Está en la página 1de 31

897:.

9:7,/0425:9,/4708

(16$0%/$'25

0,36

897:.9:7, /0 425:9,/4708 - *yPH] 8(; 

(QVDPEODGRU 0,36

'HVFULSFLyQ 0,36 5


&38  FRSURFHVDGRUHV DX[LOLDUHV H[FHSFLRQHV LQWHUUXSFLRQHV \ VLVWHPD GH PHPRULD YLUWXDO )38 8QLGDG GH 3XQWR )ORWDQWH

/D DUTXLWHFWXUD 0,36 HV XQ HMHPSOR VLPSOH \ FODUR GH XQD PiTXLQD 5,6& GH  ELWV

3URFHVDGRU 0,36 &RSURFHVDGRU  &RSURFHVDGRU 


5HJLVWURV   

&38

0HPRULD

)38 FRSURFHVDGRU   

5HJLVWURV

8QLGDG $ULWPpWLFD

0XOWLSOLFDU 'LYLGLU +, /2

 7UDSV \ PHPRULD YLUWXDO FRSURFHVDGRU  5HJLVWURV %DG9$GUHVV 6WDWXV &DXVH )3&
897:.9:7, /0 425:9,/4708 - *yPH] 8(; 

8QLGDG $ULWPpWLFD

(QVDPEODGRU 0,36

,QWURGXFFLyQ DO HQVDPEODGRU

/HQJXDMH HQVDPEODGRU HV OD UHSUHVHQWDFLyQ VLPEyOLFD GH OD FRGLILFDFLyQ ELQDULD GHO FRPSXWDGRU OHQJXDMH PiTXLQD  /RV OHQJXDMH PiTXLQD VRQ EDVWDQWH VLPLODUHV 8QD KHUUDPLHQWD OODPDGD HQVDPEODGRU DVVHPEOHU WUDGXFH HO OHQJXDMH HQVDPEODGRU
D LQVWUXFFLRQHV ELQDULDV

8Q HQVDPEODGRU OHH XQ ~QLFR DUFKLYR IXHQWH HQ OHQJXDMH HQVDPEODGRU \ SURGXFH XQ DUFKLYR REMHWR TXH FRQWLHQH LQVWUXFFLRQHV PiTXLQD H LQIRUPDFLyQ GH PDQWHQLPLHQWR
TXH D\XGD D FRPELQDU YDULRV DUFKLYRV REMHWR HQ XQ SURJUDPD

8Q PyGXOR SXHGH WHQHU UHIHUHQFLDV D VXEUXWLQDV \ GDWRV GHILQLGRV HQ RWURV PyGXORV \


ELEOLRWHFDV (O FyGLJR GH XQ PyGXOR QR SXHGH HMHFXWDUVH FXDQGR FRQWLHQH UHIHUHQFLDV VLQ UHVROYHU D UyWXORV GH RWURV DUFKLYRV REMHWR R ELEOLRWHFDV 2WUD KHUUDPLHQWD OODPDGD HQOD]DGRU OLQNHU FRPELQD DUFKLYRV REMHWR \ GH ELEOLRWHFD HQ XQ DUFKLYR HMHFXWDEOH

(O OHQJXDMH HQVDPEODGRU MXHJD GRV SDSHOHV

(V HO OHQJXDMH GH VDOLGD GH ORV FRPSLODGRUHV 8Q FRPSLODGRU WUDGXFH XQ SURJUDPD


HVFULWR HQ OHQJXDMH GH DOWR QLYHO OHQJXDMH IXHQWH & HQ XQ SURJUDPD HTXLYDOHQWH HQ

(V XQ OHQJXDMH PiV FRQ HO TXH HVFULELU SURJUDPDV HQ ORV


DQiORJRV HQ OHQJXDMHV GH DOWR QLYHO

OHQJXDMH PiTXLQD R HQVDPEODGRU OHQJXDMH REMHWR 

TXH OD YHORFLGDG R

WDPDxR VRQ FUtWLFRV R SDUD H[SORWDU ODV FDUDFWHUtVWLFDV KDUGZDUH TXH QR WLHQHQ

897:.9:7, /0 425:9,/4708 - *yPH] 8(; 

(QVDPEODGRU 0,36

6LQWD[LV GHO HQVDPEODGRU

&DGD OtQHD SXHGH FRQWHQHU FRPR Pi[LPR XQD VHQWHQFLD /RV FRPHQWDULRV YDQ DO ILQDO GH OD VHQWHQFLD SUHFHGLGRV SRU  (O HQVDPEODGRU ORV LJQRUD /RV QRPEUHV VHJXLGRV SRU  VRQ UyWXORV HWLTXHWDV  1RPEUDQ OD VLJXLHQWH SRVLFLyQ GH
PHPRULD \ YDQ DO SULQFLSLR GH OD OtQHD

VHQWHQFLD
2SHUDQGRV &RPHQWDULRV

5yWXOR

&yGLJR LQVWUXFFLyQ SVHXGR LQVWU y GLUHFWLYD

/RV RSHUDQGRV SXHGHQ VHU

8Q UHJLVWUR  R D TXH SXHGH LU HQWUH SDUpQWHVLV 8Q LGHQWLILFDGRU &DUDFWHUHV DOIDQXPpULFRV B \   VLQ FRPHQ]DU FRQ XQ Q~PHUR 8QD FDGHQD DOIDQXPpULFD HQFHUUDGD HQWUH GREOHV FRPLOODV  GRQGH SXHGH KDEHU FDUDFWHUHV HVSHFLDOHV VHJ~Q FRQYHQLR & QXHYD OtQHD ?Q WDEXODGRU ?W FRPLOODV ?  8Q YDORU QXPpULFR HQ EDVH  6L YDQ SUHFHGLGRV GH [ LQGLFDQ YDORUHV KH[DGHFLPDO
LWHP PDLQ GDWD ZRUG  WH[W JOREO PDLQ OZ W LWHP

(MHPSOR

 'HEH VHU JOREDO


897:.9:7, /0 425:9,/4708 - *yPH] 8(; 

