Escolar Documentos
Profissional Documentos
Cultura Documentos
$FHUFDGH
,QLFLDUVHVLyQ
5HJLVWUDUVH
%XVFDU
$FWXDO
$UFKLYRV
$YLVRV
,QLFLR!9RO1~P!5DPtUH]9DUJDV
6RVWHQLELOLGDGILQDQFLHUD\HFRQyPLFDGHSODQWDVGHPDQHMRGH
UHVLGXRVVyOLGRVXUEDQRVHQ&RORPELD
)LQDQFLDODQGHFRQRPLFVXVWDLQDELOLW\RIXUEDQVROLGZDVWHUHFRYHU\
IDFLOLWLHVLQ&RORPELD
&DUORV$5DPtUH]9DUJDV
(PDLOFDUDPLUH]#XWSHGXFR
'LHJR3DUHGHV
(PDLOGLSDUHGH#XWSHGXFR
-KRQLHUV*XHUUHUR
(PDLOMKJXHUUH#XWSHGXFR
*UXSRGH,QYHVWLJDFLyQHQ$JXD\6DQHDPLHQWR8QLYHUVLGDG7HFQROyJLFDGH3HUHLUD3HUHLUD
&RORPELD
(MHWHPiWLFR,1*(1,(5t$6$1,7$5,$<$0%,(17$/,1*(1,(5t$6$1,7$5,$<$0%,(17$/
5HFLELGR'LFLHPEUHGH
$FHSWDGR2FWXEUHGH
6HUYLFLRGHD\XGDGHOD
UHYLVWD
,' ,2 0 $
(VFRJHLGLRPD
(VSDxRO(VSDxD
(QWUHJDU
86 8$ 5 ,2 $
1RPEUHGHXVXDULRD
&RQWUDVHxD
1RFHUUDUVHVLyQ
,QLFLDUVHVLyQ
+( 5 5 $ 0 ,( 17 $ 6 ' ( /
$ 5 7 & 8/ 2
,PSULPDHVWHDUWtFX
5HVXPHQ
(Q&RORPELDPHQRVGHOGHORV5HVLGXRV6yOLGRV8UEDQRV'RPLFLOLDULRV568'VRQ
PDQHMDGRVHQ3ODQWDVGH0DQHMRGH5HVLGXRV6yOLGRV3056SUHVHQWDQGRHQODPD\RUtDGH
FDVRVSHUGLGDVRSHUDFLRQDOHVFHUFDQDVDOOOHYDQGRDOFLHUUHGHJUDQSDUWHGHGLFKDV
LQVWDODFLRQHV$QWHHOORHVWDLQYHVWLJDFLyQVHHQIRFyHQHVWDEOHFHUXQDVFRQGLFLRQHVPtQLPDV
SDUDXQHVFHQDULRHFRQyPLFRILQDQFLHURGHRSHUDFLyQVRVWHQLEOHGH3056HQPXQLFLSLRV
PHQRUHVDKDELWDQWHVPHGLDQWHODFRPELQDFLyQGHKHUUDPLHQWDVGH'LQiPLFDGH
6LVWHPDV\$QiOLVLV(VWUXFWXUDO&RPRUHVXOWDGRVHLGHQWLILFyTXHLODFDQWLGDGGHPDWHULDO
SRWHQFLDOPHQWHDSURYHFKDEOHDUHFLELULLORVLQJUHVRVSRUWDULIDGHUHFHSFLyQGHPDWHULDO\LLL
ODVFDQWLGDGHVGHPDWHULDOUHFXSHUDGRSDUDODYHQWDVHFRQVWLWX\HQFRPR9DULDEOHV&ODYHGH
VRVWHQLELOLGDG3DUDHOHVFHQDULRVLPXODGRVHFRQFOX\HTXHFRQHODFWXDOFREURGHWDULIDVGH
UHFHSFLyQGHUHVLGXRVHODXPHQWRGHHILFLHQFLDVGHUHFXSHUDFLyQ\FRPHUFLDOL]DFLyQGH
UHVLGXRVVHUtDQHFHVDULRODUHFHSFLyQGHWPHVSDUDDOFDQ]DUXQDUHODFLyQEHQHILFLRFRVWR
LJXDOD6LQHPEDUJRGLFKRYDORUSXHGHYDULDUHQIXQFLyQGHODVSDUWLFXODULGDGHVUHJLRQDOHV\
WHFQRORJtDVLPSOHPHQWDGDVGHFDGDSUR\HFWR3056ORFXDOKDFHQHFHVDULRHOGHVDUUROORGH
HVWXGLRVSXQWXDOHVSDUDHOGHVDUUROORGHXQSUR\HFWRHQXQDORFDOLGDGGHWHUPLQDGD
3DODEUDVFODYH'LDJUDPDFDXVDOGLQiPLFDGHVLVWHPDVJHVWLyQLQWHJUDGDGHUHVLGXRVVyOLGRV
0,&0$&YDULDEOHVFODYH
$EVWUDFW
,Q&RORPELDOHVVWKDWRI8UEDQ6ROLG:DVWH86:DUHWUHDWHGLQ6ROLG:DVWH5HFRYHU\
)DFLOLWLHV6:5)KDYLQJLQDOPRVWDOOFDVHVRSHUDWLRQDOORVVHVFORVHWROHDGLQJWRWKH
FORVXUHRIVHYHUDOSODQWV%DVHGRQWKDWWKLVUHVHDUFKZDVIRFXVHGRQWKHHVWDEOLVKPHQWRI
VRPHPLQLPDOFRQGLWLRQVIRUWKHVXVWDLQDELOLW\RIDILQDQFLDOHFRQRPLFVFHQDULRRID6:5)LQ
WRZQVZLWKOHVVWKDQLQKDELWDQWVE\FRPELQLQJ6\VWHP'\QDPLFVDQG6WUXFWXUDO$QDO\VLV
WRROV$VUHVXOWLWZDVLGHQWLILHGWKDWWKHLDPRXQWRISRWHQWLDOO\XVDEOHPDWHULDOUHFHLYHGLL
LQFRPHVIRUPDWHULDOUHFHSWLRQDQGLLLDPRXQWRIUHFRYHUHGPDWHULDOIRUVDOHEHFRPHDV.H\
RIVXVWDLQDELOLW\)RUWKHVLPXODWHGVFHQDULRLWLVFRQFOXGHGWKDWZLWKWKHFXUUHQWIHHRIVROLG
ZDVWHUHFHSWLRQWKHLQFUHDVHRIUHFRYHU\HIILFLHQF\DQGPHUFKDQGLVLQJRIPDWHULDOVLWZRXOGEH
QHFHVVDU\WRUHFHLYHDWOHDVWWPRQWKWRUHDFKDFRVWEHQHILWUDWLRHTXDOWR+RZHYHUWKDW
YDOXHFDQFKDQJHDVDIXQFWLRQRIWKHUHJLRQDOFKDUDFWHULVWLFVDQGLPSOHPHQWHGWHFKQRORJLHVRI
HDFKSURMHFWWKXVLWLVQHFHVVDU\WKHGHYHORSPHQWRIVWXGLHVRIDSURMHFWLQDGHWHUPLQHG
ORFDWLRQ
