Convertidor SINAMICS V20

ٰ &RQYHUWLGRU6,1$0,&69ٰ BBBBBBBBBBBBBBBBBBB
3UHIDFLR
BBBBBBBBBBBBBBBBBBB
,QVWUXFFLRQHVGHVHJXULGDG
BBBBBBBBBBBBBBBBBBB
,QWURGXFFLµQ
&RQYHUWLGRU6,1$0,&69
BBBBBBBBBBBBBBBBBBB
,QVWDODFLµQPHF£QLFD
BBBBBBBBBBBBBBBBBBB
,QVWDODFLµQHO«FWULFD
BBBBBBBBBBBBBBBBBBB
3XHVWDHQPDUFKD
,QVWUXFFLRQHVGHVHUYLFLR
BBBBBBBBBBBBBBBBBBB
&RPXQLFDFLµQFRQHO3/&
BBBBBBBBBBBBBBBBBBB
/LVWDGHSDU£PHWURV
BBBBBBBBBBBBBBBBBBB
&µGLJRVGHIDOOR\DYLVR
$
BBBBBBBBBBBBBBBBBBB
'DWRVW«FQLFRV
%
BBBBBBBBBBBBBBBBBBB
2SFLRQHV\UHSXHVWRV
$(
1RWDVMXU¯GLFDV
)LORVRI¯DHQODVH³DOL]DFLµQGHDGYHUWHQFLDV\SHOLJURV
(VWHPDQXDOFRQWLHQHODVLQIRUPDFLRQHVQHFHVDULDVSDUDODVHJXULGDGSHUVRQDODV¯FRPRSDUDODSUHYHQFLµQGH
GD³RVPDWHULDOHV/DVLQIRUPDFLRQHVSDUDVXVHJXULGDGSHUVRQDOHVW£QUHVDOWDGDVFRQXQWUL£QJXORGH
DGYHUWHQFLDODVLQIRUPDFLRQHVSDUDHYLWDU¼QLFDPHQWHGD³RVPDWHULDOHVQROOHYDQGLFKRWUL£QJXOR'HDFXHUGRDO
JUDGRGHSHOLJURODVFRQVLJQDVVHUHSUHVHQWDQGHPD\RUDPHQRUSHOLJURFRPRVLJXH
3(/,*52
6LJQLILFDTXHVLQRVHDGRSWDQODVPHGLGDVSUHYHQWLYDVDGHFXDGDVV
VHSURGXFLU£ODPXHUWHRELHQOHVLRQHV
FRUSRUDOHVJUDYHV
$'9(57(1&,$
6LJQLILFDTXHVLQRVHDGRSWDQODVPHGLGDVSUHYHQWLYDVDGHFXDGDVS
SXHGHSURGXFLUVHODPXHUWHRELHQOHVLRQHV
FRUSRUDOHVJUDYHV
35(&$8&,•1
6LJQLILFDTXHVLQRVHDGRSWDQODVPHGLGDVSUHYHQWLYDVDGHFXDGDVSXHGHQSURGXFLUVHOHVLRQHVFRUSRUDOHV
$7(1&,•1
6LJQLILFDTXHVLQRVHDGRSWDQODVPHGLGDVSUHYHQWLYDVDGHFXDGDVSXHGHQSURGXFLUVHGD³RVPDWHULDOHV
6LVHGDQYDULRVQLYHOHVGHSHOLJURVHXVDVLHPSUHODFRQVLJQDGHVHJXULGDGP£VHVWULFWDHQFDGDFDVR6LHQXQD
FRQVLJQDGHVHJXULGDGFRQWUL£QJXORGHDGYHUWHQFLDVHDODUPDGHSRVLEOHVGD³RVSHUVRQDOHVODPLVPDFRQVLJQD
SXHGHFRQWHQHUWDPEL«QXQDDGYHUWHQFLDVREUHSRVLEOHVGD³RVPDWHULDOHV
3HUVRQDOFXDOLILFDGR
(OSURGXFWRVLVWHPDWUDWDGRHQHVWDGRFXPHQWDFLµQVµORGHEHU£VHUPDQHMDGRRPDQLSXODGRSRUS
SHUVRQDO
FXDOLILFDGRSDUDODWDUHDHQFRPHQGDGD\REVHUYDQGRORLQGLFDGRHQODGRFXPHQWDFLµQFRUUHVSRQGLHQWHDOD
PLVPDSDUWLFXODUPHQWHODVFRQVLJQDVGHVHJXULGDG\DGYHUWHQFLDVHQHOODLQFOXLGDV'HELGRDVXIRUPDFLµQ\
H[SHULHQFLDHOSHUVRQDOFXDOLILFDGRHVW£HQFRQGLFLRQHVGHUHFRQRFHUULHVJRVUHVXOWDQWHVGHOPDQHMRR
PDQLSXODFLµQGHGLFKRVSURGXFWRVVLVWHPDV\GHHYLWDUSRVLEOHVSHOLJURV
8VRSUHYLVWRRGHORVSURGXFWRVGH6LHPHQV
&RQVLGHUHORVLJXLHQWH
$'9(57(1&,$
/RVSURGXFWRVGH6LHPHQVVµORGHEHU£QXVDUVHSDUDORVFDVRVGHDSOLFDFLµQSUHYLVWRVHQHOFDW£ORJR\OD
GRFXPHQWDFLµQW«FQLFDDVRFLDGD'HXVDUVHSURGXFWRV\FRPSRQHQWHVGHWHUFHURV«VWRVGHEHU£QKDEHUVLGR
UHFRPHQGDGRVXKRPRORJDGRVSRU6LHPHQV(OIXQFLRQDPLHQWRFRUUHFWR\VHJXURGHORVSURGXFWRVH[LJHTXHVX
WUDQVSRUWHDOPDFHQDPLHQWRLQVWDODFLµQPRQWDMHPDQHMR\PDQWHQLPLHQWRKD\DQVLGRUHDOL]DGRVGHIRUPD
FRUUHFWD(VSUHFLVRUHVSHWDUODVFRQGLFLRQHVDPELHQWDOHVSHUPLWLGDV7DPEL«QGHEHU£QVHJXLUVHODV
LQGLFDFLRQHV\DGYHUWHQFLDVTXHILJXUDQHQODGRFXPHQWDFLµQDVRFLDGD
0DUFDVUHJLVWUDGDV
7RGRVORVQRPEUHVPDUFDGRVFRQpVRQPDUFDVUHJLVWUDGDVGH6LHPHQV$*/RVUHVWDQWHVQRPEUHV\
GHVLJQDFLRQHVFRQWHQLGRVHQHOSUHVHQWHGRFXPHQWRSXHGHQVHUPDUFDVUHJLVWUDGDVFX\DXWLOL]DFLµQSRUWHUFHURV
SDUDVXVSURSLRVILQHVSXHGHYLRODUORVGHUHFKRVGHVXVWLWXODUHV
([HQFLµQGHUHVSRQVDELOLGDG
+HPRVFRPSUREDGRODFRQFRUGDQFLDGHOFRQWHQLGRGHHVWDSXEOLFDFLµQFRQHOKDUGZDUH\HOVRIWZDUHGHVFULWRV
6LQHPEDUJRFRPRHVLPSRVLEOHH[FOXLUGHVYLDFLRQHVQRSRGHPRVKDFHUQRVUHVSRQVDEOHGHODSOHQD
FRQFRUGDQFLD(OFRQWHQLGRGHHVWDSXEOLFDFLµQVHUHYLVDSHULµGLFDPHQWHVLHVQHFHVDULRODVSRVLEOHVODV
FRUUHFFLRQHVVHLQFOX\HQHQODVLJXLHQWHHGLFLµQ
6LHPHQV$*
,QGXVWU\6HFWRU
3RVWIDFK
1ž51%(5*
$/(0$1,$
$(
࿕6XMHWRDFDPELRVVLQSUHYLRDYLVR
&RS\ULJKWk6LHPHQV$*
5HVHUYDGRVWRGRVORVGHUHFKRV
3UHIDFLR
)LQDOLGDGGHHVWHPDQXDO
(QHVWHPDQXDOVHRIUHFHLQIRUPDFLµQVREUHODLQVWDODFLµQSXHVWDHQPDUFKD
IXQFLRQDPLHQWR\PDQWHQLPLHQWRFRUUHFWRVGHORVFRQYHUVRUHV6,1$0,&69
&RPSRQHQWHVGHODGRFXPHQWDFLµQGHOXVXDULRGH6,1$0,&69
'RFXPHQWR
&RQWHQLGR
,GLRPDVGLVSRQLEOHV
,QVWUXFFLRQHVGHVHUYLFLR
(VWHPDQXDO
,QJO«V
&KLQR
$OHP£Q
,WDOLDQR
&RUHDQR
3RUWXJX«V
(VSD³RO
*HWWLQJ6WDUWHGSULPHURVSDVRV
'HVFULEHODLQVWDODFLµQXWLOL]DFLµQ\SXHVWD
HQPDUFKDE£VLFDGHOFRQYHUWLGRU6,1$0,&6
9
,QJO«V
&KLQR
$OHP£Q
,WDOLDQR
&RUHDQR
3RUWXJX«V
(VSD³RO
,QIRUPDFLµQGHOSURGXFWR
'HVFULEHODLQVWDODFLµQ\ODXWLOL]DFLµQGHODV
RSFLRQHVRORVUHSXHVWRVVLJXLHQWHV
3DUDPHWUL]DGRUHV
0µGXORVGHIUHQDGRGLQ£PLFR
%DVLF2SHUDWRU3DQHOV%23H[WHUQRV
0µGXORVGHLQWHUID]GH%23
.LWVGHFRQH[LµQGHSDQWDOOD
9HQWLODGRUHVGHUHSXHVWR
,QJO«V
&KLQR
&RQYHUWLGRU6,1$0,&69
,QVWUXFFLRQHVGHVHUYLFLR$(
3UHIDFLR
6RSRUWHW«FQLFR
3D¯V
/¯QHDGLUHFWD
&KLQD
$OHPDQLD
,WDOLD
%UDVLO
,QGLD
&RUHD
7XUTX¯D
((88
0£VLQIRUPDFLµQGHFRQWDFWRGHOVHUYLFLRW«FQLFR&RQWDFWRVSDUDVRSRUWH
KWWSVXSSRUWDXWRPDWLRQVLHPHQVFRP::YLHZHV
&RQYHUWLGRU6,1$0,&69
,QVWUXFFLRQHVGHVHUYLFLR$(
QGLFH
3UHIDFLR ,QVWUXFFLRQHVGHVHJXULGDG ,QWURGXFFLµQ &RPSRQHQWHVGHOVLVWHPDFRQYHUWLGRU 3ODFDGHFDUDFWHU¯VWLFDVGHOFRQYHUWLGRU ,QVWDODFLµQPHF£QLFD 2ULHQWDFLµQGHPRQWDMH\HVSDFLROLEUH
0RQWDMHHQSDQHOGHDUPDULRWDPD³RVGHEDVWLGRUGH$D'
6,1$0,&69YDULDQWH)ODW3ODWH 0RQWDMHDWUDYHVDGRWDPD³RVGHEDVWLGRUGH%D' ,QVWDODFLµQHO«FWULFD &RQH[LRQHVGHOVLVWHPDW¯SLFDV 'HVFULSFLµQGHORVERUQHV
,QVWDODFLµQFRQIRUPHDORVUHTXLVLWRVGH&(0
'LVH³RGHDUPDULRFRQIRUPHDORVUHTXLVLWRVGH&(0 3XHVWDHQPDUFKD %DVLF2SHUDWRU3DQHO%23LQWHJUDGR
,QWURGXFFLµQDO%23LQWHJUDGR (VWUXFWXUDGHPHQ¼VGHOFRQYHUWLGRU 9LVXDOL]DFLµQGHOHVWDGRGHOFRQYHUWLGRU
(GLFLµQGHSDU£PHWURV 9LVXDOL]DFLRQHVGHODSDQWDOOD
(VWDGRVGHO/(' &RPSUREDFLµQDQWHVGHODFRQH[LµQ &RQILJXUDFLµQGHOPHQ¼GHVHOHFFLµQGH+] $UUDQTXHGHOPRWRUSDUDODPDUFKDGHSUXHED
3XHVWDHQPDUFKDU£SLGD
3XHVWDHQPDUFKDU£SLGDDWUDY«VGHOPHQ¼GHFRQILJXUDFLµQ (VWUXFWXUDGHOPHQ¼GHFRQILJXUDFLµQ &RQILJXUDFLµQGHGDWRVGHOPRWRU &RQILJXUDFLµQGHPDFURVGHFRQH[LµQ &RQILJXUDFLµQGHPDFURVGHDSOLFDFLµQ
&RQILJXUDFLµQGHSDU£PHWURVFRPXQHV
3XHVWDHQPDUFKDU£SLGDDWUDY«VGHOPHQ¼GHSDU£PHWURV
)XQFLµQGHSXHVWDHQPDUFKD 5HVXPHQGHIXQFLRQHVGHOFRQYHUWLGRU &RQYHUWLGRU6,1$0,&69
,QVWUXFFLRQHVGHVHUYLFLR$(
QGLFH
)XQFLRQHVE£VLFDVGHSXHVWDHQPDUFKD 6HOHFFLµQGHOPRGR6723 )XQFLRQDPLHQWRGHOFRQYHUWLGRUHQPRGR-2* &RQILJXUDFLµQGHODHOHYDFLµQGHWHQVLµQ &RQILJXUDFLµQGHOUHJXODGRU3,' &RQILJXUDFLµQGHODIXQFLµQGHIUHQDGR &RQILJXUDFLµQGHOWLHPSRGHUDPSD &RQILJXUDFLµQGHOUHJXODGRU,P£[ &RQILJXUDFLµQGHOUHJXODGRU9GF &RQILJXUDFLµQGHODIXQFLµQGHYLJLODQFLDGHOSDUGHFDUJD )XQFLRQHVDYDQ]DGDVGHSXHVWDHQPDUFKD $UUDQTXHGHOPRWRUHQPRGRGHSDUVXSHULRU $UUDQTXHGHOPRWRUHQPRGRGHDUUDQTXHSXOVDGR $UUDQTXHGHOPRWRUHQPRGRGHHOLPLQDFLµQGHREWXUDFLRQHV )XQFLRQDPLHQWRGHOFRQYHUWLGRUHQPRGRHFRQRPL]DGRU &RQILJXUDFLµQGHODSURWHFFLµQFRQWUDVREUHWHPSHUDWXUDGHOPRWRUFRQIRUPHD8/& &RQILJXUDFLµQGHORVEORTXHVIXQFLRQDOHVOLEUHV))% &RQILJXUDFLµQGHODIXQFLµQGHUHDUUDQTXHDOYXHOR &RQILJXUDFLµQGHODIXQFLµQGHUHDUUDQTXHDXWRP£WLFR )XQFLRQDPLHQWRGHOFRQYHUWLGRUHQPRGRGHSURWHFFLµQDQWLHVFDUFKD )XQFLRQDPLHQWRGHOFRQYHUWLGRUHQPRGRGHSURWHFFLµQFRQWUDODFRQGHQVDFLµQ )XQFLRQDPLHQWRGHOFRQYHUWLGRUHQPRGRGHUHSRVR &RQILJXUDFLµQGHORVFLODGRU )XQFLRQDPLHQWRGHOFRQYHUWLGRUHQPRGRGHVHFXHQFLDFLµQGHPRWRUHV )XQFLRQDPLHQWRGHOFRQYHUWLGRUHQPRGRGHSURWHFFLµQFRQWUDFDYLWDFLµQ &RQILJXUDFLµQGHOMXHJRGHSDU£PHWURVSUHGHWHUPLQDGRVGHOXVXDULR &RQILJXUDFLµQGHODIXQFLµQGHGREOHUDPSD &RQILJXUDFLµQGHODIXQFLµQGHDFRSODPLHQWRHQ'& 5HVWDXUDFLµQGHORVDMXVWHVSUHGHWHUPLQDGRV &RPXQLFDFLµQFRQHO3/& &RPXQLFDFLµQ866 &RPXQLFDFLµQ02'%86 /LVWDGHSDU£PHWURV ,QWURGXFFLµQDORVSDU£PHWURV /LVWDGHSDU£PHWURV &µGLJRVGHIDOOR\DYLVR $
'DWRVW«FQLFRV %
2SFLRQHV\UHSXHVWRV %
%
%
%
%
%
%
%
%
2SFLRQHV 3DUDPHWUL]DGRU 0µGXORGHLQWHUID]%23\%23H[WHUQR &DEOHGHFRQH[LµQ%23H[WHUQRDPµGXORGHLQWHUID]%23 0µGXORGHIUHQDGRGLQ£PLFR 5HVLVWHQFLDGHIUHQDGR 5HDFWDQFLDGHUHG 5HDFWDQFLDGHVDOLGD )LOWUR&(0H[WHUQR &RQYHUWLGRU6,1$0,&69
,QVWUXFFLRQHVGHVHUYLFLR$(
QGLFH
%
%
%
.LWVGHFRQH[LµQGHSDQWDOOD 7DUMHWDGHPHPRULD
'RFXPHQWDFLµQGHXVXDULR %
5HSXHVWRV9HQWLODGRUHVGHUHSXHVWR
QGLFH &RQYHUWLGRU6,1$0,&69
,QVWUXFFLRQHVGHVHUYLFLR$(
QGLFH
&RQYHUWLGRU6,1$0,&69
,QVWUXFFLRQHVGHVHUYLFLR$(
,QVWUXFFLRQHVGHVHJXULGDG
$QWHVGHLQVWDODUHVWHHTXLSR\SRQHUORHQIXQFLRQDPLHQWROHDGHWHQLGDPHQWHODVVLJXLHQWHV
LQVWUXFFLRQHVGHVHJXULGDG\WRGRVORVUµWXORVGHDGYHUWHQFLDILMDGRVDOHTXLSR$VHJ¼UHVH
GHTXHORVUµWXORVGHDGYHUWHQFLDVHDQOHJLEOHV\VXVWLWX\DORVUµWXORVGD³DGRVRUHSRQJD
ORVTXHIDOWHQ
*HQHUDOLGDGHV
3(/,*52
0XHUWHSRUGHVFDUJDHO«FWULFD
$OUHWLUDUVHODDOLPHQWDFLµQVLJXHKDELHQGRWHQVLRQHVSHOLJURVDVHQORVFRQGHQVDGRUHV
LQWHUQRVGHODLQWHUFRQH[LµQGH'&
(OFRQWDFWRFRQORVERUQHVSXHGHSURYRFDUODPXHUWHSRUGHVFDUJDHO«FWULFD
1RWRTXHQLQJ¼QERUQHHQHOSOD]RGHFLQFRPLQXWRVGHVSX«VGHGHVFRQHFWDUOD
DOLPHQWDFLµQHO«FWULFDGHOFRQYHUWLGRU
&RUULHQWHHQHOFRQGXFWRUGHSXHVWDDWLHUUDGHSURWHFFLµQ
/DFRUULHQWHGHIXJDDWLHUUDGHOFRQYHUWLGRU6,1$0,&69SXHGHVXSHUDUORVP$$&
3RUHVWHPRWLYRVHQHFHVLWDXQDFRQH[LµQILMDGHWLHUUD\ODVHFFLµQP¯QLPDGHOFRQGXFWRU
GHWLHUUDGHSURWHFFLµQGHEHHVWDUGHDFXHUGRFRQORVUHJODPHQWRVORFDOHVGHVHJXULGDG
SDUDHTXLSRVHO«FWULFRVFRQJUDQGHVIXJDVDWLHUUD
(OFRQYHUWLGRU6,1$0,&69VHKDGLVH³DGRFRQSURWHFFLµQPHGLDQWHIXVLEOHVVLQ
HPEDUJRSXHVWRTXHHOFRQYHUWLGRUSXHGHSURYRFDUXQDFRUULHQWH'&HQHOFRQGXFWRUGH
SXHVWDDWLHUUDGHSURWHFFLµQVLGHEHXWLOL]DUVHXQPµGXORGLIHUHQFLDO5&'5HVLGXDO
&XUUHQW'HYLFHR5&05HVLGXDO&XUUHQW0RQLWRULQJ'HYLFHDJXDVDUULEDHQOD
DOLPHQWDFLµQHOGLVSRVLWLYRGHEHVHUGHWLSR%
$'9(57(1&,$
8VRVHJXURGHORVFRQYHUWLGRUHV
(QHVWHHTXLSRKD\WHQVLRQHVSHOLJURVDV\FRQWURODFRPSRQHQWHVPHF£QLFRVJLUDWRULRV
SRWHQFLDOPHQWHSHOLJURVRV(QFDVRGHQRVHJXLUODVLQVWUXFFLRQHVFRQWHQLGDVHQHVWH
PDQXDOSXHGHFDXVDUODPXHUWHOHVLRQHVSHUVRQDOHVJUDYHVRGD³RVPDWHULDOHV
(VWHHTXLSRGHEHVHUPDQLSXODGRVRORSRUSHUVRQDOFXDOLILFDGRSHUWLQHQWH\VRORXQDYH]
TXHVHKD\DIDPLOLDUL]DGRFRQWRGDVODVLQVWUXFFLRQHVGHVHJXULGDG\SURFHGLPLHQWRVGH
LQVWDODFLµQSXHVWDHQPDUFKDIXQFLRQDPLHQWR\PDQWHQLPLHQWRLQFOXLGRVHQHVWHPDQXDO
1RVHSHUPLWHQODVPRGLILFDFLRQHVQRDXWRUL]DGDVGHOHTXLSR
8QDSURWHFFLµQFRQWUDFRQWDFWRVGLUHFWRVSRUPHGLRGHWHQVLRQHV93(/9 3URWHFWLYH([WUD/RZ9ROWDJHVHJ¼Q(1VRORVHSHUPLWHHQ£UHDVFRQ
FRQH[LµQHTXLSRWHQFLDO\HQVDODVVHFDVHQLQWHULRUHV6LQRVHFXPSOHQHVWDVFRQGLFLRQHV
GHEHU£QDSOLFDUVHRWUDVPHGLGDVGHSURWHFFLµQFRQWUDGHVFDUJDVHO«FWULFDVFRPR
DLVODPLHQWRGHSURWHFFLµQ
&RQYHUWLGRU6,1$0,&69
,QVWUXFFLRQHVGHVHUYLFLR$(
,QVWUXFFLRQHVGHVHJXULGDG
(OFRQYHUWLGRUGHEHHVWDUVLHPSUHSXHVWRDWLHUUD6LHOFRQYHUWLGRUQRHVW£SXHVWRDWLHUUD
FRUUHFWDPHQWHSXHGHGDUOXJDUDFRQGLFLRQHVWUHPHQGDPHQWHSHOLJURVDVTXHHQFLHUWDV
FLUFXQVWDQFLDVSXHGHQSURYRFDUODPXHUWH
(OGLVSRVLWLYRVHGHEHGHVFRQHFWDUGHODDOLPHQWDFLµQHO«FWULFDDQWHVGHTXHVH
HVWDEOH]FDQRDOWHUHQGHFXDOTXLHUPDQHUDODVFRQH[LRQHVFRQHOGLVSRVLWLYR
,QVWDOHHOFRQYHUWLGRUVREUHXQDSODFDGHPRQWDMHGHPHWDOHQXQDUPDULRGHFRQWURO'LFKD
SODFDGHPRQWDMHQRGHEHVHUSLQWDGD\GHEHWHQHUEXHQDFRQGXFWLYLGDGHO«FWULFD
(VW£HVWULFWDPHQWHSURKLELGRFRUWDUODWHQVLµQHQHOODGRGHOPRWRUGHOVLVWHPDFXDQGRHVW£
IXQFLRQDQGRHOFRQYHUWLGRU\ODFRUULHQWHGHVDOLGDQRHVLJXDODFHUR
3UHVWHHVSHFLDODWHQFLµQDODVQRUPDV\UHJODPHQWRVGHLQVWDODFLµQ\VHJXULGDGJHQHUDOHV
\ORFDOHVDFHUFDGHWUDEDMRVHQLQVWDODFLRQHVVRPHWLGDVDWHQVLRQHVSHOLJURVDVSRU
HMHPSORODDV¯FRPRDODQRUPDWLYDUHOHYDQWHVREUHODXWLOL]DFLµQFRUUHFWDGH
KHUUDPLHQWDV\HTXLSRVGHSURWHFFLµQSHUVRQDO(33
$7(1&,•1
'HVFDUJDSRUHOHFWULFLGDGHVW£WLFD
/DVGHVFDUJDVSRUHOHFWULFLGDGHVW£WLFDVREUHLQWHUIDFHVSHMWHUPLQDOHVRSLQHVGH
FRQHFWRUHVSXHGHQFDXVDUIXQFLRQDPLHQWRVDQµPDORVRGHIHFWRV3RUHOORDOUHDOL]DU
WUDEDMRVHQHOFRQYHUWLGRURVXVFRPSRQHQWHVGHEHQREVHUYDUHVODVPHGLGDVGHSURWHFFLµQ
GHGLVSRVLWLYRVVHQVLEOHVDGHVFDUJDVHOHFWURVW£WLFDV(6'
7UDQVSRUWH\DOPDFHQDPLHQWR
$7(1&,•1
9LEUDFLRQHVRFKRTXHVI¯VLFRVH[FHVLYRV
3URWHMDHOHTXLSRGHYLEUDFLRQHVRFKRTXHVI¯VLFRVGXUDQWHHOWUDQVSRUWH\HO
DOPDFHQDPLHQWR(VLPSRUWDQWHTXHHOHTXLSRHVW«SURWHJLGRGHODJXDSUHFLSLWDFLRQHV\
WHPSHUDWXUDVH[FHVLYDV
,QVWDODFLµQ
$'9(57(1&,$
&RQH[LµQGHFDEOHV
6RORVHSHUPLWHQODVFRQH[LRQHVGHDOLPHQWDFLµQGHHQWUDGDFDEOHDGDVGHIRUPD
SHUPDQHQWH(OHTXLSRVHGHEHSRQHUDWLHUUD,(&&ODVH1(&\RWUDVQRUPDV
DSOLFDEOHV
)DOORVFRQHOHTXLSRGHFRQWURO
6LHPSUHTXHVHSURGX]FDQIDOORVHQHOHTXLSRGHFRQWUROTXHSXHGDQGDUOXJDUDGD³RV
PDWHULDOHVLPSRUWDQWHVRLQFOXVROHVLRQHVFRUSRUDOHVJUDYHVHVGHFLUIDOORV
SRWHQFLDOPHQWHSHOLJURVRVVHGHEHQWRPDUSUHFDXFLRQHVH[WHUQDVDGLFLRQDOHVSDUD
JDUDQWL]DURIRPHQWDUHOIXQFLRQDPLHQWRVHJXURLQFOXVRFXDQGRVHSURGX]FDXQIDOORSHM
ILQDOHVGHFDUUHUDLQGHSHQGLHQWHVHQFODYDPLHQWRVPHF£QLFRVHWF
&RQYHUWLGRU6,1$0,&69
,QVWUXFFLRQHVGHVHUYLFLR$(
,QVWUXFFLRQHVGHVHJXULGDG
5HTXLVLWRVSDUDLQVWDODFLRQHVHQ(VWDGRV8QLGRV\&DQDG£8/F8/
$GHFXDGRSDUDVXXVRHQXQFLUFXLWRFDSD]GHHQWUHJDUQRP£VGHDPSHULRV
VLP«WULFRVUPV9$&FRPRP£[LPRSDUDYDULDQWHVGHFRQYHUWLGRUHVGH9R9
$&FRPRP£[LPRSDUDYDULDQWHVGHFRQYHUWLGRUHVGH9VRORFXDQGRHVW£SURWHJLGR
SRUIXVLEOHVGHFODVH-FHUWLILFDGRVVHJ¼Q8/F8/3RUFDGDWDPD³RGHEDVWLGRUGH$KDVWD
'VRORVHGHEHXVDUKLORGHFREUHSDUDr&GHFODVH
(VWHHTXLSRHVFDSD]GHSURSRUFLRQDUSURWHFFLµQFRQWUDVREUHFDUJDVDOPRWRULQWHUQR
VHJ¼Q8/&3DUDFXPSOLUODQRUPD8/&QRVHGHEHFDPELDUHOYDORUGHI£EULFDGHO
SDU£PHWUR3HVWDEOHFLGRHQ
3DUDODVLQVWDODFLRQHVHQ&DQDG£F8/ODDOLPHQWDFLµQGHUHGGHOFRQYHUWLGRUGHEHHVWDU
HTXLSDGDFRQFXDOTXLHUOLPLWDGRUH[WHUQRUHFRPHQGDGRTXHWHQJDODVFDUDFWHU¯VWLFDV
VLJXLHQWHV
'LVSRVLWLYRVSURWHFWRUHVFRQWUDVREUHWHQVLRQHVHOGLVSRVLWLYRGHEHDSDUHFHULQGLFDGR
FRPRSURWHFWRUFRQWUDVREUHWHQVLRQHVFµGLJRGHFDWHJRU¯D9=&$\9=&$
7HQVLµQQRPLQDOGH9$&SDUDYDULDQWHVGH9R9$&SDUD
YDULDQWHVGH9+]WULI£VLFDSDUDYDULDQWHVGH9RPRQRI£VLFDSDUD
YDULDQWHVGH9
7HQVLµQUHVLGXDODVLJQDGD935 9SDUDYDULDQWHVGH99SDUD
YDULDQWHVGH9,1 N$P¯Q0&29 9$&SDUDYDULDQWHVGH99
$&SDUDYDULDQWHVGH96&&5 N$
$SURSLDGRSDUDDSOLFDFLRQHV63'GHWLSRRWLSR
6HLQVWDODU£QSURWHFFLRQHVFRQWUDVREUHWHQVLRQHVHQWUHIDVHV\WDPEL«QHQWUHFDGDIDVH
\WLHUUD
$'9(57(1&,$
'LVSRVLWLYRSURWHFWRUGHFLUFXLWRVGHULYDGRV
/DDSHUWXUDGHOGLVSRVLWLYRSURWHFWRUGHFLUFXLWRVGHULYDGRVSXHGHVHUXQDLQGLFDFLµQGH
TXHVHKDLQWHUUXPSLGRXQDFRUULHQWHGHGHIHFWR3DUDUHGXFLUHOULHVJRGHLQFHQGLRR
GHVFDUJDHO«FWULFDVHGHEHQH[DPLQDUODVSLH]DVTXHWUDQVSRUWDQFRUULHQWH\RWURV
FRPSRQHQWHVGHOFRQWURODGRU\HVWHVHGHEHVXVWLWXLUVLHVW£GD³DGR6LHOHOHPHQWRGH
FRUULHQWHGHXQUHO«GHVREUHFDUJDVHTXHPDVHGHEHVXVWLWXLUHOUHO«GHVREUHFDUJD
FRPSOHWR
35(&$8&,•1
&RQH[LµQGHFDEOHV
6HSDUHORVFDEOHVGHFRQWUROGHORVFDEOHVGHDOLPHQWDFLµQORP£[LPRSRVLEOH
0DQWHQJDORVFDEOHVGHFRQH[LµQDOHMDGRVGHODVSLH]DVPHF£QLFDVJLUDWRULDV
&RQYHUWLGRU6,1$0,&69
,QVWUXFFLRQHVGHVHUYLFLR$(
,QVWUXFFLRQHVGHVHJXULGDG
$7(1&,•1
7HQVLµQGHDOLPHQWDFLµQGHOPRWRU
$VHJ¼UHVHGHTXHHOPRWRUHVW£FRQILJXUDGRSDUDODWHQVLµQGHDOLPHQWDFLµQFRUUHFWD
0RQWDMHGHOFRQYHUWLGRU
0RQWHHOFRQYHUWLGRUYHUWLFDOPHQWHHQXQDVXSHUILFLHSODQD\QRFRPEXVWLEOH
3XHVWDHQPDUFKD
$'9(57(1&,$
%RUQHVGHDOWDWHQVLµQ
/RVERUQHVVLJXLHQWHVSXHGHQWUDQVSRUWDUWHQVLRQHVSHOLJURVDVDXQTXHHOFRQYHUWLGRUQR
HVW«HQIXQFLRQDPLHQWR
/RVERUQHVGHHQWUDGDGHUHG///\HOERUQH3(
/RVERUQHVGHOPRWRU89:\HOERUQHGHSXHVWDDWLHUUDGHVDOLGD
/RVERUQHVGHODLQWHUFRQH[LµQGH'&'&\'&
/RVERUQHVGHODUHVLVWHQFLDGHIUHQDGR5\5VRORWDPD³RGHEDVWLGRU'
(VWHHTXLSRQRVHGHEHXVDUFRPRPHFDQLVPRGHSDUDGDGHHPHUJHQFLDY«DVH(1
1RVHSHUPLWHDEULUFRQHFWDUQLGHVFRQHFWDUHOHTXLSRGXUDQWHVXIXQFLRQDPLHQWR
)XQFLRQDPLHQWR
$'9(57(1&,$
5LHVJRVGHXQDSDUDPHWUL]DFLµQLQFRUUHFWD
$OJXQRVDMXVWHVGHSDU£PHWURVSRUHMHPSOR3SXHGHQSURYRFDUTXHHOFRQYHUWLGRU
VHUHLQLFLHDXWRP£WLFDPHQWHWUDVXQIDOORGHODDOLPHQWDFLµQGHHQWUDGDFRPRSRUHMHPSOR
ODIXQFLµQGHUHLQLFLRDXWRP£WLFR
/RVSDU£PHWURVGHOPRWRUVHGHEHQFRQILJXUDUFRQSUHFLVLµQSDUDTXHODSURWHFFLµQFRQWUD
VREUHFDUJDVGHOPRWRUIXQFLRQHFRUUHFWDPHQWH
8VRGHODUHVLVWHQFLDGHIUHQDGR
6LVHXWLOL]DXQDUHVLVWHQFLDGHIUHQDGRLQDGHFXDGDSXHGHSURGXFLUVHXQLQFHQGLR\GD³RV
JUDYHVDODVSHUVRQDVODVSURSLHGDGHV\ORVHTXLSRV8WLOLFHODUHVLVWHQFLDGHIUHQDGR
DGHFXDGDHLQVW£OHODFRUUHFWDPHQWH
/DWHPSHUDWXUDGHXQDUHVLVWHQFLDGHIUHQDGRDXPHQWDGHIRUPDVLJQLILFDWLYDGXUDQWHHO
IXQFLRQDPLHQWR(YLWHHQWUDUHQFRQWDFWRGLUHFWRFRQODVUHVLVWHQFLDVGHIUHQDGR
&RQYHUWLGRU6,1$0,&69
,QVWUXFFLRQHVGHVHUYLFLR$(
,QVWUXFFLRQHVGHVHJXULGDG
$'9(57(1&,$
6XSHUILFLHFDOLHQWH
'XUDQWHHOIXQFLRQDPLHQWR\SRUXQHVSDFLRGHWLHPSREUHYHGHVSX«VGHDSDJDUHO
FRQYHUWLGRUODVVXSHUILFLHVPDUFDGDVGHOFRQYHUWLGRUSXHGHQDOFDQ]DUXQDWHPSHUDWXUD
HOHYDGD(YLWHHQWUDUHQFRQWDFWRGLUHFWRFRQHVDVVXSHUILFLHV
35(&$8&,•1
8VRGHIXVLEOHV
(VWHHTXLSRHVDGHFXDGRSDUDVXXVRHQXQVLVWHPDDOLPHQWDGRGHKDVWDDPSHULRV
VLP«WULFRVUPVSDUDODWHQVLµQQRPLQDOP£[LPDFXDQGRHVW£SURWHJLGRSRUXQ
IXVLEOHHVW£QGDUDSURSLDGR
$7(1&,•1
,QWHUIHUHQFLDVHOHFWURPDJQ«WLFDV
(OXVRGHGLVSRVLWLYRVGHUDGLRPµYLOHVSHMWHO«IRQRVZDONLHWDONLHVHQODV
SUR[LPLGDGHVGHORVGLVSRVLWLYRVPSXHGHLQWHUIHULUFRQHOIXQFLRQDPLHQWRGHO
HTXLSR
5HSDUDFLµQ
$'9(57(1&,$
5HSDUDFLµQ\VXVWLWXFLµQGHOHTXLSR
/DVUHSDUDFLRQHVHQHOHTXLSRVRORGHEHQVHUUHDOL]DGDVSRUHO6HUYLFLR7«FQLFRGH
6LHPHQVSRUFHQWURVGHUHSDUDFLµQDXWRUL]DGRVSRU6LHPHQVRSRUSHUVRQDODXWRUL]DGR
TXHHVW«IDPLOLDUL]DGRDIRQGRFRQWRGDVODVDGYHUWHQFLDV\SURFHGLPLHQWRVRSHUDWLYRV
HVSHFLILFDGRVHQHVWHPDQXDO
&XDOTXLHUSLH]DRFRPSRQHQWHGHIHFWXRVRGHEHVHUUHHPSOD]DGRSRURWURVFRQWHQLGRVHQ
ODOLVWDVGHUHSXHVWRVDSOLFDEOHV
'HVFRQHFWHODDOLPHQWDFLµQHO«FWULFDDQWHVGHDEULUHOHTXLSRSDUDDFFHGHUD«O
'HVPRQWDMH\HOLPLQDFLµQ
$7(1&,•1
(OLPLQDFLµQGHOFRQYHUWLGRU
(OHPEDODMHGHOFRQYHUWLGRUHVUHXWLOL]DEOH&RQVHUYHHOHPEDODMHSDUDXVDUORHQHOIXWXUR
/RVFRQHFWRUHVDURVFD\SUHVLµQI£FLOHVGHOLEHUDUOHSHUPLWHQGHVPRQWDUODXQLGDGHQVXV
FRPSRQHQWHV3XHGHUHFLFODUHVRVFRPSRQHQWHVGHVHFKDUORVVHJ¼QORVUHTXLVLWRVORFDOHV
RGHYROYHUORVDOIDEULFDQWH
&RQYHUWLGRU6,1$0,&69
,QVWUXFFLRQHVGHVHUYLFLR$(
,QVWUXFFLRQHVGHVHJXULGDG
5LHVJRVUHVLGXDOHV
35(&$8&,•1
5LHVJRVUHVLGXDOHVDVRFLDGRVFRQORVFRPSRQHQWHVGHFRQWURO\DFFLRQDPLHQWRGHXQ3'6
/RVFRPSRQHQWHVGHFRQWURO\DFFLRQDPLHQWRGHXQVLVWHPDGHDFFLRQDPLHQWRGHSRWHQFLD
3'6HVW£QKRPRORJDGRVSDUDHOXVRLQGXVWULDO\FRPHUFLDOHQUHGHVGHVXPLQLVWUR
LQGXVWULDOHV(OXVRHQUHGHVGHVXPLQLVWURS¼EOLFDVUHTXLHUHXQDFRQILJXUDFLµQGLIHUHQWHR
PHGLGDVDGLFLRQDOHV
(VWRVFRPSRQHQWHVVRORVHSXHGHQXWLOL]DUHQDORMDPLHQWRVFHUUDGRVRHQDUPDULRVGH
FRQWUROGHQLYHOVXSHULRUFRQFXELHUWDVSURWHFWRUDVTXHHVW«QFHUUDGDV\FXDQGRVHXWLOLFHQ
WRGRVORVGLVSRVLWLYRVGHSURWHFFLµQ
(VWRVFRPSRQHQWHVVRORORVSXHGHPDQHMDUSHUVRQDOW«FQLFRFXDOLILFDGR\IRUPDGRTXH
HVW«IDPLOLDUL]DGRFRQHOORV\UHVSHWHWRGDVODVLQVWUXFFLRQHVHLQIRUPDFLµQGHVHJXULGDG
VREUHORVFRPSRQHQWHV\GHODGRFXPHQWDFLµQW«FQLFDGHXVXDULRDVRFLDGD
$OUHDOL]DUXQDHYDOXDFLµQGHULHVJRVGHXQDP£TXLQDVHJ¼QOD'LUHFWLYDVREUHPDTXLQDULD
GHOD8(HOIDEULFDQWHGHODP£TXLQDGHEHWHQHUHQFXHQWDORVVLJXLHQWHVULHVJRV
UHVLGXDOHVDVRFLDGRVFRQORVFRPSRQHQWHVGHFRQWURO\DFFLRQDPLHQWRGHXQ3'6
0RYLPLHQWRVQRLQWHQFLRQDGRVGHFRPSRQHQWHVGHODP£TXLQDDFFLRQDGDGXUDQWHOD
SXHVWDHQPDUFKDHOIXQFLRQDPLHQWRHOPDQWHQLPLHQWR\ODVUHSDUDFLRQHVGHELGRVD
SRUHMHPSOR
ದ 'HIHFWRVGHKDUGZDUHRHUURUHVGHVRIWZDUHHQORVVHQVRUHVFRQWURODGRUHV
DFWXDGRUHV\WHFQRORJ¯DGHFRQH[LµQ
ದ 7LHPSRVGHUHVSXHVWDGHOFRQWURODGRU\HODFFLRQDPLHQWR
ದ &RQGLFLRQHVDPELHQWDOHVRGHIXQFLRQDPLHQWRTXHHVW«QIXHUDGHODOFDQFHGHOD
HVSHFLILFDFLµQ
ದ &RQGHQVDFLµQRFRQWDPLQDFLµQFRQGXFWLYD
ದ (UURUHVGHSDUDPHWUL]DFLµQSURJUDPDFLµQFDEOHDGRHLQVWDODFLµQ
ದ 8VRGHGLVSRVLWLYRVGHUDGLRRWHO«IRQRVPµYLOHVHQODVSUR[LPLGDGHVGHOFRQWURODGRU
ದ 'D³RVRLQIOXHQFLDVH[WHUQRV
7HPSHUDWXUDVH[FHSFLRQDOHVDV¯FRPRHPLVLRQHVGHUXLGRSDUW¯FXODVRJDVHVGHELGDV
DSRUHMHPSOR
ದ )XQFLRQDPLHQWRVDQµPDORVGHFRPSRQHQWHV
ದ (UURUHVGHVRIWZDUH
ದ &RQGLFLRQHVDPELHQWDOHVRGHIXQFLRQDPLHQWRTXHHVW«QIXHUDGHODOFDQFHGHOD
HVSHFLILFDFLµQ
ದ 'D³RVRLQIOXHQFLDVH[WHUQRV
7HQVLRQHVGHFKRTXHSHOLJURVDVGHELGDVDSRUHMHPSOR
ದ )XQFLRQDPLHQWRVDQµPDORVGHFRPSRQHQWHV
ದ ,QIOXHQFLDGHFDUJDVHOHFWURVW£WLFDV
ದ ,QGXFFLµQGHWHQVLRQHVHQPRWRUHVHQPRYLPLHQWR
ದ &RQGLFLRQHVDPELHQWDOHVRGHIXQFLRQDPLHQWRTXHHVW«QIXHUDGHODOFDQFHGHOD
HVSHFLILFDFLµQ
ದ &RQGHQVDFLµQRFRQWDPLQDFLµQFRQGXFWLYD
ದ 'D³RVRLQIOXHQFLDVH[WHUQRV
&DPSRVHO«FWULFRVPDJQ«WLFRV\HOHFWURPDJQ«WLFRVJHQHUDGRVHQHOIXQFLRQDPLHQWR
TXHSXHGDQVXSRQHUXQULHVJRSDUDSHUVRQDVFRQPDUFDSDVRVLPSODQWHVRSUµWHVLV
PHW£OLFDVHWFVLHVW£QGHPDVLDGRFHUFD
/LEHUDFLµQGHHPLVLRQHVRFRQWDPLQDQWHVDPELHQWDOHVFRPRUHVXOWDGRGHOPDQHMR
LQDGHFXDGRGHOVLVWHPDRODHOLPLQDFLµQLQFRUUHFWDHLQVHJXUDGHFRPSRQHQWHV
&RQYHUWLGRU6,1$0,&69
,QVWUXFFLRQHVGHVHUYLFLR$(
,QWURGXFFLµQ
&RPSRQHQWHVGHOVLVWHPDFRQYHUWLGRU
6,1$0,&69HVXQDJDPDGHFRQYHUWLGRUHVGLVH³DGRVSDUDUHJXODUODYHORFLGDGGH
PRWRUHVDV¯QFURQRVWULI£VLFRV
9DULDQWHVGH9$&WULI£VLFDV
/RVFRQYHUWLGRUHVGH9$&WULI£VLFRVHVW£QGLVSRQLEOHVHQFXDWURWDPD³RVGHEDVWLGRU
Tamaño de bastidor A
6LQYHQWLODGRU
Tamaño de bastidor B
Tamaño de bastidor C
Tamaño de bastidor D
&RQYHQWLODGRU
5HIHUHQFLD
&RPSRQHQWH 3RWHQFLD
&RUULHQWH &RUULHQWH
&RUULHQWHGH
QRPLQDOGH QRPLQDOGH QRPLQDOGH VDOLGDD9
1RILOWUDGR
VDOLGD
HQWUDGD
VDOLGD
DN+]r&
7DPD³RGH
EDVWLGRU$
VLQ
YHQWLODGRU
7DPD³RGH
EDVWLGRU$
FRQXQ
YHQWLODGRU
7DPD³RGH
EDVWLGRU%
FRQXQ
YHQWLODGRU
7DPD³RGH
EDVWLGRU&
FRQXQ
YHQWLODGRU
7DPD³RGH
EDVWLGRU'
FRQGRV
YHQWLODGRUHV
)LOWUDGR
N:
N:
$
$
$
$
$
$
6/%(89 6/%(&9
6/%(89 6/%(&9
N:
N:
N:
N:
N:
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
6/%(89
6/%(89
6/%(89
6/%(89
N:
N:
$
$
$
$
$
6/%(89 6/%(&9
6/%(89 6/%(&9
N:
$
$
$
6/%(89 6/%(&9
N:
N:
N:
$
$
$
$
$
$
$
$
$
6/%(89 6/%(&9
6/%(89 6/%(&9
6/%(89 6/%(&9
6/%(&9
6/%(&9
6/%(&9
6/%(&9
6/%(&9
(VWDYDULDQWHVHUHILHUHDOFRQYHUWLGRUGHSODFDSODQDFRQXQGLVLSDGRUGHSODFDSODQD
&RQYHUWLGRU6,1$0,&69
,QVWUXFFLRQHVGHVHUYLFLR$(
,QWURGXFFLµQ
&RPSRQHQWHVGHOVLVWHPDFRQYHUWLGRU
9DULDQWHVGH9$&PRQRI£VLFDV
/RVFRQYHUWLGRUHVGH9$&PRQRI£VLFRVHVW£QGLVSRQLEOHVHQWUHVWDPD³RVGHEDVWLGRU
Tamaño de bastidor A
6LQYHQWLODGRU
Tamaño de bastidor B
Tamaño de bastidor C
&RQYHQWLODGRU
3RWHQFLD
QRPLQDOGH
VDOLGD
&RUULHQWH
QRPLQDOGH
HQWUDGD
&RUULHQWH
QRPLQDOGH
VDOLGD
5HIHUHQFLD
7DPD³RGH
EDVWLGRU$
N:
$
$
6/%%89
6/%%$9
N:
$
$
6/%%89
6/%%$9
VLQYHQWLODGRU
N:
$
$
6/%%89
6/%%$9
N:
$
$
6/%%89
6/%%$9
N:
$
$
6/%%89
6/%%$9
N:
$
$
6/%%89
6/%%$9
N:
$
$
6/%%89
6/%%$9
N:
$
$
6/%%89
6/%%$9
N:
$
$
6/%%89
6/%%$9
N:
$
$
6/%%89
6/%%$9
&RPSRQHQWH
7DPD³RGH
EDVWLGRU$
1RILOWUDGR
)LOWUDGR
FRQXQ
YHQWLODGRU
7DPD³RGH
EDVWLGRU%
FRQXQ
YHQWLODGRU
7DPD³RGH
EDVWLGRU&
FRQXQ
YHQWLODGRU
2SFLRQHV\UHSXHVWRV
3DUDREWHQHULQIRUPDFLµQGHWDOODGDVREUHODVRSFLRQHV\UHSXHVWRVFRQVXOWHORVDS«QGLFHV
2SFLRQHV3£JLQD\5HSXHVWRV9HQWLODGRUHVGHUHSXHVWR3£JLQD
&RQYHUWLGRU6,1$0,&69
,QVWUXFFLRQHVGHVHUYLFLR$(
,QWURGXFFLµQ
3ODFDGHFDUDFWHU¯VWLFDVGHOFRQYHUWLGRU
3ODFDGHFDUDFWHU¯VWLFDVGHOFRQYHUWLGRU
Placa de características del convertidor
(ejemplo)
5HIHUHQFLD
1¼PHURGHVHULHGHSURGXFWR
1¼PHURGHUHIHUHQFLD
9HUVLµQGH
KDUGZDUH
&RQYHUWLGRU6,1$0,&69
,QVWUXFFLRQHVGHVHUYLFLR$(
,QWURGXFFLµQ
3ODFDGHFDUDFWHU¯VWLFDVGHOFRQYHUWLGRU
&RQYHUWLGRU6,1$0,&69
,QVWUXFFLRQHVGHVHUYLFLR$(
,QVWDODFLµQPHF£QLFD
2ULHQWDFLµQGHPRQWDMH\HVSDFLROLEUH
(OFRQYHUWLGRUVHGHEHPRQWDUHQXQ£UHDFHUUDGDTXHRSHUHHO«FWULFDPHQWHRHQXQDUPDULR
GHFRQWURO
2ULHQWDFLµQGHPRQWDMH
(OFRQYHUWLGRUVLHPSUHVHGHEHPRQWDUHQSRVLFLµQYHUWLFDO
&RQYHUWLGRU
&RQYHU
WLGRU
(VSDFLROLEUHGHPRQWDMH
6XSHULRU
ุPP
,QIHULRU
ุPPSDUDORVWDPD³RVGHEDVWLGRUGH%D'\HOWDPD³RGHEDVWLGRU$VLQ
YHQWLODGRU
ุPPSDUDHOWDPD³RGHEDVWLGRU$UHIULJHUDGRSRUYHQWLODGRU
ุPP
/DWHUDOGHHQYROYHQWHGHDUPDULR
PP
$LUH
PP
PP
PP
$LUH
/DWHUDOGHHQYROYHQWHGHDUPDULR
/DWHUDO
PP
&RQYHUWLGRU6,1$0,&69
,QVWUXFFLRQHVGHVHUYLFLR$(
,QVWDODFLµQPHF£QLFD
0RQWDMHHQSDQHOGHDUPDULRWDPD³RVGHEDVWLGRUGH$D'
0RQWDMHHQSDQHOGHDUPDULRWDPD³RVGHEDVWLGRUGH$D'
(OFRQYHUWLGRUVHSXHGHPRQWDUGLUHFWDPHQWHHQODVXSHUILFLHGHOSDQHOGHODUPDULR
7DPEL«QVHGLVSRQHGHXQP«WRGRGHPRQWDMHDGLFLRQDOSDUDGLVWLQWRVWDPD³RVGHEDVWLGRU
3DUDREWHQHUP£VGHWDOOHVFRQVXOWHODVHFFLµQVLJXLHQWH
Ⴠ 0RQWDMHDWUDYHVDGRWDPD³RVGHEDVWLGRUGH%D'3£JLQD
'LPHQVLRQHVH[WHULRUHV\SODQWLOODGHWDODGURV
'LPHQVLRQHVPP
3ODQWLOODGHWDODGURVPP
7DPD³RGHEDVWLGRU$
)LMDFLRQHV
[WRUQLOORV0
[WXHUFDV0
[DUDQGHODV0
$OWXUDGHOWDPD³RGHEDVWLGRU$FRQYHQWLODGRU
3URIXQGLGDGGHOFRQYHUWLGRUGHSODFDSODQDVRORYDULDQWHGH9
3DUGHDSULHWH1Ps
N:
7DPD³RGHEDVWLGRU%
)LMDFLRQHV
[WRUQLOORV0
[WXHUFDV0
[DUDQGHODV0
3DUGHDSULHWH1Ps
&RQYHUWLGRU6,1$0,&69
,QVWUXFFLRQHVGHVHUYLFLR$(
,QVWDODFLµQPHF£QLFD
0RQWDMHHQSDQHOGHDUPDULRWDPD³RVGHEDVWLGRUGH$D'
'LPHQVLRQHVPP
3ODQWLOODGHWDODGURVPP
7DPD³RGHEDVWLGRU&
)LMDFLRQHV
[WRUQLOORV0
[WXHUFDV0
[DUDQGHODV0
3DUGHDSULHWH1Ps
7DPD³RGHEDVWLGRU'
)LMDFLRQHV
[WRUQLOORV0
[WXHUFDV0
[DUDQGHODV0
3DUGHDSULHWH1Ps
&RQYHUWLGRU6,1$0,&69
,QVWUXFFLRQHVGHVHUYLFLR$(
,QVWDODFLµQPHF£QLFD
6,1$0,&69YDULDQWH)ODW3ODWH
6,1$0,&69YDULDQWH)ODW3ODWH
/DYDULDQWH)ODW3ODWHGH6,1$0,&69HVW£SHQVDGDSDUDSHUPLWLUXQDLQVWDODFLµQGHO
FRQYHUWLGRUP£VIOH[LEOH6HGHEHQDGRSWDUODVPHGLGDVSHUWLQHQWHVSDUDJDUDQWL]DUXQD
FRUUHFWDGLVLSDFLµQGHFDORUTXHSXHGHQHFHVLWDUXQGLVLSDGRUH[WHUQRIXHUDGHOD
HQYROYHQWHHO«FWULFD
$'9(57(1&,$
&DUJDW«UPLFDDGLFLRQDO
(OIXQFLRQDPLHQWRFRQXQDWHQVLµQGHHQWUDGDVXSHULRUD9\+]RFRQXQD
IUHFXHQFLDGHSXOVDFLµQPD\RUTXHN+]DXPHQWDU£ODFDUJDW«UPLFDGHOFRQYHUWLGRU6H
GHEHQFRQVLGHUDUHVRVIDFWRUHVDOSUR\HFWDUODVFRQGLFLRQHVGHLQVWDODFLµQ\GHEHQ
YHULILFDUVHFRQXQHQVD\RGHFDUJDSU£FWLFR
35(&$8&,•1
&RQVLGHUDFLRQHVGHUHIULJHUDFLµQ
'HEHPDQWHQHUVHODGLVWDQFLDOLEUHYHUWLFDOP¯QLPDGHPPVREUH\EDMRHOFRQYHUWLGRU
1RVHSHUPLWHHOPRQWDMHDSLODGRGHFRQYHUWLGRUHV6,1$0,&69
