Documentos de Académico
Documentos de Profesional
Documentos de Cultura
/2*2
BBBBBBBBBBBBBB
3ULPHURVSDVRVFRQ/2*2
BBBBBBBBBBBBBB
0RQWDU\FDEOHDU/2*2
BBBBBBBBBBBBBB
3URJUDPDU/2*2
/2*2 BBBBBBBBBBBBBB
)XQFLRQHVGH/2*2
0DQXDOGHSURGXFWR
BBBBBBBBBBBBBB
3DUDPHWUL]DU/2*2
7DUMHWDVGHPHPRULD\
BBBBBBBBBBBBBB
EDWHU¯D/2*2
BBBBBBBBBBBBBB
6RIWZDUH/2*2
BBBBBBBBBBBBBB
$SOLFDFLRQHV
$
BBBBBBBBBBBBBB
'DWRVW«FQLFRV
%
BBBBBBBBBBBBBB
'HWHUPLQDUHOWLHPSRGHFLFOR
&
BBBBBBBBBBBBBB
/2*2VLQGLVSOD\
(VWUXFWXUDGHPHQ¼VGH
'
BBBBBBBBBBBBBB
/2*2
(
BBBBBBBBBBBBBB
1¼PHURVGHUHIHUHQFLD
)
5HIHUHQFLDGHOPDQXDO('$$'( BBBBBBBBBBBBBB
$EUHYLDWXUDV
$(
1RWDVMXU¯GLFDV
1RWDVMXU¯GLFDV
)LORVRI¯DHQODVH³DOL]DFLµQGHDGYHUWHQFLDV\SHOLJURV
(VWHPDQXDOFRQWLHQHODVLQIRUPDFLRQHVQHFHVDULDVSDUDODVHJXULGDGSHUVRQDODV¯FRPRSDUDODSUHYHQFLµQGH
GD³RVPDWHULDOHV/DVLQIRUPDFLRQHVSDUDVXVHJXULGDGSHUVRQDOHVW£QUHVDOWDGDVFRQXQWUL£QJXORGH
DGYHUWHQFLDODVLQIRUPDFLRQHVSDUDHYLWDU¼QLFDPHQWHGD³RVPDWHULDOHVQROOHYDQGLFKRWUL£QJXOR'HDFXHUGRDO
JUDGRGHSHOLJURODVFRQVLJQDVVHUHSUHVHQWDQGHPD\RUDPHQRUSHOLJURFRPRVLJXH
3(/,*52
6LJQLILFDTXHVLQRVHDGRSWDQODVPHGLGDVSUHYHQWLYDVDGHFXDGDVVVHSURGXFLU£ODPXHUWHRELHQOHVLRQHV
FRUSRUDOHVJUDYHV
$'9(57(1&,$
6LJQLILFDTXHVLQRVHDGRSWDQODVPHGLGDVSUHYHQWLYDVDGHFXDGDVS
SXHGHSURGXFLUVHODPXHUWHRELHQOHVLRQHV
FRUSRUDOHVJUDYHV
35(&$8&,1
FRQWUL£QJXORGHDGYHUWHQFLDVLJQLILFDTXHVLQRVHDGRSWDQODVPHGLGDVSUHYHQWLYDVDGHFXDGDVSXHGHQ
SURGXFLUVHOHVLRQHVFRUSRUDOHV
35(&$8&,1
VLQWUL£QJXORGHDGYHUWHQFLDVLJQLILFDTXHVLQRVHDGRSWDQODVPHGLGDVSUHYHQWLYDVDGHFXDGDVSXHGHQ
SURGXFLUVHGD³RVPDWHULDOHV
$7(1&,1
VLJQLILFDTXHSXHGHSURGXFLUVHXQUHVXOWDGRRHVWDGRQRGHVHDGRVLQRVHUHVSHWDODFRQVLJQDGHVHJXULGDG
FRUUHVSRQGLHQWH
6LVHGDQYDULRVQLYHOHVGHSHOLJURVHXVDVLHPSUHODFRQVLJQDGHVHJXULGDGP£VHVWULFWDHQFDGDFDVR6LHQXQD
FRQVLJQDGHVHJXULGDGFRQWUL£QJXORGHDGYHUWHQFLDVHDODUPDGHSRVLEOHVGD³RVSHUVRQDOHVODPLVPDFRQVLJQD
SXHGHFRQWHQHUWDPEL«QXQDDGYHUWHQFLDVREUHSRVLEOHVGD³RVPDWHULDOHV
3HUVRQDOFXDOLILFDGR
(OHTXLSRVLVWHPDFRUUHVSRQGLHQWHVµORGHEHU£LQVWDODUVH\RSHUDUVHUHVSHWDQGRORHVSHFLILFDGRHQHVWH
GRFXPHQWR6µORHVW£DXWRUL]DGRDLQWHUYHQLUHQHVWHHTXLSRHOSHUVRQDOFXDOLILFDGR(QHOVHQWLGRGHOPDQXDOVH
WUDWDGHSHUVRQDVTXHGLVSRQHQGHORVFRQRFLPLHQWRVW«FQLFRVQHFHVDULRVSDUDSRQHUHQIXQFLRQDPLHQWR
FRQHFWDUDWLHUUD\PDUFDUORVDSDUDWRVVLVWHPDV\FLUFXLWRVGHDFXHUGRFRQODVQRUPDVHVW£QGDUGHVHJXULGDG
8VRSUHYLVWRRGHORVSURGXFWRVGH6LHPHQV
&RQVLGHUHORVLJXLHQWH
$'9(57(1&,$
/RVSURGXFWRVGH6LHPHQVVµORGHEHU£QXVDUVHSDUDORVFDVRVGHDSOLFDFLµQSUHYLVWRVHQHOFDW£ORJR\OD
GRFXPHQWDFLµQW«FQLFDDVRFLDGD'HXVDUVHSURGXFWRV\FRPSRQHQWHVGHWHUFHURV«VWRVGHEHU£QKDEHUVLGR
UHFRPHQGDGRVXKRPRORJDGRVSRU6LHPHQV(OIXQFLRQDPLHQWRFRUUHFWR\VHJXURGHORVSURGXFWRVH[LJHTXHVX
WUDQVSRUWHDOPDFHQDPLHQWRLQVWDODFLµQPRQWDMHPDQHMR\PDQWHQLPLHQWRKD\DQVLGRUHDOL]DGRVGHIRUPD
FRUUHFWD(VSUHFLVRUHVSHWDUODVFRQGLFLRQHVDPELHQWDOHVSHUPLWLGDV7DPEL«QGHEHU£QVHJXLUVHODV
LQGLFDFLRQHV\DGYHUWHQFLDVTXHILJXUDQHQODGRFXPHQWDFLµQDVRFLDGD
0DUFDVUHJLVWUDGDV
7RGRVORVQRPEUHVPDUFDGRVFRQpVRQPDUFDVUHJLVWUDGDVGH6LHPHQV$*/RVUHVWDQWHVQRPEUHV\
GHVLJQDFLRQHVFRQWHQLGRVHQHOSUHVHQWHGRFXPHQWRSXHGHQVHUPDUFDVUHJLVWUDGDVFX\DXWLOL]DFLµQSRUWHUFHURV
SDUDVXVSURSLRVILQHVSXHGHYLRODUORVGHUHFKRVGHVXVWLWXODUHV
([HQFLµQGHUHVSRQVDELOLGDG
+HPRVFRPSUREDGRODFRQFRUGDQFLDGHOFRQWHQLGRGHHVWDSXEOLFDFLµQFRQHOKDUGZDUH\HOVRIWZDUHGHVFULWRV
6LQHPEDUJRFRPRHVLPSRVLEOHH[FOXLUGHVYLDFLRQHVQRSRGHPRVKDFHUQRVUHVSRQVDEOHGHODSOHQD
FRQFRUGDQFLD(OFRQWHQLGRGHHVWDSXEOLFDFLµQVHUHYLVDSHULµGLFDPHQWHVLHVQHFHVDULRODVSRVLEOHVODV
FRUUHFFLRQHVVHLQFOX\HQHQODVLJXLHQWHHGLFLµQ
3UµORJR
$JUDGHFHPRVTXHKD\DDGTXLULGR/2*2\OHIHOLFLWDPRVSRUVXGHFLVLµQ/2*2HVXQ
PµGXOROµJLFRTXHFXPSOHORVHVWULFWRVUHTXLVLWRVGHFDOLGDGHVWLSXODGRVHQODQRUPD
,62
/2*2SXHGHXWLOL]DUVHHQQXPHURVRVFDPSRVGHDSOLFDFLµQ*UDFLDVDVXDPSOLD
IXQFLRQDOLGDG\DVXI£FLOPDQHMR/2*2RIUHFHJUDQHILFLHQFLDHQSU£FWLFDPHQWHFXDOTXLHU
DSOLFDFLµQ
2EMHWLYRGHOPDQXDO
(OPDQXDOGH/2*2SURSRUFLRQDLQIRUPDFLµQDFHUFDGHODFUHDFLµQGHSURJUDPDVDV¯
FRPRGHOPRQWDMH\ODXWLOL]DFLµQGHORVPµGXORVE£VLFRV/2*2%$HO/2*27'
YLVXDOL]DGRUGHWH[WRV\ORVPµGXORVGHDPSOLDFLµQ/2*2DV¯FRPRVREUHOD
FRPSDWLELOLGDGFRQODVYHUVLRQHVDQWHULRUHV%$%$%$[VRQORVFXDWUR¼OWLPRV
FDUDFWHUHVGHOQ¼PHURGHUHIHUHQFLDGHORVPµGXORVE£VLFRVTXHGLVWLQJXHQXQDVHULHGH
RWUD
&DWDORJDFLµQGH/2*2HQHOFRQMXQWRGHODLQIRUPDFLµQ
/DLQIRUPDFLµQGHFDEOHDGRFRQWHQLGDHQHOPDQXDOGH/2*2WDPEL«QVHLQFOX\HHQOD
LQIRUPDFLµQGHOSURGXFWRTXHDFRPSD³DDWRGRVORVGLVSRVLWLYRV3DUDP£VLQIRUPDFLµQ
VREUHODSURJUDPDFLµQGH/2*2HQHO3&FRQVXOWHOD$\XGDHQSDQWDOODGH/2*26RIW
&RPIRUW
/2*26RIW&RPIRUWHVHOVRIWZDUHGHSURJUDPDFLµQSDUD3&V6HHMHFXWDEDMR:LQGRZVp
LQFOXLGR:LQGRZV9LVWDp/LQX[p\0DF26;p(VWHVRIWZDUHOHD\XGDDFRQRFHU/2*2
DV¯FRPRDFUHDUFRPSUREDULPSULPLU\DUFKLYDUORVSURJUDPDVLQGHSHQGLHQWHPHQWHGHO
/2*2
*X¯D
(VWHPDQXDOHVW£GLYLGLGRHQFDS¯WXORV
Ⴠ 3ULPHURVSDVRVFRQ/2*2
Ⴠ 0RQWDU\FDEOHDU/2*2
Ⴠ 3URJUDPDU/2*2
Ⴠ )XQFLRQHVGH/2*2
Ⴠ 3DUDPHWUL]DU/2*2
Ⴠ 7DUMHWDVGHPHPRULD\EDWHU¯D/2*2
Ⴠ 6RIWZDUH/2*2
Ⴠ $SOLFDFLRQHV
(OPDQXDOLQFOX\HWDPEL«QORVDQH[RV$D)GHVSX«VGHORVFDS¯WXORV
/2*2
0DQXDOGHSURGXFWR$(
3UµORJR
PELWRGHYDOLGH]GHOPDQXDO
(OPDQXDOHVY£OLGRSDUDORVGLVSRVLWLYRVGHODVHULH%$
1XHYDVIXQFLRQHVGHODVHULHGHGLVSRVLWLYRV/2*2%$
Ⴠ (O/2*27'YLVXDOL]DGRUGHWH[WRVHVXQGLVSRVLWLYRDGLFLRQDOTXHSHUPLWHYLVXDOL]DU
PHQVDMHV,QFRUSRUDFXDWURWHFODVGHFXUVRU\FXDWURWHFODVGHIXQFLµQTXHSXHGHQ
XWLOL]DUVHHQHOSURJUDPD
Ⴠ /DVQXHYDVWDUMHWDV/2*2GHEDWHU¯D\GHPHPRULDEDWHU¯DFRPELQDGDRIUHFHQUHVSDOGR
SDUDHOUHORMHQWLHPSRUHDOGXUDQWHGRVD³RV(OQXHYRPµGXOR/2*2GHPHPRULD\GH
PHPRULDEDWHU¯DFRPELQDGDSURYHHQ.%GHPHPRULDHVGHFLUHOFX£GUXSOHGHOD
PHPRULDGHODWDUMHWDGHPHPRULD/2*2%$
Ⴠ +D\HQWUDGDVDQDOµJLFDVRSFLRQDOHV\HQWUDGDVGLJLWDOHVU£SLGDVGLVSRQLEOHVHQDOJXQRV
PµGXORVE£VLFRV/2*2%$
Ⴠ /RVPHQ¼VGH/2*2%$SXHGHQYLVXDOL]DUVHHQGLH]LGLRPDVVRSRUWDGRV6HRIUHFH
XQDRSFLµQGHFRQILJXUDFLµQSDUDHVSHFLILFDUHOLGLRPDGHORVPHQ¼VGH/2*2
Ⴠ 1XHYRVEORTXHVGHLQVWUXFFLRQHVGLVSRQLEOHV0RGXODFLµQGHDQFKRGHLPSXOVRV3:0
$ULWP«WLFDDQDOµJLFD\'HWHFFLµQGHHUURUHVGHDULWP«WLFDDQDOµJLFD
Ⴠ /RVWH[WRVGHDYLVRSXHGHQYLVXDOL]DUVHHQIRUPDGHWLFNHUHQHOGLVSOD\3XHGHQLQFOXLU
GLDJUDPDVGHEDUUDV\HVSRVLEOHFRQPXWDUHQWUHGRVMXHJRVGHFDUDFWHUHV/RVWH[WRV
SXHGHQYLVXDOL]DUVHHQHO/2*2'LVSOD\HQHO/2*27'RHQDPERV(Q/2*26RIW
&RPIRUWVHGLVSRQHGHIXQFLRQHVGHHGLFLµQFRPSOHWDV/DHGLFLµQHQHOPµGXOR
/2*2%DVLFHVW£OLPLWDGDDWH[WRVLPSOH3DUDP£VLQIRUPDFLµQFRQVXOWHHODSDUWDGR
&RPSDWLELOLGDG3£JLQD
Ⴠ 6HVRSRUWDXQDLQWHUID]GHPµGHPHQWUHXQ3&\HOPµGXOR/2*2%$%DVLFTXHVµOR
SXHGHFRQILJXUDUVHGHVGH/2*26RIW&RPIRUW/2*2%$VRSRUWDORVPµGHPV
VLJXLHQWHV
ದ 0µGHP,16<6
ದ 0µGHP,16<6.VPDOO,17
/2*2%$VRSRUWDDVLPLVPRRWURVPµGHPVVLHPSUHTXHHOSLQGHODLQWHUID]56
VXPLQLVWUHXQDFRUULHQWHGHP$DOFDEOHGHO3&
Ⴠ 6HVXPLQLVWUDXQFDEOH86%GH3&HQWUHXQ3&\HOPµGXOR/2*2%DVLF
Ⴠ (VWDVHULHVRSRUWDದP$SDUDODVVDOLGDVDQDOµJLFDV$0$4
Ⴠ (OSURJUDPDSXHGHFRQWHQHUDKRUDXQP£[LPRGHEORTXHV
/2*2
0DQXDOGHSURGXFWR$(
3UµORJR
'LIHUHQFLDVDGLFLRQDOHVHQFRPSDUDFLµQFRQORVGLVSRVLWLYRVDQWHULRUHV%$D%$
Ⴠ -XHJRGHSDU£PHWURVGHUHIHUHQFLDDPSOLDGRVSDUDEORTXHVGHIXQFLµQ
Ⴠ 0HMRUDVHQORVEORTXHVGHLQVWUXFFLRQHV&RQWDGRUDGHODQWHDWU£V&RQWDGRUGHKRUDVGH
IXQFLRQDPLHQWR7HPSRUL]DGRUDQXDO\9LJLODQFLDGHOYDORUDQDOµJLFR
Ⴠ 3DUDP£VLQIRUPDFLµQVREUHODFRPSDWLELOLGDGGH/2*2%$FRQYHUVLRQHVDQWHULRUHV
FRQVXOWHHODSDUWDGR&RPSDWLELOLGDG3£JLQD
$VLVWHQFLDDGLFLRQDO
3£JLQDZHEGH6LHPHQV/2*2KWWSZZZVLHPHQVFRPORJR
(PDLODGVXSSRUW#VLHPHQVFRP
/2*2
0DQXDOGHSURGXFWR$(
3UµORJR
/2*2
0DQXDOGHSURGXFWR$(
QGLFH
3UµORJR
3ULPHURVSDVRVFRQ/2*2
0RQWDU\FDEOHDU/2*2
&RQILJXUDFLµQGHO/2*2PRGXODU
&RQILJXUDFLµQP£[LPD
(VWUXFWXUDFRQGLIHUHQWHVFODVHVGHWHQVLµQ
&RPSDWLELOLGDG
0RQWDU\GHVPRQWDU/2*2
0RQWDMHHQXQSHUILOVRSRUWH
0RQWDMHHQODSDUHG
0RQWDUHO/2*27'
5RWXODUHO/2*2
&DEOHDUHO/2*2
&RQHFWDUODIXHQWHGHDOLPHQWDFLµQ
&RQHFWDUODIXHQWHGHDOLPHQWDFLµQGHO/2*27'
&RQHFWDUODVHQWUDGDVGHO/2*2
&RQH[LµQGHODVVDOLGDV
&RQHFWDUHOEXV(,%
&RQHFWDUHOEXV$6,QWHUIDFH
&RQHFWDUPµGHPV
3XHVWDHQPDUFKD
$FWLYDFLµQGH/2*2FRQHFWDUODDOLPHQWDFLµQ
3XHVWDHQPDUFKDGHXQ&0(,%.1;
(VWDGRVRSHUDWLYRV
3URJUDPDU/2*2
&RQHFWRUHV
(QWUDGDVVDOLGDV(,%
%ORTXHV\Q¼PHURVGHEORTXH
'HOHVTXHPDGHFRQH[LRQHVDOSURJUDPD/2*2
/DVUHJODVGHRURSDUDPDQHMDU/2*2
9LVWDGHFRQMXQWRGHORVPHQ¼VGH/2*2
,QWURGXFLUHLQLFLDUHOSURJUDPD
3DVDUDOPRGRGHRSHUDFLµQ3URJUDPDFLµQ
3ULPHUSURJUDPD
,QWURGXFLUHOSURJUDPD
$VLJQDUHOQRPEUHGHOSURJUDPD
&RQWUDVH³D
&DPELDU/2*2DPRGR581
6HJXQGRSURJUDPD
%RUUDUXQEORTXH
%RUUDUJUXSRVGHEORTXHV
&RUUHJLUHUURUHVGHSURJUDPDFLµQ
/2*2
0DQXDOGHSURGXFWR$(
QGLFH
/2*2
0DQXDOGHSURGXFWR$(
QGLFH
/2*2
0DQXDOGHSURGXFWR$(
QGLFH
/2*2
0DQXDOGHSURGXFWR$(
3ULPHURVSDVRVFRQ/2*2
(VWRHV/2*2
/2*2HVHOPµGXOROµJLFRXQLYHUVDOGH6LHPHQVTXHLQFRUSRUD
Ⴠ &RQWUROHV
Ⴠ 3DQHOGHPDQGR\GLVSOD\UHWURLOXPLQDGR
Ⴠ )XHQWHGHDOLPHQWDFLµQ
Ⴠ ,QWHUID]SDUDPµGXORVGHDPSOLDFLµQ
Ⴠ ,QWHUID]SDUDWDUMHWDGHPHPRULDWDUMHWDGHEDWHU¯DWDUMHWDGHPHPRULDEDWHU¯D
FRPELQDGDRXQFDEOHGH3&
Ⴠ ,QWHUID]SDUDXQYLVXDOL]DGRUGHWH[WRV7'RSFLRQDO
Ⴠ )XQFLRQHVHVW£QGDUSUHFRQILJXUDGDVSHMUHWDUGRDODFRQH[LµQUHWDUGRDOD
GHVFRQH[LµQUHO«GHLPSXOVRVHLQWHUUXSWRUVRIWZDUH
Ⴠ 7HPSRUL]DGRUHV
Ⴠ 0DUFDVGLJLWDOHV\DQDOµJLFDV
Ⴠ (QWUDGDV\VDOLGDVHQIXQFLµQGHOWLSRGHGLVSRVLWLYR
/2*2SXHGHKDFHUOR
/2*2RIUHFHVROXFLRQHVSDUDDSOLFDFLRQHVGRPµWLFDV\GHW«FQLFDGHLQVWDODFLµQSHM
DOXPEUDGRGHHVFDOHUDVLOXPLQDFLµQH[WHULRUWROGRVSHUVLDQDVDOXPEUDGRGHHVFDSDUDWHV
HWFDV¯FRPRSDUDLQJHQLHU¯DPHF£QLFD\FRQVWUXFFLµQGHP£TXLQDV\DSDUDWRVSHM
VLVWHPDVGHFRQWUROGHSXHUWDVVLVWHPDVGHFOLPDWL]DFLµQERPEDVSDUDDJXDSOXYLDOHWF
/2*2WDPEL«QSXHGHLPSOHPHQWDUVHSDUDVLVWHPDVGHFRQWUROHVSHFLDOHVHQLQYHUQDGHURV
RLQYHUQ£FXORVSDUDHOSURFHVDPLHQWRGHVH³DOHVGHFRQWURO\PHGLDQWHODFRQH[LµQGHXQ
PµGXORGHFRPXQLFDFLµQSHM$6LSDUDHOFRQWUROGLVWULEXLGRORFDOGHP£TXLQDV\
SURFHVRV
3DUDDSOLFDFLRQHVGHSURGXFFLµQHQVHULHGHP£TXLQDVSHTXH³DVDSDUDWRV\DUPDULRV
HO«FWULFRVDV¯FRPRHQODW«FQLFDGHLQVWDODFLµQH[LVWHQYHUVLRQHVHVSHFLDOHVVLQSDQHOGH
PDQGRQLGLVSOD\
4X«PRGHORVH[LVWHQ"
/2*2%DVLFHVW£GLVSRQLEOHSDUDGRVFODVHVGHWHQVLµQ
Ⴠ &ODVHื9SHM9'&9'&9$&
Ⴠ &ODVH!9SHM9$&'&
/2*2%DVLFHVW£GLVSRQLEOHHQGRVYHUVLRQHV
Ⴠ &RQGLVSOD\HQWUDGDV\VDOLGDV
Ⴠ 6LQGLVSOD\/2*23XUHHQWUDGDV\VDOLGDV
&DGDYHUVLµQHVW£LQWHJUDGDHQFXDWURVXEXQLGDGHV\HTXLSDGDFRQXQDLQWHUID]GH
DPSOLDFLµQ\XQDLQWHUID]SDUDHO/2*27'RIUHFLHQGREORTXHVGHIXQFLµQ
SUHFRQILJXUDGRVHVW£QGDU\HVSHFLDOHVTXHSHUPLWHQFUHDUORVSURJUDPDV
/2*2
0DQXDOGHSURGXFWR$(
3ULPHURVSDVRVFRQ/2*2
4X«PµGXORVGHDPSOLDFLµQH[LVWHQ"
Ⴠ /RVPµGXORVGLJLWDOHV/2*2'0HVW£QGLVSRQLEOHVSDUDHOIXQFLRQDPLHQWRFRQ9
'&9$&'&\9$&'&HLQFRUSRUDQFXDWURHQWUDGDV\FXDWURVDOLGDV
Ⴠ /RVPµGXORVGLJLWDOHV/2*2'0HVW£QGLVSRQLEOHVSDUDHOIXQFLRQDPLHQWRFRQ9
'&\9$&'&HLQFRUSRUDQRFKRHQWUDGDV\RFKRVDOLGDV
Ⴠ /RVPµGXORVDQDOµJLFRV/2*2HVW£QGLVSRQLEOHVSDUDHOIXQFLRQDPLHQWRFRQ9'&\
DOJXQRVGHHOORVFRQ9'&HQIXQFLµQGHOPµGXORHVSHF¯ILFR&DGDPµGXORLQFRUSRUD
GRVHQWUDGDVDQDOµJLFDVGRVHQWUDGDV3WRGRVVDOLGDVDQDOµJLFDV
/RVPµGXORVGLJLWDOHV\DQDOµJLFRVHVW£QLQWHJUDGRVHQGRVRFXDWURVXEXQLGDGHV&DGD
XQRGLVSRQHGHGRVLQWHUIDFHVGHDPSOLDFLµQTXHSHUPLWHQFRQHFWDUPµGXORVDGLFLRQDOHV
4X«YLVXDOL]DGRUHVHVW£QGLVSRQLEOHV"
Ⴠ /2*2%DVLFFRQGLVSOD\
Ⴠ /2*27'
)XQFLRQHVGHO/2*27'
(O/2*27'HVW£GLVSRQLEOHDSDUWLUGHODVHULH%$3URYHHXQGLVSOD\DGLFLRQDOP£V
DQFKRTXHHOGHOPµGXOR%DVLF,QFRUSRUDFXDWURWHFODVGHIXQFLµQTXHSXHGHQSURJUDPDUVH
FRPRHQWUDGDVHQHOSURJUDPD,JXDOTXHHOPµGXOR/2*2%DVLFGLVSRQHGHFXDWURWHFODV
GHFXUVRUXQDWHFOD(6&\XQDWHFOD2.TXHWDPEL«QSXHGHQSURJUDPDUVH\XWLOL]DUVHSDUD
ODQDYHJDFLµQHQHO/2*27'
(VSRVLEOHFUHDUXQDSDQWDOODLQLFLDOSDUDHO/2*27'\GHVFDUJDUODGH/2*26RIW&RPIRUW
(VWDSDQWDOODVHYLVXDOL]DEUHYHPHQWHFXDQGRVHFRQHFWDHO/2*27'/DSDQWDOODLQLFLDO
WDPEL«QVHSXHGHFDUJDUHQ/2*26RIW&RPIRUWGHVGHHO/2*27'
/RVPHQ¼VGHO/2*27'VHPXHVWUDQHQHODSDUWDGR'/RVDMXVWHVGHO/2*27'VH
FRQILJXUDQSRUVHSDUDGRGHOPµGXOR/2*2%DVLF/RVDMXVWHVSXHGHQVHUGLVWLQWRV
4X«PµGXORVGHFRPXQLFDFLµQH[LVWHQ"
Ⴠ 0µGXORGHFRPXQLFDFLµQ/2*2&0$6,QWHUIDFHTXHVHGHVFULEHP£V
GHWDOODGDPHQWHHQXQDGRFXPHQWDFLµQSURSLD
(OPµGXORGHFRPXQLFDFLµQLQFRUSRUDFXDWURHQWUDGDV\VDOLGDVYLUWXDOHVDFWXDQGRGH
LQWHUID]HQWUHXQVLVWHPD$6,QWHUIDFH\HOVLVWHPD/2*2(VWHPµGXORSHUPLWH
WUDQVIHULUFXDWURELWVGHGDWRVGHO/2*2%DVLFDOVLVWHPD$6,QWHUIDFH\YLFHYHUVD
Ⴠ 0µGXORGHFRPXQLFDFLµQ/2*2&0(,%.1;TXHVHGHVFULEHP£VGHWDOODGDPHQWHHQ
XQDGRFXPHQWDFLµQSURSLD
&0(,%.1;HVXQPµGXORGHFRPXQLFDFLµQ&0SDUDFRQHFWDUHO/2*2DO(,%
&RPRLQWHUID]FRQ(,%HO&0(,%.1;IDFLOLWDODFRPXQLFDFLµQFRQRWURVGLVSRVLWLYRV
(,%3DUDHOORVHDOPDFHQDXQDFRQILJXUDFLµQHQHO&0(,%.1;TXHHVSHFLILFDTX«
HQWUDGDVVDOLGDVGHO/2*2DOEXV(,%GHEHQPDSHDUVH/DVHQWUDGDV\VDOLGDV
FRUUHVSRQGLHQWHVSXHGHQLQWHUFRQHFWDUVHXWLOL]DQGRIXQFLRQHVGH/2*2
/2*2
0DQXDOGHSURGXFWR$(
3ULPHURVSDVRVFRQ/2*2
8VWHGHOLJH
/DVGLVWLQWDVYHUVLRQHVGH/2*2%DVLFPµGXORVGHDPSOLDFLµQ/2*27'\PµGXORVGH
FRPXQLFDFLµQRIUHFHQXQDVROXFLµQPX\IOH[LEOH\DGDSWDWLYDDFXDOTXLHUDSOLFDFLµQ
HVSHF¯ILFD
(OVLVWHPD/2*2RIUHFHVROXFLRQHVTXHDEDUFDQGHVGHLQVWDODFLRQHVGRPµWLFDVSHTXH³DV
\WDUHDVGHDXWRPDWL]DFLµQVHQFLOODVKDVWDWDUHDVGHLQJHQLHU¯DFRPSOHMDVFRQLQWHJUDFLµQ
HQXQVLVWHPDGHEXVSHMPµGXORGHFRPXQLFDFLµQ$6,QWHUIDFH
1RWD
/2*2%DVLFVHSXHGHDPSOLDU¼QLFDPHQWHFRQPµGXORVGHDPSOLDFLµQGHODPLVPDFODVH
GHWHQVLµQ/RVSLQHVGHFRGLILFDFLµQPHF£QLFDGHODFDUFDVDLPSLGHQODFRQH[LµQFRQ
GLVSRVLWLYRVTXHWHQJDQXQDFODVHGHWHQVLµQGLIHUHQWH
([FHSFLµQODLQWHUID]L]TXLHUGDGHXQPµGXORDQDOµJLFRRGHXQPµGXORGHFRPXQLFDFLµQ
HVW£DLVODGDJDOY£QLFDPHQWH
3RUWDQWRHVWRVPµGXORVGHDPSOLDFLµQSXHGHQFRQHFWDUVHDGLVSRVLWLYRVTXHWHQJDQXQD
FODVHGHWHQVLµQGLIHUHQWH3£JLQD
8Q/2*27'VLVHXWLOL]DSXHGHFRQHFWDUVHDXQVRORPµGXOR/2*23XUH
&DGD/2*2%DVLFVRSRUWDODVVLJXLHQWHVFRQH[LRQHVSDUDFUHDUSURJUDPDV
LQGHSHQGLHQWHPHQWHGHODFDQWLGDGGHPµGXORVFRQHFWDGRV
x (QWUDGDVGLJLWDOHV
x ,D,
x (QWUDGDVDQDOµJLFDV$,D$,
x 6DOLGDVGLJLWDOHV4D4
x 6DOLGDVDQDOµJLFDV$4D$4
x 0DUFDVGLJLWDOHV0D0
ದ 00DUFDGHDUUDQTXH
ದ 00DUFDGHUHWURLOXPLQDFLµQ/2*2'LVSOD\
ದ 00DUFDGHUHWURLOXPLQDFLµQ/2*27'
ದ 00DUFDGHOMXHJRGHFDUDFWHUHVSDUDWH[WRVGHDYLVR
x 0DUFDVDQDOµJLFDV$0D$0
x %LWVGHUHJLVWURGHGHVSOD]DPLHQWR6D6
x WHFODVGHFXUVRU
x VDOLGDVQRFRQHFWDGDV;D;
/2*2
0DQXDOGHSURGXFWR$(
3ULPHURVSDVRVFRQ/2*2
/DHVWUXFWXUDGH/2*2
ཱ
ཹ
/ 1 , , , , , , , ,
ཷ
/2*2%DVLFSHM5&
ཱི
ཱུ
ུ
4 4 4 4
ཻ ི
ླྀ ླྀ ཱ
ཹ
ཷ / 1 , , , ,
ཷ
0µGXORGHDPSOLDFLµQ/2*2
ེ
SHM'05
ྲྀ
5816723
4 4
4 4
ི
)XHQWHGHDOLPHQWDFLµQ ྲྀ ,QGLFDGRU5816723
ཱ (QWUDGDV ཷ ,QWHUID]GHDPSOLDFLµQ
ི 6DOLGDV ླྀ 3LQHVGHFRGLILFDFLµQPHF£QLFD
ཱི 5DQXUDSDUDPµGXORVFRQ ཹ &RQHFWRUHVKHPEUDGHFRGLILFDFLµQPHF£QLFD
WDSD
ུ 3DQHOGHFRQWUROQRHQ5&R ེ &RUUHGHUD
ཱུ /&'QRHQ5&R ཻ &RQHFWRUGHFDEOHGHO/2*27'
/2*2
0DQXDOGHSURGXFWR$(
3ULPHURVSDVRVFRQ/2*2
ཱ
ཹ
ཷ
/2*2%DVLFSHM5&
/ 0 , , , , , , , ,
ཱི
ཱུ
ུ
4 4 4 4
ཻ ི
ླྀ ླྀ ཱ
ཹ
ཷ / 0 , , , ,
ཷ
0µGXORGHDPSOLDFLµQ/2*2
ེ
SHM'05
5816723
4 4
4 4
ི
)XHQWHGHDOLPHQWDFLµQ ྲྀ ,QGLFDGRU5816723
ཱ (QWUDGDV ཷ ,QWHUID]GHDPSOLDFLµQ
ི 6DOLGDV ླྀ 3LQHVGHFRGLILFDFLµQPHF£QLFD
ཱི 5DQXUDSDUDPµGXORVFRQ ཹ &RQHFWRUHVKHPEUDGHFRGLILFDFLµQPHF£QLFD
WDSD
ུ 3DQHOGHFRQWUROQRHQ5&R ེ &RUUHGHUD
ཱུ /&'QRHQ5&R ཻ &RQHFWRUGHFDEOHGHO/2*27'
ཱ
ྲྀ ྲྀ ཷ
0µGXORGHDPSOLDFLµQ/2*2
ཱུ / 1 , , , , , , , , ཱུ
ུ
SHM'05
ཱི
5816723
4 4 4 4
ི
)XHQWHGHDOLPHQWDFLµQ ུ &RUUHGHUD
ཱ (QWUDGDV ཱུ ,QWHUID]GHDPSOLDFLµQ
ི 6DOLGDV ྲྀ 3LQHVGHFRGLILFDFLµQPHF£QLFD
ཱི ,QGLFDGRU5816723 ཷ &RQHFWRUHVKHPEUDGHFRGLILFDFLµQPHF£QLFD
/2*2
0DQXDOGHSURGXFWR$(
3ULPHURVSDVRVFRQ/2*2
/2*2$0
ླྀ ླྀ ཹ
ཷ / 0 / 0
ཷ
ེ
5816723
ཻ
3(
,1387[9P$
, 0 8 , 0 8
ཱ
)XHQWHGHDOLPHQWDFLµQ ླྀ 3LQHVGHFRGLILFDFLµQPHF£QLFD
ཱ 6DOLGDV ཹ &RQHFWRUHVKHPEUDGHFRGLILFDFLµQPHF£QLFD
ྲྀ ,QGLFDGRU5816723 ེ &RUUHGHUD
ཷ ,QWHUID]GHDPSOLDFLµQ ཻ %RUQH3(SDUDODFRQH[LµQGHWLHUUD\SDQWDOODGHO
FDEOHGHPHGLFLµQDQDOµJLFR
ླྀ ླྀ ཹ
ཷ / 0 / 0
ཷ
ྲྀ
5816723
ཻ
3(
287387[9
9 0 9 0
ཱ
)XHQWHGHDOLPHQWDFLµQ ླྀ 3LQHVGHFRGLILFDFLµQPHF£QLFD
ཱ 6DOLGDV ཹ &RQHFWRUHVKHPEUDGHFRGLILFDFLµQPHF£QLFD
ྲྀ ,QGLFDGRU5816723 ེ &RUUHGHUD
ཷ ,QWHUID]GHDPSOLDFLµQ ཻ %RUQH3(SDUDODFRQH[LµQDWLHUUD
/2*2
0DQXDOGHSURGXFWR$(
3ULPHURVSDVRVFRQ/2*2
ླྀ ླྀ ཹ
ཷ / 0 / 0
ཷ
ེ
5816723
ཻ
3(
287387[9RUP$
9 0 , 9 0 ,
ཱ
)XHQWHGHDOLPHQWDFLµQ ླྀ 3LQHVGHFRGLILFDFLµQPHF£QLFD
ཱ (QWUDGDV ཹ &RQHFWRUHVKHPEUDGHFRGLILFDFLµQPHF£QLFD
ྲྀ ,QGLFDGRU5816723 ེ &RUUHGHUD
ཷ ,QWHUID]GHDPSOLDFLµQ ཻ %RUQH3(SDUDODFRQH[LµQDWLHUUD
1RWD
(OQXHYRPµGXOR/2*2$0$4('00%$HVW£GLVSRQLEOHFRQHO¼OWLPR
PµGXORE£VLFR/2*2%$
/2*2&0(,%.1;
ླྀ ླྀ ཹ
ཷ / 0
ཷ
ྲྀ
5816723
%86
ཻ
3URJ
ཱ ོ
)XHQWHGHDOLPHQWDFLµQ ཹ &RQHFWRUHVKHPEUDGHFRGLILFDFLµQPHF£QLFD
ཱ &RQHFWRUGHEXV(,% ེ &RUUHGHUD
ྲྀ ,QGLFDGRU5816723 ཻ /('SDUDYLVXDOL]DUHOHVWDGRGH(,%.1;
ཷ ,QWHUID]GHDPSOLDFLµQ ོ %RWµQGHSURJUDPDFLµQ
ླྀ 3LQHVGHFRGLILFDFLµQ
PHF£QLFD
/2*2
0DQXDOGHSURGXFWR$(
3ULPHURVSDVRVFRQ/2*2
/2*27'
s /2*27'
ཱ
) ) ) ) (6& 2.
,QWHUID]GHFRPXQLFDFLµQ
ཱ)XHQWHGHDOLPHQWDFLµQ
(O/2*27'LQFRUSRUDXQGLVSOD\P£VDQFKRTXHHO/2*2'LVSOD\'LVSRQHGHFXDWUR
WHFODVGHFXUVRUSURJUDPDEOHVFXDWURWHFODVGHIXQFLµQSURJUDPDEOHVXQDWHFOD(6&\XQD
WHFOD2.(OFDEOHGHO/2*27'LQFOXLGRHQHOYROXPHQGHVXPLQLVWURVLUYHSDUDFRQHFWDUOD
LQWHUID]GHFRPXQLFDFLµQGHOODGRGHUHFKRGHO/2*27'FRQODFRUUHVSRQGLHQWHLQWHUID]GHO
ODGRL]TXLHUGRGHOPµGXOR/2*2%DVLF
5HFRQRFHU/2*2
(OLGHQWLILFDGRUGHO/2*2SURSRUFLRQDLQIRUPDFLµQDFHUFDGHGLYHUVDVSURSLHGDGHV
Ⴠ YHUVLµQGH9'&
Ⴠ YHUVLµQGH9$&'&
Ⴠ 5VDOLGDVGHUHO«VLQ5VDOLGDVGHWUDQVLVWRU
Ⴠ &WHPSRUL]DGRUVHPDQDOLQWHJUDGR
Ⴠ RYHUVLµQVLQGLVSOD\/2*23XUH
Ⴠ '0PµGXORGLJLWDO
Ⴠ $0PµGXORDQDOµJLFR
Ⴠ &0PµGXORGHFRPXQLFDFLµQSHMPµGXOR(,%.1;
Ⴠ 7'YLVXDOL]DGRUGHWH[WRV
/2*2
0DQXDOGHSURGXFWR$(
3ULPHURVSDVRVFRQ/2*2
6¯PERORV
9DULDQWHFRQSDQWDOODGLVSRQHGHHQWUDGDV\VDOLGDV
9DULDQWHVLQSDQWDOODGLVSRQHGHHQWUDGDV\VDOLGDV
0µGXORGLJLWDOGLVSRQHGHHQWUDGDVGLJLWDOHV\VDOLGDVGLJLWDOHV
0µGXORGLJLWDOGLVSRQHGHHQWUDGDVGLJLWDOHV\VDOLGDVGLJLWDOHV
0µGXORDQDOµJLFRHTXLSDGRFRQHQWUDGDVDQDOµJLFDVRGRVVDOLGDVDQDOµJLFDVHQ
IXQFLµQGHOWLSRGHGLVSRVLWLYR
0µGXORGHFRPXQLFDFLµQ&0SHM$6,QWHUIDFHHTXLSDGRFRQHQWUDGDVYLUWXDOHV\
VDOLGDVYLUWXDOHV
s
/2*27'
/2*2
0DQXDOGHSURGXFWR$(
3ULPHURVSDVRVFRQ/2*2
9HUVLRQHV
(VW£QGLVSRQLEOHVODVVLJXLHQWHVYHUVLRQHVGH/2*2
6¯PEROR 1RPEUH 7HQVLµQGH (QWUDGDV 6DOLGDV 3URSLHGDGHV
DOLPHQWDFLµQ
/2*25& 9'& GLJLWDOHV UHO«V
$
/2*2 9'& GLJLWDOHV GH 6LQUHORM
WUDQVLVWRU
9$
/2*25& 9$& GLJLWDOHV UHO«V$
9'&
/2*25& 9 GLJLWDOHV UHO«V$
$&'&
/2*25&R 9'& GLJLWDOHV UHO«V$ 6LQYLVXDOL]DGRU
6LQWHFODGR
/2*2R 9'& GLJLWDOHV GH 6LQYLVXDOL]DGRU
WUDQVLVWRU 6LQWHFODGR
9$
6LQUHORM
/2*25&R 9$&9 GLJLWDOHV UHO«V$ 6LQYLVXDOL]DGRU
'& 6LQWHFODGR
/2*25&R 9 GLJLWDOHV UHO«V$ 6LQYLVXDOL]DGRU
$&'& 6LQWHFODGR
'HHOODVSXHGHQXWLOL]DUVHDOWHUQDWLYDPHQWHHQWUDGDVDQDOµJLFDV9\HQWUDGDV
GLJLWDOHVU£SLGDV
9HUVLRQHVGH9$&'RVJUXSRVGHHQWUDGDVFDGDXQR7RGDHQWUDGDGHXQJUXSRGHEH
HVWDUFRQHFWDGDDODPLVPDIDVH(VSRVLEOHLQWHUFRQHFWDUJUXSRVFRQIDVHVGLIHUHQWHV
/DVHQWUDGDVGLJLWDOHVSXHGHQXWLOL]DUVHFRQDFFLµQ3R1
/2*2
0DQXDOGHSURGXFWR$(
3ULPHURVSDVRVFRQ/2*2
0µGXORVGHDPSOLDFLµQ
/RVVLJXLHQWHVPµGXORVGHDPSOLDFLµQSXHGHQFRQHFWDUVHD/2*2
6¯PEROR 1RPEUH )XHQWHGHDOLPHQWDFLµQ (QWUDGDV 6DOLGDV
/2*2'05 9'& GLJLWDOHV UHO«V$
/2*2'0 9'& GLJLWDOHV GHWUDQVLVWRU
9$
/2*2'05 9$&'& GLJLWDOHV UHO«V$
/2*2'05 9$&'& GLJLWDOHV UHO«V$
/2*2'0 9'& GLJLWDOHV GHWUDQVLVWRU
9$
/2*2'05 9'& GLJLWDOHV UHO«V$
/2*2'05 9$&'& GLJLWDOHV UHO«V$
/2*2$0 9'& DQDOµJLFDV 1LQJXQR
9R
P$
/2*2$037 9'& 3W 1LQJXQR
r&KDVWD
r&
/2*2$0$4 9'& 1LQJXQR DQDOµJLFDV
9'&
P$
1RVHDGPLWHQIDVHVGLVWLQWDVGHQWURGHODVHQWUDGDV
9P$SXHGHQFRQHFWDUVHRSFLRQDOPHQWH
/DVHQWUDGDVGLJLWDOHVSXHGHQXWLOL]DUVHDOWHUQDWLYDPHQWHFRQDFFLµQ3R1
'RVJUXSRVGHHQWUDGDVFDGDXQR7RGDHQWUDGDGHXQJUXSRGHEHHVWDUFRQHFWDGDDODPLVPD
IDVH(VSRVLEOHLQWHUFRQHFWDUJUXSRVFRQIDVHVGLIHUHQWHV
P$GHLQWHQVLGDGGHVDOLGDVµORHVW£QGLVSRQLEOHVSDUD('00%$\
9P$SXHGHQFRQHFWDUVHRSFLRQDOPHQWH
0µGXORVGHFRPXQLFDFLµQ
/RVVLJXLHQWHVPµGXORVGHFRPXQLFDFLµQSXHGHQFRQHFWDUVHD/2*2
6¯PEROR 1RPEUH )XHQWHGHDOLPHQWDFLµQ (QWUDGDV 6DOLGDV
/2*2&0$6,QWHUIDFH 9'& /DVVLJXLHQWHV /DVVLJXLHQWHV
FXDWURHQWUDGDV FXDWURVDOLGDV
GHVSX«VGHODV GHVSX«VGHODV
HQWUDGDVI¯VLFDV VDOLGDVI¯VLFDVGH
GH/2*2 /2*2
OQOQ 4Q4Q
/2*2&0(,%.1; 9$&'& 0£[ 0£[VDOLGDV
HQWUDGDV GLJLWDOHVYLUWXDOHV
GLJLWDOHVYLUWXDOHV 4
, P£[VDOLGDV
P£[HQWUDGDV DQDOµJLFDV
DQDOµJLFDV YLUWXDOHV$4
YLUWXDOHV$,
/2*2
0DQXDOGHSURGXFWR$(
3ULPHURVSDVRVFRQ/2*2
9LVXDOL]DGRUGHWH[WRV
(VW£GLVSRQLEOHHOVLJXLHQWHPµGXORGH/2*27'
6¯PEROR 1RPEUH 7HQVLµQGH 'LVSOD\
DOLPHQWDFLµQ
s
/2*27' 9$&'& /&'[
9'& 'LVSOD\GHILODV
&HUWLILFDFLµQ\KRPRORJDFLRQHV
/2*2HVW£KRPRORJDGRVHJ¼QF8/XV\)0
Ⴠ F8/XV+D]/RF
8QGHUZULWHUV/DERUDWRULHV,QF8/WR
8/,QGXVWULDO&RQWURO(TXLSPHQW
&6$&1R3URFHVV&RQWURO(TXLSPHQW
8/+D]DUGRXV/RFDWLRQ
&6$+D]DUGRXV/RFDWLRQ
$33529('IRUXVHLQ
&ODVV,'LYLVLRQ*URXS$%&'7[
&ODVV,=RQH$([Q&,,&7[
&ODVV,=RQH([Q&,,&7[
Ⴠ +RPRORJDFLµQ)0
)DFWRU\0XWXDO5HVHDUFK)0WR
$SSURYDO6WDQGDUG&ODVV1XPEHU
$33529('IRUXVHLQ
&ODVV,'LYLVLRQ*URXS$%&'7[
&ODVV,=RQH*URXS,,&7[
1RWD
/DVKRPRORJDFLRQHVY£OLGDVDFWXDOPHQWHVHLQGLFDQHQODSODFDGHFDUDFWHU¯VWLFDVGHO
PµGXORHQFXHVWLµQ
/2*2VHVXPLQLVWUDFRQHOFHUWLILFDGRGHFRQIRUPLGDG&(&XPSOHODVQRUPDV,(&
H,(&\ODLQPXQLGDGDLQWHUIHUHQFLDVVHJ¼Q(1FODVHGHYDORUO¯PLWH%
6HKDVROLFLWDGRODFHUWLILFDFLµQPDULQD
Ⴠ $%6$PHULFDQ%XUHDXRI6KLSSLQJ
Ⴠ %9%XUHDX9HULWDV
Ⴠ '19'HW1RUVNH9HULWDV
Ⴠ */*HUPDQLVFKHU/OR\G
Ⴠ /56/OR\GV5HJLVWHURI6KLSSLQJ
Ⴠ &ODVV1.1LSSRQ.DLML.\RNDL
Ⴠ 3563ROVNL5HMHVWU6WDWNµZ
3RUWDQWRORVPµGXORV/2*2SXHGHQXWLOL]DUVHHQ£UHDVLQGXVWULDOHV\UHVLGHQFLDOHV6H
VRSRUWDODXWLOL]DFLµQHQXELFDFLRQHV&ODVV,'LYLVLRQ*URXS$%&H'DV¯FRPRHQ
OXJDUHVQRSHOLJURVRV
/2*2
0DQXDOGHSURGXFWR$(
3ULPHURVSDVRVFRQ/2*2
,'SDUD$XVWUDOLD
/RVSURGXFWRVSURYLVWRVGHODHWLTXHWDTXHDSDUHFHDOODGRFXPSOHQORV
UHTXLVLWRVGHODQRUPD$61=6FODVH$
$'9(57(1&,$
([LVWHULHVJRGHPXHUWHOHVLRQHVFRUSRUDOHVRGD³RVPDWHULDOHVVLQRVHUHVSHWDQODV
FRQVLJQDVGHVHJXULGDGSDUDOXJDUHVSHOLJURVRV
(QDWPµVIHUDVSRWHQFLDOPHQWHH[SORVLYDVQRGHVHQFKXIHFRQHFWRUHVFXDQGRHOVLVWHPD
HVW«HQ581'HVFRQHFWHVLHPSUHSULPHURODIXHQWHGHDOLPHQWDFLµQGH/2*2\VXV
FRPSRQHQWHVDQWHVGHGHVHQFKXIDUFXDOTXLHUFRQHFWRURFRPSRQHQWH
/DVXVWLWXFLµQGHFRPSRQHQWHVSXHGHSHUMXGLFDUODLGRQHLGDGSDUDOXJDUHV&ODVV,'LYLVLRQ
/DVFRPELQDFLRQHVGHHTXLSRVHVW£QVXMHWDVDODFRPSUREDFLµQSRUODVDXWRULGDGHV
ORFDOHVFRPSHWHQWHVHQHOPRPHQWRGHOPRQWDMH
5HFLFODMH\HOLPLQDFLµQ
/RVGLVSRVLWLYRV/2*2SXHGHQUHFLFODUVHSRUFRPSOHWRJUDFLDVDVXVFRPSRQHQWHVSRFR
FRQWDPLQDQWHV3DUDXQUHFLFODGR\XQDHOLPLQDFLµQHFROµJLFRVGHORVGLVSRVLWLYRVXVDGRV
FRQWDFWHFRQXQDHPSUHVDFHUWLILFDGDGHHOLPLQDFLµQGHFKDWDUUDHOHFWUµQLFD
/2*2
0DQXDOGHSURGXFWR$(
3ULPHURVSDVRVFRQ/2*2
/2*2
0DQXDOGHSURGXFWR$(
0RQWDU\FDEOHDU/2*2
'LUHFWULFHVJHQHUDOHV
7HQJDHQFXHQWDODVVLJXLHQWHVGLUHFWULFHVDOPRQWDU\FDEOHDUHO/2*2
Ⴠ 9LJLOHVLHPSUHTXHHOFDEOHDGRGHO/2*2FXPSODWRGDVODVUHJODV\QRUPDVYLJHQWHV
2EVHUYHDVLPLVPRWRGRVORVUHJODPHQWRVQDFLRQDOHV\UHJLRQDOHVGXUDQWHHOPRQWDMH\OD
RSHUDFLµQGHORVGLVSRVLWLYRV3DUDP£VLQIRUPDFLµQVREUHODVQRUPDV\UHJODPHQWRV
DSOLFDEOHVDVXFDVRHVSHF¯ILFRFRQWDFWHFRQODVDXWRULGDGHVORFDOHV
Ⴠ 'HVFRQHFWHVLHPSUHODDOLPHQWDFLµQDQWHVGHFDEOHDUPRQWDURGHVPRQWDUXQPµGXOR
Ⴠ 8WLOLFHVLHPSUHFDEOHVFRQXQDVHFFLµQDGHFXDGDSDUDODUHVSHFWLYDLQWHQVLGDG/2*2
SXHGHFRQHFWDUVHFRQFDEOHVTXHWHQJDQXQDVHFFLµQ3£JLQDFRPSUHQGLGDHQWUH
PP\PP
Ⴠ 1RDSULHWHH[FHVLYDPHQWHORVERUQHVGHFRQH[LµQ(OSDUGHDSULHWHP£[LPRHVGH
1P
Ⴠ 7LHQGDFDEOHVORP£VFRUWRVSRVLEOH6LVHUHTXLHUHQFDEOHVP£VODUJRVXWLOLFHPRGHORV
DSDQWDOODGRV7LHQGDVLHPSUHORVFDEOHVSRUSDUHVHVGHFLUXQFRQGXFWRUQHXWURP£VXQ
FRQGXFWRUGHIDVHRXQDO¯QHDGHVH³DO
Ⴠ 6HSDUHVLHPSUH
ದ (OFDEOHDGR$&
ದ /RVFLUFXLWRV'&GHDOWDWHQVLµQFRQFLFORVGHFRQPXWDFLµQGHDOWDIUHFXHQFLD
ದ (OFDEOHDGRGHVH³DOGHEDMDWHQVLµQ
ದ (OFDEOHGHEXV(,%WDPEL«QSXHGHWHQGHUVHSDUDOHODPHQWHDRWUDVO¯QHDVGHVH³DO
Ⴠ 9LJLOHTXHORVFDEOHVGLVSRQJDQGHODOLYLRGHWUDFFLµQQHFHVDULR
Ⴠ 3URWHMDFRQXQSDUDUUD\RVDSURSLDGRORVFDEOHVPRQWDGRVHQ£UHDVSHOLJURVDV
Ⴠ 1RFRQHFWHXQDIXHQWHGHDOLPHQWDFLµQH[WHUQDHQSDUDOHORFRQODFDUJDGHVDOLGDGHXQD
VDOLGD'&(OORSRGU¯DFDXVDUXQDFRUULHQWHLQYHUVDHQODVDOLGDVLQRVHKDPRQWDGRXQ
GLRGRRXQDEDUUHUDVLPLODU
Ⴠ (OIXQFLRQDPLHQWRVHJXURGHOHTXLSRVµORVHJDUDQWL]DFRQFRPSRQHQWHVFHUWLILFDGRV
1RWD
/RVGLVSRVLWLYRV/2*2VµORSXHGHQVHUPRQWDGRV\FDEOHDGRVSRUSHUVRQDOFXDOLILFDGR
TXHFRQR]FD\REVHUYHODVUHJODVJHQHUDOHVGHODW«FQLFDDV¯FRPRORVUHJODPHQWRV\
QRUPDVUHOHYDQWHV
/2*2
0DQXDOGHSURGXFWR$(
0RQWDU\FDEOHDU/2*2
&RQILJXUDFLµQGHO/2*2PRGXODU
&RQVLGHUDFLRQHVLPSRUWDQWHVSDUDHOPRQWDMH
/2*2KDVLGRGLVH³DGRSDUDHOPRQWDMHILMR\FHUUDGRHQXQDFDUFDVDRDUPDULRHO«FWULFR
$'9(57(1&,$
3XHGHQSURGXFLUVHODPXHUWHOHVLRQHVJUDYHVRFRQVLGHUDEOHVGD³RVPDWHULDOHV
/RVPµGXORV/2*2VRQPDWHULDOHO«FWULFRDELHUWR3RUWDQWR/2*2GHEHPRQWDUVHHQ
XQDFDUFDVDRDUPDULRHO«FWULFR
(ODFFHVRDODVFDUFDVDVRDUPDULRVVµORGHEHVHUSRVLEOHXWLOL]DQGRXQDOODYHR
KHUUDPLHQWDGHELHQGRHVWDUSHUPLWLGR¼QLFDPHQWHDOSHUVRQDOFXDOLILFDGRRDXWRUL]DGR
/2*2SXHGHRSHUDUVHHQWRGRPRPHQWRGHVGHODSDUWHIURQWDO
6HJXULGDGGHORVHTXLSRVGHFRQWUROHOHFWUµQLFRV
,QWURGXFFLµQ
/DVVLJXLHQWHVLQGLFDFLRQHVVRQDSOLFDEOHVLQGHSHQGLHQWHPHQWHGHOWLSRRIDEULFDQWHGHO
HTXLSRGHFRQWUROHOHFWUµQLFR
)LDELOLGDG
/DP£[LPDILDELOLGDGGHORVGLVSRVLWLYRV\FRPSRQHQWHV/2*2VHORJUDDSOLFDQGRGXUDQWH
ODVIDVHVGHGHVDUUROOR\IDEULFDFLµQDPSOLDVPHGLGDVTXHSHUPLWHQDKRUUDUJDVWRV
VWDVLQFOX\HQ
Ⴠ 8WLOL]DFLµQGHFRPSRQHQWHVGHDOWDFDOLGDG
Ⴠ 'LVH³RGHWRGRVORVFLUFXLWRVSDUDHOFDVRP£VGHVIDYRUDEOH
Ⴠ &RPSUREDFLµQVLVWHP£WLFD\DVLVWLGDSRURUGHQDGRUGHWRGRVORVFRPSRQHQWHV
Ⴠ %XUQLQURGDMHGHWRGRVORVFLUFXLWRVLQWHJUDGRVSHMSURFHVDGRUHVPHPRULDHWF
Ⴠ 0HGLGDVSDUDHYLWDUFDUJDVHVW£WLFDVDOPDQLSXODUFLUFXLWRV026
Ⴠ &RQWUROHVYLVXDOHVHQODVGLVWLQWDVIDVHVGHIDEULFDFLµQ
Ⴠ )XQFLRQDPLHQWRSURORQJDGRHQFDOLHQWHDDOWDVWHPSHUDWXUDVDPELHQWHGXUDQWHYDULRV
G¯DV
Ⴠ &XLGDGRVDFRPSUREDFLµQILQDOFRQWURODGDSRURUGHQDGRU
Ⴠ (YDOXDFLµQHVWDG¯VWLFDGHWRGRVORVVLVWHPDV\FRPSRQHQWHVGHYXHOWRVSDUDOD
LPSODQWDFLµQLQPHGLDWDGHPHGLGDVFRUUHFWRUDVDSURSLDGDV
Ⴠ 9LJLODQFLDGHORVSULQFLSDOHVFRPSRQHQWHVGHFRQWUROPHGLDQWHWHVWVRQOLQHLQWHUUXSFLµQ
F¯FOLFDSDUDOD&38HWF
(VWDVPHGLGDVVHGHQRPLQDQPHGLGDVE£VLFDV
/2*2
0DQXDOGHSURGXFWR$(
0RQWDU\FDEOHDU/2*2
&RQILJXUDFLµQGHO/2*2PRGXODU
5HDOL]DFLµQGHWHVWV
6LQHPEDUJRHOFOLHQWHGHEHJDUDQWL]DUODVHJXULGDGHQVXSURSLDSODQWD
$QWHVGHODSXHVWDHQPDUFKDGHILQLWLYDGHOVLVWHPDHIHFW¼HXQDFRPSUREDFLµQH[KDXVWLYD
GHOIXQFLRQDPLHQWRDV¯FRPRWRGDVODVSUXHEDVGHVHJXULGDGQHFHVDULDV
,QFOX\DHQODVFRPSUREDFLRQHVWDPEL«QORVSRVLEOHVIDOORVSUHYLVLEOHV'HHVWHPRGRHYLWDU£
TXHODSODQWDRODVSHUVRQDVVHDQVRPHWLGDVDSHOLJURVGXUDQWHHOIXQFLRQDPLHQWRGHO
VLVWHPD
5LHVJRV
(QWRGRVORVFDVRVHQORVTXHODRFXUUHQFLDGHIDOORVSXGLHUDRFDVLRQDUGD³RVPDWHULDOHVR
OHVLRQHVSHUVRQDOHVGHEHQDSOLFDUVHPHGLGDVHVSHFLDOHVSDUDODVHJXULGDGGHODSODQWD\
SRUWDQWRGHODVLWXDFLµQ3DUDHVWDVDSOLFDFLRQHVH[LVWHQQRUPDVHVSHFLDOHV\HVSHF¯ILFDV
GHOVLVWHPDVWDVGHEHQWHQHUVHHQFXHQWDDODKRUDGHPRQWDUHOVLVWHPDGHFRQWUROSHM
9'(SDUDVLVWHPDVGHFRQWUROGHFDOGHUDV
3DUDORVHTXLSRVGHFRQWUROHOHFWUµQLFRVTXHWHQJDQXQDIXQFLµQGHVHJXULGDGODVPHGLGDV
GHVWLQDGDVDSUHYHQLURUHPHGLDUORVIDOORVGHSHQGHQGHORVULHVJRVGHULYDGRVGHODSODQWD
$SDUWLUGHXQGHWHUPLQDGRSRWHQFLDOGHULHVJRODVPHGLGDVE£VLFDVPHQFLRQDGDVDUULEDQR
VRQVXILFLHQWHV3RUHVWDUD]µQGHEHQLPSOHPHQWDUVH\DSUREDUVHPHGLGDVDGLFLRQDOHVSDUD
HOFRQWURODGRU
,QIRUPDFLµQLPSRUWDQWH
(VLPSUHVFLQGLEOHVHJXLUDOSLHGHODOHWUDODVLQVWUXFFLRQHVUHFRJLGDVHQHOPDQXDO\DTXHOD
PDQLSXODFLµQLQFRUUHFWDSXHGHDQXODUPHGLGDVFRQWUDIDOORVSHOLJURVRVXRFDVLRQDUIXHQWHV
GHSHOLJURDGLFLRQDOHV
/2*2
0DQXDOGHSURGXFWR$(
0RQWDU\FDEOHDU/2*2
&RQILJXUDFLµQGHO/2*2PRGXODU
&RQILJXUDFLµQGHO/2*2PRGXODU
&RQILJXUDFLµQP£[LPD
/2*2VRSRUWDFRPRP£[LPRHQWUDGDVGLJLWDOHVHQWUDGDVDQDOµJLFDVVDOLGDV
GLJLWDOHV\VDOLGDVDQDOµJLFDV3£JLQD/DFRQILJXUDFLµQP£[LPDVHSXHGHREWHQHUGH
GLIHUHQWHVPDQHUDVFRPRVHPXHVWUDDFRQWLQXDFLµQ
&RQILJXUDFLµQP£[LPDGHXQ/2*2FRQHQWUDGDVDQDOµJLFDVXWLOL]DQGRFXDWUR
/2*25&5&R\/2*2R
/2*2%DVLFPµGXORVGLJLWDOHV\PµGXORVDQDOµJLFRVHMHPSOR
,,,,,, ,, ,, ,, ,,
$,$,$,$, $,$, $,$,
&RQILJXUDFLµQP£[LPDGHXQ/2*2FRQHQWUDGDVDQDOµJLFDVXWLOL]DQGRGRV/2*25&5&R
\/2*2R
/2*2%DVLFPµGXORVGLJLWDOHV\PµGXORVDQDOµJLFRVHMHPSOR
,,,,,, ,, ,, ,, ,,
$,$, $,$, $,$, $,$,
&RQILJXUDFLµQP£[LPDGHXQ/2*2VLQHQWUDGDVDQDOµJLFDV/2*25&5&R\
/2*25&5&R
/2*2%DVLFPµGXORVGLJLWDOHV\PµGXORVDQDOµJLFRVHMHPSOR
,, ,, ,, ,, ,,
$,$, $,$, $,$, $,$,
/2*2%DVLF /2*2 /2*2 /2*2 /2*2 /2*2 /2*2 /2*2 /2*2 /2*2
'0 '0 '0 '0 $0 $0 $0 $0 $0$4
(QHO/2*25&5&R\/2*2HVSRVLEOHFRQILJXUDUVLHOPµGXORGHEHXWLOL]DU
GRVRFXDWURGHODVFXDWURHQWUDGDVDQDOµJLFDVSRVLEOHV7RGDVODVHQWUDGDVVHQXPHUDQ
FRQVHFXWLYDPHQWHGHSHQGLHQGRGHFX£QWDVVHFRQILJXUHQSDUDVHUXWLOL]DGDVSRUHOPµGXOR
E£VLFR6LVHFRQILJXUDQGRVHQWUDGDV«VWDVVHQXPHUDQ$,\$,FRUUHVSRQGLHQGRDORV
ERUQHVGHHQWUDGD,H,/DQXPHUDFLµQGHORVVXEVLJXLHQWHVPµGXORVGHDPSOLDFLµQGH
HQWUDGDVDQDOµJLFDVFRPHQ]DU¯DHQWRQFHVHQ$,6LVHFRQILJXUDQFXDWURHQWUDGDV«VWDV
VHQXPHUDQ$,$,$,\$,FRUUHVSRQGLHQGRD,,,H,HQHVHRUGHQ/D
QXPHUDFLµQGHORVVXEVLJXLHQWHVPµGXORVGHDPSOLDFLµQGHHQWUDGDVDQDOµJLFDV
FRPHQ]DU¯DHQWRQFHVHQ$,&RQVXOWHORVDSDUWDGRV&RQVWDQWHV\FRQHFWRUHV&R
3£JLQD\$MXVWDUHOQ¼PHURGHHQWUDGDVDQDOµJLFDVGHOPµGXORE£VLFR3£JLQD
/2*2
0DQXDOGHSURGXFWR$(
0RQWDU\FDEOHDU/2*2
&RQILJXUDFLµQGHO/2*2PRGXODU
&RPXQLFDFLµQU£SLGD\µSWLPD
3DUDJDUDQWL]DUXQDFRPXQLFDFLµQU£SLGD\µSWLPDHQWUH/2*2%DVLF\ORVGLVWLQWRV
PµGXORVVHUHFRPLHQGDPRQWDUSULPHURORVPµGXORVGLJLWDOHV\OXHJRORVPµGXORV
DQDOµJLFRVYORVHMHPSORVGHDUULED/DIXQFLµQHVSHFLDOGHOUHJXODGRU3,FRQVWLWX\HXQD
H[FHSFLµQDOUHVSHFWRODHQWUDGDDQDOµJLFDXWLOL]DGDSDUDHOYDORU39GHEHU¯DHVWDUHQHO
/2*2%DVLFRHQXQPµGXORGHHQWUDGDVDQDOµJLFDVDG\DFHQWHDO/2*2%DVLF
6HUUHFRPLHQGDGLVSRQHUHOPµGXOR&0$6,QWHUIDFHHQHOH[WUHPRGHUHFKR6LIDOODOD
WHQVLµQGHO$6,QWHUIDFHVHLQWHUUXPSHODFRPXQLFDFLµQHQWUHHOVLVWHPD/2*2\ORV
PµGXORVGHDPSOLDFLµQGLVSXHVWRVDODGHUHFKDGHOPµGXORGHDPSOLDFLµQ/2*2&0$6
,QWHUIDFH
(O/2*27'VHPRQWDSRUVHSDUDGR6HFRQHFWDDOPµGXOR/2*2%DVLFFRQHOFDEOHGH
/2*27'LQFOXLGRHQHOVXPLQLVWUR
1RWD
&0(,%.1;GHEHPRQWDUVHVLHPSUHFRPR¼OWLPRPµGXORDODGHUHFKDGH/2*2\D TXHDO
&0(,%.1;QRSXHGHFRQHFWDUVHQLQJ¼QRWURPµGXORGHLQWHUID]
(VWUXFWXUDFRQGLIHUHQWHVFODVHVGHWHQVLµQ
5HJODV
/RVPµGXORVGLJLWDOHVVµORSXHGHQFRQHFWDUVHGLUHFWDPHQWHDGLVSRVLWLYRVGHODPLVPD
FODVHGHWHQVLµQ
/RVPµGXORVDQDOµJLFRV\GHFRPXQLFDFLµQSXHGHQFRQHFWDUVHDGLVSRVLWLYRVGHFXDOTXLHU
FODVHGHWHQVLµQ
(VSRVLEOHVXVWLWXLUGRVPµGXORVGHDPSOLDFLµQ'0VLPLODUHVSRUXQPµGXORGHDPSOLDFLµQ
'0DSURSLDGR\YLFHYHUVDVLQWHQHUTXHPRGLILFDUHOSURJUDPD
1RWD
'RV'05VµORSXHGHQVXVWLWXLUVHSRUXQ'05FRQXQDWHQVLµQGHDOLPHQWDFLµQ
GH9'&
'RV'05VµORSXHGHQVXVWLWXLUVHSRUXQ'05VLIXQFLRQDQFRQ'&\DFFLµQ3
/2*2
0DQXDOGHSURGXFWR$(
0RQWDU\FDEOHDU/2*2
&RQILJXUDFLµQGHO/2*2PRGXODU
5HVXPHQFRQH[LµQGHXQPµGXORGHDPSOLDFLµQFRQXQ/2*2%DVLF
(QODVWDEODVVLJXLHQWHV;VLJQLILFDTXHODFRQH[LµQHVSRVLEOHVLJQLILFDTXHOD
FRQH[LµQQRHVSRVLEOH
/2*2%DVLF 0µGXORVGHDPSOLDFLµQ
'0 '0 '0 '0 $0 &0
5 '0 5 5 $0
'0 '0 37
5 5 $0
$4
/2*25& [ [ [ [ [
/2*2 [ [ [ [ [
/2*25& [ [ [ [ [
/2*25& [ [ [
/2*25&R [ [ [ [ [
/2*2R [ [ [ [ [
/2*25&R [ [ [ [ [
/2*25&R [ [ [
5HVXPHQFRQH[LµQGHXQPµGXORGHDPSOLDFLµQDGLFLRQDOFRQXQPµGXORGHDPSOLDFLµQ
0µGXORGHDPSOLDFLµQ 0µGXORVGHDPSOLDFLµQDGLFLRQDOHV
'0 '0 '05 '0 $0 &0
5 '0 5 $0
'0 '0 37
5 5 $0$4
'05 [ [ [ [ [
'05
'0 [ [ [ [ [
'0
'05 [ [ [ [ [
'05 [ [ [
'05
$0 [ [ [ [ [
$037
$0$4
&0$6,QWHUIDFH [ [ [ [ [
/2*2
0DQXDOGHSURGXFWR$(
0RQWDU\FDEOHDU/2*2
0RQWDU\GHVPRQWDU/2*2
&RPSDWLELOLGDG
(O/2*27'VµORSXHGHXWLOL]DUVHFRQODVHULHGHGLVSRVLWLYRV%$
1RHVSRVLEOHHGLWDUWH[WRVGHDYLVRGHOPµGXOR/2*2%DVLFTXHFRQWHQJDQDOJXQRGHORV
SDU£PHWURVVLJXLHQWHV
Ⴠ 3DU
Ⴠ 7LPH
Ⴠ 'DWH
Ⴠ (Q7LPH
Ⴠ (Q'DWH
(VWRVWH[WRVGHDYLVRVµORSXHGHQHGLWDUVHHQ/2*26RIW&RPIRUW
$OXWLOL]DUHO/2*2$0$4PµGXORDQDOµJLFRFRQODVHULHGHGLVSRVLWLYRV%$µ%$
ODVIXQFLRQHVVHOLPLWDQDODVTXHHVW£QGLVSRQLEOHVHQHOGLVSRVLWLYRHQFXHVWLµQ(VWH
PµGXORQRSXHGHXWLOL]DUVHFRQODVHULHGHGLVSRVLWLYRV%$RDQWHULRU
7RGRVORVGHP£VPµGXORVGHDPSOLDFLµQVRQSOHQDPHQWHFRPSDWLEOHVFRQORVPµGXORV
E£VLFRVGHODVVHULHVGHGLVSRVLWLYRV%$%$%$\%$
0RQWDU\GHVPRQWDU/2*2
'LPHQVLRQHV
/DVGLPHQVLRQHVGHPRQWDMHGH/2*2FXPSOHQFRQODQRUPD',1
/2*2VHSXHGHILMDUDSUHVLµQHQXQSHUILOVRSRUWHGHPPGHDQFKRVHJ¼QODQRUPD',1
(1RVHSXHGHPRQWDUHQODSDUHG
$QFKRGH/2*2
Ⴠ (O/2*27'WLHQHXQDQFKRGHPPHTXLYDOHQWHDVXEXQLGDGHV
Ⴠ /RVPµGXORV/2*2%DVLFWLHQHQXQDQFKRGHPPHTXLYDOHQWHDVXEXQLGDGHV
Ⴠ /RVPµGXORVGHDPSOLDFLµQGH/2*2WLHQHQXQDDQFKXUDGHPPµPP'0
ORTXHHTXLYDOHDµVXEXQLGDGHV
1RWD
/DILJXUDVLJXLHQWHPXHVWUDXQHMHPSORGHOPRQWDMH\GHVPRQWDMHGHXQ/2*25&\
XQPµGXORGLJLWDO(OSURFHGLPLHQWRLQGLFDGRHVDSOLFDEOHWDPEL«QDWRGDVODVRWUDV
YHUVLRQHVGH/2*2%DVLF\DWRGRVORVPµGXORVGHDPSOLDFLµQ
$'9(57(1&,$
'HVFRQHFWHVLHPSUHODDOLPHQWDFLµQDQWHVGHH[WUDHURLQVHUWDUXQPµGXORGH
DPSOLDFLµQ
/2*2
0DQXDOGHSURGXFWR$(
0RQWDU\FDEOHDU/2*2
0RQWDU\GHVPRQWDU/2*2
0RQWDMHHQXQSHUILOVRSRUWH
0RQWDMH
3DUDP
PRQWDUXQPµGXOR/2*2%DVLF\
\XQPµGXORGLJLWDOHQXQSHUILOVRSRUWHSURFHGDGHO
PRGRVLJXLHQWH
(QJDQFKHHOPµGXOR/2*2%DVLFHQHOSHUILOVRSRUWH
(PSXMHODSDUWHLQIHULRUGHOPµGXORKDFLDDEDMRKDVWDTXHHQFDMHHQHOSHUILO/D
FRUUHGHUDXELFDGDHQODSDUWHSRVWHULRUGHOPµGXORGHEHTXHGDUHQFODYDGD
(QHOODGRGHUHFKRGHO/2*2%DVLFRPµGXORGHDPSOLDFLµQ/2*2UHWLUHODWDSDGHO
FRQHFWRU
'LVSRQJDHOPµGXORGLJLWDOHQHOSHUILOVRSRUWHDODGHUHFKDGHO/2*2%DVLF
'HVOLFHHOPµGXORGLJLWDOKDFLDODL]TXLHUGDKDVWDTXHWRTXHHO/2*2%DVLF
/2*2
0DQXDOGHSURGXFWR$(
0RQWDU\FDEOHDU/2*2
0RQWDU\GHVPRQWDU/2*2
8WLOL]DQGRXQGHVWRUQLOODGRUHPSXMHODFRUUHGHUDKDFLDODL]TXLHUGD&XDQGRDOFDQFHOD
SRVLFLµQILQDOODFRUUHGHUDVHHQFODYDU£HQHO/2*2%DVLF
3DUDPRQWDUPµGXORVGHDPSOLDFLµQDGLFLRQDOHVUHSLWDORVSDVRVUHDOL]DGRVSDUDPRQWDUHO
PµGXORGLJLWDO
1RWD
/DLQWHUID]GHDPSOLDFLµQGHO¼OWLPRPµGXORGHDPSOLDFLµQGHEHFXEULUVH
'HVPRQWDMH
3DUDG
GHVPRQWDUXQ/2*2
VLKDPRQWDGRVVµORXQ/2*2%
%DVLF
,QWURGX]FDXQGHVWRUQLOODGRUHQHORULILFLRGHOH[WUHPRLQIHULRUGHODFRUUHGHUD\HPSXMHOD
OHQJ¾HWDKDFLDDEDMR
$EDWDHO/2*2%DVLFSDUDH[WUDHUORGHOSHUILOVRSRUWH
$ %
/2*2
0DQXDOGHSURGXFWR$(
0RQWDU\FDEOHDU/2*2
0RQWDU\GHVPRQWDU/2*2
6LKDFRQHFWDGRS
SRUORPHQRVXQPµGXORGHDPSOLDFLµQDO/2*2%DVLF
&RQXQGHVWRUQLOODGRUSUHVLRQHODJX¯DGHVOL]DQWHLQWHJUDGD\HPS¼MHODKDFLDODGHUHFKD
'HVSODFHHOPµGXORGHDPSOLDFLµQKDFLDODGHUHFKD
,QWURGX]FDXQGHVWRUQLOODGRUHQHORULILFLRGHOH[WUHPRLQIHULRUGHODFRUUHGHUD\HPS¼MHOR
KDFLDDEDMR
$EDWDHOPµGXORGHDPSOLDFLµQKDVWDH[WUDHUORGHOSHUILOVRSRUWH
5HSLWDORVSDVRVDSDUDWRGRVORVGHP£VPµGXORVGHDPSOLDFLµQ
1RWD
6LKDFRQHFWDGRYDULRVPµGXORVGHDPSOLDFLµQHVUHFRPHQGDEOHTXHLQLFLHHOGHVPRQWDMH
FRPHQ]DQGRSRUHO¼OWLPRPµGXORHQHOH[WUHPRGHUHFKR
9LJLOHTXHODFRUUHGHUDGHOPµGXORTXHGHVHDPRQWDURGHVPRQWDUQRHVW«HQFDMDGDHQHO
PµGXORVLJXLHQWH
/2*2
0DQXDOGHSURGXFWR$(
0RQWDU\FDEOHDU/2*2
0RQWDU\GHVPRQWDU/2*2
0RQWDMHHQODSDUHG
$QWHVGHPRQWDUXQPµGXORHQODSDUHGGHVSODFHKDFLDDIXHUDODFRUUHGHUDXELFDGDHQHO
ODGRSRVWHULRUGHOPµGXOR/XHJRSRGU£PRQWDUHO/2*2HQODSDUHGXWLOL]DQGRGRV
FRUUHGHUDV\GRVWRUQLOORV0FRQXQSDUGHDSULHWHGHD1P
&RUUHGHUDVGHPRQWDMH
(VTXHPDGHWDODGURVSDUDHOPRQWDMHHQODSDUHG
3DUDSRGHUPRQWDUHO/2*2HQODSDUHGGHEHU£WDODGUDURULILFLRVFRQIRUPHDOHVTXHPD
VLJXLHQWH
ཱ ཱ ཱ ི ི
Q[
7RGDVODVGLPHQVLRQHVHQPP
2ULILFLRSDUDWRUQLOOR0FRQXQSDUGHDSULHWHGHD1P
/2*2%DVLF
ཱ0µGXORVGHDPSOLDFLµQ/2*2'0
$0
ི0µGXORVGHDPSOLDFLµQ/2*2'0
/2*2
0DQXDOGHSURGXFWR$(
0RQWDU\FDEOHDU/2*2
0RQWDU\GHVPRQWDU/2*2
0RQWDUHO/2*27'
3DUDSUHSDUDUODVXSHUILFLHGHPRQWDMHGHO/2*27'RSFLRQDO\PRQWDUORSURFHGDGHO
VLJXLHQWHPRGR
&RUWHXQUHFXDGURGHPP[PPWROHUDQFLDPPHQODVXSHUILFLHGH
PRQWDMH
&RORTXHODMXQWDLQFOXLGDHQHOVXPLQLVWURHQODSODFDIURQWDOGHO/2*27'
(QFDMHHO/2*27'HQHOUHFRUWHKHFKRHQODVXSHUILFLHGHPRQWDMH
)LMHORVHVWULERVGHILMDFLµQLQFOXLGRVHQHOVXPLQLVWURDO/2*27'
$SULHWHORVWRUQLOORVGHPRQWDMHFRQXQSDUGHDSULHWHGH1PVREUHORVHVWULERVGH
ILMDFLµQSDUDVXMHWDUHO/2*27'
(VWULERVGHILMDFLµQ
ཱ7RUQLOORVGHPRQWDMH
ི-XQWD
ི
(OFDEOHLQFOXLGRHQHOVXPLQLVWURSXHGHXWLOL]DUVHSDUDFRQHFWDUHO/2*27'FRQHOPµGXOR
/2*2%DVLFDXQDGLVWDQFLDP£[LPDGHPHWURV(VWDGLVWDQFLDVHSXHGHDPSOLDUDP£[
GLH]PHWURVXWLOL]DQGRXQFDEOH6XE'HVW£QGDUMXQWRFRQHOFDEOHGHO/2*27'
/2*2
0DQXDOGHSURGXFWR$(
0RQWDU\FDEOHDU/2*2
&DEOHDUHO/2*2
5RWXODUHO/2*2
/DVVXSHUILFLHVUHFWDQJXODUHVJULVHVGHORVPµGXORV/2*2HVW£QSUHYLVWDVSDUDVX
URWXODFLµQ
(QORVPµGXORVGHDPSOLDFLµQSXHGHXWLOL]DUODVVXSHUILFLHVJULVHVSHMSDUDURWXODUODV
HQWUDGDV\ODVVDOLGDV$HVWHUHVSHFWRSXHGHLQGLFDUXQIDFWRUGHOWDGHSDUDODV
HQWUDGDVRSDUDODVVDOLGDVVLHOPµGXORE£VLFR\DGLVSRQHGHHQWUDGDVRVDOLGDV
&DEOHDUHO/2*2
3DUDFDEOHDUHO/2*2XWLOLFHXQGHVWRUQLOODGRUFRQXQDQFKRGHKRMDGHPP
3DUDORVERUQHVQRVHUHTXLHUHQSXQWHUDV(VSRVLEOHXWLOL]DUFRQGXFWRUHVFRQVHFFLRQHVGH
KDVWD
Ⴠ [PP
Ⴠ [PPSRUFDGDVHJXQGRSRUWDERUQHV
3DUGHDSULHWH1PRLQOEV
1RWD
&XEUDVLHPSUHORVERUQHVWUDVILQDOL]DUHOPRQWDMH3DUDSURWHJHUHO/2*2DGHFXDGDPHQWH
FRQWUDHOFRQWDFWRQRSHUPLWLGRGHODVSLH]DVEDMRWHQVLµQGHEHQUHVSHWDUVHODVQRUPDV
ORFDOHV
&RQHFWDUODIXHQWHGHDOLPHQWDFLµQ
/DVYHUVLRQHVGH9GH/2*2SXHGHQIXQFLRQDUFRQWHQVLRQHVQRPLQDOHVGH9
$&'&\9$&'&/DVYHUVLRQHVGH9\9GH/2*2SXHGHQIXQFLRQDUFRQXQD
IXHQWHGHDOLPHQWDFLµQGH9'&9$&µ9'&3DUDP£VLQIRUPDFLµQDFHUFDGH
ODVWROHUDQFLDVGHWHQVLµQSHUPLWLGDVIUHFXHQFLDVGHO¯QHD\FRQVXPRGHFRUULHQWHFRQVXOWH
ODVLQVWUXFFLRQHVGHPRQWDMHHQODLQIRUPDFLµQGHOSURGXFWRVXPLQLVWUDGDFRQHOGLVSRVLWLYR
DV¯FRPRORVGDWRVW«FQLFRVHQHODQH[R$
(O&0(,%.1;KDVLGRGLVH³DGRFRPRPµGXORGHFRPXQLFDFLµQSDUDHOFRQWURODGRU
/2*2\GHEHVHUDOLPHQWDGRFRQXQDWHQVLµQGHUHGGH9$&'&
(OEXV$6,QWHUIDFHUHTXLHUHXQDIXHQWHGHDOLPHQWDFLµQHVSHFLDOSDUD$6,QWHUIDFH9
'&TXHSHUPLWHWUDQVPLWLUVLPXOW£QHDPHQWHORVGDWRV\ODHQHUJ¯DSDUDORVHQFRGHUVD
WUDY«VGHXQDPLVPDO¯QHD
(O/2*27'GHEHDOLPHQWDUVHFRQXQDWHQVLµQGH9'&R9$&'&
1RWD
8QFRUWHGHDOLPHQWDFLµQSXHGHFDXVDUXQGLVSDURGHIODQFRDGLFLRQDOHQODVIXQFLRQHV
HVSHFLDOHV/RVGDWRVDOPDFHQDGRVVRQORVGHO¼OWLPRFLFORQRLQWHUUXPSLGR
/2*2
0DQXDOGHSURGXFWR$(
0RQWDU\FDEOHDU/2*2
&DEOHDUHO/2*2
&RQHFWDUHO/2*2
3DUDFRQHFWDUHO/2*2DODIXHQWHGHDOLPHQWDFLµQ
/2*2FRQIXHQWHGHDOLPHQWDFLµQ'& /2*2FRQIXHQWHGHDOLPHQWDFLµQ$&
/ /
0 1
/ 0 , , , , , / 1 , , , ,
3URWHFFLµQSRUIXVLEOH 3DUDVXSULPLUODVWHQVLRQHVGHFKRTXH
VLVHUHTXLHUHUHFRPHQGDGRSDUD SUHYHDYDULVWRUHV029FRQXQD
5& $ WHQVLµQGHVHUYLFLRTXHVHDSRUOR
$ PHQRVVXSHULRUDODWHQVLµQ
(,%.1; $ QRPLQDO
1RWD
/2*2HVXQHTXLSRGHFRQPXWDFLµQGREOHPHQWHDLVODGR3RUORWDQWRQRQHFHVLWDXQD
FRQH[LµQGHFRQGXFWRUGHSURWHFFLµQ
3URWHFFLµQGHOFLUFXLWRFRQWHQVLµQDOWHUQD
3DUDVXSULPLUSLFRVGHWHQVLµQHQODVO¯QHDVGHDOLPHQWDFLµQSXHGHXWLOL]DUXQYDULVWRUGH
µ[LGRPHW£OLFR029$VHJ¼UHVHGHTXHODWHQVLµQGHVHUYLFLRGHOYDULVWRU029XWLOL]DGR
VHDFRPRP¯QLPRXQVXSHULRUDODWHQVLµQQRPLQDOSHM6.
