More Related Content Similar to Documental.pdf (20) Documental.pdf2. 352*5$0$'(9,9,(1'$585$/
'(6$552//262,$/(1(/9$//('(/2/$
0,1,67(5,2'(9,9,(1'$216758,Ð16$1($0,(172
)UDQFLVFR$GROIR'XPOHUXD
0LQLVWURGH9LYLHQGDRQVWUXFFLyQ6DQHDPLHQWR
5LFDUGR9LGDO1~xH]
9LFH0LQLVWURGH9LYLHQGD8UEDQLVPR
-XDQGHODUPHQ+DUR0XxR]
9LFH0LQLVWURGHRQVWUXFFLyQ6DQHDPLHQWR
/XLV7DJOH3L]DUUR
'LUHFWRU*HQHUDOGH3ROtWLFDV5HJXODFLyQHQ9LYLHQGD8UEDQLVPR
$*(1,$(63$f2/$'(223(5$,Ð1,17(51$,21$/
(UQHVWRGH=XOXHWD+DEVEXUJR/RUHQD
(PEDMDGRUGH(VSDxDHQ3HU~
-XDQ'LHJR5XL]XPSOLGR
RRUGLQDGRU*HQHUDO
$(,'3HU~
-XDQGHOD6HUQD7RUURED
5HVSRQVDEOHGHO3URJUDPD3!'3DWULPRQLRSDUDHO'HVDUUROOR
$(,'3HU~
(GLFLyQ*HQHUDO
5D]yQ6RFLDO3URJUDPDGHRRSHUDFLyQ+LVSDQR3HUXDQR
'RPLFLOLR$Y-RUJH%DVDGUH6DQ,VLGUR/LPD3HU~
58
$XWRUHV
$UT-XDQGHOD6HUQD7RUURED
$UT-RUJH/XLVKiYH]0DUURTXtQ
$UT-HVVLFD0DUtD'XODQWR0DUWtQH]
7H[WRV)RWRJUDItDV
3URJUDPD3!'3DWULPRQLRSDUDHO'HVDUUROOR
,6%11ƒ
+HFKRHO'HSyVLWR/HJDOHQOD%LEOLRWHFD1DFLRQDOGHO3HU~1ƒ
3ULPHUD(GLFLyQ$EULO
7LUDMHHMHPSODUHV
,PSUHVLyQ
,03(*5$),035(6,21(6%,(1(66(59,,26(,5/
-U(QULTXH*X]PiQ9DOOH8UEKDFUD5tRV/LPD
58
‹7RGRVORVGHUHFKRVUHVHUYDGRV$OOULJKWVUHVHUYHG
3URKLELGDODUHSURGXFFLyQWRWDORSDUFLDOGHODVLPiJHQHVWH[WRVFDUDFWHUtVWLFDVJUiILFDV
GHHVWHGRFXPHQWRSRUFXDOTXLHUPHGLRVLQSHUPLVRGHORVHGLWRUHV
3URJUDPD3DWULPRQLR
SDUDHO'HVDUUROOR
3(5Ó
0LQLVWHULR
GH9LYLHQGDRQVWUXFFLyQ
6DQHDPLHQWR
$PPQFSBDJØO
TQB×PMB
13Á
(0%$-$'$
'((63$f$
(13(5Ó
7. 35(6(17$,Ð10,1,67(5,2'(9,9,(1'$216758,Ð16$1($0,(172
@
(
VWHOLEURWUDWDVREUHXQDQHFHVLGDGKLVWyULFDGHODKXPDQLGDG'HVGHWLHPSRVPHPRULDEOHV
KDVWDODVFRQVWUXFFLRQHVPiVLQQRYDGRUDVGHQXHVWURWLHPSRODYLYLHQGDHVHOHVSDFLRTXH
SURWHJHODYLGDIDFLOLWDHOHVWDEOHFLPLHQWRGHUHODFLRQHVIDPLOLDUHVDPLFDOHVPRGHODQGR
LQGHOHEOHV DVSHFWRV GH OD SHUVRQDOLGDG YLQFXOiQGROD D VX HQWRUQR ORV UHFXUVRV GLVSRQLEOHV
FRQYLUWLpQGRVHHQXQRGHORVELHQHVPiVDQKHODGRVHQWRGDVRFLHGDG
(Q WDO VHQWLGR OD SROtWLFD LQFOXVLYD GHO JRELHUQR HVWi RULHQWDGD D XQLYHUVDOL]DU HO EHQHILFLR GH OD
YLYLHQGD RIUHFLHQGR SURJUDPDV VHUYLFLRV GLVHxDGRV SDUD TXH DO PDUJHQ GH OD VLWXDFLyQ
VRFLRHFRQyPLFD ODV IDPLOLDV SHUXDQDV HMHU]DQ VX GHUHFKR D XQD YLGD GLJQD HQ XQD YLYLHQGD
FRQIRUWDEOHVHJXUD(VSRUFLHUWRXQHVIXHU]RFLFOySHRSHUPDQHQWHGHPDQGDQWH3DUDDWHQGHUOR
HOPDUFROHJDOYLJHQWHIDFLOLWDTXHODVRFLHGDGLQWHJUHDHVWHHVIXHU]RJXEHUQDPHQWDOLQLFLDWLYDV
LQVWLWXFLRQDOHVLQGLYLGXDOHVRFRPXQLWDULDVTXHPHMRUHQHOKiELWDWODYLYLHQGDGHODSREODFLyQ
(QHVWHFRQWH[WRODH[SHULHQFLDGHOD$JHQFLD(VSDxRODGHRRSHUDFLyQ,QWHUQDFLRQDOSDUDHO
'HVDUUROOR $(,' DWUDYpVGHVX3URJUDPDGH9LYLHQGD5XUDOKDPHMRUDGRODYLGDGHIDPLOLDVGHO
9DOOHGHROFDHQHOGHSDUWDPHQWRGH$UHTXLSDHOPLVPRTXHFRQWLQ~DHQHMHFXFLyQ
(O3URJUDPDVHOHYDQWDVREUHODHVFDUSDGDJHRJUDItDGHOROFDGRQGHVHHQFXHQWUDHODxRQGHO
ROFDHOPiVSURIXQGRGHOPXQGRTXHLQVSLUDHOGLVHxRRIUHFHORVPDWHULDOHVUHFXUVRVPLOHQDULRV
VDEHUHV FRQVWUXFWLYRV TXH IDFLOLWDQ OD FUHDFLyQ GH XQD DUTXLWHFWXUD SDUD OD YLYLHQGD UXUDO
VRFLRDPELHQWDOPHQWHUHVSRQVDEOHFXOWXUDOPHQWHLGHQWLILFDGDFRQVXKLVWRULD
/DH[SHULHQFLDGH$(,'HVIUXFWtIHUDSRUTXHPHMRUDODYLYLHQGDPHMRUDODFDOLGDGGHYLGDGHODV
SHUVRQDVWUDVFLHQGHSRUVXHQULTXHFHGRUFRQFHSWRGHYLYLHQGDSURGXFWLYDHOFXDOVHRULHQWDD
VDWLVIDFHUODGHPDQGDGHXQD]RQDHPLQHQWHPHQWHWXUtVWLFDPHMRUDORFDOPHQWHORVLQJUHVRVGHODV
IDPLOLDVIDYRUHFLHQGRHODUUDLJRVRFLDOFXOWXUDOGHODVSHUVRQDV'HVGHHO0LQLVWHULRGH9LYLHQGD
RQVWUXFFLyQ6DQHDPLHQWRHVWDH[SHULHQFLDVHFRQVWLWXHHQXQDSUiFWLFDUHSOLFDEOHHQRWURV
iPELWRV UXUDOHV GRQGH HO UHVSHWR D ORV YDORUHV FXOWXUDOHV HV D VX YH] XQD RSRUWXQLGDG HQ OD
JHQHUDFLyQGHLQJUHVRVSDUDODJHQWHTXHKDELWDHVWHWHUULWRULR
(QUHVXPHQHVWHHVXQOLEURTXHUHVFDWDGHVFULEHSUiFWLFDVFRQVWUXFWLYDVORFDOHVODVHQULTXHFHFRQ
OD UHJXODFLyQ OD WHFQRORJtD YLJHQWH ODV SRQH DO DOFDQFH GH OD SREODFLyQ HQ XQ OLEUR GH
IiFLOFRQVXOWD
)UDQFLVFR$GROIR'XPOHUXD
0LQLVWURGH9LYLHQGDRQVWUXFFLyQ6DQHDPLHQWR
9. /
D$JHQGDSDUDHO'HVDUUROOR6RVWHQLEOHILMDFRPRXQRGHVXVREMHWLYRVSULRULWDULRVTXHORV
DVHQWDPLHQWRVKXPDQRVVHDQLQFOXVLYRVVHJXURVUHVLOLHQWHVKDFLHQGRHVSHFLDOpQIDVLVHQHO
DFFHVRGHWRGDVODVSHUVRQDVDYLYLHQGDVVHUYLFLRVEiVLFRVDGHFXDGRVDVHTXLEOHV3DUDHOOR
UHVXOWD LPSUHVFLQGLEOH OD SURPRFLyQ GH SROtWLFDV S~EOLFDV GLULJLGDV D IRUWDOHFHU OD SODQLILFDFLyQ
RUGHQDPLHQWRWHUULWRULDOHQORVQLYHOHVXUEDQRVSHULXUEDQRVUXUDOHV
-XVWDPHQWHHQHVHiPELWRVHYLHQHGHVDUUROODQGRGHVGHKDFHXQDGpFDGDXQDH[LWRVDOtQHDGH
FRODERUDFLyQHQWUHHO0LQLVWHULRGH9LYLHQGDRQVWUXFFLyQ6DQHDPLHQWROD$JHQFLD(VSDxRODGH
RRSHUDFLyQ ,QWHUQDFLRQDO SDUD HO 'HVDUUROOR D WUDYpV GH VX 3URJUDPD 3!' 3DWULPRQLR SDUD HO
'HVDUUROORTXHFRQVWLWXHXQRGHORVUDVJRVPiVUHFRQRFLGRVGHODPSOLRSURJUDPDGHFRRSHUDFLyQ
DOGHVDUUROORHMHFXWDGRHQWUH3HU~(VSDxD
(OOLEURTXHDTXtSUHVHQWDPRVVXSRQHXQDSUXHEDPiVGHHVWHIUXFWtIHURWUDEDMRFHQWUDGRHQHVWD
RFDVLyQHQODPHMRUDGHODVFRQGLFLRQHVGHKDELWDELOLGDGEiVLFDGHODVSREODFLRQHVPiVYXOQHUDEOHV
GHO9DOOHGHOROFD$UHTXLSDXQDGHODVUHJLRQHVPiVHPEOHPiWLFDVSDUDODRRSHUDFLyQ(VSDxROD
HQHOSDtV(QFRQFUHWRODSXEOLFDFLyQVXSRQHXQDFRPSOHWDVLVWHPDWL]DFLyQGHODVH[SHULHQFLDV
OOHYDGDVFDERSDUDUHFXSHUDUSRQHUHQYDORUFRPRIDFWRUGHGHVDUUROORHOHQRUPHSDWULPRQLR
FXOWXUDO GH OD UHJLyQ SRQLpQGROR GLUHFWDPHQWH DO VHUYLFLR GH VXV SURSLRV SREODGRUHV GHVGH XQ
HQIRTXHGHGHUHFKRV
(O3URJUDPDGH9LYLHQGD5XUDO'HVDUUROOR6RFLDOGHO9DOOHGHOROFDUHSUHVHQWDSRUWDQWRXQD
H[FHOHQWHH[SHULHQFLDSUHPLDGDLQWHUQDFLRQDOPHQWHHQYDULDVRFDVLRQHVTXHKDGHPRVWUDGROD
DOWDSHUWLQHQFLDODSOHQDIDFWLELOLGDGGHDGDSWDUHVWUDWHJLDVSROtWLFDVGHiPELWRVQDFLRQDOHVD
FRQWH[WRVUXUDOHVFRQFDUDFWHUtVWLFDVVRFLRFXOWXUDOHVSURSLDVTXHKDTXHSUHVHUYDUIRPHQWDU
)LQDOPHQWHHVQHFHVDULRKDFHUXQUHFRQRFLPLHQWRH[SUHVRDODGHGLFDFLyQGHORVHTXLSRVWpFQLFRV
SHUXDQRVHVSDxROHVTXHKDQKHFKRSRVLEOHHVWHWUDEDMRVREUHWRGRDODVIDPLOLDVGHO9DOOHGH
ROFD TXH KDQ SDUWLFLSDGR HQ HO SURJUDPD ²DXWpQWLFRV SURWDJRQLVWDV GH OD LQLFLDWLYD² SRU VX
FRPSURPLVRGLJQLGDGVDELGXUtDGHPRVWUDGRVDORODUJRGHWRGRHOSURFHVR
(UQHVWRGH=XOXHWD+DEVEXUJR/RUHQD
(PEDMDGRUGH(VSDxDHQ3HU~
35(6(17$,Ð1(0%$-$'$'((63$f$(13(5Ô$(,'
@
11. /
DDOLDQ]DGHVDUUROODGDHQWUHHO0LQLVWHULRGH9LYLHQGDRQVWUXFFLyQ6DQHDPLHQWR 096 FRQ
OD$JHQFLD(VSDxRODGHRRSHUDFLyQ,QWHUQDFLRQDO $(,' KDSHUPLWLGRDORODUJRGHORV
~OWLPRV RFKR DxRV OD HMHFXFLyQ VREUH HO WHUUHQR GH QXPHURVRV SURHFWRV DFWLYLGDGHV
YLQFXODGRVFRQHORUGHQDPLHQWRWHUULWRULDOSODQHDPLHQWRXUEDQRJHVWLyQGHORVFHQWURVKLVWyULFRV
UHQRYDFLyQ XUEDQD WUDWDPLHQWR GH HVSDFLRV S~EOLFRV UHKDELOLWDFLyQ GH YLYLHQGD FRQVHUYDFLyQ
SDWULPRQLDOKDELWDELOLGDGEiVLFDHWFTXHKDQVHUYLGRFRPRDSRRDSRUWHDODLPSOHPHQWDFLyQ
GHSROtWLFDVS~EOLFDVDQLYHOXUEDQRUXUDODOIRUWDOHFLPLHQWRLQVWLWXFLRQDOGHOVHFWRUYLYLHQGD
FRQVWUXFFLyQVDQHDPLHQWR
8QDGHODVH[SHULHQFLDVPiVLQWHUHVDQWHVKDVLGRODGHVDUUROODGDHQHO9DOOHGHOROFDGRQGHHO
WUDEDMRGHVDUUROODGRSRUOD$(,'FRQORVJRELHUQRVORFDOHVSURYLQFLDOGLVWULWDOHVFRQHODSRR
DVLVWHQFLDWpFQLFDGHO096KDSHUPLWLGRODHMHFXFLyQGHXQDHVWUDWHJLDGHGHVDUUROORLQWHJUDO
GHQWURGHODFXDOGHVWDFDHO3URJUDPDGH9LYLHQGD5XUDO'HVDUUROOR6RFLDOGHO9DOOHGHOROFDTXHVH
SUHVHQWDHQHVWDSXEOLFDFLyQ
$WUDYpVGHHVWHSURJUDPDSLORWRGHYLYLHQGDUXUDOFXRREMHWLYRHVPHMRUDUODVFRQGLFLRQHVGH
KDELWDELOLGDGODVIDPLOLDVHQVLWXDFLyQGHSREUH]DGHOROFDVHKDQSRGLGRHMHFXWDUPiVGHXQ
FHQWHQDUGHLQWHUYHQFLRQHVTXHFRQVWLWXHQWRGDVHOODVXQPDJQtILFRHMHPSORGHFyPRWUDEDMDUFRQ
ODSREODFLyQHQHOPDUFRGHXQPRGHORGHGHVDUUROORUXUDOFRPSDWLEOHFRQORVYDORUHVFXOWXUDOHV
QDWXUDOHVGHOOXJDU
3DUWLHQGRGHOYDORUSDWULPRQLDOGHO9DOOHGHOROFDDFWXDOPHQWHHQSURFHVRGHVHUGHFODUDGRSDLVDMH
FXOWXUDOSRUHO0LQLVWHULRGHXOWXUDHVWHSURJUDPDSLORWRUHFXSHUDORVPRGHORVWUDGLFLRQDOHVGH
DUTXLWHFWXUD SRSXODU ORV LQFRUSRUD FRPR SDUWH GH XQ SURJUDPD VRFLDO GH YLYLHQGD FRQ
LQWHUYHQFLRQHV GH EDMR FRVWH KHFKDV FRQ PDWHULDOHV VLVWHPDV FRQVWUXFWLYRV WUDGLFLRQDOHV
HMHFXWDGDVFRQODSDUWLFLSDFLyQGHODVIDPLOLDVEHQHILFLDULDVTXHLQWHQWDFRQVHUYDUSRWHQFLDUHO
YDORUGHOOXJDUODUHODFLyQDUPyQLFDGHORVSREODGRVUXUDOHVGHFDGDXQRGHORVGLVWULWRVGHOROFD
FRQHOSDLVDMHQDWXUDOGHVXHQWRUQR
$FRVWXPEUDGRV D OD GHVWUXFFLyQ VLVWHPiWLFD GHO SDLVDMH FRPR UHVXOWDGR GH LQWHUYHQFLRQHV
LQDGHFXDGDVGHEDMDFDOLGDGDUTXLWHFWyQLFDTXHUHVWDQYDORUDOOXJDUDQXODQVXSRWHQFLDOSDUDHO
GHVDUUROORWXUtVWLFRHO3URJUDPDGH9LYLHQGD5XUDO'HVDUUROOR6RFLDOGHO9DOOHGHOROFDHVXQEXHQ
HMHPSORGHFyPRVXPDUYDORUDOWHUULWRULRDOPHMRUDUODVFRQGLFLRQHVGHYLGDGHORVSREODGRUHVD
WUDYpVGHXQDYLYLHQGDGLJQDTXHUHVSHWDVXLGHQWLGDGWUDGLFLRQHVIRUPDGHYLGDHQGLiORJR
