Escolar Documentos
Profissional Documentos
Cultura Documentos
7HPD 9,,,/DPiTXLQD
DVtQFURQD
&DUUHUD3URIHVLRQDOGH,QJHQLHUtD
&DUUHUD3URIHVLRQDOGH,QJHQLHUtD
&DUUHUD3URIHVLRQDOGH,QJHQLHUtD
&DUUHUD3URIHVLRQDOGH,QJHQLHUtD
0HFiQLFD
0HFiQLFD (OpFWULFD
0HFiQLFD
0HFiQLFD (OpFWULFD
(OpFWULFD
(OpFWULFD
,QJ/XLV0DQXHO7HUUD]RV8QJDUR
$VSHFWRVFRQVWUXFWLYRV
JHQHUDOLGDGHV
52725
52725
&RQMXQWRGH
&RQMXQWRGH
HVSLUDVHQ
HVSLUDVHQ
FRUWRFLUFXLWR
FRUWRFLUFXLWR { {
'HMDXODGH
'HMDXODGH
DUGLOOD
DUGLOOD
%RELQDGR
%RELQDGR
'H$O
'H$O
IXQGLGR
IXQGLGR
'HEDUUDV
'HEDUUDV
VROGDGDV
VROGDGDV
(67$725
(67$725
'HYDQDGR
'HYDQDGR
{
WULIiVLFR
WULIiVLFR
GLVWULEXLGRHQ
GLVWULEXLGRHQ
UDQXUDVD
UDQXUDVD
$OHDWRULRGHKLOR
$OHDWRULRGHKLOR
HVPDOWDGR
HVPDOWDGR
3UHIRUPDGR
3UHIRUPDGR
&RQMXQWRGHFKDSDVGH
&,5&8,726
&,5&8,726 &RQMXQWRGHFKDSDVGH
)H DOHDGRFRQ6L
)HDOHDGRFRQ6L
0$*1e7,&26
0$*1e7,&26 DLVODGDV \\ DSLODGDV
DLVODGDV DSLODGDV
$VSHFWRVFRQVWUXFWLYRV
URWRU,,
%DUUDV
%DUUDV $QLOOR
$QLOOR
5RWRUGHDQLOORV
6ROGDGRV
$QLOORV
)RWRJUDIt
)RWRJUDItDVUHDOL]DGDVHQORVWDOOHUHV
GH$%%6HUYLFH
GH$%%6HUYLFH *LMy
*LMyQ
5RWRUGHDOXPLQLR
)XQGLGR
&KDSDPDJQpWLFD
5RWRU,,,
$QLOORGH
FRUWRFLUFXLWR
&DWi
&DWiORJRVFRPHUFLDOHV
%DUUDGHFREUH
'HVSLHFHGHXQURWRU
GHMDXODFRQEDUUDV
3ODWRILQDOURWRU
)LMDFLyQ
FKDSDPDJQpWLFD
GHFREUHVROGDGDV
5RWRUERELQDGR
DQLOORVUR]DQWHV
DQLOORVUR]DQWHV
/6HUUDQR)XQGDPHQWRVGH (OURWRUVHFLHUUDHQ
PiTXLQDVHOp
TXLQDVHOpFWULFDVURWDWLYDV
FRUWRFLUFXLWRGHVGHHO
$QLOORV H[WHULRUDWUDYpVGH
UR]DQWHV XQDVHVFRELOODV\
DQLOORVUR]DQWHV
$QLOORV
UR]DQWHV
(VFRELOODV
/6HUUDQR)XQGDPHQWRVGH
PiTXLQDVHOp
TXLQDVHOpFWULFDVURWDWLYDV
$VSHFWRVFRQVWUXFWLYRV
HVWDWRU
(YLWDUFRQWDFWRHQWUH
(YLWDUFRQWDFWRHQWUH
FRQGXFWRUHVDGLVWLQWD
FRQGXFWRUHVDGLVWLQWD
WHQVLyQ
WHQVLyQ
)RWRJUDIt
)RWRJUDItDVUHDOL]DGDVHQORVWDOOHUHV
GH$%%6HUYLFH
GH$%%6HUYLFH *LMy
*LMyQ
)RWRJUDIt
)RWRJUDItDVUHDOL]DGDVHQORVWDOOHUHV
GH$%%6HUYLFH
GH$%%6HUYLFH *LMy
*LMyQ
'(9$1$'235()250$'2
7HQVLyQ!Y
/RVPDWHULDOHVHPSOHDGRVHQORV
/RVPDWHULDOHVHPSOHDGRVHQORV
DLVODPLHQWRVVRQJHQHUDOPHQWH
DLVODPLHQWRVVRQJHQHUDOPHQWH
RUJiQLFRV
RUJiQLFRV
'(9$1$'2'(+,/2
7HQVLyQ9
'LIHUHQFLDVHQWUH
GHYDQDGRVGHKLOR\GHYDQDGRV
SUHIRUPDGRV
Baja tensin < 2kV
&RQGXFWRU &DGDHVSLUDSXHGHHVWDU
FRQVWLWXLGDSRUYDULRV
HOHPHQWDO
%RELQD
FRQGXFWRUHVHOHPHQWDOHV
VXSHULRU $LVODPLHQWR
%RELQDVGHO
(ODLVODPLHQWRHQWUHFRQ
HVWDWRU
)RWRJUDIt
)RWRJUDItDVUHDOL]DGDVHQORVWDOOHUHV
GH$%%6HUYLFH
GH$%%6HUYLFH *LMy
*LMyQ
&DEH]D
&DEH]D =RQDGHUDQXUD
=RQDGHUDQXUD
GHERELQD
GHERELQD
0RWRUHVGH 0RWRUHVGH
KDVWDN9 PiVGHN9
6RSRUWD7
6RSRUWD7
KDVWD&
KDVWD& 3ROLLPLGD.DSWRQR
3ROLLPLGD.DSWRQR 3ROLDPLGDHQIRUPD
3ROLDPLGDHQIRUPD GHSHOtFXOD
GHSHOtFXOD
)LEUDGHYLGULRFRQ
8VRGHEDUQLFHVVRORV\FRPELQDGRV
8VRGHEDUQLFHVVRORV\FRPELQDGRV SROLpVWHU'DJODV
0DWHULDOHVDLVODQWHVSDUD
HOPXURDLVODQWH
0X\EXHQDVSURSLHGDGHV
GLHOpFWULFDV\WpUPLFDV
Material de
&DWi
&DWiORJRV base =Mica
FRPHUFLDOHV
6LOLFDWRGHDOXPQLR
6LOLFDWRGHDOXPQLR
0DODVSURSLHGDGHVPHFiQLFDV
/DPLFDHQSROYRR
HVFDPDVVHDJOXWLQDFRQ 1HFHVDULRXWLOL]DU
XQPDWHULDODJORPHUDQWH PDWHULDOVRSRUWHR
DJORPHUDQWH
0XFKRV
0XFKRV
FRPSXHVWRV
FRPSXHVWRV 7DPELpQVHSXHGH
GHSRVLWDUVREUHXQ
PDWHULDOVRSRUWH
LPSUHJQDQGRHOFRQMXQWR
FRQDJORPHUDQWH
$JORPHUDQWHV\
PDWHULDOHVVRSRUWH,
0DWHULDOVRSRUWH SDSHO
ILEUDVGHDOJRGyQHWF
ILEUDVGHDOJRGyQHWF
Hasta los aos 60
0DWHULDODJORPHUDQWH
FRPSXHVWRDVIiOWLFR
70i[LPD&
70i[LPD& &203257$0,(172
&/$6(%
&/$6(% 7e5023/67,&2
1XHYRVVRSRUWHV
)LEUDGHYLGULR A partir de los aos 50
(OHYDGDV
(OHYDGDV 3ROLpVWHU
7HPSHUDWXUDV
7HPSHUDWXUDV
3ROLpVWHU $*/20(5$17(6
5HVLQDVHSR[\ 7(502(67$%/(6
$JORPHUDQWHV\
PDWHULDOHVVRSRUWH,,
)RWRJUDIt
)RWRJUDItDVUHDOL]DGDVHQORVWDOOHUHV
GH$%%6HUYLFH
GH$%%6HUYLFH *LMy
*LMyQ
5HFXEULPLHQWRVGH
SURWHFFLyQ
5HFXEULPLHQWRGHUHSDUWR
%RELQDFRQHOUHFXEUL
PLHQWRH[WHUQRGDxDGR
)RWRJUDIt
)RWRJUDItDVUHDOL]DGDVHQORVWDOOHUHV
GH$%%6HUYLFH
GH$%%6HUYLFH *LMy
*LMyQ
5HFXEULPLHQWRFRQGXFWRUHQ
OD]RQDGHUDQXUD
5HFXEULPLHQWRVGH
SURWHFFLyQ
3URFHVRVGHIDEULFDFLyQ
DFWXDOHV,
352&(625,&2(15(6,1$
/D PLFD HQ IRUPD GH OiPLQDV VH GHSRVLWD VREUH XQ PDWHULDO
LPSUHJQDGR FRQ XQD UHVLQD HSR[\ TXH SROLPHUL]D D DOWD
WHPSHUDWXUD FLQWDSUHLPSUHJQDGD
WHPSHUDWXUDFLQWDSUHLPSUHJQDGD
6HUHFXEUHODERELQDFRQHVWHPDWHULDO
6HLQWURGXFHHQXQPROGHDOTXHVHOHDSOLFDSUHVLyQ\FDORU
OD WHPSHUDWXUD \ OD SUHVLyQ ORJUDQ XQD LPSUHJQDFLyQ
KRPRJpQHDHQWRGDODERELQD
(O SURFHVR ILQDO GH SROLPHUL]DFLyQ GH OD UHVLQD WHUPRHVWDEOH
VHFRQVLJXHVRPHWLHQGRHOPRWRUDHOHYDGDVWHPSHUDWXUDVHQ
XQKRUQR
3URFHVRVGHIDEULFDFLyQ
DFWXDOHV,,
352&(6293,(1%2%,1$6 9DFXXPP3UHVVXUH,PSUHJQDWLRQ
,QLFLDOPHQWH VyOR VH DSOLFD OD FDQWLGDG GH UHVLQD WHUPRHVWDEOH
LPSUHVFLQGLEOHSDUDDJORPHUDUODPLFD FLQWDSRURVD
LPSUHVFLQGLEOHSDUDDJORPHUDUODPLFDFLQWDSRURVD
(OUHVWRGHODJORPHUDQWHVHLQWURGXFHGHVSXpVGHKDEHUFUHDGR
HOYDFtRGHQWURGHOWDQTXHHQHOTXHVHHQFXHQWUDODERELQD
8QD YH] LPSUHJQDGDV ODV ERELQDV VH H[WUDHQ \ VH OHV DSOLFD
SUHVLyQSDUDDMXVWDUVXIRUPD\WDPDxR(OFXUDGRVHUHDOL]DD
DOWDWHPSHUDWXUDVREUHHOPRWRUFRPSOHWR
3URFHVRVGHIDEULFDFLyQ
DFWXDOHV,,,
352&(6293,*/2%$/
/DV ERELQDV VH PRQWDQ HQ ODV UDQXUDV DQWHV GH KDEHU
UHDOL]DGRHOSURFHVRGHFXUDGRGHODUHVLQDHSR[\
&RPR PDWHULDO VRSRUWH VH XWLOL]DQ FLQWDV SRURVDV FRQ EDMR
FRQWHQLGRHQUHVLQDHSR[\
