Escolar Documentos
Profissional Documentos
Cultura Documentos
CursoBasico ArcView32
CursoBasico ArcView32
$5&9,(:
7HRUtD\3UiFWLFD
9,5*,1,$%(+0
&$5$&$6
&XUVR%iVLFRGH$UF9LHZ
,1',&(
,QWURGXFFLyQ
&DSLWXOR &RQFHSWRV%iVLFRV
(MHUFLFLR8QHMHPSORHQ$UFYLHZ
&DSLWXOR'DWRVHQ$UF9LHZ
(MHUFLFLR$JUHJDUWHPDVDXQDYLVWD
&DSLWXOR/RVDUFKLYRV6KDSHV
(MHUFLFLR(GLFLyQGHDUFKLYRVVKDSHV
&DSLWXOR'HVSOLHJXHGHWHPDV
(MHUFLFLR0DQHMRGHO(GLWRUGHOD/H\HQGD
&DSLWXOR3URSLHGDGHVGHORVWHPDV
(MHUFLFLR0DQHMRGHODVSURSLHGDGHVGHORVWHPDV
&DSLWXOR 0DQHMRGHOD7DEODV
(MHUFLFLR0DQHMRGHODV WDEODV
&DSLWXOR/RV*UiILFRV
(MHUFLFLR&UHDFLyQGH*UiILFRV
&DSLWXOR$QiOLVLVHVSDFLDO
(MHUFLFLR$QiOLVLVHVSDFLDO
&DSLWXOR/RV/D\RXWV
(MHUFLFLR&UHDFLyQGHXQ/D\RXW
%LEOLRJUDItD
&XUVR%iVLFRGH$UF9LHZ
&XUVR%iVLFRGH$UF9LHZ
$/868$5,2
/DHGLFLyQGHHVWHPDWHULDOVHUHDOL]DFRQODLQWHQFLyQGHHIHFWXDUXQDSRUWHDODGLYXOJDFLyQ
GH ORV VLVWHPDV GH LQIRUPDFLyQ JHRJUiILFD PHGLDQWH HO DSUHQGL]DMH GH XQ VRIWZDUH FRPR
KHUUDPLHQWD GH DSOLFDFLyQ (VWH FXUVR HVWi RULHQWDGR D XVXDULRV TXH SRVHHQ HVFDVD R
QLQJXQD H[SHULHQFLD HQ HO PDQHMR GHO VRIWZDUH $UF9LHZ PDUFD UHJLVWUDGD GH (65,
(QYLURQPHQW6\VWHPV5HVHDUFK,QVWLWXWH
/DDXWRUtDGHORVGDWRVXWLOL]DGRVHQORVHMHUFLFLRVHVHOVLJXLHQWH
,QWURGXFFLyQ(ODUFKLYRGHJHRORJtDSUHVHQWDGRFRPRHMHPSORHQOD,QWURGXFFLyQKDVLGR
SURGXFLGRSRUOD)XQGDFLyQ9HQH]RODQDGH,QYHVWLJDFLRQHV6LVPROyJLFDV)XQYLVLVSDUDHO
3UR\HFWR $YLOD 0DSD GH 5LHVJR HODERUDGR SRU HO ,QVWLWXWR *HRJUiILFR GH 9HQH]XHOD
6LPyQ%ROtYDU,*96%HQHODxR
(MHUFLFLR'DWRVSXEOLFDGRVSRU(65,
(MHUFLFLR/tPLWHVGH(VWDGRV,QVWLWXWR1DFLRQDOGH(VWDGtVWLFD,1(
(MHUFLFLR0DSDEDVHYLDOLGDGHKLGURJUDItDGLJLWDOL]DGRDSDUWLUODVFDUWDVHVFDOD
SURGXFLGDV SRU 6HUDYHQFD GHO DxR 2UWRLPDJHQ GH OD FXHQFD DOWD GH OD TXHEUDGD
3LHGUD$]XO(VWDGR9DUJDV3UR\HFWR&DUWRFHQWURHVFDODGHODxR
(MHUFLFLR \ /tPLWHV GH (VWDGRV ,QVWLWXWR 1DFLRQDO GH (VWDGtVWLFD ,1( GDWRV GH
SREODFLyQ WRWDO VHJ~Q HO &HQVR GH 3REODFLyQ \ 9LYLHQGD GHO DxR SXEOLFDGRV HQ OD
SiJLQDZHEGHO ,1(
(MHUFLFLR 0DSD EDVH KLGURJUDItD OtQHD GH FRVWD YLDOLGDG KLSVRPHWUtD GLJLWDOL]DGR D
SDUWLU ODV FDUWDV HVFDOD SURGXFLGDV SRU 6HUDYHQFD GHO DxR /RV HYHQWRV
QDWXUDOHV UHJLVWUDGRV HQ HO (VWDGR 9DUJDV VRQ DXWRUtD GHO ,QJ 0LJXHO /XJR SDUD HO
3UR\HFWR $YLOD 0DSD GH 5LHVJR HODERUDGR SRU HO ,QVWLWXWR *HRJUiILFR GH 9HQH]XHOD
6LPyQ%ROtYDU,*96%HQHODxR
(MHUFLFLR /tPLWHV GH (VWDGRV ,QVWLWXWR 1DFLRQDO GH (VWDGtVWLFD ,1( ORV GDWRV GH
SREODFLyQIXHURQREWHQLGRVGHXQDFRPSLODFLyQHODERUDGDSRUHO 3URI(UDVPR5DPtUH]/D
&XUVR%iVLFRGH$UF9LHZ
3REODFLyQ GH 9HQH]XHOD 3DVDGR 3UHVHQWH \ )XWXUR LQpGLWR SXEOLFDGD SRU HO ,QVWLWXWR GH
,QYHVWLJDFLRQHV(FRQyPLFDV\6RFLDOHV8QLYHUVLGDGGHORV$QGHV
(MHUFLFLR D $UFKLYRV GH KLGURJUDItD \ FXHQFDV GLJLWDOL]DGRV D SDUWLU GH OD LQIRUPDFLyQ
SXEOLFDGDHQ,PDJHQ$WODVGH9HQH]XHOD8QDYLVLyQHVSDFLDO3HWUyOHRVGH9HQH]XHOD
6$
(MHUFLFLRE$UFKLYRVGHLVR\HWDVHLVRWHUPDVFRUUHVSRQGLHQWHVDODKRMD1&HVFDOD
HODERUDGRVSRU3HWUyOHRVGH9HQH]XHOD$XWRUtDGHOHMHUFLFLR,QJ'HXG'XPLWK
(MHUFLFLR/tPLWHVGH(VWDGRV,QVWLWXWR1DFLRQDOGH(VWDGtVWLFD,1(ORV OtPLWHVGH ODV
UHJLRQHV VH REWXYLHURQ D SDUWLU GH OD GLYLVLyQ GH (VWDGRV VH HIHFWXy OD VXPDWRULD GH ORV
GDWRVGHSREODFLyQVHJ~QHO&HQVRGH3REODFLyQ\9LYLHQGDDxRSDUDREWHQHUGLFKD
LQIRUPDFLyQ DQLYHOUHJLRQDO
(VWHPDWHULDOKDVLGRGLVHxDGR\HODERUDGRSRUODJHyJUDIR9LUJLQLD%HKP
3DUDLQIRUPDFLyQUHODFLRQDGDFRQHVWHFXUVRYLVLWHKWWSZZZYLUJLQLDEHKPEORJVSRWFRP
/DPDUFD$UF9LHZSHUWHQHFHDVXFRUUHVSRQGLHQWHSURSLHWDULR\IDEULFDQWH(65,
/DPDUFD0LFURVRIW2IILFHSHUWHQHFHDVXFRUUHVSRQGLHQWHSURSLHWDULR\IDEULFDQWH
0,&5262)7
&XUVR%iVLFRGH $UF9LHZ
,QWURGXFFLyQ6LVWHPDGH,QIRUPDFLyQ*HRJUiILFD
,1752'8&&,1
6,67(0$'(,1)250$&,1*(2*5),&$6,*
9LUJLQLD%HKP &DUDFDV
&XUVR%iVLFRGH $UF9LHZ
,QWURGXFFLyQ6LVWHPDGH,QIRUPDFLyQ*HRJUiILFD
8QFRQMXQWRGHKDUGZDU HVRIWZDUHGDWRV
JHRJUiILFRV\SHUVRQDOFDSDFLWDGR
RUJDQL]DGRVSDUDFDSWXUDUDOPDFHQDU
FRQVXOWDUDQDOL]DU\SUHVHQWDUWRGRWLSR
GHLQIRU PDFLyQTXHSXHGD WHQHUXQD
UHIHU HQFLDJHRJUiILFD
'HILQLFLyQGHXQ
VLVWHPDGH
LQIRUPDFLyQ
JHRJUiILFD 6,*
6H WUDWD GH XQD KHUUDPLHQWD GH DQiOLVLV TXH RIUHFH OD SRVLELOLGDG GH
LGHQWLILFDUODVUHODFLRQHVHVSDFLDOHVGHORVIHQyPHQRVTXH VHHVWXGLDQ
/D GLIHUHQFLD TXH H[LVWH HQWUH XQ 6,* \ RWURV SDTXHWHV GH VRIWZDUH
JUiILFRVHV TXHXQ6,* HV HVHQFLDOPHQWHXQDEDVHGHGDWRV HVSDFLDOOR
TXH OH RWRUJD XQD FXDOLGDG LQFRPSDUDEOH HQ HO GHVDUUROOR GH DQiOLVLV
HQIRFDGRVDUHVROYHUSUREOHPDVUHDOHVTXHDIHFWDQHOHVSDFLRJHRJUiILFR
'DWRVGHVFU LSWLYRV
0DSDV
7DEODDWU LEXWLYD
(QODFHGHODV
FDUDFWHUtVWLFDV
HVSDFLDOHV\VXV
DWULEXWRV
(O6,*DOPDFHQDXQDLQIRUPDFLyQFDUWRJUiILFDGLJLWDODODFXDOVHDQH[D
XQD LQIRUPDFLyQ DWULEXWLYD HQ IRUPD GH WDEODV TXH FRQWLHQHQ ORV GDWRV
GHVFULSWLYRV TXH SHUPLWHQ UHDOL]DU ODV FRQVXOWDV DQiOLVLV JUiILFRV \
UHSRUWHVGHODGDWDHVSDFLDO
9LUJLQLD%HKP &DUDFDV
&XUVR%iVLFRGH $UF9LHZ
,QWURGXFFLyQ6LVWHPDGH,QIRUPDFLyQ*HRJUiILFD
2U JDQL]DFLyQGHODGDWDJHRJU iILFD
/DLQIRU PDFLyQVHDJUXSDGHDFXHUGR
9LDOLGDG
3DU FHODV
DVXVVLPLOLWXGHVWHPiWLFDV
8VRGHODWLHU U D
7UHVIRU PDVGHDOPDFHQDPLHQWR
GHODGDWDYHFWRULDO
3XQWRVHVFXHODV
2UJDQL]DFLyQGHOD
GDWDJHRJUiILFD
/tQHDVYLDOLGDG
3ROtJRQRVSDU URTXLDV
/D GDWD JHRJUiILFD VH RUJDQL]D VHJ~Q VXV VLPLOLWXGHV WHPiWLFDV GDGR TXH
XQDUFKLYRJHRJUiILFRYDDFRPSDxDGRGHXQDWDEODDWULEXWLYDTXHDOPDFHQD
ORVFRUUHVSRQGLHQWHVGDWRVGHVFULSWLYRV/DDEVWUDFFLyQJUiILFDHQ$UF9LHZ
SDUDODUHSUHVHQWDFLyQGHODGDWDJHRJUiILFDHVSXQWROtQHD\SROtJRQR
/RV&RPSRQHQWHVGHXQ6,*
3(5621$/
(63$&,2),6,&2
6,*
'$726
62)7:$5(6
352&(',0,(1726
/RVFRPSRQHQWHVGH
XQ6,*
8Q 6,* HVWi FRPSXHVWR SRU XQ XVXDULR XQ VRIWZDUH TXH HV OD
KHUUDPLHQWD GH WUDEDMR ORV GDWRV DOPDFHQDGRV HQ IRUPD FDUWRJUiILFD \
WDEXODU EDVHV GH GDWRV ORV HTXLSRV GH FRPSXWDFLyQ \ ORV
SURFHGLPLHQWRVTXHVHGHILQHQSDUDUHDOL]DUORVDQiOLVLVFRUUHVSRQGLHQWHV
7RGRV HVWRV FRPSRQHQWHV GHEHQ HVWDU XELFDGRV HQ XQ HVSDFLR ItVLFR
DFRUGH FRQ ORV UHTXHULPLHQWRV GH LOXPLQDFLyQ WHPSHUDWXUD \ KXPHGDG
DPELHQWH\PRELOLDULRGHRILFLQD
9LUJLQLD%HKP &DUDFDV
&XUVR%iVLFRGH $UF9LHZ
,QWURGXFFLyQ6LVWHPDGH,QIRUPDFLyQ*HRJUiILFD
/DVIXQFLRQHVGHXQ6,*
2UJDQL]DFLyQ\
FDSWXUDGHODGDWD
$OPDFHQDPLHQWR
GHODGDWD
$QiOLVLVGHODGDWD
/DVIXQFLRQHVGHXQ
6,*
'HVSOLHJXHGHODGDWD
&RQVXOWDGHODGDWD
6DOLGDGHODGDWD
&XDOTXLHU VLVWHPD GH LQIRUPDFLyQ JHRJUiILFD GHEH VHU FDSD] GH UHDOL]DU
HVWDV RSHUDFLRQHV IXQGDPHQWDOHV SDUD TXH UHVXOWH ~WLO HQ OD E~VTXHGD GH
VROXFLRQHVDSUREOHPDVUHDOHV
3DVRVHQODLPSODQWDFLyQGHXQ6,*
)RUPXODFLyQGHREMHWLYRVGHO6,*GHWHUPLQDFLyQGHUHTXHULPLHQWRV
(VWLPDFLyQGHFRVWRVKDUGZDUHVRIWZDUHGDWRVSHUVRQDO
,QGXFFLyQHQHOPDQHMRGHODVKHU UDPLHQWDVGH6,*
'LVHxRFRQFHSWXDO\OyJLFR\ItVLFRGHODEDVHGHGDWRVGHO6,*
'HILQLFLyQ\HMHFXFLyQGHXQ3UR\HFWRSLORWR
3ODQGHDXWRPDWL]DFLyQGHLQIRU PDFLyQ
'HWHU PLQDFLyQGHSURFHVRVSDUDODFRPXQLFDFLyQGHGDWRV
3ODQGHPDQWHQLPLHQWR
3ODQGHHQWUHQDPLHQWR
3DVRVHQOD
LPSODQWDFLyQGHXQ
6,*
(Q OD LPSOHPHQWDFLyQ GH XQ 6,* VH GHILQHQ XQD VHULH GH SDVRV TXH
UHSUHVHQWDQ XQD JXtD SDUD DFRPHWHU HVWD WDUHD HQ IRUPD HILFLHQWH \
RUJDQL]DGD
9LUJLQLD%HKP &DUDFDV
&XUVR%iVLFRGH $UF9LHZ
,QWURGXFFLyQ6LVWHPDGH,QIRUPDFLyQ*HRJUiILFD
)RU PXODFLyQGHREMHWLYRV
4XpSURGXFWRVVHHVSHUDREWHQHUGHO6,*"
&XiOHVVRQORVUHFXU VRVGLVSRQLEOHV"
4XpWDUHDVVHHMHFXWDQFRQGDWRVHVSDFLDOHV"
4XpWDUHDVPHMRUDUtDQDOPDQHMDU ODVFRQXQ6,*"
4XpDSOLFDFLRQHVVHQHFHVLWDQ"
&XiOHVODGDWDUHTXHULGDSDUDDFRPHWHUHVWDVDSOLFDFLRQHV"
&XiOHVVRQODVFDUDFWHUtVWLFDVGHODVEDVHVGHGDWRVH[LVWHQWHV"
&XiOHVODSUHSDUDFLyQGHOSHUVRQDOSDUDPDQHMDUXQ6,*"
(QWU HYLVWDV
'$726
8VXDU LRV
) RUPXODFLyQGH
REMHWLYRV
%DVHGH'DWRV
6,*
7DU HDVGH
6,*
/RSULPHURHVLGHQWLILFDUODVQHFHVLGDGHVGHXQDLQVWLWXFLyQTXHSXHGHQ
VHUFXELHUWDVSRUXQ6,*
'HILQLUORVREMHWLYRVSDUDORVFXiOHVVHUHTXLHUHXQ6,*
&RQRFHUODHVWUXFWXUDRUJDQL]DWLYDGHODHPSUHVD
,GHQWLILFDUORVGDWRVTXHLQYROXFUDQXQDUHSUHVHQWDFLyQHVSDFLDO
(VWLPDFLyQGHFRVWRV
- XVWLILFDUODLQYHUVLyQ
%XVFDUODVRSFLRQHVGHKDUGZDUH
3UHYHUORVUHTXHULPLHQWRVGHVRSRUWHWpFQLFRDQLYHO
GHKDUGZDUH
(YDOXDUODVDOWHUQDWLYDVHQODDGTXLVLFLyQGHVRIWZDUHV
GH6,*
3UHYHUODVRSFLRQHVGHDFWXDOL]DFLyQGHVRIWZDU HV
&RQVLGHUDUHOWLHPSRHVWLPDGRSDUDODLPSODQWDFLyQILQDO
&RQVLGHUDUHOSHUVRQDOHQIXQFLyQGHOD
GLVSRQLELOLGDGGHLQIUDHVWUXFWXUDItVLFD
HVSDFLRItVLFR\HTXLSDPLHQWRGHRILFLQD
(VWLPDFLyQGHFRVWRV
(VWH HV XQ IDFWRU GHWHUPLQDQWH HQ OD FRQILJXUDFLyQ GHO 6,* GDGR TXH
WRGRV ORV FRPSRQHQWHV GH pVWH SHUVRQDO KDUGZDUH VRIWZDUH GDWRV
HVSDFLR ItVLFR HQWUHQDPLHQWR \ PDQWHQLPLHQWR UHTXLHUHQ GHO UHFXUVR
ILQDQFLHURSDUDVXDGHFXDGRIXQFLRQDPLHQWR
9LUJLQLD%HKP &DUDFDV
&XUVR%iVLFRGH $UF9LHZ
,QWURGXFFLyQ6LVWHPDGH,QIRUPDFLyQ*HRJUiILFD
,PSODQWDFLyQILQDO
2ILFLQD6,*FRQSHUVRQDOFDSDFLWDGR
&RRUGLQDGRU
$GPLQLVWUDGRUGHOD5'%06
'DWRVEiVLFRVLQFRUSRUDGRVDOVLVWHPD
'DWRVDGLFLRQDOHVSDUDPHMRUDUODVWDUHDVGH6,*
'HVDU UROORGHWDUHDVGH6,*
'HVDU UROORGHDSOLFDFLRQHV
0DQWHQLPLHQWRGHOVLVWHPD
R KDUGZDUHVRIWZDUH\SHUVRQDO
3ODQGH
HQWUHQDPLHQWR
0DQWHQLPLHQWRGHO
VLVWHPD
6H GHEHQ FRQVLGHUDU ORV UHFXUVRV ILQDQFLHURV SDUD ORJUDU XQ DGHFXDGR
PDQWHQLPLHQWR WDQWR GH ORV GDWRV FRPR GHO SHUVRQDO ORV HTXLSRV GH
KDUGZDUH\ODVDFWXDOL]DFLRQHVGHVRIWZDUHV
9LUJLQLD%HKP &DUDFDV
&XUVR%iVLFRGH$UF9LHZ
&DStWXOR &RQFHSWRV%iVLFRV
&$3,78/2
&21&(3726%6,&26
9LUJLQLD%HKP &DUDFDV
&XUVR%iVLFRGH$UF9LHZ
&DStWXOR &RQFHSWRV%iVLFRV
(VWDEOHFHXQHQODFHHQWUHODLQIRU PDFLyQJUiILFD\ORVGDWRVGHVFULSWLYRV
8Q7(0$GH$UF9LHZHVODGHQRPLQDFLyQSDUDLGHQWLILFDUXQDUFKLYR
GDWRVHVSDFLDOHV\DWULEXWLYRV
8QVRIWZDUH
SDUDWUDEDMDUHQ
6LVWHPDVGH
,QIRUPDFLyQ
*HRJUiILFD
(Q$UF9LHZORVGDWRVHVSDFLDOHVHVWiQYLQFXODGRVFRQGDWRVDWULEXWLYRVTXH
SHUPLWHQFDUDFWHUL]DUODLQIRUPDFLyQ HVWHHV HOSULQFLSLREiVLFRTXHGHILQH
XQVLJ
(VWHHQODFHSHUPLWHKDFHUFRQVXOWDV\DQiOLVLVVREUHODLQIRUPDFLyQ JUiILFD
HQIXQFLyQGHORVGDWRVLQFRUSRUDGRVFRPRDWULEXWRV
$U F9LHZ*,6
(VXQVRIWZDU HGLVHxDGRSDUDWUDEDMDUHQVLVWHPDVGHLQIRUPDFLyQJHRJUiILFD
(VWiFRQVWLWXLGRSRUXQFRQMXQWRGHKHUUDPLHQWDVSDUDYLVXDOL]DUH[SORUDU
FRQVXOWDUHGLWDU\DQDOL]DULQIRU PDFLyQDVRFLDGDDXQDORFDOL]DFLyQJHRJUiILFD
(VXQSURGXFWRGH(65,(QYLURQPHQW6\VWHP5HVHDUFK,QVWLWXWH
$UF9LHZ*,6
$UF9LHZ *,6 HV XQ VRIWZDUH SDUD WUDEDMDU HQ VLVWHPDV GH LQIRUPDFLyQ
JHRJUiILFD6,*
(VWDKHUUDPLHQWDKDVLGRGHVDUUROODGDSRUODHPSUHVD(QYLURQPHQW6\VWHPV
5HVHDUFK ,QVWLWXWH ,QF (65, OtGHU HQ OD IDEULFDFLyQ GH SURGXFWRV
UHODFLRQDGRVFRQ6,*
/DYHUVLyQTXHVHHVWXGLD\PDQHMDHQHVWHFXUVRHVODYHUVLyQ
9LUJLQLD%HKP &DUDFDV
&XUVR%iVLFRGH$UF9LHZ
&DStWXOR &RQFHSWRV%iVLFRV
$SOLFDFLRQHVGH$U F9LHZ
0DSHRGHLQIRUPDFLyQFRQUHIHU HQFLDHVSDFLDO
&UHDFLyQ\HGLFLyQGHGDWRVHVSDFLDOHV\DWULEXWLYRV
'HVDU UROORGHDQiOLVLVHVSDFLDOHV
$FFHVRDEDVHVGHGDWRVH[WHUQDV
3HUVRQDOL]DFLyQFRQHOOHQJXDMHGHSURJUDPDFLyQ$9(18(
$SOLFDFLRQHVGH
$UF9LHZ
,QWHU IDFHGH$UF9LHZ
,QWHU IDFH
*UiJLFDGHO
8VXDULR
*8,
9HQWDQDGHO
3UR\HFWR
'RFXPHQWR
/DLQWHUIDFHGH
$UF9LHZ
9LUJLQLD%HKP &DUDFDV
&XUVR%iVLFRGH$UF9LHZ
&DStWXOR &RQFHSWRV%iVLFRV
/RVGRFXPHQWRVGH$U F9LHZ
9LVWDD
7DEODD
/D\RXW
/RVGRFXPHQWRV
GH$UF9LHZ
*UiILFRR
6FULSW
/RV GRFXPHQWRV GH $UF9LHZ LGHQWLILFDQ ORV GLIHUHQWHV IRUPDWRV GH GDWRV
TXHHVWHVRIWZDUHPDQHMDFDGDWLSRGHGRFXPHQWRSRVHHVXSURSLDLQWHUIDFH
JUiILFD
(VWRVGRFXPHQWRVVRQODV9LVWDVGHVSOLHJXHGHGDWRVHVSDFLDOHVODV7DEODV
GHVSOLHJXH GH GDWRV DWULEXWLYRV ORV *UiILFRV ORV /D\RXWV VDOLGDV GH
PDSDV\ORV6FULSWVDSOLFDFLRQHVSURJUDPDGDV
9LVWD
7DEOD
*U iILFR
9HQWDQD
GHO
3U R\HFWR
/D\RXW
6FU LSW
(O3UR\HFWRGH
$UF9LHZ
9LUJLQLD%HKP &DUDFDV
&XUVR%iVLFRGH$UF9LHZ
&DStWXOR &RQFHSWRV%iVLFRV
/DV9LVWDV\ORV7HPDV
8Q 7(0$HVXQDFROHFFLyQGHFDUDFWHUtVWLFDVJHRJUiILFDVVLPLODUHV\VXV
DWULEXWRVDVRFLDGRV
&DGDWHPDSRVHHXQ QRPEUHTXHORLGHQWLILFDHOFXDOVHHVSHFLILFDHQOD7DEOD
GH&RQWHQLGRGHOD9LVWD
*8,GHOD9LVWD
7HPDV
7DEODGH&RQWHQLGR
/DV9LVWDV\ORV
7HPDV
'HVSOLHJXHGH
PDSDV
(O GRFXPHQWR GHQRPLQDGR 9LVWD HV HO TXH VH XWLOL]D SDUD DJUHJDU \
GHVSOHJDUORV7HPDV(QXQD9LVWD VHSXHGHGHVSOHJDUPiVGHXQWHPDGHOD
PLVPD iUHD JHRJUiILFD OD LGHQWLILFDFLyQ GH ORV 7HPDV DSDUHFH HQ OD SDUWH
L]TXLHUGDGHOD9LVWD OODPDGD7DEODGH&RQWHQLGR
6H GHQRPLQD 7HPD D OD LQIRUPDFLyQ JHRJUiILFD \ DWULEXWLYD GH
FDUDFWHUtVWLFDVVLPLODUHVHVXQDFDSDGHLQIRUPDFLyQ/RV7HPDVSXHGHQVHU
GHSXQWRVOtQHDVRSROtJRQRV
$FFLRQHVU HDOL]DGDVHQORVWHPDV
3UHQGHURDSDJDUORVWHPDV
$FWLYDUXQWHPD
0RGLILFDUHORUGHQGHGHVSOLHJXHGHORVWHPDV
2SHUDFLRQHVHQ
ORVWHPDV
9LUJLQLD%HKP &DUDFDV
&XUVR%iVLFRGH$UF9LHZ
&DStWXOR &RQFHSWRV%iVLFRV
/DV7DEODV
(VHOGRFXPHQWRXWLOL]DGRSDUDDOPDFHQDU\GHVSOHJDUORVDWULEXWRV
GHVFULSWLYRVGHORV7HPDV
(VXQDWDEODHQIRUPDWRG%DVHFRQFDPSRVFROXPQDV\UHJLVWURVILODV
&RQWLHQHLQIRUPDFLyQGHVFULSWLYDVREUHODVFDUDFWHUtVWLFDVGHORVWHPDV
*8,GHOD7DEOD
&DPSRV
5HJLVWU RV
