3
DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVR
Q
k
3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVR
Q
F
k3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDV
R
Q
LFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQD
V
R
QLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQ
D
V
RQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3D
Q
D
VRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3
D
Q
DVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk
3
D
QDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQL
F
DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQL
3
DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVR
Q
k
3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVR
Q
F
k3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDV
R
Q
LFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQD
V
R
QLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQ
D
V
RQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3D
Q
D
VRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3
D
Q
DVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk
3
D
QDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQL
F
DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQL
3
DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVR
Q
k
3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVR
Q
F
k3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDV
R
Q
LFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQD
V
R
QLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQ
D
V
RQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3D
Q
D
VRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3
D
Q
DVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk
3
D
QDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQL
F
DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQL
3
DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVR
Q
k
3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVR
Q
F
k3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDV
R
Q
LFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQD
V
R
QLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQ
D
V
RQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3D
Q
D
VRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3
D
Q
DVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk
3
D
QDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQL
F
DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQL
3
DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVR
Q
k
3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVR
Q
F
k3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDV
R
Q
LFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQD
V
R
QLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQ
D
V
RQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3D
Q
D
VRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3
D
Q
DVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk
3
D
QDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQL
F
DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQL
3
DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVR
Q
k
3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVR
Q
F
k3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDV
R
Q
LFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQD
V
7; 0.)
7; 0.)
7; 0.)
74%((
7HOHYLVRU &RORU
0DQXDO GH ,QVWUXFFLRQHV
(VSDÆRO
(VWLPDGR&OLHQWHGH3DQDVRQLF
%LHQYHQLGR D OD IDPLOLD GH ORV FOLHQWHV GH 3DQDVRQLF (VSHUDPRV TXH GLVIUXWH PXFKRV DÆRV GH VX QXHYR
WHOHYLVRU HQ FRORU (VWH WHOHYLVRU HV GH XQ PRGHOR PX\ DYDQ]DGR VLQ HPEDUJR HQ OD *XõD GH 5HIHUHQFLD
5
SLGD HQFRQWUDU OD LQIRUPDFLÊQ QHFHVDULD SDUD SRQHU HO DSDUDWR HQ IXQFLRQDPLHQWR GH XQD IRUPD U SLGD $
FRQWLQXDFLÊQ SXHGH OHHU ODV LQVWUXFFLRQHV FRPSOHWDV \ JXDUGDUODV SDUD IXWXUDV FRQVXOWDV
$GYHUWHQFLDV \ 3UHFDXFLRQHV
*XõD GH 5HIHUHQFLD 5 SLGD
&RQWUROHV % VLFRV
8VR GH ODV ,QGLFDFLRQHV HQ 3DQWDOOD
0HQÔ GH ,PDJHQ
0HQÔ GH 6RQLGR
0HQÔ GH &RQILJXUDFLÊQ
0HQÔ GH 6LQWRQõD
0HQÔ GH 6LQWRQõD (GLFLÊQ GH 3URJUDPDV
0HQÔ GH 6LQWRQõD &RQILJXUDFLÊQ
$XWRP
WLFD $73
0HQÔ GH 6LQWRQõD 6LQWRQõD 0DQXDO
,GLRPD GH ODV ,QGLFDFLRQHV HQ 3DQWDOOD
4/LQN
6HOHFFLÊQ \ &RQILJXUDFLÊQ GH $9
)XQFLRQDPLHQWR FRQ 9&5 '9'
)XQFLRQDPLHQWR GHO 7HOHWH[WR
&RQH[LRQHV GH $XGLR 9õGHR $9
3RU OD SDUWH GHODQWHUD &RQHFWRUHV GH $XGLR
9õGHR $9 5&$ \ GH ORV $XULFXODUHV
,QIRUPDFLÊQ GH ORV &RQHFWRUHV 6&$57 \ 69õGHR
3RU OD SDUWH SRVWHULRU &RQHFWRUHV $9 $9
GH3DWLOODV6&$57\GH6DOLGDGH$XGLR5&$
/RFDOL]DFLÊQ GH $YHUõDV
,QIRUPDFLÊQ *HQHUDO
(VSHFLILFDFLRQHV
- (VWH WHOHYLVRU KD VLGR GLVHÆDGR SDUD IXQFLRQDU FRQ FRUULHQWH
DOWHUQD GH 9 +]
- 3DUD HYLWDU GHWHULRURV TXH SRGUõDQ GDU FRPR UHVXOWDGR
GHVFDUJDVHO
FWULFDV R LQFHQGLR QR H[SRQJD HVWH WHOHYLVRU D
OD OOXYLD R D XQD KXPHGDG H[FHVLYD
- $'9(57(1&,$ $/72 92/7$-(
1R UHWLUH OD FXELHUWD SRVWHULRU \D TXH GHEDMR GH OD PLVPD KD
SLH]DV SRU ODV TXH SDVD FRUULHQWH HO
FWULFD
- (YLWHOD H[SRVLFLÊQ GHO WHOHYLVRU D OD OX] VRODU GLUHFWD \ D RWUDV
IXHQWHV GH FDORU
- (O FRQPXWDGRU GH (QFHQGLGR $SDJDGR TXH OOHYD HVWH
PRGHOR QR GHVFRQHFWD FRPSOHWDPHQWH HO WHOHYLVRUGH OD UHG
GHO VXPLQLVWUR HO
FWULFR 5HWLUH OD FODYLMD GH OD EDVH GH WRPD
GH FRUULHQWH FXDQGR QR YD\D D XWLOL]DU HO WHOHYLVRU GXUDQWH XQ
