Vous êtes sur la page 1sur 122

,QJ+8%(5085,//20$15,48(


(63(&,$/,67$(16,67(0$6(/(&75,&26'(327(1&,$
,1752'8&&,21

'HQWURGHORV6,67(0$6(/(&75,&26'(327(1&,$
6(3V ODVVXEHVWDFLRQHVFXPSOHQXQDIXQFLyQPX\
LPSRUWDQWH\DTXHVRQXWLOL]DGRVFRPRXQLGDGHV
HOpFWULFDVHQODVFXDOHVSRGHPRV

‡ &RQHFWDUGLYHUVDVFDUJDVGRPLFLOLDULDVFRPHUFLDOHVH
LQGXVWULDOHV
‡ &RQWURODUPHGLU\SURWHJHUDORVVLVWHPDVVXSHULRUHV
HLQIHULRUHVDODXELFDFLyQGHODPLVPD
‡ ,QYROXFUDXQDJUDQFDQWLGDGGHHTXLSRVGH
‡ 0DQLREUD
‡ &RQWUROPHGLFLyQ\SURWHFFLyQ
‡ &RPXQLFDFLRQHVGLYHUVDV


68%(67$&,21(6(/(&75,&$6 5(0(,1*(1,(52665/
'(),1,&,21< &21),*85$&,21

68%(67$&,21(/(&75,&$  (VHOFRQMXQWRGHHOHPHQWRVR
GLVSRVLWLYRVTXHQRVSHUPLWHQFDPELDURFRQVHUYDUORV
SDUiPHWURVSULQFLSDOHVGHODHQHUJtDHOpFWULFDHQ$&R'&

&21),*85$&,21'(816,67(0$(/(&75,&2

*(1(5$&,21 75$160,6,21 ',675,%8&,21

.Y

/7UDQVPLVLyQ
*6 6( 6( 9ROWLRV
 « «.P K]

.Y


68%(67$&,21(6(/(&75,&$6 5(0(,1*(1,(52665/
(648(0$/,1($/'(/$6(7$3$6'(816(37,3,&23(58$12

(7$3$ 75$160,6,21
75$)2 75$)2
* (/(9$'25 5('8&725
.9 /,1($75$160,6,21 .9
92/7,26
.9
6(
6(
(7$3$'(
*(1(5$&,21
92/7,26
&$5*$6
(63(&,$/(6 6(
.9
(7$3$ '( 
', 675,%8& ,21
92/7,26

6( 6( 6( 6( 6(

&216802
3(48(f$ '20,&,/,$5,2
$/726 0(',$126 &216802
,1'8675,$ 
&21680,'25(6 &21680,' &20(5&,$/
y $/80%5$'2
.9 .9 92/7
92/7 38%/,&2
92/7

87 ,/ , = $&,2 1
&/$6(6'(/$668%(67$&,21(6(/(&75,&$6

3256823(5$&,Ï1 32568&216758&&,21

 'HFRUULHQWH&RQWLQXD ‡ 7LSRLQWHPSHULH
 'HFRUULHQWHDOWHUQD ‡ 7LSRLQWHULRU
‡ 7LSREOLQGDGR
325686(59,&,2

35,0$5,$6 6(&81'$5,$6 
 (OHYDGRUDV  5HFHSWRUDV
 5HFHSWRUDVUHGXFWRUDV  5HGXFWRUDV
 'HHQODFHRGLVWULEXFLyQ  (OHYDGRUDV
 'HVZLWFKHR RPDQLREUD  'LVWULEXLGRUDV
 &RPYHUWLGRUDV  'HHQODFH
RUHFWLILFDGRUDV  &RPYHUWLGRUDV

68%(67$&,21(6(/(&75,&$6 5(0(,1*(1,(52665/
/$668%(67$&,21(66(',6(f$1(1
)81&,21'(
™ 7DPDxRGHODVFDUJDV
™ 0RGHUQLGDGGHORVHTXLSRV
™ 1RUPDOL]DFLyQGHORVHTXLSRV
™ ,PSRUWDQFLDGHODVFDUJDV
™ &RPSOHMLGDGGHODVFDUJDV
™ 5HFXUVRV+XPDQRV
™ (FRQRPtDGHOD(PSUHVD


68%(67$&,21(6(/(&75,&$6 5(0(,1*(1,(52665/
(/(0(1726&2167,787,926'(/$66(V
(/(0(172635,1&,3$/(6

 7UDQVIRUPDGRU FRQWURO\SURWHFFLyQ
 ,QWHUUXSWRU
 5HVWDXUDGRU 5HFORVHU
 )XVLEOH
 $SDUWDUUD\RV
 7DEOHURVGHFRQWURO
 %DQFRGHFRQGHQVDGRUHV
 7UDQVIRUPDGRUHVGHPHGLGD
 6LVWHPDGHDWHUUDPLHQWR
 3URWHFFLyQGHORVHPEDUUDGRV

68%(67$&,21(6(/(&75,&$6 5(0(,1*(1,(52665/
(/(0(1726&2167,787,926

(/(0(17266(&81'$5,26

 7UDQVIRUPDGRUGH6HUYLFLRV$X[LOLDUHV
 &DEOHVGHHQHUJtD\FRQWURO
 6LVWHPDVGHDOXPEUDGR
 2EUDVFLYLOHV
 (TXLSRFRQWUDLQFHQGLR
 (TXLSRVHLQVWUXPHQWRVGH
FRPXQLFDFLRQHV
'XFWRVFDQDOHWDVHWF
,QVWUXPHQWDFLyQDQDOyJLFD\GLJLWDO

68%(67$&,21(6(/(&75,&$6 5(0(,1*(1,(52665/

68%(67$&,21(6(/(&75,&$6 5(0(,1*(1,(52665/
 &21&(372*(1(5$/

&(, 'LVSRVLWLYRHOHFWURPDJQpWLFRGHVWLQDGRDO
FDPELRGHORVSDUDPHWURVSULQFLSDOHVGHOFLUFXLWR
GHHQWUDGD SULPDULR RVDOLGD VHFXQGDULR 

$GHPDVHVXQGLVSRVLWLYRTXH

 7UDQVILHUHHQHUJLDHOHFWULFDGHXQFLUFXLWRDRWUR
FRQVHUYDQGRODIUHFXHQFLDFRQVWDQWH
 /RKDFHEDMRHOSULQFLSLRGHLQGXFFLRQHOHFWURPDJQHWLFD
 7LHQHQFLUFXLWRVHOHFWULFRVTXHHVWDQHVODERQDGRV
PDJQHWLFDPHQWH\DLVODGRVHOHFWULFDPHQWH
 8VXDOPHQWHH[LVWHFDPELRGHWHQVLRQDXQTXHQR
PHFHVDULDPHQWH

68%(67$&,21(6(/(&75,&$6 5(0(,1*(1,(52665/
&2167,78&,21(/(&7520(&$1,&$

7$148( 18&/(2
)(5520$*1(7,&2

$&(,7(

φP

$552//$0,(1726 $552//$0,(1726
'(/35,0$5,2 '(/6(&81'$5,2

φP

0$7(5,$/(6$,6/$17(6


68%(67$&,21(6(/(&75,&$6 5(0(,1*(1,(52665/
(/75$16)250$'255($/


,

,
φP
9
,
 φ  9 θ ,F
1 1


9 9 ,P
=/ ,P
( ( ,φ
  φP
φ
',$*5$0$)$625,$/
%$-2&$5*$
,1&87,9$
φP

5(/$&,21(6'(/75$16)250$'25
&RHILFLHQWHGHDFRSODPLHQWR N  φP  φPφ   0√ //
5HODFLyQGHWUDQVIRUPDFLyQ D 11 99 ,, ((
5HODFLyQGHSRWHQFLD 6 6  9, 9,