HTXLOLEULRFRQHOPHGLRQDWXUDOGHOHQWRUQR
8QHMHPSORGHEXHQDVSUiFWLFDVTXHGHEHUiVHUFRQVLGHUDGRSRUHO096HQORVIXWXURVSURJUDPDV
GHYLYLHQGDTXHVHGHVDUUROOHQHQ]RQDVUXUDOHVGHYDORUFXOWXUDOQDWXUDOSDLVDMtVWLFR
$UT/XLV7DJOH3L]DUUR
'LUHFWRU*HQHUDOGH3ROtWLFDV5HJXODFLyQHQ9LYLHQGD8UEDQLVPR
0LQLVWHULRGH9LYLHQGDRQVWUXFFLyQ6DQHDPLHQWR
35(6(17$,Ð1
0,1,67(5,2'(9,9,(1'$216758,216$1($0,(172'*3598
@
13. Ì1',(
@
35(6(17$,Ð10,1,67(5,2'(9,9,(1'$216758,Ð16$1($0,(172
35(6(17$,Ð1(0%$-$'$'((63$f$(13(5Ô$(,'
35(6(17$,Ð10,1,67(5,2'(9,9,(1'$216758,Ð16$1($0,(172'*3598
,1',(
,1752'8,Ð1
(/9$//('(/2/$
3$75,021,28/785$/'(6$552//2(1(/9$//('(/2/$
0$3$'(/9$//('(/2/$
352*5$0$'(9,9,(1'$585$/'(6$552//262,$/(1(/9$//('(/2/$
2%-(7,92*(1(5$/
/,1($0,(1726
02'(/2'((-(8,Ð125(63216$%,/,'$'
(7$3$6
35(6838(6725212*5$0$'(2%5$
275$6$78$,21(6203/(0(17$5,$6
352(726(-(87$'26
$//$//,
2325$48(
,+83$03$
/$5,
0$'5,*$/
3,1+2//2
+,9$33--62/'(6$6$+8$0$1
6,%$2
787,
$148(
'(7$//(62167587,926
21/86,21(6
5(212,0,(1726
(48,327e1,2
15. (
O9DOOHGHOROFDSRVHHXQLPSRUWDQWHSDWULPRQLRFXOWXUDOQDWXUDOTXHFRQWUDVWDFRQODVLWXDFLyQGHSREUH]DGHVXV
SREODGRUHV (VWH SDWULPRQLR IRUPD SDUWH GH VX LGHQWLGDG FXOWXUDO SHUR WDPELpQ FRQVWLWXH XQ YDOLRVR UHFXUVR SDUD
FRPEDWLUODSREUH]DFRQWULEXLUDOGHVDUUROORORFDOORTXHFRQVWLWXyHOSXQWRGHSDUWLGDSDUDODSXHVWDHQPDUFKDSRUOD
$(,'HQGHXQDHVWUDWHJLDLQWHJUDOGHGHVDUUROORSDUDHOROFDDWUDYpVGHODFRQVHUYDFLyQSXHVWDHQYDORUJHVWLyQ
VRVWHQLEOHGHOSDWULPRQLRFXOWXUDO
(QHOPDUFRGHHVWDHVWUDWHJLDVHFRQWHPSOyXQSURJUDPDVRFLDOGHPHMRUDGHYLYLHQGDGHVWLQDGRDODVIDPLOLDVUXUDOHVHQ
VLWXDFLyQGHH[WUHPDSREUH]DSDUDSRGHUGRWDUDVXVYLYLHQGDVWUDGLFLRQDOHVGHORVVHUYLFLRVEiVLFRVGHODVFRQGLFLRQHV
DGHFXDGDVGHKDELWDELOLGDGFRPRFRQWULEXFLyQDVXLQFOXVLyQVRFLDOHFRQyPLFD6LJXLHQGRHVWRVOLQHDPLHQWRVHQVH
SXVRHQPDUFKDHO3URJUDPDGH9LYLHQGD5XUDO'HVDUUROOR6RFLDOGHO9DOOHGHOROFDFRQHOGREOHREMHWLYRGHPHMRUDUODV
FRQGLFLRQHVGHKDELWDELOLGDGGHODVIDPLOLDVGHOROFDFRQWULEXLUDODFRQVHUYDFLyQGHODDUTXLWHFWXUDWUDGLFLRQDOFRPRSDUWH
GHOSDWULPRQLRFXOWXUDOSDLVDMtVWLFRGHOROFD
(OSXQWRGHSDUWLGDGHFDGDLQWHUYHQFLyQIXHODYLYLHQGDH[LVWHQWHSURSLHGDGGHODIDPLOLDEHQHILFLDULDVXHPSOD]DPLHQWRVX
FRQWH[WRXUEDQRSDLVDMtVWLFR(OSURHFWRGHPHMRUDPLHQWRGHFDGDYLYLHQGDVHKL]RVLJXLHQGRORVPRGHORVGHDUTXLWHFWXUD
WUDGLFLRQDOGHOD]RQDFRQWHPSOyODXWLOL]DFLyQGHPDWHULDOHVWpFQLFDVFRQVWUXFWLYDVORFDOHVSDUDORJUDUVXLQWHJUDFLyQ
DUPyQLFD HQ HO FRQWH[WR GH FDGD SXHEOR (Q OD FRQVWUXFFLyQ VH LQFRUSRUDURQ PHMRUDV VLVPRUHVLVWHQWHV HVWUDWHJLDV
ELRFOLPiWLFDVSDUDRSWLPL]DUODVFRQGLFLRQHVGHFRQIRUWGHODVIDPLOLDVIUHQWHDODFOLPDWRORJtDH[WUHPD
DGDYLYLHQGDIXHPHMRUDGDRDPSOLDGDHQDSUR[LPDGDPHQWHPòGLVWULEXLGRVGHDFXHUGRDODVQHFHVLGDGHVGHFDGD
IDPLOLDGRWDGDGHVHUYLFLRVEiVLFRV$SOLFDQGRHOFRQFHSWRGH´YLYLHQGDSURGXFWLYDµLQFRUSRUyXQDPELHQWHGHVWLQDGRDXVR
SURGXFWLYRDORMDPLHQWRWXUtVWLFRSHTXHxRFRPHUFLRRWDOOHUDUWHVDQDOTXHFRQWULEXyDPHMRUDUORVLQJUHVRVIDPLOLDUHV
/DVIDPLOLDVEHQHILFLDULDVSDUWLFLSDURQGLUHFWDPHQWHHQODHMHFXFLyQGHORVWUDEDMRVEDMRODPRGDOLGDGGHDXWRFRQVWUXFFLyQ
SDUDORFXDOIXHURQFDSDFLWDGDVHQODVWpFQLFDVORFDOHVGHFRQVWUXFFLyQWUDGLFLRQDODSRUWDURQXQDSDUWHGHORVPDWHULDOHVGH
REUD'HOFRVWHWRWDOGHHMHFXFLyQGHORVWUDEDMRV²DSUR[LPDGDPHQWH86ODIDPLOLDEHQHILFLDULDDSRUWyHOOD$(,'HO
ODPXQLFLSDOLGDGGLVWULWDOHO
(O3URJUDPDGH9LYLHQGD5XUDO'HVDUUROOR6RFLDOGHO9DOOHGHOROFDKDPHMRUDGRODYLGDGHIDPLOLDVTXHFRPSOHPHQWDQVXV
LQJUHVRVFRQODSURGXFFLyQDUWHVDQDOHOWXULVPRYLYHQFLDO7DPELpQKDGHPRVWUDGRTXHHVSRVLEOHFRQVWUXLUHQODViUHDVUXUDOHV
FRQXQDLQYHUVLyQPtQLPDYLYLHQGDVVRFLDOHVGHFDOLGDGTXHUHVSHWDQODIRUPDGHYLGDODLGHQWLGDGFXOWXUDOGHVXVSREODGRUHV
UHYDORUL]DQODVFDUDFWHUtVWLFDVSDWULPRQLDOHVSDLVDMtVWLFDVGHOOXJDU
(VWH UHVXOWDGR IXH SRVLEOH JUDFLDV DO HTXLSR ORFDO GH SURIHVLRQDOHV GHO 3URJUDPD 3!' HQ VX PDRU SDUWH DUTXLWHFWRV
DUTXLWHFWDVTXHGHUURFKDQGRSDVLyQHQWXVLDVPRPDWHULDOL]DURQVREUHHOWHUUHQRGHIRUPDSHUVRQDOL]DGDSDUDFDGDIDPLOLD
HOGLVHxRODFRQVWUXFFLyQGHFDGDXQDGHODVYLYLHQGDV
$WUDYpVGHHVWDSXEOLFDFLyQKHPRVWUDWDGRGHVLVWHPDWL]DUHVWDH[SHULHQFLDGHVDUUROODGDHQHO9DOOHGHOROFDFRQILDQGR
SXHGDVHUUHSOLFDGDVHUYLUFRPRSXQWRGHSDUWLGDSDUDQXHYDVSROtWLFDVS~EOLFDVGHOVHFWRUYLYLHQGDHQEHQHILFLRGHOD
SREODFLyQUXUDO²ODPiVROYLGDGDSRUSDUWHGHO(VWDGRHQHOPDUFRGHXQQXHYRPRGHORGHGHVDUUROORGHOWHUULWRULRUXUDO
UHVSHWXRVRFRQORVYDORUHVFXOWXUDOHVFRQHOPHGLRQDWXUDO
-XDQGHOD6HUQD7RUURED
5HVSRQVDEOHGHO3URJUDPD3!'3DWULPRQLRSDUDHO'HVDUUROOR
$JHQFLD(VSDxRODGHRRSHUDFLyQ,QWHUQDFLRQDOSDUDHO'HVDUUROOR3HU~
,1752'8,Ð1
@
19. (
OROFDHVXQYDOOHLQWHUDQGLQRXELFDGRHQOD3URYLQFLDGHDOORPD $UHTXLSD HOFXDOVH
H[WLHQGHDORODUJRGHOUtRROFDHQHOWUDPRFRPSUHQGLGRHQWUHORVSXHEORVGHDOODOOL
PVQP +XDPER PVQP (QFRQWUDVWHFRQHOFOLPDH[WUHPRGHOGHVLHUWR
DOWLSOiQLFRGHVXHQWRUQRFRQVWLWXHXQWHUULWRULRH[FHSFLRQDOJUDFLDVDVXPLFURFOLPDDODJXD
GHO UtR ROFD OR TXH SHUPLWLy HO DVHQWDPLHQWR WHPSUDQR GH SXHEORV TXH KDELWDURQ H
LQWHUDFWXDURQHQVXHVSDFLRItVLFR
/D SULPHUD WUDQVIRUPDFLyQ GHO ROFD VH LQLFLD HQ HO SHULRGR :DUL ' FRQ OD
FRQVWUXFFLyQGHORVSULPHURVDQGHQHVDJUtFRODVFDQDOHVGHULHJRTXHSHUPLWLHURQKDFHU
SURGXFWLYDVODViULGDVDEUXSWDVODGHUDVGHOYDOOH(VWDWUDQVIRUPDFLyQGHOSDLVDMHSDUDOD
SUiFWLFDGHODDJULFXOWXUDFRPRIXHQWHGHYLGDFRQWLQXyDOFDQ]yVXPi[LPRHVSOHQGRU
GXUDQWHODVFXOWXUDVDEDQDROODJXDSXHEORVDUUDLJDGRVHQHOYDOOHFXRRULJHQPLWROyJLFR
VHXELFDHQODVHQWUDxDVGHORVQHYDGRV+XDOFD+XDOFDROODJXDWDTXHORJUDURQKDFHUGHO
9DOOHGHOROFDJUDFLDVDODFRQVWUXFFLyQGHPLOHVGHKHFWiUHDVGHDQGHQHVHOSULQFLSDOFHQWUR
GHSURGXFFLyQGHDOLPHQWRVGHOiUHDVXUDQGLQD
/DFRQTXLVWDGHOROFDSRUHO,PSHULR,QFDKDFLDSRVWHULRUPHQWHSRUODRURQDHVSDxROD
DSDUWLUGHLPSULPLHURQXQDQXHYDGLQiPLFDHQODHYROXFLyQGHOWHUULWRULR)XHGXUDQWHHO
YLUUHLQDWR GHO 3HU~ FXDQGR VH SURGXMHURQ ORV FDPELRV PiV SURIXQGRV UHVXOWDGR GH OD
HYDQJHOL]DFLyQGHOSURFHVRUHGXFFLRQDODTXHIXHVRPHWLGDVXSREODFLyQTXHLPSXVLHURQXQ
QXHYRPRGHORGHRFXSDFLyQGHOWHUULWRULR
(OGHVFXEULPLHQWRHQGHODVPLQDVGHSODWDGHDOORPDGHVSOD]yODDFWLYLGDGHFRQyPLFD
KDFLD ODV ]RQDV PiV DOWDV GRQGH VH IRFDOL]y OH H[SORWDFLyQ PLQHUD OR TXH UHGXMR
VLJQLILFDWLYDPHQWH OD SREODFLyQ GHO YDOOH *UDQ SDUWH GH ORV DQWLJXRV DQGHQHV DJUtFRODV
TXHGDURQ HQ DEDQGRQR GLVPLQXHQGR GH IRUPD LPSRUWDQWH OD SURGXFFLyQ DJUtFROD OD
LPSRUWDQFLDHVWUDWpJLFDTXHKDVWDHQWRQFHVKDEtDWHQLGRHOROFD
(OGHFOLYHGHODPLQHUtDDSDUWLUGHOVLJOR;9,,,ODGLVPLQXFLyQGHOFRPHUFLRORVGLItFLOHVDFFHVRVDO
YDOOHFRQWULEXHURQDODLVODPLHQWRSURJUHVLYRGHOROFDDVXHVWDQFDPLHQWRDORODUJRGHO
VLJORV ;,; ;; HQ XQD HFRQRPtD GH VXEVLVWHQFLD TXH HPSREUHFLy SRFR D SRFR D VXV
FRPXQLGDGHV
/DSXEOLFDFLyQHQSRUOD$PHULFDQ*HRJUDSKLFDO6RFLHWGHODVDHURIRWRJUDItDVWRPDGDV
SRU *HRUJH 5 -RQVRQ TXH SHUPLWLy UHGHVFXEULU OD H[LVWHQFLD GHO ROFD D OD FRPXQLGDG
FLHQWtILFDODFRQVWUXFFLyQHQODGpFDGDGHGHODSULPHUDFDUUHWHUDFDUUR]DEOHGHVGH
$UHTXLSDVLJQLILFDURQHOILQGHODLVODPLHQWRGHOROFDHOSULQFLSLRGHOUHFRQRFLPLHQWRGHVX
KLVWRULD SDWULPRQLR FXOWXUD H LGHQWLGDG OD HVSHUDQ]D SDUD XQ GHVDUUROOR ODUJDPHQWH
HVSHUDGR
(/9$//('(/2/$
23. (
O9DOOHGHOROFDFRPSUHQGHGLVWULWRVGHODSURYLQFLDGHDOORPD FRQXQDSREODFLyQ
DSUR[LPDGDGHKDELWDQWHVFXDDFWLYLGDGSULQFLSDOVHFHQWUDHQODDJULFXOWXUDGH
VXEVLVWHQFLDJDQDGHUtD YDFXQRVRYLQRVHVSHFLDOPHQWHFDPpOLGRVVXGDPHULFDQRV
ODSURGXFFLyQDUWHVDQDO
(VWDSURYLQFLDHVXQDGHODVPiVSREUHVUHOHJDGDVGHOD5HJLyQ$UHTXLSDFRQHOGHVX
SREODFLyQHQVLWXDFLyQGHSREUH]DHOHQVLWXDFLyQGHSREUH]DH[WUHPD IDFWRUTXHKD
REOLJDGRDPXFKRVGHVXVSREODGRUHVHVSHFLDOPHQWHDORVPiVMyYHQHVDHPLJUDUKDFLDODV
FLXGDGHVGH$UHTXLSD/LPDHQEXVFDGHODVRSRUWXQLGDGHVGHGHVDUUROORTXHQRSXGLHURQ
HQFRQWUDUHQVXOXJDUGHRULJHQ
6LQHPEDUJRHVWHFRQWH[WRGHSREUH]DTXHDIHFWDDOROFDFRQWUDVWDFRQVXJUDQULTXH]D
SDWULPRQLDOFXOWXUDOQDWXUDOTXHFRQVWLWXHXQRGHORVPHMRUHVHMHPSORVGHSDLVDMHFXOWXUDOHQ
HO3HU~GHOTXHIRUPDQSDUWHODVH[WHQVDVDQGHQHUtDVDJUtFRODVSUHKLVSiQLFDVTXHGHPDQHUD
HVFDORQDGD VH DVLHQWDQ HQ ODV ODGHUDV GHO YDOOH ORV DQWLJXRV DVHQWDPLHQWRV FROODJXDV ORV
Q~FOHRV XUEDQRV UHGXFFLRQDOHV ORV WHPSORV YLUUHLQDOHV HO YDOLRVR SDWULPRQLR LQPDWHULDO
FRQIRUPDGR SRU ODV PDQLIHVWDFLRQHV H[SUHVLRQHV FXOWXUDOHV TXH ODV FRPXQLGDGHV KDQ
FRQVHUYDGRFRQRUJXOORFRPRSDUWHGHVXLGHQWLGDGFXOWXUDO(QWUHHVWDVODGDQ]DGHO:LWLWL
LQFRUSRUDGDHQGLFLHPEUHGHHQOD/LVWD5HSUHVHQWDWLYDGHO3DWULPRQLRXOWXUDO,QPDWHULDO
GHOD+XPDQLGDGGH81(62
/DFRQVHUYDFLyQHODSURYHFKDPLHQWRGHHVWHSDWULPRQLRFXOWXUDOFRPRXQUHFXUVRSDUDHO
