Rec. Q737 - Especificaciones del sistema de señalización N.° 7

5HHPSOD]DGDSRUXQDYHUVLyQPiVUHFLHQWH
81,Ï1,17(51$&,21$/'(7(/(&2081,&$&,21(6
8,77
4
6(&725'(1250$/,=$&,Ï1
'(/$67(/(&2081,&$&,21(6
'(/$8,7
(63(&,),&$&,21(6'(/6,67(0$
'(6(f$/,=$&,Ï11ƒ
'(6&5,3&,Ï1'(/$(7$3$'(
/266(59,&,26683/(0(17$5,26
'(75$16)(5(1&,$'(,1)250$&,Ï1
$',&,21$/48(87,/,=$1(/6,67(0$
'(6(f$/,=$&,Ï11ƒ
&OiXVXOD±6HxDOL]DFLyQGHXVXDULRDXVXDULR
5HFRPHQGDFLyQ8,77 4
5HHPSOD]DGDSRUXQDYHUVLyQPiVUHFLHQWH
$QWHULRUPHQWH©5HFRPHQGDFLyQGHO&&,77ª
5HHPSOD]DGDSRUXQDYHUVLyQPiVUHFLHQWH
35()$&,2
(O 6HFWRU GH 1RUPDOL]DFLyQ GH ODV 7HOHFRPXQLFDFLRQHV GH OD 8,7 8,77 HV XQ yUJDQR SHUPDQHQWH GH OD 8QLyQ
,QWHUQDFLRQDOGH7HOHFRPXQLFDFLRQHV(O8,77WLHQHDVXFDUJRHOHVWXGLRGHODVFXHVWLRQHVWpFQLFDVGHH[SORWDFLyQ\
GHWDULILFDFLyQ\ODIRUPXODFLyQGH5HFRPHQGDFLRQHVDOUHVSHFWRFRQREMHWRGHQRUPDOL]DUODVWHOHFRPXQLFDFLRQHVVREUH
XQDEDVHPXQGLDO
/D &RQIHUHQFLD 0XQGLDO GH 1RUPDOL]DFLyQ GH ODV 7HOHFRPXQLFDFLRQHV &017 TXH VH UH~QH FDGD FXDWUR DxRV
HVWDEOHFHORVWHPDVTXHKDEUiQGHDERUGDUODV&RPLVLRQHVGH(VWXGLRGHO8,77TXHSUHSDUDQOXHJR5HFRPHQGDFLRQHV
VREUHHVRVWHPDV
/D 5HFRPHQGDFLyQ 8,77 4 FOiXVXOD SUHSDUDGD SRU OD &RPLVLyQ GH (VWXGLR ;, GHO 8,77 IXH
DSUREDGDSRUOD&017+HOVLQNLGHPDU]RGH
BBBBBBBBBBBBBBBBBBB
127$6
&RPRFRQVHFXHQFLDGHOSURFHVRGHUHIRUPDGHOD8QLyQ,QWHUQDFLRQDOGH7HOHFRPXQLFDFLRQHV8,7HO&&,77
GHMyGHH[LVWLUHOGHIHEUHURGH(QVXOXJDUVHFUHyHOGHPDU]RGHHO6HFWRUGH1RUPDOL]DFLyQGHODV
7HOHFRPXQLFDFLRQHVGHOD8,78,77,JXDOPHQWHHQHVWHSURFHVRGHUHIRUPDOD,)5%\HO&&,5KDQVLGRVXVWLWXLGRV
SRUHO6HFWRUGH5DGLRFRPXQLFDFLRQHV
3DUD QR UHWUDVDU OD SXEOLFDFLyQ GH OD SUHVHQWH 5HFRPHQGDFLyQ QR VH KDQ PRGLILFDGR HQ HO WH[WR ODV UHIHUHQFLDV TXH
FRQWLHQHQORVDFUyQLPRV©&&,77ª©&&,5ªR©,)5%ªRHOQRPEUHGHVXVyUJDQRVFRUUHVSRQGLHQWHVFRPROD$VDPEOHD
3OHQDULDOD6HFUHWDUtDHWF/DVHGLFLRQHVIXWXUDVHQODSUHVHQWH5HFRPHQGDFLyQFRQWHQGUiQODWHUPLQRORJtDDGHFXDGDHQ
UHODFLyQFRQODQXHYDHVWUXFWXUDGHOD8,7
3RUUD]RQHVGHFRQFLVLyQHOWpUPLQR©$GPLQLVWUDFLyQªVHXWLOL]DHQODSUHVHQWH5HFRPHQGDFLyQSDUDGHVLJQDU
DXQDDGPLQLVWUDFLyQGHWHOHFRPXQLFDFLRQHV\DXQDHPSUHVDGHH[SORWDFLyQUHFRQRFLGD
8,7
5HVHUYDGRVWRGRVORVGHUHFKRV1RSRGUiUHSURGXFLUVHRXWLOL]DUVHODSUHVHQWH5HFRPHQGDFLyQQLSDUWHGHODPLVPDGH
FXDOTXLHU IRUPD QL SRU FXDOTXLHU SURFHGLPLHQWR HOHFWUyQLFR R PHFiQLFR FRPSUHQGLGDV OD IRWRFRSLD \ OD JUDEDFLyQ HQ
PLFURSHOtFXODVLQDXWRUL]DFLyQHVFULWDGHOD8,7
5HHPSOD]DGDSRUXQDYHUVLyQPiVUHFLHQWH
Ë1',&(
3iJLQD
6HxDOL]DFLyQGHXVXDULRDXVXDULR886XVHUWRXVHUVLJQDOOLQJ
6HUYLFLRGHVHxDOL]DFLyQGHXVXDULRDXVXDULR
6HUYLFLRGHVHxDOL]DFLyQGHXVXDULRDXVXDULR
6HUYLFLRGHVHxDOL]DFLyQGHXVXDULRDXVXDULR
5HFRPHQGDFLyQ45HHPSOD]DGDSRUXQDYHUVLyQPiVUHFLHQWH
L
5HHPSOD]DGDSRUXQDYHUVLyQPiVUHFLHQWH
5HFRPHQGDFLyQ4
5HFRPHQGDFLyQ45HHPSOD]DGDSRUXQDYHUVLyQPiVUHFLHQWH
'(6&5,3&,Ï1'(/$(7$3$'(/266(59,&,26683/(0(17$5,26
'(75$16)(5(1&,$'(,1)250$&,Ï1$',&,21$/48(
87,/,=$1(/6,67(0$'(6(f$/,=$&,Ï11ƒ
+HOVLQNL
6HxDOL]DFLyQGHXVXDULRDXVXDULR886XVHUWRXVHUVLJQDOOLQJ
6HUYLFLRGHVHxDOL]DFLyQGHXVXDULRDXVXDULR
'HILQLFLyQ
(OVHUYLFLRVXSOHPHQWDULRGHVHxDOL]DFLyQXVXDULRDXVXDULR886SHUPLWHDXQXVXDULR5'6,HQYLDUUHFLELUSRUHO
FDQDO GH VHxDOL]DFLyQ XQ YROXPHQ OLPLWDGR GH LQIRUPDFLyQ KDFLDGHVGH RWUR XVXDULR 5'6, HQ DVRFLDFLyQ FRQ XQD
OODPDGDGHXQRDRWUR
127$±(VWRV SURFHGLPLHQWRV VRQ DSOLFDEOHV D OD WUDQVIHUHQFLD GH LQIRUPDFLyQ XVXDULR D XVXDULR 88, XVHU WR XVHU
LQIRUPDWLRQ~QLFDPHQWHHQDVRFLDFLyQFRQXQVHUYLFLRGHWHOHFRPXQLFDFLyQFRQFRQPXWDFLyQGHFLUFXLWRV6HUiQHFHVDULRLQYHVWLJDU
RWURV SURFHGLPLHQWRV TXH SHUPLWDQ OD WUDQVIHUHQFLD GH 88, HQ DVRFLDFLyQ FRQ RWURV WLSRV GH OODPDGD SRU HMHPSOR FRQ VHUYLFLRV
SRUWDGRUHVHQPRGRSDTXHWH
'HVFULSFLyQ
'HVFULSFLyQJHQHUDO
6H XWLOL]D HO VHUYLFLR GH VHxDOL]DFLyQ XVXDULR D XVXDULR SDUD HO LQWHUFDPELR GH LQIRUPDFLyQ HQWUH GRV XVXDULRV
FRQIRUPHDOD5HFRPHQGDFLyQ,HWDSD/DGHVFULSFLyQIXQFLRQDOGHHVWHVHUYLFLRILJXUDHQOD5HFRPHQGDFLyQ
4 /D GHVFULSFLyQ GHO '66 HWDSD VH SURSRUFLRQD HQ OD 5HFRPHQGDFLyQ 4 (VWD FOiXVXOD HVWi
HVSHFtILFDPHQWH FRQVDJUDGD DO VLVWHPD GH VHxDOL]DFLyQ 1ƒ \ HQ HOOD VH XWLOL]D HO SURWRFROR GH OD SDUWH XVXDULR GH
5'6,GHILQLGRHQODV5HFRPHQGDFLRQHV4D4\4(OVHUYLFLRSHUPLWHDORVXVXDULRVFRPXQLFDUJUDFLDV
D OD WUDQVIHUHQFLD GH LQIRUPDFLyQ XVXDULR D XVXDULR HQ PHQVDMHV GH OD SDUWH XVXDULR GH 5'6, GXUDQWH ODV IDVHV GH
HVWDEOHFLPLHQWR\OLEHUDFLyQGHODOODPDGD(QFDGDPHQVDMHSXHGHQVHUWUDQVIHULGRVKDVWDRFWHWRVGHLQIRUPDFLyQ
GHXVXDULRYpDVHOD1RWD(VWRVRFWHWRVQRLQFOX\HQHOQRPEUHGHOSDUiPHWURLQIRUPDFLyQXVXDULRDXVXDULRHO
LQGLFDGRUGHFRQWUROGHSURWRFRORQLORVRFWHWRVGHORQJLWXG
127$ ± 'HELGR D UHVWULFFLRQHV GH SURWRFROR GXUDQWH XQ SHULRGR WUDQVLWRULR ODV UHGHV SRGUtDQ VRSRUWDU XQ Q~PHUR
PHQRU GH RFWHWRV SRU HMHPSOR DXQTXH FRQ XQ PtQLPR GH RFWHWRV VRSRUWDGRV /DV OODPDGDV TXH FRQOOHYHQ OD SHWLFLyQ GH
LQIRUPDFLyQXVXDULRDXVXDULRVXSHULRUDRFWHWRVSRGUtDQH[SHULPHQWDUUHVWULFFLRQHV
(O VHUYLFLR QR HV XQ VHUYLFLR JDUDQWL]DGR 6L SRU DOJXQD UD]yQ OD FRPELQDFLyQ GH ORV VHUYLFLRV EiVLFR \
VXSOHPHQWDULRKDFHTXHVHDUHEDVDGDODORQJLWXGPi[LPDJOREDOGHOPHQVDMHODUHGFXDQGRHVWpLQFOXLGRHOVHUYLFLR
SURFHGHUiDODVHJPHQWDFLyQGHOPHQVDMH385'6,FRQDUUHJORD46LODLQIRUPDFLyQGHXVXDULRDXVXDULRKDGH
GHVFDUWDUVHVHDSOLFDUiQGHVHUSRVLEOHORVSURFHGLPLHQWRVH[FHSFLRQDOHVGHVFULWRVHQ(OWUDWDPLHQWRGDGRDO
SDUiPHWUR GH LQIRUPDFLyQ GH XVXDULR D XVXDULR HQ HO PHQVDMH LQLFLDO GH GLUHFFLyQ FRQ DUUHJOR D OD SUHVHQWH
5HFRPHQGDFLyQVHDSOLFDLJXDOPHQWHDOFDVRHQHOTXHHVHSDUiPHWURVHFXUVDHQHOPHQVDMHGHVHJPHQWDFLyQGHVSXpV
GHVHJPHQWDUVHHOPHQVDMHLQLFLDOGHGLUHFFLyQ
127$±(QHOFDVRGHOVHUYLFLRGHVHxDOL]DFLyQ GH XVXDULR D XVXDULR WUDV OD FRPXQLFDFLyQ LQLFLDO GH DFHSWDFLyQ R
UHFKD]R GHO VHUYLFLR DO XVXDULR OODPDQWH SXHGHQ UHTXHULUVH RWUDV DFFLRQHV SDUD FRQILUPDU TXH HO VHUYLFLR SXHGH SURSRUFLRQDUVH R
SDUDLQGLFDUTXH\DQRHVSRVLEOHKDFHUORSRUHMHPSORGHELGRDODSUHVHQFLDGHOVHUYLFLRVXSOHPHQWDULRGHUHHQYtRGHOODPDGD HQ
FDVRGHDXVHQFLDGHUHVSXHVWD(QODSUHVHQWH5HFRPHQGDFLyQQRVHHVWDEOHFHQWDOHVUHTXLVLWRVTXHTXHGDQHQHVWXGLR
7HUPLQRORJtDHVSHFtILFD
LQIRUPDFLyQXVXDULRDXVXDULR88,XVHUWRXVHULQIRUPDWLRQ7RGDLQIRUPDFLyQWUDQVIHULGDSRUHOVHUYLFLR886
LQGLFDGRUHV GH XVXDULR D XVXDULR 88, LQG XVHUWRXVHU LQGLFDWRUV ,QGLFDGRUHV GH SHWLFLyQDFHSWDFLyQUHFKD]R GH
XQVHUYLFLR886RGHGHVFDUWHGHXQDLQIRUPDFLyQGHXVXDULRDXVXDULR
3UHFLVLRQHVVREUHODDSOLFDELOLGDGDORVVHUYLFLRVGHWHOHFRPXQLFDFLyQ
9pDVHOD5HFRPHQGDFLyQ,
'HILQLFLRQHVGHHVWDGR
1RVHUHTXLHUHQGHILQLFLRQHVGHHVWDGRHVSHFtILFDV
5HFRPHQGDFLyQ45HHPSOD]DGDSRUXQDYHUVLyQPiVUHFLHQWH
5HHPSOD]DGDSRUXQDYHUVLyQPiVUHFLHQWH
5HTXHULPLHQWRVRSHUDFLRQDOHV
6XPLQLVWURVXSUHVLyQ
9pDVHOD5HFRPHQGDFLyQ,
5HTXLVLWRVGHOODGRGHODUHGGHRULJHQ
,QDSOLFDEOH
5HTXLVLWRVGHODUHG
/DUHGQRGHEHFXPSOLUUHTXLVLWRVHVSHFLDOHV
5HTXLVLWRVGHOODGRGHODUHGGHGHVWLQR
,QDSOLFDEOH
5HTXLVLWRVGHFRGLILFDFLyQ
/DLQIRUPDFLyQXVXDULRDXVXDULRHVWUDQVSRUWDGDHQHOSDUiPHWURLQIRUPDFLyQXVXDULRDXVXDULRGHORQJLWXGYDULDEOH
TXH SXHGH HVWDU FRQWHQLGR HQ HO PHQVDMH LQLFLDO GH GLUHFFLyQ R ORV PHQVDMHV GLUHFFLyQ FRPSOHWD SURJUHVLyQ GH OD
OODPDGDFRQH[LyQUHVSXHVWDVHJPHQWDFLyQ\OLEHUDFLyQ
(OSDUiPHWURLQGLFDGRUHVXVXDULRDXVXDULRGHOPHQVDMHLQLFLDOGHGLUHFFLyQSRUWDXQDSHWLFLyQGHVHUYLFLRH[SOtFLWD(O
SDUiPHWUR LQGLFDGRUHV XVXDULR D XVXDULR GH ORV PHQVDMHV GLUHFFLyQ FRPSOHWD SURJUHVLyQ GH OD OODPDGD UHVSXHVWD
FRQH[LyQROLEHUDFLyQSRUWDXQDLQGLFDFLyQH[SOtFLWDGHDFHSWDFLyQRUHFKD]RGHVHUYLFLR
&XDQGR OD LQIRUPDFLyQ XVXDULR D XVXDULR HV GHVFDUWDGD GHO PHQVDMH LQLFLDO GH GLUHFFLyQ FRQIRUPH D OD
LQGLFDFLyQGHUHGHVSRUWDGDHQHOSDUiPHWURLQGLFDGRUHVXVXDULRDXVXDULRGHOSULPHUPHQVDMHKDFLDDWUiVDSURSLDGR
SRUHMHPSORHOPHQVDMHGLUHFFLyQFRPSOHWD
5HTXLVLWRVGHVHxDOL]DFLyQ
$FWLYDFLyQGHVDFWLYDFLyQUHJLVWUR
(O VHUYLFLR 886 GHEH VHU SHGLGR SRU HO XVXDULR OODPDQWH DO HVWDEOHFHUVH OD OODPDGD FDGD YH] TXH VH GHVHH
WUDQVIHULU88,HQFXDOTXLHUDGHODVGRVGLUHFFLRQHV
8QDYH]DFWLYDGRXQVHUYLFLR886YpDVHODQRWDODUHGDFHSWDUi88,HQDPEDVGLUHFFLRQHVFRQDUUHJORDODERQRGH
VHUYLFLRGHOXVXDULROODPDQWH
127$±6HHQWLHQGHSRUDFWLYDFLyQODSHWLFLyQGH886\SRULQYRFDFLyQODSUHVHQWDFLyQGH88,
,QYRFDFLyQ\RSHUDFLyQ
