHUHFKD
LQGLFD
TXHHOSULPHUQLYHOGHVXEPHQVHVW
DFWLYRGRVIOHFKDV KD\XQVHJXQGR
QLYHOGHVXEPHQVDFWLYR
/DIOHFKDKDFLDDEDMR
LQGLFDKD\
RSFLRQHVDGLFLRQDOHVGLVSRQLEOHVHQ
HOVXEPHQDFWLYR
$FWLYDFLQGHXQDMXVWH

*LUHHOPDQGR0
0(18SDUDPDUFDUOD
IXQFLQTXHGHVHDDFWLYDURGHVDFWL
YDU
3XOVHHOPDQGR0
0(18SDUDFDPELDU
HQWUHORVDMXVWHV$
$FWLY\'
'HVDF

/DVIOHFKDVKDFLDDUULED\DEDMR
LQ
GLFDQTXHHOQLYHOVXSHULRUGHOPHQ
HVWDFWLYR+D\RSFLRQHVDGLFLRQDOHV
GLVSRQLEOHVHQHOPHQDFWLYR
*LUHHOPDQGR0
0(18SDUDPRVWUDU
ODVRWUDVRSFLRQHVHQHOPHQDFWLYR
/DIOHFKDHQQJXOR
LQGLFDTXHKD\
GLVSRQLEOHXQVXEPHQFRQRSFLRQHV
DGLFLRQDOHV
3XOVHHOPDQGR0
0(18SDUDVHOHFFLR
QDUODRSFLQPRVWUDGD\SDUDDEULUHO
VXEPHQFRUUHVSRQGLHQWH

3XOVHHOPDQGR0
0(18SDUDDEULUHO
PHQGHDMXVWHVFRUUHVSRQGLHQWH
*LUHHOPDQGR0
0(18SDUDYHUHO
DMXVWHGHVHDGR
3XOVHHOPDQGR0
0(18SDUDDFWLYDUHO
DMXVWH

6LVWHPDGHLQIRHQWUHWHQLPLHQWR
$MXVWHGHXQYDORU

3XOVHHOPDQGR0
0(18SDUDDEULUHO
PHQGHDMXVWHVFRUUHVSRQGLHQWH
*LUHHOPDQGR0
0(18SDUDFDPELDUHO
YDORUDFWXDOGHODMXVWH
3XOVHHOPDQGR0
0(18SDUDFRQILUPDU
HOYDORUDMXVWDGR



$FWLYDU\GHVDFWLYDUXQDIXQFLQ

3XOVHHOPDQGR0
0(18SDUDDEULUHO
PHQGHDMXVWHVFRUUHVSRQGLHQWH
*LUHHOPDQGR0
0(18SDUDPDUFDUHO
DMXVWH$
$FWLYR'
'HVDF
3XOVHHOPDQGR0
0(18SDUDFRQILUPDU
HODMXVWHTXHVHKDPDUFDGR

$MXVWHVGHOWRQR
(QHOPHQGHDMXVWHVGHOWRQRVH
SXHGHQDMXVWDUODVFDUDFWHUVWLFDVWR
QDOHVGHIRUPDGLIHUHQWHSDUDFDGD
EDQGDGHIUHFXHQFLDVGHUDGLR\SDUD
FDGDIXHQWHGHOUHSURGXFWRUGHDXGLR

3XOVHHOERWQ7
721(SDUDDEULUHO
PHQGHWRQR

$MXVWHGHEDMRVPHGLRV\DOWRV



6LVWHPDGHLQIRHQWUHWHQLPLHQWR

6HOHFFLRQH*
*UDYHV*
*DPPHGR
$JXGRV
$MXVWHHOYDORUGHVHDGRSDUDODRS
FLQVHOHFFLRQDGD

$MXVWHGHODGLVWULEXFLQGHO
YROXPHQHQWUHODGHUHFKD\OD
L]TXLHUGD

$MXVWHGHODGLVWULEXFLQGHO
YROXPHQHQWUHGHODQWH\GHWUV

&RQILJXUDFLQGHWRGRVORV
DMXVWHVDX2))
0DQWHQJDSXOVDGRHOERWQ7
721(
GXUDQWHXQRVVHJXQGRV

2SWLPL]DFLQGHOWRQRSDUDHO
HVWLORGHPVLFD

6HOHFFLRQH%
%DODQFH
$MXVWHHOYDORUGHVHDGR
6HOHFFLRQH$
$WHQXDF
$MXVWHHOYDORUGHVHDGR

&RQILJXUDFLQGHXQDMXVWH
FRQFUHWRD
6HOHFFLRQHODRSFLQGHVHDGD\PDQ
WHQJDSXOVDGRHOPDQGR0
0(18GX
UDQWHXQRVVHJXQGRV

6HOHFFLRQH(
(FXDOL]HFXDOL]DGRU
/DVRSFLRQHVPRVWUDGDVOHRIUHFHQ
DMXVWHVGHJUDYHVPHGLRV\DJXGRV
SUHGHILQLGRV\RSWLPL]DGRVSDUDHO
HVWLORGHPVLFDFRUUHVSRQGLHQWH
6HOHFFLRQHODRSFLQGHVHDGD

6LVWHPDGHLQIRHQWUHWHQLPLHQWR

$MXVWHVGHOYROXPHQ
9ROXPHQP[DOHQFHQGHU

9ROXPHQFRPSHQVDGRGH
YHORFLGDG



3HUVRQDOL]DFLQ
VOR&'
6HSXHGHQPHPRUL]DUYDULRVDMXVWHV
GHOVLVWHPDGHLQIRHQWUHWHQLPLHQWR
SRUVHSDUDGRSDUDFDGDOODYHGHOYH
KFXORHVGHFLUXQDMXVWHSDUDFDGD
FRQGXFWRU

$MXVWHVPHPRUL]DGRV

3XOVHHOERWQ&
&21),*SDUDDEULUHO
PHQGHDMXVWHVGHOVLVWHPD
6HOHFFLRQH$
$MXVWHVGHODUDGLR\OXHJR
9ROXPHQP[DOHQFHQGHU
&'VHOHFFLRQH$
$MXVWHVGH
DXGLR\OXHJR9
9ROXPHQDODUUDQFDU
$MXVWHHOYDORUGHVHDGR

3XOVHHOERWQ&
&21),*SDUDDEULUHO
PHQGHDMXVWHVGHOVLVWHPD
6HOHFFLRQH$
$MXVWHVGHODUDGLR\OXHJR
&RQWUROGHYROXPHQDXWRPW
&'VHOHFFLRQH$
$MXVWHVGH
DXGLR\OXHJR&
&RQWUROGHYROXPHQ
DXWRPW
(OYROXPHQFRPSHQVDGRGHYHORFL
GDGVHSXHGHGHVDFWLYDU\HOJUDGRGH
DGDSWDFLQGHOYROXPHQVHSXHGHUH
JXODUHQHOPHQTXHVHPXHVWUD
6HOHFFLRQHODRSFLQGHVHDGD

$OVDFDUODOODYHGHODFHUUDGXUDGHO
HQFHQGLGRORVDMXVWHVVLJXLHQWHVVH
JXDUGDQDXWRPWLFDPHQWHSDUDOD
OODYHXWLOL]DGD
OWLPRVDMXVWHVGHOYROXPHQXQQL
YHOGHYROXPHQSDUDWRGDVODVIXHQ
WHVGHDXGLRVDOYRHOWHOIRQRUD
GLRUHSURGXFWRUGH&'$8;86%
WRGDVODVSUHVLQWRQDVGHHPLVRUDV
GHUDGLR
WRGRVORVDMXVWHVGHWRQRHVWRV
DMXVWHVVHJXDUGDQSRUVHSDUDGR
SDUDFDGDXQDGHODVIXHQWHVGH
DXGLRVLJXLHQWHVVLHVWQGLVSRQL
EOHV$0)0UHSURGXFWRUGH&'
$8;86%
OWLPDIXHQWHGHDXGLRDFWLYD



6LVWHPDGHLQIRHQWUHWHQLPLHQWR

OWLPDHPLVRUDGHUDGLRDFWLYDSRU
VHSDUDGRSDUDFDGDEDQGDGHIUH
FXHQFLDV
OWLPRPRGRGHYLVXDOL]DFLQDFWLYR
OWLPDSRVLFLQHQ&'GHDXGLR
03RFDPELDGRUGH&'VLHVW
GLVSRQLEOHFRQQPHURGHGLVFR
QPHURGHSLVWD\FDUSHWD
HVWDGRGHDMXVWHGHUHSURGXFFLQ
DOHDWRULDUHSURGXFWRUGH&'
DMXVWHGHHVWDGRGH73SURJUDPD
GHWUILFR
SRVLFLQGHOFXUVRUSDUDFDGDPHQ
HQODSDQWDOOD

5DGLR

$FWLYDFLQGHVDFWLYDFLQGHOD
SHUVRQDOL]DFLQ

$FWLYDFLQGHODUDGLR

3XOVHHOERWQ&
&21),*SDUDDEULUHO
PHQGHDMXVWHVGHOVLVWHPD
6HOHFFLRQH$
$MXVWHVGHOYHKFXOR\
OXHJR$
$MXVWHVGHFRQIRUW
$MXVWH3
3HUVRQDOL]DFLQFRQGXFWRUD
$FWLYR'
'HVDF

0DQHMR
%RWRQHVGHFRQWURO
/RVERWRQHVGHFRQWUROSULQFLSDOHVGH
ODUDGLRVRQORVVLJXLHQWHV
%$1'$FWLYDODUDGLR
WY%VTXHGDGHHPLVRUDV
$6/LVWDVGHPHPRUL]DFLQDXWR
PWLFD
)$9/LVWDVGHIDYRULWRV
%RWRQHVGHSUHVLQWRQDV
3XOVHHOERWQ%
%$1'SDUDDEULUHO
PHQSULQFLSDOGHODUDGLR
6HVLQWRQL]DUODOWLPDHPLVRUDVH
OHFFLRQDGD

6HOHFFLQGHODEDQGDGH
IUHFXHQFLDV
3XOVHHOERWQ%
%$1'XQDRYDULDVYH
FHVSDUDVHOHFFLRQDUODEDQGDGHIUH
FXHQFLDVGHVHDGD

6HVLQWRQL]DUODOWLPDHPLVRUDVH
OHFFLRQDGDHQHVDEDQGDGHIUHFXHQ
FLDV

%VTXHGDGHHPLVRUDV
%VTXHGDDXWRPWLFDGH
HPLVRUDV
3XOVHGHIRUPDEUHYHHOERWQWR
YSDUDDFWLYDUODVLJXLHQWHHPLVRUD
GHODPHPRULDGHHPLVRUDV

%VTXHGDPDQXDOGHHPLVRUDV
3XOVHHOERWQWRYGXUDQWHXQRV
VHJXQGRVSDUDHPSH]DUDEXVFDUOD
VLJXLHQWHHPLVRUDTXHVHSXHGHUHFL
ELUHQODEDQGDGHIUHFXHQFLDVDFWXDO
&XDQGRVHDOFDQ]DODIUHFXHQFLDGH
VHDGDODHPLVRUDVHVLQWRQL]DDXWR
PWLFDPHQWH
1RWD
%VTXHGDGHHPLVRUDVPDQXDO6LOD
UDGLRQRHQFXHQWUDXQDHPLVRUD
FDPELDDXWRPWLFDPHQWHDXQQLYHO
GHEVTXHGDPVVHQVLEOH6LWRGD
YDQRHQFXHQWUDXQDHPLVRUDVH
YXHOYHDVHOHFFLRQDUODIUHFXHQFLD
TXHHVWXYRDFWLYDODOWLPDYH]

6LVWHPDGHLQIRHQWUHWHQLPLHQWR
6LQWRQL]DFLQPDQXDOGH
HPLVRUDV
*LUHHOPDQGR0
0(18\DMXVWHODIUH
FXHQFLDGHUHFHSFLQSWLPDHQOD
SDQWDOODGHIUHFXHQFLDVHPHUJHQWH

/LVWDVGHPHPRUL]DFLQ
DXWRPWLFD
/DIXQFLQGHPHPRUL]DFLQDXWRP
WLFDSHUPLWHEXVFDU\JXDUGDUDXWR
PWLFDPHQWHODVHPLVRUDVGHXQD
EDQGDGHIUHFXHQFLDVTXHVHUHFLEHQ
PHMRU

1RWD
/DHPLVRUDVLQWRQL]DGDDFWXDOPHQWH
DSDUHFHPDUFDGDFRQL
&DGDEDQGDGHIUHFXHQFLDVGLVSRQH
GHOLVWDVGHPHPRUL]DFLQDXWRP
WLFD$
$6$
$6\VHSXHGHQJXDUGDU
HPLVRUDVHQFDGDXQDGHHOODV

0HPRUL]DFLQGHHPLVRUDV
DXWRPWLFD
0DQWHQJDSXOVDGRHOERWQ$
$6KDVWD
TXHDSDUH]FDXQPHQVDMHGHPHPR
UL]DFLQDXWRPWLFD(QODVOLVWDVGH
PHPRUL]DFLQDXWRPWLFDVHJXDU
GDUQODVHPLVRUDVGHUDGLRGHHVD
EDQGDGHIUHFXHQFLDVTXHPHMRUVH
UHFLEDQ
3DUDFDQFHODUODPHPRUL]DFLQDXWR
PWLFDSXOVHHOPDQGR0
0(18

0HPRUL]DFLQGHHPLVRUDV
PDQXDO
/DVHPLVRUDVWDPELQVHSXHGHQ
JXDUGDUPDQXDOPHQWHHQODVOLVWDVGH
PHPRUL]DFLQDXWRPWLFD
6HOHFFLRQHODHPLVRUDTXHGHVHD
JXDUGDU



3XOVHGHIRUPDEUHYHHOERWQ$
$6
SDUDDEULUXQDOLVWDGHIDYRULWRVRSDUD
FDPELDUDRWUDOLVWDGHPHPRUL]DFLQ
DXWRPWLFD
3DUDJXDUGDUODHPLVRUDHQXQDSRVL
FLQGHODOLVWDSXOVHHOERWQGHHPL
VRUDTXHFRUUHVSRQGDKDVWDTXH
DSDUH]FDXQPHQVDMHGHFRQILUPD
FLQ
1RWD
/DVHPLVRUDVDOPDFHQDGDVPDQXDO
PHQWHVHVREUHVFULEHQGXUDQWHHO
SURFHVRGHPHPRUL]DFLQDXWRP
WLFDGHHPLVRUDV

$FWLYDUXQDHPLVRUDJXDUGDGD
3XOVHGHIRUPDEUHYHHOERWQ$
$6
SDUDDEULUXQDOLVWDGHIDYRULWRVRSDUD
FDPELDUDRWUDOLVWDGHPHPRUL]DFLQ
DXWRPWLFD
3XOVHGHIRUPDEUHYHORVERWRQHVGH
HPLVRUDSDUDVLQWRQL]DUODHPL
VRUDGHODSRVLFLQGHODOLVWDTXHFR
UUHVSRQGD



6LVWHPDGHLQIRHQWUHWHQLPLHQWR

/LVWDVGHIDYRULWRV
/DVHPLVRUDVGHWRGDVODVEDQGDVGH
IUHFXHQFLDVVHSXHGHQJXDUGDUPD
QXDOPHQWHHQODOLVWDGHIDYRULWRV

*XDUGDUXQDHPLVRUD
6HOHFFLRQHODHPLVRUDTXHGHVHD
JXDUGDU
3XOVHGHIRUPDEUHYHHOERWQ)
)$9
SDUDDEULUXQDOLVWDGHIDYRULWRVRSDUD
FDPELDUDRWUDOLVWDGHIDYRULWRV
3DUDJXDUGDUODHPLVRUDHQXQDSRVL
FLQGHODOLVWDSXOVHHOERWQGHHPL
VRUDTXHFRUUHVSRQGDKDVWDTXH
DSDUH]FDXQPHQVDMHGHFRQILUPD
FLQ

$FWLYDUXQDHPLVRUDJXDUGDGD

6HSXHGHQJXDUGDUHPLVRUDVHQ
FDGDOLVWDGHIDYRULWRV6HSXHGHFRQ
ILJXUDUHOQPHURGHOLVWDVGHIDYRUL
WRVGLVSRQLEOHVYHDPVDEDMR
&'1RVHSXHGHFRQILJXUDUHO
QPHURGHOLVWDVGHIDYRULWRVGLVSR
QLEOHV
1RWD
/DHPLVRUDVLQWRQL]DGDDFWXDOPHQWH
DSDUHFHPDUFDGDFRQL

3XOVHGHIRUPDEUHYHHOERWQ)
)$9
SDUDDEULUXQDOLVWDGHIDYRULWRVRSDUD
FDPELDUDRWUDOLVWDGHIDYRULWRV
3XOVHGHIRUPDEUHYHORVERWRQHVGH
HPLVRUDSDUDVLQWRQL]DUODHPL
VRUDGHODSRVLFLQGHODOLVWDTXHFR
UUHVSRQGD

'HILQLUHOQPHURGHOLVWDVGH
IDYRULWRVGLVSRQLEOHV
QR&'

3XOVHHOERWQ&
&21),*
6HOHFFLRQH$
$MXVWHVGHODUDGLR\OXHJR
)DYRULWRVGHUDGLR
6HOHFFLRQHHOQPHURGHOLVWDVGHID
YRULWRVGLVSRQLEOHVTXHGHVHH

0HQVGHEDQGDVGH
IUHFXHQFLDV
(QORVPHQVHVSHFILFRVGHODEDQGD
GHIUHFXHQFLDVHQFRQWUDURWUDVIXQ
FLRQHVDOWHUQDWLYDVGHVHOHFFLQGH
HPLVRUDV

6LVWHPDGHLQIRHQWUHWHQLPLHQWR



(QHOPHQSULQFLSDOGHODUDGLRSXOVH
HOPDQGR0
0(18SDUDDEULUHOPHQ
GHEDQGDGHIUHFXHQFLDVFRUUHVSRQ
GLHQWH
1RWD
/DVVLJXLHQWHVLQGLFDFLRQHVHVSHF
ILFDVGH)0VHPXHVWUDQFRPR
HMHPSORV

6HOHFFLRQHODHPLVRUDUHTXHULGD
1RWD
/DHPLVRUDVLQWRQL]DGDDFWXDOPHQWH
DSDUHFHPDUFDGDFRQL

/LVWDVGHHPLVRUDV

/LVWDGHIDYRULWRV
6HOHFFLRQH/
/LVWDGHIDYRULWRV6H
PXHVWUDQWRGDVODVHPLVRUDVGHODV
OLVWDVGHIDYRULWRV

6HOHFFLRQH/
/LVWDGHHPLVRUDV$0R
/LVWDGHHPLVRUDV)0
6HPXHVWUDQWRGDVODVHPLVRUDVGH
$0)0TXHVHSXHGHQVLQWRQL]DUHQ
OD]RQDGHUHFHSFLQDFWXDO
1RWD
6LQRVHKDFUHDGRXQDOLVWDGHHPL
VRUDVFRQDQWHULRULGDGHOVLVWHPD
GHDXGLRUHDOL]DXQDEVTXHGDDX
WRPWLFDGHHPLVRUDV

6HOHFFLRQHODHPLVRUDUHTXHULGD
1RWD
/DHPLVRUDVLQWRQL]DGDDFWXDOPHQWH
DSDUHFHPDUFDGDFRQL
$FWXDOL]DFLQGHOLVWDVGHHPLVRUDV
6L\DQRVHSXHGHQUHFLELUODVHPLVR
UDVJXDUGDGDVHQODOLVWDGHHPLVRUDV
GHXQDEDQGDGHIUHFXHQFLDVHVSHF
ILFD
6HOHFFLRQHHOFRPDQGRFRUUHVSRQ
GLHQWHSDUDDFWXDOL]DUXQDOLVWDGH
HPLVRUDV



6LVWHPDGHLQIRHQWUHWHQLPLHQWR

&'(OVLQWRQL]DGRUGXDOGHOVLV
WHPDGHLQIRHQWUHWHQLPLHQWRDFWXDOL]D
GHIRUPDFRQWLQXDODOLVWDGHHPLVRUDV
GH)0HQVHJXQGRSODQR1RVHUH
TXLHUHXQDDFWXDOL]DFLQPDQXDO
6HLQLFLDXQDEVTXHGDGHHPLVRUDV
(QFXDQWRVHFRPSOHWHODEVTXHGD
VHVLQWRQL]DUODOWLPDHPLVRUDUHFL
ELGD
3DUDFDQFHODUODEVTXHGDGHHPLVR
UDVSXOVHHOPDQGR0
0(18

5HSURGXFWRUGH&'
(QDOJXQRVSDVHVODUHSURGXFFLQ
UHJUDEDFLQDOTXLOHUSUVWDPRR
FDQMHQRDXWRUL]DGRGHIRQRJUDPDV
VLQDXWRUL]DFLRQGHOWLWXODUGHOD
SURSLHGDGLQWHOHFWXDOVHHQFXHQWUD
SURKLELGD(QHVRVFDVRVVLHPSUH
TXHQRVHWUDWHGH&'R03

OHJWLPRVGHEHUFRQWDUFRQOD
FRUUHVSRQGLHQWHDXWRUL]DFLQ

,QIRUPDFLQJHQHUDO
(OUHSURGXFWRUGH&'GHOVLVWHPDGH
LQIRHQWUHWHQLPLHQWRSXHGHUHSURGXFLU
&'GHDXGLR\&'GH03:0$

,QIRUPDFLQLPSRUWDQWHVREUH
&'GHDXGLR\&'GH03:0$
$WHQFLQ
1XQFDVHGHEHQLQVHUWDUGLVFRV
'9'&'VHQFLOORVFRQXQGLPH
WURGHFPQL&'FRQIRUPDVLUUH
JXODUHVHQHOUHSURGXFWRUGHDX
GLR
1RFRORTXHQLQJXQDSHJDWLQDHQ
ORV&''LFKRVGLVFRVVHSXHGHQ
DWDVFDUHQODXQLGDGGH&'\HV
WURSHDUODXQLGDG(QWDOFDVRVHU
QHFHVDULDXQDFDUDVXVWLWXFLQGHO
GLVSRVLWLYR
6HDGPLWHQORVVLJXLHQWHVIRUPDWRV
GH&'
&'520PRGR\PRGR

&'520;$PRGRIRUPD\
IRUPD
6HDGPLWHQORVVLJXLHQWHVIRUPDWRV
GHDUFKLYR
,62QLYHOQLYHO5RPHR
-ROLHW
(VSRVLEOHTXHORVDUFKLYRV03\
:0$HVFULWRVHQXQIRUPDWRGLV
WLQWRDOLQGLFDGRPVDUULEDQRVH
UHSURGX]FDQFRUUHFWDPHQWH\TXH
ORVQRPEUHVGHDUFKLYR\QRPEUHV
GHFDUSHWDQRVHOHDQELHQ
1RWD
(OIRUPDWR,62QRHVFRPSD
WLEOH3XHGHVHUQHFHVDULRVHOHFFLR
QDUPDQXDOPHQWH,62FXDQGR
JUDEHXQ&'GHDXGLRSRUHMHPSOR
FRQ:LQGRZV
/RV&'FRQSURWHFFLQDQWLFRSLD
TXHQRFXPSODQFRQODQRUPDGH
&'GHDXGLRQRVHUHSURGXFLUQ
FRUUHFWDPHQWHRQRVHSRGUQUH
SURGXFLU
/RV&'5\&'5:JUDEDGRVVRQ
PVYXOQHUDEOHVDXQDPDODPDQL
SXODFLQTXHORV&'SUHJUDEDGRV

6LVWHPDGHLQIRHQWUHWHQLPLHQWR

7UDWHELHQORV&'VREUHWRGRORV
&'5\&'5:JUDEDGRV9HD
PVDEDMR
(VSRVLEOHTXHORV&'5\&'5:
JUDEDGRVQRVHUHSURGX]FDQELHQR
QRVHSXHGDQUHSURGXFLU(QHVWRV
FDVRVHOHTXLSRQRHVWDYHULDGR
(QORV&'PL[WRVFRQSLVWDVGHDX
GLR\DUFKLYRVFRPSULPLGRV
SRUHMHPSOR03ODSDUWHFRQSLV
WDVGHDXGLR\ODSDUWHFRQDUFKLYRV
FRPSULPLGRVVHSXHGHQUHSURGXFLU
SRUVHSDUDGR
3URFXUHQRPDQFKDUORV&'FRQORV
GHGRVDOFDPELDUORV
9XHOYDDSRQHUORV&'HQVXIXQGD
MXVWRGHVSXVGHVDFDUORVGHOUH
SURGXFWRUGH&'SDUDSURWHJHUORV
GHODVXFLHGDG\GHFXDOTXLHUGDR
6LXQ&'WLHQHVXFLHGDGRHVWPR
MDGRSXHGHPDQFKDUVHODOHQWH
TXHKD\GHQWURGHOUHSURGXFWRUGH
&'\IDOODU
3URWHMDORV&'GHOFDORU\ODOX]GL
UHFWDGHOVRO

/DVVLJXLHQWHVOLPLWDFLRQHVVRQY
OLGDVSDUDORVGDWRVJXDUGDGRVHQ
XQ&'GH03:0$
1PHURGHSLVWDVP[
1PHURGHFDUSHWDVP[
3URIXQGLGDGGHODHVWUXFWXUDGH
FDUSHWDVP[QLYHOHVUHFR
PHQGDGRP[QLYHOHV
1PHURGHOLVWDVGHUHSURGXFFLQ
P[
1PHURGHFDQFLRQHVSRUOLVWDGH
UHSURGXFFLQP[
([WHQVLRQHVGHOLVWDVGHUHSURGXF
FLQDSOLFDEOHVPXSOVDV[Z
SO
(VWHFDSWXORVORWUDWDVREUHODUH
SURGXFFLQGHDUFKLYRV03\D
TXHORVDUFKLYRV03\:0$IXQ
FLRQDQLJXDO&XDQGRVHLQWURGXFH
XQ&'FRQDUFKLYRV:0$DSDUH
FHQORVPHQVGHORVDUFKLYRV
03



0DQHMR
,QLFLRGHODUHSURGXFFLQGH&'
3XOVHHOERWQ&
&'$8;SDUDDEULUHO
PHQGH&'R03
6LKD\XQ&'HQHOUHSURGXFWRUGH&'
VHUHSURGXFLUVXFRQWHQLGR

(QIXQFLQGHORVGDWRVJXDUGDGRVHQ
HO&'RHO&'GH03VHPRVWUDU
HQODSDQWDOODXQDLQIRUPDFLQXRWUD
VREUHHO&'\ODSLVWDGHPVLFDDF
WXDO



6LVWHPDGHLQIRHQWUHWHQLPLHQWR

,QVHUFLQGHXQ&'

$YDQFHRUHWURFHVRUSLGR

0HWDXQ&'FRQHOODGRLPSUHVRKDFLD
DUULEDHQODUDQXUDGH&'KDVWDTXH
ORFRMD

3XOVHHOERWQWRY\PDQWQJDOR
SXOVDGRSDUDDYDQ]DURUHWURFHGHUU
SLGDPHQWHGHQWURGHODSLVWDDFWXDO

1RWD
6LKD\XQ&'LQVHUWDGRVHPXHVWUD
HOVPEROR&'HQODOQHDVXSHULRU
GHODSDQWDOOD

6HOHFFLQGHSLVWDVFRQHOPHQ
GH&'GHDXGLRR03

&DPELRGHODYLVWDGHSJLQD
QRUPDO

&DPELRGHQLYHOGHFDUSHWDV

,UDODSLVWDVLJXLHQWHRDQWHULRU
3XOVHGHIRUPDEUHYHHOERWQWR
Y

'XUDQWHODUHSURGXFFLQGH03

'XUDQWHODUHSURGXFFLQGHO&'GH
DXGLR

VOR&'
'XUDQWHXQDUHSURGXFFLQGH&'GH
DXGLRR03SXOVHHOPDQGR0
0(18
\OXHJRVHOHFFLRQH9
9LVWDGHSJLQDGH
&'SUHGHWR9
9LVWDGHSJLQDGH03
SUHGHW
6HOHFFLRQHODRSFLQGHVHDGD
VOR&'UHSURGXFFLQGH03
3XOVHHOERWQJRHSDUDFDPELDU
DXQQLYHOGHFDUSHWDVXSHULRURLQIH
ULRU

3DUDVHOHFFLRQDUXQDSLVWDGH&'GH
DXGLRVHOHFFLRQH/
/LVWDGHSLVWDV\
OXHJRVHOHFFLRQHODSLVWDGHVHDGD

3XOVHHOPDQGR0
0(18SDUDDEULUHO
PHQGH&'GHDXGLRFRUUHVSRQ
GLHQWH
3DUDUHSURGXFLUWRGDVODVSLVWDVHQ
RUGHQDOHDWRULRDMXVWH5
5HSURGDOHDW
WHPDVHQ$
$FWLY

3XOVHHOPDQGR0
0(18SDUDDEULUHO
PHQ03FRUUHVSRQGLHQWH
3DUDUHSURGXFLUWRGDVODVSLVWDVHQ
RUGHQDOHDWRULRDMXVWH5
5HSURGDOHDW
WHPDVHQ$
$FWLY
3DUDVHOHFFLRQDUXQDSLVWDGHXQD
FDUSHWDROLVWDGHUHSURGXFFLQVL
HVWGLVSRQLEOHVHOHFFLRQH/
/LVWDV
UHSURGXFFLQFDUSHWDV

6LVWHPDGHLQIRHQWUHWHQLPLHQWR
6HOHFFLRQHXQDFDUSHWDROLVWDGHUH
SURGXFFLQ\OXHJRVHOHFFLRQHOD
SLVWDGHVHDGD
1RWD
6LXQ&'FRQWLHQHGDWRVGHDXGLR\
03ORVGDWRVGHDXGLRVHSXHGHQ
VHOHFFLRQDUGHVGH/
/LVWDV
UHSURGXFFLQFDUSHWDV
3DUDDEULUXQPHQFRQRSFLRQHVDGL
FLRQDOHVGHEVTXHGD\VHOHFFLQGH
SLVWDVVHOHFFLRQH%
%VTXHGD/DVRS
FLRQHVGLVSRQLEOHVGHSHQGHQGHORV
GDWRVJXDUGDGRVHQHO&'GH03
(OSURFHVRGHEVTXHGDHQHO&'GH
03SXHGHWDUGDUYDULRVPLQXWRV
'XUDQWHHVWHWLHPSRVHUHFLELUODO
WLPDHPLVRUDVHOHFFLRQDGD

([SXOVLQGHXQ&'
3XOVHHOERWQG
(O&'VHUH[SXOVDGRGHODUDQXUDGH
&'
6LHO&'QRVHUHWLUDGHVSXVGHOD
H[SXOVLQVHYROYHUDLQWURGXFLUHQ
ODXQLGDGDXWRPWLFDPHQWHDORVSR
FRVVHJXQGRV

(QWUDGD$8;



0DQHMR

,QIRUPDFLQJHQHUDO

'HEDMRGHODFXELHUWDGHODFRQVROD
FHQWUDOKD\XQDFRQH[LQ$8;SDUD
FRQHFWDUIXHQWHVGHDXGLRH[WHUQDV
1RWD
/DWRPDVLHPSUHGHEHHVWDUOLPSLD\
VHFD
3RUHMHPSORVHSXHGHFRQHFWDUXQ
UHSURGXFWRUGH&'SRUWWLOFRQXQD
FODYLMDGHPPDODHQWUDGD$8;

3XOVHHOERWQ&
&'$8;XQDRYDULDV
YHFHVSDUDDFWLYDUHOPRGR$8;
8QDIXHQWHGHDXGLRFRQHFWDGDDOD
HQWUDGD$8;VHSXHGHDFFLRQDUVOR
DWUDYVGHORVHOHPHQWRVGHFRQWURO
GHODIXHQWHGHDXGLR



6LVWHPDGHLQIRHQWUHWHQLPLHQWR

3XHUWR86%
,QIRUPDFLQJHQHUDO
VOR&'FRQ3',0

,QIRUPDFLQLPSRUWDQWH
6HSXHGHQFRQHFWDUORVVLJXLHQWHV
GLVSRVLWLYRVDOSXHUWR86%
L3RG
=XQH
'LVSRVLWLYR3OD\V)RU6XUH3)'
8QLGDG86%

5HSURGXFLUDUFKLYRVGH
DXGLRJXDUGDGRV

1RWD
1RWRGRVORVPRGHORVGHL3RG=XQH
3)'RXQLGDG86%VRQFRPSDWLEOHV
FRQHOVLVWHPDGHDXGLR

'HEDMRGHODFXELHUWDGHODFRQVROD
FHQWUDOKD\XQSXHUWR86%SDUDFR
QHFWDUIXHQWHVGHDXGLRH[WHUQDV
/RVGLVSRVLWLYRVFRQHFWDGRVDOSXHUWR
86%VHFRQWURODQFRQORVPDQGRV\
PHQVGHOVLVWHPDGHLQIRHQWUHWHQL
PLHQWR
1RWD
/DWRPDVLHPSUHGHEHHVWDUOLPSLD\
VHFD

1RWD
1RLQVHUWHXQGLVSRVLWLYRGHXQLGDG
86%FRQXQDORQJLWXGVXSHULRUD
PP8QGLVSRVLWLYRPVODUJRVH
SXHGHGDDUDOUHEDWLUHOUHSRVDEUD
]RV

3XOVHHOERWQ&
&'$8;XQDRYDULDV
YHFHVSDUDDFWLYDUHOPRGR86%
6HLQLFLDODUHSURGXFFLQGHORVGDWRV
GHDXGLRJXDUGDGRVHQHODSDUDWR
86%
/DVIXHQWHVGHGDWRVFRQHFWDGDVD
WUDYVGH86%VHFRQWURODQEVLFD
PHQWHFRPRVLIXHUDXQ&'GHDXGLR
03

6LVWHPDGHLQIRHQWUHWHQLPLHQWR
$FRQWLQXDFLQHQFRQWUDUVORORV
DVSHFWRVGHIXQFLRQDPLHQWRTXHVRQ
GLVWLQWRVDORVGHVFULWRVRELHQIXQFLR
QHVDGLFLRQDOHV
(OIXQFLRQDPLHQWR\ODVSDQWDOODVTXH
VHGHVFULEHQFRUUHVSRQGHQDXQLGD
GHV86%(OIXQFLRQDPLHQWRGHRWURV
DSDUDWRVFRPRL3RGR=XQHHVSUF
WLFDPHQWHHOPLVPR

6HOHFFLQGHSLVWDVFRQHOPHQ
86%

3XOVHHOPDQGR0
0(18SDUDDEULUHO
PHQ86%FRUUHVSRQGLHQWH

3DUDUHSURGXFLUWRGDVODVSLVWDVGH
IRUPDVXFHVLYDVHOHFFLRQH
5HSURGXFLUWRGRV
3DUDPRVWUDUXQPHQFRQYDULDVRS
FLRQHVDGLFLRQDOHVGHEVTXHGD\VH
OHFFLQGHSLVWDVVHOHFFLRQH
%VTXHGD
(OSURFHVRGHEVTXHGDHQHODSDUDWR
86%SXHGHWDUGDUYDULRVPLQXWRV
'XUDQWHHVWHWLHPSRVHUHFLELUODO
WLPDHPLVRUDVHOHFFLRQDGD
3DUDUHSURGXFLUWRGDVODVSLVWDVHQ
RUGHQDOHDWRULRDMXVWH0
0H]FODU
FDQFLRQHVDOHDWRULRHQ$
$FWLY
3DUDUHSHWLUODSLVWDTXHVHVHOHF
FLRQDHQHVHPRPHQWRDMXVWH
5HSHWLUHQ$
$FWLY



0VLFD%OXHWRRWK
,QIRUPDFLQJHQHUDO
VOR&'FRQ%OXHWRRWK3',0
/DVIXHQWHVGHDXGLRKDELOLWDGDVSDUD
%OXHWRRWKSHMPYLOHVFRQPVLFD
UHSURGXFWRUHV03FRQIXQFLQ%OXH
WRRWKHWFFRPSDWLEOHVFRQHOSURWR
FRORGHPVLFD$'3SXHGHQFRQHF
WDUVHSRUYDLQDOPEULFDFRQHOVLV
WHPDGHLQIRHQWUHWHQLPLHQWR

,QIRUPDFLQLPSRUWDQWH
3DUDFRQHFWDUXQGLVSRVLWLYR%OXH
WRRWKDOVLVWHPDGHLQIRHQWUHWHQL
PLHQWRVHWLHQHTXHHPSDUHMDUDQ
WHVFRQHOVLVWHPD
(OVLVWHPDGHLQIRHQWUHWHQLPLHQWR
VORVHFRQHFWDFRQGLVSRVLWLYRV
%OXHWRRWKFRPSDWLEOHVFRQ$'3
$GYDQFHG$XGLR'LVWULEXWLRQ3UR
ILOHYHUVLQRVXSHULRU
(OGLVSRVLWLYR%OXHWRRWKGHEHVHU
FRPSDWLEOHFRQ$95&3$XGLR9L
GHR5HPRWH&RQWURO3URILOHYHU
VLQRVXSHULRU6LHOGLVSRVLWLYR
QRHVFRPSDWLEOHFRQ$95&3VOR



6LVWHPDGHLQIRHQWUHWHQLPLHQWR

SRGUFRQWURODUVHHOYROXPHQDWUD
YVGHOVLVWHPDGHLQIRHQWUHWHQL
PLHQWR
$QWHVGHFRQHFWDUHOGLVSRVLWLYR
%OXHWRRWKFRQHOVLVWHPDGHLQIRHQ
WUHWHQLPLHQWRIDPLOLDUFHVHHQVX
JXDGHXVXDULRFRQODVIXQFLRQHV
%OXHWRRWK

&RQILJXUDFLQGHPVLFD
%OXHWRRWK
(OPHQ&
&RQILJXUDFLQGHPVLFD
%OXHWRRWKVHHQFDUJDGHHPSDUHMDU\
FRQHFWDUORVGLVSRVLWLYRV%OXHWRRWK
FRQHOVLVWHPDGHLQIRHQWUHWHQL
PLHQWR

$FWLYDFLQGHOPHQ
&RQILJXUDFLQGHPVLFD
%OXHWRRWK
3XOVHHOERWQ&
&'$8;XQDRYDULDV
YHFHVSDUDDFWLYDUHOPRGR$8;86%
R%OXHWRRWK
3XOVHHOERWQ0
0(18\OXHJRVHOHF
FLRQH&
&RQILJXUDFLQGH%OXHWRRWK

(PSDUHMDPLHQWRGHXQGLVSRVLWLYR
%OXHWRRWK
,QIRUPDFLQLPSRUWDQWH
(OSURFHVRGHHPSDUHMDPLHQWRVH
GHVDFWLYDFXDQGRHOYHKFXORVH
PXHYH
(VSRVLEOHHPSDUHMDUKDVWDFLQFR
GLVSRVLWLYRVDOVLVWHPD
(OVLVWHPDGHLQIRHQWUHWHQLPLHQWR
VHFRQHFWDDXWRPWLFDPHQWHDOSUL
PHUDSDUDWRGHODOLVWDGHGLVSRVLWL
YRVHPSDUHMDGRVDFWXDO
6ORSRGUFRQHFWDUVHDOPLVPR
WLHPSRXQRGHORVGLVSRVLWLYRVHP
SDUHMDGRVDOVLVWHPDGHLQIRHQWUH
WHQLPLHQWR
3RUUHJODJHQHUDOHOHPSDUHMD
PLHQWRVORVHUHDOL]DXQDYH]
VDOYRTXHVHFDPELHODLQIRUPDFLQ
GHHPSDUHMDPLHQWRRVHHOLPLQHHO
GLVSRVLWLYR
3URFHGLPLHQWRGHHPSDUHMDPLHQWR
6HOHFFLRQH&
&RQHFWDUDXQGLVSRVLWLYR
QXHYR

6LVWHPDGHLQIRHQWUHWHQLPLHQWR
(OVLVWHPDGHLQIRHQWUHWHQLPLHQWR
UHDOL]DXQDVHULHGHSUHJXQWDVSDUD
GHWHUPLQDUTXWLSRGHGLVSRVLWLYR
%OXHWRRWKVHGHVHDHPSDUHMDU
&XDQGRVHKDGHWHUPLQDGRVHWLHQH
TXHVHOHFFLRQDUHOPRGRGHGHVFXEUL
PLHQWRHQHOGLVSRVLWLYR%OXHWRRWK
YHDODJXDGHXVXDULRGHOGLVSRVLWLYR
%OXHWRRWK
(QDOJXQRVGLVSRVLWLYRV%OXHWRRWKHV
SRVLEOHTXHWHQJDTXHLQWURGXFLUXQ
FGLJR3,1SDUDFRPSOHWDUHOHPSD
UHMDPLHQWR%XVTXHHOGLVSRVLWLYR
*0XVLF&RQQHFWHQODOLVWDGHGLVSR
VLWLYRV%OXHWRRWK\VLJDODVLQVWUXFFLR
QHVGHOGLVSRVLWLYRSDUDLQWURGXFLUHO
FGLJR3,1VXPLQLVWUDGRSRUHOVLV
WHPDGHLQIRHQWUHWHQLPLHQWR
&RQH[LQGHXQGLVSRVLWLYR
HPSDUHMDGR
6HOHFFLRQH6
6HOHFFLRQDUGLVSRVLWLYR
$SDUHFHUXQDOLVWDFRQWRGRVORVGLV
SRVLWLYRV%OXHWRRWKDFWXDOPHQWHHP
SDUHMDGRVFRQHOVLVWHPDGHLQIRHQ
WUHWHQLPLHQWR

6HOHFFLRQHODFDWHJRUDGHVHDGD(O
GLVSRVLWLYRHVWFRQHFWDGRDOVLVWHPD
GHLQIRHQWUHWHQLPLHQWR
6LKD\FRQHFWDGRRWURGLVSRVLWLYR
%OXHWRRWKDOVLVWHPDGHLQIRHQWUHWHQL
PLHQWRVHGHVFRQHFWDUGHOVLVWHPD
(OLPLQDFLQGHXQGLVSRVLWLYR
HPSDUHMDGR
6HOHFFLRQH4
4XLWDUGLVSRVLWLYR
$SDUHFHUXQDOLVWDFRQWRGRVORVGLV
SRVLWLYRV%OXHWRRWKDFWXDOPHQWHHP
SDUHMDGRVFRQHOVLVWHPDGHLQIRHQ
WUHWHQLPLHQWR
6HOHFFLRQHODFDWHJRUDGHVHDGD(O
GLVSRVLWLYRVHHOLPLQDUGHODOLVWDGH
GLVSRVLWLYRVHPSDUHMDGRV



&DPELRGHO3,1SUHGHWHUPLQDGR

6HOHFFLRQH&
&DPELDU3,1SRUGHIHFWR
6HOHFFLRQHXQRGHORVFGLJRV3,1
SUHGHWHUPLQDGRVRVHOHFFLRQH2
2WUR
SDUDFUHDUXQ3,1QXHYR
3DUDFUHDUXQ3,1QXHYR
6HOHFFLRQH2
2WUR\OXHJRVHOHFFLRQHOD
ORQJLWXGTXHGHVHHSDUDHOFGLJR
3,1
6HOHFFLRQHORVGJLWRVGHOFGLJR3,1
GHXQRHQXQR
3DUDERUUDUORVGJLWRVLQWURGXFLGRV
DQWHULRUPHQWHSXOVHHOERWQ%
%$&.