'DWRVW«FQLFRV
3RWHQFLDGHVDOLGDPHGLD
:
:
:
5DQJRGHWHPSHUDWXUDGH
IXQFLRQDPLHQWR
'Hr&Dr&
3«UGLGDVP£[HQGLVLSDGRU
:
:
:
3«UGLGDVP£[HQFRQWURO
:
:
:
5HVLVWHQFLDW«UPLFDGHOGLVLSDGRU
UHFRPHQGDGD
.:
.:
.:
&RUULHQWHGHVDOLGDUHFRPHQGDGD
$
$
$
&RQ(6DSOHQDFDUJD
&RQYHUWLGRU6,1$0,&69
,QVWUXFFLRQHVGHVHUYLFLR$(
,QVWDODFLµQPHF£QLFD
6,1$0,&69YDULDQWH)ODW3ODWH
,QVWDODFLµQ
3UHSDUHODVXSHUILFLHGHPRQWDMHSDUDHOFRQYHUWLGRUFRQODVGLPHQVLRQHVLQGLFDGDVHQOD
VHFFLµQ0RQWDMHHQSDQHOGHDUPDULRWDPD³RVGHEDVWLGRUGH$D'3£JLQD
$VHJ¼UHVHGHTXHORVWDODGURVHVW«QGHVEDUEDGRVGHTXHHOGLVLSDGRUGHSODFDSODQD
HVW«OLPSLR\VLQSROYRQLJUDVD\GHTXHODVXSHUILFLHGHPRQWDMH\HOGLVLSDGRUH[WHUQR
VLORKD\VHDQOLVRV\DFDEDGRVHQPHWDOGHVQXGRDFHURRDOXPLQLR
$SOLTXHXQLIRUPHPHQWHXQDSDVWDW«UPLFDVLQVLOLFRQDTXHWHQJDXQFRHILFLHQWHGH
WUDQVIHUHQFLDW«UPLFDP¯QLPRGH:P.HQODVXSHUILFLHSRVWHULRUGHOGLVLSDGRUGH
SODFDSODQD\HQODVXSHUILFLHGHODSODFDSRVWHULRU
)LMHHOFRQYHUWLGRUFRQFXDWURWRUQLOORV0DSUHWDGRVD1PWROHUDQFLDs
6LHVQHFHVDULRXQGLVLSDGRUH[WHUQRSULPHURDSOLTXHXQLIRUPHPHQWHODSDVWD
HVSHFLILFDGDHQHOSDVRHQODVXSHUILFLHGHOGLVLSDGRUH[WHUQR\HQODGHODSODFD
SRVWHULRU\XQDHOGLVLSDGRUH[WHUQRDORWURODGRGHODSODFDSRVWHULRU
8QDYH]WHUPLQDGDODLQVWDODFLµQKDJDIXQFLRQDUHOFRQYHUWLGRUHQODDSOLFDFLµQDODTXH
HVW«GHVWLQDGRPLHQWUDVFRQWURODODU>@WHPSHUDWXUDGHOGLVLSDGRUPHGLGDSDUD
YHULILFDUODHILFDFLDGHODUHIULJHUDFLµQ
/DWHPSHUDWXUDGHOGLVLSDGRUQRGHEHVXSHUDUORVr&GXUDQWHHOIXQFLRQDPLHQWR
QRUPDOWHQLHQGRHQFXHQWDHOUDQJRGHWHPSHUDWXUDDPELHQWHHVSHUDGRSDUDOD
DSOLFDFLµQ
(MHPSOR
6LODVPHGLFLRQHVVHUHDOL]DQDr&DPELHQWDOHV\ODP£TXLQDHVW£HVSHFLILFDGDSDUD
KDVWDr&ODOHFWXUDGHWHPSHUDWXUDGHOGLVLSDGRUGHEHDXPHQWDUVHHQ>@ r&\HOUHVXOWDGRGHEHVHUPHQRUTXHr&
6LODWHPSHUDWXUDGHOGLVLSDGRUVXSHUDHVHO¯PLWHGHEHD³DGLUVHP£VUHIULJHUDFLµQSHM
XQGLVLSDGRUDGLFLRQDOKDVWDFXPSOLUFRQODVHVSHFLILFDFLRQHV
1RWD
(OFRQYHUWLGRUVHGLVSDUDU£FRQHOIDOOR)VLODWHPSHUDWXUDGHOGLVLSDGRUVXSHUDORV
r&(VWRSURWHJHDOFRQYHUWLGRUGHSRVLEOHVGD³RVSRUVREUHFDOHQWDPLHQWR
&RQYHUWLGRU6,1$0,&69
,QVWUXFFLRQHVGHVHUYLFLR$(
,QVWDODFLµQPHF£QLFD
0RQWDMHDWUDYHVDGRWDPD³RVGHEDVWLGRUGH%D'
0RQWDMHDWUDYHVDGRWDPD³RVGHEDVWLGRUGH%D'
/RVWDPD³RVGHEDVWLGRUGH%D'HVW£QGLVH³DGRVSDUDVHUFRPSDWLEOHVFRQDSOLFDFLRQHV
GHPRQWDMHDWUDYHVDGRTXHSHUPLWHQPRQWDUHOGLVLSDGRUGHOFRQYHUWLGRUDWUDY«VGHODSDUWH
WUDVHUDGHOSDQHOGHODUPDULR&XDQGRHOFRQYHUWLGRUVHPRQWDVHJ¼QODYDULDQWHDWUDYHVDGD
QRVHFRQVLJXHXQDFODVLILFDFLµQ,3PD\RU$VHJ¼UHVHGHTXHVHPDQWLHQHODFODVLILFDFLµQ,3
UHTXHULGDSDUDODHQYROYHQWH
7DPEL«QVHGLVSRQHGHXQP«WRGRGHPRQWDMHDGLFLRQDOSDUDGLVWLQWRVWDPD³RVGHEDVWLGRU
3DUDREWHQHUP£VGHWDOOHVFRQVXOWHODVHFFLµQVLJXLHQWH
Ⴠ 0RQWDMHHQSDQHOGHDUPDULRWDPD³RVGHEDVWLGRUGH$D'3£JLQD
'LPHQVLRQHVH[WHULRUHVSODQWLOODVGHWDODGURV\UHFRUWHV
'LPHQVLRQHVPP
3ODQWLOODGHWDODGURV\UHFRUWHVPP
7DPD³RGHEDVWLGRU%
5HFRUWH
)LMDFLRQHV
[WRUQLOORV0
3DUGHDSULHWH1Ps
7DPD³RGHEDVWLGRU&
5HFRUWH
)LMDFLRQHV
[WRUQLOORV0
3DUGHDSULHWH1Ps
&RQYHUWLGRU6,1$0,&69
,QVWUXFFLRQHVGHVHUYLFLR$(
,QVWDODFLµQPHF£QLFD
0RQWDMHDWUDYHVDGRWDPD³RVGHEDVWLGRUGH%D'
'LPHQVLRQHVPP
3ODQWLOODGHWDODGURV\UHFRUWHVPP
7DPD³RGHEDVWLGRU'
5HFRUWH
)LMDFLRQHV
[WRUQLOORV0
3DUGHDSULHWH1Ps
3URIXQGLGDGGHQWURGHODUPDULR
&RQYHUWLGRU6,1$0,&69
,QVWUXFFLRQHVGHVHUYLFLR$(
,QVWDODFLµQPHF£QLFD
0RQWDMHDWUDYHVDGRWDPD³RVGHEDVWLGRUGH%D'
0RQWDMH
,QWURGX]FDXQODGRGHOGLVLSDGRUSRUODSDUWHSRVWHULRUGHOSDQHO
GHDUPDULR
0XHYDHOGLVLSDGRUKDFLDHOERUGHGHOUHFRUWHKDVWDTXHODUDQXUD
FµQFDYDGHOGLVLSDGRUHQFDMHHQHOERUGHGHOUHFRUWH
(PSXMHHORWURODGRGHOGLVLSDGRUSRUODSDUWHSRVWHULRUGHOSDQHO
GHDUPDULR
0XHYDHOGLVLSDGRUKDFLDHOERUGHGHOUHFRUWHKDVWDTXHKD\D
VXILFLHQWHHVSDFLRSDUDSDVDUWRGRHOGLVLSDGRUSRUODSDUWH
SRVWHULRUGHOSDQHOGHDUPDULR
,QWURGX]FDWRGRHOGLVLSDGRUSRUODSDUWHSRVWHULRUGHOSDQHOGH
DUPDULR
$OLQHHORVFXDWURRULILFLRVGHPRQWDMHGHOFRQYHUWLGRUFRQORV
DJXMHURVFRUUHVSRQGLHQWHVGHOSDQHOGHODUPDULR$WRUQLOOHFXDWUR
WRUQLOORVHQORVRULILFLRVDOLQHDGRV
1RWD
6HUHVHUYDXQKXHFRHQODSDUWHLQIHULRUGHO£UHDGHUHFRUWHSDUDSHUPLWLUODH[WUDFFLµQGHO
YHQWLODGRUGHVGHHOH[WHULRUGHODUPDULRVLQTXLWDUHOFRQYHUWLGRU
+XHFRSDUD
H[WUDHUHO
YHQWLODGRU
&RQYHUWLGRU6,1$0,&69
,QVWUXFFLRQHVGHVHUYLFLR$(
,QVWDODFLµQHO«FWULFD
&RQH[LRQHVGHOVLVWHPDW¯SLFDV
&RQH[LRQHVGHOVLVWHPDW¯SLFDV
'H9D9&$
'H9D9&$
0µGXORGHLQWHUID]GH%23
RSFLRQDO
%23H[WHUQR
RSFLRQDO
)XVLEOH
3(
&RQWDFWRU
3(
%RELQDGHUHG
RSFLRQDO
3(
)LOWURRSFLRQDO
OK
&DUJDGRUGHSDU£PHWURV
RSFLRQDO
5HVLVWHQFLDGHIUHQDGR
RSFLRQDO
3XHUWRGHDPSOLDFLµQ
//19
3(
R
7LHUUDGH
//1/9
SURWHFFLµQ
V20
3(
8 9 :
3(
(VWDRSFLµQHVVRORSDUDORV
WDPD³RVGHEDVWLGRU$%&
5
5 3(
0µGXORGHIUHQDGR
GLQ£PLFR
RSFLRQDO
5 5
'& '&
3(
'&
'&
%RELQDGHVDOLGD
RSFLRQDO
:
9
8
0RWRU
3(
7LHUUDGHSURWHFFLµQ &RQYHUWLGRU6,1$0,&69
,QVWUXFFLRQHVGHVHUYLFLR$(
,QVWDODFLµQHO«FWULFD
&RQH[LRQHVGHOVLVWHPDW¯SLFDV
7LSRVGHIXVLEOHVUHFRPHQGDGRV
7DPD³RGH
EDVWLGRU
9
7LSRGHIXVLEOHUHFRPHQGDGR
&RQIRUPHD8/
7DPD³RGH 7LSRGHIXVLEOHUHFRPHQGDGR
EDVWLGRU
&RQIRUPHD8/
&RQIRUPHD&(
6LED85=
$ $
$9$&FODVH-
9 $
1$$
$9$&FODVH-
&RQIRUPHD&(
6LED85=
% $
$9$&FODVH-
%
1$$
$9$&FODVH-
& $
$9$&FODVH-
&
1$$
$9$&FODVH-
' $
$9$&FODVH-
'LDJUDPDGHFDEOHDGR
De FSA a FSC
'& '&
3(
/
/
/
400 V
FSD
5
5
3(
Circuito principal
/
/
230 V
8
9
M
:
Circuito de control
Salidas digitales
Entradas digitales
'2
',
',
',
',
',
',
'2
Salida de transistor
',
313
131
'2&
',
',&
',&
9
9
9
9
'21&
Salida de relé
'212
Salida analógica
$2
Entradas analógicas
9
9
$,
9
RS-485
3
1
9
$,
Puerto de ampliación
9«DVHWDPEL«Q&RQILJXUDFLµQGHPDFURVGHFRQH[LµQ3£JLQD
&RQYHUWLGRU6,1$0,&69
,QVWUXFFLRQHVGHVHUYLFLR$(
,QVWDODFLµQHO«FWULFD
'HVFULSFLµQGHORVERUQHV
'HVFULSFLµQGHORVERUQHV
'LVSRVLFLµQGHORVERUQHV
%RUQHVGHUHG
//1/
%RUQHGH3(
9DULDQWHVGH9
7DPD³RGHEDVWLGRU$
3XHUWRGHDPSOLDFLµQ
7DPD³RVGHEDVWLGRU%\&
%RUQHVGHXVXDULR
$OLQHHXQGHVWRUQLOODGRUGHSXQWD
SODQDWDPD³RGHODSXQWD™
PPFRQHOERUQH(PSXMH
KDFLDDEDMRODSDODQFDGH
OLEHUDFLµQFRQXQDIXHU]D
P£[LPDGH1HLQVHUWHHO
FDEOHGHFRQWUROGHVGHDEDMR
7DPD³RGHEDVWLGRU'
%RUQHGHSXHVWDD
WLHUUDGHVDOLGD
%RUQHV'&
'&'&
%RUQHVGHUHVLVWHQFLDGHIUHQDGR
55
%RUQHVGHPRWRU
89:
%RUQHVGHXVXDULR
6DOLGDGHWUDQVLVWRU 6DOLGDGHUHO«
9
$,
$,
$2
9
3
1
',
',
',
',
',&
9
9
(QWUDGDVDQDOµJL
FDV
56
3RWHQFLDOGHUHIHUHQFLD
SDUD(6DQDOµJLFDV\
56
6DOLGDDQDOµJLFD
(QWUDGDVGLJLWDOHV
'2 '2 '2 '2 '2
1&
12
&
6DOLGDVGLJLWDOHV
3RWHQFLDOGHUHIHUHQFLD
SDUDHQWUDGDVGLJLWDOHV
&RQYHUWLGRU6,1$0,&69
,QVWUXFFLRQHVGHVHUYLFLR$(
,QVWDODFLµQHO«FWULFD
'HVFULSFLµQGHORVERUQHV
6HFFLRQHVGHFDEOHUHFRPHQGDGDV\SDUHVGHDSULHWHGHWRUQLOORV
7DPD³R 3RWHQFLDQRPLQDOGH
VDOLGD
GH
EDVWLGRU
9
$
%
&
'
9
$
%
&
%RUQHVGH3(\GHUHG
6HFFLµQ
GHFDEOH
%RUQHVGHSXHVWDDWLHUUDGH
VDOLGDUHVLVWHQFLDGHIUHQDGR'&PRWRU
3DUGHDSULHWHGHORVWRUQLOORV
WROHUDQFLDs
6HFFLµQ
GHFDEOH
PP
PP
PP
PP
PP
3DUGHDSULHWHGHORVWRUQLOORV
WROHUDQFLDs
'HDN:
'HDN:
'HDN:
N:
N:
'HDN:
PP
PP
PP
PP
PP
PP
1P
'HDN:
'HDN:
N:
PP
PP
PP
1P
PP
1P
'HDN:
'HDN:
PP
PP
1P
PP
PP
1P
1P
1P
1P
1P
1P
PP
&RQXQHQJDVWHHQKRUTXLOODDGHFXDGRFHUWLILFDGRSRU8/
$7(1&,•1
'D³RHQORVERUQHVGHUHG
'XUDQWHODLQVWDODFLµQHO«FWULFDGHOFRQYHUWLGRUFRQWDPD³RVGHEDVWLGRU$\%VRORVH
SXHGHQXWLOL]DUFDEOHVIOH[LEOHVRFDEOHVFRQHQJDVWHVHQKRUTXLOODDGHFXDGRV\FHUWLILFDGRV
SRU8/SDUDODVFRQH[LRQHVGHERUQHVGHUHG
&DEOHFRQ
HQJDVWHHQ
KRUTXLOODFHUWLILFD
GRSRU8/
&DEOHFRQ
HQJDVWHGH
HVSLJD
&DEOHIOH[LEOH
&DEOHU¯JLGR
/RQJLWXGHVGHFDEOHGHOPRWRUP£[LPDV
9DULDQWHGHO
FRQYHUWLGRU
/RQJLWXGHVGHFDEOHP£[LPDV
6LQUHDFWDQFLDGHVDOLGDRILOWUR&(0H[WHUQR
&RQUHDFWDQFLDGHVDOLGD &RQILOWUR&(0H[WHUQR
9
1R
$SDQWDOODGR &RQIRUPHDORV
DSDQWDOODGR
UHTXLVLWRVGH&(0
5(&(&
1R
$SDQWDOODGR &RQIRUPHDORVUHTXLVLWRV
DSDQWDOODGR
GH&(05(&(&
)6$
P
P
P
P
P
P
'H)6%D
)6'
P
P
P
P
P
P
&RQYHUWLGRU6,1$0,&69
,QVWUXFFLRQHVGHVHUYLFLR$(
,QVWDODFLµQHO«FWULFD
'HVFULSFLµQGHORVERUQHV
9DULDQWHGHO
FRQYHUWLGRU
/RQJLWXGHVGHFDEOHP£[LPDV
6LQUHDFWDQFLDGHVDOLGDRILOWUR&(0H[WHUQR
&RQUHDFWDQFLDGHVDOLGD &RQILOWUR&(0H[WHUQR
9
1R
$SDQWDOODGR &RQIRUPHDORV
DSDQWDOODGR
UHTXLVLWRVGH&(0
5(&(&
1R
$SDQWDOODGR &RQIRUPHDORVUHTXLVLWRV
DSDQWDOODGR
GH&(05(&(&
)6$
P
P
P
P
P
P
'H)6%D
)6&
P
P
P
P
P
P
6HJ¼QVHHVSHFLILFDHQODVHFFLµQ%
6RORSDUDYDULDQWHVFRQILOWUR5(&(&VHUHILHUHDODFRQIRUPLGDGFRQ&(0UHVSHFWRD(1&DWHJRU¯D&
SDUDHPLVLRQHVUDGLDGDV\FRQGXFLGDV5(&(&VHUHILHUHDODFRQIRUPLGDGFRQ&(0UHVSHFWRD(1
&DWHJRU¯D&SDUDHPLVLRQHVUDGLDGDV\FRQGXFLGDV
6RORSDUDYDULDQWHVVLQILOWUR
&RQH[LµQHQHVWUHOODWUL£QJXORGHOPRWRU
6HOHFFLRQHODFRQH[LµQHQWUL£QJXORVLVHVXSRQHTXHXQPRWRUGH9HQXQ
FRQYHUWLGRUGH9RXQPRWRUGH9HQXQFRQYHUWLGRUGH9WLHQHTXH
IXQFLRQDUD+]HQOXJDUGHD+]
&RQH[LµQHQ
WUL£QJXOR
&RQH[LµQHQ
HVWUHOOD
3ODFDGHFDUDFWHU¯VWLFDVFRQGDWRVGHPRWRU
%RUQHVGHXVXDULR
9
$,
$,
$2
9
3
1
',
',
',
',
',&
9
9
'2 '2 '2 '2 '2
1&
12
&
1|
0DUFDGRGH 'HVFULSFLµQ
ERUQHV
9
6DOLGDGH9WROHUDQFLDsUHIHULGDD9P£[LPRP$SURWHJLGRFRQWUD
FRUWRFLUFXLWR
(QWUDGDV
DQDOµJLFDV
$,
0RGR
$,
$,0RGRGHWHQVLµQ\FRUULHQWHELSRODU\HQ
XQVHQWLGR
$,0RGRGHWHQVLµQ\FRUULHQWHXQLSRODU\HQ
XQVHQWLGR
&RQYHUWLGRU6,1$0,&69
,QVWUXFFLRQHVGHVHUYLFLR$(
,QVWDODFLµQHO«FWULFD
'HVFULSFLµQGHORVERUQHV
1|
0DUFDGRGH 'HVFULSFLµQ
ERUQHV
$LVODPLHQWRDFLUFXLWRGHFRQWURO
1LQJXQR
5DQJRGHWHQVLµQ
$,'HD9$,'HD9
5DQJRGHFRUULHQWH
'HDP$GHDP$VHOHFFLRQDEOHSRU
VRIWZDUH
3UHFLVLµQGHOPRGRGHWHQVLµQ
sGHOUDQJRP£[LPR
3UHFLVLµQGHOPRGRGHFRUULHQWH
sGHOUDQJRP£[LPR
,PSHGDQFLDGHHQWUDGD
0RGRGHWHQVLµQ!.
0RGRGHFRUULHQWH5
6DOLGD
DQDOµJLFD
$2
5HVROXFLµQ
ELWV
'HWHFFLµQGHURWXUDGHKLOR
6¯
8PEUDOයXVDGRFRPR',1
9
8PEUDOයXVDGRFRPR',1
9
7LHPSRGHUHVSXHVWDPRGRGH
HQWUDGDGLJLWDO
PVsPV
0RGR
0RGRGHFRUULHQWHXQLSRODU\HQXQVHQWLGR
$LVODPLHQWRDFLUFXLWRGHFRQWURO
1LQJXQR
5DQJRGHFRUULHQWH
'HDP$GHDP$VHOHFFLRQDEOHSRU
VRIWZDUH
3UHFLVLµQGHDP$
sP$
&DSDFLGDGGHVDOLGD
P$HQ5
9
3RWHQFLDOGHUHIHUHQFLDJOREDOSDUDFRPXQLFDFLµQ56\VDOLGDHQWUDGDV
DQDOµJLFDV
3
563
1
561
(QWUDGDV
GLJLWDOHV
',
0RGR
',
131ERUQHGHUHIHUHQFLDDOWR
',
',
9DORUHVGHFDUDFWHU¯VWLFDVLQYHUWLGRVSDUDHO
PRGR131
',&
9
313ERUQHGHUHIHUHQFLDEDMR
$LVODPLHQWRDFLUFXLWRGHFRQWURO
9'&EDMDWHQVLµQIXQFLRQDO
7HQVLµQP£[LPDDEVROXWD
s9SDUDPVFDGDVHJXQGRV
7HQVLµQGHIXQFLRQDPLHQWR
'H9D9
8PEUDOයP£[LPR
9
8PEUDOයP¯QLPR
9
&RUULHQWHGHHQWUDGDDELHUWR
JDUDQWL]DGD
'HDP$
&RUULHQWHGHHQWUDGDFHUUDGR
P£[LPD
P$
&RPSDWLELOLGDGFRQ%(52D
KLORV
1R
7LHPSRGHUHVSXHVWD
PVsPV
(QWUDGDGHWUHQGHLPSXOVRV
1R
6DOLGDGH9WROHUDQFLDGHDUHIHULGDD9P£[LPRP$QR
DLVODGD
&RQYHUWLGRU6,1$0,&69
,QVWUXFFLRQHVGHVHUYLFLR$(
,QVWDODFLµQHO«FWULFD
'HVFULSFLµQGHORVERUQHV
1|
0DUFDGRGH 'HVFULSFLµQ
ERUQHV
9
3RWHQFLDOGHUHIHUHQFLDJOREDOSDUDHQWUDGDVGLJLWDOHV
6DOLGD
GLJLWDO
WUDQVLVWRU
'2
0RGR
'2
%RUQHVVLQWHQVLµQQRUPDOPHQWHDELHUWRV
SRODUL]DGRV
$LVODPLHQWRDFLUFXLWRGHFRQWURO
9'&EDMDWHQVLµQIXQFLRQDO
7HQVLµQP£[LPDHQWUHERUQHV
s9
&RUULHQWHGHFDUJDP£[LPD
P$
7LHPSRGHUHVSXHVWD
PVsPV
0RGR
%RUQHVVLQWHQVLµQGHFRQPXWDFLµQDXWRP£WLFD
QRSRODUL]DGRV
$LVODPLHQWRDFLUFXLWRGHFRQWURO
N9UHGGH9
'21&
6DOLGD
GLJLWDOUHO« '212
'2&
7HQVLµQP£[LPDHQWUHERUQHV
9$&9'&
&RUULHQWHGHFDUJDP£[LPD
$#9$&UHVLVWLYD
$#9'&UHVLVWLYD
7LHPSRGHUHVSXHVWD
$ELHUWRPVsPV
&HUUDGRPVsPV
$'9(57(1&,$
5LHVJRGHGHVFDUJDHO«FWULFD
/RVERUQHVGHHQWUDGD\VDOLGDQXPHUDGRVGHODOVRQERUQHVGHWHQVLµQH[WUDEDMDGH
VHJXULGDG6(/9\VRORGHEHQFRQHFWDUVHDDOLPHQWDFLRQHVGHEDMDWHQVLµQ
6HFFLRQHVGHFDEOHGHERUQHVGH(6DGPLVLEOHV
7LSRGHFDEOH
6HFFLµQGHFDEOHDGPLVLEOH
&DEOHU¯JLGRRIOH[LEOH
'HDPP
)«UUXODFRQFXELHUWDDLVODQWH
PP
3XHUWRGHDPSOLDFLµQ
(OSXHUWRGHDPSOLDFLµQVHKDGLVH³DGRSDUDFRQHFWDUHOFRQYHUWLGRUDOPµGXORRSFLRQDO
H[WHUQRPµGXORGHLQWHUID]GH%23RSDUDPHWUL]DGRUSDUDUHDOL]DUODVIXQFLRQHV
VLJXLHQWHV
Ⴠ 0DQHMRGHOFRQYHUWLGRUGHVGHHO%23H[WHUQR
Ⴠ &ORQDFLµQGHSDU£PHWURVHQWUHHOFRQYHUWLGRU\XQDWDUMHWD00&6'HVW£QGDU
Ⴠ $OLPHQWDFLµQGHOFRQYHUWLGRUGHVGHHOSDUDPHWUL]DGRUFXDQGRODDOLPHQWDFLµQGHUHGQR
HVW£GLVSRQLEOH
3DUDREWHQHUP£VLQIRUPDFLµQVREUHHVWRVGRVPµGXORVRSFLRQDOHVFRQVXOWHORVWHPDV
3DUDPHWUL]DGRU3£JLQD\0µGXORGHLQWHUID]%23\%23H[WHUQR3£JLQD
&RQYHUWLGRU6,1$0,&69
,QVWUXFFLRQHVGHVHUYLFLR$(
,QVWDODFLµQHO«FWULFD
,QVWDODFLµQFRQIRUPHDORVUHTXLVLWRVGH&(0
,QVWDODFLµQFRQIRUPHDORVUHTXLVLWRVGH&(0
,QVWDODFLµQFRQIRUPHDORVUHTXLVLWRVGH&(0GHOFRQYHUWLGRU
(ONLWGHFRQH[LµQGHSDQWDOODVHVXPLQLVWUDFRPRXQDRSFLµQSDUDFDGDWDPD³RGHEDVWLGRU
SDUDREWHQHUP£VLQIRUPDFLµQVREUHHVWDRSFLµQY«DVHHODS«QGLFH.LWVGHFRQH[LµQGH
SDQWDOOD3£JLQD3HUPLWHXQDFRQH[LµQVHQFLOOD\HILFLHQWHGHODSDQWDOODQHFHVDULD
SDUDORJUDUXQDLQVWDODFLµQFRQIRUPHDORVUHTXLVLWRVGH&(0GHOFRQYHUWLGRU6LQRVHXWLOL]D
XQNLWGHFRQH[LµQGHSDQWDOODDOWHUQDWLYDPHQWHVHSXHGHPRQWDUHOGLVSRVLWLYR\ORV
FRPSRQHQWHVDGLFLRQDOHVHQXQDSODFDGHPRQWDMHPHW£OLFDFRQXQDFRQGXFWLYLGDGHO«FWULFD
H[FHOHQWH\XQDJUDQ£UHDGHFRQWDFWR(VWDSODFDGHPRQWDMHGHEHHVWDUFRQHFWDGDDO
SDQHOGHODUPDULR\DODEDUUDGH3(RELHQDODGH&(0
(QHOGLDJUDPDVLJXLHQWHVHPXHVWUDXQHMHPSORGHXQDLQVWDODFLµQFRQIRUPHDORV
UHTXLVLWRVGH&(0GHOFRQYHUWLGRUFRQWDPD³RGHEDVWLGRU%&
%RUQHVGH(6
931
3(89:
3ODFDGH
DSDQWDOODGR
0RWRU
$EUD]DGHUDV
&(0SDUD
SDQWDOODGH
FDEOH
&RQYHUWLGRU6,1$0,&69
,QVWUXFFLRQHVGHVHUYLFLR$(
,QVWDODFLµQHO«FWULFD
,QVWDODFLµQFRQIRUPHDORVUHTXLVLWRVGH&(0
,QVWDODFLµQFRQIRUPHDORVUHTXLVLWRVGH&(0GHODVRSFLRQHVGHILOWURV&(0H[WHUQRV
7RGRVORVFRQYHUWLGRUHVGH9VHGHEHQPRQWDUHQXQDUPDULRTXHGLVSRQJDGHXQD
MXQWD&(0HVSHFLDODOUHGHGRUGHODSXHUWD
3DUDORVFRQYHUWLGRUHVVLQILOWURGH9\WDPD³RGHEDVWLGRU&HTXLSDGRVFRQORVILOWURV
HVSHFLILFDGRVHQODVHFFLµQ%
3DUDFXPSOLUFRQOD&ODVH$GHHPLVLRQHVUDGLDGDVPRQWHIHUULWDGHOWLSR:XUWK
RHTXLYDOHQWHHQODVSUR[LPLGDGHVGHORVERUQHVGHUHGGHOFRQYHUWLGRU
3DUDORVFRQYHUWLGRUHVVLQILOWURGH9\WDPD³RGHEDVWLGRU'HTXLSDGRVFRQORVILOWURV
HVSHFLILFDGRVHQODVHFFLµQ%
3DUDFXPSOLUFRQOD&ODVH$GHHPLVLRQHVUDGLDGDVPRQWHIHUULWDVGHOWLSR:XUWK
RHTXLYDOHQWHHQODVSUR[LPLGDGHVGHORVERUQHVGHUHGGHOFRQYHUWLGRU\IHUULWDGHO
WLSR:XUWKRHTXLYDOHQWHHQODVSUR[LPLGDGHVGHORVERUQHVGHUHGGHOILOWUR
&(0H[WHUQR
0«WRGRGHDSDQWDOODGR
(QODLOXVWUDFLµQVLJXLHQWHVHPXHVWUDXQHMHPSORFRQ\VLQODSODFDGHDSDQWDOODGR
3HOHHOFDEOH
3UHVLRQHODSDQWDOOD
GHOFDEOHVREUHOD
SODFDGHDSDQWDOODGR
RODSODFDGHPRQWDMH
PHW£OLFD
3ODFDGH
DSDQWDOODGR
3ODFDGH
PRQWDMH
&RQYHUWLGRU6,1$0,&69
,QVWUXFFLRQHVGHVHUYLFLR$(
,QVWDODFLµQHO«FWULFD
'LVH³RGHDUPDULRFRQIRUPHDORVUHTXLVLWRVGH&(0
'LVH³RGHDUPDULRFRQIRUPHDORVUHTXLVLWRVGH&(0
(OP«WRGRP£VUHQWDEOHGHLPSOHPHQWDUPHGLGDVGHVXSUHVLµQGHLQWHUIHUHQFLDVGHQWURGHO
DUPDULRGHFRQWUROHVDVHJXUDUVHGHTXHHVDVIXHQWHVGHLQWHUIHUHQFLDV\HOHTXLSR
SRWHQFLDOPHQWHVXVFHSWLEOHVHLQVWDODQSRUVHSDUDGRHOXQRGHORWUR
(ODUPDULRGHFRQWUROWLHQHTXHHVWDUGLYLGLGRHQ]RQDVGH&(0\ORVGLVSRVLWLYRVDORMDGRV
HQHODUPDULRGHFRQWUROWLHQHQTXHHVWDUDVLJQDGRVDHVDV]RQDVVHJ¼QODVUHJODV
VLJXLHQWHV
Ⴠ /DVGLVWLQWDV]RQDVGHEHQHVWDUGHVDFRSODGDVHOHFWURPDJQ«WLFDPHQWHXVDQGR
DORMDPLHQWRVPHW£OLFRVLQGHSHQGLHQWHVRSODFDVGHVHSDUDFLµQSXHVWDVDWLHUUD
Ⴠ 6LHVQHFHVDULRVHGHEHQXVDUILOWURV\RPµGXORVGHDFRSODPLHQWRHQODVLQWHUIDFHVGH
ODV]RQDV
Ⴠ /RVFDEOHVTXHFRQHFWDQODVGLVWLQWDV]RQDVGHEHQHVWDUVHSDUDGRV\QRVHGHEHQ
WHQGHUGHQWURGHOPLVPRPD]RGHFDEOHVQLFDQDOSDUDFDEOHV
Ⴠ 7RGRVORVFDEOHVGHFRPXQLFDFLµQSHM56\VH³DOHVTXHVDOJDQGHODUPDULR
GHEHQHVWDUDSDQWDOODGRV
5HG
$UPDULR
)XVLEOH
&RQWDFWRU
Zona A
5HDFWDQFLDGHUHG
Zona C
&RQWURO
SHM6,0$7,&
)LOWUR
Zona B
6HQVRUHV
SHMSRVLFLµQ
WHPSHUDWXUDSUHVLµQ
&RQYHUWLGRU
5HDFWDQFLDGH
3ODFDGHVHSDUDFLµQSXHVWDD
WLHUUD
0µGXORGHIUHQDGR
GLQ£PLFR
5HVLVWHQFLDGH
IUHQDGR
0RWRU
0£TXLQD
DFFLRQDGD
Zona D
&RQYHUWLGRU6,1$0,&69
,QVWUXFFLRQHVGHVHUYLFLR$(
3XHVWDHQPDUFKD
1RWD
3DUDREWHQHUXQDGHVFULSFLµQGHWDOODGDGHORVDMXVWHVGHSDU£PHWURVSDUDODSXHVWDHQ
PDUFKDU£SLGDFRQVXOWHHOWHPD3XHVWDHQPDUFKDU£SLGD3£JLQD
%DVLF2SHUDWRU3DQHO%23LQWHJUDGR
,QWURGXFFLµQDO%23LQWHJUDGR
$ODUPD
,QYHUVLµQ
)XQFLRQD
0RGR$872+$1'-2*
)DOOR
PLHQWR
/('GHHVWDGR
3DQWDOOD
/&'
68%,5
V
A
Hz
1/min kW
%
%$-$5
M
3$5$'$
OK
)81&,•1
0$5&+$
2.
)XQFLRQHVGHORVERWRQHV
'HWLHQHHOFRQYHUWLGRU
8QDSXOVDFLµQ
5HDFFLµQSDUDGD2))(OFRQYHUWLGRUKDFHTXHHOPRWRUSDVHDXQDSDUDGD
HQHOWLHPSRGHGHFHOHUDFLµQGHILQLGRHQHOSDU£PHWUR3
1RWD
6LHVW£FRQILJXUDGRSDUDTXHVHDXQDSDUDGD2))HVWHERWµQHVW£LQDFWLYR
HQHOPRGR$872
3XOVDFLµQGREOHVR 5HDFFLµQSDUDGD2))(OFRQYHUWLGRUSHUPLWHTXHHOPRWRUKDJDXQD
SXOVDFLµQODUJD!V
SDUDGDQDWXUDOVLQHPSOHDUQLQJ¼QWLHPSRGHGHFHOHUDFLµQ
&RQYHUWLGRU6,1$0,&69
,QVWUXFFLRQHVGHVHUYLFLR$(
3XHVWDHQPDUFKD
%DVLF2SHUDWRU3DQHO%23LQWHJUDGR
$UUDQFDHOFRQYHUWLGRU
6LHOFRQYHUWLGRUDUUDQFDHQPRGR+$1'-2*VHPXHVWUDHOLFRQRGHFRQYHUWLGRUHQIXQFLRQDPLHQWR
1RWD
(VWHERWµQHVW£LQDFWLYRVLHOFRQYHUWLGRUHVW£FRQILJXUDGRSDUDHOFRQWUROGHVGHERUQHV3 3 \HVW£HQPRGR$872
M
%RWµQPXOWLIXQFLµQ
3XOVDFLµQEUHYHV
3XOVDFLµQODUJDV
OK
3XOVDFLµQEUHYHV
3XOVDFLµQODUJDV
M
OK
(QWUDHQHOPHQ¼GHDMXVWHGHSDU£PHWURVRSDVDDODSDQWDOODVLJXLHQWH
5HLQLFLDODHGLFLµQG¯JLWRDG¯JLWRGHOHOHPHQWRVHOHFFLRQDGR
6LVHSXOVDGRVYHFHVHQODHGLFLµQG¯JLWRDG¯JLWRYXHOYHDODSDQWDOOD
DQWHULRUVLQFDPELDUHOHOHPHQWRTXHVHHVW£HGLWDQGR
9XHOYHDODSDQWDOODGHHVWDGR
(QWUDHQHOPHQ¼GHFRQILJXUDFLµQ
&DPELDHQWUHORVYDORUHVGHHVWDGR
(QWUDHQHOPRGRGHHGLFLµQGHYDORUHVRFDPELDDOG¯JLWRVLJXLHQWH
%RUUDORVIDOORV
(GLFLµQU£SLGDGHYDORUHVRQ¼PHURVGHSDU£PHWUR
+DQG-RJ$XWR
6HGHEHSXOVDUSDUDFDPELDUHQWUHORVGLVWLQWRVPRGRV
M
M
Modo AUTO
(Sin icono)
OK
OK
M
OK
Modo HAND
Modo JOG
(Con icono de mano)
(Con icono de mano parpadeante)
1RWD
(OPRGR-RJVRORHVW£GLVSRQLEOHVLHOPRWRUHVW£GHWHQLGR
$OGHVSOD]DUVHSRUXQPHQ¼PXHYHODVHOHFFLµQKDFLDDUULEDSRUODVSDQWDOODVGLVSRQLEOHV
$OHGLWDUXQYDORUGHSDU£PHWURDXPHQWDHOYDORUPRVWUDGR
&XDQGRHOFRQYHUWLGRUHVW£HQPRGR581DXPHQWDODYHORFLGDG
/DSXOVDFLµQODUJD!VGHODWHFODVLUYHSDUDGHVSOD]DUVHU£SLGDPHQWHKDFLDDUULEDSRUQ¼PHURV
¯QGLFHVRYDORUHVGHSDU£PHWURV
$OGHVSOD]DUVHSRUXQPHQ¼PXHYHODVHOHFFLµQKDFLDDEDMRSRUODVSDQWDOODVGLVSRQLEOHV
$OHGLWDUXQYDORUGHSDU£PHWURUHGXFHHOYDORUPRVWUDGR
&XDQGRHOFRQYHUWLGRUHVW£HQPRGR581UHGXFHODYHORFLGDG
/DSXOVDFLµQODUJD!VGHODWHFODVLUYHSDUDGHVSOD]DUVHU£SLGDPHQWHKDFLDDEDMRSRUQ¼PHURV
¯QGLFHVRYDORUHVGHSDU£PHWURV
,QYLHUWHODGLUHFFLµQGHURWDFLµQGHOPRWRU$OSXOVDUODVGRVWHFODVXQDYH]DFWLYDODURWDFLµQLQYHUVDGHO
PRWRU$OSXOVDUODVGRVWHFODVRWUDYH]GHVDFWLYDODURWDFLµQLQYHUVDGHOPRWRU(OLFRQRGHUHVHUYD
GHODSDQWDOODLQGLFDTXHODYHORFLGDGGHVDOLGDHVRSXHVWDDODFRQVLJQD
&RQYHUWLGRU6,1$0,&69
,QVWUXFFLRQHVGHVHUYLFLR$(
3XHVWDHQPDUFKD
%DVLF2SHUDWRU3DQHO%23LQWHJUDGR
,FRQRVGHHVWDGRGHOFRQYHUWLGRU
(OFRQYHUWLGRUWLHQHFRPRP¯QLPRXQIDOORSHQGLHQWH
(OFRQYHUWLGRUWLHQHFRPRP¯QLPRXQDDODUPDSHQGLHQWH
(OFRQYHUWLGRUHVW£IXQFLRQDQGRODYHORFLGDGGHOPRWRUSXHGHVHUGHUSP
SDUSDGHD
(OFRQYHUWLGRUVHSXHGHHQHUJL]DUGHIRUPDLQHVSHUDGDSRUHMHPSORHQ
PRGRGHSURWHFFLµQDQWLHVFDUFKD
(OPRWRUJLUDHQODGLUHFFLµQLQYHUVD
SDUSDGHD
(OFRQYHUWLGRUHVW£HQPRGR+$1'
(OFRQYHUWLGRUHVW£HQPRGR-2*
(VWUXFWXUDGHPHQ¼VGHOFRQYHUWLGRU
(VWUXFWXUDGHPHQ¼VGHOFRQYHUWLGRU
0HQ¼
'HVFULSFLµQ
0HQ¼GHVHOHFFLµQGH+]
(VWHPHQ¼VRORHVYLVLEOHHQHOSULPHUHQFHQGLGRRWUDVXQ
UHVWDEOHFLPLHQWRGHORVDMXVWHVGHI£EULFD
0HQ¼SULQFLSDO
0HQ¼GHYLVXDOL]DFLµQ
YLVXDOL]DFLµQSUHGHWHUPLQDGD
0HQ¼GHFRQILJXUDFLµQ
0HQ¼GHSDU£PHWURV
Menú de selección 50/60 Hz
M
9LVWDGHYLJLODQFLDE£VLFDGHSDU£PHWURVFODYHFRPRIUHFXHQFLD
WHQVLµQFRUULHQWHWHQVLµQGHODLQWHUFRQH[LµQGH'&HWF
3HUPLWHDFFHGHUDORVSDU£PHWURVSDUDODSXHVWDHQPDUFKD
U£SLGDGHOVLVWHPDFRQYHUWLGRU
3HUPLWHDFFHGHUDWRGRVORVSDU£PHWURVGLVSRQLEOHVGHO
FRQYHUWLGRU
Primer encendido o tras restablecimiento
valores de fábrica
V Encendido siguiente
OK
V
M
M
Menú de
configuración
!V
V
Menú de
visualización
Menú de
parámetros
M
!V
'DWRVGHOPRWRU
)UHFXHQFLDGHVDOLGD
+]
(GLWDURYHUWRGRVORV
SDU£PHWURVGLVSRQLEOHV
7HQVLµQGHVDOLGD9
0DFURGHFRQH[LµQ
&RUULHQWHGHOPRWRU$
0DFURGHDSOLFDFLµQ
9GF9
3DU£PHWURVFRPXQHV
&RQVLJQD
&RQYHUWLGRU6,1$0,&69
,QVWUXFFLRQHVGHVHUYLFLR$(
3XHVWDHQPDUFKD
%DVLF2SHUDWRU3DQHO%23LQWHJUDGR
9LVXDOL]DFLµQGHOHVWDGRGHOFRQYHUWLGRU
(OPHQ¼GHYLVXDOL]DFLµQSURSRUFLRQDXQDYLVWDGHYLJLODQFLDE£VLFDGHDOJXQRVSDU£PHWURV
FODYHFRPRIUHFXHQFLDWHQVLµQFRUULHQWHHWF
Menú de
parámetros
M
M
V
!V
OK
OK
)UHFXHQFLDGH
VDOLGD
+]
Menú de
visualización
V
OK
V
V
7HQVLµQGH
VDOLGD
9
OK
V
OK
&RUULHQWH
GHOPRWRU
$
V
&RQVLJQD
+]
9GF
9
HOYDORUSDUSDGHD
M
M
!V
!V
Menú de
configuración
(GLFLµQGHSDU£PHWURV
(QHVWDVHFFLµQVHGHVFULEHFµPRHGLWDUORVSDU£PHWURV
7LSRVGHSDU£PHWURV
7LSRGHSDU£PHWUR
'HVFULSFLµQ
3DU£PHWURVGHSHQGLHQWHVGH&'6
'HSHQGLHQWHVGHMXHJRGDWRVGHVH³DOHVGH
PDQGR&'6&RPPDQG'DWD6HW
,QGH[DGRVVLHPSUHFRQ>@
'LVSRQLEOHVSDUDFRQPXWDFLµQ&'6PHGLDQWH
3\3
'HSHQGLHQWHVGHMXHJRGHGDWRVGHOFRQYHUWLGRU
''6,QYHUWHU'DWD6HW
,QGH[DGRVVLHPSUHFRQ>@
'LVSRQLEOHVSDUDFRQPXWDFLµQ''6PHGLDQWH
3\3
3DU£PHWURVGHSHQGLHQWHVGH''6
2WURVSDU£PHWURV 3DU£PHWURVFRQYDULRV
¯QGLFHV
(VWRVSDU£PHWURVHVW£QLQGH[DGRVFRQHOUDQJRGH
¯QGLFHVGHSHQGLHQWHVGHOSDU£PHWURLQGLYLGXDO
3DU£PHWURVVLQLQGH[DU (VWRVSDU£PHWURVQRHVW£QLQGH[DGRV
&RQYHUWLGRU6,1$0,&69
,QVWUXFFLRQHVGHVHUYLFLR$(
3XHVWDHQPDUFKD
%DVLF2SHUDWRU3DQHO%23LQWHJUDGR
(GLFLµQQRUPDOGHSDU£PHWURV
1RWD
3XOVDU R GXUDQWHP£VGHGRVVHJXQGRVSDUDDXPHQWDURGLVPLQXLUU£SLGDPHQWHORV
¯QGLFHVRQ¼PHURVGHORVSDU£PHWURVVRORHVSRVLEOHHQHOPHQ¼GHSDU£PHWURV
(VWHP«WRGRGHHGLFLµQHVP£VDSURSLDGRFXDQGRHVQHFHVDULRKDFHUSHTXH³RVFDPELRVHQ
Q¼PHURV¯QGLFHVRYDORUHVGHSDU£PHWURV
Ⴠ 3DUDDXPHQWDURGLVPLQXLUHOQ¼PHUR¯QGLFHRYDORUGHOSDU£PHWURSXOVH
GXUDQWHPHQRVGHGRVVHJXQGRV
R
Ⴠ 3DUDDXPHQWDURGLVPLQXLUU£SLGDPHQWHHOQ¼PHUR¯QGLFHRYDORUGHOSDU£PHWURSXOVH
R GXUDQWHP£VGHGRVVHJXQGRV
Ⴠ 3DUDFRQILUPDUHODMXVWHSXOVH OK Ⴠ 3DUDFDQFHODUHODMXVWHSXOVH
M
(GLFLµQG¯JLWRDG¯JLWR
1RWD
/DHGLFLµQG¯JLWRDG¯JLWRGHQ¼PHURVR¯QGLFHV GHSDU£PHWURVVRORHVSRVLEOHHQHOPHQ¼GH
SDU£PHWURV
/DHGLFLµQG¯JLWRDG¯JLWRVHSXHGHUHDOL]DUSDUDQ¼PHURV¯QGLFHVRYDORUHVGHSDU£PHWURV
(VWHP«WRGRGHHGLFLµQHVP£VDSURSLDGRFXDQGRHVQHFHVDULRKDFHUJUDQGHVFDPELRVHQ
Q¼PHURV¯QGLFHVRYDORUHVGHSDU£PHWURV3DUDREWHQHUP£VLQIRUPDFLµQVREUHOD
HVWUXFWXUDGHPHQ¼VGHOFRQYHUWLGRUFRQVXOWHODVHFFLµQ(VWUXFWXUDGHPHQ¼VGHO
FRQYHUWLGRU3£JLQD
Ⴠ (QFXDOTXLHUPRGRGHHGLFLµQRGHVSOD]DPLHQWRVHHQWUDHQODHGLFLµQG¯JLWRDG¯JLWR
PHGLDQWHXQDSXOVDFLµQODUJD!VGH OK Ⴠ /DHGLFLµQG¯JLWRDG¯JLWRVLHPSUHHPSLH]DSRUHOG¯JLWRVLWXDGRP£VDODGHUHFKD
Ⴠ &DGDG¯JLWRVHVHOHFFLRQDGHIRUPDFRQVHFXWLYDSXOVDQGR OK Ⴠ $OSXOVDU
DFWXDO
M
XQDYH]VHPXHYHHOFXUVRUDOG¯JLWRVLWXDGRP£VDODGHUHFKDGHOHOHPHQWR
Ⴠ $OSXOVDU M GRVYHFHVGHIRUPDVXFHVLYDVHVDOHGHOPRGRG¯JLWRDG¯JLWRVLQFDPELDUHO
HOHPHQWRTXHVHHVW£HGLWDQGR
Ⴠ $OSXOVDU OK VREUHXQG¯JLWRFXDQGRQRKD\P£VG¯JLWRVDODL]TXLHUGDVHJXDUGDHOYDORU
Ⴠ 6LVHQHFHVLWDQP£VG¯JLWRVDODL]TXLHUGDVHGHEHQD³DGLUGHVSOD]DQGRHOG¯JLWRVLWXDGR
P£VDODL]TXLHUGDH[LVWHQWHSRUHQFLPDGHSDUDD³DGLUP£VG¯JLWRVDODL]TXLHUGD
Ⴠ $OSXOVDU
G¯JLWRV
R
GXUDQWHP£VGHGRVVHJXQGRVVHHQWUDHQHOGHVSOD]DPLHQWRU£SLGRGH
&RQYHUWLGRU6,1$0,&69
,QVWUXFFLRQHVGHVHUYLFLR$(
3XHVWDHQPDUFKD
%DVLF2SHUDWRU3DQHO%23LQWHJUDGR
(MHPSOR
(GLFLµQGHQ¼PHURVGHSDU£PHWURV
(MHPSOR
(MHPSOR
(GLFLµQGH¯QGLFHVGHSDU£PHWURV
(GLFLµQGHYDORUHVGHSDU£PHWURV
6LXQSDU£PHWURHVXQDPDWUL]HGLWH
ORV¯QGLFHVVHJ¼QVHLQGLFDD
FRQWLQXDFLµQ
V
OK
!V
M
V
OK
V
M
V
OK
!V
M
OK
V
OK
V
OK
!V
OK
V
OK
V
M
V
OK
V
M
M
M
OK
V
V
M
OK
3XOVDFLµQGREOH
V
3XOVDFLµQGREOH
M
3XOVDFLµQGREOH
M
V
V
OK
OK
V
OK
V
V
9DORUGH
SDU£PHWUR¯QGLFH
(GLFLµQYDORU
SDU£PHWUR
9LVXDOL]DFLRQHVGHODSDQWDOOD
(QODVGRVWDEODVVLJXLHQWHVVHPXHVWUDQODVYLVXDOL]DFLRQHVE£VLFDVGHODSDQWDOOD
,QIRUPDFLµQGHOD 3DQWDOOD
SDQWDOOD
6LJQLILFDGR
(OFRQYHUWLGRUHVW£RFXSDGRFRQHOSURFHVDPLHQWRLQWHUQRGH
ORVGDWRV
/DDFFLµQQRVHKDFRPSOHWDGRRQRHVSRVLEOH
3[[[[
3DU£PHWURHGLWDEOH
U[[[[
3DU£PHWURGHVROROHFWXUD
&RQYHUWLGRU6,1$0,&69
,QVWUXFFLRQHVGHVHUYLFLR$(
3XHVWDHQPDUFKD
%DVLF2SHUDWRU3DQHO%23LQWHJUDGR
,QIRUPDFLµQGHOD 3DQWDOOD
SDQWDOOD
6LJQLILFDGR
LQ[[[
3DU£PHWURLQGH[DGR
1¼PHUR
KH[DGHFLPDO
9DORUGHSDU£PHWURHQIRUPDWRKH[DGHFLPDO
E[[[
9DORUGHSDU£PHWURHQIRUPDWRELW
(VWDGRGHODVH³DO
%DMD
$OWD
1¼PHURGHELW
)[[[
&µGLJRGHIDOOR
$[[[
&µGLJRGHDODUPD
&Q[[[
0DFURGHFRQH[LµQFRQILJXUDEOH
&Q[[[
0DFURGHFRQH[LµQVHOHFFLRQDGDDFWXDOPHQWH
$3[[[
0DFURGHDSOLFDFLµQFRQILJXUDEOH
$3[[[
0DFURGHDSOLFDFLµQVHOHFFLRQDGDDFWXDOPHQWH
$
*
1
%
+
2
&
,
'
9
5
0
6
<
=
'HD
;
8
4
/
)
-
7
3
(
"
&RQYHUWLGRU6,1$0,&69
,QVWUXFFLRQHVGHVHUYLFLR$(
3XHVWDHQPDUFKD
&RPSUREDFLµQDQWHVGHODFRQH[LµQ
(VWDGRVGHO/('
6,1$0,&69WLHQHXQ¼QLFR/('SDUDLQGLFDFLRQHVGHHVWDGR(O/('VHSXHGHYLVXDOL]DU
HQQDUDQMDYHUGHRURMR
6LH[LVWHP£VGHXQHVWDGRGHOFRQYHUWLGRUHO/('ORVPXHVWUDHQHOVLJXLHQWHRUGHQGH
SULRULGDG
Ⴠ &ORQDFLµQGHSDU£PHWURV
Ⴠ 0RGRGHSXHVWDHQPDUFKD
Ⴠ 7RGRVORVIDOORV
Ⴠ /LVWRVLQIDOOR
3RUHMHPSORVLKD\XQIDOORDFWLYRFXDQGRHOFRQYHUWLGRUHVW£HQHOPRGRGHSXHVWDHQ
PDUFKDHO/('SDUSDGHDHQYHUGHD+]
(VWDGRGHOFRQYHUWLGRU
&RORUGHO/('
(QFHQGLGR
1DUDQMD
/LVWRVLQIDOOR
9HUGH
0RGRGHSXHVWDHQPDUFKD
3DUSDGHROHQWRHQYHUGHD
+]
7RGRVORVIDOORV
3DUSDGHRU£SLGRHQURMRD+]
&ORQDFLµQGHSDU£PHWURV
3DUSDGHRHQQDUDQMDD+]
&RPSUREDFLµQDQWHVGHODFRQH[LµQ
5HDOLFHODVFRPSUREDFLRQHVVLJXLHQWHVDQWHVGHFRQHFWDUHOVLVWHPDFRQYHUWLGRU
Ⴠ &RPSUXHEHTXHWRGRVORVFDEOHVVHKDQFRQHFWDGRFRUUHFWDPHQWH\TXHVHREVHUYHQ
WRGDVODVSUHFDXFLRQHVGHVHJXULGDGSHUWLQHQWHVGHODSODQWDXELFDFLµQ\SURGXFWR
Ⴠ $VHJ¼UHVHGHTXHHOPRWRU\HOFRQYHUWLGRUHVW£QFRQILJXUDGRVSDUDODWHQVLµQGH
DOLPHQWDFLµQFRUUHFWD
