Documentos de Académico
Documentos de Profesional
Documentos de Cultura
,QWURGXFFLäQ
,QWURGXFFLµQ
$WHQFLäQ
(OWH[WRPDUFDGRFRQ$$WHQFLäQ
RIUHFHLQIRUPDFLäQVREUHSRVLEOHV
GDâRVHQHOYHKÞFXOR6LVHLJQRUD
GLFKDLQIRUPDFLäQHOYHKÞFXOR
SXHGHVXIULUGDâRV
/HGHVHDPRVPXFKDVKRUDVGHDJUDಢ
GDEOHFRQGXFFLäQ
&KHYUROHW
,QWURGXFFLäQ
(QSRFDVSDODEUDV
,QIRUPDFLµQLPSRUWDQWH
SDUDVXSULPHUYLDMH
3DUDGHVSOD]DUHODVLHQWRKDFLDGHODQWH
3XOVHHOERWµQ RKDFLDDWU£VWLUHGHODSDODQFD\GHV
'HVEORTXHDWRGDVODVSXHUWDV/DVOXಣ OLFHHODVLHQWRDODSRVLFLµQGHVHDGD
FHVGHHPHUJHQFLDSDUSDGHDU£QGRV
6XHOWHODSDODQFD\DVHJ¼UHVHGHTXH
YHFHV
HODVLHQWRTXHGHEORTXHDGRHQVXVLWLR
0DQGRDGLVWDQFLD FLHUUHFHQಣ
WUDOL]DGR 3RVLFLµQGHDVLHQWR $MXVWHGH
ORVDVLHQWRV
3HOLJUR
/RVDVLHQWRVVµORGHEHQDMXVWDUVH
FRQHOYHK¯FXORSDUDGR
(QSRFDVSDODEUDV
7LUHGHODSDODQFDDMXVWHODLQFOLQDಢ 7LUHGHODSDODQFDVLWXDGDHQHOH[WHಢ
FLäQ\VXHOWHODSDODQFD'HMHTXHHO ULRUGHODEDQTXHWDGHODVLHQWRKDVWD
DVLHQWRHQFDMHDXGLEOHPHQWH TXHHVWÚHQODSRVLFLäQGHVHDGD
1RVHDSR\HHQHOUHVSDOGRPLHQWUDV 3DUDEDMDUODEDQTXHWDGHODVLHQWR 7LUHGHODSR\DFDEH]DVKDFLDDUULED
ORDMXVWD HPSXMHODSDODQFDYDULDVYHFHVKDFLD
DEDMR 3DUDEDMDUORSXOVHHOUHVRUWH \
3RVLFLäQGHDVLHQWR $MXVWHGH HPSXMHHODSR\DFDEH]DVKDFLD
ORVDVLHQWRV 3DUDHOHYDUODEDQTXHWDGHODVLHQWR DEDMR
WLUHGHODSDODQFDYDULDVYHFHVKDFLD
DUULED $SR\DFDEH]DV
3RVLFLäQGHDVLHQWR $MXVWHGH
ORVDVLHQWRV
(QSRFDVSDODEUDV
5HWURYLVRULQWHULRU
([WUDLJDHOFLQWXUäQGHOUHWUDFWRU %DVWDFRQPRYHUODSDODQFDGHDMXVWH
JXÞHORSRUHQFLPDGHOFXHUSRVLQUHಢ HQODGLUHFFLäQGHVHDGDSDUDUHJXODU
WRUFHUOR\HQFDMHODOHQJíHWDHQHO 3DUDUHGXFLUHOHQFDQGLODPLHQWRDFಢ HOÒQJXORGHORVUHWURYLVRUHV
FLHUUH FLRQHODSDODQFDTXHKD\GHEDMRGHOD 5HWURYLVRUHVH[WHULRUHVFRQYH[RV
'XUDQWHHOYLDMHWHQVHIUHFXHQWHಢ FDUFDVDGHOHVSHMR $MXVWHHOÚFWULFR 5Hಢ
PHQWHHOFLQWXUäQDEGRPLQDOWLUDQGR 5HWURYLVRULQWHULRU WURYLVRUHVH[WHULRUHVSOHJDEOHV
VXDYHPHQWHGHODEDQGDWRUÒFLFD 5HWURYLVRUHVH[WHULRUHVWÚUPLಢ
FRV
3RVLFLäQGHDVLHQWR &LQWXURಢ
QHVGHVHJXULGDG 6LVWHPDGH
DLUEDJV
(QSRFDVSDODEUDV
$MXVWHGHOYRODQWH
'HVEORTXHHODSDODQFDDMXVWHHO
YRODQWHOXHJRHQFODYHODSDODQFD\
DVHJëUHVHGHTXHHVWÚWRWDOPHQWH
EORTXHDGD(OYRODQWHVäORVHGHEH
DMXVWDUFRQHOYHKÞFXORSDUDGR
(QDOJXQRVYHKÞFXORVHOYRODQWHVäOR
VHSXHGHDMXVWDUHQVHQWLGRYHUWLFDO
6LVWHPDGHDLUEDJV 3RVLFLRಢ
QHVGHODOODYHGHOHQFHQGLGR
(QSRFDVSDODEUDV
9LVWDJHQHUDOGHOWDEOHURGHLQVWUXPHQWRV
(QSRFDVSDODEUDV
6HDFFLRQDQFRQHOERWäQe
3DUDFDPELDUGHOX]EDMDDOX] /XFHVGHHPHUJHQFLD 3DODQFD ,QWHUPLWHQWHGHUHFKR
DOWDSXOVHODSDODQFD KDFLD
3DUDFDPELDUDOX]EDMDYXHOYDD DUULED
SXOVDURWLUDUGHODSDODQFD 3DODQFD ,QWHUPLWHQWHL]TXLHUGR
KDFLD
/X]EDMD JXLâDGDV DEDMR
6HâDOL]DFLäQGHJLURV\FDPELRVGH
FDUULO
(QSRFDVSDODEUDV
3XOVHH
%DUULGRFRQWLQXRDYHORFLGDGUÒಢ
SLGD
%DUULGRFRQWLQXRDYHORFLGDGOHQWD
3)XQFLRQDPLHQWRLQWHUPLWHQWH
26LVWHPDDSDJDGR
4)XQFLäQGHQLHEOD
3DUDVROLFLWDUXQëQLFREDUULGRFRQHO
OLPSLDSDUDEULVDVDSDJDGRPXHYDXQ
SRFRODSDODQFDKDFLDDEDMR\VXÚOಢ
WHOD
(QSRFDVSDODEUDV
7LUHGHODSDODQFD (PSXMHODSDODQFDKDFLDHOSDQHOGH
LQVWUXPHQWRV
6LVWHPDODYDSDUDEULVDV OÞಢ
TXLGRGHODYDGR 6HSXOYHUL]DOÞTXLGRGHODYDGRVREUH
3UHVLRQHHOLQWHUUXSWRUVXSHULRUSDUD ODOXQHWDWUDVHUD\HOOLPSLDOXQHWDVH
DFWLYDUHOOLPSLDOXQHWDGHIRUPDFRQಢ DFFLRQDGXUDQWHYDULRVFLFORV
WLQXD
/LPSLDODYDOXQHWD VäORGRVYROëPHಢ
3UHVLRQHHOLQWHUUXSWRULQIHULRUSDUD QHV OÞTXLGRGHODYDGR
DFWLYDUHOOLPSLDOXQHWDGHIRUPDLQWHUಢ
PLWHQWH
3DUDGHVDFWLYDUHOOLPSLDOXQHWDFRORಢ
TXHHOLQWHUUXSWRUHQODSRVLFLäQQHXಢ
WUD
/LPSLDODYDOXQHWD VäORGRVYROëPHಢ
QHV
(QSRFDVSDODEUDV
*LUHHOPDQGRGHGLVWULEXFLäQGHDLUH
KDVWDODSRVLFLäQ 3DUDHQJUDQDUODPDUFKDDWUÒVFRQHO
/DUHVLVWHQFLDWÚUPLFDVHDFFLRQDSXOಢ 5 YHKÞFXORSDUDGROHYDQWHHODQLOORGH
VDQGRHOERWäQ^ 'HVFRQJHODPLHQWRGHOSDUDEULVDV ODSDODQFDVHOHFWRUD\HQJUDQHOD
'HVHPSDâDGRGHOSDUDEULVDV PDUFKD
5HWURYLVRUHVFDOHIDFFLRQDGRV
OXQHWDWÚUPLFDWUDVHUD 6LODPDUFKDQRHQWUDFRQIDFLOLGDG
SRQJDODSDODQFDHQSXQWRPXHUWR
VXHOWHHOSHGDOGHOHPEUDJXH\SÞVHOR
GHQXHYROXHJRUHSLWDODVHOHFFLäQGH
ODPDUFKD
&DPELRPDQXDO
(QSRFDVSDODEUDV
&LHUUHODVYHQWDQLOODV
%ORTXHHHOYHKÞFXOR\DFWLYHHOVLVಢ
WHPDGHDODUPDDQWLUURER
/ODYHV
/ODYHVSXHUWDV\YHQWDQLOODV
/ODYHVFHUUDGXUDV 3DUDSOHJDUODOODYHSXOVHHOERWäQ\
/ODYHVSXHUWDV\ SOLHJXHODOODYHPDQXDOPHQWH
YHQWDQLOODV /ODYHV
0DQGRDGLVWDQFLD
/ODYHVGHUHSXHVWR
/ODYHVFHUUDGXUDV (OQëPHURGHODOODYHVHHVSHFLILFDHQ
3XHUWDV XQDHWLTXHWDTXHVHSXHGHTXLWDU
6HJXULGDGGHOYHKÞFXOR $OSHGLUOODYHVGHUHSXHVWRGHEHLQGLಢ
FDUVHHOQëPHURGHOODYHFRUUHVSRQಢ
5HWURYLVRUHVH[WHULRUHV GLHQWH\DTXHODOODYHHVXQFRPSRಢ
5HWURYLVRULQWHULRU QHQWHGHOVLVWHPDLQPRYLOL]DGRU
9HQWDQLOODV &HUUDGXUDV
7HFKR
/ODYHFRQEDVWäQSOHJDEOH
7
7UHVYROëPHQHV! GHHVWDUDVÞ
HTXLSDGR
3XOVHHOERWäQSDUDGHVSOHJDUOR
/ODYHVSXHUWDV\YHQWDQLOODV
'HEHWUDWDUORFRQFXLGDGRSURWHJHUOR 6XVWLWXFLäQGHODSLODGHOPDQGR
GHODKXPHGDG\GHODVWHPSHUDWXUDV DGLVWDQFLD
DOWDV\HYLWHDFFLRQDUORLQQHFHVDULDಢ 6XVWLWX\DODSLODHQFXDQWRGLVPLQX\D
PHQWH FRQVLGHUDEOHPHQWHVXDOFDQFH
$YHUÞD
6LHOFLHUUHFHQWUDOL]DGRQRVHDFWLYD
FRQHOPDQGRDGLVWDQFLDSXHGHGHಢ
EHUVHDORVLJXLHQWH
VHKDH[FHGLGRHODOFDQFH
ODWHQVLäQGHODSLODHVGHPDVLDGR
EDMD /DVSLODVQRGHEHQDUURMDUVHDODEDಢ
'RVYROëPHQHV! DFFLRQDPLHQWRUHSHWLGR\IUHFXHQWH VXUDGRPÚVWLFD'HEHQGHVHFKDUVH
6HXVDSDUDDFFLRQDU GHOPDQGRDGLVWDQFLDIXHUDGHODOಢ HQXQFHVWRGHUHVLGXRVDXWRUL]DGR
FDQFHGHUHFHSFLäQGHOYHKÞFXOR SDUDVXUHFLFODMH
&LHUUHFHQWUDOL]DGR
VHUÒQHFHVDULRYROYHUDVLQFURQLಢ
6LVWHPDGHDODUPDDQWLUURER ]DUOR
7DSDGHOEDëO VäORWUHV VREUHFDUJDGHOFLHUUHFHQWUDOL]DGR
YROëPHQHV GHELGRDXQDFFLRQDPLHQWRIUHಢ
(OPDQGRDGLVWDQFLDWLHQHXQDOFDQFH FXHQWHHQEUHYHVLQWHUYDORVVHLQಢ
PÒ[LPRDSUR[LPDGRGHPHWURV WHUUXPSHODDOLPHQWDFLäQGHFRಢ
(VWHDOFDQFHSXHGHUHGXFLUVHSRULQಢ UULHQWHGXUDQWHXQEUHYHSHULRGRGH
IOXHQFLDVH[WHUQDV WLHPSR
/DVOXFHVGHHPHUJHQFLDVHLOXPLQDQ LQWHUIHUHQFLDGHRQGDVGHUDGLRGH
SDUDFRQILUPDUHODFFLRQDPLHQWR PD\RUSRWHQFLDSURFHGHQWHVGH
RWUDVIXHQWHV
/ODYHVSXHUWDV\YHQWDQLOODV
1RWD
/DVSLODVGHOLWLRXVDGDVSXHGHQGDಢ
âDUHOPHGLRDPELHQWH
1RWD &XPSODFRQODOHJLVODFLäQORFDOSDUD
8WLOLFHXQDSLODGHUHSXHVWR&5 GHVHFKDUODV
RHTXLYDOHQWH (OEORTXHRPDQXDODOJLUDUODOODYHHQ
1RODVWLUHDOFHVWRGHUHVLGXRV ODUDQXUDSHUPLWHHOFLHUUHFHQWUDOLಢ
$EUDODWDSDGHOWUDQVPLVRU ]DGR
1RWD
4XLWHODSLODXVDGD(YLWHTXHOD &RQREMHWRGHPDQWHQHUHOWUDQVPLಢ 3XHGHGHVEORTXHDUPDQXDOPHQWHOD
WDUMHWDGHOFLUFXLWRHQWUHHQFRQಢ VRUIXQFLRQDQGRFRUUHFWDPHQWH SXHUWDGHOFRQGXFWRUJLUDQGRODOODYH
WDFWRFRQRWURVFRPSRQHQWHV VLJDHVWDVLQVWUXFFLRQHV HQODUDQXUD
&RORTXHODSLODQXHYD$VHJëUHVH (YLWHGHMDUFDHUHOWUDQVPLVRU 1RWD
GHTXHHOSRORQHJDWLYR TXHGD
1RFRORTXHREMHWRVSHVDGRVHQHO *ROSHHOLJHUDPHQWHODFHUUDGXUDR
KDFLDDEDMRKDFLDODEDVH
WUDQVPLVRU FDOLHQWHODOODYHVLODSXHUWDQRVH
&LHUUHODWDSDGHOWUDQVPLVRU DEUHSRUTXHODUDQXUDHVWÒKHODGDD
0DQWHQJDHOWUDQVPLVRUDOHMDGRGHO
&RPSUXHEHHOIXQFLRQDPLHQWRGHO DJXD\GHODOX]VRODUGLUHFWD6LVH FDXVDGHODVFRQGLFLRQHVFOLPÒWLFDV
WUDQVPLVRUHQHOYHKÞFXOR PRMDOÞPSLHORFRQXQWUDSRVHFR IUÞDV
/ODYHVSXHUWDV\YHQWDQLOODV
&DPELRPDQXDO
&XDQGRODYHORFLGDGGHFRQGXFFLäQ
HVVXSHULRUDNPKODVSXHUWDVOD
WDSDGHOEDëORSRUWäQWUDVHUR\
3XOVHHOERWäQC ODWDSDGHOGHSäVLWRGHFRPEXVWLEOH
%ORTXHDWRGDVODVSXHUWDV/DVOXFHV 3XOVHHOERWäQK
VHEORTXHDQDXWRPÒWLFDPHQWH
GHHPHUJHQFLDSDUSDGHDUÒQXQDYH] /DWDSDGHOEDëOVHGHVEORTXHDUÒ
\DEULUÒPLHQWUDVWRGDVODVSXHUWDV 3DUDGHVEORTXHDUORVSXOVHHOERWäQ
/DLQGLFDFLäQGHEORTXHRSXHGHFDPಢ GHGHVEORTXHRGHOERWäQGHFLHUUH
ELDUVHHQODFRQILJXUDFLäQGHOYHಢ SHUPDQHFHQEORTXHDGDV
FHQWUDOL]DGRRGHVFRQHFWHHOHQFHQಢ
KÞFXOR GLGR
3HUVRQDOL]DFLäQGHOYHKÞFXOR %ORTXHRDXWRPÒWLFR (VWRVDMXVWHVSXHGHQFDPELDUVHHQ
(QDOJXQRVSDÞVHVDFWLYHHOEORTXHR ODFRQILJXUDFLäQGHOYHKÞFXOR3HUVRಢ
DXWRPÒWLFRGHSXHUWDVFXDQGRFRQಢ QDOL]DFLäQGHOYHKÞFXOR
GX]FD
/ODYHVSXHUWDV\YHQWDQLOODV
3XHGDXVDUXQDOODYHRXQGHVWRUQLಢ
OODGRUDSURSLDGR
3DUDDFWLYDUHOVHJXURSDUDQLâRVFRಢ
ORTXHORVVHJXURVKRUL]RQWDOPHQWH
3DUDDEULUXQDSXHUWDWUDVHUDFRQHO
VHJXURSDUDQLâRVDFWLYDGRDEUDOD
SXHUWDGHVGHIXHUD
3DUDGHVDFWLYDUHOVHJXURSDUDQLâRV 3XOVHHOSDQHOWÒFWLOFXDQGRODWDSD
FRORTXHORVVHJXURVYHUWLFDOPHQWH GHOEDëOHVWÚGHVEORTXHDGDSDUD
DEULUOD
/DWDSDGHOEDëOWDPELÚQVHDEUH
SXOVDQGRHOERWäQKHQHOPDQGRD
GLVWDQFLD
/ODYHVSXHUWDV\YHQWDQLOODV
/DWDSDGHOEDëOVHEORTXHDR
GHVEORTXHDFXDQGRWRGDVODVSXHUWDV $WHQFLäQ
VHEORTXHDQRGHVEORTXHDQFRQHO
PDQGRDGLVWDQFLD $QWHVGHDEULUODWDSDGHOEDëO
FRPSUXHEHVLKD\REVWUXFಢ
7LSR! FLRQHVSRUDUULEDFRPRXQD
SXHUWDGHJDUDMHSDUDHYLWDUGDಢ
âRVHQODWDSDGHOEDëO&RPಢ
SUXHEHVLHPSUHOD]RQDGHPRYLಢ
PLHQWRSRUHQFLPD\GHWUÒVGHOD
WDSDGHOEDëO
1RWD
7DPELÚQSXHGHDEULUODWDSDGHOEDëO &XDQGRHOPRWRUHVWÒHQFHQGLGROD
WLUDQGRGHODSDODQFDGHDSHUಢ WDSDGHOEDëOSXHGHDEULUVHFRQ
WXUDVLWXDGDFHUFDGHODVLHQWRGHOFRQಢ ODSDODQFDGHODFDMDGHFDPELRVHQ
GXFWRU ODSRVLFLäQ3 FDPELRDXWRPÒWLFR
RFRQHOIUHQRGHHVWDFLRQDPLHQWR
3HOLJUR DSOLFDGR FDPELRPDQXDO
3DUDGHVEORTXHDUODWDSDGHOEDëO 1RWD
LQWURGX]FDODOODYHHQODUDQXUD\ 1RFLUFXOHFRQODWDSDGHOEDëO 6LVHPRQWDQGHWHUPLQDGRVDFFHVRಢ
JÞUHODKDFLDODGHUHFKD/HYDQWHOD DELHUWDRHQWUHDELHUWDSHMDO ULRVSHVDGRVHQODWDSDGHOEDëO
WDSDGHOEDëO WUDQVSRUWDUREMHWRVYROXPLQRVRV SXHGHTXHÚVWDQRVHPDQWHQJDHQ
\DTXHSRGUÞDQHQWUDUJDVHVGH SRVLFLäQDELHUWD
HVFDSHWä[LFRVHQHOYHKÞFXOR
&LHUUH
7LSR!
3DUDFHUUDUODWDSDGHOEDëOEÒಢ
MHODKDVWDTXHVHHQFODYHELHQ
/ODYHVSXHUWDV\YHQWDQLOODV
3HOLJUR
$VHJëUHVHGHTXHVXVPDQRV\
RWUDVSDUWHVGHOFXHUSRDVÞFRPR
ODVGHRWUDVSHUVRQDVHVWÚQDOHಢ
MDGDVGHOD]RQDGHFLHUUHGHOD
WDSDGHOEDëO
3DUDGHVEORTXHDUHOSRUWäQWUDVHUR
LQWURGX]FDODOODYHHQODUDQXUD\JÞಢ
UHODKDFLDODL]TXLHUGDOHYDQWHHOSRUಢ
3DUDDEULUHOSRUWäQWUDVHURSXOVHHO WäQWUDVHUR
SDQHOWÒFWLOPLHQWUDVHOSRUWäQWUDVHUR
HVWÒGHVEORTXHDGR 3HOLJUR
(OSRUWäQWUDVHURVHEORTXHDRGHVಢ
EORTXHDFXDQGRWRGDVODVSXHUWDVVH 1RFLUFXOHFRQHOSRUWäQWUDVHUR
EORTXHDQRGHVEORTXHDQFRQHO DELHUWRRHQWUHDELHUWRSHMDO
PDQGRDGLVWDQFLD WUDQVSRUWDUREMHWRVYROXPLQRVRV
\DTXHSRGUÞDQHQWUDUJDVHVGH
HVFDSHWä[LFRVHQHOYHKÞFXOR
/ODYHVSXHUWDV\YHQWDQLOODV
1RSXOVHHOSDQHOWÒFWLOPLHQWUDVOD 6HJXULGDGGHOYHKÞFXOR
$WHQFLäQ FLHUUD\DTXHSRGUÞDYROYHUDDEULUOD
$QWHVGHDEULUHOSRUWäQWUDVHUR 7LSR!
FRPSUXHEHVLKD\REVWUXFFLRQHV 3DUDFHUUDUHOSRUWäQWUDVHUREÒMHOR %ORTXHRGHSXHUWDVDXWRPÒWLFR
SRUDUULEDFRPRXQDSXHUWDGHJDಢ KDVWDTXHVHHQFODYHELHQ 6LDOJXQDGHODVSXHUWDVQRVHDEUHR
UDMHSDUDHYLWDUGDâRVHQHOSRUWäQ ODOODYHGHFRQWDFWRQRHVWÒHQODSRಢ
WUDVHUR&RPSUXHEHVLHPSUHOD $WHQFLäQ VLFLäQ$&&X21HQXQLQWHUYDORGH
]RQDGHPRYLPLHQWRSRUHQFLPD\ PLQXWRVWUDVKDEHUGHVEORTXHDGR
GHWUÒVGHOSRUWäQWUDVHUR $VHJëUHVHGHTXHVXVPDQRV\ ODVSXHUWDVFRQHOWUDQVPLVRUWRGDV
RWUDVSDUWHVGHOFXHUSRDVÞFRPR ODVSXHUWDVVHEORTXHDQ\HOVLVWHPD
1RWD ODVGHRWUDVSHUVRQDVHVWÚQDOHಢ GHDODUPDDQWLUURERVHDFWLYDDXWRಢ
&XDQGRHOPRWRUHVWÒHQFHQGLGRHO MDGDVGHOD]RQDGHFLHUUHGHOSRUಢ PÒWLFDPHQWH
SRUWäQWUDVHURSXHGHDEULUVHFRQOD WäQWUDVHUR
SDODQFDGHODFDMDGHFDPELRVHQOD
'HVEORTXHRGHSXHUWDV
SRVLFLäQ3 FDPELRDXWRPÒWLFR R DXWRPÒWLFR
FRQHOIUHQRGHHVWDFLRQDPLHQWR 7RGDVODVSXHUWDVVHGHVEORTXHDQ
DSOLFDGR FDPELRPDQXDO DXWRPÒWLFDPHQWHFXDQGRHOLPSDFWR
VHHQYÞDDORVVHQVRUHVGHLPSDFWR
1RWD FRQHOHQFHQGLGRFRQHFWDGR
6LVHPRQWDQGHWHUPLQDGRVDFFHVRಢ
ULRVSHVDGRVHQHOSRUWäQWUDVHUR 6LQHPEDUJRSXHGHTXHODVSXHUWDV
SXHGHTXHÚVWHQRVHPDQWHQJDHQ QRVHGHVEORTXHHQVLKD\SUREOHPDV
SRVLFLäQDELHUWD PHFÒQLFRVHQHOVLVWHPDGHEORTXHR
GHODVSXHUWDVRODEDWHUÞD
&LHUUH
7LSR! ,QPRYLOL]DGRU
3DUDFHUUDUHOSRUWäQWUDVHUREÒMHOR
KDVWDTXHVHHQFODYHELHQ (OVLVWHPDGHOLQPRYLOL]DGRUHVXQVLVಢ
WHPDDQWLUURERDGLFLRQDOGHOYHKÞFXOR
HQTXHHVWÒLQVWDODGR\HYLWDTXHOR
/ODYHVSXHUWDV\YHQWDQLOODV
$MXVWHHOÚFWULFR 'HVHPSDâDGRGHOXQHWD
WÚUPLFD
3DUDODVHJXULGDGGHORVSHDWRQHV
ORVUHWURYLVRUHVH[WHULRUHVEDVFXODQ
GHVXSRVLFLäQGHPRQWDMHQRUPDODO
UHFLELULPSDFWRVGHXQDGHWHUPLQDGD
IXHU]D9XHOYDDFRORFDUHOUHWURYLVRU
6HOHFFLRQHHOUHWURYLVRUH[WHULRUFRಢ HQVXSRVLFLäQSUHVLRQDQGROLJHUDಢ
PHQWHVREUHODFDUFDVD 6HFRQHFWDSXOVDQGRHOERWäQ^
UUHVSRQGLHQWHJLUDQGRHOPDQGRDOD
L]TXLHUGD / RDODGHUHFKD 5 (OGHVHPSDâDGRIXQFLRQDFRQHOPRWRU
/XHJREDVFXOHHOPDQGRSDUDDMXVWDU 3HOLJUR HQPDUFKD\VHGHVFRQHFWDDXWRPÒಢ
HOUHWURYLVRU WLFDPHQWHGHVSXÚVGHXQRVSRFRV
0DQWHQJDVLHPSUHORVUHWURYLVRಢ PLQXWRVRSXOVDQGRHOERWäQGH
&XDQGRVHHQFXHQWUDHQODSRVLFLäQ
UHVFRUUHFWDPHQWHDMXVWDGRV\XWLಢ QXHYR
RQRKD\QLQJëQUHWURYLVRUVHOHFಢ
OÞFHORVGXUDQWHODFRQGXFFLäQSDUD
FLRQDGR
YHUPHMRUORVREMHWRV\ORVGHPÒV
/ODYHVSXHUWDV\YHQWDQLOODV
/DVYHQWDQLOODVSXHGHQVXELUVH\EDಢ
3DUDUHGXFLUHOHQFDQGLODPLHQWR MDUVHFRQODVPDQLMDVGHORVDO]D
DMXVWHODSDODQFDTXHKD\GHEDMRGH FULVWDOHV
ODFDUFDVDGHOHVSHMR
3HOLJUR
6XYLVLäQDWUDYÚVGHOHVSHMR
SXHGHSHUGHUDOJRGHFODULGDG
FXDQGRVHUHJXODSDUDYLVLäQQRFಢ
WXUQD
/ODYHVSXHUWDV\YHQWDQLOODV
)XQFLäQDQWLDWUDSDPLHQWR 3XOVHHOLQWHUUXSWRURSDUDGHVDFWLYDU
(QFDVRGHGHWHFWDUXQREVWÒFXORGXಢ ORVDO]DFULVWDOHVHOÚFWULFRVWUDVHURV $WHQFLäQ
UDQWHHOFLHUUHDXWRPÒWLFRODYHQWDQLಢ 3DUDDFWLYDUORVSXOVHGHQXHYRR
OODVHDEULUÒDXWRPÒWLFDPHQWHSRUPRಢ 1RXWLOLFHLQVWUXPHQWRVDILODGRVR
WLYRVGHVHJXULGDG OLPSLDFULVWDOHVDEUDVLYRVHQODOXಢ
/XQHWDWÚUPLFDWUDVHUD QHWDWUDVHUDGHOYHKÞFXOR
3HOLJUR 1RDUDâHRGDâHORVKLORVGHOGHಢ
VHPSDâDGRUFXDQGROLPSLHRUHDಢ
/DIXQFLäQDQWLDWUDSDPLHQWR OLFHFXDOTXLHURWURWLSRGHWUDEDMR
SXHGHQRUHVSRQGHUWUDVXQDFFLRಢ HQODOXQHWDWUDVHUD
QDPLHQWRUHSHWLGR1RDFFLRQHHO
LQWHUUXSWRUGHODO]DFULVWDOHVVLQPRಢ 3DUDVROHV
WLYR
/RVSDUDVROHVVHSXHGHQDEDWLUR
EDVFXODUKDFLDXQODGRSDUDHYLWDUHO
6HJXURSDUDQLâRVHQODV HQFDQGLODPLHQWR
YHQWDQLOODVWUDVHUDV
6LORVSDUDVROHVWLHQHQHVSHMRVLQWHಢ
JUDGRVODVWDSDVGHORVHVSHMRVGHಢ
EHQHVWDUFHUUDGDVGXUDQWHODPDUಢ
6HFRQHFWDSXOVDQGRHOERWäQ^ FKD
/DFDOHIDFFLäQIXQFLRQDFRQHOPRWRU
HQPDUFKD\VHGHVFRQHFWDDXWRPÒಢ 3HOLJUR
WLFDPHQWHGHVSXÚVGHXQRVSRFRV
PLQXWRVRSXOVDQGRHOERWäQGH 1RFRORTXHHOSDUDVROGHPRGR
QXHYR TXHSXHGDREVWUXLUODYLVLELOLGDGGH
ODUXWDHOWUÒILFRXRWURVREಢ
MHWRV
/ODYHVSXHUWDV\YHQWDQLOODV
7HFKR 6XELURFHUUDU
3DUDDEULUHOWHFKRVRODUFRQODIXQಣ
7HFKRVRODU FLµQGHLQFOLQDFLµQPDQWHQJDSUHVLRಣ
QDGRHOLQWHUUXSWRU
$GYHUWHQFLD 6XHOWHHOLQWHUUXSWRUFXDQGRHOWHFKR
VRODUOOHJXHDODSRVLFLµQGHVHDGD
7HQJDFXLGDGRDODFFLRQDUHOWHಣ 3DUDFHUUDUHOWHFKRVRODUPDQWHQJD
FKRVRODU+D\ULHVJRGHOHVLRQHV SUHVLRQDGRHOLQWHUUXSWRU KDVWD
HVSHFLDOPHQWHSDUDORVQL³RV TXHHOWHFKRVRODUHVW«FHUUDGR
2EVHUYHDWHQWDPHQWHODVSLH]DV
PµYLOHVGXUDQWHVXDFFLRQDಣ 3HUVLDQDVRODU
PLHQWR$VHJ¼UHVHGHTXHQDGD /DSHUVLDQDVRODUVHDFFLRQDPDQXDOಣ
TXHGHDWUDSDGRPLHQWUDVVHPXHYHQ $EULURFHUUDU PHQWH
8QXVRLQDGHFXDGRGHOVLVWHPD 3DUDDEULUHOWHFKRVRODUSUHVLRQHHO $EUDRFLHUUHODSHUVLDQDVRODUGHVOLಣ
SXHGHJHQHUDUXQIXQFLRQDPLHQWR LQWHUUXSWRU (OWHFKRVRODUVHDEUH ]£QGROD
LQFRUUHFWRGHOPLVPRFRQ DXWRP£WLFDPHQWH3DUDGHWHQHUVX &XDQGRHOWHFKRVRODUHVW£DELHUWROD
SRWHQFLDOULHVJRGHDFFLGHQWH PRYLPLHQWRYXHOYDDSUHVLRQDURWUD SHUVLDQDVLHPSUHHVW£DELHUWD
1XQFDGHMHQL³RVVRORVGHQWUR YH]FXDOTXLHUDGHORVLQWHUUXSWRUHV
GHOKDELW£FXOR 3DUDDEULUORKDVWDODSRVLFLµQGHಣ
VHDGDPDQWHQJDSUHVLRQDGRHOLQWHಣ
UUXSWRU
(OWHFKRVRODUVHSXHGHDFFLRQDUFRQ
6XHOWHHOLQWHUUXSWRUFXDQGRHOWHFKR
HOHQFHQGLGRFRQHFWDGR
VRODUOOHJXHDODSRVLFLµQGHVHDGD
3DUDFHUUDUHOWHFKRVRODUPDQWHQJD
SUHVLRQDGRHOLQWHUUXSWRU KDVWD
TXHHOWHFKRVRODUHVW«FHUUDGR
/ODYHVSXHUWDV\YHQWDQLOODV
3HOLJUR
/DVSDUWHVGHOFXHUSRTXHVREUHಢ
VDOJDQGHOYHKÞFXORSXHGHQJROಢ
SHDUVHFRQREMHWRVDOSDVDU0DQಢ
WHQJDWRGDVODVSDUWHVGHOFXHUSR
HQHOLQWHULRUGHOYHKÞFXOR
(OXVRLQGHELGRGHOWHFKRVRODU
SXHGHRFDVLRQDUOHVLRQHVJUDYHV
RXQDFFLGHQWHPRUWDO
$VLHQWRVVLVWHPDVGHVHJXULGDG
$VLHQWRVVLVWHPDVGH $SR\DFDEH]DV
VHJXULGDG
3RVLFLäQ
7LUHGHODSR\DFDEH]DVKDFLDDUULED 7LUHGHODSR\DFDEH]DVKDFLDDUULED
3DUDEDMDUORSXOVHHOUHVRUWH \ 3DUDEDMDUORSXOVHHOUHVRUWH \
HPSXMHHODSR\DFDEH]DVKDFLD HPSXMHHODSR\DFDEH]DVKDFLD
DEDMR DEDMR
'HVPRQWDMH 'HVPRQWDMH 6LÚQWHVHORPÒVFHUFDSRVLEOHGHO
(OHYHHODSR\DFDEH]DVKDVWDDOFDQಢ (OHYHHODSR\DFDEH]DVKDVWDDOFDQಢ UHVSDOGR$MXVWHODGLVWDQFLDGHO
]DUHOWRSH ]DUHOWRSH DVLHQWRKDVWDORVSHGDOHVGHPRGR
3UHVLRQHORVUHVRUWHV \ DO 3UHVLRQHORVUHVRUWHV \ DO TXHDOSLVDUORVSHGDOHVODVSLHUಢ
PLVPRWLHPSR PLVPRWLHPSR QDVTXHGHQGREODGDVHQXQOLJHUR
7LUHGHODSR\DFDEH]DV 7LUHGHODSR\DFDEH]DV
$VLHQWRVVLVWHPDVGHVHJXULGDG
/RVFLQWXURQHVGHVHJXULGDGHVWÒQGLಢ
VHâDGRVSDUDVHUXWLOL]DGRVSRUXQD
VRODSHUVRQDDODYH]1RVRQDGHಢ
FXDGRVSDUDXVXDULRVGHPHQRVGH
FP6LVWHPDGHVHJXULGDGLQIDQWLO
$ODFHOHUDURIUHQDUEUXVFDPHQWHHO
&RPSUXHEHSHULäGLFDPHQWHTXHWRಢ
YHKÞFXORORVFLQWXURQHVVHEORTXHDQ
GDVODVSLH]DVGHOVLVWHPDGHFLQWXಢ
SDUDSURWHJHUDORVRFXSDQWHV
URQHVIXQFLRQDQELHQ\QRSUHVHQWDQ
7LUHGHODSDODQFDVLWXDGDHQHOH[WHಢ GDâRV
ULRUGHODEDQTXHWDGHODVLHQWRKDVWD
+DJDVXVWLWXLUFXDOTXLHUFRPSRQHQWH
TXHHVWÚHQODSRVLFLäQGHVHDGD
GDâDGR'HVSXÚVGHXQDFFLGHQWH
3DUDEDMDUODEDQTXHWDGHODVLHQWR KDJDVXVWLWXLUORVFLQWXURQHV\ORVSUHಢ
HPSXMHODSDODQFDYDULDVYHFHVKDFLD WHQVRUHVGLVSDUDGRVHQXQ&RQFHVLR
DEDMR QDULR2ILFLDOR6HUYLFLR$XWRUL]DGR
3DUDHOHYDUODEDQTXHWDGHODVLHQWR &KHYUROHW
WLUHGHODSDODQFDYDULDVYHFHVKDFLD
DUULED
$VLHQWRVVLVWHPDVGHVHJXULGDG
/LPLWDGRUHVGHIXHU]DGHORV
FLQWXURQHV $WHQFLµQ
(QORVDVLHQWRVGHODQWHURVHVWHGLVಣ
1RHVW£SHUPLWLGRPRQWDUDFFHVRಣ
SRVLWLYRUHGXFHODIXHU]DVREUHHO
(QFDVRGHFROLVLRQHVIURQWDOHVODWHಣ ULRVQLFRORFDUREMHWRVTXHSXHGDQ
FXHUSRDOGHVEORTXHDUGHIRUPD
UDOHVRWUDVHUDVDSDUWLUGHXQDGHಣ PHQRVFDEDUHOIXQFLRQDPLHQWRGH
DPRUWLJXDGDHOFLQWXUµQGXUDQWHXQD
WHUPLQDGDJUDYHGDGVHWHQVDQORV ORVSUHWHQVRUHVGHFLQWXURQHV
FROLVLµQ
FLQWXURQHVGHVHJXULGDGGHODQWHURV 1RUHDOLFHPRGLILFDFLRQHVHQORV
FRPSRQHQWHVGHORVSUHWHQVRUHV
3HOLJUR GHFLQWXURQHV
/DPDQLSXODFLµQLQFRUUHFWD SRU
HMHPSORGXUDQWHHOGHVPRQWDMHR
PRQWDMHGHORVFLQWXURQHVRKHELಣ
OODVGHORVFLQWXURQHV SXHGHGLVಣ
SDUDUORVSUHWHQVRUHVGHFLQWXURಣ
QHV
$VLHQWRVVLVWHPDVGHVHJXULGDG
&LQWXUäQGHVHJXULGDGGH $MXVWHGHODDOWXUD
WUHVSXQWRV
$EURFKDUORVFLQWXURQHV
/DURSDVXHOWDRPX\JUXHVDLPSLGH
TXHHOFLQWXUäQVHDMXVWHDOFXHUSR
1RFRORTXHQLQJëQREMHWRFRPRXQ 3XOVHHOERWäQ
EROVRRXQWHOÚIRQRPäYLOHQWUHHOFLQಢ $MXVWHODDOWXUD\HQFODYH