6LVWHPDGHLQIRHQWUHWHQLPLHQWR

0DQHMR

,QLFLDUODUHSURGXFFLQGHSLVWDV

3XOVHHOERWQ&
&'$8;XQDRYDULDV
YHFHVSDUDDFWLYDUHOPRGR%OXHWRRWK
6LHVWGLVSRQLEOHHOSULPHUGLVSRVL
WLYRGHODOLVWDGHGLVSRVLWLYRV%OXH
WRRWKHPSDUHMDGRVVHFRQHFWD
DXWRPWLFDPHQWHDOVLVWHPDGHLQ
IRHQWUHWHQLPLHQWR
3DUDFRQHFWDUVHDRWURGLVSRVLWLYR
%OXHWRRWKHPSDUHMDGR

6DOWDUDODSLVWDVLJXLHQWHR
DQWHULRU

(QIXQFLQGHOGLVSRVLWLYR%OXHWRRWK
FRQHFWDGR
ODUHSURGXFFLQGHPVLFDHPSLH]D
DXWRPWLFDPHQWHR
ODUHSURGXFFLQGHPVLFDVHWLHQH
TXHLQLFLDUFRQORVPDQGRVGHOGLV
SRVLWLYR%OXHWRRWK
/DUHSURGXFFLQGHGDWRVGHPVLFD
DOPDFHQDGRVHQHOGLVSRVLWLYR%OXH
WRRWKVHSXHGHFRQWURODUDKRUDDWUD
YVGHOVLVWHPDGHLQIRHQWUHWHQL
PLHQWRFRQORVERWRQHVWY\U

3XOVHGHIRUPDEUHYHHOERWQWR
Y

$YDQFHRUHWURFHVRUSLGR
3XOVHHOERWQWRY\PDQWQJDOR
SXOVDGRSDUDDYDQ]DURUHWURFHGHUU
SLGDPHQWHGHQWURGHODSLVWDDFWXDO

3DXVD
3XOVHHOERWQU

3DUDUHLQLFLDUODUHSURGXFFLQSXOVH
GHQXHYRHOERWQU

6LVWHPDGHLQIRHQWUHWHQLPLHQWR

5HFRQRFLPLHQWRGHYR]
,QIRUPDFLQJHQHUDO
(OUHFRQRFLPLHQWRGHYR]VLORKX
ELHUDGHOVLVWHPDGHLQIRHQWUHWHQL
PLHQWROHSHUPLWHUHDOL]DUYDULDVIXQ
FLRQHVGHOVLVWHPDGHOWHOIRQRDWUD
YVGHODHQWUDGDGHYR]3XHGHGH
WHFWDUFRPDQGRV\VHFXHQFLDVQXP
ULFDVFRQLQGHSHQGHQFLDGHOKDEODQWH
HQFXHVWLQ/RVFRPDQGRV\VHFXHQ
FLDVQXPULFDVVHSXHGHQGHFLUVLQ
XQDSDXVDGHYR]HQWUHFDGDSDODEUD
3XHGHJXDUGDUORVQPHURVGHWHO
IRQRDVLJQDQGRXQQRPEUHGHVX
HOHFFLQHWLTXHWDGHYR]6LXVDHV
WRVQRPEUHVSXHGHHVWDEOHFHUGHV
SXVXQDFRQH[LQWHOHIQLFD
(QFDVRGHIXQFLRQDPLHQWRRFRPDQ
GRVLQFRUUHFWRVHOUHFRQRFLPLHQWRGH
YR]OHSURSRUFLRQDLQIRUPDFLQDFV
WLFD\OHSLGHTXHUHSLWDHOFRPDQGR
GHVHDGR$GHPVHOUHFRQRFLPLHQWR
GHYR]FRQILUPDODUHFHSFLQGHFR
PDQGRVLPSRUWDQWHV\SUHJXQWDUHQ
FDVRQHFHVDULR

3DUDJDUDQWL]DUTXHODVFRQYHUVDFLR
QHVGHQWURGHOYHKFXORQRSURGX]FDQ
XQDDFWLYDFLQDFFLGHQWDOGHODVIXQ
FLRQHVGHOVLVWHPDHOUHFRQRFLPLHQWR
GHYR]QRIXQFLRQDKDVWDTXHVHDF
WLYD

&RQWUROGHOWHOIRQR
$FWLYDUHOUHFRQRFLPLHQWRGHYR]
VLORKXELHUD
3DUDDFWLYDUHOUHFRQRFLPLHQWRGHYR]
GHOVLVWHPDGHOWHOIRQRSXOVHHOER
WQZHQHOYRODQWH0LHQWUDVGXUHHO
GLORJRVHVXSULPHHOVRQLGRGHFXDO
TXLHUIXHQWHGHDXGLRDFWLYD\VHFDQ
FHODODHPLVLQGHQRWLFLDVGHWUILFR

$MXVWDUHOYROXPHQGHODVDOLGD
GHYR]
*LUHHOERWQGHOYROXPHQHQHOVLV
WHPDGHLQIRHQWUHWHQLPLHQWRRSXOVH
HOERWQRHQHOYRODQWH



&DQFHODUXQGLORJR
+D\YDULDVSRVLELOLGDGHVGHGHVDFWL
YDUHOUHFRQRFLPLHQWRGHYR]\FDQ
FHODUHOGLORJR
3XOVHHOERWQ[HQHOYRODQWH
'LJD&
&DQFHODU
1RLQWURGX]FDGLJDQLQJQFR
PDQGRGXUDQWHXQWLHPSR
'HVSXVGHOWHUFHUFRPDQGRQRUH
FRQRFLGR

0DQHMR
&RQODD\XGDGHOUHFRQRFLPLHQWRGH
YR]VHSXHGHPDQHMDUHOWHOIRQRP
YLOFPRGDPHQWHPHGLDQWHLQVWUXF
FLRQHVKDEODGDVHQWUDGDGHYR]
%DVWDFRQDFWLYDUHOUHFRQRFLPLHQWR
GHYR]HLQWURGXFLUGHFLUHOFRPDQGR
GHVHDGR8QDYH]LQWURGXFLGRHOFR
PDQGRHOVLVWHPDGHLQIRHQWUHWHQL
PLHQWROHJXDDWUDYVGHOGLORJR
FRQLQIRUPDFLQ\SUHJXQWDVDSURSLD
GDVSDUDORJUDUODDFFLQGHVHDGD



6LVWHPDGHLQIRHQWUHWHQLPLHQWR

&RPDQGRVSULQFLSDOHV
7UDVODDFWLYDFLQGHOUHFRQRFLPLHQWR
GHYR]XQEUHYHSLWLGRLQGLFDTXHHO
UHFRQRFLPLHQWRGHYR]HVWHVSH
UDQGRLQVWUXFFLRQHVKDEODGDVHQ
WUDGDGHYR]
3ULQFLSDOHVFRPDQGRVGLVSRQLEOHV
0
0DUFDU
/
/ODPDU
9
9ROYLHQGRDPDUFDU
*
*XDUGDU
%
%RUUDU
'
'LUHFWRULR
(
(PSDUHMDU
6
6HOHFFLRQDUXQGLVSRVLWLYR
5
5HVSXHVWDGHYR]
&RPDQGRVGLVSRQLEOHV
IUHFXHQWHPHQWH
$
$\XGDVHFDQFHODHOGLORJR\VH
HQXPHUDQWRGRVORVFRPDQGRVGLV
SRQLEOHVFRQODIXQFLQDFWXDO
&
&DQFHODUHOUHFRQRFLPLHQWRGH
YR]VHGHVDFWLYD

6
6VHLQLFLDXQDDFFLQDGHFXDGD
GHSHQGLHQGRGHOFRQWH[WR
1
1RVHLQLFLDXQDDFFLQDGH
FXDGDGHSHQGLHQGRGHOFRQWH[WR
,QWURGXFLUXQQPHURGHWHOIRQR
'HVSXVGHOFRPDQGR0
0DUFDUHO
UHFRQRFLPLHQWRGHYR]VROLFLWDTXHVH
LQWURGX]FDXQQPHUR
'HEHSURQXQFLDUHOQPHURGHWHO
IRQRFRQVXWRQRGHYR]QRUPDOVLQ
SDXVDVDUWLILFLDOHVHQWUHQPHURV
(OUHFRQRFLPLHQWRIXQFLRQDPHMRUVL
UHDOL]DXQDSDXVDGHPHGLRVHJXQGR
FRPRPQLPRGHVSXVGHXQJUXSR
GHWUHVDFLQFRGJLWRV$FRQWLQXD
FLQHOVLVWHPDGHLQIRHQWUHWHQL
PLHQWRUHSLWHORVQPHURVUHFRQRFL
GRV
/XHJRSXHGHLQWURGXFLUPVQPHURV
RORVVLJXLHQWHVFRPDQGRV
0
0DUFDUVHDFHSWDQORVGDWRVLQ
WURGXFLGRV
%
%RUUDUVHERUUDHOOWLPRQPHUR
LQWURGXFLGRRHOOWLPRJUXSRGHQ
PHURV

0
0VVHLQWURGXFHXQSUHILMR
SDUDXQDOODPDGDDOH[WUDQMHUR
9
9HULILFDUODVDOLGDGHYR]UHSLWH
ORVGDWRVLQWURGXFLGRV
$
$VWHULVFRVHLQWURGXFHXQDVWH
ULVFR 
$
$OPRKDGLOOD6HLQWURGXFHXQDDO
PRKDGLOOD
$
$\XGD
&
&DQFHODU
/DORQJLWXGP[LPDGHOQPHURGHWH
OIRQRLQWURGXFLGRHVGHGJLWRV
3DUDSRGHUHIHFWXDUXQDOODPDGDDO
H[WUDQMHURSXHGHGHFLUODSDODEUD
0DVDOSULQFLSLRGHOQPHUR(O
PVOHSHUPLWHOODPDUGHVGH
FXDOTXLHUSDVVLQWHQHUTXHVDEHUHO
SUHILMRXVDGRSDUDOODPDUDOH[WUDQMHUR
HQGLFKRSDV$FRQWLQXDFLQGLJDHO
FGLJRGHSDVUHTXHULGR
(MHPSORGHGLORJR
8VXDULR0
0DUFDU
6DOLGDGHYR]3
3RUIDYRUGLJDHO
QPHURSDUDPDUFDU
8VXDULR0
0V&
&XDWUR1
1XHYH
6DOLGDGHYR]0
0V&
&XDWUR1
1XHYH

6LVWHPDGHLQIRHQWUHWHQLPLHQWR
8VXDULR6
6LHWH7
7UHV8
8QR
6DOLGDGHYR]6
6LHWH7
7UHV8
8QR
8VXDULR8
8QR8
8QR1
1XHYH1
1XHYH
6DOLGDGHYR]8
8QR8
8QR1
1XHYH
1XHYH
8VXDULR0
0DUFDU
6DOLGDGHYR]6
6HHVWYROYLHQGRD
PDUFDUHOQPHUR
,QWURGXFLUXQQRPEUH
0HGLDQWHHOFRPDQGR/
/ODPDUVHLQ
WURGXFHXQQPHURGHWHOIRQRTXHVH
KDJXDUGDGRFRQXQQRPEUHHWLTXHWD
GHYR]HQODDJHQGDWHOHIQLFD
&RPDQGRVGLVSRQLEOHV
6
6
1
1R
$
$\XGD
&
&DQFHODU
(MHPSORGHGLORJR
8VXDULR/
/ODPDU
6DOLGDGHYR]3
3RUIDYRUGLJDOD
HWLTXHWDGHOQRPEUHSDUDOODPDU
8VXDULR1RPEUH!

6DOLGDGHYR]
'HVHDOODPDUD
0LJXHO!"
8VXDULR6
6
6DOLGDGHYR]6
6HHVWYROYLHQGRD
PDUFDUHOQPHUR
,QLFLDUXQDVHJXQGDOODPDGD
6HSXHGHLQLFLDUXQDVHJXQGDOOD
PDGDGXUDQWHXQDOODPDGDWHOHIQLFD
DFWLYD3DUDHOORSXOVHHOERWQZ
&RPDQGRVGLVSRQLEOHV
(
(QYLDUDFWLYDUHO'70)PDUFDGR
SRUWRQRVPDQXDOSHMSDUDFR
UUHRGHYR]REDQFDWHOHIQLFD
(
(QYLDUHWLTXHWDGHQRPEUHDFWL
YDUHO'70)PDUFDGRSRUWRQRV
LQWURGXFLHQGRXQQRPEUHHWLTXHWD
GHYR]
0
0DUFDU
/
/ODPDU
9
9ROYLHQGRDPDUFDU
$
$\XGD
&
&DQFHODU
(MHPSORGHGLORJR
8VXDULR(
(QYLDU



6DOLGDGHYR]3
3RUIDYRUGLJDXQ
QPHURSDUDHQYLDU
SDUDODHQWUDGDGHQPHURVYDVH
HOHMHPSORGHGLORJRHQ,,QWURGXFLUXQ
QPHURGHWHOIRQR
8VXDULR(
(QYLDU
9ROYLHQGRDPDUFDU
6HSXHGHYROYHUDPDUFDUUHOODPDGD
HOOWLPRQPHURPDUFDGRFRQHOFR
PDQGR9
9ROYLHQGRDPDUFDU
*XDUGDU
8QQPHURGHWHOIRQRVHJXDUGDHQ
ODDJHQGDWHOHIQLFDFRQXQQRPEUH
HWLTXHWDGHYR]FRQHOFRPDQGRGH
YR]*
*XDUGDU
(OQRPEUHLQWURGXFLGRGHEHUHSHWLUVH
XQDYH](OWRQR\ODSURQXQFLDFLQ
GHEHQVHUORPVSDUHFLGRVTXHVHD
SRVLEOHHQDPEDVHQWUDGDVGHOQRP
EUHHQFDVRFRQWUDULRHOUHFRQRFL
PLHQWRGHYR]UHFKD]DUODVHQWUD
GDV
6HSXHGHQJXDUGDUXQP[LPRGH
HWLTXHWDVGHYR]HQODDJHQGDWH
OHIQLFD



6LVWHPDGHLQIRHQWUHWHQLPLHQWR

/DVHWLTXHWDVGHYR]HVWQDVLJQDGDV
DOKDEODQWHHVGHFLUVORSXHGH
DEULUODVODSHUVRQDTXHODVJUDE
3DUDHYLWDUTXHVHFRUWHHOFRPLHQ]R
GHODJUDEDFLQGHXQQRPEUHGHEH
UDGHMDUVHXQDEUHYHSDXVDGHVSXV
GHXQDVROLFLWXGGHHQWUDGD
3DUDSRGHUXVDUODHWLTXHWDGHYR]
FRQLQGHSHQGHQFLDGHODXELFDFLQ
HVGHFLULQFOXLGRVRWURVSDVHVWRGRV
ORVQPHURVGHWHOIRQRGHEHUDQLQ
WURGXFLUVHFRQHOFDUFWHUPV\
HOFGLJRGHSDV
&RPDQGRVGLVSRQLEOHV
*
*XDUGDUVHDFHSWDQORVGDWRVLQ
WURGXFLGRV
9
9HULILFDUVHUHSLWHODOWLPDHQ
WUDGD
$
$\XGD
&
&DQFHODU
(MHPSORGHGLORJR
8VXDULR*
*XDUGDU
6DOLGDGHYR]3
3RUIDYRUGLJDHO
QPHURSDUDJXDUGDU

SDUDODHQWUDGDGHQPHURVYDVH
HOHMHPSORGHGLORJRHQ,,QWURGXFLUXQ
QPHURGHWHOIRQR
8VXDULR*
*XDUGDU
6DOLGDGHYR]3
3RUIDYRUGLJDOD
HWLTXHWDGHOQRPEUHSDUDJXDUGDU
8VXDULR1RPEUH!
6DOLGDGHYR]3
3RUIDYRUUHSLWDOD
HWLTXHWDGHOQRPEUHSDUDFRQILUPDU
8VXDULR1RPEUH!
6DOLGDGHYR]*
*XDUGDQGRODHWLTXHWD
GHOQRPEUH

(VFXFKDUORVQRPEUHVJXDUGDGRV
/DUHSURGXFFLQKDEODGDVDOLGDGH
YR]GHWRGRVORVQRPEUHVJXDUGDGRV
HWLTXHWDVGHYR]VHLQLFLDFRQHOFR
PDQGR'
'LUHFWRULR
&RPDQGRVGLVSRQLEOHVGXUDQWHODUH
SURGXFFLQKDEODGDGHODVHWLTXHWDV
GHYR]
/
/ODPDUVHVHOHFFLRQDHOQPHUR
GHWHOIRQRGHODOWLPDHWLTXHWDGH
YR]UHSURGXFLGD
%
%RUUDUVHERUUDODHQWUDGDGHOD
OWLPDHWLTXHWDGHYR]UHSURGXFLGD

%RUUDU
3DUDERUUDUXQDHWLTXHWDGHYR]JXDU
GDGDFRQDQWHULRULGDGXWLOLFHHOFR
PDQGR%
%RUUDU
&RPDQGRVGLVSRQLEOHV
6
6
1
1R
$
$\XGD
&
&DQFHODU

$DGLURERUUDUXQWHOIRQRPYLOGH
ODOLVWDGHGLVSRVLWLYRV
&RQHOFRPDQGR(
(PSDUHMDUVH
SXHGHDDGLURERUUDUXQWHOIRQRP
YLOGHODOLVWDGHGLVSRVLWLYRVGHOVLV
WHPDGHOWHOIRQR
&RPDQGRVGLVSRQLEOHV
$
$DGLU
%
%RUUDU
$
$\XGD
&
&DQFHODU
(MHPSORGHGLORJR
8VXDULR(
(PSDUHMDU

6LVWHPDGHLQIRHQWUHWHQLPLHQWR
6DOLGDGHYR]
'HVHDDDGLUR
ERUUDUXQGLVSRVLWLYR"
8VXDULR$
$DGLU
6DOLGDGHYR]7
7UDWHGHHPSDUHMDU
FRQ!HQHOGLVSRVLWLYRH[WHUQR
6DOLGDGHYR]
'HVHDHPSDUHMDUHO
GLVSRVLWLYR"
8VXDULR6
6
6DOLGDGHYR](
(OGLVSRVLWLYRHVW
FRQHFWDGRFRPRHOQPHUR
QPHURBGHBGLVSRVLWLYR!
6HOHFFLRQDUXQWHOIRQRPYLOGHOD
OLVWDGHGLVSRVLWLYRV
&RQHOFRPDQGR6
6HOHFFLRQDUXQ
GLVSRVLWLYRVHSXHGHVHOHFFLRQDUXQ
WHOIRQRPYLOGHODOLVWDGHGLVSRVLWL
YRVSDUDHVWDEOHFHUXQDFRQH[LQ
%OXHWRRWK
(MHPSORGHGLORJR
8VXDULR6
6HOHFFLRQDUXQGLVSRVLWLYR
6DOLGDGHYR]3
3RUIDYRUGLJDXQ
QPHURGHGLVSRVLWLYRSDUD
VHOHFFLRQDU
8VXDULR
QPHURBGHBGLVSRVLWLYR!

6DOLGDGHYR]
'HVHDVHOHFFLRQDU
XQQPHURGHGLVSRVLWLYRQ
PHURBGLVSRVLWLYR!"
8VXDULR6
6
6DOLGDGHYR]
'HVHDHPSDUHMDUHO
GLVSRVLWLYR"
8VXDULR6
6
6DOLGDGHYR]8
8QPRPHQWR(O
VLVWHPDHVWEXVFDQGRHOGLVSRVLWLYR
VHOHFFLRQDGR
6DOLGDGHYR]6
6HKDVHOHFFLRQDGR
XQQPHURGHGLVSRVLWLYR
GHYBQXP!
5HVSXHVWDGHYR]
&DGDHQWUDGDGHYR]HVUHVSRQGLGDR
FRPHQWDGDSRUHOVLVWHPDGHLQIRHQ
WUHWHQLPLHQWRPHGLDQWHXQDVDOLGDGH
YR]DGDSWDGDDODVLWXDFLQ
3DUDDFWLYDURGHVDFWLYDUODUHVSXHVWD
GHYR]LQWURGX]FD5
5HVSXHVWDGH
YR]



7HOIRQR
5HFRUGDPRVTXHHQDOJXQDVOHJLVOD
FLRQHVHQWUHODTXHSXHGHHVWDUOD
VX\DHVWSURKLELGRPDQWHQHUFRQ
YHUVDFLRQHVWHOHIQLFDVDOFRQGXFLU

,QIRUPDFLQJHQHUDO
(OVLVWHPDGHOWHOIRQRVLORKXELHUD
OHRIUHFHODSRVLELOLGDGGHPDQWHQHU
FRQYHUVDFLRQHVGHWHOHIRQDPYLOD
WUDYVGHXQPLFUIRQR\ORVDOWDYR
FHVGHOYHKFXORDVFRPRGHPDQH
MDUODVSULQFLSDOHVIXQFLRQHVGHOWHO
IRQRPYLOPHGLDQWHHOVLVWHPDGHLQ
IRHQWUHWHQLPLHQWRGHOYHKFXOR3DUD
SRGHUXVDUHOVLVWHPDGHOWHOIRQRHO
WHOIRQRPYLOGHEHHVWDUFRQHFWDGR
FRQHOSRUWDOPHGLDQWH%OXHWRRWK
2SFLRQDOPHQWHSXHGHPDQHMDUVHHO
VLVWHPDGHOWHOIRQRPHGLDQWHHOVLV
WHPDGHUHFRQRFLPLHQWRGHYR]
1RWRGDVODVIXQFLRQHVGHOVLVWHPD
GHOWHOIRQRVRQFRPSDWLEOHVFRQWR
GRVORVWHOIRQRVPYLOHV/DVIXQFLR
QHVGLVSRQLEOHVGHSHQGHQGHOWHO
IRQRPYLOSHUWLQHQWH\GHORSHUDGRU
GHODUHG(QFRQWUDUPVLQIRUPD



6LVWHPDGHLQIRHQWUHWHQLPLHQWR

FLQVREUHHVWHWHPDHQODVLQVWUXF
FLRQHVGHXVRGHVXWHOIRQRPYLOR
FRQVXOWDQGRDVXRSHUDGRUGHUHG

,QIRUPDFLQLPSRUWDQWHSDUDHO
PDQHMR\ODVHJXULGDGYLDO
 3HOLJUR
/RVWHOIRQRVPYLOHVHMHUFHQ
HIHFWRVHQVXHQWRUQR3RUHVWH
PRWLYRVHKDQHVWDEOHFLGRQRUPDV
\GLVSRVLFLRQHVGHVHJXULGDG
'HEHIDPLOLDUL]DUVHFRQGLFKDVGL
UHFWULFHVDQWHVGHXVDUODIXQFLQ
GHWHOHIRQD

 3HOLJUR
(OXVRGHXQGLVSRVLWLYRGHPDQRV
OLEUHVPLHQWUDVFRQGXFHSXHGHVHU
SHOLJURVRSRUTXHVXFRQFHQWUD
FLQGLVPLQX\HFXDQGRKDEODSRU
WHOIRQR(VWDFLRQHHOYHKFXORDQ
WHVGHXVDUHOGLVSRVLWLYRGHPD
QRVOLEUHV2EVHUYHODVGLVSRVLFLR
QHVOHJDOHVYLJHQWHVHQHOSDV
GRQGHVHHQFXHQWUH

1RROYLGHFXPSOLUODVQRUPDVHV
SHFLDOHVDSOLFDEOHVHQGHWHUPLQD
GDVUHDV\DSDJXHVLHPSUHHOWH
OIRQRPYLOVLHOXVRGHORVPLV
PRVHVWSURKLELGRVLHOWHOIRQR
PYLOSURGXFHLQWHUIHUHQFLDVRVL
SXHGHQSUHVHQWDUVHVLWXDFLRQHV
SHOLJURVDV

%OXHWRRWK
(OVLVWHPDGHOWHOIRQRHVFRPSDWLEOH
FRQ%OXHWRRWK+DQGVIUHH3URILOH
9\FXPSOHODHVSHFLILFDFLQGHO
%OXHWRRWK6SHFLDO,QWHUHVW*URXS
6,*
(QFRQWUDUPVLQIRUPDFLQVREUHOD
HVSHFLILFDFLQHQ,QWHUQHWHQ
KWWSZZZEOXHWRRWKFRP

8VRGHOUHFRQRFLPLHQWRGHYR]
1RXWLOLFHHOUHFRQRFLPLHQWRGHYR]HQ
FDVRGHHPHUJHQFLD\DTXHHQVLWXD
FLRQHVGHHVWUVVXYR]SXHGHFDP
ELDUPXFKR\QRVHUUHFRQRFLGDFR
UUHFWDPHQWHSDUDHVWDEOHFHUODFRQH
[LQGHVHDGDFRQODVXILFLHQWHUDSL
GH]

(OHPHQWRVGHFRQWURO
/RVSULQFLSDOHVHOHPHQWRVGHPDQGR
HVSHFILFRVGHOWHOIRQRVRQORVVL
JXLHQWHV
%RWQ\?#DEUHHOPHQSULQFLSDOGHO
WHOIRQR
0DQGRVHQHOYRODQWH
TZDFHSWDUXQDOODPDGDDFWLYDUHO
UHFRQRFLPLHQWRGHYR]
Q[WHUPLQDUUHFKD]DUXQDOOD
PDGDGHVDFWLYDUHOUHFRQRFLPLHQWR
GHYR]
2SFLRQDOPHQWHSXHGHPDQHMDUVHHO
VLVWHPDGHOWHOIRQRPHGLDQWHUHFR
QRFLPLHQWRGHYR]

&RQH[LQ
(OVLVWHPDGHOWHOIRQRVHFRQHFWD\
GHVFRQHFWDDXWRPWLFDPHQWHFRQHO
HQFHQGLGR&XDQGRHOHQFHQGLGR
HVWGHVFRQHFWDGRSXHGHFRQHFWDU\
GHVFRQHFWDUHOVLVWHPDGHOWHOIRQR
PHGLDQWHHOVLVWHPDGHLQIRHQWUHWHQL
PLHQWR

6LVWHPDGHLQIRHQWUHWHQLPLHQWR
6HSXHGHHVWDEOHFHUXQDFRQH[LQ
HQWUHHOWHOIRQRPYLO\HOVLVWHPDGHO
WHOIRQRYD%OXHWRRWK3DUDHOORVX
WHOIRQRPYLOGHEHVHUFRPSDWLEOH
FRQ%OXHWRRWK
3DUDSRGHUHVWDEOHFHUXQDFRQH[LQ
%OXHWRRWKHOVLVWHPDGHOWHOIRQR
GHEHHVWDUFRQHFWDGR\ODIXQFLQ
%OXHWRRWKGHEHHVWDUDFWLYDGD
3DUDPVLQIRUPDFLQVREUHODIXQ
FLQ%OXHWRRWKGHVXWHOIRQRPYLO
FRQVXOWHODVLQVWUXFFLRQHVGHXVRGHO
PLVPR

3DUDSRGHUHVWDEOHFHUXQDFRQH[LQ
%OXHWRRWKFRQHOVLVWHPDGHOWHOIRQR
GHEHHVWDUDFWLYDGDODIXQFLQ%OXH
WRRWKGHOWHOIRQRPYLO\VWHGHEH
HVWDUFRQILJXUDGRFRPRYLVLEOHGH
WHFWDEOH3DUDPVLQIRUPDFLQFRQ
VXOWHODVLQVWUXFFLRQHVGHXVRGHOWH
OIRQRPYLO

0HQ%OXHWRRWK



$FWLYDUODIXQFLQ%OXHWRRWK
6LODIXQFLQ%OXHWRRWKGHOVLVWHPDGHO
WHOIRQRHVWGHVDFWLYDGDDMXVWH
$FWLYDFLQD$
$FWLY\FRQILUPHHOPHQ
VDMHSRVWHULRU
/LVWDGHGLVSRVLWLYRV
/DSULPHUDYH]TXHVHFRQHFWDXQWH
OIRQRPYLODOVLVWHPDGHOWHOIRQR
PHGLDQWH%OXHWRRWKVHJXDUGDHOWH
OIRQRPYLOHQODOLVWDGHGLVSRVLWL
YRV

&RQH[LQ%OXHWRRWK
%OXHWRRWKHVXQHVWQGDUGHUDGLRFR
PXQLFDFLQSDUDODFRQH[LQLQDOP
EULFDSRUHMHPSORGHXQWHOIRQRFRQ
RWURVGLVSRVLWLYRV3HUPLWHWUDQVPLWLU
LQIRUPDFLQFRPRXQDDJHQGDWHOH
IQLFDODVOLVWDVGHOODPDGDVHOQRP
EUHGHORSHUDGRUGHUHG\ODSRWHQFLD
GHFDPSR/DIXQFLRQDOLGDGSXHGH
HVWDUOLPLWDGDGHSHQGLHQGRGHOWLSR
GHWHOIRQR

3XOVHHOERWQ&
&21),*
6HOHFFLRQH$
$MXVWHVGHOWHOIRQR\
OXHJR%
%OXHWRRWK

6HSXHGHQDOPDFHQDUXQP[LPRGH
WHOIRQRVPYLOHVHQODOLVWDGHGLV
SRVLWLYRV



6LVWHPDGHLQIRHQWUHWHQLPLHQWR
(QFXDQWRHOWHOIRQRPYLOKD\DGH
WHFWDGRHOVLVWHPDGHOWHOIRQRVHSR
GULQWURGXFLUHOFGLJR%OXHWRRWKHQ
HOWHOIRQRPYLO

&RQHFWDUXQWHOIRQRPYLOSRU
SULPHUDYH]
&XDQGRVHDDGHHOWHOIRQRPYLO
FRPRXQGLVSRVLWLYRGHPDQRVOLEUHV
HOXVXDULRSXHGHHIHFWXDURUHFLELUOOD
PDGDV\XVDURWUDVIXQFLRQHVDWUDYV
GHOVLVWHPDGHOWHOIRQR/DJDPDGH
IXQFLRQHVGLVSRQLEOHVGHSHQGHGHO
WHOIRQRPYLO0LHQWUDVHVWFRQHF
WDGRDOVLVWHPDGHOWHOIRQRHOWHO
IRQRPYLOWDPELQVHSXHGHPDQHMDU
FRPRVLHPSUH7HQJDHQFXHQWDTXH
ODEDWHUDGHOWHOIRQRPYLOVHSXHGH
GHVFDUJDUFRQPD\RUUDSLGH]GHOR
KDELWXDOGHELGRDODDFWLYDFLQGHOD
FRQH[LQ%OXHWRRWKMXQWRFRQHOIXQ
FLRQDPLHQWRQRUPDOGHOWHOIRQR

6HOHFFLRQH$
$DGLUGLVSRVLWLYRPDQRV
OLEUHV6HPXHVWUDHOFGLJR
%OXHWRRWKTXHGHEHLQWURGXFLUVHHQHO
WHOIRQRPYLO
1RWD
6RODPHQWHVHSRGUQHPSDUHMDUXQ
P[LPRGHGLVSRVLWLYRVDODYH]DO
VLVWHPD6LIXHUDDHPSDUHMDUXQGLV
SRVLWLYRDGLFLRQDOGHEHUHOLPLQDU
SULPHURXQGLVSRVLWLYRDFWXDO
(OVLVWHPDGHOWHOIRQRSXHGHDKRUD
VHUGHWHFWDGRSRURWURVGLVSRVLWLYRV
%OXHWRRWK

(QFXDQWRHOVLVWHPDGHOWHOIRQR
KD\DGHWHFWDGRHOWHOIRQRPYLOVH
SRGUFRQILUPDUHOHVWDEOHFLPLHQWRGH
ODFRQH[LQ
(OWHOIRQRPYLOVHLQFOX\HHQODOLVWD
GHGLVSRVLWLYRV\VHSXHGHPDQHMDUD
WUDYVGHOVLVWHPDGHOWHOIRQR

6LVWHPDGHLQIRHQWUHWHQLPLHQWR
&DPELDUHOFGLJR%OXHWRRWK
/DSULPHUDYH]TXHVHHVWDEOHFHXQD
FRQH[LQ%OXHWRRWKFRQHOVLVWHPDGHO
WHOIRQRDSDUHFHXQFGLJRSUHGH
WHUPLQDGR(VWHFGLJRSUHGHWHUPL
QDGRVHSXHGHFDPELDUHQFXDOTXLHU
PRPHQWR3RUPRWLYRVGHVHJXULGDG
GHEHXWLOL]DUXQFGLJRGHFXDWURG
JLWRVVHOHFFLRQDGRDOHDWRULDPHQWH

6HOHFFLRQH&
&DPELDUFGLJRGH
%OXHWRRWK(QHOPHQPRVWUDGR
HGLWHHOFGLJR%OXHWRRWKDFWXDO\FRQ
ILUPHHOFGLJRPRGLILFDGRFRQ
$FHSWDU

&RQHFWDUXQWHOIRQRPYLOJXDUGDGR
HQODOLVWDGHGLVSRVLWLYRV



1RWD
6LHOGLVSRVLWLYRQRVHSXHGHFRQHF
WDUFRPSUXEHORSDUDDVHJXUDUTXH
HQHOGLVSRVLWLYRDSDUHFHHOVLVWHPD
GHOWHOIRQRGHOYHKFXOR6LQROR
KDFHERUUHHOGLVSRVLWLYRGHODOLVWD
GHGLVSRVLWLYRV\YXHOYDDFRQHFWDUOR
FRPRXQGLVSRVLWLYRQXHYR
(OLPLQDUXQWHOIRQRPYLOGHODOLVWD
GHGLVSRVLWLYRV
6HOHFFLRQHHOWHOIRQRPYLOGHVHDGR
GHODOLVWDGHGLVSRVLWLYRV(QHOPHQ
PRVWUDGRVHOHFFLRQH%
%RUUDU\FRQ
ILUPHHOPHQVDMHSRVWHULRU

6HOHFFLRQHHOWHOIRQRPYLOGHVHDGR
\DFRQWLQXDFLQVHOHFFLRQHODRS
FLQ6
6HOHFFLRQDUHQHOPHQPRV
WUDGR
(QFXDQWRHOVLVWHPDGHOWHOIRQR
KD\DGHWHFWDGRHOWHOIRQRPYLOVH
SRGUFRQILUPDUHOHVWDEOHFLPLHQWRGH
ODFRQH[LQ
(OWHOIRQRPYLOVHSXHGHPDQHMDUD
WUDYVGHOVLVWHPDGHOWHOIRQR

$MXVWDUHOWRQRGHOODPDGD
3DUDFDPELDUODFDUDFWHUVWLFDGHO
WRQRGHOODPDGD
3XOVHHOERWQ&
&21),*
6HOHFFLRQH$
$MXVWHVGHOWHOIRQR\
OXHJR6
6HDOGHOODPDGD
6HOHFFLRQHODRSFLQGHVHDGD
3DUDFDPELDUHOYROXPHQGHOWRQRGH
OODPDGD



6LVWHPDGHLQIRHQWUHWHQLPLHQWR

0LHQWUDVVXHQDHOWHOIRQRJLUHHOER
WQPGHOVLVWHPDGHLQIRHQWUHWHQL
PLHQWRRSXOVHORVERWRQHV
HQHO
YRODQWH
5HVWDEOHFHUORVDMXVWHVGHIEULFDGHO
WHOIRQRPYLO
6HOHFFLRQH$
$MXVWHVGHOWHOIRQR\
OXHJR5
5HVWDXUDUDMXVWHVGHIEULFD

0DQHMR
,QWURGXFFLQ
(QFXDQWRVHKD\DHVWDEOHFLGRXQD
FRQH[LQ%OXHWRRWKHQWUHVXWHOIRQR
PYLO\HOVLVWHPDGHLQIRHQWUHWHQL
PLHQWRSXHGHWDPELQPDQHMDUPX
FKDVIXQFLRQHVGHVXWHOIRQRPYLOD
WUDYVGHOVLVWHPDGHLQIRHQWUHWHQL
PLHQWR
$WUDYVGHOVLVWHPDGHLQIRHQWUHWHQL
PLHQWRSXHGHSRUHMHPSORHVWDEOH
FHUXQDFRQH[LQFRQORVQPHURVGH
WHOIRQRJXDUGDGRVHQVXWHOIRQR
PYLORFDPELDUGLFKRVQPHURV

1RWD
(QHOPRGRGHPDQRVOLEUHVVH
SXHGHVHJXLUXVDQGRHOWHOIRQRP
YLOSHMDFHSWDUXQDOODPDGDR
DMXVWDUHOYROXPHQ
'HVSXVGHHVWDEOHFHUXQDFRQH[LQ
HQWUHHOWHOIRQRPYLO\HOVLVWHPDGH
LQIRHQWUHWHQLPLHQWRVHWUDQVPLWHQORV
GDWRVGHOWHOIRQRPYLODOVLVWHPDGH
LQIRHQWUHWHQLPLHQWR(VWRSXHGHWDU
GDUXQSRFRGHSHQGLHQGRGHOPRGHOR
GHWHOIRQR'XUDQWHGLFKRSHULRGRGH
WLHPSRHOPDQHMRGHOWHOIRQRPYLO
DWUDYVGHOVLVWHPDGHLQIRHQWUHWHQL
PLHQWRHVSRVLEOHDXQTXHGHIRUPD
OLPLWDGD
1RWRGRVORVWHOIRQRVVRQFRPSDWL
EOHVFRQWRGDVODVIXQFLRQHVGHOVLV
WHPDGHOWHOIRQR3RUHVRSXHGHKD
EHUGLIHUHQFLDVUHVSHFWRDODJDPDGH
IXQFLRQHVGHVFULWDVFRQHVWRVWHOIR
QRVHVSHFILFRV3DUDPVLQIRUPD
FLQFRQVXOWHODVLQVWUXFFLRQHVGHO
DGDSWDGRUHVSHFILFRGHOWHOIRQR

$MXVWDUHOYROXPHQGHO
GLVSRVLWLYRGHPDQRVOLEUHV
*LUHHOERWQPGHOVLVWHPDGH
LQIRHQWUHWHQLPLHQWRRSXOVHORVERWR
QHV
HQHOYRODQWH

0DUFDUXQQPHURGHWHOIRQR

&RQHOPHQSULQFLSDOGHOWHOIRQRDF
WLYRSXOVHHOERWQ0
0(18SDUDDEULU
HOPHQGHPDQHMRGHOWHOIRQR
+D\YDULDVRSFLRQHVSDUDPDUFDUORV
QPHURVGHWHOIRQRSDUDXVDUOD
DJHQGDWHOHIQLFD\ODVOLVWDVGHOOD
PDGDV

6LVWHPDGHLQIRHQWUHWHQLPLHQWR
,QWURGXFLUXQQPHUR
PDQXDOPHQWH

PLVPDWDUMHWD6,0RGHOPLVPRWHO
IRQR'XUDQWHHVWHSHULRGRQRVH
PXHVWUDQODVQXHYDVHQWUDGDVDDGL
GDV
6LODWDUMHWD6,0RHOWHOIRQRVRQGL
IHUHQWHVVHYXHOYHDFDUJDUOD
DJHQGDWHOHIQLFD(VWDRSHUDFLQ
SXHGHWDUGDUXQRVPLQXWRVGHSHQ
GLHQGRGHOPRGHORGHWHOIRQR



FLDUXQDSUHVHOHFFLQGHODVHQWUDGDV
GHODDJHQGDWHOHIQLFDTXHTXLHUH
YHU

6HOHFFLRQDUXQQPHURGH
WHOIRQRGHODDJHQGDWHOHIQLFD

6HOHFFLRQH,,QWURGXFLUQPHUR\OXHJR
LQWURGX]FDODVHFXHQFLDGHQPHURV
TXHGHVHH
6HOHFFLRQH\SDUDLQLFLDUHOSURFHVR
GHPDUFDGR
3XHGHFDPELDUDOPHQGHODDJHQGD
WHOHIQLFDVHOHFFLRQDQGR]

1RWD
/DVHQWUDGDVGHODJXDWHOHIQLFDVH
FDUJDQDPHGLGDTXHVHWUDQVILHUHQ
GHVGHHOWHOIRQRPYLO/DSUHVHQ
WDFLQ\HORUGHQGHODVHQWUDGDVGH
ODJXDWHOHIQLFDSXHGHVHUGLVWLQWD
HQODSDQWDOODGHOVLVWHPDGHLQIRHQ
WUHWHQLPLHQWR\HQODGHOWHOIRQR
PYLO

$JHQGDWHOHIQLFD
'HVSXVGHHVWDEOHFHUODFRQH[LQ
ODDJHQGDWHOHIQLFDVHFRPSDUDFRQ
ODDJHQGDWHOHIQLFDGHODPHPRULD
WHPSRUDOVLHPSUHTXHVHWUDWHGHOD

6HOHFFLRQH*
*XDWHOHIQLFD(QHO
PHQPRVWUDGRVHOHFFLRQHHOJUXSR
GHOHWUDVLQLFLDOHVGHVHDGRSDUDLQL

7UDVUHDOL]DUODSUHVHOHFFLQVHOHF
FLRQHODHQWUDGDGHVHDGDGHOD
DJHQGDWHOHIQLFDSDUDYHUORVQPH
URVJXDUGDGRVHQGLFKDHQWUDGD



6LVWHPDGHLQIRHQWUHWHQLPLHQWR

6HOHFFLRQHHOQPHURGHVHDGRSDUD
LQLFLDUHOSURFHVRGHPDUFDGR

/LVWDVGHOODPDGDV

/ODPDGDHQWUDQWH
&XDQGRKD\XQDOODPDGDHQWUDQWH
DSDUHFHXQPHQTXHOHSHUPLWH
DFHSWDURUHFKD]DUODOODPDGDWHOHI
QLFD
6HOHFFLRQHODRSFLQGHVHDGD

)XQFLRQHVGXUDQWHXQDOODPDGD
WHOHIQLFD

0HGLDQWHHOPHQ/
/LVWDVGH
OODPDGDVHOXVXDULRSXHGHYHUODVOOD
PDGDVHQWUDQWHVVDOLHQWHV\SHUGL
GDV\PDUFDUORVQPHURVFRUUHV
SRQGLHQWHV3DUDLQLFLDUHOSURFHVRGH
PDUFDGRVHOHFFLRQHODOLVWDGHOODPD
GDVGHVHDGDOXHJRXQDHQWUDGDGHOD
OLVWD\ILQDOPHQWHHOQPHURGHWHO
IRQRGHVHDGR

6LWLHQHDFWXDOPHQWHXQDOODPDGDWH
OHIQLFDSXOVHHOERWQ0
0(18SDUD
DEULUXQVXEPHQ
+D\GLYHUVDVRSFLRQHVGLVSRQLEOHV
GHSHQGLHQGRGHODVLWXDFLQ\GHOD
JDPDGHIXQFLRQHVGHOWHOIRQRPYLO
&ROJDUFRUWDUODFRQH[LQWHOHI
QLFD
/ODPDUDQPHURLQWURGXFLUXQQ
PHURGHWHOIRQRSDUDHIHFWXDUXQD
VHJXQGDOODPDGDRUHDOL]DUXQPDU
FDGRSRUWRQRV'70)SRUHMHP
SORSDUDFRUUHRGHYR]REDQFDWH
OHIQLFD
'HVFRQHFWDUOODPDGDGHVFRQHFWDU
DXQSDUWLFLSDQWHHQXQDFRQIHUHQ
FLDWHOHIQLFD

8QLUOODPDGDVFRPELQDUGRVOODPD
GDVFXDQGRKD\YDULDVOODPDGDV
DFWLYDV
&RQPXWDUOODPDGDVFDPELDUHQWUH
OODPDGDVVLKD\YDULDVOODPDGDV
6LOHQFLDUOODPDGDVLOHQFLDUXQDOOD
PDGD

7HOIRQRVPYLOHV\
UDGLRWUDQVPLVRUHV
,QVWUXFFLRQHVGHPRQWDMH\
QRUPDVGHXVR
3DUDODLQVWDODFLQ\XVRGHXQWHO
IRQRPYLOVHWLHQHQTXHFXPSOLUODV
LQVWUXFFLRQHVGHPRQWDMHHVSHFILFDV
GHOYHKFXOR\ODVQRUPDVGHXVRGHO
IDEULFDQWHGHOWHOIRQR\GHOPDQRVOL
EUHV(QFDVRFRQWUDULRVHSXHGH
DQXODUHOSHUPLVRGHFLUFXODFLQGHO
YHKFXOR
'LUHFWLYDHXURSHD&(

6LVWHPDGHLQIRHQWUHWHQLPLHQWR
5HFRPHQGDFLRQHVSDUDXQIXQFLRQD
PLHQWRVLQSUREOHPDV
$QWHQDH[WHULRUGHELGDPHQWHLQVWD
ODGDSDUDREWHQHUHOP[LPRDO
FDQFHSRVLEOH
3RWHQFLDGHHPLVLQP[LPD
GH:
0RQWDMHGHOWHOIRQRHQXQOXJDU
DGHFXDGRUHVSHWDQGRODLQIRUPD
FLQUHOHYDQWHGHODQRWD
3LGDDVHVRUDPLHQWRVREUHHOOXJDU
DGHFXDGRSDUDHOPRQWDMHGHODDQ
WHQDH[WHULRURORVVRSRUWHVSDUDORV
DSDUDWRVDVFRPRVREUHODVSRVLEL
OLGDGHVH[LVWHQWHVSDUDXWLOL]DUDSDUD
WRVFRQXQDSRWHQFLDGHHPLVLQVX
SHULRUDORV:
(OXVRGHXQGLVSRVLWLYRGHPDQRVOL
EUHVVLQDQWHQDH[WHULRUHQORVVLVWH
PDV*60\8076
VORHVWSHUPLWLGRVLQRVHVXSHUD
XQDSRWHQFLDGHHPLVLQP[LPDGH
:HQHOFDVRGH*60\GH
:HQORVGHPV

3RUPRWLYRVGHVHJXULGDGOHUHFR
PHQGDPRVTXHQRXWLOLFHHOWHOIRQR
PLHQWUDVFRQGXFH,QFOXVRODXWLOL]D
FLQGHXQGLVSRVLWLYRGHPDQRVOLEUHV
SXHGHGLVWUDHUOHGHODFRQGXFFLQ

$WHQFLQ
(OXVRGHUDGLRWUDQVPLVRUHV\WH
OIRQRVPYLOHVTXHLQFXPSODQODV
QRUPDVDQWHVPHQFLRQDGDVVOR
HVWSHUPLWLGRFRQXQDDQWHQDVL
WXDGDHQHOH[WHULRUGHOYHKFXOR

$WHQFLQ
/RVWHOIRQRVPYLOHV\UDGLR
WUDQVPLVRUHVSXHGHQSURYRFDUID
OORVHQHOIXQFLRQDPLHQWRGHORV
VLVWHPDVHOHFWUQLFRVGHOYHKFXOR
VLVHXVDQHQHOLQWHULRUGHOYH
KFXORVLQDQWHQDH[WHULRUVDOYR
TXHVHFXPSODQODVQRUPDVDQWHV
PHQFLRQDGDV