8QD YH] FRORFDGDV WRGDV ODV ERELQDV HQ VXV DORMDPLHQWRV \
UHDOL]DGDV ODV FRQH[LRQHV VH LQWURGXFH HO HVWDWRU HQ XQ
WDQTXH
$ FRQWLQXDFLyQ VH KDFH HO YDFtR FRQ OR TXH HO WDQTXH VH
LQXQGD GH UHVLQD HSR[\ (O HVWDWRU VH SDVD D RWUR WDQTXH
GRQGH VH DSOLFD JDV D DOWD SUHVLyQ \ WHPSHUDWXUD SDUD
SURGXFLUODSROLPHUL]DFLyQGHODUHVLQD
3URFHVRV93,
3URFHVR93,
3UHFDOHQWDUHOFRQMXQWR\ GH9RQ5ROO,VROD
KDFHUYDFtRHQHOWDQTXH
&DWi
&DWiORJRVFRPHUFLDOHV
7UDQVIHULUUHVLQD LPSUHJ
7UDQVIHULUUHVLQDLPSUHJ (VSHUDUWLHPSRGH LPSUHJ
(VSHUDUWLHPSRGHLPSUHJ 7UDQVIHULUUHVLQDDOWDQTXH
QDFLyQGHELGRDOYDFtR QDFLyQ\HOLPLQDUYDFtR \ KDFHUFXUDGRHQKRUQR
$VSHFWRItVLFRGHORVPR
WRUHV DVtQFURQRV &DWi
&DWiORJRVFRPHUFLDOHV
&DWi
&DWiORJRVFRPHUFLDOHV
0RWRUGHN:9SDUDHO
DFFLRQDPLHQWRGHXQDERPED
)DEULFDGRHQ3LWWVEXUJSRU
:HVWLQJKRXVH HQHQ 0RWRUGHLQGXFFLyQGH
IXQFLRQDPLHQWRKDVWD N: N9 \ 530SDUDHO
DFFLRQDPLHQWRGHXQ
FRPSUHVRU)DEULFDGRSRU
:HVWLQJKRXVH HQODDFWXDOLGDG
$VSHFWRItVLFR,,PRWRUHVGH%7
&DWi
&DWiORJRVFRPHUFLDOHV
$VSHFWRItVLFR,,,
IRUPDVFRQVWUXFWLYDV
QRUPDOL]DGDV
&DWi
&DWiORJRVFRPHUFLDOHV
&RQH[LyQGHORVGHYDQDGRV
8
8 9
9 :
: &DMDGH
&DMDGH
FRQH[LRQHV
FRQH[LRQHV
8
8 9
9 :
:
&RQH[LyQHQ
&RQH[LyQHQ
:
: 8
8 9
9 HVWUHOOD
HVWUHOOD
8
8 9
9 :
: 3OHWLQDGH
3OHWLQDGH
8
8 9
9 :
: FREUH
FREUH
8
8 9
9 :
:
&RQH[LyQHQ
&RQH[LyQHQ
: 8
: 8 9
9 WULiQJXOR
WULiQJXOR
8
8 9
9 :
: 'HYDQDGRVGHOPRWRU
'HYDQDGRVGHOPRWRU
&DMDVGHWHUPLQDOHV
&DWi
&DWiORJRVFRPHUFLDOHV
'HVSLHFHGHXQPRWRUGH07
5HIXHU]RV &DWi
&DWiORJRVFRPHUFLDOHV
FDUFDVD
1~FOHR
PDJQpWLFR
HVWDWRU
1~FOHR
PDJQpWLFRURWRU
&DEH]DVGH
ERELQD
)LMDFLyQ 5HIXHU]RVURWRU
FRMLQHWHV
'HVSLHFHGHXQ
PRWRUGH%7
&DWi
&DWiORJRVFRPHUFLDOHV
3ULQFLSLRGH
IXQFLRQDPLHQWR,
5
(/(67$725'(8102725
5
(VWDWRU
(VWDWRU
$61&5212(67)250$'2325
77
'(9$1$'266(3$5$'26(1(/
5RWRU
5RWRU
66
(63$&,2(QODILJXUDVH
UHSUHVHQWDVyORXQDHVSLUDGH
2ULJHQGH
2ULJHQGH FDGDXQRGHORVGHYDQDGRV55
iQJXORV
iQJXORV
6677
6
6 7
7 /26'(9$1$'26(671
$/,0(17$'260(',$17(81
6,67(0$75,)6,&2'(
55 7(16,21(63257$172/$6
,,55 == ,,PD[ &RVY W &255,(17(648(&,5&8/$1325
PD[ &RV Y11 W
/$6(63,5$66216(12,'$/(6<
,,66 == ,,PD[ &RVY W 120
PD[ &RV Y11 W 120 (671'(6)$6$'$6
,,77 == ,,PD[ &RV Y W + 120
PD[ &RV Y11 W + 120
3ULQFLSLRGH
IXQFLRQDPLHQWR,,
60 I
16 = 9HORFLGDGGH 6XFHVLYDVSRVLFLRQHV
3 VLQFURQLVPR ) GHOFDPSR $YDQFH
GHOFDPSR
I 2S
(VWDWRU W 16
3
16
D
5RWRU
5RWRU
&DPSR
JLUDWRULR
(OFDPSRPDJQpWLFRUHVXOWDQWHGHODVWUHVFRUULHQWHVGHIDVHHVXQ
FDPSRTXHJLUDHQHOHVSDFLRD
I3 530 'RQGH3 HVHOQ~PH
UR GHSDUHVGHSRORVGHOHVWDWRUGHSHQGHGHODIRUPDGHFRQH[LyQ
GHODVERELQDVTXHORIRUPDQ\I ODIUHFXHQFLDGHDOLPHQWDFLyQ
3ULQFLSLRGHIXQFLR
QDPLHQWR ,,,VLPXODFLyQ
7 6 7 6
3ULQFLSLRGH
IXQFLRQDPLHQWR,9
'HYDQDGRWULIiVLFRDDOLPHQWDGR
(VWDWRU
0RWRU FRQVLVWHPDWULIiVLFRGHWHQVLRQHV
DVtQFURQR 5RWRU (VSLUDVHQFRUWRFLUFXLWR
6LVWHPD 'HYDQDGRWULIiVLFR
&DPSRJLUDWRULRI3
7ULIiVLFR D
)(0LQGXFLGD
&LUFXODFLyQGH
(VSLUDVHQFRUWR SRUHOFDPSR
FRUULHQWHSRUODV
VRPHWLGDVDWHQVLyQ JLUDWRULRHQODV
HVSLUDVGHOURWRU
HVSLUDVGHOURWRU
&8$1'275$%$-$(19$&2*,5$08<35;,02$/$
9(/2&,'$''(6,1&521,602(1(6(&$62(/1,&23$5
02725'(6$552//$'2325/$048,1$(6(/1(&(6$5,2
3$5$&203(16$5/$63e5','$6
9HQWDMDVGHORVPRWRUHV
GHLQGXFFLyQ
9(17$-$6'(/2602725(6$61&52126
/D~QLFDDOLPHQWDFLyQHOpFWULFDTXHUHFLEHQVHKDFHDWUDYpVGH
ODOtQHDWULIiVLFDTXHDOLPHQWDDOGHYDQDGRHVWDWyULFR
OD OtQHDWULIiVLFDTXHDOLPHQWDDOGHYDQDGRHVWDWyULFR12+$<
(6&2%,//$62(/(0(172652=$17(6
(OURWRUGHMDXODHVPX\UREXVWR\DTXHQRLQFOX\HVLVWHPD
DLVODQWH
7LHQHQSDUGHDUUDQTXH
1RWLHQHQSUREOHPDVGHHVWDELOLGDGDQWHYDULDFLRQHVEUXVFDVGH
ODFDUJD
OD FDUJD
(VWDELOLGDG
0D\RU
SDUPRWRU
,QFRQYHQLHQWHVGHORV
PRWRUHVGHLQGXFFLyQ
,1&219(1,(17(6'(/2602725(6$61&52126
/DFRUULHQWHGHDUUDQTXHHVPXFKRPD\RUTXHODFRUULHQWHGH
IXQFLRQDPLHQWRQRPLQDO(QWUH\YHFHVPD\RU(QPXFKR
FDVRVHVQHFHVDULRGLVSRQHUSURFHGLPLHQWRVHVSHFLDOHVGH
OLPLWDFLyQGHODFRUULHQWHGHDUUDQTXH
/DYDULDFLyQGHVXYHORFLGDGLPSOLFDODYDULDFLyQGHODIUHFXHQ
FLD GHODDOLPHQWDFLyQHVQHFHVDULRGLVSRQHUGHXQFRQYHUWLGRU
HOHFWUyQLFRTXHFRQYLHUWDODWHQVLyQGHUHGHQXQDWHQVLyQGH
IUHFXHQFLDYDULDEOH
Z ZP 166 1P
6 = 66 P 100 1P
P = 1
P 1 = 1 6 1
Z 66 166
66 66
/2602725(6'(,1'8&&,1
/2602725(6'(,1'8&&,1 ZP
P = 1 6 Z 66
75$%$-$16,(035(&219$/25(6
75$%$-$16,(035(&219$/25(6
08<%$-26'(66
08<%$-26'(66
)UHFXHQFLDHQHOURWRUGH
ODVPiTXLQDVDVtQFURQDV,
)UHFXHQFLD /DPLVPDTXHODYHORFLGDG
)(0LQGXFLGD UHODWLYDGHOFDPSRUHVSHFWR
HQHOURWRU DOURWRU6
5HGXFFLyQ $XPHQWR
YHORFLGDGJLUR YHORFLGDGJLUR
! YHORFLGDGUHODWLYD YHORFLGDGUHODWLYD
FDPSRUHVSHFWRURWRU FDPSRUHVSHFWRURWRU
$XPHQWRIUHFXHQFLD 'LVPLQXFLyQIUHFXHQFLD
LQGXFLGDURWRU LQGXFLGDURWRU
(QHOOtPLWH (QHOOtPLWH
IURWRU o IHVWDWRU IURWRUo
6o1Po 6o1Po 1V
)UHFXHQFLDHQHOURWRUGH
ODVPiTXLQDVDVtQFURQDV,,
}
52725
%/248($'2 IURWRUo IHVWDWRU
1P
IURWRU
URWRU = 6 IHVWDWRU
HVWDWRU
*,52(1
3DUDFXDOTXLHU
9$&2 IURWRUo
YHORFLGDGHQWUH\16
1P# 16
166 1P 60 IHVWDWRU
IURWRU IHVWDWRU 166 = HVWDWRU
URWRU
166 HVWDWRU
3
=
166 1P
IURWRU
URWRU = 3
60
&LUFXLWRHTXLYDOHQWHGH
ODPiTXLQDDVtQFURQD,
}
;
;VV 5
5VV
&,5&8,72(48,9$/(17(
,, '(/(67$7253$5$
5HDFWDQFLD 5HVLVWHQFLD
GLVSHUVLyQ HVWDWRU &8$/48,(59(/2&,'$'
HVWDWRU '(*,52 (48,9$/(17(
8
8 (
(
5HDFWDQFLD
811 = [5 VV + M; 66 ] ,11 + (11 325)$6(
PDJQHWL]DQWH
HVWDWRU
$/,0(17$'2$I
$/,0(17$'2$I
IUHFXHQFLDGHUHG
IUHFXHQFLDGHUHG
;