SHUõRGR GH WLHPSR SURORQJDGR
- &8,'$'2 '( /$ &$-$ < '(/ 78%2 '( ,0$*(1
'HVHQFKXIH OD FODYLMD GH OD EDVH GH WRPD GH FRUULHQWH
3XHGHQ OLPSLDUVH OD FDMD \ HO WXER GH LPDJHQ FRQ XQ SDÆR
VXDYH KXPHGHFLGR FRQ DJXD \ XQ GHWHUJHQWH OLJHUR 1R
XWLOLFH VROXFLRQHV TXH FRQWHQJDQ EHQ]RO R SHWUÊOHR /RV
WHOHYLVRUHV SXHGHQ SURGXFLU HOHFWULFLGDG HVW
WLFD SRU OR TXH
KD\ TXH WHQHU FXLGDGR VLHPSUH TXH VH WRTXH OD SDQWDOOD GHO
DSDUDWR
- (V HVHQFLDO XQD YHQWLODFLÊQ DGHFXDGD SDUD HYLWDU ODV DYHUõDV
HQ ORV FRPSRQHQWHV HO
FWULFRV SRU OR TXH OH
UHFRPHQGDPRV TXH GHMH XQ HVSDFLR GH FP FRPR PõQLPR
DOUHGHGRU GHO WHOHYLVRU LQFOXVR FXDQGR HVW
GHQWUR GH RWUR
PXHEOH R HQWUH HVWDQWHV
%,(19(1,'$
ô1',&(
$'9(57(1&,$6 < 35(&$8&,21(6
5
6L HVW LQVWDODQGR XQ QXHYR 9&5 FRPSDWLEOH FRQ (QODFH 4 \D SXHGH
HQFHQGHUOR /RV GDWRV GH VLQWRQõD WUDQVIHULGRV VH DGDSWDU QDORVGH
OD WHOHYLVLÊQ 6L HVW
LQVWDODQGR XQ QXHYR 9&5 FRPSDWLEOH FRQ (QODFH
1H[W9LHZ QHFHVLWD LQLFLDU PDQXDOPHQWH OD WUDQVIHUHQFLD GH GDWRV 9HD
ORV GHWDOOHV HQ HO PDQXDO GHO 9&5
- 6L HO 9&5 QR KD DFHSWDGR OD WUDQVIHUHQFLD GH GDWRV GHVGH OD WHOHYLVLÊQ SXHGH VHU QHFHVDULR TXH VHOHFFLRQH OD RSFLÊQ
7UDQVIHUHQFLD GHVGH HO PHQÔ GHO 9&5
- 6L HO (QODFH 4 QR IXQFLRQD FRUUHFWDPHQWH FRPSUXHEH TXH HVW
FRQHFWDGRDODEDVH$9GHODWHOHYLVLÊQTXHHOFDEOH6&$57
HV GH kIXQFLÊQ WRWDOl \ TXH HO 9&5 HV FRPSDWLEOH FRQ HO (QODFH 4 HO (QODFH 1H[W9LHZ R WHFQRORJõDV VLPLODUHV 3UHJXQWH GDWRV
DGLFLRQDOHV D VX GLVWULEXLGRU
- 3DUD LQIRUPDFLÊQ DGLFLRQDO VREUH HO (QODFH 4 \ OD FRQH[LÊQ GH HTXLSRV YHD ODV S
JLQDV \
0DQGR D 'LVWDQFLD
(85
&RPSUXHEH TXH KD UHFLELGR ORV DFFHVRULRV \ HOHPHQWRV TXH VH LQGLFDQ
3LODVSDUDHO0DQGRD'LVWDQFLD
GHO WDPDÆR 5 80
/D *DUDQWõD
GHO WHOHYLVRU
- $VHJÔUHVH GH TXH ODV SLODV HVW
Q
FRORFDGDV HQ OD SRVLFLÊQ FRUUHFWD
- 1R PH]FOH SLODV YLHMDV \ SLODV
QXHYDV 5HWLUH GH PDQHUD
LQPHGLDWD ODV SLODV YLHMDV \D
DJRWDGDV
- 1R PH]FOH SLODV GH WLSRV GLIHUHQWHV
SH DOFDOLQDV \ GH PDQJDQHVR QL
XWLOLFH SLODV UHFDUJDEOHV 1L&DG
3LODV GHO PDQGR D
GLVWDQFLD
0DQXDO GH ,QVWUXFFLRQHV GH
)XQFLRQDPLHQWR
74%((
(QFKXIH OD DQWHQD \ FRQHFWH HO HTXLSR DX[LOLDU
*8ô$ '( 5()(5(1&,$ 5 3,'$
6HOHFFLRQH VX SDõV
'DU
FRPLHQ]R OD FRQILJXUDFLÊQ
DXWRP
WLFD ODV HPLVRUDV VHU Q
ORFDOL]DGDV \ TXHGDU
Q
PHPRUL]DGDV
6L XQ 9&5 FRPSDWLEOH VH
FRQHFWDDODEDVH$9ORVGDWRV
GH SURJUDPD VH WUDQVIHULU
QDO
9&5 D WUDY
V GHO (QODFH 4 9HD
S
JLQD
(QHOFDVRGH6XL]DRGH%
OJLFD
VHOHFFLRQH HO LGLRPD TXH GHVHH
3XOVH HO ERWÊQ URMR
&DPELR GH &DQDO
$MXVWH GHO
9ROXPHQ
*8ô$ '( 5()(5(1&,$ 5 3,'$
"
&RQPXWDFLÊQ HQWUH YLVLRQDGR GH OD 79 \
HQWUDGDGH$9YHDODS
JLQD
&RQPXWDGRU GH (1&(1','2
$3$*$'2 (Q (VSHUD
(QFLHQGH HO WHOHYLVRU R OR
DSDJD GHM
QGROR (Q (VSHUD
3RVLFLÊQ GH SURJUDPD SDUD OD
VHOHFFLÊQ GH SURJUDPDV GH GRV GõJLWRV
KDFLHQGR XVR GH ODV WHFODV
QXP
ULFDV
%RWRQHV GH FDPELR GH
SURJUDPDFDQDO \ ERWRQHV GH OD
S
JLQD GH WHOHWH[WR YHD S JLQD
7HFODV GH PHQÔ
3XOVH SDUD DFFHGHU D ORV PHQÔV GH
,PDJHQ 6RQLGR \ &RQILJXUDFLÊQ
YHD OD S
JLQD
$FWLYDU'HVDFWLYDU HO VLOHQFLDGRU
GHO VRQLGR
$FFHVR 'LUHFWR D XQ &DQDO
0LHQWUDV PLUD QRUPDOPHQWH OD
WHOHYLVLÊQ R HVW
HQ ORV PHQÔV
6LQWRQL]DU (GLWDU 3URJUDPDV R
6LQWRQõD 0DQXDO SXOVH H
LQWURGX]FD HO QÔPHUR GHO FDQDO
XWLOL]DQGR ODV WHFODV QXP
ULFDV
7HFODV GHO 7HOHWH[WR YHD OD S
JLQD
7HFODV GH FRORU TXH VH XWLOL]DQ SDUD
IXQFLRQHV GH (GLFLÊQ GH 3URJUDPDV
YHD OD S
JLQD
IXQFLRQHV GH 7HOHWH[WR
YHD OD S
JLQD
VHOHFFLÊQ GH $9 YHD OD S
JLQD
,QWHUUXSWRU GH (QFHQGLGR \
$SDJDGR GHO WHOHYLVRU
675 0HPRULD GH 1RUPDOL]DFLÊQ
6H XWLOL]D SDUD PHPRUL]DU ODV
VLQWRQõDV \ ORV YDORUHV GH DMXVWH
GH RWUDV IXQFLRQHV
) 6HOHFFLÊQ GH )XQFLRQHV
9LVXDOL]D ODV IXQFLRQHV GH ,QGLFDFLÊQ (Q 3DQWDOOD
XVDU GH IRUPD UHSHWLGD SDUD VHOHFFLRQDU ODV
IXQFLRQHV GLVSRQLEOHV 9ROXPHQ &RQWUDVWH
%ULOOR &RORU 1LWLGH] 7RQR HQ PRGR 176&
%DMRV $JXGRV %DODQFH \ PRGR GH 6LQWRQõD
$XPHQWD R GLVPLQX\H OD SRVLFLÊQ
GH ORV SURJUDPDV HQ XQD XQLGDG
&XDQGR XQD IXQFLÊQ HVW
\D
LQGLFDGD SXOVH SDUD DXPHQWDU R
GLVPLQXLU OD IXQFLÊQ
VHOHFFLRQDGD
&RQPXWDGRU GH 79 $9
YHD OD S
JLQD
%DVH GH FRQH[LÊQ SDUD ORV
DXULFXODUHV YHD OD S
JLQD
%DVHV GH FRQH[LÊQ GH $XGLR 9õGHR
5&$ S
JLQD
/X] URMD TXH LQGLFD HO PRGR GH (Q
(VSHUD 8WLOLFH HO FRQPXWDGRU GH
(Q (VSHUD R ODV WHFODV
SDUD HQFHQGHU HO WHOHYLVRU
/D WHFOD 1 UHFXSHUD ORV YDORUHV
PHPRUL]DGRV FRQ 675
675 0HPRULD GH 1RUPDOL]DFLÊQ
7HFODV GHO FXUVRU SDUD HIHFWXDU
VHOHFFLRQHV \ DMXVWHV
/D WHFOD GH $\XGD SURSRUFLRQD XQD
GHPRVWUDFLÊQ GH ORV PHQÔV GH
,QGLFDFLÊQ (Q 3DQWDOOD
$FWLYDU GHVDFWLYDU HO VRQLGR
DPELHQWDO
7HFOD GH *UDEDFLÊQ 'LUHFWD GHVGH
HO 7HOHYLVRU YHD OD S
JLQD
%RWÊQ GH (VWDGR
3ÔOVHOR SDUD YLVXDOL]DU OD SRVLFLÊQ GHO
SURJUDPD HO QRPEUH GHO SURJUDPD HO
QÔPHUR GHO FDQDO HO VLVWHPD GH 79 OD
KRUD HO PRGR HVWHUHRIÊQLFR \ OD WDEOD
GH SURJUDPDV
%RWRQHV 9LGHRJUDEDGRUD'9'
YHD OD S
JLQD
&21752/(6 % 6,&26
&8$'52 )5217$/ < 0$1'2 $ ',67$1&,$
(VWH WHOHYLVRU GLVSRQH GH XQ VLVWHPD FRPSOHWR GH PHQÔV GH ,QGLFDFLRQHV (Q 3DQWDOOD SDUD DFFHGHU
D ORV DMXVWHV \ D ODV RSFLRQHV
,PDJHQ
$OJXQDVGHODVVHOHFFLRQHVFRPRSRUHMHPSOR&RQWUDVWH %ULOOR &RORU \ 1LWLGH]
OH SHUPLWLU
Q DXPHQWDU R GLVPLQXLU HO QLYHO GH ODV PLVPDV
$OJXQDV VHOHFFLRQHV FRPR SRU HMHPSOR 6LQWRQL]DGRU SHUPLWHQ HOHJLU XQD
RSFLÊQ
$OJXQDV VHOHFFLRQHV FRPR SRU HMHPSOR 0HQÔ GH 6LQWRQõD OH SHUPLWLU
Q SDVDU
DRWURPHQÔ
/DV WHFODV GH ,0$*(1 621,'2 <
&21),*85$&,Ë1 VH XWLOL]DQ SDUD DEULU ORV