WXUäQ\HOFXHUSR $MXVWHODDOWXUDGHPRGRTXHHOFLQWXಢ
([WUDLJDHOFLQWXUäQGHOUHWUDFWRU UäQSDVHSRUHOKRPEUR1RGHEHSDಢ
JXÞHORSRUHQFLPDGHOFXHUSRVLQUHಢ 3HOLJUR VDUSRUHOFXHOORRODSDUWHVXSHULRUGHO
WRUFHUORHLQVHUWHODOHQJíHWDHQHO EUD]R
FLHUUH (OFLQWXUäQQRGHEHDSR\DUVHVRಢ
'XUDQWHHOYLDMHWHQVHIUHFXHQWHಢ
EUHREMHWRVGXURVRIUÒJLOHVJXDUಢ 3HOLJUR
GDGRVHQORVEROVLOORVGHODURSD
PHQWHHOFLQWXUäQDEGRPLQDOWLUDQGR
VXDYHPHQWHGHODEDQGDWRUÒFLFD 1RORDMXVWHPLHQWUDVHVWÒFRQGXಢ
5HFRUGDWRULRGHOFLQWXUäQGHVHJXULಢ FLHQGR
GDG
$VLHQWRVVLVWHPDVGHVHJXULGDG
(QFDVRGHGHVSOLHJXHGHODLUEDJ (OVLVWHPDGHDLUEDJVGHODQWHURVH
DFXGDDXQ&RQFHVLRQDULR2ILFLDOR 3HOLJUR DFWLYDHQFDVRGHFKRTXHGHXQDGHಣ
6HUYLFLR$XWRUL]DGR&KHYUROHWSDUD WHUPLQDGDJUDYHGDG(OHQFHQGLGR
6LHOYHK¯FXORVXIUHXQIXHUWHLPಣ GHEHHVWDUFRQHFWDGR
HOGHVPRQWDMHGHOYRODQWHGHOD
SDFWRHQEDGHQHVRSRUREMHWRVHQ /RVDLUEDJVIURQWDOHVQRVHDFWLYDQ
P£VFDUDGHWDEOHURGHLQVWUXPHQWRV UXWDVVLQDVIDOWDURDFHUDVVH
GHORVUHYHVWLPLHQWRVORVEXUOHWHV HQFDVRGHFKRTXHVIURQWDOHV
SXHGHQLQIODUORVDLUEDJV3DUD
GHODVSXHUWDVODVPDQLMDV\ORV OHYHVFKRTXHVODWHUDOHVWUDVHURVR
HYLWDUXQGHVSOLHJXHDFFLGHQWDOGHO
DVLHQWRV&XDQGRVHGHVSOLHJDXQ DLUEDJFRQGX]FDGHVSDFLRVREUH HQFDVRGHYXHOFRV
DLUEDJVHSXHGHSURGXFLUXQIXHUWH VXSHUILFLHVQRGLVH³DGDVSDUDOD
UXLGR\KXPR(VWRHVQRUPDO\QR FLUFXODFLµQGHYHK¯FXORV
HVSHOLಣJURVRDXQTXHSXHGHLUULWDU
ODSLHOGHORFXSDQWH6LODLUULWDFLµQ &XDQGRORVDLUEDJVVHLQIODQHVFDಣ
FRQWLಣQ¼DFRQVXOWHDXQP«GLFR SDQJDVHVFDOLHQWHVTXHSXHGHQRFDಣ
VLRQDUTXHPDGXUDV
7HVWLJRGHFRQWURO GHOVLVWHPDGH
3HOLJUR DLUEDJV
1XQFDGHMHTXHYLDMHQQL³RVPXಣ
MHUHVHPEDUD]DGDVRSHUVRQDV 6LVWHPDGHDLUEDJV
PD\RUHV\G«ELOHVHQHODVLHQWR IURQWDOHV
GHODFRPSD³DQWHHTXLSDGRFRQ
(OVLVWHPDGHDLUEDJVIURQWDOHVVH
DLUEDJV 6HDPRUWLJXDHOPRYLPLHQWRKDFLDGHಣ
FRPSRQHGHXQDLUEDJHQHOYRODQWH\
$VLPLVPRQRFLUFXOHFRQXQ XQRHQHOWDEOHURGHLQVWUXPHQWRVHQ ODQWHGHORVRFXSDQWHVGHORVDVLHQಣ
DVLHQWRLQIDQWLOPRQWDGRHQHO HOODGRGHODFRPSD³DQWH6HSXHGHQ WRVGHODQWHURVUHGXFL«QGRVHFRQVLಣ
PLVPR(QFDVRGHDFFLGHQWHHO LGHQWLILFDUSRUHOUµWXOR$,5%$* GHUDEOHPHQWHHOULHVJRGHOHVLRQHV
LPSDFWRGHODLUEDJLQIODGRSRGU¯D HQODSDUWHVXSHULRUGHOFXHUSR\OD
FDXVDUGD³RVIDFLDOHVROHVLRQHV FDEH]D
IDWDOHV
$VLHQWRVVLVWHPDVGHVHJXULGDG
(OVLVWHPDGHDLUEDJVODWHUDOHVVH
3HOLJUR FRPSRQHGHXQDLUEDJHQFDGDUHVಣ 3HOLJUR
SDOGRGHORVDVLHQWRVGHODQWHURV
6µORVHREWLHQHXQDSURWHFFLµQ 1RGHEHKDEHUREVW£FXORVHQOD
µSWLPDFXDQGRHODVLHQWRHVW£HQ 6HSXHGHQLGHQWLILFDUSRUHOUµWXOR ]RQDGHLQIODGRGHORVDLUEDJV
ODSRVLFLµQFRUUHFWD $,5%$*
1RGHEHKDEHUREVW£FXORVHQOD (OVLVWHPDGHDLUEDJVODWHUDOHVVHDFಣ 1RWD
]RQDGHLQIODGRGHORVDLUEDJV WLYDHQFDVRGHFKRTXHGHXQDGHWHUಣ 6µORGHEHQXWLOL]DUVHIXQGDVGH
PLQDGDJUDYHGDG(OHQFHQGLGRGHEH DVLHQWRVKRPRORJDGDVSDUDHOYHಣ
$MXVWHHOFLQWXUµQGHVHJXULGDGFRಣ HVWDUFRQHFWDGR/RVDLUEDJVODWHUDOHV K¯FXOR7HQJDFXLGDGRGHQRWDSDU
UUHFWDPHQWH\HQF£ MHORELHQ6µOR QRVHDFWLYDQHQFDVRGHFKRTXHV ORVDLUEDJV
DV¯SRGU£SURWHJHUOHHODLUEDJ ODWHUDOHVOHYHVFKRTXHVIURQWDOHV
WUDVHURVRHQFDVRGHYXHOFRV
3HOLJUR
6LVWHPDGHDLUED VODWHUDOHV
/RVQL³RVVHQWDGRVPX\SUµ[LPRV
DORVDLUEDJVODWHUDOHVFRUUHQHO
ULHVJRGHVXIULUOHVLRQHVJUDYHVR
LQFOXVRIDWDOHVVLHODLUEDJVHGHVಣ
SOLHJDHVSHFLDOPHQWHVLODFDಣ
EH]DHOFXHOORRHOSHFKRGHOQL³R
HVW£QSUµ[LPRVDODLUEDJHQHOPRಣ
PHQWRGHOGHVSOLHJXH
1XQFDGHMHTXHHOQL³RVHDSR\H
HQODSXHUWDRFHUFDGHOPµGXORGHO
DLUEDJODWHUDO
6HUHGXFHFRQVLGHUDEOHPHQWHHO
ULHVJRGHOHVLRQHVHQODSDUWHVXSHಣ
ULRUGHOFXHUSR\ODSHOYLVHQFDVRGH
XQFKRTXHODWHUDO
SPM_Chevrolet_Sonic_Argentina.fm Seite 2 Mittwoch, 5. September 2012 4:17 16
Sistema de airbags
Sistema de airbags de cortina
(En las versiones así equipadas)
Se reduce considerablemente
el riesgo de lesiones en la cabeza
en caso de un impacto lateral.
$VHJëUHVHGHTXHHOVLVWHPDGHUHಢ SDUDVXHGDG\DVHJëUHVHGHTXHHO
WHQFLäQLQIDQWLOTXHVHYDDPRQWDU QLâRORXWLOLFH9HDODVLQVWUXFFLRQHV
VHDFRPSDWLEOHFRQHOWLSRGHYHಢ UHOHYDQWHVGHORVVLVWHPDVGHUHWHQಢ
KÞFXOR FLäQLQIDQWLO
$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
$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) ;
0XHYDHODVLHQWRGHODFRPSDâDQWHKDVWDODSRVLFLäQPÒVDGHODQWDGDRPXÚYDORKDFLDGHODQWHKDVWDTXHHOVLVWHPD
GHUHWHQFLäQLQIDQWLOQRLQWHUILHUDFRQHOUHVSDOGRGHODVLHQWRGHODQWHUR
$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
8QQLâRTXHYLDMHHQXQVLVWHPDGH 0RQWDMHGHVLVWHPDVGHUHWHQFLäQ
UHWHQFLäQLQIDQWLORULHQWDGRKDFLD LQIDQWLOFRQILMDFLRQHVSDUDDQFODಢ
DWUÒVPRQWDGRHQHODVLHQWRGHಢ MHVLQIHULRUHV\VXSHULRUHV,62),;
ODQWHURSXHGHVXIULUOHVLRQHVJUDಢ
YHVVLVHLQIODHODLUEDJGHODFRPಢ $UJROODVGHILMDFLäQGHORV
SDâDQWH
)LMHHOVLVWHPDGHUHWHQFLäQLQIDQWLO
DQFODMHV
RULHQWDGRKDFLDDWUÒVHQHODVLHQWR
WUDVHUR
8QVLVWHPDGHUHWHQFLäQLQIDQWLO
RULHQWDGRKDFLDGHODQWHGHEHUÞDILಢ
MDUVHHQHODVLHQWRWUDVHURVLHPSUH
TXHVHDSRVLEOH 'RVYROëPHQHV!
6LVHPRQWDHQHODVLHQWRGHO 3DUDDFFHGHUDORVSXQWRVGHDQFODMH
DFRPSDâDQWHGHVSODFHHODVLHQWR VXSHULRUHV 7RSWHWKHU KDJDORVLಢ
KDFLDDWUÒVORPÒ[LPRSRVLEOH JXLHQWH
5HWLUHORVREMHWRVH[WUDâRVDOUHಢ
GHGRUGHORVDQFODMHVVXSHULRUHV
3HOLJUR 7UHVYROëPHQHV$EUDODFXELHUWD
7UHVYROëPHQHV! \WLUHGHODQFODMHKDFLDDUULED'RV
/RVDVLHQWRVLQIDQWLOHVJUDQGHV YROëPHQHV'HVPRQWHODFXELHUWD
RULHQWDGRVKDFLDDWUÒVSXHGHQQR GHOFRPSDUWLPHQWRGHFDUJD
VHUDGHFXDGRVSDUDVXLQVWDODಢ
FLäQ3äQJDVHHQFRQWDFWRFRQVX 0HWDHOFOLSGHODFRUUHDGHVXMHಢ
'LVWULEXLGRUSDUDREWHQHULQIRUPDಢ FLäQGHOVLVWHPDGHUHWHQFLäQLQಢ
FLäQVREUHVLVWHPDVGHUHWHQFLäQ IDQWLOHQHODQFODMHVXSHULRU\DVHಢ
LQIDQWLODGHFXDGRV JëUHVHGHTXHODFRUUHDGHVXMHಢ
FLäQQRHVWÒUHWRUFLGD
$VLHQWRVVLVWHPDVGHVHJXULGDG
6LHQODSRVLFLäQTXHHPSOHDKD\
XQDSR\DFDEH]DVUHJXODEOH\XWLಢ 3HOLJUR
OL]DXQVLVWHPDGHVXMHFLäQGREOH
FRORTXHODVXMHFLäQDOUHGHGRUGHO $VHJëUHVHGHTXHHOFOLSHQODFRಢ
DSR\DFDEH]DV UUHDGHODUHWHQFLäQLQIDQWLOHVWÚ
HQJDQFKDGRFRUUHFWDPHQWHDODQಢ
6LHQODSRVLFLäQTXHHPSOHDKD\ FODMHVXSHULRU
XQDSR\DFDEH]DVUHJXODEOH\XWLಢ
OL]DXQVLVWHPDGHVXMHFLäQVLPಢ 6LODILMDFLäQQRHVFRUUHFWDODFRಢ
SOHOHYDQWHHODSR\DFDEH]DV\ UUHD\HODQFODMHVXSHULRUUHVXOWDಢ
FRORTXHODVXMHFLäQGHEDMRGHOD UÒQLQHILFDFHV
SR\DFDEH]DV\HQWUHVXVEDUUDV
$SULHWHODFRUUHDGHVXMHFLäQGHO
VLVWHPDGHUHWHQFLäQLQIDQWLOVHಢ 7UHVYROëPHQHV!
JëQODVLQVWUXFFLRQHVLQFOXLGDV
FRQHOVLVWHPDGHUHWHQFLäQLQIDQಢ
WLO
&XDQGRKD\DPRQWDGRHOVLVWHPD
GHUHWHQFLäQLQIDQWLOHPSXMH\WLUH
GHÚOSDUDDVHJXUDUVHGHTXHHVWÒ
ELHQVXMHWR
'RVYROëPHQHV!
3RUWDREMHWRV
3RUWDREMHWRV &RPSDUWLPHQWRV
SRUWDREMHWRV
&RPSDUWLPHQWRVSRUWDREMHWRV 3RUWDREMHWRVHQHOWDEOHUR
&RPSDUWLPHQWRGHFDUJD GHLQVWUXPHQWRV
,QIRUPDFLäQVREUHODFDUJD
/RVSRUWDREMHWRVHVWÒQVLWXDGRVHQHO
SDQHOGHLQVWUXPHQWRV6HXWLOL]DQ
SDUDJXDUGDUDUWÞFXORVSHTXHâRV
3RUWDREMHWRV
(OSRUWDREMHWRVGHODSDUWHVXSHULRU
GHODJXDQWHUDHVWÒHTXLSDGRFRQ 3HOLJUR
SXHUWRV$8;86%HWF
3DUDUHGXFLUHOULHVJRGHOHVLRQHV
6LVWHPDGHLQIRHQWUHWHQLPLHQWR HQFDVRGHDFFLGHQWHRIUHQDGR
EUXVFRPDQWHQJDVLHPSUHOD
JXDQWHUDFHUUDGDFXDQGRHOYHಢ
*XDQWHUD KÞFXORHVWÚHQPDUFKD
3RUWDYDVRV
/RVSRUWDYDVRVHVWÒQHQODFRQVROD
FHQWUDO\HQODSDUWHWUDVHUDGHODFRQಢ
VRODFHQWUDO
3HOLJUR
1RGHMHYDVRVFRQOÞTXLGRFDOLHQWH
VLQWDSDUHQHOSRUWDYDVRVFXDQGR
3DUDDEULUWLUHGHODVD HOYHKÞFXORHVWÒHQPDUFKD6LHO
OÞTXLGRFDOLHQWHVHGHUUDPDSXHGH
3RUWDREMHWRV
1RWD ,QWURGX]FDORVFLQWXURQHVGHVHಢ
6LVHDEDWHXQDVLHQWRWUDVHURFRQ JXULGDGGHORVDVLHQWRVH[WHULRUHV
ORVFLQWXURQHVGHVHJXULGDGDëQ HQODVJXÞDV
DEURFKDGRVVHSXHGHQGDâDUORV 3DUDYROYHUDFRORFDUHOUHVSDOGRGHO
FLQWXURQHVGHVHJXULGDGRHO DVLHQWRHQVXSRVLFLäQRULJLQDOH[ಢ
DVLHQWR6LHPSUHVHGHEHQGHVDEURಢ WUDLJDHOFLQWXUäQGHVHJXULGDGGHODV
FKDUORVFLQWXURQHVGHVHJXULGDG\ JXÞDVGHOFLQWXUäQ\HOHYHHOUHVSDOGR
GHYROYHUORVDVXSRVLFLäQQRUPDOGH GHODVLHQWR
DORMDPLHQWRDQWHVGHDEDWLUXQ
DVLHQWRWUDVHUR (QFDMHHOUHVSDOGRGHODVLHQWRHQVX
VLWLR
%DMHORVDSR\DFDEH]DVSXOVDQGR
$VHJëUHVHGHTXHHOFLQWXUäQGHVHಢ
HOUHVRUWH
JXULGDGQRTXHGDDJDUUDGRHQHOFLHUUH
1RWD 7LUHGHODSDODQFDGHGHVEORTXHR
VLWXDGDHQFLPDGHOUHVSDOGRGHO (OFLQWXUäQGHVHJXULGDGGHODVLHQWR
3DUDJDUDQWL]DUTXHKD\DVXILFLHQWH FHQWUDOWUDVHURSXHGHEORTXHDUVH
HVSDFLRSDUDSURFHGHUFRQHOFRMÞQ DVLHQWRWUDVHUR\DEDWDHODVLHQWR
KDFLDGHODQWH FXDQGRVXEHHOUHVSDOGRGHODVLHQWR
GHODVLHQWRWUDVHURGHVOLFHHO 6LIXHUDDVÞGHMHTXHHOFLQWXUäQVH
DVLHQWRGHODQWHURKDFLDDGHODQWH\ UHWUDLJDKDVWDHOPÒ[LPR\HPSLHFH
FRORTXHVXUHVSDOGRYHUWLFDOPHQWH GHQXHYR
3DUDYROYHUDFRORFDUHQVXVLWLROD
EDQTXHWDGHODVLHQWRWUDVHURPXHYD
ODSDUWHWUDVHUDGHODEDQTXHWDGHO
DVLHQWRDVXSRVLFLäQRULJLQDODVHJXಢ
UÒQGRVHGHTXHODVFRUUHDVGHODVKHಢ
ELOODVGHOFLQWXUäQGHVHJXULGDGQR
TXHGDQWRUFLGDVRDWUDSDGDVGHEDMR
3RUWDREMHWRV
GHODEDQTXHWDGHODVLHQWROXHJRHPಢ
SXMHODSDUWHGHODQWHUDGHODEDQTXHWD
GHODVLHQWRWUDVHURHVWÚQWRWDOಢ 3HOLJUR
PHQWHGHVSOD]DGRVKDFLDDWUÒV\
GHODVLHQWRFRQILUPH]DKDFLDDEDMR EORTXHDGRVHQVXSRVLFLäQ
KDVWDTXHTXHGHHQFDMDGR 1RSHUPLWDTXHORVSDVDMHURVVH
1RWLUHGHODVSDODQFDVGHGHVEORಢ VLHQWHQVREUHORVUHVSDOGRVDEDWLಢ
TXHRGHODSDUWHVXSHULRUGHOUHVಢ GRVGHORVDVLHQWRVFRQHOYHKÞFXOR
$WHQFLäQ
SDOGRGHODVLHQWRFRQHOYHKÞFXOR HQPDUFKD\DTXHGLFKDSRVLFLäQ
HQPRYLPLHQWR GHDVLHQWRHVLQFRUUHFWD\QRKD\
&XDQGRYXHOYDDFRORFDUHOUHVಢ
3XHGHFDXVDUGDâRVROHVLRQHVD GLVSRQLEOHVFLQWXURQHVGHVHJXULಢ
SDOGRWUDVHURHQSRVLFLäQYHUWLFDO
ORVRFXSDQWHV GDGSDUDVXXVR
FRORTXHHOFLQWXUäQGHVHJXULGDG
WUDVHUR\ODVKHELOODVHQWUHHOUHVಢ (VWRSRGUÞDRFDVLRQDUOHVLRQHV
SDOGRGHODVLHQWRWUDVHUR\XQFRಢ JUDYHVRIDWDOHVHQFDVRGHDFFLಢ
MÞQ$VHJëUHVHGHTXHHOFLQWXUäQ $WHQFLäQ GHQWHRIUHQDGREUXVFR
GHVHJXULGDG\ODVKHELOODVQRTXHಢ /RVREMHWRVWUDQVSRUWDGRVVREUHHO
GHQSHOOL]FDGRVEDMRHOFRMÞQGHO 6LVHDEDWHXQDVLHQWRWUDVHURFRQ
ORVFLQWXURQHVGHVHJXULGDGDëQ UHVSDOGRDEDWLGRQRGHEHUÞDQVXಢ
DVLHQWRWUDVHUR SHUDUODDOWXUDGHORVDVLHQWRVGHಢ
DEURFKDGRVVHSXHGHQGDâDUORV
$VHJëUHVHGHTXHORVFLQWXURQHV FLQWXURQHVGHVHJXULGDGRHO ODQWHURV(QFDVRFRQWUDULROD
GHVHJXULGDGQRTXHGHQGREODGRV DVLHQWR FDUJDSRGUÞDGHVOL]DUVHKDFLDGHಢ
RDWUDSDGRVHQHOUHVSDOGRGHO ODQWH\RFDVLRQDUGDâRVROHVLRQHV
DVLHQWR\TXHHVWÚQHQODSRVLFLäQ 6LHPSUHVHGHEHQGHVDEURFKDU DOIUHQDUEUXVFDPHQWH
FRUUHFWD ORVFLQWXURQHVGHVHJXULGDG\GHಢ
YROYHUORVDVXSRVLFLäQQRUPDOGH
DORMDPLHQWRDQWHVGHDEDWLUXQ
3HOLJUR DVLHQWRWUDVHUR
$QWHVGHFRQGXFLUHOYHKÞFXORFRQ
SDVDMHURVHQHODVLHQWRWUDVHUR
DVHJëUHVHGHTXHORVUHVSDOGRV
3RUWDREMHWRV
$WHQFLäQ
/DUHGSRUWDHTXLSDMHVHVWÒGLVHಢ
âDGDSDUDFDUJDVSHTXHâDV1R
WUDQVSRUWHREMHWRVSHVDGRVHQVX
UHGSRUWDHTXLSDMHV
/DEDOL]DSXHGHDOPDFHQDUVHHQ
&XDQGRODFXELHUWDGHOFRPSDUWLಢ ODSURWHFFLäQGHOHVWULERWUDVHUR
PHQWRGHFDUJDHVWÒFRORFDGDHQOD XVDQGRODVFRUUHDVGHJRPDGH
SRVLFLäQVXSHULRUHQFÒMHODHQVXVLಢ DPERVODGRV
WLR 5HWLUHODEDOL]DFXDQGRDSDUWHOD
DOIRPEUDGHOEDëOSDUDXVDUFXDOTXLHU
1RWD
KHUUDPLHQWD\VXMHWHODVFRUUHDV
6LODFXELHUWDGHOFRPSDUWLPHQWRGH
DQWHVGHYROYHUDFRORFDUODDOIRPEUD
FDUJDHVWXYLHUDFRORFDGDHQXQOXಢ
GHOEDëO
JDULQDGHFXDGRSXHGHSURYRFDU
UXLGRGHYLEUDFLRQHV\JDVWDUVHGHಢ
ELGRDOFRQWDFWRFRQHODVLHQWRWUDಢ %RWLTXÞQ
VHUR *XDUGHHOERWLTXÞQHQHOFRPSDUWLಢ
PHQWRGHFDUJD
3RUWDREMHWRV
WDSHHOVHQVRUVLWXDGRHQODSDUWH (OHTXLSDPLHQWRRSFLRQDO\ORVDFಢ
VXSHULRUGHOWDEOHURGH FHVRULRVDXPHQWDQHOSHVRHQYDಢ
LQVWUXPHQWRV FÞR
/DFDUJDQRGHEHREVWDFXOL]DUHO &RQGXFLUFRQFDUJDHQHOWHFKRDXಢ
DFFLRQDPLHQWRGHORVSHGDOHVHO PHQWDODVHQVLELOLGDGGHOYHKÞFXORD
IUHQRGHHVWDFLRQDPLHQWRRODSDಢ ORVYLHQWRVODWHUDOHV\WLHQHXQ
ODQFDVHOHFWRUDQLLPSHGLUODOLEHUಢ HIHFWRQHJDWLYRVREUHODPDQLREUDಢ
WDGGHPRYLPLHQWRVGHOFRQGXFWRU ELOLGDGGHELGRDODHOHYDFLäQGHO
1RVHGHEHQGHMDUREMHWRVVXHOWRV FHQWURGHJUDYHGDG'LVWULEX\DOD
HQHOKDELWÒFXOR FDUJDXQLIRUPHPHQWH\DVHJëUHOD
1RFRQGX]FDFRQHOFRPSDUWLPHQWR FRQFRUUHDVGHVXMHFLäQ$MXVWHOD
GHFDUJDDELHUWR SUHVLäQGHORVQHXPÒWLFRV\ODYHಢ
ORFLGDGGHOYHKÞFXORDODVFRQGLFLRಢ
/DFDUJDëWLOHVODGLIHUHQFLDHQWUH QHVGHFDUJD&RPSUXHEH\YXHOYD
HOSHVRPÒ[LPRDXWRUL]DGRGHOYHಢ DDSUHWDUODVFRUUHDVFRQIUHFXHQಢ
KÞFXOR YÚDVHODSODFDGHFDUDFWHಢ FLD
UÞVWLFDV \HOSHVRHQYDFÞR
3DUDFRQRFHUHOSHVRHQYDFÞRHQ
GHWDOOHFRQVXOWHHODSDUWDGRGHGDಢ
WRVWÚFQLFRV
(OSHVRHQYDFÞRLQFOX\HORVSHVRV
FDOFXODGRVSDUDHOFRQGXFWRU
NJ HOHTXLSDMH NJ \WRGRV
ORVOÞTXLGRV GHSäVLWROOHQRDO
,QVWUXPHQWRV\PDQGRV
'HVEORTXHHODSDODQFDDMXVWHHO
YRODQWHOXHJRHQFODYHODSDODQFD\
DVHJëUHVHGHTXHHVWÚWRWDOPHQWH
EORTXHDGD
(QDOJXQRVYHKÞFXORVHOYRODQWHVäOR
VHSXHGHDMXVWDUHQVHQWLGRYHUWLFDO
(OYRODQWHVäORVHGHEHDMXVWDUFRQHO
YHKÞFXORSDUDGR (OVLVWHPDGHLQIRHQWUHWHQLPLHQWR\HO
UHJXODGRUGHYHORFLGDGVHSXHGHQ
PDQHMDUFRQORVPDQGRVHQHOYRಢ
ODQWH
,QVWUXPHQWRV\PDQGRV
3HOLJUR
6LODYLVLäQGHOFRQGXFWRUQRHV
FODUDVHSXHGHSURGXFLUXQDFFLಢ
GHQWH\RFDVLRQDUOHVLRQHVSHUVRಢ
QDOHV\GDâRVHQHOYHKÞFXORX
3DUDDFFLRQDUORVOLPSLDSDUDEULVDV RWUDVSURSLHGDGHV
SRQJDHOHQFHQGLGRHQ21\PXHYD 1RXWLOLFHORVOLPSLDSDUDEULVDVVLHO
3XOVHH ODSDODQFDGHOOLPSLDODYDSDUDEULVDV SDUDEULVDVHVWÒVHFRXREVWUXLGR
KDFLDDUULED FRQQLHYHRKLHORSRUHMHPSOR6L
%DUULGRFRQWLQXRDYHORFLGDG XWLOL]DORVOLPSLDSDUDEULVDVHQXQ
UÒSLGD SDUDEULVDVREVWUXLGRVHSXHGHQ
%DUULGRFRQWLQXRDYHORFLGDG GDâDUODVHVFRELOODVHOPRWRU\HO
OHQWD FULVWDO
3 )XQFLRQDPLHQWRLQWHUPLWHQWH &RQWLHPSRIUÞRFRPSUXHEHTXH
c 6LVWHPDDSDJDGR ODVHVFRELOODVQRHVWÚQSHJDGDVSRU
4 )XQFLäQGHQLHEOD FRQJHODPLHQWRDOSDUDEULVDV6L
,QVWUXPHQWRV\PDQGRV
/DYDSDUDEULVDV
XWLOL]DHOOLPSLDOXQHWDFRQODHVFRಢ 3HOLJUR
ELOODFRQJHODGDSXHGHGDâDUVX
PRWRU 1RSXOYHULFHOÞTXLGRGHODYDGRVRಢ
EUHHOSDUDEULVDVDWHPSHUDWXUDV
,QWHUYDORGHIXQFLRQDPLHQWR EDMRFHUR$WHPSHUDWXUDVEDMR
DMXVWDEOH FHURHOXVRGHOODYDSDUDEULVDV
SXHGHSURYRFDUXQDFFLGHQWHSRUಢ
TXHHOOÞTXLGRGHODYDGRSXHGHIRUಢ
PDUKLHORHQHOSDUDEULVDV\REVಢ
WUXLUVXYLVLäQ
7LUHGHODSDODQFD6HSXOYHUL]DOÞಢ
TXLGRGHODYDGRVREUHHOSDUDEULVDV\
HOOLPSLDOXQHWDVHUHDOL]DHOEDUULGR
YDULDVYHFHV
*LUHODUXHGDSDUDDMXVWDUHOLQWHUYDOR
$WHQFLäQ
GHVHDGR
1RDFFLRQHHOODYDSDUDEULVDVFRQಢ
,QWHUYDOR JLUHODUXHGDGHDMXVWH WLQXDPHQWHGXUDQWHPÒVGHXQRV
FRUWR KDFLDDUULED VHJXQGRVQLFXDQGRHOGHSäVLWR
,QWHUYDOR JLUHODUXHGDGHDMXVWH GHOOÞTXLGRGHODYDGRHVWÚYDFÞR
ODUJR KDFLDDEDMR (VWRSRGUÞDSURYRFDUHOVREUHFDಢ
OHQWDPLHQWRGHOPRWRUGHOODYDOXಢ
QHWD\UHSDUDFLRQHVFRVWRVDV
,QVWUXPHQWRV\PDQGRV
/LPSLDODYDOXQHWD 3DUDGHVDFWLYDUHOOLPSLDOXQHWDFRORಢ
TXHHOLQWHUUXSWRUHQODSRVLFLäQQHXಢ 3HOLJUR
/LPSLDODYDOXQHWD VäORGRV WUD
6LODYLVLäQGHOFRQGXFWRUQRHV
YROëPHQHV /DYDOXQHWD FODUDVHSXHGHSURGXFLUXQDFFLಢ
GHQWH\RFDVLRQDUOHVLRQHVSHUVRಢ
/LPSLDOXQHWD QDOHV\GDâRVHQHOYHKÞFXORX
RWUDVSURSLHGDGHV
1RXWLOLFHHOOLPSLDOXQHWDWUDVHURVL
ODOXQHWDGHOSRUWäQWUDVHURHVWÒ
VHFDXREVWUXLGDFRQQLHYHRKLHOR
SRUHMHPSOR
(OXVRGHOOLPSLDOXQHWDVREUHXQD
OXQHWDREVWUXLGDSXHGHGDâDUODV
HVFRELOODVHOPRWRU\HOFULVWDO
&RQWLHPSRIUÞRFRPSUXHEHTXHOD
HVFRELOODQRHVWÚSHJDGDSRUFRQಢ
JHODFLäQDODOXQHWDDQWHVGHDFಢ
(PSXMHODSDODQFDKDFLDHOSDQHOGH
FLRQDUORVOLPSLDSDUDEULVDVSDUD
LQVWUXPHQWRV
3DUDDFWLYDUHOOLPSLDOXQHWDSUHVLRQH HYLWDUGDâRVHQHOPRWRU
HOLQWHUUXSWRUGHOH[WUHPRGHODSDಢ 6HSXOYHUL]DOÞTXLGRGHODYDGRVREUH
$WHPSHUDWXUDVEDMRFHURQRSXOಢ
ODQFD ODOXQHWDWUDVHUD\HOOLPSLDOXQHWDVH
YHULFHOÞTXLGRGHODYDGRVREUHOD
DFFLRQDGXUDQWHYDULRVFLFORV
3UHVLRQHHOLQWHUUXSWRUVXSHULRUSDUD OXQHWDWUDVHUDKDVWDTXHHVWÚFDಢ
DFWLYDUHOOLPSLDOXQHWDGHIRUPDFRQಢ OLHQWH
WLQXD (OOÞTXLGRGHODYDGRSXHGHIRUPDU
3UHVLRQHHOLQWHUUXSWRULQIHULRUSDUD KLHORHQXQDOXQHWDGHOSRUWäQWUDಢ
DFWLYDUHOOLPSLDOXQHWDGHIRUPDLQWHUಢ VHURKHODGD\REVWUXLUVXYLVLäQ
PLWHQWH
,QVWUXPHQWRV\PDQGRV
6HSXHGHQHIHFWXDUORVDMXVWHVGHOD ,QFUHPHQWDUODKRUDPLQXWRVSXOVH
$WHQFLäQ IHFKD\ODKRUD EUHYHPHQWHHOERWäQGHDMXVWH
1RDFFLRQHHOODYDSDUDEULVDVFRQಢ 6LVWHPDGHLQIRHQWUHWHQLPLHQWR $MXVWDUODKRUDPLQXWRVSXOVHHOERಢ
WLQXDPHQWHGXUDQWHPÒVGHXQRV WäQGHDMXVWHGXUDQWHPÒVWLHPSR
VHJXQGRVQLFXDQGRHOGHSäVLWR SXOVDFLäQODUJDPÒVGH
GHOOÞTXLGRGHODYDGRHVWÚYDFÞR VHJXQGRVSXOVDFLäQFRUWDPHQRV
(VWRSRGUÞDSURYRFDUHOVREUHFDಢ GHVHJXQGRV
OHQWDPLHQWRGHOPRWRUGHOODYDOXಢ
QHWD\UHSDUDFLRQHVFRVWRVDV
7RPDVGHFRUULHQWH
5HORM
6LHOYHKÞFXORQRHVWÒHTXLSDGRFRQ
VLVWHPDGHLQIRHQWUHWHQLPLHQWROD
KRUDVHPXHVWUDHQHOFXDGURGHLQVಢ
WUXPHQWRV
3DUDPRVWUDUODKRUDSXOVHHOERWäQ
GHDMXVWHHQHOFXDGURGHLQVWUXPHQಢ
+D\XQDWRPDGHFRUULHQWHGH9
WRV
VLWXDGDHQODFRQVRODFHQWUDO
/DKRUD\ODIHFKDVHPXHVWUDQHQOD 3DUDDMXVWDUODKRUDSXOVHHOERWäQGH
(OFRQVXPRPÒ[LPRQRGHEHH[FHGHU
SDQWDOODGHOVLVWHPDGHLQIRHQWUHWHQLಢ DMXVWHGXUDQWHPÒVWLHPSRPLHQWUDV
ORVYDWLRV
PLHQWR VHPXHVWUDODKRUD
,QVWUXPHQWRV\PDQGRV
/DVWRPDVGHFRUULHQWHVHGHVDFWLYDQ 3DUDSRQHUHQPDUFKDHOHQFHQGHGRU
DOGHVFRQHFWDUHOHQFHQGLGR GHFLJDUULOORVSRQJDHOLQWHUUXSWRUGH 3HOLJUR
$GHP£VODWRPDGHFRUULHQWHVHGHVಣ HQFHQGLGRHQ$&&X21\SXOVHHO
HQFHQGHGRUKDVWDHOIRQGR (QYHUDQRVLGHMDXQDVXVWDQFLD
DFWLYDWDPEL«QVLODWHQVLµQGHODEDಣ H[SORVLYDLQIODPDEOHFRPRXQHQಣ
WHU¯DHVEDMD (OHQFHQGHGRUVDOWDU£DXWRP£WLFDಣ FHQGHGRUGHVHFKDEOHHQHOLQWHಣ
PHQWHFXDQGRHVW«OLVWR ULRUGHOYHK¯FXORSXHGHH[SORWDU\
$WHQFLµQ FDXVDUXQLQFHQGLRGHELGRDODXಣ
3HOLJUR PHQWRGHWHPSHUDWXUDHQHOKDELಣ
1RFRQHFWHQLQJ¼QDFFHVRULRFRQ W£FXOR\HOED¼O$VHJ¼UHVHGH
FRUULHQWHSHMGLVSRVLWLYRVREDಣ 6LHOHQFHQGHGRUVHVREUHFDOLHQWD QRGHMDUQLJXDUGDUVXVWDQFLDVH[ಣ
WHU¯DVGHFDUJDHO«FWULFRV VHSXHGHGD³DUODSLH]DLQWHULRU\ SORVLYDVLQIODPDEOHVHQHOLQWHULRU
3DUDHYLWDUGD³RVHQODVWRPDVQR HOSURSLRHQFHQGHGRU GHOYHK¯FXOR
XWLOLFHFRQHFWRUHVLQDGHFXDGRV 1RPDQWHQJDSXOVDGRHOHQFHQಣ
GHGRUPLHQWUDVVHHVW£FDOHQಣ
WDQGR(VWRSXHGHRFDVLRQDUTXH 3HOLJUR
(QFHQGHGRUGHFLJDUULOORV
HOHQFHQGHGRUVHVREUHFDOLHQWH /DWRPDGHOHQFHQGHGRUGHFLJDUULOORV
/DXWLOL]DFLµQGHXQHQFHQGHGRU VRODPHQWHGHEHVHUXWLOL]DGDSDUD
GHIHFWXRVRSXHGHVHUSHOLJURVD GLFKRDFFHVRULR12FRQHFWHRWURV
6LHOHQFHQGHGRUFDOHQWDGRQR GLVSRVLWLYRV WDOHVFRPRDGDSWDGRUHV
VDOWDV£TXHOR\UHFXUUDDXQVHUಣ FDUJDGRUHVHWF 6LVHFRQHFWDQRWURV
YLFLRSDUDTXHORUHSDUHQ/HUHFRಣ GLVSRVLWLYRVVHSXHGHIXQGLUHOIXVLEOH
PHQGDPRVTXHDFXGDDO&RQFH
VLRQDULR2ILFLDOR6HUYLFLR$XWRUL RJHQHUDUDOJ¼QSRWHQFLDOLQFHQGLR
]DGR&KHYUROHW3XHGHRFDVLRQDU
OHVLRQHVSHUVRQDOHVRGD³RVHQHO
YHK¯FXOR
,QVWUXPHQWRV\PDQGRV
&XHQWDNLOäPHWURV &XHQWDUUHYROXFLRQHV
*DVROLQD!