;55 5
555
}
&,5&8,72(48,9$/(17(
,,5EORT
5EORT 5HVLVWHQFLD 52725&21/$
5HDFWDQFLD URWRU (48,9$/(17(
048,1$%/248($'$
GLVSHUVLyQ 325)$6(
( URWRU
( (22= [5 55 + M; 55 ] ,55EORT
EORT
5HDFWDQFLD
&2152725%/2
&2152725%/2
PDJQHWL]DQWH $/,0(17$'2$I
$/,0(17$'2$I
URWRU 48($'2
48($'2
IUHFXHQFLDGHUHG
IUHFXHQFLDGHUHG
IURWRU
URWRU
IHVWDWRU
HVWDWRU
&LUFXLWRHTXLYDOHQWHGH
ODPiTXLQDDVtQFURQD,,
/$)(0,1'8&,'$
/$)(0,1'8&,'$ &RQHOURWRU
&RQHOURWRU
(1(/52725(6 EORTXHDGRVH
EORTXHDGRVH $
$ XQD
XQD
(1(/52725(6
352325&,21$/$
352325&,21$/$ LQGXFH(
LQGXFH ( YHORFLGDGHQ
YHORFLGDGHQ 6(
6(
WUH
WUH \16
\1 HV
6HV ,1'8&(
,1'8&(
/$9(/2&,'$''(/
/$9(/2&,'$''(/
&$0325(63(&72
&$0325(63(&72
(QYDFtRVH
(QYDFtRVH GHFLUDXQGHV
GHFLUDXQGHV 6
(
6
(
$/527256
$/527256 LQGXFH
LQGXFH OL]DPLHQWR
OL]DPLHQWR 66
/D)(0LQGXFLGDHQHOURWRUSDUDXQD
6
(
/D)(0LQGXFLGDHQHOURWRUSDUDXQD &LUFXLWRHTXLYDOHQWHSDUDHO
YHORFLGDGFXDOTXLHUD1FRUUHV
YHORFLGDGFXDOTXLHUD1FRUUHV URWRUFRQGHVOL]DPLHQWR6
SRQGLHQWH
SRQGLHQWH DDXQGHVOL]DPLHQWR6
XQGHVOL]DPLHQWR6
6
;
6
;55 5
555
/$5(6,67(1&,$5275,&$
/$5(6,67(1&,$5275,&$
5
555 129$5$
129$5$ &21/$
&21/$ ,,55 5HDFWDQFLD 5HVLVWHQFLD
)5(&8(1&,$
)5(&8(1&,$ GLVSHUVLyQ URWRU
<3257$1727$032&2 &216
6 URWRU
<3257$172 7$032&2 &21
6
(
6
(
/$5($&7$1&,$;
/$5($&7$1&,$ ;55 9$5$&216
9$5$&216 $/,0(17$'2
$/,0(17$'2
&8$1'2(/'(6/,=$0,(172(66
&8$1'2(/'(6/,=$0,(172(6 6 $II 6
I
$ 6
I
; 3$6$6(56
;
;55 3$6$6(5 6
;55
&LUFXLWRHTXLYDOHQWHGH
ODPiTXLQDDVtQFURQD,,,
&,5&8,72(452725$ 6 (22= [5 55 + M; 55 6 ] ,55VV
'(6/,=$0,(1726
6
;
6
;55 5
555 6 (22 (22
,5V
5V =
5 55 + M; 55 5 55
=
,,55 5HDFWDQFLD + M; 55
5HVLVWHQFLD 6
GLVSHUVLyQ URWRU
URWRU 6HSXHGHREWHQHUODPLVPDFRUULHQWHHQ
6HSXHGHREWHQHUODPLVPDFRUULHQWHHQ
6
(
6
( HOPLVPRFLUFXLWRDOLPHQWDGRDII FRQVyOR
HOPLVPRFLUFXLWRDOLPHQWDGRD FRQVyOR
$/,0(17$'2
$/,0(17$'2 FDPELDU5
FDPELDU555 SRU5
SRU5556
6
$II 6
I
$ 6
I ;
;55
,,55 5
(6326,%/(2%7(1(5(/&,5&8,72
(6326,%/(2%7(1(5(/&,5&8,72 555
(48,9$/(17('(/$048,1$
(48,9$/(17('(/$048,1$ 6
6
$61&521$75$%$-$1'26/2&21/$
$61&521$75$%$-$1'26/2&21/$ (
(
)5(&8(1&,$'(/(67$725%$67$
)5(&8(1&,$'(/(67$725%$67$
6,08/$5(/()(&72'(/*,52&21/$
6,08/$5(/()(&72'(/*,52&21/$ $/,0(17$'2
$/,0(17$'2
5(6,67(1&,$ 5
5(6,67(1&,$ 5556
6 $II
$
&LUFXLWRHTXLYDOHQWHGH
ODPiTXLQDDVtQFURQD,9
3$5$2%7(1(5(/&,5&8,72(48,9$/(17(&203/(726(81,51
/26&,5&8,726(48,9$/(17(6'(52725<(67$725
6(3/$17($548(/$048,1$$61&521$(6(48,9$/(17( $
8175$16)250$'25(VWDWRU 3ULPDULR5RWRU 6HFXQGDULR5HODFLyQ
7UDQVI UW
6
8 ( (
(22
= ( 22 UWW = (11
&LUFXLWRHTXLYDOHQWHGH
ODPiTXLQDDVtQFURQD9
;VV 5VV ;55
,55
, 555
6
8 ( (
(22
= (22 UWW = (11
6
8 ( 22
= ( 22 UWW = (11
, ,
M ,IH ,P
, &RPSRQHQWH
&RPSRQHQWH
IH GHSpUGLGDV
GHSpUGLGDV 5IH ;P
,P
&RPSRQHQWH
&RPSRQHQWH
PDJQHWL]DQWH
PDJQHWL]DQWH
&LUFXLWRHTXLYDOHQWHGH
ODPiTXLQDDVtQFURQD9,,
;VV 5VV ;55
, ,55
, 5 55
,PP ,IHIH
6
8 ;PP 5IHIH
/$5(6,67(1&,$
/$5(6,67(1&,$
5 55
1 6 9$5,$%/(6(38('(
9$5,$%/(6(38('(
= 5 55
+5 55
',9,',5(1'26
6 6
',9,',5(1'26
&20321(17(6
&20321(17(6
&LUFXLWRHTXLYDOHQWHGH
ODPiTXLQDDVtQFURQD9,,,
&RUULHQWH
GHYDFtR
5HVLVWHQFLD 5HDFWDQFLD
5HDFWDQFLD FREUHHVWDWRU GLVSHUVLyQ 5HVLVWHQFLD
GLVSHUVLyQ URWRU FREUHURWRU
HVWDWRU
;VV 5VV ;55 555
, ,55 5HVLVWHQFLD
SRWHQFLD
PHFiQLFD
,
,PP ,IHIH HQWUHJDGD
7HQVLyQ
GHIDVH 11 6
6
8 ;PP 5IHIH 5
555
(VWDWRU 6 6
5HDFWDQFLD 5HVLVWHQFLD
PDJQHWL]DQWH SpUGLGDVKLHUUR
7RGRVORVHOHPHQWRVGHOFLUFXLWRFRQ (OFLUFXLWRHTXLYDOHQWHVHSODQWHD
HVWiQUHIHULGRVDOHVWDWRU SRUIDVH\FRQFRQH[LyQHQHVWUHOOD
&LUFXLWRHTXLYDOHQWHGH
ODPiTXLQDDVtQFURQD,;
;VV 5VV ;55 555
, ,55
,
,PP ,IHIH
11 6
6
8 7'()$6( ;PP 5IHIH 5
555
6 6
&RV
&RVMM
3RWHQFLDHQWUHJDGD
3RWHQFLDHQWUHJDGD
(QYDFtR6 ODUDPDGHOURWRUTXHGDHQFLUFXLWRDELHUWRHO
FLUFXLWRHVSULQFLSDOPHQWHLQGXFWLYRIGS DSUR[
(QXQPRWRUDVtQFURQRODFRUULHQWHGHYDFtRQRHVGHVSUHFLDEOH
&iOFXORGHODVSpUGLGDV
HQODPiTXLQDDVtQFURQD,
3 9 , &RV M 327(1&,$$%625%,'$'(/$5('(/e&75,&$
3&X
&XHVW 5 66 , 3e5','$6(1/26&21'8&725(6'(/(67$725&X
2
HVW
= 3 11
2
3&X
&X5RW
5RW
= 3 5 5
5 5, 5
22
3e5','$6(1/26&21'8&725(6'(/52725&X
(112 3e5','$6(1(/+,(55268(/(1&216,'(5$56(&21
3IH
2
&(175$'$6(1(/(67$725(1(/52725/$I(608<
IH = 3
5 IH
IH %$-$
3JJ = 31 3&X
&XHVW
HVW
3IH
IH
327(1&,$48($75$9,(6$(/(175(+,(552'(
/$048,1$
/DSRWHQFLDTXHDWUDYLHVDHO
/DSRWHQFLDTXHDWUDYLHVDHO
5
3JJ = 3 55 ,55
22 HQWUHKLHUURHVODTXHGLVLSD
HQWUHKLHUURHVODTXHGLVLSD
6 HQODUHVLVWHQFLDWRWDOGHOD
HQODUHVLVWHQFLDWRWDOGHOD
6HGLVLSDHQODUHVLV
UDPDGHOURWRU5
UDPDGHOURWRU 5556
6
WHQFLD YDULDEOH
1 6 327(1&,$0(&1,&$,17(5
3PL
PL = 3JJ 3FX = 3 5 55
,
1$$75$9,(6$(/(175(+,(
6
FXURW
URW 5
5
22
552<352'8&(75$%$-2
&iOFXORGHODVSpUGLGDV
HQODPiTXLQDDVtQFURQD,,
275$)250$'(&$/&8/$5
3PL
PL = 3JJ 3FX
FXURW
URW
= 3JJ 6 3JJ = [1 6 ] 3JJ /$$3$57,5'(/'(6/,=$
0,(172
388 3PL
PL
3pUGLGDV PHFiQLFDV\URWDFLRQDOHV
5
555
6 &$/&8/$1'2(/
&$/&8/$1'2(/
6
8 M;
M;PP (48,9$/(17(
(48,9$/(17(
++
8
6HSXHGH
6HSXHGH 7+(9(1,1
7+(9(1,1
GHVSUHFLDU
GHVSUHFLDU55IH
IH
(175(
(175( $
$ \%
\%
%
M;
M;WKWK 5
5WKWK M;
M;55
,, $ ,,55
8 M; PP
5
555
6
6
9WK
WK
>
5 66 M ; 66 ; PP @
>5 66 M; 66 @ M; PP
9
++
9WKWK
= WK
WK
>
5 66 M ; 66 ; PP @
%
&iOFXORGHOSDUGHXQD
PiTXLQDDVtQFURQD,,
9WK
M;
M;WKWK 5
5WKWK M;
M;55
,, $ ,,55
$ ,55
M>; WK ; 55
@
WK
5 55
5
555
5 WK
