3&& 6,67(0$6 35(',$,6 ,

6LVWHPDV 3UHGLDLV GH 6XSULPHQWR GH JXD )ULD  'LPHQVLRQDPHQWR

3&&  6LVWHPDV 3UHGLDLV ,
1

'LPHQVLRQDPHQWR GRV &RPSRQHQWHV GR 6LVWHPD 3UHGLDO GH JXD )ULD

(VWLPDWLYD GR &RQVXPR 'LiULR GH JXD

&'

& 3
(GLItFLR
DORMDPHQWR SURYLVyULR DSDUWDPHQWR DVLOR RUIDQDWR FLQHPD H WHDWUR HG S~EOLFR FRPO RX FHVFULW HVFROD  H[WHUQDWR HVFROD  LQWHUQDWR HVFROD  VHPLLQWHUQDWR JDUDJHP KRVSLWDO KRWHO V FR] H V ODY MDUGLP ODYDQGHULD PHUFDGR TXDUWHO UHVLGrQFLD SRSXODU RX UXUDO UHVLGrQFLD UHVWDXUDQWH H VLPLODUHV

&RQVXPR OGLD
 SHU FDSLWD  SHU FDSLWD  SHU FDSLWD  SRU OXJDU  SHU FDSLWD  SHU FDSLWD  SHU FDSLWD  SHU FDSLWD  SRU DXWRPyYHO  SRU OHLWR  SRU KyVSHGH  SRU P GH iUHD  SRU NJ GH URXSD VHFD  SRU P GH iUHD  SHU FDSLWD  SHU FDSLWD  SHU FDSLWD  SRU UHIHLomR

RQGH &' p R FRQVXPR GLiULR WRWDO OGLD & p R FRQVXPR GLiULR SHU FDSLWD OGLD 3 p D SRSXODomR GR HGLItFLR SHVVRDV

(GLItFLR
HVFULWyULR ORMD KRWHO KRVSLWDO DSDUWUHVLG

3RSXODomR 3
 SHVVRDP  SHVVRDP  SHVVRD P  SHVVRD P S  1'6  1') RX  SHVVRDVXQLGDGH

3&&  6LVWHPDV 3UHGLDLV ,

'LPHQVLRQDPHQWR GR 6LVWHPD GH $EDVWHFLPHQWR GH JXD

5DPDO 3UHGLDO H 0HGLomR
7DEHOD  GLPHQVLRQDPHQWR GR UDPDO SUHGLDO H PHGLomR IRQWH 6$%(63
&RQVXPR SURYiYHO PGLD DWp 5DPDO 3UHGLDO +LGU{PHWUR &RQVXPR SURYiYHO PGLD DWp 9D]mR FDUDFWHULVW PGLD DWp &DYDOHWH

$EULJR 'LPHQV}HV ,QWHUQDV P [[ [[ [[ [[ [[ [[ [[ [[

'LkPHWUR H[WHUQR PP          

0DWHULDO

'LkPHWUR 0DWHULDO PP            )R*R 39& )R*R )R*R )R*R )R*R )R)R )R)R )R)R

        

3($' 3($' 3($' 3($' )R)R )R)R )R)R )R)R )R)R )R)R

     

     

    

3&&  6LVWHPDV 3UHGLDLV ,

'LPHQVLRQDPHQWR GR 6LVWHPD GH $EDVWHFLPHQWR GH JXD

$OLPHQWDGRU 3UHGLDO
$ YD]mR D VHU FRQVLGHUDGD SDUD R GLPHQVLRQDPHQWR GR DOLPHQWDGRU SUHGLDO p REWLGD D SDUWLU GR FRQVXPR GLiULR &' 4 $3 V  RQGH
4$3 p D YD]mR PtQLPD D VHU FRQVLGHUDGD QR DOLPHQWDGRU SUHGLDO OV &' p R FRQVXPR GLiULR OGLD

2 GLkPHWUR GR DOLPHQWDGRU SUHGLDO p GDGR SRU VXD YH] SRU

RQGH '$3 p R GLkPHWUR GR DOLPHQWDGRU SUHGLDO P 9$3 p D YHORFLGDGH QR DOLPHQWDGRU SUHGLDO   9$3 PV

' $3

 4 $3 9 $3

$ WDEHOD DSUHVHQWD RV GLkPHWURV GH DOLPHQWDGRU SUHGLDO HP IXQomR GD YHORFLGDGH H GR FRQVXPR GLiULR

'LkPHWUR 1RPLQDO PP 9HORFLGDGH PV                &RQVXPR 'LiULR P             

     