(QDOJXQRVPRGHORVDOSXOVDUHOERಢ
WäQGHOFXDGURODSDQWDOODFDPELDUÒ
(OFXHQWDNLOäPHWURVPXHVWUDODGLVಢ HQHORUGHQVLJXLHQWH
WDQFLDUHFRUULGDSRUHODXWRPäYLOHQ &XHQWDNLOäPHWURVඐ&XHQWDNLOäPHಢ
NLOäPHWURVRPLOODV WURVSDUFLDO
+D\XQFXHQWDNLOäPHWURVSDUFLDOLQಢ
1RWD
GHSHQGLHQWHTXHPLGHODGLVWDQFLD
3DUDUHVWDEOHFHUHOFXHQWDNLOäPHಢ
UHFRUULGDSRUHOYHKÞFXORGHVGHODëOಢ
WURVDFHURSXOVHHOFRQWUROGHOFXDಢ
WLPDYH]TXHVHSXVRDFHURHVWDIXQಢ
GURGHLQVWUXPHQWRVGXUDQWHXQRV
FLäQ
VHJXQGRV
,QVWUXPHQWRV\PDQGRV
3DQWDOODLQGLFDGRUDGHO
FDPELR
,QGLFDODVUHYROXFLRQHVSRUPLQXWRGHO 0XHVWUDHOQLYHOGHFRPEXVWLEOHHQHO
PRWRU GHSäVLWR
&RQGX]FDHQORVUHJÞPHQHVPÒVEDಢ 1XQFDGHEHDJRWDUHOGHSäVLWR
MRVGHOPRWRUHQFDGDPDUFKDWDQWR
FRPRVHDSRVLEOH 'HELGRDOFRPEXVWLEOHTXHTXHGDHQ
HOGHSäVLWRODFDQWLGDGUHTXHULGD
SDUDOOHQDUHOGHSäVLWRSXHGHVHULQಢ
$WHQFLäQ IHULRUDODFDSDFLGDGHVSHFLILFDGD ,QGLFDODPDUFKDVHOHFFLRQDGDR
6LODDJXMDHVWÒHQHOVHFWRUGHDGಢ (OPRYLPLHQWRGHOFRPEXVWLEOHGHQWUR PRGRGHODFDMDGHFDPELRV
YHUWHQFLDVHKDH[FHGLGRHOUÚJLಢ GHOGHSäVLWRKDFHTXHODDJXMDGHOLQಢ
PHQPÒ[LPRDGPLVLEOHGHOPRWRU GLFDGRUGHFRPEXVWLEOHFDPELHGH
+D\SHOLJURSDUDHOPRWRU SRVLFLäQFXDQGRIUHQDDFHOHUDRJLUD
,QVWUXPHQWRV\PDQGRV
7HVWLJRVGHFRQWURO
/RVWHVWLJRVGHFRQWUROGHVFULWRVQR
HVWÒQSUHVHQWHVHQWRGRVORVYHKÞFXಢ
ORV/DGHVFULSFLäQHVYÒOLGDSDUDWRಢ
GDVODVYHUVLRQHVGHFXDGURVGHLQVಢ
WUXPHQWRV/RVWHVWLJRVGHFRQWUROGHO
YHKÞFXORSXHGHQQRFRUUHVSRQGHUVH
FRQORVWHVWLJRVGHVFULWRVHQHOSUHಢ
VHQWHPDQXDO$OFRQHFWDUHOHQFHQಢ
GLGRVHLOXPLQDUÒQEUHYHPHQWHOD
PD\RUÞDGHORVWHVWLJRVGHFRQWUROD
PRGRGHSUXHEDIXQFLRQDO
/RVFRORUHVGHORVWHVWLJRVGHFRQWURO
VLJQLILFDQORVLJXLHQWH
5RMR 3HOLJURUHFRUGDWRULR
LPSRUWDQWH
$PDULOOR $YLVRLQIRUPDFLäQ
DYHUÞD
9HUGH &RQILUPDFLäQGHDFWLಢ
D]XO YDFLäQ
EODQFR
,QVWUXPHQWRV\PDQGRV
7HVWLJRVGHFRQWUROHQHOFXDGURGHLQVWUXPHQWRV 7LSR$
,QVWUXPHQWRV\PDQGRV
7HVWLJRVGHFRQWUROHQHOFXDGURGHLQVWUXPHQWRV 7LSR%
,QVWUXPHQWRV\PDQGRV
3DUDVHOHFFLRQDUHOPHQëSXOVHHO
ERWäQ00(18GHODSDODQFDGHORVLQಢ
WHUPLWHQWHV3XHGHVHOHFFLRQDUORVLಢ
JXLHQWH
'XUDFLäQGHODFHLWHGHOPRWRU 0XHVWUDXQDHVWLPDFLäQGHODYLGDëWLO
(OFHQWURGHLQIRUPDFLäQGHOFRQGXFಢ UHVWDQWHGHODFHLWH
&RQILJXUDFLäQGHODXQLGDG
WRU ',& VHHQFXHQWUDHQHOFXDGUR 6LDSDUHFHHOQëPHURVLJQLILFD
7LSR%! TXHTXHGDXQGHODYLGDëWLOGHO
GHLQVWUXPHQWRV
3DUDVHOHFFLRQDUHOPHQëSXOVHHO DFHLWHDFWXDO
ERWäQ00(18GHODSDODQFDGHORVLQಢ &XDQGRODYLGDëWLOUHVWDQWHGHODFHLWH
WHUPLWHQWHV&DGDYH]TXHSXOVDHO VHDEDMDDSDUHFHUÒHOFäGLJRGH
ERWäQ00(18HOPRGRFDPELDHQHO PHQVDMHGHOYHKÞFXOR &DPELHHO
RUGHQVLJXLHQWH DFHLWHGHOPRWRUSURQWR HQHOFHQWUR
,QVWUXPHQWRV\PDQGRV
$YHU¯DGHODOX]EDMD 5HYLVLµQXUJHQWHGHOYHK¯FXOR
GHUHFKD &DSµDELHUWR VLHVW£HTXLSDGR
FRQVLVWHPDVWRSVWDUW
,QVWUXPHQWRV\PDQGRV
$ODUUDQFDUHOPRWRURGXUDQWHOD
PDUFKD
6LQRVHKDDEURFKDGRHOFLQWXUäQ
GHVHJXULGDG
6LVHVREUHSDVDXQDGHWHUPLQDGD
YHORFLGDGFRQHOIUHQRGHHVWDFLRಢ
QDPLHQWRDFFLRQDGR
6LDSDUHFHXQFäGLJRGHDGYHUWHQಢ
FLDHQHOFHQWURGHLQIRUPDFLäQGHO
FRQGXFWRU
6LHODVLVWHQWHGHHVWDFLRQDPLHQWR
GHWHFWDXQREMHWR 3DUDDFWLYDUODFRPSXWDGRUDGHDERUGR
/DFRPSXWDGRUDGHDERUGRHVWÒVLWXDGD JLUHODUXHGDGHDMXVWHHQODSDODQFD
&XDQGRHOYHKÞFXORHVWÒ HQHOFHQWURGHLQIRUPDFLäQGHOFRQಢ GHORVLQWHUPLWHQWHV
HVWDFLRQDGR\RVHDEUHXQD GXFWRU ',& 7LSR%!
SXHUWD ºVWDSURSRUFLRQDDOFRQGXFWRULQIRUಢ 3DUDDFWLYDUODFRPSXWDGRUDGHDERUGR
6LODOODYHHVWÒHQODFHUUDGXUDGHO PDFLäQGHFRQGXFFLäQFRPRODYHORಢ SXOVHHOERWäQ0 0(18GHODSDODQFD
HQFHQGLGR FLGDGPHGLDODGLVWDQFLDTXHVH GHORVLQWHUPLWHQWHV
&RQODVOXFHVH[WHULRUHVHQFHQGLಢ SXHGHUHFRUUHUFRQHOFRPEXVWLEOH 6HOHFFLRQHODSDQWDOODVXSHULRU
GDV TXHTXHGDHOFRQVXPRPHGLR\HO &XDQGRVHVHOHFFLRQDSDUSDGHD
WLHPSRGHFRQGXFFLäQ
&DGDYH]TXHJLUDODUXHGDGHDMXVWH
HOPRGRFDPELDHQHORUGHQVLJXLHQWH
,QVWUXPHQWRV\PDQGRV
(OYHKÞFXORSXHGHSHUVRQDOL]DUVH
FDPELDQGRORVDMXVWHVGHODSDQWDOOD
GHLQIRUPDFLäQGHSDQHO
'HSHQGLHQGRGHOHTXLSDPLHQWRGHO
YHKÞFXORHVSRVLEOHTXHDOJXQDVGH
(VWHPRGRPXHVWUDHOWLHPSRWRWDOGH ODVIXQFLRQHVGHVFULWDVDFRQWLQXDಢ
FRQGXFFLäQ FLäQQRHVWÚQGLVSRQLEOHV
(OWLHPSRGHFRQGXFFLäQVHDFXPXOD
GHVGHTXHVHUHVWDEOHFLHUDSRUëOWLPD
YH]HOWLHPSRGHFRQGXFFLäQLQFOXVR
VLQRVHFRQGXFHHOYHKÞFXOR
,QVWUXPHQWRV\PDQGRV
$MXVWHVGHODUDGLR $VLVWHQWHGHHVWDFLRQDPLHQWR
&RQILJXUDFLäQ%OXHWRRWK GHWHFFLäQGHFROLVLäQ
&RQILJXUDFLäQGHOYHKÞFXOR $VLVWHQWHGHHVWDFLRQDPLHQWR$FWLYD
RGHVDFWLYDORVVHQVRUHVGHXOWUDಢ
&RQILJXUDFLäQGHOLGLRPD VRQLGRV
&DPELDORVLGLRPDV ,OXPLQDFLäQDPELHQWHH[WHULRU
'XUDFLäQDOVDOLUGHOYHKÞFXOR$Fಢ
&RQILJXUDFLäQGHKRUD\IHFKD WLYDRGHVDFWLYDODLOXPLQDFLäQGH
6LVWHPDGHLQIRHQWUHWHQLPLHQWR VDOLGD\FDPELDODGXUDFLäQGHOD
LOXPLQDFLäQ
&HUUDGXUDVGHSXHUWDVHOÚFWULFDV
$MXVWHVGHODUDGLR
3XOVHHOERWäQ&&21),*FXDQGRHO 6LVWHPDGHLQIRHQWUHWHQLPLHQWR 'HVEORTXHRGHSXHUWDV
HQFHQGLGRHVWÒFRQHFWDGR\HOVLVಢ DXWRPÒWLFR
WHPDGHLQIRHQWUHWHQLPLHQWRDFWLಢ $FWLYDRGHVDFWLYDHOGHVEORTXHR
YDGR &RQILJXUDFLäQ%OXHWRRWK GHSXHUWDVDXWRPÒWLFRFXDQGRHVಢ
6HPXHVWUDQORVPHQëVGHDMXVWH 6LVWHPDGHLQIRHQWUHWHQLPLHQWR WÒQEORTXHDGDVDXWRPÒWLFDPHQWH
3DUDFDPELDUORVPHQëVGHDMXVWH $GHPÒVFDPELDODFRQILJXUDFLäQ
JLUHHOFRQWURO0
0(18 GHGHVEORTXHRGHVEORTXHDQGR
&RQILJXUDFLäQGHOYHKÞFXOR VäORODSXHUWDGHOFRQGXFWRURWRGDV
3DUDVHOHFFLRQDUORVPHQëVGH &RQILJXUDFLäQGHFRQIRUW ODVSXHUWDV
0(18
DMXVWHSXOVHHOERWäQ0
9ROXPHQGHODYLVRDFëVWLFR&DPಢ %ORTXHRGHSXHUWDVDXWRPÒWLFR
3DUDFHUUDURYROYHUDODQWHULRUSXOVH ELDHOYROXPHQGHODYLVRDFëVWLFR
HOERWäQ%%$&. $FWLYDRGHVDFWLYDHOEORTXHRGH
/LPSLDSDUDEULVDVDXWRPÒWLFR SXHUWDVDXWRPÒWLFRFXDQGRVHFRQಢ
6HSXHGHQPRVWUDUORVVLJXLHQWHV WUDVHURFXDQGRVHVHOHFFLRQDOD GXFH
PHQëV PDUFKDDWUÒV$FWLYDRGHVDFWLYDHO
'HWHQHUEORTXHRGHODSXHUWDVL
,GLRPDV OLPSLDSDUDEULVDVWUDVHURFXDQGRVH
HVWÒDELHUWDR3
3UHYHQLUEORTXHRFRQ
+RUD)HFKD VHOHFFLRQDODPDUFKDDWUÒV
,QVWUXPHQWRV\PDQGRV
ODSXHUWDDELHUWD$FWLYDRGHVDFWLYD 'HVEORTXHRGHODSXHUWDD
HOEORTXHRGHODSXHUWDGHOFRQGXFಢ GLVWDQFLD&DPELDODFRQILJXUDFLäQ
WRUFXDQGRODSXHUWDHVWÒDELHUWD6L SDUDGHVEORTXHDUVäORODSXHUWDGHO
VHVHOHFFLRQDGHVDFWLYDGRVHDFಢ FRQGXFWRURWRGDVODVSXHUWDVDODFಢ
FHGHDOPHQëGHODIXQFLäQGHEORಢ FLRQDUHOGHVEORTXHR
TXHRUHWDUGDGRGHSXHUWDV 5HEORTXHRGHSXHUWDVDXWRPÒWLFR
)XQFLäQGHEORTXHRUHWDUGDGRGH R5
5HEORTXHRGHSXHUWDV
SXHUWDV$FWLYDRGHVDFWLYDODIXQಢ GHVEORTXHDGDVDGLVWDQFLD$FWLYD
FLäQGHEORTXHRUHWDUGDGRGHSXHUಢ RGHVDFWLYDHOEORTXHRGHSXHUWDV
WDV&XDQGRVHSUHVLRQDHOERWäQ DXWRPÒWLFRFXDQGRODSXHUWDQRVH
GHFLHUUHFHQWUDOL]DGRVXHQDQWUHV DEUHGHVSXÚVGHGHVEORTXHDUVH
DYLVRVDFëVWLFRVTXHLQGLFDQTXH
VHKDDFWLYDGRODIXQFLäQGHEORಢ 5HVWDXUDUDMXVWHVGHIÒEULFDR
TXHRUHWDUGDGRGHSXHUWDV(VWD 5HVWDEOHFHUORVDMXVWHVGH
IXQFLäQUHWUDVDUÒHOEORTXHRGHODV IÒEULFD
SXHUWDVFLQFRVHJXQGRVDSDUWLUGHO 7RGRVORVDMXVWHVVHUHVWDXUDQDORV
FLHUUHGHODëOWLPDSXHUWD DMXVWHVRULJLQDOHV
%ORTXHRGHVEORTXHR\DUUDQTXHD
GLVWDQFLD
&RQILUPDFLäQGHOGHVEORTXHRD
GLVWDQFLDR&
&RQILUPDFLäQOXPLQRVD
GHOGHVEORTXHRDGLVWDQFLD$FWLYD
RGHVDFWLYDODFRQILUPDFLäQGHODV
OXFHVDODFFLRQDUHOGHVEORTXHR
&RQILUPDFLäQGHOEORTXHRD
GLVWDQFLD$FWLYDRGHVDFWLYDODFRQಢ
ILUPDFLäQGHODOX]R\ERFLQDDODFಢ
FLRQDUHOEORTXHR
,OXPLQDFLµQ
,OXPLQDFLµQH[WHULRU 6HHQFLHQGHQODVOXFHVEDMDVGH
,OXPLQDFLµQ SRVLFLµQGHODQWHUDVWUDVHUDVGHSDWHQWH
&RQPXWDGRUGHODVOXFHV WUDVHUD\ODVGHOSDQHOGHLQVWUXPHQWRV
3DUDHQFHQGHU\DSDJDUODVOXFHVH[ಣ /RVIDURVGHODVOXFHVDOWDVVH
WHULRUHVJLUHHOFRQWUROGHOFRQPXWDಣ HQFLHQGHQFXDQGRORVIDURVGHODVOXಣ
GRUGHODVOXFHV(OFRQPXWDGRUGHODV FHVEDMDVHVW£QHQFHQGLGRV
OXFHVWLHQHWUHVSRVLFLRQHV
3DUDFDPELDUGHOX]EDMDDOX]DOWD
2)) 3DUDDSDJDUWRGDVODVOXಣ SXOVHODSDODQFD
FHVJLUHHOPDQGRDODSRVLFLµQ2))
3DUDFDPELDUDOX]EDMDYXHOYDD
6HHQFLHQGHQODVOXFHVGH SXOVDURWLUDUGHODSDODQFD
SRVLFLµQGHODQWHUDVWUDVHUDVGH
SDWHQWHWUDVHUD\ODVGHOSDQHOGH
LQVWUXPHQWRV
SPM_Chevrolet_Sonic_Argentina.fm Seite 3 Mittwoch, 5. September 2012 4:17 16
3DUDDGDSWDUHODOFDQFHGHORVIDURV
*XLâDGDV DODFDUJDGHOYHKÞFXOR\HYLWDUHOHQ
7LUHGHODSDODQFD FDQGLODPLHQWRJLUHHOPDQGRDOD
/DSDODQFDYROYHUÒDODSRVLFLäQQRUಢ SRVLFLäQUHTXHULGD
PDOFXDQGRODVXHOWH/RVIDURVGHODV $VLHQWRVGHODQWHURVRFXSDGRV
OXFHVDOWDVSHUPDQHFHQHQHQGLGRV 7RGRVORVDVLHQWRVRFXSDGRV
PLHQWUDVVXMHWDODSDODQFDKDFLDXVWHG 7RGRVORVDVLHQWRVRFXSDGRV\
FDUJDHQHOFRPSDUWLPHQWRGH
FDUJD
$VLHQWRGHOFRQGXFWRURFXSDGR
\FDUJDHQHOFRPSDUWLPHQWRGH
FDUJD
,OXPLQDFLäQ
)DURVDQWLQLHEOD
6HDFFLRQDQFRQHOERWäQe
3XOVHHOERWäQSDUDDFWLYDUODVOXFHV 3DODQFD ,QWHUPLWHQWHGHUHFKR
GHHPHUJHQFLD KDFLD
3DUDDSDJDUODVSXOVHGHQXHYRHO DUULED
ERWäQ 3DODQFD ,QWHUPLWHQWHL]TXLHUGR
KDFLD
DEDMR
6LODSDODQFDVHPXHYHPÒVDOOÒGHO
SXQWRGHUHVLVWHQFLDHOLQWHUPLWHQWH
VHFRQHFWDSHUPDQHQWHPHQWH
&XDQGRHOYRODQWHYXHOYHDJLUDUVH
GHVDFWLYDHOLQWHUPLWHQWHDXWRPÒWLFDಢ
PHQWH
,OXPLQDFLäQ
$QWLQLHEODWUDVHUR 3DUDHQFHQGHUODVOXFHVDQWLQLHEOD
SXOVHHOERWäQPFXDQGRHVWÚQHQಢ
FHQGLGRVORVIDURVGHOXFHVEDMD
&RQPXWDGRUGHODVOXFHVHQSRVLFLäQ
HODQWLQLHEODWUDVHURVäORVHSXHGH
FRQHFWDUMXQWRFRQORVIDURVDQWLQLHಢ
EOD
&XDQGRODVOXFHVDQWLQLHEODHVWÒQHQಢ
FHQGLGDVHODQWLQLHEODWUDVHURVHHQಢ
FLHQGH
3DUDDSDJDUORVIDURVDQWLQLHEOD
/XFHVGHPDUFKDDWUÒV
SXOVHHOERWäQ /DOX]GHPDUFKDDWUÒVVHHQFLHQGH
DXWRPÒWLFDPHQWHFXDQGRHVWÒFRಢ
&XDQGRORVIDURVDQWLQLHEODHVWÒQHQಢ
QHFWDGRHOHQFHQGLGR\VHHQJUDQDOD
FHQGLGRVHODQWLQLHEODWUDVHURVHHQಢ
PDUFKDDWUÒV
FLHQGH
3DUDDSDJDUORVYXHOYDDSXOVDUHOERಢ
WäQ )DURVHPSDâDGRV
(OLQWHULRUGHODVOXFHVSXHGHHPSDಢ
âDUVHFRQWLHPSRIUÞR\KëPHGROOXYLD
LQWHQVDRGHVSXÚVGHODYDUHOYHಢ
KÞFXOR(OHPSDâDPLHQWRGHVDSDUHFH
UÒSLGDPHQWHSDUDIDFLOLWDUHOSURFHVR
HQFLHQGDORVIDURV
,OXPLQDFLäQ
$FFLRQHHOLQWHUUXSWRUEDVFXODQWH
ഓ VLHPSUHHQFHQGLGDKDVWDTXH
VHDSDJXHPDQXDOPHQWH
*LUHHOPDQGR\PDQWÚQJDORKDVWD Z VHHQFLHQGHDXWRPÒWLFDPHQWH
REWHQHUHOEULOORGHVHDGR FXDQGRDEUHXQDSXHUWD\VH
DSDJDFXDQGRVHFLHUUDQODV
SXHUWDV
c VLHPSUHDSDJDGDDXQTXHWRಢ
GDVODVSXHUWDVHVWÚQDELHUWDV
,OXPLQDFLäQ
,QWURGXFFLµQ 7DPEL«QVHSXHGHFRQHFWDUXQUHSURಣ
6LVWHPDGH GXFWRUGHP¼VLFDSRUW£WLODODHQWUDGD
LQIRHQWUHWHQLPLHQWR ,QIRUPDFLµQJHQHUDO GHVRQLGRH[WHULRU\GLVIUXWDUGHOH[ಣ
FHOHQWHVRQLGRGHOVLVWHPDGHLQIRHQಣ
(OVLVWHPDGHLQIRHQWUHWHQLPLHQWR WUHWHQLPLHQWR
SURSRUFLRQDLQIRUPDFLµQ\HQWUHWHQLಣ (OSURFHVDGRUGHVRQLGRGLJLWDOOH
,QWURGXFFLµQ PLHQWRHQVXYHK¯FXORXVDQGRODWHFಣ RIUHFHYDULRVPRGRVGHHFXDOL]DFLµQ
5DGLR QRORJ¯DP£VDYDQ]DGD SUHGHILQLGRVSDUDRSWLPL]DUHOVRQLGR
5HSURGXFWRUHVGHDXGLR /DUDGLRSXHGHXVDUVHI£FLOPHQWHUHಣ (OVLVWHPDSXHGHDMXVWDUVHI£FLOಣ
7HO«IRQR JLVWUDQGRKDVWDHPLVRUDVGH)0R PHQWHJUDFLDVDOGLVSRVLWLYRGHDMXVWH
$0FRQORVERWRQHVGH35(6,172ಣ GHGLVH³RFXLGDGRHOUHSURGXFWRUGH
(QDOJXQRVSD¯VHVODUHSURGXFFLµQ 1$>a@GHODVVHLVS£JLQDV GLVFRVLQWHOLJHQWH\HOFRQWUROGHGLDO
UHJUDEDFLµQDOTXLOHUSU«VWDPRR (OUHSURGXFWRUGH&'LQWHJUDGR GHOPHQ¼PXOWLIXQFLµQ
FDQMHQRDXWRUL]DGRGHIRQRJUDPDV SXHGHUHSURGXFLUGLVFRV&'\GH03 ႑ /DVHFFLµQ,QIRUPDFLµQJHQHUDO
VLQDXWRUL]DFLµQGHOWLWXODUGHOD :0$ GHDXGLR\HOUHSURGXFWRU SURSRUFLRQDLQIRUPDFLµQVHQFLOOD
SURSLHGDGLQWHOHFWXDOVHHQFXHQWUD 86%SXHGHUHSURGXFLUGLVSRVLWLYRVGH GHODVIXQFLRQHVGHOVLVWHPDGHLQಣ
SURKLELGD(QHVRVFDVRVVLHPSUH DOPDFHQDPLHQWR86%FRQHFWDGRVR IRHQWUHWHQLPLHQWR\XQUHVXPHQGH
UHSURGXFWRUHVL3RG WRGRVORVGLVSRVLWLYRVGHFRQWURO
TXHQRVHWUDWHGH&'R03
OHJ¯WLPRVGHEHU£FRQWDUFRQOD /DIXQFLµQGHFRQH[LµQGHOWHO«IRQR ႑ /DVHFFLµQ0DQHMRH[SOLFDORV
FRUUHVSRQGLHQWHDXWRUL]DFLµQರ %OXHWRRWK VµORGLVSRQLEOHSDUDHOPRಣ FRQWUROHVE£VLFRVGHOVLVWHPDGHLQಣ
GHORGHWLSR$ SHUPLWHUHDOL]DU IRHQWUHWHQLPLHQWR
OODPDGDVWHOHIµQLFDVHQHOPRGRGH
PDQRVOLEUHV\XVDUXQUHSURGXFWRUGH
P¼VLFDGHOWHO«IRQR
6LVWHPDGHLQIRHQWUHWHQLPLHQWR
,QGLFDFLRQHVHQSDQWDOOD
/DSDQWDOODSXHGHVHUGLVWLQWDDOD
SDQWDOODPDQXDO\DTXHODPD\RUÞD
GHODVSDQWDOODVRQGLVWLQWDVGHSHQಢ
GLHQGRGHODFRQILJXUDFLäQGHOGLVSRಢ
VLWLYR\ODVHVSHFLILFDFLRQHVGHOYHಢ
KÞFXOR
'LVSRVLWLYRDQWLUURER
(OVLVWHPDGHLQIRHQWUHWHQLPLHQWRGLVಢ
SRQHGHXQVLVWHPDGHVHJXULGDG
HOHFWUäQLFRLQVWDODGRSDUDHYLWDUURಢ
ERV
(OVLVWHPDGHLQIRHQWUHWHQLPLHQWR
VäORIXQFLRQDHQHOYHKÞFXORHQHOTXH
VHLQVWDOäLQLFLDOPHQWH\QRSRGUÒQ
XVDUORDTXHOODVSHUVRQDVTXHORKDಢ
\DQUREDGR
6LVWHPDGHLQIRHQWUHWHQLPLHQWR
5HVXPHQGHORVHOHPHQWRVGHFRQWURO
7LSR
6LVWHPDGHLQIRHQWUHWHQLPLHQWR
7LSR
6LVWHPDGHLQIRHQWUHWHQLPLHQWR
0DQGRGHVRQLGRGHOYRODQWH7LSR %RWäQFRQWURO)
)XHQWH>G65&F@ /RVERWRQHV\GLVSRVLWLYRVGHFRQWURO
RSFLRQDO ဈ 3XOVHHOERWäQSDUDVHOHFFLRQDU XVDGRVHQHOVLVWHPDVRQORVVLJXLHQಢ
XQPRGRGHUHSURGXFFLäQGH WHV
VRQLGR %RWRQHV\FRQWUROGHOVLVWHPDGHLQಢ
ဈ *LUHHOFRQWUROSDUDFDPELDUODV IRHQWUHWHQLPLHQWR
HPLVRUDVGHUDGLRUHJLVWUDGDVR %RWRQHVGHOPDQGRDGLVWDQFLDHQ
FDPELDUODPëVLFDTXHVHHVWÒ HOYRODQWH
UHSURGXFLHQGR
%RWRQHV99ROXPHQ>@ (QFHQGLGRDSDJDGRGHO
VLVWHPD
ဈ 3XOVHHOERWäQSDUDVXELUHO
YROXPHQ
ဈ 3XOVHHOERWäQSDUDEDMDUHO
YROXPHQ
%RWäQ6
6LOHQFLR&ROJDU
3XOVHHVWHERWäQSDUDDFWLYDUR 0DQHMR
GHVDFWLYDUODIXQFLäQVLOHQFLR
%RWRQHV\GLVSRVLWLYRGHFRQWURO
1RGLVSRQLEOH (OVLVWHPDGHLQIRHQWUHWHQLPLHQWRVH
DFWLYDXVDQGRORVERWRQHVGHIXQFLäQ
HOFRQWUROGHGLDOPXOWLIXQFLäQ\HO
PHQëTXHVHPXHVWUDHQODSDQWDOOD
3XOVHHOERWäQ(
(1&(1','2
92/80(1SDUDHQFHQGHUHOVLVWHPD
&XDQGRHQFLHQGHHOVLVWHPDVHHVಢ
FXFKDODëOWLPDHPLVRUDRFDQFLäQVHಢ
OHFFLRQDGDV 6LQHPEDUJRHVWR
6LVWHPDGHLQIRHQWUHWHQLPLHQWR
$MXVWHVGHWRQRV 0HQëGHFRQILJXUDFLäQGHOWRQR
*UDYHV$MXVWHHOQLYHOGHORVJUDಢ
YHVGHD
$JXGRV$MXVWHHOQLYHOGHORVDJXಢ
GRVGHD
0HGLRV$MXVWHHOQLYHOGHORVPHಢ
GLRVGHD
'LVWULEXFLäQGHOYROXPHQGHODQWH
GHWUÒV$MXVWHHOEDODQFHHQWUHORV
DOWDYRFHVGHODQWHURWUDVHURGH
GHODQWHURDWUDVHURHQHOPRGHOR
GHYHKÞFXORFRQVLVWHPDGHVHLVDOಢ
*LUHHOFRQWURO0
0(18781(SDUDVHಢ WDYRFHV
OHFFLRQDUHOYDORUGHFRQWUROGHOWRQR
(QHOPHQë$ $MXVWHVGHOWRQRGH)0 GHVHDGR\SXOVHDFRQWLQXDFLäQHO %DODQFH$MXVWHHOEDODQFHGHORV
$MXVWHVGHOWRQRGH$0VHSXHGHQ ERWäQ0 0(18781( DOWDYRFHVL]TXLHUGRGHUHFKRGH
FRQILJXUDUGLIHUHQWHVFDUDFWHUÞVWLFDV L]TXLHUGRDGHUHFKR
GHOVRQLGRSDUDHODXGLRGH)0$0 (VSRVLEOHLQLFLDOL]DUODRSFLäQVHOHFಢ
FLRQDGDSXOVDQGRGXUDQWHXQSHULRGR (4 HFXDOL]DGRU VHOHFFLRQDR
\ODVIXQFLRQHVGHFDGDUHSURGXFWRU GHVDFWLYDHOHVWLORGHOVRQLGR '(6ಢ
GHDXGLR SURORQJDGRHOERWäQ0 0(18781(HQ
HOPRGRGHFRQILJXUDFLäQGHOWRQRR $&7,9$'2ඐ3RSඐ5RFNඐ&OÒಢ
3XOVHHOERWäQ7721(FXDQGRXVHHO LQLFLDOL]DUWRGDVODVRSFLRQHVGHO VLFDඐ7HUWXOLDඐ&RXQWU\
PRGRGHIXQFLRQDPLHQWRFRUUHVSRQಢ PRGRGHFRQILJXUDFLäQGHOWRQRSXOಢ
GLHQWH VDQGRGXUDQWHXQSHULRGRSURORQJDGR
*LUHHOPDQGR00(18781(SDUDVHಢ HOERWäQ7721(
OHFFLRQDUHOPRGRGHFRQWUROGHOWRQR
GHVHDGR\OXHJRSXOVHHOERWäQ
0(18781(
6LVWHPDGHLQIRHQWUHWHQLPLHQWR
6HOHFFLRQDUIXQFLäQ 5HSURGXFFLäQGHDXGLRGH&'03
86%L3RG%OXHWRRWKRHQWUDGD $8;
5DGLR)0$0 GHVRQLGRH[WHULRU
3XOVHHOERWäQ00(18781(SDUD
DEULUHOPHQëFRQRSFLRQHVSDUDOD
IXQFLäQFRUUHVSRQGLHQWHRHOPHQë
GHOGLVSRVLWLYRUHOHYDQWH H[FHSWR
3XOVHHOERWäQ5
5$',2%$1'SDUDVHಢ 3XOVHUHSHWLGDPHQWHHOERWäQ&&'
SDUDDXGLR%OXHWRRWK
OHFFLRQDUODUDGLR)0R$0 $8;SDUDGHVSOD]DUVHSRUODVIXQFLRಢ
3XOVHHOERWäQ00(18781(SDUD QHVGHOUHSURGXFWRUGHDXGLRODIXQಢ
DEULUHOP
PHQë)0PPHQë$0TXHLQಢ FLäQ$8;SDUDGLVFRV&'03RHO
FOX\HRSFLRQHVSDUDVHOHFFLRQDUODV UHSURGXFWRUGHDXGLR86%L3RGR
HPLVRUDV %OXHWRRWKFRQHFWDGR &'GHDXGLRඎ
&'03ඎ$8;ඎ86%ඎL3RGඎ
3XOVH)
)XHQWH>G65&F@HQHOFRQWURO
GHOPDQGRDGLVWDQFLDGHOYRODQWH
SDUDVHOHFFLRQDUHOPRGRGHVHDGR
6LVWHPDGHLQIRHQWUHWHQLPLHQWR
7HOÚIRQRPDQRVOLEUHV%OXHWRRWK %RWäQ00(18781(FRQPDQGR
GHUHJXODFLäQ
*LUHHOPDQGRSDUDGHVSOD]DUVHDO
PHQëXRSFLäQGHFRQILJXUDFLäQ
3XOVHHOERWäQSDUDVHOHFFLRQDUR
HQWUDUHQODSDQWDOODGHFRQWUROGHಢ
WDOODGDSURSRUFLRQDGDSRUHOPHQë
DFWXDORODRSFLäQGHFRQILJXUDFLäQ
%RWäQ3% %$&.
