TFC | Infraestructura de Espacio Público | Catalina Buenahora - Mayra Martínez

Page 1

,1)5$(6758&785$ '( (63$&,2 3Ô%/,&2 3 5 2 7 2 7 , 3 2 6 8 5 % $ 1 2 6







LQIUDHVWUXFWXUD GH HVSDFLR S~EOLFR SURWRWLSRV XUEDQRV &$7$/,1$ %8(1$+25$ 0$<5$ 0$57,1(=



SUHVHQWDFLyQ GHO FXUVR LQWURGXFFLyQ SUHSUR\HFWR FUtWLFD UHIOH[LYD HVWUDWHJLD SUR\HFWXDO DQWHSUR\HFWR WUD\HFWR SURFHVR FRQVWUXFWLYR

DOEDxLOHUtD HVWUXFWXUD DFRQGLFLRQDPLHQWR VDQLWDULR DFRQGLFLRQDPLHQWR OXPtQLFR DFRQGLFLRQDPLHQWR HOpFWULFR DFRQGLFLRQDPLHQWR WHUPLFR DFRQGLFLRQDPLHQWR QDWXUDO SDLVDMH

PDWHULDOL]DFLyQ DQH[R ELEOLRJUDItD HTXLSR GRFHQWH







´3UR\HFWDU HV XQ LQVWUXPHQWR HQWUH HO SHQVDPLHQWR \ OD DFFLyQ \ FRPR WDO WLHQH QHFHVDULDPHQWH GLPHQVLRQHV UHIOH[LYDV FXOWXUDOHV \ SROtWLFDVµ HQWRQFHV HO SUR\HFWR ´LPSOLFD FXHVWLRQDU HO FRQRFLPLHQWR \ OD LQWHUSUHWDFLyQ GH OD UHDOLGDG HQ OD TXH RSHUDPRVµ <Q]HQJD %

,QIUDHVWUXFWXUD GH (VSDFLR 3~EOLFR HV XQ SUR\HFWR TXH FXHVWLRQD ODV OyJLFDV XUEDQDV FRQWHPSRUiQHDV /DV UHJODV DUFDLFDV KHJHPRQtDFDV FRQ ODV TXH ULJH HO XUEDQLVPR JHQHUDQ XQ DELVPR HQWUH OD VRFLHGDG DFWXDO GLQiPLFD IOXFWXDQWH LPSUHGHFLEOH \ HO WHUULWRULR HVWiWLFR UtJLGR FRQVHUYDGRU /D WHFQRORJtD PRWRU GH OD FRQWHPSRUDQHLGDG SURPXHYH FRQVWDQWHPHQWH HO PXQGR YLUWXDO GH OR LQVWDQWiQHR VH SRQH HQ VHUYLFLR GH VXV XVXDULRV WRWDOPHQWH RSXHVWR D ODV UHDOLGDGHV GH OD FLXGDG LQYDGLGR SRU ´QR OXJDUHVµ TXH JHQHUDQ QLQJ~Q WLSR GH HPSDWtD FRQ HO FLXGDGDQR FRQ ODV QHFHVLGDGHV GH OD VRFLHGDG GHO DPELHQWH VLQR TXH VRQ HVWRV TXLHQHV GHEHQ DGDSWDUVH D ORV SUHFHSWRV GH OD ORFDOLGDG

&RPR UHVSXHVWD D HVWDV FRQWUDGLFFLRQHV VH DSXQWD D OD UHYHUVLELOLGDG

LQWHUYHQFLRQHV HItPHUDV FDSD] GH DGDSWDUVH D P~OWLSOHV XVRV XVXDULRV \ FRQWH[WRV DUTXLWHFWXUDV TXH FDOLILTXHQ ORV HVSDFLRV \ VHDQ JHQHUDGRUDV GH OXJDUHV D SDUWLU GH OD LQWHUDFFLyQ \ DSURSLDFLyQ SRU SDUWH GHO XVXDULR

(VWDV LQIUDHVWUXFWXUDV VRQ DPSOLDPHQWH IOH[LEOHV QR GHWHUPLQDQ XQD DSURSLDFLyQ FRQFUHWD VLQR TXH DOLPHQWDQ OD LQGHWHUPLQDFLyQ GH XVRV SODQWHD OD LQFHUWLGXPEUH \ VH DMXVWD D ODV VROLFLWXGHV TXH SXHGDQ VXUJLU 6X YDORU QR VH FHQWUD HQ HO GLVHxR VLQR HQ OD LQWHQVLGDG GH XVRV TXH pVWD SODQWHD OD FRQVWDQWH UHSURJUDPDFLyQ )UHQWH D OD DJORPHUDFLyQ \ VXSHUSRVLFLyQ GH DFWLYLGDGHV XVXDULRV FRQWH[WRV UHDOLGDGHV OD LQIUDHVWUXFWXUD UHVSRQGH GH PDQHUD HILFLHQWH \ JHQHUD HO DPELHQWH DGHFXDGR SDUD OD VLPXOWDQHLGDG R SDUD FDGD XQD GH HOODV SRU VHSDUDGR /D ,QIUDHVWUXFWXUD GH (VSDFLR 3~EOLFR VH LQWHJUD HQ OD FLXGDG WLHQH OD FDSDFLGDG GH SURVSHUDU \ UHFRPSRQHU OD YLGD XUEDQD HQ ORV EDUULRV \ FRQWH[WRV GRQGH VH LQVWDOD

(O PRGR GH LQWHUYHQLU TXH SODQWHD HVWH SUR\HFWR HV XQ VLVWHPD GH SURWRWLSRV TXH DFW~DQ GLUHFWDPHQWH VREUH OD FLXGDG 6HJ~Q 0HWiSROLV ´OD FUHDFLyQ UiSLGD GH SURWRWLSRV HV TXL]i OD FRPSHWHQFLD HVHQFLDO PDV YDOLRVD TXH XQD HPSUHVD LQQRYDGRUD SXHGH DPELFLRQDUµ /RV SURWRWLSRV SHUPLWHQ YDULDQWHV DGDSWDFLRQHV GLIHUHQWHV FRQILJXUDFLRQHV \ SURJUDPDV VRQ HItPHUR SRU QDWXUDOH]D VH DFRSODQ FRQ HO FRQWH[WR HQULTXHFLHQGROR

(/ 352727,32 &202 $17, (',),&,2 $QWL HGLILFLR HV OD GHILQLFLyQ XWLOL]DGD SRU &HGHULF 3ULFH SDUD ERUUDU HO VHQWLGR WUDGLFLRQDO GH OD GLVFLSOLQD DUTXLWHFWyQLFD \ HQ FDPELR VXVWHQWDU XQD IRUPD GH FRQVWUXFFLyQ YLQFXODGD D ODV QHFHVLGDGHV FDPELDQWHV GH OD VRFLHGDG \ ORV LQGLYLGXRV DWHQWD D OD WHFQRORJtD SDJD HO SUHFLR GHO WLHPSR \ SXHGH SRU WDQWR XVDU \ GHVDSDUHFHU /DV SRVLEOHV PDWHULDOL]DFLRQHV GH SURWRWLSRV TXH DERUGHQ ODV WHPiWLFDV XUEDQDV VRQ LQILQLWDV SRU HVR HQ HVWH WUDEDMR YDPRV D GHVDUUROODU XQ SURWRWLSR TXH OR GHQRPLQDPRV ,QIUDHVWUXFWXUD GH (VSDFLR 3~EOLFR

5(9(56,%,/,'$' 5(9(56,%/(6 3RGHPRV KDEODU GH RFXSDFLRQHV UHYHUVLEOHV GHO SDLVDMH OD DQWLJXD GLFRWRPtD XUEDQtVWLFD HQWUH iUHDV ´XUEDQL]DEOHVµ \ ´QR XUEDQL]DEOHVµ SRGUtD GHMDU SDVR HQ FLHUWRV FDVRV D HVWUDWHJLDV GLYHUVDV GH FRORQL]DFLyQ YDULDEOHV VHJ~Q OD YRFDFLyQ HVSHFtILFD GHO OXJDU HVWUDWHJLDV TXH LQFOXVR SRGUtDQ SRQHU HYHQWXDOPHQWH HQ FULVLV OD YLHMD LGHD GH FRORQL]DFLyQ SHUPDQHQWH HQ \ GHO WHUULWRULR VXVWLWX\HQGROD SRU RWUR WLSR GH PRGHORV UHODFLRQDGRV FRQ VLVWHPDV OLJHURV GH FRQVWUXFFLyQ \ RFXSDFLyQ GHO VXHOR HQ iUHDV GH FRORQL]DFLyQ VXDYH DVRFLDGDV DO UHFLFODMH GH XVRV HQ GHVXVR $ELHUWD D OR WHPSRUDO OR HItPHUR OR LPSHUPDQHQWH SURSLD GH XQD FXOWXUD GH OD PRYLOLGDG OD SUHFDULHGDG \ OD DPRU WL]DFLyQ FRQWLQJHQWH GH ORV DFRQWHFLPLHQWRV 'LFFLRQDULR 0HWiSROLV GH DUTXLWHFWXUD DYDQ]DGD

()Ì0(5$6$6 ()Ì0(526 $FFLyQ R DFRQWHFLPLHQWR FX\D GXUDFLyQ HV HQ SULPHUD LQVWDQFLD XQ VROR GtD 3RU H[WHQVLyQ IHQyPHQR SUHVHQFLD R IDEULFDFLyQ EUHYH IXJD] LPSHUPDQHQWH R LQHVWDEOH GH FRUWD GXUDFLyQ 'LFFLRQDULR 0HWiSROLV GH DUTXLWHFWXUD DYDQ]DGD

















&5Ì7,&$ 5()/(;,9$



$17(&('(17(6

(Q HO SUHVHQWH DSDUWDGR VH H[SRQH XQD UHIOH[LyQ DFHUFD GH ORV DVSHFWRV TXH IXHURQ WRPDGRV FRPR SXQWRV GH SDUWLGD GH HVWD LQYHVWLJDFLyQ 6H EDVD HQ XQD H[SORUDFLyQ DFHUFD GH SHQVDPLHQWRV H LGHDV DUTXLWHFWyQLFDV TXH VH UHODFLRQDQ ILUPHPHQWH FRQ OD FRQFHSFLyQ \ HO GHVDUUROOR GH OD SURSXHVWD /RV HMHPSORV TXH VH SODQWHDQ FRPR DQWHFHGHQWHV GHQRWDQ HQ GLYHUVRV VHQWLGRV HO FXUVR GH OD LQYHVWLJDFLyQ \ VX SRVWHULRU PDWHULDOL]DFLyQ SUR\HFWXDO 6H FRQVLGHUDQ DVSHFWRV FRQVWUXFWLYRV \ VRFLDOHV GH ORV PLVPRV /RV HMHPSORV DQDOL]DGRV SODQWHDQ FRQFHSWRV FRPR OR HItPHUR WUDQVSRUWDEOH PRQWDEOH \ GHVPRQWDEOH WUDQVIRUPDEOH DUTXLWHFWXUD GH HPHUJHQFLD DUTXLWHFWXUD VRFLDO 6RQ LQIUDHVWUXFWXUDV TXH VH LPSODQWDQ HQ XQ VLWLR GHWHUPLQDGR SDUD DFWXDU VREUH XQD VLWXDFLyQ UHVWDXUDUOD FDOLILFDU HVSDFLRV JHQHUDU H[SHULHQFLDV HWF (VWDV LQIUDHVWUXFWXUDV XQD YH] UHDOL]DGR VX FRPHWLGR SXHGHQ VHU WUDVODGDGDV \ PRQWDGDV HQ RWUR VLWLR TXH DVt OR UHTXLHUD SDUD FXPSOLU HVWD X RWUD IXQFLyQ 6RQ UHDOL]DGDV FRQ PDWHULDOHV DFFHVLEOHV VHULDGRV GH IiFLO PRQWDMH \ WUDQVSRUWH UH XWLOL]DEOHV

%0: *8**(1+(,1 /$% (V XQD LQIUDHVWUXFWXUD WHPSRUDULD GH HVSDFLR S~EOLFR PRQWDGD HQ SXQWRV HVWUDWpJLFRV GHO WHUULWRULR SDUD EULQGDU HO DEDQLFR GH DFWLYLGDGHV TXH SODQWHD \ D VX YH] JHQHUDU HVSDFLRV S~EOLFRV GH FDOLGDG 6H FRPSRQH GH XQD HVWUXFWXUD VLPSOH TXH VH GHVDUUROOD HQ GRV QLYHOHV HQ OD SDUWH LQIHULRU DORMD DFWLYLGDGHV \ HQ OD SDUWH VXSHULRU FXHQWD FRQ OD LQIUDHVWUXFWXUD QHFHVDULD SDUD VX GHVDUUROOR &RQFHSWRV FRPR IOH[LELOLGDG WUDQVSRUWDEOH UHXWLOL]DEOH VRQ PDQHMDGRV HQ HVWH HMHPSOR (&2 %28/(9$5' '( 9$//(&$6 6H WUDWD GH XQD LQIUDHVWUXFWXUD GH HPHUJHQFLD TXH VH SUHVHQWD FRPR XQ DFRQGLFLRQDGRU ELRFOLPiWLFR SDUD XQ iUHD HQ GHWHULRUR (V XQD FRPELQDFLyQ HQWUH GLVHxR \ UHFLFODMH XUEDQR HQ GRQGH VX REMHWLYR HV PHMRUDU HO FRQIRUW DPELHQWDO GH OD ]RQD \ JHQHUDU HO LQWHUFDPELR VRFLDO (V XQD LQIUDHVWUXFWXUD HItPHUD TXH JHQHUD DFWLYLGDGHV GH UHKDELOLWDFLyQ WDQWR DPELHQWDO FRPR VRFLDO D WUDYpV GH OD LQFRUSRUDFLyQ GH P~OWLSOHV DFWLYLGDGHV GH RUGHQ S~EOLFR .,%(5$ +$0/(7 (V XQ SDEHOOyQ WHPSRUDO TXH VH FRQFLEH FRQ OD ILQDOLGDG GH FXPSOLU PDV GH XQD IXQFLyQ HQ PiV GH XQ VLWLR GHO WHUULWRULR SURPRYLHQGR OD LQWHUDFFLyQ VRFLDO HQ HO HVSDFLR DUTXLWHFWyQLFR (VWH HMHPSOR GHPXHVWUD HO VHQWLGR GH DGDSWDFLyQ GH OD DUTXLWHFWXUD FRQWHPSRUiQHD 3RQH VREUH OD PHVD OD UHIRUPXODFLyQ GH LGHDV \ ODV UHFRQILJXUDFLRQHV GH HOHPHQWRV D WUDYpV GH XQD DUTXLWHFWXUD GH UHXWLOL]DFLyQ \ YDULDFLyQ


%0: *8**(1+(,0 /$% 120%5( '(/ 352<(&72 %0: *8**(1+(,0 /$% (48,32 352<(&7,67$ $WHOLHU %RZ %RZ /2&$/,=$&,Ð1 (VWDGRV 8QLGRV 1XHYD <RUN $OHPDQLD %HUOtQ $f2 '( 352<(&72 3(5Ì2'2 '( (-(&8&,Ð1 1$785$/(=$ '(/ (1&$5*2 'LUHFWR

´/D DWPyVIHUD GHO OXJDU FDPELD UDGLFDOPHQWH GHSHQGLHQGR GH ODV DFWLYLGDGHV TXH VH OOHYHQ DFDER HQ ORV GLIHUHQWHV PRPHQWRV GHO GtD 8QD LQWHUSUHWDFLyQ FRQWHPSRUiQHD GH XQ OyJLFD GH OD FLXGDG GRQGH HO WLHPSR \ HO HVSDFLR VH HQWUHFUX]DQ µ 7VXNDPRWR .DLMLPD

%0: *XJJHQKHLP /DE HV XQD LQIUDHVWUXFWXUD WHPSRUDULD GH HVSDFLR S~EOLFR H[SHULPHQWDO TXH DERUGD ORV SUREOHPDV GH OD FLXGDG FRQWHPSRUiQHD RIUHFH D OD SREODFLyQ SURJUDPDV JUDWXLWRV GH FDOLGDG \ VX FRPHWLGR HV GHVSHUWDU OD FXULRVLGDG \ OD LQWHUDFFLyQ H[SORUDU OD IRUPD \ FRQGLFLRQHV HQ TXH ODV SHUVRQDV VH UHODFLRQDQ FRQ OD FLXGDG \ ORV HVSDFLRV S~EOLFRV FRQWHPSRUiQHRV 3ODQWHD SUHJXQWDV UHVSXHVWDV LGHDV \ GLiORJRV HQWUH ORV GLVWLQWRV DFWRUHV

6Ì17(6,6 < 5()/(;,21(6

/D HVWUXFWXUD VH FRQFLELy FRPR XQ WHDWUR DPEXODQWH GHILQLGR SRU $WHOLHU %RZ :RZ FRPR XQD ´FDMD GH KHUUDPLHQWDV GH YLDMHµ OLYLDQD \ FRPSDFWD TXH SXHGH VHU PRQWDGR HQ GLIHUHQWHV FLXGDGHV SHUPLWH GHVDUUROODU DVt GLYHUVDV DFWLYLGDGHV WDOHV FRPR WDOOHUHV FRQIHUHQFLDV H[SRVLFLRQHV SUR\HFFLRQHV FLQHPDWRJUiILFDV HWF

)XQFLRQD FRPR HVSDFLR S~EOLFR RWRUJD SURJUDPDV \ DFWLYLGDGHV TXH DWUDHQ D XQ JUDQ Q~PHUR GH SHUVRQDV UHDOL]D VX LQYHVWLJDFLyQ HQ EDVH DO FRPSRUWDPLHQWR GH HVWRV LQGLYLGXRV \ OXHJR ORV DQDOL]D SDUD VHU H[SXHVWRV KDFLD WRGD OD VRFLHGDG

&RPSXHVWD SRU QLYHOHV (Q OD ]RQD LQIHULRU VH GHVDUUROOD XQ HVSDFLR DELHUWR SHUPHDEOH FDSD] GH FRQILJXUDUVH SDUD VDWLVIDFHU ODV SDUWLFXODULGDGHV GH ORV GLVWLQWRV SURJUDPDV /D ]RQD VXSHULRU DOEHUJD WRGRV ORV VLVWHPDV GH VRSRUWH $ORMDQ HO PRELOLDULR SDQWDOODV LOXPLQDFLyQ VRQLGR \ VH GLVWULEX\HQ VHJ~Q ODV DFWLYLGDGHV TXH VH GHVDUUROOHQ HQ HO HVSDFLR IOH[LEOH GH SODQWD EDMD 7LHQH XQD HQYROYHQWH IRUPDGD SRU FDSDV GH PDOOD VHPLWUDQVSDUHQWH TXH SXHGH GHVFHQGHU \ HQYROYHU HO HVSDFLR LQIHULRU FRQILJXUDQGROR SDUD ORV GLVWLQWRV SURJUDPDV

%0: *XJJHQKHLP /DE HVWi SHQVDGR SDUD DFWXDU HQ HQWRUQRV FRQ DOWD GHQVLGDG GH SREODFLyQ TXH FXHQWDQ FRQ PD\RUHV GLYHUVLGDGHV VRFLDOHV %XVFD DFHUFDUVH D OD SREODFLyQ LQVWDOiQGRVH HQ SXQWRV HVWUDWpJLFRV GH ORV FHQWURV XUEDQRV EULQGD DFWLYLGDGHV \ HVSDFLRV GH FDOLGDG

(O WUDEDMR GH OD FRQILJXUDFLyQ IRUPDO \ ODV GLPHQVLRQHV TXH VH SODQWHDQ SHUPLWHQ UHVROYHU OD VLPXOWDQHLGDG GH XVRV \ OD WUDQVIRUPDFLRQHV QHFHVDULDV 7DQWR OD IOH[LELOLGDG FRPR HO VLVWHPD GH DFRSLR GH PRELOLDULR UHVXOWDQ WHPDV IXQGDPHQWDOHV SDUD OOHYDU DFDER HVWH WLSR GH LQWHUYHQFLyQ XUEDQD /D HVWUXFWXUD VLPSOH GH IiFLO PRQWDMH GHILQLGD SRU HO HQVDPEODMH GH SLH]DV WUDQVSRUWDEOHV \ HO DFRSLR GH PRELOLDULRV UHVXOWDQ HVHQFLDOHV SDUD OOHYDU D FDER HVWH WLSR GH HVWUXFWXUD XUEDQD HItPHUD