&OLPDWL]DFLQ

&OLPDWL]DFLQ
6LVWHPDVGHFOLPDWL]DFLQ  
6DOLGDVGHDLUH  
0DQWHQLPLHQWR  

6LVWHPDVGH
FOLPDWL]DFLQ
6LVWHPDGHFDOHIDFFLQ\
YHQWLODFLQ

7HPSHUDWXUD
$MXVWHODWHPSHUDWXUDJLUDQGRHO
PDQGR
5RMR
FDOLHQWH
$]XO
IUR
/DFDOHIDFFLQQRVHUWRWDOPHQWH
HIHFWLYDKDVWDTXHHOPRWRUKD\DDO
FDQ]DGRVXWHPSHUDWXUDGHIXQFLRQD
PLHQWR

'LVWULEXFLQGHDLUH

0DQGRVSDUDOD
7HPSHUDWXUD
'LVWULEXFLQGHDLUH
9HORFLGDGGHOYHQWLODGRU
'HVHPSDDGR\GHVFRQJHODFLQ
/XQHWDWUPLFDWUDVHUD

6HOHFFLRQHODVDOLGDGHDLUHSXOVDQGR
ORVERWRQHV
KDFLDODFDEH]D\ORVSLHV
+
KDFLDORVSLHV
*
KDFLDOD]RQDGHODFDEH]DPH
,
GLDQWHVDOLGDVGHDLUHUHJXOD
EOHV
KDFLDHOSDUDEULVDV\OD]RQD
)
UHSRVDSLV
(ODMXVWHVHOHFFLRQDGRVHLQGLFDPH
GLDQWHXQ/('GHOERWQ

9HORFLGDGGHOYHQWLODGRU
$MXVWHHOFDXGDOGHDLUHFRQHFWDQGR
ODYHORFLGDGGHVHDGDGHOYHQWLODGRU

&OLPDWL]DFLQ
'HVHPSDDGR\
GHVFRQJHODFLQ5



/XQHWDWUPLFDWUDVHUD^

,QGLFDFLQGHORVDMXVWHV
/DVIXQFLRQHVVHOHFFLRQDGDVVHLQGL
FDQPHGLDQWHHO/('GHOERWQDFWL
YDGR

$LUHDFRQGLFLRQDGR
 3HOLJUR

3XOVHHOERWQ5HOYHQWLODGRUVH
FRQHFWDDXWRPWLFDPHQWHDXQD
YHORFLGDGPVDOWDODGLVWULEXFLQ
GHDLUHVHRULHQWDKDFLDHOSDUDEUL
VDV
3RQJDHOPDQGRGHODWHPSHUDWXUD
HQHOQLYHOPVFOLGR
&RQHFWHODOXQHWDWUPLFDWUD
VHUD^
$EUDODVVDOLGDVGHDLUHVHJQVHD
QHFHVDULR\RULQWHODVKDFLDODV
YHQWDQLOODV

1RGXHUPDHQXQYHKFXORFRQHO
VLVWHPDGHDLUHDFRQGLFLRQDGRR
GHFDOHIDFFLQHQFHQGLGR3XHGH
VXIULUOHVLRQHVJUDYHVRIDWDOHVGH
ELGRDXQDFDGDGHOQLYHOGHR[
JHQR\RODWHPSHUDWXUDFRUSRUDO

0DQGRVSDUDOD
7HPSHUDWXUD
'LVWULEXFLQGHDLUH
9HORFLGDGGHOYHQWLODGRU
'HVHPSDDGR\GHVFRQJHODFLQ
5HFLUFXODFLQGHDLUH
5HIULJHUDFLQL
/XQHWDWUPLFDWUDVHUD

7HPSHUDWXUD
$MXVWHODWHPSHUDWXUDJLUDQGRHO
PDQGR
5RMR
FDOLHQWH
$]XO
IUR



&OLPDWL]DFLQ

/DFDOHIDFFLQQRVHUWRWDOPHQWH
HIHFWLYDKDVWDTXHHOPRWRUKD\DDO
FDQ]DGRVXWHPSHUDWXUDGHIXQFLRQD
PLHQWR

'HVHPSDDGR\
GHVFRQJHODFLQGHORV
FULVWDOHV5

'LVWULEXFLQGHDLUH
6HOHFFLRQHODVDOLGDGHDLUHSXOVDQGR
ORVERWRQHV
KDFLDODFDEH]D\ORVSLHV
+
KDFLDORVSLHV
*
KDFLDOD]RQDGHODFDEH]DPH
,
GLDQWHVDOLGDVGHDLUHUHJXOD
EOHV
KDFLDHOSDUDEULVDV\OD]RQD
)
UHSRVDSLV
(ODMXVWHVHOHFFLRQDGRVHLQGLFDPH
GLDQWHXQ/('GHOERWQ

9HORFLGDGGHOYHQWLODGRU
$MXVWHHOFDXGDOGHDLUHFRQHFWDQGR
ODYHORFLGDGGHVHDGDGHOYHQWLODGRU

3XOVHHOERWQ5HOYHQWLODGRUVH
FRQHFWDDXWRPWLFDPHQWHDXQD
YHORFLGDGPVDOWDODGLVWULEXFLQ
GHDLUHVHRULHQWDKDFLDHOSDUDEUL
VDV
&RQHFWHODUHIULJHUDFLQL
3RQJDHOPDQGRGHODWHPSHUDWXUD
HQHOQLYHOPVFOLGR

&RQHFWHODOXQHWDWUPLFDWUD
VHUD^
$EUDODVVDOLGDVGHDLUHVHJQVHD
QHFHVDULR\RULQWHODVKDFLDODV
YHQWDQLOODV
1RWD
6LVHVHOHFFLRQDQODVRSFLRQHVGH
GHVHPSDDGR\GHVFRQJHODFLQVH
LQKLELUODSDUDGDDXWRPWLFD$XWR
VWRS
6LVHVHOHFFLRQDQODVRSFLRQHVGH
GHVHPSDDGR\GHVFRQJHODFLQ
PLHQWUDVHOPRWRUHVWHQXQDSD
UDGDDXWRPWLFD$XWRVWRSVHYRO
YHUDDUUDQFDUHOPRWRUDXWRPWL
FDPHQWH
/XQHWDWUPLFDWUDVHUD^

6LVWHPDGHUHFLUFXODFLQGH
DLUH
(OPRGRGHUHFLUFXODFLQGHDLUHVH
DFFLRQDFRQHOERWQ

&OLPDWL]DFLQ
 3HOLJUR
&RQGXFLUFRQHOPRGRGHUHFLUFX
ODFLQFRQHFWDGRGXUDQWHXQSH
URGRSURORQJDGRSXHGHSURYRFDU
VXHR&DPELHSHULGLFDPHQWHDO
PRGRGHDLUHH[WHULRUSDUDSHUPLWLU
ODHQWUDGDGHDLUHIUHVFR
(QHOPRGRGHUHFLUFXODFLQVHUH
GXFHHOLQWHUFDPELRGHDLUHIUHVFR
(QFDVRGHIXQFLRQDPLHQWRVLQUH
IULJHUDFLQDXPHQWDODKXPHGDG
GHODLUH\VHSXHGHQHPSDDUORV
FULVWDOHV/DFDOLGDGGHODLUHGHO
KDELWFXORGLVPLQX\HHVWRSXHGH
KDFHUTXHORVRFXSDQWHVVHVLHQ
WDQPDUHDGRV

6LQRHVQHFHVDULRUHIULJHUDURGHV
KXPLGLILFDUHODLUHGHVFRQHFWHODUH
IULJHUDFLQSDUDDKRUUDUFRPEXVWLEOH
&XDQGRHOVLVWHPDGHUHIULJHUDFLQ
VHDSDJDHOVLVWHPDGHFOLPDWL]DFLQ
QRVROLFLWDUHODUUDQTXHGHOPRWRUGX
UDQWHXQDSDUDGDDXWRPWLFD$XWR
VWRS

5HIULJHUDFLQP[LPD

&RQHFWHODUHIULJHUDFLQL
&RQHFWHHOVLVWHPDGHUHFLUFXODFLQ
GHDLUH
3XOVHHOLQWHUUXSWRUGHGLVWULEXFLQ
GHDLUH,
3RQJDHOPDQGRGHODWHPSHUDWXUD
HQHOQLYHOPVIUR
3RQJDODYHORFLGDGGHOYHQWLODGRUDO
P[LPR
$EUDWRGDVODVVDOLGDV

,QGLFDFLQGHORVDMXVWHV
/DVIXQFLRQHVVHOHFFLRQDGDVVHLQGL
FDQPHGLDQWHHO/('GHOERWQDFWL
YDGR

&OLPDWL]DGRUDXWRPWLFR
HOHFWUQLFR

5HIULJHUDFLQL
6HDFFLRQDFRQHOERWQL\VORIXQ
FLRQDFRQHOPRWRU\HOYHQWLODGRUHQ
PDUFKD
(ODLUHDFRQGLFLRQDGRUHIULJHUD\GHV
KXPLGLILFDVHFDHODLUHFXDQGROD
WHPSHUDWXUDH[WHULRUHVWSRUHQFLPD
GHOSXQWRGHFRQJHODFLQ3RUHVRVH
SXHGHFRQGHQVDUDJXDTXHVDOHSRU
GHEDMRGHOYHKFXOR



 3HOLJUR
$EUDEUHYHPHQWHODVYHQWDQLOODVSDUD
TXHHODLUHFDOLHQWHVDOJDUSLGD
PHQWH

1RGXHUPDHQXQYHKFXORFRQHO
VLVWHPDGHDLUHDFRQGLFLRQDGRR
GHFDOHIDFFLQHQFHQGLGR3XHGH



&OLPDWL]DFLQ

VXIULUOHVLRQHVJUDYHVRIDWDOHVGH
ELGRDXQDFDGDGHOQLYHOGHR[
JHQR\RODWHPSHUDWXUDFRUSRUDO

0DQGRVSDUDHOPRGRDXWRPWLFR
$872
PRGRDXWRPWLFR
HOVLVWHPDVHOHF
FLRQDDXWRPWLFD
PHQWHWRGRVORV
DMXVWHVH[FHSWROD
WHPSHUDWXUD
7HPSHUDWXUH
SUHVHOHFFLQGHOD
WHPSHUDWXUDGH
VHDGD

/DVVLJXLHQWHVIXQFLRQHVVHSXHGHQ
DGDSWDUGHIRUPDPDQXDOGHVDFWL
YDQGRHOPRGRDXWRPWLFR
)DQ
FDXGDOVHOHFFLRQDEOH
VSHHG
02'(
GLVWULEXFLQGHDLUHVH
OHFFLRQDEOH
GHVHPSDDGR\GHV
5
FRQJHODFLQ
;
HQFHQGHURDSDJDUHO
VLVWHPD
DFWLYDURGHVDFWLYDUOD
L
UHIULJHUDFLQ
UHFLUFXODFLQGHDLUH

$46
VHQVRUGHFDOLGDGGHO
DLUH
/XQHWDWUPLFDWUDVHUD^
6HUHJXODDXWRPWLFDPHQWHODWHP
SHUDWXUDSUHVHOHFFLRQDGD(QHO
PRGRDXWRPWLFRODYHORFLGDGGHO
YHQWLODGRU\ODGLVWULEXFLQGHDLUHUH
JXODQDXWRPWLFDPHQWHHOFDXGDOGH
DLUH
(OVLVWHPDVHSXHGHDGDSWDUPDQXDO
PHQWHPHGLDQWHHOXVRGHORVPDQGRV
GHGLVWULEXFLQGHDLUH\GHYHORFLGDG
GHOYHQWLODGRU

&DGDFDPELRGHDMXVWHVVHLQGLFDHQ
ODSDQWDOODGHLQIRUPDFLQGXUDQWH
XQRVVHJXQGRV
/DVIXQFLRQHVDFWLYDGDVVHLQGLFDQ
PHGLDQWHHO/('GHOERWQ
(OFOLPDWL]DGRUDXWRPWLFRHOHFWU
QLFRVORIXQFLRQDSOHQDPHQWHFRQHO
PRWRUHQPDUFKD
(QYHKFXORVHTXLSDGRVFRQVLVWHPD
VWRSVWDUWSXOVDUHOERWQLGHOFOL
PDWL]DGRUSURSRUFLRQDHOVLJXLHQWH
HIHFWR
6LVHSXOVDXQDYH]HO/('VHLOX
PLQDYHUGHHODLUHDFRQGLFLRQDGR
IXQFLRQDHQPRGR(&2

&OLPDWL]DFLQ
6LVHSXOVDGRVYHFHVHO/('VH
LOXPLQDDPDULOORHODLUHDFRQGLFLR
QDGRIXQFLRQDHQPRGRFRQIRUW
FHQWUDGRHQODFRPRGLGDGGHO
DFRPSDDQWHHOWLHPSRGHXQDSD
UDGDDXWRPWLFDSXHGHUHGXFLUVH
6LVHSXOVDWUHVYHFHVHODLUHDFRQ
GLFLRQDGRVHDSDJD
'HVSXVGHSXOVDUFDGDYH]HOERWQ
LDSDUHFHXQPHQVDMHHQODSDQWDOOD
TXHFRQILUPDHODMXVWH
3DUDXQFRUUHFWRIXQFLRQDPLHQWRQR
WDSHHOVHQVRUGHOWDEOHURGHLQVWUX
PHQWRV

0RGRDXWRPWLFR$872

$MXVWHEVLFRSDUDHOP[LPRFRQIRUW
3XOVHHOERWQ$
$872HODLUHDFRQ
GLFLRQDGRVHDFWLYDDXWRPWLFD
PHQWH
$EUDWRGDVODVVDOLGDVGHDLUH
$MXVWHODWHPSHUDWXUDSUHVHOHFFLR
QDGDXVDQGRHOFRQPXWDGRUJLUDWR
ULRL]TXLHUGR
/DUHJXODFLQGHODYHORFLGDGGHOYHQ
WLODGRUHQPRGRDXWRPWLFRVHSXHGH
FDPELDUHQHOPHQ$
$MXVWHV
3HUVRQDOL]DFLQGHOYHKFXOR
7RGDVODVVDOLGDVGHDLUHVHDFFLRQDQ
DXWRPWLFDPHQWHHQHOPRGRDXWR
PWLFR3RUHVRODVVDOLGDVGHDLUH
GHEHUDQHVWDUVLHPSUHDELHUWDV



3UHVHOHFFLQGHODWHPSHUDWXUD

$MXVWHODWHPSHUDWXUDDOYDORUGH
VHDGRJLUDQGRHOPDQGR
5RMR
FDOLHQWH
$]XO
IUR
6LVHDMXVWDODWHPSHUDWXUDPQLPDHO
FOLPDWL]DGRUDXWRPWLFRIXQFLRQDDOD
P[LPDSRWHQFLDGHUHIULJHUDFLQ
6LVHDMXVWDODWHPSHUDWXUDP[LPD
HOFOLPDWL]DGRUDXWRPWLFRIXQFLRQDD
ODP[LPDSRWHQFLDGHFDOHIDFFLQ



&OLPDWL]DFLQ

1RWD
6LODWHPSHUDWXUDVHUHGXFH&R
PVFRQHOPRWRUHQXQDSDUDGDDX
WRPWLFD$XWRVWRSVHYROYHUD
DUUDQFDUHOPRWRUDXWRPWLFDPHQWH
6LVWHPDVWRSVWDUW

'HVHPSDDGR\
GHVFRQJHODFLQGHORVFULVWDOHV
5
3XOVHHOERWQ5
/DWHPSHUDWXUD\ODGLVWULEXFLQGHO
DLUHVHUHJXODQDXWRPWLFDPHQWH
HOYHQWLODGRUIXQFLRQDDYHORFLGDG
PVDOWD
3DUDYROYHUDOPRGRDXWRPWLFR
SXOVHHOERWQ5
&RQHFWHODOXQHWDWUPLFDWUDVHUD^
1RWD
6LVHSXOVDHOERWQ5FRQHOPRWRU
HQPDUFKDVHDQXODUODSDUDGDDX
WRPWLFD$XWRVWRSKDVWDTXHVH
YXHOYDDSXOVDUHOERWQ5
6LVHSXOVDHOERWQ5PLHQWUDVHO
PRWRUHVWHQXQDSDUDGDDXWRP
WLFD$XWRVWRSVHYROYHUDDUUDQ
FDUHOPRWRUDXWRPWLFDPHQWH

/XQHWDWUPLFDWUDVHUD^

$MXVWHVPDQXDOHV
/RVDMXVWHVGHOFOLPDWL]DGRUDXWRP
WLFRVHSXHGHQFDPELDUDFWLYDQGRORV
ERWRQHV\FRQPXWDGRUHVJLUDWRULRV
GHOVLJXLHQWHPRGR$OFDPELDUXQ
DMXVWHVHGHVDFWLYDUHOPRGRDXWR
PWLFR

3DUDYROYHUDOPRGRDXWRPWLFR
3XOVHHOERWQ$
$872

'LVWULEXFLQGHDLUH02'(

9HORFLGDGGHOYHQWLODGRUV

3XOVHHOERWQ0
02'(XQDYH]RUH
SHWLGDPHQWHSDUDHIHFWXDUHODMXVWH
GHVHDGRHODMXVWHGHODGLVWULEXFLQ
GHDLUHVHLQGLFDHQODSDQWDOODGHLQ
IRUPDFLQ
*LUHHOFRQPXWDGRUJLUDWRULRGHUHFKR
/DYHORFLGDGGHOYHQWLODGRUVHOHFFLR
QDGDVHLQGLFDPHGLDQWHHOQPHUR
HQODSDQWDOOD

&OLPDWL]DFLQ
5+
5*
*
,
+

KDFLDHOSDUDEULVDVOD]RQD
GHODFDEH]D\OD]RQDUH
SRVDSLV
KDFLDHOSDUDEULVDV\OD
]RQDUHSRVDSLV
KDFLDORVSLHV
KDFLDOD]RQDGHODFDEH]D
PHGLDQWHVDOLGDVGHDLUHUH
JXODEOHV
KDFLDOD]RQDGHODFDEH]D
PHGLDQWHVDOLGDVGHDLUHUH
JXODEOHV\OD]RQDUHSRVD
SLV

9XHOWDDODGLVWULEXFLQGHDLUHDXWR
PWLFD'HVDFWLYHHODMXVWHFRUUHV
SRQGLHQWHRSXOVHHOERWQ$
$872

5HIULJHUDFLQL
6HDFWLYDRGHVDFWLYDFRQHOERWQL
(ODLUHDFRQGLFLRQDGRUHIULJHUD\GHV
KXPLGLILFDVHFDHODLUHFXDQGROD
WHPSHUDWXUDH[WHULRUVXSHUDXQQLYHO
GHWHUPLQDGR3RUHVRVHSXHGHFRQ
GHQVDUDJXDTXHVDOHSRUGHEDMRGHO
YHKFXOR
6LQRHVQHFHVDULRUHIULJHUDURGHV
KXPLGLILFDUHODLUHGHVFRQHFWHODUH
IULJHUDFLQSDUDDKRUUDUFRPEXVWLEOH

&XDQGRHOVLVWHPDGHUHIULJHUDFLQ
VHDSDJDHOVLVWHPDGHFOLPDWL]DFLQ
QRVROLFLWDUHODUUDQTXHGHOPRWRUGX
UDQWHXQDSDUDGDDXWRPWLFD$XWR
VWRS

5HFLUFXODFLQGHDLUH
DXWRPWLFD
(OVLVWHPDGHUHFLUFXODFLQGHDLUH
DXWRPWLFDWLHQHXQVHQVRUGHKXPH
GDGGHODLUHTXHFDPELDDXWRPWLFD
PHQWHDDLUHH[WHULRUVLODKXPHGDG
GHODLUHLQWHULRUHVGHPDVLDGRDOWD

0RGRPDQXDOGHUHFLUFXODFLQ
GHDLUH
(OPRGRPDQXDOGHUHFLUFXODFLQGH
DLUHVHDFFLRQDFRQHOERWQ
&XDQGRHVWDFWLYDGRODHQWUDGDGH
DLUHH[WHULRUVHEORTXHD\HODLUHLQWH
ULRUHVWHQPRGRGHUHFLUFXODFLQ

 3HOLJUR
(QHOPRGRGHUHFLUFXODFLQVHUH
GXFHHOLQWHUFDPELRGHDLUHIUHVFR
(QFDVRGHIXQFLRQDPLHQWRVLQUH
IULJHUDFLQDXPHQWDODKXPHGDG



GHODLUH\VHSXHGHQHPSDDUORV
FULVWDOHV/DFDOLGDGGHODLUHGHO
KDELWFXORGLVPLQX\HHVWRSXHGH
KDFHUTXHORVRFXSDQWHVVHVLHQ
WDQPDUHDGRV

6HQVRUGHFDOLGDGGHODLUH
$46
(OVHQVRUGHFDOLGDGGHODLUHGHWHFWD
ODPDODFDOLGDGGHODLUHFLUFXQGDQWH\
FDPELDDXWRPWLFDPHQWHDDLUHLQWH
ULRU

(QFHQGHURDSDJDUHOVLVWHPD;
3XOVDQGRHOERWQ;VHDFWLYDQRGHV
DFWLYDQWRGDVODVIXQFLRQHVGHFDOH
IDFFLQYHQWLODFLQ\VLVWHPDGHUH
IULJHUDFLQ

$MXVWHVEVLFRV
$OJXQRVDMXVWHVSXHGHQFDPELDUVH
HQHOPHQ$
$MXVWHVGHODSDQWDOODGH
LQIRUPDFLQ3HUVRQDOL]DFLQGHOYH
KFXOR



&OLPDWL]DFLQ

&DOHIDFWRUDX[LOLDU

6DOLGDVGHDLUH

&DOHIDFWRUGHDLUHVORYHKFXOR
GLVHO

6DOLGDVGHDLUHUHJXODEOHV

(OVLVWHPD4XLFNKHDWHVXQFDOHIDFWRU
HOFWULFRDX[LOLDUTXHFDOLHQWDHODLUH
GHOKDELWFXORPVUSLGDPHQWH

&RQODUHIULJHUDFLQFRQHFWDGDVH
GHEHGHMDUDELHUWDDOPHQRVXQDGH
ODVVDOLGDVGHDLUHSDUDHYLWDUTXHVH
FRQJHOHHOHYDSRUDGRUGHELGRDOD
IDOWDGHPRYLPLHQWRGHODLUH

'LULMDHOIOXMRGHDLUHLQFOLQDQGR\EDV
FXODQGRODVDOHWDV

3DUDDEULUODVDOLGDJLUHODUXHGDGH
DMXVWHD7

&OLPDWL]DFLQ
3DUDFHUUDUODVDOLGDJLUHODUXHGDGH
DMXVWHD

6DOLGDVGHDLUHILMDV

0DQWHQLPLHQWR

)LOWURGHSROHQ

(QWUDGDGHDLUH

)LOWURGHSROHQFRQWURODGR
PDQXDOPHQWH



(OILOWURHOLPLQDSROYRKROOQSROHQ
HVSRUDV\RORUHVILOWURFRPELQDGR
GHODLUHTXHHQWUDHQHOYHKFXORDWUD
YVGHODHQWUDGDGHDLUH

+D\VDOLGDVGHDLUHDGLFLRQDOHVSRU
GHEDMRGHOSDUDEULVDVGHODVYHQWD
QLOODV\HQODV]RQDVGHORVSLHV

)XQFLRQDPLHQWRUHJXODU
GHODLUHDFRQGLFLRQDGR

/DHQWUDGDGHDLUHHQHOFRPSDUWL
PHQWRGHOPRWRUGHODQWHGHOSDUDEUL
VDVGHEHHVWDUOLEUHSDUDSHUPLWLUOD
HQWUDGDGHDLUH5HWLUHFXDOTXLHUUHVWR
GHKRMDVVXFLHGDGRQLHYH

3DUDJDUDQWL]DUXQIXQFLRQDPLHQWR
HILFLHQWH\GXUDGHURGHOVLVWHPDOD
UHIULJHUDFLQGHEHDFWLYDUVHGXUDQWH
XQRVPLQXWRVXQDYH]DOPHVLQGH
SHQGLHQWHPHQWHGHODVLWXDFLQFOL
PDWROJLFD\GHODSRFDGHODR/D
UHIULJHUDFLQQRIXQFLRQDDWHPSHUD
WXUDVH[WHULRUHVEDMDV

6HUYLFLR
3DUDJDUDQWL]DUXQDSRWHQFLDGHUHIUL
JHUDFLQSWLPDOHUHFRPHQGDPRV
UHYLVDUDQXDOPHQWHHOFOLPDWL]DGRU
DXWRPWLFR



&OLPDWL]DFLQ

3UXHEDGHIXQFLRQDPLHQWR\SUH
VLQ
)XQFLRQDPLHQWRGHODFDOHIDFFLQ
3UXHEDGHHVWDQTXHLGDG
&RPSUREDFLQGHODVFRUUHDVGH
WUDQVPLVLQ
/LPSLH]DGHOFRQGHQVDGRU\GHO
GHVDJHGHOHYDSRUDGRU
3UXHEDGHUHQGLPLHQWR
1RWD
8WLOLFHVORJDVUHIULJHUDQWHKRPROR
JDGR

 3HOLJUR
/RVFOLPDWL]DGRUHVGHEHQVHUUH
SDUDGRVQLFDPHQWHSRUSHUVRQDO
FXDOLILFDGR/RVPWRGRVGHUHSD
UDFLQLQFRUUHFWRVSXHGHQRFDVLR
QDUOHVLRQHVSHUVRQDOHV

&RQGXFFLQ\PDQHMR

&RQGXFFLQ\PDQHMR
5HFRPHQGDFLRQHVSDUDODFRQ
GXFFLQ  
$UUDQTXH\PDQHMR  
6LVWHPDGHHVFDSHGHOPRWRU  
&DPELRDXWRPWLFR  
&DPELRPDQXDO  
)UHQRV  
6LVWHPDVGHFRQWUROGHODFRQ
GXFFLQ  
&RQWUROGHYHORFLGDG FUXFHUR 
6LVWHPDVGHGHWHFFLQGHREMH
WRV  
&RPEXVWLEOH  

5HFRPHQGDFLRQHVSDUD
ODFRQGXFFLQ
&RQWUROGHOYHKFXOR
1RGHMHTXHHOYHKFXORFLUFXOH
FRQHOPRWRUSDUDGRH[FHSWR
GXUDQWHXQDSDUDGDDXWRPWLFD
(QGLFKDVLWXDFLQPXFKRVVLVWHPDV
QRIXQFLRQDQFRPRHOVHUYRIUHQRROD
GLUHFFLQDVLVWLGD&RQGXFLUGHHVWH
PRGRVXSRQHXQSHOLJURSDUDXVWHG\
SDUDORVGHPV7RGRVORVVLVWHPDV
IXQFLRQDQGXUDQWHXQDSDUDGDDXWR
PWLFD$XWRVWRSSHURKDEUXQDUH
GXFFLQFRQWURODGDGHODGLUHFFLQ
DVLVWLGD\ODYHORFLGDGGHOYHKFXOR
GLVPLQX\H
6LVWHPDVWRSVWDUW

3HGDOHV
3DUDDVHJXUDUXQOLEUHUHFRUULGRGHO
SHGDOQRGHEHKDEHUFXEUHDOIRP
EUDVHQ OD]RQDGHORVSHGDOHV



&RQGXFFLQGHXQYHKFXORFRQ
PRWRUGLVHO
/RVFRPSRQHQWHVGHOWXUERFRPSUH
VRUJLUDQPX\USLGDPHQWH6LVHLQ
WHUUXPSHODDOLPHQWDFLQGHDFHLWHD
ODVSLH]DVPYLOHVVHSXHGHQSURGX
FLUJUDYHVGDRVHQHOVLVWHPDGHOWXU
ERFRPSUHVRU6HGHEHQREVHUYDUODV
VLJXLHQWHVSUHFDXFLRQHVSDUDDVHJX
UDUODP[LPDYLGDWLOGHOWXUERFRP
SUHVRU
'HVSXVGHDUUDQFDUHOPRWRUG
MHORHQPDUFKDDOUDOHQWGXUDQWH
PLQXWRVHYLWHDFHOHUDURLQLFLDU
ODPDUFKDFRQHOYHKFXOR
1RSDUHHOPRWRULQPHGLDWDPHQWH
GHVSXVGHFLUFXODUHQFRQGLFLRQHV
GHFDUJDHOHYDGDFRPRFRQGXFLUD
DOWDYHORFLGDGRGHVFHQGHUXQD
SHQGLHQWHSURORQJDGD'HMHHOPR
WRUHQPDUFKDDOUDOHQWGXUDQWH
PLQXWRVSDUDTXHVHHQIUH
'HVSXVGHFDPELDUHODFHLWH\ILO
WURGHDFHLWHGHOPRWRUDUUDQTXHHO
PRWRU\GMHORHQPDUFKDDOUDOHQW
GXUDQWHPLQXWRVHYLWHDFHOH
UDURLQLFLDUODPDUFKDFRQHOYH
KFXOR



&RQGXFFLQ\PDQHMR

+DJDIXQFLRQDUHOPRWRUSRUHQ
FLPDGHOUJLPHQGHUDOHQWVOR
XQDYH]HVWDEOHFLGDODSUHVLQQRU
PDOGHODFHLWHGHOPRWRU6LVH
IXHU]DHOIXQFLRQDPLHQWRGHOWXUER
FRPSUHVRUDQWHVGHTXHORVFRMLQH
WHVHVWQOXEULFDGRVDGHFXDGD
PHQWHVHFUHDXQDIULFFLQLQQHFH
VDULD
8WLOLFHVORHODFHLWHGHOPRWRUHV
SHFLILFDGR\REVHUYHORVLQWHUYDORV
GHLQVSHFFLQ\FDPELR
6LODWHPSHUDWXUDDPELHQWHHVEDMD
RHOYHKFXORQRVHKDXWLOL]DGRGX
UDQWHPXFKRWLHPSRVHDOWHUDHO
IOXMR\ODSUHVLQQRUPDOGHODFHLWH
GHOPRWRU(QHVWDVFRQGLFLRQHVVH
GHEHUDDUUDQFDUHOPRWRU\GHMDUOR
DOUDOHQWGXUDQWHYDULRVPLQXWRV
DQWHVGHDXPHQWDUHOUJLPHQGH
UHYROXFLRQHV

$UUDQTXH\PDQHMR
5RGDMHGHXQYHKFXOR
QXHYR
2EVHUYHODVVLJXLHQWHVSUHFDXFLRQHV
GXUDQWHORVSULPHURVFLHQWRVGHNLO
PHWURVSDUDPHMRUDUODVSUHVWDFLR
QHVODHFRQRPD\ODGXUDELOLGDGGH
VXYHKFXOR
(YLWHDFHOHUDUDOP[LPRHQORV
DUUDQTXHV
1RUHYROXFLRQHH[FHVLYDPHQWHHO
PRWRU
(YLWHODVSDUDGDVEUXVFDVVDOYRHQ
FDVRVGHHPHUJHQFLD(VWRSHUPL
WLUTXHORVIUHQRVVHDVLHQWHQDGH
FXDGDPHQWH
(YLWHLQLFLDUODPDUFKDUSLGD
PHQWHODVDFHOHUDFLRQHVEUXVFDV\
ODFRQGXFFLQSURORQJDGDDDOWDYH
ORFLGDGSDUDHYLWDUGDRVHQHOPR
WRU\DKRUUDUFRPEXVWLEOH
(YLWHDFHOHUDUDOP[LPRHQODV
PDUFKDVFRUWDV
1RUHPROTXHRWURYHKFXOR

3RVLFLRQHVGHODFHUUDGXUD
GHOHQFHQGLGR






(QFHQGLGRGHVFRQHFWDGR
(QFHQGLGRGHVFRQHFWDGRYR
ODQWHGHVEORTXHDGR
(QFHQGLGRFRQHFWDGRFRQPR
WRUGLVHOSUHFDOHQWDPLHQWR
$UUDQTXH

&RQGXFFLQ\PDQHMR
 3HOLJUR
1RGHMHODOODYHHQODSRVLFLQ
FRQHOPRWRUSDUDGRGXUDQWHPX
FKRWLHPSR(VWRGHVFDUJDUOD
EDWHUD
1RJLUHODOODYHDODSRVLFLQFRQ
HOYHKFXORHQPDUFKD(OFRQGXF
WRUSRGUDSHUGHUHOFRQWUROGHOYH
KFXORGHMDUDGHIXQFLRQDUHOVHU
YRIUHQR\FDXVDUGDRVHQHOYH
KFXOROHVLRQHVSHUVRQDOHVRLQ
FOXVRIDWDOHV

$UUDQTXHGHOPRWRU
$UUDQTXHGHOPRWRUFRQOD
FHUUDGXUDGHOHQFHQGLGR



0RWRUGLVHOJLUHODOODYHDODSRVL
FLQ
SDUDHOSUHFDOHQWDPLHQWR
KDVWDTXHHOWHVWLJRGHFRQWURO
VHDSDJXH
*LUHODOODYHDODSRVLFLQ
\VXO
WHODFXDQGRHOPRWRUHVWHQPDU
FKD
$QWHVGHUHSHWLUHODUUDQTXHRSDUD
DSDJDUHOPRWRUJLUHGHQXHYRODOODYH
D

'XUDQWHXQDSDUDGDDXWRPWLFD$X
WRVWRSVHSXHGHDUUDQFDUHOPRWRU
SLVDQGRHOSHGDOGHOHPEUDJXH

$UUDQTXHGHOPRWRUFRQHOERWQ
6WDUW6WRS
*LUHODOODYHDODSRVLFLQPXHYD
OLJHUDPHQWHHOYRODQWHSDUDGHVDF
WLYDUHOEORTXHR
&DPELRPDQXDOPDQWHQJDSLVDGR
HOSHGDOGHOHPEUDJXH
&DPELRDXWRPWLFRPDQWHQJDSL
VDGRHOIUHQR\PXHYDODSDODQFD
VHOHFWRUDKDFLD3
3R1
1
1RDFHOHUH

 3HOLJUR
1RSXOVHHOERWQ6WDUW6WRSFRQHO
YHKFXORHQPDUFKD(OFRQGXFWRU
SRGUDSHUGHUHOFRQWUROGHOYH
KFXORGHMDUDGHIXQFLRQDUHOVHU
YRIUHQR\FDXVDUXQDFFLGHQWH
$VLPLVPRQXQFDGHMHEHEVQL
RV\MYHQHVVRORVHQHOYHKFXOR
3XHGHRFXUULUDOJQDFFLGHQWH



&RQGXFFLQ\PDQHMR
$SDJDGRGHOPRWRU

 3HOLJUR
$OSXOVDUHOERWQ6WDUW6WRSVH
SXHGHDUUDQFDUHOPRWRUVLODOODYH
HOHFWUQLFDHVWHQHOYHKFXOR
1XQFDGHMHVRORVHQHOYHKFXORD
QLRVQLDSHUVRQDVTXHQRHVWQ
IDPLOLDUL]DGDVFRQHOPLVPR3R
GUDQGDUOXJDUDDFFLGHQWHV'HV
FRQHFWHHOHQFHQGLGRFXDQGR
VDOJDGHOYHKFXOR\OOHYHVLHPSUH
FRQVLJRODOODYHHOHFWUQLFD
/DOODYHHOHFWUQLFDGHEHHVWDUHQ
HOLQWHULRUGHOYHKFXOR
&DPELRPDQXDOPDQWHQJDSLVDGR
HOSHGDOGHOHPEUDJXH
&DPELRDXWRPWLFRPDQWHQJDSL
VDGRHOSHGDOGHOIUHQR\PXHYDOD
SDODQFDVHOHFWRUDKDFLD3
3R1
1SRU
VHJXULGDGDUUDQTXHHOPRWRUHQ3

3XOVHGHQXHYRHOERWQFRQHOPRWRU
HQPDUFKDSDUDDSDJDUHOPRWRU

0RGRGHDOLPHQWDFLQGH
DFFHVRULRV

3XOVHHOERWQ6WDUW6WRS\VXOWHOR
FXDQGRHOPRWRUHVWHQPDUFKD(O
/('YHUGHVHLOXPLQDUHQFXDQWR
HOPRWRUHVWHQPDUFKD
(OPRWRUGLVHOLQLFLDHOSUHFDOHQWD
PLHQWRDXWRPWLFDPHQWHDWHPSH
UDWXUDVEDMDVORTXHVHLQGLFD
FRQ0DQWHQJDSLVDGRHOSHGDO
GHOIUHQRRGHOHPEUDJXHGXUDQWHHO
SUHFDOHQWDPLHQWR(OWLHPSRGH
SUHFDOHQWDPLHQWRVHUPVODUJR
FXDQWRPVEDMDVHDODWHPSHUD
WXUD
1RSLVHHOSHGDOGHODFHOHUDGRUGX
UDQWHHODUUDQTXH

3XOVHXQDYH]HOERWQ6WDUW6WRSVLQ
SLVDUHOSHGDOGHOHPEUDJXHRGHO
IUHQR6LHOP
PRGRGHDOLPHQWDFLQGH
DFFHVRULRVHVWDFWLYRVHHQFLHQGH
HO/('DPDULOORGHOERWQ(QHVWH
PRGRVHVXHOWDHOEORTXHRGHOYRODQWH
\VHSXHGHQXVDUDOJXQDVIXQFLRQHV
HOFWULFDV
3DUDDUUDQFDUHOPRWRUGHVGHHOP
PRGR
GHDOLPHQWDFLQGHDFFHVRULRVSLVH
HOSHGDOGHOHPEUDJXHFDPELRPD
QXDORHOSHGDOGHOIUHQRFDPELRDX
WRPWLFR\SXOVHXQDYH]PVHOER
WQ6WDUW6WRS
1RGHMHHOPRGRGHDFFHVRULRVRHO
HQFHQGLGRFRQHFWDGRGXUDQWHXQSH
ULRGRSURORQJDGRVLQDUUDQFDUHOPR
WRU(VWRGHVFDUJDUODEDWHUD
1RWD
1RFRORTXHHOPDQGRDGLVWDQFLDHQ
HOPDOHWHURQLPX\FHUFDGHODSDQ
WDOODGHLQIRUPDFLQ,QIR'LVSOD\

&RQGXFFLQ\PDQHMR
$FFLRQDPLHQWRGHHPHUJHQFLD
6LODSLODGHOPDQGRDGLVWDQFLDVH
HVWDJRWDQGRRIDOODHOPDQGRDGLV
WDQFLDGHODUDGLRODSXHUWDGHOFRQ
GXFWRUVHSXHGHEORTXHDU\GHVEOR
TXHDUFRQODOODYH
/DOODYHPHFQLFDVORSXHGHEOR
TXHDURGHVEORTXHDUODSXHUWDGHO
FRQGXFWRU'HVEORTXHRGHOYHKFXOR
FRPSOHWR(QYHKFXORVFRQVLV
WHPDGHDODUPDDQWLUURERVHSXHGH
GLVSDUDUODDODUPDDOGHVEORTXHDUHO
YHKFXOR'HVDFWLYHODDODUPDGHVFR
QHFWDQGRHOHQFHQGLGR

$EUDODWDSDHQODSDUWHLQIHULRUGHO
SRUWDYDVRVGHODFRQVRODFHQWUDO
'HVSOLHJXHHOSDOHWQGHODOODYHHOHF
WUQLFDHLQVUWHORHQODUDQXUDSDUDOD
OODYH
3XOVHHOERWQ6WDUW6WRS
3DUDDSDJDUHOPRWRUSXOVHHOERWQ
6WDUW6WRSGXUDQWHDOPHQRV
VHJXQGRV
%ORTXHHODSXHUWDGHOFRQGXFWRUFRQ
ODOODYHPHFQLFD%ORTXHRGHOYH
KFXORFRPSOHWR
(VWDRSFLQHVVORSDUDFDVRVGH
HPHUJHQFLD5HFXUUDDODD\XGDGH
XQ&RQFHVLRQDULR2ILFLDOR7DOOHUGH
6HUYLFLR$XWRUL]DGR&KHYUROHW

$WHQFLQ
3XHGHTXHQRIXQFLRQHQODVRS
FLRQHVGHODOODYHHOHFWUQLFDFR
QHFWDUHOHQFHQGLGREORTXHDU
GHVEORTXHDUODSXHUWDRTXHFDP
ELHVXDOFDQFHHIHFWLYRSRUTXHOD
IUHFXHQFLDVHPH]FOHFRQRWUDV
SU[LPDVVLRFXUUHDOJRGHORVL
JXLHQWH(QWDOFDVRDEUD\FLHUUH



ODSXHUWDPDQXDOPHQWHFRQOD
OODYH6LODOODYHHOHFWUQLFDQRIXQ
FLRQDFXDQGRHVWHQHOYHKFXOR
RXVWHGODOOHYDFRQVLJRSXHGH
DUUDQFDUHOPRWRUXVDQGRHODFFLR
QDPLHQWRGHHPHUJHQFLD6LHO
PRWRUQRDUUDQFDFXDQGRXVDOD
OODYHPDQXDOPHQWHUHFXUUDDXQ
VHUYLFLRGHWDOOHU
&XDQGRODOODYHHOHFWUQLFDHVW
FHUFDGHXQWUDQVPLVRUGHUD
GLRIUHFXHQFLDFRPRXQDHPL
VRUDGHUDGLRXQDHURSXHUWR
XQDFRPLVDUDGHSROLFDXQD
RILFLQDGHOJRELHUQRXQDEDVH
XQDWRUUHGHWUDQVPLVLRQHVRXQ
SXHUWR
&XDQGRJXDUGDODOODYHHOHFWU
QLFDFHUFDGHXQVLVWHPDPYLO
GHUDGLRELGLUHFFLRQDORGHXQ
WHOIRQRPYLO
&XDQGRVHDFFLRQDODOODYHHOHF
WUQLFDGHRWURYHKFXORFHUFD
GHVXYHKFXOR
&XDQGRODOODYHHOHFWUQLFDHVW
GHVFDUJDGD



&RQGXFFLQ\PDQHMR

(OVLVWHPDGHUDGLRELGLUHFFLRQDO
LQWHULRUSXHGHSHUWXUEDUHOVLVWHPD
HOFWULFRGHOYHKFXOR8WLOLFHXQ
VLVWHPDGHUDGLRELGLUHFFLRQDOH[
WHULRU6LHPSUHGHEHFXPSOLUODV
OH\HV\ORVUHJODPHQWRVGHOSDV
SRUGRQGHFLUFXOH

/ODYHHOHFWUQLFDGHVDFWLYDGD
6LEORTXHDODSXHUWDFRQXQDOODYH
HOHFWUQLFDGHVGHIXHUDGHOYHKFXOR
\KD\RWUDOODYHHOHFWUQLFDGHQWURGHO
PLVPRVHGHVDFWLYDUODOODYHTXH
KD\GHQWURGHOYHKFXOR1RSRGU
DUUDQFDUHOPRWRU/DOODYHHOHFWUQLFD
GHVDFWLYDGDSXHGHUHDFWLYDUVHSXO
VDQGRHOERWQGHODPLVPD

$YLVRDFVWLFRUHFRUGDWRULRGH
ODOODYHHOHFWUQLFD
$OVDOLUGHOYHKFXOR\FHUUDUODSXHUWD
ODERFLQDVRQDUWUHVYHFHVVHJXLGDV
SDUDLQGLFDUTXHKD\XQDOODYHHOHF
WUQLFDGHQWURGHOYHKFXOR(ODMXVWH
GHHVWDIXQFLQSXHGHFDPELDUVHHQ
ODSDQWDOODGHLQIRUPDFLQ6LODOODYH
HOHFWUQLFDHVWPX\FHUFDGHODV
SXHUWDVRYHQWDQLOODVHOYHKFXOR

SXHGHLQWHUSUHWDUTXHODOODYHHOHFWU
QLFDHVWHQVXLQWHULRU\SRGUDVRQDU
ODERFLQD

 3HOLJUR
6LODOODYHHOHFWUQLFDHVWPX\
FHUFDGHODFDUURFHUDGHOYHKFXOR
SXHUWDVSDUDEULVDVOXQHWDWUD
VHUDFXDOTXLHUDHQHOLQWHULRUGHO
YHKFXORSXHGHDUUDQFDUHOPRWRU
SXOVDQGRHOERWQ6WRS6WDUW
7HQJDFXLGDGR\HYWHOR

9ROYHUDDUUDQFDUVLQOODYH
HOHFWUQLFD
&XDQGRODOODYHHOHFWUQLFDQRHVW
GHQWURGHOYHKFXORPLHQWUDVHOPRWRU
HVWHQPDUFKDHOPRGRGHHQFHQ
GLGRFDPELDUD$&&GLRGRDPDULOOR
VLSXOVDHOERWQ6WDUW6WRSSDUDDSD
JDUHOPRWRU7UDVPLQXWRVVLQQLQ
JQDFFLRQDPLHQWRHOHQFHQGLGRVH
GHVFRQHFWDUDXWRPWLFDPHQWH
3XHGHYROYHUDDUUDQFDUHOPRWRUSL
VDQGRHOIUHQR\SXOVDQGRHOERWQ
6WDUW6WRS(VWHSURFHVRVHSXHGHUH
SHWLUGHIRUPDFRQWLQXDGD6LSXOVDHO
ERWQ6WDUW6WRSVLQSLVDUHOIUHQRRVL

