Cap3 Esterilizacion 9874
Cap3 Esterilizacion 9874
&$3Ë78/2
(48,326<352&(626'((67(5,/,=$&,Ï1
'(6&5,3&,Ï1
(Q HO PHUFDGR H[LVWHQ RIHUWDV GH HTXLSRV GH FDUDFWHUtVWLFDV DSDUHQWHPHQWH
GLVWLQWDV SHUR TXH IXQGDPHQWDOPHQWH UHDOL]DQ ODV PLVP DV IXQFLRQHV 8QRV VH
SUHVHQWDQ FRPR DXWRPiWLFRV \ RWURV LQFOX\HQ YDULRV FLFORV DGLFLRQDOHV PHQRV
KDELWXDOHV
8Q DXWRFODYH HVWi FRQVWLWXLGR EiVLFDPHQWH SRU XQD FiPDUD R GRV UtJLGD \
KHUPpWLFD PHWiOLFD JHQHUDOPHQWH DFHUR LQR[LGDEOH R VHJ~Q QRUPD V
,5$0 TXH LQFOX\H XQD SXHUWD FRQ GLVSRVLWLYRV GH VHJXULGDG SDUD SHUPLWLU
LQWURGXFLUORVREMHWRVDHVWHULOL]DU\VXFDSDFLGDGVHPLGHHQOLWURV
(VWDFiPDUDOOHYDDGRVDGRVGLVSRVLWLYRVSDUDPHGLGDGHSUHVLyQ\WHPSHUDWXUD
\HOHPHQWRVFDOHIDFWRUHVSDUDPDQ WHQHUODFDOLHQWH
6HJ~QODIRUPDGHHOLPLQDFLyQGHODLUHFRQWHQLGRHQODFiPDUDSRGHPRV
FODVLILFDUORVHQ
*UDYLWDFLRQDOHV OD HOLPLQDFLyQ GHO DLUH GH OD FiPDUD VH HIHFW~D SRU
GHVSOD]DPLHQWR JUDYLWDFLRQDO 6X SULQFLSDO DSOLFDFLyQ HVHQODHVWHULOL]DFLyQGH
VROXFLRQHVDFXRVDV\FLHUWDVSUyWHV LV
&RQYDFtRSUHYLR\VHFDGRHOYDFtRSUHYLRSHUPLWHODWRWDOHOLPLQDFLyQGHODLUH
FRQWHQLGR GHQWUR GH OD FiPDUD \ GH ORV PDWHULDOHV JDUDQWL]DQGR DVt XQD
GLVWULEXFLyQ KRPRJpQHD GHO YDSRU UHTXLVLWR IXQGDPHQWDO SDUD ORJUDU OD
HVWHULOL]DFLyQ (Q FXDQWR DO VHFDGR HV LQGLVSHQVDEOH SDUD HYLWDU OD
FRQWDPLQDFLyQGHORVPDWHULDOHVHVWHULOL]DGRV
6HJ~QODIRUPDGHJHQHUDFLyQGHOYDSRUORVHTXLSRVSXHGHQVHU
&RQJHQHUDGRUGHYDSRUSURSLR
&RQJHQHUDGRUGHYDSRUH[WHUQRPHGLDQWHXQDFDOGHUDFHQWUDO
/RVFLFORVPiVKDELWXDOHVTXHORVIDEULFDQWHVLQFRUSRUDQHQHVWRVHTXLSRVVRQ
%LRLQJHQLHUtD ,QVWDODFLRQHV+RVSLWDODULDV
&LFOR GH & SDUD OD GHVLQIHFFLyQ GH OtTXLGRV \ REMHWRV GHOLFDGRV 1R
ROYLGHPRVTXHSRUGHEDMRGHORV&VyORVHSXHGHKDEODUGHGHVLQIHFFLyQ
QXQFD GH HVWHULOL]DFLyQ $FODUDPRV HVW R SRUTXH VH VXHOH RtU FRQ IUHFXHQFLD
HUUyQHDPHQWHWUDWDGRHVWHFLFORFRPRHVWHULOL]DGRUGHOtTXLGRV
&LFOR GH & SDUD OD HVWHULOL]DFLyQ JHQHUDO GHO LQVWUXPHQWDO JXDQWHV \
WHMLGRVFOtQLFRV
&LFORGH&SDUDODHVWHULOL]DFLyQGHPDWHULDOTXLU~UJ LFRRFRQULHVJR
&LFOR GH & OODPDGR WDPELpQ FLFOR UiSLGR 3DUD HVWHULOL]DU
IXQGDPHQWDOPHQWHLQVWUXPHQWDOFX\RXVRSXHGDVHULQPHGLDWRRXUJHQWH
$WRGRVHVWRVFLFORVVHOHDVRFLDRWUROODPDGRGHVHFDGRTXHQRHVWDO\DTXH
HQ Vt PLVPR QR HV XQ FLFOR VL QR XQD SDUWH GH pO \ SRU WDQWR GHEHUtDPRV
UHIHULUQRVDpOPiVFRUUHFWDPHQWHFRPRSHULRGRGHVHFDGR
(VWH SHULRGR GH VHFDGR QDFH GH OD QHFHVLGDG GH HOLPLQDU SRU HYDSRUDFLyQ D
PHGLDWHPSHUDWXUDGHODLQHYLWDEOHFRQGHQVDFLyQGHDJXDDOILQDOL]DUHOFL FOR
8QLQVWDQWHDQWHVGHILQDOL]DUXQFLFORGH&SRUHMHPSORHOLQWHULRUGHOD
FiPDUD SUHVHQWD HVWD WHPSHUDWXUD HQ WRGRV VXV SXQWRV GHELGD DO YDSRU
&XDQGR HO FLFOR WHUPLQD HO YDSRU VDOH UiSLGDPHQWH GHO LQWHULRU JHQHUDQGR XQD
FDtGD GH SUHVLyQ \ WHPSHUDWXUD PX\ EUXVFDV HQ HO LQWHULRU TXH SURGXFH XQD
FRQGHQVDFLyQLQPHGLDWDSRUGHEDMRGHORV&$HVWDWHPSHUDWXUDWRGDYtD
TXHGDPXFKRDJXD\YDSRUGHQWURGHODFiPDUDFRQORTXHODFRQGHQVDFLyQVH
KDFH LQPHGLDWDPHQWH HYLGHQWH $OJXQRV IDEULFDQWHV PD QWLHQHQ XQD
WHPSHUDWXUD HOHYDGD GH ODV SDUHGHV GH OD FiPDUD GXUDQWH DOJXQRV PLQXWRV
KDVWD PLQXWRV VXHOHQ OOHJDU FRQ HO ILQ GH HYDSRUDU HVWH DJXD FDVL HQ VX
WRWDOLGDG
&XDQGR FRPLHQ]D OD IDVH GH H[SXOVLyQ GHO YDSRU \ FDH OD SUHVLyQ \ OD
WHPSHUDWXUD HQ HO LQWHULRU ORV SRURV GH ODV EROVDV GH HPSDTXHWDGR VH FLHUUDQ
DWUDSDQGRSDUWHGHOYDSRU(VWHYDSRUVHFRQGHQVD\SURGXFHJRWDVTXHMXQWR
FRQHODLUHDWUDSDGRHQVXLQWHULRUVHFRQYLHUWHQHQDJHQWHVGHODFRUURVLyQGHO
LQVWUXPHQWDO
+D\ TXH DFODUDU TXH XQ YDFtR SUHYLR QR PHMRUDUtD HVWR VXEVWDQFLDOPHQWH
DXQTXH PHMRUDUtD OD SURWHFFLyQ FRQWUD ODFRUURVLyQ\TXHHOFRORFDUODVEROVDV
KDFLD DEDMR R KDFLD DUULED QR SURYRFD UHVXOWDGRV LQPHGLDWDPHQWH
FRQWUDVWDEOHV
/RTXHVtSXHGHVHUXQDEXHQDSUiFWLFD\PX\EH QHILFLRVDHVODGHHOHJLUEROVDV
DGHFXDGDV HQ WDPDxR D OR TXH TXHUDPRV HVWHULOL]DU H LQWHQWHPRV H[WUDHU OR
PiVSRVLEOHHODLUHGHVXLQWHULRUFRQODVSURSLDVPDQRV
&,&/26
%LRLQJHQLHUtD ,QVWDODFLRQHV+RVSLWDODULDV
([SOLFDUHPRVHOIXQFLRQDPLHQWRGHXQDXWRFODYHJUDYLWDFLRQDO
(ODJXDGHVPLQHUDOL]DGDVHHQFXHQWUDLQLFLDOPHQWHHQXQGHSyVLWR ILJ
OLJHUDPHQWHHOHYDGRFRQHOILQGHTXHHODJXDEDMHSRUVXSURSLRSHVRKDVWDOD
FiPDUDGHDOOtVXQRPEUH³JUDYLWDFLRQDO´
)LJ
99iOYXODGHOOHQDGR
99iOYXODGHVDOLGDGHYDSRU
99iOYXODGHSXUJDGHDLUH
77HUPyPHWUR
30DQyPHWUR
55HVLVWHQFLDHOpFWULFD
6XSRQJDPRVXQSURFHVRDXWRPiWLFR
%iVLFDPHQWHH[LVWHQWUHVIDVHVHQHOSURFHVR
)DVHGH3XUJDGR
&XDQGRLQLFLDPRVHOFLFORHOVLVWHPDHOHFWUyQLFRGDSDVRDWUDYpVGHODY iOYXOD
GH OOHQDGR Y D XQD FLHUWD FDQWLGDG GH DJXD DO WLHPSR TXH VH EORTXHD OD
SXHUWD (Q IRUPD VHFXHQFLDO VH LQLFLD HO FDOHQWDPLHQWR GHO DJXD (Q pVWH
LQVWDQWHODYiOYXODGHSXUJD9GHIXQFLRQDPLHQWRWpUPLFRSHUPDQHFHDELHUWD
SHUPLWLHQGRDODLUHFDOLHQWHIOXLUDVXWUDYpVKDFLDHOH[WHULRU'HHVWHPRGRVH
OOHJDDGHVDORMDUKDVWDXQGHODLUHLQWHULRU
%LRLQJHQLHUtD ,QVWDODFLRQHV+RVSLWDODULDV
&XDQGR D ORV & HO DJXD FRPLHQ]D D KHUYLU HPSLH]D D IRUPDUVH YDSRU
VDWXUDGRTXHYDDEDQGRQDQGRSDXODWLQDPHQWHODFiPDUDDWUDYpVGHODFLWDGD
YiOYXOD9FRQGHQViQGRVHHQHOGHSyVLWRUHFXSHUDGRU
7RGRHVWHSURFHVRVHUHDOL]DDEDUGHSUHVLyQDEVROXWD EDUPDQRPpWULFD
VXSRQLHQGRTXHHVDVHDODSUHVLyQDWPRVIpULFDHQHVHLQVWDQWHDPHGLGDTXH
DXPHQWDHOYDSRUIRUPDGRSDUWHGHODLUHWDPELpQH VH[SXOVDGR
)DVHGHHVWHULOL]DFLyQ
8QDYH]TXHWRGRHODJXDVHKDHYDSRUDGRHQWRQFHVFRPLHQ]DDLQFUHPHQWDUVH
ODWHPSHUDWXUDKDVWDDOFDQ]DUXQYDORUSRUHQFLPDGHORV&\ODYiOYXOD
GH SXUJD WDPELpQ OODPDGD VHOHFWRUD VH FLHUUD SRU OR WDQWR OD SUHV LyQ
FRPLHQ]D D VXELU KDVWD DOFDQ]DU EDU HQ HO PDQyPHWUR D OD WHPSHUDWXUD GH
& $TXt HO FDOHIDFWRU FRPLHQ]D D GLVPLQXLU VX HPLVLyQ FRQ HO ILQ GH
PDQWHQHU HVWD SUHVLyQ (Q HVWH SUHFLVR LQVWDQWH DUUDQFD HO WHPSRUL]DGRU GH
FLFORTXHVHJ~QHOIDEULFDQWHYDGHDPLQXWRV
)DVHGHGHVFDUJD
8QDYH]FRPSOHWDGRHOFLFORVHDEUHODYiOYXOD9SHUPLWLHQGRVDOLUHOYDSRUDO
GHSyVLWRGHUHFXSHUDFLyQDWUDYpVGHXQVHUSHQWtQGHFRQGHQVDFLyQ
&XDQGRODSUHVLyQVHLJXDODDODDWPRVIpULFDSDUDDOJXQRVDXWRFODYHV FRPLHQ]D
HO SURFHVR GH VHFDGR SHUR HQ WRGRV HV SRVLEOH DEULU OD SXHUWD \ UHWLUDU
XWHQVLOLRV1RHVUHFRPHQGDEOHSUHFLSLWDUVHHQODDSHUWXUDGHODFDELQD\DTXH
ORV PDWHULDOHV HVWiQ WRGDYtD PX\ FDOLHQWHV \ DGHPiV IDYRUHFHPRV ODV