(QVDPEODGRU 0,36
8Q SURJUDPD SXHGH HVWDU HVFULWR HQ FyGLJRV GLVWLQWRV

&RPSLODGRU HQVDPEODGRU OLQNHU

0& 06

&yGLJR HQ OHQJXDMH GH DOWR QLYHO IXHQWH  &yGLJR HQVDPEODGRU 3XHGH MXJDU GRV SDSHOHV GHSHQGLHQGR GHO WLSR GH FRPSLODGRU

(V HO OHQJXDMH GH VDOLGD GH ORV FRPSLODGRUHV FyGLJR HQVDPEODGRU VLQ UyWXORV  /HQJXDMH FRQ HO TXH HVFULELU SURJUDPDV FyGLJR HQVDPEODGRU FRQ UyWXORV  (V D~Q LPSRUWDQWH
SDUD HVFULELU SURJUDPDV HQ ORV TXH OD YHORFLGDG R WDPDxR VRQ FUtWLFRV R SDUD H[SORWDU FDUDFWHUtVWLFDV KDUGZDUH TXH QR WLHQHQ DQiORJRV HQ OHQJXDMHV GH DOWR QLYHO
&yGLJR PiTXLQD REMHWR  &RQWLHQH LQVWUXFFLRQHV PiTXLQD ELQDULDV H LQIRUPDFLyQ GH

02% 0(;(

PDQWHQLPLHQWR TXH D\XGD D FRPELQDU YDULRV DUFKLYRV REMHWR HQ XQ SURJUDPD


&yGLJR HMHFXWDEOH

FRPSLODGRU
7UDGXFH XQ FyGLJR HQ OHQJXDMH
GH DOWR QLYHO HQ XQR HTXLYDOHQWH

HQVDPEODGRU
3URJUDPD TXH WUDGXFH GH OHQJXDMH
HQVDPEODGRU D OHQJXDMH PiTXLQD

HQOD]DGRU
&RPELQD XQD FROHFFLyQ
GH DUFKLYRV REMHWR \ GH ELEOLRWHFD HQ XQ DUFKLYR HMHFXWDEOH TXH HO FRPSXWDGRU HMHFXWD

HQ OHQJXDMH HQVDPEODGRU SXHGH WDPELpQ SURGXFLU OHQJXDMH GH XQ HQVDPEODGRU LQWHJUDGR 

/HH XQ ~QLFR DUFKLYR IXHQWH HQ


HQVDPEODGRU \ SURGXFH XQ DUFKLYR REMHWR

PiTXLQD GLUHFWDPHQWH FRQ OD D\XGD

8Q PyGXOR SXHGH FRQWHQHU UHIHUHQFLDV D


\ ELEOLRWHFDV (O FyGLJR GH XQ PyGXOR QR SXHGH HMHFXWDUVH VL FRQWLHQH UHIHUHQFLDV VLQ

&UHDQ VDOWRV \ UyWXORV FXDQGR


QR DSDUHFHQ HQ HO OHQJXDMH GH SURJUDPDFLyQ

VXEUXWLQDV \ GDWRV GHILQLGRV HQ RWURV PyGXORV

UHVROYHU D UyWXORV GH RWURV DUFKLYRV REMHWR R ELEOLRWHFDV


897:.9:7, /0 425:9,/4708 - *yPH] 8(; 

(QVDPEODGRU 0,36

&RPSLODGRU HQVDPEODGRU OLQNHU

&yGLJR

LQFOXGHVWGLRK! YRLG PDLQ YRLG ^ LQW L


02%-

&

0&

0&

06

&yGLJR

(QVDPEODGRU

FRQ UyWXORV

&RPSLODGRU

02%06

(VFULWR SRU HO SURJUDPDGRU


&yGLJR

DGGLX  VZ   MDO GLUVDOWR

  


&yGLJR

(QVDPEODGRU
02%-

(QVDPEODGRU

0iTXLQD

DGGLX  VZ   MDO 

VLQ UyWXORV

*HQHUDGR SRU HO FRPSLODGRU

(QOD]DGRU
VL HO FRPSLODGRU WLHQH XQ
HQVDPEODGRU LQWHJUDGR

0/,%

/LEUHUtD GH UXWLQDV

)LFKHUR HMHFXWDEOH
897:.9:7, /0 425:9,/4708 - *yPH] 8(; 

(QVDPEODGRU 0,36

)RUPDWRV GH LQVWUXFFLyQ

7RGD LQVWUXFFLyQ 0,36 QHFHVLWD  ELWV LJXDO TXH XQD SDODEUD GH GDWRV \ XQ UHJLVWUR
7LSR

UG

UV

UW

FRG RSHU
 ELWV

UV
 ELWV

UW
 ELWV

UG
 ELWV

VKDPW
 ELWV

IXQFW
 ELWV

DGG W W W

RSHUDFLyQ GH OD LQVWUXFFLyQ

5HJLVWUR GHO SULPHU RSHUDQGR IXHQWH

5HJLVWUR GHO VHJXQGR RSHUDQGR IXHQWH

5HJLVWUR GHO RSHUDQGR GHVWLQR

&DQWLGDG GH GHVSOD]DPLHQWR

)XQFLyQ VHOHFFLRQD OD YDULDQWH GH OD RSHUDFLyQ

7LSR

FRG RSHU
 ELWV

UV
 ELWV

UW
 ELWV

GLUHFFLyQ
 ELWV

UW

UV

OZ W GLU W VZ W GLU W

FDPSR GH GLUHFFLyQ GH PHPRULD

7LSR

FRG RSHU
 ELWV

GLUHFFLyQ
 ELWV
897:.9:7, /0 425:9,/4708 - *yPH] 8(; 

(QVDPEODGRU 0,36
HQVDPEODGRU \ D ORV FRPSLODGRUHV PHGLDQWH ODV

3VHXGRLQVWUXFFLRQHV
SVHXGRLQVWUXFFLRQHV

(O HQVDPEODGRU LQFUHPHQWD HO Q GH LQVWUXFFLRQHV GLVSRQLEOHV D ORV SURJUDPDGRUHV HQ OHQJXDMH 6RQ LQVWUXFFLRQHV GHO OHQJXDMH HQVDPEODGRU TXH QR QHFHVLWDQ VHU LPSOHPHQWDGDV HQ KDUGZDUH (O HQVDPEODGRU 0,36 PDQHMD SVHXGRLQVWUXFFLRQHV UHVHUYDQGR  SDUD VX XVR FRPR UHJLVWUR WHPSRUDO

