01/2013

Spark 2640585
Spark
Guía del Propietário

No se permite reprodución o traducir, totalmente o parcialmente, el contenido de esta guía

sin autorización previa por escrito de la General Motors de Argentina S.R.L. Todos los
informes, ilustraciones y especificaciones contenidos en esta guía corresponden a datos
existentes en la época de su publicación. Nosotros nos reservamos el derecho de hacer
cambios en cualquier momento, tanto en el producto como en la guía, sin previo aviso.
(VWDSÒJLQDQRFRQWLHQHLQIRUPDFLäQ
&RQWHQLGR ,QWURGXFFLäQ  
(QSRFDVSDODEUDV  
/ODYHVSXHUWDV\YHQWDQLOODV  
$VLHQWRVVLVWHPDVGH
VHJXULGDG  
3RUWDREMHWRV  
,QVWUXPHQWRV\PDQGRV  
,OXPLQDFLäQ  
6LVWHPDGHLQIRHQWUHWHQLPLHQWR    
&OLPDWL]DFLäQ  
&RQGXFFLäQ\PDQHMR  
&XLGDGRGHOYHKÞFXOR  
6HUYLFLR\PDQWHQLPLHQWR  
'DWRVWÚFQLFRV  
,QIRUPDFLäQGHFOLHQWHV  
¾QGLFHDOIDEÚWLFR  
 ,QWURGXFFLäQ

,QWURGXFFLäQ

,QWURGXFFLµQ
6XYHK¯FXORUHSUHVHQWDXQGLVH³R
FRPELQDGRGHDYDQ]DGDWHFQRORJ¯D
VHJXULGDGFRPSDWLELOLGDGHFROµJLFD\
HFRQRP¯D
(VWH0DQXDOGH,QVWUXFFLRQHVOHSURಣ
SRUFLRQDWRGDODLQIRUPDFLµQQHFHVDಣ
ULDSDUDFRQGXFLUHOYHK¯FXORGHIRUPD
QDOH[SHULPHQWDGRIRUPDGRSRU
&KHYUROHWWUDEDMDVHJ¼QODVLQVWUXFಣ
FLRQHVHVSHF¯ILFDVGH&KHYUROHW
/DGRFXPHQWDFLµQSDUDHOFOLHQWHGHಣ
EHU¯DHVWDUVLHPSUHDPDQRHQHOYHಣ
K¯FXOR
8VRGHOSUHVHQWHPDQXDO
,QWURGXFFLµQ 
႑ (QHVWHPDQXDOVHXWLOL]DQODVGHಣ
VLJQDFLRQHVGHI£EULFDSDUDORVPRಣ
WRUHV/DVGHVLJQDFLRQHVFRPHUಣ
FLDOHVFRUUHVSRQGLHQWHVVHSXHGHQ
HQFRQWUDUHQODVHFFLµQ'DWRVW«Fಣ
QLFRV
႑ /DVLQGLFDFLRQHVGHGLUHFFLµQSHM
L]TXLHUGDRGHUHFKDGHODQWHRGHಣ
VHJXUD\HILFLHQWH
,QIRUPHDORVRFXSDQWHVVREUHORVSRಣ
VLEOHVSHOLJURVGHOHVLRQHV\DFFLGHQಣ
WHVGHULYDGRVGHXQXVRLQFRUUHFWRGHO
YHK¯FXOR
6LHPSUHGHEHFXPSOLUODVOH\HV\ORV
UHJODPHQWRVGHOSD¯VSRUGRQGHFLUಣ
FXOH'LFKDVOH\HVSXHGHQGLIHULUGH
ODLQIRUPDFLµQFRQWHQLGDHQHOSUHಣ
VHQWH0DQXDOGH,QVWUXFFLRQHV
&XDQGRHVWH0DQXDOGH,QVWUXFFLRಣ
QHVKDFHUHIHUHQFLDDXQDYLVLWDDOWDಣ
OOHUOHUHFRPHQGDPRVTXHDFXGDD
VX5HSDUDGRU$XWRUL]DGR&KHYUROHW
7RGRVORV5HSDUDGRUHV$XWRUL]DGRV
&KHYUROHWOHRIUHFHQXQVHUYLFLRH[ಣ
FHOHQWHDSUHFLRVUD]RQDEOHV3HUVRಣ
WU£VVHUHILHUHQVLHPSUHDOVHQWLGR
႑ (VWHPDQXDOGHVFULEHWRGDVODVRSಣ
GHPDUFKD
FLRQHV\IXQFLRQHVGLVSRQLEOHVSDUD
႑ (VSRVLEOHTXHODVSDQWDOODVGHOYHಣ
HVWHPRGHOR$OJXQDV
K¯FXORQRHVW«QGLVSRQLEOHVHQVX
GHVFULSFLRQHVLQFOXLGDVODVGHOD
LGLRPD
SDQWDOOD\ODVIXQFLRQHVGHOPHQ¼
SXHGHQQRVHUY£OLGDVSDUDVX
YHK¯FXORDFDXVDGHODYDULDQWHGHO 3HOLJUR$GYHUWHQFLD\
PRGHORODVHVSHFLILFDFLRQHVGHO
$WHQFLµQ
SD¯VHOHTXLSDPLHQWRHVSHFLDORORV
DFFHVRULRV
3HOLJUR
႑ /DVHFFLµQ(QSRFDVSDODEUDVOH
SURSRUFLRQDXQDSULPHUDYLVLµQGH (OWH[WRPDUFDGRFRQ 3HOLJUR
FRQMXQWR RIUHFHLQIRUPDFLµQVREUHHO
ULHVJRGHVXIULUDFFLGHQWHVFRQ
႑ /DVWDEODVGHFRQWHQLGRVDOSULQFLಣ
SRWHQFLDOHVOHVLRQHVLQFOXVR
SLRGHOPDQXDO\GHFDGDVHFFLµQOH
D\XGDU£QDORFDOL]DUODLQIRUPDFLµQ IDWDOHV
႑ (O¯QGLFHDOIDE«WLFROHSHUPLWLU£EXVಣ
FDULQIRUPDFLµQHVSHF¯ILFD
 ,QWURGXFFLäQ

$WHQFLäQ
(OWH[WRPDUFDGRFRQ$$WHQFLäQ
RIUHFHLQIRUPDFLäQVREUHSRVLEOHV
GDâRVHQHOYHKÞFXOR6LVHLJQRUD
GLFKDLQIRUPDFLäQHOYHKÞFXOR
SXHGHVXIULUGDâRV

/HGHVHDPRVPXFKDVKRUDVGHDJUDಢ
GDEOHFRQGXFFLäQ
&KHYUROHW
 ,QWURGXFFLäQ 

(VWDSÒJLQDQRFRQWLHQHLQIRUPDFLäQ
 (QSRFDVSDODEUDV

(QSRFDVSDODEUDV 'HVEORTXHRGHOYHK¯FXOR $MXVWHGHORVDVLHQWRV

0DQGRDGLVWDQFLD 3RVLFLµQGHODVLHQWR
,QIRUPDFLµQLPSRUWDQWH
SDUDVXSULPHUYLDMH

7LUHGHODSDODQFDGHVOLFHHODVLHQWR
'HVEORTXHDWRGDVODVSXHUWDV/DVOXಣ VXHOWHOD¢
SDODQFD
FHVGHHPHUJHQFLDSDUSDGHDU£QGRV 3RVLFLµQGHDVLHQWR $MXVWHGH
YHFHV ORVDVLHQWRV
0DQGRDGLVWDQFLD FLHUUHFHQಣ

3HOLJUR
/RVDVLHQWRVVµORGHEHQDMXVWDUVH
FRQHOYHK¯FXORSDUDGR
 (QSRFDVSDODEUDV 

5HVSDOGRGHODVLHQWR $OWXUDGHODVLHQWR $MXVWHGHORV

DSR\DFDEH]DV

7LUHGHODSDODQFDDMXVWHODLQFOLQDಢ
FLäQ\VXHOWHODSDODQFD'HMHTXHHO
DVLHQWRHQFODYHDXGLEOHPHQWH
3RVLFLäQGHDVLHQWR$MXVWHGH
ORVDVLHQWRV
*LUHODUXHGDTXHKD\HQHOH[WHULRU
GHODEDQTXHWDGHODVLHQWRKDVWDTXH
HVWÚHQODSRVLFLäQGHVHDGD
3RVLFLäQGHDVLHQWR$MXVWHGH
ORVDVLHQWRV
7LUHGHODSR\DFDEH]DVKDFLDDUULED
3DUDEDMDUORSXOVHHOUHVRUWH\HPಢ
SXMHHODSR\DFDEH]DVKDFLDDEDMR
$SR\DFDEH]DV
 (QSRFDVSDODEUDV
&LQWXUäQGHVHJXULGDG
([WUDLJDHOFLQWXUäQGHOUHWUDFWRU
JXÞHORSRUHQFLPDGHOFXHUSRVLQUHಢ
WRUFHUOR\HQFODYHODOHQJíHWDHQHO
FLHUUH
'XUDQWHHOYLDMHWHQVHIUHFXHQWHಢ
PHQWHHOFLQWXUäQDEGRPLQDOWLUDQGR
VXDYHPHQWHGHODEDQGDWRUÒFLFD
3RVLFLäQGHDVLHQWR&LQWXURಢ
QHVGHVHJXULGDG6LVWHPDGH
DLUEDJV
$MXVWHGHORVUHWURYLVRUHV
5HWURYLVRULQWHULRU
3DUDUHGXFLUHOGHVOXPEUDPLHQWRDFಢ
FLRQHODSDODQFDTXHKD\GHEDMRGHOD
FDUFDVDGHOHVSHMR
5HWURYLVRULQWHULRU
5HWURYLVRUHVH[WHULRUHV
%DVWDFRQPRYHUODSDODQFDGHDMXVWH
HQODGLUHFFLäQGHVHDGDSDUDUHJXODU
HOÒQJXORGHORVUHWURYLVRUHV
5HWURYLVRUHVH[WHULRUHVFRQYH[RV
$MXVWHHOÚFWULFR5Hಢ
WURYLVRUHVH[WHULRUHVSOHJDEOHV
5HWURYLVRUHVH[WHULRUHVWÚUPLಢ
FRV
 (QSRFDVSDODEUDV 

$MXVWHGHOYRODQWH

'HVEORTXHHODSDODQFDDMXVWHHO
YRODQWHOXHJRHQFODYHODSDODQFD\
DVHJëUHVHGHTXHHVWÚWRWDOPHQWH
EORTXHDGD(OYRODQWHVäORVHGHEH
DMXVWDUFRQHOYHKÞFXORSDUDGR
6LVWHPDGHDLUEDJV3RVLFLRಢ
QHVGHODOODYHGHOHQFHQGLGR
 (QSRFDVSDODEUDV

9LVWDJHQHUDOGHOWDEOHURGHLQVWUXPHQWRV

 $MXVWHGHORVUHWURYLVRUHV
HOÚFWULFRV  
 6DOLGDVGHDLUHODWHUDOHV  
 ,OXPLQDFLäQH[WHULRU  
 %RFLQD  
$LUEDJGHOFRQGXFWRU  
 &XDGURGHLQVWUXPHQWRV  
 6LVWHPDOLPSLD\
ODYDSDUDEULVDV  
 6DOLGDVGHDLUHFHQWUDOHV    
 6LVWHPDGHLQIRHQWUHWHQLಢ
PLHQWR  
 7HVWLJRVGHFRQWURO  
 /XFHVGHHPHUJHQFLD  
 $LUEDJGHODFRPSDâDQWH  
 *XDQWHUD  
 &OLPDWL]DGRU 
 3DODQFDVHOHFWRUDFDPELR
PDQXDO  
3DODQFDVHOHFWRUDFDPELR
DXWRPÒWLFR  
 (QWUDGD$8;HQWUDGD86% 
 7RPDGHFRUULHQWH  
(QSRFDVSDODEUDV 
 3HGDOGHODFHOHUDGRU   ,OXPLQDFLäQH[WHULRU
 3HGDOGHOIUHQR  
 &HUUDGXUDGHOHQFHQGLGR    
 3HGDOGHOHPEUDJXH  
 $MXVWHGHOYRODQWH  
 7DSDGHORVIXVLEOHV  
 3DODQFDGHGHVEORTXHR
GHOFDSä  
 5HJXODFLäQGHODOFDQFHGH
ORVIDURV  
*LUHHOFRQPXWDGRUGHODVOXFHV
2)) 7RGDVODVOXFHVVHDSDJDQ
 /DVOXFHVWUDVHUDVOXFHVGH
ODPDWUÞFXOD\ODVOXFHVGHO
SDQHOGHLQVWUXPHQWRVVH
HQFLHQGHQ
 /RVIDURVGHOXFHVDOWDV
\WRGDVODVOXFHVDQWHಢ
ULRUHVVHHQFLHQGHQ
,OXPLQDFLäQ
 (QSRFDVSDODEUDV

*XLâDGDVOX]DOWD\OX]EDMD /XFHVGHHPHUJHQFLD 6HâDOL]DFLäQGHJLURV\FDPELRV

GHFDUULO

3DUDFDPELDUGHOX]EDMDDOX]DOWD 6HDFFLRQDQFRQHOERWäQe
SXOVHODSDODQFD /XFHVGHHPHUJHQFLD 3DODQFD ,QWHUPLWHQWHGHUHFKR
3DUDFDPELDUDOX]EDMDYXHOYDD KDFLD
SXOVDURWLUDUGHODSDODQFD DUULED
/X]DOWDJXLâDGDV  3DODQFD ,QWHUPLWHQWHL]TXLHUGR
KDFLD
DEDMR
6HâDOL]DFLäQGHJLURV\FDPELRVGH
FDUULO
 (QSRFDVSDODEUDV 

%RFLQD 6LVWHPDVOLPSLD\ /LPSLDSDUDEULVDV

ODYDSDUDEULVDV
/LPSLDSDUDEULVDV

3XOVHH

2)) 6LVWHPDDSDJDGR
,17 )XQFLRQDPLHQWRLQWHUPLಢ
WHQWH
/2 %DUULGRFRQWLQXRDYHORFLGDG
OHQWD
+, %DUULGRFRQWLQXRDYHORFLGDG
UÒSLGD
3DUDVROLFLWDUXQëQLFREDUULGRFRQHO
OLPSLDSDUDEULVDVDSDJDGRPXHYDXQ
SRFRODSDODQFDKDFLDODSRVLಢ
FLäQ,,17\VXÚOWHOD
 (QSRFDVSDODEUDV

6LVWHPDODYDSDUDEULVDV &OLPDWL]DFLäQ 'HVHPSDâDGR\

GHVFRQJHODPLHQWRGHORVFULVWDOHV
/XQHWDWÚUPLFDWUDVHUD (QODVYHUVVLRQHVDVÞHTXLSGDV
UHWURYLVRUHVH[WHULRUHVWÚUPLFRV

7LUHGHODSDODQFD
6LVWHPDODYDSDUDEULVDVOÞಢ
TXLGRGHODYDGR
/DUHVLVWHQFLDWÚUPLFDVHDFFLRQDSXOಢ 3XOVHHOERWäQ5
VDQGRHOERWäQ^ 'HVFRQJHODPLHQWRGHOSDUDEULVDV
5HWURYLVRUHVFDOHIDFWDGRVOXಢ 'HVHPSDâDGRGHOSDUDEULVDV
QHWDWÚUPLFDWUDVHUD 
 (QSRFDVSDODEUDV 

&DMDGHFDPELRV
&DPELRPDQXDO

0DUFKDDWUÒVFRQHOYHKÞFXORSDUDGR
SLVHHOSHGDOGHOHPEUDJXH\PHWDOD
PDUFKD
6LODPDUFKDQRHQWUDFRQIDFLOLGDG
SRQJDODSDODQFDHQSXQWRPXHUWR
VXHOWHHOSHGDOGHOHPEUDJXH\SÞVHOR
GHQXHYROXHJRUHSLWDODVHOHFFLäQGH
ODPDUFKD
&DPELRPDQXDO
 (QSRFDVSDODEUDV

$OVDOLUGHYLDMH
&RPSUREDFLRQHVDQWHVGH
FRPHQ]DUXQYLDMH
࿢ /DSUHVLäQGHORVQHXPÒWLFRV\VX
HVWDGR
࿢ (OQLYHOGHDFHLWHGHOPRWRU\GHORV
GHPÒVOÞTXLGRV
࿢ 7RGRVORVFULVWDOHVUHWURYLVRUHV
LOXPLQDFLäQH[WHULRU\SODFDVGH
PDWUÞFXODGHEHQHVWDUHQEXHQHVಢ
WDGR\OLEUHVGHVXFLHGDGQLHYHR
KLHOR
࿢ /DFRUUHFWDSRVLFLäQGHORVUHWURYLಢ
VRUHVDVLHQWRV\FLQWXURQHVGHVHಢ
JXULGDG
࿢ (OIXQFLRQDPLHQWRGHORVIUHQRVD
EDMDYHORFLGDGHVSHFLDOPHQWHVL
ORVIUHQRVHVWÒQKëPHGRV
 (QSRFDVSDODEUDV 

$UUDQTXHGHOPRWRU $QWHVGHUHSHWLUHODUUDQTXHRSDUD (VWDFLRQDPLHQWR

DSDJDUHOPRWRUJLUHGHQXHYRODOODYH
D ႑ 1RHVWDFLRQHHOYHK¯FXORVREUHXQD
VXSHUILFLHI£FLOPHQWHLQIODPDEOH/D
HOHYDGDWHPSHUDWXUDGHOVLVWHPD
GHHVFDSHSRGU¯DLQIODPDUGLFKD
VXSHUILFLH
႑ $FFLRQHVLHPSUHHOIUHQRGHHVWDಣ
FLRQDPLHQWRVLQSXOVDUHOERWµQGH
GHVEORTXHR(QSHQGLHQWHVDSO¯ಣ
TXHORFRQWRGDODILUPH]DSRVLEOH
3DUDUHGXFLUHOHVIXHU]RSLVHHOSHಣ
GDOGHOIUHQRDOPLVPRWLHPSR
႑ 'HVFRQHFWHHOPRWRU\HOHQFHQಣ
႑ *LUHODOODYHDODSRVLFLµQPXHYD GLGR*LUHHOYRODQWHKDVWDTXHVH
OLJHUDPHQWHHOYRODQWHSDUDGHVDFಣ HQFODYHHOEORTXHRGHOPLVPR
WLYDUHOEORTXHR ႑ 6LHOYHK¯FXORHVW£HQXQDVXSHUILಣ
႑ &DPELRPDQXDODFFLRQHHOHPEUDಣ FLHSODQDRFXHVWDDUULEDPHWDOD
JXH SULPHUDDQWHVGHGHVFRQHFWDUHO
HQFHQGLGR6LHOYHK¯FXORHVW£
႑ 1RDFHOHUH FXHVWDDUULEDJLUHODVUXHGDVGHಣ
႑ *LUHODOODYHDODSRVLFLµQSLVHHO ODQWHUDVHQODGLUHFFLµQFRQWUDULDDO
SHGDOGHOHPEUDJXH\GHOIUHQR FRUGµQGHODYHUHGD6LHOYHK¯FXOR
OXHJRVXHOWHODOODYHFXDQGRHOPRಣ HVW£HQXQDFXHVWDDEDMRPHWDOD
WRUHVW«HQPDUFKD PDUFKDDWU£VDQWHVGHGHVFRQHFWDU
HOHQFHQGLGR*LUHODVUXHGDVGHODQ
WHUDVKDFLDHOFRUGµQGHODYHUHGD
 (QSRFDVSDODEUDV

࿢ &LHUUHODVYHQWDQLOODV
࿢ %ORTXHHHOYHKÞFXOR\DFWLYHHOVLVಢ
WHPDGHDODUPDDQWLUURER
/ODYHV
 /ODYHVSXHUWDV\YHQWDQLOODV
/ODYHVFHUUDGXUDV
/ODYHVSXHUWDV\
YHQWDQLOODV /ODYHV
/ODYHVGHUHSXHVWR
/ODYHVFHUUDGXUDV   (OQëPHURGHODOODYHVHHVSHFLILFDHQ
3XHUWDV   XQDHWLTXHWDTXHVHSXHGHTXLWDU
6HJXULGDGGHOYHKÞFXOR   $OSHGLUOODYHVGHUHSXHVWRGHEHLQGLಢ
FDUVHHOQëPHURGHOODYHFRUUHVSRQಢ
5HWURYLVRUHVH[WHULRUHV   GLHQWH\DTXHODOODYHHVXQFRPSRಢ
5HWURYLVRULQWHULRU   QHQWHGHOVLVWHPDLQPRYLOL]DGRU
9HQWDQLOODV   &HUUDGXUDV
0DQGRDGLVWDQFLD

6HXVDSDUDDFFLRQDU
࿢ &LHUUHFHQWUDOL]DGR
࿢ 6LVWHPDGHDODUPDDQWLUURER
(OPDQGRDGLVWDQFLDWLHQHXQDOFDQFH
PÒ[LPRDSUR[LPDGRGHPHWURV
3XHGHUHGXFLUVHSRULQIOXHQFLDVH[ಢ
WHUQDV
/DVOXFHVGHHPHUJHQFLDVHLOXPLQDQ
SDUDFRQILUPDUHODFFLRQDPLHQWR
'HEHWUDWDUORFRQFXLGDGRSURWHJHUOR
GHODKXPHGDG\GHODVWHPSHUDWXUDV
DOWDV\HYLWHDFFLRQDUORLQQHFHVDULDಢ
PHQWH
$YHUÞD
(QODVYHUVLRQHVDVÞHTXLSDGDV 6LHOFLHUUHFHQWUDOL]DGRQRVHDFWLYD
FRQHOPDQGRDGLVWDQFLDSXHGHGHಢ
EHUVHDORVLJXLHQWH
࿢ VHKDH[FHGLGRHODOFDQFH
࿢ ODWHQVLäQGHODSLODHVGHPDVLDGR
EDMD
࿢ DFFLRQDPLHQWRUHSHWLGR\IUHFXHQWH
GHOPDQGRDGLVWDQFLDIXHUDGHODOಢ
FDQFHGHUHFHSFLäQGHOYHKÞFXOR
VHUÒQHFHVDULRYROYHUDVLQFURQLಢ
]DUOR
 /ODYHVSXHUWDV\YHQWDQLOODV
࿢ VREUHFDUJDGHOFLHUUHFHQWUDOL]DGR
GHELGRDXQDFFLRQDPLHQWRIUHಢ
FXHQWHHQEUHYHVLQWHUYDORVVHLQಢ
WHUUXPSHODDOLPHQWDFLäQGHFRಢ
UULHQWHGXUDQWHXQEUHYHSHULRGRGH
WLHPSR
࿢ LQWHUIHUHQFLDGHRQGDVGHUDGLRGH
PD\RUSRWHQFLDSURFHGHQWHVGH
RWUDVIXHQWHV
6XVWLWXFLäQGHODSLODGHOPDQGR
DGLVWDQFLD
6XVWLWX\DODSLODHQFXDQWRGLVPLQX\D
FRQVLGHUDEOHPHQWHVXDOFDQFH
 3RQJDHODGKHVLYR\FRORTXHHO
WUDQVPLVRUHQODWDSD
 0RQWHODWDSDGHOWUDQVPLVRU
 &RPSUXHEHHOIXQFLRQDPLHQWRGHO
WUDQVPLVRUHQHOYHKÞFXOR
$WHQFLäQ
(YLWHWRFDUODVVXSHUILFLHVSODQDV
GHODSLODFRQORVGHGRV\DTXH
HVWRDFRUWDUÒODGXUDFLäQGHOD
SLOD
1RWD
8WLOLFHXQDSLODGHUHSXHVWR 1RWD
/DVSLODVQRGHEHQDUURMDUVHDODEDಢ
VXUDGRPÚVWLFD'HEHQGHVHFKDUVH
HQXQSXQWRGHUHFRJLGDDXWRUL]DGR
SDUDVXUHFLFODMH
&5RHTXLYDOHQWH
 'HVPRQWHHOWRUQLOORGHODSDUWH
SRVWHULRUGHODWDSD
 $EUDODWDSDGHOWUDQVPLVRU
 6DTXHHOWUDQVPLVRUGHODWDSD
TXLWHFRQFXLGDGRHODGKHVLYR\
GÚMHORHQXQVLWLROLPSLR
 4XLWHODSLODXVDGD1RWRTXHOD
SODFDGHFLUFXLWRVQLHOUHVWRGH
FRPSRQHQWHV
 &RORTXHODSLODQXHYD$VHJëUHVH
/DVSLODVGHOLWLRXVDGDVSXHGHQGDಢ
âDUHOPHGLRDPELHQWH
&XPSODFRQODOHJLVODFLäQORFDOSDUD
GHVHFKDUODV
1RODVWLUHDOWDFKRGHODEDVXUD
1RWD
&RQREMHWRGHPDQWHQHUHOWUDQVPLಢ
VRUIXQFLRQDQGRFRUUHFWDPHQWH
VLJDHVWDVGLUHFWULFHV
(YLWHGHMDUFDHUHOWUDQVPLVRU
1RFRORTXHREMHWRVSHVDGRVHQHO
GHTXHHOSRORQHJDWLYRTXHGD WUDQVPLVRU
KDFLDDEDMRKDFLDODEDVH
 /ODYHVSXHUWDV\YHQWDQLOODV 

0DQWHQJDHOWUDQVPLVRUDOHMDGRGHO 'HVEORTXHR %ORTXHR

DJXD\GHODOX]VRODUGLUHFWD6LVH
PRMDOÞPSLHORFRQXQWUDSRVHFR 0DQGRDGLVWDQFLD 0DQGRDGLVWDQFLD

&LHUUHFHQWUDOL]DGR
(QODVYHUVLRQHVDVÞHTXLSDGDV
3XHGHDFWLYDUHOFLHUUHFHQWUDOL]DGR
GHVGHODSXHUWDGHOFRQGXFWRU(VWH
VLVWHPDOHSHUPLWHEORTXHDU\GHVEORಢ
TXHDUWRGDVODVSXHUWDVGHVGHOD
SXHUWDGHOFRQGXFWRU\DVHDFRQOD
OODYHRFRQHOPDQGRDGLVWDQFLD
GHVGHIXHUDRELHQFRQHOERWäQGH
EORTXHRGHODVSXHUWDVGHVGHGHQಢ
WUR
6LODSXHUWDGHOFRQGXFWRUQRHVWÒ
ELHQFHUUDGDHOFLHUUHFHQWUDOL]DGRQR
IXQFLRQDUÒ
3XOVHHOERWäQA
'HVEORTXHDWRGDVODVSXHUWDV/DVOXಢ
FHVGHHPHUJHQFLDSDUSDGHDUÒQGRV
YHFHV\VHGHVDFWLYDUÒHOVLVWHPDDQಢ
WLUURER
3XOVHHOERWäQC
%ORTXHDWRGDVODVSXHUWDV/DVOXFHV
GHHPHUJHQFLDSDUSDGHDUÒQXQDYH]
6HDFWLYDUÒHOVLVWHPDDQWLUURER
 /ODYHVSXHUWDV\YHQWDQLOODV

$YHUÞDHQHOVLVWHPDGHPDQGR %ORTXHR %ORTXHRDXWRPÒWLFR

DGLVWDQFLD &LHUUHODSXHUWDGHOFRQGXFWRU\EORಢ
TXÚHODGHVGHIXHUDFRQODOODYH
'HVEORTXHR
'HVEORTXHHPDQXDOPHQWHODSXHUWD
GHOFRQGXFWRUJLUDQGRODOODYHHQOD
FHUUDGXUD
/DDODUPDVRQDUÒVLVHDEUHODSXHUWD
FRQXQDOODYHFRQHOPRGRDQWLUURER
DFWLYR3RUWDQWROHUHFRPHQGDPRV
TXHDEUDODSXHUWDFRQHOERWäQGH
GHVEORTXHRGHOPDQGRDGLVWDQFLD
$YHUÞDGHOFLHUUHFHQWUDOL]DGR
'HVEORTXHR
'HVEORTXHHPDQXDOPHQWHODSXHUWD
GHOFRQGXFWRUJLUDQGRODOODYHHQOD
FHUUDGXUD/DVRWUDVSXHUWDVSXHGHQ
DEULUVHFRQODPDQLMDLQWHULRU
3DUDGHVDFWLYDUHOVLVWHPDDQWLUURER
FRQHFWHHOHQFHQGLGR
%ORTXHR
3XOVHHOERWäQLQWHULRUGHEORTXHRGH
WRGDVODVSXHUWDVH[FHSWRODSXHUWD
GHOFRQGXFWRU/XHJRFLHUUHODSXHUWD
GHOFRQGXFWRU\EORTXÚHODGHVGH
IXHUDFRQODOODYH
(QODVYHUVLRQHVDVÞHTXLSDGDV
%ORTXHRDXWRPÒWLFRGHODV
SXHUWDV
&XDQGRODYHORFLGDGGHOYHKÞFXORVH
PDQWLHQHSRUHQFLPDGHNPKWRಢ
GDVODVSXHUWDVVHEORTXHDQDXWRPÒಢ
WLFDPHQWH
7RGDVODVSXHUWDVVHGHVEORTXHDUÒQ
DXWRPÒWLFDPHQWHFXDQGRODOODYHGH
HQFHQGLGRHVWÚHQODSRVLFLäQ/2&.
RVHOHYDQWHHOERWäQGHEORTXHRGH
ODVSXHUWDV
'HVEORTXHRDXWRPÒWLFRGHODV
SXHUWDV
7RGDVODVSXHUWDVVHGHVEORTXHDUÒQ
DXWRPÒWLFDPHQWHFXDQGRORVVHQVRಢ
UHVGHFROLVLäQGHWHFWHQXQLPSDFWR
FRQHOHQFHQGLGRFRQHFWDGR
6LQHPEDUJRHVSRVLEOHTXHODVSXHUಢ
WDVQRVHGHVEORTXHHQVLKDKDELGR
SUREOHPDVPHFÒQLFRVHQHOVLVWHPD
5.( GHEORTXHRGHODVSXHUWDVRHQODEDಢ
WHUÞD
 /ODYHVSXHUWDV\YHQWDQLOODV 

6HJXURVSDUDQLâRV 3DUDDFWLYDUHOVHJXURLQIDQWLOVXEDOD 3XHUWDV

SDODQFDKDVWDODSRVLFLäQGHEORTXHR
3DUDDEULUXQDSXHUWDWUDVHUDFRQHO &RPSDUWLPHQWRGHFDUJD
VHJXURLQIDQWLODFWLYDGRGHVEORTXHH
ODSXHUWDGHVGHGHQWUR\ÒEUDODGHVGH 3RUWäQWUDVHUR
IXHUD
3DUDGHVDFWLYDUHOVHJXURLQIDQWLO $SHUWXUD
EDMHODSDODQFDKDVWDODSRVLFLäQGH 7LSR!
GHVEORTXHR

$WHQFLäQ
1RWLUHGHODPDQLMDLQWHULRUGHOD
SXHUWDPLHQWUDVHOVHJXURSDUDQLಢ
âRVHVWÚHQODSRVLFLäQGHEORಢ
TXHR6LORKDFHVHSXHGHGDâDU
ODPDQLMDLQWHULRUGHODSXHUWD (OSRUWäQWUDVHURVHEORTXHDRGHVಢ
EORTXHDFRQODOODYH,QVHUWHODOODYH
 3HOLJUR HQODUDQXUD\JÞUHODHQVHQWLGRDQWLಢ
KRUDULRSDUDGHVEORTXHDUOR\WLUHGH
8WLOLFHORVVHJXURVSDUDQLâRV ODSDODQFD
VLHPSUHTXHYLDMHQQLâRVHQORV
DVLHQWRVWUDVHURV
 /ODYHVSXHUWDV\YHQWDQLOODV
7LSR!
(OSRUWäQWUDVHURVHEORTXHDRGHVಢ
EORTXHDMXQWRFRQWRGDVODVSXHUWDV
FRQODOODYHRHOPDQGRDGLVWDQFLD &LHUUH
XQDYH]GHVEORTXHDGRWLUHGHOD
SDODQFD
 3HOLJUR
1RFLUFXOHFRQHOSRUWäQWUDVHUR
DELHUWRRHQWUHDELHUWRSHMDO
WUDQVSRUWDUREMHWRVYROXPLQRVRV
\DTXHSRGUÞDQHQWUDUJDVHVGH
HVFDSHWä[LFRVHQHOYHKÞFXOR
$VHJëUHVHGHTXHQDGLHWLHQHODVPDಢ
$WHQFLäQ QRVRFXDOTXLHURWUDSDUWHGHOFXHUSR
FHUFDGHOD]RQDGHFLHUUHGHOSRUWäQ
$QWHVGHDEULUHOSRUWäQWUDVHUR WUDVHUR
FRPSUXHEHVLKD\REVWUXFFLRQHV
SRUDUULEDFRPRXQDSXHUWDGHJDಢ
UDMHSDUDHYLWDUGDâRVHQHOSRUWäQ
WUDVHUR&RPSUXHEHVLHPSUHOD
]RQDGHPRYLPLHQWRSRUHQFLPD\
GHWUÒVGHOSRUWäQWUDVHUR
1RWD
6LVHPRQWDQGHWHUPLQDGRVDFFHVRಢ
ULRVSHVDGRVHQHOSRUWäQWUDVHUR
SXHGHTXHÚVWHQRVHPDQWHQJDHQ
SRVLFLäQDELHUWD
7LSR!
3DUDFHUUDUHOSRUWäQWUDVHUREÒMHOR
KDVWDTXHVHHQFODYHELHQ,QVHUWHOD
OODYHHQODUDQXUD\JÞUHODHQVHQWLGR
KRUDULR
7LSR!
3DUDFHUUDUHOSRUWäQWUDVHUREÒMHOR
KDVWDTXHVHHQFODYHELHQ6HEORಢ
TXHDDXWRPÒWLFDPHQWHFXDQGRHVWÒQ
EORTXHDGDVWRGDVODVSXHUWDV
 /ODYHVSXHUWDV\YHQWDQLOODV 

6HJXULGDGGHOYHKÞFXOR 7HVWLJRGHHVWDGR 'HVDFWLYDFLäQ

6LVWHPDGHDODUPD
DQWLUURER
(QODVYHUVLRQHVDVÞHTXLSDGDV
(OVLVWHPDGHDODUPDDQWLUURERFRQಢ
WUROD
࿢ /DVSXHUWDVHOSRUWäQWUDVHUR\HO
FDSä
࿢ (OHQFHQGLGR

$FWLYDFLäQ
(OWHVWLJRGHVHJXULGDGSDUSDGHDUÒ
SDUDLQGLFDUTXHHOVLVWHPDGHDODUPD
DQWLUURERHVWÒHQIXQFLRQDPLHQWR
6HDSDJDFXDQGRODVSXHUWDVVHGHVಢ
EORTXHDQFRQHOPDQGRDGLVWDQFLD
6HHQFLHQGHFXDQGREORTXHDODV
SXHUWDVFRQHOPDQGRDGLVWDQFLD
+D\TXHSXOVDUGLUHFWDPHQWHHOERಢ
WäQC
6LVHGHVEORTXHDHOYHKÞFXORFRQHO
ERWäQAVHGHVDFWLYDUÒHOVLVWHPDGH
DODUPDDQWLUURER
6RQLGRGHODDODUPD
(OVLVWHPDHPLWHXQDDODUPDFXDQGR
XQDGHODVSXHUWDVHOSRUWäQWUDVHUR
RHOFDSäVHDEUHQVLQSXOVDUHOERWäQ
GHGHVEORTXHRGHOWUDQVPLVRU
3DUDGHWHQHUHOVRQLGRGHODDODUPD
SXOVHHOERWäQGHEORTXHRRGHVEORಢ
TXHRHQHOWUDQVPLVRU
 /ODYHVSXHUWDV\YHQWDQLOODV
(QFDVRFRQWUDULRDOFDERGH
VHJXQGRVODDODUPDVHGHWHQGUÒ
DXWRPÒWLFDPHQWH\VHYROYHUÒDO
PRGRGHDQWLUURERDFWLYDGR6LHOVLVಢ
WHPDQRIXQFLRQDFRPRVHDFDEDGH
GHVFULELUYD\DDXQWDOOHUDXWRUL]DGR
SDUDTXHORUHYLVHQ
,QPRYLOL]DGRU
,QPRYLOL]DGRU
(OVLVWHPDGHOLQPRYLOL]DGRUHVXQVLVಢ
WHPDDQWLUURERDGLFLRQDOGHOYHKÞFXOR
HQTXHHVWÒLQVWDODGR\HYLWDTXHOR
SRQJDQHQPDUFKDSHUVRQDVQRDXಢ
WRUL]DGDV/DOODYHYÒOLGDGHXQYHಢ
KÞFXORHTXLSDGRFRQXQVLVWHPDLQಢ
PRYLOL]DGRUHVXQDOODYHGHHQFHQಢ
GLGRFRQXQWUDQVSRQGHGRULQWHJUDGR
FRGLILFDGRHOHFWUäQLFDPHQWH(O
HOWHVWLJRGHOLQPRYLOL]DGRUSDUSDಢ
GHDUÒRVHHQFHQGHUÒGHIRUPD
FRQWLQXD
%ORTXHRGHSXHUWDVDXWRPÒWLFR
6LODSXHUWDQRVHDEUHRODOODYHGH
HQFHQGLGRQRHVWÒHQ$&&R21DO
FDERGHVHJXQGRVGHVSXÚVGH
GHVEORTXHDUODVSXHUWDVFRQHOWUDQVಢ
PLVRUWRGDVODVSXHUWDVVHEORTXHDಢ
(Q ODV YHUVLRQHV DVÞ HTXLSDGDV WUDQVSRQGHGRUHVWÒFRORFDGRHQOD
7HVWLJRGHOLQPRYLOL]DGRU
6LVHXWLOL]DXQDOODYHQRYÒOLGDHOWHVಢ
WLJRSDUSDGHDUÒ\HOYHKÞFXORQR
UÒQDXWRPÒWLFDPHQWH
OODYHHQFHQGLGRGHIRUPDTXHQRVH
YH
6äORVHSXHGHQXVDUOODYHVGHHQFHQಢ
GLGRYÒOLGDVSDUDDUUDQFDUHOPRWRU
/DVOODYHVTXHQRVHDQYÒOLGDVVäOR
DEULUÒQODVSXHUWDV
(OPRWRUVHLQPRYLOL]DDXWRPÒWLFDಢ
PHQWHGHVSXÚVGHTXHODOODYHVH
KD\DSXHVWRHQ/2&.\VHKD\DTXLಢ
WDGRGHOLQWHUUXSWRUGHHQFHQGLGR(O
WHVWLJRGHOLQPRYLOL]DGRUSXHGHDFWLಢ
YDUVHHQODVVLJXLHQWHVFRQGLFLRQHV
࿢ 6LHOVLVWHPDGHOLQPRYLOL]DGRUWLHQH
XQDDYHUÞDORTXHLQFOX\HDOPRGR
GHFDOLEUDFLäQDXWRPÒWLFDGHOD
DUUDQFDUÒ OODYHFXDQGRHOLQWHUUXSWRUGHHQಢ
FHQGLGRHVWÚHQ21RHQ67$57

5HWURYLVRUHVH[WHULRUHV
)RUPDFRQYH[D
(OUHWURYLVRUH[WHULRUFRQYH[RUHGXFH
ORVÒQJXORVPXHUWRV/DIRUPDGHOHVಢ
/ODYHVSXHUWDV\YHQWDQLOODV 
%DVWDFRQPRYHUODSDODQFDGHDMXVWH 3OHJDGR
HQODGLUHFFLäQGHVHDGDSDUDUHJXODU
ORVÒQJXORVGHORVUHWURYLVRUHV
$MXVWHHOÚFWULFR
SHMRKDFHTXHORVREMHWRVSDUH]FDQ (Q ODV YHUVLRQHV DVÞ HTXLSDGDV
PÒVSHTXHâRVORTXHDIHFWDDOD
DSUHFLDFLäQGHODVGLVWDQFLDV

$MXVWHPDQXDO

6HOHFFLRQHHOUHWURYLVRUH[WHULRUFRಢ
UUHVSRQGLHQWHJLUDQGRHOPDQGRDOD
3DUDODVHJXULGDGGHORVSHDWRQHV
ORVUHWURYLVRUHVH[WHULRUHVEDVFXODQ
GHVXSRVLFLäQGHPRQWDMHQRUPDODO
UHFLELULPSDFWRVGHXQDGHWHUPLQDGD
IXHU]D9XHOYDDFRORFDUHOUHWURYLVRU
HQVXSRVLFLäQSUHVLRQDQGROLJHUDಢ
PHQWHVREUHODFDUFDVD
$MXVWHORVUHWURYLVRUHVH[WHULRUHVGH
PRGRTXHSXHGDYHUORVODGRVGHOYHಢ
KÞFXOR\WDPELÚQORVODGRVGHODSDUWH
GHODFDUUHWHUDTXHTXHGDSRUGHWUÒV
L]TXLHUGD/RDODGHUHFKD5
/XHJREDVFXOHHOPDQGRSDUDDMXVWDU
HOUHWURYLVRU
 3HOLJUR
0DQWHQJDVLHPSUHORVUHWURYLVRಢ
UHVFRUUHFWDPHQWHDMXVWDGRV\XWLಢ
OÞFHORVGXUDQWHODFRQGXFFLäQSDUD
YHUPHMRUORVREMHWRV\ORVGHPÒV
 /ODYHVSXHUWDV\YHQWDQLOODV
YHKÞFXORVTXHOHURGHDQ1RFRQಢ
GX]FDFRQDOJXQRGHORVUHWURYLVRಢ
UHVSOHJDGR
&DOHIDFWDGR
6HFRQHFWDSXOVDQGRHOERWäQ^
/DFDOHIDFFLäQIXQFLRQDFRQHOPRWRU
HQPDUFKD\VHGHVFRQHFWDDXWRPÒಢ
WLFDPHQWHGHVSXÚVGHXQRVSRFRV
PLQXWRVRSXOVDQGRHOERWäQGH
QXHYR
5HWURYLVRULQWHULRU 3UHVWHXQFXLGDGRHVSHFLDODOXWLಢ
OL]DUHOHVSHMRUHWURYLVRULQWHULRU
$QWLGHVOXPEUDPLHQWR FXDQGRVHHQFXHQWUHUHJXODGR
SDUDYLVLäQQRFWXUQD
PDQXDO
6LQRWLHQHXQDYLVLäQFODUDKDFLD
DWUÒVPLHQWUDVFRQGXFHSXHGH
VXIULUXQDFROLVLäQTXHRFDVLRQH
GDâRVDOYHKÞFXORDRWUDVSURSLHಢ
GDGHVROHVLRQHVSHUVRQDOHV
3DUDUHGXFLUHOGHVOXPEUDPLHQWR
DMXVWHODSDODQFDTXHKD\GHEDMRGH
ODFDUFDVDGHOHVSHMR
 3HOLJUR
6XYLVLäQDWUDYÚVGHOHVSHMR
SXHGHSHUGHUDOJRGHFODULGDG
FXDQGRVHUHJXODSDUDYLVLäQQRFಢ
WXUQD
 /ODYHVSXHUWDV\YHQWDQLOODV 

9HQWDQLOODV /HYDQWDYLGULRVHOÚFWULFRV

/HYDQWDYLGULRVPDQXDOHV
/DVYHQWDQLOODVSXHGHQVXELUVH\EDಢ
MDUVHFRQODVPDQLYHODVGHORVOHYDQ
WDYLGULRV
(Q ODV YHUVLRQHV DVÞ HTXLSDGDV
 3HOLJUR
7HQJDFXLGDGRDODFFLRQDUORVOHYDQ
WDYLGULRVHOÚFWULFRV+D\ULHVJRGH
OHVLRQHVHVSHFLDOPHQWHSDUDORV
QLâRV
6LKD\QLâRVHQORVDVLHQWRVWUDVHಢ
URVDFWLYHHOVHJXURSDUDQLâRVGH
ORVOHYDQWDYLGULRVHOÚFWULFRV /RVOHYDQWDYLGULRVHOÚFWULFRVVHSXH
GHQDFFLRQDUFRQHOHQFHQGLGRFRQHFಢ
2EVHUYHDWHQWDPHQWHODVYHQWDQLಢ
WDGR
OODVFXDQGRODVFLHUUH$VHJëUHVH
GHTXHQDGDTXHGHDWUDSDGR $FFLRQHHOLQWHUUXSWRUGHODYHQWDQLOOD
PLHQWUDVVHPXHYHQ FRUUHVSRQGLHQWHSXOVHSDUDDEULUR
8QXVRLQDGHFXDGRGHOVLVWHPD WLUHSDUDFHUUDU
SXHGHJHQHUDUXQIXQFLRQDPLHQWR
LQFRUUHFWRGHOPLVPRFRQSRWHQFLDO 0DQHMR
ULHVJRGHDFFLGHQWH1XQFDGHMH &XDQGRHOLQWHUUXSWRUGHHQFHQGLGR
QL³RVVRORVGHQWURGHOKDELW£FXOR HVWÒHQ21SXHGHDFFLRQDUHOOHYDQWD
YLGULRVHOÚFWULFRFRQORVLQWHUUXSWRUHV
GHORVOHYDQWDYLGULRVGHOSDQHOGHOD
SXHUWDFRUUHVSRQGLHQWH
3DUDVXELUHOFULVWDOWLUHGHOLQWHUUXSWRU
3DUDEDMDUORSXOVHHOLQWHUUXSWRU
6XHOWHHOLQWHUUXSWRUFXDQGRHOFULVWDO
OOHJXHDODSRVLFLäQGHVHDGD
 /ODYHVSXHUWDV\YHQWDQLOODV

6HJXURSDUDQLâRVHQODV /XQHWDWÚUPLFDWUDVHUD
 3HOLJUR
YHQWDQLOODVWUDVHUDV
/DVSDUWHVGHOFXHUSRTXHVREUHಢ (QODVYHUVLRQHVDVÞHTXLSDGDV
VDOJDQGHOYHKÞFXORSXHGHQJROಢ
SHDUVHFRQREMHWRVDOSDVDU0DQಢ
WHQJDWRGDVODVSDUWHVGHOFXHUSR
HQHOLQWHULRUGHOYHKÞFXOR
/RVQLâRVSXHGHQPDQHMDUORVOHYDQ
WDYLGULRVHOÚFWULFRV\TXHGDUDWUDಢ
SDGRVSRUÚVWRV
1RGHMHHQHOYHKÞFXORODVOODYHVR
DQLâRVVLQDWHQGHU
(OXVRLQGHELGRGHORVOHYDQWDYLGULRV
HOÚFWULFRVSXHGHRFDVLRQDUOHVLRಢ 6HFRQHFWDSXOVDQGRHOERWäQ^
QHVJUDYHVRXQDFFLGHQWHPRUWDO /DUHVLVWHQFLDWÚUPLFDIXQFLRQDFRQHO
3XOVHHOLQWHUUXSWRURSDUDGHVDFWLYDU PRWRUHQPDUFKD\VHGHVFRQHFWDDXಢ
ORVOHYDQWDYLGULRVHOÚFWULFRVWUDVHURV WRPÒWLFDPHQWHGHVSXÚVGHXQRVPLಢ
3DUDDFWLYDUORVSXOVHGHQXHYRR QXWRVRSXOVDQGRGHQXHYRHOERWäQ
 /ODYHVSXHUWDV\YHQWDQLOODV 

$WHQFLµQ
1RXWLOLFHLQVWUXPHQWRVDILODGRVR
OLPSLDFULVWDOHVDEUDVLYRVHQODOXಣ
QHWDWUDVHUDGHOYHK¯FXOR
1RDUD³HRGD³HORVKLORVGHOGHಣ
VHPSD³DGRUFXDQGROLPSLHRUHDಣ
OLFHFXDOTXLHURWURWLSRGHWUDEDMR
HQODOXQHWDWUDVHUD

3DUDVROHV
/RVSDUDVROHVVHSXHGHQDEDWLUR
EDVFXODUKDFLDXQODGRSDUDHYLWDUHO
GHVOXPEUDPLHQWR
6LORVSDUDVROHVWLHQHQHVSHMRVLQWHಣ
JUDGRVODVWDSDVGHORVHVSHMRVGHಣ
EHQHVWDUFHUUDGDVGXUDQWHODPDUFKD

3HOLJUR

1RFRORTXHHOSDUDVROGHPRGR
TXHSXHGDREVWUXLUODYLVLELOLGDGGH
ODFDUUHWHUDHOWU£ILFRXRWURVREMHWRV
 $VLHQWRVVLVWHPDVGHVHJXULGDG

$VLHQWRVVLVWHPDVGH $SR\DFDEH]DV
VHJXULGDG
3RVLFLäQ

$SR\DFDEH]DV    3HOLJUR

$VLHQWRVGHODQWHURV  
&LQWXURQHVGHVHJXULGDG  
6LVWHPDGHDLUEDJV   FRUUHFWD
6LVWHPDVGHUHWHQFLäQLQIDQWLO  
&RQGX]FDVLHPSUHFRQHODSR\Dಢ
FDEH]DVDMXVWDGRHQODSRVLFLäQ
6LORVDSR\DFDEH]DVHVWÒQGHVಢ
PRQWDGRVRUHJXODGRVLQFRUUHFWDಢ
PHQWHVHSXHGHQVXIULUJUDYHVOHಢ
VLRQHVHQODFDEH]D\HQHOFXHOOR
HQFDVRGHFROLVLäQ
$QWHVGHFRQGXFLUDVHJëUHVHGH
UHDMXVWDUHODSR\DFDEH]DV
(OERUGHVXSHULRUGHODSR\DFDEHಢ
]DVGHEHHVWDUHQODSDUWHVXSHULRUGH
ODFDEH]D6LHVWRQRHVSRVLEOHSDUD
SHUVRQDVPX\DOWDVVHGHEHDMXVWDU
HODSR\DFDEH]DVHQODSRVLFLäQPÒV
DOWDSDUDSHUVRQDVGHSRFDHVWDWXUD
VHGHEHDMXVWDUHQODSRVLFLäQPÒV
EDMD
 $VLHQWRVVLVWHPDVGHVHJXULGDG 

$SR\DFDEH]DVHQORVDVLHQWRV $SR\DFDEH]DVHQORVDVLHQWRV $VLHQWRVGHODQWHURV

GHODQWHURV WUDVHURV
$MXVWHGHODDOWXUD
7LUHGHODSR\DFDEH]DVKDFLDDUULED
3DUDEDMDUORSXOVHHOUHVRUWH\HPಢ
SXMHHODSR\DFDEH]DVKDFLDDEDMR
'HVPRQWDMH
$SULHWHORVILMDGRUHV\WLUHGHODSR\Dಢ
FDEH]DVKDFLDDUULED
(Q ODV YHUVLRQHV DVÞ HTXLSDGDV 3RVLFLäQGHDVLHQWR
$MXVWHGHODDOWXUD
 3HOLJUR
&RQGX]FDVLHPSUHFRQHODVLHQWR
DMXVWDGRFRUUHFWDPHQWH
7LUHGHODSR\DFDEH]DVKDFLDDUULED
3DUDEDMDUORSXOVHHOUHVRUWH\HPಢ
SXMHHODSR\DFDEH]DVKDFLDDEDMR
'HVPRQWDMH
࿢ 6LÚQWHVHORPÒVFHUFDSRVLEOHGHO
$SULHWHORVILMDGRUHV\WLUHGHODSR\Dಢ
UHVSDOGR$MXVWHODGLVWDQFLDGHO
FDEH]DVKDFLDDUULED
DVLHQWRKDVWDORVSHGDOHVGHPRGR
TXHDOSLVDUORVSHGDOHVODVSLHUಢ
QDVTXHGHQGREODGDVHQXQOLJHUR
 $VLHQWRVVLVWHPDVGHVHJXULGDG

ÒQJXOR'HVOLFHHODVLHQWRGHO $MXVWHGHORVDVLHQWRV 7LUHGHODSDODQFDGHVOLFHHODVLHQWR

DFRPSDâDQWHKDFLDDWUÒVOR VXHOWHODSDODQFD
PÒ[LPRSRVLEOH
 3HOLJUR 5HVSDOGRGHODVLHQWR
࿢ &RORTXHORVKRPEURVORPÒVFHUFD
SRVLEOHGHOUHVSDOGR$MXVWHODLQFOLಢ 3DUDSHUPLWLUXQFRUUHFWRGHVSOLHಢ
QDFLäQGHOUHVSDOGRGHPRGRTXH JXHGHODLUEDJGHEHHVWDUVHQಢ
SXHGDDJDUUDUHOYRODQWHFRQORVEUDಢ WDGRDPÒVGHFPGHOYRODQWH
]RVOLJHUDPHQWHGREODGRV$OJLUDU
HOYRODQWHGHEHPDQWHQHUHOFRQಢ
WDFWRGHORVKRPEURVFRQHOUHVಢ  3HOLJUR
SDOGR(OUHVSDOGRQRGHEHHVWDU
GHPDVLDGRLQFOLQDGRKDFLDDWUÒV 1XQFDDMXVWHORVDVLHQWRVPLHQಢ
/HUHFRPHQGDPRVXQÒQJXORGHLQಢ WUDVFRQGXFH\DTXHSRGUÞDQPRಢ
FOLQDFLäQPÒ[LPRGH¡ YHUVHGHIRUPDLQFRQWURODGD
࿢ $MXVWHHOYRODQWH
3RVLFLäQGHODVLHQWR
࿢ $MXVWHODDOWXUDGHODVLHQWRGHPRGR
TXHHOFDPSRYLVXDOTXHGHOLEUHKDಢ 7LUHGHODSDODQFDDMXVWHODLQFOLQDಢ
FLDWRGRVORVODGRV\SXHGDYHUWRಢ FLäQ\VXHOWHODSDODQFD'HMHTXHHO
GRVORVLQVWUXPHQWRVLQGLFDGRUHV DVLHQWRHQFODYHDXGLEOHPHQWH
'HEHUÞDTXHGDUFRPRPÞQLPRXQD
SDOPDGHKROJXUDHQWUHODFDEH]D\ 1RVHDSR\HHQHOUHVSDOGRPLHQWUDV
HOPDUFRGHOWHFKR/RVPXVORVGHಢ ORDMXVWD
EHQTXHGDUDSR\DGRVOLJHUDPHQWH
VLQSUHVLäQVREUHHODVLHQWR
࿢ $MXVWHHODSR\DFDEH]DV
࿢ $MXVWHODDOWXUDGHOFLQWXUäQGHVHಢ
JXULGDG
 $VLHQWRVVLVWHPDVGHVHJXULGDG 