VGTVWNKCU GZRQUKEKQPGU

(VSDFLR LQWHULRU %0: *XJJHQKHLP /DEB1XHYD <RUN

/DV DFWLYLGDGHV SURJUDPiWLFDV TXH SODQWHD \ HO FRPSRUWDPLHQWR KXPDQR VRQ TXLHQHV KDFHQ SRVLEOH TXH HVWH HVSDFLR IXQFLRQH \ VH GLIHUHQFLH GH ORV GHPiV HVSDFLRV S~EOLFRV (Q DJRVWR GH HO %0: *XJJHQKHLP /DE ODQ]y OD JLUD PXQGLDO GH OD HVWUXFWXUD PyYLO /D LGHD GHO H[SHULPHQWR HUD TXH GXUDQWH DxRV OD LQIUDHVWUXFWXUD VH DGDSWDUD D FLFORV FRQ WHPiWLFDV HVSHFLDOPHQWH GLVHxDGDV &DGD LQIUDHVWUXFWXUD VH LQVWDODUtD HQ XELFDFLRQHV GLIHUHQWHV JHQHUDQGR FRPXQLGDG HQ HO VLWLR TXH VH PRQWD \ DO UHGHGRU GH pVWH D SDUWLU GH HVSHFLDOL]DFLRQHV VHJ~Q OD VLWXDFLyQ XUEDQD EULQGDQGR EHQHILFLRV HQ ODV FLXGDGHV TXH VH SRVD

(Q OXJDU GH DUTXLWHFWRV TXH HGXFDQ DO S~EOLFR VREUH FyPR FRPSRUWDUVH GHQWUR GH ORV HVSDFLRV HV HO S~EOLFR TXLHQ GHEH WHQHU OD DXWRQRPtD GH OD SUiFWLFD

HVSDFLDO HQ VXV FLXGDGHVµ

(VSDFLR LQWHULRU %0: *XJJHQKHLP /DEB%HUOtQ

7VXNDPRWR <RVKLKDUX .DLMLPD 0RPR\R $WHOLHU %RZ :RZ HQWUHYLVWD VREUH %0: *XJJHQKHLP /DE

&KDUOD LQIRUPDO HQ %0: *XJJHQKHLP /DEB1XHYD <RUN



(&2 %28/(9$5' 9$//(&$6 120%5( '(/ 352<(&72 (&2 %28/(9$5' '( 9$//(&$6 (48,32 352<(&7,67$ (FRVLVWHPD 8UEDQR /2&$/,=$&,Ð1 (VSDxD 0DGULG 9DOOHFDV $f2 '( 352<(&72 3(5Ì2'2 '( (-(&8&,Ð1 1$785$/(=$ '(/ (1&$5*2 &RQFXUVR (FR %RXOHYDUG /D SURSXHVWD WLHQH SRU REMHWLYR HO DFRQGLFLRQDPLHQWR ELRFOLPiWLFR GHO %RXOHYDUG SULQFLSDO GH 9DOOHFDV 6H WUDWD HQWRQFHV GH XQD H[SHULHQFLD GH GLVHxR \ UHFLFODMH XUEDQR FRQ HO ILQ GH PHMRUDU HO FRQIRUW DPELHQWDO SURPRYHU HO LQWHUFDPELR VRFLDO \ IXQFLRQDU GH IRUPD VXVWHQWDEOH (O D\XQWDPLHQWR GH 0DGULG FRQYRFD D XQ FRQFXUVR GH LGHDV FRQ XQ GREOH REMHWLYR XQR GH FDUiFWHU VRFLDO TXH EXVFD JHQHUDU DFWLYLGDGHV LQWHJUDGRUDV \ RWUR GH FDUiFWHU DPELHQWDO IRPHQWDUi HO DFRQGLFLRQDPLHQWR FOLPiWLFR GHO HVSDFLR H[WHULRU 6H SODQWHD XQD HVWUDWHJLD GH LQWHUYHQFLyQ ´GH XUJHQFLDµ FDSD] GH IXQFLRQDU FRPR XQ ERVTXH DUWLILFLDO PLHQWUDV VH GHVDUUROOD OD YHJHWDFLyQ SDUD HO IXWXUR GHO ERXOHYDUG ,QWHUYLHQH \ DFRQGLFLRQD iUHDV FRQFUHWDV FRQ HO ILQ GH SURYRFDU XQ PD\RU FRQIRUW WpUPLFR IXQFLRQD FRPR XQ ´JHUPHQ GH XQ SURFHVR UHJHQHUDGRU GHO HVSDFLR S~EOLFRµ &RQVWD GH SDEHOORQHV y DUEROHV GH DLUH TXH EULQGDQ VRSRUWH D ODV GLVWLQWDV DFWLYLGDGHV ÉUERO &OLPiWLFR 'LVWULEX\H OyEXORV HQ VX SHUtPHWUR GH IRUPD WDO TXH VH JHQHUH XQ MXHJR GH OX] \ VRPEUD ORJUDQGR GH HVWD IRUPD HO DFRQGLFLRQDPLHQWR FOLPiWLFR

´(O HVSDFLR S~EOLFR HV XQ HVSDFLR GH WRGRV TXH GHEH IXQFLRQDU FRPR VRSRUWH SDUD P~OWLSOHV DFWLYLGDGHV \ DFRQWHFLPLHQWRV PiV DOOi GH WRGR DTXHOOR SODQLILFDEOH XQ HVSDFLR GRQGH HO FLXGDGDQR SXHGD DFWXDU HQ OLEHUDG \ HQ HO TXH WHQJD FDELGD OD HVSRQWDQHLGDGµ 'DYLG %DVXOWRB3ODWDIRUPD DUTXLWHFWXUD

6Ì17(6,6 < 5()/(;,21(6 (FR %RXOHYDUG HV XQD LQIUDHVWUXFWXUD GH HPHUJHQFLD IXH GLVHxDGR SDUD UHVWDEOHFHU HO DFRQGLFLRQDPLHQWR ELRFOLPiWLFR GH HVWD ]RQD GH 9DOOHFDV \ FRPR JHQHUDGRU GH HVSDFLR S~EOLFR UH KDELOLWDGRU GH ]RQD TXH VH HQFRQWUDED HQ GHVXVR 6H LQVHUWD HQ XQD ]RQD iULGD GRQGH ODV FRQGLFLRQHV DPELHQWDOHV QR VRQ SURSLFLDV SDUD KDFHU XVR GHO HVSDFLR /DV LQIUDHVWUXFWXUDV LQVWDODGDV OD LPSOHPHQWDFLyQ GH YHUGH \ OD JHQHUDFLyQ GH FRQIRUW FOLPiWLFR VRQ ORV IDFWRUHV FODYHV SDUD KDFHU GH HVWH OXJDU XQ HVSDFLR DJUDGDEOH SDUD YLVLWDU $GHPiV OD LQFRUSRUDFLyQ GH DFWLYLGDGHV SDUD XVR S~EOLFR HQ HVWDV LQIUDHVWUXFWXUDV DWUDH D XQ GLYHUVR \ QXPHURVR S~EOLFR 8QD YH] UHVWDXUDGRV HVWRV DVSHFWRV VRFLDOHV \ DPELHQWDOHV OD LQIUDHVWUXFWXUD VH HQFXHQWUD HQ FRQGLFLRQHV GH GHMDU HO VLWLR \ WUDVODGDUVH D RWUR HQ GRQGH SXHGD DFWXDU SDUD UHVROYHU SUREOHPDV VLPLODUHV

(YHQWR DUWtVWLFR HQWRUQR D XQRV GH ORV iUEROHV GHO (&2 %28/(9$5'

GZRQUKEKQPGU

ÉUERO /~GLFR 6H LQVWDOD DOOt OD ]RQD GH RFLR \ MXHJRV SDUD QLxRV /D SURSLD HVWUXFWXUD RSHUD FRPR VRSRUWH GH HVWDV DFWLYLGDGHV DO FROJDU GH HOOD ORV SURSLRV FROXPSLRV \ GHPiV PRELOLDULR ÉUERO 0HGLiWLFR 'RQGH VH UHDOL]DQ DFWLYLGDGHV DXGLRYLVXDOHV DORMDQGR SDQWDOODV GH SUR\HFFLyQ (VWUXFWXUDV OLJHUDV GHVPRQWDEOHV \ HQHUJpWLFDPHQWH DXWRVXILFLHQWHV /D VRVWHQLELOLGDG \ ORV FULWHULRV PHGLRDPELHQWDOHV VH HQFXHQWUDQ SUHVHQWHV HQ WRGDV ODV GHFLVLRQHV GHO SUR\HFWR GHVGH ORV PDWHULDOHV HPSOHDGRV PD\RUPHQWH UHFLFODGRV KDVWD OD FOLPDWL]DFLyQ PHGLDQWH VLVWHPDV SDVLYRV SRU PHGLR GH OD LPSOHPHQWDFLyQ GH WpFQLFDV QR LQYDVLYDV VLQ JHQHUDU UHVLGXRV SURGXFH OD FDQWLGDG GH HQHUJtD VXILFLHQWH SDUD VX DEDVWHFLPLHQWR 6H SUHWHQGH DVt RSWLPL]DU UHFXUVRV \ DFUHFHQWDU HO FDUiFWHU VRFLDO GH OD ]RQD

ÉUERO /~GLFRB (FR %RXOHYDUG GH 9DOOHFDV

3DLVDMH GHO (FR %RXOHYDUG GH 9DOOHFDV



.,%(5$ +$0/(7 120%5( '(/ 352<(&72 .,%(5$ +$0/(7 (48,32 352<(&7,67$ 6HOJDV&DQR +HOORHYHU\WKLQJ /2&$/,=$&,Ð1 .LEHUD 1DLUREL .HQLD $f2 '( 352<(&72 3(5Ì2'2 '( (-(&8&,Ð1 1$785$/(=$ '(/ (1&$5*2 'LUHFWR

´&DGD YH] PiV SHUVRQDV FRQVLGHUDQ TXH OD DUTXLWHFWXUD UHDOPHQWH WLHQH OD FDSDFLGDG GH PRGLILFDU OD UHDOLGDG GH PLOHV GH KDELWDQWHV HQ FRQWH[WRV DOWDPHQWH GHWHULRUDGRV µ 5HYLVWD 3ORWB(GLFLRQ HVSHFLDO 1 FCP\C

.LEHUD +DPOHW (V XQ SDEHOOyQ WHPSRUDO FRQVWUXLGR HQ SULPHUD LQVWDQFLD SDUD HO 0XVHR GH $UWH GH &RSHQKDJXH \ OXHJR WUDVODGDGR D 1DLUREL $OOt VH LQVWDOD HQ XQR GH ORV DVHQWDPLHQWRV WHPSRUDULRV PDV JUDQGHV GH ÉIULFD GRQGH RILFLDUi GH HVFXHOD (O 0XVHR GH $UWH GH /RXLVLDQD XELFDGR HQ &RSHQKDJXH JHQHUDUtD XQD H[KLELFLyQ HQ HO PDUFR GHO OHPD ÉIULFD $UTXLWHFWXUD &XOWXUD H ,GHQWLGDG &RQ HVWH ILQ UHDOL]D HO HQFDUJR D ORV DUTXLWHFWRV HVSDxROHV 6HOJDV&DQR GH FRQVWUXLU XQ SUR\HFWR TXH DxRV DWUiV KDEtDQ GLVHxDGR SDUD XQD H[SRVLFLyQ D UHDOL]DUVH HQ .HQLD 6HOJDV&DQR HQ FRODERUDFLyQ FRQ +HOORHYHU\WKLQJ GLVHxDQ HO SDEHOOyQ WHPSRUDO /XLVDQD +DPOHW SDUD ORV MDUGLQHV GH XQ PXVHR HQ &RSHQKDJXH HO FXDO OXHJR VHUtD WUDVODGDGR D .LEHUD FRQ HO SURSyVLWR GH VHU UHFRQYHUWLGR HQ HVFXHOD .LEHUD +DPOHW HV XQD RUJDQL]DFLyQ FRPXQDO IXQGDGD HQ HQ DPSDUR GH XQD FRPXQLGDG GH PDV GH XQ PLOOyQ GH SHUVRQDV $FWXDOPHQWH EULQGD DSR\R D PDV GH QLxRV \ DGROHVFHQWHV HQ FRQGLFLRQHV GH SREUH]D \ YLROHQFLD (QWUH VX JULOOD GH SURJUDPDV VH GHVWDFDQ DSR\R \ RULHQWDFLyQ D SHUVRQDV FRQ 9,+ FRQVHUYDFLyQ DPELHQWDO GUDPD DFUREDFLD GHSRUWHV ELEOLRWHFD FRQ HO ILQ GH IRPHQWDU XQ HQWRUQR VRFLDO ItVLFR \ PHQWDO VDOXGDEOH SDUD VX SREODFLyQ

6Ì17(6,6 < 5()/(;,21(6 .LEHUD +DPEOHW HV XQD LQIUDHVWUXFWXUD GLVHxDGD SDUD FXPSOLU GRV SURSyVLWRV GLIHUHQWHV HQ WHUULWRULRV GLIHUHQWHV 7DQWR HO SDEHOOyQ HQ HO PXVHR /XLVDQD +DPOHW FRPR OD HVFXHOD +DPOHW HQ .LEHUD DILUPDQ HO VHQWLGR GH DGDSWDFLyQ GH OD DUTXLWHFWXUD FRQWHPSRUiQHD H[SUHVDGR FRPR PDQLIHVWDFLRQHV DGYHUVDV GH XQD PHWRGRORJtD FRP~Q (Q 'LQDPDUFD HO SUR\HFWR UHSUHVHQWD XQD DUTXLWHFWXUD SURWRWtSLFD TXH GHVDItD ODV FRQILJXUDFLRQHV IRUPDOHV GH VXV FRQVWUXFFLRQHV FRQYHQFLRQDOHV (Q .HQLD FRQIRUPD XQD HVFXHOD DWHQGLHQGR D ODV QHFHVLGDGHV \ OLPLWDFLRQHV HFRQyPLFDV ORJtVWLFDV SDUD JHQHUDU XQ HQWRUQR HGXFDWLYR DWUDFWLYR FRQ PHMRUHV UHFXUVRV

I[O

(O UHVXOWDGR HQ DPERV FDVRV HV XQD DWPyVIHUD HQULTXHFLGD SRU ORV FRORUHV \ OD WH[WXUD GH ORV PDWHULDOHV DO FUHDU XQD QXHYD DFWLWXG SDUD ODV DGDSWDFLRQHV JOREDOHV (O SUR\HFWR HV XQD UHIRUPXODFLyQ GH ODV LGHDV H[LVWHQWHV HQ FXDQWR D OD LQGXVWULD JOREDO GH OD FRQVWUXFFLyQ JHQHUD UHFRQILJXUDFLRQHV GH HOHPHQWRV \ SLH]DV DO DSURYHFKDU HO FLFOR GH YLGD GH ORV DQGDPLRV IRPHQWD XQD DUTXLWHFWXUD GH UHXWLOL]DFLyQ \ YDULDFLyQ

VGTVWNKCU

'LIHUHQWHV HVFHQDULRV FRORQL]DFLyQ GH HVSDFLRVB.,%(5$ +$0/(7

GZRQUKEKQPGU

(O SUR\HFWR GHVFULEH XQ PRGR GH LQWHUDFFLyQ XQ DOJRULWPR VRFLDO PHGLDQWH HO FXDO XQ FRQMXQWR GH UHJODV VLPSOHV JHQHUDQ HO HVSDFLR DUTXLWHFWyQLFR HQ XQD DPSOLD JDPD GH FRQWH[WRV DUWHVDQtDV \ KDELOLGDGHV (VWD QXHYD FRQILJXUDFLyQ IRUPXODGD D SDUWLU GH FRPSRQHQWHV XQLYHUVDOHV HFRQyPLFRV \ GXUDGHURV LPSOHPHQWD HO XVR GH HOHPHQWRV GH DQGDPLRV SODFDV IHQyOLFDV \ GH SROLFDUERQDWR FRQ OD ILQDOLGDG GH FRPSRQHU XQ HGLILFLR GH P TXH DORMD DXODV RILFLQDV VDQLWDULRV \ FRFLQD /DV DXODV VH GLVSRQHQ HQ QLYHOHV \ VRQ FRQHFWDGDV D WUDYpV GH XQD HVFDOHUD GH PDGHUD OD FXDO SXHGH RILFLDU D VX YH] FRPR DXGLWRULR 3RU ODV QRFKHV GHELGR D VX FRPSRVLFLyQ FRQ PDWHULDOHV WUDQVO~FLGRV OD HVFXHOD VH FRQYLHUWH HQ IDUR WUDQVIRUPDQGR .LEHUD \ VXV DOUHGHGRUHV

8VR GH HVSDFLR SROLIXQFLRQDOB.,%(5$ +$0/(7

(QWRUQR GH .,%(5$ +$0/(7








$17(352<(&72



&21),*85$&,21(6_ 02'(/26

& $ 7 É / 2 * 2 ' ( 3 5 2 7 2 7 , 3 2 6 $O WUDWDUVH GH XQD LQIUDHVWUXFWXUD XQLYHUVDO FDSD] GH HQIUHQWDUVH D GLYHUVRV FRQWH[WRV \ XVRV HO SUR\HFWR QR VH FHQWUD HQ HO GLVHxR GH XQ REMHWR ~QLFR DFDEDGR VLQR PiV ELHQ HQ HO GHVDUUROOR GH XQD DUTXLWHFWXUD GH WUDQVIRUPDFLyQ 6H HVWXGLD OD LQWHUDFFLyQ GH P~OWLSOHV SLH]DV \ R VLVWHPDV SDUD JHQHUDU XQ SURWRWLSR FRQ GLYHUVDV RSFLRQHV GH DUPDGR \ D VX YH] FRQ YDULDFLRQHV PiV VXWLOHV FRWLGLDQDV TXH YDQ DGDSWDQGR HO HVSDFLR DO XVR UHTXHULGR

'HSHQGLHQGR GHO FRQWH[WR VRFLDO DPELHQWDO HFROy JLFR HWF OD LQIUDHVWUXFWXUD SRGUi LU WRPDQGR XQD X RWUD IRUPD

'DUiQ LGHQWLGDG D XQD LQIUDHVWUXFWXUD HQ SDUWLFXODU \ OD GLIHUHQFLDUiQ GH RWUDV TXH VH HQFXHQWUHQ HQ DOJXQD FLUFXQVWDQFLD GLYHUVD (OHPHQWRV 6RQ DUWHIDFWRV R VLVWHPDV TXH SUHVHQWHV HQ WRGDV ODV LQIUDHVWUXFWXUDV LQGHSHQGLHQWH D VX FRQILJXUDFLyQ 6RQ ODV SLH]DV TXH VH SRQHQ HQ MXHJR SDUD JHQHUDU ODV DOWHUDFLRQHV HVSDFLDOHV \ GH XVR 6H ODV GLVHxDQ GH IRUPD XQLYHUVDO \ FRQ PHFDQLVPRV GH WUDQVIRUPDFLyQ SDUD SRGHU VHU XWLOL]DGDV HQ P~OWLSOHV DFWLYLGDGHV

(O FDWiORJR SHUPLWH PRVWUDU OD FRPSOHMLGDG GH ODV LQIUDHVWUXFWXUDV \ VXV P~OWLSOHV DOWHUDFLRQHV QR HV SRVLEOH H[SUHVDU HQ XQ VROR PRGHOR WRGDV ODV DSWLWXGHV TXH SRVHH &RPR PHWRGRORJtD GH DQiOLVLV VH FUHDQ FDWHJRUtDV &RQILJXUDFLRQHV \ (OHPHQWRV &RQILJXUDFLRQHV 6H WUDWD GH YDULDEOHV PiV GHWHUPLQDQWHV \ HVWiWLFDV TXH YDQ D LQIOXLU HQ OD IRUPD WDPDxR RULHQWDFLyQ PDWHULDOLGDG HWF GHO PRGHOR GRQGH ORV FDPELRV TXH SXHGDQ VXIULU VRQ PtQLPRV

2SFLyQ GH DUPDGR 3DUD SURIXQGL]DU HO SUR\HFWR VH GHVDUUROODUi XQ SURWRWLSR GH ,QIUDHVWUXFWXUD GH (VSDFLR 3~EOLFR FRQ ORV FtUFXORV DPDULOORV VH LQGLFDQ ORV FRPSRQHQWHV GHO FDWiORJR TXH OD FRQIRUPDUiQ

&21),*85$&,21(6_ 326,&,21$0,(172 (1 (648,1$

(;(172

(;(172 /,1($/

(;(172 38178$/

'(3257(6

(;326,&,21(6

352<(&&,21(6

086,&$/ 7($75$/

$%,(572

/$7(5$/ ,167$/$&,21(6

&8%,(57$

(192/9(17( 683(5,25

(192/9(17( 727$/

1Ô&/(2 $%,(572

1Ô&/(2 &(55$'2

1Ô&/(2 ,1&203/(72

',9,6,Ð1 325 3/$126

',9,6,Ð1 92/80e75,&$

/,9,$1$ 23$&$

/,9,$1$ 75$6/Ô&,'$

/,9,$1$ 75$163$5(17(

(175( 0(',$1(5$6 (O WHUUHQR y OXJDU D LQVWDODU OD , ( 3 LQIOXLUi HQ VX IRUPD \ R GLPHQVLRQHV /DV WHQVLRQHV SUR SLDV GHO VLWLR GHEHQ VHU IDFWRUHV D FRQVLGHUDU D OD KRUD GHO DUPDGR