(MHPSOR  PRYH  


LQVWUXFFLyQ

OHQJXDMH HQVDPEODGRU SVHXGRLQVWUXFFLyQ HQVDPEODGRU FRQ UyWXORV

FRPSLODGRU

DGG   


LQVWUXFFLyQ

OHQJXDMH PiTXLQD

HQVDPEODGRU VLQ UyWXORV

(MHPSOR 
EOW
SVHXGRLQVWUXFFLyQ VDOWDU VREUH  TXH

,PSOHPHQWDU EOW HQ KDUGZDUH OR FRPSOLFDUtD SXHV DXPHQWDUtD OD GXUDFLyQ GHO FLFOR GH UHORM R ELHQ HVWD
LQVWUXFFLyQ WHQGUtD FLFORV GH UHORM H[WUD SRU LQVWUXFFLyQ SRU VLPSOLFLGDG TXHUHPRV TXH ODV LQVWUXFFLRQHV VH HMHFXWHQ HQ XQ Q GH FLFORV GH UHORM LJXDOHV  'RV LQVWUXFFLRQHV PiV UiSLGDV VHUtDQ PiV ~WLOHV

VOW DWVV EQH DW]HUR/HVV


LQVWUXFFLRQHV PiTXLQD

DW  VL VV DE LU D /HVV VL DW]HUR  R VHD VL DE

SVHXGRLQVWUXFFLyQ

EOW /HVV LU D /HVV VL DE

897:.9:7, /0 425:9,/4708 - *yPH] 8(; 

(QVDPEODGRU 0,36

'LUHFWLYDV

/RV QRPEUHV TXH FRPLHQ]DQ FRQ XQ SXQWR GDWD JOREO  VRQ GLUHFWLYDV GHO HQVDPEODGRU LQGLFDQ DO HQVDPEODGRU FyPR WUDGXFLU XQ SURJUDPD SHUR QR SURGXFHQ LQVWUXFFLRQHV PiTXLQD
'LUHFWLYD 'HVFULSFLyQ

Q DVFLL VWU DVFLL] VWU


DOLJQ E\WHKDOIZRUG

E  EQ IIQ


GDWD NGDWD WH[W

GRXEOHIORDW

NWH[W

Q H[WHUQ V\P VL]H


VSDFH JOREO

V\P

$OLQHD HO VLJXLHQWH GDWR VREUH XQ OtPLWH GH Q E\WH DOLJQ  DOLJQ  $OPDFHQD OD FDGHQD VWU HQ PHPRULD SHUR QR OD WHUPLQD FRQ HO FDUDFWHU QXOR $OPDFHQD OD FDGHQD VWU HQ PHPRULD \ OD WHUPLQD FRQ HO FDUDFWHU QXOR $OPDFHQD ORV Q YDORUHV GH  ELWV HQ E\WHVPHGLDV SDODEUDVSDODEUDV FRQVHFXWLYDV GH PHPRULD $OPDFHQD ORV Q Q~PHURV GH SXQWR IORWDQWH GH GREOHVLPSOH SUHFLVLyQ HQ SRVLFLRQHV FRQVHFXWLYDV GH PHPRULD /RV HOHPHQWRV VLJXLHQWHV VRQ DOPDFHQDGRV HQ HO VHJPHQWR GH GDWRV /RV HOHPHQWRV VLJXLHQWHV VRQ DOPDFHQDGRV HQ HO VHJPHQWR GH GDWRV GHO Q~FOHR /RV HOHPHQWRV VLJXLHQWHV VRQ DOPDFHQDGRV HQ HO VHJPHQWR GH WH[WR (VWRV HOHPHQWRV VyOR SXHGHQ VHU LQVWUXFFLRQHV R SDODEUDV /RV HOHPHQWRV VLJXLHQWHV VRQ DOPDFHQDGRV HQ HO VHJPHQWR GH WH[WR GHO Q~FOHR (VWRV HOHPHQWRV VyOR SXHGHQ VHU LQVWUXFFLRQHV R SDODEUDV $VLJQD Q E\WHV GH HVSDFLR HQ HO VHJPHQWR DFWXDO GHEH VHU VHJ GDWRV HQ 63,0 'HFODUD TXH HO GDWR DOPDFHQDGR HQ V\P RFXSD VL]H E\WHV \ HV XQ JOREDO (O HQVDPEODGRU OR SRQH HQ SDUWH GHO VHJPHQWR GH GDWRV IiFLOPHQWH DFFHVLEOH YLD JS 'HFODUD V\P FRPR JOREDO VH SXHGH UHIHUHQFLDU GHVGH RWURV DUFKLYRV
897:.9:7, /0 425:9,/4708 - *yPH] 8(; 

(QVDPEODGRU 0,36
+D\  UHJLVWURV     GH  ELWV SDODEUD 
XWLOL]DGDV HQ ORV UHJLVWURV \ ODV UHVWDQWHV HQ PHPRULD GHUUDPDU UHJLVWURV VSLOOLQJ 

5HJLVWURV

&XDQGR XQ SURJUDPD WLHQH PiV YDULDEOHV TXH UHJLVWURV HO FRPSLODGRU DOPDFHQD ODV YDULDEOHV PiV

1RPEUH
]HUR DW Y Y D  D W  W V  V W W N N JS VS IS UD

1~PHUR
                    

8VR
&RQVWDQWH  YDORU FDEOHDGR 5HVHUYDGR SDUD HO HQVDPEODGRU (YDOXDFLyQ GH H[SUHVLyQ \ UHVXOWDGR GH XQD IXQFLyQ $UJXPHQWRV D UXWLQD UHVWR GH DUJXPHQWRV D SLOD 7HPSRUDOHV QR SUHVHUYDGRV D WUDYpV GH OODPDGD JXDUGDU LQYRFDGRU *XDUGDGR WHPSRUDOPHQWH SUHVHUYDGR D WUDYpV GH OODPDGD JXDUGDU LQYRFDGR 7HPSRUDOHV QR SUHVHUYDGRV D WUDYpV GH OODPDGD JXDUGDU LQYRFDGRU 5HVHUYDGRV SDUD HO Q~FOHR GHO 62 3XQWHUR JOREDO DSXQWD D OD PLWDG GH XQ EORTXH GH . HQ VHJ GDWRV HVWiWLFRV 3XQWHUR GH SLOD DSXQWD OD SULPHUD SRVLFLyQ OLEUH HQ OD SLOD 3XQWHUR GH HQFXDGUH 'LUHFFLyQ GH UHWRUQR XVDGD SRU OODPDGD GH SURFHGLPLHQWR
897:.9:7, /0 425:9,/4708 - *yPH] 8(; 