.H\ZRUGV&DXVDOGLDJUDPLQWHJUDWHGVROLGZDVWHPDQDJHPHQWNH\YDULDEOHV0,&0$&
V\VWHPG\QDPLFV
0HWDGDWRVGH
LQGH[DFLyQ
&yPRFLWDUXQ
HOHPHQWR
(QYtHHVWHDUWtFXOR
SRUFRUUHRHOHFWUyQLFR
,QLFLHVHVLyQ
PELWRGHODE~VTXHGD
7RGR
%XVFDU
([DPLQDU
3RUQ~PHUR
3RUDXWRUD
3RUWtWXOR
12 7 ,),& $ & ,2 1( 6
9LVWD
6XVFULELUVH
,1'(;$&,1
,QWURGXFFLyQ
/DGLVSRVLFLyQGHUHVLGXRVVyOLGRVHVXQSUREOHPDHQFRQVWDQWHFUHFLPLHQWR-KDHWDO\
SXHGHFDXVDUGDxRVDODVDOXGKXPDQD\HODPELHQWH9HUJDUD 7FKREDQRJORXV(VXQ
WHPDGHSUHRFXSDFLyQPXQGLDOGHELGRDOLQFUHPHQWRSREODFLRQDO\DORVFDPELRVGHSDWURQHVGH
FRQVXPR0DUVKDOO )DUDKEDNKVK$QLYHOJOREDOHQHOVHJHQHUDURQPLOORQHV
GHWRQHODGDVGHUHVLGXRVVyOLGRVHQiUHDVXUEDQDVNJKDEGSDUDHODXPHQWyD
PLOORQHVNJKDEG\VHHVWLPDTXHDOVHJHQHUDUiQPLOORQHV
NJKDEG+RRUZHJ %KDGD7DWD
(OPDQHMRGHUHVLGXRVVyOLGRVKDWUDVFHQGLGRGHHVTXHPDVGHGLVSRVLFLyQILQDOHQUHOOHQR
VDQLWDULRKDFLDVLVWHPDVLQWHJUDGRVGHJHVWLyQGRQGHORVUHVLGXRVVHFRQVLGHUDQFRPRXQ
UHFXUVRDSURYHFKDEOH'RQJHWDO/DXUHQWHWDOTXHDSDUWHGHFRQWHPSODU
DVSHFWRVWpFQLFRVWDPELpQGHEHQJDUDQWL]DUODVRVWHQLELOLGDGGHWDOHVVLVWHPDVDORODUJRGHO
WLHPSR=XUEUJJHWDO
(QSDLVHVHQYtDVGHGHVDUUROORHOPDQHMRGHUHVLGXRVVyOLGRVSUHVHQWDGLILFXOWDGHVGHELGRD
YRO~PHQHVGHJHQHUDFLyQFUHFLHQWHDOWRVFRVWRVGHJHVWLyQ\OLPLWDFLRQHVGHFRQRFLPLHQWR
UHVSHFWRDORVIDFWRUHVTXHLQIOX\HQHQVXPDQHMRDGHFXDGR$EDUFDHWDO(Q$PpULFD
/DWLQD\HO&DULEHORVHVIXHU]RVGHODVDXWRULGDGHVORFDOHVSDUDHOIRUWDOHFLPLHQWRGHORV
VLVWHPDVGHJHVWLyQGHUHVLGXRVVyOLGRVVRQOLPLWDGRVSRUORVKiELWRVGHFRQVXPRODFUHFLHQWH
WDVDGHJHQHUDFLyQFRPSRVLFLyQFREHUWXUDVGHUHFROHFFLyQ\SUiFWLFDVGHPDQHMRLQDGHFXDGDV
VXPDGRDGLILFXOWHVSDUDORJUDUGHILQDQ]DVVRVWHQLEOHV\HVWDEOHFLPLHQWRGHFRRSHUDFLyQ
S~EOLFRSULYDGD%,'HWDO3180$6LELHQODJHVWLyQGHUHVLGXRVVyOLGRV
GHVSLHUWDHOLQWHUpVGHPXFKRVDFWRUHVVRFLDOHVHQ$PpULFDGHO6XUODSULQFLSDOSUiFWLFDVLJXH
VLHQGRODGLVSRVLFLyQILQDOVLQQLQJ~QWLSRGHWUDWDPLHQWRJHQHUDQGRLPSDFWRVDPELHQWDOHV
%H]DPDHWDO
/DV3ODQWDVGH0DQHMRGH5HVLGXRV6yOLGRV3056VRQXQLGDGHVSURGXFWLYDVRULHQWDGDVDO
DSURYHFKDPLHQWR\YDORUL]DFLyQGHUHVLGXRVVyOLGRVFRQHOILQGHREWHQHUSURGXFWRVFRQ
HVWiQGDUHVGHFDOLGDGTXHSHUPLWDQUHLQFRUSRUDUORVHQRWURVSURFHVRVSURGXFWLYRV0DUPROHMRHW
DO2YLHGR2FDxDHWDO(Q&RORPELDODV3056KDQWHQLGRDFRJLGDSRUSDUWHGH
QXPHURVRVPXQLFLSLRVPHQRUHVHQHOSDtV0DUPROHMRHWDO9LFWRULDHWDO6LQ
HPEDUJRH[LVWHQLQTXLHWXGHVUHODFLRQDGDVFRQODVFDQWLGDGHVGHUHVLGXRVVyOLGRVPDQHMDGRVHQ
GLFKDVSODQWDVORFXDOVHUHIOHMDHQGUiVWLFDVUHGXFFLRQHVHQODFDQWLGDGGHUHVLGXRVJHVWLRQDGRV
DODxRSDVDQGRGHWDWHQWUH\6XSHULQWHQGHQFLDGH6HUYLFLRV3~EOLFRV
'RPLFLOLDULRV\
/RDQWHULRUVHDWULEX\HDTXHODQRUPDWLYLGDGDVRFLDGDDODRSHUDFLyQGH3056HVGLVSHUVD\
GHVDFWXDOL]DGDHODSURYHFKDPLHQWRVHUHDOL]DFRPRPHGLGDGHFKRTXHIUHQWHDOILQGHODYLGD
~WLOGHORVUHOOHQRVVDQLWDULRV\QRFRPRSUR\HFWRVSODQLILFDGRVVHKDRPLWLGRODFRQVLGHUDFLyQ
GHOPDQHMRGHUHVLGXRVVyOLGRVFRPRXQDDFWLYLGDGLQGXVWULDO\PXFKRPHQRVVHKDQ
FRQVROLGDGRODVFDGHQDVGHFRPHUFLDOL]DFLyQGHPDWHULDOHVUHFXSHUDGRVTXHJDUDQWLFHQSUHFLRV
MXVWRV&213(6663'
(VWDVFLUFXQVWDQFLDVHQFRPELQDFLyQFRQEDMRVLQJUHVRVSRUFREURGHUHFHSFLyQGHPDWHULDOHVHQ
ODV3056KDQFRQGXFLGRDUHSRUWHVILQDQFLHURVFRPSURPHWHGRUHVFRQGpILFLWVGHFRVWRVGHO
\SpUGLGDVRSHUDFLRQDOHVFHUFDQDVDO663'JHQHUDGRXQSDQRUDPDGH