(/(0(1726_ $&7,9,'$'(6 &DGD LQIUDHVWUXFWXUD WUDHUi FRQVLJR XQD VHULH GH DFWLYLGDGHV ´ILMDVµ \ HVWDUi DELHUWD D LQFRUSRUDU QXHYDV ,QIUDHVWUXFWXUD GH XVRV PL[WRV WLHQH OD FDSDFLGDG GH FXEULU GLYHUVRV HYHQWRV TXH SXHGHQ HVWDU RFXUULHQGR HQ VLPXOWDQHR R SXHGH FRQYHUWLUVH HOOD HQ XQ JUDQ \ ~QLFR HYHQWR

)(5,$6

(/(0(1726_ 0$7(5,$/,'$' ([LVWH YDULDFLRQHV GH FHUUDPLHQWRV GHSHQGLHQGR GH OD ORFDOL]DFLyQ LQWHULRU H[WHULRU \ GHQWUR GH pVWDV YDULDEOHV VHJ~Q PDWHULDO RSDFLGDG GLPHQVLRQHV IXQFLRQHV IRUPDV HWF eVWDV SXHGHQ GHSHQGHU GHO FOLPD PRPHQWR GHO GtD DFWLYLGDGHV D UHDOL]DU LOXPLQDFLyQ UHTXHULGD HVSDFLDOLGDGHV IRUPDV HWF 'LPHQVLRQHV PRGXODGDV SDUD OD IiFLO VXVWLWXFLyQ GH XQ PDWHULDO SRU RWUR y FRQ PDWHULDOHV TXH WHQJDQ FDSDFLGDG GH DGDSWDFLyQ IUHQWH D GLYHUVDV WHQVLRQHV R FLUFXQVWDQFLDV $O WUDWDUVH GH LQWHUYHQFLRQHV JOREDOHV ODV FDUDFWHUtVWLFDV GH ORV PDWHULDOHV GHEHQ VHU XQLYHUVDOHV \ GH IiFLO DFFHVR DGHPiV VH GHEH WHQHU HQ FXHQWD OD FDSDFLGDG GH PRQWDMH \ GHVPRQWDMH FRPR OD DSWLWXG SDUD HO WUDVODGR UHVLVWHQFLD \ PHGLGDV

02/'($%/( 23$&$

02/'($%/( 75$6/Ô&,'$

$ SDUWLU GH OD FRPELQDFLyQ GH GLYHUVRV HOHPHQWRV \ PDWHULD OHV VH FRPLHQ]D D FRQILJXUDU OD LQIUDHVWUXFWXUD

3ODWDIRUPDV WpFQLFDV HQWUH SLVRV WpFQLFRV Q~FOHRV GH VHUYLFLRV VH FRPELQDQ SDUD IRUPDU OD LQIUDHVWUXFWXUD GH HVSDFLR S~EOLFR D VHUYLFLR GHO

XVXDULR \ GH ODV DFWLYLGD GHV D GHVDUUROODUVH


SOD]D GH FRPLGDV GHSRUWHV

FRPXQLFDFLyQ H[SRVLFLRQHV

FLQH DO DLUH OLEUH

44))

44))

WHUWXOLDV

44)) 44))

44))

44))

IHULD HQWUHWHQLPLHQWR

MXHJR QLxRV $0$*/"

$0$*/"

WDOOHUHV

SOD]D

WDOOHUHV

MXHJR QLxRV

UHFLWDO

3RVLEOH FRQILJXUDFLyQ SODQWD

)DFKDGD

GUVCT

DXODV

3RVLEOH FRQILJXUDFLyQ SODQWD

&RUWH 7UDQVYHUVDO












(&2/2*Ì$ '(/ 352<(&72



$/%$f,/(5Ì$



$/%$f,/(5Ì$ 0HPRULD $UJXPHQWDWLYD &XPSOLHQGR FRQ ORV SULQFLSLRV WHyULFRV TXH SODQWHD OD ´,QIUDHVWUXFWXUD GH (VSDFLR 3~EOLFRµ VH LQYHVWLJy HQ PpWRGRV FRQVWUXFWLYRV UiSLGRV TXH SHUPLWDQ XQD DUTXLWHFWXUD HItPHUD PRQWDU WRGD XQD LQVWDODFLyQ \ GHVPRQWDUOD VLQ JHQHUDU SHUMXLFLRV HQ HO OXJDU \ D VX YH] WHQHU VXVWHQWR VHU DXWyQRPD XQ SURWRWLSR LQGHSHQGLHQWH TXH VH UHVXHOYH D Vt PLVPR

´Q~FOHRµ TXH JHQHUD UHFLQWRV FHUUDGRV SDUD DOEHUJDU SURJUDPDV GH tQGROH PiV SULYDGD 6H GLVHxD XQ VLVWHPD GH SDQHOHV SUHIDEULFDGRV TXH SDVDUiQ D FRQIRUPDU ORV PXURV ORV PLVPRV WLHQHQ OD SHFXOLDULGDG GH PRQWDUVH DFRSODUVH D OD HVWUXFWXUD \ GHVFROJDUVH FXDQGR \D QR VH ORV QHFHVLWH

&RQVWUXFFLyQ HQ VHFR OLYLDQD UiSLGR \ IiFLO DUPDGR PDWHULDOHV HFRQyPLFRV UH XWLOL]DEOHV FRQ SRFR PDQWHQLPLHQWR HUDQ ORV UHTXHULPLHQWRV VROLFLWDGRV SRU OD LQIUDHVWUXFWXUD VH RSWy SRU SRWHQFLDU HO VLVWHPD GH HVWUXFWXUDV GH DQGDPLR

2WUDV SDUWLFXODULGDGHV GHO SUR\HFWR VRQ HO PRELOLDULR \ OD FXELHUWD WH[WLO

(O FRQFHSWR GH DOEDxLOHUtD PiV FOiVLFR VH YH WUDVWRFDGR HQ HVWH SUR\HFWR FXDQGR HO VLVWHPD HVWUXFWXUDO HV HO TXH WRPD HO SURWDJRQLVPR \ HV pO TXLHQ UHTXLHUH HO PD\RU YROXPHQ GH FRQVWUXFFLyQ D WUDYpV GHO PRQWDMH \ HQVDPEODMH GH SLH]DV

02%,/,$5,2 'LVSRVLWLYRV TXH LQWHUDFW~DQ FRQ ODV SODWDIRUPDV GH SODQWD EDMD \ FRQ ODV DFWLYLGDGHV TXH DOOt VH GHVDUUROODUiQ (TXLSDPLHQWR SOHJDEOH TXH VH DGDSWD D GLVWLQWDV VLWXDFLRQHV \ HV PDQLSXODGR SRU HO SURSLR XVXDULR \ VXV LQWHUHVHV &8%,(57$ 7(;7,/ *HQHUD XQD QXHYD HVSDFLDOLGDG \ UHODFLyQ FRQ QXHYDV WH[WXUDV OXFHV \ VRPEUDV 2SHUD FRPR OD HQYROYHQWH GHO SUR\HFWR SURWHJLpQGROR GHO FOLPD SRU PRPHQWRV R D\XGDQGR D JHQHUDU UHODFLRQHV FRQ HO FRQWH[WR HQ RWURV FDVRV

/D VLPLOLWXG FRQ OD ´FRQVWUXFFLyQ WUDGLFLRQDOµ VH GD HQ OR TXH VH GHQRPLQD

$VHVRU 5REHUWR 3HOXIIR






$ HVF 5()(5(1&,$6


$ HVF $VHVRU 5REHUWR 3HOXIIR




& $ 7 É / 2 * 2 ' ( $ / % $ f , / ( 5 Ì $ (O VLJXLHQWH FDWiORJR UH~QH WRGDV ODV SLH]DV QHFHVDULDV SDUD JHQHUDU OD DOEDxLOHUtD GH OD ,(3 &ODVLILFDGD HQ WHPiWLFDV 0XURV 0RELOLDULR \ &XELHUWD WH[WLO HVWDEOHFH GLPHQVLRQHV XVRV SRVLELOLGDGHV GH DUPDGR FDQWLGDGHV HWF

6H GHEH WHQHU HQ FXHQWD TXH OD FXDQWLILFDFLyQ GH ODV SLH]DV VH GHVDUUROOD D SDUWLU GHO SURWRWLSR HQ HO TXH VH HVWD SURIXQGL]DQGR HO WUDEDMR RWUDV FRQILJXUDFLRQHV GH ,QIUDHVWUXFWXUD SRGUiQ YDULDU HO Q~PHUR GH SLH]DV

08526

3/$&$ )(1Ð/,&$

3/$&$ <(62

3/$&$ )(1Ð/,&$

3/$&$ <(62

75$9(6$f26

&21 9$12

5(9(67,'2 (1 &(5É0,&$ &21 9$12

23$&$

5(9(67,'2 (1 &(5É0,&$

'( 0$'(5$

0$7(5,$/,'$'

0$7(5,$/,'$'

0$7(5,$/,'$'

0$7(5,$/,'$'

&RPSHQVDGR IHQyOLFR

3ODFD GH \HVR UHVLVWHQWH D OD KXPHGDG

&RPSHQVDGR IHQyOLFR

3ODFD GH \HVR YHUGH

0$7(5,$/,'$' 3LQR URMR

(63(625 FP $1&+2 FP 862 &RQIRUPD HO 0XUR WLSR

(63(625 FP $1&+2 FP 862 &RQIRUPD HO 0XUR WLSR

(63(625 FP $1&+2 FP 862 &RQIRUPD HO 0XUR WLSR

(63(625 FP $1&+2 FP 862 &RQIRUPD HO 0XUR WLSR

(63(625 FP $1&+2 FP 862 (VWUXFWXUD VREUH OD FXDO

$EHUWXUD GH SDVR ,OXPLQD \ YHQWLOD ORV HVSDFLRV LQWHULRUHV GHO Q~FOHR

6XSHUILFLH LPSHUPHDEOH ,OXPLQD HO iUHD GH OD FRFLQD \ JHQHUD YtQFXORV YLVXDOHV FRQ HO H[WHULRU

*HQHUD UHFLQWR DOEHUJD LQVWDODFLRQHV

6XSHUILFLH LPSHUPHDEOH ,PSLGH HO SDVR GH KXPHGDGHV $SOLFD SULQFLSDOPHQWH HQ EDxRV

VH YDQ D ILMDU ORV GLIHUHQWHV WLSRV GH SODFDV FRQIRUPDQGR DVt ORV GLVWLQWRV WLSR GH PXUR

&$17,'$'

&$17,'$'

&$17,'$'

&$17,'$'

&$17,'$'

;;

(6&$/21(6

5$03$

3/$7$)250$

3/$7$)250$6

3/$7$)250$6

3257É7,/(6

3257É7,/

$ FP

$ FP

$ &0

02%,/,$5,2

0$7(5,$/,'$'

0$7(5,$/,'$'

0$7(5,$/,'$'

0$7(5,$/,'$'

$FHUR*DOYDQL]DGR 2UVRJULO

$FHUR*DOYDQL]DGR 2UVRJULO

$FHUR*DOYDQL]DGR 2UVRJULO

$FHUR*DOYDQL]DGR 2UVRJULO

862 6DOYD OD GLIHUHQFLD GH QLYHO HQWUH HO WHUUHQR \ HO QLYHO GH SLVR GH ODV SODWDIRUPDV 6HJ~Q HO PRPHQWR SXHGHQ WHQHU OD IXQFLyQ GH DFFHGHU R SXHGHQ RSHUDU FRPR JUDGDV SDUD DOJ~Q WLSR GH HVSHFWiFXOR

862 6DOYD OD GLIHUHQFLD GH QLYHO HQWUH HO WHUUHQR \ HO QLYHO GH SLVR GH ODV SODWDIRUPDV *HQHUD DFFHVLELOLGDG D OD LQIUDHVWUXFWXUD &RODERUD HQ OD FDUJD \ GHVFDUJD GH PDWHULDOHV 3XHGH XWLOL]DUVH SDUD OD UHDOL]DFLyQ GH GHSRUWHV

862 3ODWDIRUPD TXH VH GHVSOLHJD GHO QLYHO GH SLVR

862 3ODWDIRUPDV TXH VH GHVSOLHJD GHO QLYHO GH SLVR HQ

JHQHUDQGR XQD VXSHUILFLH D FP GH DOWXUD HQ GHPDQGD D ODV DFWLYLGDGHV TXH VH HVWiQ GHVDUUROODQGR

JHQHUDQGR XQD VXSHUILFLH D FP GH DOWXUD HQ GHPDQGD D ODV DFWLYLGDGHV TXH VH HVWiQ GHVDUUROODQGR

(M EDQFR H[SRVLWRU MXHJRV GHSRUWHV HWF

HVFULWRULR HWF

(M PHVD H[SRVLWRU PRVWUDGRU

0$7(5,$/,'$' $FHUR*DOYDQL]DGR 2UVRJULO

862 6H FRPELQDQ SODWDIRUPDV GH FP GH DOWXUD SDUD JHQHUDU VXSHUILFLHV GH WUDEDMR PiV DPSOLDV (M VXSHUILFLH GH DSR\R PHVD GH MXHJRV HVSDFLR SDUD OHFWXUD DFWLYLGDGHV SODVWLFDV HWF

&8%,(57$ 23$&$

&8%,(57$ 75$6/Ô&,'$

&8%,(57$ 75$163$5(17(

&8%,(57$

&8%,(57$

681:25.(5

681:25.(5 23(1

(7)(

+25,=217$/

0(',$ $/785$

6HJ~Q ODV DFWLYLGDGHV HO FOLPD HO SDLVDMH OD RSDFLGDG GH OD FXELHUWD SRGUi YDULDU HQWUH SRVLELOLGDGHV

6HJ~Q ODV DFWLYLGDGHV HO FOLPD HO SDLVDMH OD RSDFLGDG GH OD FXELHUWD SRGUi YDULDU HQWUH SRVLELOLGDGHV

6HJ~Q ODV DFWLYLGDGHV HO FOLPD HO SDLVDMH OD RSDFLGDG GH OD FXELHUWD SRGUi YDULDU HQWUH SRVLELOLGDGHV

6HJ~Q ODV DFWLYLGDGHV HO FOLPD HO SDLVDMH HO WDPDxR \ DSHUWXUD GH OD FXELHUWD SRGUi YDULDU HQWUH SRVLELOLGDGHV

6HJ~Q ODV DFWLYLGDGHV HO FOLPD HO SDLVDMH HO WDPDxR \ DSHUWXUD GH OD FXELHUWD SRGUi YDULDU HQWUH SRVLELOLGDGHV

&8%,(57$ 7(;7,/


$%5$=$'(5$ '2%/(

3/$1&+8(/$

%,6$*5$6

&21(&725 &8592

3/$1&+8(/$ '2%/(

%$55$ +25,=217$/

'( /,%52 &21 5(6257(

3$5$ 9,'5,2 ),-2 FP

2 FP

FP

3/$1&+8(/$

P

FP

F

$/785$

(63(625

0$7(5,$/,'$'

FP

FP

+LHUUR

862 (OHPHQWR TXH VLUYH SDUD ILMDU HO SDQHO GHVGH VX SDUWH VXSHULRU D OD HVWUXFWXUD WXEXODU /DV SODQFKXHODV VH DWRUQLOODV D ODV SODFDV PLHQWUDV OD DJUUDGHUD VH DVHJXUDQ D ODV EDUUDV KRUL]RQWDOHV

FP $/785$ FP

FP

(63(625

0$7(5,$/,'$'

$/785$

$1&+2

(63(625

0$7(5,$/,'$'

$/785$

$1&+2

(63(625

FP

+LHUUR

FP

FP

FP

$FHUR*DOYDQL]DGR

FP

FP

FP

862 (OHPHQWR TXH ILMD ORV SDQHOHV GHVGH VX SDUWH

862 3HUPLWHQ HO PRYLPLHQWR GH ORV SDQHOHV

LQIHULRU D ODV SODWDIRUPDV GHO SLVR

0$7(5,$/,'$' $FHUR&URPDGR

862 (OHPHQWRV TXH ILMDQ HO YLGULR D ORV SDQHOHV 6H

6H GLVWULEX\HQ HQ OD DOWXUD GHO SDQHO GH IRUPD HTXLWDWLYD XQLHQGR SDQHO ILMR D XQ PyYLO

GLVWULEX\HQ HQ WRGR HO SHUtPHWUR GHO YLGULR DVHJXUDQGR XQD FRUUHFWD VXMHFLyQ

&$17,'$'

&$17,'$'

&$17,'$'

&$17,'$'

3/$7$)250$6

&217(1('25

3/$&$6

(6758&785$ 3/(*$%/(

$ &0

FP

FP

0$7(5,$/,'$'

0$7(5,$/,'$'

$FHUR*DOYDQL]DGR 2UVRJULO

$FHUR*DOYDQL]DGR 2UVRJULO

862 2WUR HMHPSOR GH DJUXSDFLyQ SXHGH OOHJDU D JHQHUDU XQ HVSDFLR D RWUR QLYHO GLVWLQJXLHQGR ODV DFWLYLGDGHV \ HO XVR (M 7DULPD HVFHQDULR HVSHFWiFXORV GHSRUWHV HWF

&8%,(57$

862 &RPELQDFLyQ GH SODWDIRUPDV GH IRUPD WDO TXH JHQHUHQ XQ UHFLQWR D XQD DOWXUD GH FP (M 0DFHWHUR DOPDFHQDMH GH PDWHULDOHV MXHJRV GHSyVLWR GH UHVLGXRV

0$7(5,$/,'$' 2UVRJULO

FP

FP

0$7(5,$/,'$'

0$7(5,$/,'$'

&KDSD 0LFURSHUIRUDGD

$FHUR *DOYDQL]DGR

862 3ODWDIRUPDV VH FRORFDQ VREUH OD HVWUXFWXUD JHQHUDQGR HO SDYLPHQWR GH OD LQIUDHVWUXFWXUD 'HSHQGLHQGR HO SURJUDPD SXHGHQ VHU GH 2UVRJULO HQ VXV PHGLGDV \ GH ODUJR R GH FKDSD 0LFURSHUIRUDGD FP GH ODUJR

862 3HUPLWH TXH OD SODFD DFW~H WDQWR FRPR SDYLPHQWR ILMR R LQWHUDFWLYR DO WRPDU GLIHUHQWHV DOWXUDV DVRFLDUVH FRQ RWUDV IUHQWH D OD PDQLSXODFLyQ GHO XVXDULR

&$38&+Ð1

7(1625(6

(6758&785$

(OHPHQWR TXH SUHQVD OD FXELHUWD WH[WLO D OD HVWUXFWXUD

6H XWLOL]D FRPR ULHO HQ HO FXiO VH GHVSOHJDUi OD FXELHUWD WH[WLO

(VWUXFWXUD VRSRUWH GH OD FXELHUWD WH[WLO

727$/

6HJ~Q ODV DFWLYLGDGHV HO FOLPD HO SDLVDMH HO WDPDxR \ DSHUWXUD GH OD FXELHUWD SRGUi YDULDU HQWUH SRVLELOLGDGHV


08526 /RV GLVWLQWRV WLSRV GH PXUR VH FRQIRUPDQ D SDUWLU GH OD FRPELQDFLyQ GH GLVWLQWDV SODFDV HVWD YDULDFLyQ HV FRQVHFXHQFLD GH ODV GLYHUVDV DFWLYLGDGHV TXH DORMD OD LQIUDHVWUXFWXUD 6H WRPD FRPR EDVH GH GLVHxR XQ PyGXOR GH FP[ FP HVWH PyGXOR VXUJH SRU HO DQFKR GH ODV SODFDV GH IHQyOLFR FP D SDUWLU GH OD UHSHWLFLyQ GH HVWH PyGXOR VH YDQ JHQHUDQGR ORV GLVWLQWRV ORFDOHV

/RV GLVWLQWRV WLSRV GH PXUR VH YDQ D DFRSODU D OD HVWUXFWXUD SRU PHGLR GH DJDUUDGHUDV \ VH ORV ILMDUi GHVGH OD SDUWH LQIHULRU D OD HVWUXFWXUD GH SODWDIRUPDV XWLOL]DQGR XQ VLVWHPD GH SODWLQDV