FRQGHQVDFLRQHV LQGHVHDEOHV 6LHPSUH TXH XQ HTXLSR GLVSRQJD GH IDVH GH
VHFDGRVHGHEHLQWHQWDUFXPSOLUOD
$XQTXHQRVKHPRVSDUDGRHQXQGHWHUPLQDGRWLSRGHDXWRFODYHORVSULQFLSLRV
HQ TXH QRV KHPRV EDVDGR \ ODV SHFXOLDULGDGHV TXH KHPRV GHVFULWR VRQ
DEVROXWDPHQWHYiOLGDVSDUDWRGRVORVHTXLSRVPLQLFODYHV
/RV JUDQGHV FHQWURV KRVSLWDODULRV GLVSRQHQ GH HTXLSRV GH PXFKD PD\RU
FDSDFLGDGTXHLQFOX\HQDOJ~QDFFHVRULRQRFRPHQWDGRDTXt1RREVWDQWHWRGR
ORH[SXHVWRHQHVWHDUWtFXORHVYiOLGRSDUDHOORVWDPELpQ
0$17(1,0,(172
/RSULPHUR\PiVLPSRUWDQWHHVKDFHUFDVRDWRGDVODVUHFRPHQGDFLRQHVGDGDV
SRU ORV IDEULFDQWHV &DGD HTXLSR WLHQH VXV SURSLDV SHFXOLDULGDGHV \ GHEHQ VHU
FRQRFLGDV 1R REVWDQWH SRGHPRV DGHODQWDU XQD VHULH GH UHFRPHQGDFLRQHV
YiOLGDVHQJHQHUDOSDUDWRGRHTXLSR
'HEHPRV XVDU DJXD SXULILFDGD HYLWDUHPRV DVt OD RFOXVLyQ GH ODV WXEHUtDV \
YiOYXODV LQWHUQDV GHELGDV D ORV GHSyVLWRV PLQHUDOHV (Q DOJXQRV PRGHORV TXH
WLHQHQ OD UHVLVWHQFLD HQ FRQWDFWR FRQ HO DJXD DO FXEULUVH HVWD GH FDO \ FRPR
HVWRV GHSyVLWRV VRQ H[FHOHQWHV DLVODQWHV WpUPLFRV VRQ SRURVRV VH SURGXFHQ
%LRLQJHQLHUtD ,QVWDODFLRQHV+RVSLWDODULDV
SUREOHPDVGHUHFDOHQWDPLHQWRHQHOFDOHIDFWRUTXHOOHYDQDVXGHVWUXFFLyQSRU
FRUWRFLUFXLWR
'HEHPRV GH FDPELDU HO DJXD HQ DTXHOORV HTXLSRV FRQ VLVWHPD UHFXSHUDGRU
VHPDQDOPHQWHVLHVSRVLEOH
+D\ TXH OLPSLDU GH UHVWRV GH R[LGDFLyQ \ KHUUXPEUH HQ ODV FiPDUDV
UHJXODUPHQWH
&XDQGRVHFDUJXHGHPDWHULDOXQDXWRFODYHKD\TXHSUHVWDUHVSHFLDODWHQFLyQD
TXH ODV EROVDV \ ORV REMHWRV QR WRTXHQ ODV SDUHGHV \D TXH HVWDV HVWiQ
JHQHUDOPHQWHPiVFDOLHQWHVTXHHOYDSRULQWHULRU\VRQPX\DJUHVLYDVFRQORV
PDWHULDOHV
(VSUHIHULEOHHIHFWXDUPiVGHXQFLFORTXHVREUHFDUJDUGHPDVLDGRODXQLGDG
6H UHFRPLHQGD FXPSOLU VLHPSUH HO SHULRGR GH VHFDGR DQWHV GH UHWLUDU HO
PDWHULDO R HQ VX GHIHFWR LQWURGXFLUOR UiSLGDPHQWH HQ DUPDULRV GH VHFDGR
UiSLGR
8QR GH ORV SXQWRV FODYHV HQ HO FRQRFLPLHQWR GH HVWRV HTXLSRV HV HO HQWHQGHU
SHUIHFWDPHQWHHOSDSHOTXHHQHOORVMXHJDHODJXD
(O DJXD SRU VHU HO PHGLR ItVLFR XWLOL]DGR HQ ORV DXWRFODYHV YDPRV D KDEODU XQ
SRFRVREUHHOOD
(O DJXD HQ OD QDWXUDOH]D LQFOX\H PXOWLWXG GH SDUWtFXODV HQ GLVROXFLyQ \ HQ
VXVSHQVLyQFRQODVTXHKD\TXHFRQWDU\TXHWLHQHQPXFK DLPSRUWDQFLDHQORV
WHPDV TXH HVWDPRV WUDWDQGR DOJXQDV FRQRFLGDV VRQ VLOLFDWRV FRPSXHVWRV
FiOFLFRV FORUXURV VRGLR PHWDOHV SHVDGRV KLHUUR \ DPRQLR $ HVWD OLVWD GH
VXVWDQFLDVLQRUJiQLFDVSRGUtDPRVDxDGLUEDFWHULDV\UHVWRVRUJiQLFRVYDULRV
%LHQDGHPiVGHVHUHOYHKtFXORItVLFRSDUDODHVWHULOL]DFLyQODPD\RUtDGHORV
SUREOHPDV FRQ ORV DXWRFODYHV SURFHGHQ GH OD FRQIXVLyQ TXH KD\ DOUHGHGRU GH
VXVHOHFFLyQ\XVR
/RSULPHURTXHKD\TXHFRQRFHUHVTXHHODJXDXWLOL]DGDHQDXWRFODYHVHVGHO
WLSRGHQRPLQDGRSXULILFDGD
(ODJXDSXULILFDGD
%LRLQJHQLHUtD ,QVWDODFLRQHV+RVSLWDODULDV
(QXQDFOtQLFDVHKDFHLPSUHVFLQGLEOHDODKRUDGHOODYDGR\ODHVWHULOL]DFLyQGHO
XWLOODMHPpGLFR
³DJXD SXULILFDGD HV DTXHOOD TXH D SDUWLU GH XQ DJXD SRWDEOH HV REWHQLGD SRU
GHVWLODFLyQ LQWHUFDPELR LyQLFR RVPR VLV LQYHUVD R FXDOTXLHU RWUR PpWRGR TXH
SHUPLWDREWHQHUXQRVUHVXOWDGRVSUHILMDGRVGDGRV´
(VWRHVVLORVUHVLGXRVHVWDQGDUL]DGRV\ODFRQGXFWLYLGDGVRQLJXDOHVHODJXD
HVHTXLYDOHQWH\VHFODVLILFDGHPHQRUDPD\RUSXUH]DVHJ~QODWDEODDGMXQWD
HQ*UDGR/DERUDWRULR*UDGR$QDOtWLFR\*UDGR5HDFWLYR
9DPRVDGHILQLUDOJXQRVWLSRVGHDJXDSXULILFDGDPX\KDELWXDOHVHQODSUiFWLFD
FOtQLFD
$JXD'HVPLQHUDOL]DGD'HVLRQL]DGD
3URFHVRSRUHOTXHVHREWLHQH$JXD3XULILFDGDKDFLHQGRSDVDU$JXD3RWDEOHSRU
XQPHGLRUHVLQRVRTXHDFW~DVREUHODPLVPDFRPRLQWHUFDPELDGRULyQLFR
$JXD'HVWLODGD
3URFHVR SRUHOTXHVHREWLHQH$JXD3XULILFDGDSRUGHVWLODFLyQFRQYHQFLRQDOHQ
$ODPELTXH R VLPLODU 6L VH UHSLWH HO SURFHVR GH QXHYR WRPD HO QRPEUH GH
%LGHVWLODGD
$JXD0LFURILOWUDGD2VPRVLV,QYHUVD
6HWUDWDHODJXDKDFLpQGRODSDVDUSRUXQPLFURILOWUR(OSURFHGLPLHQWRSLGHXQD
FLHUWD GHVPLQHUDOL]DFLyQ DQWHULRU FRQ HO ILQ GH QR WXSLU HO ILOWUR FRQ OD FDO QL
KLGUROL]DUORFRQHOFORUR
$ OD YLVWD GH OR H[SXHVWR SRGHPRV GH GXFLU TXH XQD HOHFFLyQ LQDGHFXDGD GHO
DJXDSURYRFDUiHODEDQGRQRGHUHVLGXRVSHUPDQHQWHVDORODUJRGHVXWUD\HFWR
SRU ORV FLUFXLWRV FRQGXFWRUHV LQWHUQRV FRQ OR TXH DO FDER GH XQ WLHPSR VH
SURGXFLUiQLQH[RUDEOHPHQWHSUREOHPDVHQYiOYXODV\FRQGXFFLRQHV
*HQHUDOPHQWHGHORVWUHVWLSRVPHQFLRQDGRVGHDJXDHOPiVXWLOL]DGRHQHVWH
WLSRGHHVWHULOL]DFLyQHVHODJXDGHVWLODGD
%LRLQJHQLHUtD ,QVWDODFLRQHV+RVSLWDODULDV
)LJ
$XWRFODYH +RUL]RQWDO GH OLWURV GH FDSDFLGDG 'LPHQVLRQHV FP [ FP [
FP>9@>$@
)LJ
$XWRFODYH9HUWLFDO&DSDFLGDGOWV
%LRLQJHQLHUtD ,QVWDODFLRQHV+RVSLWDODULDV
)LJ
'(6&5,3&,Ï1
/RV HTXLSRV DXWRFODYH TXH LQFOX\HQ FLFOR GH YDFtR VRQ ORV PiV DFWXDOL]DGRV \
PiV HILFLHQWH QR VyOR HQ FXDQWR D ODHVWHULOL]DFLyQVLQRDVXYHQWDMDGHSRGHU
PDQHMDUPXFKRVGHVXVSDUiPHWURVFyPR DVtWDPELpQDFHOHUDUORVSURFHVRVVLQ
SHUGHUFDOLGDG
*HQHUDOPHQWH HVWiQ GLVHxDGDV FRQ GREOH FiPDUD XQD FiPDUD H[WHUQD D OD
H[SOLFDGDHQHODSDUWDGRHQGRQGHVHUHDOL]DHOSURFHVRGHYDFtR
3DUDSRGHUGHVFULELUWpFQLFDPHQWHDHVWHWLSRGHHTXLSDPLH QWRHQXPHUDUHPRV
VXV SULQFLSDOHV FRPSRQHQWHV 0LFURSURFHVDGRU VDOLGD LQWHUIDVH 56
LQWHUUXSWRU JHQHUDO PDQRYDFXyPHWUR LPSUHVRUD WpUPLFD GH SDSHO FRQWLQXR
SURWHFWRU WpUPLFR GH WDSD OOHQDGR GHO GHSyVLWR GH FRQGHQVDGRV ILOWUR
EDFWHULROyJLFRGHDLUHDFLyQYiOYXODGHVHJXULGDGYiOYXODYDFLDGRGHSyVLWRGH
FRQGHQVDGRVUHERVDGHURGHSyVLWRGHFRQGHQVDGRVYiOYXODYDFLDGRGHFiPDUD
DXWRFODYH
/DV FDSDFLGDGHV HQ OLWURV YDUtDQ GHVGH D FRQ ODV VLJXLHQWHV
FDUDFWHUtVWLFDV
$872&/$9(9(57,&$/
%LRLQJHQLHUtD ,QVWDODFLRQHV+RVSLWDODULDV
&XHQWD HVWH WLSR GH HTXLSDPLHQWR FRQ LPSUHVRUD WpUPLFD GH SDSHO FRQWLQXR
LPSULPH Q GHO SURJUDPD Q GH FLFOR WHPS HUDWXUD WLHPSR IHFKD \ KRUD GH
FDGD HVWHULOL]DFLyQ FXDOTXLHU PHQVDMH GH DYLVR R GH DQRPDOtD WDPELpQ TXHGD
UHIOHMDGRVLDOILQDOGHODHVWHULOL]DFLyQWRGRHVFRUUHFWRLPSULPHHVWHULOL]DFLyQ
RN
3DUiPHWURV3URJUDPDEOHV
/RVVLJXLHQWHVSDUiPHWURVSXHGHQ VHUSURJUDPDGRVHQHOPLFURFRQWURODGRU
x 7HPSHUDWXUDGHHVWHULOL]DFLyQ
x 7LHPSRGHHVWHULOL]DFLyQ
x 6HFDGRRQRVHFDGR
x 7LHPSRGHVHFDGR
x 0RGDOLGDGGHHVWHULOL]DFLyQ6Ï/,'26/Ë48,'26
x ,PSUHVLyQGHSDUiPHWURV
9DULDEOHVGH3URJUDPDFLyQ
x 1~PHURGHSURJUDPDV