3URWHFFLµQGHOFLUFXLWRFRQWHQVLµQ'&
3DUDVXSULPLUSLFRVGHWHQVLµQHQODVO¯QHDVGHDOLPHQWDFLµQLQVWDOHXQGLVSRVLWLYRGH
SURWHFFLµQ6HUHFRPLHQGDXWLOL]DU'(+1UHIHUHQFLD
/2*2
0DQXDOGHSURGXFWR$(
0RQWDU\FDEOHDU/2*2
&DEOHDUHO/2*2
&RQHFWDUODIXHQWHGHDOLPHQWDFLµQGHO/2*27'
(O/2*27'GHEHFRQHFWDUVHDXQDIXHQWHGHDOLPHQWDFLµQH[WHUQDTXHSURYHDXQDWHQVLµQ
GH9'&R9$&'&(OVXPLQLVWURGHO/2*27'LQFOX\HXQFRQHFWRUGH
DOLPHQWDFLµQ
ཱ
)XHQWHGHDOLPHQWDFLµQ
ཱ,QWHUID]GHFRPXQLFDFLµQ
/DFRQH[LµQGHDOLPHQWDFLµQHVQRSRODUODWLHUUDSXHGHFRQHFWDUVHHQHOODGRL]TXLHUGRR
GHUHFKR
1RWD
6LHPHQVUHFRPLHQGDSURWHJHUHO/2*27'FRQXQIXVLEOHGHVHJXULGDGGH$HQOD
IXHQWHGHDOLPHQWDFLµQ
/2*2
0DQXDOGHSURGXFWR$(
0RQWDU\FDEOHDU/2*2
&DEOHDUHO/2*2
&RQHFWDUODVHQWUDGDVGHO/2*2
5HTXLVLWRV
$ODVHQWUDGDVVHFRQHFWDQHOHPHQWRVGHVHQVRUWDOHVFRPRSXOVDGRUHVLQWHUUXSWRUHV
EDUUHUDVGHOX]LQWHUUXSWRUHVFUHSXVFXODUHVHWF
3URSLHGDGHVGHORVVHQVRUHVSDUD/2*2
/2*25&5&R /2*2R /2*2'0 /2*2'0
5
,, ,,,, ,, ,,,, ,, ,,
(VWDGRGHVH³DO 9'& 9'& 9'& 9'& 9'& 9'&
,QWHQVLGDGGHHQWUDGD P$ P$ P$ P$ P$ P$
(VWDGRGHVH³DO !9'& !9'& !9'& !9'& !9'& !9'&
,QWHQVLGDGGHHQWUDGD !P$ !P$ !P$ !P$ !P$ !P$
/2*2 /2*2 /2*25&5&R /2*25&5&R
5&5&R$& 5&5&R'& $& '&
/2*2'0 /2*2'0 /2*2'0 /2*2'0
5$& 5'& 5$& 5'&
(VWDGRGHVH³DO 9$& 9'& 9$& 9'&
,QWHQVLGDGGHHQWUDGD P$ P$ P$ P$
(VWDGRGHVH³DO !9$& !9'& !9$& !9'&
,QWHQVLGDGGHHQWUDGD !P$ !P$ !P$ !P$
/2*2'0 /2*2'0 /2*2'0 /2*2'0
5 5$& 5'&
(VWDGRGHVH³DO 9'& 9'& 9$& 9'&
,QWHQVLGDGGHHQWUDGD P$ P$ P$ P$
(VWDGRGHVH³DO !9'& !9'& !9$& !9'&
,QWHQVLGDGGHHQWUDGD !P$ !P$ !P$ !P$
1RWD
/DVHQWUDGDVGLJLWDOHVGHO/2*25&5&R\GHOPµGXORGHDPSOLDFLµQ'05
HVW£QGLYLGLGDVHQGRVJUXSRVGHFXDWURHQWUDGDVFDGDXQR(QXQPPLVPRJUXSRWRGDVODV
HQWUDGDVGHEHQRSHUDUVHHQODPPLVPDIDVH/DVIDVHVG
GLIHUHQWHVVµORVRQSRVLEOHVH
HQWUHORV
GLVWLQWRVJUXSRV
/,D,HQODIDVH/
(MHPSOR,D,HQODIDVH/ /
/DHQWUDGDVHQHO/2*2'05Q
QRSXHGHQFRQHFWDUVHDGLIHUHQWHVIDVHV
/2*2
0DQXDOGHSURGXFWR$(
0RQWDU\FDEOHDU/2*2
&DEOHDUHO/2*2
&RQH[LµQGHVHQVRUHV
&RQHFWDUO£PSDUDVGHQHµQ\GHWHFWRUHVGHSUR[LPLGDGGHKLORV%HURD/2*2
5&5&RRELHQ/2*2'05$&\/2*2'05$&
/DVLJXLHQWHILJXUDPXHVWUDFµPRFRQHFWDUD/2*2XQLQWHUUXSWRUFRQXQDO£PSDUDGH
QHµQ*UDFLDVDODFRUULHQWHTXHIOX\HSRUODO£PSDUDGHQHµQ/2*2SXHGHGHWHFWDUXQD
VH³DODXQTXHQRHVW«FHUUDGRHOFRQWDFWRGHOLQWHUUXSWRU6LQHPEDUJRHVWDUHDFFLµQQR
RFXUUHVLVHXWLOL]DXQLQWHUUXSWRUFX\DO£PSDUDGHQHµQWHQJDXQDIXHQWHGHDOLPHQWDFLµQ
SURSLD
/
1
&
/ 1 , , , ,
&RQGHQVDGRU;N9Q)
6LGHVHDXWLOL]DUGHWHFWRUHVGHSUR[LPLGDGGHKLORVWHQJDHQFXHQWDODFRUULHQWHGHUHSRVR
GH«VWRV(QDOJXQRVGHWHFWRUHVGHSUR[LPLGDGGHKLORVODFRUULHQWHGHUHSRVRHVWDQ
HOHYDGDTXHSXHGHGLVSDUDUXQDVH³DOOµJLFDHQODHQWUDGDGH/2*23RUWDQWR
FRPSDUHODFRUULHQWHGHUHSRVRGHORVGHWHFWRUHVGHSUR[LPLGDGFRQORVGDWRVW«FQLFRVGH
ODVHQWUDGDV3£JLQD
5HPHGLR
3DUDVXSULPLUHVWHFRPSRUWDPLHQWRXWLOLFHXQFRQGHQVDGRU;FRQQ)\N9(QXQD
VLWXDFLµQGHVWUXFWLYDHVWHWLSRGHFRQGHQVDGRUUHDOL]DXQDGHVFRQH[LµQVHJXUD(OQLYHOGH
WHQVLµQSDUDHOTXHHVW£GLVH³DGRHOFRQGHQVDGRUGHEHVHOHFFLRQDUVHGHPDQHUDTXH«VWH
QRVHDGHVWUXLGRHQFDVRGHVREUHWHQVLµQ
$9$&ODWHQVLµQHQWUH1\XQDHQWUDGD,QQRSXHGHH[FHGHUORV9SDUDJDUDQWL]DU
XQDVH³DO$OFRQGHQVDGRUSXHGHQFRQHFWDUVHDSUR[GLH]O£PSDUDVGHQHµQ
5HVWULFFLRQHV
&DPELRGHHVWDGRGHVH³DOൺൺ
7UDVXQFDPELRGHDRELHQGHDHOHVWDGRGHVH³DOGHEHSHUPDQHFHUFRQVWDQWHHQ
ODHQWUDGDSRUORPHQRVGXUDQWHXQFLFORGHOSURJUDPDGHPDQHUDTXH/2*2SXHGD
GHWHFWDUHOQXHYRHVWDGRGHVH³DO
(OWLHPSRGHHMHFXFLµQGHOSURJUDPDGHSHQGHGHOWDPD³RGHOPLVPR(QHODQH[R
'HWHUPLQDUHOWLHPSRGHFLFOR3£JLQDHQFRQWUDU£XQSURJUDPDGHSUXHEDTXHSHUPLWH
GHWHUPLQDUHOWLHPSRGHFLFORDFWXDO
/2*2
0DQXDOGHSURGXFWR$(
0RQWDU\FDEOHDU/2*2
&DEOHDUHO/2*2
3DUWLFXODULGDGHVGH/2*25&5&R\/2*2R
(QWUDGDVGLJLWDOHVU£SLGDV,,,H,
(VWDVYHUVLRQHVLQFRUSRUDQWDPEL«QHQWUDGDVGLJLWDOHVU£SLGDVFRQWDGRUHVDGHODQWHDWU£V
VHOHFWRUHVGHXPEUDO/DVUHVWULFFLRQHVPHQFLRQDGDVDUULEDQRULJHQSDUDHVWDVHQWUDGDV
GLJLWDOHVU£SLGDV
1RWD
/DVHQWUDGDVGLJLWDOHVU£SLGDV,,,H,VRQODVPLVPDVTXHHQODVYHUVLRQHVDQWHULRUHV
%$D%$3RUWDQWRXQSURJUDPDFUHDGRFRQFXDOTXLHUDGHHVWDVYHUVLRQHVSXHGH
WUDQVIHULUVHDORVQXHYRVGLVSRVLWLYRVGHODVHULH%$SRUPHGLRGHOVRIWZDUHGH
SURJUDPDFLµQ/2*26RIW&RPIRUWVLQPRGLILFDFLµQDOJXQD3RUHOFRQWUDULRORVSURJUDPDV
FUHDGRVFRQXQDYHUVLµQGH/2*2/HQWUDGDVGLJLWDOHVU£SLGDV,,GHEHQ
PRGLILFDUVH/DVHQWUDGDVGLJLWDOHVU£SLGDVKDQDXPHQWDGRGHN+]DN+]HQODVHULHGH
GLVSRVLWLYRV%$
/RVPµGXORVGHDPSOLDFLµQQRLQFRUSRUDQHQWUDGDVGLJLWDOHVU£SLGDV
(QWUDGDVDQDOµJLFDV,H,,H,
/DVHQWUDGDV,,,H,GHODVYHUVLRQHVGH/2*25&5&R\
RSXHGHQXWLOL]DUVHFRPRHQWUDGDVGLJLWDOHVRDQDOµJLFDV(OPRGRGHHQWUDGDVH
GHILQHHQHOSURJUDPDGH/2*2
/DVHQWUDGDV,,,H,SURYHHQHQWUDGDVGLJLWDOHV\ODVHQWUDGDV$,$,$,H$,
SURYHHQHQWUDGDVDQDOµJLFDVFRQVXOWHHODSDUWDGR&RQVWDQWHV\FRQHFWRUHV&R
3£JLQD$,FRUUHVSRQGHDOERUQHGHHQWUDGD,$,FRUUHVSRQGHD,$,
FRUUHVSRQGHD,$,FRUUHVSRQGHD,/DXWLOL]DFLµQGH$,\$,HVRSFLRQDO(O/2*2
SXHGHFRQILJXUDUVHSDUDTXHXWLOLFHGRVRFXDWURHQWUDGDVDQDOµJLFDVYDSDUWDGR$MXVWDUHO
Q¼PHURGHHQWUDGDVDQDOµJLFDVGHOPµGXORE£VLFR3£JLQDSXQWR
6L,,,H,VHXWLOL]DQFRPRHQWUDGDVDQDOµJLFDVVµORHVW£GLVSRQLEOHHOUDQJR
FRPSUHQGLGRHQWUH\9'&
&RQHFWDUXQSRWHQFLµPHWURDODVHQWUDGDV,,,H,
3DUDREWHQHU9FRPRYDORUP£[LPRHQXQJLURFRPSOHWRGHOSRWHQFLµPHWURHVQHFHVDULR
FRQHFWDUXQDUHVLVWHQFLDVHULHHQHOODGRGHHQWUDGDGHOSRWHQFLµPHWURLQGHSHQGLHQWHPHQWH
GHODWHQVLµQGHHQWUDGDY«DVHODVLJXLHQWHILJXUD
6HUHFRPLHQGDQORVVLJXLHQWHVYDORUHVSDUDORVSRWHQFLµPHWURV\ODVUHVLVWHQFLDVVHULH
FRUUHVSRQGLHQWHV
7HQVLµQ 3RWHQFLµPHWUR 5HVLVWHQFLDVHULH
9 N˖
9 N˖ N˖
6LXWLOL]DXQSRWHQFLµPHWUR\XQDWHQVLµQGHHQWUDGDGH9FRPRYDORUP£[LPRDVHJ¼UHVH
GHTXHFRQXQDWHQVLµQGHHQWUDGDGH9FRQHFWDGDODUHVLVWHQFLDVHULHOLEHUH9SDUD
TXHHQXQJLURFRPSOHWRGHOSRWHQFLµPHWURVHVXPLQLVWUHQFRPRP£[LPR9(VWDPHGLGD
QRHVQHFHVDULDVLVHXWLOL]DXQDWHQVLµQGH9
1RWD
(OPµGXORGHDPSOLDFLµQ/2*2$0SURYHHHQWUDGDVDQDOµJLFDVDGLFLRQDOHV(OPµGXOR
GHDPSOLDFLµQ/2*2$037SURYHHHQWUDGDV3W
3DUDODVVH³DOHVDQDOµJLFDVXWLOLFHVLHPSUHFDEOHVWUHQ]DGRV\DSDQWDOODGRVORP£VFRUWRV
SRVLEOH
/2*2
0DQXDOGHSURGXFWR$(
0RQWDU\FDEOHDU/2*2
&DEOHDUHO/2*2
&RQH[LµQGHVHQVRUHV
&RQHFWDUVHQVRUHVD/2*2
/2*2
/
0 /DVHQWUDGDVGHHVWRVGLVSRVLWLYRVQRHVW£QDLVODGDV
JDOY£QLFDPHQWHSRUORTXHUHTXLHUHQHOPLVPR
SRWHQFLDOGHUHIHUHQFLDPDVD
/RVPµGXORV/2*25&5&R\/2*2R
SXHGHQWRPDUVH³DOHVDQDOµJLFDVHQWUHODWHQVLµQGH
DOLPHQWDFLµQ\ODPDVD
/ 0 , , , , , ,
UHVLVWHQFLDVHULHFRQ9'&
/2*2
/
/
/
1 /DVHQWUDGDVGHHVWRVGLVSRVLWLYRVHVW£Q
GLVSXHVWDVHQJUXSRVGHHQWUDGDVFDGD
XQR6µORSXHGHKDEHUIDVHVGLIHUHQWHVHQWUH
ORVEORTXHVQRGHQWURGHFDGDXQRGHHOORV
/ 1 , , , , , ,
$'9(57(1&,$
'HELGRDODVQRUPDVGHVHJXULGDGH[LVWHQWHV9'(H,(&\F8/XVQR
HVSRVLEOHFRQHFWDUIDVHVGLIHUHQWHVDXQJUXSRGHHQWUDGD,,µ,,GHXQDYDULDQWH
$&RDODVHQWUDGDVGHXQPµGXORGLJLWDO
/2*2
0DQXDOGHSURGXFWR$(
0RQWDU\FDEOHDU/2*2
&DEOHDUHO/2*2
/2*2$0
/
3( %RUQH 3( SDUD OD
0 FRQH[LµQDWLHUUD\
DSDQWDOODGRGHO
FDEOHGHPHGLFLµQ
/ 0 / 0 DQDOµJLFR
7LHUUD
ཱ 3DQWDOOD GH FDEOH
ི 3HUILO VRSRUWH
ི 5816723
3(
0 / , 0 8 , 0 8
,QWHQVLGDG ཱ
P$ ,QWHQVLGDGGH 9
UHIHUHQFLD
0
0HGLFLµQGHLQWHQVLGDG 0HGLFLµQGHWHQVLµQ
/DILJXUDDQWHULRUPXHVWUDXQHMHPSORGHPHGLFLµQGHLQWHQVLGDGDFXDWURKLORV\GH
PHGLFLµQGHWHQVLµQDGRVKLORV
&RQHFWDUXQVHQVRUGHGRVKLORVDO/2*2$0
&DEOHHORVKLORVGHFRQH[LµQGHOVHQVRUDGRVKLORVGHOVLJXLHQWHPRGR
&RQHFWHODVDOLGDGHOVHQVRUFRQODFRQH[LµQ8PHGLFLµQGHWHQVLµQGHD9RFRQ
ODFRQH[LµQ,PHGLFLµQGHLQWHQVLGDGGHDP$GHOPµGXOR$0
&RQHFWHODFRQH[LµQSRVLWLYDGHOVHQVRUDODWHQVLµQGHDOLPHQWDFLµQGH9/
&RQHFWHODFRQH[LµQDPDVDGHOVHQVRUDODHQWUDGD0FRUUHVSRQGLHQWH0R0GHO
PµGXOR$0
/2*2
0DQXDOGHSURGXFWR$(
0RQWDU\FDEOHDU/2*2
&DEOHDUHO/2*2
/2*2$037
3XHGHFRQHFWDUDOPµGXORXQWHUPRSDUGHUHVLVWHQFLD37GHµKLORV
(QXQDFRQH[LµQDKLORVHVSUHFLVRFRUWRFLUFXLWDUORVERUQHV0H,&R0H,&(Q
HVWHWLSRGHFRQH[LµQQRVHFRPSHQVDQORVHUURUHVFDXVDGRVSRUODUHVLVWHQFLDµKPLFDGHOD
O¯QHDGHPHGLFLµQ8QDUHVLVWHQFLDGHO¯QHDGH˖HVSURSRUFLRQDODXQHUURUGHPHGLFLµQ
GHr&
8QDFRQH[LµQDKLORVVXSULPHODLQIOXHQFLDGHODORQJLWXGGHOFDEOHUHVLVWHQFLDµKPLFDHQ
HOUHVXOWDGRGHPHGLFLµQ
&RQH[LµQDKLORV &RQH[LµQDKLORV
/ 0 / 0 / 0 / 0
5816723 5816723
3( 3(
0 ,& 0 0,& 0 0 ,& 0 0,& 0
3W 3W
1RWD
/DIOXFWXDFLµQGHORVYDORUHVDQDOµJLFRVVHGHEHDODIDOWDGHDSDQWDOODPLHQWRGHOFDEOHGH
FRQH[LµQHQWUHHOHQFRGHUDQDOµJLFR\HOPµGXORGHDPSOLDFLµQ/2*2$0$037
FDEOHGHHQFRGHURELHQDXQDSDQWDOODPLHQWRPDOPRQWDGR
3DUDHYLWDUODIOXFWXDFLµQGHORVYDORUHVDQDOµJLFRVDOXWLOL]DUHVWRVPµGXORVGHDPSOLDFLµQ
SURFHGDGHOVLJXLHQWHPRGR
x 8WLOLFHVµORFDEOHVGHHQFRGHUDSDQWDOODGRV
x 8WLOLFHFDEOHVGHHQFRGHUORP£VFRUWRVSRVLEOH/DORQJLWXGGHOFDEOHGHHQFRGHUQR
GHEHH[FHGHUORVP
x )LMHODSDQWDOODGHOFDEOHGHHQFRGHUVµORSRUXQODGRDOERUQH3(GHOPµGXORGH
DPSOLDFLµQ$0$037$0$4
x &RQHFWHODWLHUUDGHODDOLPHQWDFLµQGHOHQFRGHUFRQHOERUQH3(GHOPµGXORGH
DPSOLDFLµQ
x (YLWHXWLOL]DUHOPµGXORGHDPSOLDFLµQ/2*2$037FRQXQDIXHQWHGH
DOLPHQWDFLµQQRSXHVWDDWLHUUDIORWDQWH6LHVWRQRSXHGHHYLWDUVHFRQHFWHODVDOLGD
QHJDWLYDVDOLGDGHWLHUUDGHODIXHQWHGHDOLPHQWDFLµQFRQODSDQWDOODGHORVKLORVGH
PHGLFLµQGHODWHUPRUUHVLVWHQFLD
/2*2
0DQXDOGHSURGXFWR$(
0RQWDU\FDEOHDU/2*2
&DEOHDUHO/2*2
&RQH[LµQGHODVVDOLGDV
/2*25
/DYHUVLµQ/2*25HVW£HTXLSDGDFRQVDOLGDVGHUHO«/RVFRQWDFWRVGHORVUHO«VHVW£Q
DLVODGRVJDOY£QLFDPHQWHGHODIXHQWHGHDOLPHQWDFLµQ\ODVHQWUDGDV
&RQGLFLRQHVSDUDODVVDOLGDVGHUHO«
3XHGHFRQHFWDUGLIHUHQWHVFDUJDVDODVVDOLGDVSHMO£PSDUDVO£PSDUDVIOXRUHVFHQWHV
PRWRUHVFRQWDFWRUHVDX[LOLDUHVHWF3DUDP£VLQIRUPDFLµQDFHUFDGHODVSURSLHGDGHV
QHFHVDULDVSDUDODVFDUJDVFRQHFWDGDVDO/2*25FRQVXOWHORVGDWRVW«FQLFRV
3£JLQD
&RQHFWDU
0DQHUDGHFRQHFWDUODFDUJDDO/2*25
// '05
4 4
4 4
&DUJD &DUJD
10
3URWHFFLµQSRUIXVLEOHDXWRP£WLFRP£[$FDUDFWHU¯VWLFD%
SHMPDJQHWRW«UPLFR6;VLVHUHTXLHUH
/2*2FRQVDOLGDVGHWUDQVLVWRU
/DVYHUVLRQHVGH/2*2FRQVDOLGDVGHWUDQVLVWRUVHUHFRQRFHQSRUIDOWDUODOHWUD5
5HQVX
QRPEUHGHWLSR/DVVDOLGDVVRQDSUXHEDGHFRUWRFLUFXLWRV\GHVREUHFDUJDV1RVHQHFHVLWD
XQDWHQVLµQGHFDUJDDX[LOLDU\DTXH/2*2SURYHHODWHQVLµQGHFDUJD
5HTXLVLWRVSDUDODVVDOLGDVGHWUDQVLVWRU
/DFDUJDFRQHFWDGDD/2*2GHEHWHQHUODVVLJXLHQWHVFDUDFWHU¯VWLFDV
Ⴠ /DP£[LPDFRUULHQWHGHFRQPXWDFLµQHVGH$SRUFDGDVDOLGD
/2*2
0DQXDOGHSURGXFWR$(
0RQWDU\FDEOHDU/2*2
&DEOHDUHO/2*2
&RQHFWDU
0DQHUDGHFRQHFWDUODFDUJDDXQ/2*2FRQVDOLGDVGHWUDQVLVWRU
'0
4 0 4 0
4 0 4 0
&DUJD &DUJD
&DUJD9'&$P£[
/2*2$0$4
/2*2$0$4
/ /
0 0
/ 0 / 0 / 0 / 0
ཱ ཱ
5816723 5816723
3( 3(
287387[9 V1, V2: 0 ...10V DC 287387[9RUP$
V1, V2: 0 ... 10 V DC
R1: >= 5 kΩ
9 0 9 0
R1: >= 5 kΩ
9 0 , 9 0 ,
7LHUUD
ཱ 3HUILOVRSRUWH
/DILJXUDDQWHULRUPXHVWUDXQHMHPSORGHFµPRFRQHFWDUODFDUJDGHWHQVLµQRLQWHQVLGDG
/DVGLIHUHQFLDVHQWUHORVGRVPµGXORV$0$4HVW£QHQHORUGHQGHORVFRQHFWRUHVGH
VDOLGD\HQVLWLHQHQXQDIXQFLµQGHVDOLGDGHP$
/2*2
0DQXDOGHSURGXFWR$(
0RQWDU\FDEOHDU/2*2
&DEOHDUHO/2*2
&RQHFWDUHOEXV(,%
/DFRQH[LµQVHHIHFW¼DPHGLDQWHHOERUQHGHWRUQLOORGHGRVSRORV\
5816723
%86
3URJൻ
(,%
6µORVHXWLOL]DHOSDUGHKLORVURMRQHJURHOSDUEODQFRDPDULOORQRVHFRQHFWD
(OSXOVDGRU3URJൻSHUPLWHSRQHUHO&0(,%.1;HQPRGRGHSURJUDPDFLµQ
1RWD
(OSXOVDGRU3URJൻQRGHEHSXOVDUVHFRQGHPDVLDGDIXHU]D
6LODFRQH[LµQGHEXVHVFRUUHFWDHO/('VHHQFLHQGHHQYHUGH
(QPRGRGHSURJUDPDFLµQHO/('VHHQFLHQGHHQQDUDQMD
&RQH[LµQDOEXV(,%
(O&0(,%.1;VHHQFDUJDGHODFRPXQLFDFLµQHQWUH/2*2\(,%KDFLHQGRTXHOD
FRPXQLFDFLµQHVW«GLVSRQLEOHY¯DHQWUDGDV\VDOLGDV(,%
/DDSOLFDFLµQGHO&0(,%.1;RFXSDWRGDODLPDJHQGHSURFHVRGH/2*23RUWDQWRODV
HQWUDGDVRVDOLGDVQRRFXSDGDVHQ/2*2SXHGHQRFXSDUVHHQHO(,%
1RWD
3DUDP£VLQIRUPDFLµQDFHUFDGHODFRQH[LµQDODUHGGH/2*2HQHOEXV(,%FRQVXOWHOD
GRFXPHQWDFLµQGHO/2*2&0(,%.1;HVSHFLDOPHQWHHO0LFUR$XWRPDWLRQ6HW
/2*2
0DQXDOGHSURGXFWR$(
0RQWDU\FDEOHDU/2*2
&DEOHDUHO/2*2
&RQHFWDUHOEXV$6,QWHUIDFH
3DUDDMXVWDUODGLUHFFLµQGHOPµGXORHQHOEXV$6,QWHUIDFHVHQHFHVLWDXQDXQLGDGGH
GLUHFFLRQDPLHQWR
/DVGLUHFFLRQHVY£OLGDVHVW£QFRPSUHQGLGDVHQWUH\&DGDGLUHFFLµQVµORSXHGH
XWLOL]DUVHXQDYH]
/DGLUHFFLµQSXHGHDMXVWDUVHHQHOEXV$6,QWHUIDFHDQWHVRGHVSX«VGHOPRQWDMH
6LHOPµGXORPRQWDGRVHGLUHFFLRQDDWUDY«VGHOFRQHFWRUKHPEUDGHGLUHFFLRQDPLHQWROD
WHQVLµQGHO$6,QWHUIDFHGHEHGHVFRQHFWDUVHDQWHV(VWDPHGLGDHVQHFHVDULDSRUUD]RQHV
GHVHJXULGDG
5816723
$6,
$6,
$''5 ಥ ಥ
&RQH[LµQDOEXV$6,QWHUIDFH
3DUDODFRQH[LµQDOEXV$6,QWHUIDFHVHUHTXLHUHXQDYDULDQWH/2*2DSWDSDUDOD
FRPXQLFDFLµQ
Ⴠ PµGXOR/2*2%DVLF&0$6,
3DUDSRGHUHQYLDUGDWRVDWUDY«VGHOEXV$6,QWHUIDFHD/2*2\YLFHYHUVDQHFHVLWDU£
WDPEL«Q
Ⴠ XQDIXHQWHGHDOLPHQWDFLµQSDUD$6,QWHUIDFH\
Ⴠ XQPDHVWUR$6,QWHUIDFHSHMXQ6FRQXQ&3RELHQXQ'3$6,/LQN(
/2*2VµORSXHGHDFWXDUGHHVFODYRHQHOEXV$6,QWHUIDFH(VWRVLJQLILFDTXHGRV
GLVSRVLWLYRV/2*2QRSXHGHQLQWHUFDPELDUGDWRVGLUHFWDPHQWH(OLQWHUFDPELRGHGDWRVVH
HIHFW¼DVLHPSUHDWUDY«VGHOPDHVWUR$6,QWHUIDFH
$'9(57(1&,$
QXQFDHO«FWULFDPHQWH
/RVVLVWHPDV$6,QWHUIDFH\/2*2QRVHGHEHQLQWHUFRQHFWDUQ
8WLOLFHXQDLVODPLHQWRVHJXURVHJ¼Q,(&(18/&6$&1R
/2*2
0DQXDOGHSURGXFWR$(
0RQWDU\FDEOHDU/2*2
&DEOHDUHO/2*2
$VLJQDFLµQOµJLFD
6LVWHPD/2*2 6LVWHPD$6,QWHUIDFH
(QWUDGDV %LWVGHGDWRVGHVDOLGD
,Q '
,Q '
,Q '
,Q '
6DOLGDV %LWVGHGDWRVGHVDOLGD
4Q '
4Q '
4Q '
4Q '
QGHSHQGHGHODSRVLFLµQGHLQVHUFLµQGHOPµGXORGHDPSOLDFLµQFRQUHVSHFWRD
/2*2%DVLF,QGLFDHOQ¼PHURGHODHQWUDGDRVDOLGDHQHOFµGLJRGHSURJUDPDGH/2*2
1RWD
$VHJ¼UHVHGHTXHKD\DVXILFLHQWHHVSDFLRGLVSRQLEOHSDUDODVHQWUDGDVVDOLGDVGH$6
,QWHUIDFHHQHO£UHDGHGLUHFFLRQDPLHQWRGH/2*26L\DHVW£XWLOL]DQGRP£VGHVDOLGDV
I¯VLFDVRP£VGHHQWUDGDVI¯VLFDVHO&0$6,QWHUIDFHQRSRGU£IXQFLRQDU
3DUDP£VLQIRUPDFLµQDFHUFDGHODFRQH[LµQDODUHGGH/2*2HQHOEXV$6,QWHUIDFH
FRQVXOWHODGRFXPHQWDFLµQGHO/2*2&0$6,QWHUIDFHHVSHFLDOPHQWHORV0LFUR$XWRPDWLRQ
6HWV\
/2*2
0DQXDOGHSURGXFWR$(
0RQWDU\FDEOHDU/2*2
&DEOHDUHO/2*2
&RQHFWDUPµGHPV
/DVHULH/2*2%$VRSRUWDXQDLQWHUID]GHPµGHPHQWUHXQ3&\HOPµGXOR/2*2%DVLF
%$(VSRVLEOHXWLOL]DUPµGHPVSDUDGHVFDUJDU\FDUJDUSURJUDPDVHQWUH/2*26RIW
&RPIRUW\ORVGLVSRVLWLYRV/2*2/DFRQH[LµQFRQHOPµGHPVµORSXHGHFRQILJXUDUVHFRQ
/2*26RIW&RPIRUW9
] ^
X
Y Z
[
_
XW
\
XX
3&HVFULWRULRRSRUW£WLO ྲྀ /¯QHDWHOHIµQLFD5-HVW£QGDU
ཱ 0µGHPORFDOUHFRPHQGDGRPµGHP ཷ &DEOHGHPµGHPGHO/2*2ORQJLWXGP
,16<6
ི 3671UHGWHOHIµQLFDS¼EOLFD ླྀ &RQHFWRUGHFDEOHFRQHOWH[WRYLVLEOH
FRQPXWDGD 02'(0HQDPERVODGRV
ཱི 0µGHPUHPRWRUHFRPHQGDGR ཹ &RQHFWRUGHFDEOHFRQHOWH[WRYLVLEOH3&
PµGHP,16<6 &$%/(HQDPERVODGRV
ུ 0µGXOR/2*2%DVLF ེ &DEOH3&/2*2
ཱུ &DEOH56HVW£QGDUSLQHV
(QFRQWUDU£XQDGHVFULSFLµQGHWDOODGDGHODFRQILJXUDFLµQGHOPµGHPHQODD\XGDHQSDQWDOOD
GH/2*26RIW&RPIRUW9
(QFRQWUDU£XQDGHVFULSFLµQGHWDOODGDGHOFDEOHGHPµGHPGHO/2*2HQODLQIRUPDFLµQGHO
SURGXFWRGHOFDEOHGHPµGHPSDUD/2*2
$7(1&,1
/RVPµGHPVHPSOHDGRVGHEHQFXPSOLUORVUHTXLVLWRVVLJXLHQWHV
&DSDFLGDGGHWUDQVPLWLUE\WHVGHELWVELWVGHGDWRVELWGHSDUDGD\ELWGHSDULGDG
&DSDFLGDGGHSURSRUFLRQDUFRPDQGRV$7HVW£QGDURFRPDQGRVTXHIXQFLRQDQFRPR$7
HVW£QGDU
(OPµGHPFRQHFWDGRFRQHOFDEOHGHPµGHPGHO/2*2GHEHSRGHUSURYHHUXQD
LQWHQVLGDGP¯QLPDGHP$SRUHOSLQGHVXLQWHUID]56
/2*2
0DQXDOGHSURGXFWR$(
0RQWDU\FDEOHDU/2*2
3XHVWDHQPDUFKD
3XHVWDHQPDUFKD
$FWLYDFLµQGH/2*2FRQHFWDUODDOLPHQWDFLµQ
/2*2QRGLVSRQHGHXQLQWHUUXSWRUGHHQFHQGLGR/DUHDFFLµQGH/2*2GXUDQWHHO
DUUDQTXHGHSHQGHGHORVLJXLHQWH
Ⴠ 6LKD\XQSURJUDPDDOPDFHQDGRHQ/2*2
Ⴠ 6LHVW£LQVHUWDGDXQDWDUMHWDGHPHPRULDRXQDWDUMHWDGHPHPRULDEDWHU¯DFRPELQDGD
Ⴠ 6LVHWUDWDGHXQDYHUVLµQGH/2*2VLQGLVSOD\/2*2R
Ⴠ (OHVWDGRGH/2*2HQHOPRPHQWRGHOFRUWHGHDOLPHQWDFLµQ
7RGDVODVUHDFFLRQHVSRVLEOHVGH/2*2VHGHVFULEHQHQODVLJXLHQWHS£JLQD
/2*2
0DQXDOGHSURGXFWR$(
0RQWDU\FDEOHDU/2*2
3XHVWDHQPDUFKD
3DUDJDUDQWL]DUTXHHOPµGXORGHDPSOLDFLµQFRQHFWDGRD/2*2FDPELHDPRGR581
FRPSUXHEHORVLJXLHQWH
Ⴠ (VW£ELHQHQFDMDGRHOFRQWDFWRGHVOL]DQWHHQWUH/2*2\HOPµGXORGHDPSOLDFLµQ"
Ⴠ (VW£FRQHFWDGDODIXHQWHGHDOLPHQWDFLµQDOPµGXORGHDPSOLDFLµQ"
Ⴠ $GHP£VFRQHFWHVLHPSUHSULPHURODIXHQWHGHDOLPHQWDFLµQGHOPµGXORGHDPSOLDFLµQ\
OXHJRODIXHQWHGHDOLPHQWDFLµQGHOPµGXOR/2*2%DVLFRDFWLYHDPEDVIXHQWHVGH
DOLPHQWDFLµQDOPLVPRWLHPSR'HORFRQWUDULRHOVLVWHPDQRGHWHFWDU£HOPµGXORGH
DPSOLDFLµQFXDQGRDUUDQTXHHOPµGXOR/2*2%DVLF
$QWHVGH5(''(6& 'HVSX«VGH5('&21
1LQJ3URJU
R
1LQJ3URJU 3XOVH(6&
3XOVH(6&
YDF¯R !3URJUDPDU
1RKD\QLQJ¼Q 7DUMHWD
SURJUDPDHQOD
&RQILJ
PHPRULD
FRQSURJUDPD ,QLFLR
0R 0R
FRQSURJUDPDDOPDFHQDGR
, , HQ/2*2
R
4
% YDF¯R
/2*2HQPRGR581
3DU
FRQSURJUDPDFRSLDGR
0R
GHODWDUMHWDGH
&QW
, PHPRULDRGH
PHPRULDEDWHU¯D
/2*2 FRQSURJUDPD FRPELQDGDHQ/2*2
HQPRGR581
% !3URJUDPDU FRQSURJUDPD
7DUMHWD DOPDFHQDGRHQ
4 R &RQILJ /2*2
,QLFLR
3URJUDPDHQ YDF¯R !3URJUDPDU FRQSURJUDPDFRSLDGR
ODPHPRULD 7DUMHWD GHODWDUMHWDGH
&RQILJ PHPRULDRGH
,QLFLR PHPRULDEDWHU¯D
FRQSURJUDPD FRPELQDGDHQ/2*2
/2*2
0DQXDOGHSURGXFWR$(
0RQWDU\FDEOHDU/2*2
3XHVWDHQPDUFKD
7DPEL«QSXHGHPHPRUL]DUFXDWURUHJODVE£VLFDVSDUDHODUUDQTXHGH/2*2
6LQL/2*2QLODWDUMHWDGHPHPRULDRGHPHPRULDEDWHU¯DFRPELQDGDLQVHUWDGD
FRQWLHQHQQLQJ¼QSURJUDPD/2*2FRQGLVSOD\QRWLILFDU£
1LQJ3URJU3XOVH(6&
8QSURJUDPDFRQWHQLGRHQODWDUMHWDGHPHPRULDRGHPHPRULDEDWHU¯DFRPELQDGDVH
FRSLDDXWRP£WLFDPHQWHHQ/2*2(OSURJUDPDFRQWHQLGRHQ/2*2VHVREUHVFULEH
6L/2*2ODWDUMHWDGHPHPRULDRGHPHPRULDEDWHU¯DFRPELQDGDFRQWLHQHXQSURJUDPD
/2*2DGRSWDU£HOHVWDGRRSHUDWLYRTXHWHQ¯DDQWHVGHGHVFRQHFWDUVHODDOLPHQWDFLµQ
/DVYHUVLRQHVVLQGLVSOD\/2*2RSDVDQDXWRP£WLFDPHQWHGH6723D581HO/('
FDPELDGHURMRDYHUGH
6LKDDFWLYDGRODUHPDQHQFLDSDUDXQDIXQFLµQFRPRP¯QLPRRVLXQDIXQFLµQWLHQH
UHPDQHQFLDSHUPDQHQWHORVYDORUHVDFWXDOHVVHFRQVHUYDU£QDOGHVFRQHFWDUVHOD
DOLPHQWDFLµQ
1RWD
6LVHSURGXFHXQFRUWHGHDOLPHQWDFLµQPLHQWUDVLQWURGXFHXQSURJUDPDHOSURJUDPDHQ
/2*2VHERUUDU£WUDVUHVWDEOHFHUVHODDOLPHQWDFLµQ
$QWHVGHPRGLILFDUHOSURJUDPDKDJDXQDFRSLDGHVHJXULGDGGH«VWHHQXQDWDUMHWDGH
PHPRULDXQDWDUMHWDGHPHPRULDEDWHU¯DFRPELQDGDRXQ3&PHGLDQWH/2*26RIW
&RPIRUW
/2*2
0DQXDOGHSURGXFWR$(
0RQWDU\FDEOHDU/2*2
3XHVWDHQPDUFKD
3XHVWDHQPDUFKDGHXQ&0(,%.1;
'HEHKDEHUWHQVLµQGHEXV\GHDOLPHQWDFLµQ
&RQHFWHHO3&FRQODLQWHUID]VHULH(,%
,QLFLHHOVRIWZDUH(76XWLOL]DQGR(769
&RQILJXUHHOSURJUDPDGHDSOLFDFLµQHQ(769
(OSURJUDPDGHDSOLFDFLµQVHFDUJDHQORVGLVSRVLWLYRVY¯DODLQWHUID](,%(OSURJUDPDGH
DSOLFDFLµQHVW£GLVSRQLEOHHQODS£JLQDZHEGH/2*2KWWSZZZVLHPHQVFRPORJR
+DJDFOLFHQ3URJUDPDUGLUHFFLµQI¯VLFDHQ(76
3XOVHHOERWµQHQHO&0(,%.1;SDUDSRQHUORHQPRGRGHSURJUDPDFLµQ(O/('VH
HQFHQGHU£HQQDUDQMD
1RWD
(OSXOVDGRU3URJൻQRGHEHSXOVDUVHFRQGHPDVLDGDIXHU]D
6LODFRQH[LµQGHEXVHVFRUUHFWDHO/('VHHQFLHQGHHQYHUGH
(QPRGRGHSURJUDPDFLµQHO/('VHHQFLHQGHHQQDUDQMD
&XDQGRVHDSDJDHO/('VLJQLILFDTXHKDILQDOL]DGRODSURJUDPDFLµQGHODGLUHFFLµQ
I¯VLFD$KRUDSXHGHPDUFDUODGLUHFFLµQI¯VLFDHQHOGLVSRVLWLYR&RPSRVLFLµQGHOD
GLUHFFLµQI¯VLFD
UHD/¯QHD'LVSRVLWLYR;;;;;;;
(OSURJUDPDGHDSOLFDFLµQVHSXHGHHMHFXWDUDKRUD(OGLVSRVLWLYRHVW£OLVWRSDUD
IXQFLRQDU
6LXQVLVWHPD(,%LQFRUSRUDYDULRV&0(,%.1;ORVSDVRVDGHEHU£QUHSHWLUVHSDUD
FDGD&0(,%.1;
3DUDP£VLQIRUPDFLµQDFHUFDGHODSXHVWDHQPDUFKDGH(,%FRQVXOWHODGRFXPHQWDFLµQ
FRUUHVSRQGLHQWH
/2*2
0DQXDOGHSURGXFWR$(
0RQWDU\FDEOHDU/2*2
3XHVWDHQPDUFKD
(VWDGRVRSHUDWLYRV
(VWDGRVRSHUDWLYRVGHO/2*2%DVLF
/2*2%DVLF3XUHWLHQHGRVHVWDGRVRSHUDWLYRV6723\581
6723 581
x (OGLVSOD\PXHVWUDORVLJXLHQWH
1LQJ3URJU
x 'LVSOD\SDQWDOODSDUDVXSHUYLVDUODV(6\ORV
QRHQ/2*2R DYLVRVWUDVVHOHFFLRQDU,1,&,2HQHOPHQ¼
x &DPELDU/2*2DPRGRGHSURJUDPDFLµQ SULQFLSDO
QRHQ/2*2R QRHQ/2*2R
x /('HQFHQGLGRHQURMR x &DPELDU/2*2DPRGRGHSDUDPHWUL]DFLµQ
VµOR/2*2R QRHQ/2*2R
x /('HQFHQGLGRHQYHUGH
VµOR/2*2R
$FFLµQGH/2*2 $FFLµQGH/2*2
x 1RVHOHHQORVGDWRVGHODVHQWUDGDV x /2*2OHHHOHVWDGRGHODVHQWUDGDV
x 1RVHHMHFXWDHOSURJUDPD x /2*2XWLOL]DHOSURJUDPDSDUDFDOFXODUHO
x /RVFRQWDFWRVGHUHO«HVW£QDELHUWRV HVWDGRGHODVVDOLGDV
SHUPDQHQWHPHQWHRODVVDOLGDVGHWUDQVLVWRU x /2*2DFWLYDRGHVDFWLYDODVVDOLGDVGHUHO«
HVW£QGHVFRQHFWDGDV GHWUDQVLVWRU
1RWD
7UDVFRQHFWDUODDOLPHQWDFLµQHOVLVWHPDDFWLYD\GHVDFWLYDEUHYHPHQWHODVVDOLGDVGHO
/2*2R(QHVWDGRGHVFRQHFWDGRSXHGHKDEHUXQDWHQVLµQ!9KDVWDDSUR[
PVPLHQWUDVTXHFRQFDUJDHOWLHPSRVHUHGXFHDPLOLVHJXQGRV
0µGXORVGHDPSOLDFLµQ/2*2HVWDGRVRSHUDWLYRV
/RVPµGXORVGHDPSOLDFLµQ/2*2WLHQHQWUHVHVWDGRVRSHUDWLYRVHO/('5816723HVW£
HQFHQGLGRHQYHUGHURMRRQDUDQMD
/('5816723HQFHQGLGR
9HUGH581 5RMR6723 1DUDQMDDPDULOOR
(OPµGXORGHDPSOLDFLµQVH (OPµGXORGHDPSOLDFLµQQQRVH )DVHGHLQLFLDOL]DFLµQGHO
FRPXQLFDFRQHOGLVSRVLWLYR FRPXQLFDFRQHOGLVSRVLWLYR PµGXORGHDPSOLDFLµQ
XELFDGRDODL]TXLHUGD XELFDGRDODL]TXLHUGD
/2*2
0DQXDOGHSURGXFWR$(
0RQWDU\FDEOHDU/2*2
3XHVWDHQPDUFKD
&0$6,QWHUIDFHHVWDGRVGHFRPXQLFDFLµQ
(O&0$6,QWHUIDFHWLHQHWUHVHVWDGRVGHFRPXQLFDFLµQHO/('HVW£HQFHQGLGRHQYHUGHR
URMRRELHQSDUSDGHDHQURMRDPDULOOR
/('$6,HQFHQGLGR
9HUGH 5RMR 5RMRDPDULOOR
&RPXQLFDFLµQ$6,QWHUIDFH )DOORGHODFRPXQLFDFLµQ$6 (OHVFODYRWLHQHODGLUHFFLµQ
FRUUHFWD ,QWHUIDFH
&0$6,QWHUIDFHFRPSRUWDPLHQWRHQFDVRGHIDOORGHFRPXQLFDFLµQ
Ⴠ 6LIDOODODWHQVLµQGHO$6,QWHUIDFHVHLQWHUUXPSHODFRPXQLFDFLµQHQWUHHOVLVWHPD
/2*2\ORVPµGXORVGHDPSOLDFLµQGLVSXHVWRVDODGHUHFKDGHOPµGXORGHDPSOLDFLµQ
/2*2&0$6,QWHUIDFH
5HFRPHQGDFLµQ'LVSRQJDHO/2*2&0$6,QWHUIDFHHQHOH[WUHPRGHUHFKR
Ⴠ 6LVHLQWHUUXPSHODFRPXQLFDFLµQODVVDOLGDVFRQPXWDEOHVVHGHVDFWLYDQWUDVDSUR[D
PV
&0(,%.1;HVWDGRVGHFRPXQLFDFLµQ
(O&0(,%.1;SXHGHWHQHUWUHVHVWDGRVGHFRPXQLFDFLµQHO/('HVW£HQFHQGLGRHQ
YHUGHURMRRQDUDQMD
/('%86HQFHQGLGR
9HUGH 5RMR 1DUDQMD
&RQH[LµQGHEXVFRUUHFWD &RQH[LµQGHEXVLQWHUUXPSLGD 0RGRGHSURJUDPDFLµQDFWLYR\
FRPXQLFDFLµQFRUUHFWD FRQH[LµQGHEXVFRUUHFWD
QRHQPRGRGHSURJUDPDFLµQ
/2*2
0DQXDOGHSURGXFWR$(
0RQWDU\FDEOHDU/2*2
3XHVWDHQPDUFKD
&0(,%.1;FRPSRUWDPLHQWRHQFDVRGHIDOORGHFRPXQLFDFLµQ
Ⴠ )DOORGHODWHQVLµQGH/2*2
6LIDOODODDOLPHQWDFLµQGH/2*2RVHLQWHUUXPSHODFRPXQLFDFLµQFRQHOPDHVWUR
/2*2RFRQHOLQWHUORFXWRUHQHOODGRL]TXLHUGRODVVDOLGDVVHSRQHQD(O/('
5816723VHHQFLHQGHHQURMRDOFDERGHXQVHJXQGR
Ⴠ 5HVWDEOHFLPLHQWRGHODWHQVLµQGH/2*2
/2*2DUUDQFDGHQXHYR&0(,%.1;HQY¯DORVHVWDGRVSDUDPHWUL]DGRV
Ⴠ )DOORGHODWHQVLµQGHO&0(,%.1;
7RGDVODVHQWUDGDVGHOPDHVWUR/2*2HQHO(,%VRQSXHVWDVDSRUHOPDHVWUR/2*2
Ⴠ 5HVWDEOHFLPLHQWRGHODWHQVLµQGHO&0(,%.1;
6HDFWXDOL]DQWRGDVODVVDOLGDVGHOPDHVWUR/2*2HQHO(,%(QIXQFLµQGHOD
SDUDPHWUL]DFLµQHO(,%OHHODVHQWUDGDV
Ⴠ &RUWRFLUFXLWRHQHOEXVRLQWHUUXSFLµQGHOEXV
(OFRPSRUWDPLHQWRSXHGHSDUDPHWUL]DUVHHQODYHQWDQDGHFRQILJXUDFLµQGH/2*2GHO
SURJUDPDGHDSOLFDFLµQHQ(76(,%7RRO6RIWZDUH(O/('URMRVHDFWLYDDOFDERGH
VHJXQGRV
Ⴠ 5HVWDEOHFLPLHQWRGHOEXV
(OFRPSRUWDPLHQWRSXHGHSDUDPHWUL]DUVHHQODSDQWDOODGHFRQILJXUDFLµQGH/2*2
/2*2
0DQXDOGHSURGXFWR$(
3URJUDPDU/2*2
3ULPHURVSDVRVFRQ/2*2
3URJUDPDUVLJQLILFDFUHDUXQSURJUDPDSDUDHOPµGXOR/2*2%DVLF
(QHVWHFDS¯WXORDSUHQGHU£DXWLOL]DU/2*2FRQREMHWRGHFUHDUSURJUDPDV/2*2SDUDOD
DSOLFDFLµQ
/2*26RIW&RPIRUWHVHOVRIWZDUHGHSURJUDPDFLµQGH/2*2TXHSHUPLWHFUHDU
FRPSUREDUPRGLILFDUJXDUGDUHLPSULPLUSURJUDPDVU£SLGD\I£FLOPHQWHHQXQ3&6LQ
HPEDUJRHQHVWHPDQXDOVHGHVFULEHVµORFµPRFUHDUSURJUDPDVGLUHFWDPHQWHHQHO
PµGXOR/2*2%DVLF(OVRIWZDUHGHSURJUDPDFLµQ/2*26RIW&RPIRUW3£JLQDRIUHFH
XQDFRPSOHWD$\XGDHQSDQWDOOD
1RWD
/DVYHUVLRQHVGH/2*2VLQGLVSOD\HVGHFLU/2*2R/2*25&R/2*25&R
\/2*25&RQRGLVSRQHQGHSDQHOGHPDQGRQLYLVXDOL]DGRU(VWDVYHUVLRQHVVHKDQ
GLVH³DGRHVSHFLDOPHQWHSDUDDSOLFDFLRQHVGHSURGXFFLµQHQVHULHGHP£TXLQDVSHTXH³DV\
HTXLSRVGHSURFHVR
/DVYHUVLRQHV/2*2RQRVHSURJUDPDQGLUHFWDPHQWHHQHOGLVSRVLWLYR(QFDPELRHO
SURJUDPDVHFDUJDHQHOGLVSRVLWLYRGHVGH/2*26RIW&RPIRUWRELHQPHGLDQWHWDUMHWDVGH
PHPRULDRGHPHPRULDEDWHU¯DFRPELQDGDVGHVGHRWURVGLVSRVLWLYRV/2*2
/DVYHUVLRQHVGH/2*2VLQGLVSOD\QRSXHGHQHVFULELUGDWRVHQWDUMHWDVGHPHPRULDQLGH
PHPRULDEDWHU¯DFRPELQDGDV
&RQVXOWHORVFDS¯WXORV7DUMHWDVGHPHPRULD\EDWHU¯D/2*23£JLQD\6RIWZDUH
/2*23£JLQDDV¯FRPRHODQH[R/2*2VLQGLVSOD\3£JLQD
8QHMHPSOREUHYHHQODSULPHUDSDUWHGHHVWHFDS¯WXORRIUHFHXQDLQWURGXFFLµQDORV
SULQFLSLRVGHPDQHMRGH/2*2
Ⴠ 3ULPHURDSUHQGHU£TX«VLJQLILFDQORVGRVW«UPLQRVE£VLFRVF
FRQHFWRU\E
EORTXH
Ⴠ /XHJRFUHDU£XQSURJUDPDEDVDGRHQXQFLUFXLWRFRQYHQFLRQDOVHQFLOOR
Ⴠ 3RU¼OWLPRLQWURGXFLU£HVWHSURJUDPDGLUHFWDPHQWHHQ/2*2
7UDVOHHUWDQVµORXQDVSRFDVS£JLQDVGHHVWHPDQXDODSUHQGHU£DDOPDFHQDUHOSULPHU
SURJUDPDHMHFXWDEOHHQHOGLVSRVLWLYR/2*20HGLDQWHHOKDUGZDUHDGHFXDGR
LQWHUUXSWRUHVHWFSRGU£HIHFWXDUODVSULPHUDVSUXHEDV
/2*2
0DQXDOGHSURGXFWR$(
3URJUDPDU/2*2
&RQHFWRUHV
&RQHFWRUHV
/2*2LQFRUSRUDHQWUDGDV\VDOLGDV
(MHPSORGHXQDFRPELQDFLµQGHYDULRVPµGXORV
(QWUDGDV
/ 1 $, $, , , , , $, $, / 0 , , , , / 0 / 0 / 0 , , , ,
3(
4 4 ,1387[9P$ 4 4
$, 0 8 $, 0 8
4 4 4 4 4 4 4 4
6DOLGDV
(QWUDGDVDQDOµJLFDV
/DVHQWUDGDVVHLGHQWLILFDQFRQODOHWUD,P£VXQQ¼PHUR6LPLUDHO/2*2GHVGHGHODQWH
ORVERUQHVGHHQWUDGDVHHQFXHQWUDQHQHOODGRVXSHULRU/RVPµGXORVDQDOµJLFRV/2*2
$0\$037VRQORV¼QLFRVTXHWLHQHQODVHQWUDGDVHQHOODGRLQIHULRU
/DVVDOLGDVVHLGHQWLILFDQFRQODOHWUD4P£VXQQ¼PHURHQORVPµGXORVDQDOµJLFRV$0
$4$4P£VXQQ¼PHUR(QODILJXUDORVERUQHVGHVDOLGDVHPXHVWUDQHQHOODGRLQIHULRU
1RWD
/2*2SXHGHGHWHFWDUOHHU\FRQPXWDUODV(6GHWRGRVORVPµGXORVGHDPSOLDFLµQVLQ
LPSRUWDUGHTX«WLSRVHDQ/DV(6VHSUHVHQWDQHQHORUGHQGHPRQWDMHGHORVPµGXORV
/DVVLJXLHQWHV(6\PDUFDVHVW£QGLVSRQLEOHVSDUDFUHDUHOSURJUDPD,D,$,D$,
4D4$4\$40D0\$0D$0$VLPLVPRSXHGHQXWLOL]DUVHORVELWVGH
UHJLVWURGHGHVSOD]DPLHQWR6D6WHFODVGHFXUVRU& & & \& FXDWURWHFODV
GHIXQFLµQHQHO/2*27')))\)DV¯FRPRVDOLGDVQRFRQHFWDGDV;D;
&RQVXOWHHODSDUWDGR&RQVWDQWHV\FRQHFWRUHV3£JLQDSDUDP£VLQIRUPDFLµQ
1RWDDSOLFDEOHDODVHQWUDGDV,,,H,GHODVYHUVLRQHVGH/2*2\/2*2
R6LXWLOL]DODVHQWUDGDV,,,µ,HQHOSURJUDPDODVH³DOGHHQWUDGDHVGLJLWDO6L
XWLOL]D$,$,$,µ$,ODVH³DOGHHQWUDGDHVDQDOµJLFD/DQXPHUDFLµQGHODVHQWUDGDV
DQDOµJLFDVHVVLJQLILFDWLYD$,\$,HTXLYDO¯DQD,H,HQHOPµGXOR%$7UDVKDEHU
DJUHJDGRGRVQXHYDVHQWUDGDVDQDOµJLFDVDODVHULH%$HVWRVPµGXORVXWLOL]DQ
RSFLRQDOPHQWH,SRU$,H,SRU$,&RQVXOWHODUHSUHVHQWDFLµQJU£ILFDHQHODSDUWDGR
&RQILJXUDFLµQP£[LPD3£JLQD$GHP£V,,,H,WDPEL«QSXHGHQXWLOL]DUVHFRPR
HQWUDGDVGLJLWDOHVU£SLGDV
/DILJXUDTXHDSDUHFHDUULEDFRQHQWUDGDV$,QXPHUDGDVPXHVWUDHOXVRFRQFHSWXDOGHODV
HQWUDGDVQRHOPDUFDGRI¯VLFRUHDOHQHOPµGXOR
/2*2
0DQXDOGHSURGXFWR$(
3URJUDPDU/2*2
&RQHFWRUHV
&RQHFWRUHVGH/2*2
(OW«UPLQRFRQHFWRUGHVLJQDWRGDVODVFRQH[LRQHV\HVWDGRVGH/2*2
/DV(6GLJLWDOHVSXHGHQWHQHUHOHVWDGRGHVH³DO
µ
(OHVWDGR
VLJQLILFDTXHOD
HQWUDGDQRWLHQHDSOLFDGDXQDWHQVLµQHVSHF¯ILFD(OHVWDGR
VLJQLILFDTXHODHQWUDGDWLHQH
DSOLFDGDXQDWHQVLµQHVSHF¯ILFD
/RVFRQHFWRUHV
KL
OR
\
[
VHKDQLPSOHPHQWDGRSDUDIDFLOLWDUODFUHDFLµQGHSURJUDPDV
$
KL
KLJKVHDVLJQDHOHVWDGR
$
OR
ORZVHDVLJQDHOHVWDGR
1RHVQHFHVDULRXWLOL]DUWRGRVORVFRQHFWRUHVGHXQEORTXH3DUDFRQH[LRQHVQRXWLOL]DGDVHO
SURJUDPDDGRSWDDXWRP£WLFDPHQWHHOHVWDGRTXHJDUDQWL]DHOIXQFLRQDPLHQWRGHOEORTXHHQ
FXHVWLµQ6LORGHVHDSXHGHLGHQWLILFDUODVFRQH[LRQHVQRXWLOL]DGDVFRQXQD
[
(OW«UPLQREORTXHVHH[SOLFDHQHODSDUWDGR%ORTXHV\Q¼PHURVGHEORTXH3£JLQD
/2*2GLVSRQHGHORVFRQHFWRUHVVLJXLHQWHV
/2*2%DVLF3XUH '0 $0 $0$4
&RQHFWRUHV
(QWUDGDV /2*25&5&R 'RVJUXSRV ,, $,$, 1LQJX
/2*25&5&R ,,H,, QD
/2*25&5&R ,,,,,, ,,
/2*2R $,$,$,$, $,$,
6DOLGDV 44 44 1LQJXQD $4
$4
OR 6H³DOHVOµJLFDV
RII
KL 6H³DOHVOµJLFDV
RQ
[ &RQH[LµQH[LVWHQWHQRXWLOL]DGD
'00µGXORGLJLWDO
$00µGXORDQDOµJLFR
/2*2
0DQXDOGHSURGXFWR$(
3URJUDPDU/2*2
(QWUDGDVVDOLGDV(,%
(QWUDGDVVDOLGDV(,%
(OSURJUDPDGHDSOLFDFLµQ&2/2*2(FRQWURODODFRPXQLFDFLµQHQWUH/2*2\
HOEXV(,%.1;Y¯DHOPµGXORGHFRPXQLFDFLµQ&0(,%.1;
&RQILJXUDQGRHOSURJUDPDGHDSOLFDFLµQHQ(76(,%7RRO6RIWZDUHODGLYLVLµQGHO£UHDGH
HQWUDGDV\VDOLGDVSXHGHGHILQLUVHFRPRFDQDOGHKDUGZDUHHQHO/2*2\FRPRFDQDO
YLUWXDOHQHOEXV(,%.1;
(VWDSURSLHGDGWDPEL«QHVY£OLGDSDUDHOSURFHVDPLHQWRDQDOµJLFR
$VHQGRVFDQDOHVGHKDUGZDUH\FDQDOHVYLUWXDOHVGHOPµGXOR/2*2VHOHVDVLJQDXQ
REMHWRGHFRPXQLFDFLµQ
(OUHORMHQWLHPSRUHDOGH/2*2SXHGHXWLOL]DUVHFRPRPDHVWURRHVFODYRY¯DHOEXV
(,%.1;
7DPEL«QHVSRVLEOHSDUDPHWUL]DUHOFRPSRUWDPLHQWRGHORVREMHWRVGHFRPXQLFDFLµQGHO
PµGXORGHFRPXQLFDFLµQ&0(,%.1;FXDQGRFDPELHHOHVWDGRGHOEXV(,%.1;
8QFDQDOGHHQWUDGDYLUWXDOSXHGHXWLOL]DUVHFRPRHVWDGRGHEXVORTXHSHUPLWHQRWLILFDU
XQIDOORGHWHQVLµQGHEXV
/RVDMXVWHVGHORVYDORUHVDQDOµJLFRVGH/2*22IIVHW*DLQQRDIHFWDQDORVYDORUHV
DQDOµJLFRVGHOPµGXORGHFRPXQLFDFLµQ&0(,%.1;ORVYDORUHVGHVDOLGDGHO&0
(,%.1;VRQVLHPSUHORVYDORUHVE£VLFRVFRPSUHQGLGRVHQWUH\(QHVWHFDVRHV
QHFHVDULRSDUDPHWUL]DUODDGDSWDFLµQFRUUHVSRQGLHQWHHQHO(76
)XQFLRQHVGHOSURJUDPDGHDSOLFDFLµQ
Ⴠ &RQILJXUDFLµQGHKDUGZDUHSUHGHWHUPLQDGDQ¼PHURGHHQWUDGDVGLJLWDOHVVDOLGDV
GLJLWDOHV\HQWUDGDVDQDOµJLFDVORFDOHV
Ⴠ 6HOHFFLµQGHPDHVWURGHWLHPSRRHVFODYR
Ⴠ 8WLOL]DFLµQGH,FRPRVH³DOGHHVWDGRGHEXV
Ⴠ &RPSRUWDPLHQWRHQFDVRGHIDOORUHVWDEOHFLPLHQWRGHODWHQVLµQGHEXV
Ⴠ 3DUDHQWUDGDVGLJLWDOHVY¯D(,%.1;WLSRGHHQWUDGDPRQRIORSQRUPDO
Ⴠ 3DUDVDOLGDVGLJLWDOHVY¯D(,%.1;WLSRGHVDOLGDQRUPDODWHQXDFLµQHYDOXDFLµQGH
IODQFRV
Ⴠ 3DUDVDOLGDVDQDOµJLFDVY¯D(,%.1;\HQWUDGDVDQDOµJLFDVHQ/2*2WLSRGHGDWRV
DGDSWDFLµQHQY¯RF¯FOLFR\HQY¯RHQFDVRGHFDPELRGHYDORUHV
3DUDP£VLQIRUPDFLµQDFHUFDGHFµPRFRQILJXUDUHOSURJUDPDGHDSOLFDFLµQHQ(76
FRQVXOWHODGHVFULSFLµQGHOSURJUDPDGHDSOLFDFLµQDFWXDO
(QFXDQWRDOSURJUDPDGHDSOLFDFLµQFRQVXOWHODEDVHGHGDWRVGHSURGXFWRVGH6LHPHQVD
SDUWLUGHODYHUVLµQ-
Ⴠ KWWSZZZVLHPHQVFRPJDPPD
Ⴠ KWWSZZZVLHPHQVFRPORJR
/2*2
0DQXDOGHSURGXFWR$(
3URJUDPDU/2*2
%ORTXHV\Q¼PHURVGHEORTXH
%ORTXHV\Q¼PHURVGHEORTXH
(QHVWHFDS¯WXORVHH[SOLFDFµPRXWLOL]DUORVHOHPHQWRVGH/2*2SDUDFUHDUFLUFXLWRV
FRPSOHMRV\FµPRLQWHUFRQHFWDUORVEORTXHV\ODV(6
(QHODSDUWDGR'HOHVTXHPDGHFRQH[LRQHVDOSURJUDPD/2*23£JLQDDSUHQGHU£D
WUDQVIRUPDUXQFLUFXLWRFRQYHQFLRQDOHQXQSURJUDPDGH/2*2
%ORTXHV
8QEORTXHHQ/2*2HVXQDIXQFLµQTXHVLUYHSDUDFRQYHUWLULQIRUPDFLµQGHHQWUDGDHQ
LQIRUPDFLµQGHVDOLGD$QWHVHUDQHFHVDULRFDEOHDUORVGLVWLQWRVHOHPHQWRVHQXQDUPDULR
HO«FWULFRRXQDFDMDGHERUQHV
$OFUHDUHOSURJUDPDGHEHLQWHUFRQHFWDUORVEORTXHV3DUDHOORVµORWLHQHTXHVHOHFFLRQDUOD
FRQH[LµQGHVHDGDHQHOPHQ¼& &R(OQRPEUHGHOPHQ¼&RHVXQDDEUHYLDWXUDGHOW«UPLQR
&RQHFWRU
2SHUDFLRQHVOµJLFDV
/RVEORTXHVP£VHOHPHQWDOHVVRQODVRSHUDFLRQHVOµJLFDV
Ⴠ $1'
Ⴠ 25
Ⴠ
, /DVHQWUDGDV,H,HVW£QFRQHFWDGDV
ุ DTX¯FRQHOEORTXH25/DV¼OWLPDVGRV
,
HQWUDGDVGHOEORTXHQRVHXWLOL]DQ\HO
[ DXWRUGHOSURJUDPDODVKDLGHQWLILFDGRFRQ
4
[ XQD
[
(VWDVIXQFLRQHVHVSHFLDOHVVRQPXFKRP£VHILFLHQWHV
Ⴠ 5HO«GHLPSXOVRV
Ⴠ &RQWDGRUDGHODQWHDWU£V
Ⴠ 5HWDUGRDODFRQH[LµQ
Ⴠ ,QWHUUXSWRUVRIWZDUH
Ⴠ
(OFDS¯WXOR)XQFLRQHVGH/2*23£JLQDSURSRUFLRQDXQDOLVWDFRPSOHWDGHODV
IXQFLRQHVGH/2*2
/2*2
0DQXDOGHSURGXFWR$(
3URJUDPDU/2*2
%ORTXHV\Q¼PHURVGHEORTXH
5HSUHVHQWDFLµQGHXQEORTXHHQHO/2*2'LVSOD\
/DILJXUDVLJXLHQWHPXHVWUDXQDYLVXDOL]DFLµQW¯SLFDHQ/2*2'LVSOD\6µORSXHGH
UHSUHVHQWDUVHXQEORTXHHQFDGDFDVR3RUWDQWRKHPRVSUHYLVWRQ¼PHURVGHEORTXHSDUD
D\XGDUOHDFRPSUREDUODHVWUXFWXUDGHOFLUFXLWR
9LVXDOL]DFLµQHQHOGLVSOD\GH/2*2
2WUREORTXHHVW£
[% 1¼PHURGHEORTXH
DVLJQDGRSRU/2*2
FRQHFWDGRDHVWDHQWUDGD %ุ
(QWUDGD ,4 6DOLGD
(VWHFRQHFWRUQRVH [
QHFHVLWD
%ORTXH
$VLJQDFLµQGHXQQ¼PHURGHEORTXH
/2*2DVLJQDXQQ¼PHURGHEORTXHDWRGREORTXHQXHYRGHOSURJUDPD
/2*2XWLOL]DHVWRVQ¼PHURVGHEORTXHSDUDLQGLFDUODVLQWHUFRQH[LRQHVGHORVEORTXHV
(VWRVQ¼PHURVVLUYHQE£VLFDPHQWHGHD\XGDSDUDIDFLOLWDUODRULHQWDFLµQHQHOSURJUDPD
1¼PHURVGHEORTXH
[%
,ุ (VWRVEORTXHV
,% HVW£QLQWHUFRQHFWD
GRV
,
[% [%
,ุ %ุ
,% %4 %4
, [
'HVSOD]DPLHQWRSRUHOSURJUDPDPHGLDQWHODWHFODႱ
/DILJXUDVLJXLHQWHPXHVWUDWUHVYLVWDVGHO/2*2'LVSOD\TXHUHSUHVHQWDQHOSURJUDPD
&RPRSXHGHDSUHFLDU/2*2LQWHUFRQHFWDORVEORTXHVXWLOL]DQGRVXVQ¼PHURV
9HQWDMDVGHORVQ¼PHURVGHEORTXH
3U£FWLFDPHQWHFXDOTXLHUEORTXHSXHGHFRQHFWDUVHFRQXQDHQWUDGDGHOEORTXHDFWXDOSRU
PHGLRGHVXQ¼PHUR(OORSHUPLWHUHXWLOL]DUORVUHVXOWDGRVLQWHUPHGLRVGHODVRSHUDFLRQHV
OµJLFDVXRWUDVRSHUDFLRQHVDKRUUDUWUDEDMR\HVSDFLRGHPHPRULDDV¯FRPRSURSRUFLRQDUOH
PD\RUFODULGDGDOGLVH³RGHOFLUFXLWR6LQHPEDUJRSDUDSRGHUKDFHUORGHEHVDEHUTX«
QRPEUHVKDDVLJQDGR/2*2DORVEORTXHV
/2*2
0DQXDOGHSURGXFWR$(
3URJUDPDU/2*2
'HOHVTXHPDGHFRQH[LRQHVDOSURJUDPD/2*2
1RWD
3DUDIDFLOLWDUHOWUDEDMRUHFRPHQGDPRVHODERUDUXQHVTXHPDJHQHUDOGHOSURJUDPDVWHOH
IDFLOLWDU£ODFUHDFLµQGHOSURJUDPDSXHVWRTXHSXHGHLQWURGXFLUDOO¯ORVQ¼PHURVGHEORTXH
DVLJQDGRVSRU/2*2
6LXWLOL]DHOVRIWZDUH/2*26RIW&RPIRUWSDUDSURJUDPDUHO/2*2SXHGHFUHDU
GLUHFWDPHQWHXQGLDJUDPDIXQFLRQDOGHOSURJUDPD/2*26RIW&RPIRUWWDPEL«QSHUPLWH
DVLJQDUQRPEUHVGHEORTXHDXQP£[LPRGHEORTXHV\YLVXDOL]DUORVHQHO
/2*2'LVSOD\HQHOPRGRGHSDUDPHWUL]DFLµQ&RQVXOWHHODSDUWDGR/DVUHJODVGHRUR
SDUDPDQHMDU/2*23£JLQD
'HOHVTXHPDGHFRQH[LRQHVDOSURJUDPD/2*2
9LVWDGHXQHVTXHPDGHFRQH[LRQHV
3RUVXSXHVWR8G\DVDEHFµPRVHUHSUHVHQWDXQFLUFXLWROµJLFRHQXQHVTXHPDGH
FRQH[LRQHV'HWRGDVPDQHUDVKHDTX¯XQHMHPSOR
/DFDUJD(VHDFWLYD\GHVDFWLYD
6 6
. PHGLDQWHORVLQWHUUXSWRUHV6
6<6
6 (OUHO«.VHH[FLWDDOFXPSOLUVHOD
. FRQGLFLµQ66<6
(
&UHDFLµQGHOFLUFXLWRFRQ/2*2
8QFLUFXLWRVHFUHDHQ/2*2LQWHUFRQHFWDQGREORTXHV\FRQHFWRUHV
/
&DEOHDGRGHODVHQWUDGDV
66
3URJUDPDHQ/2*2
ุ
, ,
, 4
[ [
1 &DEOHDGRGHODVVDOLGDV
/2*2
0DQXDOGHSURGXFWR$(
3URJUDPDU/2*2
'HOHVTXHPDGHFRQH[LRQHVDOSURJUDPD/2*2
1RWD
$XQTXHKD\FXDWURHQWUDGDVGLVSRQLEOHVSDUDODVRSHUDFLRQHVOµJLFDV3£JLQDOD
PD\RU¯DGHODVYLVWDVPXHVWUDQVµORWUHVHQWUDGDVSDUDIDFLOLWDUODFODULGDG/DFXDUWDHQWUDGD
VHSURJUDPD\SDUDPHWUL]DGHODPLVPDPDQHUDTXHODVRWUDVWUHV
3DUDFUHDUXQFLUFXLWROµJLFRHQ/2*2FRPLHQFHHQODVDOLGDGHOFLUFXLWR
/DVDOLGDHVODFDUJDRHOUHO«TXHGHEHFRQPXWDUVH
&RQYLHUWDHOFLUFXLWRHQEORTXHVFRPHQ]DQGRHQODVDOLGD\WHUPLQDQGRHQODHQWUDGD
3DVR(OFRQWDFWR6VHLQWHUFRQHFWDHQVHULHFRQODVDOLGD4\FRQRWURHOHPHQWRGHO
FLUFXLWR8QDFRQH[LµQHQVHULHFRUUHVSRQGHDOEORTXH$1'
,
4
[
3DVR6\6VHFRQHFWDQHQSDUDOHOR8QFLUFXLWRHQSDUDOHORFRUUHVSRQGHDOEORTXH25
ุ
, ,
, 4
[ [
(QWUDGDVQRXWLOL]DGDV
3DUDFRQH[LRQHVQRXWLOL]DGDVHOSURJUDPDDGRSWDDXWRP£WLFDPHQWHHOHVWDGRTXH
JDUDQWL]DHOIXQFLRQDPLHQWRGHOEORTXHHQFXHVWLµQ6LORGHVHDSXHGHLGHQWLILFDUODV
FRQH[LRQHVQRXWLOL]DGDVFRQXQLGHQWLILFDGRU
[
(QQXHVWURHMHPSORVµORXWLOL]DUHPRVGRVHQWUDGDVGHOEORTXH25\GRVHQWUDGDVGHOEORTXH
$1'/DVHQWUDGDVWHUFHUD\FXDUWDQRXWLOL]DGDVVHLGHQWLILFDQHQHOFRQHFWRUSRUPHGLRGH
XQD
[
&RQHFWHDKRUDODV(6D/2*2
&DEOHDGR
&RQHFWHORVLQWHUUXSWRUHV6D6FRQORVERUQHVGHWRUQLOORGH/2*2
Ⴠ 6FRQHOFRQHFWRU,GH/2*2
Ⴠ 6FRQHOFRQHFWRU,GH/2*2
Ⴠ 6FRQHOFRQHFWRU,GH/2*2
/DVDOLGDGHOEORTXH$1'FRQWURODHOUHO«HQODVDOLGD4/DFDUJD(HVW£FRQHFWDGDFRQOD
VDOLGD4
/2*2
0DQXDOGHSURGXFWR$(
3URJUDPDU/2*2
/DVUHJODVGHRURSDUDPDQHMDU/2*2
(MHPSORGHFDEOHDGR
(QODVLJXLHQWHLOXVWUDFLµQDSDUHFHHOFDEOHDGRSRUPHGLRGHXQDYDULDQWHGH9$&GH
/2*2
/
1
6 6 6 &DEOHDGRGHHQWUDGDV
/ 1 , , , ,
4
/ &DEOHDGRGHVDOLGDV
&DUJD
1
/DVUHJODVGHRURSDUDPDQHMDU/2*2
5HJODFDPELDUHOPRGRGHRSHUDFLµQ
Ⴠ (OSURJUDPDVHFUHDHQHOPRGRGHSURJUDPDFLµQ7UDVFRQHFWDUODDOLPHQWDFLµQ\
(6&SDUD
FXDQGRVHYLVXDOLFH1LQJ3URJU3XOVH(6&HQHOGLVSOD\SXOVHODWHFOD(
VHOHFFLRQDUHOPRGRGHSURJUDPDFLµQ
Ⴠ /RVYDORUHVGHORVWHPSRUL]DGRUHV\SDU£PHWURVGHXQSURJUDPDH[LVWHQWHSXHGHQ
PRGLILFDUVHWDQWRHQHOP
PRGRGHSDUDPHWUL]DFLµQFRPRHQHOP
PRGRGHSURJUDPDFLµQ
'XUDQWHODS
SDUDPHWUL]DFLµQ/2*2HVW£HQPPRGR581HVGHFLUFRQWLQ¼DHMHFXWDQGRHO
SURJUDPDFRQVXOWHHODSDUWDGR3DUDPHWUL]DU/2*23£JLQD3DUDXWLOL]DUHO
PRGRGHSURJUDPDFLµQGHEHILQDOL]DUODHMHFXFLµQGHOSURJUDPDSRUPHGLRGHOFRPDQGR
6WRS
PRGR581HOLMDHOFRPDQGR
,QLFLR
HQHOPHQ¼SULQFLSDO
Ⴠ 3DUDDMXVWDUHOP
Ⴠ &XDQGRHOVLVWHPDHVW«HQ5
581SXHGHUHJUHVDUDOP
PRGRGHSDUDPHWUL]DFLµQSXOVDQGROD
WHFOD(
(6&
Ⴠ 6LHVW£DELHUWRHOPRGRGHSDUDPHWUL]DFLµQ\GHVHDUHJUHVDUDOP PRGRGHSURJUDPDFLµQ
VHOHFFLRQHHOFRPDQGR6WRSHQHOPHQ¼GHSDUDPHWUL]DFLµQ\FRQILUPH3DUDUSURJU
FRQ6¯3DUDHOORVLW¼HHOFXUVRUHQ6
6¯\FRQILUPHFRQ2.
/2*2
0DQXDOGHSURGXFWR$(
3URJUDPDU/2*2
/DVUHJODVGHRURSDUDPDQHMDU/2*2
3DUDP£VGHWDOOHVDFHUFDGHORVPRGRVGHRSHUDFLµQFRQVXOWHHODQH[R(VWUXFWXUDGH
PHQ¼VGH/2*23£JLQD
1RWD
/RVLJXLHQWHHVDSOLFDEOHDODVYHUVLRQHV%$RDQWHULRUHV
x 3DUDDFFHGHUDOPRGRGHSURJUDPDFLµQGHEHSXOVDUVLPXOW£QHDPHQWHODVWHFODV \
2.
x 3DUDDFFHGHUDOPRGRGHSDUDPHWUL]DFLµQGHEHSXOVDUVLPXOW£QHDPHQWHODVWHFODV(
(6&\
2.
5HJODVDOLGDV\HQWUDGDV
Ⴠ (OSURJUDPDGHEHFUHDUVHFRPHQ]DQGRHQODVDOLGD\WHUPLQDQGRHQODHQWUDGD
Ⴠ (VSRVLEOHFRQHFWDUXQDVDOLGDFRQYDULDVHQWUDGDVSHURQRFRQHFWDUXQDPLVPDHQWUDGD
FRQYDULDVVDOLGDV
Ⴠ (QXQDPLVPDUXWDGHOSURJUDPDQRHVSRVLEOHFRQHFWDUXQDVDOLGDFRQXQDHQWUDGD
SUHFHGHQWH3DUDHVWDVUHFXUVLRQHVLQWHUQDVVHUHFRPLHQGDLQWHUFRQHFWDUPDUFDVR
VDOLGDV
5HJODFXUVRU\VXPRYLPLHQWR
/RVLJXLHQWHHVDSOLFDEOHDOHGLWDUXQSURJUDPD
Ⴠ 3XHGHGHVSOD]DUHOFXUVRUFXDQGR«VWHDSDUHFHHQIRUPDGHFDU£FWHUGHVXEUD\DGR
ದ 3XOVH R SDUDGHVSOD]DUHOFXUVRUSRUHOSURJUDPD
2.SDUDFDPELDUD6HOHFFLRQDUFRQHFWRUEORTXH
ದ 3XOVH2
ದ 3XOVH(
(6&SDUDVDOLUGHOPRGRGHSURJUDPDFLµQ
Ⴠ 3XHGHVHOHFFLRQDUXQFRQHFWRUREORTXHFXDQGRHOFXUVRUDSDUHFHHQIRUPDGHFXDGUDGR
RVFXUR
ದ 3XOVH R SDUDVHOHFFLRQDUXQFRQHFWRURXQEORTXH
ದ &RQILUPHFRQ2.
ದ 3XOVH(
(6&SDUDUHJUHVDUDOSDVRDQWHULRU
5HJODSODQLILFDFLµQ
Ⴠ $QWHVGHFRPHQ]DUDFUHDUXQSURJUDPDVHUHFRPLHQGDTXHORGLEXMHHQXQDKRMDGH
SDSHORELHQTXHSURJUDPH/2*2GLUHFWDPHQWHXWLOL]DQGR/2*26RIW&RPIRUW
Ⴠ /2*2VµORSXHGHJXDUGDUSURJUDPDVFRPSOHWRV\FRUUHFWRV
/2*2
0DQXDOGHSURGXFWR$(
3URJUDPDU/2*2
9LVWDGHFRQMXQWRGHORVPHQ¼VGH/2*2
9LVWDGHFRQMXQWRGHORVPHQ¼VGH/2*2
0RGRGHSURJUDPDFLµQ
0HQ¼SULQFLSDO 0HQ¼GHSURJUDPDFLµQ
2.
!3URJUDPDU !(GLWDU
(6&
7DUMHWD %RUUDUSURJ
&RQILJ &RQWUDVH³D
,QLFLR &RQI$YLVR
2.
0HQ¼GHWUDQVIHUHQFLD
(6&
!ൺ7DUMHWD
7DUMHWDൺ
/2*2
2. 3URWFRSLD
(6&
0HQ¼GHFRQILJXUDFLµQ
!5HORM
/&'
,GLRPD0HQ¼ 1RWD(OFRPDQGR
%0$,180 %0$,180VµOR
HVW£GLVSRQLEOHHQ
PµGXORV%DVLFTXH
0RGRGHSUDPHWUL]DFLµQ VRSRUWHQFXDWUR
HQWUDGDVDQDOµJLFDV
0HQ¼GHSDUDPHWUL]DFLµQ
!6WRS
$MXV3DU£P
$MXVWDU
1RPEUHSURJ
3DUDP£VGHWDOOHVDFHUFDGHHVWRVPHQ¼VFRQVXOWHHODQH[R(VWUXFWXUDGHPHQ¼VGH
/2*23£JLQD
/RVPHQ¼VGHO/2*27'RIUHFHQRSFLRQHVGHFRQILJXUDFLµQ3£JLQDSDUDHO
/2*27'(VWRVPHQ¼VVRQXQVXEFRQMXQWRGHORVPHQ¼VGHO/2*2\IXQFLRQDQGHXQD
PDQHUDPX\VLPLODU
,QWURGXFLUHLQLFLDUHOSURJUDPD
7UDVKDEHUGLVH³DGRXQFLUFXLWRDKRUDGHVHDLQWURGXFLUORHQ/2*2(OHMHPSORVLJXLHQWH
PXHVWUDFµPRKDFHUOR
/2*2
0DQXDOGHSURGXFWR$(
3URJUDPDU/2*2
,QWURGXFLUHLQLFLDUHOSURJUDPD
3DVDUDOPRGRGHRSHUDFLµQ3URJUDPDFLµQ
/2*2VHKDFRQHFWDGRDODIXHQWHGHDOLPHQWDFLµQ\HVW£HQFHQGLGR(QHOGLVSOD\DSDUHFH
HODYLVR
1LQJ3URJU
3XOVH(6&
(6&&RQHOORVHDFFHGHDOPHQ¼
&RQPXWH/2*2DPRGRGHSURJUDPDFLµQSXOVDQGR(
SULQFLSDOGH/2*2
!3URJUDPDU 0HQ¼SULQFLSDOGH/2*2
7DUMHWD
&RQILJ
,QLFLR
(QHOSULPHUOXJDUGHODSULPHUDILODDSDUHFHHOV¯PEROR!3XOVH \ SDUDGHVSOD]DUHO
2./2*2
FXUVRU!KDFLDDUULED\DEDMR6LW¼HHOFXUVRUHQ3URJUDPDU\FRQILUPHFRQ2
DEUHHOPHQ¼GHSURJUDPDFLµQ
!(GLWDU 0HQ¼GHSURJUDPDFLµQGH/2*2
%RUUDUSURJ
&RQWUDVH³D
&RQI$YLVR
$TX¯WDPEL«QSXHGHGHVSOD]DUHOFXUVRU!SXOVDQGR \ 6LW¼HHOFXUVRU!HQ(
(GLWDU
2.
\FRQILUPHFRQ2
!(GLW3URJ 0HQ¼GHHGLFLµQGH/2*2
(GLW1RPE
$4
0HPRULD"
(GLW3URJSDUDHGLWDUSURJUDPD\SXOVHODWHFOD2./2*2PRVWUDU£OD
3RQJD!VREUH(
SULPHUDVDOLGD
3ULPHUDVDOLGDGH/2*2
4
$KRUDVHHQFXHQWUDHQHOPRGRGHSURJUDPDFLµQ3XOVH \ SDUDVHOHFFLRQDUODVGHP£V
VDOLGDV&RPLHQFHDKRUDDHGLWDUHOSURJUDPD
1RWD
3XHVWRTXHKDVWDDKRUDQRKHPRVJXDUGDGRD¼QXQDFFRQWUDVH³DSDUDHOSURJUDPDHQ
/2*2SXHGHDFFHGHUGLUHFWDPHQWHDOPRGRGHHGLFLµQ6LVHOHFFLRQD(GLWDUWUDVKDEHU
JXDUGDGRXQSURJUDPDSURWHJLGRSRUFRQWUDVH³DVHOHVROLFLWDU£TXHLQWURGX]FDOD
FRQWUDVH³D\TXHODFRQILUPHFRQ22.6µORSRGU£HGLWDUHOSURJUDPDVLKDLQWURGXFLGROD
FRQWUDVH³D3£JLQDFRUUHFWD
/2*2
0DQXDOGHSURGXFWR$(
3URJUDPDU/2*2
,QWURGXFLUHLQLFLDUHOSURJUDPD
3ULPHUSURJUDPD
(FKHPRVXQYLVWD]RDOVLJXLHQWHFLUFXLWRHQSDUDOHORFRPSXHVWRSRUGRVLQWHUUXSWRUHV
(VTXHPDGHFRQH[LRQHV
(VTXHPDGHFRQH[LRQHVFRUUHVSRQGLHQWH
6 6 /DFDUJDVHFRQHFWDFRQ6
. 6/2*2LQWHUSUHWDHVWH
FLUFXLWRHQSDUDOHORFRPRXQD
RSHUDFLµQOµJLFD
25
SXHVWR
TXH6µ6DFWLYDODVDOLGD
. (
7UDVSDVDGRDOSURJUDPDGH/2*2HVWRVLJQLILFDTXHHOUHO«.HQODVDOLGD4HV
FRQWURODGRPHGLDQWHXQEORTXH25
3URJUDPD
6\6VHFRQHFWDQDORVFRQHFWRUHVGHHQWUDGD,H,GHOEORTXH25UHVSHFWLYDPHQWH
$VSHFWRFRUUHVSRQGLHQWHGHOSURJUDPDHQ/2*2
, ุ
,
4
[
/2*2
0DQXDOGHSURGXFWR$(
3URJUDPDU/2*2
,QWURGXFLUHLQLFLDUHOSURJUDPD
&DEOHDGR
+HDTX¯HOFDEOHDGRFRUUHVSRQGLHQWH
/
1 6
6
/ 1 , , , , , , , ,
4 4 4 4
1
6\6FRQPXWDQODVHQWUDGDV,H,UHVSHFWLYDPHQWH/DFDUJDVHFRQHFWDDOUHO«4
/2*2
0DQXDOGHSURGXFWR$(
3URJUDPDU/2*2
,QWURGXFLUHLQLFLDUHOSURJUDPD
,QWURGXFLUHOSURJUDPD
,QWURGX]FDPRVDKRUDHOSURJUDPDFRPHQ]DQGRHQODVDOLGD\ILQDOL]DQGRHQODHQWUDGD
/2*2PXHVWUDLQLFLDOPHQWHODVDOLGD
3ULPHUDVDOLGDGH/2*2
4
/DOHWUD4GH4DSDUHFHVXEUD\DGD(OFDU£FWHUGHVXEUD\DGRHVHOFFXUVRU(OFXUVRULQGLFD
ODSRVLFLµQDFWXDOHQHOSURJUDPD3XHGHGHVSOD]DUHOFXUVRUSXOVDQGRODVWHFODV \
3XOVHDKRUDODWHFOD (OFXUVRUVHGHVSOD]DKDFLDODL]TXLHUGD
(OFXUVRULQGLFDODSRVLFLµQDFWXDO
HQHOSURJUDPD
B4
2.SDUDVHOHFFLRQDUHOPRGRGHHGLFLµQ
,QWURGX]FDDTX¯VµORHOSULPHUEORTXH253XOVH2
(OFXUVRUVHYLVXDOL]DHQIRUPDGHFXDGUDGR
RVFXUR
$KRUDSXHGHVHOHFFLRQDUXQFRQHFWRURXQ
ൻ&R4 EORTXH
(OFXUVRU\DQRDSDUHFHHQIRUPDGHFDU£FWHUGHVXEUD\DGRVLQRFRPRXQFXDGUDGRRVFXUR
SDUSDGHDQWH/2*2RIUHFHDTX¯YDULDVRSFLRQHV
6HOHFFLRQH*)IXQFLRQHVE£VLFDVSXOVDQGRODWHFOD KDVWDTXHDSDUH]FD*)\FRQILUPH
2./2*2YLVXDOL]DU£HOSULPHUEORTXHGHODOLVWDGHIXQFLRQHVE£VLFDV
FRQ2
% $1'HVHOSULPHUEORTXHGHODOLVWDGH
IXQFLRQHVE£VLFDV(OFXUVRUFXDGUDGR
RVFXUROHVROLFLWDTXHVHOHFFLRQHXQ
4 EORTXH
3XOVH R KDVWDTXHHOEORTXH25DSDUH]FDHQHOGLVSOD\
/2*2
0DQXDOGHSURGXFWR$(
3URJUDPDU/2*2
,QWURGXFLUHLQLFLDUHOSURJUDPD
3XOVH2
2.SDUDFRQILUPDUODVHQWUDGDVHIHFWXDGDV\VDOLUGHOGL£ORJR
(OGLVSOD\YLVXDOL]DORVLJXLHQWH $VSHFWRGHOSURJUDPDFRPSOHWR
% 1¼PHURGH
EORTXH %
Bุ
ุ
4
4
+DLQWURGXFLGRHOSULPHUEORTXH$WRGRQXHYREORTXHVHOHDVLJQDDXWRP£WLFDPHQWHXQ
Q¼PHURGHEORTXH/R¼QLFRTXHIDOWDSRUKDFHUHVLQWHUFRQHFWDUODVHQWUDGDVGHOEORTXH
3URFHGDGHOVLJXLHQWHPRGR
3XOVH2
2.
(OGLVSOD\YLVXDOL]DOR
VLJXLHQWH
%
ൻ&Rุ
4
&RSXOVH2
6HOHFFLRQHODOLVWD& 2.