&RPR YLUWXG GHO GLVHxR GH HVWRV SDQHOHV VH SXHGH UHVFDWDU DGHPiV GH VX IiFLO PRQWDMH HO SRFR PDQWHQLPLHQWR TXH QHFHVLWDQ /RV SDQHOHV GH FRPSHQVDGR IHQyOLFR VRQ SLQWDGRV FRQ XQD SLQWXUD DFUtOLFD LQFDOX[ FRORU FRVWXUD JULV PDWH OXHJR GHO GHVPRQWDMH VL VH YHQ LPSHUIHFFLRQHV HQ OD WHUPLQDFLyQ VH SXHGHQ (Q FDVRV GRQGH HO PyGXOR EDVH QR HQFDMH VH GHEHUiQ KDFHU UHFRUWHV GHO YROYHU D SLQWDU DQWHV GH FRORFDUORV HQ RWUR VLWLR PDWHULDO LQWHQWDQGR JHQHUDU HO PHQRU GHVSHUGLFLR GH PDWHULD SULPD

0 WLSR

0 WLSR

0 WLSR

0 WLSR

0 WLSR

0 WLSR

&$17,'$'

$ HVF [[ 5()(5(1&,$6

&$17,'$'

&$17,'$'

&$17,'$'

&$17,'$'

&$17,'$'


0 WLSR

0 WLSR 0 WLSR

0 WLSR

0 WLSR

$

$

&$17,'$'

&$17,'$' &$17,'$'

&$17,'$'

&$17,'$' $ HVF $VHVRU 5REHUWR 3HOXIIR


$EUD]DGHUD GREOH SODQFKXHOD /

$EUD]DGHUD GREOH SODQFKXHOD /

%LVDJUD GH DOXPLQLR

%LVDJUD GH DOXPLQLR

3ODFD IHQyOLFD H PP

3ODFD IHQyOLFD H PP

7UDYHVDxR SLQR URMR

7UDYHVDxR SLQR URMR

9) 9LGULR FRP~Q H PP

&RQHFWRU FXUYR S YLGULR ILMR

3ODFD IHQyOLFD H PP

3ODFD \HVR YHUGH H PP

9) 9LGULR FRP~Q H PP

&RQHFWRU FXUYR S YLGULR ILMR

&HUiPLFD [ FP

3ODFD IHQyOLFD H PP

3ODFD IHQyOLFD H PP

7UDYHVDxR SLQR URMR

7UDYHVDxR SLQR URMR

3ODFD IHQyOLFD H PP

3ODFD \HVR YHUGH H PP &HUiPLFD [ FP

3ODQFKXHOD /

$ 5()(5(1&,$6

3ODQFKXHOD /


$EUD]DGHUD PHWiOLFD 3LH PHWiOLFR 2

%DUUD KRUL]RQWDO 2

%DUUD KRUL]RQWDO 2 $EUD]DGHUD GREOH DQFODMH SDQHOHV 3ODQFKXHOD PDWiOLFD

3ODQFKXHOD / 7LUDIRQGR 3ODFD IHQROLFD H PP 7UDYHVDxR SLQR URMR 3ODFD IHQROLFD H PP

$EUD]DGHUD GREOH SODQFKXHOD / 3HQHO IHQyOLFR WHUP SLQWXUD DFUtOLFD LQFDOX[ FRORU FRVWXUD JULV PDWH

3$1(/ 3ODFD IHQROLFD H PP 7UDYHVDxR PDGHUD 3ODFD IHQROLFD H PP

9) 9LGULR FRP~Q H PP %LVDJUD GH OLEUR FRQ UHVRUWH

&RQHFWRU FXUYR S YLGULR ILMR

3ODQFKXHOD / 7LUDIRQGR 3DQHO IHQROLFR

3ODFD IHQyOLFD H PP 3LH PHWiOLFR 2

7UDYHVDxR SLQR URMR 3ODFD IHQyOLFD H PP

'LVFR

P F

3DQHO IHQROLFR 3ODQFKXHOD / 7RUQLOOR DJDUUH SDQHO SODWDIRUPD 3ODWDIRUPD %DUUD KRUL]RQWDO 2

3ODQFKXHOD /

$ $VHVRU 5REHUWR 3HOXIIR


02%,/,$5,2 6H GLVHxD XQD OtQHD GH PRELOLDULR SURSLD SDUD OD ,QIUDHVWUXFWXUD GH (VSDFLR 3~EOLFR /RV GLVWLQWRV PRGHORV GH PRELOLDULR VH FRQIRUPDQ FRQ ODV PLVPDV SLH]DV TXH VH XWLOL]DQ SDUD OD HVWUXFWXUD \ SDUD ODV SODWDIRUPDV GHO SLVR GH HVWD IRUPD VH JHQHUD XQD FRQWLQXLGDG IDFLOLWDQGR HO DJDUUH \ PRYLPLHQWRV GH HVWRV HOHPHQWRV 0RELOLDULR )OH[LEOH DGDSWDEOH D P~OWLSOHV XVRV SHQVDGR SDUD GLVWLQWRV XVXDULRV JHQHUDQ VXSHUILFLHV GH WUDEDMR GH MXHJRV GH HVWDU GH GHSRUWHV HWF D GLVWLQWRV QLYHOHV GH DOWXUD 7RPDQGR ODV PLVPDV OyJLFDV TXH OD LQIUDHVWUXFWXUD PRQWDMH XVR GHVPRQWDMH HO PRELOLDULR VH PRQWD HQ OD HVWUXFWXUD VH GHVSOLHJD VH XWLOL]D \ VH YXHOYH D SOHJDU FDPXIOiQGRVH FRQ HO UHVWR GH ODV SODWDIRUPDV

3/$7$)250$ $ &0

3/$7$)250$ $ &0 %DUUD PHWiOLFD DX[LOLDU 2

5$03$ 3257É7,/ 3ODWDIRUPD GH RUVRJULO

+XVLOOR FRQ SDODQFD

3ODWDIRUPD GH RUVRJULO

3ODWDIRUPD GH RUVRJULO %DVH SUHIDEULFDGD GH +$

(VWUXFWXUD SOHJDEOH

$EUD]DGHUD PHWiOLFD

%DUUD PHWiOLFD 2 3ODWLQD PHWiOLFD

(VWUXFWXUD SOHJDEOH %DUUD PHWiOLFD 2

%DUUD PHWiOLFD 2

$EUD]DGHUD PHWiOLFD $EUD]DGHUD PHWiOLFD

3/$7$)250$ $ &0

3/$7$)250$6 $ &0

&217(1('25 3ODWDIRUPD GH RUVRJULO

(6&$/21(6 3257É7,/ 3ODWDIRUPD GH RUVRJULO

3ODWDIRUPD FKDSD PLFURSHUIRUDGD

3ODWDIRUPD GH RUVRJULO

%DUUD PHWiOLFD 2

(VWUXFWXUD SOHJDEOH

(VWUXFWXUD SOHJDEOH $EUD]DGHUD PHWiOLFD %DUUD PHWiOLFD 2

$ 5()(5(1&,$6

(VWUXFWXUD SOHJDEOH

%DUUD PHWiOLFD DX[LOLDU 2 %DUUD PHWiOLFD 2

%DUUD PHWiOLFD 2

$EUD]DGHUD PHWiOLFD

%DUUD PHWiOLFD 2

3ODWLQD PHWiOLFD


'(63/,(*8( '( 02%,/,$5,2 3ODWDIRUPD GH RUVRJULO K FP

3ODWDIRUPD GH RUVRJULO 3ODWDIRUPD GH RUVRJULO K FP

%DUUD PHWiOLFD 2 (VWUXFWXUD SOHJDEOH %DUUD PHWiOLFD 2

(VWUXFWXUD SOHJDEOH %DUUD PHWiOLFD 2

$ $VHVRU 5REHUWR 3HOXIIR


&8%,(57$ 7(;7,/ 6H GHQRPLQD FXELHUWD WH[WLO D OD HQYROYHQWH GH OD LQIUDHVWUXFWXUD WDQWR HQ HO SODQR KRUL]RQWDO FRPR HQ HO SODQR YHUWLFDO eVWD HQYROYHQWH JHQHUD ORV GLVWLQWRV FHUUDPLHQWRV GHO JUDQ HVSDFLR FHQWUDO /D IOH[LELOLGDG GHO WH[WLO QRV SHUPLWH JHQHUDU YDULDGDV HVSDFLDOLGDGHV D OR ODUJR GH OD LQIUDHVWUXFWXUD \ JHQHUDU XQD LPDJHQ LFyQLFD SDUD HO FRQWH[WR HQ HO TXH VH LQVWDOD /D IRUPD TXH DGRSWD VH YD PROGHDQGR SRU PHGLR GH WHQVRUHV 6HJ~Q ODV QHFHVLGDGHV SURJUDPiWLFDV R ODV SDUWLFXODULGDGHV GHO FRQWH[WR SXHGH LU WUDQVIRUPiQGRVH FDPELDQGR VX DVSHFWR IRUPDO R GLPHQVLRQHV 6X ODUJR HV XQD GH ODV YDULDQWHV PiV UHFXUUHQWHV \D TXH SXHGH IXQFLRQDU VROR FRPR FXELHUWD VXSHULRU HQ HO SODQR KRUL]RQWDO R SXHGH LU GHVOL]iQGRVH KDFLD ORV QLYHOHV LQIHULRUHV HQ HO SODQR YHUWLFDO /D GLVWULEXFLyQ HQ pVWH ~OWLPR SODQR QR HV KRPRJpQHD \D TXH HV QHFHVDULR GHMDU SDVRV DFFHVRV \ R DWUDYHVDPLHQWRV 3HQVDQGR HQ OD IOH[LELOLGDG GH OD LQIUDHVWUXFWXUD \ HQ ORV YDULDGRV FRQWH[WRV HQ ORV TXH VH SXHGH LQVHUWDU VH LQYHVWLJD VREUH ODV FXDOLGDGHV GH ORV PDWHULDOHV FRQFOX\HQGR TXH HV QHFHVDULR JHQHUDU FXELHUWDV FRQ GLVWLQWDV RSDFLGDGHV SRU PRPHQWRV GHEH VHU RSDFD HQ RWURV FDVRV WUDVO~FLGD R WUDQVSDUHQWHV SXHGH VHU QHFHVDULR TXH HQ DOJ~Q FRQWH[WR R PRPHQWR VHD QHFHVDULR FRPELQDU GH GLVWLQWDV WUDQVOXFLGH] /D PDUFD 'LFNVRQ HQ VX OtQHD 6XQ:RUNHU PDQHMD RSDFLGDGHV 2SDFD \ WUDVOXFLGD 681:25.(5 RSDFD 7LHQH XQ SHVR GH J P (O HVSHVRU HV GH PP (O DQFKR GH ORV UROORV SXHGH VHU GH FP [ FP y FP [ FP $ SDUWLU GH OD PHGLGD GH ORV UROORV VH GLVHxDQ ORV SDxRV GH OD LQIUDHVWUXFWXUD HQ DOJXQRV FDVRV WHQLHQGR TXH FRPELQDU PiV GH XQ SDxR 681:25.(5 23(1 WUDVO~FLGD 7LHQH XQ SHVR GH J P (O HVSHVRU HV GH PP < ODV GLPHQVLRQHV GHO UROOR VRQ FP [ FP 3DUD ODV WUDQVSDUHQFLDV VH XWLOL]D HO (7)( SROtPHUR WHUPRSOiVWLFR GH JUDQ UHVLVWHQFLD DO FDORU D OD FRUURVLyQ \ D ORV UD\RV 89 (O DQFKR Pi[LPR HV GH FP \ HO JUXHVR GH ODV OiPLQDV RVFLOD HQWUH \ PLFUyPHWUR

$ 5()(5(1&,$6


/RQD 'LFNVRQ WLSR 6XQZRUNHU SUHQVDGD GH IRUPD FRQWLQXD DOUHGHGRU GH OD UHOLQJD &DSXFKyQ PHWiOLFR

/RQD 'LFNVRQ WLSR 6XQZRUNHU SUHQVDGD GH IRUPD FRQWLQXD DOUHGHGRU GH OD UHOLQJD

5HOLQJD UtJLGD FLUFXODU 7HQVRU 7

7HQVRU 7

/RQD 'LFNVRQ WLSR 6XQZRUNHU SUHQVDGD GH IRUPD FRQWLQXD DOUHGHGRU GH OD UHOLQJD

3UHFLQWR

3LH YHUWLFDO 2

'LVFR

'LVFR 7HQVRU PRGHODGRU &RVWXUD ORQD

9DULOOD DSRUWD ULJLGH] \ SHVR &RVWXUD ORQD

$ $VHVRU 5REHUWR 3HOXIIR





























$&21',&,21$0,(1726 6$1,7$5,2



$&21',&,21$0,(172 6$1,7$5,2 0HPRULD $UJXPHQWDWLYD 7DQWR SDUD HO DEDVWHFLPLHQWR FRPR SDUD HO GHVDJ H VH DSOLFD XQ VLVWHPD IOH[LEOH HQ XVR PDWHULDOLGDG PRQWDMH GHVPRQWDMH HWF TXH UHIXHUFH OD DXWRQRPtD H LQGHSHQGHQFLD GH OD ´,QIUDHVWUXFWXUD GH (VSDFLR 3~EOLFRµ 3DUD HOOR VH SODQWHD HO XVR GHO 6LVWHPD 3H[ 6H FRQIRUPD SRU WXERV GH SOiVWLFR IOH[LEOH SROLHWLOHQR UHWLFXODGR TXH SHUPLWH HQUROODUVH \ DGDSWDUVH D GLYHUVRV SRVLFLRQDPLHQWRV (O HQFDVWUH VH FRPSRQH SRU XQD VHULH GH SLH]DV GH XQLyQ URVFDGD TXH QR QHFHVLWDQ VROYHQWHV QL VROGDGXUDV IDFLOLWDQGR SRU XQ ODGR OD LQVWDODFLyQ SRU RWUR HO GHVPRQWDMH \ OD UHXWLOL]DFLyQ GH ORV HOHPHQWRV HQ XQ QXHYR PRQWDMH




6 HVF 5()(5(1&,$6


& $ 7 É / 2 * 2 (O VLJXLHQWH FDWiORJR UH~QH WRGDV ODV SLH]DV QHFHVDULDV SDUD JHQHUDU HO $FRQGLFLRQDPLHQWR 6DQLWDULR GH OD ,QIUDHVWUXFWXUD GH (VSDFLR 3~EOLFR (VWH DFRQGLFLRQDPLHQWR HVWD FRPSXHVWR SRU VLVWHPDV HO DEDVWHFLPLHQWR \ HO GHVDJ H

$ SDUWLU GHO HQVDPEOH GH ORV GLVWLQWRV HOHPHQWRV VH YDQ FRQIRUPDQGR ODV LQVWDODFLRQHV 'HSHQGLHQGR GH OD FRQILJXUDFLyQ TXH DGRSWH OD ,(3 \ GH ORV UHTXHULPLHQWRV GH ODV DFWLYLGDGHV D GHVDUUROODUVH OD RUJDQL]DFLyQ GH HVWDV SLH]DV SRGUi YDULDU

81,Ð1 5(&7$

81,Ð1 É1*8/2

81,Ð1 7

78%(5Ì$ 3(;

$%5$=$'(5$ 3/É67,&$

08(//( &859$78%26

%20%$ +,'521(80É7,&$

%20%$ '( $&+,48(

//$9( '( 3$62 5(&7$

75,785$'25 '( '(63(5',&,26

//$9( '( 3$62 É1*8/2

7$3Ð1

7$148( '( $%$67(&,0,(172

7$148( '( '(6$*h(

6,)Ð1


&DxHUtD GH YHQWLODFLyQ 2

&DxHUtD GH YHQWLODFLyQ 2

7XEHUtD IOH[LEOH SROLHWLOHQR UHWLFXODGR

,QRGRUR DGDSWDFLyQ GH EDxR TXtPLFR

7XEHUtD IOH[LEOH SROLHWLOHQR UHWLFXODGR

6 HVF 5()(5(1&,$6

&DxHUtD GH YHQWLODFLyQ 2

,QRGRUR DGDSWDFLyQ GH EDxR TXtPLFR

,QRGRUR DGDSWDFLyQ GH EDxR TXtPLFR

7DQTXH GHVDJ H FDSDFLGDG OWV

7DQTXH DEDVWHFLPLHQWR FDSDFLGDG OWV


%DUUD PHWiOLFD 2

3ODWDIRUPD RUVRJULO

ήǦ

%DUUD PHWiOLFD 2 (QWUDGD GH DJXD

7DSD WLSR FOLFN

9iOYXOD GH VHJXULGDG

Ǧ

)ORWDQWH

$OLPHQWDFLyQ

Ǧ

3ODFD IHQyOLFD FRQWHQFLyQ GH WHUUHQR Ǧ

%RPED KLGURQHXPiWLFD

/ODYH GH SDVR

6DOLGD GH DJXD

/ODYH GH SDVR

Ǧ

'(7$//( 7$148(6 '( $%$67(&,0,(172

'HSyVLWR SULPDULR

9iOYXOD GH OLPSLH]D

,QRGRUR

%DUUD PHWiOLFD 2 ,Q\HFFLyQ GH DLUH 3ODWDIRUPD RUVRJULO

ήǦ

9DFLDGR SRU SUHVXUL]DFLyQ 7DSD WLSR FOLFN

7DSD WLSR FOLFN

'HSyVLWR VHFXQGDULR Ǧ

6DOLGD GH GHVDJ HV

(QWUDGD GH GHVDJ H (QWUDGD GH GHVDJ H

(QWUDGD GH GHVDJ H

%RPED GH DFKLTXH

3ODFD IHQyOLFD FRQWHQFLyQ GH WHUUHQR

9iOYXOD DQWLUUHWRUQR ILOWUR

6DOLGD D VDQHDPLHQWR 6DOLGD D FDPLyQ FLVWHUQD

([FOXVD GH YDFLDGR

Ǧ

'HVDJ H GH SLOHWD

([FOXVD GH YDFLDGR (FRWDQN

Ǧ

'(7$//( 7$148( '( '(6$*h(

'(7$//( %$f2 48Ë0,&2

6 HVF $VHVRU *HUDUGR 5RGUtJXH]


0HPRULD 7pFQLFD $%$67(&,0,(172 '( $*8$ 327$%/(

'(6$*h(6 35,0$5,26 < 6(&81'$5,26

*(1(5$/,'$'(6 (O DEDVWHFLPLHQWR GH DJXD SRWDEOH HQ OD LQIUDHVWUXFWXUD VH LQVWDODUi GH DFXHUGR D OR HVWDEOHFLGR HQ ORV UHFDXGRV WHQLHQGR HQ FXHQWD ODV RULHQWDFLRQHV GLFWDGDV SRU HO HTXLSR 'LUHFWRU GH 2EUD

*(1(5$/,'$'(6 (O VLVWHPD GH GHVDJ HV HQ OD LQIUDHVWUXFWXUD VH LQVWDODUi GH DFXHUGR D OR HVWDEOHFLGR HQ ORV UHFDXGRV WHQLHQGR HQ FXHQWD ODV RULHQWDFLRQHV GLFWDGDV SRU HO HTXLSR 'LUHFWRU GH 2EUD

(O GLVHxR \ ODV LQVWDODFLRQHV VDQLWDULDV VH ULJHQ SRU QRUPDWLYDV YLJHQWHV GHO OXJDU GRQGH VH HPSOD]D \ ORV PDWHULDOHV TXH OD FRPSRQHQ GHEHUiQ FXPSOLU FRQ ODV QRUPDV 81,7

7RGRV ORV PDWHULDOHV D XWLOL]DU GHEHUiQ WHQHU XQD UHVLVWHQFLD PHFiQLFD SHUWLQHQWH D VX IXQFLyQ /D LQVWDODFLyQ VH GLVSRQGUi GH IRUPD DSDUHQWH WDQWR HQ LQWHULRUHV FRPR HQ H[WHULRUHV \ VH ILMDUD PHGLDQWH DFFHVRULRV SOiVWLFRV D OD HVWUXFWXUD

7RGRV ORV PDWHULDOHV D XWLOL]DU GHEHUiQ WHQHU XQD UHVLVWHQFLD PHFiQLFD SHUWLQHQWH D VX IXQFLyQ /D LQVWDODFLyQ VH GLVSRQGUi GH IRUPD DSDUHQWH WDQWR HQ LQWHULRUHV FRPR HQ H[WHULRUHV VH ILMDUD PHGLDQWH DFFHVRULRV SOiVWLFRV D OD HVWUXFWXUD \ ORV GHVHFKRV JHQHUDGRV VHUiQ FRQGXFLGRV D WUDYpV GH HOOD GLULJLpQGRVH KDFLD XQ WDQTXH GH GHVDJ HV

$/&$1&( 7RGDV ODV REUDV GH DEDVWHFLPLHQWR \ GLVWULEXFLyQ GH DJXD FRPR ODV REUDV GH GHVDJ HV SULPDULRV \ VHFXQGDULRV GHEHUiQ FXPSOLU FRQ OR HVWDEOHFLGR HQ ORV SODQRV GH VDQLWDULD \ HQ OD SUHVHQWH 0HPRULD &RQVWUXFWLYD