$OWXUDGHODVLHQWR

*LUHODUXHGDTXHKD\HQHOH[WHULRU
GHODEDQTXHWDGHODVLHQWRKDVWDTXH
HVWÚHQODSRVLFLäQGHVHDGD
 $VLHQWRVVLVWHPDVGHVHJXULGDG

&LQWXURQHVGH 1RWD
 3HOLJUR 3URFXUHTXHORVFLQWXURQHVQRTXHಢ
VHJXULGDG GHQDWUDSDGRVQLVXIUDQGDâRVFDXಢ
$EUäFKHVHHOFLQWXUäQGHVHJXULಢ VDGRVSRUHOFDO]DGRXREMHWRVFRQ
GDGDQWHVGHFDGDYLDMH ERUGHVDILODGRV(YLWHTXHHQWUHVXಢ
(QFDVRGHXQDFFLGHQWHODVSHUಢ FLHGDGHQORVUHWUDFWRUHVGHORVFLQಢ
VRQDVTXHQROOHYDQORVFLQWXURQHV WXURQHV
GHVHJXULGDGSRQHQHQSHOLJURVXV
5HFRUGDWRULRGHOFLQWXUäQGHVHJXULಢ
YLGDV\ODVGHORVGHPÒVRFXSDQಢ
GDG7
WHV
/LPLWDGRUHVGHIXHU]DGHORV
/RVFLQWXURQHVGHVHJXULGDGHVWÒQGLಢ
VHâDGRVSDUDVHUXWLOL]DGRVSRUXQD FLQWXURQHV
VRODSHUVRQDDODYH]1RVRQDGHಢ (QORVDVLHQWRVGHODQWHURVHVWHGLVಢ
FXDGRVSDUDXVXDULRVGHPHQRVGH SRVLWLYRUHGXFHODIXHU]DVREUHHO
FP6LVWHPDGHVHJXULGDGLQIDQWLO FXHUSRDOGHVEORTXHDUGHIRUPD
 DPRUWLJXDGDHOFLQWXUäQGXUDQWHXQD
$ODFHOHUDURIUHQDUEUXVFDPHQWHHO FROLVLäQ
&RPSUXHEHSHULäGLFDPHQWHTXHWRಢ
YHKÞFXORORVFLQWXURQHVVHEORTXHDQ
GDVODVSLH]DVGHOVLVWHPDGHFLQWXಢ
SDUDSURWHJHUDORVRFXSDQWHV
URQHVIXQFLRQDQELHQ\QRSUHVHQWDQ
GDâRV
+DJDVXVWLWXLUFXDOTXLHUFRPSRQHQWH
GDâDGR'HVSXÚVGHXQDFFLGHQWH
KDJDVXVWLWXLUORVFLQWXURQHV\ORVSUHಢ
WHQVRUHVGLVSDUDGRVHQXQWDOOHU
 $VLHQWRVVLVWHPDVGHVHJXULGDG 

3UHWHQVRUHVGHORVFLQWXURQHV GLVSDUDUORVSUHWHQVRUHVGHFLQWXಢ &LQWXUäQGHVHJXULGDGGH

GHVHJXULGDG URQHVFRQHOFRQVLJXLHQWHULHVJR WUHVSXQWRV
GHOHVLRQHV
$EURFKDUORVFLQWXURQHV
/DDFWLYDFLäQGHORVSUHWHQVRUHVVH
LQGLFDPHGLDQWHODLOXPLQDFLäQGHO
WHVWLJRGHFRQWUROT
/RVSUHWHQVRUHVGHFLQWXURQHVDFWLಢ
YDGRVGHEHQVXVWLWXLUVHHQXQWDOOHU
/RVSUHWHQVRUHVVHDFWLYDQVäORXQD
YH]
1RWD
1RHVWÒSHUPLWLGRPRQWDUDFFHVRಢ
ULRVQLFRORFDUREMHWRVTXHSXHGDQ
(QFDVRGHFROLVLRQHVIURQWDOHVODWHಢ PHQRVFDEDUHOIXQFLRQDPLHQWRGH
UDOHVRWUDVHUDVDSDUWLUGHXQDGHಢ ORVSUHWHQVRUHVGHFLQWXURQHV1R
WHUPLQDGDJUDYHGDGVHWHQVDQORV UHDOLFHPRGLILFDFLRQHVHQORVFRPಢ
FLQWXURQHVGHVHJXULGDGGHOFRQGXFಢ SRQHQWHVGHORVSUHWHQVRUHVGHFLQಢ ([WUDLJDHOFLQWXUäQGHOUHWUDFWRU
WRU\HODFRPSDâDQWH WXURQHVSRUTXHVHSRGUÞDDQXODUHO JXÞHORSRUHQFLPDGHOFXHUSRVLQUHಢ
SHUPLVRGHFLUFXODFLäQGHOYHKÞFXOR WRUFHUORHLQVHUWHODOHQJíHWDHQHO
FLHUUH'XUDQWHHOYLDMHWHQVHIUHಢ
 3HOLJUR FXHQWHPHQWHHOFLQWXUäQDEGRPLQDOWLಢ
UDQGRVXDYHPHQWHGHODEDQGDWRUÒಢ
/DPDQLSXODFLäQLQFRUUHFWDSRU
FLFD5HFRUGDWRULRGHOFLQWXUäQGHVHಢ
HMHPSORGXUDQWHHOGHVPRQWDMHR
JXULGDG
PRQWDMHGHORVFLQWXURQHVSXHGH
 $VLHQWRVVLVWHPDVGHVHJXULGDG

$MXVWHGHODDOWXUD 'HVPRQWDMH
/DURSDVXHOWDRPX\JUXHVDLPSLGH
TXHHOFLQWXUäQVHDMXVWHDOFXHUSR
1RFRORTXHQLQJëQREMHWRFRPRXQ
EROVRRXQWHOÚIRQRPäYLOHQWUHHOFLQಢ
WXUäQ\HOFXHUSR
 3HOLJUR
(OFLQWXUäQQRGHEHDSR\DUVHVRಢ
EUHREMHWRVGXURVRIUÒJLOHVJXDUಢ
GDGRVHQORVEROVLOORVGHODURSD
(Q ODV YHUVLRQHV DVÞ HTXLSDGDV
3DUDVROWDUHOFLQWXUäQSXOVHHOERWäQ
 3XOVHHOERWäQ URMRGHOFLHUUH
 $MXVWHODDOWXUD\HQFODYH
$MXVWHODDOWXUDGHPRGRTXHHOFLQWXಢ
UäQSDVHSRUHOKRPEUR1RGHEHSDಢ
VDUSRUHOFXHOORRODSDUWHVXSHULRUGHO
EUD]R
1RORDMXVWHPLHQWUDVFRQGXFH
 $VLHQWRVVLVWHPDVGHVHJXULGDG 

8WLOL]DFLäQGHOFLQWXUäQGH &RPRFXDOTXLHURWURRFXSDQWHGHOYHಢ 6LVWHPDGHDLUEDJV

VHJXULGDGGXUDQWHHOHPEDUD]R KÞFXORXQDHPEDUD]DGDWLHQHPÒV
 3HOLJUR
(OFLQWXUäQDEGRPLQDOGHEHSDVDU
ORPÒVEDMRSRVLEOHVREUHODSHOYLV
SDUDHYLWDUODSUHVLäQVREUHHODEಢ
GRPHQ
/RVFLQWXURQHVGHVHJXULGDGVRQëWLಢ
OHVSDUDWRGRVWDPELÚQSDUDODVHPಢ
EDUD]DGDV
SUREDELOLGDGHVGHVXIULUOHVLRQHVJUDಢ
YHVVLQROOHYDSXHVWRHOFLQWXUäQGH
VHJXULGDG
$GHPÒVVLHOFLQWXUäQGHVHJXULGDG
VHOOHYDELHQSXHVWRHVPÒVSUREDEOH
TXHHOIXWXURQLâRVDOJDLOHVRGHFXDOಢ
TXLHUSRVLEOHDFFLGHQWH
3DUDREWHQHUXQDSURWHFFLäQPÒ[LPD
FRQYLHQHTXHODHPEDUD]DGDXWLOLFH
XQFLQWXUäQGHVHJXULGDGGHWUHVSXQಢ
WRV'HEHFRORFDUVHODSDUWHGHOFLQಢ
WXUäQGHVHJXULGDGTXHSDVDSRUHO
DEGRPHQORPÒVEDMDTXHSXHGD
&LQWXUäQDEGRPLQDO
3DUDDMXVWDUODWHQVLäQRDIORMDUHOFLQಢ
WXUäQGHVHJXULGDG
(Q ODV YHUVLRQHV DVÞ HTXLSDGDV
(OVLVWHPDGHDLUEDJVVHFRPSRQHGH
YDULRVVLVWHPDVLQGLYLGXDOHV
&XDQGRVHDFWLYDQORVDLUEDJVVHLQಢ
IODQHQPLOLVHJXQGRV7DPELÚQVH
GHVLQIODQWDQUÒSLGDPHQWHTXHDPHಢ
QXGRQRVHOOHJDQDSHUFLELUGXUDQWH
ODFROLVLäQ
 3HOLJUR
6LVHPDQLSXODQLQGHELGDPHQWH
ORVDLUEDJVSXHGHQGLVSDUDUVH
(OFRQGXFWRUGHEHUÞDVHQWDUVHOR
PÒVSHJDGRDOUHVSDOGRTXHVHD
SRVLEOHVLQSHUGHUHOFRQWUROGHO
YHKÞFXOR6LHVWÒVHQWDGRGHPDಢ
VLDGRFHUFDGHODLUEDJHVWHSRGUÞD
SURGXFLUOHVLRQHVJUDYHVRIDWDOHV
DOLQIODUVH
3DUDREWHQHUODPÒ[LPDSURWHFಢ
FLäQHQFXDOTXLHUWLSRGHFKRTXH
WRGRVORVRFXSDQWHVLQFOXLGRHO
FRQGXFWRUGHEHUÒQOOHYDUVLHPSUH
DEURFKDGRVORVFLQWXURQHVGHVHಢ
JXULGDGDILQGHPLQLPL]DUHOULHVJR
 $VLHQWRVVLVWHPDVGHVHJXULGDG
GHVXIULUOHVLRQHVJUDYHVRIDWDOHV
HQFDVRGHFKRTXH1RVHFRORTXH
LQQHFHVDULDPHQWHFHUFDGHXQDLUಢ
EDJFXDQGRHOYHKÞFXORHVWÚHQ
PDUFKD
$OGHVSOHJDUVHHODLUEDJSRGUÞD
FDXVDUHURVLRQHVHQODFDUDRHO
FXHUSROHVLRQHVSRUURWXUDGHDQ
WHRMRVRTXHPDGXUDVSRUODH[SORಢ
VLäQ
1RWD
/DXQLGDGHOHFWUäQLFDGHFRQWUROGHO
VLVWHPDGHDLUEDJV\GHORVSUHWHQಢ
VRUHVGHFLQWXURQHVHVWÒVLWXDGDHQ
OD]RQDGHODFRQVRODFHQWUDO1RVH
GHEHQGHSRVLWDUREMHWRVPDJQÚWLFRV
HQGLFKD]RQD
1RSHJXHQDGDHQODVWDSDVGHORV
DLUEDJVQLORVFXEUDFRQQLQJëQRWUR
PDWHULDO
(QFDVRGHGHVSOLHJXHGHODLUEDJ
DFXGDDXQWDOOHUSDUDHOGHVPRQWDMH
GHOYRODQWHGHOVDOSLFDGHURGHORV
UHYHVWLPLHQWRVODVMXQWDVGHODV
SXHUWDVODVSDODQFDV\ORVDVLHQWRV
&XDQGRVHGHVSOLHJDXQDLUEDJVH
SXHGHSURGXFLUXQIXHUWHUXLGR\
KXPR(VWRHVQRUPDO\QRHVSHOLಢ
JURVRDXQTXHSXHGHLUULWDUODSLHO
GHORFXSDQWH6LODLUULWDFLäQFRQWLಢ
QëDFRQVXOWHDXQPÚGLFR
 3HOLJUR
1XQFDGHMHTXHYLDMHQQLâRVPXಢ
MHUHVHPEDUD]DGDVRSHUVRQDV
PD\RUHV\GÚELOHVHQHODVLHQWR
GHODFRPSDâDQWHHTXLSDGRFRQ
DLUEDJV
$VLPLVPRQRFLUFXOHFRQXQ
DVLHQWRLQIDQWLOPRQWDGRHQHO
$WHQFLäQ
6LHOYHKÞFXORVXIUHXQIXHUWHLPಢ
SDFWRHQEDGHQHVRSRUREMHWRVHQ
FDUUHWHUDVVLQDVIDOWDURDFHUDVVH
SXHGHQLQIODUORVDLUEDJV3DUD
HYLWDUXQGHVSOLHJXHDFFLGHQWDOGHO
DLUEDJFRQGX]FDGHVSDFLRVREUH
VXSHUILFLHVQRGLVHâDGDVSDUDOD
FLUFXODFLäQGHYHKÞFXORV
&XDQGRORVDLUEDJVVHLQIODQHVFDಢ
SDQJDVHVFDOLHQWHVTXHSXHGHQRFDಢ
VLRQDUTXHPDGXUDV
7HVWLJRGHFRQWUROTGHOVLVWHPDGH
DLUEDJV
6LVWHPDGHDLUEDJV
IURQWDOHV
&DGDDLUEDJVHDFWLYDXQDYH]VRODಢ
PHQWH+DJDFDPELDUORVDLUEDJVDFಢ
WLYDGRVHQXQWDOOHU
1RUHDOLFHPRGLILFDFLRQHVHQHOVLVಢ
WHPDGHDLUEDJVSRUTXHVHSRGUÞD
DQXODUHOSHUPLVRGHFLUFXODFLäQGHO
YHKÞFXOR
PLVPR(QFDVRGHDFFLGHQWHHO
LPSDFWRGHODLUEDJLQIODGRSRGUÞD
FDXVDUGDâRVIDFLDOHVROHVLRQHV
IDWDOHV
(Q ODV YHUVLRQHV DVÞ HTXLSDGDV
(OVLVWHPDGHDLUEDJVIURQWDOHVVH
FRPSRQHGHXQDLUEDJHQHOYRODQWH\
XQRHQHOWDEOHURGHLQVWUXPHQWRVHQ
HOODGRGHODFRPSDâDQWH6HSXHGHQ
LGHQWLILFDUSRUHOUäWXOR$
$,5%$*
 $VLHQWRVVLVWHPDVGHVHJXULGDG 

/OHYHHOFLQWXUµQGHVHJXULGDG
DEURFKDGRFRUUHFWDPHQWH6µOR
DV¯SRGU£SURWHJHUOHHODLUEDJ

6LVWHPDGHDLUEDJV
ODWHUDOHV
(OVLVWHPDGHDLUEDJVIURQWDOHVVHDFಣ
WLYDHQFDVRGHFKRTXHGHXQDGHWHUಣ
PLQDGDJUDYHGDGHQHOVHFWRULQGLFDGR
/RVDLUEDJVIURQWDOHVQRVHDFWLYDQ
HQFDVRGHFKRTXHVIURQWDOHVOHYHV
FKRTXHVODWHUDOHVWUDVHURVRHQFDVR
GHYXHOFRV
(OHQFHQGLGRGHEHHVWDUFRQHFWDGR
(Q ODV YHUVLRQHV DVÞ HTXLSDGDV
6HDPRUWLJXDHOPRYLPLHQWRKDFLDGHಣ
ODQWHGHORVRFXSDQWHVGHORVDVLHQಣ
WRVGHODQWHURVUHGXFL«QGRVHFRQVLಣ
GHUDEOHPHQWHHOULHVJRGHOHVLRQHV
HQODSDUWHVXSHULRUGHOFXHUSR\OD
FDEH]D
 3HOLJUR
6µORVHREWLHQHXQDSURWHFFLµQ (OVLVWHPDGHDLUEDJVODWHUDOHVVH
µSWLPDFXDQGRHODVLHQWRHVW£HQ FRPSRQHGHXQDLUEDJHQFDGDUHVಣ
ODSRVLFLµQFRUUHFWD  SDOGRGHORVDVLHQWRVGHODQWHURV
1RGHEHKDEHUREVW£FXORVHQOD 6HSXHGHQLGHQWLILFDUSRUHOUµWXOR
]RQDGHLQIODGRGHORVDLUEDJV $,5%$*
 $VLHQWRVVLVWHPDVGHVHJXULGDG

6HUHGXFHFRQVLGHUDEOHPHQWHHO 1XQFDGHMHTXHHOQL³RVHDSR\H
ULHVJRGHOHVLRQHVHQODSDUWHVXSHಣ HQODSXHUWDRFHUFDGHOPµGXORGHO
ULRUGHOFXHUSR\ODSHOYLVHQFDVRGH DLUEDJODWHUDO
XQFKRTXHODWHUDO

3HOLJUR 6LVWHPDGHDLUEDJVGH
FRUWLQD
(OVLVWHPDGHDLUEDJVODWHUDOHVVHDFಣ
WLYDHQFDVRGHFKRTXHGHXQDGHWHUಣ
PLQDGDJUDYHGDG(OHQFHQGLGRGHEH
HVWDUFRQHFWDGR
/RVDLUEDJVODWHUDOHVQRVHDFWLYDQHQ
FDVRGHFKRTXHVODWHUDOHVOHYHVFKRTXHV
IURQWDOHVWUDVHURVRHQFDVRGHYXHOFRV
1RGHEHKDEHUREVW£FXORVHQOD (Q ODV YHUVLRQHV DV¯ HTXLSDGDV
]RQDGHLQIODGRGHORVDLUEDJV
1RWD
6µORGHEHQXWLOL]DUVHIXQGDVGH
DVLHQWRVKRPRORJDGDVSDUDHOYHಣ
K¯FXOR7HQJDFXLGDGRGHQRWDSDU
ORVDLUEDJV
3HOLJUR
/RVQL³RVVHQWDGRVPX\SUµ[LPRV
DORVDLUEDJVODWHUDOHVFRUUHQHO
ULHVJRGHVXIULUOHVLRQHVJUDYHVR
LQFOXVRIDWDOHVVLHODLUEDJVHGHVಣ (OVLVWHPDGHDLUEDJVGHFRUWLQDVH
SOLHJDHVSHFLDOPHQWHVLODFDಣ FRPSRQHGHXQDLUEDJHQHOPDUFR
EH]DHOFXHOORRHOSHFKRGHOQL³R GHOWHFKRDFDGDODGR6HSXHGHQ
HVW£QSUµ[LPRVDODLUEDJHQHOPRಣ LGHQWLILFDUSRUHOUµWXOR$,5%$*HQORV
PHQWRGHOGHVSOLHJXH SLODUHVGHOWHFKR

(OVLVWHPDGHDLUEDJVGHFRUWLQDVH
DFWLYDHQFDVRGHFKRTXHGHXQDGHಢ
WHUPLQDGDJUDYHGDG(OHQFHQGLGR
GHEHHVWDUFRQHFWDGR
$VLHQWRVVLVWHPDVGHVHJXULGDG 
6HUHGXFHFRQVLGHUDEOHPHQWHHO
ULHVJRGHOHVLRQHVHQODFDEH]DHQ
FDVRGHXQLPSDFWRODWHUDO
 3HOLJUR
1RGHEHKDEHUREVWÒFXORVHQOD
]RQDGHLQIODGRGHORVDLUEDJV
/RVJDQFKRVHQODVSDODQFDVGHO
PDUFRGHOWHFKRVäORGHEHQXWLOLಢ
]DUVHSDUDFROJDUSUHQGDVGHYHVಢ
WLUOLJHUDVVLQSHUFKDV1RGHEHQ
JXDUGDUVHREMHWRVHQHVWDVSUHQಢ (OVLVWHPDGHDLUEDJGHODFRPSDಢ
GDVGHYHVWLU âDQWHVHSXHGHGHVDFWLYDUPHGLDQWH
XQDFHUUDGXUDHQHOODGRGHOWDEOHUR
'HVDFWLYDFLäQGHORV GHLQVWUXPHQWRVYLVLEOHFRQODSXHUWD
DLUEDJV GHODFRPSDâDQWHDELHUWD

(Q ODV YHUVLRQHV DVÞ HTXLSDGDV  3HOLJUR
(OVLVWHPDGHODLUEDJGHODFRPSDಢ
âDQWHGHEHGHVDFWLYDUVHVLVHYDD
PRQWDUXQVLVWHPDGHUHWHQFLäQLQಢ
IDQWLOHQHVHDVLHQWR/RVVLVWHPDVGH
DLUEDJVODWHUDOHV\GHFRUWLQDORVWHQಢ
VRUHVGHFLQWXURQHV\WRGRVORVVLVWHಢ
PDVGHDLUEDJGHOFRQGXFWRUSHUPDಢ
QHFHUÒQDFWLYDGRV
'HVDFWLYHHOVLVWHPDGHDLUEDJGHO
DFRPSDâDQWHFXDQGRHODVLHQWR
GHODFRPSDâDQWHHVWÚRFXSDGR
SRUXQQLâR
$FWLYHHOVLVWHPDGHDLUEDJGHO
DFRPSDâDQWHFXDQGRHODVLHQWR
GHODFRPSDâDQWHHVWÚRFXSDGR
SRUXQDGXOWR
 $VLHQWRVVLVWHPDVGHVHJXULGDG

8WLOLFHODOODYHGHOHQFHQGLGRSDUDVHಢ (QFDVRGHFROLVLäQHOVLVWHPDGHO 6LVWHPDVGHUHWHQFLäQ

OHFFLRQDUODSRVLFLäQ DLUEDJGHODFRPSDâDQWHVHLQIODUÒ
F (ODLUEDJGHODFRPSDâDQWH VLHPSUHTXHHOWHVWLJRGHFRQWURO LQIDQWLO
VHGHVDFWLYD\QRVHLQIODUÒ
HQFDVRGHFROLVLäQ6HHQಢ
FLHQGHHOWHVWLJRGHFRQWURO
FGHIRUPDSHUPDQHQWH
6HSXHGHPRQWDUXQVLVWHPD
GHUHWHQFLäQLQIDQWLOGH
DFXHUGRFRQHOFXDGUR
G /RVDLUEDJVGHODFRPSDâDQWH
HVWÒQDFWLYDGRV1RVHSXHGH
PRQWDUXQVLVWHPDGHUHWHQಢ
FLäQLQIDQWLO
FQRHVWÚHQFHQGLGR
&DPELHHOHVWDGRVäORFRQHOYHKÞFXOR
SDUDGR\HOHQFHQGLGRGHVFRQHFWDGR
(OHVWDGRVHPDQWLHQHKDVWDHOSUäಢ
[LPRFDPELR7HVWLJRGHFRQWUROGH
GHVDFWLYDFLäQGHODLUEDJ
7HVWLJRGHFRQWUROGHGHVDFWLYDFLäQ
GHODLUEDJ
(Q ODV YHUVLRQHV DVÞ HTXLSDGDV
&XDQGRXWLOLFHXQVLVWHPDGHUHWHQಢ
FLäQLQIDQWLOSUHVWHDWHQFLäQDODVVLಢ
JXLHQWHVLQVWUXFFLRQHVGHXVR\PRQಢ
WDMHDVÞFRPRDODVLQVWUXFFLRQHVVXಢ
PLQLVWUDGDVFRQHOVLVWHPDGHUHWHQಢ
FLäQLQIDQWLO
6LHPSUHGHEHQFXPSOLUVHODVQRUPDV
ORFDOHVRQDFLRQDOHV(QDOJXQRVSDÞಢ
VHVHVWÒSURKLELGRHOXVRGHVLVWHPDV
GHUHWHQFLäQLQIDQWLOHQGHWHUPLQDGDV
SOD]DVGHDVLHQWR
 3HOLJUR
&XDQGRVHXWLOLFHXQVLVWHPDGH
UHWHQFLäQLQIDQWLOHQHODVLHQWRGHO
DFRPSDâDQWHORVVLVWHPDVGHDLUಢ
EDJSDUDHODVLHQWRGHODFRPSDಢ
âDQWHGHEHQHVWDUGHVDFWLYDGRV

HQFDVRFRQWUDULRHOGHVSOLHJXH
GHORVDLUEDJVVXSRQHXQSHOLJUR
GHPXHUWHSDUDHOQLâR
(VWRHVDSOLFDEOHHVSHFLDOPHQWHVL
VHXVDQVLVWHPDVGHUHWHQFLäQLQಢ
IDQWLORULHQWDGRVKDFLDDWUÒVHQHO
DVLHQWRGHODFRPSDâDQWH
6LHOYHKÞFXORHVWÒHTXLSDGRFRQ
XQFLQWXUäQDEGRPLQDOHQHO
DVLHQWRFHQWUDOWUDVHURQRVHGHEH
PRQWDUQLQJëQVLVWHPDGHUHWHQಢ
FLäQLQIDQWLOHQGLFKRDVLHQWR
6HDFRQVHMDPRQWDUHOVLVWHPDGH
UHWHQFLäQLQIDQWLOëQLFDPHQWHHQ
XQRGHORVDVLHQWRVH[WHULRUHVWUDಢ
VHURV
'HVDFWLYDFLäQGHORVDLUEDJV
6HOHFFLäQGHOVLVWHPDFRUUHFWR
6LHPSUHTXHVHDSRVLEOHORVQLâRV
GHEHUÞDQYLDMDUPLUDQGRKDFLDDWUÒV
HQHOYHKÞFXOR$VÞVHJDUDQWL]DTXH
ODFROXPQDYHUWHEUDOGHOQLâRTXH
DëQHVPX\GÚELOVXIUDPHQRVWHQಢ
VLäQHQFDVRGHDFFLGHQWH
$VLHQWRVVLVWHPDVGHVHJXULGDG
/RVQLâRVPHQRUHVGHDâRVRFRQ
XQDDOWXUDLQIHULRUDFPGHEHUÞDQ
YLDMDUVLHPSUHHQXQDVLHQWRGHVHಢ
JXULGDGLQIDQWLODGHFXDGR
1XQFDGHEHOOHYDUXQQLâRHQEUD]RV
FXDQGRYLDMHHQHOYHKÞFXOR(QFDVR
GHFROLVLäQQRSRGUÒVXMHWDUDOQLâR
HQVXVEUD]RV
&XDQGROOHYHQLâRVXVHORVVLVWHPDV
GHUHWHQFLäQLQIDQWLODGHFXDGRVVHಢ
JëQVXSHVR
$VHJëUHVHGHTXHHOVLVWHPDGHUHಢ
WHQFLäQLQIDQWLOTXHVHYDDPRQWDU
VHDFRPSDWLEOHFRQHOWLSRGHYHಢ
KÞFXOR
$VHJëUHVHGHTXHODSRVLFLäQGH
PRQWDMHGHOVLVWHPDGHUHWHQFLäQLQಢ
IDQWLOHQHOYHKÞFXORVHDFRUUHFWD
/RVQLâRVGHEHQHQWUDU\VDOLUGHOYHಢ
KÞFXORVLHPSUHSRUHOODGRRSXHVWRDO
GHOWUÒILFR
&XDQGRQRVHXVHHOVLVWHPDGHUHಢ
WHQFLäQLQIDQWLODVHJëUHORFRQXQFLQಢ
WXUäQGHVHJXULGDGRGHVPäQWHORGHO
YHKÞFXOR

1RWD
1RSHJXHQDGDHQORVVLVWHPDVGH
UHWHQFLäQLQIDQWLOQLORVWDSHFRQQLQಢ
JëQRWURPDWHULDO
8QVLVWHPDGHUHWHQFLäQLQIDQWLOTXH
KD\DVLGRVRPHWLGRDWHQVLäQHQXQ
DFFLGHQWHGHEHVXVWLWXLUVH
$VHJëUHVHGHTXHORVQLâRVYD\DQ
VHQWDGRVHQORVDVLHQWRVWUDVHURV
FRQVLVWHPDVGHUHWHQFLäQLQIDQWLO
+DVWDTXHORVQLâRVSXHGDQXVDU
FLQWXURQHVGHVHJXULGDGVHOHFFLRQH
XQVLVWHPDGHUHWHQFLäQDGHFXDGR
SDUDVXHGDG\DVHJëUHVHGHTXHHO
QLâRORXWLOLFH9HDODVLQVWUXFFLRQHV
UHOHYDQWHVGHORVVLVWHPDVGHUHWHQಢ
FLäQLQIDQWLO
 $VLHQWRVVLVWHPDVGHVHJXULGDG

3RVLFLRQHVGHPRQWDMHGHOVLVWHPDGHUHWHQFLäQLQIDQWLO
2SFLRQHVSHUPLWLGDVSDUDHOPRQWDMHGHXQVLVWHPDGHUHWHQFLäQLQIDQWLO
(QHODVLHQWRGHODFRPSDâDQWH
(QORVDVLHQWRVH[WHULRUHV (QHODVLHQWRFHQWUDO
1LYHOGHSHVRRGHHGDG DLUEDJDFWLYDGR DLUEDJGHVDFWLYDGR WUDVHURV WUDVHUR
*UXSRKDVWDNJ ; 8 8 8
RPHVHVDSUR[
*UXSRKDVWDNJ ; 8 8 8
RDâRVDSUR[
*UXSR,GHDNJ ; 8 8 8
RGHPHVHVDDâRVDSUR[
*UXSR,,GHDNJ ; ; 8 8
RGHDDâRVDSUR[
*UXSR,,,GHDNJ ; ; 8 8
RGHDDâRVDSUR[

 6äORVLORVVLVWHPDVGHDLUEDJGHODVLHQWRGHODFRPSDâDQWHHVWÒQGHVDFWLYDGRV6LVHILMDHOVLVWHPDGHUHWHQFLäQ
LQIDQWLOFRQXQFLQWXUäQGHVHJXULGDGGHWUHVSXQWRVDVHJëUHVHGHTXHHOFLQWXUäQGHVHJXULGDGVDOJDKDFLDGHODQWH
GHVGHHOSXQWRGHDQFODMHVXSHULRU
 $VLHQWRGLVSRQLEOHFRQVRSRUWHVGHPRQWDMH,62),;\DQFODMHVXSHULRU
8 $GHFXDGRSDUDXVRXQLYHUVDOHQFRPELQDFLäQFRQXQFLQWXUäQGHVHJXULGDGGHWUHVSXQWRV
; 1RVHSHUPLWHQVLVWHPDVGHUHWHQFLäQLQIDQWLOHQHVWDFODVHGHSHVR
 $VLHQWRVVLVWHPDVGHVHJXULGDG 

2SFLRQHVSHUPLWLGDVSDUDHOPRQWDMHGHXQVLVWHPDGHUHWHQFLäQLQIDQWLO,62),;
(QHODVLHQWRGHO (QORVDVLHQWRV (QHODVLHQWR
&ODVHGHSHVR &ODVHGHWDPDâR )LMDFLäQ DFRPSDâDQWH H[WHULRUHVWUDVHURV FHQWUDOWUDVHUR
*UXSRKDVWDNJ ( ,625 ; ,/ ;
*UXSRKDVWDNJ ( ,625 ; ,/ ;
' ,625 ; ,/ ;
& ,625 ; ,/ ;
*UXSR,GHDNJ ' ,625 ; ,/ ;
& ,625 ; ,/ ;
% ,62) ; ,/,8) ;
% ,62); ; ,/,8) ;
$ ,62) ; ,/,8) ;

,/ $GHFXDGDSDUDVLVWHPDVGHUHWHQFLäQLQIDQWLO,62),;GHODVFDWHJRUÞDV
HVSHFÞILFDGHOYHKÞFXOR

OLPLWDGD
R
VHಢ
PLXQLYHUVDO
(OVLVWHPDGHUHWHQFLäQ,62),;GHEHHVWDUKRPRORJDGRSDUDHOWLSRHVSHFÞILFRGHYHKÞFXOR
,8) $GHFXDGDSDUDVLVWHPDVGHUHWHQFLäQLQIDQWLO,62),;RULHQWDGRVKDFLDGHODQWHGHFDWHJRUÞDXQLYHUVDODSUREDGRV
SDUDVXXVRHQHVWDFODVHGHSHVR
; 1LQJëQVLVWHPDGHUHWHQFLäQLQIDQWLO,62),;KRPRORJDGRHQHVWDFODVHGHSHVR

 0XHYDHODVLHQWRGHODQWHURKDVWDODSRVLFLäQPÒVDGHODQWDGDRPXÚYDORKDFLDGHODQWHKDVWDTXHHOVLVWHPDGHUHWHQFLäQ
LQIDQWLOQRLQWHUILHUDFRQHOUHVSDOGRGHODVLHQWRGHODQWHUR
 $VLHQWRVVLVWHPDVGHVHJXULGDG

&ODVHGHWDPDâR,62),;\GLVSRVLWLYRGHDVLHQWR
$,62) 6LVWHPDGHUHWHQFLäQLQIDQWLORULHQWDGRKDFLDGHODQWHSDUDQLâRVGHWDOODPÒ[LPDHQODFODVHGHSHVRGH
DNJ
%,62) 6LVWHPDGHUHWHQFLäQLQIDQWLORULHQWDGRKDFLDGHODQWHSDUDQLâRVPÒVSHTXHâRVHQODFODVHGHSHVRGH
DNJ
%,62); 6LVWHPDGHUHWHQFLäQLQIDQWLORULHQWDGRKDFLDGHODQWHSDUDQLâRVPÒVSHTXHâRVHQODFODVHGHSHVRGH
DNJ
&,625 6LVWHPDGHUHWHQFLäQLQIDQWLORULHQWDGRKDFLDDWUÒVSDUDQLâRVGHWDOODPÒ[LPDHQODFODVHGHSHVRKDVWD
NJ
',625 6LVWHPDGHUHWHQFLäQLQIDQWLORULHQWDGRKDFLDDWUÒVSDUDQLâRVPÒVSHTXHâRVHQODFODVHGHSHVRKDVWD
NJ
(,625 6LVWHPDGHUHWHQFLäQLQIDQWLORULHQWDGRKDFLDDWUÒVSDUDQLâRVSHTXHâRVHQODFODVHGHSHVRKDVWD
NJ
 $VLHQWRVVLVWHPDVGHVHJXULGDG 

6LVWHPDVGHUHWHQFLäQ TXHSHUPLWHPRQWDUORVVLVWHPDVGH 0RQWDMHGHORVVLVWHPDVGHUHWHQFLäQ

UHWHQFLäQLQIDQWLOHQORVDVLHQWRVWUDಢ LQIDQWLO,62),;
LQIDQWLO,62),; VHURV  6HOHFFLRQHXQDGHODVSRVLFLRQHV
(Q ODV YHUVLRQHV DVÞ HTXLSDGDV 3DUDPRQWDUXQVLVWHPDGHUHWHQFLäQ
$QWHVORVVLVWHPDVGHUHWHQFLäQLQಢ
IDQWLOVHVXMHWDEDQDOYHKÞFXORFRQORV
FLQWXURQHVGHVHJXULGDG&RPRFRQಢ
VHFXHQFLDDPHQXGRVHPRQWDEDQ
PDORTXHGDEDQGHPDVLDGRKROJDGRV
FRPRSDUDSURWHJHUELHQDOQLâR
(QODDFWXDOLGDGQXHVWURVYHKÞFXORV
GLVSRQHQGHDQFODMHVEDMRV,62),;
HQODVGRVSOD]DVGHDVLHQWRH[WHULRಢ
UHVWUDVHUDV\GHDQFODMHVVXSHULRUHV
HQORVGRVODGRVGHOWUDYHVDâRSRVWHಢ
ULRUGHOFRPSDUWLPHQWRGHFDUJDOR
GHORVDVLHQWRVWUDVHURVSDUD
LQIDQWLOHTXLSDGRFRQILMDFLRQHV PRQWDUHOVLVWHPDGHUHWHQFLäQLQಢ
,62),;EDMDV\DQFODMHVVXSHULRUHV IDQWLO
REVHUYHODVLQVWUXFFLRQHVTXHVHHQಢ
WUHJDQFRQHOVLVWHPDGHUHWHQFLäQLQಢ
IDQWLO
/HDDWHQWDPHQWHODVLQVWUXFFLRQHVGH
ODVVLJXLHQWHVSÒJLQDV\GHOIDEULಢ
FDQWHGHOVLVWHPDGHUHWHQFLäQLQIDQWLO
\REVÚUYHODVVLHPSUH
(VWÒHQMXHJRODVHJXULGDGGHOQLâR
6LWLHQHDOJXQDSUHJXQWDRDOJXQD
GXGDVREUHODLQVWDODFLäQGHOVLVWHPD
GHUHWHQFLäQLQIDQWLOSäQJDVHHQFRQಢ
WDFWRFRQHOIDEULFDQWHGHOVLVWHPD6L
VLJXHWHQLHQGRSUREOHPDVFRQODLQVಢ  %XVTXHODVGRVSRVLFLRQHVGHDQಢ
WDODFLäQGHOVLVWHPDGHUHWHQFLäQLQಢ FODMHLQIHULRUHV/DXELFDFLäQGH
IDQWLOHQHOYHKÞFXOROHUHFRPHQGDಢ ORVDQFODMHVLQIHULRUHVHVWÒVHâDಢ
PRVTXHVHSRQJDHQFRQWDFWRFRQXQ ODGDFRQXQDPDUFDFLUFXODUHQHO
WDOOHUDXWRUL]DGR ERUGHLQIHULRUGHOUHVSDOGRGHO
DVLHQWRWUDVHUR
 $VHJëUHVHGHTXHQRKD\REMHWRV
H[WUDâRVFHUFDGHORVDQFODMHVLQಢ
IHULRUHVFRPRSRUHMHPSORODV
KHELOODVGHOFLQWXUäQGHVHJXULGDG
 $VLHQWRVVLVWHPDVGHVHJXULGDG
RORVSURSLRVFLQWXURQHVGHVHJXಢ
ULGDG&XDOTXLHUREMHWRDMHQRDO
VLVWHPDSRGUÞDLPSHGLUTXHHOVLVಢ
WHPDGHUHWHQFLäQLQIDQWLOVHILMDUD
ELHQHQORVDQFODMHV
 &RORTXHHOVLVWHPDGHUHWHQFLäQ
LQIDQWLOHQHODVLHQWRVREUHORVGRV
DQFODMHVLQIHULRUHV\IÞMHORHQORV
DQFODMHVVHJëQODVLQVWUXFFLRQHV
TXHDFRPSDâDEDQDOVLVWHPDGH
UHWHQFLäQLQIDQWLO
 $MXVWH\DSULHWHHOVLVWHPDGHUHಢ
WHQFLäQLQIDQWLOVHJëQODVLQVWUXFಢ
FLRQHVVXPLQLVWUDGDVFRQGLFKR
VLVWHPD
 3HOLJUR
8QVLVWHPDGHUHWHQFLäQLQIDQWLO
TXHQRHVWÚHQXVRSRGUÞDGHVSODಢ
]DUVHKDFLDGHODQWH
'HVPRQWHHOVLVWHPDGHUHWHQFLäQ
LQIDQWLOVLQRHVWÒHQXVRRIÞMHOR
FRQHOFLQWXUäQGHVHJXULGDG
1RWD
&RPRORVFLQWXURQHVGHVHJXULGDGR
HOVLVWHPDGHUHWHQFLäQLQIDQWLOVH
SXHGHQFDOHQWDUPXFKRHQXQYHಢ
KÞFXORFHUUDGRH[SXHVWRDOVRODVHಢ
JëUHVHGHFRPSUREDUODIXQGDGH
DVLHQWR\ODVKHELOODVDQWHVGHFRORಢ
FDUDOQLâRHQHOPLVPR
 3HOLJUR
/RVDQFODMHVLQIHULRUHV\VXSHULRಢ
UHV,62),;VäORGHEHQXWLOL]DUVH
SDUDHOILQSUHYLVWR
/RVDQFODMHVLQIHULRUHV\VXSHULRಢ
UHV,62),;HVWÒQGLVHâDGRVëQLಢ
FDPHQWHSDUDVXMHWDUVLVWHPDVGH
UHWHQFLäQLQIDQWLOHTXLSDGRVFRQILಢ
MDFLRQHVSDUDDQFODMHVLQIHULRUHV\
VXSHULRUHV
1RXWLOLFHORVDQFODMHVLQIHULRUHV\
VXSHULRUHV,62),;SDUDVXMHWDU
FLQWXURQHVGHVHJXULGDGSDUD
DGXOWRVDUQHVHVXRWURWLSRGH
HTXLSDPLHQWRGHVXYHKÞFXOR
(OXVRGHORVDQFODMHVLQIHULRUHV\
VXSHULRUHV,62),;SDUDVXMHWDU
FLQWXURQHVGHVHJXULGDGSDUD
DGXOWRVDUQHVHVXRWURWLSRGH
HTXLSDPLHQWRGHVXYHKÞFXORQR
SURSRUFLRQDUÒODSURWHFFLäQDGHಢ
FXDGDHQFDVRGHFROLVLäQ\SRGUÞD
RFDVLRQDUOHVLRQHVRDFFLGHQWHV
PRUWDOHV
 3HOLJUR
8QVLVWHPDGHUHWHQFLäQLQIDQWLO
FRORFDGRHQHODVLHQWRGHODQWHUR
SRGUÞDRFDVLRQDUOHVLRQHVJUDYHV
RDFFLGHQWHVPRUWDOHV
1XQFDLQVWDOHXQVLVWHPDGHUHಢ
WHQFLäQLQIDQWLORULHQWDGRKDFLD
DWUÒVHQHODVLHQWRGHODQWHURGHXQ
YHKÞFXORHTXLSDGRFRQDLUEDJGHO
DFRPSDâDQWH
 $VLHQWRVVLVWHPDVGHVHJXULGDG 

8QQLâRTXHYLDMHHQXQVLVWHPDGH 0RQWDMHGHVLVWHPDVGHUHWHQFLäQ JëUHVHGHTXHODFRUUHDGHVXMHಢ

UHWHQFLäQLQIDQWLORULHQWDGRKDFLD LQIDQWLOFRQILMDFLRQHVSDUDDQFODಢ FLäQQRHVWÒUHWRUFLGD
DWUÒVPRQWDGRHQHODVLHQWRGHಢ MHVLQIHULRUHV\VXSHULRUHV,62),; 6LHQODSRVLFLäQTXHHPSOHDKD\
ODQWHURSXHGHVXIULUOHVLRQHVJUDಢ XQDSR\DFDEH]DVUHJXODEOH\XWLಢ
YHVVLVHLQIODHODLUEDJGHODFRPಢ OL]DXQVLVWHPDGHVXMHFLäQGREOH
$UJROODVGHILMDFLäQGHORV FRORTXHODVXMHFLäQDOUHGHGRUGHO
SDâDQWH
)LMHHOVLVWHPDGHUHWHQFLäQLQIDQWLO
DQFODMHV DSR\DFDEH]DV
RULHQWDGRKDFLDDWUÒVHQHODVLHQWR 6LHQODSRVLFLäQTXHHPSOHDKD\
WUDVHUR XQDSR\DFDEH]DVUHJXODEOH\XWLಢ
8QVLVWHPDGHUHWHQFLäQLQIDQWLO OL]DXQVLVWHPDGHVXMHFLäQVLPಢ
RULHQWDGRKDFLDGHODQWHGHEHUÞDILಢ SOHOHYDQWHHODSR\DFDEH]DV\
MDUVHHQHODVLHQWRWUDVHURVLHPSUH FRORTXHODVXMHFLäQGHEDMRGHODಢ
TXHVHDSRVLEOH SR\DFDEH]DV\HQWUHVXVEDUUDV
6LVHPRQWDHQHODVLHQWRGHO  $SULHWHODFRUUHDGHVXMHFLäQGHO
DFRPSDâDQWHGHVSODFHHODVLHQWR VLVWHPDGHUHWHQFLäQLQIDQWLOVHಢ
KDFLDDWUÒVORPÒ[LPRSRVLEOH JëQODVLQVWUXFFLRQHVLQFOXLGDV
FRQHOVLVWHPDGHUHWHQFLäQLQIDQಢ
WLO
$WHQFLäQ  &XDQGRKD\DPRQWDGRHOVLVWHPD
3DUDDFFHGHUDORVSXQWRVGHDQFODMH GHUHWHQFLäQLQIDQWLOHPSXMH\WLUH
/RVDVLHQWRVLQIDQWLOHVJUDQGHV
RULHQWDGRVKDFLDDWUÒVSXHGHQQR
VHUDGHFXDGRVSDUDVXLQVWDODಢ
FLäQ3äQJDVHHQFRQWDFWRFRQVX
'LVWULEXLGRUSDUDREWHQHULQIRUPDಢ
FLäQVREUHVLVWHPDVGHUHWHQFLäQ
LQIDQWLODGHFXDGRV
VXSHULRUHV7RSWHWKHUKDJDORVLಢ GHÚOSDUDDVHJXUDUVHGHTXHHVWÒ
JXLHQWH ELHQVXMHWR
 'HVPRQWHODFXELHUWDGHOFRPSDUಢ
WLPHQWRGHFDUJD
 0HWDHOFOLSGHODFRUUHDGHVXMHಢ
FLäQGHOVLVWHPDGHUHWHQFLäQLQಢ
IDQWLOHQHODQFODMHVXSHULRU\DVHಢ
 $VLHQWRVVLVWHPDVGHVHJXULGDG

 3HOLJUR
$VHJëUHVHGHTXHHOFOLSHQODFRಢ
UUHDGHODUHWHQFLäQLQIDQWLOHVWÚ
HQJDQFKDGRFRUUHFWDPHQWHDODQಢ
FODMHVXSHULRU
6LODILMDFLäQQRHVFRUUHFWDODFRಢ
UUHD\HODQFODMHVXSHULRUUHVXOWDಢ
UÒQLQHILFDFHV
 3RUWDREMHWRV 

&RPSDUWLPHQWRV 0RQHGHUR
3RUWDREMHWRV
SRUWDREMHWRV
&RPSDUWLPHQWRVSRUWDREMHWRV   3RUWDREMHWRVHQHOWDEOHUR
&RPSDUWLPHQWRGHFDUJD   GHLQVWUXPHQWRV
6LVWHPDSRUWDHTXLSDMHVGH
WHFKR   3RUWDREMHWRVVLWXDGREDMRHOSDQHOGH
,QIRUPDFLäQVREUHODFDUJD   LQVWUXPHQWRV

3HUPLWHJXDUGDUODVPRQHGDV

(OSRUWDREMHWRVVHXWLOL]DSDUDJXDUಢ
GDUDUWÞFXORVSHTXHâRV
 3RUWDREMHWRV
*XDQWHUD
3DUDDEULUWLUHGHODVD
 3HOLJUR
3DUDUHGXFLUHOULHVJRGHOHVLRQHV
HQFDVRGHDFFLGHQWHRIUHQD]R
EUXVFRPDQWHQJDVLHPSUHOD
JXDQWHUDFHUUDGDFXDQGRHOYHಢ
KÞFXORHVWÚHQPDUFKD
3RUWDYDVRV /RVSRUWDYDVRVHVWÒQHQODFRQVROD
GHODQWHUD\HQODSDUWHWUDVHUDGHOD
FRQVRODFHQWUDO
 3HOLJUR
1RGHMHYDVRVFRQOÞTXLGRFDOLHQWH
VLQWDSDUHQHOSRUWDYDVRVFXDQGR
HOYHKÞFXORHVWÒHQPDUFKD6LHO
OÞTXLGRFDOLHQWHVHGHUUDPDSXHGH
TXHPDUVH6LODTXHPDGXUDDIHFWD
DOFRQGXFWRUSRGUÞDSHUGHUHOFRQಢ
WUROGHOYHKÞFXOR
3DUDUHGXFLUHOULHVJRGHOHVLRQHV
SHUVRQDOHVHQFDVRGHIUHQD]R
EUXVFRRFROLVLäQQRFRORTXHHQHO
SRUWDYDVRVERWHOODVYDVRVODWDV
HWFVLQWDSDURDVHJXUDUFXDQGR
HOYHKÞFXORHVWÒHQPDUFKD

3RUWDQWHRMRV &RPSDUWLPHQWRGH
FDUJD
$EDWLUORVUHVSDOGRVWUDVHURV
 3HOLJUR
1RDSLOHHTXLSDMHQLFXDOTXLHURWUD
FDUJDTXHVXSHUHHQDOWXUDDORV
DVLHQWRVGHODQWHURV
1RSHUPLWDTXHORVSDVDMHURVVH
VLHQWHQHQORVUHVSDOGRVSOHJDGRV
PLHQWUDVHOYHKÞFXORVHHQFXHQWUH
3DUDDEULUOREDMHODWDSD HQPRYLPLHQWR
1RORXWLOLFHSDUDJXDUGDUREMHWRVSHಢ (OHTXLSDMHTXHQRHVWÚVXMHWRR
VDGRV ORVSDVDMHURVTXHYD\DQVREUHXQ
UHVSDOGRDEDWLGRSXHGHQVDOLUODQಢ
]DGRVHQHOLQWHULRURGHVSHGLGRV
IXHUDGHOYHKÞFXORVLVHSURGXFH
XQDSDUDGDEUXVFDRXQDFFLGHQWH
(VWRSXHGHRFDVLRQDUOHVLRQHV
JUDYHVRXQDFFLGHQWHPRUWDO
3RUWDREMHWRV 
3DUDDEDWLUHOUHVSDOGRWUDVHURSRUVHಢ
SDUDGR
 7LUHGHODSDUWHGHODQWHUDGHOD
EDQTXHWDGHODVLHQWRWUDVHURSDUD
VROWDUOD6LHOYHKÞFXORGLVSRQHGH
DSR\DFDEH]DVHQORVDVLHQWRV
WUDVHURVGHEHGHVPRQWDUORV
 3RQJDGHUHFKDODEDQTXHWDGHO
DVLHQWRWUDVHURTXHKDVROWDGR
1RWD
3DUDJDUDQWL]DUTXHKD\DVXILFLHQWH
HVSDFLRSDUDSURFHGHUFRQHOFRMÞQ
GHODVLHQWRWUDVHURGHVOLFHHO
DVLHQWRGHODQWHURKDFLDDGHODQWH\
FRORTXHVXUHVSDOGRYHUWLFDOPHQWH
 3RUWDREMHWRV

ELOODVGHOFLQWXUäQGHVHJXULGDGQR
TXHGDQWRUFLGDVRDWUDSDGDVGHEDMR  3HOLJUR
GHODEDQTXHWDGHODVLHQWROXHJRHPಢ
SXMHODSDUWHGHODQWHUDGHODEDQTXHWD $QWHVGHFRQGXFLUHOYHKÞFXORFRQ
GHODVLHQWRFRQILUPH]DKDFLDDEDMR SDVDMHURVHQHODVLHQWRWUDVHUR
KDVWDTXHTXHGHHQFODYDGR DVHJëUHVHGHTXHORVUHVSDOGRV
GHODVLHQWRWUDVHURHVWÚQWRWDOಢ
PHQWHGHVSOD]DGRVKDFLDDWUÒV\
 3HOLJUR EORTXHDGRVHQVXSRVLFLäQ
&XDQGRYXHOYDDFRORFDUHOUHVಢ 1RDFFLRQHORVERWRQHVGHGHVಢ
SDOGRWUDVHURHQSRVLFLäQYHUWLFDO EORTXHRHQODSDUWHVXSHULRUGHO
FRORTXHHOFLQWXUäQGHVHJXULGDG UHVSDOGRGHODVLHQWRFRQHOYHಢ
WUDVHUR\ODVKHELOODVHQWUHHOUHVಢ KÞFXORHQPRYLPLHQWR
 7LUHGHOPDQGRGHGHVEORTXHRVLಢ
WXDGRHQFLPDGHOUHVSDOGRGHO SDOGRGHODVLHQWRWUDVHUR\XQFRಢ 3XHGHFDXVDUGDâRVROHVLRQHVD
DVLHQWRWUDVHUR\DEDWDHODVLHQWR MÞQ$VHJëUHVHGHTXHHOFLQWXUäQ ORVRFXSDQWHV
KDFLDGHODQWH\GHWUÒV GHVHJXULGDG\ODVKHELOODVQRTXHಢ
GHQSHOOL]FDGRVEDMRHOFRMÞQGHO
 $MXVWHORVDVLHQWRVGHODQWHURVHQ DVLHQWRWUDVHUR
ODSRVLFLäQGHVHDGD
$VHJëUHVHGHTXHORVFLQWXURQHV
3DUDFRORFDUGHQXHYRUHFWRHOUHVಢ GHVHJXULGDGQRTXHGHQGREODGRV
SDOGROHYÒQWHOR\HPSXMHILUPHPHQWH RDWUDSDGRVHQHOUHVSDOGRGHO
KDVWDTXHTXHGHHQVXVLWLR DVLHQWR\TXHHVWÚQHQODSRVLFLäQ
$VHJëUHVHGHTXHHOFLQWXUäQGHVHಢ FRUUHFWD
JXULGDGQRTXHGDFRJLGRHQHOFLHUUH
3DUDYROYHUDFRORFDUHQVXVLWLROD
EDQTXHWDGHODVLHQWRWUDVHURPXHYD
ODSDUWHWUDVHUDGHODEDQTXHWDGHO
DVLHQWRDVXSRVLFLäQRULJLQDODVHJXಢ
UÒQGRVHGHTXHODVFRUUHDVGHODVKHಢ

$WHQFLµQ
6LVHDEDWHXQDVLHQWRWUDVHURFRQ
ORVFLQWXURQHVGHVHJXULGDGD¼Q
DEURFKDGRVVHSXHGHQGD³DUORV
FLQWXURQHVGHVHJXULGDGRHO
DVLHQWR
6LHPSUHVHGHEHQGHVDEURFKDU
ORVFLQWXURQHVGHVHJXULGDG\GHಣ
3RUWDREMHWRV 
/RVREMHWRVWUDQVSRUWDGRVVREUHHO 7UL£QJXORGHDGYHUWHQFLD
UHVSDOGRDEDWLGRQRGHEHU¯DQVXಣ
SHUDUODDOWXUDGHORVDVLHQWRVGHಣ
ODQWHURV(QFDVRFRQWUDULROD
FDUJDSRGU¯DGHVOL]DUVHKDFLDGHಣ
ODQWH\RFDVLRQDUGD³RVROHVLRQHV
DOIUHQDUEUXVFDPHQWH
5HGGHHTXLSDMH
YROYHUORVDVXSRVLFLµQQRUPDOGH
DORMDPLHQWRDQWHVGHDEDWLUXQ
DVLHQWRWUDVHUR
3HOLJUR
1RSHUPLWDTXHORVSDVDMHURVVH
VLHQWHQVREUHORVUHVSDOGRVDEDWLಣ
GRVGHORVDVLHQWRVFRQHOYHK¯FXOR
HQPDUFKD\DTXHGLFKDSRVLFLµQ
GHDVLHQWRHVLQFRUUHFWD\QRKD\
GLVSRQLEOHVFLQWXURQHVGHVHJXULಣ
GDGSDUDVXXVR
(VWRSRGU¯DRFDVLRQDUOHVLRQHV
JUDYHVRIDWDOHVHQFDVRGHDFFLಣ
GHQWHRIUHQD]REUXVFR
(Q ODV YHUVLRQHV DV¯ HTXLSDGDV
3XHGHPHWHUEXOWRVSHTXH³RVHQOD
UHGGHHTXLSDMHRSFLRQDO
3DUDPRQWDUODUHGHQJDQFKHORVODಣ
]RVGHODHVTXLQDVXSHULRUGHODUHG
HQORVSXQWRVGHDQFODMHGHOSDQHOWUDಣ
VHUR
$WHQFLµQ
/DUHGSRUWDHTXLSDMHVHVW£GLVHಣ
³DGDSDUDFDUJDVSHTXH³DV1R
WUDQVSRUWHREMHWRVSHVDGRVHQVX
UHGSRUWDHTXLSDMHV
6LUYHSDUDDOPDFHQDUHOWUL£QJXORGH
DGYHUWHQFLDHQHOFRPSDUWLPHQWRGHFDUJD
5HFXHUGHTXHHVWHYHK¯FXORSXHGHQR
VHUFRPHUFLDOL]DGRFRQWULDQJXORGH
DGYHUWHQFLDDOPRPHQWRGHVXFRPSUD
%RWLTX¯Q
*XDUGHHOERWLTX¯QHQHOFRPSDUWLಣ
PHQWRGHFDUJD5HFXHUGHTXHHVWH
YHK¯FXORSXHGHQRVHUFRPHUFLDOL]DGR
FRQHO%RWLTX¯QDOPRPHQWRGHVXFRPSUD
([WLQWRU
(OOXJDUGHVWLQDGRDOH[WLQWRUHVW£
VLWXDGRHQOD]RQDUHSRVDSL«V
GHEDMRGHODVLHQWRGHODFRPSD³DQWH
5HFXHUGHTXHHVWHYHK¯FXORSXHGH
QRVHUFRPHUFLDOL]DGRFRQHOH[WLQWRU
DOPRPHQWRGHVXFRPSUD
 3RUWDREMHWRV
6LVWHPDSRUWDHTXLSDMHV
GHWHFKR
3RUWDHTXLSDMHVGHWHFKR
3RUPRWLYRVGHVHJXULGDG\SDUDHYLಣ
WDUGD³RVHQHOWHFKRVHUHFRPLHQGD
XVDUHOVLVWHPDGHSRUWDHTXLSDMHVGH
WHFKRKRPRORJDGRSDUDVXYHK¯FXOR
6LLQWHQWDOOHYDUDOJRVREUHHOYHK¯FXOR
TXHVHDP£VODUJRRP£VDQFKRTXH
HOSRUWDHTXLSDMHVGHWHFKRSXHGHWHಣ
QHUSUREOHPDVFRQHOYLHQWRFXDQGR
FRQGX]FD&RPRFRQVHFXHQFLDSRಣ
GU¯DSHUGHUHOFRQWUROGHOYHK¯FXOR(O
REMHWRTXHWUDQVSRUWDSRGU¯DVDOLUH[ಣ
SXOVDGR\KDFHUTXHVXYHK¯FXORX
RWURVYHK¯FXORVFKRFDUDQORTXHOµಣ
JLFDPHQWHSRGU¯DRFDVLRQDUGD³RVHQ
HOYHK¯FXOR1ROOHYHQXQFDREMHWRV
P£VDOWRVRP£VODUJRVGHORTXHSHUಣ
PLWHHOSRUWDHTXLSDMHVGHWHFKRGHVX
YHK¯FXOR
3DUDHOYHK¯FXORODFDUJDP£[LPDLQಣ
'HVPRQWHHOHTXLSDMHSDUDHQWUDU
HQXQHTXLSRDXWRPDWLFRGHODYDGR
VLKD\XQHTXLSDMHHQHOSRUWDHTXLSDMHV
GHWHFKR
,QIRUPDFLµQVREUHOD
FDUJD
/RVREMHWRVSHVDGRVHQHOFRPSDUಣ
WLPHQWRGHFDUJDGHEHQFRORFDUVH
DSR\DGRVFRQWUDORVUHVSDOGRVGH
ORVDVLHQWRV$VHJ¼UHVHGHTXHORV
UHVSDOGRVHVW«QELHQHQFODYDGRV
6LVHSXHGHQDSLODUORVREMHWRVORV
P£VSHVDGRVGHEHQFRORFDUVH
DEDMR
႑ $VHJXUHORVREMHWRVHQHOFRPSDUಣ
WLPHQWRGHFDUJDSDUDHYLWDUVX
GHVOL]DPLHQWR
႑ &XDQGRVHWUDQVSRUWHQREMHWRVHQ
HOFRPSDUWLPHQWRGHFDUJDORVUHVಣ
SDOGRVGHORVDVLHQWRVWUDVHURVQR
GHEHQHVWDULQFOLQDGRVKDFLDGHಣ
ODQWH
႑ /DFDUJDQRGHEHVREUHVDOLUSRUHQಣ
FLPDGHOERUGHVXSHULRUGHORVUHVಣ
SDOGRV
႑ 1RFRORTXHREMHWRVVREUHODFXಣ
FOX\HHOSHVRGHODEDUUDSRUWDHTXLSDMH ELHUWDGHOFRPSDUWLPHQWRGHFDUJD
GHOSRUWDHTXLSDMHVGHWHFKRHVGHNJ QLHQHOWDEOHURGHLQVWUXPHQWRVQR
1RVXSHUHODFDSDFLGDGP£[LPDGHO
YHK¯FXORFXDQGRORFDUJXH