Ⴠ $SULHWHWRGRVORVWRUQLOORVDOSDUGHDSULHWHHVSHFLILFDGR
&RQYHUWLGRU6,1$0,&69
,QVWUXFFLRQHVGHVHUYLFLR$(
3XHVWDHQPDUFKD
&RQILJXUDFLµQGHOPHQ¼GHVHOHFFLµQGH+]
&RQILJXUDFLµQGHOPHQ¼GHVHOHFFLµQGH+]
1RWD
(OPHQ¼GHVHOHFFLµQGH+]VRORHVYLVLEOHHQHOSULPHUHQFHQGLGRRWUDVXQ
UHVWDEOHFLPLHQWRGHORVDMXVWHVGHI£EULFD33XHGHUHDOL]DUXQDVHOHFFLµQXVDQGRHO
%23RVDOLUGHOPHQ¼VLQKDFHUQLQJXQDVHOHFFLµQ\HOPHQ¼QRVHPRVWUDU£DPHQRVTXHVH
UHDOLFHXQUHVWDEOHFLPLHQWRGHORVDMXVWHVGHI£EULFD
/DIUHFXHQFLDE£VLFDGHOPRWRUWDPEL«QVHSXHGHVHOHFFLRQDUFDPELDQGR3DOYDORU
GHVHDGR
)XQFLRQHV
(VWHPHQ¼VHXWLOL]DSDUDGHILQLUODIUHFXHQFLDE£VLFDGHOPRWRUHQIXQFLµQGHODUHJLµQGHO
PXQGRHQODTXHVHXVD(OPHQ¼GHWHUPLQDVLORVSDU£PHWURVGHSRWHQFLDSRUHMHPSOR
SRWHQFLDQRPLQDOGHOPRWRU3VHH[SUHVDQHQ>N:@R>KS@
3DU£PHWUR
9DORU
'HVFULSFLµQ
3
/DIUHFXHQFLDE£VLFDGHOPRWRUHV+]S
SUHGHWHUPLQDGDൺ(XURSD>N:@
/DIUHFXHQFLDE£VLFDGHOPRWRUHV+]ൺ(VWDGRV8QLGRV&DQDG£>KS@
/DIUHFXHQFLDE£VLFDGHOPRWRUHV+]ൺ(VWDGRV8QLGRV&DQDG£>N:@
3ULPHU
HQFHQGLGRUHVWDEOHFLPL
HQWRDMXVWHVGHI£EULFD
Menú de selección 50/60 Hz
Hz
&RQILUPDUODVHOHFFLµQ
OK
Hz
Hz
"
V
Menú de
configuración
KS"
"
6DOLUVLQVHOHFFLRQDU
M
Menú de
visualización
V &RQYHUWLGRU6,1$0,&69
,QVWUXFFLRQHVGHVHUYLFLR$(
3XHVWDHQPDUFKD
$UUDQTXHGHOPRWRUSDUDODPDUFKDGHSUXHED
$UUDQTXHGHOPRWRUSDUDODPDUFKDGHSUXHED
(QHVWDVHFFLµQVHGHVFULEHFµPRDUUDQFDUHOPRWRUSDUDXQDPDUFKDGHSUXHEDSDUDDV¯
FRPSUREDUTXHODYHORFLGDGGHOPRWRU\ODGLUHFFLµQGHURWDFLµQVRQFRUUHFWDV
1RWD
3DUDDUUDQFDUHOPRWRUHOFRQYHUWLGRUGHEHHVWDUHQHOPHQ¼GHYLVXDOL]DFLµQYLVXDOL]DFLµQ
SUHGHWHUPLQDGD\HOHVWDGRSUHGHWHUPLQDGRGHFRQH[LµQGHEHWHQHU3VHOHFFLµQGHOD
IXHQWHGHVH³DOHVGHPDQGR 6L\DHVW£HQHOPHQ¼GHFRQILJXUDFLµQHOFRQYHUWLGRUPXHVWUD3SXOVH M GXUDQWH
P£VGHGRVVHJXQGRVSDUDVDOLUGHOPHQ¼GHFRQILJXUDFLµQ\HQWUDUHQHOPHQ¼GH
YLVXDOL]DFLµQ
3XHGHDUUDQFDUHOPRWRUHQPRGR+$1'R-2*
$UUDQTXHGHOPRWRUHQPRGR+$1'
3XOVH
SDUDDUUDQFDUHOPRWRU
3XOVH
SDUDSDUDUHOPRWRU
$UUDQTXHGHOPRWRUHQPRGR-2*
3XOVH
3XOVH
M
OK SDUDSDVDUGHOPRGR+$1'DO-2*HOLFRQR
SDUDDUUDQFDUHOPRWRU6XHOWH
SDUSDGHD
SDUDSDUDUHOPRWRU
&RQYHUWLGRU6,1$0,&69
,QVWUXFFLRQHVGHVHUYLFLR$(
3XHVWDHQPDUFKD
3XHVWDHQPDUFKDU£SLGD
3XHVWDHQPDUFKDU£SLGD
3XHVWDHQPDUFKDU£SLGDDWUDY«VGHOPHQ¼GHFRQILJXUDFLµQ
(VWUXFWXUDGHOPHQ¼GHFRQILJXUDFLµQ
)XQFLRQHVGHOPHQ¼GHFRQILJXUDFLµQ
(OPHQ¼GHFRQILJXUDFLµQOHJX¯DSRUORVSDVRVQHFHVDULRVSDUDODSXHVWDHQPDUFKDU£SLGD
GHOVLVWHPDFRQYHUWLGRU6HFRPSRQHGHORVFXDWURVXEPHQ¼VVLJXLHQWHV
6XEPHQ¼
)XQFLRQHV
'DWRVGHOPRWRU
'HILQHORVSDU£PHWURVQRPLQDOHVGHOPRWRUSDUDOD
SXHVWDHQPDUFKDU£SLGD
6HOHFFLµQGHPDFURGHFRQH[LµQ
'HILQHODVPDFURVQHFHVDULDVSDUDODVGLVSRVLFLRQHVGH
FDEOHDGRHVW£QGDU
6HOHFFLµQGHPDFURGHDSOLFDFLµQ
'HILQHODVPDFURVQHFHVDULDVSDUDGHWHUPLQDGDV
DSOLFDFLRQHVFRPXQHV
6HOHFFLµQGHSDU£PHWURVFRPXQHV
'HILQHORVSDU£PHWURVUHTXHULGRVSDUDODRSWLPL]DFLµQ
GHOUHQGLPLHQWRGHOFRQYHUWLGRU
&RQYHUWLGRU6,1$0,&69
,QVWUXFFLRQHVGHVHUYLFLR$(
3XHVWDHQPDUFKD
3XHVWDHQPDUFKDU£SLGD
(VWUXFWXUDGHPHQ¼V
Menú de
parámetros
M
M
!V
V
Menú de
visualización
M
M
!V
!V
Menú de
configuración
'DWRVGHOPRWRU
OK
V
M
V
0DFURGHFRQH[LµQ
M
V
0DFURGHDSOLFDFLµQ
M
(GLFLµQGHYDORU
V
3DU£PHWURVFRPXQHV
OK
M
V
V
(GLFLµQGHYDORU
&RQYHUWLGRU6,1$0,&69
,QVWUXFFLRQHVGHVHUYLFLR$(
3XHVWDHQPDUFKD
3XHVWDHQPDUFKDU£SLGD
&RQILJXUDFLµQGHGDWRVGHOPRWRU
)XQFLRQHV
(VWHPHQ¼VHKDGLVH³DGRSDUDODFRQILJXUDFLµQVHQFLOODGHORVGDWRVQRPLQDOHVGHODSODFD
GHFDUDFWHU¯VWLFDVGHOPRWRU
0HQ¼GHWH[WR
6LHVWDEOHFH3HQORVQ¼PHURVGHORVSDU£PHWURVGHHVWHPHQ¼VHVXVWLWX\HQSRUXQ
WH[WREUHYH
&RQILJXUDFLµQGHSDU£PHWURV
1RWD
(QODWDEODVLJXLHQWHჀLQGLFDTXHHOYDORUGHHVWHSDU£PHWURVHGHEHLQWURGXFLUVHJ¼QOD
SODFDGHFDUDFWHU¯VWLFDVGHOPRWRU
3DU£PHWUR
3
1LYHOGH
DFFHVR
)XQFLµQ
6HOHFFLµQGH+]
0HQ¼GHWH[WR
VL3 (XURSD>N:@+]YDORUSUHGHWHUPLQDGRGHI£EULFD
1RUWHDP«ULFD>KS@+]
1RUWHDP«ULFD>N:@+]
3>@Ⴠ
(886
7HQVLµQQRPLQDOGHOPRWRU>9@
7HQJDHQFXHQWDTXHODHQWUDGDGHORVGDWRVGHODSODFDGH
FDUDFWHU¯VWLFDVWLHQHTXHFRUUHVSRQGHUFRQHOFDEOHDGRGHOPRWRUHQ
0279
HVWUHOODWUL£QJXOR
3>@Ⴠ
&RUULHQWHQRPLQDOGHOPRWRU>$@
7HQJDHQFXHQWDTXHODHQWUDGDGHORVGDWRVGHODSODFDGH
FDUDFWHU¯VWLFDVWLHQHTXHFRUUHVSRQGHUFRQHOFDEOHDGRGHOPRWRUHQ
027$
HVWUHOODWUL£QJXOR
3>@Ⴠ
3RWHQFLDQRPLQDOGHOPRWRU>N:KS@
3 R
6L3 RXQLGDGGHSRWHQFLDGHOPRWRU >N:@
6L3 XQLGDGGHSRWHQFLDGHOPRWRU >KS@
0273
3 027+3
&RQYHUWLGRU6,1$0,&69
,QVWUXFFLRQHVGHVHUYLFLR$(
3XHVWDHQPDUFKD
3XHVWDHQPDUFKDU£SLGD
3DU£PHWUR
3>@Ⴠ
1LYHOGH
DFFHVR
)XQFLµQ
)DFWRUGHSRWHQFLDQRPLQDOGHOPRWRUFRV˳
0HQ¼GHWH[WR
VL3 9LVLEOHVRODPHQWHFXDQGR3 R
0&26
3>@Ⴠ
(ILFLHQFLDQRPLQDOGHOPRWRU>@
9LVLEOHVRODPHQWHFXDQGR3 (ODMXVWHSURGXFHHOF£OFXORLQWHUQRGHOYDORU
3>@Ⴠ
0())
)UHFXHQFLDQRPLQDOGHOPRWRU>+]@
0)5(4
3>@Ⴠ
9HORFLGDGQRPLQDOGHOPRWRU>530@
0530
3
6HOHFFLµQGHODLGHQWLILFDFLµQGHGDWRVGHOPRWRU
'HVKDELOLWDGD
,GHQWLILFDFLµQGHWRGRVORVSDU£PHWURVHQSDUDGD
027,'
&RQVXOWHWDPEL«Q
/LVWDGHSDU£PHWURV3£JLQD
&RQYHUWLGRU6,1$0,&69
,QVWUXFFLRQHVGHVHUYLFLR$(
3XHVWDHQPDUFKD
3XHVWDHQPDUFKDU£SLGD
&RQILJXUDFLµQGHPDFURVGHFRQH[LµQ
$7(1&,•1
&RQILJXUDFLµQGHPDFURVGHFRQH[LµQ
$OSRQHUHQPDUFKDHOFRQYHUWLGRUODFRQILJXUDFLµQGHODVPDFURVGHFRQH[LµQVHKDFHXQD
¼QLFDYH]$VHJ¼UHVHGHSURFHGHUGHODVLJXLHQWHPDQHUDDQWHVGHFDPELDUOD
FRQILJXUDFLµQGHPDFURVGHFRQH[LµQDXQYDORUGLIHUHQWHGHO¼OWLPRDMXVWH
+DJDXQUHVWDEOHFLPLHQWRGHORVDMXVWHVGHI£EULFD3 3 5HSLWDODSXHVWDHQPDUFKDU£SLGD\FDPELHODPDFURGHFRQH[LµQ
6LQRVHUHDOL]DHVWHSURFHGLPLHQWRSXHGHVXFHGHUTXHHOFRQYHUWLGRUDFHSWHORVDMXVWHVGH
ORVSDU£PHWURVGHODVPDFURVVHOHFFLRQDGDVDFWXDOPHQWH\ODVDQWHULRUHVORTXHSXHGH
SURYRFDUXQIXQFLRQDPLHQWRLQGHILQLGRHLQH[SOLFDEOHGHOFRQYHUWLGRU
6LQHPEDUJRORVSDU£PHWURVGHFRPXQLFDFLµQ333\3GHODV
PDFURVGHFRQH[LµQ&Q\&QQRVHUHVWDEOHFHQDXWRP£WLFDPHQWHGHVSX«VGHO
UHVWDEOHFLPLHQWRGHORVDMXVWHVGHI£EULFD6LHVQHFHVDULRGHEHUHVWDEOHFHUORV
PDQXDOPHQWH
'HVSX«VGHFDPELDUODFRQILJXUDFLµQGH3SDUD&QR&QGHVFRQHFWH\YXHOYD
DFRQHFWDUHOFRQYHUWLGRU'XUDQWHHVWHSURFHVRHVSHUHDTXHVHKD\DDSDJDGRHO/('R
ODSDQWDOODVHKD\DSXHVWRHQEODQFRSXHGHWDUGDUXQRVVHJXQGRVDQWHVGHYROYHUD
FRQHFWDUODDOLPHQWDFLµQ
)XQFLRQHV
(QHVWHPHQ¼VHVHOHFFLRQDTX«PDFURVHQHFHVLWDSDUDODVGLVSRVLFLRQHVGHFDEOHDGR
HVW£QGDU/DPDFURSUHGHWHUPLQDGDHV&QSDUDODPDFURGHFRQH[LµQ
7RGDVODVPDFURVGHFRQH[LµQVRORFDPELDQORVSDU£PHWURVGH&'6&RPPDQG'DWD6HW
MXHJRGHGDWRVGHVH³DOHVGHPDQGR/RVSDU£PHWURVGH&'6VHXWLOL]DQSDUDHO
FRQWUROGH%23
0DFURGH
FRQH[LµQ
'HVFULSFLµQ
&Q
$MXVWHSUHGHWHUPLQDGRGHI£EULFD1RKDFHFDPELRVHQORV
SDU£PHWURV
&Q
%23FRPROD¼QLFDIXHQWHGHUHJXODFLµQ
&Q
&RQWUROGHVGHORVERUQHV313131
&Q
9HORFLGDGHVILMDV
&Q
0RGRELQDULRGHYHORFLGDGILMD
&Q
(QWUDGDDQDOµJLFD\IUHFXHQFLDILMD
&Q
&RQWUROFRQSXOVDGRUH[WHUQR
&Q
3XOVDGRUH[WHUQRFRQFRQVLJQDDQDOµJLFD
&Q
5HJXODFLµQ3,'FRQUHIHUHQFLDGHHQWUDGDDQDOµJLFD
&Q
5HJXODFLµQ3,'FRQUHIHUHQFLDGHYDORUILMD
&Q
5HJXODFLµQ866
&Q
5HJXODFLµQ02'%86578
3DQWDOODGHHMHPSOR
(OVLJQRPHQRVLQGLFDTXHHVWDPDFURHV
ODPDFURVHOHFFLRQDGDDFWXDOPHQWH
&RQYHUWLGRU6,1$0,&69
,QVWUXFFLRQHVGHVHUYLFLR$(
3XHVWDHQPDUFKD
3XHVWDHQPDUFKDU£SLGD
&RQILJXUDFLµQGHPDFURVGHFRQH[LµQ
(OVLJQRPHQRVLQGLFDODPDFUR
VHOHFFLRQDGDDFWXDOPHQWH
!V
'DWRVGHOPRWRU
!V
M
V
V
0DFURGHFRQH[LµQ
V
M
V
OK
M
V
V
0DFURGHDSOLFDFLµQ
&Q[[[
0DFURVHOHFFLRQDGD
DFWXDOPHQWH
0DFURGHFRQH[LµQ&Q%23FRPROD¼QLFDIXHQWHGHUHJXODFLµQ
10V AI1 AI2 0V DI1 DI2 DI3 DI4 DIC 24V 0V
DO2
0V
0V
AO+ AO- DO1+ DO1
N
9HORFLGDG
M
220V
)XQFLRQD
PLHQWR
OK
P+ N
)DOOR
0~20mA=
0~50/60Hz
&RQILJXUDFLµQGHPDFURVGHFRQH[LµQ
3DU£PHWUR
'HVFULSFLµQ
$MXVWHV
$MXVWHV
2EVHUYDFLRQHV
SUHGHWHUPLQDGR SUHGHWHUPLQDG
VGHI£EULFD
RVGH&Q
3>@
6HOHFFLµQGHODIXHQWHGHVH³DOHVGH
PDQGR
%23
3>@
3>@
3>@
3>@
3>@
6HOHFFLµQGHIUHFXHQFLD
%,)XQFLµQGHODVDOLGDGLJLWDO
%,)XQFLµQGHODVDOLGDGLJLWDO
&,6DOLGDDQDOµJLFD
%,%LWGH&'6+DQG$XWR
023GH%23
&RQYHUWLGRUHQIXQFLRQDPLHQWR
)DOORGHOFRQYHUWLGRUDFWLYR
)UHFXHQFLDUHDO
0RGR+$1'
&RQYHUWLGRU6,1$0,&69
,QVWUXFFLRQHVGHVHUYLFLR$(
3XHVWDHQPDUFKD
3XHVWDHQPDUFKDU£SLGD
0DFURGHFRQH[LµQ&Q&RQWUROGHVGHORVERUQHV313131
&RQWUROH[WHUQR3RWHQFLµPHWURFRQFRQVLJQD
Ⴠ &RQPXWDGRU+DQG$XWRHQWUHHO%23\ORVERUQHVSXOVDQGR M OK Ⴠ 7DQWR131FRPR313VHSXHGHQUHDOL]DUFRQORVPLVPRVSDU£PHWURV3XHGHFDPELDUOD
FRQH[LµQGHOERUQHFRP¼QGHHQWUDGDGLJLWDOD9R9SDUDGHFLGLUHOPRGR
0~10V=
0~50/60Hz
2Q2II
,QYHUVLµQ
&RQILUPDFLµQGHIDOOR
-2*KDFLDGHODQWH
10V AI1 AI2 0V DI1 DI2 DI3 DI4 DIC 24V 0V
DO2
0V
0V
AO+ AO- DO1+ DO1
M
OK
P+ N
220V
N
9HORFLGDG
)XQFLRQD
PLHQWR
)DOOR
0~20mA=
0~50/60Hz
PNP
0~10V=
0~50/60Hz
2Q2II
,QYHUVLµQ
&RQILUPDFLµQGHIDOOR
-2*KDFLDGHODQWH
10V AI1 AI2 0V DI1 DI2 DI3 DI4 DIC 24V 0V
DO2
0V
0V
AO+ AO- DO1+ DO1
N
9HORFLGDG
M
220V
)XQFLRQD
PLHQWR
OK
P+ N
)DOOR
0~20mA=
0~50/60Hz
NPN
&RQILJXUDFLµQGHPDFURVGHFRQH[LµQ
3DU£PHWUR
'HVFULSFLµQ
$MXVWHV
$MXVWHV
2EVHUYDFLRQHV
SUHGHWHUPLQDG SUHGHWHUPLQDG
RVGHI£EULFD RVGH&Q
3>@
6HOHFFLµQGHODIXHQWHGHVH³DOHVGH
PDQGR
6HOHFFLµQGHIUHFXHQFLD
3>@
%RUQHFRPRIXHQWHGHVH³DOHVGH
PDQGR
$QDOµJLFDFRPRFRQVLJQDGH
YHORFLGDG
&RQYHUWLGRU6,1$0,&69
,QVWUXFFLRQHVGHVHUYLFLR$(
3XHVWDHQPDUFKD
3XHVWDHQPDUFKDU£SLGD
3DU£PHWUR
'HVFULSFLµQ
$MXVWHV
$MXVWHV
2EVHUYDFLRQHV
SUHGHWHUPLQDG SUHGHWHUPLQDG
RVGHI£EULFD RVGH&Q
3>@
3>@
3>@
3>@
3>@
3>@
3>@
)XQFLµQGHODHQWUDGDGLJLWDO
)XQFLµQGHODHQWUDGDGLJLWDO
)XQFLµQGHODHQWUDGDGLJLWDO
)XQFLµQGHODHQWUDGDGLJLWDO
&,6DOLGDDQDOµJLFD
%,)XQFLµQGHODVDOLGDGLJLWDO
%,)XQFLµQGHODVDOLGDGLJLWDO
212))
,QYHUVLµQ
&RQILUPDFLµQGHIDOOR
-2*KDFLDGHODQWH
)UHFXHQFLDUHDO
&RQYHUWLGRUHQIXQFLRQDPLHQWR
)DOORGHOFRQYHUWLGRUDFWLYR
0DFURGHFRQH[LµQ&Q9HORFLGDGHVILMDV
7UHVYHORFLGDGHVILMDVFRQ212))
Ⴠ &RQPXWDGRU+DQG$XWRHQWUHHO%23\HOERUQHSXOVDQGR
M
OK Ⴠ 6LVHVHOHFFLRQDP£VGHXQDIUHFXHQFLDILMDDOPLVPRWLHPSRODVIUHFXHQFLDV
VHOHFFLRQDGDVVHVXPDQSHM))))))
2Q2II
9HORFLGDGEDMD
9HORFLGDGPHGLD
9HORFLGDGDOWD
10V AI1 AI2 0V DI1 DI2 DI3 DI4 DIC 24V 0V
DO2
0V
0V
AO+ AO- DO1+ DO1
N
9HORFLGDG
M
OK
P+ N
220V
)XQFLRQD
PLHQWR
)DOOR
0~20mA=
0~50/60Hz
&RQILJXUDFLµQGHPDFURVGHFRQH[LµQ
3DU£PHWUR
'HVFULSFLµQ
$MXVWHV
SUHGHWHUPLQDG
RVGHI£EULFD
$MXVWHV
2EVHUYDFLRQHV
SUHGHWHUPLQD
GRVGH&Q
3>@
6HOHFFLµQGHODIXHQWHGHVH³DOHVGH
PDQGR
%RUQHFRPRIXHQWHGHVH³DOHVGH
PDQGR
3>@
3>@
3>@
3>@
3>@
3>@
6HOHFFLµQGHIUHFXHQFLD
)XQFLµQGHODHQWUDGDGLJLWDO
)XQFLµQGHODHQWUDGDGLJLWDO
)XQFLµQGHODHQWUDGDGLJLWDO
)XQFLµQGHODHQWUDGDGLJLWDO
0RGRGHIUHFXHQFLDILMD
)UHFXHQFLDILMD
212))
%LWGHYHORFLGDGILMD
%LWGHYHORFLGDGILMD
%LWGHYHORFLGDGILMD
0RGRGHVHOHFFLµQGLUHFWD
&RQYHUWLGRU6,1$0,&69
,QVWUXFFLRQHVGHVHUYLFLR$(
3XHVWDHQPDUFKD
3XHVWDHQPDUFKDU£SLGD
3DU£PHWUR
'HVFULSFLµQ
$MXVWHV
SUHGHWHUPLQDG
RVGHI£EULFD
$MXVWHV
2EVHUYDFLRQHV
SUHGHWHUPLQD
GRVGH&Q
3>@
3>@
3>@
3>@
3>@
3>@
3>@
3>@
3>@
%,%LWGHVHOHFFLµQGHIUHFXHQFLDILMD
%,%LWGHVHOHFFLµQGHIUHFXHQFLDILMD
%,%LWGHVHOHFFLµQGHIUHFXHQFLDILMD
)UHFXHQFLDILMD
)UHFXHQFLDILMD
)UHFXHQFLDILMD
&,6DOLGDDQDOµJLFD
%,)XQFLµQGHODVDOLGDGLJLWDO
%,)XQFLµQGHODVDOLGDGLJLWDO
',
',
',
9HORFLGDGEDMD
9HORFLGDGPHGLD
9HORFLGDGDOWD
)UHFXHQFLDUHDO
&RQYHUWLGRUHQIXQFLRQDPLHQWR
)DOORGHOFRQYHUWLGRUDFWLYR
0DFURGHFRQH[LµQ&Q9HORFLGDGHVILMDVHQPRGRELQDULR
9HORFLGDGHVILMDVFRQVH³DOGHPDQGR21HQPRGRELQDULR
Ⴠ +DVWDYDORUHVGHIUHFXHQFLDILMDGLIHUHQWHV+]3D3VHSXHGHQ
VHOHFFLRQDUSRUPHGLRGHORVVHOHFWRUHVGHIUHFXHQFLDILMDGH3D3
%LWGHYHORFLGDGILMD
%LWGHYHORFLGDGILMD
%LWGHYHORFLGDGILMD
%LWGHYHORFLGDGILMD
10V AI1 AI2 0V DI1 DI2 DI3 DI4 DIC 24V 0V
DO2
0V
0V
AO+ AO- DO1+ DO1
N
9HORFLGDG
M
OK
P+ N
220V
)XQFLRQD
PLHQWR
)DOOR
0~20mA=
0~50/60Hz
&RQILJXUDFLµQGHPDFURVGHFRQH[LµQ
3DU£PHWUR
'HVFULSFLµQ
$MXVWHV
$MXVWHV
2EVHUYDFLRQHV
SUHGHWHUPLQDG SUHGHWHUPLQDG
RVGHI£EULFD RVGH&Q
3>@
6HOHFFLµQGHODIXHQWHGHVH³DOHVGH
PDQGR
6HOHFFLµQGHIUHFXHQFLD
)XQFLµQGHODHQWUDGDGLJLWDO
)XQFLµQGHODHQWUDGDGLJLWDO
)XQFLµQGHODHQWUDGDGLJLWDO
)XQFLµQGHODHQWUDGDGLJLWDO
3>@
3>@
3>@
3>@
3>@
%RUQHVFRPRIXHQWHGHVH³DOHVGH
PDQGR
)UHFXHQFLDILMD
%LWGHYHORFLGDGILMD
%LWGHYHORFLGDGILMD
%LWGHYHORFLGDGILMD
%LWGHYHORFLGDGILMD
&RQYHUWLGRU6,1$0,&69
,QVWUXFFLRQHVGHVHUYLFLR$(
3XHVWDHQPDUFKD
3XHVWDHQPDUFKDU£SLGD
3DU£PHWUR
'HVFULSFLµQ
$MXVWHV
$MXVWHV
2EVHUYDFLRQHV
SUHGHWHUPLQDG SUHGHWHUPLQDG
RVGHI£EULFD RVGH&Q
3>@
3>@
0RGRGHIUHFXHQFLDILMD
%,212))
3>@
3>@
3>@
3>@
3>@
3>@
3>@
0RGRELQDULR
(OFRQYHUWLGRUDUUDQFDDOD
YHORFLGDGILMDVHOHFFLRQDGD
%,%LWGHVHOHFFLµQGHIUHFXHQFLDILMD ',
%,%LWGHVHOHFFLµQGHIUHFXHQFLDILMD
%,%LWGHVHOHFFLµQGHIUHFXHQFLDILMD
%,%LWGHVHOHFFLµQGHIUHFXHQFLDILMD
&,6DOLGDDQDOµJLFD
%,)XQFLµQGHODVDOLGDGLJLWDO
%,)XQFLµQGHODVDOLGDGLJLWDO
',
',
',
)UHFXHQFLDUHDO
&RQYHUWLGRUHQIXQFLRQDPLHQWR
)DOORGHOFRQYHUWLGRUDFWLYR
0DFURGHFRQH[LµQ&Q(QWUDGDDQDOµJLFD\IUHFXHQFLDILMD
/DHQWUDGDDQDOµJLFDIXQFLRQDFRPRXQDFRQVLJQDDGLFLRQDO
Ⴠ 6L',\',HVW£QDFWLYDVDOPLVPRWLHPSRODVIUHFXHQFLDVVHOHFFLRQDGDVVHVXPDQHV
GHFLU))))
0~10V=
0~50/60Hz
212))
%LWGHYHORFLGDGILMD
%LWGHYHORFLGDGILMD
&RQILUPDFLµQGHIDOOR
10V AI1 AI2 0V DI1 DI2 DI3 DI4 DIC 24V 0V
DO2
0V
0V
AO+ AO- DO1+ DO1
N
9HORFLGDG
)XQFLRQD
PLHQWR
0~20mA=
0~50/60Hz
M
OK
P+ N
220V
)DOOR
(VTXHPDGHIXQFLRQDPLHQWR
&XDQGRVHVHOHFFLRQDODYHORFLGDGILMDVHGHVKDELOLWDHOFDQDOGHFRQVLJQDDGLFLRQDOGHOD
DQDOµJLFD6LQRKD\QLQJXQDFRQVLJQDGHYHORFLGDGILMDHOFDQDOGHFRQVLJQDVHFRQHFWDD
ODHQWUDGDDQDOµJLFD
&RQYHUWLGRU6,1$0,&69
,QVWUXFFLRQHVGHVHUYLFLR$(
3XHVWDHQPDUFKD
3XHVWDHQPDUFKDU£SLGD
&RQVLJQDDGLFLRQDO
GHVKDELOLWDGD
+
FF 01
FF 02
9HORFLGDGHV
ILMDV
(QWUDGD
DQDOµJLFD
&RQVLJQD
r1025
&RQILJXUDFLµQGHPDFURVGHFRQH[LµQ
3DU£PHWUR
'HVFULSFLµQ
$MXVWHV
$MXVWHV
2EVHUYDFLRQHV
SUHGHWHUPLQDGR SUHGHWHUPLQDG
VGHI£EULFD
RVGH&Q
3>@
6HOHFFLµQGHODIXHQWHGHVH³DOHVGH
PDQGR
6HOHFFLµQGHIUHFXHQFLD
3>@
%RUQHVFRPRIXHQWHGHVH³DOHV
GHPDQGR
)UHFXHQFLDILMDFRQVLJQD
DQDOµJLFD
3>@
)XQFLµQGHODHQWUDGDGLJLWDO
212))
3>@
3>@
)XQFLµQGHODHQWUDGDGLJLWDO
)XQFLµQGHODHQWUDGDGLJLWDO
%LWGHYHORFLGDGILMD
%LWGHYHORFLGDGILMD
3>@
3>@
)XQFLµQGHODHQWUDGDGLJLWDO
0RGRGHIUHFXHQFLDILMD
&RQILUPDFLµQGHIDOOR
0RGRGHVHOHFFLµQGLUHFWD
3>@
3>@
3>@
3>@
3>@
%,%LWGHVHOHFFLµQGHIUHFXHQFLDILMD
%,%LWGHVHOHFFLµQGHIUHFXHQFLDILMD
)UHFXHQFLDILMD
)UHFXHQFLDILMD
%,'HVKDELOLWDFLµQGHFRQVLJQD
DGLFLRQDO
&,6DOLGDDQDOµJLFD
%,)XQFLµQGHODVDOLGDGLJLWDO
%,)XQFLµQGHODVDOLGDGLJLWDO
',
',
9HORFLGDGILMD
9HORFLGDGILMD
))GHVKDELOLWDODFRQVLJQD
DGLFLRQDO
)UHFXHQFLDUHDO
&RQYHUWLGRUHQIXQFLRQDPLHQWR
)DOORGHOFRQYHUWLGRUDFWLYR
3>@
3>@
3>@
&RQYHUWLGRU6,1$0,&69
,QVWUXFFLRQHVGHVHUYLFLR$(
3XHVWDHQPDUFKD
3XHVWDHQPDUFKDU£SLGD
0DFURGHFRQH[LµQ&Q&RQWUROGHSXOVDGRUH[WHUQR
7HQJDHQFXHQWDTXHODVIXHQWHVGHVH³DOHVGHPDQGRVRQVH³DOHVGHLPSXOVRV
2))+2/'
,PSXOVR21
6XELU023
%DMDU023
10V AI1 AI2 0V DI1 DI2 DI3 DI4 DIC 24V 0V
DO2
0V
0V
AO+ AO- DO1+ DO1
N
9HORFLGDG
M
OK
P+ N
220V
)XQFLRQD
PLHQWR
)DOOR
0~20mA=
0~50/60Hz
&RQILJXUDFLµQGHPDFURVGHFRQH[LµQ
3DU£PHWUR
'HVFULSFLµQ
$MXVWHV
$MXVWHV
2EVHUYDFLRQHV
SUHGHWHUPLQDG SUHGHWHUPLQDG
RVGHI£EULFD RVGH&Q
3>@
3>@
3>@
3>@
6HOHFFLµQGHODIXHQWHGHVH³DOHVGH
PDQGR
6HOHFFLµQGHIUHFXHQFLD
)XQFLµQGHODHQWUDGDGLJLWDO
)XQFLµQGHODHQWUDGDGLJLWDO
3>@
3>@
3>@
)XQFLµQGHODHQWUDGDGLJLWDO
)XQFLµQGHODHQWUDGDGLJLWDO
6HOHFFLµQGHP«WRGRGHKLORV
3>@
3>@
3>@
3>@
3>@
&,6DOLGDDQDOµJLFD
%,)XQFLµQGHODVDOLGDGLJLWDO
%,)XQFLµQGHODVDOLGDGLJLWDO
&RQVLJQDGHO023
7LHPSRDFHO023GHO*G5
3>@
7LHPSRGHFHO023GHO*G5
%RUQHVFRPRIXHQWHGHVH³DOHVGH
PDQGR
023GH%23
2))+2/'
,PSXOVR21
,PSXOVRVXELU023
,PSXOVREDMDU023
KLORV
,PSXOVR212))+2/'
,QYHUVLµQ
)UHFXHQFLDUHDO
&RQYHUWLGRUHQIXQFLRQDPLHQWR
)DOORGHOFRQYHUWLGRUDFWLYR
)UHFXHQFLDLQLFLDO
7LHPSRGHDFHOHUDFLµQGHVGHFHUR
KDVWDODIUHFXHQFLDP£[LPD
7LHPSRGHGHFHOHUDFLµQGHVGHOD
IUHFXHQFLDP£[LPDKDVWDFHUR
&RQYHUWLGRU6,1$0,&69
,QVWUXFFLRQHVGHVHUYLFLR$(
3XHVWDHQPDUFKD
3XHVWDHQPDUFKDU£SLGD
0DFURGHFRQH[LµQ&Q3XOVDGRUHVH[WHUQRVFRQFRQWURODQDOµJLFR
7HQJDHQFXHQWDTXHODVIXHQWHVGHVH³DOHVGHPDQGRVRQVH³DOHVGHLPSXOVRV
0~10V=
0~50/60Hz
0DQWHQLPLHQWR2))
,PSXOVRJLURKRUDULR21
,PSXOVRLQYHUVLµQ21
,PSXOVRGHFRQILUPDFLµQGHIDOOR
10V AI1 AI2 0V DI1 DI2 DI3 DI4 DIC 24V 0V
DO2
0V
0V
AO+ AO- DO1+ DO1
N
9HORFLGDG
M
OK
P+ N
220V
)XQFLRQD
PLHQWR
)DOOR
0~20mA=
0~50/60Hz
2))
*LURKRUDULR
,QYHUVLµQ
&RQILJXUDFLµQGHPDFURVGHFRQH[LµQ
3DU£PHWUR
'HVFULSFLµQ
$MXVWHV
$MXVWHV
2EVHUYDFLRQHV
SUHGHWHUPLQDG SUHGHWHUPLQDG
RVGHI£EULFD RVGH&Q
3>@
6HOHFFLµQGHODIXHQWHGHVH³DOHVGH
PDQGR
%RUQHVFRPRIXHQWHGHVH³DOHVGH
PDQGR
3>@
3>@
6HOHFFLµQGHIUHFXHQFLD
)XQFLµQGHODHQWUDGDGLJLWDO
$QDOµJLFD
0DQWHQLPLHQWR2))
3>@
3>@
3>@
3>@
)XQFLµQGHODHQWUDGDGLJLWDO
)XQFLµQGHODHQWUDGDGLJLWDO
)XQFLµQGHODHQWUDGDGLJLWDO
6HOHFFLµQGHP«WRGRGHKLORV
3>@
3>@
3>@
&,6DOLGDDQDOµJLFD
%,)XQFLµQGHODVDOLGDGLJLWDO
%,)XQFLµQGHODVDOLGDGLJLWDO
,PSXOVRJLURKRUDULR21
,PSXOVRLQYHUVLµQ21
&RQILUPDFLµQGHIDOOR
KLORV
6723,PSXOVRJLURKRUDULR
,PSXOVRLQYHUVLµQ
)UHFXHQFLDUHDO
&RQYHUWLGRUHQIXQFLRQDPLHQWR
)DOORGHOFRQYHUWLGRUDFWLYR
&RQYHUWLGRU6,1$0,&69
,QVWUXFFLRQHVGHVHUYLFLR$(
3XHVWDHQPDUFKD
3XHVWDHQPDUFKDU£SLGD
0DFURGHFRQH[LµQ&Q5HJXODFLµQ3,'FRQUHIHUHQFLDDQDOµJLFD
aP$
9DORUUHDO
&RQVLJQD
3,'
212))
,PSXOVRGHFRQILUPDFLµQGHIDOOR
10V AI1 AI2 0V DI1 DI2 DI3 DI4 DIC 24V 0V
DO2
0V
0V
AO+ AO- DO1+ DO1
N
9HORFLGDG
M
OK
P+ N
220V
)XQFLRQD
PLHQWR
)DOOR
Regulador PID
0~20mA=
0~50/60Hz
1RWD
6LVHGHVHDXQDFRQVLJQDQHJDWLYDSDUDODUHJXODFLµQ3,'FDPELHODFRQVLJQD\HOFDEOHDGR
GHUHDOLPHQWDFLµQVHJ¼QVHDQHFHVDULR
&XDQGRVHFDPELDGHOPRGR+$1'GHVGHHOPRGRGHUHJXODFLµQ3,'3VHFRQYLHUWH
HQSDUDGHVKDELOLWDUODUHJXODFLµQ3,'&XDQGRVHYXHOYHDFDPELDUDOPRGR$8723
VHFRQYLHUWHHQSDUDKDELOLWDUGHQXHYRODUHJXODFLµQ3,'
&RQILJXUDFLµQGHPDFURVGHFRQH[LµQ
3DU£PHWUR
'HVFULSFLµQ
$MXVWHV
$MXVWHV
2EVHUYDFLRQHV
SUHGHWHUPLQDG SUHGHWHUPLQDG
RVGHI£EULFD RVGH&Q
3>@
3>@
3>@
3>@
3>@
6HOHFFLµQGHODIXHQWHGHVH³DOHVGH
PDQGR
)XQFLµQGHODHQWUDGDGLJLWDO
)XQFLµQGHODHQWUDGDGLJLWDO
+DELOLWDFLµQGHUHJXODGRU3,'
&,&RQVLJQD3,'
3>@
&,5HDOLPHQWDFLµQ3,'
3>@
3>@
7LSRGHHQWUDGDDQDOµJLFD
&,6DOLGDDQDOµJLFD
(QWUDGDDQDOµJLFDGHDP$
)UHFXHQFLDUHDO
3>@
3>@
%,)XQFLµQGHODVDOLGDGLJLWDO
%,)XQFLµQGHODVDOLGDGLJLWDO
&RQYHUWLGRUHQIXQFLRQDPLHQWR
)DOORGHOFRQYHUWLGRUDFWLYR
%RUQHVFRPRIXHQWHGHVH³DOHVGH
PDQGR
212))
&RQILUPDFLµQGHIDOOR
+DELOLWDFLµQGH3,'
&RQVLJQD3,' (QWUDGDDQDOµJLFD
5HDOLPHQWDFLµQ3,' (QWUDGD
DQDOµJLFD
&RQYHUWLGRU6,1$0,&69
,QVWUXFFLRQHVGHVHUYLFLR$(
3XHVWDHQPDUFKD
3XHVWDHQPDUFKDU£SLGD
0DFURGHFRQH[LµQ&Q5HJXODFLµQ3,'FRQODUHIHUHQFLDGHYDORUILMD
aP$
9DORUUHDO
212))
&RQVLJQD3,'ILMD
&RQVLJQD3,'ILMD
&RQVLJQD3,'ILMD
10V AI1 AI2 0V DI1 DI2 DI3 DI4 DIC 24V 0V
DO2
0V
0V
AO+ AO- DO1+ DO1
N
9HORFLGDG
M
OK
P+ N
220V
)XQFLRQD
PLHQWR
)DOOR
Regulador PID
0~20mA=
0~50/60Hz
&RQILJXUDFLµQGHPDFURVGHFRQH[LµQ
3DU£PHWUR
'HVFULSFLµQ
$MXVWHV
$MXVWHV
2EVHUYDFLRQHV
SUHGHWHUPLQDGR SUHGHWHUPLQDG
VGHI£EULFD
RVGH&Q
3>@
3>@
3>@
3>@
3>@
6HOHFFLµQGHODIXHQWHGHVH³DOHVGH
PDQGR
)XQFLµQGHODHQWUDGDGLJLWDO
)XQFLµQGHODHQWUDGDGLJLWDO
)XQFLµQGHODHQWUDGDGLJLWDO
)XQFLµQGHODHQWUDGDGLJLWDO
%RUQHVFRPRIXHQWHGH
VH³DOHVGHPDQGR
212))
', 9DORUILMRGH3,'
', 9DORUILMRGH3,'
', 9DORUILMRGH3,'
3>@
3>@
3>@
3>@
+DELOLWDFLµQGHUHJXODGRU3,'
0RGRGHFRQVLJQD3,'ILMD
%,%LWGHVHOHFFLµQGHFRQVLJQD3,'ILMD
%,%LWGHVHOHFFLµQGHFRQVLJQD3,'ILMD
+DELOLWDFLµQGH3,'
6HOHFFLµQGLUHFWD
',GHFRQH[LµQ%,&2
',GHFRQH[LµQ%,&2
3>@
3>@
3>@
%,%LWGHVHOHFFLµQGHFRQVLJQD3,'ILMD
&,&RQVLJQD3,'
&,5HDOLPHQWDFLµQ3,'
',GHFRQH[LµQ%,&2
&RQVLJQD3,' YDORUILMR
5HDOLPHQWDFLµQ3,' $,
&RQYHUWLGRU6,1$0,&69
,QVWUXFFLRQHVGHVHUYLFLR$(
3XHVWDHQPDUFKD
3XHVWDHQPDUFKDU£SLGD
0DFURGHFRQH[LµQ&Q5HJXODFLµQ866
10V AI1 AI2 0V DI1 DI2 DI3 DI4 DIC 24V 0V
DO2
0V
0V
AO+ AO- DO1+ DO1
N
9HORFLGDG
M
OK
P+ N
220V
)XQFLRQD
PLHQWR
)DOOR
56866
212))YHORFLGDG
0~20mA=
0~50/60Hz
&RQILJXUDFLµQGHPDFURVGHFRQH[LµQ
3DU£PHWUR
'HVFULSFLµQ
$MXVWHV
$MXVWHV
2EVHUYDFLRQHV
SUHGHWHUPLQDG SUHGHWHUPLQDG
RVGHI£EULFD RVGH&Q
3>@
3>@
6HOHFFLµQGHODIXHQWHGHVH³DOHVGH
PDQGR
6HOHFFLµQGHIUHFXHQFLD
3>@
3>@
3>@
6HOHFFLµQGHSURWRFROR56
9HORFLGDGWUDQVPLVLµQ86602'%86 'LUHFFLµQ866
56FRPRODIXHQWHGHVH³DOHV
GHPDQGR
56FRPRODFRQVLJQDGH
YHORFLGDG
3URWRFROR866
9HORFLGDGWUDQVPLVLµQESV
'LUHFFLµQ866SDUDFRQYHUWLGRU
3>@
3>@
3>@
/RQJLWXG3='HQ866
/RQJLWXG3.:HQ866
7LHPSRGHLQWHUUXSFLµQGHWHOHJUDPD
86602'%86
1¼PHURGHSDODEUDV3='
3DODEUDV3.:YDULDEOHV
7LHPSRSDUDUHFLELUGDWRV
0DFURGHFRQH[LµQ&Q5HJXODFLµQ02'%86578
10V AI1 AI2 0V DI1 DI2 DI3 DI4 DIC 24V 0V
DO2
0V
0V
AO+ AO- DO1+ DO1
N
9HORFLGDG
0~20mA=
0~50/60Hz
)XQFLRQD
PLHQWR
M
OK
P+ N
220V
)DOOR
5602'%86578
212))YHORFLGDG
&RQYHUWLGRU6,1$0,&69
,QVWUXFFLRQHVGHVHUYLFLR$(
3XHVWDHQPDUFKD
3XHVWDHQPDUFKDU£SLGD
&RQILJXUDFLµQGHPDFURVGHFRQH[LµQ
3DU£PHWUR
'HVFULSFLµQ
$MXVWHV
$MXVWHV
2EVHUYDFLRQHV
SUHGHWHUPLQDG SUHGHWHUPLQDG
RVGHI£EULFD RVGH&Q
3>@
3>@
6HOHFFLµQGHODIXHQWHGHVH³DOHVGH
PDQGR
6HOHFFLµQGHIUHFXHQFLD
3>@
3>@
3>@
6HOHFFLµQGHSURWRFROR56
9HORFLGDGWUDQVPLVLµQ86602'%86 'LUHFFLµQ02'%86
3>@
7LHPSRH[FHGLGRGHUHVSXHVWD
02'%86
3>@
7LHPSRGHLQWHUUXSFLµQGHWHOHJUDPD
86602'%86
56FRPRODIXHQWHGHVH³DOHV
GHPDQGR
56FRPRODFRQVLJQDGH
YHORFLGDG
3URWRFROR02'%86578
9HORFLGDGWUDQVPLVLµQESV
'LUHFFLµQ02'%86SDUD
FRQYHUWLGRU
7LHPSRP£[LPRSDUDHQYLDUOD
UHVSXHVWDGHYXHOWDDOPDHVWUR
7LHPSRSDUDUHFLELUGDWRV
&RQILJXUDFLµQGHPDFURVGHDSOLFDFLµQ
$7(1&,•1
&RQILJXUDFLµQGHPDFURVGHDSOLFDFLµQ
$OSRQHUHQPDUFKDHOFRQYHUWLGRUODFRQILJXUDFLµQGHODVPDFURVGHDSOLFDFLµQVHKDFH
XQD¼QLFDYH]$VHJ¼UHVHGHSURFHGHUGHODVLJXLHQWHPDQHUDDQWHVGHFDPELDUOD
FRQILJXUDFLµQGHPDFURVGHDSOLFDFLµQDXQYDORUGLIHUHQWHGHO¼OWLPRDMXVWH
+DJDXQUHVWDEOHFLPLHQWRGHORVDMXVWHVGHI£EULFD3 3 5HSLWDODSXHVWDHQPDUFKDU£SLGD\FDPELHODPDFURGHDSOLFDFLµQ
6LQRVHUHDOL]DHVWHSURFHGLPLHQWRSXHGHVXFHGHUTXHHOFRQYHUWLGRUDFHSWHORVDMXVWHVGH
ORVSDU£PHWURVGHODVPDFURVVHOHFFLRQDGDVDFWXDOPHQWH\ODVDQWHULRUHVORTXHSXHGH
SURYRFDUXQIXQFLRQDPLHQWRLQGHILQLGRHLQH[SOLFDEOH
)XQFLRQHV
(QHVWHPHQ¼VHGHILQHQGHWHUPLQDGDVDSOLFDFLRQHVFRPXQHV&DGDPDFURGHDSOLFDFLµQ
SURSRUFLRQDXQMXHJRGHDMXVWHVGHSDU£PHWURVSDUDXQDDSOLFDFLµQHVSHF¯ILFD'HVSX«VGH
VHOHFFLRQDUXQDPDFURGHDSOLFDFLµQVHDSOLFDQORVDMXVWHVFRUUHVSRQGLHQWHVDOFRQYHUWLGRU
SDUDVLPSOLILFDUHOSURFHVRGHSXHVWDHQPDUFKD
/DPDFURGHDSOLFDFLµQSUHGHWHUPLQDGDHV$3SDUDODPDFURGHDSOLFDFLµQ6L
QLQJXQDGHODVPDFURVVHDMXVWDDVXDSOLFDFLµQVHSXHGHVHOHFFLRQDUODTXHP£VVH
DFHUTXH\KDFHUP£VFDPELRVHQORVSDU£PHWURVVLDV¯VHGHVHD
&RQYHUWLGRU6,1$0,&69
,QVWUXFFLRQHVGHVHUYLFLR$(
3XHVWDHQPDUFKD
3XHVWDHQPDUFKDU£SLGD
0DFURGH
DSOLFDFLµQ
'HVFULSFLµQ
3DQWDOODGHHMHPSOR
$3
$MXVWHSUHGHWHUPLQDGRGHI£EULFD1RKDFHFDPELRVHQORV
SDU£PHWURV
$3
$SOLFDFLRQHVGHERPEDVVHQFLOODV
$3
$SOLFDFLRQHVGHYHQWLODGRUHVVHQFLOODV
$3
$SOLFDFLRQHVGHFRPSUHVRUHV
$3
$SOLFDFLRQHVGHFLQWDVWUDQVSRUWDGRUDV
(OVLJQRPHQRVLQGLFDTXHHVWDPDFURHV
ODPDFURVHOHFFLRQDGDDFWXDOPHQWH
&RQILJXUDFLµQGHPDFURVGHDSOLFDFLµQ
(OVLJQRPHQRVLQGLFDODPDFUR
VHOHFFLRQDGDDFWXDOPHQWH
!V
0DFURGHFRQH[LµQ
!V
M
V
V
0DFURGHDSOLFDFLµQ
V
M
V
OK
M
V
V
3DU£PHWURVFRPXQHV
$3[[[
0DFURVHOHFFLRQDGD
DFWXDOPHQWH
0DFURGHDSOLFDFLµQ$3$SOLFDFLRQHVGHERPEDVVHQFLOODV
3DU£PHWUR
'HVFULSFLµQ
2EVHUYDFLRQHV
$MXVWHV
$MXVWHV
SUHGHWHUPLQDG SUHGHWHUPLQDG
RVGHI£EULFD RVGH$3
3>@
)UHFXHQFLDP¯QLPD
&RQYHUWLGRUIXQFLRQDQGRDYHORFLGDG
LQIHULRULQKLELGR
3>@
0RGRGHUHJXODFLµQ
8IFXDGU£WLFD
3>@
%,,QKLELFLµQFRQVLJQDGH
IUHFXHQFLDQHJDWLYD
5RWDFLµQGHERPEDLQYHUVDLQKLELGD
3>@
5HLQLFLRDXWRP£WLFR
&RQILUPDFLµQGHIDOORHQHOHQFHQGLGR
3>@
7LHPSRGHDFHOHUDFLµQ
7LHPSRGHDFHOHUDFLµQGHVGHFHURKDVWD
ODIUHFXHQFLDP£[LPD
3>@
7LHPSRGHGHFHOHUDFLµQ
7LHPSRGHGHFHOHUDFLµQGHVGHOD
IUHFXHQFLDP£[LPDKDVWDFHUR
&RQYHUWLGRU6,1$0,&69
,QVWUXFFLRQHVGHVHUYLFLR$(
3XHVWDHQPDUFKD
3XHVWDHQPDUFKDU£SLGD
0DFURGHDSOLFDFLµQ$3$SOLFDFLRQHVGHYHQWLODGRUHVVHQFLOODV
3DU£PHWUR
'HVFULSFLµQ
2EVHUYDFLRQHV
$MXVWHV
$MXVWHV
SUHGHWHUPLQDG SUHGHWHUPLQDG
RVGHI£EULFD RVGH$3
3>@
%,,QKLELFLµQFRQVLJQDGH
IUHFXHQFLDQHJDWLYD
3>@
0RGRGHUHJXODFLµQ
3>@
5HDUUDQTXHDOYXHOR
3>@
5RWDFLµQGHYHQWLODGRULQYHUVDLQKLELGD
8IFXDGU£WLFD
%¼VTXHGDGHODYHORFLGDGGHOPRWRUHQ
IXQFLRQDPLHQWRFRQXQDFDUJDGHLQHUFLD
HOHYDGDGHWDOPDQHUDTXHHOPRWRUPDUFKH
KDVWDDOFDQ]DUODFRQVLJQD
5HLQLFLRDXWRP£WLFR
&RQILUPDFLµQGHIDOORHQHOHQFHQGLGR
3>@
)UHFXHQFLDP¯QLPD
&RQYHUWLGRUIXQFLRQDQGRDYHORFLGDG
LQIHULRULQKLELGR
3>@
7LHPSRGHDFHOHUDFLµQ
7LHPSRGHDFHOHUDFLµQGHVGHFHURKDVWDOD
IUHFXHQFLDP£[LPD
3>@
7LHPSRGHGHFHOHUDFLµQ
7LHPSRGHGHFHOHUDFLµQGHVGHOD
IUHFXHQFLDP£[LPDKDVWDFHUR
0DFURGHDSOLFDFLµQ$3$SOLFDFLRQHVGHFRPSUHVRUHV
3DU£PHWUR
'HVFULSFLµQ
2EVHUYDFLRQHV
$MXVWHV
$MXVWHV
SUHGHWHUPLQDG SUHGHWHUPLQDG
RVGHI£EULFD RVGH$3
3>@
0RGRGHUHJXODFLµQ
8IOLQHDO
3>@
)UHFXHQFLDP¯QLPD
&RQYHUWLGRUIXQFLRQDQGRDYHORFLGDGLQIHULRU
LQKLELGR
3>@
(OHYDFLµQHQDUUDQTXH
/DHOHYDFLµQVRORHVHIHFWLYDDODFHOHUDUSRU
SULPHUDYH]SDUDGD
3>@
(OHYDFLµQHQDFHOHUDFLµQ
/DHOHYDFLµQVRORHVHIHFWLYDDODFHOHUDUR
IUHQDU
3>@
(OHYDFLµQFRQWLQXD
(OHYDFLµQDGLFLRQDOHQWRGRHOUDQJRGH
IUHFXHQFLD
3>@
7LHPSRGHDFHOHUDFLµQ
7LHPSRGHDFHOHUDFLµQGHVGHFHURKDVWDOD
IUHFXHQFLDP£[LPD
3>@
7LHPSRGHGHFHOHUDFLµQ
7LHPSRGHGHFHOHUDFLµQGHVGHOD
IUHFXHQFLDP£[LPDKDVWDFHUR
0DFURGHDSOLFDFLµQ$3$SOLFDFLRQHVGHFLQWDVWUDQVSRUWDGRUDV
3DU£PHWUR
'HVFULSFLµQ
2EVHUYDFLRQHV
$MXVWHV