3&&  6LVWHPDV 3UHGLDLV ,

'LPHQVLRQDPHQWR GR 6LVWHPD GH 5HVHUYDomR

9 = & + 1 & + 9 +9 
5, ' ' ' &,6 $&

9 =  & +9
56 '

&,+

+ 9 
$&

RQGH 95, p R YROXPH GR UHVHUYDWyULR LQIHULRU 956 p R YROXPH GR UHVHUYDWyULR VXSHULRU 1' p R Q~PHUR GH GLDV RQGH RFRUUH IDOWD GH iJXD 9&,6 p R YROXPH SDUD FRPEDWH D LQFrQGLR FRP VSULQNOHUV 9&,+ p R YROXPH SDUD FRPEDWH D LQFrQGLR FRP KLGUDQWHV 9$& p R YROXPH QHFHVViULR SDUD R VLVWHPD GH DU FRQGLFLRQDGR 3&&  6LVWHPDV 3UHGLDLV ,

'LPHQVLRQDPHQWR GR 6LVWHPD GH 5HFDOTXH

2 GLkPHWUR GD WXEXODomR GH UHFDOTXH SRGH VHU GHWHUPLQDGR D SDUWLU GD )yUPXOD GH )RUFKKHLPHU
RQGH 'UHF p R GLkPHWUR GD WXEXODomR GH UHFDOTXH P 4UHF p D YD]mR GH UHFDOTXH PV

' =  4
UHF

 UHF

$ YD]mR GH UHFDOTXH p GDGD SRU

VHQGR 1) R Q~PHUR GH KRUDV GH IXQFLRQDPHQWR GD ERPED QR SHUtRGR GH  KRUDV ; D UHODomR HQWUH R Q~PHUR GH KRUDV GH IXQFLRQDPHQWR GD ERPED H R Q~PHUR GH KRUDV GR GLD RX VHMD

&' 4 UHF = 1)

1 ; = 
)

3&&  6LVWHPDV 3UHGLDLV ,

'LPHQVLRQDPHQWR GR 6LVWHPD GH 5HFDOTXH

$VVLP SRGHPRV GHWHUPLQDU 'UHF HP IXQomR GR FRQVXPR GLiULR &' H GH 1) FXMRV YDORUHV VmR DSUHVHQWDGRV QD WDEHOD
'LkPHWUR GH UHIHUrQFLD PP
1 GH KRUDV GH IXQFLRQDPHQWR GD ERPED

     









     

    

FRQVXPR GLiULR PGLD                    

$GRWDVH SDUD D WXEXODomR GH VXFomR XP GLkPHWUR LJXDO RX LPHGLDWDPHQWH VXSHULRU DR GD WXEXODomR GH UHFDOTXH

'

68&

'

5(&

3&&  6LVWHPDV 3UHGLDLV ,

'LPHQVLRQDPHQWR GR &RQMXQWR 0RWRU%RPED

$ HVFROKD GR FRQMXQWR PRWRUERPED SDVVD SHOD GHWHUPLQDomR GD YD]mR GH UHFDOTXH 4UHF YLVWD QR LWHP GH GD DOWXUD PDQRPpWULFD WRWDO GD LQVWDODomR 'HWHUPLQDomR GD DOWXUD PDQRPpWULFD WRWDO GD LQVWDODomR $ DOWXUD PDQRPpWULFD WRWDO p GDGD SRU RQGH 5(& +0$1 p D DOWXUD PDQRPpWULFD GR UHFDOTXH PFD 68& p D DOWXUD PDQRPpWULFD GD VXFomR PFD +0$1 3DUD D GHWHUPLQDomR GD DOWXUD PDQRPpWULFD GR UHFDOTXH WHPVH RQGH +5(& p D GLIHUHQoD GH FRWDV HQWUH R QtYHO PpGLR GD ERPED H R SRQWR PDLV DOWR D VHU DWLQJLGR +5(& p D SHUGD GH FDUJD QR UHFDOTXH 3&&  6LVWHPDV 3UHGLDLV ,
8
5(& + 0$1 = + 5(& + + 5(& 5(& 68& + 0$1 = + 0$1 + + 0$1