(QVDPEODGRU 0,36
0,36 HV XQD DUTXLWHFWXUD GH FDUJDDOPDFHQDPLHQWR

0RGRV GH GLUHFFLRQDPLHQWR

6yOR ODV LQVWUXFFLRQHV GH FDUJD \ DOPDFHQDPLHQWR DFFHGHQ D PHPRULD VHJ~Q ORV FiOFXORV HIHFWXDGRV
VREUH YDORUHV HQ ORV UHJLVWURV

$OLQHDFLyQ XQD FDQWLGDG HVWi DOLQHDGD VL VX GLUHFFLyQ GH PHPRULD HV XQ P~OWLSOR GH VX WDPDxR HQ E\WHV
(MHPSOR 8QD SDODEUD GH  ELWV GHEH DOPDFHQDUVH HQ GLUHFFLRQHV P~OWLSOR GH 

&DVL WRGDV ODV LQVWUXFFLRQHV GH FDUJD \ DOPDFHQDPLHQWR RSHUDQ VyOR VREUH GDWRV DOLQHDGRV ,QVWUXFFLRQHV SDUD DOLQHDU GDWRV QR DOLQHDGRV OZO OZU VZO \ VZU

0RGRV GH GLUHFFLRQDPLHQWR )RUPDWR


UHJLVWUR YDORU YDORU UHJLVWUR

&iOFXOR GH OD GLUHFFLyQ
&RQWHQLGR GHO UHJLVWUR FU 9DORU LQPHGLDWR YLQ YLQ  FU

(MHPSOR
OZ W W OZ W[ OZ W[ W OZ WDUUD\ OZ WDUUD\ OZ WDUUD\ W

LGHQWLILFDGRU LGHQWLILFDGRU LGHQWLILFDGRU LGHQWLILFDGRU  YDORU UHJLVWUR  YDORU

GLUHFFLyQ GHO LGHQWLILFDGRU GLG GLG GLG UHJLVWUR GLG    YLQ FU YL  FU

OZ WDUUD\ W
897:.9:7, /0 425:9,/4708 - *yPH] 8(; 

(QVDPEODGRU 0,36

5HJLVWURV GHO FRSURFHVDGRU 

5HJLVWURV SDUD WUDWDU ODV H[FHSFLRQHV H LQWHUUXSFLRQHV 6RQ DFFHGLGRV SRU ODV LQVWUXFFLRQHV OZF PIF PWF \ VZF 63,0 VyOR LPSOHPHQWD ORV VLJXLHQWHV 

1RPEUH
6WDWXV &DXVH (3&

%DG9$GUHVV 

1~PHUR 8VR 'LUHFFLyQ GH PHPRULD HQ GRQGH RFXUUH OD H[FHSFLyQ 0iVFDUD GH LQWHUUXSFLyQ \ ELWV GH KDELOLWDFLyQ 7LSR GH H[FHSFLyQ \ ELWV GH LQWHUUXSFLyQ SHQGLHQWH 'LUHFFLyQ GH OD LQVWUXFFLyQ TXH FDXVy OD H[FHSFLyQ
   ,QWHUUXSFLyQ KDELOLWDGD NHUQHO  XVXDULR

5HJLVWUR

6WDWXV

 

PiVFDUD GH LQWHUUXSFLyQ

 

 

      
DQWLJXR DFWXDO DQWHULRU

FyGLJR GH H[FHSFLyQ 5HJLVWUR LQWHUUXSFLRQHV SHQGLHQWHV

&DXVH

 

 

 

      

897:.9:7, /0 425:9,/4708 - *yPH] 8(; 

(QVDPEODGRU 0,36
,QVWUXFFLRQHV SDUD PDQHMDU H[FHSFLRQHV
UIH V\VFDOO EUHDN QRS

([FHSFLRQHV H LQWHUUXSFLRQHV

9XHOWD GHVGH H[FHSFLyQ 5HVWDXUD HO UHJLVWUR 6WDWXV /ODPDGD DO VLVWHPD (O UHJLVWUR Y FRQWLHQH HO Q~PHUR GH OD OODPDGD DO VLVWHPD YHU OD WDEOD GH OODPDGDV DO VLVWHPD 3URGXFH H[FHSFLyQ Q 3URYRFD OD H[FHSFLyQ Q /D H[FHSWLRQ  VH UHVHUYD SDUD HO GHSXUDGRU GHEXJJHU QR RSHUDFLyQ 1R KDFH QDGD

&yGLJRV GH H[FHSFLRQHV
1~PHUR 1RPEUH
         ,17 $''5/ $''56 ,%86 '%86 6<6&$// %.37 5, 29)

8VR

,QWHUUXSFLyQ H[WHUQD ([FHSFLyQ HUURU GLUHFFLyQ FDUJD GHVGH PHPRULD R FDSWXUD GH LQVWUXFFLyQ ([FHSFLyQ HUURU GLUHFFLyQ DOPDFHQDPLHQWR HQ PHPRULD (UURU GH EXV GXUDQWH XQD FDSWXUD GH LQVWUXFFLyQ (UURU GH EXV GXUDQWH XQD FDUJD R DOPDFHQDPLHQWR ([FHSFLyQ OODPDGD DO VLVWHPD ([FHSFLyQ SURYRFDGD SRU XQ SXQWR GH UXSWXUD EUHDNSRLQW ([FHSFLyQ GH LQVWUXFFLyQ UHVHUYDGD ([FHSFLyQ SURYRFDGD SRU RYHUIORZ DULWPpWLFR
897:.9:7, /0 425:9,/4708 - *yPH] 8(; 

(QVDPEODGRU 0,36
&RQMXQWR GH VHUYLFLRV SDUHFLGRV DO 62 D WUDYpV GH OD LQVWUXFFLyQ V\VFDOO Y FyGLJR GH OODPDGD DO VLVWHPD D D R I DUJXPHQWRV 5HVXOWDGRV WUDV V\VFDOO Y R I
9DORU TXH WRPD Y DQWHV GH OODPDU D V\VFDOO $UJXPHQWRV TXH KD\ TXH HVWDEOHFHU DQWHV GH OODPDU D V\VFDOO SDUD TXH pVWD ORV WUDEDMH