WUDQVFXUUHQYDULRVVHJXQGRVHQ
PRGR$&&HOPRWRUVHDSDJDU
/('DSDJDGR1RHVSRVLEOHYROYHU
DDUUDQFDU
/DOODYHHOHFWUQLFDQRIXQFLRQDUVL
RFXUUHDOJRGHORVLJXLHQWH
&XDQGRHOYHKFXORHVWHQXQ
FDPSRHOHFWURPDJQWLFRGHDOWD
IUHFXHQFLD
&XDQGRVHDFFLRQDXQHTXLSRHOF
WULFRTXHXVHODPLVPDIUHFXHQFLD
TXHODOODYHHOHFWUQLFD
&XDQGRODSLODGHODOODYHHOHFWU
QLFDHVWGHVFDUJDGDRGHIHFWXRVD

$UUDQTXHGHOPRWRUGLVHOFRQ
WLHPSRIUR
3DUDDUUDQFDUHOPRWRUGLVHOFXDQGR
HVWIURVHGHEHSUHFDOHQWDUDQWHV
GHODUUDQTXH\OXHJRGHEHFDOHQWDUVH
DQWHVGHLQLFLDUODPDUFKD3HURVL
YXHOYHDDUUDQFDUSRFRGHVSXVR
FRQWLHPSRFOLGRQRHVQHFHVDULRHO
SUHFDOHQWDPLHQWR

&RQGXFFLQ\PDQHMR
 3XOVHHOERWQ6WDUW6WRSPLHQ
WUDVSLVDHOSHGDOGHOIUHQRRGHO
HPEUDJXH
 0DQWHQJDSLVDGRHOSHGDOGHO
IUHQRRGHOHPEUDJXHKDVWDTXHHO
WHVWLJRGHSUHFDOHQWDPLHQWRVH
DSDJXH
 (OPRWRUDUUDQFDUDXWRPWLFD
PHQWHGHVSXVGHDSDJDUVHHO
WHVWLJRGHSUHFDOHQWDPLHQWRVLQ
WHQHUTXHSXOVDUHOERWQ
7DPELQVHSXHGHDUUDQFDUHOPRWRU
SXOVDQGRGHQXHYRHOERWQ6WDUW
6WRSPLHQWUDVHOSUHFDOHQWDPLHQWR
FRQWLQD3HURSXHGHTXHHOPRWRUQR
DUUDQTXHSRUTXHDQQRVHKD\D
FRPSOHWDGRHOSUHFDOHQWDPLHQWR
'HMHTXHHOPRWRUVHFDOLHQWHVLQSL
VDUHOSHGDOGHODFHOHUDGRUVLHO
WLHPSRHVPX\IURRVLHOYHKFXORQR
VHKDXVDGRHQYDULRVGDV7DQWRVL
HOPRWRUHVWIURFRPRFDOLHQWHVH
GHEHUDDUUDQFDUVLQSLVDUHOSHGDOGHO
DFHOHUDGRU

&RUWHGHFRPEXVWLEOHHQ
UJLPHQGHUHWHQFLQ
/DDOLPHQWDFLQGHFRPEXVWLEOHVH
FRUWDDXWRPWLFDPHQWHGXUDQWHHOU
JLPHQGHUHWHQFLQHVGHFLUFXDQGR
VHFRQGXFHHOYHKFXORFRQXQDPDU
FKDHQJUDQDGDSHURVLQSLVDUHODFH
OHUDGRU



$FWLYDFLQ
(OVLVWHPDVWRSVWDUWHVWGLVSRQLEOH
FRQHOPRWRUDUUDQFDGRHOYHKFXOR
HQPDUFKD\VLHPSUHTXHVHFXPSODQ
ODVFRQGLFLRQHVHVSHFLILFDGDVPV
DGHODQWHHQHVWDVHFFLQ

'HVDFWLYDFLQ

6LVWHPDVWRSVWDUWGH
HVWDUHTXLSDGR
(OVLVWHPDVWRSVWDUWSHUPLWHDKRUUDU
FRPEXVWLEOH\UHGXFLUODVHPLVLRQHV
GHJDVHVGHHVFDSH&XDQGRODVFRQ
GLFLRQHVORSHUPLWHQHOVLVWHPDGHV
FRQHFWDHOPRWRUHQFXDQWRHOYH
KFXORFLUFXODDEDMDYHORFLGDGRHVW
SDUDGRSRUHMHPSORHQXQVHPIRUR
RHQXQDWDVFR9XHOYHDDUUDQFDUDX
WRPWLFDPHQWHHOPRWRUHQFXDQWRVH
SLVDHOHPEUDJXH8QVHQVRUGHED
WHUDJDUDQWL]DTXHODSDUDGDDXWRP
WLFD$XWRVWRSVRORVHHIHFWHVLKD\
VXILFLHQWHFDUJDHQODEDWHUDSDUD
YROYHUDDUUDQFDU

'HVDFWLYHPDQXDOPHQWHHOVLVWHPD
VWRSVWDUWSXOVDQGRHOERWQ(
(&2
3DUDLQGLFDUODGHVDFWLYDFLQVH
DSDJDHO/('GHOERWQ



&RQGXFFLQ\PDQHMR

$XWRVWRS
6LHOYHKFXORFLUFXODDEDMDYHORFLGDG
RHVWSDUDGRDFWLYHODIXQFLQGH
SDUDGDDXWRPWLFD$XWRVWRSGHOVL
JXLHQWHPRGR
3LVHHOSHGDOGHOHPEUDJXH
SRQJDODSDODQFDHQSXQWRPXHUWR
VXHOWHHOSHGDOGHOHPEUDJXH
(OPRWRUVHSDUDU\HOHQFHQGLGRVH
PDQWLHQHFRQHFWDGR

/DSDUDGDDXWRPWLFD$XWRVWRSVH

LQGLFDPHGLDQWHODDJXMDHQODSRVL
FLQ$
$8726723HQHOWDFPHWUR

'XUDQWHXQDSDUDGDDXWRPWLFDVH
PDQWHQGUODFDOHIDFFLQ\ODRSHUD
WLYLGDGGHORVIUHQRV

$WHQFLQ
/DDVLVWHQFLDDODGLUHFFLQSXHGH
UHGXFLUVHGXUDQWHXQDGHWHQFLQ
DXWRPWLFD
&RQGLFLRQHVSDUDXQDSDUDGD
DXWRPWLFD$XWRVWRS
(OVLVWHPDVWRSVWDUWFRPSUXHEDVLVH
FXPSOHQWRGDVODVFRQGLFLRQHVVL
JXLHQWHV
(OVLVWHPDVWRSVWDUWQRHVWGHV
DFWLYDGRPDQXDOPHQWH
HOFDSHVWWRWDOPHQWHFHUUDGR
ODSXHUWDGHOFRQGXFWRUHVWFH
UUDGDRHOFLQWXUQGHVHJXULGDGGHO
FRQGXFWRUHVWDEURFKDGR
ODEDWHUDWLHQHVXILFLHQWHFDUJD\
HVWHQEXHQHVWDGR
HOPRWRUHVWFDOLHQWH
ODWHPSHUDWXUDGHOUHIULJHUDQWHGHO
PRWRUQRHVGHPDVLDGRDOWD

ODWHPSHUDWXUDGHOVLVWHPDGHHV
FDSHGHOPRWRUQRHVGHPDVLDGR
HOHYDGDSRUHMHPSORWUDVFRQGXFLU
FRQXQDFDUJDGHPRWRUHOHYDGD
ODWHPSHUDWXUDDPELHQWHQRHVGH
PDVLDGREDMD
HOFOLPDWL]DGRUDXWRPWLFRSHUPLWH
XQDSDUDGDDXWRPWLFD
HOQLYHOGHYDFRGHOVLVWHPDGHIUH
QRVHVVXILFLHQWH
ODIXQFLQGHDXWROLPSLH]DGHOILOWUR
GHSDUWFXODVGLVHOQRHVWDFWLYD
HOYHKFXORVHKDPRYLGRGHVGHOD
OWLPDSDUDGDDXWRPWLFD$XWR
VWRS
HQFDVRFRQWUDULRVHDQXODUODSD
UDGDDXWRPWLFD$XWRVWRS
8QDWHPSHUDWXUDDPELHQWHFHUFDQD
DOSXQWRGHFRQJHODFLQSXHGHLQKLELU
XQDSDUDGDDXWRPWLFD$XWRVWRS
'HWHUPLQDGRVDMXVWHVGHOFOLPDWL]D
GRUDXWRPWLFRSXHGHQDQXODUXQD
SDUDGDDXWRPWLFD$XWRVWRS9DVH
HOFDSWXORVREUHFOLPDWL]DFLQSDUD
PVGHWDOOHV

&RQGXFFLQ\PDQHMR
3XHGHTXHVHDQXOHODSDUDGDDXWR
PWLFD$XWRVWRSMXVWRGHVSXVGHOD
FRQGXFFLQSRUDXWRSLVWD
5RGDMHGHXQYHKFXORQXHYR
3URWHFFLQFRQWUDGHVFDUJDGHOD
EDWHUD
3DUDJDUDQWL]DUTXHHOPRWRUYXHOYDD
DUUDQFDUGHIRUPDILDEOHHOVLVWHPD
VWRSVWDUWLQFRUSRUDGLYHUVDVIXQFLR
QHVGHSURWHFFLQFRQWUDODGHVFDUJD
GHODEDWHUD
0HGLGDGHDKRUURGHHQHUJD
'XUDQWHXQDSDUDGDDXWRPWLFD$X
WRVWRSYDULDVIXQFLRQHVHOFWULFDV
FRPRHOFDOHIDFWRUDX[LOLDUHOFWULFRR
ODOXQHWDWUPLFDWUDVHUDVHGHVDFWL
YDQRHQWUDQHQPRGRGHDKRUURGH
HQHUJD/DYHORFLGDGGHOYHQWLODGRU
GHOVLVWHPDGHFOLPDWL]DFLQVHUH
GXFHSDUDDKRUUDUHQHUJD

5HDUUDQTXHGHOPRWRUSRUHO
FRQGXFWRU
3LVHHOSHGDOGHOHPEUDJXHSDUDYRO
YHUDDUUDQFDUHOPRWRU

(ODUUDQTXHGHOPRWRUVHLQGLFDPH
GLDQWHODDJXMDHQODSRVLFLQGHU
JLPHQGHUDOHQWHQHOWDFPHWUR
6LODSDODQFDVHOHFWRUDVHTXLWDGH
SXQWRPXHUWRDQWHVGHSLVDUHOHP
EUDJXHHOLQGLFDGRUGHFRQWUROVH
LOXPLQDURVHPRVWUDUFRPRVP
ERORHQHOFHQWURGHLQIRUPDFLQGHO
FRQGXFWRU
7HVWLJRGHFRQWURO

5HDUUDQTXHGHOPRWRUSRUHO
VLVWHPDVWRSVWDUW
/DSDODQFDVHOHFWRUDWLHQHTXHHVWDU
HQHOSXQWRPXHUWRSDUDDFWLYDUHOUHD
UUDQTXHDXWRPWLFR
6LVHGDDOJXQDGHODVFRQGLFLRQHVVL
JXLHQWHVGXUDQWHXQDSDUDGDDXWRP
WLFD$XWRVWRSHOVLVWHPDVWRSVWDUW
YROYHUDDUUDQFDUDXWRPWLFDPHQWH
HOPRWRU
(OVLVWHPDVWRSVWDUWVHGHVDFWLYD
PDQXDOPHQWH
VHDEUHHOFDS



VHGHVDEURFKDHOFLQWXUQGHVHJX
ULGDGGHOFRQGXFWRU\VHDEUHOD
SXHUWDGHOFRQGXFWRU
ODWHPSHUDWXUDGHOPRWRUHVGHPD
VLDGREDMD
ODEDWHUDHVWGHVFDUJDGD
HOQLYHOGHYDFRGHOVLVWHPDGHIUH
QRVHVLQVXILFLHQWH
HOYHKFXORHPSLH]DDPRYHUVH
HOFOLPDWL]DGRUDXWRPWLFRVROLFLWD
HODUUDQTXHGHOPRWRU
HODLUHDFRQGLFLRQDGRVHHQFLHQGH
PDQXDOPHQWH
6LHOFDSQRHVWWRWDOPHQWHFHUUDGR
DSDUHFHXQPHQVDMHGHDGYHUWHQFLD
HQHOFHQWURGHLQIRUPDFLQGHOFRQ
GXFWRU\VHHQFLHQGHHOWHVWLJRGH
FRQWURO
7HVWLJRGHFRQWURO
6LKD\XQDFFHVRULRHOFWULFRSHM
XQUHSURGXFWRUGH&'SRUWWLOFRQHF
WDGRDODWRPDGHFRUULHQWHSXHGH
TXHVHQRWHXQDFDGDGHODDOLPHQ
WDFLQGXUDQWHHOUHDUUDQTXH



&RQGXFFLQ\PDQHMR

(VWDFLRQDPLHQWR
1RHVWDFLRQHHOYHKFXORVREUHXQD
VXSHUILFLHIFLOPHQWHLQIODPDEOH/D
HOHYDGDWHPSHUDWXUDGHOVLVWHPD
GHHVFDSHSRGUDLQIODPDUGLFKD
VXSHUILFLH
$FFLRQHVLHPSUHHOIUHQRGHHVWD
FLRQDPLHQWRVLQSXOVDUHOERWQGH
GHVEORTXHR(QSHQGLHQWHVDSO
TXHORFRQWRGDODILUPH]DSRVLEOH
3DUDUHGXFLUHOHVIXHU]RSLVHHOSH
GDOGHOIUHQRDOPLVPRWLHPSR
'HVFRQHFWHHOPRWRU\HOHQFHQ
GLGR*LUHHOYRODQWHKDVWDTXHVH
HQFODYHHOEORTXHRGHOPLVPR
6LHOYHKFXORHVWHQXQDVXSHUIL
FLHSODQDRFXHVWDDUULEDHQJUDQH
ODSULPHUDRPXHYDODSDODQFDVH
OHFWRUDD3
3DQWHVGHGHVFRQHFWDUHO
HQFHQGLGR6LHOYHKFXORHVW
FXHVWDDUULEDJLUHODVUXHGDVGH
ODQWHUDVHQODGLUHFFLQFRQWUDULDDO
ERUGLOOR
6LHOYHKFXORHVWFXHVWDDEDMR
HQJUDQHODPDUFKDDWUVRPXHYD
ODSDODQFDVHOHFWRUDD3
3DQWHVGH

GHVFRQHFWDUHOHQFHQGLGR*LUHODV
UXHGDVGHODQWHUDVKDFLDHOERUGLOOR
%ORTXHHHOYHKFXOR\DFWLYHHOVLV
WHPDGHDODUPDDQWLUURER

6LVWHPDGHHVFDSHGHO
PRWRU
 3HOLJUR
/RVJDVHVGHHVFDSHFRQWLHQHQ
PRQ[LGRGHFDUERQRXQJDVLQ
FRORURHLQRGRURSHURW[LFR6X
LQKDODFLQSRGUDUHVXOWDUIDWDO
6LHQWUDQJDVHVGHHVFDSHHQHO
LQWHULRUGHOYHKFXORDEUDODVYHQ
WDQLOODV+DJDVXEVDQDUODFDXVD
GHODDYHUDHQXQWDOOHU
1RFLUFXOHFRQHOFRPSDUWLPLHQWR
GHFDUJDDELHUWR\DTXHSRGUDQ
HQWUDUJDVHVGHHVFDSHHQHOYH
KFXOR

)LOWURGHSDUWFXODVGLVHO
(OVLVWHPDGHILOWURGHSDUWFXODVGL
VHOILOWUDODVSDUWFXODVFRQWDPLQDQWHV
GHKROOQFRQWHQLGDVHQORVJDVHVGH
HVFDSH(OVLVWHPDLQFRUSRUDXQDIXQ
FLQGHDXWROLPSLH]DTXHDFWDDXWR
PWLFDPHQWHGXUDQWHODPDUFKD(O
ILOWURVHOLPSLDTXHPDQGRODV

&RQGXFFLQ\PDQHMR
SDUWFXODVGHKROOQDDOWDVWHPSHUD
WXUDV(VWHSURFHVRVHUHDOL]DDXWR
PWLFDPHQWHHQGHWHUPLQDGDVFRQGL
FLRQHVGHFLUFXODFLQ\SXHGHGXUDU
GHDPLQXWRV/DSDUDGDDXWR
PWLFD$XWRVWRSQRHVWGLVSRQLEOH
\HOFRQVXPRGHFRPEXVWLEOHSXHGH
VHUVXSHULRUGXUDQWHHVWHSHURGR/D
JHQHUDFLQGHKXPR\RORUHVGXUDQWH
HOSURFHVRHVQRUPDO

(QGHWHUPLQDGDVFRQGLFLRQHVGHFRQ
GXFFLQFRPRHQGLVWDQFLDVFRUWDV
HOVLVWHPDQRVHSXHGHOLPSLDUDXWR
PWLFDPHQWH

6LHVQHFHVDULROLPSLDUHOILOWUR'3)R
VLODVFRQGLFLRQHVDQWHULRUHVQRKDQ
SHUPLWLGRODOLPSLH]DDXWRPWLFDVH
HQFHQGHURSDUSDGHDUHOWHVWLJR
GHOILOWURGHSDUWFXODVGLVHO6LJD
FRQGXFLHQGRFRQXQDYHORFLGDGP
QLPDGHNPKGXUDQWHXQRV
PLQXWRVRKDVWDTXHVHDSDJXHHO
LQGLFDGRUGHFRQWURO(OWHVWLJRGH
FRQWUROVHDSDJDUHQFXDQWRVHKD\D
FRPSOHWDGRODRSHUDFLQGHDXWROLP
SLH]D
6LVHDSDJDHOPRWRUPLHQWUDVHVWH
WHVWLJRHVWHQFHQGLGRRSDUSD
GHDQGRDXPHQWDHOFRQVXPRGH
FRPEXVWLEOH\VHUHGXFHODYLGDWLO
GHODFHLWH7HQJDHQFXHQWDTXHHO
FRQGXFWRUGHEHUDFRQWLQXDUHOSUR
FHVRGHUHJHQHUDFLQFLUFXODQGR
KDVWDTXHHOWHVWLJRGHOILOWURGHSDUW
FXODVGLVHOVHDSDJXH
3DUDPVLQIRUPDFLQFRQVXOWHODHWL
TXHWDGHO'3)HQHOLQWHULRUGHOYH
KFXOR



'XUDQWHODOLPSLH]DVHUHFRPLHQGD
QRLQWHUUXPSLUHOYLDMHQLGHVFRQHFWDU
HOHQFHQGLGR

$WHQFLQ
6LHOSURFHVRGHOLPSLH]DVHLQWH
UUXPSHPVGHXQDYH]KD\
ULHVJRGHSURYRFDUJUDYHVGDRV
HQHOPRWRU
/DOLPSLH]DVHUHDOL]DPVUSLGD
PHQWHDUHJPHQHVGHUHYROXFLRQHV
PRWRUHOHYDGRV\FDUJDGHOPRWRU
DOWD



&RQGXFFLQ\PDQHMR
$WHQFLQ

(OWHVWLJRGHFRQWUROVHDSDJDHQ
FXDQWRVHKDFRPSOHWDGRHOSURFHVR
GHDXWROLPSLH]D

&DWDOL]DGRU
(OFDWDOL]DGRUUHGXFHHOFRQWHQLGRGH
VXVWDQFLDVQRFLYDVHQORVJDVHVGH
HVFDSH

/RVFRPEXVWLEOHVGHXQDFDOLGDG
GLVWLQWDDORVPHQFLRQDGRVHQODV
SJLQDVSRGUDQ
FDXVDUGDRVHQHOFDWDOL]DGRUR
HQORVFRPSRQHQWHVHOHFWUQLFRV
/DJDVROLQDVLQTXHPDUSXHGH
SURGXFLUXQVREUHFDOHQWDPLHQWR\
GDRVHQHOFDWDOL]DGRU3RUHVR
VHGHEHHYLWDUHOXVRH[FHVLYRGHO
PRWRUGHDUUDQTXHYDFLDUHOGH
SVLWRGHFRPEXVWLEOH\DUUDQFDU
HOPRWRUHPSXMDQGRRUHPROFDQGR
HOYHKFXOR
6LVHSURGXFHQIDOORVGHHQFHQGLGR
IXQFLRQDPLHQWRLUUHJXODUGHOPRWRU
GLVPLQXFLQSHUFHSWLEOHGHODSRWHQ
FLDGHOPRWRURFXDOTXLHURWUDDQRPD
ODKDJDVXEVDQDUODFDXVDGHODDYH
UDHQXQ&RQFHVLRQDULR2ILFLDOR7D
OOHUGH6HUYLFLR$XWRUL]DGR&KHYUROHW
ORDQWHVSRVLEOH(Q FDVRGHHPHU
JHQFLDVHSXHGHFRQWLQXDUFLUFXODQ
GRGXUDQWHXQEUHYHSHULRGRPDQWH
QLHQGRODYHORFLGDGGHO YHKFXOR\HO
UJLPHQGHOPRWRUEDMRV

&DPELRDXWRPWLFR
(OFDPELRDXWRPWLFRSHUPLWHHOFDP
ELRGHPDUFKDVPDQXDOPRGRPD
QXDORDXWRPWLFRPRGRDXWRP
WLFR

3DQWDOODLQGLFDGRUDGHO
FDPELR

/DPDUFKDRHOPRGRVHOHFFLRQDGRVH
PXHVWUDHQODSDQWDOODLQGLFDGRUDGHO
FDPELR

&RQGXFFLQ\PDQHMR

3DODQFDVHOHFWRUD

5
1
'

SRVLFLQGHHVWDFLRQDPLHQWR
ODVUXHGDVHVWQEORTXHDGDV
VORVHGHEHVHOHFFLRQDUFRQHO
YHKFXORSDUDGR\HOIUHQRGH
HVWDFLRQDPLHQWRDFFLRQDGR
PDUFKDDWUVVORVHGHEHVH
OHFFLRQDUFRQHOYHKFXORSD
UDGR
SXQWRPXHUWR
PRGRDXWRPWLFRFRQWRGDVODV
PDUFKDV

/DSDODQFDVHOHFWRUDHVWEORTXHDGD
HQ3
33DUDPRYHUVHFRQHFWHHOHQ
FHQGLGRSLVHHOSHGDOGHOIUHQR\
SXOVHHOERWQGHGHVEORTXHR
3DUDVHOHFFLRQDU3
3R5
5SXOVHHOERWQ
GHGHVEORTXHR
3DUDDUUDQFDUHOPRWRUSLVHHOSHGDO
GHOIUHQRFRQODSDODQFDHQODSRVLFLQ
3R1
1
1RDFHOHUHPLHQWUDVHQJUDQDXQD
PDUFKD1XQFDSLVHORVSHGDOHVGHO
DFHOHUDGRU\GHOIUHQRDOPLVPR
WLHPSR
&RQXQDPDUFKDHQJUDQDGD\HOIUHQR
VXHOWRHOYHKFXORDYDQ]DOHQWD
PHQWH

(IHFWRGHIUHQRGHOPRWRU
$ILQGHDSURYHFKDUHOHIHFWRGHIUHQR
GHOPRWRUVHOHFFLRQHDWLHPSRXQD
PDUFKDPVEDMDDOFLUFXODUFXHVWD
DEDMR



6DFDUHOYHKFXORPHFLQGROR
6ORVHGHEHPHFHUHOYHKFXOR
FXDQGRTXHGDDWDVFDGRHQDUHQD
EDUURRQLHYH0XHYDODSDODQFDVH
OHFWRUDUHSHWLGDPHQWHHQWUH'
'\5
51R
UHYROXFLRQHH[FHVLYDPHQWHHOPRWRU\
HYLWHXQDDFHOHUDFLQEUXVFD

(VWDFLRQDPLHQWR
$FFLRQHHOIUHQRGHHVWDFLRQDPLHQWR
VHOHFFLRQH3
3\VDTXHODOODYHGHOHQ
FHQGLGR

0RGRPDQXDO



&RQGXFFLQ\PDQHMR

0XHYDODSDODQFDVHOHFWRUDGHVGHOD
SRVLFLQ'
'KDFLDODL]TXLHUGD\OXHJR
KDFLDGHODQWHRKDFLDDWUV
3DUDFDPELDUDXQDPDUFKD

PVODUJD
<

3DUDFDPELDUDXQDPDUFKD
PVFRUWD

6LVHVHOHFFLRQDXQDPDUFKDPV
ODUJDFLUFXODQGRDXQDYHORFLGDGGH
PDVLDGREDMDRELHQXQDPDUFKD
PVFRUWDDXQDYHORFLGDGGHPD
VLDGRDOWDQRVHSURGXFHHOFDPELR
GHPDUFKD
6LHOUJLPHQGHOPRWRUHVGHPDVLDGR
EDMRVHFDPELDDXWRPWLFDPHQWHD
SDUWLUGHXQDGHWHUPLQDGDYHORFLGDG
DXQDPDUFKDPVFRUWD
&RQUHJPHQHVGHUHYROXFLRQHVDOWRV
GHOPRWRUQRVHSURGXFHHOFDPELR
DXWRPWLFRDXQDPDUFKDPVODUJD
&RQFDPELRDXWRPWLFRHOFDPELRGH
PDUFKDSRGUDQRVHUVXDYH3HURQR
VHWUDWDGHXQSUREOHPDGHOFDPELR
DXWRPWLFR6LVHUHDOL]DHODSUHQGL
]DMHGHOSDWUQGHFDPELRGHO7&0

PHGLDQWHYDULRVFDPELRVDVFHQGHQ
WHV\GHVFHQGHQWHVVHVXDYL]DUHO
SURFHVRGHFDPELR

)XQFLQNLFNGRZQ

3URJUDPDVHOHFWUQLFRVGH
PDUFKD
0HGLDQWHHODXPHQWRGHOUJLPHQ
GHOPRWRUHOSURJUDPDGHWHPSH
UDWXUDGHIXQFLRQDPLHQWRSRQHHO
FDWDOL]DGRUUSLGDPHQWHDODWHP
SHUDWXUDQHFHVDULD
/DIXQFLQGHVHOHFFLQDXWRPWLFD
GHSXQWRPXHUWRDFWDFXDQGRVH
GHWLHQHHOYHKFXORFRQXQDPDUFKD
GHDYDQFH

3DUDXQDPD\RUDFHOHUDFLQSLVHHO
SHGDOGHODFHOHUDGRUKDVWDHOIRQGR\
PDQWQJDORSLVDGR/DFDMDGHFDP
ELRVVHOHFFLRQDUXQDPDUFKDPV
FRUWDGHSHQGLHQGRGHOUJLPHQGHO
PRWRU

$YHUD
(QFDVRGHDYHUDVHHQFLHQGHHO
WHVWLJRGHDYHUDVJ/DFDMDGH
FDPELRVGHMDGHFDPELDUDXWRPWLFD
\PDQXDOPHQWHSRUTXHHVWEOR
TXHDGDHQDOJXQDPDUFKD

&RQGXFFLQ\PDQHMR
+DJDVXEVDQDUODFDXVDGHODDYHUD
HQXQ&RQFHVLRQDULR2ILFLDOR7DOOHU
GH6HUYLFLR$XWRUL]DGR&KHYUROHW

 ,QVHUWHXQGHVWRUQLOODGRUHQ
ODDEHUWXUDKDVWDHOWRSH\VDTXH
ODSDODQFDVHOHFWRUDGHODSRVL
FLQ3
36LVHVHOHFFLRQDGHQXHYR
3ODSDODQFDVHOHFWRUDYROYHUD
EORTXHDUVH+DJDVXEVDQDUOD
FDXVDGHODLQWHUUXSFLQGHFR
UULHQWHHQXQ&RQFHVLRQDULR2IL
&LDOR7DOOHUGH6HUYLFLR$XWRUL
]DGR&KHYUROHW

,QWHUUXSFLQGHFRUULHQWH
(QFDVRGHLQWHUUXSFLQGHFRUULHQWH
ODSDODQFDVHOHFWRUDQRVHSXHGHPR
YHUGHODSRVLFLQ3
3/DOODYHQRVH
SXHGHVDFDUGHODFHUUDGXUDGHOHQ
FHQGLGR
6LODEDWHUDHVWGHVFDUJDGDSRQJD
HQPDUFKDHOYHKFXORFRQFDEOHVDX
[LOLDUHVGHDUUDQTXH
6LODEDWHUDQRHVODFDXVDGHODDYH
UDVXHOWHODSDODQFDVHOHFWRUD\VD
TXHODOODYHGHODFHUUDGXUDGHOHQ
FHQGLGR

'HVEORTXHRGHODSDODQFD
VHOHFWRUD
 $FFLRQHHOIUHQRGHHVWDFLRQD
PLHQWR



 &LHUUHODWDSD
 $EUDODWDSDDODGHUHFKDGHOD
SDODQFDVHOHFWRUD



&RQGXFFLQ\PDQHMR

&DPELRPDQXDO

3LVHVLHPSUHDIRQGRHOSHGDOGHOHP
EUDJXH1RXWLOLFHHOSHGDOFRPR
DSR\RSDUDHOSLH

$WHQFLQ
1RHVDFRQVHMDEOHFRQGXFLUFRQOD
PDQRDSR\DGDHQODSDODQFDVH
OHFWRUD

3DUDHQJUDQDUODPDUFKDDWUVFRQHO
YHKFXORSDUDGROHYDQWHODDQLOODGH
ODSDODQFDVHOHFWRUD\HQJUDQHOD
PDUFKD
/RVYHKFXORVFRQPRWRUGLVHOQRWLH
QHQERWQHQODSDODQFDVHOHFWRUD
6LODPDUFKDQRHQWUDFRQIDFLOLGDG
SRQJDODSDODQFDHQSXQWRPXHUWR
VXHOWHHOSHGDOGHOHPEUDJXH\SVHOR
GHQXHYROXHJRUHSLWDODVHOHFFLQGH
ODPDUFKD
1RFRQGX]FDDPHGLRHPEUDJXHLQ
QHFHVDULDPHQWH

)UHQRV
(OVLVWHPDGHIUHQRVWLHQHGRVFLUFXL
WRVGHIUHQRLQGHSHQGLHQWHV
6LIDOODXQRGHORVFLUFXLWRVGHIUHQRV
DQHVSRVLEOHIUHQDUHOYHKFXORFRQ
HORWURFLUFXLWR6LQHPEDUJRSDUDIUH
QDUKD\TXHSLVDUHOSHGDOILUPH
PHQWH6HUHTXLHUHPXFKDPV
IXHU]DSDUDHOOR/DGLVWDQFLDGHIUH
QDGRVHUPD\RU$QWHVGHFRQWLQXDU
VXYLDMHUHFXUUDDODD\XGDGHXQ
&RQFHVLRQDULR2ILFLDOR7DOOHUGH
6HUYLFLR$XWRUL]DGR&KHYUROHW
&XDQGRHOPRWRUQRHVWHQPDUFKD
HOVHUYRIUHQRGHMDGHIXQFLRQDUGHV
SXVGHSLVDUHOSHGDOGHOIUHQRXQDR
GRVYHFHV(VWRQRVLJQLILFDTXHOD
DFFLQGHOIUHQRVHDPHQRUSHURKD
EUTXHSLVDUHOSHGDOFRQPVIXHU]D
(VWRGHEHWHQHUVHHQFXHQWDHVSH
FLDOPHQWHDOUHPROFDUHOYHKFXOR
7HVWLJRGHFRQWURO1

&RQGXFFLQ\PDQHMR

6LVWHPDDQWLEORTXHRGH
IUHQRV
(OVLVWHPDDQWLEORTXHRGHIUHQRV
$%6HYLWDTXHVHEORTXHHQODVUXH
GDV
(O$%6FRPLHQ]DDUHJXODUODSUHVLQ
GHORVIUHQRVHQFXDQWRXQDUXHGD
PXHVWUDWHQGHQFLDDEORTXHDUVH(O
YHKFXORPDQWLHQHODPDQLREUDELOL
GDGLQFOXVRGXUDQWHXQDIUHQDGDD
IRQGR
/DUHJXODFLQGHOVLVWHPD$%6VH
PDQLILHVWDPHGLDQWHODVSXOVDFLRQHV
GHOSHGDOGHOIUHQR\XQUXLGRGHUH
JODMH
3DUDXQDHILFDFLDSWLPDGHOIUHQDGR
PDQWHQJDHOSHGDOGHOIUHQRSLVDGR
GXUDQWHWRGRHOSURFHVRGHIUHQDGR
DXQTXHHOSHGDOWLHPEOH1RGLVPL
QX\DODSUHVLQHMHUFLGDVREUHHOSH
GDO
7HVWLJRGHFRQWUROS

$YHUD
 3HOLJUR
6LKD\XQDDYHUDGHO$%6ODVUXH
GDVSXHGHQEORTXHDUVHHQFDVR
GHIUHQD]RVIXHUWHV/DVYHQWDMDV
GHO$%6\DQRHVWQGLVSRQLEOHV
$OIUHQDUDIRQGRHOYHKFXOR\DQR
UHVSRQGHDOYRODQWH\SXHGHGH
UUDSDU
+DJDVXEVDQDUODFDXVDGHODDYHUD
HQXQ&RQFHVLRQDULR2ILFLDOR7DOOHU
GH6HUYLFLR$XWRUL]DGR&KHYUROHW

)UHQRGHHVWDFLRQDPLHQWR



$SOLTXHVLHPSUHHOIUHQRGHHVWDFLR
QDPLHQWRILUPHPHQWHVLQSXOVDUHO
ERWQGHGHVEORTXHRHQSHQGLHQWHV
DFFLQHORFRQWRGDODILUPH]DSRVLEOH
3DUDVROWDUHOIUHQRGHHVWDFLRQD
PLHQWROHYDQWHXQSRFRODSDODQFD
SXOVHHOERWQGHGHVEORTXHR\EDMH
FRPSOHWDPHQWHODSDODQFD
3DUDUHGXFLUHOHVIXHU]RQHFHVDULR
SDUDDFFLRQDUHOIUHQRGHHVWDFLRQD
PLHQWRSLVHVLPXOWQHDPHQWHHOSH
GDOGHOIUHQR
7HVWLJRGHFRQWURO 

$VLVWHQWHGHIUHQDGD
$OSLVDUIXHUWH\USLGRHOSHGDOGHO
IUHQRVHIUHQDDXWRPWLFDPHQWHFRQ
ODP[LPDSRWHQFLDGHOIUHQRIUHQDGD
DIRQGR
0DQWHQJDSLVDGRHOSHGDOGHOIUHQR
PLHQWUDVVHDQHFHVDULRIUHQDUD
IRQGR/DP[LPDIXHU]DGHIUHQDGD
VHUHGXFHDXWRPWLFDPHQWHDOVROWDU
HOSHGDOGHOIUHQR
(ODVLVWHQWHGHIUHQDGDIRUPDSDUWH
GHOFRQWUROHOHFWUQLFRGHHVWDELOLGDG



&RQGXFFLQ\PDQHMR

6LVWHPDVGHFRQWUROGH
ODFRQGXFFLQ
6LVWHPDGHFRQWUROGH
WUDFFLQ
(OVLVWHPDGHFRQWUROGHWUDFFLQ7&
PHMRUDODHVWDELOLGDGGHPDUFKDHQ
FDVRQHFHVDULRFRQLQGHSHQGHQFLD
GHOWLSRGHFDO]DGD\GHODJDUUHGHORV
QHXPWLFRVHYLWDQGRTXHSDWLQHQODV
UXHGDVPRWULFHV
(QFXDQWRODVUXHGDVPRWULFHVFR
PLHQ]DQDSDWLQDUVHUHGXFHODSR
WHQFLDGHOPRWRU\VHIUHQDLQGLYLGXDO
PHQWHODUXHGDTXHPVSDWLQD(VWR
PHMRUDFRQVLGHUDEOHPHQWHODHVWDEL
OLGDGGHPDUFKDGHOYHKFXORVREUH
FDO]DGDVUHVEDODGL]DV
(O7&HVWRSHUDWLYRHQFXDQWRVH
DSDJDHOWHVWLJRGHFRQWUROE
&XDQGRLQWHUYLHQHHO7&SDUSDGHDHO
WHVWLJRE

 3HOLJUR
1RGHMHTXHHVWDFDUDFWHUVWLFDHV
SHFLDOGHVHJXULGDGOHLQFLWHDFRQ
GXFLUDUULHVJDGDPHQWH
/DYHORFLGDGGHEHDGDSWDUVHDODV
FRQGLFLRQHVGHODFDO]DGD
7HVWLJRGHFRQWUROE

'HVDFWLYDFLQ

6HSXHGHGHVFRQHFWDUHO7&FXDQGR
VHDQHFHVDULRTXHODVUXHGDVPRWUL
FHVSDWLQHQSXOVHHOERWQEGXUDQWH
VHJXQGRVDSUR[

6HHQFLHQGHHOWHVWLJRGHFRQWURON
(O7&VHUHDFWLYDSXOVDQGRGHQXHYR
HOERWQE
(O7&WDPELQVHUHDFWLYDODSU[LPD
YH]TXHFRQHFWHHOHQFHQGLGR

&RQWUROHOHFWUQLFRGH
HVWDELOLGDG
(OFRQWUROHOHFWUQLFRGHHVWDELOLGDG
(6&PHMRUDODHVWDELOLGDGGHPDU
FKDHQFDVRQHFHVDULRFRQLQGHSHQ
GHQFLDGHOWLSRGHFDO]DGD\GHODJD
UUHGHORVQHXPWLFRV7DPELQHYLWD
TXHSDWLQHQODVUXHGDVPRWULFHV
(QFXDQWRHOYHKFXORFRPLHQ]DDGH
UUDSDUVXEYLUDMHVVREUHYLUDMHVVH
UHGXFHODSRWHQFLDGHOPRWRU\VHIUH
QDQODVUXHGDVLQGLYLGXDOPHQWH(VWR
PHMRUDFRQVLGHUDEOHPHQWHODHVWDEL
OLGDGGHPDUFKDGHOYHKFXORVREUH
FDO]DGDVUHVEDODGL]DV
(O(6&HVWRSHUDWLYRHQFXDQWRVH
DSDJDHOWHVWLJRGHFRQWUROE
&XDQGRLQWHUYLHQHHO(6&SDUSDGHD
HOWHVWLJRE

&RQGXFFLQ\PDQHMR
 3HOLJUR
1RGHMHTXHHVWDFDUDFWHUVWLFDHV
SHFLDOGHVHJXULGDGOHLQFLWHDFRQ
GXFLUDUULHVJDGDPHQWH
/DYHORFLGDGGHEHDGDSWDUVHDODV
FRQGLFLRQHVGHODFDO]DGD
7HVWLJRGHFRQWUROE

'HVDFWLYDFLQ

3DUDXQDFRQGXFFLQPX\GHSRUWLYD
VHSXHGHGHVDFWLYDUHO(6&PDQ
WHQJDSXOVDGRHOERWQEGXUDQWH
VHJXQGRVDSUR[

6HHQFLHQGHHOWHVWLJRGHFRQWUROQ
(O(6&VHUHDFWLYDSXOVDQGRGH
QXHYRHOERWQE6LSUHYLDPHQWHVH
GHVDFWLYHO7&WDQWRHO7&FRPRHO
(6&HVWDUQGHVDFWLYDGRV
(O(6&WDPELQVHUHDFWLYDODSU
[LPDYH]TXHFRQHFWHHOHQFHQGLGR
6LHOVLVWHPD(6&LQWHUYLHQHDFWLYD
PHQWHSDUDPHMRUDUODHVWDELOLGDGGHO
YHKFXORUHGX]FDODYHORFLGDG\
SUHVWHHVSHFLDODWHQFLQDODVFRQGL
FLRQHVGHODFDO]DGD(OVLVWHPD(6&
VORHVXQGLVSRVLWLYRFRPSOHPHQWD
ULRSDUDHOYHKFXOR6LHOYHKFXORVR
EUHSDVDVXVOPLWHVIVLFRV\DQRVH
SRGUFRQWURODU3RUORWDQWRQRFRQ
IHH[FOXVLYDPHQWHHQHVWHVLVWHPD
&RQGX]FDFRQVHJXULGDG



&RQWUROGHYHORFLGDG
&UXFHUR
(OFRQWUROGHYHORFLGDGFUXFHURSHU
PLWH PHPRUL]DU\PDQWHQHU
YHORFLGDGHV GHVGHORVKDVWDORV
NPKDSUR[LPDGDPHQWH6HSXH
GHQSURGXFLU YDULDFLRQHVUHVSHFWRD
ODYHORFLGDG PHPRUL]DGDFXDQGRVH
FRQGXFH FXHVWDDUULEDRFXHVWD
DEDMR
3RUPRWLYRVGHVHJXULGDGHOFRQWURO
GHYHORFLGDGFUXFHURVORVHSXHGH
DFWLYDUWUDVKDEHUSLVDGRXQDYH]HO
SHGDO GHOIUHQR



&RQGXFFLQ\PDQHMR

1RDFWLYHHOFRQWUROGHYHORFLGDGFUX
FHURVL QRHVDFRQVHMDEOHPDQWHQHU
XQDYHORFLGDGFRQVWDQWH
&RQFDPELRDXWRPWLFRVORGHEH
DFWLYDUHO&RQWUROGHYHORFLGDGFUXFH
URHQHO PRGRDXWRPWLFR
7HVWLJRGHFRQWURO>

&RQH[LQ
3XOVHHOLQWHUUXSWRUEDVFXODQWH>HQ
ODSDUWHVXSHULRUHOWHVWLJRGHFRQWURO
>VHHQFLHQGHHQEODQFR

$FWLYDFLQ
$FHOHUHKDVWDDOFDQ]DUODYHORFLGDG
GHVHDGD\JLUHODUXHGDGHDMXVWHD
6(7VHPHPRUL]D\PDQWLHQHODYH
ORFLGDGDFWXDO6HHQFLHQGHODOX]
YHUGHGHOWHVWLJRGHFRQWURO>6H
SXHGHVROWDUHOSHGDOGHODFHOHUDGRU
/DYHORFLGDGGHOYHKFXORSXHGHDX
PHQWDUVHSLVDQGRHOSHGDOGHODFHOH
UDGRU&XDQGRVHVXHOWDHOSHGDOGHO
DFHOHUDGRUVHUHFXSHUDODYHORFLGDG
PHPRUL]DGDSUHYLDPHQWH
6HSXHGHFDPELDUGHPDUFKDPLHQ
WUDVHOFRQWURODGRUGHYHORFLGDG
FUXFHURHVW DFWLYDGR

$XPHQWDUODYHORFLGDG
&RQHOFRQWUROGHYHORFLGDGFUXFHUR
DFWLYDGRPDQWHQJDODUXHGDGHDMXV
WHJLUDGDKDFLD5
5(6RJUHODEUH
YHPHQWHD5
5(6YDULDVYHFHVOD
YHORFLGDGDXPHQWDFRQWLQXDPHQWHR
HQ SHTXHRVLQFUHPHQWRV
&RPRDOWHUQDWLYDDFHOHUHKDVWDOD
YHORFLGDGGHVHDGD\PHPRULFHHOYD
ORUJLUDQGRODUXHGDD5
5(6

5HGXFLUODYHORFLGDG
&RQHOFRQWUROGHYHORFLGDGFUXFHUR
DFWLYDGRPDQWHQJDODUXHGDGH
DMXVWHJLUDGDKDFLD6
6(7RJUHOD
EUHYHPHQWH D6
6(7YDULDVYHFHVOD
YHORFLGDG GLVPLQX\HFRQWLQXDPHQWH
RHQSHTXHRVLQFUHPHQWRV

'HVDFWLYDFLQ
3XOVHHOERWQ\HOWHVWLJRGHFRQWURO
>VHHQFLHQGHHQEODQFR(OFRQWURO
GHYHORFLGDGFUXFHURHVWGHVDFWLYD
GR6H JXDUGDODYHORFLGDGPHPRUL
]DGD
'HVDFWLYDFLQDXWRPWLFD
DXQDYHORFLGDGGHOYHKFXORLQIH
ULRUDNPKDSUR[LPDGDPHQWH

DOSLVDUHOSHGDOGHOIUHQR
DOSLVDUHOSHGDOGHOHPEUDJXHGX
UDQWHPVGHXQRVVHJXQGRV
FRQODSDODQFDVHOHFWRUDHQ1
1
FRQXQUJLPHQGHOPRWRUPX\EDMR
DOLQWHUYHQLUHOVLVWHPDGHFRQWURO
GHWUDFFLQRHOFRQWUROHOHFWUQLFR
GHHVWDELOLGDG