x 7HPSHUDWXUDGHHVWHULOL]DFLyQ GHD&
x 7LHPSRGHHVWHULOL]DFLyQGHDPLQXWRV
x 6yOLGRVOtTXLGRV
x 6HFDGR1RVHFDGR
x 7LHPSRGHVHFDGRGHDPLQXWRV
&,&/26
&XDQGR HMHFXWDPRV XQ SURJUDPD OD SDQWDOOD GHO PLFURSURFHVDGRU D SDU WH GH
YLVXDOL]DUODWHPSHUDWXUD\WLHPSRGHHVWHULOL]DFLyQ\VHFDGRYDLQGLFiQGRQRV
OD IDVH GHO FLFOR GH HVWHULOL]DFLyQ 8Q FLFOR FRPSOHWR GH HVWHULOL]DFLyQ VH
FRPSRQHGHODVVLJXLHQWHIDVHV
9$&Ë29DFtRLQLFLDO H[SXOVLyQGHODLUHGHODFiPDUD
//(1$'2/OHQDGRDXWRPiWLFRGHDJXDGHVWLODGDGHODFiPDUDGH
HVWHULOL]DFLyQ
&$/(17$0,(172&DOHQWDPLHQWR\DXPHQWRGHODSUHVLyQ
(67(5,/,=$&,Ï1(VWHULOL]DFLyQ
'(6&$5*$'HVFDUJDDXWRPiWLFDGHODJXD\YDSRUGHODFiPDUD
6(&$'26HFDGRSRUYDFtR\QLYHODFLyQEyULFD
),1$YLVRGHOILQGHOFLFORGHHVWHULOL]DFLyQ
%LRLQJHQLHUtD ,QVWDODFLRQHV+RVSLWDODULDV
)LJ
(Q OD )LJ HQ HO HMH GH WLHPSR QR VH KDQ FRORFDGR YDORUHV GHELGR D TXH
HVWH SDUiPHWUR HV SURJUDPDEOH \ DOJXQDV HWDSDV VRQ LQGHSHQGLHQWHV 3RU
HMHPSORHOWLHPSRGHHVWHULOL]DFLyQSXHGHYDULDUGHDPLQXWRVPLHQWUDV
TXHHOWLHPSRGHVHFDGRYDUtDGHDPLQXWRV
3RUORWDQWRHVLPSRUWDQWHSDUDHVWDVWDUHDVTXHHOSHUVRQDOTXHWRPDFRQWDFWR
FRQ HO HTXLSR SRVHD ORV FRQRFLPLHQWRV QHFHVDULRV SDUD VDEHU TXH YDORUHV
UHTXHULUiHOSURFHVRGHHVWHULOL]DFLyQ
(Q ORV SURJUDPDV GH OtTXLGRV ODV IDVHV GH '(6&$5*$ \ 6(&$'2 QR VH
HMHFXWDQ /D SDQWDOOD GHO PLFURSURFHVDGRU QRV GDUi XQRV PHQVDMHV GH DYLVR
FXDQGR SRU HMHPSOR HO GHSyVLWR GH FRQGHQVDGRV QR WHQJD VXILFLHQWH DJXD
FXDQGR VH WHQJD TXH FDPELDU HO ILOWUR EDFWHULROyJLFR R FXDQGR HVWH
LPSULPLHQGR UHVXOWDGRV
$Vt PLVPR VL H[LVWH DOJXQD DQRPDOtD HQ HO WUDQVFXUVR GH OD HMHFXFLyQ GH XQ
SURJUDPD DSDUWH GH TXHGDU HO SURJUDPD DERUWDGR QRV GDUi XQ PHQVDMH GH
DYHUtDV SRU HMHPSOR SRU URWXUD GHO FHQVRU GH WHPSHUDWXUD VL KD\ DYHUtD
GXUDQWH HO SHULRGR GH OOHQDGR GH OD FiPDUD GHO DXWRFODYH VL KD\ DYHUtD HQ HO
SHULRGR GH FDOHQWDPLHQWR VL OD WHPSHUDWXUDGHHVWHULOL]DFLyQGLILHUHJUDGRV
HQ PiV R HQ PHQRV GH OD WHPSHUDWXUD VHOHFFLRQ DGD VL KD KDELGR XQ FRUWH
HOpFWULFR HWF
7RGRV HVWRV PHQVDMHV HQ SDQWDOOD D\XGDQ PX\ IDYRUDEOHPHQWH D OD
LQWHUSUHWDFLyQSRUSDUWHGHOXVXDULRGHXQDSRVLEOHDQRPDOtD
%LRLQJHQLHUtD ,QVWDODFLRQHV+RVSLWDODULDV
)LJ
)LJD
%LRLQJHQLHUtD ,QVWDODFLRQHV+RVSLWDODULDV
)LJE
(VWHWLSRGHDXWRFODYHWUDEDMDFRQYDSRUDOTXHVHDGLFLRQDVSUD\GHDJXD/D
VLJXLHQWH ILJXUD PXHVWUD ODV YLVWDV H LQWHULRU GH XQ HTXLSR SDUD TXH HO OHFWRU
SXHGDIDPLOLDUL]DUVHFRQVXIXQFLRQDPLHQWR
)LJ
'(6&5,3&,Ï1
/DVHVSHFLILFDFLRQHVGHOHTXLSRVRQ
%LRLQJHQLHUtD ,QVWDODFLRQHV+RVSLWDODULDV
5HFLUFXODFLyQFRQWLQXDGHDJXDGHHVWHULOL]DFLyQ
Â0HMRUDGHODWUDQVIHUHQFLDGHFDORUGXUDQWHHOFDOHQWDPLHQWR\HO
HQIULDPLHQWR
Â&DOHQWDPLHQWR\HQIULDPLHQWRKRPRJpQHRGHOSURGXFWR
Â)LOWURH[WHULRUGHIiFLODFFHVR
6SUD\GHDJXDODWHUDO\VXSHULRU
Â0H]FODFRQYHFWLYDGHYDSRUDJXD\DLUH
Â+RPRJHQHLGDGSHUIHFWDGHWHPSHUDWXUD
Â&DOLGDGGHSURGXFWRXQLIRUPH
,Q\HFFLyQGLUHFWDGHYDSRU
Â&RQVXPRGHYDSRUUHGXFLGR
Â&DOHQWDPLHQWRXQLIRUPH
Â(TXLOLEULRGHWHPSHUDWXUDSHUIHFWR
&RQWUROFRQWLQXRGHQLYHOGHDJXD
Â&RQWUROSUHFLVRGHOQLYHOGHDJXD
Â9ROXPHQPtQLPRGHDJXDGHHVWHULOL]DFLyQ
Â&RQVXPRGHYDSRU\DJXDUHGXFLGRV
&RQWUROGHVREUHSUHVLyQSURJUDPDEOH
Â,GHDOSDUDEROVDV\HQYDVHVIOH[LEOHVRSUHVXUL]DGRV
Â3HUPLWHSURFHVRVGHDOWDWHPSHUDWXUD\FRUWRWLHPSR +767
,QWHUFDPELDGRUGHFDORUGHSODFDV
Â3XHGHHPSOHDUVHDJXDQRFORUDGD
Â5HFXSHUDFLyQRSFLRQDOGHDJXDFDOLHQWH
Â5HGXFFLyQGHOFRVWHGHWUDWDPLHQWR\UHFKD]RGHDJXD
9LVXDOL]DFLyQFRQWLQXDGHFDXGDO
Â$VHJXUDXQSURFHVRUHSHWLWLYR\FRQVWDQWH
Â6HJXULGDGGHSURGXFWRLQLJXDODEOH
3UHFDOHQWDPLHQWRGHODJXDGHHVWHULOL]DFLyQ
Â(YLWDHOHQIULDPLHQWRGHOSURGXFWRGXUDQWHHOLQLFLRGHOD
HVWHULOL]DFLyQ
Â3UHFDOHQWDPLHQWRGHDJXDUiSLGRSHURVLOHQFLRVR
Â5HSURGXFFLyQH[DFWDGHFDGDWUDWDPLHQWRWpUPLFR
%LRLQJHQLHUtD ,QVWDODFLRQHV+RVSLWDODULDV
1XQFD GHEHUHPRV SHUGHU GH YLVWD TXH HVWDPRV KDEODQGR GH XQ VLVWHPD
LQQRYDGRU SHUR VH WUDWD EiVLFDPHQWH GH XQ DXWRFODYH TXH KD VLGR
SHUIHFFLRQDGR
(WDSD/OHQDGRGHDJXD
(O FLUFXLWR GH DJXD QHFHVLWD OLWURV GH DJXD \ SXHGH VHU FRQVHUYDGD HQ
YDULRVFLFORVHLQFOXVLYHKDVWDWUHVRFXDWURGtDVGHSHQGLHQGRGHOXVRGLDULRTXH
VHOHRWRUJXHDOHTXLSR
)LJD
(WDSD&DOHQWDPLHQWR
(QHVWDHWDSDVHUHDOL]DHOFDOHQWDPLHQWRDWUDYpVGHXQDLQ\HFFLyQGLUHFWDGH
YDSRU DFHOHUDGR SRU SUR\HFFLyQ GH VSUD\ GHVGH ORV ODWHUDOHV \ SDUWH VXSHULRU
GHOHTXLSR
7DQWR OD WHPSHUDWXUD FRPR OD SUHVLyQ VRQ SURJUDPDEOHV HQ IRUPD
LQGHSHQGLHQWH
%LRLQJHQLHUtD ,QVWDODFLRQHV+RVSLWDODULDV
)LJE
(WDSD(VWHULOL]DFLyQ
/DHVWHULOL]DFLyQSURSLDPHQWHGLFKDVHOOHYDDFDERHQHVWDHWDSD
/DWHPSHUDWXUD\ODSUHVLyQSXHGHQVHUUHJXODGDVFRQXQDSUHFLVLyQGH
&\ EDUUHVSHFWLYDPHQWH
(OYDFtRGHOH[FHVRGHDJXDSRUFRQGHQVDFLyQHVDXWRPiWLFR
)LJF
(WDSD(QIULDPLHQWR
(Q HVWD HWDSD HO DJXD HV GHVYLDGD D XQ LQWHUFDPELDGRU GH FDORU H[WHUQR TXH
UHFLEHDJXDIUtD
/RV SUREOHPDV GH FKRTXH WpUPLFR TXH SXHGH OOHJDU D SURYRFDU EUXVFDV
GLIHUHQFLDVGHSUHVLyQKDQVLGRSUHYLVWRVDOUHDOL]DUHOGLVHxRGHOHTXLSR
%LRLQJHQLHUtD ,QVWDODFLRQHV+RVSLWDODULDV
)LJG
(WDSD)LQGHFLFOR\'HVFDUJD
(OVLVWHPDVHGHWLHQHDXWRPiWLFDPHQWHDFWLYDQGRXQDDODUPDGHDYLVRHQHVH
PRPHQWRFRPLHQ]DDSURGXFLUVHOD GHVSUHVXUL]DFLyQ
$GHPiV HVWD HWDSD FXHQWD FRQ GLVSRVLWLYRV GH VHJXULGDG TXH LPSLGHQ OD
DSHUWXUDGHODSXHUWDKDVWDWDQWRQRHVWpQGDGDVODVFRQGLFLRQHV
)LJH
%LRLQJHQLHUtD ,QVWDODFLRQHV+RVSLWDODULDV
$7
0RGHORV $ $
3XHUWDV
/RQJLWXG>PP@
$QFKXUD>PP@
$OWXUD>PP@
&DSDFLGDG Q~PHURGHFHVWRV
3HVR DXWRFODYHYDFtR NJV
3HVR DXWRFODYHFDUJDGR NJV
3RWHQFLDLQVWDODGD N:
&RQVXPRPHGLRYDSRUSRUFLFOR
NJV
&RQVXPRPHGLRDJXDSRUFLFOR
OWV
&RQVXPRPHGLRDLUHSRUFLFOR
P
7HPSHUDWXUDPi[LPDGH
VHUYLFLR &
3UHVLyQPi[LPDGHVHUYLFLR
EDU
3UHVLyQGHVXPLQLVWURGHYDSRU
EDU
3UHVLyQGHVXPLQLVWURGHDJXD
EDU
(VSHFLILFDFLyQHOpFWULFD 9 9 9
VWDQGDUG +] +] +]
%LRLQJHQLHUtD ,QVWDODFLRQHV+RVSLWDODULDV
)LJ
'(6&5,3&,Ï1
/DV HVWXIDV GH GREOH SXHUWD VRQ XWLOL]DGDV SDUD FHQWUDOHV GH
HVWHULOL]DFLyQ HQ ODV TXH VH HQFXHQWUDQ ELHQ GLIHUHQFLDGDV ODV iUHDV
VXFLDV \ OLPSLDV GH PRGR TXH SRU XQD SXHUWD XELFDGD GHQWUR GH XQ
UHFLQWRGHiUHDVXFLDVHHIHFW~HODFDUJD\SRUODRWUDSXHUWDGHQWURGH
XQ UHFLQWR GH iUHD OLPSLD VH OOHYH D FDER OD GHVFDUJD /DV SXHUWDV VH