$FFLRQHVHQODFHQWUDOORFDOGHRULJHQ
2SHUDFLyQQRUPDO
3HWLFLyQGHVHUYLFLRLPSOtFLWD
(OVHUYLFLRSXHGHVHUSHGLGRLPSOtFLWDPHQWHPHGLDQWHODSUHVHQFLDGHOSDUiPHWURLQIRUPDFLyQXVXDULRDXVXDULRHQHO
PHQVDMHLQLFLDOGHGLUHFFLyQ3RUGHIHFWRXQDSHWLFLyQLPSOtFLWDVHFRQVLGHUD©QRHVHQFLDOª
/RVSURFHGLPLHQWRVGHHVWDEOHFLPLHQWRGHOODPDGDVRQORVGHVFULWRVHQ4FRQODVYDULDQWHVVLJXLHQWHV
$OHVWDEOHFLPLHQWRGHODOODPDGDHOPHQVDMHLQLFLDOGHGLUHFFLyQFRQWHQGUiHOSDUiPHWURLQIRUPDFLyQXVXDULRDXVXDULR
/DLQIRUPDFLyQXVXDULRDXVXDULRVHUiUHFLELGDGHOFRQWUROGHOODPDGDWUDQVSRUWDGDSRUODUHG\HQWUHJDGDVLQFDPELRV
HQ HO FRQWURO GH OODPDGD GH GHVWLQR SDUD VX WUDQVPLVLyQ DO XVXDULR OODPDGR 1R VH HQYLDUi HO SDUiPHWUR LQGLFDGRUHV
XVXDULRDXVXDULR
/DUHFHSFLyQGHXQSDUiPHWURLQIRUPDFLyQXVXDULRDXVXDULRHQXQPHQVDMHGHFRQWUROGHOODPDGDKDFLDDWUiVHQYLDGR
GHVGHHOFRQWUROGHOODPDGDGHGHVWLQRFRQVWLWX\HXQDLQGLFDFLyQLPSOtFLWDGHDFHSWDFLyQGHVHUYLFLR
5HFRPHQGDFLyQ45HHPSOD]DGDSRUXQDYHUVLyQPiVUHFLHQWH
5HHPSOD]DGDSRUXQDYHUVLyQPiVUHFLHQWH
3HWLFLyQGHVHUYLFLRH[SOtFLWD
(OVHUYLFLRSXHGHVHUSHGLGRH[SOtFLWDPHQWHHQXQPHQVDMHLQLFLDOGHGLUHFFLyQ$OHVWDEOHFLPLHQWRGHODOODPDGDHO
XVXDULROODPDQWHSRGUiRSFLRQDOPHQWHHVSHFLILFDUVLODSHWLFLyQGHVHUYLFLRHVHVHQFLDORQRHVHQFLDOSDUDODOODPDGD
HV GHFLU VL OD OODPDGD GHEH VHU R QR FRPSOHWDGD HQ FDVR GH TXH QR SXHGD WUDQVIHULUVH LQIRUPDFLyQ GH XVXDULR D
XVXDULR
/RVSURFHGLPLHQWRVGHHVWDEOHFLPLHQWRGHOODPDGDVRQORVGHVFULWRVHQ4FRQODVYDULDQWHVVLJXLHQWHV
±
$O HVWDEOHFLPLHQWR GH OD OODPDGD HO PHQVDMH LQLFLDO GH GLUHFFLyQ FRQWHQGUi HO SDUiPHWUR LQGLFDGRUHV
XVXDULR D XVXDULR LQGLFDQGR SDUD HO VHUYLFLR ©SHGLGR HVHQFLDOª R ©SHGLGR QR HVHQFLDOª VHJ~Q
FRQYHQJD
±
3DUD ODV SHWLFLRQHV HVHQFLDOHV HO LQGLFDGRU GH SUHIHUHQFLD 385'6, VHUi FRGLILFDGR FRPR ©385'6,
UHTXHULGDª/DSHWLFLyQGHVHUYLFLRVHUiUHFLELGDGHOFRQWUROGHOODPDGD\SDVDGDDOFRQWUROGHOODPDGDGH
ODFHQWUDOGHGHVWLQR
±
6L OD UHG \ HO XVXDULR OODPDGR SXHGHQ DGPLWLU OD WUDQVIHUHQFLD GH LQIRUPDFLyQ XVXDULR D XVXDULR VH
HQYLDUiDODFHQWUDOGHRULJHQXQDDFHSWDFLyQGHVHUYLFLRHQXQPHQVDMHGLUHFFLyQFRPSOHWDSURJUHVLyQ
GH OD OODPDGD UHVSXHVWD FRQH[LyQ R OLEHUDFLyQ FRQ OD LQGLFDFLyQ ©6HUYLFLR SURSRUFLRQDGRª HQ HO
SDUiPHWURLQGLFDGRUHVXVXDULRDXVXDULR(VWDLQGLFDFLyQH[SOtFLWDVHUiUHPLWLGDDOFRQWUROGHOODPDGDGH
ODFHQWUDOGHRULJHQ
7UDQVIHUHQFLDGHLQIRUPDFLyQXVXDULRDXVXDULR
/DLQIRUPDFLyQXVXDULRDXVXDULRSXHGHHVWDUFRQWHQLGDHQFXDOTXLHUDGHORVPHQVDMHVHYHQWXDOPHQWHWUDQVIHULGRVHQODV
IDVHVGHHVWDEOHFLPLHQWRROLEHUDFLyQGHODOODPDGDLQGHSHQGLHQWHPHQWHGHTXHHOVHUYLFLRKD\DVLGRSHGLGRLPSOtFLWDR
H[SOtFLWDPHQWHVLHPSUH\FXDQGRHOVHUYLFLRH[SOtFLWRQRKD\DVLGRUHFKD]DGRRQRKD\DVLGRGHVFDUWDGDODSHWLFLyQ
GH VHUYLFLR LPSOtFLWD 6L HO PHQVDMH LQLFLDO GH GLUHFFLyQ FRQWXYLHVH XQD SHWLFLyQ GH VHUYLFLR H[SOtFLWD WRGD
LQIRUPDFLyQXVXDULRDXVXDULRFRQWHQLGDVHUiFRQVLGHUDGDSDUWHGHOVHUYLFLRH[SOtFLWR
(O SDUiPHWUR LQIRUPDFLyQ XVXDULR D XVXDULR UHFLELGR HQ OD FHQWUDO GLVWDQWH HQ HO LQWHULRU GH XQ PHQVDMH OLEHUDFLyQ HV
SDVDGRDOFRQWUROGHOODPDGDFRQGHVWLQRDOXVXDULRGLVWDQWH(QFDVRGHOLEHUDFLyQVLPXOWiQHDGHODOODPDGDHOPHQVDMH
OLEHUDFLyQSRGUtDQROOHJDUDODFHQWUDOGLVWDQWH\VHSHUGHUtDODLQIRUPDFLyQXVXDULRDXVXDULR
3URFHGLPLHQWRVH[FHSFLRQDOHV
/DFHQWUDOGHRULJHQGHEHUiSRGHULQWHUSUHWDUWRGDLQGLFDFLyQGHGHVFDUWH\UHFKD]RJHQHUDGDSRUXQDFHQWUDOSRVWHULRU\
REUDUHQFRQVHFXHQFLDYpDVH
$FFLRQHVHQODFHQWUDOGHWUiQVLWR
2SHUDFLyQQRUPDO
/DLQIRUPDFLyQJHQHUDGDFRQIRUPHDHVSDVDGDVLQFDPELRV
3URFHGLPLHQWRVH[FHSFLRQDOHV
/DLQIRUPDFLyQJHQHUDGDFRQIRUPHDHVSDVDGDVLQFDPELRV3XHGHDFDHFHUWDPELpQHQODFHQWUDOGHWUiQVLWR
HOUHFKD]RGHXQDSHWLFLyQGHVHUYLFLRH[SOtFLWDRHOGHVFDUWHGHLQIRUPDFLyQXVXDULRDXVXDULRYpDVH
$FFLRQHVHQODFHQWUDOFDEHFHUDLQWHUQDFLRQDOGHVDOLGD
2SHUDFLyQQRUPDO
9pDVH
3URFHGLPLHQWRVH[FHSFLRQDOHV
9pDVH
$FFLRQHVHQODFHQWUDOFDEHFHUDLQWHUQDFLRQDOGHHQWUDGD
2SHUDFLyQQRUPDO
9pDVH
5HFRPHQGDFLyQ45HHPSOD]DGDSRUXQDYHUVLyQPiVUHFLHQWH
5HHPSOD]DGDSRUXQDYHUVLyQPiVUHFLHQWH
3URFHGLPLHQWRVH[FHSFLRQDOHV
9pDVH
$FFLRQHVHQODFHQWUDOORFDOGHGHVWLQR
2SHUDFLyQQRUPDO
/DLQIRUPDFLyQJHQHUDGDFRQIRUPHDVHWUDQVILHUHDODFFHVR
3URFHGLPLHQWRVH[FHSFLRQDOHV
5HFKD]RGHSHWLFLRQHVGHVHUYLFLRLPSOtFLWDV
9pDVH
5HFKD]RGHSHWLFLRQHVGHVHUYLFLRH[SOtFLWDV
&XDQGRHOVHUYLFLRHVSHGLGRH[SOtFLWDPHQWHFRPRHVHQFLDO\VHWLHQHRWRPDFRQRFLPLHQWRGHTXHODSURSLDUHGRHO
XVXDULR OODPDGR QR SXHGHQ GDU VRSRUWH D GLFKR VHUYLFLR VH HQYLDUi XQ PHQVDMH OLEHUDFLyQ FRQ HO YDORU GH FDXVD ©IDFLOLGDGUHFKD]DGDªRFRQHOYDORUGHFDXVD©IDFLOLGDGSHGLGDQRLQVWDODGDªMXQWDPHQWHFRQHOGLDJQyVWLFRTXH
FRQWHQGUiHOQRPEUHGHOSDUiPHWURLQGLFDGRUHVXVXDULRDXVXDULR
&XDQGRVHWHQJDRWRPHFRQRFLPLHQWRGHTXHODSURSLDUHGRHOXVXDULROODPDGRQRSXHGHQGDUVRSRUWHDOVHUYLFLR\
pVWHKD\DVLGRSHGLGRH[SOtFLWDPHQWHFRPRQRHVHQFLDOVHHQYLDUiXQDLQGLFDFLyQ©VHUYLFLRQRSURSRUFLRQDGRªHQHO
SDUiPHWUR LQGLFDGRUHV XVXDULR D XVXDULR HQ ORV PHQVDMHV GLUHFFLyQ FRPSOHWD SURJUHVLyQ GH OD OODPDGD UHVSXHVWD
FRQH[LyQROLEHUDFLyQ
6LODUHGQRHQWHQGLHVHODSHWLFLyQGHVHUYLFLRH[SOtFLWDRVLHOFRQWUROGHOODPDGDGHGHVWLQRQRLQGLFDVHDFHSWDFLyQR
UHFKD]R QLQJXQR GH ORV PHQVDMHV GLUHFFLyQ FRPSOHWD SURJUHVLyQ GH OD OODPDGD UHVSXHVWD FRQH[LyQ R OLEHUDFLyQ
HQYLDGRDODFHQWUDOGHRULJHQLQFOXLUiODDFHSWDFLyQRUHFKD]RGHVHUYLFLR(VWHWLSRGHFRQWHVWDFLyQVHUiFRQVLGHUDGR
FRPRXQUHFKD]RLPSOtFLWRGHOVHUYLFLR
(O SULPHU PHQVDMH KDFLD DWUiV TXH FRQWHQJD OD LQIRUPDFLyQ XVXDULR D XVXDULR FRQWHQGUi DVLPLVPR OD DFHSWDFLyQ GHO
VHUYLFLR D PHQRV TXH KD\D VLGR HQYLDGD XQD DFHSWDFLyQ HQ XQ PHQVDMH KDFLD DWUiV SUHFHGHQWH HQ FDVR FRQWUDULR HO
VHUYLFLRH[SOtFLWRVHUiFRQVLGHUDGRUHFKD]DGR
'HVFDUWHGHLQIRUPDFLyQXVXDULRDXVXDULR
&XDQGR HQ HO FDVR GHO VHUYLFLR LPSOtFLWR OD UHG VHD LQFDSD] GH WUDQVIHULU OD LQIRUPDFLyQ XVXDULR D XVXDULR HQ HO
PHQVDMHLQLFLDOGHGLUHFFLyQSRUHMHPSORSRUTXHODUHGQRVRSRUWHHVHVHUYLFLRVHLQFOXLUiHQHOSULPHUPHQVDMHKDFLD
DWUiV DSURSLDGR SRU HMHPSOR HQ XQ PHQVDMH OLEHUDFLyQ FRPSOHWD HO SDUiPHWUR LQGLFDGRUHV XVXDULR D XVXDULR FRQ HO
LQGLFDGRU GH GHVFDUWH GH UHG FRGLILFDGR FRPR ©88, GHVFDUWDGD SRU OD UHGª 1R REVWDQWH HVWD LQIRUPDFLyQ QR SXHGH
JDUDQWL]DUVH\DTXHXQPHQVDMHGHVHJPHQWDFLyQTXHFRQWHQJDLQIRUPDFLyQGHXVXDULRDXVXDULRSXHGHGHVFDUWDUVHVLQ
QLQJXQD LQGLFDFLyQ FXDQGR WLHQH OXJDU XQ LQWHUIXQFLRQDPLHQWR HQWUH HQWLGDGHV SDUHV FRQ OD 385'6, GH OD
5HFRPHQGDFLyQ 4 &XDQGR OD UHG VHD LQFDSD] GH WUDQVIHULU HO SDUiPHWUR LQIRUPDFLyQ XVXDULR D XVXDULR HQ
FXDOTXLHUDGHORVGHPiVPHQVDMHVQRVHSURSRUFLRQDUiLQGLFDFLyQDOJXQD
6LSDUDHOVHUYLFLRH[SOtFLWRODUHGQRSXGLHVHFXUVDUODLQIRUPDFLyQGHXVXDULRDXVXDULRHQQLQJ~QPHQVDMHQRVH
SURSRUFLRQDUiQLQJXQDLQGLFDFLyQ
(O XVXDULR SRGUtD UHVXOWDU LQFDSD] GH LQWHUSUHWDU OD LQIRUPDFLyQ XVXDULR D XVXDULR HQWUDQWH (Q WDOHV VLWXDFLRQHV HO
XVXDULRGHEHUiGHVFDUWDUHVWDLQIRUPDFLyQVLQSHUWXUEDUHOPDQHMRQRUPDOGHODOODPDGD/DUHGQRSURSRUFLRQDQLQJXQD
VHxDOL]DFLyQHVSHFtILFDSDUDHVWDVLWXDFLyQ
,QWHUDFFLyQFRQRWURVVHUYLFLRVVXSOHPHQWDULRV
/ODPDGDHQHVSHUD&:FDOOZDLWLQJ
1LQJXQDUHSHUFXVLyQVREUHOD385'6,
6HUYLFLRVGHWUDQVIHUHQFLDGHOODPDGD
1LQJXQDLQWHUDFFLyQDSOLFDEOHSRUHOPRPHQWR
3UHVHQWDFLyQGHLGHQWLILFDFLyQGHOtQHDFRQHFWDGD&2/3FRQQHFWHGOLQHLGHQWLILFDWLRQSUHVHQWDWLRQ
1LQJXQDUHSHUFXVLyQVREUHOD385'6,
5HFRPHQGDFLyQ45HHPSOD]DGDSRUXQDYHUVLyQPiVUHFLHQWH
5HHPSOD]DGDSRUXQDYHUVLyQPiVUHFLHQWH
5HVWULFFLyQGHLGHQWLILFDFLyQGHOtQHDFRQHFWDGD&2/5FRQQHFWHGOLQHLGHQWLILFDWLRQUHVWULFWLRQ
1LQJXQDUHSHUFXVLyQVREUHOD385'6,
3UHVHQWDFLyQGHLGHQWLILFDFLyQGHOtQHDOODPDQWH&/,3FDOOLQJOLQHLGHQWLILFDWLRQSUHVHQWDWLRQ
1LQJXQDUHSHUFXVLyQVREUHOD385'6,
5HVWULFFLyQGHLGHQWLILFDFLyQGHOtQHDOODPDQWH&/,5FDOOLQJOLQHLGHQWLILFDWLRQUHVWULFWLRQ
1LQJXQDUHSHUFXVLyQVREUHOD385'6,
*UXSRFHUUDGRGHXVXDULRV&8*FORVHGXVHUJURXS
1LQJXQDUHSHUFXVLyQVREUHOD385'6,
&RPXQLFDFLyQFRQIHUHQFLD&21)FRQIHUHQFHFDOOLQJ
1LQJXQDUHSHUFXVLyQVREUHOD385'6,
0DUFDFLyQGLUHFWDGHH[WHQVLRQHV'',GLUHFWGLDOOLQJLQ
1LQJXQDUHSHUFXVLyQVREUHOD385'6,
6HUYLFLRVGHGHVYtRGHOODPDGD
5HHQYtRGHOODPDGDHQFDVRGHRFXSDGR&)%FDOOIRUZDUGLQJEXV\
&XDQGR HO XVXDULR TXH KD SHGLGR HO UHHQYtR QR HVWi DERQDGR DO VHUYLFLR R LQKLEH GLFKR VHUYLFLR HQ ODV OODPDGDV
UHHQYLDGDVSRGUiQSODQWHDUVHGRVVLWXDFLRQHV
D
&XDQGR HO VHUYLFLR KD VLGR H[SOtFLWDPHQWH SHGLGR FRPR ©HVHQFLDOª VH OLEHUD OD OODPDGD /D FDXVD HV