GHVDUUROORVRVWHQLEOHIXHHOSXQWRGHSDUWLGDGHODHVWUDWHJLDLQWHJUDOGHGHVDUUROORSDUDHOROFD
LPSXOVDGDSRUOD$JHQFLD(VSDxRODGHRRSHUDFLyQ,QWHUQDFLRQDOSDUDHO'HVDUUROOR $(,' D
SDUWLU GH D WUDYpV GH 3URJUDPD 3DWULPRQLR SDUD HO 'HVDUUROOR 3URJUDPD 3!' FRQ HO
REMHWLYRGHFRQWULEXLUDPHMRUDUODVFRQGLFLRQHVGHYLGDGHORVSREODGRUHVGHOROFD
(O3URHFWRGH'HVDUUROOR,QWHJUDOGHOROFD 3',ROFD SDUWLHQGRGHODFRQVHUYDFLyQSXHVWD
HQ YDORU GHO SDWULPRQLR FXOWXUDO SURPXHYH IDFLOLWD ODV HVWUXFWXUDV VRFLRHFRQyPLFDV
QHFHVDULDVSDUDODXWLOL]DFLyQJHVWLyQUHVSRQVDEOHVRVWHQLEOHGHHVWHSDWULPRQLRUHYDORUL]DGR
JHQHUDQGRQXHYDVRSRUWXQLGDGHVGHHPSOHRDODFRPXQLGDG²DOJXQDVYLQFXODGDVFRQHO
WXULVPRFXOWXUDOHOWXULVPRUXUDOFRPXQLWDULRGDQGRXQYDORUDJUHJDGRDODSURGXFFLyQ
WUDGLFLRQDO
5HVWDXUDFLyQGHORVWHPSORVYLUUHLQDOHVGHOROFD
/DVSULPHUDVLQWHUYHQFLRQHVVHFHQWUDURQHQORVWUDEDMRVGHFRQVHUYDFLyQSXHVWDHQYDORUGH
ORVWHPSORVYLUUHLQDOHVGHFDGDXQRGHORVGLVWULWRVGHOROFDPXFKRVGHHOORVHQDEDQGRQRHQ
JUDYHHVWDGRGHGHWHULRUR/RVWUDEDMRVIXHURQHMHFXWDGRVSRUORVSURSLRVSREODGRUHVKRPEUHV
PXMHUHVGHELGDPHQWHFDSDFLWDGRVORTXHFRQWULEXyDJHQHUDUHPSOHRORFDOHLQJUHVRV
SDUDODFRPXQLGDGDIRUWDOHFHUODLGHQWLGDGORFDOUHVWDEOHFHUODUHODFLyQGHSHUWHQHQFLDGH
ORVSREODGRUHVFRQVXSDWULPRQLR
3$75,021,28/785$/'(6$552//2(1(/9$//('(/2/$
(O9DOOHGHOROFDFRPSUHQGHORVGLVWULWRVGH7LVFRDOODOOL6LEDR7XWLKLYDRSRUDTXHDQTXH,FKXSDPSD
$FKRPD/DUL0DFD0DGULJDODEDQDFRQGH7DSD+XDPERDGHPiVGHORVDQH[RVGHDQRFRWD KLYD
3LQFKROOR DEDQDFRQGH
)XHQWH0DSDGH3REUH]D3URYLQFLDO'LVWULWDO²,1(,
24. RPRUHVXOWDGRVHORJUyODUHVWDXUDFLyQLQWHJUDOGHORVVLJXLHQWHVWHPSORV
ă DSLOODGH6DQ6HEDVWLiQGHRSRUDTXH
ă 7HPSORGHOD3XUtVLPDRQFHSFLyQGH/DUL
ă 7HPSORGH6DQWD$QDGH0DFD
ă 7HPSORGHORV6DQWRV5HHV0DJRVGH$FKRPD
ă 7HPSORGH6DQWLDJR$SyVWROGHRSRUDTXH
ă 7HPSORGH6DQWLDJR$SyVWROGH0DGULJDO
ă 7HPSORGH1XHVWUD6HxRUDGHOD$VXQFLyQGHKLYD
ă 7HPSORGHOD,QPDFXODGDRQFHSFLyQGHDQTXH
ă 7HPSORGHOD6DQWtVLPDUX]GH7XWL
ă 7HPSORGH6DQ3HGURGH$OFiQWDUDGHDEDQDFRQGH
ă 7HPSORGH6DQWLDJR$SyVWROGHDQRFRWD
ă 7HPSORGH6DQ-XDQ%DXWLVWDGH6LEDR
ă 7HPSORGH6DQ-XDQ%DXWLVWDGH,FKXSDPSD
ă 7HPSORGH6DQ/RUHQ]RGH7DSD
ă 7HPSORGH6DQ/RUHQ]RGH+XDPER
ă 7HPSORGH6DQ6HEDVWLiQGH3LQFKROOR
5HKDELOLWDFLyQGHHVSDFLRVS~EOLFRV
$ HVWDV LQWHUYHQFLRQHV VH VXPDURQ ODV GH UHKDELOLWDFLyQ SXHVWD HQ YDORU GH ORV HVSDFLRV
S~EOLFRVGHORVGLVWULWRVGH0DFDRSRUDTXH ,FKXSDPSDKLYD6LEDR/DUL3XHEOR-RYHQ
6ROGH6DFVDKXDPiQHWFTXHFRQWULEXHURQDUHFXSHUDUHOFDUiFWHUHOYDORUSDWULPRQLDOGH
VXV Q~FOHRV XUEDQRV (Q HO PDUFR GH ODV HVWDV LQWHUYHQFLRQHV VH UHVFDWDURQ LQPXHEOHV HQ
DEDQGRQRTXHIXHURQUHKDELOLWDGRVSDUDQXHYRXVRFRPRWDOOHUHVDUWHVDQDOHVFRPXQLWDULRV
HVSDFLRVFXOWXUDOHVDOVHUYLFLRGHHVWRVGLVWULWRV
5HKDELOLWDFLyQGHYLYLHQGDVUXUDOHV
8QFDStWXORLPSRUWDQWHKDVLGRODLQFRUSRUDFLyQGHODYLYLHQGDUXUDODODHVWUDWHJLDGHGHVDUUROOR
DWUDYpVGHOSDWULPRQLRFXOWXUDOORTXHKDKHFKRSRVLEOHODSXHVWDHQPDUFKDGHXQSURJUDPD
SLORWR SDUD DXGDU D ODV IDPLOLDV HQ H[WUHPD SREUH]D D FRQVHUYDU PHMRUDU VXV FDVDV
WUDGLFLRQDOHV GRWiQGRODV GH VHUYLFLRV EiVLFRV GH FRQGLFLRQHV PtQLPDV GH KDELWDELOLGDG
FRQWULEXHQGRDVXLQFOXVLyQVRFLDOHFRQyPLFD
(VWDVDFWXDFLRQHVKDQSHUPLWLGRPHMRUDUODVFRQGLFLRQHVGHYLGDGHHVWDVIDPLOLDVUHVFDWDUOD
DUTXLWHFWXUDWUDGLFLRQDOFRPRSDUWHGHOSDWULPRQLRFXOWXUDOSURPRYLHQGRVXFRQVHUYDFLyQ
FRPRFODYHSDUDODVRVWHQLELOLGDGGHOSDLVDMHFXOWXUDOGHOROFD
3$75,021,28/785$/'(6$552//2(1(/9$//('(/2/$
/DLQWHUYHQFLyQGH5HVWDXUDFLyQ3XHVWDHQ9DORUGHOÉUHD0RQXPHQWDOGHRSRUDTXHORJUyHO+H[iJRQRGH2URHQ
OD;9%LHQDOGH$UTXLWHFWXUD3HUXDQDGHOROHJLRGH$UTXLWHFWRVGHO3HU~ $3 HQ
33. (
QHOROFDH[LVWHXQJUDQQ~PHURGHIDPLOLDVHQVLWXDFLyQGHH[WUHPDSREUH]DTXHYLYHQ
HQFRQGLFLRQHVSUHFDULDVHQYLYLHQGDVGHWLSRUXUDOFRQVWUXLGDVFRQPDWHULDOHVGHOD
]RQD VLQ VHUYLFLRV EiVLFRV FRQ XQ ~QLFR DPELHQWH GH GLPHQVLRQHV UHGXFLGDV TXH
FRPSDUWHQWRGRVORVPLHPEURVGHODIDPLOLDFRQHVWUXFWXUDVItVLFDVGHWHULRUDGDVFRQDOWD
YXOQHUDELOLGDGIUHQWHDORVVLVPRV
/DPHQWDEOHPHQWHHVWDVIDPLOLDVGHGLFDGDVDODDJULFXOWXUDGHVXEVLVWHQFLDDODFULDQ]DGH
FDPpOLGRVVXGDPHULFDQRVQRGLVSRQHQGHORVUHFXUVRVQLGHODDXGDWpFQLFDSDUDFRQVHUYDU
VXVYLYLHQGDVTXHHQPXFKRVFDVRVSHUWHQHFLHURQWDPELpQDVXVSDGUHVDEXHORVGRWDUODV
GH VHUYLFLRV EiVLFRV GH ODV FRQGLFLRQHV PtQLPDV GH KDELWDELOLGDG (VWD VLWXDFLyQ GH
SUHFDULHGDGREOLJDDPXFKDVGHHVWDVIDPLOLDVDDEDQGRQDUHOROFDHPLJUDUDODSHULIHULDGH
ODFLXGDGGH$UHTXLSDGRQGHHQFXHQWUDQPDRUHVIDFLOLGDGHVSDUDLQVWDODUVHHPSUHQGHU
XQDQXHYDYLGD
RQVLGHUDQGRODFRQVHUYDFLyQGHODDUTXLWHFWXUDWUDGLFLRQDOGHODYLYLHQGDUXUDOXQDDFFLyQ
LPSUHVFLQGLEOHSDUDODVRVWHQLELOLGDGGHOSDWULPRQLRFXOWXUDOQDWXUDOGHOROFDSRUHQGHGHO
WXULVPR SHUR WDPELpQ XQD RSRUWXQLGDG SDUD SURPRYHU HO GHVDUUROOR HFRQyPLFR GH OD
SREODFLyQUXUDOPiVYXOQHUDEOHHQVHSXVRHQPDUFKDHO3URJUDPD9LYLHQGD5XUDO
'HVDUUROOR6RFLDOLPSXOVDGRSRUOD$(,'FRQMXQWDPHQWHFRQODVPXQLFLSDOLGDGHVGLVWULWDOHVGHO
ROFD FRQ HO DSRR GH OD 'LUHFFLyQ *HQHUDO GH 3ROtWLFDV 5HJXODFLyQ HQ 9LYLHQGD
8UEDQLVPRGHO0LQLVWHULRGH9LYLHQGDRQVWUXFFLyQ6DQHDPLHQWR 096
(O 3URJUDPD SURPXHYH HO WUDEDMR PDQFRPXQDGR GH LQVWLWXFLRQHV SREODFLyQ HQ OD
FRQVHUYDFLyQPHMRUDGHVXVYLYLHQGDVFRPRSDUWHGHODHVWUDWHJLDGHGHVDUUROORHLQFOXVLyQ
VRFLDO D WUDYpV GHO SDWULPRQLR FXOWXUDO EXVFD UHYDORUDU PDQWHQHU YLYD OD DUTXLWHFWXUD
WUDGLFLRQDOFRPRFODYHSDUDODFRQVHUYDFLyQVRVWHQLELOLGDGGHO3DLVDMHXOWXUDO
352*5$0$'(9,9,(1'$585$/'(6$552//262,$/(1(/9$//('(/2/$
2%-(7,92*(1(5$/
(OREMHWLYRJHQHUDOGHO3URJUDPD9LYLHQGD5XUDO'HVDUUROOR6RFLDOHVFRQWULEXLUDPHMRUDUODV
FRQGLFLRQHVGHKDELWDELOLGDGODFDOLGDGGHYLGDGHODVIDPLOLDVGHOROFDHQH[WUHPDSREUH]D
DWUDYpVGHXQDYLYLHQGDGLJQDVDOXGDEOHFRPSDWLEOHFRQORVYDORUHVFXOWXUDOHVQDWXUDOHV
SDLVDMtVWLFRVTXHIDFLOLWHVXLQFOXVLyQVRFLDOHFRQyPLFD
/,1($0,(1726
(O3URJUDPDVHEDVDHQORVVLJXLHQWHVOLQHDPLHQWRV
y )RUWDOHFHUHOWUDEDMRGHODVLQVWLWXFLRQHVORFDOHVFRQODFRPXQLGDGHQODPHMRUDGHODV
FRQGLFLRQHVGHKDELWDELOLGDGGHODVYLYLHQGDVGHODVIDPLOLDVFRQPHQRVUHFXUVRV
y ,QFHQWLYDUODSDUWLFLSDFLyQDFWLYDGHOSREODGRUHQODHMHFXFLyQGHORVWUDEDMRVGHPHMRUD
GHVXYLYLHQGDUXUDOIDFLOLWiQGROHDXGDWpFQLFDFDSDFLWiQGROHHQODDXWRFRQVWUXFFLyQ
FRQPDWHULDOHVWpFQLFDVWUDGLFLRQDOHV
34. 02'(/2'((-(8,Ð125(63216$%,/,'$'
(O3URJUDPDSODQWHDXQPRGHORGHHMHFXFLyQPDQFRPXQDGRHQHOTXHFRSDUWLFLSDQODV
IDPLOLDV EHQHILFLDULDV ODV PXQLFLSDOLGDGHV GLVWULWDOHV OD $(,' TXH SHUPLWH LQWHUYHQLU
PHMRUDQGRRDPSOLDQGRXQiUHDDSUR[LPDGDGHPòHQFDGDYLYLHQGDUXUDO ²SXHGHVHUD
WUDYpVGHXQDUHKDELOLWDFLyQXREUDQXHYDFXRSUHVXSXHVWRQRGHEHVXSHUDUORV6TXH
LQFOXHQODHODERUDFLyQGHOSURHFWR
/DGLVWULEXFLyQGHORVDSRUWHVHQFDGDSURHFWRVHHVWDEOHFHGHODVLJXLHQWHIRUPD
D)DPLOLDEHQHILFLDULD
RQWULEXHFRQPDQRGHREUDEDMRODPRGDOLGDGGHDXWRFRQVWUXFFLyQSDUDODHMHFXFLyQ
GHORVWUDEDMRVGHDOEDxLOHUtDFDQWHUtDDUPDGRGHODHVWUXFWXUDGHPDGHUDGHODFXELHUWD
7DPELpQDSRUWDHOGHODFDUSLQWHUtDGHPDGHUD²SXHUWDVYHQWDQDV(VWRVDSRUWHV
HTXLYDOHQDSUR[LPDGDPHQWHDOGHOSUHVXSXHVWRWRWDO
E0XQLFLSDOLGDG'LVWULWDO
)DFLOLWDORVSHUPLVRVGHREUDDSRDFRQHOWUDQVSRUWHSDUDHOWUDVODGRGHORVPDWHULDOHVGHOD
]RQD SLHGUDDUHQDUROOL]RVGHHXFDOLSWRHWF (VWRVDSRUWHVHTXLYDOHQDSUR[LPDGDPHQWH
DOGHOSUHVXSXHVWRWRWDO
F$(,'
'HVDUUROODHOH[SHGLHQWHWpFQLFRGHOSURHFWRVXSHUYLVDORVWUDEDMRVIDFLOLWDPDQRGHREUD
FDOLILFDGDDSRUWDPDWHULDOHVGHFXELHUWD²PDGHUDFDxDWHMDVHOGHODFDUSLQWHUtD
GH PDGHUD ²SXHUWDV YHQWDQDV H LQVWDODFLRQHV HOpFWULFDV VDQLWDULDV (VWRV DSRUWHV
HTXLYDOHQDSUR[LPDGDPHQWHDOGHOSUHVXSXHVWRWRWDO
y 3URPRYHU OD YLYLHQGD VRVWHQLEOH LQFRUSRUDQGR HQ ORV SURHFWRV GH YLYLHQGD UXUDO XQ
FRPSRQHQWH SURGXFWLYR TXH FRQWULEXD D PHMRUDU ORV LQJUHVRV HFRQyPLFRV GH ODV
IDPLOLDV
y RQVHUYDUODYLYLHQGDUXUDOODDUTXLWHFWXUDWUDGLFLRQDOGHOROFDFRPRSDUWHGHVX
SDWULPRQLR FXOWXUDO VHQVLELOL]DQGR D OD FRPXQLGDG VREUH OD LPSRUWDQFLD GH VX
FRQVHUYDFLyQSDUDODVRVWHQLELOLGDGGHOSDLVDMHFXOWXUDOFRPRUHFXUVRSDUDHOGHVDUUROOR
y 5HVFDWDUORVRILFLRVYLQFXODGRVFRQODFRQVWUXFFLyQWUDGLFLRQDOFRPRSDUWHGHOSDWULPRQLR
LQPDWHULDO
(OiUHDGHLQWHUYHQFLyQSXHGHYDULDUHQIXQFLyQGHODVQHFHVLGDGHVGHODIDPLOLDEHQHILFLDULDRODVFDUDFWHUtVWLFDVGH
ODYLYLHQGDRWHUUHQR
352*5$0$'(9,9,(1'$585$/'(6$552//262,$/(1(/9$//('(/2/$
0LQLVWHULRGH9LYLHQGDRQVWUXFFLyQ6DQHDPLHQWR'*3598
@
35. (7$3$6
(OGHVDUUROORGHO3URJUDPDGH9LYLHQGD5XUDO'HVDUUROOR5XUDOFRQWHPSODODVVLJXLHQWHVHWDSDV
2192$725,$
/DSRVWXODFLyQDO3URJUDPDVHKDFHHQHOPDUFRGHODVFRQYRFDWRULDVDQXDOHVTXHODQ]DFDGD
PXQLFLSDOLGDGGLVWULWDOGHOROFDHQODVTXHVHHVWDEOHFHQORVUHTXLVLWRVTXHGHEHQWHQHUODV