$MXVWHV
SUHGHWHUPLQDG SUHGHWHUPLQDG
RVGHI£EULFD RVGH$3
3>@
0RGRGHUHJXODFLµQ
8IFRQ)&&
3>@
(OHYDFLµQHQDUUDQTXH
/DHOHYDFLµQVRORHVHIHFWLYDDODFHOHUDUSRU
SULPHUDYH]SDUDGD
&RQYHUWLGRU6,1$0,&69
,QVWUXFFLRQHVGHVHUYLFLR$(
3XHVWDHQPDUFKD
3XHVWDHQPDUFKDU£SLGD
3DU£PHWUR
'HVFULSFLµQ
2EVHUYDFLRQHV
$MXVWHV
$MXVWHV
SUHGHWHUPLQDG SUHGHWHUPLQDG
RVGHI£EULFD RVGH$3
3>@
7LHPSRGHDFHOHUDFLµQ
7LHPSRGHDFHOHUDFLµQGHVGHFHURKDVWDOD
IUHFXHQFLDP£[LPD
3>@
7LHPSRGHGHFHOHUDFLµQ
7LHPSRGHGHFHOHUDFLµQGHVGHOD
IUHFXHQFLDP£[LPDKDVWDFHUR
&RQILJXUDFLµQGHSDU£PHWURVFRPXQHV
)XQFLRQHV
(QHVWHPHQ¼VHSURSRUFLRQDQDOJXQRVSDU£PHWURVFRPXQHVSDUDODRSWLPL]DFLµQGHO
UHQGLPLHQWRGHOFRQYHUWLGRU
0HQ¼GHWH[WR
6LHVWDEOHFH3HQORVQ¼PHURVGHORVSDU£PHWURVGHHVWHPHQ¼VHVXVWLWX\HQSRUXQ
WH[WREUHYH
&RQILJXUDFLµQGHSDU£PHWURV
3DU£PHWUR
1LYHOGH
DFFHVR
)XQFLµQ
3>@
)UHFXHQFLDP¯QLPDGHOPRWRU
0HQ¼GHWH[WR
VL3 0,1)
3>@
)UHFXHQFLDP£[LPDGHOPRWRU
0$;)
3>@
7LHPSRGHDFHOHUDFLµQ
50383
3>@
7LHPSRGHGHFHOHUDFLµQ
503'1
3>@
)UHFXHQFLDGH-2*
-2*3
3>@
7LHPSRGHDFHOHUDFLµQGH-2*
-2*83
3>@
&RQVLJQDGHIUHFXHQFLDILMD
),;)
&RQYHUWLGRU6,1$0,&69
,QVWUXFFLRQHVGHVHUYLFLR$(
3XHVWDHQPDUFKD
3XHVWDHQPDUFKDU£SLGD
3DU£PHWUR
3>@
1LYHOGH
DFFHVR
)XQFLµQ
0HQ¼GHWH[WR
&RQVLJQDGHIUHFXHQFLDILMD
VL3 ),;)
3>@
&RQVLJQDGHIUHFXHQFLDILMD
),;)
3>@
&RQVLJQDGHIUHFXHQFLD3,'ILMD
3,')
3>@
&RQVLJQDGHIUHFXHQFLD3,'ILMD
3,')
3>@
&RQVLJQDGHIUHFXHQFLD3,'ILMD
3,')
3XHVWDHQPDUFKDU£SLGDDWUDY«VGHOPHQ¼GHSDU£PHWURV
&RPRDOWHUQDWLYDDODSXHVWDHQPDUFKDU£SLGDDWUDY«VGHOPHQ¼GHFRQILJXUDFLµQOD
SXHVWDHQPDUFKDXVDQGRHOPHQ¼GHSDU£PHWURVFRQVWLWX\HRWUDVROXFLµQSDUDODSXHVWDHQ
PDUFKDU£SLGD(V¼WLOSDUDTXLHQHVHVW«QDFRVWXPEUDGRVDSRQHUHQPDUFKDHOFRQYHUWLGRU
GHHVWDPDQHUD
&RQILJXUDFLµQGHSDU£PHWURV
1RWD
(QODWDEODVLJXLHQWHჀLQGLFDTXHHOYDORUGHHVWHSDU£PHWURVHGHEHLQWURGXFLUVHJ¼QOD
SODFDGHFDUDFWHU¯VWLFDVGHOPRWRU
3DU£PHWUR
)XQFLµQ
&RQILJXUDFLµQ
3
1LYHOGHDFFHVRGHXVXDULR
QLYHOGHDFFHVRH[SHUWR
3
3DU£PHWURGHSXHVWDHQPDUFKD
SXHVWDHQPDUFKDU£SLGD
3
6HOHFFLµQGH+]
(VWDEOHFHUXQYDORUVLHVQHFHVDULR
(XURSD>N:@+]YDORUSUHGHWHUPLQDGRGHI£EULFD
1RUWHDP«ULFD>KS@+]
1RUWHDP«ULFD>N:@+]
3>@Ⴠ
7HQVLµQQRPLQDOGHOPRWRU>9@
5DQJR'HD
1RWD
/DHQWUDGDGHORVGDWRVGHODSODFDGHFDUDFWHU¯VWLFDVWLHQHTXH
FRUUHVSRQGHUFRQHOFDEOHDGRGHOPRWRUHQHVWUHOODWUL£QJXOR
&RQYHUWLGRU6,1$0,&69
,QVWUXFFLRQHVGHVHUYLFLR$(
3XHVWDHQPDUFKD
3XHVWDHQPDUFKDU£SLGD
3DU£PHWUR
)XQFLµQ
&RQILJXUDFLµQ
3>@Ⴠ
&RUULHQWHQRPLQDOGHOPRWRU>$@
5DQJR'HD
1RWD
/DHQWUDGDGHORVGDWRVGHODSODFDGHFDUDFWHU¯VWLFDVWLHQHTXH
FRUUHVSRQGHUFRQHOFDEOHDGRGHOPRWRUHQHVWUHOODWUL£QJXOR
3>@Ⴠ
3RWHQFLDQRPLQDOGHOPRWRU>N:KS@
5DQJR'HD
1RWD
6L3 RXQLGDGGHSRWHQFLDGHOPRWRU >N:@
6L3 XQLGDGGHSRWHQFLDGHOPRWRU >KS@
3>@Ⴠ
)DFWRUGHSRWHQFLDQRPLQDOGHO
PRWRUFRV˳
1RWD
5DQJR'HD
(ILFLHQFLDQRPLQDOGHOPRWRU>@
5DQJR'HD
(VWHSDU£PHWURHVYLVLEOHVRODPHQWHFXDQGR3 R
3>@Ⴠ
1RWD
9LVLEOHVRODPHQWHFXDQGR3 (ODMXVWHSURGXFHHOF£OFXORLQWHUQRGHOYDORU
3>@Ⴠ
)UHFXHQFLDQRPLQDOGHOPRWRU>+]@
5DQJR'HD
3>@Ⴠ
9HORFLGDGQRPLQDOGHOPRWRU>530@
5DQJR'HD
3>@
5HIULJHUDFLµQGHOPRWRU
(VWDEOHFHUVHJ¼QHOP«WRGRUHDOGHUHIULJHUDFLµQGHOPRWRU
9HQWLODFLµQQDWXUDODMXVWHSUHGHWHUPLQDGRGHI£EULFD
9HQWLODFLµQIRU]DGD
9HQWLODFLµQQDWXUDO\YHQWLODGRULQWHUQR
9HQWLODFLµQIRU]DGD\YHQWLODGRULQWHUQR
3>@
)DFWRUGHVREUHFDUJDGHOPRWRU>@
5DQJR'HDDMXVWHSUHGHWHUPLQDGRGHI£EULFD
1RWD
(OSDU£PHWURGHILQHHOO¯PLWHGHFRUULHQWHGHVREUHFDUJDGHO
PRWRUHQUHODFLµQFRQ3FRUULHQWHQRPLQDOGHOPRWRU
3>@
6HOHFFLµQGHODIXHQWHGHVH³DOHVGH
PDQGR
$MXVWHSUHGHWHUPLQDGRGHI£EULFD
3DQHOGHPDQGRDMXVWHSUHGHWHUPLQDGRGHI£EULFD
%RUQH
86602'%86SRU56
3>@
6HOHFFLµQGHFRQVLJQDGHIUHFXHQFLD 5DQJR'HDDMXVWHSUHGHWHUPLQDGRGHI£EULFD
6LQFRQVLJQDSULQFLSDO
&RQVLJQD023
&RQVLJQDDQDOµJLFD
)UHFXHQFLDILMD
866SRU56
&RQVLJQDDQDOµJLFD
3DUDYHUDMXVWHVDGLFLRQDOHVY«DVHHOFDS¯WXOR/LVWDGH
SDU£PHWURV3£JLQD
&RQYHUWLGRU6,1$0,&69
,QVWUXFFLRQHVGHVHUYLFLR$(
3XHVWDHQPDUFKD
3XHVWDHQPDUFKDU£SLGD
3DU£PHWUR
)XQFLµQ
&RQILJXUDFLµQ
3>@
)UHFXHQFLDP¯QLPD>+]@
5DQJR'HDDMXVWHSUHGHWHUPLQDGRGHI£EULFD
1RWD
(OYDORUFRQILJXUDGRDTX¯HVY£OLGRSDUDDPERVVHQWLGRVGH
JLURKRUDULR\DQWLKRUDULR
3>@
)UHFXHQFLDP£[LPD>+]@
5DQJR'HDDMXVWHSUHGHWHUPLQDGRGHI£EULFD
1RWD
(OYDORUFRQILJXUDGRDTX¯HVY£OLGRSDUDDPERVVHQWLGRVGH
JLURKRUDULR\DQWLKRUDULR
3>@
7LHPSRGHDFHOHUDFLµQ>V@
5DQJR'HDDMXVWHSUHGHWHUPLQDGRGHI£EULFD
1RWD
(OYDORUFRQILJXUDGRDTX¯VLPEROL]DHOWLHPSRTXHWDUGDHOPRWRU
HQDFHOHUDUHVWDQGRSDUDGRKDVWDODIUHFXHQFLDP£[LPDGHO
PRWRU3FXDQGRQRVHXWLOL]DUHGRQGHR
3>@
7LHPSRGHGHFHOHUDFLµQ>V@
5DQJR'HDDMXVWHSUHGHWHUPLQDGRGHI£EULFD
1RWD
(OYDORUFRQILJXUDGRDTX¯VLPEROL]DHOWLHPSRTXHWDUGDHOPRWRU
HQGHFHOHUDUGHVGHODIUHFXHQFLDP£[LPDGHOPRWRU3
KDVWDTXHGDUVHSDUDGRFXDQGRQRVHXWLOL]DUHGRQGHR
3>@
0RGRGHUHJXODFLµQ
8IFRQFDUDFWHU¯VWLFDOLQHDODMXVWHSUHGHWHUPLQDGRGH
I£EULFD
8IFRQ)&&
8IFRQFDUDFWHU¯VWLFDFXDGU£WLFD
8IFRQFDUDFWHU¯VWLFDSURJUDPDEOH
8IFRQHFROLQHDO
8ISDUDDSOLFDFLRQHVWH[WLOHV
8IFRQ)&&SDUDDSOLFDFLRQHVWH[WLOHV
8IFRQHFRFXDGU£WLFR
0RGR8IFRQFRQVLJQDGHWHQVLµQLQGHSHQGLHQWH
3
)LQGHODSXHVWDHQPDUFKDU£SLGD
6LQSXHVWDHQPDUFKDU£SLGDDMXVWHSUHGHWHUPLQDGRGH
I£EULFD
)LQGHODSXHVWDHQPDUFKDU£SLGDFRQUHVWDEOHFLPLHQWRGH
ORVDMXVWHVGHI£EULFD
)LQGHODSXHVWDHQPDUFKDU£SLGD
)LQGHODSXHVWDHQPDUFKDU£SLGDVRODPHQWHSDUDGDWRV
GHOPRWRU
1RWD
7UDVILQDOL]DUORVF£OFXORV3\3VHUHVWDEOHFHQ
DXWRP£WLFDPHQWHDVXYDORURULJLQDO
(OFRQYHUWLGRUPXHVWUDORTXHLQGLFDTXHHVW£
RFXSDGRFRQHOSURFHVDPLHQWRGHGDWRVLQWHUQR
3
6HOHFFLµQGHODLGHQWLILFDFLµQGH
GDWRVGHOPRWRU
'HVKDELOLWDGD
,GHQWLILFDFLµQGHWRGRVORVSDU£PHWURVHQSDUDGD
&RQYHUWLGRU6,1$0,&69
,QVWUXFFLRQHVGHVHUYLFLR$(
3XHVWDHQPDUFKD
)XQFLµQGHSXHVWDHQPDUFKD
)XQFLµQGHSXHVWDHQPDUFKD
5HVXPHQGHIXQFLRQHVGHOFRQYHUWLGRU
(QODOLVWDVLJXLHQWHVHSURSRUFLRQDXQUHVXPHQGHODVSULQFLSDOHVIXQFLRQHVTXHDGPLWHHO
FRQYHUWLGRU6,1$0,&693DUDREWHQHUXQDGHVFULSFLµQGHWDOODGDGHORVSDU£PHWURV
LQGLYLGXDOHVY«DVHHOFDS¯WXOR/LVWDGHSDU£PHWURV3£JLQD
Ⴠ &RQWUROGHQLYHOGHDFFHVRGHXVXDULR3
Ⴠ 3HUVRQDOL]DFLµQGH+]3£JLQD3
Ⴠ 9LVXDOL]DFLµQGHPHQ¼GHWH[WR3Y«DVHWDPEL«Q&RQILJXUDFLµQGHGDWRVGHO
PRWRU3£JLQD\&RQILJXUDFLµQGHSDU£PHWURVFRPXQHV3£JLQD
Ⴠ 3URWHFFLµQGHSDU£PHWURVGHILQLGRVSRUHOXVXDULR333
Ⴠ 0DFURVGHFRQH[LµQ\PDFURVGHDSOLFDFLµQSUHFRQILJXUDGDV33Y«DVH
WDPEL«Q&RQILJXUDFLµQGHPDFURVGHFRQH[LµQ3£JLQD\&RQILJXUDFLµQGHPDFURV
GHDSOLFDFLµQ3£JLQD
Ⴠ 9LJLODQFLDGHOFRQVXPRGHHQHUJ¯DU333
Ⴠ )XQFLRQDPLHQWRFRQWLQXDGRGHOFRQYHUWLGRU3
Ⴠ (VFDODGRGHYLVXDOL]DFLµQGHIUHFXHQFLDGHOPRWRU3U
Ⴠ &RQWUROGHIXQFLµQGHERUQHV',GH3D3UU
Ⴠ &RQWUROGHIXQFLµQGHERUQHV$,33GHUD3
Ⴠ &RQWUROGHIXQFLµQGHERUQHV'23333
Ⴠ &RQWUROGHIXQFLµQGHERUQHV$2GH3DU
Ⴠ &RQWUROGHKLORV3
Ⴠ &ORQDFLµQGHSDU£PHWURV3£JLQDGH3D33
Ⴠ -XHJRGHGDWRVGHVH³DOHVGHPDQGR&'6&RPPDQG'DWD6HW\MXHJRGHGDWRVGHO
FRQYHUWLGRU''6,QYHUWHU'DWD6HWUUGH3D3
Ⴠ 6HOHFFLµQGHGLYHUVRVPRGRV67233£JLQDGH3D3
Ⴠ 6HOHFFLµQGHIXHQWHGHFRQVLJQD\VH³DOHVGHPDQGR33GH3DU
GH3DU
Ⴠ $MXVWHGHUHDFFLµQGHDYLVR\IDOORGHUDSGH3D3U3
Ⴠ 6HOHFFLµQGHPRGRGHSRWHQFLµPHWURPRWRUL]DGR023GH3DU
Ⴠ )XQFLRQDPLHQWRHQPRGR-2*3£JLQDGH3D3
Ⴠ )UHFXHQFLDLQKLELEOH\DPRUWLJXDFLµQGHUHVRQDQFLDVGH3D33
Ⴠ )XQFLRQDPLHQWRHQUDPSDGREOH3£JLQDGHUDU3D3
Ⴠ 5HDUUDQTXHDOYXHOR3£JLQDGH3DU
Ⴠ 5HDUUDQTXHDXWRP£WLFR3£JLQD33
&RQYHUWLGRU6,1$0,&69
,QVWUXFFLRQHVGHVHUYLFLR$(
3XHVWDHQPDUFKD
)XQFLµQGHSXHVWDHQPDUFKD
Ⴠ &RQWUROHVGHIUHQRGHOPRWRU3£JLQDIUHQRGHPDQWHQLPLHQWRIUHQRSRU'&IUHQR
FRPELQDGR\IUHQRGLQ£PLFRGH3D3
Ⴠ 5HJXODFLµQGHWHQVLµQGHODLQWHUFRQH[LµQGH'&3£JLQD3GH3D
3
Ⴠ 5HJXODFLµQGH,P£[3£JLQDGH3D3
Ⴠ &RQWUROGHQLYHOGHHOHYDFLµQFRQWLQXDGHWHQVLµQHOHYDFLµQHQDFHOHUDFLµQ\HOHYDFLµQ
HQDUUDQTXH3£JLQDGH3D3
Ⴠ &RRUGHQDGDV8ISURJUDPDEOHVGH3D3
Ⴠ &RPSHQVDFLµQGHGHVOL]DPLHQWRGH3D3
Ⴠ 0RGRHFRQRPL]DGRU3£JLQD3U
Ⴠ 0RGRGHSDUVXSHULRU3£JLQD3D3
Ⴠ 0RGRGHDUUDQTXHSXOVDGR3£JLQD3D33D3
Ⴠ 0RGRGHHOLPLQDFLµQGHREWXUDFLµQ3£JLQD3D33D3
Ⴠ 0RGXODFLµQ3:0DMXVWDEOHGH3D3
Ⴠ &RPXQLFDFLµQ86602'%86SRU563£JLQDGH3D3
Ⴠ 3URWHFFLµQFRQWUDFDYLWDFLµQ3£JLQDGH3D3
Ⴠ 0RGRGHUHSRVRKLEHUQDFLµQ3£JLQDGH3D3
Ⴠ 6HFXHQFLDGRGHPRWRUHV3£JLQDGH3D3
Ⴠ 5HJXODGRU3,'3£JLQDGH3D3
Ⴠ %ORTXHRGHPRWRUDXVHQFLDGHFDUJDYLJLODQFLDGHOSDUGHFDUJD3£JLQDGH3
DU
Ⴠ %ORTXHVIXQFLRQDOHVOLEUHV))%3£JLQDGH3D3
Ⴠ 3URWHFFLµQDQWLHVFDUFKD3£JLQD33
Ⴠ 3URWHFFLµQFRQWUDODFRQGHQVDFLµQ3£JLQD3
Ⴠ )XQFLµQGHRVFLODFLµQ3£JLQDGH3DU
Ⴠ )XQFLµQ%,&2U
Ⴠ )XQFLµQGHDFRSODPLHQWRHQ'&3£JLQD
&RQYHUWLGRU6,1$0,&69
,QVWUXFFLRQHVGHVHUYLFLR$(
3XHVWDHQPDUFKD
)XQFLµQGHSXHVWDHQPDUFKD
)XQFLRQHVE£VLFDVGHSXHVWDHQPDUFKD
6HOHFFLµQGHOPRGR6723
)XQFLRQHV
7DQWRHOFRQYHUWLGRUFRPRHOXVXDULRWLHQHQTXHUHVSRQGHUDXQDDPSOLDYDULHGDGGH
VLWXDFLRQHV\GHWHQHUHOFRQYHUWLGRUVLHVQHFHVDULR3RUHVRVHGHEHQWHQHUHQFXHQWDORV
UHTXLVLWRVGHIXQFLRQDPLHQWRDV¯FRPRODVIXQFLRQHVGHSURWHFFLµQGHOFRQYHUWLGRUSHM
VREUHFDUJDHO«FWULFDRW«UPLFDRODVIXQFLRQHVGHSURWHFFLµQGHKRPEUHP£TXLQD'HELGRD
ODVGLIHUHQWHVIXQFLRQHV2))2))2))2))HOFRQYHUWLGRUSXHGHUHVSRQGHUGH
IRUPDIOH[LEOHDORVUHTXLVLWRVPHQFLRQDGRV7HQJDHQFXHQWDTXHGHVSX«VGHXQDVH³DOGH
PDQGR2))2))HOFRQYHUWLGRUHVWDU£HQHOHVWDGR%ORTXHR213DUDYROYHUDFRQHFWDU
HOPRWRUVHQHFHVLWDXQDVH³DOEDMDൺDOWDGHODVH³DOGHPDQGR21
2))
/DVH³DOGHPDQGR2))HVW£HVWUHFKDPHQWHUHODFLRQDGDFRQODVH³DOGHPDQGR21
&XDQGRODVH³DOGHPDQGR21VHUHWLUD2))VHDFWLYDGLUHFWDPHQWH2))IUHQDHO
FRQYHUWLGRUFRQHOWLHPSRGHGHFHOHUDFLµQ36LODIUHFXHQFLDGHVDOLGDFDHSRUGHEDMR
GHOYDORUGHOSDU£PHWUR3\VLHOWLHPSRGH3KDYHQFLGRHQWRQFHVVHFDQFHODQORV
LPSXOVRVGHOFRQYHUWLGRU
I DFW
3
I PD[
I 2))
3
W
U %LW
3
W GRZQ2))
3
)XQFLRQDPLHQWR
&DQFHODFLµQ
GHSXOVRV
W GRZQ2)) 3ຘ
W
_I _
3
&RQYHUWLGRU6,1$0,&69
,QVWUXFFLRQHVGHVHUYLFLR$(
3XHVWDHQPDUFKD
)XQFLµQGHSXHVWDHQPDUFKD
1RWD
2))VHSXHGHLQWURGXFLUXVDQGRXQDDPSOLDYDULHGDGGHIXHQWHVGHVH³DOHVGHPDQGR
PHGLDQWHHOSDU£PHWUR%,&23%,212))\3%,212))FRQ
LQYHUVLµQ
(OSDU£PHWUR%,&23VHSUHDVLJQDGHILQLHQGRODIXHQWHGHVH³DOHVGHPDQGRFRQ
3
/DVH³DOGHPDQGR21\ODVLJXLHQWHVH³DOGHPDQGR2))GHEHQWHQHUODPLVPD
IXHQWH
6LODVH³DOGHPDQGR212))VHKDFRQILJXUDGRSDUDP£VGHXQDHQWUDGDGLJLWDO
HQWRQFHVVRORHVY£OLGDOD¼OWLPDHQWUDGDGLJLWDOTXHVHFRQILJXUµ
2))HVDFWLYDEDMD
&XDQGRVHVHOHFFLRQDQYDULRVFRPDQGRV2))VLPXOW£QHDPHQWHVHDSOLFDODSULRULGDG
VLJXLHQWH2))SULRULGDGP£VDOWDದ2))ದ2))
2))VHSXHGHFRPELQDUFRQIUHQDGRSRUFRUULHQWH'&RIUHQDGRFRPELQDGR
&XDQGRVHDFWLYDHOIUHQRGHPDQWHQLPLHQWRGHOPRWRU0+%3SDUDXQD2))
3\3QRVHWLHQHQHQFXHQWD
2))
/DVH³DOGHPDQGR2))FDQFHODLQPHGLDWDPHQWHORVLPSXOVRVGHOFRQYHUWLGRU'HHVWH
PRGRHOPRWRUKDFHXQDSDUDGDQDWXUDO\QRHVSRVLEOHGHWHQHUORGHIRUPDFRQWURODGD
I DFW
3
I PD[
2))
W
U %LW
)XQFLRQDPLHQWR
&DQFHODFLµQ
GHSXOVRV
W
1RWD
/DVH³DOGHPDQGR2))SXHGHWHQHUXQDRYDULDVIXHQWHV/DVIXHQWHVGHVH³DOHVGH
PDQGRVHGHILQHQXVDQGRORVSDU£PHWURV%,&23%,2))\3%,
2))
&RPRUHVXOWDGRGHODSUHDVLJQDFLµQDMXVWHSUHGHWHUPLQDGRODVH³DOGHPDQGR2))
VHHVWDEOHFHHQHO%23(VWDIXHQWHVLJXHHVWDQGRGLVSRQLEOHDXQTXHVHGHILQDRWUD
IXHQWHGHVH³DOHVGHPDQGRSHMERUQHFRPRIXHQWHGHVH³DOHVGHPDQGRൺ3 \2))VHVHOHFFLRQDXVDQGR',ൺ3 2))HVDFWLYDEDMD
&XDQGRVHVHOHFFLRQDQYDULRVFRPDQGRV2))VLPXOW£QHDPHQWHVHDSOLFDODSULRULGDG
VLJXLHQWH2))SULRULGDGP£VDOWDದ2))ದ2))
&RQYHUWLGRU6,1$0,&69
,QVWUXFFLRQHVGHVHUYLFLR$(
3XHVWDHQPDUFKD
)XQFLµQGHSXHVWDHQPDUFKD
2))
/DVFDUDFWHU¯VWLFDVGHIUHQDGRGH2))VRQLG«QWLFDVDODVGH2))FRQODH[FHSFLµQGHO
WLHPSRGHGHFHOHUDFLµQ3GH2))LQGHSHQGLHQWH6LODIUHFXHQFLDGHVDOLGDFDHSRU
GHEDMRGHOYDORUGHOSDU£PHWUR3\VLHOWLHPSRGH3KDYHQFLGRHQWRQFHVVH
FDQFHODQORVLPSXOVRVGHOFRQYHUWLGRUFRPRFRQODVH³DOGHPDQGR2))
I DFW
3
I PD[
I OFF3
3
W
3
U %LW
W GRZQ2))
3
)XQFLRQDPLHQWR
&DQFHODFLµQ
GHSXOVRV
W GRZQ2)) 3ຘ
W
_I _
3
1RWD
2))VHSXHGHLQWURGXFLUXVDQGRXQDDPSOLDYDULHGDGGHIXHQWHVGHVH³DOHVGHPDQGR
PHGLDQWHORVSDU£PHWURV%,&23%,2))\3%,2))
2))HVDFWLYDEDMD
&XDQGRVHVHOHFFLRQDQYDULRVFRPDQGRV2))VLPXOW£QHDPHQWHVHDSOLFDODSULRULGDG
VLJXLHQWH2))SULRULGDGP£VDOWDದ2))ದ2))
&RQYHUWLGRU6,1$0,&69
,QVWUXFFLRQHVGHVHUYLFLR$(
3XHVWDHQPDUFKD
)XQFLµQGHSXHVWDHQPDUFKD
)XQFLRQDPLHQWRGHOFRQYHUWLGRUHQPRGR-2*
)XQFLRQHV
/DIXQFLµQ-2*VHSXHGHFRQWURODUPHGLDQWHHO%23LQWHJUDGRRODVHQWUDGDVGLJLWDOHV
&XDQGRVHFRQWURODPHGLDQWHHO%23DOSXOVDUHOERWµQ581HOPRWRUDUUDQFDU£\JLUDU£DOD
IUHFXHQFLD-2*SUHGHILQLGD3(OPRWRUVHGHWLHQHFXDQGRVHVXHOWDHOERWµQ581
&XDQGRVHXVDQODVHQWUDGDVGLJLWDOHVFRPRIXHQWHGHVH³DOHVGHPDQGRGH-2*OD
IUHFXHQFLD-2*VHHVWDEOHFHPHGLDQWH3SDUD-2*DODGHUHFKD\3SDUD-2*D
ODL]TXLHUGD
/DIXQFLµQ-2*SHUPLWH
Ⴠ &RPSUREDUODIXQFLRQDOLGDGGHOPRWRU\GHOFRQYHUWLGRUGHVSX«VGHFRPSOHWDUVHOD
SXHVWDHQPDUFKDSULPHUPRYLPLHQWRGHGHVSOD]DPLHQWRFRPSUREDFLµQGHODGLUHFFLµQ
GHURWDFLµQHWF
Ⴠ /OHYDUXQPRWRURXQDFDUJDGHPRWRUDXQDSRVLFLµQHVSHF¯ILFD
Ⴠ 'HVSOD]DUXQPRWRUSHMGHVSX«VGHODLQWHUUXSFLµQGHXQSURJUDPD
I
3
3
3
W
3
3
3
Funcionamiento JOG con BOP
&RQILJXUDFLµQGHSDU£PHWURV
3DU£PHWUR
)XQFLµQ
&RQILJXUDFLµQ
3>@
%,+DELOLWDFLµQ-2*DODGHUHFKD
(VWHSDU£PHWURGHILQHODIXHQWHGH-2*DODGHUHFKDFXDQGR3
VHOHFFLµQDXWRP£WLFDGHODIXHQWHGHVH³DOHVGH
PDQGRFRQVLJQDV
$MXVWHVSUHGHWHUPLQDGRVGHI£EULFD
3>@
%,+DELOLWDFLµQ-2*DODL]TXLHUGD
(VWHSDU£PHWURGHILQHODIXHQWHGH-2*DODL]TXLHUGDFXDQGR
3 VHOHFFLµQDXWRP£WLFDGHODIXHQWHGHVH³DOHVGH
PDQGRFRQVLJQDV
$MXVWHVSUHGHWHUPLQDGRVGHI£EULFD
&RQYHUWLGRU6,1$0,&69
,QVWUXFFLRQHVGHVHUYLFLR$(
3XHVWDHQPDUFKD
)XQFLµQGHSXHVWDHQPDUFKD
3DU£PHWUR
)XQFLµQ
3
+DELOLWDFLµQ-2*
3>@
)UHFXHQFLD-2*>+]@
&RQILJXUDFLµQ
(OPRGR-2*HVW£KDELOLWDGRDMXVWHSUHGHWHUPLQDGR
(VWHSDU£PHWURGHWHUPLQDODIUHFXHQFLDDODTXHIXQFLRQDU£HO
FRQYHUWLGRUPLHQWUDVHOPRGR-2*HVW£DFWLYR
5DQJR'HDDMXVWHSUHGHWHUPLQDGRGHI£EULFD
3>@
)UHFXHQFLD-2*DODL]TXLHUGD>+]@
(VWHSDU£PHWURGHWHUPLQDODIUHFXHQFLDDODTXHIXQFLRQDU£HO
FRQYHUWLGRUPLHQWUDVHVW£VHOHFFLRQDGR-2*DODL]TXLHUGD
5DQJR'HDDMXVWHSUHGHWHUPLQDGRGHI£EULFD
3>@
7LHPSRGHDFHOHUDFLµQGH-2*>V@
(VWHSDU£PHWURGHILQHHOWLHPSRGHDFHOHUDFLµQGH-2*TXHVH
XWLOL]DPLHQWUDVHOPRGR-2*HVW£DFWLYR
5DQJR'HDDMXVWHSUHGHWHUPLQDGRGHI£EULFD
3>@
7LHPSRGHGHFHOHUDFLµQGH-2*>V@ (VWHSDU£PHWURGHILQHHOWLHPSRGHGHFHOHUDFLµQGH-2*TXHVH
XWLOL]DPLHQWUDVHOPRGR-2*HVW£DFWLYR
5DQJR'HDDMXVWHSUHGHWHUPLQDGRGHI£EULFD
&RQYHUWLGRU6,1$0,&69
,QVWUXFFLRQHVGHVHUYLFLR$(
3XHVWDHQPDUFKD
)XQFLµQGHSXHVWDHQPDUFKD
&RQILJXUDFLµQGHODHOHYDFLµQGHWHQVLµQ
)XQFLRQHV
3DUDODVIUHFXHQFLDVGHVDOLGDEDMDVODVFDUDFWHU¯VWLFDVGH8IVRORSURSRUFLRQDQXQD
WHQVLµQGHVDOLGDEDMD/DVUHVLVWHQFLDVµKPLFDVGHOGHYDQDGRGHOHVW£WRUMXHJDQXQSDSHO
LPSRUWDQWHHQODVIUHFXHQFLDVEDMDVTXHVHGHVSUHFLDQDOGHWHUPLQDUHOIOXMRGHOPRWRUHQHO
PRGR8I(VWRTXLHUHGHFLUTXHODWHQVLµQGHVDOLGDSXHGHVHUGHPDVLDGREDMDSDUD
Ⴠ ,PSOHPHQWDUODPDJQHWL]DFLµQGHOPRWRUDV¯QFURQR
Ⴠ 0DQWHQHUODFDUJD
Ⴠ &RPSHQVDUODVS«UGLGDVHQHOVLVWHPD
/DWHQVLµQGHVDOLGDVHSXHGHDXPHQWDUHOHYDUHQHOFRQYHUWLGRUXVDQGRORVSDU£PHWURV
TXHVHPXHVWUDQHQODWDEODVLJXLHQWH
3DU£PHWUR
7LSRGHHOHYDFLµQ
'HVFULSFLµQ
3
(OHYDFLµQFRQWLQXDGH
WHQVLµQ>@
(VWHSDU£PHWURGHILQHHOQLYHOGHHOHYDFLµQUHIHULGRD3FRUULHQWH
QRPLQDOGHOPRWRUDSOLFDEOHDODVFDUDFWHU¯VWLFDV8IOLQHDO\FXDGU£WLFD
5DQJR'HDDMXVWHSUHGHWHUPLQDGRGHI£EULFD
/DHOHYDFLµQGHWHQVLµQHVHIHFWLYDHQHOUDQJRGHIUHFXHQFLDVFRPSOHWR
PLHQWUDVTXHHOYDORUGLVPLQX\HFRQWLQXDPHQWHDDOWDVIUHFXHQFLDV
9
9 PD[
9Q
3
Lµ
G
Q
OLG
D
8
I
OLQ
HD
O
QV
7H
VD
H
9 &RQ%RRVW
IQ
3
I PD[
3
I
&RQYHUWLGRU6,1$0,&69
,QVWUXFFLRQHVGHVHUYLFLR$(
3XHVWDHQPDUFKD
)XQFLµQGHSXHVWDHQPDUFKD
3DU£PHWUR
7LSRGHHOHYDFLµQ
3
(OHYDFLµQHQDFHOHUDFLµQ (VWHSDU£PHWURDSOLFDXQDHOHYDFLµQUHVSHFWRD3FRUULHQWHQRPLQDOGHO
>@
PRWRUWUDVXQFDPELRGHFRQVLJQDSRVLWLYR\GLVPLQX\HXQDYH]TXHVH
DOFDQ]DODFRQVLJQD
'HVFULSFLµQ
5DQJR'HDDMXVWHSUHGHWHUPLQDGRGHI£EULFD
/DHOHYDFLµQGHWHQVLµQVRORHVHIHFWLYDDODFHOHUDURIUHQDU
9
9PD[
9Q
3
7H
L
QV
8
µQ
G
U
QR
I
V
H
P
DO
LG
D
DO
9$FF%RRVW
*G5
DFWLYR
IQ
3
I VHW
3
(OHYDFLµQHQDUUDQTXH
>@
I PD[
3
I
(VWHSDU£PHWURDSOLFDXQRIIVHWOLQHDOFRQVWDQWHUHVSHFWRD3FRUULHQWH
QRPLQDOGHOPRWRUDODFDUDFWHU¯VWLFD8IDFWLYDOLQHDORFXDGU£WLFDGHVSX«V
GHXQDVH³DOGHPDQGR21\VHPDQWLHQHDFWLYRKDVWDTXH
/DVDOLGDGHOJHQHUDGRUGHUDPSDVOOHJDDODFRQVLJQDSRUSULPHUDYH]
UHVSHFWLYDPHQWH
/DFRQVLJQDVHUHGXFHDXQYDORUPHQRUDODFWXDOHQODVDOLGDGHO
JHQHUDGRUGHUDPSDV
5DQJR'HDDMXVWHSUHGHWHUPLQDGRGHI£EULFD
/DHOHYDFLµQGHWHQVLµQVRORHVHIHFWLYDDODFHOHUDUSRUSULPHUDYH]SDUDGD
9
9PD[
9Q
3
7H
L
QV
8
µQ
G
U
QR
I
V
H
P
DO
LG
D
DO
96WDUW%RRVW
*G5
DFWLYR
I VHW
IQ
3
I PD[
3
I
&RQYHUWLGRU6,1$0,&69
,QVWUXFFLRQHVGHVHUYLFLR$(
3XHVWDHQPDUFKD
)XQFLµQGHSXHVWDHQPDUFKD
&RQILJXUDFLµQGHOUHJXODGRU3,'
)XQFLRQHV
(OUHJXODGRU3,'LQWHJUDGRUHJXODGRUWHFQROµJLFRDGPLWHWRGDFODVHGHWDUHDVGHFRQWUROGH
SURFHVRVVLPSOHVFRPRFRQWUROGHSUHVLRQHVQLYHOHVRFDXGDOHV(OUHJXODGRU3,'
HVSHFLILFDODFRQVLJQDGHYHORFLGDGGHOPRWRUGHWDOPDQHUDTXHODYDULDEOHGHOSURFHVRTXH
VHYDDFRQWURODUFRUUHVSRQGHDVXFRQVLJQD
3
+DELOLWDFLµQ
UHJXODGRU3,'
3
)XHQWHDMXVWH3,'
3
&RQVLJQD3,'
3
)DFWRUJDQDQFLD
DMXVWH3,'
Regulador PID
3
*DQDQFLDSURSRUFLRQDO
3,'
3
)DFWRUJDQDQFLD
FRQVLJQD3,'
0RWRU
3
7LHPSRLQWHJUDFLµQ3,'
3
*DQDQFLDDSOLFDGDD
UHDOLPHQWDFLµQ3,'
3
7LHPSRGLIHUHQFLDO3,'
3
5HDOLPHQWDFLµQ
3,'
6LVWHPD
UHJXODFLµQ
3
&RQVWDQWHWLHPSR
ILOWURUHDOLPHQWDFLµQ
3,'
6HQVRU
3DU£PHWURVUHODFLRQDGRVGHUHJXODGRU3,'
&RQILJXUDFLµQGHSDU£PHWURV
3DU£PHWUR
)XQFLµQ
&RQILJXUDFLµQ
3DU£PHWURVGHIXQFLRQHVSULQFLSDOHV
3>@
%,+DELOLWDFLµQGHUHJXODGRU3,'
(VWHSDU£PHWURSHUPLWHDOXVXDULRKDELOLWDUGHVKDELOLWDUHO
UHJXODGRU3,'6LVHHVWDEOHFHHQKDELOLWDHOUHJXODGRU3,'
GHOD]RFHUUDGR
(OHVWDEOHFLPLHQWRHQGHVKDELOLWDDXWRP£WLFDPHQWHORV
WLHPSRVGHUDPSDQRUPDOHVGHILQLGRVHQ3\3\ODV
FRQVLJQDVGHIUHFXHQFLDQRUPDOHV
$MXVWHVSUHGHWHUPLQDGRVGHI£EULFD
3>@
%,+DELOLWDFLµQ3,'023VH³DOGH
PDQGR68%,5
(VWHSDU£PHWURGHILQHHORULJHQGHODVH³DOGHPDQGR68%,5
)XHQWHVSRVLEOHV%23[HQWUDGDGLJLWDO
866SRU56
&RQYHUWLGRU6,1$0,&69
,QVWUXFFLRQHVGHVHUYLFLR$(
3XHVWDHQPDUFKD
)XQFLµQGHSXHVWDHQPDUFKD
3DU£PHWUR
)XQFLµQ
&RQILJXUDFLµQ
3>@
%,+DELOLWDFLµQ3,'023VH³DOGH
PDQGR%$-$5
(VWHSDU£PHWURGHILQHODIXHQWHGHODVH³DOGHPDQGR%$-$5
)XHQWHVSRVLEOHV%23[HQWUDGDGLJLWDO
866SRU56
3DU£PHWURVGHSXHVWDHQPDUFKDDGLFLRQDOHV
3
0RGR3,'
3,'FRPRFRQVLJQDDMXVWHSUHGHWHUPLQDGRGHI£EULFD
3,'FRPRIXHQWHGHDMXVWH
3>@
&,&RQVLJQD3,'
(VWHSDU£PHWURGHILQHODIXHQWHSDUDODHQWUDGDGHFRQVLJQD
3,'
)XHQWHVSRVLEOHV>@HQWUDGDDQDOµJLFD3='
866FRQVLJQD3,'ILMDUHDOFRQVLJQDGH
VDOLGDGH3,'023
3>@
&,)XHQWHGHDMXVWH3,'
(VWHSDU£PHWURVHOHFFLRQDODIXHQWHGHDMXVWHGHODFRQVLJQD
3,'
)XHQWHVSRVLEOHV>@HQWUDGDDQDOµJLFD3='
866FRQVLJQD3,'ILMDUHDOFRQVLJQDGH
VDOLGDGH3,'023
3
)DFWRUGHJDQDQFLDGHFRQVLJQD3,'
5DQJR'HDDMXVWHSUHGHWHUPLQDGRGHI£EULFD
3
)DFWRUGHJDQDQFLDGHDMXVWH3,'
5DQJR'HDDMXVWHSUHGHWHUPLQDGRGHI£EULFD
3
7LHPSRGHDFHOHUDFLµQGHFRQVLJQD
3,'>V@
5DQJR'HDDMXVWHSUHGHWHUPLQDGRGHI£EULFD
3
7LHPSRGHGHFHOHUDFLµQGHFRQVLJQD
3,'>V@
5DQJR'HDDMXVWHSUHGHWHUPLQDGRGHI£EULFD
3
7LSRGHUHJXODGRU3,'
&RPSRQHQWH'GHODVH³DOGHUHDOLPHQWDFLµQDMXVWH
SUHGHWHUPLQDGRGHI£EULFD
&RPSRQHQWH'GHODVH³DOGHHUURU
3>@
&,5HDOLPHQWDFLµQ3,'
)XHQWHVSRVLEOHV>@HQWUDGDDQDOµJLFD
FRQVLJQD3,'ILMDUHDOFRQVLJQDGHVDOLGDGH3,'
023
3
&RQVWDQWHGHWLHPSRGHOILOWURGH
UHDOLPHQWDFLµQ3,'>V@
5DQJR'HDDMXVWHSUHGHWHUPLQDGRGHI£EULFD
3
9DORUP£[LPRGHUHDOLPHQWDFLµQGH3,' 5DQJR'HDDMXVWHSUHGHWHUPLQDGRGH
>@
I£EULFD
3
9DORUP¯QLPRGHUHDOLPHQWDFLµQGH3,' 5DQJR'HDDMXVWHSUHGHWHUPLQDGRGH
>@
I£EULFD
3
*DQDQFLDDSOLFDGDDUHDOLPHQWDFLµQ
3,'
3
6HOHFWRUGHIXQFLµQGHUHDOLPHQWDFLµQ
3,'
$MXVWHVSUHGHWHUPLQDGRVGHI£EULFD>@
5DQJR'HDDMXVWHSUHGHWHUPLQDGRGHI£EULFD
'HVKDELOLWDGDDMXVWHSUHGHWHUPLQDGRGHI£EULFD
5D¯]FXDGUDGDUD¯][
&XDGUDGR[[
&XER[[[
3
7LSRGHVHQVRU3,'
'HVKDELOLWDGDDMXVWHSUHGHWHUPLQDGRGHI£EULFD
,QYHUVLµQGHVH³DOGHUHDOLPHQWDFLµQ3,'
&RQYHUWLGRU6,1$0,&69
,QVWUXFFLRQHVGHVHUYLFLR$(
3XHVWDHQPDUFKD
)XQFLµQGHSXHVWDHQPDUFKD
3DU£PHWUR
)XQFLµQ
&RQILJXUDFLµQ
3
7LHPSRGLIHUHQFLDOGHO3,'>V@
5DQJR'HD
$MXVWHVSUHGHWHUPLQDGRVGHI£EULFDHOWLHPSR
GLIHUHQFLDOQRWLHQHQLQJ¼QHIHFWR
3
*DQDQFLDSURSRUFLRQDOGHO3,'
5DQJR'HDDMXVWHSUHGHWHUPLQDGRGHI£EULFD
3
7LHPSRGHLQWHJUDFLµQGHO3,'>V@
5DQJR'HDDMXVWHSUHGHWHUPLQDGRGHI£EULFD
3
/¯PLWHVXSHULRUGHVDOLGDGHO3,'>@
5DQJR'HDDMXVWHSUHGHWHUPLQDGRGH
I£EULFD
3
/¯PLWHLQIHULRUGHVDOLGDGHO3,'>@
5DQJR'HDDMXVWHSUHGHWHUPLQDGRGH
I£EULFD
3
7LHPSRVGHDFHOHUDFLµQGHFHOHUDFLµQ
GHOO¯PLWHGHO3,'>V@
5DQJR'HDDMXVWHSUHGHWHUPLQDGRGHI£EULFD
3
*DQDQFLDSDUDVDOLGDGHO3,'
5DQJR'HDDMXVWHSUHGHWHUPLQDGRGH
I£EULFD
3
+DELOLWDFLµQDXWRWXQLQJ3,'
$XWRWXQLQJ3,'GHVKDELOLWDGRDMXVWHSUHGHWHUPLQDGRGH
I£EULFD
,QLFLDUDXWRWXQLQJFRQHOP«WRGRGH=LHJOHU1LFKROV=1
$XWRWXQLQJ3,'FRPRFRQVREUHRVFLODFLRQHV26
$XWRWXQLQJ3,'FRPRFRQDOJXQDVRVLQ
VREUHRVFLODFLRQHV26
$XWRWXQLQJ3,'VRORSDUWH3,UHVSXHVWDDXQDHQWUDGD
HVFDOµQ
3
$XWRWXQLQJ3,'WLHPSRH[FHGLGR>V@
5DQJR'HDDMXVWHSUHGHWHUPLQDGRGHI£EULFD
3
2IIVDXWRWXQ3,'>@
5DQJR'HDDMXVWHSUHGHWHUPLQDGRGHI£EULFD
9DORUHVGHVDOLGD
U
&2&RQVLJQD3,'ILMDUHDO>@
U
%2(VWDGRIUHFXHQFLD3,'ILMD
U
&2)UHFXHQFLDGHHQWUDGDGHO*G53,'023>@
U
&2&RQVLJQDVDOLGDGH3,'023>@
U
&2&RQVLJQD3,'WUDV*G53,'>@
3
&RQVWDQWHGHWLHPSRGHOILOWURGHFRQVLJQD3,'>V@
U
&2&RQVLJQD3,'ILOWUDGDWUDV*G5>@
U
&25HDOLPHQWDFLµQILOWUDGD3,'>@
U
&25HDOLPHQWDFLµQHVFDODGD3,'>@
U
&2(UURU3,'>@
U
&26DOLGD3,'UHDO>@
&RQYHUWLGRU6,1$0,&69
,QVWUXFFLRQHVGHVHUYLFLR$(
3XHVWDHQPDUFKD
)XQFLµQGHSXHVWDHQPDUFKD
&RQILJXUDFLµQGHODIXQFLµQGHIUHQDGR
)XQFLRQHV
(OPRWRUVHSXHGHIUHQDUHO«FWULFDPHQWHRPHF£QLFDPHQWHSRUPHGLRGHOFRQYHUWLGRU
PHGLDQWHORVIUHQRVVLJXLHQWHV
Ⴠ )UHQRVHO«FWULFRV
ದ )UHQRSRU'&
ದ )UHQRFRPELQDGR
ದ )UHQRGLQ£PLFR
Ⴠ )UHQRPHF£QLFR
ದ )UHQRGHPDQWHQLPLHQWRGHOPRWRU
)UHQDGRSRU'&
(OIUHQDGRSRU'&KDFHTXHHOPRWRUVHGHWHQJDU£SLGDPHQWHDODSOLFDUXQDFRUULHQWHGH
IUHQDGRGH'&ODFRUULHQWHDSOLFDGDSURGXFHWDPEL«QXQSDUGHIUHQDGRHVWDFLRQDULR3DUD
HOIUHQDGRSRU'&VHDSOLFDXQDFRUULHQWH'&HQHOGHYDQDGRGHOHVW£WRUTXHSURGXFHXQ
SDUGHIUHQDGRVLJQLILFDWLYRSDUDXQPRWRUDV¯QFURQR
(OIUHQDGRSRU'&VHVHOHFFLRQDGHODPDQHUDVLJXLHQWH
Ⴠ 6HFXHQFLDVHOHFFLRQDGDGHVSX«VGH2))X2))HOIUHQDGRSRU'&VHOLEHUD
PHGLDQWH3
Ⴠ 6HFXHQFLDVHOHFFLRQDGDGLUHFWDPHQWHFRQHOSDU£PHWUR%,&23
6HFXHQFLD
6HKDELOLWDPHGLDQWH3
(OIUHQDGRSRU'&VHDFWLYDFRQODVH³DOGHPDQGR2))X2))Y«DVHODILJXUD
VLJXLHQWH
/DIUHFXHQFLDGHOFRQYHUWLGRUVHGHVDFHOHUDDORODUJRGHODGHFHOHUDFLµQSDUDPHWUL]DGD
GH2))X2))KDVWDODIUHFXHQFLDHQODTXHWLHQHTXHLQLFLDUVHHOIUHQDGRSRU'&
3
/RVLPSXOVRVGHOFRQYHUWLGRUVHLQKLEHQPLHQWUDVGXUDHOWLHPSRGHGHVPDJQHWL]DFLµQ
3
$FRQWLQXDFLµQVHDSOLFDODFRUULHQWHGHIUHQDGRQHFHVDULD3GXUDQWHHOWLHPSRGH
IUHQDGRVHOHFFLRQDGR3(OHVWDGRVHPXHVWUDPHGLDQWHODVH³DOUELW
/RVLPSXOVRVGHOFRQYHUWLGRUVHLQKLEHQWUDVYHQFHUHOWLHPSRGHIUHQDGR
&RQYHUWLGRU6,1$0,&69
,QVWUXFFLRQHVGHVHUYLFLR$(
3XHVWDHQPDUFKD
)XQFLµQGHSXHVWDHQPDUFKD
21
2))2))
W
3
2))
W
I
2))
3
)UHQDGR'&
W
)UHQDGR'&DFWLYR
U %LW W
3
6HFXHQFLD
6HKDELOLWD\VHOHFFLRQDFRQHOSDU£PHWUR%,&23Y«DVHODILJXUDVLJXLHQWH
/RVLPSXOVRVGHOFRQYHUWLGRUVHLQKLEHQPLHQWUDVGXUDHOWLHPSRGHGHVPDJQHWL]DFLµQ
3
/DFRUULHQWHGHIUHQDGRVROLFLWDGD3VHDSOLFDGXUDQWHHOWLHPSRVHOHFFLRQDGR\HO
PRWRUVHIUHQD(VWHHVWDGRVHPXHVWUDPHGLDQWHODVH³DOUELW
'HVSX«VGHTXHVHKD\DFDQFHODGRHOIUHQDGRSRU'&HOFRQYHUWLGRUDFHOHUDDOD
FRQVLJQDGHIUHFXHQFLDKDVWDTXHODYHORFLGDGGHOPRWRUFRLQFLGHFRQODIUHFXHQFLDGH
VDOLGDGHOFRQYHUWLGRU
212))
%,+DELOLWDFLµQIUHQDGR'&
W
3& I
I
IBVHW
W
'&EUDNLQJ
IBDFW
W
L
3
W
)UHQDGR'&DFWLYR
U %LW W
&RQYHUWLGRU6,1$0,&69
,QVWUXFFLRQHVGHVHUYLFLR$(
3XHVWDHQPDUFKD
)XQFLµQGHSXHVWDHQPDUFKD
&RQILJXUDFLµQGHSDU£PHWURV
3DU£PHWUR
)XQFLµQ
&RQILJXUDFLµQ
3>@
%,+DELOLWDFLµQIUHQRSRU'&
(VWHSDU£PHWURSHUPLWHIUHQDUSRU'&DWUDY«VGHXQDVH³DO
DSOLFDGDGHVGHXQDIXHQWHH[WHUQD/DIXQFLµQSHUPDQHFH
DFWLYDPLHQWUDVODVH³DOGHHQWUDGDH[WHUQDHVW«DFWLYD
3>@
&RUULHQWHIUHQDGR'&>@
(VWHSDU£PHWURGHILQHHOQLYHOGHFRUULHQWH'&UHVSHFWRDOD
FRUULHQWHQRPLQDOGHOPRWRU3
3>@
'XUDFLµQGHOIUHQDGRSRU'&>V@
(VWHSDU£PHWURGHILQHFX£QWRGXUDHOIUHQDGRSRU'&WUDVXQD
VH³DOGHPDQGR2))X2))
$MXVWHVSUHGHWHUPLQDGRVGHI£EULFD
5DQJR'HDDMXVWHSUHGHWHUPLQDGRGHI£EULFD
5DQJR'HDDMXVWHSUHGHWHUPLQDGRGHI£EULFD
3>@
3>@
)UHFXHQFLDGHLQLFLRGHOIUHQDGRSRU
'&>+]@
(VWHSDU£PHWURGHILQHODIUHFXHQFLDLQLFLDOGHIUHQDGRSRU'&
7LHPSRGHGHVPDJQHWL]DFLµQ>V@
(VWHSDU£PHWURFDPELDHOWLHPSRSHUPLWLGRWUDVXQDFRQGLFLµQ
GHIDOOR2))DQWHVGHTXHVHSXHGDQYROYHUDKDELOLWDUORV
LPSXOVRV
5DQJR'HDDMXVWHSUHGHWHUPLQDGRGHI£EULFD
5DQJR'HDDMXVWHSUHGHWHUPLQDGRGHI£EULFD
$'9(57(1&,$
6REUHFDOHQWDPLHQWRGHOPRWRU
(QHOIUHQDGRSRUFRUULHQWH'&ODHQHUJ¯DFLQ«WLFDGHOPRWRUVHFRQYLHUWHHQHQHUJ¯D
W«UPLFDHQHOPRWRU6LHOIUHQDGRGXUDGHPDVLDGRWLHPSRHQWRQFHVHOPRWRUVHSXHGH
VREUHFDOHQWDU
1RWD
/DIXQFLµQGHIUHQDGRSRU'&VRORHVSU£FWLFDSDUDORVPRWRUHVGHLQGXFFLµQ
(OIUHQDGRSRU'&QRHVDGHFXDGRSDUDPDQWHQHUFDUJDVVXVSHQGLGDV
0LHQWUDVDFW¼DHOIUHQDGRSRU'&QRKD\RWUDIRUPDGHLQIOXLUHQODYHORFLGDGGHOFRQYHUWLGRU
XVDQGRXQFRQWUROH[WHUQR&XDQGRVHSDUDPHWUL]D\FRQILJXUDHOVLVWHPDFRQYHUWLGRUVH
GHEHU¯DSUREDUXVDQGRFDUJDVUHDOHVHQODPHGLGDGHORSRVLEOH
&RQYHUWLGRU6,1$0,&69
,QVWUXFFLRQHVGHVHUYLFLR$(
3XHVWDHQPDUFKD
)XQFLµQGHSXHVWDHQPDUFKD
)UHQDGRFRPELQDGR
3DUDHOIUHQDGRFRPELQDGRKDELOLWDGRPHGLDQWH3HOIUHQDGRSRU'&VHD³DGHDO
IUHQDGRUHJHQHUDWLYRHQHOTXHHOFRQYHUWLGRUUHJHQHUDODDOLPHQWDFLµQGHODLQWHUFRQH[LµQ
GH'&DPHGLGDTXHIUHQDDORODUJRGHXQDUDPSD(OIUHQDGRHIHFWLYRVHREWLHQHVLQWHQHU
TXHXVDUFRPSRQHQWHVDGLFLRQDOHVRSWLPL]DQGRHOWLHPSRGHGHFHOHUDFLµQ3SDUD
2))RDOIUHQDUGHVGHIKDVWDI3SDUD2))\XVDQGRIUHQDGRFRPELQDGR3
3!