/DV7DEODV
/D 7DEOD FRQWLHQH LQIRUPDFLyQ GHVFULSWLYD VREUH ODV FDUDFWHUtVWLFDV GH XQ
WHPD HMFLXGDGHVSDtVHVHVWDGRVSDUURTXLDV&DGDILODRUHJLVWURGHILQH
XQHOHPHQWRGHOJUXSRUHSUHVHQWDGR&DGDFROXPQDRFDPSRUHSUHVHQWDXQD
YDULDEOH R FDUDFWHUtVWLFD HVSHFtILFD GH WRGRV ORV HOHPHQWRV WDO FRPR HO
QRPEUHGHORVSDtVHVFLXGDGHVSDUURTXLDVRHVWDGRV
/RV*U iILFRV
8QJUiILFRGHVSOLHJDGDWRVWDEXODUHVHQIRUPDJUiILFD
/DSULQFLSDOIXQFLyQGHHVWRVJUiILFRVHVHIHFWXDUFRPSDUDFLRQHVHQWU HORV
GDWRVGHVFULSWLYRV DQDOL]DGRV
*8,, GHOO*UiILFR
,QWURGXFFLyQD
ORV*UiILFRV
/RVJUiILFRVSHUPLWHQLQWHUSUHWDUORVGDWRVGHVFULSWLYRVFRQPD\RUIDFLOLGDG
HOORV UHSUHVHQWDQ GDWRV FXDQWLWDWLYRV HQ IRUPD FRPSDUDWLYD 3XHGHQ
XWLOL]DUVH DGHPiV SDUD FRPSDUDU GDWRV HQ IXQFLyQ GH XQLGDGHV HVSDFLDOHV
GLVWULEX\pQGRORVHQGLFKDVXQLGDGHV
9LUJLQLD%HKP &DUDFDV
&XUVR%iVLFRGH$UF9LHZ
&DStWXOR &RQFHSWRV%iVLFRV
/RV/D\RXWV
/RVOD\RXWVSURSRUFLRQDODVKHU UDPLHQWDVSDUDIDFLOLWDUODFUHDFLyQGH
VDOLGDVFDUWRJUiILFDVGHFDOLGDG
(QORVOD\RXWVVHLQFRUSRUDQORVGLVWLQWRVGRFXPHQWRVYLVWDVWDEODVJUiILFRV\
DUFKLYRVUDVWHUIRWRJUDItDV
*8,GHO/D\RXW
/RV/D\RXWV
(O /D\RXW HV HO GRFXPHQWR GH $UF9LHZ GLVHxDGR SDUD HODERUDU PDSDV GH
SUHVHQWDFLyQ (Q OD LQWHUIDFH JUiILFD VH SUHVHQWDQ ODV KHUUDPLHQWDV
DSURSLDGDV SDUDLQFRUSRUDUXQDOH\HQGDXQDHVFDODJUiILFDHOVtPEROR GHO
QRUWH\IXQFLRQHVDGLFLRQDOHVTXHIDFLOLWDQpVWDV\RWUDVWDUHDVUHODFLRQDGDV
/RV6FU LSWV
/RVVFULSWVUHSUHVHQWDQHOGRFXPHQWRGRQGHVHHVFULEHQORVSURJUDPDVGH
$YHQXH
/RVVFULSWVVHXWLOL]DQSDUDDXWRPDWL]DUWDUHDVDJUHJDUQXHYDVIXQFLRQHV\
FU HDUDSOLFDFLRQHVHVSHFtILFDV
*8,GHO6FU LSW
/RV6FULSWV
(O 6FULSWV HV XQ HGLWRU GH WH[WR TXH SHUPLWH LQFRUSRUDU SURJUDPDV
GHVDUUROODGRVFRQHOOHQJXDMHGH$UF9LHZ$YHQXH&RQHODGPLQLVWUDGRUGH
6FULSWV VH SXHGHQ EXVFDU ORV SURJUDPDV EDVH GHO VRIWZDUH \ HQ OD SiJLQD
ZHE GH (65, ZZZHVULFRP VH HQFXHQWUDQ VFULSWV DGLFLRQDOHV
GHVDUUROODGRVSRUORVXVXDULRVDQLYHOPXQGLDO
9LUJLQLD%HKP &DUDFDV
&XUVR%iVLFRGH$UF9LHZ
&DStWXOR &RQFHSWRV%iVLFRV
$\XGDHQOtQHDGH$U F9LHZ
$\XGDHQ/tQHD
$\XGDSDUD%RWRQHV
+HU UDPLHQWDV\0HQ~V
7ySLFRVGH$\XGD&RQWHQLGR,QGLFH%XVFDU
$\XGDHQOtQHD
GH$UF9LHZ
&RPRWRGRVRIWZDUHGHVDUUROODGREDMR:LQGRZV$UF9LHZSRVHHXQDD\XGD
HQ OtQHD GH IiFLO DFFHVR 'HVGH HO PHQ~ +HOS VH DFFHGH D ORV GLIHUHQWHV
FDStWXORVRPHGLDQWHODVSHVWDxDVGH&RQWHQLGR,QGLFH\%XVFDU
9LUJLQLD%HKP &DUDFDV
&XUVR%iVLFRGH$UF9LHZ(MHUFLFLR ,QWURGXFFLyQDODLQWHUIDFHGH$UF9LHZ
+DJD FOLF HQ $EULU XQ 3UR\HFWR ([LVWHQWH (Q OD FDMD GH GLiORJR GH
GLUHFWRULRVFROyTXHVHHQHOGLUHFWRULRGHOFXUVR F?FXU VRDUFYLHZ?HMHUFLFLRV \
DEUDHO3UR\HFWRGHQRPLQDGRHMHUFLFLRDSU
'HVSOLHJXHGHYLVWDV\WHPDV
$ OD L]TXLHUGD GH OD DSOLFDFLyQ VH PXHVWUD OD 9HQWDQD GHO 3UR\HFWR TXH
FRQWLHQHXQDYLVWDGHQRPLQDGD0XQGR
+DJDFOLFHQHOQRPEUHGHOD9LVWD0XQGR
6H KD GHVSOHJDGR XQD YLVWD TXH FRQWLHQH WHPDV /RV WHPDV GHQRPLQDGRV
3DtVHVVKS\6LVFRRUGVKSHVWiQSUHQGLGRV\VHYLVXDOL]DQHQWDQWRTXHHOWHPD
&LXGDGHVPVKSHVWiDSDJDGR\QRVHGHVSOLHJDHQODYLVWD
9LUJLQLD%HKP &DUDFDV
&XUVR%iVLFRGH$UF9LHZ(MHUFLFLR ,QWURGXFFLyQDODLQWHUIDFHGH$UF9LHZ
+DJDFOLFHQODFDMDGHHQFHQGLGRGHHVWHWHPD
$KRUDVHGLEXMDSHURTXHGDRFXOWRSRUORVRWURV
GRVWHPDV
&DPELHHORUGHQGHGHVSOLHJXHGHORVWHPDV&RORTXHHOFXUVRUVREUHHOWHPD
GHODVFLXGDGHV\DUUiVWUHORDODSDUWHVXSHULRUGHOD7DEODGH&RQWHQLGR
3DUD REWHQHU LQIRUPDFLyQ VREUH ODV FLXGDGHV TXH VH YLVXDOL]DQ HQ OD 9LVWD
KDJD FOLF HQ HO ERWyQ GH ,GHQWLILFDFLyQ OXHJR KDJD FOLF VREUH HO SXQWR TXH
UHSUHVHQWDDODFLXGDGGH&DUDFDV
3DUDGHVSOD]DUVHKDFLDRWURVHFWRUGHOPDSDXWLOLFHHOERWyQ3DQKDJDFOLF
HQHVWHERWyQ\OXHJRVREUHODYLVWDDUUDVWUHODLPDJHQSDUDYLVXDOL]DUODSDUWH
VXUGHOFRQWLQHQWHDPHULFDQR
9LUJLQLD%HKP &DUDFDV
&XUVR%iVLFRGH$UF9LHZ(MHUFLFLR ,QWURGXFFLyQDODLQWHUIDFHGH$UF9LHZ
$KRUD H[DPLQH OD WDEOD GH DWULEXWRV +DJD FOLF HQ HO ERWyQ TXH DEUH OD WDEOD
DWULEXWLYDSDUDGHVSOHJDUOD
9LUJLQLD%HKP &DUDFDV
&XUVR%iVLFRGH$UF9LHZ(MHUFLFLR ,QWURGXFFLyQDODLQWHUIDFHGH$UF9LHZ
3DUDOHHUHQODSDUWHVXSHULRUGHODWDEODORVUHJLVWURVVHOHFFLRQDGRVXWLOLFHOD
RSFLyQ 3URPRWH 3URPRYHU +DJD FOLF HQ HVWH ERWyQ \ ORV UHJLVWURV
VHOHFFLRQDGRVVHXELFDUiQODSDUWHVXSHULRUGHODWDEOD
$\XGDHQOtQHD
3DUD REWHQHU LQIRUPDFLyQ VREUH ORV WySLFRV GH OD DSOLFDFLyQ KDJD FOLF HQ HO
ERWyQGHD\XGD\OXHJRFRORFDQGRHOFXUVRUHQODYLVWDKDJDFOLFQXHYDPHQWH
'HHVWDIRUPDHVSRVLEOHREWHQHULQIRUPDFLyQVREUHTXpHVXQDYLVWD"
9LUJLQLD%HKP &DUDFDV
&XUVR%iVLFRGH$UF9LHZ(MHUFLFLR ,QWURGXFFLyQDODLQWHUIDFHGH$UF9LHZ
+DFLHQGR FOLF VREUH FXDOTXLHU RWUR HOHPHQWR VH REWLHQH OD LQIRUPDFLyQ
FRUUHVSRQGLHQWH
2WUD IRUPD GH EXVFDU D\XGD HV XWLOL]DQGR OD RSFLyQ +
+ HOS GHO PHQ~ HQ OD
SDUWHVXSHULRUGHODSDQWDOODGH$UF9LHZ
/DVWUHVSHVWDxDV&RQWHQLGRQGLFH\%XVFDUOHSHUPLWHQFRQRFHUPiV
GHWDOOHVVREUHHOIXQFLRQDPLHQWRGHOVRIWZDUH+DJDFOLFHQODSHVWDxD , QGLFH\
OXHJRHVFULEHODSDODEUD7KHPHHQHOHVSDFLRFRUUHVSRQGLHQWH
6HGHVSOLHJDRWUDSDQWDOODHQODFXDOVHPXHVWUDODGHVFULSFLyQGHORTXHHVXQ
WHPDHQ$UF9LHZ
&LHUUHWRGDVODVSDQWDOODVGHD\XGDKDFLHQGRFOLFHQHOVtPERORGHFUX]HQOD
SDUWHVXSHULRUGHUHFKDGHFDGDYHQWDQD
9LUJLQLD%HKP &DUDFDV
&XUVR%iVLFRGH$UF9LHZ(MHUFLFLR ,QWURGXFFLyQDODLQWHUIDFHGH$UF9LHZ
9LUJLQLD%HKP &DUDFDV
&XUVR%iVLFRGH$UF9LHZ
&DStWXOR 'DWRVHQ$UF9LHZ
&$3,78/2
'$726(1$5&9,(:
R /DV9LVWDV
R /RV7HPDV
R )RU PDWRVGHDU FKLYRVSDU DORVWHPDV
R )RU PDWRVGHGDWRVDGLFLRQDOHV
R &U HDFLyQGHXQDYLVWDQXHYD
R ,QFRU SRU DFLyQGHWHPDVHQXQDYLVWD
R ,QFRU SRU DFLyQ GHXQDU FKLYRGHLPDJHQ
R ,QFRU SRU DFLyQGHXQDU FKLYRGHWH[WRGH
FRRU GHQDGDV
R *XDU GDU ORVFDPELRVGHO3U R\HFWR
9LUJLQLD%HKP &DUDFDV
&XUVR%iVLFRGH$UF9LHZ
&DStWXOR 'DWRVHQ$UF9LHZ
/DV9LVWDV
/D 9LVWD HVHOGRFXPHQWRGH$UF9LHZSDUDLQFRUSRUDU\GHVSOHJDUORVWHPDV
(QXQD YLVWD VHDJUHJDQ WHPDVGHXQDPLVPDiUHDJHRJUiILFD
8Q 3UR\HFWRSXHGHDOPDFHQDUPiVGHXQD YLVWD
/DV9LVWDV
/D 9LVWD HV HO GRFXPHQWR GH $UF9LHZ XWLOL]DGR SDUD LQFRUSRUDU \
GHVSOHJDU OD LQIRUPDFLyQ JHRJUiILFD HQ IRUPD GHWHPDV (Q XQ 3UR\HFWR
SXHGHQH[LVWLUYDULDVYLVWDVHQFDGDXQDGHODVFXDOHVVHDJUHJDQWHPDVGH
XQDPLVPDiUHDJHRJUiILFD
/RV7HPDV
(O WHPD UHSUHVHQWDFDUDFWHUtVWLFDVJHRJUiILFDVVLPLODU HVFRQGDWRVDVRFLDGRV
(O WHPD HVXQDFDSDGHLQIRU PDFLyQTXHVHGHVSOLHJDHQOD YLVWD
/RVWHPDVSXHGHQVHUGHSXQWRVOtQHDVRSROtJRQRV
6tPERORSXQWXDO
(VWLORGHOtQHD
&RORU HVSDU DORV
SROtJRQRV
3XQWRV
/tQHDV
3ROtJRQRV
/RV7HPDV
(O7HPD HVODGHQRPLQDFLyQHQ$UF9LHZSDUDLGHQWLILFDUORVDUFKLYRVTXH
FRQWLHQHQLQIRUPDFLyQJHRJUiILFD\DWULEXWLYDHVXQDFDSDGHLQIRUPDFLyQ
GH FDUDFWHUtVWLFDV VLPLODUHV /RV WHPDV UHSUHVHQWDQ OD LQIRUPDFLyQ HQ
IRUPDGHSXQWRVOtQHDVRSROtJRQRV
9LUJLQLD%HKP &DUDFDV
&XUVR%iVLFRGH$UF9LHZ
&DStWXOR 'DWRVHQ$UF9LHZ
$UFKLYRV&$'$XWRFDG0LFURVWDWLRQGZJG[IGJQ
$UFKLYRVGH0DSLQIRPLI
) RUPDWRVGH
DUFKLYRVSDUDORV
WHPDV
/RV IRUPDWRV GH DUFKLYRV DTXt PHQFLRQDGRV VRQ DTXHOORV TXH $UF9LHZ
SXHGHFDUJDUFRPRWHPDVHQXQDYLVWD QRREVWDQWHVyORHODUFKLYRVKDSH
QDWLYR GH HVWH VRIWZDUH SXHGH VHU HGLWDGR \ PRGLILFDGR HQ VXV
FDUDFWHUtVWLFDV JHRJUiILFDV /RV GHPiV IRUPDWRV VRQ VyOR OHFWXUD \ HQ HO
FDVR TXH VH UHTXLHUD HIHFWXDU DOJXQD PRGLILFDFLyQ GHEHUiQ VHU
FRQYHUWLGRVDDUFKLYRVVKDSHVGH$UF9LHZ
)RU PDWRVGHGDWRVDGLFLRQDOHV
'DWRVHQIRU PDGHLPiJHQHVIRUPDWRUDVWHU
$UFKLYRVGHEDVHGHGDWRVG%DVH)R[3UR
$UFKLYRVGHWH[WRGHOLPLWDGRSRUFRPDV
'DWRVGHPDQHMDGRUHVGHEDVHVGHGDWRV
$&&(6625$&/(FUHDQGRXQDFRQH[LyQ64/
) RUPDWRVGH
GDWRVDGLFLRQDOHV
9LUJLQLD%HKP &DUDFDV
&XUVR%iVLFRGH$UF9LHZ
&DStWXOR 'DWRVHQ$UF9LHZ
&U HDFLyQGHXQDYLVWDQXHYD
$EULUXQSUR\HFWRQXHYRRH[LVWHQWH
&RQHOLFRQRGHODYLVWDDFWLYRSUHVLRQDUODRSFLyQ1HZ1XHYR
/DYLVWDQXHYDDSDUHFHHQODOLVWDGHGRFXPHQWRVHQODYHQWDQDGHOSUR\HFWR
9,67$
9$&,$
&UHDFLyQGHXQD
YLVWDQXHYD
6HOHFFLRQDU ODIXHQWHGHGDWRV
7HPDVQXHYRVGHDJUHJDQDODYLVWD
,QFRUSRUDFLyQ
GHWHPDVHQXQD
YLVWD
3DUD LQFRUSRUDU WHPDV HQ XQD YLVWD XWLOLFH HO ERWyQ FRQ HO VLJQR PiV
XELFDGRHQODLQWHUIDFHJUiILFDGHODYLVWD(VWDRSFLyQOHSHUPLWHDFFHGHUD
ORV DUFKLYRV DOPDFHQDGRV HQ ORV GLUHFWRULRV GH VX FRPSXWDGRUD /RV
DUFKLYRVLQFRUSRUDGRVVRQRULJLQDOHVQRVRQGXSOLFDFLRQHVRFRSLDVGHpVWRV
SRUORTXHFXDOTXLHUPRGLILFDFLyQGHORVPLVPRVVHUHIOHMDUiHQHO SUR\HFWR
$OJXQRV IRUPDWRV GH DUFKLYRV UHTXHULUiQ OD DFWLYDFLyQ GH XQD H[WHQVLyQ
SDUDSHUPLWLUVXDFFHVR
7HQJDSUHVHQWDTXHHOSUR\HFWRVyORDOPDFHQDODXELFDFLyQGHORVDUFKLYRV
XWLOL]DGRV FDUSHWDV \ GLUHFWRULRV PDV QR ORV DUFKLYRV FRPR WDO &RQ OD
SUiFWLFDXVWHGDSUHQGHUiDRUJDQL]DUORVDUFKLYRVDGHFXDGDPHQWHSDUDORJUDU
FRQVLVWHQFLDHQVXWUDEDMR
9LUJLQLD%HKP &DUDFDV
&XUVR%iVLFRGH$UF9LHZ
&DStWXOR 'DWRVHQ$UF9LHZ
6HOHFFLRQDUODIXHQWHGHGDWRV
6HDJUHJDXQWHPDGH
LPDJHQDODYLVWD
,QFRUSRUDFLyQGH
XQDLPDJHQFRPR
XQWHPDHQXQD
YLVWD
8QDLPDJHQHVXQDUFKLYRUDVWHUFHOGDVXQLIRUPHVRUJDQL]DGDVHQILODV\
FROXPQDV DXQTXH $UF9LHZ HV XQ VRIWZDUH SDUD HO PDQHMR GH DUFKLYRV
YHFWRULDOHV HO IRUPDWR UDVWHU SXHGH LQFRUSRUDUVH SDUD VHU YLVXDOL]DGR
'HSHQGLHQGRGHOWLSRGHDUFKLYRDOJXQDVH[WHQVLRQHVGHEHQVHUDFWLYDGDV
SDUDDFFHGHUDODOHFWXUDGHHVWRVDUFKLYRV
$JUHJDUHODUFKLYRDO
SUR\HFWRFRPRXQDWDEOD
&UHDUXQWHPDD
SDUWLUGHODWDEOD
(OWHPDTXHGDLQFRUSRUDGRDODYLVWD
&UHDFLyQ GHXQ
WHPDDSDUWLUGH
XQOLVWDGRGH
FRRUGHQDGDV[\
$UF9LHZSRVHHXQDKHUUDPLHQWDSDUDFUHDUXQWHPDGHSXQWRVDSDUWLUGHXQ
DUFKLYR GH WH[WR GH FRRUGHQDGDV [\ &RQ HVWH DUFKLYR GH FRRUGHQDGDV VH
JHQHUD XQD WDEOD TXH VH FRQYLHUWH OXHJR HQ XQ DUFKLYR GH SXQWRV /DV
FRRUGHQDGDVSXHGHQVHUJHRJUiILFDVRXWP
9LUJLQLD%HKP &DUDFDV
&XUVR%iVLFRGH$UF9LHZ
&DStWXOR 'DWRVHQ$UF9LHZ
*XDUGDU ORV
FDPELRVGHO
3UR\HFWR
*XDUGDUXQSUR\HFWRHVDOPDFHQDUHQXQDUFKLYR2'%2EMHFW'DWD%DVH
WRGRVORVGRFXPHQWRVYLVWDVWDEODVJUiILFRVOD\RXWV\VFULSWVFUHDGRVHQ
pVWH (VWRV GRFXPHQWRV SUHVHQWDQ OD LQIRUPDFLyQ GH ORV WHPDV GH XQD
PDQHUD HVSHFtILFD UHSUHVHQWDFLyQ GH FDUDFWHUtVWLFDV JHRJUiILFDV FRQ
FRORUHV\VLPERORJtDSDUWLFXODUJUiILFRVWDEODVOD\RXWV\VFULSW
(O SUR\HFWR DOPDFHQD OD XELFDFLyQ GH ORV DUFKLYRV GH PRGR TXH ODV
PRGLILFDFLRQHVTXHVHKDJDQVREUHHVWRVDUFKLYRVHVWDUiQUHIOHMDGDVHQHO
SUR\HFWRFXDQGRpVWHVHDEUDQXHYDPHQWH
9LUJLQLD%HKP &DUDFDV
&XUVR%iVLFRGH$UF9LHZ
(MHUFLFLR $JUHJDUWHPDVDXQDYLVWD
6H GHVSOLHJD XQD YHQWDQD GH SUR\HFWR VLQ WtWXOR (O LFRQR GH OD 9LVWD HVWi
UHVDOWDGR\HOERWyQ1
1HZ1XHYRHVWiDFWLYR+DJDFOLFHQHOERWyQ1
1HZ
SDUDDEULUXQDYLVWDYDFtD
$JUHJDUWHPDVDOD9LVWD
(Q $UF9LHZ XQ WHPD HV XQ FRQMXQWR GH FDUDFWHUtVWLFDV JHRJUiILFDV VLPLODUHV
TXHVHUHSUHVHQWDQ\DVHDHQIRUPDGHSXQWRVOtQHDVRSROtJRQRV+DJDFOLFHQ
HOERWyQGHDJUHJDUWHPDVSDUDLQFRUSRUDULQIRUPDFLyQDODYLVWD
6HGHVSOLHJDXQDYHQWDQDGHGLiORJRSDUDVHOHFFLRQDUORVDUFKLYRVDGHFXDGRV
&ROyTXHVH HQ HO GLUHFWRULR F?FXUVRDUFYLHZ?GDWRV?YHQH]XHOD /RV DUFKLYRV
GLVSRQLEOHVDSDUHFHQHQODYHQWDQDGHODL]TXLHUGDGHHVWDFDMDGHGLiORJR
&XUVR%iVLFRGH$UF9LHZ
(MHUFLFLR $JUHJDUWHPDVDXQDYLVWD
6HOHFFLRQHHODUFKLYRGHORVHVWDGRVGH9HQH]XHOD+DJDFOLFHQ HVWDGRVVKS\
SUHVLRQH 2.(OWHPDTXHGDUiLQFRUSRUDGRDODYLVWDSHURDSDJDGR+DJDFOLF
HQODFDMDGHHQFHQGLGRSDUDYLVXDOL]DUODLQIRUPDFLyQ
9XHOYDDHMHFXWDUHVWDWDUHDKDFLHQGRFOLFHQHO ERWyQGHDJUHJDUWHPDVSHUR
HVWD YH] PDQWHQJD RSULPLGD OD WHFOD 6KLIW PLHQWUDV VHOHFFLRQD ORV WHPDV
2SULPLHQGRHVWDWHFODXVWHGSXHGHVHOHFFLRQDUYDULRVWHPDVVLPXOWiQHDPHQWH
6HOHFFLRQHORVDUFKLYRVFLXGDGHVFDSVKS\YLDOLGDGVKS
8QDYH]LQFRUSRUDGRVORVWHPDVHQODYLVWDKDJDFOLFHQODFDMDGHHQFHQGLGR
GHORVWHPDVTXHDFDEDGHLQFRUSRUDUSDUDYLVXDOL]DUORVHQODYLVWD
&XUVR%iVLFRGH$UF9LHZ
(MHUFLFLR $JUHJDUWHPDVDXQDYLVWD
$EUD OD WDEOD GH DWULEXWRV GHO WHPD (VWDGRVVKS +DJD FOLF HQ HO ERWyQ GH
2SHQ 7KHPH 7DEOH $EULU OD WDEOD GHO WHPD SDUD GHVSOHJDU HVWD
LQIRUPDFLyQ
5HYLVH OD LQIRUPDFLyQ GH GLFKD WDEOD UHFRUULHQGR OD PLVPD KDFLD DEDMR \
KDFLD OD GHUHFKD /XHJR FLHUUH OD WDEOD KDFLHQGR FOLF HQ HO VtPEROR GH FUX]
XELFDGRHQODSDUWHVXSHULRUGHUHFKDGHHVWDWDEOD
&DPELHHORUGHQGHGHVSOLHJXHGHORVWHPDV&RORTXHHOFXUVRUVREUHHOWHPD
GHODVFLXGDGHV\DUUiVWUHORDODSDUWHVXSHULRUGHOD7DEODGH&RQWHQLGR
&XUVR%iVLFRGH$UF9LHZ
(MHUFLFLR $JUHJDUWHPDVDXQDYLVWD
5HQRPEUDUOD9LVWD
3DUD TXH OD LQIRUPDFLyQ TXH VH DOPDFHQD HQ XQ SUR\HFWR VHD PiV IiFLO GH
LGHQWLILFDU H[LVWH OD IRUPD GH FRORFDU QRPEUHV D ORV GLIHUHQWHV GRFXPHQWRV
TXHVHFUHDQHQXQSUR\HFWR
6HOHFFLRQHODRSFLyQ3URSHUWLHV3URSLHGDGHVHQHOPHQ~GHODYLVWDSDUD
GHVSOHJDUODYHQWDQDGHGLiORJRGHODVSURSLHGDGHVGHYLVWD
(Q OD OtQHD GH GLiORJR GHO QRPEUH 1DPH FDPELH OD SDODEUD 9LHZ SRU
(VWDGRVGH9HQH]XHOD(OQXHYRQRPEUHDSDUHFHHQODSDUWHVXSHULRUGHOD
9LVWD
&LHUUH OD 9LVWD KDFLHQGR FOLF HQ OD FUX] DUULED D OD GHUHFKD +DJD FOLF HQ HO
LFRQRGHOD9LVWDHQODYHQWDQDGHO3UR\HFWRHOQRPEUHGHOD9LVWDDSDUHFHHQ
HVWDYHQWDQD
&XUVR%iVLFRGH$UF9LHZ
(MHUFLFLR $JUHJDUWHPDVDXQDYLVWD
6H GHVSOLHJD OD FDMD GH GLiORJR GH GLUHFWRULRV FROyTXHVH HQ HO GLUHFWRULR
FUHDGR SDUD HVWH FXUVR \ HVFULED FRPR QRPEUH GHO SUR\HFWR (MHUFLFLRDSU
3UHVLRQH2.