HQFXHQWUDQHQIUHQWDGDVHQODSDUWHDQWHULRU\SRVWHULRUGHODHVWXID
%LRLQJHQLHUtD ,QVWDODFLRQHV+RVSLWDODULDV
([LVWHQ HVWXIDV GH FRQYHFFLyQ QRUPDO \ ODV GH FRQYHFFLyQ IRU]DGD HQ
ODVTXHHOFDORUHVGLVWULEXLGRXQLIRUPHPHQWHGHQWURGHODFiPDUDFRQ
HVWRVHORJUDKRPRJHQHLGDGGHWHPSHUDWXUDHQHO LQWHULRUGHODFiPDUD
GH HVWHULOL]DFLyQ XQ HMHPSOR QXPpULFR SDUD HVWH FDVR HV TXH ODV
GHVYLDFLRQHVGHWHPSHUDWXUDQRVXSHUHQORV &
/RV GLVSRVLWLYRV GH PHGLFLyQ \ FRQWURO TXH IRUPDQ SDUWH GH HVWH WLSR
GH HTXLSDPLHQWR VRQ EiVLFDPHQWH VHQVRUHV GH WHPSHUDWXUD
WHUPRVWDWRV UHJLVWUR GH SURFHVRV DODUPDV OXPLQRVDV \ DF~VWLFDV
GLVSRVLWLYRVGHVHJXULGDGDYLVRVGHILQGHFLFOR
(VWXIDHOpFWULFDWULIiVLFD7HPSHUDWXUD0i[LPD&
/DVGLPHQVLRQHVGHODFiPDUDGHHVWHULOL]DFLyQGHHVWHWLSRGHHVWXIDV
YDUtDQGHVGH[[>FP@KDVWD[[>FP@
%LRLQJHQLHUtD ,QVWDODFLRQHV+RVSLWDODULDV
(VWXIDGHFRQYHFFLyQIRU]DGD7HPSHUDWXUD0i[LPD&'LPHQVLRQHV
[[>FP@>9@>+]@
(Q HVWRV WLSRV GH HVWXIDV PRGHUQDV ORV WLHPSRV SDUD DOFDQ]DU OD
WHPSHUDWXUD GH HVWHULOL]DFLyQ YDUtDQ GHVGH D KRUDV (Q DOJXQRV
FDVRV SXHGH FRQWURODUVH OD SUHVLyQ GHQWUR GH OD FiPDUD GH
HVWHULOL]DFLyQ\KDVWDSXGHUHJXODUVHODYHQWLODFLyQGHOHTXLSR
$QWHV GH FRPHQ]DU FRQ OD GHVFULSFLyQ G HO HTXLSDPLHQWR UHDOL]DUHPRV XQD
SHTXHxD LQWURGXFFLyQ SDUD FRQRFHU ORV SULQFLSLRV EiVLFRV GH XQD HPLVLyQ GH
UDGLDFLyQJDPPD
,1752'8&&,Ï1
(O &REDOWR HV XQ PHWDO TXH VH FDUDFWHUL]D SRU HPLWLU HQHUJtD HQ IRUPD GH
UD\RVOODPDGRV*DPPD J
6H OR REWLHQH D SDUWLU GHO &REDOWR HQ VX HVWDGR QDWXUDO OODPDGR &REDOWR
FXDQGRHVH[SXHVWRDXQIOXMRGHQHXWURQHVGHDOWDYHORFLGDG
/D UDGLDFLyQ *DPPD HV HQHUJtD HQ IRUPD GH RQGDV HOHFWURPDJQpWLFDV WDO
FRPRORHVODOX]ODVPLFURRQGDVODVRQGDVGHUDG LRRORVUD\RV;
%LRLQJHQLHUtD ,QVWDODFLRQHV+RVSLWDODULDV
(VWDV IRUPDV GH HQHUJtD SXHGHQ VHU FRQWURODGDV \ XVDGDV SDUD FXEULU
LPSRUWDQWHV QHFHVLGDGHV GH ORV VHUHV KXPDQRV \ VRQ GH KHFKR
XWLOL]DGDVFRWLGLDQDPHQWHHQXQDPSOLRHVSHFWURGHDSOLFDFLRQHVWDOHV
FRPR WHOHFRPXQLFDFLRQHV KRUQRV GH PLFURRQGDV GLDJQyVWLFR \
WUDWDPLHQWRGHHQIHUPHGDGHV 5D\RV;\J ySDUDHOSURFHVDPLHQWR
GH SURGXFWRV \ VXEVWDQFLDV TXH UHTXLHUHQ XQ PHGLRDPELHQWH OLEUH GH
PLFURRUJDQLVPRV 5D\RV*DPPD
'(6&5,3&,Ï1
([LVWH XQD DPSOLD YDULHGDG GH HTXLSRV HVWHULOL]DGRUHV SRU UDGLDFLyQ GHELGR D
ODVIDFLOLGDGHVFRQVWUXFWLYDVTXHRIUHFHQORVHOHPHQWRVUDGLDQWHV
&RPHQWDUHPRVHOWLSRGHFLOLQGURUDGLDQWHTXHHVWiFRQVWLWXLGRSRUFLOLQGURVGH
LUUDGLDFLyQ
(OPDWHULDORUHFLSLHQWHDLUUDGLDUHVLQWURGXFLGRHQXQFLOLQGURDWUDYpVGHXQD
SXHUWD R YHQWDQD GH LQJUHVR GH PDWHULDO TXH HVWi DVHJXUDGD FRQWUD SRVLEOHV
UDGLDFLRQHV\XQVLVWHPDDXWRPiWLFRSHUPLWHHOLQJUHVRGHXQEXOWRSRUYH]
/D PD\RU SDUWH GH HVWRV HTXLSRV GH FLOLQGURV UDGLDQWHV YDQ WUDVODGDQGR HO
PDWHULDOGHXQFLOLQGURDRWUR7RGRHVWHSURFHVRHVOOHYDGRDFDERGHQWURGHO
LQWHULRUGHXQW~QHOGHFLOLQGURVYHUWLFDOHVLQWHUFRQHFWDGRVHQWUHVL
(O WLHPSR SURPHGLR DSUR[LPDGR TXH WDUGD HO PDWHULDO HQ FRPSOHWDU HO FLFOR
GHVGHVXLQJUHVRKDVWDVXVDOLGDHVGHPLQXWRVFRQGRVLVGHKDVWD.*\
$OJXQDVFDUDFWHUtVWLFDVFRQVWUXFWLYDVGHXQDFHQWUDO*DPPD
'LPHQVLRQHVDSUR[LPDGDVVXSHUILFLHGHP\PGHDOWR
%LRLQJHQLHUtD ,QVWDODFLRQHV+RVSLWDODULDV
Â6XSHUILFLHGHO EXQFNHUP
 )XHQWH /D DFWLYLGDG GH ODV IXHQWHV HV GH D &L
'(6&5,3&,Ï1
/RV HTXLSRV GH HVWHULOL]DFLyQ SRU 2[LGR GH (WLOHQR VRQ JHQHUDOPHQWH
UHFWDQJXODUHVFRQXQDFiPDUDFRQSXHUWDGHDSHUWXUDKRUL]RQWDORYHUWLFDO
/DFiPDUDGHHVWHULOL]DFLyQHVFRQVWUXLGDGHDFHUR SUHIHUHQWHPHQWHDFHUR
66 VWDLQOHVV VWHHO PLHQWUDV TXH VX FXELHUWDGHODUHJLyQH[WHUQDHVGH$FHUR
GHO &DUERQR X RWUR PDWHULDO GH VLPLODUHV FDUDFWHUtVWLFDV 3DUD DLVODPLHQWR VH
XWLOL]DILEUDGHYLGULR\HVSXPDHQODVSDUHGHVGHODFiPDUDODVSXHUWDVGHEHQ
WHQHUFLHUUHKHUPpWLFR
/DFiPDUDGHHVWHULOL]DFLyQVHHQFXHQWUDURGHDGDSRUXQDUHVLVWHQFLDHOpFWULFD
TXHFXPSOHODIXQFLyQGHFDOHQWDUHOLQWHULRUGHODPLVPD
(QHOLQWHULRUGHODFiPDUDGHH VWHULOL]DFLyQVHUHDOL]DODLQ\HFFLyQGHOJDV(72
D WUDYpV GH SHUIRUDFLyQ GH XQD FiSVXOD &RPHUFLDOPHQWH H[LVWHQ UHFLSLHQWHV
FRQR[LGRGHHWLOHQRHQIRUPDGHDHURVROHVTXHVRQFRORFDGRVHQXQGLVSRVLWLYR
DGDSWDGRDVXWDPDxRXQDYH]LQLFLDGDODGHVFDUJDG HJDVHVWHVHGLVWULEX\H
HQHOLQWHULRUGHODFiPDUDDWUDYpVGHSHUIRUDFLRQHVGH PPGHGLiPHWUR
(Q DOJXQRV HTXLSRV H[LVWH XQ VLVWHPD GH YHQWLODFLyQ IRU]DGD SDUD
ORJUDUXQDGLVWULEXFLyQKRPRJpQHDGHOJDV
/RV HTXLSRV HVWiQ SURYLVWRV FRQ YiOYXODV QHXPiWLFDV R HOpFWULFDV RQRII TXH
FRQWURODQ HO SURFHVR GH OD HVWHULOL]DFLyQ GH OD PLVPD PDQHUD OD GHVFDUJD GH
%LRLQJHQLHUtD ,QVWDODFLRQHV+RVSLWDODULDV
SUHVLyQVHOOHYDDFDERSRUDFFLyQGHXQDYiOYXODGHGHVFRPSUHVLyQ\RWUDGHO
WLSRGLVFRGHUXSWXUD
(O HTXLSR GHEH HVWDU LQVWDODGR HQ XQ VHFWRU DLVODGR UHVSHFWR D ODV
]RQDV FLUFXQGDQWHV HQ HO FXDO VH PDQWHQJD SUHVLyQ QHJDWLYD D
H[SHQVDV GH XQD H[WUDFFLyQ GH DLUH HILFD] (VWDV FRQGLFLRQHV GHEHQ
JDUDQWL]DU TXH OD FRQFHQWUDFLyQ GHO JDV R[LGR GH HWLOHQR HQ HO
DPELHQWHQRH[FHGDORVOtPLWHVSHUPLWLGRV
(Q OD SURJUDPDFLyQ GHO FLFOR GHEH LQFOXLUVH OD HWDSD GH
DFRQGLFLRQDPLHQWR SDUD ORJUDU OD KXPLGLILFDFLyQ DGHFXDGD OD PD\RU
SDUWH GH OD ELEOLRJUDItD UHFRPLHQGD GH KXPHGDG UHODWLYD HQ HO
LQWHULRU GH OD FiPDUD DQWHV GH LQLFLDU OD HWDSD GH HVWHULOL]DFLyQ
SURSLDPHQWHGLFKD
&,&/26
&DOHIDFFLyQ
VH SURGXFH HO FDOHQWDPLHQWR HQ HO LQWHULRU GH OD FiPDUD SRU PHGLR GH
UHVLVWHQFLDV HOpFWULFDV GH D & HVWH SDUiPHWUR GHSHQGH GHO WLSR GH
HTXLSR
+XPLGLILFDFLyQ
'HSUHVLyQ
/D SUHVLyQ HQ HO LQWHULRU GH OD FiPDUD GHVFLHQGH D DWP HVWR HQ
SDUWHDVHJXUDODQRH[LVWHQFLDGHHVFDSHGHJDV
,Q\HFFLyQ\(VWHULOL]DFLyQ
6HSURGXFHODURWXUDGHODDPSROOD\HOJDVHVLQ\HFWDGRHQODFiPDUD
pVWH SURFHVR SXHGH GHPDQGDU GHVGH D KRUDV GHSHQGLHQGR GH ODV
SUHVWDFLRQHVGHOHTXLSR(OUDQJRHQTXHYDUtDODFRQFHQWUDFLyQGHOJDV
HVGHD>PJUOW@
(YDFXDFLyQ
(OJDVHVHYDFXDGRSRUFRQGXFWRVDGDSWDGRVSDUDWDOILQ([LVWHQQRUPDWLYDV\
UHFRPHQGDFLRQHV HQFXDQWRDODDOWXUDGHVDOLGDGHJDVHVDODDWPyVIHUDTXH
HQ DOJXQRV FDVRV VXSHUD ORV PHWURV GH DOWXUD GHSHQGLHQGR GH OD ]RQD HQ
GRQGHHVWpLQVWDODGRHO HTXLSR\GHODOHJLVODFLyQDOOtYLJHQWH
%LRLQJHQLHUtD ,QVWDODFLRQHV+RVSLWDODULDV
(OWLHPSRUHTXHULGRSDUDHVWDHWDSDRVFLODHQWUH\KRUDV
([LVWHQ HQ OD DFWXDOLGDG HTXLSRV TXH UHDOL]DQ XQD PH]FOD GH (72 FRQ RWURV