&RQIUHQDGRFRPELQDGR
3 6LQIUHQDGRFRPELQDGR
I
I
IBVHW
IBVHW
IBDFW
IBDFW
W
W
L
L
W
W
9 '&OLQN
9 '&OLQN
9 '&&RPS
W
W
3 9 '&&RPS ຘ ຘ3
3ำ 9 '&&RPS ຘ U
&RQILJXUDFLµQGHSDU£PHWURV
3DU£PHWUR
)XQFLµQ
&RQILJXUDFLµQ
3>@
&RUULHQWHGHIUHQDGRFRPELQDGR>@
(VWHSDU£PHWURGHILQHHOQLYHOGH'&TXHVHD³DGHDODIRUPD
GHRQGDGH$&GHVSX«VGHTXHVHVREUHSDVHODWHQVLµQGHOD
LQWHUFRQH[LµQGH'&GHOIUHQDGRFRPELQDGR(VWHYDORUVH
LQWURGXFHHQ>@UHVSHFWRDODFRUULHQWHQRPLQDOGHOPRWRU
3
5DQJR'HDDMXVWHSUHGHWHUPLQDGRGHI£EULFD
3
$XWRGHWHFFLµQGHOQLYHOGHFRQH[LµQ
GH9GF
&RQHVWHSDU£PHWURVHKDELOLWDGHVKDELOLWDODDXWRGHWHFFLµQ
GHOQLYHOGHFRQH[LµQSDUDHOUHJXODGRU9GFBP£[
'HVKDELOLWDGD
+DELOLWDGRDMXVWHSUHGHWHUPLQDGRGHI£EULFD
6HUHFRPLHQGDDMXVWDU3 DXWRGHWHFFLµQGHOQLYHOGH
FRQH[LµQGH9GFKDELOLWDGD1µWHVHTXHODDXWRGHWHFFLµQ
VRORIXQFLRQDFXDQGRHOFRQYHUWLGRUKDHVWDGRHQUHSRVR
GXUDQWHP£VGHV
&RQYHUWLGRU6,1$0,&69
,QVWUXFFLRQHVGHVHUYLFLR$(
3XHVWDHQPDUFKD
)XQFLµQGHSXHVWDHQPDUFKD
$'9(57(1&,$
6REUHFDOHQWDPLHQWRGHOPRWRU
3DUDHOIUHQDGRFRPELQDGRHOIUHQDGRUHJHQHUDWLYRVHD³DGHDOIUHQDGRSRU'&IUHQDGRD
ORODUJRGHXQDUDPSD(VWRVLJQLILFDTXHORVFRPSRQHQWHVGHODHQHUJ¯DFLQ«WLFDGHOPRWRU
\ODFDUJDGHOPRWRUVHFRQYLHUWHQHQHQHUJ¯DW«UPLFDHQHOPRWRU(VWRSXHGHSURYRFDU
TXHHOPRWRUVHVREUHFDOLHQWHVLHVWDS«UGLGDGHSRWHQFLDHVGHPDVLDGRHOHYDGDRHO
IXQFLRQDPLHQWRGHOIUHQRGXUDGHPDVLDGR
1RWD
(OIUHQDGRFRPELQDGRVRORGHSHQGHGHODWHQVLµQGHODLQWHUFRQH[LµQGH'&Y«DVHHO
XPEUDOGHOGLDJUDPDDQWHULRU(VWRVHSURGXFLU£HQ2))2))\HQFXDOTXLHUVLWXDFLµQ
UHJHQHUDWLYD(OIUHQDGRFRPELQDGRVHGHVDFWLYDVL
(OUHDUUDQTXHDOYXHORHVW£DFWLYR
(OIUHQDGRSRU'&HVW£DFWLYR
)UHQDGRGLQ£PLFR
(OIUHQDGRGLQ£PLFRFRQYLHUWHODHQHUJ¯DGHUHJHQHUDFLµQOLEHUDGDFXDQGRHOPRWRU
GHFHOHUDHQFDORU3DUDHOIUHQDGRGLQ£PLFRVHUHTXLHUHXQFKRSSHUGHIUHQDGRLQWHUQRRXQ
PµGXORGHIUHQDGRGLQ£PLFRH[WHUQRTXHSXHGDFRQWURODUXQDUHVLVWHQFLDGHIUHQDGR
H[WHUQD(OFRQYHUWLGRURHOPµGXORGHIUHQDGRGLQ£PLFRH[WHUQRFRQWURODHOIUHQDGR
GLQ£PLFRGHSHQGLHQGRGHODWHQVLµQGHODLQWHUFRQH[LµQGH'&$OFRQWUDULRTXHHOIUHQDGR
FRPELQDGR\SRU'&HVWDW«FQLFDUHTXLHUHTXHHVW«LQVWDODGDXQDUHVLVWHQFLDGHIUHQDGR
H[WHUQD
Tamaño de bastidor A/B/C
5HVLVWHQFLDGHIUHQDGR
5
5
0µGXORGHIUHQDGR
GLQ£PLFR
9
a
a
'&
'&
a
3DUDREWHQHUP£VLQIRUPDFLµQVREUHHOPµGXORGHIUHQDGRGLQ£PLFRFRQVXOWHHODS«QGLFH
0µGXORGHIUHQDGRGLQ£PLFR3£JLQD
&RQYHUWLGRU6,1$0,&69
,QVWUXFFLRQHVGHVHUYLFLR$(
3XHVWDHQPDUFKD
)XQFLµQGHSXHVWDHQPDUFKD
Tamaño de bastidor D
5HVLVWHQFLDGHIUHQDGR
9
a
5
5
&KRSSHUGH
IUHQDGR
a
a
/DSRWHQFLDFRQWLQXD3'%\HOFLFORGHFDUJDGHODUHVLVWHQFLDGHIUHQDGRVHSXHGHQ
PRGLILFDUXVDQGRHOPµGXORGHIUHQDGRGLQ£PLFRSDUDORVWDPD³RVGHEDVWLGRU$%&RHO
SDU£PHWUR3SDUDHOWDPD³RGHEDVWLGRU'
$7(1&,•1
'D³RDODUHVLVWHQFLDGHIUHQDGR
/DSRWHQFLDPHGLDGHOPµGXORGHIUHQDGRGLQ£PLFRFKRSSHUGHIUHQDGRQRSXHGHVXSHUDU
ODSRWHQFLDQRPLQDOGHODUHVLVWHQFLDGHIUHQDGR
P100
1LYHOGHFRQH[LµQGHIUHQDGRGLQ£PLFR
3 9 '&&KRSSHU ຘ ຘ3
PDB
tON
3ำ 9 '&&KRSSHU ຘ U
t
tOFF
t FLFOR
&LFORGHFDUJD
W21V
W2))V
WGXUDFLµQV
3'%
,QILQLWR
,QILQLWR
&RQYHUWLGRU6,1$0,&69
,QVWUXFFLRQHVGHVHUYLFLR$(
3XHVWDHQPDUFKD
)XQFLµQGHSXHVWDHQPDUFKD
&RQILJXUDFLµQGHSDU£PHWURV
3DU£PHWUR
)XQFLµQ
&RQILJXUDFLµQ
3
)UHQDGRGLQ£PLFR
(VWHSDU£PHWURGHILQHHOFLFORGHFDUJDQRPLQDOGHOD
UHVLVWHQFLDGHIUHQDGRUHVLVWHQFLDGHOFKRSSHU(OIUHQDGR
GLQ£PLFRHVW£DFWLYRFXDQGRODIXQFLµQHVW£KDELOLWDGD\OD
WHQVLµQGHODLQWHUFRQH[LµQGH'&VXSHUDHOQLYHOGH
DFWLYDFLµQGHOIUHQDGRGLQ£PLFR
'HVKDELOLWDGDDMXVWHSUHGHWHUPLQDGRGHI£EULFD
&LFORGHFDUJDGHO
&LFORGHFDUJDGHO
&LFORGHFDUJDGHO
&LFORGHFDUJDGHO
&LFORGHFDUJDGHO
1RWD(VWHSDU£PHWURVRORHVDSOLFDEOHSDUDFRQYHUWLGRUHVGH
WDPD³RGHEDVWLGRU'3DUDWDPD³RVGHEDVWLGRUGH$KDVWD
&HOFLFORGHFDUJDGHODUHVLVWHQFLDGHIUHQDGRVHSXHGH
VHOHFFLRQDUFRQHOPµGXORGHIUHQDGRGLQ£PLFR
3>@
&RQILJXUDFLµQGHOUHJXODGRU9GF
(VWHSDU£PHWURKDELOLWDGHVKDELOLWDHOUHJXODGRU9GF
5HJXODGRU9GFGHVKDELOLWDGR
1RWD(VWHSDU£PHWURGHEHHVWDUHVWDEOHFLGRHQUHJXODGRU
9GFGHVKDELOLWDGRSDUDDFWLYDUHOIUHQDGRGLQ£PLFR
3
$XWRGHWHFFLµQGHOQLYHOGHFRQH[LµQ
GH9GF
&RQHVWHSDU£PHWURVHKDELOLWDGHVKDELOLWDODDXWRGHWHFFLµQ
GHOQLYHOGHFRQH[LµQSDUDHOUHJXODGRU9GFBP£[
'HVKDELOLWDGD
+DELOLWDGRDMXVWHSUHGHWHUPLQDGRGHI£EULFD
6HUHFRPLHQGDDMXVWDU3 DXWRGHWHFFLµQGHOQLYHOGH
FRQH[LµQGH9GFKDELOLWDGD1µWHVHTXHODDXWRGHWHFFLµQ
VRORIXQFLRQDFXDQGRHOFRQYHUWLGRUKDHVWDGRHQUHSRVR
GXUDQWHP£VGHV&XDQGR3 3VRORVH
SXHGHDSOLFDUDFRQYHUWLGRUHVGHWDPD³RGHEDVWLGRU'
$'9(57(1&,$
5LHVJRVGHOXVRGHUHVLVWHQFLDVGHIUHQDGRLQDSURSLDGDV
/DVUHVLVWHQFLDVGHIUHQDGRTXHVHWLHQHQTXHPRQWDUHQHOFRQYHUWLGRUGHEHQHVWDU
GLVH³DGDVSDUDTXHSXHGDQWROHUDUODSRWHQFLDGLVLSDGD6LVHXWLOL]DXQDUHVLVWHQFLDGH
IUHQDGRLQDGHFXDGDH[LVWHSHOLJURGHLQFHQGLR\HOFRQYHUWLGRUDVRFLDGRVXIULU£GD³RV
LPSRUWDQWHV
&RQYHUWLGRU6,1$0,&69
,QVWUXFFLRQHVGHVHUYLFLR$(
3XHVWDHQPDUFKD
)XQFLµQGHSXHVWDHQPDUFKD
)UHQRGHPDQWHQLPLHQWRGHOPRWRU
(OIUHQRGHPDQWHQLPLHQWRGHOPRWRULPSLGHTXHHOPRWRUIXQFLRQHGHIRUPDQRGHVHDGD
FXDQGRHOFRQYHUWLGRUHVW£GHVFRQHFWDGR(OFRQYHUWLGRUWLHQHOµJLFDLQWHUQDSDUDFRQWURODU
XQIUHQRGHPDQWHQLPLHQWRGHOPRWRU
212))2))
21
2))2))
([FLWDFLµQGHPRWRU
ILQDOL]DGD
%LWGHU
I
3
I PLQ
3
3
3
%LWGHU&
$ELHUWR
(VWDGR
IUHQR &HUUDGR
7LHPSROLEHUDFLµQIUHQR
7LHPSRFLHUUHIUHQR
&RQYHUWLGRU6,1$0,&69
,QVWUXFFLRQHVGHVHUYLFLR$(
3XHVWDHQPDUFKD
)XQFLµQGHSXHVWDHQPDUFKD
212))
,QDFWLYR
2))
$FWLYR
W
21
2))2))
W
([FLWDFLµQGHPRWRU
ILQDOL]DGD
%LWGHU
I
W
3
I PLQ
3
W
3
%LWGHU&
W
$ELHUWR
(VWDGR
IUHQR &HUUDGR
W
7LHPSROLEHUDFLµQIUHQR
&RQILJXUDFLµQGHSDU£PHWURV
3DU£PHWUR
)XQFLµQ
&RQILJXUDFLµQ
3
+DELOLWDFLµQGHOIUHQRGH
PDQWHQLPLHQWR
(VWHSDU£PHWURKDELOLWDGHVKDELOLWDODIXQFLµQGHIUHQRGH
PDQWHQLPLHQWR(OIUHQRGHPDQWHQLPLHQWRGHOPRWRU0+%
VHFRQWURODPHGLDQWHODSDODEUDGHHVWDGRUELW
)UHQRGHPDQWHQLPLHQWRGHOPRWRUGHVKDELOLWDGRDMXVWH
SUHGHWHUPLQDGRGHI£EULFD
)UHQRGHPDQWHQLPLHQWRGHOPRWRUKDELOLWDGR
3
7LHPSRGHUHWDUGRSDUDDEULUHOIUHQR (VWHSDU£PHWURGHILQHHOWLHPSRGXUDQWHHOFXDOHOFRQYHUWLGRU
>V@
WUDEDMDDODIUHFXHQFLDP¯QLPD3DQWHVGHDFHOHUDU
5DQJR'HDDMXVWHSUHGHWHUPLQDGRGHI£EULFD
3
7LHPSRGHPDQWHQLPLHQWRWUDV
GHFHOHUDFLµQ>V@
(VWHSDU£PHWURGHILQHHOWLHPSRGXUDQWHHOFXDOHOFRQYHUWLGRU
WUDEDMDDODIUHFXHQFLDP¯QLPD3GHVSX«VGHGHFHOHUDU
5DQJR'HDDMXVWHSUHGHWHUPLQDGRGHI£EULFD
&RQYHUWLGRU6,1$0,&69
,QVWUXFFLRQHVGHVHUYLFLR$(
3XHVWDHQPDUFKD
)XQFLµQGHSXHVWDHQPDUFKD
&RQH[LµQGHOIUHQRGHPDQWHQLPLHQWRGHOPRWRU
(OIUHQRGHPDQWHQLPLHQWRGHOPRWRUVHSXHGHFRQHFWDUDOFRQYHUWLGRUSRUPHGLRGHODV
VDOLGDVGLJLWDOHV'2'27DPEL«QVHQHFHVLWDXQUHO«DGLFLRQDOSDUDSHUPLWLUTXHOD
VDOLGDGLJLWDOKDELOLWHRGHVKDELOLWHHOIUHQRGHPDQWHQLPLHQWRGHOPRWRU
)XHQWHDOLPHQWD
FLµQUHO«IUHQR
6,1$0,&69
&RQWUROIUHQRPDQWH
QLPPRWRU
U
3
)XHQWHDOLPHQWD
FLµQIUHQR
PDQWHQLPPRWRU
'21&
'212
'2&20
3
'2326
'21(*
0RWRUFRQIUHQRGHPDQWHQLPLHQWR
$'9(57(1&,$
&DUJDSRWHQFLDOPHQWHSHOLJURVD
6LHOFRQYHUWLGRUFRQWURODHOIUHQRGHPDQWHQLPLHQWRGHOPRWRUHQWRQFHVQRVHSXHGH
UHDOL]DUXQDSXHVWDHQPDUFKDSDUDFDUJDVSRWHQFLDOPHQWHSHOLJURVDVSHMFDUJDV
VXVSHQGLGDVSDUDDSOLFDFLRQHVGHJU¼DVKDVWDTXHODFDUJDVHKD\DDVHJXUDGR
1RHVWDSHUPLWLGRXWLOL]DUHOIUHQRGHPDQWHQLPLHQWRGHOPRWRUFRPRIUHQRRSHUDWLYR(O
PRWLYRGHHVWDUHVWULFFLµQHVTXHSRUORJHQHUDOVRORVHKDGLVH³DGRSDUDXQQ¼PHUR
OLPLWDGRGHRSHUDFLRQHVGHIUHQDGRGHHPHUJHQFLD
&RQYHUWLGRU6,1$0,&69
,QVWUXFFLRQHVGHVHUYLFLR$(
3XHVWDHQPDUFKD
)XQFLµQGHSXHVWDHQPDUFKD
&RQILJXUDFLµQGHOWLHPSRGHUDPSD
)XQFLRQHV
(OJHQHUDGRUGHIXQFLµQGHWLHPSRGHUDPSDHQHOFDQDOGHFRQVLJQDOLPLWDODYHORFLGDGGH
ORVFDPELRVGHFRQVLJQD(VWRKDFHTXHHOPRWRUDFHOHUH\GHFHOHUHFRQPD\RUVXDYLGDG
GHIRUPDTXHVHSURWHJHQORVFRPSRQHQWHVPHF£QLFRVGHODP£TXLQDDFFLRQDGD
&RQILJXUDFLµQGHOWLHPSRGHDFHOHUDFLµQ\GHFHOHUDFLµQ
/RVWLHPSRVGHDFHOHUDFLµQ\GHFHOHUDFLµQSXHGHQFRQILJXUDUVHFRQLQGHSHQGHQFLDHOXQR
GHORWURPHGLDQWH3\3
)UHFXHQFLDGHVDOLGD+]
W XS
3
I 3
3
&RQVLJQD I 3
)UHFXHQFLDP¯Q
3
W XS
3
W
&RQILJXUDFLµQGHSDU£PHWURV
3DU£PHWUR
)XQFLµQ
&RQILJXUDFLµQ
3>@
)UHFXHQFLDP£[LPD>+]@
(VWHSDU£PHWURHVWDEOHFHODIUHFXHQFLDP£[LPDDODTXH
IXQFLRQDU£HOPRWRUVLQWHQHUHQFXHQWDODFRQVLJQDGH
IUHFXHQFLD
5DQJR'HDDMXVWHSUHGHWHUPLQDGRGHI£EULFD
3>@
7LHPSRGHDFHOHUDFLµQ>V@
(VWHSDU£PHWURHVWDEOHFHHOWLHPSRTXHWDUGDHOPRWRUHQ
DFHOHUDUHVWDQGRSDUDGRKDVWDODIUHFXHQFLDP£[LPDGHO
PRWRU3FXDQGRQRVHXWLOL]DUHGRQGHR
5DQJR'HDDMXVWHSUHGHWHUPLQDGRGHI£EULFD
3>@
7LHPSRGHGHFHOHUDFLµQ>V@
(VWHSDU£PHWURHVWDEOHFHHOWLHPSRTXHWDUGDHOPRWRUHQ
GHFHOHUDUGHODIUHFXHQFLDP£[LPDGHOPRWRU3KDVWD
VXSDUDGDFXDQGRQRVHXWLOL]DUHGRQGHR
5DQJR'HDDMXVWHSUHGHWHUPLQDGRGHI£EULFD
&RQYHUWLGRU6,1$0,&69
,QVWUXFFLRQHVGHVHUYLFLR$(
3XHVWDHQPDUFKD
)XQFLµQGHSXHVWDHQPDUFKD
&RQILJXUDFLµQGHOWLHPSRGHUHGRQGHRGHDFHOHUDFLµQ\GHFHOHUDFLµQ
6HUHFRPLHQGDQWLHPSRVGHUHGRQGHRSXHVWRTXHHYLWDQXQDUHVSXHVWDDEUXSWD\VHHYLWDQ
GHHVWHPRGRHIHFWRVDGYHUVRVHQODPHF£QLFD
1RVHUHFRPLHQGDQWLHPSRVGHUHGRQGHRFXDQGRVHXWLOL]DQHQWUDGDVDQDOµJLFDVSXHVWR
TXHSXHGHQGDUFRPRUHVXOWDGRRVFLODFLRQHVHQODUHVSXHVWDGHOFRQYHUWLGRU
I
I
I
3
3
3
W XS
W XS
3
W GRZQ
W
I I
33 ຘ 3
3
W GRZQ
I I
33 ຘ 3
3
&RQILJXUDFLµQGHSDU£PHWURV
3DU£PHWUR
)XQFLµQ
&RQILJXUDFLµQ
3>@
7LHPSRUHGRQGHRLQLFLDOGH
DFHOHUDFLµQ>V@
(VWHSDU£PHWURGHILQHHOWLHPSRGHUHGRQGHRDOLQLFLRGHOD
DFHOHUDFLµQ
5DQJR'HDDMXVWHSUHGHWHUPLQDGRGHI£EULFD
3>@
7LHPSRUHGRQGHRILQDOGH
DFHOHUDFLµQ>V@
(VWHSDU£PHWURGHILQHHOWLHPSRGHUHGRQGHRDOILQDOGHOD
DFHOHUDFLµQ
5DQJR'HDDMXVWHSUHGHWHUPLQDGRGHI£EULFD
3>@
7LHPSRUHGRQGHRLQLFLDOGH
GHFHOHUDFLµQ>V@
(VWHSDU£PHWURGHILQHHOWLHPSRGHUHGRQGHRDOLQLFLRGHOD
GHFHOHUDFLµQ
5DQJR'HDDMXVWHSUHGHWHUPLQDGRGHI£EULFD
3>@
7LHPSRUHGRQGHRILQDOGH
GHFHOHUDFLµQ>V@
(VWHSDU£PHWURGHILQHHOWLHPSRGHUHGRQGHRDOILQDOGHOD
GHFHOHUDFLµQ
5DQJR'HDDMXVWHSUHGHWHUPLQDGRGHI£EULFD
&RQYHUWLGRU6,1$0,&69
,QVWUXFFLRQHVGHVHUYLFLR$(
3XHVWDHQPDUFKD
)XQFLµQGHSXHVWDHQPDUFKD
&RQILJXUDFLµQGHOUHJXODGRU,P£[
)XQFLRQHV
6LHOWLHPSRGHDFHOHUDFLµQHVGHPDVLDGRFRUWRHOFRQYHUWLGRUSXHGHPRVWUDUODDODUPD
$ORTXHVLJQLILFDTXHODFRUULHQWHGHVDOLGDHVGHPDVLDGRDOWD(OUHJXODGRU,P£[UHGXFH
ODFRUULHQWHGHOFRQYHUWLGRUVLODFRUULHQWHGHVDOLGDVXSHUDHOO¯PLWHP£[LPRGHFRUULHQWHGH
VDOLGDU3DUDHOORVHUHGXFHODIUHFXHQFLDGHVDOLGDRODWHQVLµQGHVDOLGDGHO
FRQYHUWLGRU
&RUULHQWHGHOPRWRU
U
W
5HJXODGRU,P£[DFWLYR
$
1
%LWGH
U 0
W
f
W
I
,P£[GHVKDELOLWDGR
,P£[KDELOLWDGR
&RUULHQWHGH
VDOLGD
&RUULHQWHQRPLQDO
W
)
6REUHFRUULHQWH
,P£[KDELOLWDGR
$
/¯PLWHGH
FRUULHQWH
,P£[GHVKDELOL
WDGR
W
&RQYHUWLGRU6,1$0,&69
,QVWUXFFLRQHVGHVHUYLFLR$(
3XHVWDHQPDUFKD
)XQFLµQGHSXHVWDHQPDUFKD
&RQILJXUDFLµQGHSDU£PHWURV
7DQVRORWLHQHTXHFDPELDUORVDMXVWHVSUHGHWHUPLQDGRVGHI£EULFDGHOUHJXODGRU,P£[VLHO
FRQYHUWLGRUWLHQGHDRVFLODUFXDQGRDOFDQ]DHOO¯PLWHGHFRUULHQWHRVHDSDJDGHELGRD
VREUHFRUULHQWH
3DU£PHWUR
)XQFLµQ
&RQILJXUDFLµQ
3>@
&RUULHQWHQRPLQDOGHOPRWRU>$@
(VWHSDU£PHWURGHILQHODFRUULHQWHQRPLQDOGHOPRWRUDSDUWLU
GHODSODFDGHFDUDFWHU¯VWLFDV
3>@
)DFWRUGHVREUHFDUJDGHOPRWRU>@
(VWHSDU£PHWURGHILQHHOO¯PLWHGHFRUULHQWHGHVREUHFDUJDGHO
PRWRUHQUHODFLµQFRQ3FRUULHQWHQRPLQDOGHOPRWRU
3>@
*DQDQFLDSURSRUFLRQDOGHOUHJXODGRU
,P£[
(VWHSDU£PHWURGHILQHODJDQDQFLDSURSRUFLRQDOGHOUHJXODGRU
,P£[
5DQJR'HDDMXVWHSUHGHWHUPLQDGRGHI£EULFD
3>@
7LHPSRGHLQWHJUDFLµQGHOUHJXODGRU
,P£[>V@
(VWHSDU£PHWURGHILQHODFRQVWDQWHGHOWLHPSRGHLQWHJUDFLµQ
GHOUHJXODGRU,P£[6LVHHVWDEOHFH3HQVHGHVKDELOLWD
HOUHJXODGRU,P£[
5DQJR'HDDMXVWHSUHGHWHUPLQDGRGHI£EULFD
3>@
*DQDQFLDSURSRUFLRQDOGHOUHJXODGRU
GHWHQVLµQ,P£[
(VWHSDU£PHWURHVWDEOHFHODJDQDQFLDSURSRUFLRQDOGHO
UHJXODGRUGHWHQVLµQ,P£[6LODFRUULHQWHGHVDOLGDU
VXSHUDODFRUULHQWHP£[LPDUHOFRQYHUWLGRUVHUHJXOD
GLQ£PLFDPHQWHPHGLDQWHODUHGXFFLµQGHODWHQVLµQGHVDOLGD
5DQJR'HDDMXVWHSUHGHWHUPLQDGRGHI£EULFD
3>@
7LHPSRLQWHJUDOGHOUHJXODGRUGH
WHQVLµQ,P£[>V@
(VWHSDU£PHWURGHILQHODFRQVWDQWHGHOWLHPSRGHLQWHJUDFLµQ
GHOUHJXODGRUGHWHQVLµQ,P£[
5DQJR'HDDMXVWHSUHGHWHUPLQDGRGHI£EULFD
U
(VWDGRGHODUHJXODFLµQGHOPRWRU5HJXODGRU,P£[DFWLYR
&RQYHUWLGRU6,1$0,&69
,QVWUXFFLRQHVGHVHUYLFLR$(
3XHVWDHQPDUFKD
)XQFLµQGHSXHVWDHQPDUFKD
&RQILJXUDFLµQGHOUHJXODGRU9GF
)XQFLRQHV
6LHOWLHPSRGHGHFHOHUDFLµQHVGHPDVLDGRFRUWRHOFRQYHUWLGRUSXHGHPRVWUDUODDODUPD
$ORTXHVLJQLILFDTXHODWHQVLµQGHODLQWHUFRQH[LµQGH'&HVGHPDVLDGRDOWD(O
UHJXODGRU9GFFRQWURODGLQ£PLFDPHQWHODWHQVLµQGHODLQWHUFRQH[LµQGH'&SDUDHYLWDU
GLVSDURVSRUVREUHWHQVLµQHQVLVWHPDVFRQJUDQPRPHQWRGHLQHUFLD
9'&
U
W
5HJXODGRU9GFBP£[DFWLYR
$
%LWGH
U W
I
IBDFW
IBVHW
W
I
9GFBP£[GHVKDELOLWDGR
9GFBP£[KDELOLWDGR
W
7HQVLµQ
LQWHUFRQH[LµQ
GH'&
99
)
6REUHWHQVLµQ
9GFBP£[
KDELOLWDGR
U
$
5HJXODGRU
9GFBP£[DFWLYR
U 9PDLQV
9GFBP£[
GHVKDELOLWDGR
3
W
&RQYHUWLGRU6,1$0,&69
,QVWUXFFLRQHVGHVHUYLFLR$(
3XHVWDHQPDUFKD
)XQFLµQGHSXHVWDHQPDUFKD
&RQILJXUDFLµQGHSDU£PHWURV
3DU£PHWUR
)XQFLµQ
&RQILJXUDFLµQ
3>@
&RQILJXUDFLµQGHOUHJXODGRU9GF
(VWHSDU£PHWURKDELOLWDGHVKDELOLWDHOUHJXODGRU9GF
5HJXODGRU9GFGHVKDELOLWDGR
5HJXODGRU9GFBP£[KDELOLWDGRDMXVWHSUHGHWHUPLQDGRGH
I£EULFD
5HVSDOGRFLQ«WLFRUHJXODGRU9GFBP¯QKDELOLWDGR
5HJXODGRU9GFBP£[\UHVSDOGRFLQ«WLFR.,3KDELOLWDGRV
1RWD(VWHSDU£PHWURGHEHHVWDUHVWDEOHFLGRHQUHJXODGRU
9GFGHVKDELOLWDGRVLVHXWLOL]DXQDUHVLVWHQFLDGHIUHQDGR
3
7HQVLµQGHDOLPHQWDFLµQ>9@
(VWHSDU£PHWURGHILQHODWHQVLµQGHDOLPHQWDFLµQ6XYDORU
SUHGHWHUPLQDGRGHSHQGHGHOWLSRGHFRQYHUWLGRU
5DQJR'HD
&RQILJXUDFLµQGHODIXQFLµQGHYLJLODQFLDGHOSDUGHFDUJD
)XQFLRQHV
/DIXQFLµQGHYLJLODQFLDGHOSDUGHFDUJDSHUPLWHODWUDQVPLVLµQGHIXHU]DPHF£QLFDHQWUHHO
PRWRU\ODFDUJDDFFLRQDGDTXHGHEHYLJLODUVH(VWDIXQFLµQSXHGHGHWHFWDUVLODFDUJD
DFFLRQDGDVHEORTXHDRVLVHKDLQWHUUXPSLGRODWUDQVPLVLµQGHIXHU]D
(OFRQYHUWLGRUYLJLODHOSDUGHFDUJDGHOPRWRUGHGLIHUHQWHVPDQHUDV
Ⴠ 'HWHFFLµQGHEORTXHRGHOPRWRU
Ⴠ 9LJLODQFLDGHDXVHQFLDGHFDUJD
Ⴠ 9LJLODQFLDGHOSDUGHFDUJDGHSHQGLHQWHGHODYHORFLGDG
&RQILJXUDFLµQGHSDU£PHWURV
3DU£PHWUR
)XQFLµQ
&RQILJXUDFLµQ
3>@
7LHPSRGHUHWDUGRSDUDPRWRU
EORTXHDGR>PV@
'HILQHHOWLHPSRGHUHWDUGRSDUDLGHQWLILFDUTXHHOPRWRUHVW£
EORTXHDGR
5DQJR'HDDMXVWHSUHGHWHUPLQDGRGHI£EULFD
3
/¯PLWHGHFRUULHQWHSDUDGHWHFWDU
PDUFKDVLQFDUJD>@
(VWHSDU£PHWURGHILQHHOXPEUDOGHFRUULHQWHSDUD$
FRQYHUWLGRUVLQFDUJDHQUHODFLµQFRQ3FRUULHQWH
QRPLQDOGHOPRWRU
3
7LHPSRGHUHWDUGRSDUDOD
LGHQWLILFDFLµQGHDXVHQFLDGHFDUJD
>PV@
'HILQHHOWLHPSRGHUHWDUGRSDUDGHWHFWDUODDXVHQFLDGH
FDUJD
5DQJR'HDDMXVWHSUHGHWHUPLQDGRGHI£EULFD
5DQJR'HDDMXVWHSUHGHWHUPLQDGRGHI£EULFD
&RQYHUWLGRU6,1$0,&69
,QVWUXFFLRQHVGHVHUYLFLR$(
3XHVWDHQPDUFKD
)XQFLµQGHSXHVWDHQPDUFKD
3DU£PHWUR
)XQFLµQ
&RQILJXUDFLµQ
3>@
0RGRGHYLJLODQFLDGHFDUJD
/DYLJLODQFLDGHFDUJDVHORJUDFRPSDUDQGRODFXUYDGH
IUHFXHQFLDSDUUHDOFRQXQDFXUYDHQYROYHQWHSURJUDPDGD
GHILQLGDSRUORVSDU£PHWURVGH3D36LODFXUYD
TXHGDIXHUDGHODFXUYDHQYROYHQWHVHJHQHUDXQDYLVRRXQ
GLVSDUR
9LJLODQFLDGHFDUJDGHVKDELOLWDGDDMXVWHSUHGHWHUPLQDGR
GHI£EULFD
$YLVR3DUIUHFXHQFLDEDMR
$YLVR3DUIUHFXHQFLDDOWR
$YLVR3DUIUHFXHQFLDDOWREDMR
'LVSDUR3DUIUHFXHQFLDEDMR
'LVSDUR3DUIUHFXHQFLDDOWR
'LVSDUR3DUIUHFXHQFLDDOWREDMR
3>@
)UHFXHQFLDGHXPEUDOGHYLJLODQFLD
GHFDUJD>+]@
5DQJR'HDDMXVWHSUHGHWHUPLQDGRGHI£EULFD
3>@
)UHFXHQFLDGHXPEUDOGHYLJLODQFLD
GHFDUJD>+]@
5DQJR'HDDMXVWHSUHGHWHUPLQDGRGHI£EULFD
3>@
)UHFXHQFLDGHXPEUDOGHYLJLODQFLD
GHFDUJD>+]@
5DQJR'HDDMXVWHSUHGHWHUPLQDGRGHI£EULFD
3>@
8PEUDOGHSDUVXSHULRU>1P@
5DQJR'HDDMXVWHSUHGHWHUPLQDGRGHI£EULFD
YDORUGHU
3>@
8PEUDOGHSDULQIHULRU>1P@
5DQJR'HDDMXVWHSUHGHWHUPLQDGRGHI£EULFD
3>@
8PEUDOGHSDUVXSHULRU>1P@
5DQJR'HDDMXVWHSUHGHWHUPLQDGRGHI£EULFD
YDORUGHU
3>@
8PEUDOGHSDULQIHULRU>1P@
5DQJR'HDDMXVWHSUHGHWHUPLQDGRGHI£EULFD
3>@
8PEUDOGHSDUVXSHULRU>1P@
5DQJR'HDDMXVWHSUHGHWHUPLQDGRGHI£EULFD
YDORUGHU
3>@
8PEUDOGHSDULQIHULRU>1P@
5DQJR'HDDMXVWHSUHGHWHUPLQDGRGHI£EULFD
3>@
7LHPSRGHUHWDUGRGHYLJLODQFLDGH
FDUJD>V@
5DQJR'HDDMXVWHSUHGHWHUPLQDGRGHI£EULFD
&RQYHUWLGRU6,1$0,&69
,QVWUXFFLRQHVGHVHUYLFLR$(
3XHVWDHQPDUFKD
)XQFLµQGHSXHVWDHQPDUFKD
)XQFLRQHVDYDQ]DGDVGHSXHVWDHQPDUFKD
$UUDQTXHGHOPRWRUHQPRGRGHSDUVXSHULRU
)XQFLRQHV
(VWHPRGRGHDUUDQTXHDSOLFDXQSXOVRGHSDUGXUDQWHXQFLHUWRWLHPSRSDUDD\XGDUD
DUUDQFDUHOPRWRU
&DPSRGHDSOLFDFLµQW¯SLFR
%RPEDVGHIOXLGRVYLVFRVRV
&RQILJXUDFLµQGHSDU£PHWURV
3DU£PHWUR
)XQFLµQ
3>@
0RGRVGHSDUVXSHULRU
&RQILJXUDFLµQ
+DELOLWDUPRGRGHSDUVXSHULRU
1RWD&XDQGRFDPELDHOYDORUGH3VHFDPELDHOYDORUGH
3FRPRVLJXH
3 3 V
3ำ3 YDORUSUHGHWHUPLQDGR
(OWLHPSRGHUDPSDGHVRIUHFHXQHIHFWRGHVDFXGLGDDGLFLRQDO
FXDQGRVHXWLOL]DHODUUDQTXHSXOVDGR
3>@
%,+DELOLWDFLµQGHSDUVXSHULRU
(VWHSDU£PHWURGHILQHODIXHQWHGHODKDELOLWDFLµQGHOSDUVXSHULRU
(ODMXVWHHVHIHFWLYRFXDQGR3 $MXVWHVSUHGHWHUPLQDGRVGHI£EULFDQXQFDKDELOLWDGR
3>@
0RGRGHDUUDQTXHFRQSDUVXSHULRU
(VWHSDU£PHWURGHILQHFX£QGRODIXQFLµQGHSDUVXSHULRUSDVDD
HVWDUDFWLYD
+DELOLWDGDHQODSULPHUDHMHFXFLµQGHVSX«VGHOHQFHQGLGR
+DELOLWDGDHQFDGDHMHFXFLµQ
+DELOLWDGDSRUHQWUDGDGLJLWDOODIXHQWHGHODKDELOLWDFLµQOD
GHILQH3 QXQFDKDELOLWDGD KDELOLWDGDHQFDGD
HMHFXFLµQ
3>@
7LHPSRGHUDPSDGHOSDUVXSHULRU
>V@
(VWHSDU£PHWURGHILQHHOWLHPSRGHUDPSDTXHGHEHXWLOL]DUVH
FXDQGRVHDFHOHUDDODIUHFXHQFLDGHSDUVXSHULRU
5DQJR'HDDMXVWHSUHGHWHUPLQDGRGHI£EULFD
3>@
)UHFXHQFLDGHSDUVXSHULRU>+]@
(VWHSDU£PHWURGHILQHODIUHFXHQFLDDODTXHVHDSOLFDODHOHYDFLµQ
DGLFLRQDOSDUDHOPRGRGHSDUVXSHULRU
5DQJR'HDDMXVWHSUHGHWHUPLQDGRGHI£EULFD
3>@
1LYHOGHHOHYDFLµQGHSDUVXSHULRU
>@
(VWHSDU£PHWURHVWDEOHFHHOQLYHOGHHOHYDFLµQWHPSRUDOSDUDHO
PRGRGHSDUVXSHULRU
$SOLFDODHOHYDFLµQHQSRUFHQWDMHHQUHODFLµQFRQ3FRUULHQWH
QRPLQDOGHOPRWRUXQDYH]TXHVHKDDOFDQ]DGRODIUHFXHQFLDGH
SDUVXSHULRUGXUDQWHHOWLHPSRHVSHFLILFDGRHQ3
5DQJR'HDDMXVWHSUHGHWHUPLQDGRGHI£EULFD
&RQYHUWLGRU6,1$0,&69
,QVWUXFFLRQHVGHVHUYLFLR$(
3XHVWDHQPDUFKD
)XQFLµQGHSXHVWDHQPDUFKD
3DU£PHWUR
)XQFLµQ
3>@
7LHPSRGHHOHYDFLµQGHSDUVXSHULRU (VWHSDU£PHWURHVWDEOHFHHOWLHPSRGXUDQWHHOTXHVHDSOLFDOD
>V@
HOHYDFLµQDGLFLRQDOFXDQGRVHPDQWLHQHODIUHFXHQFLDGHVDOLGDGH
3
&RQILJXUDFLµQ
5DQJR'HDDMXVWHSUHGHWHUPLQDGRGHI£EULFD
(VTXHPDGHIXQFLRQDPLHQWR
'HVFULSFLµQ
(OPRGRGHSDUVXSHULRUVHKDELOLWDFXDQGRVHHPLWHXQDVH³DOGHPDQGR21\VHUHDOL]DOD
VHFXHQFLDVLJXLHQWH
Ⴠ $FHOHUDFLµQKDVWD3+]FRQHOQLYHOGHHOHYDFLµQHVSHFLILFDGRSRU33\
3
Ⴠ 0DQWHQLPLHQWRGXUDQWH3VDOQLYHOGHHOHYDFLµQHVSHFLILFDGRSRU3
Ⴠ 5HVWDEOHFLPLHQWRGHOQLYHOGHDXPHQWRDOYDORUHVSHFLILFDGRSRU33\3
Ⴠ 5HVWDEOHFLPLHQWRGHODFRQVLJQDQRUPDO\SHUPLVRSDUDVDOLGDDUDPSDPHGLDQWH
3
(OHYDFLµQ
3
WLHPSR
)UHFXHQFLDGHVDOLGD
+]
3
3
WLHPSR
7LHPSRGHUDPSDGHSDUVXSHULRU
3
7LHPSRGHDFHOHUDFLµQ
3
&RQYHUWLGRU6,1$0,&69
,QVWUXFFLRQHVGHVHUYLFLR$(
3XHVWDHQPDUFKD
)XQFLµQGHSXHVWDHQPDUFKD
$UUDQTXHGHOPRWRUHQPRGRGHDUUDQTXHSXOVDGR
)XQFLRQHV
(VWHPRGRGHDUUDQTXHDSOLFDXQDVHFXHQFLDGHSXOVRVGHSDUSDUDDUUDQFDUHOPRWRU
&DPSRGHDSOLFDFLµQW¯SLFR
%RPEDVGHIOXLGRVPX\YLVFRVRV
&RQILJXUDFLµQGHSDU£PHWURV
3DU£PHWUR
)XQFLµQ
3>@
0RGRVGHSDUVXSHULRU
&RQILJXUDFLµQ
+DELOLWDUPRGRGHDUUDQTXHSXOVDGR
1RWD&XDQGRFDPELDHOYDORUGH3VHFDPELDHOYDORUGH
3FRPRVLJXH
3 3 V
3ำ3 YDORUSUHGHWHUPLQDGR
(OWLHPSRGHUDPSDGHVRIUHFHXQHIHFWRGHVDFXGLGD
DGLFLRQDOFXDQGRVHXWLOL]DHODUUDQTXHSXOVDGR
3>@
%,+DELOLWDFLµQGHSDUVXSHULRU
(VWHSDU£PHWURGHILQHODIXHQWHGHODKDELOLWDFLµQGHOSDU
VXSHULRU(ODMXVWHHVHIHFWLYRFXDQGR3 $MXVWHVSUHGHWHUPLQDGRVGHI£EULFDQXQFDKDELOLWDGR
3>@
0RGRGHDUUDQTXHFRQSDUVXSHULRU
(VWHSDU£PHWURGHILQHFX£QGRODIXQFLµQGHSDUVXSHULRUSDVDD
HVWDUDFWLYD
+DELOLWDGDHQODSULPHUDHMHFXFLµQGHVSX«VGHOHQFHQGLGR
+DELOLWDGDHQFDGDHMHFXFLµQ
+DELOLWDGDSRUHQWUDGDGLJLWDOODIXHQWHGHODKDELOLWDFLµQOD
GHILQH3 QXQFDKDELOLWDGD KDELOLWDGDHQFDGD
HMHFXFLµQ
3>@
7LHPSRGHUDPSDGHOSDUVXSHULRU
>V@
(VWHSDU£PHWURGHILQHHOWLHPSRGHUDPSDTXHGHEHXWLOL]DUVH
FXDQGRVHDFHOHUDDODIUHFXHQFLDGHSDUVXSHULRU
5DQJR'HDDMXVWHSUHGHWHUPLQDGRGHI£EULFD
3>@
)UHFXHQFLDGHSDUVXSHULRU>+]@
(VWHSDU£PHWURGHILQHODIUHFXHQFLDDODTXHVHDSOLFDOD
HOHYDFLµQDGLFLRQDOSDUDHOPRGRGHSDUVXSHULRU
5DQJR'HDDMXVWHSUHGHWHUPLQDGRGHI£EULFD
3>@
1LYHOGHHOHYDFLµQGHDUUDQTXH
SXOVDGR>@
(VWHSDU£PHWURHVWDEOHFHHOQLYHOGHHOHYDFLµQWHPSRUDOSDUDHO
PRGRGHDUUDQTXHSXOVDGR
$SOLFDODHOHYDFLµQHQSRUFHQWDMHHQUHODFLµQFRQ3
FRUULHQWHQRPLQDOGHOPRWRUXQDYH]TXHVHKDDOFDQ]DGROD
IUHFXHQFLDGHSDUVXSHULRUGXUDQWHHOWLHPSRHVSHFLILFDGRHQ
3
5DQJR'HDDMXVWHSUHGHWHUPLQDGRGHI£EULFD
3>@
1¼PHURGHFLFORVGHSXOVDFLµQ
(VWHSDU£PHWURGHILQHHOQ¼PHURGHYHFHVTXHVHDSOLFDHOQLYHO
GHHOHYDFLµQSDUDHODUUDQTXHSXOVDGR
5DQJR'HDDMXVWHSUHGHWHUPLQDGRGHI£EULFD
&RQYHUWLGRU6,1$0,&69
,QVWUXFFLRQHVGHVHUYLFLR$(
3XHVWDHQPDUFKD
)XQFLµQGHSXHVWDHQPDUFKD
3DU£PHWUR
)XQFLµQ
&RQILJXUDFLµQ
3>@
7LHPSRGHDSOLFDFLµQGHOD
SXOVDFLµQ>PV@
(VWHSDU£PHWURHVWDEOHFHHOWLHPSRGXUDQWHHOTXHVHDSOLFDOD
HOHYDFLµQDGLFLRQDOSDUDFDGDUHSHWLFLµQGHEHVHUGHDOPHQRV
YHFHVHOWLHPSRGHPDJQHWL]DFLµQGHOPRWRU
5DQJR'HDDMXVWHSUHGHWHUPLQDGRGHI£EULFD
3>@
7LHPSRGHLQWHUUXSFLµQGHOD
SXOVDFLµQ>PV@
(VWHSDU£PHWURHVWDEOHFHHOWLHPSRGXUDQWHHOTXHVH
LQWHUUXPSHODHOHYDFLµQDGLFLRQDOSDUDFDGDUHSHWLFLµQGHEHVHU
GHDOPHQRVYHFHVHOWLHPSRGHPDJQHWL]DFLµQGHOPRWRU
5DQJR'HDDMXVWHSUHGHWHUPLQDGRGHI£EULFD
(VTXHPDGHIXQFLRQDPLHQWR
'HVFULSFLµQ
(OPRGRGHDUUDQTXHSXOVDGRVHKDELOLWDFXDQGRVHHPLWHXQDVH³DOGHPDQGR21\VH
UHDOL]DODVHFXHQFLDVLJXLHQWH
Ⴠ $FHOHUDFLµQKDVWD3+]FRQHOQLYHOGHHOHYDFLµQHVSHFLILFDGRSRU33\
3
Ⴠ 5HVWDEOHFLPLHQWRGHOQLYHOGHDXPHQWRDOYDORUHVSHFLILFDGRSRU33\3
Ⴠ 5HVWDEOHFLPLHQWRGHODFRQVLJQDQRUPDO\SHUPLVRSDUDVDOLGDDUDPSDPHGLDQWH
3
(OHYDFLµQ
3
3
3
WLHPSR
)UHFXHQFLDGHVDOLGD
+]
1|GHFLFORVGHSXOVDFLµQ
3
3
WLHPSR
7LHPSRGHUDPSDGHSDUVXSHULRU
7LHPSRGHDFHOHUDFLµQ
3
3
&RQYHUWLGRU6,1$0,&69
,QVWUXFFLRQHVGHVHUYLFLR$(
3XHVWDHQPDUFKD
)XQFLµQGHSXHVWDHQPDUFKD
$UUDQTXHGHOPRWRUHQPRGRGHHOLPLQDFLµQGHREWXUDFLRQHV
)XQFLRQHV