2EVHUYHTXHHOQRPEUHGHO3UR\HFWRDSDUHFHHVFULWRHQODYHQWDQDGHpVWHFRQ
ODH[WHQVLyQ DSU ODFXDOLQGLFDTXHVHWUDWDGHXQSUR\HFWRGH$UF9LHZ
&XUVR%iVLFRGH$UF9LHZ
(MHUFLFLR $JUHJDUWHPDVDXQDYLVWD
&XUVR%iVLFRGH$UF9LHZ
&DStWXOR /RVDUFKLYRV6KDSHV
&$3,78/2
/26$5&+,9266+$3(6
R /RVDU FKLYRVVKDSHV
R &RQYHU WLU RWU RVIRU PDWRVYHFWRU LDOHVHQXQ
DU FKLYRVKDSH
R &U HDFLyQGHXQDU FKLYRVKDSHQXHYR
R 7ROHU DQFLDGHDMXVWHGHFDU DFWHU tVWLFDV
R 'HILQLFLyQGHODWROHU DQFLDGHDMXVWH
R ,QFRU SRU DFLyQGHFDU DFWHU tVWLFDV
R ,QFRU SRU DFLyQGHDWU LEXWRV
R +HU U DPLHQWDVDGLFLRQDOHVGHHGLFLyQ
R *XDU GDU ORVFDPELRV
9LUJLQLD%HKP &DUDFD
&XUVR%iVLFRGH$UF9LHZ
&DStWXOR /RVDUFKLYRV6KDSHV
/RVDU FKLYRVVKDSHV
6HGHQRPLQDVKDSHDOIRU PDWRGHDUFKLYRQDWLYRGH$UF9LHZ
&DGDDUFKLYRVKDSHHVXQDFROHFFLyQGHDUFKLYRVFRQODVH[WHQVLRQHV
VKSODGDWDHVSDFLDOJHRPHWUtDGHODUFKLYRVKDSH
VK[ tQGLFHGHODGDWDHVSDFLDO
GEI ORVGDWRVDWULEXWLYRV
9HQWDMDVGHORVDUFKLYRVVKDSHV
2FXSDPHQRVHVSDFLRHQGLVFRFRPSDUDGRFRQRWURVIRU PDWRV
2WURVIRU PDWRVSXHGHQFRQYHUWLUVHIiFLOPHQWHHQVKDSHV
(ODUFKLYRVKDSHSXHGHVHUHGLWDGRHQVXGDWDHVSDFLDO
/RVDUFKLYRV
VKDSHV
(O DUFKLYR VKDSH HV HO IRUPDWR GH DOPDFHQDPLHQWR GH LQIRUPDFLyQ
JHRJUiILFD\DWULEXWLYDQDWLYRGH $UF9LHZ6HWUDWDGHXQDFROHFFLyQGH
DUFKLYRVTXHSRVHHQLJXDOQRPEUHSHURGLVWLQWDH[WHQVLyQ(VWRVDUFKLYRV
SXHGHQ VHU PRGLILFDGRV \ RWURV IRUPDWRV &$' \ 0,) SXHGHQ
FRQYHUWLUVHDVKDSHV
&RQYHUWLURWURV
IRUPDWRV
YHFWRULDOHVHQ
DUFKLYRVKDSH
9LUJLQLD%HKP &DUDFD
&XUVR%iVLFRGH$UF9LHZ
&DStWXOR /RVDUFKLYRV6KDSHV
(OQXHYRWHPDTXHGDDFWLYR\HGLWDEOH
&UHDFLyQGHXQ
DUFKLYRVKDSH
QXHYR
&XDQGRVHFUHDXQDUFKLYRVKDSHpVWHVHXELFDHVSDFLDOPHQWHHQODPLVPD
SRVLFLyQ JHRJUiILFDTXH HODUFKLYRXWLOL]DGRFRPRUHIHUHQFLD HVWHDUFKLYR
SRGUi VHU GH SXQWRV OtQHDV R SROtJRQRV \ $UF9LHZ OH SURSRUFLRQD ODV
KHUUDPLHQWDV DGHFXDGDV SDUD LQFRUSRUDU ORV HOHPHQWRV HVSDFLDOHV OD WDEOD
DWULEXWLYD VH JHQHUD DXWRPiWLFDPHQWH SDUD DOPDFHQDU ORV GDWRV DWULEXWLYRV
GHVHDGRV
'HILQLFLyQGHOD
WROHUDQFLDGH
DMXVWH
$MXVWHDFWLYDGR
9LUJLQLD%HKP &DUDFD
&XUVR%iVLFRGH$UF9LHZ
&DStWXOR /RVDUFKLYRV6KDSHV
'HILQLFLyQGHODWROHU DQFLDGHODMXVWH
8WLOL]DU ODWROHU DQFLD LQWHU DFWLYD SRU FXU VRU GHOU DWyQ
$FWLYDU ODRSFLyQGHO DMXVWHKDFLHQGRFOLFHQHO
ERWyQGHU HFKRGHOU DWyQVREU HODYLVWD
$UU DVWU DU HOFXU VRU SDU DHVSHFLILFDU XQDGLVWDQFLD
TXHVHLQGLFDHQODEDU U DGHHVWDGR
'HILQLFLyQ GHOD
WROHUDQFLDGHO
DMXVWH
/D IRUPD LQWHUDFWLYD SDUD GHILQLU HVWD GLVWDQFLD HV KDFHU FOLF HQ HO ERWyQ
GHUHFKR GHO UDWyQ VREUH OD YLVWD SDUD GHVSOHJDU HO PHQ~ GH RSFLRQHV $O
DUUDVWUDHO FXUVRUVH PDUFDUiQGRV SXQWRV FX\D GLVWDQFLDVH PRVWUDUiHQOD
SDUWH LQIHULRU GH OD DSOLFDFLyQ %DUUD GH (VWDGR /DV FDUDFWHUtVWLFDV TXH
TXHGHQ D XQD GLVWDQFLD LQIHULRU D OD HVSHFLILFDGD HQ OD WROHUDQFLD VH
DMXVWDUiQDXWRPiWLFDPHQWH
,QFRUSRUDFLyQ
GH
FDUDFWHUtVWLFDV
9LUJLQLD%HKP &DUDFD
&XUVR%iVLFRGH$UF9LHZ
&DStWXOR /RVDUFKLYRV6KDSHV
$JUHJDU FDPSRV
,QFRUSRUDFLyQGH
DWULEXWRV
&RPRVHKDPHQFLRQDGRHODUFKLYRFUHDGRJHQHUDDXWRPiWLFDPHQWHOD
WDEODDWULEXWLYDFRUUHVSRQGLHQWHODFXDOSXHGHVHUOOHQDGDFRQGDWRVHQ
HO PRPHQWR GH LQFRUSRUDU ODV FDUDFWHUtVWLFDV HVSDFLDOHV 5HFXHUGH TXH
XQUHJLVWURGHODWDEODFRUUHVSRQGHDXQHOHPHQWRHVSDFLDO
+HU U DPLHQWDVDGLFLRQDOHVGHHGLFLyQ
6HOHFFLRQDU OD FDU DFWHU tVWLFD
0RGLILFDU ODIRU PD
&RU WDU ODVFDU DFWHU tVWLFDV
0RGLILFDU ODVFDU DFWHU tVWLFDV
8QLyQ
&RPELQDFLyQ
,QWHU VHFFLyQ
6XVWU DFFLyQ
(GLFLyQGHORV
DUFKLYRVVKDSHV
9LUJLQLD%HKP &DUDFD
&XUVR%iVLFRGH$UF9LHZ
&DStWXOR /RVDUFKLYRV6KDSHV
*XDUGDUORV
FDPELRV
/RV FDPELRV SXHGHQ VHU JXDUGDGRV GXUDQWH R DO ILQDOL]DU OD VHVLyQ GH
HGLFLyQ (V FRQYHQLHQWH JXDUGDU ORV FDPELRV FDGD FLHUWR WLHPSR D ILQ GH
HYLWDU OD SpUGLGD GH LQIRUPDFLyQ SRU UD]RQHV TXH HVFDSDQ DO FRQWURO GHO
XVXDULRHVSHFLDOPHQWHVLVHWUDWDGHXQDGLJLWDOL]DFLyQH[WHQVD
9LUJLQLD%HKP &DUDFD
&XUVR%iVLFRGH$UF9LHZ
(MHUFLFLR /RVDUFKLYRVVKDSHV
(Q OD FDMD GH GLiORJR GH GLUHFWRULRV FROyTXHVH HQ HO GLUHFWRULR GHO FXUVR
F?FXUVRDU FYLHZ?HMHUFLFLRV\DEUDHO3UR\HFWRGHQRPLQDGRHMHUFLFLRDSU
9LUJLQLD%HKP &DUDFDV
&XUVR%iVLFRGH$UF9LHZ
(MHUFLFLR /RVDUFKLYRVVKDSHV
$JUHJDUQXHYRVHOHPHQWRVHQXQWHPDH[LVWHQWH
6HKDGHVSOHJDGRXQDYLVWDTXHFRQWLHQHWUHVWHPDV9LDOLGDGVKSSULQFLSDOHV
YtDV GHO iUHD XUEDQD +LGURJUDItDVKS 5HG GH GUHQDMH /DVIORUHVVKS
SROtJRQRGHDVHQWDPLHQWRKXPDQR\ GRVLPiJHQHVHVFDODGHODxR
3UR\HFWR &DUWRFHQWUR /D YLVWD WLHQH XQ DFHUFDPLHQWR HQ HO VHFWRU
GHQRPLQDGR/DV)ORUHV
6HGHVHDGHWHUPLQDUODVXSHUILFLHTXHRFXSDHVWHDVHQWDPLHQWRTXHSRVHHiUHDV
GH FXOWLYRV GDGR TXH HVWDV iUHDV HVWiQ XELFDGDV HQ ODV FDEHFHUDV GH OD
TXHEUDGD3LHGUD$]XO
6H KDQ GHILQLGR XQRV SROtJRQRV HQ HO PHQFLRQDGR VHFWRU TXH GHOLPLWDQ ODV
iUHDV GH FXOWLYR VLQ HPEDUJR HVWD LQIRUPDFLyQ HV DQWHULRU D OD IHFKD GH OD
LPDJHQ TXH DTXt VH PXHVWUD SRU OR TXH VH REVHUYD XQ FUHFLPLHQWR HQ OD
VXSHUILFLHLQWHUYHQLGD8VWHGDFWXDOL]DUiORVOtPLWHVGHHVWRVSROtJRQRV\OXHJR
FDOFXODUiHOiUHDWRWDOTXHHOORVRFXSDQ
6HHGLWDUiHO WHPD/DV)ORUHVSDUDUHDOL]DUHVWRVFDPELRV
'HVGH HO PHQ~ GHO WHPD VHOHFFLRQH 6WDU (GLWLQJ ,QLFLDU HGLFLyQ SDUD
FRORFDUDOWHPDHQPRGRGHHGLFLyQ
9LUJLQLD%HKP &DUDFDV
&XUVR%iVLFRGH$UF9LHZ
(MHUFLFLR /RVDUFKLYRVVKDSHV
6HGHILQLUiODWROHUDQFLDGHDMXVWHGHVGHODYLVWDSDUDIDFLOLWDUODWDUHDDSDJXH
HO WHPD GH OD LPDJHQ KDFLHQGR FOLF HQ OD FDMD GH FKHTXHR FRUUHVSRQGLHQWH \
OXHJRKDJDXQDFHUFDPLHQWR ]RRP LQ HQ XQDSHTXHxDiUHDGHODYLVWD
9LUJLQLD%HKP &DUDFDV
&XUVR%iVLFRGH$UF9LHZ
(MHUFLFLR /RVDUFKLYRVVKDSHV
$KRUD XVWHG SXHGH FRPHQ]DU OD DFWXDOL]DFLyQ GH ORV SROtJRQRV HQ HO WHPD
+DJDFOLFHQODRSFLyQ =RRPWR3U HYLRXV([WHQW]RRPDODYLVWDSUHYLD
SDUDYROYHUDYLVXDOL]DUWRGDODLQIRUPDFLyQ\SUHQGDODLPDJHQSDUDYLVXDOL]DU
ODV iUHDV GH FXOWLYRV +DJD XQD YHQWDQD GH DFHUFDPLHQWR SDUD IDFLOLWDU OD
LQFRUSRUDFLyQGHLQIRUPDFLyQFRPRVHPXHVWUDDFRQWLQXDFLyQ
$JUHJXHXQSROtJRQRQXHYRHQODSDUWHQRUHVWHGHUHFKDDUULEDHQODLPDJHQ
3XHVWR TXH VH WUDWD GH XQ SROtJRQR VHSDUDGR VHOHFFLRQH OD KHUUDPLHQWD
DGHFXDGD HQ HO PHQ~ GH GLEXMR \ GLJLWDOLFH XQ SROtJRQR FRPR VH LQGLFD D
FRQWLQXDFLyQ +DJD FOLF SDUD LQFRUSRUDU FDGD YpUWLFH \ GREOH FOLF SDUD
ILQDOL]DUHOSROtJRQR
9LUJLQLD%HKP &DUDFDV
&XUVR%iVLFRGH$UF9LHZ
(MHUFLFLR /RVDUFKLYRVVKDSHV
$ FRQWLQXDFLyQ XVWHG LQFRUSRUDUi XQ SROtJRQR DG\DFHQWH DO H[LVWHQWH HQ OD
SDUWHVXURHVWHLQIHULRUL]TXLHUGDHQODLPDJHQGRQGHVHKDH[WHQGLGRHOiUHD
FXOWLYDGD8WLOLFHODKHUUDPLHQWD 3DQSDUDPRYHUVHKDFLDHVWHVHFWRU\HQOD
OLVWD GH RSFLRQHV GH GLEXMR VHOHFFLRQH HO ERWyQ GH $XWRFRPSOHWDU SDUD
HMHFXWDUHVWDWDUHD
,QLFLRR
)LQ
(GLWDUODVFDUDFWHUtVWLFDVFRQODVRSFLRQHV8QLRQ\6SOLW
2SFLyQ8QLRQ
3URFHGHUi DKRUD D XQLU HO SROtJRQR DG\DFHQWH TXH DFDED GH GLEXMDU FRQ OD
RSFLyQ 8QLRQFRQHOUHVWRGHOiUHDGHOLPLWDGD+DJDXQDOHMDPLHQWRHQ OD
YLVWD KDFLHQGR FOLF YDULDV YHFHV HQ HO ERWyQ ]RRP RXW KDVWD YLVXDOL]DU
DPERVSROtJRQRV6HOHFFLRQHpVWHSROtJRQRFRQHOERWyQGHDSXQWDUKDFLHQGR
FOLFGHQWURGHpO\SUHVLRQDQGRODWHFOD 6KLIWKDJDFOLFGHQWURGHOSROtJRQR
DG\DFHQWHSDUDVHOHFFLRQDUDPERVDODYH]WDOFRPRVHLQGLFDDFRQWLQXDFLyQ
9LUJLQLD%HKP &DUDFDV
&XUVR%iVLFRGH$UF9LHZ
(MHUFLFLR /RVDUFKLYRVVKDSHV
'HVGH HO PHQ~ GH HGLFLyQ (GLW VHOHFFLRQH OD RSFLyQ 8QLRQ )HDWXUHV
8QLyQGHFDUDFWHUtVWLFDV
2EVHUYHTXHODOtQHDTXHGLYLGtDORVSROtJRQRVKDGHVDSDUHFLGRGHWDOPDQHUD
TXHORVGRVSROtJRQRVVHKDQFRQYHUWLGRDKRUDHQXQRVROR
2SFLyQ6SOLW
([LVWH XQ SROtJRQR GHOLPLWDGR TXH HQJORED XQ iUHD ERVFRVD TXH GHEH VHU
H[FOXLGD 8VWHG SURFHGHUi D FRUWDU HVWH SROtJRQR SRU HO OtPLWH GHO iUHD
FXOWLYDGD\OXHJRHOLPLQDUiHOSROtJRQRTXHFRUUHVSRQGHDOERVTXH8WLOLFHOD
KHUUDPLHQWD 3DQ SDUD PRYHUVH KDFLD HVWH VHFWRU XELFDGR DO HVWH D OD
L]TXLHUGDGHODLPDJHQGHOiUHDHVWXGLDGD
$FWLYHODYLVWD\VHOHFFLRQHHOERWyQ 3RO\JRQ6SOLWFRUWDUSROtJRQRGHVGH
OD OLVWD GH RSFLRQHV GH GLEXMR +DJD XQD OtQHD TXH FRUWH HO PHQFLRQDGR
SROtJRQRHQGRVWDOFRPRVHPXHVWUDDFRQWLQXDFLyQ,QLFLH\WHUPLQHODOtQHD
XQRVPLOtPHWURVIXHUDGHOiUHDGHOSROtJRQRDFRUWDU
9LUJLQLD%HKP &DUDFDV
&XUVR%iVLFRGH$UF9LHZ
(MHUFLFLR /RVDUFKLYRVVKDSHV
3URFHGD D HOLPLQDU HO SROtJRQR TXH FRUUHVSRQGH DO iUHD ERVFRVD 6HOHFFLRQH
pVWH FRQ HO ERWyQ GH DSXQWDU \ KDJD FOLF GHQWUR GHO SROtJRQR HQ FXHVWLyQ
OXHJRSUHVLRQHODWHFOD6XSULPLU
9LUJLQLD%HKP &DUDFDV
&XUVR%iVLFRGH$UF9LHZ
(MHUFLFLR /RVDUFKLYRVVKDSHV
,QFRUSRUHXQLGHQWLILFDGRUSDUDFDGDSROtJRQRVHOHFFLRQHHOERWyQGHHGLFLyQ
\ FRORFiQGRVH VREUH OD FHOGD FRUUHVSRQGLHQWH LQFRUSRUH XQ Q~PHUR SDUD
LGHQWLILFDUFDGDSROtJRQRFRPRVHPXHVWUDDFRQWLQXDFLyQ
(OVLJXLHQWHSDVRHVFDOFXODUHOiUHDGHHVWRVSROtJRQRV+DJDFOLFHQHOFDPSR
$UHDKD\VHOHFFLRQHHOERWyQGHODFDOFXODGRUD
(VWD KHUUDPLHQWD SHUPLWH KDFHU FiOFXORV GH GLYHUVD tQGROH FX\R UHVXOWDGR VH
DOPDFHQDHQXQFDPSRYDFtR(QHVWHFDVRXWLOL]DUiODH[SUHVLyQOyJLFDTXHGD
FRPRUHVXOWDGRHOFiOFXORGHODVXSHUILFLHGHORVSROtJRQRVHQKHFWiUHDV(QOD
YHQWDQD GH OD FDOFXODGRUD KDJD GREOH FOLF HQ HO FDPSR 6KDSH SDUD
LQFRUSRUDUORD ODH[SUHVLyQ/XHJRHVFULEDHOFRPDQGR UHWXUQDU HD(Q OD
YHQWDQDGHODGHUHFKDVHOHFFLRQHHOVtPERORGHODGLYLVLyQKDFLHQGRGREOHFOLF
HQpVWHSDUDLQFRUSRUDUORDODH[SUHVLyQ3RU~OWLPRHVFULED VHJXLGR
GHOVtPERORGHODGLYLVLyQ'HEHUiTXHGDUODH[SUHVLyQGHODVLJXLHQWHIRUPD
5HYLVH TXH OD H[SUHVLyQ HVWp HVFULWD FRUUHFWDPHQWH SUHVLRQH 2. SDUD
HMHFXWDUODRSHUDFLyQ
9LUJLQLD%HKP &DUDFDV
&XUVR%iVLFRGH$UF9LHZ
(MHUFLFLR /RVDUFKLYRVVKDSHV
(O FiOFXOR GH OD VXSHUILFLH KD TXHGDGR LQFRUSRUDGR HQ OD FROXPQD
FRUUHVSRQGLHQWHWDOFRPRVHPXHVWUDDTXt8VWHGGHVHDDKRUDVDEHUHOWRWDOGH
OD VXSHUILFLH RFXSDGD SRU ORV FXOWLYRV (Q HO PHQ~ GH ORV FDPSRV )LHOG
VHOHFFLRQH OD RSFLyQ 6WDWLVWLFV (VWDGtVWLFD SDUD GHVSOHJDU OD HVWDGtVWLFD
EiVLFDGHOFDPSRVHOHFFLRQDGR$UHDKD
/DVXSHUILFLHWRWDOTXHRFXSDQORVSROtJRQRVTXHGHOLPLWDQHOiUHDFXOWLYDGDHV
GHKHFWiUHDV
7HUPLQDUODHGLFLyQ\JXDUGDUORVFDPELRV
6X HGLFLyQ \D HVWi OLVWD \ HV UHFRPHQGDEOH JXDUGDU ORV FDPELRV UHDOL]DGRV
'HVGHHO PHQ~GH ODWDEOD 7DEOHVHOHFFLRQH 6WRS(GLWLQJ7HUPLQDU OD
HGLFLyQ2SULPD<HV6LDODSUHJXQWD'HVHDJXDUGDUODHGLFLyQ
9LUJLQLD%HKP &DUDFDV
&XUVR%iVLFRGH$UF9LHZ
(MHUFLFLR /RVDUFKLYRVVKDSHV
9LUJLQLD%HKP &DUDFDV
&XUVR%iVLFRGH$UF9LHZ
&DStWXOR (O 'HVSOLHJXHGH7HPDV
&$3,78/2
(/'(63/,(*8('(7(0$6
R (O(GLWRU GHOD/H\HQGD
R 7LSRVGHOH\HQGDVSDU DGDWRVFXDOLWDWLYRV
R 7LSRVGHOH\HQGDVSDU DGDWRVFXDQWLWDWLYRV
R 0pWRGRVGHFODVLILFDFLyQHVWDGtVWLFD
R 0pWRGRVGHORV4XLHEU HV1DWXU DOHV
R &XDQWLOHV,QWHU YDORVLJXDOHV\U HDVLJXDOHV
R 'HVYLDFLyQHVWiQGDU
R 1RU PDOL]DFLyQGHORVGDWRV
R $GPLQLVWU DFLyQGHFODVHV
R 0RGLILFDFLyQGHORVHOHPHQWRVGHODOH\HQGD
R 3DOHWDVGHVtPERORV
R (VFDODORVVtPERORV
R $U FKLYRVGHOH\HQGDV
9LUJLQLD%HKP &DUDFDV
&XUVR%iVLFRGH$UF9LHZ
&DStWXOR (O 'HVSOLHJXHGH7HPDV
(O(GLWRU GHOD/H\HQGD
5HSUHVHQWDUORVGDWRVVHJ~QVXVFDUDFWHUtVWLFDVDWULEXWLYDV
'DWRVFXDOLWDWLYRV\FXDQWLWDWLYRV
,QFRUSRUDFLyQGHWH[WRH[SOLFDWLYRVGHODOH\HQGD
'REOHFOLF
HQHOWHPD
SDU D
DEU LU HO
(GLWRU GH
OD
/H\HQGD
(O (GLWRUGHOD
/H\HQGD
(O (GLWRU GH OD /H\HQGD HV OD KHUUDPLHQWD TXH SHUPLWH UHSUHVHQWDU ORV
GDWRVDWULEXWLYRVLQFRUSRUDGRVGHODWDEODGHOWHPD/DVGLIHUHQWHVSDOHWDV
GH VtPERORV SXQWXDOHV OtQHDV FRORUHV \ OHWUDV IDFLOLWDQ OD WDUHD GH
SUHVHQWDUODLQIRUPDFLyQGHVHDGDHQIRUPDDGHFXDGD
7LSRVGHOH\HQGDVSDU DGDWRVFXDOLWDWLYRV
6tPERORVHQFLOORGHIHFWR
7LSRVGH
OH\HQGDVSDUD
GDWRV
FXDOLWDWLYRV
9DORU ~QLFR
(O HGLWRU GH OD OH\HQGD WUDEDMD FRQ ORV GDWRV DOPDFHQDGRV HQ OD WDEOD
DWULEXWLYDGHOWHPDDQDOL]DGR$OLQFRUSRUDUXQWHPDHQXQDYLVWDpVWHVH
SUHVHQWDFRQXQFRORURVtPERORDOHDWRULRSDUDWRGDVODVFDUDFWHUtVWLFDV
([LVWHQGRVWLSRVGHGDWRVTXHSXHGHQVHUUHSUHVHQWDGRVFRQHOHGLWRUGH
ODOH\HQGDFXDOLWDWLYRV\FXDQWLWDWLYRV/RVGDWRVFXDOLWDWLYRVVRQORVTXH
LQGLYLGXDOL]DQ ORV HOHPHQWRV PHGLDQWH XQ QRPEUH R GHILQHQ FODVHV
QRPLQDOHV FRPR SRU HMHPSOR FDSLWDOHV GH HVWDGRV PXQLFLSLRV \
SDUURTXLDV(QHVWRVFDVRVODRSFLyQTXHDSOLFDHQHOHGLWRUGHODOH\HQGD
HV9DORUQLFR
9LUJLQLD%HKP &DUDFDV
&XUVR%iVLFRGH$UF9LHZ
&DStWXOR (O 'HVSOLHJXHGH7HPDV
7LSRVGHOH\HQGDVSDU DGDWRVFXDQWLWDWLYRV
&RORU JU DGXDGR
6tPERORJU DGXDGR
6tPERORJU iILFR
7LSRVGH
OH\HQGDVSDUD
GDWRV
FXDQWLWDWLYRV
'HQVLGDGGHSXQWRV
0pWRGRVGHFODVLILFDFLyQ HVWDGtVWLFD
3DUDHOFDVRGHGDWRVFXDQWLWDWLYRV
&LQFRPpWRGRVGHFODVLILFDFLyQHQ$UF9LHZ
4XLHEUHV1DWXUDOHVSRUGHIHFWR
&XDQWLOHV
,QWHUYDORVLJXDOHV
$UHDVLJXDOHV
'HVYLDFLyQHVWiQGDU
0pWRGRVGH
FODVLILFDFLyQ
HVWDGtVWLFD
/D FODVLILFDFLyQ GH ORV GDWRV VH UHILHUH D OD GHILQLFLyQ GH FODVHV TXH
DJUXSDQORV GDWRVVHJ~QFLHUWRFULWHULR(VWDFODVLILFDFLyQVHDSOLFDSDUD
HO FDVR GH FRORUHV \ VtPERORV JUDGXDGRV (V LPSRUWDQWH FRQRFHU HO
KLVWRJUDPD GH GLVWULEXFLyQ GH ORV GDWRV SDUD VHOHFFLRQDU HO Q~PHUR GH
FODVHV\HOWLSRGHFODVLILFDFLyQPiVDGHFXDGR
9LUJLQLD%HKP &DUDFDV
&XUVR%iVLFRGH$UF9LHZ
&DStWXOR (O 'HVSOLHJXHGH7HPDV
0pWRGRGHORV
4XLHEUHV
1DWXUDOHV
(VWH PpWRGR HV DGHFXDGR FXDQGR ORV GDWRV QR VH GLVWULEX\HQ
XQLIRUPHPHQWHODVFODVHVVHFUHDQGRQGHORVYDORUHV GHDJUXSDQ(VXQ
PpWRGRLQDGHFXDGRSDUDKDFHUFRPSDUDFLRQHV SXHVWR TXHVHEDVDHQ HO
FRPSRUWDPLHQWRLQWUtQVHFRGHORVYDORUHVGHXQDWULEXWR
&XDQWLOHV
,QWHUYDORV
LJXDOHV$UHDV
LJXDOHV
,QWHU YDORVLJXDOHV
GLYLGHORVYDORU HVHQ
U DQJRVLJXDOHV
$UHDVLJXDOHVFDGD
FODVHFRQWLHQH
DSU R[LPDGDPHQWHOD
PLVPDiU HD
(O PpWRGR GH ORV FXDQWLOHV HV DSURSLDGR SDUD UHSUHVHQWDU GDWRV TXH
WLHQGHQDGLVWULEXLUVHXQLIRUPHPHQWH
(O PpWRGR GH ORV LQWHUYDORV LJXDOHV HV HO TXH VH LQWHUSUHWD FRQ PD\RU
IDFLOLGDGSRUORTXHHVLQGLFDGRSDUDSUHVHQWDULQIRUPDFLyQDS~EOLFRQR
HVSHFLDOL]DGR
(O PpWRGR GH ODV iUHDV LJXDOHV FODVLILFD ODV FDUDFWHUtVWLFDV GH ORV
SROtJRQRVHQFRQWUDQGRSXQWRVGHTXLHEUHGHWDOPDQHUDTXHHOiUHDWRWDO
GHORVSROtJRQRVHQFDGDFODVHHVDSUR[LPDGDPHQWHHOPLVPR
9LUJLQLD%HKP &DUDFDV
&XUVR%iVLFRGH$UF9LHZ
&DStWXOR (O 'HVSOLHJXHGH7HPDV
'HVYLDFLyQHVWDQGDU
0XHVWUDORVYDORUHVGHXQDYDULDEOHSRUHQFLPD\SRUGHEDMRGHODPHGLD
'HVYLDFLyQ
HVWiQGDU
&RQHVWHPpWRGRVHUHSUHVHQWDQODVFDUDFWHUtVWLFDVHQFODVHVEDVDGDVHQ
ODGLVWDQFLDGHORVYDORUHVFRQUHVSHFWRDODPHGLD(VDGHFXDGRFXDQGR
ODPD\RUtDGHORVYDORUHVWLHQGHQDXELFDUVHSUy[LPRVDODPHGLD\SRFRV
YDORUHV VH DOHMDQ GH pVWD (Q HVWH FDVR QR VH HVWiQ UHSUHVHQWDQGR ORV
YDORUHVFRPRWDOVLQRODGLVWDQFLDGHORVYDORUHVFRQUHVSHFWRDODPHGLD
1RU PDOL]DFLyQGHORVGDWRV