JDVHVFRPRVHUHO&2 RHO+&)&KLGURFORURIOXRURFDUERQRGHELGRDODWR[LFL GDG
GHO(72ORJUDQGRVLPLODUHVSUHVWDFLRQHVSHURHVWHWLSRGHPH]FODSURORQJDHO
WLHPSRGHHVWHULOL]DFLyQ
(TXLSRGHHVWHULOL]DFLyQSRUy[LGRGHHWLOHQRFRQWURODGRSRUPLFURSURFHVDGRU
'LPHQVLRQHVH[WHUQDV>P@[>P@[>P@
'LPHQVLRQHVFiPDUD >FP@[>FP@[>FP@
)XHQWH3RWHQFLD>Y@>+]@>$@
&RQVXPRV
&DOHQWDPLHQWR >:@
9DFtR >:@
%RPEDFLUFXODFLyQ >:@
6LVWHPDGHFRQWURO >Z@
7RWDO >:@
(OSDQHOGHFRQWURO
%LRLQJHQLHUtD ,QVWDODFLRQHV+RVSLWDODULDV
(Q HO SDQHO GH FRQWURO SXHGHQ DSUHFLDUVH ORV UHORMHV LQGLFDGRUHV XQD SDQWDOOD
/&'´WDEOHURGLJLWDOGHFRQWURO\XQDLPSUHVRUDHQODSDUWHLQIHULRU
/DVLJXLHQWHIRWRJUDItDQRVPXHVWUDODDPSROODFRPHUFLDOGHy[LGRGHHWLOHQR
%LRLQJHQLHUtD ,QVWDODFLRQHV+RVSLWDODULDV
9$/25(6(67$%/(&,'263$5$(;326,&,Ï1$2;,'2
'((7,/(12(1-251$'$/$%25$/
&RQFHQWUDFLyQGH /tPLWHGH
y[LGRGHHWLOHQRHQ H[SRVLFLyQ ,QWHUSUHWDFLyQ
HODLUH GLDULD
'XUDQWHHOSHULRGRGHKRUDV
SSP SDUWHVSRU
KRUDV HOSURPHGLRGHFRQFHQWUDFLyQ
PLOOyQ 9DORU
7:$ GH(72QRGHEHVHUVXSHULRUD
SURPHGLR
SSP
(QQLQJ~QPRPHQWRGHOD
SSP SDUWHVSRU
PLQXWRV MRUQDGDODERUDOGHEH
PLOOyQ 9DORU
67(/ UHJLVWUDUVHXQDFRQFHQWUDFLyQ
Pi[LPR
GH(72VXSHULRUDSSP
(Q OR TXH UHVSHFWD D ORV HTXLSRV G H PRQLWRUHR H[LVWHQWHV HQ HO PDUFDGR VH
GXLVSRQH GH YDULDV RSFLRQHV FDGD XQD GH HOODV RIUHFH SUHVWDFLRQHV
SDUWLFXODUHV GHELHQGR HO XVXDULR GHFLGLU FXDO WRPDUi WUDV HYDOXDU OD UHODFLyQ
FRVWREHQHILFLR
%LRLQJHQLHUtD ,QVWDODFLRQHV+RVSLWDODULDV
PHGLUHO7:$\LQPHGLDWD SHUVRQDO
HO67(/ GH HQWUHQDGR
UHVXOWDGRV
$GDSWDGRVD %DMR 5HWUDVRGH
QRUPDV26+$ FRVWR ODOHFWXUDGH
021,725 3HUPLWHQ DKRUDV
3(5621$/&21 PHGLUHO7:$\ 6HUHTXLHUH
5(9(/$'2 HO67(/ SURFHVDUOD
&520$752*5$),&2 PXHVWUD\
VHPEUDUODHQ
XQ
FURPDWyJUDIR
SDUDUHDOL]DU
OHFWXUD
(OPRPHQWRGHPi[LPRULHVJRSDUDHORSHUDGRUGHOHTXLSRGHy[LGRGHHWLOHQR
HV DTXHOHQTXHUHDOL]DODDSHUWXUDGHODFiPDUDGHHVWHULOL]DFLyQSDUDUHWLUDUHO
PDWHULDO SURFHVDGR \ GLVSRQHUOR SDUD VX DLUHDFLyQ SRVWHULRU /RV PRQLWRUHV
SHUVRQDOHVVHFXHOJDQGHODVRODSDGHOWpFQLFRORPiVFHUFDSRVLEOHGHODERFD
RGHODWRPDGHDLUH GHODPiVFDUDTXHXWLOLFHSDUDGHWHUPLQDUGHHVWHPRGR
ORVQLYHOHVGH(72PiVHOHYDGRVDORVTXHUHDOPHQWHHVWDUtDH[SXHVWRDXQTXH
VHD SRU FRUWRV LQWHUYDORV \ TXH UHSUHVHQWDQ HO JDV TXH SRGUtD VHU LQKDODGR
GXUDQWHHOSURFHGLPLHQWR
5HVXOWD LQWHUHVDQWH FRQVLGHUDU TXH XQ PRQLWRU FRORFDGR HQ XQ SXQWR GLVWDQWH
GH OD FRPSXHUWD GHO HTXLSR GH y[LGR GH HWLOHQR SXHGH GDU UHVXOWDGRV TXH GH
KHFKRQRLQWHUHVDPHGLU\SRUORWDQWRFRQVWLWXLUtDXQGHVSHUGLFLRGHUHFXUVRV
(O JDV TXH DEDQGRQD OD FiPDUD HQ HO PRPHQW R GH OD DSHUWXUD GH OD SXHUWD
DOFDQ]D VX Pi[LPD FRQFHQWUDFLyQ HQ ORV SULPHURV FHQWtPHWURV GLOX\pQGRVH
UiSLGDPHQWH FRQ OD GLVWDQFLD HQ HVSHFLDO VL VH FRQVLGHUD TXH GHEHUtD H[LVWLU
XQD H[WUDFFLyQ GH DLUH IRU]DGD HQ ODV VDODV GH HVWHULOL]DFLyQ HQ ODV TXH VH
HQFXHQWUDQORVHTXLSRVGH(72
5,(6*2'((;326,&,Ï1/$%25$/$2;,'2'((7,/(12
'85$17((/&,&/2'((67(5,/,=$&,21
5,(6*25(/$7,92
(7$3$'(/&,&/2
3$5$(/23(5$'25
&DUJDGHOHTXLSRFRORFDFLyQGH
ODDPSROODGHJDV
,Q\HFFLyQGHOJDVSUXHEDGH
KHPHUWLFLGDG
(VWHULOL]DFLyQ
'HVJDVLILFDFLyQ
%LRLQJHQLHUtD ,QVWDODFLRQHV+RVSLWDODULDV
$SHUWXUDGHFRPSXHUWDGHOHTXLSR
'HVFDUJDGHODFiPDUDGHOHTXLSR
&DUJDGHODHVWXIDGHDLUHDFLyQ
IRU]DGD
'HVFDUJDGHODHVWXIDGHDLUHDFLyQ
IRU]DGD
5LHVJRVGHH[SORVLyQ
x 7HPSHUDWXUDGHLJQLFLyQHQDLUHDDWP&
x 7HPSGHDXWRLJQLFLyQHQDLUHDDWP&
x /tPLWHPi[GHLQIODPDFLyQHQDLUHDDWP YRO
x /tPLWHPtQGHLQIODPDFLyQHQDLUHDDWP YRO
5LHVJRV LQXVXDOHV GH H[SORVLyQ H LQFHQGLR /DV YDSRUHV GH y[LGR GH
HWLOHQR VH HQFHQGHUiQ VLQ OD SUHVHQFLD GH DLU H X RWURV R[LGDQWHV /RV YDSRUHV
GHO2(VRQPiVSHVDGRVTXHHODLUHXRWURVR[LGDQWHV\SRUHOORVHGHSRVLWDQDO
UDVGHOVXHOR\SXHGHQHQFHQGHUVHHQOODPDVRSRUFKLVSDVHQXQOXJDUUHPRWR
DOVLWLRGRQGHIXHXVDGR
5HDFWLYLGDG
x (VWDELOLGDG,QHVWDEOH
x &RQGLFLRQHV D HYLWDU 3UHVHQFLD GH LJQLWRUHV HOpFWULFRV IXHJR H[FHVLYR
FDORU
x ,QFRPSDWLELOLGDGÈFLGRV\iOFDOLV
'DWRVVREUHULHVJRSDUDODVDOXG
%LRLQJHQLHUtD ,QVWDODFLRQHV+RVSLWDODULDV
5XWDGH ,QKDODFLyQFRQWDFWR
HQWUDGD
9DORUOtPLWHGH SSPHQKRUDVHVWDEOHFLGRSRU26+$
H[SRVLFLyQ HQ
3(/
9DORUOtPLWHGH SSP H[FXULVLyQOtPLWHH[SRVLFLyQ
H[SRVLFyQ LQWHUUXPSLGD
3(/
(IHFWRVWy[LFRV SRULQKDODFLyQ /DVHYLGHQFLDVFOtQLFDV
GHORVHIHFWRVDGYHUVRVDVRFLDGRVFRQOD
H[SRVLFyQDO2(VHPDQLILHVWDQSRUXQ
LQFUHPHQWRGHODLQFLGHQFLDGHFiQFHUHQ
DQLPDOHVGHODERUDWRULR6HKDQ
HQFRQWUDGRHQKXPDQRV\DQLPDOHVGH
H[SHULPHQWDFLyQGDxRVDQLYHOGHO
PDWHULDOJHQpWLFR $'1 (O2(HQIRUPD
OtTXLGDSXHGHSURGXFLULUULWDFLyQRFXODU
DVtFRPRWDPELpQGHODSLHOSRUXQD
SURORQJDGDH[SRVLFLyQ2WURVHIHHFWRVGH
ODLQKDODFLyQGHYDSRUHVGH2(LQFOX\HQ
LUULWDFLyQGHOWUDFWRUHVSLUDWRULRGRORUGH
FDEH]DQiXVHDVYyPLWRVGLDUUHDGLVQHD
\FLDQRVLV$GHPiVKD\LQIRUPHVVREUHOD
SURGXFFLyQGHKHPyOLVLVGHVWUXFFLyQGHO
WHMLGRRI WiOPLFRPXVFXODUDOHUJLD
FXWiQHD RGHUPDWLWLV
(PHUJHQFLD\ &RPRHVWHJDVQRWLHQHRORUGLVWLQWLYRD
3URFHGLPLHQWRVEDMDVFRQFHQWUDFLRQHV PJOLWUR
GHSULPHURV VHUHFRPLHQGDTXHFXDQGRVHSHUFLEDXQD
DX[LOLRV SHTXHxDPROHVWLDRLUULWDFLyQGHOD
PXFRVDRFXODUVHSURFHGD
LQPHGLDWDPHQWHDUHDOL]DUXQDSURIXQGD
YHQWLODFLyQGHOOXJDU(Oy[LGRGHHWLOHQR
HVVROXEOHHQDJXD\VXVROXFLyQSXHGH
SURYRFDULUULWDFLyQGHODSLHOVLHVWiPX\
FRQFHQWUDGRSXHGHSURGXFLUTXHPDGXUD
SRUIUtRFRQHQURMHFLPLHQWR\GRORU(Q
HVWHFDVRHQMXDJDUFRQDEXQGDQWHDJDX
FRUULHQWHGXUDQWHPLQXWRV
/RVHQYDVHVYDFtRVPHUHFHQHO
PLVPRUHVSHFWRTXHORVOOHQRV
&XDQGRVHUHWLUHXQFLOLQGURGH
0pWRGRGH VHUYLFLRSRUHVWDUYDFtRODYiOYXOD
%LRLQJHQLHUtD ,QVWDODFLRQHV+RVSLWDODULDV
%LRLQJHQLHUtD ,QVWDODFLRQHV+RVSLWDODULDV
0(','$6'(&21752/<35(&$8&,21(6
$OPDFHQDUORVFLOLQGURVHQXQOXJDUUHODWLYDPHQWHIUtR
D&
/RVFLOLQGURVJUDQGHVQRGHEHQVHUPRYLGRVDPDQRVLQR
HPSOHDGRPRQWDFDUJDV
/DYiOYXODGHOFLOLQGURGHEHTXHGDUELHQFHUUDGDDQWHV
GHGHVFRQHFWDUHOPLVPR
$OVHUH[WUHPDGDPHQWHLQIODPDEOHVHGHEHQHYLWDU
ULHVJRVGXUDQWHHOXVRPHGLDQWHODDGLFLyQGHJDVHV
LQHUWHV GLy[LGRGHFDUERQRGLFORURGLIOXRUPHWDQR (VWRV
JDVHVGHELGDPHQWHFRPELQDGRVFRQHOy[LGRGHHWLOHQR
SXHGHQHVWDUHQFRQWDFWRFRQFXDOTXLHUYROXPHQGHDLUH
VLQGDUOXJDUDIRUPDFLyQGHPH]FODVH[SORVLYDV6H
DFHSWDQFRPROtPLWHVPi[LPRVGHLQIODPDELOLGDGHO
GHODPH]FODHQDLUHRWURV\FRPROtPLWH