(VWHPRGRGHDUUDQTXHLQYLHUWHPRPHQW£QHDPHQWHODURWDFLµQGHOPRWRUSDUDHOLPLQDUXQD
REWXUDFLµQGHODERPED
&DPSRGHDSOLFDFLµQW¯SLFR
/LPSLH]DGHERPEDV
&RQILJXUDFLµQGHSDU£PHWURV
3DU£PHWUR
)XQFLµQ
3>@
0RGRVGHSDUVXSHULRU
&RQILJXUDFLµQ
+DELOLWDUPRGRGHHOLPLQDFLµQGHREWXUDFLRQHV
1RWD&XDQGRFDPELDHOYDORUGH3VHFDPELDHOYDORUGH
3FRPRVLJXH
3 3 V
3ำ3 YDORUSUHGHWHUPLQDGR
(OWLHPSRGHUDPSDGHVRIUHFHXQHIHFWRGHVDFXGLGDDGLFLRQDO
FXDQGRVHXWLOL]DHODUUDQTXHSXOVDGR
6LHOPRGRGHHOLPLQDFLµQGHREWXUDFLRQHVHVW£KDELOLWDGR3 DVHJ¼UHVHGHTXHODGLUHFFLµQLQYHUVDQRHVW«LQKLELGDHVGHFLU
3 3 3>@
%,+DELOLWDFLµQGHSDUVXSHULRU
(VWHSDU£PHWURGHILQHODIXHQWHGHODKDELOLWDFLµQGHOSDUVXSHULRU
(ODMXVWHHVHIHFWLYRFXDQGR3 3>@
0RGRGHDUUDQTXHFRQSDUVXSHULRU
(VWHSDU£PHWURGHILQHFX£QGRODIXQFLµQGHSDUVXSHULRUSDVDD
HVWDUDFWLYD
$MXVWHVSUHGHWHUPLQDGRVGHI£EULFDQXQFDKDELOLWDGR
+DELOLWDGDHQODSULPHUDHMHFXFLµQGHVSX«VGHOHQFHQGLGR
+DELOLWDGDHQFDGDHMHFXFLµQ
+DELOLWDGDSRUHQWUDGDGLJLWDOODIXHQWHGHODKDELOLWDFLµQOD
GHILQH3 QXQFDKDELOLWDGD KDELOLWDGDHQFDGD
HMHFXFLµQ
3>@
7LHPSRGHUDPSDGHOSDUVXSHULRU
>V@
(VWHSDU£PHWURGHILQHHOWLHPSRGHUDPSDTXHGHEHXWLOL]DUVH
FXDQGRVHDFHOHUDDODIUHFXHQFLDGHSDUVXSHULRU
5DQJR'HDDMXVWHSUHGHWHUPLQDGRGHI£EULFD
3>@
)UHFXHQFLDGHHOLPLQDFLµQGH
REWXUDFLRQHV>+]@
(VWHSDU£PHWURGHILQHODIUHFXHQFLDDODTXHHOFRQYHUWLGRUIXQFLRQD
HQGLUHFFLµQLQYHUVDDODFRQVLJQDGXUDQWHODVHFXHQFLDGH
LQYHUVLµQSDUDODHOLPLQDFLµQGHREWXUDFLRQHV
3>@
7LHPSRGHLQYHUVLµQSDUDOD
HOLPLQDFLµQGHREWXUDFLRQHV>V@
(VWHSDU£PHWURGHILQHHOWLHPSRGXUDQWHHOTXHHOFRQYHUWLGRU
IXQFLRQDHQGLUHFFLµQLQYHUVDDODFRQVLJQDGXUDQWHODVHFXHQFLDGH
LQYHUVLµQ
5DQJR'HDDMXVWHSUHGHWHUPLQDGRGHI£EULFD
5DQJR'HDDMXVWHSUHGHWHUPLQDGRGHI£EULFD
&RQYHUWLGRU6,1$0,&69
,QVWUXFFLRQHVGHVHUYLFLR$(
3XHVWDHQPDUFKD
)XQFLµQGHSXHVWDHQPDUFKD
3DU£PHWUR
3>@
)XQFLµQ
+DELOLWDUDFHOHUDFLµQGHFHOHUDFLµQ
U£SLGD
&RQILJXUDFLµQ
(VWHSDU£PHWURVHOHFFLRQDVLHOFRQYHUWLGRUDFHOHUDGHFHOHUDKDVWD
ODIUHFXHQFLDGHHOLPLQDFLµQGHREWXUDFLRQHVRELHQDUUDQFD
GLUHFWDPHQWHFRQHOOD
'HVKDELOLWDUDFHOHUDFLµQGHFHOHUDFLµQU£SLGDSDUDOD
HOLPLQDFLµQGHREWXUDFLRQHVXWLOLFHHOWLHPSRGHUDPSD
HVSHFLILFDGRHQ3
+DELOLWDUDFHOHUDFLµQGHFHOHUDFLµQU£SLGDSDUDODHOLPLQDFLµQGH
REWXUDFLRQHVVDOWDUDIUHFXHQFLDLQYHUVDHVWRSURYRFDXQHIHFWR
GHVDFXGLGDTXHD\XGDDHOLPLQDUODVREWXUDFLRQHV
5DQJR'HDDMXVWHSUHGHWHUPLQDGRGHI£EULFD
3>@
1¼PHURGHFLFORVGHHOLPLQDFLµQGH
REWXUDFLRQHV
(VWHSDU£PHWURHVWDEOHFHHOQ¼PHURGHYHFHVTXHVHUHSLWHHOFLFOR
GHLQYHUVLµQSDUDODHOLPLQDFLµQGHREWXUDFLRQHV
5DQJR'HDDMXVWHSUHGHWHUPLQDGRGHI£EULFD
(VTXHPDGHIXQFLRQDPLHQWR
'HVFULSFLµQ
(OPRGRGHHOLPLQDFLµQGHREWXUDFLRQHVVHKDELOLWDFXDQGRVHHPLWHXQDVH³DOGHPDQGR
21\VHUHDOL]DODVHFXHQFLDVLJXLHQWH
Ⴠ 5DPSDRHVFDOµQHQIXQFLµQGH3D3+]HQGLUHFFLµQLQYHUVDDODFRQVLJQD
Ⴠ 3DUDUHSHWLFLRQHVGH3
ದ 'HFHOHUDFLµQD+]XWLOL]DQGRHOWLHPSRGHUDPSDQRUPDOHVSHFLILFDGRHQ3
ದ 5DPSDRHVFDOµQHQIXQFLµQGH3D3+]HQGLUHFFLµQLQYHUVDDOD
FRQVLJQD
Ⴠ 5HVWDEOHFLPLHQWRGHODFRQVLJQDQRUPDO\SHUPLVRSDUDVDOLGDDUDPSDPHGLDQWH
3
)UHFXHQFLDGHVDOLGD+]
1|GHFLFORVGHHOLPLQDFLµQGHREWXUDFLRQHV
3HM3 &RQVL
JQD
7LHPSRGHLQYHUVLµQSDUD
HOLPLQDFLµQREWXUDFLRQHV
3
3
W
3
3
7LHPSRGHDFHOHUDFLµQ
3
7LHPSRGHUDPSDGHSDUVXSHULRUVROR
DFWLYRFRQUDPSDU£SLGD3
GHVKDELOLWDGD
&RQVL
JQD
21
2))
&RQVLJQDSRVLWLYD
&RQVLJQDQHJDWLYD
&RQYHUWLGRU6,1$0,&69
,QVWUXFFLRQHVGHVHUYLFLR$(
3XHVWDHQPDUFKD
)XQFLµQGHSXHVWDHQPDUFKD
)XQFLRQDPLHQWRGHOFRQYHUWLGRUHQPRGRHFRQRPL]DGRU
)XQFLRQHV
(OPRGRHFRQRPL]DGRUIXQFLRQDDXPHQWDQGRRUHGXFLHQGROLJHUDPHQWHODWHQVLµQGHVDOLGD
SDUDHQFRQWUDUODSRWHQFLDGHHQWUDGDP¯QLPD
1RWD
/DRSWLPL]DFLµQGHOPRGRHFRQRPL]DGRUVRORHVW£DFWLYDFXDQGRVHRSHUDHQODFRQVLJQDGH
IUHFXHQFLDVROLFLWDGD(ODOJRULWPRGHRSWLPL]DFLµQVHDFWLYDVHJXQGRVGHVSX«VGH
DOFDQ]DUODFRQVLJQD\VHGHVKDELOLWDVLFDPELDODFRQVLJQDRHOUHJXODGRU,P£[R9P£[HVW£
DFWLYR
$SOLFDFLRQHVW¯SLFDV
0RWRUHVFRQFDUJDVHVWDEOHVRFRQFDPELRVOHQWRV
&RQILJXUDFLµQGHSDU£PHWURV
3DU£PHWUR
)XQFLµQ
3>@
0RGRGHUHJXODFLµQ
&RQILJXUDFLµQ
0RGRHFRQRPL]DGRU8IFRQFDUDFWHU¯VWLFDOLQHDO
0RGRHFRQRPL]DGRU8IFRQFDUDFWHU¯VWLFDFXDGU£WLFD
U
)DFWRUGHPRGRHFRQRPL]DGRU>@
(VWHSDU£PHWURPXHVWUDHOIDFWRUFDOFXODGRGHOPRGR
HFRQRPL]DGRUUDQJRGHDTXHVHDSOLFDDOD
WHQVLµQGHVDOLGDUHTXHULGD
6LHVWHYDORUHVGHPDVLDGREDMRHOVLVWHPDSXHGHVHU
LQHVWDEOH
(VTXHPDGHIXQFLRQDPLHQWR
9
9
)DFWRU
(&2
)DFWRU
(&2
I
(&2OLQHDO
I
(&2FXDGU£WLFR
&RQYHUWLGRU6,1$0,&69
,QVWUXFFLRQHVGHVHUYLFLR$(
3XHVWDHQPDUFKD
)XQFLµQGHSXHVWDHQPDUFKD
&RQILJXUDFLµQGHODSURWHFFLµQFRQWUDVREUHWHPSHUDWXUDGHOPRWRUFRQIRUPHD8/&
)XQFLRQHV
(VWDIXQFLµQSURWHJHHOPRWRUGHODVREUHWHPSHUDWXUD'HILQHODUHDFFLµQGHOFRQYHUWLGRU
FXDQGRODWHPSHUDWXUDGHOPRWRUDOFDQ]DHOXPEUDOGHDYLVR(OFRQYHUWLGRUSXHGHUHFRUGDU
ODWHPSHUDWXUDDFWXDOGHOPRWRUDODSDJDUVH\UHDFFLRQDUHQHOVLJXLHQWHHQFHQGLGRHQ
IXQFLµQGHODMXVWHGH36LVHGHILQHXQYDORUGH3GLVWLQWRGHRSURYRFDU£HO
GLVSDURGHOFRQYHUWLGRU)VLODWHPSHUDWXUDGHOPRWRUHVW£XQSRUHQFLPDGHOXPEUDO
GHDYLVR3
1RWD
3DUDFXPSOLUODQRUPD8/&QRVHGHEHFDPELDUHOYDORUGHI£EULFDGHOSDU£PHWUR3
HVWDEOHFLGRHQ
&RQILJXUDFLµQGHSDU£PHWURV
3DU£PHWUR
)XQFLµQ
3>@
5HDFFLµQDODWHPSHUDWXUDGHOPRWRU (VWHSDU£PHWURGHILQHODUHDFFLµQTXHVHDGRSWDFXDQGROD
WHPSHUDWXUDGHOPRWRUDOFDQ]DHOXPEUDOGHDYLVR
,W
&RQILJXUDFLµQ
/RVYDORUHVGHDQRUHFXSHUDQODWHPSHUDWXUDGHOPRWRU
DOPDFHQDGDDODSDJDUVHHQHOPRPHQWRGHOHQFHQGLGR
6RORDYLVR
$YLVRFRQFRQWUROGH,P£[UHGXFFLµQGHODFRUULHQWHGHO
PRWRU\GLVSDUR)
$YLVR\GLVSDUR)
/RVYDORUHVGHDUHFXSHUDQODWHPSHUDWXUDGHOPRWRU
DOPDFHQDGDDODSDJDUVHHQHOPRPHQWRGHOHQFHQGLGR
6RORDYLVR
$YLVRFRQFRQWUROGH,P£[UHGXFFLµQGHODFRUULHQWHGHO
PRWRU\GLVSDUR)
$YLVR\GLVSDUR)
&RQYHUWLGRU6,1$0,&69
,QVWUXFFLRQHVGHVHUYLFLR$(
3XHVWDHQPDUFKD
)XQFLµQGHSXHVWDHQPDUFKD
&RQILJXUDFLµQGHORVEORTXHVIXQFLRQDOHVOLEUHV))%
)XQFLRQHV
3XHGHQHVWDEOHFHUVHLQWHUFRQH[LRQHVGHVH³DOHVDGLFLRQDOHVHQHOFRQYHUWLGRUPHGLDQWHORV
EORTXHVIXQFLRQDOHVOLEUHV))%&DGDVH³DOGLJLWDO\DQDOµJLFDGLVSRQLEOHPHGLDQWHOD
WHFQRORJ¯D%,&2SXHGHGLUHFFLRQDUVHDODVHQWUDGDVFRUUHVSRQGLHQWHVGHORVEORTXHV
IXQFLRQDOHVOLEUHV/DVVDOLGDVGHORVEORTXHVIXQFLRQDOHVOLEUHVWDPEL«QVHLQWHUFRQHFWDQ
FRQRWUDVIXQFLRQHVXWLOL]DQGRODWHFQRORJ¯D%,&2
(MHPSOR
%LW
U ', ', ', ',
',
', ',
U $1'
',
3
>@
>@
U
U
3
U
'2
&RQILJXUDFLµQGHSDU£PHWURV
3DU£PHWUR
)XQFLµQ
3
)XQFLµQGHODHQWUDGDGLJLWDO
+DELOLWDUSDUDPHWUL]DFLµQGH%,&2SDUDHQWUDGDGLJLWDO
3
)XQFLµQGHODHQWUDGDGLJLWDO
+DELOLWDUSDUDPHWUL]DFLµQGH%,&2SDUDHQWUDGDGLJLWDO
3
+DELOLWDU))%
3>@
$FWLYDU))%
+DELOLWDU$1'
3>@
%,$1'
3>@
3
&RQILJXUDFLµQ
+DELOLWDUKDELOLWDFLµQJHQHUDOSDUDWRGRVORVEORTXHV
IXQFLRQDOHVOLEUHV
%,)XQFLµQGHODVDOLGDGLJLWDO
3>@\3>@GHILQHQODVHQWUDGDVGHO
HOHPHQWR$1'\ODVDOLGDHVU
(VWHSDU£PHWURGHILQHODIXHQWHGHODVDOLGDGLJLWDO
U8WLOLFH$1'',',SDUDHO/('GHHQFHQGLGR
(QHOFDS¯WXOR/LVWDGHSDU£PHWURV3£JLQDHQFRQWUDU£P£VLQIRUPDFLµQVREUH))%\
DMXVWHVDGLFLRQDOHVGHORVGLIHUHQWHVSDU£PHWURV
&RQYHUWLGRU6,1$0,&69
,QVWUXFFLRQHVGHVHUYLFLR$(
3XHVWDHQPDUFKD
)XQFLµQGHSXHVWDHQPDUFKD
&RQILJXUDFLµQGHODIXQFLµQGHUHDUUDQTXHDOYXHOR
)XQFLRQHV
/DIXQFLµQGHUHDUUDQTXHDOYXHORKDELOLWDGDPHGLDQWH3SHUPLWHFRQPXWDUHO
FRQYHUWLGRUDXQPRWRUTXHWRGDY¯DJLUDFDPELDQGRU£SLGDPHQWHODIUHFXHQFLDGHVDOLGDGHO
FRQYHUWLGRUKDVWDHQFRQWUDUODYHORFLGDGUHDOGHOPRWRU$FRQWLQXDFLµQHOPRWRUDOFDQ]DHO
YDORUGHFRQVLJQDXWLOL]DQGRHOWLHPSRGHUDPSDQRUPDO
(OUHDUUDQTXHDOYXHORGHEHXWLOL]DUVHHQDTXHOORVFDVRVHQORVTXHHOPRWRUWRGDY¯DSXHGH
HVWDUJLUDQGRSRUHMHPSORGHVSX«VGHXQEUHYHFRUWHGHODDOLPHQWDFLµQRVHSXHGH
DFFLRQDUJUDFLDVDODFDUJD'HORFRQWUDULRVHSURGXFLU£QGLVSDURVSRUVREUHFRUULHQWH
I
IBE¼VTP£[
&RQVLJQDGHIUHFXHQFLD
3
3
3
3
7LHPSR
7LHPSRPDJQHWL
GHVPDJQHWL]DFL 5HDUUDQTXHDO
]DFLµQ
YXHOR
µQ
W
$FHOHUDFLµQ
&RQILJXUDFLµQGHSDU£PHWURV
3DU£PHWUR
)XQFLµQ
&RQILJXUDFLµQ
3
5HDUUDQTXHDOYXHOR
/RVDMXVWHVGHDEXVFDQHQDPEDVGLUHFFLRQHV
5HDUUDQTXHDOYXHORGHVKDELOLWDGR
5HDUUDQTXHDOYXHORVLHPSUHDFWLYR
5HDUUDQTXHDOYXHORDFWLYRWUDVHQFHQGLGRIDOOR2))
5HDUUDQTXHDOYXHORDFWLYRWUDVIDOOR2))
/RVDMXVWHVGHDVROREXVFDQHQODGLUHFFLµQGHFRQVLJQD
5HDUUDQTXHDOYXHORVLHPSUHDFWLYR
5HDUUDQTXHDOYXHORDFWLYRWUDVHQFHQGLGRIDOOR2))
5HDUUDQTXHDOYXHORDFWLYRWUDVIDOOR2))
3>@
&RUULHQWHGHOPRWRU5HDUUDQTXHDO
YXHOR>@
(VWHSDU£PHWURGHILQHODFRUULHQWHGHE¼VTXHGDXWLOL]DGDSDUD
HOUHDUUDQTXHDOYXHOR
5DQJR'HDDMXVWHSUHGHWHUPLQDGRGHI£EULFD
1RWD/RVDMXVWHVGHFRUULHQWHGHE¼VTXHGDGH3
LQIHULRUHVDO\DYHFHVRWURVDMXVWHVGH3\3
SXHGHQFDXVDUTXHVHHQFXHQWUHODYHORFLGDGGHOPRWRU
GHPDVLDGRSURQWRRGHPDVLDGRWDUGHORTXHSXHGHSURYRFDU
GLVSDURVGH)R)
&RQYHUWLGRU6,1$0,&69
,QVWUXFFLRQHVGHVHUYLFLR$(
3XHVWDHQPDUFKD
)XQFLµQGHSXHVWDHQPDUFKD
3DU£PHWUR
)XQFLµQ
3>@
*UDGLHQWHGHE¼VTXHGD5HDUUDQTXH (VWHSDU£PHWURHVWDEOHFHHOIDFWRUVRORHQPRGR8I
DOYXHOR>@
PHGLDQWHHOFXDOFDPELDODIUHFXHQFLDGHVDOLGDGXUDQWHHO
UHDUUDQTXHDOYXHORSDUDVLQFURQL]DUVHFRQHOPRWRUTXHHVW£
JLUDQGR
&RQILJXUDFLµQ
5DQJR'HDDMXVWHSUHGHWHUPLQDGRGHI£EULFD
1RWD8QYDORUVXSHULRUSURGXFHXQJUDGLHQWHP£VSODQR\
SRUORWDQWRXQWLHPSRGHE¼VTXHGDP£VODUJR8QYDORU
LQIHULRUWLHQHHOHIHFWRRSXHVWR
&RQILJXUDFLµQGHODIXQFLµQGHUHDUUDQTXHDXWRP£WLFR
)XQFLRQHV
7UDVXQIDOORGHDOLPHQWDFLµQ)6XEWHQVLµQODIXQFLµQGHUHDUUDQTXHDXWRP£WLFR
KDELOLWDGDPHGLDQWH3HQFLHQGHDXWRP£WLFDPHQWHHOPRWRUVLKD\DFWLYDXQDVH³DOGH
PDQGR21(OFRQYHUWLGRUFRQILUPDDXWRP£WLFDPHQWHFXDOTXLHUDQRPDO¯D
&XDQGRVHWUDWDGHXQIDOORGHDOLPHQWDFLµQFRUWHGHODDOLPHQWDFLµQGHUHGVHGLVWLQJXH
HQWUHODVFRQGLFLRQHVVLJXLHQWHV
Ⴠ 8QDVXEWHQVLµQGHUHGEURZQRXWHVXQDVLWXDFLµQHQODTXHODDOLPHQWDFLµQGHUHGVH
LQWHUUXPSH\YXHOYHDQWHVGHTXHODSDQWDOODGHO%23LQWHJUDGRVHDSDJXHHVXQD
LQWHUUXSFLµQGHODDOLPHQWDFLµQVXPDPHQWHEUHYHHQODTXHODLQWHUFRQH[LµQGH'&QRVH
KDFRODSVDGRSRUFRPSOHWR
Ⴠ 8QIDOORGHUHGFRUWHGHUHGHVXQDVLWXDFLµQHQODTXHODSDQWDOODGHO%23LQWHJUDGR
VHDSDJDHVXQDLQWHUUXSFLµQGHODDOLPHQWDFLµQP£VODUJDHQODTXHODLQWHUFRQH[LµQGH
'&VHKDFRODSVDGRSRUFRPSOHWRDQWHVGHTXHVHUHVWDEOH]FDODDOLPHQWDFLµQGHUHG
&RQILJXUDFLµQGHSDU£PHWURV
3DU£PHWUR
)XQFLµQ
&RQILJXUDFLµQ
3
5HLQLFLRDXWRP£WLFR
(VWHSDU£PHWURFRQILJXUDODIXQFLµQGHUHDUUDQTXHDXWRP£WLFR
'HVKDELOLWDGD
5HDUPHGLVSDURWUDVFRQH[LµQ3GHVKDELOLWDGR
5HDUUDQTXHWUDVFRUWHGHUHG3GHVKDELOLWDGR
5HDUUDQTXHWUDVVXEWHQVLµQGHUHGRIDOOR3KDELOLWDGR
5HDUUDQTXHWUDVVXEWHQVLµQGHUHG3KDELOLWDGR
5HDUUDQTXHWUDVFRUWHGHUHG\IDOOR3GHVKDELOLWDGR
5HDUUDQTXHWUDVVXEWHQVLµQFRUWHGHUHGRIDOOR3KDELOLWDGR
5HDUUDQTXHWUDVVXEWHQVLµQFRUWHGHUHGRIDOORGLVSDURFXDQGR
YHQFH3
3
&DQWLGDGGHLQWHQWRVGH
DUUDQTXH
(VWHSDU£PHWURHVSHFLILFDODFDQWLGDGGHYHFHVTXHHOFRQYHUWLGRU
LQWHQWDU£UHDUUDQFDUVLHOUHDUUDQTXHDXWRP£WLFR3HVW£DFWLYDGR
5DQJR'HDDMXVWHSUHGHWHUPLQDGRGHI£EULFD
&RQYHUWLGRU6,1$0,&69
,QVWUXFFLRQHVGHVHUYLFLR$(
3XHVWDHQPDUFKD
)XQFLµQGHSXHVWDHQPDUFKD
)XQFLRQDPLHQWRGHOFRQYHUWLGRUHQPRGRGHSURWHFFLµQDQWLHVFDUFKD
)XQFLRQHV
6LODWHPSHUDWXUDDPELHQWHFDHSRUGHEDMRGHXQGHWHUPLQDGRXPEUDOHOPRWRUVHHQFLHQGH
DXWRP£WLFDPHQWHSDUDHYLWDUODFRQJHODFLµQ
I RXW
3+]
21
2))2))
2))
2))
2))
2))
)DOOR
3
Ⴠ 2))2))/DIXQFLµQGHSURWHFFLµQDQWLHVFDUFKDHVW£GHVKDELOLWDGDFXDQGRVHDFWLYD
2))\VHYXHOYHDKDELOLWDUFXDQGRVHDFWLYD2))
Ⴠ 2))IDOOR(OPRWRUVHGHWLHQH\VHGHVDFWLYDODSURWHFFLµQDQWLHVFDUFKD
&RQILJXUDFLµQGHSDU£PHWURV
3DU£PHWUR
)XQFLµQ
&RQILJXUDFLµQ
3>@
%,+DELOLWDUSURWHFFLµQDQWLHVFDUFKD
(VWHSDU£PHWURGHILQHODIXHQWHGHVH³DOHVGHPDQGRGH
KDELOLWDFLµQGHODSURWHFFLµQ6LODHQWUDGDELQDULDHVLJXDODXQR
VHLQLFLDU£ODSURWHFFLµQDMXVWHSUHGHWHUPLQDGRGHI£EULFD
6L3ำVHDSOLFDU£ODSURWHFFLµQDQWLHVFDUFKDDSOLFDQGROD
IUHFXHQFLDGDGDDOPRWRU
7HQJDHQFXHQWDTXHODIXQFLµQGHSURWHFFLµQSXHGHFRUUHJLUVHHQ
ODVFLUFXQVWDQFLDVVLJXLHQWHV
3>@
)UHFXHQFLDGHSURWHFFLµQ
DQWLHVFDUFKD>+]@
6LHOFRQYHUWLGRUHVW£HQPDUFKD\ODVH³DOGHSURWHFFLµQVH
DFWLYDVHLJQRUDODVH³DO
6LHOFRQYHUWLGRUKDFHJLUDUHOPRWRUGHELGRDXQDVH³DOGH
SURWHFFLµQDFWLYD\VHUHFLEHXQDVH³DOGHPDQGR581OD
VH³DOGHPDQGR581FRUULJHODVH³DOGHSURWHFFLµQ
DQWLHVFDUFKD
6LVHHPLWHXQDVH³DOGHPDQGR2))PLHQWUDVODSURWHFFLµQ
HVW£DFWLYDVHGHWHQGU£HOPRWRU
(VWHSDU£PHWURHVSHFLILFDODIUHFXHQFLDTXHVHDSOLFDDOPRWRU
FXDQGRODSURWHFFLµQDQWLHVFDUFKDHVW£DFWLYD
5DQJR'HDDMXVWHSUHGHWHUPLQDGRGHI£EULFD
&RQYHUWLGRU6,1$0,&69
,QVWUXFFLRQHVGHVHUYLFLR$(
3XHVWDHQPDUFKD
)XQFLµQGHSXHVWDHQPDUFKD
)XQFLRQDPLHQWRGHOFRQYHUWLGRUHQPRGRGHSURWHFFLµQFRQWUDODFRQGHQVDFLµQ
)XQFLRQHV
6LXQVHQVRUGHFRQGHQVDFLµQH[WHUQDGHWHFWDXQDFRQGHQVDFLµQH[FHVLYDHOFRQYHUWLGRU
DSOLFDFRUULHQWH'&SDUDPDQWHQHUHOPRWRUFDOLHQWH\HYLWDUODFRQGHQVDFLµQ
I out
3
f out
21
2))2))
2))
2))
2))
2))
)DOOR
3
Ⴠ 2))2))/DIXQFLµQGHSURWHFFLµQFRQWUDODFRQGHQVDFLµQHVW£GHVKDELOLWDGDFXDQGR
VHDFWLYD2))\VHYXHOYHDKDELOLWDUFXDQGRVHDFWLYD2))
Ⴠ 2))IDOOR(OPRWRUVHGHWLHQH\VHGHVDFWLYDODSURWHFFLµQFRQWUDODFRQGHQVDFLµQ
&RQILJXUDFLµQGHSDU£PHWURV
3DU£PHWUR
)XQFLµQ
&RQILJXUDFLµQ
3>@
%,+DELOLWDUSURWHFFLµQDQWLHVFDUFKD
(VWHSDU£PHWURGHILQHODIXHQWHGHVH³DOHVGHPDQGRGH
KDELOLWDFLµQGHODSURWHFFLµQ6LODHQWUDGDELQDULDHVLJXDODXQR
VHLQLFLDU£ODSURWHFFLµQDMXVWHSUHGHWHUPLQDGRGHI£EULFD
6L3 \3ำVHDSOLFDU£ODSURWHFFLµQFRQWUDOD
FRQGHQVDFLµQDSOLFDQGRODFRUULHQWHGDGDDOPRWRU
7HQJDHQFXHQWDTXHODIXQFLµQGHSURWHFFLµQSXHGHFRUUHJLUVHHQ
ODVFLUFXQVWDQFLDVVLJXLHQWHV
3>@
&RUULHQWHGHSURWHFFLµQFRQWUDOD
FRQGHQVDFLµQ>@
6LHOFRQYHUWLGRUHVW£HQPDUFKD\ODVH³DOGHSURWHFFLµQVH
DFWLYDVHLJQRUDODVH³DO
6LHOFRQYHUWLGRUKDFHJLUDUHOPRWRUGHELGRDXQDVH³DOGH
SURWHFFLµQDFWLYD\VHUHFLEHXQDVH³DOGHPDQGR581OD
VH³DOGHPDQGR581FRUULJHODVH³DOGHSURWHFFLµQ
DQWLHVFDUFKD
6LVHHPLWHXQDVH³DOGHPDQGR2))PLHQWUDVODSURWHFFLµQ
HVW£DFWLYDVHGHWHQGU£HOPRWRU
(VWHSDU£PHWURHVSHFLILFDODFRUULHQWH'&FRPRSRUFHQWDMHGHOD
FRUULHQWHQRPLQDOTXHVHDSOLFDDOPRWRUFXDQGRODSURWHFFLµQ
FRQWUDODFRQGHQVDFLµQHVW£DFWLYD
5DQJR'HDDMXVWHSUHGHWHUPLQDGRGHI£EULFD
&RQYHUWLGRU6,1$0,&69
,QVWUXFFLRQHVGHVHUYLFLR$(
3XHVWDHQPDUFKD
)XQFLµQGHSXHVWDHQPDUFKD
)XQFLRQDPLHQWRGHOFRQYHUWLGRUHQPRGRGHUHSRVR
)XQFLRQHV
(OPRWRUVHDSDJDVLODGHPDQGDFDHSRUGHEDMRGHOXPEUDO\VHHQFLHQGHVLODGHPDQGD
VXSHUDHOXPEUDO
5HVSXHVWDUHTXHULGDGHKLEHUQDFLµQVLPSOHPRGRGHUHSRVR
'HPDQGDGH
IUHFXHQFLD
)PLQ
)PLQ
)UHFXHQFLDGH
VDOLGD
3
5HWDUGR2))
3
5HWDUGR21
3
5HWDUGR2))
3
5HWDUGR21
+LEHUQDFLµQ
+LEHUQDFLµQ
&RQILJXUDFLµQGHSDU£PHWURV
3DU£PHWUR
)XQFLµQ
3>@
+DELOLWDUGHVKDELOLWDUKLEHUQDFLµQ
3>@
3>@
3>@
&RQILJXUDFLµQ
(VWHSDU£PHWURKDELOLWDRGHVKDELOLWDODIXQFLµQGHKLEHUQDFLµQ
'HVKDELOLWDGDDMXVWHSUHGHWHUPLQDGRGHI£EULFD
+DELOLWDGD
5HWDUGRDQWHVGHGHWHQHUHOPRWRU>V@ &RQODKLEHUQDFLµQKDELOLWDGDHVWHSDU£PHWURGHILQHHOUHWDUGR
DQWHVGHTXHHOFRQYHUWLGRUSDVHDPRGRGHUHSRVR
5DQJR'HDDMXVWHSUHGHWHUPLQDGRGHI£EULFD
5HWDUGRDQWHVGHDUUDQFDUHOPRWRU
&RQODKLEHUQDFLµQKDELOLWDGDHVWHSDU£PHWURGHILQHHOUHWDUGR
>V@
DQWHVGHTXHHOFRQYHUWLGRUVDOJDGHOPRGRGHUHSRVR
5DQJR'HDDMXVWHSUHGHWHUPLQDGRGHI£EULFD
)UHFXHQFLDP¯QLPD>+]@
$MXVWDODIUHFXHQFLDP¯QLPDDODFXDOIXQFLRQDU£HOPRWRU
LQGHSHQGLHQWHPHQWHGHODFRQVLJQDGHIUHFXHQFLD(OYDORU
DMXVWDGRDTX¯HVY£OLGRSDUDDPERVVHQWLGRVGHJLUR
5DQJR'HDDMXVWHSUHGHWHUPLQDGRGHI£EULFD
&RQYHUWLGRU6,1$0,&69
,QVWUXFFLRQHVGHVHUYLFLR$(
3XHVWDHQPDUFKD
)XQFLµQGHSXHVWDHQPDUFKD
&RQILJXUDFLµQGHORVFLODGRU
)XQFLRQHV
(ORVFLODGRUHMHFXWDLQWHUUXSFLRQHVSHULµGLFDVSUHGHILQLGDVTXHVHD³DGHQDODFRQVLJQD
SULQFLSDOSDUDVXXVRWHFQROµJLFRHQODLQGXVWULDGHODILEUD/DIXQFLµQGHRVFLODFLµQSXHGH
DFWLYDUVHPHGLDQWH3(VLQGHSHQGLHQWHGHODGLUHFFLµQGHFRQVLJQDDV¯TXHVRORHV
UHOHYDQWHHOYDORUDEVROXWRGHODFRQVLJQD/DVH³DOGHRVFLODFLµQVHD³DGHDODFRQVLJQD
SULQFLSDOFRPRFRQVLJQDDGLFLRQDO'XUDQWHHOFDPELRGHODFRQVLJQDODIXQFLµQGH
RVFLODFLµQHVW£LQDFWLYD/DVH³DOGHRVFLODFLµQWDPEL«QHVW£OLPLWDGDSRUODIUHFXHQFLD
P£[LPD3
(QWUDGDVGLJLWDOHV
3
U[
%23$55$1&
W
3
W
U
866SRU56
3
U
3
3
3
&RQVLJQDGHIUHFXHQFLD
3
3
3
3
Señal perturb. función oscilación
&RQILJXUDFLµQGHSDU£PHWURV
3DU£PHWUR
)XQFLµQ
&RQILJXUDFLµQ
3
%,/LEHUDUIXQFLµQGHRVFLODFLµQ
(VWHSDU£PHWURGHILQHODIXHQWHSDUDOLEHUDUODIXQFLµQGH
RVFLODFLµQ
$MXVWHVSUHGHWHUPLQDGRVGHI£EULFD
3
)UHFXHQFLDGHODVH³DOGHRVFLODFLµQ
>+]@
(VWHSDU£PHWURHVWDEOHFHODIUHFXHQFLDGHODVH³DOGH
RVFLODFLµQ
5DQJR'HDDMXVWHSUHGHWHUPLQDGRGHI£EULFD
&RQYHUWLGRU6,1$0,&69
,QVWUXFFLRQHVGHVHUYLFLR$(
3XHVWDHQPDUFKD
)XQFLµQGHSXHVWDHQPDUFKD
3DU£PHWUR
)XQFLµQ
&RQILJXUDFLµQ
3
$PSOLWXGGHODVH³DOGHRVFLODFLµQ
>@
(VWHSDU£PHWURHVWDEOHFHHOYDORUGHDPSOLWXGGHODVH³DOGH
RVFLODFLµQFRPRSURSRUFLµQGHODVDOLGDGHOJHQHUDGRUGH
UDPSD*G5SUHVHQWH
5DQJR'HDDMXVWHSUHGHWHUPLQDGRGHI£EULFD
3
3DVRGHFUHFLHQWHGHODVH³DOGH
RVFLODFLµQ
(VWHSDU£PHWURHVWDEOHFHHOYDORUGHOSDVRGHFUHFLHQWHDOILQDO
GHOSHU¯RGRGHVH³DOSRVLWLYD
5DQJR'HDDMXVWHSUHGHWHUPLQDGRGHI£EULFD
3
3DVRFUHFLHQWHGHODVH³DOGH
RVFLODFLµQ
(VWHSDU£PHWURHVWDEOHFHHOYDORUGHOSDVRFUHFLHQWHDOILQDO
GHOSHU¯RGRGHVH³DOQHJDWLYD
5DQJR'HDDMXVWHSUHGHWHUPLQDGRGHI£EULFD
3
$QFKXUDGHSXOVRGHODVH³DOGH
RVFLODFLµQ>@
(VWHSDU£PHWURDMXVWDODDQFKXUDUHODWLYDGHORVSXOVRVGH
VXELGD\GHEDMDGD
5DQJR'HDDMXVWHSUHGHWHUPLQDGRGHI£EULFD
)XQFLRQDPLHQWRGHOFRQYHUWLGRUHQPRGRGHVHFXHQFLDFLµQGHPRWRUHV
)XQFLRQHV
/DVHFXHQFLDFLµQGHPRWRUHVSHUPLWHHOFRQWUROGHKDVWDGRVERPEDVRYHQWLODGRUHV
DGLFLRQDOHVVHFXHQFLDGRVEDVDGRVHQXQVLVWHPDGHUHJXODFLµQ3,'(OVLVWHPDFRPSOHWR
FRQVWDGHXQDERPEDFRQWURODGDSRUHOFRQYHUWLGRU\KDVWDGRVERPEDVYHQWLODGRUHVP£V
FRQWURODGRVSRUFRQWDFWRUHVRDUUDQFDGRUHVGHPRWRU/RVFRQWDFWRUHVRDUUDQFDGRUHVGH
PRWRUVHFRQWURODQPHGLDQWHVDOLGDVGLJLWDOHVGHOFRQYHUWLGRU
(QHOGLDJUDPDVLJXLHQWHVHPXHVWUDXQVLVWHPDGHERPEHRW¯SLFR
5HG
&RQYHUWLGRU
6HQVRUGHSUHVLµQ
$UUDQFDGRUHVGHPRWRU
09
0
$ODHQWUDGDGH3,'
GHOFRQYHUWLGRU
0
&RQYHUWLGRU6,1$0,&69
,QVWUXFFLRQHVGHVHUYLFLR$(
3XHVWDHQPDUFKD
)XQFLµQGHSXHVWDHQPDUFKD
Secuenciación:
I
3
I DFW
I VHW
3 ຘ
3
W\
3
W
ෙ3,'
3
W
3
U
%LW %LW W
&RQGLFLµQSDUDVHFXHQFLDFLµQ
IDFW ุ3
ෙ3,' ุ3
W D E !3
D
E
F
W\
3 ⎞
⎛
⎜⎜ ෥
⎟ ຘ 3
⎟⎠
⎝
Desecuenciación:
f
f
act
P2378
P1082 ⋅
100
f set
P1080
tx
t
P1120
%
ΔPID
t
-P2373
r2379
P2375
%LW 1
0
%LW 1
0
t
&RQGLFLµQSDUDGHVHFXHQFLDFLµQ
a
b
c
f act ≤ P1080
ΔPID ≤ -P2373
t a b > P2375
⎛ P2378 P1080 ⎞
tx = ⎜⎜
−
⎟ ⋅ P1120
P1082 ⎟⎠
⎝ 100
&RQYHUWLGRU6,1$0,&69
,QVWUXFFLRQHVGHVHUYLFLR$(
3XHVWDHQPDUFKD
)XQFLµQGHSXHVWDHQPDUFKD
&RQILJXUDFLµQGHSDU£PHWURV
3DU£PHWUR
)XQFLµQ
3>@
0RGRGHSDUDGDGHVHFXHQFLDFLµQGH (VWHSDU£PHWURVHOHFFLRQDHOPRGRGHSDUDGDSDUDPRWRUHV
PRWRUHV
H[WHUQRVFXDQGRODVHFXHQFLDFLµQGHPRWRUHVHVW£HQXVR
&RQILJXUDFLµQ
3DUDGDQRUPDODMXVWHSUHGHWHUPLQDGRGHI£EULFD
3DUDGDGHVHFXHQFLD
3>@
&RQILJXUDFLµQGHVHFXHQFLDFLµQGH
PRWRUHV
(VWHSDU£PHWURVHOHFFLRQDODFRQILJXUDFLµQGHPRWRUHVH[WHUQRV
00XWLOL]DGDSDUDODIXQFLµQGHVHFXHQFLDFLµQGHPRWRUHV
6HFXHQFLDFLµQGHPRWRUHVGHVKDELOLWDGD
0 [090 1RLQVWDODGR
0 [090 [09
0 [090 [09
3>@
&LFORGHVHFXHQFLDFLµQGHPRWRUHV
(VWHSDU£PHWURKDELOLWDHOHTXLOLEUDGRGHXWLOL]DFLµQGHPRWRUHV
SDUDODIXQFLµQGHVHFXHQFLDFLµQGHPRWRUHV
'HVKDELOLWDGDDMXVWHSUHGHWHUPLQDGRGHI£EULFD
+DELOLWDGD
3>@
+LVW«UHVLVGHVHFXHQFLDFLµQGH
PRWRUHV>@
3>@
5HWDUGRGHVHFXHQFLDFLµQGH
PRWRUHV>V@
3FRPRSRUFHQWDMHGHODFRQVLJQD3,'TXHGHEHVXSHUDUHO
HUURU3,'3DQWHVGHLQLFLDUHOUHWDUGRGHVHFXHQFLDFLµQ
5DQJR'HDDMXVWHSUHGHWHUPLQDGRGHI£EULFD
(VWHSDU£PHWURGHILQHHOWLHPSRGXUDQWHHOTXHHOHUURU3,'3
GHEHH[FHGHUODKLVW«UHVLVGHVHFXHQFLDFLµQGHPRWRUHV3
DQWHVGHTXHVHSURGX]FDODVHFXHQFLDFLµQ
5DQJR'HDDMXVWHSUHGHWHUPLQDGRGHI£EULFD
3>@
5HWDUGRGHGHVHFXHQFLDFLµQGH
PRWRUHV>V@
3>@
&RUUHFFLµQGHOUHWDUGRGH
VHFXHQFLDFLµQGHPRWRUHV>@
(VWHSDU£PHWURGHILQHHOWLHPSRGXUDQWHHOTXHHOHUURU3,'3
GHEHH[FHGHUODKLVW«UHVLVGHVHFXHQFLDFLµQGHPRWRUHV3
DQWHVGHTXHVHSURGX]FDODGHVHFXHQFLDFLµQ
5DQJR'HDDMXVWHSUHGHWHUPLQDGRGHI£EULFD
3FRPRSRUFHQWDMHGHODFRQVLJQD3,'&XDQGRHOHUURU3,'
3VXSHUDHVWHYDORUVHVHFXHQFLDGHVHFXHQFLDXQPRWRUVLQ
WHQHUHQFXHQWDORVWHPSRUL]DGRUHVGHUHWDUGR
5DQJR'HDDMXVWHSUHGHWHUPLQDGRGHI£EULFD
1RWD(OYDORUGHHVWHSDU£PHWURVLHPSUHGHEHVHUPD\RUTXHOD
KLVW«UHVLVGHVHFXHQFLDFLµQ3
3>@
7HPSRUL]DGRUGHEORTXHRGHOD
VHFXHQFLDFLµQGHPRWRUHV>V@
(VWHSDU£PHWURGHILQHHOWLHPSRGXUDQWHHOTXHVHHYLWDOD
FRUUHFFLµQGHOUHWDUGRGHVSX«VGHVHFXHQFLDURGHVHFXHQFLDUXQ
PRWRU
5DQJR'HDDMXVWHSUHGHWHUPLQDGRGHI£EULFD
3>@
)UHFXHQFLDGHVHFXHQFLDFLµQGH
PRWRUHVIBVHF>@
U
&2%23DODEUDGHHVWDGRGH
VHFXHQFLDFLµQGHPRWRUHV
(VWHSDU£PHWURGHILQHODIUHFXHQFLDDODTXHVHFRQPXWDODVDOLGD
GLJLWDO'2GXUDQWHXQHYHQWRGHGHVHFXHQFLDFLµQPLHQWUDVHO
FRQYHUWLGRUGHFHOHUDRDFHOHUDGHODIUHFXHQFLDP£[LPDDOD
P¯QLPDRYLFHYHUVD
5DQJR'HDDMXVWHSUHGHWHUPLQDGRGHI£EULFD
(VWHSDU£PHWURPXHVWUDODSDODEUDGHHVWDGRGHVDOLGDSDUDOD
IXQFLµQGHVHFXHQFLDFLµQGHPRWRUHVTXHSHUPLWHHVWDEOHFHU
FRQH[LRQHVH[WHUQDV
%LW$UUDQFDUPRWRUV¯HVQRHV
%LW$UUDQFDUPRWRUV¯HVQRHV
&RQYHUWLGRU6,1$0,&69
,QVWUXFFLRQHVGHVHUYLFLR$(
3XHVWDHQPDUFKD
)XQFLµQGHSXHVWDHQPDUFKD
3DU£PHWUR
)XQFLµQ
&RQILJXUDFLµQ
3>@
+RUDVGHIXQFLRQDPLHQWRGHOD
VHFXHQFLDFLµQGHPRWRUHV>K@
(VWHSDU£PHWURPXHVWUDODVKRUDVGHIXQFLRQDPLHQWRGHORV
PRWRUHVH[WHUQRV
QGLFH
>@+RUDVGHIXQFLRQDPLHQWRGHOPRWRU
>@+RUDVGHIXQFLRQDPLHQWRGHOPRWRU
>@1RXVDGR
5DQJR'HDDMXVWHSUHGHWHUPLQDGRGHI£EULFD
)XQFLRQDPLHQWRGHOFRQYHUWLGRUHQPRGRGHSURWHFFLµQFRQWUDFDYLWDFLµQ
)XQFLRQHV
/DSURWHFFLµQFRQWUDFDYLWDFLµQJHQHUDU£XQIDOORDYLVRFXDQGRVHHVWLPHTXHH[LVWHQ
FRQGLFLRQHVGHFDYLWDFLµQ6LHOFRQYHUWLGRUQRREWLHQHUHVSXHVWDGHOVHQVRUGHODERPEDVH
GLVSDUDU£SDUDGHWHQHUORVGD³RVSRUFDYLWDFLµQ
6HQVRU
SUHVLµQUHDOLPHQWDF
LµQFDXGDO
1LYHOGHGLVSDUR
5HDOLPHQWDFLµQ
HVFDODGD3,'>@
U
8PEUDOGHFDYLWDFLµQ
'HD>@
5HWDUGRGHSURWHFFLµQFRQWUDFDYLWDFLµQ
3
3DODEUDHVWDGRELW3,'O¯PLWHP¯QLPRDOFDQ]DGR
>V@
3
5
3DODEUDHVWDGRELW3,'O¯PLWHP£[LPR
DOFDQ]DGR
5
7
3DODEUDHVWDGRELW3,'FRQYHUWLGRUIXQFLRQDQGR
5
!