6
6
WK
6 WK
9
9WK
++
9WKWK
,55
WK
5 55
> @
5 ; ;
WK 6
%
WK 5
% WK WK 5
5 55
9WK
5 55
WK
6
3JJ ,55
> @
6 5 55
5 ; ;
WK 6
WK WK
WK 5
5
55
3J 9WK2
7LL I 6 7L
3
6
:6 :6
5
55
>; ;
@
2
WK 6
WK 5
2
&XUYDVGHUHVSXHVWD
PHFiQLFDSDU YHORFLGDG,
3DU 6! 6 6
)UHQR
)UHQR 0RWRU
0RWRU *HQHUDGRU
*HQHUDGRU
3DUPi[LPR
3DUPi[LPR
3DU1RPLQDO
3DU1RPLQDO
3DUGH
3DUGH
$UUDQTXH
$UUDQTXH 9HORFLGDGGH
9HORFLGDGGH
VLQFURQLVPR
VLQFURQLVPR
'HVOL]DPLHQWR6
7LL I 6
7DUU
=RQDGHIXQFLRQDPLHQWRHVWDEOH
DUU
7QRP
FRPRPRWRU
QRP
7PD[
PD[
7QRP
QRP
&XUYDVGHUHVSXHVWD
PHFiQLFDSDU YHORFLGDG,,
/DFDUDFWHUtVWLFDPHFiQLFDGHORVPRWRUHVGHLQGXFFLyQHV
SUiFWLFDPHQWHOLQHDOHQWUHYDFtR\SOHQDFDUJD
(OSDUPi[LPRVXHOHVHUGHDYHFHVHOQRPLQDO
(OSDUGHDUUDQTXHWLHQHTXHVHUVXSHULRUDOQRPLQDOSDUD
SHUPLWLUTXHHOPRWRUVHSRQJDHQPDUFKD
3DUDXQGHWHUPLQDGRGHVOL]DPLHQWRHOSDUYDUtDFRQHO
FXDGUDGRGHODWHQVLyQ
&XUYDVGHUHVSXHVWD
PHFiQLFDSDU YHORFLGDG,,,
%DQGDGH
%DQGDGH
GLVSHUVLyQ
GLVSHUVLyQ
&DWi
&DWiORJRVFRPHUFLDOHV
&XUYDVGHUHVSXHVWD
PHFiQLFDSDU YHORFLGDG,9
&DWi
&DWiORJRVFRPHUFLDOHV
3DUPi[LPRGHXQPRWRU
GHLQGXFFLyQ,
M;
M;WKWK 5
5WKWK M;
M;55
,, $
(OSDUVHUi
(OSDUVHUi
,,55
Pi[LPRFXDQGR
Pi[LPRFXDQGR
5
555
33JJ VHDPi[LPD
VHDPi[LPD
9 HVGHFLUFXDQGR
HVGHFLUFXDQGR
++
9WKWK 6
6
VHWUDQVILHUDD
VHWUDQVILHUDD
5
5556
6 ODPi[LPD
ODPi[LPD
SRWHQFLD
SRWHQFLD
%
>; WK ; 55
@
7(25(0$
7(25(0$
5 55
5 WK 75$16)(5(1&,$
75$16)(5(1&,$
6 WK WK
0;327
0;327
5 55
3 9WK2
6 70$;
>; WK ; 55
@
7PD[
2 : 6 5 WK 5 WK2 >; WK ;5
@2
70$;
5 WK
WK WK
3DUPi[LPRGHXQPRWRU
GHLQGXFFLyQ,,
3 9WK2 (OSDUPi[LPR12
(OSDUPi[LPR12
7PD[ GHSHQGHGHOD
GHSHQGHGHOD
2 : 6 5 WK 5 WK2 >; WK ;5
@2 UHVLVWHQFLD
UHVLVWHQFLD
URWyULFD
URWyULFD 5
555
5 55
6 70$;
> @
70$;
5 WK ; ;
WK 5
5HVLVWHQFLDURWyULFD
5HVLVWHQFLDURWyULFD FUHFLHQWH
WK WK 5
3DU
(/GHVOL]DPLHQWRDO
(/GHVOL]DPLHQWRDO
TXHVHSURGXFHHOSDU
TXHVHSURGXFHHOSDU
Pi[LPR6
Pi[LPR 6
'(3(1'('(5
'(3(1'('(555
(VWDSURSLHGDGVHXVDSDUDHO DUUDQ
(VWDSURSLHGDGVHXVDSDUDHODUUDQ
TXHPHGLDQWHLQVHUFLyQGHUHVLVWHQ
TXHPHGLDQWHLQVHUFLyQGHUHVLVWHQ
FLDV 6
FLDV HQPiTXLQDVGHURWRUERELQDGR
HQPiTXLQDVGHURWRUERELQDGR
670$; 670$; 670$;
(MHPSOR
9
9 VTUW
VTUW (QYDFtR6|
1SK
1SK
SROHV
SROHV
IH
IH
IH
5
5
;
;
;
;
;P
;P
&DOFXODWH
&DOFXODWH WKH
WKH V\QFKURQRXV
V\QFKURQRXV VSHHG
VSHHG
RPHJDV
RPHJDV
SL
IHSROHV
SL
IHSROHV
QV
IHSROHV
QV
IHSROHV
&DOFXODWH
&DOFXODWH VWDWRU7KHYHQLQ HTXLYDOHQW
VWDWRU7KHYHQLQ HTXLYDOHQW
=HT
=HT M
;P
5M
;5M
;;P
M
;P
5M
;5M
;;P
5HT
5HT UHDO=HT
UHDO=HT
;HT
;HT LPDJ=HT
LPDJ=HT
9HT
9HT DEV9
M
;P5M
;;P
DEV9
M
;P5M
;;P
(MHPSOR
+HUH
+HUH LV LV WKH
WKH ORRS
ORRS RYHU
RYHU URWRU UHVLVWDQFH (QYDFtR6|
URWRUUHVLVWDQFH
IRU
IRU PP
LI
LI P
P
5
5
HOVHLI
HOVHLI PP
5
5
HOVHLI
HOVHLI PP
5
5
HOVHLI
HOVHLI PP
5
5
HOVH
HOVH
5
5
HQG
HQG
+HUH
+HUH LV LV WKH
WKH ORRS
ORRS RYHU
RYHU VOLS
VOLS
IRU
IRU Q
Q
VQ
VQ Q
Q VOLS
VOLS
USPQ
USPQ QV
VQ
QV
VQ USP
USP
,
, DEV9HT=HTM
;5VQ,
DEV9HT=HTM
;5VQ,
7PHFKQ
7PHFKQ 1SK
,A
5VQ
RPHJDV,QWHUQDO
1SK
,A
5VQ
RPHJDV,QWHUQDO WRUTXH
WRUTXH
HQG
HQG (QG
(QG RI RI VOLSORRS
VOLSORRS
(MHPSOR
1RZ
1RZ SORW
SORW (QYDFtR6|
SORWUSP7PHFK
SORWUSP7PHFK
LI
LI P
P
KROG
KROG
HQG
HQG
HQG
HQG (QG
(QG RI
RI UHVLVWDQFH
UHVLVWDQFH ORRS
ORRS
KROG
KROG
[ODEHO
USP
[ODEHO
USP
\ODEHO
7PHFK
\ODEHO
7PHFK
(MHPSOR
(QYDFtR6|
R
(QVD\RGHURWRUOLEUH
&RQGLFLRQHVHQVD\R
&RQGLFLRQHVHQVD\R (QYDFtR6|
0RWRUJLUDQGRVLQFDUJD
0RWRUJLUDQGRVLQFDUJD 6
6L 6 o 5 55
of
9
9 \IQRPLQDOHV
\IQRPLQDOHV 6
8W ;
;VV 5
5VV ;
;55 5
555
,W
: $
,,
,,PP ,,IHIH
: 8
8 ;
;PP 5
5IHIH
=
$OQRFLUFXODUFRUULHQWHSRU5
$OQRFLUFXODUFRUULHQWHSRU555 SXHGHFRQVLGHUDUVHTXHHQ
SXHGHFRQVLGHUDUVHTXHHQ
HVWHHQVD\RODVSpUGLGDVHQHO&XVRQVyORODVGHOHVWDWRU
HVWHHQVD\RODVSpUGLGDVHQHO&XVRQVyORODVGHOHVWDWRU
3 : : 3FX 3PHF 3IH
FXHVW
HVW PHF IH
3
5
,PSHGDQFLD
,PSHGDQFLD 9/tQHD
/tQHD ,
SRUIDVHGHO
SRUIDVHGHO
=
= 5 M; PRWRU
PRWRU
; = 5 # ; VV ; PP
,
(QVD\RGHURWRU
EORTXHDGR,
&RQGLFLRQHVHQVD\R
&RQGLFLRQHVHQVD\R (OHQVD\RVHUHDOL]DVXELHQGR
(OHQVD\RVHUHDOL]DVXELHQGR
5RWRUEORTXHDGR
5RWRUEORTXHDGR JUDGXDOPHQWHODWHQVLyQGH DOL
JUDGXDOPHQWHODWHQVLyQGHDOL
PHQWDFLyQ
PHQWDFLyQ KDVWDTXHOD FRUULHQ
KDVWDTXHODFRUULHQ
9
9 UHGXFLGDH,QRPLQDO
UHGXFLGDH,QRPLQDO
WHFLUFXODQWHVHDODQRPLQDO
WHFLUFXODQWHVHDODQRPLQDO
8FFW , W
Q ;
;VV 5
5VV ;
;55 5
555
: $
,,Q
=FF
Q
9 : 6HSXHGHGHVSUHFLDU
6HSXHGHGHVSUHFLDU
8
8FFFF ODUDPDSDUDOHOR
ODUDPDSDUDOHOR
7HQVLyQGHHQVD\R
7HQVLyQGHHQVD\R 0X\SRFDV
0X\SRFDV 5
5IH = FF
FF
5 FF
FF
M; FF
FF
PX\UHGXFLGD
PX\UHGXFLGD SpUGLGDV)H
SpUGLGDV)H
IH
GHVSUHFLDEOH
GHVSUHFLDEOH
5 FF
FF
5 VV 5 55
&RUULHQWHSRU;P
&RUULHQWHSRU;P 6HHOLPLQD
6HHOLPLQD
GHVSUHFLDEOH
GHVSUHFLDEOH UDPDSDUDOHOR
UDPDSDUDOHOR ; FF
FF
; VV ; 55
(QVD\RGHURWRU
EORTXHDGR,,
;
;VV 5
5VV ;
;55 5
555
3FF
FF
: : 3FXFXHVW
HVW
3FXFXURW
URW
,,Q
8FF
=FF
Q
6HSXHGHGHVSUHFLDU
6HSXHGHGHVSUHFLDU FF
8
8FF ODUDPDSDUDOHOR 3FF
= FF 5 FF
FF ODUDPDSDUDOHOR FF
FF
,QQ FF
,QQ
&/&8/23$50(7526
&/&8/23$50(7526 566 6HREWLHQHSRUPHGLFLyQGLUHFWD
6HREWLHQHSRUPHGLFLyQGLUHFWD
&,5&8,72(48,9$/(17(
&,5&8,72(48,9$/(17( VREUHORVGHYDQDGRVGHOHVWDWRU
VREUHORVGHYDQDGRVGHOHVWDWRU
02725&/$6(% ; 66
02725&/$6(% >; 66 ; 55
@ ; 55
>; 66 ; 55
@
02725&/$6(& ; 66
02725&/$6(& >; 66 ; 55
@ ; 55
>; 66 ; 55
@
02725&/$6('
02725&/$6(' ; 66 ; 55
(QVD\RGHURWRU
EORTXHDGR,,,
