Las instrucciones detalladas para la utilización aparecen en la Guía del usuario.
[. . . ] 3yQJDVHHQFRQWDFWR FRQVXRSHUDGRU 3yQJDVHHQFRQWDFWR FRQVXRSHUDGRU 3yQJDVHHQFRQWDFWR FRQVXRSHUDGRU
$MXVWHGHODIHFKD\GHODKRUD
3DUDHVWDEOHFHUODIHFKD\RODKRUDDFWXDO 3XOVH 6HOHFFLRQH3DUiPHWURV 6HOHFFLRQH3DUiPHWURVGHOWHOpIRQR6HOHFFLRQH)HFKD\KRUD 6HOHFFLRQH&RQILJXUDUKRUDR&RQILJXUDUIHFKD , QWURGX]FDODKRUDHQXQIRUPDWRGHKRUDVRODIHFKDGHOD IRUPDPRVWUDGD6LHVQHFHVDULRXWLOLFH \ 3XOVH$FHSWDU SDUDFRQILUPDUVXHOHFFLyQ 3XOVH6DOLU R SDUDYROYHUDODSDQWDOODGHHVSHUD
$SDUHFHUiXQPHQVDMHGHHUURUVLQRVHLQWURGXFHQORVGDWRVFRUUHFWRV
/DIHFKD\ODKRUDDSDUHFHQSHUPDQHQWHPHQWHHQODSDQWDOODFXDQGRHOWHOpIRQRHVWiHQFHQ GLGR1RVHPXHVWUDHODxR (OWHOpIRQRFXHQWDFRQXQDEDWHUtDLQWHUQDFDSD]GHFRQVHUYDUHODMXVWHGHODIHFKD\ODKRUD GXUDQWHXQPi[LPRGHKRUDVFRQHOWHOpIRQRDSDJDGRRVLQEDWHUtDRFRQXQDEDWHUtDWRWDO PHQWHGHVFDUJDGD7UDVHVWHSHUtRGRGHKRUDVSXHGHVHUSUHFLVRYROYHUDGHILQLUHOUHORMFXDQGR YXHOYDDHQFHQGHUHOWHOpIRQR
6LVWHPDGHPHQ~VLQWHUIDFH00,
3DUiPHWURVSRUGHIHFWRSUHGHWHUPLQDGRVSRUHOIDEULFDQWH
8WLOLFHHOPHQ~3DUiPHWURVSDUDYROYHUDFRQILJXUDUORVSDUiPHWURV GHOWHOpIRQRVHJ~QORVSDUiPHWURVSUHGHWHUPLQDGRVSRUHOIDEULFDQWH (VWDDFFLyQQRDIHFWDDODVHQWUDGDVGHOOLVWtQWHOHIyQLFRRDOFyGLJRGH EORTXHRGHOWHOpIRQR 3XOVH 6HOHFFLRQH3DUiPHWURV 6HOHFFLRQH3DUiPHWURVGHOWHOpIRQR6HOHFFLRQH3DUiPHWURV SRUGHIHFWR 6HOHFFLRQH6tR1R 3XOVH6DOLU R SDUDYROYHUDODSDQWDOODGHHVSHUD 3DUiPHWURSRU GHIHFWR 7LPEUH 7ULXP 9DORUHVPHGLRV (QFHQGLGDGXUDQWH VHJ\YDORUPHGLR 'HVDFWLYDGR 'HVDFWLYDGR 7ULXP
/RVSDUiPHWURVSRUGHIHFWRVRQORVVLJXLHQWHV )XQFLyQ 7RQRVGHDOHUWD 7LPEUHV 9ROXPHQ7LPEUH7HFOD&RQYHUVDFLyQ\ $ODUPD /X]GHIRQGR\&RQWUDVWH )XQFLRQHV&XDOTWHFOD5HLQWHQWRDX WRP\5HVSXHVWDDXWRP (QUDPSD 0HQ~GHJUiILFRV
%X]yQGHYR]
3XHGHTXHVXRSHUDGRUSURYHDXQVHUYLFLRGHEX]yQGHYR]TXHIXQFLRQH FRPRXQFRQWHVWDGRUDXWRPiWLFR3DUDPiVLQIRUPDFLyQSyQJDVHHQFRQ WDFWRFRQVXRSHUDGRU
*XDUGDUHOQ~PHURGHOFHQWURGHEX]yQGHYR]
6LVX6, 0QRLQFOX\HDXWRPiWLFDPHQWHHOQ~PHURGHOFHQWURGHEX]yQ GHYR]WHQGUiTXHLQWURGXFLUORPDQXDOPHQWH 3XOVH 6HOHFFLRQH3DUiPHWURV 6HOHFFLRQH%X]yQGHYR] 6HOHFFLRQH1~PHUR&XDQGRVHOHSLGDHQSDQWDOODLQWURGX]FD HOQ~PHURPDQXDOPHQWHRGHVGHXQDPHPRULD 3XOVH$FHSWDU SDUDFRQILUPDUVXLQWURGXFFLyQ 3XOVH6DOLU R SDUDYROYHUDODSDQWDOODGHHVSHUD
6LVHKDDERQDGRDOVHUYLFLRGH
EX]yQGHYR]SDUDOD/tQHD
HOQ~PHURGHOFHQWURGHOEX]yQGH
YR]WHQGUiTXHVHUJXDUGDGRGHPDQHUDVHSDUDGDSDUDHVDOtQHD (OQ~PHURGHOEX]yQGHYR]VHDVLJQDDXWRPiWLFDPHQWHDOQ~PHURGHPDUFDFLyQUiSLGDYpDVH 0DUFDFLyQUiSLGDHQODSiJLQD
$FWLYDUGHVDFWLYDUHOWRQRGHDOHUWDGHOEX]yQGHYR]
6LGHVHDTXHVXHQHXQSLWLGRSDUDDYLVDUOHGHTXHKDUHFLELGRXQPHQ VDMHGHEX]yQGHYR] 3XOVH 6HOHFFLRQH3DUiPHWURV 6HOHFFLRQH%X]yQGHYR] 6HOHFFLRQH$OHUWD6HOHFFLRQH$FWLYDGRR'HVDFWLYDGR 3XOVH6DOLU R SDUDYROYHUDODSDQWDOODGHHVSHUD
3XHGHQHIHFWXDUVHGHGRVPDQHUDV 3DUDOODPDUDOFHQWURGHOEX]yQGLUHFWDPHQWHWUDVUHFLELUXQ PHQVDMH 2
3XOVH\PDQWHQJDSXOVDGR
3XOVH 6HOHFFLRQH3DUiPHWURV 6HOHFFLRQH%X]yQGHYR] 6HOHFFLRQH/ODPDGD 6HSURFHGHUiDPDUFDUHOQ~PHURFRPRHQHOFDVRGHXQDOODPDGD QRUPDO
6LQRVHKDDOPDFHQDGRXQQ~PHURGHEX]yQGHYR]DOVHOHFFLRQDU/ODPDGDVHOHSHGLUiTXHLQWUR
GX]FDHOQ~PHURGHOEX]yQGHYR]6LJDODVLQVWUXFFLRQHVGHVFULWDVHQ*XDUGDUHOQ~PHURGHOFHQ WURGHEX]yQGHYR]HQODSiJLQD
6HUYLFLRV*60 'HVYtRGHODVOODPDGDVHQWUDQWHVVHUYLFLRGHUHG
(OGHVYtRGHOODPDGDVHVXQVHUYLFLRTXHUHHQYtDODVOODPDGDVHQWUDQWHV \DVHDQGHYR]ID[RGDWRVKDFLDRWURQ~PHUR 3DUDDFWLYDUHOGHVYtRGHOODPDGDV 3XOVH 6HOHFFLRQH3DUiPHWURV 6HOHFFLRQH6HUYLFLRV*606HOHFFLRQH'HVYtRGHOODPDGD (OLMDXQDGHODVVLJXLHQWHVRSFLRQHV
6LVWHPDGHPHQ~VLQWHUIDFH00,
/ODPDGDVDOFHQWURGHOEX]yQGHYR]SDUDFRPSUREDUVLKD\ PHQVDMHV
2SFLRQHVGH GHVYtR 6LHPSUH $FFLyQ
'HVYtDWRGDVODVOODPDGDVGHYR]HQWUDQWHVVLQ FRQGLFLyQ 'HVYtDWRGDVODVOODPDGDVGHYR]FXDQGRQRVHSXH )XHUDGH GHDFFHGHUDOWHOpIRQRHVGHFLUFXDQGRHVWiIXHUD FREHUWXUD GHFREHUWXUD 'HVYtDWRGDVODVOODPDGDVGHYR]FXDQGRQRVHUHV $OQRFRQWHVWDU SRQGHDOWHOpIRQR 'HVYtDWRGDVODVOODPDGDVGHYR]FXDQGRHOWHOpIR $OFRPXQLFDU QRFRPXQLFD 'HVYtDWRGDVODVOODPDGDVGHYR]FXDQGRHOWHOpIR 7RGRVQR QRHVWiIXHUDGHUHGQRUHVSRQGHRFRPXQLFD ORFDOL]DEOHV &DQFHODUWRGR &DQFHODWRGRVORVGHVYtRV 7RGDVOODPDGDV 'HVYtDLQFRQGLFLRQDOPHQWHWRGDVODVOODPDGDVGH ID[HQWUDQWHV )$; 7RGDVOODPDG 'HVYtDLQFRQGLFLRQDOPHQWHWRGDVODVOODPDGDVGH GDWRVHQWUDQWHV '$726
8WLOLFH R SDUDVHOHFFLRQDUODFRQGLFLyQGHGHVYtR\YDOLGH SXOVDQGR6HOHFF R 6HOHFFLRQH$FWLYDU 8WLOLFH R 1~PHUR SDUDHOHJLU%X]yQGHYR]/LVWtQWHOHIyQLFRR
3XOVH6HOHFF R SDUDYDOLGDUVXVHOHFFLyQ /DSDQWDOODFRQILUPDUiVXVROLFLWXG 3XOVH6DOLU R SDUDYROYHUDODSDQWDOODGHHVSHUD
GHRVHJXQGRV /RVGHVYtRVGHOODPDGDSDUDODV/tQHDV\GHEHQGHILQLUVHSDUDFDGDXQDGHHOODV'XUDQWH ODSURJUDPDFLyQGHOGHVYtRGHOODPDGDORVSDUiPHWURVUHDOL]DGRVDIHFWDUiQ~QLFDPHQWHDODOtQHD VHOHFFLRQDGDHQHVHPRPHQWR3DUDSURJUDPDUHOGHVYtRGHOODPDGDSDUDODRWUDOtQHDGHEHUi VHOHFFLRQDUODSULPHURPHQ~/ODPDGDVFRVWHV6HOHFFLyQGHOtQHD 3DUDGHVDFWLYDURYHULILFDUHOHVWDGRGHOGHVYtRGHOODPDGD
6LODRSFLyQ
$OQRFRQWHVWDU
HVWiVHOHFFLRQDGDVHSHGLUiTXHLQWURGX]FDXQWLHPSRGHGHPRUD
3XOVH 6HOHFFLRQH3DUiPHWURV (OLMD6HUYLFLRV*606HOHFFLRQH'HVYtRGHOODPDGD (OLMDXQDGHODVVLJXLHQWHVRSFLRQHV\SXOVH 6HOHFFLRQH&DQFHODUR(VWDGR 6HFRQILUPDUiVXVHOHFFLyQ 3XOVH6DOLU R
SDUDYROYHUDODSDQWDOODGHHVSHUD
3DUDDQXODUWRGRVORVGHVYtRVP~OWLSOH
3XOVH 6HOHFFLRQH3DUiPHWURV 6HOHFFLRQH6HUYLFLRV*606HOHFFLRQH'HVYtRGHOODPDGD 6HOHFFLRQH&DQFHODUWRGR $SDUHFHUiODFRQILUPDFLyQ 3XOVH6DOLU R SDUDYROYHUDODSDQWDOODGHHVSHUD
(VWDDFFLyQDQXODWRGRVORVGHVYtRVGHYR]GHODVOODPDGDVGHYR]ID[\GDWRVFRUUHVSRQGLHQWHVD
ODOtQHDHQXVRDFWXDOPHQWH3DUDDQXODUORVGHVYtRVGHODRWUDOtQHDGHEHUiVHOHFFLRQDUODSULPHUR PHQ~/ODPDGDVFRVWHV6HOHFFLyQGHOtQHD
/DPD\RUSDUWHGHODVUHGHVGLVSRQHQGHIXQFLyQGHSUHVHQWDFLyQGH ODLGHQWLGDGGHODOtQHDHQWUDQWH&/, HVGHFLUPXHVWUDQHOQ~PHURHQ WUDQWH, 'FXDQGRVHUHFLEHXQDOODPDGD3DUDFRPSUREDUVLODIXQFLyQ HVWiGLVSRQLEOHVHOHFFLRQH, 'OODPGHUHFHSFLyQ
3UHVHQWDFLyQGHO, 'GHOOODPDQWH
(VWDIXQFLRQDOLGDGSHUPLWHVDEHUVLODUHGSUHVHQWDHO, 'GHODVOODPD GDVHQWUDQWHV 3XOVH 6HOHFFLRQH3DUiPHWURV 6HOHFFLRQH6HUYLFLRV*606HOHFFLRQH, 'OODPGHUHFHSFLyQ /DUHGGHYROYHUi, 'HQWUDQWHGLVSRQLEOHR1RGLVSRQLEOH 3XOVH6DOLU R SDUDYROYHUDODSDQWDOODGHHVSHUD
&XDQGRVHUHDOL]DXQDOODPDGDVHSXHGHHOHJLUPRVWUDUXRFXOWDUVX SURSLR, 'Q~PHURGHPyYLOSDUDFDGDXQDGHHOODVDxDGLHQGR GHODQWHGHOQ~PHURDOTXHVHOODPD&RPRDOWHUQDWLYDWDPELpQSXHGH SHGLUDVXRSHUDGRUTXHGHVDFWLYHSHUPDQHQWHPHQWHHOHQYtRGHO, ' GHOPyYLO(QHVWHFDVRSDUDUHYHODUHOQ~PHURHQODVOODPDGDVGHVHD GDVDxDGD