+DELOLWDUGHVKDELOLWDU3,'
3&'6
+DELOLWDFLµQSURWHFFLµQFRQWUDFDYLWDFLµQ
ಹ
3
3URWHFFLµQFRQWUDFDYLWDFLµQGHVKDELOLWDGD )DOORGLVSDURFDYLWDFLµQ) $YLVRGLVSDURFDYLWDFLµQ$ 1RXVDGR Esquema de la lógica de protección contra cavitación
&RQYHUWLGRU6,1$0,&69
,QVWUXFFLRQHVGHVHUYLFLR$(
3XHVWDHQPDUFKD
)XQFLµQGHSXHVWDHQPDUFKD
&RQILJXUDFLµQGHSDU£PHWURV
3DU£PHWUR
)XQFLµQ
&RQILJXUDFLµQ
3>@
+DELOLWDUSURWHFFLµQFRQWUDFDYLWDFLµQ (VWHSDU£PHWURKDELOLWDODIXQFLµQGHSURWHFFLµQFRQWUD
FDYLWDFLµQ
)DOOR
$YLVR
3>@
8PEUDOGHFDYLWDFLµQ>@
(VWHSDU£PHWURGHILQHHOXPEUDOGHUHVSXHVWDHQSRUFHQWDMH
SRUHQFLPDGHOFXDOVHGLVSDUDXQIDOORDYLVR
5DQJR'HDDMXVWHSUHGHWHUPLQDGRGHI£EULFD
3>@
7LHPSRGHSURWHFFLµQFRQWUD
FDYLWDFLµQ>V@
(VWHSDU£PHWURHVWDEOHFHHOWLHPSRGXUDQWHHOTXHGHEHQ
H[LVWLUFRQGLFLRQHVGHFDYLWDFLµQDQWHVGHTXHVHGLVSDUHXQ
IDOORDYLVR
5DQJR'HDDMXVWHSUHGHWHUPLQDGRGHI£EULFD
&RQILJXUDFLµQGHOMXHJRGHSDU£PHWURVSUHGHWHUPLQDGRVGHOXVXDULR
)XQFLRQHV
(OMXHJRGHSDU£PHWURVSUHGHWHUPLQDGRVGHOXVXDULRSHUPLWHDOPDFHQDUXQMXHJRGHDMXVWHV
SUHGHWHUPLQDGRVGLIHUHQWHGHORVGHI£EULFD'HVSX«VGHXQUHVWDEOHFLPLHQWRGHORV
SDU£PHWURVVHXWLOL]DU¯DQHVWRVYDORUHVSUHGHWHUPLQDGRVPRGLILFDGRV6HU¯DQHFHVDULRXQ
UHVWDEOHFLPLHQWRGHORVDMXVWHVGHI£EULFDDGLFLRQDOSDUDERUUDUORVYDORUHVSUHGHWHUPLQDGRV
GHOXVXDULR\UHVWDXUDUORVDMXVWHVSUHGHWHUPLQDGRVGHI£EULFDHQHOFRQYHUWLGRU
&UHDFLµQGHOMXHJRGHSDU£PHWURVSUHGHWHUPLQDGRVGHOXVXDULR
3DUDPHWULFHHOFRQYHUWLGRUVHJ¼QFRQYHQJD
(VWDEOH]FD3 (OHVWDGRDFWXDOGHOFRQYHUWLGRUVHDOPDFHQDU£FRPRDMXVWH
SUHGHWHUPLQDGRGHOXVXDULR
0RGLILFDFLµQGHOMXHJRGHSDU£PHWURVSUHGHWHUPLQDGRVGHOXVXDULR
(VWDEOH]FD3 \3 SDUDUHVWDEOHFHUHOFRQYHUWLGRUDVXHVWDGR
SUHGHWHUPLQDGR(OFRQYHUWLGRUDGRSWDU£HQWRQFHVHOHVWDGRSUHGHWHUPLQDGRGHOXVXDULR
VLHVW£FRQILJXUDGRGHORFRQWUDULRDGRSWDU£HOHVWDGRSUHGHWHUPLQDGRGHI£EULFD
3DUDPHWULFHHOFRQYHUWLGRUVHJ¼QFRQYHQJD
(VWDEOH]FD3 DUDDOPDFHQDUHOHVWDGRDFWXDOFRPRDMXVWHSUHGHWHUPLQDGRGHO
XVXDULR
&RQYHUWLGRU6,1$0,&69
,QVWUXFFLRQHVGHVHUYLFLR$(
3XHVWDHQPDUFKD
)XQFLµQGHSXHVWDHQPDUFKD
&RQILJXUDFLµQGHSDU£PHWURV
3DU£PHWUR
)XQFLµQ
&RQILJXUDFLµQ
3
3DU£PHWURGHSXHVWDHQPDUFKD
(VWHSDU£PHWURILOWUDORVSDU£PHWURVGHPRGRTXHVRORVH
VHOHFFLRQHQDTXHOORVUHODFLRQDGRVFRQXQGHWHUPLQDGRJUXSR
IXQFLRQDO'HEHHVWDEOHFHUVHHQSDUDDOPDFHQDURERUUDU
ORVDMXVWHVSUHGHWHUPLQDGRVGHOXVXDULR
3
5HVWDEOHFLPLHQWRGHORVDMXVWHVGH
I£EULFD
(VWHSDU£PHWURUHVWDEOHFHWRGRVORVSDU£PHWURVDVXVDMXVWHV
SUHGHWHUPLQDGRVGHOXVXDULRRGHI£EULFD
$MXVWHGHI£EULFD
5HVWDEOHFLPLHQWRGHORVSDU£PHWURVDORVDMXVWHV
SUHGHWHUPLQDGRVGHOXVXDULRVLHVW£QDOPDFHQDGRVHQFDVR
FRQWUDULRUHVWDEOHFLPLHQWRGHORVDMXVWHVSUHGHWHUPLQDGRVGH
I£EULFD
5HVWDEOHFLPLHQWRGHORVSDU£PHWURVDVXVDMXVWHV
SUHGHWHUPLQDGRVGHI£EULFDPHGLDQWHHOERUUDGRGHORV
DMXVWHVSUHGHWHUPLQDGRVGHOXVXDULRVLHVW£QDOPDFHQDGRV
3
7UDQVIHULUGDWRVGHOD5$0DOD
((3520
(VWHSDU£PHWURWUDQVILHUHORVYDORUHVGHOD5$0DOD
((3520
,QLFLDUWUDQVIHUHQFLD
,QLFLDUODWUDQVIHUHQFLD\DOPDFHQDUORVFDPELRVHQORV
SDU£PHWURVFRPRDMXVWHVSUHGHWHUPLQDGRVGHOXVXDULR
3DUDREWHQHULQIRUPDFLµQVREUHFµPRUHVWDXUDUORVDMXVWHVSUHGHWHUPLQDGRVGHI£EULFDGHO
FRQYHUWLGRUFRQVXOWHODVHFFLµQ5HVWDXUDFLµQGHORVDMXVWHVSUHGHWHUPLQDGRV
3£JLQD
&RQILJXUDFLµQGHODIXQFLµQGHGREOHUDPSD
)XQFLRQHV
/DIXQFLµQGHGREOHUDPSDSHUPLWHDOXVXDULRSDUDPHWUL]DUHOFRQYHUWLGRUGHIRUPDTXH
SXHGDSDVDUGHXQWLHPSRGHUDPSDDRWURFXDQGRDFHOHUDRGHFHOHUDSDUDDOFDQ]DUXQD
FRQVLJQD(VWRSXHGHVHU¼WLOSDUDFDUJDVGHOLFDGDVFXDQGRHODUUDQTXHFRQXQD
DFHOHUDFLµQGHFHOHUDFLµQU£SLGDSXHGHFDXVDUGD³RV/DIXQFLµQRSHUDGHOPRGRVLJXLHQWH
$FHOHUDFLµQ
Ⴠ (OFRQYHUWLGRUHPSLH]DODDFHOHUDFLµQXWLOL]DQGRHOWLHPSRGHUDPSDGH3
Ⴠ &XDQGRIBUHDO!3FDPELDDOWLHPSRGHUDPSDGH3
'HFHOHUDFLµQ
Ⴠ (OFRQYHUWLGRUHPSLH]DODGHFHOHUDFLµQXWLOL]DQGRHOWLHPSRGHUDPSDGH3
Ⴠ &XDQGRIBUHDO!3FDPELDDOWLHPSRGHUDPSDGH3
&RQYHUWLGRU6,1$0,&69
,QVWUXFFLRQHVGHVHUYLFLR$(
3XHVWDHQPDUFKD
)XQFLµQGHSXHVWDHQPDUFKD
)UHFXHQFLDGHVDOLGD
+]
7LHPSRGH
DFHOHUDFLµQ
3
7LHPSRGH
DFHOHUDFLµQ
GH-2*
3
3+]
7LHPSRGH
GHFHOHUDFLµQGH 7LHPSR
-2*
GH
3
GHFHOHUD
FLµQ
3
3+]
7LHPSR
V
3+]
3+]
&RQVLJQDYH
&RQVLJQDYH
21
2))
3
7HQJDHQFXHQWDTXHHODOJRULWPRGHGREOHUDPSDXWLOL]DORVELWV\GHUSDUD
GHWHUPLQDUIBUHDO!3\IBUHDO3
&RQILJXUDFLµQGHSDU£PHWURV
3DU£PHWUR
)XQFLµQ
&RQILJXUDFLµQ
3>@
%,+DELOLWDFLµQGHGREOHUDPSD
(VWHSDU£PHWURGHILQHODIXHQWHGHVH³DOHVGHPDQGRGH
KDELOLWDFLµQGHGREOHUDPSD6LODHQWUDGDELQDULDHVLJXDODXQRVH
DSOLFDU£ODGREOHUDPSD(ODMXVWHSUHGHWHUPLQDGRGHI£EULFDHV
3>@
7LHPSRGHDFHOHUDFLµQGH-2*>V@
(VWHSDU£PHWURHVWDEOHFHHOWLHPSRGHDFHOHUDFLµQGH-2*
3>@
7LHPSRGHGHFHOHUDFLµQGH-2*>V@ (VWHSDU£PHWURHVWDEOHFHHOWLHPSRGHGHFHOHUDFLµQGH-2*
3>@
7LHPSRGHDFHOHUDFLµQ>V@
5DQJR'HDDMXVWHSUHGHWHUPLQDGRGHI£EULFD
5DQJR'HDDMXVWHSUHGHWHUPLQDGRGHI£EULFD
(VWHSDU£PHWURHVWDEOHFHHOWLHPSRTXHWDUGDHOPRWRUHQDFHOHUDU
HVWDQGRSDUDGRKDVWDODIUHFXHQFLDP£[LPD3FXDQGRQRVH
XWLOL]DUHGRQGHR
5DQJR'HDDMXVWHSUHGHWHUPLQDGRGHI£EULFD
3>@
7LHPSRGHGHFHOHUDFLµQ>V@
(VWHSDU£PHWURHVWDEOHFHHOWLHPSRTXHWDUGDHOPRWRUHQGHFHOHUDU
GHODIUHFXHQFLDP£[LPD3KDVWDVXSDUDGDFXDQGRQRVH
XWLOL]DUHGRQGHR
5DQJR'HDDMXVWHSUHGHWHUPLQDGRGHI£EULFD
3>@
)UHFXHQFLDXPEUDOIB>+]@
3>@
)UHFXHQFLDXPEUDOIB>+]@
(VWHSDU£PHWURGHILQHXPEUDOBSDUDFRPSDUDUODYHORFLGDGROD
IUHFXHQFLDFRQORVXPEUDOHV
5DQJR'HDDMXVWHSUHGHWHUPLQDGRGHI£EULFD
(VWHSDU£PHWURGHILQHXPEUDOBSDUDFRPSDUDUODYHORFLGDGROD
IUHFXHQFLDFRQORVXPEUDOHV
5DQJR'HDDMXVWHSUHGHWHUPLQDGRGHI£EULFD
&RQYHUWLGRU6,1$0,&69
,QVWUXFFLRQHVGHVHUYLFLR$(
3XHVWDHQPDUFKD
)XQFLµQGHSXHVWDHQPDUFKD
&RQILJXUDFLµQGHODIXQFLµQGHDFRSODPLHQWRHQ'&
)XQFLRQHV
(OFRQYHUWLGRU6,1$0,&69SHUPLWHDFRSODUHO«FWULFDPHQWHGRVFRQYHUWLGRUHVGHLJXDO
WDPD³RPHGLDQWHODVLQWHUFRQH[LRQHVGH'&/DVYHQWDMDVFODYHGHHVWDFRQH[LµQVRQ
Ⴠ 5HGXFFLµQGHORVFRVWHVGHHQHUJ¯DDOKDFHUTXHXQFRQYHUWLGRUXWLOLFHODHQHUJ¯DGH
UHJHQHUDFLµQGHRWUR
Ⴠ 5HGXFFLµQGHORVFRVWHVGHLQVWDODFLµQDOSHUPLWLUTXHORVFRQYHUWLGRUHVFRPSDUWDQXQ
PµGXORGHIUHQDGRGLQ£PLFRFRP¼QFXDQGRVHDQHFHVDULR
Ⴠ (QDOJXQDVDSOLFDFLRQHV\DQRUHVXOWDQHFHVDULRXWLOL]DUXQPµGXORGHIUHQDGRGLQ£PLFR
(QODDSOLFDFLµQP£VKDELWXDOTXHVHPXHVWUDHQODILJXUDVLJXLHQWHLQWHUFRQHFWDUGRV
FRQYHUWLGRUHV6,1$0,&69GHLJXDOWDPD³R\SRWHQFLDQRPLQDOSHUPLWHTXHODHQHUJ¯DGH
XQFRQYHUWLGRUTXHDFWXDOPHQWHGHFHOHUDXQDFDUJDDOLPHQWHHOVHJXQGRFRQYHUWLGRUD
WUDY«VGHODLQWHUFRQH[LµQGH'&(VWRUHTXLHUHXQPHQRUFRQVXPRGHHQHUJ¯DGHOD
DOLPHQWDFLµQGHUHG(QHVWHFDVRVHUHGXFHHOFRQVXPRWRWDOGHHOHFWULFLGDG
&RQH[LµQSDUDHODFRSODPLHQWRHQ'&
(QODVLJXLHQWHILJXUDVHPXHVWUDODFRQH[LµQGHOVLVWHPDPHGLDQWHHODFRSODPLHQWRHQ'&
'H9D9$&
'H9D9$&
)XVLEOH
3XHUWRGH
DPSOLDFLµQ
3( //19
RELHQ
//1/9
9
3(
8 9:
5HVLVWHQFLDGH
IUHQDGR
RSFLµQ
(VWDRSFLµQHVVROR
SDUDWDPD³RVGH
EDVWLGRU$%&
5
9
5 3( 0µGXORGH
IUHQDGR
GLQ£PLFR
RSFLµQ
3(
5 5
'& '&
3( //19
RELHQ
//1/9
3XHUWRGH
DPSOLDFLµQ
3(
&RQWDFWRU
3(
8 9:
5 5
'& '&
'& '&
:
9
8
0RWRU
3( 7LHUUDGHSURWHFFLµQ
:
9
8
0RWRU
3(
&RQVXOWHODVVHFFLRQHV&RQH[LRQHVGHOVLVWHPDW¯SLFDV3£JLQD\'HVFULSFLµQGHORV
ERUQHV3£JLQDSDUDFRQRFHUORVWLSRVGHIXVLEOHODVVHFFLRQHVGHFDEOH\HOSDUGH
DSULHWHGHORVWRUQLOORVTXHVHUHFRPLHQGDQ
&RQYHUWLGRU6,1$0,&69
,QVWUXFFLRQHVGHVHUYLFLR$(
3XHVWDHQPDUFKD
)XQFLµQGHSXHVWDHQPDUFKD
$'9(57(1&,$
'HVWUXFFLµQGHOFRQYHUWLGRU
(VH[WUHPDGDPHQWHLPSRUWDQWHJDUDQWL]DUTXHODSRODULGDGGHODVLQWHUFRQH[LRQHVGH'&
HQWUHORVFRQYHUWLGRUHVVHDFRUUHFWD6LVHLQYLHUWHODSRODULGDGGHODVFRQH[LRQHVHQWUHORV
ERUQHV'&VHSRGU¯DGHVWUXLUHOFRQYHUWLGRU
35(&$8&,•1
5HFRPHQGDFLRQHVGHVHJXULGDG
/RVFRQYHUWLGRUHV6,1$0,&69DFRSODGRVGHEHQWHQHUODPLVPDWHQVLµQGH
DOLPHQWDFLµQ\SRWHQFLDQRPLQDOHV
/RVFRQYHUWLGRUHVDFRSODGRVVHGHEHQFRQHFWDUDODDOLPHQWDFLµQGHUHGPHGLDQWHOD
PLVPDFRPELQDFLµQGHFRQWDFWRU\IXVLEOHGLPHQVLRQDGDSDUDXQVRORFRQYHUWLGRUGHOWLSR
TXHVHHVW£XWLOL]DQGR
6HSXHGHLQWHUFRQHFWDUXQP£[LPRGHGRVFRQYHUWLGRUHV6,1$0,&69PHGLDQWHOD
PHWRGRORJ¯DGHDFRSODPLHQWRHQ'&
$7(1&,•1
&KRSSHUGHIUHQDGRLQWHJUDGR
(OFKRSSHUGHIUHQDGRLQWHJUDGRHQHOFRQYHUWLGRUFRQWDPD³RGHEDVWLGRU'VRORHVW£
DFWLYRVLHOFRQYHUWLGRUUHFLEHODVH³DOGHPDQGR21\HVW£IXQFLRQDQGR&RQHOFRQYHUWLGRU
DSDJDGRODHQHUJ¯DGHUHJHQHUDFLµQQRVHSXHGHHQYLDUDODUHVLVWHQFLDGHIUHQDGR
H[WHUQD
/LPLWDFLRQHV\UHVWULFFLRQHV
Ⴠ /DORQJLWXGP£[LPDGHOFDEOHGHDFRSODPLHQWRHVGHPHWURV
Ⴠ 3DUDORVFRQYHUWLGRUHVFRQWDPD³RGHEDVWLGRUGH$D&VLVHYDDXWLOL]DUXQPµGXORGH
IUHQDGRGLQ£PLFRVHGHEHXWLOL]DUXQFRQHFWRUDGLFLRQDOFRQXQDFRUULHQWHQRPLQDOLJXDO
DODGHOFDEOHGHDOLPHQWDFLµQGHXQFRQYHUWLGRUSDUDFRQHFWDUORVFDEOHVGHOPµGXORGH
IUHQDGRGLQ£PLFRD'&\'&\DTXHHVSRVLEOHTXHORVERUQHVGHOFRQYHUWLGRUQR
DGPLWDQXQDFRQH[LµQDGLFLRQDO
Ⴠ 3DUDXQDSRWHQFLDQRPLQDOWRWDOGHN:HOFDEOHTXHYDDOPµGXORGHIUHQDGR
GLQ£PLFRGHEHWHQHUXQDLQWHQVLGDGDVLJQDGDP¯QLPDGH$PHGLGDFRQXQYDORUGH
UHVLVWHQFLDP¯QLPRGH˖6HGHEHXWLOL]DUFDEOHDSDQWDOODGR
Ⴠ 3DUDORVFRQYHUWLGRUHVFRQWDPD³RGHEDVWLGRU'WULI£VLFRVHOFLUFXLWRGHIUHQDGR
GLQ£PLFRHVW£DXWRFRQWHQLGR\VRORVHGHEHFRQHFWDUXQDUHVLVWHQFLDGHIUHQDGRH[WHUQD
DXQRGHORVFRQYHUWLGRUHV&RQVXOWHHODS«QGLFH5HVLVWHQFLDGHIUHQDGR3£JLQD
SDUDODVHOHFFLµQGHXQDUHVLVWHQFLDGHIUHQDGRDGHFXDGD
Ⴠ 1RVHGHEHDFWLYDUQXQFDHOIUHQDGRFRPELQDGR
&RQYHUWLGRU6,1$0,&69
,QVWUXFFLRQHVGHVHUYLFLR$(
3XHVWDHQPDUFKD
5HVWDXUDFLµQGHORVDMXVWHVSUHGHWHUPLQDGRV
1RWD
5HQGLPLHQWR\SRWHQFLDOGHDKRUURHQHUJ«WLFR
(OUHQGLPLHQWR\HOSRWHQFLDOGHDKRUURHQHUJ«WLFRFRQODIXQFLµQGHDFRSODPLHQWRHQ'&
GHSHQGHQHQJUDQPHGLGDGHFDGDDSOLFDFLµQHVSHF¯ILFD3RUORWDQWR6LHPHQVQR
SURSRUFLRQDGDWRVHVSHF¯ILFRVDFHUFDGHOUHQGLPLHQWR\HOSRWHQFLDOGHDKRUURHQHUJ«WLFRGH
ODPHWRGRORJ¯DGHDFRSODPLHQWRHQ'&
1RWD
1RUPDV\H[HQFLRQHVGHUHVSRQVDELOLGDGVREUH&(0
/DFRQILJXUDFLµQGHODFRSODPLHQWRHQ'&FRQORVFRQYHUWLGRUHV6,1$0,&69QRHVW£
FHUWLILFDGDSDUDXWLOL]DUVHHQDSOLFDFLRQHV8/F8/
1RVHSURSRUFLRQDQGDWRVFRQFUHWRVDFHUFDGHOQLYHOGH&(0GHHVWDFRQILJXUDFLµQ
5HVWDXUDFLµQGHORVDMXVWHVSUHGHWHUPLQDGRV
5HVWDXUDFLµQGHORVDMXVWHVSUHGHWHUPLQDGRVGHI£EULFD
3DU£PHWUR
)XQFLµQ
3
1LYHOGHDFFHVRGHXVXDULR
3
3DU£PHWURGHSXHVWDHQPDUFKD
3
5HVWDEOHFLPLHQWRGHORVDMXVWHVGH
I£EULFD
&RQILJXUDFLµQ
QLYHOGHDFFHVRGHXVXDULRHVW£QGDU
DMXVWHGHI£EULFD
5HVWDEOHFLPLHQWRGHORVSDU£PHWURVDVXVDMXVWHV
SUHGHWHUPLQDGRVGHI£EULFDPHGLDQWHHOERUUDGRGHORVDMXVWHV
SUHGHWHUPLQDGRVGHOXVXDULRVLHVW£QDOPDFHQDGRV
5HVWDXUDFLµQGHORVDMXVWHVSUHGHWHUPLQDGRVGHOXVXDULR
3DU£PHWUR
)XQFLµQ
3
1LYHOGHDFFHVRGHXVXDULR
3
3DU£PHWURGHSXHVWDHQPDUFKD
3
5HVWDEOHFLPLHQWRGHORVDMXVWHVGH
I£EULFD
&RQILJXUDFLµQ
QLYHOGHDFFHVRGHXVXDULRHVW£QGDU
DMXVWHGHI£EULFD
5HVWDEOHFLPLHQWRGHORVSDU£PHWURVDORVDMXVWHV
SUHGHWHUPLQDGRVGHOXVXDULRVLHVW£QDOPDFHQDGRVHQFDVR
FRQWUDULRUHVWDEOHFLPLHQWRGHORVDMXVWHVSUHGHWHUPLQDGRVGH
I£EULFD
'HVSX«VGHDMXVWDUHOSDU£PHWUR3HOFRQYHUWLGRUPXHVWUD\GHVSX«VVH
PXHVWUDHQSDQWDOOD33\3VHUHVWDEOHFHQDXWRP£WLFDPHQWHDVXYDORU
RULJLQDO
&RQYHUWLGRU6,1$0,&69
,QVWUXFFLRQHVGHVHUYLFLR$(
3XHVWDHQPDUFKD
5HVWDXUDFLµQGHORVDMXVWHVSUHGHWHUPLQDGRV
&RQYHUWLGRU6,1$0,&69
,QVWUXFFLRQHVGHVHUYLFLR$(
&RPXQLFDFLµQFRQHO3/&
6,1$0,&69DGPLWHODFRPXQLFDFLµQFRQ3/&GH6LHPHQVDWUDY«VGH866SRU56
3XHGHSDUDPHWUL]DUVLODLQWHUID]56DSOLFDU£HOSURWRFROR866R02'%86578866HV
HODMXVWHSUHGHWHUPLQDGRGHOEXV6HUHFRPLHQGDXQFDEOHGHSDUWUHQ]DGRDSDQWDOODGRSDUD
ODFRPXQLFDFLµQ56
$VHJ¼UHVHGHWHUPLQDUHOEXVFRUUHFWDPHQWHLQVWDODQGRXQDUHVLVWHQFLDWHUPLQDGRUDGHEXV
5HQWUHORVERUQHVGHOEXV31GHOGLVSRVLWLYRHQXQH[WUHPRGHOEXV\XQDUHG
WHUPLQDGRUDHQWUHORVERUQHVGHOEXVGHOGLVSRVLWLYRHQHORWURH[WUHPRGHOEXV/DUHG
WHUPLQDGRUDGHEHVHUXQDUHVLVWHQFLDGHNGH9D3GH5GH3D1\GH
5GH1D96XGLVWULEXLGRUGH6LHPHQVGLVSRQHGHXQDUHGWHUPLQDGRUDDGHFXDGD
3/&
(VFODYR
(VFODYR
9
9
0V P+ N-
0V
$SDQWDOODGR
0V P+ N-
$SDQWDOODGR
(VFODYR
5HGWHUPLQDGRUD
56
5HVLVWHQFLDWHUPLQDGRUD
56
0DHVWUR
$SDQWDOODGR
9
10 V P + N - 0 V
N˖ ˖ ˖
&RPXQLFDFLµQ866
5HVXPHQ
8Q3/&PDHVWURSXHGHFRQHFWDUXQP£[LPRGHFRQYHUWLGRUHVHVFODYRVPHGLDQWHXQD
LQWHUID]VHULH\FRQWURODUORVFRQHOSURWRFRORGHEXVVHULH8668QHVFODYRQRSRGU£
WUDQVPLWLUVLDQWHVQRORLQLFLDHOPDHVWURGHPRGRTXHQRHVSRVLEOHODWUDQVIHUHQFLDGLUHFWD
GHLQIRUPDFLµQHQWUHORVGLIHUHQWHVHVFODYRV
Intercambio de datos:
3DODEUDGHPDQGR
&RQVLJQDSULQFLSDO
9
3/&
3DODEUDGHHVWDGR
9DORUUHDOSULQFLSDO
&RQYHUWLGRU6,1$0,&69
,QVWUXFFLRQHVGHVHUYLFLR$(
&RPXQLFDFLµQFRQHO3/&
&RPXQLFDFLµQ866
/RVPHQVDMHVVHHQY¯DQVLHPSUHHQHOIRUPDWRVLJXLHQWHFRPXQLFDFLµQVHPLG¼SOH[
STX
STX 6LJXLHQWHPHQVDMH
LGE ADR 1. …… n. BCC
GHPDHVWUR
(QY¯RGHPDHVWUR
5HWDUGRLQLFLDO
n. BCC
(QY¯RGHHVFODYR
7LHPSRGHUHWDUGR
5HWDUGRLQLFLDO
GHUHVSXHVWD STX LGE ADR 1. …… n. BCC
ELW
LQLFLR
ELW
3SDU
ELWVGHGDWRV
ELW
SDUDGD
Ⴠ 7LHPSRGHUHWDUGRGHUHVSXHVWDPV
Ⴠ 7LHPSRGHUHWDUGRGHLQLFLR'HSHQGHGHODYHORFLGDGGHWUDQVIHUHQFLDWLHPSRGH
IXQFLRQDPLHQWRP¯QLPRSDUDXQDFDGHQDGHFDUDFWHUHVGHDPV
Ⴠ 6HFXHQFLDGHWUDQVIHUHQFLDGHPHQVDMHV
ದ (OPDHVWURFRQVXOWDDOHVFODYRHOHVFODYRUHVSRQGH
ದ (OPDHVWURFRQVXOWDDOHVFODYRHOHVFODYRUHVSRQGH
Ⴠ &DUDFWHUHVGHWUDPDILMDTXHQRSXHGHQDOWHUDUVH
ದ ELWVGHGDWRV
ದ ELWGHSDULGDGSDU
ದ ELWGHSDUDGD
$EUHYLDWXUD
6LJQLILFDGR
/RQJLWXG
([SOLFDFLµQ
67;
/*(
$'5
,QLFLRGHWH[WR
/RQJLWXGGHWHOHJUDPD
'LUHFFLµQ
&DUDFWHUHV$6&,,
E\WH
E\WH
KH[
&RQWLHQHODORQJLWXGGHOWHOHJUDPD
&RQWLHQHODGLUHFFLµQGHOHVFODYR\HO
WLSRGHWHOHJUDPDFRGLILFDFLµQ
ELQDULD
Q
&DUDFWHUHVQHWRV
&DGDE\WH
%&&
&DU£FWHUGH
E\WH
FRPSUREDFLµQGHEORTXH
(OFRQWHQLGRGHGDWRVQHWRVGHSHQGH
GHODVROLFLWXG
&DUDFWHUHVGHVHJXULGDGGHGDWRV
,'GHVROLFLWXG\UHVSXHVWD
/RV,'GHVROLFLWXG\UHVSXHVWDVHHVFULEHQHQORVELWVGHODOGHODSDUWH3.:YDORUGH
,'GHSDU£PHWURGHOWHOHJUDPD866
,'GHVROLFLWXGPDHVWURൺHVFODYR
,'GHVROLFLWXG
'HVFULSFLµQ
,'GHUHVSXHVWD
3RVLWLYR
1HJDWLYR
6LQVROLFLWXG
6ROLFLWDUYDORUGHSDU£PHWUR
0RGLILFDUYDORUGHSDU£PHWURSDODEUD
0RGLILFDUYDORUGHSDU£PHWURSDODEUDGREOH
6ROLFLWDUHOHPHQWRGHVFULSWLYR
6ROLFLWDUYDORUGHSDU£PHWURPDWUL]
&RQYHUWLGRU6,1$0,&69
,QVWUXFFLRQHVGHVHUYLFLR$(
&RPXQLFDFLµQFRQHO3/&
&RPXQLFDFLµQ866
,'GHVROLFLWXG
'HVFULSFLµQ
,'GHUHVSXHVWD
3RVLWLYR
1HJDWLYR
0RGLILFDUYDORUGHSDU£PHWURPDWUL]SDODEUD
0RGLILFDUYDORUGHSDU£PHWURPDWUL]SDODEUDGREOH
6ROLFLWDUQ¼PHURGHHOHPHQWRVGHPDWUL]
0RGLILFDUYDORUGHSDU£PHWURPDWUL]SDODEUDGREOH\
DOPDFHQDUORHQOD((3520
0RGLILFDUYDORUGHSDU£PHWURPDWUL]SDODEUD\DOPDFHQDUORHQ
OD((3520
0RGLILFDUYDORUGHSDU£PHWURSDODEUDGREOH\DOPDFHQDUORHQOD
((3520
0RGLILFDUYDORUGHSDU£PHWURSDODEUD\DOPDFHQDUORHQOD
((3520
,'GHUHVSXHVWDHVFODYRൺPDHVWUR
,'GHUHVSXHVWD 'HVFULSFLµQ
6LQUHVSXHVWD
7UDQVIHULUYDORUGHSDU£PHWURSDODEUD
7UDQVIHULUYDORUGHSDU£PHWURSDODEUDGREOH
7UDQVIHULUHOHPHQWRGHVFULSWLYR
7UDQVIHULUYDORUGHSDU£PHWURPDWUL]SDODEUD
7UDQVIHULUYDORUGHSDU£PHWURPDWUL]SDODEUDGREOH
7UDQVIHULUQ¼PHURGHHOHPHQWRVGHPDWUL]
1RSXHGHSURFHVDUVHODVROLFLWXGQRSXHGHHMHFXWDUVHODWDUHDFRQQ¼PHURGHHUURU
1RVHWLHQHQGHUHFKRVSDUDFDPELDUSDU£PHWURVHOHVWDGRGHOFRQWURODGRUPDHVWURGHODLQWHUID]3.:
1¼PHURVGHHUURUHQHO,'GHUHVSXHVWDQRVHSXHGHSURFHVDUODVROLFLWXG
1|
'HVFULSFLµQ
318LOHJDOQ¼PHURGHSDU£PHWURLOHJDOQ¼PHURGHSDU£PHWURQRGLVSRQLEOH
(OYDORUGHOSDU£PHWURQRSXHGHFDPELDUVHHOSDU£PHWURHVGHVROROHFWXUD
,QIUDFFLµQGHOO¯PLWHP¯QLPRRP£[LPRO¯PLWHVXSHUDGR
6XE¯QGLFHLQFRUUHFWR
6LQPDWUL]
7LSRGHSDU£PHWURRWLSRGHGDWRVLQFRUUHFWR
$MXVWHQRSHUPLWLGRHOYDORUGHOSDU£PHWURVRORSXHGHUHVWDEOHFHUVHDFHUR
(OHOHPHQWRGHVFULSWLYRQRSXHGHPRGLILFDUVH\VRORSXHGHOHHUVH
'DWRVGHVFULSWLYRVQRGLVSRQLEOHV
*UXSRGHDFFHVRLQFRUUHFWR
1RVHWLHQHQGHUHFKRVSDUDFDPELDUSDU£PHWURV9«DVHHOSDU£PHWUR36HGHEHWHQHUXQHVWDGRGH
FRQWUROPDHVWUR
&RQWUDVH³DLQFRUUHFWD
(OHVWDGRRSHUDWLYRDFWXDOGHOFRQYHUWLGRUQRSHUPLWHSURFHVDUODVROLFLWXG
2WURVHUURUHV
9DORULOHJDO/DVROLFLWXGGHFDPELRGHXQYDORUHVW£GHQWURGHORVO¯PLWHVSHURQRVHSHUPLWHSRURWURVPRWLYRV
SDU£PHWURFRQYDORUHV¼QLFRVGHILQLGRV
&RQYHUWLGRU6,1$0,&69
,QVWUXFFLRQHVGHVHUYLFLR$(
&RPXQLFDFLµQFRQHO3/&
&RPXQLFDFLµQ866
1|
'HVFULSFLµQ
(OSDU£PHWURHVW£GHVDFWLYDGRDFWXDOPHQWHHOSDU£PHWURQRWLHQHIXQFLµQHQHOHVWDGRDFWXDOGHOFRQYHUWLGRU
/DDQFKXUDGHOFDQDOGHFRPXQLFDFLRQHVHVLQVXILFLHQWHSDUDODUHVSXHVWDGHSHQGHGHOQ¼PHURGH3.:\OD
ORQJLWXGGHGDWRVQHWRVP£[LPDGHOFRQYHUWLGRU
9DORUGHSDU£PHWURLOHJDO
(OSDU£PHWURHVW£LQGH[DGR
/DVROLFLWXGQRHVW£LQFOXLGDODWDUHDQRHVFRPSDWLEOH
7LHPSRH[FHGLGRGHDFFHVRDODVROLFLWXGGH3.:VHKDVXSHUDGRHOQXPHURGHUHLQWHQWRVDODHVSHUDGH
UHVSXHVWDGHOD&38
(OYDORUGHOSDU£PHWURQRSXHGHFDPELDUVHHOSDU£PHWURHVW£EORTXHDGR
6HKDQVXSHUDGRORVO¯PLWHVP£[LPR\P¯QLPRPRGLILFDGRV
1RKD\YLVXDOL]DFLµQHQHO%23
/DDXWRUL]DFLµQGHDFFHVRGLVSRQLEOHQRFXEUHFDPELRVHQORVSDU£PHWURV
/RVHOHPHQWRVGHODPDWUL]GLILHUHQ
$MXVWHVE£VLFRVGHOFRQYHUWLGRU
3DU£PHWUR
)XQFLµQ
3
3DU£PHWURGHSXHVWDHQPDUFKD
3
5HVWDEOHFLPLHQWRGHORVDMXVWHVGH
I£EULFD
&RQILJXUDFLµQ
5HVWDEOHFHORVDMXVWHVGHI£EULFD
$MXVWHVSRVLEOHV
5HVWDEOHFHWRGRVORVSDU£PHWURVQRORVDMXVWHV
SUHGHWHUPLQDGRVGHOXVXDULRDVXVYDORUHVSUHGHWHUPLQDGRV
5HVWDEOHFHWRGRVORVSDU£PHWURV\WRGRVORVDMXVWHV
SUHGHWHUPLQDGRVGHOXVXDULRDORVDMXVWHVGHI£EULFD
1RWD/RVSDU£PHWURV33\3FRQVHUYDQVXV
YDORUHVWUDVXQUHVWDEOHFLPLHQWRGHORVDMXVWHVGHI£EULFD
3
1LYHOGHDFFHVRGHXVXDULR
3
6HOHFFLµQGHODIXHQWHGHVH³DOHVGH
PDQGR
86602'%86SRU56
3
6HOHFFLµQGHFRQVLJQDGHIUHFXHQFLD
$MXVWHVSUHGHWHUPLQDGRVGHI£EULFDSDQHOGHPDQGR
866SRU56
$MXVWHVSUHGHWHUPLQDGRVGHI£EULFDFRQVLJQD023
3
6HOHFFLµQGHSURWRFROR56
866DMXVWHSUHGHWHUPLQDGRGHI£EULFD
1RWD'HVSX«VGHFDPELDU3GHVFRQHFWH\UHFRQHFWHHO
FRQYHUWLGRU'XUDQWHHVWHFLFORGHGHVFRQH[LµQ\UHFRQH[LµQ
HVSHUHDTXHVHKD\DDSDJDGRHO/('RODSDQWDOODVHKD\D
TXHGDGRHQEODQFRSXHGHWDUGDUXQRVVHJXQGRVDQWHVGHYROYHU
DFRQHFWDUODDOLPHQWDFLµQ6L3VHKDFDPELDGRDWUDY«VGH
XQ3/&DVHJ¼UHVHGHTXHVHKD\DJXDUGDGRHOFDPELRHQOD
((3520PHGLDQWH3
3>@
9HORFLGDGWUDQVPLVLµQ86602'%86
$MXVWHVSRVLEOHV
ESV
ESV
ESVYDORUSUHGHWHUPLQDGRGHI£EULFD
ESV
&RQYHUWLGRU6,1$0,&69
,QVWUXFFLRQHVGHVHUYLFLR$(
&RPXQLFDFLµQFRQHO3/&
&RPXQLFDFLµQ02'%86
3DU£PHWUR
)XQFLµQ
&RQILJXUDFLµQ
3>@
'LUHFFLµQ866
(VWDEOHFHODGLUHFFLµQH[FOXVLYDGHOFRQYHUWLGRU
3>@
/RQJLWXGGH3='HQ866GDWRVGH
SURFHVR
'HILQHHOQ¼PHURGHSDODEUDVGHELWVHQODSDUWH3='GHO
WHOHJUDPD866
3>@
/RQJLWXGGH3.:HQ866YDORUGH,'
GHSDU£PHWUR
'HILQHHOQ¼PHURGHSDODEUDVGHELWVHQODSDUWH3.:GHO
WHOHJUDPD866
5DQJR'HDDMXVWHSUHGHWHUPLQDGRGHI£EULFD
5DQJR'HDDMXVWHSUHGHWHUPLQDGRGHI£EULFD
$MXVWHVSRVLEOHV
RSDODEUDV
/RQJLWXGYDULDEOHDMXVWHSUHGHWHUPLQDGRGHI£EULFD
3>@
7LHPSRGHLQWHUUXSFLµQGHWHOHJUDPD
86602'%86>PV@
6LHOWLHPSRHVW£HVWDEOHFLGRHQQRVHJHQHUDQIDOORVHVGHFLU
VHGHVKDELOLWDODYLJLODQFLD
U>@
(VWDG¯VWLFDVGHHUURUHVGH
86602'%86
6HQRWLILFDHOHVWDGRGHODLQIRUPDFLµQGHOWHOHJUDPDSRU56
FRQLQGHSHQGHQFLDGHOSURWRFRORHVWDEOHFLGRHQ3
U>@
U>@ &23='GH86602'%86SRU56 6HPXHVWUDQORVGDWRVGHSURFHVRUHFLELGRVPHGLDQWH
86602'%86SRU56
3> &,3='D86602'%86SRU56
@
6HPXHVWUDQORVGDWRVGHSURFHVRWUDQVPLWLGRVPHGLDQWH
86602'%86SRU56
&RPXQLFDFLµQ02'%86
5HVXPHQ
(Q02'%86VRORHOPDHVWURSXHGHLQLFLDUODFRPXQLFDFLµQ\HOHVFODYRUHVSRQGHU£+D\
GRVIRUPDVGHHQYLDUXQPHQVDMHDXQHVFODYR8QDHVHOPRGRGHGLIXVLµQ¼QLFD
GLUHFFLRQHVGHDHQHOTXHHOPDHVWURVHGLULJHDOHVFODYRGLUHFWDPHQWHODRWUDHVHO
PRGRGHGLIXVLµQJHQHUDOGLUHFFLµQHQHOTXHHOPDHVWURVHGLULJHDWRGRVORVHVFODYRV
&XDQGRXQHVFODYRUHFLEHXQPHQVDMHGHVWLQDGRD«OHOFµGLJRGHIXQFLµQOHLQGLFDTX«
KDFHU3DUDODWDUHDGHILQLGDPHGLDQWHHOFµGLJRGHIXQFLµQHOHVFODYRSXHGHUHFLELUFLHUWRV
GDWRV$GHP£VSDUDODFRPSUREDFLµQGHHUURUHVWDPEL«QVHLQFOX\HXQFµGLJR&5&
7UDVUHFLELU\SURFHVDUXQPHQVDMHGHGLIXVLµQ¼QLFDHOHVFODYR02'%86HQYLDU£XQD
UHVSXHVWDSHURVRORVLQRVHKDGHWHFWDGRQLQJ¼QHUURUHQHOPHQVDMHUHFLELGR6LVH
SURGXFHXQHUURUGHSURFHVRHOHVFODYRUHVSRQGHU£FRQXQPHQVDMHGHHUURU/RVVLJXLHQWHV
FDUDFWHUHVGHWUDPDILMDGHXQPHQVDMHQRSXHGHQDOWHUDUVHELWVGHGDWRVELWGHSDULGDG
SDU\ELWGHSDUDGD
8QLGDGGHGDWRVGHDSOLFDFLµQ
3DXVDLQLFLDO
! 7LHPSRGH
HMHFXFLµQGH
FDUDFWHUHV
'LUHFFLµQ
HVFODYR
E\WH
8QLGDGGHGDWRVGHSURWRFROR
&µGLJRGH
IXQFLµQ
'DWRV
E\WH
E\WHV
3DXVDILQDO
&5&
E\WHV
&5&EDMD &5&DOWD
! 7LHPSRGH
HMHFXFLµQGH
FDUDFWHUHV
&RQYHUWLGRU6,1$0,&69
,QVWUXFFLRQHVGHVHUYLFLR$(
&RPXQLFDFLµQFRQHO3/&
&RPXQLFDFLµQ02'%86
&µGLJRVGHIXQFLµQDGPLWLGRV
6,1$0,&69VRORDGPLWHWUHVFµGLJRVGHIXQFLµQ6LVHUHFLEHXQDVROLFLWXGFRQXQFµGLJR
GHIXQFLµQGHVFRQRFLGRVHGHYROYHU£XQPHQVDMHGHHUURU
)&/HHUUHJLVWURVGHUHWHQFLµQ
&XDQGRVHUHFLEHXQPHQVDMHFRQHO)& [VHHVSHUDQE\WHVGHGDWRVHVGHFLU
)&WLHQHE\WHVGHGDWRV
Ⴠ E\WHVSDUDODGLUHFFLµQGHLQLFLR
Ⴠ E\WHVSDUDHOQ¼PHURGHUHJLVWURV
%\WH
%\WH
%\WH
'LUHFFLµQ )&[ 'LUHFFLµQGH
LQLFLRE\WHP£V
VLJQLILFDWLYR
%\WH
%\WH
%\WH
%\WH %\WH
'LUHFFLµQGHLQLFLR
E\WHPHQRV
VLJQLILFDWLYR
1¼PHURGH
1¼PHURGHUHJLVWURV
UHJLVWURVE\WHP£V E\WHPHQRV
VLJQLILFDWLYR
VLJQLILFDWLYR
&5&
&5&
)&(VFULELUHQXQUHJLVWUR
&XDQGRVHUHFLEHXQPHQVDMHFRQHO)& [VHHVSHUDQE\WHVGHGDWRVHVGHFLU
)&WLHQHE\WHVGHGDWRV
Ⴠ E\WHVSDUDODGLUHFFLµQGHUHJLVWUR
Ⴠ E\WHVSDUDHOYDORUGHUHJLVWUR
%\WH
%\WH %\WH
'LUHFFLµQ )&
[
%\WH
'LUHFFLµQGH
'LUHFFLµQGHLQLFLR
LQLFLRE\WHP£V E\WHPHQRV
VLJQLILFDWLYR
VLJQLILFDWLYR
%\WH
%\WH
%\WH
9DORUGHOUHJLVWUR
QXHYRE\WHP£V
VLJQLILFDWLYR
9DORUGHOUHJLVWUR
&5&
QXHYRE\WHPHQRV
VLJQLILFDWLYR
%\WH
&5&
)&(VFULELUHQYDULRVUHJLVWURV
&XDQGRVHUHFLEHXQPHQVDMHFRQHO)& [VHHVSHUDQ1E\WHVGHGDWRVHVGHFLU
)&WLHQH1E\WHVGHGDWRV
Ⴠ E\WHVSDUDODGLUHFFLµQGHLQLFLR
Ⴠ E\WHVSDUDHOQ¼PHURGHUHJLVWURV
Ⴠ E\WHSDUDHOUHFXHQWRGHE\WHV
Ⴠ 1E\WHVSDUDORVYDORUHVGHUHJLVWUR
%\WH
%\WH
'LUHFFL
µQ
)&[ 'LUHFFLµQ
GHLQLFLR
E\WHP£V
VLJQLILFDWLY
R
%\WH
%\WH
%\WH
%\WH
%\WH
%\WHQ
'LUHFFLµQ
GHLQLFLR
E\WH
PHQRV
VLJQLILFDWLY
R
1¼PHUR
GH
UHJLVWURV
E\WH
P£V
VLJQLILFDWL
YR
1¼PHUR 1¼PHUR 9DORUQ|1
GH
GHE\WHV E\WHP£V
UHJLVWURV
VLJQLILFDWLY
E\WH
R
PHQRV
VLJQLILFDWL
YR
%\WHQ
%\WH %\WH
Q
Q
9DORUQ|1 &5&
E\WH
PHQRV
VLJQLILFDWLY
R
&5&
&RQYHUWLGRU6,1$0,&69
,QVWUXFFLRQHVGHVHUYLFLR$(
&RPXQLFDFLµQFRQHO3/&
&RPXQLFDFLµQ02'%86
5HVSXHVWDVGHH[FHSFLµQ
6LVHGHWHFWDXQHUURUPHGLDQWHHOSURFHVRGH02'%86HOHVFODYRUHVSRQGHU£FRQHO
FµGLJRGHIXQFLµQ)&GHODVROLFLWXGSHURFRQHOELWP£VVLJQLILFDWLYRGHO)&DOWR\FRQHO
FµGLJRGHH[FHSFLµQHQHOFDPSRGHGDWRV6LQHPEDUJRFXDOTXLHUHUURUGHWHFWDGRHQOD
GLUHFFLµQJOREDOQRGDU£FRPRUHVXOWDGRXQDUHVSXHVWDSXHVWRTXHQRWRGRVORVHVFODYRV
SXHGHQUHVSRQGHUDOPLVPRWLHPSR
6LVHGHWHFWDXQHUURUHQHOPHQVDMHUHFLELGRSRUHMHPSORXQHUURUGHSDULGDGXQ&5&
LQFRUUHFWRHWF12VHHQYLDU£QLQJXQDUHVSXHVWDDOPDHVWUR
7HQJDHQFXHQWDTXHVLVHUHFLEHXQDVROLFLWXGFRQ)&TXHFRQWLHQHXQDRSHUDFLµQGH
HVFULWXUDTXHHOFRQYHUWLGRUQRSXHGHUHDOL]DULQFOXLGDODHVFULWXUDHQXQDHQWUDGDFHURODV
RWUDVRSHUDFLRQHVGHHVFULWXUDY£OLGDVVHUHDOL]DU£QDXQTXHVHKD\DGHYXHOWRXQDUHVSXHVWD
GHH[FHSFLµQ
6,1$0,&69DGPLWHORVVLJXLHQWHVFµGLJRVGHH[FHSFLµQ02'%86
&µGLJRGH
H[FHSFLµQ
1RPEUHGH02'%86
6LJQLILFDGR
&µGLJRGHIXQFLµQLOHJDO
1RVHDGPLWHHOFµGLJRGHIXQFLµQVRORVH
DGPLWHQORVFµGLJRVGHIXQFLµQ)&)&\)&
'LUHFFLµQGHGDWRVLOHJDO
6HKDFRQVXOWDGRXQDGLUHFFLµQQRY£OLGD
9DORUGHGDWRVLOHJDO
6HKDUHFRQRFLGRXQYDORUGHGDWRVQRY£OLGR
)DOORGHGLVSRVLWLYRHVFODYR 6HKDSURGXFLGRXQHUURULUUHFXSHUDEOHPLHQWUDVHO
GLVSRVLWLYRSURFHVDEDODDFFLµQ
(QODWDEODVLJXLHQWHVHPXHVWUDQORVFDVRVHQORVTXHVHGHYXHOYHXQFµGLJRGHH[FHSFLµQ
'HVFULSFLµQGHOHUURU
&µGLJRGHH[FHSFLµQ
&µGLJRGHIXQFLµQGHVFRQRFLGR
/HFWXUDGHUHJLVWURVTXHHVW£QIXHUDGHORVO¯PLWHV
(VFULWXUDGHUHJLVWURVTXHHVW£QIXHUDGHORVO¯PLWHV
6ROLFLWXGGHOHFWXUDGHGHPDVLDGRVUHJLVWURV!
6ROLFLWXGGHHVFULWXUDGHGHPDVLDGRVUHJLVWURV!
/RQJLWXGGHPHQVDMHLQFRUUHFWD
(VFULWXUDHQXQUHJLVWURGHVROROHFWXUD
(UURUHQHODFFHVRDORVSDU£PHWURVDOHVFULELUHQXQUHJLVWUR
(UURUHQHOJHVWRUGHSDU£PHWURVDOOHHUHQXQUHJLVWUR
(VFULWXUDHQXQDHQWUDGDFHUR
(UURUGHVFRQRFLGR
&RQYHUWLGRU6,1$0,&69
,QVWUXFFLRQHVGHVHUYLFLR$(
&RPXQLFDFLµQFRQHO3/&
&RPXQLFDFLµQ02'%86
$MXVWHVE£VLFRVGHOFRQYHUWLGRU
3DU£PHWUR
)XQFLµQ
3
3DU£PHWURGHSXHVWDHQPDUFKD
3
5HVWDEOHFLPLHQWRGHORVDMXVWHVGH
I£EULFD
&RQILJXUDFLµQ
5HVWDEOHFHORVDMXVWHVGHI£EULFD
$MXVWHVSRVLEOHV
5HVWDEOHFHWRGRVORVSDU£PHWURVQRORVDMXVWHV
SUHGHWHUPLQDGRVGHOXVXDULRDVXVYDORUHV
SUHGHWHUPLQDGRV
5HVWDEOHFHWRGRVORVSDU£PHWURV\WRGRVORVDMXVWHV
SUHGHWHUPLQDGRVGHOXVXDULRDORVDMXVWHVGHI£EULFD
1RWD/RVSDU£PHWURV33\3FRQVHUYDQ
VXVYDORUHVWUDVXQUHVWDEOHFLPLHQWRGHORVDMXVWHVGH
I£EULFD
3
1LYHOGHDFFHVRGHXVXDULR
3
6HOHFFLµQGHODIXHQWHGHVH³DOHVGH
PDQGR
$MXVWHVSUHGHWHUPLQDGRVGHI£EULFDSDQHOGHPDQGR
9HORFLGDGWUDQVPLVLµQ86602'%86
$MXVWHVSRVLEOHV
3>@
86602'%86SRU56
ESV
ESV
ESVYDORUSUHGHWHUPLQDGRGHI£EULFD
ESV
3>@
7LHPSRGHLQWHUUXSFLµQGHWHOHJUDPD
86602'%86>PV@
6LHOWLHPSRHVW£HVWDEOHFLGRHQQRVHJHQHUDQIDOORVHV
GHFLUVHGHVKDELOLWDODYLJLODQFLD
3
'LUHFFLµQ0RGEXV
(VWDEOHFHODGLUHFFLµQH[FOXVLYDGHOFRQYHUWLGRU
5DQJR'HDDMXVWHSUHGHWHUPLQDGRGHI£EULFD
3
7LHPSRH[FHGLGRGHUHVSXHVWDGH
0RGEXV>PV@
3
6HOHFFLµQGHSURWRFROR56
5DQJR'HDDMXVWHSUHGHWHUPLQDGRGHI£EULFD
0RGEXV
$MXVWHVSUHGHWHUPLQDGRVGHI£EULFD866
1RWD'HVSX«VGHFDPELDU3GHVFRQHFWH\UHFRQHFWH
HOFRQYHUWLGRU'XUDQWHHVWHFLFORGHGHVFRQH[LµQ\
UHFRQH[LµQHVSHUHDTXHVHKD\DDSDJDGRHO/('ROD
SDQWDOODVHKD\DTXHGDGRHQEODQFRSXHGHWDUGDUXQRV
VHJXQGRVDQWHVGHYROYHUDFRQHFWDUODDOLPHQWDFLµQ6L
3VHKDFDPELDGRDWUDY«VGHXQ3/&DVHJ¼UHVHGH
TXHVHKD\DJXDUGDGRHOFDPELRHQOD((3520PHGLDQWH
3
U>@
(VWDG¯VWLFDVGHHUURUHVGH
86602'%86
U>@
6HQRWLILFDHOHVWDGRGHODLQIRUPDFLµQGHOWHOHJUDPDSRU
56FRQLQGHSHQGHQFLDGHOSURWRFRORHVWDEOHFLGRHQ
3
U>@
&23='GH86602'%86SRU56 6HPXHVWUDQORVGDWRVGHSURFHVRUHFLELGRVPHGLDQWH
86602'%86SRU56
3>@
&,3='D86602'%86SRU56
6HPXHVWUDQORVGDWRVGHSURFHVRWUDQVPLWLGRVPHGLDQWH
86602'%86SRU56
&RQYHUWLGRU6,1$0,&69
,QVWUXFFLRQHVGHVHUYLFLR$(
&RPXQLFDFLµQFRQHO3/&
&RPXQLFDFLµQ02'%86
7DEODGHFRUUHVSRQGHQFLDV
(OFRQYHUWLGRU6,1$0,&69DGPLWHGRVMXHJRVGHUHJLVWURVGHD\GH
DFRPRVHPXHVWUDHQODWDEODVLJXLHQWH5:5:HQODFROXPQD$FFHVR
LQGLFDQOHFWXUDHVFULWXUD\OHFWXUDHVFULWXUD
1|GHUHJLVWUR
'HVFULSFLµQ
$FFH 8QLG
VR
DG
)DFWRUGH 7H[WRGHUDQJRX
HVFDODGR 2Q2II
/HFWXUD
(VFULWXUD
+6:
67:
67:
67:
67:
3
U
3
3
+6:
67:
67:
67:
67:
3
%,&23
3
3
&RQYHUWLGRU 02'%86
:'2*7,0(
:'2*$&7,21
)5(45()
581(1$%/(
&0'):'5(9
&0'67$57
)$8/7$&.
3,'6(735()
(1$%/(3,'
&855(17/07
$&&(/7,0(
5:
5:
5:
5:
5:
5:
5:
5:
5:
5:
5:
PV
V
'(&(/7,0(
5HVHUYDGR
5: V
3
3
',*,7$/287
',*,7$/287
5())5(4
3,'83/07
3,'/2/07
3*$,1
5:
5:
5:
5:
5:
5:
+,*+
/2:
+,*+
/2:
U
U
3
3
3
3
%,&23
%,&23
3
3
3
3
,*$,1
'*$,1
5: V
5: 3
3
3
3
)(('%.*$,1
/2:3$66
)5(4287387
63(('
&855(17
72548(
$&78$/3:5
727$/.:+
'&%8692/76
5()(5(1&(
5$7('3:5
28738792/76
):'5(9
6723581
$70$;)5(4
5:
5:
5
5
5
5
5
5
5
5
5
5
5
5
5
+]
530
$
1P
N:
N:K
9
+]
N:
9
):'
5(9
6723
581
0$;
12
3
3
U
U
U
U
U
U
U
U
U
U
=6:
=6:
=6:
3
3
U
U
U
U
U
U
U
U
U
U
=6:
=6:
=6:
&21752/02'(
(1$%/('
5($'<72581
5
5
5
6(5,$/ /2&$/
21
2))
5($'< 2))
=6:
=6:
=6:
=6:
=6:
=6:
+]
&RQYHUWLGRU6,1$0,&69
,QVWUXFFLRQHVGHVHUYLFLR$(
&RPXQLFDFLµQFRQHO3/&
&RPXQLFDFLµQ02'%86
1|GHUHJLVWUR
'HVFULSFLµQ
$FFH 8QLG
VR
DG
)DFWRUGH 7H[WRGHUDQJRX
HVFDODGR 2Q2II
/HFWXUD
(VFULWXUD
&RQYHUWLGRU 02'%86
$1$/2*,1
$1$/2*,1
$1$/2*287
)5(4$&78$/
5
5
5
5
U>@
U>@
U>@
+,:
U>@
U>@
U>@
+,:
3,'6(73287
3,'287387
3,')(('%$&.
',*,7$/,1
',*,7$/,1
',*,7$/,1
',*,7$/,1
)$8/7
/$67)$8/7
)$8/7
)$8/7
)$8/7
:$51,1*
/$67:$51,1*
5
5
5
5
5
5
5
5
5
5
5
5
5
5
+,*+
/2:
+,*+
/2:
+,*+
/2:
+,*+
/2:
)$8/7 2))
:$51 2.
U
U
U
U
U
U
U
=6:
U>@
U>@
U>@
U>@
=6:
U
U
U
U
U
U
U
U
=6:
U>@
U>@
U>@
U>@
=6:
U
,19(57(59(5
'5,9(02'(/
67:
+6:
=6:
+,:
',*,7$/287
',*,7$/287
5
5
5:
5:
5
5
5:
5:
+,*+
/2:
+,*+
/2:
U
U
3='
3='
3='
3='
U
U
U
U
3='
3='
3='
3='
%,&23
%,&23
$1$/2*287
',*,7$/,1
',*,7$/,1
',*,7$/,1
',*,7$/,1
$1$/2*,1
$1$/2*,1
,19(57(502'(/
5
5
5
5
5
5
5
5
+,*+
/2:
+,*+
/2:
+,*+
/2:
+,*+
/2:
U>@
U
U
U
U
U>@
U>@
U
U>@
U
U
U
U
U>@
U>@
U
,19(57(59(5
5$7('3:5
&855(17/07
$&&(/7,0(
'(&(/7,0(
5())5(4
5()(5(1&(
63(('
)5(4287387
28738792/76
5
5
5:
5:
5:
5:
5
5
5
5
N:
V
V
+]
+]
530
+]
9
U
U
3
3
3
3
U
U
U
U
U
U
3
3
3
3
U
U
U
U
&RQYHUWLGRU6,1$0,&69
,QVWUXFFLRQHVGHVHUYLFLR$(
&RPXQLFDFLµQFRQHO3/&
&RPXQLFDFLµQ02'%86
1|GHUHJLVWUR
'HVFULSFLµQ
$FFH 8QLG
VR
DG
)DFWRUGH 7H[WRGHUDQJRX
HVFDODGR 2Q2II
/HFWXUD
(VFULWXUD
&RQYHUWLGRU 02'%86
'&%8692/76
&855(17
72548(
$&78$/3:5
5
5
5
5
9
$
1P
N:
U
U
U
U
U
U
U
U
727$/.:+
+$1'$872
)$8/7
)$8/7
)$8/7
)$8/7
)$8/7
)$8/7
)$8/7
)$8/7
:$51,1*
350(5525&2'(
(1$%/(3,'
3,'6(735()
5
5
5
5
5
5
5
5
5
5
5
5
5:
5:
N:K
+$1'
$872
U
U
U>@
U>@
U>@
U>@
U>@
U>@
U>@
U>@
U>@
U
3
U
U
U>@
U>@
U>@
U>@
U>@
U>@
U>@
U>@
U>@
%,&23
3
/2:3$66
)(('%.*$,1
3*$,1
,*$,1
'*$,1
3,'83/07
3,'/2/07
3,'6(73287
5:
5:
5:
5:
5:
5:
5:
5
V
3
3
3
3
3
3
3
U
3
3
3
3
3
3
3
U
3,)(('%$&.