5HVWDEOHFHUODYHORFLGDG
PHPRUL]DGD
$XQDYHORFLGDGVXSHULRUDNPK
JLUHODUXHGDGHDMXVWHKDFLD5
5(6
6HHVWDEOHFHUODYHORFLGDGPHPRUL
]DGD6LODGLIHUHQFLDHQWUHODYHORFL
GDGDFWXDO\PHPRUL]DGDHVVXSHULRU
DNPKHOYHKFXORQRSXHGHUHV
WDEOHFHUODYHORFLGDGPHPRUL]DGD

'HVFRQH[LQ
3XOVHHOLQWHUUXSWRUEDVFXODQWH>HQ
ODSDUWHLQIHULRUHOWHVWLJRGHFRQWURO
>VHDSDJD6HERUUDODYHORFLGDG
PHPRUL]DGD/DYHORFLGDGPHPRUL
]DGDVHERUUDWDPELQDOGHVFRQHFWDU
HOHQFHQGLGR

&RQGXFFLQ\PDQHMR

6LVWHPDVGHGHWHFFLQ
GHREMHWRV
$VLVWHQWHGH
HVWDFLRQDPLHQWR

(OVLVWHPDVHFRPSRQHGHFXDWUR
VHQVRUHVGHHVWDFLRQDPLHQWRSRU
XOWUDVRQLGRVPRQWDGRVHQHOSDUDJRO
SHV WUDVHUR
7HVWLJRGHFRQWUROJ
1RWD
(OPRQWDMHGHFRPSRQHQWHVHQOD
]RQDGHGHWHFFLQSXHGHRFDVLRQDU
IDOORVGHOVLVWHPD

$FWLYDFLQ

(ODVLVWHQWHGHHVWDFLRQDPLHQWRIDFL
OLWD HOHVWDFLRQDPLHQWRPLGLHQGROD
GLVWDQFLDHQWUHHOYHKFXOR\ORVSRVL
EOHV REVWFXORVWUDVHURV\HPLWLHQ
GRVHDOHVDFVWLFDV6LQHPEDUJR
HVWR QRH[LPHDOFRQGXFWRUGHVX
UHVSRQVDELOLGDGHQODPDQLREUDGH
HVWDFLRQDPLHQWR

(OVLVWHPDVHDFWLYDDXWRPWLFD
PHQWHDOHQJUDQDUODPDUFKDDWUV
/DSUHVHQFLDGHXQREVWFXORVHLQ
GLFDPHGLDQWHDYLVRVDFVWLFRV(OLQ
WHUYDORHQWUHDYLVRVVHDFRUWDFRQ
IRUPHHOYHKFXORVHDFHUFDDOREVW
FXOR&XDQGRODGLVWDQFLDHVLQIHULRUD
FPHODYLVRDFVWLFRVXHQDFRQWL
QXDPHQWH

'HVDFWLYDFLQ
(OVLVWHPDVHGHVDFWLYDDXWRPWLFD
PHQWHFXDQGR
HOYHKFXORVXSHUDORVNPK
HOYHKFXORHVWHVWDFLRQDGR
KD\XQDDYHUDHQHOVLVWHPD



$YHUD
(QFDVRGHDYHUDHQHOVLVWHPDVH
HQFLHQGHJ
$GHPVVLHOVLVWHPDQRIXQFLRQDGH
ELGRDFRQGLFLRQHVWHPSRUDOHVFRPR
ODSUHVHQFLDGHQLHYHHQORVVHQVR
UHVVHLOXPLQDJ

,Q
QGLFDFLRQHVLPSRUWDQWHVSDUD
HOXVRGHORVVLVWHPDVGH
DVLVWHQFLDDOHVWDFLRQDPLHQWR
 3HOLJUR
(QGHWHUPLQDGDVFLUFXQVWDQFLDV
DOJXQDVVXSHUILFLHVUHIOHFWDQWHV
VREUHREMHWRVRURSDVDVFRPR
IXHQWHVGHUXLGRH[WHUQDVSXHGHQ
GDUOXJDUDIDOORVGHOVLVWHPDHQOD
GHWHFFLQGHREVWFXORV

$WHQFLQ
/DVHQVLELOLGDGGHOVHQVRUSRGUD
UHGXFLUVHSRUFDXVDVH[WHUQDV
FRPRODSUHVHQFLDGHKLHORQLHYH



&RQGXFFLQ\PDQHMR

EDUURVXFLHGDGFDSDVGHSLQWXUD
EDUQL]HWFHQODVXSHUILFLHGHO
VHQVRU
(OVHQVRUSRGUDGHWHFWDUXQRE
MHWRLQH[LVWHQWHLQWHUIHUHQFLDGHO
HFRGHELGRDLQWHUIHUHQFLDV
DFVWLFDVH[WHUQDVSHMRWURVLV
WHPDGHD\XGDGHHVWDFLRQD
PLHQWR
(OVHQVRUSRGUDGHWHFWDUXQRE
MHWRLQH[LVWHQWHLQWHUIHUHQFLDGHO
HFRGHELGRDLQWHUIHUHQFLDVPH
FQLFDVH[WHUQDVSHMXQWQHO
GHODYDGRODOOXYLDYLHQWRVPX\
IXHUWHVJUDQL]RHWF
(OUHQGLPLHQWRGHORVVLVWHPDVGH
D\XGDSDUDHVWDFLRQDUSRGUD
YHUVH UHGXFLGRSRUHOFDPELRGH
SRVLFLQGHORVVHQVRUHVGHELGRD
PRGLILFDFLRQHVHQHOYHKFXOR
FRPR XQDEDMDGDGHORVDPRUWL
JXDGRUHV FRQHOSDVRGHOWLHPSR
DFDXVD GHFDPELRVGHWHPSHUD
WXUDFDPELRGHQHXPWLFRV
FDUJDGHOYHKFXORPRGLILFDFLQ
WXQLQJGHO YHKFXORHWF
6RQDSOLFDEOHVFRQGLFLRQHVSDUWL

FXODUHVSDUDORVYHKFXORVDOWRVS
HMYHKFXORVWRGRWHUUHQRPRQR
YROPHQHVIXUJRQHWDV1RVH
SXHGHJDUDQWL]DUODLGHQWLILFDFLQ
GHREMHWRVHQODSDUWHVXSHULRUGHO
YHKFXOR
(OUHQGLPLHQWRGHORVVLVWHPDVGH
D\XGDSDUDHVWDFLRQDUSRGUD
YHUVH UHGXFLGRSRUHODFRSOD
PLHQWR DFVWLFRDOYHKFXORFDX
VDGRSRU ODHVFDUFKD/RVREMH
WRVFRQXQD VXSHUILFLHGHUH
IOH[LQPX\SHTXHDSXHGHQQR
GHWHFWDUVH
1RWD
/RVVHQVRUHVSRGUDQGHWHFWDUXQ
REMHWRLQH[LVWHQWHSHUWXUEDFLQGHO
HFRGHELGRDSHUWXUEDFLRQHVDFV
WLFDVRPHFQLFDVH[WHUQDV

$OHUWDGHSXQWRFLHJR
ODWHUDO
(OVLVWHPDGHDOHUWDGHSXQWRFLHJR
ODWHUDOGHWHFWDHLQIRUPDGHREMHWRVD
FXDOTXLHUODGRGHOYHKFXORGHQWURGH
XQD]RQDHVSHFLILFDGDGHSXQWR
FLHJR(OVLVWHPDDOHUWDYLVXDOPHQWH

HQFDGDHVSHMRUHWURYLVRUODWHUDOVL
GHWHFWDODSUHVHQFLDGHREMHWRVTXH
SRGUDQQRUHVXOWDUYLVLEOHVDWUDYV
GHORVUHWURYLVRUHVLQWHULRU\H[WHULR
UHV
/RVVHQVRUHVGHOVLVWHPDVHHQFXHQ
WUDQHQHOSDUDFKRTXHVHQHOODGRL]
TXLHUGR\GHUHFKRGHOYHKFXOR

 3HOLJUR
/DDOHUWDGHSXQWRFLHJRODWHUDOQR
VXVWLWX\HODYLVLQGHOFRQGXFWRU
(OVLVWHPDQRGHWHFWD
9HKFXORVIXHUDGHODV]RQDVGHO
SXQWRFLHJRODWHUDOHVTXHSXH
GDQDFHUFDUVHUSLGDPHQWH
3HDWRQHVFLFOLVWDVRDQLPDOHV
$QWHVGHFDPELDUGHFDUULOFRP
SUXHEHVLHPSUHWRGRVORVUHWURYL
VRUHVPLUHSRUHQFLPDGHOKRPEUR
\XWLOLFHHOLQWHUPLWHQWH
&XDQGRHOVLVWHPDGHWHFWDODSUHVHQ
FLDGHXQYHKFXORHQOD]RQDFLHJD
ODWHUDOGXUDQWHODFRQGXFFLQKDFLD
GHODQWH\DVHDDGHODQWDQGRRVLHQGR
DGHODQWDGRVHLOXPLQDUXQVPEROR

&RQGXFFLQ\PDQHMR
GHDGYHUWHQFLD%HQHOHVSHMRUHWUR
YLVRUH[WHULRUFRUUHVSRQGLHQWH(Q
HVHPRPHQWRVLHOFRQGXFWRUDFWLYD
HOLQWHUPLWHQWHHOVPERORGHDGYHU
WHQFLD%FRPHQ]DUDSDUSDGHDUHQ
PEDUDPRGRGHDGYHUWHQFLDSDUD
HYLWDUHOFDPELRGHFDUULO

VHDSDJDUQORVVPERORVGHDGYHU
WHQFLD$FRQWLQXDFLQVLVHGHWHFWD
XQYHKFXORHQOD]RQDFLHJDORVVP
ERORVGHDGYHUWHQFLD%VHLOXPLQDUQ
GHODIRUPDKDELWXDOHQHOODGRFRUUHV
SRQGLHQWH
$ODUUDQFDUHOYHKFXORDPERVUHWUR
YLVRUHVH[WHULRUHVPRVWUDUQEUHYH
PHQWHVXVDOHUWDVSDUDLQGLFDUHOFR
UUHFWRIXQFLRQDPLHQWRGHOVLVWHPD
(OVLVWHPDSXHGHDFWLYDUVHRGHVDF
WLYDUVHHQHOPHQ$
$MXVWHVGHOD
SDQWDOODGHLQIRUPDFLQSHUVRQDOL]D
FLQGHOYHKFXOR
/DGHVDFWLYDFLQVHLQGLFDPHGLDQWH
XQPHQVDMHHQHOFHQWURGHLQIRUPD
FLQGHOFRQGXFWRU

=RQDVGHGHWHFFLQ
/DDOHUWDGHSXQWRFLHJRODWHUDOVHDF
WLYDDYHORFLGDGHVVXSHULRUHVD
NPK\KDVWDORVNPK6LFLU
FXODDXQDYHORFLGDGVXSHULRUD
NPKVHGHVDFWLYDHOVLVWHPDORTXH
VHLQGLFDPHGLDQWHODLOXPLQDFLQDWH
QXDGDGHORVVPERORVGHDGYHUWHQ
FLD%HQORVGRVUHWURYLVRUHVH[WHULR
UHV6LUHGXFHGHQXHYRODYHORFLGDG

(OVHQVRUGHOVLVWHPDDEDUFDXQD
]RQDGHXQRVPHWURVDDPERVODGRV
GHOYHKFXOR'LFKD]RQDFRPLHQ]D
HQFDGDUHWURYLVRUODWHUDO\VHH[
WLHQGHKDFLDDWUVXQRVPHWURV/D
DOWXUDGHOD]RQDVHVLWDDSUR[LPD
GDPHQWHHQWUHPHWURV\
PHWURVGHGLVWDQFLDGHOVXHOR
/DV]RQDVGHGHWHFFLQQRYDULDUQVL



HOYHKFXORFLUFXODFRQUHPROTXH
/DDOHUWDGHSXQWRFLHJRODWHUDOKD
VLGRGLVHDGDSDUDLJQRUDUREMHWRV
FRPRJXDUGDUUDOHV SRVWHVFRU
GRQHVSDUHGHV\YLJDV(O VLVWHPD
QRGHWHFWDYHKFXORVHVWDFLRQDGRV
QLDTXHOORVTXHVHDSUR[LPDQ HQ
VHQWLGRRSXHVWR

$YHUD
2FDVLRQDOPHQWHHOVLVWHPDSXHGHRO
YLGDUDOJXQDDOHUWDHQFLUFXQVWDQFLDV
QRUPDOHVKHFKRPVFRPQHQGDV
GHOOXYLDRKPHGRV
/DDOHUWDGHSXQWRFLHJRODWHUDOQR
IXQFLRQDUFXDQGRODVHVTXLQDVGH
UHFKDRL]TXLHUGDGHOSDUDJROSHV
WUDVHURHVWQFXELHUWDVGHEDUURVX
FLHGDGQLHYHKLHORDJXDQLHYHR
GXUDQWHWRUPHQWDVIXHUWHV
,QVWUXFFLRQHVGHOLPSLH]D
(QFDVRGHDYHUDHQHOVLVWHPDRVL
HVWHQRIXQFLRQDUDGHELGRDFRQGLFLR
QHVWHPSRUDOHVVHPRVWUDUXQPHQ
VDMHHQHOFHQWURGHLQIRUPDFLQGHO
FRQGXFWRU5HFXUUDDODD\XGDGHXQ
&RQFHVLRQDULR2ILFLDOR7DOOHUGH
6HUYLFLR$XWRUL]DGR&KHYUROHW



&RQGXFFLQ\PDQHMR

&PDUDUHWURYLVRUD
/DFPDUDUHWURYLVRUDD\XGDDOFRQ
GXFWRUGXUDQWHODPDUFKDDWUVPRV
WUDQGRXQDYLVWDGHOD]RQDTXHKD\
GHWUVGHOYHKFXOR
/DYLVWDGHODFPDUDVHPXHVWUDHQ
ODSDQWDOODGHLQIRUPDFLQHQFRORU

$FWLYDFLQ
/DFPDUDUHWURYLVRUDVHDFWLYDDXWR
PWLFDPHQWHDODFFLRQDUODPDUFKD
DWUV

)XQFLRQDPLHQWR

 3HOLJUR
/DFPDUDUHWURYLVRUDQRVXVWLWX\H
ODYLVLQGHOFRQGXFWRU7HQJDHQ
FXHQWDTXHORVREMHWRVTXHVHHQ
FXHQWUDQIXHUDGHOFDPSRGHYL
VLQGHODFPDUD\GHORVVHQVR
UHVGHODVLVWHQWHGHHVWDFLRQD
PLHQWR DYDQ]DGRFRPRHOSDUD
JROSHVR ORVEDMRVGHOYHKFXOR
QRVH PXHVWUDQ
1RFLUFXOHPDUFKDDWUVREVHU
YDQGRQLFDPHQWHODSDQWDOODGH
LQIRUPDFLQ\FRPSUXHEHHOHQ
WRUQRGHWUV\DOUHGHGRUGHOYH
KFXORDQWHVGHSURFHGHU

9HUVLQSXHUWDV/DFPDUDHVW
PRQWDGDHQHOSDUDJROSHVWUDVHUR
HQFLPDGHODSDWHQWH

SXHUWDV/DFPDUDHVWPRQWDGD
HQODPDQLOODGHOSRUWQWUDVHUR

&RQGXFFLQ\PDQHMR
6WDWLRQ:DJRQ/DFPDUDHVWPRQ
WDGDGHEDMRGHODPROGXUDGHOSRUWQ
WUDVHUR

/QHDVJXD
/DVOQHDVJXDGLQPLFDVVRQOQHDV
KRUL]RQWDOHVHQLQWHUYDORVGHPHWUR
SUR\HFWDGDVVREUHODLPDJHQSDUD
GHILQLUODGLVWDQFLDDORVREMHWRVPRV
WUDGRV



6PERORVGHDGYHUWHQFLD /RV
VPERORVGHDGYHUWHQFLDVHLQGL FDQ
PHGLDQWHWULQJXORVVREUHOD
LPDJHQTXHPXHVWUDORVREVWFXORV
GHWHFWDGRVSRUORVVHQVRUHVWUDVHURV
GHODVLVWHQWHGHHVWDFLRQDPLHQWR
DYDQ]DGR
3UHVHQWDFLQGHDMXVWHV

/DFPDUDGLVSRQHGHXQQJXORGH
YLVLQGH*UDFLDVDODSRVLFLQ
DOWDGHODFPDUDHOSDUDFKRTXHVWUD
VHURVHSXHGHYHUHQODSDQWDOODFRPR
JXDGHSRVLFLQ
/D]RQDPRVWUDGDSRUODFPDUDHV
OLPLWDGD/DGLVWDQFLDGHODLPDJHQ
TXHDSDUHFHHQSDQWDOODGLILHUHGHOD
GLVWDQFLDUHDO

/DWUD\HFWRULDGHOYHKFXORVHPXHV
WUDHQIXQFLQGHOQJXORGHODGLUHF
FLQ
/DIXQFLQVHSXHGHGHVDFWLYDUHQHO
PHQ$
$MXVWHVGHOD
SDQWDOODGHLQIRUPDFLQ3HUVRQDOL]D
FLQGHOYHKFXOR

(OEULOORSXHGHDMXVWDUVHFRQORVER
WRQHVDUULEDDEDMRGHOERWQPXOWL
IXQFLQ
(OFRQWUDVWHSXHGHDMXVWDUVHFRQORV
ERWRQHVL]TXLHUGDGHUHFKDGHOERWQ
PXOWLIXQFLQ



&RQGXFFLQ\PDQHMR

'HVDFWLYDFLQ
/DFPDUDVHGHVDFWLYDDOVXSHUDU
XQDGHWHUPLQDGDYHORFLGDGGH
DYDQFHRVLODPDUFKDDWUVQRVHVH
OHFFLRQDGXUDQWHXQRVVHJXQGRV
/DDFWLYDFLQRGHVDFWLYDFLQGHOD
FPDUDUHWURYLVRUDVHSXHGHFDPELDU
HQHOPHQ$
$MXVWHVGHODSDQWDOODGH
LQIRUPDFLQ3HUVRQDOL]DFLQGHOYH
KFXOR

$YHUD
/RVPHQVDMHVGHDYHUDVHPXHVWUDQ
FRQXQHQODOQHDVXSHULRUGHOD
SDQWDOODGHLQIRUPDFLQ
/DFPDUDUHWURYLVRUDSRGUDQRIXQ
FLRQDUFRUUHFWDPHQWHVL
HOHQWRUQRHVRVFXUR
HOVRORHOKD]GHORVIDURVEULOODGL
UHFWDPHQWHVREUHODOHQWHGHODF
PDUD
HOKLHORODQLHYHHOEDUURXRWURV
HOHPHQWRVFXEUHQODOHQWHGHODF
PDUD/LPSLHODOHQWHHQMXJXHOD
FRQDJXD\VTXHODFRQXQSDR
VXDYH

HOSRUWQWUDVHURQRHVWFRUUHFWD
PHQWHFHUUDGR
HOYHKFXORKDVXIULGRXQDFFLGHQWH
WUDVHUR
H[LVWHQFDPELRVEUXVFRVGHWHP
SHUDWXUD

&RPEXVWLEOH
&RPEXVWLEOHSDUDPRWRUHV
GHJDVROLQD
6XYHKFXORUHSUHVHQWDXQGLVHR
FRPELQDGRGHDYDQ]DGDWHFQROR
JDVHJXULGDGFRPSDWLELOLGDGHFR
OJLFD\HFRQRPD3RUHVRSDUD
PDQWHQHUORHQFRQGLFLRQHVSWL
PDVGHIXQFLRQDPLHQWR\DVHJXUDU
VXGXUDELOLGDGOHUHFRPHQGDPRV
TXHXWLOLFHVORFRPEXVWLEOHGHDOWD
FDOLGDGVLQDGLWLYRVPHWOLFRVD
EDVHGH0DQJDQHVR

&DOLGDGGHFRPEXVWLEOH
5HFRPHQGDPRVTXHXWLOLFHVOR
FRPEXVWLEOHGHDOWDFDOLGDGFRQXQ
PLQLPRGH2FWDQRV521
*UDGR
(OXVRGHFRPEXVWLEOHFRQPHQRU
RFWDQDMHDOLQGLFDGRGLVPLQX\HOD
SRWHQFLD\HOSDUPRWRUDGPDVGH
DXPHQWDUOLJHUDPHQWHHOFRQVXPR
GHFRPEXVWLEOH

&RQGXFFLQ\PDQHMR
$WHQFLQ
1RXWLOLFHFRPEXVWLEOHVFRQDGLWL
YRVPHWOLFRVSRUTXHVHKDQUHD
OL]DGRHVWXGLRVTXHLQGLFDQTXH
FDXVDQGHWHULRURSUHPDWXURGH
ORVFRPSRQHQWHVGHOVLVWHPDGH
FRQWUROGHHPLVLRQHVFRQTXH
YLHQHHTXLSDGRVXYHKFXOR

$WHQFLQ
8WLOL]DUXQFRPEXVWLEOHFRQRFWD
QDMH GHPDVLDGREDMRSXHGHRFD
VLRQDU XQDFRPEXVWLQLQFRQWUR
ODGD\GDRVHQHOPRWRU

&RPEXVWLEOHSDUDPRWRUHV
GLVHO
5HFRPHQGDPRVTXHXWLOLFHVOR
FRPEXVWLEOHGHDOWDFDOLGDG
*UDGRFRQEDMRFRQWHQLGRGH
D]XIUHSSPFRPRP[LPR

1RXVHDFHLWHVGLVHOPDULQRVDFHL
WHVSDUDFDOHIDFFLQ$TXD]ROHQL
HPXOVLRQHVGHGLVHO\DJXDVLPLOD
UHV1RGHEHGLOXLUVHHOFRPEXVWLEOH
GLVHOFRQFRPEXVWLEOHSDUDPRWRUHV
GHJDVROLQD
/DIOXLGH]\ILOWUDELOLGDGGHOFRPEXVWL
EOHGLVHOGHSHQGHQGHODWHPSHUD
WXUD&XDQGRODVWHPSHUDWXUDVVRQ
EDMDVFDUJXHFRPEXVWLEOHGLVHOFRQ
SURSLHGDGHVSDUDXVRHQLQYLHUQRJD
UDQWL]DGDV



&DUJDGHFRPEXVWLEOH
$WHQFLQ
6LXWLOL]DXQFRPEXVWLEOHGHFDOL
GDGLQDGHFXDGDRSRQHDGLWLYRV
GHFRPEXVWLEOHLQFRUUHFWRVHQHO
GHSVLWRGHFRPEXVWLEOHHOPRWRU
\HOFDWDOL]DGRUSXHGHQVXIULUJUD
YHVGDRV
$VHJUHVHGHXWLOL]DUHOFRPEXVWL
EOHFRUUHFWRJDVROLQDRGLVHOFR
UUHVSRQGLHQWHDVXYHKFXOR
FXDQGRFDUJXHFRPEXVWLEOH6L
HFKDJDVROLQD HQXQYHKFXORGL
VHOHOYHKFXOR SXHGHVXIULUJUD
YHVGDRV6LVX YHKFXORWLHQH
XQPRWRUGLVHO SXHGHFRQILUPDU
HOFRPEXVWLEOH FRUUHFWRHQOD
LQIRUPDFLQTXHVH IDFLOLWDHQHO
WDSQGHODERFDGH OOHQDGR
3RUPRWLYRVGHVHJXULGDGORV
WDQTXHVGHFRPEXVWLEOHORV VXUWL
GRUHV\ODVPDQJXHUDVGHEHQ
WHQHUXQDWRPDGHWLHUUDDGH
FXDGD/DHOHFWULFLGDGHVWWLFD



&RQGXFFLQ\PDQHMR

DFXPXODGDSRGUDLQIODPDUHOYD
SRUGHODJDVROLQD3RGUDVXIULU
TXHPDGXUDV\GDDUHOYHKFXOR

 3HOLJUR
(OFRPEXVWLEOHHVLQIODPDEOH\H[
SORVLYR3URKLELGRIXPDU(YLWHOD
SUHVHQFLDGHOODPDVGHVFXELHUWDV
RFKLVSDV
6LSHUFLEHRORUDFRPEXVWLEOHGHQ
WURGHOYHKFXORKDJDVXEVDQDUOD
FDXVDLQPHGLDWDPHQWHHQXQWD
OOHU

$WHQFLQ
(QFDVRGHFDUJDUFRPEXVWLEOH
LQFRUUHFWRQRFRQHFWHHOHQFHQ
GLGR

 3HOLJUR
$QWHVGHFDUJDUFRPEXVWLEOHGHV
FRQHFWHHO PRWRU\FXDOTXLHUVLVWH
PDGHFDOHIDFFLQH[WHUQRFRQF
PDUDGH FRPEXVWLQ6HGHEHQ
GHVFRQHFWDUORVWHOIRQRVPYLOHV
$OFDUJDUFRPEXVWLEOHGHEHQRE
VHUYDUVHODV LQVWUXFFLRQHV\QRU
PDVGHVHJXULGDGGHODHVWDFLQ
GHVHUYLFLR

/DWDSDGHOGHSVLWRGHFRPEXVWLEOH
HVWVLWXDGDHQHOODGRWUDVHURGHUH
FKRGHOYHKFXOR

/DWDSDGHOGHSVLWRVORVHSXHGH
DEULUFRQHOYHKFXORGHVEORTXHDGR
'HVEORTXHHODWDSDGHOGHSVLWRGH
FRPEXVWLEOHSXOVDQGRVREUHOD
PLVPD

&RQGXFFLQ\PDQHMR
3DUDFHUUDUJLUHHOWDSQGHOGHSVLWR
KDFLDODGHUHFKDKDVWDTXHKDJDFOLF
&LHUUHODWDSD\SHUPLWDVXHQJDQFKH

7DSQGHOGHSVLWR
6ORHOWDSQGHOGHSVLWRRULJLQDOOH
SURSRUFLRQDXQFRUUHFWRIXQFLRQD
PLHQWR/RVYHKFXORVFRQPRWRUGL
VHOWLHQHQXQWDSQGHOGHSVLWRHV
SHFLDO
3DUDDEULUJLUHHOWDSQOHQWDPHQWH
KDFLDODL]TXLHUGD(OWDSQGHOGHS
VLWRVHSXHGHHQJDQFKDUHQHOVR
SRUWHGHODWDSDGHOGHSVLWRGHFRP
EXVWLEOH
3DUDFDUJDUFRPEXVWLEOHLQWURGX]FD
WRWDOPHQWH ODERTXLOODGHOVXUWLGRU\
DFWYHOR
7UDVODLQWHUUXSFLQDXWRPWLFDSR
GUUHOOHQDUVHFRQXQP[LPRGHGRV
GRVLVGHFRPEXVWLEOH

$WHQFLQ
/LPSLHLQPHGLDWDPHQWHHOFRP
EXVWLEOHTXHKD\DSRGLGRUHERVDU

$WHQFLQ
6LXVDXQWQHOGHODYDGRFRQHO
YHKFXORGHVEORTXHDGRVHSRGUD
DEULUODWDSDGHOGHSVLWRGHFRP
EXVWLEOH\VXIULUGDRVHQHOWQHO
GHODYDGR
$VHJUHVHGHEORTXHDUODWDSDGHO
GHSVLWRGHFRPEXVWLEOHFRQHO
ERWQGHOFLHUUHFHQWUDOL]DGR
1RFLHUUHODWDSDGHOGHSVLWRGH
FRPEXVWLEOHFRQHOYHKFXOREOR
TXHDGR





&XLGDGRGHOYHKFXOR

&XLGDGRGHOYHKFXOR
,QIRUPDFLQJHQHUDO  
&RPSUREDFLRQHVGHOYHKFXOR    
6XVWLWXFLQGHOPSDUDV 
6LVWHPDHOFWULFR  
+HUUDPLHQWDVGHOYHKFXOR  
/ODQWDV\QHXPWLFRV  
$UUDQTXHFRQFDEOHV  
5HPROFDGR  
&XLGDGRGHODVSHFWR  

,QIRUPDFLQJHQHUDO
$FFHVRULRV\
PRGLILFDFLRQHVGHO
YHKFXOR
/HUHFRPHQGDPRVHOXVRGHUHSXHV
WRV\DFFHVRULRVRULJLQDOHV\SLH]DV
KRPRORJDGDVSRUHOIDEULFDQWHHVSH
FILFDPHQWHSDUDVXWLSRGHYHKFXOR
1RSRGHPRVHYDOXDUQLJDUDQWL]DU
RWURVSURGXFWRVDXQTXHFXHQWHQFRQ
XQDDXWRUL]DFLQRILFLDORGHRWUDQ
GROH
1RVHGHEHQHIHFWXDUPRGLILFDFLRQHV
HQHOVLVWHPDHOFWULFRSRUHMHPSOR
FDPELRVHQODVXQLGDGHVHOHFWUQLFDV
GHFRQWUROFKLSWXQLQJ

$WHQFLQ
1XQFDUHDOLFHPRGLILFDFLRQHVHQ
VXYHKFXOR3XHGHQDIHFWDUDODV
SUHVWDFLRQHVODGXUDELOLGDG\OD
VHJXULGDGGHOYHKFXORHVSRVLEOH
TXHODJDUDQWDQRFXEUDORVSUR
EOHPDVFDXVDGRVSRUODVPRGLIL
FDFLRQHV

$WHQFLQ
/RVIDOGRQHVJXDUGDEDUURVSR
GUDQVXIULUGDRVVLVHWUDQVSRUWD
HOYHKFXORHQXQWUHQRHQXQYH
KFXORGHUHVFDWH

,QPRYLOL]DFLQGHOYHKFXOR
,QPRYLOL]DFLQGXUDQWHXQ
SHULRGRGHWLHPSRSURORQJDGR
6LHOYHKFXORYDDHVWDULQPRYLOL]DGR
GXUDQWHYDULRVPHVHV
/DYDU\HQFHUDUHOYHKFXOR
&RPSUREDUODFHUDSURWHFWRUDHQHO
FRPSDUWLPHQWRGHOPRWRU\ORVED
MRV
/LPSLDU\FRQVHUYDUODVMXQWDVGH
JRPD
5HOOHQHHOGHSVLWRGHFRPEXVWLEOH
SRUFRPSOHWR
&DPELDUHODFHLWHGHOPRWRU
9DFLDUHOGHSVLWRGHOOTXLGRGHOD
YDGR

&XLGDGRGHOYHKFXOR
&RPSUREDUODSURWHFFLQDQWLFRQ
JHODQWH\DQWLFRUURVLYDGHOUHIULJH
UDQWH
$MXVWDUODSUHVLQGHORVQHXPWL
FRVDOYDORUHVSHFLILFDGRSDUD
SOHQDFDUJD
$SDUFDUHOYHKFXORHQXQOXJDU
VHFR\ELHQYHQWLODGR(QJUDQDUOD
SULPHUDRODPDUFKDDWUVRSRQHU
ODSDODQFDVHOHFWRUDHQ3
3&DO]DUHO
YHKFXORSDUDHYLWDUTXHUXHGH
1RDFFLRQDUHOIUHQRGHHVWDFLRQD
PLHQWR
$EULUHOFDSFHUUDUWRGDVODVSXHU
WDV\EORTXHDUHOYHKFXOR
'HVHPERUQHHOSRORQHJDWLYRGHOD
EDWHUDGHOYHKFXOR7HQJDHQ
FXHQWDORVVLVWHPDVTXHQRIXQFLR
QDUQFRPRHOVLVWHPDGHDODUPD
DQWLUURER

3XHVWDHQVHUYLFLRGHQXHYR
3DUDYROYHUDSRQHUHQVHUYLFLRHOYH
KFXOR
(PERUQDUHOSRORQHJDWLYRGHODED
WHUDGHOYHKFXOR$FWLYDUHOFRQWURO
HOHFWUQLFRGHORVHOHYDOXQDVHOF
WULFRV
&RPSUREDUODSUHVLQGHORVQHX
PWLFRV
5HOOHQDUHOGHSVLWRGHOOTXLGRGH
ODYDGR
&RPSUREDUHOQLYHOGHDFHLWHGHO
PRWRU
&RPSUREDUHOQLYHOGHOUHIULJHUDQWH
0RQWDUODSODFDGHPDWUFXODVL
IXHUDQHFHVDULR



&RPSUREDFLRQHVGHO
YHKFXOR
5HDOL]DFLQGHWUDEDMRV

 3HOLJUR
/DVFRPSUREDFLRQHVHQHOFRP
SDUWLPLHQWRGHOPRWRUGHEHQHIHF
WXDUVHFRQHOHQFHQGLGRGHVFR
QHFWDGR
(OYHQWLODGRUGHUHIULJHUDFLQ
SXHGHIXQFLRQDUDXQTXHHOHQFHQ
GLGRHVWGHVFRQHFWDGR



&XLGDGRGHOYHKFXOR
 3HOLJUR

(OVLVWHPDGHHQFHQGLGRXWLOL]D
XQDWHQVLQPX\DOWD1RWRTXH
VXVFRPSRQHQWHV

&DS
$SHUWXUD

(PSXMHHOJDQFKRGHVHJXULGDGKDFLD
ODL]TXLHUGD\DEUDHOFDS

 3HOLJUR
&XDQGRHOPRWRUHVWFDOLHQWHWR
TXHVORHODFROFKDGRGHHVSXPD
GHODYDULOODGHDSR\RGHOFDS
(QWUDGDGHDLUH
7LUHGHODSDODQFDGHGHVEORTXHR\
GHYXOYDODDVXSRVLFLQRULJLQDO

)LMHODYDULOODGHDSR\RGHOFDS
6LVHDEUHHOFDSGXUDQWHXQDSDUDGD
DXWRPWLFD$XWRVWRSHOPRWRUYRO
YHUDDUUDQFDUVHDXWRPWLFDPHQWH
SRUPRWLYRVGHVHJXULGDG
7HVWLJRGHFRQWURO

&LHUUH
$QWHVGHFHUUDUHOFDSLQVHUWHODYD
ULOODGHDSR\RHQVXDORMDPLHQWR
%DMHFDS\GMHORFDHUVREUHHOFLH
UUH&RPSUXHEHTXHHOFDSTXHGH
HQFODYDGR

&XLGDGRGHOYHKFXOR
 3HOLJUR
2EVHUYHVLHPSUHODVSUHFDXFLR
QHVVLJXLHQWHV$QWHVGHFRQGXFLU
HOYHKFXORWLUHGHOERUGHGHODQ
WHURGHOFDSSDUDDVHJXUDUVHGH
TXHHVWELHQHQFODYDGR
1RWLUHGHODPDQLOODGHGHVEOR
TXHRGHOFDSPLHQWUDVHOYH
KFXORHVWHQPRYLPLHQWR
1RFRQGX]FDHOYHKFXORFRQHO
FDSDELHUWR(OFDSDELHUWRREV
WDFXOL]DUODYLVLQGHOFRQGXFWRU
&RQGXFLUHOYHKFXORFRQHOFDS
DELHUWRSXHGHSURYRFDUXQDFROL
VLQ\RULJLQDUGDRVHQHOYH
KFXORHQRWUDVSURSLHGDGHVOH
VLRQHVSHUVRQDOHVRLQFOXVRIDWD
OHV





&XLGDGRGHOYHKFXOR

9LVWDGHOFRPSDUWLPHQWRGHOPRWRU
0RWRUGHJDVROLQD/8-

&XLGDGRGHOYHKFXOR
0RWRUGHJDVROLQD/'(\+





&XLGDGRGHOYHKFXOR

0RWRUGHJDVROLQD/;7

&XLGDGRGHOYHKFXOR
0RWRUGLVHO/13





&XLGDGRGHOYHKFXOR

 'HSVLWRGHOOTXLGRGHODGLUHF
FLQDVLVWLGD
 7DSQGHODFHLWHGHOPRWRU

 'HSVLWRGHOOTXLGRGHIUHQRV

 'HSVLWRGHOUHIULJHUDQWHGHOPR
WRU
 &DMDGHIXVLEOHV
 'HSVLWRGHOOTXLGRGHODYDGR

 %DWHUD
 9DULOODGHPHGLFLQGHOQLYHOGH
DFHLWHGHOPRWRU
 )LOWURGHDLUHGHOPRWRU

/DFRPSUREDFLQVHUHDOL]DFRQHOYH
KFXORHQXQDVXSHUILFLHQLYHODGD(O
PRWRUGHEHHVWDUDWHPSHUDWXUDGH
IXQFLRQDPLHQWR\OOHYDUSDUDGRDOPH
QRVPLQXWRV
([WUDLJDODYDULOODGHPHGLFLQOP
SLHODHLQVUWHODKDVWDHOWRSHGHO
PDQJRYXHOYDDH[WUDHUOD\FRP
SUXHEHHOQLYHOGHDFHLWHGHOPRWRU
,QVHUWHODYDULOODGHPHGLFLQKDVWDHO
WRSHGHOPDQJR\JUHODPHGLDYXHOWD
5HOOHQHDFHLWHGHPRWRUFXDQGRHOQL
YHOKD\DGHVFHQGLGRKDVWDODPDUFD
0,1

$FHLWHGHOPRWRU
&RPSUXHEHHOQLYHOGHDFHLWHGHOPR
WRUFRQUHJXODULGDGSDUDSUHYHQLUGD
RVHQHOPRWRU$VHJUHVHGHTXHVH
XVDHODFHLWHGHODHVSHFLILFDFLQFR
UUHFWD/TXLGRV\OXEULFDQWHVUHFR
PHQGDGRV

6HXWLOL]DQGLVWLQWRVWLSRVGHYDULOODGH
PHGLFLQGHODFHLWHVHJQHOWLSRGH
PRWRU

&XLGDGRGHOYHKFXOR
/HUHFRPHQGDPRVHOXVRGHOPLVPR
WLSRGHDFHLWHGHOPRWRUXWLOL]DGRHQHO
OWLPRFDPELR
(OQLYHOGHDFHLWHGHOPRWRUQRGHEH
H[FHGHUODPDUFDVXSHULRU0
0$;GHOD
YDULOODGHPHGLFLQ

$WHQFLQ
6LKD\XQH[FHVRGHDFHLWHGHOPR
WRUGHEHYDFLDUVHRDVSLUDUVH
&DSDFLGDGHV
&RORTXHHOWDSQFRUUHFWDPHQWH\
DSULWHOR

 3HOLJUR
(ODFHLWHGHOPRWRULUULWDODSLHO\VL
VHLQJLHUHSXHGHFDXVDUXQDLQ
GLVSRVLFLQHLQFOXVRSXHGHVHU
PRUWDO
0DQWQJDVHOHMRVGHODOFDQFHGH
ORVQLRV
(YLWHXQFRQWDFWRUHSHWLGR\SUR
ORQJDGRFRQODSLHO

/DYHODVSDUWHVH[SXHVWDVFRQ
DJXD\MDEQRFRQXQSURGXFWRGH
OLPSLH]DSDUDODVPDQRV
7HQJDPXFKRFXLGDGRDOYDFLDUHO
DFHLWHGHOPRWRUSRUTXHSXHGH
SURGXFLUOHTXHPDGXUDV



)LOWURGHDLUHGHOPRWRU

$WHQFLQ
$OFRQGXFLUSRUXQDSHQGLHQWH
SXHGHDSDUHFHUHOFGLJRHQHO
FHQWURGHLQIRUPDFLQGHOFRQGXF
WRU
6LHOFGLJRGHVDSDUHFHDOFRQGX
FLUSRUXQDVXSHUILFLHOODQDQRHV
QHFHVDULRHFKDUPVDFHLWH

3DUDVXVWLWXLUHOILOWURGHDLUHGHOPR
WRUGHVHQURVTXHWRUQLOORV\GHV
PRQWHODFDUFDVDGHOILOWUR

5HIULJHUDQWHGHOPRWRU
3URFXUHTXHODFRQFHQWUDFLQGHDQ
WLFRQJHODQWHVHDVXILFLHQWH

$WHQFLQ
6ORGHEHXWLOL]DUVHDQWLFRQJH
ODQWHKRPRORJDGR



&XLGDGRGHOYHKFXOR

1LYHOGHUHIULJHUDQWH
$WHQFLQ
8QQLYHOGHUHIULJHUDQWHGHPD
VLDGREDMRSXHGHRFDVLRQDUGDRV
HQHOPRWRU

 3HOLJUR
'HMHTXHVHHQIUHHOPRWRUDQWHV
GHDEULUHOWDSQ$EUDHOWDSQ
FXLGDGRVDPHQWHSDUDTXHHOVLV
WHPDVHGHVSUHVXULFHOHQWDPHQWH

GHOOTXLGRGHOWDSRQGHOGHSVLWR
RODYDULOODQLTXHHQWUHHQHOGH
SVLWR

5HOOHQHFRQXQDPH]FODGHDJXDGHV
PLQHUDOL]DGD\DQWLFRQJHODQWHKRPR
ORJDGRSDUDHOYHKFXOR&RORTXHHO
WDSQ\DSULWHORILUPHPHQWH+DJD
FRPSUREDUODFRQFHQWUDFLQGHDQWL
FRQJHODQWH\VXEVDQDUODFDXVDGHOD
SUGLGDGHUHIULJHUDQWHHQXQ&RQ
FHVLRQDULR2ILFLDOR7DOOHUGH6HUYL
FLR$XWRUL]DGR&KHYUROHW

/TXLGRGHODGLUHFFLQ
DVLVWLGD
&RQHOVLVWHPDGHUHIULJHUDFLQIUR
HOQLYHOGHOUHIULJHUDQWHGHEHHVWDUSRU
HQFLPDGHODPDUFDGHODOQHDGHOOH
QDGR5HOOHQHVLHOQLYHOHVPVEDMR

$WHQFLQ
,QFOXVRXQDPQLPDFDQWLGDGGH
FRQWDPLQDFLQSXHGHFDXVDUGD
RVHQHOVLVWHPDGHGLUHFFLQH
LPSHGLUVXFRUUHFWRIXQFLRQD
PLHQWR1RSHUPLWDTXHODVXFLH
GDGHQWUHHQFRQWDFWRFRQHOODGR

$EUD\UHWLUHHOWDSQ6HTXHODYDULOOD
GHPHGLFLQFRQXQSDR\JLUHHOWD
SQHQHOGHSVLWR$EUDGHQXHYRHO
WDSQ\YHULILTXHHOQLYHOGHOTXLGRGH
ODGLUHFFLQDVLVWLGD
(OQLYHOGHOOTXLGRGHODGLUHFFLQ
DVLVWLGDGHEHHVWDUHQWUHODVPDUFDV
0,1\0
0$;
6LHOQLYHOGHOTXLGRHVGHPDVLDGR
EDMRUHFXUUDDODD\XGDGHXQ
&RQFHVLRQDULR2ILFLDOR7DOOHUGH
6HUYLFLR$XWRUL]DGR&KHYUROHW

&XLGDGRGHOYHKFXOR

/TXLGRGHODYDGR

1RXWLOLFHDJXDGHOJULIR/RVPLQH
UDOHVSUHVHQWHVHQHODJXDGHOJULIR
SXHGHQWDSRQDUODVFRQGXFFLRQHV
GHOODYDSDUDEULVDV
6LODWHPSHUDWXUDGHODLUHSXHGH
GHVFHQGHUGHOSXQWRGHFRQJHOD
FLQXWLOLFHOTXLGRSDUDHOODYDSD
UDEULVDVFRQVXILFLHQWHFRQWHQLGR
GHDQWLFRQJHODQWH



/TXLGRGHIUHQRV
 $GYHUWHQFLD
(OOTXLGRGHIUHQRVHVW[LFR\FR
UURVLYR(YLWHVXFRQWDFWRFRQORV
RMRVODSLHOODURSDRVXSHUILFLHV
SLQWDGDV

)UHQRV
/OHQHHOGHSVLWRFRQDJXDOLPSLD
PH]FODGDFRQXQDFDQWLGDGDGH
FXDGDGHOLPSLDFULVWDOHV\DQWLFRQJH
ODQWH
3DUDUHOOHQDUHOGHSVLWRGHOOTXLGR
GHODYDGRGHOSDUDEULVDV
8WLOLFHVOROTXLGRGHODYDGROLVWR
SDUDXVDUGLVSRQLEOHHQFRPHUFLRV

6LODVSDVWLOODVGHIUHQRKDQDOFDQ
]DGRVXJURVRUPQLPRVHHVFXFKDU
XQFKLUULGRDOIUHQDURHQDOJXQDVYHU
VLRQHVVHHQFLHQGHJ
6HSXHGHFRQWLQXDUFRQGXFLHQGR
SHURKDJDVXVWLWXLUODVSDVWLOODVGHIUH
QRVORDQWHVSRVLEOH
8QDYH]PRQWDGDVODVSDVWLOODVGH
IUHQRQXHYDVQRIUHQHDIRQGRLQQH
FHVDULDPHQWHGXUDQWHORVSULPHURV
YLDMHV

(OQLYHOGHOOTXLGRGHIUHQRVGHEHHV
WDUHQWUHODVPDUFDV0
0,1\0
0$;