WDSHHOVHQVRUVLWXDGRHQODSDUWH
VXSHULRUGHOWDEOHURGH
LQVWUXPHQWRV
࿢ /DFDUJDQRGHEHREVWDFXOL]DUHO
DFFLRQDPLHQWRGHORVSHGDOHVHO
IUHQRGHHVWDFLRQDPLHQWRRODSDಢ
ODQFDVHOHFWRUDQLLPSHGLUODOLEHUಢ
WDGGHPRYLPLHQWRVGHOFRQGXFWRU
1RVHGHEHQGHMDUREMHWRVVXHOWRV
HQHOKDELWÒFXOR
࿢ 1RFRQGX]FDFRQHOFRPSDUWLPHQWR
GHFDUJDDELHUWR
࿢ /DFDUJDëWLOHVODGLIHUHQFLDHQWUH
HOSHVRPÒ[LPRDXWRUL]DGRGHOYHಢ
KÞFXORYÚDVHODSODFDGHFDUDFWHಢ
3RUWDREMHWRV 
(OHTXLSDPLHQWRRSFLRQDO\ORVDFಢ
FHVRULRVDXPHQWDQHOSHVRHQYDಢ
FÞR
࿢ &RQGXFLUFRQFDUJDHQHOWHFKRDXಢ
PHQWDODVHQVLELOLGDGGHOYHKÞFXORD
ORVYLHQWRVODWHUDOHV\WLHQHXQ
HIHFWRQHJDWLYRVREUHODPDQLREUDಢ
ELOLGDGGHELGRDODHOHYDFLäQGHO
FHQWURGHJUDYHGDG'LVWULEX\DOD
FDUJDXQLIRUPHPHQWH\DVHJëUHOD
FRQFRUUHDVGHVXMHFLäQ$MXVWHOD
SUHVLäQGHORVQHXPÒWLFRV\ODYHಢ
ORFLGDGGHOYHKÞFXORDODVFRQGLFLRಢ
QHVGHFDUJD&RPSUXHEH\YXHOYD
DDSUHWDUODVFRUUHDVFRQIUHFXHQಢ
FLD
UÞVWLFDV\HOSHVRHQYDFÞR
3DUDFRQRFHUHOSHVRHQYDFÞRHQ
GHWDOOHFRQVXOWHHODSDUWDGRGHGDಢ
WRVWÚFQLFRV
(OSHVRHQYDFÞRLQFOX\HORVSHVRV
FDOFXODGRVSDUDHOFRQGXFWRU
NJHOHTXLSDMHNJ\WRGRV
ORVOÞTXLGRVGHSäVLWROOHQRDO

 ,QVWUXPHQWRV\PDQGRV

,QVWUXPHQWRV\ 0DQGRV $WHQFLäQ

PDQGRV
0DQGRV  
7HVWLJRVOXPLQRVRVH
LQGLFDGRUHV  
2UGHQDGRUGHDERUGR  
3HUVRQDOL]DFLäQGHOYHKÞFXOR  
$MXVWHGHOYRODQWH 6LHOHMHGHODFROXPQDGHODGLUHFಢ
FLäQVXIUHXQIXHUWHLPSDFWR
FXDQGRVHDMXVWDHOYRODQWHRFRQ
ODSDODQFDEORTXHDGDVHSXHGHQ
RFDVLRQDUGDâRVHQORVFRPSRಢ
QHQWHVGHOYRODQWH
0DQGRVHQHOYRODQWH
(Q ODV YHUVLRQHV DVÞ HTXLSDGDV

'HVEORTXHHODSDODQFDDMXVWHHO
YRODQWHOXHJRHQFODYHODSDODQFD\
DVHJëUHVHGHTXHHVWÚWRWDOPHQWH
EORTXHDGD
(OYRODQWHVäORVHGHEHDMXVWDUFRQHO
YHKÞFXORSDUDGR

(OVLVWHPDGHLQIRHQWUHWHQLPLHQWRVH
SXHGHPDQHMDUFRQORVPDQGRVHQHO
YRODQWH
 ,QVWUXPHQWRV\PDQGRV 

+D\PÒVLQIRUPDFLäQGLVSRQLEOHHQHO /LPSLDODYDSDUDEULVDV )XQFLäQGHQLHEOD

PDQXDOGHOVLVWHPDGHLQIRHQWUHWHQLಢ 3DUDDFFLRQDUHOOLPSLDSDUDEULVDVXQD
PLHQWR /LPSLDSDUDEULVDV YH]HQFDVRGHOOXYLDOLJHUDRQLHEOD
PXHYDXQDYH]ODSDODQFDGHOOLPSLD
%RFLQD ODYDSDUDEULVDVKDFLDODSRVLFLäQ,,17
\VXÚOWHOD
/DSDODQFDYROYHUÒDXWRPÒWLFDPHQWH
DVXSRVLFLäQQRUPDOFXDQGROD
VXHOWH/RVOLPSLDGRUHVVHDFFLRQDUÒQ
XQFLFORGHODYDGR

 3HOLJUR
6LODYLVLäQGHOFRQGXFWRUQRHV
FODUDVHSXHGHSURGXFLUXQDFFLಢ
GHQWH\RFDVLRQDUOHVLRQHVSHUVRಢ
3DUDDFFLRQDUORVSDUDEULVDVSRQJD QDOHV\GDâRVHQHOYHKÞFXORX
HOHQFHQGLGRHQ21\PXHYDODSDಢ RWUDVSURSLHGDGHV
3XOVHH ODQFDGHOOLPSLDODYDSDUDEULVDVKDFLD 1RXWLOLFHORVOLPSLDSDUDEULVDVVLHO
DUULED SDUDEULVDVHVWÒVHFRXREVWUXLGR
2)) 6LVWHPDDSDJDGR FRQQLHYHRKLHORSRUHMHPSOR6L
,17 )XQFLRQDPLHQWRLQWHUPLಢ XWLOL]DORVOLPSLDSDUDEULVDVHQXQ
WHQWH SDUDEULVDVREVWUXLGRVHSXHGHQ
/2 %DUULGRFRQWLQXRDYHORFLGDG GDâDUODVHVFRELOODVHOPRWRU\HO
OHQWD FULVWDO
+, %DUULGRFRQWLQXRDYHORFLGDG
UÒSLGD
 ,QVWUXPHQWRV\PDQGRV
&RQWLHPSRIUÞRFRPSUXHEHTXH
ODVHVFRELOODVQRHVWÚQSHJDGDV
SRUFRQJHODFLäQDOSDUDEULVDV6L
XWLOL]DHOOLPSLDOXQHWDFRQODHVFRಢ
ELOODFRQJHODGDSXHGHGDâDUVX
PRWRU
/DYDSDUDEULVDV
7LUHGHODSDODQFD6HSXOYHUL]DOÞಢ
TXLGRGHODYDGRVREUHHOSDUDEULVDV\
HOOLPSLDOXQHWDVHUHDOL]DHOEDUULGR
YDULDVYHFHV
$WHQFLäQ /LPSLDODYDOXQHWD
1RDFFLRQHHOODYDSDUDEULVDVFRQಢ
WLQXDPHQWHGXUDQWHPÒVGHXQRV
VHJXQGRVQLFXDQGRHOGHSäVLWR
GHOOÞTXLGRGHODYDGRHVWÚYDFÞR
(VWRSRGUÞDSURYRFDUHOVREUHFDಢ
OHQWDPLHQWRGHOPRWRUGHOODYDOXಢ
QHWD\UHSDUDFLRQHVFRVWRVDV
 3HOLJUR
1RSXOYHULFHOÞTXLGRGHODYDGRVRಢ
EUHHOSDUDEULVDVDWHPSHUDWXUDV 3DUDSRQHUHQPDUFKDHOOLPSLDGRU\
EDMRFHUR$WHPSHUDWXUDVEDMR HOODYDGRUWUDVHURVPXHYDODSDODQFD
FHURHOXVRGHOODYDSDUDEULVDV KDFLDHOSDQHOGHLQVWUXPHQWRV6LOD
SXHGHSURYRFDUXQDFFLGHQWHSRUಢ PXHYHXQDYH]HOOLPSLDGRUVHDFWLಢ
TXHHOOÞTXLGRGHODYDGRSXHGHIRUಢ YDUÒGHIRUPDFRQWLQXDDYHORFLGDG
PDUKLHORHQHOSDUDEULVDV\REVಢ OHQWD3DUDSXOYHUL]DUOÞTXLGRGHODಢ
WUXLUVXYLVLäQ YDGRPXHYDODSDODQFDRWUDYH]
 ,QVWUXPHQWRV\PDQGRV 

 3HOLJUR (OOÞTXLGRGHODYDGRSXHGHIRUPDU
KLHORHQXQDOXQHWDGHOSRUWäQWUDಢ
6LODYLVLäQGHOFRQGXFWRUQRHV VHURKHODGD\REVWUXLUVXYLVLäQ
FODUDVHSXHGHSURGXFLUXQDFFLಢ 1RXWLOLFHHOODYDOXQHWDFRQWLQXDಢ
GHQWH\RFDVLRQDUOHVLRQHVSHUVRಢ PHQWHGXUDQWHPÒVGHXQRVVHಢ
QDOHV\GDâRVHQHOYHKÞFXORX JXQGRVRFXDQGRHOGHSäVLWRGHO
RWUDVSURSLHGDGHV OÞTXLGRGHODYDGRHVWÚYDFÞR(VWR
1RXWLOLFHHOOLPSLDOXQHWDWUDVHURVL SRGUÞDSURYRFDUHOVREUHFDOHQWDಢ
ODOXQHWDGHOSRUWäQWUDVHURHVWÒ PLHQWRGHOPRWRUGHOODYDOXQHWD\
VHFDXREVWUXLGDFRQQLHYHRKLHOR UHSDUDFLRQHVFRVWRVDV
SRUHMHPSOR
(OXVRGHOOLPSLDOXQHWDVREUHXQD
OXQHWDREVWUXLGDSXHGHGDâDUODV
HVFRELOODVHOPRWRU\HOFULVWDO
&RQWLHPSRIUÞRFRPSUXHEHTXHOD
HVFRELOODQRHVWÚSHJDGDSRUFRQಢ
JHODFLäQDODOXQHWD6LXWLOL]DHO
OLPSLDOXQHWDFRQODHVFRELOODFRQಢ
JHODGDSXHGHGDâDUVXPRWRU
1RSXOYHULFHOÞTXLGRGHODYDGRVRಢ
EUHODOXQHWDWUDVHUDDWHPSHUDWXಢ
UDVEDMRFHUR
&DOLHQWHODOXQHWDWUDVHUDDQWHVGH
DFFLRQDUHOODYDOXQHWDGHOSRUWäQ
WUDVHUR
 ,QVWUXPHQWRV\PDQGRV
+D\XQDWRPDGHFRUULHQWHGH9
VLWXDGDHQODFRQVRODGHODQWHUD
(OFRQVXPRPÒ[LPRQRGHEHH[FHGHU
ORVYDWLRV
/DVWRPDVGHFRUULHQWHVHGHVDFWLYDQ
DOGHVFRQHFWDUHOHQFHQGLGR
$GHPÒVODVWRPDVGHFRUULHQWHVH
GHVDFWLYDQWDPELÚQVLODWHQVLäQGHOD
EDWHUÞDHVEDMD
1RFRQHFWHDFFHVRULRVGHVXPLQLVWUR
GHFRUULHQWHFRPRSXHGHQVHUGLVSRಢ
VLWLYRVGHFDUJDHOÚFWULFDREDWHUÞDV
3DUDQRGDâDUHOHQFKXIHQRXWLOLFH
FRQHFWRUHVLQDGHFXDGRV
(QFHQGHGRUGHFLJDUULOORV
3DUDSRQHUHQPDUFKDHOHQFHQGHGRU
GHFLJDUULOORVSRQJDHOLQWHUUXSWRUGH
HQFHQGLGRHQ$&&X21\SXOVHHO
HQFHQGHGRUKDVWDHOIRQGR
(OHQFHQGHGRUVDOWDUÒDXWRPÒWLFDಢ
PHQWHFXDQGRHVWÚOLVWR
$WHQFLäQ
6LHOHQFHQGHGRUVHVREUHFDOLHQWD
VHSXHGHGDâDUODSLH]DLQWHULRU\
HOSURSLRHQFHQGHGRU
1RPDQWHQJDSXOVDGRHOHQFHQಢ
GHGRUPLHQWUDVVHHVWÒFDOHQಢ
WDQGR(VWRSXHGHRFDVLRQDUTXH
HOHQFHQGHGRUVHVREUHFDOLHQWH
/DXWLOL]DFLäQGHXQHQFHQGHGRU
GHIHFWXRVRSXHGHVHUSHOLJURVD
6LHOHQFHQGHGRUFDOHQWDGRQR
VDOWDHQVHJXQGRVVÒTXHOR\
UHFXUUDDXQWDOOHUSDUDTXHORUHಢ
SDUHQ/HUHFRPHQGDPRVTXH
DFXGDDVXWDOOHUDXWRUL]DGR
3XHGHRFDVLRQDUOHVLRQHVSHUVRಢ
QDOHVRGDâRVHQHOYHKÞFXOR
 3HOLJUR
(QYHUDQRVLGHMDXQDVXVWDQFLD
H[SORVLYDLQIODPDEOHFRPRXQHQಢ
FHQGHGRUGHVHFKDEOHHQHOLQWHಢ
ULRUGHOYHKÞFXORSXHGHH[SORWDU\
FDXVDUXQLQFHQGLRGHELGRDODXಢ
PHQWRGHWHPSHUDWXUDHQHOKDELಢ
WÒFXOR\HOFRPSDUWLPHQWRGH
FDUJD$VHJëUHVHGHQRGHMDUQL
JXDUGDUVXVWDQFLDVH[SORVLYDVLQಢ
IODPDEOHVHQHOLQWHULRUGHOYHಢ
KÞFXOR
 ,QVWUXPHQWRV\PDQGRV 

$WHQFLµQ &HQLFHURV $WHQFLµQ

/DWRPDGHOHQFHQGHGRUGHFLJDಣ 5HFRUGDPRVTXHFRQIRUPHOD
UULOORVVµORGHEHU¯DXWLOL]DUVHFRQ OHJLVODFLµQGHYDULRVSD¯VHVHQWUH
GLFKRHQFHQGHGRU6LVHFRQHFWDQ
RWURVDGDSWDGRUHVGHFRUULHQWHGH
9DODWRPDGHOHQFHQGHGRUVH
SXHGHIXQGLUHOIXVLEOHRFDXVDUDOಣ
J¼QSRWHQFLDOLQFLGHQWHW«UPLFR
$WHQFLµQ
(OLQWHULRUGHXQHQFHQGHGRUHQ
XVRSXHGHSRQHUVHPX\FDOLHQWH
1RWRTXHHOLQWHULRUGHOHQFHQGHಣ
GRUQLSHUPLWDTXHORVQL³RVORXWLಣ
OLFHQRMXHJXHQFRQ«O
(VWHPHWDOFDOLHQWHSXHGHRFDVLRಣ
QDUOHVLRQHVSHUVRQDOHV\GD³DUHO
YHK¯FXORXRWUDVSURSLHGDGHV
$WHQFLµQ
/RVFLJDUULOORV\RWURVSURGXFWRVGH
IXPDUVHSXHGHQLQFHQGLDU
1RGHSRVLWHSDSHOHVQLRWURVHOHಣ
PHQWRVLQIODPDEOHVHQHOFHQLಣ
FHUR
8QIXHJRHQHOFHQLFHURSXHGH
RFDVLRQDUOHVLRQHVSHUVRQDOHVR
GD³RVDVXYHK¯FXORRDRWUDVSURಣ
SLHGDGHV
ORVTXHSXHGHHVWDUHOVX\RHVW£
SURKLELGRIXPDUPLHQWUDVVH
FRQGXFH
(OFHQLFHURSRUW£WLOVHSXHGHFRORFDU
HQORVSRUWDYDVRV
3DUDDEULUHOFHQLFHUROHYDQWHFRQ
FXLGDGRVXWDSD'HVSX«VGHXVDUOR
FL«UUHODELHQ
3DUDYDFLDUHOFHQLFHURFXDQGROR
TXLHUDOLPSLDUJLUHXQSRFRODSDUWH
VXSHULRUGHOFHQLFHURDODL]TXLHUGD\
GHVPµQWHOR
 ,QVWUXPHQWRV\PDQGRV

7HVWLJRVOXPLQRVRVH &XHQWDNLOäPHWURV &XHQWDUUHYROXFLRQHV

LQGLFDGRUHV
9HORFÞPHWUR

,QGLFDODYHORFLGDGGHOYHKÞFXOR
(OFXHQWDNLOäPHWURVPXHVWUDODGLVಢ ,QGLFDODVUHYROXFLRQHVSRUPLQXWRGHO
WDQFLDUHFRUULGDSRUHODXWRPäYLOHQ PRWRU
NLOäPHWURVRPLOODV &RQGX]FDHQORVUHJÞPHQHVPÒVEDಢ
+D\GRVFXHQWDNLOäPHWURVSDUFLDOHV MRVGHOPRWRUHQFDGDPDUFKDWDQWR
LQGHSHQGLHQWHVTXHPLGHQODVGLVಢ FRPRVHDSRVLEOH
WDQFLDVTXHHOYHKÞFXORKDUHFRUULGR
GHVGHHOëOWLPRUHLQLFLR
(OFXHQWDNLOäPHWURVSDUFLDO$\HO%VH
VHOHFFLRQDQFRQHOERWäQ7 75,3
1RWD
3DUDSRQHUDFHURFDGDXQRGHORV
FXHQWDNLOäPHWURVSDUFLDOHVPDQಢ
WHQJDSXOVDGRHOERWäQ75,3GHO
FXDGURGXUDQWHPÒVGHVHJXQGRV

,QGLFDGRUGHFRPEXVWLEOH
0XHVWUDHOQLYHOGHFRPEXVWLEOHHQHO
GHSµVLWR
1XQFDGHEHDJRWDUHOGHSµVLWR
'HELGRDOFRPEXVWLEOHTXHTXHGDHQ
HOGHSµVLWRODFDQWLGDGUHTXHULGD
SDUDOOHQDUHOGHSµVLWRSXHGHVHULQಣ
IHULRUDODFDSDFLGDGHVSHFLILFDGD
(OPRYLPLHQWRGHOFRPEXVWLEOHGHQWUR
GHOGHSµVLWRKDFHTXHODDJXMDGHOLQಣ
GLFDGRUGHFRPEXVWLEOHFDPELHGH
SRVLFLµQFXDQGRIUHQDDFHOHUDRJLUD
,QVWUXPHQWRV\PDQGRV 
3HOLJUR
$QWHVGHFDUJDUFRPEXVWLEOH
SDUHHOYHK¯FXOR\DSDJXHHOPRWRU
7HVWLJRVGHFRQWURO
/RVWHVWLJRVGHFRQWUROGHVFULWRVQR
HVW£QSUHVHQWHVHQWRGRVORVYHK¯FXಣ
ORV/DGHVFULSFLµQHVY£OLGDSDUDWRಣ
GDVODVYHUVLRQHVGHFXDGURVGHLQVಣ
WUXPHQWRV$OFRQHFWDUHOHQFHQGLGR
VHLOXPLQDU£QEUHYHPHQWHODPD\RU¯D
GHORVWHVWLJRVGHFRQWURODPRGRGH
SUXHEDIXQFLRQDO
/RVFRORUHVGHORVWHVWLJRVGHFRQWURO
VLJQLILFDQORVLJXLHQWH
5RMR 3HOLJURUHFRUGDWRULRLPಣ
SRUWDQWH
$PDULOOR $YLVRLQIRUPDFLµQDYHಣ
U¯D
9HUGH &RQILUPDFLµQGHDFWLYDಣ
FLµQ
$]XO &RQILUPDFLµQGHDFWLYDಣ
FLµQ
 ,QVWUXPHQWRV\PDQGRV

7HVWLJRVGHFRQWUROHQHOFXDGURGHLQVWUXPHQWRV
 ,QVWUXPHQWRV\PDQGRV 

7HVWLJRVGHFRQWUROHQOD 6XVWLWXFLäQGHOÒPSDUDVIXVLಢ  6LHOYHKÞFXORDYDQ]DPÒVGH

FRQVRODFHQWUDO EOHVLQWHUPLWHQWHV PRVLODYHORFLGDGVXSHUDORV
NPKVLQDEURFKDUVHHOFLQWXಢ
UäQGHVHJXULGDGHOWHVWLJRGH
5HFRUGDWRULRGHOFLQWXUäQ FRQWUROSDUSDGHDUÒ\VRQDUÒXQ
GHVHJXULGDG DYLVRDFëVWLFRGXUDQWH
VHJXQGRV
(Q ODV YHUVLRQHV DVÞ HTXLSDGDV
5HFRUGDWRULRGHOFLQWXUäQGH
VHJXULGDGHQORVDVLHQWRV
GHODQWHURV
7LSR!
7SDUDHODVLHQWRGHOFRQGXFWRUVH
HQFLHQGHRSDUSDGHDHQURMR
CSDUDHODVLHQWRGHODFRPSDâDQWH
,QWHUPLWHQWHV VHHQFLHQGHRSDUSDGHDHQURMR
.SDUSDGHDHQYHUGH
FXDQGRHODVLHQWRHVWÒRFXSDGR
 'HVSXÚVGHGHVFRQHFWDUHOHQಢ
3DUSDGHD FHQGLGRHOWHVWLJRGHFRQWUROVH
(OWHVWLJRGHFRQWUROSDUSDGHD
HQFLHQGHKDVWDTXHVHDEURFKDHO
FXDQGRHVWÒQFRQHFWDGRVORVLQWHUPLಢ FLQWXUäQGHVHJXULGDG
WHQWHVRODVOXFHVGHHPHUJHQFLD
 'HVSXÚVGHDUUDQFDUHOPRWRUHO
3DUSDGHRUÒSLGR WHVWLJRGHFRQWUROSDUSDGHDGXಢ
)DOORGHXQLQWHUPLWHQWHRGHOIXVLEOH UDQWHVHJXQGRV\OXHJRVH
FRUUHVSRQGLHQWH HQFLHQGHGHIRUPDFRQWLQXDKDVWD
TXHVHDEURFKDHOFLQWXUäQGHVHಢ
JXULGDG
 $OFDERGHVHJXQGRVHOWHVಢ
WLJRSHUPDQHFHUÒHQFHQGLGR
KDVWDTXHHOFLQWXUäQGHVHJXULಢ
GDGHVWÚDEURFKDGR\HODYLVR
DFëVWLFRFHVDUÒ
7LSR!
7SDUDHODVLHQWRGHOFRQGXFWRUVH
HQFLHQGHRSDUSDGHDHQURMR
 &XDQGRVHKDFRQHFWDGRHOHQಢ
FHQGLGRFRQHOFLQWXUäQGHVHJXಢ
ULGDGGHOFRQGXFWRUVLQDEURFKDU
HOWHVWLJRHPSLH]DDSDUSDGHDU
GXUDQWHVHJXQGRV\OXHJRVH
HQFLHQGHKDVWDTXHHOFLQWXUäQGH
VHJXULGDGHVWÚDEURFKDGR
(QDOJXQRVPRGHORVWDPELÚQ
SXHGHVRQDUXQDYLVRDFëVWLFRGXಢ
UDQWHVHJXQGRVTXHHPSLH]D
 ,QVWUXPHQWRV\PDQGRV
VHJXQGRVGHVSXÚVGHFRQHFWDU
HOHQFHQGLGR
 'HVSXÚVGHFLUFXODU
VHJXQGRVFRQHOFLQWXUäQGHಢ
VDEURFKDGRVLHOYHKÞFXORUHFRUUH
PÒVGHPRODYHORFLGDGHV
VXSHULRUDNPKHOWHVWLJRSDUಢ
SDGHDUÒGHQXHYRGXUDQWH
VHJXQGRV\OXHJRVHHQFHQಢ
GHUÒKDVWDTXHHOFLQWXUäQGHVHಢ
JXULGDGHVWÚDEURFKDGR
(QDOJXQRVPRGHORVWDPELÚQ
SXHGHVRQDUHODYLVRDFëVWLFR
PLHQWUDVSDUSDGHDHOWHVWLJRGXಢ
UDQWHVHJXQGRV
(VWDGRGHOFLQWXUäQGH
VHJXULGDGHQORVDVLHQWRV
WUDVHURV
7SDUDORVDVLHQWRVWUDVHURVVHHQಢ
FLHQGHRSDUSDGHDHQURMR
 &XDQGRHOPRWRUHVWÒHQPDUFKD
FRQWRGDVODVSXHUWDVFHUUDGDV\
ODYHORFLGDGGHOYHKÞFXORHVLQIHಢ
ULRUDNPKVHHQFLHQGHQORV
WHVWLJRVGHORVFLQWXURQHVGHVHಢ
JXULGDGWUDVHURVKDVWDTXHORV
FLQWXURQHVHVWÚQDEURFKDGRV
(VWDUHDFFLäQVHSURGXFLUÒDXQಢ
TXHQRKD\DQDGLHHQORVDVLHQಢ
WRV
 6LODYHORFLGDGGHOYHKÞFXORHVVXಢ
SHULRUDNPKFRQWRGDVODV
SXHUWDVFHUUDGDVORVWHVWLJRVGH
ORVFLQWXURQHVGHVHJXULGDGWUDVHಢ
URVGHVDEURFKDGRVVHHQFHQGHಢ
UÒQGXUDQWHVHJXQGRV\OXHJR
VHDSDJDUÒQHVWÚQORVDVLHQWRV
WUDVHURVRFXSDGRVRQR6LVH
DEURFKDXQRGHORVFLQWXURQHVGH
VHJXULGDGWUDVHURHORWURWHVWLJR
GHFLQWXUäQGHVDEURFKDGRYROYHUÒ
DHQFHQGHUVHGXUDQWH
VHJXQGRV\OXHJRVHDSDJDUÒ
 6LVHGHVDEURFKDXQRGHORVFLQಢ
WXURQHVGHVHJXULGDGWUDVHURV
FXDQGRODYHORFLGDGGHOYHKÞFXOR
HVVXSHULRUDNPK\WRGDVODV
SXHUWDVHVWÒQFHUUDGDVHOWHVWLJR
GHOFLQWXUäQSDUSDGHDUÒKDVWD
TXHHOFLQWXUäQGHVHJXULGDGHVWÚ
DEURFKDGR\HODYLVRDFëVWLFRVRಢ
QDUÒYHFHV
&LQWXUäQGHVHJXULGDGGHWUHVSXQWRV

$LUEDJV\SUHWHQVRUHVGH
FLQWXURQHV
TVHHQFLHQGHHQURMR
$OFRQHFWDUHOHQFHQGLGRHOWHVWLJRGH
FRQWUROVHLOXPLQDGXUDQWHXQRVVHಢ
JXQGRV6LQRVHHQFLHQGHQRVH
DSDJDGHVSXÚVGHXQRVVHJXQGRVR
VLVHHQFLHQGHPLHQWUDVVHFRQGXFH
KD\XQDDYHUÞDHQHOVLVWHPDGHDLUಢ
EDJV/RVVLVWHPDVSRGUÞDQQRGLVSDಢ
UDUVHHQFDVRGHDFFLGHQWH
/DVDYHUÞDVGHOYHKÞFXOR\ODDFWLYDಢ
FLäQGHORVSUHWHQVRUHVGHORVFLQWXಢ
URQHVGHVHJXULGDGRORVDLUEDJVVH
LQGLFDPHGLDQWHODLOXPLQDFLäQSHUಢ
PDQHQWHGHOWHVWLJRT
 3HOLJUR
+DJDVXEVDQDUODFDXVDGHODDYHಢ
UÞDHQXQWDOOHULQPHGLDWDPHQWH
3UHWHQVRUHVGHFLQWXURQHVVLVWHPD
GHDLUEDJV
 ,QVWUXPHQWRV\PDQGRV 

'HVDFWLYDFLäQGHORV 7HVWLJRGHDYHUÞDV0,/ 6HLOXPLQDGHVSXÚVGHFRQHFWDUHO

HQFHQGLGRVLHOIUHQRGHHVWDFLRQDಢ
DLUEDJV 9VHHQFLHQGHHQDPDULOOR PLHQWRPDQXDOHVWÒDFFLRQDGR)UHQR
(Q ODV YHUVLRQHV DVÞ HTXLSDGDV 6HLOXPLQDDOFRQHFWDUHOHQFHQGLGR\ GHHVWDFLRQDPLHQWR
GVHHQFLHQGHHQDPDULOOR VHDSDJDSRFRGHVSXÚVGHDUUDQFDU
HOPRWRU
&XDQGRHVWHWHVWLJRGHFRQWUROVHHQಢ 6LVWHPDDQWLEORTXHRGH
FLHQGHLQGLFDTXHHODLUEDJGHODFRPಢ
SDâDQWHHVWÒDFWLYDGR
FVHHQFLHQGHHQDPDULOOR
&XDQGRHVWHWHVWLJRGHFRQWUROVHHQಢ
FLHQGHLQGLFDTXHHODLUEDJGHODFRPಢ
SDâDQWHHVWÒGHVDFWLYDGR
'HVDFWLYDFLäQGHORVDLUEDJV
6LVWHPDGHFDUJD
NVHHQFLHQGHHQURMR
6HLOXPLQDDOFRQHFWDUHOHQFHQGLGR\
VHDSDJDSRFRGHVSXÚVGHDUUDQFDU
HOPRWRU
6LVHHQFLHQGHFRQHOPRWRUHQ
PDUFKD
'HWHQJDHOYHKÞFXOR\SDUHHOPRWRU
/DEDWHUÞDQRVHFDUJD/DUHIULJHUDFLäQ
GHOPRWRUSXHGHHVWDULQWHUUXPSLGD
5HFXUUDDODD\XGDGHXQWDOOHU
6LVWHPDGHIUHQRV
VHHQFLHQGHHQURMR
6HHQFLHQGHFRQHOIUHQRGHHVWDFLRಢ
QDPLHQWRVXHOWRVLHOQLYHOGHOOÞTXLGR
GHIUHQRVHVGHPDVLDGREDMRRVLKD\
XQDDYHUÞDGHOVLVWHPDGHIUHQRV/Þಢ
TXLGRGHIUHQRV
 3HOLJUR
1RFRQGX]FDFRQHOWHVWLJRGHOVLVಢ
WHPDGHIUHQRVHQFHQGLGR
(VWRSXHGHVLJQLILFDUTXHORVIUHಢ
QRVQRIXQFLRQDQFRUUHFWDPHQWH
&RQGXFLUFRQORVIUHQRVDYHULDGRV
SXHGHSURYRFDUXQDFROLVLäQTXH
FDXVHOHVLRQHVSHUVRQDOHV\GDಢ
âRVDOYHKÞFXOR\DRWUDVSURSLHಢ
GDGHV
IUHQRV$%6
SVHHQFLHQGHHQDPDULOOR
6HLOXPLQDGXUDQWHXQRVVHJXQGRV
GHVSXÚVGHFRQHFWDUHOHQFHQGLGR
(OVLVWHPDHVWÒRSHUDWLYRFXDQGRVH
DSDJDHOWHVWLJRGHFRQWURO
6LWUDQVFXUULGRVXQRVVHJXQGRVHO
WHVWLJRQRVHDSDJDRVLVHHQFLHQGH
GXUDQWHODPDUFKDKD\XQDDYHUÞDHQ
HOVLVWHPD$%6(OVLVWHPDGHIUHQRV
GHOYHKÞFXORVLJXHHVWDQGRRSHUDWLYR
SHURVLQODUHJXODFLäQGHO$%6
6LVWHPDDQWLEORTXHRGHIUHQRV

 ,QVWUXPHQWRV\PDQGRV

7HPSHUDWXUDGHO
UHIULJHUDQWHGHOPRWRU
6VHHQFLHQGHHQURMR
/DOX]LQGLFDTXHHOUHIULJHUDQWHGHO
PRWRUVHKDVREUHFDOHQWDGR
6LKDXWLOL]DGRHOYHKÞFXORHQFRQGLಢ
FLRQHVGHFRQGXFFLäQQRUPDOHV
GHEHDSDUWDUVHGHODFDUUHWHUDGHWHಢ
QHUHOYHKÞFXOR\GHMDUHOPRWRUUHSR
VDQGRGXUDQWHXQRVPLQXWRV
6LODOX]QRVHDSDJDGHEHGHVFRಢ
QHFWDUHOPRWRU\SRQHUVHHQFRQWDFWR
FRQXQWDOOHUORDQWHVSRVLEOH/HUHಢ
FRPHQGDPRVTXHVHSRQJDHQFRQಢ
WDFWRFRQXQWDOOHUDXWRUL]DGR
6LVHHQFLHQGHFRQHOPRWRUHQ
PDUFKD
$WHQFLäQ
/DOXEULFDFLäQGHOPRWRUSXHGHHVಢ
WDULQWHUUXPSLGD6HSXHGHQRFDಢ
VLRQDUGDâRVHQHOPRWRU\RHO
EORTXHRGHODVUXHGDVPRWULFHV
6LODOX]GHDGYHUWHQFLDGHSUHVLäQGH
DFHLWHGHOPRWRUVHHQFLHQGHPLHQಢ
WUDVVHFRQGXFHDSÒUWHVHGHODFDಢ
UUHWHUDGHWHQJDHOYHKÞFXOR\FRPಢ
SUXHEHHOQLYHOGHDFHLWH

3UHVLäQGHDFHLWHGHO
PRWRU
(VHHQFLHQGHHQURMR
6HLOXPLQDDOFRQHFWDUHOHQFHQGLGR\
VHDSDJDSRFRGHVSXÚVGHDUUDQFDU
HOPRWRU

 3HOLJUR
&RQHOPRWRUDSDJDGRVHUÒQHFHಢ
VDULDXQDIXHU]DFRQVLGHUDEOHಢ
PHQWHPD\RUSDUDIUHQDU\JLUDUHO
YRODQWH
1RVDTXHODOODYHKDVWDTXHHOYHಢ
KÞFXORHVWÚSDUDGRGHORFRQWUDULR
ODFROXPQDGHODGLUHFFLäQVHSRಢ
GUÞDEORTXHDUGHIRUPDLQHVSHಢ
UDGD
&RPSUXHEHHOQLYHOGHDFHLWHDQWHV
GHUHFXUULUDODD\XGDGHXQWDOOHU
$FHLWHGHOPRWRU
1LYHOGHFRPEXVWLEOHEDMR
8VHHQFLHQGHHQDPDULOOR
6HHQFLHQGHFXDQGRHOQLYHOHQHOGHಢ
SäVLWRGHFRPEXVWLEOHHVGHPDVLDGR
EDMR
,QVWUXPHQWRV\PDQGRV 
$WHQFLäQ
3XHUWDDELHUWD
EVHHQFLHQGHHQURMR
1RSHUPLWDTXHHOYHKÞFXORVH 6HHQFLHQGHFXDQGRVHDEUHXQD
TXHGHVLQFRPEXVWLEOH SXHUWDRHOSRUWäQWUDVHUR
(VWRSXHGHGDâDUHOFDWDOL]DGRU
&DWDOL]DGRU
/X]DOWD
!VHHQFLHQGHHQD]XO
6HHQFLHQGHFXDQGRHVWÒFRQHFWDGD
ODOX]DOWD\FXDQGRVHDFFLRQDQODV
JXLâDGDV/X]GHDOWDOX]EDMD 
/XFHVDQWLQLHEOD
VHHQFLHQGHHQYHUGH
6HHQFLHQGHFXDQGRHVWÒQFRQHFWDಢ
GRVORVIDURVDQWLQLHEOD
3LORWRDQWLQLHEOD
PVHHQFLHQGHHQDPDULOOR
6HHQFLHQGHFXDQGRHVWÒFRQHFWDGR
HOSLORWRDQWLQLHEOD
 ,QVWUXPHQWRV\PDQGRV

&RPSXWDGRUDGHDERUGR 'LVWDQFLDGHFRQGXFFLäQFRQHOFRPಢ /DFRPSXWDGRUDGHDERUGRHVFDSD]

EXVWLEOHUHVWDQWHඎ9HORFLGDGPHGLD GHUHJLVWUDUHOFRPEXVWLEOHUHFDUJDGR
(Q ODV YHUVLRQHV DVÞ HTXLSDGDV ඎ7LHPSRGHFRQGXFFLäQඎ7HPSHಢ
/DFRPSXWDGRUDGHDERUGRVXPLQLVWUD
DOFRQGXFWRULQIRUPDFLäQëWLOFRPROD
GLVWDQFLDTXHVHSXHGHUHFRUUHUFRQ
HOFRPEXVWLEOHTXHTXHGDODWHPSHಢ
UDWXUDDPELHQWHODYHORFLGDGPHGLD\
HOWLHPSRGHFRQGXFFLäQ
&DGDYH]TXHSXOVHHOERWäQ0 02'(
GHOFXDGURGHLQVWUXPHQWRVODSDQWDಢ
OODFDPELDUÒHQHOVLJXLHQWHRUGHQ TXHGDHQHOGHSäVLWR
UDWXUDDPELHQWHඎ'LVWDQFLDGHFRQಢ
GXFFLäQFRQHOFRPEXVWLEOHUHVWDQWH
'LVWDQFLDGHFRQGXFFLäQFRQHO
FRPEXVWLEOHUHVWDQWH
(VWHPRGRLQGLFDODGLVWDQFLDHVWLಢ
PDGDTXHVHSXHGHUHFRUUHUKDVWD
TXHVHDJRWHHOFRPEXVWLEOHTXH
(OPDUJHQGHGLVWDQFLDHVGH
aNP
DSDUWLUGHOLWURV
6LHFKDFRPEXVWLEOHFRQODEDWHUÞD
GHVFRQHFWDGDRHOYHKÞFXORLQFOLQDGR
HVSRVLEOHTXHODFRPSXWDGRUDGHD
ERUGRQRPXHVWUHORVYDORUHVFRUUHFಢ
WRV
&XDQGRODGLVWDQFLDGHFRQGXFFLäQ
FRQHOFRPEXVWLEOHUHVWDQWHHVLQIHಢ
ULRUDNPDSDUHFHUÒSDUSDಢ
GHDQGR
/DGLVWDQFLDSXHGHYDULDUHQIXQFLäQ
GHODIRUPDGHFRQGXFLU
1RWD
&RPRGLVSRVLWLYRDX[LOLDUODLQIRUPDFLäQ
GHODFRPSXWDGRUDGHDERUGR
SXHGHYDULDUUHVSHFWRDODGLVWDQFLD
UHDOTXHVHSXHGHUHFRUUHUFRQHO
FRPEXVWLEOHUHVWDQWHVHJëQODVFLUಢ
FXQVWDQFLDV
/DGLVWDQFLDTXHVHSXHGHUHFRUUHU
FRQHOFRPEXVWLEOHUHVWDQWHSXHGH
YDULDUVHJëQHOFRQGXFWRUODFDUUHಢ
WHUD\ODYHORFLGDGGHOYHKÞFXOR\D
TXHVHFDOFXODHQIXQFLäQGHOUHQGLಢ
PLHQWRGHOFRPEXVWLEOHTXHHVFDPಢ
ELDQWH

9HORFLGDGPHGLD
(VWHPRGRLQGLFDODYHORFLGDGPHGLD
/DYHORFLGDGPHGLDWLHQHHQFXHQWDHO
WLHPSRTXHHOPRWRUHVWÒHQPDUFKD
DXQTXHQRVHFRQGX]FDHOYHKÞFXOR
(OPDUJHQGHYHORFLGDGPHGLDHV
aNPK
7LHPSRGHFRQGXFFLäQ
(VWHPRGRPXHVWUDHOWLHPSRWRWDOGH
FRQGXFFLäQ
3DUDSRQHUDFHURHOWLHPSRGHFRQಢ
GXFFLäQSXOVHHOERWäQ0
02'(GXಢ
UDQWHPÒVGHVHJXQGR
(OWLHPSRGHFRQGXFFLäQVHDFXPXOD
FRQHOPRWRUHQPDUFKDDXQTXHQR
VHFRQGX]FDHOYHKÞFXOR
(OWLHPSRGHFRQGXFFLäQVHSRQGUÒD
GHVSXÚVGHPRVWUDU
,QVWUXPHQWRV\PDQGRV 
7HPSHUDWXUDDPELHQWH
(VWHPRGRLQGLFDODWHPSHUDWXUDDPಢ
ELHQWH
/DJDPDGHWHPSHUDWXUDHV
a¡&
/DWHPSHUDWXUDDPELHQWHQRFDPELD
GHIRUPDLQPHGLDWDFRPRHQXQWHUಢ
PäPHWURQRUPDO\DTXHPRVWUDUÞD
YDORUHVH[WUDâRVPLHQWUDVVHFRQಢ
GXFH
/DWHPSHUDWXUDDPELHQWHLQGLFDGD
SXHGHVHUGLVWLQWDGHODWHPSHUDWXUD
UHDODFDXVDGHODVFRQGLFLRQHVGH
FRQGXFFLäQ
 ,QVWUXPHQWRV\PDQGRV

1RWD 3HUVRQDOL]DFLäQGHO
/DGLVWDQFLDTXHVHSXHGHUHFRUUHU
FRQHOFRPEXVWLEOHUHVWDQWHODYHORಢ YHKÞFXOR
FLGDGPHGLD\ODWHPSHUDWXUDDPಢ (Q ODV YHUVLRQHV DVÞ HTXLSDGDV
ELHQWHSXHGHQGLIHULUGHORVYDORUHV
UHDOHVHQIXQFLäQGHODVFRQGLFLRQHV
GHFRQGXFFLäQHOHVWLORGHFRQGXFಢ
FLäQRODYHORFLGDGGHOYHKÞFXOR

3XOVHHOERWäQ&&21),*FRQHOHQFHQಢ
GLGRFRQHFWDGR21\HOVLVWHPDGH
LQIRHQWUHWHQLPLHQWRDFWLYDGR
$SDUHFHQORVPHQëVGHDMXVWH
3DUDFDPELDUHQWUHORVGLVWLQWRVPHಢ
(OYHKÞFXORSXHGHSHUVRQDOL]DUVH
QëVGHDMXVWHJLUHHOPDQGR00(18
FDPELDQGRORVDMXVWHVGHODSDQWDOOD
GHLQIRUPDFLäQDERUGR%,' 3DUDVHOHFFLRQDUORVPHQëVGH
0(18
DMXVWHSXOVHHOERWäQ0
'HSHQGLHQGRGHOHTXLSDPLHQWRGHO
YHKÞFXORHVSRVLEOHTXHDOJXQDVGH 3DUDFHUUDURYROYHUDODSÒJLQDDQWHಢ
ODVIXQFLRQHVGHVFULWDVDFRQWLQXDಢ %$&.
ULRUSXOVHHOERWäQ%
FLäQQRHVWÚQGLVSRQLEOHV 6HSXHGHQPRVWUDUORVVLJXLHQWHV
PHQëV
࿢ ,GLRPDV
࿢ +RUD)HFKD
 ,QVWUXPHQWRV\PDQGRV 

࿢ $MXVWHVGHODUDGLR
࿢ &RQILJXUDFLäQGHOYHKÞFXOR

&RQILJXUDFLäQGHOLGLRPD
&DPELDORVLGLRPDV

&RQILJXUDFLäQGHKRUD\IHFKD
6LVWHPDGHLQIRHQWUHWHQLPLHQWR


$MXVWHVGHODUDGLR
6LVWHPDGHLQIRHQWUHWHQLPLHQWR


5HVWDXUDUDMXVWHVGHIÒEULFD
7RGRVORVDMXVWHVVHUHVWDXUDQDORV
DMXVWHVRULJLQDOHV
 ,OXPLQDFLäQ

,OXPLQDFLäQ
,OXPLQDFLäQH[WHULRU  
,OXPLQDFLäQLQWHULRU  
&DUDFWHUÞVWLFDVGHOD
LOXPLQDFLäQ  
,OXPLQDFLäQH[WHULRU
&RQPXWDGRUGHODVOXFHV
0DQGRVGHODVOXFHVH[WHULRUHV
6HHQFLHQGHQODVOXFHVWUDVHUDV
ODVOXFHVGHODPDWUÞFXOD\ODVOXFHV
GHOSDQHOGHLQVWUXPHQWRV
6HHQFLHQGHQODVOXFHVEDMDV
\WRGDVODVOXFHVPHQFLRQDGDVPÒV
DUULED
/RVIDURVVHDSDJDUÒQDXWRPÒWLFDಢ
PHQWHVLVHDEUHODSXHUWDGHOFRQಢ
GXFWRUGHVSXÚVGHJLUDUHOLQWHUUXSWRU
GHHQFHQGLGRD/2&.