/ODPDGDV DO VLVWHPD

6L V\VFDOO GHYXHOYH DOJXQD FRVD OR SRQH HQ XQR GH HVWRV UHJLVWURV

6HUYLFLR
SULQWBLQW SULQWBIORDW

&yGLJR $UJXPHQWRV
  D I I D HQWHUR IORDW GRXEOH FDGHQD

5HVXOWDGRV

3URSyVLWR
,PSULPHQ HQ FRQVROD +D\ TXH SDVDU HO DUJXPHQWR H LPSULPLU 1R GHYXHOYHQ UHVXOWDGR

SULQWBGRXEOH  SULQWBVWULQJ  UHDGBLQW UHDGBIORDW  

HQWHUR HQ Y IORDW HQ I IORDW HQ I D D EXIIHU D ORQJLWXG FDQWLGDG

UHDGBGRXEOH  UHDGBVWULQJ  VEUN H[LW  

/HH GH OD FRQVROD XQ Q~PHUR R XQD FDGHQD 1R QHFHVLWD DUJXPHQWRV H[FHSWR FDGHQD (VSHUD D TXH LQWURGX]FDPRV Q~P R FDGHQD 'HYXHOYH HO YDORU OHLGR D XQ UHJLVWUR

GLUHFFLyQ HQ Y $xDGH SiJLQDV GH PHP YLU DO VHJ GDWRV GLQiP 7HUPLQD OD HMHFXFLyQ GH XQ SURJUDPD
897:.9:7, /0 425:9,/4708 - *yPH] 8(; 

(QVDPEODGRU 0,36

0HPRULD 

(O HQVDPEODGRU 0,36 GLUHFFLRQD E\WHV LQGLYLGXDOHV /DV SDODEUDV GH PHPRULD VRQ GH  ELWV  %\WHV  /D PHPRULD GLUHFFLRQDEOH WLHQH XQ WDPDxR GH  SDODEUDV /DV LQVWUXFFLRQHV GH FDUJD \ DOPDFHQDPLHQWR FRPXQLFDQ GDWRV HQWUH PHPRULD \ UHJLVWURV /DV GLUHFFLRQHV FRPLHQ]DQ HQ  (O FRPSLODGRU DVLJQD HVWUXFWXUDV GH GDWRV FRPR ORV DUUD\V D SRVLFLRQHV GH PHPRULD
FRORFDQGR OD GLUHFFLyQ DGHFXDGD GH FRPLHQ]R HQ ODV LQVWUXFFLRQHV GH FDUJD R DOPDFHQDP
GLUHFFLRQHV GH SDODEUDV GH PHPRULD SDODEUDV GH PHPRULD &RQYHQLR

/D LQVWUXFFLyQ GHEH VXPLQLVWUDU XQD GLUHFFLyQ GH PHPRULD

                    

 %\WHV FDGD XQD GDWRV HQ SDODEUDV GH PHPRULD  ELWV

OLWWOH HQGLDQ


ILQDO PHQRU SHVR

&RQYHQLR

ELJ HQGLDQ


ILQDO PD\RU SHVR /D GLUHFFLyQ GHO SULPHU E\WH GH OD SDODEUD HV OD GLUHFFLyQ GH OD SDODEUD

GLUHFFLRQHV GH E\WHV GH PHPRULD


897:.9:7, /0 425:9,/4708 - *yPH] 8(; 

(QVDPEODGRU 0,36

0HPRULD 

8QD GLUHFFLyQ GH PHPRULD HV OD GLUHFFLyQ GH  E\WH GH PHPRULD 6L HVD GLU HV OD GHO SULPHU E\WH GH XQD SDODEUD   HV FRPR VL IXHUD OD GLU GH OD SDODEUD 0,36 FRQVLGHUD HVWH GLUHFFLRQDPLHQWR SDUD OD PHPRULD YLUWXDO
(VWUXFWXUD GH E\WHV

/D PHPRULD VH GLUHFFLRQD FRPR VXFHVLyQ GH E\WHV

0HPRULD

 

 SDODEUD  E\WHV 

 SDODEUDV
     

E\WHV   E\WHV SRU SODEUD

 E\WHV
 

     
         

   
   

'LUHFFLyQ GH PHPRULD

 

 

 

 

 

 

 

 



 

&DPSR (VWUXFWXUD GH SDODEUDV

&DPSR 'HVSOD]DPLHQWR

'LUHFFLRQD OD SRVLFLyQ GH OD SDODEUD GHQWUR GH OD HVWUXFWXUD GH SDODEUDV


(VWUXFWXUD GH SDODEUDV

'LUHFFLRQD OD SRVLFLyQ GHO E\WH GHQWUR GH OD SDODEUD

/D PHPRULD VH HVWUXFWXUD FRPR VXFHVLyQ GH SDODEUDV


897:.9:7, /0 425:9,/4708 - *yPH] 8(; 

(QVDPEODGRU 0,36
GH GLUHFFLRQHV GHO SURJUDPD

0DSD GH PHPRULD

/RV VHJPHQWRV GH SLOD \ GDWRV VRQ H[SDQGLEOHV GLQiPLFDPHQWH (VWiQ WDQ GLVWDQWHV FRPR VHD SRVLEOH \ SXHGHQ FUHFHU SDUD XWLOL]DU HO HVSDFLR FRPSOHWR

6HJPHQWR GH 3LOD

6HJPHQWR GH 'DWRV 'DWRV (VWiWLFRV

3LOD GHO SURJUDPD

6HJPHQWR GH 3LOD

[IIIIIII

 'DWRV GH WDPDxR

FRQRFLGR SRU HO FRPSLODGRU TXH QR GHVDSDUHFHQ GXUDQWH OD HMHFXFLyQ GHO SURJUDPD (Q & ODV YDULDEOHV JOREDOHV VH DVLJQDQ D HVWH VHJPHQWR

'DWRV 'LQiPLFRV 6RQ DVLJQDGRV


SRU HO SURJUDPD DO HMHFXWDUVH

&RQWLHQH ODV LQVWUXFFLRQHV


GHO SURJUDPD
897:.9:7, /0 425:9,/4708 - *yPH] 8(; 

6HJPHQWR GH 7H[WR

6HJPHQWR GH 'DWRV 6HJPHQWR GH 7H[WR 5HVHUYDGR

[ [ [

(QVDPEODGRU 0,36
(Q &

([SDQVLyQ GHO VHJPHQWR GH GDWRV GLQiPLFRV

PDOORF HQFXHQWUD \ GHYXHOYH XQ QXHYR EORTXH GH PHPRULD H[SDQGLHQGR HO iUHD GLQiPLFD FRQ OD OODPDGD GHO VLVWHPD VEUN TXH KDFH TXH HO 62 DxDGD PiV SiJLQDV DO HVSDFLR
GH GLUHFFLRQHV YLUWXDOHV GHO SURJUDPD LQPHGLDWDPHQWH DQWHV GHO VHJPHQWR GH GDWRV GLQiPLFRV