68%(67$&,21(6(/(&75,&$6 5(0(,1*(1,(52665/
&2167,78&,21'(/75$1$6)250$'25

 1~FOHR DFHURDOVLOLFLR  7HUPyPHWUR


 'HYDQDGRV 0DQyPHWUR
 $LVODPLHQWRVGLYHUVRV 7DSV
 $FHLWH  5XHGDVGHILMDFLyQ
 7DQTXH  5HOp%XFFKRO]
 9iOYXODGHGUHQDMH  'HVKXPHGHFHGRU
 *DQFKRVGHVXMHFLyQ  ,QGLFDGRUHVGHQLYHO
 9iOYXODGHFDUJDDFHLWH  ,QGLFDGRUHVGH
 7DQTXHFRQVHUYDGRV 3DVDWDSDV
 6LVWHPDGHUDGLDFLyQ $FFHVRULRVYDULRV
 3XQWRGHWLHUUD
 3ODFDGHFDUDFWHUtVWLFDV


68%(67$&,21(6(/(&75,&$6 5(0(,1*(1,(52665/
3$57(6'(/
75$16)250$'25
0212)$6,&2
 3DUDUUD\RV
 *DQFKRGHL]DMH
 3DODQFDGHRSHUDFLyQGHO
LQWHUXSWRU
 $LDODGRUGHDOWDWHQVLyQ
 7DSD
 $LVODGRUGHEDMDWHQVLyQ
 7DQTXH
 ,QWHUUXSWRUDXWRPiWLFR
VHFXQGDULR
 3DUWHDFWLYD

68%(67$&,21(6(/(&75,&$6 5(0(,1*(1,(52665/
&/$6,),&$&,21'(/2675$16)250$'25(6

6(38('(1&/$6,),&$5325

 /$)250$'(6818&/(2 (/180(52'('(9$1$'26

7LSRGHFROXPQD 'RVGHYDQDGRV
7LSRDFRUD]DGR 7UHVGHYDQDGRV
7LSRHQYROYHQWH
7LSRUDGLDO

(/180(52'()$6(6  (/0(',25()*5,*(5$17(

0RQRIiVLFR $LUH
7ULIiVLFR $FHLWH
/LTXLGRLQHUWH


68%(67$&,21(6(/(&75,&$6 5(0(,1*(1,(52665/
&2167,78&,21(/(&7520(&$1,&$


68%(67$&,21(6(/(&75,&$6 5(0(,1*(1,(52665/
&/$6,),&$&,21'(/02'2'(5()5,*(5$&,21

)OXtGR5HIULJHUDQWH

$FHLWH0LQHUDO 2
/tTXLGRQRLQIODPDEOH /
*DV *
$JXD :
$LUH $

0RGRGH&LUFXODFLyQ

&RQYHFFLyQ1DWXUDO 1
&LUFXODFLyQ)RU]DGD )


68%(67$&,21(6(/(&75,&$6 5(0(,1*(1,(52665/
&/$6,),&$&,21'(/02'2'(5()5,*(5$&,21

(MHPSORV

7LSR21$1
3DUWHDFWLYDHQDFHLWHDFRQYHFFLyQ1DWXUDO
7DQTXHUHIULJHUDGRSRU$LUHDFRQYHFFLyQ1DWXUDO

7LSR2):)
3DUWHDFWLYDHQDFHLWHDFLUFXODFLyQFRQERPEDGHDFHLWH
$FHLWHUHIULJHUDGRFRQLQWHUFDPELDGRUGHFDORU
$FHLWH$JXD


68%(67$&,21(6(/(&75,&$6 5(0(,1*(1,(52665/
&/$6,),&$&,21'(/2675$16)250$'25(6

 325(/7,32'((1)5,$0,(172

‡ (QIULDPLHQWR2$
‡ (QIULDPLHQWR2:
‡ (QIULDPLHQWR2:$ 
‡ (QIULDPLHQWR2$ $)
‡ (QIULDPLHQWR2$)$)$
‡ (QIULDPLHQWR)2$
‡ (QIULDPLHQWR2$)$)2$
‡ (QIULDPLHQWR)2:
‡ (QIULDPLHQWR$$
‡ (QIULDPLHQWR$$)$


68%(67$&,21(6(/(&75,&$6 5(0(,1*(1,(52665/
'(120,1$&,Ï1868$/6(*Ò1

/$87,/,=$&,21 35(6(59$&,21'(/$&(,7(

6XPLQLVWUR $ELHUWR
'H&HQWUDOHV 3RWHQFLD 6LQFRQYHUYDGRUGHDFHLWH
'H5HGHV 'LVWULEXFLyQ &RQFRQYHUYDGRUGHDFHLWH

,QGXVWULDOHV 6HOODGR
'H5HFWLILFDFLyQ $SUHVLyQ FROFKyQGHDLUH
3DUD+RUQRV &RQPHQEUDQD
3DUD6ROGDGXUD &RQYHJLJD
3DUD$UUDQTXHGH0RWRUHV
3RWHQFLD
0HGLGD

68%(67$&,21(6(/(&75,&$6 5(0(,1*(1,(52665/
'(120,1$&,Ï1868$/6(*Ò1

&21087$&,21

(QYDFtR GHVFRQHFWDGR 


%DMRFDUJD UHJXODGRU

,167$/$&,21
'HSRVWHGHSHGHVWDO
'HEyEHGD
'HVXEHVWDFLyQ FRQYHQFLRQDO


68%(67$&,21(6(/(&75,&$6 5(0(,1*(1,(52665/
'(120,1$&,Ï1868$/6(*Ò1

5()5,*(5$&,21

'HWDQTXHOLVR
'HDOHWDV RQGXODGRV 
'HWXERVODWHUDOHV
&RQUDGLDGRUHVDGRVDGRV
&RQEDWHUtDGHUDGLDGRUHV
&RQLQWHUFDPELDGRUGHFDORU


68%(67$&,21(6(/(&75,&$6 5(0(,1*(1,(52665/
&$5$&7(5Ë67,&$6'(/75$16)250$'25'(327(1&,$

 3RWHQFLD3Q
 )UHFXHQFLD
 5HODFLyQGHWUDQVIRUPDFLyQ 7HQVLRQHV
 3pUGLGDVHQ9DFtR 3IH
 3pUGLGDVFRQ&DUJD3FX
 7HQVLyQGH&RUWR&LUFXLWR8N
D 5HJXODFLyQGH7HQVLyQ
E ,QWHQVLGDGGHFRUWRFLUFXLWR
F 5HSDUWRGHFDUJDHQSDUDOHOR
 *UXSRGH&RQH[LyQ
3RVLELOLGDGGHPDUFKDHQSDUDOHOR


68%(67$&,21(6(/(&75,&$6 5(0(,1*(1,(52665/
&,5&8,726(48,9$/(17(6'(/26
75$16)250$'25(6

3ULPDUR
5 ; 5 ;

9 ( ( 9

6HFXQGDULR
0RGHOR)tVLFR

5 ; 5 ;