IDPLOLDVSDUDSRGHUSDUWLFLSDUHOQ~PHURGHYLYLHQGDVUXUDOHVTXHVHUiQLQWHUYHQLGDVHQFDGD
GLVWULWR
7$//(5(6,1)250$7,926'(6(16,%,/,=$,Ð1
DGD FRQYRFDWRULD YD DFRPSDxDGD GH WDOOHUHV LQIRUPDWLYRV TXH GDQ D FRQRFHU D ORV
SREODGRUHVGHFDGDGLVWULWRODVFDUDFWHUtVWLFDVGHO3URJUDPDSURPRYLHQGRODSDUWLFLSDFLyQ
DFWLYD UHVSRQVDEOH GH ODV IDPLOLDV TXH GHVHDQ SRVWXODU (VWRV PLVPRV WDOOHUHV SHUPLWHQ
VHQVLELOL]DU D OD SREODFLyQ VREUH FRQFHSWRV EiVLFRV UHODFLRQDGRV FRQ OD YLYLHQGD FRPR
KDELWDELOLGDGKDFLQDPLHQWRIDPLOLDUYLYLHQGDVDOXGDEOHEXHQXVRGHODYLYLHQGDFRQHVSHFLDO
DWHQFLyQKDFLDODSREODFLyQLQIDQWLOORVDGXOWRVPDRUHVFRQVHUYDFLyQPDQWHQLPLHQWR
PDQHMRGHORVUHVLGXRVVyOLGRVGRPLFLOLDULRVHWF
6(/(,Ð1'(%(1(),,$5,26
HUUDGDODFRQYRFDWRULDUHSUHVHQWDQWHVGHFDGDPXQLFLSDOLGDGGLVWULWDO$(,'KDFHQXQD
SULPHUDVHOHFFLyQGHODVSRVWXODFLRQHVSUHVHQWDGDV/DVIDPLOLDVTXHFXPSOHQORVUHTXLVLWRV
SDVDQDODHQWUHYLVWDSHUVRQDOHQODTXHVHDPSOtDODLQIRUPDFLyQVRFLDOHFRQyPLFDVREUHHO
JUXSRIDPLOLDUDFWLYLGDGHFRQyPLFDLQJUHVRVDFUHGLWDFLyQGHODSURSLHGDGFDSDFLGDG
SDUDKDFHUIUHQWHDORVFRPSURPLVRVHVWDEOHFLGRVSDUDSDUWLFLSDUHQHO3URJUDPD
/DHQWUHYLVWDVHFRPSOHPHQWDFRQXQDYLVLWDDODYLYLHQGDSDUDYHULILFDUODVFRQGLFLRQHVGH
KDELWDELOLGDGGRWDFLyQGHVHUYLFLRVEiVLFRVKDFLQDPLHQWRIDPLOLDUFDUDFWHUtVWLFDVItVLFDV
HVWUXFWXUDOHVYXOQHUDELOLGDGVtVPLFDHWFVHHVWDEOHFHXQSHUILOGHODVQHFHVLGDGHVIDPLOLDUHV
GHOWLSRGHLQWHUYHQFLyQDGHVDUUROODU
(VWDLQIRUPDFLyQVLUYHFRPREDVHSDUDFDOLILFDUVHOHFFLRQDUODVIDPLOLDVEHQHILFLDULDV
219(1,26
6HOHFFLRQDGDV ODV IDPLOLDV EHQHILFLDULDV VH SURFHGH D OD HODERUDFLyQ GH ORV FRQYHQLRV
LQGLYLGXDOHV²GHQRPLQDGRVFRQYHQLRVGHWUDEDMRPDQFRPXQDGRSDUDODPHMRUDGHYLYLHQGD
HQWUH FDGD IDPLOLD PXQLFLSDOLGDG GLVWULWDO $(,' D WUDYpV GH ORV FXDOHV VH IRUPDOL]D VX
SDUWLFLSDFLyQHQHO3URJUDPD
38. IDPLOLDSXHGHFRQWDUFRQHODSRRDGLFLRQDOGHRWURVPLHPEURVGHVXIDPLOLDRGHODSURSLD
FRPXQLGDG²SXHGHQVHURWUDVIDPLOLDVEHQHILFLDULDVGHO3URJUDPDFRQORVTXHHVWDEOH]FDDOJ~Q
WLSRGHFRQWUDSUHVWDFLyQSHUPLWLHQGRDVtXQPDRUDYDQFHGHODREUD
(VWDEOHFLGDODIHFKDGHLQLFLRGHORVWUDEDMRVVHGHEHGLVSRQHUHQREUDGHOSHUVRQDOPDWHULDOHV
GHREUDKHUUDPLHQWDVHTXLSRVHVWDEOHFLGRVHQHOFRQYHQLRLQGLYLGXDOILUPDGRHQWUHODIDPLOLD
EHQHILFLDULDODPXQLFLSDOLGDGGLVWULWDO$(,'
(OHTXLSRWpFQLFRGHOD$(,'HVUHVSRQVDEOHGHODFRRUGLQDFLyQGLUHFFLyQVXSHUYLVLyQGHOD
REUDIDFLOLWDQGRODDVLVWHQFLDWpFQLFDQHFHVDULDDORODUJRGHOSURFHVRGHFRQVWUXFFLyQDGD
REUDWLHQHDVLJQDGRXQPDHVWURGHREUDUHVSRQVDEOHGHODREUDTXLHQFRRUGLQDVXSHUYLVDOD
REUDHOSURFHVRGHDXWRFRQVWUXFFLyQ
(175(*$'(9,9,(1'$6
8QD YH] FRQFOXLGRV ORV WUDEDMRV OD IDPLOLD EHQHILFLDULD OD PXQLFLSDOLGDG GLVWULWDO $(,'
SURFHGHQDODILUPDGHODFWDILQDOGHREUDVHKDFHHQWUHJDDODIDPLOLDGHOH[SHGLHQWHWpFQLFR
GHODLQWHUYHQFLyQUHDOL]DGD
(9$/8$,Ð16(*8,0,(172
8QDYH]LQVWDODGDODIDPLOLDEHQHILFLDULDHQVXQXHYDYLYLHQGDHOHTXLSRWpFQLFRGH$(,'
HIHFW~DGHIRUPDSHULyGLFDYLVLWDVGHVHJXLPLHQWRSDUDFRPSUREDUHOXVRHVWDGRGHODV
YLYLHQGDV /D LQIRUPDFLyQ REWHQLGD VH VLVWHPDWL]D HQ ILFKDV FXDGURV HVWDGtVWLFRV GH
YHULILFDFLyQTXHVHUYLUiQFRPRDXGDSDUDHOGHVDUUROORGHQXHYDVHWDSDVGHO3URJUDPD
352*5$0$'(9,9,(1'$585$/'(6$552//262,$/(1(/9$//('(/2/$
0LQLVWHULRGH9LYLHQGDRQVWUXFFLyQ6DQHDPLHQWR'*3598
@
39. 35(6838(6725212*5$0$'(2%5$
(OSUHVXSXHVWREDVHSDUDODLQWHUYHQFLyQGHFDGDYLYLHQGDUXUDOPHMRUDRDPSOLDFLyQHQXQ
iUHDDSUR[LPDGDGHPòVHHVWDEOHFHHQ6TXHLQFOXHQODHODERUDFLyQGHOSURHFWR
(VWH SUHVXSXHVWR SXHGH YDULDU HQ IXQFLyQ GHO WLSR GH LQWHUYHQFLyQ FDUDFWHUtVWLFDV GH OD
FRQVWUXFFLyQUHTXHULPLHQWRVGHODIDPLOLDEHQHILFLDULD(QFDVRGHTXHODLQWHUYHQFLyQOOHJXHD
VXSHUDUHOPRQWRHVWDEOHFLGRODIDPLOLDEHQHILFLDULDGHEHDVXPLUODGLIHUHQFLD
3URSLHWDULRV
6
0XQLFLSLR
6
$(,'
6
^ͬ͘
081,,3,2
$(,' 3523,(7$5,26
$7,9,'$'(6
75$%$-2635(/,0,1$5(6
029,0,(172'(7,(55$6
,0,(17262%5(,0,(172
(6758785$'($/%$f,/(5Ì$
(6758785$'(0$'(5$ 2%(5785$
,167$/$,Ð16$1,7$5,$ $*8$'(6$*h(
,167$/$,Ð1(/e75,$
5(9248(6
(1/8,'2 2%(5785$
3,6263$9,0(1726
(1$/$'23,1785$
$53,17(5Ì$ 38(57$69(17$1$6
9$5,26/,03,(=$-$5',1(5Ì$
ƒ0(6 ƒ0(6 ƒ0(6
ƒ0(6
URQRJUDPDGHREUD
'LVWULEXFLyQSUHVXSXHVWDO
40. 352*5$0$'(9,9,(1'$585$/'(6$552//262,$/(1(/9$//('(/2/$
275$6$78$,21(6203/(0(17$5,$6
(O3URJUDPDDSRyGHIRUPDFRPSOHPHQWDULDHQDOJXQRVGLVWULWRVHQODLQVWDODFLyQGHODVUHGHV
GHVHUYLFLRVEiVLFRV²VLVWHPDGHDEDVWHFLPLHQWRGHDJXDSRWDEOHVLVWHPDGHDOFDQWDULOODGR
HQ OD PHMRUD GHO HTXLSDPLHQWR GH ODV YLYLHQGDV (VWRV WUDEDMRV IXHURQ HMHFXWDGRV FRQ
SDUWLFLSDFLyQGHODSREODFLyQEHQHILFLDULD
5HGHVGHVHUYLFLRVEiVLFRV
(QDOJXQRVVHFWRUHVGHORVGLVWULWRVFRQLQWHUYHQFLRQHVGHYLYLHQGDUXUDOGHO3URJUDPDDQWHOD
IDOWD GH UHGHV GH VHUYLFLRV EiVLFRV VH DSRy D OD PXQLFLSDOLGDG GLVWULWDO D JUXSRV
RUJDQL]DGRVGHSREODGRUHVHQODHODERUDFLyQGHOSURHFWRGHDJXDDOFDQWDULOODGRHQOD
JHVWLyQSDUDVXFRILQDQFLDPLHQWRHQVXHMHFXFLyQ
/RVEHQHILFLDULRVSDUWLFLSDURQPHGLDQWHWUDEDMRFRPXQLWDULRHQODH[FDYDFLyQGH]DQMDVHQ
ODFRORFDFLyQGHODVWXEHUtDVGHDEDVWHFLPLHQWRGHODVFDMDVGHUHJLVWURHQVXVYLYLHQGDV
SDUDORFXDOVHOHVIDFLOLWyODFDSDFLWDFLyQHODVHVRUDPLHQWRWpFQLFRQHFHVDULR
RQFOXLGRVORVWUDEDMRVGHLQVWDODFLyQGHODVUHGHVFRPXQLWDULDVGHGLVWULEXFLyQVHDSRyD
ORV SREODGRUHV HQ HO SURFHVR SDUD VX IRUPDOL]DFLyQ FRPR XVXDULRV DQWH OD HPSUHVD
GLVWULEXLGRUDSDUDSRGHUDFFHGHUDORVVHUYLFLRV
RQVWUXFFLyQGHSLOHWDV
RPRFRPSOHPHQWRDODVDFWXDFLRQHVGHYLYLHQGDVHDSRyDODVIDPLOLDVEHQHILFLDULDVHQ
ODFRQVWUXFFLyQGHODVWUDGLFLRQDOHVSLOHWDVTXHH[LVWHQHQWRGRVORVSDWLRVGHODVFDVDVUXUDOHV
TXHVRQSDUWHGHODLGHQWLGDGFXOWXUDOGHOROFD(VWDVSLOHWDVMXHJDQXQSDSHOFODYHHQHO
HTXLSDPLHQWRGHODVYLYLHQGDVFRPRDSRRDOWUDEDMRGHSUHSDUDFLyQGHDOLPHQWRVHQODV
FRFLQDVGHEDUURXELFDGDVHQHOSDWLR
/DVIDPLOLDVEHQHILFLDULDVSDUWLFLSDURQHQHOGLVHxRHQODDXWRFRQVWUXFFLyQDUWHVDQDOGH
FDGDSLOHWDSDUDORFXDOUHFLELHURQHODVHVRUDPLHQWRODFDSDFLWDFLyQQHFHVDULD
0LQLVWHULRGH9LYLHQGDRQVWUXFFLyQ6DQHDPLHQWR'*3598
@
46. /DJXQD
0XFXUFD
$PSDWR
PVQP
6DEDQFDD
PVQP
+XDOFD+XDOFD
PVQP
6LKXHUMH
3XH3XH
4XHKXLVKD
PVQP
0LVPL
PVQP
KXFXUD
+XDUDFDQWH
+XDPER
DEDQDFRQGH
3LQFKROOR
$FKRPD
0DFD
/DUL
0DGULJDO
RSRUDTXH
DQTXH
KLYD
DQRFRWD
7XWL
6LEDR
DOODOOL
7LVFR
,FKXSDPSD
$UHTXLSD
$UHTXLSD
(VSLQDU
DOORPD
0DMHV
(VSLQDU
1
'HSDUWDPHQWR $UHTXLSD
3URYLQFLD DOORPD
'LVWULWR DOODOOL
6XSHUILFLH NPò
$OWLWXG PVQP
3REODFLyQ KDE ,1(,
(OGLVWULWRGHDOODOOLVHHQFXHQWUDHQODPDUJHQL]TXLHUGDGHOUtRROFDDPVPQ)RUPySDUWHMXQWRFRQORV
SXHEORVGH7XWL6LEDR7LVFRGHODQWLJXRKDQDQVDD PLWDGVXSHULRU GHOUHSDUWLPLHQWRGHDQTXHROODJXDV
6XWUD]DGRXUEDQRHQGDPHURHVUHVXOWDGRGHOSURFHVRUHGXFFLRQDOLPSXOVDGRSRUHO9LUUH)UDQFLVFR7ROHGRHQHO
ROFDHQWUHTXHVXSXVRHOWUDVODGRGHORVSREODGRUHVGHORVDQWLJXRVDOOXVFROODJXDVDOSXHEOR
DFWXDO(QVXSOD]DFHQWUDOVHOHYDQWDHOWHPSORGH6DQ$QWRQLRGH3DGXDGHHVWLOREDUURFRPHVWL]R
3RVHHXQDSREODFLyQGHKDELWDQWHVHQVXPDRUSDUWHTXHFKXDKDEODQWHVFXDDFWLYLGDGSULQFLSDOHVOD
FULDQ]DGHFDPpOLGRVVXGDPHULFDQRVSULQFLSDOPHQWHDOSDFDVUD]yQSRUODTXHDOODOOLHVFRQRFLGDFRPROD
FDSLWDODOSDTXHUDGHO9DOOHGHOROFD7DPELpQH[LVWHQHQHOGLVWULWRSHTXHxRVWDOOHUHVIDPLOLDUHVGHGLFDGRVDOD
SURGXFFLyQDUWHVDQDOGHWHMLGRVFRQILEUDGHDOSDFD
$SHVDUGHODFHOHUDGRFUHFLPLHQWRGHODSURYLQFLDGHDOORPDDSDUWLUGHODGpFDGDGHORVQRYHQWDHOSXHEOR
FRQVHUYDVXHVWUXFWXUDFDUDFWHUtVWLFDVRULJLQDOHV6XDUTXLWHFWXUDGRPpVWLFDXWLOL]DPDWHULDOHVGHOD]RQD
PDQWLHQHPXFKDVGHODVFDUDFWHUtVWLFDVGHODVDQWLJXDVFRQVWUXFFLRQHVFROODJXDVSODQWDUHFWDQJXODUFRQXQ
~QLFRDPELHQWHPXURVGHSLHGUDEDUURYDQRVHVWUHFKRVHQPDUFDGRVFRQMDPEDVGLQWHOHVGHSLHGUDWHFKRV
DGRVDJXDVFRQFXELHUWDGHLFKX SDMDEUDYD $FWXDOPHQWHODVWUDGLFLRQDOHVFXELHUWDVGHLFKXHVWiQVLHQGR
UHHPSOD]DGDVSRUSODQFKDVGHFDODPLQDORTXHHYLWDDVXVSREODGRUHVHOHVIXHU]RPDWHULDOHFRQyPLFRGHVX
UHQRYDFLyQSHULyGLFDDSUR[LPDGDPHQWHFDGDFLQFRDxRVSHURDIHFWDQHJDWLYDPHQWHHQHOFRQIRUWWpUPLFR
GHODVYLYLHQGDVHQODLPDJHQXUEDQDWUDGLFLRQDOGHOSXHEORRPRUHVXOWDGRGHOGHVSREODPLHQWRUXUDOGHODV
~OWLPDVGpFDGDVXQJUDQQ~PHURGHFDVDVVHHQFXHQWUDQGHVKDELWDGDVHQHVWDGRGHDEDQGRQRSRUORTXH
VRQXWLOL]DGDVFRPRFRUUDOHVSDUDJXDUGDUHOJDQDGR
(ODFWXDOSURFHVRGHGHVDUUROORTXHYLYHHOGLVWULWRKDWUDtGRFRPRUHVXOWDGRQXHYDVFRQVWUXFFLRQHVLQIRUPDOHVGH
ODGULOORFRQFUHWRFRQGRVPiVQLYHOHVGHHGLILFDFLyQTXHQRJXDUGDQDUPRQtDFRQODDUTXLWHFWXUDWUDGLFLRQDO
GHOSXHEORDIHFWDQGHIRUPDLUUHYHUVLEOHDOSDLVDMHUXUDO
$//$//,
0LQLVWHULRGH9LYLHQGDRQVWUXFFLyQ6DQHDPLHQWR'*3598
@
),+$ 352(726
'$726%É6,26
6,78$,Ð1,1,,$/
(OGHODSREODFLyQGHOGLVWULWRGHDOODOOLVHHQFXHQWUDHQVLWXDFLyQGHSREUH]DHOHQH[WUHPD