PHQÔV SULQFLSDOHV \ WDPEL
Q SDUD YROYHU DO PHQÔ
DQWHULRU
/RV ERWRQHV jFXUVRU DUULED \ jFXUVRU DEDMR VH
XWLOL]DQ SDUD GHVSOD]DU HO FXUVRU DUULED \ DEDMR HQ
ORV PHQÔV
/DV WHFODV L]TXLHUGD \ GHUHFKD GHO FXUVRU VH
XWLOL]DQ SDUD DFFHGHU D ORV PHQÔV DMXVWDU ORV
QLYHOHV R HIHFWXDU XQD VHOHFFLÊQ HQ XQ FRQMXQWR
GH RSFLRQHV
/D WHFOD 675 VH XWLOL]D SDUD PHPRUL]DU ORV
YDORUHV HOHJLGRV GHVSX
V GH KDEHU HIHFWXDGR
ORV DMXVWHV R GH KDEHU VHOHFFLRQDGR ODV
RSFLRQHV
(O ERWÊQ 79$9 VH XWLOL]D SDUD VDOLU GHO VLVWHPD
GH PHQÔV \ YROYHU D OD SDQWDOOD QRUPDO GH YLVLÊQ
&RQ OD WHFOD GH +(/3 $<8'$ REWHQGU
XQD
GHPRVWUDFLÊQ GH ORV PHQÔV GLVSRQLEOHV 3XOVH
OD WHFOD GH +(/3 \ VHOHFFLRQH XQD GH ODV
RSFLRQHV
7õWXOR GHO 0HQÔ
%DUUD GH VHOHFFLÊQ
6XEPHQÔV
,QGLFDGRU GH RSFLRQHV
,QVWUXFFLRQHV
"
79$9
"
862 '( /$6 ,1',&$&,21(6 (1 3$17$//$
(VWH PHQÔ OH SHUPLWH HIHFWXDU DMXVWHV HQ OD FDOLGDG GH OD LPDJHQ
6HOHFFLRQH HO PHQÔ GH ,PDJHQ
9D\D D OD RSFLÊQ TXH GHVHH
$XPHQWH R GLVPLQX\D ORV
QLYHOHV R ILMH ODV RSFLRQHV
3XOVH OD WHFOD 79$9 SDUD VDOLU
GHO PHQÔ GH ,PDJHQ
/RV QLYHOHV GH &RQWUDVWH GH %ULOOR GH
&RORU \ GH 1LWLGH] SXHGHQ DMXVWDUVH
SDUD DGDSWDUORV D VXV SUHIHUHQFLDV \ D
ODV FRQGLFLRQHV GH OX] DPELHQWDO
(O DMXVWH GHO 0DWL] VÊOR DSDUHFHU
FRPR XQR GH ORV HOHPHQWRV GHO PHQÔ
HQ HO FDVR GH TXH HVW
FRQHFWDGD DO
WHOHYLVRU XQD IXHQWH GH VHÆDO 176& OR
TXH SHUPLWLU
HO DMXVWH GHO WRQR
(O DMXVWH GHO EDODQFH GH &RORU OH
SHUPLWH ILMDU OD WRQDOLGDG JHQHUDO GH OD
FRORUDFLÊQ GH OD LPDJHQ
3 15 UHGXFH GH IRUPD DXWRP
WLFD ODV
LQWHUIHUHQFLDV QR GHVHDGDV HQ OD
LPDJHQ
/D RSFLÊQ GH $, DQDOL]D
DXWRP WLFDPHQWH OD LPDJHQ GH
HQWUDGD \ OD SURFHVD SDUD REWHQHU XQD
PHMRUD GHO FRQWUDVWH XQD SURIXQGLGDG
GH FDPSR ÊSWLPD \ XQRV WRQRV GH
FRORU YõYLGRV
0(1Õ '( ,0$*(1
79$9
,PDJHQ
,PDJHQ
&RQWUDVWH
7LQW
&RORU
%ULOOR
1LWLGH]
7HPS FRORU
315
$,
(O PHQÔ GH 6RQLGR OH SHUPLWH HVWDEOHFHU VXV SUHIHUHQFLDV SHUVRQDOHV SRU OR TXH VH UHILHUH D WRGRV
ORVDVSHFWRVGHODFDOLGDGGHOVRQLGR
6HOHFFLRQH HO PHQÔ GH 6RQLGR
9D\D D OD RSFLÊQ TXH GHVHH
$XPHQWH R GLVPLQX\D ORV
QLYHOHV R ILMH ODV RSFLRQHV
3XOVH OD WHFOD 79$9 SDUD VDOLU
GHO PHQÔ GH 6RQLGR
(O DMXVWH GHO 9ROXPHQ UHJXOD HO
YROXPHQ JHQHUDO GHO VRQLGR
(O DMXVWH GH ORV %DMRV DFWÔD VREUH ODV
IUHFXHQFLDV P
V EDMDV \ SURIXQGDV
SXGLHQGR VHU DXPHQWDGR R
GLVPLQXLGR
(O DMXVWH GH ORV $JXGRV DFWÔD VREUH ODV
IUHFXHQFLDV P
VDOWDV\DJXGDV
SXGLHQGR VHU DXPHQWDGR R
GLVPLQXLGR
(O %DODQFH DIHFWD DO HTXLOLEULR GH ORV
QLYHOHV GH VRQLGR HQWUH HO DOWDYR]
L]TXLHUGR \ HO DOWDYR] GHUHFKR 3XHGH
HIHFWXDUVH HO DMXVWH GH PDQHUD TXH HO
QLYHO GH ORV DOWDYRFHV VH DGDSWH D VX
SRVLFLÊQ GH HVFXFKD
/D RSFLÊQ GH $, DQDOL]D GH IRUPD
DXWRP
WLFD OD VHÆDO GH VRQLGR GH
HQWUDGD \ OD SURFHVD SDUD REWHQHU XQ
UXLGR PHQRU \ XQ WRQR ÊSWLPR SDUD HO
PDWHULDO GHO SURJUDPD
03; HVWDU
SRU OR JHQHUDO ILMDGD HQ
(VW
UHR SDUD REWHQHU OD PHMRU
UHSURGXFFLÊQGHOVRQLGRVLQHPEDUJR
VL OD UHFHSFLÊQ HV PDOD R VL HO VHUYLFLR
GH VRQLGR HVW
UHR QR VH HQFXHQWUD
GLVSRQLEOH HV DFRQVHMDEOH FDPELDU D
0RQR 6H SXHGH WDPEL
Q VHOHFFLRQDU
0RQR 0 \ 0 VL VH HVW
Q
WUDQVPLWLHQGR VHÆDOHV
6H SXHGH PHMRUDU HO VRQLGR GXUDQWH OD
UHFHSFLÊQ GH 0ÔVLFD R GH 3DODEUD
VHOHFFLRQDQGR OD IXQFLÊQ DSURSLDGD
j$PELHQWH SURSRUFLRQD XQ UHDOFH
GLQ
PLFR REWHQL QGRVH OD VHQVDFLÊQ
GH XQ VRQLGR HQYROYHQWH
0(1Õ '( 621,'2
79$9
6RQLGR
6RQLGR
6RQLGR
*UDYHV
$JXGRV
03;
$PELHQWH
%DODQFH
0RGR
9ROXPHQ
$,
(O PHQÔ GH &RQILJXUDFLÊQ GD DFFHVR D GLYHUVDV FDUDFWHUõVWLFDV DYDQ]DGDV \ WDPEL QDOPHQÔGH
6LQWRQõD
6HOHFFLRQH HO PHQÔ GH
&RQILJXUDFLÊQ
9D\D D OD RSFLÊQ TXH GHVHH
$XPHQWH R GLVPLQX\D ORV
QLYHOHV ILMH ODV RSFLRQHV R
DFFHGD D QXHYRV PHQÔV
3XOVH OD WHFOD 79$9 SDUD VDOLU
GHO PHQÔ GH &RQILJXUDFLÊQ
/D RSFLÊQ GH 0RGR WH[WR OH SHUPLWH
HOHJLU HQWUH ORV PRGRV GH )/2) R GH
/,67 9HD OD S
JLQD
(VWD RSFLÊQ OH SHUPLWLU
YHU ORV
SURJUDPDV HPLWLGRV HQ SDQWDOOD DQFKD
FRQ OD SURSRUFLÊQ GH DOWXUD \ DQFKXUD
FRUUHFWD
(O WHPSRUL]DGRU GH GHVFRQH[LÊQ
DSDJDU
HO WHOHYLVRU HQ XQ SOD]R GH
WLHPSR ILMDGR TXH SXHGH XVWHG HOHJLU
HQWUHORV\ORVPLQXWRVHQ
LQWHUYDORV GH PLQXWRV
4/LQN OH SHUPLWH DFWLYDU R GHVDFWLYDU OD
FRPXQLFDFLÊQ GH GDWRVFRQ XQDSDUDWR
JUDEDGRUUHSURGXFWRU FRPSDWLEOH
9HU S
JLQD
(O PHQÔ GH 6LQWRQõD SURSRUFLRQD HO
DFFHVR D PXFKDV RWUDV FDUDFWHUõVWLFDV
TXH LQFOX\HQ OD (GLFLÊQ GH 3URJUDPDV
$73 6LQWRQõD )LQD 6LQWRQõD 0DQXDO
6LVWHPD GH &RORU \ &RUUHFFLÊQ GHO
9ROXPHQ 9HD OD S
JLQD
(VWD RSFLÊQ OH SHUPLWH VHOHFFLRQDU HO
LGLRPD XWLOL]DGR SDUD ODV ,QGLFDFLRQHV
(Q 3DQWDOOD 9HD OD S
JLQD
0(1Õ '( &21),*85$&,Ë1
79$9
&RQILJXUDFLyQ
&RQILJXUDFLyQ
&RQILJXUDFLyQ
$VSHFWR
7HPSRUL]DGRU
0RGR WH[WR
4/LQN
6LQWRQL]DU
,GLRPD GH 26'
(O PHQÔ GH 6LQWRQõD SURSRUFLRQD HO DFFHVR D ORV PHQÔV GH VLQWRQõD PDQXDO DXWRP WLFD \ ILQD
6HOHFFLRQH HO PHQÔ GH
&RQILJXUDFLÊQ
9D\D DO PHQÔ GH 6LQWRQõD
$FFHGD DO PHQÔ GH 6LQWRQõD
9D\D D OD RSFLÊQ TXH GHVHH
$XPHQWH R GLVPLQX\D ORV
QLYHOHV ILMH ODV RSFLRQHV R
DFFHGD D QXHYRV PHQÔV
3XOVH OD WHFOD 79$9 SDUD VDOLU
(O DFFHVR DO PHQÔ GH HGLFLÊQ GH
3URJUDPDV SHUPLWLU
GHVSOD]DU DÆDGLU
ERUUDU GDU QRPEUH R EORTXHDU
HPLVRUDV \ SURSRUFLRQD HO DFFHVR DO
VLVWHPD GH 79 9HD OD S
JLQD
(O PHQÔ GH FRQILJXUDFLÊQ $XWR OH
SHUPLWH YROYHU D VLQWRQL]DU GH IRUPD
DXWRP
WLFD HO WHOHYLVRU
9HDODS
JLQD
(O PHQÔ GH VLQWRQõD 0DQXDO SHUPLWH
VLQWRQL]DUPDQXDOPHQWHODVSRVLFLRQHV
GH SURJUDPD LQGLYLGXDOHV
9HDODS JLQD