/X]DOWD

$SDJXH\HQFLHQGDODVOXFHVGHODQಢ
WHUDV\WUDVHUDVJLUHHOH[WUHPRGHOD
SDODQFDGHOFRQPXWDGRUFRPELQDGR
(OFRQPXWDGRUGHODVOXFHVWLHQHWUHV
SRVLFLRQHVTXHDFWLYDQYDULDVOXFHV
GHOVLJXLHQWHPRGR
2))7RGDVODVOXFHVHVWÒQDSDJDಢ
GDV 3DUDFDPELDUGHOX]EDMDDOX]DOWD
SXOVHODSDODQFD
 ,OXPLQDFLäQ 

3DUDFDPELDUDOX]EDMDYXHOYDD *XLâDGDV 5HJXODFLäQGHODOFDQFHGH

SXOVDURWLUDUGHODSDODQFD
ORVIDURV
1RWD
(OWHVWLJRGHODOX]DOWDVH
HQFLHQGHFXDQGRHVWÒDFWLYDGDOD
OX]DOWDRGHODUJRDOFDQFH

 3HOLJUR
&DPELHVLHPSUHODOX]DOWD
DOX]EDMDFXDQGRVHDSUR[LPHQ
YHKÞFXORVGHIUHQWHRFXDQGR
WHQJDYHKÞFXORVGHODQWH
/DOX]DOWDSXHGHGHVOXPEUDU
WHPSRUDOPHQWHDRWURVFRQGXFಢ
WRUHVORTXHSRGUÞDSURYRFDU
XQDFROLVLäQ
/DSDODQFDYROYHUÒDODSRVLFLäQQRUಢ
PDOFXDQGRODVXHOWH/DVOXFHVDOWDV
HVWDUÒQHQFHQGLGDVPLHQWUDV
VXMHWHODSDODQFDGHOFRQPXWDGRU
FRPELQDGRKDFLDXVWHG
3DUDDGDSWDUHODOFDQFHGHORVIDURV
DODFDUJDGHOYHKÞFXOR\HYLWDUHOGHVಢ
OXPEUDPLHQWRJLUHHOPDQGRDOD
SRVLFLäQUHTXHULGD
 $VLHQWRVGHODQWHURVRFXSDGRV
 7RGRVORVDVLHQWRVRFXSDGRV
 7RGRVORVDVLHQWRVRFXSDGRV\
FDUJDHQHOFRPSDUWLPHQWRGH
FDUJD
 $VLHQWRGHOFRQGXFWRURFXSDGR
\FDUJDHQHOFRPSDUWLPHQWRGH
FDUJD
 ,OXPLQDFLäQ

)DURVHQYLDMHVDO /XFHVGHHPHUJHQFLD 6HâDOL]DFLäQGHJLURV\

H[WUDQMHUR FDPELRVGHFDUULO
/DOX]EDMDDVLPÚWULFDDXPHQWDHO
FDPSRGHYLVLäQGHODFDUUHWHUDHQHO
ODGRGHODFRPSDâDQWH
6LQHPEDUJRDOFLUFXODUHQSDÞVHV
GRQGHVHFRQGXFHSRUHOODGR
RSXHVWRGHODFDUUHWHUDGHEHDMXVWDU
ORVIDURVSDUDHYLWDUHOGHVOXPEUDಢ
PLHQWRGHORVYHKÞFXORVTXHYLHQHQ
GHIUHQWH
+DJDUHJXODUORVIDURVHQXQ&RQFH
VLRQDULR2ILFLDOR7DOOHU$XWRUL]DGR
&KHYUROHW 6HDFFLRQDQFRQHOERWäQe
3XOVHHOERWäQSDUDDFWLYDUODVOXFHV 3DODQFD ,QWHUPLWHQWHGHUHFKR
/XFHVGHFLUFXODFLäQ GHHPHUJHQFLD KDFLD
3DUDDSDJDUODVSXOVHGHQXHYRHO DUULED
GLXUQD 3DODQFD ,QWHUPLWHQWHL]TXLHUGR
ERWäQ
/DOX]GLXUQDDXPHQWDODYLVLELOLGDG KDFLD
GHOYHKÞFXORGXUDQWHHOGÞD DEDMR
/DVOXFHVWUDVHUDVQRVHHQFLHQGHQ
6LODSDODQFDVHPXHYHPÒVDOOÒGHO
SXQWRGHUHVLVWHQFLDHOLQWHUPLWHQWH
VHFRQHFWDSHUPDQHQWHPHQWH
&XDQGRHOYRODQWHYXHOYHDJLUDUVH
GHVDFWLYDHOLQWHUPLWHQWHDXWRPÒWLFDಢ
PHQWH

)DURVDQWLQLHEOD
3DUDHQFHQGHUODVOXFHVDQWLQLHEOD
DVHJëUHVHGHTXHHVWÒQSXHVWDVODV
OXFHVEDMDV
3RQJDHODURTXHKD\HQHOFHQWURGH
ODSDODQFDGHOFRQPXWDGRUFRPELಢ
QDGRHQ21
3DUDDSDJDUODVOXFHVDQWLQLHEOD
SRQJDHODURHQODSRVLFLäQ2))
,OXPLQDFLäQ 
3LORWRDQWLQLHEOD ,OXPLQDFLäQLQWHULRU
&RQWUROGHODLOXPLQDFLäQ
GHOWDEOHURGH
LQVWUXPHQWRV
3DUDHQFHQGHUHOSLORWRDQWLQLHEOD
JLUHHOH[WUHPRGHODSDODQFDGHOOLPಢ
SLDSDUDEULVDVFRQODVOXFHVEDMDV
HQFHQGLGDV
3DUDDSDJDUORJLUHRWUDYH]HOH[ಢ
WUHPRGHODSDODQFD *LUHHOPDQGR\PDQWÚQJDORKDVWD
REWHQHUHOEULOORGHVHDGR
/XFHVGHPDUFKDDWUÒV
/DOX]GHPDUFKDDWUÒVVHHQFLHQGH
DXWRPÒWLFDPHQWHFXDQGRHVWÒFRಢ
QHFWDGRHOHQFHQGLGR\VHHQJUDQDOD
PDUFKDDWUÒV
 ,OXPLQDFLäQ

/XFHVLQWHULRUHV 1RWD &DUDFWHUÞVWLFDVGHOD

/DEDWHUÞDVHSXHGHGHVFDUJDUVLODV
/X]GHFRUWHVÞD OXFHVVHPDQWLHQHQHQFHQGLGDVGXಢ LOXPLQDFLäQ
UDQWHPXFKRWLHPSR
3URWHFFLäQFRQWUD
 3HOLJUR GHVFDUJDGHODEDWHUÞD
(YLWHXVDUODVOXFHVGHFRUWHVÞD 'HVFRQH[LäQGHODVOXFHV
PLHQWUDVFRQGXFHHQODRVFXULGDG HOÚFWULFDV
8QKDELWÒFXORLOXPLQDGRUHGXFHOD 3DUDTXHODEDWHUÞDQRVHGHVFDUJXH
YLVLELOLGDGHQODRVFXULGDG\SRGUÞD VLDEUHODSXHUWDGHOFRQGXFWRUFRQHO
GDUOXJDUDXQDFROLVLäQ HQFHQGLGRHQ/2&.R$&&DOJXQDV
OXFHVVHDSDJDUÒQDXWRPÒWLFDPHQWH
/DVOXFHVGHFRUWHVÞDQRVHHQFHQGHಢ
UÒQFRQHVWDIXQFLäQ
$FFLRQHHOLQWHUUXSWRUEDVFXODQWH
c VLHPSUHHQFHQGLGDKDVWDTXH
VHDSDJXHPDQXDOPHQWH
Z VHHQFLHQGHDXWRPÒWLFDPHQWH
FXDQGRDEUHXQDSXHUWD\VH
DSDJDFXDQGRVHFLHUUDQWRGDV
ODVSXHUWDV
ഓ VLHPSUHDSDJDGDDXQTXHWRಢ
GDVODVSXHUWDVHVWÚQDELHUWDV

6LVWHPDGH
LQIRHQWUHWHQLPLHQWR
,QWURGXFFLµQ  
5DGLR  
5HSURGXFWRUHVGHDXGLR  
Nota:/DVHVSHFLILFDFLRQHV\
FDUDFWHU¯VWLFDVSXHGHQYDULDU
FRQIRUPHHOPRGHOR
6LVWHPDGHLQIRHQWUHWHQLPLHQWR
,QWURGXFFLµQ
,QIRUPDFLµQJHQHUDO
(OVLVWHPDGHLQIRHQWUHWHQLPLHQWR
SURSRUFLRQDLQIRUPDFLµQ\HQWUHWHQLಣ
PLHQWRHQVXYHK¯FXORXVDQGRODWHFಣ
QRORJ¯DP£VDYDQ]DGD
/DUDGLRSXHGHXVDUVHI£FLOPHQWHUHಣ
JLVWUDQGRKDVWDHPLVRUDVGHUDGLR
)0R$0FRQORVERWRQHVGH35(ಣ
6,1721$>a@GHODVVHLVS£JLQDV
(OUHSURGXFWRUGH&'LQWHJUDGR
SXHGHUHSURGXFLU&'GHDXGLR\GLVಣ

(OVLVWHPDSXHGHDMXVWDUVHI£FLOಣ
PHQWHJUDFLDVDOGLVSRVLWLYRGHDMXVWH
GHGLVH³RFXLGDGRHOUHSURGXFWRUGH
GLVFRVLQWHOLJHQWH\HOFRQWUROGHGLDO
GHOPHQ¼PXOWLIXQFLµQ
႑ /DVHFFLµQ,QIRUPDFLµQJHQHUDO
SURSRUFLRQDLQIRUPDFLµQVHQFLOOD
GHODVIXQFLRQHVGHOVLVWHPDGHLQಣ
IRHQWUHWHQLPLHQWR\XQUHVXPHQGH
WRGRVORVGLVSRVLWLYRVGHFRQWURO
႑ /DVHFFLµQ0DQHMRH[SOLFDORV
FRQWUROHVE£VLFRVGHOVLVWHPDGHLQಣ
IRHQWUHWHQLPLHQWR
FRV03:0$\HOUHSURGXFWRU86% ,QGLFDFLRQHVHQSDQWDOOD
SXHGHUHSURGXFLUGLVSRVLWLYRVGHDOಣ
PDFHQDPLHQWR86%FRQHFWDGRVR
SURGXFWRVL3RGVµORSDUDHOWLSR$
7DPEL«QVHSXHGHFRQHFWDUXQUHSURಣ
GXFWRUGHP¼VLFDSRUW£WLODODHQWUDGD
GHVRQLGRH[WHULRU\GLVIUXWDUGHOH[ಣ
FHOHQWHVRQLGRGHOVLVWHPDGHLQIRHQಣ
WUHWHQLPLHQWR
(OSURFHVDGRUGHVRQLGRGLJLWDOOH
RIUHFHYDULRVPRGRVGHHFXDOL]DFLµQ
SUHGHILQLGRVSDUDRSWLPL]DUHOVRQLGR
 6LVWHPDGHLQIRHQWUHWHQLPLHQWR

/DSDQWDOODSXHGHVHUGLVWLQWDDOD
SDQWDOODPDQXDO\DTXHODPD\RUÞD
GHODVSDQWDOODVRQGLVWLQWDVGHSHQಢ
GLHQGRGHODFRQILJXUDFLäQGHOGLVSRಢ
VLWLYR\ODVHVSHFLILFDFLRQHVGHOYHಢ
KÞFXOR
 6LVWHPDGHLQIRHQWUHWHQLPLHQWR 

5HVXPHQGHORVHOHPHQWRVGHFRQWURO
 6LVWHPDGHLQIRHQWUHWHQLPLHQWR

7LSR$5DGLR&'03 86%L3RG  5DQXUDGHOGLVFRVäORSDUDHOWLSR JXUDUODIUHFXHQFLDGHHPLVLäQ

$8; $ PDQXDOPHQWHPDQWHQLHQGR
7LSR%5DGLR$8; 6HWUDWDGHODUDQXUDSRUODTXHVH SXOVDGRVHVWRVERWRQHV
 ,QGLFDFLäQ LQVHUWDQRH[WUDHQORVGLVFRVFRPಢ ဈ 3XOVHHVWRVERWRQHVPLHQWUDV
SDFWRV XVDORVPRGRVGHUHSURGXFFLäQ
3DQWDOODGHHVWDGRHLQIRUPDFLäQ GH&'03R86%L3RGVäOR
GHUHSURGXFFLäQUHFHSFLäQPHQë  %RWäQ))$925,72>) )$9@
 (1&(1','2$3$*$'2
>P@9
92/80(1>9 92/@
ဈ *LUHHOHQFHQGLGRDDFWLYDGRR
GHVDFWLYDGRSXOVDQGRHVWHERಢ
WäQ
ဈ *LUHHOFRQWUROSDUDDMXVWDUHO
3XOVHHVWHERWäQSDUDVHOHFFLRQDU
ODSÒJLQDGHFDQDOHVIDYRULWRV
JXDUGDGRV
 %RWäQ,,1)250$&,Ä1>,,1)2@
ဈ 3XOVHHVWHERWäQSDUDYHUODLQಢ
IRUPDFLäQGHODUFKLYRFXDQGR
SDUDHOWLSR$SDUDUHSURGXFLU
LQVWDQWÒQHDPHQWHODSLVWDDQWHಢ
ULRURVLJXLHQWH
3XHGHPDQWHQHUSXOVDGRVHVಢ
WRVERWRQHVSDUDUHWURFHGHU\
DYDQ]DUUÒSLGDPHQWHSRUODV
FDQFLRQHVTXHVHHVWÒQUHSURಢ
YROXPHQJHQHUDO XVHORVPRGRVGHUHSURGXFFLäQ GXFLHQGRVäORSDUDHOWLSR$
GH&'0386%L3RGVäOR  %RWäQ& &'$8;VäORSDUDHOWLSR
 %RWRQHVGH335(6,1721¾$>@
ဈ 0DQWHQJDSXOVDGRFXDOTXLHUD
GHHVWRVERWRQHVSDUDDâDGLUOD
HPLVRUDGHUDGLRDFWXDODODSÒಢ
SDUDHOWLSR$
ဈ 9LVXDOLFHLQIRUPDFLäQVREUH
XQDHPLVRUDGHUDGLR\ODFDQಢ
FLäQTXHVHUHSURGXFHDFWXDOಢ
$ERWäQ$ $8;VäORSDUDHOWLSR%
3XOVHHVWHERWäQSDUDVHOHFFLRQDU
ODIXQFLäQGHDXGLR&'0386%
JLQDGHIDYRULWRVDFWXDO
ဈ 3XOVHFXDOTXLHUDGHHVWRVERWRಢ
QHVSDUDVHOHFFLRQDUHOFDQDO
DVRFLDGRDHVHERWäQ
 (;38/6$5>G@VäORSDUDHOWLSR
PHQWHPLHQWUDVXVDODIXQFLäQ
GHUDGLR
 %RWRQHVG6((.F
ဈ 3XOVHHVWRVERWRQHVPLHQWUDV
XVDODUDGLRSDUDEXVFDUDXWRಢ
L3RGVäORSDUDHOWLSR$R$8;
 %RWäQ5 5$',2%$1'
&DPELDUHQWUHODIUHFXHQFLDGHUDಢ
GLR)0R$0
 %RWäQ& &/2&.>E@
$ PÒWLFDPHQWHHPLVRUDVFRQXQD 3XOVHHVWHERWäQSDUDLUDOPHQë
3XOVHHVWHERWäQSDUDH[SXOVDUHO UHFHSFLäQQÞWLGD3XHGHFRQILಢ GH&&RQILJXUDFLäQGHKRUD\IHFKD
GLVFR

 %RWäQ&&21),*
3XOVHHVWHERWäQSDUDDFFHGHUDO
PHQë& &RQILJXUDFLäQGHOVLVWHPD
 %RWäQ7721(
3XOVHHVWHERWäQSDUDDMXVWDUR
VHOHFFLRQDUHOPRGRGHFRQILJXUDಢ
FLäQGHVRQLGR
 %RWäQ00(18781(FRQPDQGR
GHUHJXODFLäQ
ဈ 3XOVHHVWHERWäQSDUDPRVWUDU
HOPHQëDFWLYRDFWXDOPHQWHR
6LVWHPDGHLQIRHQWUHWHQLPLHQWR
0DQGRDGLVWDQFLDHQHOYRODQWH
SDUDHOVLVWHPDGHDXGLRRSFLäQ

 9ROXPHQ>@
ဈ 3XOVHHVWRVERWRQHVSDUDDXಢ
PHQWDURGLVPLQXLUHOYROXPHQ
SDVRDSDVR
ဈ 0DQWHQJDSXOVDGRVHVWRVERWRಢ
QHVSDUDVXELUREDMDUHOQLYHOGH
YROXPHQUÒSLGDPHQWH
 >6
6((.@
ဈ 3XOVHHOERWäQSDUDFDPELDUODV
HPLVRUDVGHUDGLRVLQWRQL]DGDV
RODSLVWDGHPëVLFDVäORSDUD
VHOHFFLRQDUSUREDUHOFRQWHಢ HOWLSR$UHSURGXFLGD
QLGR\ORVYDORUHVGHODFRQILJXಢ ဈ 0DQWHQJDSXOVDGRHOERWäQ
UDFLäQ SDUDEXVFDUHQODEDQGDGHIUHಢ
ဈ *LUHHOPDQGRSDUDPRYHUR FXHQFLDVRDYDQ]DUUÒSLGDಢ
FDPELDUHOFRQWHQLGRRORVYDಢ PHQWHSRUODVFDQFLRQHVTXHVH
ORUHVGHFRQILJXUDFLäQ HVWÒQUHSURGXFLHQGRVäORSDUD
HOWLSR$
 %RWäQ3%$&.
 02'(
&DQFHODHOFRQWHQLGRLQWURGXFLGR
RYXHOYHDOPHQëDQWHULRU 3XOVHHVWHERWäQSDUDVHOHFFLRQDU
ODUDGLRODHQWUDGD$8;RODIXQಢ
 7(/º)212>\@6 6,/(1&,2>#@ FLäQGHDXGLR&'0386%L3RG
3XOVHHOERWäQSDUDDFWLYDURGHVಢ VäORSDUDHOWLSR$
DFWLYDUODIXQFLäQGHVLOHQFLR  (QFHQGLGR$SDJDGR>3 3:5@6,ಢ
/(1&,2
(QFHQGLGR3XOVHHVWHERWäQ
 6LVWHPDGHLQIRHQWUHWHQLPLHQWR
$SDJDGR3XOVHHVWHERWäQGXಢ
UDQWHPÒVGHVHJXQGR
6LOHQFLR3XOVHHVWHERWäQHQ
FXDOTXLHUPRGRGHUHSURGXFFLäQ
GHPëVLFDSDUDDFWLYDU\GHVDFWLಢ
YDUODIXQFLäQGHVLOHQFLR
0DQHMR
%RWRQHV\GLVSRVLWLYRGHFRQWURO
(OVLVWHPDGHLQIRHQWUHWHQLPLHQWRVH
PDQHMDXVDQGRORVERWRQHVGHIXQಢ
FLäQHOPDQGRPXOWLIXQFLäQ\HOPHQë
TXHVHPXHVWUDHQODSDQWDOOD
/RVERWRQHV\GLVSRVLWLYRVGHFRQWURO
XVDGRVHQHOVLVWHPDVRQORVVLJXLHQಢ
WHV 3HUë$UJHQWLQD8UXJXD\$QWLJXD
࿢ %RWRQHV\FRQWUROGHOVLVWHPDGHLQಢ
IRHQWUHWHQLPLHQWR
࿢ %RWRQHVGHOPDQGRDGLVWDQFLDHQ
HOYRODQWH
&äGLJR$)
6LDSDUHFH$ $)BHQODYHQWDQDGHEH
LQWURGXFLUHOFäGLJRGH]RQD
3DUDHVFULELUHOFäGLJRGHOD]RQD
 3RQJDHOHQFHQGLGRHQODSRVLFLäQ
GHFRQH[LäQRHQDFFHVRULRV
 3XOVHHOERWäQGH(1&(1','2
$3$*$'2>P@SDUDHQFHQGHUHO
VLVWHPD
$SDUHFHUÒ$)BHQODSDQWDOOD
 ,QWURGX]FDHOFäGLJR$)IUHFXHQಢ
%RWäQGH3
35(6,1721¾$>@VXಢ
ELU$)
35(6,1721¾$>@EDಢ
%RWäQGH3
MDU$)
35(6,1721¾$>@(Qಢ
%RWäQGH3
WUDGD
$))0a0+]$0
a.+]
&KLOH$UXED%DUEDGRV%HUPXGDV
%DKDPDV%HOLFH&RVWD5LFD5HSëಢ
EOLFD'RPLQLFDQD*XDWHPDOD+RQಢ
GXUDV-DPDLFD1LFDUDJXD3DQDPÒ
5HSëEOLFDGH7ULQLGDG\7REDJR,VODV
9ÞUJHQHV%ULWÒQLFDV0Ú[LFR
$))0a0+]$0
a.+]
%RQDLUH,VODV&DLPÒQ&XUDØDR(O
6DOYDGRU*UDQDGD*X\DQD+DLWÞ
6DLQW.LWWV\1HYLV6DQWD/XFÞD6Xಢ
ULQDP6DQ0DDUWHQ,VODV7XUFDV\
&DLFRV6DQ9LFHQWH\ODV*UDQDGLQDV
FLDGH]RQDHQODXQLGDGXVDQGR
ORVERWRQHVGH3 35(6,1721¾$
>@>>@\>>@GHOVLJXLHQWHPRGR

$))0a0+]$0a
.+]
6DPRD2FFLGHQWDO%DQJODGHVK6UL
/DQND9DQXDWX%UXQHL1XHYD&Dಢ
OHGRQLD7DKLWÞ$UJHOLD%HQÞQ%Xಢ
UXQGL%XUNLQD&DER9HUGH5HSëಢ
EOLFD'HPRFUÒWLFDGHO&RQJR<LEXWL
(WLRSÞD(ULWUHD*DPELD&RVWDGH
0DUILO/LEHULD0DOÞ5XDQGD6HQHಢ
JDO6LHUUD/HRQD6RPDOLD7DQ]DQLD
8JDQGD7ëQH](JLSWR,UDT
$))0a0+]$0a
.+]
3DNLVWÒQ0DODVLD&DPER\D/DRV
,QGRQHVLD6LQJDSXU9LHWQDP1LJHಢ
ULD$QJROD*DEäQ*XLQHD*KDQD
*XLQHD%LVVDX/LELD0DGDJDVFDU
0DXULWDQLD0DUUXHFRV1ÞJHU7RJR
&DPHUëQ<HPHQ
$))0a0+]$0a
.+]
&KDG
$))0a0+]$0a
.+]
)LOLSLQDV/ÞEDQR6LULD
6LVWHPDGHLQIRHQWUHWHQLPLHQWR 
$))0a0+]$0a (QFHQGLGRDSDJDGRGHO
.+] VLVWHPD
'XEDL%DKUHLQ2PÒQ4DWDU.Xಢ
ZDLW-RUGDQLD(PLUDWRV²UDEHV8QLಢ
GRV$UDELD6DXGÞ
$))0a0+]$0a
.+]
&RORPELD(FXDGRU
 6LQRLQWURGXFHFRUUHFWDPHQWHHO
FäGLJR$)HVSRVLEOHTXHVHVHಢ
OHFFLRQHXQPDUJHQGHIUHFXHQಢ
FLDVLQFRUUHFWR\TXHODUHFHSFLäQ
GHODUDGLRVHYHDDIHFWDGD
 6LRFXUUHHVWRGHVSXÚVGHDSDಢ
JDUODUDGLRUHLQLFLHHOVLVWHPDGH 3XOVHHOERWäQGH(1&(1','2$3$ಢ
DXGLRSXOVDQGRVLPXOWÒQHDPHQWH *$'2>P@SDUDHQFHQGHUHOVLVWHPD
ORVERWRQHVGH)$925,726
>)
)$9@(1&(1','2$3$ಢ $OHQFHQGHUODXQLGDGVHUHSURGXFLUÒ
ODHPLVRUDRODFDQFLäQVHOHFFLRQDGD
*$'2>P@35(6,1721¾$> @\
OXHJRUHLQWURGX]FDHOFäGLJR$) SUHYLDPHQWH
3XOVHHOERWäQGH(1&(1','2$3$ಢ
*$'2>P@SDUDDSDJDUHOVLVWHPD
 6LVWHPDGHLQIRHQWUHWHQLPLHQWR
&RQWUROGHYROXPHQ
*LUHHOPDQGRGHOYROXPHQ>9 92/@
SDUDDMXVWDUHOYROXPHQ
࿢ 8VDQGRHOPDQGRDGLVWDQFLDHQHO
YRODQWHSXOVHORVERWRQHV>@SDUD
DMXVWDUHOYROXPHQ
࿢ 6HPXHVWUDHOYROXPHQGHVRQLGR
DFWXDO
࿢ 6LVHHQFLHQGHHOVLVWHPDGHLQಢ
IRHQWUHWHQLPLHQWRHOQLYHOGHYROXಢ
PHQYXHOYHDODVHOHFFLäQDQWHULRU
VLHPSUHTXHVHDLQIHULRUDOYROXಢ
/ÞPLWHGHOYROXPHQD
WHPSHUDWXUDHOHYDGD
6LODWHPSHUDWXUDLQWHULRUGHODUDGLR
HVPX\HOHYDGDHOVLVWHPDGHLQIRHQಢ
WUHWHQLPLHQWROLPLWDHOYROXPHQPÒಢ
[LPRFRQWURODEOH
'HVHUQHFHVDULRHOYROXPHQGHVಢ
FLHQGHDXWRPÒWLFDPHQWH
$MXVWHVGHWRQRV
(QHOPHQë$ $MXVWHVGHOWRQRVHSXHಢ
GHQFRQILJXUDUGLIHUHQWHVFDUDFWHUÞVಢ
WLFDVGHOVRQLGRSDUDHODXGLRGH)0
3XOVHHOERWäQ7
721(FXDQGRXVHHO
PRGRGHIXQFLRQDPLHQWRFRUUHVSRQಢ
GLHQWH
*LUHHOPDQGR00(18781(SDUDVHಢ
OHFFLRQDUHOPRGRGHFRQWUROGHOWRQR
GHVHDGR\OXHJRSXOVHHOERWäQ
0(18781(
*LUHHOFRQWURO0
0(18781(SDUDVHಢ
OHFFLRQDUHOYDORUGHFRQWUROGHOWRQR
GHVHDGR\SXOVHDFRQWLQXDFLäQHO
ERWäQ0
0(18781(
(VSRVLEOHLQLFLDOL]DUODRSFLäQVHOHFಢ
FLRQDGDSXOVDQGRGXUDQWHXQSHULRGR
PHQLQLFLDOPÒ[LPR
$0\ODVIXQFLRQHVGHFDGDUHSURGXFಢ SURORQJDGRHOERWäQ0 0(18781(HQ
WRUGHDXGLR HOPRGRGHFRQILJXUDFLäQGHOWRQRR
 6LVWHPDGHLQIRHQWUHWHQLPLHQWR 

LQLFLDOL]DUWRGDVODVRSFLRQHVGHO 6HOHFFLRQDUIXQFLäQ 5HSURGXFFLäQGHDXGLRGH&'03

PRGRGHFRQILJXUDFLäQGHOWRQRSXOಢ 86%L3RGVäORSDUDHOWLSR$R
VDQGRGXUDQWHXQSHULRGRSURORQJDGR 5DGLR)0$0 HQWUDGDGHVRQLGRH[WHULRU$8;
HOERWäQ00(18781(
0HQëGHDMXVWHVGHOWRQR
࿢ *UDYHV$MXVWHHOQLYHOGHORVJUDಢ
YHVGHD
࿢ 0HGLRV$MXVWHHOQLYHOGHORVPHಢ
GLRVGHD
࿢ $JXGRV$MXVWHHOQLYHOGHORVDJXಢ
GRVGHD
࿢ 'LVWULEXFLäQGHOYROXPHQGHODQWH
GHWUÒV$MXVWHHOEDODQFHHQWUHORV
DOWDYRFHVGHODQWHURWUDVHURGH
GHODQWHURDWUDVHURHQHOPRGHOR 3XOVHHOERWäQ5
5$',2%$1'SDUDVHಢ 3XOVHHOERWäQ$$8;SDUDVHOHFFLRQDU
GHYHKÞFXORFRQVLVWHPDGHVHLVDOಢ OHFFLRQDUODUDGLR)0R$0 ODHQWUDGDGHVRQLGRH[WHULRUVäOR
WDYRFHV
࿢ %DODQFH$MXVWHHOEDODQFHGHORV
DOWDYRFHVL]TXLHUGRGHUHFKRGH
L]TXLHUGRDGHUHFKR
3XOVHHOERWäQ00(18781(SDUD
DEULUHOP
PHQë)0PPHQë$0TXHLQಢ
FOX\HRSFLRQHVSDUDVHOHFFLRQDUODV
HPLVRUDV
SDUDHOWLSR%RSXOVHUHSHWLGDPHQWH
HOERWäQ&&'$8;SDUDGHVSOD]DUVH
SRUODVIXQFLRQHVGHOUHSURGXFWRUGH
DXGLRODIXQFLäQ$8;SDUDGLVFRV
࿢ (4HFXDOL]DGRUVHOHFFLRQDR &'03RHOUHSURGXFWRUGHDXGLR
GHVDFWLYDHOHVWLORGHOVRQLGR'(6ಢ 86%L3RGFRQHFWDGRVäORSDUDHO
$&7,9$'2ඐ3RSඐ5RFNඐ&OÒಢ WLSR$&
&'03ඎ$8;ඎ8 86%L3RG
VLFDඐ7HUWXOLDඐ&RXQWU\ ඎ&'03
'HVGHORVPDQGRVHQHOYRODQWH
SXOVHHOERWäQ002'(SDUDVHOHFFLRಢ
QDUHOPRGRGHVHDGR
 6LVWHPDGHLQIRHQWUHWHQLPLHQWR

%RWäQ00(18781(FRQPDQGR >(MHPSOR@&RQILJXUDFLäQGHOVLVWHPD
GHUHJXODFLäQ ඎ&RQILJXUDFLäQGHKRUD\IHFKDඎ
࿢ *LUHHOPDQGRSDUDGHVSOD]DUVHDO $MXVWHGHODIHFKDGHPD\RGH
PHQëXRSFLäQGHFRQILJXUDFLäQ 
࿢ 3XOVHHOERWäQSDUDVHOHFFLRQDUR
HQWUDUHQODSDQWDOODGHFRQWUROGHಢ
WDOODGDSURSRUFLRQDGDSRUHOPHQë
DFWXDORODRSFLäQGHFRQILJXUDFLäQ
3XOVHHOERWäQ00(18781(SDUD
DEULUHOPHQëFRQRSFLRQHVSDUDOD
IXQFLäQFRUUHVSRQGLHQWHRHOPHQë
GHOGLVSRVLWLYRUHOHYDQWH
3HUVRQDOL]DFLäQ
%RWRQHVSULQFLSDOHVFRQWURO
/RVERWRQHV\HOPDQGRXVDGRVHQOD
FRQILJXUDFLäQGHOVLVWHPDVRQORVVLಢ
JXLHQWHV
&21),*
%RWäQ3% %$&.
&DQFHODODRSFLäQVHOHFFLRQDGD\
YXHOYHDOPHQëSDQWDOODDQWHULRU
&äPRXVDUODFRQILJXUDFLäQGHO
VLVWHPDSDUDODSHUVRQDOL]DFLäQ
࿢ /RVPHQëV\IXQFLRQHVGHFRQILJXಢ
UDFLäQSXHGHQYDULDUGHSHQGLHQGR
GHOPRGHORGHYHKÞFXOR 3XOVHHOERWäQ&
&21),*SDUDDFFHGHU
࿢ 5HIHUHQFLD7DEODGHLQIRUPDFLäQ
DOPHQë&&RQILJXUDFLäQGHOVLVWHPD
VREUHHOPHQë&&RQILJXUDFLäQGHO 'HVSXÚVGHFRQVXOWDUODWDEODGHLQಢ
IRUPDFLäQVREUHHOPHQë
VLVWHPDDFRQWLQXDFLäQ
&RQILJXUDFLäQGHOVLVWHPDJLUHHO
PDQGR00(18781(SDUDLUDOPHQë
GHFRQILJXUDFLäQGHVHDGR\OXHJR
%RWäQ& SXOVHHOERWäQ0
0(18781(
3XOVHHVWHERWäQSDUDDFFHGHUDO
PHQë&&RQILJXUDFLäQGHOVLVWHPD

࿢ ,QGLFDODOLVWDGHWDOODGDSDUDHO
PHQëGHFRQILJXUDFLäQRHVWDGRGH
IXQFLRQDPLHQWRUHOHYDQWHV
࿢ 6LKD\RWUDOLVWDGHWDOODGDDGHPÒV
GHODOLVWDGHWDOODGDUHOHYDQWH
SXHGHUHSHWLUHOSURFHVR
6LVWHPDGHLQIRHQWUHWHQLPLHQWR 
࿢ 6LODOLVWDGHWDOODGDUHOHYDQWHLQಢ
FOX\HYDULDVRSFLRQHVUHSLWDHVWH
SURFHVR
࿢ $MXVWHRLQWURGX]FDHOYDORUGHFRQಢ
ILJXUDFLäQUHOHYDQWHRHOHVWDGRGH
IXQFLRQDPLHQWRFDPELDUÒ
7DEODGHLQIRUPDFLäQVREUHHOPHQë
&RQILJXUDFLäQGHOVLVWHPD
>,GLRPDV@
*LUHHOPDQGR00(18781(SDUDVHಢ
OHFFLRQDUHOYDORUGHFRQILJXUDFLäQR
HVWDGRGHIXQFLRQDPLHQWRGHVHDGR\
OXHJRSXOVHHOERWäQ00(18781(
6HOHFFLRQHHOLGLRPDGHVHDGR
 6LVWHPDGHLQIRHQWUHWHQLPLHQWR

>&RQILJXUDFLäQGHKRUD\IHFKD@ >$MXVWHVGHODUDGLR@ 5DGLR

5DGLR$0)0
$QWHVGHXVDUODUDGLR$0)0
%RWRQHVSULQFLSDOHVFRQWURO
%RWäQ5
5$',2%$1'
&DPELDUHQWUHODIUHFXHQFLDGHUDGLR
)0R$0
0(18781(FRQPDQGR
$MXVWHGHODKRUD&RQILJXUHPDQXDOಢ
PHQWHODVKRUDV\PLQXWRVGHODKRUD
DFWXDO
࿢ &RQILJXUDUIHFKD&RQILJXUHPDಢ
QXDOPHQWHHODâRPHVIHFKDDFWXDಢ
OHV
%RWäQ0
GHUHJXODFLäQ
࿢ *LUHHVWHERWäQFRQWUROSDUDHQFRQಢ
9ROXPHQLQLFLDOPÒ[LPR WUDUPDQXDOPHQWHXQDIUHFXHQFLD
&RQILJXUHPDQXDOPHQWHHOOÞPLWHPÒಢ GHHPLVLäQ
[LPRSDUDHOYROXPHQLQLFLDO ࿢ 3XOVHHVWHERWäQFRQWUROSDUDDFಢ
)DYRULWRVGHODUDGLR FHGHUDODSDQWDOODGHPHQëGHVGH
HOPRGRDFWXDO
&RQILJXUHPDQXDOPHQWHORVQëPHURV
࿢ &RQILJXUDUIRUPDWRGHKRUD6HOHFಢ
FLRQHHOIRUPDWRGHKRK
࿢ &RQILJXUDUIRUPDWRGHIHFKD&RQಢ
ILJXUDUHOIRUPDWRGHIHFKD
$$$$00''PD\R
''00$$$$PD\R
00''$$$$0D\R
GHVXVSÒJLQDVGHIDYRULWRV %RWäQ3%%$&.
&DQFHODODRSFLäQVHOHFFLRQDGD\
5HVWDEOHFHUDMXVWHVGHIÒEULFD
YXHOYHDOPHQëSDQWDOODDQWHULRU
5HVWDEOHFHWRGRVORVDMXVWHVDORVYDಢ
ORUHVSUHGHWHUPLQDGRV
 6LVWHPDGHLQIRHQWUHWHQLPLHQWR 

%RWRQHVG6((.F (VFXFKDUXQDHPLVRUDGHUDGLR %ëVTXHGDDXWRPÒWLFDGHHPLVRUDV

࿢ 3XOVHHVWHERWäQSDUDEXVFDUDXWRಢ
PÒWLFDPHQWHODVHPLVRUDVGHUDGLR 6HOHFFLäQGHOPRGRGHUDGLR
GLVSRQLEOHV
࿢ 0DQWHQJDSXOVDGRHVWHERWäQSDUD
FDPELDUODIUHFXHQFLDGHUDGLR
FRPRGHVHH\GHMHTXHHOERWäQVH
GHWHQJDHQODIUHFXHQFLDDFWXDO
%RWäQGH)$925,726>) )$9@
3XOVHHVWHERWäQSDUDGHVSOD]DUVH
SRUODVSÒJLQDVGHODVHPLVRUDVGH
UDGLRIDYRULWDVJXDUGDGDV
%RWRQHVGH35(6,1721¾$>a@
࿢ 0DQWHQJDSXOVDGRFXDOTXLHUDGH
HVWRVERWRQHVGH35(6,1721¾$
SDUDUHJLVWUDUODHPLVRUDGHUDGLR
DFWXDOHQHVHERWäQ
࿢ 3XOVHHVWHERWäQSDUDVHOHFFLRQDU
ODHPLVRUDUHJLVWUDGDHQHOERWäQGH
35(6,1721¾$
3XOVHUHSHWLGDPHQWHHOERWäQ5 5$',2
%$1'SDUDFDPELDUHQWUHODIUHFXHQಢ
FLD)0R$0
6HUHFLELUÒODëOWLPDHPLVRUDHOHJLGD
3XOVHORVERWRQHVG6
6((.FSDUD
EXVFDUDXWRPÒWLFDPHQWHHPLVRUDV
GLVSRQLEOHVFRQXQDEXHQDUHFHSಢ
FLäQ
%RWäQGH,1)250$&,Ä1>,,1)2@
9HDODLQIRUPDFLäQGHODVHPLVRUDV
GHUDGLR
7(/º)212>\@6,/(1&,2>#@
3XOVHHOERWäQSDUDDFWLYDURGHVDFWLಢ
YDUODIXQFLäQGHVLOHQFLR
 6LVWHPDGHLQIRHQWUHWHQLPLHQWR
%ëVTXHGD
0DQWHQJDSXOVDGRVORVERWRQHV
G6((.FSDUDFDPELDUUÒSLGDPHQWH
ODIUHFXHQFLD\VXHOWHHOERWäQ
FXDQGRKD\DDOFDQ]DGRODIUHFXHQFLD
GHVHDGD
%ëVTXHGDPDQXDOGHHPLVRUDVGH 8VDQGRORVERWRQHVGH
UDGLR 35(6,1721¾$
5HJLVWURGHORVERWRQHVGH
35(6,1721¾$
*LUHHOFRQWURO0
0(18781(SDUDHQಢ
FRQWUDUPDQXDOPHQWHODIUHFXHQFLD
GHVHDGD
3XOVHHOERWäQGH)$925,726
>)
)$9@SDUDVHOHFFLRQDUODSÒಢ
JLQDGHVHDGDGHORVIDYRULWRVJXDUಢ
GDGRV
0DQWHQJDSXOVDGRFXDOTXLHUDGHORV
ERWRQHVGH35(6,1721¾$>a@
SDUDUHJLVWUDUODHPLVRUDGHUDGLRDFಢ
WXDOHQGLFKRERWäQGHODSÒJLQDGH
IDYRULWRVVHOHFFLRQDGD
 6LVWHPDGHLQIRHQWUHWHQLPLHQWR 

࿢ 3XHGHQJXDUGDUVHKDVWDSÒJLQDV (VFXFKDUGLUHFWDPHQWHPHGLDQWHXQ 8VRGHOPHQëGHODUDGLR

GHIDYRULWRV\FDGDSÒJLQDSXHGH ERWäQGHSUHVLQWRQÞD
DOPDFHQDUKDVWDVHLVHPLVRUDVGH
UDGLR
࿢ 6HSXHGHFRQILJXUDUHOQëPHURGH
SÒJLQDVGHIDYRULWRVTXHVHXVDQ
HQ&
&RQILJXUDFLäQGHOVLVWHPDඎ
$MXVWHVGHODUDGLRඎ)DYRULWRVGH
UDGLRQëPHURPÒ[GHSÒJLQDVIDಢ
YRULWDV
࿢ 6LVHJXDUGDXQDHPLVRUDGHUDGLR
QXHYDHQXQERWäQGH35(6,172ಢ
1¾$>a@SUHYLDPHQWHUHJLVWUDGR
VHERUUDUÒHOFRQWHQLGRDQWHULRU\
VHUÒVXVWLWXLGRSRUODQXHYDHPLಢ 3XOVHHOERWäQ0
0(18781(SDUD
VRUDGHUDGLRJXDUGDGD 3XOVHUHSHWLGDPHQWHHOERWäQGH)$ಢ PRVWUDUHOPHQëGHODUDGLR
925,726>) )$9@SDUDVHOHFFLRಢ
*LUHHOPDQGR00(18781(SDUDLUD
QDUODSÒJLQDGHIDYRULWRV)$9GHಢ
VHDGD
$SDUHFHUÒODLQIRUPDFLäQGHODHPLಢ
VRUDJXDUGDGDHQHOQëPHURGHOD
ODRSFLäQGHOPHQëGHVHDGD\OXHJR
SXOVHHOERWäQ0
0(18781(SDUDVHಢ
OHFFLRQDUODRSFLäQUHOHYDQWHRSDUD
PRVWUDUHOPHQëGHWDOODGRGHGLFKD
SÒJLQDGHIDYRULWRV)$9VHOHFFLRಢ RSFLäQ
QDGD
3XOVHXQERWäQGH35(6,1721¾$>
a@SDUDHVFXFKDUGLUHFWDPHQWHOD
HPLVRUDGHUDGLRJXDUGDGDHQGLFKR
ERWäQ
 6LVWHPDGHLQIRHQWUHWHQLPLHQWR
0HQë$0)0ඎ/LVWDGHIDYRULWRV
(QHOP PHQë)0P PHQë$0JLUHHO
PDQGR0 0(18781(SDUDLUDODOOLVWD
GHIDYRULWRV\OXHJRSXOVHHOERWäQ
0(18781(
6HPRVWUDUÒODLQIRUPDFLäQGHODOOLVWD
GHIDYRULWRV
*LUHHOPDQGR0 0(18781(SDUDLUD
ODOOLVWDGHIDYRULWRVGHVHDGD\OXHJR
SXOVHHOERWäQ0 0(18781(SDUDUHಢ
FLELUHOFDQDOGHHPLVLäQFRUUHVSRQಢ
GLHQWH
0HQë$0)0ඎ/LVWDGHHPLVRUDV
)0$0
(QHOP
PHQë)0P PHQë$0JLUHHO
PDQGR0 0(18781(SDUDLUDODOOLVWD
GHHPLVRUDV)0OOLVWDGHHPLVRUDV
$0\OXHJRSXOVHHOERWäQ0 0(18
781(
6HPRVWUDUÒODLQIRUPDFLäQGHODOLVWD
GHHPLVRUDV
0(18781(SDUD
*LUHHOFRQWURO0
GHVSOD]DUVHDODOLVWDGHVHDGD\
SXOVHDFRQWLQXDFLäQHOERWäQ0
0(18
781(SDUDUHFLELUHOFDQDOGHHPLVLäQ
FRUUHVSRQGLHQWH
0HQë$0)0ඎ/LVWDGHFDWHJRUÞDV
GH)0
(QHOP
PHQë)0JLUHHOPDQGR0 0(18
781(SDUDLUDODOOLVWDGHFDWHJRUÞDV
GH)0\OXHJRSXOVHHOERWäQ0 0(18
781(
6HPRVWUDUÒODOOLVWDGHFDWHJRUÞDVGH
)0
0(18781(SDUD
*LUHHOFRQWURO0
GHVSOD]DUVHDODOLVWDGHVHDGD\
SXOVHDFRQWLQXDFLäQHOERWäQ00(18
781(SDUDUHFLELUODIUHFXHQFLDGH
HPLVLäQFRUUHVSRQGLHQWH
 6LVWHPDGHLQIRHQWUHWHQLPLHQWR 

0HQë$0)0ඎ$FWXDOL]DUODOLVWDGH
HPLVRUDV)0$0
࿢ 6HSURFHGHUÒDDFWXDOL]DUODOOLVWDGH
HPLVRUDV)0OOLVWDGHHPLVRUDV
$0
࿢ 'XUDQWHODDFWXDOL]DFLäQGHODOOLVWD
GHHPLVRUDV)0OOLVWDGHHPLVRUDV
$0SXOVHHOERWäQ0 0(18781(R
HOERWäQ3%
%$&.SDUDTXHQRVH
JXDUGHQORVFDPELRV
$QWHQDGHPÒVWLOILMR
$WHQFLäQ
$VHJëUHVHGHGHVPRQWDUODDQಢ
WHQDDQWHVGHHQWUDUHQDOJëQOXಢ
JDUFRQWHFKREDMRSDUDHYLWDUGDಢ
âRV
6LXWLOL]DWëQHOHVGHODYDGRDXWRಢ
PÒWLFRFRQODDQWHQDPRQWDGDVH
SXHGHQSURGXFLUGDâRVHQODDQಢ
WHQDRHQHOSDQHOGHOWHFKR$VHಢ
JëUHVHGHGHVPRQWDUODDQWHQD
DQWHVGHHQWUDUHQHOWëQHOGHODಢ
YDGRDXWRPÒWLFR

(QHOP
PHQë)0P PHQë$0JLUHHO $SULHWHELHQODDQWHQD\SäQJDODUHFWD
PDQGR0 0(18781(SDUDLUDODRSಢ SDUDJDUDQWL]DUXQDEXHQDUHFHSFLäQ
FLäQD
DFWXDOL]DUODOLVWDGHHPLVRUDV
)0D
DFWXDOL]DUODOLVWDGHHPLVRUDV
$0\OXHJRSXOVHHOERWäQ0 0(18
781(

3DUDGHVPRQWDUODDQWHQDGHOWHFKR
JÞUHODKDFLDODL]TXLHUGD3DUDPRQWDU
ODDQWHQDGHOWHFKRJÞUHODKDFLDOD
GHUHFKD
 6LVWHPDGHLQIRHQWUHWHQLPLHQWR
5HSURGXFWRUHVGHDXGLR
(QDOJXQRVSD¯VHVODUHSURGXFFLµQ
UHJUDEDFLµQDOTXLOHUSU«VWDPRRFDQMH
QRDXWRUL]DGRGHIRQRJUDPDVVLQ
DXWRUL]DFLµQGHOWLWXODUGHODSURSLHGDG
LQWHOHFWXDOVHHQFXHQWUDSURKLELGD(Q
HVRVFDVRVVLHPSUHTXHQRVHWUDWHGH
&'R03OHJ¯WLPRVGHEHU£FRQWDUFRQ
ODFRUUHVSRQGLHQWHDXWRUL]DFLµQ
5HSURGXFWRUGH&'
(OUHSURGXFWRUGH&'03VµORSDUD
ODVXSHUILFLHGHOGLVFR(VRVGLVFRV
VHSXHGHQDWDVFDUHQHOUHSURGXFಣ
WRUGH&'\GD³DUHOGLVSRVLWLYRGH
DFFLRQDPLHQWR6LRFXUUHHVWR
VHU£QHFHVDULRVXVWLWXLUHOGLVSRVLಣ
WLYR\HOFRVWHVHU£HOHYDGR
႑ 8QGLVFR&'GHDXGLRFRQXQDIXQಣ
FLµQDQWLSLUDWHU¯DQRFRPSDWLEOHFRQ
HO&'GHDXGLRHVW£QGDUSXHGHQR
IXQFLRQDURQRKDFHUORFRUUHFWDPHQWH
႑ /RVGLVFRV&'5\&'5:JUDEDಣ
GRVPDQXDOPHQWHVHVXHOHQWUDWDU
႑ &XDQGRKD\DH[WUD¯GRHOGLVFRGHO
UHSURGXFWRUGH&'03DVHJ¼ಣ
UHVHGHFRORFDUORLQPHGLDWDPHQWH
HQXQDIXQGDSDUDHYLWDUTXHVH
GD³HRVHOOHQHGHSROYR
႑ 6LHOGLVFRSUHVHQWDSROYRRO¯TXLGR
SRGU¯DFDXVDUSUREOHPDVDOFRQWDಣ
PLQDUODOHQWHGHOUHSURGXFWRUGH
&'03GHOLQWHULRUGHOGLVSRVLWLYR
႑ 3URWHMDHOGLVFRGHOFDORU\ODH[SRಣ
VLFLµQDODOX]GLUHFWD
7LSRGHGLVFRFRPSDWLEOH
HOWLSR$GHHVWHVLVWHPDSXHGHUHSURGX FRQPHQRVFXLGDGRTXHORVGLVFRV ႑ (VWHDSDUDWRSXHGHUHSURGXFLUGLVಣ
FLU&'GHDXGLR\GLVFRVGH03:0$ &'RULJLQDOHV/RVGLVFRV&'5\ FRV&'\GH03:0$GHDXGLR
&'5:JUDEDGRVPDQXDOPHQWH Ⴗ &''$&'5&'5:
$QWHVGHXVDUHOUHSURGXFWRUGH&' GHEHQWUDWDUVHFRQXQFXLGDGRHVಣ
,QIRUPDFLµQLPSRUWDQWHVREUHGLVFRV SHFLDO7HQJDHQFXHQWDORVLಣ Ⴗ 03:0$&'5&'5:&'
&'GHDXGLR\GH03:0$ JXLHQWH 520
႑ 3XHGHTXHORVGLVFRV&'5\&' ႑ 1RVHSXHGHQUHSURGXFLUORVDUFKLಣ
5:JUDEDGRVPDQXDOPHQWHQRVH YRV03:0$
3HOLJUR
UHSURGX]FDQFRUUHFWDPHQWHRQRVH Ⴗ $UFKLYRFRGLILFDGRFRQHOHVW£Qಣ
(QQLQJ¼QFDVRVHGHEHQLQVHUWDU SXHGDQUHSURGXFLU(QHVWRVFDVRV GDU03L03LQWHUDFWLYRR
GLVFRV'9'PLQLGLVFRVFRQXQ QRVHWUDWDGHXQSUREOHPDFRQHO 03352
GL£PHWURGHFPQLGLVFRVFRQVXಣ GLVSRVLWLYR Ⴗ $UFKLYRV03:0$FRGLILFDGRV
SHUILFLHVLUUHJXODUHVHQHOUHSURಣ ႑ &XDQGRFDPELHORVGLVFRVWHQJD VLQFRQIRUPLGDGFRQHVW£QGDUHV
GXFWRUGH&'03:0$ FXLGDGRGHQRGHMDUKXHOODVGDFWLಣ Ⴗ $UFKLYRV03TXHQRHVW£QHQ
1RFRORTXHQLQJXQDSHJDWLQDHQ ODUHVHQODFDUDGHUHSURGXFFLµQGHO IRUPDWR03(*FDSDGHDXGLR
GLVFR

$GYHUWHQFLDVVREUHHOXVRGHGLVFRV
࿢ 1RXVHQLQJXQRGHORVGLVFRVTXH
VHGHVFULEHQDFRQWLQXDFLäQ(OXVR
H[FHVLYRGHHVWRVGLVFRVHQHOUHಢ
SURGXFWRUSXHGHFDXVDUSUREOHಢ
PDV
ဈ 'LVFRVFRQSHJDWLQDVHWLTXHWDV
RVXMHWDGRVSRUXQDFLQWDSURWHFಢ
WRUD
ဈ 'LVFRVFRQXQDHWLTXHWDLPSUHVD
FRQXQDLPSUHVRUDGHWLQWD
ဈ 'LVFRVVREUHJUDEDGRVHVGHFLU
TXHDOPDFHQDQPÒVGDWRVTXH
VXFDSDFLGDGHVWÒQGDU
ဈ /RVGLVFRVFRQJULHWDVDUDâD]RV
RTXHHVWÚQGREODGRVQRVHUHಢ
SURGXFLUÒQFRUUHFWDPHQWH
6LVWHPDGHLQIRHQWUHWHQLPLHQWR
JHQHUDGHQWURGHOGLVSRVLWLYR6L
SXHGHTXHDVÞIXHUDPDQWHQJDHO
DSDUDWRDSDJDGRGXUDQWHDOUHGHಢ
GRUGHXQDKRUDDQWHVGHXVDUOR
࿢ 3XHGHTXHODUHSURGXFFLäQVHGHಢ
WHQJDVLHOYHKÞFXORWLHPEODFXDQGR
VHFRQGXFHSRUFDUUHWHUDVHVFDUಢ
SDGDV
࿢ 1RLQWHQWHH[WUDHURLQWURGXFLUHO
GLVFRDODIXHU]DQLEORTXHDUORFRQ
ODPDQRFXDQGRVHH[SXOVD
࿢ ,QWURGX]FDHOGLVFRFRQHOODGRLPಢ
SUHVRKDFLDDUULED(OGLVFRQR
SXHGHUHSURGXFLUVHVLVHLQWURGXFH
DOUHYÚV
࿢ 1RWRTXHODFDUDGHJUDEDFLäQFRQ
ODPDQRFXDQGRVXMHWHHOGLVFROD

3UHFDXFLäQSDUDHOXVRGHOGLVFR&'
55:
࿢ 6LXWLOL]DGLVFRV&'5&'5:VäOR
VHSXHGHQXVDUORVGLVFRVTXHKDಢ
\DQVLGRFHUUDGRV
࿢ /RVGLVFRVTXHVHFUHDQFRQXQ3&
SXHGHQQRUHSURGXFLUVHFRQIRUPH
DODFRQILJXUDFLäQ\HQWRUQRGHOSURಢ
JUDPDGHODDSOLFDFLäQ
࿢ /RVGLVFRV&'5&'5:VREUH
WRGRORVGLVFRVEDUDWRVSXHGHQQR
IXQFLRQDUVLTXHGDQH[SXHVWRVDOD
OX]GLUHFWDRDOWDVWHPSHUDWXUDVRVL
VHGHMDQGHQWURGHOYHKÞFXORGXಢ
UDQWHXQSHULRGRSURORQJDGR
࿢ 3XHGHTXHQRVHPXHVWUHHOWÞWXOR\
RWUDLQIRUPDFLäQGHWH[WRJUDEDGD
FDUDVLQLPSUHVLäQRGHFRUDFLäQ HQORVGLVFRV&'5&'5:HQHVWH
ဈ 8QGLVFRGHFPRXQGLVFRQR GLVSRVLWLYR
FLUFXODUFXDGUDQJXODUSHQWDJRಢ ࿢ &RORTXHORVGLVFRVTXHQRYD\DD
QDORYDO XVDUHQIXQGDV\JXÒUGHORVHQXQ
࿢ 1RFRORTXHRWURVREMHWRVHQODUDಢ
QXUDGHOGLVFR\DTXHSRGUÞDFDXಢ
VDUSUREOHPDVRGDâRV
࿢ 3XHGHTXHHOUHSURGXFWRUGHGLVFRV
QRIXQFLRQHFRUUHFWDPHQWHVLODFDಢ
OHIDFFLäQHVWÒHQFHQGLGRRVLKDFH
IUÞRGHELGRDODKXPHGDGTXHVH
OXJDUTXHQRHVWÚH[SXHVWRDODOX]
GLUHFWDRDOWDVWHPSHUDWXUDV
࿢ 1RDSOLTXHQLQJXQDVXVWDQFLDTXÞಢ
PLFDVREUHHOGLVFR/LPSLHODVXಢ
FLHGDGGHORVGLVFRVFRQXQSDâR
KëPHGR\VXDYHGHVGHHOFHQWUR
KDVWDHOERUGH
࿢ /RVGLVFRV&'5:SXHGHQWDUGDU
PÒVHQFDUJDUVHTXHORVGLVFRV&'
R&'5
࿢ /RVDUFKLYRVGHPëVLFDGDâDGRV
SXHGHTXHQRVHUHSURGX]FDQR
SXHGHQVXIULUFRUWHVPLHQWUDVVHUHಢ
SURGXFHQ
 6LVWHPDGHLQIRHQWUHWHQLPLHQWR

࿢ $OJXQRVGLVFRVDQWLSLUDWHUÞDSXHಢ ဈ ,621LYHO0Ò[LPRGH ࿢ $XQTXHHVWHDSDUDWRSXHGHUHSURಢ

GHQQRUHSURGXFLUVH FDUDFWHUHV GXFLUDUFKLYRVFRQXQDWDVDGHYHಢ
࿢ 8QGLVFRGH03:0$SXHGH ဈ ,621LYHO0Ò[LPRGH ORFLGDGGHNESVDNESVORV
FRQWHQHUXQPÒ[LPRGHDUFKLಢ FDUDFWHUHV DUFKLYRVFRQXQDWDVDGHYHORFLGDG
YRVHQFDGDXQRGHORVQLYHOHV VXSHULRUDNESVWHQGUÒQXQVRಢ
ဈ -ROLHW0Ò[LPRGHFDUDFWHUHV QLGRGHPHMRUFDOLGDG
GHFDUSHWDV\VHSXHGHUHSURGXFLU E\WH
XQQëPHURPÒ[LPRGHDUFKLಢ ࿢ (VWHDSDUDWRSXHGHPRVWUDULQIRUಢ
YRV ဈ 1RPEUHODUJRGH:LQGRZV0Òಢ PDFLäQGHODVHWLTXHWDV,'9HUಢ
[LPRGHFDUDFWHUHVE\WH VLäQRSDUD
࿢ (VWHVLVWHPDVäORSXHGHUHFRQRFHU
GLVFRV03:0$FUHDGRVHQQLಢ 3UHFDXFLäQSDUDHOXVRGHDUFKLYRV DUFKLYRV03FRPRHOQRPEUHGHO
YHO,62RHQHOVLVWHPDGH GHPëVLFD03:0$ ÒOEXP\HODUWLVWD
DUFKLYRVMROLHW1RHVFRPSDWLEOH ࿢ (VWHDSDUDWRSXHGHUHSURGXFLUDUಢ ࿢ 3DUDPRVWUDUODLQIRUPDFLäQGHOÒOಢ
FRQHOVLVWHPDGHDUFKLYRV8') FKLYRV03:0$FRQODVH[WHQಢ EXPWÞWXORGHOGLVFRSLVWDWÞWXOR
࿢ /RVDUFKLYRV03:0$QRVRQ VLRQHVGHDUFKLYRPSZPDHQ GHODSLVWD\DUWLVWDDUWLVWDGHOD
FRPSDWLEOHVFRQODWUDQVPLVLäQGH PLQëVFXODR03R:0$HQPDಢ SLVWDHODUFKLYRGHEHVHUFRPSDಢ
GDWRVSRUHVFULWXUDSRUSDTXHWHV \ëVFXOD WLEOHFRQORVIRUPDWRV9\9GH
HWLTXHWDV,'
࿢ (OGLVFRHQHOTXHVHJUDEDQORVDUಢ ࿢ /RVDUFKLYRV03TXHSXHGHQUHಢ
FKLYRV03:0$\DXGLR&''$ SURGXFLUVHFRQHVWHSURGXFWRVRQ ࿢ (VWHDSDUDWRSXHGHUHSURGXFLUDUಢ
SXHGHQRUHSURGXFLUVHVLVHWUDWD ORVVLJXLHQWHV FKLYRV03PHGLDQWH9%5
GHXQ&'H[WUDRXQ&'GHPRGR &XDQGRVHUHSURGXFHXQDUFKLYR
ဈ 7DVDGHWUDQVIHUHQFLDNESVa
PL[WR 03GHHVWHWLSR9%5HOWLHPSRGH
NESV
UHSURGXFFLäQUHVWDQWHTXHVH
࿢ /RVQRPEUHVGHDUFKLYRFDUSHWD ဈ )UHFXHQFLDGHPXHVWUHRN+] PXHVWUDSXHGHGLIHULUGHOWLHPSR
TXHSXHGHQXVDUVHVHJëQHOWLSRGH N+]N+]SDUD03(* UHDO
GLVFRGHDOPDFHQDPLHQWRLQFOXLಢ N+]N+]N+]SDUD
GDVODVH[WHQVLRQHVGHDUFKLYRGH 03(*
FXDWURGÞJLWRVPSVRQORVVLಢ
JXLHQWHV
 6LVWHPDGHLQIRHQWUHWHQLPLHQWR 

2UGHQGHUHSURGXFFLµQGHDUFKLYRV 5HSURGXFFLµQGH&'03 %RWµQ(;38/6$5

GHP¼VLFD En algunos países, la reproducción, ([SXOVDHOGLVFR
regrabación, alquiler, préstamo o canje no
autorizado de fonogramas sin autorización %RWµQGH,1)250$&,•1>,1)2@
del titular de la propiedad intelectual, se
encuentra prohibida. En esos casos, siempre 0XHVWUDODLQIRUPDFLµQGHODSLVWDTXH
que no se trate de CD o MP3 legítimos, deberá VHHVW£UHSURGXFLHQGR
contar con la correspondiente autorización. 7(/‹)212> @6,/(1&,2> @
%RWRQHVSULQFLSDOHVPDQGR 3XOVHHOERWµQSDUDDFWLYDURGHVDFWLಣ
%RWµQ&'$8; YDUODIXQFLµQGHVLOHQFLR
6HOHFFLRQHHOUHSURGXFWRUGH&'03 %RWµQ %$&.
&DQFHODODRSFLµQVHOHFFLRQDGD\
%RWµQ0(18781(FRQPDQGR
YXHOYHDOPHQ¼SDQWDOODDQWHULRU
GHUHJXODFLµQ
႑ *LUHHOPDQGR0(18781(SDUDLU ,QVHUWDUGLVFR
DODOLVWDGHSLVWDVPHQ¼RLQIRUPDಣ
FLµQGHSLVWDV03:0$
႑ 3XOVHHOERWµQ0(18781(SDUD
PRVWUDUODSDQWDOODGHPHQ¼GHOD
RSFLµQRHOPRGRDFWXDO
%RWRQHV 6((.
႑ 3XOVHHVWRVERWRQHVSDUDUHSURGXಣ
FLUODSLVWDDQWHULRURVLJXLHQWH
႑ 0DQWHQJDSXOVDGRVHVWRVERWRQHV
SDUDUHWURFHGHURDYDQ]DUU£SLGDಣ
PHQWHSRUODSLVWD\VXHOWHHOERWµQ ,QVHUWHHOGLVFRTXHVHYDDUHSURGXFLU
SDUDFRQWLQXDUFRQODUHSURGXFFLµQ FRQODVXSHUILFLHLPSUHVDKDFLDDUULED
DYHORFLGDGQRUPDO HQODUDQXUDGHLQVHUFLµQGHOGLVFR
 6LVWHPDGHLQIRHQWUHWHQLPLHQWR
࿢ 8QDYH]ILQDOL]DGDODOHFWXUDGHOD
LQIRUPDFLäQGHOGLVFRÚVWHVHUHಢ
SURGXFHDXWRPÒWLFDPHQWHGHVGHOD
SLVWD
࿢ &XDQGRVHLQWURGXFHXQGLVFRTXH
QRVHSXHGHOHHUHOGLVFRVHH[ಢ
SXOVDDXWRPÒWLFDPHQWH\HQODSDQಢ
WDOODDSDUHFHXQPHQVDMHGHHUURU
GHGLVFRDFRQWLQXDFLäQHOVLVWHPD
FDPELDDODëOWLPDIXQFLäQTXHVH
XVäRDODUDGLR)0
6L\DHVWÒLQVHUWDGRHOGLVFRTXHGHಢ
VHDUHSURGXFLUSXOVHUHSHWLGDPHQWH
HOERWäQ&&'$8;SDUDVHOHFFLRQDUOD
UHSURGXFFLäQGH&'03
࿢ 6LQRVHKDLQVHUWDGRQLQJëQGLVFR
DSDUHFHHOPHQVDMH1 1RKD\GLVFR\
ODIXQFLäQQRVHVHOHFFLRQDUÒ
࿢ 6HUHSURGXFHDXWRPÒWLFDPHQWHOD
SLVWDTXHVHUHSURGXMRODëOWLPD
YH]
([SXOVDUGLVFR
3DUDH[SXOVDUHOGLVFRSXOVHHOERWäQ
(;38/6$5\UHWLUHHOGLVFR
࿢ &XDQGRHOGLVFRVDOHHODSDUDWR
YXHOYHDODëOWLPDIXQFLäQTXHVH
XVäRDODUDGLR)0
࿢ (OGLVFRYROYHUÒDLQVHUWDUVHGH
IRUPDDXWRPÒWLFDVLQRVHH[WUDH
GXUDQWHXQWLHPSR