(OGLVSOD\YLVXDOL]DORVLJXLHQWH
%
[ุ
4
&RHVODHQWUDGDHVGHFLU,,
(OSULPHUHOHPHQWRGHODOLVWD&
1RWD
3XOVH SDUDLUDOFRPLHQ]RGHODOLVWD&R,,DOR3XOVH SDUDLUDOILQDOGHODOLVWD&R
ORKLD,
/DVHQWUDGDV)))\)VHLQFRUSRUDQQXHYDVDSDUWLUGHODVHULH%$(VWDVHQWUDGDV
VHFRUUHVSRQGHQFRQODVFXDWURWHFODVGHIXQFLµQGHO/2*27'RSFLRQDO
%
,ุ
4
/2*2
0DQXDOGHSURGXFWR$(
3URJUDPDU/2*2
,QWURGXFLUHLQLFLDUHOSURJUDPD
3XOVH2
2.,VHKDFRQHFWDGRDODHQWUDGDGHOEORTXH25(OFXUVRUVDOWDDODVLJXLHQWH
HQWUDGDGHOEORTXH25
(OGLVSOD\YLVXDOL]DORVLJXLHQWH $VSHFWRGHOSURJUDPDFRPSOHWRHQ
/2*2KDVWDDKRUD
% %
,ุ ุ
4 ,
4
&RQHFWHDKRUDODHQWUDGD,FRQODHQWUDGDGHOEORTXH25
&DPELHDOPRGRGHHGLFLµQSXOVH2
2.
&RSXOVH R
6HOHFFLRQHODOLVWD&
2.
&RQILUPHODOLVWD&RFRQSXOVH2
6HOHFFLRQH,,SXOVH R
2.
$SOLTXH,SXOVH2
,VHKDFRQHFWDGRDODHQWUDGDGHOEORTXH25
(OGLVSOD\YLVXDOL]DORVLJXLHQWH $VSHFWRGHOSURJUDPD
FRPSOHWRHQ/2*2KDVWD
% DKRUD
%
,ุ ุ
,4 ,
B , 4
/DVGRV¼OWLPDVHQWUDGDVGHOEORTXH25QRVHQHFHVLWDQHQHVWHSURJUDPD/DVHQWUDGDVQR
XWLOL]DGDVSXHGHQLGHQWLILFDUVHFRQXQD
[
,QWURGX]FDHOFDU£FWHU
[
GRVYHFHV
2.
&DPELHDOPRGRGHHGLFLµQSXOVH2
6HOHFFLRQHODOLVWD&
&RSXOVH R
2.
$FHSWHODOLVWD&RSXOVH2
[
SXOVH R
6HOHFFLRQH
[
2.
$SOLTXH[SXOVH2
(OGLVSOD\YLVXDOL]DORVLJXLHQWH $VSHFWRGHOSURJUDPD
%
ุ
%4 ,
, 4
[
1RWD
3XHGHQHJDUHQWUDGDVLQGLYLGXDOHVGHIXQFLRQHVE£VLFDV\HVSHFLDOHV'HHVWHPRGRVL
HOHVWDGRGHVH³DOGHXQDHQWUDGDHVXQOµJLFRHOSURJUDPDGDU£XQOµJLFRFRPR
VDOLGD3RURWUDSDUWHXQOµJLFRVHLQYLHUWHHQXQHVWDGRGHVH³DOOµJLFR
/2*2
0DQXDOGHSURGXFWR$(
3URJUDPDU/2*2
,QWURGXFLUHLQLFLDUHOSURJUDPD
3DUDQHJDUXQDHQWUDGDVLW¼HHOFXUVRUHQODSRVLFLµQGHVHDGDSHM
,%
,ุ
,4
[
2.
3XOVHODWHFOD2
&RQODWHFOD R SXHGHDSOLFDUODDQXODFLµQGHXQDHQWUDGD
(6&
3XOVHOXHJR(
$VSHFWRGHOSURJUDPD
,% %
,
,ุ ุ
,
,4 , 4
[ [
3XHGHUHYLVDUVXSULPHUSURJUDPDSXOVDQGR R SDUDGHVSOD]DUHOFXUVRUDWUDY«VGHO
SURJUDPD
$KRUDVDOGUHPRVGHOPRGRGHSURJUDPDFLµQ3DUDUHJUHVDUDOPHQ¼GHSURJUDPDFLµQSXOVH
(6&
1RWD
/2*2KDJXDUGDGRHOSURJUDPDHQODPHPRULDQRYRO£WLO(OSURJUDPDSHUPDQHFHHQOD
PHPRULDGH/2*2KDVWDTXHORERUUHH[SO¯FLWDPHQWH
/RVYDORUHVUHDOHVGHODVIXQFLRQHVHVSHFLDOHVSXHGHQJXDUGDUVHHQFDVRGHXQFRUWHGH
DOLPHQWDFLµQVLHPSUHTXHHVWDVIXQFLRQHVVRSRUWHQHOSDU£PHWUR5HPDQHQFLD\TXHHVW«
GLVSRQLEOHODPHPRULDGHSURJUDPDQHFHVDULD(OSDU£PHWUR5HPDQHQFLDHVW£GHVDFWLYDGR
FXDQGRVHLQVHUWDXQDIXQFLµQ3DUDSRGHUXWLOL]DUORHVSUHFLVRKDELOLWDUHVWDRSFLµQ
/2*2
0DQXDOGHSURGXFWR$(
3URJUDPDU/2*2
,QWURGXFLUHLQLFLDUHOSURJUDPD
$VLJQDUHOQRPEUHGHOSURJUDPD
(VSRVLEOHDVLJQDUDOSURJUDPDXQQRPEUHTXHSXHGHFRPSUHQGHUFDUDFWHUHVFRPR
P£[LPRLQFOX\HQGRPD\¼VFXODV\PLQ¼VFXODVQ¼PHURV\FDUDFWHUHVHVSHFLDOHV
(QHOPHQ¼GHSURJUDPDFLµQ
(GLWDU
SXOVH R
&RORTXHHOFXUVRU!VREUH
(
2.
$FHSWH
(GLWDU
SXOVH2
&RORTXHHOFXUVRU!VREUH
(
(GLW1RPE
SXOVH R
2.
$FHSWH
(GLW1RPE
SXOVH2
3XOVH \ SDUDOLVWDUHQRUGHQDVFHQGHQWHRGHVFHQGHQWHHODOIDEHWRQ¼PHURV\
FDUDFWHUHVHVSHFLDOHV3XHGHVHOHFFLRQDUFXDOTXLHUOHWUDQ¼PHURRFDU£FWHU
6LGHVHDLQWURGXFLUXQHVSDFLRHQEODQFRSXOVH SDUDGHVSOD]DUHOFXUVRUKDVWDODVLJXLHQWH
SRVLFLµQVWHHVHOSULPHUFDU£FWHUGHODOLVWD
(MHPSORV
3XOVH XQDYH]SDUDVHOHFFLRQDUXQD$ $
FXDWURYHFHVSDUDVHOHFFLRQDU^HWF
(VW£QGLVSRQLEOHVORVFDUDFWHUHVGHOVLJXLHQWHFRQMXQWR
$ % & ' ( ) * + , - . / 0 1 2
3 4 5 6 7 8 9 : ; < = D E F G H
I J K L M N O P Q R S T U V W X
Y Z [ \ ]
! " # > ? @ A B
^ _ ` a
6XSRQJDPRVTXHGHVHDDVLJQDUDOSURJUDPDHOQRPEUH$
$%&
$SXOVH
6HOHFFLRQH$
9D\DDODVLJXLHQWHOHWUDSXOVH
%SXOVH
6HOHFFLRQH%
9D\DDODVLJXLHQWHOHWUDSXOVH
&SXOVH
6HOHFFLRQH&
2.
&RQILUPHHOQRPEUHFRPSOHWRSXOVH2
(OSURJUDPDVHGHQRPLQDDKRUD$
$%&\VHUHJUHVDDOPHQ¼GHSURJUDPDFLµQ
FDPELDUHOQRPEUHGHOSURJUDPDSURFHGDGHODPLVPDPDQHUD
3DUDF
1RWD
(OQRPEUHGHOSURJUDPDVµORVHSXHGHFDPELDUHQPRGRGHSURJUDPDFLµQ(OQRPEUHVH
SXHGHOOHHUWDQWRHQPRGRGHSURJUDPDFLµQF
FRPRHQPRGRGHSDUDPHWUL]DFLµQ
/2*2
0DQXDOGHSURGXFWR$(
3URJUDPDU/2*2
,QWURGXFLUHLQLFLDUHOSURJUDPD
&RQWUDVH³D
8QSURJUDPDSXHGHSURWHJHUVHSRUFRQWUDVH³DFRQWUDDFFHVRVQRDXWRUL]DGRV
$VLJQDFLµQGHFRQWUDVH³D
8QDFRQWUDVH³DSXHGHWHQHUXQDORQJLWXGP£[LPDGHFDUDFWHUHVSHUPLWL«QGRVHVµOR
OHWUDVPD\¼VFXODV(Q/2*2ODFRQWUDVH³DVHSXHGHDVLJQDUPRGLILFDURGHVDFWLYDU
¼QLFDPHQWHHQHOPHQ¼&RQWUDVH³D
(QHOPHQ¼GHSURJUDPDFLµQ
&RQWUDVH³D
SXOVH R
&RORTXHHOFXUVRU!VREUH
&
2.
&RQILUPHOD
&RQWUDVH³D
SXOVH2
3XOVH R SDUDGHVSOD]DUVHDUULED\DEDMRSRUHODOIDEHWRFRQREMHWRGHVHOHFFLRQDUODV
OHWUDV3XHVWRTXHHQ/2*2VµORSXHGHQXWLOL]DUVHPD\¼VFXODVSDUDODFRQWUDVH³D
SXHGHDFFHGHUI£FLOPHQWHDODVOHWUDVDOILQDOGHODOIDEHWRSRUPHGLRGHOERWµQ
3XOVH XQDYH]SDUDVHOHFFLRQDU=
=
3XOVH GRVYHFHVSDUDVHOHFFLRQDU<
<HWF
$$DQXHVWURSULPHUSURJUDPD(OGLVSOD\YLVXDOL]DOR
$VLJQHPRVODFRQWUDVH³D$
VLJXLHQWH
$QWLJXD
6LQ3DVVZ
1XHYD
3URFHGDGHOPLVPRPRGRTXHSDUDLQWURGXFLUHOQRPEUHGHOSURJUDPD6HOHFFLRQH
1XHYDHLQWURGX]FD
$SXOVH
6HOHFFLRQH$
9D\DDODVLJXLHQWHOHWUDSXOVH
$SXOVH
6HOHFFLRQH$
(OGLVSOD\YLVXDOL]DORVLJXLHQWH
$QWLJXD
6LQ3DVVZ
1XHYD
2.
&RQILUPHODFRQWUDVH³DSXOVH2
/2*2
0DQXDOGHSURGXFWR$(
3URJUDPDU/2*2
,QWURGXFLUHLQLFLDUHOSURJUDPD
(OSURJUDPDTXHGDSURWHJLGRSRUODFRQWUDVH³D$
$$\VHUHJUHVDDOPHQ¼GHSURJUDPDFLµQ
1RWD
/DHQWUDGDGHXQDQXHYDFRQWUDVH³DSXHGHFDQFHODUVHFRQ((6&(QHVWHFDVR/2*2
UHJUHVDDOPHQ¼GHSURJUDPDFLµQVLQKDEHUJXDUGDGRODFRQWUDVH³D
7DPEL«QHVSRVLEOHDVLJQDUXQDFRQWUDVH³DFRQ/2*26RIW&RPIRUW8QSURJUDPD
SURWHJLGRSRUFRQWUDVH³DQRVHSXHGHHGLWDUHQ/2*2QLFDUJDUHQ/2*26RIW&RPIRUWVL
QRVHLQWURGXFHODFRQWUDVH³DFRUUHFWD
3DUDSRGHUFUHDU\HGLWDUXQSURJUDPDSDUDXQDWDUMHWDGHPHPRULDSURWHJLGDGHEHDVLJQDU
XQDFRQWUDVH³DDOQXHYRSURJUDPD3£JLQD
0RGLILFDFLµQGHODFRQWUDVH³D
3DUDFDPELDUODFRQWUDVH³DGHEHFRQRFHUODFRQWUDVH³DDFWXDO
(QHOPHQ¼GHSURJUDPDFLµQ
&RQWUDVH³D
SXOVH R
&RORTXHHOFXUVRU
!
VREUH
&
2.
&RQILUPHOD
&RQWUDVH³D
SXOVH2
6HOHFFLRQH$QWLJXDHLQWURGX]FDODFRQWUDVH³DDQWLJXDHQHVWHFDVR
$
$$
UHSLWLHQGR
ORVSDVRVDGHVFULWRVDQWHULRUPHQWH
(OGLVSOD\YLVXDOL]DORVLJXLHQWH
$QWLJXD
$$
1XHYD
==
$KRUDSXHGHVHOHFFLRQDU1XHYDSDUDLQWURGXFLUODQXHYDFRQWUDVH³DSHM=
=SXOVH
6HOHFFLRQH=
9D\DDODVLJXLHQWHOHWUDSXOVH
=SXOVH
6HOHFFLRQH=
(OGLVSOD\YLVXDOL]DORVLJXLHQWH
$QWLJXD
$$
1XHYD
==
2.
&RQILUPHODFRQWUDVH³DQXHYDSXOVH2
/DQXHYDFRQWUDVH³D=
==TXHGDDMXVWDGD\VHUHJUHVDDOPHQ¼GHSURJUDPDFLµQ
/2*2
0DQXDOGHSURGXFWR$(
3URJUDPDU/2*2
,QWURGXFLUHLQLFLDUHOSURJUDPD
'HVDFWLYDFLµQGHODFRQWUDVH³D
6XSRQJDPRVTXHGHVHDGHVDFWLYDUODFRQWUDVH³DSRUDOJXQDUD]µQ3RUHMHPSORGHVHD
SHUPLWLUDRWURXVXDULRTXHHGLWHHOSURJUDPD'HLJXDOIRUPDTXHDOFDPELDUODFRQWUDVH³D
GHEHFRQRFHUODFRQWUDVH³DDFWXDO= ==HQQXHVWURHMHPSOR
(QHOPHQ¼GHSURJUDPDFLµQ
&RQWUDVH³D
SXOVH R
&RORTXHHOFXUVRU
!
VREUH
&
2.
&RQILUPHOD
&RQWUDVH³D
SXOVH2
6HOHFFLRQH$QWLJXDHLQWURGX]FDODFRQWUDVH³DDFWXDOGHODIRUPDGHVFULWDHQORVSDVRV
D&RQILUPHODVHQWUDGDVHIHFWXDGDVFRQ2.
(OGLVSOD\PXHVWUDORVLJXLHQWH
$QWLJXD
==
1XHYD
%RUUHODFRQWUDVH³DGHMDQGRY
YDF¯RHOFDPSRGHHQWUDGD
&RQILUPHODFRQWUDVH³DYDF¯DSXOVH2
2.
/DFRQWUDVH³DVHERUUD\VHUHJUHVDDOPHQ¼GHSURJUDPDFLµQ
1RWD
(VWDDFFLµQGHVDFWLYDWDPEL«QODVROLFLWXGGHFRQWUDVH³DSHUPLWLHQGRDV¯DFFHGHUDO
SURJUDPDVLQQHFHVLGDGGHLQWURGXFLUXQDFRQWUDVH³D
GHVDFWLYDGDSDUDDYDQ]DUFRQP£VUDSLGH]HQORV
3RUDKRUDGHMHODVROLFLWXGGHFRQWUDVH³DG
VLJXLHQWHVHMHUFLFLRV\HMHPSORV
&RQWUDVH³DLQFRUUHFWD
6LXQXVXDULRLQWURGXFHXQDFRQWUDVH³DLLQFRUUHFWD\ODFRQILUPDFRQ2
2./2*2QRDEUHHO
PRGRGHHGLFLµQVLQRTXHUHJUHVDDOPHQ¼GHSURJUDPDFLµQ(VWRVHUHSLWHXQD\RWUDYH]
KDVWDTXHVHLQWURGX]FDODFRQWUDVH³DFRUUHFWD
/2*2
0DQXDOGHSURGXFWR$(
3URJUDPDU/2*2
,QWURGXFLUHLQLFLDUHOSURJUDPD
&DPELDU/2*2DPRGR581
(QHOPHQ¼SULQFLSDOVHOHFFLRQH581SDUDLQLFLDU/2*2
(6&
5HJUHVHDOPHQ¼SULQFLSDOSXOVH(
&RORTXHHOFXUVRU
!
VREUH
,,QLFLR
SXOVH R
2.
&RQILUPH
,QLFLR
SXOVH2
/2*2HMHFXWDHOSURJUDPD\PXHVWUDORVLJXLHQWH
9LVXDOL]DFLµQGH/2*2HQPRGR581
3DQWDOODLQLFLDO)HFKD\KRUDDFWXDOHVVµORHQ
0R YHUVLRQHVFRQUHORMHQWLHPSRUHDO(VWD
LQGLFDFLµQSDUSDGHDVLQRHVW£QDMXVWDGDVOD
IHFKD\ODKRUD
2ELHQ3DQWDOODLQLFLDOGHHQWUDGDVGLJLWDOHV
Ⴑ3XOVHႧ FRQVXOWHHOFDS¯WXOR
, (QWUDGDV,D,
(QWUDGDV,D,
(QWUDGDV,D,
Ⴑ3XOVHႧ
4 6DOLGDV4D4
6DOLGDV4D4
Ⴑ3XOVHႧ
$,
(QWUDGDVDQDOµJLFDV$,D$,
Ⴑ3XOVHႧ
$,
(QWUDGDVDQDOµJLFDV$,D$,
Ⴑ3XOVHႧ
/2*2
0DQXDOGHSURGXFWR$(
3URJUDPDU/2*2
,QWURGXFLUHLQLFLDUHOSURJUDPD
$,
(QWUDGDVDQDOµJLFDV$,D$,
Ⴑ3XOVHႧ
$4
6DOLGDVDQDOµJLFDV$4D$4
Ⴑ3XOVHႧ
0 0DUFDV0D0
0DUFDV0D0
0DUFDV0D0
Ⴑ3XOVHႧ
(6&&
Ⴃ
ႵႫ
WHFODVGHFXUVRUSDUDLQWHUYHQFLµQ
PDQXDOHQHOSURJUDPD(6&WHFOD
Ⴍ
4X«VLJQLILFD/2*2HVW£HQPRGR581"
(QPRGR581/2*2HMHFXWDHOSURJUDPD3DUDHOOR/2*2OHHSULPHURHOHVWDGRGHODV
HQWUDGDVGHWHUPLQDHOHVWDGRGHODVVDOLGDVSRUPHGLRGHOSURJUDPDGHXVXDULR\ODVDFWLYD
RGHVDFWLYDVHJ¼QORVDMXVWHVHIHFWXDGRV
/2*2LQGLFDHOHVWDGRGHODV(6GHODPDQHUDVLJXLHQWH
, (OHVWDGRGHODHQWUDGDR 4
VDOLGDHV
QHJDGD
(OHVWDGRGHODHQWUDGDR
VDOLGDHV
QRQHJDGD
(QHVWHHMHPSORVµORODVHQWUDGDV,H,\ODVVDOLGDV4\
4VHSRQHQDಯKLJKರ
/2*2
0DQXDOGHSURGXFWR$(
3URJUDPDU/2*2
,QWURGXFLUHLQLFLDUHOSURJUDPD
,QGLFDFLµQGHHVWDGRHQHOGLVSOD\
/ 6 6 6LHVW£FHUUDGRHOLQWHUUXSWRU6HO
HVWDGRGHODHQWUDGD,HVಯKLJKರ
2EVHUYHPRVHVWRHQ , , /2*2FDOFXODHOHVWDGRGHODV
QXHVWURHMHPSOR VDOLGDVSRUPHGLRGHOSURJUDPD
,
(QHVWHFDVRODVDOLGD4 ಯರ
&XDQGR4 ಯರ/2*2DFWLYDHO
4 UHO«4\VHVXPLQLVWUDWHQVLµQDOD
FDUJDFRQHFWDGDD4
4
1
6HJXQGRSURJUDPD
+DVWDDKRUDKDFUHDGRFRUUHFWDPHQWHHOSULPHUSURJUDPD$GHP£VOHKDDVLJQDGRXQ
QRPEUH\RSFLRQDOPHQWHXQDFRQWUDVH³D(QHVWHDSDUWDGRDSUHQGHU£DPRGLILFDUORV
SURJUDPDVH[LVWHQWHV\DXWLOL]DUODVIXQFLRQHVHVSHFLDOHV
8WLOL]DQGRHOVHJXQGRSURJUDPDDSUHQGHU£D
Ⴠ ,QVHUWDUXQEORTXHHQXQSURJUDPDH[LVWHQWH
Ⴠ 6HOHFFLRQDUXQEORTXHSDUDXQDIXQFLµQHVSHFLDO
Ⴠ $VLJQDUSDU£PHWURV
0RGLILFDFLµQGHFLUFXLWRV
3DUDHOVHJXQGRSURJUDPDPRGLILFDUHPRVXQSRFRHOSULPHUR
3DUDFRPHQ]DUYHDPRVHOHVTXHPDGHFRQH[LRQHVGHOVHJXQGRSURJUDPD
/
<DFRQRFHODSULPHUDSDUWHGHOFLUFXLWR
/RVLQWHUUXSWRUHV6\6FRQPXWDQXQ
6 6 . UHO«TXHGHEHDFWLYDUODFDUJD(\
GHVDFWLYDUODFRQXQUHWDUGRGH
PLQXWRV
. (
1
/2*2
0DQXDOGHSURGXFWR$(
3URJUDPDU/2*2
,QWURGXFLUHLQLFLDUHOSURJUDPD
(OSURJUDPDWLHQHHOVLJXLHQWHDVSHFWRHQ/2*2
ุ (VWHHVHO
,
QXHYREORTXH
,
[ [ 4
3DU
3XHGHYHUHOEORTXH25\HOUHO«GHVDOLGD4XWLOL]DGRVHQHOSULPHUSURJUDPD/D¼QLFD
GLIHUHQFLDHVHOQXHYREORTXHGHUHWDUGRDODGHVFRQH[LµQ
(GLFLµQGHOSURJUDPD
&RQPXWH/2*2DPRGRGHSURJUDPDFLµQ
5HFRUGHPRVFµPRVHKDFH
&RQPXWH/2*2DPRGRGHSURJUDPDFLµQ
HQ581SXOVH( (6&SDUDDEULUHOPRGRGHSDUDPHWUL]DFLµQ6HOHFFLRQHHOFRPDQGR
6WRS
FRQILUPHFRQ2
6 2.DFRQWLQXDFLµQFRORTXHHOFXUVRU
!
VREUH
6
6¯
\DFRQWLQXDFLµQ
YXHOYDDSXOVDUODWHFOD2
2.&RQVXOWHHODSDUWDGR/DVUHJODVGHRURSDUDPDQHMDU
/2*23£JLQDSDUDP£VLQIRUPDFLµQ
3URJUDPDU
(QHOPHQ¼SULQFLSDOVHOHFFLRQH3
(QHOPHQ¼GHSURJUDPDFLµQVHOHFFLRQH((GLWDU\FRQILUPHFRQ2
2.6HOHFFLRQHOXHJR
(
(GLW3URJ\FRQILUPHFRQ2
2.
(QFDVRQHFHVDULRLQWURGX]FDODFRQWUDVH³D\FRQILUPHFRQ2.
$KRUDSXHGHPRGLILFDUHOSURJUDPDH[LVWHQWH
/2*2
0DQXDOGHSURGXFWR$(
3URJUDPDU/2*2
,QWURGXFLUHLQLFLDUHOSURJUDPD
,QVHUWDUXQEORTXHDGLFLRQDOHQXQSURJUDPD
6LW¼HHOFXUVRUHQOD%GH%%HVHOQ¼PHURGHOEORTXH25
3DUDGHVSOD]DUHOFXUVRU
3XOVHႱ
%4
,QVHUWDUHPRVHOQXHYREORTXHHQHVWDSRVLFLµQ
&RQILUPHFRQ2
2.
/2*2YLVXDOL]DODOLVWD%1
ൻ%14
6HOHFFLRQHODOLVWD6)WHFOD
/DOLVWD6)FRQWLHQHORVEORTXHVGHODV
IXQFLRQHVHVSHFLDOHV
ൻ6)4
2.
3XOVH2
6HYLVXDOL]DU£HOEORTXHGHODSULPHUDIXQFLµQHVSHFLDO
&XDQGRVHVHOHFFLRQDXQEORTXHGHXQDIXQFLµQ
7UJ HVSHFLDORE£VLFD/2*2YLVXDOL]DHOEORTXHGH
3DU 4 IXQFLµQFRUUHVSRQGLHQWH(OFXUVRUFXDGUDGRRVFXUR
VHSRVLFLRQDHQHOEORTXH
TXHGHVHH
Ⴍ Ⴃ
&RQODVWHFODV \ SXHGHVHOHFFLRQDUHOEORTXH
2.
6HOHFFLRQHHOEORTXHUHWDUGRDODGHVFRQH[LµQYILJXUDVLJXLHQWH\SXOVH2
$QWHVGHSXOVDU
2.
DSDUHFHDTX¯OD
HQWUDGD7UJ
% (OEORTXHLQVHUWDGRREWLHQHHOQ¼PHURGH
% EORTXH%(OFXUVRUVHVLW¼DHQODHQWUDGD
VXSHULRUGHOEORTXHLQVHUWDGR
5 4
3DU
(OEORTXH%FRQHFWDGRDQWHVD4VHFRQHFWDDXWRP£WLFDPHQWHDODHQWUDGDVXSHULRUGHO
QXHYREORTXH7HQJDHQFXHQWDTXHVµORHVSRVLEOHLQWHUFRQHFWDUHQWUDGDVGLJLWDOHVFRQ
VDOLGDVGLJLWDOHVRELHQHQWUDGDVDQDOµJLFDVFRQVDOLGDVDQDOµJLFDV'HORFRQWUDULRHO
EORTXH
DQWLJXR
VHSLHUGH
/2*2
0DQXDOGHSURGXFWR$(
3URJUDPDU/2*2
,QWURGXFLUHLQLFLDUHOSURJUDPD
(OEORTXHGHUHWDUGRDODGHVFRQH[LµQWLHQHWUHVHQWUDGDV/DHQWUDGDVXSHULRUHVODHQWUDGD
GHGLVSDUR7UJVWDDFWLYDHOWLHPSRGHUHWDUGRDODGHVFRQH[LµQ(QQXHVWURHMHPSORHO
EORTXH25%GLVSDUDHOUHWDUGRDODGHVFRQH[LµQ(OWLHPSR\ODVDOLGDVHUHLQLFLDQFRQXQD
VH³DOHQODHQWUDGDGHUHVHW$MXVWHHOWLHPSRGHUHWDUGRDODGHVFRQH[LµQHQHOSDU£PHWUR7
GHODHQWUDGD3DU
(QQXHVWURHMHPSORQRXWLOL]DPRVODHQWUDGDGHUHVHWGHODIXQFLµQGHUHWDUGRDOD
GHVFRQH[LµQSRUORTXHODLGHQWLILFDPRVFRQXQFRQHFWRU
[
% (VWRGHEHU¯DYLVXDOL]DUVHDKRUDHQHO
% GLVSOD\
[ 4
3DU
$VLJQDUSDU£PHWURVGHEORTXH
$MXVWHDKRUDHOWLHPSRGHUHWDUGRDODGHVFRQH[LµQ7
3DUFROµTXHORHQHVWDSRVLFLµQ
6LHOFXUVRUWRGDY¯DQRVHHQFXHQWUDEDMRHOSDU£PHWUR3
SXOVH R
2.
&DPELHDOPRGRGHHGLFLµQSXOVH2
/2*2PXHVWUDORVSDU£PHWURVHQODYHQWDQDGHSDUDPHWUL]DFLµQ
ಯರVLJQLILFDTXHHOSDU£PHWURVH
YLVXDOL]D\SXHGHPRGLILFDUVHHQHO
%5 PRGRGHSDUDPHWUL]DFLµQ
7HOSDU£PHWUR 7 V ಯ5ರVLJQLILFDTXHODUHPDQHQFLDHVW£
GHOEORTXH%HV
KDELOLWDGDSDUDHVWHEORTXH
XQDIXQFLµQGH
WHPSRUL]DFLµQ
9DORUGHWLHPSR %DVHGHWLHPSR
3DUDPRGLILFDUHOYDORUGHWLHPSR
Ⴠ SXOVH \ SDUDSRVLFLRQDUHOFXUVRU
Ⴠ 3XOVH \ SDUDPRGLILFDUHOYDORUHQODSRVLFLµQGHVHDGD
2.
Ⴠ &RQILUPHODVHQWUDGDVHIHFWXDGDVFRQ2
$MXVWDUHOWLHPSR
$MXVWHHOWLHPSR7 PLQXWRV
&RORTXHHOFXUVRUHQODSULPHUDSRVLFLµQSXOVH R
6HOHFFLRQHODFLIUD
SXOVH R
&RORTXHHOFXUVRUHQODVHJXQGDSRVLFLµQSXOVH R
6HOHFFLRQHODFLIUD
SXOVH R
&RORTXHHOFXUVRUVREUHODXQLGDGSXOVH R
6HOHFFLRQHFRPRXQLGDGE£VLFDODXQLGDG
P
SDUDPLQXWRVSXOVH R
/2*2
0DQXDOGHSURGXFWR$(
3URJUDPDU/2*2
,QWURGXFLUHLQLFLDUHOSURJUDPD
0RVWUDURFXOWDUSDU£PHWURVPRGRGHSURWHFFLµQGHSDU£PHWURV
3DUDPRVWUDUXRFXOWDUXQSDU£PHWUR\SHUPLWLURLPSHGLUTXHVHDPRGLILFDGRHQHOPRGRGH
SDUDPHWUL]DFLµQ
&RORTXHHOFXUVRUVREUHHOWLSRGHSURWHFFLµQSXOVH R
6HOHFFLRQHHOWLSRGHSURWHFFLµQSXOVH R
(OGLVSOD\GHEHU¯DPRVWUDUORVLJXLHQWH
%5 %5
7 P 7 P
R
0RGRGHSURWHFFLµQHOYDORU 0RGRGHSURWHFFLµQHOYDORU
GHWLHPSR7SXHGHPRGLIL GHWLHPSR7VHRFXOWDHQHO
FDUVHHQHOPRGRGHSDUDP PRGRGHSDUDPHWUL]DFLµQ
HWUL]DFLµQ
2.
&RQILUPHODVHQWUDGDVHIHFWXDGDVFRQ2
$FWLYDURGHVDFWLYDUODUHPDQHQFLD
3DUDGHFLGLUVLORVGDWRVDFWXDOHVGHEHQFRQVHUYDUVHWUDVXQFRUWHGHDOLPHQWDFLµQ
&RORTXHHOFXUVRUVREUHHOWLSRGHUHPDQHQFLDSXOVH R
6HOHFFLRQHHOWLSRGHUHPDQHQFLDSXOVH R
(OGLVSOD\YLVXDOL]DORVLJXLHQWH
%5 %
7 P 7 P
R
5HPDQHQFLD5VHFRQVHUYDQ 5HPDQHQFLDQRVHFRQVHUYDQ
ORVGDWRVDFWXDOHV ORVGDWRVDFWXDOHV
2.
&RQILUPHODVHQWUDGDVHIHFWXDGDVFRQ2
1RWD
3DUDP£VLQIRUPDFLµQUHVSHFWRDOPRGRGHSURWHFFLµQFRQVXOWHHODSDUWDGR3URWHFFLµQ
GHSDU£PHWURV3£JLQD
3DUDP£VLQIRUPDFLµQUHVSHFWRDODUHPDQHQFLDFRQVXOWHHODSDUWDGR5HPDQHQFLD
3£JLQD
(OPRGRGHSURWHFFLµQ\HODMXVWHGHUHPDQHQFLDVµORSXHGHQPRGLILFDUVHHQHOPRGRGH
QRHVSRVLEOHHQHOPRGRGHSDUDPHWUL]DFLµQ
SURJUDPDFLµQ(VRQ
(QHOSUHVHQWHPDQXDOHOPRGRGHSURWHFFLµQR\ODUHPDQHQFLD5RVµOR
VHYLVXDOL]DQHQORVGLVSOD\VVLHVWRVDMXVWHVSXHGHQPRGLILFDUVH
/2*2
0DQXDOGHSURGXFWR$(
3URJUDPDU/2*2
,QWURGXFLUHLQLFLDUHOSURJUDPD
&RQWUROGHOSURJUDPD
+HPRVFRPSOHWDGRODUDPDGHOSURJUDPDSDUD4/2*2PXHVWUDODVDOLGD43XHGH
YROYHUDYLVXDOL]DUHOSURJUDPDHQHOGLVSOD\8WLOLFHODVWHFODVSDUDGHVSOD]DUVHSRUHO
SURJUDPDHVGHFLUSXOVH R SDUDLUGHXQEORTXHDRWURRELHQ \ SDUDGHVSOD]DUVH
HQWUHODVHQWUDGDVGHXQEORTXH
6DOLUGHOPRGRGHSURJUDPDFLµQ
3DUDVDOLUGHOPRGRGHSURJUDPDFLµQXWLOLFHHOPLVPRSURFHGLPLHQWRTXHDOFUHDUHOSULPHU
SURJUDPD5HFRUGHPRVFµPRVHKDFH
(6&
5HJUHVHDOPHQ¼GHSURJUDPDFLµQSXOVH(
(6&
5HJUHVHDOPHQ¼SULQFLSDOSXOVH(
&RORTXHHOFXUVRU
!
VREUH
,,QLFLR
SXOVH R
2.
&RQILUPH
,QLFLR
SXOVH2
/2*2HVW£GHQXHYRHQPRGR581
0R Ⴑ Ⴇ
3XHGHSXOVDU R SDUDGHVSOD]DUVH
SRUODVS£JLQDV\VXSHUYLVDUHOHVWDGRGH
ODV(6
/2*2
0DQXDOGHSURGXFWR$(
3URJUDPDU/2*2
,QWURGXFLUHLQLFLDUHOSURJUDPD
%RUUDUXQEORTXH
6XSRQJDPRVTXHGHVHDERUUDUHOEORTXH%GHOSURJUDPD\FRQHFWDU%GLUHFWDPHQWHFRQ
4
%
ุ %
,
,
[ [ 4
3DU
3URFHGDGHOVLJXLHQWHPRGR
&RQPXWH/2*2DPRGRGHSURJUDPDFLµQ
SDUDUHFRUGDUFµPRVHKDFHFRQVXOWHHODSDUWDGR/DVUHJODVGHRURSDUDPDQHMDU
/2*23£JLQD
(GLWDU
SXOVH R
6HOHFFLRQH
(
2.
&RQILUPH
(GLWDU
SXOVH2
GDGRHOFDVRLQWURGX]FDXQDFRQWUDVH³D\FRQI¯UPHODFRQ2
2.
(GLW3URJ
SXOVH R
6HOHFFLRQH
(
2.
&RQILUPH
(GLW3URJ
SXOVH2
6LW¼HHOFXUVRUHQ%ODHQWUDGDGH4SXOVH
%4
2.
&RQILUPHFRQ2
6XVWLWX\DDKRUDHOEORTXH%SRUHOEORTXH%HQODVDOLGD43URFHGLPLHQWR
ದ 6HOHFFLRQHODOLVWD%
%1SXOVH R
2.
ದ $FHSWHODOLVWD%1SXOVH2
%
SXOVH R
ದ 6HOHFFLRQH
%
2.
ದ $SOLTXH
%
SXOVH2
5HVXOWDGR(OEORTXH%VHERUUDU£SRUTXH\DQRVHXWLOL]DHQHOFLUFXLWR(OEORTXH%KD
VXVWLWXLGRD%GLUHFWDPHQWHHQODVDOLGD
/2*2
0DQXDOGHSURGXFWR$(
3URJUDPDU/2*2
,QWURGXFLUHLQLFLDUHOSURJUDPD
%RUUDUJUXSRVGHEORTXHV
6XSRQJDPRVTXHGHVHDERUUDUORVEORTXHV%\\%GHOVLJXLHQWHSURJUDPDHTXLYDOHDO
SURJUDPDGHVFULWRHQHODSDUWDGR6HJXQGRSURJUDPD3£JLQD
%
ุ %
,
,
[ [ 4
3DU
3URFHGDGHOVLJXLHQWHPRGR
&RQPXWH/2*2DPRGRGHSURJUDPDFLµQ
SDUDUHFRUGDUFµPRVHKDFHFRQVXOWHHODSDUWDGR/DVUHJODVGHRURSDUDPDQHMDU
/2*23£JLQD
(GLWDU
SXOVH R
3DUDVHOHFFLRQDU
(
2.
3DUDFRQILUPDU
(GLWDU
SXOVH2
GDGRHOFDVRLQWURGX]FDXQDFRQWUDVH³D\FRQI¯UPHODFRQ2
2.
(GLW3URJ
SXOVH R
3DUDVHOHFFLRQDU
(
2.
3DUDFRQILUPDU
(GLW3URJ
SXOVH2
3DUDGHVSOD]DUHOFXUVRUDODHQWUDGDGH4HVGHFLU%SXOVH
%4
&RQILUPHFRQ2.
$MXVWHDKRUDHOFRQHFWRU
[
HQODVDOLGD4HQYH]GHOEORTXH%3URFHGDGHOVLJXLHQWH
PRGR
&RSXOVH R
ದ 6HOHFFLRQHODOLVWD&
2.
ದ $FHSWHODOLVWD&RSXOVH2
ದ 6HOHFFLRQH
[[
SXOVH R
2.
ದ $SOLTXH
[
SXOVH2
5HVXOWDGR(OEORTXH%VHERUUDU£SRUTXH\DQRVHXWLOL]DHQHOFLUFXLWR(VWRLQFOX\HWRGRV
ORVEORTXHVFRQHFWDGRVD%HQHVWHHMHPSORWDPEL«QHOEORTXH%
/2*2
0DQXDOGHSURGXFWR$(
3URJUDPDU/2*2
,QWURGXFLUHLQLFLDUHOSURJUDPD
&RUUHJLUHUURUHVGHSURJUDPDFLµQ
/RVHUURUHVGHSURJUDPDFLµQSXHGHQFRUUHJLUVHI£FLOPHQWHHQ/2*2
(6&
Ⴠ 6LQRKDVDOLGRD¼QGHOPRGRGHHGLFLµQSXHGHUHWURFHGHUXQSDVRSXOVDQGR(
Ⴠ 6L\DKDFRQILJXUDGRWRGDVODVHQWUDGDVVµORWLHQHTXHUHFRQILJXUDUODHQWUDGDHUUµQHD
6LW¼HHOFXUVRUHQODSRVLFLµQHUUµQHD
&DPELHDOPRGRGHHGLFLµQSXOVH2
2.
,QWURGX]FDHOFLUFXLWRGHHQWUDGDFRUUHFWR
8QEORTXHVµORSXHGHVXVWLWXLUVHSRURWURTXHWHQJDH[DFWDPHQWHODPLVPDFDQWLGDGGH
HQWUDGDV6LQHPEDUJRWDPEL«QSXHGHERUUDUHOEORTXHDQWLJXRHLQVHUWDUXQRQXHYR3XHGH
VHOHFFLRQDUFXDOTXLHUEORTXHQXHYR
6HOHFFLRQDUYDORUHVDQDOµJLFRVGHVDOLGDSDUDXQFDPELRGH581D6723
3XHGHVHOHFFLRQDUORVYDORUHVDQDOµJLFRVTXHGHEHQDSOLFDUVHHQODVGRVVDOLGDVDQDOµJLFDV
FXDQGR/2*2FDPELHGHPRGR581D6723
(QHOPHQ¼GHSURJUDPDFLµQ
(GLWDU
SXOVH R
&RORTXHHOFXUVRU!VREUH
(
2.
6HOHFFLRQH
(GLWDU
SXOVH2
&RORTXHHOFXUVRU!VREUH
$
$4
SXOVH R
2.
6HOHFFLRQH
$4
SXOVH2
$4HQ6WRS
SXOVH R
&RORTXHHOFXUVRU!VREUH
$
2.
6HOHFFLRQH
$4HQ6WRS
SXOVH2
/2*2YLVXDOL]DU£ORVLJXLHQWH
!'HILQLGR
OWLPR
$4HQ6WRS
OWLPR
/DVGRVSULPHUDVILODVPXHVWUDQODVRSFLRQHVGLVSRQLEOHV/DILODLQIHULRUPXHVWUDHO
DMXVWHDFWXDOGHORVFDQDOHVGHVDOLGDDQDOµJLFRV(ODMXVWHSUHGHWHUPLQDGRHV
OWLPR
3XHGHVHOHFFLRQDU
'HILQLGR
R
OWLPR
OWLPR
VLJQLILFDTXHVHFRQVHUYDQORV¼OWLPRV
YDORUHVDQDOµJLFRVGHODVVDOLGDVHQWDQWRTXH
'HILQLGR
VLJQLILFDTXH«VWRVVHDMXVWDQD
YDORUHVHVSHF¯ILFRV&XDQGR/2*2FDPELDGHPRGR581D6723ORVYDORUHVGHODV
VDOLGDVDQDOµJLFDVFDPELDQDVLPLVPRHQIXQFLµQGHODMXVWH
6HOHFFLRQHHODMXVWHGHVHDGRSDUDODVVDOLGDVSXOVH R
2.
&RQILUPHVXHQWUDGDSXOVH2
/2*2
0DQXDOGHSURGXFWR$(
3URJUDPDU/2*2
,QWURGXFLUHLQLFLDUHOSURJUDPD
'HILQLUXQYDORUDQDOµJLFRGHVDOLGDHVSHF¯ILFR
3DUDDSOLFDUXQYDORUDQDOµJLFRHVSHF¯ILFRDDPEDVVDOLGDVDQDOµJLFDV
'HILQLGR
SXOVH R
&RORTXHHOFXUVRU
!
VREUH
'
2.
&RQILUPH
'HILQLGR
SXOVH2
(OGLVSOD\PXHVWUDORVLJXLHQWH
$4
$4
,QWURGX]FDXQYDORUGHVDOLGDHVSHF¯ILFRSDUDFDGDXQDGHODVVDOLGDVDQDOµJLFDV
3DUDFRQILUPDUODHQWUDGDSXOVH2
2.
'HILQLUHOWLSRGHODVVDOLGDVDQDOµJLFDV
/DVVDOLGDVDQDOµJLFDVSXHGHQVHUGH9P$DMXVWHHVW£QGDURELHQGHP$
3DUDGHILQLUHOWLSRGHODVVDOLGDVDQDOµJLFDVSURFHGDGHOVLJXLHQWHPRGRDSDUWLUGHOPHQ¼
GHSURJUDPDFLµQ
(GLWDU
SXOVH R
&RORTXHHOFXUVRU!VREUH
(
2.
6HOHFFLRQH
(GLWDU
SXOVH2
$4
SXOVH R
&RORTXHHOFXUVRU!VREUH
$
2.
6HOHFFLRQH
$4
SXOVH2
7LSR$4
SXOVH R
&RORTXHHOFXUVRU!VREUH
7
2.
6HOHFFLRQH
7LSR$4
SXOVH2
/2*2YLVXDOL]DU£ORVLJXLHQWHSRUHMHPSOR
$4DMXVWH
HVW£QGDU
$4P$
6HYLVXDOL]DHOWLSRGHILQLGRSDUDFDGDFDQDODQDOµJLFR3DUDFDPELDUHOWLSRSURFHGDGHO
VLJXLHQWHPRGR
6LW¼HHOFXUVRUHQOD$4
TXHGHVHDFDPELDU3XOVH R
6HOHFFLRQHHODMXVWHHVW£QGDU9P$
µP$3XOVH R
2.
&RQILUPHODVHOHFFLµQ3XOVH2
/2*2
0DQXDOGHSURGXFWR$(
3URJUDPDU/2*2
,QWURGXFLUHLQLFLDUHOSURJUDPD
%RUUDUHOSURJUDPD\ODFRQWUDVH³D
3DUDERUUDUXQSURJUDPD\ODFRQWUDVH³DVLVHKDGHILQLGR
&RQPXWHHO/2*2DOPRGRGHSURJUDPDFLµQPHQ¼SULQFLSDO
!3URJUDPDU /2*2DEUHHOPHQ¼SULQFLSDO
7DUMHWD
&RQILJ
,QLFLR
(QHOPHQ¼SULQFLSDOSXOVH R SDUDVLWXDUHOFXUVRU
!
HQ
3
3URJUDPDU
3XOVH2
2.
!(GLWDU /2*2FDPELDDOPHQ¼GHSURJUDPDFLµQ
%RUUDUSURJ
&RQWUDVH³D
&RQI$YLVR
%RUUDUSURJ
SXOVH R
(QHOPHQ¼GHSURJUDPDFLµQVLW¼HHOFXUVRU
!
HQ
%
2.
&RQILUPH
%RUUDUSURJ
SXOVH2
%RUUDUSURJ
!1R
6¯
1R
\SXOVHODWHFOD2
6LQRGHVHDERUUDUHOSURJUDPDGHMHHOFXUVRU
!
VREUH
1 2.
6LHVW£VHJXURGHTXHGHVHDERUUDUHOSURJUDPDGHODPHPRULD
6¯
SXOVH R
&RORTXHHOFXUVRU
!
VREUH
6
2.
3XOVH2
&RQWUDVH³D" 3DUDLPSHGLUTXHHOSURJUDPDVHDERUUDGR
== SRUGHVFXLGRVHVROLFLWDTXHLQWURGX]FDOD
FRQWUDVH³DVLODKDGHILQLGR
,QWURGX]FDODFRQWUDVH³D
3XOVH2
2.6HERUUDU£QHOSURJUDPD\ODFRQWUDVH³D
1RWD
6LKDROYLGDGRODFRQWUDVH³DSXHGHERUUDUHOSURJUDPD\ODFRQWUDVH³DGHWRGDV
PDQHUDVLQWURGXFLHQGRWUHVYHFHVXQDFRQWUDVH³DLQFRUUHFWD
/2*2
0DQXDOGHSURGXFWR$(
3URJUDPDU/2*2
,QWURGXFLUHLQLFLDUHOSURJUDPD
&DPELRGHKRUDULRGHYHUDQRLQYLHUQR
(OFDPELRDXWRP£WLFRHQWUHHOKRUDULRGHYHUDQR\HOKRUDULRGHLQYLHUQRVHSXHGHDFWLYDU\
GHVDFWLYDU
Ⴠ HQHOPRGRGHSDUDPHWUL]DFLµQDFWLYDQGRHOFRPDQGRGHPHQ¼$MXVWDU
Ⴠ HQHOPRGRGHSURJUDPDFLµQDFWLYDQGRHOFRPDQGRGHPHQ¼&RQILJ
3DUDDFWLYDURGHVDFWLYDUHOFDPELRDXWRP£WLFRGHKRUDULRGHYHUDQRLQYLHUQRHQHOPRGRGH
SURJUDPDFLµQ
&RQPXWH/2*2DPRGRGHSURJUDPDFLµQ
$KRUDVHHQFXHQWUDHQHOPHQ¼SULQFLSDO\GHVHDVHOHFFLRQDUHOFRPDQGRGHPHQ¼
&RQILJ
SXOVH R
&
2.
&RQILUPH
&RQILJ
SXOVH2
&RORTXHHOFXUVRU
!
VREUH
5
5HORM
SXOVH R
2.
&RQILUPH
5HORM
SXOVH2
+RUDULR9,
SXOVH R
&RORTXHHOFXUVRU
!
VREUH
+
2.
&RQILUPH
+RUDULR9,
SXOVH2
/2*2YLVXDOL]DU£ORVLJXLHQWH
!2Q
2II
+RUDULR9,
2II
(ODMXVWHDFWXDOGHOFDPELRDXWRP£WLFRGHKRUDULRGHYHUDQRLQYLHUQRVHLQGLFDHQODILOD
LQIHULRU(ODMXVWHHVW£QGDUHV
2II
GHVDFWLYDGR
3DUDDFWLYDURGHVDFWLYDUHOFDPELRDXWRP£WLFRGHKRUDULRGHYHUDQRLQYLHUQRHQHOPRGRGH
SDUDPHWUL]DFLµQ
6LGHVHDDFWLYDURGHVDFWLYDUHOFDPELRDXWRP£WLFRGHKRUDULRGHYHUDQRLQYLHUQRHQHOPRGR
GHSDUDPHWUL]DFLµQVHOHFFLRQH
$$MXVWDU
\OXHJRORVPHQ¼V
5
5HORM
\
+
+RUDULR9,
$
FRQWLQXDFLµQSXHGHDFWLYDURGHVDFWLYDUHOFDPELRHQWUHORVKRUDULRVGHYHUDQR\GHLQYLHUQR
/2*2
0DQXDOGHSURGXFWR$(
3URJUDPDU/2*2
,QWURGXFLUHLQLFLDUHOSURJUDPD
$FWLYDUHOFDPELRGHKRUDULRGHYHUDQRHLQYLHUQR
$KRUDGHVHDDFWLYDUHVWHFDPELR\GHILQLURDMXVWDUORVSDU£PHWURV
&RORTXHHOFXUVRU
!
VREUH
2Q
SXOVH R
2.
&RQILUPH
2Q
SXOVH2
(OGLVSOD\PXHVWUDORVLJXLHQWH
(8
6HOHFFLRQHHOFDPELRGHVHDGRSXOVH R
4X«VHYLVXDOL]DHQHOGLVSOD\"
(8
UHSUHVHQWDHOLQLFLR\ILQGHOKRUDULRGHYHUDQRHQ(XURSD
Ⴠ
(
8.
UHSUHVHQWDHOLQLFLR\ILQGHOKRUDULRGHYHUDQRHQHO5HLQR8QLGR
Ⴠ
8
Ⴠ
8
86
UHSUHVHQWDHOLQLFLR\ILQGHOKRUDULRGHYHUDQRHQORV((88DQWHVGH
Ⴠ
86
UHSUHVHQWDHOLQLFLR\ILQGHOKRUDULRGHYHUDQRHQORV((88DSDUWLUGH
$86
UHSUHVHQWDHOLQLFLR\ILQGHOKRUDULRGHYHUDQRHQ$XVWUDOLD
Ⴠ
$
Ⴠ
$
$867$6
UHSUHVHQWDHOLQLFLR\ILQGHOKRUDULRGHYHUDQRHQ$XVWUDOLD\7DVPDQLD
1=
UHSUHVHQWDHOLQLFLR\ILQGHOKRUDULRGHYHUDQRHQ1XHYD=HODQGD
Ⴠ
1
Ⴠ $TX¯SXHGHSHUVRQDOL]DUHOPHVHOG¯D\ODGLIHUHQFLDKRUDULD
(QODWDEODVLJXLHQWHVHLQGLFDQORVFDPELRVSUHDMXVWDGRV
,QLFLRGHOKRUDULRGHYHUDQR )LQGHOKRUDULRGHYHUDQR 'LIHUHQFLD
KRUDULD˂
(8 OWLPRGRPLQJRGHPDU]R OWLPRGRPLQJRGHRFWXEUH PLQ
ൺ ൺ
8. OWLPRGRPLQJRGHPDU]R OWLPRGRPLQJRGHRFWXEUH PLQ
ൺ ൺ
86 3ULPHUGRPLQJRGHDEULO OWLPRGRPLQJRGHRFWXEUH PLQ
ൺ ൺ
86 6HJXQGRGRPLQJRGHDEULO 3ULPHUGRPLQJRGHQRYLHPEUH PLQ
ൺ ൺ
$86 OWLPRGRPLQJRGHRFWXEUH OWLPRGRPLQJRGHPDU]R PLQ
ൺ ൺ
$86 3ULPHUGRPLQJRGHRFWXEUH OWLPRGRPLQJRGHPDU]R PLQ
7$6 ൺ ൺ
1= 3ULPHUGRPLQJRGHRFWXEUH 7HUFHUGRPLQJRGHPDU]R PLQ
ൺ ൺ
0HV\G¯DSHUVRQDOL]DGRV 0HV\G¯DSHUVRQDOL]DGRV 3HUVRQDOL]DGD
ൺGLIHUHQFLD GLIHUHQFLDKRUDULDൺ LQGLFDFLµQHQ
KRUDULD GLIHUHQFLDKRUDULD PLQXWRV
/2*2
0DQXDOGHSURGXFWR$(
3URJUDPDU/2*2
,QWURGXFLUHLQLFLDUHOSURJUDPD
1RWD
6HSXHGHGHWHUPLQDUXQDGLIHUHQFLDKRUDULD˂GHHQWUH\PLQXWRV
6XSRQJDPRVTXHGHVHDDFWLYDUHOFDPELRGHKRUDULRGHYHUDQRLQYLHUQRHXURSHR
(8
SXOVH R
&RORTXHHOFXUVRU
!
VREUH
(
2.
&RQILUPH
(8
SXOVH2
/2*2YLVXDOL]DU£ORVLJXLHQWH
!2Q
2II
+RUDULR9,
2Qൺ(8
/2*2LQGLFDTXHHVW£DFWLYDGRHOFDPELRGHKRUDULRGHYHUDQRLQYLHUQRHXURSHR
3DU£PHWURVSHUVRQDOL]DGRV
6LQLQJXQRGHORVSDU£PHWURVRDMXVWHVVRQDSOLFDEOHVDVXSD¯VSXHGHSHUVRQDOL]DUORV
PHGLDQWHHOFRPDQGRGHPHQ¼
3URFHGDGHOVLJXLHQWHPRGR
&RQILUPH
2Q
GHQXHYRSXOVH2
2.
&RORTXHHOFXUVRU
!
VREUH
SXOVH R
2.
&RQILUPHHOFRPDQGRGHPHQ¼
SXOVH2
(OGLVSOD\PXHVWUDORVLJXLHQWH
&XUVRUFXDGUDGRRVFXUR
/2*2
0DQXDOGHSURGXFWR$(
3URJUDPDU/2*2
,QWURGXFLUHLQLFLDUHOSURJUDPD
(OGLVSOD\PXHVWUDORVLJXLHQWH
00''
GHPDU]R
GHQRYLHPEUH
˂ PLQ 'LIHUHQFLDKRUDULDPLQ
2.
Ⴠ &RQILUPHWRGDVODVHQWUDGDVHIHFWXDGDVFRQ2
&RQHOORKDSHUVRQDOL]DGRHOFDPELRGHKRUDULRGHYHUDQRLQYLHUQR(O/2*2'LVSOD\
YLVXDOL]DORVLJXLHQWH
!2Q
2II
+RUDULR9,
2Qൺ
/2*2LQGLFDTXHHOFDPELRGHKRUDULRGHYHUDQRLQYLHUQRHVW£DFWLYDGR\TXHORV
SDU£PHWURVKDQVLGRSHUVRQDOL]DGRV
1RWD
3DUDGHVDFWLYDUHOFDPELRGHKRUDULRGHYHUDQRLQYLHUQRVµORWLHQHTXHFRQILUPDUODHQWUDGD
2.HQHVWHPHQ¼
2II
FRQODWHFOD2
1RWD
(OFDPELRGHKRUDULRGHYHUDQRLQYLHUQRVµORVHHIHFW¼DVL/2*2HVW£IXQFLRQDQGRHQ
PRGR581R67231RIXQFLRQDVL/2*2HVW£HQRSHUDFLµQUHVSDOGDGD3£JLQD
/2*2
0DQXDOGHSURGXFWR$(
3URJUDPDU/2*2
,QWURGXFLUHLQLFLDUHOSURJUDPD
6LQFURQL]DFLµQ
/DVLQFURQL]DFLµQKRUDULDHQWUH/2*2\XQPµGXORGHFRPXQLFDFLµQ(,%.1;FRQHFWDGRD
SDUWLUGHODYHUVLµQ$$VHSXHGHDFWLYDU\GHVDFWLYDU
Ⴠ (QHOPRGRGHSDUDPHWUL]DFLµQSRUPHGLRGHOPHQ¼$MXVWDUFRPDQGR5HORM
Ⴠ (QHOPRGRGHSURJUDPDFLµQSRUPHGLRGHOPHQ¼&RQILJFRPDQGR5HORM
6LHVW£DFWLYDGDODVLQFURQL]DFLµQ/2*2SXHGHREWHQHUODKRUDGHXQPµGXORGH
FRPXQLFDFLµQ(,%.1;DSDUWLUGHODYHUVLµQ$$
,QGHSHQGLHQWHPHQWHGHVLODVLQFURQL]DFLµQHVW£DFWLYDGDRQRDOFRQHFWDUODDOLPHQWDFLµQ
ODKRUDVHHQY¯DDORVPµGXORVGHDPSOLDFLµQFDGDKRUDPRGR6723R581\FDGDYH]
TXHVHPRGLILFDHODMXVWHGHODKRUDFXDQGRVHHMHFXWDHOFRPDQGR
$MXV5HORM
RWUDVXQ
FDPELRGHKRUDULRGHYHUDQRLQYLHUQR
1RWD
6LXWLOL]DXQPµGXOR/2*2%DVLFFRQPµGXORVGHDPSOLDFLµQGLJLWDOHVRDQDOµJLFRVSHUR
VLQXQPµGXORGHFRPXQLFDFLµQ(,%.1;DSDUWLUGHODYHUVLµQ$$Q QRDFWLYHOD
VLQFURQL]DFLµQKRUDULD$VHJ¼UHVHGHTXHODVLQFURQL]DFLµQKRUDULDHVW«GHVDFWLYDGD
6LQF
GHEHHVWDUHQ
2II
3DUDDFWLYDU\GHVDFWLYDUODVLQFURQL]DFLµQHQHOPRGRGHSURJUDPDFLµQ
&RQPXWH/2*2DPRGRGHSURJUDPDFLµQ
$KRUDVHHQFXHQWUDHQHOPHQ¼SULQFLSDO\GHVHDVHOHFFLRQDU
&RQILJ
SXOVH R
2.
&RQILUPH
&RQILJ
SXOVH2
5HORM
SXOVH R
&RORTXHHOFXUVRU
!
VREUH
5
2.
&RQILUPH
5HORM
SXOVH2
6LQF
SXOVH R
&RORTXHHOFXUVRU
!
VREUH
6
2.
$SOLTXH
6LQF
SXOVH2
/2*2YLVXDOL]DU£ORVLJXLHQWH
!2Q
2II
6LQF
2II
(ODMXVWHDFWXDOGHVLQFURQL]DFLµQDXWRP£WLFDVHYLVXDOL]DHQODILODLQIHULRU(ODMXVWH
HVW£QGDUHV
2II
HVGHFLUGHVDFWLYDGD
3DUDDFWLYDU\GHVDFWLYDUODVLQFURQL]DFLµQHQHOPRGRGHSDUDPHWUL]DFLµQ
6LGHVHDDFWLYDURGHVDFWLYDUODVLQFURQL]DFLµQDXWRP£WLFDHQHOPRGRGHSDUDPHWUL]DFLµQ
$MXVWDU
\OXHJRORVPHQ¼V
5
VHOHFFLRQH
$ 5HORM
\
6
6LQF
$FRQWLQXDFLµQSXHGHDFWLYDUR
GHVDFWLYDUODVLQFURQL]DFLµQDXWRP£WLFD
/2*2
0DQXDOGHSURGXFWR$(
3URJUDPDU/2*2
(VSDFLRGHPHPRULD\WDPD³RGHOSURJUDPD
$FWLYDUODVLQFURQL]DFLµQ
3DUDDFWLYDUODVLQFURQL]DFLµQ
2Q
SXOVH R
&RORTXHHOFXUVRU
!
VREUH
2
2.
&RQILUPH
2Q
SXOVH2
/2*2YLVXDOL]DU£ORVLJXLHQWH
!2Q
2II
6LQF
2Q
(VSDFLRGHPHPRULD\WDPD³RGHOSURJUDPD
(OWDPD³RGHXQSURJUDPDHQ/2*2HVW£OLPLWDGRSRUHOHVSDFLRGHPHPRULDGLVSRQLEOH
PHPRULDTXHXWLOL]DQORVEORTXHV
UHDVGHPHPRULD
Ⴠ 0HPRULDGHSURJUDPD
/2*2VµORSHUPLWHXWLOL]DUXQQ¼PHUROLPLWDGRGHEORTXHVHQHOSURJUDPD
/DVHJXQGDOLPLWDFLµQUHVXOWDGHOQ¼PHURP£[LPRGHE\WHVGLVSRQLEOHVTXHSXHGH
FRQWHQHUXQSURJUDPD(OQ¼PHURGHE\WHVXWLOL]DGRVSXHGHGHWHUPLQDUVHVXPDQGRHO
Q¼PHURGHE\WHVGHVWLQDGRVDORVEORTXHVGHIXQFLµQUHOHYDQWHV
Ⴠ 0HPRULDUHPDQHQWH5HP
(QHVWD£UHD/2*2DOPDFHQDYDORUHVTXHGHEHQVHUUHPDQHQWHVSHMHOYDORUGHO
FRQWDGRUGHKRUDVGHIXQFLRQDPLHQWR/RVEORTXHVFRQUHPDQHQFLDRSFLRQDOXWLOL]DQ
HVWD£UHDGHPHPRULDVµORVLVHKDDFWLYDGRODUHPDQHQFLD
5HFXUVRVGLVSRQLEOHVHQ/2*2
8QSURJUDPDHQ/2*2SXHGHRFXSDUORVVLJXLHQWHVUHFXUVRVP£[LPRV
%\WHV %ORTXHV 5(0
/2*2VXSHUYLVDODXWLOL]DFLµQGHODPHPRULD\VµORRIUHFHHQODVOLVWDVDTXHOODVIXQFLRQHV
SDUDODVTXHKD\DVXILFLHQWHPHPRULDGLVSRQLEOH
/2*2
0DQXDOGHSURGXFWR$(
3URJUDPDU/2*2
(VSDFLRGHPHPRULD\WDPD³RGHOSURJUDPD
0HPRULDUHTXHULGD
/DWDEODRIUHFHXQDSDQRU£PLFDGHODPHPRULDUHTXHULGDSRUODVIXQFLRQHVE£VLFDV\
HVSHFLDOHV
)XQFLµQ 0HPRULD 0HP
GHO UHPDQHQWH
SURJUDPD
)XQFLRQHVE£VLFDV
$1'
$1'FRQHYDOXDFLµQGHIODQFRV
1$1'$1'QHJDGD
1$1'FRQHYDOXDFLµQGHIODQFRV
25
12525QHJDGD
;2525H[FOXVLYD
127QHJDFLµQ
)XQFLRQHVHVSHFLDOHV
7HPSRUL]DGRUHV
5HWDUGRDODFRQH[LµQ
5HWDUGRDODGHVFRQH[LµQ
5HWDUGRDODFRQH[LµQGHVFRQH[LµQ
5HWDUGRDODFRQH[LµQFRQPHPRULD
5HO«GHEDUULGRVDOLGDGHLPSXOVRV
5HO«GHEDUULGRDFWLYDGRSRUIODQFRV
*HQHUDGRUGHLPSXOVRVDV¯QFURQR
*HQHUDGRUDOHDWRULR
,QWHUUXSWRUGHDOXPEUDGRSDUDHVFDOHUD
,QWHUUXSWRUELIXQFLRQDO
7HPSRUL]DGRUVHPDQDO
7HPSRUL]DGRUDQXDO
&RQWDGRUHV
&RQWDGRUDGHODQWHDWU£V
&RQWDGRUGHKRUDVGHIXQFLRQDPLHQWR
6HOHFWRUGHXPEUDO
$QDOµJLFR
&RQPXWDGRUDQDOµJLFRGHYDORUXPEUDO
&RQPXWDGRUDQDOµJLFRGHYDORUXPEUDOGLIHUHQFLDO
&RPSDUDGRUDQDOµJLFR
9LJLODQFLDGHOYDORUDQDOµJLFR
$PSOLILFDGRUDQDOµJLFR
0RGXODFLµQGHDQFKRGHLPSXOVRV3:0
$ULWP«WLFDDQDOµJLFD
'HWHFFLµQGHHUURUHVGHDULWP«WLFDDQDOµJLFD
/2*2
0DQXDOGHSURGXFWR$(
3URJUDPDU/2*2
(VSDFLRGHPHPRULD\WDPD³RGHOSURJUDPD
8WLOL]DFLµQGH£UHDVGHPHPRULD
3DUDLQGLFDUTXHQRKD\VXILFLHQWHPHPRULDGLVSRQLEOHHOVLVWHPDQROHSHUPLWHDJUHJDUP£V
EORTXHVDOSURJUDPD/2*2VµORRIUHFHORVEORTXHVSDUDORVTXHSXHGHSURYHHUVXILFLHQWH
PHPRULD6LODPHPRULDGH/2*2GLVSRQLEOHQRHVVXILFLHQWHSDUDDFRJHUP£VEORTXHVGH
XQDOLVWDHOVLVWHPDGHQHJDU£HODFFHVRDHVDOLVWD
6LODPHPRULDHVW£RFXSDGDSRUFRPSOHWRRSWLPLFHHOSURJUDPDRPRQWHXQVHJXQGR
/2*2
&DOFXODUORVUHTXLVLWRVGHPHPRULD
3DUDGHWHUPLQDUODPHPRULDTXHUHTXLHUHXQSURJUDPDHVQHFHVDULRFRQVLGHUDUVLHPSUHODV
GLVWLQWDV£UHDVGHPHPRULD
(MHPSOR
%\WHV 5(0
%\WHV 5(0
%
%
1R %
1R ุ
1R [
% [ 4
,
,
3DU
%
%
,
,
[ 3DU 4
/2*2
0DQXDOGHSURGXFWR$(
3URJUDPDU/2*2
(VSDFLRGHPHPRULD\WDPD³RGHOSURJUDPD
(OSURJUDPDGHHMHPSORFRQWLHQH
1|GHEORTXH )XQFLµQ UHDGHPHPRULD
%\WHV %ORTXHV 5(0
% 25
% $1'
% 7HPSRUL]DGRUVHPDQDO
% 5HWDUGRDODFRQH[LµQ
% ,QWHUUXSWRUGHDOXPEUDGRSDUDHVFDOHUD
% $1'
5HFXUVRVXWLOL]DGRVSRUHOSURJUDPD
/¯PLWHVGHPHPRULDHQ/2*2
$¼QGLVSRQLEOHVHQ/2*2
&RQILJXUDGRFRQUHPDQHQFLD
3RUWDQWR/2*2WLHQHFDSDFLGDGGHPHPRULDSDUDHVWHSURJUDPD
,QGLFDFLµQGHODPHPRULDOLEUH
/2*2SXHGHYLVXDOL]DUHOHVSDFLRGHPHPRULDOLEUH
3URFHGDGHOVLJXLHQWHPRGR
&RQPXWH/2*2DPRGRGHSURJUDPDFLµQ
SDUDUHFRUGDUFµPRVHKDFHFRQVXOWHHODSDUWDGR/DVUHJODVGHRURSDUDPDQHMDU
/2*23£JLQD
(GLWDU
SXOVH R
6HOHFFLRQH
(
2.
$FHSWH
(GLWDU
SXOVH2
6HOHFFLRQH
0HPRULD"
SXOVH R
2.