9 UP ;P ( ( 9

0RGHOR(TXLYDOHQWH

68%(67$&,21(6(/(&75,&$6 5(0(,1*(1,(52665/
&,5&8,726(48,9$/(17(6'(/26
75$16)250$'25(65()/(-$'2$/35,0$5,2

5 ; ;¶ 5¶

9 ( UP ;P ( 5/

0RGHORHTXLYDOHQWHUHIOHMDGRDOSULPDULR

5 ; ;¶ 5¶

50
35$&7,&2
9 ( ( 5/
;0

0RGHOR([DFWR

68%(67$&,21(6(/(&75,&$6 5(0(,1*(1,(52665/

68%(67$&,21(6(/(&75,&$6 5(0(,1*(1,(52665/

68%(67$&,21(6(/(&75,&$6 5(0(,1*(1,(52665/
75$16)250$'25(6'(6(59,&,26$8;,/,$5(6


68%(67$&,21(6(/(&75,&$6 5(0(,1*(1,(52665/
8

9 Z

%2%,1$'235,0$5,2
&21(;,2175,$1*8/2
%2%,1$'26(&81'$5,2
5(*8/$&,21'(7(16,21 92/7,26  &21(;,21(675(//$
 
 7(16,2192/7,26
9Q 7(50,1$/(6XYZ
 327(1&,$.9$
 &255,(17($03(5,26
&255,(17($03(5,26
327(1&,$.9$
&21(;,21'<

+0 '(7$//(67(&1,&26'(/75$16)250$'25'(',675,%8&,21'(.9$+=

68%(67$&,21(6(/(&75,&$6 5(0(,1*(1,(52665/
8
X

&$5$&7(5,67,&$6'(3/$&$
Y
75$16)250$'2575,)$6,&2
9
Z %2%,1$'235,0$5,2
: &21(;,2175,$1*8/2
7(16,2135,0$5,2  92/7,26

'$7267(&1,&26
&255,(17(35,0$5,2 $03(5,26 
327(1&,$ .9$ 
7(50,1$/(6 89 :
&21(;,21 '<
 75$16)250$'256(&2  75$%$-2&217,182
 /267(50,1$/(6'(&21(;,21 ,1*5(62 (192/7,26'(%(5 $1(67$5
%2%,1$'26(&81'$5,2
),-$'26(181$5(*/(7$&21%251(5$6,17(5&$0%,$%/(6 &21(;,21(675(//$
 /267(50,1$/(6'(&21(;,21 6$/,'$ 92/7,26'(%(5$1( 67$5 7(16,21  92/7,26
),-$'26(181$5(*/(7$&21%251(5$6,17(5&$0%,$%/(6 &255,(17( $03(5,26
327(1&,$ .9$
 '(%(5$7(1(581$%$6('($1&/$-(&21813/$1'($*8-(52648(
7(50,1$/(6 XYZ
)$&,/,7(68),-$&,21
 '(%(5$$&203/$f$5(/(648(0$'(&21(;,21(6
 '(%(5$352325&,21$5126(/35272&2/2'(358(%$65($/,=$'$6
 /$5(*8/$&,21'(%(5$&$/&8/$56(3$5$6$7,6)$&(5(/'(/$&$ 5*$
$&21',&,21(6120,1$/(6
 (/18&/(2'(%(5$6(5'($&(52$/6,/,&,2
 /260$7(5,$/(6$,6/$17(6<&21'8&725(6(60$/7$'26'(%(5$1'(6(5
'('2%/(&$3$&21(60$/7(&/$6('($,6/$0,(172+

+0 '(7$//(6'(/75$16)250$'2587,/,=$'2(1/266(59,&,26$8;,/,$5(6

68%(67$&,21(6(/(&75,&$6 5(0(,1*(1,(52665/

68%(67$&,21(6(/(&75,&$6 5(0(,1*(1,(52665/
,17(5583725(6'(327(1&,$

6RQGLVSRVLWLYRVHOpFWULFRVTXHWLHQHQODFDSDFLGDGGH
LQWHUUXPSLU\ UHVWDEOHFHU&21&$5*$OD
FRQWLQXLGDGGHXQFLUFXLWRHOpFWULFR

&/$6,),&$&,21

 ,17(5583725(6'($&(,7(
 ,17(5583725(61(80$7,&26
 ,17(5583725(6(1+(;$)/25852'(
$=8)5(6)


68%(67$&,21(6(/(&75,&$6 5(0(,1*(1,(52665/
,17(5583725(6'(327(1&,$

/DVPDJQLWXGHVFDUDFWHUtVWLFDVDFRQVLGHUDUGXUDQWHHO
SURFHVRGH&,(55( $3(5785$VRQORVVLJXLHQWHV

 7HQVLyQQRPLQDO (VODWHQVLyQGHRSHUDFLyQGHO
LQWHUUXSWRUHQFRQGLFLRQHVQRUPDO
 &RUULHQWHLQLFLDOGHFRUWRFLUFXLWR (VHOYDORULQVWDQWi
QHRGHODFRUULHQWHGHIDOOD
 &RUULHQWHGHUXSWXUD (VHOYDORUSHUPDQHQWHGHOD
FRUULHQWHGHFRUWRFLUFXLWR
 &DSDFLGDGGLVUUXSWLYD (VODSRWHQFLDGHLQWHUUXSFLyQ 
XQDFRUULHQWHGHUXSWXUDSDUDVLVWHPDVWULIiVLFRV
 7HQVLyQGHUHVWDEOHFLPLHQWR (VODWHQVLyQTXHVH
SUHVHQWDHQHOLQWHUUXSWRUGHVSXpV GHODFRQH[LyQ


68%(67$&,21(6(/(&75,&$6 5(0(,1*(1,(52665/
,17(5583725(6'(327(1&,$

/RVLQWHUUXSWRUHVHQDFHLWHSXHGHQFODVLILFDUVHFRPR
VLJXH

 ,QWHUUXSWRUHVHQJUDQYROXPHQGHDFHLWH
 ,QWHUUXSWRUHVHQJUDQYROXPHQGHDFHLWHFRQ
FiPDUDGHH[WLQFLyQ
 ,QWHUUXSWRUHVHQSHTXHxRYROXPHQGHDFHLWH

/DVIRUPDVGHRSHUDFLyQSDUDDSHUWXUD\FLHUUHHQ
LQWHUUXSWRUHVHQDFHLWHGHPHGLDQD\JUDQFDSDFLGDG

‡ 0$18$/
‡ $8720$7,&$


68%(67$&,21(6(/(&75,&$6 5(0(,1*(1,(52665/
358(%$6$ ,17(5583725(6'(327(1&,$

/DVSUXHEDVTXHJHQHUDOPHQWHVHDSOLFDQDORV
LQWHUUXSWRUHVVRQODVVLJXLHQWHV

‡ 3UXHEDGHSUHVWDFLyQ
‡ 3UXHEDGHVREUHFDUJD
‡ 3UXHEDGHWHPSHUDWXUD
‡ 3UXHEDGHDLVODPLHQWR
‡ 3UXHEDPHFiQLFD
‡ 3UXHEDGHSUHVLyQ
‡ 3UXHEDGHIXQFLRQDPLHQWR