6HJPHQWR GH 3LOD

6HJPHQWR GH 3LOD

6HJPHQWR GH GDWRV GLQiPLFRV 6HJPHQWR GH GDWRV HVWiWLFRV 6HJPHQWR GH 7H[WR 5HVHUYDGR

VEUN

6HJPHQWR GH GDWRV GLQiPLFRV 6HJPHQWR GH GDWRV HVWiWLFRV 6HJPHQWR GH 7H[WR 5HVHUYDGR

3iJLQDV GH GDWRV GLQiPLFRV DxDGLGDV

897:.9:7, /0 425:9,/4708 - *yPH] 8(; 

(QVDPEODGRU 0,36
(O PDQWHQLPLHQWR D XQD OODPDGD VH UHDOL]D FRQ XQ EORTXH
GH PHPRULD OODPDGR

3LODV
GLUHFFLRQHV DOWDV GH PHPRULD

PDUFR GH OODPDGD GH SURFHGLPLHQWR R PDUFR GH SLOD TXH VLJXH XQ RUGHQ ),)2


FRPR DUJXPHQWRV

&RQWLHQH YDORUHV SDVDGRV D XQ SURFHGLPLHQWR $KRUUD UHJLVWURV TXH HO SURFHGLPLHQWR LQYRFDGR SXHGH
PRGLILFDU SHUR TXH HO LQYRFDGRU QR TXLHUH FDPELDU

 IS

$UJXPHQWR  $UJXPHQWR  5HJLVWURV JXDUGDGRV UD IS  YDULDEOH ORFDO YDULDEOH ORFDO

'D DO SURFHGLPLHQWR HVSDFLR SDUD YDULDEOHV ORFDOHV &RQVWD GH OD PHPRULD HQWUH GRV SXQWHURV IS \ VS
3XQWHUR GH HVWUXFWXUD R GH PDUFR GH SLOD IS

(VWUXFWXUD GH 3LOD

$SXQWD D OD  SDODEUD GH OD HVWUXFWXUD


GH SLOD 6H XWLOL]D SDUD DFFHGHU D YDORUHV HQ OD HVWUXFWXUD GH SLOD

3XQWHUR GH SLOD VS

 VS
GLUHFFLRQHV EDMDV GH PHPRULD

$SXQWD D OD  SDODEUD GH OD SLOD


GHVSXpV GH OD HVWUXFWXUD R VHD D OD  SDODEUD OLEUH GH OD SLOD

3LOD FUHFH
FRQYHQLR KLVWyULFR

897:.9:7, /0 425:9,/4708 - *yPH] 8(; 

(QVDPEODGRU 0,36
&UHDFLyQ GH XQD QXHYD SLOD

8VR GH OD SLOD
IS VS SLOD QXHYD  UD IS  VS 6DFDU GDWR GH SLOD SLOD DQWHULRU IS IS

&UHDPRV XQD SLOD GH  E\WHV *XDUGDPRV UD VL HVWDPRV HQ


XQD VXEUXWLQD \ YDPRV D KDFHU XQD OODPDGD D VXEUXWLQD \ IS SDUD LGHQWLILFDU OD DQWHULRU SLOD HQ OD QXHYD SLOD 6L HVWDPRV HQ XQD VXEUXWLQD \ ORV DUJXPHQWRV GH OODPDGD QR FDEHQ HQ DD ORV SRQHPRV HQ HVWD SLOD ,QWURGXFLU GDWR HQ SLOD

 DQWHV VXEX VSVS VZ UD VS VZ IS VS DGGX ISVS  GHVSXpV

$OPDFHQDU GDWR HQ  VS VZ W VS 5HVWDU D VS HO WDPDxR VXEX VSVS
E\WHV GHO GDWR IS VS W IS

6XPDU D VS HO WDPDxR


E\WHV GHO GDWR /HHU GDWR GH  VS W IS

DGGX VSVS OZ W VS


IS

VS

VS

W VS

897:.9:7, /0 425:9,/4708 - *yPH] 8(; 

(QVDPEODGRU 0,36

&RQYHQLRV GH OODPDGD D SURFHGLPLHQWR XVR GH UHJLVWURV

*RELHUQD HO XVR GH UHJLVWURV FXDQGR ORV SURFHGLPLHQWRV GH XQ SURJUDPD VH FRPSLODQ VHSDUDGDPHQWH 6RQ FRQYHQLRV VRIWZDUH QR KDUGZDUH 8Q FRPSLODGRU GHEH FRQRFHU ORV UHJLVWURV TXH SXHGH XVDU \ ORV UHVHUYDGRV D RWUDV UXWLQDV +D\ GRV FRQYHQLRV HVWiQGDUHV VH DSOLFD XQR X RWUR HQ XQD OODPDGD D SURFHGLPLHQWR 

*XDUGDU ,QYRFDGRU

FDOOHU VDYH

*XDUGDU ,QYRFDGR

FDOOHH VDYH

JXDUGD LQYRFD UHVWDXUD


LQYRFDGRU

VHQWLGR

PRGLILFD

GH OD HMHFXFLyQ GH ODV LQVWUXFFLRQHV

LQYRFD

JXDUGD PRGLILFD UHVWDXUD


LQYRFDGR

LQYRFDGR

LQYRFDGRU

(O LQYRFDGRU JXDUGD \ UHVWDXUD ORV UHJLVWURV


TXH VH GHEDQ FRQVHUYDU D WUDYpV GH OD OODPDGD HVSHFtILFDPHQWH WW

(O LQYRFDGR JXDUGD \ UHVWDXUD ORV UHJLVWURV TXH


SXHGD XVDU HVSHFtILFDPHQWH VV

(O LQYRFDGR SXHGH PRGLILFDU FXDOTXLHU


UHJLVWUR VLQ SUHRFXSDUVH

(O LQYRFDGRU XVD ORV UHJLVWURV VLQ


SUHRFXSDUVH GH UHVWDXUDUORV GHVSXpV GH XQD OODPDGD

897:.9:7, /0 425:9,/4708 - *yPH] 8(; 