$FHSWH
0HPRULD"
SXOVH2
(OGLVSOD\YLVXDOL]DORVLJXLHQWH
0HPOLEUH
%\WH
%ORTXH
5HP
/2*2
0DQXDOGHSURGXFWR$(
)XQFLRQHVGH/2*2
2UJDQL]DFLµQ
/2*2RIUHFHGLYHUVRVHOHPHQWRVHQPRGRGHSURJUDPDFLµQ3DUDIDFLOLWDUODRULHQWDFLµQ
KHPRVRUJDQL]DGRORVHOHPHQWRVHQGLVWLQWDV
OLVWDV
DVDEHU
Ⴠ ൻ&ROLVWDGHFRQHFWRUHVFRQHFWRU3£JLQD
Ⴠ ൻ*)OLVWDGHIXQFLRQHVE£VLFDV$1'253£JLQD
Ⴠ ൻ6)OLVWDGHODVIXQFLRQHVHVSHFLDOHV3£JLQD
Ⴠ ൻ%1OLVWDGHEORTXHVUHXWLOL]DEOHVFRQILJXUDGRVHQHOSURJUDPD
&RQWHQLGRGHODVOLVWDV
/DVOLVWDVFRQWLHQHQORVHOHPHQWRVGLVSRQLEOHVHQ/2*2*HQHUDOPHQWHLQFOX\HQWRGRVORV
FRQHFWRUHVODVIXQFLRQHVE£VLFDV\ODVIXQFLRQHVHVSHFLDOHV/DOLVWDൻ%1PXHVWUDWRGRV
ORVEORTXHVTXHHOXVXDULRKDFUHDGRHQ/2*2
2FXOWDFLµQGHDOJXQRVHOHPHQWRV
/2*2QRPXHVWUDWRGRVORVHOHPHQWRVVL
Ⴠ 1RSXHGHQLQVHUWDUVHP£VEORTXHV
(QHVWHFDVRSXHGHVHUTXHQRKD\DVXILFLHQWHPHPRULDGLVSRQLEOHRTXHVHKD\D
DOFDQ]DGRHOQ¼PHURP£[LPRGHEORTXHVSRVLEOH
Ⴠ 8QEORTXHHVSHF¯ILFRQHFHVLWDP£VPHPRULD3£JLQDGHODGLVSRQLEOHHQ/2*2
/2*2
0DQXDOGHSURGXFWR$(
)XQFLRQHVGH/2*2
&RQVWDQWHV\FRQHFWRUHV&R
&RQVWDQWHV\FRQHFWRUHV&R
/DVFRQVWDQWHV\ORVFRQHFWRUHV&RLGHQWLILFDQHQWUDGDVVDOLGDVPDUFDV\QLYHOHVGH
WHQVLµQILMRVFRQVWDQWHV
(QWUDGDV
(QWUDGDVGLJLWDOHV
/DVHQWUDGDVGLJLWDOHVVHLGHQWLILFDQPHGLDQWHXQD,,/RVQ¼PHURVGHODVHQWUDGDVGLJLWDOHV
,,FRUUHVSRQGHQDORVQ¼PHURVGHORVFRQHFWRUHVGHHQWUDGDGH/2*2%DVLF\GH
ORVPµGXORVGLJLWDOHVFRQHFWDGRVHQHORUGHQGHPRQWDMH/DVHQWUDGDVGLJLWDOHVU£SLGDV,
,,H,GHODVYHUVLRQHV/2*2/2*2R/2*25&\/2*25&R
SXHGHQXWLOL]DUVHFRPRFRQWDGRUHVU£SLGRV
(QWUDGDVDQDOµJLFDV
/DVYHUVLRQHV/2*2/2*2R/2*25&\/2*25&RLQFRUSRUDQODV
HQWUDGDV,,,H,TXHWDPEL«QSXHGHQSURJUDPDUVHSDUDVHUXWLOL]DGDVFRPRHQWUDGDV
$,$,$,H$
$,&RPRVHGHVFULEHHQHODSDUWDGR$MXVWDUHOQ¼PHURGHHQWUDGDV
DQDOµJLFDVGHOPµGXORE£VLFR3£JLQDHVWRVPµGXORVSXHGHQFRQILJXUDUVHGHPDQHUD
TXHXWLOLFHQGRVHQWUDGDVDQDOµJLFDV$,\$,RWRGDVODVHQWUDGDVFXDWUR/DVVH³DOHV
HQODVHQWUDGDV,,,H,VHLQWHUSUHWDQFRPRYDORUHVGLJLWDOHV/DVVH³DOHVHQODV
HQWUDGDV$,$,$,\$,VHLQWHUSUHWDQFRPRYDORUHVDQDOµJLFRV7HQJDHQFXHQWDTXH
$,FRUUHVSRQGHD,HQWDQWRTXH$,FRUUHVSRQGHD,(VWDQXPHUDFLµQFRQVHUYDOD
DQWHULRUFRUUHVSRQGHQFLDGH$,FRQ,\$,FRQ,TXHH[LVW¯DHQODVHULHGHGLVSRVLWLYRV
%$/DVHQWUDGDVGHXQPµGXORDQDOµJLFRFRQHFWDGRVHQXPHUDQGHDFXHUGRFRQODV
HQWUDGDVDQDOµJLFDV\DGLVSRQLEOHV(QHODSDUWDGR&RQILJXUDFLµQP£[LPD3£JLQD
HQFRQWUDU£FRQILJXUDFLRQHVGHHMHPSOR(QHOPRGRGHSURJUDPDFLµQFXDQGRVHVHOHFFLRQD
ODVH³DOGHHQWUDGDGHXQDIXQFLµQHVSHFLDOTXHDGRSWHXQYDORUDQDOµJLFR/2*2RIUHFH
ODVHQWUDGDVDQDOµJLFDV$,$,ODVPDUFDVDQDOµJLFDV$0$0ODVVDOLGDVDQDOµJLFDV
$4\$4DV¯FRPRORVQ¼PHURVGHEORTXHGHODVIXQFLRQHVFRQVDOLGDVDQDOµJLFDV
/2*2
0DQXDOGHSURGXFWR$(
)XQFLRQHVGH/2*2
&RQVWDQWHV\FRQHFWRUHV&R
6DOLGDV
6DOLGDVGLJLWDOHV
/DVVDOLGDVGLJLWDOHVVHLGHQWLILFDQFRQXQD4
4/RVQ¼PHURVGHODVVDOLGDV444
FRUUHVSRQGHQDORVQ¼PHURVGHORVFRQHFWRUHVGHVDOLGDGH/2*2%DVLF\GHORVPµGXORV
GHDPSOLDFLµQFRQHFWDGRVHQHORUGHQGHPRQWDMH&RQVXOWHODILJXUDVLJXLHQWH
7DPEL«QH[LVWHODSRVLELOLGDGGHXWLOL]DUVDOLGDVQRFRQHFWDGDVVWDVVHLGHQWLILFDQFRQ
XQD[[\QRSXHGHQUHXWLOL]DUVHHQXQSURJUDPDDGLIHUHQFLDGHODVPDUFDVSRUHMHPSOR/D
OLVWDPXHVWUDWRGDVODVVDOLGDVQRFRQHFWDGDVSURJUDPDGDV\XQDVDOLGDQRFRQHFWDGDTXH
QRVHKDFRQILJXUDGRD¼Q(OXVRGHXQDVDOLGDQRFRQHFWDGDHV¼WLOSHMHQODIXQFLµQ
HVSHFLDO7H[WRVGHDYLVR3£JLQDVLVµORHOWH[WRGHDYLVRHVUHOHYDQWHHQHO
SURJUDPD
6DOLGDVDQDOµJLFDV
/DVVDOLGDVDQDOµJLFDVVHLGHQWLILFDQFRQ$
$4+D\GRVVDOLGDVDQDOµJLFDVGLVSRQLEOHVD
VDEHU$4\$48QDVDOLGDDQDOµJLFDVµORSXHGHFRQHFWDUVHFRQODHQWUDGDDQDOµJLFDGH
XQDIXQFLµQXQDPDUFDDQDOµJLFD$0RXQFRQHFWRUGHVDOLGDDQDOµJLFR
/DILJXUDVLJXLHQWHPXHVWUDXQDFRQILJXUDFLµQGHHMHPSORGH/2*2\ODQXPHUDFLµQGHODV
HQWUDGDV\VDOLGDVGHOSURJUDPD
Entradas
/ 0 $, $, , , , , $, $, / 0 , , , , / 0 / 0 / 0 , , , , / 0 / 0
3( 3(
1 2 1 2 1 2 1 2
4 4 ,1387[9P$ 4 4 287387[9RUP$
1 2 1 2 1 2 1 2 1 2 1 2 1 2 1 2 9 M1 I1 V2+ 0 ,
4 4 4 4 4 4 $, 0 8 $, 0 8 4 4 AQ1 AQ2
0DUFDV
/DVPDUFDVVHLGHQWLILFDQFRQ0
0R$
$0/DVPDUFDVVRQVDOLGDVYLUWXDOHVTXHGHYXHOYHQHO
YDORUGHVXVHQWUDGDV/2*2SURYHHPDUFDVGLJLWDOHV0D0\PDUFDV
DQDOµJLFDV$0D$0
/2*2
0DQXDOGHSURGXFWR$(
)XQFLRQHVGH/2*2
&RQVWDQWHV\FRQHFWRUHV&R
0DUFDGHDUUDQTXH
/DPDUFD0VHDFWLYDHQHOSULPHUFLFORGHOSURJUDPDGHXVXDULR3RUWDQWRSXHGH
XWLOL]DUVHFRPRPDUFDGHDUUDQTXHHQHOSURJUDPD(VWDVH³DOVHGHVDFWLYD
DXWRP£WLFDPHQWHXQDYH]FRPSOHWDGRHOSULPHUFLFORGHOSURJUDPD
(QWRGRVORVGHP£VFLFORVODPDUFD0SXHGHXWLOL]DUVHSDUDIXQFLRQHVGHDFWLYDFLµQ
ERUUDGR\HYDOXDFLµQGHLJXDOPDQHUDTXHRWUDVPDUFDV
0DUFDVGHUHWURLOXPLQDFLµQ0\0
/DPDUFD0FRQWURODODUHWURLOXPLQDFLµQGHO/2*2'LVSOD\/DPDUFD0FRQWURODOD
UHWURLOXPLQDFLµQGHOGLVSOD\GHO/2*27'
1RWD/DUHWURLOXPLQDFLµQGHO/2*27'WLHQHXQDYLGD¼WLOGHKRUDV
0DUFDGHOMXHJRGHFDUDFWHUHVSDUDWH[WRVGHDYLVR0
/DPDUFD0SHUPLWHHOHJLUHQWUHORVGRVMXHJRVGHFDUDFWHUHVTXH/2*2XWLOL]DSDUD
YLVXDOL]DUWH[WRVGHDYLVR(OHVWDGRFRUUHVSRQGHDOMXHJRGHFDUDFWHUHV\HOHVWDGRDO
MXHJRGHFDUDFWHUHV6L0 ORZVHYLVXDOL]DU£QVµORORVWH[WRVGHDYLVRFRQILJXUDGRV
SDUDHOMXHJRGHFDUDFWHUHV6L0 KLJKVHYLVXDOL]DU£QVµORORVWH[WRVGHDYLVR
FRQILJXUDGRVSDUDHOMXHJRGHFDUDFWHUHV6L0QRVHLQFOX\HHQHOSURJUDPDORVWH[WRV
GHDYLVRVHYLVXDOL]DU£QHQHOMXHJRGHFDUDFWHUHVVHOHFFLRQDGRHQHOPHQ¼&RQI$YLVRR
ELHQHQ/2*26RIW&RPIRUW
1RWD
/DVDOLGDGHXQDPDUFDWLHQHDSOLFDGDVLHPSUHODVH³DOGHODQWHULRUFLFORGHOSURJUDPD(VWH
YDORUQRVHPRGLILFDGHQWURGHXQPLVPRFLFORGHSURJUDPD
%LWVGHUHJLVWURGHGHVSOD]DPLHQWR
/2*2SURYHHORVELWVGHUHJLVWURGHGHVSOD]DPLHQWR6D6$«VWRVVHOHVKDDVLJQDGR
HQHOSURJUDPDHODWULEXWRGHVµOROHFWXUD(OFRQWHQLGRGHORVELWVGHUHJLVWURGH
GHVSOD]DPLHQWRVµORSXHGHPRGLILFDUVHPHGLDQWHODIXQFLµQHVSHFLDO5HJLVWURGH
GHVSOD]DPLHQWR3£JLQD
7HFODVGHFXUVRU
3XHGHXWLOL]DUWHFODVGHFXUVRU& & & \& & &XUVRU(QXQSURJUDPDODV
WHFODVGHFXUVRUVHSURJUDPDQFRPRRWUDVHQWUDGDV/DVWHFODVGHFXUVRUSXHGHQDFWLYDUVH
HQHOGLVSOD\FRUUHVSRQGLHQWHPLHQWUDVHOVLVWHPDHVW£HQPRGR5813£JLQD\HQXQ
WH[WRGHDYLVRDFWLYR(6&WHFODGHVHDGD/DVWHFODVGHFXUVRUSHUPLWHQDKRUUDUHOXVRGH
LQWHUUXSWRUHV\HQWUDGDVIDFLOLWDQGRDGHP£VHOFRQWUROGHOSURJUDPDSRUSDUWHGHORSHUDGRU
/DVHQWUDGDVGHWHFODVGHFXUVRUGHO/2*27'VRQLG«QWLFDVDODVGHOPµGXOR
/2*2%DVLF
/2*2
0DQXDOGHSURGXFWR$(
)XQFLRQHVGH/2*2
&RQVWDQWHV\FRQHFWRUHV&R
7HFODVGHIXQFLµQGHO/2*27'
(O/2*27'LQFRUSRUDFXDWURWHFODVGHIXQFLµQTXHSXHGHQXWLOL]DUVHHQHOSURJUDPD(VWDV
WHFODVVHSURJUDPDQGHODPLVPDPDQHUDTXHODVHQWUDGDV$OLJXDOTXHODVWHFODVGHFXUVRU
HVWDVWHFODVSXHGHQSXOVDUVHPLHQWUDV/2*2HVW£HQPRGR581SDUDLQIOXLUHQHO
FRPSRUWDPLHQWRGHOSURJUDPD\DKRUUDULQWHUUXSWRUHV\HQWUDGDV/DVWHFODVGHIXQFLµQVH
LGHQWLILFDQFRQ)))\)
1LYHOHV
/RVQLYHOHVGHWHQVLµQVHLGHQWLILFDQPHGLDQWHK
KL\OOR8QHVWDGRFRQVWDQWH KLR
ORGHXQEORTXHSXHGHDMXVWDUVHPHGLDQWHXQQLYHOGHWHQVLµQILMRRXQYDORUFRQVWDQWHKLR
OR
&RQHFWRUHVDELHUWRV
/RVFRQHFWRUHVGHEORTXHQRXWLOL]DGRVSXHGHQLGHQWLILFDUVHFRQXQD[
[
/2*2
0DQXDOGHSURGXFWR$(
)XQFLRQHVGH/2*2
/LVWDGHIXQFLRQHVE£VLFDV*)
/LVWDGHIXQFLRQHVE£VLFDV*)
/DVIXQFLRQHVE£VLFDVVRQHOHPHQWRVOµJLFRVVHQFLOORVGHO£OJHEUDERROHDQD
(VSRVLEOHQHJDUODVHQWUDGDVGHDOJXQDVIXQFLRQHVE£VLFDVFRQORTXHHOSURJUDPDLQYLHUWH
XQDVH³DOOµJLFDDSOLFDGDDXQDHQWUDGDGHWHUPLQDGDHQXQDVH³DOOµJLFD6LODVH³DO
HVW£DSOLFDGDHQODHQWUDGDHOSURJUDPDDFWLYDXQOµJLFR&RQVXOWHHOHMHPSORGH
SURJUDPDFLµQGHOFDS¯WXOR,QWURGXFLUHOSURJUDPD3£JLQD
/DOLVWD*)FRQWLHQHODVIXQFLRQHVE£VLFDVTXHSXHGHQXWLOL]DUVHHQHOSURJUDPD([LVWHQODV
VLJXLHQWHVIXQFLRQHVE£VLFDV
9LVXDOL]DFLµQHQHOHVTXHPDGH 9LVXDOL]DFLµQHQ/2*2 1RPEUHGHODIXQFLµQE£VLFD
FRQH[LRQHV
$1'3£JLQD
&RQH[LµQHQVHULHFRQ 4
FRQWDFWR1$
$1'FRQHYDOXDFLµQGHIODQFRV
൹ 3£JLQD
4
1$1'3£JLQD
$1'QHJDGD
4
&RQH[LµQHQSDUDOHORFRQ
FRQWDFWRV1&
1$1'FRQHYDOXDFLµQGH
ൻ IODQFRV3£JLQD
4
253£JLQD
ุ
4
&RQH[LµQHQSDUDOHORFRQ
FRQWDFWRV1$
1253£JLQD
&RQH[LµQHQVHULHFRQ
ุ 25QHJDGD
4
FRQWDFWRV1&
/2*2
0DQXDOGHSURGXFWR$(
)XQFLRQHVGH/2*2
/LVWDGHIXQFLRQHVE£VLFDV*)
1273£JLQD
QHJDFLµQLQYHUVRU
4
&RQWDFWR1&
$1'
(VTXHPDGHXQFLUFXLWRHQVHULHFRQ 6¯PERORHQ/2*2
YDULRVFRQWDFWRV1$
4
/DVDOLGDGHODIXQFLµQ$1'VµORDGRSWDHOHVWDGRVLWWRGDVODVHQWUDGDVWLHQHQHOHVWDGR
HVGHFLUVLHVW£QFHUUDGRVWRGRVORVFRQWDFWRV
(QXQDHQWUDGDQRXWLOL]DGDGHOEORTXH[[
7DEODOµJLFDGHODIXQFLµQ$1'
4
/2*2
0DQXDOGHSURGXFWR$(
)XQFLRQHVGH/2*2
/LVWDGHIXQFLRQHVE£VLFDV*)
$1'FRQHYDOXDFLµQGHIODQFRV
6¯PERORHQ/2*2
൹
4
/DVDOLGDGHODIXQFLµQ$1'DFWLYDGDSRUIODQFRVVµORWLHQHHOHVWDGRVLWWRGDVODVHQWUDGDV
WLHQHQHOHVWDGR\S
SRUORPHQRVXQDGHHOODVWHQ¯DHOHVWDGRORZHQHOFLFORDQWHULRU
(QXQDHQWUDGDQRXWLOL]DGDGHOEORTXH[[
&URQRJUDPDGHODIXQFLµQ$1'FRQHYDOXDFLµQGHIODQFRV
4
&LFOR
4
/DVDOLGDGHODIXQFLµQ1$1'VµORDGRSWDHOHVWDGRVLWWRGDVODVHQWUDGDVWLHQHQHOHVWDGR
HVGHFLUVLORVFRQWDFWRVHVW£QFHUUDGRV
(QXQDHQWUDGDQRXWLOL]DGDGHOEORTXH[[
/2*2
0DQXDOGHSURGXFWR$(
)XQFLRQHVGH/2*2
/LVWDGHIXQFLRQHVE£VLFDV*)
7DEODOµJLFDGHODIXQFLµQ1$1'
4
1$1'FRQHYDOXDFLµQGHIODQFRV
6¯PERORHQ/2*2
ൻ
4
/DVDOLGDGHODIXQFLµQ1$1'FRQHYDOXDFLµQGHIODQFRVVµORDGRSWDHOHVWDGRVLS SRUOR
PHQRVXQDHQWUDGDWLHQHHOHVWDGR\HQHOFLFORDQWHULRUWWRGDVODVHQWUDGDVWHQ¯DQHO
HVWDGR
(QXQDHQWUDGDQRXWLOL]DGDGHOEORTXH[[
/2*2
0DQXDOGHSURGXFWR$(
)XQFLRQHVGH/2*2
/LVWDGHIXQFLRQHVE£VLFDV*)
&URQRJUDPDGHODIXQFLµQ1$1'FRQHYDOXDFLµQGHIODQFRV
4
&LFOR
25
(VTXHPDGHXQFLUFXLWRHQSDUDOHOR
FRQYDULRVFRQWDFWRV1$
6¯PERORHQ/2*2
ุ
4
SRUORPHQRVXQDHQWUDGDWLHQHHOHVWDGR
/DVDOLGDGHODIXQFLµQ25DGRSWDHOHVWDGRVLS
HVGHFLUVLSRUORPHQRVXQRGHORVFRQWDFWRVHVW£FHUUDGR
(QXQDHQWUDGDQRXWLOL]DGDGHOEORTXH[[
7DEODOµJLFDGHODIXQFLµQ25
4
/2*2
0DQXDOGHSURGXFWR$(
)XQFLRQHVGH/2*2
/LVWDGHIXQFLRQHVE£VLFDV*)
(VTXHPDGHXQFLUFXLWRHQVHULHFRQ 6¯PERORHQ/2*2
YDULRVFRQWDFWRV1&
ุ
4
/DVDOLGDGHODIXQFLµQ125VµORDGRSWDHOHVWDGRVLWWRGDVODVHQWUDGDVWLHQHQHOHVWDGR
HVGHFLUVLHVW£QGHVDFWLYDGDV/DVDOLGDGH125VHSRQHDWDQSURQWRFRPRVHDFWLYD
XQDGHODVHQWUDGDVHVWDGRGHVH³DO
(QXQDHQWUDGDQRXWLOL]DGDGHOEORTXH[[
7DEODOµJLFDGHODIXQFLµQ125
4
/2*2
0DQXDOGHSURGXFWR$(
)XQFLRQHVGH/2*2
/LVWDGHIXQFLRQHVE£VLFDV*)
7DEODOµJLFDGHODIXQFLµQ;25
4
/DVDOLGDDGRSWDHOHVWDGRVLODHQWUDGDHV(OEORTXH127LQYLHUWHHOHVWDGRGHOD
HQWUDGD
/DYHQWDMDGHOEORTXH127HVSHMTXH/2*2QRUHTXLHUHFRQWDFWRVQRUPDOPHQWH
FHUUDGRV1&6µORWLHQHTXHXWLOL]DUXQFRQWDFWRQRUPDOPHQWHDELHUWR1$\PHGLDQWHHO
EORTXH127FRQYHUWLUORHQXQFRQWDFWR1&
7DEODOµJLFDGHODIXQFLµQ127
4
/2*2
0DQXDOGHSURGXFWR$(
)XQFLRQHVGH/2*2
)XQFLRQHVHVSHFLDOHV
)XQFLRQHVHVSHFLDOHV
/DVIXQFLRQHVHVSHFLDOHVVHGLVWLQJXHQDSULPHUDYLVWDGHODVIXQFLRQHVE£VLFDVHQOD
GHQRPLQDFLµQGLIHUHQWHGHVXVHQWUDGDV/DVIXQFLRQHVHVSHFLDOHV6)FRQWLHQHQIXQFLRQHV
GHWHPSRUL]DFLµQUHPDQHQFLD\GLYHUVDVRSFLRQHVGHSDUDPHWUL]DFLµQTXHOHSHUPLWHQ
DGDSWDUHOSURJUDPDDVXVH[LJHQFLDV
(VWHDSDUWDGRRIUHFHXQUHVXPHQEUHYHGHORVQRPEUHVGHODVHQWUDGDVDV¯FRPR
LQIRUPDFLµQGHWUDVIRQGRDFHUFDGHODVIXQFLRQHVHVSHFLDOHV3£JLQD
'HVLJQDFLµQGHODVHQWUDGDV
(QWUDGDVOµJLFDV
$TX¯VHGHVFULEHQORVFRQHFWRUHVTXHSXHGHQXWLOL]DUVHSDUDFUHDUXQY¯QFXOROµJLFRFRQ
RWURVEORTXHVRODVHQWUDGDVGHOGLVSRVLWLYR/2*2
Ⴠ 66HW
8QDVH³DOHQODHQWUDGD6SRQHODVDOLGDDXQOµJLFR
Ⴠ 55HVHW
/DHQWUDGDGHUHVHW5WLHQHSULRULGDGVREUHWRGDVODVGHP£VHQWUDGDV\GHVDFWLYDODV
VDOLGDV
Ⴠ 7UJ7ULJJHU
(VWDHQWUDGDVHXWLOL]DSDUDGLVSDUDUHOLQLFLRGHXQDIXQFLµQ
Ⴠ &QW&RXQW
(VWDHQWUDGDVLUYHSDUDFRQWDULPSXOVRV
Ⴠ )UH)UHTXHQF\
/DVVH³DOHVGHIUHFXHQFLDDHYDOXDUVHDSOLFDQDHVWDHQWUDGD
Ⴠ 'LU'LUHFWLRQ
(VWDHQWUDGDGHWHUPLQDHOVHQWLGRGHFRQWDMHSRUHMHPSOR
Ⴠ (Q(QDEOH
(VWDHQWUDGDKDELOLWDODIXQFLµQGHXQEORTXH6LHOHVWDGRGHVH³DOGHODHQWUDGDHV
VHLJQRUDQRWUDVVH³DOHVGHOEORTXH
Ⴠ ,QY,QYHUW
8QDVH³DODSOLFDGDHQHVWDHQWUDGDLQYLHUWHODVH³DOGHVDOLGDGHOEORTXH
Ⴠ 5DO5HVHWDOO
6HUHLQLFLDQWRGRVORVYDORUHVLQWHUQRV
1RWD
/DVHQWUDGDVOµJLFDVQRXWLOL]DGDVGHIXQFLRQHVHVSHFLDOHVTXHGDQSUHGHWHUPLQDGDVHQ
XQOµJLFR
/2*2
0DQXDOGHSURGXFWR$(
)XQFLRQHVGH/2*2
)XQFLRQHVHVSHFLDOHV
&RQHFWRU;HQODVHQWUDGDVGHODVIXQFLRQHVHVSHFLDOHV
/DVHQWUDGDVGHODVIXQFLRQHVHVSHFLDOHVFRQHFWDGDVDOFRQHFWRU[VHGHVDFWLYDQ3RUWDQWR
HVWDVHQWUDGDVWLHQHQDSOLFDGDXQDVH³DO
OR
(QWUDGDVGHSDU£PHWURV
(QDOJXQDVHQWUDGDVQRVHDSOLFDQLQJXQDVH³DOVLQRTXHVHFRQILJXUDQORVYDORUHV
UHOHYDQWHVGHOEORTXH(MHPSORV
Ⴠ 3DU3DUDPHWHU
(VWDHQWUDGDQRVHFRQHFWD$TX¯VHDMXVWDQORVSDU£PHWURVUHOHYDQWHVGHOEORTXH
WHPSRUL]DGRUHVXPEUDOHVGHFRQH[LµQGHVFRQH[LµQHWF
Ⴠ 1R&DP
(VWDHQWUDGDQRVHFRQHFWD$TX¯VHFRQILJXUDQORVSDWURQHVGHWLHPSR
Ⴠ 33ULRULW\
VWDHVXQDHQWUDGDDELHUWD$TX¯VHGHILQHQODVSULRULGDGHV\VHHVSHFLILFDVLXQDYLVR
GHEHDFXVDUVHHQ581
5HVSXHVWDGHWLHPSR
3DU£PHWUR7
(QDOJXQDVIXQFLRQHVHVSHFLDOHVHVSRVLEOHFRQILJXUDUXQYDORUGHWLHPSR73DUDSUHGHILQLU
HOWLHPSRGHEHUHFRUGDUTXHORVYDORUHVTXHLQWURGX]FDGHEHQUHJLUVHSRUODEDVHGHWLHPSR
DMXVWDGD
%DVHGHWLHPSR BBBB
VVHJXQGRV VHJXQGRVVHJXQGRV
PPLQXWRV PLQXWRVVHJXQGRV
KKRUDV KRUDVPLQXWRV
$MXVWDUXQWLHPSR7GHPLQXWRV
% 8QLGDGHQKRUDVK
7 K KRUDV PLQXWRV
KRUDV PLQXWRV
1RWD
,QGLTXHVLHPSUHXQWLHPSR7ุV3DUD7VHOWLHPSRQRHVW£GHILQLGR
/2*2
0DQXDOGHSURGXFWR$(
)XQFLRQHVGH/2*2
)XQFLRQHVHVSHFLDOHV
3UHFLVLµQGH7
'HELGRDODVSHTXH³DVWROHUDQFLDVHQODVFDUDFWHU¯VWLFDVGHORVFRPSRQHQWHVHOHFWUµQLFRV
HOWLHPSR7DMXVWDGRSXHGHVHUGLIHUHQWH/2*2WLHQHXQDWROHUDQFLDP£[LPDGHs
6LHOGHOWLHPSR7HVLQIHULRUDVHJXQGRVODGHVYLDFLµQP£[LPDHVGH
VHJXQGRV
(MHPSOR
/DWROHUDQFLDP£[LPDSRUKRUDVHJXQGRVHVsORTXHHVSURSRUFLRQDOD
sVHJXQGRV
/DWROHUDQFLDP£[LPDSRUPLQXWRVHJXQGRVHVsVHJXQGRV
3UHFLVLµQGHOWHPSRUL]DGRUWHPSRUL]DGRUVHPDQDOWHPSRUL]DGRUDQXDO
3DUDHYLWDUTXHHOUHORMHQWLHPSRUHDOGHODVYHUVLRQHV&IXQFLRQHGHIRUPDLPSUHFLVD
GHELGRDHVWDGHVYLDFLµQHOYDORUGHOWHPSRUL]DGRUVHFRPSDUDFRQWLQXDPHQWHFRQXQD
EDVHGHWLHPSRGHDOWDSUHFLVLµQ\VHFRUULJH6HREWLHQHXQDGLIHUHQFLDGHPDUFKDGHs
VHJXQGRVDOG¯DFRPRP£[LPR
5HVSDOGRGHOUHORMHQWLHPSRUHDO
(OUHORMLQWHUQRHQWLHPSRUHDOGHO/2*2HVW£UHVSDOGDGR3RUHVWHPRWLYRVLJXH
IXQFLRQDQGRGHVSX«VGHXQFRUWHGHDOLPHQWDFLµQ(OWLHPSRGHUHVSDOGRGHSHQGHGHOD
WHPSHUDWXUDDPELHQWH$XQDWHPSHUDWXUDDPELHQWHGHr&HOWLHPSRGHUHVSDOGRW¯SLFRHV
GHKRUDV
6LHOFRUWHGHDOLPHQWDFLµQGHO/2*2H[FHGHODVKRUDVHOUHORMLQWHUQRUHDFFLRQDFRPR
VHLQGLFDDFRQWLQXDFLµQHQIXQFLµQGHODVHULHGHGLVSRVLWLYR
Ⴠ 6HULHGHGLVSRVLWLYRV%$
$OUHDUUDQFDUHOUHORMVHSRQHD'RPLQJRGHHQHUR6HLQLFLDHOFRQWDMHGHO
WLHPSR'HELGRDHVWRHOVLVWHPDSURFHVDORVLQWHUUXSWRUHVGHWHPSRUL]DFLµQTXH
GLVSDUDQDFFLRQHVHQFDVRQHFHVDULR
Ⴠ 6HULHGHGLVSRVLWLYRV%$\SRVWHULRUHV
$OUHDUUDQFDUHOUHORMVHSRQHD'RPLQJRGHHQHUR/DKRUDVHGHWLHQH\
SDUSDGHD/2*2VHHQFXHQWUDGHQXHYRHQHOHVWDGRTXHWHQ¯DDQWHVGHOFRUWHGH
DOLPHQWDFLµQ(QPRGR581HOVLVWHPDSURFHVDORVFRQWDGRUHVTXHVHKDE¯DQ
SDUDPHWUL]DGRFRQODKRUDLQGLFDGDDUULED6LQHPEDUJRHOUHORMVLJXHSDUDGR
Ⴠ 6HULHGHGLVSRVLWLYRV%$
6LXWLOL]DXQDWDUMHWDGHEDWHU¯DRSFLRQDO/2*2RELHQXQDWDUMHWDGHPHPRULDEDWHU¯D
FRPELQDGD/2*2SXHGHUHVSDOGDUODKRUDGHOUHORMKDVWDGRVD³RV(VWDVWDUMHWDVHVW£Q
GLVSRQLEOHVSDUDODVHULHGHGLVSRVLWLYRV%$
/2*2
0DQXDOGHSURGXFWR$(
)XQFLRQHVGH/2*2
)XQFLRQHVHVSHFLDOHV
5HPDQHQFLD
/RVHVWDGRVGHFRQPXWDFLµQDV¯FRPRORVYDORUHVGHFRQWDMH\WLHPSRGHQXPHURVDV6)V
FRQVXOWHHODSDUWDGR/LVWDGHODVIXQFLRQHVHVSHFLDOHV6)3£JLQDSXHGHQVHU
UHPDQHQWHV(VWRVLJQLILFDTXHORVYDORUHVGHGDWRVDFWXDOHVVHFRQVHUYDQWUDVXQFRUWHGH
DOLPHQWDFLµQ\HOEORTXHVHVLJXHHMHFXWDQGRHQHOSXQWRHQTXHVHLQWHUUXPSLµ3RU
HMHPSORXQWHPSRUL]DGRUQRVHUHLQLFLDOL]DVLQRTXHFRQWLQ¼DKDVWDFRPSOHWDUHOWLHPSR
UHVWDQWH
1RREVWDQWHSDUDHOORGHEHHVWDUDFWLYDGDODUHPDQHQFLDHQODVIXQFLRQHVFRUUHVSRQGLHQWHV
+D\GRVDMXVWHVSRVLEOHV
5VHFRQVHUYDQORVGDWRVDFWXDOHV
QRVHFRQVHUYDQORVGDWRVDFWXDOHVDMXVWHHVW£QGDU&RQVXOWHHODSDUWDGR6HJXQGR
SURJUDPD3£JLQDHQUHODFLµQDODDFWLYDFLµQ\GHVDFWLYDFLµQGHODUHPDQHQFLD
/DVIXQFLRQHVHVSHFLDOHV&RQWDGRUGHKRUDVGHIXQFLRQDPLHQWR7HPSRUL]DGRUVHPDQDO
7HPSRUL]DGRUDQXDO\5HJXODGRU3,VRQVLHPSUHUHPDQHQWHV
3URWHFFLµQGHSDU£PHWURV
&RQHODMXVWHGHSURWHFFLµQGHSDU£PHWURVSXHGHGHWHUPLQDUVLORVSDU£PHWURVGHEHQSRGHU
YLVXDOL]DUVH\PRGLILFDUVHHQ/2*2HQHOPRGRGHSDUDPHWUL]DFLµQ+D\GRVDMXVWHV
SRVLEOHV
HODWULEXWRGHSDU£PHWURVSHUPLWHDFFHVRVGHOHFWXUD\HVFULWXUDHQPRGRGH
SDUDPHWUL]DFLµQDMXVWHHVW£QGDU
/RVSDU£PHWURVHVW£QSURWHJLGRVFRQWUDOHFWXUD\HVFULWXUDHQHOPRGRGHSDUDPHWUL]DFLµQ
SXGLHQGRPRGLILFDUVHVµORHQPRGRGHSURJUDPDFLµQ&RQVXOWHXQHMHPSORGHOPRGRGH
SURWHFFLµQGHSDU£PHWURVHQ6HJXQGRSURJUDPD3£JLQD
1RWD
/DSURWHFFLµQGHSDU£PHWURVVµORFXEUHODYHQWDQD$MXV3DU£P6LVHLQWHJUDQYDULDEOHVGH
IXQFLRQHVHVSHFLDOHVSURWHJLGDVHQXQWH[WRGHDYLVRODVYDULDEOHVSRGU£QVHJXLU
HGLW£QGRVHGHVGHHOWH[WRGHODYLVR3DUDSURWHJHUGLFKDVYDULDEOHVWDPEL«QVHSXHGH
DFWLYDUODSURWHFFLµQGHOWH[WRGHODYLVR
/2*2
0DQXDOGHSURGXFWR$(
)XQFLRQHVGH/2*2
)XQFLRQHVHVSHFLDOHV
&DOFXODUODJDQDQFLD\HORIIVHWGHYDORUHVDQDOµJLFRV
8QVHQVRUVHFRQHFWDDODHQWUDGDDQDOµJLFD\FRQYLHUWHXQDYDULDEOHGHSURFHVRHQXQD
VH³DOHO«FWULFD(OYDORUGHODVH³DOVHHQFXHQWUDHQHOUDQJRW¯SLFRGHHVWHVHQVRU
/2*2FRQYLHUWHVLHPSUHODVVH³DOHVHO«FWULFDVDSOLFDGDVDODHQWUDGDDQDOµJLFDHQYDORUHV
GLJLWDOHVFRPSUHQGLGRVHQWUH\
8QDWHQVLµQGHD9HQODHQWUDGD$,VHWUDQVIRUPDLQWHUQDPHQWHHQXQUDQJRGHYDORUHV
GHD8QDWHQVLµQGHHQWUDGDTXHH[FHGDORV9VHUHSUHVHQWDFRPRYDORULQWHUQR
6LQHPEDUJRGDGRTXHQRVLHPSUHVHSXHGHSURFHVDUHOUDQJRGHYDORUHVSUHGHILQLGRSRU
/2*2HQWUH\H[LVWHODSRVLELOLGDGGHPXOWLSOLFDUORVYDORUHVGLJLWDOHVFRQXQIDFWRU
GHJDQDQFLDJDLQ\GHVSOD]DUGHVSX«VHOSXQWRFHURGHOUDQJRGHYDORUHVRIIVHW(VWR
SHUPLWHYLVXDOL]DUXQYDORUDQDOµJLFRHQHO/2*2'LVSOD\SURSRUFLRQDODODYDULDEOHGH
SURFHVRUHDO
3DU£PHWURV 0¯QLPR 0£[LPR
7HQVLµQGHHQWUDGDHQ9 ุ
9DORULQWHUQR
*DQDQFLD
2IIVHW
5HJODPDWHP£WLFD
9DORUUHDO$[
YDORULQWHUQRHQODHQWUDGD$[ವJDQDQFLDRIIVHW
&£OFXORGHODJDQDQFLD\HORIIVHW
/DJDQDQFLD\HORIIVHWVHFDOFXODQXWLOL]DQGRORVYDORUHVVXSHULRUHLQIHULRUGHODIXQFLµQ
(MHPSOR
/RVWHUPRSDUHVGLVSRQLEOHVWLHQHQORVVLJXLHQWHVGDWRVW«FQLFRVDr&D9'&
HVGHFLUDHQ/2*2
9DORUUHDO YDORULQWHUQRವJDQDQFLDRIIVHWSRUORWDQWR
ವ$%HVGHFLURIIVHW%
ವ$HVGHFLUJDQDQFLD$
(MHPSOR
8QVHQVRUGHSUHVLµQFRQYLHUWHXQDSUHVLµQGHPEDUHQXQDWHQVLµQGH9\XQD
SUHVLµQGHPEDUHQXQDWHQVLµQGH9
9DORUUHDO YDORULQWHUQRವJDQDQFLDRIIVHWSRUORWDQWR
ವ$%HVGHFLURIIVHW%
ವ$HVGHFLUJDQDQFLD$
/2*2
0DQXDOGHSURGXFWR$(
)XQFLRQHVGH/2*2
)XQFLRQHVHVSHFLDOHV
(MHPSORVGHYDORUHVDQDOµJLFRV
9DULDEOHGHSURFHVR 7HQVLµQ9 9DORULQWHUQR *DQDQ 2IIVHW 9DORUYLVXDOL]DGR$[
FLD
r&
r&
r&
PEDU
PEDU
PEDU
(QFRQWUDU£XQHMHPSORGHDSOLFDFLµQHQODGHVFULSFLµQGHODIXQFLµQHVSHFLDO&RPSDUDGRU
DQDOµJLFR3£JLQD
3DUDP£VLQIRUPDFLµQDFHUFDGHODVHQWUDGDVDQDOµJLFDVFRQVXOWHHODSDUWDGR&RQVWDQWHV\
FRQHFWRUHV&R3£JLQD
/2*2
0DQXDOGHSURGXFWR$(
)XQFLRQHVGH/2*2
/LVWDGHODVIXQFLRQHVHVSHFLDOHV6)
/LVWDGHODVIXQFLRQHVHVSHFLDOHV6)
$OFUHDUXQSURJUDPDHQ/2*2ORVEORTXHVGHODVIXQFLRQHVHVSHFLDOHVVHHQFXHQWUDQHQ
ODOLVWD6)
3XHGHQHJDUODVHQWUDGDVGHIXQFLRQHVHVSHFLDOHVLQGLYLGXDOPHQWH(QHVWHFDVRHO
SURJUDPDFRQYLHUWHXQOµJLFRHQODHQWUDGDHQXQOµJLFRRELHQXQOµJLFRHQXQ
OµJLFR&RQVXOWHHOHMHPSORGHSURJUDPDFLµQGHODSDUWDGR,QWURGXFLUHOSURJUDPD
3£JLQD
(QODWDEODVHLQGLFDWDPEL«QVLODIXQFLµQHQFXHVWLµQSXHGHVHUUHPDQHQWH5HP([LVWHQ
ODVVLJXLHQWHVIXQFLRQHVHVSHFLDOHV
9LVXDOL]DFLµQHQ/2*2 1RPEUHGHODIXQFLµQHVSHFLDO 5HP
7HPSRUL]DGRUHV
5HWDUGRDODFRQH[LµQ3£JLQD 5(0
7UJ
4
3DU
7UJ
5HWDUGRDODGHVFRQH[LµQ3£JLQD 5(0
5 4
3DU
5HWDUGRDODFRQH[LµQGHVFRQH[LµQ 5(0
7UJ 3£JLQD
4
3DU
7UJ
5HWDUGRDODFRQH[LµQFRQPHPRULD 5(0
5 4 3£JLQD
3DU
5HO«GHEDUULGRVDOLGDGHLPSXOVRV 5(0
7UJ 3£JLQD
4
3DU
7UJ
5HO«GHEDUULGRDFWLYDGRSRUIODQFRV 5(0
5 4 3£JLQD
3DU
(Q
*HQHUDGRUGHLPSXOVRVDV¯QFURQR 5(0
,QY 4 3£JLQD
3DU
*HQHUDGRUDOHDWRULR3£JLQD
(Q
4
3DU
,QWHUUXSWRUGHDOXPEUDGRSDUDHVFDOHUD 5(0
7UJ 3£JLQD
4
3DU
7UJ
,QWHUUXSWRUELIXQFLRQDO3£JLQD 5(0
5 4
3DU
/2*2
0DQXDOGHSURGXFWR$(
)XQFLRQHVGH/2*2
/LVWDGHODVIXQFLRQHVHVSHFLDOHV6)
&RQWDGRUHV
5 &RQWDGRUDGHODQWHDWU£V3£JLQD 5(0
&QW
'LU 4
3DU
5 &RQWDGRUGHKRUDVGHIXQFLRQDPLHQWR 5(0
(Q
K
4 3£JLQD
5DO
3DU
6HOHFWRUGHXPEUDO3£JLQD
)UH
4
3DU
$QDOµJLFR
$ &RQPXWDGRUDQDOµJLFRGHYDORUXPEUDO
$[ 3£JLQD
4
3DU
$ &RQPXWDGRUDQDOµJLFRGHYDORUXPEUDO
$[ GLIHUHQFLDO3£JLQD
3DU ˂ 4
$[ ˂$ &RPSDUDGRUDQDOµJLFR3£JLQD
$\ 4
3DU
(Q $ 9LJLODQFLDGHOYDORUDQDOµJLFR3£JLQD
$[ s ˂ 4
3DU
$ᇄ $PSOLILFDGRUDQDOµJLFR3£JLQD
$[
$4
3DU
(Q 0XOWLSOH[RUDQDOµJLFR3£JLQD
6
6
$ᇄ $4
3DU
(Q aᇄ 0RGXODFLµQGHDQFKRGHLPSXOVRV3:0
$[ 4 3£JLQD
3DU
$ULWP«WLFDDQDOµJLFD3£JLQD
(Q
3DU $ᇄ $4
/2*2
0DQXDOGHSURGXFWR$(
)XQFLRQHVGH/2*2
/LVWDGHODVIXQFLRQHVHVSHFLDOHV6)
/2*2
0DQXDOGHSURGXFWR$(
)XQFLRQHVGH/2*2
/LVWDGHODVIXQFLRQHVHVSHFLDOHV6)
5HWDUGRDODFRQH[LµQ
'HVFULSFLµQEUHYH
(QHOUHWDUGRDODFRQH[LµQODVDOLGDVHDFWLYDWDQVµORWUDVKDEHUWUDQVFXUULGRXQWLHPSR
SDUDPHWUL]DEOH
6¯PERORHQ/2*2 &DEOHDGR 'HVFULSFLµQ
(QWUDGD7UJ 8QDVH³DOHQODHQWUDGD7UJ7ULJJHUGLVSDUDHO
7UJ
WHPSRUL]DGRUGHUHWDUGRDODFRQH[LµQ
4
3DU 3DU£PHWURV 7UHSUHVHQWDHOWLHPSRWUDVHOTXHVHDFWLYDODVDOLGD
HOHVWDGRGHVH³DOGH«VWDFDPELDGHD
5HPDQHQFLD
6LQUHPDQHQFLD
5 (OHVWDGRHVUHPDQHQWH
6DOLGD4 4VHDFWLYDWUDVH[SLUDUHOWLHPSRSDUDPHWUL]DGR7
VLHPSUHTXHODHQWUDGD7UJVLJDDFWLYDGD
3DU£PHWUR7
&RQVXOWHORVDMXVWHVHVW£QGDUGHOSDU£PHWUR7HQHODSDUWDGR5HVSXHVWDGHWLHPSR
3£JLQD
(OWLHPSRSDUDHOSDU£PHWUR7WDPEL«QSXHGHSUHGHWHUPLQDUVHVHJ¼QHOYDORUUHDOGHRWUD
IXQFLµQ\DFRQILJXUDGD(VSRVLEOHXWLOL]DUORVYDORUHVUHDOHVGHODVVLJXLHQWHVIXQFLRQHV
Ⴠ &RPSDUDGRUDQDOµJLFR3£JLQDYDORUUHDO$[$\
Ⴠ &RQPXWDGRUDQDOµJLFRGHYDORUXPEUDO3£JLQDYDORUUHDO$[
Ⴠ $PSOLILFDGRUDQDOµJLFR3£JLQDYDORUUHDO$[
Ⴠ 0XOWLSOH[RUDQDOµJLFR3£JLQDYDORUUHDO$4
Ⴠ 5DPSDDQDOµJLFD3£JLQDYDORUUHDO$4
Ⴠ $ULWP«WLFDDQDOµJLFD3£JLQDYDORUUHDO$4
Ⴠ 5HJXODGRU3,3£JLQDYDORUUHDO$4
Ⴠ &RQWDGRUDGHODQWHDWU£V3£JLQDYDORUUHDO&QW
6HOHFFLRQHODIXQFLµQGHVHDGDPHGLDQWHHOQ¼PHURGHEORTXH/DEDVHGHWLHPSRHV
DMXVWDEOH7HQJDHQFXHQWDODOLVWDVLJXLHQWH
/2*2
0DQXDOGHSURGXFWR$(
)XQFLRQHVGH/2*2
/LVWDGHODVIXQFLRQHVHVSHFLDOHV6)
5DQJRVY£OLGRVSDUDODEDVHGHWLHPSRVL7 SDU£PHWUR
%DVHGHWLHPSR 9DORUP£[ 5HVROXFLµQP¯Q 3UHFLVLµQ
VVHJXQGRV PV PV
PPLQXWRV V V
KKRUDV PLQ PLQ
9LVXDOL]DFLµQHQPRGRGHSURJUDPDFLµQHMHPSOR
%5
7 K
5DQJRVY£OLGRVSDUDODEDVHGHWLHPSRVL7 YDORUUHDOGHXQDIXQFLµQ\DSURJUDPDGD
%DVHGHWLHPSR 9DORUP£[ 6LJQLILFDGR 3UHFLVLµQ
PV &DQWLGDGGHPV PV
V &DQWLGDGGHV V
P &DQWLGDGGHPLQ PLQ
9LVXDOL]DFLµQHQPRGRGHSURJUDPDFLµQHMHPSOR
%5
7ൺ%V
6LHOEORTXHUHIHUHQFLDGR%HQHOHMHPSORGHYXHOYHXQYDORUTXHHVW«IXHUDGHOUDQJR
Y£OLGRVHUHGRQGHDKDFLDDUULEDRKDFLDDEDMRKDVWDHOVLJXLHQWHYDORUY£OLGR
/2*2
0DQXDOGHSURGXFWR$(
)XQFLRQHVGH/2*2
/LVWDGHODVIXQFLRQHVHVSHFLDOHV6)
3DU£PHWURSUHDMXVWDGR YDORUUHDOGHXQDIXQFLµQ\DSURJUDPDGD
3DUDLQFOXLUHOYDORUUHDOGHXQDIXQFLµQ\DSURJUDPDGD
3XOVH SDUDVLWXDUHOFXUVRUHQHOVLJQRGHLJXDOGDGGHOSDU£PHWUR7
%5 %5
3XOVH
7 K 7 K
Ⴇ
GRVYHFHV
3XOVH SDUDFRQYHUWLUHOVLJQRGHLJXDOGDGHQXQDIOHFKD6LH[LVWHVHPXHVWUDHO¼OWLPR
EORTXHUHIHUHQFLDGRFRQVXUHVSHFWLYDEDVHGHWLHPSR
%5
7ൺ%V
3XOVH SDUDVLWXDUHOFXUVRUHQOD%GHOEORTXHYLVXDOL]DGR\SXOVHOXHJR SDUD
VHOHFFLRQDUHOQ¼PHURGHEORTXHGHVHDGR
3XOVH SDUDVLWXDUHOFXUVRUHQODEDVHGHWLHPSRGHOEORTXH\SXOVHOXHJR SDUD
VHOHFFLRQDUODEDVHGHWLHPSRGHVHDGD
%5
7ൺ%P
9LVXDOL]DFLµQHQPRGRGHSDUDPHWUL]DFLµQHMHPSOR
% %
R
7 K 7ൺ%P
7LHPSR
7D K DFWXDO
7D K
&URQRJUDPD
7UJ
/DVHFFLµQGHO
4 FURQRJUDPDUHSUHVHQWD
GDHQQHJULWDWDPEL«QVH
YLVXDOL]DHQHOV¯PEROR
7 7 GHUHWDUGRDODFRQH[LµQ
7DH[SLUD
/2*2
0DQXDOGHSURGXFWR$(
)XQFLRQHVGH/2*2
/LVWDGHODVIXQFLRQHVHVSHFLDOHV6)
'HVFULSFLµQGHODIXQFLµQ
(OWLHPSR7DFRPLHQ]DDWUDQVFXUULUDOSURGXFLUVHXQFDPELRGHDHQODHQWUDGD7UJ7D
HVHOWLHPSRDFWXDOHQ/2*2
6LODHQWUDGD7UJVLJXHSXHVWDDSRUORPHQRVGXUDQWHHOWLHPSR7FRQILJXUDGRODVDOLGDVH
SRQHDXQDYH]H[SLUDGRHOWLHPSR7ODVDOLGDVHDFWLYDFRQUHWDUGRUHVSHFWRDOD
HQWUDGD
(OWLHPSRVHUHLQLFLDOL]DVLHOHVWDGRGHODHQWUDGD7UJYXHOYHDFDPELDUDDQWHVGHTXH
H[SLUHHOWLHPSR7
/DVDOLGDVHSRQHQXHYDPHQWHDFXDQGRODVH³DOHQODHQWUDGD7UJVHD
6LODUHPDQHQFLDQRHVW£DFWLYDGDODVDOLGD4\HOWLHPSRH[SLUDGRVHUHLQLFLDQWUDV
SURGXFLUVHXQFRUWHGHDOLPHQWDFLµQ
5HWDUGRDODGHVFRQH[LµQ
'HVFULSFLµQEUHYH
(QHOUHWDUGRDODGHVFRQH[LµQODVDOLGDVHGHVDFWLYDWUDVKDEHUH[SLUDGRHOWLHPSR
FRQILJXUDGR
6¯PERORHQ/2*2 &DEOHDGR 'HVFULSFLµQ
(QWUDGD7UJ (OWHPSRUL]DGRUGHUHWDUGRDODGHVFRQH[LµQVHLQLFLD
7UJ FRQXQIODQFRQHJDWLYRFDPELRGHDHQOD
5 4 HQWUDGD7UJ7ULJJHU
3DU
(QWUDGD5 8QDVH³DOHQODHQWUDGD5UHLQLFLDOL]DHOWLHPSRGH
UHWDUGRDODFRQH[LµQ\ODVDOLGD
3DU£PHWURV /DVDOLGDVHGHVDFWLYDFDPELDGHDFXDQGR
H[SLUDHOWLHPSRGHUHWDUGR7
5HPDQHQFLD
6LQUHPDQHQFLD
5 (OHVWDGRHVUHPDQHQWH
6DOLGD4 4VHDFWLYDFRQXQDVH³DOHQODHQWUDGD7UJ\
SHUPDQHFHDFWLYDGDKDVWDTXHKD\DH[SLUDGR7
/2*2
0DQXDOGHSURGXFWR$(
)XQFLRQHVGH/2*2
/LVWDGHODVIXQFLRQHVHVSHFLDOHV6)
3DU£PHWUR7
&RQVXOWHORVDMXVWHVHVW£QGDUGHOSDU£PHWUR7HQHODSDUWDGR5HVSXHVWDGHWLHPSR
3£JLQD
(OWLHPSRGHOSDU£PHWUR7SXHGHGHULYDUVHGHOYDORUUHDOGHRWUDIXQFLµQ\DSURJUDPDGD(V
SRVLEOHXWLOL]DUORVYDORUHVUHDOHVGHODVVLJXLHQWHVIXQFLRQHV
Ⴠ &RPSDUDGRUDQDOµJLFR3£JLQDYDORUUHDO$[$\
Ⴠ &RQPXWDGRUDQDOµJLFRGHYDORUXPEUDO3£JLQDYDORUUHDO$[
Ⴠ $PSOLILFDGRUDQDOµJLFR3£JLQDYDORUUHDO$[
Ⴠ 0XOWLSOH[RUDQDOµJLFR3£JLQDYDORUUHDO$4
Ⴠ 5DPSDDQDOµJLFD3£JLQDYDORUUHDO$4
Ⴠ $ULWP«WLFDDQDOµJLFD3£JLQDYDORUUHDO$4
Ⴠ 5HJXODGRU3,3£JLQDYDORUUHDO$4
Ⴠ &RQWDGRUDGHODQWHDWU£V3£JLQDYDORUUHDO&QW
6HOHFFLRQHODIXQFLµQGHVHDGDPHGLDQWHHOQ¼PHURGHEORTXH/DEDVHGHWLHPSRHV
FRQILJXUDEOH(QHODSDUWDGR5HWDUGRDODFRQH[LµQ3£JLQDHQFRQWUDU£P£V
LQIRUPDFLµQDFHUFDGHORVUDQJRVY£OLGRVSDUDEDVHVGHWLHPSR\HOSUHDMXVWHGH
SDU£PHWURV
&URQRJUDPD
7UJ /DVHFFLµQGHOFURQRJUDPD
5 UHSUHVHQWDGDHQQHJULWD
WDPEL«QVHYLVXDOL]DHQHO
4 V¯PERORGHUHWDUGRDOD
GHVFRQH[LµQ
7DH[SLUD 7 7
'HVFULSFLµQGHODIXQFLµQ
&XDQGRODHQWUDGD7UJSDVDDKLODVDOLGD4VHSRQHLQPHGLDWDPHQWHHQKL
(OWLHPSRDFWXDO7DHQ/2*2VHUHLQLFLDFXDQGR7UJFDPELDGHD/DVDOLGDSHUPDQHFH
DFWLYDGD/DVDOLGD4VHSRQHDFRQUHWDUGRDODGHVFRQH[LµQFXDQGR7DDOFDQ]DHOYDORU
FRQILJXUDGRHQ77D 7
(OWLHPSR7DVHUHLQLFLDVLYXHOYHDDFWLYDUVH\GHVDFWLYDUVHODHQWUDGD7UJ
$FWLYDQGRODHQWUDGD55HVHWVHSRQHQDFHURHOWLHPSR7D\ODVDOLGDDQWHVGHTXH
WUDQVFXUUDHOWLHPSR7D
6LODUHPDQHQFLDQRHVW£DFWLYDGDODVDOLGD4\HOWLHPSRH[SLUDGRVHUHLQLFLDQWUDV
SURGXFLUVHXQFRUWHGHDOLPHQWDFLµQ
/2*2
0DQXDOGHSURGXFWR$(
)XQFLRQHVGH/2*2
/LVWDGHODVIXQFLRQHVHVSHFLDOHV6)
5HWDUGRDODFRQH[LµQGHVFRQH[LµQ
'HVFULSFLµQEUHYH
/DIXQFLµQGHUHWDUGRDODFRQH[LµQGHVFRQH[LµQDFWLYDODVDOLGDXQDYH]H[SLUDGRHOWLHPSR
GHUHWDUGRDODFRQH[LµQDMXVWDGR\ODGHVDFWLYDWUDVH[SLUDUHOWLHPSRGHUHWDUGRDOD
GHVFRQH[LµQ
6¯PERORHQ/2*2 &DEOHDGR 'HVFULSFLµQ
(QWUDGD7UJ &RQHOIODQFRDVFHQGHQWHFDPELRGHDHQOD
7UJ
HQWUDGD7UJ7ULJJHUVHLQLFLDHOWLHPSR7+GHUHWDUGR
4 DODFRQH[LµQ
3DU
&RQHOIODQFRGHVFHQGHQWHFDPELRGHDVHLQLFLD
HOWLHPSR7/GHUHWDUGRDODGHVFRQH[LµQ
3DU£PHWURV 7+HVHOWLHPSRWUDVHOTXHVHDFWLYDODVDOLGDHO
HVWDGRGHVH³DOGH«VWDFDPELDGHD
7/HVHOWLHPSRWUDVHOTXHVHGHVDFWLYDODVDOLGDHO
HVWDGRGHVH³DOGH«VWDFDPELDGHD
5HPDQHQFLD
6LQUHPDQHQFLD
5 (OHVWDGRHVUHPDQHQWH
6DOLGD4 4VHDFWLYDXQDYH]H[SLUDGRHOWLHPSRFRQILJXUDGR
7+VL7UJVLJXHDFWLYDGD\VHGHVDFWLYDWUDVH[SLUDUHO
WLHPSR7/VLODHQWUDGD7UJ7ULJJHUQRVHKDYXHOWR
DDFWLYDU
3DU£PHWURV7+\7/
/RVYDORUHVHVW£QGDUGHORVSDU£PHWURV7+\7/VHLQGLFDQHQHODSDUWDGR5HVSXHVWDGH
WLHPSR3£JLQD
/RVWLHPSRVGHUHWDUGRDODFRQH[LµQGHVFRQH[LµQSUHGHWHUPLQDGRVSDUDORVSDU£PHWURV7+
\7/SXHGHQGHULYDUVHGHOYDORUUHDOGHRWUDIXQFLµQ\DSURJUDPDGD(VSRVLEOHXWLOL]DUORV
YDORUHVUHDOHVGHODVVLJXLHQWHVIXQFLRQHV
Ⴠ &RPSDUDGRUDQDOµJLFR3£JLQDYDORUUHDO$[$\
Ⴠ &RQPXWDGRUDQDOµJLFRGHYDORUXPEUDO3£JLQDYDORUUHDO$[
Ⴠ $PSOLILFDGRUDQDOµJLFR3£JLQDYDORUUHDO$[
Ⴠ 0XOWLSOH[RUDQDOµJLFR3£JLQDYDORUUHDO$4
Ⴠ 5DPSDDQDOµJLFD3£JLQDYDORUUHDO$4
Ⴠ $ULWP«WLFDDQDOµJLFD3£JLQDYDORUUHDO$4
Ⴠ 5HJXODGRU3,3£JLQDYDORUUHDO$4
Ⴠ &RQWDGRUDGHODQWHDWU£V3£JLQDYDORUUHDO&QW
6HOHFFLRQHODIXQFLµQGHVHDGDPHGLDQWHHOQ¼PHURGHEORTXH/DEDVHGHWLHPSRHV
FRQILJXUDEOH(QHODSDUWDGR5HWDUGRDODFRQH[LµQ3£JLQDHQFRQWUDU£P£V
LQIRUPDFLµQDFHUFDGHORVUDQJRVY£OLGRVSDUDEDVHVGHWLHPSR\HOSUHDMXVWHGH
SDU£PHWURV
/2*2
0DQXDOGHSURGXFWR$(
)XQFLRQHVGH/2*2
/LVWDGHODVIXQFLRQHVHVSHFLDOHV6)
&URQRJUDPD
7UJ
/DVHFFLµQGHOFURQRJUDPD
4 UHSUHVHQWDGDHQQHJULWD
WDPEL«QVHYLVXDOL]DHQHO
V¯PERORGHUHWDUGRDOD
7+ 7+ 7+ FRQH[LµQGHVFRQH[LµQ
7DH[SLUD
7/
7/ 7/
7DH[SLUD
'HVFULSFLµQGHODIXQFLµQ
(OWLHPSR7+FRPLHQ]DDWUDQVFXUULUFXDQGRHOHVWDGRGHODHQWUDGD7UJFDPELDGHD
6LODHQWUDGD7UJVLJXHSXHVWDDSRUORPHQRVGXUDQWHHOWLHPSR7+ODVDOLGDVHSRQHD
XQDYH]H[SLUDGRHOWLHPSR7+ODVDOLGDVHDFWLYDFRQUHWDUGRUHVSHFWRDODHQWUDGD
6LHOHVWDGRGHODHQWUDGD7UJFDPELDQXHYDPHQWHDDQWHVGHTXHWUDQVFXUUDHOWLHPSR7+
«VWHVHUHLQLFLDOL]D
8QFDPELRGHDHQODHQWUDGD7UJLQLFLDHOWLHPSR7/
6LODHQWUDGD7UJVLJXHSXHVWDDSRUORPHQRVGXUDQWHODVH³DO7/ODVDOLGDVHSRQHD
XQDYH]H[SLUDGRHOWLHPSR7/ODVDOLGDVHGHVDFWLYDFRQUHWDUGRUHVSHFWRDODHQWUDGD
6LHOHVWDGRGHODHQWUDGD7UJFDPELDQXHYDPHQWHDDQWHVGHH[SLUDUHOWLHPSR7/«VWHVH
UHLQLFLD
6LODUHPDQHQFLDQRHVW£DFWLYDGDODVDOLGD4\HOWLHPSRH[SLUDGRVHUHLQLFLDQWUDV
SURGXFLUVHXQFRUWHGHDOLPHQWDFLµQ
5HWDUGRDODFRQH[LµQFRQPHPRULD
'HVFULSFLµQEUHYH
8QLPSXOVRHQODHQWUDGDLQLFLDXQWLHPSRGHUHWDUGRDODFRQH[LµQFRQILJXUDEOH/DVDOLGDVH
DFWLYDXQDYH]H[SLUDGRHVHWLHPSR
6¯PERORHQ/2*2 &DEOHDGR 'HVFULSFLµQ
(QWUDGD7UJ 8QDVH³DOHQODHQWUDGD7UJ7ULJJHUGLVSDUDHO
7UJ WHPSRUL]DGRUGHUHWDUGRDODFRQH[LµQ
5 4
(QWUDGD5 8QDVH³DOHQODHQWUDGD5UHLQLFLDOL]DHOWLHPSRGH
3DU
UHWDUGRDODFRQH[LµQ\ODVDOLGD
3DU£PHWURV 7HVHOWLHPSRGHUHWDUGRDODFRQH[LµQGHODVDOLGD
HOHVWDGRGHVH³DOGH«VWDFDPELDGHD
5HPDQHQFLD
6LQUHPDQHQFLD
5 (OHVWDGRHVUHPDQHQWH
6DOLGD4 4VHDFWLYDXQDYH]H[SLUDGRHOWLHPSR7
/2*2
0DQXDOGHSURGXFWR$(
)XQFLRQHVGH/2*2
/LVWDGHODVIXQFLRQHVHVSHFLDOHV6)
3DU£PHWUR7
&RQVXOWHORVDMXVWHVHVW£QGDULQGLFDGRVHQHODSDUWDGR5HVSXHVWDGHWLHPSR3£JLQD
(OWLHPSRGHOSDU£PHWUR7SXHGHGHULYDUVHGHOYDORUUHDOGHRWUDIXQFLµQ\DSURJUDPDGD(V
SRVLEOHXWLOL]DUORVYDORUHVUHDOHVGHODVVLJXLHQWHVIXQFLRQHV
Ⴠ &RPSDUDGRUDQDOµJLFR3£JLQDYDORUUHDO$[ದ$\
Ⴠ &RQPXWDGRUDQDOµJLFRGHYDORUXPEUDO3£JLQDYDORUUHDO$[
Ⴠ $PSOLILFDGRUDQDOµJLFR3£JLQDYDORUUHDO$[
Ⴠ 0XOWLSOH[RUDQDOµJLFR3£JLQDYDORUUHDO$4
Ⴠ 5DPSDDQDOµJLFD3£JLQDYDORUUHDO$4
Ⴠ $ULWP«WLFDDQDOµJLFD3£JLQDYDORUUHDO$4
Ⴠ 5HJXODGRU3,3£JLQDYDORUUHDO$4
Ⴠ &RQWDGRUDGHODQWHDWU£V3£JLQDYDORUUHDO&QW
6HOHFFLRQHODIXQFLµQGHVHDGDPHGLDQWHHOQ¼PHURGHEORTXH/DEDVHGHWLHPSRHV
FRQILJXUDEOH(QHODSDUWDGR5HWDUGRDODFRQH[LµQ3£JLQDHQFRQWUDU£P£V
LQIRUPDFLµQDFHUFDGHORVUDQJRVY£OLGRV\HOSUHDMXVWHGHSDU£PHWURV
&URQRJUDPD
7UJ
5
4
7DH[SLUD 7 7
/DVHFFLµQGHOFURQRJUDPDUHSUHVHQWDGDHQQHJULWDWDPEL«QVHYLVXDOL]D
HQHOV¯PERORGHUHWDUGRDODFRQH[LµQFRQPHPRULD
'HVFULSFLµQGHODIXQFLµQ
&XDQGRHOHVWDGRGHODHQWUDGD7UJFDPELDGHDFRPLHQ]DDWUDQVFXUULUHOWLHPSRDFWXDO
7D/DVDOLGD4VHDFWLYDFXDQGR7D 78QDQXHYDVH³DOHQODHQWUDGD7UJQRUHSHUFXWHHQ
HOWLHPSR7D
/DVDOLGD\HOWLHPSR7DVHUHLQLFLDQFXDQGRHOHVWDGRGHVH³DOGHODHQWUDGD5VHD
QXHYDPHQWH
6LODUHPDQHQFLDQRHVW£DFWLYDGDODVDOLGD4\HOWLHPSRH[SLUDGRVHUHLQLFLDQWUDV
SURGXFLUVHXQFRUWHGHDOLPHQWDFLµQ
/2*2
0DQXDOGHSURGXFWR$(
)XQFLRQHVGH/2*2
/LVWDGHODVIXQFLRQHVHVSHFLDOHV6)
'HVFULSFLµQEUHYH
8QDVH³DOGHHQWUDGDJHQHUDXQDVH³DOGHGXUDFLµQFRQILJXUDEOHHQODVDOLGD
6¯PERORHQ/2*2 &DEOHDGR 'HVFULSFLµQ
(QWUDGD7UJ 8QDVH³DOHQODHQWUDGD7UJ7ULJJHULQLFLDHOWLHPSR
SDUDHOUHO«GHEDUULGR
7UJ
4
3DU 3DU£PHWURV /DVDOLGDVHGHVDFWLYDWUDVH[SLUDUHOWLHPSR7HO
HVWDGRGHVH³DOGHODVDOLGDFDPELDGHD
5HPDQHQFLD
6LQUHPDQHQFLD
5 (OHVWDGRHVUHPDQHQWH
6DOLGD4 8QDVH³DOHQODHQWUDGD7UJDFWLYD46LODVH³DOGH
HQWUDGD 4SHUPDQHFHDFWLYDGDGXUDQWHHOWLHPSR
7D
3DU£PHWUR7
3DUDP£VLQIRUPDFLµQVREUHHOSDU£PHWUR7FRQVXOWHHODSDUWDGR5HVSXHVWDGHWLHPSR
3£JLQD
(OWLHPSRGHOSDU£PHWUR7SXHGHGHULYDUVHGHOYDORUUHDOGHRWUDIXQFLµQ\DSURJUDPDGD(V
SRVLEOHXWLOL]DUORVYDORUHVUHDOHVGHODVVLJXLHQWHVIXQFLRQHV
Ⴠ &RPSDUDGRUDQDOµJLFR3£JLQDYDORUUHDO$[ದ$\
Ⴠ &RQPXWDGRUDQDOµJLFRGHYDORUXPEUDO3£JLQDYDORUUHDO$[
Ⴠ $PSOLILFDGRUDQDOµJLFR3£JLQDYDORUUHDO$[
Ⴠ 0XOWLSOH[RUDQDOµJLFR3£JLQDYDORUUHDO$4
Ⴠ 5DPSDDQDOµJLFD3£JLQDYDORUUHDO$4
Ⴠ $ULWP«WLFDDQDOµJLFD3£JLQDYDORUUHDO$4
Ⴠ 5HJXODGRU3,3£JLQDYDORUUHDO$4
Ⴠ &RQWDGRUDGHODQWHDWU£V3£JLQDYDORUUHDO&QW
6HOHFFLRQHODIXQFLµQGHVHDGDPHGLDQWHHOQ¼PHURGHEORTXH/DEDVHGHWLHPSRHV
FRQILJXUDEOH(QHODSDUWDGR5HWDUGRDODFRQH[LµQ3£JLQDHQFRQWUDU£P£V
LQIRUPDFLµQDFHUFDGHORVUDQJRVY£OLGRV\HOSUHDMXVWHGHSDU£PHWURV
/2*2
0DQXDOGHSURGXFWR$(
)XQFLRQHVGH/2*2
/LVWDGHODVIXQFLRQHVHVSHFLDOHV6)
&URQRJUDPD
7UJ /DVHFFLµQGHOFURQRJUDPDUHSUHVHQ
WDGDHQQHJULWDWDPEL«QVHYLVXDOL]D
4 HQHOV¯PERORGHOUHO«GHEDUULGR
7DHVW£H[SLUDQGR 7
7QRKDH[SLUDGR
'HVFULSFLµQGHODIXQFLµQ
&XDQGRHOHVWDGRGHVH³DOGHODHQWUDGD7UJFDPELDGHDVHDFWLYDODVDOLGD$OPLVPR
WLHPSRVHLQLFLDXQWLHPSR7DGXUDQWHHOTXHODVDOLGDSHUPDQHFHDFWLYDGD
&XDQGR7DDOFDQ]DHOYDORUSUHGHWHUPLQDGRHQ77D 7VHGHVDFWLYDODVDOLGD4VDOLGDGH
LPSXOVRV
6LODHQWUDGD7UJFDPELDGHDDQWHVGHKDEHUH[SLUDGRHOWLHPSRHVSHFLILFDGRODVDOLGD
VHGHVDFWLYDLQPHGLDWDPHQWH
6LODUHPDQHQFLDQRHVW£DFWLYDGDODVDOLGD4\HOWLHPSRH[SLUDGRVHUHLQLFLDQWUDV
SURGXFLUVHXQFRUWHGHDOLPHQWDFLµQ
5HO«GHEDUULGRDFWLYDGRSRUIODQFRV
'HVFULSFLµQEUHYH
7UDVKDEHUH[SLUDGRXQWLHPSRGHUHWDUGRFRQILJXUDGRXQLPSXOVRGHHQWUDGDJHQHUDXQ
Q¼PHURSUHGHWHUPLQDGRGHLPSXOVRVGHVDOLGDFRQXQDGXUDFLµQGHLPSXOVRSDXVDGHILQLGD
TXHSXHGHGLVSDUDUVHYDULDVYHFHV
6¯PERORHQ/2*2 &DEOHDGR 'HVFULSFLµQ
(QWUDGD7UJ 8QDVH³DOHQODHQWUDGD7UJ7ULJJHULQLFLDORV
7UJ WLHPSRVSDUDHOUHO«GHEDUULGRDFWLYDGRSRUIODQFRV
5 4
(QWUDGD5 8QDVH³DOHQODHQWUDGD5GHVDFWLYDHOWLHPSRDFWXDO
3DU
7D\ODVDOLGD
3DU£PHWURV (VSRVLEOHFRQILJXUDUODGXUDFLµQGHSDXVDHQWUH
LPSXOVRV7/\HODQFKRGHLPSXOVRV7+
1GHWHUPLQDODFDQWLGDGGHFLFORVGHSDXVDLPSXOVR
7/7+
5DQJRGHYDORUHV
5HPDQHQFLD
6LQUHPDQHQFLD
5 (OHVWDGRHVUHPDQHQWH
6DOLGD4 4VHDFWLYDXQDYH]WUDQVFXUULGRHOWLHPSR7/\VH
GHVDFWLYDWUDVH[SLUDUHOWLHPSR7+
/2*2
0DQXDOGHSURGXFWR$(
)XQFLRQHVGH/2*2
/LVWDGHODVIXQFLRQHVHVSHFLDOHV6)
3DU£PHWURV7+\7/
3DUDP£VLQIRUPDFLµQVREUHHOSDU£PHWUR7FRQVXOWHHODSDUWDGR5HVSXHVWDGHWLHPSR
3£JLQD
(ODQFKRGHLPSXOVRV7+\ODGXUDFLµQGHSDXVDHQWUHLPSXOVRV7/SXHGHQGHULYDUVHGHO
YDORUUHDOGHRWUDIXQFLµQ\DSURJUDPDGD(VSRVLEOHXWLOL]DUORVYDORUHVUHDOHVGHODV
VLJXLHQWHVIXQFLRQHV
Ⴠ &RPSDUDGRUDQDOµJLFR3£JLQDYDORUUHDO$[ದ$\
Ⴠ &RQPXWDGRUDQDOµJLFRGHYDORUXPEUDO3£JLQDYDORUUHDO$[
Ⴠ $PSOLILFDGRUDQDOµJLFR3£JLQDYDORUUHDO$[
Ⴠ 0XOWLSOH[RUDQDOµJLFR3£JLQDYDORUUHDO$4
Ⴠ 5DPSDDQDOµJLFD3£JLQDYDORUUHDO$4
Ⴠ $ULWP«WLFDDQDOµJLFD3£JLQDYDORUUHDO$4
Ⴠ 5HJXODGRU3,3£JLQDYDORUUHDO$4
Ⴠ &RQWDGRUDGHODQWHDWU£V3£JLQDYDORUUHDO&QW
6HOHFFLRQHODIXQFLµQGHVHDGDPHGLDQWHHOQ¼PHURGHEORTXH/DEDVHGHWLHPSRHV
FRQILJXUDEOH(QHODSDUWDGR5HWDUGRDODFRQH[LµQ3£JLQDHQFRQWUDU£P£V
LQIRUPDFLµQDFHUFDGHORVUDQJRVY£OLGRV\HOSUHDMXVWHGHSDU£PHWURV
&URQRJUDPD$
7UJ /DVHFFLµQGHOFURQRJUDPD
UHSUHVHQWDGDHQQHJULWD
4 WDPEL«QVHYLVXDOL]DHQHO
V¯PERORGHOUHO«GHEDUULGR
7DHVW£WUDQVFXUULHQGR 7+ 7+ 1 DFWLYDGRSRUIODQFRV
7/
&URQRJUDPD%
7UJ
4 &URQRJUDPDGHODFRQILJXUDFL
µQGHHMHPSOR
1
7/ 7+ 7/ 7+
'HVFULSFLµQGHODIXQFLµQ
6LODHQWUDGD7UJDGRSWDHOHVWDGRVHLQLFLDHOWLHPSR7/7LPH/RZ8QDYH]WUDQVFXUULGR
HOWLHPSR7/ODVDOLGD4VHSRQHDGXUDQWHODGXUDFLµQGHOWLHPSR7+7LPH+LJK
6LODHQWUDGD7UJFDPELDGHQXHYRGHDLPSXOVRGHUHGLVSDURDQWHVGHTXHKD\D
H[SLUDGRHOWLHPSRSUHGHWHUPLQDGR7/7+HOWLHPSR7DVHSRQHDFHUR\VHUHLQLFLDHO
FLFORGHSDXVDLPSXOVR
6LODUHPDQHQFLDQRHVW£DFWLYDGDODVDOLGD4\HOWLHPSRVHUHLQLFLDQWUDVXQFRUWHGH
DOLPHQWDFLµQ
/2*2
0DQXDOGHSURGXFWR$(
)XQFLRQHVGH/2*2
/LVWDGHODVIXQFLRQHVHVSHFLDOHV6)
&RQILJXUDFLµQGHOSDU£PHWUR3DU
9LVXDOL]DFLµQHQPRGRGHSURJUDPDFLµQHMHPSOR
%5 0RGRGHSURWHFFLµQ\UHPDQHQFLD
7/ V 'XUDFLµQGHSDXVDHQWUHLPSXOVRV
7+ V $QFKRGHLPSXOVRV
3XOVH
%
1 1¼PHURGHFLFORVLPSXOVRSDXVDHMHPSOR
9LVXDOL]DFLµQHQPRGRGHSDUDPHWUL]DFLµQHMHPSOR
%
7/ V
7+ V
7D V $QFKRGHLPSXOVRVDFWXDO7/R7+
*HQHUDGRUGHLPSXOVRVDV¯QFURQR
'HVFULSFLµQEUHYH
/DIRUPDGHOLPSXOVRGHVDOLGDSXHGHPRGLILFDUVHUHFRQILJXUDQGRODUHODFLµQLPSXOVRSDXVD
6¯PERORHQ/2*2 &DEOHDGR 'HVFULSFLµQ
(QWUDGD(Q /DHQWUDGD(QSHUPLWHDFWLYDU\GHVDFWLYDUHO
(Q JHQHUDGRUGHLPSXOVRVDV¯QFURQR
,QY 4
(QWUDGD,19 /DHQWUDGD,19SHUPLWHLQYHUWLUODVH³DOGHVDOLGDGHO
3DU
JHQHUDGRUGHLPSXOVRVDV¯QFURQRDFWLYR
3DU£PHWURV (VSRVLEOHFRQILJXUDUHODQFKRGHLPSXOVRV7+\OD
GXUDFLµQGHSDXVDHQWUHLPSXOVRV7/
5HPDQHQFLD
6LQUHPDQHQFLD
5 (OHVWDGRHVUHPDQHQWH
6DOLGD4 4VHDFWLYD\GHVDFWLYDF¯FOLFDPHQWHFRQIRUPHDOD
UHODFLµQLPSXOVRSDXVD7+\7/
/2*2
0DQXDOGHSURGXFWR$(
)XQFLRQHVGH/2*2
/LVWDGHODVIXQFLRQHVHVSHFLDOHV6)
3DU£PHWURV7+\7/
3DUDP£VLQIRUPDFLµQVREUHHOSDU£PHWUR7FRQVXOWHHODSDUWDGR5HVSXHVWDGHWLHPSR
3£JLQD
(ODQFKRGHLPSXOVRV7+\ODGXUDFLµQGHSDXVDHQWUHLPSXOVRV7/SXHGHQGHULYDUVHGHO
YDORUUHDOGHRWUDIXQFLµQ\DSURJUDPDGD(VSRVLEOHXWLOL]DUORVYDORUHVUHDOHVGHODV
VLJXLHQWHVIXQFLRQHV
Ⴠ &RPSDUDGRUDQDOµJLFR3£JLQDYDORUUHDO$[ದ$\
Ⴠ &RQPXWDGRUDQDOµJLFRGHYDORUXPEUDO3£JLQDYDORUUHDO$[
Ⴠ $PSOLILFDGRUDQDOµJLFR3£JLQDYDORUUHDO$[
Ⴠ 0XOWLSOH[RUDQDOµJLFR3£JLQDYDORUUHDO$4
Ⴠ 5DPSDDQDOµJLFD3£JLQDYDORUUHDO$4
Ⴠ $ULWP«WLFDDQDOµJLFD3£JLQDYDORUUHDO$4
Ⴠ 5HJXODGRU3,3£JLQDYDORUUHDO$4
Ⴠ &RQWDGRUDGHODQWHDWU£V3£JLQDYDORUUHDO&QW
6HOHFFLRQHODIXQFLµQGHVHDGDPHGLDQWHHOQ¼PHURGHEORTXH/DEDVHGHWLHPSRHV
FRQILJXUDEOH(QHODSDUWDGR5HWDUGRDODFRQH[LµQ3£JLQDHQFRQWUDU£P£V
LQIRUPDFLµQDFHUFDGHORVUDQJRVY£OLGRV\HOSUHDMXVWHGHSDU£PHWURV
&URQRJUDPD
(Q
,QY
4
7+ 7/ 7+ 7/ 7+ 7+ 7/
'HVFULSFLµQGHODIXQFLµQ
/RVSDU£PHWURV7+7LPH+LJK\7/7LPH/RZVLUYHQSDUDFRQILJXUDUHODQFKRGHLPSXOVRV
\ODSDXVDHQWUHLPSXOVRV
/DHQWUDGD,19SHUPLWHLQYHUWLUODVDOLGDVµORVLHOEORTXHVHKDDFWLYDGRSRUPHGLRGHXQD
VH³DOHQODHQWUDGD(Q
6LODUHPDQHQFLDQRHVW£DFWLYDGDODVDOLGD4\HOWLHPSRH[SLUDGRVHUHLQLFLDQWUDV
SURGXFLUVHXQFRUWHGHDOLPHQWDFLµQ
/2*2
0DQXDOGHSURGXFWR$(
)XQFLRQHVGH/2*2
/LVWDGHODVIXQFLRQHVHVSHFLDOHV6)
*HQHUDGRUDOHDWRULR
'HVFULSFLµQEUHYH
/DVDOLGDGHOJHQHUDGRUDOHDWRULRVHDFWLYDRGHVDFWLYDGHQWURGHXQWLHPSRFRQILJXUDGR
6¯PERORHQ/2*2 &DEOHDGR 'HVFULSFLµQ
(QWUDGD(Q &RQXQIODQFRDVFHQGHQWHFDPELRGHDHQOD
HQWUDGD(Q(QDEOHVHLQLFLDHOWLHPSRGHUHWDUGRD
(Q
4 ODFRQH[LµQGHOJHQHUDGRUDOHDWRULR
3DU
&RQXQIODQFRGHVFHQGHQWHFDPELRGHDHQOD
HQWUDGD(Q(QDEOHVHLQLFLDHOWLHPSRGHUHWDUGRD
ODGHVFRQH[LµQGHOJHQHUDGRUDOHDWRULR
3DU£PHWURV (OWLHPSRGHUHWDUGRDODFRQH[LµQVHDMXVWDSRUD]DU
DXQYDORUFRPSUHQGLGRHQWUHV\7+
(OWLHPSRGHUHWDUGRDODGHVFRQH[LµQVHDMXVWDSRU
D]DUDXQYDORUFRPSUHQGLGRHQWUHV\7/
6DOLGD4 /DVDOLGD4VHDFWLYDXQDYH]H[SLUDGRHOWLHPSRGH
UHWDUGRDODFRQH[LµQVLVLJXHDFWLYDGDODHQWUDGD(Q
\VHGHVDFWLYDXQDYH]H[SLUDGRHOWLHPSRGHUHWDUGR
DODGHVFRQH[LµQVLHQWUHWDQWRQRVHKDYXHOWRD
DFWLYDU(Q
3DU£PHWURV7+\7/
/RVYDORUHVHVW£QGDUGHORVSDU£PHWURV7+\7/VHLQGLFDQHQHODSDUWDGR5HVSXHVWDGH
WLHPSR3£JLQD
(OWLHPSRGHUHWDUGRDODFRQH[LµQ7+\HOWLHPSRGHUHWDUGRDODGHVFRQH[LµQ7/SXHGHQ
GHULYDUVHGHOYDORUUHDOGHRWUDIXQFLµQ\DSURJUDPDGD(VSRVLEOHXWLOL]DUORVYDORUHVUHDOHV
GHODVVLJXLHQWHVIXQFLRQHV
Ⴠ &RPSDUDGRUDQDOµJLFR3£JLQDYDORUUHDO$[ದ$\
Ⴠ &RQPXWDGRUDQDOµJLFRGHYDORUXPEUDO3£JLQDYDORUUHDO$[
Ⴠ $PSOLILFDGRUDQDOµJLFR3£JLQDYDORUUHDO$[
Ⴠ 0XOWLSOH[RUDQDOµJLFR3£JLQDYDORUUHDO$4
Ⴠ 5DPSDDQDOµJLFD3£JLQDYDORUUHDO$4
Ⴠ $ULWP«WLFDDQDOµJLFD3£JLQDYDORUUHDO$4
Ⴠ 5HJXODGRU3,3£JLQDYDORUUHDO$4
Ⴠ &RQWDGRUDGHODQWHDWU£V3£JLQDYDORUUHDO&QW
6HOHFFLRQHODIXQFLµQGHVHDGDPHGLDQWHHOQ¼PHURGHEORTXH/DEDVHGHWLHPSRHV
FRQILJXUDEOH(QHODSDUWDGR5HWDUGRDODFRQH[LµQ3£JLQDHQFRQWUDU£P£V
LQIRUPDFLµQDFHUFDGHORVUDQJRVY£OLGRV\HOSUHDMXVWHGHSDU£PHWURV
/2*2
0DQXDOGHSURGXFWR$(
)XQFLRQHVGH/2*2
/LVWDGHODVIXQFLRQHVHVSHFLDOHV6)
&URQRJUDPD
(Q
/DVHFFLµQGHOFURQRJUDPD
4 UHSUHVHQWDGDHQQHJULWD
WDPEL«QVHYLVXDOL]DHQHO
V¯PERORGHOJHQHUDGRU
DOHDWRULR
7HVW£RFXSDGR
7+ 7/
'HVFULSFLµQGHODIXQFLµQ
&XDQGRHOHVWDGRGHVH³DOGHODHQWUDGD(QFDPELDGHDVHLQLFLDXQWLHPSRGHUHWDUGR
DODFRQH[LµQDOHDWRULRFRPSUHQGLGRHQWUHV\7+6LODHQWUDGD(QVLJXHDFWLYDGDSRUOR
PHQRVGXUDQWHHOWLHPSRGHUHWDUGRDODFRQH[LµQODVDOLGDVHDFWLYDXQDYH]H[SLUDGRHVWH
WLHPSR
6LODHQWUDGD(QVHGHVDFWLYDDQWHVGHTXHH[SLUHHOWLHPSRGHUHWDUGRDODFRQH[LµQHO
WLHPSRVHSRQGU£DFHUR
&XDQGRHOHVWDGRGHVH³DOHQODHQWUDGD(QFDPELDGHDVHLQLFLDXQWLHPSRGHUHWDUGR
DODGHVFRQH[LµQDOHDWRULRFRPSUHQGLGRHQWUHV\7/
6LODHQWUDGD(QVLJXHDFWLYDGDSRUORPHQRVGXUDQWHHOWLHPSRGHUHWDUGRDODGHVFRQH[LµQ
ODVDOLGDVHGHVDFWLYDXQDYH]H[SLUDGRHVWHWLHPSR
(OWLHPSRVHSRQHDFHURVLODVH³DOHQODHQWUDGD(QYXHOYHDFDPELDUDDQWHVGHH[SLUDU
HOWLHPSRGHUHWDUGRDODGHVFRQH[LµQ
(OWLHPSRWUDQVFXUULGRVHUHLQLFLDWUDVXQFRUWHGHDOLPHQWDFLµQ
,QWHUUXSWRUGHDOXPEUDGRSDUDHVFDOHUD
'HVFULSFLµQEUHYH
8QIODQFRGHHQWUDGDLQLFLDXQWLHPSRFRQILJXUDEOH\UHGLVSDUDEOH/DVDOLGDVHGHVDFWLYD
XQDYH]H[SLUDGRHVHWLHPSR$QWHVGHTXHWUDQVFXUUDHVWHWLHPSRVHSXHGHHPLWLUXQD
VH³DOTXHDGYLHUWDGHODGHVFRQH[LµQLQPLQHQWH
/2*2
0DQXDOGHSURGXFWR$(
)XQFLRQHVGH/2*2
/LVWDGHODVIXQFLRQHVHVSHFLDOHV6)
3DU£PHWURV77\7/
&RQVXOWHORVDMXVWHVHVW£QGDUGHORVSDU£PHWURV7HQHODSDUWDGR5HVSXHVWDGHWLHPSR
3£JLQD
(OWLHPSRGHUHWDUGRDODGHVFRQH[LµQ7HOWLHPSRGHDGYHUWHQFLDSUHYLD7\HOSHU¯RGRGH
DGYHUWHQFLDSUHYLD7/SXHGHQGHULYDUVHGHOYDORUUHDOGHRWUDIXQFLµQ\DSURJUDPDGD(V
SRVLEOHXWLOL]DUORVYDORUHVUHDOHVGHODVVLJXLHQWHVIXQFLRQHV
Ⴠ &RPSDUDGRUDQDOµJLFR3£JLQDYDORUUHDO$[ದ$\
Ⴠ &RQPXWDGRUDQDOµJLFRGHYDORUXPEUDO3£JLQDYDORUUHDO$[
Ⴠ $PSOLILFDGRUDQDOµJLFR3£JLQDYDORUUHDO$[
Ⴠ 0XOWLSOH[RUDQDOµJLFR3£JLQDYDORUUHDO$4
Ⴠ 5DPSDDQDOµJLFD3£JLQDYDORUUHDO$4
Ⴠ $ULWP«WLFDDQDOµJLFD3£JLQDYDORUUHDO$4
Ⴠ 5HJXODGRU3,3£JLQDYDORUUHDO$4
Ⴠ &RQWDGRUDGHODQWHDWU£V3£JLQDYDORUUHDO&QW
6HOHFFLRQHODIXQFLµQGHVHDGDPHGLDQWHHOQ¼PHURGHEORTXH/DEDVHGHWLHPSRHV
FRQILJXUDEOH(QHODSDUWDGR5HWDUGRDODFRQH[LµQ3£JLQDHQFRQWUDU£P£V
LQIRUPDFLµQDFHUFDGHORVUDQJRVY£OLGRV\GHOSUHDMXVWHGHSDU£PHWURV
&URQRJUDPD
7UJ
4
7/
7DHVW£ 7
RFXSDGR
7
'HVFULSFLµQGHODIXQFLµQ
&XDQGRHOHVWDGRGHVH³DOGHODHQWUDGD7UJFDPELDGHDVHDFWLYDODVDOLGD4(QHO
VLJXLHQWHFDPELRGHDHQ7UJVHUHLQLFLDHOWLHPSRDFWXDO7D\ODVDOLGD4SHUPDQHFH
DFWLYDGD
/DVDOLGD4VHGHVDFWLYDFXDQGR7D 7$QWHVGHTXHH[SLUHHOWLHPSRGHUHWDUGRDOD
GHVFRQH[LµQ77SXHGHFRQILJXUDUXQDVH³DOGHDGYHUWHQFLDTXHGHVDFWLYH4GXUDQWHHO
SHU¯RGRGHDGYHUWHQFLDSUHYLD7/
(QHOVLJXLHQWHLPSXOVRHQODHQWUDGD7UJGXUDQWH7DVHUHLQLFLDHOWLHPSR7D
6LODUHPDQHQFLDQRHVW£DFWLYDGDODVDOLGD4\HOWLHPSRH[SLUDGRVHUHLQLFLDQWUDV
SURGXFLUVHXQFRUWHGHDOLPHQWDFLµQ
/2*2
0DQXDOGHSURGXFWR$(
)XQFLRQHVGH/2*2
/LVWDGHODVIXQFLRQHVHVSHFLDOHV6)
&RQILJXUDFLµQGHOSDU£PHWUR3DU
&RQVXOWHORVDMXVWHVHVW£QGDULQGLFDGRVHQHODSDUWDGR5HVSXHVWDGHWLHPSR3£JLQD
1RWD
7RGRVORVWLHPSRVGHEHQWHQHUXQDPLVPDEDVHGHWLHPSR
9LVXDOL]DFLµQHQPRGRGHSURJUDPDFLµQHMHPSOR
%5 0RGRGHSURWHFFLµQ\UHPDQHQFLD
7 V 7LHPSRGHUHWDUGRDODGHVFRQH[LµQ
3XOVH
%
7 V ,QLFLRGHOSHU¯RGRGHDGYHUWHQFLDGHGHVFRQH[LµQ77
7/ V 7LHPSRGHDGYHUWHQFLDGHGHVFRQH[LµQ
9LVXDOL]DFLµQHQPRGRGHSDUDPHWUL]DFLµQHMHPSOR
%
7 V
/2*2
0DQXDOGHSURGXFWR$(
)XQFLRQHVGH/2*2
/LVWDGHODVIXQFLRQHVHVSHFLDOHV6)
,QWHUUXSWRUELIXQFLRQDO
'HVFULSFLµQEUHYH
,QWHUUXSWRUFRQGRVIXQFLRQHVGLIHUHQWHV
Ⴠ ,QWHUUXSWRUGHLPSXOVRVFRQUHWDUGRDODGHVFRQH[LµQ
Ⴠ 3XOVDGRUDOXPEUDGRSHUPDQHQWH
6¯PERORHQ/2*2 &DEOHDGR 'HVFULSFLµQ
(QWUDGD7UJ 8QDVH³DOHQODHQWUDGD7UJ7ULJJHUDFWLYDODVDOLGD
7UJ 4DOXPEUDGRSHUPDQHQWHRODGHVDFWLYDFRQXQ
5 4 UHWDUGRDODGHVFRQH[LµQ6LHVW£DFWLYDODVDOLGD4
3DU VHSXHGHGHVDFWLYDUFRQXQDVH³DOHQODHQWUDGD7UJ
(QWUDGD5 8QDVH³DOHQODHQWUDGD5UHLQLFLDHOWLHPSRDFWXDO
7D\GHVDFWLYDODVDOLGD
3DU£PHWURV 7HVHOWLHPSRGHUHWDUGRDODGHVFRQH[LµQ/DVDOLGD
VHGHVDFWLYDFDPELDGHDFXDQGRH[SLUDHO
WLHPSR7
7/HVHOWLHPSRGXUDQWHHOTXHGHEHHVWDUDFWLYDGDOD
VDOLGDSDUDKDELOLWDUODIXQFLµQGHDOXPEUDGR
SHUPDQHQWH
7HVHOWLHPSRGHDGYHUWHQFLDSUHYLDGHUHWDUGRDOD
FRQH[LµQ
7/HVODGXUDFLµQGHOSHU¯RGRGHDGYHUWHQFLDSUHYLD
5HPDQHQFLD
6LQUHPDQHQFLD
5 (OHVWDGRHVUHPDQHQWH
6DOLGD4 8QDVH³DOHQ7UJDFWLYDODVDOLGD4'HSHQGLHQGRGH
ODORQJLWXGGHOLPSXOVRHQODHQWUDGD7UJODVDOLGDVH
GHVDFWLYDGHQXHYRRVHDFWLYDSHUPDQHQWHPHQWHR
ELHQVHGHVDFWLYDSRUPHGLRGHXQDQXHYDVH³DOHQ
7UJ
/2*2
0DQXDOGHSURGXFWR$(
)XQFLRQHVGH/2*2
/LVWDGHODVIXQFLRQHVHVSHFLDOHV6)
3DU£PHWURV77/7\7/
&RQVXOWHORVDMXVWHVHVW£QGDUGHORVSDU£PHWURV7HQHODSDUWDGR5HVSXHVWDGHWLHPSR
3£JLQD
(OWLHPSRGHUHWDUGRDODGHVFRQH[LµQ7HOWLHPSRGHDOXPEUDGRSHUPDQHQWH7/HOWLHPSR
GHDGYHUWHQFLDSUHYLDGHUHWDUGRDODFRQH[LµQ7\HOSHU¯RGRGHDGYHUWHQFLDSUHYLD7/
SXHGHQGHULYDUVHGHOYDORUUHDOGHRWUDIXQFLµQ\DSURJUDPDGD(VSRVLEOHXWLOL]DUORVYDORUHV
UHDOHVGHODVVLJXLHQWHVIXQFLRQHV
Ⴠ &RPSDUDGRUDQDOµJLFR3£JLQDYDORUUHDO$[ದ$\
Ⴠ &RQPXWDGRUDQDOµJLFRGHYDORUXPEUDO3£JLQDYDORUUHDO$[
Ⴠ $PSOLILFDGRUDQDOµJLFR3£JLQDYDORUUHDO$[
Ⴠ 0XOWLSOH[RUDQDOµJLFR3£JLQDYDORUUHDO$4
Ⴠ 5DPSDDQDOµJLFD3£JLQDYDORUUHDO$4
Ⴠ $ULWP«WLFDDQDOµJLFD3£JLQDYDORUUHDO$4
Ⴠ 5HJXODGRU3,3£JLQDYDORUUHDO$4
Ⴠ &RQWDGRUDGHODQWHDWU£V3£JLQDYDORUUHDO&QW
6HOHFFLRQHODIXQFLµQGHVHDGDPHGLDQWHHOQ¼PHURGHEORTXH/DEDVHGHWLHPSRHV
FRQILJXUDEOH(QHODSDUWDGR5HWDUGRDODFRQH[LµQ3£JLQDHQFRQWUDU£P£V
LQIRUPDFLµQDFHUFDGHORVUDQJRVY£OLGRV\GHOSUHDMXVWHGHSDU£PHWURV
&URQRJUDPD
7UJ
7/ 7/
4
7/
7DHVW£ 7
RFXSDGR
7
'HVFULSFLµQGHODIXQFLµQ
&XDQGRHOHVWDGRGHODHQWUDGD7UJFDPELDGHDVHDFWLYDODVDOLGD4
6LODVDOLGD4 \ODHQWUDGD7UJVHDFWLYDFRPRP¯QLPRGXUDQWHHOWLHPSR7/VHKDELOLWDOD
IXQFLµQGHDOXPEUDGRSHUPDQHQWH\ODVDOLGD4VHDFWLYDFRQIRUPHDHOOR
6LHOHVWDGRGHODHQWUDGD7UJYXHOYHDFDPELDUDDQWHVGHTXHH[SLUHHOWLHPSR7/
FRPLHQ]DDWUDQVFXUULUHOWLHPSRGHUHWDUGRDODGHVFRQH[LµQ7
/DVDOLGD4VHGHVDFWLYDFXDQGR7D 7
$QWHVGHTXHH[SLUHHOWLHPSRGHUHWDUGRDODGHVFRQH[LµQ77SXHGHHPLWLUXQDVH³DOGH
DGYHUWHQFLDGHGHVFRQH[LµQTXHGHVDFWLYH4GXUDQWHHOSHU¯RGRGHDGYHUWHQFLDSUHYLD7/
8QDVH³DOVXEVLJXLHQWHHQ7UJVLHPSUHUHLQLFLD7\GHVDFWLYDODVDOLGD4
6LODUHPDQHQFLDQRHVW£DFWLYDGDODVDOLGD4\HOWLHPSRH[SLUDGRVHUHLQLFLDQWUDV
SURGXFLUVHXQFRUWHGHDOLPHQWDFLµQ
/2*2
0DQXDOGHSURGXFWR$(
)XQFLRQHVGH/2*2
/LVWDGHODVIXQFLRQHVHVSHFLDOHV6)
&RQILJXUDFLµQGHOSDU£PHWUR3DU
&RQVXOWHORVDMXVWHVHVW£QGDULQGLFDGRVHQHODSDUWDGR5HVSXHVWDGHWLHPSR3£JLQD
1RWD
77\7/GHEHQWHQHUXQDPLVPDEDVHGHWLHPSR
9LVXDOL]DFLµQHQPRGRGHSURJUDPDFLµQHMHPSOR
%5 0RGRGHSURWHFFLµQ\UHPDQHQFLD
7 V 5HWDUGRDODGHVFRQH[LµQ
7/ V 7LHPSRGHDOXPEUDGRSHUPDQHQWH
3XOVH
%
7 V ,QLFLRGHOSHU¯RGRGHDGYHUWHQFLDGHGHVFRQH[LµQ77
7/ V 7LHPSRGHDGYHUWHQFLDGHGHVFRQH[LµQ
9LVXDOL]DFLµQHQPRGRGHSDUDPHWUL]DFLµQHMHPSOR
%
7 V
7/ V
7D V 9DORUDFWXDOGHOWLHPSR7/R7
/2*2
0DQXDOGHSURGXFWR$(
)XQFLRQHVGH/2*2
/LVWDGHODVIXQFLRQHVHVSHFLDOHV6)
7HPSRUL]DGRUVHPDQDO
'HVFULSFLµQEUHYH
/DVDOLGDVHFRQWURODPHGLDQWHXQDIHFKDGHDFWLYDFLµQ\GHVDFWLYDFLµQFRQILJXUDEOH(VWD
IXQFLµQVRSRUWDFXDOTXLHUFRPELQDFLµQSRVLEOHGHG¯DVGHODVHPDQD/RVG¯DVGHODVHPDQD
DFWLYRVVHVHOHFFLRQDQRFXOWDQGRORVG¯DVLQDFWLYRV
1RWD
3XHVWRTXH/2*2RQRLQFRUSRUDXQUHORMHQWLHPSRUHDOHOWHPSRUL]DGRUVHPDQDOQR
HVW£GLVSRQLEOHHQHVWDYHUVLµQ
6¯PERORHQ &DEOHDGR 'HVFULSFLµQ
/2*2
3DU£PHWURV1R (QORVSDU£PHWURV1RVHDMXVWDQODVKRUDVGHFRQH[LµQ\
1R
\ GHVFRQH[LµQGHFDGDOOHYD$TX¯VHFRQILJXUDQWDPEL«QORV
1R
4 G¯DV\ODKRUD
1R
3DU
3DU (VSHFLILTXHVLDOVHUDFWLYDGRHOWHPSRUL]DGRUGHEH
IXQFLRQDUGXUDQWHXQFLFOR\GHVDFWLYDUVHOXHJR(ODMXVWHGH
LPSXOVRVHVY£OLGRSDUDODVWUHVOHYDV
6DOLGD4 4VHDFWLYDVLHVW£DFFLRQDGDDOJXQDGHODVOHYDV
FRQILJXUDGDV
&URQRJUDPDWUHVHMHPSORV
1R
4
/XQHV 0L«UFROHV 9LHUQHV 'RPLQJR
0DUWHV -XHYHV 6£EDGR
'HVFULSFLµQGHODIXQFLµQ
&DGDWHPSRUL]DGRUVHPDQDOWLHQHWUHVOHYDVTXHSXHGHQXWLOL]DUVHSDUDFRQILJXUDUXQD
KLVW«UHVLVGHWLHPSR/DVKRUDVGHFRQH[LµQ\GHVFRQH[LµQVHHVSHFLILFDQHQORVSDU£PHWURV
1R$XQDGHWHUPLQDGDKRUDGHFRQH[LµQHOWHPSRUL]DGRUVHPDQDODFWLYDODVDOLGDVL«VWD
QRHVWXYLHVHDFWLYDGDWRGDY¯D
(OWHPSRUL]DGRUVHPDQDOGHVDFWLYDODVDOLGDDXQDGHWHUPLQDGDKRUDGHGHVFRQH[LµQVL
«VWDVHKDSDUDPHWUL]DGRRELHQDOILQDOGHOFLFORVLKDHVSHFLILFDGRXQDVDOLGDGHLPSXOVRV
6LKDGHILQLGRXQDPLVPDKRUDGHFRQH[LµQ\GHVFRQH[LµQSDUDXQWHPSRUL]DGRUVHPDQDO
SHURHQGLVWLQWDVOHYDVVHSURGXFHXQFRQIOLFWR(QHVWHFDVRODOHYDWLHQHSULRULGDGVREUH
ODOHYD\«VWDDVXYH]VREUHODOHYD
(OHVWDGRGHFRQH[LµQGHOWHPSRUL]DGRUVHPDQDOGHSHQGHGHODVWUHVOHYDV
/2*2
0DQXDOGHSURGXFWR$(
)XQFLRQHVGH/2*2
/LVWDGHODVIXQFLRQHVHVSHFLDOHV6)
3DQWDOODGHSDUDPHWUL]DFLµQ
9LVWDGHODSDQWDOODGHSDUDPHWUL]DFLµQSHMSDUDODOHYD1R\HODMXVWH3XOVH
%ORTXH% 1R
&RQVXOWH0RVWUDU\RFXOWDU
SDU£PHWURV0RGRGHSURWHFFLµQ
% GHSDU£PHWURVHQODS£JLQD
' 07:7)66 '¯DVGHODVHPDQDGLDULR
2Q +RUDGHFRQH[LµQK
2II +RUDGHGHVFRQH[LµQK
)RUPDGHLPSXOVR
%
3XOVH 2II $MXVWHGHLPSXOVR2QX2II
'¯DGHODVHPDQD
(OSUHILMR' 'D\WLHQHHOVLJXLHQWHVLJQLILFDGR
Ⴠ 0/XQHV0RQGD\
Ⴠ 70DUWHV7XHVGD\
Ⴠ :0L«UFROHV:HGQHVGD\
Ⴠ 7-XHYHV7KXUVGD\
Ⴠ )9LHUQHV)ULGD\
Ⴠ 66£EDGR6DWXUGD\
Ⴠ 6'RPLQJR6XQGD\
/DOHWUDPD\¼VFXODLQGLFDTXHVHKDVHOHFFLRQDGRXQG¯DGHODVHPDQD8QVLJQLILFDTXH
QRVHKDVHOHFFLRQDGRQLQJ¼QG¯DGHODVHPDQD
+RUDVGHFRQH[LµQ\GHVFRQH[LµQ
(VSRVLEOHFXDOTXLHUPRPHQWRHQWUHODV\ODVKRUDV/DKRUDGHFRQH[LµQ
WDPEL«QSXHGHFRQILJXUDUVHFRPRVH³DOGHLPSXOVR(OEORTXHGHWHPSRUL]DGRUVHDFWLYDD
ODKRUDLQGLFDGDGXUDQWHXQFLFOR/XHJRVHGHVDFWLYDODVDOLGD
VLJQLILFDTXHQRVHKDFRQILJXUDGRQLQJXQDKRUDGHFRQH[LµQGHVFRQH[LµQ
/2*2
0DQXDOGHSURGXFWR$(
)XQFLRQHVGH/2*2
/LVWDGHODVIXQFLRQHVHVSHFLDOHV6)
&RQILJXUDUHOWHPSRUL]DGRUVHPDQDO
3DUDDMXVWDUODIHFKD\KRUDGHFRQH[LµQ\GHVFRQH[LµQ
6LW¼HHOFXUVRUVREUHXQRGHORVSDU£PHWURV1RGHOWHPSRUL]DGRUSHM1R
3XOVH22./2*2DEUHODSDQWDOODGHSDUDPHWUL]DFLµQGHOHYDV(OFXUVRUVHHQFXHQWUD
HQHOG¯DGHODVHPDQD
3XOVH \ SDUDVHOHFFLRQDUXQRRYDULRVG¯DVGHODVHPDQD
3XOVH SDUDVLWXDUHOFXUVRUHQODSULPHUDSRVLFLµQGHODKRUDGHFRQH[LµQ
$MXVWHODKRUDGHFRQH[LµQ
0RGLILTXHHOYDORUHQODUHVSHFWLYDSRVLFLµQXWLOL]DQGRODVWHFODV \ 8WLOL]DQGRODV
WHFODV \ GHVSODFHHOFXUVRUKDFLDODVGLVWLQWDVSRVLFLRQHV(QODSULPHUDSRVLFLµQ
VµORSXHGHVHOHFFLRQDUHOYDORU
VLJQLILFDTXHQRVHKDQDMXVWDGRPRPHQWRVGHFRQH[LµQGHVFRQH[LµQ
3XOVH SDUDVLWXDUHOFXUVRUHQODSULPHUDSRVLFLµQGHODKRUDGHGHVFRQH[LµQ
$MXVWHODKRUDGHGHVFRQH[LµQLJXDOTXHHQHOSXQWR
2.