'LPHQVLRQDPHQWR GR &RQMXQWR 0RWRU%RPED

3DUD D DOWXUD PDQRPpWULFD GH VXFomR FDVR R QtYHO GR UHVHUYDWyULR LQIHULRU HVWHMD DFLPD GR QtYHO PpGLR GD ERPED GL]VH TXH D ERPED HVWi DIRJDGD H D H[SUHVVmR D VHU XWLOL]DGD p D VHJXLQWH

68& 0$1

=+

68&

68&

RQGH +68& p D GLIHUHQoD GH FRWDV HQWUH R QtYHO PpGLR GD ERPED H D WRPDGD GH VXFomR +68& p D SHUGD GH FDUJD QR UHFDOTXH 3RU RXWUR ODGR VH D ERPED QmR HVWLYHU DIRJDGD D DOWXUD PDQRPpWULFD GH VXFomR p GDGD SRU

+
3&&  6LVWHPDV 3UHGLDLV ,

68& 0$1

=+

68&

+ +

68&

'LPHQVLRQDPHQWR GR &RQMXQWR 0RWRU%RPED

+

4 4

3&&  6LVWHPDV 3UHGLDLV ,

10

6LVWHPD GH 'LVWULEXLomR
9D]mR

< 6XSRU R IXQFLRQDPHQWR VLPXOWkQHR

$) $)

GH WRGRV RV SRQWRV TXH FRPS}HP R VLVWHPD YD]mR Pi[LPD GH SURMHWR R TXH VH FRQVWLWXL QD PDLRULD GRV FDVRV QXPD DERUGDJHP LQDGHTXDGD XPD YH] TXH D SUREDELOLGDGH GH TXH LVWR RFRUUD p EDVWDQWH UHGX]LGD FRQGX]LQGR D VLVWHPDV DQWLHFRQ{PLFRV SURMHWR IDWRUHV TXH UHSUHVHQWHP D SUREDELOLGDGH GH RFRUUrQFLD GH XVR VLPXOWkQHR GH GLIHUHQWHV SRQWRV GR VLVWHPD YD]mR Pi[LPD SURYiYHO

< LQFRUSRUDU j YD]mR Pi[LPD GH

3&&  6LVWHPDV 3UHGLDLV ,

11

6LVWHPD GH 'LVWULEXLomR
9D]mR FRQW

< PpWRGRV HPStULFRV < PpWRGRV SUREDELOtVWLFRV

4 37 = T U Q L S L
RQGH TU p D YD]mR GH UHIHUrQFLD OV QL p R Q~PHUR GH DSDUHOKRV VDQLWiULRV GR WLSR w  VHQGR RQGH TL p D YD]mR XQLWiULD GR DSDUHOKR GR WLSR L
U

T S = T
L L

3HOD 1%5  D YD]mR GH UHIHUrQFLD TL p LJXDO D  OV

4 37 =  Q L S L

H
3&&  6LVWHPDV 3UHGLDLV ,

4 S = 
L L

12

6LVWHPD GH 'LVWULEXLomR
$SDUHOKR 6DQLWiULR %DFLD VDQLWiULD

9D]mR FRQW 9D]}HV XQLWiULDV GRV SRQWRV GH XWLOL]DomR 1%5 

3HoD GH XWLOL]DomR 9D]mR OV                

&DL[D GH GHVFDUJD 9iOYXOD GH GHVFDUJD %DQKHLUD 0LVWXUDGRU iJXD IULD %HEHGRXUR 5HJLVWUR GH SUHVVmR %LGr 0LVWXUDGRU iJXD IULD &KXYHLUR RX GXFKD 0LVWXUDGRU iJXD IULD 5HJLVWUR GH SUHVVmR &KXYHLUR HOpWULFR /DYDGRUD GH SUDWRV RX GH URXSDV 5HJLVWUR GH 3UHVVmR 7RUQHLUD RX PLVWXUDGRU iJXD IULD /DYDWyULR 0LFWyULR FRP VLImR LQWHJUDGR 9iOYXOD GH GHVFDUJD &HUkPLFR VHP VLImR LQWHJUDGR &[ YiOY GH GHVFRX UHJGH SUHVVmR &DL[D GH GHVFDUJD RX UHJGH SUHVVmR 0LFWyULR WLSR FDOKD 7RUQHLUD RX PLVWXUDGRU iJXD IULD 3LD 7RUQHLUD HOpWULFD 7RUQHLUD 7DQTXH 7RUQ MDUGLP RX GH ODY HP JHUDO 7RUQHLUD