©IDFLOLGDGUHFKD]DGDª
E
&XDQGR HO VHUYLFLR KD VLGR SHGLGR LPSOtFLWDPHQWH R SHGLGR H[SOtFLWDPHQWH FRPR ©QR HVHQFLDOª OD
FHQWUDO UHHQYLDQWH QR LQFOXLUi HO SDUiPHWUR LQIRUPDFLyQ XVXDULR D XVXDULR HQ HO PHQVDMH LQLFLDO GH
GLUHFFLyQXWLOL]DGRSDUDHVWDEOHFHUHOWUDPRGHODOODPDGDUHHQYLDGD$GHPiVVLHQHOPHQVDMHLQLFLDOGH
GLUHFFLyQVDOLHQWHHVWiLQFOXLGRHOSDUiPHWURLQGLFDGRUHVXVXDULRDXVXDULRODLQGLFDFLyQGHOVHUYLFLR
VHUi ©VLQ LQIRUPDFLyQª 0HGLDQWH ORV SURFHGLPLHQWRV HVSHFLILFDGRV HQ HO XVXDULR OODPDQWH
VHUiLQIRUPDGRHQVXFDVRGHODDXVHQFLDGHFDSDFLGDGGHVHxDOL]DFLyQGHXVXDULRDXVXDULR
&XDQGRHOXVXDULRTXHKDSHGLGRHOUHHQYtRHVWiDERQDGRDOVHUYLFLR\QRLQKLEHpVWHHQODVOODPDGDVUHHQYLDGDVOD
FHQWUDOUHHQYLDQWHWUDWDUiGHSUHVWDUHOVHUYLFLRSHGLGR3DUDHOORVHSHGLUiHOVHUYLFLRPHGLDQWHHOPHQVDMHLQLFLDOGH
GLUHFFLyQVDOLHQWHXWLOL]DQGRODPLVPDLQIRUPDFLyQGHSHWLFLyQFRQWHQLGDHQHOPHQVDMHLQLFLDOGHGLUHFFLyQRULJLQDO6L
HOLQWHQWRWLHQHp[LWRKDEUiGLVSRQLELOLGDGGHWUDQVIHUHQFLDGHLQIRUPDFLyQXVXDULRDXVXDULRHQWUHHOXVXDULROODPDQWH\
HOXVXDULRGHVWLQDWDULRGHOUHHQYtR
(Q ORV FDVRV HQ TXH H[LVWD XQD FRQGLFLyQ XVXDULR RFXSDGR GHWHUPLQDGD SRU HO XVXDULR VHUiQ HQWUHJDGRV WDPELpQ DO
XVXDULRTXHKDSHGLGRHOUHHQYtRFXDQGRVHDRIUHFLGDODOODPDGDORVLQGLFDGRUHVXVXDULRDXVXDULR\RODLQIRUPDFLyQ
XVXDULRDXVXDULR
5HHQYtRGHOODPDGDHQFDVRGHDXVHQFLDGHUHVSXHVWD&)15FDOOIRUZDUGLQJQRUHSO\
/DSHWLFLyQGHVHUYLFLRLPSOtFLWDRH[SOtFLWDHVHQYLDGDDOXVXDULRTXHKDSHGLGRHOUHHQYtR6LpVWHQRHVWiDERQDGRDO
VHUYLFLRVLLQKLEHHVWHVHUYLFLRHQODVOODPDGDVUHHQYLDGDVRVLUHFKD]DH[SOtFLWDPHQWHXQDSHWLFLyQH[SOtFLWDSRGUiQ
GDUVHGRVFDVRV
D
6LHOVHUYLFLRKDVLGRSHGLGRH[SOtFLWDPHQWHFRPR©HVHQFLDOªODOODPDGDVHUiOLEHUDGD/DFDXVDVHUi
©IDFLOLGDGUHFKD]DGDª
E
6L HO VHUYLFLR KD VLGR SHGLGR LPSOtFLWDPHQWH R SHGLGR H[SOtFLWDPHQWH FRPR ©QR HVHQFLDOª OD FHQWUDO
UHHQYLDQWH QR LQFOXLUi HO SDUiPHWUR LQIRUPDFLyQ XVXDULR D XVXDULR HQ HO PHQVDMH LQLFLDO GH GLUHFFLyQ
XWLOL]DGRSDUDHVWDEOHFHUHOWUDPRGHODOODPDGDUHPLWLGD$GHPiVVLHQHOPHQVDMHLQLFLDOGHGLUHFFLyQ
VDOLHQWHHVWiLQFOXLGRHOSDUiPHWURLQGLFDGRUHVXVXDULRDXVXDULRODLQGLFDFLyQ GHO VHUYLFLR VHUi ©VLQ
LQIRUPDFLyQª 0HGLDQWH ORV SURFHGLPLHQWRV HVSHFLILFDGRV HQ SRGUi LQIRUPDUVH DO XVXDULR
OODPDQWHHQVXFDVRGHODDXVHQFLDGHFDSDFLGDGGHVHxDOL]DFLyQGHXVXDULRDXVXDULR
6LHOXVXDULRTXHKDSHGLGRHOUHHQYtRHVWiDERQDGRDOVHUYLFLRVLQRLQKLEHpVWHHQODVOODPDGDVUHHQYLDGDV\VLQR
UHFKD]D H[SOtFLWDPHQWH OD SHWLFLyQ OD DFFLyQ HPSUHQGLGD VHUi OD PLVPD TXH HQ HO UHHQYtR GH OODPDGD HQ FDVR GH
RFXSDGRYpDVH
5HFRPHQGDFLyQ45HHPSOD]DGDSRUXQDYHUVLyQPiVUHFLHQWH
5HHPSOD]DGDSRUXQDYHUVLyQPiVUHFLHQWH
5HHQYtRGHOODPDGDLQFRQGLFLRQDO&)8FDOOIRUZDUGLQJXQFRQGLWLRQDO
(OPLVPRSURFHGLPLHQWRTXHSDUDHOUHHQYtRGHOODPDGDFDVRRFXSDGRYpDVH
'HVYLDFLyQGHODOODPDGD&'FDOOGHIOHFWLRQ
'HVYLDFLyQ GH OD OODPDGD DQWHV GHO DYLVR HO PLVPR SURFHGLPLHQWR TXH SDUD HO UHHQYtR GH OODPDGD FDVR RFXSDGR
YpDVHODOODPDGDVHUiWUDWDGDFRPRVLVHGLHVHODFRQGLFLyQXVXDULRRFXSDGRGHWHUPLQDGDSRUHOXVXDULR
'HVYLDFLyQGHOODPDGDGHVSXpVGHODYLVRHOPLVPRSURFHGLPLHQWRTXHSDUDHOUHHQYtRGHOODPDGDFDVRGHDXVHQFLDGH
UHVSXHVWDYpDVH
%~VTXHGDGHOtQHD/+OLQHKXQWLQJ
6LQUHSHUFXVLRQHVVREUHOD385'6,
6HUYLFLRWULSDUWLWR37<WKUHHSDUW\VHUYLFH
6LQUHSHUFXVLRQHVVREUHOD385'6,
6HxDOL]DFLyQGHXVXDULRDXVXDULR886XVHUWRXVHUVLJQDOOLQJ
6HxDOL]DFLyQGHXVXDULRDXVXDULRVHUYLFLR886XVHUWRXVHUVLJQDOOLQJVHUYLFH
1RHVDSOLFDEOH
6HxDOL]DFLyQGHXVXDULRDXVXDULRVHUYLFLR886XVHUWRXVHUVLJQDOOLQJVHUYLFH
(Q HO PHQVDMH LQLFLDO GH GLUHFFLyQ SXHGH VHU SHGLGR PiV GH XQ VHUYLFLR VXSOHPHQWDULR GH VHxDOL]DFLyQ GH XVXDULR D
XVXDULR&XDQGRXQVHUYLFLRQRKD\DVLGRSHGLGRMXQWDPHQWHFRQXQDSHWLFLyQH[SOtFLWDGHVHUYLFLRHOFRUUHVSRQGLHQWH
LQGLFDGRUVHUiILMDGRHQ©VLQLQIRUPDFLyQªHQHOSDUiPHWURLQGLFDGRUHVXVXDULRDXVXDULR
&XDQGR VHD SHGLGR PiV GH XQ VHUYLFLR VXSOHPHQWDULR GH VHxDOL]DFLyQ GH XVXDULR D XVXDULR GH ORV TXH DO PHQRV XQR
KD\D VLGR SHGLGR FRPR HVHQFLDO \ QR SXHGD VHU SUHVWDGR OD OODPDGD VHUi OLEHUDGD FRQ XQD LQGLFDFLyQ GH FDXVD
DSURSLDGD
'HQRVHUSHGLGRQLQJ~QVHUYLFLRFRPR©HVHQFLDOªHOSDUiPHWURLQGLFDGRUHVXVXDULRDXVXDULRLQGLFDUiHQODGLUHFFLyQ
KDFLD DWUiV OD DFHSWDFLyQ R HO UHFKD]R GH FDGD XQR GH ORV VHUYLFLRV SHGLGRV &XDQGR VHD HQYLDGR HO SDUiPHWUR
LQGLFDGRUHV XVXDULR D XVXDULR \ QR VHDQ DSURSLDGDV QL OD LQGLFDFLyQ DFHSWDFLyQ QL OD LQGLFDFLyQ UHFKD]R SDUD
GHWHUPLQDGRVHUYLFLRODLQGLFDFLyQGHOVHUYLFLRVHUi©VLQLQIRUPDFLyQª
6HxDOL]DFLyQGHXVXDULRDXVXDULRVHUYLFLR886XVHUWRXVHUVLJQDOOLQJVHUYLFH
,JXDOTXHSDUDHOFDVRGHVHxDOL]DFLyQGHXVXDULRDXVXDULRVHUYLFLRYpDVH6LHOVHUYLFLRHVSHGLGRWUDV
HOHVWDEOHFLPLHQWRGHODOODPDGDVHUiDSOLFDEOHODLQWHUDFFLyQGHVFULWDHQ
1~PHURVP~OWLSOHVGHDERQDGR061PXOWLSOHVXEVFULEHUQXPEHU
1LQJXQDUHSHUFXVLyQVREUHOD385'6,
5HWHQFLyQGHOODPDGD+2/'FDOOKROG
8QDSDUWHUHWHQLGDTXHHVWpGHVFRQHFWDQGRSXHGHHQYLDURUHFLELU88,VHUYLFLRGXUDQWHODIDVHGHOLEHUDFLyQGHOD
OODPDGD
$YLVRGHOLPSRUWHGHODFRPXQLFDFLyQ$2&DGYLFHRQFKDUJH
6LQUHSHUFXVLRQHVVREUHOD385'6,
6XEGLUHFFLRQDPLHQWR68%VXEDGGUHVVLQJ
1LQJXQDUHSHUFXVLyQVREUHOD385'6,
3RUWDELOLGDGGHWHUPLQDO7%WHUPLQDOSRUWDELOLW\
1LQJXQDUHSHUFXVLyQVREUHOD385'6,
&RPSOHFLyQGHOODPDGDVDDERQDGRRFXSDGR&&%6FRPSOHWLRQRIFDOOVWREXV\VXEVFULEHU
1LQJXQDLQWHUDFFLyQDSOLFDEOHSRUHOPRPHQWR
5HFRPHQGDFLyQ45HHPSOD]DGDSRUXQDYHUVLyQPiVUHFLHQWH
5HHPSOD]DGDSRUXQDYHUVLyQPiVUHFLHQWH
,GHQWLILFDFLyQGHOODPDGDPDOLFLRVD0&,'PDOLFLRXVFDOOLGHQWLILFDWLRQ
1LQJXQDUHSHUFXVLyQVREUHOD385'6,
&REURUHYHUWLGR5(9UHYHUVHFKDUJLQJ
1LQJXQDLQWHUDFFLyQDSOLFDEOHSRUHOPRPHQWR
3UHFHGHQFLDFRQDSURSLDFLyQPXOWLQLYHO0/33PXOWLOHYHOSUHFHGHQFHDQGSUHHPSWLRQ
1LQJXQDUHSHUFXVLyQVREUHOD385'6,
3ODQGHQXPHUDFLyQSULYDGR313SULYDWHQXPEHULQJSODQ
1LQJXQDLQWHUDFFLyQDSOLFDEOHSRUHOPRPHQWR
7DUMHWDFRQFDUJRDFXHQWDSDUDWHOHFRPXQLFDFLRQHVLQWHUQDFLRQDOHV
1LQJXQDLQWHUDFFLyQDSOLFDEOHSRUHOPRPHQWR
,QWHUDFFLyQFRQRWUDVUHGHV
(QFDVRGHLQWHUIXQFLRQDPLHQWRGHOFRQWUROGHOODPDGDGHVGHXQDUHGTXHVRSRUWHVHUYLFLRGHVHxDOL]DFLyQGHXVXDULR
DXVXDULRFRQUHVSHFWRD
±
XQDUHGVLQ661ƒ
±
XQDUHG661ƒVLQ385'6,
±
XQDUHG661ƒTXHQRVRSRUWHHVHVHUYLFLR
ODFHQWUDO5'6,TXHUHFLEDXQPHQVDMHLQLFLDOGHGLUHFFLyQTXHFRQWHQJDXQDSHWLFLyQGHVHUYLFLRLPSOtFLWDRH[SOtFLWD
PDQWHQGUiUHJLVWUDGDHVWDSHWLFLyQ\UHVSRQGHUiHQYLDQGRLQIRUPDFLyQGHVHxDOL]DFLyQVREUHHOVHUYLFLRGHVHxDOL]DFLyQ
GHXVXDULRDXVXDULRVHJ~QVHHVSHFLILFDHQHO&XDGUR
&8$'524
5HFKD]RGHVHUYLFLRHQFDVRGHLQWHUIXQFLRQDPLHQWR
5HGGH
LQWHUIXQFLRQDPLHQWR
3HWLFLyQLPSOtFLWD
3HWLFLyQQRHVHQFLDO
3HWLFLyQHVHQFLDO
5HGVLQ661ƒ
$&0LQG
LQWHUIXQFLRQDPLHQWRLQWHUI
HQFRQWUDGR
$&088,LQG
VHUYLFLRQRSURSRUFLRQDGR
5HOGLDJQyVWLFR
1RWD
5HG661ƒVLQ385'6,
$&0LQGSDUWHXVXDULRGH
5'6,385'6,QRWRGRHO
UHFRUULGR
$&088,LQG
VHUYLFLRQRSURSRUFLRQDGR
5HOGLDJQyVWLFR
1RWD
5HG661ƒTXHQRVRSRUWD
HOVHUYLFLR
$&0R&2188,LQG
88,GHVFDUWDGD
1RWD
$&0R&2188,LQG
VHUYLFLRQRSURSRUFLRQDGR
1RWD
5HOGLDJQyVWLFR
1RWDV\
127$6
(OFDPSRGLDJQyVWLFRFRQWLHQHHOQRPEUH\ORQJLWXGGHOSDUiPHWURLQGLFDGRUHVXVXDULRDXVXDULR
6LOD88,GHO,$0KDVLGRGHVFDUWDGDHOSDUiPHWURLQGLFDGRUHVXVXDULRDXVXDULRFRQWHQGUi©88,GHVFDUWDGDSRUODUHGª
6L VH GHWHFWD TXH OD FHQWUDO GH RULJHQ KD HIHFWXDGR VHJPHQWDFLyQ PHGLDQWH HO HQYtR GH 88, HQ HO VHJPHQWR DGLFLRQDO \ VL XQD
FHQWUDO SRVWHULRU WLHQH FRQRFLPLHQWR GH TXH HO SURFHGLPLHQWR GH VHJPHQWDFLyQ QR HV VRSRUWDGR SRU OD UHG VLJXLHQWH HVWD ~OWLPD
FHQWUDO FRGLILFDUi HO SDUiPHWUR LQGLFDGRUHV XVXDULR D XVXDULR FRPR ©88, GHVFDUWDGD SRU OD UHGª (VWH FRQRFLPLHQWR SXHGH VHU
REWHQLGRPHGLDQWHUHFHSFLyQGHXQPHQVDMHFRQIXVLyQTXHLQGLTXHTXHHOPHQVDMHLQIRUPDFLyQKDVLGRGHVFDUWDGR
8QDFHQWUDOGHWUiQVLWRRFDEHFHUDLQWHUQDFLRQDOSRGUtDWHQHUTXHJHQHUDUXQUHFKD]RGHOVHUYLFLRDOVHUUHFLELGRXQPHQVDMH
FRQIXVLyQLQGLFDQGRTXHORVLQGLFDGRUHVXVXDULRDXVXDULRTXHSLGHQHVHVHUYLFLRQRVRQVRSRUWDGRVSRUODUHGVLJXLHQWH
'RVUHGHV5'6,HQLQWHUIXQFLRQDPLHQWRSRGUtDQWHQHUTXHPDQWHQHUUHJLVWUDGDODSHWLFLyQGHVHUYLFLRKDVWDTXHTXHGDVHFODURVL
SXHGHQRQRVRSRUWDUGLFKRVHUYLFLR
5HFRPHQGDFLyQ45HHPSOD]DGDSRUXQDYHUVLyQPiVUHFLHQWH
5HHPSOD]DGDSRUXQDYHUVLyQPiVUHFLHQWH
)OXMRVGHVHxDOL]DFLyQ
(QOD)LJXUDVHPXHVWUDXQDXWLOL]DFLyQORJUDGDGHVHUYLFLR886FXDQGRpVWHKDVLGRSHGLGRLPSOtFLWDPHQWHHQ