VRVWHQLELOLGDGHFRQyPLFRILQDQFLHURFRPSURPHWHGRUSDUDODVSODQWDVLQVWDODGDVHQHOSDtV'LFKD
VLWXDFLyQUHYLVWHHVSHFLDOLQWHUpVHQPXQLFLSLRVFRQSREODFLRQHVLQIHULRUHVDKDELWDQWHV
\DTXHSUHVHQWDQGLILFXOWDGHVGHtQGROHWpFQLFRDGPLQLVWUDWLYRHFRQyPLFR\VRFLRFXOWXUDOTXH
DIHFWDQQHJDWLYDPHQWHODJHVWLyQLQWHJUDOGHUHVLGXRVVyOLGRV81,&()HWDO
&RQVLGHUDQGRWDOSDQRUDPDODLQYHVWLJDFLyQVHHQIRFyHQHVWDEOHFHUXQDVFRQGLFLRQHVPtQLPDV
SDUDDOFDQ]DUODVRVWHQLELOLGDGILQDQFLHUD\HFRQyPLFDGHODV3056HQ&RORPELDPHGLDQWHHO
XVRGHKHUUDPLHQWDVGHGLQiPLFDGHVLVWHPDV\DQiOLVLVHVWUXFWXUDO
0HWRGRORJtD
/RFDOL]DFLyQ
6HVHOHFFLRQDURQ\WRPDURQUHJLVWURVSURYHQLHQWHVGH30567DEODUHSRUWDGDVHQHO
HVWXGLRVHFWRULDOHODERUDGRSRUOD6XSHULQWHQGHQFLDGH6HUYLFLRV3~EOLFRV'RPLFLOLDULRVGH
&RORPELD663'SDUDHOFXDOODIXHQWHUHFROHFWyLQIRUPDFLyQHQYLVLWDVDORVVLWLRV
VHOHFFLRQDGRV\PHGLDQWHVROLFLWXGHVGHLQIRUPDFLyQDDXWRULGDGHVDPELHQWDOHV\SHUVRQDO
DGPLQLVWUDWLYRGHGLFKDV3056/DLQYHVWLJDFLyQVHGHVDUUROOyHQHWDSDVFRPSUHQGLGDVSRUL
ODLGHQWLILFDFLyQGHYDULDEOHVJHQpULFDVGHIXQFLRQDPLHQWRGH3056LLHOGHVDUUROORGHXQ
GLDJUDPDFDXVDOLLLODLGHQWLILFDFLyQGHYDULDEOHVFODYH\LYODHVWLPDFLyQGHFRVWRV\
EHQHILFLRVGH3056WLSR
9DULDEOHVDVRFLDGDVDOIXQFLRQDPLHQWRGH3056
23(1-2851$/6<67(06
7 $ 0 $ f2 ' ( )8( 17 (
(QODLQYHVWLJDFLyQVHUHYLVDURQGRFXPHQWRVUHODFLRQDGDVFRQDVSHFWRVWpFQLFRVVRFLDOHV
QRUPDWLYRVSROtWLFRVHFRQyPLFRV\DPELHQWDOHVTXHWLHQHQLQMHUHQFLDHQHOGHVDUUROORGH
DFWLYLGDGHVGHDSURYHFKDPLHQWRHQHOSDtV$SDUWLUGHHOORVHGHILQLyXQFRQMXQWRGHWUHLQWDLWUpV
YDULDEOHV7DEODDVRFLDGDVFRQODVGLIHUHQWHVHWDSDVGHXQHVTXHPDGHVHUYLFLRGHDVHR
XUEDQRWLSR/DVYDULDEOHVIXHURQFDWHJRUL]DGDVFRPR&XDQWLILFDEOHVRSHUDWLYDVHFRQyPLFDV\
ILQDQFLHUDV\GH6RSRUWHQRUPDWLYDVSROtWLFDV\VRFLDOHVSDUDIDFLOLWDUODUHSUHVHQWDFLyQ
PHGLDQWHXQGLDJUDPDFDXVDOGHOVLVWHPD\SDUDSRVWHULRUHVDQiOLVLVGHODVHVWUXFWXUDVGH
FRVWRVGHODV3056
'HVDUUROORGHGLDJUDPDFDXVDO
/DGLQiPLFDUHODFLRQDGDFRQODRSHUDFLyQGHODV3056HQHOSDtVVHUHSUHVHQWyPHGLDQWHOD
HODERUDFLyQGHXQ'LDJUDPD&DXVDOFRQEDVHHQ)RUUHVWHU7RROH7RUUHV 2OD\D
(VWRVGLDJUDPDVVHFRPSRQHQGHYDULDEOHVFRQHFWDGDVTXHGHQRWDQLQIOXHQFLDVFDXVDOHVHQWUH
VtPHGLDQWHODDVLJQDFLyQGHSRODULGDGSRVLWLYDRQHJDWLYDGHSHQGLHQGRGHOWLSRGH
FDPELRGHODYDULDEOHLQIOXHQFLDGD8QDUHODFLyQSRVLWLYDLPSOLFDTXHXQDXPHQWRHQODYDULDEOH
$SURYRFDXQDXPHQWRHQODYDULDEOH%\YLFHYHUVDPLHQWUDVTXHXQDUHODFLyQQHJDWLYD
GHQRWDTXHXQDXPHQWRGHODYDULDEOH$FRQGXFHDODGLVPLQXFLyQGHODYDULDEOH%\
YLFHYHUVD(OGLDJUDPDHODERUDGRSRVLELOLWyLGHQWLILFDUODGLQiPLFDHQWRUQRDOVLVWHPDHVWXGLDGR
\H[SOLFDUORVHIHFWRVGHODVYDULDEOHVLQYROXFUDGDV
,GHQWLILFDFLyQGHYDULDEOHVFODYH
&DGDYDULDEOHGHOGLDJUDPDFDXVDOIXHDQDOL]DGDHQWpUPLQRVGHOJUDGRGHLQIOXHQFLD\
GHSHQGHQFLDUHVSHFWRDODVGHPiVYDULDEOHVSDUDLGHQWLILFDUDTXHOODVTXHSRUVXDOWRYDORUGH
LQIOXHQFLDGHSHQGHQFLD\DFFLRQHVLQGLUHFWDVSXHGDQVHUFRQVLGHUDGDVFRPR9DULDEOHV&ODYH
3DUDHOORHODQiOLVLVVHGHVDUUROOyFRQODD\XGDGHOD0DWUL]GH,QIOXHQFLDV'LUHFWDVGHOVRIWZDUH
0,&0$&/DERUDWRULRGH,QYHVWLJDFLyQ3URVSHFWLYD\(VWUDWpJLFD/,36253DUtV&RQGLFKD
PDWUL]VHHIHFWXyODYDORUDFLyQGLUHFWDGHOFRQMXQWRGHYDULDEOHVDQDOL]DGDVPHGLDQWHOD
FDOLILFDFLyQPDQXDOGHOJUDGRGHLQIOXHQFLDGHXQDYDULDEOHVREUHODVGHPiVDFRUGHFRQODV