&/&8/23$50(7526
&/&8/23$50(7526
&,5&8,72
&,5&8,72
(48,9$/(17(
(48,9$/(17(
'HVSXpVGHDSOLFDUOD5HJODHPStULFD
'HVSXpVGHDSOLFDUOD5HJODHPStULFD
DQWHULRUSDUDREWHQHUODVUHDFWDQFLDV
;PP DQWHULRUSDUDREWHQHUODVUHDFWDQFLDV ; PP ; ; 66
GHURWRU\HVWDWRUVHDSOLFDHO
GHURWRU\HVWDWRUVHDSOLFDHO
UHVXOWDGRGHOHQVD\RGHYDFtR
UHVXOWDGRGHOHQVD\RGHYDFtR
6HREWLHQHUHVWDQGRD5
6HREWLHQHUHVWDQGRD5&& (QVD\RGH
&& (QVD\RGH
55 URWRUEORTXHDGRHOYDORUGH5
URWRUEORTXHDGRHOYDORUGH566 5 55
5 FF
FF
5 66
PHGLFLyQGLUHFWD
PHGLFLyQGLUHFWD
&DUDFWHUtVWLFDVIXQFLRQDOHV
GHORVPRWRUHVDVtQFURQRV,
&RUULHQWH
&RUULHQWH
QRPLQDO
QRPLQDO
&RUULHQWHDEVRUELGDHQIXQFLyQGHODYHORFLGDG
&RUULHQWHDEVRUELGDHQIXQFLyQGHODYHORFLGDG
)DEULFDQWH(02'
)DEULFDQWH(02'
&RUULHQWH$
&RUULHQWH$
3RWHQFLDN:
3RWHQFLDN:
3RWHQFLDN: &RUULHQWH
&RUULHQWH
7HQVLyQ9
7HQVLyQ9 GHYDFtR
GHYDFtR
&RUULHQWH$
&RUULHQWH$
9HORFLGDG530
9HORFLGDG530
3RORV
3RORV
530
530
9HORFLGDGGH
9HORFLGDGGH
VLQFURQLVPR
VLQFURQLVPR
&DUDFWHUtVWLFDVIXQFLRQDOHV
GHORVPRWRUHVDVtQFURQRV,,
3RWHQFLDHOpFWULFDDEVRUELGDHQIXQFLyQGHODYHORFLGDG
3RWHQFLDHOpFWULFDDEVRUELGDHQIXQFLyQGHODYHORFLGDG
3RWHQFLDHOpFWULFD
3RWHQFLDHOpFWULFD
FRQVXPLGDSOHQDFDUJD
FRQVXPLGDSOHQDFDUJD )DEULFDQWH(02'
)DEULFDQWH(02'
3RWHQFLDN:
3RWHQFLDN:
3RWHQFLDN:
7HQVLyQ9
7HQVLyQ9
&RUULHQWH$
&RUULHQWH$
9HORFLGDG530
9HORFLGDG530
3RWHQFLD:
3RORV
3RORV
3RWHQFLD:
530
530
9HORFLGDGGH
9HORFLGDGGH
VLQFURQLVPR
VLQFURQLVPR
&DUDFWHUtVWLFDVIXQFLRQDOHV
GHORVPRWRUHVDVtQFURQRV,,,
5HQGLPLHQWR
5HQGLPLHQWR
DD SOHQDFDUJD
SOHQDFDUJD 5HQGLPLHQWRHQIXQFLyQGHODYHORFLGDG
5HQGLPLHQWRHQIXQFLyQGHODYHORFLGDG
5HQGLPLHQWR
5HQGLPLHQWR
)DEULFDQWH(02'
)DEULFDQWH(02'
3RWHQFLDN:
3RWHQFLDN:
3RWHQFLDN:
7HQVLyQ9
7HQVLyQ9 5HQGLPLHQWR
5HQGLPLHQWR
&RUULHQWH$
&RUULHQWH$ HQYDFtR
HQYDFtR
9HORFLGDG530
9HORFLGDG530
3RORV
3RORV
530
530
9HORFLGDGGH
9HORFLGDGGH
VLQFURQLVPR
VLQFURQLVPR
&DUDFWHUtVWLFDVIXQFLRQDOHV
GHORVPRWRUHVDVtQFURQRV,9
IGS
IGS DDSOHQD
SOHQD
FDUJD
FDUJD )DFWRUGHSRWHQFLDHQIXQFLyQGHODYHORFLGDG
)DFWRUGHSRWHQFLDHQIXQFLyQGHODYHORFLGDG
)DFWRUGHSRWHQFLD
)DFWRUGHSRWHQFLD
)DEULFDQWH(02'
)DEULFDQWH(02'
3RWHQFLDN:
3RWHQFLDN:
3RWHQFLDN:
7HQVLyQ9
7HQVLyQ9
&RUULHQWH$
&RUULHQWH$
9HORFLGDG530
9HORFLGDG530 IGS
IGS HQ
HQ
3RORV
3RORV YDFtR
YDFtR
530
530
9HORFLGDGGH
9HORFLGDGGH
VLQFURQLVPR
VLQFURQLVPR
&DUDFWHUtVWLFDVIXQFLRQDOHV
GHORVPRWRUHVDVtQFURQRV9
&DUDFWHUtVWLFDPHFiQLFDHQ]RQDHVWDEOH
&DUDFWHUtVWLFDPHFiQLFDHQ]RQDHVWDEOH
)DEULFDQWH(02'
)DEULFDQWH(02'
3RWHQFLDN:
3RWHQFLDN:
3RWHQFLDN:
7HQVLyQ9
7HQVLyQ9
&RUULHQWH$
&RUULHQWH$
9HORFLGDG530
9HORFLGDG530
3RORV
3RORV
3DU1P
3DU1P
530
530
9HORFLGDGGH
9HORFLGDGGH
VLQFURQLVPR
VLQFURQLVPR
&DUDFWHUtVWLFDV
IXQFLRQDOHVGHORVPRWRUHV
DVtQFURQRV9,
10(52 9(/2&,'$' 9(/2&,'$'73,&$
'(32/26 6,1&521,602530 3/(1$&$5*$
9(/2&,'$'(6'(*,5273,&$6
)XHQWH$%% *XLGHIRUVHOHFWLQJDPRWRU
&DUDFWHUtVWLFDVIXQFLRQDOHV
GHORVPRWRUHVDVtQFURQRV9,,
7&
7&
0RWRU&ODVH)
0RWRU&ODVH)
7PD[
7PD[ &
7PD[ &
)DEULFDQWH(02'
)DEULFDQWH(02'
3RWHQFLDN:
3RWHQFLDN:
3RWHQFLDN:
7HQVLyQ9
7HQVLyQ9
&RUULHQWH$
&RUULHQWH$
9HORFLGDG530
9HORFLGDG530
3RORV
3RORV
(YROXFLyQGHODWHPSHUDWXUDGHORVGHYDQDGRVGHVGHHO
(YROXFLyQGHODWHPSHUDWXUDGHORVGHYDQDGRVGHVGHHO
DUUDQTXHKDVWDHOUpJLPHQSHUPDQHQWHWpUPLFR
DUUDQTXHKDVWDHOUpJLPHQSHUPDQHQWHWpUPLFR
&RQWUROGHODVFDUDFWHUtVWLFDV
PHFiQLFDVGHORVPRWRUHVGHLQGXFFLyQ
PHGLDQWHHOGLVHxRGHOURWRU,
5HVLVWHQFLDURWyULFD
5HVLVWHQFLDURWyULFD FUHFLHQWH
3DU 6LODUHVLVWHQFLDURWyULFD HVHOHYDGD
6LODUHVLVWHQFLDURWyULFD HVHOHYDGD
HOSDUGHDUUDQTXHGHOPRWRU
HOSDUGHDUUDQTXHGHOPRWRU
WDPELpQORHV
WDPELpQORHV
6LODUHVLVWHQFLDURWyULFD HVHOHYDGD
6LODUHVLVWHQFLDURWyULFD HVHOHYDGD
HOSDUPi[LPRGHOPRWRUDSDUHFH
HOSDUPi[LPRGHOPRWRUDSDUHFH
FRQGHVOL]DPLHQWRHOHYDGR
FRQGHVOL]DPLHQWRHOHYDGR
6 6LHOGHVOL]DPLHQWRHVHOHYDGROD
6LHOGHVOL]DPLHQWRHVHOHYDGROD
SRWHQFLDPHFiQLFDLQWHUQDHVEDMD
SRWHQFLDPHFiQLFDLQWHUQDHVEDMD
670$; 670$; 670$;
(/5(1',0,(172'(/02725
(/5(1',0,(172'(/02725
(6%$-2
(6%$-2
3PL
PL
> 6 @ 3JJ
&RQWUROGHODVFDUDFWHUtVWLFDV
PHFiQLFDVGHORVPRWRUHVGHLQGXFFLyQ
PHGLDQWHHOGLVHxRGHOURWRU,,
02725'(52725
02725'(52725
%2%,1$'29$5,$&,1
%2%,1$'29$5,$&,1
'(/$5(6,67(1&,$
'(/$5(6,67(1&,$
%XHQSDUGHDUUDQTXH
%XHQSDUGHDUUDQTXH 5275,&$
0RWRUFRQ
0RWRUFRQ 5275,&$
555 HOHYDGD
5 HOHYDGD %DMRUHQGLPLHQWR
%DMRUHQGLPLHQWR
62/8&,1
62/8&,1
%DMRSDUGHDUUDQTXH
%DMRSDUGHDUUDQTXH
0RWRUFRQ
0RWRUFRQ
555 EDMD
5 EDMD ',6(f2'(8152725
',6(f2'(8152725
%XHQUHQGLPLHQWR
%XHQUHQGLPLHQWR &21&$5$&7(567,&$6
&21&$5$&7(567,&$6
(/e&75,&$69$5,$%/(6
(/e&75,&$69$5,$%/(6
6(*1/$9(/2&,'$''(
6(*1/$9(/2&,'$''(
*,52
*,52
&RQWUROGHODVFDUDFWHUtVWLFDV
PHFiQLFDVGHORVPRWRUHVGHLQGXFFLyQ
PHGLDQWHHOGLVHxRGHOURWRU,,
%DUUDVGHSHTXHxD %DUUDVGHUDQXUD 'REOHMDXOD
VHFFLyQ SURIXQGD
3XHGHQXVDUVH
GRVWLSRVGH
PDWHULDOFRQ
GLIHUHQWH
$OWDUHVLVWHQFLD
$OWDUHVLVWHQFLD UHVLVWLYLGDG
EDMDUHDFWDQFLD
EDMDUHDFWDQFLD
GHGLVSHUVLyQ
GHGLVSHUVLyQ 5HVLVWHQFLDEDMD
5HVLVWHQFLDEDMD
HOHYDGD
HOHYDGD &RPELQDODV
&RPELQDODV
$$ PHQRU
PHQRU UHDFWDQFLDGH
UHDFWDQFLDGH SURSLHGDGHVGH
SURSLHGDGHVGH
VHFFLyQ
VHFFLyQ GLVSHUVLyQ
GLVSHUVLyQ ODVGRV
ODVGRV
PD\RU555
PD\RU5 DQWHULRUHV
DQWHULRUHV
)OXMRGHGLVSHUVLyQ
)OXMRGHGLVSHUVLyQ
VHFRQFHQWUDKDFLD
VHFRQFHQWUDKDFLD 5HVLVWHQFLD 5HDFWDQFLD
HOLQWHULRU
HOLQWHULRU GLVSHUVLyQ