DQWHVGHOQ~PHURDOTXHGHVHHOODPDU
&RQILJXUDFLyQHVWiQGDUGHODUHG
3DUDUHLQLFLDUORVSDUiPHWURVHVWiQGDUGHODUHGFRQHOILQGHHQYLDUVX , 'GHPyYLO 3XOVH 6HOHFFLRQH3DUiPHWURV 6HOHFFLRQH6HUYLFLRV*606HOHFFLRQH(QYLDQGRPL, ' 6HOHFFLRQH0LVSDUiPHWURV 6HOHFFLRQH3UHGHILQLGR(OWHOpIRQRVHUHLQLFLDUiFRQORVSDUi PHWURVGHODUHGGHDFXHUGRFRQHORSHUDGRU 3XOVH6DOLU R SDUDYROYHUDODSDQWDOODGHHVSHUD
6LVWHPDGHPHQ~VLQWHUIDFH00,
, GHQWLGDGGHODOtQHDHQWUDQWHSUHVHQWDFLyQRFXOWDPLHQWRGH VXQ~PHURGHPyYLO
2FXOWDPLHQWRRSUHVHQWDFLyQGHOQ~PHURGHOXVXDULR
3XOVH 6HOHFFLRQH3DUiPHWURV 6HOHFFLRQH6HUYLFLRV*606HOHFFLRQH(QYLDQGRPL, ' 6HOHFFLRQH0LVSDUiPHWURV 6HOHFFLRQH2FXOWDUPL, 'R0RVWUDUPL, ' 3XOVH6DOLU R SDUDYROYHUDODSDQWDOODGHHVSHUD 3XOVH 6HOHFFLRQH3DUiPHWURV 6HOHFFLRQH6HUYLFLRV*606HOHFFLRQH(QYLDQGRPL, ' 6HOHFFLRQH(VWDGR (OWHOpIRQRPRVWUDUiORVSDUiPHWURVDFWXDOHVWRPDQGRHQ FXHQWDODVFRQILJXUDFLRQHVGHODUHG\GHOWHOpIRQR 3XOVH6DOLU R SDUDYROYHUDODSDQWDOODGHHVSHUD
9LVXDOL]DFLyQGHOSDUiPHWURDFWXDOGHO, 'GHOXVXDULR
5HG
&XDQGRHOWHOpIRQRHVWiHQFHQGLGREXVFDDXWRPiWLFDPHQWHOD~OWLPD UHGHQODFXDOHVWXYRUHJLVWUDGRJHQHUDOPHQWHODUHGGHODWDUMHWD6L ODUHGQRHVWiGLVSRQLEOHEXVFDUiDXWRPiWLFDPHQWH\VHOHFFLRQDUiXQD UHGGHODOLVWDGHUHGHVSUHIHULGDVFRQWHQLGDHQOD6, 0
(GLFLyQGHODOLVWDGHUHGHVSUHIHULGDV
(OWHOpIRQRFRQWLHQHXQDOLVWDGHUHGHVTXHVHSXHGHQVHOHFFLRQDU\ WUDQVIHULUDODOLVWDGHUHGHVSUHIHULGDVJXDUGDGDVHQOD6, 0 6HSXHGHPRGLILFDUHVWDOLVWDSDUDDGDSWDUODDVXVQHFHVLGDGHVGHYLDMH 6HSXHGHPRGLILFDU\HGLWDUHORUGHQ\HOQRPEUHGHODVUHGHVHQODOLVWD GHUHGHVSUHIHULGDV
3XOVH 6HOHFFLRQH3DUiPHWURV 6HOHFFLRQH6HUYLFLRV*606HOHFFLRQH5HG 6HOHFFLRQH/LVWDGHSUHIHULGDV$SDUHFHUiXQDOLVWDGHUHGHV 8WLOLFH R SDUDYHUODOLVWD 3XOVH2SFLyQ SDUDPRGLILFDUOD$SDUHFHUiQODVVLJXLHQWHV RSFLRQHV 2SFLyQ 0RGLILFDU SRUOLVWD 0RGLILFDU SRUFyGLJR 6XSULPLU 'HVFULSFLyQ 0XHVWUDODOLVWDJHQHUDOGHWRGDVODVUHGHVFRQ WHQLGDVHQHOWHOpIRQRSRURUGHQDOIDEpWLFR 3HUPLWHHGLWDURLQWURGXFLUXQQ~PHURGHUHG 0&&01&VLHVFRQRFLGR 6XSULPHXQDHQWUDGD
3XOVH6HOHFF SDUDFRQILUPDUODVHOHFFLyQ 3XOVH6DOLU R SDUDYROYHUDODSDQWDOODGHHVSHUD
6X6, 0SXHGHFRQWHQHUXQDOLVWDGHUHGHVSURKLELGDVTXHQRVHSXHGHQ XWLOL]DU3DUDYHUODOLVWDSURKLELGDRPRVWUDUODUHGGHODWDUMHWDUHG SURSLD
3XOVH 6HOHFFLRQH3DUiPHWURV 6HOHFFLRQH6HUYLFLRV*606HOHFFLRQH5HG 6HOHFFLRQH3URKLELGDVR5HGGHOXVXDULR $SDUHFHUiXQDOLVWDGHUHGHVSURKLELGDVRODSURSLD 3XOVH6DOLU R SDUDYROYHUDODSDQWDOODGHHVSHUD
6HOHFFLyQGHE~VTXHGDPDQXDO
3XOVH 6HOHFFLRQH3DUiPHWURV 6HOHFFLRQH6HUYLFLRV*606HOHFFLRQH5HG 6HOHFFLRQH%XVFDU 6HOHFFLRQH0DQXDO$SDUHFHUiXQDSDQWDOODGHFRQILUPDFLyQ\ OXHJR6HOHFFLRQHUHG 8WLOLFH R SDUDVHOHFFLRQDUXQDGHODVUHGHVGHODOLVWD 3XOVH SDUDFRQILUPDUODVHOHFFLyQ$SDUHFHUi 6ROLFLWDQGRVHJXLGDGHOQRPEUHGHODUHGXQDYH]TXHHOWHOp IRQRKD\DUHJUHVDGRDODSDQWDOODGHHVSHUD
1RHVSRVLEOHERUUDUQLQJXQDUHGGHODOLVWDGHUHGHVSURKLELGDV(VWDOLVWDVHDFWXDOL]DUiDXWRPi
WLFDPHQWHFXDQGRVHOOHYHDFDERODVHOHFFLyQPDQXDOGHUHGHV
6HOHFFLyQ GH OD E~VTXHGD DXWRPiWLFD FRQILJXUDFLyQ QRUPDO SRUGHIHFWR
3XOVH 6HOHFFLRQH3DUiPHWURV 6HOHFFLRQH6HUYLFLRV*606HOHFFLRQH5HG 6HOHFFLRQH%XVFDU 6HOHFFLRQH$XWRPiWLFD 3XOVH6DOLU R SDUDYROYHUDODSDQWDOODGHHVSHUD
3DUDYROYHUDODVHOHFFLyQDXWRPiWLFDSURFHGDGHODVLJXLHQWHPDQHUD
5HVWULFFLyQGHOODPDGDVVHUYLFLRGHUHG
(VWHHVXQVHUYLFLRGHODUHGTXHSHUPLWHUHVWULQJLUGLIHUHQWHVWLSRVGH OODPDGDVHQWUDQWHV\VDOLHQWHV 5HTXLHUHTXHVHXWLOLFHXQDFRQWUDVHxDGHUHVWULFFLyQGHODUHGIDFLOL WDGDSRUVXRSHUDGRU
6LVWHPDGHPHQ~VLQWHUIDFH00,
3XHGHKDEHURFDVLRQHVHQODVFXDOHVVHGHVHDVHOHFFLRQDUXQDUHGHV SHFtILFDSRUHMHPSORSRUTXHWLHQHXQDPHMRUFREHUWXUDHQVXXELFD FLyQDFWXDO
3DUDUHVWULQJLUODVOODPDGDV 3XOVH 6HOHFFLRQH3DUiPHWURV 6HOHFFLRQH6HUYLFLRV*606HOHFFLRQH5HVWULFFLyQGHOODPDGD 6HOHFFLRQH/ODPDGDVVDOLHQWHVR/ODPDGDVHQWUDQWHV(OLMD HQWUHODVVLJXLHQWHVRSFLRQHV 6LJQLILFDGR 6HUHVWULQJLUiQWRGDVODVOODPDGDV VDOLHQWHV 6HUHVWULQJLUiQWRGDVODVOODPDGDV LQWHUQDFLRQDOHVVDOLHQWHV 7RGDVODVOODPDGDVLQWHUQDFLRQDOHV VDOLHQWHVH[FHSWRODVGLULJLGDVDRWURV DERQDGRVGHOPLVPRRSHUDGRU 6HUHVWULQJLUiQWRGDVODVOODPDGDV HQWUDQWHV 7RGDVODVOODPDGDVHQWUDQWHVFXDQGR VHHVWpHQLWLQHUDQFLD5RDPLQJ
6HOHFFLRQH /ODPDGDVVDOLHQWHV 7RGDVODV VDOLHQWHV /ODPDGDV LQWHUQDF , QWHUQDFH[FO QDFLRQDO /ODPDGDVHQWUDQWHV 7RGDVODV HQWUDQWHV 6yORHQ 5RDPLQJ
6HOHFFLRQHODRSFLyQPHGLDQWH R 3XOVH6HOHFF 6HOHFFLRQH$FWLYDU, QWURGX]FDODFRQWUDVHxD\SXOVH$FHSWDU /DUHGFRQILUPDUiODVHOHFFLyQ 3XOVH6DOLU R SDUDYROYHUDODSDQWDOODGHHVSHUD 3DUDDQXODUODUHVWULFFLyQRFRPSUREDUODFRQILJXUDFLyQ 3XOVH 6HOHFFLRQH3DUiPHWURV 6HOHFFLRQH6HUYLFLRV*606HOHFFLRQH5HVWULFFLyQGHOODPDGD 8WLOLFH R SDUDVHOHFFLRQDUODUHVWULFFLyQTXHGHVHHDQXODUR FRPSUREDU\SXOVH 3DUDFDQFHODUODUHVWULFFLyQVHUHTXHULUiODFRQWUDVHxD 3XOVH6DOLU R SDUDYROYHUDODSDQWDOODGHHVSHUD 3DUDFDPELDUGHFRQWUDVHxD 3XOVH 6HOHFFLRQH3DUiPHWURV 6HOHFFLRQH6HUYLFLRV*606HOHFFLRQH5HVWULFFLyQGHOODPDGD 6HOHFFLRQH&DPELDU&RQWUDVHxD 6HVROLFLWDUiODDQWLJXDFRQWUDVHxDVHJXLGDGHGRVVROLFLWXGHVGH LQWURGXFFLyQGHODQXHYDFRQWUDVHxD$SDUHFHUiHQODSDQWDOODOD FRQILUPDFLyQ 3XOVH6DOLU R SDUDYROYHUDODSDQWDOODGHHVSHUD
*UXSRFHUUDGRGHXVXDULRV&8*VHUYLFLRFRQVXVFULSFLyQ
3XOVH 6HOHFFLRQH3DUiPHWURV 6HOHFFLRQH6HUYLFLRV*606HOHFFLRQH&8* $SDUHFHUiHOHVWDGR&8*DFWXDO 3XOVH'HILQLU 2SFLRQHV 6LQ&8* &8* SDUFLDOPHQWH 6yOR&8* SDUDYLVXDOL]DUODVVLJXLHQWHVRSFLRQHV 6LJQLILFDGR (O&8*HVWiGHVDFWLYDGR1RKD\JUXSRVDFWL YRV6HSXHGHQKDFHUOODPDGDVDMHQDVDO JUXSR /ODPDGDVOLPLWDGDVD\GHVGHXVXDULRVDMHQRV DOJUXSR\GHXVXDULRVGHOJUXSR 6yORVHSXHGHQKDFHU\UHFLELUOODPDGDVGHVGH XVXDULRVGHOJUXSR
8WLOLFH R SDUDVHOHFFLRQDUODRSFLyQGHVHDGD3XOVH 6LJDODVLQVWUXFFLRQHVGHODSDQWDOOD 3XOVH6DOLU R SDUDYROYHUDODSDQWDOODGHHVSHUD
(OSDUiPHWURSDUDXVRQRUPDOHV
6LQ&8*
0HQVDMHVGLIXVLyQ0HQVDMHVGHGLIFHOXODU&%
6HWUDWDGHPHQVDMHVTXHVHWUDQVPLWHQSRUODUHGDWRGRVORVXVXDULRV*60\ SURSRUFLRQDQLQIRUPDFLyQJHQHUDODFHUFDGHORVFyGLJRVGHPDUFDFLyQGHiUHD ORFDOLQIRUPHVPHWHRUROyJLFRV\QRWLFLDVGHWUiILFRHWF&DGDWLSRGHPHQVDMH HVWiQXPHUDGRORTXHSHUPLWHVHOHFFLRQDUHOWLSRGHLQIRUPDFLyQTXHVHGHVHD UHFLELU6HSXHGHQSURJUDPDUHQVXOLVWDGHVHOHFFLyQKDVWD WLSRVGLIHUHQWHV GHPHQVDMHVSHURVyORVHSXHGHYLVXDOL]DUXQDDOPLVPRWLHPSR +D\WLSRVGHPHQVDMHVHVWiQGDUSUHSURJUDPDGRVSDUDVHOHFFLRQDUORVHQ HOWHOpIRQR6HSXHGHQSURJUDPDUQXHYRVWLSRVGHPHQVDMHVHQODOLVWDGH VHOHFFLyQXWLOL]DQGRHOQ~PHURWLSRGHGLIXVLyQFHOXODUGHGtJLWRV 3yQJDVHHQFRQWDFWRFRQVXRSHUDGRUSDUDREWHQHUPiVGHWDOOHVVREUHHO Q~PHUR\ORVWLSRVGHPHQVDMHVGHGLIXVLyQ $QWHVGHDFWLYDUHOVHUYLFLRGHGLIXVLyQGHEHUiLQFOXLUDOPHQRVXQWLSRGH PHQVDMHHQODOLVWDGHVHOHFFLyQ