68%(67$&,21(6(/(&75,&$6 5(0(,1*(1,(52665/
(63(&,),&$&,21(63$5$,17(5583725(6

/RVGDWRVWpFQLFRVPtQLPRVTXHVHGHEHQSURSRUFLRQDU
QHFHVDULDPHQWHSDUDVXDGTXLVLFLyQVRQ`

‡ 7HQVLyQQRUPDOGHRSHUDFLyQ .Y 
‡ &RUULHQWHQRPLQDO $ 
‡ &RUULHQWHGHUXSWXUD .$ 
‡ &DSDFLGDGGHUXSWXUD09$


68%(67$&,21(6(/(&75,&$6 5(0(,1*(1,(52665/
,QJ+8%(5085,//20$15,48(

(63(&,$/,67$(16,67(0$6(/(&75,&26'(327(1&,$
,17(5583725(6(16)
‡ ,QWHUUXSWRUHVHQ
6)HQXQD
LQVWDODFLyQGH
PDQLREUDGH
.9
‡ 6HWUDWDGHOD
ILJXUDFRQOD
FXDOVHYDD
H[SOLFDUHO
SULQFLSLRGH
IXQFLRQDPLHQWR


68%(67$&,21(6(/(&75,&$6 5(0(,1*(1,(52665/
&21),*85$&,Ï1<)81&,21$0,(172

‡ 8Q LQWHUUXSWRU ILJXUD   VH FRPSRQH


SULQFLSDOPHQWH GH ODV FROXPQDV SRODUHV HO
EDVWLGRU\HODFFLRQDPLHQWR

‡ /DV FROXPQDV SRODUHV FRPSXHVWDV SRU XQ


DLVODGRU GH VRSRUWH TXH SURSRUFLRQD HO
QHFHVDULR DLVODPLHQWR GH OD WHQVLyQ GH
VHUYLFLR FRQWUD WLHUUD \ SRU OD FiPDUD GH
FRUWH FRQ OD XQLGDG LQWHUUXSWRUD GH OD
FRUULHQWH FRQVWLWX\HQ FRPSDUWLPLHQWRV GH
JDVHVWDQFRVLQGLYLGXDOHV

68%(67$&,21(6(/(&75,&$6 5(0(,1*(1,(52665/
&21),*85$&,Ï1<)81&,21$0,(172

‡ /RV FRQWDFWRV PyYLOHV GH LQWHUUXSFLyQ HVWiQ


XQLGRV DO DFFLRQDPLHQWR D WUDYpV GH XQ
VLVWHPDGHYDULOODVVLWXDGRHQHOEDVWLGRU

‡ /D LQWHUUXSFLyQ GH OD FRUULHQWH UHTXLHUH OD


WUDQVLFLyQ GHO HVWDGR FRQGXFWRU DO HVWDGR
DLVODQWH HQ SRFRV PLOLVHJXQGRV 'HVSXpV GH
OD VHSDUDFLyQ GH FRQWDFWRV GXUDQWH HO
PRYLPLHQWR GH DSHUWXUD VH RULJLQD XQ DUFR
HOpFWULFR TXH FRQGXFH OD FRUULHQWH KDVWD VX
SDVRQDWXUDOSRUFHUR


68%(67$&,21(6(/(&75,&$6 5(0(,1*(1,(52665/
&21),*85$&,Ï1<)81&,21$0,(172
‡ (QOD]RQDFHQWUDOGHODUFRVHDOFDQ]DQ
WHPSHUDWXUDVGHKDVWDž.TXHLRQL]DQ\
FRQYLHUWHQHQFRQGXFWRUHOJDVFRPSUHQGLGR
HQWUHORVFRQWDFWRVHQPRYLPLHQWRGHDSHUWXUD
‡ 8QFKRUURH[WLQWRUGHJDVIUHVFRSURGXFHHO
VRSODGR\HQIULDPLHQWRGHOD]RQDGHFRUWH
LPSRVLELOLWDQGRHOUHHQFHQGLGRGHODUFRHOpFWULFR
GHVSXpVGHOSDVRQDWXUDOSRUFHURGHGHOD
FRUULHQWHYDULDEOHHQHOWLHPSR
‡ (O PpWRGR GH JHQHUDFLyQ GH WDO VREUHSUHFLR KD
H[SHULPHQWDGRGLYHUVDVPRGLILFDFLRQHVDORODUJR
GH ODV VXFHVLRQHV JHQHUDFLRQHV GH LQWHUUXSWRUHV
FRQVWUXLGDV KDVWD HO SUHVHQWH HVWD VREUHSUHFLR
GH H[WLQFLyQ HV QHFHVDULR FUHDU XQD VREUHSUHFLR
GHH[WLQFLyQ HQHOSURFHVRGHLQWHUUXSFLyQ 
6)*$6$,6/$17(<0(',2(;7,1725

‡ (O KH[DIORUXUR GH D]XIUH 6)  VH KD LPSXHVWR


FRPR PHGLR GH DLVODPLHQWR \ GH H[WLQFLyQ GHO
DUFR'HVWDFDVXHOHYDGDULJLGH]GLHOpFWULFDTXHD
LJXDOGDG GH FRQGLFLRQHV UHVXOWD DSUR[LPDGD
PHQWHWUHVYHFHVVXSHULRUDODGHODLUH
‡ 6XV FDUDFWHUtVWLFDV WpUPLFDV \ VX UHGXFLGD
WHPSHUDWXUDGHLRQL]DFLRQOHFRQILHUHQLJXDOPHQWH
H[FHOHQWHV SURSLHGDGHV FRPR PHGLR GH H[WLQFLyQ
GHDUFRVHOpFWULFRV
‡ (Q HVWDGR SXUR HO KH[DIORUXUR GH D]XIUH HV XQ
JDVLQFRORUR FDUHQWH GH WR[LGDG H LQFRPEXVWLEOH
6XSHVRHVDSUR[LPDGDPHQWHFLQFRYHFHVVXSHULRU
DOGHODLUH

68%(67$&,21(6(/(&75,&$6 5(0(,1*(1,(52665/
6)*DV\PHGLRH[WLQWRU
‡ $GHPiVHO6)HVHOHFWURQHJDWLYRORFXDOVLJQLILFD
TXH WLHQH XQD JUDQ DILQLGDG SDUD FDSWXUDU
HOHFWURQHV
‡ /DVLQWHUHVDQWHVSURSLHGDGHVGHHVHJDVKDQ
FRQGXFLGRDODUHDOL]DFLyQGHVXEHVWDFLRQHVGH
DOWDWHQVLyQHQWHUDPHQWHEOLQGDGDVDLVODGDVFRQ
6)\GHFRQVWUXFFLyQPX\FRPSDFWD
‡ (OSULQFLSLRGHIXQFLRQDPLHQWRGHXQGLV\XQWRUGH
6) HV PX\ VHPHMDQWH DO GH DLUH FRPSULPLGR
SHURHQHVWHFDVRHVHO6) EDMRSUHVLyQGHD
0SD HOTXHFXPSOHODVIXQFLRQHVGHFRPDQGR
GH H[WLQFLyQ GHO DUFR GH DLVODPLHQWR \ GH
HYDFXDFLyQGHOFDORU