&XLGDGRGHOYHKFXOR

$OUHOOHQDUGHEHDVHJXUDUVHODP
[LPDOLPSLH]D\DTXHODFRQWDPLQD
FLQGHOOTXLGRGHIUHQRVSXHGHRFD
VLRQDUIDOORVHQHOVLVWHPDGHIUHQRV
+DJDVXEVDQDUODFDXVDGHODSUGLGD
GHOTXLGRGHIUHQRVHQXQ&RQFHVLR
QDULR2ILFLDOR7DOOHUGH6HUYLFLR
$XWRUL]DGR&KHYUROHW
8WLOLFHVOROTXLGRGHIUHQRVGHDOWR
UHQGLPLHQWRKRPRORJDGRSDUDVXYH
KFXOR/TXLGRGHIUHQRV\HPEUDJXH


%DWHUD
/RVYHKFXORVVLQVLVWHPDVWRSVWDUW
YHQGUQHTXLSDGRVFRQXQDEDWHUD
GHSORPRFLGR/RVYHKFXORVFRQ
VLVWHPDVWRSVWDUWYHQGUQHTXLSD
GRVFRQXQDEDWHUD$*0TXHQRHV
XQDEDWHUDGHSORPRFLGR/DEDWH
UDGHOYHKFXORQRUHTXLHUHPDQWHQL
PLHQWR
/DVSLODVQRGHEHQDUURMDUVHDODED
VXUDGRPVWLFD'HEHQGHVHFKDUVH
HQXQSXQWRGHUHFROHFFLQDXWRUL]D
GR SDUDVXUHFLFODMH

/DLQPRYLOL]DFLQGHOYHKFXORGX
UDQWHPVGHVHPDQDVSXHGHRFD
VLRQDUODGHVFDUJDGHODEDWHUD'HV
HPERUQHHOSRORQHJDWLYRGHODEDWH
UDGHOYHKFXOR
6ORVHGHEHHPERUQDURGHVHPERU
QDUODEDWHUDFRQHOHQFHQGLGRGHV
FRQHFWDGR

 3HOLJUR
3DUDHYLWDUH[SORVLRQHVPDQ
WHQJDDOHMDGRGHODEDWHUDFXDO
TXLHUPDWHULDOLQFDQGHVFHQWH/D
H[SORVLQGHODEDWHUDSXHGHRFD
VLRQDUOHVLRQHVJUDYHVRIDWDOHV\
GDRVHQHOYHKFXOR
(YLWHVXFRQWDFWRFRQORVRMRVOD
SLHOODURSDRVXSHUILFLHVSLQWDGDV
(OOTXLGRFRQWLHQHFLGRVXOIULFR
TXHSXHGHRFDVLRQDUOHVLRQHV\
GDRVHQFDVRGHFRQWDFWRGLUHFWR
FRQHOPLVPR(QFDVRGHFRQWDFWR
FRQODSLHOODYHOD]RQDFRQDJXD
\DFXGDLQPHGLDWDPHQWHDOP
GLFR

0DQWQJDVHOHMRVGHODOFDQFHGH
ORVQLRV
1RLQFOLQHXQDEDWHUDDELHUWD
3URWHFFLQFRQWUDGHVFDUJDGHODED
WHUD

6XVWLWXFLQGHODEDWHUD
1RWD
&XDOTXLHUGHVYLDFLQGHODVSUHVHQ
WHVLQVWUXFFLRQHVSXHGHRFDVLRQDU
XQDGHVDFWLYDFLQWHPSRUDOGHOVLV
WHPDVWRSVWDUW
$OVXVWLWXLUODEDWHUDDVHJUHVHGH
TXHQRKD\DRULILFLRVGHYHQWLODFLQ
DELHUWRVFHUFDGHOERUQHSRVLWLYR6L
KD\XQRULILFLRGHYHQWLODFLQDELHUWR
HQHVWD]RQDGHEHFHUUDUVHFRQXQ
WDSQFLHJR\DEULUVHODYHQWLODFLQ
FHUFDGHOERUQHQHJDWLYR
6RORGHEHQXWLOL]DUVHEDWHUDVTXH
SHUPLWDQODILMDFLQGHODFDMDGHIXVL
EOHVHQFLPDGHODEDWHUD
(QYHKFXORVFRQVLVWHPDVWRSVWDUW
DVHJUHVHGHTXHVXVWLWX\HODEDWHUD
$*0$EVRUSWLYH*ODVV0DWSRURWUD
EDWHUD$*0

&XLGDGRGHOYHKFXOR
/DVEDWHUDV$*0VHSXHGHQLGHQWL
ILFDUSRUHOWUPLQR$*0HQODHWL
TXHWDHQODEDWHUD/HUHFRPHQGD
PRVHOXVRGHXQDEDWHUDRULJLQDO
&KHYUROHW

(WLTXHWDGHDGYHUWHQFLD

1RWD
(OXVRGHXQDEDWHUD$*0GLVWLQWD
GHODEDWHUDRULJLQDO&KHYUROHW
SXHGHPHQRVFDEDUHOUHQGLPLHQWR
GHOVLVWHPDVWRSVWDUW
/HUHFRPHQGDPRVTXHDFXGDDXQ
&RQFHVLRQDULR2ILFLDOR7DOOHUGH
6HUYLFLR$XWRUL]DGR&KHYUROHWSDUD
VXVWLWXLUODEDWHUD
6LVWHPDVWRSVWDUW

&DUJDGHODEDWHUD
 3HOLJUR
(QYHKFXORVFRQVLVWHPDVWRS
VWDUWDVHJUHVHGHTXHHOSRWHQ
FLDOGHFDUJDQRVXSHUHORV
9VLXWLOL]DXQFDUJDGRUGHED
WHUDV(QFDVRFRQWUDULRODEDWH
UDSRGUDVXIULUGDRV
$UUDQTXHFRQFDEOHV



9HDHOPDQXDOGHLQVWUXFFLRQHV
SDUDREWHQHUPVLQIRUPDFLQ
3XHGHKDEHUJDVH[SORVLYRFHUFD
GHODEDWHUDGHOYHKFXOR

3XUJDGHOVLVWHPDGH
FRPEXVWLEOHGLVHO

6LJQLILFDGRGHORVVPERORV
1RDFHUFDUDFKLVSDVOODPDVVLQ
SURWHFFLQQLKXPR
3URWHJHUVLHPSUHORVRMRV/RVJD
VHVH[SORVLYRVSXHGHQSURGXFLUFH
JXHUDROHVLRQHV
0DQWHQJDODEDWHUDGHOYHKFXOR
OHMRVGHODOFDQFHGHORVQLRV
/DEDWHUDFRQWLHQHFLGRVXOIULFR
TXHSXHGHSURYRFDUFHJXHUDR
TXHPDGXUDVJUDYHV

6LVHKDDJRWDGRHOGHSVLWRKD\TXH
SXUJDUHOVLVWHPDGHFRPEXVWLEOHGL
VHOVREUHXQDVXSHUILFLHQLYHODGD\
GHVSXVGHUHSRVWDUDOPHQRVOL
WURV&RQHFWHHOHQFHQGLGRWUHVYHFHV
GXUDQWHXQRVVHJXQGRVFDGDYH]
/XHJRLQWHQWHDUUDQFDUHOPRWRUGX
UDQWHXQP[LPRGHVHJXQGRV
5HSLWDHVWHSURFHVRGHVSXVGHHV
SHUDUXQPQLPRGHVHJXQGRV6LQR
FRQVLJXHDUUDQFDUHOPRWRUUHFXUUDD
ODD\XGDGHXQ&RQFHVLRQDULR2ILFLDO
R7DOOHUGH6HUYLFLR$XWRUL]DGR
&KHYUROHW



&XLGDGRGHOYHKFXOR

6XVWLWXFLQGHODV
HVFRELOODV

/HYDQWHHOEUD]RGHOOLPSLDOXQHWD
0XHYDODSDODQFDGHGHVEORTXHR\
GHVDFRSOHODHVFRELOOD
(OIXQFLRQDPLHQWRFRUUHFWRGHORVOLP
SLDSDUDEULVDVHVHVHQFLDOSDUDXQD
YLVLELOLGDGFODUD\XQDFRQGXFFLQVH
JXUD&RPSUXHEHUHJXODUPHQWHHOHV
WDGRGHODVHVFRELOODVGHORVOLPSLD
SDUDEULVDV6XVWLWX\DODVHVFRELOODV
TXHHVWQGXUDVUHVTXHEUDMDGDVR
DJULHWDGDVRDTXHOODVTXHHQVXFLHQ
HOSDUDEULVDV

/DSUHVHQFLDGHPDWHULDOH[WUDRHQ
HOSDUDEULVDVRHQODVHVFRELOODV
SXHGHUHGXFLUODHILFDFLDGHORVOLP
SLDSDUDEULVDV6LODVHVFRELOODVQR
OLPSLDQFRUUHFWDPHQWHOLPSLHHOSD
UDEULVDV\ODVHVFRELOODVFRQXQEXHQ
SURGXFWRGHOLPSLH]DRGHWHUJHQWH
VXDYH(QMXJXHORVELHQFRQDJXD
5HSLWDHOSURFHVRVLIXHUDQHFHVDULR
/RVUHVWRVGHVLOLFRQDQRSXHGHQHOL
PLQDUVHGHOFULVWDO3RUWDQWRQRDSOL
TXHQXQFDDEULOODQWDGRUFRQVLOLFRQD
DOSDUDEULVDVGHOYHKFXOR\DTXHVH
IRUPDUDQUD\DVTXHREVWDFXOL]DUDQ
ODYLVLQGHOFRQGXFWRU
1RXWLOLFHGLVROYHQWHVJDVROLQDTXH
URVHQRRGLOX\HQWHGHSLQWXUDSDUD
OLPSLDUORVOLPSLDSDUDEULVDV(VWRV
SURGXFWRVVRQPX\IXHUWHV\SRGUDQ
GDDUODVHVFRELOODV\ODVVXSHUILFLHV
SLQWDGDV

(VFRELOODGHODOXQHWDWUDVHUD

/HYDQWHHOEUD]RGHOOLPSLDOXQHWD
'HVDFRSOHODHVFRELOODFRPRVH
PXHVWUDHQODLOXVWUDFLQ\GHVPQ
WHOD
$FRSOHODHVFRELOODOLJHUDPHQWHLQFOL
QDGDUHVSHFWRDOEUD]RGHOOLPSLDSD
UDEULVDV\HPSMHODKDVWDTXHHQ
FDMH
%DMHHOEUD]RGHOOLPSLDSDUDEULVDV
FXLGDGRVDPHQWH

&XLGDGRGHOYHKFXOR

6XVWLWXFLQGH
OPSDUDV
'HVFRQHFWHHOHQFHQGLGR\HOLQWH
UUXSWRUFRUUHVSRQGLHQWHRFLHUUHODV
SXHUWDV
8QDOPSDUDQXHYDVORVHGHEHVX
MHWDUSRUODEDVH1RWRTXHHOFULVWDO
GHODOPSDUDFRQODVPDQRVGHVQX
GDV
8WLOLFHVORHOPLVPRWLSRGHOPSDUD
SDUDODVXVWLWXFLQ
6XVWLWX\DODVOPSDUDVGHORVIDURV
GHVGHHOFRPSDUWLPHQWRGHOPRWRU



(VXQSUREOHPDVLPLODUDODFRQGHQ
VDFLQHQHOLQWHULRUGHODVYHQWDQL
OODVGHOYHKFXORPLHQWUDVOOXHYH\QR
LQGLFDQLQJQSUREOHPDFRQHOYH
KFXOR
6LHQWUDDJXDHQORVFLUFXLWRVGHODV
OPSDUDVKDJDUHYLVDUHOYHKFXOR
HQXQWDOOHU

)DURVKDOJHQRV
/X]EDMD\OX]DOWD
 'HVHQFKXIHHOFRQHFWRUGHOD
OPSDUD

 3UHVLRQHHOFOLSHOVWLFRGHVHQ
FODYH\EDVFOHODKDFLDDUULED

 'HVPRQWHODWDSDSURWHFWRUD

 ([WUDLJDODOPSDUDGHODFDMDGHO
UHIOHFWRU

1RWD
'HVSXVGHFRQGXFLUEDMRODOOXYLDR
GHODYDUHOYHKFXORODVOHQWHVGHORV
IDURV\ODVOXFHVWUDVHUDVSRGUDQ
HPSDDUVH
(VWRVHGHEHDODGLIHUHQFLDGHWHP
SHUDWXUDHQWUHHOLQWHULRU\HOH[WHULRU
GHODOPSDUD



&XLGDGRGHOYHKFXOR

 &XDQGRPRQWHODQXHYDOPSDUD
LQVHUWHODVOHQJHWDVHQORVUHED
MHVGHOUHIOHFWRU
 (QFODYHHOFOLSHOVWLFR
 &RORTXHODWDSDSURWHFWRUDGHO
IDURHQVXSRVLFLQ\FLUUHOD
 (QFKXIHHOFRQHFWRUHQODOPSD
UD

 ,QVHUWHODOPSDUDQXHYD
 ,QVHUWHHOSRUWDOPSDUDVHQHOUH
IOHFWRU
 &RORTXHODWDSDSURWHFWRUDGHO
IDURHQVXSRVLFLQ\FLUUHOD
 (QFKXIHHOFRQHFWRUHQODOPSD
UD

,QWHUPLWHQWHVGHODQWHURV

/XFHVODWHUDOHV
 'HVHQFKXIHHOFRQHFWRUGHOD
OPSDUD

 'HVPRQWHHOSRUWDOPSDUDVGHOD
OX]ODWHUDOGHOUHIOHFWRU

 *LUHHOSRUWDOPSDUDVHQVHQWLGR
DQWLKRUDULR\GHVHQFOYHOR
 'HVPRQWHODWDSDSURWHFWRUD
 'HVPRQWHODOPSDUDGHOFDVTXL
OOR

&XLGDGRGHOYHKFXOR



/XFHVWUDVHUDV
SXHUWDV

 3UHVLRQHOLJHUDPHQWHODOPSDUD
HQHOFDVTXLOORJUHODHQVHQWLGR
DQWLKRUDULRVTXHOD\VXVWLWX\DOD
OPSDUD
 ,QVHUWHHOSRUWDOPSDUDVHQHOUH
IOHFWRU\JUHORHQVHQWLGRKRUDULR
SDUDHQFODYDUOR

/XFHVDQWLQLHEOD
+DJDFDPELDUODVOPSDUDVHQXQWD
OOHU

 'HVHQURVTXHORVGRVWRUQLOORV

 $EUDODVGRVWDSDV



&XLGDGRGHOYHKFXOR

 'HVPRQWHHOJUXSRSWLFRWUDVHUR
$VHJUHVHGHTXHHOFRQGXFWRGH
FDEOHVSHUPDQH]FDHQVXSRVL
FLQ

 *LUHHOSRUWDOPSDUDVHQVHQWLGR
DQWLKRUDULR

 /X]GHPDUFKDDWUV

,QWHUPLWHQWH

/X]WUDVHUDOX]GHIUHQR


 'HVPRQWHHOSRUWDOPSDUDV3UH
VLRQHOLJHUDPHQWHODOPSDUDHQ
HOFDVTXLOORJUHODHQVHQWLGRDQ
WLKRUDULRVTXHOD\VXVWLWX\DOD
OPSDUD
 ,QVHUWHHOSRUWDOPSDUDVHQHO
JUXSRSWLFRWUDVHUR\DWRUQOOHOR
HQVXSRVLFLQ&RQHFWHHOHQ
FKXIHGHOFDEOHDGR0RQWHHO
JUXSRSWLFRWUDVHURHQODFDUUR
FHUD\DSULHWHORVWRUQLOORV&LHUUH
\HQFODYHODVWDSDV
 &RQHFWHHOHQFHQGLGRHQFLHQGD\
FRPSUXHEHWRGDVODVOXFHV
*UXSRSWLFRGHOSRUWQWUDVHUR
3LORWRDQWLQLHEODOX]GHPDUFKD
DWUVGHSHQGLHQGRGHOODGR

&XLGDGRGHOYHKFXOR
 'HVPRQWHHOSRUWDOPSDUDV3UH
VLRQHOLJHUDPHQWHODOPSDUDHQ
HOFDVTXLOORJUHODHQVHQWLGRDQ
WLKRUDULRVTXHOD\VXVWLWX\DOD
OPSDUD
 ,QVHUWHHOSRUWDOPSDUDVHQOD
WDSDGHOFRPSDUWLPLHQWRGHHTXL
SDMHV9XHOYDDFRORFDUHOUHYHVWL
PLHQWRLQWHULRUHQODWDSDGHO
FRPSDUWLPLHQWRGHHTXLSDMHV
 &RQHFWHHOHQFHQGLGRHQFLHQGD\
FRPSUXHEHODVOXFHV
 5HWLUHHOUHYHVWLPLHQWRGHODWDSD
GHOFRPSDUWLPLHQWRGHHTXLSDMHV
 *LUHHOSRUWDOPSDUDVHQVHQWLGR
DQWLKRUDULR

9HUVLQSXHUWDV

 $EUDODVWUHVFXELHUWDV

 'HVDWRUQLOOHORVWUHVWRUQLOORV





&XLGDGRGHOYHKFXOR

 'HVPRQWHHOJUXSRSWLFRWUDVHUR
$VHJUHVHGHTXHHOFRQGXFWRGH
FDEOHVSHUPDQH]FDHQVXSRVL
FLQ

 *LUHHOSRUWDOPSDUDVHQVHQWLGR
DQWLKRUDULR

 ,QWHUPLWHQWH

/X]WUDVHUDOX]GHIUHQR


 'HVPRQWHHOSRUWDOPSDUDV3UH
VLRQHOLJHUDPHQWHODOPSDUDHQ
HOFDVTXLOORJUHODHQVHQWLGRDQ
WLKRUDULRVTXHOD\VXVWLWX\DOD
OPSDUD
 ,QVHUWHHOSRUWDOPSDUDVHQHO
JUXSRSWLFRWUDVHUR\DWRUQOOHOR
HQVXSRVLFLQ&RQHFWHHOHQ
FKXIHGHOFDEOHDGR0RQWHHO
JUXSRSWLFRWUDVHURHQODFDUUR
FHUD\DSULHWHORVWRUQLOORV&LHUUH
\HQFODYHODVWDSDV
 &RQHFWHHOHQFHQGLGRHQFLHQGD\
FRPSUXHEHWRGDVODVOXFHV
/X]GHPDUFKDDWUV 
+DJDFDPELDUODOPSDUDHQXQ
&RQFHVLRQDULR2ILFLDOR7DOOHUGH
6HUYLFLR$XWRUL]DGR&KHYUROHW
3LORWRDQWLQLHEOD 
+DJDFDPELDUODOPSDUDHQXQ
&RQFHVLRQDULR2ILFLDOR7DOOHUGH
$XWRUL]DGR&KHYUROHW

&XLGDGRGHOYHKFXOR
 ,QWHUPLWHQWH

/X]WUDVHUDOX]GHIUHQR


6WDWLRQ:DJRQ

 $EUDODVGRVWDSDV

 'HVHQURVTXHORVGRVWRUQLOORV



 'HVPRQWHHOJUXSRSWLFRWUDVHUR
$VHJUHVHGHTXHHOFRQGXFWRGH
FDEOHVSHUPDQH]FDHQVXSRVL
FLQ

 *LUHHOSRUWDOPSDUDVHQVHQWLGR
DQWLKRUDULR



&XLGDGRGHOYHKFXOR

 'HVPRQWHHOSRUWDOPSDUDV3UH
VLRQHOLJHUDPHQWHODOPSDUDHQ
HOFDVTXLOORJUHODHQVHQWLGRDQ
WLKRUDULRVTXHOD\VXVWLWX\DOD
OPSDUD
 ,QVHUWHHOSRUWDOPSDUDVHQHO
JUXSRSWLFRWUDVHUR\DWRUQOOHOR
HQVXSRVLFLQ0RQWHHOJUXSR
SWLFRWUDVHURHQODFDUURFHUD\
DSULHWHORVWRUQLOORV&LHUUH\HQ
FODYHODVWDSDV
 &RQHFWHHOHQFHQGLGRHQFLHQGD\
FRPSUXHEHWRGDVODVOXFHV

 $EUDHOSRUWQWUDVHUR\GHVPRQWH
ODWDSDHQHOODGRFRUUHVSRQ
GLHQWH

 ,QVHUWHHOSRUWDOPSDUDV\JUHOR
HQVHQWLGRKRUDULR&RORTXHOD
WDSD
 &RQHFWHHOHQFHQGLGRHQFLHQGD\
FRPSUXHEHODVOXFHV

,QWHUPLWHQWHVODWHUDOHV

*UXSRSWLFRGHOSRUWQWUDVHUR
 'HVPRQWHHOSRUWDOPSDUDVJL
UQGRORHQVHQWLGRDQWLKRUDULR
3DUDVXVWLWXLUODOPSDUDSUH
VLRQHOLJHUDPHQWHVREUHHOODHQHO
FDVTXLOOR\JUHODHQVHQWLGRDQWL
KRUDULR
3LORWRDQWLQLHEODOX]GHPDUFKD
DWUV
GHSHQGLHQGRGHOODGR
/X]WUDVHUD


 (PSXMHODOX]KDFLDODSDUWHSRV
WHULRUGHOYHKFXOR\GHVPQWHOD
 *LUHHOSRUWDOPSDUDVHQVHQWLGR
DQWLKRUDULR
 ([WUDLJDODOPSDUDGHOSRUWDOP
SDUDV\FPELHOD
 9XHOYDDPRQWDUHQRUGHQLQ
YHUVR

&XLGDGRGHOYHKFXOR



SXHUWDV6WDWLRQ:DJRQ

/X]GHODPDWUFXOD
SXHUWDV

 'HVHQURVTXHORVGRVWRUQLOORV

 ([WUDLJDODFDMDGHODOPSDUDKD
FLDDEDMRVLQWLUDUGHOFDEOH
*LUHHOSRUWDOPSDUDVHQVHQWLGR
DQWLKRUDULRSDUDGHVHQFODYDU
 'HVPRQWHODOPSDUDGHOSRUWD
OPSDUDV\VXVWLWX\DODOPSDUD
 ,QVHUWHHOSRUWDOPSDUDVHQOD
FDMD\JUHORHQVHQWLGRKRUDULR
 ,QVHUWHODFDMDGHODOPSDUD\I
MHODXVDQGRXQGHVWRUQLOODGRU

 ,QVHUWHXQGHVWRUQLOODGRUHQSRVL
FLQYHUWLFDOHQHOSRUWDOPSDUDV
SUHVLRQHKDFLDXQODGR\GHVEOR
TXHHHOPXHOOH
 ([WUDLJDODFDMDGHODOPSDUDKD
FLDDEDMRVLQWLUDUGHOFDEOH



&XLGDGRGHOYHKFXOR
/X]GHOFRPSDUWLPHQWRGHFDUJD

 3UHVLRQHOLJHUDPHQWHODOPSDUD
KDFLDHOFOLSHOVWLFR\VTXHOD
 ,QVHUWHODOPSDUDQXHYD
 0RQWHODOPSDUD

,OXPLQDFLQGHOWDEOHURGH
LQVWUXPHQWRV
+DJDFDPELDUODVOPSDUDVHQXQWD
OOHU
 *LUHHOSRUWDOPSDUDVHQVHQWLGR
DQWLKRUDULRSDUDGHVHQFODYDU
 'HVPRQWHODOPSDUDGHOSRUWD
OPSDUDV\VXVWLWX\DODOPSDUD
 ,QVHUWHHOSRUWDOPSDUDVHQOD
FDMD\JUHORHQVHQWLGRKRUDULR
 ,QVHUWH\HQFODYHODFDMDGHOD
OPSDUD

/XFHVLQWHULRUHV
/X]GHFRUWHVDOXFHVGHOHFWXUD
+DJDFDPELDUODVOPSDUDVHQXQWD
OOHU

 ([WUDLJDODOPSDUDKDFLHQGRSD
ODQFDFRQXQGHVWRUQLOODGRU

&XLGDGRGHOYHKFXOR

6LVWHPDHOFWULFR
)XVLEOHV
(OIXVLEOHGHUHSXHVWRGHEHWHQHUOD
PLVPDHVSHFLILFDFLQTXHHOIXVLEOH
GHIHFWXRVR
+D\GRVFDMDVGHIXVLEOHVHQHOYH
KFXOR
HQODSDUWHGHODQWHUDL]TXLHUGDGHO
FRPSDUWLPHQWRGHOPRWRU
HQHOLQWHULRUGHWUVGHOFRPSDUWL
PHQWRSRUWDREMHWRVRHQORVYHK
FXORVFRQYRODQWHDODGHUHFKDGH
WUVGHODJXDQWHUD
(QXQDFDMDHQFLPDGHOERUQHSRVL
WLYRGHODEDWHUDKD\DOJXQRVIXVL
EOHVSULQFLSDOHV6LIXHUDQHFHVDULR
KJDORVFDPELDUHQXQ&RQFHVLR
QDULR2ILFLDOR7DOOHUGH6HUYLFLR
$XWRUL]DGR&KHYUROHW
$QWHVGHVXVWLWXLUXQIXVLEOHGHVFR
QHFWHHOLQWHUUXSWRUFRUUHVSRQGLHQWH\
HOHQFHQGLGR
8QIXVLEOHGHIHFWXRVRSXHGHUHFRQR
FHUVHSRUTXHHOKLORHVWIXQGLGR1R
VXVWLWX\DHOIXVLEOHKDVWDTXHVHVXE
VDQHODFDXVDGHODDYHUD



$OJXQDVIXQFLRQHVSXHGHQHVWDUSUR
WHJLGDVSRUYDULRVIXVLEOHV
3XHGHKDEHUIXVLEOHVLQVHUWDGRVVLQ
TXHODIXQFLQHVWGLVSRQLEOHHQHO
YHKFXOR

([WUDFWRUGHIXVLEOHV
3XHGHKDEHUXQH[WUDFWRUGHIXVLEOHV
HQODFDMDGHIXVLEOHVGHOFRPSDUWL
PHQWRGHOPRWRU



&XLGDGRGHOYHKFXOR

&DMDGHIXVLEOHVGHO
FRPSDUWLPHQWRGHOPRWRU

&RORTXHHOH[WUDFWRUGHIXVLEOHVHQOD
SDUWHVXSHULRURODWHUDOGHOIXVLEOHFR
UUHVSRQGLHQWH\H[WULJDOR
/DFDMDGHIXVLEOHVHVWHQODSDUWH
GHODQWHUDL]TXLHUGDGHOFRPSDUWL
PHQWRGHOPRWRU
'HVHQFODYHODWDSDOHYQWHOD\UHW
UHOD
(VSRVLEOHTXHWRGDVODVGHVFULSFLR
QHVGHODVFDMDVGHIXVLEOHVHQHOPD
QXDOQRVHDQDSOLFDEOHVDVXYHKFXOR
6HFRUUHVSRQGHQILHOPHQWHDODIHFKD
GHLPSUHVLQ&XDQGRFRPSUXHEHOD
FDMDGHIXVLEOHVFRQVXOWHODHWLTXHWD
GHODPLVPD

&XLGDGRGHOYHKFXOR
1 &LUFXLWR



1 &LUFXLWR

0GXORGHFRQWUROGHOFDPELR



0GXORGHFRQWUROGHOPRWRU

 (QFHQGLGRVHQVRUGHFDOLGDG
GHODLUH

6ROHQRLGHGHYHQWLODFLQGHO
FQLVWHU

(OHQFHQGLGR

/LPSLDSDUDEULVDV

,Q\HFFLQGHFRPEXVWLEOH

,Q\HFFLQGHFRPEXVWLEOH
VLVWHPDGHHQFHQGLGR

 0GXORGHFRQWUROGHOPRWRU
 6RQGDODPEGD
 6ROHQRLGHGHOPRWRUGH
DUUDQTXH
 6ROHQRLGHGHYHQWLODFLQGHO
FQLVWHU


 (QFHQGLGRDLUEDJ
 0GXORGHFRQWUROGHOFRPEXV
WLEOH

 %RPEDGHFRPEXVWLEOH
 /HYDQWDYLGULRVHOFWULFRVWUDVHURV


 /HYDQWDYLGULRVHOFWULFRVGHODQ
WHURV
 %RPEDGHYDFRHOHFWUQLFD
 $%6
 6LVWHPDGHOODYHHOHFWUQLFD
 /XQHWDWUPLFDWUDVHUD




&XLGDGRGHOYHKFXOR

1 &LUFXLWR

1 &LUFXLWR

1 &LUFXLWR

 $%6

 9HQWLODGRUGHUHIULJHUDFLQ

 5HWURYLVRUHVWUPLFRV

 0GXORGHFRQWUROGHODFDUUR
FHUD

 9HQWLODGRUGHUHIULJHUDFLQ

 5HWURYLVRUHVWUPLFRV

 6RQGDODPEGD

 $LUHDFRQGLFLRQDGR

 0GXORGHFRQWUROGHODFDUUR
FHUD

 /XFHVDQWLQLHEOD

 6HQVRUGHOXQHWDWUDVHUD





 6HQVRUGHFDOLGDGGHODLUH

 7HFKRVRODU



 $QWLQLHEODWUDVHUR

 6LVWHPDGHLQIRHQWUHWHQLPLHQWR
DPSOLILFDGRU

 %RFLQD



 7DEOHURGHLQVWUXPHQWRV



 (VSHMRHOHFWURFURPWLFR

 0GXORGHFRQWUROGHOVLVWHPD
GHFRPEXVWLEOH

 /X]DOWDODGRGHUHFKR
 /X]DOWDODGRL]TXLHUGR

 &RQPXWDGRUGHODVOXFHV
FRQWUROGHODVOXFHV



 3OHJDGRGHORVUHWURYLVRUHV

 6HQVRUGHOOXYLD



 /DYDSDUDEULVDV





 %ORTXHRGHODFROXPQDGHOD
GLUHFFLQ

 9HQWLODGRUGHUHIULJHUDFLQ




 &DOHIDFFLQGHFRPEXVWLEOH
GLVHO


 6HQVRUGHWHQVLQGHODEDWHUD

&XLGDGRGHOYHKFXOR



&DMDGHIXVLEOHVGHOWDEOHUR
GHLQVWUXPHQWRV

/DFDMDGHIXVLEOHVHVWGHWUVGHO
FRPSDUWLPHQWRSRUWDREMHWRVHQHOWD
EOHURGHLQVWUXPHQWRV
 $EUDHOFRPSDUWLPHQWR
 'HVPRQWHODSDUWHLQIHULRUGHO
FRPSDUWLPHQWRHQODGLUHFFLQGH
ODVIOHFKDV

 'HVPRQWHHOFRPSDUWLPHQWRPH
GLDQWHODVGRVUDQXUDVHQODGLUHF
FLQGHODVIOHFKDV
9XHOYDDPRQWDUHOFRPSDUWLPHQWRHQ
RUGHQLQYHUVR

(QORVYHKFXORVFRQYRODQWHDODGH
UHFKDODFDMDGHIXVLEOHVHVWVLWXDGD
GHWUVGHXQDWDSDHQODJXDQWHUD
$EUDODJXDQWHUD\GHVPRQWHODWDSD
(VSRVLEOHTXHWRGDVODVGHVFULSFLR
QHVGHODVFDMDVGHIXVLEOHVHQHOPD
QXDOQRVHDQDSOLFDEOHVDVXYHKFXOR
6HFRUUHVSRQGHQILHOPHQWHDODIHFKD
GHLPSUHVLQ&XDQGRFRPSUXHEHOD
FDMDGHIXVLEOHVFRQVXOWHODHWLTXHWD
GHODPLVPD



&XLGDGRGHOYHKFXOR
1 &LUFXLWR

1 &LUFXLWR

7RPDGHFRUULHQWH

 &XDGURGHLQVWUXPHQWRV

0GXORGHFRQWUROGHODFDUUR
FHUD

 (QFHQGLGRVLVWHPDGHOODYH
HOHFWUQLFD

0GXORGHFRQWUROGHODFDUUR
FHUD

 0GXORGHFRQWUROGHODFDUUR
FHUD

 0GXORGHFRQWUROGHODFDUUR
FHUD

 0GXORGHFRQWUROGHODFDUUR
FHUD

 9HQWLODGRUGHOKDELWFXOR

 %ORTXHRGHODFROXPQDGHOD
GLUHFFLQ



6LVWHPDGHLQIRHQWUHWHQLPLHQWR
WHOIRQRGHPDQRVOLEUHV



 $LUEDJ

8QLGDGGHFRQWUROGHODFDUUR
FHUD

 &LHUUHFHQWUDOL]DGRSRUWQ
WUDVHUR

6LVWHPDGHLQIRHQWUHWHQLPLHQWR

 $LUHDFRQGLFLRQDGR

3DQWDOODGHLQIRUPDFLQDVLV
WHQWHGHDSDUFDPLHQWRVLUHQD
GHDODUPD



(QFHQGHGRUGHFLJDUULOORV



1 &LUFXLWR

 &RQHFWRUGHGLDJQRVLV

 3DODQFDGHFDPELRV



&XLGDGRGHOYHKFXOR

+HUUDPLHQWDVGHO
YHKFXORGHHVWDU
HTXLSDGR

9HKFXORVFRQUXHGDGH
UHSXHVWR

/ODQWDV\QHXPWLFRV
(VWDGRGHORVQHXPWLFRV
HVWDGRGHODVOODQWDV

+HUUDPLHQWDV
9HKFXORVFRQMXHJRGH
UHSDUDFLQGHQHXPWLFRV

(OJDWR\ODVKHUUDPLHQWDVHVWQHQ
XQFRPSDUWLPHQWRSRUWDREMHWRVHQHO
FRPSDUWLPHQWRGHFDUJDGHEDMRGHOD
UXHGDGHUHSXHVWR5XHGDGHUH
SXHVWR

/DVKHUUDPLHQWDV\HOMXHJRGHUHSD
UDFLQGHQHXPWLFRVHVWQHQXQ
FRPSDUWLPHQWRSRUWDREMHWRVGHEDMR
GHODFXELHUWDGHOSLVRHQHOFRPSDU
WLPHQWRGHFDUJD



&RQGX]FDOHQWDPHQWHVREUHORVFRU
GRQHV\VLHVSRVLEOHHQQJXOR
UHFWR 5RGDUVREUHVXSHUILFLHVFRQ
ERUGHV DJXGRVSXHGHGDDUORV
QHXPWLFRV \ODVOODQWDV$OHVWDFLR
QDUQRDSULVLRQH ORVQHXPWLFRV
FRQWUDHOFRUGQ 
&RPSUXHEHSHULGLFDPHQWHVLODV
OODQWDVHVWQGDDGDV(QFDVRGH
GDRVRGHVJDVWHH[FHVLYRUHFXUUDD
ODD\XGDGHXQ&RQFHVLRQDULR2ILFLDO
R7DOOHUGH6HUYLFLR$XWRUL]DGR
&KHYUROHW

1HXPWLFRVGHLQYLHUQR
/RVQHXPWLFRVGHLQYLHUQRRIUHFHQ
PD\RUVHJXULGDGDWHPSHUDWXUDVLQ
IHULRUHVD&\SRUWDQWRGHEHUDQ
PRQWDUVHHQWRGDVODVUXHGDV
/DSHJDWLQDFRQHOOPLWHGHYHORFL
GDGVHJQODVQRUPDVGHWUILFRGHO
SDVGHEHFRORFDUVHHQHOFDPSRYL
VXDOGHOFRQGXFWRU



&XLGDGRGHOYHKFXOR

'HVLJQDFLRQHVGHORV
QHXPWLFRV
SHM
5+

$QFKXUDGHOQHXPWLFRHQ
PP

5HODFLQGHVHFFLQDOWXUD
GHOQHXPWLFRUHVSHFWRDOD
DQFKXUDHQ
5
7LSRGHFXELHUWD5DGLDO
5)
7LSR5XQ)ODW

'LPHWURGHODOODQWDHQSXO
JDGDV

QGLFHGHFDUJDSHMFR
UUHVSRQGHDNJ
+
/HWUDGHOFGLJRGHYHORFLGDG
/HWUDGHOFGLJRGHYHORFLGDG
4
KDVWDNPK
6
KDVWDNPK
7
KDVWDNPK
+
KDVWDNPK
9
KDVWDNPK
:
KDVWDNPK

3UHVLQGHORVQHXPWLFRV
&RPSUXHEHODSUHVLQGHORVQHXP
WLFRVHQIURDOPHQRVFDGDGDV\
DQWHVGHFXDOTXLHUYLDMHODUJR1RRO
YLGHODUXHGDGHUHSXHVWR
'HVHQURVTXHHOWDSQGHODYOYXOD

/DUXHGDGHUHSXHVWRVHGHEHLQIODU
VLHPSUHFRQODSUHVLQHVSHFLILFDGD
SDUDFDUJDFRPSOHWD
/DSUHVLQGHORVQHXPWLFRV(&2
VLUYHSDUDUHGXFLUHOFRQVXPRGH
FRPEXVWLEOH
8QDSUHVLQGHORVQHXPWLFRVLQFR
UUHFWDDIHFWDUQHJDWLYDPHQWHDOD
VHJXULGDGDODPDQLREUDELOLGDGGHO
YHKFXORDOFRQIRUW\DOFRQVXPRGH
FRPEXVWLEOHDGHPVGHDXPHQWDUHO
GHVJDVWHGHORVQHXPWLFRV

 3HOLJUR

3UHVLQGHORVQHXPWLFRV\
HQODHWLTXHWDFRORFDGDHQHOPDUFR
GHODSXHUWDGHODQWHUDL]TXLHUGD
/RVGDWRVVREUHSUHVLRQHVVRQYOL
GRVSDUDQHXPWLFRVIURV6RQDSOL
FDEOHVDQHXPWLFRVGHYHUDQR\GH
LQYLHUQR

6LODSUHVLQHVLQVXILFLHQWHORV
QHXPWLFRVSXHGHQFDOHQWDUVH
FRQVLGHUDEOHPHQWHSXGLHQGR
SURGXFLUVHGHVSHUIHFWRVLQWHUQRV
TXHSXHGHQOOHJDUDSURYRFDUHO
GHVSUHQGLPLHQWRGHODEDQGDGH
URGDGXUDHLQFOXVRXQUHYHQWQGHO
QHXPWLFRFXDQGRVHFLUFXODD
JUDQYHORFLGDG

3URIXQGLGDGGHOGLEXMR
&RPSUXHEHUHJXODUPHQWHODSURIXQ
GLGDGGHOGLEXMR

&XLGDGRGHOYHKFXOR
3RUPRWLYRVGHVHJXULGDGORVQHX
PWLFRVGHEHQVXVWLWXLUVHDODOFDQ]DU
HOGLEXMRXQDSURIXQGLGDGGHPP
QHXPWLFRVGHLQYLHUQRDORVPP

/RVQHXPWLFRVHQYHMHFHQDXQTXH
QRVHXVHQ/HUHFRPHQGDPRVVXVWL
WXLUORVQHXPWLFRVFDGDDRV

&DPELRGHOWDPDRGH
QHXPWLFRV\OODQWDV

/DSURIXQGLGDGPQLPDDXWRUL]DGDOH
JDOPHQWHPPVHKDDOFDQ]DGR
FXDQGRHOGLEXMRPXHVWUDXQLQGLFD
GRUGHGHVJDVWH7:, 7UHDG:HDU
,QGLFDWRU6XSRVLFLQVHLQGLFDPH
GLDQWHPDUFDVHQHOIODQFRGHOQHX
PWLFR
6LHOGHVJDVWHGHODQWHIXHVHPD\RU
TXHGHWUVFDPELHODVUXHGDVGHODQ
WHUDVSRUODVWUDVHUDV$VHJUHVHGH
TXHODGLUHFFLQGHJLURGHODVUXHGDV
VHDODPLVPDGHDQWHV

6LVHXWLOL]DQQHXPWLFRVFRQXQWD
PDRGLIHUHQWHDORVPRQWDGRVGHI
EULFDSXHGHVHUQHFHVDULRUHSURJUD
PDUHOYHORFPHWURDVFRPRODSUH
VLQQRPLQDOGHORVQHXPWLFRV\
UHDOL]DURWUDVPRGLILFDFLRQHVHQHOYH
KFXOR
$OFDPELDUDQHXPWLFRVGHRWURWD
PDRKDJDVXVWLWXLUODSHJDWLQDFRQ
ODSUHVLQGHORVQHXPWLFRV

 3HOLJUR
(OXVRGHFXELHUWDVRQHXPWLFRV
LQDSURSLDGRVSXHGHGDUOXJDUD
DFFLGHQWHV\DODDQXODFLQGHO
SHUPLVRGHFLUFXODFLQGHVXYH
KFXOR



 3HOLJUR
1RXWLOLFHOODQWDV\QHXPWLFRVGH
WLSRV\WDPDRVGLIHUHQWHVDORV
PRQWDGRVRULJLQDOPHQWHHQHOYH
KFXOR(VWRSXHGHPHQRVFDEDUOD
VHJXULGDG\ODVSUHVWDFLRQHVGHO
YHKFXOR3RGUDGDUOXJDUDIDOORV
GHPDQHMRRYXHOFRV\JUDYHVOH
VLRQHV&XDQGRVXVWLWX\DORVQHX
PWLFRVDVHJUHVHGHPRQWDUORV
FXDWURQHXPWLFRVGHOPLVPRWD
PDRWLSRSHUILOPDUFD\FDSDFL
GDGGHFDUJD(OXVRGHFXDOTXLHU
RWURWDPDRRWLSRGHQHXPWLFR
SRGUDDOWHUDUJUDYHPHQWHODVXV
SHQVLQHOPDQHMRODDOWXUDVREUH
HOVXHORODGLVWDQFLDGHIUHQDGROD
KROJXUDUHVSHFWRDODFDUURFHUD\
ODILDELOLGDGGHOYHORFPHWUR

7DSDFXERV
6HGHEHQXWLOL]DUWDSDFXERV\QHX
PWLFRVKRPRORJDGRVSRUHOIDEUL
FDQWHSDUDHOYHKFXORFRUUHVSRQ
GLHQWHTXHFXPSOHQWRGRVORVUHTXL
VLWRVGHODFRPELQDFLQGHOODQWD\
QHXPWLFR



&XLGDGRGHOYHKFXOR

6LQRVHXWLOL]DQWDSDFXERV\QHXP
WLFRVKRPRORJDGRVSRUHOIDEULFDQWH
ORVQHXPWLFRVQRGHEHQGLVSRQHUGH
QHUYDGXUDGHSURWHFFLQUDGLDO
/RVWDSDFXERVQRGHEHQPHQRVFDEDU
ODUHIULJHUDFLQGHORVIUHQRV

 3HOLJUR
(OXVRGHQHXPWLFRVRWDSDFXERV
LQDGHFXDGRVSXHGHGDUOXJDUDOD
SUGLGDUHSHQWLQDGHSUHVLQ\
SRUWDQWRRFDVLRQDUXQDFFLGHQWH

&DGHQDVSDUDQLHYH

6ORVHSXHGHQXWLOL]DUFDGHQDVHQ
ODVUXHGDVGHODQWHUDV
1RVHSXHGHQPRQWDUFDGHQDVHQ
QHXPWLFRVGHOWDPDR5
8WLOLFHVLHPSUHFDGHQDVGHHVODER
QHVILQRVTXHQRVREUHVDOJDQPVGH
PPGHOGLEXMRGHOQHXPWLFR\GH
ORVODGRVLQWHULRUHVLQFOXLGRHOFLHUUH
GHODFDGHQD

 3HOLJUR
/RVGDRVSXHGHQRFDVLRQDUXQ
UHYHQWQGHOQHXPWLFR

-XHJRGHUHSDUDFLQGH
QHXPWLFRV
(OMXHJRGHUHSDUDFLQGHQHXPWLFRV
SHUPLWHVXEVDQDUGDRVPHQRUHVHQ
ODVXSHUILFLHGHURGDGXUD\HQHO
IODQFRGHOQHXPWLFR
1RUHWLUHORVFXHUSRVH[WUDRVGHORV
QHXPWLFRV

/RVGDRVTXHVXSHUHQORVPPR
TXHHVWQHQHOIODQFRGHOQHXPWLFR
FHUFDGHODOODQWDQRSXHGHQVHUVXE
VDQDGRVFRQHOMXHJRGHUHSDUDFLQ
GHQHXPWLFRV

 3HOLJUR
1RFRQGX]FDDPVGHNPK
1RXWLOLFHODUXHGDUHSDUDGDGX
UDQWHXQSHURGRGHWLHPSRSUR
ORQJDGR
/DGLUHFFLQ\PDQLREUDELOLGDG
SXHGHQYHUVHDIHFWDGDV
(QFDVRGHVXIULUXQSLQFKD]R
$FFLRQHHOIUHQRGHHVWDFLRQDPLHQWR
\HQJUDQHODSULPHUDODPDUFKDDWUV
R3
3

&XLGDGRGHOYHKFXOR



 (QURVTXHHOWXERIOH[LEOHGHDLUH
GHOFRPSUHVRUDODFRQH[LQHQHO
ERWHGHVHOODGRU
 &RORTXHHOERWHGHVHOODGRUHQOD
VXMHFLQGHOFRPSUHVRU
&RORTXHHOFRPSUHVRUFHUFDGHO
QHXPWLFRGHPRGRTXHHOERWH
GHVHOODGRUHVWHQSRVLFLQYHUWL
FDO

(OMXHJRGHUHSDUDFLQGHQHXPWLFRV
HVWHQXQFRPSDUWLPHQWRGHEDMRGH
ODFXELHUWDGHOSLVRHQHOFRPSDUWL
PHQWRGHFDUJD
 6DTXHHOMXHJRGHUHSDUDFLQGH
QHXPWLFRVGHOFRPSDUWLPHQWR
 ([WUDLJDHOFRPSUHVRU

 6DTXHHOFDEOHGHFRQH[LQHOF
WULFD\HOWXERIOH[LEOHGHDLUHGHO
FRPSDUWLPHQWRSRUWDREMHWRVHQOD
SDUWHLQIHULRUGHOFRPSUHVRU

 'HVHQURVTXHHOWDSQGHODYO
YXODGHOQHXPWLFRDYHULDGR
 (QURVTXHHOWXERIOH[LEOHGHOOH
QDGRDODYOYXODGHOQHXPWLFR
 (OLQWHUUXSWRUGHOFRPSUHVRUGHEH
HVWDUHQ!