&DPELDUODSLVWDUHSURGXFLGD
3XOVHORVERWRQHVG6((.FHQHO
PRGRGHUHSURGXFFLäQSDUDUHSURGXಢ
FLUODSLVWDDQWHULRURVLJXLHQWH
3XHGHXVDUHOPDQGRDGLVWDQFLDGHO
YRODQWHSDUDFDPELDUODVSLVWDVIÒFLOಢ
PHQWHXVDQGRHOERWäQ6 6((.
6LVWHPDGHLQIRHQWUHWHQLPLHQWR
2JLUHHOPDQGR0
0(18781(SDUD
GHVSOD]DUVHKDVWDODOLVWDGHUHSURಢ
GXFFLäQ\OXHJRSXOVHHOERWäQ
0(18781(SDUDFDPELDUODLQVWDQಢ
WÒQHDPHQWH

&DPELDUODSRVLFLäQGHUHSURGXFFLäQ
0DQWHQJDSXOVDGRVORVERWRQHV
G6((.FGXUDQWHHOPRGRGHUHSURಢ
GXFFLäQSDUDUHWURFHGHURDYDQ]DUUÒಢ
SLGDPHQWHSRUODFDQFLäQ6XHOWHHO
ERWäQSDUDFRQWLQXDUFRQODUHSURGXFಢ
FLäQDYHORFLGDGQRUPDO
(OYROXPHQVHUHGXFHOLJHUDPHQWH
GXUDQWHHOUHWURFHVR\DYDQFHUÒSLGRV
\VHPXHVWUDHOWLHPSRGHUHSURGXFಢ
FLäQ
 6LVWHPDGHLQIRHQWUHWHQLPLHQWR

9LVXDOL]DULQIRUPDFLäQVREUHODSLVWD /DLQIRUPDFLäQGHHWLTXHWD,'LQಢ
UHSURGXFLGD FRUUHFWDQRSXHGHPRGLILFDUVHR
FRUUHJLUVHHQHOVLVWHPDGHLQIRHQಢ
WUHWHQLPLHQWRODVHWLTXHWDV,'
VäORSXHGHQFRUUHJLUVHHQXQ3&
࿢ /DLQIRUPDFLäQGHFDQFLRQHVH[ಢ
SUHVDGDFRQVÞPERORVHVSHFLDOHVR
HQLGLRPDVQRGLVSRQLEOHVSXHGH
PRVWUDUVHFRPRRQRPRVಢ
WUDUVH

8VRGHOPHQëGHO&'
3XOVHHOERWäQGH,1)250$&,Ä1
>,,1)2@HQHOPRGRGHUHSURGXFFLäQ
SDUDPRVWUDULQIRUPDFLäQVREUHOD
SLVWDUHSURGXFLGD
6LQRKD\LQIRUPDFLäQVREUHODSLVWD
UHSURGXFLGDSDUDORV&'GHDXGLRHO
VLVWHPDPXHVWUD66LQLQIRUPDFLäQ
6LVHWUDWDGHSLVWDV03:0$ &DPELDUHOPRGRGHUHSURGXFFLäQ
SXHGHYLVXDOL]DUPÒVLQIRUPDFLäQJLಢ
UDQGRHOFRQWURO0 0(18781(GHOD
SDQWDOODGHLQIRUPDFLäQGHODSLVWD
࿢ /DLQIRUPDFLäQPRVWUDGDLQFOX\HHO
QRPEUHGHODUFKLYRHOQRPEUHGH
ODFDUSHWD\ODLQIRUPDFLäQGHHWLಢ
TXHWD,'JXDUGDGDVFRQODFDQಢ
FLäQ
6LVHKDDâDGLGRLQIRUPDFLäQGH
HWLTXHWD,'LQFRUUHFWDSHMDUಢ
WLVWDWÞWXORGHFDQFLäQDORVDUFKLಢ
YRV03:0$DQWHVGHTXHVH
JUDEHQHQHOGLVFRODLQIRUPDFLäQ
TXHVHPXHVWUHVHUÒODGHOVLVWHPD
GHLQIRHQWUHWHQLPLHQWR
 6LVWHPDGHLQIRHQWUHWHQLPLHQWR 

(QHOPRGRGHUHSURGXFFLäQSXOVHHO 0HQëGH&'ඎ/LVWDGHSLVWDV 0HQëGH&'ඎ&DUSHWDV

ERWäQ0
0(18781(SDUDPRVWUDUHO
PHQëGH&'

*LUHHOPDQGR0 0(18781(SDUDVHಢ
OHFFLRQDUODVIXQFLRQHVGHUHSURGXFಢ
FLäQDOHDWRULDRUHSHWLFLäQ\SXOVHHO
ERWäQ00(18781(SDUDD DFWLYDUR
GHVDFWLYDUODVIXQFLRQHVUHOHYDQWHV
3DUDORVGLVFRV&'GHDXGLRJLUHHO
PDQGR0 0(18781(HQHOP PHQëGH
&'SDUDLUDODOOLVWDGHSLVWDV\OXHJR
SXOVHHOERWäQ0 0(18781(
*LUHHOPDQGR0 0(18781(SDUDHQಢ
FRQWUDUODOOLVWDGHIDYRULWRVGHVHDGD\
OXHJRSXOVHHOERWäQ0 0(18781(
SDUDUHSURGXFLUODSLVWDVHOHFFLRQDGD
3DUDORVGLVFRVGH03:0$JLUH
HOPDQGR00(18781(HQHOP PHQë
GH&'SDUDLUDODVFFDUSHWDV\OXHJR
SXOVHHOERWäQ0
0(18781(
*LUHHOPDQGR00(18781(SDUDLUD
ODFDUSHWDGHVHDGD\OXHJRSXOVHHO
ERWäQ00(18781(
 6LVWHPDGHLQIRHQWUHWHQLPLHQWR

0HQëGH&'ඎ%XVFDU 6LQHPEDUJRSXHGHTXHVHWDUGH
EDVWDQWHHQOHHUHOGLVFRGHSHQಢ
GLHQGRGHOQëPHURGHDUFKLYRVGH
PëVLFD

*LUHHOPDQGR0 0(18781(SDUDHQಢ
FRQWUDUODSLVWDGHVHDGD\OXHJRSXOVH
HOERWäQ0 0(18781(SDUDUHSURGXಢ
FLUODSLVWDVHOHFFLRQDGDGHODFDUSHWD
VHOHFFLRQDGD
3DUDORVGLVFRVGH03:0$JLUH
HOPDQGR0 0(18781(HQHOP PHQë
GH&'SDUDGHVSOD]DUVHDODRSFLäQ
%XVFDU\OXHJRSXOVHHOERWäQ
0(18781(
࿢ 8QDYH]TXHHOVLVWHPDKDOHÞGROD
LQIRUPDFLäQGHOGLVFRVHPXHVWUD
ODSULPHUDFDQFLäQGHODOLVWDGHUHಢ
SURGXFFLäQ>LL3@
࿢ 6LQRVHHQFXHQWUDQDUFKLYRVGH
PëVLFDHQODOLVWDGHUHSURGXFFLäQ
>LL3@VHPXHVWUDODSULPHUDFDQFLäQ
GHFDGDDUWLVWD>LL$@
3XOVHGHQXHYRHOERWäQ0 0(18
781(\GHVGHODRSFLäQGHEëVಢ
TXHGDPRVWUDGDJLUHHOPDQGR
0(18781(SDUDVHOHFFLRQDUODRSಢ
FLäQGHVHDGD
6HPXHVWUDHOQëPHURGHFDQFLRQHV
UHOHYDQWHVSRU/LVWDGHUHSURGXFFLäQ
>LL3@$UWLVWD>LL$@²OEXP>LL/@7ÞWXORGH
ODFDQFLäQ>LL6@*ÚQHUR>LL*@

*LUHHOFRQWURO0(18781(SDUDDFಣ
FHGHUDODRSFLµQGHFODVLILFDFLµQGHಣ
WDOODGD\SXOVHDFRQWLQXDFLµQHOERಣ
WµQ0(18781(
*LUHHOFRQWURO0(18781(SDUDHQಣ
FRQWUDUODSLVWDW¯WXORTXHGHVHH\
SXOVHDFRQWLQXDFLµQHOERWµQ0(18
781(SDUDUHSURGXFLUODSLVWDVHOHFಣ
FLRQDGD
6LVWHPDGHLQIRHQWUHWHQLPLHQWR
'LVSRVLWLYRVDX[LOLDUHV
(De estar equipado)
(QDOJXQRVSD¯VHVODUHSURGXFFLµQ
UHJUDEDFLµQDOTXLOHUSU«VWDPRRFDQMH
QRDXWRUL]DGRGHIRQRJUDPDVVLQ
DXWRUL]DFLµQGHOWLWXODUGHODSURSLHGDG
LQWHOHFWXDOVHHQFXHQWUDSURKLELGD(Q
HVRVFDVRVVLHPSUHTXHQRVHWUDWHGH
&'R03OHJ¯WLPRVGHEHU£FRQWDUFRQ
ODFRUUHVSRQGLHQWHDXWRUL]DFLµQ
Reproductor USB (sólo para el tipo A)
6LVXYHK¯FXORWLHQHGLVSRVLWLYRVDXಣ
[LOLDUHVSXHGHXVDUHOSXHUWR$8;\
HOSXHUWR86%SDUDFRQHFWDUGLVSRVLಣ
WLYRVGHDXGLR

3UHFDXFLRQHVSDUDHOXVRGH
GLVSRVLWLYRV86%
႑ 1RVHSXHGHJDUDQWL]DUHOIXQFLRಣ
QDPLHQWRVLORVGLVSRVLWLYRVGHDOಣ
PDFHQDPLHQWRPDVLYR86%FRQ
GLVFRGXURLQWHJUDGRRWDUMHWDGH
PHPRULD&)R6'VHFRQHFWDQPHಣ
GLDQWHXQDGDSWDGRU86%8VHXQ
GLVSRVLWLYRGHDOPDFHQDPLHQWRGHO
WLSRPHPRULDIODVK86%
႑ 7HQJDFXLGDGRFXDQGRFRQHFWHR
GHVFRQHFWHHO86%SDUDHYLWDUOD
GHVFDUJDGHHOHFWULFLGDGHVW£WLFD
6LODFRQH[LµQ\GHVFRQH[LµQVHUHಣ
SLWHYDULDVYHFHVHQXQEUHYHHVಣ
SDFLRGHWLHPSRSXHGHTXHH[SHಣ
ULPHQWHSUREOHPDVDODKRUDGH
XVDUHOGLVSRVLWLYR
႑ 3DUDH[WUDHUHOGLVSRVLWLYR86%XWLಣ
OLFH0HQ¼86%ൺ([WUDHU86%
XVDQGRHOERWµQ0(18781(SDUD
OOHYDUDFDERODH[WUDFFLµQGHO86%
႑ 6LHOWHUPLQDOGHFRQH[LµQGHOGLVಣ
SRVLWLYR86%QRHVGHPHWDOQRVH
JDUDQWL]DVXIXQFLRQDPLHQWR
႑ /DFRQH[LµQFRQGLVSRVLWLYRVGHDOಣ
PDFHQDPLHQWR86%GHOWLSRL6WLFN
SXHGHQSUHVHQWDUHUURUHVGHELGRD
 6LVWHPDGHLQIRHQWUHWHQLPLHQWR
ODYLEUDFLäQGHOYHKÞFXORSRUORTXH
QRVHSXHGHJDUDQWL]DUVXIXQFLRಢ
QDPLHQWR
࿢ 7HQJDFXLGDGRGHQRWRFDUHOWHUಢ
PLQDOGHFRQH[LäQ86%FRQXQREಢ
MHWRRFXDOTXLHUSDUWHGHVXFXHUSR
࿢ (OGLVSRVLWLYRGHDOPDFHQDPLHQWR
86%VäORSXHGHUHFRQRFHUVHVL
HVWÒIRUPDWHDGRHQHOIRUPDWRGH
DUFKLYR)$76äORSXHGHQ
XVDUVHGLVSRVLWLYRVFRQXQWDPDâR
GHXQLGDGDVLJQDGRGHE\WHV
VHFWRURE\WHVVHFWRU(OVLVಢ
WHPDGHDUFKLYRV17)6\RWURVVLVಢ
WHPDVQRSXHGHQUHFRQRFHUVH
࿢ 6HJëQHOWLSR\FDSDFLGDGGHOGLVಢ
SRVLWLYRGHDOPDFHQDPLHQWR86%\
HOWLSRGHDUFKLYRDOPDFHQDGR
SXHGHTXHYDUÞHHOWLHPSRTXHVH
WDUGDHQUHFRQRFHUORVDUFKLYRV1R
VHWUDWDGHXQSUREOHPDFRQHODSDಢ
UDWRSRUORTXHGHEHHVSHUDUDTXH
ORVDUFKLYRVVHSURFHVHQ
࿢ 3XHGHTXHQRVHUHFRQR]FDQORV
DUFKLYRVHQDOJXQRVGLVSRVLWLYRVGH
DOPDFHQDPLHQWR86%GHELGRD
SUREOHPDVGHFRPSDWLELOLGDG$GHಢ
PÒVODVFRQH[LRQHVFRQXQOHFWRU
GHPHPRULDRFRQFHQWUDGRU86%
QRVRQFRPSDWLEOHV&RPSUXHEHHO
IXQFLRQDPLHQWRGHOGLVSRVLWLYRHQHO
YHKÞFXORDQWHVGHXVDUOR
࿢ 3XHGHTXHGLVSRVLWLYRVFRPRXQ
UHSURGXFWRUGH03WHOÚIRQRPäYLO
RFÒPDUDGLJLWDOQRIXQFLRQHQFRQ
QRUPDOLGDGFXDQGRVHFRQHFWDQD
WUDYÚVGHXQGLVFRPäYLO
࿢ 1RGHVFRQHFWHHOGLVSRVLWLYRGHDOಢ
PDFHQDPLHQWR86%PLHQWUDVVH
UHSURGXFH'HKDFHUORSRGUÞDFDXಢ
VDUGDâRVDODSDUDWRRDOIXQFLRQDಢ
PLHQWRGHOGLVSRVLWLYR86%
࿢ 'HVFRQHFWHHOGLVSRVLWLYRGHDOPDಢ
FHQDPLHQWR86%FRQHFWDGR
FXDQGRHOHQFHQGLGRGHOYHKÞFXOR
HVWÚGHVFRQHFWDGR6LHOHQFHQGLGR
HVWÒFRQHFWDGRPLHQWUDVHOGLVSRಢ
VLWLYRGHDOPDFHQDPLHQWR86%
WDPELÚQORHVWÒSXHGHTXHHQDOಢ
JXQRVFDVRVHOGLVSRVLWLYRVXIUDGDಢ
âRV\QRIXQFLRQHFRQQRUPDOLGDG
 3HOLJUR
/RVGLVSRVLWLYRVGHDOPDFHQDಢ
PLHQWR86%VäORVHSXHGHQFRಢ
QHFWDUDHVWHDSDUDWRSDUDUHSURಢ
GXFLUDUFKLYRVGHPëVLFD
(OWHUPLQDO86%GHODSDUDWRQR
GHEHXVDUVHSDUDFDUJDUDFFHVRಢ
ULRVFRQ86%\DTXHODJHQHUDಢ
FLäQGHFDORUSRUHOXVRGHOWHUPLಢ
QDO86%SXHGHFDXVDUSUREOHPDV
GHIXQFLRQDPLHQWRRGDâRVHQHO
DSDUDWR
࿢ &XDQGRODXQLGDGOäJLFDVHVHSDUD
GHXQGLVSRVLWLYRGHDOPDFHQDಢ
PLHQWRPDVLYR86%VäORVHSXHಢ
GHQUHSURGXFLUORVDUFKLYRVGHOQLಢ
YHOVXSHULRUGHODXQLGDGOäJLFDHQ
HOFDVRGHORVDUFKLYRVGHPëVLFD
GHO86%(VSRUHOORTXHORVDUFKLಢ
YRVGHPëVLFDGHEHQJXDUGDUVHHQ
ODXQLGDGGHQLYHOVXSHULRUGHOGLVಢ
SRVLWLYR3XHGHTXHORVDUFKLYRVGH
PëVLFDHVSHFLDOPHQWHORVGHGLVಢ
SRVLWLYRVGHDOPDFHQDPLHQWR86%
QRVHUHSURGX]FDQFRQQRUPDOLGDG
 6LVWHPDGHLQIRHQWUHWHQLPLHQWR 

VLVHFDUJDXQDDSOLFDFLäQUHDOLಢ ࿢ /DVFDUSHWDV\DUFKLYRVGHPëVLFD ࿢ (VWHSURGXFWRSXHGHPRVWUDULQIRUಢ

]DQGRXQDSDUWLFLäQHQXQDXQLGDG VHPXHVWUDQHQHORUGHQGH6ÞPಢ PDFLäQGHODVHWLTXHWDV,'YHUಢ
VHSDUDGDGHOGLVSRVLWLYR86%
࿢ /RVDUFKLYRVGHPëVLFDFRQ'50
SURWHJLGRVQRSXHGHQUHSURGXಢ
FLUVH
࿢ (VWHDSDUDWRHVFRPSDWLEOHFRQ
GLVSRVLWLYRVGHDOPDFHQDPLHQWR
86%GHKDVWDJLJDE\WHVGHFDಢ
ERORඎ1ëPHURඎ&RUHDQRඎ
࿢ 3XHGHQUHFRQRFHUVHXQPÒ[LPRGH
FDUDFWHUHVSDUDQRPEUHVGH
FDUSHWDVRDUFKLYRVHVFULWRVHQHO
VLVWHPDGHDUFKLYRV-ROLHW
$FHUFDGHORVDUFKLYRVGHPëVLFD
VLäQSDUDDUಢ
FKLYRV03FRPRHOQRPEUHGHO
ÒOEXPGHODUWLVWDHWF
࿢ /RVQRPEUHVGHDUFKLYRFDUSHWD
TXHSXHGHQXVDUVHVHJëQHOWLSRGH
DOPDFHQDPLHQWRLQFOXLGDVODVH[ಢ
WHQVLRQHVGHDUFKLYRGHFXDWURFDಢ
SDFLGDGFRQXQOÞPLWHGHDUಢ
FKLYRVFDUSHWDV\QLYHOHV
GHHVWUXFWXUDGHFDUSHWDV1RVH
SXHGHJDUDQWL]DUXQXVRQRUPDO
SDUDGLVSRVLWLYRVGHDOPDFHQDಢ
PLHQWRTXHH[FHGHQHVWHOÞPLWH
03:0$ UDFWHUHVPSVRQORVVLJXLHQWHV
࿢ /RVDUFKLYRV03TXHSXHGHQUHಢ ဈ ,621LYHO0Ò[LPRGH
SURGXFLUVHVRQORVVLJXLHQWHV FDUDFWHUHV
ဈ 7DVDGHWUDQVIHUHQFLDNESVa ဈ ,621LYHO0Ò[LPRGH
NESV FDUDFWHUHV
ဈ )UHFXHQFLDGHPXHVWUHR ဈ -ROLHW0Ò[LPRGHFDUDFWHUHV
3UHFDXFLRQHVSDUDHOXVRGHDUFKLYRV N+]N+]N+]SDUD E\WH
GHPëVLFD86% 03(* ဈ 1RPEUHODUJRGH:LQGRZV0Òಢ
࿢ /RVDUFKLYRVGHPëVLFDGDâDGRV N+]N+]N+]SDUD [LPRGHFDUDFWHUHVE\WH
SXHGHQVXIULUFRUWHVGXUDQWHVXUHಢ 03(* ࿢ (VWHDSDUDWRSXHGHUHSURGXFLUDUಢ
SURGXFFLäQRSXHGHQQRUHSURGXಢ ࿢ (VWHDSDUDWRPXHVWUDDUFKLYRV FKLYRV03TXHXVDQ9%5
FLUVH 03:0$FRQODVH[WHQVLRQHVGH &XDQGRXQDUFKLYR03GHOWLSR
DUFKLYRPSZPDHQPLQëVFXOD 9%5VHUHSURGXFHHOWLHPSRUHVಢ
R03R:0$HQPD\ëVFXOD WDQWHTXHVHPXHVWUDSXHGHVHU
GLVWLQWRDOWLHPSRUHVWDQWHUHDO
 6LVWHPDGHLQIRHQWUHWHQLPLHQWR

%RWRQHVSULQFLSDOHVFRQWURO 0XHVWUDODLQIRUPDFLäQGHODSLVWDTXH
/RVERWRQHV\FRQWUROHVSULQFLSDOHV VHHVWÒUHSURGXFLHQGR
VLJXLHQWHVVHXVDQSDUDUHSURGXFLU %RWäQ3%%$&.
DUFKLYRVGHPëVLFD86%
&DQFHODODRSFLäQVHOHFFLRQDGDR
%RWäQ& &'$8; YXHOYHDOPHQëDQWHULRU
3XOVHUHSHWLGDPHQWHHOERWäQFXDQGR
HOGLVSRVLWLYR86%HVWÒFRQHFWDGR
SDUDVHOHFFLRQDUHOPRGRGHUHSURಢ
GXFFLäQ86%
7(/º)212>\@6,/(1&,2>#@
3XOVHHOERWäQSDUDDFWLYDURGHVDFWLಢ
YDUODIXQFLäQGHVLOHQFLR
࿢ 8QDYH]TXHHODSDUDWRKD\DILQDOLಢ
%RWäQ0 0(18781(FRQPDQGR ]DGRGHOHHUODLQIRUPDFLäQGHOGLVಢ
GHUHJXODFLäQ &RQH[LäQGHXQGLVSRVLWLYRGH SRVLWLYRGHDOPDFHQDPLHQWR86%
࿢ *LUHHOFRQWUROSDUDGHVSOD]DUVHD DOPDFHQDPLHQWR86% UHSURGXFLUÒORVDUFKLYRVDXWRPÒWLಢ
ODOLVWDGHSLVWDVPHQëRLQIRUPDಢ FDPHQWH
FLäQGHSLVWDV03:0$ ࿢ 6LVHFRQHFWDXQGLVSRVLWLYRGHDOಢ
࿢ 3XOVHHOERWäQSDUDPRVWUDUODSDQಢ PDFHQDPLHQWR86%TXHQRVH
WDOODGHPHQëSURSRUFLRQDGDSRUOD SXHGHOHHUDSDUHFHUÒXQPHQVDMH
RSFLäQRPRGRDFWXDO GHHUURU\HODSDUDWRFDPELDUÒDXಢ
WRPÒWLFDPHQWHDODëOWLPDIXQFLäQ
%RWRQHVG6((.F
࿢ 3XOVHHVWRVERWRQHVSDUDUHSURGXಢ
FLUODSLVWDDQWHULRURVLJXLHQWH
࿢ 0DQWHQJDSXOVDGRVHVWRVERWRQHV
SDUDUHERELQDURDYDQ]DUUÒSLGDಢ
PHQWH\VXÚOWHORVDFRQWLQXDFLäQ
SDUDTXHODSLVWDVHUHSURGX]FDD
YHORFLGDGQRUPDO
&RQHFWHHOGLVSRVLWLYRGHDOPDFHQDಢ
PLHQWR86%FRQORVDUFKLYRVGHPëಢ
VLFDTXHGHVHDUHSURGXFLUDOWHUPLQDO
GHFRQH[LäQ86%
TXHVHXVäRDODIXQFLäQGHUDGLR)0
(QDOJXQRVSD¯VHVODUHSURGXFFLµQ
UHJUDEDFLµQDOTXLOHUSU«VWDPRRFDQMH
QRDXWRUL]DGRGHIRQRJUDPDVVLQ
DXWRUL]DFLµQGHOWLWXODUGHODSURSLHGDG
LQWHOHFWXDOVHHQFXHQWUDSURKLELGD(Q
HVRVFDVRVVLHPSUHTXHQRVHWUDWHGH
&'R03OHJ¯WLPRVGHEHU£FRQWDUFRQ
%RWäQGH,1)250$&,Ä1>,,1)2@ ODFRUUHVSRQGLHQWHDXWRUL]DFLµQ
 6LVWHPDGHLQIRHQWUHWHQLPLHQWR 

6LHOGLVSRVLWLYRGHDOPDFHQDPLHQWR SURGXFWRUGH&'03VäORVHKD 5HSURGXFWRUL3RGVäORSDUDHOWLSR$

86%TXHVHGHVHDUHSURGXFLUHVWÒ
FRQHFWDGRSXOVHUHSHWLGDPHQWHHO
ERWäQ&&'$8;SDUDVHOHFFLRQDUHO
UHSURGXFWRU86%
(OUHSURGXFWRU86%SURFHGHDODUHಢ
SURGXFFLäQDXWRPÒWLFDDSDUWLUGHO
SXQWRGHUHSURGXFFLäQDQWHULRU
/DVIXQFLRQHVGHOUHSURGXFWRU86%
VHDFWLYDQGHIRUPDVLPLODUDODUHSURಢ
GXFFLäQGH&'03
)LQDOL]DUODUHSURGXFFLäQGHDUFKLYRV
GHPëVLFD86%
3XOVHHOERWäQ5 5$',2%$1'R& &'
$8;SDUDVHOHFFLRQDURWUDVIXQFLRಢ
QHV
DâDGLGRODRSFLäQ(([WUDHU86%&RQಢ
VXOWHODVIXQFLRQHVGHOUHSURGXFWRUGH
&'03HQHOP PHQëGH&'
0HQë86%ඎ([WUDHU86%
(QHOPRGRGHUHSURGXFFLäQSXOVHHO
(QODVYHUVLRQHVDVÞHTXLSDGDV
(QDOJXQRVSD¯VHVODUHSURGXFFLµQ
UHJUDEDFLµQDOTXLOHUSU«VWDPRRFDQMH
QRDXWRUL]DGRGHIRQRJUDPDVVLQ
DXWRUL]DFLµQGHOWLWXODUGHODSURSLHGDG
LQWHOHFWXDOVHHQFXHQWUDSURKLELGD(Q
HVRVFDVRVVLHPSUHTXHQRVHWUDWHGH
&'R03OHJ¯WLPRVGHEHU£FRQWDUFRQ
ODFRUUHVSRQGLHQWHDXWRUL]DFLµQ
%RWRQHVSULQFLSDOHVFRQWURO
/RVERWRQHV\FRQWUROHVSULQFLSDOHV
VLJXLHQWHVVHXVDQSDUDUHSURGXFLU
DUFKLYRVGHPëVLFDGHOL3RG
ERWäQ00(18781(SDUDPRVWUDUHO %RWäQ&&'$8;
3DUDILQDOL]DUODUHSURGXFFLäQ\GHVಢ
PHQë86% 3XOVHUHSHWLGDPHQWHHOERWäQFXDQGR
FRQHFWDUHOGLVSRVLWLYRGHDOPDFHQDಢ
*LUHHOPDQGR0 0(18781(SDUDLUD HOL3RGHVWÒFRQHFWDGRSDUDVHOHFFLRಢ
PLHQWR86%XWLOLFHODRSFLäQ00HQë
([WUDHU86%\OXHJRSXOVHHOERWäQ QDUHOPRGRGHUHSURGXFFLäQL3RG
86%ඎ( ([WUDHU86%SDUDH[WUDHUHO
GLVSRVLWLYRGHDOPDFHQDPLHQWR86% 0(18781(SDUDPRVWUDUHOPHQಢ %RWäQ00(18781(FRQPDQGR
FRQVHJXULGDG VDMHDYLVÒQGROHGHTXHHVVHJXURH[ಢ GHUHJXODFLäQ
WUDHUHOGLVSRVLWLYR86% ࿢ *LUHHOFRQWUROSDUDGHVSOD]DUVH\
8VRGHOPHQë86% 'HVFRQHFWHHOGLVSRVLWLYR86%GHO PRVWUDUODOLVWDGHSLVWDVTXHVH
/DVLQVWUXFFLRQHVSDUD5
5HSURGXFLU WHUPLQDOGHFRQH[LäQ86% HVWÒUHSURGXFLHQGR
WHPDVDOHDWRULDPHQWH55HSHWLU
9XHOYDDODëOWLPDIXQFLäQTXHVHXVä ࿢ 3XOVHHOERWäQSDUDPRVWUDUODSDQಢ
&DUSHWDV%
%XVFDUGHOP
PHQë86%
WDOODGHPHQëSURSRUFLRQDGDSRUOD
VRQVLPLODUHVDOP
PHQëGH&'GHOUHಢ
RSFLäQRPRGRDFWXDO
 6LVWHPDGHLQIRHQWUHWHQLPLHQWR

%RWRQHVG6((.F &RQH[LäQGHOUHSURGXFWRUL3RG
࿢ 3XOVHHVWRVERWRQHVSDUDUHSURGXಢ
FLUODSLVWDDQWHULRURVLJXLHQWH
࿢ 0DQWHQJDSXOVDGRVHVWRVERWRQHV
SDUDUHERELQDURDYDQ]DUUÒSLGDಢ
PHQWH\VXÚOWHORVDFRQWLQXDFLäQ
SDUDTXHODSLVWDVHUHSURGX]FDD
YHORFLGDGQRUPDO
%RWäQGH,1)250$&,Ä1>,,1)2@
0XHVWUDODLQIRUPDFLäQGHODSLVWDTXH
VHHVWÒUHSURGXFLHQGR
%RWäQ3% %$&. ࿢ (QDOJXQRVFDVRVHOL3RGSXHGH
&DQFHODODRSFLäQDQWHULRURYXHOYHDO UHVXOWDUGDâDGRVLVHDSDJDHOHQಢ
&RQHFWHHOL3RGFRQORVDUFKLYRVGH FHQGLGRFXDQGRHOL3RGHVWÒFRQHFಢ
PHQëDQWHULRU PëVLFDTXHGHVHDUHSURGXFLUDOWHUಢ WDGRDODSDUDWR
7(/º)212>\@6,/(1&,2>#@
3XOVHHOERWäQSDUDDFWLYDURGHVDFWLಢ
YDUODIXQFLäQGHVLOHQFLR
PLQDOGHFRQH[LäQ86%
&XDQGRHOL3RGQRVHXVHPDQWÚQಢ
$OJXQRVPRGHORVGHL3RGL3KRQH JDORGHVFRQHFWDGRGHODSDUDWRFRQ
SXHGHQQRVHUFRPSDWLEOHV HOHQFHQGLGRDSDJDGR
&RQHFWHHOL3RGDHVWHDSDUDWRVäOR
FRQORVFDEOHVGHFRQH[LäQFRPSDWLಢ
EOHVSDUDL3RG1RSXHGHQXVDUVH
RWURVFDEOHVGHFRQH[LäQ

࿢ 8QDYH]TXHHODSDUDWRKD\DILQDOLಢ
]DGRGHOHHUODLQIRUPDFLäQGHO
L3RGUHSURGXFLUÒORVDUFKLYRVDXಢ
WRPÒWLFDPHQWH
࿢ 6LVHFRQHFWDXQL3RGTXHQRVH
SXHGHOHHUDSDUHFHUÒHOPHQVDMH
GHHUURUFRUUHVSRQGLHQWH\HODSDಢ
UDWRFDPELDUÒDXWRPÒWLFDPHQWHD
ODëOWLPDIXQFLäQTXHVHXVäRDOD
IXQFLäQGHUDGLR)0
6LVWHPDGHLQIRHQWUHWHQLPLHQWR
࿢ (OUHSURGXFWRUL3RGSURFHGHDODUHಢ
SURGXFFLäQDXWRPÒWLFDDSDUWLUGHO
SXQWRGHUHSURGXFFLäQDQWHULRU
࿢ /DVIXQFLRQHVGHUHSURGXFFLäQ\
ODVRSFLRQHVGHODSDQWDOODGHLQಢ
IRUPDFLäQGHOUHSURGXFWRUL3RG
XVDGDVFRQHVWHDSDUDWRSXHGHQ
VHUGLVWLQWDVGHODVGHOL3RGHQ
FXDQWRDORUGHQGHUHSURGXFFLäQ
PÚWRGRHLQIRUPDFLäQPRVWUDGD
࿢ &RQVXOWHODWDEODVLJXLHQWHSDUDREಢ
WHQHUODVRSFLRQHVGHFODVLILFDFLäQ
UHODFLRQDGDVFRQODIXQFLäQGHEëVಢ

/DVIXQFLRQHVSDUDUHSURGXFLUHOL3RG
VHDFWLYDQGHIRUPDVLPLODUDODUHSURಢ
GXFFLäQGH&'03
6DOLUGHUHSURGXFFLäQGHL3RG
3DUDILQDOL]DUODUHSURGXFFLäQSXOVH
HOERWäQ5
5$',2%$1'R& &'$8;
SDUDVHOHFFLRQDURWUDVIXQFLRQHV
8VRGHOPHQëGHOL3RG
(QHOP
PHQëGHOL3RGODVLQVWUXFFLRQHV
SDUD55HSURGXFLUWHPDV
DOHDWRULDPHQWH55HSHWLU%
%XVFDU
LQFOXLGRVDXGLROLEURV\FRPSRVLWRಢ
TXHGDSURSRUFLRQDGDSRUHOL3RG
UHVVRQVLPLODUHVDOP
PHQëGH&'GHO
UHSURGXFWRUGH&'03VäORVHKD
DâDGLGRODRSFLäQ( ([SXOVDUL3RG
&RQVXOWDUFDGDRSFLäQGHO&'03
SDUDVXXVR

6LHOL3RGTXHVHGHVHDUHSURGXFLU
HVWÒFRQHFWDGRSXOVHUHSHWLGDPHQWH
HOERWäQ&
&'$8;SDUDVHOHFFLRQDUHO
UHSURGXFWRUL3RG
 6LVWHPDGHLQIRHQWUHWHQLPLHQWR

0HQëL3RGඎ([SXOVDUL3RG (QWUDGD$8;GHVRQLGRH[WHULRU &RQH[LäQGHVRQLGRH[WHULRU

/LPLWDGRDPRGHORVFRPSDWLEOHVFRQ
ODFRQH[LäQGHVRQLGRH[WHUQR
%RWRQHVSULQFLSDOHVFRQWURO
/RVERWRQHV\FRQWUROHVSULQFLSDOHV
VLJXLHQWHVVHXVDQSDUDGLVIUXWDUGHO
H[FHOHQWHVRQLGRGHOVLVWHPDGHLQಢ
IRHQWUHWHQLPLHQWRSURYHQLHQWHGHOD
VDOLGDGHDXGLRGHXQGLVSRVLWLYRH[ಢ
WHUQRFRQHFWDGR
%RWäQ&&'$8;
6LKD\XQGLVSRVLWLYRGHVRQLGRH[ಢ
WHUQRFRQHFWDGRSXOVHUHSHWLGDಢ
(QHOPRGRGHUHSURGXFFLäQSXOVHHO &RQHFWHODVDOLGDGHDXGLRGHOHTXLSR
PHQWHHOERWäQSDUDVHOHFFLRQDUHO
ERWäQ00(18781(SDUDPRVWUDUHO GHVRQLGRH[WHUQRDOWHUPLQDOäGH
PRGRGHHQWUDGD$8;GHVRQLGRH[ಢ
PHQëGHOL3RG HQWUDGD$8;
WHUQR
*LUHHOPDQGR0 0(18781(SDUD (OVLVWHPDGHLQIRHQWUHWHQLPLHQWR
0DQGRGH(1&(1','2$3$ಢ
GHVSOD]DUVHKDVWDODIXQFLäQ FDPELDUÒDXWRPÒWLFDPHQWHDOPRGR
*$'2>P@92/80(1>9 92/@
([SXOVDUL3RG\OXHJRSXOVHHOERWäQ GHHQWUDGD$8;GHVRQLGRH[WHULRU
0(18781(SDUDPRVWUDUHOPHQಢ *LUHHOFRQWUROSDUDDMXVWDUHOYROXಢ FXDQGRHOGLVSRVLWLYRGHVRQLGRH[ಢ
VDMHDYLVÒQGROHGHTXHHVVHJXURH[ಢ PHQ WHUQRHVWÚFRQHFWDGR
WUDHUHOGLVSRVLWLYR 7(/º)212>\@6,/(1&,2>#@
'HVFRQHFWHHOGLVSRVLWLYRL3RGGHO 3XOVHHOERWäQSDUDDFWLYDURGHVDFWLಢ
WHUPLQDOGHFRQH[LäQ86% YDUODIXQFLäQGHVLOHQFLR
 6LVWHPDGHLQIRHQWUHWHQLPLHQWR 

3XOVHHOERWäQ&&'$8;VäORSDUDHO
WLSR$R$
$8;VäORSDUDHOWLSR%
SDUDFDPELDUDOPRGRGHHQWUDGDGH
VRQLGRH[WHULRUVL\DVHKDFRQHFWDGR
HOHTXLSRGHVRQLGRH[WHUQR*LUHHO
PDQGRGHO92/80(1>9 92/@SDUD
DMXVWDUHOYROXPHQ
 &OLPDWL]DFLäQ

&OLPDWL]DFLäQ 6LVWHPDVGH 7HPSHUDWXUD

$MXVWHODWHPSHUDWXUDJLUDQGRHO
FOLPDWL]DFLäQ PDQGR
6LVWHPDGHFDOHIDFFLäQ\ 5RMR FDOLHQWH
6LVWHPDVGHFOLPDWL]DFLäQ   $]XO IUÞR
6DOLGDVGHDLUH   YHQWLODFLäQ
/DFDOHIDFFLäQQRVHUÒWRWDOPHQWH
0DQWHQLPLHQWR  
HIHFWLYDKDVWDTXHHOPRWRUKD\DDOಢ
FDQ]DGRODWHPSHUDWXUDQRUPDOGH
IXQFLRQDPLHQWR

'LVWULEXFLäQGHDLUH
6HOHFFLRQHODVDOLGDGHDLUHJLUDQGRHO
PDQGRGHOFHQWUR

0DQGRVSDUDOD
࿢ 7HPSHUDWXUD
࿢ 'LVWULEXFLäQGHDLUH
࿢ 9HORFLGDGGHOYHQWLODGRU
࿢ &DOHIDFFLäQ
࿢ 'HVHPSDâDGRGHOSDUDEULVDV
࿢ 5HFLUFXODFLäQGHDLUH
࿢ /XQHWDWÚUPLFDWUDVHUD^

+ KDFLDODFDEH]D\ORVSLHV
* KDFLDORVSLHVFRQXQSRFRGH
DLUHGLULJLGRKDFLDHOSDUDEULಢ
VDVODVYHQWDQLOODVGHODV
SXHUWDVGHODQWHUDV\ODVVDOLಢ
GDVGHDLUH
, KDFLDOD]RQDGHODFDEH]D
PHGLDQWHVDOLGDVGHDLUHUHJXಢ
ODEOHV
) KDFLDHOSDUDEULVDV\ORVSLHV
FRQXQSRFRGHDLUHGLULJLGR
KDFLDODVYHQWDQLOODVGHODV
SXHUWDVGHODQWHUDV\ODVVDOLಢ
GDVGHDLUH
5 KDFLDHOSDUDEULVDV\ODVYHQಢ
WDQLOODVGHODVSXHUWDVGHODQಢ
WHUDVFRQXQSRFRGHDLUHGLಢ
ULJLGRKDFLDODVVDOLGDVGH
DLUH
9HORFLGDGGHOYHQWLODGRU
$MXVWHHOFDXGDOGHDLUHFRQHFWDQGR
ODYHORFLGDGGHVHDGDGHOYHQWLODGRU
&OLPDWL]DFLäQ 
&DOHIDFFLäQ 3DUDREWHQHUODFDOHIDFFLäQPÒ[LPD
 3XOVHHOERWäQGHUHFLUFXODFLäQ
&DOHIDFFLäQQRUPDO SDUDHOPRGRGHUHFLUFXODFLäQ6H
 *LUHHOPDQGRGHWHPSHUDWXUDDOD HQFLHQGHXQDOX]SDUDLQGLFDUTXH
]RQDURMDSDUDFDOHQWDU ODUHFLUFXODFLäQHVWÒDFWLYDGD
 *LUHHOPDQGRGHGLVWULEXFLäQGH
 *LUHHOPDQGRGHWHPSHUDWXUD
DLUH KDVWDHOWRSHGHOD]RQDURMDSDUD
 *LUHHOPDQGRGHOYHQWLODGRUKDVWD FDOHQWDU
ODYHORFLGDGGHVHDGD  *LUHHOPDQGRGHOYHQWLODGRUKDVWD
ODYHORFLGDGPÒ[LPD
&DOHIDFFLäQPÒ[LPD
8WLOLFHHOPRGRGHFDOHIDFFLäQPÒಢ
[LPDSDUDFDOHQWDUUÒSLGDPHQWHOD
]RQDGHORVSDVDMHURV
1RODXWLOLFHGXUDQWHPXFKRWLHPSR
3XHGHRFXUULUXQDFFLGHQWHSRUTXHVH
FDUJDUÒHODLUHLQWHULRU\ORVFULVWDOHV
VHSXHGHQHPSDâDUFDXVDQGRXQD
SÚUGLGDGHYLVLELOLGDGGHOFRQGXFWRU
3DUDGHVHPSDâDUORVFULVWDOHVJLUHHO
PDQGRGHGLVWULEXFLäQGHODLUHD5\
PXHYDODSDODQFDGHUHFLUFXODFLäQDO
PRGRGHDLUHH[WHULRUSDUDTXHHQWUH
DLUHIUHVFRHQHOYHKÞFXOR
 &OLPDWL]DFLäQ
'HVFRQJHODFLäQGHOSDUDEULVDV
 *LUHHOPDQGRGHGLVWULEXFLäQGHO
DLUHDODSRVLFLäQ'(6(03$Â$5
5\HOPRGRGHUHFLUFXODFLäQVH
DFWLYDUÒ\DMXVWDUÒDPRGRGHDLUH
H[WHULRUDXWRPÒWLFDPHQWH
 *LUHHOPDQGRGHWHPSHUDWXUDDOD
(QHOPRGR'(6(03$Â$5ODUHಢ
]RQDURMDSDUDTXHVDOJDDLUHFDಢ
OLHQWH
 $MXVWHHOPDQGRGHUHJXODFLäQGHO
YHQWLODGRUDODYHORFLGDGPÒ[LPD
SDUDGHVHPSDâDUUÒSLGDPHQWH
 $EUDODVVDOLGDVGHDLUHVHJëQVHD
QHFHVDULR\RULÚQWHODVKDFLDODV
YHQWDQLOODV
$WHQFLäQ
6LVWHPDGHUHFLUFXODFLäQGH
DLUH
/DGLIHUHQFLDHQWUHHODLUHH[WHULRU
\ODWHPSHUDWXUDGHOSDUDEULVDV
SXHGHKDFHUTXHHOFULVWDOVHHPಢ
SDâHORTXHGLVPLQX\HHOFDPSR
GHYLVLäQIURQWDO
1RXWLOLFHODSRVLFLäQ68(/2
'(6&21*(/$5)R'(6&21ಢ
*(/$55HQDPELHQWHVH[WUHಢ
PDGDPHQWHKëPHGRVFXDQGRHO
PDQGRGHUHJXODFLäQGHWHPSHUDಢ
WXUDHVWÚVLWXDGRHQOD]RQDD]XO
(VWRSXHGHSURYRFDUXQDFFLGHQWH
TXHSXHGHGDâDUHOYHKÞFXOR\ (OPRGRGHUHFLUFXODFLäQGHDLUHVH
RFDVLRQDUOHVLRQHVSHUVRQDOHV DFFLRQDFRQHOERWäQ
6HHQFLHQGHXQDOX]SDUDLQGLFDUTXH
ODUHFLUFXODFLäQHVWÒDFWLYDGD
FLUFXODFLäQGHEHDMXVWDUVHDOPRGRGH
DLUHH[WHULRUSDUDGHVHPSDâDUUÒSLಢ
GDPHQWHHOSDUDEULVDV\WHQHUXQD
EXHQDYLVLäQ

 3HOLJUR
&RQGXFLUFRQHOPRGRGHUHFLUFXಢ
ODFLäQFRQHFWDGRGXUDQWHXQSHಢ
UÞRGRSURORQJDGRSXHGHSURYRFDU
VXHâR&DPELHSHULäGLFDPHQWHDO
PRGRGHDLUHH[WHULRUSDUDSHUPLWLU
ODHQWUDGDGHDLUHIUHVFR
(QHOPRGRGHUHFLUFXODFLäQVHUHಢ
GXFHHOLQWHUFDPELRGHDLUHIUHVFR
(QFDVRGHIXQFLRQDPLHQWRVLQUHಢ
IULJHUDFLäQDXPHQWDODKXPHGDG
GHODLUH\VHSXHGHQHPSDâDUORV
FULVWDOHV/DFDOLGDGGHODLUHGHO
KDELWÒFXORGLVPLQX\HHVWRSXHGH
KDFHUTXHORVRFXSDQWHVVHVLHQಢ
WDQPDUHDGRV
/XQHWDWÚUPLFDWUDVHUD
/DOXQHWDWÚUPLFDWUDVHUDVHDFFLRQD
FRQHOERWäQ^
6HHQFLHQGHXQDOX]SDUDLQGLFDUTXH
ODIXQFLäQHVWÒDFWLYDGD
/XQHWDWÚUPLFDWUDVHUD
&OLPDWL]DFLäQ 
$LUHDFRQGLFLRQDGR ࿢ 9HORFLGDGGHOYHQWLODGRU
࿢ 'HVHPSDâDGR\GHVFRQJHODPLHQWR
 3HOLJUR ࿢ 5HFLUFXODFLäQGHDLUH
࿢ 5HIULJHUDFLäQL
1RGXHUPDHQXQYHKÞFXORFRQHO
VLVWHPDGHDLUHDFRQGLFLRQDGRR ࿢ /XQHWDWÚUPLFDWUDVHUD
GHFDOHIDFFLäQHQFHQGLGR3XHGH
VXIULUOHVLRQHVJUDYHVRIDWDOHVGHಢ 7HPSHUDWXUD
ELGRDXQDFDÞGDGHOFRQWHQLGRGH $MXVWHODWHPSHUDWXUDJLUDQGRHO
PDQGR
R[ÞJHQRGHODLUHRGHODWHPSHUDಢ
WXUDFRUSRUDO 5RMR FDOLHQWH
$]XO IUÞR
'LVWULEXFLäQGHDLUH
6HOHFFLRQHODVDOLGDGHDLUHJLUDQGRHO
PDQGRGHOFHQWUR
0DQGRVSDUDOD
࿢ 7HPSHUDWXUD
࿢ 'LVWULEXFLäQGHDLUH
 &OLPDWL]DFLäQ

+ KDFLDODFDEH]D\ORVSLHV 'HVHPSDâDGRGHOSDUDEULVDV 6LVWHPDGHUHFLUFXODFLäQGH

* KDFLDORVSLHVFRQXQSRFRGH DLUH
DLUHGLULJLGRKDFLDHOSDUDEULಢ
VDVODVYHQWDQLOODVGHODV
SXHUWDVGHODQWHUDV\ODVVDOLಢ
GDVGHDLUH
, KDFLDOD]RQDGHODFDEH]D
PHGLDQWHVDOLGDVGHDLUHUHJXಢ
ODEOHV
) KDFLDHOSDUDEULVDV\ORVSLHV
FRQXQSRFRGHDLUHGLULJLGR
KDFLDODVYHQWDQLOODVGHODV
SXHUWDVGHODQWHUDV\ODVVDOLಢ
GDVGHDLUH
5 KDFLDHOSDUDEULVDV\ODVYHQಢ  *LUHHOPDQGRGHGLVWULEXFLäQGHO
WDQLOODVGHODVSXHUWDVGHODQಢ DLUHDODSRVLFLäQ'(6(03$Â$5 (OPRGRGHUHFLUFXODFLäQGHDLUHVH
WHUDVFRQXQSRFRGHDLUHGLಢ 5\HOPRGRGHUHFLUFXODFLäQVH DFFLRQDFRQHOERWäQ
ULJLGRKDFLDODVVDOLGDVGH DFWLYDUÒ\DMXVWDUÒDPRGRGHDLUH
DLUH 6HHQFLHQGHXQDOX]SDUDLQGLFDUTXH
H[WHULRUDXWRPÒWLFDPHQWH
ODUHFLUFXODFLäQHVWÒDFWLYDGD
9HORFLGDGGHOYHQWLODGRU  (OLQWHUUXSWRUGHO$$VHHQFLHQGH

(QHOPRGR'(6(03$Â$5ODUHಢ
$MXVWHHOFDXGDOGHDLUHFRQHFWDQGR DXWRPÒWLFDPHQWH3HURHOLQGLFDಢ
FLUFXODFLäQGHEHDMXVWDUVHDOPRGRGH
ODYHORFLGDGGHVHDGDGHOYHQWLODGRU GRUVHPXHVWUDDQWHVGHOPRGRGH
DLUHH[WHULRUSDUDGHVHPSDâDUUÒSLಢ
IXQFLRQDPLHQWR
GDPHQWHHOSDUDEULVDV\WHQHUXQD
 6HOHFFLRQHODWHPSHUDWXUDGHಢ EXHQDYLVLäQ
VHDGD
 $MXVWHHOPDQGRGHOYHQWLODGRUHQ
ODYHORFLGDGGHVHDGD

(QHOPRGR'(6(03$Â$5ODUHಢ
 3HOLJUR
&RQGXFLUFRQHOPRGRGHUHFLUFXಢ
ODFLäQFRQHFWDGRGXUDQWHXQSHಢ
UÞRGRSURORQJDGRSXHGHSURYRFDU
VXHâR&DPELHSHULäGLFDPHQWHDO
&OLPDWL]DFLäQ 
FLUFXODFLäQGHEHDMXVWDUVHDOPRGRGH $WHQFLäQ
DLUHH[WHULRUSDUDGHVHPSDâDUUÒSLಢ
GDPHQWHHOSDUDEULVDV\WHQHUXQD 8WLOLFHVäORHOJDVUHIULJHUDQWHDGHಢ
EXHQDYLVLäQ FXDGR
(ODLUHDFRQGLFLRQDGRUHIULJHUD\GHVಢ
PRGRGHDLUHH[WHULRUSDUDSHUPLWLU
ODHQWUDGDGHDLUHIUHVFR
(QHOPRGRGHUHFLUFXODFLäQVHUHಢ
GXFHHOLQWHUFDPELRGHDLUHIUHVFR
(QFDVRGHIXQFLRQDPLHQWRVLQUHಢ
IULJHUDFLäQDXPHQWDODKXPHGDG
GHODLUH\VHSXHGHQHPSDâDUORV
FULVWDOHV/DFDOLGDGGHODLUHGHO
KDELWÒFXORGLVPLQX\HHVWRSXHGH
KDFHUTXHORVRFXSDQWHVVHVLHQಢ
WDQPDUHDGRV
5HIULJHUDFLäQL
6HDFFLRQDFRQHOERWäQL\VäORIXQಢ
FLRQDFRQHOPRWRU\HOYHQWLODGRUHQ
PDUFKD
6HHQFLHQGHXQDOX]SDUDLQGLFDUTXH
HODLUHDFRQGLFLRQDGRHVWÒDFWLYDGR
KXPLGLILFDVHFDHODLUHHQFXDQWROD  3HOLUJR
WHPSHUDWXUDH[WHULRUHVWÒSRUHQFLPD
GHOSXQWRGHFRQJHODFLäQ3RUHVRVH /RVFOLPDWL]DGRUHVGHEHQVHUUHಢ
SXHGHFRQGHQVDUDJXDTXHVDOHSRU SDUDGRVëQLFDPHQWHSRUSHUVRQDO
GHEDMRGHOYHKÞFXOR FXDOLILFDGR/RVPÚWRGRVGHUHSDಢ
UDFLäQLQFRUUHFWRVSXHGHQRFDVLRಢ
6LQRHVQHFHVDULRUHIULJHUDURGHVಢ
KXPLGLILFDUHODLUHGHVFRQHFWHODUHಢ QDUOHVLRQHVSHUVRQDOHV
IULJHUDFLäQSDUDDKRUUDUFRPEXVWLEOH
5HIULJHUDFLäQQRUPDO
(ODLUHDFRQGLFLRQDGRQRIXQFLRQDUÒ
 $FFLRQHHOVLVWHPDGHDLUHDFRQಢ
FXDQGRHOPDQGRGHOYHQWLODGRUHVWÚ
GLFLRQDGR
HQODSRVLFLäQGHGHVFRQH[LäQ
 *LUHHOPDQGRGHWHPSHUDWXUDDOD
$XQTXHHODLUHDFRQGLFLRQDGRHVWÚ
]RQDD]XOSDUDUHIULJHUDU
HQFHQGLGRVLHOPDQGRGHWHPSHUDಢ
WXUDHVWÒHQOD]RQDURMDHOYHKÞFXOR  *LUHHOPDQGRGHGLVWULEXFLäQGH
JHQHUDUÒDLUHFDOLHQWH DLUH
3DUDDSDJDUHOVLVWHPDGHDLUHDFRQಢ  $MXVWHHOPDQGRGHOYHQWLODGRUHQ
GLFLRQDGRSRQJDHOPDQGRGHOYHQWLಢ ODYHORFLGDGGHVHDGD
ODGRUD
 &OLPDWL]DFLäQ
5HIULJHUDFLäQPÒ[LPD
3DUDREWHQHUODPÒ[LPDUHIULJHUDFLäQ
FXDQGRKDFHFDORU\FXDQGRHOYHಢ
KÞFXORKDHVWDGRDOVROGXUDQWHPXFKR
WLHPSR WDSDGHODVDOLGD
 $FFLRQHHOVLVWHPDGHDLUHDFRQಢ
GLFLRQDGR
 3XOVHHOERWäQGHUHFLUFXODFLäQ
SDUDHOPRGRGHUHFLUFXODFLäQ
 *LUHHOPDQGRGHWHPSHUDWXUD
KDVWDHOWRSHGHOD]RQDD]XOSDUD
UHIULJHUDU
 *LUHHOPDQGRGHOYHQWLODGRUKDVWD
ODYHORFLGDGPÒ[LPD
6DOLGDVGHDLUH
6DOLGDVGHDLUHUHJXODEOHV
&RQODUHIULJHUDFLäQFRQHFWDGDVH
GHEHGHMDUDELHUWDDOPHQRVXQDGH
ODVVDOLGDVGHDLUHSDUDHYLWDUTXHVH
FRQJHOHHOHYDSRUDGRUGHELGRDOD
IDOWDGHPRYLPLHQWRGHODLUH
3UHVLRQHVREUHODWDSDFRUUHVSRQಢ
GLHQWHSDUDDEULUODVVDOLGDVODWHUDOHV
\JÞUHODHQODGLUHFFLäQGHVHDGD
6LQRGHVHDHOIOXMRGHDLUHFLHUUHOD
 3HOLJUR
1RILMHREMHWRVDODVDOHWDVGHODV
/DVDOLGDFHQWUDOQRVHFLHUUDSRUFRPಢ VDOLGDVGHDLUH+D\ULHVJRGHOHಢ
SOHWR VLRQHV\GDâRVHQFDVRGHDFFLಢ
'LULMDHOIOXMRGHDLUHLQFOLQDQGR\JLಢ GHQWH
UDQGRODVDOHWDV
 &OLPDWL]DFLäQ 