68%(67$&,21(6(/(&75,&$6 5(0(,1*(1,(52665/
3ULQFLSLRGHH[WLQFLyQ
,QWHUUXSWRUHVHQ6)GHODJHQHUDFLyQ
‡ /RVLQWHUUXSWRUHVHQ6)GHODSULPHUD
JHQHUDFLyQVRQLQWHUUXSWRUHVDGRVSUHVLRQHV/D
SUHVLyQGHH[WLQFLyQVHPDQWLHQH
FRQVWDQWHPHQWHGLVSRQLEOHHQXQGHSRVLWRGH
DOWDSUHVLyQDQiORJDPHQWHDORVDQWHULRUHV
LQWHUUXSWRUHVSRUDLUHFRPSULPLGR3DUDOD
LQWHUUXSFLyQGHODFRUULHQWHVHLQ\HFWDHOJDVHQ
ODFiPDUDGHFRUWHVHUHFRJHHQXQUHFLQWRD
EDMDSUHVLyQ\VHYXHOYHDFRPSULPLU
GHYROYLpQGRVHDOGHSRVLWRGHDOWDSUHVLyQ3UHVLyQ
D\DVHSURGXFHODFRQGHQVDFLyQGHOJDVD
WHPSHUDWXUDVVXSHULRUHVDž&

68%(67$&,21(6(/(&75,&$6 5(0(,1*(1,(52665/
,QWHUUXSWRUHV6)GHJHQHUDFLyQ

‡ 7UDEDMDDSUHVLyQ
~QLFDODSUHVLyQGH
VRSODGRSDUDOD
H[WLQFLyQGHODUFRVH
SURGXFHHQHOSURSLR
PRYLPLHQWRGH
GHVFRQH[LyQGHO
DSDUDWR
(OSURFHVRGHFRUWH
VHPXHVWUDHQOD
ILJXUD


68%(67$&,21(6(/(&75,&$6 5(0(,1*(1,(52665/
,QWHUUXSWRUHVGHODJHQHUDFLyQ

ƒ (V OD HQHUJtD GHO SURSLR


DUFR HOpFWULFR OD TXH
JHQHUDODVREUHSUHFLRQ GH
VRSODGR UHTXHULGD HQ OD
FiPDUDGHFRPSUHVLyQ
ƒ (O DFFLRQDPLHQWR
VRODPHQWH SURSRUFLRQD OD
HQHUJtD UHTXHULGD SDUD HO
PRYLPLHQWR GHORV
FRQWDFWRV
/D JUDILFD PXHVWUD XQ
HMHPSOR HQ XQD LQVWDOD
FLyQ HQN9

68%(67$&,21(6(/(&75,&$6 5(0(,1*(1,(52665/
&iPDUDGHFRUWHGH$(*VHJ~QHO
SULQFLSLRGHODFiPDUDGHFRPSUHVLyQ
‡ $(* (QHUJLHWHFKQLN FRQVWLWX\H \ VXPLQLVWUD
LQWHUUXSWRUHVHQ6)GHODWHUFHUDJHQHUDFLyQ
SDUDWHQVLRQHVDVLJQDGDVGHVGHKDVWD
.9 ILJXUD   (VWRV LQWHUUXSWRUHV RSHUDQ
VHJ~Q HO SULQFLSLR GH OD FiPDUD GH
FRPSUHVLyQ
‡ (O FRQRFLPLHQWR GH OD IRUPD HQ TXH OD
FRUULHQWH GH JDVHV \ HO DXPHQWR GH SUHVLyQ
VHGLVWULEX\HQHQHOWLHPSR\HOHVSDFLRHVGH
IXQGDPHQWDO LPSRUWDQFLD SDUD pO RSWLPR
GLVHxRGHXQDFiPDUDGHFRPSUHVLyQ

68%(67$&,21(6(/(&75,&$6 5(0(,1*(1,(52665/
&iPDUDGHFRPSUHVLyQRSWLPL]DGD
‡ D SRVLFLyQGH
LQWHUUXSWRU
FHUUDGR
‡ E SURFHVRGH
H[WLQFLyQGH
DUFRFRQ
FRUULHQWHVGH
FRUWRFLUFXLWR
‡ FSURFHVRGH
H[WLQFLyQGH
DUFRFRQ
FRUULHQWHV
SHTXHxDV
‡ G SRVLFLyQ
GHGH
LQWHUUXSWRU
DELHUWR

6HUYLFLRTXHVHGHEHSUHVWDU
,QVSHFFLyQGHVSXpVGHDxRV
‡ 0DQWHQLPLHQWRGHVSXpVGHDxRV
‡ ,QVSHFFLyQGHVSXpVGHDxRV
‡ 0DQWHQLPLHQWRGHVSXpVGHDxRV
‡ 5HVXOWDGHGHSDUWLFXODULPSRUWDQFLDOD
VXPDWRULDGHODVLQWHQVLGDGHVGHFRUULHQWH
LQWHUUXPSLGDVpOQXPHURGHPDQLREUDV
UHDOL]DGDV\HOWLHPSRWRWDOGHVHUYLFLR
‡ /D LQVSHFFLyQ VH UHGXFH D XQ VLPSOH FRQWURO
YLVXDO

68%(67$&,21(6(/(&75,&$6 5(0(,1*(1,(52665/
6HUYLFLRGH
SRVWYHQWD
‡


&iPDUDGHFRPSUHVLyQRSWLPL]DGD
‡ ,QWHUUXSWRUHV GH KDVWD  N9 WLHQHQ XQD XQLGDG
LQWHUUXSWRUD SRU SROR 3DUD QLYHOHV GH WHQVLyQ PDV
DOWRVVHXWLOL]DXQFDEH]DOGREOHFRQGRVFiPDUDVGH
LQWHUUXSFLyQPRQWDGDVHQIRUPDKRUL]RQWDO
‡  FRQWDFWRGHDUFRILMR
‡  WREHUDDLVODQWH
‡  FRQWDFWRGHFRUULHQWHQRPLQDO
‡  FRQWDFWRGHDUFRPyYLO
‡  FRQWDFWRGHFRUULHQWHQRPLQDO
‡  FiPDUDGHFRPSUHVLyQ
‡  FRQWDFWRGHFRUULHQWHQRPLQDO
‡  YiOYXOD
‡  FiPDUDGHVRSODGR
‡  FLOLQGURILMR
‡  YiOYXOD 
68%(67$&,21(6(/(&75,&$6 5(0(,1*(1,(52665/
&iPDUDGH
FRPSUHVLyQ
RSWLPL]DGD


$SOLFDFLyQGHORV
LQWHUUXSWRUHVHQ6)
‡ (QODILJXUDDVH
DSUHFLDXQ
LQWHUUXSWRUHQ
6)SDUDHOODGR
GHN9GHO
WUDQVIRUPDGRU
TXHVHHQFXHQWUD
LQVWDODGRHQHO
SDWLRGHOODYHVD
ODLQWHPSHULH 


68%(67$&,21(6(/(&75,&$6 5(0(,1*(1,(52665/
$SOLFDFLyQGHORVLQWHUUXSWRUHVHQ6)

‡ (QODILJXUDVHDSUHFLD
XQLQWHUUXSWRUHQ6)
SDUDHOODGRGHN9
GHOWUDQVIRUPDGRUVH
HQFXHQWUDLQVWDODGR
HQODVDODGHN9
EDMRWHFKR


$SOLFDFLyQGHORVLQWHUUXSWRUHVHQ6)

‡ (QODILJXUDVHDSUHFLD
ODFHOGDGRQGHVH
HQFXHQWUDHO
WUDQVIRUPDGRUGH
SRWHQFLDGHN9
‡ (O HMHPSOR XQ WUDQVIRU
PDGRU GH SRWHQFLD GH
 N9 LQVWDODGR HQ
HO &HQWUR GH WUDQVIRU
PDFLyQ %DUVL HO FXDO
FXHQWD FRQ LQWHUUXSWR
UHV HQ 6) WDQWR FRPR
HQ  N9 FRPR HQ
N9