(IHFWRGHODUHDFWDQFLD
(IHFWRGHODUHDFWDQFLD
$55$148( 6 9$/25(6
9$/25(6 IURWRU GHGLVSHUVLyQ
GHGLVSHUVLyQ
$55$148(
(/(9$'26
(/(9$'26
URWRU
(/(9$'$
(/(9$'$ SIURWRU
SI URWRU
/GLVSHUVL yQ
GLVSHUVLyQ
08<$&86$'2
08<$&86$'2
$XPHQWRGHO
$XPHQWRGHO 5HGXFFLyQ
5HGXFFLyQ /DFRUULHQWHFLUFXOD
/DFRUULHQWHFLUFXOD
SDUGH
SDUGH VHFFLyQ~WLO
VHFFLyQ~WLO VyORSRUODSDUWHPiV
VyORSRUODSDUWHPiV
DUUDQTXH
DUUDQTXH DXPHQWR555
DXPHQWR5 H[WHUQDGHODEDUUD
H[WHUQDGHODEDUUD
(IHFWRGHODUHDFWDQFLD
(IHFWRGHODUHDFWDQFLD
&21',&,21(6
&21',&,21(6 6 9$/25(6
9$/25(6 IURWRU
URWRU
GHGLVSHUVLyQ
GHGLVSHUVLyQ
120,1$/(6
120,1$/(6 %$-6
%$-6 %$-$
%$-$ SIURWRU
SI URWRU
/GLVSHUVL yQ
GLVSHUVLyQ
08<32&2$&86$'2
08<32&2$&86$'2
$XPHQWR
$XPHQWR
/DFRUULHQWHFLUFXOD
/DFRUULHQWHFLUFXOD
0HMRUDGHO
0HMRUDGHO VHFFLyQXWLO
VHFFLyQXWLO
SRUWRGDODVHFFLyQ
SRUWRGDODVHFFLyQ
UHQGLPLHQWR
UHQGLPLHQWR 5HGXFFLyQ555
5HGXFFLyQ5
GHODEDUUD
GHODEDUUD
\\ 3DU
3DU
6LPXODFLyQGHOHIHFWRUHDO
$$
'85$17((/$55$148(
&,5&8/$81'(
/$&255,(17(325/$
=21$52-$'(/$%$55$
027256,08/$'2
027256,08/$'2
)DEULFDQWH6,(0(16
)DEULFDQWH6,(0(16
,WRWDO
,WRWDO ,VXS
,VXS ,LQI
,LQI 1EDUUD
1EDUUD 3RWHQFLDN:
3RWHQFLDN:
3RWHQFLDN:
7HQVLyQ9
7HQVLyQ9
$ &RUULHQWH$
&RUULHQWH$
$
9HORFLGDG530
9HORFLGDG530
3RORV
3RORV
'85$17((/)81&,21$
0,(172(1&21',&,2
1(6120,1$/(6&,5&8
/$81'(/$
&255,(17(325/$=21$
52-$'(/$%$55$
,WRWDO
,WRWDO ,VXS ,LQI 1EDUUD
,VXS ,LQI 1EDUUD
6LPXODFLyQGHOFDPSRUHDO
GXUDQWHXQDUUDQTXH
/DVOtQHDVGHFDPSR
/DVOtQHDVGHFDPSR
VHFRQFHQWUDQHQOD
VHFRQFHQWUDQHQOD
VXSHUILFLH
VXSHUILFLH
/1($6'(&$032'85$17( /1($6'(&$032(1)81&,21$
(/$55$148( 0,(172120,1$/
&ODVLILFDFLyQGHORVPRWRUHV
VHJ~QHOWLSRGHURWRU1RUPDV
1(0$,
02725&/$6($
77QRP
&ODVH' 3DUGHDUUDQTXHEDMR
&ODVH'
&ODVH&
&ODVH& 3DUQRPLQDOFRQ6
&ODVH$ &RUULHQWHDUUDQTXHHOHYDGD
&ODVH$
,Q
5HQGLPLHQWRDOWR
&ODVH%
&ODVH%
8VRHQERPEDVYHQWLODGRUHV
PiTXLQDKHUUDPLHQWDHWF
KDVWDN:
3DUDSRWHQFLDV!N: VH
XVDQVLVWHPDVGHDUUDQTXH
6
SDUDOLPLWDUODFRUULHQWH
&ODVLILFDFLyQGHORVPRWRUHV
VHJ~QHOWLSRGHURWRU1RUPDV1(0$,,
02725&/$6(% 02725&/$6(&'REOHMDXOD
3DUDUUDQTXHVLPLODUFODVH$ 3DU DUUDQTXHHOHYDGRYHFHV
3DUDUUDQTXHHOHYDGRYHFHV
7QRP DSUR[
&RUULHQWHDUUDQTXH
FODVH$ &RUULHQWHGHDUUDQTXHEDMD
3DUQRPLQDOFRQ6 3DU QRPLQDOFRQ6
3DUQRPLQDOFRQ6
5HQGLPLHQWR$OWR
5HQGLPLHQWR$OWR
$SOLFDFLRQHVTXHUHTXLHUHQ
$SOLFDFLRQHVVLPLODUHVDOFODVH
$ SHURFRQ,DUUDQTXH DOWRSDUGHDUUDQTXH
75 .1
%RELQDGRUDV
755 .1 1
0iTXLQDVIDEULFDFLyQFKDSD
(ODUUDQTXHGHORV
PRWRUHVDVtQFURQRV,
&RUULHQWHPi[LPD
&RUULHQWHPi[LPD
&RUULHQWHGHYDFtR
&RUULHQWHGHYDFtR
WUDVDOFDQ]DU
WUDVDOFDQ]DU
YHORFLGDGPi[LPD
YHORFLGDGPi[LPD
$UUDQTXHHQ
YDFtR
/$&255,(17(
0;,0$12'(
0;,0$12'( )DEULFDQWH(02'
)DEULFDQWH(02'
'XUDFLyQGHODUUDQTXH 3(1'('(/$&$5*$ 3RWHQFLDN:
3RWHQFLDN:
3RWHQFLDN:
7HQVLyQ9
7HQVLyQ9
&RUULHQWHPi[LPD
&RUULHQWHPi[LPD &RUULHQWH$
&RUULHQWH$
&RUULHQWHQRPLQDO
&RUULHQWHQRPLQDO 9HORFLGDG530
9HORFLGDG530
WUDVDOFDQ]DU
WUDVDOFDQ]DU 3RORV
3RORV
YHORFLGDGPi[LPD
YHORFLGDGPi[LPD
$UUDQTXHD
SOHQDFDUJD
'XUDFLyQGHODUUDQTXH
(ODUUDQTXHGHORV
PRWRUHVDVtQFURQRV,,
(OUHJODPHQWRGH%7HVWDEOHFHOtPLWHVSDUDODFRUULHQWHGH
(OUHJODPHQWRGH%7HVWDEOHFHOtPLWHVSDUDODFRUULHQWHGH
DUUDQTXHGHORVPRWRUHVDVtQFURQDV3RUHVWHPRWLYRHV
DUUDQTXHGHORVPRWRUHVDVtQFURQDV3RUHVWHPRWLYRHV
QHFHVDULRGLVSRQHUSURFHGLPLHQWRVHVSHFtILFRVSDUDHODUUDQTXH
QHFHVDULRGLVSRQHUSURFHGLPLHQWRVHVSHFtILFRVSDUDHODUUDQTXH
6yORYiOLGRHQPRWRUHVSHTXHxRVR
$UUDQTXHGLUHFWRGHODUHG
$UUDQTXHGLUHFWRGHODUHG HQODVFHQWUDOHVHOpFWULFDV
$UUDQTXHPHGLDQWHLQVHUFLyQ
$UUDQTXHPHGLDQWHLQVHUFLyQ 6yORYiOLGRHQPRWRUHVGHURWRU
GHUHVLVWHQFLDVHQHOURWRU
GHUHVLVWHQFLDVHQHOURWRU ERELQDGR\DQLOORVUR]DQWHV
0pWRGRVGH
0pWRGRVGH $UUDQTXHHVWUHOOD
$UUDQTXHHVWUHOOD WULiQJXOR
WULiQJXOR (OPpWRGRPiVEDUDWR\XWLOL]DGR
DUUDQTXH
DUUDQTXH
$UUDQTXHFRQ
$UUDQTXHFRQ 5HGXFFLyQGHODWHQVLyQGXUDQWH
DXWRWUDQVIRUPDGRU
DXWRWUDQVIRUPDGRU HODUUDQTXHPHGLDQWHDXWRWUDIR
$UUDQTXHFRQDUUDQFDGRUHV
$UUDQTXHFRQDUUDQFDGRUHV *RELHUQRGHOPRWRUGXUDQWHHO
HVWiWLFRV
HVWiWLFRV DUUDQTXHSRUHTXLSRHOHFWUyQLFR
(ODUUDQTXHGHORV
PRWRUHVDVtQFURQRV,,,
5 55
3JJ WK
9WK
6 3DUGHXQPRWRUDVtQFURQR
22
3DUGHXQPRWRUDVtQFURQR
7LL
3
: 66 : 66
> @ (QHODUUDQTXH6
555
2 (QHODUUDQTXH 6
5 ; ;
WK 6
WK WK 5
22
WK 5
3J 9WK2 5 5
3$5'($55$148(
: 6 >5 WK 5 5
@2 >; WK ;5
@2
7$UUDQTXH
3
:6
9WK &RUULHQWHURWyULFD
,55
WK &RUULHQWHURWyULFD
5 55
> @ (QHODUUDQTXH66
(QHODUUDQTXH
5 ; ;
WK 6
WK WK
WK 5
5
9
9WK
7$UUDQTXH
3
5 55
,55
$UUDQTXH ,,55
DUUDQTXH
DUUDQTXH =
= WK
: 66 [55WKWK ++ 5555
]22
22
$UUDQTXH $UUDQTXH
(ODUUDQTXHGHORVPRWRUHV
DVtQFURQRV9DUUDQTXHSRULQVHUFLyQ
GHUHVLVWHQFLDVURWyULFDV
3DU
3DU
5HVLVWHQFLDURWyULFD
5HVLVWHQFLDURWyULFD
FUHFLHQWH
FUHFLHQWH 3DUDHODUUDQTXH
3DUDHODUUDQTXH
GHODPiTXLQDVH
GHODPiTXLQDVH
5
555 LQWURGXFHQ
LQWURGXFHQ
5
555 UHVLVWHQFLDVHQWUH
UHVLVWHQFLDVHQWUH
ORVDQLOORV
ORVDQLOORV
5
555 UR]DQWHV
UR]DQWHV TXHVH
TXHVH
YDQHOLPLQDQGR
YDQHOLPLQDQGR
FRQIRUPH
FRQIRUPH
DXPHQWDOD
DXPHQWDOD
6
6 YHORFLGDGGHJLUR
YHORFLGDGGHJLUR
6yORYDOHSDUDORVPRWRUHVGHURWRUERELQDGR\
6yORYDOHSDUDORVPRWRUHVGHURWRUERELQDGR\
DQLOORVUR]DQWHV
DQLOORVUR]DQWHV
(ODUUDQTXHGHORVPRWRUHV
DVtQFURQRV9,DUUDQTXHPHGLDQWH
DXWRWUDIR
5
6
7
3DUDHODUUDQTXHGHODPiTXLQDVH
3DUDHODUUDQTXHGHODPiTXLQDVH
& LQWURGXFHXQDXWRWUDQVIRUPDGRU
LQWURGXFHXQDXWRWUDQVIRUPDGRU
UHGXFWRU UW!