SREUH]D'HOWRWDOGHFRQVWUXFFLRQHVGHVWLQDGDVDYLYLHQGDHOFDUHFHGHVHUYLFLRVDJXDSRWDEOHHO
GHGHVDJH8QDOWRSRUFHQWDMHGHYLYLHQGDVVRQSUHFDULDVFRQFDUDFWHUtVWLFDVItVLFDVLQDGHFXDGDV(O
GLVSRQHGHXQVRORDPELHQWHORTXHFRQWULEXHDTXHVHSURGX]FDQVLWXDFLRQHVGHKDFLQDPLHQWR
(OGHSREODGRUHVGLVSRQHGHVHJXURGHVDOXGGHO6,6(66$/8'XRWURSHURODLQIUDHVWUXFWXUDFREHUWXUDGH
ORVVHUYLFLRVHVGHILFLHQWHHVSHFLDOPHQWHODDWHQFLyQSULPDULDGHHPHUJHQFLD
/DVYtDVGHDFFHVRDOGLVWULWRVHHQFXHQWUDQHQPXPDOHVWDGRORTXHFRQVWLWXHXQLPSRUWDQWHIUHQRDOWXULVPR
/DPDRUSDUWHGHVXVFDOOHVGLVSRQHQGHDOXPEUDGRS~EOLFRSHURFDUHFHQGHSDYLPHQWDFLyQGHVLVWHPDGH
DOFDQWDULOODGR
)XHQWH(162'(32%/$,Ð1'(9,9,(1'$²,1(,
,(7$3$ 2FWXEUH²6HWLHPEUH
9,9,(1'$ )$0,/,$6%(1(),,$5,$6
(GXDUGR'DQLHO6XOOD$SD]D'LRQLFLDDVLOGD$QFFR0DPDQL
)HOLSD3DQLEUD'H$PD+HFWRU*XVWDYR$PD3DQLEUD
)HUQDQGD8WHOLDKXUDWDDOFLQD
/XLVRQGRXFUD
0DUtD)ORUHV3DQLEUD
5LFDUGR$GiQ)ORUHV*RQ]DOHV8UVXOD4XLVSH9HODVTXH]
6DELQDRQGRUL'HXFUD
9LFHQWLQD9LOFDKXDPiQ9DOGLYLD'DQLHO3Ui[HGHV*RQ]DOHV
QpV9LUJLQLDXWLSDiFHUHV:LOVRQ6DPXHO3DQLEUD6DPDDQL
47. $0(;,2
$38(5725,2
$3(5Ô
$/$60$/9,1$6
$1,$5$*8$
$$17,//$6
$+21'85$6
$8%$
$352*5(62
$(/6$/9$'25
$3$5$*8$
$-$0$,$
$352*5(62
$-$
0$,
$
$858*8$
$$5*(17,1$
$(8$'25
$*8$7(0$/$
$+$,7,
5(5($,21
$9(1(=8(/$
223(5$7,9$
$2/20%,$
$3$1$0$
$5($9(5'(
$0,5$'25
$%2/,9,$
$/8,6321(
$:
,)$/$
1$
$3248(+$7$
$0$$
$7255(4$4$
(1752'(6$/8'
$,1'(3(1'(1,$
$'(',,(0%5(
$981,21
$$//20$
$7,62
$685(
$0$12$3$
$/$5,
(2'($//$//,
$787,
5(5($,21
725,/
$$148(
$//87$
$83,7(5$
$7$3$
$:8,6+8,//$1,
$+8$1$
$38/3(5$
$7$8$0$2
$218-$
(0(17(5,2
$$148(
$0$'5,*$/
$2325$48(
$8*$57(
$'(-81,2
$6,%$2
$+,9$
$6$10$57,1
$%2/2*1(6,
$0,*8(/*5$8
$$1$'$
$-$0$,$
216(-2'($//$//,
7(03/2
$6$3$55248,$/
$6$1$1721,2
$3$+$+$$
$2/$
$7$+8$17,1682
$:,)$/$1$
(68(/$35,0$5,$1ž
36-:,)$/$1$
$+,/(
$6,021%2/,9$5
$3$+$87(
$'(-8/,2
$//$
3$
$3$+$87(
5(5($,21
$%5$6,/
(678',26
$5($9(5'(
27526),1(6
(1752
27526),1(6
0(5$'2
5(5($,21
5(5($,21
$787,
$$5(48,3$
3/$=$'($50$6
85%$126
$3(5Ô
$3(5Ô $3(5Ô
$3(5Ô
$0(;,2 $0(;,2 $0(;,2
$0(;,2
$0(;,2 $0(;,2 $0(;,2 $0(;,2 $0(;,2 $0(;,2
$*8$7(0$/$
$*8$7(0$/$
3Ô%/,$
(678',26
85%$126
$8%$
$8%$
$8%$
$+$,7,
(678',26
85%$126
$9(1(=8(/$ $9(1(=8(/$ $9(1(=8(/$ $9(1(=8(/$
$9(1(=8(/$ $9(1(=8(/$
$352*5(62 $352*5(62
$352*5(62 $352*5(62 $352*5(62
$352*5(62 $352*5(62 $352*5(62 $352*5(62 $352*5(62 $352*5(62 $352*5(62 $352*5(62 $352*5(62
$352*5(62
$858*8$
$%5$6,/
$858*8$
$%5$6,/
$858*8$
$%5$6,/
$858*8$
$%5$6,/
$858*8$
$%5$6,/
$858*8$
$%5$6,/
3Ô%/,$
$3$5$*8$
$3$5$*8$
$3$5$*8$
$-$0$,$ $-$0$,$
$-$0$,$
$(/6$/9$'25 $(/6$/9$'25 $(/6$/9$'25
$$5*(17,1$
$$5*(17,1$
$$5*(17,1$
$$5*(17,1$
$$5*(17,1$
$$5*(17,1$
$$1$'$ $$1$'$ $$1$'$ $$1$'$ $$1$'$
$(8$'25
$(8$'25 $(8$'25 $(8$'25 $(8$'25
$2/20%,$
$2/20%,$
$2/20%,$
('8$7,92
(63(,$/
$3$1$0$ $3$1$0$ $3$1$0$ $3$1$0$
$%2/,9,$
$%2/,9,$
$%2/,9,$
$%2/,9,$
$%2/,9,$
$0,5$'25
$0,5$'25
$0,5$'25
$/8,6321( $/8,6321( $/8,6321( $/8,6321( $/8,6321(
$0$$
$0$$
(1752
('8$7,92
,1,,$/
5(5($
3Ô%/,$
223(5$7,9$
$+,/(
$+,/(
$+,/(
$:,)$/$1$
$'(-8/,2 $'(-8/,2
$'(-8/,2
$'(-8/,2
$'(-8/,2 $'(-8/,2 $'(-8/,2 $'(-8/,2 $'(-8/,2
$'(-8/,2 $'(-8/,2 $'(-8/,2
$'(-8/,2 $'(-8/,2 $'(-8/,2 $'(-8/,2 $'(-8/,2 $'(-8/,2 $'(-8/,2 $'(-8/,2
$3248(+$7$
$3248(+$7$
$3248(+$7$
$3248(+$7$
$3248(+$7$
$7$+8$17,1682 $7$+8$17,1682 $7$+8$17,1682 $7$+8$17,1682 $7$+8$17,1682 $7$+8$17,1682 $7$+8$17,1682 $7$+8$17,1682 $7$+8$17,1682 $7$+8$17,1682
$7$+8$17,1682
$7$+8$17,1682 $7$+8$17,1682
$032)(5,$/
$3$+$+$$
$3$+$+$$ $3$+$+$$ $3$+$+$$ $3$+$+$$ $3$+$+$$ $3$+$+$$
$3$+$+$$ $3$+$+$$ $3$+$+$$ $3$+$+$$
$3$+$+$$ $3$+$+$$ $3$+$+$$ $3$+$+$$ $3$+$+$$ $3$+$+$$
$3$+$+$$
$7255(4$4$
$7255(4$4$
$7255(4$4$
$7255(4$4$
$'(',,(0%5(
$'(',,(0%5(
$'(',,(0%5(
$'(',,(0%5(
$,1'(3(1'(1,$
$,1'(3(1'(1,$
$,1'(3(1'(1,$
$,1'(3(1'(1,$
$2/$ $2/$ $2/$ $2/$ $2/$ $2/$ $2/$
$2/$ $2/$ $2/$
$2/$
$2/$ $2/$ $2/$ $2/$ $2/$
$2/$
$981,21
$981,21
$981,21
$981,21
$981,21
$981,21
$/8,6321(
$/8,6321(
$/8
,6321(
$$//20$
$$//20$
$$//20$
$$//20$
$$//20$
$$//20$
$6$1$1721,2
$6$1$1721,2
$6$1$1721,2
$6$1$1721,2
$6$1$1721,2
$6$1$1721,2
$685(
$685(
$685(
$685(
$685(
$685(
$6,021%2/,9$5 $6,021%2/,9$5 $6,021%2/,9$5 $6,021%2/,9$5
$6,021%2/,9$5 $6,021%2/,9$5 $6,021%2/,9$5 $6,021%2/,9$5
$0$12$3$
$0$12$3$
$0$12$3$
$0$12$3$
$0$12$3$
$0$12$3$
$$5(48,3$ $$5(48,3$ $$5(48,3$ $$5(48,3$ $$5(48,3$ $$5(48,3$ $$5(48,3$
3Ô%/,$
$:8,6+8,//$1, $:8,6+8,//$1,
$7,62
$7,62
$7,62
$7,62
$7,62
$7,62
$7,62
$7,62
$8*$57(
$8*$57(
$8*$57(
$8*$57(
$8*$57(
$8*$57(
$8*$57(
$6$10$57,1
$6$10$57,1 $6$10$57,1 $6$10$57,1 $6$10$57,1 $6$10$57,1
$6$10$57,1
$787,
$787,
$787,
$787,
$787,
$787,
$787,
$787,
$'(-81,2
$'(-81,2
$'(-81,2
$'(-81,2
$'(-81,2
$'(-81,2
$'(-81,2
$6,%$2
$6,%$2
$6,%$2
$6,%$2
$6,%$2
$6,%$2
$6,%$2
$0,*8(/*5$8
$0,*8(/*5$8
$0,*8(/*5$8 $0,*8(/*5$8 $0,*8(/*5$8 $0,*8(/*5$8 $0,*8(/*5$8
$
$1
4
8(
$$148(
$$148(
3Ô%/,$
$//87$
$7$3$
$+8$1$
$38/3(5$
$//87$
$7$3$
$+8$1$
$38/3(5$
$7$3$
$+8$1$
$7$3$
$7$3$
$7$3$
$7$3$
$+8$1$
$83,7(5$ $83,7(5$
$218-$ $218-$
$7$8$0$2 $7$8$0$2
$+,9$
$+,9$
$+,9$
$+,9$
$+,9$
$+,9$
$+,9$
$2325$48(
$2325$48(
$2325$48(
$2325$48(
$2325$48(
$0$12$3$
$0$12$3$
$%2/2*1(6,
$%2/2*1(6,
$%2/2*1(6,
$%2/2*1(6,
$%2/2*1(6, $%2/2*1(6,
$$148(
$0$'5,*$/
$$148(
$0$'5,*$/
$$148(
$$148(
$
/
/$3
$
$
/
/$
3$
3Ô%/,$
3/$=$
$$1$'$ $$1$'$
(VFDODJUiÀFD
1
3URJUDPD3!'3DWULPRQLRSDUDHO'HVDUUROOR$(,' @
352*5$0$'(9,9,(1'$585$/'(6$552//262,$/(1(/9$//('(/2/$
8%,$,Ð1'(352(726
48. $0(;,2 $0(;,2 $0(;,2
$%5$6,/
$%5$6,/
$%5$6,/
$$5*(17,1$
$$5*(17,1$
$$5*(17,1$
$$1$'$ $$1$'$
$(8$'25 $(8$'25
$3$1$0$ $3$1$0$ $3$1$0$
$%2/,9,$
$%2/,9,$
$%2/,9,$
$+,/(
$+,/(
$$1$'$
9LYLHQGDFRQFOXLGD
$//$//,
$FWLYLGDG
3URHFWR
2EUD
(MHFXFLyQ
,1)250$,Ð1
8ELFDFLyQ
'LUHFFLyQ
3URSLHWDULRV
),+$
%HQHILFLDULRV
0XURV 3LHGUD $GREH 5HYRTXH
GH%DUUR
6LOODU
3LVRV /DGULOOR
SDVWHOHUR
3LHGUDU~VWLFD
XELHUWD 3OiVWLFR
(VWUXFWXUDGH
PDGHUD
5ROOL]RV
(XFDOLSWR
(VWHUDV
3LHGUDGHUtR
5HVWDXUDQWH
+RVSHGDMH
+
9LYLHQGD 7LHQGD 7DOOHU $UWHVDQDO
RQFUHWR 6LOODU
/DGULOOR
ÉUHDV
*DQDGHUtDDUWHVDQtD WHMLGRV
5HKDELOLWDFLyQGHYLYLHQGDREUDQXHYD
+DELWDFLyQ6HUYLFLR+LJLpQLFR
2FW6HW
DOOH0p[LFRVQ
(GXDUGR'6XOOD$SD]D'LRQLFLDDVLOGD$QFFR
/DGULOOR
RQFUHWR
7HMD
7HUUHQRP (MHFXWDGDP
)$0,/,$%(1(),,$5,$('8$5'268//$$3$=$',21,,$$6,/'$$12
$YDQFHGHREUD %HQHILFLDULRV
(VWDGRLQLFLDO
8VRV
DOODOOL
'LVWULWR
1
3DMDWHMLGD
0LQLVWHULRGH9LYLHQGDRQVWUXFFLyQ6DQHDPLHQWR'*3598
@
50. $//$//,
$FWLYLGDG
3URHFWR
2EUD
(MHFXFLyQ
8ELFDFLyQ
'LUHFFLyQ
3URSLHWDULRV
%HQHILFLDULRV
0XURV 3LHGUD $GREH 5HYRTXH
GH%DUUR
6LOODU
3LVRV /DGULOOR
SDVWHOHUR
3LHGUDU~VWLFD
XELHUWD
3LHGUDGHUtR
5HVWDXUDQWH
+RVSHGDMH
+
9LYLHQGD 7LHQGD 7DOOHU $UWHVDQDO
6LOODU
/DGULOOR
ÉUHDV
7LHQGDGHDEDUURWHV
5HKDELOLWDFLyQGHYLYLHQGDREUDQXHYD
+DELWDFLyQ6HUYLFLR+LJLpQLFR
DOOH0p[LFRVQ
)HOLSD3DQLEUDGH$PD
+HFWRU*XVWDYR$PD3DQLEUD
/DGULOOR
)$0,/,$%(1(),,$5,$)(/,3$3$1,%5$'($0$+(725$0$3$1,%5$
$YDQFHGHREUD
(VWDGRLQLFLDO
8VRV
DOODOOL
'LVWULWR
$0(;,2 $0(;,2 $0(;,2
$$5*(17,1$
$$5*(17,1$
$$5*(17,1$
$$1$'$ $$1$'$
$%2/,9,$
$%2/,9,$
$%2/,9,$
$$1$'$
1
$YDQFHGHREUD
0LQLVWHULRGH9LYLHQGDRQVWUXFFLyQ6DQHDPLHQWR'*3598
@
,1)250$,Ð1
),+$
7HUUHQRP (MHFXWDGDP
3OiVWLFR
(VWUXFWXUDGH
PDGHUD
5ROOL]RV
(XFDOLSWR
(VWHUDV 7HMD
3DMDWHMLGD
2FW6HW
9LYLHQGDFRQFOXLGD
RQFUHWR
RQFUHWR
52. $685(
$0$12$3$
$/$5,
(2'($//$//,
$8*$57(
7(03/2
$6$3$55248,$/
$6$1$1721,2
$$5(48,3$
3/$=$'($50$6
$352*5(62 $352*5(62
$/8,6321(
$/8,6321(
$6$1$1721,2
$685(
$685(
$0$12$3$
3/$=$
$//$//,
$FWLYLGDG
3URHFWR
2EUD
(MHFXFLyQ
8ELFDFLyQ
'LUHFFLyQ
3URSLHWDULRV
%HQHILFLDULRV
0XURV 3LHGUD $GREH 5HYRTXH
GH%DUUR
6LOODU
3LVRV /DGULOOR
SDVWHOHUR
3LHGUDU~VWLFD
XELHUWD
3LHGUDGHUtR
5HVWDXUDQWH
+RVSHGDMH
+
9LYLHQGD 7LHQGD 7DOOHU $UWHVDQDO
6LOODU
/DGULOOR
ÉUHDV
*DQDGHUtDDUWHVDQtD WHMLGRV
7LHQGDDUWHVDQDO
+DELWDFLQHV6HUYLFLR+LJLpQLFR
DOOH6XFUHVQ
)HUQDQGD8WHOLDKXUDWDDOFLQD
/DGULOOR
)$0,/,$%(1(),,$5,$)(51$1'$87(/,$+85$7$$/,1$
$YDQFHGHREUD
(VWDGRLQLFLDO
8VRV
DOODOOL
'LVWULWR
1
0LQLVWHULRGH9LYLHQGDRQVWUXFFLyQ6DQHDPLHQWR'*3598
@
,1)250$,Ð1
),+$
7HUUHQRP (MHFXWDGDP
3OiVWLFR
(VWUXFWXUDGH
PDGHUD
5ROOL]RV
(XFDOLSWR
(VWHUDV 7HMD
3DMDWHMLGD
2FW6HW
9LYLHQGDFRQFOXLGD
$YDQFHGHREUD
RQFUHWR
RQFUHWR
54. (68(/$35,0$5,$1ž
36-:,)$/$1$
$3$+$87(
$'(-8/,2
$0(;,2
$3$1$0$
$+,/(
$+,/(