6DOLGDVGHDLUHILMDV 0DQWHQLPLHQWR
+D\VDOLGDVGHDLUHDGLFLRQDOHVVLWXDಢ
GDVGHEDMRGHOSDUDEULVDVGHODVYHQಢ (QWUDGDGHDLUH
WDQLOODVGHODQWHUDV\HQODV]RQDVGH
ORVSLHV

&DPELRGHOILOWUR
 'HVPRQWHODJXDQWHUD
3DUDGHVPRQWDUODJXDQWHUD
ÒEUDOD\OHYÒQWHODSRUORVODGRV
/DHQWUDGDGHDLUHHQHOFRPSDUWLಢ
PHQWRGHOPRWRUGHODQWHGHOSDUDEULಢ
VDVGHEHHVWDUOLEUHSDUDSHUPLWLUOD
HQWUDGDGHDLUH5HWLUHFXDOTXLHUUHVWR
GHKRMDVVXFLHGDGRQLHYH

)LOWURGHSROHQ
)LOWURGHDLUHGHOKDELWÒFXOR
(OILOWURHOLPLQDSROYRKROOÞQSROHQ\
HVSRUDVGHODLUHTXHHQWUDHQHOYHಢ
KÞFXORDWUDYÚVGHODHQWUDGDGHDLUH
 &OLPDWL]DFLäQ

 'HVPRQWHODWDSDGHOILOWURWLUDQGR
KDFLDDUULEDGHODWDSD
 6XVWLWX\DHOILOWURGHODLUHDFRQGLಢ
FLRQDGR
 0RQWHODWDSDGHOILOWUR\ODJXDQಢ
WHUDHQRUGHQLQYHUVR
1RWD
/HUHFRPHQGDPRVTXHDFXGDDVX
WDOOHUDXWRUL]DGRSDUDFDPELDUHOILOಢ
WUR
$WHQFLäQ
)XQFLRQDPLHQWRUHJXODU
GHODLUHDFRQGLFLRQDGR
3DUDJDUDQWL]DUXQIXQFLRQDPLHQWR
HILFLHQWH\GXUDGHURGHOVLVWHPDOD
UHIULJHUDFLäQGHEHDFWLYDUVHGXUDQWH
XQRVPLQXWRVXQDYH]DOPHVLQGHಢ
SHQGLHQWHPHQWHGHODVLWXDFLäQFOLಢ
PDWROäJLFD\GHODÚSRFDGHODâR/D
UHIULJHUDFLäQQRIXQFLRQDDWHPSHUDಢ
WXUDVH[WHULRUHVEDMDV
6HUYLFLR
$WHQFLäQ
8WLOLFHVäORHOJDVUHIULJHUDQWHDGHಢ
FXDGR
 3HOLJUR
/RVFOLPDWL]DGRUHVGHEHQVHUUHಢ
SDUDGRVëQLFDPHQWHSRUSHUVRQDO
FXDOLILFDGR/RVPÚWRGRVGHUHSDಢ
UDFLäQLQFRUUHFWRVSXHGHQRFDVLRಢ
QDUOHVLRQHVSHUVRQDOHV

(OPDQWHQLPLHQWRGHOILOWURGHDLUH
GHEHVHUPÒVIUHFXHQWHVLVHFLUಢ
FXODSRUFDUUHWHUDVSROYRULHQWDV
]RQDVGHDLUHFRQWDPLQDGR\FDಢ
UUHWHUDVVLQDVIDOWDU
'LVPLQX\HODHILFLHQFLDGHOILOWUR\
UHVXOWDSHUMXGLFLDOSDUDORVEURQಢ
TXLRV
3DUDXQUHQGLPLHQWRäSWLPRGHODUHಢ
IULJHUDFLäQVHUHFRPLHQGDFRPSURಢ
EDUDQXDOPHQWHHOFOLPDWL]DGRUDXWRಢ
PÒWLFR
࿢ 3UXHEDGHIXQFLRQDPLHQWR\SUHಢ
VLäQ
࿢ )XQFLRQDPLHQWRGHODFDOHIDFFLäQ
࿢ 3UXHEDGHHVWDQTXHLGDG
࿢ &RPSUREDFLäQGHODVFRUUHDVGH
WUDQVPLVLäQ
࿢ /LPSLH]DGHOFRQGHQVDGRU
࿢ 9DFLDGRGHOHYDSRUDGRU
࿢ 3UXHEDGHUHQGLPLHQWR
 &RQGXFFLäQ\PDQHMR 

&RQGXFFLäQ\PDQHMR 5HFRPHQGDFLRQHVSDUD $UUDQTXH\PDQHMR

ODFRQGXFFLäQ
5RGDMHGHXQYHKÞFXOR
5HFRPHQGDFLRQHVSDUDOD &RQWUROGHOYHKÞFXOR QXHYR
FRQGXFFLäQ   2EVHUYHODVVLJXLHQWHVSUHFDXFLRQHV
1RGHMHTXHHOYHKÞFXORFLUFXOH GXUDQWHORVSULPHURVFLHQWRVGHNLOäಢ
$UUDQTXH\PDQHMR  
FRQHOPRWRUSDUDGR PHWURVSDUDPHMRUDUODVSUHVWDFLRಢ
6LVWHPDGHHVFDSHGHOPRWRU   (QGLFKDVLWXDFLäQPXFKRVVLVWHPDV QHVODHFRQRPÞD\ODGXUDELOLGDGGH
&DPELRDXWRPÒWLFR   QRIXQFLRQDQFRPRHOVHUYRIUHQRROD VXYHKÞFXOR
&DPELRPDQXDO  
)UHQRV  
6LVWHPDVGHGHWHFFLäQGH
REMHWRV  
&RPEXVWLEOH  
GLUHFFLäQDVLVWLGD&RQGXFLUGHHVWH
PRGRVXSRQHXQSHOLJURSDUDXVWHG\
SDUDORVGHPÒV
3HGDOHV
3DUDDVHJXUDUXQOLEUHUHFRUULGRGHO
SHGDOQRGHEHKDEHUDOIRPEULOODVHQ
OD]RQDGHORVSHGDOHV
࿢ (YLWHDFHOHUDUDOPÒ[LPRHQORV
DUUDQTXHV
࿢ 1RUHYROXFLRQHH[FHVLYDPHQWHHO
PRWRU
࿢ (YLWHODVSDUDGDVEUXVFDVVDOYRHQ
FDVRVGHHPHUJHQFLD(VWRSHUPLಢ
WLUÒTXHORVIUHQRVVHDVLHQWHQDGHಢ
FXDGDPHQWH
࿢ (YLWHLQLFLDUODPDUFKDUÒSLGDಢ
PHQWHODVDFHOHUDFLRQHVEUXVFDV\
ODFRQGXFFLäQSURORQJDGDDDOWDYHಢ
ORFLGDGSDUDHYLWDUGDâRVHQHOPRಢ
WRU\DKRUUDUFRPEXVWLEOH
࿢ (YLWHDFHOHUDUDOPÒ[LPRHQODV
PDUFKDVFRUWDV
࿢ 1RUHPROTXHRWURYHKÞFXOR
 &RQGXFFLäQ\PDQHMR

3RVLFLRQHVGHODFHUUDGXUD  3HOLJUR $UUDQTXHGHOPRWRU

GHOHQFHQGLGR $UUDQTXHGHOPRWRUFRQOD
1RJLUHODOODYHDODSRVLFLäQä
FRQHOYHKÞFXORHQPDUFKD FHUUDGXUDGHOHQFHQGLGR
(OYHKÞFXOR\HOVHUYRIUHQRQRIXQಢ
FLRQDUÞDQORTXHSRGUÞDFDXVDU
GDâRVDOYHKÞFXOROHVLRQHVSHUVRಢ
QDOHVRLQFOXVRODPXHUWH

$WHQFLäQ
1RGHMHODOODYHHQODSRVLFLäQä
FRQHOPRWRUSDUDGRGXUDQWHPXಢ
FKRWLHPSR
/2&. (QFHQGLGRGHVFRQHFಢ (VWRGHVFDUJDUÒODEDWHUÞD
WDGR
$&& (QFHQGLGRGHVFRQHFಢ ࿢ *LUHODOODYHDODSRVLFLäQPXHYD
WDGRYRODQWHGHVEORಢ OLJHUDPHQWHHOYRODQWHSDUDGHVDFಢ
TXHDGR WLYDUHOEORTXHR
21 (QFHQGLGRFRQHFWDGR ࿢ &DPELRPDQXDODFFLRQHHOHPEUDಢ
67$57 $UUDQTXH JXH

࿢ 1RSLVHHOSHGDOGHODFHOHUDGRU
࿢ *LUHODOODYHDODSRVLFLäQSLVHHO
SHGDOGHOHPEUDJXH\GHOIUHQR
OXHJRVXHOWHODOODYHFXDQGRHOPRಢ
WRUHVWÚHQPDUFKD
$QWHVGHUHSHWLUHODUUDQTXHRSDUD
DSDJDUHOPRWRUJLUHGHQXHYRODOODYH
D

$WHQFLäQ
1RDFFLRQHHOPRWRUGHDUUDQTXH
GXUDQWHPÒVGHVHJXQGRVVHಢ
JXLGRV
6LHOPRWRUQRDUUDQFDHVSHUH
VHJXQGRVDQWHVGHYROYHUORD
LQWHQWDU
(VWRHYLWDUÒTXHHOPRWRUGHDUUDQಢ
TXHVHGDâH
(VWDFLRQDPLHQWR
࿢ 1RHVWDFLRQHHOYHKÞFXORVREUHXQD
VXSHUILFLHIÒFLOPHQWHLQIODPDEOH/D
HOHYDGDWHPSHUDWXUDGHOVLVWHPD
GHHVFDSHSRGUÞDLQIODPDUGLFKD
VXSHUILFLH
࿢ $FFLRQHVLHPSUHHOIUHQRGHHVWDಢ
FLRQDPLHQWRVLQSXOVDUHOERWäQGH
GHVEORTXHR(QSHQGLHQWHVDSOÞಢ
TXHORFRQWRGDODILUPH]DSRVLEOH
3DUDUHGXFLUHOHVIXHU]RSLVHHOSHಢ
GDOGHOIUHQRDOPLVPRWLHPSR
࿢ 'HVFRQHFWHHOPRWRU\HOHQFHQಢ
GLGR*LUHHOYRODQWHKDVWDTXHVH
HQFODYHHOEORTXHRGHOPLVPR
࿢ 6LHOYHKÞFXORHVWÒHQXQDVXSHUILಢ
FLHSODQDRFXHVWDDUULEDHQJUDQH
ODSULPHUDDQWHVGHGHVFRQHFWDUHO
HQFHQGLGR6LHOYHKÞFXORHVWÒ
FXHVWDDUULEDJLUHODVUXHGDVGHಢ
ODQWHUDVHQODGLUHFFLäQFRQWUDULDDO
FRUGäQGHODYHUHGD
6LHOYHKÞFXORHVWÒFXHVWDDEDMR
HQJUDQHODPDUFKDDWUÒVDQWHVGH
GHVFRQHFWDUHOHQFHQGLGR*LUHODV
UXHGDVGHODQWHUDVKDFLDHOFRUGäQ
GHODYHUHGD
࿢ &LHUUHODVYHQWDQLOODV
࿢ %ORTXHHHOYHKÞFXOR\DFWLYHHOVLVಢ
WHPDGHDODUPDDQWLUURER
&RQGXFFLäQ\PDQHMR 
6LVWHPDGHHVFDSHGHO
PRWRU
 3HOLJUR
/RVJDVHVGHHVFDSHFRQWLHQHQ
PRQä[LGRGHFDUERQRXQJDVLQಢ
FRORURHLQRGRURSHURWä[LFR6X
LQKDODFLäQSRGUÞDUHVXOWDUIDWDO
6LHQWUDQJDVHVGHHVFDSHHQHO
LQWHULRUGHOYHKÞFXORDEUDODVYHQಢ
WDQLOODV+DJDVXEVDQDUODFDXVD
GHODDYHUÞDHQXQWDOOHU
1RFLUFXOHFRQHOFRPSDUWLPLHQWR
GHFDUJDDELHUWR\DTXHSRGUÞDQ
HQWUDUJDVHVGHHVFDSHHQHOYHಢ
KÞFXOR
&DWDOL]DGRU
(OFDWDOL]DGRUUHGXFHHOFRQWHQLGRGH
VXVWDQFLDVQRFLYDVHQORVJDVHVGH
HVFDSH
 &RQGXFFLäQ\PDQHMR

$WHQFLäQ
/RVFRPEXVWLEOHVGHXQDFDOLGDG
GLVWLQWDDORVPHQFLRQDGRVHQODV
SÒJLQDVSRGUÞDQ
FDXVDUGDâRVHQHOFDWDOL]DGRUR
HQORVFRPSRQHQWHVHOHFWUäQLFRV
/DQDIWDVLQTXHPDUSXHGH
SURGXFLUXQVREUHFDOHQWDPLHQWR\
GDâRVHQHOFDWDOL]DGRU3RUHVR
VHGHEHHYLWDUHOXVRH[FHVLYRGHO
PRWRUGHDUUDQTXHYDFLDUHOGHಢ
SäVLWRGHFRPEXVWLEOH\DUUDQFDU
HOPRWRUHPSXMDQGRRUHPROFDQGR
HOYHKÞFXOR

6LVHSURGXFHQIDOORVGHHQFHQGLGR
IXQFLRQDPLHQWRLUUHJXODUGHOPRWRU
GLVPLQXFLäQSHUFHSWLEOHGHODSRWHQಢ
FLDGHOPRWRURFXDOTXLHURWUDDQRPDಢ
OÞDKDJDVXEVDQDUODFDXVDGHODDYHಢ
UÞDHQXQWDOOHUORDQWHVSRVLEOH(Q
FDVRGHHPHUJHQFLDVHSXHGHFRQWLಢ
QXDUFLUFXODQGRGXUDQWHXQEUHYHSHಢ
ULRGRPDQWHQLHQGRODYHORFLGDGGHO
YHKÞFXOR\HOUÚJLPHQGHOPRWRUEDMRV
 &RQGXFFLäQ\PDQHMR 

(VWDSÒJLQDQRFRQWLHQHLQIRUPDFLäQ
 &RQGXFFLäQ\PDQHMR

(VWDSÒJLQDQRFRQWLHQHLQIRUPDFLäQ
 &RQGXFFLäQ\PDQHMR 

(VWDSÒJLQDQRFRQWLHQHLQIRUPDFLäQ
 &RQGXFFLäQ\PDQHMR

(VWDSÒJLQDQRFRQWLHQHLQIRUPDFLäQ
 &RQGXFFLäQ\PDQHMR 

&DPELRPDQXDO $WHQFLäQ
1RHVDFRQVHMDEOHFRQGXFLUFRQOD
PDQRDSR\DGDHQODSDODQFDVHಢ
OHFWRUD

6LODPDUFKDQRHQWUDFRQIDFLOLGDG
SRQJDODSDODQFDHQSXQWRPXHUWR
VXHOWHHOSHGDOGHOHPEUDJXH\SÞVHOR
GHQXHYROXHJRUHSLWDODVHOHFFLäQGH
ODPDUFKD
1RFRQGX]FDDPHGLRHPEUDJXHLQಢ
QHFHVDULDPHQWH3LVHVLHPSUHD
IRQGRHOSHGDOGHOHPEUDJXH1RXWLಢ
OLFHHOSHGDOFRPRDSR\RSDUDHOSLH
 &RQGXFFLäQ\PDQHMR
)UHQRV
(OVLVWHPDGHIUHQRVWLHQHGRVFLUFXLಢ
WRVGHIUHQRLQGHSHQGLHQWHV
6LIDOODXQRGHORVFLUFXLWRVGHIUHQRV
DëQHVSRVLEOHIUHQDUHOYHKÞFXORFRQ
HORWURFLUFXLWR6LQHPEDUJRSDUDIUHಢ
QDUKD\TXHSLVDUHOSHGDOILUPHಢ
PHQWH6HUHTXLHUHPXFKDPÒV
IXHU]DSDUDHOOR/DGLVWDQFLDGHIUHಢ
QDGRVHUÒPD\RU$QWHVGHFRQWLQXDU
VXYLDMHUHFXUUDDODD\XGDGHXQWDಢ
OOHU
$WHQFLäQ
6LIDOODXQRGHORVFLUFXLWRVKDEUÒ
TXHSLVDUPÒVIXHUWHHOSHGDOGHO
IUHQR\SXHGHDXPHQWDUODGLVWDQಢ
FLDGHIUHQDGR+DJDUHYLVDU\UHಢ
SDUDUHOVLVWHPDGHIUHQRVHQXQ
VHUYLFLRLQPHGLDWDPHQWH/HUHFRಢ
PHQGDPRVTXHDFXGDDVXWDOOHU
DXWRUL]DGR
6LHOSHGDOGHOIUHQRVHKXQGHPÒV
GHORQRUPDOHVSRVLEOHTXHWHQJD
TXHUHSDUDUORVIUHQRV
5HFXUUDDXQVHUYLFLRLQPHGLDWDಢ
PHQWH/HUHFRPHQGDPRVTXH
DFXGDDVXWDOOHUDXWRUL]DGR
$WHQFLäQ
1RFRQGX]FDFRQHOSLHDSR\DGR
HQHOSHGDOGHOIUHQR(VWRRFDVLRಢ
QDUÒXQGHVJDVWHSUHPDWXURGH
ORVFRPSRQHQWHVGHOIUHQR$GHಢ
PÒVORVIUHQRVSRGUÞDQVREUHFDಢ
OHQWDUVHSRUORTXHVHQHFHVLWDUÞD
XQDPD\RUGLVWDQFLDGHIUHQDGR\
VHFUHDUÞDXQDFRQGLFLäQGHLQVHಢ
JXULGDG
 3HOLJUR
'HVSXÚVGHFRQGXFLUSRUFKDUFRV
GHDJXDGHODYDUHOYHKÞFXORRKDಢ
EHUXWLOL]DGRGHPDVLDGRHOIUHQRDO
GHVFHQGHUSRUSHQGLHQWHVSURಢ
QXQFLDGDVORVIUHQRVSXHGHQSHUಢ
GHUWHPSRUDOPHQWHVXSRGHUGH
IUHQDGD(VWRSXHGHGHEHUVHD
TXHORVFRPSRQHQWHVGHOVLVWHPD
GHIUHQRVHVWÚQPRMDGRVRVREUHಢ
FDOHQWDGRV
6LORVIUHQRVKDQSHUGLGRWHPSRಢ
UDOPHQWHVXSRGHUGHIUHQDGDGHಢ
ELGRDXQVREUHFDOHQWDPLHQWR
FDPELHDXQDPDUFKDPÒVFRUWDDO
EDMDUSRUSHQGLHQWHV1RXWLOLFHHO
IUHQRFRQVWDQWHPHQWH
6LVXYHKÞFXORSLHUGHWHPSRUDOಢ
PHQWHODSRWHQFLDGHIUHQDGRGHಢ
ELGRDTXHORVFRPSRQHQWHVGHO
VLVWHPDGHIUHQRVHVWÒQPRMDGRV
HOSURFHGLPLHQWRVLJXLHQWHOHD\Xಢ
GDUÒDUHFXSHUDUVXIXQFLRQDಢ
PLHQWRQRUPDO
 &RPSUXHEHVLKD\RWURVYHKÞಢ
FXORVGHWUÒVGHXVWHG
 0DQWHQJDXQDYHORFLGDGVHಢ
JXUDKDFLDGHODQWHFRQVXILಢ
FLHQWHHVSDFLRGHWUÒV\DORV
ODGRV
 $FFLRQHORVIUHQRVOHQWDPHQWH
KDVWDUHFXSHUDUHOIXQFLRQDಢ
PLHQWRQRUPDO
 &RQGXFFLäQ\PDQHMR 

6LVWHPDDQWLEORTXHRGH 1RGLVPLQX\DODSRWHQFLDHMHUFLGDVRಢ )UHQRGHHVWDFLRQDPLHQWR

EUHHOSHGDOGHOIUHQR
IUHQRV $ODUUDQFDUHOPRWRUGHVSXÚVGHFRಢ
(QODVYHUVLRQHVDVÞHTXLSDGDV QHFWDUHOHQFHQGLGRVHSXHGHRÞUXQ
(OVLVWHPDDQWLEORTXHRGHIUHQRV VRQLGRPHFÒQLFR(VWRHVQRUPDOH
$%6HYLWDTXHVHEORTXHHQODVUXHGDV
(O$%6FRPLHQ]DDUHJXODUODSUHVLäQ
GHORVIUHQRVHQFXDQWRXQDUXHGD
PXHVWUDWHQGHQFLDDEORTXHDUVH(O
YHKÞFXORPDQWLHQHODPDQLREUDELOLಢ
GDGLQFOXVRGXUDQWHXQDIUHQDGDD
IRQGR
/DUHJXODFLäQGHOVLVWHPD$%6VH
PDQLILHVWDPHGLDQWHODVSXOVDFLRQHV
GHOSHGDOGHOIUHQR\XQUXLGRGHUHಢ
JODMH
3DUDXQDHILFDFLDäSWLPDGHOIUHQDGR
PDQWHQJDHOSHGDOGHOIUHQRSLVDGR
GXUDQWHWRGRHOSURFHVRGHIUHQDGR
DXQTXHHOSHGDOWLHPEOH1RGLVPLಢ
QX\DODSUHVLäQHMHUFLGDVREUHHOSHಢ
GDO
/DUHJXODFLäQGHO$%6VHSXHGHUHಢ
FRQRFHUSRUODYLEUDFLäQ\HOUXLGR
QRUPDOHVGHOSURFHVR3DUDXQDIUHಢ
QDGDäSWLPDGHOYHKÞFXORPDQWHQJD
HOSHGDOGHOIUHQRSLVDGRDXQTXHHO
SHGDOYLEUH
LQGLFDODRSHUDWLYLGDGGHO$%6
7HVWLJRGHFRQWUROS
$YHUÞD
 3HOLJUR
6LKD\XQDDYHUÞDGHO$%6ODVUXHಢ
GDVSXHGHQEORTXHDUVHHQFDVR
GHIUHQD]RVIXHUWHV/DVYHQWDMDV
GHO$%6\DQRHVWÒQGLVSRQLEOHV
$OIUHQDUDIRQGRHOYHKÞFXOR\DQR
UHVSRQGHDOYRODQWH\SXHGHGHಢ
UUDSDU
+DJDVXEVDQDUODFDXVDGHODDYHUÞD
HQXQWDOOHU
$SOLTXHVLHPSUHHOIUHQRGHHVWDFLRಢ
QDPLHQWRILUPHPHQWHVLQSXOVDUHO
ERWäQGHGHVEORTXHRHQSHQGLHQWHV
DFFLäQHORFRQWRGDODILUPH]DSRVLEOH
3DUDVROWDUHOIUHQRGHHVWDFLRQDಢ
PLHQWROHYDQWHXQSRFRODSDODQFD
SXOVHHOERWäQGHGHVEORTXHR\EDMH
FRPSOHWDPHQWHODSDODQFD
3DUDUHGXFLUHOHVIXHU]RQHFHVDULR
SDUDDFFLRQDUHOIUHQRGHHVWDFLRQDಢ
PLHQWRSLVHVLPXOWÒQHDPHQWHHOSHಢ
GDOGHOIUHQR
7HVWLJRGHFRQWURO
 &RQGXFFLäQ\PDQHMR

6LVWHPDVGHGHWHFFLäQ (OVLVWHPDVHGHVDFWLYDFXDQGRODYHಢ 7LSRVGHDODUPDV\ 6RQLGRGH

ORFLGDGGHOYHKÞFXORHVVXSHULRUD GLVWDQFLDGHGHWHFFLäQ ODDODUPD
GHREMHWRV NPKDSUR[LPDGDPHQWH
'HHVWDUHTXLSDGR 6LODDODUPDVRQRUDVHDFWLYDDOFDPಢ ›DODUPD ELSELS
ELDUGHPDUFKDDODSRVLFLäQ55LQGLFD DSUR[DaPGHO
$VLVWHQWHGHHVWDFLRQDPLHQWR XQIXQFLRQDPLHQWRQRUPDO SDUDFKRTXHVWUDVHUR
$FRQWLQXDFLäQXVWHGSXHGHFDOFXODU ›DODUPD ELSELS
ODGLVWDQFLDHQWUHVXYHKÞFXOR\HOREVಢ
DSUR[DFPGHOSDUDಢ ELSELS
WÒFXORVHJëQHOWLSRGHVRQLGRGH
FKRTXHVWUDVHUR
DODUPD
6LQHPEDUJRQRFRQIXQGDGLFKRVVRಢ ›DODUPD $ODUPD
QLGRVFRQHOVRQLGRFRQWLQXRHPLWLGR DSUR[DaFPGHO FRQWLQXD
FXDQGRHOREVWÒFXORHVWÒDPHQRVGH SDUDFKRTXHVWUDVHUR
FP

$WHQFLäQ $WHQFLäQ

(ODVLVWHQWHGHHVWDFLRQDPLHQWRD\XGD
DOFRQGXFWRUGXUDQWHODVPDQLREUDV
PDUFKDDWUÒVGHOYHKÞFXORPHGLDQWH
XQDYLVRVRQRURVLGHWHFWDXQREMHWR
GHWUÒVGHOYHKÞFXOR
(OVLVWHPDVHDFWLYDDXWRPÒWLFDಢ
PHQWHVLHPSUHTXHHOHQFHQGLGRHVWÚ
6LRFXUUHDOJRGHORVLJXLHQWHLQಢ
GLFDTXHKD\XQIDOORHQHODVLVWHQ
WHGHHVWDFLRQDPLHQWR/DDODUPD
VXHQDYHFHVFRQVHFXWLYDPHQWH
FXDQGRQRKD\REVWÒFXORVHQ
WRUQRDOSDUDFKRTXHVWUDVHUR5Hಢ
FXUUDDXQWDOOHUORDQWHVSRVLEOH
/HUHFRPHQGDPRVTXHDFXGDDVX
WDOOHUDXWRUL]DGR
(ODVLVWHQWHGHHVWDFLRQDPLHQWR
GHEHFRQVLGHUDUVHëQLFDPHQWHXQ
GLVSRVLWLYRDX[LOLDU(OFRQGXFWRU
GHEHFRPSUREDUODSDUWHWUDVHUD
/DVHâDOGHDYLVRDFëVWLFRSXHGH
YDULDUGHSHQGLHQGRGHORVREMHWRV
/DVHâDOGHDYLVRDFëVWLFRSXHGH
QRDFWLYDUVHVLORVVHQVRUHVHVWÒQ
KHODGRVRFXELHUWRVGHVXFLHGDGR
FRQHFWDGR21\ODSDODQFDVHOHFಢ
WRUDGHOFDPELRHVWÚHQ55 EDUUR
 &RQGXFFLäQ\PDQHMR 

1RSUHVLRQHQLUDVTXHODVXSHUILFLH (VSRVLEOHTXHHOVLVWHPDQRGHಢ (ODVLVWHQWHGHHVWDFLRQDPLHQWR

GHOVHQVRU(VSUREDEOHTXHGDâH WHFWHWDOHVREMHWRVVLHVWÒQPX\ IXQFLRQDUÒFRUUHFWDPHQWHVREUH
HOUHFXEULPLHQWR
(VSRVLEOHTXHHODVLVWHQWHGHHVWD
FLRQDPLHQWRIDOOHFXDQGRVHFRQಢ
GXFHVREUHVXSHUILFLHVLUUHJXODUHV
FRPRSLVWDVIRUHVWDOHVFDPLQRV
GHJUDYDFDUUHWHUDVFRQEDFKHV
HQSHQGLHQWHVHWF
(ODVLVWHQWHGHHVWDFLRQDPLHQWRSRಢ
GUÞDQRUHFRQRFHUREMHWRVDJXGRV
SUHQGDVGHDEULJRJUXHVDVXRWURV
PDWHULDOHVJUXHVRV\EODQGRVTXH
SXHGDQDEVRUEHUODIUHFXHQFLD
$WHQFLäQ
(ODVLVWHQWHGHHVWDFLRQDPLHQWR
SXHGHQRIXQFLRQDUFRUUHFWDPHQWH
VLUHFLEHRWUDVVHâDOHVXOWUDVäQLಢ
FDVVRQLGRVPHWÒOLFRVUXLGRVGH
IUHQRVQHXPÒWLFRVGHYHKÞFXORV
FHUFDDSUR[LPDGDPHQWHDFP VXSHUILFLHVYHUWLFDOHVOLVDV
\GHQWURGHXQDGLVWDQFLDGHDSURಢ
[LPDGDPHQWHP
'HEHUÞDDVHJXUDUVHPLUDQGRSRU
ORVUHWURYLVRUHVH[WHULRUHVRJLಢ
UDQGRODFDEH]DGXUDQWHHOHVWDಢ
FLRQDPLHQWR6HGHEHQPDQWHQHU
ODVSUHFDXFLRQHVQRUPDOHV
FXDQGRVHFLUFXODPDUFKDDWUÒV
1RSUHVLRQHRJROSHHORVVHQVRಢ
UHVQLOHVDSOLTXHFKRUURVGHDJXD
DDOWDSUHVLäQGXUDQWHHOODYDGR
SDUDHYLWDUGDâRVHQORVVHQVRUHV
$WHQFLäQ
/DSDUWHVXSHULRUGHOYHKÞFXOR
SXHGHUHFLELUXQJROSHDQWHVGH
TXHIXQFLRQHQORVVHQVRUHVSRU
HVRVHGHEHDVHJXUDUPLUDQGRSRU
SHVDGRV ORVUHWURYLVRUHVH[WHULRUHVRJLಢ
UDQGRODFDEH]DGXUDQWHHOHVWDಢ
/LPSLHORVVHQVRUHVVXFLRVFRQ FLRQDPLHQWR
XQDHVSRQMDVXDYH\DJXDOLPSLD
 &RQGXFFLµQ\PDQHMR

&RPEXVWLEOH Carga de combustible Evite daños

1XQFDXWLOLFHXQFRPEXVWLEOHGH
6XYHK¯FXORUHSUHVHQWDXQGLVH³R FDOLGDGQRUHFRPHQGDGDQLFRQ
FRPELQDGRGHDYDQ]DGDWHFQRORJ¯D ORVDGLWLYRVPHW£OLFRVDEDVHGH
VHJXULGDGFRPSDWLELOLGDGHFROµJLFD 0DQJDQHVR1RDJUHJXHDGLWLYRV
\HFRQRP¯D3RUHVR\SDUD SDUDRWURWLSRGHFRPEXVWLEOHDO
PDQWHQHUORHQFRQGLFLRQHVµSWLPDV WDQTXHGHVXYHK¯FXORSRUTXHHO
GHIXQFLRQDPLHQWR\DVHJXUDUVX PRWRUORVLQ\HFWRUHVHO
GXUDELOLGDGOHUHFRPHQGDPRVTXH FDWDOL]DGRU\WRGRVORVVHQVRUHV
XWLOLFHVµORFRPEXVWLEOHGHDOWD GHOVLVWHPDDQWLFRQWDPLQDFLµQ
FDOLGDGVLQDGLWLYRVPHW£OLFRVD SXHGHQVXIULUJUDYHVGD³RVTXH
EDVHGHPDQJDQHVR QRVHU£QFRQWHPSODGRVHQOD
JDUDQW¯D
Calidad de combustible
Nafta:
5HFRPHQGDPRVTXHXWLOLFHVµOR $WHQFLµQ
FRPEXVWLEOHGHDOWDFDOLGDGFRQXQ 3HOLJUR
P¯QLPRGH2FWDQRV521R
*UDGR
(OXVRGHQDIWDFRQPHQRU
RFWDQDMHDOLQGLFDGRGLVPLQX\HOD
SRWHQFLD\HOSDUPRWRUDGHP£VGH
DXPHQWDUOLJHUDPHQWHHOFRQVXPR
GHFRPEXVWLEOH
$VHJ¼UHVHGHFDUJDUHO
FRPEXVWLEOHLQGLFDGR
FRUUHVSRQGLHQWHDVXYHK¯FXOR
6LFDUJDQDIWDHQXQ
YHK¯FXOR'LHVHORYLFHYHUVDHO
YHK¯FXORSXHGHVXIULUJUDYHV
GD³RV(QODWDSDGHODERFDGH
OOHQDGRHQFRQWUDU£ODLQGLFDFLµQ
GHOWLSRGHFRPEXVWLEOH
$QWHVGHFDUJDUFRPEXVWLEOH
GHVFRQHFWHHOPRWRU\FXDOTXLHU
VLVWHPDGHFDOHIDFFLµQH[WHUQRFRQ
F£PDUDGHFRPEXVWLµQ6HGHEHQ
GHVFRQHFWDUORVWHO«IRQRVPµYLOHV
(OYDSRUGHOFRPEXVWLEOHSRGU¯DLQಣ
IODPDUVHSRUODVRQGDVHOHFWURಣ
PDJQ«WLFDVRODFRUULHQWHGHORV
WHO«IRQRVPµYLOHV
 &RQGXFFLµQ\PDQHMR 

(OFRPEXVWLEOHHVLQIODPDEOH\H[ಣ
SORVLYR3URKLELGRIXPDU(YLWHOD
SUHVHQFLDGHOODPDVRFKLVSDV$O
FDUJDUFRPEXVWLEOHGHEHQREVHU
YDUVHODVLQVWUXFFLRQHV\QRUPDV
GHVHJXULGDGGHODHVWDFLµQGH
VHUYLFLR
(OLPLQHODHOHFWULFLGDGHVW£WLFDGH
VXVPDQRVWRFDQGRDOJ¼QREMHWR
TXHVHDFDSD]GHGHVFDUJDUODDQಣ
WHVGHWRFDURDEULUHOWDSµQGHO
FRPEXVWLEOHRODSLVWRODGHOVXUWLGRU
 3DUHHOPRWRU  4XLWHHOWDSµQ(OWDSµQHVW£HQಣ
1RUHDOLFHQLQJXQDDFFLµQTXH
 7LUHKDFLDDUULEDGHODSDODQFDGH JDQFKDGRDOYHK¯FXOR
SXHGDJHQHUDUHOHFWULFLGDGHVW£ಣ
WLFDFRPRVXELU\EDMDUGHOYHಣ DSHUWXUDGHODWDSDGHODERFDGH  9XHOYDDFRORFDUHOWDSµQGHVಣ
K¯FXORFXDQGRFDUJXH(OYDSRU OOHQDGRGHFRPEXVWLEOHTXHHVW£ SX«VGHFDUJDUFRPEXVWLEOH*¯ಣ
GHOFRPEXVWLEOHSRGU¯DLQIODPDUVH VLWXDGDHQHOSLVRHQHOODGRGHO UHORHQVHQWLGRKRUDULRKDVWDTXH
SRUODHOHFWULFLGDGHVW£WLFD FRQGXFWRU RLJDYDULRVFOLFV
6LSHUFLEHRORUDFRPEXVWLEOHGHQಣ  *LUHOHQWDPHQWHHOWDSµQGHOD  (PSXMHODWDSDGHOGHSµVLWRGH
WURGHOYHK¯FXORKDJDVXEVDQDUOD ERFDGHOOHQDGRGHFRPEXVWLEOH FRPEXVWLEOHKDVWDTXHHQFODYH
FDXVDLQPHGLDWDPHQWHHQXQ HQVHQWLGRDQWLKRUDULR6LR\HXQ 1RWD
&RQFHVLRQDULR2ILFLDOR7DOOHU VLOELGRHVSHUHDTXHGHMHGHVRಣ &XDQGRKDFHIU¯RVLQRVHDEUHOD
$XWRUL]DGR&KHYUROHW QDUDQWHVGHGHVHQURVFDUFRPಣ WDSDGHOGHSµVLWRGHFRPEXVWLEOH
SOHWDPHQWHHOWDSµQ/DWDSDGHO JROS«HODOLJHUDPHQWH/XHJRLQWHQWH
GHSµVLWRGHFRPEXVWLEOHHVW£HQ DEULUODGHQXHYR
HOODWHUDOWUDVHURGHUHFKRGHOYHಣ
K¯FXOR
 &RQGXFFLäQ\PDQHMR

$WHQFLäQ
/LPSLHLQPHGLDWDPHQWHHOFRPಢ
EXVWLEOHTXHKD\DSRGLGRUHERVDU

&XLGDGRGHOYHKÞFXOR
,QIRUPDFLäQJHQHUDO  
&RPSUREDFLRQHVGHOYHKÞFXOR    
6XVWLWXFLäQGHOÒPSDUDV 
6LVWHPDHOÚFWULFR  
+HUUDPLHQWDVGHOYHKÞFXOR  
/ODQWDV\QHXPÒWLFRV  
$UUDQTXHFRQFDEOHV  
5HPROFDGR  
&XLGDGRGHODVSHFWR   ࿢ /LPSLDU\FRQVHUYDUODVMXQWDVGH
,QIRUPDFLäQJHQHUDO
$FFHVRULRV\
PRGLILFDFLRQHVGHO
YHKÞFXOR
/HUHFRPHQGDPRVHOXVRGHUHSXHVಢ
WRV\DFFHVRULRVRULJLQDOHV\SLH]DV
KRPRORJDGDVSRUHOIDEULFDQWHHVSHಢ
FÞILFDPHQWHSDUDVXWLSRGHYHKÞFXOR
1RSRGHPRVHYDOXDUQLJDUDQWL]DUOD
ILDELOLGDGGHRWURVSURGXFWRVDXQTXH
FXHQWHQFRQXQDDXWRUL]DFLäQRILFLDOR
GHRWUDÞQGROH
1RVHGHEHQHIHFWXDUPRGLILFDFLRQHV
HQHOVLVWHPDHOÚFWULFRSRUHMHPSOR
FDPELRVHQODVXQLGDGHVHOHFWUäQLFDV
&XLGDGRGHOYHKÞFXOR 
,QPRYLOL]DFLäQGHOYHKÞFXOR
,QPRYLOL]DFLäQGXUDQWHXQ
SHULRGRGHWLHPSRSURORQJDGR
6LHOYHKÞFXORYDDHVWDULQPRYLOL]DGR
GXUDQWHYDULRVPHVHVVHGHEHQUHDಢ
OL]DUORVVLJXLHQWHVWUDEDMRV
࿢ /DYDU\HQFHUDUHOYHKÞFXOR
࿢ &RPSUREDUODFHUDSURWHFWRUDHQHO
FRPSDUWLPHQWRGHOPRWRU\ORVEDಢ
MRV
࿢ 5HOOHQHHOGHSäVLWRGHFRPEXVWLEOH
FRPSOHWDPHQWH
JRPD
࿢ &DPELDUHODFHLWHGHOPRWRU
GHFRQWUROFKLSWXQLQJ
$WHQFLäQ
1XQFDUHDOLFHPRGLILFDFLRQHVHQ
VXYHKÞFXOR3XHGHQDIHFWDUDODV
SUHVWDFLRQHVODGXUDELOLGDG\OD
VHJXULGDGGHOYHKÞFXORHVSRVLEOH
TXHODJDUDQWÞDQRFXEUDORVSURಢ
EOHPDVFDXVDGRVSRUODVPRGLILಢ
FDFLRQHV
࿢ 9DFLDUHOGHSäVLWRGHOOÞTXLGRGHODಢ
YDGR
࿢ &RPSUREDUODSURWHFFLäQDQWLFRQಢ
JHODQWH\DQWLFRUURVLYDGHOUHIULJHಢ
UDQWH
࿢ $MXVWDUODSUHVLäQGHORVQHXPÒWLಢ
FRVDOYDORUHVSHFLILFDGRSDUD
SOHQDFDUJD
 &XLGDGRGHOYHKÞFXOR

࿢ (VWDFLRQDUHOYHKÞFXORHQXQOXJDU ࿢ &RPSUREDUHOQLYHOGHDFHLWHGHO &RPSUREDFLRQHVGHO

VHFR\ELHQYHQWLODGR(QJUDQDUOD PRWRU
SULPHUDRODPDUFKDDWUÒV&DO]DUHO ࿢ &RPSUREDUHOQLYHOGHOUHIULJHUDQWH
YHKÞFXOR
YHKÞFXORSDUDHYLWDUTXHUXHGH
࿢ 0RQWDUODSODFDGHPDWUÞFXODVL 5HDOL]DFLäQGHWUDEDMRV
࿢ 1RDFFLRQDUHOIUHQRGHHVWDFLRQDಢ IXHUDQHFHVDULR
PLHQWR
࿢ $EULUHOFDSäFHUUDUWRGDVODVSXHUಢ
WDV\EORTXHDUHOYHKÞFXOR
࿢ 'HVHPERUQHHOSRORQHJDWLYRGHOD
EDWHUÞDGHOYHKÞFXOR7HQJDHQ
FXHQWDORVVLVWHPDVTXHQRIXQFLRಢ
QDUÒQFRPRHOVLVWHPDGHDODUPD
DQWLUURER
࿢ &HUUDUHOFDSä

3XHVWDHQVHUYLFLRGHQXHYR
3DUDYROYHUDSRQHUHQVHUYLFLRHOYHಢ
KÞFXOR
 3HOLJUR
࿢ (PERUQDUHOSRORQHJDWLYRGHODEDಢ
WHUÞDGHOYHKÞFXOR$FWLYDUHOFRQWURO /DVFRPSUREDFLRQHVHQHOFRPಢ
HOHFWUäQLFRGHORVOHYDQWDYLGULRV SDUWLPLHQWRGHOPRWRUGHEHQHIHFಢ
HOÚFWULFRV WXDUVHFRQHOHQFHQGLGRGHVFRಢ
࿢ &RPSUREDUODSUHVLäQGHORVQHXಢ QHFWDGR
PÒWLFRV (OYHQWLODGRUGHUHIULJHUDFLäQ
࿢ 5HOOHQDUHOGHSäVLWRGHOOÞTXLGRGH SXHGHIXQFLRQDUDXQTXHHOHQFHQಢ
ODYDGR GLGRHVWÚGHVFRQHFWDGR
 &XLGDGRGHOYHKÞFXOR 

 3HOLJUR
(OVLVWHPDGHHQFHQGLGRXWLOL]D
XQDWHQVLäQPX\DOWD1RWRTXH
VXVFRPSRQHQWHV

&DSä
$SHUWXUD

 (PSXMHHOJDQFKRGHVHJXULGDG  /HYDQWHODYDULOODGHDSR\RGHOVRಢ
KDFLDDUULED\DEUDHOFDSä SRUWH<OXHJRDVHJëUHODHQHO
JDQFKRL]TXLHUGRGHOFRPSDUWLಢ
 3HOLJUR PHQWRGHOPRWRU

&XDQGRHOPRWRUHVWÚFDOLHQWHWRಢ &LHUUH
TXHVäORHODFROFKDGRGHHVSXPD $QWHVGHFHUUDUHOFDSäLQVHUWHODYDಢ
GHODYDULOODGHDSR\RGHOFDSä ULOODGHDSR\RHQVXDORMDPLHQWR
%DMHFDSä\GÚMHORFDHUVREUHHOFLHಢ
UUH&RPSUXHEHTXHHOFDSäTXHGH
 7LUHGHODSDODQFDGHGHVEORTXHR HQFODYDGR
\GHYXÚOYDODDVXSRVLFLäQ
RULJLQDO
 &XLGDGRGHOYHKÞFXOR

 3HOLJUR
2EVHUYHVLHPSUHODVSUHFDXFLRಢ
QHVVLJXLHQWHV$QWHVGHFRQGXFLU
HOYHKÞFXORWLUHGHOERUGHGHODQಢ
WHURGHOFDSäSDUDDVHJXUDUVHGH
TXHHVWÚELHQHQFODYDGR
1RWLUHGHODPDQLMDGHGHVEORಢ
TXHRGHOFDSäPLHQWUDVHOYHಢ
KÞFXORHVWÚHQPRYLPLHQWR
1RFRQGX]FDHOYHKÞFXORFRQHO
FDSäDELHUWR(OFDSäDELHUWRREVಢ
WDFXOL]DUÒODYLVLäQGHOFRQGXFWRU
&RQGXFLUHOYHKÞFXORFRQHOFDSä
DELHUWRSXHGHSURYRFDUXQDFROLಢ
VLäQ\RULJLQDUGDâRVHQHOYHಢ
KÞFXORHQRWUDVSURSLHGDGHVOHಢ
VLRQHVSHUVRQDOHVRLQFOXVRIDWDಢ
OHV
 &XLGDGRGHOYHKÞFXOR 

9LVWDGHOFRPSDUWLPHQWRGHOPRWRU
 &XLGDGRGHOYHKÞFXOR

 'HSäVLWRGHOUHIULJHUDQWHGHOPRಢ
WRU
 7DSäQGHODFHLWHGHOPRWRU
 'HSäVLWRGHOOÞTXLGRGHIUHQRV
 %DWHUÞD
 %ORTXHGHIXVLEOHV
 )LOWURGHDLUHGHOPRWRU
 9DULOODGHPHGLFLäQGHOQLYHOGH
DFHLWHGHOPRWRU
 'HSäVLWRGHOOÞTXLGRGHODYDGR
 'HSäVLWRGHOOÞTXLGRGHODGLUHFಢ
FLäQDVLVWLGD
 9DULOODGHOQLYHOGHDFHLWHGHOFDPಢ
ELRDXWRPÒWLFRGHHVWDUHTXLSDGR
 &XLGDGRGHOYHKÞFXOR 

$FHLWHGHOPRWRU ([WUDLJDODYDULOODGHPHGLFLäQOÞPಢ
SLHODHLQVÚUWHODKDVWDHOWRSHGHO
$QWHVGHHPSUHQGHUXQYLDMHODUJRHV PDQJRYXHOYDDH[WUDHUOD\FRPಢ
DFRQVHMDEOHFRPSUREDUPDQXDOಢ SUXHEHHOQLYHOGHDFHLWHGHOPRWRU
PHQWHHOQLYHOGHDFHLWHGHOPRWRU
,QVHUWHODYDULOODGHPHGLFLäQKDVWDHO
/DFRPSUREDFLäQVHUHDOL]DFRQHOYHಢ WRSHGHOPDQJR\JÞUHODPHGLDYXHOWD
KÞFXORHQXQDVXSHUILFLHQLYHODGD(O
PRWRUGHEHHVWDUDWHPSHUDWXUDGH
IXQFLRQDPLHQWR\OOHYDUSDUDGRDOPHಢ
QRVPLQXWRV

/HUHFRPHQGDPRVHOXVRGHOPLVPR
WLSRGHDFHLWHGHOPRWRUXWLOL]DGRHQHO
ëOWLPRFDPELR
(OQLYHOGHDFHLWHGHOPRWRUQRGHEH
H[FHGHUODPDUFDVXSHULRU0 0$;GHOD
YDULOODGHPHGLFLäQ
6LHOQLYHOGHDFHLWHGHOPRWRUHVWÒSRU
GHEDMRGHODPDUFD0 0,1UHOOHQHHO
DFHLWHGHOPRWRU
 &XLGDGRGHOYHKÞFXOR
(OWDSäQGHOOHQDGRGHDFHLWHGHOPRಢ
WRUHVWÒVLWXDGRHQODWDSDGHOÒUEROGH
OHYDV
$WHQFLäQ
6LKD\XQH[FHVRGHDFHLWHGHOPRಢ
WRUGHEHYDFLDUVHRDVSLUDUVH
&DSDFLGDGHV\YLVFRVLGDG

 3HOLJUR
(ODFHLWHGHOPRWRULUULWDODSLHO\VL
VHLQJLHUHSXHGHFDXVDUXQDLQಢ
GLVSRVLFLäQHLQFOXVRSXHGHVHU
PRUWDO
0DQWÚQJDVHOHMRVGHODOFDQFHGH
ORVQLâRV
(YLWHXQFRQWDFWRUHSHWLGR\SURಢ
ORQJDGRFRQODSLHO
/DYHODVSDUWHVH[SXHVWDVFRQ
DJXD\MDEäQRFRQXQSURGXFWRGH
OLPSLH]DSDUDODVPDQRV
7HQJDPXFKRFXLGDGRDOYDFLDUHO
DFHLWHGHOPRWRUSRUTXHSXHGH
SURGXFLUOHTXHPDGXUDV

)LOWURGHDLUHGHOPRWRU
 6XHOWHORVFOLSVGHILMDFLäQGHOD
WDSDGHOILOWURGHDLUH\DEUDOD
WDSD
 6XVWLWX\DHOILOWURGHDLUH
 %ORTXHHODWDSDFRQORVFOLSVGH
ILMDFLäQ
&XLGDGRGHOYHKÞFXOR 
$WHQFLäQ
$WHQFLäQ
(OPRWRUQHFHVLWDDLUHOLPSLRSDUD 6äORGHEHXWLOL]DUVHDQWLFRQJHಢ
IXQFLRQDUDGHFXDGDPHQWH ODQWHKRPRORJDGR
1RXWLOLFHHOYHKÞFXORVLQHOILOWURGH
DLUHLQVWDODGR 1LYHOGHUHIULJHUDQWH
6LVHFRQGXFHVLQHOILOWURGHDLUH
FRUUHFWDPHQWHLQVWDODGRHOYHಢ $WHQFLäQ
KÞFXORSRGUÞDUHVXOWDUGDâDGR
8QQLYHOGHUHIULJHUDQWHGHPDಢ
VLDGREDMRSXHGHRFDVLRQDUGDâRV
5HIULJHUDQWHGHOPRWRU HQHOPRWRU
(QSDÞVHVFRQFOLPDWHPSODGRHOUHಢ
IULJHUDQWHRIUHFHSURWHFFLäQDQWLFRQಢ
JHODQWHKDVWDXQRV¡&
(QSDÞVHVFRQFOLPDIUÞRHOUHIULJHಢ
UDQWHRIUHFHSURWHFFLäQDQWLFRQJHಢ
ODQWHKDVWDXQRV¡&
6HGHEHPDQWHQHUXQDFRQFHQWUDFLäQ
VXILFLHQWHGHDQWLFRQJHODQWH
 &XLGDGRGHOYHKÞFXOR
&RQHOVLVWHPDGHUHIULJHUDFLäQIUÞR
HOQLYHOGHOUHIULJHUDQWHGHEHHVWDUSRU
HQFLPDGHODPDUFDGHODOÞQHDGHOOHಢ
QDGR5HOOHQHVLHOQLYHOHVPÒVEDMR
 3HOLJUR
'HMHTXHVHHQIUÞHHOPRWRUDQWHV
GHDEULUHOWDSäQ$EUDHOWDSäQ
FXLGDGRVDPHQWHSDUDTXHHOVLVಢ
WHPDVHGHVSUHVXULFHOHQWDPHQWH
5HOOHQHFRQXQDPH]FODGHDJXDGHVಢ
PLQHUDOL]DGD\DQWLFRQJHODQWHKRPRಢ
ORJDGRSDUDHOYHKÞFXOR&RORTXHHO
WDSäQ\DSULÚWHORILUPHPHQWH+DJD
FRPSUREDUODFRQFHQWUDFLäQGHDQWLಢ
FRQJHODQWH\VXEVDQDUODFDXVDGHOD
SÚUGLGDGHUHIULJHUDQWHHQXQWDOOHU
1RWD
6LHOQLYHOGHUHIULJHUDQWHGHVFLHQGH
SRUGHEDMRGHODPDUFDUHOOHQHHO
UDGLDGRUFRQXQDPH]FODGH
GHDJXDGHVPLQHUDOL]DGD\DQWLFRQಢ
JHODQWHDEDVHGHIRVIDWR
3DUDSURWHJHUDOYHKÞFXORHQDPಢ
ELHQWHVH[WUHPDGDPHQWHIUÞRVXWLಢ
OLFHXQDPH]FODGHGHDJXD\
GHDQWLFRQJHODQWH
$WHQFLäQ
6LVHXWLOL]DëQLFDPHQWHDJXDR
XQDPH]FODLQDGHFXDGDHOVLVಢ
WHPDGHUHIULJHUDFLäQSRGUÞDUHಢ
VXOWDUGDâDGR
1RXWLOLFHQXQFDVäORDJXDDOಢ
FRKRORDQWLFRQJHODQWHGHPHWDQRO
HQHOVLVWHPDGHUHIULJHUDFLäQ
(OPRWRUVHSXHGHVREUHFDOHQWDUR
LQFOXVRLQFHQGLDU
$WHQFLäQ
(OUHIULJHUDQWHSXHGHVHUQRFLYR
(YLWHHOFRQWDFWRUHSHWLGR\SURಢ
ORQJDGRFRQHOUHIULJHUDQWH
/ÒYHVHODSLHO\ODVXâDVFRQMDEäQ
\DJXDVLKDHVWDGRHQFRQWDFWR
FRQUHIULJHUDQWH
0DQWÚQJDVHOHMRVGHODOFDQFHGH
ORVQLâRV
(OUHIULJHUDQWHSXHGHLUULWDUODSLHO
\VLVHLQJLHUHSXHGHSURYRFDULQಢ
GLVSRVLFLäQHLQFOXVRSXHGHVHU
PRUWDO
$WHQFLäQ
1RHVQHFHVDULRDâDGLUUHIULJHಢ
UDQWHFRQXQDIUHFXHQFLDPD\RUD
ODTXHVHUHFRPLHQGD
6LWLHQHTXHDâDGLUUHIULJHUDQWHD
PHQXGRHVWRSXHGHLQGLFDUTXHHO
PRWRUQHFHVLWDVHUUHSDUDGR
3äQJDVHHQFRQWDFWRFRQXQVHUಢ
YLFLRSDUDHIHFWXDUXQDFRPSUREDಢ
FLäQGHOVLVWHPDGHUHIULJHUDFLäQ
/HUHFRPHQGDPRVTXHDFXGDDVX
WDOOHUDXWRUL]DGR