&DQFHODODRSFLäQVHOHFFLRQDGD\
YXHOYHDOPHQëSDQWDOODDQWHULRU
3XOVHHOERWäQ7
7(/º)212
6,/(1&,2SDUDDEULUHO%OXHWRRWKFRQ
&äPRXVDUODFRQILJXUDFLäQGHO
3XOVHHOERWäQ7
7(/º)212 RSFLRQHVSDUDODIXQFLäQFRUUHVSRQಢ VLVWHPDSDUDODSHUVRQDOL]DFLäQ
6,/(1&,2SDUDVHOHFFLRQDUODIXQಢ GLHQWH /RVPHQëV\IXQFLRQHVGHFRQILJXಢ
FLäQPDQRVOLEUHV%OXHWRRWK VäOR UDFLäQSXHGHQYDULDUGHSHQGLHQGR
SDUDORVPRGHORV7LSR$ GHOPRGHORGHYHKÞFXOR
3HUVRQDOL]DFLäQ 5HIHUHQFLD7DEODGHLQIRUPDFLäQ
%RWRQHVSULQFLSDOHVFRQWURO VREUHHOPHQë&&RQILJXUDFLäQGHO
VLVWHPDDFRQWLQXDFLäQ
/RVERWRQHV\HOPDQGRXVDGRVHQOD
FRQILJXUDFLäQGHOVLVWHPDVRQORVVLಢ
JXLHQWHV
&21),*
%RWäQ&
3XOVHHVWHERWäQSDUDDFFHGHUDO
PHQë&&RQILJXUDFLäQGHOVLVWHPD
6LVWHPDGHLQIRHQWUHWHQLPLHQWR
>(MHPSOR@&RQILJXUDFLäQGHOVLVWHPD
ඎ&RQILJXUDFLäQGHKRUD\IHFKDඎ
$MXVWHGHODIHFKDGHHQHURGH
'HVSXÚVGHFRQVXOWDUODWDEODGHLQಢ *LUHHOPDQGR00(18781(SDUDVHಢ
IRUPDFLäQVREUHHOPHQë OHFFLRQDUHOYDORUGHFRQILJXUDFLäQR
&RQILJXUDFLäQGHOVLVWHPDJLUHHO HVWDGRGHIXQFLRQDPLHQWRGHVHDGR\
PDQGR0 0(18781(SDUDLUDOPHQë OXHJRSXOVHHOERWäQ00(18781(
GHFRQILJXUDFLäQGHVHDGR\OXHJR
3XOVHHOERWäQ&
&21),*SDUDDFFHGHU
SXOVHHOERWäQ0 0(18781(
DOPHQë&&RQILJXUDFLäQGHOVLVWHPD
,QGLFDODOLVWDGHWDOODGDSDUDHO
PHQëGHFRQILJXUDFLäQRHVWDGRGH
IXQFLRQDPLHQWRUHOHYDQWHV
6LKD\RWUDOLVWDGHWDOODGDDGHPÒV
GHODOLVWDGHWDOODGDUHOHYDQWH
SXHGHUHSHWLUHOSURFHVR
6LVWHPDGHLQIRHQWUHWHQLPLHQWR
7DEODGHLQIRUPDFLäQVREUHHOPHQë ''00$$$$GHHQHURGH
&RQILJXUDFLäQGHOVLVWHPD
>&RQILJXUDFLäQGHKRUD\IHFKD@ 00''$$$$GHHQHURGH
>$MXVWHVGHODUDGLR@
6LODOLVWDGHWDOODGDUHOHYDQWHLQಢ
FOX\HYDULDVRSFLRQHVUHSLWDHVWH
SURFHVR
$MXVWHRLQWURGX]FDHOYDORUGHFRQಢ $MXVWHGHODKRUD&RQILJXUHPDQXDOಢ
ILJXUDFLäQUHOHYDQWHRHOHVWDGRGH PHQWHODVKRUDV\PLQXWRVGHODKRUD
IXQFLRQDPLHQWRFDPELDUÒ DFWXDO
9ROXPHQDXWRPÒWLFR6HOHFFLRQH
&RQILJXUDUIHFKD&RQILJXUHPDಢ 'HVDFWLYDGR%%DMR0
0HGLR$
$OWR
QXDOPHQWHHODâRPHVIHFKDDFWXDಢ
OHV 9ROXPHQLQLFLDOPÒ[LPR
&RQILJXUDUIRUPDWRGHKRUD6HOHFಢ &RQILJXUHPDQXDOPHQWHHOOÞPLWH
FLRQHHOIRUPDWRGHKRK PÒ[LPRSDUDHOYROXPHQLQLFLDO
&RQILJXUDUIRUPDWRGHIHFKD&RQಢ )DYRULWRVGHODUDGLR
ILJXUDUHOIRUPDWRGHIHFKD &RQILJXUHPDQXDOPHQWHORVQëPHಢ
$$$$00''GHHQHURGH URVGHVXVSÒJLQDVGHIDYRULWRV
6LVWHPDGHLQIRHQWUHWHQLPLHQWR
0DQWHQJDSXOVDGRVORVERWRQHV *LUHHOFRQWURO0
0(18781(SDUDHQಢ
G6((.FSDUDFDPELDUUÒSLGDPHQWH FRQWUDUPDQXDOPHQWHODIUHFXHQFLD
ODIUHFXHQFLD\VXHOWHHOERWäQ GHVHDGD
FXDQGRKD\DDOFDQ]DGRODIUHFXHQFLD
GHVHDGD 3XOVHHOERWäQGH))$9285,7(
>)$9@SDUDVHOHFFLRQDUODSÒಢ
JLQDGHVHDGDGHORVIDYRULWRVJXDUಢ
GDGRV
0DQWHQJDSXOVDGRFXDOTXLHUDGHORV
ERWRQHVGH3 35(6(7>a@SDUDUHಢ
JLVWUDUODHPLVRUDGHUDGLRDFWXDOHQ
GLFKRERWäQGHODSÒJLQDGHIDYRULWRV
VHOHFFLRQDGD
6LVWHPDGHLQIRHQWUHWHQLPLHQWR
0HQë$0)0ඎ$FWXDOL]DUODOLVWDGH 6HSURFHGHUÒDDFWXDOL]DUODOOLVWDGH
HPLVRUDV)0$0 HPLVRUDV)0OOLVWDGHHPLVRUDV $WHQFLäQ
$0
$VHJëUHVHGHGHVPRQWDUODDQಢ
'XUDQWHODDFWXDOL]DFLäQGHODOOLVWD WHQDDQWHVGHHQWUDUHQDOJëQOXಢ
GHHPLVRUDV)0OOLVWDGHHPLVRUDV JDUFRQWHFKREDMRSDUDHYLWDUGDಢ
$0SXOVHHOERWäQ0 0(18781(R âRV
HOERWäQ3%
%$&.SDUDTXHQRVH
JXDUGHQORVFDPELRV 6LXWLOL]DWëQHOHVGHODYDGRDXWRಢ
PÒWLFRFRQODDQWHQDPRQWDGDVH
SXHGHQSURGXFLUGDâRVHQODDQಢ
$QWHQDGHPÒVWLOILMR 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
([SXOVDUGLVFR
8QDYH]ILQDOL]DGDODOHFWXUDGHOD 6L\DHVWÒLQVHUWDGRHOGLVFRTXHGHಢ
LQIRUPDFLäQGHOGLVFRÚVWHVHUHಢ VHDUHSURGXFLUSXOVHUHSHWLGDPHQWH
SURGXFHDXWRPÒWLFDPHQWHGHVGHOD HOERWäQ&&'$8;SDUDVHOHFFLRQDUOD 3DUDH[SXOVDUHOGLVFRSXOVHHOERWäQ
SLVWD UHSURGXFFLäQGH&'03 (;38/6$5\UHWLUHHOGLVFR
&XDQGRVHLQWURGXFHXQGLVFRTXH 6LQRVHKDLQVHUWDGRQLQJëQGLVFR &XDQGRHOGLVFRVDOHHODSDUDWR
QRVHSXHGHOHHUHOGLVFRVHH[ಢ DSDUHFHHOPHQVDMH1 1RKD\GLVFR\ YXHOYHDODëOWLPDIXQFLäQTXHVH
SXOVDDXWRPÒWLFDPHQWH\HQODSDQಢ ODIXQFLäQQRVHVHOHFFLRQDUÒ XVäRDODUDGLR)0
WDOODDSDUHFHXQPHQVDMHGHHUURU 6HUHSURGXFHDXWRPÒWLFDPHQWHOD (OGLVFRYROYHUÒDLQVHUWDUVHGH
GHGLVFRDFRQWLQXDFLäQHOVLVWHPD SLVWDTXHVHUHSURGXMRODëOWLPD IRUPDDXWRPÒWLFDVLQRVHH[WUDH
FDPELDDODëOWLPDIXQFLäQTXHVH YH] GXUDQWHXQWLHPSR
XVäRDODUDGLR)0
6LVWHPDGHLQIRHQWUHWHQLPLHQWR
&DPELDUODSLVWDUHSURGXFLGD &DPELDUODSRVLFLäQGHUHSURGXFFLäQ
2JLUHHOPDQGR0
0(18781(SDUD
GHVSOD]DUVHKDVWDODOLVWDGHUHSURಢ
3XOVHORVERWRQHVG6((.FHQHO GXFFLäQ\OXHJRSXOVHHOERWäQ 0DQWHQJDSXOVDGRVORVERWRQHV
PRGRGHUHSURGXFFLäQSDUDUHSURGXಢ 0(18781(SDUDFDPELDUODLQVWDQಢ G6((.FGXUDQWHHOPRGRGHUHSURಢ
FLUODSLVWDDQWHULRURVLJXLHQWH WÒQHDPHQWH GXFFLäQSDUDUHWURFHGHURDYDQ]DUUÒಢ
3XHGHXVDUHOPDQGRDGLVWDQFLDGHO SLGDPHQWHSRUODFDQFLäQ6XHOWHHO
YRODQWHSDUDFDPELDUODVSLVWDVIÒFLOಢ ERWäQSDUDFRQWLQXDUFRQODUHSURGXFಢ
PHQWHJLUDQGRHOFRQWURO) )XHQWH FLäQDYHORFLGDGQRUPDO
>G65&F@ (OYROXPHQVHUHGXFHOLJHUDPHQWH
GXUDQWHHOUHWURFHVR\DYDQFHUÒSLGRV
\VHPXHVWUDHOWLHPSRGHUHSURGXFಢ
FLäQ
6LVWHPDGHLQIRHQWUHWHQLPLHQWR
9LVXDOL]DULQIRUPDFLäQVREUHODSLVWD /DLQIRUPDFLäQGHHWLTXHWD,'LQಢ
UHSURGXFLGD FRUUHFWDQRSXHGHPRGLILFDUVHR
FRUUHJLUVHHQHOVLVWHPDGHLQIRHQಢ
WUHWHQLPLHQWR ODVHWLTXHWDV,'
VäORSXHGHQFRUUHJLUVHHQXQ3&
/DLQIRUPDFLäQGHFDQFLRQHVH[ಢ
SUHVDGDFRQVÞPERORVHVSHFLDOHVR
HQLGLRPDVQRGLVSRQLEOHVSXHGH
PRVWUDUVHFRPRRQRPRVಢ
WUDUVH
8VRGHOPHQëGHO&'
6LVHWUDWDGHSLVWDV03 :0$ &DPELDUHOPRGRGHUHSURGXFFLäQ
SXHGHYLVXDOL]DUPÒVLQIRUPDFLäQJLಢ
UDQGRHOFRQWURO0 0(18781(GHOD
3XOVHHOERWäQ,,1)250$7,21
SDQWDOODGHLQIRUPDFLäQGHODSLVWD
>,1)2@HQHOPRGRGHUHSURGXFFLäQ
SDUDPRVWUDULQIRUPDFLäQVREUHOD /DLQIRUPDFLäQPRVWUDGDLQFOX\HHO
SLVWDUHSURGXFLGD QRPEUHGHODUFKLYRHOQRPEUHGH
ODFDUSHWD\ODLQIRUPDFLäQGHHWLಢ
6LQRKD\LQIRUPDFLäQVREUHODSLVWD
TXHWD,'JXDUGDGDVFRQODFDQಢ
UHSURGXFLGDSDUDORV&'GHDXGLRHO
FLäQ
VLVWHPDPXHVWUD6 6LQLQIRUPDFLäQ
6LVHKDDâDGLGRLQIRUPDFLäQGH
HWLTXHWD,'LQFRUUHFWD SHMDUಢ
WLVWDWÞWXORGHFDQFLäQ DORVDUFKLಢ
YRV03 :0$ DQWHVGHTXHVH
JUDEHQHQHOGLVFRODLQIRUPDFLäQ
TXHVHPXHVWUHVHUÒODGHOVLVWHPD
GHLQIRHQWUHWHQLPLHQWR
6LVWHPDGHLQIRHQWUHWHQLPLHQWR
0HQëGH&'ඎ%XVFDU 6LQHPEDUJRSXHGHTXHVHWDUGH
EDVWDQWHHQOHHUHOGLVFRGHSHQಢ
GLHQGRGHOQëPHURGHDUFKLYRVGH
PëVLFD
*LUHHOPDQGR0 0(18781(SDUDHQಢ
FRQWUDUODSLVWDGHVHDGD\OXHJRSXOVH
HOERWäQ0 0(18781(SDUDUHSURGXಢ 3DUDORVGLVFRVGH03 :0$ JLUH
FLUODSLVWDVHOHFFLRQDGDGHODFDUSHWD HOPDQGR0 0(18781(HQHOP PHQë
VHOHFFLRQDGD GH&'SDUDGHVSOD]DUVHDODRSFLäQ
%XVFDU\OXHJRSXOVHHOERWäQ 3XOVHGHQXHYRHOERWäQ0 0(18
0(18781( 781(JLUHHOFRQWURO0 0(18781(
8QDYH]TXHHOVLVWHPDKDOHÞGROD SDUDVHOHFFLRQDUHOPRGRGHUHSURಢ
LQIRUPDFLäQGHOGLVFRVHPXHVWUD GXFFLäQGHVHDGRHQODRSFLäQGHEëVಢ
ODSULPHUDFDQFLäQGHODOLVWDGHUHಢ TXHGDTXHVHPXHVWUD
SURGXFFLäQ>LL3@ 6HPXHVWUDHOQëPHURGHFDQFLRQHV
6LQRVHHQFXHQWUDQDUFKLYRVGH UHOHYDQWHVSRU/LVWDGHUHSURGXFFLäQ
PëVLFDHQODOLVWDGHUHSURGXFFLäQ >LL3@$UWLVWD>LL$@²OEXP>LL/@7ÞWXORGH
>LL3@VHPXHVWUDODSULPHUDFDQFLäQ ODFDQFLäQ>LL6@*ÚQHUR>LL*@
GHFDGDDUWLVWD>LL$@
6LVWHPDGHLQIRHQWUHWHQLPLHQWR
*LUHHOFRQWURO0
0(18781(SDUDHQಢ 3DUDH[WUDHUHOGLVSRVLWLYR86%XWLಢ
FRQWUDUODSLVWDWÞWXORTXHGHVHH\ OLFH0
0HQë86%ඎ([WUDHU86%
SXOVHDFRQWLQXDFLäQHOERWäQ00(18 XVDQGRHOERWäQ0 0(18781(SDUD
781(SDUDUHSURGXFLUODSLVWDVHOHFಢ OOHYDUDFDERODH[WUDFFLäQGHO86%
FLRQDGD 6LHOWHUPLQDOGHFRQH[LäQGHOGLVಢ
SRVLWLYR86%QRHVGHPHWDOQRVH
'LVSRVLWLYRVDX[LOLDUHV JDUDQWL]DVXIXQFLRQDPLHQWR
/DFRQH[LäQFRQGLVSRVLWLYRVGHDOಢ
5HSURGXFWRU86% PDFHQDPLHQWR86%GHOWLSRL6WLFN
SXHGHQSUHVHQWDUHUURUHVGHELGRD
3UHFDXFLRQHVSDUDHOXVRGH ODYLEUDFLäQGHOYHKÞFXORSRUORTXH
GLVSRVLWLYRV86% QRVHSXHGHJDUDQWL]DUVXIXQFLRಢ
*LUHHOFRQWURO0
0(18781(SDUDDFಢ 1RVHSXHGHJDUDQWL]DUHOIXQFLRಢ QDPLHQWR
FHGHUDODRSFLäQGHFODVLILFDFLäQGHಢ QDPLHQWRVLORVGLVSRVLWLYRVGHDOಢ
7HQJDFXLGDGRGHQRWRFDUHOWHUಢ
WDOODGD\SXOVHDFRQWLQXDFLäQHOERಢ PDFHQDPLHQWRPDVLYR86%FRQ
PLQDOGHFRQH[LäQ86%FRQXQREಢ
WäQ00(18781( GLVFRGXURLQWHJUDGRRWDUMHWDGH
MHWRRFXDOTXLHUSDUWHGHVXFXHUSR
PHPRULD&)R6'VHFRQHFWDQPHಢ
GLDQWHXQDGDSWDGRU86%8VHXQ (OGLVSRVLWLYRGHDOPDFHQDPLHQWR
GLVSRVLWLYRGHDOPDFHQDPLHQWRGHO 86%VäORSXHGHUHFRQRFHUVHVL
WLSRPHPRULDIODVK86% HVWÒIRUPDWHDGRHQHOIRUPDWRGH
DUFKLYR)$76äORSXHGHQ
7HQJDFXLGDGRFXDQGRFRQHFWHR
XVDUVHGLVSRVLWLYRVFRQXQWDPDâR
GHVFRQHFWHHO86%SDUDHYLWDUOD
GHXQLGDGDVLJQDGRGHE\WHV
GHVFDUJDGHHOHFWULFLGDGHVWÒWLFD
VHFWRURE\WHVVHFWRU(OVLVಢ
6LODFRQH[LäQ\GHVFRQH[LäQVHUHಢ
WHPDGHDUFKLYRV17)6\RWURVVLVಢ
SLWHYDULDVYHFHVHQXQEUHYHHVಢ
WHPDVQRSXHGHQUHFRQRFHUVH
SDFLRGHWLHPSRSXHGHTXHH[SHಢ
ULPHQWHSUREOHPDVDODKRUDGH 6HJëQHOWLSR\FDSDFLGDGGHOGLVಢ
XVDUHOGLVSRVLWLYR SRVLWLYRGHDOPDFHQDPLHQWR86%\
HOWLSRGHDUFKLYRDOPDFHQDGR
6LVWHPDGHLQIRHQWUHWHQLPLHQWR
0XHVWUDODLQIRUPDFLäQGHODSLVWDTXH 6LHOGLVSRVLWLYRGHDOPDFHQDPLHQWR
VHHVWÒUHSURGXFLHQGR 86%TXHVHGHVHDUHSURGXFLUHVWÒ
%RWäQ3%%$&. FRQHFWDGRSXOVHUHSHWLGDPHQWHHO
ERWäQ&&'$8;SDUDVHOHFFLRQDUHOUHಢ
&DQFHODODRSFLäQVHOHFFLRQDGDR SURGXFWRU86%
YXHOYHDOPHQëDQWHULRU
(OUHSURGXFWRU86%SURFHGHDODUHಢ
&RQH[LäQGHXQGLVSRVLWLYRGH SURGXFFLäQDXWRPÒWLFDDSDUWLUGHO
DOPDFHQDPLHQWR86% SXQWRGHUHSURGXFFLäQDQWHULRU
/DVIXQFLRQHVGHOUHSURGXFWRU86%
VHDFWLYDQGHIRUPDVLPLODUDODUHSURಢ
GXFFLäQGH&'03
)LQDOL]DUODUHSURGXFFLäQGHDUFKLYRV
8QDYH]TXHHODSDUDWRKD\DILQDOLಢ GHPëVLFD86%
]DGRGHOHHUODLQIRUPDFLäQGHOGLVಢ 3XOVHHOERWäQ5 5$',2%$1'R& &'
SRVLWLYRGHDOPDFHQDPLHQWR86% $8;SDUDVHOHFFLRQDURWUDVIXQFLRಢ
UHSURGXFLUÒORVDUFKLYRVDXWRPÒWLಢ QHV
FDPHQWH
3DUDILQDOL]DUODUHSURGXFFLäQ\GHVಢ
6LVHFRQHFWDXQGLVSRVLWLYRGHDOಢ FRQHFWDUHOGLVSRVLWLYRGHDOPDFHQDಢ
PDFHQDPLHQWR86%TXHQRVH PLHQWR86%XWLOLFHODIXQFLäQ00HQë
SXHGHOHHUDSDUHFHUÒXQPHQVDMH 86%ඎ([WUDHU86%SDUDH[WUDHUHO
GHHUURU\HODSDUDWRFDPELDUÒDXಢ GLVSRVLWLYRGHDOPDFHQDPLHQWR86%
7LUHGHODFXELHUWDVLWXDGDHQFLPDGHO WRPÒWLFDPHQWHDODëOWLPDIXQFLäQ FRQVHJXULGDG
SDQHOGHLQVWUXPHQWRVSDUDDEULUOD\ TXHVHXVäRDODIXQFLäQGHUDGLR
FRQHFWDUHOGLVSRVLWLYRGHDOPDFHQDಢ )0 8VRGHOPHQë86%
PLHQWR86%\UHSURGXFLUVXVDUFKLYRV /DVLQVWUXFFLRQHVSDUD5
5HSURGXFLU
GHPëVLFDHQHOWHUPLQDOGHFRQH[LäQ WHPDVDOHDWRULDPHQWH55HSHWLU
86% &DUSHWDV%
%XVFDUGHOP
PHQë86%
6LVWHPDGHLQIRHQWUHWHQLPLHQWR
VRQVLPLODUHVDOP
PHQëGH&'GHOUHಢ 'HVFRQHFWHHOGLVSRVLWLYR86%GHO %RWRQHVG6((.F
SURGXFWRUGH&'03VäORVHKD WHUPLQDOGHFRQH[LäQ86% 3XOVHHVWRVERWRQHVSDUDUHSURGXಢ
DâDGLGRODRSFLäQ(([WUDHU86%&RQಢ 9XHOYDDODëOWLPDIXQFLäQTXHVHXVä FLUODSLVWDDQWHULRURVLJXLHQWH
VXOWHODVIXQFLRQHVGHOUHSURGXFWRUGH
&'03HQHOP PHQëGH&' 0DQWHQJDSXOVDGRVHVWRVERWRQHV
5HSURGXFWRUL3RG SDUDUHERELQDURDYDQ]DUUÒSLGDಢ
0HQë86%ඎ([WUDHU86% /LPLWDGRDPRGHORVFRPSDWLEOHVFRQ PHQWH\VXÚOWHORVDFRQWLQXDFLäQ
FRQH[LäQL3RG SDUDTXHODSLVWDVHUHSURGX]FDD
YHORFLGDGQRUPDO
%RWRQHVSULQFLSDOHVFRQWURO
/RVERWRQHV\FRQWUROHVSULQFLSDOHV %RWäQ,,1)250$7,21>,1)2@
VLJXLHQWHVVHXVDQSDUDUHSURGXFLU 0XHVWUDODLQIRUPDFLäQGHODSLVWDTXH
DUFKLYRVGHPëVLFDGHOL3RG VHHVWÒUHSURGXFLHQGR
%RWäQ& &'$8; %RWäQ3% %$&.