6LVWHPDGHPHQ~VLQWHUIDFH00,
6HWUDWDGHXQVHUYLFLRGHUHGTXHSHUPLWHDOWHOpIRQRUHDOL]DU\UHFLELU OODPDGDVVyORGHVGHXQDOLVWDUHVWULQJLGDRIUHFLGDSRUHORSHUDGRU/RV JUXSRVWLHQHQQLYHOHVGHDFFHVRHQHOPRPHQWRGHODVXVFULSFLyQVH FRQILJXUDUiVLXQRGHHOORVGLVIUXWDUiGHOSHUPLVRGHDFFHVRGHOODPDGD SUHIHUHQWH1RVHWUDWDGHXQDIXQFLyQGHXQVRORXVXDULR\HVWiSULQ FLSDOPHQWHGHVWLQDGDDODVHPSUHVDVTXHGHVHHQGLVIUXWDUGHFRPXQL FDFLRQHVLQWHUQDVFHUUDGDV 6HSXHGHQFRQILJXUDUKDVWDJUXSRV$PHQRVTXHHVWpQDXWRUL]D GDVQRVHSHUPLWLUiHVWDEOHFHUQLUHFLELUOODPDGDVKDFLDRGHVGHQ~PH URVDMHQRVDOJUXSR 3DUDDFWLYDURGHVDFWLYDUHO&8*\VHOHFFLRQDUHOWLSRGHVHUYLFLR&8*
, QWURGXFFLyQGHXQWLSRGHPHQVDMHHQODOLVWDGHVHOHFFLyQ
3XOVH 6HOHFFLRQH3DUiPHWURV 6HOHFFLRQH0HQV'LIXVLyQ
6HSXHGHQLQWURGXFLUKDVWDWLSRVGHPHQVDMHHQODOLVWDGHVHOHFFLyQ
6HOHFFLRQH7LSRVGHPHQVDMH3XOVH2SFLyQ 6HOHFFLRQH0RGLILFDUSRUOLVWDR(GLWDUVLVHFRQRFHHOQ~PHUR GHOWLSR 6HOHFFLRQHHOWLSRGHPHQVDMHUHTXHULGR3XOVH6HOHFF YDOLGDUVXVHOHFFLyQ /DSDQWDOODFRQILUPDUiVXHOHFFLyQ SDUD
3XOVHRWUDYH]2SFLyQ SDUDVHOHFFLRQDUPiVWLSRVGHPHQVD MHVHQODOLVWDRLQWURGX]FDXQQ~PHURVLVDEHFXiOHV 3XOVH6DOLU R SDUDYROYHUDODSDQWDOODGHHVSHUD
$FWLYDFLyQGHVDFWLYDFLyQGHOVHUYLFLRGHGLIXVLyQ
3XOVH 6HOHFFLRQH3DUiPHWURV 6HOHFFLRQH0HQV'LIXVLyQ 6HOHFFLRQH$FWLYDU'HVDFWLYDU 6HOHFFLRQH$FWLYDGRR'HVDFWLYDGR 3XOVH6DOLU R SDUDYROYHUDODSDQWDOODGHHVSHUD
/HFWXUDGHORVPHQVDMHVGHGLIXVLyQ
/RVPHQVDMHVGHGLIXVLyQVyORDSDUHFHQHQODSDQWDOODGHHVSHUD\VH VXSULPHQGXUDQWHODFRQYHUVDFLyQRPLHQWUDVVHHVWiQXWLOL]DQGRORV PHQ~V8QPHQVDMHSXHGHWHQHUKDVWDFDUDFWHUHVGHORQJLWXG\RFX SDUYDULDVSiJLQDV/DVSiJLQDVFDPELDUiQGHPDQHUDDXWRPiWLFD DSUR[LPDGDPHQWHFDGDVHJXQGRVRSXOVDQGR
2SFLRQHVGHYLVXDOL]DFLyQGHPHQVDMHV
3XOVH6DOLU SDUDERUUDUOD&%DFWXDOPHQWHYLVXDOL]DGD3XOVH SDUDPDUFDUHOQ~PHURTXHDSDUHFHHQODSDQWDOODHQHOPHQVDMH 3XOVH2SFLyQ SDUDYLVXDOL]DUHOVLJXLHQWHPHQ~ 2SFLyQ 6XSULPLU 6XSULPLU WRGRV 1~PHURV 'LIXVLyQ GHVDFWLYDGD $FFLyQ 6XSULPHHOPHQVDMHDFWXDO 6XSULPHWRGRVORVPHQVDMHVJXDUGDGRVHQOD FROD 0XHVWUDWRGRVORVQ~PHURVGHWHOpIRQRHQ FRQWUDGRVHQHOWH[WRGHPHQVDMH\SHUPLWH PDUFDUORVRJXDUGDUORVHQHOEORFGHQRWDVVL HVQHFHVDULR 'HVDFWLYDODGLIXVLyQFHOXODU
$FWLYDFLyQRGHVDFWLYDFLyQGHOWRQRGHDOHUWD
3XOVH 6HOHFFLRQH3DUiPHWURV 6HOHFFLRQH0HQV'LIXVLyQ 6HOHFFLRQH$OHUWD 6HOHFFLRQH$FWLYDGRR'HVDFWLYDGR 3XOVH6DOLU R
6LHVQHFHVDULRVHSXHGHDFWLYDUXQWRQRGHDOHUWDTXHVXHQHFDGDYH] TXHVHUHFLEDXQPHQVDMHGHGLIXVLyQQXHYRRDFWXDOL]DGR
SDUDYROYHUDODSDQWDOODGHHVSHUD
6HSXHGHQVXSULPLU\PRGLILFDUORVWLSRVGHPHQVDMHVGHODOLVWDGHVH OHFFLyQ 3XOVH 6HOHFFLRQH3DUiPHWURV 6HOHFFLRQH0HQV'LIXVLyQ 6HOHFFLRQH7LSRVGHPHQVDMH3XOVH2SFLyQ 6HOHFFLRQH6XSULPLU(GLWDUR(OLJLUHQODOLVWD 3XOVH6DOLU R SDUDYROYHUDODSDQWDOODGHHVSHUD
, GLRPDGHGLIXVLyQ
7RGRVORVPHQVDMHVGHGLIXVLyQVHSXHGHQPRVWUDUHQXQRGHORVRFKR LGLRPDV 3DUDVHOHFFLRQDUHOLGLRPDGHVHDGR 3XOVH 6HOHFFLRQH3DUiPHWURV 6HOHFFLRQH0HQV'LIXVLyQ 6HOHFFLRQH, GLRPD 8WLOLFH R SDUDYDOLGDU 3XOVH6DOLU SDUDVHOHFFLRQDUXQLGLRPDHQODOLVWD3XOVH R SDUDYROYHUDODSDQWDOODGHHVSHUD
6LVWHPDGHPHQ~VLQWHUIDFH00,
6XSUHVLyQ\HGLFLyQGHPHQVDMHVGHODOLVWD
8VRGHODV8WLOLGDGHV
(OPHQ~8WLOLGDGHVFRQWLHQHXQEORFGHQRWDVXQDFDOFXODGRUDGHFRQYHUVLyQGH PRQHGDV\XQGHVSHUWDGRU
%ORFGHQRWDV
6HSXHGHQJXDUGDUKDVWDHQWUDGDVGHFDUDFWHUHVHQHOEORFGHQRWDV 3XOVH 6HOHFFLRQH8WLOLGDGHV 6HOHFFLRQH%ORFGHQRWDV 6HOHFFLRQH/HFWXUD8WLOLFH R SDUDGHVSOD]DUVHSRUODVOLV WDVGHOODPDGDV 6HOHFFLRQH(VFULWXUDSDUDFUHDUXQDQXHYDHQWUDGD 3XOVH2SFLyQ SDUDDFFHGHUDOPHQ~VLJXLHQWH 2SFLyQ $FFLyQ 3DUDJXDUGDUXQQ~PHURHQHOOLVWtQWHOHIyQLFR $OPDFHQDU 0RGLILFDXQDHQWUDGD (GLWDU 6XSULPHXQDHQWUDGD 6XSULPLU (OLPLQDU 6XSULPHWRGDVODVHQWUDGDV WRGRV /ODPDDOQ~PHURYLVXDOL]DGRHQODHQWUDGD /ODPDGD (VWDIXQFLyQSHUPLWHFRQYHUWLUPRQHGDV6LQHPEDUJRSDUDXWLOL]DUHOFRQ YHUWLGRUVHGHEHKDEHUGHILQLGRSULPHURODVPRQHGDV\ORVWLSRVGHFDPELR /DFRQYHUVLyQVHFDOFXODVHJ~QHOWLSRGHFDPELRXQLWDULRGHODVHJXQGD PRQHGDVHOHFFLRQDGD 3DUDVHOHFFLRQDUODPRQHGD\HOWLSRGHFDPELR 3XOVH 6HOHFFLRQH8WLOLGDGHV 6HOHFFLRQH&RQYHUVRUGHGLYLVD 6HOHFFLRQH3DUiPHWURV , QWURGX]FDHOQRPEUHGHODSULPHUDPRQHGDSRUHMHPSOR 'yODU3XOVH$FHSWDU , QWURGX]FDHOQRPEUHGHODVHJXQGDPRQHGDSRUHMHPSOR <HQ3XOVH$FHSWDU 3XOVH SDUDLQVHUWDUXQDFRPDHQHOYDORUGHOWLSRGHFDPELR 3XOVH$FHSWDU SDUDYDOLGDUORVGDWRV 3XOVH6DOLU R SDUDYROYHUDODSDQWDOODGHHVSHUD
&RQYHUVRUGHGLYLVD
6LGHVHDXWLOL]DUVXFRQYHUWLGRUGHPRQHGDVFRPRXQFRQYHUWLGRUGH(XURVSDUDODVPRQHGDVGHORV
(VWDGRVPLHPEURGHOD8QLyQ(XURSHDPRQHGDVGHOD]RQD(XURLQWURGX]FDHOWLSRGHFDPELR GHO(XURFRPSOHWRFRQODVVHLVFLIUDVVLJQLILFDWLYDV3RUHMHPSOR(XUR SHVHWDV
3DUDFDOFXODUODFRQYHUVLyQHQWUHODVPRQHGDVHOHJLGDV 3XOVH 6HOHFFLRQH8WLOLGDGHV 6HOHFFLRQH&RQYHUVRUGHGLYLVD 6HOHFFLRQHXQDGHODVGRVSULPHUDVRSFLRQHV (QQXHVWURHMHPSOR'yODU!<HQR<HQ!'yODU , QWURGX]FDODFDQWLGDGTXHVHGHEHFRQYHUWLU 3XOVH SDUDLQVHUWDUXQDFRPDVLSURFHGH 3XOVH$FHSWDU $SDUHFHUiODFDQWLGDGFRQYHUWLGD 3XOVH6DOLU R SDUDYROYHUDODSDQWDOODGHHVSHUD GHO(XURQRUPDOPHQWHGHEHUiDSOLFDUUHJODVGH´UHGRQGHRµ6XFRQYHUWLGRUGHPRQHGDVQRRIUHFH HVWDSRVLELOLGDG3RUFRQVLJXLHQWHHOUHVXOWDGRTXHVHREWLHQHVHUiVyORXQDDSUR[LPDFLyQ
'HVSHUWDGRU
(VWDIXQFLyQSHUPLWHDOXVXDULRGHILQLUXQDDODUPDUHFRUGDWRULRGLDULD 3DUDGHILQLUXQDKRUD\DFWLYDUODDODUPD 3XOVH 6HOHFFLRQH8WLOLGDGHV 6HOHFFLRQH'HVSHUWDGRUVLVHKDEtDGHILQLGRSUHYLDPHQWHXQD KRUDGHDODUPDDSDUHFHUiHQSDQWDOOD 6HOHFFLRQH$FWLYDGRHLQWURGX]FDODKRUDGHODDODUPDHQIRU PDWRGHKRUDVRELHQSXOVH$FHSWDU SDUDDFHSWDUODKRUD PRVWUDGD $SDUHFHUiXQPHQVDMHGHFRQILUPDFLyQ 3XOVH6DOLU R SDUDYROYHUDODSDQWDOODGHHVSHUD DSDUHFHUiHQODSDQWDOOD
&XDQGRHVWiDFWLYDGDODDODUPDVDOWDUiDODPLVPDKRUDWRGRVORVGtDVKDVWDTXHODGHVDFWLYH
$ODKRUDGHODDODUPDVRQDUiXQDDOHUWDDXGLEOHGXUDQWHPLQXWR\SDU SDGHDUiHOLQGLFDGRUOXPLQRVRURMR$SDUHFHUiHQSDQWDOODXQPHQVDMHGH 'HVSHUWDGRU\HOVtPERORGHXQDFDPSDQDVRQDQGR\9DOLG \1R WLPE 6LHOWHOpIRQRHVWiDSDJDGRDODKRUDGHODDODUPDVHHQFHQGHUiDXWRPi WLFDPHQWH\SRQGUiHQPDUFKDODVDOHUWDVVRQRUDV\YLVXDOHVGHVFULWDV DQWHULRUPHQWH
6LVWHPDGHPHQ~VLQWHUIDFH00,
/DFRQYHUVLyQGHXQDPRQHGDGHOD]RQD(XURDRWUDRDPRQHGDVTXHQRSHUWHQH]FDQDOD]RQD