)8(17(6 '( 680,1,6752 3DUD HO DEDVWHFLPLHQWR GH DJXD SRWDEOH VH SODQWHDQ SRVLELOLGDGHV GH FRQH[LyQ D &RQH[LyQ D XQD UHG S~EOLFD 6H SUHYp HQ OD LQVWDODFLyQ OD SRVLELOLGDG GH FRQH[LyQ DO VXPLQLVWUR S~EOLFR GH DJXD SRWDEOH GH IRUPD GLUHFWD

9$/,'(= (V QHFHVDULR TXH FXDOTXLHU HVSHFLILFDFLyQ R PRGLILFDFLyQ FRQVWUXFWLYD HVWp H[SOtFLWD HQ DO PHQRV XQRV GH ORV UHFDXGRV TXH UHFWLILFDQ HO SUR\HFWR \D VHDQ JUiILFDV R HVFULWRV \ DXWRUL]DGDV SRU OD 'LUHFFLyQ GH 2EUD

E 'HSyVLWRV GH DJXD (VWRV GHSyVLWRV VHUiQ WDQTXHV SDUD DEDVWHFLPLHQWR GH DJXD SRWDEOH SOiVWLFRV QRUPDOL]DGRV (O VXPLQLVWUR VH UHDOL]DUi SRU PHGLR GH FDPLRQHV FLVWHUQD ORV FXDOHV VH HQFDUJDUiQ GH DUULEDU DO VLWLR HQ ORV SOD]RV HVWLSXODGRV \ HVWDEOHFLGRV HQ ORV UHFDXGRV /RV WDQTXHV VH XELFDUiQ VHJ~Q OR HVSHFLILFDGR HQ ORV UHFDXGRV JUiILFRV \ R OD 0HPRULD &RQVWUXFWLYD 3DUWLFXODU \ GHEHUiQ FXPSOLU FRQ ODV H[LJHQFLDV GH OD QRUPD 81,7 /D FDSDFLGDG GH DOPDFHQDPLHQWR GLPHQVLRQHV JHRPpWULFDV GLPHQVLRQHV \ ORFDOL]DFLyQ GH HQWUDGD GH KRPEUH SDUD HIHFWXDU OD OLPSLH]D ORFDOL]DFLyQ \ WLSR GH OODYH GH FRUWH HVWDUiQ LJXDOPHQWH HVSHFLILFDGDV HQ ORV GLVWLQWRV UHFDXGRV /D FDQWLGDG GH WDQTXHV D HPSOHDU SRGUi YDULDU GHSHQGLHQGR GH ORV UHTXHULPLHQWRV TXH SODQWHHQ ODV DFWLYLGDGHV D UHDOL]DUVH DVt FRPR OD IUHFXHQFLD FRQ OD TXH DUULEDUi HO FDPLyQ FLVWHUQD SDUD HO VXPLQLVWUR GH ORV PLVPRV

'(6&5,3&,Ð1 '(/ 352<(&72 6H HVWDEOHFH HQ OD 0HPRULD OD PDJQLWXG GHO SUR\HFWR GH LQVWDODFLRQHV VDQLWDULDV \ GH SURWHFFLyQ FRQWUD LQFHQGLR SDUD ORV SURWRWLSRV GH ,QIUDHVWUXFWXUD GH (VSDFLR 3~EOLFR D LQVWDODUVH HQ GLYHUVRV SXQWRV JHRJUiILFRV /D LQVIUDHVWUXFWXUD HQ SODQWD EDMD DOEHUJD DFWLYLGDGHV SXEOLFDV MXHJRV QLxRV ]RQD GH HVWDU UHFUHDFLyQ GHSRUWHV HVSDFLR GH H[SRVLFLRQHV DXODV EDxRV \ FRFLQD

(-(&87$17(6 '( 2%5$6 3DUD OD UHDOL]DFLyQ GH WDUHDV YLQFXODGDV FRQ OD VDQLWDULD DUPDGR WHVWHRV PDQWHQLPLHQWR GHVDUPDGR HWF VH GHEHUi FRQWDU FRQ OD SUHVHQFLD GH SHUVRQDO FDSDFLWDGR TXH FRPSUHQGD ORV FULWHULRV WpFQLFRV GHO VLVWHPD VDQLWDULR \ VHD FDSD] GH HMHFXWDU OR HVWDEOHFLGR HQ UHFDXGRV GH PDQHUD HILFLHQWH 3/$126 3/,(*26 &2175$',&&,21(6 < 20,6,21(6 /RV UHFDXGRV JUiILFRV GHO SUR\HFWR OD 0HPRULD 7pFQLFD \ OD 0HPRULD &RQVWUXFWLYD 3DUWLFXODU LQGLFDUiQ HO SURFHVR GH FRQVWUXFFLyQ SRU HVWR GHEHUiQ VHU UHVSHWDGDV DO PRPHQWR GH HMHFXWDU ODV REUDV /D 'LUHFFLyQ GH 2EUD UHVROYHUi HQ FDVR GH H[LVWLU FRQWUDGLFFLRQHV HQWUH ORV GLVWLQWRV UHFDXGRV SURFXUDQGR TXH OD VROXFLyQ D OOHYDUVH D FDER VHD OD PDV IDYRUDEOH 0$7(5,$/(6 /RV PDWHULDOHV D HPSOHDUVH GHEHUiQ WHQHU XQ EXHQ HVWDGR \ GHEHUiQ FXPSOLU FRQ VX IXQFLRQDPLHQWR GH PDQHUD RSWLPD /RV PDWHULDOHV VHUiQ WUDVODGDGRV FRQ HO UHVWR GH ORV HOHPHQWRV TXH FRQIRUPDQ OD LQIUDHVWUXFWXUD GHEHUiQ JXDUGDUVH GH PDQHUD FXLGDGRVD SDUD TXH QR VXIUDQ GDxRV 75$=$'2 < 5(3/$17(2 (O SHUVRQDO GHEHUi UHDOL]DU HO UHSODQWHR SODQLPpWULFR \ DOWLPpWULFR GH ORV DUWHIDFWRV VDQLWDULRV DJXDUGDU D OD DSUREDFLyQ SRU SDUWH GH OD 'LUHFFLyQ GH 2EUD SUHYLR D OD HMHFXFLyQ WHQLHQGR HQ FXHQWD ORV SDVHV SUHYLVWRV SDUD ODV LQVWDODFLRQHV ,163(&&,21(6 < 358(%$6 7RGDV ODV FDxHUtDV TXH IRUPDQ SDUWH GH OD LQVWDODFLyQ VDQLWDULD GHEHUiQ VRPHWHUVH D ODV SUXHEDV SHUWLQHQWHV \ VHU DXWRUL]DGDV SRU OD 'LUHFFLyQ GH 2EUD SUHYLR D VX SXHVWD HQ IXQFLRQDPLHQWR $%$67(&,0,(172 '( /$6 2%5$6 $QWHV GH HQWUHJDU OD REUD HO 6XEFRQWUDWLVWD GHEHUi SUREDU \ DMXVWDU OD LQVWDODFLyQ SURFXUDQGR VX FRUUHFWR IXQFLRQDPLHQWR 6HUi VX UHVSRQVDELOLGDG OD FRQVHUYDFLyQ GH ODV LQVWDODFLRQHV \ GH PDWHULDOHV WHUFHURV ORV FXDOHV SXHGDQ YHUVH DIHFWDGRV SRU XQD IDOOD R GHVSHUIHFWR HQ HO VLVWHPD VDQLWDULR

6

'(6&5,3&,Ð1 *(1(5$/ '(/ 6,67(0$ /RV PDWHULDOHV TXH IRUPDUiQ SDUWH GHO VLVWHPD VHUiQ WXEHUtDV 3H[ SROLHWLOHQR UHWLFXODGR SLH]DV GH DFHUR JDOYDQL]DGR SDUD ORV HQFDVWUHV OODYHV \ FLHUUHV WDQTXHV SDUD DEDVWHFLPLHQWR GH DJXD \ ERPED KLGURQHXPiWLFD '(6&5,3&,Ð1 *(1(5$/ '(/ $%$67(&,0,(172 '( $*8$ (O VXPLQLVWUR GH DJXD IUtD VHUi ERPEHDGR GHVGH ORV WDQTXHV GH DEDVWHFLPLHQWR SRU PHGLR GH XQD ERPED KLGURQHXPiWLFD \ VH GLVWULEXLUi D WUDYpV GH FROXPQDV GH VXELGD D ORV ORFDOHV GH EDxRV \ FRFLQD PHGLDQWH WXEHUtDV GH SROLHWLOHQR UHWLFXODGR FX\RV GLiPHWURV \ GLPHQVLRQHV VHUiQ LQGLFDGRV HQ ORV JUiILFRV GH VDQLWDULD 6H SUHYHUiQ OODYHV GH SDVR D OD HQWUDGD GH FDGD ORFDO \ XQD OODYH JHQHUDO TXH VH FRORFDUi D OD VDOLGD GHO WDQTXH SDUD FRUWDU HO VXPLQLVWUR GH DJXD HQ FDVR GH VHU UHTXHULGR 'HVGH OD FROXPQD GH VXELGD ODV FDxHUtDV GH GLVWULEXFLyQ VH GLVSRQGUiQ SRU GHEDMR GH ODV SODWDIRUPDV TXH VH HQFXHQWUDQ HQ HO QLYHO PWV \ VH GLULJLUiQ KDFLD ORV GLVWLQWRV DUWHIDFWRV GH VDQLWDULD $/,0(17$&,Ð1 *(1(5$/ '( $*8$ )5Ì$ '(1752 '( /26 /2&$/(6 (O VXPLQLVWUR GH DJXD IUtD VHUi SRU GHEDMR GH HO SLVR \ VXELUi DGRVDGD D ORV WDELTXHV KDVWD OD DOWXUD GH FRQH[LyQ GH ORV GLYHUVRV DSDUDWRV /D DOWXUD \ WLSR GH FRQH[LyQ YDULDUi VHJ~Q HO WLSR GH DUWHIDFWR D DOLPHQWDU 6H LQGLFDUi HQ ORV UHFDXGRV JUiILFRV ORV UHFRUULGRV GH ODV WXEHUtDV &DGD ORFDO FRQWDUi FRQ XQD OODYH GH SDVR SURSLD HYLWDQGR TXH HO FLHUUH GH XQ ORFDO LPSLGD HO IXQFLRQDPLHQWR GH RWUR

6H UHVSHWDUiQ ORV GLiPHWURV SHQGLHQWHV \ WLSRV GH PDWHULDOHV HVWDEOHFLGRV HQ ORV SODQRV GH VDQLWDULD \ HQ OD 0HPRUD &RQVWUXFWLYD 3DUWLFXODU /RV UHFRUULGRV TXH UHDOLFH OD LQVWDODFLyQ SRGUiQ VHU UHIRUPXODGRV SRU HO WpFQLFR LQVWDODGRU D ILQ GH HQFRQWUDU XQD XELFDFLyQ PDV ySWLPD HQ FXDQWR D GLVWDQFLDV '(6&5,3&,Ð1 *(1(5$/ '(/ 6,67(0$ /RV PDWHULDOHV TXH IRUPDUiQ SDUWH GHO VLVWHPD VHUiQ WXEHUtDV 3H[ SROLHWLOHQR UHWLFXODGR SLH]DV GH DFHUR JDOYDQL]DGR SDUD ORV HQFDVWUHV OODYHV \ FLHUUHV WDQTXH SDUD GHVDJ HV \ ERPED GH DFKLTXH '(6&5,3&,Ð1 *(1(5$/ '(/ '(6$*h( /RV GHVDJ HV SODQWHDGRV WDQWR SDUD OD UHG SULPDULD FRPR SDUD OD UHG VHFXQGDULD VH UHDOL]DUiQ DO LJXDO TXH HQ HO VLVWHPD GH DEDVWHFLPLHQWR FRQ WXEHUtDV GH SROLHWLOHQR UHWLFXODGR LQFRUSRUDQGR GLiPHWURV QRPLQDOHV 2 (Q HO VHFWRU FRFLQD VH GLVSRQGUi GH XQ WULWXUDGRU GH GHVSHUGLFLRV OR TXH SHUPLWLUi OD HOLPLQDFLyQ GH XQ LQWHUFHSWRU GH JUDVDV (VWH WULWXUDGRU FXPSOLUi OD IXQFLyQ GH SURFHVDU \ HOLPLQDU UHVWRV GH GHVHFKRV FRQYLUWLpQGRORV HQ SHTXHxDV SDUWtFXODV ODV FXDOHV VHUiQ IiFLOPHQWH HOLPLQDGDV D WUDYpV GHO GHVDJ H 3DUD OD HOLPLQDFLyQ JHQHUDO GH GHVKHFKRV VH LPSOHPHQWDUi XQ VLVWHPD ELROyJLFR GH GHVFRPSRVLFLyQ GH JUDVDV 6H WUDWD GH XQ SURGXFWR HFROyJLFR FRPSXHVWR SRU EDFWHULDV TXLHQHV VHUiQ ODV HQFDUJDGDV GH GLOXLU PDWHULD RUJiQLFD \ JUDVDV HYLWDQGR DVt OD JHQHUDFLyQ GH RORUHV \ GLVPLQX\HQGR ORV IUDJPHQWRV GH PDWHULD /D WRWDOLGDG GH ORV UHVLGXRV VHUi FRQGXFLGD KDFLD XQ WDQTXH GH GHVDJ HV (FR7DQN 6HSWLF 6XV GLPHQVLRQHV FDSDFLGDG \ XELFDFLyQ VHUiQ ORV LQGLFDGRV HQ ORV UHFDXGRV JUiILFRV \ HVFULWRV 'LFKR WDQTXH FRQWLHQH HQ VX LQWHULRU XQD ERPED GH DFKLTXH TXLHQ VH HQFDUJDUi GH ERPEHDU ORV GHVHFKRV KDFLD XQ FDPLyQ FLVWHUQD XQD YH] VHD UHTXHULGR (O GHVDJ H GH SOXYLDOHV VH UHVROYHUi SRU GHUUDPH OLEUH $57()$&726 6$1,7$5,26 < *5,)(5Ì$ (O WpFQLFR VDQLWDULR VHUi HO HQFDUJDGR GH FRORFDU OD WRWDOLGDG GH ORV DUWHIDFWRV FRQ VXV FRUUHVSRQGLHQWHV HOHPHQWRV GH JULIHUtD /RV LQRGRURV VHUiQ XQD DGDSWDFLyQ GHO VLVWHPD GH EDxR TXtPLFR 6H FRPSRQGUiQ SRU GHSyVLWRV FRQ VDOLGD KDFLD HO SLVR \ SRU PHGLR GH XQD H[FOXVD GH YDFLDGR ORV GHVHFKRV VHUiQ GHSRVLWDGRV HQ HO WDQTXH GH GHVDJ H (O GHVDJ H GH OD SLOHWD VH GDUi GH IRUPD GLUHFWD DO GHSyVLWR SULPDULR GHO EDxR TXtPLFR 3DUD HVWR GHEHQ FRQWHQHU HQ VX LQWHULRU XQ VLIyQ FURPDGR FRQ HO ILQ GH HYLWDU HO SDVR GH RORUHV

'H LJXDO PRGR LQPHGLDWR DO WULWXUDGRU GH GHVSHUGLFLRV HQ OD FRFLQD VH FRORFDUi XQ VLIyQ FURPDGR $/&$1&( '( /26 75$%$-26 $ 6(5 5($/,=$'26 (V UHVSRQVDELOLGDG GHO WpFQLFR VDQLWDULR OD FRQVHUYDFLyQ PDQWHQLPLHQWR \ IXQFLRQDPLHQWR GH WRGRV ORV HOHPHQWRV TXH FRPSRQHQ ODV LQVWDODFLRQHV VDQLWDULDV KDVWD HO PRPHQWR GH HQWUHJD GH ODV REUDV 6H GHEHUi WHQHU HVSHFLDO FXLGDGR DO PRPHQWR GHO WUD]DGR \ FRORFDFLyQ GH ORV GLYHUVRV HOHPHQWRV HQ FDVR GH FRQWUDGLFFLyQ FRQ ODV GLUHFWULFHV HVWLSXODGDV SRU OD 'LUHFFLyQ GH 2EUD pVWD SRGUi H[LJLU FDPELRV R PRGLILFDFLRQHV TXH FRUUHUiQ SRU FXHQWD GHO 6XEFRQWUDWLVWD


0DQXDO GH HMHFXFLyQ XVR \ PDQWHQLPLHQWR (O SUHVHQWH PDQXDO HQXQFLD HVSHFLILFDFLRQHV GH HMHFXFLyQ XVR \ PDQWHQLPLHQWR GH ODV LQVWDODFLRQHV VDQLWDULDV /RV FRPSRQHQWHV GHO VLVWHPD VDQLWDULR VH ULJHQ SRU RUGHQDQ]DV \ QRUPDWLYDV YLJHQWHV 'HO PLVPR PRGR FXPSOHQ FRQ HO FRQWURO GH FDOLGDG TXH OHV HV SHUWLQHQWH (O DEDVWHFLPLHQWR VH UHDOL]DUi GH GRV PRGRV SRVLEOHV D &XDQGR H[LVWD FRQH[LyQ D XQD UHG S~EOLFD /D FRQH[LyQ VHUi GLUHFWD SHUPLWLHQGR HO HQODFH GH OD LQVWDODFLyQ GH OD ,(3 D OD UHG GH DEDVWHFLPLHQWR S~EOLFR E &XDQGR VH RSHUH FRQ GHSyVLWRV GH DJXD 6HUiQ WDQTXHV SOiVWLFRV QRUPDOL]DGRV FRQWHQHGRUHV GHO DJXD SRWDEOH (O GHVDJ H VH UHDOL]DUi KDFLD XQ WDQTXH GH GHVDJ HV (FR7DQN 6HSWLF

$57()$&726 6$1,7$5,26 /RV DUWHIDFWRV VDQLWDULRV OOHJDUiQ D OD ,(3 SURQWRV SDUD VX ILMDFLyQ D ODV SODWDIRUPDV GH FKDSD PLFURSHUIRUDGD 6H ILMDUiQ D HOODV SRU PHGLR GH WRUQLOORV IDFLOLWDQGR VX PRQWDMH \ GHVPRQWDMH ,1&(1',2 3DUD OD LQVWDODFLyQ GH LQFHQGLR VH FRQWDUi FRQ H[WLQWRUHV GH SROYR $%& 6H GLVWULEXLUiQ HQ SODQWD EDMD HQ HO SULPHU QLYHO \ HQ HO VHJXQGR QLYHO $ VX YH] VH HQFRQWUDUi HQ HO OXJDU XQ FDPLyQ FLVWHUQD FRPR VLVWHPD GH UHVHUYD 6H GLVSRQHQ OXFHV \ VHxDOL]DFLyQ GH HPHUJHQFLD D ILQ GH JXLDU DO XVXDULR D XQ VLWLR VHJXUR 862 < 0$17(1,0,(172 6H GHEHUi JXDUGDU HVSHFLDO FXLGDGR DO PDQLSXODU ORV HOHPHQWRV GH OD LQVWDODFLyQ eVWRV QR GHEHQ VXIULU GDxRV WDQWR SRU FRQWDFWR FRPR SRU HOHPHQWRV TXH SXHGDQ UHVXOWDU DEUDVLYRV R GDxLQRV