XQDFRQILJXUDFLyQSXQWRDSXQWR(QOD)LJXUDVHPXHVWUDXQDXWLOL]DFLyQORJUDGDGHVHUYLFLR886FXDQGRpVWHKD
VLGRSHGLGRH[SOtFLWDPHQWHHQXQDFRQILJXUDFLyQSXQWRDSXQWR
/DVVLJXLHQWHVQRWDVVRQDSOLFDEOHVDODV)LJXUDV\
127$6
(Q ORV FDVRV HQ TXH HO PHQVDMH SURJUHVLyQ GH OD OODPDGD WUDQVSRUWH XQD LQGLFDFLyQ GH $9,62 HO SDUiPHWUR
LQGLFDGRUHVXVXDULRDXVXDULR\RHOSDUiPHWURLQIRUPDFLyQXVXDULRDXVXDULRSXHGHQVHUWUDQVSRUWDGRVHQHOPHQVDMHSURJUHVLyQGHOD
OODPDGD
(Q ORV FDVRV HQ TXH HO XVXDULR OODPDGR VHD XQ WHUPLQDO FRQ FRQWHVWDFLyQ DXWRPiWLFD HO SDUiPHWUR LQGLFDGRUHV
XVXDULRDXVXDULR\RHOSDUiPHWURLQIRUPDFLyQXVXDULRDXVXDULRSXHGHQVHUWUDQVSRUWDGRVHQXQPHQVDMHGHFRQH[LyQ
(QODV)LJXUDV\VHXWLOL]DQODVDEUHYLDWXUDVVLJXLHQWHV
8VXDULRGH
RULJHQ
&HQWUDOGH
RULJHQ
(67$%/(&
,0,(172
88 ,
,$0
88,
5 62
$(1& 8
//$0 $'
8VXDULRGH
GHVWLQR
&HQWUDOGH
GHVWLQR
&HQWUDOGH
WUiQVLWR
,$0
88,
(67$%/(
&,0,(172
88,
$9,62
88,
$&0
$&0
88,
$9,62
88,
&21(;,Ï
88
88,
&21(;,Ï1
88,
$10
1
'(6&21
(;,Ï1
88
&,Ï1
/,%(5$
88,
$10
88 ,
5(/
88,
5 (/
88,
'(6&21(;
88,
5/&
,Ï1
5/&
,Ï1
/, %(5$&
/,%(5$
&,Ï1
&203/
(7$
/,%(5$
&,Ï1
&203/
(7$
7G
),*85$4
6HUYLFLR886±&DVRORJUDGR
SHWLFLyQLPSOtFLWDOODPDGDSXQWRDSXQWR
),*85(4>'@ &0
5HFRPHQGDFLyQ45HHPSOD]DGDSRUXQDYHUVLyQPiVUHFLHQWH
5HHPSOD]DGDSRUXQDYHUVLyQPiVUHFLHQWH
&HQWUDOGH
RULJHQ
8VXDULRGH
RULJHQ
&HQWUDOGH
WUiQVLWR
(67$%/(&,
0,(172
6 UH8
8,
//$0$'
$(1&8
562
&HQWUDOGH
GHVWLQR
8VXDULRGH
GHVWLQR
,$0
,$0
LQG88,
>6 UH6 QL
6 QL@88,
(67$%/(&
,0,(172
6 VH8 8,
$9,62
$&0
$&0
$9,62
LQG,8 8
>6 S6 QL
6 QL@88,
6 S8 8,
$10
$10
&21 (;,Ï1
88,
6 S88,
&21(;,Ï1
88,
88,
88,
'(6&21
(;,Ï1
5(/
8 8,
5(/
88,
&,Ï1
/,%(5$
88,
5/&
'(6&21 (;
,Ï1
88,
5/&
,Ï1
/,%(5$ &
/,%(5$
&,Ï1
&203/
(7$
/,%(5 $
&,Ï1
&203/
(7$
7G
),*85$4
6HUYLFLR886±&DVRORJUDGR
SHWLFLyQH[SOtFLWDOODPDGDSXQWRDSXQWR
),*85(4>'@ &0
$EUHYLDWXUDV
QL
UQH
UH
S
QS
6LQLQIRUPDFLyQ
3HGLGRQRHVHQFLDO
3HGLGRHVHQFLDO
3URSRUFLRQDGR
1RSURSRUFLRQDGR
$EUHYLDWXUDV
88,
88,LQG
1RPEUHGHSDUiPHWUR
,QIRUPDFLyQXVXDULRDXVXDULR
,QGLFDGRUHVXVXDULRDXVXDULR
$EUHYLDWXUDV
$&0
$10
,$0
5(/
5/&
9DORUHVGHLQGLFDGRUXVXDULRDXVXDULR
1RPEUHGHPHQVDMH
'LUHFFLyQFRPSOHWD
&RQWHVWDFLyQ
0HQVDMHLQLFLDOGHGLUHFFLyQ
/LEHUDFLyQ
/LEHUDFLyQFRPSOHWD
5HFRPHQGDFLyQ45HHPSOD]DGDSRUXQDYHUVLyQPiVUHFLHQWH
5HHPSOD]DGDSRUXQDYHUVLyQPiVUHFLHQWH
/RV PHQVDMHV UHSUHVHQWDGRV PHGLDQWH OtQHDV GH WUD]RV QR IRUPDQ SDUWH GHO SURWRFROR GH OD SDUWH XVXDULR GH 5'6, \
VLUYHQ VyOR D HIHFWRV GH LQIRUPDFLyQ 3DUD XQD LQIRUPDFLyQ GHWDOODGD VREUH ORV SURFHGLPLHQWRV XVXDULR D XVXDULR GHO
SURWRFRORGHDFFHVRYpDQVHODV5HFRPHQGDFLRQHVVREUHHOSURWRFRORGHDFFHVR5'6,
9DORUHVGHSDUiPHWURWHPSRUL]DGRUHV
1LQJXQRLGHQWLILFDGR
'HVFULSFLyQGLQiPLFD
1RVHLQFOX\HXQDGHVFULSFLyQGLQiPLFD6'/
6HUYLFLRGHVHxDOL]DFLyQGHXVXDULRDXVXDULR
'HILQLFLyQ
9pDVH
'HVFULSFLyQ
'HVFULSFLyQJHQHUDO
(OVHUYLFLRGHVHxDOL]DFLyQXVXDULRDXVXDULRHVXWLOL]DGRSDUDLQWHUFDPELDULQIRUPDFLyQHQWUHGRVXVXDULRVFRQIRUPHD
ORLQGLFDGRHQOD5HFRPHQGDFLyQ,HWDSD/DGHVFULSFLyQIXQFLRQDOHWDSDGHHVWHVHUYLFLRHVWiFRQWHQLGDHQ
OD 5HFRPHQGDFLyQ 4 /D GHVFULSFLyQ GHO '66 HWDSD ILJXUD HQ OD 5HFRPHQGDFLyQ 4 (VWD FOiXVXOD VH
UHILHUHHVSHFtILFDPHQWHDOVLVWHPDGHVHxDOL]DFLyQ1ƒ\HQHOODVHXWLOL]DHOSURWRFRORGHODSDUWHXVXDULRGH5'6,
GHILQLGRHQODV5HFRPHQGDFLRQHV4D4\4(OVHUYLFLRSHUPLWHDORVXVXDULRVFRPXQLFDUPHGLDQWHOD
WUDQVIHUHQFLDGHKDVWDGRVPHQVDMHVLQIRUPDFLyQXVXDULRDXVXDULRHQFDGDGLUHFFLyQGXUDQWHODIDVHGHHVWDEOHFLPLHQWR
GHODOODPDGD(QFDGDPHQVDMHHVSRVLEOHWUDQVIHULUKDVWDRFWHWRVGHLQIRUPDFLyQGHXVXDULRYpDVHOD1RWD(VWRV
RFWHWRVQRLQFOX\HQHOQRPEUHGHSDUiPHWURLQIRUPDFLyQXVXDULRDXVXDULRHOLQGLFDGRUGHFRQWUROGHSURWRFRORQL
ORVRFWHWRVGHORQJLWXG
127$±'XUDQWHXQSHULRGRWUDQVLWRULRODVUHGHVSRGUiQVRSRUWDUXQQ~PHURPHQRUGHRFWHWRVSRUHMHPSORHQUD]yQ
GHUHVWULFFLRQHVGHSURWRFRORRFWHWRVVHUiQVRSRUWDGRVHQWRGRVORVFDVRV/DVOODPDGDVSLGLHQGRLQIRUPDFLyQXVXDULRDXVXDULR
GHPiVGHRFWHWRVSRGUtDQVHUREMHWRGHUHVWULFFLRQHV
&RPRRSFLyQGHUHGVHUiSRVLEOHHQWUHJDUDOXVXDULROODPDGRLQIRUPDFLyQXVXDULRDXVXDULRWUDVODFRQWHVWDFLyQDOD
OODPDGDDILQGHGDUFDELGDDVLWXDFLRQHVHQTXHODLQIRUPDFLyQHVHQYLDGDDSUR[LPDGDPHQWHDOPLVPRWLHPSRTXHHV
FRQWHVWDGDODOODPDGD
(O VHUYLFLR VyOR HV DSOLFDEOH FXDQGR H[LVWH FRQILJXUDFLyQ SXQWR D SXQWR HQ OD LQWHUID] XVXDULRUHG HQ OD FHQWUDO GH
GHVWLQR
7HUPLQRORJtDHVSHFtILFD
9pDVH
3UHFLVLRQHVVREUHODDSOLFDELOLGDGDORVVHUYLFLRVGHWHOHFRPXQLFDFLyQ
9pDVHOD5HFRPHQGDFLyQ,
'HILQLFLRQHVGHHVWDGR
1RVHUHTXLHUHQGHILQLFLRQHVGHHVWDGRHVSHFtILFDV
5HTXLVLWRVRSHUDFLRQDOHV
6XPLQLVWURVXSUHVLyQ
9pDVHOD5HFRPHQGDFLyQ,
5HTXLVLWRVGHOODGRUHGGHRULJHQ
1RHVDSOLFDEOH
5HTXLVLWRVGHODUHG
/DUHGQRGHEHFXPSOLUUHTXLVLWRVHVSHFLDOHV
5HFRPHQGDFLyQ45HHPSOD]DGDSRUXQDYHUVLyQPiVUHFLHQWH
5HHPSOD]DGDSRUXQDYHUVLyQPiVUHFLHQWH
5HTXLVLWRVGHOODGRUHGGHGHVWLQR
1RHVDSOLFDEOH
5HTXLVLWRVGHFRGLILFDFLyQ
/D SHWLFLyQ GHO VHUYLFLR HV WUDQVSRUWDGD HQ HO SDUiPHWUR LQGLFDGRUHV XVXDULR D XVXDULR HQ HO PHQVDMH LQLFLDO GH
GLUHFFLyQ /D LQIRUPDFLyQ XVXDULR D XVXDULR HV WUDQVSRUWDGD HQ HO SDUiPHWUR LQIRUPDFLyQ XVXDULR D XVXDULR HQ HO
PHQVDMHLQIRUPDFLyQXVXDULRDXVXDULR
/DLQGLFDFLyQGHDFHSWDFLyQRUHFKD]RGHVHUYLFLRHVWUDQVSRUWDGDHQHOSDUiPHWURLQGLFDGRUHVXVXDULRDXVXDULRHQ
XQPHQVDMHGLUHFFLyQFRPSOHWDRSURJUHVLyQGHODOODPDGD
5HTXLVLWRVGHVHxDOL]DFLyQ
$FWLYDFLyQGHVDFWLYDFLyQUHJLVWUDFLyQ
(OVHUYLFLR886GHEHVHUSHGLGRSRUHOXVXDULROODPDQWHDOHVWDEOHFHUVHODOODPDGDVLVHGHVHDWUDQVIHULU88,HQXQD
GHODVGRVGLUHFFLRQHV
8QD YH] DFWLYDGR XQ VHUYLFLR 886 YpDVH OD 1RWD OD UHG DFHSWDUi 88, HQ DPEDV GLUHFFLRQHV FRQIRUPH D OD
VXVFULSFLyQGHOXVXDULROODPDQWH
127$±6HHQWLHQGHSRUDFWLYDFLyQODSHWLFLyQGH886\SRULQYRFDFLyQODSUHVHQWDFLyQGH88,
,QYRFDFLyQ\RSHUDFLyQ
$FFLRQHVHQODFHQWUDOORFDOGHRULJHQ
2SHUDFLyQQRUPDO
3HWLFLyQGHVHUYLFLR
(O VHUYLFLR HV SHGLGR H[SOtFLWDPHQWH HQ XQ PHQVDMH LQLFLDO GH GLUHFFLyQ &RPR RSFLyQ DO HVWDEOHFLPLHQWR GH OD
OODPDGDHOXVXDULROODPDQWHSRGUiHVSHFLILFDUVLODSHWLFLyQGHVHUYLFLRHVHVHQFLDORQRHVHQFLDOSDUDODOODPDGDHV
GHFLUVLODOODPDGDGHEHRQRVHUFRPSOHWDGDHQFDVRGHTXHQRSXHGDFXUVDUVHLQIRUPDFLyQGHXVXDULRDXVXDULR
/RVSURFHGLPLHQWRVGHHVWDEOHFLPLHQWRGHOODPDGDVHUiQORVGHVFULWRVHQ4FRQODVVLJXLHQWHVPRGLILFDFLRQHV
±
$O HVWDEOHFLPLHQWR GH OD OODPDGD HO PHQVDMH LQLFLDO GH GLUHFFLyQ FRQWHQGUi HO SDUiPHWUR LQGLFDGRUHV
XVXDULR D XVXDULR FRQ HO VHUYLFLR LQGLFDGR FRPR ©SHGLGR HVHQFLDOª R ©SHGLGR QR HVHQFLDOª VHJ~Q
SURFHGD
±
&XDQGR OD SHWLFLyQ HV HVHQFLDO HO LQGLFDGRU SUHIHUHQFLD 385'6, HV FRGLILFDGR FRPR ©385'6,
UHTXHULGDª/DSHWLFLyQGHVHUYLFLRVHUiUHFLELGDGHOFRQWUROGHOODPDGD\SDVDGDDOFRQWUROGHOODPDGDGH
ODFHQWUDOGHGHVWLQR
±
&XDQGRODUHG\HOXVXDULROODPDGRSXHGDQVRSRUWDUODWUDQVIHUHQFLDGHLQIRUPDFLyQXVXDULRDXVXDULRVH
HQYLDUi D OD FHQWUDO GH RULJHQ XQD DFHSWDFLyQ GH VHUYLFLR HQ XQ PHQVDMH GLUHFFLyQ FRPSOHWD R
SURJUHVLyQ GH OD OODPDGD FRQ OD LQGLFDFLyQ ©VHUYLFLR SURSRUFLRQDGRª HQ HO SDUiPHWUR LQGLFDGRUHV
XVXDULRDXVXDULR(VWDLQGLFDFLyQH[SOtFLWDVHUiUHPLWLGDDOFRQWUROGHOODPDGDGHODFHQWUDOGHRULJHQ
7UDQVIHUHQFLDGHLQIRUPDFLyQXVXDULRDXVXDULR
8QDYH]WUDQVPLWLGDSRUODUHGODDFHSWDFLyQGHOVHUYLFLRORVGRVXVXDULRVLQWHUYLQLHQWHVSRGUiQWUDQVIHULULQIRUPDFLyQ
XVXDULR D XVXDULR HQWUH HOORV 'HQWUR GH OD UHG HO SDUiPHWUR LQIRUPDFLyQ XVXDULR D XVXDULR VHUi WUDQVSRUWDGR HQ XQ
PHQVDMH LQIRUPDFLyQ XVXDULR D XVXDULR /D UHG WUDQVILHUH HVWRV PHQVDMHV GHO ODGR OODPDQWH DO ODGR OODPDGR \
UHFtSURFDPHQWH
&XDQGRHQXQPHQVDMH,1)2'(868$5,2VHDUHFLELGRGH'66XQHOHPHQWRGHLQIRUPDFLyQ0È6'$726HVWD
LQIRUPDFLyQVHFXUVDUiHQHOSDUiPHWURWUDQVSRUWHGHDFFHVRDVRFLDGRDOFRUUHVSRQGLHQWHPHQVDMHLQIRUPDFLyQXVXDULRD
XVXDULRSDUDVHUHQWUHJDGDHQHODFFHVRGHGHVWLQR
6LHVSURSRUFLRQDGRVHUYLFLRQRSRGUiQVHUWUDQVPLWLGRVHQFDGDGLUHFFLyQGXUDQWHHOHVWDEOHFLPLHQWRGHODOODPDGD
PiVGHGRVPHQVDMHVLQIRUPDFLyQXVXDULRDXVXDULRSRUWDGRUHVGHSDUiPHWURVLQIRUPDFLyQXVXDULRDXVXDULR&XDQGRVH
UHFLEDQPiVGHGRVPHQVDMHVGXUDQWHHOHVWDEOHFLPLHQWRGHODOODPDGDORVPHQVDMHVDGLFLRQDOHVVHUiQGHVFDUWDGRV6L
VyORKDVLGRSHGLGRVHUYLFLRVHUiSRVLEOHWDPELpQUHFLELU\SDVDUXQRGHORVPHQVDMHVXQDYH]DOFDQ]DGRHOHVWDGRGH
UHVSXHVWD
5HFRPHQGDFLyQ45HHPSOD]DGDSRUXQDYHUVLyQPiVUHFLHQWH
5HHPSOD]DGDSRUXQDYHUVLyQPiVUHFLHQWH
3URFHGLPLHQWRVH[FHSFLRQDOHV