LQWHUUHODFLRQHVHVWDEOHFLGDVHQHOGLDJUDPDFDXVDO\FRQVLGHUDQGRORVSDUiPHWURVGHFDOLILFDFLyQ
HVWDEOHFLGRVHQOD7DEOD/DPDWUL]DOFDQ]yXQDWDVDGHYDORUDFLyQFDOLILFDFLRQHVGLIHUHQWHVD
FHURGHOSRUFHQWDMHLQIHULRUDOTXHHVHOPi[LPRUHFRPHQGDGRSRU*RGHWHWDO
JDUDQWL]DQGRODYDOLGH]GHODFDOLILFDFLyQ$SDUWLUGHODVXPDWRULDGHODVFDOLILFDFLRQHV
GHODVILODV\ODVFROXPQDVGHODPDWUL]VHREWXYRHOJUDGRGHLQIOXHQFLD\GHSHQGHQFLDGHFDGD
YDULDEOH
$SDUWLUGHODYDORUDFLyQGLUHFWDVHHIHFWXyODYDORUDFLyQLQGLUHFWDPHGLDQWHHOXVRGHOD0DWUL]
GH,PSDFWRV&UX]DGRV(VWDYDORUDFLyQIXHJHQHUDGDPHGLDQWHODSURJUDPDFLyQGHOVRIWZDUH
0,&0$&SDUDODHMHFXFLyQGHPXOWLSOLFDFLRQHVGHODPDWUL]GHYDORUDFLyQGLUHFWDSDUDHVWDELOL]DU
HOVLVWHPD$FRUGHD&DQRODHVWDELOL]DFLyQGHOVLVWHPDVHGDDSDUWLUGHODSRWHQFLDHQOD
FXDOHORUGHQMHUiUTXLFRGHODVYDULDEOHVHQIXQFLyQGHOJUDGRGHPRWULFLGDG\GHSHQGHQFLDVH
PDQWLHQHORFXDOSDUDHOFDVRGHODVYDULDEOHVDQDOL]DGDVVHGLRDSDUWLUGHFLQFR
PXOWLSOLFDFLRQHV&RQORVUHVXOWDGRVGHODYDORUDFLyQLQGLUHFWDVHJHQHUyHO3ODQRGH
0RWULFLGDG'HSHQGHQFLD,QGLUHFWD3RWHQFLDOHOFXDOFODVLILFDODVYDULDEOHVHQFXDGUDQWHV
GHSHQGLHQGRGHVXJUDGRGHLQIOXHQFLD\GHSHQGHQFLD/DVYDULDEOHVGHLQWHUpVSDUDHVWD
LQYHVWLJDFLyQVRQDTXHOODVFRQDOWRJUDGRGHLQIOXHQFLD\GHSHQGHQFLD9DULDEOHV&ODYHGDGR
TXHFXDOTXLHUDFFLyQTXHVHJHQHUHHQHOODVWHQGUiXQHIHFWRFDVFDGDVREUHHOUHVWRGH
YDULDEOHV
(VWLPDFLyQGHFRVWRV\EHQHILFLRVGH3056WLSR
$SDUWLUGHODVYDULDEOHVFODYHLGHQWLILFDGDVHLQIRUPDFLyQILQDQFLHUDHPSOHDGDSRU663'
VHFRPSXVRXQDHVWUXFWXUDGHFRVWRV\EHQHILFLRVSDUDXQD3056WLSRFRQFLIUDVDFWXDOL]DGDVDO
DxRFRQEDVHHQORVYDORUHVKLVWyULFRVGHOtQGLFHGHSUHFLRVDOFRQVXPLGRU,3&/D
HVWLPDFLyQGHFRVWRVGHLQYHUVLyQ\GHRSHUDFLyQ\PDQWHQLPLHQWRVHHIHFWXyFRQODV(F\
(F
(QGLFKDVHFXDFLRQHV%7VHUHILHUHDOEHQHILFLRWRWDO&7DOFRVWRWRWDO9)DOYDORUIXWXUR
LDODWDVDGHGHVFXHQWR\WDODxRGHSUR\HFFLyQ'DGRTXHGHTXHQRH[LVWHXQFRQVHQVR
UHVSHFWRDODWDVDGHGHVFXHQWRLGyQHDSDUDDSOLFDUHQXQDVLWXDFLyQGHWHUPLQDGDVHVHOHFFLRQy
XQYDORULGHFRQEDVHHQGDWRVUHSRUWDGRVSRUOD&RPLVLyQGH5HJXODFLyQGH$JXD
3RWDEOH\6DQHDPLHQWR&5$
5HVXOWDGRV\GLVFXVLyQ
'LDJUDPDFDXVDOUHSUHVHQWDWLYRGHODSURYHFKDPLHQWRGH568'HQ&RORPELD
$SDUWLUGHODVYDULDEOHVLGHQWLILFDGDVVHFRQVWUX\yXQGLDJUDPDFDXVDODSOLFDEOHDODVLWXDFLyQ
(QHOVHJXQGRFRQJORPHUDGRVHDJUXSDQXQDVHULHGHYDULDEOHVTXHDIHFWDQODJHQHUDFLyQGH
LQJUHVRVHQODV3056(QWUHHOODVVHGHVWDFDODFDQWLGDGGHUHVLGXRVDUHFLELU\DTXHFRQGLFLRQD
ORVLQJUHVRVSRUFRQFHSWRGHWDULIDGHUHFHSFLyQGHPDWHULDOHVSRWHQFLDOPHQWHDSURYHFKDEOHV\
DVXYH]JHQHUDHVWtPXORVSDUDODUHFHSFLyQGHQXHYRVUHVLGXRV3RUVXSDUWHOD
FRPHUFLDOL]DFLyQGHPDWHULDOHVUHFXSHUDGRVDIHFWDQORVLQJUHVRV\DTXHHQODPHGLGDHQHVWRV
VHYHQGHQJHQHUDQLQJUHVRV\HVWLPXODQODUHFHSFLyQGHQXHYRVUHVLGXRVHQODV3056$VXYH]
ODYHQWDGHPDWHULDOHVUHFXSHUDGRVVHYHLQIOXHQFLDGDSRUODGHPDQGDH[LVWHQWHHQORV
PHUFDGRVUHJLRQDOHVDOLJXDOTXHSRUDVSHFWRVWpFQLFRVFRPRORVPpWRGRVGHVHOHFFLyQ\
WUDWDPLHQWRTXHDIHFWDQODHILFLHQFLD\ODFDOLGDGGHORVPDWHULDOHVUHFXSHUDGRV
(QHOWHUFHUFRQJORPHUDGRVHDJUXSDQYDULDEOHVTXHLQIOX\HQVREUHORVFRVWRVWRWDOHVGHXQD
3056$OOtVHGHVWDFDTXHHODXPHQWRGHODFDSDFLGDGLQVWDODGDVXSHGLWDGDDODGLVSRQLELOLGDG
GHPDWHULDOSRWHQFLDOPHQWHDSURYHFKDEOHDUHFLELULQIOXHQFLDHODXPHQWRHQORVFRVWRVGH
LQYHUVLyQ\JDVWRVJHQHUDOHVDOLJXDOTXHGLVPLQX\HQORVFRVWRVGHRSHUDFLyQSRUHIHFWRGH