&RQILUPHODVHQWUDGDVHIHFWXDGDVFRQ2
(OFXUVRUVHHQFXHQWUDHQHOSDU£PHWUR1ROHYD$KRUDSXHGHFRQILJXUDURWUDOHYD
1RWD
3DUDP£VLQIRUPDFLµQDFHUFDGHODSUHFLVLµQGHORVWHPSRUL]DGRUHVFRQVXOWHORVGDWRV
W«FQLFRV\HODSDUWDGR5HVSXHVWDGHWLHPSR3£JLQD
7HPSRUL]DGRUVHPDQDO(MHPSOR
/DVDOLGDGHOWHPSRUL]DGRUVHPDQDOGHEHHVWDUDFWLYDGDGLDULDPHQWHHQWUHODVK\ODV
K$GHP£VODVDOLGDGHEHHVWDUDFWLYDGDORVPDUWHVHQWUHODVK\ODVKDV¯
FRPRORVILQHVGHVHPDQDHQWUHODVK\ODVK
3DUDHOORVHUHTXLHUHQWUHVOHYDV
$TX¯VHYLVXDOL]DQODVSDQWDOODVGHSDUDPHWUL]DFLµQGHODVOHYDV\EDVDGDVHQHO
FURQRJUDPDDQWHULRU
/2*2
0DQXDOGHSURGXFWR$(
)XQFLRQHVGH/2*2
/LVWDGHODVIXQFLRQHVHVSHFLDOHV6)
/HYD
/DOHYD1RGHEHDFWLYDUODVDOLGDGHOWHPSRUL]DGRUVHPDQDOGLDULDPHQWHHQWUHODV\
ODVKRUDV
%
' 07:7)66
2Q
2II
/HYD
/DOHYD1RGHEHDFWLYDUODVDOLGDGHOWHPSRUL]DGRUVHPDQDOWRGRVORVPDUWHVHQWUHODV
\ODVKRUDV
%
' 7
2Q
2II
/HYD
/DOHYD1RGHEHDFWLYDUODVDOLGDGHOWHPSRUL]DGRUVHPDQDOWRGRVORVV£EDGRV\GRPLQJRV
HQWUHODV\ODVKRUDV
%
' 66
2Q
2II
5HVXOWDGR
1R
4
/XQHV 0L«UFROHV 9LHUQHV 'RPLQJR
0DUWHV -XHYHV 6£EDGR
/2*2
0DQXDOGHSURGXFWR$(
)XQFLRQHVGH/2*2
/LVWDGHODVIXQFLRQHVHVSHFLDOHV6)
7HPSRUL]DGRUDQXDO
'HVFULSFLµQEUHYH
/DVDOLGDVHFRQWURODPHGLDQWHXQDIHFKDGHDFWLYDFLµQ\GHVDFWLYDFLµQFRQILJXUDEOH(O
WHPSRUL]DGRUSXHGHFRQILJXUDUVHSDUDTXHVHDFWLYHDQXDOPHQWHPHQVXDOPHQWHRELHQFRQ
XQDEDVHGHWLHPSRSHUVRQDOL]DGD(QFXDOTXLHUPRGRHOWHPSRUL]DGRUWDPEL«QSXHGH
FRQILJXUDUVHGHPDQHUDTXHHPLWDXQLPSXOVRHQODVDOLGDGXUDQWHHOSHU¯RGRGHWLHPSR
GHILQLGR(OSHU¯RGRGHWLHPSRSXHGHFRQILJXUDVHHQHOUDQJRFRPSUHQGLGRHQWUHHOGH
HQHURGHKDVWDHOGHGLFLHPEUHGH
1RWD
3XHVWRTXH/2*2RQRLQFRUSRUDXQUHORMHQWLHPSRUHDOHOWHPSRUL]DGRUDQXDOQR
HVW£GLVSRQLEOHHQHVWDYHUVLµQ
6¯PERORHQ/2*2 &DEOHDGR 'HVFULSFLµQ
3DU£PHWUR1R (QHOSDU£PHWUR1RVHFRQILJXUDQHOPRGRGHO
00 WHPSRUL]DGRUODVIHFKDVGHFRQH[LµQ\GHVFRQH[LµQ
1R '' 4 GHOPLVPRDV¯FRPRVLODVDOLGDHVXQDVDOLGDGH
LPSXOVRV
6DOLGD4 4VHDFWLYDVLODOHYDSDUDPHWUL]DGDHVW£DFWLYDGD
&URQRJUDPDV
(MHPSOR0RGRDQXDO<HDUO\DFWLYDGRPRGRPHQVXDO0RQWKO\GHVDFWLYDGRLPSXOVR3XOVH
GHVDFWLYDGRIHFKDGHFRQH[LµQ IHFKDGHGHVFRQH[LµQ ODVDOLGD
GHOWHPSRUL]DGRUVHDFWLYDFDGDD³RGHVGHHOGHMXQLRKDVWDHOGHDJRVWR
/2*2
0DQXDOGHSURGXFWR$(
)XQFLRQHVGH/2*2
/LVWDGHODVIXQFLRQHVHVSHFLDOHV6)
(MHPSOR0RGRDQXDO<HDUO\DFWLYDGRPRGRPHQVXDO0RQWKO\GHVDFWLYDGRLPSXOVR3XOVH
DFWLYDGRIHFKDGHFRQH[LµQ IHFKDGHGHVFRQH[LµQ
HOGH
PDU]RGHFDGDD³RHOWHPSRUL]DGRUVHDFWLYDGXUDQWHXQFLFOR
/2*2
0DQXDOGHSURGXFWR$(
)XQFLRQHVGH/2*2
/LVWDGHODVIXQFLRQHVHVSHFLDOHV6)
(MHPSOR0RGRDQXDO<HDUO\DFWLYDGRPRGRPHQVXDO0RQWKO\GHVDFWLYDGRLPSXOVR3XOVH
DFWLYDGRIHFKDGHFRQH[LµQ IHFKDGHGHVFRQH[LµQ
HOGH
PDU]RGH\ODVDOLGDGHOWHPSRUL]DGRUVHDFWLYDGXUDQWHXQFLFOR
/2*2
0DQXDOGHSURGXFWR$(
)XQFLRQHVGH/2*2
/LVWDGHODVIXQFLRQHVHVSHFLDOHV6)
(MHPSOR0RGRDQXDO<HDUO\GHVDFWLYDGRPRGRPHQVXDO0RQWKO\GHVDFWLYDGRLPSXOVR
3XOVHVHOHFFLRQDGRIHFKDGHFRQH[LµQ IHFKDGHGHVFRQH[LµQ
HO
GHPDU]RGHODVDOLGDGHOWHPSRUL]DGRUVHDFWLYDGXUDQWHXQFLFOR3XHVWRTXHHO
WHPSRUL]DGRUQRWLHQHDFFLµQPHQVXDOQLDQXDOVHHPLWHVµORXQLPSXOVRHQODVDOLGDGHO
WHPSRUL]DGRUHQODIHFKDGHFRQH[LµQHVSHFLILFDGD
/2*2
0DQXDOGHSURGXFWR$(
)XQFLRQHVGH/2*2
/LVWDGHODVIXQFLRQHVHVSHFLDOHV6)
(MHPSOR0RGRDQXDO<HDUO\DFWLYDGRPRGRPHQVXDO0RQWKO\DFWLYDGRIHFKDGHFRQH[LµQ
IHFKDGHGHVFRQH[LµQ
DSDUWLUGHODVDOLGDGHO
WHPSRUL]DGRUVHDFWLYDHOSULPHUG¯DGHFDGDPHV\VHGHVDFWLYDHOTXLQWRG¯DGHOPHV(O
WHPSRUL]DGRUVLJXHIXQFLRQDQGRGHHVWDPDQHUDKDVWDHO¼OWLPRPHVGHOD³R
'HVFULSFLµQGHODIXQFLµQ
(OWHPSRUL]DGRUDQXDODFWLYDRGHVDFWLYDODVDOLGDHQGHWHUPLQDGDVIHFKDVGHFRQH[LµQ\
GHVFRQH[LµQ/DVDFWLYDFLRQHV\GHVDFWLYDFLRQHVVHHMHFXWDQDODV6LODDSOLFDFLµQ
UHTXLHUHXQWLHPSRGLIHUHQWHXWLOLFHHQHOSURJUDPDXQWHPSRUL]DGRUVHPDQDOMXQWRFRQXQ
WHPSRUL]DGRUDQXDO
/DIHFKD\KRUDGHFRQH[LµQHVSHFLILFDFX£QGRVHDFWLYDHOWHPSRUL]DGRU/DIHFKD\KRUDGH
GHVFRQH[LµQHVSHFLILFDFX£QGRVHYXHOYHDGHVDFWLYDUODVDOLGD3RUORTXHUHVSHFWDDODVOD
IHFKDVGHFRQH[LµQ\GHVFRQH[LµQWHQJDHQFXHQWDHORUGHQGHORVFDPSRV(OSULPHU
FDPSRGHILQHHOD³RHOVHJXQGRHOPHV\HOWHUFHURHOG¯D
6LDFWLYDHOPRGRPHQVXDO0RQWKO\ODVDOLGDGHOWHPSRUL]DGRUVHDFWLYDFDGDPHVHOG¯D
LQGLFDGRFRPRIHFKDGHFRQH[LµQ\SHUPDQHFHDFWLYDGDKDVWDHOG¯DLQGLFDGRFRPRIHFKD
GHGHVFRQH[LµQ/DIHFKDGHFRQH[LµQHVSHFLILFDHOSULPHUD³RHQHOTXHVHDFWLYDHO
WHPSRUL]DGRU/DIHFKDGHGHVFRQH[LµQHVSHFLILFDHO¼OWLPRD³RHQHOTXHVHGHVDFWLYDHO
WHPSRUL]DGRUHVHO¼OWLPRD³RGHGHVFRQH[LµQSRVLEOH
6LDMXVWDHOPRGRDQXDO<HDUO\ODVDOLGDGHOWHPSRUL]DGRUVHDFWLYDFDGDD³RHOPHV\HOG¯D
LQGLFDGRVFRPRIHFKDGHFRQH[LµQ\SHUPDQHFHDFWLYDGDKDVWDHOPHV\HOG¯DLQGLFDGRV
FRPRIHFKDGHGHVFRQH[LµQ/DIHFKDGHFRQH[LµQHVSHFLILFDHOSULPHUD³RHQHOTXHVH
DFWLYDHOWHPSRUL]DGRU/DIHFKDGHGHVFRQH[LµQHVSHFLILFDHO¼OWLPRD³RHQHOTXHVH
GHVDFWLYDHOWHPSRUL]DGRUHVHO¼OWLPRD³RGHGHVFRQH[LµQSRVLEOH
6LDMXVWDHOPRGRGHLPSXOVR3XOVHODVDOLGDGHOWHPSRUL]DGRUVHDFWLYDGXUDQWHXQFLFORHQ
ODIHFKDGHFRQH[LµQLQGLFDGD\OXHJRVHGHVDFWLYD3XHGHVHOHFFLRQDUTXHHOWHPSRUL]DGRU
VHDLPSXOVDGRPHQVXDORDQXDOPHQWHRELHQXQDVRODYH]
6LQRDFWLYDQLQJXQRGHORVPRGRV0RQWKO\<HDUO\R3XOVHSXHGHGHILQLUXQSHU¯RGR
HVSHF¯ILFRPHGLDQWHODIHFKDGHFRQH[LµQ\GHVFRQH[LµQ(VWHSHU¯RGRSXHGHDEDUFDUXQ
WLHPSRFXDOTXLHUD
3DUDSURFHVRVTXHGHEDQDFWLYDUVH\GHVDFWLYDUVHYDULDVYHFHVGXUDQWHHOD³RSHURHQ
PRPHQWRVLUUHJXODUHVSXHGHGHILQLUYDULRVWHPSRUL]DGRUHVDQXDOHV\FRPELQDUOµJLFDPHQWH
VXVVDOLGDVPHGLDQWHXQEORTXHGHIXQFLµQ25
/2*2
0DQXDOGHSURGXFWR$(
)XQFLRQHVGH/2*2
/LVWDGHODVIXQFLRQHVHVSHFLDOHV6)
5HVSDOGRGHOUHORMHQWLHPSRUHDO
(OUHORMGHWLHPSRUHDOLQWHUQRGH/2*2VLJXHIXQFLRQDQGRLQFOXVRVLVHSURGXFHXQFRUWH
GHDOLPHQWDFLµQ(OWLHPSRGHUHVSDOGRGHSHQGHGHODWHPSHUDWXUDDPELHQWH$XQD
WHPSHUDWXUDDPELHQWHGHr&HOWLHPSRGHUHVSDOGRW¯SLFRHVGHKRUDV6LXWLOL]DXQD
WDUMHWDGHEDWHU¯DRSFLRQDO/2*2RELHQXQDWDUMHWDGHPHPRULDEDWHU¯DFRPELQDGD/2*2
SXHGHUHVSDOGDUODKRUDGHOUHORMKDVWDGRVD³RV
&RQILJXUDFLµQGHHMHPSOR
/DVDOLGDGHXQ/2*2GHEHDFWLYDUVHFDGDD³RHOGHPDU]RGHVDFWLYDUVHHOGHDEULO
YROYHUDDFWLYDUVHHOGHMXOLR\GHVDFWLYDUVHQXHYDPHQWHHOGHQRYLHPEUH3DUDHOOR
GHEHQFRQILJXUDUVHGRVWHPSRUL]DGRUHVDQXDOHVFRQODVUHVSHFWLYDVIHFKDVGHFRQH[LµQ
9LQFXOHOXHJRODVVDOLGDVPHGLDQWHXQEORTXH25
% %
<HDUO\ 2Q 7HPSRUL]DGRUDQXDO <HDUO\ 2Q 7HPSRUL]DGRUDQXDO
% %
21 21
<<<<00'' <<<<00''
% %
2)) 2))
<<<<00'' <<<<00''
5HVXOWDGR
2Q
% %
2II
0DU]R -XOLR
DODVK DODVK
$EULO 1RYLHPEUH
DODVK DODVK
/2*2
0DQXDOGHSURGXFWR$(
)XQFLRQHVGH/2*2
/LVWDGHODVIXQFLRQHVHVSHFLDOHV6)
&RQWDGRUDGHODQWHDWU£V
'HVFULSFLµQEUHYH
'HSHQGLHQGRGHODSDUDPHWUL]DFLµQXQLPSXOVRGHHQWUDGDLQFUHPHQWDRUHGXFHXQYDORU
LQWHUQR/DVDOLGDVHDFWLYDRGHVDFWLYDFXDQGRVHDOFDQ]DXQXPEUDOFRQILJXUDGR(OVHQWLGR
GHFRQWDMHSXHGHFDPELDUVHFRQXQDVH³DOHQODHQWUDGD'LU
6¯PERORHQ/2*2 &DEOHDGR 'HVFULSFLµQ
(QWUDGD5 8QDVH³DOHQODHQWUDGD5SRQHDFHURHOYDORUGH
5
FRQWDMHLQWHUQR
&QW
'LU 4
(QWUDGD&QW /DIXQFLµQFXHQWDORVFDPELRVGHHVWDGRGHDHQ
3DU ODHQWUDGD&QW/RVFDPELRVGHDQRVHFXHQWDQ
8WLOLFH
x ODVHQWUDGDV,,,H,SDUDFRQWDMHVU£SLGRV
VµOR/2*25&5&R\/2*2R
P£[N+]
x FXDOTXLHURWUDHQWUDGDRFRPSRQHQWHGHOFLUFXLWR
SDUDFRQWDMHVOHQWRVW¯S+]
(QWUDGD'LU (OVHQWLGRGHFRQWDMHVHDMXVWDPHGLDQWHODHQWUDGD
'LU
'LU FRQWDMHDGHODQWH
'LU FRQWDMHDWU£V
3DU£PHWURV 2QXPEUDOGHFRQH[LµQ
5DQJRGHYDORUHV
2IIXPEUDOGHGHVFRQH[LµQ
5DQJRGHYDORUHV
6WDUW9DOYDORULQLFLDODSDUWLUGHOFXDOVHFXHQWD
DGHODQWHRDWU£V
5HPDQHQFLDGHOYDORUGHFRQWDMHLQWHUQR&QW
6LQUHPDQHQFLD
5 (OHVWDGRHVUHPDQHQWH
6DOLGD4 4VHDFWLYDRGHVDFWLYDHQIXQFLµQGHOYDORUUHDOHQ
&QW\GHORVYDORUHVXPEUDODMXVWDGRV
/2*2
0DQXDOGHSURGXFWR$(
)XQFLRQHVGH/2*2
/LVWDGHODVIXQFLRQHVHVSHFLDOHV6)
3DU£PHWURV2Q\2II
(OXPEUDOGHFRQH[LµQ2Q\HOXPEUDOGHGHVFRQH[LµQ2IISXHGHQGHULYDUVHGHOYDORUUHDOGH
RWUDIXQFLµQ\DSURJUDPDGD(VSRVLEOHXWLOL]DUORVYDORUHVUHDOHVGHODVVLJXLHQWHV
IXQFLRQHV
Ⴠ &RPSDUDGRUDQDOµJLFR3£JLQDYDORUUHDO$[ದ$\
Ⴠ &RQPXWDGRUDQDOµJLFRGHYDORUXPEUDO3£JLQDYDORUUHDO$[
Ⴠ $PSOLILFDGRUDQDOµJLFR3£JLQDYDORUUHDO$[
Ⴠ 0XOWLSOH[RUDQDOµJLFR3£JLQDYDORUUHDO$4
Ⴠ 5DPSDDQDOµJLFD3£JLQDYDORUUHDO$4
Ⴠ $ULWP«WLFDDQDOµJLFD3£JLQDYDORUUHDO$4
Ⴠ 5HJXODGRU3,3£JLQDYDORUUHDO$4
Ⴠ &RQWDGRUDGHODQWHDWU£VYDORUUHDO&QW
6HOHFFLRQHODIXQFLµQGHVHDGDPHGLDQWHHOQ¼PHURGHEORTXH
&URQRJUDPD
&QW
'LU
2Q 2II 9DORUGH
FRQWDMH
6WDUW9DO
LQWHUQR
&QW
4
'HVFULSFLµQGHODIXQFLµQ
(QFDGDIODQFRSRVLWLYRHQODHQWUDGD&QWHOFRQWDGRULQWHUQRVHLQFUHPHQWDHQXQR'LU
RVHUHGXFHHQXQR'LU
/DHQWUDGDGHUHVHW5SHUPLWHUHVWDEOHFHUHOYDORULQLFLDOGHOYDORUGHFRQWDMHLQWHUQR
0LHQWUDV5 ODVDOLGDWDPEL«QHVW£SXHVWDD\QRVHFXHQWDQORVLPSXOVRVHQODHQWUDGD
&QW
6LODUHPDQHQFLDQRHVW£DFWLYDGDODVDOLGD4\HOWLHPSRH[SLUDGRVHUHLQLFLDQWUDV
SURGXFLUVHXQFRUWHGHDOLPHQWDFLµQ
/DVDOLGD4VHDFWLYDRGHVDFWLYDHQIXQFLµQGHOYDORUDFWXDO&QW\GHORVYDORUHVXPEUDO
DMXVWDGRV&RQVXOWHODVLJXLHQWHUHJODGHF£OFXOR
/2*2
0DQXDOGHSURGXFWR$(
)XQFLRQHVGH/2*2
/LVWDGHODVIXQFLRQHVHVSHFLDOHV6)
5HJODGHF£OFXOR
Ⴠ 6LHOXPEUDOGHFRQH[LµQ2QุXPEUDOGHGHVFRQH[LµQ2IIULJH
4 VL&QWุ2Q
4 VL&QW2II
Ⴠ 6LHOXPEUDOGHFRQH[LµQ2QXPEUDOGHGHVFRQH[LµQ2IIHQWRQFHV4 VL2Qื
&QWื2II
1RWD
(OVLVWHPDPXHVWUHDF¯FOLFDPHQWHHOYDORUO¯PLWHGHOFRQWDGRU
3RUWDQWRVLORVLPSXOVRVHQODVHQWUDGDVGLJLWDOHVU£SLGDV,,,µ,VRQP£VU£SLGRV
TXHHOWLHPSRGHFLFORSXHGHVXFHGHUTXHODIXQFLµQHVSHFLDOQRVHDFWLYHKDVWDTXHVH
H[FHGDHOYDORUO¯PLWHHVSHFLILFDGR
(MHPSOR3XHGHQFRQWDUVHFRPRP£[LPRLPSXOVRVSRUFLFOR\DVHKDQFRQWDGR
LPSXOVRV2Q 2II /DVDOLGDVHDFWLYDWDQVµORHQHOVLJXLHQWHFLFOR
FXDQGRHOYDORU\DHV6LHOYDORU2IIIXHVH ODVDOLGDQRVHDFWLYDU¯D
9LVXDOL]DFLµQHQPRGRGHSURJUDPDFLµQHMHPSOR
%5 %5
R
2Q 2Q
2II 2IIൺ%
3DUDDMXVWDUHOYDORULQLFLDOSXOVH R SDUDDFFHGHUDODVLJXLHQWHSDQWDOOD
%5
679
6LHOEORTXHUHIHUHQFLDGR%HQHOHMHPSORGHYXHOYHXQYDORUTXHHVW«IXHUDGHOUDQJR
Y£OLGRVHUHGRQGHDKDFLDDUULEDRKDFLDDEDMRKDVWDHOVLJXLHQWHYDORUY£OLGR
9LVXDOL]DFLµQHQPRGRGHSDUDPHWUL]DFLµQHMHPSOR
% %
R
2Q 2Q
2II 2IIൺ%
9DORUGH
&QW FRQWDMH &QW
DFWXDO
/2*2
0DQXDOGHSURGXFWR$(
)XQFLRQHVGH/2*2
/LVWDGHODVIXQFLRQHVHVSHFLDOHV6)
&RQWDGRUGHKRUDVGHIXQFLRQDPLHQWR
'HVFULSFLµQEUHYH
6LVHDFWLYDODHQWUDGDGHYLJLODQFLDFRPLHQ]DDWUDQVFXUULUXQWLHPSRFRQILJXUDGR/DVDOLGD
VHDFWLYDXQDYH]H[SLUDGRHVHWLHPSR
6¯PERORHQ/2*2 &DEOHDGR 'HVFULSFLµQ
(QWUDGD5 8QIODQFRDVFHQGHQWHFDPELRGHDHQODHQWUDGD
5
(Q
K 55HVHWGHVDFWLYDODVDOLGD4\DMXVWDHQHO
4 FRQWDGRUXQYDORUFRQILJXUDGR0,GXUDQWHHOWLHPSR
5DO
3DU UHVWDQWH01
(QWUDGD(Q (QHVODHQWUDGDGHYLJLODQFLD/2*2PLGHHOWLHPSR
GXUDQWHHOTXHHVW£DFWLYDGDHVWDHQWUDGD
(QWUDGD5DO 8QIODQFRDVFHQGHQWHHQODHQWUDGD5DO5HVHWDOO
GHVDFWLYDHOFRQWDGRUGHKRUDVGHIXQFLRQDPLHQWR
27\ODVDOLGD$GHP£VHOYDORUGHOWLHPSRUHVWDQWH
01VHDMXVWDDOLQWHUYDORGHPDQWHQLPLHQWR0,
x VDOLGD4
x WLHPSRGHIXQFLRQDPLHQWRPHGLGR27
x WLHPSRUHVWDQWHKDVWDHOLQWHUYDORGH
PDQWHQLPLHQWR01 0,
3DU£PHWURV 0,,QWHUYDORGHPDQWHQLPLHQWRDSUHGHWHUPLQDUHQ
XQLGDGHVGHKRUDV\PLQXWRV
5DQJRGHYDORUHV
KP
277LHPSRGHRSHUDFLµQWRWDODFXPXODGR6HSXHGH
GHWHUPLQDUXQRIIVHWHQKRUDV\PLQXWRV
5DQJRGHYDORUHV
KP
4ൺ
x 6LHVW£VHOHFFLRQDGR5
4 VL01
4 VL5 µ5DO
x 6LHVW£VHOHFFLRQDGR5(Q
4 VL01
4 VL5 R5DO R(Q
6DOLGD4 6LHOWLHPSRUHVWDQWH01 FRQVXOWHHO
FURQRJUDPDVHDFWLYDODVDOLGD
/DVDOLGDVHGHVDFWLYD
x 6L4ൺ5(QVL
5 R5DO R(Q
x 6L4ൺ5VL5 R5DO
0, ,QWHUYDORGHWLHPSRFRQILJXUDGR
01 7LHPSRUHVWDQWH
27 7LHPSRWRWDOH[SLUDGRGHVGHOD¼OWLPDVH³DOKLHQODHQWUDGD5DO
(VWRVYDORUHVVRQVLHPSUHUHPDQHQWHV
/2*2
0DQXDOGHSURGXFWR$(
)XQFLRQHVGH/2*2
/LVWDGHODVIXQFLRQHVHVSHFLDOHV6)
3DU£PHWUR0,
(OLQWHUYDORGHPDQWHQLPLHQWR0,SXHGHGHULYDUVHGHOYDORUUHDOGHRWUDIXQFLµQ\D
SURJUDPDGD(VSRVLEOHXWLOL]DUORVYDORUHVUHDOHVGHODVVLJXLHQWHVIXQFLRQHV
Ⴠ &RPSDUDGRUDQDOµJLFR3£JLQDYDORUUHDO$[ದ$\
Ⴠ &RQPXWDGRUDQDOµJLFRGHYDORUXPEUDO3£JLQDYDORUUHDO$[
Ⴠ $PSOLILFDGRUDQDOµJLFR3£JLQDYDORUUHDO$[
Ⴠ 0XOWLSOH[RUDQDOµJLFR3£JLQDYDORUUHDO$4
Ⴠ 5DPSDDQDOµJLFD3£JLQDYDORUUHDO$4
Ⴠ $ULWP«WLFDDQDOµJLFD3£JLQDYDORUUHDO$4
Ⴠ 5HJXODGRU3,3£JLQDYDORUUHDO$4
Ⴠ &RQWDGRUDGHODQWHDWU£V3£JLQDYDORUUHDO&QW
6HOHFFLRQHODIXQFLµQGHVHDGDPHGLDQWHHOQ¼PHURGHEORTXH
&URQRJUDPD
(Q
5DO
01 0,
3DU
0, K
01
27
0, ,QWHUYDORGHWLHPSRFRQILJXUDGR
01 7LHPSRUHVWDQWH
27 7LHPSRWRWDOH[SLUDGRGHVGHOD¼OWLPDVH³DOಯKLರHQODHQWUDGD5DO
/2*2
0DQXDOGHSURGXFWR$(
)XQFLRQHVGH/2*2
/LVWDGHODVIXQFLRQHVHVSHFLDOHV6)
'HVFULSFLµQGHODIXQFLµQ
(OFRQWDGRUGHKRUDVGHIXQFLRQDPLHQWRYLJLODODHQWUDGD(Q0LHQWUDV(Q /2*2
FDOFXODHOWLHPSRH[SLUDGR\HOWLHPSRUHVWDQWH01/2*2YLVXDOL]DHVWRVWLHPSRVHQHO
PRGRGHSDUDPHWUL]DFLµQ/DVDOLGD4VHDFWLYDFXDQGRHOWLHPSRUHVWDQWH01
&RQODHQWUDGDGHUHVHW5VHGHVDFWLYDODVDOLGD4\VHDFWLYDHOYDORUSUHGHWHUPLQDGRGH0,
HQHOFRQWDGRUPLHQWUDVGXUD01(OFRQWDGRUGHKRUDVGHIXQFLRQDPLHQWR27QRYDU¯D
&RQODHQWUDGDGHUHVHW5DOVHGHVDFWLYDODVDOLGD4\VHDFWLYDHOYDORUSUHGHWHUPLQDGRGH
0,HQHOFRQWDGRUPLHQWUDVGXUD01(OFRQWDGRUGHKRUDVGHIXQFLRQDPLHQWR27VHSRQHD
FHUR
'HSHQGLHQGRGHODFRQILJXUDFLµQGHOSDU£PHWUR4ODVDOLGDVHUHLQLFLDFRQXQDVH³DOHQOD
HQWUDGD5R5DO4ൺ5RVLXQDVH³DOGHUHVHWVHSRQHDKLRODVH³DO(QDOR
4ൺ5(Q
9LVXDOL]DU0,01\YDORUHV27
Ⴠ /2*2%DVLFFRQGLVSOD\HOPRGRGHSDUDPHWUL]DFLµQVHSXHGHDEULUFXDQGRHOVLVWHPD
HVW£HQ581SDUDYLVXDOL]DUORVYDORUHVUHDOHVGH0,01\27
Ⴠ /2*2%DVLFVLQGLVSOD\HQ/2*26RIW&RPIRUWSXHGHXWLOL]DUHOWHVWRQOLQHSDUDOHHU
HVWRVYDORUHV3DUDP£VLQIRUPDFLµQFRQVXOWHHODSDUWDGR6RIWZDUH/2*2
3£JLQD
Ⴠ 3DUDDFFHGHUDOFRQWDGRUGHKRUDVGHIXQFLRQDPLHQWRHQ/2*26RIW&RPIRUWVHOHFFLRQH
HOFRPDQGRGHPHQ¼+HUUDPLHQWDV!7UDQVIHULU&RQWDGRUGHKRUDVGHIXQFLRQDPLHQWR
9DORUO¯PLWHGH27
6LUHVHWHDHOFRQWDGRUGHKRUDVGHIXQFLRQDPLHQWRFRQXQDVH³DOHQODHQWUDGD5VH
FRQVHUYDHOYDORUGHODVKRUDVGHIXQFLRQDPLHQWRHQ27(OFRQWDGRUGHKRUDV27VHSRQGU£
DFRQXQDWUDQVLFLµQGHDHQ5DO(OFRQWDGRUGHKRUDVGHIXQFLRQDPLHQWRVLJXH
FRQWDQGRPLHQWUDV(Q LQGHSHQGLHQWHPHQWHGHOHVWDGRHQODHQWUDGDGHUHVHW5(OO¯PLWH
GHOFRQWDGRU27HVGHK(OFRQWDGRUGHKRUDVGHIXQFLRQDPLHQWRVHGHWLHQHFXDQGR
DOFDQ]DGLFKRYDORU
(OYDORULQLFLDOGH27VHSXHGHDMXVWDUHQHOPRGRGHSURJUDPDFLµQ01VHFDOFXODGH
DFXHUGRFRQODIµUPXODVLJXLHQWHVLODHQWUDGDGHUHVHW5QXQFDHVW£DFWLYDGD01 0,
270,(ORSHUDGRUSURSRUFLRQDXQUHVWRGHODGLYLVLµQHQWHUD
(MHPSOR
0, K27 K
01
01
01 K
0 20 40 60 80 100 120
MN 30h
30h 30h 30h
OT
100h 20h
MI
(QPRGRUXQWLPHHOYDORU27QRSXHGHSUHDMXVWDUVH6LHOYDORUGH0,FDPELDQRVHUHDOL]D
QLQJ¼QF£OFXORGHO0101DGRSWDU¯DHOYDORUGH0,
/2*2
0DQXDOGHSURGXFWR$(
)XQFLRQHVGH/2*2
/LVWDGHODVIXQFLRQHVHVSHFLDOHV6)
&RQILJXUDFLµQGHOSDU£PHWUR3DU
9LVXDOL]DFLµQHQPRGRGHSURJUDPDFLµQ
%5 %5
0, K 0,ൺ%K
P
%5
27 K
P
%5
4ൺ5(Q
0,HVHOLQWHUYDORGHWLHPSRFRQILJXUDEOH(OUDQJRGHYDORUHVDGPLVLEOHHVW£FRPSUHQGLGR
HQWUH\KRUDV
3DUDP£VLQIRUPDFLµQVREUHFµPRDVLJQDUHOYDORUUHDOGHRWUDIXQFLµQ\DSURJUDPDGDDXQ
SDU£PHWURFRQVXOWHHODSDUWDGR5HWDUGRDODFRQH[LµQ3£JLQD
9LVXDOL]DFLµQHQPRGRGHSDUDPHWUL]DFLµQ
%
0, K ,QWHUYDORGHWLHPSR
P
%
27 K +RUDVGHRSHUDFLµQWRWDOHV
P
%
01 K 7LHPSRUHVWDQWH
P
/2*2
0DQXDOGHSURGXFWR$(
)XQFLRQHVGH/2*2
/LVWDGHODVIXQFLRQHVHVSHFLDOHV6)
6HOHFWRUGHXPEUDO
'HVFULSFLµQEUHYH
/DVDOLGDVHDFWLYD\GHVDFWLYDHQIXQFLµQGHGRVYDORUHVXPEUDOFRQILJXUDEOHV
6¯PERORHQ/2*2 &DEOHDGR 'HVFULSFLµQ
(QWUDGD)UH /DIXQFLµQFXHQWDORVFDPELRVGHHVWDGRGHDHQ
ODHQWUDGD)UH/RVFDPELRVGHDQRVHFXHQWDQ
)UH
4 8WLOLFH
3DU
x ODVHQWUDGDV,,,H,SDUDFRQWDMHVU£SLGRV
VµOR/2*25&5&R\/2*2R
P£[N+]
x FXDOTXLHURWUDHQWUDGDRFRPSRQHQWHGHOFLUFXLWR
SDUDFRQWDMHVOHQWRVW¯S+]
3DU£PHWURV 2Q8PEUDOGHFRQH[LµQ
5DQJRGHYDORUHV
2II8PEUDOGHGHVFRQH[LµQ
5DQJRGHYDORUHV
*B7,QWHUYDORGHWLHPSRRWLHPSRGHSXHUWDHQHO
TXHVHPLGHQORVLPSXOVRVGHHQWUDGD
5DQJRGHYDORUHV
VV
6DOLGD4 4VHDFWLYDRGHVDFWLYDHQIXQFLµQGHORVYDORUHV
XPEUDO
3DU£PHWUR*B7
(OWLHPSRGHSXHUWD*B7SXHGHGHULYDUVHGHOYDORUUHDOGHRWUDIXQFLµQ\DSURJUDPDGD(V
SRVLEOHXWLOL]DUORVYDORUHVUHDOHVGHODVVLJXLHQWHVIXQFLRQHV
Ⴠ &RPSDUDGRUDQDOµJLFR3£JLQDYDORUUHDO$[ದ$\
Ⴠ &RQPXWDGRUDQDOµJLFRGHYDORUXPEUDO3£JLQDYDORUUHDO$[
Ⴠ $PSOLILFDGRUDQDOµJLFR3£JLQDYDORUUHDO$[
Ⴠ 0XOWLSOH[RUDQDOµJLFR3£JLQDYDORUUHDO$4
Ⴠ 5DPSDDQDOµJLFD3£JLQDYDORUUHDO$4
Ⴠ $ULWP«WLFDDQDOµJLFD3£JLQDYDORUUHDO$4
Ⴠ 5HJXODGRU3,3£JLQDYDORUUHDO$4
Ⴠ &RQWDGRUDGHODQWHDWU£V3£JLQDYDORUUHDO&QW
6HOHFFLRQHODIXQFLµQGHVHDGDPHGLDQWHHOQ¼PHURGHEORTXH
/2*2
0DQXDOGHSURGXFWR$(
)XQFLRQHVGH/2*2
/LVWDGHODVIXQFLRQHVHVSHFLDOHV6)
&URQRJUDPD
*B7
)UH 2Q
ID IUHFXHQFLDGHHQWUDGD
'HVFULSFLµQGHODIXQFLµQ
(OVHOHFWRUGHXPEUDOPLGHODVVH³DOHVHQODHQWUDGD)UH/RVLPSXOVRVVHUHJLVWUDQGXUDQWH
XQLQWHUYDORGHWLHPSRFRQILJXUDEOH*B7
/DVDOLGD4VHDFWLYDRGHVDFWLYDHQIXQFLµQGHORVYDORUHVXPEUDODMXVWDGRV&RQVXOWHOD
VLJXLHQWHUHJODGHF£OFXOR
5HJODGHF£OFXOR
Ⴠ 6LHOXPEUDOGHFRQH[LµQ2QุXPEUDOGHGHVFRQH[LµQ2IIULJH
4 VLID!2Q
4 VLIDื2II
Ⴠ 6LHOXPEUDOGHFRQH[LµQ2QXPEUDOGHGHVFRQH[LµQ2IIULJH4 VL
2QืID2II
/2*2
0DQXDOGHSURGXFWR$(
)XQFLRQHVGH/2*2
/LVWDGHODVIXQFLRQHVHVSHFLDOHV6)
&RQILJXUDFLµQGHOSDU£PHWUR3DU
1RWD
(OVLVWHPDH[SORUDHOYDORUO¯PLWHGHOFRQWDGRUXQDYH]SRULQWHUYDOR*B7
9LVXDOL]DFLµQHQPRGRGHSURJUDPDFLµQHMHPSOR
% 0RGRGHSURWHFFLµQGHSDU£PHWURV
2Q 8PEUDOGHFRQH[LµQ
2II 8PEUDOGHGHVFRQH[LµQ
3XOVH
%
*B7 V ,QWHUYDORGHWLHPSRSDUDLPSXOVRVHMHPSOR
1RWD
/DEDVHGHWLHPSRVHJXQGRVVHKDDMXVWDGRDTX¯FRPRHVW£QGDU
6LSUHGHWHUPLQDXQWLHPSR*B7GHV/2*2GHYXHOYHODIUHFXHQFLDDFWXDOGHOSDU£PHWUR
IDHQ+]
9LVXDOL]DFLµQHQPRGRGHSDUDPHWUL]DFLµQHMHPSOR
%
2Q 8PEUDOGHFRQH[LµQ
2II 8PEUDOGHGHVFRQH[LµQ
ID 4 ID!2Q
1RWD
IDHVVLHPSUHHOWRWDOGHLPSXOVRVPHGLGRVSRUXQLGDGGHWLHPSR*B7
/2*2
0DQXDOGHSURGXFWR$(
)XQFLRQHVGH/2*2
/LVWDGHODVIXQFLRQHVHVSHFLDOHV6)
&RQPXWDGRUDQDOµJLFRGHYDORUXPEUDO
'HVFULSFLµQEUHYH
/DVDOLGDVHDFWLYD\GHVDFWLYDHQIXQFLµQGHGRVYDORUHVXPEUDOFRQILJXUDEOHV
6¯PERORHQ/2*2 &DEOHDGR 'HVFULSFLµQ
(QWUDGD$[ $ODHQWUDGD$[VHOHDSOLFDODVH³DODQDOµJLFDTXH
$[
$ GHEHVHUHYDOXDGD
4 8WLOLFHODVHQWUDGDVDQDOµJLFDV$,$,
ODV
3DU
PDUFDVDQDOµJLFDV$0$0HOQ¼PHURGHEORTXH
GHXQDIXQFLµQFRQVDOLGDDQDOµJLFDRELHQODV
VDOLGDVDQDOµJLFDV$4\$4
3DU£PHWURV $*DQDQFLD
5DQJRGHYDORUHVs
%'HFDODMHGHRULJHQ
5DQJRGHYDORUHVs
2Q8PEUDOGHFRQH[LµQ
5DQJRGHYDORUHVs
2II8PEUDOGHGHVFRQH[LµQ
5DQJRGHYDORUHVs
S1¼PHURGHGHFLPDOHV
5DQJRGHYDORUHV
6DOLGD4 4VHDFWLYDRGHVDFWLYDHQIXQFLµQGHORVYDORUHV
XPEUDO
$,$,9HTXLYDOHDYDORULQWHUQR
3DU£PHWURV*DLQ\2IIVHW
3DUDP£VLQIRUPDFLµQVREUHORVSDU£PHWURV*DLQ\2IIVHWFRQVXOWHHODSDUWDGR&DOFXODUOD
JDQDQFLD\HORIIVHWGHYDORUHVDQDOµJLFRV3£JLQD
3DU£PHWURV2Q\2II
/RVSDU£PHWURV2Q\2IISXHGHQGHULYDUVHGHOYDORUUHDOGHRWUDIXQFLµQ\DSURJUDPDGD(V
SRVLEOHXWLOL]DUORVYDORUHVUHDOHVGHODVVLJXLHQWHVIXQFLRQHV
Ⴠ &RPSDUDGRUDQDOµJLFR3£JLQDYDORUUHDO$[ದ$\
Ⴠ &RQPXWDGRUDQDOµJLFRGHYDORUXPEUDOYDORUUHDO$[
Ⴠ $PSOLILFDGRUDQDOµJLFR3£JLQDYDORUUHDO$[
Ⴠ 0XOWLSOH[RUDQDOµJLFR3£JLQDYDORUUHDO$4
Ⴠ 5DPSDDQDOµJLFD3£JLQDYDORUUHDO$4
Ⴠ $ULWP«WLFDDQDOµJLFD3£JLQDYDORUUHDO$4
Ⴠ 5HJXODGRU3,3£JLQDYDORUUHDO$4
Ⴠ &RQWDGRUDGHODQWHDWU£V3£JLQDYDORUUHDO&QW
6HOHFFLRQHODIXQFLµQGHVHDGDPHGLDQWHHOQ¼PHURGHEORTXH
/2*2
0DQXDOGHSURGXFWR$(
)XQFLRQHVGH/2*2
/LVWDGHODVIXQFLRQHVHVSHFLDOHV6)
3DU£PHWURSQ¼PHURGHGHFLPDOHV
1RHVDSOLFDEOHDODYLVXDOL]DFLµQGHYDORUHV2Q2II\$[HQXQWH[WRGHDYLVR
1RHVDSOLFDEOHDODFRPSDUDFLµQGHYDORUHV2Q\2II/DIXQFLµQGHFRPSDUDFLµQLJQRUDHO
VHSDUDGRUGHFLPDO
&URQRJUDPD
2Q
2II
$[
4
'HVFULSFLµQGHODIXQFLµQ
/DIXQFLµQOHHODVH³DODQDOµJLFDHQODHQWUDGD$[
$[VHPXOWLSOLFDSRUHOYDORUGHOSDU£PHWUR$*DLQ(OYDORUGHOSDU£PHWUR%2IIVHWVH
VXPDDOSURGXFWRHVGHFLU$[ವ*DLQ2IIVHW YDORUUHDOGH$[
/DVDOLGD4VHDFWLYDRGHVDFWLYDHQIXQFLµQGHOYDORUXPEUDODMXVWDGR&RQVXOWHODVLJXLHQWH
UHJODGHF£OFXOR
5HJODGHF£OFXOR
Ⴠ 6LHOXPEUDOGHFRQH[LµQ2QุXPEUDOGHGHVFRQH[LµQ2IIULJH
4 VLYDORUUHDO$[!2Q
4 VLYDORUUHDO$[ื2II
Ⴠ 6LHOXPEUDOGHFRQH[LµQ2QXPEUDOGHGHVFRQH[LµQ2IIULJH4 VL
2QืYDORUUHDO$[2II
/2*2
0DQXDOGHSURGXFWR$(
)XQFLRQHVGH/2*2
/LVWDGHODVIXQFLRQHVHVSHFLDOHV6)
&RQILJXUDFLµQGHOSDU£PHWUR3DU
/RVSDU£PHWURV*DLQ\2IIVHWVLUYHQSDUDDGDSWDUORVVHQVRUHVXWLOL]DGRVDODUHVSHFWLYD
DSOLFDFLµQ
9LVXDOL]DFLµQHQPRGRGHSURJUDPDFLµQHMHPSOR
% 0RGRGHSURWHFFLµQGHSDU£PHWURV
2Q 8PEUDOGHFRQH[LµQ
2II 8PEUDOGHGHVFRQH[LµQ
3XOVH
%
$ *DLQ
% 2IIVHW
S 'HFLPDOHVHQHOWH[WRGHDYLVR
9LVXDOL]DFLµQHQPRGRGHSDUDPHWUL]DFLµQHMHPSOR
%
2Q 8PEUDOGHFRQH[LµQ
2II 8PEUDOGHGHVFRQH[LµQ
$[ 4 $[!2Q
9LVXDOL]DFLµQHQHOWH[WRGHDYLVRHMHPSOR
$[VLS
4 $[!2Q
/2*2
0DQXDOGHSURGXFWR$(
)XQFLRQHVGH/2*2
/LVWDGHODVIXQFLRQHVHVSHFLDOHV6)
&RQPXWDGRUDQDOµJLFRGHYDORUXPEUDOGLIHUHQFLDO
'HVFULSFLµQEUHYH
/DVDOLGDVHDFWLYD\GHVDFWLYDHQIXQFLµQGHXQYDORUXPEUDO\GLIHUHQFLDOFRQILJXUDEOH
6¯PERORHQ/2*2 &DEOHDGR 'HVFULSFLµQ
(QWUDGD$[ $ODHQWUDGD$[VHOHDSOLFDODVH³DODQDOµJLFDTXH
$[
$ GHEHVHUHYDOXDGD
3DU ˂ 4 8WLOLFHODVHQWUDGDVDQDOµJLFDV$,$,
ODV
PDUFDVDQDOµJLFDV$0$0HOQ¼PHURGHEORTXH
GHXQDIXQFLµQFRQVDOLGDDQDOµJLFDRELHQODV
VDOLGDVDQDOµJLFDV$4\$4
3DU£PHWURV $*DQDQFLD
5DQJRGHYDORUHVs
%'HFDODMHGHRULJHQ
5DQJRGHYDORUHVs
2Q8PEUDOGHFRQH[LµQGHVFRQH[LµQ
5DQJRGHYDORUHVs
˂9DORUGLIHUHQFLDOSDUDFDOFXODUHOSDU£PHWUR2II
5DQJRGHYDORUHVs
S1¼PHURGHGHFLPDOHV
5DQJRGHYDORUHV
6DOLGD4 4VHDFWLYDRGHVDFWLYDHQIXQFLµQGHORVYDORUHV
XPEUDO\GLIHUHQFLDO
$,$,9HTXLYDOHDYDORULQWHUQR
3DU£PHWURV*DLQ\2IIVHW
3DUDP£VLQIRUPDFLµQVREUHORVSDU£PHWURV*DLQ\2IIVHWFRQVXOWHHODSDUWDGR&DOFXODUOD
JDQDQFLD\HORIIVHWGHYDORUHVDQDOµJLFRV3£JLQD
3DU£PHWURSQ¼PHURGHGHFLPDOHV
1RHVDSOLFDEOHDODYLVXDOL]DFLµQGHYDORUHV2Q2II\$[HQXQWH[WRGHDYLVR
/2*2
0DQXDOGHSURGXFWR$(
)XQFLRQHVGH/2*2
/LVWDGHODVIXQFLRQHVHVSHFLDOHV6)
&URQRJUDPD$IXQFLµQFRQYDORUGLIHUHQFLDOQHJDWLYR˂
2Q
2II 2Q˂
$[
4
&URQRJUDPD%IXQFLµQFRQYDORUGLIHUHQFLDOSRVLWLYR˂
2II 2Q˂
2Q
$[
4
'HVFULSFLµQGHODIXQFLµQ
/DIXQFLµQOHHODVH³DODQDOµJLFDHQODHQWUDGD$[
$[VHPXOWLSOLFDSRUHOYDORUGHOSDU£PHWUR$*DLQ(OYDORUGHOSDU£PHWUR%2IIVHWVH
VXPDDOSURGXFWRHVGHFLU$[ವ*DLQ2IIVHW YDORUUHDOGH$[
/DVDOLGD4VHDFWLYDRUHLQLFLDHQIXQFLµQGHOYDORUXPEUDODMXVWDGR2Q\GHOYDORU
GLIHUHQFLDO˂/DIXQFLµQFDOFXODHOSDU£PHWUR2IIDXWRP£WLFDPHQWH2II 2Q˂SXGLHQGR
VHU˂XQYDORUSRVLWLYRRQHJDWLYR&RQVXOWHODVLJXLHQWHUHJODGHF£OFXOR
5HJODGHF£OFXOR
Ⴠ 6LSDUDPHWUL]DXQYDORUGLIHUHQFLDO˂QHJDWLYRHOXPEUDOGHFRQH[LµQ2QุXPEUDOGH
GHVFRQH[LµQ2II\ULJH
4 VLYDORUUHDO$[!2Q
4 VLYDORUUHDO$[ื2II
&RQVXOWHHOFURQRJUDPD$
Ⴠ 6LSDUDPHWUL]DXQYDORUGLIHUHQFLDO˂SRVLWLYRHOXPEUDOGHFRQH[LµQ2QXPEUDOGH
GHVFRQH[LµQ2II\ULJH4 VL
2QืYDORUUHDO$[2II
&RQVXOWHHOFURQRJUDPD%
/2*2
0DQXDOGHSURGXFWR$(
)XQFLRQHVGH/2*2
/LVWDGHODVIXQFLRQHVHVSHFLDOHV6)
&RQILJXUDFLµQGHOSDU£PHWUR3DU
/RVSDU£PHWURV*DLQ\2IIVHWVLUYHQSDUDDGDSWDUORVVHQVRUHVXWLOL]DGRVDODUHVSHFWLYD
DSOLFDFLµQ
9LVXDOL]DFLµQHQPRGRGHSURJUDPDFLµQHMHPSOR
% 0RGRGHSURWHFFLµQGHSDU£PHWURV
2Q 8PEUDOGHFRQH[LµQGHVFRQH[LµQ
ෙ 9DORUGLIHUHQFLDOSDUDXPEUDOGH
FRQH[LµQGHVFRQH[LµQ
3XOVH
%
$ *DLQ
% 2IIVHW
S 'HFLPDOHVHQHOWH[WRGHDYLVR
9LVXDOL]DFLµQHQPRGRGHSDUDPHWUL]DFLµQHMHPSOR
%
2Q 8PEUDOGHFRQH[LµQ
ෙ 9DORUGLIHUHQFLDOSDUDXPEUDOGH
GHVFRQH[LµQ
$[ 4 $[!2Q
3XOVH
%
2II 8PEUDOGHGHVFRQH[LµQ
/2*2
0DQXDOGHSURGXFWR$(
)XQFLRQHVGH/2*2
/LVWDGHODVIXQFLRQHVHVSHFLDOHV6)
&RPSDUDGRUDQDOµJLFR
'HVFULSFLµQEUHYH
/DVDOLGDVHDFWLYD\GHVDFWLYDHQIXQFLµQGHODGLIHUHQFLD$[$\\GHGRVYDORUHVXPEUDO
FRQILJXUDEOHV
6¯PERORHQ/2*2 &DEOHDGR 'HVFULSFLµQ
(QWUDGDV$[\$\ $ODVHQWUDGDV$[\$\VHDSOLFDQODVVH³DOHV
$[ ˂$ DQDOµJLFDVFX\DGLIHUHQFLDGHEDVHUHYDOXDGD
$\ 4 8WLOLFHODVHQWUDGDVDQDOµJLFDV$,$,
ODV
3DU
PDUFDVDQDOµJLFDV$0$0HOQ¼PHURGHEORTXH
GHXQDIXQFLµQFRQVDOLGDDQDOµJLFDRELHQODV
VDOLGDVDQDOµJLFDV$4\$4
3DU£PHWURV $*DQDQFLD
5DQJRGHYDORUHVs
%'HFDODMHGHRULJHQ
5DQJRGHYDORUHVs
2Q8PEUDOGHFRQH[LµQ
5DQJRGHYDORUHVs
2II8PEUDOGHGHVFRQH[LµQ
5DQJRGHYDORUHVs
S1¼PHURGHGHFLPDOHV
5DQJRGHYDORUHV
6DOLGD4 4VHDFWLYDRGHVDFWLYDHQIXQFLµQGHODGLIHUHQFLDGH
$[$\\ORVYDORUHVXPEUDODMXVWDGRV
$,$,9HTXLYDOHDYDORULQWHUQR
3DU£PHWURV*DLQ\2IIVHW
3DUDP£VLQIRUPDFLµQVREUHORVSDU£PHWURV*DLQ\2IIVHWFRQVXOWHHODSDUWDGR&DOFXODUOD
JDQDQFLD\HORIIVHWGHYDORUHVDQDOµJLFRV3£JLQD
3DU£PHWURV2Q\2II
(OXPEUDOGHFRQH[LµQ2Q\HOXPEUDOGHGHVFRQH[LµQ2IISXHGHQGHULYDUVHGHOYDORUUHDOGH
RWUDIXQFLµQ\DSURJUDPDGD(VSRVLEOHXWLOL]DUORVYDORUHVUHDOHVGHODVVLJXLHQWHV
IXQFLRQHV
Ⴠ &RPSDUDGRUDQDOµJLFRYDORUUHDO$[ದ$\
Ⴠ &RQPXWDGRUDQDOµJLFRGHYDORUXPEUDO3£JLQDYDORUUHDO$[
Ⴠ $PSOLILFDGRUDQDOµJLFR3£JLQDYDORUUHDO$[
Ⴠ 0XOWLSOH[RUDQDOµJLFR3£JLQDYDORUUHDO$4
Ⴠ 5DPSDDQDOµJLFD3£JLQDYDORUUHDO$4
Ⴠ $ULWP«WLFDDQDOµJLFD3£JLQDYDORUUHDO$4
Ⴠ 5HJXODGRU3,3£JLQDYDORUUHDO$4
Ⴠ &RQWDGRUDGHODQWHDWU£V3£JLQDYDORUUHDO&QW
6HOHFFLRQHODIXQFLµQGHVHDGDPHGLDQWHHOQ¼PHURGHEORTXH
/2*2
0DQXDOGHSURGXFWR$(
)XQFLRQHVGH/2*2
/LVWDGHODVIXQFLRQHVHVSHFLDOHV6)
3DU£PHWURSQ¼PHURGHGHFLPDOHV
1RHVDSOLFDEOHDORVYDORUHV$[$\2Q2II\˂YLVXDOL]DGRVHQXQWH[WRGHDYLVR
1RHVDSOLFDEOHDODFRPSDUDFLµQGHYDORUHV2Q\2II/DIXQFLµQGHFRPSDUDFLµQLJQRUDHO
VHSDUDGRUGHFLPDO
&URQRJUDPD
$[
$\
$[$\
4
3DUD$[$\!
VL2Q 2II
'HVFULSFLµQGHODIXQFLµQ
/DIXQFLµQOHHORVYDORUHVDQDOµJLFRVGHODVHQWUDGDV$[\$\
$[\$\VHPXOWLSOLFDQSRUHOYDORUGHOSDU£PHWUR$*DLQUHVSHFWLYDPHQWH(OYDORUGHO
SDU£PHWUR%2IIVHWVHVXPDHQWRQFHVDOSURGXFWRUHOHYDQWHHVGHFLU
$[ವ*DLQ2IIVHW YDORUUHDO$[R
$\ವ*DLQ2IIVHW YDORUUHDO$\
/DIXQFLµQFUHDODGLIHUHQFLD˂GHORVYDORUHVUHDOHV$[$\
/DVDOLGD4VHDFWLYDRGHVDFWLYDHQIXQFLµQGHODGLIHUHQFLDGHORVYDORUHVUHDOHV$[$\\
GHORVYDORUHVXPEUDODMXVWDGRV&RQVXOWHODVLJXLHQWHUHJODGHF£OFXOR
5HJODGHF£OFXOR
Ⴠ 6LHOXPEUDOGHFRQH[LµQ2QุXPEUDOGHGHVFRQH[LµQ2IIULJH
4 VL
YDORUUHDO$[YDORUUHDO$\!2Q
4 VL
YDORUUHDO$[YDORUUHDO$\ื2II
Ⴠ 6LHOXPEUDOGHFRQH[LµQ2QXPEUDOGHGHVFRQH[LµQ2IIULJH4 VL
2QืYDORUUHDO$[YDORUUHDO$\2II
/2*2
0DQXDOGHSURGXFWR$(
)XQFLRQHVGH/2*2
/LVWDGHODVIXQFLRQHVHVSHFLDOHV6)
&RQILJXUDFLµQGHOSDU£PHWUR3DU
/RVSDU£PHWURV*DLQ\2IIVHWVLUYHQSDUDDGDSWDUORVVHQVRUHVXWLOL]DGRVDODUHVSHFWLYD
DSOLFDFLµQ
9LVXDOL]DFLµQHQPRGRGHSURJUDPDFLµQ
% 0RGRGHSURWHFFLµQGHSDU£PHWURV
2Q 8PEUDOGHFRQH[LµQ
2II 8PEUDOGHGHVFRQH[LµQ
3XOVH
%
$ *DLQ
% 2IIVHW
S 'HFLPDOHVHQHOWH[WRGHDYLVR
(MHPSOR
(QXQVLVWHPDGHFRQWUROGHFDOHIDFFLµQGHEHQFRPSDUDUVHODVWHPSHUDWXUDVGH
DOLPHQWDFLµQ7Y\UHWRUQR7USHMFRQXQVHQVRUHQ$,
6LODGLIHUHQFLDHQWUHODVWHPSHUDWXUDVGHDOLPHQWDFLµQ\UHWRUQRH[FHGHORVr&GHEH
GLVSDUDUVHXQDVH³DOGHFRQWUROSHM5DGLDGRU21/DVH³DOGHFRQWUROVHGHVDFWLYDVLOD
GLIHUHQFLDHVLQIHULRUDr&
(OYDORUUHDOGHODWHPSHUDWXUDGHEHYLVXDOL]DUVHHQHOPRGRGHSDUDPHWUL]DFLµQ
/RVWHUPRSDUHVGLVSRQLEOHVWLHQHQORVVLJXLHQWHVGDWRVW«FQLFRVDr&D9'&
$SOLFDFLµQ 0DSHDGRLQWHUQR
Dr& D9'& D
r&
ൺ2IIVHW
5DQJRGHYDORUHV
Dr& ൺ*DLQ
8PEUDOGHFRQH[LµQ r& 9DORUXPEUDO
8PEUDOGHGHVFRQH[LµQ r& 9DORUXPEUDO
&RQVXOWHWDPEL«QHODSDUWDGR&DOFXODUODJDQDQFLD\HORIIVHWGHYDORUHVDQDOµJLFRV3£JLQD
/2*2
0DQXDOGHSURGXFWR$(
)XQFLRQHVGH/2*2
/LVWDGHODVIXQFLRQHVHVSHFLDOHV6)
&RQILJXUDFLµQHMHPSOR
% 0RGRGHSURWHFFLµQ
2Q 8PEUDOGHFRQH[LµQ
2II 8PEUDOGHGHVFRQH[LµQ
3XOVH
%
$ *DLQ
% 2IIVHW
S 'HFLPDOHVHQHOWH[WRGHDYLVRVL
VHXWLOL]DQ
9LVXDOL]DFLµQHQPRGRGHSDUDPHWUL]DFLµQHMHPSOR
%
2Q 8PEUDOGHFRQH[LµQ
2II 8PEUDOGHGHVFRQH[LµQ
3XOVH
%
$[ 9DORUHVGH
$\ WHPSHUDWXUD
$[
$\
5HGXFLUODVHQVLELOLGDGGHHQWUDGDGHOFRPSDUDGRUDQDOµJLFR
/DVDOLGDGHOFRPSDUDGRUDQDOµJLFRSXHGHUHWDUGDUVHGHIRUPDVHOHFWLYDFRQODVIXQFLRQHV
HVSHFLDOHV5HWDUGRDODFRQH[LµQ\5HWDUGRDODGHVFRQH[LµQ&RQHOORVHFRQVLJXHTXH
ODVDOLGD4VHDFWLYHVµORVLHODQFKRGHLPSXOVRGHODVH³DOGHGLVSDURHQODHQWUDGD7UJ
VDOLGDGHOFRPSDUDGRUDQDOµJLFRH[FHGHHOWLHPSRGHUHWDUGRDODFRQH[LµQGHILQLGR
'HHVHPRGRVHFRQVLJXHXQDKLVW«UHVLVYLUWXDOTXHUHGXFHODVHQVLELOLGDGGHODHQWUDGD
SDUDPRGLILFDFLRQHVEUHYHV
/2*2
0DQXDOGHSURGXFWR$(
)XQFLRQHVGH/2*2
/LVWDGHODVIXQFLRQHVHVSHFLDOHV6)
'LDJUDPDGHEORTXHVGHODIXQFLµQ
$,
$, &RPSDUDGRUDQDOµJLFR
%
˂$ 5HWDUGRDODFRQH[LµQ
$, %
$, 5HWDUGRDODGHVFRQH[LµQ
%
4
9LJLODQFLDGHOYDORUDQDOµJLFR
'HVFULSFLµQEUHYH
(VWDIXQFLµQHVSHFLDOJXDUGDODYDULDEOHGHSURFHVRGHXQDHQWUDGDDQDOµJLFD\DFWLYDOD
VDOLGDFXDQGRODYDULDEOHGHVDOLGDHVLQIHULRURVXSHULRUDOYDORUJXDUGDGRP£VXQRIIVHW
FRQILJXUDEOH
6¯PERORHQ/2*2 &DEOHDGR 'HVFULSFLµQ
(QWUDGD(Q &RQHOIODQFRDVFHQGHQWHFDPELRGHDHQOD
(Q $ HQWUDGD(QVHJXDUGDHOYDORUDQDOµJLFRGHODHQWUDGD
$[ s ˂ 4 $[$HQ\VHFRPLHQ]DDYLJLODUHOUDQJRGHYDORUHV
3DU DQDOµJLFRV$HQ˂D$HQ˂
(QWUDGD$[ $ODHQWUDGD$[VHOHDSOLFDODVH³DODQDOµJLFDTXH
GHEHVHUYLJLODGD
8WLOLFHODVHQWUDGDVDQDOµJLFDV$,$,
ODV
PDUFDVDQDOµJLFDV$0$0HOQ¼PHURGHEORTXH
GHXQDIXQFLµQFRQVDOLGDDQDOµJLFDRELHQODV
VDOLGDVDQDOµJLFDV$4\$4
3DU£PHWURV $*DQDQFLD
5DQJRGHYDORUHVs
%'HFDODMHGHRULJHQ
5DQJRGHYDORUHVs
˂9DORUGLIHUHQFLDOVXSHULRUD$HQ
8PEUDOGHFRQH[LµQGHVFRQH[LµQ
5DQJRGHYDORUHV
˂9DORUGLIHUHQFLDOLQIHULRUD
$HQ8PEUDOGHFRQH[LµQGHVFRQH[LµQ
5DQJRGHYDORUHV
S1¼PHURGHGHFLPDOHV
5DQJRGHYDORUHV
5HPDQHQFLD
6LQUHPDQHQFLD
5 (OHVWDGRHVUHPDQHQWHHQODPHPRULD
6DOLGD4 4VHDFWLYDGHVDFWLYDHQIXQFLµQGHOYDORUDQDOµJLFR
JXDUGDGR\GHORIIVHW
$,$,9HTXLYDOHDYDORULQWHUQR
/2*2
0DQXDOGHSURGXFWR$(
)XQFLRQHVGH/2*2
/LVWDGHODVIXQFLRQHVHVSHFLDOHV6)
3DU£PHWURV*DLQ\2IIVHW
3DUDP£VLQIRUPDFLµQVREUHORVSDU£PHWURV*DLQ\2IIVHWFRQVXOWHHODSDUWDGR&DOFXODUOD
JDQDQFLD\HORIIVHWGHYDORUHVDQDOµJLFRV3£JLQD
3DU£PHWURV'HOWD\'HOWD
/RVSDU£PHWURV'HOWD\'HOWDSXHGHQGHULYDUVHGHOYDORUUHDOGHRWUDIXQFLµQ\D
SURJUDPDGD(VSRVLEOHXWLOL]DUORVYDORUHVUHDOHVGHODVVLJXLHQWHVIXQFLRQHV
Ⴠ &RPSDUDGRUDQDOµJLFR3£JLQDYDORUUHDO$[ದ$\
Ⴠ &RQPXWDGRUDQDOµJLFRGHYDORUXPEUDO3£JLQDYDORUUHDO$[
Ⴠ $PSOLILFDGRUDQDOµJLFR3£JLQDYDORUUHDO$[
Ⴠ 0XOWLSOH[RUDQDOµJLFR3£JLQDYDORUUHDO$4
Ⴠ 5DPSDDQDOµJLFD3£JLQDYDORUUHDO$4
Ⴠ $ULWP«WLFDDQDOµJLFD3£JLQDYDORUUHDO$4
Ⴠ 5HJXODGRU3,3£JLQDYDORUUHDO$4
Ⴠ &RQWDGRUDGHODQWHDWU£V3£JLQDYDORUUHDO&QW
6HOHFFLRQHODIXQFLµQGHVHDGDPHGLDQWHHOQ¼PHURGHEORTXH
3DU£PHWURSQ¼PHURGHGHFLPDOHV
6µORHVDSOLFDEOHDORVYDORUHV$HQ$[˂\˂YLVXDOL]DGRVHQXQWH[WRGHDYLVR
&URQRJUDPD
(Q
$HQ˂
$HQ
$HQ˂
$[
4
'HVFULSFLµQGHODIXQFLµQ
6LHOHVWDGRGHODHQWUDGD(QFDPELDGHDVHJXDUGDHOYDORUGHODVH³DOHQODHQWUDGD
DQDOµJLFD$[(VWHYDORUUHDOJXDUGDGRVHGHQRPLQD$HQ
/RVYDORUHVUHDOHVDQDOµJLFRV$[\$HQVHPXOWLSOLFDQSRUHOYDORUGHOSDU£PHWUR$*DLQ(O
SDU£PHWUR%2IIVHWVHVXPDHQWRQFHVDOSURGXFWR
$[ವ*DLQ2IIVHW YDORUUHDO$HQVLODHQWUDGD(QFDPELDGHDR
$[ವ*DLQ2IIVHW YDORUUHDO$[
/DVDOLGD4VHDFWLYDVLODHQWUDGD(Q \HOYDORUUHDOHQODHQWUDGD$[VHHQFXHQWUDIXHUD
GHOUDQJR$HQ˂D$HQ˂
/DVDOLGD4VHGHVDFWLYDVLHOYDORUUHDOHQODHQWUDGD$[VHHQFXHQWUDGHQWURGHOUDQJR$HQ
˂D$HQ˂RELHQVLODHQWUDGD(QFDPELDDOR
/2*2
0DQXDOGHSURGXFWR$(
)XQFLRQHVGH/2*2
/LVWDGHODVIXQFLRQHVHVSHFLDOHV6)
&RQILJXUDFLµQGHOSDU£PHWUR3DU
/RVSDU£PHWURV*DLQ\2IIVHWVLUYHQSDUDDGDSWDUORVVHQVRUHVXWLOL]DGRVDODUHVSHFWLYD
DSOLFDFLµQ
9LVXDOL]DFLµQHQPRGRGHSURJUDPDFLµQ
% 0RGRGHSURWHFFLµQGHSDU£PHWURV
ෙ 9DORUGLIHUHQFLDOSDUDXPEUDOGH
FRQH[LµQGHVFRQH[LµQ
ෙ
3XOVH
%
$ *DLQ
% 2IIVHW
S 'HFLPDOHVHQHOWH[WRGHDYLVR
9LVXDOL]DFLµQHQPRGRGHSDUDPHWUL]DFLµQHMHPSOR
%
ෙ
$HQ
$[ 4 $[HVW£IXHUDGHOUDQJRGH
$HQෙD$HQෙ
%
ෙ
/2*2
0DQXDOGHSURGXFWR$(
)XQFLRQHVGH/2*2
/LVWDGHODVIXQFLRQHVHVSHFLDOHV6)
$PSOLILFDGRUDQDOµJLFR
'HVFULSFLµQEUHYH
(VWDIXQFLµQHVSHFLDODPSOLILFDXQYDORUGHXQDHQWUDGDDQDOµJLFD\GHYXHOYHHOUHVXOWDGRHQ
XQDVDOLGDDQDOµJLFD
6¯PERORHQ/2*2 &DEOHDGR 'HVFULSFLµQ
(QWUDGD$[ $ODHQWUDGD$[VHOHDSOLFDODVH³DODQDOµJLFDTXH
$ᇄ GHEHDPSOLILFDUVH
$[
$4 8WLOLFHODVHQWUDGDVDQDOµJLFDV$,$,
ODV
3DU
PDUFDVDQDOµJLFDV$0$0HOQ¼PHURGHEORTXH
GHXQDIXQFLµQFRQVDOLGDDQDOµJLFDRELHQODV
VDOLGDVDQDOµJLFDV$4\$4
3DU£PHWURV $*DQDQFLD
5DQJRGHYDORUHVs
%'HFDODMHGHRULJHQ
5DQJRGHYDORUHVs
S1¼PHURGHGHFLPDOHV
5DQJRGHYDORUHV
6DOLGD$4 (VWDIXQFLµQHVSHFLDOWLHQHXQDVDOLGDDQDOµJLFDVWD
VµORSXHGHFRQHFWDUVHDXQDHQWUDGDDQDOµJLFDGH
XQDIXQFLµQGHXQDPDUFDDQDOµJLFDRGHXQ
FRQHFWRUGHVDOLGDDQDOµJLFR$4$4
5DQJRGHYDORUHVGH$4
$,$,9HTXLYDOHDYDORULQWHUQR
3DU£PHWURV*DLQ\2IIVHW
3DUDP£VLQIRUPDFLµQVREUHORVSDU£PHWURV*DLQ\2IIVHWFRQVXOWHHODSDUWDGR&DOFXODUOD
JDQDQFLD\HORIIVHWGHYDORUHVDQDOµJLFRV3£JLQD
3DU£PHWURSQ¼PHURGHGHFLPDOHV
6µORHVDSOLFDEOHDOYDORU$4HQXQWH[WRGHDYLVR
'HVFULSFLµQGHODIXQFLµQ
/DIXQFLµQOHHODVH³DODQDOµJLFDHQODHQWUDGD$[
(VWHYDORUVHPXOWLSOLFDSRUHOSDU£PHWUR$*DLQ(OSDU£PHWUR%2IIVHWVHVXPDHQWRQFHV
DOSURGXFWR$[ವ*DLQ2IIVHW YDORUUHDO$[
(OYDORUUHDO$[VHGHYXHOYHHQODVDOLGD$4
/2*2
0DQXDOGHSURGXFWR$(
)XQFLRQHVGH/2*2
/LVWDGHODVIXQFLRQHVHVSHFLDOHV6)
6DOLGDDQDOµJLFD
6LFRQHFWDHVWDIXQFLµQHVSHFLDOFRQXQDVDOLGDDQDOµJLFDUHDOUHFXHUGHTXHODVDOLGD
DQDOµJLFDVµORSXHGHSURFHVDUYDORUHVFRPSUHQGLGRVHQWUH\'DGRHOFDVRFRQHFWH
XQDPSOLILFDGRUDGLFLRQDOHQWUHODVDOLGDDQDOµJLFDGHODIXQFLµQHVSHFLDO\ODVDOLGD
DQDOµJLFDUHDO&RQHODPSOLILFDGRUVHQRUPDOL]DHOUDQJRGHVDOLGDGHODIXQFLµQHVSHFLDOD
XQUDQJRGHYDORUHVGHD
(VFDODPLHQWRGHXQYDORUGHHQWUDGDDQDOµJLFD
(OYDORUGHODHQWUDGDDQDOµJLFDGHXQSRWHQFLµPHWURSXHGHPRGLILFDUVHLQWHUFRQHFWDQGR
XQDHQWUDGDDQDOµJLFDFRQXQDPSOLILFDGRUDQDOµJLFR\XQDPDUFDDQDOµJLFD
Ⴠ (VFDOHHOYDORUDQDOµJLFRGHODPSOLILFDGRUSDUDXQXVRSRVWHULRU
Ⴠ &RQHFWHSHMODEDVHGHWLHPSRGHOSDU£PHWUR7GHXQDIXQFLµQGHWHPSRUL]DFLµQSHM
UHWDUGRDODFRQH[LµQGHVFRQH[LµQ3£JLQDRHOO¯PLWHHVSHFLILFDGR2Q\X2IIGHXQ
FRQWDGRUDGHODQWHDWU£V3£JLQDFRQHOYDORUDQDOµJLFRHVFDODGR
(QFRQWUDU£P£VLQIRUPDFLµQ\HMHPSORVGHSURJUDPDFLµQHQOD$\XGDHQSDQWDOODGH
/2*26RIW&RPIRUW
&RQILJXUDFLµQGHOSDU£PHWUR3DU
/RVSDU£PHWURV*DLQ\2IIVHWVLUYHQSDUDDGDSWDUORVVHQVRUHVXWLOL]DGRVDODUHVSHFWLYD
DSOLFDFLµQ
9LVXDOL]DFLµQHQPRGRGHSURJUDPDFLµQHMHPSOR
%
$ *DLQ
% 2IIVHW
S 'HFLPDOHVHQHOWH[WRGHDYLVR
9LVXDOL]DFLµQHQPRGRGHSDUDPHWUL]DFLµQHMHPSOR
%
$
%
$4
/2*2
0DQXDOGHSURGXFWR$(
)XQFLRQHVGH/2*2
/LVWDGHODVIXQFLRQHVHVSHFLDOHV6)
5HO«DXWRHQFODYDGRU
'HVFULSFLµQEUHYH
/DHQWUDGD6DFWLYDODVDOLGD4\ODHQWUDGD5GHVDFWLYDODVDOLGD
6¯PERORHQ/2*2 &DEOHDGR 'HVFULSFLµQ
(QWUDGD6 /DVDOLGD4VHDFWLYDFRQXQDVH³DOHQODHQWUDGD6
6 56
(QWUDGD5 /DVDOLGD4VHGHVDFWLYDFRQXQDVH³DOHQODHQWUDGD
5 4
56L6\5 VHGHVDFWLYDODVDOLGD
3DU
3DU£PHWURV 5HPDQHQFLD
6LQUHPDQHQFLD
5 (OHVWDGRHVUHPDQHQWH
6DOLGD4 4VHDFWLYDFRQXQDVH³DOHQODHQWUDGD6\VH
GHVDFWLYDFRQXQDVH³DOHQODHQWUDGD5
&URQRJUDPD
4
5HVSXHVWDGHFRQPXWDFLµQ
8QUHO«DXWRHQFODYDGRUHVXQHOHPHQWRGHPHPRULDELQDULRVLPSOH(OYDORUGHODVDOLGD
GHSHQGHGHOHVWDGRGHODVHQWUDGDV\GHOHVWDGRDQWHULRUGHODVDOLGD/DWDEODVLJXLHQWH
PXHVWUDODOµJLFDXQDYH]P£V
6Q 5Q 4 &RPHQWDULR
[ (OHVWDGRHVUHPDQHQWH
5HVHW
6HW
5HVHWWLHQHSULRULGDGVREUH6HW
6LHVW£KDELOLWDGDODUHPDQHQFLDWUDVXQFRUWHGHDOLPHQWDFLµQVHDSOLFDDODVDOLGDODPLVPD
VH³DOTXHWHQ¯DDQWHVGHLQWHUUXPSLUVHODWHQVLµQ
/2*2
0DQXDOGHSURGXFWR$(
)XQFLRQHVGH/2*2
/LVWDGHODVIXQFLRQHVHVSHFLDOHV6)
5HO«GHLPSXOVRV
'HVFULSFLµQEUHYH
8QEUHYHLPSXOVRHQODHQWUDGDDFWLYD\GHVDFWLYDODVDOLGD
6¯PERORHQ/2*2 &DEOHDGR 'HVFULSFLµQ
(QWUDGD7UJ /DVDOLGD4VHDFWLYD\GHVDFWLYDFRQXQDVH³DOHQOD
7UJ
HQWUDGD7UJ7ULJJHU
6
4
5 (QWUDGD6 /DVDOLGD4VHDFWLYDFRQXQDVH³DOHQODHQWUDGD6
3DU 56
(QWUDGD5 /DVDOLGD4VHGHVDFWLYDFRQXQDVH³DOHQODHQWUDGD
5
3DU£PHWURV 6HOHFFLµQ
56ODHQWUDGD5WLHQHSULRULGDGR
65ODHQWUDGD6WLHQHSULRULGDG
5HPDQHQFLD
6LQUHPDQHQFLD
5 (OHVWDGRHVUHPDQHQWH
6DOLGD4 4VHDFWLYDFRQXQDVH³DOHQ7UJ\VHGHVDFWLYDFRQ
ODVLJXLHQWHVH³DOHQ7UJVL6\5
&URQRJUDPD
7UJ
/DVHFFLµQGHOFURQRJUDPD
6 UHSUHVHQWDGDHQQHJULWD
WDPEL«QVHYLVXDOL]DHQHO
5 V¯PERORGHOUHO«GHLPSXOVRV
4
'HVFULSFLµQGHODIXQFLµQ
&DGDYH]TXHHOHVWDGRGHODHQWUDGD7UJFDPELDGHD\VLODVHQWUDGDV6\5
FDPELDWDPEL«QHOHVWDGRGHODVDOLGD4HVGHFLUODVDOLGDVHDFWLYDRGHVDFWLYD
/DVH³DOHQODHQWUDGD7UJQRDIHFWDDODIXQFLµQHVSHFLDOVL6R5
8QDVH³DOHQODHQWUDGD6DFWLYDHOUHO«GHLPSXOVRV/DVDOLGDVHDFWLYD
8QDVH³DOHQODHQWUDGD5GHVDFWLYDHOUHO«GHLPSXOVRV/DVDOLGDVHGHVDFWLYD
/2*2
0DQXDOGHSURGXFWR$(
)XQFLRQHVGH/2*2
/LVWDGHODVIXQFLRQHVHVSHFLDOHV6)
'LDJUDPDGHHVWDGR
3DU 4Q 6 5 7UJ 4 Q
!
!
!
56
56 !
65
65 !
!
!
!
56
56 !
65
65 !
56R65
ODVH³DOGHWULJJHUHVHIHFWLYDSRUTXH6\5
'HSHQGLHQGRGHODFRQILJXUDFLµQODHQWUDGD5WLHQHSULRULGDGVREUHODHQWUDGD6HVGHFLU
ODHQWUDGD6QRWLHQHHIHFWRPLHQWUDV5 RYLFHYHUVDODHQWUDGD5QRWLHQHHIHFWR
PLHQWUDV6
'HVSX«VGHXQFRUWHGHDOLPHQWDFLµQVHUHLQLFLDQHOUHO«GHLPSXOVRV\ODVDOLGD4VLQRVH
KDKDELOLWDGRODUHPDQHQFLD
9LVXDOL]DFLµQHQPRGRGHSURJUDPDFLµQ
%5 %5
3XOVH
3DU 56 3DU 65
ႣµႭ
(VWDIXQFLµQHVSHFLDOQRHVW£GLVSRQLEOHHQPRGRGHSDUDPHWUL]DFLµQ
1RWD
6L7UJ \3DU 56ODIXQFLµQHVSHFLDO5HO«GHLPSXOVRVHTXLYDOHDODIXQFLµQHVSHFLDO
5HO«DXWRHQFODYDGRU3£JLQD
/2*2
0DQXDOGHSURGXFWR$(
)XQFLRQHVGH/2*2
/LVWDGHODVIXQFLRQHVHVSHFLDOHV6)
7H[WRVGHDYLVR
'HVFULSFLµQEUHYH
(OEORTXHGHIXQFLµQGHWH[WRVGHDYLVRSHUPLWHFRQILJXUDUXQDYLVRTXHLQFOX\DWH[WR\RWURV
SDU£PHWURVTXH/2*2GHEHYLVXDOL]DUHQPRGR581
(VSRVLEOHFRQILJXUDUWH[WRVGHDYLVRVVHQFLOORVSDUDYLVXDOL]DUORVHQHO/2*2'LVSOD\
/2*26RIW&RPIRUWRIUHFHQXPHURVDVIXQFLRQHVSDUDWH[WRVGHDYLVRUHSUHVHQWDFLµQGH
GDWRVHQGLDJUDPDVGHEDUUDVQRPEUHVGHHVWDGRVGH(6GLJLWDOHV\RWURV3DUDP£V
LQIRUPDFLµQDFHUFDGHHVWDVIXQFLRQHVFRQVXOWHODGRFXPHQWDFLµQGH/2*26RIW&RPIRUW
&RQILJXUDFLµQGHWH[WRVGHDYLVRJOREDOHV
/RVSDU£PHWURVJOREDOHVDSOLFDEOHVDWRGRVORVWH[WRVGHDYLVRVHFRQILJXUDQSRUPHGLRGH
ORVFRPDQGRV&RQI$YLVRGHOPHQ¼GHSURJUDPDFLµQ
Ⴠ 5HIU$QDOµJIUHFXHQFLDGHUHIUHVFRHQPLOLVHJXQGRVTXHLQGLFDFRQTX«IUHFXHQFLD
GHEHQDFWXDOL]DUVHODVHQWUDGDVDQDOµJLFDVHQORVWH[WRVGHDYLVR
Ⴠ 9HO7LFNHUYHORFLGDGDODTXHORVWH[WRVGHDYLVRGHEHQGHVSOD]DUVHSRUHOGLVSOD\
8QWH[WRGHDYLVRSXHGHGHVSOD]DUVHGHGRVPDQHUDVSRUHOGLVSOD\O¯QHDSRUO¯QHDR
ELHQFDU£FWHUSRUFDU£FWHUDPEDVVHGHVFULEHQGHWDOODGDPHQWHP£VDGHODQWH8QDO¯QHD
GHWH[WRGHDYLVRRFDGDFDU£FWHUGHXQWH[WRGHDYLVRDSDUHFHQ\GHVDSDUHFHQGHO
/2*2'LVSOD\HQIXQFLµQGHODYHORFLGDGGHWLFNHU(QORVDYLVRVTXHVHGHVSOD]DQO¯QHD
SRUO¯QHDODYHORFLGDGGHWLFNHUUHDOHTXLYDOHDODYHORFLGDGGHWLFNHUFRQILJXUDGD
PXOWLSOLFDGDSRUGLH](QORVDYLVRVTXHVHGHVSOD]DQFDU£FWHUSRUFDU£FWHUODYHORFLGDG
GHWLFNHUUHDOHVODYHORFLGDGGHWLFNHUFRQILJXUDGD
Ⴠ -XHJRV&DUMXHJRVGHFDUDFWHUHVSULPDULR\VHFXQGDULRSDUDFRQILJXUDUWH[WRVGHDYLVR
3DUD/2*2VHVRSRUWDQORVMXHJRVGHFDUDFWHUHV-XHJR&DU\-XHJR&DU
-XHJRGH 1RPEUHFRP¼Q ,GLRPDVVRSRUWDGRV 5HIHUHQFLDHQ,QWHUQHW
FDUDFWHUHVHQ
/2*2
,62 /DW¯Q ,QJO«VDOHP£QLWDOLDQR KWWSHQZLNLSHGLDRUJZLNL,6
HVSD³ROHQSDUWHKRODQG«V 2,(&B
HQSDUWH
,62 &LU¯OLFR 5XVR KWWSHQZLNLSHGLDRUJZLNL,6
2,(&B
,62 /DW¯Q 7XUFR KWWSHQZLNLSHGLDRUJZLNL,6
2,(&B
,62 /DW¯Q )UDQF«V KWWSHQZLNLSHGLDRUJZLNL,6
2,(&B
*% &KLQR &KLQR KWWSHQZLNLSHGLDRUJZLNL*
%
6KLIW-,6 -DSRQ«V -DSRQ«V KWWSHQZLNLSHGLDRUJZLNL6
KLIWMLV
/2*2
0DQXDOGHSURGXFWR$(
)XQFLRQHVGH/2*2
/LVWDGHODVIXQFLRQHVHVSHFLDOHV6)
Ⴠ -XHJRGHFDUDFWHUHVDFWXDOMXHJRGHFDUDFWHUHVVHOHFFLRQDGRSDUDYLVXDOL]DUORVWH[WRV
GHDYLVR
1RWD
/RVWH[WRVGHDYLVRVRSRUWDGRVSRU/2*2%$VµORDSDUHFHU£QHQHO/2*27'
FXDQGRVHFXPSODQODVFRQGLFLRQHVVLJXLHQWHV
-XHJR&DUVHVHOHFFLRQD\SRQHD,62
(OMXHJRGHFDUDFWHUHVDFWXDO-XH&DU$FWVHSRQHD-XHJR&DU
'HORVFLQFXHQWDWH[WRVGHDYLVRTXHSXHGHQFRQILJXUDUVHHVSRVLEOHVHOHFFLRQDUTXHXQD
FDQWLGDGFXDOTXLHUDGHHOORVXWLOLFHHOMXHJRGHFDUDFWHUHVSULPDULR\RWUDFDQWLGDG
FXDOTXLHUDHOMXHJRGHFDUDFWHUHVVHFXQGDULR3RUHMHPSORSXHGHFRQILJXUDUFLQFXHQWD
EORTXHVGHIXQFLµQGHWH[WRVGHDYLVRTXHWHQJDQXQVRORWH[WRGHDYLVRSDUDHOMXHJRGH
FDUDFWHUHV$OWHUQDWLYDPHQWHSXHGHFRQILJXUDUYHLQWLFLQFREORTXHVGHIXQFLµQGHWH[WRVGH
DYLVRTXHWHQJDQGRVWH[WRVGHDYLVRFDGDXQRXQRSDUDHOMXHJRGHFDUDFWHUHV\XQR
SDUDHOMXHJRGHFDUDFWHUHV(VY£OLGDFXDOTXLHUFRPELQDFLµQTXHQRH[FHGDFLQFXHQWDHQ
WRWDO
(OWH[WRGHXQDYLVRGHEHHVWDUUHGDFWDGRHQXQPLVPRMXHJRGHFDUDFWHUHV/RVWH[WRVGH
DYLVRVSXHGHQHGLWDUVHHQ/2*26RIW&RPIRUWXWLOL]DQGRFXDOTXLHUDGHORVMXHJRVGH
FDUDFWHUHVVRSRUWDGRV(QHOPµGXOR/2*2%DVLFVµORSXHGHQHGLWDUVHDTXHOORVWH[WRVTXH
XWLOLFHQFDUDFWHUHVGHOMXHJR,62
(OLGLRPD\SRUWDQWRHOMXHJRGHFDUDFWHUHVGHXQWH[WRGHDYLVRHVLQGHSHQGLHQWHGHO
LGLRPDFRQILJXUDGRSDUDORVPHQ¼VGHO/2*2'LVSOD\3XHGHQVHUGLVWLQWRV
-XHJRGHFDUDFWHUHVFKLQR
(OPµGXOR/2*2%DVLF\HO/2*27'VRSRUWDQHOMXHJRGHFDUDFWHUHVFKLQR*%
SDUDOD5HS¼EOLFD3RSXODU&KLQD/RVGLVSRVLWLYRVXWLOL]DQODHQFULSWDFLµQGH0LFURVRIW
:LQGRZVSDUDHVWHMXHJRGHFDUDFWHUHV/DHQFULSWDFLµQGH:LQGRZVSHUPLWHTXHORV
GLVSRVLWLYRVYLVXDOLFHQORVPLVPRVFDUDFWHUHVTXHDSDUHFHQHQHOHGLWRUGHDYLVRVGHWH[WR
GH/2*26RIW&RPIRUWFXDQGRVHXWLOL]DXQHPXODGRUFKLQRRXQDYHUVLµQFKLQDGH0LFURVRIW
:LQGRZV
(OMXHJRGHFDUDFWHUHVFKLQRUHTXLHUHXQDYHUVLµQFKLQDGH:LQGRZVRXQHPXODGRUFKLQR
SDUDYLVXDOL]DUFRUUHFWDPHQWHORVFDUDFWHUHVFKLQRVHQHOHGLWRUGHDYLVRVGHWH[WRGH
/2*26RIW&RPIRUW(VSUHFLVRLQLFLDUHOHPXODGRUFKLQRDQWHVGHDEULUHOEORTXHGHIXQFLµQ
GHWH[WRVGHDYLVRHQ/2*26RIW&RPIRUW
/2*2
0DQXDOGHSURGXFWR$(
)XQFLRQHVGH/2*2
/LVWDGHODVIXQFLRQHVHVSHFLDOHV6)
3URJUDPDFLµQGHSDU£PHWURVGHWH[WRVGHDYLVRJOREDOHV
(GLWDU
(GLW
%RUUDUSURJ
&OHDU3UJ
&RQWUDVH³D
3DVVZRUG
!&RQI$YLVR
!0VJ&RQILJ
3XOVH
$MXVWDUHO
Ⴍ
!5HIU$QDOµJ PV
'HVSO£FHVHSRUORVYDORUHVµ
PVSDUDLQFUHPHQWDURGHFUHPHQWDUHO
WLHPSRGH 9HO7LFNHU WLHPSRGHUHIUHVFRGHHQWUDGDDQDOµJLFD/2*2
3XOVH 3XOVH
UHIUHVFR -XHJRV&DU $MXVWDU DFWXDOL]DHOYDORU\ODSRVLFLµQGHOFXUVRUHQWUH
DQDOµJLFR 2. VV
-XH&DU$FW V\VSDUDYLVXDOL]DUODVHOHFFLµQDFWXDO
3XOVH
ႱRႧ
Ⴍ 3XOVH 6HOHFFLRQHHOG¯JLWRTXHGHVHDPRGLILFDU
/RV¼OWLPRVGRVG¯JLWRVQRSXHGHQPRGLILFDUVH
$MXVWDUOD !5HIU$QDOµJ PV
YHORFLGDGGH 9HO7LFNHU 3XOVH
WLFNHU -XHJRV&DU 2. Ⴑ3XOVH
R
Ⴇ 6HOHFFLRQHXQYDORUGHDSDUDODSRVLFLµQ
-XH&DU$FW ႣႭ
DFWXDO/DYHORFLGDGGHWLFNHUP¯QLPDHVPV
3XOVH /DYHORFLGDGGHWLFNHUP£[LPDHVPV
ႣRႭ
Ⴍ 3XOVH
6HOHFFLRQDUORV !5HIU$QDOµJ !-XHJR&DU ,62
MXHJRVGH
FDUDFWHUHV
9HO7LFNHU
-XHJRV&DU
3XOVH
2.