PtQLPR
1,9(/,%$-25,(6*2
&RQVWLWX\HHVHQFLDOPHQWHODSXHUWDGHHQWUDGDDODUHGGHVHUYLFLRVRVLVWHPD
HQODPD\RUSDUWHGHORVFDVRVUHDOL]DDFFLRQHVGHSURPRFLyQ\SURWHFFLyQG H
OD VDOXG DVt FRPR HO GLDJQyVWLFR WHPSUDQR GH GDxR DWHQFLyQ GH OD GHPDQGD
HVSRQWiQHD GH PRUELOLGDG SHUFLELGD E~VTXHGD GH OD GHPDQGD RFXOWD FRQWURO
GH VDOXG GH OD SREODFLyQ H LQWHUQDFLyQ SDUD OD DWHQFLyQ GH SDFLHQWHV FRQ EDMR
ULHVJRFRQPHFDQLVPRVH[SOLFLWDGRVGHUHIHUHQFLD\FRQWUDUUHIHUHQFLD
1,9(/,,0(',$125,(6*2
3XHGH FRQVWLWXLU OD SXHUWD GH HQWUDGD DO VLVWHPD 5HDOL]D ODVPLVPDVDFFLRQHV
TXH HQ HO %DMR 5LHVJR D ODV TXH VH DJUHJD XQ PD\RU QLYHO GH UHVROXFLyQ HQ
DTXHOORV SURFHVRV PyUELGRV \R SURFHGLPLHQWRV GLDJQyVWLFRV \ WHUDSpXWLFRV
TXHH[FHGHQODUHVROXFLyQGHO%DMR5LHVJR
1,9(/,,,$/725,(6*2
%LRLQJHQLHUtD ,QVWDODFLRQHV+RVSLWDODULDV
,1752'8&&,21
&XDOTXLHUD VHD HO QLYHO GH FREHUWXUD GHO ULHVJR GHO (VWDEOHFLPLHQWR $VLVWHQFLDO
FRQ ,QWHUQDFLyQ OD DFWLYLGDG FRPSOHWD GHO SURFHVR GH HVWHULOL]DFLyQ VH GHEHUi
UHXQLU HQ XQD ~QLFD iUHD GLVHxDGD \ FRQVWUXLGD SDUD WDO ILQ GH DFXHUGR D ODV
QRUPDVVDQLWDULDVYLJHQWHV
'DGD OD JUDQ YHQWDMD HFRQyPLFR IXQFLRQDO TXH RIUHFH HO 6LVWHPD
&HQWUDOL]DGR QLQJ~Q RWUR 6HUYLFLR R 6HFWRU GHO (VWDEOHFLPLHQWR UHDOL]DUi HQ
IRUPDLQGHSHQGLHQWHODVRSHUDFLRQHVLQKHU HQWHVDHVWHSURFHVR SRUHMHPSOR
GREODGRGHJDVDVDUPDGRGHURSDHVWHULOL]DFLyQGHLQVWUXPHQWDORGRQWROyJLFR
HWF
(QJHQHUDOWRGDODVXSHUILFLHGHEHUiHVWDUFRQWHQLGDHQWUHV]RQDV
12&5,7,&$'HUHFHSFLyQ\ODYDGRGHPDWHULDOHV
6(0,&5,7,&$'HSUHSDUDFLyQ\HVWHULOL]DFLyQ
&5,7,&$2/,03,$'HDOPDFHQDPLHQWR\HQWUHJDGHOPDWHULDOHVWHULOL]DGR(V
XQD]RQDGHFLUFXODFLyQUHVWULQJLGD
1,9(/,%$-25,(6*2
%LRLQJHQLHUtD ,QVWDODFLRQHV+RVSLWDODULDV
/D HVWUXFWXUD )tVLFD GHEH HVWDU XELFDGD HQ OD FHUFDQtD GHO &HQWUR 2EVWpWULFR
4XLU~UJLFR\WHQHUIiFLOFRPXQLFDFLyQFRQpOSHURQRGHEHSHUWHQHFHUDHOORV
6XVXSHUILFLHVHHVWLPDHQPSRUFDPDGHLQWHUQDFLyQ 3HURQXQFDPHQRV
GHP
'LVSRQGUi GH XQ OXJDU SDUD OD UHFHSFLyQ GH ORV PDWHULDOHV D HVWHULOL]DU \ RWUR
SDUDOD HQWUHJDGHPDWHULDOSURFHVDGR7DPELpQFRQWDUiFRQOXJDUHVSDUD
&ODVLILFDFLyQGHPDWHULDOHV
/DYDGRGHPDWHULDOHV
'HVLQIHFFLyQ
3UHSDUDFLyQ\HQYDVDGRGHPDWHULDOHV
(VWHULOL]DFLyQSRUFDORUVHFR FRQYHFFLyQ
(VWHULOL]DFLyQSRUFDORUK~PHGR
$OPDFHQDPLHQWRGHORVPDWHULDOHVHVWHULOL]DGRV
(OWUDWDPLHQWRGHORVPDWHULDOHVTXHFHGHQSDUWtFXODVDODPELHQWHVHHIHFWXDUi
HQXQORFDOVHSDUDGR
(VWH ~OWLPR GHEH HVWDU ItVLFDPHQWH VHSDUDGR GH ORV RWURV PpWRGRV GH
HVWHULOL]DFLyQ
'HQWURGHODHVWUXFWXUDItVLFDHVLPSRUWDQWHWHQHUSUHVHQWHFLHUWRVGHWDOOHVGH
FRQVWUXFFLyQ
/RV SLVRV SDUHGHV \ ]yFDORV VHUiQ OLVRV \ QR DEVRUEHQWHV FRQ iQJXORV
UHGRQGHDGRV ]yFDORVVDQLWDULRV
/DV SDUHGHV HVWDUiQ SLQWDGDV R UHYHVWLGDV FRQ PDWHUL DOHV DGHFXDGRV SDUD
iUHDV DVpSWLFDV SLQWXUD HSR[L D]XOHMRV VLQ MXQWD HWF 1R VH GHEHQXWLOL]DU
UHYHVWLPLHQWRV TXH SUHVHQWHQ MXQWDV iQJXORVRDULVWDV6HHPSOHDUiQFRORUHV
FODURVSHURVHGHVFDUWDHOEODQFR
/DV HVTXLQDV FRQ WUiQVLWR GH FDUULWRV GHEHUiQ SURWHJHUVH FRQ ODPLQDGRV R
FKDSDVGHDFHURLQR[LGDEOH
%LRLQJHQLHUtD ,QVWDODFLRQHV+RVSLWDODULDV
/DV YHQWDQDV VHUiQ ILMDV FRQ YLGULRV D ILQ GH HYLWDU OD HQWUDGD GH SROYR H
LQVHFWRV
/DLOXPLQDFLyQVHUiFODUDLQWHQVD\QRFDOyULFD
/D FOLPDWL]DFLyQ GHEHUi DVHJXUDU FRQGLFLRQHV GH FRQIRUW SDUD HO SHUVRQDO \
SDUDODFRUUHFWDFRQVHUYDFLyQGHORVPDWHULDOHVODWHPSHUDWXUDRVFLODUiHQWUH
&\&GXUDQWHWRGRHODxR
/D YHQWLODFLyQ IRU]DGD HV GH H[WUHPD QHFHVLGDG HQ HO ORFDO GHVWLQDGR D OD
HVWHULOL]DFLyQFRQy[LGRGHHWLOHQRQRVHGHEHDGPLWLUHOXVRGHYHQWLODGRUHVR
FXDOTXLHU RWUR GLVSRVLWLYR DJLWDGRU GH DLUH /DV ]RQDV GH GHSyVLWR R
DOPDFHQDPLHQWRGHPDWHULDOHVGHEHUiQWHQHUK XPHGDGFRQWURODGD
5HVSHFWR D ORV DFFHVRV pVWRV GHEHQ FRQWDU FRQ XQD SXHUWD SDUD LQJUHVR
HJUHVR GHO SHUVRQDO \ RWUD SDUD HO LQJUHVR GH ORV PDWHULDOHV GH FRQVXPR
SDSHODOJRGyQJDVDHWF $GHPiVGHEHUiWHQHUXQDYHQWDQLOODGHUHFHSFLyQ
GHPDWHULDOHV\RWUDGHHJUHVRGHORVPLVPRVHVWHULOL]DGRV
(Q XQ H[WUHPR GHO $5($ 12 &5,7,&$ VH XELFDUi OD ]RQD GH YHVWXDULRV \
VDQLWDULRVGHOSHUVRQDOTXHVHFRPXQLFDUiFRQOD&HQWUDOSHURGLVSRQLHQGRGH
XQD HVWUXFWXUD LQGHSHQGLHQWH 'HQWUR GH HVWH PLVPR iUHD K DEUi XQ HVSDFLR
GHVWLQDGRDODRILFLQDGHOMHIH\RWURDODGHORV6XSHUYLVRUHV
7RGDiUHDSRUSHTXHxDTXHVHDGHEHDVHJXUDUHOFXPSOLPLHQWRGHODV1RUPDV
GH0DQHMR\&LUFXODFLyQ$VpSWLFD
6H VXJLHUH TXH HO DPELHQWH HVWp FOLPDWL]DGR FRQ WHPSHUDWXUDV H QWUH & \
& 6L VH MXVWLILFD SRU HO RUGHQDPLHQWR GHO WUDEDMR VH GHEHUiQ LQVWDODU
HTXLSRV HVSHFLDOHV SDUD HVWH ILQ 1R VH GHEH DGPLWLU HO XVR GH YHQWLODGRUHV
GLVSRVLWLYRVRDJLWDGRUHVGHDLUH/DV]RQDVGHGHSyVLWRRDOPDFHQDPLHQWRGH
PDWHULDOHVGHEHUiQWHQHUKXPHGDGFRQWURODGD
/DLOXPLQDFLyQGHEHVHUSUHIHUHQWHPHQWHQDWXUDOEODQFD\QRFDOyULFD
/DFRQVWUXFFLyQGHOiUHDUHVSHWDUiODVQRUPDWLYDVGDGDVSDUDHOQLYHO,,\,,,
1,9(/,, 0(',$125,(6*2
%LRLQJHQLHUtD ,QVWDODFLRQHV+RVSLWDODULDV
,JXDO TXH HQ HO QLYHO , OD HVWUXFWXUD I tVLFD GHEH HVWDU FHUFD GH ODV iUHDV
TXLU~UJLFDV REVWpWULFDV WHUDSLD LQWHQVLYD IDUPDFLD ODYDGHUR SHUR QR
SHUWHQHFHUItVLFDPHQWHDQLQJXQDGHHOODV
/DVHFWRUL]DFLyQGHOiUHDFXPSOLUiFRQODVVLJXLHQWHVGLPHQVLRQHV
5HFHSFLyQ\OLPSLH]DGHPDWHULDO
$FRQGLFLRQDPLHQWRGHORVPDWHULDOHV
(VWHULOL]DFLyQ
$OPDFHQDPLHQWR\HQWUHJD
(O VHFWRU GHVWLQDGR DO DFRQGLFLRQDPLHQWR GH PDWHULDOHV SRGUi GLYLGLUVH HQ
ORFDOHVGHVWLQDGRVDODSUHSDUDFLyQGH
0DWHULDOWH[WLO
0DWHULDOGH9LGULR*RPD3OiVWLFR
,QVWUXPHQWDO
$VXYH]HOVHFWRUGH(VWHULOL]DFLyQVHGLYLGLUiHQGRVORFDOHV
(VWHULOL]DFLyQFRQFDORUVHFR\K~PHGR
(VWHULOL]DFLyQFRQy[LGRGHHWLOHQR
'HQWURGHODVLQVWDODFLRQHVILMDVVHGHEHFRQWDUFRQ
$JXDFDOLHQWH\IUtD
7HOpIRQRVLQWHUQRV
0RQWDFDUJDVSDUDUHFHSFLyQ\HQWU HJDGHPDWHULDOHV
(OPRELOLDULRQRGHEHVHUH[FHVLYRSDUDIDFLOLWDUHOGHVSOD]DPLHQWRLQWHUQR/DV
PHVDV VHUiQ DQFKDV \ FRQ DSR\DSLpV ODV VLOODV GH DOWXUD JUDGXDEOH (VWDUi
HTXLSDGR FRQ ELEOLRWHFDV HQ HO VHFWRU GH RILFLQDV HVWDQWHUtDV DELHUWDV
%LRLQJHQLHUtD ,QVWDODFLRQHV+RVSLWDODULDV
/DFLUFXODFLyQGHO&HQWURGH(VWHULOL]DFLyQGHEHUi WHQHUHQFXHQWDODQHFHVLGDG
GH FXPSOLU LQWHUQDPHQWH FRQ HO VHQWLGR XQLGLUHFFLRQDO QR FUtWLFR FUtWLFR VLQ