&XLGDGRGHOYHKFXOR

 &RQHFWHHOHQFKXIHGHOFRPSUH
VRUDODWRPDSDUDDFFHVRULRVHQ
ODSDUWHWUDVHUDGHODFRQVROD1R
FRQHFWHHOHQFKXIHGHOFRPSUHVRU
HQODWRPDGHFRUULHQWHGHOHQFHQ
GHGRU
3DUDLPSHGLUODGHVFDUJDGHODED
WHUDUHFRPHQGDPRVGHMDUHOPR
WRUHQPDUFKD

 3RQJDHOLQWHUUXSWRUEDVFXODQWH
GHOFRPSUHVRUHQ,,(OQHXPWLFR
VHOOHQDUFRQHOVHOODGRU
 0LHQWUDVVHYDFDHOERWHGHVH
OODGRUDSUR[VHJXQGRVHO
PDQPHWURGHOFRPSUHVRUSXHGH
OOHJDUDPRVWUDUEUHYHPHQWHSUH

VLRQHVGHKDVWDEDU3RVWHULRU
PHQWHODSUHVLQHPSLH]DDGHV
FHQGHU
 7RGRHOVHOODGRUVHERPEHDDOLQ
WHULRUGHOQHXPWLFR$FRQWLQXD
FLQVHLQIODHOQHXPWLFR
 /DSUHVLQGHOQHXPWLFRSUHV
FULWDGHEHDOFDQ]DUVHHQXQSOD]R
GHPLQXWRV3UHVLQGHORV
QHXPWLFRV8QDYH]DO
FDQ]DGDODSUHVLQFRUUHFWDGHV
FRQHFWHHOFRPSUHVRU

6LODSUHVLQSUHVFULWDQRVHDO
FDQ]DHQXQSOD]RGHPLQXWRV
GHVFRQHFWHHOMXHJRGHUHSDUD
FLQGHQHXPWLFRV+DJDJLUDUHO

QHXPWLFRXQDYXHOWDFRPSOHWD
9XHOYDDFRQHFWDUHOMXHJRGHUH
SDUDFLQGHQHXPWLFRV\FRQWL
QHHOSURFHVRGHLQIODGRGXUDQWH
RWURVPLQXWRV6LDQQRVHDO
FDQ]DODSUHVLQSUHVFULWDVLJQL
ILFDTXHHOGDRGHOQHXPWLFRHV
GHPDVLDGRJUDYH5HFXUUDDOD
D\XGDGHXQ&RQFHVLRQDULR2IL
FLDOR7DOOHUGH6HUYLFLR$XWRUL]D
GR&KHYUROHW
9DFHHOH[FHVRGHSUHVLQGHORV
QHXPWLFRVPHGLDQWHHOERWQVL
WXDGRHQFLPDGHOLQGLFDGRUGH
SUHVLQ
(OFRPSUHVRUQRGHEHHVWDUHQ
VHUYLFLRPVGHPLQXWRV
 'HVDFRSOHHOMXHJRGHUHSDUDFLQ
GHQHXPWLFRV3XOVHODSHVWDD
TXHKD\HQHOVRSRUWHSDUDGHV
PRQWDUHOERWHGHVHOODGRUGHOVR
SRUWH(QURVTXHHOWXERIOH[LEOHGH
LQIODGRHQODFRQH[LQOLEUHGHO
ERWHGHVHOODGRU(VWRHYLWDIXJDV
GHVHOODGRU*XDUGHHOMXHJRGH
UHSDUDFLQGHQHXPWLFRVHQHO
FRPSDUWLPHQWRGHFDUJD
 (OLPLQHHOH[FHVRGHVHOODGRUFRQ
XQSDR

&XLGDGRGHOYHKFXOR
 /DSHJDWLQDTXHVHDGMXQWDFRQHO
UHFLSLHQWHGHVHOODGRUTXHLQGLFD
ODYHORFLGDGP[LPDDXWRUL]DGD
GHEHFRORFDUVHHQHOFDPSRYL
VXDOGHOFRQGXFWRU
 &RQWLQHODPDUFKDLQPHGLDWD
PHQWHSDUDTXHHOVHOODGRUVHGLV
WULEX\DXQLIRUPHPHQWHHQHOQHX
PWLFR'HVSXVGHFRQGXFLU
XQRVNPQRPVGHPLQX
WRVGHWQJDVH\FRPSUXHEHOD
SUHVLQGHOQHXPWLFR3DUDHOOR
FRQHFWHGLUHFWDPHQWHHOWXERIOH
[LEOHGHDLUHDODYOYXODGHOQHX
PWLFR\DOFRPSUHVRU

6LODSUHVLQGHOQHXPWLFRHVVX
SHULRUDEDUDMVWHODDOYDORU
SUHVFULWR5HSLWDHOSURFHGLPLHQWR
KDVWDTXHQRKD\DPVSUGLGD
GHSUHVLQ
6LODSUHVLQGHOQHXPWLFRHVLQ
IHULRUDEDUQRVHSXHGHFLU
FXODUFRQHOYHKFXOR5HFXUUDDOD
D\XGDGHXQWDOOHU
 *XDUGHHOMXHJRGHUHSDUDFLQGH
QHXPWLFRVHQHOFRPSDUWLPHQWR
GHFDUJD
1RWD
/DFRPRGLGDGGHPDUFKDGHOQHX
PWLFRUHSDUDGRVHYHDIHFWDGDQH
JDWLYDPHQWHSRUORTXHHVUHFRPHQ
GDEOHVXVWLWXLUGLFKRQHXPWLFR
6LHOFRPSUHVRUSURGXFHUXLGRVDQ
PDORVRVHFDOLHQWDGMHORGHVFR
QHFWDGRGXUDQWHDOPHQRVPLQX
WRV
/DYOYXODGHVHJXULGDGLQWHJUDGD
VHDEUHDXQDSUHVLQGHEDU
7HQJDHQFXHQWDODIHFKDGHFDGX
FLGDGGHOMXHJR'HVSXVGHGLFKD
IHFKDQRSXHGHJDUDQWL]DUVHVXFD



SDFLGDGGHVHOODGR&RPSUXHEHOD
IHFKDGHFDGXFLGDGLQGLFDGDHQHO
ERWHGHVHOODGRU
6XVWLWX\DHOUHFLSLHQWHGHVHOODGRU
XQDYH] XVDGR'HVHFKHHOUHFL
SLHQWHFRQIRUPHD ODVGLVSRVLFLR
QHVOHJDOHVYLJHQWHV
(OFRPSUHVRU\HOVHOODGRUSXHGHQ
XWLOL]DUVHDXQDWHPSHUDWXUDGH
KDVWD&DSUR[LPDGDPHQWH
/RVDGDSWDGRUHVVXPLQLVWUDGRV
SXHGHQXWLOL]DUVHSDUDLQIODURWURV
REMHWRVFRPRSHORWDVGHIWEROFRO
FKRQHVGHDLUHERWHVQHXPWLFRV
HWF(VWQDORMDGRVHQODSDUWHLQIH
ULRUGHOFRPSUHVRU3DUDGHVPRQWDU
ORVHQURVTXHHOWXERIOH[LEOHGHDLUH
GHOFRPSUHVRU\H[WUDLJDHODGDSWD
GRU

&DPELRGHUXHGDV
$OJXQRVYHKFXORVHVWQHTXLSDGRV
FRQXQMXHJRGHUHSDUDFLQGHQHX
PWLFRVHQYH]GHXQDUXHGDGHUH
SXHVWR
6HGHEHQHIHFWXDUORVSUHSDUDWLYRV\
REVHUYDUODVLQGLFDFLRQHVVLJXLHQWHV



&XLGDGRGHOYHKFXOR

(VWDFLRQHHOYHKFXORHQXQDVXSHU
ILFLHQLYHODGDILUPH\QRGHVOL]DQWH
/DVUXHGDVGHODQWHUDVGHEHQHVWDU
HQSRVLFLQGHPDUFKDHQOQHD
UHFWD
$FFLRQHHOIUHQRGHHVWDFLRQD
PLHQWR\HQJUDQHODSULPHUDOD
PDUFKDDWUVR3
3
6DTXHODUXHGDGHUHSXHVWR

1XQFDFDPELHPVGHXQDUXHGD
VLPXOWQHDPHQWH
8WLOLFHHOJDWRQLFDPHQWHSDUD
FDPELDUODVUXHGDVHQFDVRGHSLQ
FKD]RQRSDUDHOFDPELRHVWDFLR
QDOGHQHXPWLFRVGHLQYLHUQRRGH
YHUDQR
6LHOWHUUHQRGRQGHHVWHVWDFLR
QDGRHOYHKFXORHVEODQGRGHEH
FRORFDUVHGHEDMRGHOJDWRXQDEDVH
HVWDEOHFRQXQJURVRUP[LPRGH
FP
1RGHEHKDEHUSHUVRQDVQLDQLPD
OHVGHQWURGHOYHKFXORFXDQGRVH
XWLOLFHHOJDWR
1RVHPHWDQXQFDGHEDMRGHXQYH
KFXORTXHHVWDO]DGRFRQXQJDWR

1RDUUDQTXHHOYHKFXORPLHQWUDV
HVWOHYDQWDGRFRQHOJDWR
/LPSLHODVWXHUFDVGHUXHGD\ODV
URVFDVFRQXQSDROLPSLRDQWHVGH
PRQWDUODUXHGD

 3HOLJUR
(OFDPELRGHUXHGDVHVXQDWDUHD
TXHSXHGHSUHVHQWDUULHVJRVGH
OHVLRQHV1XQFDPHWDVXFXHUSRR
SDUWHGHOGHEDMRGHODXWRPYLOR
GHQWURGHOPHFDQLVPRGHOJDWR

 'HVHQFODYHORVWDSRQHVGHODV
WXHUFDVGHUXHGDFRQXQGHVWRUQL
OODGRU\GHVPQWHORV4XLWHHOWD
SDFXERVFRQHOJDQFKR+HUUD
PLHQWDVGHOYHKFXOR
/ODQWDVGHDOHDFLQ'HVHQFODYH
ORVWDSRQHVGHODVWXHUFDVGH
UXHGDFRQXQGHVWRUQLOODGRU\GHV
PQWHORV3DUDSURWHJHUODOODQWD
FRORTXHXQSDRVXDYHHQWUHHO
GHVWRUQLOODGRU\ODOODQWDGHDOHD
FLQ
 9DULDQWH

 3HOLJUR
1RHQJUDVHHOWRUQLOORGHUXHGDOD
WXHUFDGHUXHGDQLHOFRQRGHOD
WXHUFDGHUXHGD

0RQWHODOODYHSDUDWRUQLOORVGH
UXHGDDVHJXUQGRVHGHTXHVH
FRORFDELHQ\DIORMHFDGDWXHUFD
GHUXHGDPHGLDYXHOWD

&XLGDGRGHOYHKFXOR



9DULDQWH

'HVSOLHJXHODOODYHSDUDUXHGDV\
PQWHODDVHJXUQGRVHGHVXFR
UUHFWDFRORFDFLQ\DIORMHFDGD
WXHUFDGHUXHGDPHGLDYXHOWD
 6ORHQORVPRGHORVGHSRUWLYRV

&RORTXHODPDQRGHWUVGHODFX
ELHUWDGHOUHYHVWLPLHQWRGHOHV
WULER
7LUHKDFLDDEDMR\KDFLDDIXHUD
SDUDGHVPRQWDUODFXELHUWD/DFX
ELHUWDHVWILMDGDFRQXQDQFODMH

 $VHJUHVHGHTXHHOJDWRHVWFR
UUHFWDPHQWHFRORFDGRHQORVSXQ
WRVGHHOHYDFLQGHOYHKFXOR
 9DULDQWH



&XLGDGRGHOYHKFXOR

$MXVWHHOJDWRDODDOWXUDQHFHVD
ULD&RORTXHHOJDWRGLUHFWDPHQWH
GHEDMRGHOSXQWRGHHOHYDFLQGH
PRGRTXHQRSXHGDUHVEDODU





$MXVWHHOJDWRDODDOWXUDQHFHVD
ULD&RORTXHHOJDWRGLUHFWDPHQWH
GHEDMRGHOSXQWRGHHOHYDFLQGH
PRGRTXHQRSXHGDUHVEDODU
$FRSOHODPDQLYHODGHOJDWR\FRQ
HOJDWRFRUUHFWDPHQWHDOLQHDGR
JLUHODPDQLYHODKDVWDTXHOD
UXHGDVHGHVSHJXHGHOVXHOR
9DULDQWH





$FRSOHODOODYHSDUDUXHGDV\FRQ
HOJDWRFRUUHFWDPHQWHDOLQHDGR
JLUHODOODYHSDUDUXHGDVKDVWDTXH
ODUXHGDVHGHVSHJXHGHOVXHOR
'HVHQURVTXHODVWXHUFDVGH
UXHGD
&DPELHODUXHGD
(QURVTXHODVWXHUFDVGHUXHGD
%DMHHOYHKFXOR
,QVHUWHFRPSOHWDPHQWHODOODYH
SDUDUXHGDV\DSULHWHODVWXHUFDV
VLJXLHQGRXQRUGHQHQFUX](OSDU
GHDSULHWHHVGH1P
$OLQHHHORULILFLRSDUDODYOYXODHQ
HOWDSDFXERVFRQODYOYXODGHO
QHXPWLFRDQWHVGHOPRQWDMH
0RQWHORVWDSRQHVGHODVWXHUFDV
GHUXHGD
6ORHQORVPRGHORVGHSRUWLYRV

&XLGDGRGHOYHKFXOR



5XHGDGHUHSXHVWR

9XHOYDDPRQWDUODFXELHUWD
0RQWHORVGRVSDVDGRUHVWUDVHURV
HQORVRULILFLRVGHOSDQHODGRGH
XPEUDO\GHVSOLHJXHODFXELHUWD
SDUDHQJDQFKDU
 *XDUGHODUXHGDVXVWLWXLGD
\ODVKHUUDPLHQWDVGHOYHKFXOR

 &RPSUXHEHODSUHVLQGHOQHXP
WLFRPRQWDGR\HOSDUGHDSULHWHGH
ODVWXHUFDVGHUXHGDORDQWHVSR
VLEOH
+DJDUHSDUDURVXVWLWXLUHOQHX
PWLFRDYHULDGR

$OJXQRVYHKFXORVHVWQHTXLSDGRV
FRQXQMXHJRGHUHSDUDFLQGHQHX
PWLFRVHQYH]GHXQDUXHGDGHUH
SXHVWR
/DUXHGDGHUHSXHVWRSXHGHFODVLIL
FDUVHFRPRXQDUXHGDGHHPHUJHQ
FLDGHSHQGLHQGRGHOWDPDRUHVSHFWR
DODVRWUDVUXHGDVPRQWDGDV\GHOD
OHJLVODFLQQDFLRQDO
/DUXHGDGHUHSXHVWRWLHQHXQDOODQWD
GHDFHUR

$WHQFLQ
(OXVRGHXQDUXHGDGHUHSXHVWR
GHPHQRUWDPDRTXHODVGHPV
UXHGDVRMXQWRFRQQHXPWLFRVGH
LQYLHUQRSXHGHDIHFWDUDOFRPSRU
WDPLHQWRGHPDUFKD+DJDVXVWL
WXLUHOQHXPWLFRDYHULDGRORDQWHV
SRVLEOH

/DUXHGDGHUHSXHVWRHVWVLWXDGDHQ
HOFRPSDUWLPHQWRGHFDUJDGHEDMRGH
ODFXELHUWDGHOSLVR(VWILMDGDHQHO
UHEDMHPHGLDQWHXQDWXHUFDGHPDUL
SRVD
(OKXHFRGHODUXHGDGHUHSXHVWRQR
HVWGLVHDGRSDUDWRGRVORVWDPD
RVGHQHXPWLFRVSHUPLWLGRV6LXQD
UXHGDHVPVDQFKDTXHODGHUH
SXHVWRVHGHEHJXDUGDUHQHOKXHFR
GHODUXHGDGHUHSXHVWRGHVSXVGH
FDPELDUODVUXHGDVODFXELHUWDGHO
SLVRSXHGHFRORFDUVHHQFLPDGHOD
UXHGDTXHVREUHVDOH



&XLGDGRGHOYHKFXOR

$OPDFHQDPLHQWRGHXQDUXHGD
DYHULDGDSXHUWDV\6WDWLRQ
:DJRQ
/DUXHGDDYHULDGDGHWDPDRFRP
SOHWRGHEHDOPDFHQDUVHHQHOH[WHULRU
HQHOKXHFRGHODUXHGDGHUHSXHVWR
\ILMDUVHELHQFRQODWXHUFDGHPDUL
SRVD

$OPDFHQDPLHQWRGHXQDUXHGD
DYHULDGDSXHUWDV
/DUXHGDDYHULDGDGHEHJXDUGDUVHHQ
HOFRPSDUWLPHQWRGHFDUJD\DVHJX
UDUVHFRQXQDFRUUHD+HUUDPLHQWDV
GHOYHKFXOR
 &RORTXHODUXHGDDXQODGRGHO
FRPSDUWLPHQWRGHFDUJD

 &RORTXHHOOD]RGHOH[WUHPRGHOD
FRUUHDHQODDUJROODGHODQWHUDGHO
ODGRFRUUHVSRQGLHQWH
 ,QVHUWHHOJDQFKRGHOH[WUHPRGH
ODFRUUHDHQHOOD]R\WLUHGHO
KDVWDTXHODFRUUHDVHILMHFRUUHF
WDPHQWHHQODDUJROOD

 ,QVHUWHODFRUUHDHQWUHORVUDGLRV
GHODOODQWDFRPRVHPXHVWUDHQOD
LOXVWUDFLQ
 0RQWHHOJDQFKRHQODDUJROODWUD
VHUD
 $SULHWHODFRUUHD\IMHODFRQODKH
ELOODGHFLHUUH

5XHGDGHHPHUJHQFLD
(OXVRGHODUXHGDGHHPHUJHQFLD
SXHGHDIHFWDUDOFRPSRUWDPLHQWRGH
PDUFKD+DJDVXVWLWXLURUHSDUDUHO
QHXPWLFRDYHULDGRORDQWHVSRVLEOH

&XLGDGRGHOYHKFXOR
6ORGHEHPRQWDUVHXQDUXHGDGH
HPHUJHQFLD1RFRQGX]FDDPVGH
NPK7RPHODVFXUYDVGHVSDFLR
1RXWLOLFHODUXHGDGXUDQWHXQSHURGR
GHWLHPSRSURORQJDGR
&DGHQDVSDUDQLHYH

1HXPWLFRVFRQGLUHFFLQGH
URGDGXUD
/RVQHXPWLFRVFRQGLUHFFLQGHUR
GDGXUDGHEHQPRQWDUVHSDUDTXH
UXHGHQHQHOVHQWLGRGHPDUFKD/D
GLUHFFLQGHURGDGXUDVHLQGLFDPH
GLDQWHXQVPERORSHMXQDIOHFKD
HQHOIODQFR
6LODVUXHGDVVHPRQWDQHQVHQWLGR
FRQWUDULRDODGLUHFFLQGHURGDGXUD
3XHGHYHUVHDIHFWDGRHOFRPSRUWD
PLHQWRGHPDUFKD+DJDVXVWLWXLUR
UHSDUDUHOQHXPWLFRDYHULDGROR
DQWHVSRVLEOH
1RFRQGX]FDDPVGHNPK
6HGHEHFRQGXFLUFRQPXFKDSUH
FDXFLQHQFDVRGHOOXYLD\QLHYH

$UUDQTXHFRQFDEOHV
1RDUUDQTXHFRQFDUJDGRUHVUSLGRV
8QYHKFXORFRQODEDWHUDGHVFDU
JDGDSXHGHSRQHUVHHQPDUFKDFRQ
FDEOHVDX[LOLDUHVGHDUUDQTXH\ODED
WHUDGHRWURYHKFXOR

 3HOLJUR
7HQJDPXFKRFXLGDGRFXDQGR
DUUDQTXHFRQFDEOHVDX[LOLDUHV
&XDOTXLHUGHVYLDFLQGHODVLQV
WUXFFLRQHVVLJXLHQWHVSXHGHRFD
VLRQDUOHVLRQHVRGDRVPDWHULD
OHVRFDVLRQDGRVSRUODH[SORVLQ
GHODEDWHUDRGDRVHQORVVLVWH
PDVHOFWULFRVGHDPERVYHKFX
ORV

 3HOLJUR
(YLWHVXFRQWDFWRFRQORVRMRVOD
SLHOODURSDRVXSHUILFLHVSLQWDGDV
(OOTXLGRFRQWLHQHFLGRVXOIULFR



TXHSXHGHRFDVLRQDUOHVLRQHV\
GDRVHQFDVRGHFRQWDFWRGLUHFWR
FRQHOPLVPR
1RH[SRQJDODEDWHUDDOODPDV
GHVFXELHUWDVRFKLVSDV
8QDEDWHUDGHVFDUJDGDSXHGHKH
ODUVHDWHPSHUDWXUDVSU[LPDVD
&'HVFRQJHOHODEDWHUDDQWHV
GHFRQHFWDUORVFDEOHVDX[LOLDUHVGH
DUUDQTXH
/OHYHJDIDV\URSDGHSURWHFFLQ
FXDQGRPDQLSXOHXQDEDWHUD
8WLOLFHXQDEDWHUDDX[LOLDUGHOD
PLVPDWHQVLQYROWLRV6XFD
SDFLGDG$KQRGHEHVHUPX\LQIH
ULRUDODGHODEDWHUDGHVFDUJDGD
8WLOLFHFDEOHVDX[LOLDUHVGHDUUDQ
TXHFRQERUQHVDLVODGRV\XQDVHF
FLQPQLPDGHPPHQPRWR
UHVGLVHOGHPP
1RGHVFRQHFWHODEDWHUDGHVFDU
JDGDGHOYHKFXOR
'HVFRQHFWHWRGRVORVFRQVXPLGR
UHVHOFWULFRVLQQHFHVDULRV



&XLGDGRGHOYHKFXOR

1RVHDSR\HVREUHODEDWHUDGX
UDQWHHODUUDQTXHFRQORVFDEOHVDX
[LOLDUHV
1RGHMHTXHORVERUQHVGHXQFDEOH
WRTXHQORVGHORWURFDEOH
/RVYHKFXORVQRGHEHQHQWUDUHQ
FRQWDFWRGXUDQWHHOSURFHVRGH
DUUDQTXHFRQFDEOHV
$FFLRQHHOIUHQRGHHVWDFLRQD
PLHQWRFDPELRPDQXDOHQSXQWR
PXHUWRFDPELRDXWRPWLFRHQ3
3
$EUDODVWDSDVGHSURWHFFLQGHO
ERUQHSRVLWLYRGHODVGRVEDWHUDV

&RQHFWHORVFDEOHVHQHOVLJXLHQWHRU
GHQ
 &RQHFWHHOFDEOHURMRDOERUQHSR
VLWLYRGHODEDWHUDDX[LOLDU
 &RQHFWHHORWURH[WUHPRGHOFDEOH
URMRDOERUQHSRVLWLYRGHODEDWHUD
GHVFDUJDGD
 &RQHFWHHOFDEOHQHJURDOERUQH
QHJDWLYRGHODEDWHUDDX[LOLDU
 &RQHFWHHORWURH[WUHPRGHOFDEOH
QHJURDXQSXQWRGHPDVDGHOYH
KFXORFRPRHOEORTXHGHOPRWRU
RXQWRUQLOORGHPRQWDMHGHOPRWRU
&RQFWHORORPVOHMRVSRVLEOHGH
ODEDWHUDGHOYHKFXORGHVFDU
JDGDFRPRPQLPRDFP
&RORTXHORVFDEOHVGHIRUPDTXHQR
SXHGDQHQJDQFKDUVHHQSLH]DVJLUD
WRULDVGHOFRPSDUWLPHQWRGHOPRWRU
3DUDDUUDQFDUHOPRWRU
 $UUDQTXHHOPRWRUGHOYHKFXOR
TXHVXPLQLVWUDODFRUULHQWH
 $UUDQTXHHORWURPRWRUXQRV
PLQXWRVGHVSXV/RVLQWHQWRV
GHDUUDQTXHVHGHEHQUHDOL]DUHQ
LQWHUYDORVGHPLQXWR\QRGHEHQ
GXUDUPVGHVHJXQGRV

 'HMHHQPDUFKDORVGRVPRWRUHV
DOUDOHQWGXUDQWHXQRVPLQXWRV
FRQORVFDEOHVFRQHFWDGRV
 &RQHFWHXQFRQVXPLGRUHOFWULFR
SHMODVOXFHVRODOXQHWDWUPLFD
WUDVHUDHQHOYHKFXORTXHUHFLEH
FRUULHQWH
 ,QYLHUWDH[DFWDPHQWHHORUGHQDQ
WHULRUSDUDGHVFRQHFWDUORVFD
EOHV

&XLGDGRGHOYHKFXOR



2EVHUYHORVVLJXLHQWHVSURFHGLPLHQ
WRVFXDQGRUHPROTXHXQYHKFXOR
1RGHEHTXHGDUQLQJQRFXSDQWH
HQHOYHKFXORUHPROFDGR
6XHOWHHOIUHQRGHHVWDFLRQDPLHQWR
GHOYHKFXORUHPROFDGR\SRQJDHO
FDPELRHQSXQWRPXHUWR
&RQHFWHODVOXFHVGHHPHUJHQFLD
0DQWHQJDORVOPLWHVGHYHORFLGDG
6LQRIXHUDSRVLEOHUHPROFDUHOYH
KFXORPHGLDQWHXQYHKFXORGHUHV
FDWHSURFHGDGHOVLJXLHQWHPRGR

5HPROFDGR
5HPROFDGRGHOYHKFXOR
6LQHFHVLWDUHPROFDUVXYHKFXORXWL
OLFHQXHVWUDUHGGHVHUYLFLRRXQVHU
YLFLRGHJUDSURIHVLRQDO

(OPHMRUPWRGRHVWUDQVSRUWDUHOYH
KFXORPHGLDQWHXQYHKFXORGHUHV
FDWH

6LVHUHPROFDGHUXHGDVGHEHQHOH
YDUVHODVUXHGDVPRWULFHVGHODQWHUDV
\UHPROFDUVHFRQODVUXHGDVGHODQWH
UDVEORTXHDGDV

'HVHQFODYHODWDSDSRUDEDMR\UHW
UHODKDFLDDEDMR



&XLGDGRGHOYHKFXOR

/DDUJROODGHUHPROTXHVHJXDUGDFRQ
ODVKHUUDPLHQWDVGHOYHKFXOR

$WHQFLQ
&RQGX]FDGHVSDFLR(YLWHORVWLUR
QHV/DVIXHU]DVGHWUDFFLQH[FH
VLYDVSRGUDQGDDUHOYHKFXOR

(QURVTXHODDUJROODGHUHPROTXHWRGR
ORSRVLEOHKDVWDTXHTXHGHHQSRVL
FLQKRUL]RQWDO
)LMHXQFDEOHGHUHPROTXHRPHMRU
XQDEDUUDGHUHPROTXHDODDUJROOD
/DDUJROODGHUHPROTXHVORGHEHXWL
OL]DUVHSDUDUHPROFDU\QRSDUDHOUHV
FDWHGHOYHKFXOR
&RQHFWHHOHQFHQGLGRSDUDGHVEOR
TXHDUHOYRODQWH\SDUDTXHIXQFLRQHQ
ODVOXFHVGHOIUHQRODERFLQD\ORVOLP
SLDSDUDEULVDV
&DPELRHQSXQWRPXHUWR

6LHOPRWRUQRHVWHQPDUFKDVHUH
TXLHUHPXFKDPVIXHU]DSDUDIUHQDU
\GLULJLUHOYHKFXOR
3DUDHYLWDUTXHHQWUHKXPRGHOHV
FDSHGHOYHKFXORWUDFWRUFRQHFWHHO
VLVWHPDGHUHFLUFXODFLQGHDLUH\FLH
UUHODVYHQWDQLOODV
9HKFXORVFRQFDPELRDXWRPWLFR
1RUHPROTXHHOYHKFXORXVDQGROD
DUJROODGHUHPROTXH6LVHUHPROFDHO
YHKFXORFRQXQFDEOHGHUHPROTXHHO
FDPELRDXWRPWLFRSXHGHVXIULUGD
RVJUDYHV&XDQGRUHPROTXHXQYH
KFXORFRQFDPELRDXWRPWLFRXWLOLFH
XQDSODWDIRUPDRXQHTXLSRSDUDOH
YDQWDUODVUXHGDV
9HKFXORFRQFDPELRPDQXDO(OYH
KFXORGHEHUHPROFDUVHKDFLDDGH
ODQWHVLQVXSHUDUXQDYHORFLGDGGH
NPK(QWRGRVORVGHPVFDVRV
RVLHOFDPELRHVWDYHULDGRHOHMH
GHODQWHURGHEHOHYDQWDUVHGHOVXHOR

5HFXUUDDODD\XGDGHXQ&RQFHVLR
QDULR2ILFLDOR7DOOHUGH6HUYLFLR
$XWRUL]DGR&KHYUROHW
7UDVHOUHPROFDGRGHVHQURVTXHOD
DUJROODGHUHPROTXH
,QVHUWHODWDSDSRUDEDMR\FLHUUHOD
WDSD

5HPROFDGRGHRWUR
YHKFXOR

'HVHQFODYHODWDSDSRUDEDMR\UHW
UHODKDFLDDEDMR
/DDUJROODGHUHPROTXHVHJXDUGDFRQ
ODVKHUUDPLHQWDVGHOYHKFXOR

&XLGDGRGHOYHKFXOR
$WHQFLQ
&RQGX]FDGHVSDFLR(YLWHORVWLUR
QHV/DVIXHU]DVGHWUDFFLQH[FH
VLYDVSRGUDQGDDUHOYHKFXOR

$WHQFLQ

(QURVTXHODDUJROODGHUHPROTXHWRGR
ORSRVLEOHKDVWDTXHTXHGHHQSRVL
FLQKRUL]RQWDO
/DDUJROODGHVXMHFLQH[LVWHQWHHQOD
SDUWHLQIHULRUWUDVHUDGHOYHKFXOR
QXQFDGHEHHPSOHDUVHFRPRDUJROOD
GHUHPROTXH
)LMHXQFDEOHGHUHPROTXHRPHMRU
XQDEDUUDGHUHPROTXHDODDUJROOD
/DDUJROODGHUHPROTXHVORGHEHXWL
OL]DUVHSDUDUHPROFDU\QRSDUDHOUHV
FDWHGHRWURYHKFXOR

*DQFKRSDUDWUDQVSRUWHRFHQLFR
HQODSDUWHWUDVHUDGHORVEDMRVGHO
YHKFXOR
1RGHEHXVDUVHSDUDUHPROFDUR
DPDUUDU
1RGHEHXVDUVHFRPRSXQWRGH
DPDUUHSDUDWUDQVSRUWHHQFDPLQ
RWUHQ
7UDVHOUHPROFDGRGHVHQURVTXHOD
DUJROODGHUHPROTXH
,QVHUWHODWDSDSRUDEDMR\FLHUUHOD
WDSD



&XLGDGRGHODVSHFWR
&XLGDGRH[WHULRU
&HUUDGXUDV
/DVFHUUDGXUDVVHOXEULFDQHQIEULFD
FRQXQDJUDVDGHDOWDFDOLGDGSDUDFL
OLQGURVGHFHUUDGXUD8WLOLFHXQSUR
GXFWRGHVFRQJHODQWHVORHQXQFDVR
DEVROXWDPHQWHQHFHVDULRSXHVVX
HIHFWRGHVHQJUDVDQWHSHUMXGLFDHO
IXQFLRQDPLHQWRGHODVFHUUDGXUDV
'HVSXVGHXVDUXQSURGXFWRGHV
FRQJHODQWHKDJDHQJUDVDUODVFHUUD
GXUDVHQXQWDOOHU

/DYDGR
/DSLQWXUDGHOYHKFXORHVWH[SXHVWD
DODVLQIOXHQFLDVDPELHQWDOHV/DYH\
HQFHUHHOYHKFXORFRQUHJXODULGDG6L
XWLOL]DWQHOHVGHODYDGRDXWRPWLFR
VHOHFFLRQHXQSURJUDPDTXHLQFOX\D
ODDSOLFDFLQGHFHUD
/RVH[FUHPHQWRVGHDYHVORVLQVHF
WRVPXHUWRVODUHVLQDHOSROHQHWF
VHGHEHQOLPSLDUORDQWHVSRVLEOH\D
TXHFRQWLHQHQFRPSRQHQWHVDJUHVL
YRV\SXHGHQGDDUODSLQWXUD



&XLGDGRGHOYHKFXOR

6LXWLOL]DXQWQHOGHODYDGRFXPSOD
ODVLQVWUXFFLRQHVGHOIDEULFDQWH/RV
OLPSLDSDUDEULVDV\HOOLPSLDOXQHWDGH
EHQHVWDUGHVFRQHFWDGRV'HVPRQWH
ODDQWHQD\DFFHVRULRVH[WHUQRVFRPR
SRUWDHTXLSDMHVGHWHFKRHWF
6LXVDXQWQHOGHODYDGRFRQHOYH
KFXORGHVEORTXHDGRVHSRGUDDEULU
ODWDSDGHOGHSVLWRGHFRPEXVWLEOH\
VXIULUGDRVHQHOWQHOGHODYDGR
$VHJUHVHGHEORTXHDUODWDSDGHO
GHSVLWRGHFRPEXVWLEOHFRQHOERWQ
GHOFLHUUHFHQWUDOL]DGR
6LVHODYDHOYHKFXORDPDQRGHEHQ
HQMXDJDUVHELHQODV]RQDVLQWHULRUHV
GHORVSDVDUUXHGDV
/LPSLHWDPELQORVUHERUGHVLQWHULR
UHV\ORVSOLHJXHVHQODVSXHUWDV\HO
FDSDELHUWRVDVFRPRODV]RQDVGH
ODFDUURFHUDFXELHUWDVSRUORVPLV
PRV

$WHQFLQ
8WLOLFHVLHPSUHXQSURGXFWROLP
SLDGRUFRQXQS+HQWUH\
1RXWLOLFHSURGXFWRVOLPSLDGRUHV
VREUHVXSHUILFLHVFDOLHQWHV
+DJDHQJUDVDUODVELVDJUDVGHWRGDV
ODVSXHUWDVHQXQ&RQFHVLRQDULR2IL
FLDOR7DOOHUGH6HUYLFLR$XWRUL]DGR
&KHYUROHW
1ROLPSLHHOFRPSDUWLPHQWRGHOPRWRU
FRQFKRUURGHYDSRURDSDUDWRVGH
DOWDSUHVLQ
(QMXDJXHELHQHOYHKFXOR\IUWHOR
FRQXQDJDPX]D(QMXDJXHODJD
PX]DFRQIUHFXHQFLD8WLOLFHJDPX
]DVGLVWLQWDVSDUDODVVXSHUILFLHVSLQ
WDGDV\SDUDORVFULVWDOHVORVUHVWRV
GHFHUDHQORVFULVWDOHVGLILFXOWDQOD
YLVLELOLGDG
1RXWLOLFHREMHWRVGXURVSDUDHOLPLQDU
PDQFKDVGHDOTXLWUQ8WLOLFHVSUD\
SDUDHOLPLQDUDOTXLWUQGHODVVXSHUIL
FLHVSLQWDGDV

/XFHVH[WHULRUHV
/DVWDSDVGHORVIDURV\GHRWUDVOXFHV
VRQGHSOVWLFR1RXWLOLFHSURGXFWRV
DEUDVLYRVRFXVWLFRVQRXWLOLFHXQ
UDVFDGRUGHKLHORQLORVOLPSLHHQ
VHFR

$EULOODQWDGR\HQFHUDGR
(QFHUHHOYHKFXORFRQUHJXODULGDGD
PVWDUGDUFXDQGRHODJXDQRUHV
EDOHIRUPDQGRSHUODV(QFDVRFRQ
WUDULRODSLQWXUDVHUHVHFD
6ORHVQHFHVDULRDEULOODQWDUODSLQ
WXUDVLVWDWLHQHDGKHULGDVVXVWDQ
FLDVVOLGDVRVLVHKDSXHVWRPDWH\
WLHQHPDODVSHFWR
(ODEULOODQWDGRFRQVLOLFRQDIRUPDXQD
SHOFXODSURWHFWRUDFRQORTXHQRHV
QHFHVDULRHQFHUDU
/DVSDUWHVGHSOVWLFRGHODFDUURFH
UDQRVHGHEHQWUDWDUFRQFHUDQLDEUL
OODQWDGRUHV

&XLGDGRGHOYHKFXOR
&ULVWDOHVGHYHQWDQLOODV\
HVFRELOODVGHORV
OLPSLDSDUDEULVDV
8WLOLFHXQSDRVXDYHTXHQRVXHOWH
SHOXVDVRXQDJDPX]DFRQOLPSLDFULV
WDOHV\TXLWDLQVHFWRV
$OOLPSLDUODOXQHWDWUDVHUDGHVGHHO
LQWHULRUOLPSLHVLHPSUHHQSDUDOHORDO
HOHPHQWRGHFDOHIDFFLQSDUDHYLWDU
GDRV
3DUDUHWLUDUHOKLHORPDQXDOPHQWHVH
GHEHXWLOL]DUXQUDVFDGRUGHKLHORGH
ILORDJXGR3UHVLRQHHOUDVFDGRUILU
PHPHQWHFRQWUDHOFULVWDOSDUDTXHQR
TXHGHVXFLHGDGGHEDMRGHOPLVPR
TXHSXHGDUD\DUHOFULVWDO
6LODVHVFRELOODVGHMDQUDVWURVSXH
GHQOLPSLDUVHFRQXQSDRVXDYH\
OLPSLDFULVWDOHV



7HFKRVRODU

%DMRVGHOYHKFXOR

1XQFDVHGHEHOLPSLDUFRQGLVROYHQ
WHVRSURGXFWRVDEUDVLYRVFRPEXVWL
EOHVSURGXFWRVDJUHVLYRVFRPR
DJXDUUVVROXFLRQHVTXHFRQWHQJDQ
DFHWRQDHWFSURGXFWRVFLGRVR
PX\DOFDOLQRVQLFRQHVSRQMDVDEUD
VLYDV1RDSOLTXHFHUDQLDEULOODQWD
GRUHVHQODSDUWHFHQWUDOGHOWHFKRVR
ODU

$OJXQDV]RQDVGHORVEDMRVGHOYH
KFXORWLHQHQXQDFDSDSURWHFWRUDGH
39&\RWUDV]RQDVPVGHOLFDGDVWLH
QHQXQDFDSDGHFHUDSURWHFWRUDGX
UDGHUD
&RPSUXHEHORVEDMRVGHOYHKFXOR
GHVSXVGHOODYDGR\HQFDVRQHFH
VDULRKJDORHQFHUDU
/RVSURGXFWRVDEDVHGHEHWQ\FDX
FKRSXHGHQGDDUODFDSDGH39&
+DJDUHDOL]DUORVWUDEDMRVUHODFLRQD
GRVFRQORVEDMRVHQXQ
&RQFHVLRQDULR2ILFLDOR7DOOHUGH
6HUYLFLR$XWRUL]DGR&KHYUROHW
6HUHFRPLHQGDODYDUORVEDMRVDQWHV
\GHVSXVGHOLQYLHUQR\UHYLVDUOD
FDSDGHFHUDSURWHFWRUD

5XHGDV\QHXPWLFRV
1RXVHHTXLSRVGHOLPSLH]DDDOWD
SUHVLQ
/LPSLHODVOODQWDVFRQXQOLPSLDGRUGH
OODQWDVGHS+QHXWUR
/DVOODQWDVHVWQSLQWDGDV\SXHGHQ
WUDWDUVHFRQORVPLVPRVSURGXFWRV
TXHODFDUURFHUD

'DRVHQODSLQWXUD
5HSDUHORVSHTXHRVGHVSHUIHFWRV
HQODSLQWXUDFRQURWXODGRUGHUHWRTXH
DQWHVGHTXHVHIRUPH[LGR$FXGD
DXQWDOOHUVLKD\GDRVPD\RUHVHQOD
SLQWXUDR]RQDVR[LGDGDV

&XLGDGRLQWHULRU
+DELWFXOR\WDSLFHUD
(OLQWHULRUGHOYHKFXORLQFOXLGRHOVDO
SLFDGHUR\ORVUHYHVWLPLHQWRVVOR
GHEHOLPSLDUVHFRQXQSDRVHFRR
FRQSURGXFWRSDUDOLPSLH]DGHLQWH
ULRUHV



&XLGDGRGHOYHKFXOR

(OFXDGURGHLQVWUXPHQWRV\ODVSDQ
WDOODVVORGHEHQOLPSLDUVHFRQXQ
SDRVXDYHKPHGR6LHVQHFHVDULR
XWLOLFHXQDVROXFLQMDERQRVDVXDYH
/LPSLHODWDSLFHUDFRQXQDDVSLUD
GRUD\XQFHSLOOR(OLPLQHODVPDQ
FKDVFRQXQOLPSLDGRUSDUDWDSLFH
UDV
/RVWHMLGRVGHODURSDSXHGHQGHVWH
LU(VWRSRGUDRFDVLRQDUGHFRORUD
FLRQHVYLVLEOHVHVSHFLDOPHQWHHQODV
WDSLFHUDVGHFRORUHVFODURV/DV
PDQFKDV\GHFRORUDFLRQHVGHEHUDQ
OLPSLDUVHORDQWHVSRVLEOH
/LPSLHORVFLQWXURQHVGHVHJXULGDG
FRQDJXDWHPSODGDROLPSLDGRUSDUD
LQWHULRUHV

$WHQFLQ
&LHUUHODVILMDFLRQHVGHYHOFUR\D
TXHORVFLHUUHVGHYHOFURDELHUWRV
GHODURSDSXHGHQGDDUHOWDSL
]DGRGHORVDVLHQWRV

/RPLVPRHVDSOLFDEOHDODURSD
FRQREMHWRVGHERUGHVDILODGRV
FRPRFUHPDOOHUDVRSDQWDORQHV
YDTXHURVFRQWDFKXHODV
8WLOLFHXQDDVSLUDGRUDSDUDOLPSLDUHO
SROYRGHOWDSL]DGRGHUHMLOODHQHOWD
EOHURGHLQVWUXPHQWRV\ODSXHUWD(OL
PLQHODVPDQFKDVFRQXQOLPSLDGRU
SDUDLQWHULRUHV

3LH]DVGHSOVWLFR\GHJRPD
/DVSLH]DVGHSOVWLFR\JRPDSXH
GHQOLPSLDUVHFRQORVPLVPRVSURGXF
WRVTXHODFDUURFHUD(QFDVRQHFH
VDULRXWLOLFHXQOLPSLDGRUSDUDLQWHULR
UHV1RXVHQLQJQRWURSURGXFWR
(YLWHHVSHFLDOPHQWHHOXVRGHGLVRO
YHQWHV\JDVROLQD1RXVHHTXLSRVGH
OLPSLH]DDDOWDSUHVLQ

6HUYLFLR\PDQWHQLPLHQWR

6HUYLFLR\
PDQWHQLPLHQWR
,QIRUPDFLQJHQHUDO  
3LH]DVOTXLGRV\OXEULFDQWHVUH
FRPHQGDGRV  

,QIRUPDFLQJHQHUDO
,QIRUPDFLQGHVHUYLFLR
3DUDJDUDQWL]DUODVHJXULGDG\ODHFR
QRPDGHIXQFLRQDPLHQWRGHOYH
KFXORDVFRPRSDUDPDQWHQHUVX
YDORUHVGHYLWDOLPSRUWDQFLDUHDOL]DU
WRGRVORVWUDEDMRVGHPDQWHQLPLHQWR
HQORVLQWHUYDORVFRUUHFWRVVHJQOR
HVSHFLILFDGR
(OSODQGHUHYLVLRQHVGHWDOODGR\DF
WXDOL]DGRSDUDVXYHKFXORHVWGLV
SRQLEOHHQHOVXSOHPHQWR