$+,/(
$:,)$/$1$
$$1$'$ $$1$'$
$//$//,
$FWLYLGDG
3URHFWR
2EUD
(MHFXFLyQ
8ELFDFLyQ
'LUHFFLyQ
3URSLHWDULRV
%HQHILFLDULRV
0XURV 3LHGUD $GREH 5HYRTXH
GH%DUUR
6LOODU
3LVRV /DGULOOR
SDVWHOHUR
3LHGUDU~VWLFD
XELHUWD
3LHGUDGHUtR
5HVWDXUDQWH
+RVSHGDMH
+
9LYLHQGD 7LHQGD 7DOOHU $UWHVDQDO
6LOODU
/DGULOOR
ÉUHDV
*DQDGHUtDDUWHVDQtD
5HKDELOLWDFLyQGHYLYLHQGDREUDQXHYD
+DELWDFLyQ7LHQGD6HUYLFLR+LJLpQLFR
DOOH0p[LFRVQ
/XLVRQGRXFUD
/DGULOOR
$YDQFHGHREUD $FDEDGRV
8VRV
DOODOOL
'LVWULWR
)$0,/,$%(1(),,$5,$/8,621'285$
1
0LQLVWHULRGH9LYLHQGDRQVWUXFFLyQ6DQHDPLHQWR'*3598
@
,1)250$,Ð1
),+$
7HUUHQRP (MHFXWDGDP
3OiVWLFR
(VWUXFWXUDGH
PDGHUD
5ROOL]RV
(XFDOLSWR
(VWHUDV 7HMD
3DMDWHMLGD
2FW6HW
9LYLHQGDFRQFOXLGD
RQFUHWR
RQFUHWR
56. $'(-81,2
$7$+8$17,1682 $7$+8$17,1682
$7$+8$17,1682
$2/$ $2/$
$2/$
$7,62
$7,62
$7,62
$'(-81,2
$'(-81,2
$//$//,
$FWLYLGDG
3URHFWR
2EUD
(MHFXFLyQ
8ELFDFLyQ
'LUHFFLyQ
3URSLHWDULRV
%HQHILFLDULRV
0XURV 3LHGUD $GREH 5HYRTXH
GH%DUUR
6LOODU
3LVRV /DGULOOR
SDVWHOHUR
3LHGUDU~VWLFD
XELHUWD
3LHGUDGHUtR
5HVWDXUDQWH
+RVSHGDMH
+
9LYLHQGD 7LHQGD 7DOOHU $UWHVDQDO
6LOODU
/DGULOOR
ÉUHDV
3DQDGHUtD
5HKDELOLWDFLyQGHYLYLHQGDREUDQXHYD
+DELWDFLyQ6HUYLFLR+LJLpQLFR
DOOHROFDVQ
0DUtD)ORUHV3DQLEUD
/DGULOOR
)$0,/,$%(1(),,$5,$0$5Ì$)/25(63$1,%5$
(VWDGRLQLFLDO
8VRV
DOODOOL
'LVWULWR
1
$YDQFHGHREUD
(VWDGRLQLFLDO
0LQLVWHULRGH9LYLHQGDRQVWUXFFLyQ6DQHDPLHQWR'*3598
@
,1)250$,Ð1
),+$
7HUUHQRP (MHFXWDGDP
3OiVWLFR
(VWUXFWXUDGH
PDGHUD
5ROOL]RV
(XFDOLSWR
(VWHUDV 7HMD
3DMDWHMLGD
2FW6HW
9LYLHQGDFRQFOXLGD
RQFUHWR
RQFUHWR
58. $//$//,
$FWLYLGDG
3URHFWR
2EUD
(MHFXFLyQ
8ELFDFLyQ
'LUHFFLyQ
3URSLHWDULRV
%HQHILFLDULRV
0XURV 3LHGUD $GREH 5HYRTXH
GH%DUUR
6LOODU
3LVRV /DGULOOR
SDVWHOHUR
3LHGUDU~VWLFD
XELHUWD
3LHGUDGHUtR
5HVWDXUDQWH
+RVSHGDMH
+
9LYLHQGD 7LHQGD 7DOOHU $UWHVDQDO
6LOODU
/DGULOOR
ÉUHDV
7HMLGRDUWHVDQtD
2EUDQXHYD
+DELWDFLyQ6HUYLFLR+LJLpQLFR
DOOH0p[LFRVQ
5LFDUGR$GiQ)ORUHV*RQ]DOHV
8UVXOD4XLVSH9HOiVTXH]
/DGULOOR
)$0,/,$%(1(),,$5,$5,$5'2)/25(6*21=$/(68568/$48,63(9(/É648(=
$YDQFHGHREUD
(VWDGRLQLFLDO
8VRV
DOODOOL
'LVWULWR
1
$3$+$87(
$0(;,2 $0(;,2
$$1$'$
$3$1$0$ $3$1$0$
$%2/,9,$
$%2/,9,$
$%2/,9,$
$+,/(
$+,/(
$$1$'$ $$1$'$
$YDQFHGHREUD
0LQLVWHULRGH9LYLHQGDRQVWUXFFLyQ6DQHDPLHQWR'*3598
@
,1)250$,Ð1
),+$
7HUUHQRP (MHFXWDGDP
3OiVWLFR
(VWUXFWXUDGH
PDGHUD
5ROOL]RV
(XFDOLSWR
(VWHUDV 7HMD
3DMDWHMLGD
2FW6HW
9LYLHQGDFRQFOXLGD
RQFUHWR
RQFUHWR
60. $/8,6321(
$:
,)$/$1$
$0$$
$:,)$/$1$
$352*5(62 $352*5(62
$0,5$'25
$/8,6321(
$0$$
$0$$
(1752
('8$7,92
,1,,$/
5(5($
3Ô%/,$
223(5$7,9$
$//$//,
$FWLYLGDG
3URHFWR
2EUD
(MHFXFLyQ
8ELFDFLyQ
'LUHFFLyQ
3URSLHWDULRV
%HQHILFLDULRV
0XURV 3LHGUD $GREH 5HYRTXH
GH%DUUR
6LOODU
3LVRV /DGULOOR
SDVWHOHUR
3LHGUDU~VWLFD
XELHUWD
3LHGUDGHUtR
5HVWDXUDQWH
+RVSHGDMH
+
9LYLHQGD 7LHQGD 7DOOHU $UWHVDQDO
6LOODU
/DGULOOR
ÉUHDV
$UWHVDQtDDOEDxLOHUtDJDVWURQRPtD
7LHQGD7DOOHU$UWHVDQDO
7LHQGD7DOOHU$UWHVDQDO6HUYLFLR+LJLpQLFR
DOOH/XLV3RQFH*DUFtDVQ
6DELQDRQGRULGHXFUD
/DGULOOR
)$0,/,$%(1(),,$5,$6$%,1$21'25,'(85$
$YDQFHGHREUD 6HUYLFLRV+LJLpQLFRVFRQFOXLGRV
(VWDGRLQLFLDO
8VRV
DOODOOL
'LVWULWR
1
0LQLVWHULRGH9LYLHQGDRQVWUXFFLyQ6DQHDPLHQWR'*3598
@
,1)250$,Ð1
),+$
7HUUHQRP (MHFXWDGDP
3OiVWLFR
(VWUXFWXUDGH
PDGHUD
5ROOL]RV
(XFDOLSWR
(VWHUDV 7HMD
3DMDWHMLGD
2FW6HW
9LYLHQGDFRQFOXLGD
RQFUHWR
RQFUHWR
62. $0$12$3$
$6$1$1721,2
$352*5(62 $352*5(62
$7$+8$17,1682 $7$+8$17,1682 $7$+8$17,1682
$6$1$1721,2
$6$1$1721,2
$685(
$685(
$685(
$0$12$3$
$0$12$3$
3/$=$
$//$//,
$FWLYLGDG
3URHFWR
2EUD
(MHFXFLyQ
8ELFDFLyQ
'LUHFFLyQ
3URSLHWDULRV
%HQHILFLDULRV
0XURV 3LHGUD $GREH 5HYRTXH
GH%DUUR
6LOODU
3LVRV /DGULOOR
SDVWHOHUR
3LHGUDU~VWLFD
XELHUWD
3LHGUDGHUtR
5HVWDXUDQWH
+RVSHGDMH
+
9LYLHQGD 7LHQGD 7DOOHU $UWHVDQDO
RQFUHWR 6LOODU
/DGULOOR
ÉUHDV
5HVWDXUDQWH
2EUDQXHYD
RFLQD5HVWDXUDQWH6HUYLFLRV+LJLpQLFRV
DOOH3URJUHVRVQ
9LFHQWLQD9LOFDKXDPiQ9DOGLYLD
'DQLHO3Ui[HGHV*RQ]DOHV
/DGULOOR
RQFUHWR
)$0,/,$%(1(),,$5,$9,(17,1$9,/$+8$0É19'$1,(/35É;('(6*
$YDQFHGHREUD
(VWDGRLQLFLDO
8VRV
DOODOOL
'LVWULWR
1
$YDQFHGHREUD
0LQLVWHULRGH9LYLHQGDRQVWUXFFLyQ6DQHDPLHQWR'*3598
@
,1)250$,Ð1
),+$
7HUUHQRP (MHFXWDGDP
3OiVWLFR
(VWUXFWXUDGH
PDGHUD
5ROOL]RV
(XFDOLSWR
(VWHUDV 7HMD
3DMDWHMLGD
2FW6HW
9LYLHQGDFRQFOXLGD
64. $685(
$/$5,
(2'($//$//,
$6$1$1721,2
$/8,6321(
$/8,6321(
$685(
3/$=$
$//$//,
$FWLYLGDG
3URHFWR
2EUD
(MHFXFLyQ
8ELFDFLyQ
'LUHFFLyQ
3URSLHWDULRV
%HQHILFLDULRV
0XURV 3LHGUD $GREH 5HYRTXH
GH%DUUR
6LOODU
3LVRV /DGULOOR
SDVWHOHUR
3LHGUDU~VWLFD
XELHUWD
3LHGUDGHUtR
5HVWDXUDQWH
+RVSHGDMH
+
9LYLHQGD 7LHQGD 7DOOHU $UWHVDQDO
RQFUHWR 6LOODU
/DGULOOR
ÉUHDV
$UWHVDQtD
2EUDQXHYD
+DELWDFLRQHVRFLQD6HUYLFLR+LJLpQLFR
DOOH/DULVQ
QpV9LUJLQLDXWLSDiFHUHV
:LOVRQ6DPXHO3DQLEUD6DPDDQL
/DGULOOR
RQFUHWR
)$0,/,$%(1(),,$5,$1e687,3$É(5(6:,/6213$1,%5$6$0$$1,
$YDQFHGHREUD %HQHILFLDULRV
LPHQWDFLyQ
8VRV
DOODOOL
'LVWULWR
1
0LQLVWHULRGH9LYLHQGDRQVWUXFFLyQ6DQHDPLHQWR'*3598
@
,1)250$,Ð1
),+$
7HUUHQRP (MHFXWDGDP
3OiVWLFR
(VWUXFWXUDGH
PDGHUD
5ROOL]RV
(XFDOLSWR
(VWHUDV 7HMD
3DMDWHMLGD
2FW6HW
9LYLHQGDFRQFOXLGD
68. 1
/DJXQD
0XFXUFD
$PSDWR
PVQP
6DEDQFDD
PVQP
+XDOFD+XDOFD
PVQP
6LKXHUMH
3XH3XH
4XHKXLVKD
PVQP
0LVPL
PVQP
KXFXUD
+XDUDFDQWH
+XDPER
DEDQDFRQGH
3LQFKROOR
$FKRPD
0DFD
/DUL
0DGULJDO RSRUDTXH
DQTXH
KLYD
DQRFRWD
7XWL
6LEDR
DOODOOL
7LVFR
,FKXSDPSD
$UHTXLSD
$UHTXLSD
(VSLQDU
DOORPD
0DMHV
(VSLQDU
'HSDUWDPHQWR $UHTXLSD
3URYLQFLD DOORPD
'LVWULWR RSRUDTXH
6XSHUILFLH NPò
$OWLWXG PVQP
3REODFLyQ KDE ,1(,
2325$48(
),+$ 352(726
'$726%É6,26
6,78$,Ð1,1,,$/
(OGHODSREODFLyQGHOGLVWULWRGHRSRUDTXHVHHQFXHQWUDHQVLWXDFLyQGHSREUH]DHOHQH[WUHPDSREUH]D
'HOWRWDOGHFRQVWUXFFLRQHVGHVWLQDGDVDYLYLHQGDHOFDUHFHGHVHUYLFLRVGHDJXDSRWDEOHHOFDUHFHGHUHG
GH GHVDJH 8Q DOWR SRUFHQWDMH GH YLYLHQGDV VRQ SUHFDULDV FRQ FDUDFWHUtVWLFDV ItVLFDV LQDGHFXDGDV (O GH
YLYLHQGDVGLVSRQHGHXQVRORDPELHQWHKDELWDFLRQDOORTXHFRQWULEXHDTXHVHSURGX]FDQVLWXDFLRQHVGHKDFLQDPLHQWR
HQODVIDPLOLDV
(OGHORVSREODGRUHVFXHQWDFRQXQVHJXURGHVDOXGGHO6,6(66$/8'XRWURSHURODFREHUWXUDGHORVVHUYLFLRVHV
GHILFLHQWHHVSHFLDOPHQWHHQFREHUWXUDPpGLFDHPHUJHQFLDVFDOLGDGGHORVVHUYLFLRV
/DLQIUDHVWUXFWXUDYLDOHVGHILFLHQWH$XQTXHH[LVWHQQRWDEOHVPHMRUDVHQODVYtDVGHDFFHVRDOGLVWULWRXQJUDQQ~PHURGH
VXVFDOOHVVHHQFXHQWUDQVLQSDYLPHQWDFLyQVLQVLVWHPDGHDOFDQWDULOODGR
)XHQWH(162'(32%/$,Ð1'(9,9,(1'$²,1(,
0LQLVWHULRGH9LYLHQGDRQVWUXFFLyQ6DQHDPLHQWR'*3598
@
(OGLVWULWRGHRSRUDTXHVHHQFXHQWUDHQODPDUJHQGHUHFKDGHOUtRROFDDPVPQ6XRULJHQIXHXQDQWLJXR
DVHQWDPLHQWR FROODJXD TXH SRVWHULRUPHQWH GXUDQWH HO SHULRGR GH GRPLQDFLyQ LQFD IXH HO FHQWUR SREODGR PiV
LPSRUWDQWHGHOYDOOHODUHVLGHQFLDGHOFXUDFDSULQFLSDO
(OSXHEORDFWXDOHVUHVXOWDGRGHOSURFHVRUHGXFFLRQDOGHVDUUROODGRSRUHO9LUUH7ROHGRHQHO9DOOHGHOROFDHQWUH
)XHIXQGDGRFRQHOQRPEUHGH9LOODFDVWtQGHRSRUDTXHWLHQHXQWUD]DGRXUEDQRFRQIRUPDGHGDPHUR(QVX
SOD]DFHQWUDOVHHQFXHQWUDHOWHPSORGH6DQWLDJR$SyVWROGHRSRUDTXHHOPiVDQWLJXRGHOROFD
6XSREODFLyQGHKDELWDQWHVVHGHGLFDDODDJULFXOWXUDGHVXEVLVWHQFLD KDEDVSDSDVFHEDGDPDt] DODFULDQ]D
GHJDQDGRERYLQRRYLQRGHFDPpOLGRVVXGDPHULFDQRVDDFWLYLGDGHVFRPSOHPHQWDULDVFRPRODHODERUDFLyQGH
GHULYDGRVOiFWHRVTXHVRVRJXUWPDQWHTXLOODODSURGXFFLyQDUWHVDQDOGHWHMLGRVFRQILEUDGHDOSDFDERUGDGRVD
WUDYpVGHOD$VRFLDFLyQGH$UWHVDQRV´6XPDFPDFKLµ
6XDUTXLWHFWXUDGRPpVWLFDHVWiEDVDGDHQODXWLOL]DFLyQGHPDWHULDOHVGHOD]RQDHVHOUHVXOWDGRGHXQSURFHVR
SHUPDQHQWHGHDGDSWDFLyQDODVQHFHVLGDGHVGHODFRPXQLGDGDOPHGLRQDWXUDO6HWUDWDGHFRQVWUXFFLRQHVPRGHVWDV
GHSODQWDUHFWDQJXODUXQ~QLFRDPELHQWHFRQPXURVGHSLHGUDEDUURYDQRVHVWUHFKRVFRQGLQWHOHVGHSLHGUDWHFKRV
DGRVDJXDVFRQFXELHUWDGHLFKX/DWUDGLFLRQDOFREHUWXUDGHLFKXDOLJXDOTXHHQRWURVSXHEORVGHOROFDHVWiVLHQGR
UHHPSOD]DGDSRFRDSRFRSRUSODQFKDVGHFDODPLQDORTXHDIHFWDQHJDWLYDPHQWHHQHOFRQIRUWWpUPLFRGHODV
YLYLHQGDVHQODLPDJHQXUEDQD$FWXDOPHQWHFRPRUHVXOWDGRGHODHPLJUDFLyQXQJUDQQ~PHURGHFDVDVGHOGLVWULWRVH
HQFXHQWUDQGHVKDELWDGDV
/DIDOWDGHQRUPDWLYLGDGFRQWUROSRUSDUWHGHODVDXWRULGDGHVGLVWULWDOHVHOGHVFRQRFLPLHQWRGHODSREODFLyQKDQ
SURSLFLDGRODGHVWUXFFLyQGHODVDQWLJXDVFDVDVWUDGLFLRQDOHVH[LVWHQWHVHQHOSXHEORVXVXVWLWXFLyQSRUFRQVWUXFFLRQHVGH
ODGULOORFRQFUHWRFRQGRVPiVQLYHOHVGHHGLILFDFLyQTXHURPSHQODXQLGDGXUEDQDGHVWUXHQHOYDORUSDWULPRQLDO
FXOWXUDOSDLVDMtVWLFRGHOSXHEORDPHQD]DQGRVXJUDQSRWHQFLDOGHGHVDUUROORDWUDYpVGHOWXULVPR$IRUWXQDGDPHQWHODV