/DV HPLVRUDV SXHGHQ VHU VLQWRQL]DGDV
GH IRUPD ILQD KDFLHQGR XVR GHO DMXVWH
GH VLQWRQõD )LQD
(O PHQÔ GHO VLVWHPD GH &RORU OH
SHUPLWH GHFLGLU OD RSFLÊQ FRUUHFWD GHO
HVW QGDU GH WUDQVPLVLÊQ
/D FRUUHFFLÊQ GHO YROXPHQ OH SHUPLWH
DMXVWDUHOQLYHOGHOYROXPHQGHODV
HPLVRUDV LQGLYLGXDOHV
(VWD RSFLÊQ VH XWLOL]D FXDQGR XQ
GHVFRGLILFDGRU HVW
FRQHFWDGR D
WUDY
V GH $9 $MXVWDU D 2Q VL KD GH
SURFHVDUVH SRU HO GHVFRGLILFDGRU XQD
VHÆDO FRGLILFDGD $MXVWDU D 2II WUDV HO
XVR
0(1Õ '( 6,1721ô$
79$9
&RQILJXUDFLyQ
&RQILJXUDFLyQ
6LQWRQL]DU
6LQWRQõD ILQD
6LVWHPD GH FRORU
&RUUHFFLÊQ
GHO YROXPHQ
(GLFLyQ SURJUDPD
$73
6LQWRQtD PDQXDO
'HVFRGLILFDGRU
$9
79$9
(O PHQÔ GH HGLFLÊQ GH 3URJUDPDV OH SHUPLWH HGLWDU ORV YDORUHV GH SRVLFLÊQ GH ORV SURJUDPDV
6HOHFFLRQH HO PHQÔ GH
&RQILJXUDFLÊQ
9D\D DO PHQÔ GH 6LQWRQõD
$FFHGD DO PHQÔ GH 6LQWRQõD
9D\D DO PHQÔ GH HGLFLÊQ GH
3URJUDPDV
$FFHGD DO PHQÔ GH HGLFLÊQ GH
3URJUDPDV
(IHFWÔH ORV FDPELRV UHTXHULGRV
YHD ODV VHFFLRQHV TXH
DSDUHFHQ D FRQWLQXDFLÊQ
3XOVH OD WHFOD 675 SDUD
PHPRUL]DU ORV FDPELRV
6L KD WHUPLQDGR GH XWLOL]DU HO
PHQÔ GH HGLFLÊQ GH 3URJUDPDV
SXOVH OD WHFOD 79$9 SDUD VDOLU
3DUD ERUUDU XQD SRVLFLÊQ GH SURJUDPD
TXHQRVHGHVHD
6HOHFFLRQH OD SRVLFLÊQ GHO
SURJUDPD
3XOVH OD WHFOD 5RMD GHO PDQGR D
GLVWDQFLD
9XHOYDDSXOVDUODWHFOD5RMD
SDUD FRQILUPDU
6L KD WHUPLQDGR HQ HO 0HQÔ GH
(GLFLÊQ GH 3URJUDPD SXOVH HO
ERWÊQ 79$9 SDUD VDOLU
0(18 '( 6,1721ô$ (',&,Ë1 '( 352*5$0$6
79$9
&RQILJXUDFLyQ
&RQILJXUDFLyQ
6LQWRQL]DU
3URJ &DQ 1RPEUH %ORTXHR 6LVW
(GLFLyQ SURJUDPD
3DUD DÆDGLU XQD SRVLFLÊQ GH SURJUDPD
(OLMD OD SRVLFLÊQ GH SURJUDPD HQ OD
TXHVHKDGHLQWURGXFLUHOQXHYR
SURJUDPD
3XOVH OD WHFOD 9HUGH
9XHOYDDSXOVDUODWHFOD9HUGHSDUD
FRQILUPDU
(VWH SURJUDPD HQ EODQFR SXHGH D
FRQWLQXDFLÊQ VHU VLQWRQL]DGR GDUOH
XQ QRPEUH VHU EORTXHDGR \ VHU
DVLJQDGR DO VLVWHPD GH 79 TXH
XVWHG HOLMD
3XOVH 675 SDUD PHPRUL]DUOR
6L KD WHUPLQDGR GH XWLOL]DU HO PHQÔ
GH HGLFLÊQ GH 3URJUDPDV SXOVH OD
WHFOD 79$9 SDUD VDOLU
3DUD PRYHU XQ SURJUDPD D RWUD SRVLFLÊQ
(OLMD OD SRVLFLÊQ GHO SURJUDPD
TXH KD GH VHU PRYLGR
3XOVH OD WHFOD $PDULOOD HQ HO
PDQGR D GLVWDQFLD
(OLMD OD QXHYD SRVLFLÊQ
9XHOYDDSXOVDUODWHFOD$PDULOOD
SDUD FRQILUPDU
6L KD WHUPLQDGR HQ HO 0HQÔ GH
(GLFLÊQ GH 3URJUDPD SXOVH HO
ERWÊQ 79$9 SDUD VDOLU
0(18 '( 6,1721ô$ (',&,Ë1 '( 352*5$0$6
79$9
3URJ &DQ 1RPEUH %ORTXHR 6LVW
(GLFLyQ SURJUDPD
3URJ &DQ 1RPEUH %ORTXHR 6LVW
(GLFLyQ SURJUDPD
3URJ &DQ 1RPEUH %ORTXHR 6LVW
(GLFLyQ SURJUDPD
79$9
3DUD VLQWRQL]DU XQD SRVLFLÊQ GH SURJUDPD
(OLMD OD SRVLFLÊQ GHO SURJUDPD
9D\D D OD FROXPQD GHO FDQDO
$XPHQWDU R GLVPLQXLU HO QÔPHUR GH
FDQDO R XWLOL]DU OD WHFOD j& SDUD
$FFHVR 'LUHFWR DO &DQDO YHD
S
JLQD
3XOVH 675 SDUD PHPRUL]DUOR
6L KD WHUPLQDGR HQ HO 0HQÔ GH
(GLFLÊQ GH 3URJUDPD SXOVH HO
ERWÊQ 79$9 SDUD VDOLU
3DUD FDPELDU HO QRPEUH GH XQD SRVLFLÊQ
GH SURJUDPD
(OLMD OD SRVLFLÊQ GHO SURJUDPD
9D\D D OD FROXPQD GH 1RPEUH
(OLMD HO QXHYR FDU
FWHU
3DVH D OD SRVLFLÊQ GHO FDU
FWHU
VLJXLHQWH
&RQWLQÔH KDVWD KDEHU HIHFWXDGR HO
FDPELR GH QRPEUH
3XOVH 675 SDUD PHPRUL]DUOR
6L KD WHUPLQDGR HQ HO 0HQÔ GH
(GLFLÊQ GH 3URJUDPD SXOVH HO
ERWÊQ 79$9 SDUD VDOLU
0(1Õ '( 6,1721ô$ (',&,Ë1 '( 352*5$0$6
(GLFLyQ SURJUDPD
3URJ &DQ 1RPEUH %ORTXHR 6LVW
(GLFLyQ SURJUDPD
3URJ &DQ 1RPEUH %ORTXHR 6LVW
79$9
79$9
%ORTXHR GH XQD SRVLFLÊQ GH SURJUDPD
SDUD HYLWDU HO DFFHVR D OD PLVPD
(OLMD OD SRVLFLÊQ GHO SURJUDPD
9D\D D OD FROXPQD GH EORTXHR
(OLMD HQWUH EORTXHR R GHVEORTXHR
3XOVH 675 SDUD PHPRUL]DUOR
6L KD WHUPLQDGR HQ HO 0HQÔ GH
(GLFLÊQ GH 3URJUDPD SXOVH HO
ERWÊQ 79$9 SDUD VDOLU
1RWD
&XDQGR XQD SRVLFLÊQ GH SURJUDPD HVW
EORTXHDGD HO
$FFHVR 'LUHFWR DO &DQDO KDFLHQGR XVR GH OD WHFOD j&
\ GH ODV WHFODV QXP ULFDV HQ HO PDQGR D GLVWDQFLD QR
HVW GLVSRQLEOH
&DPELR GHO VLVWHPD GH 79 SDUD XQD
SRVLFLÊQ GH SURJUDPD
(OLMD OD SRVLFLÊQ GHO SURJUDPD
9D\D D OD FROXPQD GH 6LVWHPD 6\V
(OLMD HO VLVWHPD GH VRQLGR
UHTXHULGR
6& 3$/%*+6(&$0%*
6& 3$/ ,
6& 3$/'.6(&$0'.
) 6(&$0 //
3XOVH 675 SDUD PHPRUL]DUOR
6L KD WHUPLQDGR HQ HO 0HQÔ GH
(GLFLÊQ GH 3URJUDPD SXOVH HO
ERWÊQ 79$9 SDUD VDOLU
3DUD FRSLDU OD LQIRUPDFLÊQ GH ORV SURJUDPDV
HQ XQ DSDUDWR GH YõGHR FRPSDWLEOH FRQHFWDGR
D$9
9D\D D OD FROXPQD GH 3URJUDPDV
3URJ
3XOVH OD WHFOD $]XO HQ HO PDQGR D
GLVWDQFLD
/RV GDWRV GH ORV SURJUDPDV
VHU
Q HQYLDGRV D FRQWLQXDFLÊQ DO
DSDUDWR GH YõGHR (VWR SXHGH
H[LJLU DOJXQRV VHJXQGRV
GHSHQGLHQGR GHO QÔPHUR GH
HPLVRUDV TXH HVW
Q
PHPRUL]DGDV
6L KD WHUPLQDGR HQ HO 0HQÔ GH
(GLFLÊQ GH 3URJUDPD SXOVH HO
ERWÊQ 79$9 SDUD VDOLU
0(1Õ '( 6,1721ô$ (',&,Ë1 '( 352*5$0$6
79$9
(GLFLyQ SURJUDPD
3URJ &DQ 1RPEUH %ORTXHR 6LVW
(GLFLyQ SURJUDPD
3URJ &DQ 1RPEUH %ORTXHR 6LVW
79!9&5 (1 &8562
(63(5(
3URJUDPD
0DQGR D GLVWDQFLD QR GLVSRQLEOH
79$9
79$9
(O PHQÔ GH FRQILJXUDFLÊQ $XWRP WLFD OH SHUPLWLU YROYHU D VLQWRQL]DU DXWRP WLFDPHQWH HO WHOHYLVRU D
ODV HPLVRUDV ORFDOHV (VWR UHVXOWD GH XWLOLGDG VL XVWHG VH WUDVODGD D XQD UHJLÊQ GLIHUHQWH
,QLFLH HO PHQÔ GH &RQILJXUDFLÊQ
9D\D DO PHQÔ GH 6LQWRQõD
$FFHGD DO PHQÔ GH VLQWRQõD
9D\D D FRQILJXUDFLÊQ $XWRP
WLFD
$FFHGD D OD FRQILJXUDFLÊQ
$XWRP
WLFD
3XOVH SDUD FRQILUPDU HO LQLFLR
6HOHFFLRQH VX SDõV
3XOVH SDUD LQLFLDU OD
FRQILJXUDFLÊQ $XWRP
WLFD $73
/D 79 H[SORUDU
ORFDOL]DU \
FODVLILFDU HQ RUGHQ VXV HPLVRUDV
ORFDOHV 6L XQ 9&5 FRPSDWLEOH
HVW
FRQHFWDGR D WUDY VGHOD
EDVH $9 ORV GDWRV GH SURJUDPD
VH HQYLDU
Q DO 9&5 YõD HO (QODFH
4 YHD S JLQD
8QD YH] TXH HVWD RSHUDFLÊQ KD\D