-XHJR&DU 3XOVH
2.
,62
,62 ႣRႭ
$MXVWHHO-XHJR&DUR
-XH&DU$FW ,62
-XHJR&DU
*%
3XOVH 6HOHFFLRQH 6KLIW-,6
3XOVH -XHJR&DUR
-XHJR&DU
ႣRႭ
Ⴍ
6HOHFFLRQDUHO !5HIU$QDOµJ !-XHJR&DU
MXHJRGH 3XOVH 6HOHFFLRQHHOMXHJRGHFDUDFWHUHVDFWXDO
9HO7LFNHU 3XOVH -XHJR&DU
FDUDFWHUHV -XHJR&DUR-XHJR&DU
-XHJRV&DU 2.
DFWXDO -XH&DU$FW
ႣRႭ
/2*2
0DQXDOGHSURGXFWR$(
)XQFLRQHVGH/2*2
/LVWDGHODVIXQFLRQHVHVSHFLDOHV6)
%ORTXHGHIXQFLµQGHWH[WRVGHDYLVR
6¯PERORHQ/2*2 &DEOHDGR 'HVFULSFLµQ
(QWUDGD(Q 8QFDPELRGHDHQODHQWUDGD(Q(QDEOHLQLFLD
(Q ಸಸ ODYLVXDOL]DFLµQGHOWH[WRGHDYLVR
3 ಸಸ 4
(QWUDGD3 33ULRULGDGGHOWH[WRGHDYLVR
3DU
5DQJRGHYDORUHV
'HVWLQRGHODYLVR
$MXVWHGHWLFNHUGHODYLVR
$FN$FXVHGHOWH[WRGHODYLVR
3DU£PHWURV 7H[WR(QWUDGDGHOWH[WRGHDYLVR
3DU3DU£PHWURRYDORUUHDOGHRWUDIXQFLµQ\D
SURJUDPDGDFRQVXOWH3DU£PHWURVRYDULDEOHVGH
SURFHVRUHSUHVHQWDEOHV
7LPH9LVXDOL]DFLµQGHODKRUDDFWXDOFRQWLQXDPHQWH
DFWXDOL]DGD
'DWH9LVXDOL]DFLµQGHODIHFKDDFWXDOFRQWLQXDPHQWH
DFWXDOL]DGD
(Q7LPH9LVXDOL]DFLµQGHODKRUDGHFDPELRGH
HVWDGRGHVH³DOGHDHQODHQWUDGD(Q
(Q'DWH9LVXDOL]DFLµQGHODIHFKDGHFDPELRGH
HVWDGRGHVH³DOGHDHQODHQWUDGD(Q
1RPEUHVGHHVWDGRGH(69LVXDOL]DFLµQGHOQRPEUH
GHHVWDGRGHXQDHQWUDGDRVDOLGDGLJLWDOSHM2Q
X2II
(QWUDGDDQDOµJLFD,QGLFDFLµQGHOYDORUGHODHQWUDGD
DQDOµJLFDTXHGHEHYLVXDOL]DUVHHQHOWH[WRGHDYLVR
\DFWXDOL]DUVHGHDFXHUGRFRQHOWLHPSRDQDOµJLFR
1RWD(OSDU£PHWUR7H[WRGHODYLVRVµORSXHGH
HGLWDUVHHQHOPµGXOR/2*2%DVLF,62HVHO
¼QLFRMXHJRGHFDUDFWHUHVGLVSRQLEOHSDUDHGLWDU
WH[WRV7RGRVORVGHP£VSDU£PHWURVHLGLRPDVGHO
SDU£PHWUR7H[WRSXHGHQHGLWDUVHHQ/2*26RIW
&RPIRUW3DUDP£VLQIRUPDFLµQDFHUFDGHOD
FRQILJXUDFLµQFRQVXOWHOD$\XGDHQSDQWDOOD
6DOLGD4 4SHUPDQHFHDFWLYDPLHQWUDVHVW£DFWLYDGRHOWH[WR
GHDYLVR
5HVWULFFLµQ
(VSRVLEOHXWLOL]DUWH[WRVGHDYLVRFRPRP£[LPR
/2*2
0DQXDOGHSURGXFWR$(
)XQFLRQHVGH/2*2
/LVWDGHODVIXQFLRQHVHVSHFLDOHV6)
'HVFULSFLµQGHODIXQFLµQ
&XDQGR/2*2HVW£HQPRGR581YLVXDOL]DHOWH[WRGHDYLVRFRQILJXUDGRMXQWRFRQVXV
SDU£PHWURVDOFDPELDUGHDHOHVWDGRGHVH³DOHQODHQWUDGD(Q
(QIXQFLµQGHOGHVWLQRDMXVWDGRSDUDHODYLVRHOWH[WRGHDYLVRVHYLVXDOL]DHQHO
/2*2'LVSOD\HQ/2*27'RHQDPERV
6LXWLOL]DODPDUFD0HQHOSURJUDPD\FXDQGR0 ORZ/2*2YLVXDOL]DU£HOWH[WRGH
DYLVRVµORVL«VWHXWLOL]DHOMXHJRGHFDUDFWHUHVSULPDULRMXHJRGHFDUDFWHUHV6L0
KLJK/2*2YLVXDOL]DU£VµORORVWH[WRVGHDYLVRTXHXWLOLFHQHOMXHJRGHFDUDFWHUHV
VHFXQGDULRMXHJRGHFDUDFWHUHV&RQVXOWHODGHVFULSFLµQGHODPDUFD0HQHODSDUWDGR
&RQVWDQWHV\FRQHFWRUHV&R3£JLQD
6LKDFRQILJXUDGRXQWLFNHUHODYLVRVHGHVSOD]DU£SRUHOGLVSOD\FRQIRUPHDORVDMXVWHV
HIHFWXDGRVHVGHFLUFDU£FWHUSRUFDU£FWHURO¯QHDSRUO¯QHD
6LVHKDGHVDFWLYDGRHODFXVH$FN 2IIHOWH[WRGHDYLVRVHRFXOWDFXDQGRHOHVWDGRGH
VH³DOGHODHQWUDGD(QFDPELDGHD
6LVHKDDFWLYDGRHODFXVH$FN 2Q\HOHVWDGRGHVH³DOGHODHQWUDGD(QFDPELDGHD
HOWH[WRGHDYLVRSHUPDQHFHYLVLEOHKDVWDTXHVHDDFXVDGRFRQ2 2.6L(Q QRVH
SXHGHDFXVDUHOWH[WRGHDYLVR
6LVHKDQDFWLYDGRYDULDVIXQFLRQHVGHWH[WRGHDYLVRFRQ(Q /2*2YLVXDOL]DU£HOWH[WR
GHDYLVRGHPD\RUSULRULGDG P£VEDMD P£VDOWD(VWRVLJQLILFDTXH/2*2VµOR
YLVXDOL]DU£XQWH[WRGHDYLVRQXHYRVLVXSULRULGDGHVVXSHULRUDODGHORVWH[WRVGHDYLVR
DFWLYDGRVSUHYLDPHQWH
6LXQWH[WRGHDYLVRVHKDGHVDFWLYDGRRDFXVDGRVLHPSUHVHPXHVWUDDXWRP£WLFDPHQWHHO
WH[WRGHDYLVRFRQODPD\RUSULRULGDGDFWLYRSUHYLDPHQWH
/DYLVXDOL]DFLµQ\ORVWH[WRVGHDYLVRSXHGHQFRQPXWDUVHSXOVDQGRODVWHFODV \
/2*2
0DQXDOGHSURGXFWR$(
)XQFLRQHVGH/2*2
/LVWDGHODVIXQFLRQHVHVSHFLDOHV6)
(MHPSOR
$V¯SRGU¯DQYLVXDOL]DUVHGRVWH[WRVGHDYLVR
9LVXDOL]DFLµQGH/2*2HQPRGR581
0RWRU
6723$/$6 (MHPSOR7H[WRGH
DYLVRFRQSULRULGDG
c$FFLµQ
ႭWHFODႣ
0RWRU
(MHPSOR7H[WRGH
KRUDV DYLVRFRQSULRULGDG
0DQWHQLP
ႭSXOVHႣ
)HFKD\KRUDDFWXDOHV
0R VµORHQYHUVLRQHV
FRQUHORMHQWLHPSR
UHDO
7LFNHUGHDYLVRV
/DVO¯QHDVGHXQWH[WRGHDYLVRSXHGHQFRQILJXUDUVHFRPRWLFNHU+D\GRVWLSRVGHWLFNHUV
SDUDDYLVRVDVDEHU
Ⴠ &DU£FWHUSRUFDU£FWHU
Ⴠ /¯QHDSRUO¯QHD
(QORVDYLVRVTXHVHGHVSOD]DQFDU£FWHUSRUFDU£FWHUORVFDUDFWHUHVGHVDSDUHFHQXQRSRU
XQRKDFLDHOODGRL]TXLHUGRGHODO¯QHDPLHQWUDVTXHORVFDUDFWHUHVVLJXLHQWHVYDQ
DSDUHFLHQGRXQRSRUXQRGHVGHHOODGRGHUHFKR(OLQWHUYDORGHWLHPSRGHWLFNHUVH
HVSHFLILFDFRPRYHORFLGDGGHWLFNHUHQODFRQILJXUDFLµQGHWH[WRVGHDYLVR
(QORVDYLVRVTXHVHGHVSOD]DQO¯QHDSRUO¯QHDODSULPHUDPLWDGGHODYLVRGHVDSDUHFHSRUHO
ODGRL]TXLHUGRGHODO¯QHDPLHQWUDVTXHODVHJXQGDPLWDGDSDUHFHSRUHOODGRGHUHFKR(O
LQWHUYDORGHWLHPSRGHWLFNHUHTXLYDOHDOSDU£PHWURGHODYHORFLGDGGHWLFNHUPXOWLSOLFDGRSRU
GLH]/DVGRVPLWDGHVGHODYLVRDOWHUQDQHQHOGLVSOD\GHO/2*2'LVSOD\R/2*27'
/2*2
0DQXDOGHSURGXFWR$(
Funciones de LOGO!
4.4 Lista de las funciones especiales - SF
; ; ; ; ; ; ; ; ; ; ; ; ; ; ; ; ; ; ; ; ; ; ; ;
Si configura este aviso como ticker "carácter por carácter" con un intervalo de ticker de 0,1
segundos, esta línea de aviso se representa inicialmente en el LOGO! Display o el
LOGO! TD como muestra la figura siguiente:
; ; ; ; ; ; ; ; ; ; ; ; ; ; ; ; ; ; ; ; ; ; ; ;
Al cabo de 0,1 segundos, la línea de aviso salta un carácter hacia la izquierda. El aviso
aparece entonces de la manera siguiente en el LOGO! Display o el LOGO! TD:
; ; ; ; ; ; ; ; ; ; ; ; ; ; ; ; ; ; ; ; ; ; ; ;
; ; ; ; ; ; ; ; ; ; ; ; ; ; ; ; ; ; ; ; ; ; ; ;
Si configura este aviso como ticker "línea por línea" con un intervalo de ticker de 0,1
segundos, este aviso se representa inicialmente en el LOGO! Display o el LOGO! TD como
muestra la mitad izquierda del aviso en esta figura:
; ; ; ; ; ; ; ; ; ; ; ; ; ; ; ; ; ; ; ; ; ; ; ;
; ; ; ; ; ; ; ; ; ; ; ; ; ; ; ; ; ; ; ; ; ; ; ;
LOGO!
188 Manual de producto, 11/2008, A5E01248537-02
)XQFLRQHVGH/2*2
/LVWDGHODVIXQFLRQHVHVSHFLDOHV6)
&RQILJXUDFLµQGHODHQWUDGD3
$SDUWLUGHODHQWUDGD3VHFRQILJXUDQODVVLJXLHQWHVFDUDFWHU¯VWLFDVGHOWH[WRGHDYLVR
Ⴠ 3ULRULGDG
Ⴠ $FXVH
Ⴠ 'HVWLQRGHODYLVR
Ⴠ 7LSRGHWLFNHU\FRQILJXUDFLµQGHWLFNHUSDUDFDGDO¯QHD
3DUDFRQILJXUDUODSULRULGDG\HODFXVHPRGRGHSURJUDPDFLµQ
% VLJQLILFDTXHSXHGHQPRGLILFDUVHORVSDU£PHWURV
\YDORUHVUHDOHVGHXQWH[WRGHDYLVRDFWLYR
3ULRULW\
3ULRULGDG
$FN 2II (VWDGRGHODFXVH
$XPHQWHODSULRULGDGDVLW¼HHOFXUVRUHQ
&DPELHD
$FN
3XOVH
+DELOLWH
$FN
SXOVH R
/2*2YLVXDOL]D
%
3ULRULW\
3ULRULGDG
$FN 2Q (VWDGRGHODFXVHಯ2Qರ
3DUDFRQILJXUDUHOGHVWLQRGHODYLVR\HOWLSRGHWLFNHUPRGRGHSURJUDPDFLµQ
(QODSDQWDOODGHSULRULGDG\DFXVHSXOVH SDUDDFFHGHUDODSDQWDOOD'HVWLQRGHODYLVR
%
0VJ'HVW 'HVWLQRGHODYLVR0µGXOR/2*2
%DVLF/2*27'RDPERV
%0
3XOVH SDUDVLWXDUHOFXUVRUHQODO¯QHD%0
3XOVH R SDUDFRQPXWDUHQWUHODVWUHVRSFLRQHVGHGHVWLQRGHODYLVR%07'R%0
7'
(QODSDQWDOOD'HVWLQRGHODYLVRSXOVH SDUDDFFHGHUDODSDQWDOOD7LSRGHWLFNHU
%
7LFN7\SH 7LSRGHWLFNHUFDU£FWHUSRUFDU£FWHU&K
E\&KRO¯QHDSRUO¯QHD/QE\/Q
&KE\&K
6LHOWH[WRGHODYLVRFRQWLHQHO¯QHDVFRQILJXUDGDVFRPRWLFNHUSXOVH SDUDVLWXDUHO
FXUVRUHQODO¯QHD&KE\&K\SXOVHOXHJR R SDUDVHOHFFLRQDU&KE\&KR/QE\
/QSDUDHOWLSRGHWLFNHU
/2*2
0DQXDOGHSURGXFWR$(
)XQFLRQHVGH/2*2
/LVWDGHODVIXQFLRQHVHVSHFLDOHV6)
(QODSDQWDOOD7LSRGHWLFNHUSXOVH SDUDKDELOLWDURLQKLELUHOWLFNHUGHFDGDO¯QHDGHO
WH[WRGHDYLVR/2*2YLVXDOL]DU£ODSDQWDOODVLJXLHQWH
%
1R 7LFNHU
1R/DO¯QHDQRVHYLVXDOL]DHQ
1R IRUPDGHWLFNHU
6¯/DO¯QHDVHYLVXDOL]DHQIRUPDGH
WLFNHU
3XOVH R SDUDHOHJLUHQWUH1RR<HV\GHWHUPLQDUVLODO¯QHDGHEHYLVXDOL]DUVHHQ
IRUPDGHWLFNHU
3XOVH SDUDVLWXDUHOFXUVRUHQODVHJXQGDO¯QHD\SXOVH R SDUDHOHJLUHQWUH1RR
<HVSDUDODO¯QHD(QOD¼OWLPDO¯QHDSXOVH SDUDLUDODSDQWDOODGHODVO¯QHDV\
&RQILJXUHHOWLFNHUO¯QHDSRUO¯QHDSDUDODVO¯QHDV\GHODPLVPDPDQHUDTXHSDUDODV
O¯QHDV\
%
1R 7LFNHU
1R/DO¯QHDQRVHYLVXDOL]DHQ
1R IRUPDGHWLFNHU
6¯/DO¯QHDVHYLVXDOL]DHQIRUPDGH
WLFNHU
2.SDUDFRQILUPDUODFRQILJXUDFLµQGHOWH[WRGHDYLVR
3XOVH2
3DU£PHWURVRYDULDEOHVGHSURFHVRUHSUHVHQWDEOHV
/RVVLJXLHQWHVSDU£PHWURVRYDULDEOHVGHSURFHVRSXHGHQYLVXDOL]DUVHHQXQWH[WRGHDYLVR
ELHQVHDFRPRYDORUHVQXP«ULFRVRHQGLDJUDPDVGHEDUUDV
)XQFLµQHVSHFLDO 3DU£PHWURRYDULDEOHGHSURFHVRUHSUHVHQWDEOH
HQXQWH[WRGHDYLVR
7HPSRUL]DGRUHV
5HWDUGRDODFRQH[LµQ 77D
5HWDUGRDODGHVFRQH[LµQ 77D
5HWDUGRDODFRQH[LµQGHVFRQH[LµQ 7D7+7/
5HWDUGRDODFRQH[LµQFRQPHPRULD 77D
5HO«GHEDUULGR 77D
VDOLGDGHLPSXOVRV
5HO«GHEDUULGR 7D7+7/
DFWLYDGRSRUIODQFRV
*HQHUDGRUGHLPSXOVRVDV¯QFURQR 7D7+7/
*HQHUDGRUDOHDWRULR 7+7/
,QWHUUXSWRUGHDOXPEUDGRSDUDHVFDOHUD 7D777/
,QWHUUXSWRUELIXQFLRQDO 7D77/77/
7HPSRUL]DGRUVHPDQDO
RQRIIG¯D
7HPSRUL]DGRUDQXDO 2Q2II
&RQWDGRU
&RQWDGRUDGHODQWHDWU£V &QW2Q2II
&RQWDGRUGHKRUDVGHIXQFLRQDPLHQWR 0,427
/2*2
0DQXDOGHSURGXFWR$(
)XQFLRQHVGH/2*2
/LVWDGHODVIXQFLRQHVHVSHFLDOHV6)
)XQFLµQHVSHFLDO 3DU£PHWURRYDULDEOHGHSURFHVRUHSUHVHQWDEOH
HQXQWH[WRGHDYLVR
6HOHFWRUGHXPEUDO ID2Q2II*B7
$QDOµJLFR
&RQPXWDGRUDQDOµJLFRGHYDORUXPEUDO 2Q2II$%$[
&RQPXWDGRUDQDOµJLFRGHYDORUXPEUDO 2QQ$%$[2II
GLIHUHQFLDO
&RPSDUDGRUDQDOµJLFR 2Q2II$%$[$\Q$
9LJLODQFLDGHOYDORUDQDOµJLFR Q$%$[$HQ
$PSOLILFDGRUDQDOµJLFR $%$[
0XOWLSOH[RUDQDOµJLFR 9999$4
5DPSDDQDOµJLFD //0D[/6W6S5DWH$%$4
5HJXODGRU3, 630T.&7,0LQ0D[$%39$4
$ULWP«WLFDDQDOµJLFD 9999$4
3:0PRGXODFLµQGHDQFKRGHLPSXOVRV $%7$[DPSOLILFDGR
2WURV
5HO«DXWRHQFODYDGRU
5HO«GHLPSXOVRV
7H[WRVGHDYLVR
,QWHUUXSWRUVRIWZDUH 2Q2II
5HJLVWURGHGHVSOD]DPLHQWR
(QHOFDVRGHORVWHPSRUL]DGRUHVXQWH[WRGHDYLVRWDPEL«QSXHGHYLVXDOL]DUHOWLHPSR
UHVWDQWH(OWLHPSRUHVWDQWHLQGLFDFX£QWRWLHPSRGHODMXVWHSDUDPHWUL]DGRGHEHWUDQVFXUULU
D¼Q
/RVYDORUHVDFWXDOHVRUHDOHVSXHGHQUHSUHVHQWDUVHHVFDODGRVHQWUHORVYDORUHVP¯QLPR\
P£[LPRHQGLDJUDPDVGHEDUUDVKRUL]RQWDOHVRYHUWLFDOHV3DUDP£VLQIRUPDFLµQVREUHOD
FRQILJXUDFLµQ\YLVXDOL]DFLµQGHGLDJUDPDVGHEDUUDVHQWH[WRVGHDYLVRFRQVXOWHOD$\XGD
HQSDQWDOODGH/2*26RIW&RPIRUW
(GLWDUWH[WRVGHDYLVR
6µORORVWH[WRVGHDYLVRVLPSOHVSXHGHQHGLWDUVHHQHOPµGXOR/2*2%DVLF/RVWH[WRVGH
DYLVRFUHDGRVHQ/2*26RIW&RPIRUWTXHXWLOLFHQQXHYDVIXQFLRQHVWDOHVFRPRGLDJUDPDV
GHEDUUDVQRPEUHVGHHVWDGRVGH(6HWFQRSXHGHQHGLWDUVHHQHOPµGXOR/2*2%DVLF
7DPSRFRHVSRVLEOHHGLWDUWH[WRVGHDYLVRGHOPµGXOR/2*2%DVLFTXHFRQWHQJDQDOJXQR
GHORVSDU£PHWURVVLJXLHQWHV
Ⴠ 3DU
Ⴠ 7LPH
Ⴠ 'DWH
Ⴠ (Q7LPH
Ⴠ (Q'DWH
(VWRVWH[WRVGHDYLVRVµORSXHGHQHGLWDUVHHQ/2*26RIW&RPIRUW
/2*2
0DQXDOGHSURGXFWR$(
)XQFLRQHVGH/2*2
/LVWDGHODVIXQFLRQHVHVSHFLDOHV6)
0RGLILFDUSDU£PHWURVHQHOWH[WRGHDYLVRDFWLYR
6LHOWH[WRGHDYLVRHVW£DFWLYRSXOVH(
(6&SDUDVHOHFFLRQDUHOPRGRGHHGLFLµQ
1RWD
'HEHPDQWHQHUSXOVDGDODWHFOD(
(6&FRPRP¯QLPRGXUDQWHVHJXQGR
6LPXODUODSXOVDFLµQGHWHFODVHQHOWH[WRGHDYLVRDFWLYR
3XHGHDFWLYDUODVWHFODVGHFXUVRU& & & \& HQXQWH[WRGHDYLVRDFWLYDGR
(6&\PDQWHQLHQGRSXOVDGDODWHFODGHFXUVRUGHVHDGD
SXOVDQGRODWHFOD(
&RQILJXUDFLµQGHOSDU£PHWUR3DU
9LVXDOL]DFLµQHQPRGRGHSURJUDPDFLµQ
3DQWDOODGHSDUDPHWUL]DFLµQ
GH3DU
3XOVH SDUDVHOHFFLRQDUXQDO¯QHDGHOWH[WRGHDYLVR
3XOVH \ SDUDVHOHFFLRQDUODOHWUDDYLVXDOL]DUHQHOWH[WR3DUDGHVSOD]DUHOFXUVRUGHXQD
SRVLFLµQDRWUDSXOVH \
/DOLVWDGHFDUDFWHUHVGLVSRQLEOHHVODPLVPDTXHSDUDHOQRPEUHGHOSURJUDPD(QFRQWUDU£
HOMXHJRGHFDUDFWHUHVHQHODSDUWDGR,QWURGXFLUHOSURJUDPD3£JLQD$OLQWURGXFLUWH[WRV
GHDYLVRHQHOPµGXOR/2*2%DVLFVµORSXHGHXWLOL]DUFDUDFWHUHVGHOMXHJR,62
3DUDLQWURGXFLUWH[WRHQXQLGLRPDGLIHUHQWHGHEHKDFHUORHQ/2*26RIW&RPIRUW
5HFXHUGHTXHHOQ¼PHURGHFDUDFWHUHVSRUO¯QHDGHWH[WRGHDYLVRSXHGHVHUVXSHULRUDO
Q¼PHURGHSRVLFLRQHVGHFDUDFWHUHVHQHO/2*2'LVSOD\
3XOVH2
2.SDUDFRQILUPDUORVFDPELRV\SXOVH(
(6&SDUDVDOLUGHOPRGRGHHGLFLµQ
/2*2
0DQXDOGHSURGXFWR$(
)XQFLRQHVGH/2*2
/LVWDGHODVIXQFLRQHVHVSHFLDOHV6)
,QWHUUXSWRUVRIWZDUH
'HVFULSFLµQEUHYH
(VWDIXQFLµQHVSHFLDOWLHQHHOPLVPRHIHFWRTXHXQSXOVDGRURLQWHUUXSWRUPHF£QLFR
6¯PERORHQ/2*2 &DEOHDGR 'HVFULSFLµQ
(QWUDGD(Q 8QFDPELRGHHVWDGRDHQODHQWUDGD(Q(QDEOH
DFWLYDODVDOLGD4VLDGHP£VVHKDFRQILUPDGR
(Q
4
6ZLWFK 2Q
HQHOPRGRGHSDUDPHWUL]DFLµQ
3DU
3DU£PHWURV 0RGRGHSURJUDPDFLµQ
6HOHFFLµQGHODIXQFLµQTXHGHEHXWLOL]DUVHFRPR
SXOVDGRURLQWHUUXSWRUGXUDQWHXQFLFOR
,QLFLR(VWDGR2QX2IITXHVHDSOLFDHQHQHOSULPHU
LQLFLRGHOSURJUDPDVLHVW£GHVDFWLYDGDOD
UHPDQHQFLD
5HPDQHQFLD
6LQUHPDQHQFLD
5 (OHVWDGRHVUHPDQHQWH
0RGRGHSDUDPHWUL]DFLµQPRGR581
6ZLWFK$FWLYDRGHVDFWLYDHOSXOVDGRULQWHUUXSWRU
6DOLGD4 6HDFWLYDVL(Q \6ZLWFK 2QVHKDFRQILUPDGRFRQ
2.
$MXVWHGHI£EULFD
(ODMXVWHHVW£QGDUHVODDFFLµQGHLQWHUUXSWRU
&URQRJUDPD
(Q
6ZLWFK
4
'HVFULSFLµQGHODIXQFLµQ
(QPRGRGHSDUDPHWUL]DFLµQODVDOLGDVHDFWLYDFRQXQDVH³DOHQODHQWUDGD(QVLHO
2.(VWRQRGHSHQGHGHVLOD
SDU£PHWUR
6ZLWFK
VHKDDMXVWDGRD
2Q
\FRQILUPDGRFRQ2
IXQFLµQHVW£SURJUDPDGDFRPRSXOVDGRURLQWHUUXSWRU
/DVDOLGDVHSRQHD
HQORVWUHVFDVRVVLJXLHQWHV
Ⴠ 6LHOHVWDGRGHODHQWUDGD(QFDPELDGHD
Ⴠ 6LODIXQFLµQVHKDFRQILJXUDGRFRPRSXOVDGRU\KDWUDQVFXUULGRXQFLFORWUDVVX
DFWLYDFLµQ
Ⴠ 6LHQHOPRGRGHSDUDPHWUL]DFLµQVHKDDMXVWDGRODSRVLFLµQ
2II
GHOSDU£PHWUR
6ZLWFK
\
FRQILUPDGRFRQ2 2.
6LODUHPDQHQFLDQRHVW£DFWLYDGDODVDOLGD4VHLQLFLDOL]DGHVSX«VGHXQFRUWHGH
DOLPHQWDFLµQVHJ¼QODFRQILJXUDFLµQGHOSDU£PHWUR6WDUW
/2*2
0DQXDOGHSURGXFWR$(
)XQFLRQHVGH/2*2
/LVWDGHODVIXQFLRQHVHVSHFLDOHV6)
&RQILJXUDFLµQGHOSDU£PHWUR3DU
9LVXDOL]DFLµQHQPRGRGHSURJUDPDFLµQHMHPSOR
6HOHFFLRQHODIXQFLµQ
,QWHUUXSWRUVRIWZDUH
2.(OFXUVRUVHHQFXHQWUDDKRUDGHEDMRGH
6HOHFFLRQHODHQWUDGD(Q\FRQILUPHFRQ2
3DU
&DPELHDOPRGRGHHQWUDGDGH
3DU
&RQILUPHFRQ2
2.
HOFXUVRUVHHQFXHQWUDDKRUDHQ
2Q
% (OHVWDGRQRHVUHPDQHQWH
2Q )XQFLµQಯ3XOVDGRUರ
6WDUW 2Q 4VHDFWLYDHQHOSULPHUFLFORWUDVHO
LQLFLRGHOSURJUDPD
3DUDFDPELDU
3DU
D
6ZLWFK
\HOHVWDGRGHLQLFLDOL]DFLµQWUDVHOLQLFLRGHOSURJUDPD
3DUDVHOHFFLRQDU
0RPHQWDU\SXVKEXWWRQ
R
6ZLWFK
SXOVH R
% (OHVWDGRQRHVUHPDQHQWH
2Q2II ಯ6ZLWFKರ
6WDUW 2Q 4VHDFWLYDHQHOSULPHUFLFORWUDVHO
LQLFLRGHOSURJUDPD
3DUDFDPELDUDOHVWDGRGHLQLFLRSXOVH R
3DUDPRGLILFDUHOHVWDGRGHLQLFLRSXOVH R
% (OHVWDGRQRHVUHPDQHQWH
2Q2II ಯ6ZLWFKರ
6WDUW 2II 4VHDFWLYDHQHOSULPHUFLFORWUDVHO
LQLFLRGHOSURJUDPD
2.
&RQILUPHODVHQWUDGDVHIHFWXDGDVFRQ2
9LVXDOL]DFLµQHQPRGRGHSDUDPHWUL]DFLµQHMHPSOR
$TX¯SXHGHDFWLYDURGHVDFWLYDUHOSDU£PHWUR
6ZLWFK
2Q2II(QPRGR581/2*2
YLVXDOL]DU£ORVLJXLHQWH
%
(OSXOVDGRULQWHUUXSWRUHVW£
GHVDFWLYDGR
6ZLWFK 2II
6XSRQJDPRVTXHGHVHDDFWLYDU
6ZLWFK
2Q
/2*2
0DQXDOGHSURGXFWR$(
)XQFLRQHVGH/2*2
/LVWDGHODVIXQFLRQHVHVSHFLDOHV6)
&DPELHDOPRGRGHHGLFLµQ&RQILUPHFRQ2
2.HOFXUVRUVHHQFXHQWUDDKRUDHQ
2II
3DUDFDPELDUGH
2II
D
2Q
SXOVH R
2.
&RQILUPHODVHQWUDGDVHIHFWXDGDVFRQ2
%
(OSXOVDGRULQWHUUXSWRUHVW£
DFWLYDGR
6ZLWFK 2Q
/2*2
0DQXDOGHSURGXFWR$(
)XQFLRQHVGH/2*2
/LVWDGHODVIXQFLRQHVHVSHFLDOHV6)
5HJLVWURGHGHVSOD]DPLHQWR
'HVFULSFLµQEUHYH
/DIXQFLµQ5HJLVWURGHGHVSOD]DPLHQWRSHUPLWHOHHUHOYDORUGHXQDHQWUDGD\GHVSOD]DU
VXVELWVKDFLDODL]TXLHUGDRGHUHFKD(OYDORUGHODVDOLGDHTXLYDOHDOELWGHUHJLVWURGH
GHVSOD]DPLHQWRFRQILJXUDGR(OVHQWLGRGHGHVSOD]DPLHQWRSXHGHPRGLILFDUVHHQXQD
HQWUDGDHVSHFLDO
6¯PERORHQ/2*2 &DEOHDGR 'HVFULSFLµQ
(QWUDGD,Q (QWUDGDFX\RYDORUVHOHHDOLQLFLRGHODIXQFLµQ
,Q
7UJ (QWUDGD7UJ 8QIODQFRDVFHQGHQWHFDPELRGHDHQODHQWUDGD
4
'LU 7UJ7ULJJHULQLFLDODIXQFLµQHVSHFLDO/RVFDPELRV
3DU GHDVRQLUUHOHYDQWHV
(QWUDGD'LU /DVH³DOHQODHQWUDGD'LUGHWHUPLQDHOVHQWLGRGH
GHVSOD]DPLHQWRGHORVELWVGHUHJLVWURGH
GHVSOD]DPLHQWR66
'LU 'HVSOD]DPLHQWRKDFLDDUULED6!!6
'LU 'HVSOD]DPLHQWRKDFLDDEDMR6!!6
3DU£PHWURV %LWGHUHJLVWURGHGHVSOD]DPLHQWRTXHGHWHUPLQDHO
YDORUGHODVDOLGD4
$MXVWHVSRVLEOHV66
5HPDQHQFLD
6LQUHPDQHQFLD
5 (OHVWDGRHVUHPDQHQWH
6DOLGD4 (OYDORUGHODVDOLGDHTXLYDOHDOELWGHUHJLVWURGH
GHVSOD]DPLHQWRFRQILJXUDGR
'HVFULSFLµQGHODIXQFLµQ
&RQHOIODQFRDVFHQGHQWHFDPELRGHDHQODHQWUDGD7UJ7ULJJHUODIXQFLµQOHHHO
YDORUGHODHQWUDGD,Q
'HSHQGLHQGRGHOVHQWLGRGHGHVSOD]DPLHQWRHVWHYDORUVHDSOLFDHQHOELWGHUHJLVWURGH
GHVSOD]DPLHQWR6µ6
Ⴠ 'HVSOD]DPLHQWRKDFLDDUULED6DGRSWDHOYDORUGHODHQWUDGD,QHOYDORUDQWHULRUGH6
VHGHVSOD]DD6HOYDORUDQWHULRUGH6VHGHVSOD]DD6HWF
Ⴠ 'HVSOD]DPLHQWRKDFLDDEDMR6DGRSWDHOYDORUGHODHQWUDGD,QHOYDORUDQWHULRUGH6
VHGHVSOD]DD6HOYDORUDQWHULRUGH6VHGHVSOD]DD6HWF
/DVDOLGD4GHYXHOYHHOYDORUGHOELWGHUHJLVWURGHGHVSOD]DPLHQWRFRQILJXUDGR
6LODUHPDQHQFLDQRHVW£DFWLYDGDWUDVSURGXFLUVHXQFRUWHGHDOLPHQWDFLµQODIXQFLµQGH
GHVSOD]DPLHQWRFRPLHQ]DGHQXHYRHQ6µ66LHVW£KDELOLWDGDODUHPDQHQFLDVHDSOLFD
VLHPSUHDWRGRVORVELWVGHUHJLVWURGHGHVSOD]DPLHQWR
1RWD
/DIXQFLµQ5HJLVWURGHGHVSOD]DPLHQWRVµORSXHGHXWLOL]DUVHXQDYH]HQHOSURJUDPD
/2*2
0DQXDOGHSURGXFWR$(
)XQFLRQHVGH/2*2
/LVWDGHODVIXQFLRQHVHVSHFLDOHV6)
&URQRJUDPD
,Q
7UJ
'LU
6
6
6
6 6 4HMHPSOR
6
6
6
6
'HVSOD]DPLHQWRKDFLDDUULED 'HVSOD]DPLHQWRKDFLDDEDMR
&RQILJXUDFLµQGHOSDU£PHWUR3DU
9LVXDOL]DFLµQHQPRGRGHSURJUDPDFLµQ
%5 5HPDQHQFLDKDELOLWDGD
4 6 (VW£QGDU
3XOVH
%5
HWF3XHGHVHOHFFLRQDU66
4 6
(VWDIXQFLµQHVSHFLDOQRHVW£GLVSRQLEOHHQPRGRGHSDUDPHWUL]DFLµQ
/2*2
0DQXDOGHSURGXFWR$(
)XQFLRQHVGH/2*2
/LVWDGHODVIXQFLRQHVHVSHFLDOHV6)
0XOWLSOH[RUDQDOµJLFR
'HVFULSFLµQEUHYH
(VWDIXQFLµQHVSHFLDOGHYXHOYHHQODVDOLGDDQDOµJLFDXQRGHFXDWURYDORUHVDQDOµJLFRV
SUHGHILQLGRVRELHQ
6¯PERORHQ/2*2 &DEOHDGR 'HVFULSFLµQ
(QWUDGD(Q 8QFDPELRGHHVWDGRGHDHQODHQWUDGD(Q
(Q
(QDEOHFRQPXWDXQYDORUDQDOµJLFRSDUDPHWUL]DGR
6
6
$ᇄ $4 HQODVDOLGD$4HQIXQFLµQGHOYDORUGH6\6
3DU (QWUDGDV6\6 6\6VHOHFWRUHVSDUDVHOHFFLRQDUHOYDORU
DQDOµJLFRDHPLWLU
x 6 \6
6HHPLWHHOYDORU
x 6 \6
6HHPLWHHOYDORU
x 6 \6
6HHPLWHHOYDORU
x 6 \6
6HHPLWHHOYDORU
3DU£PHWURV 999DORUHVDQDOµJLFRVTXHVHHPLWLU£Q
5DQJRGHYDORUHV
S1¼PHURGHGHFLPDOHV
5DQJRGHYDORUHV
6DOLGD$4 (VWDIXQFLµQHVSHFLDOWLHQHXQDVDOLGDDQDOµJLFDVWD
VµORSXHGHFRQHFWDUVHDXQDHQWUDGDDQDOµJLFDGH
XQDIXQFLµQGHXQDPDUFDDQDOµJLFDRGHXQ
FRQHFWRUGHVDOLGDDQDOµJLFD$4$4
5DQJRGHYDORUHVSDUD$4
3DU£PHWURV99
/RVYDORUHVDQDOµJLFRVGHORVSDU£PHWURV99SXHGHQGHULYDUVHGHRWUDIXQFLµQ\D
SURJUDPDGD(VSRVLEOHXWLOL]DUORVYDORUHVUHDOHVGHODVVLJXLHQWHVIXQFLRQHV
Ⴠ &RPSDUDGRUDQDOµJLFR3£JLQDYDORUUHDO$[ದ$\
Ⴠ &RQPXWDGRUDQDOµJLFRGHYDORUXPEUDO3£JLQDYDORUUHDO$[
Ⴠ $PSOLILFDGRUDQDOµJLFR3£JLQDYDORUUHDO$[
Ⴠ 0XOWLSOH[RUDQDOµJLFRYDORUUHDO$4
Ⴠ 5DPSDDQDOµJLFD3£JLQDYDORUUHDO$4
Ⴠ $ULWP«WLFDDQDOµJLFD3£JLQDYDORUUHDO$4
Ⴠ 5HJXODGRU3,3£JLQDYDORUUHDO$4
Ⴠ &RQWDGRUDGHODQWHDWU£V3£JLQDYDORUUHDO&QW
6HOHFFLRQHODIXQFLµQGHVHDGDPHGLDQWHHOQ¼PHURGHEORTXH(QHODSDUWDGR5HWDUGRDOD
FRQH[LµQ3£JLQDHQFRQWUDU£LQIRUPDFLµQDFHUFDGHORVSDU£PHWURVHVW£QGDU
/2*2
0DQXDOGHSURGXFWR$(
)XQFLRQHVGH/2*2
/LVWDGHODVIXQFLRQHVHVSHFLDOHV6)
3DU£PHWURSQ¼PHURGHGHFLPDOHV
6µORHVDSOLFDEOHDORVYDORUHVYLVXDOL]DGRVHQXQWH[WRGHDYLVR
&URQRJUDPD
(Q
6
6
9
9
9
9 $4
'HVFULSFLµQGHODIXQFLµQ
6LVHDFWLYDODHQWUDGD(QODIXQFLµQHPLWHHQODVDOLGD$4XQRGHORVFXDWURSRVLEOHV
YDORUHVDQDOµJLFRV9D9HQIXQFLµQGHOYDORUGH6\6
6LODHQWUDGD(QQRVHDFWLYDODIXQFLµQHPLWHHOYDORUDQDOµJLFRHQODVDOLGD$4
6DOLGDDQDOµJLFD
6LFRQHFWDHVWDIXQFLµQHVSHFLDOFRQXQDVDOLGDDQDOµJLFDUHDOUHFXHUGHTXHODVDOLGD
DQDOµJLFDVµORSXHGHSURFHVDUYDORUHVFRPSUHQGLGRVHQWUH\'DGRHOFDVRFRQHFWH
XQDPSOLILFDGRUDGLFLRQDOHQWUHODVDOLGDDQDOµJLFDGHODIXQFLµQHVSHFLDO\ODVDOLGD
DQDOµJLFDUHDO&RQHODPSOLILFDGRUVHQRUPDOL]DHOUDQJRGHVDOLGDGHODIXQFLµQHVSHFLDOD
XQUDQJRGHYDORUHVGHD
/2*2
0DQXDOGHSURGXFWR$(
)XQFLRQHVGH/2*2
/LVWDGHODVIXQFLRQHVHVSHFLDOHV6)
&RQILJXUDFLµQGHOSDU£PHWUR3DU
9LVXDOL]DFLµQHQPRGRGHSURJUDPDFLµQHMHPSOR
% %
3XOVH
9 9ൺ%
9 ႱႧ 9ൺ%
S
9LVXDOL]DFLµQHQPRGRGHSDUDPHWUL]DFLµQ
% %
3XOVH
9 9ൺ%
9 ႱႧ 9ൺ%
$4
5DPSDDQDOµJLFD
'HVFULSFLµQEUHYH
/DLQVWUXFFLµQ5DPSDDQDOµJLFDSHUPLWHGHVSOD]DUODVDOLGDDXQDYHORFLGDGHVSHF¯ILFD
GHVGHHOQLYHODFWXDOKDVWDHOQLYHOVHOHFFLRQDGR
6¯PERORHQ/2*2 &DEOHDGR 'HVFULSFLµQ
(QWUDGD(Q 8QFDPELRGHHVWDGRGHDHQODHQWUDGD(Q
(Q
(QDEOHDSOLFDHOQLYHOGHDUUDQTXHSDUDGDRIIVHW%
6HO
6W
$ᇄ $4 6W6SHQODVDOLGDGXUDQWHPVHLQLFLDOD
3DU RSHUDFLµQGHUDPSDKDFLDHOQLYHOVHOHFFLRQDGR
8QFDPELRGHHVWDGRGHDSRQHLQPHGLDWDPHQWH
HOQLYHODFWXDODORIIVHW%\SRUWDQWRODVDOLGD$4D
(QWUDGD6HO 6H, VHVHOHFFLRQDHOQLYHO
6H, VHVHOHFFLRQDHOQLYHO
8QFDPELRGHHVWDGRGH6HORFDVLRQDHO
GHVSOD]DPLHQWRGHVGHHOQLYHODFWXDOKDVWDHOQLYHO
VHOHFFLRQDGRDODYHORFLGDGLQGLFDGD
(QWUDGD6W 8QFDPELRGHHVWDGRGHDHQODHQWUDGD6W
SDUDGDGHVDFHOHUDGDRFDVLRQDXQGHFUHPHQWRHQHO
QLYHODFWXDODXQDYHORFLGDGFRQVWDQWHKDVWD
DOFDQ]DUVHHOQLYHOGHDUUDQTXHSDUDGDRIIVHW%
6W6S(OQLYHOGHDUUDQTXHSDUDGDVHPDQWLHQH
GXUDQWHPV\HOQLYHODFWXDOVHSRQHOXHJRDO
RIIVHW%3RUWDQWRODVDOLGD$4VHSRQHD
/2*2
0DQXDOGHSURGXFWR$(
)XQFLRQHVGH/2*2
/LVWDGHODVIXQFLRQHVHVSHFLDOHV6)
/2*2
0DQXDOGHSURGXFWR$(
)XQFLRQHVGH/2*2
/LVWDGHODVIXQFLRQHVHVSHFLDOHV6)
3DU£PHWURV//
/RVYDORUHVDQDOµJLFRVGHORVSDU£PHWURV/\/SXHGHQGHULYDUVHGHRWUDIXQFLµQ\D
SURJUDPDGD(VSRVLEOHXWLOL]DUORVYDORUHVUHDOHVGHODVVLJXLHQWHVIXQFLRQHV
Ⴠ &RPSDUDGRUDQDOµJLFR3£JLQDYDORUUHDO$[ದ$\
Ⴠ &RQPXWDGRUDQDOµJLFRGHYDORUXPEUDO3£JLQDYDORUUHDO$[
Ⴠ $PSOLILFDGRUDQDOµJLFR3£JLQDYDORUUHDO$[
Ⴠ 0XOWLSOH[RUDQDOµJLFR3£JLQDYDORUUHDO$4
Ⴠ 5DPSDDQDOµJLFDYDORUUHDO$4
Ⴠ $ULWP«WLFDDQDOµJLFD3£JLQDYDORUUHDO$4
Ⴠ 5HJXODGRU3,3£JLQDYDORUUHDO$4
Ⴠ &RQWDGRUDGHODQWHDWU£V3£JLQDYDORUUHDO&QW
6HOHFFLRQHODIXQFLµQGHVHDGDPHGLDQWHHOQ¼PHURGHEORTXH(QHODSDUWDGR5HWDUGRDOD
FRQH[LµQ3£JLQDHQFRQWUDU£LQIRUPDFLµQDFHUFDGHORVSDU£PHWURVHVW£QGDU
3DU£PHWURSQ¼PHURGHGHFLPDOHV
6µORHVDSOLFDEOHDORVYDORUHV$4//0D[/6W6S\5DWHYLVXDOL]DGRVHQXQWH[WRGH
DYLVR
&URQRJUDPDGH$4
(Q
6HO
6W
0D[/
/HYHO
H
DW
5
/HYHO
DW
H
H
DW
H
DW
5
5
6W6S%
$4
%
PV PV PV
/2*2
0DQXDOGHSURGXFWR$(
)XQFLRQHVGH/2*2
/LVWDGHODVIXQFLRQHVHVSHFLDOHV6)
'HVFULSFLµQGHODIXQFLµQ
6LVHDFWLYDODHQWUDGD(QODIXQFLµQDMXVWDHOQLYHODFWXDOD6W6SRIIVHW%GXUDQWH
PV
6HJXLGDPHQWHSDUWLHQGRGHOQLYHO6W6SRIIVHW%\GHSHQGLHQGRGHODFRQH[LµQGH6HOOD
IXQFLµQHIHFW¼DXQGHVSOD]DPLHQWRDOQLYHOµFRQODDFHOHUDFLµQLQGLFDGDHQ5DWH
6LVHDFWLYDODHQWUDGD6WODIXQFLµQHIHFW¼DXQGHVSOD]DPLHQWRDOQLYHO6W6SRIIVHW%FRQ
ODDFHOHUDFLµQLQGLFDGDHQ5DWH6HJXLGDPHQWHHOQLYHO6W6SRIIVHW%VHPDQWLHQH
GXUDQWHPV$OFDERGHPVHOQLYHOVHDMXVWDDRIIVHW%(OYDORUHVFDODGRVDOLGD
$4HV
6LVHDFWLYDODHQWUDGD6WODIXQFLµQVµORSXHGHUHLQLFLDUVHWUDVKDEHUVHGHVDFWLYDGRODV
HQWUDGDV6W\(Q
6LVHKDPRGLILFDGRODHQWUDGD6HO\GHSHQGLHQGRGHODFRQH[LµQGH6HOODIXQFLµQHIHFW¼D
XQGHVSOD]DPLHQWRGHVGHHOQLYHODFWXDOKDVWDHOQLYHOGHGHVWLQRDODYHORFLGDGLQGLFDGD
6LVHGHVDFWLYDODHQWUDGD(QODIXQFLµQDMXVWDLQPHGLDWDPHQWHHOQLYHODFWXDODORIIVHW%
(OQLYHODFWXDOVHDFWXDOL]DFDGDPV7HQJDHQFXHQWDODUHODFLµQHQWUHODVDOLGD$4\HO
QLYHODFWXDO
6DOLGD$4 QLYHODFWXDORIIVHW%JDQDQFLD$
1RWD
3DUDP£VLQIRUPDFLµQVREUHHOSURFHVDPLHQWRGHYDORUHVDQDOµJLFRVFRQVXOWHOD$\XGDHQ
SDQWDOODGH/2*26RIW&RPIRUW
/2*2
0DQXDOGHSURGXFWR$(
)XQFLRQHVGH/2*2
/LVWDGHODVIXQFLRQHVHVSHFLDOHV6)
&RQILJXUDFLµQGHOSDU£PHWUR3DU
9LVXDOL]DFLµQHQPRGRGHSURJUDPDFLµQHMHPSOR
% %
3XOVH
/ 0D[/
/ൺ% ႱႧ 6W6S
5DWH
3XOVH
ႱႧ
%
$ *DLQ
% 2IIVHW
S 'HFLPDOHVHQHOWH[WRGHDYLVR
9LVXDOL]DFLµQHQPRGRGHSDUDPHWUL]DFLµQ
% %
3XOVH
/ 6W6S
/ൺ% ႱႧ 5DWH
$4
3XOVH
ႱႧ
%
$ *DLQ
% 2IIVHW
/2*2
0DQXDOGHSURGXFWR$(
)XQFLRQHVGH/2*2
/LVWDGHODVIXQFLRQHVHVSHFLDOHV6)
5HJXODGRU3,
'HVFULSFLµQEUHYH
5HJXODGRUSURSRUFLRQDO\UHJXODGRULQWHJUDO3XHGHXWLOL]DUDPERVWLSRVGHUHJXODGRU
LQGLYLGXDOPHQWHRFRPELQDGRV
6¯PERORHQ/2*2 &DEOHDGR 'HVFULSFLµQ
(QWUDGD$0 $MXVWDHOPRGRGHRSHUDFLµQGHOUHJXODGRU
$0
0RGRDXWRP£WLFR
5
39
$ᇄ $4 0RGRPDQXDO
3DU (QWUDGD5 8WLOLFHODHQWUDGD5SDUDGHVDFWLYDUODVDOLGD$4
0LHQWUDVHVW£DFWLYDGDHVWDHQWUDGDODHQWUDGD$0
SHUPDQHFHEORTXHDGD
/DVDOLGD$4VHSRQHD
(QWUDGD39 9DORUDQDOµJLFRYDULDEOHGHSURFHVRLQIOX\HHQOD
VDOLGD
3DU£PHWURV 63&RQVLJQD
5DQJRGHYDORUHV
D
.&*DQDQFLD
5DQJRGHYDORUHV
D
7,7LHPSRLQWHJUDO
5DQJRGHYDORUHV
DP
'LU6HQWLGRGHDFFLµQGHOUHJXODGRU
5DQJRGHYDORUHV
µ
0T9DORUGH$4HQPRGRPDQXDO
5DQJRGHYDORUHV
D
0LQ9DORUP¯QLPRGH39
5DQJRGHYDORUHV
D
0D[9DORUP£[LPRGH39
5DQJRGHYDORUHV
D
$*DQDQFLD
5DQJRGHYDORUHV
s
%2IIVHW
5DQJRGHYDORUHV
s
S1¼PHURGHGHFLPDOHV
5DQJRGHYDORUHV
6DOLGD$4 (VWDIXQFLµQHVSHFLDOWLHQHXQDVDOLGDDQDOµJLFD
PDJQLWXGPDQLSXODGDVWDVµORSXHGH
FRQHFWDUVHDXQDHQWUDGDDQDOµJLFDGHXQDIXQFLµQ
GHXQDPDUFDDQDOµJLFDRGHXQFRQHFWRUGHVDOLGD
DQDOµJLFD$4$4
5DQJRGHYDORUHVSDUD$4
/2*2
0DQXDOGHSURGXFWR$(
)XQFLRQHVGH/2*2
/LVWDGHODVIXQFLRQHVHVSHFLDOHV6)
3DU£PHWURV63\0T
(OYDORUGHFRQVLJQD63\HOYDORUGH0TSXHGHQGHULYDUVHGHRWUDIXQFLµQ\DSURJUDPDGD
(VSRVLEOHXWLOL]DUORVYDORUHVUHDOHVGHODVVLJXLHQWHVIXQFLRQHV
Ⴠ &RPSDUDGRUDQDOµJLFR3£JLQDYDORUUHDO$[ದ$\
Ⴠ &RQPXWDGRUDQDOµJLFRGHYDORUXPEUDO3£JLQDYDORUUHDO$[
Ⴠ $PSOLILFDGRUDQDOµJLFR3£JLQDYDORUUHDO$[
Ⴠ 0XOWLSOH[RUDQDOµJLFR3£JLQDYDORUUHDO$4
Ⴠ 5DPSDDQDOµJLFD3£JLQDYDORUUHDO$4
Ⴠ $ULWP«WLFDDQDOµJLFD3£JLQDYDORUUHDO$4
Ⴠ 5HJXODGRU3,YDORUUHDO$4
Ⴠ &RQWDGRUDGHODQWHDWU£V3£JLQDYDORUUHDO&QW
6HOHFFLRQHODIXQFLµQGHVHDGDPHGLDQWHHOQ¼PHURGHEORTXH(QHODSDUWDGR5HWDUGRDOD
FRQH[LµQ3£JLQDHQFRQWUDU£LQIRUPDFLµQDFHUFDGHORVSDU£PHWURVHVW£QGDU
3DU£PHWURV.&7,
5HFXHUGH
Ⴠ 6LHOSDU£PHWUR.&WLHQHHOYDORUODIXQFLµQ3UHJXODGRUSURSRUFLRQDOQRVHHMHFXWD
Ⴠ 6LHOSDU£PHWUR7,WLHQHHOYDORUPODIXQFLµQ,UHJXODGRULQWHJUDOQRVHHMHFXWD
3DU£PHWURSQ¼PHURGHGHFLPDOHV
6µORHVDSOLFDEOHDORVYDORUHV39630LQ\0D[YLVXDOL]DGRVHQXQWH[WRGHDYLVR
/2*2
0DQXDOGHSURGXFWR$(
)XQFLRQHVGH/2*2
/LVWDGHODVIXQFLRQHVHVSHFLDOHV6)
&URQRJUDPD
(OWLSRODPDQHUD\ODYHORFLGDGFRQODTXHFDPELD$4GHSHQGHQGHORVSDU£PHWURV.&\
7,$V¯HOWUDQVFXUVRGH$4VµORVHUHSUHVHQWDHQHOGLDJUDPDDPRGRGHHMHPSOR8Q
SURFHVRGHUHJXODFLµQHVFRQWLQXR3RUWDQWRHQHOGLDJUDPDVµORVHUHSUHVHQWDXQH[WUDFWR
$0
5
ൻ
൹ 'LU
ཱ ི
0D[
63 39
0LQ
0T
PV $4
4
8QIDOORSURYRFDXQGHVFHQVRGH39SXHVWRTXH'LUHVW£DMXVWDGRKDFLDDUULED$4
DXPHQWDKDVWDTXH39YXHOYHDHTXLYDOHUD63
8QIDOORSURYRFDXQGHVFHQVRGH39SXHVWRTXH'LUHVW£DMXVWDGRKDFLDDEDMR$4VH
UHGXFHKDVWDTXH39YXHOYHDHTXLYDOHUD63
(OVHQWLGR'LUQRVHSXHGHFDPELDUPLHQWUDVVHHVW£HMHFXWDQGRODIXQFLµQ(OFDPELR
VµORVHPXHVWUDDTX¯DPRGRGHGHPRVWUDFLµQ
'DGRTXHODHQWUDGD5KDSXHVWR$4DFDPELD39(QHVWHFDVRVHVXSRQHTXH39
DXPHQWDORTXHSURYRFDHOGHVFHQVRGH$4GHELGRDTXH'LU KDFLDDUULED
/2*2
0DQXDOGHSURGXFWR$(
)XQFLRQHVGH/2*2
/LVWDGHODVIXQFLRQHVHVSHFLDOHV6)
'HVFULSFLµQGHODIXQFLµQ
6LODHQWUDGD$0VHSRQHDODIXQFLµQHVSHFLDOHPLWHHQODVDOLGD$4HOYDORUTXHKD\D
DMXVWDGRHQHOSDU£PHWUR0T
6LODHQWUDGD$0VHSRQHDVHLQLFLDHOPRGRDXWRP£WLFR(OYDORU0TVHDGRSWDFRPR
VXPDLQWHJUDO\ODIXQFLµQGHOUHJXODGRUFRPLHQ]DDUHDOL]DUORVF£OFXORV
1RWD
3DUDP£VLQIRUPDFLµQVREUHORVFRQFHSWRVE£VLFRVGHOUHJXODGRUFRQVXOWHOD$\XGDHQ
SDQWDOODGH/2*26RIW&RPIRUW
(QODVIµUPXODVVHXWLOL]DHOYDORUUHDO39SDUDHOF£OFXOR
9DORUDFWXDOL]DGR39 39ವJDQDQFLDRIIVHW
Ⴠ 6LHOYDORUDFWXDOL]DGR39 63ODIXQFLµQHVSHFLDOQRPRGLILFDHOYDORUHQ$4
Ⴠ 'LU KDFLDDUULEDFLIUDV\GHOFURQRJUDPD
ದ 6LHOYDORUDFWXDOL]DGR39!63ODIXQFLµQHVSHFLDOUHGXFHHOYDORUHQ$4
ದ 6LHOYDORUDFWXDOL]DGR3963ODIXQFLµQHVSHFLDODXPHQWDHOYDORUHQ$4
Ⴠ 'LU KDFLDDEDMRFLIUDGHOFURQRJUDPD
ದ 6LHOYDORUDFWXDOL]DGR39!63ODIXQFLµQHVSHFLDODXPHQWDHOYDORUHQ$4
ದ 6LHOYDORUDFWXDOL]DGR3963ODIXQFLµQHVSHFLDOUHGXFHHOYDORUHQ$4
6LVHSURGXFHXQIDOOR$4VHVLJXHLQFUHPHQWDQGRRUHGXFLHQGRKDVWDTXHHOYDORU
DFWXDOL]DGR39YXHOYDDHTXLYDOHUD63/DUDSLGH]FRQODTXHFDPELD$4GHSHQGHGHORV
SDU£PHWURV.&\7,
6LHOYDORUGHODHQWUDGD39H[FHGHHOSDU£PHWUR0D[HOYDORUDFWXDOL]DGR39DGRSWDHO
YDORUGH0D[6LHOYDORUGH39HVLQIHULRUDOSDU£PHWUR0LQHOYDORUDFWXDOL]DGR39DGRSWD
HOYDORU0LQ
6LODHQWUDGD5VHSRQHDVHGHVDFWLYDODVDOLGD$40LHQWUDV5HVW£DFWLYDGDODHQWUDGD
$0SHUPDQHFHEORTXHDGD
7LHPSRGHPXHVWUHR
(OWLHPSRGHPXHVWUHRHVW£DMXVWDGRGHIRUPDILMDDPV
-XHJRVGHSDU£PHWURV
(QOD$\XGDHQSDQWDOODGH/2*26RIW&RPIRUWHQFRQWUDU£P£VLQIRUPDFLµQ\HMHPSORVGH
DSOLFDFLµQFRQMXHJRVGHSDU£PHWURVSDUD.&7,\'LU
/2*2
0DQXDOGHSURGXFWR$(
)XQFLRQHVGH/2*2
/LVWDGHODVIXQFLRQHVHVSHFLDOHV6)
&RQILJXUDFLµQGHOSDU£PHWUR3DU
9LVXDOL]DFLµQHQPRGRGHSURJUDPDFLµQHMHPSOR
% %
3XOVH
63ൺ% .&
ႱႧ 7,
'LU
3XOVH
ႱႧ
% %
3XOVH
0Tൺ% $
0LQ ႱႧ %
0D[ S
9LVXDOL]DFLµQHQPRGRGHSDUDPHWUL]DFLµQ
% %
3XOVH
63ൺ% .&
39 ႱႧ 7,
$4 'LU
3XOVH
ႱႧ
% %
3XOVH
0Tൺ% $
0LQ ႱႧ %
0D[
/2*2
0DQXDOGHSURGXFWR$(
)XQFLRQHVGH/2*2
/LVWDGHODVIXQFLRQHVHVSHFLDOHV6)
'HVFULSFLµQEUHYH
/DPRGXODFLµQGHDQFKRGHLPSXOVRV3:0PRGXODHOYDORUGHHQWUDGDDQDOµJLFR$[DXQD
VH³DOGHVDOLGDGLJLWDOGHLPSXOVRV(ODQFKRGHLPSXOVRVHVSURSRUFLRQDODOYDORUDQDOµJLFR
$[
6¯PERORHQ/2*2 &DEOHDGR 'HVFULSFLµQ
(QWUDGD(Q 8QIODQFRDVFHQGHQWHFDPELRGHDHQODHQWUDGD
(Q aᇄ (QKDELLWDHOEORTXHGHIXQFLµQ3:0
$[ 4
(QWUDGD$[ 6H³DODQDOµJLFDTXHGHEHPRGXODUVHDXQDVH³DOGH
3DU
VDOLGDGHLPSXOVRVGLJLWDO
3DU£PHWURV $*DQDQFLD
5DQJRGHYDORUHVs
%'HFDODMHGHRULJHQ
5DQJRGHYDORUHVs
77LHPSRSHULµGLFRHQHOTXHVHPRGXOD
ODVDOLGDGLJLWDO
S1¼PHURGHGHFLPDOHV
5DQJRGHYDORUHV
0¯Q
5DQJRGHYDORUHVs
0£[
5DQJRGHYDORUHVs
6DOLGD4 4VHDFWLYDRGHVDFWLYDGXUDQWHODSURSRUFLµQGH
FDGDSHU¯RGRVHJ¼QODSURSRUFLµQGHOYDORU
QRUPDOL]DGR$[UHVSHFWRDOUDQJRGHYDORUHV
DQDOµJLFRV
3DU£PHWUR7
&RQVXOWHORVDMXVWHVHVW£QGDUGHORVSDU£PHWURV7HQHODSDUWDGR5HVSXHVWDGHWLHPSR
3£JLQD
(OWLHPSRSHULµGLFR7SXHGHGHULYDUVHGHOYDORUUHDOGHRWUDIXQFLµQ\DSURJUDPDGD(V
SRVLEOHXWLOL]DUORVYDORUHVUHDOHVGHODVVLJXLHQWHVIXQFLRQHV
Ⴠ &RPSDUDGRUDQDOµJLFR3£JLQDYDORUUHDO$[ದ$\
Ⴠ &RQPXWDGRUDQDOµJLFRGHYDORUXPEUDO3£JLQDYDORUUHDO$[
Ⴠ $PSOLILFDGRUDQDOµJLFR3£JLQDYDORUUHDO$[
Ⴠ 0XOWLSOH[RUDQDOµJLFR3£JLQDYDORUUHDO$4
Ⴠ 5DPSDDQDOµJLFD3£JLQDYDORUUHDO$4
Ⴠ $ULWP«WLFDDQDOµJLFD3£JLQDYDORUUHDO$4
Ⴠ 5HJXODGRU3,3£JLQDYDORUUHDO$4
Ⴠ &RQWDGRUDGHODQWHDWU£V3£JLQDYDORUUHDO&QW
6HOHFFLRQHODIXQFLµQGHVHDGDPHGLDQWHHOQ¼PHURGHEORTXH/DEDVHGHWLHPSRHV
FRQILJXUDEOH(QHODSDUWDGR5HWDUGRDODFRQH[LµQ3£JLQDHQFRQWUDU£P£V
LQIRUPDFLµQDFHUFDGHORVUDQJRVY£OLGRV\GHOSUHDMXVWHGHSDU£PHWURV
/2*2
0DQXDOGHSURGXFWR$(
)XQFLRQHVGH/2*2
/LVWDGHODVIXQFLRQHVHVSHFLDOHV6)
3DU£PHWURSQ¼PHURGHGHFLPDOHV
(OSDU£PHWURSVµORHVDSOLFDEOHDODYLVXDOL]DFLµQGHOYDORU$[HQXQWH[WRGHDYLVR
'HVFULSFLµQGHODIXQFLµQ
/DIXQFLµQOHHHOYDORUGHODVH³DODSOLFDGDHQODHQWUDGDDQDOµJLFD$[
(VWHYDORUVHPXOWLSOLFDSRUHOSDU£PHWUR$*DLQ(OSDU£PHWUR%2IIVHWVHVXPDDO
SURGXFWRFRPRVHLQGLFDDFRQWLQXDFLµQ
$[ವ*DLQ2IIVHW YDORUUHDO$[
(OEORTXHGHIXQFLµQFDOFXODODSURSRUFLµQGHOYDORUUHDO$[HQHOUDQJR(OEORTXHDFWLYDOD
VDOLGDGLJLWDO4GXUDQWHODPLVPDSURSRUFLµQGHOSDU£PHWUR7WLHPSRSHULµGLFR3RUOR
GHP£V4VHGHVDFWLYDGXUDQWHHOWLHPSRUHVWDQWH
(MHPSORVFRQFURQRJUDPDV
/RVHMHPSORVVLJXLHQWHVPXHVWUDQFµPRODRSHUDFLµQ3:0PRGXODXQDVH³DOGHVDOLGD
GLJLWDODSDUWLUGHOYDORUGHHQWUDGDDQDOµJLFR
(MHPSOR
9DORUGHHQWUDGDDQDOµJLFDUDQJR
7LHPSRSHULµGLFR7VHJXQGRV
/DVDOLGDGLJLWDOGHODIXQFLµQ3:0HVW£DFWLYDGDGXUDQWHVHJXQGRVGHVDFWLYDGDGXUDQWH
VHJXQGRVDFWLYDGDGXUDQWHVHJXQGRVGHVDFWLYDGDGXUDQWHVHJXQGRVHWFPLHQWUDV
HOSDU£PHWUR(Q KLJK
(Q
0D[
$[
0LQ
/2*2
0DQXDOGHSURGXFWR$(
)XQFLRQHVGH/2*2
/LVWDGHODVIXQFLRQHVHVSHFLDOHV6)
(MHPSOR
9DORUGHHQWUDGDDQDOµJLFDUDQJR
7LHPSRSHULµGLFR7VHJXQGRV
/DVDOLGDGLJLWDOGHODIXQFLµQ3:0HVW£DFWLYDGDGXUDQWHVHJXQGRVGHVDFWLYDGDGXUDQWH
VHJXQGRVDFWLYDGDGXUDQWHVHJXQGRVGHVDFWLYDGDGXUDQWHVHJXQGRVHWFPLHQWUDV
HOSDU£PHWUR(Q KLJK
(Q
0D[
$[
0LQ
VHF VHF
4
VHF VHF
5HJODGHF£OFXOR
4 GXUDQWH$[0LQ0D[0LQGHOSHU¯RGR7VL0LQ$[0D[
4 GXUDQWH37>$[0LQ0D[0LQ@GHOSHU¯RGR7
1RWD(QHVWHF£OFXOR$[VHUHILHUHDOYDORUUHDO$[FDOFXODGRXWLOL]DQGRORVYDORUHVGH*DLQ
\2IIVHW
&RQILJXUDFLµQGHOSDU£PHWUR3DU
/DILJXUDVLJXLHQWHPXHVWUDODYLVWDHQPRGRGHSURJUDPDFLµQFRUUHVSRQGLHQWHDOSULPHU
HMHPSOR
% %
3XOVH
0LQ %
0D[ ႱႧ 7 V
$ S
8WLOLFHODVWHFODV \ SDUDQDYHJDUKDVWDORVSDU£PHWURV0LQ0D[$%7\33DUDFDGD
G¯JLWRGHXQYDORUXWLOLFHODVWHFODV \ SDUDGHVSOD]DUVHSRUORVYDORUHVGLVSRQLEOHV
8WLOLFHODWHFOD SDUDQDYHJDUGHVGHOD¼OWLPDO¯QHDGHODSULPHUDSDQWDOODKDVWDODVHJXQGD
SDQWDOODRELHQODWHFOD SDUDQDYHJDUGHVGHODO¯QHDVXSHULRUGHODVHJXQGDSDQWDOODKDVWD
ODSULPHUDSDQWDOOD8WLOLFHODWHFOD2.SDUDDFHSWDUFDPELRV
/2*2
0DQXDOGHSURGXFWR$(
)XQFLRQHVGH/2*2
/LVWDGHODVIXQFLRQHVHVSHFLDOHV6)
9LVXDOL]DFLµQHQPRGRGHSDUDPHWUL]DFLµQ
% %
3XOVH
0LQ %
0D[ ႱႧ 7 V
$
$ULWP«WLFDDQDOµJLFD
'HVFULSFLµQEUHYH
(OEORTXH$ULWP«WLFDDQDOµJLFDFDOFXODHOYDORU$4GHXQDHFXDFLµQIRUPDGDSRURSHUDQGRV
\RSHUDGRUHVSHUVRQDOL]DGRV
6¯PERORHQ/2*2 &DEOHDGR 'HVFULSFLµQ
(QWUDGD(Q 8QFDPELRGHHVWDGRGHDHQODHQWUDGD(Q
(QDEOHKDELOLWDHOEORTXHGHIXQFLµQ$ULWP«WLFD
(Q
3DU $ᇄ $4 DQDOµJLFD
3DU£PHWURV 93ULPHUYDORUGHRSHUDQGR
96HJXQGRYDORUGHRSHUDQGR
97HUFHUYDORUGHRSHUDQGR
9&XDUWRYDORUGHRSHUDQGR
2S3ULPHURSHUDGRU
2S6HJXQGRRSHUDGRU
2S7HUFHURSHUDGRU
3U3ULRULGDGGHODSULPHUDRSHUDFLµQ
3U3ULRULGDGGHODVHJXQGDRSHUDFLµQ
3U3ULRULGDGGHODWHUFHUDRSHUDFLµQ
4HQൺ9DORUGHSXHVWDDGH$4VL(Q
&RQVHUYDU¼OWLPRYDORUGH$4VL(Q
S1¼PHURGHGHFLPDOHV
5DQJRGHYDORUHV
6DOLGD$4 /DVDOLGD$4HVHOUHVXOWDGRGHODHFXDFLµQGH
YDORUHVGHRSHUDQGRV\RSHUDGRUHV$4VHSRQHD
VLRFXUUHXQDGLYLVLµQSRUµXQUHEDVHSRU
H[FHVRRELHQDVLRFXUUHXQUHEDVHSRU
GHIHFWR
/2*2
0DQXDOGHSURGXFWR$(
)XQFLRQHVGH/2*2
/LVWDGHODVIXQFLRQHVHVSHFLDOHV6)
3DU£PHWURV99
/RVYDORUHVDQDOµJLFRVGHORVSDU£PHWURV99SXHGHQGHULYDUVHGHRWUDIXQFLµQ\D
SURJUDPDGD(VSRVLEOHXWLOL]DUORVYDORUHVUHDOHVGHODVVLJXLHQWHVIXQFLRQHV
Ⴠ &RPSDUDGRUDQDOµJLFR3£JLQDYDORUUHDO$[ದ$\
Ⴠ &RQPXWDGRUDQDOµJLFRGHYDORUXPEUDO3£JLQDYDORUUHDO$[
Ⴠ $PSOLILFDGRUDQDOµJLFR3£JLQDYDORUUHDO$[
Ⴠ 0XOWLSOH[RUDQDOµJLFR3£JLQDYDORUUHDO$4
Ⴠ 5DPSDDQDOµJLFD3£JLQDYDORUUHDO$4
Ⴠ $ULWP«WLFDDQDOµJLFDYDORUUHDO$4
Ⴠ 5HJXODGRU3,3£JLQDYDORUUHDO$4
Ⴠ &RQWDGRUDGHODQWHDWU£V3£JLQDYDORUUHDO&QW
6HOHFFLRQHODIXQFLµQGHVHDGDPHGLDQWHHOQ¼PHURGHEORTXH(QHODSDUWDGR5HWDUGRDOD
FRQH[LµQ3£JLQDHQFRQWUDU£LQIRUPDFLµQDFHUFDGHORVSDU£PHWURVHVW£QGDU
1RWD
6LHOYDORUDQDOµJLFRGHOSDU£PHWUR999R9VHGHULYDGHRWUDIXQFLµQ\DSURJUDPDGD
FX\RYDORUUHDOH[FHGHHOUDQJRGHYDORUHVGH99/2*2PRVWUDU£HOYDORUO¯PLWH
VLHOYDORUHVLQIHULRUDOUDQJRLQIHULRURVLHOYDORUHVVXSHULRUDOUDQJR
VXSHULRU
3DU£PHWURSQ¼PHURGHGHFLPDOHV
(OSDU£PHWURSVµORHVDSOLFDEOHDODYLVXDOL]DFLµQGHORVYDORUHV9DORU9DORU9DORU
9DORU\$4HQXQWH[WRGHDYLVR
'HVFULSFLµQGHODIXQFLµQ
/DIXQFLµQGHDULWP«WLFDDQDOµJLFDFRPELQDORVFXDWURRSHUDQGRV\ORVWUHVRSHUDGRUHVSDUD
IRUPDUXQDHFXDFLµQ(ORSHUDGRUSXHGHVHUXQRGHORVFXDWURRSHUDGRUHVHVW£QGDU
µ
3DUDFDGDRSHUDGRUHVSUHFLVRDMXVWDUXQDSULRULGDGXQ¯YRFDDVDEHU+LJK+0HGLXP
0R/RZ//DRSHUDFLµQFRQODSULRULGDG+LJKHVODSULPHUDTXHVHHMHFXWDOXHJROD
RSHUDFLµQFRQODSULRULGDG0HGLXP\SRU¼OWLPRODRSHUDFLµQFRQODSULRULGDG/RZ'HEH
KDEHUH[DFWDPHQWHXQDRSHUDFLµQGHFDGDSULRULGDG/RVYDORUHVGHRSHUDQGRVSXHGHQ
KDFHUUHIHUHQFLDDXQDIXQFLµQGHILQLGDSUHYLDPHQWHSDUDSURSRUFLRQDUHOYDORU/DIXQFLµQ
GHDULWP«WLFDDQDOµJLFDUHGRQGHDHOUHVXOWDGRDOYDORUHQWHURP£VSUµ[LPR
/DFDQWLGDGGHYDORUHVGHRSHUDQGRVVHKDILMDGRDHQWDQWRTXHODFDQWLGDGGH
RSHUDGRUHVVHKDILMDGRD6LQHFHVLWDPHQRVRSHUDQGRVXWLOLFHFRQVWUXFFLRQHVWDOHVFRPR
RELHQ
SDUDHVSHFLILFDUORVGHP£VSDU£PHWURV
7DPEL«QSXHGHFRQILJXUDUHOFRPSRUWDPLHQWRGHODIXQFLµQFXDQGRHOSDU£PHWURGH
KDELOLWDFLµQ(Q (OEORTXHGHIXQFLµQSXHGHFRQVHUYDUHO¼OWLPRYDORURELHQSRQHUVHD
6LHOSDU£PHWUR4HQൺ ODIXQFLµQSRQH$4DFXDQGR(Q 6LHOSDU£PHWUR4HQൺ
ODIXQFLµQFRQVHUYDHO¼OWLPRYDORUGH$4FXDQGR(Q
/2*2
0DQXDOGHSURGXFWR$(
)XQFLRQHVGH/2*2
/LVWDGHODVIXQFLRQHVHVSHFLDOHV6)
(UURUHVSRVLEOHV'LYLVLµQSRUFHUR\GHVERUGDPLHQWR
6LODHMHFXFLµQGHOEORTXHGHIXQFLµQGHDULWP«WLFDDQDOµJLFDUHVXOWDHQXQDGLYLVLµQSRUFHUR
RXQGHVERUGDPLHQWRVHDFWLYDQELWVLQWHUQRVTXHLQGLFDQHOWLSRGHHUURUTXHKDRFXUULGR
(VSRVLEOHSURJUDPDUXQEORTXHGHIXQFLµQGHGHWHFFLµQGHHUURUHVGHDULWP«WLFDDQDOµJLFD
SDUDGHWHFWDUHVWRVHUURUHV\FRQWURODUODUHDFFLµQGHOSURJUDPDGHODPDQHUDGHVHDGD8Q
EORTXHGHIXQFLµQGHGHWHFFLµQGHHUURUHVGHDULWP«WLFDDQDOµJLFDVHSURJUDPDSDUD
UHIHUHQFLDUXQEORTXHHVSHF¯ILFRGHIXQFLµQGHDULWP«WLFDDQDOµJLFD
(MHPSORV
/DVWDEODVVLJXLHQWHVPXHVWUDQDOJXQRVHMHPSORVVHQFLOORVGHSDU£PHWURVGHEORTXHVGH
DULWP«WLFDDQDOµJLFDFRQODHFXDFLµQUHVXOWDQWH\ORVYDORUHVGHVDOLGD
9 2S 9 2S 9 2S 9
3U 3U 3U
0 + /
(FXDFLµQ
5HVXOWDGR
9 2S 9 2S 9 2S 9
3U 3U 3U
/
0 +
(FXDFLµQ
5HVXOWDGR
9 2S 9 2S 9 2S 9
3U 3U 3U
+ / 0
(FXDFLµQ
5HVXOWDGR
/2*2
0DQXDOGHSURGXFWR$(
)XQFLRQHVGH/2*2
/LVWDGHODVIXQFLRQHVHVSHFLDOHV6)
&RQILJXUDFLµQGHOSDU£PHWUR3DU
/DILJXUDVLJXLHQWHPXHVWUDODYLVWDHQPRGRGHSURJUDPDFLµQFRUUHVSRQGLHQWHDOSULPHU
HMHPSOR
% %
3XOVH
9 9
23 ႱႧ 23
35 0 35 +
3XOVH
ႱႧ
% %
3XOVH
9 9
23
ႱႧ 4HQൺ
35 / S
8WLOLFHODVWHFODV \ SDUDGHVSOD]DUVHHQWUHHOYDORUGHRSHUDQGRHORSHUDGRU\OD
SULRULGDGGHODRSHUDFLµQ3DUDPRGLILFDUXQYDORUXWLOLFHODVWHFODV \ SDUDGHVSOD]DUVH
SRUORVYDORUHVGLVSRQLEOHV8WLOLFHODWHFOD SDUDUHWURFHGHUDODSDQWDOODDQWHULRUVLHOFXUVRU
HVW£HQODO¯QHD99\ODWHFOD SDUDDYDQ]DUDODSDQWDOODVLJXLHQWHGHVGHODO¯QHD
35358WLOLFHODWHFOD2.SDUDDFHSWDUFDPELRV
'HWHFFLµQGHHUURUHVGHDULWP«WLFDDQDOµJLFD
'HVFULSFLµQEUHYH
(OEORTXHGHGHWHFFLµQGHHUURUHVGHDULWP«WLFDDQDOµJLFDDFWLYDXQDVDOLGDVLRFXUUHXQ
HUURUHQHOEORTXHGHIXQFLµQGHDULWP«WLFDDQDOµJLFD3£JLQDUHIHUHQFLDGR
6¯PERORHQ/2*2 &DEOHDGR 'HVFULSFLµQ
(QWUDGD(Q 8QFDPELRGHHVWDGRGHDHQODHQWUDGD(Q
(Q (QDEOHKDELOLWDHOEORTXHGHGHWHFFLµQGHHUURUHVGH
5 (ᇄ 4 DULWP«WLFDDQDOµJLFD
3DU
(QWUDGD5 8QDVH³DOHQODHQWUDGD5GHVDFWLYDODVDOLGD
3DU£PHWURV 0DWK%1Q¼PHURGHEORTXHGHXQDLQVWUXFFLµQGH
DULWP«WLFDDQDOµJLFD
(UU='(UURUGHGLYLVLµQSRU
2)(UURUGHGHVERUGDPLHQWR
='2)HUURUGHGLYLVLµQSRU2
HUURUGHGHVERUGDPLHQWR
$XWR5VW'HVDFWLYDUODVDOLGDDQWHVGHODVLJXLHQWH
HMHFXFLµQGHOEORTXHGHIXQFLµQGHHUURUGHDULWP«WLFD
DQDOµJLFD< V¯1 QR
6DOLGD4 4VHDFWLYDVLHOHUURUGHWHFWDGRKDRFXUULGRHQOD
¼OWLPDHMHFXFLµQGHOEORTXHGHIXQFLµQGHDULWP«WLFD
DQDOµJLFDUHIHUHQFLDGR
/2*2
0DQXDOGHSURGXFWR$(
)XQFLRQHVGH/2*2
/LVWDGHODVIXQFLRQHVHVSHFLDOHV6)
3DU£PHWUR0DWK%1
(OYDORUGHOSDU£PHWUR0DWK%1KDFHUHIHUHQFLDDOQ¼PHURGHXQEORTXHGHIXQFLµQGH
DULWP«WLFDDQDOµJLFD\DSURJUDPDGR
'HVFULSFLµQGHODIXQFLµQ
(OEORTXHGHGHWHFFLµQGHHUURUHVGHDULWP«WLFDDQDOµJLFDDFWLYDODVDOLGDVLRFXUUHXQHUURU
HQHOEORTXHGHIXQFLµQGHDULWP«WLFDDQDOµJLFDUHIHUHQFLDGR/DIXQFLµQVHSXHGH
SURJUDPDUGHPDQHUDTXHODVDOLGDVHDFWLYHFXDQGRRFXUUDXQHUURUGHGLYLVLµQSRUFHURXQ
HUURUGHGHVERUGDPLHQWRRFXDOTXLHUWLSRGHHVWRVHUURUHV
6LHVW£DFWLYDGRHOSDU£PHWUR$XWR5VWODVDOLGDVHGHVDFWLYDDQWHVGHODVLJXLHQWHHMHFXFLµQ
GHOEORTXHGHIXQFLµQ6LQRHVW£DFWLYDGRHOSDU£PHWUR$XWR5VWFXDQGRVHDFWLYHODVDOLGD
«VWDSHUPDQHFHU£DFWLYDGDKDVWDTXHHOEORTXHGHGHWHFFLµQGHHUURUHVGHDULWP«WLFD
DQDOµJLFDVHDGHVDFWLYDGRFRQHOSDU£PHWUR5'HHVWDPDQHUDLQFOXVRVLHOHUURUVHERUUD
SRVWHULRUPHQWHHQHOSURJUDPDVHUHJLVWUDTXHKDRFXUULGRXQHUURUHQDOJ¼QPRPHQWR
(QFXDOTXLHUFLFORVLHOEORTXHGHIXQFLµQGHDULWP«WLFDDQDOµJLFDUHIHUHQFLDGRVHHMHFXWD
DQWHVGHOEORTXHGHGHWHFFLµQGHHUURUHVGHDULWP«WLFDDQDOµJLFDHOHUURUVHGHWHFWDHQHVH
PLVPRFLFOR6LHOEORTXHGHIXQFLµQGHDULWP«WLFDDQDOµJLFDUHIHUHQFLDGRVHHMHFXWD
GHVSX«VGHOEORTXHGHGHWHFFLµQGHHUURUHVGHDULWP«WLFDDQDOµJLFDHOHUURUVHGHWHFWDHQHO
VLJXLHQWHFLFOR
7DEODOµJLFDSDUDODGHWHFFLµQGHHUURUHVGHDULWP«WLFDDQDOµJLFD
(QODWDEODVLJXLHQWH(UUUHSUHVHQWDHOSDU£PHWURGHODLQVWUXFFLµQGHGHWHFFLµQGHHUURUHV
GHDULWP«WLFDDQDOµJLFDTXHVHOHFFLRQDHOWLSRGHHUURUDGHWHFWDU='UHSUHVHQWDHOELWGH
GLYLVLµQSRUFHURDFWLYDGRSRUODLQVWUXFFLµQGHDULWP«WLFDDQDOµJLFDDOILQDOGHVXHMHFXFLµQ
VLKDRFXUULGRHOHUURUHQFDVRFRQWUDULR2)UHSUHVHQWDHOELWGHGHVERUGDPLHQWR
DFWLYDGRSRUODLQVWUXFFLµQGHDULWP«WLFDDQDOµJLFDVLKDRFXUULGRHOHUURUHQFDVR
FRQWUDULR(OSDU£PHWUR='2)(UUUHSUHVHQWDHO25OµJLFRGHOELWGHGLYLVLµQSRUFHUR\GHO
ELWGHGHVERUGDPLHQWRGHODLQVWUXFFLµQGHDULWP«WLFDDQDOµJLFDUHIHUHQFLDGD4UHSUHVHQWD
ODVDOLGDGHODIXQFLµQGHGHWHFFLµQGHHUURUHVGHDULWP«WLFDDQDOµJLFD8QD[LQGLFDTXHHO
ELWSXHGHVHUµVLQWHQHULQIOXHQFLDHQODVDOLGD
(UU =' 2) 4
=' [
=' [
2) [
2) [
='2)
='2)
='2)
='2)
6LHOSDU£PHWUR0DWK%1HVFHURODVDOLGD4HVVLHPSUH
/2*2
0DQXDOGHSURGXFWR$(
)XQFLRQHVGH/2*2
/LVWDGHODVIXQFLRQHVHVSHFLDOHV6)
&RQILJXUDFLµQGHOSDU£PHWUR3DU
/RVSDU£PHWURV0DWK%1$XWR5VW\(UUSXHGHQDFWLYDUVHHQHOPRGRGHSURJUDPDFLµQR
SDUDPHWUL]DFLµQ
9LVXDOL]DFLµQHQPRGRGHSURJUDPDFLµQHMHPSOR
%
1¼PHURGHEORTXHGHXQDLQVWUXFFLµQGH
0DWK%1 % DULWP«WLFDDQDOµJLFD\DSURJUDPDGD
$XWR5VW 1 5HVHWDXWRP£WLFR<R1
(UU ='2) ='2)R='2)
8WLOLFHODVWHFODV \ SDUDGHVSOD]DUVHSRUORVSDU£PHWURV0DWK%1$XWR5VW\(UU3DUD
PRGLILFDUXQYDORUXWLOLFHODVWHFODV \ SDUDGHVSOD]DUVHSRUORVYDORUHVGLVSRQLEOHV
8WLOLFHODWHFOD2.SDUDDFHSWDUFDPELRV
9LVXDOL]DFLµQHQPRGRGHSDUDPHWUL]DFLµQHMHPSOR
%
0DWK%1 % 1¼PHURGHEORTXHGHXQDLQVWUXFFLµQGHDULWP«WLFDDQDOµJLFD
$XWR5VW 1 5HVHWDXWRP£WLFR<R1
(UU ='2) ='2)R='2)
/2*2
0DQXDOGHSURGXFWR$(
3DUDPHWUL]DU/2*2
3RUSDUDPHWUL]DFLµQVHHQWLHQGHODFRQILJXUDFLµQGHORVSDU£PHWURVGHEORTXHV(VSRVLEOH
DMXVWDUHQWUHRWURVORVWLHPSRVGHUHWDUGRGHODVIXQFLRQHVGHWHPSRUL]DFLµQORVWLHPSRV
GHFRQPXWDFLµQGHORVWHPSRUL]DGRUHVORVXPEUDOHVGHFRQWDGRUHVHOLQWHUYDORGH
YLJLODQFLDGHXQFRQWDGRUGHKRUDVGHIXQFLRQDPLHQWR\ORVXPEUDOHVGHFRQH[LµQ\
GHVFRQH[LµQGHOLQWHUUXSWRUGHYDORUXPEUDO
/RVSDU£PHWURVSXHGHQFRQILJXUDUVH
Ⴠ (QHOPRGRGHSURJUDPDFLµQ
Ⴠ (QHOPRGRGHSDUDPHWUL]DFLµQ
(QHOPRGRGHSURJUDPDFLµQHODXWRUGHOSURJUDPDWDPEL«QDMXVWDORVSDU£PHWURV
(OPRGRGHSDUDPHWUL]DFLµQSHUPLWHHGLWDUORVSDU£PHWURVVLQWHQHUTXHPRGLILFDUHO
SURJUDPD*UDFLDVDHOORXQXVXDULRSXHGHPRGLILFDUSDU£PHWURVVLQQHFHVLGDGGHFDPELDU
DOPRGRGHSURJUDPDFLµQ/DYHQWDMDHVTXHHOSURJUDPDSHUPDQHFHSURWHJLGR\QR
REVWDQWHHOXVXDULRSXHGHDGDSWDUORDVXVQHFHVLGDGHVHVSHF¯ILFDV
1RWD
(QHOPRGRGHSDUDPHWUL]DFLµQ/2*2FRQWLQ¼DHMHFXWDQGRHOSURJUDPD
/2*2
0DQXDOGHSURGXFWR$(
3DUDPHWUL]DU/2*2
6HOHFFLRQDUHOPRGRGHSDUDPHWUL]DFLµQ
6HOHFFLRQDUHOPRGRGHSDUDPHWUL]DFLµQ
3XOVH(6&SDUDFDPELDUGHOPRGR581DOPRGRGHSDUDPHWUL]DFLµQ
0R
3XOVDU (6&
1RWD
/RVLJXLHQWHHVDSOLFDEOHDODVYHUVLRQHVDQWHULRUHVKDVWD%$3DUDDFFHGHUDOPRGRGH
SDUDPHWUL]DFLµQGHEHSXOVDUVLPXOW£QHDPHQWHODVWHFODV( (6&2 2.