DFWXDFLRQHVGHVDUUROODGDVHQRSRUDTXHSRUHO3URJUDPDGH9LYLHQGD5XUDO'HVDUUROOR6RFLDOKDQSHUPLWLGRVHQVLELOL]DU
DVXVSREODGRUHVVREUHODLPSRUWDQFLDGHODFRQVHUYDFLyQGHODDUTXLWHFWXUDWUDGLFLRQDOFRPRSDUWHGHODLGHQWLGDG
FXOWXUDOGHOSDLVDMHGHOGLVWULWRVHHVWiORJUDQGRIUHQDUUHYHUWLUHVWHSURFHVRGHGHVWUXFFLyQGHOSDWULPRQLR
,(7$3$ 2FWXEUH²6HWLHPEUH
9,9,(1'$ )$0,/,$6%(1(),,$5,$6
$GROIR)HOL[6RWR2FVD$EGLQD'RPHWLOD7RUUHV5RMDV
%HUHQL]9LFWRULDDQTXH0DOFRKXDFFKD
DUPHOR7HUiQ7DFR
HOVRHOHVWLQR0HMtD7UXMLOODQRULVWLQD+XDUFDUX]
'DQLHO3UD[LGHV+XDUFD0RQUUR6RILD)HOLSD7DFR3DFKHFRGH+XDUFD
'LQD)ORUHQFLD7HUiQ6RWR(GZDUG6XFR6XFR
-XDQD0HU7RUUHV5RMDV6DQWRV6HJXQGR8PDDVLRUQHMR
0HULULVWLQD7RUUHV5RMDV3HGUR%HUQDO0DPDQL
2VZDOGR%HUQDUGRDMRKDUD-RVHILQD0DUWD%HUQDO0DPDQL
,,(7$3$ 'LFLHPEUH²2FWXEUH
6RQLDRQGRUYLOFDKLPD
6LPRQ6XFR+XDSXQD0DULQD6XLFRDVDSHUDOWD
5RVD5DPRV7LWR
XUL1RH+XDSXQDVDEHO5R[DQD7UXMLOODQRDQTXH
,,,(7$3$ )HEUHUR²2FWXEUH
0DULD0DJGDOHQD%HUQDO0DPDQL
-XDQ2QRIUH0DODJDKRTXH%LYLDQD(OLVD6XQL9DOGH]
0DUOHQ=HLGDRQGRUYLOFD0DPDQL
)DPLOLD7DFR
(OHQD%HUQDO0iODJD
0XQLFLSDOLGDGGHRSRUDTXH
0DUtD0DJGDOHQD%HUQDO0DPDQL
69. 1
7(55(126(5,$=26'(/(67$'2
$//(6$1
+(=
(552
$//(-2
6e2
/$$
$//(-8$19
(/$6
2
$
/9$5$'2
$
/
/
(
0
2
4
8
(
*
8
$
$
/
/
(
/
,%
(
5
7
$
'
$//()5$1,62
%
2
/2
*
1(6,
$//(0
$7$
É3$
$
/
/
(
$
5
(
4
8
,3
$
$
/
/
(
$
5
(
4
8
,3
$
$
/
/
(
,
4
8
,7
2
6
$
/
/
(
/
(
7
,
,$
$
/
/
(
+
8
$
1
$
9
(
/
,
$
$//(,*/(6,$
$
/
/
(
7
8
3
$
$
0
$
5
8
$
/
/
(
4
8
,f
2
1
(
6
$//(=$580
,//$
$//(=$580
,//$
$
/
/
(
+
8
É
6
$
5
$
/
/
(
0
2
4
8
(
*
8
$
$//(-8$1=2
,/2
7(5É1
$
/
/
(
+
,
/
$
2
$//()5$1,62
%2
/2
*
1(6,
$//(0
$7$
É3$
$//(6$1
+(=
(552
$//(6$1
+(=
(552
$//(7$
1$
$
5,
$
$//(7$
1$
$
5,
$
$//(+
8$1$9(/,
$
$//(
2+$3$7$
$
//(
$
/
/
(
(
6
8
(
/
$
$
/
/
(
+
8
É
6
$
5
$
/
/
(
+
8
É
6
$
5
$//(6$17$526$
$
/
/
(
+
8
É
1
8
2
$
/
/
(
3
$
+
$
Ô
7(
$
//
(
1
8
(
9
$
(
63
(
5
$
1
=$
$//(-2
6e2
/$$
$
/
/
(
+
8
$
1
$
9
(
/
,
$
3$
6$
-(
$//(-8$19
(/$62
$
/9$5$'2
3
$
6
$
-
(
3
$
6$
-(
3
$
6
$
-
(
$
/
/
(
0
2
4
8
(
*
8
$
$//(-2
6e2
/$$
$
/
/
(
+
8
É
1
8
2
725
5(1
7(5
$
$
//(
$//(
$
//(
3
$
6
$
-
(
3
$
6
$
-
(
3$6$-(
$
/
/
(
7
8
3
$
$
0
$
5
8
$
/
/
(
$
/
/
(
+
8
É
1
8
2
$
/
/
(
3
$
6
$
-
(
3$6$-(
$//(
3
$
6
$
-
(
$
/
/
(
3$6$-(
$//()5$1,62%2/2*1(6,
$
/
/
(
3523,('$''(7(5(526
3523,('$''(7(5(526
3523,('$''(7(5(526
3523,('$''(7(5(526
$//($5(48,3$
3/$=$'($50$6
6(59,,262081$/(6
,JOHVLD
('8$,Ð1
6(59,,26
2081$/(6
('8$,Ð1
É5($'(3257,9$
6$/8'
6(59,,26'(
('8$,Ð1
27526),1(6
HPHQWHULR
$//(-8$1=2
,/2
7(5É1
$//(=$580
,//$
$
/
/
(
3
$
+
$
Ô
7
(
$
/
/
(
7
$
1
$
$
5
,
$
3523,('$''(7(5(526
3523,('$''(7(5(526
3523,('$''(7(5(526
3523,('$''(7(5(526
$
//(
6(59,
,2
6
2
0
81$/(6
2081$/(6
6(59,,26
3523,('$''(7(5(526
7(55(126(5,$=26'(/(67$'2
7(55(126(5,$=26'(/(67$'2
7(55(126(5,$=26'(/(67$'2
38(%/2-29(1(63(5$1=$
7(55(126(5,$=26'(/(67$'2
72
5
5
(1
7(
5
$
7
2
5
5
(
1
7
(
5
$
$
1
$
/
'
(
5
(
*
$
'
,2
7
2
5
5
(
1
7
(
5
$
7
2
5
5
(
1
7
(
5
$
$
/
/
(
+
8
É
6
$
5
$
/
/
(
0
2
4
8
(
*
8
$
725
5(1
7(5$
(VFDODJUiÀFD
8%,$,Ð1'(352(726
352*5$0$'(9,9,(1'$585$/'(6$552//262,$/(1(/9$//('(/2/$
3URJUDPD3!'3DWULPRQLRSDUDHO'HVDUUROOR$(,' @
70. $
/
/
(
$
5
(
4
8
,3
$
$
//
(
,
4
8
,7
2
6
$
//
(
/
(
7,
,$
$
/
/
(
+
8
$
1
$
9
(
/
,
$
$//(,*
/(6,$
$//(6$1
+(=
(552
$//(-2
6e2
/$$
$
//
(
+
8
$
1
$
9
(
/,
$
3$
6$
-(
3/$=$'($50$6
6(59,,262081$/(6
,JOHVLD
('8$,Ð1
72
5
5
(
1
7(
5
$
9LYLHQGDFRQFOXLGD
2325$48(
$FWLYLGDG
3URHFWR
2EUD
(MHFXFLyQ
,1)250$,Ð1
8ELFDFLyQ
'LUHFFLyQ
3URSLHWDULRV
),+$
ÉUHDV
*DQDGHUtDDJULFXOWXUD
5HKDELOLWDFLyQGHYLYLHQGDREUDQXHYD
+DELWDFLyQ6HUYLFLR+LJLpQLFR
2FW6HW
DOOH+XDQFDYHOLFDVQ
$GROIR)HOL[6RWR2FVD
$EGLQD'RPHWLOD7RUUHV5RMDV
7HUUHQRP (MHFXWDGDP
$YDQFHGHREUD %HQHILFLDULRV
(VWDGRLQLFLDO
RSRUDTXH
'LVWULWR
1
0LQLVWHULRGH9LYLHQGDRQVWUXFFLyQ6DQHDPLHQWR'*3598
)$0,/,$%(1(),,$5,$$'2/)2627226$$%',1$7255(652-$6
%HQHILFLDULRV
0XURV
3LVRV
XELHUWD
8VRV
3OiVWLFR
(VWUXFWXUDGH
PDGHUD
5ROOL]RV
(XFDOLSWR
(VWHUDV 7HMD
3DMDWHMLGD
3LHGUD $GREH 5HYRTXH
GH%DUUR
6LOODU
/DGULOOR
SDVWHOHUR
3LHGUDU~VWLFD 3LHGUDGHUtR
5HVWDXUDQWH
+RVSHGDMH
+
9LYLHQGD 7LHQGD 7DOOHU $UWHVDQDO
6LOODU
/DGULOOR
/DGULOOR
RQFUHWR
RQFUHWR
@
72. $
/
/
(
7
8
3
$
$
0
$
5
8
$
/
/
(
4
8
,f
2
1
(
6
$//(=$580
,//$
$//()5$1,62
%2
/2
*
1(6,
$
/
/
(
7
8
3
$
$
0
$
5
8
$
/
/
(
4
8
,f
2
1
(
6
$FWLYLGDG
3URHFWR
2EUD
(MHFXFLyQ
,1)250$,Ð1
8ELFDFLyQ
'LUHFFLyQ
3URSLHWDULRV
),+$
ÉUHDV
,QLFLRGHREUD %HQHILFLDULRV
(VWDGRLQLFLDO
'LVWULWR
0LQLVWHULRGH9LYLHQGDRQVWUXFFLyQ6DQHDPLHQWR'*3598
)$0,/,$%(1(),,$5,$%(5(1,=9,725,$$148(0$/2+8$+$
1
%HQHILFLDULRV
0XURV
3LVRV
XELHUWD
8VRV
3OiVWLFR
(VWUXFWXUDGH
PDGHUD
5ROOL]RV
(XFDOLSWR
(VWHUDV 7HMD
3DMDWHMLGD
3LHGUD $GREH 5HYRTXH
GH%DUUR
6LOODU
/DGULOOR
SDVWHOHUR
3LHGUDU~VWLFD 3LHGUDGHUtR
5HVWDXUDQWH
+RVSHGDMH
+
9LYLHQGD 7LHQGD 7DOOHU $UWHVDQDO
6LOODU
/DGULOOR
/DGULOOR
RQFUHWR
RQFUHWR
*DQDGHUtDDJULFXOWXUD
5HKDELOLWDFLyQGHYLYLHQGDREUDQXHYD
+DELWDFLyQ7DOOHU7LHQGD6HUYLFLR+LJLpQLFR
2FW6HW
DOOH%RORJQHVLVQ
%HUHQL]9LFWRULDDQTXH0DOFRKXDFFKD
7HUUHQRP (MHFXWDGDP
RSRUDTXH
2325$48(
@
9LYLHQGDFRQFOXLGD
74. $
/
/
(
$
5
(
4
8
,3
$
$
/
/
(
7
8
3
$
$
0
$
5
8
$
/
/
(
4
8
,f
2
1
(
6
$//(=$580
,//$
$//()5$1,62
%2
/2
*
1(6,
$
//
(
+
8
É
1
8
2
$
1
$
/
'
(
5
(
*
$
'
,2
$FWLYLGDG
3URHFWR
2EUD
(MHFXFLyQ
,1)250$,Ð1
8ELFDFLyQ
'LUHFFLyQ
3URSLHWDULRV
),+$
ÉUHDV
$YDQFHGHREUD %HQHILFLDULR
,QLFLRGHREUD
'LVWULWR
0LQLVWHULRGH9LYLHQGDRQVWUXFFLyQ6DQHDPLHQWR'*3598
)$0,/,$%(1(),,$5,$$50(/27(5É17$2
1
%HQHILFLDULRV
0XURV
3LVRV
XELHUWD
8VRV
3OiVWLFR
(VWUXFWXUDGH
PDGHUD
5ROOL]RV
(XFDOLSWR
(VWHUDV 7HMD
3DMDWHMLGD
3LHGUD $GREH 5HYRTXH
GH%DUUR
6LOODU
/DGULOOR
SDVWHOHUR
3LHGUDU~VWLFD 3LHGUDGHUtR
5HVWDXUDQWH
+RVSHGDMH
+
9LYLHQGD 7LHQGD 7DOOHU $UWHVDQDO
6LOODU
/DGULOOR
/DGULOOR
RQFUHWR
RQFUHWR
*DQDGHUtDQHJRFLR UHVWDXUDQWH
5HKDELOLWDFLyQGHYLYLHQGDREUDQXHYD
+DELWDFLRQHV'RUPLWRULR6HUYLFLR+LJLpQLFR
2FW6HW
DOOH%RORJQHVLVQ
DUPHOR7HUiQ7DFR
7HUUHQRP (MHFXWDGDP
RSRUDTXH
2325$48(
@
9LYLHQGDFRQFOXLGD
76. $
/
/
(
$
5
(
4
8
,3
$
$
/
/
(
4
8
,f
2
1
(
6
$//(=$580
,//$
$//()5$1,62
%2
/2
*
1(6,
$
/
/
(
7
8
3
$
$
0
$
5
8
$
/
/
(
$
1
$
/
'
(
5
(
*
$
'
,2
$FWLYLGDG
3URHFWR
2EUD
(MHFXFLyQ
,1)250$,Ð1
8ELFDFLyQ
'LUHFFLyQ
3URSLHWDULRV
),+$
ÉUHDV
$YDQFHGHREUD
(VWDGRLQLFLDO
'LVWULWR
0LQLVWHULRGH9LYLHQGDRQVWUXFFLyQ6DQHDPLHQWR'*3598
)$0,/,$%(1(),,$5,$(/620(-Ì$758-,//$125,67,1$+8$5$58=
1
%HQHILFLDULRV
0XURV
3LVRV
XELHUWD
8VRV
3OiVWLFR
(VWUXFWXUDGH
PDGHUD
5ROOL]RV
(XFDOLSWR
(VWHUDV 7HMD
3DMDWHMLGD
3LHGUD $GREH 5HYRTXH
GH%DUUR
6LOODU
/DGULOOR
SDVWHOHUR
3LHGUDU~VWLFD 3LHGUDGHUtR
5HVWDXUDQWH
+RVSHGDMH
+
9LYLHQGD 7LHQGD 7DOOHU $UWHVDQDO
6LOODU
/DGULOOR
/DGULOOR
RQFUHWR
RQFUHWR
*DQDGHUtDDJULFXOWXUD
5HKDELOLWDFLyQGHYLYLHQGDREUDQXHYD
+DELWDFLyQ7LHQGD6HUYLFLR+LJLpQLFR
2FW6HW
DOOH=DUXPLOODVQ
HOVRHOHVWLQR0HMtD7UXMLOODQR
ULVWLQD+XDUFDUX]
7HUUHQRP (MHFXWDGDP
RSRUDTXH
$YDQFHGHREUD
2325$48(
@
9LYLHQGDFRQFOXLGD
78. $FWLYLGDG
3URHFWR
2EUD
(MHFXFLyQ
,1)250$,Ð1
8ELFDFLyQ
'LUHFFLyQ
3URSLHWDULRV
),+$
ÉUHDV
$YDQFHGHREUD %HQHILFLDULRV
(VWDGRLQLFLDO
'LVWULWR
0LQLVWHULRGH9LYLHQGDRQVWUXFFLyQ6DQHDPLHQWR'*3598
)$0,/,$%(1(),,$5,$'$1,(/+8$5$02155262),$7$23$+(2
$//(-2
6e2
/$$
$//(-8$19
(/$6
2
$
/9$5$'2
$//(0
$7$
É3$
$
/
/
(
$
5
(
4
8
,3
$
$
/
/
(
,
4
8
,7
2
6
$
/
/
(
/
(
7
,
,$
$
/
/
(
+
8
$
1
$
9
(
/
,
$
$//(6$1
+(=
(552
$//(-2
6e2
/$$
$
/
/
(
+
8
$
1
$
9
(
/
,
$
3/$=$'($50$6
72
5
5
(1
7(
5
$
7
2
5
5
(
1
7
(
5
$
1
%HQHILFLDULRV
0XURV
3LVRV
XELHUWD
8VRV
3OiVWLFR
(VWUXFWXUDGH
PDGHUD
5ROOL]RV
(XFDOLSWR
(VWHUDV 7HMD
3DMDWHMLGD
3LHGUD $GREH 5HYRTXH
GH%DUUR
6LOODU
/DGULOOR
SDVWHOHUR
3LHGUDU~VWLFD 3LHGUDGHUtR
5HVWDXUDQWH
+RVSHGDMH
+
9LYLHQGD 7LHQGD 7DOOHU $UWHVDQDO
6LOODU
/DGULOOR
/DGULOOR
RQFUHWR
RQFUHWR
$JULFXOWXUDFRPHUFLR HODERUDFLyQGHTXHVRV
5HKDELOLWDFLyQGHYLYLHQGDREUDQXHYD
+DELWDFLRQHV'RUPLWRULR$OWLOOR
6HUYLFLR+LJLpQLFR
2FW6HW
DOOH,TXLWRV
'DQLHO3UD[LGHV+XDUFD0RQUUR
6RItD)HOLSD7DFR3DFKHFRGH+XDUFD
7HUUHQRP (MHFXWDGDP
RSRUDTXH
2325$48(
@
9LYLHQGDFRQFOXLGD
80. $FWLYLGDG
3URHFWR
2EUD
(MHFXFLyQ
,1)250$,Ð1
8ELFDFLyQ
'LUHFFLyQ
3URSLHWDULRV
),+$
ÉUHDV
$YDQFHGHREUD %HQHILFLDULRV
,QLFLDOGH2EUD
'LVWULWR
0LQLVWHULRGH9LYLHQGDRQVWUXFFLyQ6DQHDPLHQWR'*3598
)$0,/,$%(1(),,$5,$',1$)/25(1,$7(5É16272(':$5'682682
1
$//(6$1
+(=
(552