&RQWUROGHODYLGDWLOGHODFHLWH
HQPRWRUHVGLVHO
/RVLQWHUYDORVGHVHUYLFLRVHEDVDQ
HQYDULRVSDUPHWURVTXHGHSHQGHQ
GHOXVR\VHFDOFXODQXVDQGRGLFKRV
SDUPHWURV
(OFRQWUROGHYLGDWLOGHODFHLWHOHLQ
GLFDFXQGRFDPELDUHODFHLWHGHOPR
WRU



3LH]DVOTXLGRV\
OXEULFDQWHV
UHFRPHQGDGRV
/TXLGRV\OXEULFDQWHV
UHFRPHQGDGRV
8WLOLFHVORSURGXFWRVTXHKD\DQVLGR
FRPSUREDGRV\KRPRORJDGRV/RV
GDRVUHVXOWDQWHVGHOXVRGHPDWH
ULDOHVQRKRPRORJDGRVQRVHUQFX
ELHUWRVSRUODJDUDQWD

 3HOLJUR
/RVOTXLGRVOXEULFDQWHV\FRP
EXVWLEOHVVRQSHOLJURVRV\SXHGHQ
VHUW[LFRV'HEHQPDQLSXODUVH
FRQFXLGDGR3UHVWHDWHQFLQDOD
LQIRUPDFLQTXHILJXUDHQORVHQ
YDVHV



6HUYLFLR\PDQWHQLPLHQWR

$FHLWHGHOPRWRU
(ODFHLWHGHPRWRUVHLGHQWLILFDSRUVX
FDOLGDG\VXYLVFRVLGDG/DFDOLGDGHV
PVLPSRUWDQWHTXHODYLVFRVLGDGDOD
KRUDGHVHOHFFLRQDUTXDFHLWHGH
PRWRUVHYDDXVDU/DFDOLGDGGHO
DFHLWHJDUDQWL]DSRUHMHPSORODOLP
SLH]DGHOPRWRUODSURWHFFLQFRQWUD
HOGHVJDVWH\HOFRQWUROGHOHQYHMHFL
PLHQWRGHODFHLWHPLHQWUDVTXHHO
JUDGRGHYLVFRVLGDGLQIRUPDVREUHOD
IOXLGH]GHODFHLWHHQIXQFLQGHOD
WHPSHUDWXUD
&DOLGDGGHODFHLWHGHPRWRU
GH[RV

7RGRVORVPRWRUHV
GHJDVROLQD

GH[RV

7RGRVORVPRWRUHV
GLVHO

$&($$%
$&($$%
$&($&
$3,60
$3,61

0RWRUHVGHJDVROLQD
VLQRHVWGLVSR
QLEOHHODFHLWHGHO
PRWRUDSUREDGRSRU
GH[RV

6HOHFFLQGHODFHLWHGHOPRWRU
FRUUHFWR
/DVHOHFFLQGHODFHLWHGHOPRWRUGH
SHQGHGHODHVSHFLILFDFLQGHDFHLWH
\HOJUDGRGHYLVFRVLGDGDGHFXDGRV
8WLOLFH\SLGDVLHPSUHDFHLWHVGHPR
WRUFRQODPDUFDGHFHUWLILFDFLQGH
GH[RV/RVDFHLWHVTXHFXPSOHQORV
UHTXLVLWRVGHOYHKFXORGHEHQWHQHUOD
PDUFDGHODFHUWLILFDFLQGH[RVHQHO
UHFLSLHQWH(VWDPDUFDGHFHUWLILFD
FLQLQGLFDTXHHODFHLWHKDVLGRDSUR
EDGRVHJQODVHVSHFLILFDFLRQHVGH
GH[RV
8WLOLFHVLHPSUHDFHLWHGHOPRWRUTXH
KD\DVLGRDSUREDGRVHJQODVHVSH
FLILFDFLRQHVGHGH[RVRXQDFHLWHGHO
PRWRUHTXLYDOHQWHFRQHOJUDGRGH
YLVFRVLGDGDSURSLDGR(QFDVRGHQR
XVDUHODFHLWHGHOPRWRURHTXLYDOHQWH
HOPRWRUSXHGHVXIULUGDRVTXHQR
FXEULUODJDUDQWDGHOYHKFXOR
6LQRHVWVHJXURGHVLVXDFHLWHHVW
DSUREDGRVHJQODVHVSHFLILFDFLRQHV
GHGH[RVSUHJQWHOHDVXSURYHHGRU
GHVHUYLFLRV

8VRGHDFHLWHVGHPRWRUDOWHUQDWLYRV
VLQRKD\DFHLWHGH[RV(QHOFDVRGH
TXHQRSXHGDHQFRQWUDUDFHLWHGHO
PRWRUDSUREDGRSRUGH[RVSDUDFDP
ELDUHODFHLWHRSDUDUHOOHQDUGHEH
XVDUXQDFHLWHGHOPRWRUDOWHUQDWLYR
FRQODVFDUDFWHUVWLFDVPHQFLRQDGDV
PVDUULED1RREVWDQWHVLXWLOL]D
DFHLWHVTXHQRFXPSOHQODVHVSHFLIL
FDFLRQHVGHGH[RVHOUHQGLPLHQWR
SXHGHUHVXOWDUDIHFWDGRHQGHWHUPL
QDGDVFLUFXQVWDQFLDV
5HSRVLFLQGHODFHLWHGHPRWRU
6HSXHGHQPH]FODUDFHLWHVPRWRUGH
GLIHUHQWHVIDEULFDQWHV\PDUFDV
VLHPSUHTXHFXPSODQORVUHTXLVLWRV
GHODFHLWHGHOPRWRUFDOLGDG\YLVFR
VLGDG
6LQRKD\GLVSRQLEOHDFHLWHGHODFDOL
GDGUHTXHULGDVHSXHGHXVDUKDVWD
XQP[LPRGHOLWURGH
$&($$%R$%VORXQDYH]
HQWUHFDGDFDPELRGHDFHLWH/DYLV
FRVLGDGGHEHVHUGHOJUDGRFRUUHFWR
6HSURKEHHOXVRGHDFHLWHGHOPRWRU
FRQFDOLGDG$&($$%R$%VR
ODPHQWH\DTXHVHSXHGHQRFDVLRQDU

6HUYLFLR\PDQWHQLPLHQWR
GDRVHQHOPRWRUDODUJRSOD]RHQ
GHWHUPLQDGDVFRQGLFLRQHVGHIXQFLR
QDPLHQWR
$GLWLYRVGHODFHLWHGHOPRWRU
(OXVRGHDGLWLYRVGHODFHLWHGHOPRWRU
SRGUDFDXVDUGDRV\DQXODUODJD
UDQWD
*UDGRVGHYLVFRVLGDGGHODFHLWHGH
PRWRU

6$(:HVHOPHMRUJUDGRGHYLV
FRVLGDGSDUDHOYHKFXOR
1RXWLOLFHDFHLWHVGHJUDGRVGHYLVFR
VLGDGFRPR6$(::R
:

)XQFLRQDPLHQWRFRQWHPSHUDWXUDV
EDMDV
(QXQD]RQDPX\IUDGRQGHODWHP
SHUDWXUDFDHSRUGHEDMRGH&VH
SXHGHXVDUXQDFHLWH6$(:8Q
DFHLWHFRQHVWHJUDGRGHYLVFRVLGDG
DUUDQFDUPHMRUHQIURFXDQGRHOPR
WRUHVWDWHPSHUDWXUDVPX\EDMDV
&XDQGRVHOHFFLRQHXQDFHLWHFRQHO
JUDGRGHYLVFRVLGDGDGHFXDGRDVH
JUHVHGHHOHJLUVLHPSUHXQDFHLWH
TXHFXPSODODVHVSHFLILFDFLRQHVGH
GH[RV
+DVWD&\PHQRV:
:
+DVWD&::
+DVWD&::
VORSDUD/;7
+DVWD&::
VORSDUD/;7
(OJUDGRGHYLVFRVLGDG6$(LQIRUPD
VREUHODIOXLGH]GHODFHLWH(ODFHLWH
PXOWLJUDGRVHLGHQWLILFDPHGLDQWHGRV
FLIUDV



/DSULPHUDFLIUDVHJXLGDSRUXQD:
LQGLFDODYLVFRVLGDGDEDMDVWHPSHUD
WXUDV\ODVHJXQGDFLIUDLQGLFDODYLV
FRVLGDGDDOWDVWHPSHUDWXUDV

5HIULJHUDQWH\DQWLFRQJHODQWH
8VHVRODPHQWHUHIULJHUDQWHGHODUJD
GXUDFLQVLQVLOLFDWRV//&DQWLFRQ
JHODQWHDSUREDGRSDUDHOYHKFXOR
5HFXUUDDXQ&RQFHVLRQDULR2ILFLDO
R7DOOHUGH6HUYLFLR$XWRUL]DGR
&KHYUROHW
(OVLVWHPDVHOOHQDHQIEULFDFRQUH
IULJHUDQWHTXHRIUHFHXQDH[FHOHQWH
SURWHFFLQDQWLFRUURVLYD\DQWLFRQJH
ODQWHKDVWDXQRV&(VWDFRQ
FHQWUDFLQGHEHUDPDQWHQHUVHGX
UDQWHWRGRHODR(OXVRGHDGLWLYRV
SDUDHOUHIULJHUDQWHGHVWLQDGRVD
RIUHFHUSURWHFFLQDGLFLRQDOFRQWUDOD
FRUURVLQRDVHOODUIXJDVPHQRUHV
SXHGHFDXVDUSUREOHPDVGHIXQFLR
QDPLHQWR(OIDEULFDQWHQRVHKDFH
UHVSRQVDEOHGHODVFRQVHFXHQFLDV
GHOXVRGHDGLWLYRVSDUDHOUHIULJH
UDQWH

/TXLGRGHIUHQRV\HPEUDJXH
8WLOLFHVOROTXLGRGHIUHQRV'27



6HUYLFLR\PDQWHQLPLHQWR

&RQHOWLHPSRHOOTXLGRGHIUHQRV
DEVRUEHKXPHGDGTXHUHGXFHODHIL
FDFLDGHOVLVWHPDGHIUHQRV3RUHVR
VHGHEHVXVWLWXLUHOOTXLGRGHIUHQRV
HQHOLQWHUYDORHVSHFLILFDGR
(OOTXLGRGHIUHQRVGHEHJXDUGDUVH
HQXQHQYDVHFHUUDGRSDUDHYLWDUOD
DEVRUFLQGHDJXD
$VHJUHVHGHTXHHOOTXLGRGHIUHQRV
QRVHFRQWDPLQH

 3HOLJUR
(OXVRGHXQOTXLGRGHIUHQRVGLV
WLQWRDOUHFRPHQGDGRSRU*0
SXHGHFDXVDUFRUURVLQDORVFRP
SRQHQWHVGHOVLVWHPDGHIUHQRV
/DFRUURVLQSXHGHLPSHGLUHOIXQ
FLRQDPLHQWRFRUUHFWRGHOVLVWHPD
GHIUHQRV\SRGUDFDXVDUXQDFR
OLVLQ

'DWRVWFQLFRV

'DWRVWFQLFRV
,GHQWLILFDFLQGHOYHKFXOR  
'DWRVGHOYHKFXOR  

,GHQWLILFDFLQGHO
YHKFXOR



3ODFDGHFDUDFWHUVWLFDV
9DULDQWH

1PHURGHLGHQWLILFDFLQ
GHOYHKFXOR

/DSODFDGHFDUDFWHUVWLFDVHVWVL
WXDGDHQHOFRPSDUWLPHQWRGHOPRWRU
(OQPHURGHLGHQWLILFDFLQGHOYH
KFXORHVWVLWXDGRHQHOSLVRGHOYH
KFXORHQHOODGRGHUHFKRGHEDMRGH
XQDWDSDHQWUHODSXHUWDGHODQWHUD\
HODVLHQWR



'DWRVWFQLFRV


9DULDQWH

/DSODFDGHFDUDFWHUVWLFDVVHHQ
FXHQWUDHQHOPDUFRGHODSXHUWDGH
ODQWHUDL]TXLHUGD

,QIRUPDFLQGHODHWLTXHWDGHFDUDF
WHUVWLFDV

1PHURGHLGHQWLILFDFLQGHOYH
KFXOR

1PHURGHKRPRORJDFLQGH
WLSR

)DEULFDQWH

3HVRP[LPRDXWRUL]DGR
HQNJ

3HVRP[LPRDXWRUL]DGRFRQ
UHPROTXHHQNJ

&DUJDP[LPDDGPLVLEOHHQHO
HMHGHODQWHURHQNJ

&DUJDP[LPDDGPLVLEOHHQHO
HMHWUDVHURHQNJ
'DWRVHVSHFILFRVGHOYHKFXOR
RGHOSDVUHVSHFWLYDPHQWH

/DVXPDGHODVFDUJDVVREUHHOHMH
GHODQWHUR\WUDVHURQRGHEHH[FHGHU
HOSHVRP[LPRDXWRUL]DGRGHOYH
KFXOR3RUHMHPSORVLHOHMHGHODQ
WHURVRSRUWDODFDUJDP[LPDDGPLVL
EOHHOWUDVHURVORSRGUOOHYDUXQD
FDUJDLJXDODOSHVRP[LPRDXWRUL
]DGRPHQRVODFDUJDVREUHHOHMHGH
ODQWHUR
/RVGDWRVWFQLFRVVHGHWHUPLQDQ
FRQIRUPHDODVQRUPDVGHOD8QLQ
(XURSHD4XHGDUHVHUYDGRHOGHUH
FKRDLQWURGXFLUPRGLILFDFLRQHV/DV
HVSHFLILFDFLRQHVFRQWHQLGDVHQODGR
FXPHQWDFLQGHOYHKFXORVLHPSUH
WLHQHQSULRULGDGUHVSHFWRDORVGDWRV
IDFLOLWDGRVHQHVWHPDQXDO

'DWRVWFQLFRV



'DWRVGHOYHKFXOR
'DWRVGHOPRWRU
'HVLJQDFLQFRPHUFLDO

7

'



'

'



'VO

'LVWLQWLYRGHOPRWRU

/8-

/;7

/:

/'(

+

/8:

/13

1PHURGHFLOLQGURV

&LOLQGUDGD>FP@















3RWHQFLDGHOPRWRU>N:@















DUSP















3DU>1P@















DUSP















7LSRGHFRPEXVWLEOH

*DVROLQD

*DVROLQD

*DVROLQD

*DVROLQD

*DVROLQD

*DVROLQD

'LVHO



'DWRVWFQLFRV

(VWDSJLQDQRRIUHFHLQIRUPDFLQ

'DWRVWFQLFRV

3UHVWDFLRQHV
SXHUWDV
0RWRU

/8-

/;7

/:

0DQHMRGHOYRODQWH

/'(

+

/8:

/13

+36(36

+36(36











+36(36

9HORFLGDGP[LPD>NPK@
&DPELRPDQXDO

&DPELRDXWRPWLFR









9HUVLQSXHUWDV
0RWRU

/8-

0DQHMRGHOYRODQWH

+36(36

/;7

/'(

+

/13

+36(36

+36(36

+36(36

9HORFLGDGP[LPD>NPK@
&DPELRPDQXDO









&DPELRDXWRPWLFR













+36'LUHFFLQDVLVWLGDKLGUXOLFD(36'LUHFFLQDVLVWLGDHOFWULFD
/DYHORFLGDGP[LPDLQGLFDGDVHSXHGHDOFDQ]DUFRQHOSHVRHQYDFRVLQFRQGXFWRUPVNJGHFDUJDWLO
(OHTXLSDPLHQWRRSFLRQDOSXHGHUHGXFLUODYHORFLGDGP[LPDLQGLFDGD
9DORUQRGLVSRQLEOHHQODIHFKDGHLPSUHVLQ





'DWRVWFQLFRV

6WDWLRQ:DJRQ
0RWRU

/8-

/'(

+

/13

0DQHMRGHOYRODQWH

+36(36

+36(36

+36(36

+36(36

&DPELRPDQXDO









&DPELRDXWRPWLFR







9HORFLGDGP[LPD>NPK@





+36'LUHFFLQDVLVWLGDKLGUXOLFD(36'LUHFFLQDVLVWLGDHOFWULFD
/DYHORFLGDGP[LPDLQGLFDGDVHSXHGHDOFDQ]DUFRQHOSHVRHQYDFRVLQFRQGXFWRUPVNJGHFDUJDWLO
(OHTXLSDPLHQWRRSFLRQDOSXHGHUHGXFLUODYHORFLGDGP[LPDLQGLFDGD
9DORUQRGLVSRQLEOHHQODIHFKDGHLPSUHVLQ

'DWRVWFQLFRV



3HVRVGHOYHKFXOR
3HVRHQYDFRPRGHOREVLFRVLQQLQJQHTXLSDPLHQWRRSFLRQDO
(OSHVRHQYDFRLQFOX\HORVSHVRVFDOFXODGRVSDUDHOFRQGXFWRUNJHOHTXLSDMHNJ\WRGRVORVOTXLGRVGHSVLWR
OOHQRDO
SXHUWDV
VLQFRQDLUHDFRQGLFLRQDGR
>NJ@

0RWRU

&DPELRPDQXDO

&DPELRDXWRPWLFR

/8-

/;7





/:

/'(





+





/8:

/13





9DORUQRGLVSRQLEOHHQODIHFKDGHLPSUHVLQ



'DWRVWFQLFRV

9HUVLQSXHUWDV
VLQFRQDLUHDFRQGLFLRQDGR
>NJ@

0RWRU

&DPELRPDQXDO

&DPELRDXWRPWLFR

/8-



/;7

/'(





+





/13





0RWRU

&DPELRPDQXDO

&DPELRDXWRPWLFR

/8-



/'(



+





/13





6WDWLRQ:DJRQ
VLQFRQDLUHDFRQGLFLRQDGR
>NJ@

3HVRHQYDFRPRGHOREVLFRFRQWRGRHOHTXLSDPLHQWRRSFLRQDO
(OSHVRHQYDFRLQFOX\HORVSHVRVFDOFXODGRVSDUDHOFRQGXFWRUNJHOHTXLSDMHNJ\WRGRVORVOTXLGRVGHSVLWR
OOHQRDO

9DORUQRGLVSRQLEOHHQODIHFKDGHLPSUHVLQ

'DWRVWFQLFRV
SXHUWDV
VLQFRQDLUHDFRQGLFLRQDGR
>NJ@

0RWRU

&DPELRPDQXDO

&DPELRDXWRPWLFR

/8-

/;7





/:

/'(





+





/8:

/13





0RWRU

&DPELRPDQXDO

&DPELRDXWRPWLFR

/8-



/;7

/'(





+





/13





9HUVLQSXHUWDV
VLQFRQDLUHDFRQGLFLRQDGR
>NJ@

9DORUQRGLVSRQLEOHHQODIHFKDGHLPSUHVLQ





'DWRVWFQLFRV

6WDWLRQ:DJRQ
VLQFRQDLUHDFRQGLFLRQDGR
>NJ@

0RWRU

&DPELRPDQXDO

&DPELRDXWRPWLFR

/8-



/'(



+





/13





'LPHQVLRQHVGHOYHKFXOR
SXHUWDV

9HUVLQSXHUWDV

6WDWLRQ:DJRQ

/RQJLWXG>PP@







$QFKXUDVLQUHWURYLVRUHVH[WHULRUHV>PP@







$QFKXUDFRQGRVUHWURYLVRUHVH[WHULRUHV>PP@







$OWXUDVLQDQWHQD>PP@







/RQJLWXGGHOSLVRGHOFRPSDUWLPHQWRGHFDUJD>PP@







$QFKXUDGHOFRPSDUWLPHQWRGHFDUJD>PP@







$OWXUDGHOFRPSDUWLPHQWRGHFDUJD>PP@







9DORUQRGLVSRQLEOHHQODIHFKDGHLPSUHVLQ

'DWRVWFQLFRV
SXHUWDV

9HUVLQSXHUWDV

6WDWLRQ:DJRQ

'LVWDQFLDHQWUHHMHV>PP@







'LPHWURGHJLUR>P@











'DWRVWFQLFRV

&DSDFLGDGHV
$FHLWHGHOPRWRU
0RWRU

/8-

/;7

/:

/'(

+

/8:

/13

LQFOXLGRHOILOWUR>O@















HQWUH0,1\0$;>O@















'HSVLWRGHFRPEXVWLEOH
*DVROLQDGLVHOFDSDFLGDGQRPLQDO>O@



'DWRVWFQLFRV

3UHVLRQHVGHORVQHXPWLFRV
0RWRU

1HXPWLFRV

GHODQWH

GHWUV

>N3DEDU@>SVL@

>N3DEDU@>SVL@

/8-

5
5
5
5





/;7

5





5
5
/'(

5
5
5





/:

5





5
5

3UHVLQ(FR>N3DEDU@>SVL@





'DWRVWFQLFRV

0RWRU

1HXPWLFRV

+

5

GHODQWH

GHWUV

>N3DEDU@>SVL@

>N3DEDU@>SVL@









5
5
/8:

5
5
5

/13

5
5
5
5





7RGRV

5XHGDGHHPHUJHQFLD





3UHVLQ(FR>N3DEDU@>SVL@

,QIRUPDFLQGHFOLHQWHV

,QIRUPDFLQGH
FOLHQWHV

5HJLVWURGHGDWRVGHO
YHKFXOR\SULYDFLGDG
5HJLVWUDGRUHVGHGDWRV
(OYHKFXORSRVHHXQDVHULHGHDYDQ
]DGRVVLVWHPDVTXHVXSHUYLVDQ\
FRQWURODQGLIHUHQWHVGDWRVGHOYH
KFXOR$OJXQRVGDWRVVHJXDUGDQGX
UDQWHHOIXQFLRQDPLHQWRQRUPDOGHO
YHKFXORSDUDIDFLOLWDUODVUHSDUDFLR
QHVGHORVIDOORVGHWHFWDGRVRWURVGD
WRVVRQDOPDFHQDGRVVORHQFDVRGH
DFFLGHQWHRLQFLGHQWHHQORVVLVWHPDV
GHOYHKFXORTXHWLHQHQXQDIXQFLQ
GHUHJLVWURGHGDWRVWDOHVFRPRHO
PGXORGHFRQWUROGHORVDLUEDJV
/RVVLVWHPDVSXHGHQUHJLVWUDUGDWRV
GHGLDJQVWLFRVREUHHOHVWDGRGHOYH
KFXORSHMQLYHOGHDFHLWHRNLORPH
WUDMHHLQIRUPDFLQVREUHVXPDQHMR
SHMUJLPHQGHOPRWRUDFFLRQD
PLHQWRGHORVIUHQRV\XWLOL]DFLQGH
ORVFLQWXURQHVGHVHJXULGDG
3DUDODOHFWXUDGHHVWRVGDWRVVRQ
QHFHVDULRVHTXLSRVHVSHFLDOHV\DF
FHVRDOYHKFXOR$OJXQRVGDWRVVH
WUDQVPLWHQHOHFWUQLFDPHQWHDORV



VLVWHPDVGHGLDJQRVLVJOREDOGH&KH
YUROHWFXDQGRHOYHKFXORVHUHYLVDHQ
XQ&RQFHVLRQDULR2ILFLDOR7DOOHUGH
6HUYLFLR$XWRUL]DGR&KHYUROHWSDUD
GRFXPHQWDUHOKLVWRULDO GHVHUYLFLR
GHOYHKFXOR(VWRSHUPLWH DO&RQFH
VLRQDULR2ILFLDOR7DOOHUGH6HUYLFLR
$XWRUL]DGR&KHYUROHWRIUHFHUOHXQ
VHUYLFLRGHPDQWHQLPLHQWR\UHSDUD
FLQPVHILFLHQWHDGDSWDGRDVX
YHKFXORFDGD YH]TXHYXHOYDDO
&RQFHVLRQDULR2ILFLDOR7DOOHUGH
6HUYLFLR$XWRUL]DGR&KHYUROHW
(OIDEULFDQWHQRDFFHGHUDORVGDWRV
VREUHHOFRPSRUWDPLHQWRGHOFRQGXF
WRUHQFDVRGHDFFLGHQWHQLORVIDFLOL
WDUDWHUFHURVH[FHSWR
FRQDXWRUL]DFLQGHOSURSLHWDULRGHO
YHKFXORRHQYHKFXORVGHOHDVLQJ
FRQODGHODUUHQGDWDULR
SRUUHTXHULPLHQWRSROLFLDORGHRU
JDQLVPRVHVWDWDOHVHTXLYDOHQWHV
FRPRSDUWHGHODGHIHQVDHQFDVR
GHSURFHVRMXGLFLDOFRQWUDHOIDEUL
FDQWH
SRUSUHVFULSFLQOHJDO



,QIRUPDFLQGHFOLHQWHV

$GHPVHOIDEULFDQWHSRGUXWLOL]DU
ORVGDWRVUHFRSLODGRV\UHFLELGRV
FRQILQHVGHLQYHVWLJDFLQSURSLD
SDUDIDFLOLWDUORVFRQILQHVGHLQYHV
WLJDFLQVLHPSUHTXHVHJDUDQWLFH
ODFRQILGHQFLDOLGDG\VHGHPXHVWUH
ODQHFHVLGDG
SDUDFRPSDUWLUFRQRWUDVRUJDQL]D
FLRQHVFRQMXQWRVGHGDWRVQRYLQ
FXODGRVDXQYHKFXORHVSHFILFR
FRQILQHVGHLQYHVWLJDFLQ

,GHQWLILFDFLQSRU
UDGLRIUHFXHQFLD5),'
/DWHFQRORJD5),'VHXWLOL]DHQDO
JXQRVYHKFXORVSDUDIXQFLRQHV
FRPRHOFRQWUROGHODSUHVLQGHORV
QHXPWLFRV\ODVHJXULGDGGHOVLV
WHPDGHHQFHQGLGR6HXWLOL]DWDP
ELQHQRSFLRQHVGHFRQIRUWFRPRORV
PDQGRVDGLVWDQFLDSDUDHOEORTXHR\
GHVEORTXHRGHSXHUWDV\HODUUDQTXH
DGLVWDQFLDDVFRPRHQORVWUDQVPL
VRUHVLQVWDODGRVHQHOYHKFXORSDUD
DEULUSXHUWDVGHFRFKHUDV/DWHFQR
ORJD5),'HQORVYHKFXORV&KHYUROHW
QRXWLOL]DQLUHJLVWUDLQIRUPDFLQSHU
VRQDOQLWLHQHFRQH[LQFRQFXDOTXLHU
RWURVLVWHPD&KHYUROHWTXHFRQWHQJD
LQIRUPDFLQSHUVRQDO

,QIRUPDFLQGHFOLHQWHV

(VWDSJLQDQRRIUHFHLQIRUPDFLQ





QGLFHDOIDEWLFR

$
$FFHVRULRV\PRGLILFDFLRQHVGHO
YHKFXOR 
$FHLWHGHOPRWRU 
$FWLYDFLQGHODUDGLR 
$FWLYDFLQGHOUHSURGXFWRUGH&' 
$FWLYDUHOUHFRQRFLPLHQWRGHYR] 
$FWLYDUHPLVRUDVJXDUGDGDV 
$FWXDOL]DFLQGHOLVWDVGH
HPLVRUDV 
$LUEDJV\SUHWHQVRUHVGH
FLQWXURQHV 
$LUHDFRQGLFLRQDGR 
$MXVWHGHODVLHQWRHOFWULFR 
$MXVWHGHORVDVLHQWRV 
$MXVWHGHORVUHSRVDFDEH]DV 
$MXVWHGHORVUHWURYLVRUHV 
$MXVWHGHOYRODQWH 
$MXVWHGHOYROXPHQ 
$MXVWHHOFWULFR 
$MXVWHVGHOWRQR 
$MXVWHVGHOYROXPHQ 
$MXVWHVPHPRUL]DGRV 
$OHUWDGHSXQWRFLHJRODWHUDO 
$OVDOLUGHYLDMH 
$QWLGHVOXPEUDPLHQWRDXWRPWLFR 
$QWLGHVOXPEUDPLHQWRPDQXDO 
$UJROODV 
$UUDQTXHFRQFDEOHV 

$UUDQTXHGHOPRWRU 
$UUDQTXH\PDQHMR 
$VLHQWRVGHODQWHURV 
$VLHQWRVWUDVHURV 
$VLVWHQWHGHDSDUFDPLHQWR 
$VLVWHQWHGHDSDUFDPLHQWRSRU
XOWUDVRQLGRV 
$VLVWHQWHGHIUHQDGD 
$YHUD 
$YLVRVDFVWLFRV 

%
%DWHUD 
%ORTXHRDXWRPWLFR 
%OXHWRRWK 
%RFLQD 
%RWLTXQ 
%VTXHGDGHHPLVRUDV 

&
&DGHQDVSDUDQLHYH 
&PDUDUHWURYLVRUD 
&DMDGHFDPELRV 
&DMDGHIXVLEOHVGHO
FRPSDUWLPHQWRGHOPRWRU 
&DMDGHIXVLEOHVGHOWDEOHURGH
LQVWUXPHQWRV 
&DOHIDFWRUDX[LOLDU 
&DPELRDXQDPDUFKDPVODUJD 
&DPELRDXWRPWLFR 


&DPELRGHOWDPDRGH
QHXPWLFRV\OODQWDV 
&DPELRGHUXHGDV 
&DPELRPDQXDO 
&DSDFLGDGHV 
&DS 
&DSDELHUWR 
&DUDFWHUVWLFDVGHODLOXPLQDFLQ 
&DUJDGHOWHFKR 
&DUJDUODEDWHUDGHOWHOIRQR 
&DWDOL]DGRU 
&HQWURGHLQIRUPDFLQGHO
FRQGXFWRU 
&LHUUHFHQWUDOL]DGR 
&LQWXUQDEGRPLQDO 
&LQWXUQGHVHJXULGDG 
&LQWXUQGHVHJXULGDGGHWUHV
SXQWRV 
&LQWXURQHVGHVHJXULGDG 
&OLPDWL]DFLQ 
&OLPDWL]DGRUDXWRPWLFR
HOHFWUQLFR 
&RPEXVWLEOH 
&RPEXVWLEOHSDUDPRWRUHVGH
JDVROLQD 
&RPEXVWLEOHSDUDPRWRUHV
GLVHO 
&RPSDUWLPHQWRGHFDUJD 
&RPSDUWLPHQWRVSRUWDREMHWRV 

&RPSUREDFLRQHVGHOYHKFXOR 
&RQH[LQ 
&RQH[LQ%OXHWRRWK 
&RQH[LQ%OXHWRRWK 
&RQH[LQGHODUDGLR 
&RQH[LQGHXQGLVSRVLWLYRGH
PVLFD%OXHWRRWK 
&RQILJXUDFLQGHPVLFD
%OXHWRRWK 
&RQPXWDGRUGHODVOXFHV 
&RQVHUYDFLQGHODVSHFWR 
&RQWURODXWRPWLFRGHODVOXFHV 
&RQWUROGHODLOXPLQDFLQGHO
WDEOHURGHLQVWUXPHQWRV 
&RQWUROGHOWHOIRQR 
&RQWUROGHOYHKFXOR 
&RQWUROHOHFWUQLFRGH
HVWDELOLGDG 
&RQWUROHOHFWUQLFRGH
HVWDELOLGDGGHVDFWLYDGR 
&RQWUROHOHFWUQLFRGH
HVWDELOLGDG\VLVWHPDGH
FRQWUROGHWUDFFLQ 
&RUWHGHFRPEXVWLEOHHQ
UJLPHQGHUHWHQFLQ 
&XELHUWDGHOFRPSDUWLPHQWRGH
FDUJD 
&XELHUWDGHOSRUWDREMHWRVGHO
PDOHWHUR 

&XHQWDNLOPHWURV 
&XHQWDNLOPHWURVSDUFLDO 
&XHQWDUUHYROXFLRQHV 
&XLGDGRH[WHULRU 
&XLGDGRLQWHULRU 

'
'DWRVGHOPRWRU 
'DWRVHVSHFILFRVGHOYHKFXOR 
'HVDFWLYDFLQGHORVDLUEDJV 
'HVEORTXHRGHOYHKFXOR 
'HVLJQDFLRQHVGHORV
QHXPWLFRV 
'LPHQVLRQHVGHOYHKFXOR 
'LUHFFLQDVLVWLGD 
'LVSRVLWLYRDQWLUURER 

(
(OHYDOXQDVHOFWULFRV 
(PSDUHMDPLHQWRGHXQ
GLVSRVLWLYRGHPVLFD
%OXHWRRWK 
(QFHQGLGR\DSDJDGRGHO
VLVWHPDGHLQIRHQWUHWHQLPLHQWR 
(QWUDGD$8;
FRQH[LQ 
(QWUDGDGHDLUH 
(VWDFLRQDPLHQWR 
([WLQWRU 


)

)DURV 
)DURVDQWLQLHEOD 
)DURVHPSDDGRV 
)DURVHQYLDMHVDOH[WUDQMHUR 
)DURVKDOJHQRV 
)LOWURGHDLUHGHOPRWRU 
)LOWURGHSDUWFXODVGLVHO 
)LOWURGHSROHQ 
)RUPDFRQYH[D 
)UHQRGHHVWDFLRQDPLHQWR 
)UHQRGHPDQR 
)UHQRV 
)XQFLRQDPLHQWREVLFR 
)XQFLRQDPLHQWRGHORVPHQV   
)XQFLRQDPLHQWRUHJXODUGHODLUH
DFRQGLFLRQDGR 
)XVLEOHV 

,GHQWLILFDFLQSRU
UDGLRIUHFXHQFLD5),' 
,OXPLQDFLQGHHQWUDGD 
,OXPLQDFLQGHOWDEOHURGH
LQVWUXPHQWRV 
,OXPLQDFLQGHVDOLGD 
,OXPLQDFLQH[WHULRU 
,OXPLQDFLQLQWHULRU 
,QGLFDFLQGHVHUYLFLR 
,QGLFDGRUGHFRPEXVWLEOH 
,QGLFDGRUGHWHPSHUDWXUDGHO
UHIULJHUDQWHGHOPRWRU 
,QGLFDGRUHV 
,QIRUPDFLQGHVHUYLFLR 
,QIRUPDFLQJHQHUDO

,QIRUPDFLQVREUHODFDUJD 
,QLFLRGHODUHSURGXFFLQGH&' 
,QPRYLOL]DFLQGHOYHKFXOR 
,QPRYLOL]DGRU 
,QWHUPLWHQWHV 
,QWHUPLWHQWHVODWHUDOHV 
,QWHUUXSFLQGHFRUULHQWH 
,QWURGXFFLQ 

/LPSLDODYDOXQHWD 
/LPSLDODYDSDUDEULVDV 
/TXLGRGHIUHQRV 
/TXLGRGHIUHQRV\HPEUDJXH 
/TXLGRGHODGLUHFFLQDVLVWLGD  
/TXLGRGHODYDGR 
/TXLGRV\OXEULFDQWHV
UHFRPHQGDGRV 
/LVWDVGHIDYRULWRV 
/LVWDVGHPHPRUL]DFLQ
DXWRPWLFD 
/ODQWDV\QHXPWLFRV 
/ODYHV 
/ODYHVFHUUDGXUDV 
/XFHVDQWLQLHEOD 
/XFHVGHDGYHUWHQFLD 
/XFHVGHHPHUJHQFLD 
/XFHVGHOHFWXUD 
/XFHVGHPDUFKDDWUV 
/XFHVHQORVSDUDVROHV 
/XFHVH[WHULRUHV 
/XFHVLQWHULRUHV 
/XFHVODWHUDOHV 
/XFHVWUDVHUDV 
/XQHWDWUPLFDWUDVHUD 
/X]GHFDUUHWHUD 
/X]GHODPDWUFXOD 

*
*DWR 
*XDQWHUD 
*XDUGDUHPLVRUDV 

+
+HUUDPLHQWDV 
+HUUDPLHQWDVGHOYHKFXOR 

-XHJRGHUHSDUDFLQGH
QHXPWLFRV 


0
0DQGRDGLVWDQFLD 
0DQGR%$&. 
0DQGR0(18 
0DQGRV 
0DQGRVHQHOYRODQWH 
0DQHMR 
0HQVDMHVGHOYHKFXOR 
0HQVGHEDQGDVGHIUHFXHQFLDV 
0RGRGHPDQRVOLEUHV 
0RGRPDQXDO 

1
1HXPWLFRVGHLQYLHUQR 
1LYHOGHFRPEXVWLEOHEDMR 
1PHURGHLGHQWLILFDFLQGHO
YHKFXOR 

2
2SHUDFLQGHXQGLVSRVLWLYRGH
PVLFD%OXHWRRWK 
2UGHQDGRUGHDERUGR 

3
3DODQFDVHOHFWRUD 
3DQWDOODGHLQIRUPDFLQJUILFD
SDQWDOODGHLQIRUPDFLQHQFRORU 
3DQWDOODLQGLFDGRUDGHOFDPELR 
3DQWDOODVGHLQIRUPDFLQ 
3DUDVROHV 

3HOLJUR$GYHUWHQFLD\$WHQFLQ 
3HUVRQDOL]DFLQ 
3HUVRQDOL]DFLQGHOYHKFXOR 
3HVRVGHOYHKFXOR 
3LORWRDQWLQLHEOD 
3ODFDGHFDUDFWHUVWLFDV 
3OHJDGR 
3RUWDHTXLSDMHVGHWHFKR 
3RUWDREMHWRV 
3RUWDREMHWRVGHOUHSRVDEUD]RV 
3RUWDREMHWRVHQHOWDEOHURGH
LQVWUXPHQWRV 
3RUWDREMHWRVWUDVHUR 
3RUWDYDVRV 
3RVLFLQGHDVLHQWR 
3RVLFLRQHVGHODFHUUDGXUDGHO
HQFHQGLGR 
3RVLFLRQHVGHPRQWDMHGHO
VLVWHPDGHUHWHQFLQLQIDQWLO 
3UHFDOHQWDPLHQWR 
3UHVLQGHDFHLWHGHOPRWRU 
3UHVLQGHORVQHXPWLFRV 
3UHVLRQHVGHORVQHXPWLFRV 
3UHVWDFLRQHV 
3URIXQGLGDGGHOGLEXMR 
3URJUDPDVHOHFWUQLFRVGH
PDUFKD 
3URWHFFLQFRQWUDGHVFDUJDGH
ODEDWHUD 

3XHUWDDELHUWD 
3XHUWDV 
3XHUWR86%
GLVSRVLWLYRVFRPSDWLEOHV 
LQIRUPDFLQLPSRUWDQWH 
UHSURGXFLUDUFKLYRVGHDXGLR
JXDUGDGRV 
3XUJDGHOVLVWHPDGH
FRPEXVWLEOHGLVHO 

4
4XLFNKHDW 

5
5DGLR
DFWLYDFLQ 
EVTXHGDGHHPLVRUDV 
OLVWDVGHHPLVRUDV 
/LVWDVGHIDYRULWRV 
OLVWDVGHPHPRUL]DFLQ
DXWRPWLFD 
PDQHMR 
PHQVGHEDQGDVGH
IUHFXHQFLDV 
VHOHFFLQGHODEDQGDGH
IUHFXHQFLDV 
5IDJDV 
5HDOL]DFLQGHWUDEDMRV 
5HFRPHQGDFLRQHVSDUDOD
FRQGXFFLQ 


5HFRQRFLPLHQWRGHYR] 
DFWLYDFLQ 
FRQWUROGHOWHOIRQR 
PDQHMR 
YROXPHQGHODVDOLGDGHYR] 
5HFRUGDWRULRGHOFLQWXUQGH
VHJXULGDG 
5HGGHVHJXULGDG 
5HIULJHUDQWHGHOPRWRU 
5HIULJHUDQWH\DQWLFRQJHODQWH 
5HJLVWUDGRUHVGHGDWRV 
5HJXODGRUGHYHORFLGDG 
5HORM 
5HPROFDGR 
5HPROFDGRGHOYHKFXOR 
5HPROFDGRGHRWURYHKFXOR 
5HSRVDEUD]RV 
5HSRVDFDEH]DV 
5HSRVWDMH 
5HSURGXFLUDUFKLYRVGHDXGLR
JXDUGDGRV 
5HSURGXFWRUGH&'
DFWLYDFLQ 
LQIRUPDFLQLPSRUWDQWH 
PDQHMR 
5HVXPHQGHORVHOHPHQWRVGH
FRQWURO 
5HWURYLVRUHVH[WHULRUHV 
5HWURYLVRUHVLQWHULRUHV 

5HWURYLVRUHVWUPLFRV 
5HYLVLQXUJHQWHGHOYHKFXOR 
5RGDMHGHXQYHKFXORQXHYR 
5XHGDGHUHSXHVWR 

6
6DOLGDVGHDLUH 
6DOLGDVGHDLUHILMDV 
6DOLGDVGHDLUHUHJXODEOHV 
6HJXULGDGGHOYHKFXOR 
6HJXURVSDUDQLRV 
6HOHFFLQGHODEDQGDGH
IUHFXHQFLDV 
6HQVRUGHFDOLGDGGHODLUH 
6HQVRUGHOOXYLD 
6HDOL]DFLQGHJLURV\FDPELRV
GHFDUULO 
6HUYLFLR 
6LOHQFLR 
6PERORV 
6LVWHPDDQWLEORTXHRGHIUHQRV  
6LVWHPDDQWLEORTXHRGHIUHQRV
$%6 
6LVWHPDGHDLUEDJV 
6LVWHPDGHDLUEDJVGHFRUWLQD 
6LVWHPDGHDLUEDJVIURQWDOHV 
6LVWHPDGHDLUEDJVODWHUDOHV 
6LVWHPDGHDODUPDDQWLUURER 
6LVWHPDGHFDOHIDFFLQ\
YHQWLODFLQ 

6LVWHPDGHFDUJD 
6LVWHPDGHFRQWUROGHWUDFFLQ  
6LVWHPDGHFRQWUROGHWUDFFLQ
GHVDFWLYDGR 
6LVWHPDGHGHWHFFLQGHREMHWRV 
6LVWHPDGHHVFDSHGHOPRWRU 
6LVWHPDGHIUHQRV\HPEUDJXH   
6LVWHPDGHLQIRHQWUHWHQLPLHQWR
DMXVWHGHOYROXPHQ 
DMXVWHVGHOWRQR 
DMXVWHVGHOYROXPHQ 
FRQH[LQ 
HOHPHQWRVGHFRQWURO 
PDQGRVGHDXGLRGHOYRODQWH  
PDQHMR 
SDQHOGHLQVWUXPHQWRV 
SHUVRQDOL]DFLQ 
VLOHQFLR 
YROXPHQFRPSHQVDGRGH
YHORFLGDG 
YROXPHQHQIXQFLQGHOD
YHORFLGDG 
YROXPHQLQLFLDOP[LPR 
6LVWHPDGHOODYHHOHFWUQLFD 
6LVWHPDHOFWULFR 
6LVWHPDVGHFOLPDWL]DFLQ 
6LVWHPDVGHFRQWUROGHOD
FRQGXFFLQ 
6LVWHPDVGHUHWHQFLQLQIDQWLO 


6LVWHPDVGHUHWHQFLQLQIDQWLO
FRQDQFODMHVVXSHULRUHV 
6LVWHPDVGHUHWHQFLQLQIDQWLO
,62),; 
6LVWHPDVOLPSLD\ODYDSDUDEULVDV 
6LVWHPDVWRSVWDUW 
6XVWLWXFLQGHERPELOODV 
6XVWLWXFLQGHODVHVFRELOODV 

7
7DSDFXERV 
7DSLFHUD 
7HFKR 
7HFKRVRODU 
7HOIRQR
DJHQGDWHOHIQLFD 
DMXVWDUORVWRQRVGHOODPDGD   
DMXVWHGHOYROXPHQ 
%OXHWRRWK 
FDUJDUODEDWHUD 
&RQH[LQ%OXHWRRWK 
HOHPHQWRVGHFRQWURO 
IXQFLRQHVGXUDQWHXQDOODPDGD 
LQIRUPDFLQLPSRUWDQWH 
OLVWDVGHOODPDGDV 
PDUFDUXQQPHUR 
PRGRGHPDQRVOLEUHV 
7HOIRQRVPYLOHV\
UDGLRWUDQVPLVRUHV 
7HPSHUDWXUDH[WHULRU 

7HVWLJRGHDYHUDV 
7HVWLJRVGHFRQWURO 
7RPDVGHFRUULHQWH 
7ULQJXORGHDGYHUWHQFLD 

8
8VRGHODHQWUDGD$8; 
8VRGHODUDGLR 
8VRGHOSUHVHQWHPDQXDO 
8VRGHOSXHUWR86% 
8VRGHOUHSURGXFWRUGH&' 
8VRGHOVLVWHPDGH
LQIRHQWUHWHQLPLHQWR 

9
9HORFPHWUR 
9HQWDQLOODV 
9HQWLODFLQ 
9LVWDGHOFRPSDUWLPHQWRGHO
PRWRU 
9LVWDJHQHUDOGHOWDEOHURGH
LQVWUXPHQWRV 
9ROXPHQFRPSHQVDGRGH
YHORFLGDG 
9ROXPHQGHODVDOLGDGHYR] 



(VWDSJLQDQRRIUHFHLQIRUPDFLQ