S P GH FDOKD

3&&  6LVWHPDV 3UHGLDLV ,

13

6LVWHPD GH 'LVWULEXLomR
$SDUHOKR 6DQLWiULR %DFLD VDQLWiULD

9D]mR FRQW 3HVRV DWULEXtGRV DRV SRQWRV GH XWLOL]DomR 1%5 

3HoD GH XWLOL]DomR 3HVR UHODWLYR                
14

&DL[D GH GHVFDUJD 9iOYXOD GH GHVFDUJD %DQKHLUD 0LVWXUDGRU iJXD IULD %HEHGRXUR 5HJLVWUR GH SUHVVmR %LGr 0LVWXUDGRU iJXD IULD &KXYHLUR RX GXFKD 0LVWXUDGRU iJXD IULD 5HJLVWUR GH SUHVVmR &KXYHLUR HOpWULFR /DYDGRUD GH SUDWRV RX GH URXSDV 5HJLVWUR GH 3UHVVmR 7RUQHLUD RX PLVWXUDGRU iJXD IULD /DYDWyULR 0LFWyULR FRP VLImR LQWHJUDGR 9iOYXOD GH GHVFDUJD &HUkPLFR VHP VLImR LQWHJUDGR &[ YiOY GH GHVFRX UHJGH SUHVVmR &DL[D GH GHVFDUJD RX UHJGH SUHVVmR 0LFWyULR WLSR FDOKD 7RUQHLUD RX PLVWXUDGRU iJXD IULD 3LD 7RUQHLUD HOpWULFD 7RUQHLUD 7DQTXH 7RUQ MDUGLP RX GH ODY HP JHUDO 7RUQHLUD

3&&  6LVWHPDV 3UHGLDLV ,

6LVWHPD GH 'LVWULEXLomR
9D]mR FRQW 3DUD R FDVR GRV UDPDLV D GHWHUPLQDomR GD YD]mR GH SURMHWR SRGH VH IHLWD DVVLP FRPR QDV FROXQDV H EDUULOHWHV DWUDYpV GH GXDV IRUPDV

< D VRPD GDV YD]}HV GH WRGRV RV DSDUHOKRV OLJDGRV DR UDPDO

YD]mR Pi[LPD SRVVtYHO

< LQFRUSRUDomR GH IDWRUHV GH VLPXOWDQHLGDGH j YD]mR Pi[LPD

SRVVtYHO REWHQGRVH D YD]mR Pi[LPD SURYiYHO RX HQWmR VLPSOHVPHQWH VRPD GDV YD]}HV GRV DSDUHOKRV OLJDGRV DR UDPDO H TXH VH MXOJD HVWDUHP HP IXQFLRQDPHQWR VLPXOWkQHR

3&&  6LVWHPDV 3UHGLDLV ,

15

6LVWHPD GH 'LVWULEXLomR
9HORFLGDGH $ YHORFLGDGH GR HVFRDPHQWR p OLPLWDGD HP IXQomR GR UXtGR GD SRVVLELOLGDGH GH FRUURVmR H WDPEpP SDUD FRQWURODU R JROSH GH DUtHWH $ 1%5  UHFRPHQGD TXH D YHORFLGDGH GD iJXD HP TXDOTXHU WUHFKR GD WXEXODomR QmR DWLQMD YDORUHV VXSHULRUHV D  PV