3XOVHUHSHWLGDPHQWHHOERWäQFXDQGR &DQFHODODRSFLäQDQWHULRURYXHOYHDO
HOL3RGHVWÒFRQHFWDGRSDUDVHOHFFLRಢ PHQëDQWHULRU
QDUHOPRGRGHUHSURGXFFLäQL3RG
%RWäQ0 0(18781(FRQPDQGR
GHUHJXODFLäQ
(QHOPRGRGHUHSURGXFFLäQSXOVHHO *LUHHOFRQWUROSDUDGHVSOD]DUVH\
ERWäQ0
0(18781(SDUDPRVWUDUHO PRVWUDUODOLVWDGHSLVWDVTXHVH
PHQë86%*LUHHOPDQGR0 0(18 HVWÒUHSURGXFLHQGR
781(SDUDLUD(([WUDHU86%\OXHJR 3XOVHHOERWäQSDUDPRVWUDUODSDQಢ
SXOVHHOERWäQ0
0(18781(SDUD WDOODGHPHQëSURSRUFLRQDGDSRUOD
PRVWUDUHOPHQVDMHDYLVÒQGROHGH RSFLäQRPRGRDFWXDO
TXHHVVHJXURH[WUDHUHOGLVSRVLWLYR
86%
6LVWHPDGHLQIRHQWUHWHQLPLHQWR
7LUHGHODFXELHUWDVLWXDGDHQFLPDGHO
SDQHOGHLQVWUXPHQWRVGHODVLHQWRGHO
DFRPSDâDQWHSDUDDEULUODFRQHFWDU
HOL3RG\UHSURGXFLUVXVDUFKLYRVGH
PëVLFDHQHOWHUPLQDOGHFRQH[LäQ
86%
/RVPRGHORVGHL3RGTXHSXHGHQ
FRQHFWDUVHRVRQFRPSDWLEOHVFRQ
HVWHSURGXFWRVRQORVVLJXLHQWHV
ဈ L3RG*1DQRL3RG*1DQR 6LHOGLVSRVLWLYRL3RGTXHGHVHDUHಢ
L3RG* *1DQR SURGXFLU\DHVWÒFRQHFWDGRSXOVHUHಢ
SHWLGDPHQWHHOERWäQ& &'$8;SDUD
ဈ L3RG*%\*%&ODVVLF VHOHFFLRQDUHOUHSURGXFWRUL3RG
ဈ L3RG7RXFK**\*
ဈ L3KRQH*\*6
6LVWHPDGHLQIRHQWUHWHQLPLHQWR
(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 (OVLVWHPDGHLQIRHQWUHWHQLPLHQWR
WHUQRFRQHFWDGRSXOVHUHSHWLGDಢ FDPELDUÒDXWRPÒWLFDPHQWHDO
&RQHFWHODVDOLGDGHDXGLRGHOHTXLSR PRGRGHHQWUDGD $8; GHVRQLGR
PHQWHHOERWäQSDUDVHOHFFLRQDUHO
GHVRQLGRH[WHUQRDOWHUPLQDOäGH H[WHULRUFXDQGRHOGLVSRVLWLYRGH
PRGRGHHQWUDGD $8; GHVRQLGRH[ಢ
HQWUDGD$8; VRQLGRH[WHUQRHVWÚFRQHFWDGR
WHUQR
$8;6LWXDGDHQHOGLVSRVLWLYRGH 3XOVHHOERWäQ&&'$8;SDUDFDPELDU
&RQWUROGH((1&(1','2
LQIRHQWUHWHQLPLHQWR DOPRGRGHHQWUDGDGHVRQLGRH[WHULRU
92/80(1
$8;6LWXDGDHQHOLQWHULRUGHOD VLHOVLVWHPDGHVRQLGRH[WHULRU\DVH
*LUHHOFRQWUROSDUDDMXVWDUHOYROXಢ
JXDQWHUDGHODVLHQWRGHODFRPSDಢ KDFRQHFWDGR
PHQ
âDQWH
6LVWHPDGHLQIRHQWUHWHQLPLHQWR
6L\DKD\XQGLVSRVLWLYR%OXHWRRWK &RQH[LäQHOLPLQDFLäQGHVFRQH[LäQ
FRQHFWDGRDOVLVWHPDGHLQIRHQWUHಢ GHGLVSRVLWLYRV%OXHWRRWK
WHQLPLHQWRDSDUHFHUÒHOPHQVDMH
%OXHWRRWKRFXSDGR
(OHVWDGRGHHVSHUDHQODFRQH[LäQ
VHPRVWUDUÒFRQXQPHQVDMH\XQ
FäGLJRGHVHJXULGDG (OYDORULQLಢ
FLDOHV\SXHGHFDPELDUVHHQ
&RQILJXUDFLäQGHOVLVWHPDඎ
&RQILJXUDFLäQ%OXHWRRWKඎ
%OXHWRRWKඎ&DPELDUODRSFLäQGHO
FäGLJR%OXHWRRWK
(OVLVWHPDGHLQIRHQWUHWHQLPLHQWR 6LHOUHJLVWURGHOGLVSRVLWLYRTXHGHಢ
SXHGHHQFRQWUDUVHEXVFDQGRHOGLVಢ VHDFRQHFWDUDOVLVWHPDGHLQIRHQWUHಢ
SRVLWLYR%OXHWRRWKTXHVHYDDFRQHFಢ WHQLPLHQWRHVFRUUHFWRODSDQWDOOD
WDU PRVWUDUÒODLQIRUPDFLäQGHOGLVSRVLಢ $WHQFLäQ
,QWURGX]FDHOFäGLJRGHVHJXULGDG WLYR%OXHWRRWK
SDUDHOVLVWHPDGHLQIRHQWUHWHQLಢ (OVLVWHPDGHLQIRHQWUHWHQLPLHQWR 6LKD\XQGLVSRVLWLYR%OXHWRRWKFRಢ
PLHQWRDWUDYÚVGHOGLVSRVLWLYR%OXHಢ SXHGHUHJLVWUDUKDVWDFLQFRGLVSRಢ QHFWDGRGHEHGHVFRQHFWDUDQWHV
WRRWK VLWLYRV%OXHWRRWK HOGLVSRVLWLYR
$OJXQRVGLVSRVLWLYRV%OXHWRRWKVäOR
SXHGHQXWLOL]DUVHFXDQGRODRSFLäQ (QSULPHUOXJDUFRQILJXUHHOGLVSRVLಢ
&RQHFWDUVLHPSUHHVWÒDFWLYDGD WLYR%OXHWRRWKSDUDFRQHFWDUORDO
PHQëGHFRQILJXUDFLäQ%OXHWRRWK\
SHUPLWLUTXHRWURVGLVSRVLWLYRVORHQಢ
FXHQWUHQ
6LVWHPDGHLQIRHQWUHWHQLPLHQWR
3XOVHHOERWäQ&
&21),*\XVHHOERWäQ
FRQPDQGR0 0(18781(SDUDGHVಢ
SOD]DUVHD&
&RQILJXUDFLäQGHOVLVWHPD
ඎ&RQILJXUDFLäQ%OXHWRRWKඎ
%OXHWRRWKඎ/LVWDGHGLVSRVLWLYRV\
OXHJRSXOVHHOERWäQ0
0(18781(
0(18
&RQHOERWäQGHOFRQWURO0
781(GHVSOÒFHVHGHOGLVSRVLWLYR
%OXHWRRWKUHJLVWUDGRDOGLVSRVLWLYR
TXHVHYDDFRQHFWDU\SXOVHDFRQಢ
WLQXDFLäQHOERWäQ0
0(18781(
3XHGHUHJLVWUDUORXVDQGRHOERWäQGHO 3DUDGHVFRQHFWDUHOGLVSRVLWLYR%OXHಢ
FRQWURO0
0(18781(GHVSOD]ÒQಢ WRRWKFRQHFWDGRDFWXDOPHQWHVHOHFಢ
GRVHSDUDVHOHFFLRQDUGHVSOD]ÒQಢ FLRQHGLFKRGLVSRVLWLYRHQODSDQWDOOD
GRVHSDUDHOLPLQDU\SXOVDQGRDFRQಢ GHODOLVWDGHGLVSRVLWLYRVGRQGHVH
WLQXDFLäQHOERWäQ0
0(18781( PRVWUDUÒODRSFLäQ''HVFRQHFWDU\
OXHJRSXOVHHOERWäQ0 0(18781(
3UHFDXFLRQHVSDUDUHJLVWUDUFRQHFWDU
%OXHWRRWK
6LQRIXHUDSRVLEOHFRQHFWDUFRQ
%OXHWRRWKHOLPLQHWRGDODOLVWDGH
GLVSRVLWLYRVGHOGLVSRVLWLYR%OXHಢ
WRRWKTXHVHYDDFRQHFWDUHLQWÚQಢ
WHORGHQXHYR6LQRVHSXHGHHOLಢ
PLQDUODOLVWDGHGLVSRVLWLYRVYXHOYD
DFRORFDUODEDWHUÞD\FRQHFWHGH
QXHYRHO%OXHWRRWK
6LVWHPDGHLQIRHQWUHWHQLPLHQWR
$WHQFLäQ
(VSRVLEOHWUDQVIHULUVXVPHORGÞDV
GHSHQGLHQGRGHORVWHOÚIRQRVPäಢ
YLOHV$MXVWHHOYROXPHQGHODPHಢ
ORGÞDVGHOWHOÚIRQRPäYLOVLIXHUD
GHPDVLDGREDMR
3DUDUHFKD]DUXQDOODPDGDSXOVH 0LHQWUDVKDEODSRUWHOÚIRQRSXHGH
HOERWäQ6
6LOHQFLR&ROJDUGHOPDQGR EORTXHDUHOVRQLGRWUDQVPLWLGRVHಢ
DGLVWDQFLDHQHOYRODQWHRXVHHO OHFFLRQDQGRODRSFLäQGHP
PLFUäIRQR
ERWäQFRQPDQGR0 0(18781(\ VLOHQFLDGRXVDQGRHOERWäQFRQ
VHOHFFLRQH55HFKD]DU PDQGR0 0(18781(
0LHQWUDVKDEODSRUWHOÚIRQRPDQಢ
WHQJDSXOVDGRHOERWäQOODPDUGHO
PDQGRDGLVWDQFLDHQHOYRODQWH
SDUDFDPELDUDOPRGRGHOODPDGD
3DUDKDEODUSRUWHOÚIRQRSXOVHHOERಢ
SULYDGD SXHGHTXHDOJXQRVWHOÚIRಢ
WäQOODPDUGHOPDQGRDGLVWDQFLDHQ
QRVQRGLVSRQJDQGHPRGRGHOODಢ
0(18
HOYRODQWHRJLUHHOPDQGR0
PDGDSULYDGDGHSHQGLHQGRGHODV
781(KDVWDODIXQFLäQUHVSRQGHU\
RSFLRQHVGHOWHOÚIRQR
OXHJRSXOVHHOERWäQ00(18781(
6LVWHPDGHLQIRHQWUHWHQLPLHQWR
GHQUHDOL]DUOODPDGDVGXUDQWHXQD
OODPDGDDWUDYÚVGHOVLVWHPDGHLQಢ
IRHQWUHWHQLPLHQWR
&XDQGRFRQYHUVDQWUHVSHUVRQDVR
PÒVORVFRQWHQLGRVTXHVHPXHVಢ
WUDQSXHGHQQRFRUUHVSRQGHUVH
FRQODLQIRUPDFLäQSUÒFWLFD
/ODPDUXVDQGRODUHOODPDGD
&XDQGRVHUHDOL]DXQDUHOODPDGD 8WLOLFHHOERWäQ0
0(18781(SDUDDFಢ
QRVHPXHVWUDHOQëPHURGHWHOÚಢ FHGHUDODVIXQFLRQHVGHOPHQëTXH
IRQRFRQHOTXHVHFRQHFWD DSDUHFH
'HSHQGLHQGRGHOWHOÚIRQRPäYLO 0LHQWUDVKDEODSRUWHOÚIRQRPDQಢ
KD\FDVRVHQORVTXHODOODPDGDVH WHQJDSXOVDGRHOERWäQOODPDUGHO
UHDOL]DDWUDYÚVGHOUHJLVWURGHOODಢ PDQGRDGLVWDQFLDHQHOYRODQWHSDUD
PDGDVGHODVOODPDGDVUHFLELGDVR FDPELDUDOPRGRSULYDGR
SHUGLGDVHQOXJDUGHDWUDYÚVGHO
PRGRUHOODPDGD(VWRGHSHQGHGH /ODPDGDLQWURGXFLHQGRORV
ODVRSFLRQHVGHOWHOÚIRQRPäYLO QëPHURV
*LUHHOFRQWURO0
0(18781(SDUDVHಢ
OHFFLRQDUODVOHWUDVGHVHDGDV\SXOVH
DFRQWLQXDFLäQHOERWäQ00(18
781(SDUDLQWURGXFLUHOQëPHUR
5HSLWDHVWHSDVRSDUDLQWURGXFLUWRಢ
GRVORVQëPHURVGHWHOÚIRQR
3XOVHHOERWäQ3% %$&.SDUDERUUDU
ODVOHWUDVXQDDXQDRPDQWHQJD
SXOVDGRHOERWäQSDUDERUUDUWRGRHO
FRQWHQLGRTXHKDLQWURGXFLGR
3XOVHHOERWäQ00(18781(PLHQWUDV 3DUDUHDOL]DUXQDOODPDGDLQWURGXಢ &RQVXOWDUORVFRQWHQLGRVVLJXLHQಢ
HOWHOÚIRQRHVWÒFRQHFWDGRSDUDPRVಢ FLHQGRHOQëPHURGHWHOÚIRQRSXOVH WHVSDUDHGLWDUORVFRQWHQLGRVLQWURಢ
WUDUODVIXQFLRQHVGHFRQH[LäQWDO HOERWäQ0
0(18781(\JLUHHO GXFLGRV
FRPRVHPXHVWUDDUULED PDQGRSDUDVHOHFFLRQDU,,QWURGXFLU
QëPHUR\OXHJRSXOVHHOERWäQ
0(18781(
6LVWHPDGHLQIRHQWUHWHQLPLHQWR
*LUHHOFRQWURO0
0(18781(SDUDVHಢ
OHFFLRQDUWÚUPLQRVUDQJRGHEëVಢ
3XOVHHOERWäQ0
0(18781(JLUHHO TXHGD\SXOVHDFRQWLQXDFLäQHOERಢ
8QDYH]LQWURGXFLGRHOQëPHURGHWHಢ WäQ0
0(18781(
OÚIRQRFRPSOHWRJLUHHOPDQGR PDQGR0 0(18781(SDUDVHOHFFLRಢ
0(18781(SDUDVHOHFFLRQDUHOLQLಢ QDU$
$JHQGD\OXHJRSXOVHHOERWäQ
FLRGHODPDUFDFLäQ>\@\SXOVHOXHJR 0(18781(
HOERWäQSDUDUHDOL]DUODOODPDGD (QODSDQWDOODDSDUHFHXQDQRWLILFDಢ
FLäQLQGLFDQGRTXHQRKD\FRQWDFWRV
\VHYXHOYHDOPHQëDQWHULRU
6LVWHPDGHLQIRHQWUHWHQLPLHQWR
0HQëGHOWHOÚIRQRඎ$JHQGDඎ
$FWXDOL]DU
*LUHHOFRQWURO0
0(18781(HQOD 3DUDOODPDUDOQëPHURUHOHYDQWH
SDQWDOODGHUHVXOWDGRVGHODEëVಢ SXOVHHOERWäQ0
0(18781(
TXHGDSDUDVHOHFFLRQDUHOFRQWDFWR 3DUDPÒVLQIRUPDFLäQFRQVXOWDUOD $FWXDOL]DORVFRQWDFWRVGHOWHOÚIRQR
TXHGHVHH\SXOVHDFRQWLQXDFLäQHO RSFLäQGHUHDOL]DFLäQGHOODPDGDV PäYLOFRQHFWDGRFRQORVFRQWDFWRV
ERWäQ00(18781(SDUDYHUORVGHಢ
GHOVLVWHPD
WDOOHVGHOFRQWDFWR
8VDQGRHOERWäQFRQPDQGR0 0(18
781(VHOHFFLRQH0 0HQëGHOWHOÚIRQR
ඎ$JHQGDඎ$FWXDOL]DU\OXHJRSXOVH
HOERWäQ0
0(18781(
6LVWHPDGHLQIRHQWUHWHQLPLHQWR
/DDFWXDOL]DFLäQQRVHUÒSRVLEOHVL FRPSUXHEHVLHOWHOÚIRQRPäYLOKD
KD\PÒVGHQëPHURVGHFRQಢ VROLFLWDGRHOFHUWLILFDGR
WDFWR &XDQGRVHVROLFLWDHOFHUWLILFDGRGHO
7HQJDHQFXHQWDTXHODUHSURGXFಢ WHOÚIRQRPäYLOWRGDVODVFRQH[LRಢ
FLäQGHDXGLRPDQRVOLEUHV\%OXHಢ QHV%OXHWRRWKVHGHVDFWLYDQVLQR
WRRWKVHGHWHQGUÒPLHQWUDVVHUHDಢ VHDFHSWDODVROLFLWXG\HOGLVSRVLಢ
OL]DODDFWXDOL]DFLäQGHFRQWDFWRV WLYRVHYXHOYHDFRQHFWDU
DXQTXHSRGUÒQXWLOL]DUVHRWUDVIXQಢ 6LKD\XQSUREOHPDFRQODLQIRUPDಢ
FLRQHV FLäQDOPDFHQDGDHQHOWHOÚIRQRPäಢ
3DUDDFWXDOL]DUVXVFRQWDFWRVVH YLOSXHGHTXHORVFRQWDFWRVQRVH
SXHGHVROLFLWDUHOFHUWLILFDGRGH DFWXDOLFHQ
WUDQVPLVLäQGHFRQWDFWRV6LODSDQಢ (OVLVWHPDGHLQIRHQWUHWHQLPLHQWR
*LUHHOPDQGR0 0(18781(SDUDVHಢ WDOODGHHVSHUDQRFDPELDGXUDQWH VäORXWLOL]DLQIRUPDFLäQFRGLILFDGD
OHFFLRQDU6
6ÞR1
1R\OXHJRSXOVHHOERಢ XQSHULRGRSURORQJDGRSXHGH HQHOIRUPDWR87)
WäQ00(18781(SDUDDFWLYDURFDQಢ FRPSUREDUVLHOWHOÚIRQRPäYLOKD
VROLFLWDGRHOFHUWLILFDGR&XDQGRVH 6LKD\RWUDVIXQFLRQHVDFWLYDV MXHಢ
FHODUODDFWXDOL]DFLäQ
VROLFLWDHOFHUWLILFDGRGHOWHOÚIRQR JRVEëVTXHGDHQPDSDQDYHJDಢ
$YLVRSDUDODDFWXDOL]DFLäQGHFRQಢ FLäQHWF GXUDQWHODDFWXDOL]DFLäQ
WDFWRV PäYLOWRGDVODVFRQH[LRQHV%OXHಢ
WRRWKVHGHVDFWLYDQVLQRVHDFHSWD GHFRQWDFWRVRHOSURJUHVRGH
(VWDIXQFLäQSXHGHXVDUVHFRQWHಢ WUDQVPLVLäQGHOUHJLVWURGHOODPDಢ
OÚIRQRVPäYLOHVTXHGLVSRQHQGH ODVROLFLWXG\HOGLVSRVLWLYRVHYROಢ
YHUÒDFRQHFWDU GDVSXHGHTXHHOSURFHVRGHDFಢ
DFWXDOL]DFLäQGHFRQWDFWRV\ODIXQಢ WXDOL]DFLäQWUDQVPLVLäQQRIXQಢ
FLäQGHWUDQVPLVLäQGHOUHJLVWURGH &XDQGRVHUHFLEHHOUHJLVWURGHOODಢ FLRQH
OODPDGDV 6LVHFRQHFWDHOVLVWHPD PDGDVHVSRVLEOHVROLFLWDUHOFHUWLಢ
ILFDGRGHWUDQVPLVLäQSDUDHOUHJLVಢ (VWRVHGHEHDTXHRWUDVIXQFLRQHV
DXQWHOÚIRQRPäYLOTXHQRGLVSRQH
WURGHOODPDGDVGHOWHOÚIRQRPäYLO DFWLYDVHQHOWHOÚIRQRPäYLODIHFWDQ
GHHVWDVIXQFLRQHVHOUHJLVWURGH
6LODSDQWDOODGHHVSHUDQRFDPELD ODWUDQVPLVLäQGHGDWRV
OODPDGDVSXHGHPRVWUDUVHDWUDYÚV
GHOVLVWHPDGHLQIRHQWUHWHQLಢ GXUDQWHXQSHULRGRSURORQJDGR
PLHQWR
6LVWHPDGHLQIRHQWUHWHQLPLHQWR
*LUHHOFRQWURO0
0(18781(SDUD
FRPSUREDUHOUHJLVWURGHOODPDGDV\
UHDOL]DUXQDOODPDGD
&RPSUXHEHXVHRERUUHORVFRQWDFಢ
3XOVHHOERWäQ00(18781(SDUDOODಢ
WRV
PDUDOQëPHURVHOHFFLRQDGRGHOUHಢ
JLVWURGHOODPDGDV
6LVWHPDGHLQIRHQWUHWHQLPLHQWR
0HQëGHOWHOÚIRQRඎ&RQILJXUDFLäQ
%OXHWRRWK
3DUDFRQILJXUDUHOWRQRGHOODPDGD\ 3DUDUHLQLFLDOL]DUOD&
&RQILJXUDFLäQ
HOYROXPHQXVDGRSRUODIXQFLäQ%OXHಢ %OXHWRRWKDVXVYDORUHVSUHGHWHUPLಢ
WRRWKVHOHFFLRQH6
6RQLGR\6HâDOPHಢ QDGRVXWLOLFHHOERWäQFRQPDQGR
)XQFLäQGHFRQILJXUDFLäQ%OXHWRRWK
GLDQWHHOERWäQFRQPDQGR0 0(18 0(18781(SDUDVHOHFFLRQDUODRSಢ
8VDQGRHOERWäQFRQPDQGR0 0(18 781(\OXHJRFRQILJXUHODVRSFLRQHV FLäQGHUHVWDXUDFLäQGHFRQILJXUDFLäQ
781(VHOHFFLRQH0 0HQëGHOWHOÚIRQR GHVHDGDVFRQGLFKRERWäQ LQLFLDO\OXHJRVHOHFFLRQH6
6ÞFRQHO
ඎ&RQILJXUDFLäQ%OXHWRRWK\OXHJR ERWäQ0 0(18781(
SXOVHHOERWäQ0 0(18781(
3DUDDFWLYDUODIXQFLäQ%OXHWRRWKUHಢ
JLVWUDUFRQHFWDUHOLPLQDUHOGLVSRVLಢ
WLYR%OXHWRRWKRFDPELDUHOFäGLJR
%OXHWRRWKVHOHFFLRQH%OXHWRRWKPHಢ
GLDQWHHOERWäQ00(18781(GHOFRQಢ
WURO\FRQHOERWäQ0
0(18781(GHO
FRQWUROFRQILJXUHODRSFLäQGHVHDGD
6LVWHPDGHLQIRHQWUHWHQLPLHQWR
'HSHQGLHQGRGHOWLSRGHWHOÚIRQR
HVSRVLEOHTXHORVWRQRVGHOODPDGD
TXH\DWLHQHHQVXPäYLOVHWUDQVಢ
ILHUDQDOVLVWHPDGHLQIRHQWUHWHQLಢ
PLHQWR3DUDHVWRVWHOÚIRQRVPäYLಢ
OHVQRHVSRVLEOHXVDUODPHORGÞD
VHOHFFLRQDGD
3DUDORVWHOÚIRQRVPäYLOHVTXH
WUDQVILHUHQVXVPHORGÞDVHOYROXಢ
PHQGHODPHORGÞDVHEDVDHQHO
YROXPHQWUDQVPLWLGRGHVGHHOWHOÚಢ
IRQRPäYLO$MXVWHHOYROXPHQGHOD
PHORGÞDGHOWHOÚIRQRPäYLOVLHOYRಢ
OXPHQHVGHPDVLDGREDMR
&OLPDWL]DFLäQ
6LVWHPDVGH 5HFLUFXODFLäQGHDLUH
&OLPDWL]DFLäQ
/XQHWD\UHWURYLVRUHVWÚUPLFRV
FOLPDWL]DFLäQ \UHWURYLVRUH[WHULRU
9HORFLGDGGHOYHQWLODGRU
$MXVWHHOFDXGDOGHDLUHFRQHFWDQGR
ODYHORFLGDGGHVHDGDGHOYHQWLODGRU
0DQGRVSDUDOD 'LVWULEXFLäQGHDLUH
7HPSHUDWXUD 6HOHFFLRQHODVDOLGDGHDLUHJLUDQGRHO
PDQGRGHOFHQWUR
9HORFLGDGGHOYHQWLODGRU
,(OIOXMRGHDLUHVHGLULJHKDFLDOD
'LVWULEXFLäQGHDLUH SDUWHVXSHULRUGHOFXHUSR3XHGH
&DOHIDFFLäQ DMXVWDUWRGDVODVVDOLGDV
'HVHPSDâDGRGHOSDUDEULVDV +(OIOXMRGHDLUHVHGLULJHKDFLDOD
SDUWHVXSHULRUGHOFXHUSR\HOVXHOR
&OLPDWL]DFLäQ
&DOHIDFFLäQ
&DOHIDFFLäQQRUPDO
*LUHHOPDQGRGHWHPSHUDWXUDDOD
]RQDURMDSDUDFDOHQWDU
3DUDGHVHPSDâDUODVYHQWDQDVJLUH
*LUHHOPDQGRGHGLVWULEXFLäQGH
HOFRQWUROGHGLVWULEXFLäQGHDLUHD
DLUH
'(6&21*(/$55
*LUHHOPDQGRGHOYHQWLODGRUKDVWD
ODYHORFLGDGGHVHDGD
&DOHIDFFLäQPÒ[LPD
8VHHOPRGRGHFDOHIDFFLäQPÒ[LPD
SDUDXQDFDOHIDFFLäQUÒSLGD
&OLPDWL]DFLäQ
'HVFRQJHODPLHQWRGHOSDUDEULVDV 6LVWHPDGHUHFLUFXODFLäQGH
3HOLJUR
DLUH
/DGLIHUHQFLDHQWUHHODLUHH[WHULRU
\ODWHPSHUDWXUDGHOSDUDEULVDV
SXHGHKDFHUTXHHOFULVWDOVHHPಢ
SDâHORTXHGLVPLQX\HHOFDPSR
GHYLVLäQIURQWDO
1RXWLOLFHODSRVLFLäQ68(/2
'(6&21*(/$5)R'(6&21ಢ
*(/$55HQDPELHQWHVH[WUHಢ
PDGDPHQWHKëPHGRVFXDQGRHO
PDQGRGHUHJXODFLäQGHWHPSHUDಢ
WXUDHVWÚVLWXDGRHQOD]RQDD]XO
*LUHHOFRQWUROGHGLVWULEXFLäQGH (VWRSXHGHSURYRFDUXQDFFLGHQWH
DLUHDODSRVLFLäQ'(6&21*(ಢ TXHSXHGHGDâDUHOYHKÞFXOR\ (OPRGRGHUHFLUFXODFLäQGHDLUHVH
/$55 RFDVLRQDUOHVLRQHVSHUVRQDOHV DFFLRQDFRQHOERWäQ
*LUHHOPDQGRGHWHPSHUDWXUDDOD
]RQDURMDSDUDTXHVDOJDDLUHFDಢ 3HOLJUR
OLHQWH
$MXVWHHOPDQGRGHUHJXODFLäQGHO &RQGXFLUFRQHOPRGRGHUHFLUFXಢ
YHQWLODGRUDODYHORFLGDGPÒ[LPD ODFLäQFRQHFWDGRGXUDQWHXQSHಢ
SDUDGHVHPSDâDUUÒSLGDPHQWH UÞRGRSURORQJDGRSXHGHSURYRFDU
$EUDODVVDOLGDVGHDLUHVHJëQVHD
QHFHVDULR\RULÚQWHODVKDFLDODV
YHQWDQLOODV
&OLPDWL]DFLäQ
)/DPD\RUSDUWHGHOIOXMRGHDLUHVH WLFDGHDLUHIUHVFR\DLUHDFRQGLಢ
GLULJHDOVXHOR\HOSDUDEULVDV\XQD FLRQDGR 3HOLJUR
SHTXHâDSDUWHVHGLULJHDODVVDOLGDV 6LQRVHQHFHVLWDTXHHODLUHDFRQಢ
ODWHUDOHV &RQGXFLUFRQHOPRGRGHUHFLUFXಢ
GLFLRQDGRHVWÚFRQHFWDGRJLUHHO ODFLäQFRQHFWDGRGXUDQWHXQSHಢ
5/DPD\RUSDUWHGHOIOXMRGHDLUHVH FRQWUROGHGLVWULEXFLäQGHDLUHD UÞRGRSURORQJDGRSXHGHSURYRFDU
GLULJHDOSDUDEULVDV\XQDSHTXHâD 68(/2'(6&21*(/$5) VXHâR&DPELHSHULäGLFDPHQWHDO
SURSRUFLäQGHDLUHVHGLULJHDODVVDಢ 6HOHFFLRQHODWHPSHUDWXUDGHಢ PRGRGHDLUHH[WHULRUSDUDSHUPLWLU
OLGDVODWHUDOHV VHDGD ODHQWUDGDGHDLUHIUHVFR
'HVHPSDâDGRGHOSDUDEULVDV $MXVWHHOPDQGRGHOYHQWLODGRUHQ (QHOPRGRGHUHFLUFXODFLäQVHUHಢ
ODYHORFLGDGGHVHDGD GXFHHOLQWHUFDPELRGHDLUHIUHVFR
(QFDVRGHIXQFLRQDPLHQWRVLQUHಢ
6LVWHPDGHUHFLUFXODFLäQGH IULJHUDFLäQDXPHQWDODKXPHGDG
DLUH GHODLUH\VHSXHGHQHPSDâDUORV
FULVWDOHV/DFDOLGDGGHODLUHGHO
KDELWÒFXORGLVPLQX\HHVWRSXHGH
KDFHUTXHORVRFXSDQWHVVHVLHQಢ
WDQPDUHDGRV
5HIULJHUDFLäQL
6HDFFLRQDFRQHOERWäQL\VäORIXQಢ
FLRQDFRQHOPRWRU\HOYHQWLODGRUHQ
PDUFKD
*LUHHOFRQWUROGHGLVWULEXFLäQGH (ODLUHDFRQGLFLRQDGRUHIULJHUD\GHVಢ
DLUHDODSRVLFLäQ'(6&21*(ಢ KXPLGLILFD VHFD HODLUHHQFXDQWROD
/$55 WHPSHUDWXUDH[WHULRUHVWÒSRUHQFLPD
(OERWäQGHUHFLUFXODFLäQVHDMXVWD GHOSXQWRGHFRQJHODPLHQWR3RUHVR
(OPRGRGHUHFLUFXODFLäQGHDLUHVH VHSXHGHFRQGHQVDUDJXDTXHVDOH
HQHOPRGRGHDFWLYDFLäQDXWRPÒಢ
DFFLRQDFRQHOERWäQ SRUGHEDMRGHOYHKÞFXOR
&OLPDWL]DFLäQ
$WHQFLäQ
8WLOLFHVäORHOJDVUHIULJHUDQWHDGHಢ
FXDGR
$ GYHUWHQFLD
/RVFOLPDWL]DGRUHVGHEHQVHUUHಢ
SDUDGRVëQLFDPHQWHSRUSHUVRQDO
FXDOLILFDGR/RVPÚWRGRVGHUHSDಢ 3DUDREWHQHUODPÒ[LPDUHIULJHUDFLäQ
UDFLäQLQFRUUHFWRVSXHGHQRFDVLRಢ FXDQGRKDFHFDORU\FXDQGRHOYHಢ
QDUOHVLRQHVSHUVRQDOHV KÞFXORKDHVWDGRDOVROGXUDQWHPXFKR
WLHPSR
&OLPDWL]DFLäQ
6DOLGDVGHDLUH 6DOLGDVGHDLUHILMDV
+D\VDOLGDVGHDLUHDGLFLRQDOHVVLWXDಢ
6DOLGDVGHDLUHUHJXODEOHV GDVGHEDMRGHOSDUDEULVDVGHODVYHQಢ
&RQODUHIULJHUDFLäQFRQHFWDGDVH WDQLOODVGHODQWHUDV\HQODV]RQDVGH
GHEHGHMDUDELHUWDDOPHQRVXQDGH ORVSLHV
ODVVDOLGDVGHDLUHSDUDHYLWDUTXHVH
FRQJHOHHOHYDSRUDGRUGHELGRDOD
IDOWDGHPRYLPLHQWRGHODLUH
*LUHHOFRQWUROKDFLDODL]TXLHUGDSDUD
DEULUODVVDOLGDVODWHUDOHV\JÞUHOR
KDVWDDOFDQ]DUODGLUHFFLäQGHVHDGD
6LQRGHVHDIOXMRGHDLUHJLUHHOFRQಢ
WUROKDFLDODGHUHFKD
3HOLJUR
1RILMHREMHWRVDODVDOHWDVGHODV
/DVDOLGDFHQWUDOQRVHFLHUUDSRUFRPಢ VDOLGDVGHDLUH+D\ULHVJRGHOHಢ
SOHWR VLRQHV\GDâRVHQFDVRGHDFFLಢ
'LULMDHOIOXMRGHDLUHLQFOLQDQGR\JLಢ GHQWH
UDQGRODVDOHWDV
&OLPDWL]DFLäQ
0DQWHQLPLHQWR )LOWURGHSROHQ
(QWUDGDGHDLUH )LOWURGHDLUHGHOKDELWÒFXOR
(OILOWURHOLPLQDSROYRKROOÞQSROHQ\
HVSRUDVGHODLUHTXHHQWUDHQHOYHಢ
KÞFXORDWUDYÚVGHODHQWUDGDGHDLUH
5HWLUHODWDSDGHOILOWURGHVDWRUQLಢ
OODQGRDPERVODGRVGHODWDSD
6XVWLWX\DHOILOWURGHODLUHDFRQGLಢ
FLRQDGR