UHWURFHVRV \ EDMR QRUPDV GH DVHSVLD 'LFKD FLUFXODFLyQ HVWDUi FRUUHFWDPHQWH
VHxDOL]DGD
1,9(/,,, $/725,(6*2
/DHVWUXFWXUDItVLFDFRPRHQORVQLYHOHVDQWHULRUHVGHEHUiHVWDUSUy[LPD\GH
IiFLO FRPXQLFDFLyQ FRQ ODV iUHDV 4XLU~UJLFD 2EVWpWULFD 7HUDSLD ,QWHQVLYD
8QLGDG GH 7UDQVSODQWH 8QLGDG GH 5HFXSHUDFLyQ &DUGLRYDVFXODU )DUPDFLD
/DYDGHURSHURQRGHEHSHUWHQHFHUDQLQJXQDGHHOODV
/DVXSHUILFLHVHFDOFXODUiDUD]yQGHPSRUFDGDFDPDGHLQWHUQDFLyQ
/D VHFWRUL]DFLyQ GHO iUHD FXPSOH ODV PLVPDV SDXWDV TXH HQ HO QLYHO ,,
DJUHJiQGRVHHQHVWHXQVHFWRUGHODYDGRGHPDWHULDOHVVHSDUDGRGHOUHVWRGH
ORV VHFWRUHV FRQ XQD PDPSDUD WUDQVSDUHQWH DGHPiV^DV GHEHUi H[LVWLU XQ
ORFDOGHVWLQDGRDOD(VWHULOL]DFLyQFRQRWURVPpWRGRV
&RQUHODFLyQDODFOLPDWL]DFLyQHQHVWHQLYHOVHDFRQVHMDODLQVWDODFLyQGHDLUH
DFRQGLFLRQDGRFHQWUDOSHUWHQHFLHQWHDOSURSLRFHQWURGHHVWHULOL]DFLyQ
3DUDODYHQWLODFLyQHQHODOWRULHVJRVHDFRQVHMDHOXVRGH
9HQWLODFLyQIRU]DGDFRQGLIHUHQFLDVGHSUHVLRQHV\VHMXVWLILFDODLQVWDODFLyQGH
ILOWURGHDLUH +(3$
(QFXDQWRDORVDFFHVRVVHVXPDDOUHTXHULPLHQWRGHOQLYHO,,ODFRQVWUXFFLyQ
GHEDKtDVHQHOVHFWRUGHLQJUHVRV\HQHOGHHJUHVRVSDUDHOHVWDFLRQDPLHQWR
GHORVFDUJRVGHHQIHUPHUtD
(QOD]RQDGH9HVWXDULRV\6DQLWDULRVVHLQFOXLUiQGXFKDVSDUDHOSHUVRQDO
%LRLQJHQLHUtD ,QVWDODFLRQHV+RVSLWDODULDV
(QHOHVSDFLRGHVWLQDGRDRILFLQDVVHFRQWDUiFRQXQOXJDUSDUDODX ELFDFLyQGH
ORVVLVWHPDVGHFRPSXWDFLyQGHOiUHD
$ODVLQVWDODFLRQHVILMDVVHDJUHJD
,QWHUFRPXQLFDGRUHV
6LVWHPDGHLQIRUPiWLFDFRQHFWDGRDODUHGGHODLQVWLWXFLyQ
5HVSHFWRGHOPRELOLDULRVHGHEHUiFRQWDUFRQORQHFHVDULRSDUDODXELFDFLyQG HO
VLVWHPDGHFRPSXWDFLyQ
'(3(1'(1&,$
(QHO1,9(/,HO&HQWURGH(VWHULOL]DFLyQGHSHQGHUiGHOiUHDGH)DUPDFLDHQ
VXGHIHFWRUHSRUWDUiGLUHFWDPHQWHDOD'LUHFFLyQGHO(VWDEOHFLPLHQWR
(QHO1,9(/,,GHSHQGHUiHQWRGRVORVFDVRVGHO6HUYLFLRGH)DUPDFLD
(QHO1,9(/,,,SRUWUDWDUVHGHXQ6HUYLFLRGH$OWD&RPSOHMLGDGQRGHSHQGHUi
GH)DUPDFLDVLQRGHO'HSDUWDPHQWRGH'LDJQyVWLFR\7UDWDPLHQWRRELHQGHO
PLVPR'HSDUWDPHQWRRiUHDGHODFXDOGHSHQG HIDUPDFLD
25*$1,*5$0$
(QORVFDVRVHQORVFXDOHVODHVWUXFWXUDRUJDQL]DWLYDQRMXVWLILTXHODH[LVWHQFLD
GH iUHDV GH )DUPDFLD \ (VWHULOL]DFLyQ SRU VHSDUDGR VH DWULEXLUi DO -HIH GH
)DUPDFLDODUHVSRQVDELOLGDGGHO$UHDGH(VWHULOL]DFLyQ
(QHOFDVRGHTXHODHVWUXFWXUDGHOVHUYLFLRGH)DUPDFLDQRHVWpFRQWHPSODGR
GHQWUR GH OD RUJDQL]DFLyQ GHO HVWDEOHFLPLHQWR HO $UHD GH (VWHULOL]DFLyQ GHEH
HVWDUDFDUJRGHXQSURIHVLRQDO)DUPDFpXWLFR
%LRLQJHQLHUtD ,QVWDODFLRQHV+RVSLWDODULDV
3$87$6'(*(67,21
&iOFXORGH&RVWRV
(VLPSRUWDQWHTXHFDGD&HQWURGH(VWHULOL]DFLyQFRQWULEX\DFRQVXLQIRUPDFLyQ
DO FiOFXOR GHO FRVWR JHQHUDO GH OD ,QVWLWXFLyQ 3DUD HOOR HV QHFHVDULR TXH
GLVSRQJD GH WDEODV HVWiQGDUHV TXH LQGLTXHQ ORV YDORUHV GH SRQGHUDFLyQ GH
FDGDDFWLYLGDGWRPDQGRVLHPSUHFRPRSDWUyQOD8QLGDGGH(VWHULOL]DFLyQ(VWH
~OWLPR YDORU HVWi GDGR SRU HO WLHPSR QHFHVDULR SDUD SURGXFLU OD DFWLYLGDG GH
PHQRUFRPSOHMLGDG JDVDSHTXHxDUHFHSFLyQXQL WDULDHWF
5HJLVWURVGHODDFWLYLGDG
2EMHWLYR/OHYDUXQUHJLVWURGLDULRGHODVSUHVWDFLRQHVFRQILQHVHVWDGtVWLFRV\
GHFRQWURO'HEHQOOHYDUVHFRQFDUiFWHUREOLJDWRULRFRPRPtQLPRORVVLJXLHQWHV
UHJLVWURVGHDFWLYLGDGHV
5HJLVWURGHUHFHSFLyQ\HQWUHJD
6HOOHYDUiXQUHJLVWURHQHOTXHFRQVWH
)HFKD\KRUDGHUHFHSFLyQGHOPDWHULDO
6HUYLFLRGHHQWUHJD
&DQWLGDG\GHVFULSFLyQGHOPDWHULDO
3HUVRQDTXHUHFLEH
3HUVRQDTXHHQWUHJD
)HFKD\KRUDGHHQWUHJDGHOPDWHULDO
2EVHUYDFLRQHV
5HJLVWURGH3URFHVRVGH(VWHULOL]DFLyQ
%LRLQJHQLHUtD ,QVWDODFLRQHV+RVSLWDODULDV
6HOOHYDUiXQUHJLVWURSRUVHSDUDGRGHFDGDPpWRGRGHHVWHULOL]DFLyQHPSOHDGR
HQHOTXHVHGHWDOOH
)HFKD
0DWHULDOTXHVHSURFHVD
+RUDGHLQLFLR\ILQDOL]DFLyQGHOSURFHVR
1RPEUHGHORSHUDGRU
(TXLSRXWLOL]DGR VLKD\PiVGHXQRLQGLFDUHOQ~PHUR
1RPEUHGHO6HUYLFLRGHVWLQDWDULR
2EVHUYDFLRQHV
5HJLVWURGH&RQWUROHV
6H OOHYDUi XQ UHJLVWUR SRU VHSDUDGR SDUD FDGD PpWRGR GH HVWHULOL]DFLyQ HQ HO
TXHVHHVSHFLILTXH
)HFKD\KRUDGHOSURFHVR
1~PHURGHOHTXLSRHPSOHDGR
5HVXOWDGR GH ORV FRQWUROHV HIHFWXDGRV SXGLHQGR VHU DFRPSDxDGR GH ORV
FRUUHVSRQGLHQWHVLQGLFDGRUHVWHVWLJRV
5HJLVWURGHODV9DOLGDFLRQHV
6HOOHYDUiXQUHJLVWURHQHOTXHFRQVWH
)HFKD
7LSRGHYDOLGDFLyQHIHFWXDGD
1RPEUHGHOSURIHVLRQDOIDUPDFpXWLFRTXHODUHDOL]y
5HVXOWDGRREWHQLGR
5HJLVWURGHQRYHGDGHV
/DILQDOLGDGGHHVWHUHJLVWURVHUiLQIRUPDUDOSHUVRQDOTXHFRPLHQ]DXQWXUQR\
DOSHUVRQDODXVHQWHODVQRYHGDGHVGHO6HUYLFL R
%LRLQJHQLHUtD ,QVWDODFLRQHV+RVSLWDODULDV
5HJLVWURGHDFWLYLGDGHVDGPLQLVWUDWLYDV
6HUHJLVWUDUiXQDSODQLILFDFLyQVHPDQDOTXLQFHQDO\RPHQVXDOGH
'tDVIUDQFRV
/LFHQFLDVRUGLQDULDV
+RUDVH[WUDVGHOSHUVRQDO
5HJLVWURGH$FWLYLGDGHV'RFHQWHV
6HUHJLVWUDUiQFXUVRV\FODVHV GLFWDGDVDOSHUVRQDOGHODVGLVWLQWDViUHDVGHOD
,QVWLWXFLyQ
5HJLVWURGHDFWLYLGDGHVGH,QYHVWLJDFLyQ
6HUHJLVWUDUiQODVWDUHDVGHGHVDUUROORFLHQWtILFRTXHVHUHDOLFHQHQHOiUHD
'RFXPHQWRV
(VWH WLSR GH UHJLVWURV VH GHEHUi PDQWHQHU DUFKLYDGR GXUDQWH HO WLHPSR ILMDGR
SRUODDXWRULGDGGHOHVWDEOHFLPLHQWR3DUDVHUGHVWUXLGRVXQDYH]FXPSOLGRHO
WLHPSRVHxDODGRVHUHTXLHUHODLQWHUYHQFLyQGHGLFKDDXWRULGDGODEUiQGRVHXQ
DFWDVREUHWDOFLUFXQVWDQFLD
5(*,67526'(/$$&7,9,'$''(/$5($'((67(5,/,=$&,Ï1
%LRLQJHQLHUtD ,QVWDODFLRQHV+RVSLWDODULDV
'H YDOLGDFLyQ \ 6, 6, 6,
FRQWURO
'HSDWULPRQLR 6, 6, 6,
'H DFWLYLGDG 12 6, 6,
GRFHQWH
'H DFWLYLGDG 6, 6, 6,
DGPLQLVWUDWLYD
'HVXSHUYLVLyQ 12 6, 6,
'H DFWLYLGDG GH 12 23 6,
LQYHVWLJDFLyQ
'H 6, 6, 6,
PDQWHQLPLHQWR
GHHTXLSRV
23 23&,21$/
'(6&5,3&,Ï1
/RVHTXLSRVGHÈFLGR3HUDFpWLFRVRQVHQFLOORVGHELGRDTXHVXSULQFLSLR
GHIXQFLRQDPLHQWRUHVSRQGHDODWpFQLFDGHLQPHUVLyQ
$GHPiV FDEH GHVWDFDU TXH UHVXOWD GH IiFLO WUDQVSRUWDFLyQ SRU VXV
GLPHQVLRQHVUHGXFLGDV
*HQHUDOPHQWHORVHTXLSRVVRQXWLOL]DGRVHQORVVLWLRVGLUHFWRVHQGRQGH
VRQOOHYDGDVDFDYRODVRSHUDFLRQHVTXLU~UJLFDVRWHUDSpXWLFDVHVWRVH
GHEH D TXH ORV PDWHULDOHV D HVWHULOL]DU SRU HVWH PpWRGR QR UHTXLHUHQ
HQYROWRULRSRUORTXHVXPDQLSXODFLyQ\WUDQVSRUWHGHEHVHU PtQLPD
/RVUHTXHULPLHQWRVGHLQIUDHVWUXFWXUDSDUDHVWHWLSRGHHTXLSDPLHQWRV
VRQ
3URYLVLyQGHDJXDFRUULHQWH
'UHQDMHDODUHGFORDFDO
&RQH[LyQD>Y@
(QHOFDStWXORVRQGHWDOODGRVWDQWRHOSURFHVRFRPRORVSDUiPHWURVGHpVWH
PpWRGRGHHVWHULOL]DFLyQ
)272*5$)Ë$6
%LRLQJHQLHUtD ,QVWDODFLRQHV+RVSLWDODULDV
6WHULV6\VWHP'LPHQVLRQHVFP[FP[FP
'(6&5,3&,Ï1
(VWH WLSR GH HTXLSDPLHQWR SRVHH XQD FiPDUD FLOtQGULFD TXH HQ VX LQWHULRU