(-(&8&,Ð1 6H SUHVHQWD D FRQWLQXDFLyQ DOJXQDV HVSHFLILFDFLRQHV SDUD HO DUPDGR \ SXHVWD HQ VHUYLFLR GH ODV LQVWDODFLRQHV VDQLWDULDV SURFXUDQGR VH JDUDQWLFH OD GXUDELOLGDG \ EXHQ VHUYLFLR GH ODV PLVPDV 6,67(0$ 3(; (VWH VLVWHPD VHUi LQVWDODGR WDQWR SDUD DEDVWHFLPLHQWR FRPR SDUD GHVDJ HV /DV LQVWDODFLRQHV VH UHDOL]DUiQ GH PRGR DSDUHQWH /RV WXERV OOHJDUiQ D OD ,(3 HQ UROORV FRQWHQLGRV HQ FDMDV GH FDUWyQ GHELGDPHQWH HPEDODGRV 'HEHQ VHU WUDQVSRUWDGRV GH PDQHUD FXLGDGRVD HYLWDQGR HOHPHQWRV GH VXMHFLyQ DJUHVLYRV FRPR DODPEUH FDGHQDV HWF 1R GHEHQ VHU DSR\DGRV VREUH VXSHUILFLHV FRUWDQWHV R TXH SXHGDQ JHQHUDUOHV DOJ~Q GDxR SRU SXQFLyQ 6H ORV GHEH SURWHJHU GHO FRQWDFWR GLUHFWR FRQ UDGLDFLyQ XOWUDYLROHWD SXHV VXV SURSLHGDGHV SXHGHQ YHUVH DOWHUDGDV $O PRPHQWR GH GHVHQUROODU ORV WXERV VH GHEHUi UHDOL]DUOR HQ HO VHQWLGR FRQWUDULR DO UROOR LQLFLDQGR GHVGH VX H[WUHPR H[WHULRU /DV XQLRQHV VHUiQ UHDOL]DGDV VLJXLHQGR HO PpWRGR GH 8QLyQ SRU FDVTXLOOR GH SUHVLyQ (V GHFLU FRUWDU HO WXER HQ VHQWLGR SHUSHQGLFXODU DO HMH ORQJLWXGLQDO LQWURGXFLU OD WXHUFD HQ HO WXER \ HO DQLOOR ELFRQR LQVHUWDU HO HOHPHQWR GH XQLyQ TXH SRGUi VHU UHFWR iQJXOR 7 R ODV UHVSHFWLYDV OODYHV GH SDVR (O URVFDGR GH OD WXHUFD SHUPLWLUi TXH HO DQLOOR ELFRQR VH FRPSULPD FRQWUD HO WXER \ JHQHUH XQD VXMHFLyQ IXHUWH \ HVWDQFD

&DGD ORFDO FXHQWD FRQ OODYH GH SDVR LQGLYLGXDO HQ FDVR GH VHU UHTXHULGR HVWR KDELOLWDUi HO FRUWH GHO VXPLQLVWUR GH DJXD VLQ DIHFWDU DO UHVWR GH OD LQVWDODFLyQ $ VX YH] VH GLVSRQH GH XQD OODYH GH SDVR JHQHUDO D OD VDOLGD GHO WDQTXH GH DEDVWHFLPLHQWR R D OD HQWUDGD GH OD FRQH[LyQ D OD UHG S~EOLFD TXH SXHGH VHU DFFLRQDGD HQ FDVR GH GDxRV PD\RUHV 6H GHEHUi PDQWHQHU XQ FRQWURO GLDULR HQ FXDQWR D OD OLPSLH]D GH OD LQVWDODFLyQ (O PDQWHQLPLHQWR GH FDxHUtDV VH HIHFWXDUi YHUWLHQGR XQ SURGXFWR HFROyJLFR GH OD OtQHD (&2 GLOXLGR HQ DJXD (VWH SURGXFWR HV FRPSXHVWR SRU EDFWHULDV HFROyJLFDV (VWH PLVPR SURGXFWR DFW~D HQ OD OLPSLH]D GHO WDQTXH GH GHVDJ H (Q FXDQWR D OD FDSDFLGDG GH ORV WDQTXHV VH GHEHUi SUHVWDU HVSHFLDO DWHQFLyQ FRQWURODQGR GLDULDPHQWH OD FDQWLGDG GH FRQWHQLGR GH FDGD XQR WDQWR SDUD DEDVWHFLPLHQWR FRPR SDUD GHVDJ H 3UHYLR D GHVPRQWDU OD LQVWDODFLyQ VH GHEHUi GHMDU FRUUHU DJXD HQ DEXQGDQFLD D WUDYpV GH ODV FDxHUtDV SDUD IDFLOLWDU VX OLPSLH]D \ HOLPLQDFLyQ GH UHVLGXRV $O PRPHQWR GH UHDOL]DU HO GHVPRQWDMH GH OD LQVWDODFLyQ HO LQVWDODGRU VDQLWDULR GHEHUi HIHFWXDU HO FRQWHR GH SLH]DV WHQLHQGR HQ FXHQWD XQ IXWXUR DUPDGR GHO VLVWHPD 7RGRV ORV HOHPHQWRV VHUiQ DFRQGLFLRQDGRV GH IRUPD GHELGD SDUD VX DFRSLR \ SRVWHULRU WUDVODGR

(Q VLWLRV GH WHPSHUDWXUDV H[WUHPDV VH GHEH SUHVWDU HVSHFLDO DWHQFLyQ D OD GLODWDFLyQ GH ORV WXERV 6H GHEHQ SUHYHU HQWRQFHV HOHPHQWRV GH VRVWpQ TXH SHUPLWDQ HO PRYLPLHQWR /D VXMHFLyQ GH ORV WXERV GHEH UHDOL]DUVH FRQ DEUD]DGHUDV SOiVWLFDV HYLWDQGR JHQHUDU FRPSUHVLRQHV \ WHQVLRQHV FRORFiQGRVH D GLVWDQFLDV GH HQWUH \ FP 3DUD OD FXUYDWXUD XWLOL]DUHPRV PXHOOHV FXUYDWXERV WHQLHQGR HQ FXHQWD ORV UDGLRV GH FXUYDWXUD DGPLVLEOHV HYLWDQGR DVt HO HVWUDQJXODPLHQWR GH OD WXEHUtD /DV XQLRQHV GHEHQ VHU VRPHWLGDV D SUXHEDV GH SUHVLyQ \ HVWDQTXHLGDG (VWDV SUXHEDV VH UHDOL]DUiQ GH D FXHUGR D ODV QRUPDWLYDV YLJHQWHV

6 $VHVRU *HUDUGR 5RGUtJXH]



$&21',&,21$0,(172 /80Ì1,&2



$&21',&,21$0,(172 /80Ì1,&2 0HPRULD $UJXPHQWDWLYD /D OX] ODV VRPEUDV OD FRPELQDFLyQ GH DPEDV VRQ DVSHFWRV IXQGDPHQWDOHV D OD KRUD GH GDU VXVWHQWR D ORV FRQFHSWRV WUDEDMDGRV HQ OD ,QIUDHVWUXFWXUD GH (VSDFLR 3~EOLFR )OH[LELOLGDG YHUVDWLOLGDG YDULDFLRQHV HVSDFLDOLGDGHV DWPyVIHUDV VRQ FRQFHSWRV TXH GHSHQGHQ GH XQD FRUUHFWD LOXPLQDFLyQ SDUD QR GHVYDQHFHUVH

,/80,1$&,Ð1 (6&e1,&$ /DV GLIHUHQWHV WRQDOLGDGHV GH LOXPLQDFLyQ VX FRQWUDSRVLFLyQ FRQ ODV VRPEUDV JHQHUDQ GLYHUVDV DPELHQWDFLRQHV HQ ORV GLVWLQWRV SXQWRV GH OD LQIUDHVWUXFWXUD SXGLHQGR FRQ PtQLPDV UHJXODFLRQHV JHQHUDU HQ HOORV P~OWLSOHV HVFHQDV \ YROYHU D UHJXODU ODV OXPLQDULDV SXHGH JHQHUDU RWUR HVFHQDULR SDUD RWURV DFRQWHFLPLHQWRV

(O SUR\HFWR GH LOXPLQDFLyQ GHEH WHQHU HQ FXHQWD ORV FULWHULRV DQWHV QRPEUDGRV \ D\XGDU D SRWHQFLDUORV SRU HVWR VH SODQWHD XQD GLVWULEXFLyQ EDVWDQWH KRPRJpQHD GH ODV OXPLQDULDV SRU FRQ XQD LOXPLQDFLyQ GH ORV PiV KHWHURJpQHD

(VWRV PLVPRV DUWHIDFWRV TXH LOXPLQDQ ORV HVSDFLRV \ DFWLYLGDGHV TXH VH UHDOL]DQ GHQWUR FRQYLHUWHQ D OD SURSLD ,QIUDHVWUXFWXUD GH (VSDFLR 3~EOLFR HQ XQ REMHWR OXPLQLVFHQWH VLHQGR HOOD PLVPD OD SURSLD OXPLQDULD LOXPLQDQGR VX SLHO OD HQPDUFD OD FRQYLHUWH HQ XQ IDUR SDUD VX FRQWH[WR

/XPLQDULDV GyFLOHV IiFLOHV GH FRORFDU \ GH UHWLUDU VL HV QHFHVDULR DSWDV SDUD XVRV SXQWXDOHV \ OXHJR UHWLUDEOHV FXDQGR OD DFWLYLGDG KD\D FHVDGR R FDPELDGR $OXPEUDGR FRQ EXHQRV QLYHOHV GH LOXPLQDFLyQ TXH SHUPLWD VDOYDU JUDQGHV DOWXUDV JUDGXDU VX LQWHQVLGDG \ GLUHFFLRQDUOD VHJ~Q ODV QHFHVLGDGHV GHO XVR \ R XVXDULR

/80,1$5,$6 6H GLYLGHQ HQ FDWHUJRUtDV ,OXPLQDFLyQ GH DFWLYLGDGHV ,OXPLQDFLyQ GH FLUFXODFLyQ LOXPLQDFLyQ GH FXELHUWD H LOXPLQDFLyQ GH HPHUJHQFLD






/

/

/

/ ,( /

/

/

/

,( / /

/

/

,(

/

/

/ /

/

,( /

/

/ HVF

/

,(

/

,(

/

/

/

,(

/

/

/

/


%DUDQGD D P

$JDUUH D HVWUXFWXUD /

(VWUXFWXUD

3DVDUHOD &LUFXODFLyQ

'(7$//( /

/

/

/

/

/

/ /

/

/ / ,(

/ /

/

,( /

,(

,( /

,(

/

,(

,(

/

/

,(

/ /

,(

/

/

,(

,(

/

,( /

/

/

/

,(

/

/

,(

/ HVF $VHVRU 6ROHGDG 6XDQHV


/ 8 0 , 1 $ 5 , $ 6

/ _6WHOOD %DxDGRU (5&2

/ _6WHOOD %DxDGRU (5&2

/ _2VHULV %DxDGRU (5&2

'(6&5,3&,Ð1

'(6&5,3&,Ð1

'(6&5,3&,Ð1

/XPLQDULD /HG SDUD UDLO HOHFWULILFDGR &RQ FDEH]DO RULHQWDEOH HQWUH \ FXHUSR JLUDEOH HQ HO DGDSWDGRU 3RWHQFLRPHWUR SHUPLWH UHJXODU OD LOXPDFLyQ D SDUWLU GH UHJXODGRUHV H[WHUQRV

/XPLQDULD /HG SDUD UDLO HOHFWULILFDGR &RQ FDEH]DO RULHQWDEOH HQWUH \ FXHUSR JLUDEOH HQ HO DGDSWDGRU 3RWHQFLRPHWUR SHUPLWH UHJXODU OD LOXPDFLyQ D SDUWLU GH UHJXODGRUHV H[WHUQRV

/XPLQDULD /HG SDUD UDLO HOHFWULILFDGR &RQ FDEH]DO RULHQWDEOH HQWUH \ FXHUSR JLUDEOH HQ HO DGDSWDGRU 3RWHQFLRPHWUR SHUPLWH UHJXODU OD LOXPDFLyQ D SDUWLU GH UHJXODGRUHV H[WHUQRV

/XPLQDULD /HG SDUD UDLO HOHFWULILFDGR 'LVWULEXFLyQ GH LQWHQVLGDG OXPLQRVD GH URWDFLyQ VLPpWULFD GH KD] PX\ H[WHQVLYR R D[LDOPHQWH VLPpWULFD SDUD OD LOXPLQDFLyQ EDxDGRUD

(VSHFLDOHV SDUD JUDQGHV GLVWDQFLDV GH LOXPLQDFLyQ \ HVSDFLRV FRQ WHFKRV DOWRV GHELGR D VX SRWHQWH LOXPLQDFLyQ 6XV YDULDQWHV SHUPLWHQ GLYHUVDV HVFHQLILFDFLRQHV LOXPLQDFLRQHV GH DFHQWR y EDxDGR GH SDUHGHV

(VSHFLDOHV SDUD JUDQGHV GLVWDQFLDV GH LOXPLQDFLyQ \ HVSDFLRV FRQ WHFKRV DOWRV GHELGR D VX SRWHQWH LOXPLQDFLyQ 6XV YDULDQWHV SHUPLWHQ GLYHUVDV HVFHQLILFDFLRQHV LOXPLQDFLRQHV GH DFHQWR y EDxDGR GH SDUHGHV

(VSHFLDOHV SDUD JUDQGHV GLVWDQFLDV GH LOXPLQDFLyQ \ HVSDFLRV FRQ WHFKRV DOWRV GHELGR D VX SRWHQWH LOXPLQDFLyQ 6XV YDULDQWHV SHUPLWHQ GLYHUVDV HVFHQLILFDFLRQHV LOXPLQDFLRQHV GH DFHQWR y EDxDGR GH SDUHGHV

3HUPLWH RULHQWDFLRQHV VXPDPHQWH SUHFLVDV PHGLDQWH VX DUWLFXODFLyQ JLUDWRULD TXH VH LQWHJUD SHUIHFWDPHQWH FRPR VHFFLyQ REOLFXD HQ HO FDEH]D KHPLVIpULFR /XPLQDULDV FRPSDFWDV SUHFLVDV \ SRWHQWHV

FG

'$726 7e&1,&26 7HPSHUDWXUD GH FRORU FRUUHODFLRQDGD . )OXMR OXPLQRVR GH ODV OXPLQDULDV OP 3RWHQFLD : 5HQGLPLHQWR /XPtQLFR OP : ÌQGLFH GH UHSURGXFFLyQ FURPiWLFD %ODQFR 1HXWUR ÌQGLFH GH SURWHFFLyQ &$17,'$' OXPLQDULDV

FG

/

FG

FG

'$726 7e&1,&26 7HPSHUDWXUD GH FRORU FRUUHODFLRQDGD . )OXMR OXPLQRVR GH ODV OXPLQDULDV OP 3RWHQFLD : 5HQGLPLHQWR /XPtQLFR OP : ÌQGLFH GH UHSURGXFFLyQ FURPiWLFD %ODQFR &iOLGR ÌQGLFH GH SURWHFFLyQ

'$726 7e&1,&26 7HPSHUDWXUD GH FRORU FRUUHODFLRQDGD . )OXMR OXPLQRVR GH ODV OXPLQDULDV OP 3RWHQFLD : 5HQGLPLHQWR /XPtQLFR OP : ÌQGLFH GH UHSURGXFFLyQ FURPiWLFD %ODQFR 1HXWUR ÌQGLFH GH SURWHFFLyQ

'$726 7e&1,&26 7HPSHUDWXUD GH FRORU FRUUHODFLRQDGD . )OXMR OXPLQRVR GH ODV OXPLQDULDV OP 3RWHQFLD :

&$17,'$' OXPLQDULDV LOXPLQDQGR KDFtD DEDMR

&$17,'$' OXPLQDULDV

&$17,'$' OXPLQDULDV

,JXDO D / SHUR WLHQH XQDV PRGLILFDFLRQHV HQ OD IRUPD GH DJDUUH \D TXH LOXPLQD KDFLD DUULED

6H XWLOL]D HVWH WLSR GH LOXPLQDFLyQ SDUD HO LQWHULRU GHO Q~FOHR SHQVDQGR HQ OD YHUViWLOLGDG GH DFWLYLGDGHV TXH HVWH SXHGH DORMDU

6HJ~Q OD DFWLYLGDG HO Q~PHUR GH OXPLQDULDV FDOLGDV SXHGH YDULDU

/ _6WHOOD %DxDGRU (5&2

5HQGLPLHQWR /XPtQLFR OP : ÌQGLFH GH UHSURGXFFLyQ FURPiWLFD %ODQFR 1HXWUR ÌQGLFH GH SURWHFFLyQ


/ _/LFKWHLQVDW] ,QVWDOLJKW

/ _3DQWDOOD (VWDQFD 'DLVDOX[

&$57(/ 6$/,'$ '( (0(5*(1&,$

(O LQVHUWR GH OX] XQLYHUVDO KHFKR GH DFHUR LQR[LGDEOH 9 $ SHUPLWH XQD LOXPLQDFLyQ DOWDPHQWH HILFLHQWH \ FRQWHPSRUiQHD GH ODV iUHDV GH WUiILFR (O HOHPHQWR GH OX] /(' FRPSOHWDPHQWH HQFDSVXODGR VH SXHGH LQWHJUDU GH PDQHUD FDVL LQYLVLEOH HQ ORV VLVWHPDV GH SDVDPDQRV \ SURSRUFLRQD XQD GLVWULEXFLyQ GH OX] XQLIRUPH FRQ DOWD FDOLGDG GH OX] $GHPiV HVWH XVR GH OD OX] RIUHFH XQD FRQH[LyQ GLUHFWD D OD WHQVLyQ GH OD UHG \ OD FRPSDWLELOLGDG FRQ UHJXODGRUHV HVWiQGDU

/XPLQDULD /HG GH FXHUSR UHFWDQJXODU FRQ DULVWDV UHGRQGHDGDV TXH FRQVWD GH XQD EDVH HQ SROLHVWHU SUHLPSUHJQDGR \ UHIRU]DGR FRQ ILEUD GH YLGULR \ GH XQ GLIXVRU IDEULFDGR HQ SROLFDUERQDWR &RQVWD GH XQD OiPSDUD IOXRUHVFHQWH TXH VH LOXPLQD VL IDOOD HO VXPLQLVWUR GH UHG 'XUDFLyQ KRUD

/XPLQDULD GH HPHUJHQFLD DXWyQRPD ELIDFLDO FRQ WHFQRORJtD /(' FRQ FXHUSR UHFWDQJXODU \ DULVWDV SURQXQFLDGDV TXH FRQVWD GH XQD FDUFDVD IDEULFDGD HQ 3& $6$ \ GLIXVRU HQ SROLFDUERQDWR &RQVWD GH XQD PDWUL] GH /(' FRPR IXHQWH GH OX] TXH VH LOXPLQD VL IDOOD HO VXPLQLVWUR GH UHG

FG

FG

FG

'$726 7e&1,&26 7HPSHUDWXUD GH FRORU FRUUHODFLRQDGD . )OXMR OXPLQRVR GH ODV OXPLQDULDV OP 3RWHQFLD : 5HQGLPLHQWR /XPtQLFR OP : ÌQGLFH GH UHSURGXFFLyQ FURPiWLFD %ODQFR 1HXWUR ÌQGLFH GH SURWHFFLyQ

'$726 7e&1,&26 7HPSHUDWXUD GH FRORU FRUUHODFLRQDGD . )OXMR OXPLQRVR GH ODV OXPLQDULDV OP 3RWHQFLD : 5HQGLPLHQWR /XPtQLFR OP : ÌQGLFH GH UHSURGXFFLyQ FURPiWLFD ÌQGLFH GH SURWHFFLyQ

'$726 7e&1,&26 7HPSHUDWXUD GH FRORU FRUUHODFLRQDGD )OXMR OXPLQRVR GH ODV OXPLQDULDV OP 3RWHQFLD 5HQGLPLHQWR /XPtQLFR ÌQGLFH GH UHSURGXFFLyQ FURPiWLFD ÌQGLFH GH SURWHFFLyQ

&$17,'$' OXPLQDULDV

&$17,'$' OXPLQDULDV

&$17,'$' OXPLQDULDV

/ $VHVRU 6ROHGDG 6XDQHV


& $ 7 É / 2 * 2 ' ( , / 8 0 , 1 $ & , 2 1 ( 6

,/80,1$&,Ð1 '( $&7,9,'$'(6

,/80,1$&,Ð1 '( &,5&8/$&,Ð1

/XFHV GLUHFFLRQDGDV KDFLD XQD DFWLYLGDG HQ SDUWLFXODU JHQHUD OD DWPyVIHUD DGHFXDGD SDUD HO GHVDUUROOR GHO HYHQWR R HO SURJUDPD 6H JUDG~D VX LQWHQVLGDG OXPtQLFD \ FRORU HQ EHQHILFLR GHO XVXDULR JHQHUDQGR FDOLGDG HQ HO DPELHQWH

,OXPLQDFLyQ GH PHQRU LQWHQVLGDG TXH LOXPLQD GH IRUPD GLUHFWD \ HIHFWLYD ORV VLVWHPDV FLUFXODWRULRV GH OD ,QIUDHVWUXFWXUD GH (VSDFLR 3~EOLFR DFRPSDxD ORV UHFRUULGRV \ DSRUWD HQ OD LOXPLQDFLyQ JHQHUDO GHO ORFDO

,/80,1$&,Ð1 '( &8%,(57$ OOXPLQDFLRQHV GLUHFWDV H LQGLUHFWDV TXH JHQHUDQ HQ OD FXELHUWD XQ MXHJR GH OXFHV \ VRPEUDV DFHQWXDQGR ODV SURIXQGLGDGHV \ PRYLPLHQWRV GH OD ORQD $O LQWHUVHFWDU HO KD] GH OX] FRQ HO WH[WLO HQYROWRULR OD SURSLD LQIUDHVWUXFWXUD VH FRQYLHUWH HQ XQ DUWHIDFWR TXH HPLWH OX] DO HQWRUQR JHQHUDQGR UHIOHMRV HQ OD FLXGDG VH FRQYLHUWH HQ XQ OODPDGRU LQYLWDQGR D SDUWLFLSDU GH ODV DFWLYLGDGHV TXH WUDQVFXUUHQ HQ VX LQWHULRU