(QVDPEODGRU 0,36

0HWRGRORJtD JHQHUDO GH OODPDGD D SURFHGLPLHQWR


3LOD GHO LQYRFDGRU 3LOD GHO LQYRFDGR  

$QWHV GH TXH HO LQYRFDGRU OODPD DO LQYRFDGR

3DVDU DUJXPHQWRV   ,QYRFDGRU SRQH ORV  SULPHURV DUJXPHQWRV HQ

DD \ HO UHVWR HQ OD SLOD GHO LQYRFDGRU FX\R PDUFR IS HVWi HQ  *XDUGDU HQ SLOD ORV UHJLVWURV GH JXDUGDULQYRFDGRU   6L XVDPRV JXDUGDU LQYRFDGRU VH JXDUGDQ HQ SLOD DTXHOORV GH DD \ WW TXH HO LQYRFDGRU QHFHVLWH LQDOWHUDGRV GHVSXpV GH OD OODPDGD SXHV WW ORV XVD HO LQYRFDGR (MHFXWDU MDO ELIXUFD DO LQYRFDGR \ JXDUGD OD GLUHFFLyQ GH YXHOWD HQ UD

$O LQLFLR GH OD HMHFXFLyQ GHO LQYRFDGR

&UHDU SLOD GHO LQYRFDGR   VS VS  WDPDxR HQ E\WHV  PtQ  % *XDUGDU HQ SLOD ORV UHJLVWURV GH JXDUGDULQYRFDGR   6L XVDPRV JXDUGDU
LQYRFDGR VH JXDUGDQ HQ SLOD DTXHOORV GH LQDOWHUDGRV D OD YXHOWD SXHV

DUJXPHQWR DUJXPHQWR  W  D


*XDUGDU IS \ UD   IS VH JXDUGD SDUD SRGHU D OD YXHOWD LGHQWLILFDU OD SLOD GHO
LQYRFDGRU \

VV ORV XVD HO LQYRFDGR

VV TXH HO LQYRFDGRU QHFHVLWH

UD VH JXDUGD VL HO LQYRFDGR KDFH XQD QXHYD OODPDGD D SURFHGLPLHQWR $FWXDOL]DU HO SXQWHUR GH PDUFR +DFHU TXH IS DSXQWH DO QXHYR PDUFR GHO LQYRFDGR IS  WDPDxR GH SLOD GHO LQYRFDGR  VS  

$O ILQDO GHO LQYRFDGR

V V IS UD

  

6L HO LQYRFDGR GHYXHOYH XQ YDORU VH FRORFD pVWH HQ Y 5HVWDXUDU ORV UHJLVWURV GH JXDUGDULQYRFDGR   VL HVWDPRV XVDQGR HVWH FRQYHQLR 5HVWDXUDU IS \ UD GHO LQYRFDGRU   $KRUD IS HVWi HQ  'HVWUXLU SLOD GHO LQYRFDGR VS VS  WDPDxR GH SLOD $KRUD VS HVWi HQ  5HWRUQDU VDOWDQGR LQVWUXFFLyQ M D OD GLUHFFLyQ FRQWHQLGD HQ HO UHJLVWUR UD
$O YROYHU DO LQYRFDGRU

5HVWDXUDU ORV UHJLVWURV GH JXDUGDU LQYRFDGRU  TXH VH JXDUGDURQ DQWHV GH OODPDU DO LQYRFDGR

(QVDPEODGRU 0,36

6LPXODGRU 63,0

63,0 HV XQ VLPXODGRU TXH HMHFXWD SURJUDPDV HQVDPEODGRU GHO 0,36 5 &RQWLHQH XQ GHSXUDGRU \ SURSRUFLRQD DOJXQRV VHUYLFLRV FRPR HO VLVWHPD RSHUDWLYR 63,0 HV XQ VLPXODGRU YLUWXDO
3DUD KDFHU IUHQWH D OD GLItFLO SURJUDPDFLyQ GH OD DUTXLWHFWXUD 0,36 63,0 KDFH ODV LQVWUXFFLRQHV SDUD DMXVWDU ORV KXHFRV GHO UHWDUGR

2FXOWD LQVWUXFFLRQHV VDOWRV \ FDUJDV UHWDUGDGDV VHJPHQWDFLyQ  UHRUJDQL]DQGR $PSOLD HO FRQMXQWR GH LQVWUXFFLRQHV GHO KDUGZDUH UHDO PHGLDQWH SVHXGRLQVWUXFFLRQHV
VLPXODQGR pVWDV PHGLDQWH FRUWDV VHFXHQFLDV GH LQVWUXFFLRQHV UHDOHV

&RQVROD

0HQVDMHV GHO VLPXODGRU 6HJPHQWR GH WH[WR 6HJPHQWR GH GDWRV 5HJLVWURV

897:.9:7, /0 425:9,/4708 - *yPH] 8(; 

(QVDPEODGRU 0,36
%DUH PDFKLQH
PiTXLQD UHGXFLGD

2SFLRQHV GH 63,0

3 11 3 11 3 11 3 11 3

6LPXOD XQ 0,36 UHGXFLGR HQ LQVWUXFFLRQHV VLQ SVHXGRLQVWUXFFLRQHV QL RWURV PRGRV GH GLUHFFLRQDPLHQWR SURSRUFLRQDGRV SRU HO HQVDPEODGRU 63,0 VLPXOD OD PiTXLQD YLUWXDO +DELOLWD OD (6 FRQ FRUUHVSRQGHQFLD GLUHFWD D PHPRULD /RV SURJUDPDV TXH XVHQ V\VFDOO SDUD OHHU GHVGH HO WHUPLQDO QR SXHGHQ XVDU (6 GH FRUUHVSRQGHQFLD GLUHFWD FRQ PHPRULD 'HVKDELOLWD OD (6 FRQ FRUUHVSRQGHQFLD GLUHFWD D PHPRULD 3HUPLWH SVHXGRLQVWUXFFLRQHV \ VH YH FyPR ODV WUDGXFH LQVWUXFF PiTXLQD 1R SHUPLWH SVHXGRLQVWUXFFLRQHV VyOR LQVWUXFFLRQHV PiTXLQD 1R LPSULPH QLQJ~Q PHQVDMH HQ ODV H[FHSFLRQHV ,PSULPH XQ PHQVDMH FXDQGR VH SUHVHQWD XQD H[FHSFLyQ &DUJD PDQLSXODGRU GH H[FHSFLRQHV \ FyGLJR GH DUUDQTXH ILFKHUR WUDSKDQ  'XUDQWH XQD H[FHSFLyQ 63,0 VDOWD D [ GRQGH KD\ FyGLJR SDUD WUDWDUOD 7UDSKDQ FRQWLHQH HO FyGLJR GH DUUDQTXH TXH LQYRFD OD UXWLQD PDLQ 6LQ OD UXWLQD GH DUUDQTXH 63,0 FRPLHQ]D OD HMHFXFLyQ HQ HO UyWXOR BBVWDUW
897:.9:7, /0 425:9,/4708 - *yPH] 8(; 