3DUDXWLOL]DUORFRPRUHFRUGDWRULRRDODUPDUHSHWLWLYD 3XOVH1RWLPE RFXDOTXLHURWUDWHFODH[FHSWR9DOLG SDUDGH WHQHUODDODUPD/RVLFRQRVGHDODUPDFRQWLQXDUiQYLVLEOHVHQODSDQWD OOD\ODDODUPDYROYHUiDVRQDUWUDQVFXUULGRVPLQXWRV RELHQ 3XOVH9DOLG SDUDFRQILUPDU\DSDJDUODDODUPD 6LHOWHOpIRQRHVWDEDDSDJDGRDQWHVGHODKRUDGHODDODUPDFRQWLQXDUiHQ FHQGLGR6LHOWHOpIRQRHVWiEORTXHDGRRHOSDUiPHWURGH3, 1HVWiDFWLYDGR FRQWLQXDUiHQHVWDVLWXDFLyQGHEORTXHRKDVWDTXHHOXVXDULRORDFFLRQH 6LQRVHFRQILUPDODDODUPDORVLQGLFDGRUHVGHODPLVPDFRQWLQXDUiQYLVL EOHVGXUDQWHXQPi[LPRGHPLQXWRVWUDQVFXUULGRVORVFXDOHVHOWHOpIRQR VHDSDJDUiRVLHVWDEDHQFHQGLGRDODKRUDGHODDODUPDYROYHUiDODSDQ WDOODGHHVSHUDQRUPDO +DVWDTXHVHFRQILUPHODDODUPDVRQDUiGXUDQWHPLQXWR6LSXOVDFXDOTXLHUWHFODTXHQR VHDODWHFODGHIXQFLyQ9DOLGGHMDUiGHVRQDUSHURQRVHGHVDFWLYDUiVLQRTXHVHUHSHWLUi PLQXWRVGHVSXpV6LQRVHSXOVDODWHFODGHIXQFLyQ9DOLGGHVSXpVGHODWHUFHUDDODUPDQRVH UHSHWLUiPiVSHURHOWHOpIRQRSHUPDQHFHUiHQFHQGLGRHQHOPRGRGHYLVXDOL]DFLyQGHDODUPD GXUDQWHPLQXWRVWUDQVFXUULGDODFXDOUHJUHVDUiDOHVWDGRHQTXHHVWDEDDQWHVGHVDOWDUOD DODUPD 6LKD\XQDOODPDGDHQFXUVRRVLHOWHOpIRQRHVWiHQXQHVWDGRSURYLVLRQDOGXUDQWHXQDSD JDGRSRUHMHPSORHQHOPRPHQWRGHODDODUPDpVWDVHUHWUDVDUiKDVWDTXHWHUPLQHODOOD PDGDRFRQFOX\DHOHVWDGRSURYLVLRQDO 6LDODKRUDGHODDODUPDVHHVWiUHDOL]DQGRXQDOODPDGDVRQDUiXQSLWLGRGHDOHUWDHVSHFLDO
GHOODPDGD
FDGDPLQXWRV/DDODUPDVHSXHGHFRQILUPDUGHODIRUPDQRUPDO 6LDODKRUDGHODDODUPDVHHVWiUHDOL]DQGRXQDVHFXHQFLDGHHVWDEOHFLPLHQWRGHOODPDGD HQWUDQWHRVDOLHQWHODDODUPDTXHGDUiHQVXVSHQVRKDVWDTXHVHHVWDEOH]FDODOODPDGD\HO PyYLOVHFRPSRUWDUiFRPRVHKDLQGLFDGRHQHOSXQWRDQWHULRU 6LHQHOSOD]RGHXQRVPLQXWRVDFRQWDUGHVGHODKRUDGHODDODUPDVHGHVFRQHFWDXQDEDWH UtDVRQDUiLQPHGLDWDPHQWH6LKDQSDVDGRPiVGHPLQXWRVVyORDSDUHFHUiQORVLQGLFDGR UHVYLVXDOHV3XOVHODWHFODGHIXQFLyQ9DOLGSDUDFRQILUPDU\GHWHQHUODDODUPD 3DUDGHVDFWLYDUODDODUPD
3XOVH
6HOHFFLRQH8WLOLGDGHV
6HOHFFLRQH'HVSHUWDGRU 6HOHFFLRQH'HVDFWLYDGR$SDUHFHUiXQPHQVDMHGHFRQILUPDFLyQ 3XOVH6DOLU R SDUDYROYHUDODSDQWDOODGHHVSHUD
3UHFDXFLyQ1RROYLGHGHVDFWLYDUODIXQFLyQGHDODUPDFXDQGRHVWpD ERUGRGHXQDYLyQRHQOXJDUHVGRQGHHOXVRGHWHOpIRQRVPyYLOHVQR HVWpSHUPLWLGRRVHDLOHJDO&RPRDOWHUQDWLYDSXHGHUHWLUDUODEDWHUtD GHVSXpVGHDSDJDUHOWHOpIRQR&RQVXOWHORVDYLVRVJHQHUDOHVGHVHJX ULGDGHQODSiJLQD
-XHJRV
/DGLVSRQLELOLGDG\YLVXDOL]DFLyQGHORVMXHJRVVHGHVFULEHQDFRQWLQXDFLyQ\GHSHQ GHQGHORVVHUYLFLRVSURSRUFLRQDGRVSRUHORSHUDGRUGHUHG +D\GRVMXHJRVHQHOWHOpIRQR5HVKDSH\3XVK /DVLQVWUXFFLRQHVSDUDMXJDUDFDGDXQRGHHOORVDSDUHFHQFXDQGRVHVHOHFFLRQDHOMXHJR /DRSFLyQ2SFLyQGHOPHQ~SHUPLWHVHOHFFLRQDUORVHIHFWRVGHVRQLGRP~VLFD HIHFWRVGHVRQLGRHOHFWUyQLFRRVLQVRQLGR 3DUDVHOHFFLRQDUXQMXHJR
3XOVH
6HOHFFLRQH-XHJRV
5HVKDSH\3XVKWLHQHQYDULRVQLYHOHVGHKDELOLGDG&XDQGRVHUHDOL]DFDGD MXHJRFRQp[LWRGHQWURGHOLQWHUYDORGHWLHPSRSHUPLWLGRVHSDVDDOVL JXLHQWHQLYHO 8QDYH]VXSHUDGRXQQ~PHUR
;
GHQLYHOHVFRQp[LWRVHOHIDFLOLWDUiXQFyGLJR TXHOHSHUPLWLUiYROYHUDLQLFLDUHOMXHJRHQHOQLYHOGHKDELOLGDGDOFDQ]DGR /DVSXQWXDFLRQHVVHSXHGHQJUDEDUMXQWRFRQHOQRPEUHGHOMXJDGRU 6LVHUHFLEHXQDOODPDGDPLHQWUDVVHHVWiMXJDQGRDSDUHFHUiODSDQWDOODGH OODPDGDQRUPDO\SRGUiUHVSRQGHUGHODIRUPDKDELWXDO&XDQGRKD\DWHU PLQDGRODOODPDGDVHUHDQXGDUiHOMXHJR 3DUDVDOLUGHOPHQ~GHMXHJRVSXOVH6DOLU R SDUDYROYHUDODSDQWDOOD GHHVSHUD
, QWHUQHW
/RVWHOpIRQRV0DUV\1HSWXQHWLHQHQXQQDYHJDGRUGH, QWHUQHWTXHSHUPLWHDFFHGHU DVHUYLFLRVFRPRQRWLFLDVGHSRUWHVLQIRUPDFLyQGHOWLHPSRSURJUDPDFLyQGH79 HWFRIUHFLGRVDWUDYpVGHOD:HESRUHORSHUDGRUGHUHG\RHOSURYHHGRUGH, QWHUQHW /RVWLSRVGHVHUYLFLRVRIUHFLGRVGHSHQGHUiQGHOSURYHHGRUGH, QWHUQHW GHHVHVHUYLFLRRGHORSHUDGRUWHOHIyQLFR 3DUDREWHQHUDFFHVRDHVWRVVHUYLFLRVDWUDYpVGHOWHOpIRQRDVHJ~UHVHGHFRQWDUFRQ XQDVXVFULSFLyQ'$7$ $GHPiVFRQVXOWHDORSHUDGRUGHUHGVLODFRQILJXUDFLyQGHFRQH[LyQVHKDSURJUD PDGRSUHYLDPHQWHHQHOWHOpIRQRDQWHVGHVXHQWUHJDRVLHVSUHFLVRLQWURGXFLU\ JXDUGDUPDQXDOPHQWHORVYDORUHV (QDPERVFDVRVXQDYH]JXDUGDGDODFRQILJXUDFLyQHVSRVLEOHFRPHQ]DUDXVDUHVWD IXQFLyQVLJXLHQGRODVLQVWUXFFLRQHVGHVFULWDVDFRQWLQXDFLyQ (ODFFHVRDORVSDUiPHWURVGHFRQH[LyQSXHGHGHSHQGHUGHVLpVWRVKDQVLGRSURJUDPDGRVSUHYLD PHQWHHQHOWHOpIRQRDQWHVGHVXVDOLGDGHIiEULFD(QDOJXQRVFDVRV\FRQHOILQGHHYLWDUHUURUHV HVWRVSDUiPHWURVSXHGHQHVWDU
EORTXHDGRV
HQFX\RFDVRHOXVXDULRQRSRGUiSURJUDPDUORV
6LVWHPDGHPHQ~VLQWHUIDFH00,
(OLMDHOMXHJRDOTXHGHVHHMXJDU\SXOVH6HOHFF R 6HOHFFLRQH$\XGDSDUDREWHQHUODVLQVWUXFFLRQHVGHOMXHJR\ORV FRQWUROHVTXHGHEHXVDU 6HOHFFLRQH&yGLJRSDUDLQWURGXFLUVXQLYHOGHKDELOLGDG\MXJDU HQpO 6HOHFFLRQH-XJDUSDUDLQLFLDUHOMXHJR
$OPDFHQDPLHQWRHGLFLyQGHORVSDUiPHWURVGHFRQH[LyQTXHOH IDFLOLWDUiVXRSHUDGRUGHUHG
$QWHVGHFRQWLQXDU\VLD~QQRORKDKHFKRLQWURGX]FDODIHFKD \KRUDDFWXDOHVWDO\FRPRVHGHVFULEHHQODSiJLQD /DOLVWDGHSHUILOHVSXHGHWHQHUKDVWDGRVSHUILOHV 3DUDLQWURGXFLU\JXDUGDUORVGHWDOOHVGHOSHUILO 3XOVH 6HOHFFLRQH, QWHUQHW 6HOHFFLRQH/LVWDGHSHUILOHV 6HOHFFLRQHXQSHUILOYDFtR>@\SXOVH2SFLyQ 6HOHFFLRQH(GLW (VFULEDHOFyGLJRGHEORTXHRGHGtJLWRVFyGLJRSUHGHWHUPL QDGR\SXOVH$FHSWDU (VFULEDHOQRPEUHSUR[\\SXOVH$FHSWDU (VFULEDHO1~PHURGHWHOpIRQR\SXOVH$FHSWDU 6HOHFFLRQHHOWLSRGHFRQH[LyQ'LJLWDOR$QDOyJLFR\SXOVH 6HOHFFLRQH 6HOHFFLRQHODYHORFLGDGR\SXOVH6HOHFF (VFULEDHO1RPEUHGHDFFHVR\SXOVH$FHSWDU (VFULEDOD&RQWUDVHxDGHDFFHVR3DVDGRVXQRVLQVWDQWHVORV FDUDFWHUHVVHFRQYHUWLUiQHQDVWHULVFRV
3XOVH$FHSWDU (VFULEDOD'LUHFFLyQ, 3\SXOVH$FHSWDU (VFULEDODGLUHFFLyQGHOD3iJLQDGHLQLFLR\SXOVH$FHSWDU 6HOHFFLRQHHOSDUiPHWURGHVHJXULGDG$FWLYDGRR'HVDFWL YDGR\SXOVH6HOHFF , QWURGX]FDHO1~PHURGHSXHUWRVLVHUHTXLHUH\SXOVH $FHSWDU $SDUHFHUiXQPHQVDMHGHFRQILUPDFLyQ 3DUDDFWLYDUHOSHUILOUHTXHULGRXWLOLFH R SDUDVHOHFFLRQDUOR HQODSDQWDOOD3XOVH SDUDFRQILUPDU 3XOVH6DOLU R SDUDYROYHUDODSDQWDOODGHHVSHUD
7DPELpQSXHGHDFFHGHUGLUHFWDPHQWHDOPHQ~, QWHUQHWSXOVDQGRODWHFODGHIXQFLyQ, QWHUQHW
GHVGHODSDQWDOODGHHVSHUDVLHPSUHTXHQRKD\DSHUVRQDOL]DGRODWHFODGHIXQFLyQL]TXLHUGD 6LHOQ~PHURGHWHOpIRQRGHDFFHVR333HOQRPEUHGHXVXDULR\ODFRQWUDVHxDODGLUHFFLyQKWWS GHODSiJLQDGHLQLFLR\ODGLUHFFLyQ, 3QRHVWiQSUHGHILQLGRVGHIiEULFDVXRSHUDGRUGHUHGR SURYHHGRUGH, QWHUQHWGHEHUiIDFLOLWiUVHORV 6LYXHOYHDVHOHFFLRQDU$FFHVR333R3UR[\SRGUiFDPELDU\RPRGLILFDUFXDOTXLHUDGHORV SDUiPHWURV
3HUVRQDOL]DFLyQGHORVSDUiPHWURVGHFRQH[LyQ
([LVWHXQDVHULHGHSDUiPHWURVSURJUDPDEOHVSRUHOXVXDULRTXHSHUPLWHQRS WLPL]DUHOFRPSRUWDPLHQWRGHOWHOpIRQRPLHQWUDVHVWiFRQHFWDGRD, QWHUQHW 3XOVH 6HOHFFLRQH, QWHUQHW 6HOHFFLRQH3DUiPHWURV 9D\DDODVVLJXLHQWHVRSFLRQHV\DFWtYHODVRGHVDFWtYHODVVHJ~QOR GHVHDGR 2SFLyQ %RUUDUPHPRULD FDFKp $FFLyQ 'XUDQWHXQDVHVLyQGH, QWHUQHWHQOtQHDSDUWHGH ODLQIRUPDFLyQ\ORVVHUYLFLRVDORVTXHVHDFFHGH VH
JXDUGDQ