UHGXFWRUUW!
,QLFLDOPHQWH&\&HVWiQFHUUDGRVHO
,QLFLDOPHQWH&\&HVWiQFHUUDGRVHO
PRWRUDUUDQFDFRQODWHQVLyQUHGXFLGD
PRWRUDUUDQFDFRQODWHQVLyQUHGXFLGD
&
(QODVSUR[LPLGDGHVGHSOHQDFDUJD&VH
(QODVSUR[LPLGDGHVGHSOHQDFDUJD&VH
DEUHHOPRWRUVRSRUWDXQDWHQVLyQ
DEUHHOPRWRUVRSRUWDXQDWHQVLyQ
& OLJHUDPHQWHLQIHULRUDODUHGGHELGRDODV
OLJHUDPHQWHLQIHULRUDODUHGGHELGRDODV
FDtGDVGHWHQVLyQHQHOGHYDQDGRGHO
FDtGDVGHWHQVLyQHQHOGHYDQDGRGHO
DXWRWUDIR
DXWRWUDIR
6HFLHUUD&HOPRWRUVRSRUWDWRGDOD
6HFLHUUD&HOPRWRUVRSRUWDWRGDOD
WHQVLyQGHODUHG
0
WHQVLyQGHODUHG
)DVHVGHODUUDQTXHFRQ
DXWRWUDQVIRUPDGRU
5
5 5
5 5
5
6
6 6
6 6
6
7
7 7
7 7
7
&
& &
& &
&
/LJHUD
FDtGDGH &
&
WHQVLyQ
&
& &
&
0 0 0
(ODUUDQTXHGHORVPRWRUHV
DVtQFURQRV9,,DUUDQTXHHVWUHOOD
WULiQJXOR
;VV 5VV ;55 555
,DUU
DUU ,DUU
DUU
=FF
FF
9
9OtQHD
OtQHD
9OtQHD 6HGHVSUHFLD
6HGHVSUHFLD 9OtQHD
OtQHD
ODUDPDHQ
ODUDPDHQ 6 OtQHD ,,DUUDQTXH
=
33
=&&
DUUDQTXH
=
=
SDUDOHOR
SDUDOHOR &&
3 3
&LUFXLWRHTXLYDOHQWHGHOPRWRU
GXUDQWHHODUUDQTXH
(ODUUDQTXHHVWUHOOD WULiQJXORFRQVLVWHHQFRQHFWDUORVGHYDQDGRVGHO
PRWRUHQHVWUHOODSDUDDUUDQFDUODPiTXLQDFRQPXWDQGRDFRQH[LyQ HQ
WULiQJXORXQDYH]TXHODPiTXLQDKDHOHYDGRVXYHORFLGDG
(OPRWRUFRQHFWDGRHQHVWUHOODFRQVXPHPHQRVFRUULHQWH\HQWUHJD
PHQRVSDU'HHVWHPRGRVHOLPLWDODFRUULHQWHGHDUUDQTXH
(ODUUDQTXHGHORVPRWRUHV
DVtQFURQRV9,,DUUDQTXHHVWUHOOD
WULiQJXOR
5
5 5
5 ,,DUU
,,DUUHVWUHOOD
DUUHVWUHOOD
,,DUUWULiQJXOR
DUUWULiQJXOR DUUWULiQJXOR
WULiQJXOR
9
33
9OtQHD
OtQHD =
=FF
9 = =
=FF
FF
9
9OtQHD
OtQHD
33 9OtQHD
OtQHD =FF
FF FF
=
=FF
FF =
=FF
FF
=
=FF
FF
6
6 6
6
9OtQHD
T
T T
T
OtQHD
9OtQHD
, DUU , DUU OtQHD
DUUWULiQJXOR
WULiQJXOR
= &&
= 3
= &&
3
HVWUHOOD
DUU HVWUHOOD =
&&
&&
, DUU
, DUU HVWUHOOD
DUU HVWUHOOD = DUUWULiQJXOR
WULiQJXOR
3
7$UUDQTXH 5 55
,55
$UUDQTXH
3
: 66
22
$UUDQTXH $UUDQTXH
(VWDUHODFLyQHVYiOLGDSDUDODVGRVFRQH[LRQHV/D
FRUULHQWHTXHDSDUHFHHQHOODHVODTXHFLUFXODSRU=FF
5
5 5
5
,,DUUHVWUHOOD
DUUHVWUHOOD ,,DUUWULiQJXOR
DUUWULiQJXOR
,,DUU
DUUWULiQJXOR
WULiQJXOR
9
9OtQHD
33
OtQHD =
=FF
FF
9
9OtQHD
OtQHD
33
9
9OtQHD
OtQHD =
=FF
FF
=
=FF
FF
=
=FF
FF =
=FF
FF
=
=FF
FF
6
6 6
6
,
T
T T
T
7$UU 5 55
,55
$UU 7 5
$UU WULiQJXOR
2
55 $UU
5
2
3 3 WULiQJXOR
$UUHVWUHOOD
: 66 $UU HVWUHOOD $UU WULiQJXOR
$UU
: 66
5
22
HVWUHOOD HVWUHOOD WULiQJXOR
, DUU
3
, DUU
DUUHVWUHOOD
HVWUHOOD = DUUWULiQJXOR
WULiQJXOR
3
7DUU
DUUWULiQJXOR
WULiQJXOR
= 3 7DUU
DUUHVWUHOOD
HVWUHOOD
&DWi
&DWiORJRVFRPHUFLDOHV
$UUDQFDGRUHV
SRWHQFLDVKDVWDN: 9
HVWiWLFRV
$UUDQFDGRUSDUD
$UUDQFDGRUN: DSOLFDFLRQHV
QDYDOHV\PLOLWDUHV
&DWi
&DWiORJRVFRPHUFLDOHV
(OIUHQDGRHOpFWULFRGH
ORVPRWRUHVDVtQFURQRV,
([LVWHQDSOLFDFLRQHVHQODVTXHHVQHFHVDULRSRGHUDSOLFDUXQSDU GH
IUHQDGRDOPRWRUTXHSHUPLWDGHWHQHUORUiSLGDPHQWHDVFHQVRUHV
JU~DVFLQWDVWUDQVSRUWDGRUDVWUDFFLyQHOpFWULFDHWF(QHVWHFDVR
ODVSURSLHGDGHVHOpFWULFDVGHODPiTXLQDVHXWLOL]DQSDUDORJUDU
ODV SURSLHGDGHVHOpFWULFDVGHODPiTXLQDVHXWLOL]DQSDUDORJUDU HO
IUHQDGR
)5(1$'25(*(1(5$7,922325
5(&83(5$&,1'((1(5*$
7,326'()5(1$'2 )5(1$'2325&2175$&255,(17(2
(/e&75,&2 &2175$0$5&+$
)5(1$'2',10,&23RULQ\HFFLyQ
GH&&
(OIUHQDGRHOpFWULFRGH
ORVPRWRUHVDVtQFURQRV,,
&XUYDGH &XUYDGH
IXQFLRQDPLHQWR IXQFLRQDPLHQWR
FRQ3 SRORV FRQ3 SRORV 60 II
1
1VV2233 ==
60
33
3DU
3DU 60 II 60 II
1
1VV33 == 221
1VV2233
3
60 60
3 33
== == 22
22
3DUUHVLVWHQWH
3DUUHVLVWHQWH
9HORFLGDG530
9HORFLGDG530
3DUDIUHQDUVHPRGLILFDQODVFRQH[LRQHVGHOHVWDWRUSDVDQGRGH3 SRORVD3
SRORV(OIUHQDGRVHFRQVLJXHDOFRQYHUWLUVHHOPRWRUHQJHQHUDGRU /DHQHUJtD
JHQHUDGDVHGLVLSDHQUHVLVWHQFLDVRVHGHYXHOYHDODUHG
(OIUHQDGRHOpFWULFRGH
ORVPRWRUHVDVtQFURQRV,,,
5 5
166 1 166 + 1 1
6
0 6
0 6=
166 166 166
= = 1+
7 7
KRUDULR
)UHQDGRHQ]RQDLQHVWD
&RUULHQWH
&RUULHQWH KRUDULR
EOH GHODFXUYD3DU6
*LUR DQWL
*LURDQWL &RUULHQWHGXUDQWHHOIUH
KRUDULR
KRUDULR QDGRPX\DOWD
6ROLFLWDFLyQGHOURWRUPX\
=21$ 3DUUHVLVWHQWH
3DUUHVLVWHQWH
=21$ HOHYDGD
'(
'(
)5(12
)5(12 1HFHVDULRFRQVWUXFFLyQ
HVSHFLDO
(OIUHQDGRHOpFWULFRGH
ORVPRWRUHVDVtQFURQRV,9
(O)5(1$'2',10,&2 FRQVLVWHHQGRVDFFLRQHVVREUHHO
IXQFLRQDPLHQWRGHOPRWRUHOLPLQDFLyQGHODDOLPHQWDFLyQHQDOWHUQD
H LQ\HFFLyQGH&&SRUHOHVWDWRU
/DLQ\HFFLyQGH&&SURYRFDODDSDULFLyQGHXQFDPSRGHHMHILMRTXH
JHQHUDXQSDUGHIUHQDGR
&DWi
&DWiORJRVFRPHUFLDOHV
(TXLSRSDUDHOIUHQDGRGH
PRWRUHVDVtQFURQRVSRU
LQ\HFFLyQGH&&3RWHQFLD
N:
5HVLVWHQFLDVSDUDIUHQDGR
UHRVWiWLFR GHPRWRUHV &DWi
&DWiORJRVFRPHUFLDOHV