/ÞTXLGRGHODGLUHFFLäQ
DVLVWLGD
$EUD\UHWLUHHOWDSäQ
(OQLYHOGHOOÞTXLGRGHODGLUHFFLäQ
DVLVWLGDGHEHHVWDUHQWUHODVPDUFDV
0,1\00$;
5HOOÚQHORVLHOQLYHOHVWÒEDMR
$WHQFLäQ
,QFOXVRXQDPÞQLPDFDQWLGDGGH
FRQWDPLQDFLäQSXHGHFDXVDUGDಢ
âRVHQHOVLVWHPDGHGLUHFFLäQH
LPSHGLUVXFRUUHFWRIXQFLRQDಢ
&XLGDGRGHOYHKÞFXOR 
PLHQWR1RSHUPLWDTXHODVXFLHಢ /ÞTXLGRGHODYDGR
GDGHQWUHHQFRQWDFWRFRQHOODGR
GHOOÞTXLGRGHOWDSRQGHOGHSäVLWR
RODYDULOODQLTXHHQWUHHQHOGHಢ
SäVLWR
$WHQFLäQ
1RXWLOLFHHOYHKÞFXORFRQXQDFDQಢ
WLGDGLQVXILFLHQWHGHOÞTXLGRGHOD
GLUHFFLäQDVLVWLGD
6LORKDFHVHSXHGHGDâDUHOVLVಢ
WHPDGHGLUHFFLäQDVLVWLGDGHOYHಢ
KÞFXOR\GDUOXJDUDXQDUHSDUDFLäQ /OHQHHOGHSäVLWRFRQDJXDOLPSLD
FRVWRVD PH]FODGDFRQXQDFDQWLGDGDGHಢ
FXDGDGHOÞTXLGRODYDSDUDEULVDVTXH
FRQWHQJDDQWLFRQJHODQWH3DUDODUHಢ
 3HOLJUR
ODFLäQFRUUHFWDGHODPH]FODFRQVXOWH
HOGHSäVLWRGHOOÞTXLGRGHODYDGR
8QH[FHVRGHOÞTXLGRSXHGHSURಢ
YRFDUTXHÚVWHTXHPHRGHFRORUH
ODSLQWXUD $WHQFLäQ
1ROOHQHGHPDVLDGRHOGHSäVLWR 6äORHOOÞTXLGRGHODYDGRFRQXQD
8QLQFHQGLRGHOPRWRUSRGUÞDFDXಢ FRQFHQWUDFLäQVXILFLHQWHGHDQWLಢ
VDUOHVLRQHVSHUVRQDOHV\GDâDUHO FRQJHODQWHRIUHFHSURWHFFLäQD
YHKÞFXOR\RWUDVSURSLHGDGHV EDMDVWHPSHUDWXUDVRVLKD\XQD
FDÞGDEUXVFDGHODWHPSHUDWXUD
 &XLGDGRGHOYHKÞFXOR
3DUDUHOOHQDUHOGHSäVLWRGHOOÞTXLGR
GHODYDGRGHOSDUDEULVDV $WHQFLäQ
࿢ 8WLOLFHVäOROÞTXLGRGHODYDGROLVWR
SDUDXVDUGLVSRQLEOHHQFRPHUFLRV
࿢ 1RXWLOLFHDJXDGHOJULIR/RVPLQHಢ
UDOHVSUHVHQWHVHQHODJXDGHOJULIR
SXHGHQWDSRQDUODVFRQGXFFLRQHV
GHOODYDSDUDEULVDV
࿢ 6LODWHPSHUDWXUDGHODLUHSXHGH
GHVFHQGHUGHOSXQWRGHFRQJHODಢ
FLäQXWLOLFHOÞTXLGRSDUDHOODYDSDಢ
UDEULVDVFRQVXILFLHQWHFRQWHQLGR
GHDQWLFRQJHODQWH
/ÞTXLGRGHIUHQRV
 3HOLJUR
(OOÞTXLGRGHIUHQRVHVWä[LFR\FRಢ
UURVLYR(YLWHVXFRQWDFWRFRQORV
RMRVODSLHOODURSDRVXSHUILFLHV
SLQWDGDV
(OQLYHOGHOOÞTXLGRGHIUHQRVGHEHHVಢ
WDUHQWUHODVPDUFDV0 0,1\0
0$;
$OUHOOHQDUGHEHDVHJXUDUVHODPÒಢ
[LPDOLPSLH]D\DTXHODFRQWDPLQDಢ
FLäQGHOOÞTXLGRGHIUHQRVSXHGHRFDಢ
VLRQDUIDOORVHQHOVLVWHPDGHIUHQRV
+DJDVXEVDQDUODFDXVDGHODSÚUGLGD
GHOÞTXLGRGHIUHQRVHQXQWDOOHU
8WLOLFHVäOROÞTXLGRGHIUHQRVKRPRORಢ
JDGRSDUDHOYHKÞFXOR/ÞTXLGRGHIUHಢ
QRV\HPEUDJXH
$QWHVGHTXLWDUHOWDSäQGHOGHSäಢ
VLWRGHOOÞTXLGRGHIUHQRVDVHJëಢ
UHVHGHOLPSLDUFRPSOHWDPHQWH
WRGDOD]RQDGHDOUHGHGRU
/DFRQWDPLQDFLäQGHOVLVWHPDGHO
OÞTXLGRGHIUHQRVSXHGHDIHFWDUD
ODVSUHVWDFLRQHVGHOVLVWHPD\
RFDVLRQDUXQDUHSDUDFLäQFRVಢ
WRVD
8QH[FHVRGHOÞTXLGRGHIUHQRVHQ
HOGHSäVLWRSXHGHSURYRFDUTXHVH
GHUUDPH\VHTXHPH
1ROOHQHGHPDVLDGRHOGHSäVLWR
8QLQFHQGLRGHOPRWRUSRGUÞDFDXಢ
VDUOHVLRQHVSHUVRQDOHV\GDâDUHO
YHKÞFXOR\RWUDVSURSLHGDGHV
$WHQFLäQ
1RGHVHFKHHOOÞTXLGRGHIUHQRV
XVDGRHQODEDVXUDGRPÚVWLFD
8WLOLFHORVFHQWURVDXWRUL]DGRVGH
UHFRJLGDGHUHVLGXRVORFDOHV

(OOÞTXLGRGHIUHQRVXVDGR\VXHQಢ
YDVHVRQSHOLJURVRV3XHGHQVHU
QRFLYRVSDUDVXVDOXG\HOPHGLR
DPELHQWH
(OOÞTXLGRGHIUHQRVHVDJUHVLYR\
SXHGHLUULWDUODSLHO\ORVRMRV
1RSHUPLWDTXHHOOÞTXLGRGHIUHಢ
QRVHQWUHHQFRQWDFWRFRQODSLHOR
ORVRMRV'HKDFHUOROÒYHVHLQPHಢ
GLDWDPHQWHOD]RQDDIHFWDGDFRQ
DEXQGDQWHDJXD\MDEäQRFRQXQ
SURGXFWRGHOLPSLH]DDGHFXDGR
%DWHUÞD
/DEDWHUÞDGHOYHKÞFXORQRUHTXLHUH
PDQWHQLPLHQWRVLHPSUHTXHHOSHUILO
GHFRQGXFFLäQSHUPLWDTXHODEDWHUÞD
VHFDUJXHORVXILFLHQWH/DFRQGXFಢ
FLäQHQGLVWDQFLDVFRUWDV\ORVIUHಢ
FXHQWHVDUUDQTXHVGHOPRWRUSXHGHQ
GHVFDUJDUODEDWHUÞD(YLWHHOXVRGH
FRQVXPLGRUHVHOÚFWULFRVLQQHFHVDಢ
ULRV
&XLGDGRGHOYHKÞFXOR 
(YLWHVXFRQWDFWRFRQORVRMRVOD
SLHOODURSDRVXSHUILFLHVSLQWDGDV
(OOÞTXLGRFRQWLHQHÒFLGRVXOIëULFR
TXHSXHGHRFDVLRQDUOHVLRQHV\
GDâRVHQFDVRGHFRQWDFWRGLUHFWR
FRQHOPLVPR(QFDVRGHFRQWDFWR
/DVSLODVQRGHEHQDUURMDUVHDODEDಢ FRQODSLHOODYHOD]RQDFRQDJXD
\DFXGDLQPHGLDWDPHQWHDOPÚಢ
VXUDGRPÚVWLFD'HEHQGHVHFKDUVH
HQXQSXQWRGHUHFRJLGDDXWRUL]DGR GLFR
SDUDVXUHFLFODMH 0DQWÚQJDVHOHMRVGHODOFDQFHGH
/DLQPRYLOL]DFLäQGHOYHKÞFXORGXಢ ORVQLâRV
UDQWHPÒVGHVHPDQDVSXHGHRFDಢ 1RLQFOLQHXQDEDWHUÞDDELHUWD
VLRQDUODGHVFDUJDGHODEDWHUÞD'HVಢ
HPERUQHHOSRORQHJDWLYRGHODEDWHಢ 3URWHFFLäQFRQWUDGHVFDUJDGHODEDಢ
UÞDGHOYHKÞFXOR WHUÞD
6äORVHGHEHHPERUQDURGHVHPERUಢ
QDUODEDWHUÞDFRQHOHQFHQGLGRGHVಢ
FRQHFWDGR
 3HOLJUR
3DUDHYLWDUH[SORVLRQHVPDQಢ
WHQJDDOHMDGRGHODEDWHUÞDFXDOಢ
TXLHUPDWHULDOLQFDQGHVFHQWH/D
H[SORVLäQGHODEDWHUÞDSXHGHRFDಢ
VLRQDUOHVLRQHVJUDYHVRIDWDOHV\
GDâRVHQHOYHKÞFXOR
 &XLGDGRGHOYHKÞFXOR
(WLTXHWDGHDGYHUWHQFLD
6LJQLILFDGRGHORVVÞPERORV PLQDUVHGHOFULVWDO3RUWDQWRQRDSOLಢ
࿢ (YLWHODSUHVHQFLDGHOODPDVGHVಢ
FXELHUWDVRFKLVSDVQRIXPH
࿢ /OHYHVLHPSUHSURWHFFLäQRFXODU
/RVJDVHVH[SORVLYRVSXHGHQSURಢ
GXFLUFHJXHUDROHVLRQHV
࿢ 0DQWHQJDODEDWHUÞDOHMRVGHODOಢ
FDQFHGHORVQLâRV
࿢ /DEDWHUÞDFRQWLHQHÒFLGRVXOIëULFR
TXHSXHGHSURGXFLUFHJXHUDROHಢ
VLRQHVJUDYHVSRUTXHPDGXUDV
࿢ &RQVXOWHHOPDQXDOGHOSURSLHWDULR
SDUDPÒVLQIRUPDFLäQ
࿢ 3XHGHKDEHUJDVH[SORVLYRFHUFD
GHODEDWHUÞD
6XVWLWXFLäQGHODV
HVFRELOODV
/HYDQWHHOEUD]RGHOOLPSLDOXQHWD
3XOVHODSDODQFDGHGHVEORTXHR\
GHVDFRSOHODHVFRELOOD
(OIXQFLRQDPLHQWRFRUUHFWRGHORVOLPಢ
SLDSDUDEULVDVHVHVHQFLDOSDUDODYLಢ
VLELOLGDG\ODVHJXULGDG&RPSUXHEH
UHJXODUPHQWHHOHVWDGRGHODVHVFRಢ
ELOODVGHORVOLPSLDSDUDEULVDV6XVWLಢ
WX\DODVHVFRELOODVTXHHVWÚQGXUDV
UHVTXHEUDMDGDVRDJULHWDGDVRDTXHಢ
OODVTXHHQVXFLHQHOSDUDEULVDV
/DSUHVHQFLDGHPDWHULDOH[WUDâRHQ
HOSDUDEULVDVRHQODVHVFRELOODV
SXHGHUHGXFLUODHILFDFLDGHORVOLPಢ
SLDSDUDEULVDV6LODVHVFRELOODVQR
OLPSLDQFRUUHFWDPHQWHOLPSLHHOSDಢ
UDEULVDV\ODVHVFRELOODVFRQXQEXHQ
SURGXFWRGHOLPSLH]DRGHWHUJHQWH
VXDYH(QMXÒJXHORVELHQFRQDJXD
5HSLWDHOSURFHVRVLIXHUDQHFHVDULR
/RVUHVWRVGHVLOLFRQDQRSXHGHQHOLಢ
TXHQXQFDDEULOODQWDGRUFRQVLOLFRQD
DOSDUDEULVDVGHOYHKÞFXOR\DTXHVH
IRUPDUÞDQUD\DVTXHREVWDFXOL]DUÞDQ
ODYLVLäQGHOFRQGXFWRU
1RXWLOLFHGLVROYHQWHVQDIWDTXHಢ
URVHQRRGLOX\HQWHGHSLQWXUDSDUD
OLPSLDUORVOLPSLDSDUDEULVDV(VWRV
SURGXFWRVVRQPX\IXHUWHV\SRGUÞDQ
GDâDUODVHVFRELOODV\ODVVXSHUILFLHV
SLQWDGDV
 &XLGDGRGHOYHKÞFXOR 

6XVWLWXFLäQGH (VXQSUREOHPDVLPLODUDODFRQGHQಢ
VDFLäQHQHOLQWHULRUGHODVYHQWDQLಢ
OÒPSDUDV OODVGHOYHKÞFXORPLHQWUDVOOXHYH\QR
LQGLFDQLQJëQSUREOHPDFRQHOYHಢ
'HVFRQHFWHHOHQFHQGLGR\HOLQWHಢ KÞFXOR
UUXSWRUFRUUHVSRQGLHQWHRFLHUUHODV 6LHQWUDDJXDHQODFLUFXLWHUÞDGHODV
SXHUWDV OÒPSDUDVKDJDUHYLVDUHOYHKÞFXOR
8QDOÒPSDUDQXHYDVäORVHGHEHVXಢ SRUVXWDOOHUDXWRUL]DGR
MHWDUSRUODEDVH1RWRTXHHOFULVWDO
GHODOÒPSDUDFRQODVPDQRVGHVQXಢ )DURV
GDV
8WLOLFHVäORHOPLVPRWLSRGHOÒPSDUD /X]EDMD\OX]DOWD
SDUDODVXVWLWXFLäQ  'HVHQFKXIHHOFRQHFWRUGHOD  3UHVLRQHHOFOLSHOÒVWLFR\GHVHQಢ
6XVWLWX\DODVOÒPSDUDVGHORVIDURV OÒPSDUD FOÒYHOD
GHVGHHOFRPSDUWLPHQWRGHOPRWRU
1RWD
'HVSXÚVGHFRQGXFLUEDMRODOOXYLDR
GHODYDUHOYHKÞFXORDOJXQDVOHQWHV
GHODVOXFHVH[WHULRUHVSRGUÞDQHPಢ
SDâDUVH
(VWRVHGHEHDODGLIHUHQFLDGHWHPಢ
SHUDWXUDHQWUHHOLQWHULRU\HOH[WHULRU
GHODVOXFHV

 'HVPRQWHODWDSDSURWHFWRUD  ([WUDLJDODOÒPSDUDGHODFDMDGHO
UHIOHFWRU
 &XLGDGRGHOYHKÞFXOR

 &XDQGRPRQWHODQXHYDOÒPSDUD
LQVHUWHODVOHQJíHWDVHQORVUHEDಢ
MHVGHOUHIOHFWRU
 (QFODYHHOFOLSHOÒVWLFR
 &RORTXHODWDSDSURWHFWRUDGHO
IDURHQVXSRVLFLäQ\FLÚUUHOD
 (QFKXIHHOFRQHFWRUHQODOÒP
SDUD
5HJODMHGHORVIDURV
(OUHJODMHGHODOX]EDMDVHSXHGH
DMXVWDUFRQHOWRUQLOORVLWXDGRHQFLPD
GHOIDUR  'HVPRQWHODWDSDSURWHFWRUD  'HVPRQWHODOÒPSDUDGHOFDVTXLಢ
OOR
$WHQFLäQ  ,QVHUWHODOÒPSDUDQXHYD
 ,QVHUWHHOSRUWDOÒPSDUDVHQHOUHಢ
6LHVQHFHVDULRUHJXODUORVIDURV IOHFWRU
VHUHFRPLHQGDTXHOOHYHHOYHಢ
KÞFXORDVXWDOOHUDXWRUL]DGRSDUD  &RORTXHODWDSDSURWHFWRUDGHO
HVWHVHUYLFLRSRUTXHHVWÒUHODFLRಢ IDURHQVXSRVLFLäQ\FLÚUUHOD
QDGRFRQODVHJXULGDG  (QFKXIHHOFRQHFWRUHQODOÒP
SDUD
/XFHVGHHVWDFLRQDPLHQWR
/XFHVDQWLQLHEOD
 'HVHQFKXIHHOFRQHFWRUGHOD +DJDFDPELDUODVOÒPSDUDVHQXQWDಢ
OÒPSDUD OOHU
 'HVPRQWHHOSRUWDOÒPSDUDVGHOD
OX]ODWHUDOGHOUHIOHFWRU
 &XLGDGRGHOYHKÞFXOR 

5HJODMHGHORVIDURVDQWLQLHEOD /XFHVWUDVHUDV
(OUHJODMHGHODOX]DQWLQLHEODVH
SXHGHDMXVWDUFRQHOWRUQLOORVLWXDGR
HQFLPDGHOIDURDQWLQLHEOD

$WHQFLäQ
6LHVQHFHVDULRUHJXODUODVOXFHV
DQWLQLHEODVHUHFRPLHQGDTXH
OOHYHHOYHKÞFXORDVXWDOOHUDXWRULಢ
]DGRSDUDHVWHVHUYLFLRSRUTXH
HVWÒUHODFLRQDGRFRQODVHJXULGDG
 3UHVLRQHOLJHUDPHQWHODOÒPSDUD
,QWHUPLWHQWHVGHODQWHURV HQHOFDVTXLOORJÞUHODHQVHQWLGR
DQWLKRUDULRVÒTXHOD\VXVWLWX\DOD  'HVHQURVTXHORVGRVWRUQLOORV
OÒPSDUD  'HVPRQWHHOJUXSRäSWLFRWUDVHUR
 ,QVHUWHHOSRUWDOÒPSDUDVHQHOUHಢ $VHJëUHVHGHTXHHOFRQGXFWRGH
IOHFWRU\JÞUHORHQVHQWLGRKRUDULR FDEOHVSHUPDQH]FDHQVXSRVLಢ
SDUDHQFODYDUOR FLäQ

 *LUHHOSRUWDOÒPSDUDVHQVHQWLGR
DQWLKRUDULR\GHVHQFOÒYHOR
 &XLGDGRGHOYHKÞFXOR

 'HVPRQWHHOSRUWDOÒPSDUDV3UHಢ
VLRQHOLJHUDPHQWHODOÒPSDUDHQ
HOFDVTXLOORJÞUHODHQVHQWLGRDQಢ
WLKRUDULRVÒTXHOD\VXVWLWX\DOD
OÒPSDUD
 ,QVHUWHHOSRUWDOÒPSDUDVHQHO
JUXSRäSWLFRWUDVHUR\DWRUQÞOOHOR
HQVXSRVLFLäQ&RQHFWHHOHQಢ
FKXIHGHOFDEOHDGR0RQWHHO
JUXSRäSWLFRWUDVHURHQODFDUURಢ
FHUÞD\DSULHWHORVWRUQLOORV&LHUUH
\HQFODYHODVWDSDV
 /X]WUDVHUDOX]GHIUHQR
  *LUHHOSRUWDOÒPSDUDVHQVHQWLGR  &RQHFWHHOHQFHQGLGRHQFLHQGD\

,QWHUPLWHQWH DQWLKRUDULR FRPSUXHEHWRGDVODVOXFHV
/X]GHPDUFKDDWUÒVODGRGHO
DFRPSDâDQWH3LORWRDQWLQLHEOD ,QWHUPLWHQWHVODWHUDOHV
ODGRGHOFRQGXFWRU
 (PSXMHODOX]KDFLDODSDUWHSRVಢ
WHULRUGHOYHKÞFXOR\GHVPäQWHOD
 *LUHHOSRUWDOÒPSDUDVHQVHQWLGR
DQWLKRUDULR
 ([WUDLJDODOÒPSDUDGHOSRUWDOÒPಢ
SDUDV\FÒPELHOD
 9XHOYDDPRQWDUHQRUGHQLQಢ
YHUVR
 &XLGDGRGHOYHKÞFXOR 

7HUFHUDOX]GHIUHQR  0RQWHXQDQXHYDOÒPSDUD
 9XHOYDDPRQWDUHODORMDPLHQWRGH
7LSRERPELOOD ODOÒPSDUD

7LSR/('
+DJDFDPELDUODVOÒPSDUDVHQXQWDಢ
OOHU

/X]GHODPDWUÞFXOD

+DJDFDPELDUODVOÒPSDUDVHQXQWDಢ
OOHU

 $EUDHOSRUWäQWUDVHUR
 'HVPRQWHORVGRVWRUQLOORV\HO
DORMDPLHQWRGHODOÒPSDUD'HVಢ
FRQHFWHHOFRQHFWRUGHOFDEOHDGR
DQWHVGHTXLWDUHODORMDPLHQWRGH
ODOÒPSDUD
 'HVPRQWHORVGRVWRUQLOORV\HO  'HVHQURVTXHORVGRVWRUQLOORV
FRQMXQWRGHOUHIOHFWRU  ([WUDLJDODFDMDGHODOÒPSDUDKDಢ
 'HVPRQWHODOÒPSDUDVWLUDQGRGH FLDDEDMRVLQWLUDUGHOFDEOH
ÚVWDGLUHFWDPHQWHKDFLDIXHUDGHO *LUHHOSRUWDOÒPSDUDVHQVHQWLGR
SRUWDOÒPSDUDV DQWLKRUDULRSDUDGHVHQFODYDU
 &XLGDGRGHOYHKÞFXOR

 'HVPRQWHODOÒPSDUDGHOSRUWDಢ /X]GHOFRPSDUWLPHQWRGHFDUJD  'HVPRQWHODOÒPSDUD

OÒPSDUDV\VXVWLWX\DODOÒPSDUD  ,QVHUWHODOÒPSDUDQXHYD
 ,QVHUWHHOSRUWDOÒPSDUDVHQOD  0RQWHODOÒPSDUD
FDMD\JÞUHORHQVHQWLGRKRUDULR
 ,QVHUWHODFDMDGHODOÒPSDUD\IÞಢ
MHODXVDQGRXQGHVWRUQLOODGRU

/XFHVLQWHULRUHV
/XFHVGHFRUWHVÞD
 3DUDGHVPRQWDUODXWLOLFHXQGHVಢ
WRUQLOODGRUGHSXQWDSODQD\KDJD
SDODQFDHQHOODGRFRQWUDULRDOGHO
LQWHUUXSWRU7HQJDFXLGDGRGHQR  ([WUDLJDODOÒPSDUDKDFLHQGRSDಢ
KDFHUDUDâD]RV ODQFDFRQXQGHVWRUQLOODGRU
 'HVPRQWHODOÒPSDUD
 6XVWLWX\DODOÒPSDUD
 9XHOYDDPRQWDUHOJUXSRäSWLFR
 &XLGDGRGHOYHKÞFXOR 

6LVWHPDHOÚFWULFR &RORTXHHOH[WUDFWRUGHIXVLEOHVVREUH 1RWD

ORVGLYHUVRVWLSRVGHIXVLEOHGHVGHOD (VSRVLEOHTXHQRWRGDVODVGHVFULSಢ
SDUWHVXSHULRURODWHUDO\H[WUDLJDHO FLRQHVGHODVFDMDVGHIXVLEOHVHQHO
)XVLEOHV IXVLEOH PDQXDOVHDQDSOLFDEOHVDVXYHಢ
(OIXVLEOHGHUHSXHVWRGHEHWHQHUOD KÞFXOR
PLVPDHVSHFLILFDFLäQTXHHOIXVLEOH
GHIHFWXRVR &DMDGHIXVLEOHVGHO &XDQGRFRPSUXHEHODFDMDGHIXVLಢ
EOHVFRQVXOWHODHWLTXHWDGHOD
(QXQDFDMDHQFLPDGHOERUQHSRVLಢ FRPSDUWLPHQWRGHOPRWRU PLVPD
WLYRGHODEDWHUÞDKD\DOJXQRVIXVLಢ
EOHVSULQFLSDOHV6LIXHUDQHFHVDULR
KÒJDORVFDPELDUHQXQWDOOHU
$QWHVGHVXVWLWXLUXQIXVLEOHGHVFRಢ
QHFWHHOLQWHUUXSWRUFRUUHVSRQGLHQWH\
HOHQFHQGLGR
8QIXVLEOHGHIHFWXRVRSXHGHUHFRQRಢ
FHUVHSRUTXHHOKLORHVWÒIXQGLGR1R
VXVWLWX\DHOIXVLEOHKDVWDTXHVHVXEಢ
VDQHODFDXVDGHODDYHUÞD
$OJXQDVIXQFLRQHVSXHGHQHVWDUSURಢ
WHJLGDVSRUYDULRVIXVLEOHV
3XHGHKDEHUIXVLEOHVLQVHUWDGRVVLQ /DFDMDGHIXVLEOHVHVWÒHQHOFRPಢ
TXHODIXQFLäQHVWÚGLVSRQLEOHHQHO SDUWLPHQWRGHOPRWRU
YHKÞFXOR 'HVHQFODYHODWDSDOHYÒQWHOD\UHWÞಢ
UHOD
([WUDFWRUGHIXVLEOHV
3XHGHKDEHUXQH[WUDFWRUGHIXVLEOHV
HQODFDMDGHIXVLEOHVGHOFRPSDUWLಢ
PHQWRGHOPRWRU
 &XLGDGRGHOYHKÞFXOR

1« &LUFXLWR
 %RPEDGHFRPEXVWLEOH
 5HOÚGHODOX]GHHVWDFLRQDಢ
PLHQWR
 5HOÚGHYHORFLGDGEDMDGHOYHQWLಢ
ODGRU
 9HORFLGDGDOWDGHOYHQWLODGRU
 $LUHDFRQGLFLRQDGR
 5HOÚGHYHORFLGDGDOWDGHOYHQWLಢ
ODGRU
 5HOÚGHODLUHDFRQGLFLRQDGR
 $%6
 /X]GHHVWDFLRQDPLHQWR,=4
 /X]GHHVWDFLRQDPLHQWR'(5
 )DURVDQWLQLHEOD
 9HORFLGDGEDMDGHOYHQWLODGRU
 $%6
 5HOÚGHORVIDURVDQWLQLHEOD
 5HOÚGHERPEDGHFRPEXVWLEOH
&XLGDGRGHOYHKÞFXOR 
1« &LUFXLWR 1« &LUFXLWR
 )XVLEOHGHUHSXHVWR  %DWHUÞDGHOVDOSLFDGHUR
 5HOÚGHODOX]GHDOWD  ಥ
 *XLâDGDV  $VLHQWRFDOHIDFWDGR
 /X]EDMD,=4  5HOÚGHODVLHQWRFDOHIDFWDGR
 /X]EDMD'(5  0äGXORGHFRQWUROGHOPRWRU
 )XVLEOHGHUHSXHVWR  ಥ
 )XVLEOHGHUHSXHVWR  )XVLEOHGHUHSXHVWR
 (QFHQGLGRPRWRUGHDUUDQTXH
 (QFHQGLGRDFFHVRULRV &DMDGHIXVLEOHVGHOWDEOHUR
 /XFHVGHHPHUJHQFLD
GHLQVWUXPHQWRV
 %RFLQD
 5HOÚGHODOX]EDMD
 5HOÚGHOFOD[RQ
 5HOÚSULQFLSDOGHOPRWRU
 (OHQFHQGLGR
 (06
 (06
 &XLGDGRGHOYHKÞFXOR

(OEORTXHGHIXVLEOHVLQWHULRUHVWÒVLಢ 1« &LUFXLWR

WXDGRHQODSDUWHLQIHULRUGHOWDEOHUR
GHLQVWUXPHQWRVHQHOODGRGHOFRQಢ  /LPSLDOXQHWD
GXFWRU
 (VSHMRUHWURYLVRUH[WHULRU
 )DUR
 5HWURYLVRUHVHOÚFWULFRV
 &LHUUHFHQWUDOL]DGR
 /LPSLDSDUDEULVDV
 ಥ
 'HVPRQWHODWDSDGHOSDQHOGHIXಢ
VLEOHVHQGLDJRQDO  /X]GHPDUFKDDWUÒV
 ,QWHUPLWHQWHV
 'HVHPSDâDGRUWUDVHUR
 $EUDODWDSDGHOSDQHOGHIXVLEOHV
WLUDQGRKDFLDIXHUDGHODSDUWHVXಢ  3LORWRDQWLQLHEOD
SHULRU
 &XDGURGHLQVWUXPHQWRV
 0äGXORGHFRQWUROGHOPRWRUGHO
YHQWLODGRU
 $LUEDJ
 &RPSRQHQWHDQWLUURER
FRQHFWRUGHGLDJQRVLV
 &XLGDGRGHOYHKÞFXOR 

1« &LUFXLWR +HUUDPLHQWDVGHO

 0äGXORGHFRQWUROGHOFDPELR YHKÞFXOR
 /HYDQWDYLGULRVHOÚFWULFRVWUDVHURV +HUUDPLHQWDV
 5DGLRFLHUUHFHQWUDOL]DGRSRU
PDQGRDGLVWDQFLDPDQGRD 9HKÞFXORVFRQUXHGDGH
GLVWDQFLD UHSXHVWR
(OJDWR\ODVKHUUDPLHQWDVHVWÒQHQ
 0äGXORGHFRQWUROGHOPRWRU XQFRPSDUWLPHQWRSRUWDREMHWRVHQHO
(&0FRPSRQHQWHDQWLUURER
 /HYDQWDYLGULRVHOÚFWULFRVGHODQಢ
WHURV
 (QFHQGHGRUGHFLJDUULOORV
FRPSDUWLPHQWRGHFDUJDHQFLPDGH
ODUXHGDGHUHSXHVWR5XHGDGHUHಢ
SXHVWR
5XHGDGHUHSXHVWRGHWDPDâRQRUಢ
PDO

 /X]GHIUHQR
 0RWRUGHDUUDQTXH
 5DGLRUHORMFLHUUHFHQWUDOL]DGR
SRUPDQGRDGLVWDQFLDOX]LQWHಢ
ULRU
 6'0
 &KHY\VWDU
 &XLGDGRGHOYHK¯FXOR

/ODQWDV\QHXP£WLFRV 'HVLJQDFLRQHVGHORV 3UHVLµQGHORVQHXP£WLFRV

(QODVYHUVLRQHVDVÞHTXLSDGDV QHXP£WLFRV
SHM5+
(VWDGRGHORVQHXP£WLFRV  $QFKXUDGHOQHXP£WLFR
HVWDGRGHODVOODQWDV HQPP
 5HODFLµQGHVHFFLµQDOWXUD
&RQGX]FDOHQWDPHQWHVREUHORVFRU
GRQHVGHODYHUHGD\VLHVSRVLEOHHQ GHOQHXP£WLFRUHVSHFWRDOD
&RPSUXHEHODSUHVLµQGHORVQHXP£ಣ
WLFRVHQIU¯RDOPHQRVFDGDG¯DV\
DQWHVGHFXDOTXLHUYLDMHODUJR1RROಣ
YLGHODUXHGDGHUHSXHVWR
'HVHQURVTXHHOWDSµQGHODY£OYXOD
£QJXORUHFWR5RGDUVREUHVXSHUILFLHV DQFKXUDHQ
FRQERUGHVDJXGRVSXHGHGD³DUORV 5 7LSRGHFXELHUWD5DGLDO
QHXP£WLFRV\ODVOODQWDV$OHVWDFLRQDU 5) 7LSR5XQ)ODW
QRDSULVLRQHORVQHXP£WLFRVFRQWUDHO  'L£PHWURGHODOODQWDHQSXOಣ
FRUGµQGHODYHUHGD JDGDV
 QGLFHGHFDUJDSHMHV
&RPSUXHEHSHULµGLFDPHQWHVLODV
HTXLYDOHQWHDNJ
OODQWDVHVW£QGD³DGDV(QFDVRGH
+ /HWUDGHOFµGLJRGHYHORFLGDG
GD³RVRGHVJDVWHH[FHVLYRUHFXUUDD
ODD\XGDGHXQWDOOHU /HWUDGHOFµGLJRGHYHORFLGDG
4 KDVWDNPK
1HXP£WLFRVGHLQYLHUQR 6 KDVWDNPK
7 KDVWDNPK 3UHVLµQGHORVQHXP£WLFRV \
/RVQHXP£WLFRVGHLQYLHUQRRIUHFHQ
+ KDVWDNPK HQODHWLTXHWDFRORFDGDHQHOPDUFR
PD\RUVHJXULGDGDWHPSHUDWXUDVLQಣ
9 KDVWDNPK GHODSXHUWDGHODQWHUDL]TXLHUGD
IHULRUHVDr&\SRUWDQWRGHEHU¯DQ
PRQWDUVHHQWRGDVODVUXHGDV : KDVWDNPK /RVGDWRVVREUHSUHVLRQHVVRQY£OLಣ
GRVSDUDQHXP£WLFRVIU¯RV6RQDSOLಣ
FDEOHVDQHXP£WLFRVGHYHUDQR\GH
LQYLHUQR
 &XLGDGRGHOYHKÞFXOR 

/DUXHGDGHUHSXHVWRVHGHEHLQIODU 3RUPRWLYRVGHVHJXULGDGORVQHXಢ 6LHOGHVJDVWHGHODQWHIXHVHPD\RU

VLHPSUHFRQODSUHVLäQHVSHFLILFDGD PÒWLFRVGHEHQVXVWLWXLUVHDODOFDQ]DU TXHGHWUÒVFDPELHODVUXHGDVGHODQಢ
SDUDFDUJDFRPSOHWD HOGLEXMRXQDSURIXQGLGDGGHPP WHUDVSRUODVWUDVHUDV$VHJëUHVHGH
/DSUHVLäQGHORVQHXPÒWLFRV(&2
VLUYHSDUDUHGXFLUHOFRQVXPRGH
FRPEXVWLEOH
8QDSUHVLäQGHORVQHXPÒWLFRVLQFRಢ
UUHFWDDIHFWDUÒQHJDWLYDPHQWHDOD
VHJXULGDGDODPDQLREUDELOLGDGGHO
YHKÞFXORDOFRQIRUW\DOFRQVXPRGH
FRPEXVWLEOHDGHPÒVGHDXPHQWDUHO
GHVJDVWHGHORVQHXPÒWLFRV
 3HOLJUR
6LODSUHVLäQHVLQVXILFLHQWHORV
QHXPÒWLFRVSXHGHQFDOHQWDUVH
FRQVLGHUDEOHPHQWHSXGLHQGR
SURGXFLUVHGHVSHUIHFWRVLQWHUQRV
TXHSXHGHQOOHJDUDSURYRFDUHO
GHVSUHQGLPLHQWRGHODEDQGDGH
URGDGXUDHLQFOXVRXQUHYHQWäQGHO
QHXPÒWLFRVGHLQYLHUQRDORVPP
3RUPRWLYRVGHVHJXULGDGVHUHFRಢ
PLHQGDTXHODSURIXQGLGDGGHOGLEXMR
GHORVQHXPÒWLFRVGHXQHMHQRYDUÞH
HQPÒVGHPP
/DSURIXQGLGDGPÞQLPDDXWRUL]DGDOHಢ
TXHODGLUHFFLäQGHJLURGHODVUXHGDV
VHDODPLVPDGHDQWHV
/RVQHXPÒWLFRVHQYHMHFHQDXQTXH
QRVHXVHQ/HUHFRPHQGDPRVVXVWLಢ
WXLUORVQHXPÒWLFRVFDGDDâRV
&DPELRGHOWDPDâRGH
QHXPÒWLFRV\OODQWDV
6LVHXWLOL]DQQHXPÒWLFRVFRQXQWDಢ
PDâRGLIHUHQWHDORVPRQWDGRVGHIÒಢ
EULFDSXHGHVHUQHFHVDULRUHSURJUDಢ
PDUHOYHORFÞPHWURDVÞFRPRODSUHಢ
VLäQQRPLQDOGHORVQHXPÒWLFRV\
UHDOL]DURWUDVPRGLILFDFLRQHVHQHOYHಢ
KÞFXOR
$OFDPELDUDQHXPÒWLFRVGHRWURWDಢ
PDâRKDJDVXVWLWXLUODSHJDWLQDFRQ
ODSUHVLäQGHORVQHXPÒWLFRV
QHXPÒWLFRFXDQGRVHFLUFXODD JDOPHQWHPPVHKDDOFDQ]DGR
JUDQYHORFLGDG FXDQGRHOGLEXMRPXHVWUDXQLQGLFDಢ
GRUGHGHVJDVWH7:, 7UHDG:HDU
3URIXQGLGDGGHOGLEXMR ,QGLFDWRU6XSRVLFLäQVHLQGLFDPHಢ
GLDQWHPDUFDVHQHOIODQFRGHOQHXಢ
&RPSUXHEHUHJXODUPHQWHODSURIXQಢ PÒWLFR
GLGDGGHOGLEXMR
 &XLGDGRGHOYHKÞFXOR
 3HOLJUR
(OXVRGHFXELHUWDVRQHXPÒWLFRV
LQDSURSLDGRVSXHGHGDUOXJDUD
DFFLGHQWHV\DODDQXODFLäQGHO
SHUPLVRGHFLUFXODFLäQGHVXYHಢ
KÞFXOR
 3HOLJUR
1RXWLOLFHOODQWDV\QHXPÒWLFRVGH
WLSRV\WDPDâRVGLIHUHQWHVDORV
PRQWDGRVRULJLQDOPHQWHHQHOYHಢ
KÞFXOR(VWRSXHGHPHQRVFDEDUOD
VHJXULGDG\ODVSUHVWDFLRQHVGHO
YHKÞFXOR3RGUÞDGDUOXJDUDIDOORV
GHPDQHMRRYXHOFRV\JUDYHVOHಢ
VLRQHV&XDQGRVXVWLWX\DORVQHXಢ
PÒWLFRVDVHJëUHVHGHPRQWDUORV
FXDWURQHXPÒWLFRVGHOPLVPRWDಢ
HOVXHORODGLVWDQFLDGHIUHQDGROD &DGHQDVSDUDQLHYH
KROJXUDUHVSHFWRDODFDUURFHUÞD\
ODILDELOLGDGGHOYHORFÞPHWUR
7D]DV
6HGHEHQXWLOL]DUWD]DV\QHXಢ
PÒWLFRVKRPRORJDGRVSRUHOIDEULಢ
FDQWHSDUDHOYHKÞFXORFRUUHVSRQಢ
GLHQWHTXHFXPSOHQWRGRVORVUHTXLಢ
VLWRVGHODFRPELQDFLäQGHOODQWD\
QHXPÒWLFR
6LQRVHXWLOL]DQWD]DV\QHXPÒಢ
WLFRVKRPRORJDGRVSRUHOIDEULFDQWH
ORVQHXPÒWLFRVQRGHEHQGLVSRQHUGH 6äORVHSXHGHQXWLOL]DUFDGHQDVHQ
QHUYDGXUDGHSURWHFFLäQUDGLDO ODVUXHGDVGHODQWHUDV
/DVWD]DVQRGHEHQPHQRVFDEDU
8WLOLFHVLHPSUHFDGHQDVGHHVODERಢ
ODUHIULJHUDFLäQGHORVIUHQRV QHVILQRVTXHQRVREUHVDOJDQPÒVGH
PPGHOGLEXMRGHOQHXPÒWLFR\GH
 3HOLJUR ORVODGRVLQWHULRUHVLQFOXLGRHOFLHUUH
PDâRWLSRSHUILOPDUFD\FDSDFLಢ GHODFDGHQD
(OXVRGHQHXPÒWLFRVRWD]DV
GDGGHFDUJD(OXVRGHFXDOTXLHU
LQDGHFXDGRVSXHGHGDUOXJDUDOD
RWURWDPDâRRWLSRGHQHXPÒWLFR
SÚUGLGDUHSHQWLQDGHSUHVLäQ\  3HOLJUR
SRGUÞDDOWHUDUJUDYHPHQWHODVXVಢ
SRUWDQWRRFDVLRQDUXQDFFLGHQWH /RVGDâRVSXHGHQRFDVLRQDUXQ
SHQVLäQHOPDQHMRODDOWXUDVREUH
UHYHQWäQGHOQHXPÒWLFR

&DPELRGHUXHGDV
/DFRPELQDFLäQGHQHXPÒWLFRVGLVಢ
WLQWRVSRGUÞDSURYRFDUODSÚUGLGDGHO
FRQWUROPLHQWUDVFRQGXFH
6LFRPELQDQHXPÒWLFRVGHGLIHUHQWHV
WDPDâRVPDUFDVRWLSRVQHXPÒWLFRV
࿢ 3DUHHOPRWRU\TXLWHODOODYHGH
FRQWDFWR
࿢ (QFLHQGDODVOXFHVGHHPHUJHQFLD
࿢ &RORTXHXQFDO]RXQEORTXHGH
PDGHUDRSLHGUDVGHODQWH\GHWUÒV
GHODUXHGDGLDJRQDOPHQWHRSXHVWD
&XLGDGRGHOYHKÞFXOR 
࿢ 1RDUUDQTXHHOYHKÞFXORPLHQWUDV
HVWÚOHYDQWDGRFRQHOJDWR
࿢ /LPSLHODVWXHUFDVGHUXHGD\ODV
URVFDVDQWHVGHPRQWDUODUXHGD
UDGLDOHV\GHFXELHUWDPL[WDHOYHಢ
KÞFXORSRGUÞDQRPDQLREUDUFRUUHFWDಢ
PHQWH\VXIULUXQDFFLGHQWH(OXVRGH
QHXPÒWLFRVGHGLIHUHQWHVWDPDâRV
PDUFDVRWLSRVWDPELÚQSXHGHRFDಢ
VLRQDUGDâRVHQHOYHKÞFXOR8WLOLFH
QHXPÒWLFRVGHOWDPDâRPDUFD\WLSR
FRUUHFWRVHQWRGDVODVUXHGDV
6HGHEHQHIHFWXDUORVSUHSDUDWLYRV\
REVHUYDUODVLQGLFDFLRQHVVLJXLHQWHV
࿢ 6DOJDGHODFDUUHWHUDKDVWDXQOXJDU
VHJXURTXHHVWÚDSDUWDGRGHOWUÒಢ
ILFR
࿢ $SDUTXHHOYHKÞFXORHQXQDVXSHUಢ
ILFLHQLYHODGDILUPH\QRGHVOL]DQWH
/DVUXHGDVGHODQWHUDVGHEHQHVWDU
HQSRVLFLäQGHPDUFKDHQOÞQHD
UHFWD
࿢ $FFLRQHHOIUHQRGHHVWDFLRQDಢ
PLHQWR\HQJUDQHODSULPHUDROD
PDUFKDDWUÒV
DODUXHGDTXHYDDFDPELDU
࿢ 7RGRVORVSDVDMHURVGHEHQVDOLUGHO
YHKÞFXOR
࿢ 6DTXHODUXHGDGHUHSXHVWR
࿢ 1XQFDFDPELHPÒVGHXQDUXHGD
VLPXOWÒQHDPHQWH
࿢ 8WLOLFHHOJDWRëQLFDPHQWHSDUD
FDPELDUODVUXHGDVHQFDVRGHSLQಢ
FKD]RQRSDUDHOFDPELRHVWDFLRಢ
QDOGHQHXPÒWLFRVGHLQYLHUQRRGH
 'HVHQFODYHORVWDSRQHVGHODV
YHUDQR
WXHUFDVGHUXHGDFRQXQGHVWRUQLಢ
࿢ 6LHOWHUUHQRHVEODQGRGHEHFRORಢ OODGRU\GHVPäQWHORV
FDUVHGHEDMRGHOJDWRXQDEDVHHVಢ
WDEOHFRQXQJURVRUPÒ[LPRGH
3HOLJUR
FP
࿢ 1RGHEHKDEHUSHUVRQDVQLDQLPDಢ (OFDPELRGHUXHGDVHVXQDWDUHD
OHVGHQWURGHOYHKÞFXORFXDQGRVH TXHSXHGHSUHVHQWDUULHVJRVGH
XWLOLFHHOJDWR OHVLRQHV1XQFDPHWDVXFXHUSRR
SDUWHGH«OGHEDMRGHODXWRPµYLOR
࿢ 1RVHPHWDQXQFDGHEDMRGHXQYHಢ
GHQWURGHOPHFDQLVPRGHOJDWR
KÞFXORTXHHVWÚDO]DGRFRQXQJDWR
 &XLGDGRGHOYHKÞFXOR
 *LUHODPDQLYHODGHOJDWRSDUDVXಢ
ELUOLJHUDPHQWHODFDEH]DGHHOHಢ
YDFLäQ\FRORTXHHOJDWRYHUWLFDOಢ
PHQWHHQODSRVLFLäQPDUFDGDFRQ
HOVHPLFÞUFXOR
 'HVSOLHJXHODOODYHSDUDUXHGDV\
PäQWHODDVHJXUÒQGRVHGHVXFRಢ
UUHFWDFRORFDFLäQ\DIORMHFDGD
WXHUFDGHUXHGDPHGLDYXHOWD
 $FRSOHODPDQLYHODDOJDWR\OXHJR
DFRSOHODOODYHDODPDQLYHODGHO
JDWRFRUUHFWDPHQWH
/XHJRVXEDHOJDWRSDUDTXHOD
FDEH]DGHHOHYDFLäQHQFDMHILUಢ
PHPHQWHHQODSRVLFLäQ
 *LUHODOODYHFRPSUREDQGRODSRಢ
VLFLäQFRUUHFWDGHOJDWRKDVWDTXH
ODUXHGDVHGHVSHJXHGHOVXHOR
 'HVHQURVTXHODVWXHUFDVGH
UXHGD
 &DPELHODUXHGD
 (QURVTXHODVWXHUFDVGHUXHGD
 %DMHHOYHKÞFXOR
 ,QVHUWHFRPSOHWDPHQWHODOODYH
SDUDUXHGDV\DSULHWHODVWXHUFDV
VLJXLHQGRXQRUGHQHQFUX](OSDU
GHDSULHWHHVGH1P
 $OLQHHHORULILFLRSDUDODYÒOYXODHQ
ODWD]DFRQODYÒOYXODGHO
QHXPÒWLFRDQWHVGHOPRQWDMH
 &XLGDGRGHOYHK¯FXOR 

0RQWHORVWDSRQHVGHODVWXHUFDV 5XHGDGHUHSXHVWR /DUXHGDGHUHSXHVWRHVW£VLWXDGDHQ

GHUXHGD HOFRPSDUWLPHQWRGHFDUJDGHEDMRGH
 *XDUGHODUXHGDVXVWLWXLGD\ODV
KHUUDPLHQWDVGHOYHK¯FXOR3DUD
HYLWDUUXLGRGHWUDTXHWHRJLUHOD
FDEH]DGHOWRUQLOORKDVWDTXHOD
SDUWHVXSHULRUHLQIHULRUGHOJDWR
HVW«QWRWDOPHQWHDMXVWDGDVHQOD
FDMDGHKHUUDPLHQWDVGHVSX«VGH
GHYROYHUHOJDWRDVXSRVLFLµQRULಣ
JLQDO$VHJ¼UHVHWDPEL«QGHTXH
KD\DFLHUWDKROJXUDHQWUHHOJDWR\
ODVKHUUDPLHQWDVGHOYHK¯FXOR
+HUUDPLHQWDV 
 &RPSUXHEHODSUHVLµQGHOQHXP£ಣ
WLFRPRQWDGR\HOSDUGHDSULHWHGH
ODVWXHUFDVGHUXHGDORDQWHVSRಣ
VLEOH
+DJDUHSDUDURVXVWLWXLUHOQHXP£WLFR
DYHULDGR
(QODVYHUVLRQHVDV¯HTXLSDGDV ODFXELHUWDGHOSLVR(VW£ILMDGDHQHO
5XHGDGHUHSXHVWRFRPSDFWD
/DUXHGDGHUHSXHVWRSXHGHFODVLILಣ
FDUVHFRPRXQDUXHGDGHHPHUJHQಣ
FLDGHSHQGLHQGRGHOWDPD³RUHVSHFWR
DODVRWUDVUXHGDVPRQWDGDV\GHOD
OHJLVODFLµQQDFLRQDO
/DUXHGDGHUHSXHVWRWLHQHXQDOODQWD
GHDFHUR
(OXVRGHXQDUXHGDGHUHSXHVWRGH
PHQRUWDPD³RTXHODVGHP£VUXHಣ
GDVRMXQWRFRQQHXP£WLFRVGHLQಣ
YLHUQRSXHGHDIHFWDUDOFRPSRUWDಣ
PLHQWRGHPDUFKD+DJDVXVWLWXLUHO
QHXP£WLFRDYHULDGRORDQWHVSRVLEOH
UHEDMHPHGLDQWHXQDWXHUFDGHPDULಣ
SRVD
(OKXHFRGHODUXHGDGHUHSXHVWRQR
HVW£GLVH³DGRSDUDWRGRVORVWDPDಣ
³RVGHQHXP£WLFRVSHUPLWLGRV6LXQD
UXHGDHVP£VDQFKDTXHODGHUHಣ
SXHVWRVHGHEHJXDUGDUHQHOKXHFR
GHODUXHGDGHUHSXHVWRGHVSX«VGH
FDPELDUODVUXHGDVODFXELHUWDGHO
SLVRSXHGHFRORFDUVHHQFLPDGHOD
UXHGDTXHVREUHVDOH
$WHQFLµQ
(VWHWLSRGHUXHGDGHUHSXHVWRHV
VµORSDUDXVRWHPSRUDOHQFDVRGH
HPHUJHQFLD
6XVWLWX\DODUXHGDGHUHSXHVWRSRU
XQDUXHGDQRUPDOORDQWHVSRVLEOH
1RXWLOLFHFDGHQDV
1RPRQWHQLQJ¼QQHXP£WLFRHQ
HVWDOODQWDTXHQRVHDLG«QWLFRDO
RULJLQDO
1RODPRQWHHQRWURVYHK¯FXORV
 &XLGDGRGHOYHKÞFXOR
5XHGDGHHPHUJHQFLD
(OXVRGHODUXHGDGHHPHUJHQFLD
SXHGHDIHFWDUDOFRPSRUWDPLHQWRGH
PDUFKD+DJDVXVWLWXLURUHSDUDUHO
QHXPÒWLFRDYHULDGRORDQWHVSRVLEOH
6äORGHEHPRQWDUVHXQDUXHGDGH
HPHUJHQFLD1RFRQGX]FDDPÒVGH
NPK7RPHODVFXUYDVGHVSDFLR
1RXWLOLFHODUXHGDGXUDQWHXQSHUÞRGR
GHWLHPSRSURORQJDGR
&DGHQDVSDUDQLHYH
5XHGDGHUHSXHVWRGHWDPDâR
QRUPDO
(OXVRGHXQDUXHGDGHUHSXHVWRGH
LJXDOWDPDâRTXHODVGHPÒVUXHGDV
RMXQWRFRQQHXPÒWLFRVGHLQYLHUQR
SXHGHDIHFWDUDOFRPSRUWDPLHQWRGH
PDUFKD+DJDVXVWLWXLUHOQHXPÒWLFR
GHIHFWXRVRORDQWHVSRVLEOH
6LODVUXHGDVVHPRQWDQHQVHQWLGR
FRQWUDULRDODGLUHFFLäQGHURGDGXUD
࿢ 3XHGHYHUVHDIHFWDGRHOFRPSRUWDಢ
PLHQWRGHPDUFKD+DJDVXVWLWXLUR
UHSDUDUHOQHXPÒWLFRDYHULDGROR
DQWHVSRVLEOH
࿢ 1RFRQGX]FDDPÒVGHNPK
࿢ 6HGHEHFRQGXFLUFRQPXFKDSUHಢ
FDXFLäQHQFDVRGHOOXYLD\QLHYH
/DUXHGDGHUHSXHVWRHVWÒVLWXDGDHQ
HOFRPSDUWLPHQWRGHFDUJDGHEDMRGH
ODFXELHUWDGHOSLVR(VWÒILMDGDHQHO
UHEDMHPHGLDQWHXQDWXHUFDGHPDULಢ
SRVD
1HXPÒWLFRVFRQGLUHFFLäQGH
URGDGXUD
/RVQHXPÒWLFRVFRQGLUHFFLäQGHURಢ
GDGXUDGHEHQPRQWDUVHSDUDTXH
UXHGHQHQHOVHQWLGRGHPDUFKD/D
GLUHFFLäQGHURGDGXUDVHLQGLFDPHಢ
GLDQWHXQVÞPERORSHMXQDIOHFKD
HQHOIODQFR

$UUDQTXHFRQFDEOHV
1RDUUDQTXHFRQFDUJDGRUHVUÒSLGRV
8QYHKÞFXORFRQODEDWHUÞDGHVFDUಢ
JDGDSXHGHSRQHUVHHQPDUFKDFRQ
FDEOHVDX[LOLDUHVGHDUUDQTXH\ODEDಢ
WHUÞDGHRWURYHKÞFXOR
 3HOLJUR
7HQJDPXFKRFXLGDGRFXDQGR
DUUDQTXHFRQFDEOHVDX[LOLDUHV
&XDOTXLHUGHVYLDFLäQGHODVLQVಢ
WUXFFLRQHVVLJXLHQWHVSXHGHRFDಢ
RFDVLRQDUOHVLRQHV\GDâRVHQ
FDVRGHFRQWDFWRGLUHFWRFRQHO
PLVPR
࿢ 1RH[SRQJDODEDWHUÞDDOODPDV
GHVFXELHUWDVRFKLVSDV
࿢ 8QDEDWHUÞDGHVFDUJDGDSXHGHKHಢ
ODUVHDWHPSHUDWXUDVSUä[LPDVD
¡&'HVFRQJHOHODEDWHUÞDDQWHV
GHFRQHFWDUORVFDEOHVDX[LOLDUHVGH
DUUDQTXH
࿢ /OHYHDQWHRMRV\URSDGHSURWHFFLäQ
FXDQGRPDQLSXOHXQDEDWHUÞD
࿢ 8WLOLFHXQDEDWHUÞDDX[LOLDUGHOD
&XLGDGRGHOYHKÞFXOR 
࿢ 1RGHMHTXHORVERUQHVGHXQFDEOH
WRTXHQORVGHORWURFDEOH
࿢ /RVYHKÞFXORVQRGHEHQHQWUDUHQ
FRQWDFWRGXUDQWHHOSURFHVRGH
DUUDQTXHFRQFDEOHV
࿢ $FFLRQHHOIUHQRGHHVWDFLRQDಢ
PLHQWRFDPELRPDQXDOHQSXQWR
PXHUWRFDPELRDXWRPÒWLFRHQ3
VLRQDUOHVLRQHVRGDâRVPDWHULDಢ PLVPDWHQVLäQ96XFDSDFLಢ
OHVRFDVLRQDGRVSRUODH[SORVLäQ
GHODEDWHUÞDRGDâRVHQORVVLVWHಢ
PDVHOÚFWULFRVGHDPERVYHKÞFXಢ
ORV
 3HOLJUR
(YLWHHOFRQWDFWRGHODEDWHUÞDFRQ
ORVRMRVODSLHOODURSD\ODVVXಢ
SHUILFLHVSLQWDGDV(OOÞTXLGRFRQಢ
WLHQHÒFLGRVXOIëULFRTXHSXHGH
GDG$KQRGHEHVHUPX\LQIHULRUD
ODGHODEDWHUÞDGHVFDUJDGD
࿢ 8WLOLFHFDEOHVDX[LOLDUHVGHDUUDQಢ
TXHFRQERUQHVDLVODGRV\XQDVHFಢ
FLäQPÞQLPDGHPP
࿢ 1RGHVFRQHFWHODEDWHUÞDGHVFDUಢ &RQHFWHORVFDEOHVHQHOVLJXLHQWHRUಢ
JDGDGHOYHKÞFXOR GHQ
࿢ 'HVFRQHFWHWRGRVORVFRQVXPLGRಢ  &RQHFWHHOFDEOHURMRDOERUQHSRಢ
UHVHOÚFWULFRVLQQHFHVDULRV VLWLYRGHODEDWHUÞDDX[LOLDU
࿢ 1RVHDSR\HVREUHODEDWHUÞDGXಢ  &RQHFWHHORWURH[WUHPRGHOFDEOH
UDQWHHODUUDQTXHFRQORVFDEOHVDXಢ URMRDOERUQHSRVLWLYRGHODEDWHUÞD
[LOLDUHV GHVFDUJDGD
 &XLGDGRGHOYHKÞFXOR