HQXQiUHDGHPHPRULDGHQRPLQDGD FDFKp3DUDERUUDUHOFRQWHQLGRGHHVWDPHPR ULDSXOVH\VHOHFFLRQHODRSFLyQ6t $OJXQDVGHODVSiJLQDVGH, QWHUQHWSXHGHQFRQ WHQHULPiJHQHVDVRFLDGDVTXHWDUGDQPXFKRHQ GHVFDUJDUVH'HVDFWLYDGRODVLPiJHQHVQRVH FDUJDUiQ\HOSURFHVRGHGHVFDUJDGHOWH[WRVHUi PiVUiSLGR 6HHPSOHDSDUDSHUPLWLURSURKLELUODHMHFXFLyQ GHVFULSWVHQXQDSiJLQDSHUPLWLHQGRTXHVHLQ WURGX]FDQGDWRVRVHKDJDQFiOFXORVFXDQGROD SiJLQDVHKDGHVFDUJDGR (VWDIXQFLyQGHVFRQHFWDHOPyYLOGH, QWHUQHW WUDQVFXUULGRXQSHUtRGRGHLQDFWLYLGDGGHILQLGR (VFULEDHOSHUtRGRHQWUH\PLQXWRV\SXOVH $FHSWDU GHVDFWLYDODIXQFLyQGHGHVFRQH[LyQ DXWRPiWLFD SDUDYROYHUDODSDQWDOODGHHVSHUD
'HVFDUJDU LPiJHQHV
6FULSWLQJ
'HVFRQH[LyQ DXWRPiWLFD
3XOVH6DOLU
R
7DPELpQSXHGHDFFHGHUGLUHFWDPHQWHDOPHQ~, QWHUQHWSXOVDQGRODWHFODGHIXQFLyQ, QWHUQHWGHVGH
ODSDQWDOODGHHVSHUDVLHPSUHTXHQRKD\DSHUVRQDOL]DGRODWHFODGHIXQFLyQL]TXLHUGD
&RQH[LyQHQOtQHD\DFFHVRDODUHG
3DUDDFFHGHUDORVVHUYLFLRVHQOtQHDRIUHFLGRVSRUHORSHUDGRUGHUHG 3XOVH 6HOHFFLRQH, QWHUQHW 6HOHFFLRQH3iJLQDGHLQLFLR $SDUHFHUi&RQHFWDQGRDVHJXLGRSRUHOQRPEUHGHSUR[\ PLHQWUDVVHUHDOL]DHODFFHVR\DFRQWLQXDFLyQDSDUHFHUiOD SDODEUD&DUJDQGRGHODSiJLQDGHLQLFLR 7DPELpQSXHGHDFFHGHUGLUHFWDPHQWHDOPHQ~, QWHUQHWSXOVDQGRODWHFODGHIXQFLyQ, QWHUQHWGHVGH ODSDQWDOODGHHVSHUDVLHPSUHTXHQRKD\DSHUVRQDOL]DGRODWHFODGHIXQFLyQL]TXLHUGD
6LVWHPDGHPHQ~VLQWHUIDFH00,
8QDYH]HVWDEOHFLGDODFRQH[LyQDSDUHFHUiQODVRSFLRQHVGHPHQ~RIUHFL GDVSRUHORSHUDGRUGH, QWHUQHW(OLFRQR VLWXDGRHQODSDUWHLQIHULRUOD SDQWDOODLQGLFDTXHODFRQH[LyQHVWiHQFXUVR 0LHQWUDVVHQDYHJDVHSXHGHDFWLYDUODVHJXULGDGPHGLDQWHODRSFLyQ´6H JXULGDGDFWLYDGDµYpDVHODSiJLQD'HHVWDPDQHUDVHFLHUUDODVHVLyQ TXHQRVHDVHJXUD\VHSXHGHVHJXLUQDYHJDQGRORFDOPHQWHHQODVSiJLQDV GHODPHPRULDFDFKp&XDQGRHVQHFHVDULRFRQHFWDUVHDODUHGGHQXHYR VHVROLFLWDUiXQDFRQH[LyQVHJXUDDOPLVPRSHUILO3XHGHTXHHVWRQRIXQ FLRQHFRUUHFWDPHQWHSRUTXHVHOOHYHDFDERODFRQH[LyQHPSOHDQGRORVDQ WHULRUHVSDUiPHWURVGHFRQH[LyQDOVHUYLGRU(QHVWHFDVRSXHGHTXHOD QDYHJDFLyQWHQJDTXHUHLQLFLDUVHGHVGHHOSULQFLSLR8QDYH]HVWDEOHFLGDOD FRQH[LyQVHJXUDHOLFRQR VLWXDGRHQODSDUWHLQIHULRUODSDQWDOODLQGLFD TXHODFRQH[LyQHVWiHQFXUVR 8WLOLFH \RODVWHFODVGHIXQFLyQSDUDDVFHQGHU\GHVFHQGHUSRUHOPH Q~VHOHFFLRQDURSFLRQHV\UHWURFHGHU\DYDQ]DUSRUHOPHQ~8WLOLFHODVWHFODV GHIXQFLyQL]TXLHUGD\GHUHFKDFXDQGRKD\DUHVDOWDGRXQWHPDHQXQPHQ~
8VRGH
&XDQGR2SFLyQ QRHVWiYLVLEOHGXUDQWHODFRQH[LyQHQOtQHD SXOVDUSDUDDEULUHOVLJXLHQWHPHQ~GHRSFLRQHV 2SFLyQ $WUiV =RRP 'HVFRQHFWDU %RUUDUPHPRULD FDFKp
$JUHJDU PDUFDGRU
, UDPDUFDGRUHV
3iJLQDGHLQLFLR $FWXDOL]DU &HUUDUVHVLyQ
GXUDQWHXQDFRQH[LyQHQOtQHD
SXHGH
$FFLyQ 5HJUHVDDODSiJLQDRWDUMHWDDQWHULRU $XPHQWDRUHGXFHHOWDPDxRGHOWH[WR 'HVFRQHFWDHOQDYHJDGRUGHODUHGSHURGHMDOD SiJLQDDFWXDODFWLYDGHIRUPDORFDOHQHOQDYHJD GRUGHOWHOpIRQR %RUUDODPHPRULDFDFKp $JUHJDXQDWDUMHWDRSiJLQDDFWXDODODOLVWDGH PDUFDGRUHV 9DDXQPDUFDGRUJXDUGDGRSUHYLDPHQWH 9XHOYHDFDUJDUODSiJLQDGHLQLFLR\UHJUHVDDHOOD 9XHOYHDFDUJDUODSiJLQDDFWXDO 'HVFRQHFWDHOWHOpIRQRGH, QWHUQHW
(VWDVRSFLRQHVSRGUiQDSDUHFHURQRHQHOPHQ~LQGLFDGRDQWHULRUPHQWH GHSHQGLHQGRGHODVRIHUWDVGHORSHUDGRU\GHORVSDUiPHWURVGHILQLGRVHQ HOPHQ~3DUiPHWURV
)LQDOL]DFLyQGHODFRQH[LyQHQOtQHD
3DUDILQDOL]DUODFRQH[LyQFRQ, QWHUQHW 3XOVH
7DPELpQSXHGHHOHJLUODRSFLyQ&HUUDUVHVLyQGHOPHQ~GHRSFLRQHV &UHDFLyQGHPDUFDGRUHV
(VSRVLEOHTXHKD\DDOJXQRVVHUYLFLRVTXHGHVHHYROYHUDXWLOL]DURYHUFRQ PiVIUHFXHQFLDTXHORVGHPiV(VWRVVHUYLFLRVRSiJLQDVVHSXHGHQJXDU GDUFRPRPDUFDGRUHVTXHIDFLOLWDQYtQFXORVGHDFFHVRGLUHFWRD, QWHUQHW
6yORVHSXHGHQXWLOL]DUVLHVWiQGLVSRQLEOHVHQORVSDUiPHWURVGHFRQH[LyQ DFWXDOHVGHORSHUDGRUGHUHG\RHOSURYHHGRUGH, QWHUQHW +D\GRVIRUPDVGHDJUHJDUPDUFDGRUHVKDVWDXQPi[LPRGH 'LUHFWDPHQWHGHVGHODSDQWDOODGHHVSHUD
3XOVH 6HOHFFLRQH, QWHUQHW 6HOHFFLRQH0DUFDGRUHV 3XOVH2SFLyQ 2SFLyQ VHOHFFLRQH0RGLILFDUHLQWURGX]FDORVLJXLHQWH $FFLyQ 1RPEUHGHOPDUFDGRUGHVHDGR 'LUHFFLyQGHODSiJLQDGHLQLFLRVLODFRQRFH SDUDYDOLGDUFDGDDQRWDFLyQ SDUDYROYHUDODSDQWDOODGHHVSHUD R
3XOVH$FHSWDU 3XOVH6DOLU
ODSDQWDOODGHHVSHUDVLHPSUHTXHQRKD\DSHUVRQDOL]DGRODWHFODGHIXQFLyQL]TXLHUGD 'XUDQWHXQDFRQH[LyQHQOtQHDPLHQWUDVHVWiYLHQGRXQDSiJLQD 3XOVH SDUDPRVWUDUHOPHQ~GHRSFLRQHV 6HOHFFLRQH$JUHJDUPDUFDGRUHVFULEDHOQRPEUHGHO0DUFDGRU \SXOVH$FHSWDU HOWHOpIRQRGHVFRQHFWDGR
7DPELpQSXHGHDFFHGHUGLUHFWDPHQWHDOPHQ~, QWHUQHWSXOVDQGRODWHFODGHIXQFLyQ, QWHUQHWGHVGH
/RVPDUFDGRUHVVyORVHSXHGHQHGLWDURERUUDUGHVGHODRSFLyQ0DUFDGRUHVGHOPHQ~, QWHUQHWFRQ
8VRGHORVPDUFDGRUHV
3XHGHXVDUORVPDUFDGRUHV GLUHFWDPHQWHGHVGHODSDQWDOODGHHVSHUD 3XOVH 6HOHFFLRQH, QWHUQHW 6HOHFFLRQH0DUFDGRUHV 6HOHFFLRQHHOQRPEUHGHOPDUFDGRUGHVHDGR
ODSDQWDOODGHHVSHUDVLHPSUHTXHQRKD\DSHUVRQDOL]DGRODWHFODGHIXQFLyQL]TXLHUGD PLHQWUDVQDYHJDSRU, QWHUQHW 3XOVH SDUDPRVWUDUHOPHQ~GHRSFLRQHV 6HOHFFLRQH, UDPDUFDGRUHV 6HOHFFLRQHHOQRPEUHGHOPDUFDGRUGHVHDGR
7DPELpQSXHGHDFFHGHUGLUHFWDPHQWHDOPHQ~, QWHUQHWSXOVDQGRODWHFODGHIXQFLyQ, QWHUQHWGHVGH
6LVWHPDGHPHQ~VLQWHUIDFH00,
$OLDV 'LUHFFLyQ
2WURVLWLR
(OXVRGHHVWDRSFLyQGHVGHHOPHQ~, QWHUQHWSHUPLWHDOXVXDULRLQWURGXFLU XQDGLUHFFLyQGHXQDSiJLQD:HEFRQRFLGDHLUDHOODGLUHFWDPHQWHFXDQGR VHFRQHFWH6LQHPEDUJRDOFRQWUDULRGHORTXHRFXUUHFRQODIXQFLyQGH PDUFDGRUHVODVGLUHFFLRQHVQRVHJXDUGDQ\HVSUHFLVRLQWURGXFLUODVFDGD YH]TXHVHXVDHVWDIXQFLyQ (OWHOpIRQRVRSRUWDODVVHFXHQFLDVHVWiQGDUGHWHFODV*60XWLOL]DQGR ORVFDUDFWHUHV
\HQYLDGRVGLUHFWDPHQWHGHVGHHOWHFODGRDODUHG (VWDVVHFXHQFLDVVHXWLOL]DQSDUDDFWLYDUWRGRVORVVHUYLFLRVFRPSOH PHQWDULRVSURSRUFLRQDGRVSRUODUHG &RQVXOWHFRQVXRSHUDGRUSDUDREWHQHUXQDOLVWDFRPSOHWD
, QWHUIDFHGHFyGLJRV*6000,
$FFHVRULRV
8WLOL]DFLyQGHOPDQRVOLEUHVSRUWiWLO
&RQH[LyQGHOPDQRVOLEUHVSRUWiWLO
, QVHUWHODFODYLMDGHOPDQRVOLEUHVSRUWiWLOHQHOFRQHFWRUGHVWLQDGRDO HIHFWRGHOWHOpIRQRWDO\FRPRVHPXHVWUDHQODILJXUDVLJXLHQWH
&XDQGRLQVHUWHODFODYLMDHQHOFRQHFWRUSDUDPDQRVOLEUHVSRUWiWLOGHOWHOpIRQRDVHJ~UHVHGHTXHHOORJR
DSDUH]FDHQODSDUWHVXSHULRU'HORFRQWUDULRHOPDQRVOLEUHVSRUWiWLOQRIXQFLRQDUiFRUUHFWD PHQWH
8WLOL]DFLyQGHOPDQRVOLEUHVSRUWiWLO
&ROyTXHVHHODXULFXODUGHO PDQRVOLEUHVSRUWiWLOHQOD RUHMD (OPLFUyIRQRGHOPDQRVOL EUHVSRUWiWLOTXHGDUiVLWXD GRDQLYHOySWLPRSDUDVX IXQFLRQDPLHQWR 3RGUiUHVSRQGHUDODVOOD PDGDVUHFKD]DUODV\FRO JDUODVXWLOL]DQGR R YpDVHODSiJLQD 3DUDDMXVWDUHOYROXPHQGHO R DXULFXODUXWLOLFH $XULFXODU
'HVFRQH[LyQGHOPDQRVOLEUHVSRUWiWLO
, QFOLQHODFODYLMDGHOPDQRVOLEUHVSRUWiWLOWDO\FRPRVHPXHVWUDDFRQ WLQXDFLyQ
$FFHVRULRV
0LFUyIRQR
&DPELRGHODFDUFDVDIURQWDOVyORSDUD0DUV
$QWHVGHFDPELDUODFDUFDVDDSDJXHVLHPSUHHOWHOpIRQR\GHVFRQpFWHORGHFXDOTXLHU GLVSRVLWLYRFDUJDGRURNLWSDUDHODXWRPyYLO
([WUDFFLyQGHODFDUFDVD