HFRQRPtDGHHVFDOD,JXDOPHQWHHQODPHGLGDHQTXHORVFRVWRVGHRSHUDFLyQVHDIHFWDQSRUOD
HILFLHQFLDGHORVPpWRGRVGHVHOHFFLyQ\WUDWDPLHQWRORVFRVWRVWRWDOHVWDPELpQORKDFHQ2WUD
YDULDEOHDGHVWDFDUHVODJHQHUDFLyQGHPDWHULDOGHVFDUWDGRHOFXDOGHSHQGHGHODHILFLHQFLDGH
UHFXSHUDFLyQGHPDWHULDOHVGHODSODQWD\DTXHHQWUHPHQRUHVFDQWLGDGHVVHGHVFDUWHQ
PHQRUHVVHUiQVXVFRVWRVGHGLVSRVLFLyQILQDO\YLFHYHUVD
$SDUWLUGHODVLQWHUDFFLRQHVGHODVYDULDEOHVHQHOGLDJUDPDHVSRVLEOHLGHQWLILFDUVXLQIOXHQFLD
WDQWRHQORVLQJUHVRVWRWDOHVFRPRGHORVFRVWRVWRWDOHVORVFXDOHVLQIOXHQFLDQHOYDORUGHO
EHQHILFLRQHWR\ODUHODFLyQFRVWREHQHILFLRGHXQSUR\HFWR3056DIHFWDQGRVXVRVWHQLELOLGDGD
ORODUJRGHOWLHPSR
9DULDEOHVFODYHLGHQWLILFDGDV
(QHOSODQRGHLQIOXHQFLDVGHSHQGHQFLDVLQGLUHFWDVSRWHQFLDOHV)LJXUDVHLGHQWLILFDOD
ORFDOL]DFLyQGHYDULDEOHVDQDOL]DGDVHQGLIHUHQWHVFXDGUDQWHV(QHOFXDGUDQWHVHXELFDURQODV
YDULDEOHVFRQEDMRJUDGRGHLQIOXHQFLD\GHGHSHQGHQFLDTXHHMHUFHQXQLPSDFWRGpELOHQHO
VLVWHPD(QHVWHFXDGUDQWHVHXELFDQYDULDEOHVFRPRHO5HJODPHQWR7pFQLFRGHO6HFWRUGH$JXD
3RWDEOH\6DQHDPLHQWR5$6\OD5HVROXFLyQ,&$GH5HVTXH
FRQGLFLRQDQDVSHFWRVWpFQLFRVGHODVDFWLYLGDGHVGHDSURYHFKDPLHQWR\FDOLGDGGHELRLQVXPRV
SDUDDFWLYLGDGHVDJUtFRODVSHURQRHVWiQVXMHWDVDOFRQWUROSRUSDUWHGHODVDGPLQLVWUDFLRQHVGH
ODV3056VLQRTXHGHEHQVHUVRPHWLGDVDHOOR'HLJXDOIRUPDVHLGHQWLILFDQDVSHFWRVWpFQLFRV
FRPRHOPpWRGRGHVHOHFFLyQ0HWVHOHFFWLSRGHWUDWDPLHQWRGHORVUHVLGXRVUHFLELGRV7LSR
WUDW\ODHILFLHQFLDGHUHFXSHUDFLyQ(ILFUHFXSORVFXDOHVVLELHQSXHGHQHVWiQEDMRFRQWUROGH
ODV3056GDGDVXLQGHSHQGHQFLD\ODUHODWLYDEDMDPHGLDLQIOXHQFLDVHJ~Q*RGHW 'XUDQFH
HVSUHIHULEOHLQYHUWLUHVIXHU]RVYDULDEOHVDOWDPHQWHGLQDPL]DGRUDVFRPRODVYDULDEOHV
FODYH
(QHOFXDGUDQWHVHXELFDQODVYDULDEOHVTXHSRVHHQXQDDOWDLQIOXHQFLD\EDMDGHSHQGHQFLD
VLHQGRGHWHUPLQDGRUDVGHOIXQFLRQDPLHQWRGHOVLVWHPD(MHPSORGHHOORVRQODVYDULDEOHV
SROtWLFDV\QRUPDWLYDVFRPROD3ROtWLFD*,563RO*,56OD5HVROXFLyQ&5$GH5HV
DVSHFWRVGHPHUFDGRFRPRODGHPDQGDGHPDWHULDOHVUHFXSHUDGRV'HPDQUHFXR
VRFLDOHVFRPRODJHQHUDFLyQGHUHVLGXRV:56\GHVHSDUDFLyQHQODIXHQWHSRUSDUWHGHOD
SREODFLyQ:56IXHQW(VWDVYDULDEOHVGHWHUPLQDQHOIXQFLRQDPLHQWRGHOVLVWHPD\VREUHHOODV
ODLQMHUHQFLDGHODDGPLQLVWUDFLyQGHXQD3056GHHVOLPLWDGD
(QHOFXDGUDQWHVHXELFDQODVYDULDEOHVTXHWLHQHQDOWDGHSHQGHQFLD\EDMDLQIOXHQFLDORTXH
ODVFRQVWLWX\HQFRPRYDULDEOHVUHVXOWDGRGHODGLQiPLFDGHOVLVWHPDDQDOL]DGR9DULDEOHV
UHODFLRQDGDVFRQIOXMRVGHGLQHURFRPRFRVWRVGHLQYHUVLyQLQYHUGHRSHUDFLyQRSHU
JDVWRVJHQHUDOHV*DVWRVJHQVHXELFDQHQGLFKRFXDGUDQWHFRPRUHVXOWDGRVGHODV
LQWHUDFFLRQHVGHODVGHPiVYDULDEOHVGHOVLVWHPD
(QHOFXDGUDQWHVHXELFDQODVYDULDEOHVTXHSRVHHQXQDDOWDLQIOXHQFLD\DOWDGHSHQGHQFLD
VREUHHOVLVWHPDFRQVWLWX\pQGRVHHQ9DULDEOHV&ODYH(VWDVYDULDEOHVJHQHUDQFLHUWD
LQHVWDELOLGDGHQHOVLVWHPD\DTXHFXDOTXLHUDFFLyQTXHVHHIHFW~HVREUHHVWDVSURSLFLDXQD
VHULHGHHIHFWRVUHSOLFDGRUHVVREUHODVGHPiVYDULDEOHVVREUHODYDULDEOHFODYHHQVt\VREUHHO
VLVWHPDHVWXGLDGR*RGHW 'XUDQFH/DVYDULDEOHVFODYH)LJXUDVRQORVLQJUHVRVSRU
WDULIDGHUHFHSFLyQGHPDWHULDODDSURYHFKDU,1WDULIDODFDQWLGDGGHPDWHULDO
SRWHQFLDOPHQWHDSURYHFKDEOHDUHFLELU:03$UHFL\ODFDQWLGDGGHPDWHULDOUHFXSHUDGRSDUD
ODYHQWD:PDWYHQWD
/DLGHQWLILFDFLyQGHOPDWHULDOSRWHQFLDOPHQWHDSURYHFKDEOHDUHFLELU:03$UHFLFRPRYDULDEOH