/2*2FDPELDDOPRGRGHSDUDPHWUL]DFLµQ\DEUHHOPHQ¼GHSDUDPHWUL]DFLµQ
!6WRS
$MXV3DU£P
$MXVWDU
1RPEUHSURJ
'HVFULSFLµQGHORVFXDWURFRPDQGRVGHOPHQ¼GHSDUDPHWUL]DFLµQ
Ⴠ 6WRS
(VWHFRPDQGRGHPHQ¼VLUYHSDUDGHWHQHUHOSURJUDPD\FDPELDUDOPHQ¼SULQFLSDOGHO
PRGRGHSURJUDPDFLµQ3URFHGDGHOVLJXLHQWHPRGR
6WRS
SXOVH R
3DUDVLWXDUHOFXUVRU
!
HQ
6
2.
3DUDFRQILUPDUODRSFLµQ
6WRS
SXOVH2
3DUDUSURJU
!1R
6¯
6¯
SXOVH R
3DUDVLWXDUHOFXUVRU
!
HQ
6
2.
3DUDFRQILUPDUODRSFLµQ
6¯
SXOVH2
/2*2YLVXDOL]DHOPHQ¼SULQFLSDOGHOPRGRGHSURJUDPDFLµQ
!3URJUDPDU
7DUMHWD
&RQILJ
,QLFLR
/2*2
0DQXDOGHSURGXFWR$(
3DUDPHWUL]DU/2*2
6HOHFFLRQDUHOPRGRGHSDUDPHWUL]DFLµQ
Ⴠ $MXV3DU£P
3DUDP£VLQIRUPDFLµQVREUHORVGLVWLQWRVSDU£PHWURVFRQVXOWHORVDSDUWDGRV3DU£PHWURV
3£JLQD6HOHFFLRQDUORVSDU£PHWURV3£JLQD\0RGLILFDUORVSDU£PHWURV
3£JLQD
Ⴠ $MXVWDU
3DUDP£VLQIRUPDFLµQVREUHORVGLVWLQWRVDMXVWHVFRQVXOWHHODSDUWDGR$MXVWDUORVYDORUHV
HVW£QGDUGH/2*23£JLQD
Ⴠ 1RPEUHSURJ
&RQHVWHFRPDQGRGHPHQ¼VµORSXHGHOOHHUHOQRPEUHGHOSURJUDPD(VWHQRPEUHQR
SXHGHPRGLILFDUVHHQHOPRGRGHSDUDPHWUL]DFLµQ3£JLQD
3DU£PHWURV
1RWD
/DVVLJXLHQWHVLQGLFDFLRQHVVREUHORVSDU£PHWURVSUHVXSRQHQTXHHQHOPRGRGH
SURJUDPDFLµQVHKDFRQVHUYDGRHOUHVSHFWLYRPRGRHVW£QGDUVWHHVXQUHTXLVLWR
LQGLVSHQVDEOHSDUDYLVXDOL]DU\PRGLILFDUSDU£PHWURVHQHOPRGRGHSDUDPHWUL]DFLµQ
&RQVXOWHORVDSDUWDGRV3URWHFFLµQGHSDU£PHWURV3£JLQD\6LQFURQL]DFLµQ
3£JLQD
6RQSDU£PHWURVSHM
Ⴠ /RVWLHPSRVGHUHWDUGRGHXQUHO«WHPSRUL]DGRU
Ⴠ /RVWLHPSRVGHFRQPXWDFLµQOHYDVGHXQWHPSRUL]DGRU
Ⴠ /RVYDORUHVXPEUDOGHXQFRQWDGRU
Ⴠ (OWLHPSRGHYLJLODQFLDGHXQFRQWDGRUGHKRUDVGHIXQFLRQDPLHQWR
Ⴠ /RVYDORUHVXPEUDOGHXQLQWHUUXSWRU
7RGRSDU£PHWURVHLGHQWLILFDSRUXQQ¼PHURGHEORTXH%[\ODDEUHYLDFLµQGHOSDU£PHWUR
(MHPSORV
Ⴠ 7HVXQWLHPSRFRQILJXUDEOH
Ⴠ 0,HVXQLQWHUYDORGHWLHPSRFRQILJXUDEOH
1RWD
/2*26RIW&RPIRUWWDPEL«QSHUPLWHDVLJQDUQRPEUHVDORVEORTXHVSDUDP£V
LQIRUPDFLµQFRQVXOWHHODSDUWDGR6RIWZDUH/2*23£JLQD
/2*2
0DQXDOGHSURGXFWR$(
3DUDPHWUL]DU/2*2
6HOHFFLRQDUHOPRGRGHSDUDPHWUL]DFLµQ
6HOHFFLRQDUORVSDU£PHWURV
3DUDVHOHFFLRQDUXQSDU£PHWUR
(QHOPHQ¼GHSDUDPHWUL]DFLµQVHOHFFLRQH
$MXV3DU£P
SXOVH R
$
6WRS
!$MXV3DU£P
$MXVWDU
1RPEUHSURJ
2.
&RQILUPHFRQ2
/2*2YLVXDOL]DU£HOSULPHUSDU£PHWUR6LQRHVSRVLEOHDMXVWDUQLQJ¼QSDU£PHWURSXHGH
SXOVDU(6&SDUDUHJUHVDUDOPHQ¼GHSDUDPHWUL]DFLµQ
1¼PHURGHEORTXH
1¼PHURGHSDQWDOODSDUD
IXQFLRQHVFRQGLVWLQWDV
% SDQWDOODV
7 V 9DORUDMXVWDGRHQHOSDU£PHWUR7WLHPSR
7D V 7LHPSRDFWXDOHQ/2*2
1RVHSXHGHPRGLILFDUQLQJ¼Q
1LQJSDU£P SDU£PHWUR
3XOVH(6& 3XOVH(6&SDUDUHJUHVDUDOPHQ¼
GHSDUDPHWUL]DFLµQ
$KRUDVHOHFFLRQHHOSDU£PHWURTXHGHVHHSXOVH R
2.
6HOHFFLRQHHOSDU£PHWURTXHGHVHDPRGLILFDU\SXOVH2
/2*2
0DQXDOGHSURGXFWR$(
3DUDPHWUL]DU/2*2
6HOHFFLRQDUHOPRGRGHSDUDPHWUL]DFLµQ
0RGLILFDUORVSDU£PHWURV
6HOHFFLRQHSULPHURHOSDU£PHWUR3£JLQDTXHGHVHDPRGLILFDU
(OYDORUGHOSDU£PHWURVHPRGLILFDGHLJXDOPDQHUDTXHDOLQWURGXFLUORHQHOPRGRGH
SURJUDPDFLµQ
'HVSODFHHOFXUVRUDODSRVLFLµQHQODTXHGHVHDHIHFWXDUHOFDPELR
3XOVH R
3DUDPRGLILFDUHVWHYDORUSXOVH R
2.
3DUDDSOLFDUHOYDORU2
&DPELDU3XOVH
ႣµႭ
%
7 V 0RYHU3XOVH
ႣµႭ
7D V /LVWR2.
1RWD
$OPRGLILFDUHOSDU£PHWURGHWLHPSRHQPRGR581WDPEL«QHVSRVLEOHFDPELDUODEDVH
GHWLHPSRV VHJXQGRVP PLQXWRVK KRUDV(VWRQRHVDSOLFDEOHVLHOSDU£PHWURGH
WLHPSRHVHOUHVXOWDGRGHRWUDIXQFLµQFRQVXOWHHOHMHPSORHQHODSDUWDGR5HWDUGRDOD
FRQH[LµQ3£JLQD(QHVHFDVRQRSXHGHPRGLILFDUQLHOYDORUQLODEDVHGHWLHPSR
$OPRGLILFDUODEDVHGHWLHPSRVHUHLQLFLDDHOYDORUDFWXDOGHOWLHPSR
9DORUDFWXDOGHXQWLHPSR7
9LVXDOL]DFLµQGHXQWLHPSR7HQHOPRGRGHSDUDPHWUL]DFLµQ
%
7 V 7LHPSRFRQILJXUDGR7
9DORUDFWXDOGHOWHPSRUL]DGRU
9LVXDOL]DFLµQGHXQDOHYDGHWHPSRUL]DGRUHQHOPRGRGHSDUDPHWUL]DFLµQ
%
' 0:)
2Q
2II
(VSRVLEOHPRGLILFDUORVPRPHQWRVGHFRQH[LµQ\GHVFRQH[LµQ2Q2II\HOG¯D
/2*2
0DQXDOGHSURGXFWR$(
3DUDPHWUL]DU/2*2
6HOHFFLRQDUHOPRGRGHSDUDPHWUL]DFLµQ
9DORUDFWXDOGHXQFRQWDGRU
9LVXDOL]DFLµQGHXQSDU£PHWURGHFRQWDGRUHQHOPRGRGHSDUDPHWUL]DFLµQ
% %
R
2Q 2Q
2II 2IIൺ%
9DORUGH
&QW FRQWDMH &QW
DFWXDO
(VSRVLEOHPRGLILFDUORVXPEUDOHVGHFRQH[LµQ\GHVFRQH[LµQ2Q2II(VWRQRHVDSOLFDEOH
VLORVXPEUDOHVGHFRQH[LµQ\GHVFRQH[LµQVRQHOUHVXOWDGRGHRWUDIXQFLµQ%HQHO
DSDUWDGR&RQWDGRUDGHODQWHDWU£V3£JLQD
9DORUDFWXDOGHXQFRQWDGRUGHKRUDVGHIXQFLRQDPLHQWR
9LVXDOL]DFLµQGHXQSDU£PHWURGHFRQWDGRUGHKRUDVGHIXQFLRQDPLHQWRHQHOPRGRGH
SDUDPHWUL]DFLµQ
%
0, K ,QWHUYDORGHWLHPSR
P
%
27 K +RUDVGHRSHUDFLµQWRWDOHV
P
%
01 K 7LHPSRUHVWDQWH
P
(VSRVLEOHPRGLILFDUHOLQWHUYDORSDUDPHWUL]DGR0,
9DORUDFWXDOGHXQVHOHFWRUXPEUDO
9LVXDOL]DFLµQGHOSDU£PHWURGHXQVHOHFWRUXPEUDOHQHOPRGRGHSDUDPHWUL]DFLµQ
%
2Q 8PEUDOGHFRQH[LµQ
2II 8PEUDOGHGHVFRQH[LµQ
/2*2
0DQXDOGHSURGXFWR$(
3DUDPHWUL]DU/2*2
$MXVWDUORVYDORUHVHVW£QGDUGH/2*2
$MXVWDUORVYDORUHVHVW£QGDUGH/2*2
(VSRVLEOHDMXVWDUORVVLJXLHQWHVYDORUHVHVW£QGDUSDUDXQPµGXOR/2*2%DVLF
$MXVWHVGHOUHORM
(VSRVLEOHDMXVWDUORVYDORUHVHVW£QGDUGHKRUD\IHFKD3£JLQDFDPELRGHKRUDULRGH
YHUDQRLQYLHUQR3£JLQD\VLQFURQL]DFLµQ3£JLQD
Ⴠ (QHOPRGRGHSDUDPHWUL]DFLµQSRUPHGLRGHOPHQ¼$MXVWDUFRPDQGR5HORM
Ⴠ (QHOPRGRGHSURJUDPDFLµQSRUPHGLRGHOPHQ¼&RQILJFRPDQGR5HORM
$MXVWDUHOFRQWUDVWH\ODUHWURLOXPLQDFLµQ
(VSRVLEOHDMXVWDUORVYDORUHVHVW£QGDUGHFRQWUDVWH\UHWURLOXPLQDFLµQGHOGLVSOD\
3£JLQD
Ⴠ (QHOPRGRGHSDUDPHWUL]DFLµQSRUPHGLRGHOPHQ¼$MXVWDUFRPDQGR/&'
Ⴠ (QHOPRGRGHSURJUDPDFLµQSRUPHGLRGHOPHQ¼&RQILJFRPDQGR/&'
,GLRPDGHORVPHQ¼V
(VSRVLEOHDMXVWDUHOLGLRPD3£JLQDHQHOTXHGHEHQYLVXDOL]DUVHORVPHQ¼VGH/2*2
Ⴠ (QHOPRGRGHSDUDPHWUL]DFLµQSRUPHGLRGHOPHQ¼$MXVWDUFRPDQGR,GLRPD0HQ¼
Ⴠ (QHOPRGRGHSURJUDPDFLµQSRUPHGLRGHOPHQ¼&RQILJFRPDQGR,GLRPD0HQ¼
&DQWLGDGGHHQWUDGDVDQDOµJLFDVGHOPµGXORE£VLFR
/RVPµGXORVGH/2*2%DVLF/2*2R\/2*25&RVRSRUWDQFXDWURHQWUDGDV
DQDOµJLFDV$QWHULRUPHQWHVRSRUWDEDQVµORGRV3XHGHHOHJLUVLGHVHDXWLOL]DUGRVRFXDWUR
HQWUDGDVDQDOµJLFDV3£JLQDHQHVWRVPµGXORV
Ⴠ (QHOPRGRGHSDUDPHWUL]DFLµQSRUPHGLRGHOPHQ¼$MXVWDUFRPDQGR%0$,180
Ⴠ (QHOPRGRGHSURJUDPDFLµQSRUPHGLRGHOPHQ¼&RQILJFRPDQGR%0$,180
&RQILJXUDFLµQGHODSDQWDOODLQLFLDO
(VSRVLEOHFRQILJXUDUODSDQWDOODLQLFLDOHVW£QGDU3£JLQDTXHGHEHYLVXDOL]DUVHHQHO
/2*2\HQHO/2*27'DOFDPELDUDPRGR581
Ⴠ (QHOPRGRGHSDUDPHWUL]DFLµQSRUPHGLRGHOPHQ¼$MXVWDUFRPDQGR3DQW,QLFLDO
&RQILJXUDFLµQGHWH[WRVGHDYLVR
(VSRVLEOHVHOHFFLRQDUORVDMXVWHVTXHGHEHQDSOLFDUVHDWRGRVORVEORTXHVGHIXQFLµQGH
WH[WRVGHDYLVR3£JLQDHQHOPHQ¼GHSURJUDPDFLµQ
/2*2
0DQXDOGHSURGXFWR$(
3DUDPHWUL]DU/2*2
$MXVWDUORVYDORUHVHVW£QGDUGH/2*2
3DUDDMXVWDUODKRUD\ODIHFKDHQHOPRGRGHSDUDPHWUL]DFLµQ
6HOHFFLRQHHOPRGRGHSDUDPHWUL]DFLµQ3£JLQD
$MXVWDU
SXOVH R
(QHOPHQ¼GHSDUDPHWUL]DFLµQVHOHFFLRQH
$
6WRS
$MXV3DU£P
!$MXVWDU
1RPEUHSURJ
2.
&RQILUPH
$MXVWDU
SXOVH2
5HORM
SXOVH R
&RORTXHHOFXUVRU
!
VREUH
5
2.
&RQILUPH
5HORM
SXOVH2
$MXV5HORM
SXOVH R
&RORTXHHOFXUVRU
!
VREUH
$
2.
$SOLTXH
$MXV5HORM
SXOVH2
1RWD
(OFRPDQGR
$MXV5HORM
VµORVHHMHFXWDVL/2*2LQFRUSRUDXQUHORMHQWLHPSRUHDO
/2*2&3DUDDMXVWDUHOUHORMHQWLHPSRUHDOGH/2*2XWLOLFHHOFRPDQGR
$MXV5HORM
/2*2YLVXDOL]DU£ORVLJXLHQWH
$MXV5HORM
0R (OFXUVRUVHHQFXHQWUDHQHOG¯DGH
<<<<00'' ODVHPDQD
6HOHFFLRQHHOG¯DGHODVHPDQDSXOVH R
6LW¼HHOFXUVRUHQODVLJXLHQWHSRVLFLµQSXOVH R
3DUDPRGLILFDUHVWHYDORUSXOVH R
3DUDDMXVWDUODKRUDFRUUHFWDUHSLWDORVSDVRV\
3DUDDMXVWDUODIHFKDFRUUHFWDUHSLWDORVSDVRV\
2.
3DUDFRQILUPDUODVHQWUDGDVSXOVH2
/2*2
0DQXDOGHSURGXFWR$(
3DUDPHWUL]DU/2*2
$MXVWDUORVYDORUHVHVW£QGDUGH/2*2
3DUDDMXVWDUODKRUD\ODIHFKDHQHOPRGRGHSURJUDPDFLµQ
6LGHVHDDMXVWDUODKRUD\ODIHFKDHQHOPRGRGHSURJUDPDFLµQVHOHFFLRQH
& &RQILJ
HQHO
PHQ¼SULQFLSDO\OXHJRORVFRPDQGRV
5 5HORM
\
$
$MXV5HORM
$KRUDSXHGHDMXVWDUHOG¯DGHOD
VHPDQDODIHFKD\ODKRUDWDO\FRPRVHKDGHVFULWRDQWHULRUPHQWHDSDUWLUGHOSDVR
$MXVWDUHOFRQWUDVWH\ODUHWURLOXPLQDFLµQGHOGLVSOD\
(VSRVLEOHDMXVWDUHOYDORUHVW£QGDUSDUDHOFRQWUDVWHGHOGLVSOD\
Ⴠ (QHOPRGRGHSDUDPHWUL]DFLµQSRUPHGLRGHOPHQ¼$MXVWDUFRPDQGR/&'
Ⴠ (QHOPRGRGHSURJUDPDFLµQSRUPHGLRGHOPHQ¼&RQILJFRPDQGR/&'
3DUDDMXVWDUHOFRQWUDVWHGHOGLVSOD\HQHOPRGRGHSDUDPHWUL]DFLµQ
6HOHFFLRQHHOPRGRGHSDUDPHWUL]DFLµQ3£JLQD
(QHOPHQ¼GHSDUDPHWUL]DFLµQ
$MXVWDU
SXOVH R
VHOHFFLRQH
$
2.
&RQILUPH
$MXVWDU
3XOVH2
(QHOPHQ¼$MXVWDUVHOHFFLRQH
/&'
SXOVH R
2.
&RQILUPH
/&'
SXOVH2
3RUGHIHFWRHOFXUVRUVH³DODD& &RQWUDVWH
&RQWUDVWH
SXOVH R
6LQRIXHVHDV¯VLW¼HHOFXUVRU
!
HQ
&
2.
&RQILUPH
&RQWUDVWH
SXOVH2
/2*2YLVXDOL]DU£ORVLJXLHQWH
&RQWUDVWH
3DUDPRGLILFDUHOFRQWUDVWHGHOGLVSOD\SXOVH R
2.
3DUDFRQILUPDUODHQWUDGDSXOVH2
3DUDDMXVWDUHOFRQWUDVWHGHOGLVSOD\HQHOPRGRGHSURJUDPDFLµQ
6LGHVHDDMXVWDUHOFRQWUDVWHGHOGLVSOD\HQHOPRGRGHSURJUDPDFLµQVHOHFFLRQH
& &RQILJ
HQ
&RQWUDVWH
3XHGHDMXVWDUHOFRQWUDVWHGHOGLVSOD\GHOD
HOPHQ¼SULQFLSDO\OXHJRODRSFLµQ
&
PDQHUDGHVFULWDDQWHULRUPHQWHDSDUWLUGHOSDVR
/2*2
0DQXDOGHSURGXFWR$(
3DUDPHWUL]DU/2*2
$MXVWDUORVYDORUHVHVW£QGDUGH/2*2
3DUDDMXVWDUODUHWURLOXPLQDFLµQHQHOPRGRGHSDUDPHWUL]DFLµQ
6HOHFFLRQHHOPRGRGHSDUDPHWUL]DFLµQ
(QHOPHQ¼GHSDUDPHWUL]DFLµQ
$MXVWDU
SXOVH R
VHOHFFLRQH
$
2.
&RQILUPH
$MXVWDU
SXOVH2
(QHOPHQ¼$MXVWDUVHOHFFLRQH
/&'
SXOVH R
2.
&RQILUPH
/&'
SXOVH2
5HWURLOXP
SXOVH R
&RORTXHHOFXUVRU
!
VREUH
5
5HWURLOXP
SXOVH2
&RQILUPH
5 2.
&RORTXHHOFXUVRU
!
VREUH
(
(VW£QGDU
6LHPSUH21
SXOVH R
R
6
(ODMXVWHHVW£QGDUHVTXHODUHWURLOXPLQDFLµQQRHVW£DFWLYDGD3DUDGHWHUPLQDUTXHOD
UHWURLOXPLQDFLµQHVW«VLHPSUHDFWLYDGDVHOHFFLRQHODRSFLµQ
6
6LHPSUH21
3DUDDMXVWDUODUHWURLOXPLQDFLµQHQHOPRGRGHSURJUDPDFLµQ
6LGHVHDDMXVWDUODUHWURLOXPLQDFLµQHQHOPRGRGHSURJUDPDFLµQVHOHFFLRQH
& &RQILJ
HQHO
PHQ¼SULQFLSDO\OXHJRODRSFLµQ
/&'
$FRQWLQXDFLµQSXHGHDMXVWDUODUHWURLOXPLQDFLµQGH
ODIRUPDGHVFULWDP£VDUULEDDSDUWLUGHOSDVR
1RWD/DUHWURLOXPLQDFLµQGHO/2*27'WLHQHXQDYLGD¼WLOGHKRUDV
$MXVWDUHOLGLRPDGHORVPHQ¼V
/RVPHQ¼VGH/2*2SXHGHQYLVXDOL]DUVHHQXQRGHGLH]LGLRPDVSUHGHILQLGRV
&1FKLQR '(DOHP£Q (1LQJO«V (6HVSD³RO )5IUDQF«V
,7LWDOLDQR 1/KRODQG«V 58UXVR 75WXUFR -3-DSRQ«V
3DUDDMXVWDUHOLGLRPDGHORVPHQ¼VHQHOPRGRGHSDUDPHWUL]DFLµQ
6HOHFFLRQHHOPRGRGHSDUDPHWUL]DFLµQ3£JLQD
(QHOPHQ¼GHSDUDPHWUL]DFLµQ
$MXVWDU
SXOVH R
VHOHFFLRQH
$
2.
&RQILUPH
$MXVWDU
SXOVH2
(QHOPHQ¼$MXVWDUVHOHFFLRQH
,,GLRPD0HQ¼
SXOVH R
2.
&RQILUPH
,GLRPD0HQ¼
SXOVH2
6LW¼HHOFXUVRU
!
HQHOLGLRPD
GHVHDGRSXOVH R
2.
&RQILUPHODVHOHFFLµQGHOLGLRPDSXOVH2
/2*2
0DQXDOGHSURGXFWR$(
3DUDPHWUL]DU/2*2
$MXVWDUORVYDORUHVHVW£QGDUGH/2*2
3DUDDMXVWDUHOLGLRPDGHORVPHQ¼VHQHOPRGRGHSURJUDPDFLµQ
6LGHVHDDMXVWDUHOLGLRPDGHORVPHQ¼VHQHOPRGRGHSURJUDPDFLµQVHOHFFLRQH
& &RQILJ
HQ
HOPHQ¼SULQFLSDO\OXHJRODRSFLµQ
,,GLRPD0HQ¼
3XHGHDMXVWDUHOLGLRPDGHORVPHQ¼VGH
ODPDQHUDGHVFULWDDQWHULRUPHQWHDSDUWLUGHOSDVR
3DUDTXH/2*2YXHOYDDVXFRQILJXUDFLµQGHLGLRPDHVW£QGDU
6LTXLHUHUHVWDXUDUODFRQILJXUDFLµQGHLGLRPDHVW£QGDUGH/2*2LQJO«VSURFHGDGHOD
PDQHUDVLJXLHQWH
'HVFRQHFWH/2*2\YX«OYDORDFRQHFWDU
&XDQGRDSDUH]FDXQLFRQRHQIRUPDGHUHORMGHDUHQDSXOVH \2
2.VLPXOW£QHDPHQWH
KDVWDTXHVHPXHVWUHQODVHQWUDGDVGHPHQ¼HQLQJO«V
$MXVWDUHOQ¼PHURGHHQWUDGDVDQDOµJLFDVGHOPµGXORE£VLFR
/2*25&5&R\/2*2RVRSRUWDQXQP£[LPRGHFXDWURHQWUDGDVLQWHJUDGDV
TXHSXHGHQXWLOL]DUVHFRPRHQWUDGDVDQDOµJLFDVRGLJLWDOHV9/DVHQWUDGDV,$,
H,$,HVW£QGLVSRQLEOHVFRPRHQWUDGDVDQDOµJLFDVHQODFRQILJXUDFLµQHVW£QGDUWDQWRVL
VHXWLOL]DQFRPRVLQR/DVHQWUDGDV,$,H,$,VRQHQWUDGDVDQDOµJLFDVRSFLRQDOHV
/2*2RIUHFHXQPHQ¼TXHSHUPLWHHOHJLUVLVHGHVHDQXWLOL]DUGRVHQWUDGDVDQDOµJLFDVODV
SUHGHWHUPLQDGDV$,\$,RFXDWUR,QGHSHQGLHQWHPHQWHGHODFRQILJXUDFLµQODVHQWUDGDV
,H,SXHGHQXWLOL]DUVHFRPRHQWUDGDVGLJLWDOHV3DUDXWLOL]DUODVFRPRHQWUDGDVDQDOµJLFDV
$,H$,HVSUHFLVRDMXVWDU
%0$,180
DFXDWUR7HQJDHQFXHQWDTXHHOQ¼PHURGH
HQWUDGDVDQDOµJLFDVFRQILJXUDGDVHQHOPµGXOR/2*2%DVLFDIHFWDODSRVWHULRUQXPHUDFLµQ
GHHQWUDGDVDQDOµJLFDVHQORVPµGXORVGHDPSOLDFLµQDFRSODGRVFRQVXOWHHODSDUWDGR
&RQILJXUDFLµQP£[LPD3£JLQD
3DUDDMXVWDUHOQ¼PHURGH$,VHQHOPRGRGHSDUDPHWUL]DFLµQ
6HOHFFLRQHHOPRGRGHSDUDPHWUL]DFLµQ3£JLQD
(QHOPHQ¼GHSDUDPHWUL]DFLµQ
$MXVWDU
SXOVH R
VHOHFFLRQH
$
2.
&RQILUPH
$MXVWDU
SXOVH2
(QHOPHQ¼$MXVWDUVHOHFFLRQH
%
%0$,180
SXOVH R
2.
&RQILUPHODRSFLµQ
%0$,180
SXOVH2
6LW¼HHOFXUVRUHQ
$,
µ
$,
SXOVH R
2.
&RQILUPHODVHOHFFLµQSXOVH2
/2*2
0DQXDOGHSURGXFWR$(
3DUDPHWUL]DU/2*2
$MXVWDUORVYDORUHVHVW£QGDUGH/2*2
3DUDDMXVWDUHOQ¼PHURGH$,VHQHOPRGRGHSURJUDPDFLµQ
6LGHVHDDMXVWDUHOQ¼PHURGH$,VHQHOPRGRGHSURJUDPDFLµQVHOHFFLRQH
&
&RQILJ
HQHO
%0$,180
3XHGHDMXVWDUHOQ¼PHURGH$,VGHODPDQHUD
PHQ¼SULQFLSDO\OXHJRODRSFLµQ
%
GHVFULWDDQWHULRUPHQWHDSDUWLUGHOSDVR
1RWD
6LPRGLILFDHOQ¼PHURGHHQWUDGDVDQDOµJLFDV/2*2UHDUUDQFDDXWRP£WLFDPHQWH
$MXVWDUODSDQWDOODLQLFLDO
(VSRVLEOHVHOHFFLRQDUHODMXVWHHVW£QGDUGHODSDQWDOODLQLFLDOTXHHO/2*2\HO/2*27'
GHEHQYLVXDOL]DUHQPRGR581(QHOPRGRGHSDUDPHWUL]DFLµQHVWDVHOHFFLµQVHHIHFW¼D
SRUPHGLRGHOPHQ¼$MXVWDUFRPDQGR3DQW,QLFLDO
3DUDVHOHFFLRQDUODSDQWDOODLQLFLDO
6HOHFFLRQHHOPRGRGHSDUDPHWUL]DFLµQ3£JLQD
(QHOPHQ¼GHSDUDPHWUL]DFLµQ
$MXVWDU
SXOVH R
VHOHFFLRQH
$
2.
&RQILUPH
$MXVWDU
SXOVH2
3DQW,QLFLDO
SXOVH R
6LW¼HHOFXUVRUHQ
3
2./2*2YLVXDOL]DU£ORVLJXLHQWH
&RQILUPH
3DQW,QLFLDO
SXOVH2
!5HORM
(QWUDGD',
3DQW,QLFLDO
5HORM
(ODMXVWHDFWXDOGHODSDQWDOODLQLFLDOVHYLVXDOL]DHQODILODLQIHULRU(ODMXVWHHVW£QGDUHV
5HORM
3XHGHVHOHFFLRQDUTXHVHYLVXDOLFHQODKRUD\ODIHFKDDFWXDOHVRELHQORVYDORUHVGHODV
HQWUDGDVGLJLWDOHV
6HOHFFLRQHHODMXVWHHVW£QGDUGHVHDGRSXOVH R
2.
3DUDFRQILUPDUODHQWUDGDSXOVH2
/2*2YLVXDOL]DU£VXVHOHFFLµQ
'HVFRQHFWH\YXHOYDDFRQHFWDUODDOLPHQWDFLµQGHOPµGXOR/2*2%DVLFSDUDTXHORV
FDPELRVWHQJDQHIHFWR&XDQGR/2*2HVW£HQPRGR581WDQWRHO/2*2FRPRHO
/2*27'YLVXDOL]DQODSDQWDOODLQLFLDOVHOHFFLRQDGD
/2*2
0DQXDOGHSURGXFWR$(
7DUMHWDVGHPHPRULD\EDWHU¯D/2*2
/2*2RIUHFHODVVLJXLHQWHVWDUMHWDVSDUDDOPDFHQDUHOSURJUDPD\UHVSDOGDUHOUHORMHQ
WLHPSRUHDO
Ⴠ /2*27DUMHWDGHPHPRULD
Ⴠ /2*27DUMHWDGHEDWHU¯D
Ⴠ /2*27DUMHWDGHPHPRULDEDWHU¯D
&DGDXQDGHHVWDVWUHVWDUMHWDVWLHQHXQFRORUGLIHUHQWHSDUDGLVWLQJXLUODI£FLOPHQWHGHODV
GHP£V7DPEL«QVRQGHGLIHUHQWHWDPD³R/DWDUMHWDGHPHPRULD/2*2GHFRORUS¼USXUD
VLUYHSDUDDOPDFHQDUHOSURJUDPD/DWDUMHWDGHEDWHU¯D/2*2GHFRORUYHUGHRIUHFH
UHVSDOGRSRUEDWHU¯DSDUDHOUHORMHQWLHPSRUHDOGXUDQWHGRVD³RV/DWDUMHWDGH
PHPRULDEDWHU¯D/2*2GHFRORUPDUUµQSHUPLWHDOPDFHQDUHOSURJUDPD\UHVSDOGDUHO
UHORMHQWLHPSRUHDO
$'9(57(1&,$
([LVWHULHVJRGHPXHUWHOHVLRQHVFRUSRUDOHVRGD³RVPDWHULDOHVVLODWDUMHWDGHEDWHU¯DRGH
PHPRULDEDWHU¯DFRPELQDGDVHXWLOL]DHQXQOXJDUSHOLJURVR
8WLOLFHODWDUMHWDGHEDWHU¯DRGHPHPRULDEDWHU¯DFRPELQDGDVµORHQOXJDUHVQRSHOLJURVRV
/DWDUMHWDGHPHPRULD/2*2%$\ODWDUMHWDGHPHPRULDEDWHU¯D/2*2%$GLVSRQHQ
GH.E\WHVGHPHPRULDHVGHFLUHOFX£GUXSOHGHODPHPRULDGHODWDUMHWDGHPHPRULD
/2*2%$
/2*2SHUPLWHDOPDFHQDUVµORXQSURJUDPDHQODPHPRULD6LGHVHDPRGLILFDUHOSURJUDPD
RFUHDUXQSURJUDPDDGLFLRQDOVLQERUUDUHOSULPHURGHEHDUFKLYDUORHQRWUDSDUWH
(OSURJUDPDGH/2*2SXHGHFRSLDUVHHQXQDWDUMHWDGHPHPRULD/2*2RHQXQDWDUMHWD
GHPHPRULDEDWHU¯D/2*2(VWDWDUMHWDSXHGHLQVHUWDUVHOXHJRHQRWUR/2*2SDUDFRSLDU
HOSURJUDPD(VWRSHUPLWHJHVWLRQDUORVSURJUDPDVFRPRVHLQGLFDDFRQWLQXDFLµQ
Ⴠ $UFKLYDUSURJUDPDV
Ⴠ 5HSURGXFLUSURJUDPDV
Ⴠ (QYLDUSURJUDPDVSRUFRUUHR
Ⴠ &UHDU\FRPSUREDUSURJUDPDVHQODRILFLQD\WUDQVIHULUORVOXHJRDXQ/2*2LQVWDODGRHQ
HODUPDULRHO«FWULFR
/2*2
0DQXDOGHSURGXFWR$(
7DUMHWDVGHPHPRULD\EDWHU¯D/2*2
$MXVWDUORVYDORUHVHVW£QGDUGH/2*2
/2*2VHVXPLQLVWUDFRQXQDWDSD/DWDUMHWDGHPHPRULD/2*2ODWDUMHWDGHEDWHU¯D
/2*2\ODWDUMHWDGHPHPRULDEDWHU¯DFRPELQDGD/2*2VHVXPLQLVWUDQSRUVHSDUDGR
1RWD
1RVHUHTXLHUHQLQJXQDWDUMHWDGHPHPRULDRGHPHPRULDEDWHU¯DFRPELQDGDSDUDUHVSDOGDU
HOSURJUDPDHQ/2*2
$OILQDOL]DUHOPRGRGHSURJUDPDFLµQHOSURJUDPDGH/2*2\DTXHGDJXDUGDGRGHIRUPD
SHUPDQHQWH
(QODWDUMHWDGHPHPRULDRGHPHPRULDEDWHU¯DFRPELQDGDSXHGHQUHVSDOGDUVHWRGRVORV
GDWRVGHODPHPRULDGHSURJUDPDGHO/2*2/RVQ¼PHURVGHUHIHUHQFLDVHLQGLFDQHQHO
DSDUWDGR1¼PHURVGHUHIHUHQFLD3£JLQDGHODQH[R
&RPSDWLELOLGDGWDUMHWDVGHPHPRULDDQWLJXDVHQGLVSRVLWLYRV/2*2PRGHUQRV
FRQYHUVLRQHVDQWHULRUHVGLVSRVLWLYRV%$\%$
/RVGDWRVHVFULWRVHQXQDWDUMHWDGHPHPRULDGHODYHUVLµQ%$SXHGHQOHHUVHHQWRGDVODV
YHUVLRQHV%$/DVWDUMHWDVGHPHPRULD%$QRSXHGHQOHHUVHHQODVYHUVLRQHV%$
FRQYHUVLRQHVDQWHULRUHVGLVSRVLWLYRV%$D%$
8QDWDUMHWDGHPHPRULDTXHFRQWHQJDGDWRVHVFULWRVHQYHUVLRQHVDQWHULRUHVGLVSRVLWLYRV
%$%$QRVHSXHGHXWLOL]DUHQGLVSRVLWLYRV/2*2%$RSRVWHULRUHV6LHOVLVWHPD
/2*2GHWHFWDXQDWDUMHWDGHPHPRULD
DQWLJXD
VHYLVXDOL]DU£HODYLVR7DUM1R9£OLGD
3XOVH(6&
$VLPLVPRXQDWDUMHWDGHPHPRULDGHODYHUVLµQ%$RSRVWHULRUWDPSRFRSXHGHXWLOL]DUVH
HQGLVSRVLWLYRV/2*2GHODVHULH%$%$
&RPSDWLELOLGDGQXHYDVWDUMHWDVGHPHPRULDEDWHU¯DRPHPRULDEDWHU¯DFRPELQDGDHQGLVSRVLWLYRV
/2*2DQWLJXRV
/DWDUMHWDGHPHPRULD/2*2%$SXHGHXWLOL]DUVHHQGLVSRVLWLYRV%$µ%$SDUD
DOPDFHQDUXQSURJUDPD6LQHPEDUJRQRSXHGHXWLOL]DUVHHQORVGLVSRVLWLYRV%$%$
8QDWDUMHWDGHPHPRULD/2*2%$RXQDWDUMHWDGHPHPRULDEDWHU¯D%$TXH\DWHQJD
XQSURJUDPD/2*2%$JXDUGDGRQRSXHGHXWLOL]DUVHHQQLQJ¼QRWURGLVSRVLWLYR/2*2
DSDUWHGHODVHULH%$
8QDWDUMHWDGHEDWHU¯D/2*2%$RXQDWDUMHWDGHPHPRULDEDWHU¯D/2*2%$VµOR
SXHGHXWLOL]DUVHHQGLVSRVLWLYRV%$
&RPSDWLELOLGDGDVFHQGHQWHGHSURJUDPDV
/RVSURJUDPDVHVFULWRVSDUDODVYHUVLRQHVDQWHULRUHV%$%$SXHGHQWUDQVIHULUVHD
GLVSRVLWLYRV%$SRUPHGLRGH/2*26RIW&RPIRUW
/2*2
0DQXDOGHSURGXFWR$(
7DUMHWDVGHPHPRULD\EDWHU¯D/2*2
)XQFLµQGHVHJXULGDG3URWFRSLD
7DUMHWDVGHPHPRULDQRSURWHJLGDV
(VSRVLEOHHGLWDUORVSURJUDPDVVLQUHVWULFFLµQDOJXQDHLQWHUFDPELDUGDWRVHQWUHHO
GLVSRVLWLYR\ODWDUMHWDGHPHPRULDRGHPHPRULDEDWHU¯DFRPELQDGD
7DUMHWDVGHPHPRULDSURWHJLGDV
8QSURJUDPDHVW£S
SURWHJLGRVLVHWUDQVILHUHD/2*2GHVGHXQDWDUMHWDGHPHPRULDRGH
PHPRULDEDWHU¯DFRPELQDGDTXHHVW«SURWHJLGD
3DUDHMHFXWDUHVWHSURJUDPDHQ/2*2ODWDUMHWDSURWHJLGDGHEHSHUPDQHFHULQVHUWDGDHQ
5813RUWDQWRHOSURJUDPDDOPDFHQDGRHQODWDUMHWDQRSXHGHFRSLDUVHDQLQJ¼QRWUR
GLVSRVLWLYR/2*2
$GHP£VXQSURJUDPDSURWHJLGRQRSXHGHPRGLILFDUVH
8QSURJUDPDS SURWHJLGRSRUFRQWUDVH³D\DQRHVWDU£SURWHJLGRWUDVLQWURGXFLUODFRQWUDVH³D
FRUUHFWD(QHVWHFDVRHVSRVLEOHPRGLILFDUHOSURJUDPD\H[WUDHUODWDUMHWDGHPHPRULDRGH
PHPRULDEDWHU¯DFRPELQDGD
1RWD
$OFUHDUXQSURJUDPDSDUDXQDWDUMHWDGHPHPRULDRGHPHPRULDEDWHU¯DFRPELQDGDHV
SUHFLVRDVLJQDUXQDFRQWUDVH³D3£JLQDSDUDSRGHUHGLWDUHOSURJUDPDSRVWHULRUPHQWH
&RUUHODFLµQHQWUHODFRQWUDVH³D\ODIXQFLµQGHSURWHFFLµQ
&RQWUDVH³D 3URWHFFLµQ (GLWDU &RSLDU %RUUDU
6¯ 6¯ 6¯
6¯ 6¯FRQFRQWUDVH³D 6¯ 6¯FRQFRQWUDVH³D
6¯ 1R 1R 6¯
6¯ 6¯ 6¯FRQFRQWUDVH³D 6¯FRQFRQWUDVH³D 6¯FRQFRQWUDVH³D
/2*2
0DQXDOGHSURGXFWR$(
7DUMHWDVGHPHPRULD\EDWHU¯D/2*2
)XQFLµQGHVHJXULGDG3URWFRSLD
$VLJQDUXQDIXQFLµQGHVHJXULGDG
3DUDDVLJQDUXQSURJUDPD\ODIXQFLµQGHSURWHFFLµQDQWLFRSLDDODWDUMHWDGHPHPRULDRGH
PHPRULDEDWHU¯DFRPELQDGDDEUDHOPRGRGHSURJUDPDFLµQ\VHOHFFLRQH7DUMHWD
&RQPXWH/2*2DOPRGRGHSURJUDPDFLµQ(6&!6WRS
7DUMHWD
SXOVH R
(OLMDHOFRPDQGR
7
2.
3DUDDSOLFDUODRSFLµQ
7DUMHWD
SXOVH2
3URWFRSLD
SXOVH R
&RORTXHHOFXUVRU
!
VREUH
3
2.
3DUDDSOLFDUODRSFLµQ
3URWFRSLD
SXOVH2
/2*2YLVXDOL]DU£ORVLJXLHQWH
!1R
6¯
3URWFRSLD
1R
(ODMXVWHGHSURWHFFLµQDFWXDOVHYLVXDOL]DHQODO¯QHDLQIHULRU(VWDIXQFLµQHVW£GHVDFWLYDGD
SRUGHIHFWR1RGHVDFWLYDGD
$FWLYDUODIXQFLµQGHVHJXULGDG
3DUDDFWLYDUODIXQFLµQGHVHJXULGDG
6¯
SXOVH R
&RORTXHHOFXUVRU
!
VREUH
6
2.
&RQILUPH
6¯
SXOVH2
/2*2YLVXDOL]DU£ORVLJXLHQWH
!1R
6¯
3URWFRSLD
6¯
1RWD
'HHVWHPRGRVµORVHDFWLYDODSURWHFFLµQGHOSURJUDPD\ODSURWHFFLµQDQWLFRSLDSDUDOD
WDUMHWDGHPHPRULDRGHPHPRULDEDWHU¯DFRPELQDGD(OSURJUDPDHQV¯GHEHWUDQVIHULUVH
3£JLQDSRUVHSDUDGRGH/2*2DODWDUMHWDGHPHPRULDRGHPHPRULDEDWHU¯D
FRPELQDGD(VWDWUDQVIHUHQFLDSXHGHHIHFWXDUVHGXUDQWHHODUUDQTXH
(OHVWDGR1RIXQFLµQGHVHJXULGDGGHVDFWLYDGDSXHGHFDPELDUVHHQWRGRPRPHQWRD6¯
IXQFLµQGHVHJXULGDGDFWLYDGD
8QFDPELRGHHVWDGRGH6¯IXQFLµQGHVHJXULGDGDFWLYDGDD1RIXQFLµQGHVHJXULGDG
GHVDFWLYDGDVµORHVSRVLEOHVLODWDUMHWDGHPHPRULDRGHPHPRULDEDWHU¯DFRPELQDGDQR
FRQWLHQHQLQJ¼QSURJUDPD
/2*2
0DQXDOGHSURGXFWR$(
7DUMHWDVGHPHPRULD\EDWHU¯D/2*2
,QVHUWDU\H[WUDHUWDUMHWDVGHPHPRULD\EDWHU¯D
,QVHUWDU\H[WUDHUWDUMHWDVGHPHPRULD\EDWHU¯D
$OH[WUDHUXQDWDUMHWDGHPHPRULDRGHPHPRULDEDWHU¯DFRPELQDGDTXHFRQWHQJDXQ
SURJUDPDFRQSURWHFFLµQDQWLFRSLDWHQJDHQFXHQWDORVLJXLHQWH(OSURJUDPDDOPDFHQDGR
HQODWDUMHWDVµORSXHGHHMHFXWDUVHVLODWDUMHWDSHUPDQHFHLQVHUWDGDHQUXQWLPH
7UDVKDEHUH[WUD¯GRODWDUMHWDGHPHPRULDRGHPHPRULDEDWHU¯DFRPELQDGD/2*2
YLVXDOL]DHODYLVR
1LQJ3URJU
/DH[WUDFFLµQGHODWDUMHWDHQUXQWLPHFDXVDHVWDGRVGH
RSHUDFLµQLQDGPLVLEOHV
7HQJDVLHPSUHHQFXHQWDODDGYHUWHQFLDVLJXLHQWH
$'9(57(1&,$
1RWRTXHODUDQXUDDELHUWDGHODWDUMHWDGHPHPRULDQLFRQORVGHGRVQLFRQXQREMHWR
PHW£OLFRRFRQGXFWRU
/DUDQXUDGHODWDUMHWDGHPHPRULDSXHGHHVWDUEDMRWHQVLµQVLODSRODULGDGVHLQYLHUWHSRU
GHVFXLGRHQ/\1
6µORHOSHUVRQDOFXDOLILFDGRGHEHH[WUDHUODWDUMHWDGHPHPRULDGHEDWHU¯DRGH
PHPRULDEDWHU¯DFRPELQDGD
([WUDHUODWDUMHWDGHPHPRULDGHEDWHU¯DRGHPHPRULDEDWHU¯DFRPELQDGD
3DUDH[WUDHUODWDUMHWDGHPHPRULDLQWURGX]FDXQGHVWRUQLOODGRUFXLGDGRVDPHQWHHQOD
UDQXUDVLWXDGDHQHOH[WUHPRVXSHULRUGHODWDUMHWD\H[WU£LJDODSDUFLDOPHQWH$KRUD\D
SXHGHH[WUDHUODWDUMHWDGHPHPRULDSRUFRPSOHWR
/2*2
0DQXDOGHSURGXFWR$(
7DUMHWDVGHPHPRULD\EDWHU¯D/2*2
,QVHUWDU\H[WUDHUWDUMHWDVGHPHPRULD\EDWHU¯D
3DUDH[WUDHUXQDWDUMHWDGHEDWHU¯DRGHPHPRULDEDWHU¯DFRPELQDGDLQWURGX]FDXQ
GHVWRUQLOODGRUFXLGDGRVDPHQWHHQODUDQXUDVLWXDGDHQHOH[WUHPRVXSHULRUGHODWDUMHWD
KDVWDTXHHQFDMHHQHOODGRSRVWHULRU&RQHOGHVWRUQLOODGRUHQFDMDGRH[WUDLJDODWDUMHWDFRQ
ORVGHGRV
,QVHUWDUXQDWDUMHWDGHPHPRULDGHEDWHU¯DRGHPHPRULDEDWHU¯DFRPELQDGD
/DHQWUDGDGHODUDQXUDHQODTXHVHLQVHUWDODWDUMHWDGHPHPRULDGHEDWHU¯DRGH
PHPRULDEDWHU¯DFRPELQDGDHVW£DFKDIODQDGDHQHOODGRLQIHULRUGHUHFKR(OERUGHGHODV
WDUMHWDVHVW£DFKDIODQDGRDVLPLVPR(VWDFRGLILFDFLµQLPSLGHTXHODVWDUMHWDVVHLQVHUWHQ
LQFRUUHFWDPHQWH,QVHUWHODWDUMHWDGHPHPRULDGHEDWHU¯DRGHPHPRULDEDWHU¯DFRPELQDGD
HQODUDQXUD\HPS¼MHODKDVWDTXHTXHGHHQFDMDGD
/2*2
0DQXDOGHSURGXFWR$(
7DUMHWDVGHPHPRULD\EDWHU¯D/2*2
&RSLDUGDWRVGH/2*2HQODWDUMHWDGHPHPRULD
&RSLDUGDWRVGH/2*2HQODWDUMHWDGHPHPRULD
3DUDFRSLDUHOSURJUDPDHQODWDUMHWDGHPHPRULDRGHPHPRULDEDWHU¯DFRPELQDGD
,QVHUWHODWDUMHWDGHPHPRULDRGHPHPRULDEDWHU¯DFRPELQDGDHQODUDQXUD
&RQPXWH/2*2DOPRGRGHSURJUDPDFLµQ(6&!6WRS
!3URJUDPDU 0HQ¼SULQFLSDOGH/2*2
7DUMHWD
&RQILJ
,QLFLR
7DUMHWD
SXOVH R
6HDEULU£HOPHQ¼SULQFLSDO3DUDVHOHFFLRQDUHOFRPDQGR
7
2.6HDEULU£HOPHQ¼GHWUDQVIHUHQFLD
3XOVH2
!ൺ7DUMHWD
7DUMHWD /2*2
3URWFRSLD
/2*2ൺ7DUMHWD
HQFDVRQHFHVDULRSXOVH R
6LW¼HHOFXUVRU
!
HQ
/
2.
3XOVH2
/2*2FRSLDU£HOSURJUDPDHQODWDUMHWDGHPHPRULDRGHPHPRULDEDWHU¯DFRPELQDGD6L
ODYHUVLµQGHODWDUMHWDGHPHPRULDHVLQFRPSDWLEOH%$%$/2*2YLVXDOL]DU£HO
VLJXLHQWHDYLVR7DUM1R9£OLGD3XOVH(6&
&XDQGR/2*2WHUPLQHGHFRSLDUUHJUHVDU£DXWRP£WLFDPHQWHDOPHQ¼SULQFLSDO
!3URJUDPDU
7DUMHWD
&RQILJ
,QLFLR
/DFRSLDGHVHJXULGDGGHOSURJUDPDHVW£DOPDFHQDGDDKRUDHQODWDUMHWDGHPHPRULDRGH
PHPRULDEDWHU¯DFRPELQDGDSXGLHQGRH[WUDHUVHODWDUMHWD5
5HFXHUGHYROYHUDFRORFDUOD
WDSD
6LVHSURGXFHXQFRUWHGHDOLPHQWDFLµQPLHQWUDV/2*2HVW£FRSLDQGRHOSURJUDPDUHSLWDHO
SURFHVRGHVSX«VGHODUUDQTXH
1RWD
/DFRQWUDVH³DGHXQSURJUDPDSURWHJLGRHQ/2*2WDPEL«QHVY£OLGDSDUDODYHUVLµQGHO
SURJUDPDFRSLDGDDODWDUMHWDGHPHPRULDRGHPHPRULDEDWHU¯DFRPELQDGD
/2*2
0DQXDOGHSURGXFWR$(
7DUMHWDVGHPHPRULD\EDWHU¯D/2*2
&RSLDUGDWRVGHODWDUMHWDGHPHPRULDHQ/2*2
&RSLDUGDWRVGHODWDUMHWDGHPHPRULDHQ/2*2
8QSURJUDPDSXHGHFRSLDUVHGHGRVPDQHUDVHQ/2*2GHVGHXQDWDUMHWDFRPSDWLEOHGH
PHPRULDRGHPHPRULDEDWHU¯DFRPELQDGD
Ⴠ $XWRP£WLFDPHQWHGXUDQWHHODUUDQTXHGH/2*232:(521
Ⴠ 3RUPHGLRGHOPHQ¼7DUMHWDGH/2*2
1RWD
6LHOSURJUDPDFRQWHQLGRHQODWDUMHWDHVW£SURWHJLGRSRUFRQWUDVH³DHOSURJUDPD
FRSLDGRHQ/2*2WDPEL«QHVWDU£SURWHJLGRSRUHVDPLVPDFRQWUDVH³D
&RSLDDXWRP£WLFDGXUDQWHHODUUDQTXHGH/2*2
3URFHGDGHOVLJXLHQWHPRGR
'HVFRQHFWHODDOLPHQWDFLµQGH/2*232:(52))
5HWLUHODWDSDGHODUDQXUD
,QVHUWHODWDUMHWDHQODUDQXUDFRUUHVSRQGLHQWH
&RQHFWHODDOLPHQWDFLµQGH/2*2
/2*2FRSLDU£HOSURJUDPDGHVGHODWDUMHWDHQ/2*26LODYHUVLµQGHODWDUMHWDGH
PHPRULDHVLQFRPSDWLEOH%$%$/2*2YLVXDOL]DU£HOVLJXLHQWHDYLVR
7DUM1R9£OLGD3XOVH(6&
&XDQGR/2*2WHUPLQHGHFRSLDUDEULU£DOPHQ¼SULQFLSDO
!3URJUDPDU
7DUMHWD
&RQILJ
,QLFLR
1RWD
$QWHVGHFRQPXWDU/2*2DPRGR581YLJLOHTXHHOVLVWHPDFRQWURODGRSRU/2*2QR
UHSUHVHQWHXQDIXHQWHGHSHOLJUR
&RORTXHHOFXUVRU
!
VREUH
,,QLFLR
SXOVH R
2.
3XOVH2
/2*2
0DQXDOGHSURGXFWR$(
7DUMHWDVGHPHPRULD\EDWHU¯D/2*2
&RSLDUGDWRVGHODWDUMHWDGHPHPRULDHQ/2*2
&RSLDGHVGHHOPHQ¼7DUMHWD
3DUDP£VLQIRUPDFLµQDFHUFDGHODVXVWLWXFLµQGHXQDWDUMHWDGHPHPRULDRGH
PHPRULDEDWHU¯DFRPELQDGDFRQVXOWHHODSDUWDGR,QVHUWDU\H[WUDHUWDUMHWDVGHPHPRULD\
EDWHU¯D3£JLQD
3DUDFRSLDUXQSURJUDPDGHVGHODWDUMHWDGHPHPRULDRGHPHPRULDEDWHU¯DFRPELQDGDHQ
/2*2
,QVHUWHODWDUMHWDGHPHPRULDRGHPHPRULDEDWHU¯DFRPELQDGD
&RQPXWH/2*2DOPRGRGHSURJUDPDFLµQ(6&!6WRS
!3URJUDPDU
7DUMHWD
&RQILJ
,QLFLR
7DUMHWD
SXOVH R
&RORTXHHOFXUVRU
!
VREUH
7
2.6HDEULU£HOPHQ¼GHWUDQVIHUHQFLD
3XOVH2
7DUMHWDൺ/2*2
SXOVH R
&RORTXHHOFXUVRU
!
VREUH
7
ൺ7DUMHWD
!7DUMHWD /2*2
3URWFRSLD
2.
3XOVH2
/2*2FRSLDU£HOSURJUDPDGHVGHODWDUMHWDGHPHPRULDRGHPHPRULDEDWHU¯DFRPELQDGD
HQ/2*26LODYHUVLµQGHODWDUMHWDGHPHPRULDHVLQFRPSDWLEOH%$%$/2*2
YLVXDOL]DU£HOVLJXLHQWHDYLVR7DUM1R9£OLGD3XOVH(6&
&XDQGR/2*2WHUPLQHGHFRSLDUUHJUHVDU£DXWRP£WLFDPHQWHDOPHQ¼SULQFLSDO
/2*2
0DQXDOGHSURGXFWR$(
7DUMHWDVGHPHPRULD\EDWHU¯D/2*2
&RSLDUGDWRVGHODWDUMHWDGHPHPRULDHQ/2*2
/2*2
0DQXDOGHSURGXFWR$(
6RIWZDUH/2*2
(OSURJUDPD/2*26RIW&RPIRUWHVW£GLVSRQLEOHFRPRSDTXHWHGHSURJUDPDFLµQSDUDHO
3&&RQHOVRIWZDUHGLVSRQGU£HQWUHRWUDVGHODVVLJXLHQWHVIXQFLRQHV
Ⴠ 8QDLQWHUID]GHXVXDULRJU£ILFDTXHSHUPLWHFUHDUSURJUDPDVRIIOLQHHQ.23(VTXHPD
GHFRQWDFWRVR)83'LDJUDPDGHIXQFLRQHV
Ⴠ 6LPXODFLµQGHOSURJUDPDHQHO3&
Ⴠ &UHDFLµQHLPSUHVLµQGHXQHVTXHPDJHQHUDOGHOSURJUDPD
Ⴠ &UHDFLµQGHXQDFRSLDGHVHJXULGDGGHOSURJUDPDHQHOGLVFRGXURXRWURVVRSRUWHVGH
GDWRV
Ⴠ &RPSDUDFLµQGHSURJUDPDV
Ⴠ &RQILJXUDFLµQI£FLOGHEORTXHV
Ⴠ 7UDQVIHUHQFLDGHOSURJUDPDHQDPERVVHQWLGRV
ದ GH/2*2DO3&
ದ GHO3&D/2*2
Ⴠ /HFWXUDGHOFRQWDGRUGHKRUDVGHIXQFLRQDPLHQWR
Ⴠ $MXVWHGHODKRUD
Ⴠ &DPELRGHKRUDULRGHYHUDQRLQYLHUQR
Ⴠ 7HVWRQOLQH9LVXDOL]DFLµQGHFDPELRVGHHVWDGR\YDULDEOHVGHSURFHVRGH/2*2HQ
PRGR581
ದ (VWDGRVGH(6GLJLWDOHVPDUFDVELWVGHUHJLVWURGHGHVSOD]DPLHQWR\WHFODVGH
FXUVRU
ದ 9DORUHVGHWRGDVODV(6\PDUFDVDQDOµJLFDV
ದ 5HVXOWDGRVGHWRGRVORVEORTXHV
ದ 9DORUHVDFWXDOHVLQFOX\HQGRORVWLHPSRVGHEORTXHVVHOHFFLRQDGRV
Ⴠ ,QLFLR\SDUDGDGHODHMHFXFLµQGHOSURJUDPDY¯DHO3&5816723
$OWHUQDWLYDVTXHRIUHFH/2*2
/2*26RIW&RPIRUWUHSUHVHQWDXQDDOWHUQDWLYDDORVP«WRGRVGHLQJHQLHU¯DFRQYHQFLRQDOHV
RIUHFLHQGRQXPHURVDVYHQWDMDV
Ⴠ 3XHGHFUHDUHOSURJUDPDHQHO3&
Ⴠ 3XHGHVLPXODUHOSURJUDPDHQHO3&\YHULILFDUVXVIXQFLRQHVDQWHVGHLPSOHPHQWDUOR
UHDOPHQWHHQHOVLVWHPD
Ⴠ 3XHGHLQVHUWDUFRPHQWDULRVHQHOSURJUDPD\UHDOL]DUFRSLDVLPSUHVDV
Ⴠ 3XHGHJXDUGDUXQDFRSLDGHOSURJUDPDHQHOVLVWHPDGHDUFKLYRVGHO3&SDUDPRGLILFDUOR
GLUHFWDPHQWHDOO¯
Ⴠ 3XOVDQGRXQDVSRFDVWHFODVSXHGHWUDQVIHULUHOSURJUDPDD/2*2
/2*2
0DQXDOGHSURGXFWR$(
6RIWZDUH/2*2
&RSLDUGDWRVGHODWDUMHWDGHPHPRULDHQ/2*2
/2*26RIW&RPIRUW
/2*26RIW&RPIRUWSXHGHHMHFXWDUVHEDMR:LQGRZV9LVWDp:LQGRZVp:LQGRZV17
p:LQGRZV0Hp:LQGRZVp:LQGRZV;3p/LQX[p\0DF26;p/2*26RIW
&RPIRUWHVDSWRSDUDODRSHUDFLµQFOLHQWHVHUYLGRURIUHFLHQGRDGHP£VJUDQOLEHUWDG\
FRQIRUWSDUDFUHDUSURJUDPDV
/2*26RIW&RPIRUW9
VWDHVODYHUVLµQDFWXDOGH/2*26RIW&RPIRUW(QODYHUVLµQHQFRQWUDU£WRGDVODV
IXQFLRQHVGHORVGLVSRVLWLYRVGHVFULWRVHQHVWHPDQXDO
$FWXDOL]DUYHUVLRQHVDQWHULRUHVGH/2*26RIW&RPIRUW
/DIXQFLµQGHDFWXDOL]DFLµQD/2*26RIW&RPIRUW9SXHGHXWLOL]DUVHSDUDDFWXDOL]DU
/2*26RIW&RPIRUW9999µ9D9
/RVQ¼PHURVGHUHIHUHQFLDVHLQGLFDQHQHODSDUWDGR1¼PHURVGHUHIHUHQFLDGHODQH[R
1RWD
6LQRHVW£LQVWDODGDXQDYHUVLµQFRPSOHWDSXHGHUHDOL]DUXQDDFWXDOL]DFLµQGHOVLJXLHQWH
PRGR
x ,QVWDOHHOVRIWZDUHGHVGHHO&'
x &XDQGRHOVLVWHPDOHVROLFLWHODYHUVLµQDQWHULRULQWURGX]FDHO&'DQWLJXRGH/2*26RIW
&RPIRUWHQODXQLGDGGH&'
x $FFHGDDOGLUHFWRULR?7RROV?$SSOLFDWLRQGHO&'
$FWXDOL]DFLµQHLQIRUPDFLµQ
(QODGLUHFFLµQGH,QWHUQHWLQGLFDGDHQHOSUµORJRSXHGHGHVFDUJDUJUDWXLWDPHQWHYHUVLRQHV
GHGHPRVWUDFLµQGHOVRIWZDUH
3DUDP£VLQIRUPDFLµQDFHUFDGHODVDFWXDOL]DFLRQHVDPSOLDFLRQHV\HO/2*26RIW&RPIRUW
8SGDWH&HQWHUFRQVXOWHOD$\XGDHQSDQWDOODGH/2*26RIW&RPIRUW
/2*2
0DQXDOGHSURGXFWR$(
6RIWZDUH/2*2
&RQHFWDU/2*2DO3&
&RQHFWDU/2*2DO3&
&RQHFWDUXQFDEOHGH3&
3DUDFRQHFWDU/2*2DXQ3&VHUHTXLHUHXQFDEOHGH3&&RQVXOWHHODQH[R1¼PHURVGH
UHIHUHQFLD3£JLQD
'HVFRQHFWHODDOLPHQWDFLµQGHOPµGXOR/2*2%DVLF5HWLUHODWDSDODWDUMHWDGHPHPRULDR
GHPHPRULDEDWHU¯DFRPELQDGDGHO/2*2\FRQHFWHHOFDEOHDHVHHQFKXIH&RQHFWHHORWUR
H[WUHPRGHOFDEOHDOSXHUWRVHULHGHO3&
&RQHFWDUHOFDEOH86%GHO3&
/2*2WDPEL«QVHSXHGHFRQHFWDUDO3&FRQHOFDEOH86%GHO3&3DUDVDEHUHOQ¼PHURGH
UHIHUHQFLDGHOFDEOHFRQVXOWHHODQH[R1¼PHURVGHUHIHUHQFLD3£JLQD
5HWLUHODWDSDODWDUMHWDGHPHPRULDGHEDWHU¯DRGHPHPRULDEDWHU¯DFRPELQDGDGHO/2*2
\FRQHFWHHOFDEOHDHVHHQFKXIH&RQHFWHHORWURH[WUHPRGHOFDEOHDOSXHUWR86%GHO3&
&RQPXWDU/2*2DPRGR3&ർ/2*2
'HVGHHO3&FDPELHHO/2*2FRQRVLQGLVSOD\DPRGR6723FRQVXOWHOD$\XGDHQ
SDQWDOODGH/2*26RIW&RPIRUWRHOLMDHOFRPDQGR(6&!6WRSHQXQGLVSRVLWLYRFRQ
GLVSOD\\FRQILUPHODHQWUDGDFRQ
6¯
&XDQGR/2*2HVW£HQ6723\FRQHFWDGRHQO¯QHDFRQHO3&VHDFHSWDQORVVLJXLHQWHV
FRPDQGRVGHO3&
Ⴠ &RQPXWDU/2*2DPRGR581
Ⴠ /HHUHVFULELUHOSURJUDPD
Ⴠ /HHUHVFULELUHOKRUDULRGHYHUDQRLQYLHUQR
$OLQLFLDUHOSURFHVRGHFDUJDRGHVFDUJDHQPRGR6723VHYLVXDOL]DDXWRP£WLFDPHQWHOR
VLJXLHQWH
/2*2
0DQXDOGHSURGXFWR$(
6RIWZDUH/2*2
&RQHFWDU/2*2DO3&
3&ർ /2*2
1RWD
/DVYHUVLRQHVGHGLVSRVLWLYRVDQWHULRUHVD%$FRQRVLQGLVSOD\SXHGHQFRQPXWDUVHDO
PRGR3&ർ/2*2GHOVLJXLHQWHPRGR
'HVFRQHFWHODDOLPHQWDFLµQGH/2*2
5HWLUHODWDSDODWDUMHWDGHPHPRULDGHEDWHU¯DRGHPHPRULDEDWHU¯DFRPELQDGD\
FRQHFWHHOFDEOHHQHVHHQFKXIH
&RQHFWHODDOLPHQWDFLµQ
/2*2FRQPXWDU£DXWRP£WLFDPHQWHDPRGR3&ർ/2*2
$KRUDHO3&SXHGHDFFHGHUD/2*2(QFRQWUDU£P£VLQIRUPDFLµQDFHUFDGHHVWDIXQFLµQ
HQOD$\XGDHQSDQWDOODGH/2*26RIW&RPIRUW
3DUDP£VLQIRUPDFLµQDFHUFDGHODVYHUVLRQHVGH/2*2VLQGLVSOD\FRQVXOWHHODSDUWDGR
/2*2VLQGLVSOD\3£JLQDGHODQH[R
6DOLUGHOPRGR3&ർ/2*2
8QDYH]ILQDOL]DGDODWUDQVIHUHQFLDGHGDWRVVHGHVKDFHDXWRP£WLFDPHQWHODFRQH[LµQFRQ
HO3&
1RWD
6LHOSURJUDPDFUHDGRFRQ/2*26RIW&RPIRUWHVW£SURWHJLGRSRUFRQWUDVH³DWDQWRHO
SURJUDPDFRPRODFRQWUDVH³DVHWUDQVIHULU£QD/2*2$OILQDOL]DUODWUDQVIHUHQFLDGHGDWRV
VHKDELOLWDODFRQVXOWDGHFRQWUDVH³D
8QSURJUDPDSURWHJLGRSRUFRQWUDVH³DTXHVHKD\DFUHDGRHQ/2*2VµORSXHGHFDUJDUVH
HQHO3&WUDVKDEHULQWURGXFLGRODFRQWUDVH³DHQ/2*26RIW&RPIRUW
/2*2
0DQXDOGHSURGXFWR$(
$SOLFDFLRQHV
1RWD
/DVDSOLFDFLRQHVGHHMHPSORGH/2*2HVW£QDGLVSRVLFLµQGHQXHVWURVFOLHQWHVGHIRUPD
JUDWXLWDHQODS£JLQDZHEGH/2*2KWWSZZZVLHPHQVFRPORJRGH6LHPHQVYD\DD
3URGXFWV 6ROXWLRQVൺ$SSOLFDWLRQVൺ$SSOLFDWLRQH[DPSOHV
1RVHJDUDQWL]DTXHORVHMHPSORVGHVFULWRVHVW«QH[HQWRVGHHUURUHV7DQVµORSURSRUFLRQDQ
LQIRUPDFLµQJHQHUDODFHUFDGHORVFDPSRVGHDSOLFDFLµQGH/2*2SXGLHQGRVHUGLIHUHQWHV
DODVVROXFLRQHVHVSHF¯ILFDVSDUDFDGDFOLHQWH6LHPHQVVHUHVHUYDHOGHUHFKRGHHIHFWXDU
PRGLILFDFLRQHV
(OXVXDULRPDQHMDHOVLVWHPDEDMRVXSURSLDUHVSRQVDELOLGDG(QORTXHFRQFLHUQHDOD
VHJXULGDGREVHUYHODVQRUPDVQDFLRQDOHVYLJHQWHV\ODVGLUHFWULFHVGHLQVWDODFLµQ
UHODFLRQDGDVFRQHOVLVWHPD
(Q,QWHUQHWHQFRQWUDU£ORVVLJXLHQWHVHMHPSORVGHDSOLFDFLµQFRQVHMRVSDUDRWUDV
DSOLFDFLRQHV\PXFKRP£V
Ⴠ ,UULJDFLµQGHSODQWDVGHLQYHUQDGHUR
Ⴠ &RQWUROGHFLQWDVWUDQVSRUWDGRUDV
Ⴠ &RQWUROGHXQDP£TXLQDGREODGRUD
Ⴠ $OXPEUDGRGHHVFDSDUDWHV
Ⴠ ,QVWDODFLµQGHWLPEUHSHMHQXQDHVFXHOD
Ⴠ 9LJLODQFLDGHDSDUFDPLHQWRV
Ⴠ $OXPEUDGRGHH[WHULRUHV
Ⴠ &RQWUROGHSHUVLDQDV
Ⴠ $OXPEUDGRH[WHULRUHLQWHULRUGHYLYLHQGDV
Ⴠ &RQWUROGHXQDFHQWULIXJDGRUDGHOHFKH
Ⴠ $OXPEUDGRGHXQDVDODGHJLPQDVLD
Ⴠ &DUJDFRQVWDQWHHQFRQVXPLGRUHV
Ⴠ &RQWUROVHFXHQFLDOGHP£TXLQDVSDUDVROGDUFDEOHVGHJUDQGHVVHFFLRQHV
Ⴠ ,QWHUUXSWRUHVFDORQDGRSHMSDUDYHQWLODGRUHV
Ⴠ &RQWUROVHFXHQFLDOGHFDOGHUDVGHFDOHIDFFLµQ
Ⴠ &RQWUROGHYDULRVSDUHVGHERPEDVFRQFRQWUROGHPDQGRFHQWUDOL]DGR
Ⴠ 'LVSRVLWLYRFRUWDGRUSHMSDUDPHFKDVGHWRQDQWHV
Ⴠ 9LJLODQFLDGHSHU¯RGRVGHXWLOL]DFLµQSHMGHXQVLVWHPDGHHQHUJ¯DVRODU
Ⴠ 3HGDOHVLQWHOLJHQWHVSHMSDUDSUHVHOHFFLRQDUYHORFLGDGHV
Ⴠ &RQWUROGHXQDSODWDIRUPDHOHYDGRUD
Ⴠ ,PSUHJQDFLµQGHWH[WLOHVFRQWUROGHFLQWDVFDOHQWDGRUDV\WUDQVSRUWDGRUDV
/2*2
0DQXDOGHSURGXFWR$(
$SOLFDFLRQHV
Ⴠ 6LVWHPDGHOOHQDGRGHVLORV
Ⴠ (VWDFLµQGHOOHQDGRFRQWH[WRGHDYLVRHQHO/2*27'TXHYLVXDOL]DODVXPDGHREMHWRV
FRQWDGRV
(Q,QWHUQHWHQFRQWUDU£WDPEL«QODVGHVFULSFLRQHV\ORVHVTXHPDVGHFRQH[LRQHV
FRUUHVSRQGLHQWHVDODVDSOLFDFLRQHV(VWRVDUFKLYRV
SGISXHGHQDEULUVHFRQ$GREH$FUREDW
5HDGHU6LKDLQVWDODGR/2*26RIW&RPIRUWHQHO3&SXHGHKDFHUFOLFHQHOLFRQRGHGLVFR
SDUDGHVFDUJDUHOSURJUDPDHQFXHVWLµQDGDSWDUORDVXDSOLFDFLµQHQSDUWLFXODU\WUDQVIHULUOR
OXHJRD/2*2GLUHFWDPHQWHDWUDY«VGHOFDEOHGHO3&
9HQWDMDVGH/2*2
/2*2HVHVSHFLDOPHQWH¼WLOSDUD
Ⴠ 6XVWLWXLUHTXLSRVGHFRQPXWDFLµQDX[LOLDUHVSRUODVIXQFLRQHVLQWHJUDGDVHQ/2*2
Ⴠ $KRUUDUWUDEDMRGHFDEOHDGR\PRQWDMHSRUTXH/2*2PHPRUL]DHOFDEOHDGR
Ⴠ 5HGXFLUHOHVSDFLRQHFHVDULRSDUDORVFRPSRQHQWHVHQHODUPDULRHO«FWULFRRODFDMDGH
GLVWULEXFLµQ$YHFHVHVSRVLEOHXWLOL]DUXQDUPDULRHO«FWULFRRXQDFDMDGHGLVWULEXFLµQ
P£VSHTXH³D
Ⴠ $JUHJDURPRGLILFDUIXQFLRQHVVLQWHQHUTXHPRQWDUHTXLSRVGHFRQPXWDFLµQDGLFLRQDOHV
QLPRGLILFDUHOFDEOHDGR
Ⴠ 2IUHFHUDORVFOLHQWHVQXHYDVIXQFLRQHVDGLFLRQDOHVHQODVLQVWDODFLRQHVWDQWRGRP«VWLFDV
FRPRFRPHUFLDOHV(MHPSORV
ದ 6LVWHPDVGHVHJXULGDGGRP«VWLFD/2*2SXHGHHQFHQGHUXQDO£PSDUDHQLQWHUYDORV
UHJXODUHVRELHQVXELU\EDMDUODVSHUVLDQDVPLHQWUDVHVW£GHYDFDFLRQHV
ದ &DOHIDFFLµQFHQWUDO/2*2KDFHTXHODERPEDGHFLUFXODFLµQIXQFLRQHVµORVLVH
QHFHVLWDQUHDOPHQWHDJXDRFDORU
ದ 6LVWHPDVGHUHIULJHUDFLµQ/2*2SXHGHGHVFRQJHODUVLVWHPDVGHUHIULJHUDFLµQHQ
LQWHUYDORVUHJXODUHVSDUDDKRUUDUFRVWHVGHHQHUJ¯D
ದ (VSRVLEOHDOXPEUDUDFXDULRV\WHUUDULRVHQIXQFLµQGHOWLHPSR
$GHP£VWDPEL«QSXHGH
Ⴠ 8WLOL]DULQWHUUXSWRUHV\SXOVDGRUHVFRUULHQWHVHQHOPHUFDGRORTXHVLPSOLILFDOD
LQVWDODFLµQGHXQVLVWHPDGRP«VWLFR
Ⴠ &RQHFWDU/2*2GLUHFWDPHQWHDXQDLQVWDODFLµQGRP«VWLFDJUDFLDVDODIXHQWHGH
DOLPHQWDFLµQLQWHJUDGD
'HVHDP£VLQIRUPDFLµQ"
6LGHVHDP£VLQIRUPDFLµQVREUH/2*2YLVLWHQXHVWUDS£JLQDZHE/DGLUHFFLµQ85/DFWXDO
HVW£HQHO3UµORJR3£JLQD
/2*2
0DQXDOGHSURGXFWR$(
$SOLFDFLRQHV
7LHQHVXJHUHQFLDV"
6LQOXJDUDGXGDVKD\PXFKDVP£VDSOLFDFLRQHV¼WLOHVSDUD/2*26LFRQRFHDOJXQDOH
DJUDGHFHU¯DPRVTXHQRVODFRPXQLFDUD5HFRSLODUHPRVWRGDVODVVXJHUHQFLDV\
GLYXOJDUHPRVWRGDVFXDQWDVSRGDPRV1RLPSRUWDVLVXFLUFXLWRGH/2*2HV
SDUWLFXODUPHQWHFRPSOHMRRVHQFLOORVLPSOHPHQWHHVFU¯EDQRV1RVFRPSODFHU£UHFLELUWRGDV
VXVVXJHUHQFLDV
'LU¯MDVHD
6LHPHQV$*
$ '$6)$36
32ER[
'1XUHPEHUJ
/2*2
0DQXDOGHSURGXFWR$(
$SOLFDFLRQHV
/2*2
0DQXDOGHSURGXFWR$(
'DWRVW«FQLFRV $
$ 'DWRVW«FQLFRVJHQHUDOHV
&ULWHULR &RPSUREDGRVHJ¼Q 9DORUHV
/2*2%
%DVLF
'LPHQVLRQHV$[$[3 [[PP
3HVR $SUR[J
0RQWDMH HQXQSHUILOVRSRUWHPP
DQFKRVGHPµGXORRPRQWDMH
HQODSDUHG
0µGXORVGHDPSOLDFLµQ/2*2
'0$0
'LPHQVLRQHV$[$[3 [[PP
3HVR $SUR[J
0RQWDMH HQXQSHUILOVRSRUWHGHPP
DQFKRVGHPµGXORRPRQWDMH
HQODSDUHG
/2*27
7'YLVXDOL]DGRUGHWH[WRV [[PP
$SUR[J
0RQWDMHFRQHVWULERGHILMDFLµQ
0µGXORVGHDPSOLDFLµQ/2*2
'0 [[PP
'LPHQVLRQHV$[$[3 $SUR[J
3HVR HQXQSHUILOVRSRUWHGHPP
0RQWDMH DQFKRVGHPµGXORRPRQWDMH
HQODSDUHG
&RQGLFLRQHVDPELHQWDOHVFOLP£WLFDV
7HPSHUDWXUDDPELHQWH 7HPSHUDWXUDEDMDVHJ¼Q
0RQWDMHKRUL]RQWDO ,(& r&
0RQWDMHYHUWLFDO 7HPSHUDWXUDDOWDVHJ¼Q r&
,(&
$OPDFHQDPLHQWR\WUDQVSRUWH r&r&
+XPHGDGUHODWLYD ,(& GHODOVLQ
FRQGHQVDFLµQ
3UHVLµQDWPRVI«ULFD K3D
6XVWDQFLDVFRQWDPLQDQWHV ,(& 62FPPG¯DV
,(& +6FPPG¯DV
/2*2
0DQXDOGHSURGXFWR$(
'DWRVW«FQLFRV
$'DWRVW«FQLFRVJHQHUDOHV
/2*2
0DQXDOGHSURGXFWR$(
'DWRVW«FQLFRV
$'DWRVW«FQLFRV/2*2
$ 'DWRVW«FQLFRV/2*2
/2*25&
/2*25&R
)XHQWHGHDOLPHQWDFLµQ
7HQVLµQGHHQWUDGD 9$&'&
5DQJRDGPLVLEOH 9$&
9'&
)UHFXHQFLDGHUHGDGPLVLEOH +]
&RQVXPRGHFRUULHQWH
x 9$& x P$
x 9$& x P$
x 9'& x P$
x 9'& x P$
&RPSHQVDFLµQGHIDOORVGHWHQVLµQ
x 9$&'& x 7¯SPV
x 9$&'& x 7¯SPV
'LVLSDFLµQD
x 9$& x :
x 9$& x :
x 9'& x :
x 9'& x :
5HVSDOGRGHOUHORMHQWLHPSRUHDODr& 7¯SKRUDVVLQWDUMHWDGHEDWHU¯D
7¯SD³RVFRQWDUMHWDGHEDWHU¯D
3UHFLVLµQGHOUHORMHQWLHPSRUHDO 7¯SsVG¯D
(QWUDGDVGLJLWDOHV
&DQWLGDG
$LVODPLHQWRJDOY£QLFR 1R
1¼PHURGHHQWUDGDVU£SLGDV
)UHFXHQFLDGHHQWUDGD
x (QWUDGDQRUPDO x 0£[+]
x (QWUDGDU£SLGD x
7HQVLµQGHHQWUDGD/
x 6H³DO x 9$&
x 6H³DO x !9$&
x 6H³DO x 9'&
x 6H³DO x !9'&
/2*2
0DQXDOGHSURGXFWR$(
'DWRVW«FQLFRV
$'DWRVW«FQLFRV/2*2
/2*25&
/2*25&R
,QWHQVLGDGGHHQWUDGDHQ
x 6H³DO x P$$&
x 6H³DO x P$$&
x 6H³DO x P$'&
x 6H³DO x P$'&
7LHPSRGHUHWDUGRGHD
x 9$& x 7¯SPV
x 9$& x 7¯SPV
x 9'& x 7¯SPV
x 9'& x 7¯SPV
7LHPSRGHUHWDUGRGHD
x 9$& x 7¯SPV
x 9$& x 7¯SPV
x 9'& x 7¯SPV
x 9'& x 7¯SPV
/RQJLWXGGHFDEOHVLQSDQWDOOD P
6DOLGDVGLJLWDOHV
&DQWLGDG
7LSRGHVDOLGD 6DOLGDVGHUHO«
$LVODPLHQWRJDOY£QLFR 6¯
(QJUXSRVGH
&RQWUROGHXQDHQWUDGDGLJLWDO 6¯
&RUULHQWHSHUPDQHQWH,WK 0£[$SRUUHO«
&RUULHQWHGHFLHUUH 0£[$
&DUJDGHO£PSDUDVLQFDQGHVFHQWHV
FLFORVGHFRQPXWDFLµQD
x 9$& x :
x 9$& x :
7XERVIOXRUHVFHQWHVFRQUHGXFWRUGH [:SDUD9$&
WHQVLµQFLFORVGHFRQPXWDFLµQ
7XERVIOXRUHVFHQWHVFRPSHQVDGRV [:SDUD9$&
FRQYHQFLRQDOPHQWHFLFORVGH
FRQPXWDFLµQ
7XERVIOXRUHVFHQWHVQRFRPSHQVDGRV [:SDUD9$&
FLFORVGHFRQPXWDFLµQ
5HVLVWHQFLDDFRUWRFLUFXLWRVFRV 3URWHFWRUGHSRWHQFLD%$
5HVLVWHQFLDDFRUWRFLUFXLWRVFRVD 3URWHFWRUGHSRWHQFLD%$
5HGXFFLµQGHSRWHQFLD 1LQJXQDHQWRGRHOUDQJRGHWHPSHUDWXUD
&RQH[LµQHQSDUDOHORGHVDOLGDVSDUD 1RDGPLVLEOH
DXPHQWDUODSRWHQFLD
3URWHFFLµQGHXQUHO«GHVDOLGDVLVH 0£[$FDUDFWHU¯VWLFD%
GHVHD
/2*2
0DQXDOGHSURGXFWR$(
'DWRVW«FQLFRV
$'DWRVW«FQLFRV/2*2'05\/2*2'05
/2*25&
/2*25&R
)UHFXHQFLDGHFRQPXWDFLµQ
0HF£QLFD +]
&DUJDµKPLFDFDUJDGHO£PSDUDV +]
&DUJDLQGXFWLYD +]
1RWD3DUDODVO£PSDUDVIOXRUHVFHQWHVFRQFRQGHQVDGRUHVGHEHQFRQVLGHUDUVHWDPEL«QORV
GDWRVW«FQLFRVGHORVUHGXFWRUHVGHWHQVLµQGHO£PSDUDVIOXRUHVFHQWHV6LVHH[FHGHOD
FRUULHQWHGHFLHUUHP£[LPDDGPLVLEOHODVO£PSDUDVIOXRUHVFHQWHVVHGHEHU£QFRQHFWDUD
WUDY«VGHORVUHO«VDX[LOLDUHVFRUUHVSRQGLHQWHV
/RVGDWRVVHKDQGHWHUPLQDGRFRQORVGLVSRVLWLYRVVLJXLHQWHV
/£PSDUDVIOXRUHVFHQWHV6LHPHQV:99*/=QRFRPSHQVDGDV
/£PSDUDVIOXRUHVFHQWHV6LHPHQV:99*/=FRPSHQVDGDVHQSDUDOHORFRQ
˩)
/£PSDUDVIOXRUHVFHQWHV6LHPHQV:99*/=1FRQUHGXFWRUGHWHQVLµQ
$ 'DWRVW«FQLFRV/2*2'05\/2*2'05
/2*2'05 /2*2'05
)XHQWHGHDOLPHQWDFLµQ
7HQVLµQGHHQWUDGD 9$&'& 9$&'&
5DQJRDGPLVLEOH 9$& 9$&
9'& 9'&
)UHFXHQFLDGHUHGDGPLVLEOH +]
&RQVXPRGHFRUULHQWH
x 9$& x P$ x P$
x 9$& x P$ x P$
x 9'& x P$ x P$
x 9'& x P$ x P$
&RPSHQVDFLµQGHIDOORVGH
WHQVLµQ x 7¯SPV x 7¯SPV
x 9$&'& x 7¯SPV x 7¯SPV
x 9$&'&
'LVLSDFLµQD
x 9$& x : x :
x 9$& x : x :
x 9'& x : x :
x 9'& x : x :
(QWUDGDVGLJLWDOHV
&DQWLGDG
$LVODPLHQWRJDOY£QLFR 1R 1R
1¼PHURGHHQWUDGDVU£SLGDV
/2*2
0DQXDOGHSURGXFWR$(
'DWRVW«FQLFRV
$'DWRVW«FQLFRV/2*2'05\/2*2'05
/2*2'05 /2*2'05
)UHFXHQFLDGHHQWUDGD
x (QWUDGDQRUPDO x 0£[+] x 0£[+]
x (QWUDGDU£SLGD x x
7HQVLµQGHHQWUDGD/
x 6H³DO x 9$& x 9$&
x 6H³DO x !9$& x !9$&
x 6H³DO x 9'& x 9'&
x 6H³DO x !9'& x !9'&
,QWHQVLGDGGHHQWUDGDHQ
x 6H³DO x P$$& x P$$&
x 6H³DO x P$$& x P$$&
x 6H³DO x P$'& x P$'&
x 6H³DO x P$'& x P$'&
7LHPSRGHUHWDUGRGHD
x 9$& x 7¯SPV x 7¯SPV
x 9$& x 7¯SPV x 7¯SPV
x 9'& x 7¯SPV x 7¯SPV
x 9'& x 7¯SPV x 7¯SPV
7LHPSRGHUHWDUGRGHD
x 9$& x 7¯SPV x 7¯SPV
x 9$& x 7¯SPV x 7¯SPV
x 9'& x 7¯SPV x 7¯SPV
x 9'& x 7¯SPV x 7¯SPV
/RQJLWXGGHFDEOHVLQSDQWDOOD P P
6DOLGDVGLJLWDOHV
&DQWLGDG
7LSRGHVDOLGD 6DOLGDVGHUHO« 6DOLGDVGHUHO«
$LVODPLHQWRJDOY£QLFR 6¯ 6¯
(QJUXSRVGH
&RQWUROGHXQDHQWUDGDGLJLWDO 6¯ 6¯
&RUULHQWHSHUPDQHQWH,WK 0£[$SRUUHO« 0£[$SRUUHO«
&RUULHQWHGHFLHUUH 0£[$ 0£[$
&DUJDGHO£PSDUDV
LQFDQGHVFHQWHVFLFORV
GHFRQPXWDFLµQD
: :
9$&
: :
9$&
7XERVIOXRUHVFHQWHVFRQ [:SDUD9$& [:SDUD9$&
UHGXFWRUGHWHQVLµQ
FLFORVGHFRQPXWDFLµQ
7XERVIOXRUHVFHQWHV [:SDUD9$& [:SDUD9$&
FRPSHQVDGRV
FRQYHQFLRQDOPHQWH
FLFORVGHFRQPXWDFLµQ
/2*2
0DQXDOGHSURGXFWR$(
'DWRVW«FQLFRV
$'DWRVW«FQLFRV/2*2'05\/2*2'05
/2*2'05 /2*2'05
7XERVIOXRUHVFHQWHVQR [:SDUD9$& [:SDUD9$&
FRPSHQVDGRVFLFORVGH
FRQPXWDFLµQ
5HVLVWHQFLDDFRUWRFLUFXLWRVFRV 3URWHFWRUGHSRWHQFLD% 3URWHFWRUGHSRWHQFLD%
$ $
5HVLVWHQFLDDFRUWRFLUFXLWRVFRV 3URWHFWRUGHSRWHQFLD% 3URWHFWRUGHSRWHQFLD%
D $ $
5HGXFFLµQGHSRWHQFLD 1LQJXQDHQWRGRHOUDQJRGH 1LQJXQDHQWRGRHOUDQJRGH
WHPSHUDWXUD WHPSHUDWXUD
&RQH[LµQHQSDUDOHORGHVDOLGDV 1RDGPLVLEOH 1RDGPLVLEOH