/DFHQWUDOGHRULJHQSRGUiLQWHUSUHWDUODVLQGLFDFLRQHVGHUHFKD]RJHQHUDGDVSRUXQDFHQWUDOSRVWHULRU\ SURFHGHU HQ
FRQVHFXHQFLDYpDVH
$FFLRQHVHQODFHQWUDOGHWUiQVLWR
2SHUDFLyQQRUPDO
/DLQIRUPDFLyQJHQHUDGDVHJ~QORGHVFULWRHQVHUiSDVDGDVLQFDPELRV
3URFHGLPLHQWRVH[FHSFLRQDOHV
/D LQIRUPDFLyQ JHQHUDGD VHJ~Q VH GHVFULEH HQ VHUi SDVDGD VLQ FDPELRV (O UHFKD]R GH XQD SHWLFLyQ GH
VHUYLFLRSXHGHWHQHUOXJDUWDPELpQHQODFHQWUDOGHWUiQVLWRYpDVH
$FFLRQHVHQODFHQWUDOGHFDEHFHUDLQWHUQDFLRQDOVDOLHQWH
2SHUDFLyQQRUPDO
9pDVH
3URFHGLPLHQWRVH[FHSFLRQDOHV
9pDVH
$FFLRQHVHQODFHQWUDOGHFDEHFHUDLQWHUQDFLRQDOHQWUDQWH
2SHUDFLyQQRUPDO
9pDVH
3URFHGLPLHQWRVH[FHSFLRQDOHV
9pDVH
$FFLRQHVHQODFHQWUDOORFDOGHGHVWLQR
2SHUDFLyQQRUPDO
/DLQIRUPDFLyQJHQHUDGDVHJ~QHVSDVDGDDODFFHVR
3URFHGLPLHQWRVH[FHSFLRQDOHV
5HFKD]RGHSHWLFLyQGHVHUYLFLR
6LODOODPDGDHVSXQWRDPXOWLSXQWRQRSRGUiVHUSURSRUFLRQDGRVHUYLFLRHQODLQWHUID]OODPDGDGDGRTXHHOXVXDULR
QRHVLGHQWLILFDGRKDVWDVHUFRQHFWDGR3RUFRQVLJXLHQWHHOVHUYLFLRGHEHVHUUHFKD]DGR
6LODUHGWLHQHRWRPDFRQRFLPLHQWRGHTXHHOODRHOXVXDULROODPDGRQRSXHGHQVRSRUWDUVHUYLFLRRGHTXHODOODPDGD
HV SXQWR D PXOWLSXQWR \ DGHPiV KD VLGR SHGLGR VHUYLFLR FRQ LQGLFDFLyQ GH QR HVHQFLDO VH HQYLDUi HQ HO PHQVDMH
GLUHFFLyQFRPSOHWDRSURJUHVLyQGHODOODPDGDXQDLQGLFDFLyQGHUHFKD]RGHVHUYLFLRFRQODLQGLFDFLyQ©VHUYLFLRQR
SURSRUFLRQDGRªHQHOSDUiPHWURLQGLFDGRUHVXVXDULRDXVXDULR
6LHOVHUYLFLRKDVLGRSHGLGRFRPRHVHQFLDO\VHWLHQHRWRPDFRQRFLPLHQWRGHTXHODSURSLDUHGRHOXVXDULROODPDGR
QRSXHGHQVRSRUWDUGLFKRVHUYLFLRRGHTXHODOODPDGDHVSXQWRDPXOWLSXQWRVHUiHQYLDGRXQPHQVDMHOLEHUDFLyQFRQHO
YDORU GH FDXVD ©IDFLOLGDG UHFKD]DGDª R ©IDFLOLGDG SHGLGD QR LQVWDODGDª R HQ FDVR GH OODPDGD SXQWR D
PXOWLSXQWR FRQ HO YDORU GH FDXVD ©GHVWLQR LQFRPSDWLEOHª DVt FRPR HO GLDJQyVWLFR TXH FRQWHQGUi HO QRPEUH GHO
SDUiPHWURLQGLFDGRUHVXVXDULRDXVXDULR
6L OD UHG QR HQWLHQGH OD SHWLFLyQ GH VHUYLFLR R HO FRQWURO GH OODPDGD GH GHVWLQR QR LQGLFD DFHSWDFLyQ R UHFKD]R HO
PHQVDMHGLUHFFLyQFRPSOHWDRSURJUHVLyQGHODOODPDGDHQYLDGRDODFHQWUDOGHRULJHQQRLQFOXLUiDFHSWDFLyQRUHFKD]R
GHVHUYLFLR(VWHWLSRGHUHVSXHVWDVHUiFRQVLGHUDGRFRPRXQUHFKD]RLPSOtFLWRGHVHUYLFLR
,QWHUDFFLyQFRQRWURVVHUYLFLRVVXSOHPHQWDULRV
/ODPDGDHQHVSHUD&:
6LQUHSHUFXVLRQHVVREUHOD385'6,
5HFRPHQGDFLyQ45HHPSOD]DGDSRUXQDYHUVLyQPiVUHFLHQWH
5HHPSOD]DGDSRUXQDYHUVLyQPiVUHFLHQWH
6HUYLFLRVGHWUDQVIHUHQFLDGHOODPDGD&7
1LQJXQDLQWHUDFFLyQDSOLFDEOHSRUHOPRPHQWR
3UHVHQWDFLyQGHLGHQWLILFDFLyQGHOtQHDFRQHFWDGD&2/3
1LQJXQDUHSHUFXVLyQVREUHOD385'6,
5HVWULFFLyQGHLGHQWLILFDFLyQGHOtQHDFRQHFWDGD&2/5
1LQJXQDUHSHUFXVLyQVREUHOD385'6,
3UHVHQWDFLyQGHLGHQWLILFDFLyQGHOtQHDOODPDQWH&/,3
1LQJXQDUHSHUFXVLyQVREUHOD385'6,
5HVWULFFLyQGHLGHQWLILFDFLyQGHOtQHDOODPDQWH&/,5
1LQJXQDUHSHUFXVLyQVREUHOD385'6,
*UXSRFHUUDGRGHXVXDULRV&8*
1LQJXQDUHSHUFXVLyQVREUHOD385'6,
&RPXQLFDFLyQFRQIHUHQFLD&21)
1LQJXQDUHSHUFXVLyQVREUHOD385'6,
0DUFDFLyQGLUHFWDGHH[WHQVLRQHV'',
1LQJXQDUHSHUFXVLyQVREUHOD385'6,
6HUYLFLRVGHGHVYtRGHOODPDGD
5HHQYtRGHOODPDGDHQFDVRGHRFXSDGR&)%
6L HO XVXDULR TXH KD SHGLGR HO UHHQYtR QR HVWi DERQDGR DO VHUYLFLR R LQKLEH HO VHUYLFLR HQ OODPDGDV UHHQYLDGDV
SRGUiQGDUVHGRVFDVRV
D
6LHOVHUYLFLRKDVLGRSHGLGRH[SOtFLWDPHQWHFRPR©HVHQFLDOªODOODPDGDVHUiOLEHUDGD/DFDXVDVHUi
©IDFLOLGDGUHFKD]DGDª
E
6L HO VHUYLFLR KD VLGR SHGLGR H[SOtFLWDPHQWH FRPR ©QR HVHQFLDOª OD FHQWUDO UHHQYLDQWH LQFOXLUi HO
SDUiPHWUR LQGLFDGRUHV XVXDULR D XVXDULR HQ HO PHQVDMH LQLFLDO GH GLUHFFLyQ VDOLHQWH XWLOL]DGR SDUD
HVWDEOHFHU HO WUDPR GH OD OODPDGD UHHQYLDGD FRQ HO VHUYLFLR LQGLFDGR FRPR ©VLQ LQIRUPDFLyQª /RV
SURFHGLPLHQWRVHVSHFLILFDGRVHQVHHQFDUJDUiQGHTXHHOXVXDULROODPDQWHVHDLQIRUPDGRHQ
VXFDVRGHODDXVHQFLDGHFDSDFLGDGGHVHxDOL]DFLyQXVXDULRDXVXDULR
6LHOXVXDULRTXHKD SHGLGR HO UHHQYtR HVWi DERQDGR DO VHUYLFLR \ QR LQKLEH pVWH HQ OODPDGDV UHHQYLDGDV OD FHQWUDO
UHHQYLDQWHWUDWDUiGHSURSRUFLRQDUHOVHUYLFLRSHGLGR3DUDHOORVHUiSHGLGRVHUYLFLRHQHOPHQVDMHLQLFLDOGHGLUHFFLyQ
VDOLHQWHXWLOL]DQGRODPLVPDSHWLFLyQGHLQIRUPDFLyQFRQWHQLGDHQHOPHQVDMHLQLFLDOGHGLUHFFLyQRULJLQDO6LODOODPDGD
UHVXOWDORJUDGDVHGLVSRQGUiGHWUDQVIHUHQFLDGHLQIRUPDFLyQXVXDULRDXVXDULRHQWUHHOXVXDULROODPDQWH\HOXVXDULR
GHVWLQDWDULRGHOUHHQYtR
(Q FDVR GH TXH H[LVWD XQD FRQGLFLyQ XVXDULR RFXSDGR GHWHUPLQDGD SRU HO XVXDULR ORV LQGLFDGRUHV XVXDULR D XVXDULR
VHUiQWDPELpQHQWUHJDGRVDOXVXDULRUHPLWHQWHFXDQGRVHDRIUHFLGDODOODPDGD
5HHQYtRGHOODPDGDFDVRGHDXVHQFLDGHUHVSXHVWD&)15
$XQTXHHOVHUYLFLRQRVHH[WLHQGHDOXVXDULRGHVWLQDWDULRGHOUHHQYtRFXDQGRpVWHVHGHEHDDXVHQFLDGHUHVSXHVWDORV
LQGLFDGRUHVXVXDULRDXVXDULRVHUiQHQWUHJDGRVDOXVXDULRUHHQYLDQWHFXDQGRVHDRIUHFLGDODOODPDGD
6L HO VHUYLFLR KD VLGR SHGLGR H[SOtFLWDPHQWH FRPR ©HVHQFLDOª OD OODPDGD VHUi OLEHUDGD /D FDXVD VHUi ©IDFLOLGDG
UHFKD]DGDª
6L HO VHUYLFLR KD VLGR SHGLGR H[SOtFLWDPHQWH FRPR ©QR HVHQFLDOª OD FHQWUDO UHHQYLDQWH LQFOXLUi HO SDUiPHWUR
LQGLFDGRUHVXVXDULRDXVXDULRHQHOPHQVDMHLQLFLDOGHGLUHFFLyQVDOLHQWHXWLOL]DGRSDUDHVWDEOHFHUHOWUDPRGHODOODPDGD
UHHQYLDGD FRQ HO VHUYLFLR LQGLFDGR FRPR ©VLQ LQIRUPDFLyQª /RV SURFHGLPLHQWRV HVSHFLILFDGRV HQ VH
HQFDUJDUiQGHTXHHOXVXDULROODPDQWHVHDLQIRUPDGRHQVXFDVRGHODDXVHQFLDGHFDSDFLGDGGHVHxDOL]DFLyQXVXDULRD
XVXDULR
5HFRPHQGDFLyQ45HHPSOD]DGDSRUXQDYHUVLyQPiVUHFLHQWH
5HHPSOD]DGDSRUXQDYHUVLyQPiVUHFLHQWH
5HHQYtRGHOODPDGDLQFRQGLFLRQDO&)8
,JXDOTXHSDUDHOUHHQYtRGHOODPDGDHQFDVRGHRFXSDGRYpDVH
'HVYLDFLyQGHOODPDGD&'
'HVYLDFLyQGHOODPDGDDQWHVGHODYLVRLJXDOTXHSDUDHOUHHQYtRGHOODPDGDHQFDVRGHRFXSDGRYpDVHOD
OODPDGDVHUiWUDWDGDFRPRVLH[LVWLHVHODFRQGLFLyQXVXDULRRFXSDGRGHWHUPLQDGDSRUHOXVXDULR
'HVYLDFLyQ GH OODPDGD WUDV HO DYLVR LJXDO TXH SDUD HO UHHQYtR GH OODPDGD HQ FDVR GH DXVHQFLD GH UHVSXHVWD
YpDVH
%~VTXHGDGHOtQHD/+
1LQJXQDUHSHUFXVLyQVREUHOD385'6,
6HUYLFLRWULSDUWLWR37<
1LQJXQDUHSHUFXVLyQVREUHOD385'6,
6HxDOL]DFLyQGHXVXDULRDXVXDULR886
6HxDOL]DFLyQGHXVXDULRDXVXDULRVHUYLFLR886
(Q HO PHQVDMH LQLFLDO GH GLUHFFLyQ SXHGH VHU SHGLGR PiV GH XQ VHUYLFLR VXSOHPHQWDULR GH VHxDOL]DFLyQ GH XVXDULR D
XVXDULR3DUDORVVHUYLFLRVTXHQRVHDQSHGLGRVH[SOtFLWDPHQWHMXQWRFRQXQDSHWLFLyQGHVHUYLFLRHOFRUUHVSRQGLHQWH
LQGLFDGRUVHUiILMDGRHQ©VLQLQIRUPDFLyQªHQHOSDUiPHWURLQGLFDGRUHVXVXDULRDXVXDULR
6LHVSHGLGRPiVGHXQVHUYLFLRVXSOHPHQWDULRGHVHxDOL]DFLyQGHXVXDULRDXVXDULR\VLDOPHQRVXQRGHHVRVVHUYLFLRV
HVSHGLGRFRPRHVHQFLDO\QRSXHGHVHUSUHVWDGRODOODPDGDVHOLEHUDUiFRQXQDLQGLFDFLyQGHFDXVDDSURSLDGD
6L QR KD\ QLQJ~Q VHUYLFLR SHGLGR FRPR ©HVHQFLDOª HO SDUiPHWUR LQGLFDGRUHV XVXDULR D XVXDULR HQYLDGR KDFLD DWUiV
LQGLFDUiODDFHSWDFLyQR UHFKD]R GH FDGD XQR GH ORV VHUYLFLRV SHGLGRV &XDQGR VHD HQYLDGR HO SDUiPHWUR LQGLFDGRUHV
XVXDULRDXVXDULRVLQLQJXQDGHODVLQGLFDFLRQHVGHDFHSWDFLyQRUHFKD]RHVDSURSLDGDSDUDGHWHUPLQDGRVHUYLFLRGLFKR
VHUYLFLRVHUiLQGLFDGRFRPR©VLQLQIRUPDFLyQª
6HxDOL]DFLyQGHXVXDULRDXVXDULRVHUYLFLR886
1RHVDSOLFDEOH
6HxDOL]DFLyQGHXVXDULRDXVXDULRVHUYLFLR886
,JXDOTXHSDUDHOFDVRGHVHxDOL]DFLyQXVXDULRDXVXDULRVHUYLFLRYpDVH6LHVSHGLGRVHUYLFLRWUDVHO
HVWDEOHFLPLHQWRGHODOODPDGDVHUiDSOLFDEOHODLQWHUDFFLyQGHVFULWDHQ
1~PHURVP~OWLSOHVGHDERQDGR061
1LQJXQDUHSHUFXVLyQVREUHOD385'6,
5HWHQFLyQGHOODPDGD+2/'
1LQJXQDUHSHUFXVLyQVREUHOD385'6,
$YLVRGHOLPSRUWHGHODFRPXQLFDFLyQ$2&
1LQJXQDUHSHUFXVLyQVREUHOD385'6,
6XEGLUHFFLRQDPLHQWR68%
1LQJXQDUHSHUFXVLyQVREUHOD385'6,
3RUWDELOLGDGGHWHUPLQDO73
1LQJXQDUHSHUFXVLyQVREUHOD385'6,
&RPSOHFLyQGHOODPDGDVDDERQDGRRFXSDGR&&%6
1LQJXQDLQWHUDFFLyQDSOLFDEOHSRUHOPRPHQWR
,GHQWLILFDFLyQGHOODPDGDPDOLFLRVD0&,'
1LQJXQDUHSHUFXVLyQVREUHOD385'6,
5HFRPHQGDFLyQ45HHPSOD]DGDSRUXQDYHUVLyQPiVUHFLHQWH
5HHPSOD]DGDSRUXQDYHUVLyQPiVUHFLHQWH
&REURUHYHUWLGR5(9
1LQJXQDLQWHUDFFLyQDSOLFDEOHSRUHOPRPHQWR
3UHFHGHQFLDFRQDSURSLDFLyQPXOWLQLYHO0/33
1LQJXQDUHSHUFXVLyQVREUHOD385'6,
3ODQGHQXPHUDFLyQSULYDGR313
1LQJXQDLQWHUDFFLyQDSOLFDEOHSRUHOPRPHQWR
7DUMHWDFRQFDUJRDFXHQWDSDUDODVWHOHFRPXQLFDFLRQHVLQWHUQDFLRQDOHV
1LQJXQDLQWHUDFFLyQDSOLFDEOHSRUHOPRPHQWR
,QWHUDFFLyQFRQRWUDVUHGHV
(QFDVRGHLQWHUIXQFLRQDPLHQWRGHOFRQWUROGHOODPDGDGHXQDUHGTXHVRSRUWHVHUYLFLRGHVHxDOL]DFLyQGHXVXDULRD
XVXDULRFRQHQHORWURODGR
±
XQDUHGVLQ661ƒ
±
XQDUHG661ƒVLQ385'6,
±
XQDUHG661ƒTXHQRVRSRUWHHVHVHUYLFLR