68%(67$&,21(6(/(&75,&$6 5(0(,1*(1,(52665/
,QWHUUXSWRU0~OWLSOH
‡ 6H SRGUtD FRQFHELU OD FRQVWUXFFLyQ GH XQ
GLV\XQWRUFRQJUDQSRWHQFLDLQWHUUXSWLYDHQXQD
VROD FiPDUD GH LQWHUUXSFLyQ SHUR UHVXOWDUtD
GHPDVLDGR JUDQGH \ FRVWRVR 7DPELpQ VH WLHQH
HO SURSyVLWR SDUD ODV WHQVLRQHV PX\ DOWDV GH
FRQVWUXLU GLV\XQWRUHV FRQVWLWXLGRV SRU YDULDV
FiPDUDV GH LQWHUUXSFLyQ FRQHFWDGDV HQ VHULH
'HHVWDIRUPDFDGDXQDGHHVDVFiPDUDVGHEH
RIUHFHUXQDULJLGH]GLHOpFWULFDFRUUHVSRQGLHQWHD
XQD IUDFFLyQ GH OD WHQVLyQ GH UHVWDEOHFLPLHQWR
(O SUREOHPD HV HQWRQFHV UHSDUWLU OD WHQVLyQ
LJXDOPHQWHHQWUHODVGLIHUHQWHVFiPDUDV

68%(67$&,21(6(/(&75,&$6 5(0(,1*(1,(52665/
,QWHUUXSWRU0~OWLSOH
‡ 'HVSXpV GHOSDVRSRUFHURGHODFRUULHQWH\OD
H[WLQFLyQGHORVDUFRVODWHQVLyQQRVH
UHVWDEOHFHGHXQDPDQHUDLJXDO\XQLIRUPH
HQWUHODVGLIHUHQWHVFiPDUDV
UHSUHVHQWiQGRVHHQWRQFHVXQGHVHTXLOLEULR
FDSDFLWLYR
‡ FXDQGRVHLQVWDODQYDULDVFiPDUDVGH
LQWHUUXSFLyQHQVHULHVHUHTXLHUHSUHYHUXQRV
FRQGHQVDGRUHVHQSDUDOHORFRQFDGDFiPDUD


68%(67$&,21(6(/(&75,&$6 5(0(,1*(1,(52665/
,QWHUUXSWRU0~OWLSOH
‡ $GHPiV GH ODV FDSDFLWDQFLDV VH LQWURGXFHQ
XQDVUHVLVWHQFLDVHQSDUDOHORSDUDDVHJXUDUOD
LJXDOGDGGHODVWHQVLRQHVHQEDMDIUHFXHQFLD
‡ /DVYHQWDMDVGHODLQWHUUXSFLyQP~OWLSOHVRQ
‡ )DEULFDFLyQ HQ VHULH GH HOHPHQWRV XQLWDULRV
QRUPDOL]DGRV
‡ )OH[LELOLGDGGHXWLOL]DFLyQGHORVHOHPHQWRVD
YHFHVHQVHULHDYHFHVHQSDUDOHOR
‡ )DFLOLGDGSDUDODVSUXHEDV


68%(67$&,21(6(/(&75,&$6 5(0(,1*(1,(52665/

68%(67$&,21(6(/(&75,&$6 5(0(,1*(1,(52665/

68%(67$&,21(6(/(&75,&$6 5(0(,1*(1,(52665/




68%(67$&,21(6(/(&75,&$6 5(0(,1*(1,(52665/

68%(67$&,21(6(/(&75,&$6 5(0(,1*(1,(52665/
+0
(648(0$81,),/$5  7,32683(5),&,(

%07 &'

63)
7
,7 ,7 ,7

68
+$&,$/$6&$5*$6
&7-
&// &7

37 37
&07 87,/,=$'$(1

 
,17(5,25(6&21
&(/'$6&(55$'$6


68%(67$&,21(6(/(&75,&$6 5(0(,1*(1,(52665/
+0
(648(0$81,),/$5  7,32683(5),&,(

%07
7& &'

7
63)

.:+
.9$+ ,7 ,7 ,7
68 $
Y
&7-
+$&,$/$6&$5*$6
&// &7 &0

37 37
81,'$''(0(','$(1%7
&07

 

68%(67$&,21(6(/(&75,&$6 5(0(,1*(1,(52665/
+0
(648(0$81,),/$5  7,32683(5),&,(

%07
7& &'

7
63) 77

.:+
.9$+ ,7 ,7 ,7
68 $
Y
&7-
+$&,$/$6&$5*$6
&// &7 &0

37 37
81,'$''(0(','$(1%7
&07

 

68%(67$&,21(6(/(&75,&$6 5(0(,1*(1,(52665/
6,67(0$'(0(',&,21(1%7

/,1($'(0(',$7(16,21 3262'(7,(55$
'(%7

&21'8&725(6'(&2%5(7,327+:$:* yPPð

75$16)250$'25
'(&255,(17(
$ &21'8&725(6'(&2%5(7,327+:$:* yPPð

73

&(/'$ ,17(5583725

'(
7(5020$*1(7,&2
 $03

0(','$
5 6 7 $$1

0(','25
5 6 7 (/(&7521,&2

+$&,$&(/'$'(
75$16)250$&,21

&$-$'(0(',&,217,32/7

737UDQVIRUPDGRUGHSRWHQFLDO

68%(67$&,21(6(/(&75,&$6 5(0(,1*(1,(52665/
+0
(648(0$81,),/$5  7,32683(5),&,(

%07
7& &'

7
63) 77

.:
,7 ,7 ,7
68 .9$
9
$
&7-
7; 5; +$&,$/$6&$5*$6
&// &7 &0

37 37
81,'$''(
&07

 
0(','$(1%7
<&21752/$
',67$1&,$
23

68%(67$&,21(6(/(&75,&$6 5(0(,1*(1,(52665/
+0
(648(0$81,),/$5  7,32683(5),&,(

%07 7&
&'

77
63)
7
5
,7 ,7 ,7

68
+$&,$/$6&$5*$6
&7-
&// &0 &7

37
&07 81,'$''(

 
37 0(','$(1
07


68%(67$&,21(6(/(&75,&$6 5(0(,1*(1,(52665/
+0
(648(0$81,),/$5  7,32683(5),&,(

%07 7&
&'

77
63)
7
5
,7 ,7 ,7

68 7; 5;
+$&,$/$6&$5*$6
&7-
&// &0 &7

37
&07 81,'$''(

 
37 0(','$(1
23 07


68%(67$&,21(6(/(&75,&$6 5(0(,1*(1,(52665/
+0
(648(0$81,),/$5  7,32683(5),&,(

%07 7&
&'

6(592 77
63)
02725

7
5
,7 ,7 ,7

68 7; 5;
+$&,$/$6&$5*$6
&7-
&// &0 &7

37
&07 81,'$''(

 
37 0(','$(107
23 (1$872


68%(67$&,21(6(/(&75,&$6 5(0(,1*(1,(52665/
+0
(648(0$81,),/$5  7,32683(5),&,(

%07 &'

6(592 75$)250,;