,/80,1$&,Ð1 727$/ 6H FRPSRQH SRU ODV LOXPLQDFLRQHV QRPEUDGDV DQWHULRUPHQWH PiV OD LOXPLQDFLyQ GH HPHUJHQFLD TXH VH DFWLYD FXDQGR ODV RWUDV GHMDQ GH IXQFLRQDU $O VXSHUSRQHUVH ORV WLSRV GH LOXPLQDFLyQ SDUD FRQIRUPDU XQ WRGR FDGD XQD WLHQH TXH FXPSOLU VX IXQFLyQ HVSHFtILFD SHUR JHQHUDU XQ DPELHQWH HTXLOLEUDGR VLQ HVWURSHDU HO DPELHQWH R HO GHVDUUROOR GH DFWLYLGDGHV SRU JHQHUDU XQ H[FHVLYR QLYHO GH LOXPLQDFLyQ






















$&21',&,21$0,(172 7e50,&2



$&21',&,21$0,(172 7e50,&2 0HPRULD $UJXPHQWDWLYD )RPHQWDQGR HO XVR FRQWLQXR GH ODV ,(3 VH EXVFD JHQHUDU XQ DPELHQWH FRQIRUWDEOH D QLYHO WpUPLFR WDQWR SDUD HO LQYLHUQR FRPR SDUD HO YHUDQR $O WUDWDUVH GH XQD LQIUDHVWUXFWXUD GH HVSDFLR S~EOLFR FRQ XQ FDUiFWHU VHPL H[WHULRU ODV VROXFLRQHV WpUPLFDV GLILHUHQ D ODV GH XQD FRQVWUXFFLyQ PiV WUDGLFLRQDO \D TXH QR HV SRVLEOH JHQHUDU XQ DPELHQWH KHUPpWLFR GHELGR D OD UHODFLyQ GLUHFWD GH DOJXQDV DFWLYLGDGHV FRQ HO H[WHULRU /RV DUWHIDFWRV GH DFRQGLFLRQDPLHQWR WpUPLFR FRPR WRGRV ORV VLVWHPDV TXH FRPSRQHQ OD LQIUDHVWUXFWXUD GHEHQ WHQHU OD FDSDFLGDG GH SRGHU DUPDUVH XVDUVH GHVDUPDUVH WUDVODGDUVH \ YROYHUVH D DUPDU VLQ TXH HVWR JHQHUH GLILFXOWDGHV HQ VX GHVHPSHxR $Vt PLVPR HO PRQWDMH GHO VLVWHPD WpUPLFR GHEH VHU IiFLO \ HILFLHQWH VH GHEHUi ILMDU D OD HVWUXFWXUD VLQ JHQHUDU GDxRV HQ OD PLVPD 3DUD QR LQWHUIHULU FRQ OD IOH[LELOLGDG GH OD FXELHUWD VH EXVFDQ VLVWHPDV TXH UHVXHOYDQ HO DFRQGLFLRQDPLHQWR FRQ XQLGDGHV ~QLFDPHQWH LQWHULRUHV

6,67(0$ &$/()$&&,Ð1 6H RSWD SRU XWLOL]DU WXERV UDGLDQWHV D JDV 6RQ FDOHIDFWRUHV GH DOWR UHQGLPLHQWR SURGXFHQ LUUDGLDFLyQ GH FDORU D EDMDV WHPSHUDWXUDV VLQ OODPD H[SXHVWD SHUPLWHQ VDOYDU GLVWDQFLDV KDVWD PHWURV GH DOWXUD VRQ UHFRPHQGDGRV SDUD JUDQGHV LQIUDHVWUXFWXUDV FRPR DPELHQWHV FRPHUFLDOHV R LQGXVWULDOHV 6,67(0$ 5()5,*(5$&,Ð1 /D LQIUDHVWUXFWXUD FXHQWD FRQ XQ VLVWHPD GH YHQWLODFLyQ QDWXUDO DO JHQHUDUVH FRUULHQWHV GH DLUH QDWXUDOHV GHQWUR GH HOOD D WUDYpV GH DSHUWXUDV HQ OD ORQD /D IOH[LELOLGDG \ FXUYDWXUDV GH OD FXELHUWD SHUPLWH TXH HO DLUH VH PXHYD FLUFXOH UHIULJHUiQGROR (Q FDVRV GRQGH ODV FRUULHQWHV GH DLUH QR VHDQ VXILFLHQWHV SDUD UHIULJHUDU HO DPELHQWH VH XWLOL]DUiQ YHQWLODGRUHV FRQ DVSHUVRUHV GH DJXD 6H DSOLFDQ WDQWR HQ FOLPDV FDOXURVRV FRPR HQ VHFRV UHFRPHQGDGRV SDUD HVSDFLRV DELHUWRV R VHPLDELHUWRV $OFDQ]DQ XQ WDPDxR DSWR SDUD XVR LQGXVWULDO FXHQWDQ FRQ HQWUDGD GH DJXD GLUHFWD \ FRQ WDQTXH GH UHVHUYD WLSR SHGHVWDO VHJ~Q OD QHFHVLGDG GHO XVXDULR




&DxHUtD GH YHQWLODFLyQ

&DxHUtD GH YHQWLODFLyQ

&DxHUtD GH YHQWLODFLyQ

WDQTXH HVWDFLRQDULR

7 HVF 5()(5(1&,$6


&DxHUtD GH YHQWLODFLyQ

&DxHUtD GH YHQWLODFLyQ

7 HVF $VHVRU )HUQDQGR %XJQD


& $ 7 É / 2 * 2 & $ / ( ) $ & & , Ð 1 (O VLJXLHQWH FDWiORJR UH~QH WRGDV ODV SLH]DV QHFHVDULDV SDUD JHQHUDU HO DFRQGLFLRQDPLHQWR WpUPLFR GH OD ,QIUDHVWUXFWXUD GH (VSDFLR 3~EOLFR eVWH DFRQGLFLRQDPLHQWR HVWD FRPSXHVWR SRU YDULRV VLVWHPDV OD FDOHIDFFLyQ OD UHIULJHUDFLyQ VXPLQLVWURV GH JDV VXPLQLVWURV HOpFWULFR \ YHQWLODFLyQ

48(0$'25

78%2 5$',$17(

$%5$=$'(5$ '( (03$/0(

785%8/$'25

),-$&,Ð1 $ 3/$7$)250$ 5()/(&725$

5,(1'$6 '( 623257( $ (6758&785$

$%5$=$'(5$ '( $/80,1,2

$ SDUWLU GHO HQVDPEOH GH ORV GLVWLQWRV HOHPHQWRV VH YDQ FRQIRUPDQGR ORV VXEVLVWHPDV +D\ TXH WHQHU HQ FXHQWD TXH OD FRQILJXUDFLyQ GH HVWRV GLVSRVLWLYRV SXHGH YDULDU VHJ~Q OD FRQGLFLyQ FOLPiWLFD \ SURJUDPiWLFD D OD FXiO VH HQIUHQWH

&+,0(1($

3/$7$)250$ 5()/(&725$

&KLPHQHD

3ODWDIRUPD UHIOHFWRUD

6$/,'$ '( 9(17,/$&,Ð1

81,Ð1 )/(;,%/( 3$5$ *$6

//$9( '( 3$62

&$f2 0$(6752 '( *$6

81,21(6 3$5$ &$f(5Ì$6 '( *$6

7$%/(52 '( (1&(1','2

&$-$ &21 //$9( 7e50,&$ %,32/$5

),/752 '( *$6

0$1Ð0(752

&$-$ '( 720$&255,(17(

7$148( (67$&,21$5,2

9(17,/$'25 +,'52&22/


'(7$//( 78%2 5$',$17(

'(7$//( ,167$/$&,21(6 (/e&75,&$6 < *$6

3DQWDOOD UHIOHFWRUD

7XER UDGLDQWH

5LHQGDV GH VRSRUWH D HVWUXFWXUD

4XHPDGRU $EUD]DGHUD GH HPSDOPH 3DQWDOOD UHIOHFWRUD

(QFKXIH UHFWDV 4XHPDGRU 7XUEXODGRU

&DEOH DOLPHQWDFLyQ DO HTXLSR

&KLPHQHD &RQGXFWR GH YHQWLODFLyQ GH JDVHV 7XER GH YHQWLODFLyQ

&DMD FRQ WRPDFRUULHQWH

'(7$//( &21(;,Ð1 *$6 $ 5$',$'25 /ODYH GH SDVR

&DxR PDHVWUR GH JDV

5LHQGDV GH VRSRUWH D HVWUXFWXUD 0DQyPHWUR

4XHPDGRU

&DMD FRQ OODYH WpUPLFD ELSRODU &DxR GH OX] SDUD DOLPHQWDFLyQ

&DxR PDHVWUR GH JDV

7HQVLyQ GH OLQHD 9 WLHUUD

)LOWUR GH JDV

7DEOHUR GH HQFHQGLGR

/ODYH GH SDVR DFFHVLEOH 8QLyQ IHO[LEOH SDUD JDV /ODYH JUDO GH SDVR GH JDV 3DQWDOOD UHIOHFWRUD

7 HVF $VHVRU )HUQDQGR %XJQD


0HPRULD 7pFQLFD '(6&5,3&,Ð1 '(/ 352<(&72 6H HVWDEOHFH HQ OD 0HPRULD OD PDJQLWXG GHO SUR\HFWR GH FDOHIDFFLyQ \ R UHIULJHUDFLyQ SDUD ORV SURWRWLSRV GH ,QIUDHVWUXFWXUD GH (VSDFLR 3~EOLFR D LQVWDODUVH HQ GLYHUVRV SXQWRV JHRJUiILFRV /D LQIUDHVWUXFWXUD HQ SODQWD EDMD DORMD DFWLYLGDGHV S~EOLFDV MXHJRV QLxRV ]RQD GH HVWDU UHFUHDFLyQ GHSRUWHV HVSDFLR GH H[SRVLFLRQHV DXODV EDxRV \ FRFLQD (O GLVHxR \ OD LQVWDODFLyQ WDQWR GH OD FDOHIDFFLyQ FRPR OD UHIULJHUDFLyQ GHEHQ UHJLUVH SRU QRUPDWLYDV YLJHQWHV GHO OXJDU GRQGH VH HPSOD]D \ ORV PDWHULDOHV TXH OD FRPSRQHQ GHEHUiQ FXPSOLU FRQ ODV QRUPDV 81,7 $/&$1&( 7RGDV ODV REUDV GH LQVWDODFLyQ GH FDOHIDFFLyQ \ R UHIULJHUDFLyQ GHEHUiQ FXPSOLU FRQ OR HVWDEOHFLGR HQ ORV UHFDXGRV JUiILFRV \ HQ OD SUHVHQWH 0HPRULD

&RQWURO GH WHPSHUDWXUD 8QD VRQGD FRQHFWDGD D XQ WHUPRVWDWR UHJXODUi OD WHPSHUDWXUD GH FRQIRUW /D VRQGD GHEH FRORFDUVH D PWV GH DOWXUD GLUHFFLRQDGD D OD ]RQD FDOHIDFFLRQDGD

6RSRUWH WLSR DEUD]DGHUD $FHUR 6$( HVSHVRU PP DFDEDGR HQ SLQWXUD GH DOWD WHPSHUDWXUD 6XMHWD ORV WXERV D ORV VRSRUWHV VXVSHQVRUHV

,163(&&,21(6 < 358(%$6 7RGRV ORV HTXLSRV \ FDxHUtDV TXH IRUPDQ SDUWH GH OD LQVWDODFLyQ GHEHUiQ VRPHWHUVH D ODV SUXHEDV SHUWLQHQWHV \ VHU DXWRUL]DGDV SRU OD 'LUHFFLyQ GH 2EUD SUHYLR D VX SXHVWD HQ IXQFLRQDPLHQWR

6RSRUWH SDUD FROJDGR GHO HTXLSR $FHUR 6$( HVSHVRU PP DFDEDGR JDOYDQL]DGR )LMDQ HO HTXLSR D OD HVWUXFWXUD GH OD LQIUDHVWUXFWXUD $FRSOH GH FiPDUD )XQGLFLyQ GH DOXPLQLR HVSHVRU PP &RPXQLFD LQWHUQDPHQWH ORV WXERV SHUPLWLHQGR JLUR GH

9$/,'(= (V QHFHVDULR TXH FXDOTXLHU HVSHFLILFDFLyQ R PRGLILFDFLyQ FRQVWUXFWLYD HVWH H[SOÌFLWD HQ DO PHQRV XQR GH ORV UHFDXGRV TXH UHFWLILFDQ HO SUR\HFWR \D VHDQ JUiILFRV R HVFULWRV \ DXWRUL]DGDV SRU OD 'LUHFFLyQ GH 2EUD

*DELQHWH GHO TXHPDGRU &KDSD GH DFHUR 6$( '' HVSHVRU PP DFDEDGR HQ SLQWXUD KRUQHDGD &RQWLHQH WRGRV ORV HOHPHQWRV GH IXQFLRQDPLHQWR \ VHJXULGDG FRQWLHQH OD WRPD GH DLUH SDUD OD FRPEXVWLyQ \ HO TXHPDGRU

(-(&87$17(6 '( /$ 2%5$ 3DUD OD UHDOL]DFLyQ GH WDUHDV YLQFXODGDV DO DFRQGLFLRQDPLHQWR WpUPLFR DUPDGR WHVWHRV PDQWHQLPLHQWR GHVDUPDGR HWF VH GHEHUi FRQWDU FRQ OD SUHVHQFLD GH SHUVRQDO FDSDFLWDGR TXH FRPSUHQGD ORV FULWHULRV WpFQLFRV GHO VLVWHPD GH FDOHIDFFLyQ \ R UHIULJHUDFLyQ \ VHD FDSD] GH HMHFXWDU OR HVWDEOHFLGR HQ ORV UHFDXGRV GH PDQHUD HILFLHQWH

(OHFWURYiOYXOD GH JDV 3URGXFH OD DSHUWXUD R FLHUUH GHO SDVR GH JDV GH PDQHUD DXWRPiWLFD FRPDQGDGD SRU HO SURJUDPDGRU

3/$126 3/,(*26 &2175$',&&,21(6 < 20,6,21(6 /RV UHFDXGRV JUiILFRV GHO SUR\HFWR OD 0HPRULD 7pFQLFD \ OD 0HPRULD &RQVWUXFWLYD 3DUWLFXODU LQGLFDUiQ HO SURFHVR GH FRQVWUXFFLyQ SRU HVWR GHEHUiQ VHU UHVSHWDGDV DO PRPHQWR GH HMHFXWDU ODV REUDV /D 'LUHFFLyQ GH 2EUD UHVROYHUi HQ FDVR GH H[LVWLU FRQWUDGLFFLRQHV HQWUH ORV GLVWLQWRV UHFDXGRV SURFXUDQGR TXH OD VROXFLyQ D OOHYDUVH D FDER VHD OD PiV IDYRUDEOH 0$7(5,$/(6 /RV PDWHULDOHV D HPSOHDUVH GHEHUiQ WHQHU XQ EXHQ HVWDGR \ GHEHUiQ FXPSOLU FRQ VX IXQFLRQDPLHQWR GH PDQHUD ySWLPD /RV PDWHULDOHV VHUiQ WUDVODGDGRV FRQ HO UHVWR GH ORV HOHPHQWRV TXH FRQIRUPDQ OD LQIUDHVWUXFWXUD GHEHUiQ JXDUGDUVH GH PDQHUD FXLGDGRVD SDUD TXH QR VXIUDQ GDxRV &225',1$&,21 (O FRQWUDWLVWD HQFDUJDGR GHO DFRQGLFLRQDPLHQWR WpUPLFR GHEHUi FRRUGLQDU FRQ HO HQFDUJDGR GH OD HOpFWULFD FRQ XQ JDVLVWD \ FRQ HO HQFDUJDGR JHQHUDO OD IRUPD GH HMHFXWDU ODV WDUHDV 75$=$'2 < 5(3/$17(2 (O SHUVRQDO GHEHUi UHDOL]DU HO UHSODQWHR SODQLPpWULFR \ DOWLPpWULFR GH ORV DUWHIDFWRV \ FDxHUtDV DJXDUGDU OD DSUREDFLyQ SRU SDUWH GH OD 'LUHFFLyQ GH 2EUD SUHYLR D OD HMHFXFLyQ WHQLHQGR HQ FXHQWD ORV SDVHV SUHYLVWRV SDUD ODV LQVWDODFLRQHV '(6&5,3&,Ð1 '( /26 (/(0(1726 7XERV 5DGLDQWHV $FHUR 6$( HVSHVRU PP DFDEDGR HQ SLQWXUD QHJUD SDUD DOWD WHPSHUDWXUD &RQGXFH SRU VX LQWHULRU ORV JDVHV GH FRPEXVWLyQ H LUUDGLD FDORU DO DPELHQWH

3DQWDOODV 5HIOHFWRUDV $FHUR LQR[LGDEOH FDOLGDG HVSHVRU PP DFDEDGR EULOOR HVSHMR 'LUHFFLRQD OD UDGLDFLyQ D OD ]RQD D FDOHIDFFLRQDU HYLWDQGR TXH HO FDORU VH GLVSHUVH SRU HO DPELHQWH

7 HVF 5()(5(1&,$6

7XUELQD $OXPLQLR HVWDPSDGR 3URSRUFLRQD FDXGDO \ SUHVLyQ GHO DLUH QHFHVDULD SDUD HO SURFHVR GH FRPEXVWLyQ \ HYDFXDFLyQ GH JDVHV (63(&,),&$&,21(6 7e&1,&$6 '( /$6 ,167$/$&,21(6 $UPDGR (O HTXLSR YLHQH HQ SDUWHV FDEH]DO TXHPDGRU SDQWDOODV WDEOHUR GH FRPDQGR FRQ FRGR GH FKLPHQHD DEUD]DGHUD GH HPSDOPH (Q OD FDUD VXSHULRU GHO HTXLSR KD\ VRSRUWHV ORV FXDOHV OR VXMHWDUiQ D OD HVWUXFWXUD (O HTXLSR QR GHEH VXMHWDUVH GH PDQHUD WRWDOPHQWH UtJLGD \D TXH ORV WXERV QHFHVLWDQ WHQHU FLHUWR PRYLPLHQWR FXDQGR WRPDQ WHPSHUDWXUDV 'LVWDQFLDV 0tQLPDV 5HVSHWDU GLVWDQFLDV PtQLPDV D PDWHULDOHV FRPEXVWLEOHV 1R LQVWDODU HO FDOHIDFWRU SRU GHEDMR GH XQ WRPDFRUULHQWHV &RQH[LyQ D *DV /D GLVWULEXFLyQ GH JDV DO VLVWHPD VHUi SRU SDUWH GH XQ WDQTXH HVWDFLRQDULR (O PLVPR VH FRORFDUi HQ HO OtPLWH GHO SUHGLR OR PiV FHUFD SRVLEOH GHO DFFHVR GRQGH VH OR DEDVWHFHUi SRU PHGLR GH XQ FDPLyQ /D LQVWDODFLyQ GHEH UHDOL]DUOD XQ JDVLVWD PDWULFXODGR 6H GHEH YHULILFDU OD KHUPHWLFLGDG GH OD FDxHUtD GH JDV (QWUH OD FDxHUtD GH JDV \ HO DUWHIDFWR VH GHEH FRORFDU XQ DFRSOH IOH[LEOH TXH SHUPLWD PRYLPLHQWRV SRU GLODWDFLRQHV 6H GHEH FRORFDU XQD OODYH GH FLHUUH GH JDV HQ XQ OXJDU DFFHVLEOH SDUD UHJXODFLyQ \ FRUWH GHO HTXLSR ,QVWDODFLyQ (OpFWULFD /D LQVWDODFLyQ GHEH UHDOL]DUOD XQ LQVWDODGRU PDWULFXODGR (V LQGLVSHQVDEOH TXH HO HTXLSR WHQJD SXHVWD WLHUUD /D DOLPHQWDFLyQ HOpFWULFD GHO UDGLDGRU GHEHUi SDVDU SUHYLDPHQWH SRU XQD OODYH GH FRUWH \ OXHJR SRU XQ WDEOHUR GH FRPDQGR 'HO WDEOHUR VH GLVWULEXLUi SRU FDxRV GH OX] GH PDWHULDO SOiVWLFR KDVWD XQD FDMD GH WRPDFRUULHQWHV D R FP GHO TXHPDGRU