9 0$; = P  V
RQGH 90$; p D YHORFLGDGH Pi[LPD QD WXEXODomR

3&&  6LVWHPDV 3UHGLDLV ,

16

6LVWHPD GH 'LVWULEXLomR
3UHVVmR $ 1%5  UHFRPHQGD RV VHJXLQWHV YDORUHV Pi[LPRV H PtQLPRV SDUD D SUHVVmR HP TXDOTXHU SRQWR GD UHGH 35(662 (677,&$ 0;,0$ N3D PFD 35(662 ',10,&$ 01,0$ N3D  PFD 2EVHUYDVH WDPEpP TXH D SUHVVmR GLQkPLFD QRV SRQWRV GH XWLOL]DomR HP TXDOTXHU FDVR QmR GHYH VHU LQIHULRU D N3D H[FHWR SDUD R SRQWR GD FDL[D GH GHVFDUJD TXH SRGHUi DWLQJLU DWp XP PtQLPR GH N3D H GR SRQWR GH YLVWD GH YiOYXOD GH GHVFDUJD SDUD EDFLD VDQLWiULD RQGH D SUHVVmR QmR GHYH VHU LQIHULRU D N3D $LQGD DV VREUHSUHVV}HV GHYLGDV D WUDQVLHQWHV KLGUiXOLFRV FRPR SRU H[HPSOR R SURYRFDGR SHOR IHFKDPHQWR GD YiOYXOD GH GHVFDUJD VmR DGPLWLGDV GHVGH TXH QmR VXSHUHP R YDORU GH N3D
3&&  6LVWHPDV 3UHGLDLV ,
17

6LVWHPD GH 'LVWULEXLomR
3UpGLPHQVLRQDPHQWR

4 = $ 9
3 0,1

0;

'LkPHWUR UHI SRO

90; PV

30;

40; OV

LVWR p

0,1

4 9

0;

RX

'

0,1

4 9

0;

           

        

        

        

RQGH 43 p D YD]mR GH SURMHWR PV $0,1 p D iUHD PtQLPD GD VHomR WUDQVYHUVDO GR WXER P 90b; p OLPLWH VXSHULRU DGPLWLGR SDUD D YHORFLGDGH PpGLD '0,1 p R GLkPHWUR LQWHUQR PtQLPR P

3&&  6LVWHPDV 3UHGLDLV ,

18

6LVWHPD GH 'LVWULEXLomR
3UpGLPHQVLRQDPHQWR FRQW
3RQWR GH XWLOL]DomR SDUD $TXHFHGRU $OWD SUHVVmR %DL[D SUHVVmR %DQKHLUD %HEHGRXUR %LGr &DL[D GH GHVFDUJD &KXYHLUR )LOWUR GH SUHVVmR /DYDWyULR /DYDGRUD GH SUDWRV RX GH URXSDV 3LD GH FR]LQKD 7DQTXH SDUD ODYDU URXSDV 9iOYXOD GH GHVFDUJD 'LkPHWUR 5HI SRO               'LkPHWUR 5HI PP             

* 4XDQGR D SUHVVmR HVWiWLFD GH DOLPHQWDomR IRL LQIHULRU D N3D PFD UHFRPHQGDVH LQVWDODU D YiOYXOD GH GHVFDUJD HP VXEUDPDO FRP GLkPHWUR GH UHIHUrQFLD   PP

3&&  6LVWHPDV 3UHGLDLV ,

19

6LVWHPD GH 'LVWULEXLomR
3HUGD GH &DUJD
)yUPXODV GH )DLU :KLSSLH+VLDR $V IyUPXODV GH )DLU :KLSSLH+VLDR UHFRPHQGDGDV SDUD WXEXODo}HV GH SHTXHQR GLkPHWUR YDULDQGR HQWUH PP H PP VmR GDGDV SRU

= SDUD WXER GH DoR JDOYDQL]DGR iJXD D &

4 =    

'

  

RX

4 - =  '





6HQGR 4 HP PV H - HP PP H ' HP PHWURV

= SDUD WXER GH FREUH  39& iJXD D &

4 =    4 =  ' RX ' 6HQGR 4 HP PV H - HP PP H ' HP PHWURV
     





SDUD WXER GH FREUH iJXD TXHQWH

4 =    RX 4 =  ' '  6HQGR 4 HP P V H - HP PP H ' HP PHWURV
     





3&&  6LVWHPDV 3UHGLDLV ,

20

6LVWHPD GH 'LVWULEXLomR
3HUGD GH &DUJD

/9,578$/ = /5($/ + /H

&RPSULPHQWRV HTXLYDOHQWHV HP PHWURV GH FDQDOL]DomR GH 39& UtJLGR RX FREUH

'LkPHWUR QRPLQDO 'Q PP 5HI SRO
-RHOKR  -RHOKR  &XUYD  &XUYD  7r  SDVV GLUHWD 7r  VDtGD GH ODGR 7r  VDtGD ELODWHUDO (QWUDGD 1RUPDO