$//(7$
1$
$
5,
$
$//(7$
1$
$
5,
$
$//(+
8$1$9(/,
$
$//(
2+$3$7$
$
//(
$
/
/
(
(
6
8
(
/
$
$
/
/
(
+
8
É
6
$
5
3
$
6
$
-
(
3
$
6
$
-
(
$//(
('8$,Ð1
$
//(
7
2
5
5
(
1
7
(
5
$
7
2
5
5
(
1
7
(
5
$
%HQHILFLDULRV
0XURV
3LVRV
XELHUWD
8VRV
3OiVWLFR
(VWUXFWXUDGH
PDGHUD
5ROOL]RV
(XFDOLSWR
(VWHUDV 7HMD
3DMDWHMLGD
3LHGUD $GREH 5HYRTXH
GH%DUUR
6LOODU
/DGULOOR
SDVWHOHUR
3LHGUDU~VWLFD 3LHGUDGHUtR
5HVWDXUDQWH
+RVSHGDMH
+
9LYLHQGD 7LHQGD 7DOOHU $UWHVDQDO
6LOODU
/DGULOOR
/DGULOOR
RQFUHWR
RQFUHWR
$JULFXOWXUDFRPHUFLR DEDUURWHV
5HKDELOLWDFLyQGHYLYLHQGDREUDQXHYD
+DELWDFLRQHV'RUPLWRULR6HUYLFLR+LJLpQLFR
2FW6HW
DOOH7DFQD$ULFD
'LQD)ORUHQFLD7HUiQ6RWR
(GZDUG6XFR6XFR
7HUUHQRP (MHFXWDGDP
RSRUDTXH
2325$48(
@
9LYLHQGDFRQFOXLGD
82. $FWLYLGDG
3URHFWR
2EUD
(MHFXFLyQ
,1)250$,Ð1
8ELFDFLyQ
'LUHFFLyQ
3URSLHWDULRV
),+$
ÉUHDV
$YDQFHGHREUD %HQHILFLDULRV
(VWDGRLQLFLDO
'LVWULWR
0LQLVWHULRGH9LYLHQGDRQVWUXFFLyQ6DQHDPLHQWR'*3598
)$0,/,$%(1(),,$5,$-8$1$0(57255(652-$66$172680$$6,251(-2
1
$//()5$1,62
%
2
/2
*
1(6,
$//(=$580
,//$
$
/
/
(
0
2
4
8
(
*
8
$
$//(-8$1=2
,/2
7(5É1
$
/
/
(
+
,
/
$
2
3$6$-(
725
5(1
7(5$
%HQHILFLDULRV
0XURV
3LVRV
XELHUWD
8VRV
3OiVWLFR
(VWUXFWXUDGH
PDGHUD
5ROOL]RV
(XFDOLSWR
(VWHUDV 7HMD
3DMDWHMLGD
3LHGUD $GREH 5HYRTXH
GH%DUUR
6LOODU
/DGULOOR
SDVWHOHUR
3LHGUDU~VWLFD 3LHGUDGHUtR
5HVWDXUDQWH
+RVSHGDMH
+
9LYLHQGD 7LHQGD 7DOOHU $UWHVDQDO
6LOODU
/DGULOOR
/DGULOOR
RQFUHWR
RQFUHWR
$JULFXOWXUD
5HKDELOLWDFLyQGHYLYLHQGDREUDQXHYD
5HIDFFLyQGH*DOSyQ +DELWDFLyQRFLQD
6HUYLFLR+LJLpQLFR
2FW6HW
DOOH%RORJQHVL
-XDQD0HU7RUUHV5RMDV
6DQWRV6HJXQGR8PDDVLRUQHMR
7HUUHQRP (MHFXWDGDP
RSRUDTXH
2325$48(
@
9LYLHQGDFRQFOXLGD
84. $FWLYLGDG
3URHFWR
2EUD
(MHFXFLyQ
,1)250$,Ð1
8ELFDFLyQ
'LUHFFLyQ
3URSLHWDULRV
),+$
ÉUHDV
$YDQFHGHREUD %HQHILFLDULRV
,QLFLRGHREUD
'LVWULWR
0LQLVWHULRGH9LYLHQGDRQVWUXFFLyQ6DQHDPLHQWR'*3598
)$0,/,$%(1(),,$5,$0(5,5,67,1$7255(652-$63('52%(51$/0$0$1,
1
$//()5$1,62
%
2
/2
*
1(6,
$//(=$580
,//$
$
/
/
(
0
2
4
8
(
*
8
$
$//(-8$1=2
,/2
7(5É1
$
/
/
(
+
,
/
$
2
3$6$-(
725
5(1
7(5$
%HQHILFLDULRV
0XURV
3LVRV
XELHUWD
8VRV
3OiVWLFR
(VWUXFWXUDGH
PDGHUD
5ROOL]RV
(XFDOLSWR
(VWHUDV 7HMD
3DMDWHMLGD
3LHGUD $GREH 5HYRTXH
GH%DUUR
6LOODU
/DGULOOR
SDVWHOHUR
3LHGUDU~VWLFD 3LHGUDGHUtR
5HVWDXUDQWH
+RVSHGDMH
+
9LYLHQGD 7LHQGD 7DOOHU $UWHVDQDO
6LOODU
/DGULOOR
/DGULOOR
RQFUHWR
RQFUHWR
*DQDGHUtDDJULFXOWXUD
5HKDELOLWDFLyQGHYLYLHQGDREUDQXHYD
+DELWDFLRQHV'RUPLWRULR6HUYLFLR+LJLpQLFR
2FW6HW
DOOHKLFODR
0HULULVWLQD7RUUHV5RMDV
3HGUR%HUQDO0DPDQL
7HUUHQRP (MHFXWDGDP
RSRUDTXH
2325$48(
@
9LYLHQGDFRQFOXLGD
86. *DQDGHUtDDJULFXOWXUDVHUYLFLRVWXUtVWLFRV
5HKDELOLWDFLyQGHYLYLHQGDREUDQXHYD
+DELWDFLRQHV'RUPLWRULR6HUYLFLR+LJLpQLFR
2FW6HW
DOOH%RORJQHVLVQ
2VZDOGR%HUQDUGRDMRKDUD
-RVHILQD0DUWD%HUQDO0DPDQL
7HUUHQRP (MHFXWDGDP
RSRUDTXH
$
//
(
+
8
É
1
8
2
$
//
(
$
//
(
+
8
É
1
8
2
$
//
(
$//(
$//
()5$1,62%2/2
*1(6,
$//
(=$580
,//$
$
//
(
3$
+
$
Ô
7(
$FWLYLGDG
3URHFWR
2EUD
(MHFXFLyQ
,1)250$,Ð1
8ELFDFLyQ
'LUHFFLyQ
3URSLHWDULRV
),+$
ÉUHDV
$YDQFHGHREUD %HQHILFLDULDV
(VWDGRLQLFLDO
'LVWULWR
0LQLVWHULRGH9LYLHQGDRQVWUXFFLyQ6DQHDPLHQWR'*3598
)$0,/,$%(1(),,$5,$26:$/'2$-2+$5$-26(),1$%(51$/0$0$1,
1
%HQHILFLDULRV
0XURV
3LVRV
XELHUWD
8VRV
3OiVWLFR
(VWUXFWXUDGH
PDGHUD
5ROOL]RV
(XFDOLSWR
(VWHUDV 7HMD
3DMDWHMLGD
3LHGUD $GREH 5HYRTXH
GH%DUUR
6LOODU
/DGULOOR
SDVWHOHUR
3LHGUDU~VWLFD 3LHGUDGHUtR
5HVWDXUDQWH
+RVSHGDMH
+
9LYLHQGD 7LHQGD 7DOOHU $UWHVDQDO
6LOODU
/DGULOOR
/DGULOOR
RQFUHWR
RQFUHWR
2325$48(
@
9LYLHQGDFRQFOXLGD
88. $FWLYLGDG
3URHFWR
2EUD
(MHFXFLyQ
,1)250$,Ð1
8ELFDFLyQ
'LUHFFLyQ
3URSLHWDULRV
),+$
ÉUHDV
$YDQFHGHREUD %HQHILFLDULRV
(VWDGRLQLFLDO
'LVWULWR
0LQLVWHULRGH9LYLHQGDRQVWUXFFLyQ6DQHDPLHQWR'*3598
)$0,/,$%(1(),,$5,$621,$21'259,/$+,0$
1
$//(0
$7$
É3$
$
/
/
(
$
5
(
4
8
,3
$
$
/
/
(
7
8
3
$
$
0
$
5
8
$
/
/
(
4
8
,f
2
1
(
6
$//(=$580
,//$
$//()5$1,62
%2
/2
*
1(6,
$
/
/
(
+
8
É
1
8
2
%HQHILFLDULRV
0XURV
3LVRV
XELHUWD
8VRV
3OiVWLFR
(VWUXFWXUDGH
PDGHUD
5ROOL]RV
(XFDOLSWR
(VWHUDV 7HMD
3DMDWHMLGD
3LHGUD $GREH 5HYRTXH
GH%DUUR
6LOODU
/DGULOOR
SDVWHOHUR
3LHGUDU~VWLFD 3LHGUDGHUtR
5HVWDXUDQWH
+RVSHGDMH
+
9LYLHQGD 7LHQGD 7DOOHU $UWHVDQDO
6LOODU
/DGULOOR
/DGULOOR
RQFUHWR
RQFUHWR
7UDEDMRHQ+RWHO
5HKDELOLWDFLyQGHYLYLHQGDREUDQXHYD
+DELWDFLyQ7LHQGDDIHWHUtD
6HUYLFLR+LJLpQLFR
'LF2FW
DOOH)UDQFLVFR%RORJQHVL
6RQLDRQGRUYLOFDKLPD
7HUUHQRP (MHFXWDGDP
RSRUDTXH
2325$48(
@
9LYLHQGDFRQFOXLGD
90. $FWLYLGDG
3URHFWR
2EUD
(MHFXFLyQ
,1)250$,Ð1
8ELFDFLyQ
'LUHFFLyQ
3URSLHWDULRV
),+$
ÉUHDV
$YDQFHGHREUD %HQHILFLDULRV
(VWDGRLQLFLDO
'LVWULWR
0LQLVWHULRGH9LYLHQGDRQVWUXFFLyQ6DQHDPLHQWR'*3598
)$0,/,$%(1(),,$5,$6,021682+8$381$0$5,1$68,2$6$3(5$/7$
1
$//()5$1,62
%
2
/2
*
1(6,
$//(0
$7$
É3$
$
/
/
(
$
5
(
4
8
,3
$
$
/
/
(
7
8
3
$
$
0
$
5
8
$
/
/
(
4
8
,f
2
1
(
6
$//(=$580
,//$
$
/
/
(
+
8
É
6
$
5
$//()5$1,62
%2
/2
*
1(6,
2081$/(6
6(59,,26
%HQHILFLDULRV
0XURV
3LVRV
XELHUWD
8VRV
3OiVWLFR
(VWUXFWXUDGH
PDGHUD
5ROOL]RV
(XFDOLSWR
(VWHUDV 7HMD
3DMDWHMLGD
3LHGUD $GREH 5HYRTXH
GH%DUUR
6LOODU
/DGULOOR
SDVWHOHUR
3LHGUDU~VWLFD 3LHGUDGHUtR
5HVWDXUDQWH
+RVSHGDMH
+
9LYLHQGD 7LHQGD 7DOOHU $UWHVDQDO
6LOODU
/DGULOOR
/DGULOOR
RQFUHWR
$JULFXOWXUDDOEDxLOHUtD
5HKDELOLWDFLyQGHYLYLHQGDREUDQXHYD
+DELWDFLyQ6HUYLFLR+LJLpQLFR
DOOH)UDQFLVFR%RORJQHVLVQ
6LPyQ6XLFR+XDSXQD
0DULQD6XLFRDVDSHUDOWD
7HUUHQRP (MHFXWDGDP
RSRUDTXH
RQFUHWR
2325$48(
@
'LF2FW
9LYLHQGDFRQFOXLGD
92. 5HVWDXUDFLyQ
5HKDELOLWDFLyQGHYLYLHQGDREUDQXHYD
+DELWDFLyQ7LHQGD6HUYLFLR+LJLpQLFR
DOOH)UDQFLVFR%RORJQHVL
5RVD5DPRV7LWR
7HUUHQRP (MHFXWDGDP
RSRUDTXH
$FWLYLGDG
3URHFWR
2EUD
(MHFXFLyQ
,1)250$,Ð1
8ELFDFLyQ
'LUHFFLyQ
3URSLHWDULRV
),+$
ÉUHDV
$YDQFHGHREUD %HQHILFLDULD
(VWDGRLQLFLDO
'LVWULWR
0LQLVWHULRGH9LYLHQGDRQVWUXFFLyQ6DQHDPLHQWR'*3598
)$0,/,$%(1(),,$5,$526$5$0267,72
1
$//()5$1,62
%
2
/2
*
1(6,
$//(0
$7$
É3$
$
/
/
(
$
5
(
4
8
,3
$
$
/
/
(
4
8
,f
2
1
(
6
$//(=$580
,//$
$//(=$580
,//$
$
/
/
(
+
8
É
6
$
5
$
/
/
(
0
2
4
8
(
*
8
$
$//(0
$7$
É3$
2081$/(6
6(59,,26
%HQHILFLDULRV
0XURV
3LVRV
XELHUWD
8VRV
3OiVWLFR
(VWUXFWXUDGH
PDGHUD
5ROOL]RV
(XFDOLSWR
(VWHUDV 7HMD
3DMDWHMLGD
3LHGUD $GREH 5HYRTXH
GH%DUUR
6LOODU
/DGULOOR
SDVWHOHUR
3LHGUDU~VWLFD 3LHGUDGHUtR
5HVWDXUDQWH
+RVSHGDMH
+
9LYLHQGD 7LHQGD 7DOOHU $UWHVDQDO
6LOODU
/DGULOOR
/DGULOOR
RQFUHWR
RQFUHWR
2325$48(
@
'LF2FW
9LYLHQGDFRQFOXLGD
94. $FWLYLGDG
3URHFWR
2EUD
(MHFXFLyQ
,1)250$,Ð1
8ELFDFLyQ
'LUHFFLyQ
3URSLHWDULRV
),+$
ÉUHDV
$YDQFHGHREUD %HQHILFLDULRV
(VWDGRLQLFLDO
'LVWULWR
0LQLVWHULRGH9LYLHQGDRQVWUXFFLyQ6DQHDPLHQWR'*3598
1
$//()5$1,62
%
2
/2
*
1(6,
$//(0
$7$
É3$
$
/
/
(
$
5
(
4
8
,3
$
$
/
/
(
4
8
,f
2
1
(
6
$//(=$580
,//$
$//(=$580
,//$
$
/
/
(
+
8
É
6
$
5
$
/
/
(
0
2
4
8
(
*
8
$
$//(0
$7$
É3$
2081$/(6
6(59,,26
%HQHILFLDULRV
0XURV
3LVRV
XELHUWD
8VRV
3OiVWLFR
(VWUXFWXUDGH
PDGHUD
5ROOL]RV
(XFDOLSWR
(VWHUDV 7HMD
3DMDWHMLGD
3LHGUD $GREH 5HYRTXH
GH%DUUR
6LOODU
/DGULOOR
SDVWHOHUR
3LHGUDU~VWLFD 3LHGUDGHUtR
5HVWDXUDQWH
+RVSHGDMH
+
9LYLHQGD 7LHQGD 7DOOHU $UWHVDQDO
6LOODU
/DGULOOR
/DGULOOR
RQFUHWR
RQFUHWR
$JULFXOWXUD
5HKDELOLWDFLyQGHYLYLHQGDREUDQXHYD
5HIDFFLyQ+DELWDFLyQ+RVSHGDMH
DOOH)UDQFLVFR%RORJQHVL
XUL1RH+XDSXQD0ROOR
,VDEHO5R[DQD7UXMLOODQRDQTXH
7HUUHQRP (MHFXWDGDP
RSRUDTXH
2325$48( )$0,/,$%(1(),,$5,$85,12(+8$381$6$%(/758-,//$12$148(
@
'LF2FW
9LYLHQGDFRQFOXLGD
96. $FWLYLGDG
3URHFWR
2EUD
(MHFXFLyQ
,1)250$,Ð1
8ELFDFLyQ
'LUHFFLyQ
3URSLHWDULRV
),+$
ÉUHDV
$YDQFHGHREUD
(VWDGRLQLFLDO
'LVWULWR
0LQLVWHULRGH9LYLHQGDRQVWUXFFLyQ6DQHDPLHQWR'*3598
1
$
/
/
(
+
8
$
1
$
9
(
/
,
$
$//(6$1
+(=
(552
$//(6$1
+(=
(552
$
/
/
(
+
8
É
1
8
2
$
/
/
(
3
$
+
$
Ô
7(
$
//
(
1
8
(
9
$
(
63
(
5
$
1
=$
3
$
6$
-(
6(59,,262081$/(6
,JOHVLD
('8$,Ð1
7
2
5
5
(
1
7
(
5
$
%HQHILFLDULRV
0XURV
3LVRV
XELHUWD
8VRV
3OiVWLFR
(VWUXFWXUDGH
PDGHUD
5ROOL]RV
(XFDOLSWR
(VWHUDV 7HMD
3DMDWHMLGD
3LHGUD $GREH 5HYRTXH
GH%DUUR
6LOODU
/DGULOOR
SDVWHOHUR
3LHGUDU~VWLFD 3LHGUDGHUtR
5HVWDXUDQWH
+RVSHGDMH
+
9LYLHQGD 7LHQGD 7DOOHU $UWHVDQDO
6LOODU
/DGULOOR
/DGULOOR
RQFUHWR
RQFUHWR
)$0,/,$%(1(),,$5,$0$5,$0$*'$/(1$%(51$/0$0$1,
5HKDELOLWDFLyQGHYLYLHQGDREUDQXHYD
$JULFXOWXUDWUDQVSRUWH
6DODRPHGRU'RUPLWRULR
6HUYLFLR+LJLpQLFR
0DULD0DJGDOHQD%HUQDO0DPDQL
7HUUHQRP (MHFXWDGDP
)HE2FW
DOOH6iQFKH]HUUR
RSRUDTXH
$YDQFHGHREUD
2325$48(
@
9LYLHQGDFRQFOXLGD