TXHGDGR ILQDOL]DGD HO WHOHYLVRU
LQGLFDU OD SRVLFLÊQ GH
SURJUDPD
0(1Õ '( 6,1721ô$ &21),*85$&,Ë1
$8720
7,&$ $73
&RQILJXUDFLyQ
6LQWRQL]DU
$WHQFLyQ
&+ ;<=
79$9
79$9
/D VLQWRQõD PDQXDO GH ODV SRVLFLRQHV GH ORV 3URJUDPDV HVW GLVSRQLEOH ELHQ VHD GHVGH HO PHQÔ GH
ODV ,QGLFDFLRQHV (Q 3DQWDOOD R GHVGH ORV FRQWUROHV GHO FXDGUR IURQWDO
0(1Õ '( 6,1721ô$ 0$18$/
,QLFLH HO PHQÔ GH &RQILJXUDFLÊQ
9D\D DO PHQÔ GH 6LQWRQõD
$FFHGD DO PHQÔ GH VLQWRQõD
9D\D D VLQWRQõD 0DQXDO
$FFHGD D VLQWRQõD 0DQXDO
6HOHFFLRQH OD SRVLFLÊQ GH
SURJUDPD D VLQWRQL]DU
,QLFLH OD VLQWRQõD
8QD YH] TXH KD\D HQFRQWUDGR HO
SURJUDPD GHVHDGR SXOVH 675
SDUD PHPRUL]DUOR
3XOVH OD WHFOD 79$9 SDUD VDOLU
6LQWRQõD PDQXDO &XDGUR IURQWDO
3XOVH OD WHFOD ) &XDGUR IURQWDO
KDVWD OOHJDU D k0RGR GH VLQWRQõDl
3XOVH OD WHFOD R OD SDUD DFFHGHU
DO PRGR GH 6LQWRQõD
3XOVH OD WHFOD 79$9 SDUD PRYHUVH
HQWUH k&DPELR GH 3URJUDPDl
k%ÔVTXHGDl R k&DPELR GHO VLVWHPD
GH 79l
3XOVH OD WHFOD R OD SDUD FDPELDU
OD SRVLFLÊQ GHO SURJUDPD LQLFLDU OD
EÔVTXHGD R PRGLILFDU HO VLVWHPD GH
79
8QD YH] TXH VH KD HQFRQWUDGR OD
HPLVRUD TXH VH GHVHD SXOVH 675
SDUD PHPRUL]DU ORV FDPELRV
5HSLWD HO SURFHGLPLHQWR DQWHULRU
SDUD VLQWRQL]DU RWURV SURJUDPDV
DGLFLRQDOHV R SXOVH OD WHFOD ) SDUD
VDOLU
0(1Õ '( 6,1721ô$ 6,1721ô$ 0$18$/
6LQWRQL]DU
3URFHVR GH VLQWRQtD
&XDQGR VH LQVWDOÊ HO WHOHYLVRU SRU SULPHUD YH] HO LGLRPD GH ODV ,QGLFDFLRQHV HQ 3DQWDOOD IXH
HVWDEOHFLGR GH DFXHUGR FRQ OD HOHFFLÊQ GH SDõV HIHFWXDGD SRU XVWHG 6L GHVHD XWLOL]DU XQ LGLRPD
GLIHUHQWH HO PLVPR SXHGH VHU VHOHFFLRQDGR D SDUWLU GHO PHQÔ GHO LGLRPD GH ODV ,QGLFDFLRQHV (Q
3DQWDOOD 26'
,QLFLH HO PHQÔ GH &RQILJXUDFLÊQ
9D\D DO PHQÔ GH LGLRPD GH ODV
26'
$FFHGD DO PHQÔ GH LGLRPD GH
ODV 26'
9D\D D OD RSFLÊQ TXH GHVHH
3XOVH OD WHFOD 79$9 SDUD
HIHFWXDU OD VHOHFFLÊQ \ VDOLU
,',20$ '( /$6 ,1',&$&,21(6 (1 3$17$//$ 26'
&RQILJXUDFLyQ
,GLRPD GH 26'
'HXWVFK (VSDxRO 1HGHUODQGV
(QJOLVK 1RUVN 6XRPL
)UDQoDLV 'DQVN 7UNoH
,WDOLDQR 6YHQVND 3RUWXJXrV
(//+1,.$
79$9
4 /LQN SHUPLWH TXH HO WHOHYLVRU VH FRPXQLTXH FRQ HO JUDEDGRUUHSURGXFWRU GH YõGHR
,QLFLH HO PHQÔ GH &RQILJXUDFLÊQ
9D\DD4/LQN
&RQILUPH TXH HO (QODFH 4 HVW
HQ j21
3XOVH OD WHFOD 79$9 SDUD VDOLU
(ODSDUDWRGH YõGHR GHEH HVWDUFRQHFWDGR FRQ XQ FDEOH 6&$57WLSRGHIXQFLÊQ FRPSOHWDDFRSODGRHQWUHODEDVHGHFRQH[LÊQ$9GHO
WHOHYLVRU \ OD EDVH GH FRQH[LÊQ DSURSLDGD GHO YõGHR TXH XVWHG WHQJD 9HD HO PDQXDO GH LQVWUXFFLRQHV GH VX YõGHR SDUD P
V
LQIRUPDFLÊQ
4/LQN 1H[W9LHZ/LQN R WHFQRORJõDV VLPLODUHV SHUPLWHQ DO WHOHYLVRU GDU LQVWUXFFLRQHV D XQD YLGHRJUDEDGRUD FRPSDWLEOH SDUD JUDEDU HO
SURJUDPD TXH HVW
VLHQGR PRVWUDGR HQ SDQWDOOD HQ HVWH PRPHQWR VLQ FRQVLGHUDU OD SRVLFLÊQ GHO SURJUDPD DMXVWDGR HQ OD
YLGHRJUDEDGRUD VLPSOLILFDQGR DVõ HO SURFHGLPLHQWR GH JUDEDFLÊQ GH SURJUDPDV
3DUD JUDEDU HO SURJUDPD TXH HVW YLHQGR HQ HVH PRPHQWR
3XOVH OD WHFOD GH *5$%$&,Ë1 ',5(&7$ '(/ 7(/(9,625 HQ HO PDQGR D GLVWDQFLD
6L HO DSDUDWR GH YõGHR HVW DSDJDGR VH HQFHQGHU GH IRUPD DXWRP WLFD HQ HO PRPHQWR HQ TXH XVWHG SXOVH OD WHFOD GH *5$%$&,Ë1
',5(&7$ '(/ 7(/(9,625
(Q OD SDQWDOOD DSDUHFHU
XQ PHQVDMHHQYLDGRGHVGHHODSDUDWR GH YõGHR TXHLQGLFD OR TXH HVW VLHQGR JUDEDGR R ELHQ VL QR HV SRVLEOH
JUDEDUOR
9tGHR JUDEDQGR GHVGH HO WHOHYLVRU
1R VH JUDED 12 +$< &,17$
1R VH JUDED /$ &,17$ (67É 3527(*,'$
(O YõGHR HVW
JUDEDQGR OD VHÆDO GH SURJUDPD
SURFHGHQWH GH VX SURSLR VLQWRQL]DGRU 6L OR
GHVHD SXHGH DSDJDU HO WHOHYLVRU \ GHMDU HO YõGHR
JUDEDQGR HQ OD IRUPD QRUPDO
(O 9&5 HVW
UHJLVWUDQGR OD VHÆDO GHO SURJUDPD GHVGH OD
WHOHYLVLÊQ 1R GHEH FDPELDU OD SRVLFLÊQ GHO SURJUDPD QL
DSDJDU OD WHOHYLVLÊQ 6L OR KDFH HO 9&5 GHMDU
GH JUDEDU
DXWRP WLFDPHQWH \ VH DSDJDU
/D DOHWD GH SURWHFFLÊQ FRQWUD HVFULWXUD GH OD SDUWH
WUDVHUD GH OD FDVHWH KD VLGR TXLWDGD
1R VH JUDED (/ 9,'(2 (67É 5(352'8&,(1'2
1R VH JUDED /$ &,17$ 38('( (67$5 '$f$'$
9tGHR JUDEDQGR GHVGH XQ YtGHR H[WHUQR
1R VH JUDED 12 +$< )8(17( ',6321,%/(
(MHPSORV GH RWURV PHQVDMHV TXH SRGUõDQ VHU YLVXDOL]DGRV HQ OD SDQWDOOD VRQ
3DUD FRPSDUWLU OD LQIRUPDFLÊQ GH VLQWRQõD
3DUD JDUDQWL]DU TXH VH UHDOLFHQ XQDV JUDEDFLRQHV FRUUHFWDV HO WHOHYLVRU \ HO DSDUDWR JUDEDGRU \ UHSURGXFWRU GH YõGHR GHEHU Q
FRPSDUWLU OD LQIRUPDFLÊQ GH VLQWRQõD YHD OD S
JLQD
- 6LHPSUH TXH VH XWLOL]D OD IXQFLÊQ j$XWRFRQILJXUDFLÊQ $73 ORV GDWRV GH VLQWRQõD VH WUDQVIHULU
QDO9&5
)XQFLRQHV GH DXWR HQFHQGLGRDSDJDGR
/RV 9&5 FRQ (QODFH 4 GH 3DQDVRQLF WLHQHQ GLVSRQLEOHV ODV FDUDFWHUõVWLFDV DGLFLRQDOHV VLJXLHQWHV
- 6L LQVHUWD XQD FLQWD HQ HO 9&5 \ SXOVD HO ERWÊQ j3OD\ OD WHOHYLVLÊQ VH HQFHQGHU
DXWRP WLFDPHQWH \ VHOHFFLRQDU OD HQWUDGD $9
SDUD TXH 8VWHG SXHGD YHU OD FLQWD
- 6L DSDJD OD WHOHYLVLÊQ PLHQWUDV HO 9&5 HVW
HQ ORV PRGRV j6WRS $YDQFH U SLGR R 5HERELQDGR HO 9&5 VH DSDJDU
DXWRP WLFDPHQWH
'HVFRQH[LÊQ GH OD FRPXQLFDFLÊQ 4 /LQN
6L QR GHVHD XWLOL]DU HO GLVSRVLWLYR 4 /LQN YD\D DO PHQÔ GH OD &RQILJXUDFLÊQ \ SRQJD OD RSFLÊQ 4 /LQN HQ k'HVFRQH[LÊQl 9HD OD S JLQD
1RWD ,PSRUWDQWH
1R WRGRV ORV DSDUDWRV GH YõGHR SHUPLWHQ XWLOL]DU XQ VLVWHPD GH FRPXQLFDFLÊQ GH GDWRV GH HVWH WLSR $OJXQRV SXHGHQ DFHSWDU DOJXQDV
GH VXV FDUDFWHUõVWLFDV SHUR RWURV QR 9HD HO PDQXDO GH LQVWUXFFLRQHV GHO DSDUDWR GH YõGHR SDUD P V LQIRUPDFLÊQ DO UHVSHFWR
6L 4/LQN HVW LQRSHUDQWH SULPHUR FRQILUPH TXH VX FDEOH 6&$57 HV GHO WLSR GH IXQFLÊQ FRPSOHWD 3UHJXQWH D VX GLVWULEXLGRU SDUD P V
GHWDOOHV
4/,1.