/DHQWUDGDGHDLUHHQHOFRPSDUWLಢ 0RQWHODWDSDGHOILOWUR\ODJXDQಢ
PHQWRGHOPRWRUGHODQWHGHOSDUDEULಢ WHUDHQRUGHQLQYHUVR
VDVGHEHHVWDUOLEUHSDUDSHUPLWLUOD
HQWUDGDGHDLUH &DPELRGHOILOWUR 1RWD
'HVPRQWHODJXDQWHUD /HUHFRPHQGDPRVTXHDFXGDDVX
5HWLUHFXDOTXLHUUHVWRGHKRMDVVXಢ
WDOOHUDXWRUL]DGRSDUDFDPELDUHOILOಢ
FLHGDGRQLHYH 3DUDH[WUDHUODJXDQWHUDÒEUDOD\ WUR
WLUHGHHOOD
&OLPDWL]DFLäQ
$WHQFLäQ
1RGHMHODOODYHHQODSRVLFLäQä
FRQHOPRWRUSDUDGRGXUDQWHPXಢ
FKRWLHPSR
/2&. (QFHQGLGRGHVFRQHFಢ (VWRGHVFDUJDUÒODEDWHUÞD
WDGR
$&& (QFHQGLGRGHVFRQHFಢ *LUHODOODYHDODSRVLFLäQPXHYD
WDGRYRODQWHGHVEORಢ OLJHUDPHQWHHOYRODQWHSDUDGHVDFಢ
TXHDGR WLYDUHOEORTXHR
21 (QFHQGLGRFRQHFಢ &DPELRPDQXDODFFLRQHHOHPEUDಢ
WDGRSUHFDOHQWDಢ JXH
PLHQWRSDUDHOPRWRU &DPELRDXWRPÒWLFR3RQJDODSDಢ
GLÚVHO ODQFDVHOHFWRUDHQ3R1
67$57 $UUDQTXH
1RSLVHHOSHGDOGHODFHOHUDGRU
&RQGXFFLäQ\PDQHMR
6LVWHPDVWRSVWDUW
VLDVÞHVWÒHTXLSDGR 'HVDFWLYHPDQXDOPHQWHHOVLVWHPD
(OVLVWHPDVWRSVWDUWSHUPLWHDKRUUDU VWRSVWDUWSXOVDQGRHOERWäQH
HFR
FRPEXVWLEOH\UHGXFLUODVHPLVLRQHV
GHJDVHVGHHVFDSH(OPRWRUVH
&RQGXFFLäQ\PDQHMR
$UUDQTXHGHOPRWRU
'HVSXÚVGHFDOHQWDUHOPRWRU
FRQWLQëHSLVDQGRHOSHGDOGHO 6HHQFXHQWUDHQHOFXDGURGHLQVWUXಢ
IUHQRPLHQWUDVFDPELDODSDODQFD PHQWRV
VHOHFWRUDDODSRVLFLäQ5'R0
,QGLFDODPDUFKDVHOHFFLRQDGDRHO
PRGRGHFDPELRGHPDUFKDV
$WHQFLäQ
1RFDPELHHQWUHODSRVLFLäQ' GLಢ
UHFWD \5 PDUFKDDWUÒV R3 HVಢ
WDFLRQDPLHQWR PLHQWUDVHOYHಢ
KÞFXORHVWÚHQPRYLPLHQWR(VWR
SXHGHRFDVLRQDUGDâRVHQODFDMD
GHFDPELRV\OHVLRQHVSHUVRQDOHV
&RQGXFFLäQ\PDQHMR
0XHYDODSDODQFDVHOHFWRUDDODSRVLಢ
FLäQ0
3XOVHHOERWäQGHFDPELRGHPDUFKD
GHOODWHUDOGHODSDODQFDVHOHFWRUD
3LVHHOSHGDOGHOIUHQR\SXOVHHOERಢ
WäQGHGHVEORTXHRSDUDFDPELDU $55,%$ SDUDFDPELDUGHPDUFKD
KDFLDDUULED
/RVFDPELRVSDUDORVTXHGHEHSXOVDU
HOERWäQGHGHVEORTXHRVHLQGLFDQ $%$-2 SDUDFDPELDUGHPDUFKD
FRQIOHFKDV KDFLDDEDMR
3DUDPDQWHQHUORVQLYHOHVUHTXHULGRV
GHSUHVWDFLRQHV\VHJXULGDGGHOYHಢ
KÞFXORSXHGHTXHHOVLVWHPDQRHMHಢ
FXWHDOJXQRVFDPELRVGHPDUFKD
&DPELHOLEUHPHQWH FXDQGRVHPXHYHODSDODQFDVHOHFಢ
WRUD
0RGRPDQXDO (QPRGRPDQXDOORVFDPELRVGH
PDUFKDKDFLDDEDMRVHUHDOL]DQGH
IRUPDDXWRPÒWLFDFXDQGRHOYHKÞFXOR
UHGXFHODYHORFLGDG&XDQGRHOYHಢ
KÞFXORVHGHWLHQHVHVHOHFFLRQDDXಢ
WRPÒWLFDPHQWHODSULPHUD
$WHQFLäQ
3XOVHHOERWäQGHGHVEORTXHRSDUD
FDPELDU/DVIOHFKDVLQGLFDQORVFDPಢ &DPELHGHPDUFKDGHIRUPDDGHಢ
ELRVSDUDORVTXHQRWLHQHTXHSXOVDU FXDGDFRQIRUPHDODVFRQGLFLRQHV
HOERWäQGHGHVEORTXHR GHODUXWD
&RQGXFFLäQ\PDQHMR
'HVEORTXHRGHODSDODQFD 5HWLUHHOWDSäQGHODFRQVRODFRQ
XQREMHWRILQRFRPRXQGHVWRUQLಢ 3HOLJUR
VHOHFWRUD
$QWHVGHFDPELDUGHVGHODSRVLFLäQ OODGRUGHFDEH]DSODQD
3DUDD\XGDUDHYLWDUGDâRVHQOD
GHHVWDFLRQDPLHQWR 3 HOHQFHQGLGR FDMDGHFDPELRVREVHUYHODVVLಢ
GHEHHVWDUFRQHFWDGR\GHEHSLVDUD JXLHQWHVSUHFDXFLRQHV
IRQGRHOSHGDOGHOIUHQR6LQRSXHGH
1RSLVHHOSHGDOGHODFHOHUDGRU
FDPELDUGHVGHODSRVLFLäQ3FRQHO
PLHQWUDVFDPELDGH3R1D5R
HQFHQGLGRFRQHFWDGR\HOSHGDOGHO
XQDPDUFKDKDFLDGHODQWH
IUHQRSLVDGR
6LORKDFHQRVäORSXHGHGDâDUOD
'HVFRQHFWHHOHQFHQGLGR\H[ಢ
FDMDGHFDPELRVVLQRTXHWDPELÚQ
WUDLJDODOODYH
SRGUÞDRFDVLRQDUODSÚUGLGDGH
0DQWHQJDSLVDGRHOSHGDOGHO FRQWUROGHOYHKÞFXOR
IUHQR\WLUHGHODSDODQFDGHOIUHQR
8WLOLFHODSRVLFLäQ'VLHPSUHTXH
GHHVWDFLRQDPLHQWRKDFLDDUULED
VHDSRVLEOH
,QWURGX]FDODOODYHGHFRQWDFWRHQ 1XQFDFDPELHD3R5FRQHOYHಢ
ODUDQXUD\SUHVLRQHKDFLDGHQWUR KÞFXORHQPRYLPLHQWR
&DPELHDSXQWRPXHUWR 1 &XDQGRGHWHQJDHOYHKÞFXORHQ
([WUDLJDODOODYHGHODUDQXUD XQDFXHVWDDUULEDQRUHWHQJDHO
YHKÞFXORSLVDQGRHOSHGDOGHODFHಢ
9XHOYDDFRORFDUHOWDSäQ OHUDGRU8WLOLFHHOSHGDOGHOIUHQR
+DJDUHSDUDUVXYHKÞFXORORDQWHV 3LVHHOSHGDOGHOIUHQRFXDQGR
SRVLEOH FDPELHGH3R1D5RDXQDPDUಢ
FKDKDFLDGHODQWH
&RQGXFFLäQ\PDQHMR
3DUDHQJUDQDUODPDUFKDDWUÒVFRQHO
YHKÞFXORSDUDGROHYDQWHHODQLOORGH
ODSDODQFDVHOHFWRUD\HQJUDQHOD
PDUFKD
6LODPDUFKDQRHQWUDFRQIDFLOLGDG
SRQJDODSDODQFDHQSXQWRPXHUWR
VXHOWHHOSHGDOGHOHPEUDJXH\SÞVHOR
GHQXHYROXHJRUHSLWDODVHOHFFLäQGH
ODPDUFKD
1RFRQGX]FDDPHGLRHPEUDJXHLQಢ
QHFHVDULDPHQWH3LVHVLHPSUHD
IRQGRHOSHGDOGHOHPEUDJXH1RXWLಢ
OLFHHOSHGDOFRPRDSR\RSDUDHOSLH
&RQGXFFLµQ\PDQHMR
5HFXUUDDXQVHUYLFLRLQPHGLDWDಣ
)UHQRV PHQWH/HUHFRPHQGDPRVTXH TXHORVFRPSRQHQWHVGHOVLVWHPD
DFXGDDXQ&RQFHVLRQDULR2ILFLDOR GHIUHQRVHVW«QPRMDGRVRVREUHಣ
(OVLVWHPDGHIUHQRVWLHQHGRVFLUFXLಣ FDOHQWDGRV
WRVGHIUHQRLQGHSHQGLHQWHV 6HUYLFLR$XWRUL]DGR&KHYUROHW
6LORVIUHQRVKDQSHUGLGRWHPSRಣ
6LIDOODXQRGHORVFLUFXLWRVGHIUHQRV UDOPHQWHVXSRGHUGHIUHQDGDGHಣ
D¼QHVSRVLEOHIUHQDUHOYHK¯FXORFRQ ELGRDXQVREUHFDOHQWDPLHQWR
HORWURFLUFXLWR6LQHPEDUJRSDUDIUHಣ FDPELHDXQDPDUFKDP£VFRUWDDO
QDUKD\TXHSLVDUHOSHGDOILUPHಣ 3HOLJUR
EDMDUSRUSHQGLHQWHV1RXWLOLFHHO
PHQWH6HUHTXLHUHPXFKDP£V IUHQRFRQVWDQWHPHQWH
IXHU]DSDUDHOOR/DGLVWDQFLDGHIUHಣ 1RFRQGX]FDFRQHOSLHDSR\DGR
QDGRVHU£PD\RU$QWHVGHFRQWLQXDU HQHOSHGDOGHOIUHQR(VWRRFDVLRಣ 6LVXYHK¯FXORSLHUGHWHPSRUDOಣ
VXYLDMHUHFXUUDDODD\XGDGHXQ QDU£XQGHVJDVWHSUHPDWXURGH PHQWHODSRWHQFLDGHIUHQDGRGHಣ
&RQFHVLRQDULR2ILFLDOR6HUYLFLR ORVFRPSRQHQWHVGHOIUHQR$GHಣ ELGRDTXHORVFRPSRQHQWHVGHO
$XWRUL]DGR&KHYUROHW P£VORVIUHQRVSRGU¯DQVREUHFDಣ VLVWHPDGHIUHQRVHVW£QPRMDGRV
OHQWDUVHSRUORTXHVHQHFHVLWDU¯D HOSURFHGLPLHQWRVLJXLHQWHOHD\Xಣ
XQDPD\RUGLVWDQFLDGHIUHQDGR\ GDU£DUHFXSHUDUVXIXQFLRQDಣ
3HOLJUR VHFUHDU¯DXQDFRQGLFLµQGHLQVHಣ PLHQWRQRUPDO
JXULGDG &RPSUXHEHVLKD\RWURVYHK¯ಣ
6LIDOODXQRGHORVFLUFXLWRVKDEU£
TXHSLVDUP£VIXHUWHHOSHGDOGHO FXORVGHWU£VGHXVWHG
IUHQR\SXHGHDXPHQWDUODGLVWDQಣ 0DQWHQJDXQDYHORFLGDGVHಣ
FLDGHIUHQDGR+DJDUHYLVDU\UHಣ 3HOLJUR JXUDKDFLDGHODQWHFRQVXILಣ
SDUDUHOVLVWHPDGHIUHQRVHQXQ FLHQWHHVSDFLRGHWU£V\DORV
VHUYLFLRLQPHGLDWDPHQWH/HUHFRಣ 'HVSX«VGHFRQGXFLUSRUFKDUFRV ODGRV
PHQGDPRVTXHDFXGDDXQ&RQFH GHDJXDGHODYDUHOYHK¯FXORRKDಣ
EHUXWLOL]DGRGHPDVLDGRHOIUHQRDO $FFLRQHORVIUHQRVOHQWDPHQWH
VLRQDULR2ILFLDOR6HUYLFLR KDVWDUHFXSHUDUHOIXQFLRQDಣ
GHVFHQGHUSRUSHQGLHQWHVSURಣ
$XWRUL]DGR&KHYUROHW QXQFLDGDVORVIUHQRVSXHGHQSHUಣ PLHQWRQRUPDO
6LHOSHGDOGHOIUHQRVHKXQGHP£V GHUWHPSRUDOPHQWHVXSRGHUGH
GHORQRUPDOHVSRVLEOHTXHWHQJD IUHQDGD(VWRSXHGHGHEHUVHD
TXHUHSDUDUORVIUHQRV
&RQGXFFLäQ\PDQHMR
$VLVWHQWHGHIUHQDGD
VLDVÞHVWÒHTXLSDGR
$OSLVDUIXHUWH\UÒSLGRHOSHGDOGHO
IUHQRVHIUHQDDXWRPÒWLFDPHQWHFRQ
ODPÒ[LPDSRWHQFLDGHOIUHQR IUHQDGD
DIRQGR
0DQWHQJDSLVDGRHOSHGDOGHOIUHQR
PLHQWUDVVHDQHFHVDULRIUHQDUD
IRQGR/DPÒ[LPDIXHU]DGHIUHQDGD
VHUHGXFHDXWRPÒWLFDPHQWHDOVROWDU
HOSHGDOGHOIUHQR
&RQGXFFLäQ\PDQHMR
&RQGXFFLäQ\PDQHMR
3HOLJUR
(QGHWHUPLQDGDVFLUFXQVWDQFLDV
DOJXQDVVXSHUILFLHVUHIOHFWDQWHV
VREUHREMHWRVRURSDVDVÞFRPR
(ODVLVWHQWHGHHVWDFLRQDPLHQWRIDFLOLWD IXHQWHVGHUXLGRH[WHUQDVSXHGHQ
HOHVWDFLRQDPLHQWRPLGLHQGRODGLVಢ GDUOXJDUDIDOORVGHOVLVWHPDHQOD
WDQFLDHQWUHHOYHKÞFXOR\ORVREVWÒಢ GHWHFFLäQGHREVWÒFXORV
FXORVWUDVHURV\HPLWLHQGRXQDVHâDO
DFëVWLFDHQHOKDELWÒFXOR6LQHPಢ
EDUJRHVWRQRH[LPHDOFRQGXFWRUGH
VXUHVSRQVDELOLGDGDOHVWDFLRQDU(OVLVಢ
&RQGXFFLäQ\PDQHMR
ORVUHWURYLVRUHVH[WHULRUHVRJLಢ &RPEXVWLEOH
UDQGRODFDEH]DGXUDQWHHOHVWDಢ
FLRQDPLHQWR $GLWLYRVSDUDHO
(ODVLVWHQWHGHHVWDFLRQDPLHQWRIXQಢ FRPEXVWLEOH
FLRQDUÒFRUUHFWDPHQWHVREUHVXಢ
SHUILFLHVYHUWLFDOHVOLVDV 9HKÞFXORVFRQVLVWHPD
(&212)/(; DOFRKRO\QDIWD
/HUHFRPHQGDPRVTXHDâDGDXQ
ERWHGHDGLWLYR$&'HOFR)OH[SRZHU
FDGDOLWURVRFXDWUROOHQDGRVFRPಢ
SOHWRVGHOGHSäVLWRGHFRPEXVWLEOHHQ
ORVVLJXLHQWHVFDVRV
(QYHKÞFXORVTXHHVWÚQLQPRYLOL]Dಢ
GRVGXUDQWHPÒVGHGRVVHPDQDV
RVLVäORVHXWLOL]DQHQGLVWDQFLDV
FRUWDV\QRGLDULDPHQWH
(QYHKÞFXORVTXHQRVXHODQXWLOL]DU
DGLWLYRVSDUDHOFRPEXVWLEOH
$GYHUWHQFLD
1XQFDXWLOLFHDGLWLYRSDUDQDIWD
HQHODOFRKRORYLFHYHUVD
&RQGXFFLµQ\PDQHMR
(OLPLQHODHOHFWULFLGDGHVW£WLFDGH 3DUHHOPRWRU
VXVPDQRVWRFDQGRDOJ¼QREMHWR 3DUDGHVEORTXHDUODWDSDGHOGHಣ
TXHVHDFDSD]GHGHVFDUJDUODDQಣ SµVLWRGHFRPEXVWLEOHSXOVHHO
WHVGHWRFDURDEULUHOWDSµQGHO ERWµQ GHOSDQHOGHLQVWUXPHQWRV
FRPEXVWLEOHRODSLVWRODGHOVXUWLGRU RPDQGRDGLVWDQFLD
1RUHDOLFHQLQJXQDDFFLµQTXH $EUDODWDSDGHOGHSµVLWRGHFRPಣ
SXHGDJHQHUDUHOHFWULFLGDG EXVWLEOH
HVW£WLFDFRPRVXELU\EDMDUGHO *LUHHOWDSµQGHODERFDGHOOHಣ
YHK¯FXORFXDQGRFDUJXHFRPEXV QDGRHQVHQWLGRDQWLKRUDULROHQWDಣ
WLEOH(OYDSRUGHOFRPEXVWLEOH PHQWH6LR\HXQVLOELGRHVSHUHD
SRGU¯DLQIODPDUVHSRUODHOHFWULFL TXHGHMHGHVRQDUDQWHVGHGHVಣ
GDGHVW£WLFD HQURVFDUFRPSOHWDPHQWHHOWDಣ
6LSHUFLEHRORUDFRPEXVWLEOHGHQಣ /DWDSDGHOGHSµVLWRGHFRPEXVWLEOH SµQ
WURGHOYHK¯FXORKDJDVXEVDQDUOD HVW£HQHOODWHUDOWUDVHURGHUHFKRGHO
FDXVDLQPHGLDWDPHQWHHQXQ YHK¯FXOR
&RQFHVLRQDULR2ILFLDOR6HUYLFLR
$XWRUL]DGR&KHYUROHW
&RQGXFFLäQ\PDQHMR
6LHOWDSäQHVWÒEORTXHDGRSXHGH
GHVEORTXHDUORFRQODOODYHGHFRQಢ
WDFWR4XLWHHOWDSäQ(OWDSäQHVWÒ
HQJDQFKDGRDODELVDJUD
&LHUUHHOWDSäQFXDQGRKD\DUHಢ
SXHVWRHOFRPEXVWLEOH*ÞUHORKDಢ
FLDODGHUHFKDKDVWDTXHRLJDXQ
FOLF
(PSXMHODWDSDGHOGHSäVLWRGH
FRPEXVWLEOHKDVWDTXHHQFODYH
1RWD
&XDQGRKDFHIUÞRVLQRVHDEUHOD
WDSDGHOGHSäVLWRGHFRPEXVWLEOH
JROSÚHODOLJHUDPHQWH/XHJRLQWHQWH
DEULUODGHQXHYR
$WHQFLäQ
/LPSLHLQPHGLDWDPHQWHHOFRPಢ
EXVWLEOHTXHKD\DSRGLGRUHERVDU
&RQGXFFLäQ\PDQHMR
'HSäVLWRGHFRPEXVWLEOHSDUD /OHQHHOGHSäVLWRGHFRPEXVWLEOH
DUUDQTXHHQIUÞR SDUDDUUDQTXHHQIUÞRKDVWDOD
PDUFDGHUHIHUHQFLD
0RQWHHOWDSäQGHOGHSäVLWRGH
FRPEXVWLEOHSDUDDUUDQTXHHQ
IUÞR
&HUUDUHOFDSä
1RWD
0DQWHQJDVLHPSUHOOHQRHOGHSäVLWR
GHFRPEXVWLEOHSDUDDUUDQTXHHQ
IUÞRSUHIHULEOHPHQWHFRQQDIWD
GHRFWDQRVFRPRPÞQLPR\XQ
GHDOFRKRO
$VHJëUHVHGHOOHQDUHOGHSäVLWRGH
&RPSUXHEHVHPDQDOPHQWHHOQLYHO FRPEXVWLEOHSDUDDUUDQTXHHQIUÞR
GHOGHSäVLWRGHFRPEXVWLEOH\DVHJëಢ FRQQDIWDGHEXHQDFDOLGDG GH
UHVHGHPDQWHQHUOROOHQRSDUDORV RFWDQRVFRPRPÞQLPR\XQ
DUUDQTXHVHQIUÞR GHDOFRKRO
8WLOLFHVLHPSUHQDIWDDGLWLYR 1ROOHQHHOGHSäVLWRGHFRPEXVWLEOH
SDUDDUUDQTXHHQIUÞRFRQXQFRPಢ
3DUDFDUJDUFRPEXVWLEOHVLJDHVWH
EXVWLEOHTXHQRVHDQDIWD6LHO
SURFHGLPLHQWR
GHSäVLWRGHFRPEXVWLEOHSDUDDUUDQಢ
$SDJXHHOPRWRU TXHHQIUÞRVHOOHQDFRQRWURFRPಢ
$EUDHOFDSä EXVWLEOH GLÚVHODOFRKROHWF HOPRಢ
'HVPRQWHHOWDSäQGHOGHSäVLWR WRUGHOYHKÞFXORSXHGHVXIULUJUDYHV
GHFRPEXVWLEOHSDUDDUUDQTXHHQ GDâRV
IUÞR
&XLGDGRGHOYHKÞFXOR
3XHVWDHQVHUYLFLRGHQXHYR
3DUDYROYHUDSRQHUHQVHUYLFLRHOYHಢ
KÞFXOR
3 HOLJUR
(PERUQDUHOSRORQHJDWLYRGHODEDಢ
WHUÞDGHOYHKÞFXOR$FWLYDUHOFRQWURO /DVFRPSUREDFLRQHVHQHOFRPಢ
HOHFWUäQLFRGHORVDO]DFULVWDOHVHOÚFಢ SDUWLPLHQWRGHOPRWRUGHEHQHIHFಢ
WULFRV 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 HQFDMDGR
\GHYXÚOYDODDVXSRVLFLäQRULJLಢ
QDO
&XLGDGRGHOYHKÞFXOR
3HOLJUR
2EVHUYHVLHPSUHODVSUHFDXFLRಢ
QHVVLJXLHQWHV$QWHVGHFRQGXFLU
HOYHKÞFXORWLUHGHOERUGHGHODQಢ
WHURGHOFDSäSDUDDVHJXUDUVHGH
TXHHVWÚELHQHQFDMDGR
1RWLUHGHODPDQLMDGHGHVEORಢ
TXHRGHOFDSäPLHQWUDVHOYHಢ
KÞFXORHVWÚHQPRYLPLHQWR
1RFRQGX]FDHOYHKÞFXORFRQHO
FDSäDELHUWR(OFDSäDELHUWRREVಢ
WDFXOL]DUÒODYLVLäQGHOFRQGXFWRU $WHQFLäQ
&RQGXFLUHOYHKÞFXORFRQHOFDSä
DELHUWRSXHGHSURYRFDUXQDFROLಢ 1REDMHHOFDSäFXDQGRHVWÒVXMHಢ
VLäQ\RULJLQDUGDâRVHQHOYHಢ WDGRSRUODYDULOOD
KÞFXORHQRWUDVSURSLHGDGHVOHಢ
VLRQHVSHUVRQDOHVRLQFOXVRIDWDಢ
OHV
&XLGDGRGHOYHKÞFXOR
9LVWDGHOFRPSDUWLPHQWRGHOPRWRU
0RWRUHVQDIWHURV
&XLGDGRGHOYHKÞFXOR
0RWRUQDIWD
&XLGDGRGHOYHKÞFXOR
0RWRUQDIWD
&XLGDGRGHOYHKÞFXOR
0RWRUGLÚVHO
&XLGDGRGHOYHKÞFXOR
$WHQFLäQ
DFHLWHGHOPRWRU (VSRVLEOHTXHVLFRQGXFHHQODVPHಢ
MRUHVFRQGLFLRQHVSRVLEOHVHOVLVWHPD
(OYHKÞFXORGLVSRQHGHXQVLVWHPDLQಢ GHYLGDëWLOGHODFHLWHQRLQGLTXHTXH
6LKD\XQH[FHVRGHDFHLWHGHOPRಢ IRUPÒWLFRTXHLQGLFDFXÒQGRVHGHEH WLHQHTXHFDPELDUHODFHLWHKDVWD
WRUGHEHYDFLDUVHRDVSLUDUVH FDPELDUHOILOWUR\HODFHLWHGHOPRWRU GHQWURGHXQDâR(ODFHLWH\HOILOWUR
&XLGDGRGHOYHK¯FXOR
GHOPRWRUGHEHQFDPELDUVHFRPRP¯ಣ &RQHFWHHOHQFHQGLGRFRQHOPRಣ
QLPRXQDYH]DOD³R\HQHVHPRPHQ WRUSDUDGR
WRGHEHSRQHUVHDFHURHOVLVWHPD
(O&RQFHVLRQDULR2ILFLDOR6HUYLFLR
$XWRUL]DGR&KHYUROHWFXHQWDFRQ
SHUVRQDOW«FQLFRFDSDFLWDGRSDUD
UHDOL]DUHVWHWUDEDMR\UHLQLFLDUHO
VLVWHPD7DPEL«QHVLPSRUWDQWHTXH
FRPSUXHEHHODFHLWHUHJXODUPHQWH
HQWUHORVLQWHUYDORVGHYDFLDGRGHO
DFHLWH\ORPDQWHQJDFRQHOQLYHO
DGHFXDGR
6LHOVLVWHPDVHUHLQLFLDGHIRUPDDFಣ 3XOVHHOERWµQ6(7&/($5SDUD
FLGHQWDOHODFHLWHGHEHU£FDPELDUVH UHLQLFLDUODGXUDFLµQGHODFHLWHDO
DORVNPGHVGHHO¼OWLPRFDPELR 8WLOLFHHOERWµQ0(18\ODUXHGD
GHDFHLWH GHDMXVWHHQODSDODQFDGHORVLQಣ 'HVFRQHFWHHOHQFHQGLGR
'HVSX«VGHFDPELDUHODFHLWHVHU£ WHUPLWHQWHVSDUDGHVSOD]DUVH 7HQJDFXLGDGRGHQRUHLQLFLDUODLQGLಣ
QHFHVDULRUHLQLFLDUHOVLVWHPDGHFRQಣ KDVWDODRSFLµQ'XUDFLµQGHO FDFLµQGHODGXUDFLµQGHODFHLWHDFFLಣ
WUROGHODGXUDFLµQGHODFHLWH/HUHಣ DFHLWHGHOPRWRUHQHOFHQWURGH GHQWDOPHQWHGHVSX«VGHFDPELDUHO
FRPHQGDPRVTXHDFXGDDXQ LQIRUPDFLµQGHOFRQGXFWRU ',& DFHLWH1RVHSXHGHUHLQLFLDUFRQSUHಣ
&RQFHVLRQDULR2ILFLDOR6HUYLFLR FLVLµQ
$XWRUL]DGR&KHYUROHW 6LHOPHQVDMHGHOYHK¯FXORFµGLJR
3XHVWDDFHURGHOVLVWHPDGH &DPELHHODFHLWHGHOPRWRUSURQWR
YLGD¼WLOGHODFHLWHGHOPRWRU YXHOYHDDSDUHFHUHQHOFHQWURGHLQಣ
IRUPDFLµQGHOFRQGXFWRU ',& DO
3RQJDDFHURHOVLVWHPDFDGDYH]TXH
DUUDQFDUHOYHK¯FXORVLJQLILFDTXHQR
FDPELHHODFHLWHSDUDTXHSXHGDFDOಣ
FXODUFX£QGRVHWHQGU£TXHFDPELDU
GHQXHYRHODFHLWHGHOPRWRU
&XLGDGRGHOYHK¯FXOR
(OXVRGHXQO¯TXLGRLQFRUUHFWR
SXHGHSURYRFDUGD³RVHQHOYHಣ
K¯FXOR8VHVLHPSUHHOO¯TXLGRTXH $SDJXHHOPRWRU\GHMHTXHODFDMD
VHPXHVWUDHQODOLVWD/¯TXLGRV\ GHFDPELRVPDQXDOVHHQIU¯H
OXEULFDQWHVUHFRPHQGDGRV 5HWLUHHOWDSµQGHOOHQDGR
&XLGDGRGHOYHKÞFXOR
6XVWLWX\DHOILOWURGHDLUH
3HOLJUR $WHQFLäQ
6XMHWHODWDSDFRQODVELVDJUDV\
(OFDORUGHOPRWRUODFDMDGHFDPಢ WRUQLOORV 6äORGHEHXWLOL]DUVHDQWLFRQJHಢ
ELRVRHOOÞTXLGRSXHGHSURYRFDU ODQWHKRPRORJDGR
TXHPDGXUDV $WHQFLäQ
$VHJëUHVHGHTXHODFDMDGHFDPಢ 1LYHOGHUHIULJHUDQWH
(OPRWRUQHFHVLWDDLUHOLPSLRSDUD
ELRVVHKDHQIULDGRDQWHVGHWRಢ IXQFLRQDUDGHFXDGDPHQWH
FDUOD $WHQFLäQ
1RXWLOLFHHOYHKÞFXORVLQHOILOWURGH
DLUHLQVWDODGR 8QQLYHOGHUHIULJHUDQWHGHPDಢ
)LOWURGHDLUHGHOPRWRU VLDGREDMRSXHGHRFDVLRQDUGDâRV
6LVHFRQGXFHVLQHOILOWURGHDLUH
FRUUHFWDPHQWHLQVWDODGRHOYHಢ HQHOPRWRU
KÞFXORSRGUÞDUHVXOWDUGDâDGR
5HIULJHUDQWHGHOPRWRU
(QSDÞVHVFRQFOLPDWHPSODGRHOUHಢ
IULJHUDQWHRIUHFHSURWHFFLäQDQWLFRQಢ
JHODQWHKDVWDXQRV¡&
(QSDÞVHVFRQFOLPDH[WUHPDGDPHQWH
IUÞRHOUHIULJHUDQWHRIUHFHSURWHFFLäQ
DQWLFRQJHODQWHKDVWDXQRV¡&
6HGHEHPDQWHQHUXQDFRQFHQWUDFLäQ
'HVHQURVTXHORVGRVWRUQLOORV VXILFLHQWHGHDQWLFRQJHODQWH
6XHOWHODVELVDJUDVGHODWDSDGHO
ILOWURGHDLUH\DEUDODWDSD
&XLGDGRGHOYHK¯FXOR
(OQLYHOGHOOÞTXLGRGHODGLUHFFLäQ
DVLVWLGDGHEHHVWDUHQWUHODVPDUFDV
0,1\00$; 5HOOHQHFRQOÞTXLGRODYDSDUDEULVDV
5HOOÚQHORVLHOQLYHOHVWÒEDMR TXHFRQWHQJDDQWLFRQJHODQWH
&XLGDGRGHOYHK¯FXOR
3DUDUHOOHQDUHOGHSµVLWRGHOO¯TXLGR
GHODYDGRGHOSDUDEULVDV $WHQFLµQ
႑ 8WLOLFHVµORO¯TXLGRGHODYDGROLVWR $QWHVGHTXLWDUHOWDSµQGHOGHSµಣ
SDUDXVDUGLVSRQLEOHHQFRPHUFLRV VLWRGHOO¯TXLGRGHIUHQRVDVHJ¼ಣ
႑ 1RXWLOLFHDJXDGHOJULIR/RVPLQHಣ UHVHGHOLPSLDUFRPSOHWDPHQWH
UDOHVSUHVHQWHVHQHODJXDGHOJULIR WRGDOD]RQDGHDOUHGHGRU
SXHGHQWDSRQDUODVFRQGXFFLRQHV /DFRQWDPLQDFLµQGHOVLVWHPDGHO
GHOODYDSDUDEULVDV O¯TXLGRGHIUHQRVSXHGHDIHFWDUD
႑ 6LODWHPSHUDWXUDGHODLUHSXHGH ODVSUHVWDFLRQHVGHOVLVWHPD\
GHVFHQGHUGHOSXQWRGHFRQJHODಣ RFDVLRQDUXQDUHSDUDFLµQFRVಣ
FLµQXWLOLFHO¯TXLGRSDUDHOODYDSDಣ WRVD
UDEULVDVFRQVXILFLHQWHFRQWHQLGR 8QH[FHVRGHO¯TXLGRGHIUHQRVHQ
GHDQWLFRQJHODQWH (OQLYHOGHOO¯TXLGRGHIUHQRVGHEHHVಣ
WDUHQWUHODVPDUFDV0,1\0$; HOGHSµVLWRSXHGHSURYRFDUTXHVH
GHUUDPH\VHTXHPH
$OUHOOHQDUGHEHDVHJXUDUVHODP£ಣ
/¯TXLGRGHIUHQRV [LPDOLPSLH]D\DTXHODFRQWDPLQDಣ 1ROOHQHGHPDVLDGRHOGHSµVLWR
FLµQGHOO¯TXLGRGHIUHQRVSXHGHRFDಣ 8QLQFHQGLRGHOPRWRUSRGU¯DFDXಣ
$GYHUWHQFLD VLRQDUIDOORVHQHOVLVWHPDGHIUHQRV VDUOHVLRQHVSHUVRQDOHV\GD³DUHO
+DJDVXEVDQDUODFDXVDGHODS«UGLGD YHK¯FXOR\RWUDVSURSLHGDGHV
(OO¯TXLGRGHIUHQRVHVWµ[LFR\FRಣ GHO¯TXLGRGHIUHQRVHQXQ&RQFHVLRQDULR
UURVLYR(YLWHVXFRQWDFWRFRQORV
2ILFLDOR6HUYLFLR$XWRUL]DGR&KHYUROHW
RMRVODSLHOODURSDRVXSHUILFLHV $WHQFLµQ
SLQWDGDV 8WLOLFHVµORO¯TXLGRGHIUHQRVKRPRORಣ
JDGRSDUDHOYHK¯FXOR/¯TXLGRGHIUHಣ 1RGHVHFKHHOO¯TXLGRGHIUHQRV
QRV\HPEUDJXH XVDGRHQODEDVXUDGRP«VWLFD