5(&(3&,Ð1 '( /$ 2%5$ $QWHV GH HQWUHJDU OD REUD HO VXEFRQWUDWLVWD GHEHUi SUREDU \ DMXVWDU OD LQVWDODFLyQ SURFXUDQGR VX FRUUHFWR IXQFLRQDPLHQWR 6HUi VX UHVSRQVDELOLGDG OD FRQVHUYDFLyQ GH OD LQVWDODFLyQ \ GH PDWHULDOHV WHUFHURV ORV FXDOHV SXHGDQ YHUVH DIHFWDGRV SRU XQD IDOOD R GHVSHUIHFWR HQ HO VLVWHPD




$&21',&,21$0,(172 1$785$/



$&21',&,21$0,(172 1$785$/ 0HPRULD $UJXPHQWDWLYD /D LQIUDHVWUXFWXUD GH (VSDFLR 3~EOLFR WLHQH OD FDSDFLGDG GH LPSODQWDUVH HQ LQILQLWRV OXJDUHV \ DIURQWDU P~OWLSOHV FRQGLFLRQDQWHV HQ pVWRV WHUUHQRV $O VLWXDUVH HQ XQ QXHYR WHUULWRULR VH HVWXGLDQ ODV WHQVLRQHV GHO OXJDU HQWUH HOODV HO UHFRUULGR GHO VRO OXHJR GH HVWR VH GHFLGH HO SRVLFLRQDPLHQWR TXH YD D WRPDU \D TXH DO DUPDUVH HQ HO VLWLR ORV GLIHUHQWHV VXEVLVWHPDV VH SXHGHQ LU URWDQGR EXVFDQGR XQ PD\RU DSURYHFKDPLHQWR GH ODV FRQGLFLRQDQWHV QDWXUDOHV

/RJUDU XQD LOXPLQDFLyQ KRPRJpQHD HV YLWDO SDUD EULQGDU IOH[LELOLGDG GH XVRV HVSDFLDOHV VLQ JHQHUDU FRQGLFLRQDQWHV HQ ODV DFWLYLGDGHV SRU UHFLELU PD\RU y PHQRU LOXPLQDFLyQ /D PDWHULDOLGDG GH OD FXELHUWD WH[WLO IRUPDGD SRU GLVWLQWRV SDxRV TXH SXHGHQ WUDQVSDUHQWDUVH X RSDFDUVH MXJDUi FRQ OD LOXPLQDFLyQ QDWXUDO GHO VLWLR JHQHUDQGR ODV DWPyVIHUDV GHVHDGDV HQ ORV PRPHQWRV GHVHDGRV

7HUUHQRV H[HQWRV SDVDQWHV HQWUH PHGLDQHUDV HQ HVTXLQD HWF VLQ LPSRUWDU OD HVFDOD GHEHQ WHQHU HQ FXHQWD VX SRVLFLRQDPLHQWR \ OD LOXPLQDFLyQ QDWXUDO TXH UHFLELUiQ


0$'5,' SXQWR

SXQWR

0$'5,' SXQWR

/,0$ SXQWR

SXQWR

SXQWR SXQWR

1 HVF

/,0$ SXQWR


0217(9,'(2 SXQWR

SXQWR

0217(9,'(2 SXQWR

SXQWR

5Ì2 '( -$1(,52 SXQWR

SXQWR

5Ì2 '( -$1(,52 SXQWR

SXQWR

1 $VHVRU &DUORV 0DUWLQH]


&É/&8/26 '( ,/80,1$&,Ð1 1$785$/

0$'5,'

/,0$

-81,2

6(7 0$5

&&

&&

&5(

[

&5(

[

FUL PHG &5, [

FUL PHG &5, [

)G3

)G3

(S

[

O[

(S

[

0217(9,'(2

5,2 '( -$1(,52

6(7 0$5

6(7 0$5

&& &5(

[

O[

&&

&5(

[

FUL PHG &5, [

FUL PHG &5, [

)G3

)G3

(S

1

[

O[

(S

[

O[


& $ 7 É / 2 * 2 ' ( $ 6 2 / ( $ 0 , ( 1 7 2 (O FDWiORJR GH DVROHDPLHQWR PXHVWUD ODV GLVWLQWDV SRVLELOLGDGHV GH LOXPLQDFLyQ QDWXUDO TXH UHFLEH HO LQWHULRU GH OD LQIUDHVWUXFWXUD

8Q HOHPHQWR FODYH D WHQHU HQ FXHQWD D OD KRUD GH FDPELDU ODV FRQGLFLRQHV GH DVROHDPLHQWR HV OD FXELHUWD WH[WLO \ ODV GLIHUHQWHV RSDFLGDGHV TXH SXHGH PDQHMDU

6LUYH SDUD HVWXGLDU ODV FRQGLFLRQHV GH DVROHDPLHQWR HQ GLYHUVDV FLXGDGHV \ ODV UHVROXFLRQHV WpFQLFDV TXH SRGUtDQ VHU QHFHVDULDV VHJ~Q HO OXJDU \ OD pSRFD GHO DxR

/RV HVTXHPDV TXH FRPSRQHQ HO FDWiORJR VRQ UHSUHVHQWDFLRQHV DEVWUDFWDV GH OD UHDOLGDG

(Q HVWH FDVR VH DQDOL]D OD VLWXDFLyQ GH FLXGDGHV FRPSDUDQGR HO PLVPR SXQWR HQ pSRFDV GHO DxR GLIHUHQWHV \ OD PLVPD pSRFD GHO DxR FRPSDUDGD HQ SXQWRV GLVWLQWRV

0$'5,' 3 -81,2

0$'5,' 3 -81,2

0$'5,'

3 6(37,(0%5(

0$'5,' 3 6(37,(0%5(

/,0$

/,0$

/,0$

/,0$

3 -81,2

3 -81,2

3 6(37,(0%5(

3 6(37,(0%5(

5Ì2 '( -$1(,52

5Ì2 '( -$1(,52

5Ì2 '( -$1(,52

5Ì2 '( -$1(,52 3 -81,2

3 -81,2

3 6(37,(0%5(

3 6(37,(0%5(

0217(9,'(2

0217(9,'(2

3 -81,2

3 -81,2

0217(9,'(2

0217(9,'(2

3 6(37,(0%5(

3 6(37,(0%5(



3$,6$-(



3$,6$-( 0HPRULD $UJXPHQWDWLYD ([SORWDQGR HO FDUiFWHU JOREDO TXH SRVHHQ ORV SURWRWLSRV DSURYHFKDQGR OD LQGHWHUPLQDFLyQ GH XQD XELFDFLyQ FRQFUHWD VH LQYHVWLJD OD FDSDFLGDG GH DGDSWDFLyQ D GLIHUHQWHV SDLVDMHV \ FRQWH[WRV TXH SXHGH SRVHHU OD ,QIUDHVWUXFWXUD GH (VSDFLR 3~EOLFR

4XHGD HYLGHQFLDGR D SDUWLU GH OD UHDOL]DFLyQ GHO FDWiORJR OD FDSDFLGDG GH DGDSWDFLyQ D GLIHUHQWHV HQWRUQRV \D TXH FRQ WUDQVIRUPDFLRQHV PtQLPDV OD LQIUDHVWUXFWXUD VH LQVHUWD HQ HO OXJDU JHQHUDQGR FRQ pVWH XQD UHODFLyQ VLPELyWLFD

0HGLDQWH OD UHDOL]DFLyQ GH XQ FDWiORJR GH SRVLEOHV SDLVDMHV VH VLW~D D OD LQIUDHVWUXFWXUD DQWH GLYHUVDV FDWHJRUtDV HQ GLIHUHQWHV FRQWH[WRV FDGD XQR FRQ XQD FRQGLFLyQ SDUWLFXODU D SRWHQFLDU

&216758,5 3$,6$-( '(6'( (/ 3$,6$-( (VWXGLDQGR ORV SDLVDMHV GHVGH VX LQWHULRU YDORUDQGR VXV SDUWLFXODULGDGHV VH OR LQWHQWD SRWHQFLDU JHQHUDQGR HQ pO QXHYDV DWPyVIHUDV QXHYRV XVRV LQYLWDQGR D QXHYRV XVXDULRV D SDUWLFLSDU D FRQRFHU \ GLVIUXWDU GH FDGD XQR GH ORV HQWRUQRV

3DLVDMH 6HQVRULDO HVWXGLDGR GHVGH HO %RVTXH 1DWXUDO \ HO %RVTXH GH (GLILFLRV 6H SRQHQ HQ HO MXHJR ODV GLIHUHQWHV SHUFHSFLRQHV YLYHQFLDV TXH EULQGDQ DO XVXDULR 3DLVDMH $PELHQWDO 3OD\D 1DWXDO \ 3OD\D (VWDFLRQDPLHQWR VH FUHDQ QXHYDV DWPyVIHUDV DPELHQWHV GHQWUR GH XQ SDLVDMH \D H[LVWHQWH 3DLVDMH &URPiWLFR ,VODV 6RFLDOHV ,VODV UHVLGHQFLDOHV VH YDORUDQ ODV GLIHUHQFLDV ODV SDUWLFXODULGDGHV HO VXPDWRULR GH GLIHUHQWHV WRQRV 3DLVDMH $URPiWLFR -DUGtQ %RWiQLFR -DUGtQ 8UEDQR PDQLILHVWD OD SUHVHQFLD GH OD QDWXUDOH]D VXV ULTXH]DV \ YDORUHV

*HQHUDQGR GLVWLQWDV FRPELQDFLRQHV FRQ VX IRUPD WDPDxR WUDQVSDUHQFLDV \ RSDFLGDGHV VH SXHGH LQWHUYHQLU HQ ORV GLVWLQWRV WLSRV GH SDLVDMH \ GHVDUUROODU HQ ORV PLVPRV QXHYDV FXDOLGDGHV \ DFWLYLGDGHV /D LQIUDHVWUXFWXUD WLHQH XQ FRPSRUWDPLHQWR VHQVLEOH FRQ HO OXJDU GRQGH VH YD D LQVHUWDU D YHFHV VH PLPHWL]D \ SDVD GHVDSHUFLELGD GiQGROH DVLVWHQFLD DO SDLVDMH GHVGH HO DQRQLPDWR GHVWDFD VXV YLUWXGHV \ EHOOH]D 2WUDV YHFHV OR WUDQVIRUPD FDOLILFiQGROR PDQLIHVWiQGROR SURJUDPiQGROR < SRU ~OWLPR SXHGH FUHDU XQ QXHYR SDLVDMH D SDUWLU GH XQ H[LVWHQWH




5()(5(1&,$6 9$5,$&,21(6

)250$ ',6*5(*$'$

)250$ &203$&7$

6,1 &8%,(57$

&8%,(57$ 75$163$5(17(

&8%,(57$ 75$16/Ô&,'$

&8%,(57$ $/7$

&8%,(57$ 0(',$ $/785$

&8%,(57$ %$-$

&8%,(57$ 23$&$

$&7,9,'$'(6 3/$=$

(63(&7É&8/26

&20,'$ 5É3,'$ -$5',1(5Ì$

&$03,1*

7$//(5(6

3,&1,&

/(&785$

'$1=$

(;326,&,Ð1

&$)e

+8(57$

)(5,$

&,1(

'(3257(6

5(/$;

(175(7(1,0,(172

&/$6(6

7(578/,$

&2:25.

&21)(5(1&,$

(9(1726 &8/785$/(6

$6,67(1&,$

2),&,1$

3 $VHVRU 6DQGUD 6HJRYLD




0$7(5,$/,=$&,Ð1











352&(62 &216758&7,92



3 5 2 & ( 6 2 & 2 1 6 7 5 8 & 7 , 9 2 $ FRQWLQXDFLyQ VH PXHVWUD XQD SRVLEOH VHFXHQFLD GH DUPDGR GH OD ,QIUDHVWUXFWXUD GH (VSDFLR 3~EOLFR VH SUHVHQWD FRPR XQ SURFHVR OLQHDO D PRGR UHSUHVHQWDWLYR (QWHQGHPRV TXH DO WUDWDUVH GH XQD HVWUXFWXUD GH DQGDPLRV HO DUPDGR GH ODV SDUWHV VH SXHGH GDU HQ VLPXOWiQHR GHELGR D OD LQGHSHQGHQFLD TXH SRVHH FDGD XQD GH HOODV 'H HVWH PRGR SXHGH FRQVWUXLUVH D OD SDU OD HVWUXFWXUD GH OD FXELHUWD \ OD GHO Q~FOHR HO SyUWLFR \ ODV YLJDV HO QLYHO GH SODQWD EDMD \ HO Q~FOHR HWF

(V LQGLVFXWLEOH HO KHFKR GH TXH HQ SULPHU LQVWDQFLD VH UHDOL]DUi HO UHSODQWHR GH OD HGLILFDFLyQ \ OD FRQVWUXFFLyQ GH OD FLPHQWDFLyQ VLQ HPEDUJR HO HQVDPEOH GHO UHVWR GH ODV SLH]DV SXHGH YDULDU GXUDQWH HO SURFHVR \ GHSHQGHUi HQWUH RWURV IDFWRUHV GH OD GLVSRQLELOLGDG GH PDQR GH REUD SUHVHQWH







$1(;26


$1(;2


( / ( 0 ( 1 7 2 6 $ & 6 $ 1 , 7 $ 5 , 2

*5,)(5Ì$

7$148(6

0(=&/$'25 0212&20$1'2 3$5$ /$9$725,2 '( 0(6$

%$55$ '( $32<2

7$148( 1,&2//

0DUFD '2&2/ 6LVWHPD UHJXODEOH GH SUHVLyQ \ FRQWURO GH DJXD $FDEDGR FURPDGR ELQtTXHO GH DOWD GXUDELOLGDG *UDQ UHVLVWHQFLD D OD FRUURVLyQ

8VR DEDVWHFLPLHQWR &DSDFLGDG OWV 0HGLGDV [ &DSD H[W 3ROLHWLOHQR DQWL 89 5HVLVWHQFLD TXtPLFD \ HVWUXFWXUDO 3URWHFFLyQ 89

5

0DUFD '2&2/ 3URGXFLGDV HQ DFHUR LQR[LGDEOH *UDQ UHVLVWHQFLD D OD FRUURVLyQ $FDEDGR UXJRVR IDFLOLWD HO DJDUUH DXQ FRQ PDQRV PRMDGDV ,QVWDODFLyQ SUiFWLFD \ UiSLGD

7251(,5$ 3$5$ /$9$7Ð5,2 '( 0(6$ %,&$ $/7$

(&2 7$1. 6(37,& &

%$55$ '( $32<2 $57,&8/$%/(

0DUFD '2&2/ 'LVHxR SUiFWLFR \ IRUPDV PLQLPDOLVWDV 0RGHOR HUJRQyPLFR \ PDFL]R 3URSRUFLRQD ILUPH]D \ FRQIRUW $FDEDGR FURPDGR ELQtTXHO GH DOWD GXUDQLOLGDG *UDQ UHVLVWHQFLD D OD FRUURVLyQ

0DUFD '2&2/ 3URGXFLGDV HQ DFHUR LQR[LGDEOH *UDQ UHVLVWHQFLD D OD FRUURVLyQ $FDEDGR UXJRVR IDFLOLWD HO DJDUUH DXQ FRQ PDQRV PRMDGDV ,QVWDODFLyQ SUiFWLFD \ UiSLGD &XPSOH QRUPDV GH DFFHVLELOLGDG

8VR GHVDJ HV &DSDFLGDG OWV 0HGLGDV [ 3ROLHWLOHQR GH PHGLD GHQVLGDG *UDQ UHVLVWHQFLD TXtPLFD \ HVWUXFWXUDO &RORU LQFRUSRUDGR 3URWHFFLyQ 89

*

$1(;2


( / ( 0 ( 1 7 2 6 $ & ( / e & 7 5 , & 2

*5832 (/(&75Ð*(12

78%26 5$',$17(6

0DUFD .,325 0RGHOR .'( 66 8VR FRQWtQXR 530 3RWHQFLD 1RPLQDO N9$ 3RWHQFLD 0i[LPD N9$ 'LPHQVLRQHV [ [ 3HVR 1HWR NJ

$1(;2

( / ( 0 ( 1 7 2 6 $ & 7 e 5 0 , &

0DUFD &,52& 0RGHOR 75% $OWXUD PtQLPD P ,UDGLDFLyQ GH FDORU VLQ OODPD H[SXHVWD 'LPHQVLRQHV [ [


& 8 % , ( 5 7 $ 7 ( ; 7 , /

681:25.(5

681:25.(5 23(1

0DUFD ',&.621 7HMLGR ILQR \ OLJHUR TXH IDFLOLWD OD LQVWDODFLyQ 3RWHQFLD OD EHOOH]D GHO SUR\HFWR DUTXLWHFWyQLFR 'LIXQGH DUPRQLRVDPHQWH OD OX] 5HSHOH KDVWD XQ GHO FDORU &RHILFLHQWH GH DSHUWXUD RSWLPL]DGR )DFLOLWD XQD HILFD] HYDFXDFLyQ GHO DLUH FDOLHQWH OLPLWD HO ULHVJR GH URWXUD SRU FKRTXH WpUPLFR 3URSLHGDGHV LJQtIXJDV JDUDQWL]DGDV 6ROLGH] PHFiQLFD 5HGXFH HO LPSDFWR PHGLRDPELHQWDO 3HVR J P &HRI GH DSHUWXUD *URVRU PP $QFKR P /DUJR P

(7)(

0DUFD ',&.621 7HMLGR ILQR \ OLJHUR TXH IDFLOLWD OD LQVWDODFLyQ 3RWHQFLD OD EHOOH]D GHO SUR\HFWR DUTXLWHFWyQLFR 0D\RU LOXPLQDFLyQ QDWXUD KRPRJpQHD %ORTXHR GHO DO GH OD UDGLDFLyQ VRODU &RHILFLHQWH GH DSHUWXUD GHO %XHQD YLVLELOLGDG KDFLD HO H[WHULRU 3HUPLWH OD HQWUDGD GH DSRUWHV VRODUHV HQ LQYLHUQR FXDQGR OD WUD\HFWRULD GHO VRO HV EDMD 3URSLHGDGHV LJQtIXJDV JDUDQWL]DGDV 6ROLGH] PHFiQLFD LQFRPSDUDEOH 5HGXFH HO LPSDFWR PHGLRDPELHQWDO 3HVR J P &HRI GH DSHUWXUD *URVRU PP $QFKR P /DUJR P

7HWUD (WLOHQR GH )ORUXUR GH (WLOHQR 7HMLGR ILQR \ OLJHUR IDFLOLGDG GH IRUPDV /X] QDWXUDO DEXQGDQGWH \ KRPRJpQHD &RHILFLHQWH GH DSHUWXUD GHO ([FHOHQWH YLVLELOLGDG KDFLD HO H[WHULRU 3HUPLWH OD HQWUDGD GH JUDQGHV DSRUWHV VRODUHV HQ LQYLHUQR 6ROLGH] PHFiQLFD \ UHVLVWHQFLD D LPSDFWRV 5HGXFH HO LPSDFWR PHGLRDPELHQWDO 3URSLHGDGHV LJQtIXJDV DOWDV 3HVR J P &HRI GH DSHUWXUD *URVRU PP $QFKR P /DUJR P

$1(;2







(48,32 '2&(17(



(48,32 '2&(17( 'U $UT -XDQ $UWLFDUGL 3UR\HFWR &RQVWUXFFLyQ $UT *HUPiQ $JXLUUH $UT $OHMDQGUR %DOLRViQ $UT 5RGROIR %DWLVWD $UT -XDQ 3DEOR /HVFDQR $UT 0D )HUQDQGD 0RUHLUD $UT 5REHUWR 3HOXIIR $UT $QD 3HUW]HO $UT *DEULHOOD 5DLPRQGD

&RODERUDGRUHV $UT 1DWDOLD 'tD] $UT &HFLOLD ,ULDUWH $UT ,QpV /ORUHQWH $UT &DUOD 0LUDQGD (VWUXFWXUD ,QJ $OEHUWR &DWDx\ ,QJ &DUORV &RORP 'U $UT -XDQ -RVp )RQWDQD $UT 0DUFRV /RZHQVWHLQ 6DQLWDULR $UT $OIUHGR &RUER $UT *HUDUGR 5RGUtJXH] 7pUPLFR ,QJ )HUQDQGR %XJQD ,QJ 2FWDYLR 5RFKD 1DWXUDO $UT &DUORV 0DUWtQH] /XPtQLFR $UT -XDQ & )DEUD $UT 6ROHGDG 6XDQHV /XPtQLFR ,QJ -RVp 7RNPDQ 3DLVDMH 'U $UT -XDQ $UWLFDUGL $UT 1RUPD 3LD]]D 0J $UT 6DQGUD 6HJRYLD





Turn static files into dynamic content formats.

Create a flipbook
Issuu converts static files into: digital portfolios, online yearbooks, online catalogs, digital photo albums and more. Sign up and create your flipbook.