/RVYDORU HVGHXQDWULEXWRVHSUHVHQWDQHQIXQFLyQGHRWURGDWR
'RVIRU PDVGHQRU PDOL]DU
&RPRXQSRU FHQWDMHGHOWRWDO
1RUPDOL]DFLyQ
GHORVGDWRV
1RUPDOL]DU ORV GDWRV VLJQLILFD TXH ORV YDORUHV GH XQ DWULEXWR HVWiQ HQ
IXQFLyQGHRWURGDWRXWLOL]DGRFRPRUHIHUHQFLD/RV GDWRVFXDQWLWDWLYRVVH
QRUPDOL]DQ\DVHDFRPRXQDSURSRUFLyQGHOWRWDOSRUFHQWDMHRVHJ~QORV
GDWRV DOPDFHQDGR HQ RWUDYDULDEOHGHQVLGDG YDORU ? VXSHUILFLH(OXVR
GH HVWDV RSFLRQHV GHSHQGHUi GH OR TXH VH GHVHH LQGLFDU DO PRPHQWR GH
LQWHUSUHWDUORVGDWRVSUHVHQWDGRV
(Q DOJXQRV FDVRV ORV GDWRV SXHGHQ HVWDU QRUPDOL]DGRV GH DQWHPDQR
HMHPSORV GH HVWRV GDWRV VRQtQGLFH GH QDWDOLGDGtQGLFH GHGLYRUFLRVWDVD
GHFUHFLPLHQWR
9LUJLQLD%HKP &DUDFDV
&XUVR%iVLFRGH$UF9LHZ
&DStWXOR (O 'HVSOLHJXHGH7HPDV
(O RUGHQ GH ODV FODVHV HV DOIDEpWLFR HQ HO FDVR GH GDWRV DOIDQXPpULFRV \
FUHFLHQWH HQ HO FDVR GH GDWRV QXPpULFRV HVWH RUGHQ SXHGH PRGLILFDUVH
DUUDVWUDQGRODVFODVHVKDFLDDUULEDRKDFLDDEDMRVHJ~Q VHGHVHH
([LVWHODSRVLELOLGDGGHDVLJQDU XQDUDPSDGHFRORUHVGLIHUHQWHDSDUWLUGH
OD OLVWD TXH VH GHVSOLHJD HQ OD RSFLyQ &RORU 6FKHPH 7RGRV HVWRV
FDPELRVVHJXDUGDQHQXQ DUFKLYRGHOH\HQGDGHH[WHQVLyQDYO$UF9LHZ
/HJHQG
9LUJLQLD%HKP &DUDFDV
&XUVR%iVLFRGH$UF9LHZ
&DStWXOR (O 'HVSOLHJXHGH7HPDV
3 D OHWD VGH
VtPERORV
$UF9LHZ SRVHH XQD OLEUHUtD GH SDOHWDV SRU GHIHFWR TXH VH GHVSOLHJDQ
VHJ~Q HO WLSR GH VtPEROR TXH VH XWLOLFH (Q HO GLUHFWRULR V\PEROV VH
DOPDFHQDQSDOHWDVDGLFLRQDOHVGHFRORUHVOtQHDV\SXQWRVDODVFXDOHVVH
DFFHGHGHVGHHODGPLQLVWUDGRUGHSDOHWDV
3DUDREWHQHUXQDOLVWDGHHVWDVSDOHWDVDGLFLRQDOHVXWLOLFHODD\XGD+HOS
7RSLF $UF9LHZ 3DOHWWHV )LOHV 8VWHG SXHGH DGHPiV FRQ HVWH
DGPLQLVWUDGRU GH SDOHWDV LPSRUWDU XQ DUFKLYR GH LFRQR HQ XQR GH ORV
VLJXLHQWHV IRUPDWRV*,)0DF3DLQW:LQGRZV ELWPDS6XQ5DVWHU7,))
\;%LWPDS
( VFD OD GHORV
VtPERORV
/DHVFDODGHORVVtPERORVVHUHILHUHDODSRVLELOLGDGGHTXHORVVtPERORV
SXQWXDOHV PRGLILTXHQ VX WDPDxR HQ IRUPD SURSRUFLRQDO D ORV
DFHUFDPLHQWRV TXH VH KDJDQ VREUH ODV FDUDFWHUtVWLFDV GH XQ WHPD
GHVSOHJDGR /D RSFLyQ $GYDQFHG GHO HGLWRU GH OD OH\HQGD SHUPLWH
LQFRUSRUDUHVWDHVFDODSDUDDVHJXUDUODDGHFXDGDUHSUHVHQWDFLyQGHHVWRV
VtPERORV
9LUJLQLD%HKP &DUDFDV
&XUVR%iVLFRGH$UF9LHZ
&DStWXOR (O 'HVSOLHJXHGH7HPDV
$U FKLYRVGHOH\HQGDV
/RVFDPELRVHIHFWXDGRVHQHOHGLWRUGHODOH\HQGDSXHGHQJXDUGDUVHHQXQ
DUFKLYRGHOH\HQGDGHH[WHQVLyQDYO $UF9LHZ/HJHQG
6LHODUFKLYRGHODOH\HQGDWLHQHHOPLVPRQRPEUHGHODU FKLYRpVWDVHFDUJD
DXWRPiWLFDPHQWHDODJU HJDUHOWHPDHQXQDYLVWD
5HFXSHUDUODVOH\HQGDV
*XDUGDU\
UHFXSHUDUODV
OH\HQGDV
/DV OH\HQGDV HODERUDGDV HQ HO (GLWRU GH OD /H\HQGD SXHGHQ JXDUGDUVH
SDUD XWLOL]DUODV SRVWHULRUPHQWH HYLWDQGR OD HODERUDQGR OD PLVPD HQ FDGD
RFDVLyQ
6L OD OH\HQGD VH JXDUGD XWLOL]DQGR HO PLVPR QRPEUH GHO DUFKLYR GH
$UF9LHZ7HPDHVWDVHFDUJDDXWRPiWLFDPHQWHDOPRPHQWRGHLQFRUSRUDU
HOWHPDHQXQD9LVWD(VWRVDUFKLYRVGHOH\HQGDVTXHGDQDOPDFHQDGRVFRQ
ODH[WHQVLyQDYO$UF9LHZ/HJHQG
,QLFLDU$UF9LHZ\DEULUXQ3UR\HFWR
&DPELDUHOFRORU\HOWLSRGHOH\HQGD
&ODVLILFDUORVGDWRVGHSREODFLyQXWLOL]DQGRTXLHEUHVQDWXUDOHV
&DPELDUHOPpWRGRGHFODVLILFDFLyQHOQ~PHURGHFODVHV\ODVHWLTXHWDV
'HVSOHJDUORVYDORUHVFRQVLPERORJtDGHJUiILFRV
9LUJLQLD%HKP &DUDFDV
&XUVR%iVLFRGH$UF9LHZ
(MHUFLFLR (O(GLWRUGHOD/H\HQGD
&DPELDUHOFRORU\HOWLSRGHOH\HQGD
(Q HO SUR\HFWR TXH KD DELHUWR VH SUHVHQWD XQD YLVWD FRQ XQ VROR 7HPD
(VWDGRVVKS
&XDQGRVHDJUHJDXQWHPDDXQDYLVWD$UF9LHZGHVSOLHJDHOWHPDXWLOL]DQGR
XQVRORFRORUSDUDWRGDVODVFDUDFWHUtVWLFDVVHOHFFLRQDGRHQIRUPDDOHDWRULD
9LUJLQLD%HKP &DUDFDV
&XUVR%iVLFRGH$UF9LHZ
(MHUFLFLR (O(GLWRUGHOD/H\HQGD
+DJD GREOH FOLF HQ HO QRPEUH GHO WHPD HQ OD 7DEOD GH &RQWHQLGR SDUD
GHVSOHJDU ODFDMDGHGLiORJRGHO(GLWRUGHOD/H\HQGD3DUDFDPELDUHOFRORU
KDJDGREOHFOLFHQHOUHFWiQJXORGHOFRORUSDUDGHVSOHJDUODSDOHWDGHFRORUHV
+DJDFOLFHQHOERWyQGHODEURFKDSDUDPRVWUDUORVFRORUHV
5HYLVHORVFRORUHVKDFLDDEDMR\VHOHFFLRQHXQRGLIHUHQWHDOTXHSUHVHQWD
DFWXDOPHQWHHOWHPDGHORVHVWDGRV3UHVLRQH$SSO\DSOLFDU
2EVHUYHTXHHOFRORUGHOWHPDKDFDPELDGRHQODYLVWD
$KRUDXVWHGDSOLFDUiXQFRORUGLIHUHQWHVHJ~QHOQRPEUHGHFDGDHVWDGR (QHO
(GLWRUGHOD/H\HQGDVHOHFFLRQH8QLTXH9DOXH9DORU~QLFRHQODRSFLyQ
GHOWLSRGHOH\HQGD/HJHQG7\SH'HVSXpVHQODRSFLyQ 9DOXHV)LHOG
YDORUHVGHOFDPSRGHVSOLHJXHODOLVWDGHFDPSRV\VHOHFFLRQH(QWLIHGHUD
9LUJLQLD%HKP &DUDFDV
&XUVR%iVLFRGH$UF9LHZ
(MHUFLFLR (O(GLWRUGHOD/H\HQGD
(O (GLWRU GHOD /H\HQGD GHVSOLHJD FDGD HVWDGR FRQ XQ FRORU GLIHUHQWH VHJ~Q
XQ HVTXHPD GH FRORUHV XWLOL]DGR SRU GHIHFWR 3DUD FDPELDU HVWH JUXSR GH
FRORUHV RSULPD OD RSFLyQ &RORU 6FKHPHV (VTXHPDV GH FRORUHV XELFDGD
HQODSDUWHLQIHULRUGHODFDMDGHGLiORJRGHO(GLWRUGHOD/H\HQGD\VHOHFFLRQH
RWURJUXSRGHODOLVWDGLVSRQLEOH+DJDFOLFHQ $SSO\$SOLFDU
&DGDHVWDGRTXHGDDKRUDSUHVHQWDGRFRQRWUDVHULHGHFRORUHV
&ODVLILFDUORVGDWRVGHSREODFLyQXWLOL]DQGRTXLHEUHVQDWXUDOHV
$KRUD XVWHG H[SHULPHQWDUi UHSUHVHQWDQGR ORV GDWRV GH SREODFLyQ VHJ~Q
GLIHUHQWHVPpWRGRVGHFODVLILFDFLyQ
(Q HO (GLWRU GH OD /H\HQGD FDPELH HO WLSR GH OH\HQGD /HJHQG 7\SH D
*
* UDGXDWHG &RORU &RORU JUDGXDGR \ HQ HO FDPSR SDUD OD FODVLILFDFLyQ
&ODVVLILFDWLRQ)LHOGVHOHFFLRQH3RE
$UF9LHZGLYLGHORVYDORUHVGHSREODFLyQHQFLQFRFODVHVXWLOL]DQGRHOPpWRGR
GH ORV TXLHEUHV QDWXUDOHV \ XQD UDPSD GH FRORU URMR PRQRFURPiWLFR SRU
GHIHFWR 3DUD FDPELDU OD UDPSD GH FRORUHV KDJD FOLF HQ &RORU 5DPS
UDPSDGHFRORUHV\VHOHFFLRQHRWURJUXSRGHFRORUHV
9LUJLQLD%HKP &DUDFDV
&XUVR%iVLFRGH$UF9LHZ
(MHUFLFLR (O(GLWRUGHOD/H\HQGD
8QD YH] VHOHFFLRQDGR HO JUXSR GH FRORUHV KDJD FOLF HQ $SSO\ DSOLFDU
SDUDYLVXDOL]DUORVFDPELRVHQODYLVWD
/DFODVLILFDFLyQKDTXHGDGRUHSUHVHQWDGDHQODYLVWD
8VWHG GHVHD DKRUD UHSUHVHQWDU OD SREODFLyQ HQ IXQFLyQ GH OD VXSHUILFLH GH
FDGD HQWLGDG IHGHUDO 8VWHG YD D QRUPDOL]DU ORV GDWRV GH SREODFLyQ FRQ
UHVSHFWR D ORV GDWRV GH VXSHUILFLH GH ORV HVWDGRVOD FXDO HVWi DOPDFHQDGD HQ
RWURFDPSRHQODEDVHGHGDWRV
(Q HO (GLWRU GH OD /H\HQGD DVHJ~UHVH TXH HO FDPSR GH FODVLILFDFLyQ HV
3RE(QODOtQHDGHGLiORJRUHIHUHQWHDODQRUPDOL]DFLyQ 1RU PDOL]H%\
KDJD FOLF HQ OD RSFLyQ SDUD GHVSOHJDU OD OLVWD GH FDPSRV GLVSRQLEOHV \
VHOHFFLRQH 6XSHU INP +DJD FOLF HQ $SSO\ DSOLFDU SDUD HMHFXWDU HVWD
FODVLILFDFLyQ
9LUJLQLD%HKP &DUDFDV
&XUVR%iVLFRGH$UF9LHZ
(MHUFLFLR (O(GLWRUGHOD/H\HQGD
/RVGDWRVGHSREODFLyQHVWiQUHSUHVHQWDGRVDKRUDSRUNPHVGHFLUGHQVLGDG
GH SREODFLyQ 2EVHUYH TXH OD UHSUHVHQWDFLyQ GH ORV GDWRV VH KD PRGLILFDGR
VXVWDQFLDOPHQWH
&DPELDUHOPpWRGRGHFODVLILFDFLyQHOQ~PHURGHFODVHV\ODVHWLTXHWDV
$FWLYHODYHQWDQDGHO(GLWRUGHOD/H\HQGDKDJDFOLFHQHOERWyQ &ODVVLI\
FODVLILFDU \ FDPELH HO WLSR GH FODVLILFDFLyQ D 4XDQWLOH &XDQWLO (VWH
PpWRGRFUHDFODVHVTXHWLHQHQHOPLVPRQ~PHURGHFDUDFWHUtVWLFDV
6HOHFFLRQHWUHVSDUDHOQ~PHURGHFODVHV3UHVLRQH2.
(O FRORU GH ORV UDQJRV GH FODVHV VH KD FRORFDGR HQ URMR PRQRFURPiWLFR
QXHYDPHQWH VL GHVHD FDPELDU HVWRV FRORUHV KDJD FOLF HQ OD RSFLyQ &RORU
5DPSV5DPSDGHFRORUHVSDUDVHOHFFLRQDURWUDVHULH/XHJRKDJDFOLFHQ
$SSO\DSOLFDUSDUDYLVXDOL]DUORVFDPELRVHQODYLVWD
6
9LUJLQLD%HKP &DUDFDV
&XUVR%iVLFRGH$UF9LHZ
(MHUFLFLR (O(GLWRUGHOD/H\HQGD
6XSRQJD DKRUD TXH GHVHD XQD LQWHUSUHWDFLyQ PiV IiFLO \ UiSLGD GH ORV GDWRV
(QOXJDUGHWHQHUYDORUHVQXPpULFRVSDUDLQGLFDUODVGLIHUHQWHVGHQVLGDGHVGH
SREODFLyQXVWHGSXHGHHWLTXHWDUODVWUHVFODVHVHQ$OWD0HGLD\%DMD
(Q HO (GLWRU GH OD /H\HQGD EDMR OD FROXPQD LGHQWLILFDGD FRQ OD SDODEUD
/DEHOKDJDFOLFFRQHOFXUVRUHQODSULPHUDILODSDUDDFWLYDUOD\HVFULEDOD
SDODEUD %DMD5HSLWDHOSURFHGLPLHQWRSDUDODVHJXQGD\WHUFHUDILODGRQGH
HVFULELUi ODVSDODEUDV 0HGLD \ $OWDUHVSHFWLYDPHQWHSUHVLRQH (QWHU
/XHJRKDJDFOLFHQHOERWyQ $SSO\
$UF9LHZ GLEXMD QXHYDPHQWH OD YLVWD DFWXDOL]DQGR ORV GDWRV HQ OD 7DEOD GH
&RQWHQLGRFRQODVPRGLILFDFLRQHVUHDOL]DGDV
'HVSOHJDUORVYDORUHVFRQVLPERORJtDGHJUiILFRV
$KRUD XVWHG YD D UHSUHVHQWDU GDWRV GH VXSHUILFLH GHIRUHVWDGD SRU HQWLGDGHV
IHGHUDOHVXWLOL]DQGRJUiILFRVGHEDUUDV
&LHUUHODYLVWDGHOD3REODFLyQGH9HQH]XHOD(QODYHQWDQDGHOSUR\HFWRKDJD
GREOHFOLFHQOD9LVWDGHQRPLQDGD'HIRU HVWDFLyQSDUDGHVSOHJDUOD
9LUJLQLD%HKP &DUDFDV
&XUVR%iVLFRGH$UF9LHZ
(MHUFLFLR (O(GLWRUGHOD/H\HQGD
6H KD GHVSOHJDGR XQD YLVWD TXH FRQWLHQH XQ VROR WHPD OODPDGR
'HIRUHVWDFLyQVKS &RQ HVWH DUFKLYR XVWHG SURFHGHUi D UHSUHVHQWDU ORV
GDWRVGHVXSHUILFLHGHIRUHVWDGDSRUHQWLGDGHVIHGHUDOHVXWLOL]DQGRJUiILFRVGH
EDUUDV
+DJDGREOHFOLFHQHOiUHDGHOQRPEUHGHOWHPDHQOD7DEODGH&RQWHQLGRSDUD
GHVSOHJDU OD YHQWDQD GH GLiORJR GHO (GLWRU GH OD /H\HQGD +DJD FOLF HQ OD
RSFLyQ /HJHQJ 7\SH WLSR GH OH\HQGD SDUD VHOHFFLRQDU &KDUW
*UiILFR
$KRUD HVWRV FDPSRV VH PXHVWUDQ HQ OD YHQWDQD GH OD GHUHFKD GH OD FDMD GH
GLiORJRGHO(GLWRUGHOD/H\HQGD
(Q OD RSFLyQ 1RU PDOL]H E\ 1RUPDOL]DU SRU VHOHFFLRQH HO FDPSR
6XSHUILFLH GH HVWD IRUPD ORV GDWRV SUHVHQWDGRV VHUiQ SURSRUFLRQDOHV D OD
VXSHUILFLHGHODVHQWLGDGHVDGPLQLVWUDWLYDV
9LUJLQLD%HKP &DUDFDV
&XUVR%iVLFRGH$UF9LHZ
(MHUFLFLR (O(GLWRUGHOD/H\HQGD
3URFHGD D FRQWLQXDFLyQ D PRGLILFDU HO WLSR GH JUiILFR D XWLOL]DU (O WLSR GH
JUiILFR SRU GHIHFWR TXH PDQHMD HO VRIWZDUH HV OD WRUWD &DPELH OD RSFLyQ D
JUiILFRGHEDUUDVHQ ODSDUWH LQIHULRU L]TXLHUGDGH ODFDMDGHGLiORJR &KDUW
7\SHWLSRGHJUiILFR
6L HO FRORU GH IRQGR GHO PDSD HV PX\ RVFXUR SURFHGD D FDPELDUOR SRU XQR
PiVFODUR+DJDGREOHFOLFHQODRSFLyQ %DFNJU RXQG6\PEROVtPERORGH
IRQGRSDUDGHVSOHJDUODSDOHWDGHVtPERORV\SUHVLRQHOXHJRODRSFLyQGHOD
EURFKDGHFRORUHVSDUDVHOHFFLRQDUXQFRORUPiVFODUR
9LUJLQLD%HKP &DUDFDV
&XUVR%iVLFRGH$UF9LHZ
&DStWXOR /DV3URSLHGDGHVGHORV7HPDV
&$3,78/2
/$63523,('$'(6'(/267(0$6
R /DV3U RSLHGDGHVGHORV7HPDV
R 6HOHFFLyQ GHFDU DFWHU tVWLFDV
R (VFDODGHGHVSOLHJXHGHORVWHPDV
R ,GHQWLILFDFLyQGHODVFDU DFWHU tVWLFDVGHXQWHPD
R 2SFLyQGHDXWRHWLTXHWDU
R 9LQFXODFLyQGHOWHPDFRQRWU RVDU FKLYRV
R &U HDFLyQGHOYtQFXOR
R $FFHVRU HVWU LQJLGRDODVSU RSLHGDGHVGHOWHPD
9LUJLQLD%HKP &DUDFDV
&XUVR%iVLFRGH$UF9LHZ
&DStWXOR /DV3URSLHGDGHVGHORV7HPDV
/DV3U RSLHGDGHVGHORV7HPDV
'HILQLUXQVXEJUXSRGHFDUDFWHUtVWLFDV
(WLTXHWDUODVFDUDFWHUtVWLFDVGHORVWHPDV
'HWHU PLQDUODHVFDODSDUDUHSUHVHQWDUORVWHPDV
&UHDUHQODFHVDODVFDUDFWHUtVWLFDVGHORVWHPDV
&RORFDUOODYHDODVSURSLHGDGHVGHORVWHPDV
/DVSURSLHGDGHV
GHORV7HPDV
/DV SURSLHGDGHV GH ORV WHPDV VRQ IXQFLRQHV TXH SURSRUFLRQDQ PD\RU
YHUVDWLOLGDGHQHOGHVSOLHJXHGHHVWRV(QODFDMDGHGLiORJRFDGDSURSLHGDG
VHLGHQWLILFDFRQXQLFRQR XELFDGRDODGHUHFKD8WLOLFHHVWDVIXQFLRQHVSDUD
GHVSOHJDUXQDVHOHFFLyQ GH FDUDFWHUtVWLFDVHWLTXHWDUDSDUWLUGH ORV YDORUHV
GH XQD YDULDEOH GHILQLU OD HVFDOD GH UHSUHVHQWDFLyQ R FUHDU HQODFHV SDUD
OODPDULQIRUPDFLyQDGLFLRQDODOKDFHUFOLFVREUHHOWHPD
6HOHFFLyQGH
FDUDFWHUtVWLFDV
$SDUWLUGHODLQIRUPDFLyQDOPDFHQDGDHQODWDEODGHDWULEXWRVGHXQWHPD
XVWHG SXHGH KDFHU XQD VHOHFFLyQ GH FDUDFWHUtVWLFDV SRU XQ FULWHULR
HVSHFtILFR 'LFKD VHOHFFLyQ VH UHIOHMD VLPXOWiQHDPHQWH HQ OD WDEOD \ HQ OD
YLVWDVREUHHOWHPDDFWLYR&XDOTXLHUVHOHFFLyQSXHGHDOPDFHQDUVHFRPRXQ
DUFKLYRVKDSHGLIHUHQWH
9LUJLQLD%HKP &DUDFDV
&XUVR%iVLFRGH$UF9LHZ
&DStWXOR /DV3URSLHGDGHVGHORV7HPDV
(VFDODGHGHVSOLHJXHGHORVWHPDV
'HILQLFLyQGH
HVFDODPi[LPDGH
U HSU HVHQWDFLyQ
'HQRPLQDGRU
(VFDODGH
GHVSOLHJXHGH
ORVWHPDV
/D HVFDOD GH GHVSOLHJXH GH XQ WHPD RIUHFH OD SRVLELOLGDG GH FRQWURODU OD
HVFDOD D OD FXDO VH GHVHD TXH XQ WHPD VHD R QR YLVLEOH HQ OD YLVWD (VWD
IXQFLyQ HV ~WLO FXDQGR VH WUDEDMD FRQ DUFKLYRV D GLIHUHQWHV HVFDODV \ VH
TXLHUHPDQWHQHUODOHJLELOLGDGGHODLQIRUPDFLyQGHVSOHJDGD
(WLTXHWDUODV
FDUDFWHUtVWLFDV
GHXQWHPD
(WLTXHWDU ODV
FDU DFWHU tVWLFDV
LQWHU DFWLYDPHQWH
&RQ ORV GDWRV DOPDFHQDGRV HQ OD WDEOD DWULEXWLYD GH XQ WHPD VH SXHGHQ
LGHQWLILFDU ODV FDUDFWHUtVWLFDV HVSDFLDOHV HQ OD YLVWD PHGLDQWH HO XVR GH
HWLTXHWDV (VWDV HWLTXHWDV SHUPLWHQ OHHU H LQWHUSUHWDU OD LQIRUPDFLyQ
GHVSOHJDGDFRQPD\RUIDFLOLGDG
9LUJLQLD%HKP &DUDFDV
&XUVR%iVLFRGH$UF9LHZ
&DStWXOR /DV3URSLHGDGHVGHORV7HPDV
2SFLyQGHDXWRHWLTXHWDU
(QFRQWUDUODPHMRUXELFDFLyQGHOWH[WR
$GPLQLVWUDFLyQGHWH[WRVVRODSDGRV\WH[WRVGXSOLFDGRV
2SFLyQGHDXWR
HWLTXHWDU
,PDJHQ
$UFKLYRGHWH[WR
'RFXPHQWR
3U R\HFWR
6FU LSW
9LQFXODFLyQGHO
WHPDFRQRWURV
DUFKLYRV
&UHDUXQHQODFHRIUHFHODSRVLELOLGDGGHYLQFXODUDOHOHPHQWRHVSDFLDORWUR
WLSR GH LQIRUPDFLyQ TXH HVWi DVRFLDGD GH DOJXQD IRUPD D GLFKR HOHPHQWR
(VWD LQIRUPDFLyQ SXHGH XQ VHU XQD LPDJHQ IRWRJUDItDV XQ DUFKLYR GH
WH[WRXQGRFXPHQWRGH$UF9LHZ9LVWD7DEOD*UiILFR/D\RXW\6FULSWR
XQSUR\HFWR
9LUJLQLD%HKP &DUDFDV
&XUVR%iVLFRGH$UF9LHZ
&DStWXOR /DV3URSLHGDGHVGHORV7HPDV
&U HDFLyQGHOYtQFXOR
6HOHFFLRQDUXQFDPSR\XQDDFFLyQ
&UHDFLyQGHO
YtQFXOR
(OYtQFXORGHODVFDUDFWHUtVWLFDVGHXQWHPDFRQRWURDUFKLYRVHGHILQHHQOD
RSFLyQ+RW/LQNGHODVSURSLHGDGHVGHOWHPD/DFDMDGHGLiORJRVROLFLWD
OD HVSHFLILFDFLyQ GHO FDPSR GH OD WDEOD DWULEXWLYD PHGLDQWH OD FXDO VH
HMHFXWDUiHOYtQFXOR\HOWLSRGHDUFKLYRGHVHYLQFXODUi
$FFHVR
UHVWULQJLGRDODV
SURSLHGDGHVGHO
WHPD
6H SXHGH UHVWULQJLU HO DFFHVR D ODV SURSLHGDGHV GHO WHPD DVLJQDQGR XQD
FRQWUDVHxD TXH VHUi VROLFLWDGD DO HMHFXWDU OD IXQFLyQ GH DEULU OD FDMD GH
GLiORJRGHpVWDVSURSLHGDGHV
9LUJLQLD%HKP &DUDFDV
&XUVR%iVLFRGH$UF9LHZ
&DStWXOR /DV3URSLHGDGHVGHORV7HPDV
9LUJLQLD%HKP &DUDFDV
&XUVR%iVLFRGH$UF9LHZ
(MHUFLFLR /DVSURSLHGDGHVGHORV7HPDV
6H KD GHVSOHJDGR XQD YLVWD TXH FRQWLHQH GRV WHPDV FLXGDGHVFDSVKS \
HVWDGRVVKS8VWHGYDDHWLTXHWDUODVFLXGDGHVFRQVXQRPEUH
(WLTXHWDUODVFDUDFWHUtVWLFDVGHXQWHPD
/DV FDUDFWHUtVWLFDV GH XQ WHPD SXHGHQ HWLTXHWDUVH XWLOL]DQGR ORV YDORUHV
DOPDFHQDGRV HQ FXDOTXLHUD GH ORV FDPSRV GH OD WDEOD DWULEXWLYD
FRUUHVSRQGLHQWH D GLFKR WHPD ([LVWHQ GRV PDQHUDV GH HWLTXHWDU ODV
FDUDFWHUtVWLFDV LQWHUDFWLYDPHQWH \ DXWRHWLTXHWDU 3ULPHUR XVWHG SURFHGHUi
FRQHOPpWRGRLQWHUDFWLYR
9LUJLQLD%HKP &DUDFDV
&XUVR%iVLFRGH$UF9LHZ
(MHUFLFLR /DVSURSLHGDGHVGHORV7HPDV
9HULILTXHTXHHVWpDFWLYRHOWHPDGHODVFLXGDGHV+DJDFOLFHQHOERWyQGHODV
SURSLHGDGHVGHOWHPD 7KHPH3URSHUWLHVSDUDGHVSOHJDUODFDMDGHGLiORJR
FRUUHVSRQGLHQWH /XHJR KDJD FOLF HQ HO LFRQR 7H[W /DEHOV (WLTXHWDV GH
WH[WRFRQHOFXDOVHGHVSOLHJDQODVSURSLHGDGHVGHOWHPDSDUDODVHWLTXHWDV
(Q OD RSFLyQ /DEHO )LHOG FDPSR SDUD HWLTXHWDU VHOHFFLRQH HO FDPSR
GHQRPLQDGR 1RPEUHSDUDHWLTXHWDUODVFDUDFWHUtVWLFDV3XHGHVHUTXHHVWH
FDPSRHVWpVHOHFFLRQDGRSRUGHIHFWR3UHVLRQH2.