&iOFXORGHWLHPSRVGH
DUUDQTXH\IUHQDGR
0RPHQWRGHLQHUFLDGHXQ
- = U GP FXHUSRGHPDVDP UHVSHFWRD .J P22
XQHMHU HVODGLVWDQFLDDOHMH
22
(FXDFLyQGHODGLQiPLFDGHURWDFLyQ
GZ 7 HVHOSDUPRWRU75 HOSDU
7 755 = -PRW
PRW + -FF DUJ
[ ] UHVLVWHQWH-PRW HOPRPHQWRGH
DUJ
GW LQHUFLDGHOPRWRU-FDUJ HOGHODFDUJD
\ Z ODSXOVDFLyQ GHJLUR
Z
-PRW
PRW + -FF DUJ
ZQRPLQDO
QRPLQDO ,QWHJUDQGROD
W DUUDQTXH GZ
DUJ HFXDFLyQVHREWLHQH
7 755
DUUDQTXH = HOWLHPSRGH
DUUDQTXH
00
&RQWUROGH (TXLSR
YHORFLGDGHQ
FXDOTXLHUUDQJR
HOpFWUyQLFR SDUD 9DULDUI
YDULDUIUHFXHQFLD
SDUDFXDOTXLHU GHUHG 9DULDU3
PRWRU
9DULDFLyQGHOD 9DULDFLyQGHOD
9DULDFLyQGHOD
YHORFLGDG 6 YHORFLGDG
YHORFLGDG 6
6 6
9$5,$&,1'(/$9(/2&,'$'325 9$5,$&,1'(/$9(/2&,'$'325
,16(5&,1'(5(6,67(1&,$6 5('8&&,1'(/$7(16,1
5275,&$6(102725(6'(52725
%2%,1$'2 %$-25$1*2'(9$5,$&,1
%$-25$1*2'(9$5,$&,1 5('8&&,1'(/3$502725
/DYDULDFLyQGHYHORFLGDGGH
ORVPRWRUHVDVtQFURQRV,,,
9DULDFLyQGHODIUHFXHQFLD
60 I 5HGXFFLyQ
5HGXFFLyQ
166 =
3DU
3DU
IUHFXHQFLD
IUHFXHQFLD
3
9$5,$1'2'()250$&217,18$
9$5,$1'2'()250$&217,18$
/$)5(&8(1&,$6(38('(
/$)5(&8(1&,$6(38('(
9$5,$5'()250$&21718$/$
9$5,$5'()250$&21718$/$
9(/2&,'$'
9(/2&,'$' I
IQQ I
IQQ IIQQ
$OUHGXFLUODIUHFXHQFLDDXPHQWDHO
$OUHGXFLUODIUHFXHQFLDDXPHQWDHO
IOXMR3DUDHYLWDUTXHODPiTXLQDVH
IOXMR3DUDHYLWDUTXHODPiTXLQDVH 6
6
VDWXUHHVQHFHVDULRPDQWHQHUOD
VDWXUHHVQHFHVDULRPDQWHQHUOD
1
166 1
166 1
166
UHODFLyQ9IFRQVWDQWH DO
UHODFLyQ DO
GLVPLQXLUIVHDXPHQWD9\YLFHYHUVD
GLVPLQXLUIVHDXPHQWD9\YLFHYHUVD 9$5,$&,1'(/$9(/2&,'$'325
9$5,$&,1'(/$)5(&8(1&,$
/DYDULDFLyQGHYHORFLGDGGH
ORVPRWRUHVDVtQFURQRV,,,
YDULDFLyQGHODIUHFXHQFLD
6LVWHPD
6LVWHPD 0RWRUGH
0RWRUGH
HOpFWULFR
HOpFWULFR ,QGXFFLyQ
,QGXFFLyQ
WULIiVLFR
WULIiVLFR
5HFWLILFDGRUU
5HFWLILFDGR )LOWUR
)LOWUR ,QYHUVRU
,QYHUVRU
,19(56253:0
9
955
7
7 7
7 7
7
9
966
5
5PRW
PRW 6
6PRW
PRW 77PRW
PRW
9
977
7
7 7
7 7
7
)XQFLRQDPLHQWRGHOLQYHUVRU,
9
955
7
7 7
7 7
7
9
966
5
5PRW
PRW 6
6PRW
PRW 77PRW
PRW
9
977
7
7 7
7 7
7
7HQVLyQGHOUHFWLILFDGRUVLQILOWUR 7HQVLyQGHOUHFWLILFDGRUFRQILOWUR
/DWHQVLyQGHVSXpVGHO
/DWHQVLyQGHVSXpVGHO
FRQGHQVDGRUHVFRQWLQXD
FRQGHQVDGRUHVFRQWLQXD
)XQFLRQDPLHQWRGHOLQYHUVRU,,
%XVGH
%XVGH
WHQVLyQ
WHQVLyQ 5
5PRW 6
6PRW 77PRW (OLQYHUVRUKDFLHQGR
FRQPXWDUORV,*%7VWURFHD
PRW PRW PRW
FRQWtQXD
FRQWtQXD
OD WHQVLyQFRQWLQXDFRQODTXH
HVDOLPHQWDGR
(OGLVSDURGHORV,*%7VVHUHDOL]DXWLOL]DQGRXQDWpFQLFDFRQRFLGD
FRPR3:0 3XOVHZLGWKPRGXODWLRQ TXHFRQVLVWHHQFRPSDUDUXQD
VHxDOSRUWDGRUDWULDQJXODUFRQXQDVHxDOPRGXODGRUDVHQRLGDO
'HHVWDFRPSDUDFLyQVHREWLHQHXQDVHxDOVLPLODUDODVHQRLGDO
SHURHVFDORQDGDSDUDFDGDXQDGHODVIDVHVGHOLQYHUVRU
9DULDQGRODDPSOLWXG\IUHFXHQFLDGHPRGXODGRUD\SRUWDGRUDHV
SRVLEOHREWHQHUVHxDOHVGHGLVWLQWDIUHFXHQFLD\WHQVLyQDOD
VDOLGDGHOLQYHUVRU
)XQFLRQDPLHQWRGHOLQYHUVRU,,,
$
1
6HxDOHVPRGXOD
6HxDOHVPRGXOD
GRUD\SRUWDGRUD
GRUD\SRUWDGRUD
%XVGH
%XVGH
WHQVLyQ
WHQVLyQ
5
5PRW
PRW 6
6PRW
PRW 77PRW
PRW
0
FRQWtQXD
FRQWtQXD
-1
0 1 /2 f 1 1 /f 1
% 7(16,1'(
6$/,'$(1
1
/$)$6(5
&XDQGRWULDQJXODU
&XDQGRWULDQJXODU
VHQRLGDO
VHQRLGDO GLVSDUDHO
GLVSDUDHO
0
-1
0 1 /2 f 1 1 /f 1
P
P 6
6
&DWi
&DWiORJRVFRPHUFLDOHV
&RQYHUWLGRUSDUD
PRWRUGH&&
,QYHUVRUN:
+]SDUDPRWRU
DVtQFURQRFRQFRQWURO
9DULDGRUHV
YHFWRULDO
,QYHUVRUN:
+]SDUD
GH
FRQWUROGHPiTXLQD
KHUUDPLHQWD
YHORFLGDG
,QYHUVRUN:
+]GH
SURSyVLWRJHQHUDO
6HOHFFLyQGHXQPRWRUSDUD
XQDDSOLFDFLyQHVSHFtILFD
6(/(&&,21$5)250$
6(/(&&,21$5 1250$/,=$'$'(
&$5&$6$<1,9(/'( 0217$-((1)81&,1'(
3527(&&,1,3 8%,&$&,1
6(/(&&,1$5327(1&,$ 6(/(&&,21$5&/$6('(
(1)8&,1'(/$ $,6/$0,(172(1)81&,1
327(1&,$1(&(6$5,$ 7(63(5$'$<$0%,(17(
3$5$$55$675$/$&$5*$ '( 75$%$-2
6(/(&&,21$59(/2&,'$' 6(/(&&,21$5
3(1)81&,1 &$5$&7(567,&$
9(/2&,'$'&$5*$ 0(&1,&$(1)81&,1
'( 3$5'($55$148(<
$%% *XLGHIRUVHOHFWLQJDPRWRU 5(6,67(17('(/$&$5*$
/DPiTXLQDDVtQFURQDFRPR
JHQHUDGRU
3RUHQFLPDGHODYHORFLGDG
/DPiTXLQDDVtQFURQDVH GHVLQFURQLVPRHOSDUVH
SXHGHXWLOL]DUFRPRJHQHUDGRU YXHOYHUHVLVWHQWH\HQWUHJD
HQHUJtDHOpFWULFD
/RVJHQHUDGRUHVDVtQFURQRVVH /DPiTXLQDDVtQFURQD
XWLOL]DQHQVLVWHPDVGH FRQYLHUWHHQHUJtDPHFiQLFD
JHQHUDFLyQGRQGHODIXHQWH HQHOpFWULFDVLHPSUHTXH
SULPDULDHVPX\YDULDEOH WUDEDMDSRUHQFLPDGHOD
HQHUJtDHyOLFDHKLGUD~OLFD YHORFLGDGGHVLQFURQLVPR
12(61(&(6$5,248(
*,5($9(/2&,'$'
(QODDFWXDOLGDGH[LVWHQPiTXLQDV
&2167$17(
FRQGREOHDOLPHQWDFLyQURWRU
HVWDWRUSDUDPHMRUDUHOUHQGLPLHQWR
HQJHQHUDFLyQHyOLFDHKLGUiXOLFD