&RQILJXUDFLyQ
79$9
0HQÔ GH &RQILJXUDFLÊQ
0HQÔ GH 6RQLGR
(O PHQÔ GH 6HOHFFLÊQ GH $9 OH SHUPLWH HOHJLU OD IXHQWH GH $9 TXH TXLHUD YHU
3XOVH OD WHFOD 79$9
3XOVH OD WHFOD GH FRORU DSURSLDGD
GHO PDQGR D GLVWDQFLD PLHQWUDV ODV
RSFLRQHV SHUPDQHFHQ HQ SDQWDOOD
/DV RSFLRQHV GHVDSDUHFHU
Q
3XHGH TXH OH LQWHUHVH HIHFWXDU
DMXVWHV HQ ORV PHQÔV GH
&RQILJXUDFLÊQ R GH 6RQLGR
,QLFLH HO PHQÔ GH &RQILJXUDFLÊQ
9D\D D OD RSFLÊQ TXH GHVHH
$FFHGD D ORV DMXVWHV R D ODV
RSFLRQHV
3XOVH OD WHFOD 79$9 SDUD VDOLU
6HOHFFLRQH HO PHQÔ GH 6RQLGR
9D\D D OD RSFLÊQ TXH GHVHH
$FFHGD D ORV DMXVWHV R D ODV
RSFLRQHV
3XOVH OD WHFOD 79$9 SDUD VDOLU
6(/(&&,Ë1 < &21),*85$&,Ë1 '( $9
79$9
79$9
79$9
$9
&RQILJXUDFLyQ
6RQLGR
(O 0DQGR D 'LVWDQFLD SXHGH KDFHU IXQFLRQDU DOJXQDV GH ODV IXQFLRQHV GH HTXLSRV VHOHFFLRQDGRV GH 9&5 *UDEDFLÊQ \
5HSURGXFFLÊQ GH &LQWDV GH 9õGHR \ GH '9' 'LVFR 9HUV
WLO 'LJLWDO GH 3DQDVRQLF $OJXQRV HTXLSRV GH 9&5 \ GH '9' WLHQHQ
IXQFLRQHV GLIHUHQWHV SRU OR TXH DO REMHWR GH DVHJXUDUVH GH VX FRPSDWLELOLGDG VõUYDQVH FRQVXOWDU HO PDQXDO GH LQVWUXFFLRQHV GH
VX HTXLSR R ELHQ D VX SURYHHGRU SRU OR TXH UHVSHFWD D ORV GHWDOOHV
)81&,21$0,(172 &21 9&5 '9'
3XOVH SDUD SDVDU HO 9&5 '9' DO PRGR GH (Q
(VSHUD
9XHOYDDSXOVDUSDUDYROYHUORDHQFHQGHU
(Q (VSHUD
3XOVH SDUD REWHQHU OD UHSURGXFFLÊQ GH OD FLQWD R GHO
'9'
5HSURGXFFLÊQ
3XOVH SDUD SDUDU OD FLQWD R HO '9'
3DUR
9&5 3XOVH SDUD KDFHU DYDQ]DU OD FLQWD GH IRUPD
U
SLGD (Q HO PRGR GH 5HSURGXFFLÊQ SXOVH SDUD YHU
ODLPDJHQFRQXQDYDQFHU
SLGR
'9' 3XOVH XQD YH] SDUD VDOWDU D OD SLVWD VLJXLHQWH
(Q HO PRGR GH 5HSURGXFFLÊQ SXOVH \ PDQW
QJDOD
SXOVDGD SDUD YHU OD LPDJHQ FRQ XQ DYDQFH U
SLGR
6DOWR $YDQFH 5
SLGR 3LVWD
9&5 3XOVH SDUD UHERELQDU OD FLQWD (Q HO PRGR GH
5HSURGXFFLÊQ SXOVH SDUD YHU OD LPDJHQ FRQ XQ
UHWURFHVR U
SLGR
'9' 3XOVH XQD YH] SDUD VDOWDU D OD SLVWD DQWHULRU
(Q HO PRGR GH 5HSURGXFFLÊQ SXOVH \ PDQW
QJDOD
SXOVDGD SDUD YHU OD LPDJHQ FRQ XQ UHWURFHVR U
SLGR
6DOWR 5HERELQDGR 5HYLVLÊQ
3XOVDQGR HQ HO PRGR GH 5HSURGXFFLÊQ OD LPDJHQ
TXHGD TXLHWD
9XHOYD D SXOVDU SDUD UHDQXGDU OD UHSURGXFFLÊQ
3DXVD ,QQRYLOL]DFLÊQ
3XOVH SDUD DXPHQWDU R GLVPLQXLU HQ XQD XQLGDG OD
SRVLFLÊQ GHO SURJUDPD HQ HO 9&5
$XPHQWR 'LVPLQXFLÊQ GHO 1ÔPHUR GHO 3URJUDPD
3XOVHHVWDWHFODSDUDGDULQLFLRDODJUDEDFLÊQ
*UDEDFLÊQ
8WLOLFH HVWH FRQPXWDGRU SDUD VHOHFFLRQDU VL ORV
FRQWUROHV KDQ GH KDFHU IXQFLRQDU HO HTXLSR GH '9' R HO
DSDUDWR GH JUDEDFLÊQ \ UHSURGXFFLÊQ GH FLQWDV GH
YõGHR
&RQPXWDGRU 9&5 '9'
&
79$9
"
1
- /DV FDUDFWHUõVWLFDV GHO 7HOHWH[WR SXHGHQ YDULDU GHSHQGLHQGR GH OD &RPSDÆõD (PLVRUD \ VÊOR HVW GLVSRQLEOH VL HO FDQDO
VHOHFFLRQDGR HVW
WUDQVPLWLHQGR 7HOHWH[WR
- $O SXOVDU OD WHFOD GH ,PDJHQ PLHQWUDV IXQFLRQD HO 7HOHWH[WR DSDUHFHU
OD IXQFLÊQ GHO FRQWUDVWH FRQ XQD EDUUD GH FRORU FLDQ
3XOVH *SDUD PRGLILFDU HO DMXVWH VHJÔQ VHD QHFHVDULR
$O SXOVDU OD WHFOD GH &RQILJXUDFLÊQ PLHQWUDV IXQFLRQD HO 7HOHWH[WR DSDUHFHU
Q ODV RSFLRQHV GH ODV IXQFLRQHV HVSHFLDOHV HQ OD SDUWH
LQIHULRU GH OD SDQWDOOD
- &XDQGR VH HVW
HQ HO PRGR GH 7HOHWH[WR HO YROXPHQ VH SXHGH PRGLILFDU WDPEL Q SDUD REWHQHU HO QLYHO GH DXGLFLÊQ TXH VH GHVHH
4X HV HO PRGR GH /,67"
(Q HO PRGR GH /,67 KD\ FXDWUR QÔPHURV GH S JLQD GH FRORUHV GLIHUHQWHV VLWXDGRV HQ OD SDUWH LQIHULRU GH OD SDQWDOOD &DGD XQR GH HVWRV
QÔPHURV SXHGH VHU PRGLILFDGR \ FRQVHUYDGR HQ OD PHPRULD GHO WHOHYLVRU
4X HV )/2) )$67(;7"
(Q HO PRGR GH )$67(;7 KD\ FXDWUR WHPDV FRQ FRORUHV GLIHUHQWHV VLWXDGRV HQ OD SDUWH LQIHULRU GH OD SDQWDOOD 3DUD WHQHU DFFHVR D P V
LQIRUPDFLÊQ DFHUFD GH XQR GH GLFKRV WHPDV SXOVH OD WHFOD GHO FRORU TXH FRUUHVSRQGD (VWH VLVWHPD SHUPLWH XQ DFFHVR U
SLGR D OD
LQIRUPDFLÊQ VREUH ORV WHPDV LQGLFDGRV
3XOVH OD WHFOD 797(;72
$SDUHFHU
HQ OD SDQWDOOD OD S JLQD GHO 7HOHWH[WR
9XHOYDDSXOVDUGHQXHYRFXDQGRGHVHHUHWRUQDUDOPRGRGH79
0RGR 79 7HOHWH[WR
/DV S JLQDV SXHGHQ VHU VHOHFFLRQDGDV GH GRV PDQHUDV
D 3XOVH ODV WHFODV GH $UULED $EDMR SDUD LQFUHPHQWDU R GLVPLQXLU HO QÔPHUR GH OD S
JLQD HQ XQD
XQLGDG
E ,QWURGXFLHQGR HO QÔPHUR GH OD S
JLQD HPSOHDQGR SDUD HOOR ODV WHFODV GHO PDQGR D GLVWDQFLD
6HOHFFLÊQ GH ODV 3 JLQDV
3XOVH OD WHFOD GH &RQILJXUDFLÊQ SDUD SUHVHQWDU ODV IXQFLRQHV HVSHFLDOHV VHJXLGD SRU OD WHFOD GH
FRORU 9HUGH
9XHOYD D SXOVDU GH QXHYR OD WHFOD 9HUGH SDUD DPSOLDU OD PLWDG ,1)(5,25
9XHOYD D SXOVDU SDUD UHWRUQDU DO WDPDÆR QRUPDO &203/(72
&RPSOHWR 6XSHULRU ,QIHULRU
3XOVH OD WHFOD GH &RQILJXUDFLÊQ SDUD SUHVHQWDU OD IXQFLRQHV HVSHFLDOHV VHJXLGD SRU OD WHFOD GH
FRORU 5RMR SDUD UHYHODU ODV SDODEUDV RFXOWDV FRPR SRU HMHPSOR ODV UHVSXHVWDV D XQD S
JLQD GH
SUHJXQWDV 9XHOYD D SXOVDU SDUD RFXOWDUODV GH QXHYR
5HYHODU
(Q HO PRGR GH )$67(;7 HVWD WHFODV VH FRUUHVSRQGHQ FRQ ORV WHPDV GH GLIHUHQWHV FRORUHV
(Q HO PRGR GH /,67 VH FRUUHVSRQGHQ FRQ ORV QÔPHURV GH S
JLQD GH GLIHUHQWHV FRORUHV
7HFODV 5RMD 9HUGH $PDULOOD $]XO
(Q HO PRGR GH /,67 ORV FXDWUR QÔPHURV GH S JLQD VH SXHGHQ FDPELDU SDUD ODV SRVLFLRQHV GH
FDQDOGHODOVRODPHQWH
3DUD KDFHUOR SXOVH XQD GH ODV WHFODV GH FRORUHV H LQWURGX]FD HO QXHYR QÔPHUR GH S
JLQD
3XOVH \ PDQWHQJD SXOVDGD 675 ORV QÔPHURV GH S JLQD FDPELDU Q GH FRORU