$QWHV GH HWLTXHWDU XVWHG GHILQLUi OD DSDULHQFLD GHO WH[WR WDPDxR \ WLSR GH
OHWUD 'HVGH HO PHQ~ GH :LQGRZ VHOHFFLRQH OD RSFLyQ 6KRZ 6\PERO
:LQGRZ 0XHVWUH YHQWDQD GH VtPERORV SDUD GHVSOHJDU OD SDOHWD GH
VtPERORV+DJDFOLFHQODRSFLyQGHODVIXHQWHVGHWH[WRV6HOHFFLRQH$ULDO
SDUDODIXHQWHGHOWH[WR\SDUDHOWDPDxRHQODRSFLyQ6L]HVHOHFFLRQH
/XHJRFLHUUHODSDOHWDGHORVWH[WRV
$KRUDKDJDFOLFHQHOERWyQGHODHWLTXHWDXELFDGRHQODEDUUDGHKHUUDPLHQWDV
GH OD YLVWD &RORTXH OXHJR HO FXUVRU HQ OD YLVWD \ KDJD FOLF HQ HO SXQWR TXH
UHSUHVHQWD OD FLXGDG GH &DUDFDV SDUD TXH OD SDODEUD &DUDFDV DSDUH]FD
HVFULWD+DJDFOLFHQRWURVSXQWRVHQODYLVWDSDUDHWLTXHWDURWUDVFLXGDGHV
9LUJLQLD%HKP &DUDFDV
&XUVR%iVLFRGH$UF9LHZ
(MHUFLFLR /DVSURSLHGDGHVGHORV7HPDV
8VWHGSXHGHWDPELpQXWLOL]DUODRSFLyQGHDXWRHWLTXHWDUFRQODTXH$UF9LHZ
UHDOL]D OD PD\RU SDUWH GHO WUDEDMR XELFDQGR ORV WH[WRV HQ ORV HOHPHQWRV
HVSDFLDOHVHQIRUPDVLPXOWiQHD
'HVGH HO PHQ~ GHO WHPD VHOHFFLRQH OD RSFLyQ 5HPRYH /DEHOV UHPRYHU
HWLTXHWDVSDUDHOLPLQDUODVHWLTXHWDVFRORFDGDVHQIRUPDLQWHUDFWLYD
9LUJLQLD%HKP &DUDFDV
&XUVR%iVLFRGH$UF9LHZ
(MHUFLFLR /DVSURSLHGDGHVGHORV7HPDV
/DV HWLTXHWDV TXH VH VRODSDQ DSDUHFHQ HQ FRORU YHUGH FODUR 2EVHUYH HQ OD
UHJLyQ FHQWUR QRUWH GHO SDtV ODV HWLTXHWDV GH ODV FLXGDGHV GH 9DOHQFLD
0DUDFD\ /RV 7HTXHV \ 6DQ -XDQ GH ORV 0RUURV VH VRODSDQ +DJD XQ
DFHUFDPLHQWRHQHVWD]RQDSDUDYLVXDOL]DUPHMRUHVWDFRQGLFLyQ
+DJD FOLF HQ OD RSFLyQ )XOO ([WHQW ([WHQVLyQ FRPSOHWD 'HVGH HO PHQ~
GHO WHPD VHOHFFLRQH 5HPRYH /DEHOV UHPRYHU HWLTXHWDV SDUD HOLPLQDU
WRGDVODVHWLTXHWDV
9LUJLQLD%HKP &DUDFDV
&XUVR%iVLFRGH$UF9LHZ
(MHUFLFLR /DVSURSLHGDGHVGHORV7HPDV
9XHOYD D HMHFXWDU OD RSHUDFLyQ GH DXWRHWLTXHWDU +DJD FOLF HQ HO PHQ~ GHO
WHPD \ VHOHFFLRQH $XWR/DEHO DXWRHWLTXHWDU (Q OD FDMD GH GLiORJR GH
HVWDRSHUDFLyQ PDUTXH QXHYDPHQWH ODRSFLyQ $OORZ2YHU ODSSLQJ/DEHOV
SHUPLWLUHOVRODSHGHHWLTXHWDV3UHVLRQH2.
(VWDYH]ORVWH[WRVQRVHKDQVRODSDGR
(VWD YH] ORV WH[WRV QR VH VRODSDQ 6L OR GHVHD KDJD XQ DFHUFDPLHQWR SDUD
YLVXDOL]DUPHMRUHOUHVXOWDGRGHHVWDRSHUDFLyQ
9LUJLQLD%HKP &DUDFDV
&XUVR%iVLFRGH$UF9LHZ
(MHUFLFLR /DVSURSLHGDGHVGHORV7HPDV
9HUi XQD YLVWD FRQ XQ VROR WHPD TXH UHSUHVHQWD ORV HVWDGRV GH 9HQH]XHOD
GLIHUHQFLDQGRORVTXHWLHQHQIRWRGHORVTXHQRODWLHQHQ
+DJDFOLFHQODRSFLyQ2SHQ7KHPH7DEOH$EULU7DEODGHO7HPD5HYLVH
OD WDEOD \ REVHUYH TXH VH KD FUHDGR XQ FDPSR GHQRPLQDGR ,PDJHQ HQ HO
FXDO VH KDQ DOPDFHQDGR ORV QRPEUHV GH ODV LPiJHQHV TXH UHSUHVHQWDQ ODV
IRWRJUDItDV
&LHUUHODWDEODGHDWULEXWRV\DFWLYHODYLVWD2EVHUYHTXHHOERWyQSDUDHMHFXWDU
HOHQODFHHVWiLQDFWLYR(VWHERWyQQRHVWDUiGLVSRQLEOHKDVWDTXHHOHQODFHQR
KD\DVLGRGHILQLGRHQODVSURSLHGDGHVGHOWHPD
9LUJLQLD%HKP &DUDFDV
&XUVR%iVLFRGH$UF9LHZ
(MHUFLFLR /DVSURSLHGDGHVGHORV7HPDV
$KRUDREVHUYHTXHHOERWyQGHOHQODFHVHKDDFWLYDGRKDJDFOLFHQpVWHERWyQ
\OXHJRHQODYLVWDKDJDFOLFHQXQRGHORVHVWDGRVGHFRORUSDUDGHVSOHJDUOD
IRWRJUDItD FRUUHVSRQGLHQWH 3UXHEH HQ RWURV HVWDGRV SDUD GHVSOHJDU VXV IRWRV
/RVHVWDGRVVLQ FRORUQRWLHQHQIRWRVDVRFLDGDV
9LUJLQLD%HKP &DUDFDV
&XUVR%iVLFRGH$UF9LHZ
9LUJLQLD%HKP &DUDFDV
(MHUFLFLR /DVSURSLHGDGHVGHORV7HPDV
&XUVR%iVLFRGH$UF9LHZ
&DStWXOR 0DQHMRGHODV7DEODV
&$3,78/2
0$1(- 2'(/$67$%/$6
R /DV7DEODVHQ$U FYLHZ
R $JU HJDU WDEODV
R &U HDU XQDWDEODQXHYD
R $JU HJDU FDPSRV\U HJLVWU RVDODWDEOD
R ,QFRU SRU DU GDWRVHQODWDEOD
R )XQFLyQGHOD&DOFXODGRU D
R &RQVXOWDU ORVGDWRVGHODWDEOD
R 9LVXDOL]DU ODVHOHFFLyQ
R 0RGLILFDU ODVHOHFFLyQ
R (VWDGtVWLFDEiVLFDGHGDWRVQXPpU LFRV
R 5HVXPHQGHGDWRV
R &RQVWU XFFLyQGHU HODFLRQHVHQWU HWDEODV
R %DVHGHGDWRVU HODFLRQDO
R 8QLyQGHWDEODV
R (QODFHGHWDEODV
9LUJLQLD%HKP &DUDFDV
&XUVR%iVLFRGH$UF9LHZ
&DStWXOR 0DQHMRGHODV7DEODV
/DV7DEODVGH$U FYLHZ
&UHDUWDEODVQXHYDV
$JUHJDUFDPSRV\U HJLVWURVDODV
WDEODV
(GLWDUORVYDORUHVGHODVWDEODV
&RQVXOWDU \UHSUHVHQWDU
HVSDFLDOPHQWH
'HILQLU U HODFLRQHVHQWU HWDEODV
/DVWDEODVGH
$UF9LHZ
/D WDEOD GH $UF9LHZ HV HO GRFXPHQWR XWLOL]DGR SDUD DOPDFHQDU OD
LQIRUPDFLyQ DWULEXWLYD GH ORV WHPDV 6H SXHGHQ FUHDUWDEODV DGLFLRQDOHV
SDUDUHODFLRQDUODVFRQODWDEODDWULEXWLYDGHXQWHPDPHGLDQWHXQFDPSR
FRP~Q /D LQWHUIDFH JUiILFD GH OD WDEOD SHUPLWH FUHDU WDEODV QXHYDV
DJUHJDU FDPSRV \ UHJLVWURV WUDQVFULELU R DFWXDOL]DU GDWRV H[SRUWDU
FRQVXOWDU\UHSUHVHQWDUHVSDFLDOPHQWHODLQIRUPDFLyQ
$JUHJDUWDEODV
&RQH[LyQ64/DXQD
EDVHGHGDWRVH[WHU QD
G%DVH,1)2\DUFKLYRVGHWH[WRVRQORVIRUPDWRVGHWDEODVTXH$UF9LHZ
OHH GLUHFWDPHQWH XWLOL]DQGR OD IXQFLyQ DJUHJDU WDEOD 0HGLDQWH XQD
FRQH[LyQ64/6HUYHU HV SRVLEOHOHHU GDWRV DOPDFHQDGRV HQ PDQHMDGRUHV
GH EDVHV GH GDWRV FRPR $FFHVV ,QIRUPL[ \ 2UDFOH HQWUH RWUDV (VWD
IXQFLyQSUHVHQWDODLQIRUPDFLyQFRPRXQDWDEODYLUWXDOGH$UF9LHZFX\RV
GDWRVQRSXHGHQVHUHGLWDGRV
9LUJLQLD%HKP &DUDFDV
&XUVR%iVLFRGH$UF9LHZ
&DStWXOR 0DQHMRGHODV7DEODV
2SFLyQ1HZ
'HVSOLHJXHGHODWDEOD
QXHYDYDFtD
7DEODD YDFtDD
&UHDUXQDWDEOD
QXHYD
8QD WDEOD QXHYD FUHDGD HQ $UF9LHZ WLHQH IRUPDWR G%DVH /DV WDEODV
DGLFLRQDOHV HODERUDGDV VH UHODFLRQDQ FRQ ODV WDEODV DWULEXWLYDV GH ORV
WHPDV PHGLDQWH XQ FDPSR FRP~Q SDUD HQULTXHFHU OD UHSUHVHQWDFLyQ
HVSDFLDOGHODLQIRUPDFLyQ
$JUHJDU ORV
FDPSRV
/RVFDPSRVGHILQLGRVVH
YLVXDOL]DQHQ ODWDEOD
$JUHJDUFDPSRV
\UHJLVWURVDOD
WDEOD
9LUJLQLD%HKP &DUDFDV
&XUVR%iVLFRGH$UF9LHZ
&DStWXOR 0DQHMRGHODV7DEODV
&HOGDDFWLYD
)LQDOL]DFLyQGHOD
HGLFLyQ
,QFRUSRUDUORV
GDWRVHQODWDEOD
&RQ ORV FDPSRV \ ORV UHJLVWURV GHILQLGRV VH SXHGH FRPHQ]DU OD
LQFRUSRUDFLyQ GH GDWRV XWLOL]DQGR HO ERWyQ GH HGLFLyQ OD IXQFLyQ FRSLDU
SHJDUFWUO&FWUO9\HOERWyQGHODFDOFXODGRUDIDFLOLWDQpVWDWDUHD(Q
HOFDVRGHEDVHVGHGDWRVH[WHQVDV\FRPSOHMDVHVFRQYHQLHQWHXWLOL]DUXQ
PDQHMDGRUGHEDVHGHGDWRVSDUDOXHJRUHODFLRQDUpVWDVWDEODVFRQODVWDEODV
DWULEXWLYDVGHORVWHPDV
)XQFLyQGHOD&DOFXODGRU D
%RWyQGHOD
&DOFXODGRU D
&U HDFLyQGHXQFDPSRYDFtR
'HILQLFLyQGHXQD
H[SU HVLyQ OyJLFD
5HVXOWDGRVDOPDFHQDGRV
HQHOFDPSRQXHYR
) XQFLyQGHOD
&DOFXODGRUD
9LUJLQLD%HKP &DUDFDV
&XUVR%iVLFRGH$UF9LHZ
&DStWXOR 0DQHMRGHODV7DEODV
&RQVXOWDU ORVGDWRVGHODWDEOD
8WLOL]DUODIXQFLyQ4XHU\%XLOGHUFRQVWUXFWRUGHFRQVXOWD
'HILQLU XQFULWHULRGHVHOHFFLyQ
6HOHFFLRQDUHOFDPSRXQRSHUDGRUOyJLFR\XQYDORU
(MHPSORVGHFRQVXOWDVTXHU\
>3DU U RTXLD@ /D*XDLUD
>9HJHW@ %RVTXHDQG>3HQGLHQWH@!
&RQVXOWDUORV
GDWRVGHODWDEOD
(O SULQFLSDO REMHWLYR GH XQ 6,* HV SRGHU KDFHU FRQVXOWDV D OD EDVH GH
GDWRV GHVGH OD LQIRUPDFLyQ JHRJUiILFD /D IXQFLyQ 4XHU\ %XLOGHU
SHUPLWHDFFHGHUDORVGDWRVGHODVWDEODVSDUDFRQVWUXLUXQDFRQVXOWDTXH
GHILQHXQDVHOHFFLyQ GHFDUDFWHUtVWLFDV VHJ~QXQFULWHULRSDUDYLVXDOL]DU
HVSDFLDOPHQWH GLFKD VHOHFFLyQ (O DFFHVR D OD IXQFLyQ GH FRQVXOWD VH
UHDOL]D LQGLVWLQWDPHQWH GHVGH OD WDEOD R GHVGH HO DUFKLYR JHRJUiILFR
DVRFLDGR
9LVXDOL]DU ODVHOHFFLyQ
/DVHOHFFLyQGHFDUDFWHUtVWLFDVVHSU HVHQWDWDQWRHQODYLVWDFRPRHQODWDEOD
PHGLDQWHXQFRORUGHVHOHFFLyQ
/RVU HJLVWURVVHOHFFLRQDGRVVHDJUXSDQ\VHGHVWDFDQHQODSDUWHVXSHULRUGHOD
WDEOD
9LVXDOL]DUOD
VHOHFFLyQ
/D VHOHFFLyQ GH FDUDFWHUtVWLFDV VH UHIOHMD HQ OD WDEOD \ HQ HO DUFKLYR
JHRJUiILFRGHOWHPDFRQVXOWDGR
9LUJLQLD%HKP &DUDFDV
&XUVR%iVLFRGH$UF9LHZ
&DStWXOR 0DQHMRGHODV7DEODV
0RGLILFDU ODVHOHFFLyQ
&UHDUXQDVHOHFFLyQQXHYD
$JUHJDUU HJLVWURVDODVHOHFFLyQ
6HOHFFLRQDUUHJLVWURVGHODVHOHFFLyQ
(OLPLQDUFXDOTXLHUVHOHFFLyQ
,QWHUFDPELDUODVHOHFFLyQ
0RGLILFDUOD
VHOHFFLyQ
/D FDMD GH GLiORJR SDUD UHDOL]DU ODV FRQVXOWDV SUHVHQWD WUHV RSFLRQHV
FUHDU XQD VHOHFFLyQ QXHYD DJUHJDU UHJLVWURV D OD VHOHFFLyQ FUHDGD \
VHOHFFLRQDU UHJLVWURV GHQWUR GH pVWD /RV ERWRQHV GH OD LQWHUIDFH JUiILFD
SHUPLWHQ HOLPLQDU FXDOTXLHU VHOHFFLyQ R LQYHUWLU ORV UHJLVWURV
VHOHFFLRQDGRV
'HVSOLHJXHGHOD
HVWDGtVWLFD
6HOHFFLyQGH
ODRSFLyQ
6WDWLVWLFV
'HVSOLHJXHGHOD
HVWDGtVWLFDGHOFDPSR
(VWDIXQFLyQSHUPLWHGHVSOHJDUODHVWDGtVWLFDEiVLFDSDUDGDWRVQXPpULFRV
/DLQIRUPDFLyQHVWDGtVWLFDGHVSOHJDGDHVODVLJXLHQWH
6XPD
1~PHURGHUHJLVWURV
0HGLD
9DORUPi[LPR
9DORUPtQLPR
5DQJR
9DULDQ]D
'HVYLDFLyQHVWiQGDU
9LUJLQLD%HKP &DUDFDV
&XUVR%iVLFRGH$UF9LHZ
&DStWXOR 0DQHMRGHODV7DEODV
5HVXPHQGHGDWRV
6XSHU ILFLHFXOWLYDGDSRU
(VWDGRV
7DEODU HVXOWDQWH
5HVXPHQGH
GDWRV
(VWDIXQFLyQFRQVLVWHHQXQFRQWHRGHUHJLVWURVSRUXQDYDULDEOHRFDPSR
GH OD WDEOD DWULEXWLYD FRQ OD RSFLyQ GH HMHFXWDU XQD RSHUDFLyQ VXPDU
SURPHGLDU HWF VREUH RWUD YDULDEOH (Q HO HMHPSOR H[SXHVWR ORV GDWRV
RULJLQDOHV UHSUHVHQWDQ OD VXSHUILFLH FXOWLYDGD SRU PXQLFLSLR OD WDEOD
UHVXOWDQWHSUHVHQWDHOQ~PHURGHPXQLFLSLRVSRUHVWDGR\HOFiOFXORGHODV
VXSHUILFLHVSDUFLDOHVVXPDGDSRUHVWDGR
&RQVWUXFFLyQGH
UHODFLRQHVHQWUH
ODVWDEODV
(QPXFKRVFDVRVHVQHFHVDULRLQFRUSRUDUGDWRVH[WHUQRVSDUDXWLOL]DUORVHQ
UHSUHVHQWDFLRQHV HVSDFLDOHV \ IDFLOLWDU OD OHFWXUD H LQWHUSUHWDFLyQ GH OD
LQIRUPDFLyQ (Q $UF9LHZ OD UHODFLyQ HQWUH WDEODV VH HIHFW~D PHGLDQWH OD
H[LVWHQFLDGHXQFDPSRFRP~QHQWUHGRVRPiVWDEODV
9LUJLQLD%HKP &DUDFDV
&XUVR%iVLFRGH$UF9LHZ
&DStWXOR 0DQHMRGHODV7DEODV
%DVHGHGDWRVU HODFLRQDO
(OGLVHxRGHODVUHODFLRQHVVHEDVHHQHOPRGHORGHEDVHGHGDWRVUHODFLRQDO
8QFDPSRFRP~QSHUPLWHXQLURHQOD]DUODVWDEODV
/RVU HJLVWURVTXHSRVHHQHOPLVPRYDORUHQHOFDPSRFRP~QVHUHODFLRQDQ
%DVHGHGDWRV
UHODFLRQDO
(Q HO PRGHOR GHEDVH GH GDWRV UHODFLRQDOORV YDORUHVGHXQFDPSR GH OD
WDEODGHGHVWLQRVHYLQFXODQFRQYDORUHVLJXDOHVHQFRQWUDGRVHQHOFDPSR
GH OD WDEOD GH RULJHQ (VWD UHODFLyQ SXHGH VHU XQRDXQR PXFKRVDXQR
XQRDPXFKRV\PXFKRVDPXFKRV
8QLyQGHWDEODV
6HOHFFLyQGHOFDPSRFRP~Q
/DUHODFLyQHQWUHODVWDEODVHVXQRDXQRRPXFKRVDXQR
/DWDEODGHRULJHQVHDQH[DDODWDEODGHGHVWLQR
8QLyQGHWDEODV
(VWDRSHUDFLyQIXQFLRQDFXDQGRODUHODFLyQHQWUHODVWDEODVGHXQRDXQR
RPXFKRVDXQR(OFRQWHQLGRGHODWDEODGHRULJHQVHDQH[DDODWDEODGH
GHVWLQR TXH HV OD WDEOD DWULEXWLYD GHO WHPD &RPR UHVXOWDGR ORV GDWRV
DQH[DGRV SXHGHQ VHU YLVXDOL]DGRV HQ IRUPD GH FRORUHV R VtPERORV
JUDGXDGRVRSRUJUiILFRVFRPSDUDWLYRVGLVWULEXLGRVHVSDFLDOPHQWH
9LUJLQLD%HKP &DUDFDV
&XUVR%iVLFRGH$UF9LHZ
&DStWXOR 0DQHMRGHODV7DEODV
(QODFHGHWDEODV
/DUHODFLyQHQWUHORVUHJLVWURVHVGHXQRDPXFKRV
/RVGDWRVQRVHDQH[DQDODWDEODGHGHVWLQR
/DVHOHFFLyQGHVSOLHJDHOHQODFHGHORVGDWRV
(QODFHGHWDEODV
(Q pVWH WLSR GH UHODFLyQ OD WDEOD GH RULJHQ QR VH DQH[D D OD WDEOD GH
GHVWLQR FXDQGR VH HMHFXWD XQD VHOHFFLyQ \D VHD HQ ODV WDEODV R HQ HO
DUFKLYR JHRJUiILFR OD UHODFLyQ VH GHVWDFD VLPXOWiQHDPHQWH HQ ORV WUHV
GRFXPHQWRV\VHDFWXDOL]DDOPRGLILFDUGLFKDVHOHFFLyQ
9LUJLQLD%HKP &DUDFDV
&XUVR%iVLFRGH$UF9LHZ
&DStWXOR 0DQHMRGHODV7DEODV
(MHU FLFLR0DQHMRGHOD7DEODV
,QLFLDU$UF9LHZDEULUXQ3UR\HFWR
$JUHJDUXQDWDEOD
(MHFXWDUODVXPDWRULDGHXQDWDEOD
8WLOL]DUODRSFLyQ- 2,1
'HVSOHJDUHOWHPDVHJ~QORVGDWRVXQLGRV
$JUHJDUXQWHPD
(GLWDUODWDEOD\DFWXDOL]DUVXVYDORU HV
$JUHJDUXQDWDEOD
8WLOL]DU ODRSFLyQ/,1.