FODYHHVFRQVHFXHQWHFRQODVDILUPDFLRQHVGH2YLHGR2FDxDHWDOTXLHQGHVWDFDTXHODV
YDULDEOHVGHPD\RUUHSHUFXVLyQHQXQVLVWHPDGHDSURYHFKDPLHQWRFRQVLVWHQHQODFDOLGDG
FDQWLGDG\FRQRFLPLHQWRGHODVFDUDFWHUtVWLFDVGHORVUHVLGXRVDUHFLELU(QFXDQWRDODFDQWLGDG
GHPDWHULDOHVUHFXSHUDGRVSDUDODYHQWD:PDWYHQWDLQGLUHFWDPHQWHHVWiVXSHGLWDGDDO
PHMRUDPLHQWRGHORVPpWRGRVGHVHOHFFLyQHOWLSRGHWUDWDPLHQWR\HILFLHQFLDVGHUHFXSHUDFLyQ
HQWUHRWURV\DTXHGLFKRVDVSHFWRVFRPRORVHxDOD0DUPROHMRHWDOLQIOX\HQVREUHOD
HIHFWLYLGDGGHODV30563RUVXSDUWHORVLQJUHVRVSRUFREURGHWDULIDGHUHFHSFLyQGHUHVLGXRV
,17DULIDVHFRQVWLWX\HQFRPRXQDYDULDEOHFODYHLPSRUWDQWHGDGRTXHJUDQSDUWHGHORV
LQJUHVRVGHXQSUR\HFWR3056SURYLHQHQHVWRVLQJUHVRV5HIOHMRGHHOORVRQORVSRUFHQWDMHVGH
LQJUHVRVUHSRUWDGRVSRU663'GRQGHHOGHOWRWDOGHLQJUHVRVSURYLHQHGHOFREURGH
WDULIDVHOSRUDSRUWHVPXQLFLSDOHV\WDQVRORXQDSDUWLUGHODFRPHUFLDOL]DFLyQGH
PDWHULDOHV
(VFHQDULRGHVLPXODFLyQHFRQyPLFDILQDQFLHUD
$SDUWLUGHORVUHVXOWDGRVGHOD)LJXUDVHSXHGHLQWHUSUHWDUTXHODVLQWHUDFFLRQHVGRPLQDGDV
SRUODV9DULDEOHV&ODYHFRQGLFLRQDQHOFRPSRUWDPLHQWRGHORVFRVWRV\JDVWRVSDUDODQRUPDO
RSHUDFLyQGHODV3056ORFXDODIHFWDVXVRVWHQLELOLGDGDODUJRSOD]R'LFKDVLWXDFLyQVHUHIOHMD
HQHOFRPSRUWDPLHQWRGHORVLQGLFDGRUHVGH%1\5%&SDUDXQSHULRGRGHDxRV)LJXUD
&RQEDVHHQHOORHOHVFHQDULRGHVRVWHQLELOLGDGSURSXHVWRSODQWHDTXHFRQXQDWDULIDGH
UHFHSFLyQGHPDWHULDOHVGHW931DxRHILFLHQFLDVGHUHFXSHUDFLyQGH
ELRUUHVLGXRVGHO663'0DUPROHMRHWDOGHUHFLFODEOHVGHO0DUPROHMR
HWDO\EDMRFRQGLFLRQHVLGHDOHVGHPHUFDGRFRQSRUFHQWDMHVPtQLPRVGHYHQWDGH
FRPSRVWSOiVWLFRVSDSHOHV\FDUWRQHVYLGULRV\PHWDOHV
7DEODVHHVWLPyTXHSDUDDOFDQ]DUHOSXQWRGHHTXLOLEULR5%& \%1 VHUtD
QHFHVDULRTXHXQD3056WLSRUHFLELHUDFRPRPtQLPRWPHVFDQWLGDGHTXLYDOHQWHDOD
JHQHUDFLyQGHXQPXQLFLSLRFRQXQDSREODFLyQGHKDELWDQWHVDVXPLHQGRXQDSURGXFFLyQ
SHUFiSLWD33&GHNJKDEG0LQGHVDUUROOR%DMRHVWHHVFHQDULRORVLQJUHVRV
YHQWDV\UHFHSFLyQGHUHVLGXRVVHUtDQGHO\UHVSHFWLYDPHQWHVLQQHFHVLGDGGH
DSDODQFDUORVFRVWRVFRQLQJUHVRVPXQLFLSDOHVHQFRPSDUDFLyQFRQPHQFLRQDGRSRU663'
TXLHQUHSRUWDYDORUHVGHSDUDYHQWDGHPDWHULDOHVUHFXSHUDGRV\SRUFREUR
GHWDULIDDGHPiVGHVXEVLGLRVPXQLFLSDOHV
6LELHQGLFKRVUHVXOWDGRVSHUPLWHQHVWDEOHFHUTXHHVSRVLEOHORJUDUODVRVWHQLELOLGDGHFRQyPLFD
ILQDQFLHUDGHXQD3056SDUDXQPXQLFLSLRFRQSREODFLyQLQIHULRUDKDELWDQWHVVX
LQWHUSUHWDFLyQGHEHVHUPHVXUDGD\DTXHVHEDVDQHQODH[LVWHQFLDGHXQDVFRQGLFLRQHVLGyQHDV
GHPHUFDGHRGHGLFKRVPDWHULDOHV7DEODFRQSUHFLRVGHYHQWDHVWDEOHVGHPDWHULDOHV
UHFXSHUDGRVFHUFDQtDDFHQWURVGHDFRSLRRLQGXVWULDVTXHIDYRUH]FDQVXFRPHUFLDOL]DFLyQ3RU
ORWDQWRVHKDFHQHFHVDULRHIHFWXDUXQDQiOLVLVFRQWH[WXDOFRQVHFXHQWHFRQODORFDOL]DFLyQ
JHRJUiILFDGHOD3056REMHWRGHHVWXGLRGDGRTXHODVFRQGLFLRQHVPtQLPDVSDUDJDUDQWL]DUVX
VRVWHQLELOLGDGSXHGHQYDULDUVXVWDQFLDOPHQWHOOHJDQGRLQFOXVLYHDVXJHULUODLPSOHPHQWDFLyQGH
HVTXHPDVUHJLRQDOL]DGRVGHUHFXSHUDFLyQDSURYHFKDPLHQWRGH568'HQGRQGHSRUFRQFHSWRGH
HFRQRPtDVGHHVFDODVVHLPSDFWHSRVLWLYDPHQWHODVHVWUXFWXUDVGHFRVWRV
&RQFOXVLRQHV
/DFRPELQDFLyQGHWpFQLFDVGHGLQiPLFDGHVLVWHPDVGLDJUDPDFDXVDO\DQiOLVLVHVWUXFWXUDO
PDWUL]0,&0$&VHFRQVWLWX\HHQXQDKHUUDPLHQWD~WLOSDUDODGHVFULSFLyQGHODGLQiPLFD
HQWRUQRDODRSHUDFLyQGHXQD3056WLSRHQHOSDtV\SDUDODLGHQWLILFDFLyQGHYDULDEOHVFODYH