, QVHUWHXQLQVWUXPHQWRSHTXHxR\ILQRSRUHMHPSORXQVXMHWDSD SHOHVHQODUDQXUDGHVWLQDGDDOHIHFWR\OHYDQWHFRQVXDYLGDG\ILU PH]DXQH[WUHPRGHODFDUFDVD 6RVWHQJDHOH[WUHPROHYDQWDGRGHODFDUFDVD\WLUHGHpOKDFLD DUULEDSDUDHOORGHVHQJDQFKHODFDUFDVDGHOWHOpIRQR\WLUHVXDYH PHQWHKDFLDDUULED/DFDUFDVDVHGHVHQJDQFKDUiGHOWHOpIRQR\ SRGUiTXLWDUOD
&RORFDFLyQGHODFDUFDVD
/RFDOLFHORVHQJDQFKHVGHODFDUFDVDIURQWDOVLWXDGRVGHQWURGH ODVUDQXUDVGHHQJDQFKHHQODSDUWHVXSHULRUGHOWHOpIRQR 3UHVLRQHODFDUFDVDFRQILUPH]DKDFLDDEDMRGHPRGRTXHTXHGH HQJDQFKDGDHQVXOXJDU
5DQXUD
(QJDQFKHV
3HVWLOORV 5DQXUDVGHORV HQJDQFKHV
1RDSOLTXHXQDSUHVLyQLQQHFHVDULDDOFDPELDUODFDUFDVD(YLWHFXUYDUODHQH[FHVR3URFXUHQR
FDPELDUODFDUFDVDIURQWDOFRQH[FHVLYDIUHFXHQFLDORVHQJDQFKHV\SHVWLOORVIURQWDOHVSRGUtDQ GHWHULRUDUVH1RODGHMHH[SXHVWDDODOX]VRODUGLUHFWD6LHPSUHTXHXWLOLFHHOWHOpIRQRDVHJ~UHVH GHTXHODFDUFDVDHVWpSXHVWD1ROLPSLHHOWHOpIRQRQLODFDUFDVDIURQWDOFRQDOFRKROVXVWDQFLDV TXtPLFDVIXHUWHVQLGLVROYHQWHV3DUDOLPSLDUORXWLOLFH~QLFDPHQWHXQSDxRVXDYHOLJHUDPHQWH KXPHGHFLGR/HDODVLQVWUXFFLRQHV&XLGDGRV\PDQWHQLPLHQWRHQODSiJLQD
&DPELRGHODIXQGDGHJRPDVyORSDUD0DUV
&RORFDFLyQGHODIXQGDGHJRPD
, QVHUWHHOH[WUHPRLQIHULRUGHOWHOpIRQRHQODIXQGDGHJRPDWDO\ FRPRVHLQGLFDHQODILJXUD (VWLUHODIXQGDSRUHQFLPDGHODSDUWHVXSHULRUGHPRGRTXH HQYXHOYDHOWHOpIRQR&RPSUXHEHTXHODIXQGDTXHGHELHQ HQFDMDGD
7LUHGHODSDUWHVXSHULRUGHODIXQGDGHJRPDSDUDVDFDUHOWHOp IRQR $KRUDSRGUiUHWLUDUODIXQGDGHJRPD
$FFHVRULRV
([WUDFFLyQGHODIXQGDGHJRPD
&DPELRGHODWDSDGHOWHFODGRVyORSDUD1HSWXQH
([WUDFFLyQGHODWDSDGHOWHFODGR
$EUDODWDSDGHOWHFODGR *LUHOLJHUDPHQWHODWDSDGHOWHFODGRKDFLDODGHUHFKDRKDFLDOD L]TXLHUGDSDUDVROWDUXQDGHODVELVDJUDV ([WUDLJDODWDSDGHOWHFODGRWRWDOPHQWHGHODRWUDELVDJUD
&RORFDFLyQGHODWDSDGHOWHFODGR
, QVHUWHODWDSDGHOWHFODGRHQXQDGHODVELVDJUDVWDO\FRPRVH PXHVWUDHQODILJXUDVLJXLHQWH *tUHODOLJHUDPHQWHSDUDSRGHULQVHUWDUODRWUDELVDJUD &RPSUXHEHTXHODWDSDGHOWHFODGRTXHGHELHQHQFDMDGD &LHUUHODWDSDGHOWHFODGR
$QH[R
*ORVDULR
([SUHVLyQ
$/6 $R& &DUJDGRU$&'& &% &/$ &/, &6' &8* '(6 'HVYtR '7& '70) )'1 *356 *60 +) KWWS , 1 , 3 /&' /('LQGLFDGRU OXPLQRVR
6LJQLILFDGR
6HUYLFLRGHOtQHDDOWHUQD/tQHD &RVWHGHODOODPDGDVHUYLFLRFRQVXVFULSFLyQ &DUJDGRUGHFRUULHQWHDOWHUQDFRUULHQWHFRQWLQXD 'LIXVLyQFHOXODU $GDSWDGRUGHOHQFHQGHGRU , GHQWLGDGGHODOtQHDHQWUDQWHPXHVWUDHOQ~PHURGH WHOpIRQRGHOTXHOODPD &LUFXLW6ZLWFKHG'DWD *UXSRFHUUDGRGHXVXDULRVGHEHHVWDUVRSRUWDGRSRUOD UHG 'DWD(QFU\SWLRQ6WDQGDUG 'HVYtDODVOODPDGDVHQWUDQWHVKDFLDRWURQ~PHUR &DUJDGRUGHVREUHPHVD 'REOHWRQRGHPXOWLIUHFXHQFLD 1~PHURVGHPDUFDFLyQILMD *HQHUDO3DFNHW5DGLR6HUYLFH 6LVWHPDJOREDOSDUDFRPXQLFDFLRQHVGHPyYLOHV . LWPDQRVOLEUHVSDUDHOYHKtFXOR 3URWRFRORGHWUDQVIHUHQFLDGHKLSHUWH[WR 1~PHURVGHLQIRUPDFLyQGHVXRSHUDGRU 3URWRFRORGH, QWHUQHW 3DQWDOODGHFULVWDOOtTXLGR 'LRGRHOHFWUROXPLQLVFHQWH
$QH[R
/ODPDGDDFWLYD 00, 0RGRFRQYHUVDFLyQ 0RGRGHHVSHUD 3, 13, 1 333 38. 38. [. . . ] 5RDPLQJ5P LWLQHUDQFLD 6'1 6, 0 606 631 65 85/ :$( :$3 :'3 :0/ :0/6 :63 :7$, :73
/DOODPDGDDFWXDOPHQWHHQFRQYHUVDFLyQ , QWHUIDFHGHFyGLJRV*60 0LHQWUDVHOWHOpIRQRUHDOL]DRUHFLEHXQDOODPDGD 0LHQWUDVHOWHOpIRQRHVWiHQFHQGLGRUHJLVWUDGRHQXQD UHGVLQUHDOL]DUQLUHFLELUXQDOODPDGD 1~PHURGHLGHQWLILFDFLyQSHUVRQDO3URSRUFLRQDGRSRU VXRSHUDGRU 3URWRFROR3XQWRD3XQWR &ODYHGHGHVEORTXHRGHO3, 18WLOL]DGDSDUDGHVEOR TXHDU3, 1\HO3, 13URSRUFLRQDGDSRUVXRSHUDGRU &DSDFLGDGGHXWLOL]DUVXWHOpIRQRHQUHGHVGLIHUHQWHVD ODGHODWDUMHWDRHQHOH[WUDQMHUR 1~PHURGHPDUFDFLyQGHVHUYLFLRGHVXRSHUDGRU 0yGXORGHLGHQWLGDGGHODERQDGR3URSRUFLRQDGRSRU VXRSHUDGRU 6HUYLFLRGHPHQVDMHVFRUWRV 1RPEUHGHORSHUDGRU , QIRUPHGHHVWDGRVHUHODFLRQDFRQORVPHQVDMHV606 /RFDOL]DGRUGHUHFXUVRVXQLIRUPHV (QWRUQRSDUDDSOLFDFLRQHVVLQKLORV 3URWRFRORSDUDDSOLFDFLRQHVVLQKLORV :LUHOHVV'DWDJUDP3URWRFRO :LUHOHVV0DUNXS/DQJXDJH :LUHOHVV0DUNXS/DQJXDJH6FULSW :LUHOHVV6HVVLRQ3URWRFROR :LUHOHVV7HOHSKRQ\$SSOLFDWLRQ, QWHUIDFH :LUHOHVV7UDQVSRUW3URWRFRO
3UREOHPDVGHIXQFLRQDPLHQWR
3UREOHPD (OWHOpIRQRQRVHHQFLHQ GH $OFDUJDUHOLQGLFDGRU OXPLQRVR/('QRVHHQ FLHQGHURMR\HOLFRQRGH ODEDWHUtDQRSDUSDGHD 3RFDDXWRQRPtD 3RVLEOHFDXVD\VROXFLyQ 9HULILTXHTXHODEDWHUtDHVWpFRPSOHWDPHQWHFDUJDGD\ FRQHFWDGDFRUUHFWDPHQWHDOWHOpIRQR 3XHGHTXHQRKD\DDOLPHQWDFLyQGHODUHG&RPSUXpEHOD (OFDUJDGRU$&'&SXHGHHVWDUGHIHFWXRVR$FXGDDVX GLVWULEXLGRU\SUXHEHFRQRWURDGDSWDGRU0LWVXELVKL6L HOSUREOHPDSHUVLVWHSyQJDVHHQFRQWDFWRFRQVX GLVWULEXLGRU /RVPHQVDMHVGHGLIXVLyQHVWiQSHUPDQHQWHPHQWH DFWLYRV\XWLOL]DQPiVSRWHQFLDGHODEDWHUtD (OWHOpIRQRHVWiHQXQD]RQDGHEDMDLQWHQVLGDGGHVHxDO \SRUORWDQWRVLHPSUHFRQHOPi[LPRGHSRWHQFLD /DFDUJD\ODGHVFDUJDVRQLQDGHFXDGDV6LHPSUHFDUJXH \GHVFDUJXHFRPSOHWDPHQWHVXEDWHUtD /DEDWHUtDHVWiGHVJDVWDGD6XVWLW~\DOD 9HULILTXHTXHWLHQHDOPHQRVXQDEDUUDGHLQWHQVLGDGGH ODVHxDO 3UXHEHHQXQD]RQDFRQXQDVHxDOPiV LQWHQVD 6LQRDSDUHFHQLQJ~QQRPEUHGHUHGYHULILTXHTXHVX WDUMHWD6, 0HVWpELHQ\HOUHJLVWURFRQVXRSHUDGRU /DRSFLyQGHUHVWULFFLyQGHOODPDGDVHVWiDFWLYD'HVDF WtYHODYpDVHODSiJLQD 6HKDDOFDQ]DGRHOOtPLWHGHFRVWHYpDVHODSiJLQD (VWiQDFWLYDGDVODVIXQFLRQHVGHPDUFDFLyQILMDRUHVWULF FLyQGHOODPDGDV9HULILTXHODVRSFLRQHV\GHVDFWtYHODV YpDQVHODVSiJLQDV \ (OWHFODGRHVWiEORTXHDGR DSDUHFHHQSDQWDOOD3XO VH'HVEO \ SDUDGHVDFWLYDUOR (OFRQWUDVWHGHODSDQWDOODHVWiEDMR$MXVWHHOFRQWUDVWH YpDVHODSiJLQD
1RVHSXHGHQUHDOL]DUQL UHFLELUOODPDGDV
1RVHSXHGHOODPDUDORV Q~PHURVGHWHOpIRQR JXDUGDGRV 1RVHSXHGHQLQWURGXFLU Q~PHURVHQODSDQWDOOD (OWHOpIRQRVHHQFLHQGH SHURQRDSDUHFHQDGD HQSDQWDOOD /DVEDUUDVGHO LFRQR QRSDUSDGHDQ DOWHUQDWLYDPHQWHGXUDQ WHODFDUJD
, QGLFDXQSUREOHPDGHFDUJDRGHEDWHUtD$SDJXH\ GHVFRQHFWHHOFDUJDGRU9XHOYDDFRQHFWDUOR\SUXHEH RWUDYH] 6LHOSUREOHPDSHUVLVWHSyQJDVHHQFRQWDFWRFRQVX GLVWULEXLGRURVHUYLFLRWpFQLFRRILFLDO0LWVXELVKL 3DUSDGHD 1RKD\VXILFLHQWHPHPRULDSDUDJXDUGDURWURPHQVDMH 606'HEHUiHOLPLQDUXQRRPiVPHQVDMHVJXDUGDGRV FRQVXOWHODSiJLQD 7HFODGHIXQFLyQ )XQFLyQTXH\DQRHVWiGLVSRQLEOHHQODPHPRULD6, 0R TXHGHSHQGHGHODVXVFULSFLyQ9XHOYDDSURJUDPDUOD WHFODGHIXQFLyQFRQVXOWHODSiJLQD
$QH[R
0HQVDMHVGHHUURU
3UREOHPD 3RVLEOHFDXVD\VROXFLyQ
$QXODGD1RKD\QLQJ~Q 6HKDVROLFLWDGRODDFWLYDFLyQGHORVPHQVDMHVGHGLIXVLyQ WLSRVHOHFFLRQDGR SHURQRVHKDVHOHFFLRQDGRQLQJ~QWLSRGHPHQVDMH