&RQVXOWDUORVGDWRVHQOD]DGRV
9LUJLQLD%HKP &DUDFDV
&XUVR%iVLFRGH$UF9LHZ
(MHU FLFLR0DQHMRGHODV7DEODV
(Q OD SULPHUD SDUWH GH HVWH HMHUFLFLR XVWHGREWHQGUi ORV GDWRV GH VXSHUILFLH FXOWLYDGD SRU
HVWDGRV D SDUWLU GH XQD WDEOD TXH SUHVHQWD HVWD LQIRUPDFLyQ D QLYHO GH PXQLFLSLRV /XHJR
XQLUiHVWRVGDWRVGHVXSHUILFLHGHXVR GH ODWLHUUDSRUHVWDGRVDXQDUFKLYRGH9HQH]XHOD
SDUDUHSUHVHQWDUHVSDFLDOPHQWHHVWDLQIRUPDFLyQ
(QXQDVHJXQGDSDUWHXVWHGUHODFLRQDUiGDWRVGHHYHQWRVQDWXUDOHVTXHKDQRFXUULGRHQHO
(VWDGR9DUJDVGHVGHKDVWDHOSUHVHQWHFRQXQWHPDGHSXQWRVTXHUHSUHVHQWDORVVLWLRV
JHRJUiILFRVGRQGHHVWRVHYHQWRVKDQRFXUULGR
,QLFLDU$UF9LHZDEULUXQ3UR\HFWR
6H KD GHVSOHJDGR XQD YLVWD TXH FRQWLHQH XQ WHPD UHIHULGR D ORV HVWDGRV GH
9HQH]XHODY]ODWLHUUDVKSFRQVXUHVSHFWLYDWDEODDWULEXWLYD
9LUJLQLD%HKP &DUDFDV
&XUVR%iVLFRGH$UF9LHZ
(MHFXWDUODVXPDWRULDGHXQDWDEOD
8VWHGYDDFUHDUXQDWDEODTXHSUHVHQWDODVXPDWRULDSRUHVWDGRVGHORVGDWRV
GHVXSHUILFLHWRWDO\FXOWLYDGD
&RPR XVWHG GHVHD ORV GDWRV VXPDGRV SRU HVWDGRV KDJD FOLF HQ HO FDPSR
&RGHVWDGRHQODWDEOD8VRGHODWLHU UDSRU PXQLFLSLRVGEI
9LUJLQLD%HKP &DUDFDV
&XUVR%iVLFRGH$UF9LHZ
+DJD FOLF HQ HO ERWyQ GH OD VXPDWRULD SDUD GHVSOHJDU OD FDMD GH GLiORJR
FRUUHVSRQGLHQWH$VLJQHHQSULPHUOXJDUHOQRPEUH\GLUHFWRULRSDUDODQXHYD
WDEOD
+DJD FOLF HQ HO ERWyQ 6DYH $V *XDUGDU FRPR \ HQ OD YHQWDQD GH
GLUHFWRULRVFROyTXHVHHQ F?FXU VRDUFYLHZ?GDWRVHVFULEDFRPRQRPEUHGHOD
WDEOD8VRWLHU UDSRUHVWDGRVGEI3UHVLRQH2.
/XHJR HQ OD RSFLyQ )LHOG FDPSR VHOHFFLRQH 67RWDO \ HQ OD RSFLyQ
6XPPDUL]H E\ UHVXPLU SRU VHOHFFLRQH 6XP 3UHVLRQH $GG SDUD
LQFRUSRUDUHVWDRSHUDFLyQHQODYHQWDQDGHODGHUHFKD5HSLWDHOSURFHGLPLHQWR
VHOHFFLRQDQGR 6&XOWLYDGD RSFLyQ 6XPPDUL]H E\ 6XP \ $GG
$PERV FiOFXORV GHEHQ XELFDUVH HQ OD YHQWDQD GH OD GHUHFKD SDUD TXH HO
VLVWHPD HMHFXWH OD VXPDWRULD GH OD VXSHUILFLH WRWDO \ FXOWLYDGD SRU HVWDGRV
3UHVLRQH2.
9LUJLQLD%HKP &DUDFDV
&XUVR%iVLFRGH$UF9LHZ
8QDWDEODQXHYDVHKDFUHDGRGRQGHORVGDWRVGHVXSHUILFLHDSDUHFHQVXPDGRV
SRUHOFyGLJRGHOHVWDGR$KRUDXVWHGSURFHGHUiDXQLUHVWDWDEODDODUFKLYRGH
9HQH]XHODSDUDUHSUHVHQWDUHVSDFLDOPHQWHHVWDLQIRUPDFLyQ
8WLOL]DUODRSFLyQ- 2,1
&LHUUDODWDEODGHVXSHUILFLHFXOWLYDGDSRUPXQLFLSLRV&RORTXHODWDEODQXHYD
8VRWLHU U DSRUHVWDGRVGEIGHWDOPDQHUDGHSRGHUYLVXDOL]DUODVGRVWDEODV\
ODYLVWDVLPXOWiQHDPHQWH
+DJD FOLF HQ HO FDPSR &RGHVWDGR HQ OD WDEOD GH
8VRWLHU U DSRUHVWDGRVGEIOXHJRKDJDFOLF\HQHOFDPSR &RGHVWDGRGH
ODWDEODGHDWULEXWRVGHOWHPD Y]ODWLHU UDVVKSHVWHHVHOFDPSRGHXQLyQ\
YHULILTXHTXHTXHGHDFWLYDODWDEODGHDWULEXWRVGHY]ODWLHU UDVVKSpVWDGHEH
VHUODWDEODGHGHVWLQR
9LUJLQLD%HKP &DUDFDV
&XUVR%iVLFRGH$UF9LHZ
+DJDFOLFHQHOERWyQ - 2,1SDUDHMHFXWDUODXQLyQGHODVWDEODV
2EVHUYH TXH OD WDEOD GH RULJHQ VH KD DQH[DGR D OD WDEOD GH GHVWLQR $KRUD
SURFHGD DUHSUHVHQWDU HVSDFLDOPHQWH OD VXSHUILFLH FXOWLYDGD FRQ UHVSHFWR D OD
VXSHUILFLHWRWDOGHFDGDHVWDGRSRUFRORUHVJUDGXDGRV
'HVSOHJDUHOWHPDVHJ~QORVGDWRVXQLGRV
+DJD GREOH FOLF HQ HO QRPEUH GHO WHPD HQ OD 7DEOD GH &RQWHQLGR SDUD
GHVSOHJDUODFDMDGHGLiORJRGHO(GLWRUGHOD/H\HQGD
9LUJLQLD%HKP &DUDFDV
&XUVR%iVLFRGH$UF9LHZ
(Q HO (GLWRU GH OD /H\HQGD FDPELH HO WLSR GH OH\HQGD /HJHQG 7\SH D
*
* UDGXDWHG &RORU &RORU JUDGXDGR HQ HO FDPSR SDUD OD FODVLILFDFLyQ
&ODVVLILFDWLRQ)LHOGVHOHFFLRQH 6
6XSFXOWLYVXSHUILFLHFXOWLYDGD \ HQHO
$U HD
FDPSRSDUDODQRUPDOL]DFLyQGHORVGDWRV1RUPDOL]HE\VHOHFFLRQH$
VXSHUILFLH WRWDO GH FDGD HVWDGR (Q OD RSFLyQ &RORU UDPSV 5DPSD GH
FRORUHV VHOHFFLRQH XQD VHFXHQFLD GH FRORUHV PiV DGHFXDGD 3UHVLRQH
$SSO\SDUDHMHFXWDUORVFDPELRV
$JUHJDUXQWHPD
&LHUUH OD YLVWD \ ODV WDEODV GHVSOHJDGDV $FWLYH OD YHQWDQD GHO SUR\HFWR
SUHVLRQHHOERWyQGHODYLVWD\DEUDODYLVWD(YHQWRV1DWXUDOHV
6H KD GHVSOHJDGR XQD YLVWD TXH FRQWLHQH FXDWUR WHPDV YLDOLGDG FRVWD
KLGURJUDItD H KLSVRPHWUtD FRUUHVSRQGLHQWHV DO iUHD GH HVWXGLR 8VWHG YD D
DJUHJDU HO WHPD GH SXQWRV TXH UHSUHVHQWD ORV VLWLRV JHRJUiILFRV GRQGH KDQ
RFXUULGRVHYHQWRVQDWXUDOHV
9LUJLQLD%HKP &DUDFDV
&XUVR%iVLFRGH$UF9LHZ
$JUHJXHHOWHPDGHORVVLWLRVJHRJUiILFRVFRUUHVSRQGLHQWHVDODRFXUUHQFLDGH
HYHQWRV QDWXUDOHV +DJD FOLF HQ HO ERWyQ GH DJUHJDU WHPD \ GHVGH OD FDMD GH
GLiORJRGHGLUHFWRULRVVHOHFFLRQHHODUFKLYRGHQRPLQDGR 6LWLRVHYHQWRVVKS
XELFDGRHOGLUHFWRULRF?FXUVRDUFYLHZ?GDWRV?YDU JDV?
3UHQGDHOWHPDSDUDYLVXDOL]DUHVWDLQIRUPDFLyQ
9LUJLQLD%HKP &DUDFDV
&XUVR%iVLFRGH$UF9LHZ
2EVHUYH TXH OD FROXPQD GRQGH GHEH LU HO QRPEUH GHO VLWLR JHRJUiILFR HVWi
YDFtD3ULPHURXVWHGLQFRUSRUDUiHVWRVGDWRV
$FWLYH OD WDEOD VL QR OR HVWi \ HQ HO PHQ~ GH OD WDEOD VHOHFFLRQH OD RSFLyQ
6WDUW(GLWLQJ,QLFLDUHGLFLyQ(VWDIXQFLyQFRORFDDODWDEODHQFRQGLFLyQ
GHVHUPRGLILFDGD
+DJDFOLFHQHOERWyQGHHGLFLyQ\FRORTXHHOFXUVRUHQODSULPHUDFHOGDYDFtD
SDUDLQFRUSRUDUHOGDWRFRUUHVSRQGLHQWH3UHVLRQH(QWHUSDUDLUDODVHJXQGD
ILOD \ WUDQVFULED HO GDWR FRUUHVSRQGLHQWH (VFULED OD LQIRUPDFLyQ HQ OHWUDV
PD\~VFXODVVHJ~QFRPRVHPXHVWUDHQODVLJXLHQWHWDEOD
,G
6LWLR
&$%2%/$1&2
$6,021%2/,9$5
%$55,2(/&$1721
6(&725(/5,1&21
*8$5$&$580%2
%$55,2&$1$,0$
%$55,20217(6$12
48(%5$'$2625,2
&2/,1$6'(3$5,$7$
3UHVLRQH (QWHU DO ILQDO GH FDGD GDWR QR ROYLGH KDFHU OR PLVPR FRQ HO
~OWLPRGDWR/DWDEODGHEHTXHGDUFRPRODTXHVHPXHVWUDDTXt
9LUJLQLD%HKP &DUDFDV
&XUVR%iVLFRGH$UF9LHZ
$JUHJDUXQDWDEOD
$ FRQWLQXDFLyQ XVWHG SURFHGHUi D LQFRUSRUDU XQD WDEOD DO SUR\HFWR TXH
FRQWLHQH ORV GDWRV GH ORV HYHQWRV QDWXUDOHV TXH KDQ RFXUULGR HQ OD ]RQD
HVSHFtILFDPHQWH HQ ORV VLWLRV VHxDODGRV HQ HO WHPD GH ORV SXQWRV
6LWLRVHYHQWRVVKS
$FWLYHODYHQWDQDGHOSUR\HFWR\UHVDOWHHOLFRQRGHODWDEOD/XHJRSUHVLRQHHO
ERWyQ $GG DJUHJDU SDUD DJUHJDU XQD WDEOD (Q OD FDMD GH GLiORJR GH
GLUHFWRULRV EXVTXH OD WDEOD GHQRPLQDGD (YHQWRVGEI HQ HO GLUHFWRULR
F?FXUVRDU FYLHZ?GDWRV?YDUJDV
9LUJLQLD%HKP &DUDFDV
&XUVR%iVLFRGH$UF9LHZ
/DWDEODGHVSOHJDGDPXHVWUDORVHYHQWRVQDWXUDOHVRFXUULGRVHQHVWRVVLWLRV6H
WUDWDGHUHODFLRQDUODVGRVWDEODVGHWDOPDQHUDTXHDOVHOHFFLRQDUXQSXQWRGHO
WHPD 6LWLRVHYHQWRVVKSHQODYLVWDVHVHOHFFLRQHQORVHYHQWRVRFXUULGRVHQ
GLFKROXJDU
8WLOL]DUODRSFLyQ/,1.
2UJDQLFHORVGRFXPHQWRVHQODSDQWDOODGHWDOPDQHUDGHSRGHUYLVXDOL]DUODV
GRV WDEODV\ODYLVWDVLPXOWiQHDPHQWH
9LUJLQLD%HKP &DUDFDV
&XUVR%iVLFRGH$UF9LHZ
$O VHOHFFLRQDU HO SXQWR FRUUHVSRQGLHQWH D OD 4XHEUDGD 2VRULR VH KDQ
VHOHFFLRQDGRORVHYHQWRVTXH VHKDQUHJLVWUDGRHQHVWHOXJDUGHVGH
9LUJLQLD%HKP &DUDFDV
&XUVR%iVLFRGH$UF9LHZ
9LUJLQLD%HKP &DUDFDV
&XUVR%iVLFRGH$UF9LHZ
&DStWXOR /RV*UiILFRV
&$3,78/2
/26*5$),&26
R /RVJU iILFRV
R &U HDU XQJU iILFR
R 7LSRVGHJU iILFR
R /RVHOHPHQWRVGHOJU iILFR
R (GLWDU ODOH\HQGD
R ,QFRU SRU DU XQWtWXOR
R 0RGLILFDU HOHMH;
R 0RGLILFDU HOHMH<
R ,QWHU FDPELDU ORVFDPSRV\ODOH\HQGD
R $JU HJDU XQQRPEU HDOJU iILFR
9LUJLQLD%HKP &DUDFDV
&XUVR%iVLFRGH$UF9LHZ
&DStWXOR /RV*UiILFRV
/RVJU iILFRV
/RVJUiILFRVVHDVRFLDQHQIRU PDGLQiPLFDDODVWDEODV\ODVYLVWDV
/RVJUiILFRVSHU PLWHQSUHVHQWDU ORVGDWRVGHXQDWDEODHQIRUPDJUiILFDSDUD
IDFLOLWDUVXOHFWXUDHLQWHUSU HWDFLyQ
/RVHOHPHQWRVGHO JUiILFRVHSXHGHQHGLWDU
/RVJUiILFRV
(Q$UF9LHZHOJUiILFRHVXQDUHSUHVHQWDFLyQGLQiPLFDGHORV GDWRVGHODV
WDEODV (VWRV JUiILFRV SHUPLWHQ SUHVHQWDU ORV GDWRV HQ IRUPD JUiILFD SDUD
OHHUHLQWHUSUHWDUIiFLOPHQWHODLQIRUPDFLyQ GHLQWHUpV
&UHDU XQ
JUiILFR
/DFDMDGHGLiORJRGHVSOHJDGDSDUDHODERUDUXQJUiILFRSHUPLWHGHILQLUORV
FDPSRVTXHVHUiQJUDILFDGRV\HOFDPSRTXHVHXWLOL]DUiFRPROH\HQGD
9LUJLQLD%HKP &DUDFDV
&XUVR%iVLFRGH$UF9LHZ
&DStWXOR /RV*UiILFRV
7LSRVGHJU iILFR
([LVWHQVHLVWLSRVGHJUiILFRV
&DGDWLSRGHJUiILFRPDQHMDXQDJDOHUtDGHHVWLORV
$UHD
%DU U DV
7LSRVGH
JUiILFRV
&ROXPQDV
/tQHDV
7RU WD
3XQWRV
/DLQWHUIDFHGH$UF9LHZSDUDHODERUDUJUiILFRVRIUHFHVHLVWLSRVGLIHUHQWHV
$UHD %DUUDV &ROXPQDV /tQHDV 7RUWD \ 3XQWRV 6HOHFFLRQH HO WLSR GH
JUiILFRDGHFXDGRDODQiOLVLV \EXVTXH HO HVWLORPiV FRQYHQLHQWHHQOD FDMD
GHGLiORJRGHVSOHJDGD
(OJUiILFRGHiUHDVHXWLOL]DSDUDUHSUHVHQWDUFDQWLGDGGHFDPELRPLHQWUDV
TXHORVGHOtQHDVLUYHQSDUDLQGLFDUXQDWHQGHQFLDHQHOWLHPSR6HOHFFLRQH
ORV GHEDUUDV \FROXPQDV SDUDFRPSDUDUYDORUHV LQGLYLGXDOHVODWRUWDSDUD
YLVXDOL]DUSURSRUFLRQHV\ORVSXQWRVSDUDPRVWUDUXQDWHQGHQFLDRSDWUyQGH
FRPSRUWDPLHQWRGHORVGDWRV
/ RVHOHPHQWRVGHOJU iILFR
/RVHOHPHQWRVGHOJUiILFR
3RVLFLyQ\OHFWXUDGHODOH\HQGD
7tWXOR
,GHQWLILFDFLyQGHORVHMHV;\<
&DPELDUHOFRORUGHFXDOTXLHUHOHPHQWRGHOJUiILFR
0RGLILFDUORV
HOHPHQWRVGHO
JUiILFR
/RVHOHPHQWRVGHOJUiILFRVRQHOWtWXORODOH\HQGDHOFRQWHQLGRGHORVHMHV
\HOJUiILFRHQVt&DGDHOHPHQWRSRVHHVXFRUUHVSRQGLHQWHFDMDGHGLiORJR
PHGLDQWH OD FXDO HVWD LQIRUPDFLyQ SXHGH PRGLILFDUVH SDUD PHMRUDU \
IDFLOLWDUODOHFWXUDGHOJUiILFR
9LUJLQLD%HKP &DUDFDV
&XUVR%iVLFRGH$UF9LHZ
&DStWXOR /RV*UiILFRV
(GLWDU ODOH\HQGD
0RGLILFDU HOWH[WRGHODOH\HQGD
&DPELDUODSRVLFLyQGHODOH\HQGDDU ULEDDEDMRL]TXLHUGDGHUHFKDFHQWUR
(GLWDUOD
OH\HQGD
&RQ HO JUiILFR HODERUDGR HO ERWyQ GH HGLFLyQ GH ORV HOHPHQWRV GH pVWH
SHUPLWHPRGLILFDUORV HOHPHQWRV$OKDFHUFOLFFRQHOFXUVRUHQFXDOTXLHUD
GHHVWRVHOHPHQWRVVHDEUHODFDMDGHGLiORJRFRUUHVSRQGLHQWHHQHOFDVRGH
ODOH\HQGDVHSXHGHPRGLILFDUODSRVLFLyQGHpVWD\HOWH[WRH[SOLFDWLYR
,QFRUSRUDUXQ
WtWXOR
8Q FOLF VREUH OD SDODEUD 7LWOH HMHFXWD OD DFFLyQ GH HGLWDU HO WtWXOR SDUD
PRGLILFDUOR(QODFDMDGHGLiORJRGHOWtWXORVHLQFRUSRUDHOWH[WRGHVHDGR
9LUJLQLD%HKP &DUDFDV
&XUVR%iVLFRGH$UF9LHZ
&DStWXOR /RV*UiILFRV
0RGLILFDU HOHMH;
(GLWDU ODVHWLTXHWDVGHORVJUXSRV
(WLTXHWDUORVYDORUHVGHOHMH;
(WLTXHWDUHOHMH;\ODVPDUFDV
0RGLILFDUHOHMH
;
0RGLILFDU HOHMH<
&DPELDUORVYDORUHVPtQLPR\
Pi[LPRGHODHVFDOD
(WLTXHWDUHOHMH<\ODVPDUFDV
$JUHJDUXQDJULOODSDUDIDFLOLWDU
ODFRPSDUDFLyQGHGDWRV
0RGLILFDUHOHMH
<
(Q HO HMH < VH SXHGH FDPELDU OD HVFDOD GH YDORUHV LQFRUSRUDU XQD
LGHQWLILFDFLyQGHORVGDWRV\DJUHJDUXQDJULOODSDUDIDFLOLWDUODFRPSDUDFLyQ
GHYDORUHV
9LUJLQLD%HKP &DUDFDV
&XUVR%iVLFRGH$UF9LHZ
&DStWXOR /RV*UiILFRV
%RWyQGHLQWHU FDPELR
,QWHUFDPELRGH
FDPSRV\
OH\HQGDV
(O ERWyQ 6HULHV IURP 5HFRUGV RU )LHOG 6HULHV \ 5HJLVWURV R &DPSRV
LQWHUFDPELDODIRUPDFRPRHVWiQUHSUHVHQWDGRVORVFDPSRVHQHOHMH;\OD
OH\HQGDHQXQJUiILFR&DGDUHJLVWURHQODOH\HQGDVHFRQYLHUWHHQ XQFDPSR
GHOHMH;\pVWRVGHYLHQHQUHJLVWURVGHODOH\HQGD
$JUHJDUXQ
QRPEUHDO
JUiILFR
(OJUiILFRHVXQGRFXPHQWRGH$UF9LHZ\FRPRWDOVHSXHGHLGHQWLILFDUFRQ
XQQRPEUHDGHFXDGRDOFRQWHQLGRGHOPLVPRHVWRIDFLOLWDODLGHQWLILFDFLyQ
GHORVGRFXPHQWRVJUiILFRVTXHVHHODERUDQHQXQSUR\HFWR\TXHDSDUHFHQ
OLVWDGRHQODYHQWDQDGHOSUR\HFWR
9LUJLQLD%HKP &DUDFDV
&XUVR%iVLFRGH$UF9LHZ
(MHUFLFLR &UHDFLyQGH*UiILFRV
(Q HVWH HMHUFLFLR XVWHG PDQHMDUi ODV IXQFLRQDOLGDGHV GH $UF9LHZ SDUD FUHDU JUiILFRV
8WLOL]DUi GLIHUHQWHV WLSRV GH JUiILFRV FDPELDUi ODV SURSLHGDGHV GH ORV HOHPHQWRV \
PRGLILFDUiODOH\HQGDFRQUHVSHFWRDORVGDWRVGHOHMH</RVGDWRVTXHVHXWLOL]DQHQHVWH
HMHUFLFLRVHUHILHUHQDODPDWUtFXODEiVLFDHQ9HQH]XHODSDUDYDULRVDxRV
,QLFLDU$UF9LHZDEULUXQ3UR\HFWR
9LUJLQLD%HKP &DUDFDV
&XUVR%iVLFRGH$UF9LHZ
(MHUFLFLR &UHDFLyQGH*UiILFRV
&UHDUXQJUiILFRSDUDORVHVWDGRVVHOHFFLRQDGRV
6H KD GHVSOHJDGR XQD YLVWD TXH FRQWLHQH XQ WHPD Y]ODSREODFLyQVKS
SREODFLyQGH9HQH]XHOD\VXFRUUHVSRQGLHQWHWDEODGHDWULEXWRV
+DJDODYLVWDDFWLYD\VHOHFFLRQHHOERWyQGHDFHUFDPLHQWR =RRPLQ+DJD
XQDFDMDHQODSDUWHQRURFFLQGHWDOGHOSDtV
+DJDFOLFHQHOERWyQGHVHOHFFLyQ\PDQWHQLHQGRSUHVLRQDGDODWHFOD6KLIW
PDUTXH FRQ HO FXUVRU ORV HVWDGRV =XOLD /DUD $UDJXD 'WWR )HGHUDO \
0LUDQGD
9LUJLQLD%HKP &DUDFDV
&XUVR%iVLFRGH$UF9LHZ
(MHUFLFLR &UHDFLyQGH*UiILFRV
/DVHOHFFLyQVHGHVWDFDWDQWRHQODYLVWDFRPRHQODWDEODGHDWULEXWRV$FWLYH
OD WDEOD \ SUHVLRQH HO ERWyQ 3URPRWH 3URPRYHU SDUD FRORFDU HQ OD SDUWH
VXSHULRUGHODWDEODORVUHJLVWURVVHOHFFLRQDGRV
9LUJLQLD%HKP &DUDFDV
&XUVR%iVLFRGH$UF9LHZ
(MHUFLFLR &UHDFLyQGH*UiILFRV
3RU GHIHFWR $UF9LHZ FUHD XQ JUiILFR GH FROXPQDV FRQ ORV YDORUHV
VHOHFFLRQDGRV\FRORFDHOQ~PHURGHOUHJLVWURFRUUHVSRQGLHQWHFRPROH\HQGD
*UDILFDUYDULRVFDPSRV
$KRUDXVWHGFUHDUiXQJUiILFRGHSREODFLyQ SDUDYDULRVDxRV
$FWLYH HO JUiILFR TXH VH KD FUHDGR VL QR OR HVWi \ SUHVLRQH HO ERWyQ
3URSHUWLHV 3URSLHGDGHV SDUD GHVSOHJDU OD FDMD GH GLiORJR GH ODV
SURSLHGDGHVGHOJUiILFR
(Q OD OLVWD *URXSV PDUTXH 3RE \ SUHVLRQH 'HOHWH /XHJR HQ OD
OLVWD GH FDPSRV )LHOGV VHOHFFLRQH 3RE PDQWHQJD OD WHFOD 6KLIW
SUHVLRQDGD \ VHOHFFLRQH WDPELpQ 3RE 3RE \ 3RE
3UHVLRQH OD RSFLyQ $GG $JUHJDU SDUD DJUHJDU HVWDV YDULDEOHV HQ OD
FROXPQDGHORVJUXSRV
9LUJLQLD%HKP &DUDFDV
&XUVR%iVLFRGH$UF9LHZ
(MHUFLFLR &UHDFLyQGH*UiILFRV
&DPELDUHOWLSRGHJUiILFR
3URFHGD D FDPELDU HO WLSR GH JUiILFR +DJD FOLF HQ OD RSFLyQ 3LH &KDUW
*DOOHU\ *DOHUtD GH WRUWDV 8VWHG YHUi FXDWUR LFRQRV TXH UHSUHVHQWDQ
FXDWUR WLSRV GLIHUHQWHV GH WRUWDV 6HOHFFLRQH HO JUiILFR DO H[WUHPR GHUHFKR \
YHDORVFDPELRV
9XHOYDDFDPELDUHOWLSRGHJUiILFRDFROXPQDV
0RGLILFDUORVHOHPHQWRVGHOJUiILFR
9LUJLQLD%HKP &DUDFDV
&XUVR%iVLFRGH$UF9LHZ
(MHUFLFLR &UHDFLyQGH*UiILFRV
0RGLILTXHODOH\HQGDHOWtWXOR\ORVHMHV&RQHOJUiILFRDFWLYDGRKDJDFOLFHQ
HO ERWyQ &KDUW (OHPHQW 3URSHUWLHV 3URSLHGDGHV GH ORV HOHPHQWRV GHO
JUiILFR3ULPHURPRGLILTXHODSRVLFLyQGHODOH\HQGD
+DJDFOLFVREUHODOH\HQGDSDUDDEULUODFDMDGHGLiORJRGHODVSURSLHGDGHVGH
ODOH\HQGD
3DUD HVSHFLILFDU XQD QXHYD SRVLFLyQ KDJD FOLF HQ DOJXQD GH ODV FLQFR
SRVLFLRQHVGLVSRQLEOHVFHQWURDUULEDDEDMRGHUHFKDL]TXLHUGD/DRSFLyQDO
FHQWURSHUPLWHDUUDVWUDUODOH\HQGDSDUDXELFDUODHQFXDOTXLHUSDUWHGHOJUiILFR
&RORTXHODOH\HQGDGHEDMRGHOJUiILFR3UHVLRQH2.