OD FHQWUDO 5'6, TXH UHFLED XQ PHQVDMH LQLFLDO GH GLUHFFLyQ FRQWHQLHQGR XQD SHWLFLyQ GH VHUYLFLR H[SOtFLWD PDQWHQGUi
UHJLVWUDGD HVWD SHWLFLyQ \ HQYLDUi HQ UHVSXHVWD LQIRUPDFLyQ GH VHxDOL]DFLyQ UHIHUHQWH DO VHUYLFLR GH VHxDOL]DFLyQ GH
XVXDULRDXVXDULRFRQIRUPHVHHVSHFLILFDHQHO&XDGUR
&8$'524
5HFKD]RGHVHUYLFLRHQFDVRGHLQWHUIXQFLRQDPLHQWR
5HGGH
LQWHUIXQFLRQDPLHQWR
3pWLFLyQ
QRHVHQFLDO
3HWLFLyQHVHQFLDO
5HGVLQ661ƒ
$&088,LQG
VHUYLFLRQRSURSRUFLRQDGR
5HO+GLDJQyVWLFR
1RWD
5HG661ƒVLQ385'6,
$&088,LQG
VHUYLFLRQRSURSRUFLRQDGR
5HO+GLDJQyVWLFR
1RWD
5HG661ƒTXHQRVRSRUWD
HVHVHUYLFLR
$&0R&2188,LQG
VHUYLFLRQRSURSRUFLRQDGR
1RWD
5HO+GLDJQyVWLFR
1RWDV\
127$6
(O FDPSR GLDJQyVWLFR FRQWLHQH HO QRPEUH \ ORQJLWXG GHO SDUiPHWUR LQGLFDGRUHV XVXDULR D
XVXDULR
3RGUtD RFXUULU TXH XQD FHQWUDO GH WUiQVLWR R FDEHFHUD LQWHUQDFLRQDO WXYLHVH TXH JHQHUDU XQ
UHFKD]R GHO VHUYLFLR HQ FDVR GH VHU UHFLELGR XQ PHQVDMH FRQIXVLyQ TXH LQGLFDVH TXH ORV LQGLFDGRUHV
XVXDULRDXVXDULRTXHSLGHQHOVHUYLFLRQRVRQVRSRUWDGRVSRUODUHGVLJXLHQWH
'RVUHGHV5'6,HQLQWHUIXQFLRQDPLHQWRSRGUtDQWHQHUTXHPDQWHQHUUHJLVWUDGDODSHWLFLyQGHVHUYLFLR
KDVWDTXHHVWpFODURVLDPEDVSXHGHQRQRVRSRUWDUGLFKRVHUYLFLR
)OXMRVGHVHxDOL]DFLyQ
/D)LJXUDPXHVWUDXQDXWLOL]DFLyQORJUDGDGHVHUYLFLR886FXDQGRpVWHKDVLGRVROLFLWDGRHQFRQILJXUDFLyQSXQWR
DSXQWR(QOD)LJXUDVHPXHVWUDXQDXWLOL]DFLyQQRORJUDGDGHVHUYLFLR886FXDQGRpVWHKDVLGRSHGLGRHQXQD
FRQILJXUDFLyQSXQWRDPXOWLSXQWR
5HFRPHQGDFLyQ45HHPSOD]DGDSRUXQDYHUVLyQPiVUHFLHQWH
5HHPSOD]DGDSRUXQDYHUVLyQPiVUHFLHQWH
8VXDULRGH
RULJHQ
&HQWUDOGH
RULJHQ
(67$%/(&,
0,(172
6 UQH
&HQWUDOGH
GHVWLQR
&HQWUDOGH
WUiQVLWR
8VXDULRGH
GHVWLQR
,$0
LQG88,
>6 QL6 UQH
6 QL@
,$0
(67$%/(&
,0,(172
6 UQH
6 S
$9,62
$&0
$9,62
6 S
,1)250$
&,Ï1
868$5,2 '(
$&0
6 S
LQG88,
>6 QL6 S
6 QL@
865
865
,1)250$
&,Ï1'
868$5,2 (
1'(
,1)250$&,Ï
868$5,2
1'(
,1)250$&,Ï
868$5,2
&21(;,Ï1
(67$%/(&,
0,(172
D
865
865
$10
$10
,$0
D
,$0
D
&21(;,Ï1
(67$%/(&
,0,(172
D
6 QS
$9,62
&21(;,Ï1
D
$9,62
$&0
$&0
LQG88,
>6 QL6 QS
6 QL@
$10
$10
&21(;,Ï1
/RPLVPRTXHHQHOFDVR©SURSRUFLRQDGRª
7G
),*85$4
6HUYLFLR886
OODPDGDSXQWRDSXQWR
),*85(4>'@ &0
5HFRPHQGDFLyQ45HHPSOD]DGDSRUXQDYHUVLyQPiVUHFLHQWH
5HHPSOD]DGDSRUXQDYHUVLyQPiVUHFLHQWH
&HQWUDOGH
RULJHQ
8VXDULRGH
RULJHQ
(67$%/(
&,0,(17
2
6 UH
,Ï1
'(6&21(;
/,%(5$&
&HQWUDOGH
WUiQVLWR
,$0
LQG88,
>6 QL6 UH
6 QL@
,Ï1
/,%(5$&
&HQWUDOGH
GHVWLQR
,$0 7(%
7($
1RWD
,Ï1
/,%(5$&
FDXVD
/DUD]yQSRUODFXDOQRSXHGH
SURSRUFLRQDUVHHOVHUYLFLR
GH886HVTXHODOODPDGDXWLOL]D
XQDFRQILJXUDFLyQSXQWRDPXOWLSXQWR
FDXVD©GHVWLQRLQFRPSDWLEOHª
,Ï1
/,%(5$&,Ï1
&203/(7$
(67$%/(
&,0,(17
2
6 UQH
$9,62
,$0
LQG88,
>6 QL6 UQH
6 QL@
6 QS
&21(;,Ï1
$10
,$0
(67$%/(&
,0,(172
6 UQH
$9,62
6 QS
LQG88,
QS
>6 QL6
6 QL@
$10
(67$%/(&
,0,(172
6 UQH
$9,62
1
&21(;,Ï
$&8 6('(
&21(;,Ï1
/,%(5$&,Ï
1
,QFOXLGRVRODPHQWHSRUTXHODVUHDFFLRQHVGHODVUHGHVVRQVLHPSUHODVPLVPDV
7G
127$±/DUHGVDEHTXHODOODPDGDVHHIHFW~DFRQXQDFRQILJXUDFLyQSXQWRDPXOWLSXQWR
),*85$4
6HUYLFLR886
OODPDGDSXQWRDPXOWLSXQWR
),*85(4>'@ SDJHSOHLQH
5HFRPHQGDFLyQ45HHPSOD]DGDSRUXQDYHUVLyQPiVUHFLHQWH
5HHPSOD]DGDSRUXQDYHUVLyQPiVUHFLHQWH
/DVVLJXLHQWHVQRWDVVRQDSOLFDEOHVDODV)LJXUDV\
127$6
(QORVFDVRVHQTXHXQPHQVDMHSURJUHVLyQGHODOODPDGDWUDQVSRUWHXQDLQGLFDFLyQ$9,62HOSDUiPHWURLQGLFDGRUHV
XVXDULRDXVXDULRSRGUiVHUWUDQVSRUWDGRHQHOPHQVDMHSURJUHVLyQGHODOODPDGD
(Q DTXHOORV FDVRV HQ ORV TXH HO XVXDULR OODPDGR VHD XQ WHUPLQDO FRQ FRQWHVWDFLyQ DXWRPiWLFD HO SDUiPHWUR
LQGLFDGRUHVXVXDULRDXVXDULRSRGUiVHUWUDQVSRUWDGRHQXQPHQVDMHGHFRQH[LyQ
(QODV)LJXUDV\VHXWLOL]DQODVDEUHYLDWXUDVVLJXLHQWHV
$EUHYLDWXUDV
9DORUHVGHLQGLFDGRUXVXDULRDXVXDULR
QL
6LQLQIRUPDFLyQ
UQH
3HGLGRQRHVHQFLDO
UH
3HGLGRHVHQFLDO
S
3URSRUFLRQDGR
QS
1RSURSRUFLRQDGR
$EUHYLDWXUDV
1RPEUHGHSDUiPHWUR
88,
,QIRUPDFLyQXVXDULRDXVXDULR
88,LQG
,QGLFDGRUHVXVXDULRDXVXDULR
$EUHYLDWXUDV
1RPEUHGHPHQVDMH
$&0
'LUHFFLyQFRPSOHWD
$10
&RQWHVWDFLyQ
,$0
0HQVDMHLQLFLDOGHGLUHFFLyQ
5(/
/LEHUDFLyQ
5/&
/LEHUDFLyQFRPSOHWD
865
,QIRUPDFLyQXVXDULRDXVXDULR
/RV PHQVDMHV UHSUHVHQWDGRV PHGLDQWH OtQHDV GH WUD]RV QR IRUPDQ SDUWH GHO SURWRFROR GH OD SDUWH XVXDULR GH 5'6, \
UHVSRQGHQ~QLFDPHQWHDILQHVLQIRUPDWLYRV3DUDXQDLQIRUPDFLyQGHWDOODGDVREUHORVSURFHGLPLHQWRVXVXDULRDXVXDULR
GHOSURWRFRORGHDFFHVRYpDVHODV5HFRPHQGDFLRQHVVREUHORVSURWRFRORVGHDFFHVR5'6,
9DORUHVGHSDUiPHWURWHPSRUL]DGRUHV
1LQJXQRLGHQWLILFDGR
'HVFULSFLyQGLQiPLFD
1RVHLQFOX\HXQDGHVFULSFLyQGLQiPLFD6'/
6HUYLFLRGHVHxDOL]DFLyQGHXVXDULRDXVXDULR
'HILQLFLyQ
9pDVH
'HVFULSFLyQ
'HVFULSFLyQJHQHUDO
(O VHUYLFLR GH VHxDOL]DFLyQ GH XVXDULR D XVXDULR HV XWLOL]DGR SDUD LQWHUFDPELDU LQIRUPDFLyQ HQWUH GRV XVXDULRV
FRQIRUPH D OD 5HFRPHQGDFLyQ , HWDSD /D GHVFULSFLyQ IXQFLRQDO HWDSD GH HVWH VHUYLFLR ILJXUD HQ OD
5HFRPHQGDFLyQ4/DGHVFULSFLyQGHO'66HWDSDILJXUDHQOD5HFRPHQGDFLyQ4(VWDFOiXVXODVHFHQWUD
HVSHFtILFDPHQWH HQ HO VLVWHPD GH VHxDOL]DFLyQ 1ƒ \ HQ HOOD VH XWLOL]D OD SDUWH XVXDULR GH 5'6, GHILQLGD HQ ODV
5HFRPHQGDFLRQHV 4 D 4 \ 4 7DPELpQ VH XWLOL]DQ SURWRFRORV GH FODVH GH OD 6&&3 GHILQLGRV HQ ODV
5HFRPHQGDFLyQ45HHPSOD]DGDSRUXQDYHUVLyQPiVUHFLHQWH
5HHPSOD]DGDSRUXQDYHUVLyQPiVUHFLHQWH
5HFRPHQGDFLRQHV4\41RREVWDQWHORVSURFHGLPLHQWRVGHDSOLFDFLyQGHORVSURWRFRORVGHFODVHGH
OD6&&3SDUDHOVHUYLFLRGHVHxDOL]DFLyQGHXVXDULRDXVXDULRTXHGDQHQHVWXGLR(OVHUYLFLRSHUPLWHDORVXVXDULRV
FRPXQLFDUPHGLDQWHODWUDQVIHUHQFLDGHPHQVDMHVLQIRUPDFLyQXVXDULRDXVXDULRHQFDGDGLUHFFLyQGXUDQWHODIDVHDFWLYD
GHODOODPDGD(QFDGDPHQVDMHSXHGHQVHUWUDQVIHULGRVKDVWDRFWHWRVGHLQIRUPDFLyQGHXVXDULRYpDVHOD1RWD
(VWRV RFWHWRV QR LQFOX\HQ HO QRPEUH GH SDUiPHWUR LQIRUPDFLyQ XVXDULR D XVXDULR HO LQGLFDGRU GH FRQWURO GH
SURWRFRORRORVRFWHWRVGHORQJLWXG
127$±'XUDQWHXQSHULRGRWUDQVLWRULRODVUHGHVSRGUiQVRSRUWDUXQQ~PHURPHQRUGHRFWHWRVSRUHMHPSORHQUD]yQ
GHUHVWULFFLRQHVGHSURWRFRORHQWRGRVORVFDVRVVHUiQVRSRUWDGRVRFWHWRV/DVOODPDGDVTXHSLGDQLQIRUPDFLyQXVXDULRDXVXDULR
GHPiVGHRFWHWRVSRGUiQVHUREMHWRGHUHVWULFFLRQHV
(O VHUYLFLR SHUPLWH OD SHWLFLyQ GH GLFKR VHUYLFLR GXUDQWH HO HVWDEOHFLPLHQWR GH OD OODPDGD R GHVSXpV GH pVWH 1R
REVWDQWHQRGHEHUiSHGLUVHHOVHUYLFLRWUDVHOHVWDEOHFLPLHQWRGHODOODPDGDVLKDVLGRUHFKD]DGRGXUDQWHODIDVHGH
HVWDEOHFLPLHQWR
7HUPLQRORJtDHVSHFtILFD
9pDVH
3UHFLVLRQHVVREUHODDSOLFDELOLGDGDORVVHUYLFLRVGHWHOHFRPXQLFDFLyQ
9pDVHOD5HFRPHQGDFLyQ,
'HILQLFLRQHVGHHVWDGR
1RVHUHTXLHUHQGHILQLFLRQHVGHHVWDGRHVSHFtILFDV
5HTXLVLWRVRSHUDFLRQDOHV
6XPLQLVWURVXSUHVLyQ
9pDVHOD5HFRPHQGDFLyQ,
5HTXLVLWRVGHOODGRUHGGHRULJHQ
1RHVDSOLFDEOH
5HTXLVLWRVGHODUHG
/DUHGQRGHEHFXPSOLUUHTXLVLWRVHVSHFLDOHV
5HTXLVLWRVGHOODGRUHGGHGHVWLQR
1RHVDSOLFDEOH
5HTXLVLWRVGHFRGLILFDFLyQ
/DSHWLFLyQGHVHUYLFLRGXUDQWHHOHVWDEOHFLPLHQWRGHODOODPDGDHVWUDQVSRUWDGDHQHOSDUiPHWURLQGLFDGRUHVXVXDULRD
XVXDULR HQ HO PHQVDMH LQLFLDO GH GLUHFFLyQ /D LQIRUPDFLyQ XVXDULR D XVXDULR HV WUDQVSRUWDGD HQ HO SDUiPHWUR
LQIRUPDFLyQXVXDULRDXVXDULRHQHOPHQVDMHLQIRUPDFLyQXVXDULRDXVXDULR
/D LQGLFDFLyQ GH DFHSWDFLyQ R UHFKD]R GH VHUYLFLR GXUDQWH HO HVWDEOHFLPLHQWR GH OD OODPDGD HV WUDQVSRUWDGD HQ HO
SDUiPHWURLQGLFDGRUHVXVXDULRDXVXDULRHQXQPHQVDMHUHVSXHVWDRFRQH[LyQ
/DSHWLFLyQGHOVHUYLFLRSRVWHULRUDOHVWDEOHFLPLHQWRGHODOODPDGDVHFXUVDHQHOPHQVDMHGHSHWLFLyQGHIDFLOLGDG/D
DFHSWDFLyQGHHVWDSHWLFLyQVHFXUVDHQHOPHQVDMHIDFLOLGDGDFHSWDGD\VXUHFKD]RHQHOPHQVDMHIDFLOLGDGUHFKD]DGD
6HLQFOX\HHQFDGDXQRGHHVWRVPHQVDMHVHOSDUiPHWURLQGLFDGRUGHIDFLOLGDGSXHVWRD©VHUYLFLRGHXVXDULRDXVXDULRª
\HOSDUiPHWURGHLQGLFDGRUHVGHXVXDULRDXVXDULRTXHFRQWLHQHODLQIRUPDFLyQGHVHUYLFLRSHUWLQHQWH
5HTXLVLWRVGHVHxDOL]DFLyQ
$FWLYDFLyQGHVDFWLYDFLyQUHJLVWUR
(OVHUYLFLR886SXHGHVHUSHGLGRSRUHOXVXDULROODPDQWHGXUDQWHHOHVWDEOHFLPLHQWRGHODOODPDGDRSRUHOXVXDULR
OODPDQWH R OODPDGR WUDV HO HVWDEOHFLPLHQWR GH OD OODPDGD FXDQGR VH GHVHH WUDQVIHULU 88, HQ FXDOTXLHUD GH ODV GRV
GLUHFFLRQHV
8QDYH]DFWLYDGRHOVHUYLFLR886YpDVHOD1RWDODUHGDFHSWDUi88,HQDPEDVGLUHFFLRQHVFRQIRUPHDODERQRGHO
XVXDULRVROLFLWDQWH
127$±6HHQWLHQGHSRUDFWLYDFLyQODSHWLFLyQGH886\SRULQYRFDFLyQODSUHVHQWDFLyQGH88,
5HFRPHQGDFLyQ45HHPSOD]DGDSRUXQDYHUVLyQPiVUHFLHQWH
5HHPSOD]DGDSRUXQDYHUVLyQPiVUHFLHQWH
,QYRFDFLyQ\RSHUDFLyQ
$FFLRQHVHQODFHQWUDOORFDOGHRULJHQ
2SHUDFLyQQRUPDO
3HWLFLyQGHVHUYLFLRGXUDQWHHOHVWDEOHFLPLHQWRGHODOODPDGD