0HPRULD /LVW
)81&,21$0,(172 '(/ 7(/(7(;72
1R HV SRVLEOH FDPELDUOD SRVLFLÊQGHO SURJUDPDFXDQGR VH HVW HQ $YDQFHVGH1RWLFLDV HQ $FWXDOL]DFLÊQR HQ OD RSHUDFLÊQGH $FFHVR
D3
JLQDV 6XEFRGLILFDGDV
$OPDFHQD HQ PHPRULD XQD S JLQD IDYRULWD SDUD VX UHFXSHUDFLÊQ LQVWDQW QHD 3DUD DOPDFHQDU HVWD
S
JLQDOD79GHEHHVWDUHQPRGR/,67\ODSRVLFLÊQGHOSURJUDPDGHEHHVWDUHQWUH\ 3XOVHHO
ERWÊQ $]XO VHOHFFLRQH HO QÔPHUR GH S
JLQD \ DSULHWH \ PDQWHQJD HO ERWÊQ 675 (O QÔPHUR GH OD
S JLQD KD TXHGDGR DOPDFHQDGR 3XOVH ) 3 SDUD UHFXSHUDU HVWD S JLQD
3 JLQD )DYRULWD ) 3
3XOVH OD WHFOD GH &21),*85$&,Ë1 SDUD KDFHU DSDUHFHU ODV IXQFLRQHV HVSHFLDOHV VHJXLGD GH OD
WHFOD $PDULOOD SDUD YHU OD LPDJHQ GH OD 79 PLHQWUDV HIHFWÔD OD EÔVTXHGD GH XQD S
JLQD GHO
7HOHWH[WR
8QD YH] HQFRQWUDGD HO QÔPHUR GH OD S
JLQD DSDUHFHU LQGLFDGR HQ HO QJXOR VXSHULRU L]TXLHUGR
GH OD SDQWDOOD
3XOVH OD WHFOD $PDULOOD SDUD YHU OD S
JLQD
9XHOYDDSXOVDU797(;72SDUD YROYHU DO IXQFLRQDPLHQWR QRUPDO GH UHFHSFLÊQ GH OD 79
$YDQFHV GH 1RWLFLDV
&XDQGR VH KD VHOHFFLRQDGR XQD S
JLQD GH DYDQFHV GH QRWLFLDV SXOVH &21),*85$&,Ë1 \D
FRQWLQXDFLÊQ OD WHFOD $PDULOOD SDUD YHU OD LPDJHQ GH OD 79 &XDQGR VH UHFLEH XQD DFWXDOL]DFLÊQ HO
QÔPHUR GH OD S
JLQD DSDUHFH YLVXDOL]DGR HQ OD SDQWDOOD
3XOVH OD WHFOD $PDULOOD SDUD KDFHU DSDUHFHU HQ OD SDQWDOOD HO $YDQFH GH 1RWLFLDV
3XOVH 797(;72SDUD YROYHU DO IXQFLRQDPLHQWR QRUPDO GH UHFHSFLÊQ GH OD 79
$FWXDOL]DFLÊQ
3XOVH &21),*85$&,Ë1 \ D FRQWLQXDFLÊQ OD WHFOD $PDULOOD SDUD YHU OD DFWXDOL]DFLÊQ GH ODV
LQIRUPDFLRQHV HQ GHWHUPLQDGDV S
JLQDV
&XDQGR VH UHFLEH XQD DFWXDOL]DFLÊQ HO QÔPHUR GH OD S
JLQD DSDUHFHU YLVXDOL]DGR HQ HO QJXOR
VXSHULRU L]TXLHUGR GH OD SDQWDOOD
3XOVH OD WHFOD $PDULOOD SDUD YHU OD S
JLQD
3XOVH 797(;72SDUD YROYHU DO IXQFLRQDPLHQWR QRUPDO GH UHFHSFLÊQ GH OD 79
$FWXDOL]DU 3UHVHQWDFLÊQ
&XDQGR OD LQIRUPDFLÊQ GHO 7HOHWH[WR RFXSD P V GH XQD S JLQD HO FDPELR DXWRP WLFR GH ODV
VXES
JLQDV SXHGH UHTXHULU XQ FLHUWR WLHPSR KDVWD OOHJDU D OD VXES JLQD TXH XVWHG QHFHVLWD
(V SRVLEOH LQWURGXFLU OD VXES
JLQD TXH XVWHG QHFHVLWD \ FRQWLQXDU YLHQGR HO SURJUDPD QRUPDO
KDVWD TXH VH HQFXHQWUH OD VXES
JLQD FRUUHFWD
6HOHFFLRQH HO QÔPHUR GH OD S
JLQD UHTXHULGD KDFLHQGR XVR GH ODV WHFODV GHO DO
3XOVH OD WHFOD GH &21),*85$&,Ë1 VHJXLGD SRU OD WHFOD $]XOHQHO
QJXOR VXSHULRU GHUHFKR GH OD
SDQWDOOD DSDUHFHU
OD LQGLFDFLÊQ 7
,QWURGX]FD HO QÔPHUR GH OD VXES JLQD TXH GHVHD DQWHV GH TXH OD LQGLFDFLÊQ 7 GHVDSDUH]FD
3DUD VHOHFFLRQDU OD S
JLQD LQWURGX]FD \
6L VH HVW
HQ HO PRGR GH /,67 DSDUHFHU XQD j7 HQ HO UHFXDGUR DFWXDO GH OD SDUWH LQIHULRU
3XOVH OD WHFOD $PDULOOD SDUD YHU XQ SURJUDPD QRUPDO GH 79
3XOVH &21),*85$&,Ë1 VHJXLGD SRU OD WHFOD $PDULOOD HQ HO PRGR GH /,67
&XDQGR OD S JLQD HVW GLVSRQLEOH SXOVH OD WHFOD $PDULOOD SDUD YHUOD
3DUD KDFHU GHVDSDUHFHU OD S
JLQD VLJD XQR GH ORV SURFHGLPLHQWRV VLJXLHQWHV
- 3XOVH &21),*85$&,Ë1
- 6HOHFFLRQH XQ QXHYR QÔPHUR GH S
JLQD
- 3XOVH 797(;72 SDUD YROYHU DO IXQFLRQDPLHQWR QRUPDO GH UHFHSFLÊQ GH OD 79
$FFHVR D ODV 3 JLQDV 6XEFRGLILFDGDV
3XOVH ô1',&( ,1'(; SDUD YROYHU D OD S JLQD GHO õQGLFH SULQFLSDO
'HSHQGLHQGR GH OD IRUPD HQ TXH VHD WUDQVPLWLGD OD LQIRUPDFLÊQ SXHGH VHU QHFHVDULR WHQHU TXH
SXOVDU P
V GH XQD YH] SDUD YROYHU D OD S JLQD GHO õQGLFH SULQFLSDO
ôQGLFH
3DUD PDQWHQHU OD S JLQD GH 7HOHWH[WR DO YHU OD LQIRUPDFLÊQ PXOWLS JLQD
3XOVH GH QXHYR SDUD YROYHU D OD DFWXDOL]DFLÊQ DXWRP
WLFD GH S JLQD
0DQWHQHU
)81&,21$0,(172 '(/ 7(/(7(;72
%DVHV GH &RQH[LÊQ )URQWDOHV $
9
SDUD$XGLR
9
õGHR \ GH ORV $XULFXODUHV
1RWD
/RV HTXLSRV DX[LOLDUHV \ ORV FDEOHV TXH VH PXHVWUDQ HQ ODV ILJXUDV QR HVW
Q LQFOXLGRV HQ HO VXPLQLVWUR GH HVWH WHOHYLVRU
%DVH GH FRQH[LÊQ
GH VDOLGD SDUD ORV
$XULFXODUHV
(QWUDGDGHDXGLRDODV
EDVHV GH FRQH[LÊQ /5
(QWUDGDGHYõGHRDOD
EDVH GH FRQH[LÊQ 9
&DEOHVGH
$XGLR 5&$
&DEOH GH
9õGHR 5&$
&ODYLMD (VW
UHR GH
PP
3XOVDU \ VROWDU
SDUD DEULU
&RQHFWRU 6&$57 $9 GH SDWLOODV
$9 /DV SDWLOODV \ GHSHQGHQ GH OD
FRQPXWDFLÊQ $9 6 9+6 9ô'(2
1 ,QIRUPDFLÊQ DFHUFD GH ORV &RQHFWRUHV 6&$57
&RQHFWRU 6&$57 $9 GH SDWLOODV
/DV HQWUDGDV DGHFXDGDV SDUD $9
LQFOX\HQ ODV 5*% 5RMR 9HUGH $]XO
&21(;,21(6 '( $8',2 9ô'(2
%DVHV GH &RQH[LÊQ GH
6$/,'$ '( $8',2 / 5
(QWUDGD 6DOLGD GH OD
%DVH GH &RQH[LÊQ
6&$57 $9
(QWUDGD 6DOLGD GH OD %DVH
GH &RQH[LÊQ 6&$57 $9
'DWRV GHO 4 /LQN
&RQHFWRUHV 3RVWHULRUHV 6&$57 $9 $96 GH 3DWLOODV \ GH
6DOLGD GH $XGLR 5&$
1RWDV
/RV HTXLSRV DX[LOLDUHV \ ORV FDEOHV TXH VH PXHVWUDQ HQ ODV ILJXUDV QR HVW
Q LQFOXLGRV HQ HO VXPLQLVWUR GH HVWH WHOHYLVRU
1R FRQHFWDU XQ RUGHQDGRU FRQ VDOLGD 77/ 9 D HVWH WHOHYLVRU
&DEOHVGH$XGLR
5&$
&DEOH 6&$57
&DEOH 6&$57
&21(;,21(6 '( $8',2 9ô'(2
6õQWRPDV
&
R
P
S
U
R
E
D
F
L
R
Q
H
V
,PDJHQ 6RQLGR
&
R
P
S
U
R
E
D
F
L
R
Q
H
V
,PDJHQ FRQ 1LHYH
6RQLGR $QRUPDO
6LWXDFLÊQ GLUHFFLÊQ R FRQH[LÊQ GH OD DQWHQD
,P JHQHV 0ÔOWLSOHV
6RQLGR 1RUPDO
6LWXDFLÊQ GLUHFFLÊQ R FRQH[LÊQ GH OD DQWHQD
,QWHUIHUHQFLD
6RQLGR $QRUPDO
$SDUDWRV HO FWULFRV
&RFKHV 0RWRFLFOHWDV
7XERV IOXRUHVFHQWHV
&RQHFWDU 31 5 HQ HO PHQÔ GH ,PDJHQ SDUD UHGXFLU
HO UXLGR GH OD LPDJHQ
,PDJHQ 1RUPDO
1R +D\ 6RQLGR
1LYHO GHO YROXPHQ D FHUR
(VW