3RUGHIHFWR$UF9LHZHVFULEHFRPRHWLTXHWDVHQHOHMH;ORVQRPEUHVGHORV
FDPSRV XVWHG PRGLILFDUi HVWRV SDUD KDFHUORV PiV FRPSUHQVLEOHV DO OHFWRU
9LUJLQLD%HKP &DUDFDV
&XUVR%iVLFRGH$UF9LHZ
(MHUFLFLR &UHDFLyQGH*UiILFRV
&DPELH ODV HWLTXHWDV TXH DSDUHFHQ HQ HO HMH ; KDFLHQGR FOLF VREUH XQR GH
HVWRVWH[WRVSDUDGHVSOHJDUODFDMDGHGLiORJRFRUUHVSRQGLHQWH
(OLPLQH OD DEUHYLDWXUD 3RE GHMDQGR VyOR HO DxR WDO FRPR VH LQGLFD D
FRQWLQXDFLyQ 3UHVLRQH (QWHU HQ FDGD RSFLyQ 3UHVLRQH 2. SDUD HMHFXWDU
ORVFDPELRV
2EVHUYH TXH ORV WH[WRV GHO HMH ; VH KDQ PRGLILFDGR H LJXDOPHQWH KD
RFXUULGR FRQ ORV QRPEUHV GH ORV FDPSRV VHOHFFLRQDGRV HQ OD WDEOD GH
DWULEXWRV
$JUHJDUOtQHDVGHUHIHUHQFLD
3DUD DEULU OD FDMD GH GLiORJR GH ODV SURSLHGDGHV GHO HMH < KDJD FOLF HQ
DOJXQDSDUWHGH ODVHWLTXHWDVFRORFDGDVHQHOHMH <GHOJUiILFR$TXtXVWHG
SXHGH DJUHJDU OtQHDV GH UHIHUHQFLD SDUD XQD OHFWXUD PiV IiFLO GHO JUiILFR \
PRGLILFDUORVYDORUHVPi[LPR\PtQLPR
9LUJLQLD%HKP &DUDFDV
&XUVR%iVLFRGH$UF9LHZ
(MHUFLFLR &UHDFLyQGH*UiILFRV
$O FRORFDU OD OH\HQGD FRPR GDWRV GHO HMH ; \ ORV GDWRV GHO HMH ; HQ OD
OH\HQGD VH REWLHQH XQ JUiILFR FRPSDUDWLYR GH SREODFLyQSDUD WUHV DxRV SDUD
FLQFRHVWDGRVGH9HQH]XHOD
&RORFDUXQWtWXORDOJUiILFR
3DUDWHUPLQDUDVLJQHXQWtWXORDOJUiILFR'HVGHHOPHQ~GHOJUiILFR &KDUW
VHOHFFLRQH OD RSFLyQ 3URSHUWLHV 3URSLHGDGHV HQ OD FDMD GH GLiORJR
GHVSOHJDGD HVFULED FRPR WtWXOR 3REODFLyQ GH FLQFR (VWDGRV HQ OD RSFLyQ
1DPH1RPEUH3UHVLRQH2. SDUDHMHFXWDUORVFDPELRV
9LUJLQLD%HKP &DUDFDV
&XUVR%iVLFRGH$UF9LHZ
&DStWXOR $QiOLVLV(VSDFLDO
&$3,78/2
$1$/,6,6(63$&,$/
R $QiOLVLVHVSDFLDO
R 6HOHFFLyQGHWHPDVREU HWHPD
R $QiOLVLVGHSU R[LPLGDG%8))(5
R )XQFLRQHVGH*HR3U RFHVVLQJ
R )XQFLyQ'LVVROYH'LVROYHU
R )XQFLyQ0HU JH$JU HJDU
R )XQFLyQ &OLS&RU WDU
R )XQFLyQ,QWHU VHFW,QWHU FHSWDU
R )XQFLyQ8QLRQ8QLyQ
9LUJLQLD%HKP &DUDFDV
&XUVR%iVLFRGH$UF9LHZ
&DStWXOR $QiOLVLV(VSDFLDO
$QiOLVLVHVSDFLDO
/DKHU UDPLHQWDPiVSRGHURVDGHVRIWZDUHGH6,*
$QiOLVLVHVSDFLDO
/D SULQFLSDO YHQWDMD GH XQ 6,* HV TXH SHUPLWH LGHQWLILFDU ODV UHODFLRQHV
HVSDFLDOHV HQWUH ODV FDUDFWHUtVWLFDV GH XQ PDSD (VHQFLDOPHQWH XQ 6,*
SURSRUFLRQDODSRVLELOLGDGGHFUHDUQXHYDVUHODFLRQHVDOFRPELQDUDWULEXWRV
GHYDULRVDUFKLYRVHQXQRQXHYR
6HOHFFLyQGHWHPDVREU HWHPD
,GHQWLILFDUODVUHODFLRQHVHVSDFLDOHVHQWUHWHPDV
(QFRQWUDUHOHPHQWRVTXH
(VWiQGHQWURGH
&RQWLHQHQFRPSOHWDPHQWH
7LHQHQVXFHQWURHQ
,QWHUFHSWDQD
(VWiQDXQDGLVWDQFLDGH
6HOHFFLyQGH
WHPDVREUHWHPD
8QD IRUPD GH HVWDEOHFHU ODV UHODFLRQHV HVSDFLDOHV HQWUH ORV GDWRV GH GRV
DUFKLYRV HV OD VHOHFFLyQ GH WHPD VREUH WHPD (VWD IRUPD GH DQiOLVLV QR
JHQHUDDUFKLYRVQXHYRVVLQRTXHFUHDXQDVHOHFFLyQGHFDUDFWHUtVWLFDVHQXQ
DUFKLYRVHJ~QGHOWLSRGHUHODFLyQTXHVHKD\DGHILQLGRFRQUHVSHFWRDRWUR
DUFKLYR/RVDUFKLYRVGHSXQWRVOtQHDV\SROtJRQRVVHFRPELQDQGHDFXHUGRD
FULWHULRVGHILQLGRVSDUDHVWDEOHFHUVXV UHODFLRQHVHVSDFLDOHV
9LUJLQLD%HKP &DUDFDV
&XUVR%iVLFRGH$UF9LHZ
&DStWXOR $QiOLVLV(VSDFLDO
$QiOLVLVGHSU R[LPLGDG%8))(5
'HILQLUXQiUHDGHLQIOXHQFLDGHDIHFWDFLyQGHSURWHFFLyQ
$QiOLVLVGH
SUR[LPLGDG
%8) )(5
8QR GH ORV DQiOLVLV HVSDFLDOHV GH PD\RU UHOHYDQFLD HV OD GHWHUPLQDFLyQ GH
SUR[LPLGDG HVSDFLDO R FHUFDQtD GH GLYHUVDV FDUDFWHUtVWLFDV JHRJUiILFDV (O
iUHDEXIIHUVHHVWDEOHFHPHGLDQWHXQDGLVWDQFLDHVSHFtILFDRVHJ~QORV GDWRV
DOPDFHQDGRV HQXQFDPSRGH ODWDEODDWULEXWLYDGHODUFKLYRDQDOL]DGR(VWH
DUFKLYRSXHGHVHUGHSXQWRVOtQHDVRSROtJRQRV
)XQFLRQHVGH*HR3U RFHVVLQJ
)XQFLyQ'LVVROYH'LVROYHU
)XQFLyQ0HUJH$JUHJDU
)XQFLyQ&OLS&RUWDU
)XQFLyQ,QWHUVHFW,QWHUFHSWDU
)XQFLyQ8QLRQ 8QLyQ
*HR3URFHVVLQJ
9LUJLQLD%HKP &DUDFDV
&XUVR%iVLFRGH$UF9LHZ
&DStWXOR $QiOLVLV(VSDFLDO
)XQFLyQ'LVVROYH'LVROYHU
) XQFLyQ
'LVVROYH
(VWD IXQFLyQ HMHFXWD OD XQLyQ GH SROtJRQRV DG\DFHQWHV FX\RV YDORUHV VRQ
LJXDOHV HQ HO FDPSR GH OD WDEOD DWULEXWLYD TXH VH KD VHOHFFLRQDGR SDUD
HMHFXWDUpVWDWDUHD
) XQFLyQ
0HUJH
(VWDIXQFLyQSHUPLWHFUHDUXQDUFKLYRQXHYRDSDUWLUGHGRV RPiVDUFKLYRV
GHHQWUDGDGHLJXDOHVFDUDFWHUtVWLFDV/RVGDWRVHQODVWDEODVDWULEXWLYDVGHEHQ
HVWDU FRQILJXUDGRV GH LJXDO IRUPD SDUD PDQWHQHU OD FRQVLVWHQFLD HQ HO
UHVXOWDGR'HORFRQWUDULRDOJXQRVGDWRVVHSHUGHUiQ
9LUJLQLD%HKP &DUDFDV
&XUVR%iVLFRGH$UF9LHZ
&DStWXOR $QiOLVLV(VSDFLDO
)XQFLyQ&OLS&RU WDU
) XQFLyQ&OLS
&RQ HVWD IXQFLyQ VH FRUWD XQ DUFKLYR VHJ~Q XQ SHUtPHWUR GHILQLGR HQ RWUR
DUFKLYR(OUHVXOWDGRVHDOPDFHQDHQXQWHUFHUDUFKLYR
(O DUFKLYR GH HQWUDGD SXHGH VHU GH SXQWRV OtQHDV R SROtJRQRV (O DUFKLYR
UHTXHULGRSDUDFRUWDUGHEHVHUGHSROtJRQRV
) XQFLyQ
,QWHUVHFW
(VWD IXQFLyQ SHUPLWH REWHQHU HQ XQ DUFKLYR QXHYR GRQGH ORV GDWRV
HVSDFLDOHV SUHVHQWDQ DO iUHD LQWHUFHSWDGD \ OD WDEOD DWULEXWLYD DJUHJD ORV
FDPSRV GH DPERV DUFKLYRV FRUUHVSRQGLHQWHV D pVWD iUHD (Q HO FDVR GH OD
LQWHUVHFFLyQ GH GRV DUFKLYRV GH SROtJRQRV /RV SROtJRQRV GHO DUFKLYR GH
HQWUDGD VHUiQ IUDFFLRQDGRV SRU ORV OtPLWHV GH ORV SROtJRQRV GHO DUFKLYR GH
LQWHUVHFFLyQFXDQGRpVWRVQRFRLQFLGDQ
9LUJLQLD%HKP &DUDFDV
&XUVR%iVLFRGH$UF9LHZ
)XQFLyQ8QLRQ8QLU
&DStWXOR $QiOLVLV(VSDFLDO
7HPSHUDWXUD\
3UHFLSLWDFLyQ
=RQDVGHYLGDGH+ROGULGJH
) XQFLyQ
8QLRQ
/D XQLyQ GH DUFKLYRV FRQVLVWH HQ VXSHUSRQHU GRV DUFKLYRV GHO PLVPR WLSR
SDUDREWHQHUXQDUFKLYRTXHDOPDFHQDWDQWRODLQIRUPDFLyQHVSDFLDOFRPROD
DWULEXWLYDFRUUHVSRQGLHQWHDDPERVDUFKLYRVXWLOL]DGRVFRPRHQWUDGD
$VLJQDFLyQGHGDWRVSRU ORFDOL]DFLyQ
$VLJQDFLyQGH
GDWRVSRU
ORFDOL]DFLyQ
9LUJLQLD%HKP &DUDFDV
&XUVR%iVLFRGH$UF9LHZ
(MHUFLFLR $QiOLVLV(VSDFLDO
(MHU FLFLR$QiOLVLV(VSDFLDO
9LUJLQLD%HKP &DUDFDV
&XUVR%iVLFRGH$UF9LHZ
(MHUFLFLR $QiOLVLV(VSDFLDO
6HGHVSOLHJDXQDYLVWDTXHFRQWLHQHGRVWHPDVXQRUHIHULGRDODKLGURJUDItDGHOD
UHJLyQ FHQWUDO \ HO RWUR FRUUHVSRQGLHQWH D ODV FXHQFDV GH OD FRUGLOOHUD FHQWUDO GH
9HQH]XHOD 2EVHUYH TXH OD WDEOD DWULEXWLYD GHO DUFKLYR GH KLGURJUDItD QR FRQWLHQH
QLQJXQDLQIRUPDFLyQGHVFULSWLYD
9LUJLQLD%HKP &DUDFDV
&XUVR%iVLFRGH$UF9LHZ
(MHUFLFLR $QiOLVLV(VSDFLDO
)XQFLyQ,QWHUVHFW
8VWHGXWLOL]DUiODIXQFLyQ,QWHUVHFWSDUDDOPDFHQDUHQHODUFKLYRGHODKLGURJUDItD
HOGDWRFRUUHVSRQGLHQWHDODFXHQFDDODFXDOHVWRVFXUVRVGHDJXDSHUWHQHFHQ
'HVGH HO PHQ~ )LOH VHOHFFLRQH OD RSFLyQ ([WHQVLRQV PDUTXH
*HRSURFHVVLQJHQODOLVWDGHH[WHQVLRQHVGHVSOHJDGD\SUHVLRQH2.
(Q OD VLJXLHQWH SDQWDOOD YHULILTXH TXH ORV DUFKLYRV +LGURUHJFHQWUDOVKS \
&XHQFDVUHJFHQWUDOVKS HVWpQ VHOHFFLRQDGRV HQ OD SULPHUD \ VHJXQGD RSFLyQ
UHVSHFWLYDPHQWH
9LUJLQLD%HKP &DUDFDV
&XUVR%iVLFRGH$UF9LHZ
(MHUFLFLR $QiOLVLV(VSDFLDO
(Q OD WHUFHUDRSFLyQ HVSHFLILFDU HO DUFKLYR GH VDOLGD KDJD FOLF HQ HO ERWyQ GH
GLUHFWRULRVFROyTXHVHHQHOGLUHFWRULRGHOFXUVR F?FXUVRDU FYLHZ?GDWRV?YHQH]XHOD
\ HVFULED FRPR QRPEUH GHO DUFKLYR GHO VDOLGD +LGURFXHQFDVVKS 3UHVLRQH
)LQLVKSDUDHMHFXWDUODIXQFLyQ
9LUJLQLD%HKP &DUDFDV
&XUVR%iVLFRGH$UF9LHZ
(MHUFLFLR $QiOLVLV(VSDFLDO
$EUDODWDEODDWULEXWLYDGHpVWHDUFKLYRUHVXOWDQWHSDUDYHULILFDUVXFRQWHQLGR
9LUJLQLD%HKP &DUDFDV
&XUVR%iVLFRGH$UF9LHZ
(MHUFLFLR $QiOLVLV(VSDFLDO
6HGHVSOLHJDXQDYLVWDTXHFRQWLHQHGRVWHPDVXQRUHIHULGRDODVLVR\HWDV\RWUR
TXH UHSUHVHQWD ODV LVRWHUPDV DJUXSDGDV VHJ~Q OD FODVLILFDFLyQ GH +ROGULGJH
FRUUHVSRQGLHQWHVDODKRMD1&HVFDOD
/DVUHVSHFWLYDVWDEODVDWULEXWLYDVGHHVWRVGRVWHPDVSRVHHQXQFDPSRTXHLQGLFD
HOUDQJRFRUUHVSRQGLHQWHDORVOtPLWHVGHODV]RQDVGHYLGDVHJ~Q+ROGULGJH$EUD
HVWDVWDEODV\H[DPLQHVXFRQWHQLGR
9LUJLQLD%HKP &DUDFDV
&XUVR%iVLFRGH$UF9LHZ
(MHUFLFLR $QiOLVLV(VSDFLDO
8QLyQGH7HPSHUDWXUD \3UHFLSLWDFLyQ
$FRQWLQXDFLyQXWLOL]DUiODIXQFLyQ8QLRQGHVGHHOPHQ~GH*HRSURFHVVLQJSDUD
XQLUORVDUFKLYRVGHWHPSHUDWXUD\SUHFLSLWDFLyQ\DOPDFHQDUHOUHVXOWDGRHQXQWHUFHU
DUFKLYRTXHUHSUHVHQWDUiODV]RQDVGHYLGDVHJ~Q+ROGULGJH
$FWLYH OD YLVWD \ GHVGH HO PHQ~ 9LHZ VHOHFFLRQH *
* HRSURFHVVLQJ :L]DUG
SDUD DEULU OD FDMD GH GLiORJR FRUUHVSRQGLHQWH 0DUTXH OD IXQFLyQ 8QLRQ WZR
WKHPHV8QLyQGHGRVWHPDV3UHVLRQH1H[WSDUDSDVDUDODVLJXLHQWHSDQWDOOD
(Q OD VLJXLHQWH SDQWDOOD YHULILTXH TXH ORV DUFKLYRV ,VRWHUPDVKROGVKS \
,VR\HWDVKROGVKS HVWpQ VHOHFFLRQDGRV HQ OD SULPHUD \ VHJXQGD RSFLyQ
UHVSHFWLYDPHQWH
(Q OD WHUFHUDRSFLyQ HVSHFLILFDU HO DUFKLYR GH VDOLGD KDJD FOLF HQ HO ERWyQ GH
GLUHFWRULRVFROyTXHVHHQHOGLUHFWRULRGHOFXUVR F?FXUVRDU FYLHZ?GDWRV?YHQH]XHOD
\ HVFULED FRPR QRPEUH GHO DUFKLYR GHO VDOLGD =RQDVGHYLGDVKS 3UHVLRQH
)LQLVKSDUDHMHFXWDUODIXQFLyQ
9LUJLQLD%HKP &DUDFDV
&XUVR%iVLFRGH$UF9LHZ
(MHUFLFLR $QiOLVLV(VSDFLDO
(O DUFKLYR UHVXOWDQWH VH KD LQFRUSRUDGR HQ OD YLVWD KDJD FOLF HQ VX FDMD GH
HQFHQGLGR SDUD YLVXDOL]DUOR $EUD OD WDEOD DWULEXWLYD FRUUHVSRQGLHQWH SDUD
YHULILFDUTXHWDQWRORVGDWRVGHODUFKLYRGHWHPSHUDWXUDFRPRORVGHODUFKLYRGH
SUHFLSLWDFLyQKDQTXHGDGRDOPDFHQDGRVHQODWDEODUHVXOWDQWHGHODXQLyQ
$VLJQDFLyQGHGDWRVGHODFODVLILFDFLyQGH+ROGULGJH
3DUDORJUDUXQUHVXOWDGRGHIiFLOLQWHUSUHWDFLyQXVWHGDJUHJDUiXQFDPSRDGLFLRQDOHQ
ODWDEODDWULEXWLYDHQHOFXDODOPDFHQDUiODFRPELQDFLyQGHUDQJRVGHWHPSHUDWXUD\
SUHFLSLWDFLyQ\RWURFDPSRSDUDGHVFULELUHVWDFRPELQDFLyQ
9LUJLQLD%HKP &DUDFDV
&XUVR%iVLFRGH$UF9LHZ
(MHUFLFLR $QiOLVLV(VSDFLDO
$FWLYH OD WDEOD DWULEXWLYD GHO DUFKLYR =RQDVGHYLGDVKS \ GHVGH HO PHQ~
7DEOHKDJDFOLFHQODRSFLyQ 6WDUW(GLWLQJ
'HVGH HO PHQ~ (GLW VHOHFFLRQH OD RSFLyQ $GG )LHOG 'HILQD XQ FDPSR
QXHYR TXH VH GHQRPLQDUi 7HPSUHFLS WLSR 6WULQJ DOIDQXPpULFR FRQ
GtJLWRVGHH[WHQVLyQ3UHVLRQH2.
(OFDPSRQXHYRTXHGDLQFRUSRUDGRHQODWDEODDWULEXWLYD3DUDDJUHJDUORVGDWRV
HQHOFDPSR7HPSUHFLSXWLOL]DUiODFDOFXODGRUD
(OFDPSR 7HPSUHFLSGHEHHVWDUDFWLYDGRSUHVLRQHHOERWyQGHODFDOFXODGRUD
SDUDDEULUODYHQWDQDGHGLiORJRFRUUHVSRQGLHQWH
(Q OD FDMD GH GLiORJR GH OD FDOFXODGRUD KDJD GREOH FOLF VREUH HO FDPSR
GHQRPLQDGR 'HVF7HPS HQ OD OLVWD GH FDPSRV KDJD FOLF HQ OD DFFLyQ
FRQFDWHQDU \ OXHJR KDJD GREOH FOLF HQ HO FDPSR 'HVF3UHFLS /D H[SUHVLyQ
9LUJLQLD%HKP &DUDFDV
&XUVR%iVLFRGH$UF9LHZ
(MHUFLFLR $QiOLVLV(VSDFLDO
OyJLFD GHEH TXHGDU DOPDFHQDGD HQ OD YHQWDQD LQIHULRU WDO FRPR VH PXHVWUD D
FRQWLQXDFLyQ3UHVLRQH2.
$FFLyQFRQFDWHQDU
&RQHVWDDFFLyQVHDJUHJDQORVGDWRVGHORVUDQJRVGHWHPSHUDWXUD\SUHFLSLWDFLyQORV
FXDOHVTXHGDQDOPDFHQDGRVHQHOFDPSRFUHDGR
&LHUUHODHGLFLyQGHODWDEODKDFLHQGRFOLFHQHOPHQ~ 7DEOH6WRS(GLWLQJ
2SULPD<HVDODSUHJXQWD6DYH(GLWV"JXDUGDUODHGLFLyQSDUDJXDUGDUORV
FDPELRV
9LUJLQLD%HKP &DUDFDV
&XUVR%iVLFRGH$UF9LHZ
(MHUFLFLR $QiOLVLV(VSDFLDO
=RQDVGH9LGDGH+ROGULGJH
8WLOLFHDKRUDODIXQFLyQ'LVVROYHSDUDDJUXSDUORVSROtJRQRVFRUUHVSRQGLHQWHVD
FDGD ]RQD GH YLGD $FWLYH OD YLVWD GHVGH HO PHQ~ 9LHZ VHOHFFLRQH
*
* HRSURFHVVLQJ :L]DUG SDUD DEULU OD FDMD GH GLiORJR FRUUHVSRQGLHQWH 0DUTXH OD
IXQFLyQ 'LVVROYH'LVROYHU3UHVLRQH1H[WSDUDSDVDUDODVLJXLHQWHSDQWDOOD
(Q OD VLJXLHQWH SDQWDOOD VHOHFFLRQH =RQDVGHYLGDVKS HQ OD SULPHUD RSFLyQ
VHOHFFLRQH 7HPSUHFLSHQ ODVHJXQGDRSFLyQFDPSRSRUHOFXDOGLVROYHU(Q
ODWHUFHUDRSFLyQ KDJDFOLFHQHO ERWyQGHGLUHFWRULRVFROyTXHVHHQHOGLUHFWRULR
GHO FXUVR F?FXU VRDUFYLHZ?GDWRV?YHQH]XHOD \ HVFULED FRPR QRPEUH GHO
DUFKLYRGHVDOLGD =YKROGULGJHVKS3UHVLRQH 1H[WSDUDSDVDUDODVLJXLHQWH
SDQWDOOD
8VWHG QR GHVHD DJUHJDU FDPSRV DGLFLRQDOHV HQ OD WDEOD DWULEXWLYD GHO DUFKLYR
UHVXOWDQWHSUHVLRQH)LQLVKSDUDHMHFXWDUODIXQFLyQ(ODUFKLYRUHVXOWDQWHVHKD
LQFRUSRUDGR HQ OD YLVWD KDJD FOLF HQ VX FDMD GH HQFHQGLGR SDUD YLVXDOL]DUOR (O
9LUJLQLD%HKP &DUDFDV
&XUVR%iVLFRGH$UF9LHZ
(MHUFLFLR $QiOLVLV(VSDFLDO
UHVXOWDGR HV DSDUHQWHPHQWH LJXDO DO DUFKLYR GH HQWUDGD VLQ HPEDUJR HQ HVWH
DUFKLYRORVSROtJRQRVKDQVLGRDJUXSDGRVSRU]RQDGHYLGD
$EUD OD WDEOD DWULEXWLYD FRUUHVSRQGLHQWH SDUD YHULILFDU HO UHVXOWDGR REWHQLGR
2EVHUYHTXHH[LVWHQUHJLVWURVTXHSRVHHQVyORHOGDWRGHUDQJRGHWHPSHUDWXUD\
RWURVGRQGHVyORHOH[LVWHHOGDWRGHUDQJRGHSUHFLSLWDFLyQHVWRVHGHEHDTXHORV
OtPLWHVGH OD KRMD QRVRQH[DFWDPHQWH LJXDOHV8VWHGSURFHGHUiDHOLPLQDUHVWRV
SROtJRQRV\DTXHHOORVQRDIHFWDUiQHOUHVXOWDGRGHODQiOLVLV
$ FRQWLQXDFLyQ XVWHG DJUHJDUi XQ FDPSR SDUD GHVFULELU ODV ]RQDV GH YLGD
UHSUHVHQWDGDV'HVGHHOPHQ~ (GLWVHOHFFLRQHODRSFLyQ $GG)LHOG'HILQD
XQ FDPSR QXHYR TXH VH GHQRPLQDUi =RQDGHYLGD WLSR 6WULQJ
DOIDQXPpULFRFRQ GtJLWRVGHH[WHQVLyQ3UHVLRQH2.