(VWHWH[WRDSDUHFHFXDQGRHOQLYHOGHODEDWHUtDHVGHPD VLDGREDMR\HOPyYLOVHDSDJDUiDXWRPiWLFDPHQWHHQ EUHYH &yGLJRHTXLYRFDGR, Q 6HKDLQWURGXFLGRXQFyGLJRGHEORTXHRGHOWHOpIRQR WHQWHRWUDYH] HTXLYRFDGR &yGLJRQXHYRHTXLYRFD /RVQXHYRVFyGLJRVGHEORTXHRQRFRLQFLGHQFRQWURO GR9XHOYDDLQWHQWDUOR GHOYDORU &RPXQLFDQGR (VWiLQWHQWDQGRUHDOL]DUXQDOODPDGD\pVWDIDOODSRUTXH HOQ~PHURGHGHVWLQRFRPXQLFD £&UpGLWRDJRWDGR (VWiLQWHQWDQGRKDFHUXQDOODPDGD\\DVHKDDJRWDGRHO FUpGLWR 6HKDDOFDQ]DGRHOOtPLWHGHOFUpGLWRGXUDQWHXQDOODPD GDVDOLHQWHVHDQXODODOODPDGD £&UpGLWRDJRWDGR 6HYDDDOFDQ]DUHOOtPLWHGHFRVWH/DOODPDGDHQFXUVR WHUPLQDUiDXWRPiWLFDPHQWHFXDQGRVHOOHJXHDOOtPLWH £(UURU /DUHGQRSXHGHHMHFXWDUVXVROLFLWXG\VHKDJHQHUDGR )DOOy )DOOyXQSURFHVRGHHQYtRGHXQ606QRVHSXHGHHQYLDU HOPHQVDMHFRUWR )DOOyODOODPDGD 1RKDVLGRSRVLEOHHVWDEOHFHUFRQWDFWRFRQHOXVXDULR /DOODPDGDVDOLHQWHKDIDOODGRGHELGRD TXHVHXWLOL]DXQ&8*\pVWHQRHVWiDXWRUL]DGRQRHV UHFRQRFLGRSRUODUHG RODUHGQRSXHGHHVWDEOHFHUODOODPDGDGHELGRDXQD IDOWDGHUHFXUVRVR HOQ~PHURQRH[LVWHR QRSXHGHREWHQHUVHHOQ~PHURR ODUHGQRUHVSRQGHR ODUHGQRVRSRUWDODRSFLyQGHRFXOWDPLHQWRGHOQ~PHUR GHWHOpIRQRGHOXVXDULRFXDQGRVHOODPD 9HULILTXHTXHHO&8*HVWiHQXVR\FRQWUROHVXVSDUiPHWURV FRUUHVSRQGLHQWHVDVtFRPRVXGLVSRQLELOLGDGHQODUHG &RPSUXHEHVLSXHGHRFXOWDUVX, 'HQODVOODPDGDVVDOLHQ WHVGLVSRQLELOLGDGGHOVHUYLFLRHQODUHG )DOOyODOODPDGD&8* +DWUDWDGRGHKDFHUXQDOODPDGDHQXQ&8**UXSR FHUUDGRGHXVXDULRV\ODUHGODKDUHFKD]DGRGHELGRD TXHQRUHFRQRFHORVSDUiPHWURVGHO&8*R HOXVXDULRDOTXHOODPDQRHVWiHQHOPLVPR&8*R HOXVXDULRDOTXHOODPDQRHVWiDVRFLDGRDHVH&8*
£%DWHUtDEDMD
, QWURGXFFLyQ LQFRUUHFWD /DVSRVLFLRQHVGHPH PRULD606HVWiQOOHQDV 1LQJXQDDFFLyQ HIHFWXDGD 1RDXWRUL]DGD 1RDXWRUL]DGR PDUFDFLyQILMD
1RGLVSRQLEOH 1RVHSXHGHHMHFXWDU HVWHFRPDQGR 1RVHSXHGHYLVXDOL]DU HOPHQVDMH 1XHYR3, 1LQFRUUHFWR , QWHQWHRWUDYH] 1XHYR3, 1LQFRUUHFWR 9XHOYDDLQWHQWDUOR 1~PHURFDPELDGR 1~PHURQRYiOLGR
3, 1EORTXHDGR 3, 1HTXLYRFDGRYXHOYD DLQWHQWDUOR 3, 1HTXLYRFDGRYXHO YDDLQWHQWDUOR 38. HTXLYRFDGRYXHO YDDLQWHQWDUOR 38. HTXLYRFDGR YXHOYDDLQWHQWDUOR 3, 1EORTXHDGR 38. EORTXHDGR
6HKDLQWURGXFLGRWUHVYHFHVXQFyGLJR3, 1HTXLYRFDGR 6HKDLQWURGXFLGRYHFHVXQYDORU38. HTXLYRFDGR /RVVHUYLFLRV6, 0SURWHJLGRVSRUHOFyGLJR3, 1KDQTXH GDGRLQXWLOL]DGRVSHUPDQHQWHPHQWH
$QH[R
+DLQWURGXFLGRXQDVHFXHQFLDGHFDUDFWHUHVFRQXQ HUURU (VLPSRVLEOHJXDUGDUQXHYRVPHQVDMHVFXDQGRVHHVFUL EHXQQXHYR606 +DHIHFWXDGRXQDRSHUDFLyQGHFRSLDWUDVODGRHQODV PHPRULDV\QRKDFDPELDGRQLQJ~QSDUiPHWURPLVPD PHPRULDPLVPRQ~PHUR\PLVPRQRPEUH (OQ~PHURRFDUDFWHUHVTXHWHFOHDQRVRQYiOLGRV +DLQWHQWDGRUHDOL]DUXQDOODPDGDSHURVHKDDQXODGR SRUHOFRQWUROGHPDUFDFLyQILMDHOQ~PHURPDUFDGRQR FRLQFLGHFRQQLQJXQRGHORVQ~PHURVGHPDUFDFLyQILMD GHODPHPRULD 1RTXHGDHVSDFLRHQOD6, 0 +DKHFKRXQDVROLFLWXGTXHQRVHSXHGHHMHFXWDUHQOD VLWXDFLyQDFWXDOGHODOODPDGD 1RSXHGHYLVXDOL]DUVHHOWH[WRGHOPHQVDMHFRUWRFRQWH QLGRELQDULRIRUPDWRQRVRSRUWDGRHWF &DPELRGH3, 1ORVQXHYRVYDORUHVGHOFyGLJR3, 1 GLILHUHQFRQWUROGHOYDORU &DPELRGH3, 1ORVQXHYRVYDORUHVGHOFyGLJR3, 1 GLILHUHQFRQWUROGHOYDORU (OQ~PHURDOTXHOODPDKDFDPELDGR +DWUDWDGRGHKDFHUXQDOODPDGD\ODUHGODKDUHFKD]DGR GHELGRDTXHQRUHFRQRFHODHVWUXFWXUDGHOQ~PHURGH WHOpIRQRR KDWUDWDGRGHJXDUGDUXQQ~PHURGHWHOpIRQR GHPDVLDGRODUJRR KDWUDWDGRGHWUDVODGDUXQDHQWUDGDGHWHOpIRQRDXQD SRVLFLyQGHGHVWLQRTXHQRSXHGHUHFLELUHOQ~PHURGH WHOpIRQRSHMSRUTXHHVGHPDVLDGRODUJR 6HKDLQWURGXFLGRWUHVYHFHVXQFyGLJR3, 1HTXLYRFDGR +DLQWURGXFLGRXQFyGLJRHTXLYRFDGR
'XUDQWHXQDE~VTXHGDPDQXDOGHUHGKDVHOHFFLRQDGR XQDUHGTXHUHFKD]DODFRQH[LyQ 5HGRFXSDGD +DLQWHQWDGRKDFHUXQDOODPDGD/DUHGODKDUHFKD]DGR SRUSUREOHPDVGHVDWXUDFLyQ 6HUYLFLRQRGLVSRQLEOH +DWUDWDGRGHDFWLYDUXQVHUYLFLR*60QRGLVSRQLEOHHQ ODUHG 6, 0EORTXHDGD 6HKDLQWURGXFLGRYHFHVXQFyGLJR3, 1HTXLYRFDGR , QWURGX]FDHOFyGLJR , QWURGX]FDHOFyGLJR38. SDUDGHVEORTXHDUODWDUMHWD 38. 6, 0 6, 0EORTXHDGD3yQJD 6HKDLQWURGXFLGRYHFHVXQFyGLJR38. HTXLYRFDGR VHHQFRQWDFWRFRQHO /DWDUMHWD6, 0KDTXHGDGRLQXWLOL]DGDSHUPDQHQWHPHQWH RSHUDGRU \GHEHUiVXVWLWXLUODSRURWUDQXHYD 6, 0ILMDOOHQD /DPHPRULDFRUUHVSRQGLHQWHHVWiOOHQD
5HGQRDXWRUL]DGD 1RPEUHV6, 0OOHQRV 1RPEUHVGHWHOpIRQR OOHQRV
6LQUHVSXHVWD 7HFODGREORTXHDGR 3XOVH'HVEOSDUD GHVEORTXHDU £9HULILFDU6, 0
+DUHDOL]DGRXQDOODPDGDDXQXVXDULR\QRKDUHFLELGR UHVSXHVWD $SDUHFHFXDQGRVHSXOVDXQDWHFODFRQHOWHFODGREOR TXHDGR
1RKD\WDUMHWD6, 0RpVWDHVWiLQFRUUHFWDPHQWHLQVHUWD GD9pDVHODSiJLQDSDUDREWHQHUPiVGHWDOOHV 9HULILTXHVXFRQWUDVHxD +DFDPELDGRODFRQWUDVHxDGHUHVWULFFLyQGHOODPDGDVR KDFDPELDGRODFRQILJXUDFLyQGHOVHUYLFLRGHUHVWULFFLyQ GHOODPDGDV /DFRQWUDVHxDLQWURGXFLGDSDUHFHHVWDUHTXLYRFDGDRVHU LQFRUUHFWD 9HULILTXHVXVROLFLWXG +DVROLFLWDGRXQVHUYLFLRTXHSDUHFHLPSRVLEOHGH UHDOL]DU 9HULILTXHVX +DWUDWDGRGHDFWLYDUXQVHUYLFLR*606HOHSLGHTXH VXVFULSFLyQ FRPSUXHEHVXVXVFULSFLyQFRQUHVSHFWRDORVGHUHFKRV GHXVRDFFHVRUHODFLRQDGRVFRQHVHVHUYLFLR 9ROXPHQGHWLPEUH (OYROXPHQGHWLPEUHHVWiDVLQYROXPHQ
GHVDFWLYDGR
*DUDQWtD
6HUYLFLRSDQHXURSHR
3DUDVROLFLWDUXQVHUYLFLRGLUtMDVHHQSULPHUOXJDUDVXYHQGHGRU 6LWXYLHVHDOJXQDGLILFXOWDGVtUYDVHSRQHUVHHQFRQWDFWRFRQHOSURYHHGRU0, 768%, 6+, PiV FHUFDQRGHORVLQGLFDGRVHQODVLJXLHQWHOLVWDSDUDREWHQHULQIRUPDFLyQVREUHRWURVFHQWURV GHVHUYLFLR 5(, 1281, '2 (63$f$ 7HO 7HO )5$1&, $ , 7$/, $ 7HO 7HO $/(0$1, $ , 5/$1'$ 7HO 7HO 3DUDREWHQHUHOVHUYLFLRGHJDUDQWtDQHFHVLWDUiODIDFWXUDGHFRPSUDGHVXHTXLSRRULJLQDO RXQDSUXHEDLUUHIXWDEOHGHFRPSUD &RQVXOWHORVWpUPLQRV\FRQGLFLRQHVGHODJDUDQWtDSDUDREWHQHUORVVHUYLFLRVFRUUHVSRQGLHQWHV
&RQGLFLRQHVGHJDUDQWtDSDQHXURSHDSDUDXVXDULRVGH*60
/DSUHVHQWHJDUDQWtDVyORVHDSOLFDUiVLHVHOFRPSUDGRULQLFLDO 0, 768%, 6+, JDUDQWL]DHOSURGXFWRFRQWUDFXDOTXLHUGHIHFWRGHPDWHULDRGHIDEULFDFLyQ GXUDQWHGRFHPHVHVDSDUWLUGHODIHFKDGHFRPSUDDVXYHQGHGRU6LHPSUHTXHTXH GHQFXPSOLGRVORVVLJXLHQWHVUHTXLVLWRV0LWVXELVKLFXEUHWRGRVORVFRVWRVGHSLH]DV\ PDQRGHREUDUHODWLYRVDODUHSDUDFLyQRODVXVWLWXFLyQGHOSURGXFWRRGHODVSLH]DVPH GLDQWHPDWHULDOGHPLVPRWLSRFXDQGRORKD\DUHDOL]DGRXQFHQWURGHPDQWHQLPLHQWR *60DFUHGLWDGRSRU0, 768%, 6+, /DSURSLHGDGGHORVSURGXFWRVVXVWLWXLGRVTXHGDWUDV SDVDGDD0, 768%, 6+, /DVUHFODPDFLRQHVKDQGHVHUFRPXQLFDGDVDXQFHQWURGHPDQWHQLPLHQWR*60DFUHGLWDGR SRU0, 768%, 6+, VLWXDGRHQXQRVGHORVSDtVHVPHQFLRQDGRVHQODWDUMHWDGHVHUYLFLRSURSRU FLRQDGDFRQHOSURGXFWR(QFDVRGHGLILFXOWDGSXHGHFRQWDFWDUFRQODVVRFLHGDGHV0, 768 %, 6+, LQGLFDGDVHQODWDUMHWDGHVHUYLFLRSDUDFRQVHJXLUORVGDWRVGHVXFHQWURDFUHGLWDGRGH PDQWHQLPLHQWR*60PiVSUy[LPR/DJDUDQWtDVyORVHUiRWRUJDGDGHVSXpVGHTXHTXHGH FRQILUPDGDVXIHFKDGHFRPSUDPHGLDQWHODIDFWXUDRULJLQDOGHVXYHQGHGRURGHVXUHFLER GHFRPSUDLQGLFDQGRHVWHHOQ~PHURGHVHULH\VXWDUMHWDGHVHUYLFLR0, 768%, 6+, VHUHVHUYD HOGHUHFKRGHGHWHUPLQDUVLKDQVLGRUHVSHWDGDVODVFRQGLFLRQHVGHHMHUFLFLRGHODJDUDQWtD 0, 