 &RQHFWHHOFDEOHQHJURDOERUQH  &RQHFWHXQFRQVXPLGRUHOÚFWULFR 5HPROFDGR

QHJDWLYRGHODEDWHUÞDDX[LOLDU SHMODVOXFHVRODOXQHWDWÚUPLFD
WUDVHUDHQHOYHKÞFXORTXHUHFLEH
 &RQHFWHHORWURH[WUHPRGHOFDEOH
FRUULHQWH
5HPROFDGRGHOYHKÞFXOR
QHJURDXQSXQWRGHPDVDGHOYHಢ
KÞFXORFRPRHOEORTXHGHOPRWRU  ,QYLHUWDH[DFWDPHQWHHORUGHQDQಢ 6LQHFHVLWDUHPROFDUVXYHKÞFXORXWLಢ
RXQWRUQLOORGHPRQWDMHGHOPRWRU WHULRUSDUDGHVFRQHFWDUORVFDಢ OLFHQXHVWUDUHGGHVHUYLFLRRXQVHUಢ
&RQÚFWHORORPÒVOHMRVSRVLEOHGH EOHV YLFLRGHJUëDSURIHVLRQDO
ODEDWHUÞDGHVFDUJDGDFRPRPÞಢ
QLPRDFP
&RORTXHORVFDEOHVGHIRUPDTXHQR
SXHGDQHQJDQFKDUVHHQSLH]DVJLUDಢ
WRULDVGHOFRPSDUWLPHQWRGHOPRWRU
3DUDDUUDQFDUHOPRWRU
 $UUDQTXHHOPRWRUGHOYHKÞFXOR
TXHVXPLQLVWUDODFRUULHQWH
 $UUDQTXHHORWURPRWRUXQRV
PLQXWRVGHVSXÚV/RVLQWHQWRV
GHDUUDQTXHVHGHEHQUHDOL]DUHQ
LQWHUYDORVGHPLQXWR\QRGHEHQ
GXUDUPÒVGHVHJXQGRV (OPHMRUPÚWRGRHVWUDQVSRUWDUHOYHಢ
KÞFXORPHGLDQWHXQYHKÞFXORGHUHVಢ
 'HMHDPERVYHKÞFXORVDOUDOHQWÞ FDWH
GXUDQWHXQRVPLQXWRVFRQORV
FDEOHVWRGDYÞDFRQHFWDGRV
 &XLGDGRGHOYHKÞFXOR 

2EVHUYHORVVLJXLHQWHVSURFHGLPLHQಢ
WRVFXDQGRUHPROTXHXQYHKÞFXOR
࿢ 1RGHEHTXHGDUQLQJëQRFXSDQWH
HQHOYHKÞFXORUHPROFDGR
࿢ 6XHOWHHOIUHQRGHHVWDFLRQDPLHQWR
GHOYHKÞFXORUHPROFDGR\SRQJDHO
FDPELRHQSXQWRPXHUWR
࿢ &RQHFWHODVOXFHVGHHPHUJHQFLD
࿢ 0DQWHQJDORVOÞPLWHVGHYHORFLGDG
6LQRIXHUDSRVLEOHUHPROFDUHOYHಢ
KÞFXORPHGLDQWHXQYHKÞFXORGHUHVಢ
FDWHSURFHGDGHOVLJXLHQWHPRGR 'HVHQFODYHODWDSDSXOVDQGRHQOD
SRVLFLäQGHODIOHFKD$PRGHOREÒಢ
VLFR%PRGHORFRQSDTXHWHHVSHಢ
FLDO\GHVPRQWHODWDSD
/DDUJROODGHUHPROTXHVHJXDUGDFRQ
ODVKHUUDPLHQWDVGHOYHKÞFXOR

6LVHUHPROFDGHUXHGDVGHEHQHOHಢ
YDUVHODVUXHGDVPRWULFHVGHODQWHUDV
\UHPROFDUVHFRQODVUXHGDVGHODQWHಢ
UDVEORTXHDGDV
 &XLGDGRGHOYHKÞFXOR
$WHQFLäQ
&RQGX]FDGHVSDFLR(YLWHORVWLURಢ
QHV/DVIXHU]DVGHWUDFFLäQH[FHಢ
VLYDVSRGUÞDQGDâDUHOYHKÞFXOR
6LHOPRWRUQRHVWÒHQPDUFKDVHUHಢ
TXLHUHPXFKDPÒVIXHU]DSDUDIUHQDU
NPK(QWRGRVORVGHPÒVFDVRV
RVLHOFDPELRHVWÒDYHULDGRHOHMH
GHODQWHURGHEHOHYDQWDUVHGHOVXHOR
5HFXUUDDODD\XGDGHXQ&RQFHVLR
QDULR2ILFLDOR7DOOHU$XWRUL]DGR
&KHYUROHW
7UDVHOUHPROFDGRGHVHQURVTXHOD
DUJROODGHUHPROTXH
\GLULJLUHOYHKÞFXOR $PRGHOREÒVLFR,QVHUWHODWDSDHQ
3DUDHYLWDUTXHHQWUHKXPRGHOHVಢ HOODGRL]TXLHUGR\FLHUUHODWDSD
(QURVTXHODDUJROODGHUHPROTXHWRGR
ORSRVLEOHKDVWDTXHTXHGHHQSRVLಢ
FLäQKRUL]RQWDO
)LMHXQFDEOHGHUHPROTXHಥRPHMRU
XQDEDUUDGHUHPROTXHಥDODDUJROOD
/DDUJROODGHUHPROTXHVäORGHEHXWLಢ
OL]DUVHSDUDUHPROFDU\QRSDUDHOUHVಢ
FDWHGHOYHKÞFXOR
&RQHFWHHOHQFHQGLGRSDUDGHVEORಢ
TXHDUHOYRODQWH\SDUDTXHIXQFLRQHQ
ODVOXFHVGHIUHQRODERFLQD\ORVOLPಢ
SLDSDUDEULVDV
&DPELRHQSXQWRPXHUWR
FDSHGHOYHKÞFXORWUDFWRUFRQHFWHHO %PRGHORFRQSDTXHWHHVSHFLDO,Qಢ
VLVWHPDGHUHFLUFXODFLäQGHDLUH\FLHಢ VHUWHODWDSDHQODSDUWHLQIHULRU\FLHಢ
UUHODVYHQWDQLOODV UUHODWDSD
9HKÞFXORVFRQFDPELRDXWRPÒWLFR (OPHMRUPÚWRGRHVWUDQVSRUWDUHOYHಢ
1RUHPROTXHHOYHKÞFXORXVDQGROD KÞFXORPHGLDQWHXQYHKÞFXORGHUHVಢ
DUJROODGHUHPROTXH FDWH
6LVHUHPROFDHOYHKÞFXORFRQXQFDಢ
EOHGHUHPROTXHHOFDPELRDXWRPÒಢ
WLFRSXHGHVXIULUGDâRVJUDYHV
&XDQGRUHPROTXHXQYHKÞFXORFRQ
FDPELRDXWRPÒWLFRXWLOLFHXQDSODWDಢ
IRUPDRXQHTXLSRSDUDOHYDQWDUODV
UXHGDV
9HKÞFXORVFRQFDPELRPDQXDO(OYHಢ
KÞFXORGHEHUHPROFDUVHKDFLDDGHಢ
ODQWHVLQVXSHUDUXQDYHORFLGDGGH

5HPROFDGRGHRWUR
YHKÞFXOR
/DDUJROODGHUHPROTXHWUDVHUDHVWÒ
GHEDMRGHOSDUDFKRTXHVWUDVHUR
/DDUJROODGHUHPROTXHVäORGHEHXWLಢ
OL]DUVHSDUDUHPROFDU\QRSDUDHOUHVಢ
FDWHGHRWURYHKÞFXOR
6LVXYHKÞFXORWLHQHXQDWDSDHQHO
SDUDFKRTXHVWUDVHURGHODQWHGHOD
DUJROODGHUHPROTXHWUDVHUDTXLWHORV
GRVFOLSVGHODWDSD'HVHQFODYHOD
WDSDWLUDQGRKDFLDDWUÒV
7UDVHOUHPROFDGRYXHOYDDPRQWDUOD
WDSDILUPHPHQWH
$WHQFLäQ
&RQGX]FDGHVSDFLR(YLWHORVWLURಢ
QHV/DVIXHU]DVGHWUDFFLäQH[FHಢ
VLYDVSRGUÞDQGDâDUHOYHKÞFXOR
&XLGDGRGHOYHKÞFXOR 
&XLGDGRGHODVSHFWR
&XLGDGRH[WHULRU
&HUUDGXUDV
/DVFHUUDGXUDVVHOXEULFDQHQIÒEULFD
FRQXQDJUDVDGHDOWDFDOLGDGSDUDFLಢ
OLQGURVGHFHUUDGXUD8WLOLFHXQSURಢ
GXFWRGHVFRQJHODQWHVäORHQXQFDVR
DEVROXWDPHQWHQHFHVDULRSXHVVX
HIHFWRGHVHQJUDVDQWHSHUMXGLFDHO
IXQFLRQDPLHQWRGHODVFHUUDGXUDV
'HVSXÚVGHXVDUXQSURGXFWRGHVಢ
FRQJHODQWHKDJDHQJUDVDUODVFHUUDಢ
GXUDVHQXQWDOOHU
/DYDGR
/DSLQWXUDGHOYHKÞFXORHVWÒH[SXHVWD
DODVLQIOXHQFLDVDPELHQWDOHV/DYH\
HQFHUHHOYHKÞFXORFRQUHJXODULGDG6L
XWLOL]DWëQHOHVGHODYDGRDXWRPÒWLFR
VHOHFFLRQHXQSURJUDPDTXHLQFOX\D
ODDSOLFDFLäQGHFHUD
/RVH[FUHPHQWRVGHDYHVORVLQVHFಢ
WRVPXHUWRVODUHVLQDHOSROHQHWF
VHGHEHQOLPSLDUORDQWHVSRVLEOH\D
TXHFRQWLHQHQFRPSRQHQWHVDJUHVLಢ
YRV\SXHGHQGDâDUODSLQWXUD
 &XLGDGRGHOYHKÞFXOR
6LXWLOL]DXQWëQHOGHODYDGRFXPSOD
ODVLQVWUXFFLRQHVGHOIDEULFDQWH/RV
OLPSLDSDUDEULVDV\HOOLPSLDOXQHWDGHಢ
EHQHVWDUGHVFRQHFWDGRV%ORTXHHHO
YHKÞFXORSDUDTXHODWDSDGHOGHSäVLWR
GHFRPEXVWLEOHQRSXHGDDEULUVH
'HVPRQWHODDQWHQD\DFFHVRULRVH[ಢ
WHUQRVFRPRSRUWDHTXLSDMHVGHWHFKR
HWF
6LVHODYDHOYHKÞFXORDPDQRGHEHQ
HQMXDJDUVHELHQODV]RQDVLQWHULRUHV
GHORVSDVDUUXHGDV
/LPSLHWDPELÚQORVUHERUGHVLQWHULRಢ
UHV\ORVSOLHJXHVHQODVSXHUWDV\HO
FDSäDELHUWRVDVÞFRPRODV]RQDVGH
ODFDUURFHUÞDFXELHUWDVSRUORVPLVಢ
PRV
+DJDHQJUDVDUODVELVDJUDVGHWRGDV
WDGDV\SDUDORVFULVWDOHVORVUHVWRV
GHFHUDHQORVFULVWDOHVGLILFXOWDQOD
YLVLELOLGDG
1RXWLOLFHREMHWRVGXURVSDUDHOLPLQDU
PDQFKDVGHDOTXLWUÒQ8WLOLFHVSUD\
SDUDHOLPLQDUDOTXLWUÒQGHODVVXSHUILಢ
FLHVSLQWDGDV
/XFHVH[WHULRUHV
/DVWDSDVGHORVIDURV\GHRWUDVOXFHV
VRQGHSOÒVWLFR1RXWLOLFHSURGXFWRV
DEUDVLYRVRFÒXVWLFRVQRXWLOLFHXQ
UDVFDGRUGHKLHORQLORVOLPSLHHQ
VHFR
$EULOODQWDGR\HQFHUDGR
(QFHUHHOYHKÞFXORFRQUHJXODULGDGD
PÒVWDUGDUFXDQGRHODJXDQRUHVಢ
/DVSDUWHVGHSOÒVWLFRGHODFDUURFHಢ
UÞDQRVHGHEHQWUDWDUFRQFHUDQLDEULಢ
OODQWDGRUHV
&ULVWDOHVGHYHQWDQLOODV\
HVFRELOODVGHORV
OLPSLDSDUDEULVDV
8WLOLFHXQSDâRVXDYHTXHQRVXHOWH
SHOXVDVRXQDJDPX]DFRQOLPSLDFULVಢ
WDOHV\TXLWDLQVHFWRV
$OOLPSLDUODOXQHWDWUDVHUDSURFXUHQR
GDâDUODUHVLVWHQFLDWÚUPLFDGHOLQWHಢ
ULRUGHODOXQHWD
3DUDUHWLUDUHOKLHORPDQXDOPHQWHVH
GHEHXWLOL]DUXQUDVFDGRUGHKLHORGH
ILORDJXGR3UHVLRQHHOUDVFDGRUILUಢ
PHPHQWHFRQWUDHOFULVWDOSDUDTXHQR
TXHGHVXFLHGDGGHEDMRGHOPLVPR
ODVSXHUWDVHQXQWDOOHU
1ROLPSLHHOFRPSDUWLPHQWRGHOPRWRU
FRQFKRUURGHYDSRURDSDUDWRVGH
DOWDSUHVLäQ
(QMXDJXHELHQHOYHKÞFXOR\IUäWHOR
FRQXQDJDPX]D(QMXDJXHODJDಢ
PX]DFRQIUHFXHQFLD8WLOLFHJDPXಢ
]DVGLVWLQWDVSDUDODVVXSHUILFLHVSLQಢ
EDOHIRUPDQGRSHUODV(QFDVRFRQಢ
TXHSXHGDUD\DUHOFULVWDO
WUDULRODSLQWXUDVHUHVHFD
6LODVHVFRELOODVGHMDQUDVWURVSXHಢ
6äORHVQHFHVDULRDEULOODQWDUODSLQಢ
GHQOLPSLDUVHFRQXQSDâRVXDYH\
WXUDVLÚVWDWLHQHDGKHULGDVVXVWDQಢ
OLPSLDFULVWDOHV
FLDVVäOLGDVRVLVHKDSXHVWRPDWH\
WLHQHPDODVSHFWR
5XHGDV\QHXPÒWLFRV
(ODEULOODQWDGRFRQVLOLFRQDIRUPDXQD 1RXVHHTXLSRVGHOLPSLH]DDDOWD
SHOÞFXODSURWHFWRUDFRQORTXHQRHV SUHVLäQ
QHFHVDULRHQFHUDU
/LPSLHODVOODQWDVFRQXQOLPSLDGRUGH
OODQWDVGHS+QHXWUR

/DVOODQWDVHVWÒQSLQWDGDV\SXHGHQ
WUDWDUVHFRQORVPLVPRVSURGXFWRV
TXHODFDUURFHUÞD
'DâRVHQODSLQWXUD
5HSDUHORVSHTXHâRVGHVSHUIHFWRV
HQODSLQWXUDFRQURWXODGRUGHUHWRTXH
DQWHVGHTXHVHIRUPHä[LGR$FXGD
DXQWDOOHUVLKD\GDâRVPD\RUHVHQOD
SLQWXUDR]RQDVR[LGDGDV
3DTXHWHHVSHFLDO\NLWGH
FDUURFHUÞD
࿢ $OUHPROFDUWHQJDFXLGDGRSDUD
HYLWDUGDâRVSRUHOFDEOHGHUHPROಢ
TXH'HVPRQWHODWDSDGHOSDUDಢ
FKRTXHVDQWHVGHUHPROFDU
࿢ $OWXUDVREUHHOVXHORUHGXFLGD
&RQGX]FDGHVSDFLRVREUHUDPSDV
EDGHQHVRFRUGäQGHODYHUHGD
࿢ 8WLOLFHXQDSR\RSDUDHOHYDUHOYHಢ
KÞFXOR
࿢ 3DUDHYLWDUGDâRV\URWXUDVHQOD
FDUURFHUÞDVHUHFRPLHQGDVXELUHO
FRFKHDXQYHKÞFXORGHUHVFDWH
SDUDVXWUDQVSRUWH
%DMRVGHOYHKÞFXOR
/RVPDWHULDOHVFRUURVLYRVTXHVHHPಢ
SOHDQSDUDTXLWDUHOKLHOR\ODQLHYHR
HYLWDUHOSROYRSXHGHQDFXPXODUVHHQ
ORVEDMRVGHODFDUURFHUÞDGHOYHಢ
KÞFXOR6LQRHOLPLQDHVWRVPDWHULDOHV
VHSXHGHDFHOHUDUODIRUPDFLäQGHFRಢ
UURVLäQ\ä[LGR
/LPSLHUHJXODUPHQWHFRQDEXQGDQWH
DJXDORVEDMRVGHODFDUURFHUÞDGHO
YHKÞFXORSDUDHOLPLQDUHVWRVPDWHULDಢ
OHV
7HQJDFXLGDGRGHOLPSLDUFXDOTXLHU
]RQDHQODTXHVHSXHGDDFXPXODU
EDUUR\RWURVPDWHULDOHV'HVSUHQGD
FXDOTXLHUVHGLPHQWRDFXPXODGRHQ
ODV]RQDVFHUUDGDVDQWHVGHHQMXDಢ
JDUODVFRQDJXD
&XLGDGRLQWHULRU
+DELWÒFXOR\WDSLFHUÞD
(OLQWHULRUGHOYHKÞFXORLQFOXLGRHOVDOಢ
SLFDGHUR\ORVUHYHVWLPLHQWRVVäOR
GHEHOLPSLDUVHFRQXQSDâRVHFRR
FRQSURGXFWRSDUDOLPSLH]DGHLQWHಢ
ULRUHV
&XLGDGRGHOYHKÞFXOR 
(OWDEOHURGHLQVWUXPHQWRVVäORGHEH
OLPSLDUVHFRQXQSDâRVXDYHKëಢ
PHGR
/LPSLHODWDSLFHUÞDFRQXQDDVSLUDಢ
GRUD\XQFHSLOOR(OLPLQHODVPDQಢ
FKDVFRQXQOLPSLDGRUSDUDWDSLFHಢ
UÞDV
/RVWHMLGRVGHODURSDSXHGHQGHVWHಢ
âLU(VWRSRGUÞDRFDVLRQDUGHFRORUDಢ
FLRQHVYLVLEOHVHVSHFLDOPHQWHHQODV
WDSLFHUÞDVGHFRORUHVFODURV/DV
PDQFKDV\GHFRORUDFLRQHVGHEHUÞDQ
OLPSLDUVHORDQWHVSRVLEOH
/LPSLHORVFLQWXURQHVGHVHJXULGDG
FRQDJXDWHPSODGDROLPSLDGRUSDUD
LQWHULRUHV
$WHQFLäQ
&LHUUHODVILMDFLRQHVGHYHOFUR\D
TXHORVFLHUUHVGHYHOFURDELHUWRV
GHODURSDSXHGHQGDâDUHOWDSLಢ
]DGRGHORVDVLHQWRV
 &XLGDGRGHOYHKÞFXOR

3LH]DVGHSOÒVWLFR\GHJRPD
/DVSLH]DVGHSOÒVWLFR\JRPDSXHಢ
GHQOLPSLDUVHFRQORVPLVPRVSURGXFಢ
WRVTXHODFDUURFHUÞD(QFDVRQHFHಢ
VDULRXWLOLFHXQOLPSLDGRUSDUDLQWHULRಢ
UHV1RXVHQLQJëQRWURSURGXFWR
(YLWHHVSHFLDOPHQWHHOXVRGHGLVROಢ
YHQWHV\QDIWD1RXVHHTXLSRVGH
OLPSLH]DDDOWDSUHVLäQ

6HUYLFLR\
PDQWHQLPLHQWR
,QIRUPDFLäQJHQHUDO  
0DQWHQLPLHQWRSURJUDPDGR  
3LH]DVOÞTXLGRV\OXEULFDQWHV
UHFRPHQGDGRV  
6HUYLFLR\PDQWHQLPLHQWR
,QIRUPDFLäQJHQHUDO
,QIRUPDFLäQGHVHUYLFLR
3DUDJDUDQWL]DUODVHJXULGDG\ODHFRಢ
QRPÞDGHIXQFLRQDPLHQWRGHOYHಢ
KÞFXORDVÞFRPRSDUDPDQWHQHUVX
YDORUHVGHYLWDOLPSRUWDQFLDUHDOL]DU
WRGRVORVWUDEDMRVGHPDQWHQLPLHQWR
HQORVLQWHUYDORVFRUUHFWRVVHJëQOR
HVSHFLILFDGR
(OSODQGHUHYLVLRQHVGHWDOODGR\DFಢ
WXDOL]DGRSDUDVXYHKÞFXORHVWÒGLVಢ
SRQLEOHHQHO&RQFHVLRQDULRRILFLDOR
WDOOHUDXWRUL]DGR&KHYUROHW

0DQWHQLPLHQWR
SURJUDPDGR
6HUYLFLRVDGLFLRQDOHV
&RQGLFLRQHVGHIXQFLRQDPLHQWR
H[WUHPDV
/DVFRQGLFLRQHVGHIXQFLRQDPLHQWR
H[WUHPDVVHGDQFXDQGRRFXUUHFRQ
IUHFXHQFLDDOPHQRVXQRGHORVVLಢ
JXLHQWHVIDFWRUHV
࿢ &RQGXFFLäQUHSHWLGDHQWUD\HFWRV
FRUWRVGHPHQRVGHNP
࿢ &RQGXFFLäQHQWUÒILFRFRQUHWHQFLRಢ
QHVFRQHOPRWRUDOUDOHQWÞGXUDQWH
ODUJRVSHULRGRVGHWLHPSRRFRQGXಢ
FLHQGRDEDMDYHORFLGDG
࿢ &RQGXFFLäQSRUFDUUHWHUDVSROYRಢ
ULHQWDV
࿢ &RQGXFFLäQHQWHUUHQRVFRQSHQಢ
GLHQWHVSURQXQFLDGDVRPRQWDâRಢ
VRV
࿢ &RQGXFFLäQFRQUHPROTXH
 6HUYLFLR\PDQWHQLPLHQWR
࿢ &RQGXFFLäQHQFLXGDGFRQWUÒILFR
GHQVRGRQGHODWHPSHUDWXUDH[WHಢ
ULRUQRUPDOPHQWHDOFDQ]DORV
¡&RPÒV
࿢ &RQGXFFLäQFRPRWD[LYHKÞFXORGH
SROLFÞDRGHUHSDUWR
࿢ &RQGXFFLäQIUHFXHQWHFRQWHPSHಢ
UDWXUDVH[WHULRUHVLQIHULRUHVDO
SXQWRGHFRQJHODFLäQ
/RVYHKÞFXORVGHSROLFÞDWD[LV\YHKÞಢ
FXORVGHDXWRHVFXHODWDPELÚQVHFODಢ
VLILFDQFRPRVXMHWRVDFRQGLFLRQHVGH
IXQFLRQDPLHQWRH[WUHPDV
3LH]DVOÞTXLGRV\
OXEULFDQWHV
UHFRPHQGDGRV
/ÞTXLGRV\OXEULFDQWHV
UHFRPHQGDGRV
8WLOLFHVäORSURGXFWRVTXHKD\DQVLGR
FRPSUREDGRV\KRPRORJDGRV/RV
GDâRVUHVXOWDQWHVGHOXVRGHPDWHಢ
ULDOHVQRKRPRORJDGRVQRVHUÒQFXಢ
ELHUWRVSRUODJDUDQWÞD
&DOLGDGGHODFHLWHGHOPRWRU
$&($$%$3,60PRWRUHV
QDIWHURV
5HSRVLFLäQGHODFHLWHGHOPRWRU
6HSXHGHQPH]FODUDFHLWHVPRWRUGH
GLIHUHQWHVIDEULFDQWHV\PDUFDV
VLHPSUHTXHFXPSODQORVUHTXLVLWRV
GHODFHLWHGHPRWRUFDOLGDG\YLVFRVLಢ
GDG
6LQRKD\GLVSRQLEOHDFHLWHGHODFDOLಢ
GDGUHTXHULGDVHSXHGHXVDUKDVWD
XQPÒ[LPRGHOLWURGH$%VäOR
XQDYH]HQWUHFDGDFDPELRGH
(QFRQGLFLRQHVGHIXQFLRQDPLHQWR  3HOLJUR
H[WUHPDVSXHGHVHUQHFHVDULRUHDOLಢ
]DUGHWHUPLQDGRVWUDEDMRVGHVHUYLFLR /RVOÞTXLGRVOXEULFDQWHV\FRPಢ
SURJUDPDGRFRQPD\RUIUHFXHQFLD EXVWLEOHVVRQSHOLJURVRV\SXHGHQ
TXHHQORVLQWHUYDORVSUHVFULWRV VHUWä[LFRV'HEHQPDQLSXODUVH
3LGDDVHVRUDPLHQWRWÚFQLFRVREUHORV FRQFXLGDGR3UHVWHDWHQFLäQDOD
UHTXLVLWRVGHVHUYLFLRHQIXQFLäQGH LQIRUPDFLäQTXHILJXUDHQORVHQಢ
ODVFRQGLFLRQHVGHIXQFLRQDPLHQWR YDVHV
HVSHFÞILFDVGHVXYHKÞFXOR
$FHLWHGHOPRWRU
(ODFHLWHGHOPRWRUVHLGHQWLILFDSRUVX
FDOLGDG\VXYLVFRVLGDG/DFDOLGDGHV
PÒVLPSRUWDQWHTXHODYLVFRVLGDGDOD
KRUDGHVHOHFFLRQDUTXÚDFHLWHGHO
PRWRUVHYDDXVDU
DFHLWH/DYLVFRVLGDGGHEHVHUGHO
JUDGRFRUUHFWR
6HSURKÞEHH[SUHVDPHQWHHOXVRGH
DFHLWHGHPRWRUFRQFDOLGDG
$&($$%R$%VRODPHQWH\D
TXHVHSXHGHQRFDVLRQDUGDâRVHQHO
PRWRUDODUJRSOD]RHQGHWHUPLQDGDV
FRQGLFLRQHVGHIXQFLRQDPLHQWR
$GLWLYRVDGLFLRQDOHVSDUDHODFHLWHGH
PRWRU
(OXVRGHDGLWLYRVSDUDHODFHLWHGH
PRWRUSRGUÞDFDXVDUGDâRV\DQXODUOD
JDUDQWÞD
 6HUYLFLR\PDQWHQLPLHQWR 

*UDGRVGHYLVFRVLGDGGHODFHLWHGHO SURWHFFLäQDQWLFRQJHODQWHKDVWDXQRV /ÞTXLGRGHODGLUHFFLäQDVLVWLGD

PRWRU ¡&(VWDFRQFHQWUDFLäQGHEHUÞD 8WLOLFHVäOR'H[URQ9,
8WLOLFHVäORODVVLJXLHQWHVYLVFRVLGDಢ PDQWHQHUVHGXUDQWHWRGRHODâR
GHVGHDFHLWHGHOPRWRU 6HGHEHPDQWHQHUXQDFRQFHQWUDFLäQ $FHLWHGHOFDPELRPDQXDO
$&($$%$3,60 VXILFLHQWHGHDQWLFRQJHODQWH 8WLOLFHVäORDFHLWH;*36$(
+DVWD¡&\PHQRV:: /RVDGLWLYRVSDUDHOUHIULJHUDQWHGHVಢ ::
+DVWD¡&:: WLQDGRVDRIUHFHUSURWHFFLäQDGLFLRQDO
FRQWUDODFRUURVLäQRDVHOODUIXJDV $FHLWHGHOFDPELRDXWRPÒWLFR
+DVWD¡&:: PHQRUHVSXHGHQFDXVDUSUREOHPDV 8WLOLFH(662-:6
(OJUDGRGHYLVFRVLGDG6$(LQIRUPD GHIXQFLRQDPLHQWR(OIDEULFDQWHQR
VREUHODIOXLGH]GHODFHLWH VHKDFHUHVSRQVDEOHGHODVFRQVHಢ
(ODFHLWHPXOWLJUDGRVHLGHQWLILFDPHಢ FXHQFLDVGHOXVRGHDGLWLYRVSDUDHO
GLDQWHGRVFLIUDV/DSULPHUDFLIUDVHಢ UHIULJHUDQWH
JXLGDSRUXQD:LQGLFDODYLVFRVLGDG
DEDMDVWHPSHUDWXUDV\ODVHJXQGDFLಢ /ÞTXLGRGHIUHQRV
IUDLQGLFDODYLVFRVLGDGDDOWDVWHPಢ 8WLOLFHVäORQXHVWUROÞTXLGRGHIUHQRV
SHUDWXUDV DXWRUL]DGRSDUDHVWHYHKÞFXOR
'27
5HIULJHUDQWH\DQWLFRQJHODQWH &RQHOWLHPSRHOOÞTXLGRGHIUHQRV
8WLOLFHVäORDQWLFRQJHODQWH\UHIULJHಢ DEVRUEHKXPHGDGTXHUHGXFHODHILಢ
UDQWHGHODUJDGXUDFLäQ//&ELRGHಢ
JUDGDEOH
(QSDÞVHVFRQFOLPDWHPSODGRHOUHಢ
IULJHUDQWHRIUHFHSURWHFFLäQDQWLFRQಢ
JHODQWHKDVWDXQRV¡&(QSDÞVHV
FRQFOLPDIUÞRHOUHIULJHUDQWHRIUHFH
FDFLDGHOVLVWHPDGHIUHQRV3RUHVR
VHGHEHVXVWLWXLUHOOÞTXLGRGHIUHQRV
HQHOLQWHUYDORHVSHFLILFDGR
(OOÞTXLGRGHIUHQRVGHEHJXDUGDUVH
HQXQHQYDVHFHUUDGRSDUDHYLWDUOD
DEVRUFLäQGHDJXD
$VHJëUHVHGHTXHHOOÞTXLGRGHIUHQRV
QRVHFRQWDPLQH
185-1

1)
al año
kms (x1000) 10 20 30 40 50 60 70 80 90 100
SISTEMA DE CONTROL DEL MOTOR
Correa de accesorios 2)
Aceite del motor y filtro de aceite del motor 3)
Mangueras y conexiones del sistema de enfriamiento del motor
Fluido refrigerante del motor 4)
Filtro de combustible
Líneas de combustible y conexiones
Filtro de aire del motor 5)
Bujías de encendido
Cables de bujía
Holgura de válvulas 6) Inspeccione y ajuste: cada 160.000 kms o 10 años.
Tuberías de vapor y depósito canister
Respiradero del cárter
1) Lo que ocurra primero.
2) Comprobar/ajustar la tensión de la correa dentro de 6 meses o 5.000 kms después de haber instalado una correa nueva o haber adquirido el vehículo.
1) Lo que ocurra primero.
2) Comprobar/ajustar la tensión de la correa dentro de 6 meses o 5.000 kms después de haber instalado una correa nueva o haber adquirido el vehículo.
 185-2

1)
al año
kms (x1000) 10 20 30 40 50 60 70 80 90 100
Cadena de distribución del motor Sustituir cada 250.000 kms o 10 años.
CHASIS Y CARROCERÍA
Filtro de aire del habitáculo (A/C) 7)
Línea de escape y soportes
Fluido del sistema de frenos 8)
Pastillas y discos de frenos delanteros 9)
Zapatas y tambores de frenos traseros 9)
Freno de estacionamiento
Líneas y conexiones del sistema de frenos (incluido el servofreno)
Aceite de la transmisión manual 10) Sustituir cada 160.000 kms o 10 años.
Apriete y fijación de los tornillos y tuercas del chasis y los bajos
Fluido de la transmisión automática 11)
6LHOYHKtFXORVHXWLOL]DHQFRQGLFLRQHVVHYHUDVFRQGXFFLyQHQWUD\HFWRVFRUWRVPDUFKDHQUDOHQWLSURORQJDGDRFLUFXODFLyQHQ]RQDVSROYRULHQWDVFDPELHHODFHLWH\HO¿OWURGH
aceite cada 5.000 kms o 6 meses, lo que ocurra primero.4) Reemplace cada 240.000 kms o 5 años.
5) Inspeccione cada 5000 kms o 6 meses, si se circula por zonas polvorientas. Si es necesario, corrija, limpie o reemplace.
6) Inspeccione y ajuste si se percibiese el sonido de excesiva holgura de válvulas o si se percibiese vacilación del motor.
7) Se requiere una mayor frecuencia de mantenimiento si se circula por zonas polvorientas.
185-3

1)
al año
kms (x1000) 10 20 30 40 50 60 70 80 90 100
Estado de los neumáticos y presión de inflado. 12) Ver observación detallada abajo (12)

Alineación de las ruedas 13) Inspeccionar si se observa alguna condición anormal

Volante de dirección y varillaje
Líneas y fluido del sistema de dirección
Guardapolvos de los ejes de transmisión
Cinturones de seguridad, hebillas y anclajes
Lubricación de cerraduras, bisagras y pestillo de capó
5HHPSODFHHOÀXLGRGHIUHQRFDGDNPVVLHOYHKtFXORVHPDQHMDHQFRQGLFLRQHVVHYHUDV
- Conducción en montaña o terrenos montañosos.
- Remolque frecuente de un trailer.9) Si el vehículo se utiliza en condiciones severas: conducción en trayectos cortos, marcha en ralenti prolongada, o circulación en zonas polvo-
rientas la frecuencia de mantenimiento es mayor.
10) Inspeccione cada 40.000 kms o 10 años: si es necesario reponga o reemplace.
11) Reemplace cada 50.000 kms si el vehículo es manejado en condiciones severas:
- Conducción en caminos polvorientos o,
- Conducción en montañas o caminos montañosos o,
- Conducción en denso tránsito urbano con temperaturas que superan los 32°C o,
- Se lo utiliza como vehículo de policía, taxi, o remis.
6HGHEHLQVSHFFLRQDUHOHVWDGRGHORVQHXPiWLFRVDQWHVGHFRQGXFLUHOYHKtFXOR\FRPSUREDUODSUHVLyQGHLQÀDGRFRQXQPDQyPHWURFDGDYH]TXHFDUJXHFRPEXVWLEOH
o, al menos, una vez al mes.
13) Si fuera necesario rote y balancee las ruedas.
 185-4

1)
al año
kms (x1000) 10 20 30 40 50 60 70 80 90 100
 'DWRVWÚFQLFRV

'DWRVWÚFQLFRV ,GHQWLILFDFLäQGHO 3ODFDGHFDUDFWHUÞVWLFDV

YHKÞFXOR 7LSR
,GHQWLILFDFLäQGHOYHKÞFXOR   1ëPHURGHLGHQWLILFDFLäQ
'DWRVGHOYHKÞFXOR   GHOYHKÞFXOR

/DHWLTXHWDHVWÒSHJDGDFHUFDGHO
SHVWLOORGHODSXHUWDGHOFRQGXFWRU

(OQëPHURGHLGHQWLILFDFLäQGHOYHಢ
KÞFXORHVWÒVLWXDGRGHEDMRGHOFRMÞQ
GHODVLHQWRWUDVHURRHQHOFRPSDUWLಢ
PHQWRGHOPRWRU
 'DWRVWÚFQLFRV 

7LSR

/DHWLTXHWDHVWÒSHJDGDFHUFDGHO
SHVWLOORGHODSXHUWDGHODFRPSDಢ
âDQWH
 'DWRVWÚFQLFRV

'DWRVGHOYHKÞFXOR
'DWRVGHOPRWRU
'HVLJQDFLäQFRPHUFLDO *DVROLQD
'LVWLQWLYRGHOPRWRU %'
1ëPHURGHFLOLQGURV 
&LOLQGUDGD>FP@ 
3RWHQFLDGHOPRWRU>N:@ 
DUSP 
3DU>1P@ 
DUSP 
7LSRGHFRPEXVWLEOH 1DIWD
2FWDQDMH521
UHFRPHQGDGR 521ä*UDGR
 'DWRVWÚFQLFRV 

(VWDSÒJLQDQRFRQWLHQHLQIRUPDFLäQ
 'DWRVWÚFQLFRV

3UHVWDFLRQHV
0RWRU ' '
9HORFLGDGPÒ[LPD>NPK@
&DPELRPDQXDO  
&DPELRDXWRPÒWLFR  

 /DYHORFLGDGPÒ[LPDLQGLFDGDVHSXHGHDOFDQ]DUFRQHOSHVRHQYDFÞRVLQFRQGXFWRUPÒVNJGHFDUJDëWLO(O

HTXLSDPLHQWRRSFLRQDOSXHGHUHGXFLUODYHORFLGDGPÒ[LPDLQGLFDGD
 NPKHQ]RQDVGHJUDQDOWLWXG
 'DWRVWÚFQLFRV 

3HVRVGHOYHKÞFXOR
3HVRPÞQHQYDFÞRFRQFRQGXFWRUNJ
0RWRU &DPELRPDQXDO &DPELRDXWRPÒWLFR
>NJ@ '  
'  

3HVRPÒ[HQYDFÞRFRQFRQGXFWRUNJ
0RWRU &DPELRPDQXDO &DPELRDXWRPÒWLFR
>NJ@ '  
'  

3HVRPÒ[LPRDXWRUL]DGR
0RWRU &DPELRPDQXDO &DPELRDXWRPÒWLFR
>NJ@ '  
'  

 NJHQ]RQDVGHJUDQDOWLWXG
 NJHQ]RQDVGHJUDQDOWLWXG
 NJHQ]RQDVGHJUDQDOWLWXG
 'DWRVWÚFQLFRV

'LPHQVLRQHVGHOYHKÞFXOR
/RQJLWXG>PP@ 
$QFKXUDVLQUHWURYLVRUHVH[WHULRUHV>PP@ 
$QFKXUDFRQGRVUHWURYLVRUHVH[WHULRUHV>PP@ 
$OWXUDVLQDQWHQD>PP@VLQEDUUDVSRUWDHTXLSDMHV 
$OWXUDVLQDQWHQD>PP@FRQEDUUDVSRUWDHTXLSDMHV 
/RQJLWXGGHOSLVRGHOFRPSDUWLPHQWRGHFDUJD>PP@ 
$QFKXUDGHOFRPSDUWLPHQWRGHFDUJD>PP@ 
$OWXUDGHOFRPSDUWLPHQWRGHFDUJD>PP@ 
'LVWDQFLDHQWUHHMHV>PP@ 
'LÒPHWURGHJLUR>P@ 
 'DWRVWÚFQLFRV 

&DSDFLGDGHV
$FHLWHGHOPRWRU
0RWRU ' '
LQFOXLGRHOILOWUR>O@  
HQWUH0,1\0$;>O@  

'HSäVLWRGHFRPEXVWLEOH
1DIWDFDSDFLGDGQRPLQDO>O@ 
 'DWRVWÚFQLFRV

3UHVLRQHVGHORVQHXPÒWLFRV
0RWRU 1HXPÒWLFRV &RQIRUWFRQFDUJDKDVWD (&2FRQFDUJDGHKDVWD
SHUVRQDV SHUVRQDV &RQFDUJDFRPSOHWD
GHODQWH GHWUÒV GHODQWH GHWUÒV GHODQWH GHWUÒV
>N3DEDU@ >N3DEDU@ >N3DEDU@ >N3DEDU@ >N3DEDU@
>SVL@ >N3DEDU@>SVL@ >SVL@ >SVL@ >SVL@ >SVL@
' 5      
5
' 5      
5
7RGRV 5XHGDGHUHSXHVWR      
FRPSDFWD

5HJLVWURGHGDWRVGHO
,QIRUPDFLäQGH
FOLHQWHV YHKÞFXOR\SULYDFLGDG
5HJLVWUDGRUHVGHGDWRV
(OYHKÞFXORSRVHHXQDVHULHGHDYDQಢ
5HJLVWURGHGDWRVGHOYHKÞFXOR\
SULYDFLGDG   ]DGRVVLVWHPDVTXHVXSHUYLVDQ\
FRQWURODQGLIHUHQWHVGDWRVGHOYHಢ
KÞFXOR$OJXQRVGDWRVVHJXDUGDQGXಢ
UDQWHHOIXQFLRQDPLHQWRQRUPDOGHO
YHKÞFXORSDUDIDFLOLWDUODVUHSDUDFLRಢ
QHVGHORVIDOORVGHWHFWDGRVRWURVGDಢ
WRVVRQDOPDFHQDGRVVäORHQFDVRGH
DFFLGHQWHRLQFLGHQWHHQORVVLVWHPDV
GHOYHKÞFXORTXHWLHQHQXQDIXQFLäQ
GHUHJLVWURGHGDWRVWDOHVFRPRHO
PäGXORGHFRQWUROGHORVDLUEDJV
/RVVLVWHPDVSXHGHQUHJLVWUDUGDWRV
GHGLDJQäVWLFRVREUHHOHVWDGRGHOYHಢ
KÞFXORSHMQLYHOGHDFHLWHRNLORPHಢ
,QIRUPDFLäQGHFOLHQWHV 
VLVWHPDVGHGLDJQRVLVJOREDOGH&KHಢ
YUROHWFXDQGRHOYHKÞFXORVHUHYLVDHQ
XQWDOOHUSDUDGRFXPHQWDUHOKLVWRULDO
GHVHUYLFLRGHOYHKÞFXOR(VWRSHUPLWH
DOWDOOHURIUHFHUOHXQVHUYLFLRGHPDQಢ
WHQLPLHQWR\UHSDUDFLäQPÒVHILಢ
FLHQWHDGDSWDGRDVXYHKÞFXORFDGD
YH]TXHYXHOYDDOWDOOHU
(OIDEULFDQWHQRDFFHGHUÒDORVGDWRV
VREUHHOFRPSRUWDPLHQWRGHOFRQGXFಢ
WRUHQFDVRGHDFFLGHQWHQLORVIDFLOLಢ
WDUÒDWHUFHURVH[FHSWR
࿢ FRQDXWRUL]DFLäQGHOSURSLHWDULRGHO
YHKÞFXORRHQYHKÞFXORVGHOHDVLQJ
FRQODGHODUUHQGDWDULR
࿢ SRUUHTXHULPLHQWRSROLFLDORGHRUಢ
JDQLVPRVHVWDWDOHVHTXLYDOHQWHV
࿢ FRPRSDUWHGHODGHIHQVDHQFDVR
GHSURFHVRMXGLFLDOFRQWUDHOIDEULಢ
WUDMHHLQIRUPDFLäQVREUHVXPDQHMR FDQWH
SHMUÚJLPHQGHOPRWRUDFFLRQDಢ ࿢ SRUSUHVFULSFLäQOHJDO
PLHQWRGHORVIUHQRV\XWLOL]DFLäQGH
ORVFLQWXURQHVGHVHJXULGDG
3DUDODOHFWXUDGHHVWRVGDWRVVRQ
QHFHVDULRVHTXLSRVHVSHFLDOHV\DFಢ
FHVRDOYHKÞFXOR$OJXQRVGDWRVVH
WUDQVPLWHQHOHFWUäQLFDPHQWHDORV
 ,QIRUPDFLäQGHFOLHQWHV
$GHPÒVHOIDEULFDQWHSRGUÒXWLOL]DU
ORVGDWRVGHGLDJQäVWLFRUHFRSLODGRV
\UHFLELGRV GHVGHFXDOTXLHUOXJDUGHOSDÞV
࿢ FRQILQHVGHLQYHVWLJDFLäQSURSLD
࿢ SDUDIDFLOLWDUORVFRQILQHVGHLQYHVಢ
WLJDFLäQVLHPSUHTXHVHJDUDQWLFH
ODFRQILGHQFLDOLGDG\VHGHPXHVWUH
ODQHFHVLGDG
࿢ SDUDFRPSDUWLUFRQRWUDVRUJDQL]Dಢ
FLRQHVFRQMXQWRVGHGDWRVQRYLQಢ
FXODGRVDXQYHKÞFXORHVSHFÞILFR
FRQILQHVGHLQYHVWLJDFLäQ
,QIRUPDFLäQGHFOLHQWHV
2ILFLQDVGH$VLVWHQFLDDO
&OLHQWH
&$&&HQWURGH$VLVWHQFLDDO
&OLHQWH&KHYUROHW
3XHGHFRQWDFWDUGLUHFWDPHQWHD*Hಢ
QHUDO0RWRUVSRUWHOÚIRQRVLQFRVWR
࿢ $UJHQWLQD
࿢ 8UXJXD\
࿢ 3DUDJXD\
3DUDDFHOHUDUODDVLVWHQFLDGHO&$&
WHQJDDPDQRODVLJXLHQWHLQIRUPDಢ
FLäQ
࿢ 1ëPHURGHLGHQWLILFDFLäQGHOYHಢ
KÞFXOR9,1QëPHURGHFKDVLV
࿢ 1RPEUHGHOHVWDEOHFLPLHQWRGHOD
5HGGH&RQFHVLRQDULRVR7DOOHUHV
$XWRUL]DGRV&KHYUROHWTXHOHKD
DWHQGLGR
࿢ )HFKDGHYHQWD\NLORPHWUDMHDFWXDO
GHOYHKÞFXOR

&KHYUROHW5RDG6HUYLFH
(OPDQXDOGHODVFRQGLFLRQHVJHQHಢ
UDOHVGHOSURJUDPD5RDG6HUYLFH
YLHQHLQFOXLGRHQHOMXHJRGH,QIRUPDಢ
FLäQJHQHUDOTXHVHHQWUHJDDOSURಢ
SLHWDULRGHXQ&KHYUROHW
 ,QIRUPDFLäQGHFOLHQWHV 

¾QGLFHDOIDEÚWLFR $ %RFLQD 

$FFHVRULRV\PRGLILFDFLRQHVGHO
YHKÞFXOR 
$FHLWHGHOFDPELRDXWRPÒWLFR   
$FHLWHGHOPRWRU  &DGHQDVSDUDQLHYH 
$GYHUWHQFLDGHYHORFLGDG 
$LUEDJV\SUHWHQVRUHVGH
FLQWXURQHV 
$LUHDFRQGLFLRQDGR 
$MXVWHGHORVDVLHQWRV 
$MXVWHGHORVDSR\DFDEH]DV  
$MXVWHGHORVUHWURYLVRUHV 
$MXVWHGHOYRODQWH 
$MXVWHHOÚFWULFR 
$MXVWHPDQXDO 
$OVDOLUGHYLDMH 
$QWHQDGHPÒVWLOILMR  &DPELRPDQXDO 
$QWLGHVOXPEUDPLHQWRPDQXDO 
$SR\DFDEH]DV 
$UJROODVGHILMDFLäQGHORV
DQFODMHV 
$UUDQTXHFRQFDEOHV 
$UUDQTXHGHOPRWRU 
$VLHQWRVGHODQWHURVFDOHIDFWDGRV 
$VLVWHQWHGHHVWDFLRPLHQWR 
$YHUÞD 
% &RPEXVWLEOHSDUDPRWRUHV
%DWHUÞD 
%ORTXHRDXWRPÒWLFR 
%RWLTXÞQ 
&
&DMDGHFDPELRV 
&DMDGHIXVLEOHVGHO
FRPSDUWLPHQWRGHOPRWRU 
&DMDGHIXVLEOHVGHOWDEOHURGH
LQVWUXPHQWRV 
&DOHIDFFLäQ 
&DOHIDFWDGR 
&DPELRDXWRPÒWLFR 
&DPELRGHOWDPDâRGH
QHXPÒWLFRV\OODQWDV 
&DPELRGHUXHGDV 
&DSDFLGDGHV 
&DSä 
&DWDOL]DGRU 
&HQLFHURV 
&LHUUHFHQWUDOL]DGR 
&LQWXUäQGHVHJXULGDG 
&LQWXUäQGHVHJXULGDGGHWUHV
SXQWRV 
&LQWXURQHVGHVHJXULGDG 
&OLPDWL]DFLäQ 
QDIWHURV 
&RPSDUWLPHQWRGHFDUJD 


&RPSXWDGRUDGHDERUGR  )RUPDFRQYH[D  /LPSLDODYDOXQHWD 

&RQPXWDGRUGHODVOXFHV  )UHQRGHHVWDFLRQDPLHQWR  /LPSLDODYDSDUDEULVDV 
&RQWUROGHODLOXPLQDFLäQGHO )UHQRGHPDQR  /ÞTXLGRGHIUHQRV 
WDEOHURGHLQVWUXPHQWRV  )UHQRV  /ÞTXLGRGHODGLUHFFLäQDVLVWLGD  
&RQWUROGHOYHKÞFXOR  )XQFLRQDPLHQWRUHJXODUGHODLUH /ÞTXLGRGHODYDGR 
&XHQWDNLOäPHWURV  DFRQGLFLRQDGR  /ÞTXLGRV\OXEULFDQWHV
&XHQWDUUHYROXFLRQHV  )XVLEOHV  UHFRPHQGDGRV 
&XLGDGRH[WHULRU  /ODQWDV\QHXPÒWLFRV 
&XLGDGRLQWHULRU  * /ODYHV 
*XDQWHUD  /XFHVDQWLQLHEOD 
' *XL³DGDV
  /XFHVGHFLUFXODFLäQGLXUQD 
'DWRVGHOPRWRU  /XFHVGHHPHUJHQFLD 
'HVDFWLYDFLäQGHORVDLUEDJV  +
+HUUDPLHQWDV  /XFHVGHPDUFKDDWUÒV 
'HVEORTXHRGHOYHKÞFXOR  /XFHVLQWHULRUHV 
'HVLJQDFLRQHVGHORV , /XFHVWUDVHUDV 
QHXPÒWLFRV  ,OXPLQDFLäQH[WHULRU  /XQHWDWÚUPLFDWUDVHUD 
'LPHQVLRQHVGHOYHKÞFXOR  ,QGLFDGRUGHFRPEXVWLEOH  /X]DOWD 
'LVSRVLWLYRVDX[LOLDUHV  ,QIRUPDFLäQGHVHUYLFLR  /X]GHODPDWUÞFXOD 
(   ,QIRUPDFLäQJHQHUDO 
,QIRUPDFLäQVREUHODFDUJD 
0
(QFHQGHGRUGHFLJDUULOORV  0DQGRDGLVWDQFLD 
(QWUDGDGHDLUH  ,QPRYLOL]DFLäQGHOYHKÞFXOR 
,QPRYLOL]DGRU  0DQGRVHQHOYRODQWH 
(VWDFLRQDPLHQWR  0DQHMR 
,QWHUPLWHQWHV 
) ,QWHUPLWHQWHVODWHUDOHV  1
)DURV  ,QWHUUXSFLäQGHFRUULHQWH  1HXPÒWLFRVGHLQYLHUQR 
)DURVDQWLQLHEOD  ,QWURGXFFLäQ  1LYHOGHFRPEXVWLEOHEDMR 
)DURVHQYLDMHVDOH[WUDQMHUR  / 1ëPHURGHLGHQWLILFDFLäQGHO
)LOWURGHDLUHGHOPRWRU  /HYDQWDYLGULRVHOÚFWULFRV  YHKÞFXOR 
)LOWURGHSROHQ  /HYDQWDYLGULRV PDQXDOHV  
 

2 3URWHFFLµQFRQWUDGHVFDUJDGH 6H³DOL]DFLµQGHJLURV\FDPELRV
ODEDWHU¯D  GHFDUULO 
3XHUWDDELHUWD  6HUYLFLR 
3 6HUYLFLRVDGLFLRQDOHV 
3DODQFDVHOHFWRUD  5 6LVWHPDDQWLEORTXHRGHIUHQRV  
3DUDVROHV  5DGLR$0)0  6LVWHPDDQWLEORTXHRGHIUHQRV
3HOLJUR$GYHUWHQFLD\$WHQFLµQ 
3HUVRQDOL]DFLµQ 
3HUVRQDOL]DFLµQGHOYHK¯FXOR 
3HVRVGHOYHK¯FXOR 
3LORWRDQWLQLHEOD 
3ODFDGHFDUDFWHU¯VWLFDV 
3OHJDGR 
3RUWDHTXLSDMHVGHWHFKR 
3RUWDQWHRMRV 
3RUWDREMHWRVHQHOWDEOHURGH
LQVWUXPHQWRV 
3RUWDYDVRV 
3RVLFLµQGHDVLHQWR 
3RVLFLRQHVGHODFHUUDGXUDGHO
HQFHQGLGR 
3RVLFLRQHVGHPRQWDMHGHO
VLVWHPDGHUHWHQFLµQLQIDQWLO 
3UHVLµQGHDFHLWHGHOPRWRU 
3UHVLµQGHORVQHXP£WLFRV 
3UHVLRQHVGHORVQHXP£WLFRV 
3UHVWDFLRQHV 
3URIXQGLGDGGHOGLEXMR  6HJXURVSDUDQL³RV 
5HDOL]DFLµQGHWUDEDMRV  $%6 
5HFDUJDGHFRPEXVWLEOH  6LVWHPDGHDLUEDJV 
5HFRUGDWRULRGHOFLQWXUµQGH 6LVWHPDGHDLUEDJVGHFRUWLQD 
VHJXULGDG  6LVWHPDGHDLUEDJVIURQWDOHV 
5HGGHHTXLSDMH  6LVWHPDGHDLUEDJVODWHUDOHV 
5HIULJHUDQWHGHOPRWRU  6LVWHPDGHDODUPDDQWLUURER 
5HJLVWUDGRUHVGHGDWRV  6LVWHPDGHFDOHIDFFLµQ\
5HJXODFLµQGHODOFDQFHGHORV YHQWLODFLµQ 
IDURV  6LVWHPDGHFDUJD 
5HORM  6LVWHPDGHHVFDSHGHOPRWRU 
5HPROFDGRGHOYHK¯FXOR  6LVWHPDGHIUHQRV 
5HPROFDGRGHRWURYHK¯FXOR  6LVWHPDVGHUHWHQFLµQLQIDQWLO 
5HSURGXFWRUGH&'  6LVWHPDVGHUHWHQFLµQLQIDQWLO
5HVXPHQGHORVHOHPHQWRVGH ,62),; 
FRQWURO  6LVWHPDVOLPSLD\ODYDSDUDEULVDV 
5RGDMHGHXQYHK¯FXORQXHYR  6XSHUGLUHFWDGHVFRQHFWDGD 
5XHGDGHUHSXHVWR  6XVWLWXFLµQGHO£PSDUDV 
6XVWLWXFLµQGHODVHVFRELOODV 
6
6DOLGDVGHDLUHILMDV  7
6DOLGDVGHDLUHUHJXODEOHV  7DSLFHU¯D 
7D]DV 
7HPSHUDWXUDGHOUHIULJHUDQWHGHO
PRWRU 


7HUFHUDOX]GHIUHQR 
7HVWLJRGHDYHUÞDV0,/ 
7HVWLJRVGHFRQWURO 
7RPDVGHFRUULHQWH 
7ULÒQJXORGHDGYHUWHQFLD 
8
8VRGHOSUHVHQWHPDQXDO 
9
9HORFÞPHWUR 
9HQWLODFLäQ 
9LVWDGHOFRPSDUWLPHQWRGHO
PRWRU 
9LVWDJHQHUDOGHOWDEOHURGH
LQVWUXPHQWRV 
(VWDSÒJLQDQRFRQWLHQHLQIRUPDFLäQ
(VWDSÒJLQDQRFRQWLHQHLQIRUPDFLäQ
No se permite reproducir o traducir, totalmente o parcial-
mente, el contenido de esta guía sin autorización previa
por escrito de la General Motors de Argentina S.R.L. Todos
los informes, ilustraciones y especificaciones contenidos en
esta guía corresponden a datos existentes en la época de su
publicación. Nosotros nos reservamos el derecho de hacer
cambios en cualquier momento, tanto en el producto
como en la guía, sin previo aviso.

General Motors de Argentina S.R.L.