TXHSHUPLWDQGLVHxDUHVTXHPDVHFRQyPLFRILQDQFLHURVVRVWHQLEOHV%DMRORVVXSXHVWRV
SODQWHDGRVFRQDOWDVHILFLHQFLDVGHSURGXFFLyQGHFRPSRVW\UHFXSHUDFLyQWUDQIRUPDFLyQGH
UHFLFODEOHV\FRQXQDVFRQGLFLRQHVGHPHUFDGRLGyQHDVSDUDXQKRUL]RQWHGHDxRVXQ
SUR\HFWR3056HVSRVLEOHDOFDQ]DUXQSXQWRGHHTXLOLEULRHQWUHLQJUHVRV\JDVWRVWRWDOHV%1\
5%&LJXDODFHURDSDUWLUGHOFXDOVHSXHGDDOFDQ]DUODVRVWHQLELOLGDGGHXQSUR\HFWR3056SDUD
PXQLFLSLRVFRQSREODFLRQHVPHQRUHVDKDELWDQWHV6LQHPEDUJRGLFKRYDORUSXHGHYDULDU
HQIXQFLyQGHODVFRQGLFLRQHVUHJLRQDOHVWLSRGHWHFQRORJtDDLPSOHPHQWDUFRPSRVLFLyQGHORV
UHVLGXRVGHXQDORFDOLGDGGHWHUPLQDGDHQWUHRWURVORFXDOKDFHQHFHVDULRHOGHVDUUROORGH
HVWXGLRVFRQFLHQ]XGRVSDUDHOGHVDUUROORGHXQSUR\HFWR3056HQXQDORFDOLGDGGHWHUPLQDGD
5HIHUHQFLDV
$EDUFD*XHUUHUR/0DDV* +RJODQG:6ROLGZDVWHPDQDJHPHQWFKDOOHQJHVIRU
FLWLHVLQGHYHORSLQJFRXQWULHV:DVWH0DQDJHPHQW
%H]DPD$$JXD\R3.RQUDG21DYLD5 /RUEHU.(,QYHVWLJDWLRQVRQ
PHFKDQLFDOELRORJLFDOWUHDWPHQWRIZDVWHLQ6RXWK$PHULFD7RZDUGVPRUHVXVWDLQDEOH06:
PDQDJHPHQWVWUDWHJLHV:DVWH0DQDJHPHQW
%,'%DQFR,QWHUDPHULFDQRGH'HVDUUROOR$,',6$VRFLDFLyQ,QWHUDPHULFDQDGH,QJHQLHUtD
$PELHQWDO\6DQLWDULD 2362UJDQL]DFLyQ3DQDPHULFDQDGHOD6DOXG,QIRUPHGHOD
(YDOXDFLyQ5HJLRQDOGHO0DQHMRGH5HVLGXRV6yOLGRV8UEDQRVHQ$PpULFD/DWLQD\HO&DULEH
&RQVXOWDGRKWWSSXEOLFDWLRQVLDGERUJKDQGOH"ORFDOH
DWWULEXWH HV
&DQR&(PSOHRGHOPpWRGR0,&0$&GH$QiOLVLVHVWUXFWXUDOHQODGHILQLFLyQGH
IDFWRUHVIXQGDPHQWDOHVSDUDXQHPSUHQGLPLHQWRHIHFWLYRHQS\PHVGH&DOL&RORPELD/LEUH
(PSUHVD
&213(6&RQVHMR1DFLRQDOGH3ROtWLFD6RFLDO\(FRQyPLFD'RFXPHQWR&213(6
/LQHDPLHQWRV\HVWUDWHJLDVSDUDIRUWDOHFHUHOVHUYLFLRS~EOLFRGHDVHRHQHOPDUFRGHODJHVWLyQ
LQWHJUDOGHUHVLGXRVVyOLGRV%RJRWi'&&RORPELD&213(6
&5$&RPLVLyQGH5HJXODFLyQGH$JXD3RWDEOH\6DQHDPLHQWR%iVLFR5HVROXFLyQ
%RJRWi'&&RORPELD&5$
&5$&RPLVLyQGH5HJXODFLyQGH$JXD3RWDEOH\6DQHDPLHQWR%iVLFR0HWRGRORJtDGH
FRVWRV\WDULIDVSDUDHOVHUYLFLRS~EOLFRGHDVHR%RJRWi'&&RORPELD&5$
'RQJ-&KL-=RX')X&+XDQJ4 1L0(QHUJ\HQYLURQPHQWHFRQRP\
DVVHVVPHQWRIZDVWHPDQDJHPHQWV\VWHPVIURPDOLIHF\FOHSHUVSHFWLYH0RGHOGHYHORSPHQW
DQGFDVHVWXG\$SSOLHG(QHUJ\
)LHOG% )LHOG0(QYLURQPHQWDO(FRQRPLFVDQLQWURGXFWLRQ%RVWRQ86$0F*UDZ
+LOO,UZLQ
*RGHW0 'XUDQFH33URVSHFWLYDHVWUDWpJLFDSUREOHPDV\PpWRGRV6DQ6HEDVWLiQ
(VSDxD/,36253URVSHNWLNHU
*RGHW0 'XUDQFH3/DSURVSHFWLYDHVWUDWpJLFDSDUDODVHPSUHVDV\ORVWHUULWRULRV
3DULV)UDQFLD81(6&2'XQRG)RQGDWLRQ3URVSHFWLYHHW,QQRYDWLRQ
+RRUQZHJ' %KDGD7DWD3:KDWDZDVWHDJOREDOUHYLHZRIVROLGZDVWH
PDQDJHPHQW:RUOG%DQN8UEDQGHYHORSPHQWVHULHV.QRZOHGJH3DSHUV:DVKLQJWRQ'&
86$
-KD$6LQJK66LQJK* *XSWD36XVWDLQDEOHPXQLFLSDOVROLGZDVWHPDQDJHPHQW
LQORZLQFRPHJURXSRIFLWLHVDUHYLHZ7URSLFDO(FRORJ\
/DXUHQW$&ODYUHXO-%HUQVWDG$%DNDV,1LHUR0*HQWLO(HWDO5HYLHZRI
/&$VWXGLHVRIVROLGZDVWHPDQDJHPHQWV\VWHPV3DUW,,0HWKRGRORJLFDOJXLGDQFHIRUDEHWWHU
SUDFWLFH:DVWH0DQDJHPHQW
0DUPROHMR/7RUUHV32YLHGR(%HGR\D'$PH]TXLWD&.OLQJHU5HWDO)OXMR
GHUHVLGXRV(OHPHQWREDVHSDUDODVRVWHQLELOLGDGGHODSURYHFKDPLHQWRGHUHVLGXRVVyOLGRV
PXQLFLSDOHV,QJHQLHUtD\&RPSHWLWLYLGDG
0DUPROHMR5HEHOOyQ/7RUUHV/R]DGD32YLHGR2FDxD5*DUFtD0 'tD]/
$QiOLVLVGHOIXQFLRQDPLHQWRGHSODQWDVGHPDQHMRGHUHVLGXRVVyOLGRVHQHOQRUWHGHO9DOOHGHO
&DXFD5HYLVWD(,$