FRQWLHQHJHQHUDOPHQWHHVWDQWHV
,QLFLDOPHQWHHODJHQWHHVWHULOL]DQWHSHUy[LGRGH KLGUyJHQRHQHVWDGROtTXLGRVH
HQFXHQWUD FRQWHQLGR HQ XQDV FHOGDV TXH FRQIRUPDQ XQ FDVVHWWH ([LVWHQ
FDVVHWWHVGHFHOGDV\FDGDXQDGHHOODVVHXWLOL]DSDUDXQFLFORFRPSOHWRGH
HVWHULOL]DFLyQ
/XHJR ODV RQGDV GH UHDGLRIUHFXHQFLD LQFLGHQ HQ ODV PROpFX ODV GHO SHUy[LGR GH
KLGUyJHQR D QLYHO DWyPLFR OOHYiQGROR D HVWDGR SODVPD \ FRPLHQ]D HQ HVH
PRPHQWRHOFLFORGHHVWHULOL]DFLyQSURSLDPHQWHGLFKR
)DVHGHYDFtR6HSURGXFHXQDGLVPLQXFLyQGHODSUHVLyQDWPRVIpULFD
>PP +J@ KDVWD >PP +J@ 'HSHQGLHQGR GH OD KXPHGDG UHVLGXDO SUHVHQWH
HQHOPDWHULDOHVWDHWDSDGXUDHQWUH\PLQXWRV
%LRLQJHQLHUtD ,QVWDODFLRQHV+RVSLWDODULDV
DERUWDQGR HO FLFOR 6L HVWR VXFHGH VH GHEH GHVFDUJDU OD FiPDUD LGHQWLILFDU HO
SDTXHWHUHVSRQVDEOHGHODFDUJDK~PHGDYROYHUDVHFDU\DHPSDFDU
(Q JHQHUDO ORV PDWHULDOHV UHVSRQVDEOHV GH WDO UHWHQFLyQ GH DJXD VRQ ORV
PRWRUHV ODV SLQ]DV ODUJDV GH ODSDURVFRSLD ORV OiSLFHV GH HOHFWURELVWXUt R ORV
WXERVFRUUXJDGRV
)DVHGHLQ\HFFLyQ )LQDOL]DGRHOYDFtRVHSURGXFHODLQ\HFFLyQDXWRPiWLFD
GH PO GH VROXFLyQ GHO SHUy[LGR GH KLGUyJHQR FRQWHQLGR HQ OD FHOGD GHO
FDVVHWWH GH FDUJD OXHJR WDPELpQ VX YDSRUL]DFLyQ GHQWUR GH OD FiPDUD (VWD
HWDSDGXUDPLQXWRV
'HELGR DO LQJUHVR GHO SHUy[LGR GH KLGUyJHQR HQ IDVH YDSRU OD SUHVLyQ HQ OD
FiPDUDOOHJDDWRUU WRUU DWP FRPRYDORUPi[LPR6LSRUHUURUGHO
RSHUDGRUHQDOJ~QSDTXHWH TXHGDURQPDWHULDOHVFRQFHOXORVD JDVDDSyVLWRR
SDSHO HO SHUy[LGR GH KLGUyJHQR LQ\HFWDGR D OD FiPDUD WHUPLQDUi VLHQGR
DEVRUELGR SRU HVWRV PDWHULDOHV QR TXHGDQGR GLVSRQLEOH HQ IRUPD GH YDSRU
FRPROHHVQHFHVDULROXHJRSDUDODIRUPDFLyQGHOSODVPD
&XDQGR HOOR VXFHGH HO HVWHULOL]DGRU GD DODUPD \ HO FLFOR DERUWD GHELpQGRVH
GHVFDUJDUODFiPDUDLGHQWLILFDUHOSDTXHWH\YROYHUDHPSDFDU
)DVH GH GLIXVLyQ 8QD YH] LQ\HFWDGR \ YDSRUL]DGR HO SHUy[LGR GH
KLGUyJHQR HQ OD FiPDUD VH SURGXFH VX GLIXVLyQ D WUDYpV GH WRGD OD FDUJD
(V HQ HVWD HWDSD FXDQGR HO YDSRU GH SHUy[LGR GH KLGUyJHQR LQJUHVD D ORV
SDTXHWHV D WUDYpV GH ORV HPEDODMHV WRPDQGR FRQWDFWR FRQ WRGRV ORV
PDWHULDOHV
(VWDHWDSDGXUDPLQXWRV\GXUDQWHVXFXUVRODSUHVLyQHQODFiPDUDYDU LD
HQWUH \ WRUU FRPR YDORU Pi[LPR
(QHVWDHWDSDSXHGHVXFHGHUXQDVREUHSUHVLyQHQFiPDUDTXHHQJHQHUDOVH
GHEH D OD OLEHUDFLyQ GH JRWDV PX\ RFOXLGDV GHO DJXD TXH GHELGR D VX
H[SRVLFLyQD&ORJUDQYDSRUL]DUVHJHQHUDQGRXQLQFUHPHQWRGHODS UHVLyQ
HQODFiPDUD(OHVWHULOL]DGRUODGHWHFWD\FDQFHODDXWRPiWLFDPHQWHHOFLFOR
6L HOOR RFXUULHVH VH GHEHUi SURFHGHU D GHVFDUJDU OD FiPDUD LGHQWLILFDU HO
SDTXHWHUHVSRQVDEOHVHFDUFRQDOFRKRORDLUHFRPSULPLGR\YROYHUDHPSDFDU
FDPELDQGRGHHPSDTXH\GHFRQWUROHV
$O ILQDO GH HVWD IDVH OD SUHVLyQ VH UHGXFH D PWRUU FRQGLFLyQ QHFHVDULD
SDUDODIRUPDFLyQGHSODVPD
)DVH GH SODVPD 'XUDQWH HVWD HWDSD TXH GXUD PLQXWRV OD LQGXFFLyQ
GH UDGLRIUHFXHQFLD JHQHUD HO SODVPD GH SHUy[LGR GH KLG UyJHQR TXH HVWHULOL]D
WRGDVODVVXSHUILFLHVTXHFRQWDFWD
(QHVWDHWDSDODSUHVLyQHQODFiPDUDHVGHPWRUU
)DVH GH YHQWLODFLyQ 'XUD PLQXWRV /XHJR GH ILQDOL]DU OD LQGXFFLyQ GH
UDGLRIUHFXHQFLD OD FiPDUD UHWRPD OD SUHVLyQ DWPRVIpULFD PHGLDQW H OD
%LRLQJHQLHUtD ,QVWDODFLRQHV+RVSLWDODULDV
LQWURGXFFLyQ GH DLUH SURFHVDGR SRU ILOWURV +(3$ 6H SURGXFH XQ DJUXSDPLHQWR
GH ORV UDGLFDOHV OLEUHV JHQHUDGRV HQ OD HWDSD GH SODVPD D SURGXFWRV ILQDOHV
R[tJHQR\DJXD
'85$&,21727$/'(/&,&/2
DPLQXWRVGHSHQGLHQGRGHODHWDSDGHYDFtR
(VWHVLVWHPDKDVLGRDSUREDGRSRUOD)'$HVWDGRXQLGHQVHSDUDODHVWHULOL]DFLyQ
GH PDWHULDOHV PpGLFRV &RQ UHVSHFWR D OD HVWHULOL]DFLyQ GH O~PHQHV ODUJRV \
DQJRVWRV \ GHELGR D ODV GLILFXOWDGHV GH SHQHWUDFLyQ TXH SUHVHQWD HO SHUy[LGR
GH KLGUyJHQR HQ HOORV VH KD GHVDUUROODGR XQ LQWHQVLILFDGRU TXH JDUDQWL]D OD
SUHVHQFLDGHODJHQWHHVWHULOL]DQWHGHQWURGHOO~PHQ
(V PiV SDUD GLVSRVLWLYRV PpGLFRV FRQ O~PHQ GH PiV GH PP GH OX] \
FPGHODUJRQRVHUHFRPLHQGDHOXVRGHGLFKRLQWHQVLILFDGRU(VWHVLVWHPDKD
VLGR DSUREDGR SRU OD )'$ HVWDGRXQLGHQVH SDUD OD HVWHULOL]DFLyQ GH PDWHULDOHV
PpGLFRV &RQ UHVSHFWR D OD HVWHULOL]DFLyQ GH O~PHQHV ODUJRV \ DQJRVWRV \
GHELGRDODVGLILFXOWDGHVGHSHQHWUDFLyQTXHSUHVHQWDHOSHUy[LGRGHKLGUyJHQR
HQ HOORV VH KD GHVDUUROODGR XQ LQWHQVLILFDGRU TXH JDUDQWL]D OD SUHVHQFLD GHO
DJHQWH HVWHULOL]DQWH GHQWUR GHO O~PHQ (V PiV SDUD GLVSRVLWLYRV PpGLFRV FRQ
O~PHQGHPiVGHPPGHOX]\FPGHODUJRQRVHUHFRPLHQGDHOXVRGH
GLFKRLQWHQVLILFDGRU
(OGLVSRVLWLYR\DKDVLGRSUREDGRHQHQGRVFRSLRVVLPXODGRVFRQFDQDOHVGH
PHWURVGHODUJRFDGDXQR/DOX]GHORVFDQDOHVHQHVWRVHQVD\RVIXHGHPP
HQ GRV GH HOORV \ PP HQ HO RWUR
0RQLWRUHDQGRHOHQVD\RFRQXQDSREODFLyQGHXQPLOOyQGHHVSRUDVGHEDFLOOXV
VWHDURWHUPRSKLOXV HQ FDGD FDQDO \ H[SRQLHQGR HO HQGRVFRSLR VLPXODGR D OD
PLWDGGHXQFLFORGHHVWHULOL]DFLyQQRVHUHFXSHUDURQPLFURRUJDQLVPRVYLDEOHV
'HWRGRVPRGRVHQORV(VWDGRV8QLGRVD~QHVWiSHQGLHQWHODDSUREDFLyQGHOD
)'$ GDGR TXH OD $JHQFLD UHTXLHUH TXH HO HQVD\R GH HVWH LQWHQVLILFDGRU VH
UHDOLFHHQSUHVHQFLDGHPDWHULDRUJiQLFD/DIDOWDGHDSUREDFLyQSRUSDUWHGHOD
)'$ORH[FOX\HGHVHUFRPHUFLDOL]DGRGHQWURGHORV((88
0DWHULDOHV FRQ H[WUHPRV FLHJRV QR SXHGHQ VHU HVWHULOL]DGRV SRU HVWH VLVWHPD
(O UHKXVR GH HVWH WLSR GH GLVSRVLWLYRV HV DOWDPHQWH GLVFXWLGR GHELGR D OD
GLILFXOWDG GH DFFHGHU DO IRQGR GHO PLVPR FRQ ORV PDWHULDOHV \ SURGXFWRV GH
OLPSLH]D
(O ILOR GH ORV PDWHULDOHV GH PLFURFLUXJtD HV UHVSHWDGR VLQ JHQHUDUVH HO
GHWHULRUR TXH SURYRFD HO FRQYHQFLRQDO SURFHVR GH HVWHULOL]DFLyQ SRU YDSRU GH
DJXD KHFKR GHWHFWDEOH SRU PLFURIRWRJUDItD HOHFWUyQLFD HQ ERUGHV GH ILORV GH
LQVWUXPHQWRV
'HELGRDORVHIHFWRVGHOSHUy[LGRGHKLGUyJHQRORV~QLFRVFDPELRVTXHVHKDQ
GHWHFWDGR HQ ORV PDWHULDOHV SU RFHVDGRV SRU SODVPD VRQ ORV OODPDGRV FDPELRV
%LRLQJHQLHUtD ,QVWDODFLRQHV+RVSLWDODULDV
'LDJUDPDGHFLFORV
6WHUUDG6
%LRLQJHQLHUtD ,QVWDODFLRQHV+RVSLWDODULDV
(VSHFLILFDFLRQHV
7LHPSRGHFLFOR7RWDO
PLQXWRV FLFORFRUWR
'LPHQVLRQHV
$QFKR>FP@
$OWXUD>FP@
3URIXQGLGDG>FP@
3HVR
>.J@
&RQH[LRQHV
>9@
>$@
>+]@
3DUiPHWURVRSHUDFLRQDOHV
7HPSHUDWXUD&
+XPHGDGUHODWLYD
(VSDFLRGHLQVWDODFLyQ
ÈUHDPtQLPD[>FP@
9ROXPHQGH&iPDUDGHHVWHULOL]DFLyQ
OLWURV
&DUJD0i[LPD
>.J@
0DQWHQLPLHQWR
3UHYHQWLYRFLFORV
&HUWLILFDFLyQFLFORV