768%, 6+, QRVHUHVSRQVDELOL]DGHORVFRVWRVGHWUDQVSRUWHLGD\YXHOWDDXQFHQWURDFUH GLWDGRGHPDQWHQLPLHQWR*60(OSURGXFWRYLDMDSRUVXFXHQWD\ULHVJR /DSUHVHQWHJDUDQWtDQRFXEUH DODVEDWHUtDVGHIHFWXRVDV EHOQRUHVSHWDUODVLQVWUXFFLRQHVGHXVR FORVFRVWRVGHLQVWDODFLyQRGHUHWLURFXDQGRHOSURGXFWRTXHGDLQVWDODGRHQXQYHKtFXOR GORVGHIHFWRVRDYHUtDVGHULYDGRVGHFXDOTXLHUDFFLGHQWHGHXQXVRGHIHFWXRVRGHXQDLQV WDODFLyQRXQDUHSDUDFLyQGHIHFWXRVDUHDOL]DGDSRUXQUHSDUDGRUVLQDFUHGLWDFLyQGHPD QLSXODFLRQHVRPRGLILFDFLRQHVGHGHVFXLGRGHFXDOTXLHUXWLOL]DFLyQTXHQRFRUUHVSRQGD DOXVRQRUPDOGHIXHU]DPD\RUGHLQILOWUDFLyQGHDJXDGHXVREDMRFRQGLFLRQHVDWPRV IpULFDVGHVIDYRUDEOHVKXPHGDGRWHPSHUDWXUD HODPRGLILFDFLyQRORVFRVWRVGHPRGLILFDFLyQGHOSURGXFWRSDUDSRQHUORHQFRQIRUPLGDG FRQFXDOTXLHUDQRUPDWLYDORFDORQDFLRQDODQLYHOGHVHJXULGDGVLGLFKDQRUPDWLYDVXSHUD ODVQRUPDVDUPRQL]DGDVGHOD8QLyQ(XURSHD IHOSHUMXLFLRGHELGRDODLQPRYLOL]DFLyQGHOSURGXFWRRDFXDOTXLHUJDQDQFLDVLQUHDOL]DUR DFXDOTXLHUSpUGLGDVXIULGD JODSpUGLGDGHWLHPSRGHFRPXQLFDFLyQODSpUGLGDGHXWLOL]DFLyQGHFXDOTXLHUHTXLSRDO TXLODGRRDFFHVRULR KODHPLVLyQGHVHxDOHVHUUyQHDVRLQVXILFLHQWHVHQODUHGGHFRPXQLFDFLyQPyYLOODDFWXD OL]DFLyQGHVRIWZDUHGHELGRDODVPRGLILFDFLRQHVGHORVSDUiPHWURVIXQFLRQDOHVGHODUHG ODVYDULDFLRQHVGHODWHQVLyQGHODUHGGHORVSDUiPHWURVHUUyQHRVGHODWDUMHWD6, 0WDU MHWDPHPRULDSDUDFRQHFWDUVHDODUHG LORVGDxRVFDXVDGRVSRUDFFHVRULRVTXHQRVHDQ0, 768%, 6+, 8QDGHPDQGDRSUHVWDFLyQFXELHUWDSRUODJDUDQWtDQRDEUHGHUHFKRDQLQJXQDSUyUURJD GHODGXUDFLyQGHODJDUDQWtDVDOYRFXDQGRORLPSRQHODOH\QDFLRQDODSOLFDEOH /DSUHVHQWHJDUDQWtDVyORVHDSOLFDVLHOSURGXFWRHVFRPSUDGR\XWLOL]DGRHQOD8QLyQ (XURSHD1RUXHJD, VODQGLDR6XL]D (172'26/26&$6266(%(1(), &, $'(/$*$5$17, $/(*$/325'()(&7262&8/726
$QH[R
DECLARACIÓN DE CONFORMIDAD 'HFODUDFLyQGHFRQIRUPLGDG
Nombre Dirección Ciudad Código postal : Mitsubishi Electric Telecom Europe S. A. &yGLJRV GHVHJXULGDG &yGLJRV3, 13, 1 &yGLJRV38. \38. &RQH[LyQHQOtQHD )LQDOL]DFLyQ 0DUFDGRUHV 3HUVRQDOL]DFLyQ &RQWDGRUHVGHOODPDGD , QLFLDOL]DU &RQWUDVHxD GHOEX]yQGHYR] &RQWUDVHxDGH UHVWULFFLyQGHOODPDGDV &RQWUDVHxDGHDFFHVR &RQWUDVHxDSDUDODUHVWULFFLyQGHOODPD GDV /ODPDGD &RQWUDVWHGHODSDQWDOOD &RQYHUVRUGHGLYLVD &RVWHVGHOODPDGD 3XHVWDDFHUR &RVWHVGHOODPDGDJHVWLyQ &UHDFLyQGHXQERUUDGRU &XDOTXLHUWHFODUHVSRQGH &8* &XLGDGRV\PDQWHQLPLHQWR
'
'HVFRQH[LyQDXWRPiWLFD 'HVSHUWDGRU 'HVYtR 'LIXVLyQ , GLRPD 'LUHFFLyQ, 3
(
(OLPLQDFLyQGH ODVEDWHUtDV (QUDPSD (QFHQGLGR (QYLDGRV (QYtRGHXQPHQVDMH606 (VSDFLRGLVSRQLEOH
)
)'1 )HFKD\KRUD )LQGHXQDOODPDGD )LQDOL]DFLyQGHXQDOODPDGD )XQFLyQ3DXVD )XQFLRQHVGHPDQRVOLEUHV )XQGDGHJRPD &DPELR
-
, QWHUQHW &RQH[LyQHQOtQHD &RQWUDVHxDGHDFFHVR 'LUHFFLyQ, 3 /LVWDGHSHUILOHV 0DUFDGRUHV 1RPEUHGHDFFHVR 1RPEUHGHSUR[\ 1~PHURGHSXHUWR 1~PHURGHWHOpIRQR 2WURVLWLR 3iJLQDGHLQLFLR 3DUiPHWURV 3HUVRQDOL]DFLyQ , QWURGXFFLyQGHWH[WR 0pWRGR0XOWLSXOVDFLyQ 0pWRGRPXOWLWRTXH , QWURGXFFLyQGHWH[WR7
-XHJRV
/
*
*DUDQWtD *HQHUDO 6HJXULGDG *HVWLyQGHORVPHQVDMHV606 *ORVDULR *UXSRFHUUDGRGHXVXDULRV
,
, FRQRV , FRQRVGHODSDQWDOODJUiILFD , GHQWLGDGGHODOtQHDHQWUDQWH , QIRUPDFLyQGHVDOGR , QIRUPDFLyQGHVHJXULGDG %DWHUtD &yGLJRVGHVHJXULGDG &XLGDGRV\PDQWHQLPLHQWR /ODPDGDVGHHPHUJHQFLD 5HVSRQVDELOLGDG 6HJXULGDGHQYHKtFXORV 6REUHODEDWHUtD , QIRUPDFLRQHVGHVHJXULGDG , QWHUIDFHGHFyGLJRV *6000,
/HFWXUDGHXQPHQVDMH606 /tPLWHGHFUpGLWR /tQHD /tQHD /LVWtQWHOHIyQLFR $OPDFHQDU %XVFDU (VSDFLROLEUH /ODPDGD 0DUFDFLyQILMD 1~PHURVSURSLRV 8ELFDFLRQHVGLVSRQLEOHV 9LVXDOL]DFLyQ /ODPDGD $GYHUWHQFLD 'XUDFLyQ HQHVSHUD HQPXOWLFRQIHUHQFLD HQWUHYDULRVLQWHUORFXWRUHV /ODPDGDHQHVSHUD /ODPDGDHQWUHYDULRV LQWHUORFXWRUHV /ODPDGDV &RQWDGRUHV /ODPDGDVGHHPHUJHQFLD /ODPDGDVHQWUDQWHV 'HVYtR
ÌQGLFH
/ODPDGDVFRVWHV &RQWDGRUHVGHOODPDGD &RVWHV &RVWHVGHOODPDGD 5HJLVWURGHOODPDGDV 6HOHFFLyQGH/tQHD /X]GHIRQGR
0
0DQRVOLEUHVSRUWiWLO 8WLOL]DFLyQ 0DSDGHPHQ~V 0DUFDFLyQ /LVWtQWHOHIyQLFR /ODPDGDVPHPRUL]DGDV 0DUFDFLyQGHVGHODPHPRULD 0DUFDFLyQUiSLGD SURJUDPDEOH 0DUFDGRUHV &UHDFLyQ (OLPLQDU 8VR 0HORGtDV 0HPRULDFDFKp %RUUDU 0HQV'LIXVLyQ $FWLYDU'HVDFWLYDU $OHUWD 7LSRVGHPHQVDMH 0HQVDMH606 $OPDFHQDPLHQWR (QYtR /HFWXUD 0HQVDMHV $OHUWD $OPDFHQDPLHQWR %RUUDGRUHV (QYLDGRV (VFULELUQXHYR 0HQVDMHVGLIXVLyQ 3DUiPHWURV 3ODQWLOODVGHPHQVDMHV 5HFLELGRV 0HQVDMHV&% (GLFLyQ /HFWXUD 6XSUHVLyQ 0HQVDMHVGHGLIFHOXODU 0HQVDMHVGHHUURU 0HQVDMHVGLIXVLyQ
1
0HQVDMHV606 (QYtR *HVWLyQ 3UHSDUDFLyQGHOWHOpIRQR 0HQ~ 0HQ~GHJUiILFRV 0pWRGRPXOWLSXOVDFLyQ 0pWRGRPXOWLWRTXH 0RGRGHDOHUWD 0RGRPXGR0XWLQJ 0RGRVGHDOHUWDGHYLEUDFLyQ 0RGRVGHDOHUWDVLOHQFLRVR 0RVWUDUFRVWHV 0XOWLFRQIHUHQFLD
1RPEUHGHDFFHVR 1RPEUHGHSUR[\ 1~PHURGHPyYLO 2FXOWDPLHQWR 3UHVHQWDFLyQ 1~PHURGHSXHUWR 1~PHURGHWHOpIRQR 1~PHURSURSLR 1~PHURVGHPDUFDFLyQILMD 1~PHURVGHVHUYLFLRRVHUYLFLRV GHRSHUDGRU 1~PHURVSURJUDPDGRVSRU VXRSHUDGRU 1~PHURV6'1
2
2SFLRQHVGXUDQWHODOODPDGD 2SHUDFLRQHVEiVLFDV %X]yQGHYR] /ODPDGD /ODPDGDVLQUHVSXHVWD 5HDOL]DFLyQGHOODPDGDV 5HFHSFLyQGHOODPDGDV 606
3
3iJLQDGHLQLFLR 3DQWDOODGHHVSHUD 3DUiPHWURV %ORTXHRGHOWHOpIRQR %X]yQGHYR] )HFKD\KRUD )XQFLRQHVDXWRP , GLRPD , QWHUQHW 0HQV'LIXVLyQ 0HQVDMHVGLIXVLyQ 0HQ~GHJUiILFRV
5
3DQWDOOD 3DUiPHWURVGHOWHOpIRQR 3DUiPHWURVSRUGHIHFWR 6HJXULGDG 6HUYLFLRV*60 7HFODV 7RQHV 7RQRV 3DUiPHWURVGHOWHOpIRQR 3DUiPHWURVSUHGHWHUPLQDGRV 3HUILOGHFRQH[LyQ 3HUVRQDOL]DFLyQ GHOWHOpIRQR 3ODQWLOODVGHPHQVDMHV 3ULPHURVSDVRV 3UREOHPDV 3UREOHPDVGHIXQFLRQDPLHQWR 3URFHGLPLHQWRV 3URJUDPDFLyQGHODVWHFODV GHIXQFLyQ 38. FyGLJR 3XVK
6
6HJXQGDOODPDGD 6HJXULGDG )XQFLRQHV 6HJXULGDGHQYHKtFXORV 6HOHFFLyQGHOLGLRPD 6HUYRSHUDGRU 6HUYLFLRV*60 &8* 'HVYtRGHOODPDGD (QYLDQGRPL, ' , 'OODPGHUHFHSFLyQ 5HG 5HVWULFFLyQGHOODPDGD 5HVWULFFLyQGHOODPDGDV 6LOHQFLR 606 6ROXFLRQHV 6RQDU 6XVWLWXFLyQGHOD FDUFDVDGHODEDWHUtD
7
5HDOL]DFLyQGHOODPDGDV 5HDOL]DFLyQGHXQDOODPDGD 5HFHSFLyQGHXQDOODPDGD 5HFXSHUDFLyQ GHXQDOODPDGD 5HFXSHUDFLyQGHXQDOODPDGD HQHVSHUD 5HG 5HJLVWURGHOODPDGDV 5HJLVWURGHQRPEUHV\GH Q~PHURVGHWHOpIRQR 5HVKDSH 5HVSRQVDELOLGDG 5HVWULFFLyQGHOODPDGDV
7DSDGHOWHFODGR &DPELR 7DUMHWD 6, 0 7HFODV GHIXQFLyQ 7HJLF7 7LPEUH 7RQRGHDOHUWD $FWLYDFLyQGHVDFWLYDFLyQ 7RQRV'70)
8
ÔOWLPRVQ~PHURVPDUFDGRV 8WLOLGDGHV %ORFGHQRWDV &RQYHUVRUGHGLYLVD 'HVSHUWDGRU 8WLOL]DFLyQGH ODEDWHUtD
9
9LEUDU \OXHJRVRQDU 9ROXPHQ &RQYHUVDFLyQ 0RGRGHDOHUWD 7RQRGHOWLPEUH 7RQRVGHODVWHFODV
ÌQGLFH [. . . ] &yGLJRV GHVHJXULGDG &yGLJRV3, 13, 1 &yGLJRV38. \38. [. . . ]