          

             

          

          

          

          

          

          

          

          
21

3&&  6LVWHPDV 3UHGLDLV ,

6LVWHPD GH 'LVWULEXLomR
3HUGD GH &DUJD

/9,578$/ = /5($/ + /H

&RPSULPHQWRV HTXLYDOHQWHV HP PHWURV GH FDQDOL]DomR GH 39& UtJLGR RX FREUH

'LkPHWUR QRPLQDO 'Q PP 5HI SRO
(QWUDGD GH ERUGD 6DtGD GH &DQDOL] 9iOYXOD GH Sp H FULYR YiOYXOD GH UHWHQomR WLSR OHYH WLSR SHVDGR 5HJ JORER DEHUWR 5HJ JDYHWD DEHUWR 5HJ kQJXOR DEHUWR

          

             

          

          

          

          

          

          

          

          

3&&  6LVWHPDV 3UHGLDLV ,

22

6LVWHPD GH 'LVWULEXLomR

9HULILFDomR GDV SUHVV}HV PtQLPDV QHFHVViULDV

1D VHTrQFLD SDVVDVH j YHULILFDomR GDV SUHVV}HV PtQLPDV QHFHVViULDV DR ORQJR GR VLVWHPD SUHGLDO GH iJXD IULD HP HVSHFLDO jTXHODV UHIHUHQWHV DRV SRQWRV GH XWLOL]DomR (YLGHQWHPHQWH D JHRPHWULD GD LQVWDODomR GHWHUPLQD DV FRQILJXUDomR }HV FUtWLFDV D VHUHP YHULILFDGDV $ SUHVVmR GLQkPLFD GLVSRQtYHO D MXVDQWH HP XP WUHFKR TXDOTXHU p REWLGD DWUDYpV GD VHJXLQWH H[SUHVVmR
3-86$17( = 30217$17( 'HVQtYHO 3HUGD GH FDUJD

RQGH 3-86$17( p D SUHVVmR GLQkPLFD GLVSRQtYHO D MXVDQWH GR WUHFKR FRQVLGHUDGR 30217$17( p D SUHVVmR GLQkPLFD GLVSRQtYHO D PRQWDQWH GR WUHFKR FRQVLGHUDGR 'HVQtYHO p D GLIHUHQoD GH FRWDV JHRPpWULFDV GRV SRQWRV TXH GHILQHP R WUHFKR 'HVQtYHO SRVLWLYR 'HVQtYHO QHJDWLYR 3&&  6LVWHPDV 3UHGLDLV ,
23

0DWHULDLV H FRPSRQHQWHV GR VLVWHPD SUHGLDO GH iJXD IULD

7XERV GH 39& UtJLGR  OLQKD VROGiYHO 7XERV GH FREUH  &ODVVH ( 7XERV GH DoR FDUERQR &ODVVH PpGLD

' 5() '1 '( ', H SRO PP PPPP PP                                                

' 5() '1 '( ', H SRO PP PPPP PP                                                

5() '1 '( ', H SRO PP PPPP PP                                                     

' 5()  GLkPHWUR GH UHIHUrQFLD '(  GLkPHWUR H[WHUQR '1  GLkPHWUR QRPLQDO ',  GLkPHWUR LQWHUQR H  HVSHVVXUD GD SDUHGH GR WXER

' 5()  GLkPHWUR GH UHIHUrQFLD '(  GLkPHWUR H[WHUQR '1  GLkPHWUR QRPLQDO ',  GLkPHWUR LQWHUQR H  HVSHVVXUD GD SDUHGH GR WXER

' 5()  GLkPHWUR GH UHIHUrQFLD '(  GLkPHWUR H[WHUQR '1  GLkPHWUR QRPLQDO ',  GLkPHWUR LQWHUQR H  HVSHVVXUD GD SDUHGH GR WXER

3&&  6LVWHPDV 3UHGLDLV ,

24