63)
02725

7
5
,7 ,7 ,7

68

&7-
0 +$&,$/$6&$5*$6

7; 5;
&// &0 &7

37
81,'$''(0(','$<
&07

 
3527(&&,21(107
37
23


68%(67$&,21(6(/(&75,&$6 5(0(,1*(1,(52665/
+0
(648(0$81,),/$5  /(<(1'$

&//&HOGDGHOOHJDGDGH[[PP
&07&DEOHGHPHGLDWHQVLyQWLSR1.<[ PPð.Y
&7-&DEH]DWHUPLQDOLQWHULRUSDUDFDEOHGHPHGLDWHQVLyQWLSR
1.<[PPð.Y
68 6HFFLRQDGRU WULSRODU LQWHULRUWLSRFXFKLOODV$ .Y
63))XVLEOH 6HFFLRQDGRU GHSRWHQFLDGH[$.Y FRQIXVLEOH
 GHDOWR SRGHUGHUXSWXUDGHOWLSRFODVH($16,GH«$ .Y
%70 %DUUDVGHPHGLDWHQVLyQGHFREUHSLQWDGDVGLVSXHVWDVHQXQ
SODQRKRUL]RQWDOGH[PP 
&7&HOGDGHWUDQVIRUPDFLyQGH[[PP
7 7UDQVIRUPDGRUWULIiVLFRHQDFHLWHGH .YD“ [
9ROWLRV '<+]PVQPFRQDFFHVRULRV QRUPDOHV
&' &HOGDGHGLVWULEXFLyQ
37 3XHVWDDWLHUUD
3 3DUDUUD\RV
&0 &HOGDGHPHGLGD


68%(67$&,21(6(/(&75,&$6 5(0(,1*(1,(52665/
+0
(648(0$81,),/$5  7,32683(5),&,(
87,/,=$'$(1,17(5,25(6&21&(/'$6&(55$'$6
%07

37

63) 63)


7
3

68 68

&7- &7-
&7
&// &//
37
&07 +DFLD7*
&07


%7
+$&,$7$%/(52
+$&,$275$ *(1(5$/
+DFLD6(
68%(67$&,21
07

68%(67$&,21(6(/(&75,&$6 5(0(,1*(1,(52665/
+0
(648(0$81,),/$5  7,32683(5),&,(
87,/,=$'$(1,17(5,25(6&21&(/'$6&(55$'$6
%07

37

63) 75$)20,;


7
3
0(','25
68 (/(&7521,&2

&7-
&0 &7
&//
37
81,'$''(0(','$(1 +DFLD7*
&07


07&2175$)20,; %7
+DFLD6(
07

68%(67$&,21(6(/(&75,&$6 5(0(,1*(1,(52665/

68%(67$&,21(6(/(&75,&$6 5(0(,1*(1,(52665/
352&(626,1'8675,$/(6$8720$7,=$'26


(1/$$&78$/,'$'6(87,/,=$16,67(0$6'(
&21752/<3527(&&,21,17(*5$'26
3DUDORJUDUORVH XWLOL]DQ HTXLSRVWDOHVFRPR
‡ 3XOVDGRUHVHOHFWUyQLFRVGLJLWDOHV
‡ 5HOp WpUPLFRFRQFRQWUROHQUHG
‡ 3/&V FRQFRPXQLFDFLyQLQGXVWULDO
‡ 9DULDGRUHV GHYHORFLGDG
‡ $UUDQFDGRUHVHQHVWDGRVyOLGR
‡ 0HGLGRUHVGHHQHUJtDPXOWLIXQFLyQ
‡ $XWyPDWDVLQWHJUDGDVHWF


+R\HQGtDKDHYROXFLRQDGROD
WHFQRORJtDRIUHFLHQGRSRVLELOLGDGHV
QRVRODPHQWHSDUDFRQWURODUD OD6(
VLQRWDPELpQSDUDVXSHUYLVDUORHQ
DVSHFWRVWDOHVFRPR

‡ $UUDQTXHV\SDUDGDV
‡ &RQVXPRGHHQHUJtD
‡ (VWDGRGHVXVSDUiPHWURVUHSUHVHQWDWLYRV
&RVIL3RWHQFLDDFWLYDGHFDUJD
‡ ,QFLGHQFLDVGHHYHQWRV
‡ 5HJLVWURGHIDOODVHW

/RV LQLFLRV GH OD DOWD WHFQRORJtD FRPHQ]y FRQ OD
LQWURGXFFLyQ GHORV 3/&V HQORVFRQWUROHVLQGXVWULDOHV
3UHVHQWDPRV XQ FRQWURO YLD 3/& VREUH ORV F HOHPHQWRV
FRQYHQFLRQDOSDUDHODUUDQTXHGHXQPRWRUWDOFRPR
&RQWDFWRUHVJXDUGDPRWRUSXOVDGRUHVHWF

5HGGHHQHUJtDHOpFWULFD


(VLPSRUWDQWHVHxDODUTXHHO3/&DWUDYpV
GHPyGXORVDGLFLRQDOHVRLQWHJUDGRVHQOD
&38 SXHGHQ FRQHFWDUVH D ODV GLYHUVDV
UHGHV SDUDUHFLELU\WUDQVPLWLULQIRUPDFLyQ
5HGGHFRPXQLFDFLRQHV

5HGHOpFWULFD 07

75$)20,;


+DFLDOD&7
3DUDSURWHJHUDOVLVWHPDGHIXHU]DVHVXHOHQXWLOL]DUORV
$55$148(6 $8720$7,&26 ORV TXH HYLWDUiQ ORV
HVIXHU]RV SURGXFLGRV SRU ODV FRUULHQWHV GH DUUDQTXH
V~ELWDV 3DUD HOOR VH LQVWDODUi DUUDQFDGRUHV HQ HVWDGR
VyOLGR
5HGGHFRPXQLFDFLRQHV

5HGGHHQHUJtDHOpFWULFD 07

6(&&,21$'25

7UDIRPL[

$55$148(
$% $//(1%5$'/(<

$% $//(1%5$'/(<

$8720$7,&2
60&
3/86
)$8/7
70

60&
(1(5*<6$9(5 67$57

3/86
67233,1* 67$//

)$8/7
70 7(03
67$57,1*

(1(5*<6$9(5 67$57
5811,1* /,1(

67233,1* 67$//
&21752/92/7$*(

67$57,1* 7(03
)51 '

5811,1* /,1(

&21752/92/7$*(

)51 '

&(/'$ 
2WUD IRUPD PiV DXWRPDWL]DGD VH UHDOL]D D
WUDYp]GHOFRQWUROYtDXQ3/&PHGLDQWHVX
LQSXW DQiORJR TXH VH LQWHJUD FRQ XQ
YDULDGRUGHIUHFXHQFLD
5HGGHFRPXQLFDFLRQHV

5HGGHHQHUJtDHOpFWULFD 07

RUN-P
RUN RUN-P
RUN 7UDIRPL[
0yGXORVDQDOyJLFRV
STOP
CMRES STOP
CMRES



6)

&(/'$ 
3DUD UHDOL]DU ORV WUDEDMRV GH PDQWHQLPLHQWR
HV QHFHVDULR FRQWDU FRQ HTXLSRV DOWDPHQWH
WHFQLILFDGRV SDUD GH HVD PDQHUD SRGHU
DGPLQLVWUDU(O FRQVXPRGHODHQHUJtD DFWLYD
\ UHDFWLYD YHULILFDU OD FDOLGDG GH ORV
SDUiPHWURVHOpFWULFRVGHOVLVWHPD