DFWLYDGR HO VLOHQFLDGRU GHO VRQLGR
1R +D\ ,PDJHQ
1R +D\ 6RQLGR
(O WHOHYLVRU HVW HQ HO PRGR GH $9
(O WHOHYLVRU QR HVW
HQFKXIDGRDODWRPDGHFRUULHQWH
HO
FWULFD
(O WHOHYLVRU QR HVW
HQFHQGLGR
/RV FRQWUROHV GH ,PDJHQ 6RQLGR HVW
Q SXHVWRV HQ
ORV QLYHOHV PõQLPRV
&RPSUREDUVLVHHVW
HQ HO PRGR GH (Q (VSHUD
1R +D\ &RORU
6RQLGR 1RUPDO
/RV FRQWUROHV GH ORV FRORUHV HVW QSXHVWRVHQORV
QLYHOHV PõQLPRV
,PDJHQ 'HILFLHQWH R
'LVWRUVLRQDGD
6RQLGR ' ELO R $XVHQWH
9XHOYD D VLQWRQL]DU HO FDQDO R FDQDOHV
0DQFKDV GH &RORU
6RQLGR 1RUPDO
,QWHUIHUHQFLD PDJQ WLFD SURFHGHQWH GH HTXLSRV VLQ
EOLQGDMH
6H KD GHVSOD]DGR HO UHFHSWRU PLHQWUDV HVWDED
(1&(1','2 GHMDU HO WHOHYLVRU DSDJDGR GXUDQWH
PLQXWRV
,PDJHQ 1RUPDO
6RQLGR ' ELO R 'LVWRUVLRQDGR
/D UHFHSFLÊQ GHO VRQLGR SXHGH KDEHUVH GHWHULRUDGR
&RQPXWDU HO DMXVWH GH 03; PHQÔ GHO 6RQLGR D
0RQR KDVWD TXH PHMRUH OD UHFHSFLÊQ
/2&$/,=$&,Ë1 '( $9(5ô$6
1 5HSDUDFLRQHV
$QWHV GH VROLFLWDU XQD UHSDUDFLÊQ VõUYDVH FRQVXOWDU OD JXõD SDUD
OD ORFDOL]DFLÊQ GH DYHUõDV GH OD S
JLQD DQWHULRU SDUD GHWHUPLQDU
ORV VõQWRPDV 3DUD REWHQHU XQD UHSDUDFLÊQ VõUYDVH SRQHUVH HQ
FRQWDFWR FRQ VX GLVWULEXLGRU ORFDO GH 3DQDVRQLF LQGLFDQGR HO
QÔPHUR GHO PRGHOR \ HO QÔPHUR GH VHULH DPERV SXHGHQ
HQFRQWUDUVH HQ OD SDUWH SRVWHULRU GHO WHOHYLVRU
1 -XHJRV SDUD 79 2UGHQDGRUHV 3HUVRQDOHV
(O XVR SURORQJDGR GH MXHJRV SDUD 79 R GH RUGHQDGRUHV
SHUVRQDOHV FRQHFWDGRV D XQ UHFHSWRU GH WHOHYLVLÊQ SXHGH GDU
OXJDU D XQD jVRPEUD SHUPDQHQWH HQ OD SDQWDOOD 3XHGH OLPLWDUVH
HVWH WLSR GH GHWHULRUR LUUHYHUVLEOH HQ HO WXER GH LPDJHQ
REVHUYDQGR ODV SUHFDXFLRQHV VLJXLHQWHV
- 5HGX]FD ORV QLYHOHV GH EULOOR \ GH FRQWUDVWH KDVWD HO QLYHO
PõQLPR SDUD OD YLVLÊQ
- 1R KDJD IXQFLRQDU HO WHOHYLVRU GXUDQWH SHUõRGRV GH
WLHPSR SURORQJDGRV PLHQWUDV HVW
XWLOL]DQGR MXHJRV
SDUD 79 X RUGHQDGRUHV SHUVRQDOHV
- (VWH WLSR GH GHWHULRUR GHO WXER GH LPDJHQ QR HV XQ
GHIHFWR GH IXQFLRQDPLHQWR \ SRU OR WDQWR QR TXHGD
FXELHUWR SRU OD JDUDQWõD GH 3DQDVRQLF
1 0HPRULD GH ÕOWLPD 3RVLFLÊQ
$OJXQDV IXQFLRQHV SRVHHQ XQD PHPRULD GH ÔOWLPD SRVLFLÊQ HV
GHFLU TXH HO YDORU TXH WHQõDQ HQ HO PRPHQWR GH DSDJDU HO
WHOHYLVRU VHU
HO TXH VH XWLOLFH FXDQGR VH YXHOYD D HQFHQGHU HO
UHFHSWRU
3URJUDPD 0DWL]
,GLRPD GH ODV ,QGLFDFLRQHV
HQ 3DQWDOOD 26' 0176& 176& VRODPHQWH
3RVLFLÊQ $9 &RQWUDVWH
9ROXPHQ 1LWLGH]
03; $VSHFWR
%DMRV (Q (VSHUD
$JXGRV ,QWHOLJHQFLD $UWLILFLDO $,
,PDJHQ \ 6RQLGR
%DODQFH &RORU
%DODQFH GH &RORU %ULOOR
(VWDGR $PELHQWH
3 15 0RGR GH 7HOHWH[WR
0RGR 4 /LQN
'HVFRGLILFDGRU $9
1 )XQFLÊQ GH $SDJDGR $XWRP WLFR
6L QR VH DSDJD HO WHOHYLVRU FXDQGR OD HPLVRUD GH 79 GHMD GH
WUDQVPLWLU HQWUDU GH IRUPDDXWRP WLFD HQ HO PRGR GH (Q (VSHUD
DO FDER GH PLQXWRV (VWD IXQFLÊQ QR HVW
DFWLYDGD FXDQGR HO
WHOHYLVRU VH HQFXHQWUD HQ HO PRGR GH $9
7;0.) 7;0.) 7;0.)
$OLPHQWDFLÊQ (O FWULFD &RUULHQWH $OWHUQD GH 9 +]
&RQVXPR GH (QHUJõD : : :
&RQVXPR (Q (VSHUD
:
7XER GH ,PDJHQ
'LDJRQDO YLVLEOH
FP FP FP
6DOLGD GH $XGLR
3RWHQFLD 0XVLFDO
[ : LPSHGDQFLD W
'LPHQVLRQHV
$
$
)
PP
PP
PP
PP
PP
PP
PP
PP
PP
3HVR NJ
6LVWHPDV GH 5HFH
S
FLÊQ
3$/%*+,3$/6(&$0%*6(&$0//
9+)(( 9+)++,7$/,$
9+) $ + LPSHGDQFH 8+) ( (
&$79 6 6 &$79 6 6 0 0
&
$
79 6 6
8
8 &
$
79 6 6 +LSHUEDQGD
6
L
V
W
H
P
D
V
G
H
5
H
F
H
S
F
L
Ê
Q
1RPEUH GH ODV %DQGDV
&
$
7
9
6
6
8
8
&
$
7
9
6
6
+
L
S
H
U
E
D
Q
G
D
3$/ '. 6(&$0 '.
9+)55 9+)55
9+)55 8+)((
0176& 5HSURGXFFLÊQ GH $SDUDWRV GH 9õGHR 9&5 176& D 0K]
176& (QWUDGD GH $9 VÊOR 5HSURGXFFLÊQ GH $SDUDWRV GH 9õGHR 9&5 176&
$QWHQD 'HWU V 8+) 9+)
$XULFXODUHV 'HODQWH PP LPSHGDQFLD W
$9 'HWU V
$9 FRQHFWRU GH SDWLOODV HQWUDGD VDOLGD GH $XGLR 9õGHR HQWUDGD GH 5*%
$9 FRQHFWRU GH SDWLOODV HQWUDGD VDOLGD GH $XGLR 9õGHR HQWUDGD GH
6 9õGHR 4 /LQN
6DOLGDVGH0RQLWRUGH$XGLR5&$
$9 'HODQWH $9 HQWUDGDV GH $XGLR 5&$ HQWUDGD GH 9õGHR 5&$
/DV HVSHFLILFDFLRQHV HVW Q VXMHWDV D PRGLILFDFLRQHV VLQ SUHYLR DYLVR /RV SHVRV \ ODV GLPHQVLRQHV TXH VH LQGLFDQ VRQ DSUR[LPDGRV
,1)250$&,Ë1 *(1(5$/
(63(&,),&$&,21(6
127$6
0DWVXVKLWD 7HOHYLVLRQ &HQWUDO (XURSH 652 FRQ GRPLFLOLR HQ
8 3DQDVRQLNX 3LOVHQ 5HSÔEOLFD &KHFD
'(&/$5$ EDMR VX H[FOXVLYD UHVSRQVDELOLGDG TXH
HO HTXLSR 7HOHYLVRU &RORU
IDEULFDGR SRU 0DWVXVKLWD 7HOHYLVLRQ &HQWUDO (XURSH 652
HQ 5HSXEOLFD &KHFD
PDUFD 3DQDVRQLF
P R GH O R 7; 0 . ) 7; 0. ) 7; 0 . )
3$1$621,& 6$/(6 63$,1 6$ $9'$ -26(3 7$55$'(//$6 %$5&(/21$ (63$Ç$
'(&/$5$&,Ë1 '( &21)250,'$'
FXPSOH ODV GLVSRVLFLRQHV HVWDEOHFLGDV HQ
(O 5HDO 'HFUHWR GH GH PDU]R WUDQVSRVLFLÊQ GH OD 'LUHFWLYD
&(( VREUH FRPSDWLELOLGDG HOHFWURPDJQ WLFD
(O 5HDO 'HFUHWR GH GH HQHUR WUDQVSRVLFLÊQ GH OD 'LUHFWLYD &((
VREUH PDWHULDO HO
FWULFR GHVWLQDGR D VHU HPSOHDGR GHQWUR GH GHWHUPLQDGRV
OõPLWHV GH WHQVLÊQ 'LUHFWLYD GH %DMD 7HQVLÊQ
XVDQGR ODV QRUPDV VLJXLHQWHV (1 (1
(1 (1 (1
)LUPD
1RPEUH ) ,QRXH
&DUJR 3UHVLGHQWH
)HFKD GH IHEUHUR GH
127$6
&;
-
1
-
2
-
3
-
4
-
5
-
6
-
7
-
8
-
9
-
10
-
11
-
12
-
13
-
14
-
15
-
16
-
17
-
18
-
19
-
20
-
21
-
22
-
23
-
24
-
25
-
26
-
27
-
28
Panasonic TX21MK1F Instrucciones de operación
- Tipo
- Instrucciones de operación
Documentos relacionados
-
Panasonic TX29AL1F Instrucciones de operación
-
-
-
-
-
-
-
-
-