0DSSHG ,2
(6 FRQ FRUUHVSRQGHQFLD GLUHFWD D PHPRULD

$OORZ SVHXGR LQVWUXFWLRQV


SHUPLWH SVHXGRLQVW

4XLHW

/RDG WUDS ILOH

(QVDPEODGRU 0,36

8VR GH 63,0

(GLWDPRV HO FyGLJR HQVDPEODGRU ILOHV HQ FXDOTXLHU SURFHVDGRU GH WH[WR $6&,, $EULPRV 3&63,0 &DUJDPRV ILOHV PHGLDQWH )LOH ! 2SHQ 0DQHMDGRU GH LQWHUUXSFLRQHV 0HQVDMHV GHO VLPXODGRU

8ELFDFLyQ GHO FyGLJR IXHQWH 3URFHVR GH FDUJD 2.

897:.9:7, /0 425:9,/4708 - *yPH] 8(; 

(QVDPEODGRU 0,36
'LUHFFLyQ GH OD LQVWUXFFLyQ PiTXLQD

63,0  6HJPHQWR GH WH[WR


&yGLJR PiTXLQD HQVDPEODGRU VLQ UyWXORV VLQ SVHXGRLQVWUXFFLRQHV 

&yGLJR IXHQWH HQVDPEODGRU FRQ UyWXORV HVFULWR SRU HO XVXDULR

897:.9:7, /0 425:9,/4708 - *yPH] 8(; 

(QVDPEODGRU 0,36

63,0  6HJPHQWR GH GDWRV

'LUHFFLRQHV 'LUHFFLyQ GH OD SDODEUD 'LUHFFLyQ GH HVWH E\WH [

'LUHFFLyQ GH HVWH E\WH [E 'LUHFFLyQ GH HVWH E\WH [

3LOD 1~FOHR

897:.9:7, /0 425:9,/4708 - *yPH] 8(; 

(QVDPEODGRU 0,36

63,0  5HJLVWURV

897:.9:7, /0 425:9,/4708 - *yPH] 8(; 

(QVDPEODGRU 0,36

63,0  9DULRV

0HQ~ GHO VLPXODGRU

&OHDU 5HJLVWHUV 3RQH WRGRV ORV UHJLVWURV FRQ HO YDORU FHUR [  %RUUD HO FRQWHQLGR GH ORV UHJLVWURV \ GH OD PHPRULD H LQLFLD HO VLPXODGRU 5HLQLWLDOL]H 5HLQLWLDOL]D HO VLPXODGRU \ FDUJD HO FyGLJR HQVDPEODGRU DFWXDO 5HORDG (MHFXWD HO FyGLJR DFWXDO *R %UHDN&RQWLQXH 'XUDQWH OD HMHFXFLyQ OD SDUD 6L HVWi SDUDGD OD FRQWLQ~D (MHFXWD LQVWUXFFLyQ D LQVWUXFFLyQ 6LQJOH 6WHS 0XOWLSOH 6WHS (MHFXWD XQ Q~PHUR GH LQVWUXFFLRQHV HVSHFLILFDGR SRU HO XVXDULR %UHDNSRLQWV $EUH XQD YHQWDQD SDUD HVSHFLILFDU ODV SRVLFLRQHV GH ORV SXQWRV GH UXSWXUD $EUH XQD YHQWDQD SDUD HVWDEOHFHU YDORUHV GH PHPRULD R GH UHJLVWURV 6HW 9DOXH 6\PERO WDEOH 0XHVWUD OD WDEOD GH VtPERORV HQ OD YHQWDQD GH PHQVDMHV 9HQWDQD SDUD VHOHFFLRQDU ODV RSFLRQHV GH 63,0 6HWWLQJV

897:.9:7, /0 425:9,/4708 - *yPH] 8(; 

(QVDPEODGRU 0,36
WUDSKDQGOHU

63,0  $UUDQTXH GH XQ SURJUDPD

&RQWLHQH HO FyGLJR GH DUUDQTXH TXH HO 62 XVD SDUD

DUUDQFDU HO SURJUDPD HQVDPEODGRU GHO XVXDULR 3URFHVR GH DUUDQTXH ,QYRFD OD UXWLQD PDLQ VLQ DUJXPHQWRV $ OD YXHOWD VH ILQDOL]D OD HMHFXFLyQ

WH[W JOREO BBVWDUW BBVWDUW OZ D  VS  DUJF DGGLX D VS   DUJY DGGLX D D   HQYS VOO Y D  DGGX D D Y MDO PDLQ OL Y  V\VFDOO  SULPHUD LQWU  LQVWU SDUD  WHUPLQDU

WH[W JOREO PDLQ PDLQ  MU UD 5HWRUQD DO FyGDUUDQTXH

&yGLJR XVXDULR

WH[W   OL Y V\VFDOO

&RQ WUDSKDQGOHU DFWLYDGR OD HMHFXFLyQ FRPLHQ]D HQ &RQ WUDSKDQGOHU GHVDFWLYDGR SDUD DUUDQFDU
OD HWLTXHWD BBVWDUW GLU [  (O FyGLJR GHO KD\ TXH HVSHFLILFDU FRPR FRPLHQ]R GH OD XVXDULR QR WLHQH TXH LQGLFDU GLFKD HWLTXHWD Vt PDLQ  HMHFXFLyQ OD GLUHFFLyQ GH OD  LQVWUXFFLyQ (O SURJUDPD GH XVXDULR ILQDOL]D FRQ MU UD HMHFXWDQGRVH GHO SURJUDPD [  +D\ TXH LQGLFDU HO ILQDO GHO SURJUDPD FRQ ODV GRV ~OWLPDV LQVWUXFFLRQHV GHO FyGLJR GH DUUDQTXH TXH ILQDOL]DQ OD HMHFXFLyQ \ GHYXHOYHQ HO FRQWURO DO 62 LQVWUXFFLRQHV GH WHUPLQDFLyQ GH OD HMHFXFLyQ PDLQ LQYRFDGR GHEH JXDUGDU UD \ IS GHO FyGLJR GH DUUDQTXH \ GHEH UHFXSHUDUORV DQWHV GH WHUPLQDU

(QVDPEODGRU 0,36

63,0  0DQLSXODGRU GH H[FHSFLRQHV

También podría gustarte