(OVHUYLFLRHVSHGLGRH[SOtFLWDPHQWHHQXQPHQVDMHLQLFLDOGHGLUHFFLyQ&RPRRSFLyQGXUDQWHHOHVWDEOHFLPLHQWRGHOD
OODPDGDHOXVXDULROODPDQWHSRGUiHVSHFLILFDUVLODSHWLFLyQGHVHUYLFLRHVRQRHVHQFLDOSDUDODOODPDGDHVGHFLUVLOD
OODPDGDGHEHRQRVHUFRPSOHWDGDHQFDVRGHTXHQRVHDSRVLEOHSDVDULQIRUPDFLyQXVXDULRDXVXDULR
/RVSURFHGLPLHQWRVSDUDHOHVWDEOHFLPLHQWRGHOODPDGDVRQORVGHVFULWRVHQ4FRQODVVLJXLHQWHVPRGLILFDFLRQHV
±
$O HVWDEOHFHUVH OD OODPDGD HO PHQVDMH LQLFLDO GH GLUHFFLyQ FRQWHQGUi HO SDUiPHWUR LQGLFDGRU XVXDULR D
XVXDULR FRQ HO VHUYLFLR LQGLFDGR FRPR ©SHGLGR HVHQFLDOª R ©SHGLGR QR HVHQFLDOª VHJ~Q SURFHGD
3DUD ODV SHWLFLRQHV HVHQFLDOHV HO LQGLFDGRU GH SUHIHUHQFLD 385'6, VHUi FRGLILFDGR FRPR ©385'6,
UHTXHULGDª/DSHWLFLyQGHVHUYLFLRVHUiUHFLELGDGHOFRQWUROGHOODPDGD\SDVDGDDOFRQWUROGHOODPDGDHQ
ODFHQWUDOGHGHVWLQR
±
&XDQGRHQHOPHQVDMHLQLFLDOGHGLUHFFLyQKDVLGRSHGLGRVHUYLFLRWRGDDFHSWDFLyQRUHFKD]RVHHQYtD
HQXQPHQVDMHUHVSXHVWDRFRQH[LyQHQHOSDUiPHWURLQGLFDGRUHVXVXDULRDXVXDULR
±
6LODUHG\HOXVXDULROODPDGRSXHGHQVRSRUWDUWUDQVIHUHQFLDGHLQIRUPDFLyQXVXDULRDXVXDULRVHHQYLDUi
DODFHQWUDOGHRULJHQXQDDFHSWDFLyQGHVHUYLFLRHQXQPHQVDMHUHVSXHVWDRFRQH[LyQFRQODLQGLFDFLyQ
©VHUYLFLRSURSRUFLRQDGRªHQHOSDUiPHWURLQGLFDGRUHVXVXDULRDXVXDULR(VWDLQGLFDFLyQH[SOtFLWDVHUi
UHPLWLGDDOFRQWUROGHOODPDGDGHODFHQWUDOGHRULJHQ
3HWLFLyQGHVHUYLFLRWUDVHOHVWDEOHFLPLHQWRGHODOODPDGD
'HVSXpV GH FRPSOHWDGR HO HVWDEOHFLPLHQWR GH OD OODPDGD HO XVXDULR OODPDQWH R HO XVXDULR OODPDGR SXHGHQ SHGLU
WUDQVIHULULQIRUPDFLyQGHVHUYLFLR$ODUHFHSFLyQGHODSHWLFLyQSURFHGHQWHGHOFRQWUROGHOODPDGDODSDUWHXVXDULRGH
5'6, HQYtD XQ PHQVDMH SHWLFLyQ GH IDFLOLGDG FRQWHQLHQGR HO SDUiPHWUR LQGLFDGRU GH IDFLOLGDG TXH LQGLFD ©VHUYLFLR
XVXDULRDXVXDULRªMXQWRFRQXQSDUiPHWURLQGLFDGRUHVXVXDULRDXVXDULRFRQHOVHUYLFLRLQGLFDGRFRPR©SHGLGRQR
HVHQFLDOª FRQ GHVWLQR D OD FHQWUDO ORFDO GLVWDQWH PHGLDQWH HO PpWRGR GH WUDQVSRUWH DSURSLDGR $ OD UHFHSFLyQ GHO
PHQVDMHSHWLFLyQGHIDFLOLGDGHQODFHQWUDOGLVWDQWHVHQRWLILFDUiGHHOORDOFRQWUROGHOODPDGDTXHDVXYH]QRWLILFDUi
GHHOORDOXVXDULRGLVWDQWH6LHOXVXDULRGHVHDVRSRUWDUVHUYLFLRGXUDQWHODIDVHDFWLYDVHHQYLDUiDOFRQWUROGHOODPDGD
XQD DFHSWDFLyQ GH VHUYLFLR $ OD QRWLILFDFLyQ GH OD DFHSWDFLyQ SRU HO FRQWURO GH OODPDGD OD SDUWH XVXDULR GH 5'6,
JHQHUDUi XQ PHQVDMH IDFLOLGDG DFHSWDGD FRQ OD LQGLFDFLyQ ©VHUYLFLR SURSRUFLRQDGRª HQ HO SDUiPHWUR LQGLFDGRUHV
XVXDULR D XVXDULR $ OD UHFHSFLyQ GHO PHQVDMH HVWD LQGLFDFLyQ GH DFHSWDFLyQ H[SOtFLWD VHUi UHPLWLGD DO FRQWURO GH
OODPDGDTXHQRWLILFDUiVHJXLGDPHQWHDOXVXDULRVROLFLWDQWH
7UDQVIHUHQFLDGHLQIRUPDFLyQXVXDULRDXVXDULR
8QDYH]WUDQVPLWLGDSRUODUHGODDFHSWDFLyQGHVHUYLFLRDPERVXVXDULRVLQWHUYLQLHQWHVSXHGHQWUDQVIHULULQIRUPDFLyQ
XVXDULR D XVXDULR HQWUH HOORV 'HQWUR GH OD UHG HO SDUiPHWUR LQIRUPDFLyQ XVXDULR D XVXDULR VHUi WUDQVSRUWDGR HQ XQ
PHQVDMH LQIRUPDFLyQ XVXDULR D XVXDULR /D UHG WUDQVILHUH HVWRV PHQVDMHV GHVGH HO ODGR OODPDQWH DO ODGR OODPDGR \
YLFHYHUVD
'H VHU UHFLELGR XQ HOHPHQWR GH LQIRUPDFLyQ 0$6 '$726 GHVGH '66 HQ XQ PHQVDMH ,1)2 GH 868$5,2 HVWD
LQIRUPDFLyQVHUiWUDQVSRUWDGDHQHOSDUiPHWURWUDQVSRUWHGHDFFHVR DVRFLDGR DO FRUUHVSRQGLHQWH PHQVDMH LQIRUPDFLyQ
XVXDULRDXVXDULRSDUDVXHQWUHJDHQHODFFHVRGHGHVWLQR
&RQWUROGHIOXMR
(O LQWHUFDPELR GH LQIRUPDFLyQ XVXDULR D XVXDULR HVWi OLPLWDGR SRU ORV SURFHGLPLHQWRV GH FRQWURO GH IOXMR
SURSRUFLRQDGRVHQHODFFHVRSRUHOXVXDULRRSRUODUHG'HEHUiHYDOXDUVHODQHFHVLGDGGHSURFHGLPLHQWRVGHFRQWUROGH
IOXMRHQWUHFHQWUDOHVTXHVHDQXWLOL]DEOHVSRUODSDUWHXVXDULRGH5'6,SDUDVHxDOL]DFLyQXVXDULRDXVXDULR
3URFHGLPLHQWRVH[FHSFLRQDOHV
/D FHQWUDO GH RULJHQ GHEHUi SRGHU FRPSOHWDU ODV LQGLFDFLRQHV GH UHFKD]R JHQHUDGDV SRU WRGD FHQWUDO SRVWHULRU \
SURFHGHUHQFRQVHFXHQFLDYpDVH
5HFRPHQGDFLyQ45HHPSOD]DGDSRUXQDYHUVLyQPiVUHFLHQWH
5HHPSOD]DGDSRUXQDYHUVLyQPiVUHFLHQWH
$FFLRQHVHQODFHQWUDOGHWUiQVLWR
2SHUDFLyQQRUPDO
/DLQIRUPDFLyQJHQHUDGDVHJ~QORLQGLFDGRHQHVSDVDGDVLQFDPELRV
3URFHGLPLHQWRVH[FHSFLRQDOHV
/D LQIRUPDFLyQ JHQHUDGD VHJ~Q VH GHVFULEH HQ VHUi SDVDGD VLQ FDPELRV (O UHFKD]R GH XQD SHWLFLyQ GH
VHUYLFLRSXHGHWDPELpQWHQHUOXJDUHQODFHQWUDOGHWUiQVLWRYpDVH
$FFLRQHVHQODFHQWUDOGHFDEHFHUDLQWHUQDFLRQDOVDOLHQWH
2SHUDFLyQQRUPDO
9pDVH
3URFHGLPLHQWRVH[FHSFLRQDOHV
9pDVH
$FFLRQHVHQODFHQWUDOGHFDEHFHUDLQWHUQDFLRQDOHQWUDQWH
2SHUDFLyQQRUPDO
9pDVH
3URFHGLPLHQWRVH[FHSFLRQDOHV
9pDVH
$FFLRQHVHQODFHQWUDOORFDOGHGHVWLQR
2SHUDFLyQQRUPDO
/DLQIRUPDFLyQJHQHUDGDVHJ~QVHLQGLFDHQVHUiSDVDGDDODFFHVR
3URFHGLPLHQWRVH[FHSFLRQDOHV
5HFKD]RGHSHWLFLyQGHVHUYLFLRGXUDQWHHOHVWDEOHFLPLHQWRGHODOODPDGD
6LVHWLHQHRWRPDFRQRFLPLHQWRGHTXHODSURSLDUHGRHOXVXDULROODPDGRQRSXHGHQVRSRUWDUHOVHUYLFLR\VLpVWHKD
VLGRSHGLGRFRQLQGLFDFLyQGHQRHVHQFLDOVHHQYLDUiHQHOPHQVDMHUHVSXHVWDRFRQH[LyQXQDLQGLFDFLyQGHUHFKD]RGH
VHUYLFLRFRQODLQGLFDFLyQ©VHUYLFLRQRSURSRUFLRQDGRªHQHOSDUiPHWURLQGLFDGRUHVXVXDULRDXVXDULR
6L OD SHWLFLyQ GH VHUYLFLR HV LQGLFDGD FRPR HVHQFLDO \ VL VH WLHQH R WRPD FRQRFLPLHQWR GH TXH OD SURSLD UHG R HO
XVXDULR OODPDGR QR SXHGHQ VRSRUWDU GLFKR VHUYLFLR VHUi HQYLDGR XQ PHQVDMH OLEHUDFLyQ FRQ HO YDORU GH FDXVD ©IDFLOLGDG UHFKD]DGDª R ©IDFLOLGDG SHGLGD QR LQVWDODGDª MXQWR FRQ HO GLDJQyVWLFR TXH FRQWHQGUi HO QRPEUH GHO
SDUiPHWURLQGLFDGRUHVXVXDULRDXVXDULR
6LODUHGQRHQWHQGLHVHODSHWLFLyQGHVHUYLFLRRVLHOFRQWUROGHOODPDGDGHGHVWLQRQRLQGLFDVHDFHSWDFLyQRUHFKD]R
QLQJXQR GH ORV PHQVDMHV HQYLDGRV D OD FHQWUDO GH RULJHQ LQFOXLUi DFHSWDFLyQ R UHFKD]R GH VHUYLFLR (VWH WLSR GH
UHVSXHVWDVHUiFRQVLGHUDGRFRPRXQUHFKD]RLPSOtFLWRGHOVHUYLFLR
5HFKD]RGHSHWLFLyQGHVHUYLFLRWUDVHOHVWDEOHFLPLHQWRGHODOODPDGD
/DUHGSXHGHQRHQWHQGHUODSHWLFLyQGHOVHUYLFLRVLHOPHQVDMHGHSHWLFLyQGHIDFLOLGDGFRQWLHQHLQIRUPDFLyQTXHQR
HVFRKHUHQWHRQRVHUHFRQRFH(QWDOFDVRRVLHOFRQWUROGHOODPDGDGLVWDQWHQRLQGLFDVHDFHSWDFLyQRUHFKD]RQRVH
UHVSRQGHUiFRQQLQJ~QPHQVDMH(VWRVHUiFRQVLGHUDGRFRPRXQUHFKD]RLPSOtFLWRGHVHUYLFLR(VWDVLWXDFLyQWDPELpQ
SXHGHSURGXFLUVHVLKD\LQWHUIXQFLRQDPLHQWR\HQWDOFDVRQRVHHQYLDUiQHFHVDULDPHQWHXQPHQVDMHIDFLOLGDGDFHSWDGD
RIDFLOLGDGUHFKD]DGD
7DPELpQHVSRVLEOHTXHQRSXHGDLQWHUSUHWDUVHFRUUHFWDPHQWHSRUFRQWHQHULQIRUPDFLyQLQFRKHUHQWHRQRUHFRQRFLGDHO
PHQVDMHGHIDFLOLGDGDFHSWDGDRIDFLOLGDGUHFKD]DGD(QWDOFDVRODUHGGHVFDUWDUiHVWRVPHQVDMHV(QORVPHQVDMHVGH
SHWLFLyQ GH IDFLOLGDG IDFLOLGDG DFHSWDGD \ IDFLOLGDG UHFKD]DGD VyOR WLHQH TXH LQWHUSUHWDUVH OD LQIRUPDFLyQ
FRUUHVSRQGLHQWHDOVHUYLFLR6HKDUiFDVRRPLVRGHODLQIRUPDFLyQUHODWLYDDORVVHUYLFLRV\
5HFRPHQGDFLyQ45HHPSOD]DGDSRUXQDYHUVLyQPiVUHFLHQWH
5HHPSOD]DGDSRUXQDYHUVLyQPiVUHFLHQWH
6LODUHGRHOXVXDULRGLVWDQWHQRSXHGHQVRSRUWDUVHUYLFLRVHHQYLDUiHQHOPHQVDMHIDFLOLGDGUHFKD]DGDXQDLQGLFDFLyQ
GH UHFKD]R GH VHUYLFLR HQ HO SDUiPHWUR LQGLFDGRUHV XVXDULR D XVXDULR FRQ OD LQGLFDFLyQ ©VHUYLFLR QR
SURSRUFLRQDGRª
,QWHUDFFLyQFRQRWURVVHUYLFLRVVXSOHPHQWDULRV
/ODPDGDHQHVSHUD&:
1LQJXQDUHSHUFXVLyQVREUHOD385'6,
6HUYLFLRVGHWUDQVIHUHQFLDGHOODPDGD
1LQJXQDLQWHUDFFLyQDSOLFDEOHSRUHOPRPHQWR
3UHVHQWDFLyQGHLGHQWLILFDFLyQGHOtQHDFRQHFWDGD&2/3
1LQJXQDUHSHUFXVLyQVREUHOD385'6,
5HVWULFFLyQGHLGHQWLILFDFLyQGHOtQHDFRQHFWDGD&2/5
1LQJXQDUHSHUFXVLyQVREUHOD385'6,
3UHVHQWDFLyQGHLGHQWLILFDFLyQGHOtQHDOODPDQWH&/,3
1LQJXQDUHSHUFXVLyQVREUHOD385'6,
5HVWULFFLyQGHLGHQWLILFDFLyQGHOtQHDOODPDQWH&/,5
1LQJXQDUHSHUFXVLyQVREUHOD385'6,
*UXSRFHUUDGRGHXVXDULRV&8*
1LQJXQDUHSHUFXVLyQVREUHOD385'6,
&RPXQLFDFLyQFRQIHUHQFLD&21)
1LQJXQDUHSHUFXVLyQVREUHOD385'6,
0DUFDFLyQGLUHFWDGHH[WHQVLRQHV'',
1LQJXQDUHSHUFXVLyQVREUHOD385'6,
6HUYLFLRVGHGHVYtRGHOODPDGD
5HHQYtRGHOODPDGDHQFDVRGHRFXSDGR&)%
6L HO XVXDULR TXH KD VROLFLWDGR HO UHHQYtR QR HVWi DERQDGR DO VHUYLFLR R LQKLEH VHUYLFLR HQ OODPDGDV UHHQYLDGDV
SXHGHQGDUVHGRVFDVRV
D
6L HO VHUYLFLR KD VLGR SHGLGR H[SOtFLWDPHQWH FRPR ©HVHQFLDOª OD OODPDGD HV OLEHUDGD /D FDXVD VHUi
©IDFLOLGDGUHFKD]DGDª
E
6L HO VHUYLFLR KD VLGR SHGLGR H[SOtFLWDPHQWH FRPR ©QR HVHQFLDOª OD FHQWUDO UHHQYLDQWH LQFOXLUi HO
SDUiPHWUR LQGLFDGRUHV XVXDULR D XVXDULR HQ HO PHQVDMH LQLFLDO GH GLUHFFLyQ VDOLHQWH XWLOL]DGR SDUD
HVWDEOHFHU HO WUDPR GH OD OODPDGD UHPLWLGD FRQ HO VHUYLFLR LQGLFDGR FRPR ©VLQ LQIRUPDFLyQª /RV