SDUDDXPHQWDUODSRWHQFLD
3URWHFFLµQGHXQUHO«GHVDOLGD 0£[$ 0£[$
VLVHGHVHD FDUDFWHU¯VWLFD% FDUDFWHU¯VWLFD%
)UHFXHQFLDGHFRQPXWDFLµQ
0HF£QLFD +] +]
&DUJDµKPLFDFDUJDGH +] +]
O£PSDUDV
&DUJDLQGXFWLYD +] +]
1RWD3DUDODVO£PSDUDVIOXRUHVFHQWHVFRQFRQGHQVDGRUHVGHEHQFRQVLGHUDUVHWDPEL«QORV
GDWRVW«FQLFRVGHORVUHGXFWRUHVGHWHQVLµQGHO£PSDUDVIOXRUHVFHQWHV6LVHH[FHGHOD
FRUULHQWHGHFLHUUHP£[LPDDGPLVLEOHODVO£PSDUDVIOXRUHVFHQWHVVHGHEHU£QFRQHFWDUD
WUDY«VGHORVUHO«VDX[LOLDUHVFRUUHVSRQGLHQWHV
/RVGDWRVVHKDQGHWHUPLQDGRFRQORVGLVSRVLWLYRVVLJXLHQWHV
/£PSDUDVIOXRUHVFHQWHV6LHPHQV:99*/=QRFRPSHQVDGDV
/£PSDUDVIOXRUHVFHQWHV6LHPHQV:99*/=FRPSHQVDGDVHQSDUDOHORFRQ
˩)
/£PSDUDVIOXRUHVFHQWHV6LHPHQV:99*/=1FRQUHGXFWRUGHWHQVLµQ
/2*2
0DQXDOGHSURGXFWR$(
'DWRVW«FQLFRV
$'DWRVW«FQLFRV/2*2
$ 'DWRVW«FQLFRV/2*2
/2*2
/2*2R
)XHQWHGHDOLPHQWDFLµQ
7HQVLµQGHHQWUDGD 9'&
5DQJRDGPLVLEOH 9'&
3URWHFFLµQFRQWUDLQYHUVLµQGHSRODULGDG 6¯
)UHFXHQFLDGHUHGDGPLVLEOH
&RQVXPRHQFDVRGH9'& P$
$SRUVDOLGD
&RPSHQVDFLµQGHIDOORVGHWHQVLµQ
'LVLSDFLµQD9 :
5HVSDOGRGHOUHORMHQWLHPSRUHDODr& 1RGLVSRQHGHUHORM
3UHFLVLµQGHOUHORMHQWLHPSRUHDO 1RGLVSRQHGHUHORM
(QWUDGDVGLJLWDOHV
&DQWLGDG
$LVODPLHQWRJDOY£QLFR 1R
1¼PHURGHHQWUDGDVU£SLGDV ,,,,
)UHFXHQFLDGHHQWUDGD
x (QWUDGDQRUPDO x 0£[+]
x (QWUDGDU£SLGD x 0£[N+]
7HQVLµQGHHQWUDGD /
6H³DO 9'&
6H³DO !9'&
,QWHQVLGDGGHHQWUDGDHQ
6H³DO P$,,
P$,,,,
6H³DO !P$,,
!P$,,,,
7LHPSRGHUHWDUGR
D 7¯SPV
PV,,
D 7¯SPV
PV,,
/RQJLWXGGHFDEOHVLQSDQWDOOD P
(QWUDGDVDQDOµJLFDV
&DQWLGDG , $,, $,, $,, $,
5DQJR 9'&
LPSHGDQFLDGHHQWUDGDN˖
7LHPSRGHFLFORSDUDJHQHUDUYDORUHV PV
DQDOµJLFRV
7HQVLµQGHHQWUDGDP£[ 9
/RQJLWXGGHFDEOHEOLQGDGR\WUHQ]DGR P
/¯PLWHGHHUURU sD)6
/2*2
0DQXDOGHSURGXFWR$(
'DWRVW«FQLFRV
$'DWRVW«FQLFRV/2*2
/2*2
/2*2R
6DOLGDVGLJLWDOHV
&DQWLGDG
7LSRGHVDOLGD 7UDQVLVWRU
GHWLSR3
$LVODPLHQWRJDOY£QLFR 1R
(QJUXSRVGH
&RQWUROGHXQDHQWUDGDGLJLWDO 6¯
7HQVLµQGHVDOLGD ฬ7HQVLµQGHDOLPHQWDFLµQ
,QWHQVLGDGGHVDOLGD 0£[$
$SUXHEDGHFRUWRFLUFXLWRV\VREUHFDUJD 6¯
/LPLWDFLµQGHFRUULHQWHHQFRUWRFLUFXLWRV $SUR[$
5HGXFFLµQGHSRWHQFLD 1LQJXQDHQWRGRHOUDQJRGHWHPSHUDWXUD
5HVLVWHQFLDDFRUWRFLUFXLWRVFRV
5HVLVWHQFLDDFRUWRFLUFXLWRVFRVD
&RQH[LµQHQSDUDOHORGHVDOLGDVSDUD 1RDGPLVLEOH
DXPHQWDUODSRWHQFLD
3URWHFFLµQGHXQUHO«GHVDOLGDVLVH
GHVHD
)UHFXHQFLDGHFRQPXWDFLµQ
0HF£QLFD
(O«FWULFD +]
&DUJDµKPLFDFDUJDGHO£PSDUDV +]
&DUJDLQGXFWLYD +]
&XDQGRVHFRQHFWDODDOLPHQWDFLµQGHO/2*2/2*2R/2*2'0R/2*2'0
ODVH³DOVHHQY¯DDODVVDOLGDVGLJLWDOHVGXUDQWHDSUR[PLFURVHJXQGRV7HQJDHQFXHQWD
HVWDLQIRUPDFLµQVREUHWRGRVLXWLOL]DGLVSRVLWLYRVTXHUHDFFLRQHQDLPSXOVRVEUHYHV
/DIUHFXHQFLDGHFRQPXWDFLµQP£[LPDVµORGHSHQGHGHOWLHPSRGHFLFORGHOSURJUDPD
/2*2
0DQXDOGHSURGXFWR$(
'DWRVW«FQLFRV
$'DWRVW«FQLFRV/2*2'0\/2*2'0
$ 'DWRVW«FQLFRV/2*2'0\/2*2'0
/2*2'0 /2*2'0
)XHQWHGHDOLPHQWDFLµQ
7HQVLµQGHHQWUDGD 9'& 9'&
5DQJRDGPLVLEOH 9'& 9'&
3URWHFFLµQFRQWUDLQYHUVLµQGH 6¯ 6¯
SRODULGDG
)UHFXHQFLDGHUHGDGPLVLEOH
&RQVXPRHQFDVRGH9'& P$ P$
$SRUVDOLGD $SRUVDOLGD
'LVLSDFLµQD9 : :
5HVSDOGRGHOUHORMHQWLHPSR 1RGLVSRQHGHUHORM 1RGLVSRQHGHUHORM
UHDODr&
3UHFLVLµQGHOUHORMHQWLHPSR 1RGLVSRQHGHUHORM 1RGLVSRQHGHUHORM
UHDO
(QWUDGDVGLJLWDOHV
&DQWLGDG
$LVODPLHQWRJDOY£QLFR 1R 1R
1¼PHURGHHQWUDGDVU£SLGDV
)UHFXHQFLDGHHQWUDGD
x (QWUDGDQRUPDO x 0£[+] x 0£[+]
x (QWUDGDU£SLGD x x
7HQVLµQGHHQWUDGD / /
x 6H³DO x 9'& x 9'&
x 6H³DO x !9'& x !9'&
,QWHQVLGDGGHHQWUDGDHQ
x 6H³DO x P$ x P$
x 6H³DO x !P$ x !P$
7LHPSRGHUHWDUGR
x D x 7¯SPV x 7¯SPV
x D x 7¯SPV x 7¯SPV
/RQJLWXGGHFDEOHVLQSDQWDOOD P P
6DOLGDVGLJLWDOHV
&DQWLGDG
7LSRGHVDOLGD 7UDQVLVWRU 7UDQVLVWRU
GHWLSR3 GHWLSR3
$LVODPLHQWRJDOY£QLFR 1R 1R
(QJUXSRVGH
&RQWUROGHXQDHQWUDGDGLJLWDO 6¯ 6¯
7HQVLµQGHVDOLGD ฬ7HQVLµQGHDOLPHQWDFLµQ ฬ7HQVLµQGHDOLPHQWDFLµQ
,QWHQVLGDGGHVDOLGD 0£[$ 0£[$
$SUXHEDGHFRUWRFLUFXLWRV\ 6¯ 6¯
VREUHFDUJD
/2*2
0DQXDOGHSURGXFWR$(
'DWRVW«FQLFRV
$'DWRVW«FQLFRV/2*25&
/2*2'0 /2*2'0
/LPLWDFLµQGHFRUULHQWHHQ $SUR[$ $SUR[$
FRUWRFLUFXLWRV
5HGXFFLµQGHSRWHQFLD 1LQJXQDHQWRGRHOUDQJRGH 1LQJXQDHQWRGRHOUDQJRGH
WHPSHUDWXUD WHPSHUDWXUD
5HVLVWHQFLDDFRUWRFLUFXLWRVFRV
5HVLVWHQFLDDFRUWRFLUFXLWRVFRV
D
&RQH[LµQHQSDUDOHORGHVDOLGDV 1RDGPLVLEOH 1RDGPLVLEOH
SDUDDXPHQWDUODSRWHQFLD
3URWHFFLµQGHXQUHO«GHVDOLGD
VLVHGHVHD
)UHFXHQFLDGHFRQPXWDFLµQ
0HF£QLFD
(O«FWULFD +] +]
&DUJDµKPLFDFDUJDGH +] +]
O£PSDUDV
&DUJDLQGXFWLYD +] +]
&XDQGRVHFRQHFWDODDOLPHQWDFLµQGHO/2*2/2*2R/2*2'0R/2*2'0
ODVH³DOVHHQY¯DDODVVDOLGDVGLJLWDOHVGXUDQWHDSUR[PLFURVHJXQGRV7HQJDHQFXHQWD
HVWDLQIRUPDFLµQVREUHWRGRVLXWLOL]DGLVSRVLWLYRVTXHUHDFFLRQHQDLPSXOVRVEUHYHV
$ 'DWRVW«FQLFRV/2*25&
/2*25&
/2*25&R
)XHQWHGHDOLPHQWDFLµQ
7HQVLµQGHHQWUDGD 9$&'&
5DQJRDGPLVLEOH 9$&
9'&
3URWHFFLµQFRQWUDLQYHUVLµQGHSRODULGDG
)UHFXHQFLDGHUHGDGPLVLEOH +]
&RQVXPRGHFRUULHQWH
x 9$& x P$
x 9'& x P$
&RPSHQVDFLµQGHIDOORVGHWHQVLµQ 7¯SPV
'LVLSDFLµQ
x 9$& x :
x 9'& x :
5HVSDOGRGHOUHORMHQWLHPSRUHDODr& 7¯SKRUDVVLQWDUMHWDGHEDWHU¯D
7¯SD³RVFRQWDUMHWDGHEDWHU¯D
3UHFLVLµQGHOUHORMHQWLHPSRUHDO 7¯SsVG¯D
/2*2
0DQXDOGHSURGXFWR$(
'DWRVW«FQLFRV
$'DWRVW«FQLFRV/2*25&
/2*25&
/2*25&R
(QWUDGDVGLJLWDOHV
&DQWLGDG
DFFLµQ3R1RSFLRQDO
$LVODPLHQWRJDOY£QLFR 1R
1¼PHURGHHQWUDGDVU£SLGDV
)UHFXHQFLDGHHQWUDGD
x (QWUDGDQRUPDO x 0£[+]
x (QWUDGDU£SLGD x
7HQVLµQGHHQWUDGD /
x 6H³DO x 9$&'&
x 6H³DO x !9$&'&
,QWHQVLGDGGHHQWUDGDHQ
x 6H³DO x P$
x 6H³DO x !P$
7LHPSRGHUHWDUGR
x D x 7¯SPV
x D x 7¯SPV
/RQJLWXGGHFDEOHVLQSDQWDOOD P
(QWUDGDVDQDOµJLFDV
&DQWLGDG
5DQJR
7HQVLµQGHHQWUDGDP£[
6DOLGDVGLJLWDOHV
&DQWLGDG
7LSRGHVDOLGD 6DOLGDVGHUHO«
$LVODPLHQWRJDOY£QLFR 6¯
(QJUXSRVGH
&RQWUROGHXQDHQWUDGDGLJLWDO 6¯
&RUULHQWHSHUPDQHQWH,WK 0£[$SRUUHO«
&RUULHQWHGHFLHUUH 0£[$
&DUJDGHO£PSDUDVLQFDQGHVFHQWHV :
FLFORVGHFRQPXWDFLµQD
7XERVIOXRUHVFHQWHVFRQUHGXFWRUGH [:
WHQVLµQFLFORVGHFRQPXWDFLµQ
7XERVIOXRUHVFHQWHVFRPSHQVDGRV [:
FRQYHQFLRQDOPHQWHFLFORVGH
FRQPXWDFLµQ
7XERVIOXRUHVFHQWHVQRFRPSHQVDGRV [:
FLFORVGHFRQPXWDFLµQ
5HGXFFLµQGHSRWHQFLD 1LQJXQDHQWRGRHOUDQJRGHWHPSHUDWXUD
5HVLVWHQFLDDFRUWRFLUFXLWRVFRV 3URWHFWRUGHSRWHQFLD%$
5HVLVWHQFLDDFRUWRFLUFXLWRVFRVD 3URWHFWRUGHSRWHQFLD%$
/2*2
0DQXDOGHSURGXFWR$(
'DWRVW«FQLFRV
$'DWRVW«FQLFRV/2*2'05\/2*2'05
/2*25&
/2*25&R
&RQH[LµQHQSDUDOHORGHVDOLGDVSDUD 1RDGPLVLEOH
DXPHQWDUODSRWHQFLD
3URWHFFLµQGHXQUHO«GHVDOLGD 0£[$
VLVHGHVHD FDUDFWHU¯VWLFD%
)UHFXHQFLDGHFRQPXWDFLµQ
0HF£QLFD +]
&DUJDµKPLFDFDUJDGHO£PSDUDV +]
&DUJDLQGXFWLYD +]
1RWD3DUDODVO£PSDUDVIOXRUHVFHQWHVFRQFRQGHQVDGRUHVGHEHQFRQVLGHUDUVHWDPEL«QORV
GDWRVW«FQLFRVGHORVUHGXFWRUHVGHWHQVLµQGHO£PSDUDVIOXRUHVFHQWHV6LVHH[FHGHOD
FRUULHQWHGHFLHUUHP£[LPDDGPLVLEOHODVO£PSDUDVIOXRUHVFHQWHVVHGHEHU£QFRQHFWDUD
WUDY«VGHORVUHO«VDX[LOLDUHVFRUUHVSRQGLHQWHV
/RVGDWRVVHKDQGHWHUPLQDGRFRQORVGLVSRVLWLYRVVLJXLHQWHV
/£PSDUDVIOXRUHVFHQWHV6LHPHQV:99*/=QRFRPSHQVDGDV
/£PSDUDVIOXRUHVFHQWHV6LHPHQV:99*/=FRPSHQVDGDVHQSDUDOHORFRQ
˩)
/£PSDUDVIOXRUHVFHQWHV6LHPHQV:99*/=1FRQUHGXFWRUGHWHQVLµQ
$ 'DWRVW«FQLFRV/2*2'05\/2*2'05
/2*2'05 /2*2'05
)XHQWHGHDOLPHQWDFLµQ
7HQVLµQGHHQWUDGD 9$&'& 9'&
5DQJRDGPLVLEOH 9$&
9'& 9'&
3URWHFFLµQFRQWUDLQYHUVLµQGH
SRODULGDG
)UHFXHQFLDGHUHGDGPLVLEOH +]
&RQVXPRGHFRUULHQWH
x 9$& x P$
x 9'& x P$ x P$
(QWUDGDVGLJLWDOHV
&DQWLGDG DFFLµQ3R1RSFLRQDO
$LVODPLHQWRJDOY£QLFR 1R 1R
1¼PHURGHHQWUDGDVU£SLGDV
/2*2
0DQXDOGHSURGXFWR$(
'DWRVW«FQLFRV
$'DWRVW«FQLFRV/2*2'05\/2*2'05
/2*2'05 /2*2'05
)UHFXHQFLDGHHQWUDGD
x (QWUDGDQRUPDO x 0£[+] x 0£[+]
x (QWUDGDU£SLGD x x
7HQVLµQGHHQWUDGD /
x 6H³DO x 9$&'& x 9'&
x 6H³DO x !9$&'& x !9'&
,QWHQVLGDGGHHQWUDGDHQ
x 6H³DO x P$ x P$
x 6H³DO x !P$ x !P$
7LHPSRGHUHWDUGR
x D x 7¯SPV x 7¯SPV
x D x 7¯SPV x 7¯SPV
/RQJLWXGGHFDEOHVLQSDQWDOOD P P
6DOLGDVGLJLWDOHV
&DQWLGDG
7LSRGHVDOLGD 6DOLGDVGHUHO« 6DOLGDVGHUHO«
$LVODPLHQWRJDOY£QLFR 6¯ 6¯
(QJUXSRVGH
&RQWUROGHXQDHQWUDGDGLJLWDO 6¯ 6¯
&RUULHQWHSHUPDQHQWH,WK 0£[$SRUUHO« 0£[$SRUUHO«
&RUULHQWHGHFLHUUH 0£[$ 0£[$
&DUJDGHO£PSDUDV : :
LQFDQGHVFHQWHVFLFORV
GHFRQPXWDFLµQD
7XERVIOXRUHVFHQWHVFRQ [: [:
UHGXFWRUGHWHQVLµQ
FLFORVGHFRQPXWDFLµQ
7XERVIOXRUHVFHQWHV [: [:
FRPSHQVDGRV
FRQYHQFLRQDOPHQWH
FLFORVGHFRQPXWDFLµQ
7XERVIOXRUHVFHQWHVQR [: [:
FRPSHQVDGRVFLFORVGH
FRQPXWDFLµQ
5HGXFFLµQGHSRWHQFLD 1LQJXQDHQWRGRHOUDQJRGH 1LQJXQDHQWRGRHOUDQJRGH
WHPSHUDWXUD WHPSHUDWXUD
5HVLVWHQFLDDFRUWRFLUFXLWRVFRV 3URWHFWRUGHSRWHQFLD% 3URWHFWRUGHSRWHQFLD%
$ $
5HVLVWHQFLDDFRUWRFLUFXLWRVFRV 3URWHFWRUGHSRWHQFLD% 3URWHFWRUGHSRWHQFLD%
D $ $
/2*2
0DQXDOGHSURGXFWR$(
'DWRVW«FQLFRV
$'DWRVW«FQLFRV/2*2/2*2'05
/2*2'05 /2*2'05
&RQH[LµQHQSDUDOHORGHVDOLGDV 1RDGPLVLEOH 1RDGPLVLEOH
SDUDDXPHQWDUODSRWHQFLD
3URWHFFLµQGHXQUHO«GHVDOLGD 0£[$ 0£[$
VLVHGHVHD FDUDFWHU¯VWLFD% FDUDFWHU¯VWLFD%
)UHFXHQFLDGHFRQPXWDFLµQ
0HF£QLFD +] +]
&DUJDµKPLFDFDUJDGH +] +]
O£PSDUDV
&DUJDLQGXFWLYD +] +]
1RWD3DUDODVO£PSDUDVIOXRUHVFHQWHVFRQFRQGHQVDGRUHVGHEHQFRQVLGHUDUVHWDPEL«QORV
GDWRVW«FQLFRVGHORVUHGXFWRUHVGHWHQVLµQGHO£PSDUDVIOXRUHVFHQWHV6LVHH[FHGHOD
FRUULHQWHGHFLHUUHP£[LPDDGPLVLEOHODVO£PSDUDVIOXRUHVFHQWHVVHGHEHU£QFRQHFWDUD
WUDY«VGHORVUHO«VDX[LOLDUHVFRUUHVSRQGLHQWHV
/RVGDWRVVHKDQGHWHUPLQDGRFRQORVGLVSRVLWLYRVVLJXLHQWHV
/£PSDUDVIOXRUHVFHQWHV6LHPHQV:99*/=QRFRPSHQVDGDV
/£PSDUDVIOXRUHVFHQWHV6LHPHQV:99*/=FRPSHQVDGDVHQSDUDOHORFRQ
˩)
/£PSDUDVIOXRUHVFHQWHV6LHPHQV:99*/=1FRQUHGXFWRUGHWHQVLµQ
$ 'DWRVW«FQLFRV/2*2/2*2'05
/2*25& /2*2'05
/2*25&R
)XHQWHGHDOLPHQWDFLµQ
7HQVLµQGHHQWUDGD 9'& 9'&
5DQJRDGPLVLEOH 9'& 9'&
3URWHFFLµQFRQWUDLQYHUVLµQGH 6¯ 6¯
SRODULGDG
&RQVXPRGHFRUULHQWH
x 9'& x P$ x P$
x 9'& x P$ x P$
&RPSHQVDFLµQGHIDOORVGH
WHQVLµQ x 7¯SPV x 7¯SPV
x 9'& x 7¯SPV x 7¯SPV
x 9'&
'LVLSDFLµQ
x 9'& x : x :
x 9'& x : x :
5HVSDOGRGHOUHORMHQWLHPSR 7¯SKRUDVVLQWDUMHWDGH
UHDODr& EDWHU¯D
7¯SD³RVFRQWDUMHWDGH
EDWHU¯D
3UHFLVLµQGHOUHORMHQWLHPSR 7¯SsVG¯D
UHDO
/2*2
0DQXDOGHSURGXFWR$(
'DWRVW«FQLFRV
$'DWRVW«FQLFRV/2*2/2*2'05
/2*25& /2*2'05
/2*25&R
$LVODPLHQWRJDOY£QLFR 1R 1R
(QWUDGDVGLJLWDOHV
&DQWLGDG
$LVODPLHQWRJDOY£QLFR 1R 1R
1¼PHURGHHQWUDGDVU£SLGDV ,,,,
)UHFXHQFLDGHHQWUDGD
x (QWUDGDQRUPDO x 0£[+] x 0£[+]
x (QWUDGDU£SLGD x 0£[N+] x
7HQVLµQGHHQWUDGD/
x 6H³DO x 9'& x 9'&
x 6H³DO x !9'& x !9'&
,QWHQVLGDGGHHQWUDGDHQ
x 6H³DO P$,, P$
P$,,,,
x 6H³DO !P$,, !P$
!P$,,,,
7LHPSRGHUHWDUGR
x D 7¯SPV 7¯SPV
PV,,
x D 7¯SPV 7¯SPV
PV,,
/RQJLWXGGHFDEOHVLQSDQWDOOD P P
(QWUDGDVDQDOµJLFDV
&DQWLGDG , $,, $,, $,
, $,
5DQJR 9'&
LPSHGDQFLDGHHQWUDGDN˖
7LHPSRGHFLFORSDUDJHQHUDU PV
YDORUHVDQDOµJLFRV
7HQVLµQGHHQWUDGDP£[ 9'&
/RQJLWXGGHFDEOHEOLQGDGR\ P
WUHQ]DGR
/¯PLWHGHHUURU sD)6
6DOLGDVGLJLWDOHV
&DQWLGDG
7LSRGHVDOLGD 6DOLGDVGHUHO« 6DOLGDVGHUHO«
$LVODPLHQWRJDOY£QLFR 6¯ 6¯
(QJUXSRVGH
&RQWUROGHXQDHQWUDGDGLJLWDO 6¯ 6¯
&RUULHQWHSHUPDQHQWH,WKSRUERUQH 0£[$SRUUHO« 0£[$SRUUHO«
&RUULHQWHGHFLHUUH 0£[$ 0£[$
&DUJDGHO£PSDUDV : :
LQFDQGHVFHQWHVFLFORV
GHFRQPXWDFLµQD
/2*2
0DQXDOGHSURGXFWR$(
'DWRVW«FQLFRV
$'DWRVW«FQLFRV/2*2/2*2'05
/2*25& /2*2'05
/2*25&R
7XERVIOXRUHVFHQWHVFRQ [: [:
UHGXFWRUGHWHQVLµQ
FLFORVGHFRQPXWDFLµQ
7XERVIOXRUHVFHQWHV [: [:
FRPSHQVDGRV
FRQYHQFLRQDOPHQWH
FLFORVGHFRQPXWDFLµQ
7XERVIOXRUHVFHQWHVQR [: [:
FRPSHQVDGRVFLFORVGH
FRQPXWDFLµQ
5HGXFFLµQGHSRWHQFLD 1LQJXQDHQWRGRHOUDQJRGH 1LQJXQDHQWRGRHOUDQJRGH
WHPSHUDWXUD WHPSHUDWXUD
5HVLVWHQFLDDFRUWRFLUFXLWRVFRV 3URWHFWRUGHSRWHQFLD% 3URWHFWRUGHSRWHQFLD%
$ $
5HVLVWHQFLDDFRUWRFLUFXLWRVFRV 3URWHFWRUGHSRWHQFLD% 3URWHFWRUGHSRWHQFLD%
D $ $
&RQH[LµQHQSDUDOHORGHVDOLGDV 1RDGPLVLEOH 1RDGPLVLEOH
SDUDDXPHQWDUODSRWHQFLD
3URWHFFLµQGHXQUHO«GHVDOLGD 0£[$FDUDFWHU¯VWLFD% 0£[$FDUDFWHU¯VWLFD%
VLVHGHVHD
)UHFXHQFLDGHFRQPXWDFLµQ
0HF£QLFD +] +]
&DUJDµKPLFDFDUJDGH +] +]
O£PSDUDV
&DUJDLQGXFWLYD +] +]
1RWD3DUDODVO£PSDUDVIOXRUHVFHQWHVFRQFRQGHQVDGRUHVGHEHQFRQVLGHUDUVHWDPEL«QORV
GDWRVW«FQLFRVGHORVUHGXFWRUHVGHWHQVLµQGHO£PSDUDVIOXRUHVFHQWHV6LVHH[FHGHOD
FRUULHQWHGHFLHUUHP£[LPDDGPLVLEOHODVO£PSDUDVIOXRUHVFHQWHVVHGHEHU£QFRQHFWDUD
WUDY«VGHORVUHO«VDX[LOLDUHVFRUUHVSRQGLHQWHV
/RVGDWRVVHKDQGHWHUPLQDGRFRQORVGLVSRVLWLYRVVLJXLHQWHV
/£PSDUDVIOXRUHVFHQWHV6LHPHQV:99*/=QRFRPSHQVDGDV
/£PSDUDVIOXRUHVFHQWHV6LHPHQV:99*/=FRPSHQVDGDVHQSDUDOHORFRQ
˩)
/£PSDUDVIOXRUHVFHQWHV6LHPHQV:99*/=1FRQUHGXFWRUGHWHQVLµQ
/2*2
0DQXDOGHSURGXFWR$(
'DWRVW«FQLFRV
$&DSDFLGDGGHFRQPXWDFLµQ\YLGD¼WLOGHODVVDOLGDVGHUHO«
$ &DSDFLGDGGHFRQPXWDFLµQ\YLGD¼WLOGHODVVDOLGDVGHUHO«
&DSDFLGDGGHFRQPXWDFLµQ\YLGD¼WLOGHORVFRQWDFWRVFRQFDUJDµKPLFDFDOHQWDPLHQWR
0DQLREUDVPLOOµQ
&RUULHQWHGHFRQPXWDFLµQHQ$
&DSDFLGDGGHFRQPXWDFLµQ\YLGD¼WLOGHORVFRQWDFWRVFRQDOWDFDUJDLQGXFWLYDVHJ¼Q,(&
'&$&FRQWDFWRUHVERELQDVPDJQ«WLFDVPRWRUHV
0DQLREUDVPLOOµQ
&RUULHQWHGHFRQPXWDFLµQHQ$
/2*2
0DQXDOGHSURGXFWR$(
'DWRVW«FQLFRV
$'DWRVW«FQLFRV/2*2$0
$ 'DWRVW«FQLFRV/2*2$0
/2*2$0
)XHQWHGHDOLPHQWDFLµQ
7HQVLµQGHHQWUDGD 9'&
5DQJRDGPLVLEOH 9'&
&RQVXPRGHFRUULHQWH P$
&RPSHQVDFLµQGHIDOORVGHWHQVLµQ 7¯SPV
'LVLSDFLµQD
x 9 x :
x 9 x :
$LVODPLHQWRJDOY£QLFR 1R
3URWHFFLµQFRQWUDLQYHUVLµQGHSRODULGDG 6¯
%RUQHGHSXHVWDDWLHUUD 3DUDSRQHUDWLHUUD\DSDQWDOODUHOFDEOHGHPHGLFLµQ
DQDOµJLFR
(QWUDGDVDQDOµJLFDV
&DQWLGDG
7LSR 8QLSRODU
5DQJRGHHQWUDGD 9'&LPSHGDQFLDGHHQWUDGDN˖R
P$LPSHGDQFLDGHHQWUDGD˖
5HVROXFLµQ ELWVQRUPDOL]DGRD
7LHPSRGHFLFORSDUDJHQHUDUYDORUHV PV
DQDOµJLFRV
$LVODPLHQWRJDOY£QLFR 1R
/RQJLWXGGHFDEOHEOLQGDGR\WUHQ]DGR P
$OLPHQWDFLµQGHOHQFRGHU 1LQJXQD
/¯PLWHGHHUURU s
6XSUHVLµQGHIUHFXHQFLDVSHUWXUEDGRUDV +]
$ 'DWRVW«FQLFRV/2*2$037
/2*2$037
)XHQWHGHDOLPHQWDFLµQ
7HQVLµQGHHQWUDGD 9'&
5DQJRDGPLVLEOH 9'&
&RQVXPRGHFRUULHQWH P$
&RPSHQVDFLµQGHIDOORVGHWHQVLµQ 7¯SPV
'LVLSDFLµQD
x 9 x :
x 9 x :
$LVODPLHQWRJDOY£QLFR 1R
3URWHFFLµQFRQWUDLQYHUVLµQGHSRODULGDG 6¯
/2*2
0DQXDOGHSURGXFWR$(
'DWRVW«FQLFRV
$'DWRVW«FQLFRV/2*2$037
/2*2$037
%RUQHGHSXHVWDDWLHUUD 3DUDSRQHUDWLHUUD\DSDQWDOODUHOFDEOHGHPHGLFLµQ
(QWUDGDVGHVHQVRU
&DQWLGDG
7LSR 57'3W
&RQH[LµQGHVHQVRUHV
x &RQH[LµQDKLORV x 6¯
x &RQH[LµQDKLORV x 6¯
5DQJRGHPHGLFLµQ r&r&
r)r)
$MXVWHVSDUDYLVXDOL]DUODPHGLFLµQHQHO
PµGXORE£VLFR
x 3DVRVGHr& x 2IIVHWJDQDQFLD
x 3DVRVGHr& x 2IIVHWJDQDQFLD
UHGRQGHDGRDXQGHFLPDO
x 3DVRVGHr) x 2IIVHWJDQDQFLD
x 3DVRVGHr) x 2IIVHWJDQDQFLD
UHGRQGHDGRDXQGHFLPDO
/LQHDOL]DFLµQGHFXUYDFDUDFWHU¯VWLFD 1R
,QWHQVLGDGGHPHGLFLµQ,F P$
)UHFXHQFLDGHPHGLFLµQ 'HSHQGHGHODHVWUXFWXUD
7¯SPV
5HVROXFLµQ r&
/LPLWHVGHHUURU GHOYDORUILQDOPHGLGR
x r&r& x s
x r&r& x s
$LVODPLHQWRJDOY£QLFR 1R
/RQJLWXGGHFDEOHDSDQWDOODGR P
6XSUHVLµQGHIUHFXHQFLDV +]
SHUWXUEDGRUDV
/2*2
0DQXDOGHSURGXFWR$(
'DWRVW«FQLFRV
$'DWRVW«FQLFRV/2*2$0$4('00%$
/2*2
0DQXDOGHSURGXFWR$(
'DWRVW«FQLFRV
$'DWRVW«FQLFRV&0(,%.1;
/2*2$0$4
6DOLGDGHLQWHQVLGDG P$
&DUJDGHLQWHQVLGDG ื˖
5HVROXFLµQ ELWVQRUPDOL]DGRD
7LHPSRGHFLFORGHODVDOLGDDQDOµJLFD 'HSHQGHGHODHVWUXFWXUDPV
$LVODPLHQWRJDOY£QLFR 1R
/RQJLWXGGHFDEOHEOLQGDGR\WUHQ]DGR P
/¯PLWHGHHUURU 6DOLGDGHWHQVLµQs)6
6DOLGDGHWHQVLµQs)6
3URWHFFLµQFRQWUDFRUWRFLUFXLWRV 6DOLGDGHWHQVLµQ6¯DIHFWDODVDOLGDGHWHQVLµQ
DG\DFHQWH
3URWHFFLµQFRQWUDVREUHFDUJD 6DOLGDGHWHQVLµQ6¯DIHFWDODVDOLGDGHWHQVLµQ
DG\DFHQWH
$ 'DWRVW«FQLFRV&0(,%.1;
&0(,%.1;
'DWRVPHF£QLFRV
'LPHQVLRQHV$[$[3 [[PP
3HVR $SUR[J
0RQWDMH (QXQSHUILOVRSRUWHPPDQFKRVGHPµGXORR
PRQWDMHHQODSDUHG'HEHLQVWDODUVHFRPR¼OWLPR
PµGXORDODGHUHFKDGH/2*2
)XHQWHGHDOLPHQWDFLµQ
7HQVLµQGHHQWUDGD 9$&'&
5DQJRDGPLVLEOH $&
'&
&RQVXPRGHFRUULHQWHY¯DIXHQWHGH 0£[P$
DOLPHQWDFLµQ
&RQVXPRGHFRUULHQWHY¯DEXV P$
9HORFLGDGGHWUDQVIHUHQFLD(,% ELWV
&RQHFWRUHV
(QWUDGDVGLJLWDOHV, 0£[YLUWXDOHV
6DOLGDVGLJLWDOHV4 0£[YLUWXDOHV
(QWUDGDVDQDOµJLFDV$, 0£[YLUWXDOHV
6DOLGDVDQDOµJLFDV$4 0£[YLUWXDOHV
'LUHFFLRQHVGHJUXSR 0£[
$VRFLDFLRQHV 0£[
&RQGLFLRQHVDPELHQWDOHVFOLP£WLFDV
5HVLVWHQFLDFOLP£WLFD (1
&RQGLFLRQHVDPELHQWDOHVGXUDQWHHO r&FRQYHFFLµQQDWXUDO
IXQFLRQDPLHQWR
/2*2
0DQXDOGHSURGXFWR$(
'DWRVW«FQLFRV
$'DWRVW«FQLFRV&0$6,QWHUIDFH
&0(,%.1;
7HPSHUDWXUDGHDOPDFHQDPLHQWR\ r&r&
WUDQVSRUWH
+XPHGDGUHODWLYD Dr&VLQFRQGHQVDFLµQ
6HJXULGDGHO«FWULFD
*UDGRGHSURWHFFLµQ ,3VHJ¼Q(1
6XSUHVLµQGHLQWHUIHUHQFLDV (1FODVHGHYDORUO¯PLWH%
&HUWLILFDFLµQ ,(&
,(&
3URWHFFLµQFRQWUDVREUHWHQVLµQ )XVLEOHOHQWRGHP$UHFRPHQGDGR
&RPSDWLELOLGDGHOHFWURPDJQ«WLFD&(0
5HTXLVLWRV&(0 &XPSOHODVQRUPDV(1\(1
+RPRORJDFLRQHV
&HUWLILFDGRSRU.1;(,%
8/
)0
0DUFD&(
&RQIRUPHFRQODGLUHFWLYD&(0HGLILFLRVUHVLGHQFLDOHV
\IXQFLRQDOHVGLUHFWLYDGHEDMDWHQVLµQ
$ 'DWRVW«FQLFRV&0$6,QWHUIDFH
&0$6,QWHUIDFH
'DWRVPHF£QLFRV
'LPHQVLRQHV$[$[3 [[PP
3HVR $SUR[J
0RQWDMH (QXQSHUILOVRSRUWHGHPPDQFKRVGHPµGXORR
PRQWDMHHQODSDUHG'HEHLQVWDODUVHFRPR¼OWLPR
PµGXORDODGHUHFKDGH/2*2
)XHQWHGHDOLPHQWDFLµQ
7HQVLµQGHHQWUDGD 9'&
5DQJRDGPLVLEOH 9'&
3URWHFFLµQFRQWUDLQYHUVLµQGHSRODULGDG 6¯
7RPDGHFRUULHQWHWRWDO ,WRWP£[P$
&RQHFWRUHV
(QWUDGDVGLJLWDOHV, ODVVLJXLHQWHVFXDWURHQWUDGDVSRVWHULRUHVDODV
HQWUDGDVI¯VLFDVGH/2*2
,Q,Q
6DOLGDVGLJLWDOHV4 ODVVLJXLHQWHVFXDWURVDOLGDVSRVWHULRUHVDODVVDOLGDV
I¯VLFDVGH/2*2
4Q4Q
&RQILJXUDFLµQ(6KH[
&µGLJR,'KH[ )
&µGLJR,'KH[ )HVW£QGDUYDULDEOHGH)
/2*2
0DQXDOGHSURGXFWR$(
'DWRVW«FQLFRV
$'DWRVW«FQLFRV/2*23RZHU9
&0$6,QWHUIDFH
&µGLJR,'KH[ )
&RQH[LµQGHEXV $6,QWHUIDFHVHJ¼QODHVSHFLILFDFLµQ
(QWUDGDVDQDOµJLFDV$, 1LQJXQD
6DOLGDVDQDOµJLFDV$4 1LQJXQD
&RQGLFLRQHVDPELHQWDOHVFOLP£WLFDV
&RQGLFLRQHVDPELHQWDOHVGXUDQWHHO r&r&
IXQFLRQDPLHQWR
7HPSHUDWXUDGHDOPDFHQDPLHQWR r&r&
6HJXULGDGHO«FWULFD
'DWRVHO«FWULFRV 6HJ¼QODHVSHFLILFDFLµQ$6,QWHUIDFH
*UDGRGHSURWHFFLµQ ,3
6XSUHVLµQGHLQWHUIHUHQFLDV &ODVHGHYDORUO¯PLWH$
+RPRORJDFLRQHV
,(&
(1
F8/XVVHJ¼Q8/
&6$&1R
$ 'DWRVW«FQLFRV/2*23RZHU9
/2*23RZHU9HVXQDIXHQWHGHDOLPHQWDFLµQFRQFRQWUROSULPDULRSDUDGLVSRVLWLYRV
/2*26HRIUHFHQGRVUDQJRVGHFRUULHQWH
/2*23RZHU /2*23RZHU
9$ 9$
'DWRVGHHQWUDGD
7HQVLµQGHHQWUDGD 9$&
5DQJRDGPLVLEOH 9$&
)UHFXHQFLDGHUHGDGPLVLEOH +]
&RPSHQVDFLµQGHIDOORVGH !PVSDUD9$&
WHQVLµQ
,QWHQVLGDGGHHQWUDGD $ $
&RUULHQWHGHDFWLYDFLµQr& ื$ ื$
3URWHFFLµQGHOGLVSRVLWLYR ,QWHUQD
,QWHUUXSWRUDXWRP£WLFR,(& ุ$FDUDFWHU¯VWLFD%
UHFRPHQGDGRHQHOFDEOHGH ุ$FDUDFWHU¯VWLFD&
DOLPHQWDFLµQ
'DWRVGHVDOLGD
7HQVLµQGHVDOLGD 9'&
7ROHUDQFLDWRWDO s
5DQJRGHDMXVWH 9'&
2QGXODFLµQUHVLGXDO P9SS
,QWHQVLGDGGHVDOLGD $ $
/LPLWDFLµQGHVREUHLQWHQVLGDG 7¯S$ 7¯S$
/2*2
0DQXDOGHSURGXFWR$(
'DWRVW«FQLFRV
$'DWRVW«FQLFRV/2*23RZHU9
/2*23RZHU /2*23RZHU
9$ 9$
(ILFLHQFLD 7¯S 7¯S
&RQHFWDEOHHQSDUDOHORSDUD 6¯
DXPHQWDUODSRWHQFLD
&RPSDWLELOLGDGHOHFWURPDJQ«WLFD
6XSUHVLµQGHLQWHUIHUHQFLDV (1FODVH%VHJ¼Q(1
,QPXQLGDGDLQWHUIHUHQFLDV (1(1
6HJXULGDG
$LVODPLHQWRJDOY£QLFR 6¯6(/9VHJ¼Q(1\(1
SULPDULRVHFXQGDULR
&ODVHGHVHJXULGDG ,,
*UDGRGHSURWHFFLµQ ,3VHJ¼Q(1
0DUFDGR&( 6¯
&HUWLILFDFLµQ8/F8/ 6¯8/8/
+RPRORJDFLµQ)0 6¯&ODVV,'LY7
+RPRORJDFLµQ*/ 6¯
,QGLFDFLRQHVJHQHUDOHV
5DQJRGHWHPSHUDWXUDDPELHQWH r&FRQYHFFLµQQDWXUDO
7HPSHUDWXUDGH r&
DOPDFHQDPLHQWR\WUDQVSRUWH
&RQH[LRQHVHQODHQWUDGD 8QERUQH[PPµ[PPSDUD/\RWURSDUD1
&RQH[LRQHVHQODVDOLGD 'RVERUQHV[PPµ[PPSDUD\RWURVGRVSDUD
0RQWDMH (QFDMDEOHHQXQSHUILOVRSRUWHGHPP
'LPHQVLRQHVHQPP$[$[3 [[ [[
3HVRDSUR[ NJ NJ
$ 'DWRVW«FQLFRV/2*23RZHU9
/2*23RZHU9HVXQDIXHQWHGHDOLPHQWDFLµQFRQFRQWUROSULPDULRSDUDGLVSRVLWLYRV
/2*26HRIUHFHQGRVUDQJRVGHFRUULHQWH
/2*23RZHU /2*23RZHU
9$ 9$
'DWRVGHHQWUDGD
7HQVLµQGHHQWUDGD 9$&
5DQJRDGPLVLEOH 9$&
)UHFXHQFLDGHUHGDGPLVLEOH +]
&RPSHQVDFLµQGHIDOORVGH PVD9$&
WHQVLµQ
,QWHQVLGDGGHHQWUDGD $ $
&RUULHQWHGHDFWLYDFLµQr& $ $
3URWHFFLµQGHOGLVSRVLWLYR ,QWHUQD
/2*2
0DQXDOGHSURGXFWR$(
'DWRVW«FQLFRV
$'DWRVW«FQLFRV/2*23RZHU9
/2*23RZHU /2*23RZHU
9$ 9$
,QWHUUXSWRUDXWRP£WLFR,(& ุ$FDUDFWHU¯VWLFD%
UHFRPHQGDGRHQHOFDEOHGH ุ$FDUDFWHU¯VWLFD&
DOLPHQWDFLµQ
'DWRVGHVDOLGD
7HQVLµQGHVDOLGD 9'&
7ROHUDQFLDWRWDO s
5DQJRGHDMXVWH 9'&
2QGXODFLµQUHVLGXDO P9SS
,QWHQVLGDGGHVDOLGD $ $
/LPLWDFLµQGHVREUHLQWHQVLGDG 7¯S$ 7¯S$
(ILFLHQFLD ! !
&RQHFWDEOHHQSDUDOHORSDUD 6¯
DXPHQWDUODSRWHQFLD
&RPSDWLELOLGDGHOHFWURPDJQ«WLFD
6XSUHVLµQGHLQWHUIHUHQFLDV (1FODVH%VHJ¼Q(1
,QPXQLGDGDLQWHUIHUHQFLDV (1
(1
6HJXULGDG
$LVODPLHQWRJDOY£QLFR 6¯6(/9VHJ¼Q(1\(1
SULPDULRVHFXQGDULR
&ODVHGHVHJXULGDG ,,
*UDGRGHSURWHFFLµQ ,3VHJ¼Q(1
0DUFDGR&( 6¯
&HUWLILFDFLµQ8/F8/ 6¯8/8/
+RPRORJDFLµQ)0 6¯&ODVV,'LY7
+RPRORJDFLµQ*/ 6¯
,QGLFDFLRQHVJHQHUDOHV
5DQJRGHWHPSHUDWXUDDPELHQWH r&FRQYHFFLµQQDWXUDO
7HPSHUDWXUDGH r&
DOPDFHQDPLHQWR\WUDQVSRUWH
&RQH[LRQHVHQODHQWUDGD 8QERUQH[PPµ[PPSDUD/\RWURSDUD1
&RQH[LRQHVHQODVDOLGD 'RVERUQHV[PPµ[PPSDUD\RWURVGRVSDUD
0RQWDMH (QFDMDEOHHQXQSHUILOVRSRUWHGHPP
'LPHQVLRQHVHQPP$[$[3 [[ [[
3HVRDSUR[ NJ NJ
/2*2
0DQXDOGHSURGXFWR$(
'DWRVW«FQLFRV
$'DWRVW«FQLFRV/2*2&RQWDFW
$ 'DWRVW«FQLFRV/2*2&RQWDFW
/2*2&RQWDFW\/2*2&RQWDFWVRQPµGXORVGHFRQPXWDFLµQTXHSHUPLWHQ
FRQHFWDUGLUHFWDPHQWHFDUJDVµKPLFDVGHKDVWD$\PRWRUHVGHKDVWDN:VLQHPLVLµQ
GHLQWHUIHUHQFLDVQL]XPELGRV
/2*2 /2*2
&RQWDFW &RQWDFW
7HQVLµQGHRSHUDFLµQ 9'& 9$&
+]
&DSDFLGDGGHFRQPXWDFLµQ
&DWHJRU¯DGHXWLOL]DFLµQ$&FRQPXWDFLµQGHFDUJDVµKPLFDVD
r& $
&RUULHQWHGHRSHUDFLµQD9 N:
6DOLGDFRQFDUJDVWULI£VLFDVD9
&DWHJRU¯DVGHXWLOL]DFLµQ$&$&PRWRUHVFRQDQLOORFROHFWRUR
LQGXFLGRGHEDUUDV
&RUULHQWHGHRSHUDFLµQD9 $
6DOLGDFRQFDUJDVWULI£VLFDVD9 N:
3URWHFFLµQFRQWUDFRUWRFLUFXLWRV
7LSRGHDVLJQDFLµQ $
7LSRGHDVLJQDFLµQ $
&DEOHVGHFRQH[LµQ +LORILQRFRQSXQWHUDV
+LORPDFL]R
[DPP
[DPP
[PP
'LPHQVLRQHV$[$[3 [[
7HPSHUDWXUDDPELHQWH r&
7HPSHUDWXUDGHDOPDFHQDPLHQWR r&
/2*2
0DQXDOGHSURGXFWR$(
'DWRVW«FQLFRV
$'DWRVW«FQLFRV,QIRUPDFLµQDFHUFDGHODEDWHU¯DGHODVWDUMHWDV/2*2
/2*27'
5DQJRDGPLVLEOH 9$&
9'&
)UHFXHQFLDGHUHGDGPLVLEOH +]
&RQVXPRGHFRUULHQWH
x 9'& x 7¯SP$
x 9'& x 7¯SP$
x 9$& x 7¯SP$
9HORFLGDGGHWUDQVIHUHQFLDGHGDWRV ELWV
'LVSOD\/&'\UHWURLOXPLQDFLµQ
9LGD¼WLOGHODUHWURLOXPLQDFLµQ KRUDV
9LGD¼WLOGHOGLVSOD\ KRUDV
'LPHQVLRQHVGHORULILFLRGHPRQWDMH
$QFKR[DOWXUD PP[PP
/DYLGD¼WLOGHODUHWURLOXPLQDFLµQVHGHILQHDV¯ODOXPLQRVLGDGILQDOHVHOGHODOXPLQRVLGDG
RULJLQDO
/DYLGD¼WLOGHOGLVSOD\VHFDOFXODEDMRFRQGLFLRQHVGHRSHUDFLµQ\DOPDFHQDPLHQWRQRUPDOHV
$ 'DWRVW«FQLFRV,QIRUPDFLµQDFHUFDGHODEDWHU¯DGHODVWDUMHWDV
/2*2
,QIRUPDFLµQDFHUFDGHODEDWHU¯DGHODVWDUMHWDV/2*2
)DEULFDQWH 3DQDVRQLF
7LSR %59&(
7HQVLµQ 9
&DSDFLGDG P$K
'DWRVPHF£QLFRV
'LPHQVLRQHV PP[PP
3HVR J
/2*2
0DQXDOGHSURGXFWR$(
'HWHUPLQDUHOWLHPSRGHFLFOR %
/DHMHFXFLµQFRPSOHWDGHXQSURJUDPDHVGHFLUE£VLFDPHQWHODOHFWXUDGHODVHQWUDGDVHO
SURFHVDPLHQWRGHOSURJUDPD\ODSRVWHULRUOHFWXUDGHODVVDOLGDVVHGHQRPLQDFLFORGHO
SURJUDPD(OWLHPSRGHFLFORHVHOWLHPSRQHFHVDULRSDUDHMHFXWDUXQDYH]HOSURJUDPDSRU
FRPSOHWR
(OWLHPSRTXHGXUDXQFLFORGHOSURJUDPDVHSXHGHFDOFXODUPHGLDQWHXQSHTXH³RSURJUDPD
GHSUXHED(OSURJUDPDGHSUXHEDVHFUHDHQ/2*2\GXUDQWHVXHMHFXFLµQHQPRGRGH
SDUDPHWUL]DFLµQGHYXHOYHXQYDORUGHOTXHVHGHULYDHOWLHPSRGHFLFORDFWXDO
3URJUDPDGHSUXHED
&UHHHOSURJUDPDGHSUXHEDYLQFXODQGRXQDVDOLGDFRQXQVHOHFWRUGHXPEUDO\
FRQHFWDQGRODHQWUDGDGHWULJJHUFRQXQDPDUFDLQYHUWLGD
%
6DOLGD4[XRWUD
0
4[ PDUFD0[
3DU
%
0 0
&RQILJXUHHOVHOHFWRUGHXPEUDOFRPRVHPXHVWUDDEDMR'HELGRDODPDUFDLQYHUWLGDVH
JHQHUDXQLPSXOVRHQFDGDFLFORGHOSURJUDPD(OLQWHUYDORGHWULJJHUVHDMXVWDD
VHJXQGRV
% %
3XOVHႧ
2Q *B7 V
2II
,QLFLHHOSURJUDPD\FRQPXWH/2*2DPRGRGHSDUDPHWUL]DFLµQ(QHVWHPRGR
YLVXDOLFHORVSDU£PHWURVGHWULJJHU
%
2Q
2II
ID ID HVODVXPDGHORVLPSXOVRVPHGLGRVSRUFDGD
XQLGDGGHWLHPSR*B7
(OYDORUUHF¯SURFRGHIDHTXLYDOHDOWLHPSRGHHMHFXFLµQGHOSURJUDPDDFWXDOHQOD
PHPRULDGH/2*2
ID WLHPSRGHFLFORHQV
/2*2
0DQXDOGHSURGXFWR$(
'HWHUPLQDUHOWLHPSRGHFLFOR
([SOLFDFLµQ
(OHVWDGRGHVH³DOGHVDOLGDGHODPDUFDLQYHUWLGDFDPELDHQFDGDHMHFXFLµQGHOSURJUDPD
3RUWDQWRXQQLYHOOµJLFRHVWDGRKLJKRORZGXUDH[DFWDPHQWHXQFLFOR&RQHOORXQ
SHU¯RGRGXUDFLFORV
(OVHOHFWRUGHXPEUDOLQGLFDODUHODFLµQGHSHU¯RGRVSRUFDGDVHJXQGRVTXHUHVXOWDHQOD
UHODFLµQGHFLFORVSRUVHJXQGR
&DPELRGHIODQFRGHODPDUFDLQYHUWLGD
HQFDGDHMHFXFLµQGHOSURJUDPD
7LHPSRGHFLFOR
SHU¯RGR LPSXOVR FLFORV
3HU¯RGR
/2*2
0DQXDOGHSURGXFWR$(
/2*2VLQGLVSOD\ &
3XHVWRTXHDOJXQDVDSOLFDFLRQHVHVSHF¯ILFDVQRUHTXLHUHQLQWHUYHQFLµQGHORSHUDGRUQL
XQLGDGHVGHFRQWUROWDOHVFRPRERWRQHVRXQGLVSOD\VHRIUHFHQWDPEL«QODVYHUVLRQHVGH
/2*25&R/2*2R/2*25&R\/2*25&RVLQGLVSOD\
$VSHFWRGHXQ/2*25&RHMHPSOR
/ 1 , , , , , , , ,
5816723
c0HQRVHVDYHFHVP£V
/DVYHUVLRQHVVLQGLVSOD\RIUHFHQODVVLJXLHQWHVYHQWDMDV
Ⴠ 6RQD¼QP£VHFRQµPLFDVSRUTXHFDUHFHQGHHOHPHQWRGHPDQGR
Ⴠ 5HTXLHUHQPHQRVHVSDFLRHQHODUPDULRHO«FWULFRTXHHOKDUGZDUHFRQYHQFLRQDO
Ⴠ 5HVSHFWRDVXIOH[LELOLGDG\SUHFLRGHDGTXLVLFLµQRIUHFHQPXFKRVP£VEHQHILFLRVTXH
ORVHTXLSRVGHFRQPXWDFLµQHOHFWUµQLFRVDXWµQRPRV
Ⴠ 5HVXOWDQYHQWDMRVRVLQFOXVRHQDSOLFDFLRQHVTXHSHUPLWDQVXVWLWXLUWDQVµORGRVRWUHV
HTXLSRVGHFRQPXWDFLµQFRQYHQFLRQDOHV
Ⴠ 6RQPX\I£FLOHVGHXWLOL]DU
Ⴠ (VW£QSURWHJLGRVFRQWUDDFFHVRVQRDXWRUL]DGRV
Ⴠ 6RQFRPSDWLEOHVFRQYHUVLRQHVGH/2*2FRQGLVSOD\
Ⴠ 6XVGDWRVVHSXHGHQOHHUSRUPHGLRGH/2*26RIW&RPIRUW
&UHDUXQSURJUDPDVLQSDQHOGHPDQGR
8QSURJUDPDSDUDXQ/2*2VLQGLVSOD\SXHGHFUHDUVHGHGRVPDQHUDVDVDEHU
Ⴠ &UHHHOSURJUDPDFRQ/2*26RIW&RPIRUW3£JLQDHQHO3&\WUDQVIL«UDOROXHJRD
/2*2
Ⴠ 7UDQVILHUDHOSURJUDPDGHVGHXQDWDUMHWDGHPHPRULDRGHPHPRULDEDWHU¯DFRPELQDGD
3£JLQD/2*2DOGLVSRVLWLYR/2*2VLQGLVSOD\
/2*2
0DQXDOGHSURGXFWR$(
/2*2VLQGLVSOD\
&DUDFWHU¯VWLFDVIXQFLRQDOHV
&XDQGRVHFRQHFWDODDOLPHQWDFLµQ/2*2HVW£OLVWRSDUDHOVHUYLFLR/DGHVFRQH[LµQGHXQ
/2*2VLQGLVSOD\HTXLYDOHDODGHVFRQH[LµQGHODDOLPHQWDFLµQHO«FWULFDHVGHFLUFRPRVL
VHVDFDUDHOHQFKXIH
(OSURJUDPDGHODVYHUVLRQHVGH/2*2RQRVHSXHGHLQLFLDUQLSDUDUSRUPHGLRGH
ERWRQHV3RUHVWHPRWLYRODVYHUVLRQHVGH/2*2RWLHQHQXQFRPSRUWDPLHQWRGH
DUUDQTXHGLIHUHQWH
5XWLQDGHDUUDQTXH
6L/2*2RODWDUMHWDLQVHUWDGDGHPHPRULDRGHPHPRULDEDWHU¯DFRPELQDGDQRFRQWLHQH
QLQJ¼QSURJUDPD/2*2SHUPDQHFHHQ6723
6LODPHPRULDGH/2*2FRQWLHQHXQSURJUDPDY£OLGR/2*2FRQPXWDDXWRP£WLFDPHQWHGH
6723D581FXDQGRVHFRQHFWDODDOLPHQWDFLµQ
6LHVW£LQVHUWDGDXQDWDUMHWDGHPHPRULDRGHPHPRULDEDWHU¯DFRPELQDGDHOSURJUDPDTXH
FRQWHQJDVHFRSLDU£D/2*2LQPHGLDWDPHQWHGHVSX«VGHFRQHFWDUODDOLPHQWDFLµQ&RQ
HOORVHVREUHVFULEHHOSURJUDPDFRQWHQLGRHQODPHPRULDGH/2*2(OVLVWHPDFDPELD
DXWRP£WLFDPHQWHGH6723D581
6LHOFDEOHGHO3&HVW£FRQHFWDGRD/2*23£JLQDHOSURJUDPDSXHGHWUDQVIHULUVHD
/2*2HLQLFLDUVHSRUPHGLRGHOVRIWZDUHGH3&/2*26RIW&RPIRUW
,QGLFDGRUGHHVWDGRRSHUDWLYR
/RVUHVSHFWLYRVHVWDGRVGHRSHUDFLµQWDOHVFRPR3RZHU2Q581\6723VHVH³DOL]DQ
PHGLDQWHXQGLRGR/('GLVSXHVWRHQODFXELHUWDIURQWDO
Ⴠ /('URMR32:(5216723
Ⴠ /('YHUGH32:(521581
(O/('URMRVHHQFLHQGHWUDVFRQHFWDUODDOLPHQWDFLµQ\HQWRGRVORVHVWDGRVGH/2*2
H[FHSWR581(O/('YHUGHVHHQFLHQGHFXDQGR/2*2HVW£HQPRGR581
/HHUORVGDWRVDFWXDOHV
/2*26RIW&RPIRUW3£JLQDSURYHHXQWHVWRQOLQHTXHSHUPLWHOHHUORVGDWRVDFWXDOHV
GHWRGDVODVIXQFLRQHVPLHQWUDVHOVLVWHPDHVW£HQ581
6LHVW£LQVHUWDGDXQDWDUMHWDGHPHPRULDRGHPHPRULDEDWHU¯DFRPELQDGDSURWHJLGDHQXQ
/2*2VLQGLVSOD\QRSRGU£OHHUORVGDWRVDFWXDOHVDPHQRVTXHLQWURGX]FDODFRQWUDVH³D
FRUUHFWD3£JLQDSDUDHOSURJUDPD'HORFRQWUDULRHOSURJUDPDVHERUUDU£GHOD
PHPRULDGH/2*2FXDQGRH[WUDLJDODWDUMHWDGHPHPRULDRGHPHPRULDEDWHU¯DFRPELQDGD
SDUDFRQHFWDUSHMHOFDEOHGHO3&
%RUUDUSURJUDPDV
8WLOLFH/2*26RIW&RPIRUWSDUDERUUDUHOSURJUDPD\ODFRQWUDVH³DVL«VWDH[LVWH
/2*2
0DQXDOGHSURGXFWR$(
(VWUXFWXUDGHPHQ¼VGH/2*2 '
' 0µGXOR/2*2%DVLF
9LVWDJHQHUDOGHORVPHQ¼V
1LQJ3URJU !3URJUDPDU
7DUMHWD
(6&
&RQILJ
1LQJ3URJU ,QLFLR
3URJUDPDRFXSDGR 3XOVH(6&
581 9«DVHಯ0HQ¼SULQFLSDOರ
!6WRS !6¯
0R (6& $MXV3DU£P 3DUDPHWUL]DFLµQ
$MXVWDU $MXVWHGHYDORUHVHVW£QGDU
1RPEUHSURJ 9LVXDOL]DFLµQGHOQRPEUHGHOSURJUDPD
9«DVHಯ0HQ¼,QLFLRರ 0HQ¼GHSDUDPHWUL]DFLµQ
0HQ¼SULQFLSDO(6&!6WRS
(6&
!3URJUDPDU !(GLWDU 9«DVHಯ0HQ¼GHSURJUDPDFLµQರ
7DUMHWD !ൺ7DUMHWD 9«DVHಯ0HQ¼GHWUDQVIHUHQFLDರ
&RQILJ !5HORM 9«DVHಯ0HQ¼GHFRQILJXUDFLµQರ
!6WRS!6¯ ,QLFLR 9«DVHಯ0HQ¼,QLFLRರ
0R
/2*2
0DQXDOGHSURGXFWR$(
(VWUXFWXUDGHPHQ¼VGH/2*2
'0µGXOR/2*2%DVLF
0HQ¼GHSURJUDPDFLµQ(6&!6WRSൺ!3URJUDPDU
Ⴍ
!(GLW1RPE (GLWDUHOQRPEUHGHOSURJUDPD
!$4
Ⴍ 6HOHFFLRQDUORVYDORUHVGHODVVDOLGDV
DQDOµJLFDV\HOWLSR
Ⴍ
!0HPRULD" 0RVWUDUHOHVSDFLRGHPHPRULDGLVSRQLEOH
Ⴍ
!%RUUDUSURJ %RUUDUHOSURJUDPD
Ⴍ
!&RQWUDVH³D ,QWURGXFLUPRGLILFDUODFRQWUDVH³D
Ⴍ
!&RQI$YLVR &RQILJXUDUSDU£PHWURVJOREDOHVSDUDWH[WRVGHDYLVR
0HQ¼GHWUDQVIHUHQFLD(6&!6WRSൺ!7DUMHWD
!ൺ7DUMHWD &RSLDUHOSURJUDPDGH/2*2DODWDUMHWDGHPHPRULDRGH
PHPRULDEDWHU¯DFRPELQDGD
!7DUMHWDൺ &RSLDUHOSURJUDPDGHODWDUMHWDGHPHPRULDRGHPHPRULDEDWHU¯D
FRPELQDGDD/2*2
!3URWFRSLD $MXVWDUODSURWHFFLµQGHOSURJUDPDRSURWHFFLµQDQWLFRSLD
/2*2
0DQXDOGHSURGXFWR$(
(VWUXFWXUDGHPHQ¼VGH/2*2
'0µGXOR/2*2%DVLF
0HQ¼GHFRQILJXUDFLµQ(6&!6WRSൺ!&RQILJ
Ⴍ
!+RUDULR9, $MXVWDUHOKRUDULRGHYHUDQRLQYLHUQR
!6LQF
Ⴍ 6LQFURQL]DUODKRUDGH/2*2%DVLF\&0
(,%.1;
!/&'
Ⴍ !&RQWUDVWH $MXVWDUHOFRQWUDVWHGHOGLVSOD\
!5HWURLOXP $MXVWDUODUHWURLOXPLQDFLµQGHOGLVSOD\
Ⴍ
!,GLRPD0HQ¼ $MXVWDUHOLGLRPDGHORVPHQ¼V
Ⴍ
!%0$,180 $MXVWDUHOQ¼PHURGH$,VGHOPµGXOR%DVLFSDUDVHOHFFLRQDUPµGXORV
/2*2
0DQXDOGHSURGXFWR$(
(VWUXFWXUDGHPHQ¼VGH/2*2
'0µGXOR/2*2%DVLF
0HQ¼,QLFLR581
(YHU\WKLQJ 0£[WH[WRVGHDYLVR
2."
/2*2
ႣႭ
, 4 $,
0R Ⴇ Ⴇ Ⴇ Ⴇ
Ⴑ
Ⴑ Ⴑ
Ⴑ
)HFKD\KRUD (QWUDGDV 6DOLGDV (QWUDGDVDQDOµJLFDV
$, $, $4 0 (6&&
Ⴇ Ⴇ Ⴇ Ⴇ Ⴃ
Ⴑ
Ⴑ
Ⴑ
Ⴑ ႱႧ
Ⴍ
(QWUDGDVDQDOµJLFDV (QWUDGDVDQDOµJLFDV 6DOLGDVDQDOµJLFDV 0DUFDV 7HFODVGHFXUVRU
(6&
!6WRS
$MXV3DU£P 0HQ¼GHSDUDPHWUL]DFLµQ
$MXVWDU
1RPEUHSURJ
&RQVXOWHWDPEL«Q
3DU£PHWURV3£JLQD
$VLJQDUHOQRPEUHGHOSURJUDPD3£JLQD
6HOHFFLRQDUYDORUHVDQDOµJLFRVGHVDOLGDSDUDXQFDPELRGH581D67233£JLQD
'HILQLUHOWLSRGHODVVDOLGDVDQDOµJLFDV3£JLQD
(VSDFLRGHPHPRULD\WDPD³RGHOSURJUDPD3£JLQD
%RUUDUHOSURJUDPD\ODFRQWUDVH³D3£JLQD
&RQWUDVH³D3£JLQD
7H[WRVGHDYLVR3£JLQD
$MXVWDUORVYDORUHVHVW£QGDUGH/2*23£JLQD
,QWURGXFLUHLQLFLDUHOSURJUDPD3£JLQD
&RSLDUGDWRVGH/2*2HQODWDUMHWDGHPHPRULD3£JLQD
&RSLDUGDWRVGHODWDUMHWDGHPHPRULDHQ/2*23£JLQD
)XQFLµQGHVHJXULGDG3URWFRSLD3£JLQD
&DPELRGHKRUDULRGHYHUDQRLQYLHUQR3£JLQD
6LQFURQL]DFLµQ3£JLQD
$MXVWDUODKRUD\ODIHFKD/2*2&3£JLQD
$MXVWDUHOFRQWUDVWH\ODUHWURLOXPLQDFLµQGHOGLVSOD\3£JLQD
$MXVWDUHOQ¼PHURGHHQWUDGDVDQDOµJLFDVGHOPµGXORE£VLFR3£JLQD
/2*2
0DQXDOGHSURGXFWR$(
(VWUXFWXUDGHPHQ¼VGH/2*2
'/2*27'
' /2*27'
9LVWDJHQHUDOGHORVPHQ¼V
1LQJ3URJU !&RQILJ
&RQI$YLVR
(6&
,QLFLR
1LQJ3URJU
3URJUDPDRFXSDGR 3XOVH(6&
581 9«DVHಯ0HQ¼SULQFLSDOರ
!6WRS !6¯
0R (6& $MXV3DU£P 3DUDPHWUL]DFLµQ
6HW $MXVWHGHYDORUHVHVW£QGDU
&RQI$YLVR &RQILJXUDFLµQJOREDOGHWH[WRVGHDYLVR
9«DVHಯ0HQ¼,QLFLRರ
0HQ¼GHSDUDPHWUL]DFLµQ
0HQ¼SULQFLSDO(6&!6WRS
9«DVH0HQ¼GHFRQILJXUDFLµQ
&RQILJXUDUSDU£PHWURVJOREDOHVSDUDWH[WRVGHDYLVR
!&RQILJ !5HORM
&RQI$YLVR /&' !5HIU$QDOµJ
,QLFLR ,GLRPD0HQ¼ 9«DVH0HQ¼,QLFLR
9HO7LFNHU
-XHJRV&DU 0R
-XH&DU$FW
0HQ¼GHFRQILJXUDFLµQ(6&!6WRSൺ!&RQILJ
Ⴍ
!+RUDULR9, $MXVWDUHOKRUDULRGHYHUDQRLQYLHUQR
!6LQF
Ⴍ 6LQFURQL]DUODKRUDGH/2*2%DVLF\&0
(,%.1;
!/&'
Ⴍ !&RQWUDVWH $MXVWDUHOFRQWUDVWHGHOGLVSOD\
!5HWURLOXP $MXVWDUODUHWURLOXPLQDFLµQGHOGLVSOD\
Ⴍ
!,GLRPD0HQ¼ $MXVWDUHOLGLRPDGHORVPHQ¼V
/2*2
0DQXDOGHSURGXFWR$(
(VWUXFWXUDGHPHQ¼VGH/2*2
'/2*27'
0HQ¼,QLFLRPµGXORE£VLFRHQ581
(YHU\WKLQJ 0£[WH[WRVGHDYLVR
2."
/2*2
ႣႭ
, 4 $,
0R Ⴇ Ⴇ Ⴇ Ⴇ
Ⴑ
Ⴑ Ⴑ
Ⴑ
)HFKD\KRUD (QWUDGDV 6DOLGDV (QWUDGDVDQDOµJLFDV
$, $, $4 0 (6&&
Ⴇ Ⴇ Ⴇ Ⴇ Ⴃ
Ⴑ
Ⴑ
Ⴑ
Ⴑ ႱႧ
Ⴍ
(QWUDGDVDQDOµJLFDV (QWUDGDVDQDOµJLFDV 6DOLGDVDQDOµJLFDV 0DUFDV 7HFODVGHFXUVRU
(6&
!6WRS
$MXV3DU£P 0HQ¼GHSDUDPHWUL]DFLµQ
6HW
&RQI$YLVR
&RQVXOWHWDPEL«Q
3DU£PHWURV3£JLQD
$MXVWDUORVYDORUHVHVW£QGDUGH/2*23£JLQD
7H[WRVGHDYLVR3£JLQD
$MXVWDUODKRUD\ODIHFKD/2*2&3£JLQD
&DPELRGHKRUDULRGHYHUDQRLQYLHUQR3£JLQD
6LQFURQL]DFLµQ3£JLQD
$MXVWDUHOFRQWUDVWH\ODUHWURLOXPLQDFLµQGHOGLVSOD\3£JLQD
$MXVWDUHOLGLRPDGHORVPHQ¼V3£JLQD
/2*2
0DQXDOGHSURGXFWR$(
1¼PHURVGHUHIHUHQFLD (
0µGXORV
9DULDQWH 1RPEUH 5HIHUHQFLD
%DVLF /2*25&$&'&
('0'%$
/2*2
('&&%$
/2*25&$&'& ('+%%$
/2*25&$&'& (')%%$
%DVLFVLQGLVSOD\SXUR /2*25&R$&'&
('0'%$
/2*2R
('&&%$
/2*25&R$&'& ('+%%$
/2*25&R$&'& (')%%$
0µGXORVGLJLWDOHV /2*2'05 ('0%%$
/2*2'0 ('&%%$
/2*2'05 ('+%%$
/2*2'05 (')%%$
/2*2'0 ('&%%$
/2*2'05 ('1%%$
/2*2'05 (')%%$
0µGXORVDQDOµJLFRV /2*2$0 ('0$%$
/2*2$037 ('0'%$
/2*2$0$49 ('00%$
/2*2$0$49 ('00%$
P$
0µGXORVGHFRPXQLFDFLµQ &0(,%.1; %.%$$$
&0$6,QWHUIDFH 5.&($$
9LVXDOL]DGRUGHWH[WRV /2*27' ('0+%$
WDPEL«QFRQHQWUDGDVDQDOµJLFDV
/2*2
0DQXDOGHSURGXFWR$(
1¼PHURVGHUHIHUHQFLD
$FFHVRULRV
$FFHVRULRV 1RPEUH 5HIHUHQFLD
6RIWZDUH /2*26RIW&RPIRUW9 ('%$<$
$FWXDOL]DFLµQD/2*26RIW&RPIRUW9 ('&$<(
7DUMHWDGHPHPRULD /2*27DUMHWDGHPHPRULD (''$%$
7DUMHWDGHEDWHU¯D /2*27DUMHWDGHEDWHU¯D (';$%$
7DUMHWDGHPHPRULDEDWHU¯D /2*27DUMHWDGHPHPRULDEDWHU¯D (''$%$
FRPELQDGD FRPELQDGD
0µGXORVGHFRQPXWDFLµQ /2*2&RQWDFW9 ('&$$$
/2*2&RQWDFW9 ('($$$
0µGXORVGHSRWHQFLD /2*23RZHU9$ (36+
/2*23RZHU9$ (36+
/2*23RZHU9$ (36+
/2*23RZHU9$ (36+
/2*23RZHU9$ (36+
/2*23RZHU9$ (36+
/2*23RZHU9$ (36+
/2*23RZHU9$ (36+
/2*23RZHU9$ (36+
2WURV &DEOH3& ('$$%$
&DEOH3&86% ('$$%$
&DEOHPµGHP ('&$%$
0DQXDO ('$$'(
/2*2
0DQXDOGHSURGXFWR$(
$EUHYLDWXUDV )
$0 0µGXORDQDOµJLFR
% 1¼PHURGHEORTXH%
%1 1¼PHURGHEORTXH
& /2*2QRPEUHGHGLVSRVLWLYRUHORMLQWHJUDGR
&0 0µGXORGHFRPXQLFDFLµQ
&QW &RXQW HQWUDGDGHFRQWDMH
&R &RQHFWRU
'LU 6HQWLGRSHMVHQWLGRGHFRQWDMH
'0 0µGXORGLJLWDO
(,% (XURSHDQ,QVWDOODWLRQ%XV
(,6 (,%,QWHURSHUDELOLW\6WDQGDUG
(Q (QDEOH KDELOLWDUSHMJHQHUDGRUHVGHUHORM
(76 (,%7RRO6RIWZDUH
)UH (QWUDGDGHVH³DOHVGHIUHFXHQFLDDDQDOL]DU
*) )XQFLRQHVE£VLFDV
,QY (QWUDGDSDUDLQYHUWLUODVH³DOGHVDOLGD
.1; .RQQH[$VVRFLDWLRQ6WDQGDUGSDUDVLVWHPDVHOHFWUµQLFRVHQYLYLHQGDV\HGLILFLRV
1R /HYDSDU£PHWURGHOWHPSRUL]DGRU
R (QQRPEUHVGH/2*2VLQGLVSOD\ZLWKR
RXWGLVSOD\
3DU 3DU£PHWUR
5 (QWUDGDGHUHVHW
5 (QQRPEUHVGH/2*2VDOLGDVGHUHO«
5DO 5HVHWDOO HQWUDGDSDUDUHLQLFLDUWRGRVORVYDORUHVLQWHUQRV
6 6HW DFWLYDUSHMXQUHO«DXWRHQFODYDGRU
6) )XQFLRQHVHVSHFLDOHV
68 6XEXQLGDG
7 7LHPSRSDU£PHWUR
7' 9LVXDOL]DGRUGHWH[WRV7H[W'LVSOD\
7UJ 7ULJJHUSDU£PHWUR
'LVSRVLWLYR /DYHUVLµQGH/2*2%DVLFP£VUHFLHQWHGHVFULWDHQHVWHPDQXDO
%$
/2*2
0DQXDOGHSURGXFWR$(
$EUHYLDWXUDV
/2*2
0DQXDOGHSURGXFWR$(
QGLFHDOIDE«WLFR
&RQHFWRUHV
$ELHUWRV
$ (QWUDGDV
KL
$MXVWDUODIHFKD
OR
$MXVWHGHUHORM
1RXWLOL]DGRV
$OLPHQWDFLµQGHWHQVLµQ
6DOLGDV
3URWHFFLµQGHOFLUFXLWR
[
$09«DVH0µGXORDQDOµJLFR
&RQHFWRUHVDELHUWRV
$PSOLILFDGRU
&RQHFWRUHVQRXWLOL]DGRV
$QDOµJLFR
&RQH[LµQGHVHQVRUHV
$PSOLILFDGRUDQDOµJLFR
&RQILJXUDFLµQ
$QDOµJLFR
&RQGLIHUHQWHVFODVHVGHWHQVLµQ
&RPSDUDGRU
&RQPXWDGRUDQDOµJLFRGHYDORUXPEUDO
$QDOµJLFRV
&RQPXWDGRUDQDOµJLFRGHYDORUXPEUDOGLIHUHQFLDO
9DORUHV
&RQVWDQWHV
$1'
&RQWDGRUDGHODQWHDWU£V
$ULWP«WLFDDQDOµJLFD
&RQWDGRUGHKRUDVGHIXQFLRQDPLHQWR
$ULWP«WLFDDQDOµJLFDHUURUHV
/HHUORVYDORUHV01\27
$6,QWHUIDFH
&RQWDGRUHV
$GHODQWHDWU£V
+RUDVGHIXQFLRQDPLHQWR
%
6HOHFWRUGHXPEUDO
%DVHGHWLHPSR &RQWDMHU£SLGR
%LWVGHUHJLVWURGHGHVSOD]DPLHQWR &RQYHUVLµQ
%1 +RUDULRGHYHUDQRLQYLHUQR
%XV$6,QWHUIDFH &RUUHGHUD
(VWDGRVGHFRPXQLFDFLµQ &6$
)DOORGHFRPXQLFDFLµQ F8/XV
%XV(,%
(VWDGRVGHFRPXQLFDFLµQ
)DOORGHFRPXQLFDFLµQ '
'HFDODMHGHRULJHQ
'HVPRQWDMH
&
'HWHFFLµQGHHUURUHVDULWP«WLFRV
&DPELRGHKRUDULRGHYHUDQRLQYLHUQR $PSOLILFDGRUDQDOµJLFR
+RUDULR9, 'HWHFFLµQGHHUURUHVGHDULWP«WLFDDQDOµJLFD
5HORM '¯DGHODVHPDQD
&DPELRVGHHVWDGRGHVH³DO 'LUHFFLµQGH,QWHUQHW
&LFORGHSURJUDPD 'LVSDUR
&09«DVH0µGXORGHFRPXQLFDFLµQ $QDOµJLFRGHYDORUXPEUDO
&R $QDOµJLFRGHYDORUXPEUDOGLIHUHQFLDO
&RPSDWLELOLGDG 'LYLVLµQSRUHUURU
0µGXORVGHDPSOLDFLµQ '09«DVH0µGXORGLJLWDO
&RQFHSWRVE£VLFRVGHODVIXQFLRQHVHVSHFLDOHV
&RQHFWRU
/2*2
0DQXDOGHSURGXFWR$(
QGLFHDOIDE«WLFR
( 5HO«GHEDUULGRDFWLYDGRSRUIODQFRV
5HO«GHLPSXOVRV
(,%.1;
5HO«V
(QWUDGDV
5HWDUGRDODFRQH[LµQ
(QWUDGDVDQDOµJLFDV
5HWDUGRDODFRQH[LµQFRQPHPRULD
(QWUDGDVGLJLWDOHV
5HWDUGRDODFRQH[LµQGHVFRQH[LµQ
(QWUDGDVU£SLGDV
5HWDUGRDODGHVFRQH[LµQ
1HJDU
6DOLGDGHLPSXOVRV
7HFODVGHFXUVRU
6HOHFWRUGHXPEUDO
(QWUDGDVOµJLFDV
7HPSRUL]DGRUDQXDO
(UURUDULWP«WLFR
7HPSRUL]DGRUVHPDQDO
$QDOµJLFR
7H[WRVGHDYLVR
(UURUGHGLYLVLµQSRUFHUR
9LJLODQFLDGHOYDORUDQDOµJLFR
(UURUGHUHEDVHSRUGHIHFWR
(UURUGHUHEDVHSRUH[FHVR
(YDOXDFLµQGHIODQFRV
*
*DQDQFLD
) *%
*HQHUDGRUDOHDWRULR
)0
*HQHUDGRUGHLPSXOVRV
)XQFLRQHVE£VLFDV
$V¯QFURQR
$1'
*HQHUDGRUGHLPSXOVRVDV¯QFURQR
$1'FRQIODQFR
*)
1$1'
1$1'FRQIODQFR
127
+
25
;25 +LVW«UHVLV
)XQFLRQHVHVSHFLDOHV +RUDGHFRQH[LµQ
$PSOLILFDGRUDQDOµJLFR +RUDGHGHVFRQH[LµQ
$ULWP«WLFDDQDOµJLFD +RUDULRGHLQYLHUQR
&RPSDUDGRUDQDOµJLFR +RUDULRGHYHUDQR
&RQFHSWRVE£VLFRV
&RQPXWDGRUDQDOµJLFRGHYDORUXPEUDO
&RQPXWDGRUDQDOµJLFRGHYDORUXPEUDO ,
GLIHUHQFLDO
,PSUHFLVLµQGHWHPSRUL]DFLµQ
&RQWDGRUDGHODQWHDWU£V
,PSXOVR
&RQWDGRUGHKRUDVGHIXQFLRQDPLHQWR
$QFKR
'HWHFFLµQGHHUURUHVGHDULWP«WLFDDQDOµJLFD
3DXVD
'LVSDURV
,QLFLR
*HQHUDGRUDOHDWRULR
,QVWUXFFLRQHV
*HQHUDGRUGHLPSXOVRVDV¯QFURQR
&R
,QWHUUXSWRUELIXQFLRQDO
&RQHFWRUHV&R
,QWHUUXSWRUGHDOXPEUDGRSDUDHVFDOHUD
)XQFLRQHVE£VLFDV*)
,QWHUUXSWRUVRIWZDUH
)XQFLRQHVHVSHFLDOHV6)
0RGXODFLµQGHDQFKRGHLPSXOVRV3:0
*)
0XOWLSOH[RUDQDOµJLFR
6)
5DPSDDQDOµJLFD
,QWHQVLGDGGHFRQPXWDFLµQ
5HJLVWURGHGHVSOD]DPLHQWR
0£[LPD
5HJXODGRU3,
,QWHUUXSWRU
5HO«DXWRHQFODYDGRU
$OXPEUDGRSDUDHVFDOHUD
5HO«GHEDUULGR
%LIXQFLRQDO
/2*2
0DQXDOGHSURGXFWR$(
QGLFHDOIDE«WLFR
,QWHUUXSWRUELIXQFLRQDO 0µGXORGHFRPXQLFDFLµQ
,QWHUUXSWRUGHDOXPEUDGRSDUDHVFDOHUD $6,QWHUIDFH
,QWHUUXSWRUVRIWZDUH (,%.1;
,QYHUVRU 0µGXORGLJLWDO
,62 0µGXORVGHDPSOLDFLµQ
,62 $QDOµJLFR
,62 'LJLWDO
,62 (VWDGRRSHUDWLYR
0µGXORVGHFRPXQLFDFLµQ
0XOWLSOH[RUDQDOµJLFR
-
-XHJRGHFDUDFWHUHVFKLQR
1
-XHJRVGHFDUDFWHUHV
1$1'
1HJDFLµQ
/ GHXQDHQWUDGD
(QWUDGDGHXQDIXQFLµQHVSHFLDO
/('
1LYHOHV
/2*27'
1LYHOHVGHWHQVLµQ
3DQWDOODLQLFLDO
1RPEUHGHOSURJUDPD
7HFODVGHIXQFLµQ
&DPELDU
/2*27'
-XHJRGHFDUDFWHUHV
9LGD¼WLOGHODUHWURLOXPLQDFLµQ
/HHU
/2*27'
127
9LGD¼WLOGHOGLVSOD\
2
0
2IIVHW
0DUFDGHDUUDQTXH
25
0DUFDGHOMXHJRGHFDUDFWHUHV
25H[FOXVLYD
0DUFDGHOMXHJRGHFDUDFWHUHVSDUDWH[WRVGH
DYLVR
0DUFDGR&(
3
0DUFDV
0DUFDVGHUHWURLOXPLQDFLµQ 3DQWDOODGHSDUDPHWUL]DFLµQ
0HPRULD 3DU£PHWUR7
/LPLWDFLµQ 3DU£PHWURV
0HPRULDGHOSURJUDPD $MXV3DU£P
0HPRULDUHPDQHQWH $MXVWDU
0HQ¼GHSDUDPHWUL]DFLµQ (QWUDGDV
0HQ¼GHSURJUDPDFLµQ 7
$4HQ6WRS 3&/2*2
%RUUDUSURJ 3HUILOVRSRUWH
&RQWUDVH³D 3URJUDPD
(GLW1RPE 3URJUDPDV
(GLW3URJ $UFKLYDU
7LSR$4 (QYLDUSRUFRUUHR
0µGHPV 5HSURGXFLU
0RGR 3URWHFFLµQGHSDU£PHWURV
3&/2*2 3XQWHUDV
0RGXODFLµQGHDQFKRGHLPSXOVRV3:0 3:0
PµGXORDQDOµJLFR
/2*2
0DQXDOGHSURGXFWR$(
QGLFHDOIDE«WLFR
5 7HPSRUL]DGRU
3UHFLVLµQ
5DPSDDQDOµJLFD
7HPSRUL]DGRUDQXDO
5HJLVWURGHGHVSOD]DPLHQWR
7HPSRUL]DGRUVHPDQDO
5HJXODGRU3,
$MXVWDU
5HO«DXWRHQFODYDGRU
(MHPSORV
5HO«GHEDUULGR
7HPSRUL]DGRUHV
$FWLYDGRSRUIODQFRV
$QXDOHV
5HO«GHLPSXOVRV
*HQHUDGRUDOHDWRULR
5HPDQHQFLD
*HQHUDGRUGHLPSXOVRVDV¯QFURQR
5HVSXHVWDGHWLHPSR
,QWHUUXSWRUELIXQFLRQDO
5HWDUGRDODFRQH[LµQ
,QWHUUXSWRUGHDOXPEUDGRSDUDHVFDOHUD
5HWDUGRDODFRQH[LµQFRQPHPRULD
5HO«GHEDUULGRVDOLGDGHLPSXOVRV
5HWDUGRDODFRQH[LµQGHVFRQH[LµQ
5HO«GHEDUULGRDFWLYDGRSRUIODQFRV
5HWDUGRDODFRQH[LµQ
5HWDUGRDODFRQH[LµQFRQPHPRULD
6
5HWDUGRDODFRQH[LµQGHVFRQH[LµQ
6DOLGDGHLPSXOVRV 5HWDUGRDODGHVFRQH[LµQ
6DOLGDV 6HPDQDOHV
1RFRQHFWDGDV 7H[WRVGHDYLVR
6DOLGDVDQDOµJLFDV -XHJRGHFDUDFWHUHV
6DOLGDVGLJLWDOHV 7LFNHU
6DOLGDVGHUHO« 7LFNHUFDU£FWHUSRUFDU£FWHU
&DSDFLGDGGHFRQPXWDFLµQ 7LFNHUGHDYLVRV
9LGD¼WLO 7LFNHUO¯QHDSRUO¯QHD
6DOLGDVQRFRQHFWDGDV
6HOHFWRUGHIUHFXHQFLD
6HOHFWRUGHXPEUDO 8
6)
85/
6KLIW-,6
6LPXODFLµQ
6LQGLVSOD\
9
0RGR3&/2*2
6LQFURQL]DFLµQ 9HUVLRQHVGHGHPRVWUDFLµQ
5HORM 9LGD¼WLOGHODUHWURLOXPLQDFLµQ
6LQF /2*27'
6RIWZDUH 9LGD¼WLOGHOGLVSOD\
6WRS /2*27'
6XEXQLGDGHV 9LGD¼WLOGHO/&'
/2*27'
9LJLODQFLDGHOYDORUDQDOµJLFR
7 9LVXDOL]DGRUGHWH[WRV7'
9LVXDOL]DGRUHV
7DSD
7DUMHWDGHPHPRULD
/2*2ൺ7DUMHWD
;
3URWFRSLD
7DUMHWDൺ/2*2 ;25
7DUMHWDGHPHPRULDEDWHU¯D
7DUMHWDGHPHPRULDEDWHU¯DFRPELQDGD
7DUMHWDY«DVH0µGXORGHSURJUDPDWDUMHWD
7HFODVGHFXUVRU
7HFODVGHIXQFLµQ
/2*2
0DQXDOGHSURGXFWR$(