9LUJLQLD%HKP &DUDFDV
&XUVR%iVLFRGH$UF9LHZ
(MHUFLFLR $QiOLVLV(VSDFLDO
+DJDFOLFHQHOERWyQGHHGLFLyQGHGDWRV\WUDQVFULEDORVWLSRVGH]RQDVGHYLGD
GHDFXHUGRDODVLJXLHQWHWDEOD
&LHUUHODHGLFLyQGHODWDEODKDFLHQGRFOLFHQHOPHQ~ 7DEOH6WRS(GLWLQJ
2SULPD <HVDODSUHJXQWD6DYH(GLWV"JXDUGDUODHGLFLyQSDUDJXDUGDUORV
FDPELRV
8WLOLFH DKRUD HO (GLWRU GH OD OH\HQGD SDUD UHSUHVHQWDU ODV ]RQDV GH YLGD FRQ
GLIHUHQWHVFRORUHV+DJDGREOHFOLFVREUHHOWHPDUHVXOWDQWHSDUDDEULUODSDQWDOOD
GH GLiORJR GHO (GLWRU GH OD OH\HQGD (Q OD RSFLyQ /HJHQG 7\SH WLSR GH
OH\HQGDVHOHFFLRQH8QLTXH9DOXHYDORU~QLFRHQODRSFLyQ 9DOXHV)LHOG
9DORUHVGHOFDPSRVHOHFFLRQH=RQDGHYLGD
9LUJLQLD%HKP &DUDFDV
&XUVR%iVLFRGH$UF9LHZ
(MHUFLFLR $QiOLVLV(VSDFLDO
$SDUHFHUi XQD VHFXHQFLD DOHDWRULD GH FRORUHV SDUD FDGD JUXSR GH OtQHDV (Q OD
RSFLyQ &RORU 6FKHPHV HVTXHPDV GH FRORUHV VHOHFFLRQH OD ~OWLPD RSFLyQ
7KH+LJK6HDVSDUDDVLJQDUXQDVHFXHQFLDPiVDGHFXDGD
9LUJLQLD%HKP &DUDFDV
&XUVR%iVLFR GH$UF9LHZ
&DStWXOR /RV/D\RXWV
&$3,78/2
/26/$<2876
R /RV/D\RXWV
R &U HDU XQ /D\RXW
R 'HILQLU ODVFDU DFWHU tVWLFDVGHODSiJLQD
R ,QFRU SRU DU ORVHOHPHQWRV
R $JU HJDU HOFRQWHQLGRGHXQDYLVWD
R /DVSU RSLHGDGHVGHOU HFXDGU RGHODYLVWD
R (VFDODGHOPDSD
R ,QFRU SRU DU ODOH\HQGD
R 'HILQLU ODHVFDODJU iILFD
R 2WU RVHOHPHQWRVGHOPDSD
R 7tWXOR\PDU FR
R 1RPEU HGHOOD\RXW
R ,PSU LPLU RH[SRU WDU HO/D\RXW
9LUJLQLD%HKP &DUDFDV
&XUVR%iVLFR GH$UF9LHZ
&DStWXOR /RV/D\RXWV
/RV/D\RXWV
8QGRFXPHQWR\XQDLQWHUIDFHJUiILFDSDUDFUHDUPDSDVGHSUHVHQWDFLyQ
8QDFROHFFLyQGHGRFXPHQWRV\RWURVJUiILFRV
/RV/D\RXWV
(O /D\RXW HV HO GRFXPHQWR GH $UF9LHZ TXH VH XWLOL]D SDUD FUHDU PDSDV GH
SUHVHQWDFLyQ6XLQWHUIDFHJUiILFDSUHVHQWDXQDKRMDGHSDSHOYLUWXDOVREUHOD
FXDOVHLQFRUSRUDFXDOTXLHUGRFXPHQWRGHXQSUR\HFWRYLVWDVWDEODVJUiILFRV
DVt FRPR ORV HOHPHQWRV GH XQ PDSD HVFDOD JUiILFD VtPEROR GHO QRUWH H
LPiJHQHV
8QD YH] HODERUDGR HO OD\RXW VH HQYtD D LPSULPLU GLUHFWDPHQWH D XQD
LPSUHVRUD R SORWWHU R VH DOPDFHQD FRPR XQ DUFKLYR GH LPSUHVLyQ SDUD
XWLOL]DUORSRVWHULRUPHQWH
&UHDU XQ
/D\RXW
3DUDDEULU OD LQWHUIDFH GHO OD\RXW XVWHG SXHGH KDFHU FOLF VREUH HO LFRQR GHO
OD\RXW HQ OD YHQWDQD GHO SUR\HFWR R SUHVLRQDU OD RSFLyQ OD\RXW GHVGH HO
PHQ~ 9LHZ SDUD VHOHFFLRQDU XQ IRUPDWR GH SUHVHQWDFLyQ SUHGHILQLGR
WHPSODWH
9LUJLQLD%HKP &DUDFDV
&XUVR%iVLFR GH$UF9LHZ
&DStWXOR /RV/D\RXWV
'HILQLUODV
FDUDFWHUtVWLFDV
GHODSiJLQD
&XDQGR VH KD GHVSOHJDGR XQ OD\RXW YDFtR HO WDPDxR GH OD KRMD GH SDSHO
YLUWXDO TXH VH SUHVHQWD TXHGD GHILQLGD SRU GHIHFWR VHJ~Q HO GLVSRVLWLYR GH
VDOLGD TXH HVWp FRQILJXUDGR HQ OD FRPSXWDGRUD (VWD FRQILJXUDFLyQ SXHGH
PRGLILFDUVH GHVGH OD FDMD GH GLiORJR TXH SHUPLWH GHILQLU pVWD FDUDFWHUtVWLFD
DGHPiVGHODRULHQWDFLyQ\ORVPiUJHQHV
9LVWD
/H\HQGD
(VFDOD
1RUWH
*UiILFRV
7DEOD
,PiJHQHV
,QFRUSRUDUORV
GRFXPHQWRV
9LUJLQLD%HKP &DUDFDV
&XUVR%iVLFR GH$UF9LHZ
&DStWXOR /RV/D\RXWV
$JUHJDUHO
FRQWHQLGRGH
XQDYLVWD
(O SULPHU SDVR HQ OD FUHDFLyQ GHO OD\RXW HV LQFRUSRUDU HO FRQWHQLGR GH XQD
YLVWD VHOHFFLRQDQGR HO LFRQR FRUUHVSRQGLHQWH /D FDMD GH GLiORJR GH ODV
SURSLHGDGHV GHO UHFXDGUR GH OD YLVWD SHUPLWH VHOHFFLRQDU OD YLVWD TXH VH
GHVHDLQFRUSRUDUODHVFDODODH[WHQVLyQHOWLSR\FDOLGDGGHOGHVSOLHJXH
(Q OD FDMD GH GLiORJR GH ODV SURSLHGDGHV GHO UHFXDGUR GH OD YLVWD VH
VHOHFFLRQDODYLVWDGHVHDGD/DRSFLyQ/LYH/LQNPDQWLHQHXQHQODFHHQWUH
HO FRQWHQLGR GH OD YLVWD \ HO OD\RXW DO GHVDFWLYDU HVWD RSFLyQ ODV
PRGLILFDFLRQHV TXHVH HMHFXWHQ HQ ODYLVWDQRVHUHIOHMDUiQHQ HO OD\RXW/D
GHILQLFLyQ GH OD HVFDOD SXHGH VHU DXWRPiWLFD GHILQLGD GHVGH OD YLVWD R
DVLJQDGDSRUHOXVXDULR
9LUJLQLD%HKP &DUDFDV
&XUVR%iVLFR GH$UF9LHZ
&DStWXOR /RV/D\RXWV
(VFDODGHOPDSD
$XWRPiWLFD
(VFDODGHODYLVWD WDPDxRGHOU HFXDGU R
0DQWHQHU ODHVFDODGHOD9LVWD
(VFDOD
(VFDODGHO
PDSD
/D HVFDOD DXWRPiWLFD VLJQLILFD TXH HO FRQWHQLGR GH OD YLVWD VH GHVSOLHJD HQ
WRGRHOUHFXDGURVLQDWHQGHUDXQDHVFDODHVSHFtILFDGHOPDSD
0DQWHQHUODHVFDODGH ODYLVWDLQGLFDTXHODHVFDOD GHO PDSD VHUiODPLVPD
TXHVHGHILQDHQODYLVWD
/D HVFDOD GHILQLGD SRU HO XVXDULR UHTXLHUH TXH HO XVXDULR LQWURGX]FD XQD
HVFDODHVSHFtILFDHQODFDMDGHGLiORJRGHODVSURSLHGDGHVGHOUHFXDGURGHOD
YLVWD
,QFRUSRUDUOD
OH\HQGD
3DUDLQFRUSRUDUODOH\HQGDFRUUHVSRQGLHQWHDOFRQWHQLGRGHOPDSDVHOHFFLRQH
HOERWyQTXHDEUHODFDMDGHGLiORJRGHOUHFXDGURGHODOH\HQGD\PDUTXHXQD
FDMDHQHOOD\RXW TXHGHILQHODSRVLFLyQ\WDPDxRGHODOH\HQGD/DOH\HQGD
HQ HO OD\RXW VH YLQFXOD FRQ HO FRQWHQLGR GH OD YLVWD OD LQIRUPDFLyQ
GHVSOHJDGDFRUUHVSRQGHDOD7DEODGH&RQWHQLGRGHpVWD
9LUJLQLD%HKP &DUDFDV
&XUVR%iVLFR GH$UF9LHZ
&DStWXOR /RV/D\RXWV
'HILQLUOD
HVFDODJUiILFD
/DHVFDODJUiILFDHVWDEOHFHODUHODFLyQHQWUHODGLVWDQFLDUHDO\GLVWDQFLDHQHO
PDSD'HVGHODFDMDGHGLiORJRFRUUHVSRQGLHQWHVHGHILQHHOHVWLORXQLGDGHV
UHDOHV\Q~PHURGHLQWHUYDORVTXHWHQGUiHVWDHVFDODPDQWHQLHQGRXQYtQFXOR
FRQHOUHFXDGURGHODYLVWD
2WU RVHOHPHQWRVGHOPDSD
6tPERORGHO1RUWH
*UiILFRV
7DEODV
,PiJHQHV
2WURVHOHPHQWRV
GHOPDSD
(O VtPEROR GHO 1RUWH ORV JUiILFRV ODV WDEODV H ODV LPiJHQHV VRQ RWURV
HOHPHQWRVTXHVHSXHGHQLQFRUSRUDUHQXQOD\RXW
/RV JUiILFRV \ ODV WDEODV TXH VRQ GRFXPHQWRV GH $UFYLHZ GHEHQ HVWDU
GHVSOHJDGRV SDUD YLVXDOL]DUORV HQ HO OD\RXW HO JUiILFR PDQWLHQH XQ YtQFXOR
FRQORVGDWRVGHODWDEOD
/DFDMDGHGLiORJRGHOVtPERORGHOQRUWHSUHVHQWDXQDJDOHUtDGHHVWLORVSDUD
VHOHFFLRQDU
/DV LPiJHQHV TXH SXHGHQ VHU LQFRUSRUDGDV DFHSWDQ ORV IRUPDWRV PiV
FRP~QPHQWHXWLOL]DGRVSDUDHVWHILQJLIWLIEPSZPIHQWUHRWURV
9LUJLQLD%HKP &DUDFDV
&XUVR%iVLFR GH$UF9LHZ
&DStWXOR /RV/D\RXWV
7tWXORV\PDU FRV
+HU U DPLHQWD
GHWH[WR
7tWXORV\
PDUFRV
+HU U DPLHQWD
GHGLEXMR
1RPEU HGHO/D\RXW
$VLJQDUXQQRPEU HDOGRFXPHQWRGHVGHODVSURSLHGDGHVGHOOD\RXW
(OOD\RXWTXHGDDOPDFHQDGR\VHOLVWDHQODYHQWDQDGHOSUR\HFWR
1RPEUHGHO
OD\RXW
3RU GHIHFWR DO FUHDU XQ OD\RXW pVWH VH LGHQWLILFD FRPR /D\RXW8Q
SUR\HFWR SXHGH DOPDFHQDU PiV GH XQ OD\RXW SRU OR WDQWR HV LPSRUWDQWH
DVLJQDUXQQRPEUHDOOD\RXWTXHLQGLTXHHOFRQWHQLGRGHpVWHSDUDIDFLOLWDUOD
FRPSUHVLyQ GH OD LQIRUPDFLyQ TXH SUHVHQWD XQ SUR\HFWR 'HVGH OD FDMD GH
GLiORJR GH ODV SURSLHGDGHV GHO OD\RXWVH LQFRUSRUDXQ QRPEUH TXHDSDUHFH
HQODSDUWHVXSHULRUGHODYHQWDQDGHOOD\RXW
9LUJLQLD%HKP &DUDFDV
&XUVR%iVLFR GH$UF9LHZ
&DStWXOR /RV/D\RXWV
,PSULPLUR
H[SRUWDU HO
/D\RXW
6HLPSULPHHOOD\RXWGLUHFWDPHQWHGHVGHODDSOLFDFLyQGH$UF9LHZRVHFUHD
XQDUFKLYR GH LPSUHVLyQ HQ HOFDVR TXHVHWHQJDTXH LPSULPLU HO OD\RXW HQ
RWUR GLVSRVLWLYR GHVDOLGD(OOD\RXW SXHGHWDPELpQ H[SRUWDUVHDXQDUFKLYR
GHLPDJHQSDUDLQVHUWDUORHQRWUDDSOLFDFLyQ
&XUVR%iVLFRGH$UF9LHZ
(MHUFLFLR (ODERUDUXQ/D\RXW
&UHDUXQOD\RXWHQHOSUR\HFWR
6HKDGHVSOHJDGRXQDYLVWDTXHFRQWLHQHFXDWURWHPDVXQDWDEODFRQORVGDWRV
GHSREODFLyQWRWDOSDUDHODxRVHJ~QHO&HQVRGH3REODFLyQ\9LYLHQGD\
XQJUiILFRTXHUHSUHVHQWDHVWRVGDWRVHQIRUPDFRPSDUDWLYD
9LUJLQLD%HKP &DUDFDV
&XUVR%iVLFRGH$UF9LHZ
(MHUFLFLR (ODERUDUXQ/D\RXW
+DJD FOLF HQ OD YHQWDQD GHO SUR\HFWR SDUD DFWLYDUOD +DJD GREOH FOLF HQ HO
LFRQRGHO /D\RXWSDUDFUHDUXQOD\RXWQXHYR+DJDFOLFHQHOERWyQ1HZ
1XHYR SDUD GHVSOHJDU OD SiJLQD GHO OD\RXW GRQGH VH LQFRUSRUDUi OD
LQIRUPDFLyQ
9LUJLQLD%HKP &DUDFDV
&XUVR%iVLFRGH$UF9LHZ
(MHUFLFLR (ODERUDUXQ/D\RXW
$JUHJDUXQDYLVWD\XQDOH\HQGDDOOD\RXW
3DUDDJUHJDUODLQIRUPDFLyQTXHDSDUHFHHQODYLVWDHOSULPHUSDVRHVDJUHJDU
XQUHFXDGURGHODYLVWD+DJDFOLFHQODRSFLyQ 9LHZ)UDPH5HFXDGURGH
ODYLVWDSDUDHMHFXWDUHVWDWDUHD&ROyTXHVHHQHOOD\RXW\KDJDXQDFDMDFRPR
VHPXHVWUDDFRQWLQXDFLyQPDUTXHXQSXQWRDUULEDDODL]TXLHUGD\DUUDVWUHHO
UDWyQHQGLDJRQDOKDFLDDEDMRSDUDPDUFDURWURSXQWRDEDMRDODGHUHFKD
(QODFDMDGHGLiORJRGHOUHFXDGURGHODYLVWDVHOHFFLRQHODYLVWD 3REODFLyQ
GH 9HQH]XHOD OD RSFLyQ 6FDOH (VFDOD VHOHFFLRQH 8VHU 6SHFLILHG
6FDOH (VFDOD HVSHFLILFDGD SRU HO XVXDULR \ HVFULED SDUD
HVWDEOHFHU GLH] PLOORQHV FRPR OD HVFDOD GH VDOLGD GHO PDSD 3UHVLRQH 2.
SDUDHMHFXWDUODRSHUDFLyQ
/DYLVWDGHODSREODFLyQGH9HQH]XHODVHKDGHVSOHJDGRHQHOOD\RXW
9LUJLQLD%HKP &DUDFDV
&XUVR%iVLFRGH$UF9LHZ
(MHUFLFLR (ODERUDUXQ/D\RXW
3URFHGDDLQFRUSRUDUODOH\HQGD+DJDFOLFHQODRSFLyQFRUUHVSRQGLHQWHHQOD
EDUUD GH KHUUDPLHQWDV GHO OD\RXW \ PDQWHQJD HO FXUVRU SUHVLRQDGR SDUD
GHVSOHJDU OD OLVWD GH ERWRQHV VHOHFFLRQH HO GH OD OH\HQGD (Q HO OD\RXW KDJD
QXHYDPHQWHXQDFDMDHQHO VLWLRGRQGH VHUi LQFRUSRUDGDOD OH\HQGD FRPRVH
LQGLFDDFRQWLQXDFLyQ(OSURFHGLPLHQWRSDUDHODERUDUHOUHFXDGURHV LJXDODO
TXHUHDOL]ySDUDODYLVWD
(Q OD FDMD GH GLiORJR GHVSOHJDGD PDUTXH 9LHZ)UDPH 3REODFLyQ GH
9HQH]XHOD HQ OD RSFLyQ 9LHZ )UDPH 5HFXDGUR GH OD YLVWD 3UHVLRQH
2.3DUDTXHODOH\HQGDFRUUHVSRQGLHQWHDODYLVWDDSDUH]FDHQHOOD\RXW
9LUJLQLD%HKP &DUDFDV
&XUVR%iVLFRGH$UF9LHZ
(MHUFLFLR (ODERUDUXQ/D\RXW
$JUHJDUODHVFDODJUiILFD\HOVtPERORGHO1RUWH
$FWLYHQXHYDPHQWHHOOD\RXWKDFLHQGRFOLFHQODEDUUDVXSHULRUGHODYHQWDQD
GHOOD\RXW+DJDFOLFHQODKHUUDPLHQWDGHORVUHFXDGURV\PDQWHQJDHOFXUVRU
SUHVLRQDGR SDUD GHVSOHJDU OD OLVWD VHOHFFLRQH HO ERWyQ FRUUHVSRQGLHQWH D OD
HVFDODJUiILFD'LEXMHQXHYDPHQWHXQDFDMDFRPRVHLQGLFDDFRQWLQXDFLyQHO
SURFHGLPLHQWRSDUDHODERUDUHOUHFXDGURHVLJXDODOTXHUHDOL]ySDUDODYLVWD\
ODOH\HQGD
6HGHVSOLHJDODFDMDGHGLiORJRGHODHVFDOD3DUDHQOD]DUODHVFDODJUiILFDDOD
YLVWD VHOHFFLRQH 9LHZ)UDPH 3REODFLyQ GH 9HQH]XHOD HQ OD RSFLyQ
9LHZ)UDPH5HFXDGURGHODYLVWD3UHVLRQH2.
/D HVFDOD JUiILFD KD VLGR LQFRUSRUDGD DO OD\RXW6L OR GHVHD SXHGH KDFHU XQ
DFHUFDPLHQWR SDUD YHULILFDU OD FRORFDFLyQ GH pVWD LQIRUPDFLyQ XWLOL]DQGR HO
ERWyQGH]RRPLQ+DJDFOLFHQHVWHERWyQOXHJRKDJDXQDFDMDURGHDQGROD
HVFDODJUiILFDSDUDHMHFXWDUODRSHUDFLyQ
9LUJLQLD%HKP &DUDFDV
&XUVR%iVLFRGH$UF9LHZ
(MHUFLFLR (ODERUDUXQ/D\RXW
6L HMHFXWy XQ DFHUFDPLHQWR KDJD FOLF HQ HO ERWyQ =RRP WR SDJH SDUD
YLVXDOL]DU QXHYDPHQWH WRGR HO PDSD $KRUD DJUHJXH HO VtPEROR GHO 1RUWH
+DJDFOLFHQODKHUUDPLHQWDGHORVUHFXDGURV\PDQWHQJDHOFXUVRUSUHVLRQDGR
SDUDGHVSOHJDU OD OLVWD VHOHFFLRQHHO ERWyQGHO1RUWH(QHO OD\RXWKDJDXQD
FDMDFRPRODVDQWHULRUHVHQHOVLWLRGRQGHGHVHDFRORFDUHOVtPERORGHO1RUWH
(QODYHQWDQDGHGLiORJRGHVSOHJDGDVHOHFFLRQHXQRGHORVVtPERORVFRPRVH
PXHVWUDDFRQWLQXDFLyQFRQVLGHUHHOGHpVWHPDQXDOFRPRXQDVXJHUHQFLD
$JUHJDUXQJUiILFR\XQDWDEOD
+DJD FOLF HQ HO ERWyQ =RRP WR SDJH SDUD YLVXDOL]DU QXHYDPHQWH WRGR HO
PDSD +DJD FOLF HQ OD KHUUDPLHQWD GH ORV UHFXDGURV \ PDQWHQJD HO FXUVRU
SUHVLRQDGR SDUD GHVSOHJDU OD OLVWD VHOHFFLRQH HO ERWyQ FRUUHVSRQGLHQWH DO
JUiILFR 'LEXMH QXHYDPHQWH XQD FDMD HQ HO OXJDU GRQGH VHUi LQFRUSRUDGR HO
JUiILFRFRPRVHLQGLFDDFRQWLQXDFLyQ
9LUJLQLD%HKP &DUDFDV
&XUVR%iVLFRGH$UF9LHZ
(MHUFLFLR (ODERUDUXQ/D\RXW
6HGHVSOLHJDODFDMDGHGLiORJRGHOJUiILFRVHOHFFLRQHHOJUiILFRGHQRPLQDGR
&KDUW3UHVLRQH2.
+DJDFOLFQXHYDPHQWHHQODKHUUDPLHQWDGHORVUHFXDGURV\PDQWHQJDHOFXUVRU
SUHVLRQDGR SDUD GHVSOHJDU OD OLVWD VHOHFFLRQH HO ERWyQ FRUUHVSRQGLHQWH D OD
WDEOD'LEXMHXQDFDMDFRPRODVDQWHULRUHVHQHOOXJDUGRQGHVHUiLQFRUSRUDGD
ODWDEODWDOFRPRVHLQGLFDDFRQWLQXDFLyQ
6H GHVSOLHJD OD FDMD GH GLiORJR GH OD WDEOD VHOHFFLRQH OD WDEOD GHQRPLQDGR
3REODFU HJLRQ3UHVLRQH2.
9LUJLQLD%HKP &DUDFDV
&XUVR%iVLFRGH$UF9LHZ
(MHUFLFLR (ODERUDUXQ/D\RXW
$JUHJDUXQWtWXOR\ODIXHQWHGHODLQIRUPDFLyQ
$QWHVGHDJUHJDUHOWtWXORGHO OD\RXWHVFRQYHQLHQWHGHILQLUHOWLSR\WDPDxR
GHODOHWUD'HVGHHOPHQ~GH:LQGRZVHOHFFLRQHODRSFLyQ 6KRZ6\PERO
:LQGRZ +DJD FOLF HQ HO ERWyQ )RQW 3DOHWWH 3DOHWD GH )XHQWHV SDUD
GHVSOHJDUVXVRSFLRQHV'HILQDFRPRIXHQWHODOHWUD $ULDO\WDPDxR 6L]H
&LHUUHODSDOHWDGHODVIXHQWHV+DJDFOLFHQHOERWyQGHOWH[WRHQODEDUUDGH
KHUUDPLHQWDVGHOOD\RXW+DJDFOLFHQHOOD\RXWHQXQSXQWRGRQGHGHVHpTXH
FRPLHQFH HO WtWXORHQ OD FDMD GH GLiORJR GHVSOHJDGD HVFULED FRPR WtWXOR GHO
OD\RXW ',675,%8&,21 '( /$ 32%/$&,21 '( 9(1(=8(/$
$f2 3UHVLRQH2.
(OWtWXORVHSUHVHQWDDKRUDHQHO OD\RXW6LQRHVWiVDWLVIHFKRFRQODSRVLFLyQ
GHO PLVPR SURFHGD D UHXELFDUOR KDFLHQGR FOLF HQ HO ERWyQ GHO DSXQWDGRU \
DUUDVWUDQGRHOWtWXORDRWUDSRVLFLyQ
9LUJLQLD%HKP &DUDFDV
&XUVR%iVLFRGH$UF9LHZ
(MHUFLFLR (ODERUDUXQ/D\RXW
3URFHGD DKRUD D LQFRUSRUDU OD IXHQWH GH OD LQIRUPDFLyQ 3ULPHUR FDPELH HO
WDPDxR GH OD OHWUD GHVGH HO PHQ~ GH :LQGRZ VHOHFFLRQDQGR OD RSFLyQ
6KRZ6\PERO:LQGRZ+DJDFOLFHQHOERWyQ )RQW3DOHWWH3DOHWDGH
)XHQWHVSDUDGHVSOHJDUVXVRSFLRQHV'HILQDFRPRIXHQWHODOHWUD $ULDO \
WDPDxR 6L]H
$JUHJDUXQERUGH\XQFRORUGHIRQGRDOOD\RXW
3DUD ILQDOL]DU XVWHG LQFRUSRUDUi XQD OtQHD GH ERUGH \ XQ FRORU GH IRQGR DO
OD\RXW'HVGHHOPHQ~GHOOD\RXWVHOHFFLRQHODRSFLyQ $GG1HDWOLQH
9LUJLQLD%HKP &DUDFDV
&XUVR%iVLFRGH$UF9LHZ
(MHUFLFLR (ODERUDUXQ/D\RXW
(QODYHQWDQDGHGLiORJRGHVSOHJDGDPDQWHQJDODRSFLyQSRUGHIHFWR 3ODFH
DURXQGDOOJUDSKLFVFRORTXHDOUHGHGRUGHWRGRVORVJUiILFRV6LORGHVHD
VHOHFFLRQHXQHVWLORGH OtQHD HQ ODRSFLyQ &OLFNRQDERUGHUVW\OHKDJD
FOLF HQ XQ HVWLOR GH ERUGH (Q OD RSFLyQ )LOO &RORU FRORU GH UHOOHQR
EXVTXHXQFRORUGHVXDJUDGR3UHVLRQH2.SDUDHMHFXWDUODRSHUDFLyQ
&RORFDUXQWtWXORDO/D\RXW
'HVGHHOPHQ~GHO /D\RXWVHOHFFLRQH 3URSHU WLHV3URSLHGDGHV\HQOD
FDMDGHGLiORJRGHVSOHJDGDLQWURGX]FDFRPRWtWXORGHOOD\RXW 3REODFLyQGH
9HQH]XHOD 'H HVWD IRUPD XVWHG LGHQWLILFD ORV GRFXPHQWRV TXH TXHGDQ
DOPDFHQDGRVHQHOSUR\HFWR
9LUJLQLD%HKP &DUDFDV
&XUVR%iVLFRGH$UF9LHZ
(MHUFLFLR (ODERUDUXQ/D\RXW
),1
9LUJLQLD%HKP &DUDFDV
%,%/,2*5$),$
(QYLURQPHQWDO6\VWHPV5HVHDUFK,QVWLWXWH,QF(65, , QWURGXFWLRQWR
$UF9LHZ*,6(VUL(GXFDWLRQDO6HUYLFHV
(QYLURQPHQWDO6\VWHPV5HVHDUFK,QVWLWXWH,QF(65, , QWURGXFWLRQWR
$5&,1)2XVLQJ$UF0DS$UF&DWDORJDQ$UF7RRO%R[(VUL
(GXFDWLRQDO6HUYLFHV
(QYLURQPHQWDO6\VWHPV5HVHDUFK,QVWLWXWH,1&(65, 0RGHOLQJ2XU
*HRJUDSKLFSDWWHUQDQGUHODWLRQVKLS (VUL3UHVV
0LQLVWHULRGH+DFLHQGD\&UpGLWR3~EOLFR&RORPELD,QVWLWXWR*HRJUiILFR
$JXVWtQ&RGD]]L&RQFHSWRV%iVLFRVVREUH6LVWHPDVGHLQIRUPDFLyQ
*HRJUiILFD\$SOLFDFLRQHVHQ/DWLQRDPpULFD&RORPELD