SURFHGLPLHQWRV HVSHFLILFDGRV HQ DVHJXUDUiQ TXH HO XVXDULR OODPDQWH VHD LQIRUPDGR HQ VX
FDVRGHODDXVHQFLDGHFDSDFLGDGGHVHxDOL]DFLyQXVXDULRDXVXDULR
6LHOXVXDULRTXHKDVROLFLWDGRHOUHHQYtRHVWiDERQDGRDOVHUYLFLR\QRLQKLEHGLFKRVHUYLFLRHQOODPDGDVUHHQYLDGDV
ODFHQWUDOUHHQYLDQWHWUDWDUiGHSURSRUFLRQDUHOVHUYLFLRSHGLGR3DUDHOORVHSHGLUiVHUYLFLRHQHOPHQVDMHLQLFLDOGH
GLUHFFLyQVDOLHQWHXWLOL]DQGRODPLVPDLQIRUPDFLyQGHSHWLFLyQFRQWHQLGDHQHOPHQVDMHLQLFLDOGHGLUHFFLyQRULJLQDO6L
HOLQWHQWRUHVXOWDORJUDGRHVWDUiGLVSRQLEOHODWUDQVIHUHQFLDGHLQIRUPDFLyQGHVHxDOL]DFLyQXVXDULRDXVXDULRHQWUHHO
XVXDULROODPDQWH\HOXVXDULRGHVWLQDWDULRGHOUHHQYtR
(Q FDVR GH TXH H[LVWD XQD FRQGLFLyQ XVXDULR RFXSDGR GHWHUPLQDGD SRU HO XVXDULR FXDQGR VH RIUH]FD OD OODPDGD ORV
LQGLFDGRUHVXVXDULRDXVXDULRVHHQYLDUiQWDPELpQDOXVXDULRTXHKDVROLFLWDGRHOUHHQYtR
1RKD\LQWHUDFFLyQHQWUHHOUHHQYtRGHODOODPDGD\XQDSHWLFLyQGHVHUYLFLRGXUDQWHODIDVHDFWLYDGHODOODPDGD
5HFRPHQGDFLyQ45HHPSOD]DGDSRUXQDYHUVLyQPiVUHFLHQWH
5HHPSOD]DGDSRUXQDYHUVLyQPiVUHFLHQWH
5HHQYtRGHOODPDGDHQFDVRGHDXVHQFLDGHUHVSXHVWD&)15
,JXDOTXHSDUDHOUHHQYtRGHOODPDGDHQFDVRGHRFXSDGRYpDVHFRQXQDH[FHSFLyQORVLQGLFDGRUHVXVXDULR
DXVXDULRVHHQYtDQDOXVXDULRTXHKDSHGLGRHOUHHQYtRDORIUHFHUVHODOODPDGD
5HHQYtRGHOODPDGDLQFRQGLFLRQDO&)8
,JXDOTXHSDUDHOUHHQYtRGHOODPDGDHQFDVRGHRFXSDGRYpDVH
'HVYLDFLyQGHOODPDGD&'
'HVYLDFLyQGHOODPDGDDQWHVGHODYLVRLJXDOTXHSDUDHOUHHQYtRGHOODPDGDHQFDVRGHRFXSDGRYpDVHOD
OODPDGDVHUiWUDWDGDFRPRVLH[LVWLHVHODFRQGLFLyQXVXDULRRFXSDGRGHWHUPLQDGDSRUHOXVXDULR
'HVYLDFLyQ GH OODPDGD GHVSXpV GHO DYLVR LJXDO TXH SDUD HO UHHQYtR GH OODPDGD HQ FDVR GH DXVHQFLD GH UHVSXHVWD
YpDVH
%~VTXHGDGHOtQHD/+
1LQJXQDUHSHUFXVLyQVREUHOD385'6,
6HUYLFLRWULSDUWLWR37<
1LQJXQDUHSHUFXVLyQVREUHOD385'6,
6HxDOL]DFLyQGHXVXDULRDXVXDULR886
6HxDOL]DFLyQGHXVXDULRDXVXDULRVHUYLFLR886
(Q HO PHQVDMH LQLFLDO GH GLUHFFLyQ SXHGH VHU SHGLGR PiV GH XQ VHUYLFLR VXSOHPHQWDULR GH VHxDOL]DFLyQ GH XVXDULR D
XVXDULR3DUDWRGRVHUYLFLRQRSHGLGRH[SOtFLWDPHQWHFRQMXQWDPHQWHFRQXQDSHWLFLyQGHVHUYLFLRHOFRUUHVSRQGLHQWH
LQGLFDGRUVHUiILMDGRHQ©VLQLQIRUPDFLyQªHQHOSDUiPHWURLQGLFDGRUHVXVXDULRDXVXDULR
&XDQGRHVSHGLGRPiVGHXQVHUYLFLRVXSOHPHQWDULRGHVHxDOL]DFLyQGHXVXDULRDXVXDULR\FXDQGRDOPHQRVXQRGH
HVRV VHUYLFLRV HV SHGLGR FRPR HVHQFLDO \ QR SXHGH VHU SURSRUFLRQDGR OD OODPDGD VH OLEHUDUi FRQ XQD LQGLFDFLyQ GH
FDXVDDSURSLDGD
6LQRKDVLGRSHGLGRQLQJ~QVHUYLFLRFRPR©HVHQFLDOªHOSDUiPHWURLQGLFDGRUHVXVXDULRDXVXDULRHQODGLUHFFLyQKDFLD
DGHODQWHLQGLFDUiLQGHSHQGLHQWHPHQWHDFHSWDFLyQRUHFKD]RGHFDGDXQRGHORVVHUYLFLRVSHGLGRV&XDQGRHVHQYLDGRHO
SDUiPHWURLQGLFDGRUHVGHXVXDULRDXVXDULRVLQLODLQGLFDFLyQDFHSWDFLyQQLODLQGLFDFLyQUHFKD]RVRQDSURSLDGDVSDUD
GHWHUPLQDGRVHUYLFLRGLFKRVHUYLFLRVHUiLQGLFDGRFRPR©VLQLQIRUPDFLyQª
&XDQGRVHSLGHHOVHUYLFLRWUDVXQHVWDEOHFLPLHQWRGHOODPDGDORVLQGLFDGRUHVGHVHUYLFLR\VHUYLFLRGHOSDUiPHWUR
LQGLFDGRUHVXVXDULRDXVXDULRGHXQPHQVDMHSHWLFLyQGHIDFLOLGDGIDFLOLGDGDFHSWDGDRIDFLOLGDGUHFKD]DGDVHUiQILMDGRV
HQ©VLQLQIRUPDFLyQª
6HxDOL]DFLyQXVXDULRDXVXDULRVHUYLFLR886
,JXDOTXHSDUDODVHxDOL]DFLyQXVXDULRDXVXDULRVHUYLFLRYpDVH
6HxDOL]DFLyQXVXDULRDXVXDULRVHUYLFLR886
1RHVDSOLFDEOH
1~PHURVP~OWLSOHVGHDERQDGR061
1LQJXQDUHSHUFXVLyQVREUHOD385'6,
5HWHQFLyQGHOODPDGD+2/'
1LQJXQDUHSHUFXVLyQVREUHOD385'6,
127$±7RGD SDUWH TXH KD\D SXHVWR XQD R PiV OODPDGDV HQ VLWXDFLyQ GH UHWHQFLyQ SRGUi VHJXLU LQWHUFDPELDQGR
HQYLDQGRRUHFLELHQGR88,VHUYLFLRFRQODSDUWHRSDUWHVHQUHWHQFLyQDVtFRPR88,GHODFHQWUDOFRQXQDSDUWHDFWLYD
$YLVRGHOLPSRUWHGHODFRPXQLFDFLyQ$2&
1LQJXQDUHSHUFXVLyQVREUHOD385'6,
6XEGLUHFFLRQDPLHQWR68%
1LQJXQDUHSHUFXVLyQVREUHOD385'6,
5HFRPHQGDFLyQ45HHPSOD]DGDSRUXQDYHUVLyQPiVUHFLHQWH
5HHPSOD]DGDSRUXQDYHUVLyQPiVUHFLHQWH
3RUWDELOLGDGGHWHUPLQDO73
1LQJXQDUHSHUFXVLyQVREUHOD385'6,
&RPSOHFLyQGHOODPDGDVDDERQDGRRFXSDGR&&%6
1LQJXQDLQWHUDFFLyQDSOLFDEOHSRUHOPRPHQWR
,GHQWLILFDFLyQGHOODPDGDPDOLFLRVD0&,'
1LQJXQDUHSHUFXVLyQVREUHOD385'6,
&REURUHYHUWLGR5(9
1LQJXQDLQWHUDFFLyQDSOLFDEOHSRUHOPRPHQWR
3UHFHGHQFLDFRQDSURSLDFLyQPXOWLQLYHO0/33
6LQUHSHUFXVLRQHVVREUHOD385'6,
3ODQGHQXPHUDFLyQSULYDGR313
1LQJXQDLQWHUDFFLyQDSOLFDEOHSRUHOPRPHQWR
7DUMHWDFRQFDUJRDFXHQWDSDUDODVWHOHFRPXQLFDFLRQHVLQWHUQDFLRQDOHV
1LQJXQDLQWHUDFFLyQDSOLFDEOHSRUHOPRPHQWR
,QWHUDFFLyQFRQRWUDVUHGHV
3HWLFLyQGHVHUYLFLRGXUDQWHHOHVWDEOHFLPLHQWRGHOODPDGD
(QFDVRGHLQWHUIXQFLRQDPLHQWRGHOFRQWUROGHOODPDGDGHXQDUHGTXHVRSRUWHVHUYLFLRGHVHxDOL]DFLyQGHXVXDULRD
XVXDULRFRQ
±
XQDUHGVLQ661ƒ
±
XQDUHG661ƒVLQ385'6,
±
XQDUHG661ƒTXHQRVRSRUWHHVWHVHUYLFLR
OD FHQWUDO 5'6, TXH UHFLED XQ PHQVDMH LQLFLDO GH GLUHFFLyQ HQ TXH VH LQFOX\D XQD SHWLFLyQ GH VHUYLFLR H[SOtFLWD
PDQWHQGUiUHJLVWUDGDHVWDSHWLFLyQ\UHVSRQGHUiFRQLQIRUPDFLyQGHVHxDOL]DFLyQVREUHHOVHUYLFLRGHVHxDOL]DFLyQGH
XVXDULRDXVXDULRFRPRVHHVSHFLILFDHQHO&XDGUR
&8$'524
5HFKD]RGHVHUYLFLRHQFDVRGHLQWHUIXQFLRQDPLHQWR
5HGGH
LQWHUIXQFLRQDPLHQWR
3pWLFLyQ
QRHVHQFLDO
3HWLFLyQHVHQFLDO
5HFRPHQGDFLyQ45HHPSOD]DGDSRUXQDYHUVLyQPiVUHFLHQWH
5HGVLQ661ƒ
$&088,LQG
5HO+GLDJQyVWLFR
VHUYLFLRQRSURSRUFLRQDGR
1RWD
5HHPSOD]DGDSRUXQDYHUVLyQPiVUHFLHQWH
3HWLFLyQGHVHUYLFLRWUDVHOHVWDEOHFLPLHQWRGHODOODPDGD
(O UHFKD]R GHO VHUYLFLR FRQIRUPH D OR GHVFULWR HQ VHUi DSOLFDEOH D ORV FDVRV GH LQWHUIXQFLRQDPLHQWR
GHVFULWRVHQ
)OXMRVGHVHxDOL]DFLyQ
(QOD)LJXUDVHPXHVWUDXQDXWLOL]DFLyQORJUDGDGHOVHUYLFLRGHVHxDOL]DFLyQGHXVXDULRDXVXDULRSHGLGDFRPRQR
HVHQFLDODQWHVGHOHVWDEOHFLPLHQWRGHODOODPDGD(QOD)LJXUDVHPXHVWUDXQDXWLOL]DFLyQORJUDGDGHVHUYLFLRGH
VHxDOL]DFLyQGHXVXDULRDXVXDULRSHGLGRWUDVHOHVWDEOHFLPLHQWRGHODOODPDGD
/DVVLJXLHQWHVQRWDVVRQDSOLFDEOHVDODV)LJXUDV\
127$6
(QORVFDVRVHQTXHXQPHQVDMHSURJUHVLyQGHODOODPDGDWUDQVSRUWHXQDLQGLFDFLyQ$9,62HOSDUiPHWURLQGLFDGRUHV
XVXDULRDXVXDULRSRGUiVHUWUDQVSRUWDGRHQHOPHQVDMHSURJUHVLyQGHODOODPDGD
(QORVFDVRVHQTXHHOXVXDULROODPDGRVHDXQWHUPLQDOGHFRQWHVWDFLyQDXWRPiWLFDHOSDUiPHWURLQGLFDGRUHVXVXDULR
DXVXDULRSRGUiVHUWUDQVSRUWDGRHQXQPHQVDMHFRQH[LyQ
(QODV)LJXUDV\VHXWLOL]DQODVDEUHYLDWXUDVVLJXLHQWHV
$EUHYLDWXUDV
9DORUHVGHLQGLFDGRUXVXDULRDXVXDULR
QL
6LQLQIRUPDFLyQ
UQH
3HGLGRQRHVHQFLDO
UH
3HGLGRHVHQFLDO
S
3URSRUFLRQDGR
QS
1RSURSRUFLRQDGR
$EUHYLDWXUDV
1RPEUHGHSDUiPHWUR
88,
,QIRUPDFLyQXVXDULRDXVXDULR
88,LQG
,QGLFDGRUHVXVXDULRDXVXDULR
$EUHYLDWXUDV
1RPEUHGHPHQVDMH
$&0
'LUHFFLyQFRPSOHWD
$10
&RQWHVWDFLyQ
)$$
)DFLOLGDGDFHSWDGD
)$5
)DFLOLGDGSHGLGD
,$0
0HQVDMHLQLFLDOGHGLUHFFLyQ
5(/
/LEHUDFLyQ
5/&
/LEHUDFLyQFRPSOHWD
865
,QIRUPDFLyQXVXDULRDXVXDULR
/RV PHQVDMHV UHSUHVHQWDGRV PHGLDQWH OtQHDV GH WUD]RV QR IRUPDQ SDUWH GHO SURWRFROR GH OD SDUWH XVXDULR GH 5'6, \
UHVSRQGHQ~QLFDPHQWHDILQHVLQIRUPDWLYRV3DUDXQDLQIRUPDFLyQGHWDOODGDVREUHORVSURFHGLPLHQWRVXVXDULRDXVXDULR
GHOSURWRFRORGHDFFHVRH[DPtQHQVHODV5HFRPHQGDFLRQHVVREUHHOSURWRFRORGHDFFHVR5'6,
9DORUHVGHSDUiPHWURWHPSRUL]DGRUHV
1LQJXQRLGHQWLILFDGR
'HVFULSFLyQGLQiPLFD
1RVHLQFOX\HXQDGHVFULSFLyQGLQiPLFD6'/
5HFRPHQGDFLyQ45HHPSOD]DGDSRUXQDYHUVLyQPiVUHFLHQWH
5HHPSOD]DGDSRUXQDYHUVLyQPiVUHFLHQWH
&HQWUDOGH
RULJHQ
8VXDULRGH
RULJHQ
(67$%/(
&,0,(17
2
6 UQH
&HQWUDOGH
GHVWLQR
&HQWUDOGH
WUiQVLWR
,$0
,$0
LQG88,
>6 QL6 QL
6 UQH@
$&0
$&0
$9,62
&21(;,Ï1
6 S
,1)250$&
,Ï1'(
868$5,2
,Ï1'(
,1)250$&
868$5,2
8VXDULRGH
GHVWLQR
(67$%/(&
,0,(172
6 UQH
$9,62
6 IRXUQL
&21(;Ï1
$10
$10
6 S
LQG88,
>6 QL6 QS
6 S@
865
865
865
865
,1)250
$&,Ï1
'(868$5
,2
Ï1
,1)250$&,
'(868$5,2
(67$%/(&
,0,(172
D
,$0
,$0
D
D
(67$%/(&
,0,(172
D
6 QS
$9,62
&21(;,Ï1
$&0
$&0
$10
6 QS
$9,62
$10
6 QS
&21(;,Ï1
6 QS
6 QS
D
7G
/RPLVPRTXHHQHOFDVR©SURSRUFLRQDGRª
),*85$4
6HUYLFLR886
QRHVHQFLDO
),*85(4>'@ &0
5HFRPHQGDFLyQ45HHPSOD]DGDSRUXQDYHUVLyQPiVUHFLHQWH
5HHPSOD]DGDSRUXQDYHUVLyQPiVUHFLHQWH
8VXDULR
GHRULJHQ
&HQWUDOGH
RULJHQ
(67$%/(
&,0,(17
2
&HQWUDOGH
WUiQVLWR
&HQWUDOGH
GHVWLQR
,$0
,$0
(1& 8562
//$0$' $
)$&,/,'$'
)$5
6 UQH
$9,62
&21(;,Ï1
$10
$10
&21(;,Ï1
(67$%/(&
,0,(172
$&0
$&0
$9,62
)$5
LQG88,
>6 QL6
QL
6 UQH@
)$&,/,'$'
6 UQH
)$&,/,'$'
)$$
)$$
)$&,/,'$'
6 S
,1)250$&
,Ï1'(
868$5,2
6 S
LQG88,
QL
>6 QL6
6 S@
865
865
8VXDULRGH
GHVWLQR
,1)250$&
,Ï1'(
868$5,2
7G
),*85$4
6HUYLFLR886±6ROLFLWDGRGHVSXpVTXHODOODPDGDHVWiDFWLYD
VROLFLWDGRFRPRQRHVHQFLDO
),*85(4>'@ &0
5HFRPHQGDFLyQ45HHPSOD]DGDSRUXQDYHUVLyQPiVUHFLHQWH