8WLOLFHORVFHQWURVDXWRUL]DGRVGH
UHFROHFFLµQGHUHVLGXRVORFDOHV
&XLGDGRGHOYHKÞFXOR
(OOÞTXLGRGHIUHQRVXVDGR\VXHQಢ (YLWHVXFRQWDFWRFRQORVRMRVOD
YDVHVRQSHOLJURVRV3XHGHQVHU SLHOODURSDRVXSHUILFLHVSLQWDGDV
QRFLYRVSDUDVXVDOXG\HOPHGLR (OOÞTXLGRFRQWLHQHÒFLGRVXOIëULFR
DPELHQWH TXHSXHGHRFDVLRQDUOHVLRQHV\
(OOÞTXLGRGHIUHQRVHVDJUHVLYR\ GDâRVHQFDVRGHFRQWDFWRGLUHFWR
SXHGHLUULWDUODSLHO\ORVRMRV FRQHOPLVPR(QFDVRGHFRQWDFWR
/DVSLODVQRGHEHQDUURMDUVHDODEDಢ FRQODSLHOODYHOD]RQDFRQDJXD
1RSHUPLWDTXHHOOÞTXLGRGHIUHಢ \DFXGDLQPHGLDWDPHQWHDOPÚಢ
QRVHQWUHHQFRQWDFWRFRQODSLHOR VXUDGRPÚVWLFD'HEHQGHVHFKDUVH
HQXQSXQWRGHUHFROHFFLäQDXWRUL]DGR GLFR
ORVRMRV'HKDFHUOROÒYHVHLQPHಢ
GLDWDPHQWHOD]RQDDIHFWDGDFRQ SDUDVXUHFLFODMH 0DQWÚQJDVHOHMRVGHODOFDQFHGH
DEXQGDQWHDJXD\MDEäQRFRQXQ /DLQPRYLOL]DFLäQGHOYHKÞFXORGXಢ ORVQLâRV
SURGXFWRGHOLPSLH]DDGHFXDGR UDQWHPÒVGHVHPDQDVSXHGHRFDಢ 1RLQFOLQHXQDEDWHUÞDDELHUWD
VLRQDUODGHVFDUJDGHODEDWHUÞD'HVಢ
%DWHUÞD HPERUQHHOSRORQHJDWLYRGHODEDWHಢ 3URWHFFLäQFRQWUDGHVFDUJDGHODEDಢ
UÞDGHOYHKÞFXOR WHUÞD
/DEDWHUÞDGHOYHKÞFXORQRUHTXLHUH
6äORVHGHEHHPERUQDURGHVHPERUಢ
PDQWHQLPLHQWRVLHPSUHTXHHOSHUILO
QDUODEDWHUÞDFRQHOHQFHQGLGRGHVಢ
GHFRQGXFFLäQSHUPLWDTXHODEDWHUÞD
FRQHFWDGR
VHFDUJXHORVXILFLHQWH/DFRQGXFಢ
FLäQHQGLVWDQFLDVFRUWDV\ORVIUHಢ
FXHQWHVDUUDQTXHVGHOPRWRUSXHGHQ 3HOLJUR
GHVFDUJDUODEDWHUÞD(YLWHHOXVRGH
FRQVXPLGRUHVHOÚFWULFRVLQQHFHVDಢ 3DUDHYLWDUH[SORVLRQHVPDQಢ
ULRV WHQJDDOHMDGRGHODEDWHUÞDFXDOಢ
TXLHUPDWHULDOLQFDQGHVFHQWH/D
H[SORVLäQGHODEDWHUÞDSXHGHRFDಢ
VLRQDUOHVLRQHVJUDYHVRIDWDOHV\
GDâRVHQHOYHKÞFXOR
&XLGDGRGHOYHK¯FXOR
(WLTXHWDGHDGYHUWHQFLD ႑ 9HDHOPDQXDOGHLQVWUXFFLRQHV
SDUDREWHQHUP£VLQIRUPDFLµQ $WHQFLµQ
႑ 3XHGHKDEHUJDVHVH[SORVLYRV $QWHVGHLQWHQWDUHOYDFLDGRDVHಣ
FHUFDGHODEDWHU¯D J¼UHVHGHHVWDUFDSDFLWDGRSDUD
OOHYDUDFDERGLFKRWUDEDMR
)LOWURGHFRPEXVWLEOH /HUHFRPHQGDPRVTXHDFXGDDO
GL«VHO &RQFHVLRQDULR2ILFLDOR6HUYLFLR
$XWRUL]DGR&KHYUROHW
9DFLDUHODJXDGHOILOWURGH
FRPEXVWLEOH
6LHODJXDGHOFRPEXVWLEOHHQWUDHQHO
PRWRU\HOVLVWHPDGHFRPEXVWLEOH
SXHGHFDXVDUJUDYHVGD³RVHQHOVLVಣ
6LJQLILFDGRGHORVV¯PERORV WHPDGHFRPEXVWLEOH
႑ 1RDFHUFDUDFKLVSDVOODPDVVLQ &XDQGRHOQLYHOGHDJXDHQHOILOWURGH
SURWHFFLµQQLKXPR FRPEXVWLEOHVXSHUDXQGHWHUPLQDGR
႑ 3URWHJHUVLHPSUHORVRMRV/RVJDಣ QLYHOVHHQFLHQGHHOWHVWLJRGHDJXD
VHVH[SORVLYRVSXHGHQSURGXFLUFHಣ HQHOFRPEXVWLEOH
JXHUDROHVLRQHV 6LRFXUUHHVWRVHGHEHYDFLDULQPHಣ
႑ 0DQWHQJDODEDWHU¯DOHMRVGHODOಣ GLDWDPHQWHHODJXDGHOILOWURGHFRPಣ
FDQFHGHORVQL³RV EXVWLEOH
႑ /DEDWHU¯DFRQWLHQH£FLGRVXOI¼ULFR /RFDOLFHHOILOWURGHFRPEXVWLEOH
TXHSXHGHSURYRFDUFHJXHUDR MXQWRDOGHSµVLWRGHFRPEXVWLEOH
TXHPDGXUDVJUDYHV &RORTXHXQUHFLSLHQWHSDUDHO
DJXDGHEDMRGHOILOWURGHFRPEXVಣ
WLEOH
&XLGDGRGHOYHK¯FXOR
(VFRELOODOLPSLDSDUDEULVDV (VFRELOODOLPSLDSDUDEULVDV
GHODQWHUD WUDVHUD
3UHVLRQHODSDUWHGHODQWHUDGHOD
HVFRELOODPLHQWUDVODJLUH\SUHಢ
VLRQHKDFLDDUULED
6XMHWHODYDULOODGHOEUD]RGHOOLPಢ /HYDQWHODHVFRELOODFRORFÒQGROD
SLDSDUDEULVDV\OHYÒQWHOR HQHOPLVPRSODQRFRQUHVSHFWRDO
3UHVLRQHHOSDVDGRUGHVXMHFLäQ ILDGRUGHOEUD]R
GHODUHJOHWDGHDMXVWHFRQORVGHಢ ([WUDLJDODHVFRELOOD
GRV
&XLGDGRGHOYHKÞFXOR
6XVWLWXFLäQGH (VXQSUREOHPDVLPLODUDODFRQGHQಢ
VDFLäQHQHOLQWHULRUGHODVYHQWDQLಢ
OÒPSDUDV OODVGHOYHKÞFXORPLHQWUDVOOXHYH\QR
LQGLFDQLQJëQSUREOHPDFRQHOYHಢ
'HVFRQHFWHHOHQFHQGLGR\HOLQWHಢ KÞFXOR
UUXSWRUFRUUHVSRQGLHQWHRFLHUUHODV 6LHQWUDDJXDHQHOFLUFXLWRHOÚFWULFR
SXHUWDV GHODVOÒPSDUDVKDJDUHYLVDUHO
8QDOÒPSDUDQXHYDVäORVHGHEHVXಢ YHKÞFXORSRUHO&RQFHVLRQDULR2ILFLDO
MHWDUSRUODEDVH1RWRTXHHOFULVWDO R6HUYLFLR$XWRUL]DGR&KHYUROHW
GHODOÒPSDUDFRQODVPDQRVGHVQXಢ
GDV )DURV
8WLOLFHVäORHOPLVPRWLSRGHOÒPSDUD
5HWLUHODHVFRELOODGHOILDGRUSRUHO SDUDODVXVWLWXFLäQ /X]EDMD\OX]DOWD
DJXMHURGHJXÞD 6XVWLWX\DODVOÒPSDUDVGHORVIDURV
GHVGHHOFRPSDUWLPHQWRGHOPRWRU
1RWD
'HVSXÚVGHFRQGXFLUEDMRODOOXYLDR
GHODYDUHOYHKÞFXORDOJXQDVOHQWHV
GHODVOXFHVH[WHULRUHVSRGUÞDQHPಢ
SDâDUVH
(VWRVHGHEHDODGLIHUHQFLDGHWHPಢ
SHUDWXUDHQWUHHOLQWHULRU\HOH[WHULRU
GHODVOXFHV
'HVPRQWHODWDSDSURWHFWRUD
&XLGDGRGHOYHK¯FXOR
'HVHQFKXIHHOFRQHFWRUGHOD /RVWRUQLOORVGHDMXVWHHVW£QVLWXDGRV
O£PSDUD SRUHQFLPDGHODWDSDGHODOX]GH
6XVWLWX\DODO£PSDUD\HQFKXIHHO FUXFH
FRQHFWRUDODO£PSDUD &RQHOGHVWRUQLOODGRUJLUHORVWRUQLOORV
&XDQGRPRQWHODQXHYDO£PSDUD GHDMXVWHPHGLDYXHOWDHQVHQWLGRKRಣ
LQVHUWHODVOHQJ¾HWDVHQORVUHEDಣ UDULR
MHVGHOUHIOHFWRU 3DUDVXGHVDFWLYDFLµQJLUHORVWRUQLಣ
(QFODYHHOFOLSHO£VWLFR OORVGHDMXVWHPHGLDYXHOWDKDFLDOD
L]TXLHUGD
&RORTXHODWDSDSURWHFWRUDGHO
IDURHQVXSRVLFLµQ\FL«UUHOD
$WHQFLµQ
9HK¯FXORVFRQVLVWHPDGHIDURV
3UHVLRQHHOFOLSHO£VWLFR\GHVHQಣ KDOµJHQRVFXDQGRVHFRQGXFHHQHO +DJDFRPSUREDUHOUHJODMHGHORV
FO£YHOD H[WUDQMHUR IDURVGHVSX«VGHODGHVDFWLYDFLµQ
([WUDLJDODO£PSDUDGHODFDMDGHO /HUHFRPHQGDPRVTXHDFXGDDO
UHIOHFWRU &RQFHVLRQDULR2ILFLDOR6HUYLFLR
$XWRUL]DGR&KHYUROHW
3HOLJUR
(ODMXVWHLQDGHFXDGRGHORVIDURV
SXHGHHQFDQGLODUDOFRQGXFWRU
GHOFDUULOFRQWUDULR
$M¼VWHORVVµORFXDQGRVHDQHFHಣ
VDULR
&XLGDGRGHOYHK¯FXOR
,QWHUPLWHQWHVGHODQWHURV
'HVPRQWHODWDSDSURWHFWRUD
'HVPRQWHODO£PSDUDGHOFDVTXLಣ
OOR
,QVHUWHODO£PSDUDQXHYD
*LUHHOSRUWDO£PSDUDVHQVHQWLGR
(QFKXIHHOFRQHFWRUHQODO£P DQWLKRUDULR\GHVHQFO£YHOR
OOD
,QVHUWHHOSRUWDO£PSDUDVHQHOUHಣ
SDUD
&RORTXHODWDSDSURWHFWRUDGHO
IDURHQVXSRVLFLµQ\FL«UUHOD
&XLGDGRGHOYHK¯FXOR
/XFHVWUDVHUDV
3UHVLRQHOLJHUDPHQWHODO£PSDUD /X]WUDVHUDOX]GHIUHQR
HQHOFDVTXLOORJ¯UHODHQVHQWLGR ,QWHUPLWHQWH
DQWLKRUDULRV£TXHOD\VXVWLWX\DOD 'HVHQURVTXHORVGRVWRUQLOORV
O£PSDUD /X]GHPDUFKDDWU£V ODGRGHO
7LUHGHOFRQMXQWRGHODOX]GHOSRUಣ DFRPSD³DQWH DQWLQLHEODWUDVHUR
,QVHUWHHOSRUWDO£PSDUDVHQHOUHಣ WµQWUDVHUR RWDSDGHOED¼O SDUD ODGRGHOFRQGXFWRU
IOHFWRU\J¯UHORHQVHQWLGRKRUDULR H[WUDHUOR$VHJ¼UHVHGHTXHHO
SDUDHQFDMDUOR FRQGXFWRGHFDEOHVSHUPDQH]FD
HQVXSRVLFLµQ
&XLGDGRGHOYHKÞFXOR
'HVPRQWHHOSRUWDOÒPSDUDV3UHಢ ([WUDLJDODOÒPSDUDKDFLHQGRSDಢ
VLRQHOLJHUDPHQWHODOÒPSDUDHQ ODQFDFRQXQGHVWRUQLOODGRU7LUH
HOFDVTXLOORJÞUHODHQVHQWLGRDQಢ GHODOÒPSDUDKDFLDGHODQWH ODGR
WLKRUDULRVÒTXHOD\VXVWLWX\DOD GHOFRQGXFWRU RKDFLDDWUÒV ODGR
OÒPSDUD GHODFRPSDâDQWH $FRQWLQXDಢ
,QVHUWHHOSRUWDOÒPSDUDVHQHO FLäQJLUHODOÒPSDUDKDFLDDEDMR
JUXSRäSWLFRWUDVHUR\DWRUQÞOOHOR \H[WUÒLJDODSRUODDSHUWXUD
HQVXSRVLFLäQ0RQWHHOJUXSR *LUHHOSRUWDOÒPSDUDVHQVHQWLGR
äSWLFRWUDVHURHQODFDUURFHUÞD\ DQWLKRUDULR
DSULHWHORVWRUQLOORV&LHUUH\HQಢ ([WUDLJDODOÒPSDUDGHOSRUWDOÒPಢ
FODYHODVWDSDV SDUDV\FÒPELHOD
&RQHFWHHOHQFHQGLGRHQFLHQGD\ 9XHOYDDPRQWDUHQRUGHQLQಢ
*LUHHOSRUWDOÒPSDUDVHQVHQWLGR FRPSUXHEHWRGDVODVOXFHV YHUVR
DQWLKRUDULR
,QWHUPLWHQWHVODWHUDOHV 7HUFHUDOX]GHIUHQR
&XLGDGRGHOYHK¯FXOR
/X]GHODSDWHQWH /XFHVLQWHULRUHV
/XFHVGHFRUWHV¯D
3DUDGHVPRQWDUODXWLOLFHXQGHVಣ
WRUQLOODGRUGHSXQWDSODQD\KDJD
SDODQFDHQHOODGRFRQWUDULRDOGHO
LQWHUUXSWRU 7HQJDFXLGDGRGHQR
KDFHUDUD³D]RV
'HVPRQWHODO£PSDUD
([WUDLJDODO£PSDUDKDFLHQGRSDಣ
6XVWLWX\DODO£PSDUD ODQFDFRQXQGHVWRUQLOODGRU
9XHOYDDPRQWDUHOJUXSRµSWLFR
([WUDLJDODO£PSDUDKDFLHQGRSDಣ
ODQFDFRQXQGHVWRUQLOODGRU
([WUDLJDODFDMDGHODO£PSDUDKDಣ
FLDDEDMRVLQWLUDUGHOFDEOH
*LUHHOSRUWDO£PSDUDVHQVHQWLGR
DQWLKRUDULRSDUDGHVHQFODYDU
'HVPRQWHODO£PSDUDGHOSRUWDಣ
O£PSDUDV\VXVWLWX\DODO£PSDUD
&XLGDGRGHOYHK¯FXOR
6LVWHPDHO«FWULFR 1RWD
(VSRVLEOHTXHQRWRGDVODVGHVFULSಣ
FLRQHVGHODVFDMDVGHIXVLEOHVHQHO
)XVLEOHV PDQXDOVHDQDSOLFDEOHVDVXYHಣ
(OIXVLEOHGHUHSXHVWRGHEHWHQHUOD K¯FXOR
PLVPDHVSHFLILFDFLµQTXHHOIXVLEOH &XDQGRFRPSUXHEHODFDMDGHIXVLಣ
GHIHFWXRVR EOHVFRQVXOWHODHWLTXHWDGHOD
(QXQDFDMDHQFLPDGHOERUQHSRVLಣ PLVPD
WLYRGHODEDWHU¯DKD\DOJXQRVIXVLಣ
EOHVSULQFLSDOHV6LIXHUDQHFHVDULR ([WUDFWRUGHIXVLEOHV
K£JDORVFDPELDUHQXQ&RQFHVLRQDULR 3XHGHKDEHUXQH[WUDFWRUGHIXVLEOHV
2ILFLDOR6HUYLFLR$XWRUL]DGR&KHYUROHW HQODFDMDGHIXVLEOHVGHOFRPSDUWLಣ
PHQWRGHOPRWRU
'HVPRQWHODO£PSDUD $QWHVGHVXVWLWXLUXQIXVLEOHGHVFRಣ
QHFWHHOLQWHUUXSWRUFRUUHVSRQGLHQWH\ &RORTXHHOH[WUDFWRUGHIXVLEOHVVREUH
,QVHUWHODO£PSDUDQXHYD
HOHQFHQGLGR ORVGLYHUVRVWLSRVGHIXVLEOHGHVGHOD
0RQWHODO£PSDUD SDUWHVXSHULRURODWHUDO\H[WUDLJDHO
8QIXVLEOHGHIHFWXRVRSXHGHUHFRQRಣ
IXVLEOH
FHUVHSRUTXHHOKLORHVW£IXQGLGR1R
VXVWLWX\DHOIXVLEOHKDVWDTXHVHVXEಣ
VDQHODFDXVDGHODDYHU¯D
$OJXQDVIXQFLRQHVSXHGHQHVWDUSURಣ
WHJLGDVSRUYDULRVIXVLEOHV
3XHGHKDEHUIXVLEOHVLQVHUWDGRVVLQ
TXHODIXQFLµQHVW«GLVSRQLEOHHQHO
YHK¯FXOR
&XLGDGRGHOYHKÞFXOR
9HQWLODGRU (1&(1','2$55$148(
GHO,(&
(QFHQGLGRGHODERPEDGH
DJXDYDULDEOH 5HOÚGH(1&(1','2
$55$148(
5HWURYLVRUH[WHULRU
5HOÚGHHQFHQGLGRGHOD
6LVWHPDRSHUDWLYR$26526 ERPEDGHDJXDDX[LOLDU
$FHLWHGHO$%6 (QFHQGLGRGHODERPEDGH
DJXDDX[LOLDU
&RQWURO59&
5HWURYLVRUH[WHULRUFDOHIDFಢ
/LPSLDOXQHWD FLRQDGR
ಥ 5HOÚGHOFDOHQWDGRUGHOILOWUR
9ÒOYXODGHO$%6 GHFRPEXVWLEOH
&XLGDGRGHOYHKÞFXOR
%XMÞDVGHLQFDQGHVFHQFLD 5HOÚGHHQFHQGLGR
(&0 5HOÚGHOHPEUDJXHGH&$
5HOÚGHODOX]DOWD (OEORTXHGHIXVLEOHVLQWHULRUHVWÒVLಢ
(PEUDJXHGH&$
WXDGRHQODSDUWHLQIHULRUGHOWDEOHURGH
7&0 %RFLQD LQVWUXPHQWRVHQHOODGRGHOFRQGXFWRU
(&0 )DURVDQWLQLHEOD
&XLGDGRGHOYHKÞFXOR
&XDGURGHOSDQHOGHLQVWUXಢ (1&(1','2$55$148(GHO
PHQWRV ,3& DLUEDJ
2167$5 5HOÚGHHQFHQGLGR
$VLVWHQWHGHHVWDFLRQDPLHQWR 5HOÚGHOSRUWäQWUDVHUR
8OWUD (1&(1','2$55$148(GHO
&HQWURGHLQIRUPDFLäQGHO WUÒLOHU
FRQGXFWRU &DEOHHQHVSLUDO
$XGLR &DOHIDFFLäQYHQWLODFLäQDLUH
5HPROTXH DFRQGLFLRQDGR
9/%6 )XVLEOHGHUHSXHVWR
&+(9<67$5 7HFKRVRODU
&XLGDGRGHOYHKÞFXOR
-XHJRGHUHSDUDFLäQGH 3DUDFDPELRPDQXDOVHOHFFLRQHOD
SULPHUDRPDUFKDDWUÒV
QHXPÒWLFRV 3DUDFDPELRDXWRPÒWLFRFRORTXHHO
(OMXHJRGHUHSDUDFLäQGHQHXPÒWLFRV FDPELRHQODSRVLFLäQ3
SHUPLWHVXEVDQDUGDâRVPHQRUHVHQ
ODVXSHUILFLHGHURGDGXUD\HQHO (OMXHJRGHUHSDUDFLäQGHQHXPÒWLFRV
IODQFRGHOQHXPÒWLFR HVWÒHQXQFRPSDUWLPHQWRGHEDMRGH
ODFXELHUWDGHOSLVRHQHOFRPSDUWLಢ
1RUHWLUHORVFXHUSRVH[WUDâRVGHORV PHQWRGHFDUJD
QHXPÒWLFRV
/RVGDâRVTXHVXSHUHQORVPPR
TXHHVWÚQHQHOIODQFRGHOQHXPÒWLFR
FHUFDGHODOODQWDQRSXHGHQVHUVXEಢ
VDQDGRVFRQHOMXHJRGHUHSDUDFLäQ 6DTXHHOFDEOHGHFRQH[LäQHOÚFಢ
GHQHXPÒWLFRV WULFD \HOWXERIOH[LEOHGHDLUH
GHOFRPSDUWLPHQWRSRUWDREMHಢ
3HOLJUR WRVHQODSDUWHLQIHULRUGHOFRPಢ
SUHVRU
1RFRQGX]FDDPÒVGHNPK
1RORXVHGXUDQWHXQSHULRGRSURಢ
ORQJDGR
(OPDQHMRGHOYRODQWH\ODPDQLRಢ
6DTXHHOMXHJRGHUHSDUDFLäQGH
EUDELOLGDGSXHGHQYHUVHDIHFWDಢ
QHXPÒWLFRVGHOFRPSDUWLPHQWR
GDV
6DTXHHOFRPSUHVRU\HOERWHGH
(QFDVRGHVXIULUXQSLQFKDUXGD VHOODGRU
3RQJDHOIUHQRGHHVWDFLRQDPLHQWR
&XLGDGRGHOYHKÞFXOR
GHVHOODGRUHVWÚHQSRVLFLäQYHUWLಢ
FDO
SUHVFULWDVLJQLILFDTXHHOGDâRGHO
QHXPÒWLFRHVGHPDVLDGRJUDYH
5HFXUUDDODD\XGDGHXQVHUYLFLR
DXWRUL]DGR9DFÞHHOH[FHVRGH
SUHVLäQGHORVQHXPÒWLFRVPHಢ
GLDQWHHOERWäQVLWXDGRHQFLPDGHO
LQGLFDGRUGHSUHVLäQ
(OFRPSUHVRUQRGHEHHVWDUHQ
VHUYLFLRPÒVGHPLQXWRV
'HVDFRSOHHOMXHJRGHUHSDUDFLäQ
GHQHXPÒWLFRV3XOVHODSHVWDâD
TXHKD\HQHOVRSRUWHSDUDGHVಢ
/DSUHVLäQSUHVFULWDSDUDHOQHXಢ PRQWDUHOERWHGHVHOODGRUGHOVRಢ &RQWLQëHODPDUFKDLQPHGLDWDಢ
PÒWLFR XQRVEDUHV GHEHDOಢ SRUWH(QURVTXHHOWXERIOH[LEOHGH PHQWHSDUDTXHHOVHOODGRUVHGLVಢ
FDQ]DUVHHQXQSOD]RGH LQIODGRHQODFRQH[LäQOLEUHGHO WULEX\DXQLIRUPHPHQWHHQHOQHXಢ
PLQXWRV8QDYH]DOFDQ]DGDOD ERWHGHVHOODGRU(VWRHYLWDIXJDV PÒWLFR'HVSXÚVGHFRQGXFLU
SUHVLäQFRUUHFWDGHVFRQHFWHHO GHVHOODGRU*XDUGHHOMXHJRGH XQRVNP QRPÒVGH
FRPSUHVRU UHSDUDFLäQGHQHXPÒWLFRVHQHO PLQXWRV GHWÚQJDVH\FRPಢ
6LODSUHVLäQSUHVFULWDQRVHDOಢ FRPSDUWLPHQWRGHFDUJD SUXHEHODSUHVLäQGHOQHXPÒWLFR
FDQ]DHQXQSOD]RGH (OLPLQHHOH[FHVRGHVHOODGRUFRQ 3DUDHOORFRQHFWHGLUHFWDPHQWHHO
PLQXWRVGHVFRQHFWHHOMXHJR XQSDâR WXERIOH[LEOHGHDLUHDODYÒOYXOD
GHUHSDUDFLäQGHQHXPÒWLFRV GHOQHXPÒWLFR\DOFRPSUHVRU
/DSHJDWLQDTXHVHDGMXQWDFRQHO
+DJDJLUDUHOQHXPÒWLFRXQD ERWHGHVHOODGRUTXHLQGLFDODYHಢ 6LODSUHVLäQGHOQHXPÒWLFRHVVXಢ
YXHOWDFRPSOHWD9XHOYDDFRQHFಢ ORFLGDGPÒ[LPDDXWRUL]DGD SHULRUDEDUDMëVWHODDOYDORU
WDUHOMXHJRGHUHSDUDFLäQGHQHXಢ NPKDSUR[ GHEHFRORFDUVH FRUUHFWR EDUDSUR[ 5HSLWDHO
PÒWLFRV\FRQWLQëHHOSURFHVRGH HQHOFDPSRYLVXDOGHOFRQGXFWRU SURFHGLPLHQWR SDVRQ« KDVWD
LQIODGRGXUDQWHRWURVPLQXWRV TXHQRKD\DPÒVSÚUGLGDGHSUHಢ
6LDëQQRVHDOFDQ]DODSUHVLäQ VLäQ
&XLGDGRGHOYHK¯FXOR
8WLOLFHHOJDWRëQLFDPHQWHSDUD 1XQFDH[FHGDODFDUJDPÒ[LPD
FDPELDUODVUXHGDVHQFDVRGHSLQಢ SHUPLWLGDGHOJDWR
FKDGXUDQRSDUDHOFDPELRHVWDFLRಢ
QDOGHQHXPÒWLFRVGHLQYLHUQRRGH 6LHVWHJDWRVHXWLOL]DHQRWURVYHಢ
YHUDQR KÞFXORVÚVWRVRHOJDWRSRGUÞDQUHಢ
VXOWDUGDâDGRV\FDXVDUOHVLRQHV
6LHOWHUUHQRGRQGHHVWÒHVWDFLRಢ SHUVRQDOHV
QDGRHOYHKÞFXORHVEODQGRGHEH
FRORFDUVHGHEDMRGHOJDWRXQDEDVH
HVWDEOH FRQXQJURVRUPÒ[LPRGH
FP
1RGHEHKDEHUSHUVRQDVQLDQLPDಢ
OHVGHQWURGHOYHKÞFXORFXDQGRVH
XWLOLFHHOJDWR 'HVSOLHJXHODOODYHSDUDUXHGDV\
1RVHPHWDQXQFDGHEDMRGHXQYHಢ PäQWHODDVHJXUÒQGRVHGHVXFRಢ
KÞFXORTXHHVWÚDO]DGRFRQXQJDWR UUHFWDFRORFDFLäQ\DIORMHFDGD
WXHUFDGHUXHGDPHGLDYXHOWD
1RDUUDQTXHHOYHKÞFXORPLHQWUDV
HVWÚOHYDQWDGRFRQHOJDWR
/LPSLHODVWXHUFDVGHUXHGD\ODV
URVFDVDQWHVGHPRQWDUODUXHGD
'HVHQFODYHODWD]DGHUXHGDFRQ
3HOLJUR XQGHVWRUQLOODGRU\GHVPäQWHOD
(OJDWRHVWÒGLVHâDGRSDUDXVDUOR
H[FOXVLYDPHQWHFRQVXYHKÞFXOR
1RXWLOLFHHVWHJDWRHQRWURVYHKÞಢ
FXORV
&XLGDGRGHOYHKÞFXOR
$WHQFLäQ
1HXPÒWLFRGHUHSXHVWRGH
WDPDâRQRUPDO
(VWHWLSRGHUXHGDGHDX[LOLRHV (OXVRGHXQDUXHGDGHDX[LOLRGH
VäORSDUDXVRWHPSRUDOHQFDVRGH LJXDOWDPDâRTXHODVGHPÒVUXHGDV
HPHUJHQFLD RMXQWRFRQQHXPÒWLFRVGHLQYLHUQR
SRGUÞDDIHFWDUDOFRPSRUWDPLHQWRGH
6XVWLWX\DODUXHGDGHDX[LOLRSRU
PDUFKD
XQDUXHGDQRUPDOORDQWHVSRVLEOH
1RXWLOLFHFDGHQDV
1RPRQWHQLQJëQQHXPÒWLFRHQ
HVWDOODQWDTXHQRVHDLGÚQWLFRDO
RULJLQDO
/DUXHGDGHDX[LOLRHVWÒVLWXDGDHQ 1RODPRQWHHQRWURVYHKÞFXORV
HOFRPSDUWLPHQWRGHFDUJDGHEDMRGH
ODFXELHUWDGHOSLVR(VWÒILMDGDHQHO 5XHGDGHHPHUJHQFLD
UHEDMHPHGLDQWHXQDWXHUFDGHPDULಢ
(OXVRGHODUXHGDGHHPHUJHQFLD
SRVD
SXHGHDIHFWDUDOFRPSRUWDPLHQWRGH
(OKXHFRGHODUXHGDGHDX[LOLRQR PDUFKD+DJDVXVWLWXLURUHSDUDUHO
HVWÒGLVHâDGRSDUDWRGRVORVWDPDಢ QHXPÒWLFRDYHULDGRORDQWHVSRVLEOH
âRVGHQHXPÒWLFRVSHUPLWLGRV6LXQD
6äORGHEHPRQWDUVHXQDUXHGDGH +DJDVXVWLWXLUHOQHXPÒWLFRDYHULDGR
UXHGDHVPÒVDQFKDTXHODGHUHಢ
HPHUJHQFLD1RFRQGX]FDDPÒVGH ORDQWHVSRVLEOH/DUXHGDGHDX[LOLR
SXHVWRVHGHEHJXDUGDUHQHOKXHFR
NPK7RPHODVFXUYDVGHVSDFLR HVWÒVLWXDGDHQHOFRPSDUWLPHQWR
GHODUXHGDGHDX[LOLRGHVSXÚVGH
1RXWLOLFHODUXHGDGXUDQWHXQSHUÞRGR GHFDUJDGHEDMRGHODFXELHUWD
FDPELDUODVUXHGDVODFXELHUWDGHO
GHWLHPSRSURORQJDGR GHOSLVR(VWÒILMDGDHQHOUHEDMHPHಢ
SLVRSXHGHFRORFDUVHHQFLPDGHOD
UXHGDTXHVREUHVDOH &DGHQDVSDUDQLHYH GLDQWHXQDWXHUFDGHPDULSRVD
&XLGDGRGHOYHKÞFXOR
5HPROFDGR 2EVHUYHORVVLJXLHQWHVSURFHGLPLHQಢ
WRVFXDQGRUHPROTXHXQYHKÞFXOR
5HPROFDGRGHOYHKÞFXOR 1RGHEHTXHGDUQLQJëQRFXSDQWH
HQHOYHKÞFXORUHPROFDGR
6LQHFHVLWDUHPROFDUVXYHKÞFXORXWLಢ
OLFHQXHVWUDUHGGHVHUYLFLRRXQVHUಢ 6XHOWHHOIUHQRGHHVWDFLRQDPLHQWR
YLFLRGHJUëDSURIHVLRQDO GHOYHKÞFXORUHPROFDGR\SRQJDHO
FDPELRHQSXQWRPXHUWR
&RQHFWHODVOXFHVGHHPHUJHQFLD
0DQWHQJDORVOÞPLWHVGHYHORFLGDG
5HPROFDGRGHHPHUJHQFLD
(QFDVRGHHPHUJHQFLDVLQRKD\
GLVSRQLEOHXQVHUYLFLRGHUHPROTXH
SXHGHUHPROFDUWHPSRUDOPHQWHHOYHಢ
KÞFXORFRQXQFDEOHVXMHWRDOJDQFKR
GHUHPROTXHGHHPHUJHQFLD
(OPHMRUPÚWRGRHVWUDQVSRUWDUHOYHಢ
KÞFXORPHGLDQWHXQYHKÞFXORGHUHVಢ
FDWH
6LVHUHPROFDGHUXHGDVGHEHQHOHಢ
YDUVHODVUXHGDVPRWULFHVGHODQWHUDV
\UHPROFDUVHFRQODVUXHGDVGHODQWHಢ
UDVEORTXHDGDV
&XLGDGRGHOYHK¯FXOR
(QURVTXHHOJDQFKRGHUHPROTXHWRGR 9HK¯FXORVFRQFDPELRDXWRP£WLFR
ORSRVLEOHKDVWDTXHTXHGHHQSRVLಣ 1RUHPROTXHHOYHK¯FXORXVDQGRHO
FLµQKRUL]RQWDO JDQFKRGHUHPROTXH
)LMHXQFDEOHGHUHPROTXHದRPHMRU 6LVHUHPROFDHOYHK¯FXORFRQXQFDಣ
XQDEDUUDGHUHPROTXHದDOJDQFKR EOHGHUHPROTXHHOFDPELRDXWRP£ಣ
(OJDQFKRGHUHPROTXHVµORGHEHXWLಣ WLFRSXHGHVXIULUGD³RVJUDYHV
OL]DUVHSDUDUHPROFDU\QRSDUDHOUHVಣ &XDQGRUHPROTXHXQYHK¯FXORFRQ
FDWHGHOYHK¯FXOR FDPELRDXWRP£WLFRXWLOLFHXQDSODWDಣ
IRUPDRXQHTXLSRSDUDOHYDQWDUODV
&RQHFWHHOHQFHQGLGRSDUDGHVEORಣ UXHGDV
TXHDUHOYRODQWH\SDUDTXHIXQFLRQHQ