$SOLFDUHOPDQWHQLPLHQWRSUHGLFWLYRWRWDOHVWHPDQ
WHQLPLHQWR QRVHOLPLWDDODV UHYLVLRQHVSHULyGLFDV
SDUDHQFRQWUDUODVSLH]DVGHVJDVWDGDV\VXVWLWXLUORV
VLQRFRPSUHQGHWDPELpQHORUGHQODOLPSLH]DOD
FDSDFLWDFLyQ SDUD HO EXHQ PDQHMR GH OD LQIRUPD
FLyQHTXLSRV\XVR FRWLGLDQRGHORVPLVPRV


+0
&$/&8/2 '(/$&$3$&,'$''(/)86,%/(63)

,Q07 .9$√.Y  $

3DUDTXHHOIXVLEOHQRVHIXQGDFRQODFRUULHQWHGH
LQVHUFLyQGHOWUDQVIRUPDGRUVHDSOLFDXQIDFWRUGH
VHJXULGDG
,Q)86(07  «««,Q 07
  «««« $

,Q)86(07  $


68%(67$&,21(6(/(&75,&$6 5(0(,1*(1,(52665/
+0
(0%27(//$'25$/,0$6$

+3

6( 92/7,26 
$*8$6$1
$1721,2 +3 +3
P P

.:

P 6$/$
P &2035(625(6
P
.:
P

+3
+3
P
6$/$
%20%$6
P +3

/ /
+3
 
+3 P +3 P

6(

P  P 
$9&2/21,$/
&
$
5 0$1=$1$
5 %$55,2(/&$/9$5,2
(
7 ,1*5(62
02<2%$0%$
(
5
$

%
$
f 

2 /(<(1'$
6
%7 
7
( 3267(6'(&21&5(72$50$'2P
5
0 7$%/(52*(1(5$/)8(5=$
$
/ %7
( 32=27,(55$%7
6
07 32=27,(55$07
7*)


/$60(','$6(67$1(10(7526

P
07

+0 8%,&$&,21'(/$6$%&21/2632=26'(7,(55$%7< 07



68%(67$&,21(6(/(&75,&$6 5(0(,1*(1,(52665/
,1*5(62

3/$17$'(352&(6$'2<6(&$'2'(&$)e
0$1=$1$%$55,2(/&$/9$5,2
02<2%$0%$
6$%

&
$
5
5
(
7
( /LQHDGHWUDQVPLVLyQGHFREUHGHVQXGR
5 SUHSDUDGDSDUD\.Y0DVGHWDOOHVHQ
$ ODVPHPRULDVGHVFULSWLYDV

% P
$
f
2
6
P


7
(
5
0
$
/
(
6
3XQWRGHDOLPHQWDFLRQ
H[LVWHQWH.9

+0  8%,&$&,21'(/$/,1($'($/,0(17$&,21 .9



68%(67$&,21(6(/(&75,&$6 5(0(,1*(1,(52665/
',$*5$0$81,),/$5'(/6,67(0$'(',675,%8&,21
.9+=

/,1($$(5($352<(&7$'$'(.9'(PPð

75$16)250$'25'(/$6$%
75$16)250$'2575,)$6,&2
6(&&,21$'25 6(&&,21$'25
7(16,21.992/7,26
&87 &87
287 287
&255,(17($03(5,26
)86,%/( )86,%/( 327(1&,$.9$ 
9&& 3URSRUFLRQDGRSRUHOIDEULFDQWH
)5(&8(1&,$+= 
6$% *5832'<
3 1250$'()$%5,&$&,21,(&
0$5&$$%%
1ƒ$$$$$$
6
38172'(
/,1($(;,67(17('(
$/,0(17$&,21 $f2
(/(&75225,(17(
(1)5,$0,(17221$1 

/,1($(;,67(17(

/,1($352<(&7$'$
92/7,26
+= 7*)

[$5(*8/$%/( +$&,$7*)
5HJXOD7pUPLFD D  ,Q
5HJXOD0DJQpW   D ,Q


68%(67$&,21(6(/(&75,&$6 5(0(,1*(1,(52665/

68%(67$&,21(6(/(&75,&$6 5(0(,1*(1,(52665/

68%(67$&,21(6(/(&75,&$6 5(0(,1*(1,(52665/

68%(67$&,21(6(/(&75,&$6 5(0(,1*(1,(52665/

68%(67$&,21(6(/(&75,&$6 5(0(,1*(1,(52665/

68%(67$&,21(6(/(&75,&$6 5(0(,1*(1,(52665/

68%(67$&,21(6(/(&75,&$6 5(0(,1*(1,(52665/


68%(67$&,21(6(/(&75,&$6 5(0(,1*(1,(52665/

68%(67$&,21(6(/(&75,&$6 5(0(,1*(1,(52665/

68%(67$&,21(6(/(&75,&$6 5(0(,1*(1,(52665/

68%(67$&,21(6(/(&75,&$6 5(0(,1*(1,(52665/

68%(67$&,21(6(/(&75,&$6 5(0(,1*(1,(52665/

68%(67$&,21(6(/(&75,&$6 5(0(,1*(1,(52665/
68%(67$&,21&203$&7$
02'(/26&(.9$ 92/7,26


68%(67$&,21(6(/(&75,&$6 5(0(,1*(1,(52665/
68%(67$&,21&203$&7$

02'(/2%/248(.9$ 92/7,26
,167$/$'$(//$$=27($'(81(',),&,2 
68%(67$&,21(6(/(&75,&$6 5(0(,1*(1,(52665/
&(/'$.90217(55,&2


68%(67$&,21(6(/(&75,&$6 5(0(,1*(1,(52665/
&(/'$.90217(55,&2


68%(67$&,21(6(/(&75,&$6 5(0(,1*(1,(52665/
&(/'$.90217(55,&2


68%(67$&,21(6(/(&75,&$6 5(0(,1*(1,(52665/
&(/'$.90217(55,&2



68%(67$&,21(6(/(&75,&$6 5(0(,1*(1,(52665/
,3$&6


68%(67$&,21(6(/(&75,&$6 5(0(,1*(1,(52665/
3527(&&,21'(6,67(0$6'(327(1&,$

3527(&&,Ï1'( 6,67(0$6'(
68%(67$&,21(6(/(&75,&$6 327(1&,$ 5(0(,1*(1,(52665/
5(/(180(5,&2


68%(67$&,21(6(/(&75,&$6 5(0(,1*(1,(52665/
68%(67$&,Ï16$17$$1,7$


68%(67$&,21(6(/(&75,&$6 5(0(,1*(1,(52665/
68%(67$&,21'(&21752/

3527(&&,Ï1'( 6,67(0$6'(
68%(67$&,21(6(/(&75,&$6 327(1&,$ 5(0(,1*(1,(52665/
6$/$'(&21752/<0$1'2

3527(&&,Ï1'( 6,67(0$6'(
68%(67$&,21(6(/(&75,&$6 5(0(,1*(1,(52665/
327(1&,$
%,%/,2*5$),$

 1250$6,17(51$&,21$/(63$5$75$1$)250$'25(6

 ,(&,(&\ 
 ,167$/$&,21(6(/(&75,&$6
(QULTXH+DUSHU
 ,QVWDODFLRQHV(/(&75,&$6'(0(',$7(16,21
 &DWiORJRV6,(0(16
 &DWiORJRV$%%
 &DWiORJRV6FKQHLGHU(OHFWULF
 &ROHFFLyQ(35,
 0DQXDOHV:HVWKLQKRXVH
 0DXDO*HQHUDO(OHFWULF

+XEHUP#KRWPDLOFRP 

,QJ+XEHU0XULOOR0DQULTXH
KXEHUP#KRWPDLOFRP
81$&




Vous aimerez peut-être aussi