0DUVKDOO5 )DUDKEDNKVK.6\VWHPVDSSURDFKHVWRLQWHJUDWHGVROLGZDVWH
DQDJHPHQWLQGHYHORSLQJFRXQWULHV:DVWH0DQDJHPHQW
0$9'70LQLVWHULRGH$PELHQWH9LYLHQGD\'HVDUUROOR7HUULWRULDO(3$06$(63
(VWXGLRV\3UR\HFWRV$PELHQWDOHV\0HFiQLFRV&RQVWUXFFLyQGHFULWHULRVWpFQLFRVSDUDHO
DSURYHFKDPLHQWR\YDORUL]DFLyQGHUHVLGXRVVyOLGRVRUJiQLFRVFRQDOWDWDVDGHELRGHJUDGDFLyQ
SOiVWLFRVYLGULRSDSHO\FDUWyQ0DQXDO*HQHUDOLGDGHV%RJRWi'&&RORPELD0$9'7
0LQLVWHULRGH'HVDUUROOR(FRQyPLFR5HS~EOLFDGH&RORPELD5HJODPHQWR7pFQLFRGH$JXD
3RWDEOH\6DQHDPLHQWR%iVLFR5$6%RJRWi'&&RORPELD0LQLVWHULRGH'HVDUUROOR
(FRQyPLFR5HS~EOLFDGH&RORPELD
2VRULR-0RGHORGHDSURYHFKDPLHQWRGHUHVLGXRVVyOLGRVXUEDQRVHQ&RORPELD
0HPRULDVUD&RQIHUHQFLD/DWLQRDPHULFDQDGH6DQHDPLHQWR/DWLQRVDQ&DOL&RORPELD
2YLHGR2FDxD(0DUPROHMR5HEHOOyQ/ 7RUUHV/R]DGD3,QWHUYHQFLRQHV
SULRUL]DGDVHQSODQWDVGHPDQHMRGHUHVLGXRVVyOLGRVPHGLDQWHODDSOLFDFLyQGHODQiOLVLV
HVWUXFWXUDO,QJ8QLY
3180$3URJUDPDGHODV1DFLRQHV8QLGDVSDUDHO0HGLR$PELHQWH*XtDSDUDOD
HODERUDFLSyQGHHVWUDWpJLDVQDFLRQDOHVGHJHVWLyQGHUHVLGXRV1DLUREL.HQLD3180$
663'6XSHULQWHQGHQFLDGH6HUYLFLRV3~EOLFRV'RPLFLOLDULRV'LDJQyVWLFR6HFWRULDO
3ODQWDVGH$SURYHFKDPLHQWRGH5HVLGXRV6yOLGRV%RJRWi'&&RORPELD663'
663'6XSHULQWHQGHQFLDGH6HUYLFLRV3~EOLFRV'RPLFLOLDULRV6LWXDFLyQGHOD'LVSRVLFLyQ
)LQDOGH5HVLGXRV6yOLGRVHQ&RORPELD'LDJQyVWLFR%RJRWi'&&RORPELD663'
663'6XSHULQWHQGHQFLDGH6HUYLFLRV3~EOLFRV'RPLFLOLDULRV6LWXDFLyQGHOD'LVSRVLFLyQ
)LQDOGH5HVLGXRV6yOLGRVHQ&RORPELD%RJRWi'&&RORPELD663'
7RROH70$SURMHFWPDQDJHPHQWFDXVDOORRSGLDJUDP,Q3URFHHGLQJVRIWKHVW
$QQXDO&RQIHUHQFHRIWKH$VVRFLDWLRQRI5HVHDUFKHUVLQ&RQVWUXFWLRQ0DQDJHPHQWSS
9RO/RQGRQ8.
7RUUHV1 2OD\D&7DFNOLQJWKH0HVV&DXVDO/RRS&RQFHSWXDOL]DWLRQRI6ROLG:DVWH
0DQDJHPHQW6\VWHPVWKURXJK&URVV,PSDFW$QDO\VLV,Q3URFHHGLQJVRIWKHWK,QWHUQDWLRQDO
&RQIHUHQFHRIWKH6\VWHP'\QDPLFV6RFLHW\SS6HRXO.RUHD
81,&())RQGRGHODV1DFLRQHV8QLGDVSDUDOD,QIDQFLD0$9'70LQLVWHULRGH$PELHQWH
9LYLHQGD\'HVDUUROOR7HUULWRULDO&,1$5$,QVWLWXWRGH,QYHVWLJDFLyQ\'HVDUUROORHQ$JXD
3RWDEOH6DQHDPLHQWR%iVLFR\&RQVHUYDFLyQGHOUHFXUVR+tGULFR*XtDSDUDHODERUDUHO
SODQGHJHVWLyQLQWHJUDOGHUHVLGXRVVyOLGRV0XQLFLSLRVPHQRUHVGHKDELWDQWHV%RJRWi
'&&RORPELD81,&()
9HUJDUD6( 7FKREDQRJORXV*0XQLFLSDOVROLGZDVWHDQGWKHHQYLURQPHQWDJOREDO
SHUVSHFWLYH$QQ5HY(QYLURQ5HV
9LFWRULD)0DUPROHMR/ 7RUUHV3$OWHUQDWLYDVSDUDIRUWDOHFHUODYDORUL]DFLyQGH
PDWHULDOHVUHFLFODEOHVHQSODQWDVGHPDQHMRGHUHVLGXRVVyOLGRVHQSHTXHxRVPXQLFLSLRV&LHQFLD
HLQJHQLHUtDQHRJUDQDGLQD
=XUEUJJ&*IUHUHU0$VKDGL+%UHQQHU: .SHU''HWHUPLQDQWVRI
VXVWDLQDELOLW\LQVROLGZDVWHPDQDJHPHQW7KH*LDQ\DU:DVWH5HFRYHU\3URMHFWLQ,QGRQHVLD
:DVWH0DQDJHPHQW
5HYLVWD,QJHQLHUtD\&RPSHWLWLYLGDGSRU8QLYHUVLGDGGHO9DOOHVHHQFXHQWUDEDMRXQDOLFHQFLD
&UHDWLYH&RPPRQV5HFRQRFLPLHQWR'HEHUHFRQRFHUDGHFXDGDPHQWHODDXWRUtDSURSRUFLRQDU
XQHQODFHDODOLFHQFLDHLQGLFDUVLVHKDQUHDOL]DGRFDPELRV3XHGHKDFHUORGHFXDOTXLHUPDQHUD
UD]RQDEOHSHURQRGHXQDPDQHUDTXHVXJLHUDTXHWLHQHHODSR\RGHOOLFHQFLDGRURORUHFLEHSRU
HOXVRTXHKDFH
(1/$&(65()%$&.
1RKD\QLQJ~QHQODFHUHIEDFN
,661,035(62
,661(/(&751,&2
2ILFLQDGH&RPXQLFDFLRQHV)DFXOWDGGH,QJHQLHUtD
8QLYHUVLGDGGHO9DOOH&LXGDG8QLYHUVLWDULD0HOpQGH](GLILFLRSLVR
&DOOH
6DQWLDJRGH&DOL
(PDLOLQ\FRPSH#FRUUHRXQLYDOOHHGXFR