ODVOXFHVGHIUHQRODERFLQD\ORVOLPಣ 9HK¯FXORVFRQFDPELRPDQXDO(OYHಣ
SLDSDUDEULVDV K¯FXORGHEHUHPROFDUVHKDFLDDGHಣ
'HVHQFODYHODWDSDHMHUFLHQGRSUHಣ ODQWHVLQVXSHUDUXQDYHORFLGDGGH
&DPELRHQSXQWRPXHUWR NPK(QWRGRVORVGHP£VFDVRV
VLµQ\GHVPµQWHOD
(OJDQFKRGHUHPROTXHVHJXDUGDFRQ RVLHOFDPELRHVW£DYHULDGRHOHMH
$WHQFLµQ GHODQWHURGHEHOHYDQWDUVHGHOVXHOR
ODVKHUUDPLHQWDVGHOYHK¯FXOR
&RQGX]FDGHVSDFLR(YLWHORVWLURಣ 5HFXUUDDODD\XGDGHXQ&RQFHVLRQDULR
QHV/DVIXHU]DVGHWUDFFLµQH[FHಣ 2ILFLDOR6HUYLFLR$XWRUL]DGR&KHYUROHW
VLYDVSRGU¯DQGD³DUHOYHK¯FXOR 7UDVHOUHPROFDGRGHVHQURVTXHHO
JDQFKRGHUHPROTXH
6LHOPRWRUQRHVW£HQPDUFKDVHUHಣ
TXLHUHPXFKDP£VIXHU]DSDUDIUHQDU ,QVHUWHODWDSD\FL«UUHOD
\GLULJLUHOYHK¯FXOR
3DUDHYLWDUTXHHQWUHKXPRGHOHVಣ
FDSHGHOYHK¯FXORWUDFWRUFRQHFWHHO
VLVWHPDGHUHFLUFXODFLµQGHDLUH\FLHಣ
UUHODVYHQWDQLOODV
&XLGDGRGHOYHKÞFXOR
5HPROFDGRGHRWUR $WHQFLäQ
YHKÞFXOR
&RQGX]FDGHVSDFLR(YLWHORVWLURಢ
QHV/DVIXHU]DVGHWUDFFLäQH[FHಢ
VLYDVSRGUÞDQGDâDUHOYHKÞFXOR
(QURVTXHHOJDQFKRGHUHPROTXHWRGR
ORSRVLEOHKDVWDTXHTXHGHHQSRVLಢ
FLäQKRUL]RQWDO
'HVHQFODYHODWDSDHMHUFLHQGRSUHಢ )LMHXQFDEOHGHUHPROTXHRPHMRU
VLäQ\GHVPäQWHOD(OJDQFKRGHUHಢ XQDEDUUDGHUHPROTXHDOJDQFKR
PROTXHVHJXDUGDFRQODVKHUUDPLHQಢ (OJDQFKRGHUHPROTXHVäORGHEHXWLಢ
WDVGHOYHKÞFXOR OL]DUVHSDUDUHPROFDU\QRSDUDHOUHVಢ
FDWHGHOYHKÞFXOR
7UDVHOUHPROFDGRYXHOYDDPRQWDUOD
WDSDILUPHPHQWH
&XLGDGRGHOYHK¯FXOR
(OWDEOHURGHLQVWUXPHQWRVVäORGHEH 3LH]DVGHSOÒVWLFR\GHJRPD
OLPSLDUVHFRQXQSDâRVXDYHKëಢ /DVSLH]DVGHSOÒVWLFR\JRPDSXHಢ
PHGR GHQOLPSLDUVHFRQORVPLVPRVSURGXFಢ
/LPSLHODWDSLFHUÞDFRQXQDDVSLUDಢ WRVTXHODFDUURFHUÞD(QFDVRQHFHಢ
GRUD\XQFHSLOOR(OLPLQHODVPDQಢ VDULRXWLOLFHXQOLPSLDGRUSDUDLQWHULRಢ
FKDVFRQXQOLPSLDGRUSDUDWDSLFHಢ UHV1RXVHQLQJëQRWURSURGXFWR
UÞDV (YLWHHVSHFLDOPHQWHHOXVRGHGLVROಢ
/RVWHMLGRVGHODURSDSXHGHQGHVWHಢ YHQWHV\QDIWD1RXVHHTXLSRVGH
âLU(VWRSRGUÞDRFDVLRQDUGHFRORUDಢ OLPSLH]DDDOWDSUHVLäQ
FLRQHVYLVLEOHVHVSHFLDOPHQWHHQODV
WDSLFHUÞDVGHFRORUHVFODURV/DV
PDQFKDV\GHFRORUDFLRQHVGHEHUÞDQ
OLPSLDUVHORDQWHVSRVLEOH
/LPSLHORVFLQWXURQHVGHVHJXULGDG
FRQDJXDWHPSODGDROLPSLDGRUSDUD
LQWHULRUHV
$WHQFLäQ
&LHUUHODVILMDFLRQHVGHYHOFUR\D
TXHORVFLHUUHVGHYHOFURDELHUWRV
GHODURSDSXHGHQGDâDUHOWDSLಢ
]DGRGHORVDVLHQWRV
6HUYLFLR\PDQWHQLPLHQWR
6HUYLFLR\ ,QIRUPDFLµQJHQHUDO
PDQWHQLPLHQWR ,QIRUPDFLµQGHVHUYLFLR
3DUDJDUDQWL]DUODVHJXULGDG\ODHFRಣ
QRP¯DGHIXQFLRQDPLHQWRGHOYHಣ
,QIRUPDFLµQJHQHUDO K¯FXORDV¯FRPRSDUDPDQWHQHUVX
3LH]DVO¯TXLGRV\OXEULFDQWHV YDORUHVGHYLWDOLPSRUWDQFLDUHDOL]DU
UHFRPHQGDGRV WRGRVORVWUDEDMRVGHPDQWHQLPLHQWR
HQORVLQWHUYDORVFRUUHFWRVVHJ¼QOR
HVSHFLILFDGR
(OSODQGHPDQWHQLPLHQWRSURJUDPDGR
VHHQFXHQWUDGLVSRQLEOHHQODS£JLQD
ZHEGH&KHYUROHW$UJHQWLQD
6HUYLFLR\PDQWHQLPLHQWR
6LQRKD\GLVSRQLEOHDFHLWHGHODFDOLಢ JëUHVHVLHPSUHGHHOHJLUXQDFHLWH
GDGUHTXHULGDVHSXHGHXVDUKDVWD TXHFXPSODODHVSHFLILFDFLäQGHಢ
XQPÒ[LPRGHOLWURGH$&($$% [RV70
R$% VäORXQDYH]HQWUHFDGD +DVWD¡&::
FDPELRGHDFHLWH
+DVWD¡&\PHQRV::
/DYLVFRVLGDGGHEHVHUGHOJUDGRFRಢ
UUHFWR 5HIULJHUDQWH\DQWLFRQJHODQWH
6HSURKÞEHHOXVRGHDFHLWHGHOPRWRU 8WLOLFHVäORUHIULJHUDQWHGHODUJDGXಢ
FRQFDOLGDG$&($$%R$%VRಢ UDFLäQ //& ELRGHJUDGDEOHKRPRORಢ
ODPHQWH\DTXHVHSXHGHQRFDVLRQDU JDGRSDUDHOYHKÞFXOR5HFXUUDDXQ
GDâRVHQHOPRWRUDODUJRSOD]RHQ WDOOHU
GHWHUPLQDGDVFRQGLFLRQHVGHIXQFLRಢ (QSDÞVHVFRQFOLPDWHPSODGRHOUHಢ
QDPLHQWR 6$(:HVHOPHMRUJUDGRGHYLVಢ IULJHUDQWHRIUHFHSURWHFFLäQDQWLFRQಢ
FRVLGDGSDUDHOYHKÞFXOR1RXWLOLFH JHODQWHKDVWDXQRV«&
$GLWLYRVGHODFHLWHGHOPRWRU DFHLWHVGHJUDGRVGHYLVFRVLGDG
(OXVRGHDGLWLYRVGHODFHLWHGHOPRWRU FRPR6$(::R (QSDÞVHVFRQFOLPDIUÞRHOUHIULJHಢ
SRGUÞDFDXVDUGDâRV\DQXODUODJDಢ : UDQWHRIUHFHSURWHFFLäQDQWLFRQJHಢ
UDQWÞD ODQWHKDVWDXQRV«&(VWDFRQಢ
)XQFLRQDPLHQWRFRQWHPSHUDWXUDV FHQWUDFLäQGHEHUÞDPDQWHQHUVHGXಢ
*UDGRVGHYLVFRVLGDGGHODFHLWHGH EDMDV UDQWHWRGRHODâR
PRWRU (Q]RQDVPX\IUÞDVGRQGHODWHPSHಢ
6HGHEHPDQWHQHUXQDFRQFHQWUDFLäQ
(OJUDGRGHYLVFRVLGDG6$(LQIRUPD UDWXUDEDMHGHORV¡&VHGHEHUÞD
VXILFLHQWHGHDQWLFRQJHODQWH
VREUHODIOXLGH]GHODFHLWH XVDUXQDFHLWH6$(:;;8QDFHLWH
FRQHVWHJUDGRGHYLVFRVLGDGDUUDQಢ /RVDGLWLYRVSDUDHOUHIULJHUDQWHGHVಢ
(ODFHLWHPXOWLJUDGRVHLGHQWLILFDPHಢ FDUÒPHMRUHQIUÞRFXDQGRHOPRWRU WLQDGRVDRIUHFHUSURWHFFLäQDGLFLRQDO
GLDQWHGRVFLIUDV HVWÚDWHPSHUDWXUDVPX\EDMDV FRQWUDODFRUURVLäQRDVHOODUIXJDV
/DSULPHUDFLIUDVHJXLGDSRUXQD: &XDQGRVHOHFFLRQHXQDFHLWHFRQHO PHQRUHVSXHGHQFDXVDUSUREOHPDV
LQGLFDODYLVFRVLGDGDEDMDVWHPSHUDಢ JUDGRGHYLVFRVLGDGDSURSLDGRDVHಢ GHIXQFLRQDPLHQWR(OIDEULFDQWHQR
WXUDV\ODVHJXQGDFLIUDLQGLFDODYLVಢ
FRVLGDGDDOWDVWHPSHUDWXUDV
6HUYLFLR\PDQWHQLPLHQWR
VHKDFHUHVSRQVDEOHGHODV ([FHSWRHOPRWRUGHJDVROLQD
FRQVHFXHQFLDVGHOXVRGHDGLWLYRV 3DUD&KLQD8WLOLFHVäOR;*36$(
SDUDHOUHIULJHUDQWH ::
([FHSWR&KLQD8VHVäOROÞTXLGR
/ÞTXLGRGHIUHQRV &DVWURO%27
8WLOLFHVäORQXHVWUROÞTXLGRGHIUHQRV
DXWRUL]DGRSDUDHVWHYHKÞFXOR $FHLWHGHOFDPELRDXWRPÒWLFR
'27 8WLOLFHVäOR'H[URQ9,
&RQHOWLHPSRHOOÞTXLGRGHIUHQRV
DEVRUEHKXPHGDGTXHUHGXFHODHILಢ
FDFLDGHOVLVWHPDGHIUHQRV3RUHVR
VHGHEHVXVWLWXLUHOOÞTXLGRGHIUHQRV
HQHOLQWHUYDORHVSHFLILFDGR
(OOÞTXLGRGHIUHQRVGHEHJXDUGDUVH
HQXQHQYDVHFHUUDGRSDUDHYLWDUOD
DEVRUFLäQGHDJXD
$VHJëUHVHGHTXHHOOÞTXLGRGHIUHQRV
QRVHFRQWDPLQH
/ÞTXLGRGHODGLUHFFLäQDVLVWLGD
8WLOLFHVäOR'H[URQ9,
$FHLWHGHOFDPELRPDQXDO
3DUDHOPRWRUQDIWHUR8WLOLFH
VäORDFHLWH6$(:
'DWRVWÚFQLFRV
/DSODFDGHFDUDFWHUÞVWLFDVVHHQಢ
FXHQWUDHQHOPDUFRGHODSXHUWDGHO
FRQGXFWRU
(OQëPHURGHLGHQWLILFDFLäQGHOYHಢ
KÞFXOR 9,1 HVWÒJUDEDGRHQHOFHQWUR
GHOFRUWDIXHJRV
Datos técnicos 237
3UHVWDFLRQHV
' 5HJLäQ$QGLQD )*7<&$0%,2 9*7<&$0%,2
0RWRU ' ' ' GHO6XU 0$18$/ 0$18$/
9HORFLGDGPÒ[LPD >NPK@
&DPELRPDQXDO
&DPELRDXWRPÒWLFR ಥ ಥ ಥ
3HVRVGHOYHKÞFXOR
3HVRPÞQHQYDFÞRFRQFRQGXFWRU NJ
0RWRU\FDMDGHFDPELRV 'RVYROëPHQHV>NJ@ 7UHVYROëPHQHV>NJ@
1DIWD '<&$0%,20$18$/
'<&$0%,20$18$/
'<&$0%,2$8720²7,&2
'<&$0%,20$18$/
'<&$0%,2$8720²7,&2
3HVRPÒ[HQYDFÞRFRQFRQGXFWRU NJ
0RWRU\FDMDGHFDPELRV 'RVYROëPHQHV>NJ@ 7UHVYROëPHQHV>NJ@
1DIWD '<&$0%,20$18$/
'<&$0%,20$18$/
'<&$0%,2$8720²7,&2
'<&$0%,20$18$/
'<&$0%,2$8720²7,&2
'LÚVHO )*7<&$0%,20$18$/
9*7<&$0%,20$18$/
'DWRVWÚFQLFRV
3HVRPÒ[LPRDXWRUL]DGR
0RWRUQDIWHUR
0RWRU\FDMDGHFDPELRV 'RVYROëPHQHV>NJ@ 7UHVYROëPHQHV>NJ@
1DIWD '<&$0%,20$18$/
'<&$0%,20$18$/
'<&$0%,2$8720²7,&2
'<&$0%,20$18$/
'<&$0%,2$8720²7,&2
'LÚVHO )*7<&$0%,20$18$/
9*7<&$0%,20$18$/
'LPHQVLRQHVGHOYHKÞFXOR
'RVYROëPHQHV 7UHVYROëPHQHV
/RQJLWXG>PP@
$QFKXUD>PP@
$OWXUD>PP@
/RQJLWXGGHOSLVRGHOFRPSDUWLPHQWRGHFDUJD>PP@
$QFKXUDGHOFRPSDUWLPHQWRGHFDUJD>PP@
'DWRVWÚFQLFRV
'RVYROëPHQHV 7UHVYROëPHQHV
$OWXUDGHOFRPSDUWLPHQWRGHFDUJD>PP@
'LVWDQFLDHQWUHHMHV>PP@
'LÒPHWURGHJLUR>P@
&DSDFLGDGHV
$FHLWHGHOPRWRU
1$)7$ ',º6(/
0RWRU '' ' )*7 9*7
LQFOXLGRHOILOWUR>O@
HQWUH0,1\0$;>O@
'HSäVLWRGHFRPEXVWLEOH
&DSDFLGDGQRPLQDO>O@
'DWRVWÚFQLFRV
3UHVLRQHVGHORVQHXPÒWLFRV
1HXPÒWLFRV >N3DEDU@ >SVL@
5
5
5
(OQHXPÒWLFRUHDOPRQWDGRHQHOYHKÞFXORSXHGHGLIHULUVHJëQHOPRWRU
Servicio y mantenimiento 243
Mantenimiento programado
3ODQHVGHUHYLVLRQHV
,QVSHFFLRQDUHVWRVSXQWRV\ODVSLH]DVUHODFLRQDGDV6LIXHUDQHFHVDULRFRUUHJLUOLPSLDUUHOOHQDUDMXVWDURUHHPSOD]DU
5HSRQHURFDPELDU
1)
al año
Operaciones de servicio
kms (x1000) 10 20 30 40 50 60 70 80 90 100
SISTEMA DE CONTROL DEL MOTOR
Inspeccionar cada 60.000 kms o 2 años
1.3L Diesel
Correa de accesorios Sustituir cada 150.000 kms o 10 años
1.6L
2) y 3)
Aceite del motor y filtro de aceite del motor
Mangueras y conexiones del sistema de enfriamiento del motor
4)
Fluido refrigerante del motor
5)
Filtro de combustible 1.3L Diesel
Líneas de combustible y conexiones
6)
Filtro de aire del motor
Bujías de encendido 1.6L
2) Si el vehículo se utiliza en condiciones severas: conducción en trayectos cortos, marcha en ralenti prolongada, o circulación en zonas polvorientas
FDPELHHODFHLWH\HO¿OWURGHDFHLWHFDGDNPVRPHVHVORTXHRFXUUDSULPHUR
244 Servicio y mantenimiento
1)
al año
Operaciones de servicio
kms (x1000) 10 20 30 40 50 60 70 80 90 100
Holgura de válvulas Inspeccione y ajuste: cada 160.000 kms o 10 años.
Tuberías de vapor y depósito canister
Respiradero del cárter
Correa de distribución del motor 1.6L Sustituir cada 160.000 kms o 10 años
Cadena de distribución del motor 1.3L Diesel No requiere mantenimiento
CHASIS Y CARROCERÍA
7)
Filtro de aire del habitáculo (A/C)
Línea de escape y soportes
Fluido del sistema de frenos Sustituir cada 2 años
8)
Pastillas y discos de frenos delanteros
8)
Zapatas y tambores de frenos traseros
Freno de estacionamiento
Líneas y conexiones del sistema de frenos (incluido el servofreno)
Aceite de la transmisión manual
Apriete y fijación de los tornillos y tuercas del chasis y los bajos
9)
Fluido de la transmisión automática
3) Se requiere una mayor frecuencia de mantenimiento si se circula por zonas polvorientas.
5HHPSODFHFDGDNPVRDxRV
Servicio y mantenimiento 245
1)
al año
Operaciones de servicio
kms (x1000) 10 20 30 40 50 60 70 80 90 100
10)
Estado de los neumáticos y presión de inflado. Ver observación detallada abajo
11)
Alineación de las ruedas 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
3XHGHVHUQHFHVDULRUHHPSOD]DUHOHOHPHQWRGHO¿OWURGHFRPEXVWLEOHGLHVHOFRQPD\RUIUHFXHQFLDHQFDVRGHPDQHMRVHYHURHQFOLPDVSROYRULHQWRVR
PDQHMRHQWHUUHQRVGLItFLOHVRDOUHPROFDUXQWUDLOHUSRUXQODUJRSHUtRGRGHWLHPSR
,QVSHFFLRQHFDGDNPVRPHVHVVLVHFLUFXODSRU]RQDVSROYRULHQWDV6LHVQHFHVDULRFRUULMDOLPSLHRUHHPSODFH
8) Si el vehículo se utiliza en condiciones severas: conducción en trayectos cortos, marcha en ralenti prolongada, o circulación en zonas polvorientas la
frecuencia de mantenimiento es mayor.
6HGHEHUiLQVSHFFLRQDUHOÀXLGRVLH[LVWLHVHXQGHIHFWRHQODWUDQVPLVLyQRVHYHUL¿FDVHSpUGLGDGHÀXLGR
6HGHEHLQVSHFFLRQDUHOHVWDGRGHORVQHXPiWLFRVDQWHVGHFRQGXFLUHOYHKtFXOR\FRPSUREDUODSUHVLyQGHLQÀDGRFRQXQPDQyPHWURFDGDYH]TXH
cargue combustible o, al menos, una vez al mes.
5HJLVWURGHGDWRVGHO VLQWRQL]DGDVODVSRVLFLRQHVGHORV
,QIRUPDFLäQGH DVLHQWRV\ORVDMXVWHVGHODWHPSHUDಢ
FOLHQWHV YHKÞFXOR\SULYDFLGDG WXUD
(OYHKÞFXORWLHQHXQDVHULHGHFRPSX
WDGRUDVTXHUHJLVWUDQLQIRUPDFLäQ 5HJLVWUDGRUHVGHGDWRV
5HJLVWURGHGDWRVGHOYHKÞFXOR\ VREUHODVSUHVWDFLRQHVGHOYHKÞFXOR\
SULYDFLGDG VREUHODFRQGXFFLäQ3RUHMHPSORHO 5HJLVWURGHGDWRVGHOYHKÞFXOR
YHKÞFXORXWLOL]DPäGXORVLQIRUPÒWLFRV (VWHYHKÞFXORSXHGHHVWDUHTXLSDGR
SDUDVXSHUYLVDU\FRQWURODUHOUHQGLಢ FRQXQPäGXORTXHUHJLVWUDGDWRVHQ
PLHQWRGHOPRWRU\GHODFDMDGHFDPಢ FDVRGHDFFLGHQWHRFXDVLDFFLGHQWH
ELRVSDUDVXSHUYLVDUODVFRQGLFLRQHV SRUHMHPSORFXDQGRGHGHVSOLHJDXQ
SDUDHOGHVSOLHJXHGHORVDLUEDJV\ DLUEDJRHOYHKÞFXORFKRFDFRQWUDXQ
DFWLYDUORVHQFDVRGHFKRTXH\VL REVWÒFXORHQODYÞD(VWRVGDWRVSRಢ
HVWÒHTXLSDGRSURSRUFLRQDUODIXQಢ GUÞDQD\XGDUDFRPSUHQGHUPHMRUODV
FLäQDQWLEORTXHRGHORVIUHQRVSDUD FLUFXQVWDQFLDVHQTXHVHSURGXFHQ
D\XGDUDOFRQGXFWRUDFRQWURODUHOYHಢ ORVDFFLGHQWHV\ODVOHVLRQHV$OJXQRV
KÞFXOR(VWRVPäGXORVSXHGHQDOPDಢ GDWRVVHSXHGHQUHODFLRQDUFRQODGLಢ
FHQDUGDWRVTXHD\XGHQDOWÚFQLFRGHO QÒPLFDGHOYHKÞFXOR\HOIXQFLRQDಢ
GLVWULEXLGRUDUHSDUDUHOYHKÞFXOR$Oಢ PLHQWRGHORVVLVWHPDVGHVHJXULGDG
JXQRVPäGXORVWDPELÚQSXHGHQDOಢ /RVGDWRVSXHGHQPRVWUDU
PDFHQDUGDWRVVREUHHOIXQFLRQDಢ &äPRHVWDEDQIXQFLRQDQGRGLYHUಢ
PLHQWRGHOYHKÞFXORWDOHVFRPRHO VRVVLVWHPDVGHOYHKÞFXOR
FRQVXPRGHFRPEXVWLEOHRODYHORFLಢ
GDGPHGLD(VWRVPäGXORVSXHGHQ 6LORVFLQWXURQHVGHVHJXULGDGGHO
PHPRUL]DUSUHIHUHQFLDVSHUVRQDOHV FRQGXFWRU\GHODFRPSDâDQWHHVWDಢ
WDOHVFRPRODVHPLVRUDVGHUDGLRSUHಢ EDQDEURFKDGRVRQR
,QIRUPDFLäQGHFOLHQWHV
6LHOFRQGXFWRUHVWDEDSLVDQGRHO SHFLDOHVSRGUÒQOHHUODLQIRUPDFLäQVL
SHGDOGHODFHOHUDGRRGHOIUHQR\ WLHQHQDFFHVRDOYHKÞFXORRDOPäಢ
FRQTXÚLQWHQVLGDG GXOR
/DYHORFLGDGDODTXHFLUFXODEDHO *0QRDFFHGHUÒDHVWRVGDWRVQLORV
YHKÞFXOR IDFLOLWDUÒDWHUFHURVH[FHSWRFRQDXಢ
(VWRVGDWRVD\XGDQDFRPSUHQGHUODV WRUL]DFLäQGHOSURSLHWDULRGHOYHKÞFXOR
FLUFXQVWDQFLDVHQTXHVHSURGXFHQ RHQYHKÞFXORVGHOHDVLQJFRQODDXಢ
ORVDFFLGHQWHV\ODVOHVLRQHV(OYHಢ WRUL]DFLäQGHODUUHQGDWDULRSRUUHTXHಢ
KÞFXORUHJLVWUDUÒORVGDWRVVäORHQ ULPLHQWRSROLFLDORGHRUJDQLVPRVHVಢ
FDVRGHDFFLGHQWHQRVHUHJLVWUDUÒQ WDWDOHVHTXLYDOHQWHVFRPRSDUWHGH
GDWRVHQFRQGLFLRQHVGHFRQGXFFLäQ ODGHIHQVDGH*0HQFDVRGHOLWLJLRD
QRUPDOHV\QRVHUHJLVWUDQGDWRVSHUಢ WUDYÚVGHOSURFHVRGHLQVWUXFFLäQR
VRQDOHV1RREVWDQWHWHUFHUDVSDUWHV SRUSUHVFULSFLäQOHJDO/RVGDWRVTXH
FRPRODVDXWRULGDGHVSROLFLDOHVRMXಢ *0UHFRSLODRUHFLEHWDPELÚQSXHGHQ
GLFLDOHV SRGUÞDQFRPELQDUORVGDWRV XWLOL]DUVHFRQILQHVGHLQYHVWLJDFLäQ
UHJLVWUDGRVFRQHOWLSRGHGDWRVGH SRUODSURSLDRUJDQL]DFLäQGH*0R
LGHQWLILFDFLäQSHUVRQDOUHFRSLODGRV FRPSDUWLUVHFRQRWUDVRUJDQL]DFLRಢ
GHIRUPDUXWLQDULDGXUDQWHODLQYHVWLಢ QHVVLHPSUHTXHVHDFUHGLWHODQHಢ
JDFLäQGHXQDFFLGHQWH FHVLGDGGHVXLQYHVWLJDFLäQ\ORVGDಢ
WRVQRHVWÚQYLQFXODGRVDXQYHKÞFXOR
3DUDODOHFWXUDGHORVGDWRVUHJLVWUDಢ HVSHFÞILFRQLDXQGHWHUPLQDGRSURಢ
GRVVRQQHFHVDULRVHTXLSRVHVSHಢ SLHWDULR
FLDOHV\DFFHVRDOYHKÞFXORRDOPäಢ
GXORFRUUHVSRQGLHQWH$GHPÒVGHOIDಢ
EULFDQWHGHOYHKÞFXORWHUFHUDVSDUWHV
FRPRODVDXWRULGDGHVSROLFLDOHVRMXಢ
GLFLDOHV TXHWHQJDQORVHTXLSRVHVಢ
$ $VLVWHQWHGHDUUDQTXHHQ
¾QGLFHDOIDEÚWLFR $FFHVRULRV\PRGLILFDFLRQHVGHO SHQGLHQWHV
YHKÞFXOR $VLVWHQWHGHIUHQDGD
$FHLWHGHODFDMDGHFDPELRV $YHUÞD
$FHLWHGHOFDPELRDXWRPÒWLFR $YLVRVDFëVWLFRV
$FHLWHGHOPRWRU
$GLWLYRVSDUDHOFRPEXVWLEOH %
$LUEDJV\SUHWHQVRUHVGH %DOL]D
FLQWXURQHV %DWHUÞD
$LUHDFRQGLFLRQDGR %ORTXHRDXWRPÒWLFR
$MXVWHGHORVDVLHQWRV %ORTXHRPDQXDOGHSXHUWDV
$MXVWHGHORVDSR\DFDEH]DV %OXHWRRWK
$MXVWHGHORVUHWURYLVRUHV %RFLQD
$MXVWHGHOYRODQWH %RWLTXÞQ
$MXVWHHOÚFWULFR
&
$MXVWHPDQXDO
&DGHQDVSDUDQLHYH
$O]DFULVWDOHVHOÚFWULFRV
&DMDGHFDPELRV
$O]DFULVWDOHVPDQXDOHV
&DMDGHIXVLEOHVGHO
$OVDOLUGHYLDMH
FRPSDUWLPHQWRGHOPRWRU
$QWHQDGHPÒVWLOILMR
&DMDGHIXVLEOHVGHOWDEOHURGH
$QWLHQFDGLODPLHQWRPDQXDO
LQVWUXPHQWRV
$QWLWLQLHEODWUDVHUR
$SR\DFDEH]DV &DOHIDFFLRQDGR
$UJROODVGHILMDFLäQGHORV &DPELRDXQDPDUFKDPÒVODUJD
DQFODMHV &DPELRDXWRPÒWLFR
$UUDQTXHFRQFDEOHV &DPELRGHOWDPDâRGH
$UUDQTXHGHOPRWRU QHXPÒWLFRV\OODQWDV
$VLVWHQWHGHHVWDFLRQDPLHQWR &DPELRGHUXHGDV
$VLVWHQWHGHHVWDFLRQDPLHQWRSRU &DPELRGHXQQHXPÒWLFR
XOWUDVRQLGRV &DPELRPDQXDO
/ 1 3RVLFLRQHVGHPRQWDMHGHO
/LPSLDODYDOXQHWD 1HXPÒWLFRVGHLQYLHUQR VLVWHPDGHUHWHQFLäQLQIDQWLO
/LPSLDODYDSDUDEULVDV 1LYHOGHFRPEXVWLEOHEDMR 3UHFDOHQWDPLHQWR\ILOWURGH
/ÞTXLGRGHIUHQRV 1ëPHURGHLGHQWLILFDFLäQGHO SDUWÞFXODVGLÚVHO
/ÞTXLGRGHODFDMDGHFDPELRV YHKÞFXOR 3UHVLäQGHDFHLWHGHOPRWRU
PDQXDO 3UHVLäQGHORVQHXPÒWLFRV
/ÞTXLGRGHODGLUHFFLäQDVLVWLGD 2 3UHVLRQHVGHORVQHXPÒWLFRV
3UHVWDFLRQHV
/ÞTXLGRGHODYDGR 3 3URIXQGLGDGGHOGLEXMR
/ÞTXLGRV\OXEULFDQWHV 3URJUDPDHOHFWUäQLFRGH
3DODQFDVHOHFWRUD
UHFRPHQGDGRV HVWDELOLGDG
3DQWDOODGHLQIRUPDFLäQDERUGR
/ODQWDV\QHXPÒWLFRV 3URWHFFLäQFRQWUDGHVFDUJDGH
3DQWDOODLQGLFDGRUDGHOFDPELR
/ODYHV ODEDWHUÞD
/XFHVDQWLQLHEOD 3XHUWDDELHUWD
3DUDVROHV
/XFHVGHHPHUJHQFLD 3XUJDGHOVLVWHPDGH
3HOLJUR$GYHUWHQFLD\$WHQFLäQ
/XFHVGHPDUFKDDWUÒV FRPEXVWLEOHGLÚVHO
3HUVRQDOL]DFLäQ
/XFHVLQWHULRUHV 3HUVRQDOL]DFLäQGHOYHKÞFXOR
/XFHVWUDVHUDV
5
3HVRVGHOYHKÞFXOR 5DGLR$0)0
/XQHWDWÚUPLFDWUDVHUD 3ODFDGHFDUDFWHUÞVWLFDV
/X]DOWD 5HDOL]DFLäQGHWUDEDMRV
3OHJDGR 5HFRUGDWRULRGHOFLQWXUäQGH
/X]GHSDWHQWH 3RUWDDQWHRMRV VHJXULGDG
0 3RUWDREMHWRVEDMRHODVLHQWR 5HGGHHTXLSDMH
0DQGRDGLVWDQFLD 3RUWDREMHWRVHQHOWDEOHURGH 5HIULJHUDQWHGHOPRWRU
0DQGRVHQHOYRODQWH LQVWUXPHQWRV 5HIULJHUDQWH\DQWLFRQJHODQWH
0DQHMR 3RUWDYDVRV 5HJLVWUDGRUHVGHGDWRV
0HQVDMHVGHOYHKÞFXOR 3RVLFLäQGHDVLHQWR 5HJLVWURGHGDWRVGHOYHKÞFXOR\
0DWDIXHJRV 3RVLFLRQHVGHODFHUUDGXUDGHO SULYDFLGDG
HQFHQGLGR
2640583