3,'287387
5
5
U
U
U
U
'DWRVGHUHJXODFLµQ
Ⴠ +6:+DXSVROOZHUW&RQVLJQDGHYHORFLGDG
Ⴠ +,:+DXSWLVWZHUW9HORFLGDGUHDO
Ⴠ 67:6WHXHUZRUW3DODEUDGHPDQGR
Ⴠ =6:=XVWDQGVZRUW3DODEUDGHHVWDGR
3DUDREWHQHUP£VLQIRUPDFLµQFRQVXOWHORVSDU£PHWURVU\3HQHOFDS¯WXOR/LVWD
GHSDU£PHWURV3£JLQD
&RQYHUWLGRU6,1$0,&69
,QVWUXFFLRQHVGHVHUYLFLR$(
&RPXQLFDFLµQFRQHO3/&
&RPXQLFDFLµQ02'%86
(VFDODGRGHSDU£PHWURV
'HELGRDORVO¯PLWHVGHORVGDWRVHQWHURVHQHOSURWRFROR02'%86HVQHFHVDULRFRQYHUWLU
ORVSDU£PHWURVGHOFRQYHUWLGRUDQWHVGHWUDQVPLWLUORV(VWRVHUHDOL]DPHGLDQWHHOHVFDODGR
GHIRUPDTXHXQSDU£PHWURTXHWLHQHXQDSRVLFLµQWUDVHOSXQWRGHFLPDOVHPXOWLSOLFDSRUXQ
IDFWRUSDUDGHVKDFHUVHGHODSDUWHIUDFFLRQDULD(OIDFWRUGHHVFDODGRHVHOTXHVHGHILQHHQ
ODWDEODDQWHULRU
3DU£PHWURV%,&2
/DDFWXDOL]DFLµQGHORVSDU£PHWURV%,&2WDPEL«QVHUHDOL]DU£HQHOSURFHVDPLHQWRGH
SDU£PHWURVHQVHJXQGRSODQR'DGDVODVOLPLWDFLRQHVGHOYDORUGHUHJLVWURVRORHVSRVLEOH
HVFULELUXQRXQHQXQSDU£PHWUR%,&2'HHVWHPRGRVHHVWDEOHFHU£XQYDORU
HVW£WLFRGHRSDUDODHQWUDGD%,&26HSHUGHU£ODFRQH[LµQDQWHULRUFRQRWUR
SDU£PHWUR$OOHHUHOSDU£PHWUR%,&2VHGHYROYHU£HOYDORUDFWXDOGHODVDOLGD%,&2
3RUHMHPSOR1¼PHURGHUHJLVWUR02'%866LVHHVFULEHXQYDORUGHRHQHVH
UHJLVWURODHQWUDGD%,&23DGRSWDU£HVW£WLFDPHQWHHVHYDORU/DOHFWXUDGHYROYHU£OD
VDOLGD%,&2TXHVHDOPDFHQDHQU
)DOOR
6HGHEHGLVSDUDUXQIDOOR)VL
Ⴠ (OSDU£PHWUR3WLHPSRGHLQWHUUXSFLµQGHWHOHJUDPD86602'%86QRHVLJXDOD
<
Ⴠ 6HKDQUHFLELGRGDWRVGHSURFHVRGHOPDHVWURGHVGHHODUUDQTXHGHOFRQYHUWLGRU
<
Ⴠ (OWLHPSRHQWUHUHFHSFLRQHVGHGRVWHOHJUDPDVGHGDWRVGHSURFHVRFRQVHFXWLYRVVXSHUD
HOYDORUGH3
&RQYHUWLGRU6,1$0,&69
,QVWUXFFLRQHVGHVHUYLFLR$(
/LVWDGHSDU£PHWURV
,QWURGXFFLµQDORVSDU£PHWURV
1¼PHURGHSDU£PHWUR
/RVQ¼PHURVFRQHOSUHILMRULQGLFDQTXHHOSDU£PHWURHVGHVROROHFWXUD
/RVQ¼PHURVFRQHOSUHILMR3LQGLFDQTXHSXHGHHVFULELUVHHQHOSDU£PHWUR
>LQGH[@LQGLFDTXHHOSDU£PHWURHVXQSDU£PHWURLQGH[DGR\HVSHFLILFDHOUDQJRGH¯QGLFHV
GLVSRQLEOHV6LHO¯QGLFHHV>@\HOVLJQLILFDGRQRFRQVWDY«DVH-XHJRGHGDWRV
LQGLFDTXHHOSDU£PHWURWLHQHYDULRVELWVTXHSXHGHQHYDOXDUVHRFRQHFWDUVHSRU
VHSDUDGR
-XHJRGHGDWRV
1RWD
3DUDYHUSDU£PHWURV&'6''6Y«DVHQGLFHDOILQDOGHHVWHPDQXDO
(QHOFRQYHUWLGRUORVSDU£PHWURVXWLOL]DGRVSDUDGHILQLUODVIXHQWHVGHVH³DOHVGHPDQGR\
ODVFRQVLJQDVVHFRPELQDQHQMMXHJRVGHGDWRVGHVH³DOHVGHPDQGR&'6&RPPDQG'DWD
6HWPLHQWUDVTXHORVSDU£PHWURVSDUDHOFRQWUROGHOD]RDELHUWR\FHUUDGRGHOPRWRUVH
FRPELQDQHQMMXHJRVGHGDWRVGHOFRQYHUWLGRU''6,QYHUWHU'DWD6HW
(OFRQYHUWLGRUSXHGHRSHUDUVHGHVGHIXHQWHVGHVH³DOGLIHUHQWHVFRQPXWDQGRHQWUHMXHJRV
GHGDWRVGHVH³DOHVGHPDQGR&XDQGRVHFRQPXWDHQWUHMXHJRVGHGDWRVGHOFRQYHUWLGRU
HVSRVLEOHFRQPXWDUHQWUHGLIHUHQWHVFRQILJXUDFLRQHVGHOFRQYHUWLGRUWLSRGHUHJXODFLµQ
PRWRU
6RQSRVLEOHVWUHVDMXVWHVLQGHSHQGLHQWHVSDUDFDGDMXHJRGHGDWRV(VWRVDMXVWHVSXHGHQ
UHDOL]DUVHXWLOL]DQGRHO¯QGLFH>@GHOSDU£PHWURHQFXHVWLµQ
QGLFH
&'6
''6
>@
>@
-XHJRGHGDWRVGHVH³DOHVGHPDQGR
-XHJRGHGDWRVGHVH³DOHVGHPDQGR
-XHJRGHGDWRVGHOFRQYHUWLGRU
-XHJRGHGDWRVGHOFRQYHUWLGRU
>@
-XHJRGHGDWRVGHVH³DOHVGHPDQGR
-XHJRGHGDWRVGHOFRQYHUWLGRU
6,1$0,&69SRVHHXQDIXQFLµQGHFRSLDLQWHJUDGDTXHVHXWLOL]DSDUDWUDQVIHULUMXHJRVGH
GDWRV3XHGHXWLOL]DUVHSDUDFRSLDUSDU£PHWURVGH&'6''6FRUUHVSRQGLHQWHVDOD
DSOLFDFLµQHVSHF¯ILFD
&RSLDU&'6
&RSLDU''6
2EVHUYDFLRQHV
3>@
3>@
3>@
3>@
3>@
3>@
-XHJRGHGDWRVTXHGHEHFRSLDUVHRULJHQ
-XHJRGHGDWRVHQHOTXHGHEHQFRSLDUVHORVGDWRVGHVWLQR
,QLFLDUFRSLD
&RSLDFRPSOHWDGD
&RQYHUWLGRU6,1$0,&69
,QVWUXFFLRQHVGHVHUYLFLR$(
/LVWDGHSDU£PHWURV
,QWURGXFFLµQDORVSDU£PHWURV
3RUHMHPSORODFRSLDGHWRGRVORVYDORUHVGH&'6D&'6SXHGHHIHFWXDUVHFRPRVLJXH
(VWDEOH]FD3>@ &RSLDUGH&'6
(VWDEOH]FD3>@ &RSLDUD&'6
(VWDEOH]FD3>@ ,QLFLDUFRSLD
-XHJRGHGDWRVGHVH³DOHVGHPDQGR
/RVMXHJRVGHGDWRVGHVH³DOHVGHPDQGRVHDOWHUQDQXWLOL]DQGRORVSDU£PHWURV%,&2
3\3PLHQWUDVTXHHOMXHJRGHGDWRVGHVH³DOHVGHPDQGRDFWLYRVHPXHVWUDHQ
HOSDU£PHWURU(OFDPELRHVSRVLEOHHQORVHVWDGRV5HDG\\5XQ
3 3 &'6
3
3
3
3
&'6
R
&'6
-XHJRGHGDWRVGHOFRQYHUWLGRU
/RVMXHJRVGHGDWRVGHOFRQYHUWLGRUVHDOWHUQDQXWLOL]DQGRORVSDU£PHWURV%,&23\
3PLHQWUDVTXHHOMXHJRGHGDWRVGHOFRQYHUWLGRUDFWLYRVHPXHVWUDHQHOSDU£PHWUR
U/RVMXHJRVGHGDWRVGHOFRQYHUWLGRUVRORSXHGHQDOWHUQDUVHHQHOHVWDGR5HDG\
3 3 ''6
3
3
3
3
''6
R
''6
%,%2&,&2&2%2HQQRPEUHVGHSDU£PHWURV
1RWD
3DUDYHUORVSDU£PHWURV%,&2Y«DVHQGLFHDOILQDOGHHVWHPDQXDO
'HWHUPLQDGRVQRPEUHVGHSDU£PHWURVLQFOX\HQORVVLJXLHQWHVSUHILMRVDEUHYLDGRV%,%2
&,&2\&2%2VHJXLGRVGHGRVSXQWRV(VWDVDEUHYLDWXUDVWLHQHQORVVLJQLILFDGRV
VLJXLHQWHV
%,
(QWUDGDGHELQHFWRU(OSDU£PHWURVHOHFFLRQDODIXHQWHGHXQDVH³DOELQDULD
P9999
(0)
%2
r9999
&,
r9999
&2%2
(QWUDGDGHFRQHFWRU(OSDU£PHWURVHOHFFLRQDODIXHQWHGHXQDVH³DODQDOµJLFD
r9999 [99]
r9999
r9999
6DOLGDGHELQHFWRU(OSDU£PHWURVHFRQHFWDFRPRVH³DOELQDULD
(999:9)
&2
6DOLGDGHFRQHFWRU(OSDU£PHWURVHFRQHFWDFRPRVH³DODQDOµJLFD
6DOLGDGHFRQHFWRUELQHFWRU(OSDU£PHWURVHFRQHFWDFRPRVH³DODQDOµJLFD\R
VH³DOELQDULD
&RQYHUWLGRU6,1$0,&69
,QVWUXFFLRQHVGHVHUYLFLR$(
/LVWDGHSDU£PHWURV
,QWURGXFFLµQDORVSDU£PHWURV
(MHPSORGH%,&2
%LW
U
', ', ', ',
', ',
3 KDELOLWDU%,&2GH',
3 FRQHFWDU'2D',
3
',
U
&RQH[LµQYLUWXDOHQWUH',\'2
'2
%,&2RODWHFQRORJ¯DGHLQWHUFRQH[LµQELQDULDSXHGHD\XGDUDOXVXDULRDFRQHFWDU
IXQFLRQHV\YDORUHVLQWHUQRVSDUDREWHQHUP£VSUHVWDFLRQHVSHUVRQDOL]DGDV
/DIXQFLRQDOLGDGGH%,&2HVXQDIRUPDGLIHUHQWH\P£VIOH[LEOHGHFRQILJXUDU\FRPELQDUODV
IXQFLRQHVGHHQWUDGD\VDOLGD(QODPD\RU¯DGHFDVRVSXHGHXWLOL]DUVHHQFRPELQDFLµQFRQ
ORVDMXVWHVVHQFLOORVGHQLYHOGHDFFHVR
(OVLVWHPD%,&2SHUPLWHSURJUDPDUIXQFLRQHVFRPSOHMDV3XHGHQHVWDEOHFHUUHODFLRQHV
ERROHDQDV\PDWHP£WLFDVHQWUHHQWUDGDVGLJLWDOHVDQDOµJLFDVHQVHULHHWF\VDOLGDV
FRUULHQWHGHOFRQYHUWLGRUIUHFXHQFLDVDOLGDDQDOµJLFDVDOLGDVGLJLWDOHVHWF
(OSDU£PHWURSUHGHWHUPLQDGRFRQHOTXHHVW£FRQHFWDGRXQSDU£PHWUR%,R&,VHPXHVWUD
HQODFROXPQDGHDMXVWHVSUHGHWHUPLQDGRVGHI£EULFDGHODOLVWDGHSDU£PHWURV
1LYHOGHDFFHVR3
'HILQHHOQLYHOGHDFFHVRGHOXVXDULRDMXHJRVGHSDU£PHWURV
1LYHOGH
DFFHVR
'HVFULSFLµQ
2EVHUYDFLRQHV
/LVWDGHSDU£PHWURVGHILQLGRV 'HILQHXQMXHJROLPLWDGRGHSDU£PHWURVDOTXHWLHQH
SRUHOXVXDULR
DFFHVRHOXVXDULRILQDO9«DVH3SDUDREWHQHU
P£VLQIRUPDFLµQVREUHVXXVR
(VW£QGDU
3HUPLWHHODFFHVRDORVSDU£PHWURVXWLOL]DGRVFRQ
PD\RUIUHFXHQFLD
$PSOLDGR
3HUPLWHXQDFFHVRDPSOLDGRDP£VSDU£PHWURV
([SHUWR
6RORSDUDXVRH[SHUWR
6HUYLFLRW«FQLFR
6RORSDUDVXXVRSRUSDUWHGHSHUVRQDOGHVHUYLFLR
W«FQLFRDXWRUL]DGRSURWHJLGRSRUFRQWUDVH³D
&RQYHUWLGRU6,1$0,&69
,QVWUXFFLRQHVGHVHUYLFLR$(
/LVWDGHSDU£PHWURV
,QWURGXFFLµQDORVSDU£PHWURV
7LSRGHGDWRV
/RVWLSRVGHGDWRVGLVSRQLEOHVVHPXHVWUDQHQODWDEODVLJXLHQWH
8
8
ELWVVLQVLJQR
ELWVVLQVLJQR
8
,
,
)ORDW
ELWVVLQVLJQR
(QWHURGHELWV
(QWHURGHELWV
1¼PHURGHELWVFRQSXQWRIORWDQWH
(QIXQFLµQGHOWLSRGHGDWRVGHOSDU£PHWURGHHQWUDGD%,&2HQVXPLGHUR\HOSDU£PHWURGH
VDOLGD%,&2IXHQWHGHODVH³DOVRQSRVLEOHVODVVLJXLHQWHVFRPELQDFLRQHVDOFUHDU
LQWHUFRQH[LRQHV%,&2
3DU£PHWURGHHQWUDGD%,&2
3DU£PHWUR&,
3DU£PHWURGHVDOLGD
%,&2
3DU£PHWUR%,
8,
8,
8)ORDW
8%LQDULR
&28
෭
෭
&28
&28
෭
෭
෭
෭
&2,
&2,
&2)ORDW
%28
%28
%28
෭
෭
෭
෭
෭
෭
෭
෭
෭
෭
%2,
%2,
෭
෭
%2)ORDW
/H\HQGD
෭,QWHUFRQH[LµQ%,&2SHUPLWLGD
,QWHUFRQH[LµQ%,&2QRSHUPLWLGD
(VFDODGR
(VSHFLILFDFLµQGHODFDQWLGDGGHUHIHUHQFLDFRQODTXHVHFRQYHUWLU£DXWRP£WLFDPHQWHHO
YDORUGHODVH³DO
6RQQHFHVDULDVFDQWLGDGHVGHUHIHUHQFLDFRUUHVSRQGLHQWHVDOSDUDODH[SUHVLµQGH
XQLGDGHVI¯VLFDVFRPRSRUFHQWDMHV(VWDVFDQWLGDGHVGHUHIHUHQFLDVHHVSHFLILFDQGH3
D3
$GHP£VGH3D3VHXWLOL]DQODVVLJXLHQWHVQRUPDOL]DFLRQHV
Ⴠ 7(03r& Ⴠ 3(5&(17 Ⴠ +KH[ &RQYHUWLGRU6,1$0,&69
,QVWUXFFLRQHVGHVHUYLFLR$(
/LVWDGHSDU£PHWURV
/LVWDGHSDU£PHWURV
6HSXHGHFDPELDU
(VWDGRGHOFRQYHUWLGRUHQHOTXHHOSDU£PHWURSXHGHPRGLILFDUVH+D\WUHVHVWDGRVSRVLEOHV
Ⴠ 3XHVWDHQPDUFKD&
Ⴠ )XQFLRQDPLHQWR8
Ⴠ /LVWRSDUDIXQFLRQDU7
(VWRLQGLFDFX£QGRSXHGHFDPELDUVHHOSDU£PHWUR3XHGHQHVSHFLILFDUVHXQRGRVRORVWUHV
HVWDGRV6LVHHVSHFLILFDQORVWUHVHVWDGRVVLJQLILFDTXHHVSRVLEOHFDPELDUHOYDORUGHHVWH
SDU£PHWURHQORVWUHVHVWDGRVGHOFRQYHUWLGRU&PXHVWUDTXHHOSDU£PHWURVRORSXHGH
FDPELDUVHFXDQGR3 SXHVWDHQPDUFKDU£SLGD
/LVWDGHSDU£PHWURV
3DU£PHWUR
)XQFLµQ
5DQJR
6H
$MXVWHV
SUHGHWHUPLQDGR SXHGH
FDPELDU
VGHI£EULFD
(VFDODGR -XHJR
GH
GDWRV
7LSR 1LYHO
GH
GH
GDWRV DFFHVR
U
(VWDGRGHOFRQYHUWLGRU
8
0XHVWUDHOHVWDGRUHDOGHOFRQYHUWLGRU
0RGRGHSXHVWDHQPDUFKD3ำ
&RQYHUWLGRUSUHSDUDGR
)DOORGHOFRQYHUWLGRUDFWLYR
&RQYHUWLGRUDUUDQFDQGRVRORYLVLEOHPLHQWUDVVHSUHFDUJDODLQWHUFRQH[LµQGH
'&
&RQYHUWLGRUHQIXQFLRQDPLHQWR
3DUDQGRGHFHOHUDFLµQ
&RQYHUWLGRULQKLELGR
3
1LYHOGHDFFHVRGH
XVXDULR
'HILQHHOQLYHOGHDFFHVRGHOXVXDULRDMXHJRVGHSDU£PHWURV
/LVWDGHSDU£PHWURVGHILQLGRVSRUHOXVXDULRY«DVH3SDUDFRQRFHU
GHWDOOHVVREUHVXXVR
(VW£QGDU3HUPLWHHODFFHVRDORVSDU£PHWURVXWLOL]DGRVFRQPD\RUIUHFXHQFLD
$PSOLDGR3HUPLWHHODFFHVRDPSOLDGRSRUHMHPSORDIXQFLRQHVGH(6GHO
FRQYHUWLGRU
([SHUWR6RORSDUDXVRH[SHUWR
6HUYLFLRW«FQLFR6RORSDUDVXXVRSRUSDUWHGHOVHUYLFLRW«FQLFRDXWRUL]DGR
SURWHJLGRSRUFRQWUDVH³D
3
)LOWURGHSDU£PHWURV
)LOWUDORVSDU£PHWURVVHJ¼QODIXQFLRQDOLGDGSDUDSHUPLWLUXQHQIRTXHP£VHVSHF¯ILFRSDUDODSXHVWDHQ
PDUFKD
7RGRVORVSDU£PHWURV
&RQYHUWLGRU
0RWRU
87
87
8
8
&RQYHUWLGRU6,1$0,&69
,QVWUXFFLRQHVGHVHUYLFLR$(
/LVWDGHSDU£PHWURV
/LVWDGHSDU£PHWURV
6H
$MXVWHV
SUHGHWHUPLQDGR SXHGH
FDPELDU
VGHI£EULFD
3DU£PHWUR
)XQFLµQ
5DQJR
$SOLFDFLµQWHFQROµJLFDXQLGDGHV
6H³DOHVGHPDQGR(6ELQDULD
(QWUDGD\VDOLGDDQDOµJLFDV
&DQDOGHFRQVLJQD*G5
(VFDODGR -XHJR
GH
GDWRV
7LSR 1LYHO
GH
GH
GDWRV DFFHVR
8
&DUDFWHU¯VWLFDVGHOFRQYHUWLGRU
5HJXODFLµQGHOPRWRU
,GHQWLILFDFLµQGHOPRWRU
&RPXQLFDFLµQ
$YLVRVIDOORVYLJLODQFLD
5HJXODGRUWHFQROµJLFR
3
5HWDUGRGHOD
LOXPLQDFLµQGHIRQGR
'HILQHHOSHU¯RGRGHWLHPSRWUDVHOFXDOODLOXPLQDFLµQGHIRQGRGHODSDQWDOODGHOSDQHOGHPDQGRVH
DSDJDU£VLQRVHSXOVDQERWRQHV
,OXPLQDFLµQGHIRQGRFRQVWDQWH
1¼PHURGHVHJXQGRVWUDVHOFXDOVHDSDJDU£ODLOXPLQDFLµQGHIRQGR
3
3DU£PHWURGHSXHVWDHQ PDUFKD
)LOWUDORVSDU£PHWURVGHPRGRTXHVRORVHVHOHFFLRQHQDTXHOORVUHODFLRQDGRVFRQXQGHWHUPLQDGRJUXSR
IXQFLRQDO
87
7
8
/LVWR
3XHVWDHQPDUFKDU£SLGD
&RQYHUWLGRU
'HVFDUJD
$MXVWHGHI£EULFD
'HSHQGHQFLD 3DUDSRGHUDUUDQFDUHOFRQYHUWLGRUUHVWDEOHFHUD
3QLYHOGHDFFHVRGHXVXDULRWDPEL«QGHWHUPLQDHODFFHVRDORVSDU£PHWURV
1RWD
3 6HSXHGHSRQHUHQPDUFKDHOFRQYHUWLGRUU£SLGD\I£FLOPHQWHDMXVWDQGR3 7UDVHVWHDMXVWH
VRORVRQYLVLEOHVORVSDU£PHWURVP£VLPSRUWDQWHVSHM33HWF'HEHHVSHFLILFDUVHHO
YDORUGHHVWRVSDU£PHWURVXQRWUDVRWUR(OILQDOGHODSXHVWDHQPDUFKDU£SLGD\HOLQLFLRGHOF£OFXOR
LQWHUQRVHUHDOL]DU£QDODMXVWDU3 'HVSX«VORVSDU£PHWURV3\3VH
UHVWDEOHFHU£QDFHURDXWRP£WLFDPHQWH
3 6RORSDUDILQHVGHVHUYLFLRW«FQLFR
3 &XDQGRVHUHVWDEOH]FDQORVSDU£PHWURVRORVYDORUHVSUHGHWHUPLQDGRVGHOXVXDULRGHOFRQYHUWLGRU
3GHEHDMXVWDUVHD
(OUHVWDEOHFLPLHQWRGHORVSDU£PHWURVVHLQLFLDDODMXVWDUHOSDU£PHWUR3 (OFRQYHUWLGRUUHVWDEOHFHU£DXWRP£WLFDPHQWHWRGRVORVSDU£PHWURVDVXVDMXVWHVSUHGHWHUPLQDGRV
&RQYHUWLGRU6,1$0,&69
,QVWUXFFLRQHVGHVHUYLFLR$(
/LVWDGHSDU£PHWURV
/LVWDGHSDU£PHWURV
3DU£PHWUR
)XQFLµQ
5DQJR
6H
$MXVWHV
SUHGHWHUPLQDGR SXHGH
FDPELDU
VGHI£EULFD
(VFDODGR -XHJR
GH
GDWRV
7LSR 1LYHO
GH
GH
GDWRV DFFHVR
(VWRSXHGHUHVXOWDUYHQWDMRVRVLVHSURGXFHQSUREOHPDVDOFRQILJXUDUORVSDU£PHWURV\KD\TXHYROYHU
DHPSH]DUODFRQILJXUDFLµQ
(OUHVWDEOHFLPLHQWRGHORVYDORUHVSUHGHWHUPLQDGRVGHOXVXDULRVHLQLFLDDODMXVWDUHOSDU£PHWUR3
(OFRQYHUWLGRUUHVWDEOHFHU£DXWRP£WLFDPHQWHWRGRVORVSDU£PHWURVDVXVDMXVWHVSUHGHWHUPLQDGRVGH
I£EULFD
/DGXUDFLµQGHODMXVWHGHI£EULFDWDUGDU£XQRVVHJXQGRV
3
%ORTXHRSDUDSDU£PHWUR GHILQLGRSRUHOXVXDULR
9«DVH3
3
&ODYHSDUDSDU£PHWUR
GHILQLGRSRUHOXVXDULR
9«DVH3
3>@
3DU£PHWURGHILQLGRSRU
HOXVXDULR
87
8
87
8
>@
87
8
>@
>@
>@
'HILQHXQMXHJROLPLWDGRGHSDU£PHWURVDOTXHWLHQHDFFHVRHOXVXDULRILQDO
,QVWUXFFLRQHVGHXVR
$MXVWH3 XVXDULRH[SHUWR
&RQVXOWH3¯QGLFHVGHDOLVWDGHOXVXDULR
,QWURGX]FDHQ3¯QGLFHVGHDORVSDU£PHWURVTXHWHQJDQTXHYLVXDOL]DUVHHQODOLVWDGHILQLGD
SRUHOXVXDULR
/RVVLJXLHQWHVYDORUHVVRQILMRV\QRSXHGHQPRGLILFDUVH
3¯QGLFH QLYHOGHDFFHVRGHXVXDULR
3¯QGLFH ILOWURGHSDU£PHWURVGHSXHVWDHQPDUFKD
3¯QGLFH FODYHSDUDSDU£PHWURGHILQLGRSRUHOXVXDULR
$MXVWH3 SDUDDFWLYDUHOSDU£PHWURGHILQLGRSRUHOXVXDULR
QGLFH
>@
3DU£PHWURGHXVXDULR
>@
3DU£PHWURGHXVXDULR
>@
3DU£PHWURGHXVXDULR
'HSHQGHQFLD 3ULPHURDMXVWH3EORTXHRDXQYDORUGLIHUHQWHGH3FODYHSDUDLPSHGLUPRGLILFDFLRQHVHQ
HOSDU£PHWURGHILQLGRSRUHOXVXDULR
'HVSX«VDMXVWH3 SDUDDFWLYDUODOLVWDGHILQLGDSRUHOXVXDULR
&XDQGRODOLVWDHVW«EORTXHDGD\HOSDU£PHWURGHILQLGRSRUHOXVXDULRHVW«DFWLYDGROD¼QLFDIRUPDGHVDOLU
GHOSDU£PHWURGHILQLGRSRUHOXVXDULR\YLVXDOL]DURWURVSDU£PHWURVHVDMXVWDU3FODYHDOYDORUGH
3EORTXHR
3>@
0RGRJXDUGDU
87
8
(VWDEOHFHHOPRGRGHJXDUGDUORVSDU£PHWURV(OPRGRJXDUGDUVHSXHGHFRQILJXUDUSDUDWRGDVODV
LQWHUIDFHVHQQGLFH
&RQYHUWLGRU6,1$0,&69
,QVWUXFFLRQHVGHVHUYLFLR$(
/LVWDGHSDU£PHWURV
/LVWDGHSDU£PHWURV
6H
$MXVWHV
SUHGHWHUPLQDGR SXHGH
FDPELDU
VGHI£EULFD
(VFDODGR -XHJR
GH
GDWRV
7LSR 1LYHO
GH
GH
GDWRV DFFHVR
3DU£PHWUR
)XQFLµQ
5DQJR
9RO£WLO5$0
1RYRO£WLO((3520
QGLFH
>@
866SRU56
>@
866SRU56UHVHUYDGR
>@
5HVHUYDGR
1RWD
8QDVROLFLWXGGHJXDUGDULQGHSHQGLHQWHSXHGHIRUPDUSDUWHGHODVFRPXQLFDFLRQHVVHULHSHMORVELWV
3.(GHOSURWRFROR866(QODWDEODVLJXLHQWHVHPXHVWUDODLQIOXHQFLDGHORVDMXVWHVGH3
9DORUGH3>[@
6ROLFLWXGGHJXDUGDUPHGLDQWH866
5HVXOWDGR
5$0
((3520
((3520
((3520
((3520
((3520
5$0
5$0
5$0
((3520
5$0
((3520
3VLHPSUHVHJXDUGDU£HQOD((3520
3QRFDPELDU£DOUHDOL]DUXQUHVWDEOHFLPLHQWRGHORVDMXVWHVGHI£EULFD3 \3 $OWUDQVIHULUHOSDU£PHWUR3HOFRQYHUWLGRUXWLOL]DVXSURFHVDGRUSDUDUHDOL]DUF£OFXORVLQWHUQRV
/DVFRPXQLFDFLRQHVPHGLDQWH866\0RGEXVVHLQWHUUXPSHQPLHQWUDVGXUHQHVWRVF£OFXORV
U
9HUVLµQGHILUPZDUH
0XHVWUDHOQ¼PHURGHYHUVLµQGHOILUPZDUHLQVWDODGR
U
&2%23DODEUDGH
PDQGRGHOSDQHOGH
PDQGR
0XHVWUDHOHVWDGRGHODVVH³DOHVGHPDQGRGHOSDQHOGHPDQGR/RVDMXVWHVVLJXLHQWHVVHXWLOL]DQFRPR
FµGLJRVIXHQWHSDUDORVFRPDQGRVSURFHGHQWHVGHOWHFODGRFXDQGRVHFRQHFWDQDORVSDU£PHWURVGH
HQWUDGD%,&2
%LW
)ORDW
8
1RPEUHGHVH³DO
6H³DO
6H³DO
212))
6¯
1R
2))3DUDGDQDWXUDO
1R
6¯
-2*DODGHUHFKD
6¯
1R
,QYHUVLµQLQYHUVLµQGHFRQVLJQD
6¯
1R
6XELUSRWHQFLµPHWURPRWRUL]DGR023
6¯
1R
%DMDUSRWHQFLµPHWURPRWRUL]DGR023
6¯
1R
1RWD
&XDQGRVHXWLOL]DODWHFQRORJ¯D%,&2SDUDDVLJQDUIXQFLRQHVDERWRQHVGHOSDQHOHVWHSDU£PHWURPXHVWUD
HOHVWDGRUHDOGHODVH³DOGHPDQGRSHUWLQHQWH
U
&2&RQVLJQDGH
IUHFXHQFLDDQWHVGH*G5
>+]@
9LVXDOL]DODFRQVLJQDGHIUHFXHQFLDUHDOHQWUDGDGHOJHQHUDGRUGHUDPSD6HSXHGHGLVSRQHUGHHVWH
YDORUILOWUDGRU\QRILOWUDGRU/DFRQVLJQDGHIUHFXHQFLDUHDOGHVSX«VGH*G5VHPXHVWUDHQ
U
U
&2)UHFXHQFLDILOWUDGD
UHDO>+]@
0XHVWUDODIUHFXHQFLDGHVDOLGDUHDOGHOFRQYHUWLGRUUH[FOXLGDODFRPSHQVDFLµQGHGHVOL]DPLHQWR\
ODDPRUWLJXDFLµQGHUHVRQDQFLDV\ODOLPLWDFLµQGHIUHFXHQFLDVHQPRGR8I
)ORDW
)ORDW
&RQYHUWLGRU6,1$0,&69
,QVWUXFFLRQHVGHVHUYLFLR$(
/LVWDGHSDU£PHWURV
/LVWDGHSDU£PHWURV
3DU£PHWUR
)XQFLµQ
5DQJR
6H
$MXVWHV
SUHGHWHUPLQDGR SXHGH
FDPELDU
VGHI£EULFD
(VFDODGR -XHJR
GH
GDWRV
7LSR 1LYHO
GH
GH
GDWRV DFFHVR
U
9HORFLGDGGHOURWRU
ILOWUDGDUHDO>>530@
)ORDW
9LVXDOL]DODYHORFLGDGGHOURWRUFDOFXODGDVHJ¼QUIUHFXHQFLDGHVDOLGDILOWUDGD>+]@[Q¼PHURGH
SRORV(OYDORUVHDFWXDOL]DFDGDPV
1RWD
(VWHF£OFXORQRFRQVLGHUDHOGHVOL]DPLHQWRGHSHQGLHQWHGHODFDUJD
U
&2)UHFXHQFLDGH
VDOLGDILOWUDGDUHDO>+]@
0XHVWUDODIUHFXHQFLDGHVDOLGDUHDOILOWUDGDTXHLQFOX\HFRPSHQVDFLµQGHGHVOL]DPLHQWRDPRUWLJXDFLµQ
GHUHVRQDQFLDV\OLPLWDFLµQGHIUHFXHQFLDV9«DVHWDPEL«QU6HSXHGHGLVSRQHUGHHVWHYDORU
ILOWUDGRU\QRILOWUDGRU
U
&27HQVLµQGHVDOLGD
UHDO>9@
0XHVWUDODWHQVLµQILOWUDGD>UPV@DSOLFDGDDOPRWRU6HSXHGHGLVSRQHUGHHVWHYDORUILOWUDGRU\QR
ILOWUDGRU
U>@
&27HQVLµQGHOD
LQWHUFRQH[LµQGH'&
ILOWUDGDUHDO>9@
0XHVWUDODWHQVLµQILOWUDGDGHODLQWHUFRQH[LµQGH'&6HSXHGHGLVSRQHUGHHVWHYDORUILOWUDGRU\QR
ILOWUDGRU
QGLFH
>@
1RWD
)ORDW
)ORDW
)ORDW
&RPSHQVDFLµQGHOFDQDOGHWHQVLµQ'&
U>@ 7HQVLµQGHODLQWHUFRQH[LµQGH'&SULQFLSDO
U>@ 7HQVLµQGHODLQWHUFRQH[LµQGH'&GHVDFRSODGDSDUDDOLPHQWDFLµQLQWHUQD'HSHQGHGHOD
WRSRORJ¯DGHOFRQYHUWLGRU6LQRHVW£GLVSRQLEOHPXHVWUDHOYDORU
U
&2&RUULHQWHGHVDOLGD
UHDO>$@
0XHVWUDHOYDORUHILFD]GHODFRUULHQWHGHOPRWRU6HSXHGHGLVSRQHUGHHVWHYDORUILOWUDGRU\QR
ILOWUDGRU
U
&20µGXORGHFRUULHQWH GHOPRWRU
0XHVWUDHOYDORUHILFD]HVWLPDGRGHODFRUULHQWHGHOPRWRUFDOFXODGRDSDUWLUGHODFRUULHQWHGHOD
LQWHUFRQH[LµQGH'&
U
&23DUILOWUDGRUHDO
>1P@
0XHVWUDHOSDUHO«FWULFR6HSXHGHGLVSRQHUGHHVWHYDORUILOWUDGRU\QRILOWUDGRU
1RWD
(OSDUHO«FWULFRQRHVORPLVPRTXHHOSDUPHF£QLFRTXHSXHGHPHGLUVHHQHOHMH'HELGRDODUHVLVWHQFLD
GHODLUH\ODIULFFLµQGHQWURGHOPRWRUVHSLHUGHSDUWHGHOSDUHO«FWULFR
U
&23RWHQFLDILOWUDGDUHDO 0XHVWUDODSRWHQFLDPHF£QLFD(OYDORUVHPXHVWUDHQ>N:@R>KS@GHSHQGLHQGRGHODMXVWHGH3
DSOLFDFLRQHVHQ(XURSD1RUWHDP«ULFD
3
3
U
)ORDW
)ORDW
)ORDW
)ORDW
3BP«F 3LI0!
U>N:@ 3LU>P¯Q@U>1P@
U>KS@ U>N:@
U>@
&27HPSHUDWXUDUHDO
GHOPRWRU>r&@
0XHVWUDODWHPSHUDWXUDFDOFXODGDGHOPRWRU
''6
)ORDW
&RQYHUWLGRU6,1$0,&69
,QVWUXFFLRQHVGHVHUYLFLR$(
/LVWDGHSDU£PHWURV
/LVWDGHSDU£PHWURV
3DU£PHWUR
)XQFLµQ
5DQJR
6H
$MXVWHV
SUHGHWHUPLQDGR SXHGH
FDPELDU
VGHI£EULFD
(VFDODGR -XHJR
GH
GDWRV
7LSR 1LYHO
GH
GH
GDWRV DFFHVR
U
&28WLOL]DFLµQGH
VREUHFDUJDGHO
FRQYHUWLGRU>@
3(5&(1 7
)ORDW
0XHVWUDODXWLOL]DFLµQGHVREUHFDUJDGHOFRQYHUWLGRUFDOFXODGDFRQHOPRGHOR,W
(OYDORU,WUHDOUHODWLYRDOYDORU,WP£[LPRSRVLEOHSURSRUFLRQDODXWLOL]DFLµQHQ>@
6LODFRUULHQWHVXSHUDHOXPEUDOSDUD3DYLVRGHVREUHFDUJD,WGHOFRQYHUWLGRUVHJHQHUDHODYLVR
$FRQYHUWLGRU,W\ODFRUULHQWHGHVDOLGDGHOFRQYHUWLGRUVHUHGXFHPHGLDQWH3UHDFFLµQGHO
FRQYHUWLGRUDQWHVREUHFDUJD
6LVHVXSHUDHOGHXWLOL]DFLµQVHGLVSDUDHOIDOOR),WGHOFRQYHUWLGRU
'HSHQGHQFLD U!
6LVHVXSHUDODFRUULHQWHQRPLQDOY«DVHUGHOFRQYHUWLGRUVHPRVWUDU£ODXWLOL]DFLµQ(QFDVR
FRQWUDULRVHPXHVWUDXQDXWLOL]DFLµQGHO
)ORDW
U>@
&27HPSHUDWXUDGHO
FRQYHUWLGRU>r&@
0XHVWUDODWHPSHUDWXUDPHGLGDGHOGLVLSDGRU\ODWHPSHUDWXUDGHXQLµQGHORV,*%7FDOFXODGDHQEDVHDO
PRGHORW«UPLFR
QGLFH
>@
7HPSHUDWXUDGHOGLVLSDGRUPHGLGD
>@
7HPSHUDWXUDWRWDOGHODXQLµQGHOFKLS
1RWD
/RVYDORUHVVHDFWXDOL]DQFDGDPV
U
&2)DFWRUGHSRWHQFLD
ILOWUDGR
)ORDW
)ORDW
0XHVWUDHOIDFWRUGHSRWHQFLDILOWUDGR
U
&2&RQWDGRUGH
FRQVXPRGHHQHUJ¯D
>N:K@
0XHVWUDODHQHUJ¯DHO«FWULFDFRQVXPLGDSRUHOFRQYHUWLGRUGHVGHTXHVXYLVXDOL]DFLµQVHUHVWDEOHFLµSRU
¼OWLPDYH]Y«DVH3UHVWDEOHFLPLHQWRGHOFRQWDGRUGHFRQVXPRGHHQHUJ¯D
'HSHQGHQFLD (OYDORUVHUHVWDEOHFHVL3 UHVWDEOHFLPLHQWRGHOFRQWDGRUGHFRQVXPRGHHQHUJ¯D
3
5HVWDEOHFHUHOFRQWDGRU GHFRQVXPRGHHQHUJ¯D
\HOFRQWDGRUGHHQHUJ¯D
DKRUUDGD
5HVWDEOHFHDFHURHOYDORUGHUFRQWDGRUGHFRQVXPRGHHQHUJ¯D\UFRQWDGRUGHHQHUJ¯D
DKRUUDGD
6LQUHVWDEOHFLPLHQWR
5HVWDEOHFLPLHQWRDFHURGHU
3>@
(VFDODGRGHDKRUURGH
HQHUJ¯D
(VFDODHOYDORUGHDKRUURGHHQHUJ¯DFDOFXODGR
QGLFH
>@
7
7
>@
)DFWRUGHFRQYHUVLµQGHN:KD&2
U>@
(QHUJ¯DDKRUUDGD>N:K@
0XHVWUDODHQHUJ¯DDKRUUDGDFDOFXODGD
QGLFH
>@
8
)ORDW
)ORDW
)DFWRUGHFRQYHUVLµQGHN:KDPRQHGD
$KRUURHQHUJ«WLFRHQN:K
&RQYHUWLGRU6,1$0,&69
,QVWUXFFLRQHVGHVHUYLFLR$(
/LVWDGHSDU£PHWURV
/LVWDGHSDU£PHWURV
6H
$MXVWHV
SUHGHWHUPLQDGR SXHGH
FDPELDU
VGHI£EULFD
3DU£PHWUR
)XQFLµQ
5DQJR
>@
$KRUURHQHUJ«WLFRHQPRQHGD
>@
$KRUURHQHUJ«WLFRHQ&2
U
&2%2-XHJRGHGDWRV GHVH³DOHVGHPDQGR
DFWLYR
(VFDODGR -XHJR
GH
GDWRV
7LSR 1LYHO
GH
GH
GDWRV DFFHVR
8
8
8
0XHVWUDHOMXHJRGHGDWRVGHVH³DOHVGHPDQGRDFWLYRDFWXDOPHQWH
-XHJRGHGDWRVGHVH³DOHVGHPDQGR&'6
-XHJRGHGDWRVGHVH³DOHVGHPDQGR&'6
-XHJRGHGDWRVGHVH³DOHVGHPDQGR&'6
1RWD
9«DVH3
U>@
&2-XHJRGHGDWRVGHO FRQYHUWLGRUDFWLYR''6
0XHVWUDHOMXHJRGHGDWRVGHOFRQYHUWLGRU''6VHOHFFLRQDGR\DFWLYRDFWXDOPHQWH
-XHJRGHGDWRVGHOFRQYHUWLGRU''6
-XHJRGHGDWRVGHOFRQYHUWLGRU''6
-XHJRGHGDWRVGHOFRQYHUWLGRU''6
QGLFH
>@
-XHJRGHGDWRVGHOFRQYHUWLGRUVHOHFFLRQDGR
>@
-XHJRGHGDWRVGHOFRQYHUWLGRUDFWLYR
1RWD
9«DVH3
U
&2%23DODEUDGH
HVWDGRDFWLYD
0XHVWUDODSULPHUDSDODEUDGHHVWDGRDFWLYDGHOFRQYHUWLGRUIRUPDWRELW\SXHGHXWLOL]DUVHSDUD
GLDJQRVWLFDUHOHVWDGRGHOFRQYHUWLGRU
%LW
1RPEUHGHVH³DO
6H³DO
6H³DO
&RQYHUWLGRUSUHSDUDGR
6¯
1R
&RQYHUWLGRUOLVWRSDUDIXQFLRQDU
6¯
1R
&RQYHUWLGRUHQIXQFLRQDPLHQWR
6¯
1R
)DOORGHOFRQYHUWLGRUDFWLYR
6¯
1R
2))DFWLYR
1R
6¯
2))DFWLYR
1R
6¯
%ORTXHR21DFWLYR
6¯
1R
$YLVRGHFRQYHUWLGRUDFWLYR
6¯
1R
'HVYLDFLµQFRQVLJQDYDORUUHDO
1R
6¯
0DQGR3='
6¯
1R
_IBUHDO_! 3IBP£[
6¯
1R
$YLVR/¯PLWHGHFRUULHQWHSDUGHOPRWRU
1R
6¯
)UHQRDELHUWR
6¯
1R
6REUHFDUJDGHOPRWRU
1R
6¯
*LURDODGHUHFKDGHOPRWRU
6¯
1R
&RQYHUWLGRUVREUHFDUJDGR
1R
6¯
'HSHQGHQFLD UELW)DOORGHOFRQYHUWLGRUDFWLYR/DVDOLGDGHOELWIDOORVHLQYHUWLU£HQODVDOLGDGLJLWDOEDMR IDOORDOWR VLQIDOOR
&RQYHUWLGRU6,1$0,&69
,QVWUXFFLRQHVGHVHUYLFLR$(
/LVWDGHSDU£PHWURV
/LVWDGHSDU£PHWURV
5DQJR
6H
$MXVWHV
SUHGHWHUPLQDGR SXHGH
FDPELDU
VGHI£EULFD
(VFDODGR -XHJR
GH
GDWRV
7LSR 1LYHO
GH
GH
GDWRV DFFHVR
8
3DU£PHWUR
)XQFLµQ
1RWD
9«DVHU\U
U
&2%23DODEUDGH
HVWDGRDFWLYD
0XHVWUDODVHJXQGDSDODEUDGHHVWDGRGHOFRQYHUWLGRUHQIRUPDWRELW
%LW
1RPEUHGHVH³DO
)UHQR'&DFWLYR
6¯
1R
_IBUHDO_!3IBRII
6¯
1R
6H³DO
6H³DO
_IBUHDO_!3IBP¯Q
6¯
1R
&RUULHQWHUHDO_U_! 3
6¯
1R
_IBUHDO_!3IB
6¯
1R
_IBUHDO_ 3IB
6¯
1R
IBUHDO! FRQVLJQDIBFQD
6¯
1R
9GFUHDOVLQILOWUDU3
6¯
1R
9GFUHDOVLQILOWUDU!3
6¯
1R
)LQDOGHUDPSD
6¯
1R
6DOLGD3,'U
33,'BP¯Q
6¯
1R
6DOLGD3,'U
33,'BP£[
6¯
1R
'HVFDUJDUMXHJRGHGDWRVGHVGH23
6¯
1R
'HVFDUJDUMXHJRGHGDWRVGHVGH23
6¯
1R
$WHQFLµQ
UELW)UHQR'&DFWLYR
!Y«DVH3
1RWD
9«DVHU\U
U
&2%23DODEUDGH
PDQGRDFWLYD
0XHVWUDODSULPHUDSDODEUDGHPDQGRGHOFRQYHUWLGRUHQIRUPDWRELWTXHSXHGHXWLOL]DUVHSDUD
GLDJQRVWLFDUTX«VH³DOHVGHPDQGRHVW£QDFWLYDV
%LW
1RPEUHGHVH³DO
8
6H³DO
212))
6¯
1R
2))SDUDGDQDWXUDO
1R
6¯
2))SDUDGDU£SLGD
1R
6¯
+DELOLWDFLµQGHLPSXOVRV
6¯
1R
+DELOLWDFLµQGH*G5
6¯
1R
$UUDQTXHGHO*G5
6¯
1R
+DELOLWDFLµQGHFRQVLJQD
6¯
1R
&RQILUPDFLµQGHIDOOR
6¯
1R
-2*DODGHUHFKD
6¯
1R
-2*DODL]TXLHUGD
6¯
1R
0DQGRGHVGH3/&
6¯
1R
,QYHUVLµQLQYHUVLµQGHFRQVLJQD
6¯
1R
6XELUSRWHQFLµPHWURPRWRUL]DGR023
6¯
1R
%DMDUSRWHQFLµPHWURPRWRUL]DGR023
6¯
1R
&'6ELWPDQXDODXWRP£WLFR
6¯
1R
6H³DO
&RQYHUWLGRU6,1$0,&69
,QVWUXFFLRQHVGHVHUYLFLR$(
/LVWDGHSDU£PHWURV
/LVWDGHSDU£PHWURV
5DQJR
6H
$MXVWHV
SUHGHWHUPLQDGR SXHGH
FDPELDU
VGHI£EULFD
(VFDODGR -XHJR
GH
GDWRV
7LSR 1LYHO
GH
GH
GDWRV DFFHVR
3DU£PHWUR
)XQFLµQ
$WHQFLµQ
UHVLG«QWLFRDUVLVHKDVHOHFFLRQDGR866PHGLDQWH3R3FRPRIXHQWHGHVH³DOHV
GHPDQGR
U
&2%23DODEUDGH
PDQGRDFWLYD
0XHVWUDODSDODEUDGHPDQGRDGLFLRQDOGHOFRQYHUWLGRUHQIRUPDWRELWTXHSXHGHXWLOL]DUVHSDUD
GLDJQRVWLFDUTX«VH³DOHVGHPDQGRHVW£QDFWLYDV
%LW
1RPEUHGHVH³DO
6H³DO
6H³DO
%LWGHIUHFXHQFLDILMD
6¯
1R
%LWGHIUHFXHQFLDILMD
6¯
1R
%LWGHIUHFXHQFLDILMD
6¯
1R
%LWGHIUHFXHQFLDILMD
6¯
1R
%LWGHOMXHJRGHGDWRVGHOFRQYHUWLGRU''6
6¯
1R
%LWGHOMXHJRGHGDWRVGHOFRQYHUWLGRU''6
6¯
1R
'HVKDELOLWDFLµQSDUDGDU£SLGD
6¯
1R
+DELOLWDFLµQGH3,'
6¯
1R
+DELOLWDFLµQIUHQR'&
6¯
1R
)DOORH[WHUQR
1R
6¯
%LWGHOMXHJRGHGDWRVGHVH³DOHVGHPDQGR&'6
6¯
1R
$WHQFLµQ
UHVLG«QWLFRDUVLVHKDVHOHFFLRQDGR866PHGLDQWH3R3FRPRIXHQWHGHVH³DOHV
GHPDQGR
U
&2%2(VWDGRGHOD
UHJXODFLµQGHOPRWRU
0XHVWUDHOHVWDGRGHUHJXODFLµQGHOPRWRUHQIRUPDWRELWTXHSXHGHXWLOL]DUVHSDUDGLDJQRVWLFDUHO
HVWDGRGHOFRQYHUWLGRU
%LW
1RPEUHGHVH³DO
,QLFLDOL]DFLµQUHJXODFLµQILQDOL]DGD
6¯
1R
'HVPDJQHWL]DFLµQGHOPRWRUILQDOL]DGD
6¯
1R
6H³DO
8
8
6H³DO
,PSXOVRVKDELOLWDGRV
6¯
1R
6HOHFFLµQWHQVLµQDUUDQTXHVXDYH
6¯
1R
([FLWDFLµQGHPRWRUILQDOL]DGD
6¯
1R
(OHYDFLµQHQDUUDQTXHDFWLYD
6¯
1R
(OHYDFLµQHQDFHOHUDFLµQDFWLYD
6¯
1R
)UHFXHQFLDQHJDWLYD
6¯
1R
'HELOLWDPLHQWRGHFDPSRDFWLYR
6¯
1R
&RQVLJQDGHWHQVLµQOLPLWDGD
6¯
1R
)UHFXHQFLDGHGHVOL]DPLHQWROLPLWDGD
6¯
1R
IBVDO!IBP£[IUHFXHQFLDOLPLWDGD
6¯
1R
,QYHUVLµQGHIDVHVHOHFFLRQDGD
6¯
1R
5HJXODGRU,P£[DFWLYRO¯PLWHGHSDUDOFDQ]DGR
6¯
1R
5HJXODGRU9GFBP£[DFWLYR
6¯
1R
.,3UHJXODFLµQ9GFBP¯QDFWLYR
6¯
1R
&RQYHUWLGRU6,1$0,&69
,QVWUXFFLRQHVGHVHUYLFLR$(
/LVWDGHSDU£PHWURV
/LVWDGHSDU£PHWURV
5DQJR
6H
$MXVWHV
SUHGHWHUPLQDGR SXHGH
FDPELDU
VGHI£EULFD
(VFDODGR -XHJR
GH
GDWRV
7LSR 1LYHO
GH
GH
GDWRV DFFHVR
3DU£PHWUR
)XQFLµQ
$WHQFLµQ
(OUHJXODGRU,BP£[UELWVHDFWLYDVLODFRUULHQWHGHVDOLGDUHDOUVREUHSDVDHOO¯PLWHGH
FRUULHQWHGHU
U
&2)UHFXHQFLDGH
VDOLGDUHDO>+]@
0XHVWUDODIUHFXHQFLDGHVDOLGDUHDOHQ+]6HSXHGHGLVSRQHUGHHVWHYDORUILOWUDGRU\QRILOWUDGR
U
1RWD
/DIUHFXHQFLDGHVDOLGDHVW£OLPLWDGDSRUORVYDORUHVLQWURGXFLGRVHQ3IUHFXHQFLDP¯QLPD\3
IUHFXHQFLDP£[LPD
U
&2/¯PLWHGHFRUULHQWH
GHVDOLGDUHDO>$@
0XHVWUDODFRUULHQWHGHVDOLGDP£[LPDY£OLGDGHOFRQYHUWLGRU
3
)ORDW
)ORDW
)ORDW
/RVIDFWRUHVVLJXLHQWHVLQIOX\HQHQURGHWHUPLQDQVXYDORU
&RUULHQWHQRPLQDOGHOPRWRU3
)DFWRUGHVREUHFDUJDGHOPRWRU3
3URWHFFLµQGHOPRWRUGHSHQGLHQGRGH3
UHVPHQRURLJXDOTXHODFRUULHQWHP£[LPDGHOFRQYHUWLGRUU
3URWHFFLµQGHOFRQYHUWLGRUGHSHQGLHQGRGH3
1RWD
8QDUHGXFFLµQGHUSRVLEOHPHQWHLQGLFDVREUHFDUJDHQHOPRWRURHQHOFRQYHUWLGRU
U
&2&RUULHQWHGHVDOLGD
>$@
0XHVWUDHOYDORUQRILOWUDGRUPVGHFRUULHQWHGHOPRWRU6HSXHGHGLVSRQHUGHHVWHYDORUILOWUDGRU\
QRILOWUDGRU
1RWD
8VDGRSDUDILQHVGHUHJXODFLµQGHSURFHVRVDOFRQWUDULRGHUTXHHVW£ILOWUDGR\VHXWLOL]DSDUD
YLVXDOL]DUHOYDORUY¯D866
U>@
&2&RUULHQWHVGHIDVH
UHDOHV>$@
0XHVWUDODVFRUULHQWHVGHIDVHPHGLGDV
QGLFH
>@
)DVHB8(PLVRU
>@
,QWHUFRQH[LµQ'&(PLVRU
>@
,QWHUFRQH[LµQ'&
>@
2IIVHW)DVHB8(PLVRU
3
3
)ORDW
)ORDW
>@
2IIVHWLQWHUFRQH[LµQ'&
>@
1RXVDGR
U
&27HQVLµQUHDOGHOD
LQWHUFRQH[LµQGH'&>9@
0XHVWUDODWHQVLµQGHODLQWHUFRQH[LµQGH'&6HSXHGHGLVSRQHUGHHVWHYDORUILOWUDGRU\QRILOWUDGR
U
1RWD
8VDGRSDUDILQHVGHUHJXODFLµQGHSURFHVRVDOFRQWUDULRGHUWHQVLµQUHDOGHODLQWHUFRQH[LµQGH'&
TXHHVW£ILOWUDGR
U
&27HQVLµQGHVDOLGD
P£[LPD>9@
0XHVWUDODWHQVLµQGHVDOLGDP£[LPD
)ORDW
'HSHQGHQFLD /DWHQVLµQGHVDOLGDP£[LPDUHDOGHSHQGHGHODWHQVLµQGHUHGUHDOHQODHQWUDGD
&RQYHUWLGRU6,1$0,&69
,QVWUXFFLRQHVGHVHUYLFLR$(
/LVWDGHSDU£PHWURV
/LVWDGHSDU£PHWURV
3DU£PHWUR
)XQFLµQ
5DQJR
6H
$MXVWHV
SUHGHWHUPLQDGR SXHGH
FDPELDU
VGHI£EULFD
(VFDODGR -XHJR
GH
GDWRV
7LSR 1LYHO
GH
GH
GDWRV DFFHVR
U
&27HQVLµQGHVDOLGD
UHDO>9@
)ORDW
0XHVWUDODWHQVLµQGHVDOLGD6HSXHGHGLVSRQHUGHHVWHYDORUILOWUDGRU\QRILOWUDGRU
U
&20RGXODFLµQUHDO>@ 0XHVWUDHOJUDGRGHPRGXODFLµQUHDO(OJUDGRGHPRGXODFLµQVHGHILQHFRPRODUHODFLµQHQWUHHOYDORU
DEVROXWRGHODRQGDIXQGDPHQWDOGHODWHQVLµQGHIDVHGHVDOLGDGHOFRQYHUWLGRU\ODPLWDGGHODWHQVLµQGH
ODLQWHUFRQH[LµQGH'&
U
&2&RUULHQWHUHDO,VT
>$@
0XHVWUDODFRPSRQHQWHGHFRUULHQWHJHQHUDGRUDGHSDU6HSXHGHGLVSRQHUGHHVWHYDORUILOWUDGRU\
QRILOWUDGRU
U
&23DUUHDO>1P@
0XHVWUDHOSDUUHDO6HSXHGHGLVSRQHUGHHVWHYDORUILOWUDGRU\QRILOWUDGRU
U
&2)OXMRUHDO
HQWUHKLHUUR>@
0XHVWUDHOIOXMRHQHOHQWUHKLHUURUHODWLYRDOIOXMRQRPLQDOGHOPRWRU
U
&2&RUULHQWHUHDFWLYD
UHDO>$@
0XHVWUDODFRUULHQWHUHDFWLYDGHOPRWRUSDUWHLPDJLQDULD
3(5&(1 7
3
)ORDW
)ORDW
)ORDW
3(5&(1 7
)ORDW
3
)ORDW
'HSHQGHQFLD 6HDSOLFDVRORFXDQGRVHVHOHFFLRQDHOPRGR8IHQ3PRGRGHUHJXODFLµQHQFDVRFRQWUDULRVH
YLVXDOL]DHOYDORU
U
&2&RUULHQWHDFWLYDUHDO >$@
3
)ORDW
0XHVWUDODFRUULHQWHDFWLYDGHOPRWRUSDUWHUHDO
)ORDW
7
+
8,
)ORDW
'HSHQGHQFLD 9«DVHU
U
&2)DFWRUGHSRWHQFLD
UHDO
0XHVWUDHOIDFWRUGHSRWHQFLDUHDO
3>@
&,9LVXDOL]DFLµQGH
VH³DOHV3='
6HOHFFLRQDODIXHQWHGHYLVXDOL]DFLµQGHODVVH³DOHV3='
QGLFH
>@
lVH³DO3='
>@
lVH³DO3='
>@
lVH³DO3='
U>@
6H³DOHV3='>@
0XHVWUDODVVH³DOHV3='
QGLFH
>@
lVH³DO3='
>@
lVH³DO3='
>@
lVH³DO3='
1RWD
U FRUUHVSRQGHDKH[
&RQYHUWLGRU6,1$0,&69
,QVWUXFFLRQHVGHVHUYLFLR$(
/LVWDGHSDU£PHWURV
/LVWDGHSDU£PHWURV
3DU£PHWUR
)XQFLµQ
5DQJR
6H
$MXVWHV
SUHGHWHUPLQDGR SXHGH
FDPELDU
VGHI£EULFD
(VFDODGR -XHJR
GH
GDWRV
7LSR 1LYHO
GH
GH
GDWRV DFFHVR
3
(XURSD1RUWHDP«ULFD
8
'HWHUPLQDVLORVDMXVWHVGHSRWHQFLDVHH[SUHVDQHQ>N:@R>KS@SHMSRWHQFLDQRPLQDOGHOPRWRU
3
&
/RVDMXVWHVSUHGHWHUPLQDGRVSDUDODIUHFXHQFLDQRPLQDOGHOPRWRU3\ODIUHFXHQFLDP£[LPD
3VHDMXVWDQDTX¯DXWRP£WLFDPHQWHDGHP£VGHODIUHFXHQFLDGHUHIHUHQFLD3
(XURSD>N:@IUHFXHQFLDE£VLFDGHOPRWRUGH+]
1RUWHDP«ULFD>KS@IUHFXHQFLDE£VLFDGHOPRWRUGH+]
1RUWHDP«ULFD>N:@IUHFXHQFLDE£VLFDGHOPRWRUGH+]
'HSHQGHQFLD 'RQGH
3ULPHURGHEHGHWHQHUHOFRQYHUWLGRUHVWRHVGHVKDELOLWDUWRGRVORVLPSXOVRVDQWHVGHFDPELDUHVWH
SDU£PHWUR
3VRORSXHGHFDPELDUVHFRQ3 PRGRGHSXHVWDHQPDUFKDPHGLDQWHODLQWHUID]
UHVSHFWLYDSRUHMHPSOR866
$OPRGLILFDU3VHUHVWDEOHFHQWRGRVORVSDU£PHWURVQRPLQDOHVGHOPRWRUDV¯FRPRRWURV
SDU£PHWURVTXHGHSHQGHQGHORVSDU£PHWURVQRPLQDOHVGHOPRWRUY«DVH3F£OFXORGHORV
SDU£PHWURVGHOPRWRU
3
1¼PHURGHHTXLSRHQHO
VLVWHPD
1¼PHURGHHTXLSRHQHOVLVWHPD(VWHSDU£PHWURQRWLHQHHIHFWRHQHOIXQFLRQDPLHQWRVRORSDUDILQHVHQ
I£EULFD
U
3RWHQFLDQRPLQDOGHO
FRQYHUWLGRU>N:@>KS@
0XHVWUDODSRWHQFLDQRPLQDOGHOPRWRUGHOFRQYHUWLGRU
87
8
)ORDW
)ORDW
'HSHQGHQFLD (OYDORUVHPXHVWUDHQ>N:@R>KS@GHSHQGLHQGRGHODMXVWHGH3DSOLFDFLRQHVHQ
(XURSD1RUWHDP«ULFD
U>@
&RUULHQWHQRPLQDOGHO
FRQYHUWLGRU>$@
0XHVWUDODFRUULHQWHQRPLQDOGHOFRQYHUWLGRU
QGLFH
>@
>@
1RXVDGR
>@
&RUULHQWHGHVREUHFDUJDDOWD+2QRPLQDO
1RWD
/RVYDORUHVGHFRUULHQWHGHVREUHFDUJDDOWD+2QRPLQDOU>@FRUUHVSRQGHQDORVGHPRWRUHV
HVW£QGDU,(&GHSRORV6LHPHQVDGHFXDGRVSDUDHOFLFORGHFDUJDVHOHFFLRQDGRY«DVHHOGLDJUDPD
U>@HVHOYDORUSUHGHWHUPLQDGRGH3HQDVRFLDFLµQFRQODDSOLFDFLµQGH+2FLFORGHFDUJD
&RUULHQWHQRPLQDOGHOFRQYHUWLGRU
&RUULHQWHSRWHQFLDFRQYHUWLGRU
U
&RUULHQWHLQVWDQW£QHD
&RUULHQWHQRPLQDOGHOFRQYHUWLGRUFRQWLQXD
U>@ &RUULHQWHGHFDUJDGHEDVHFRQFDSDFLGDG
GHVREUHFDUJD
V
V
W
&RQYHUWLGRU6,1$0,&69
,QVWUXFFLRQHVGHVHUYLFLR$(
/LVWDGHSDU£PHWURV
/LVWDGHSDU£PHWURV
3DU£PHWUR
)XQFLµQ
5DQJR
6H
$MXVWHV
SUHGHWHUPLQDGR SXHGH
FDPELDU
VGHI£EULFD
(VFDODGR -XHJR
GH
GDWRV
7LSR 1LYHO
GH
GH
GDWRV DFFHVR
U
7HQVLµQQRPLQDOGHO
FRQYHUWLGRU>9@
8
)ORDW
0XHVWUDODWHQVLµQGHDOLPHQWDFLµQ$&QRPLQDOGHOFRQYHUWLGRU
1RWD
U 'H9D9WROHUDQFLDGHD
U
&RUULHQWHP£[LPDGHO
FRQYHUWLGRU>$@
0XHVWUDODFRUULHQWHGHVDOLGDP£[LPDGHOFRQYHUWLGRU
U 'H9D9WROHUDQFLDGHD
'HSHQGHQFLD UGHSHQGHGHODUHGXFFLµQGHSRWHQFLDTXHDVXYH]VHYHDIHFWDGDSRUODIUHFXHQFLDGHSXOVDFLµQ
3ODWHPSHUDWXUDDPELHQWH\ODDOWLWXG/RVYDORUHVSDUDODUHGXFFLµQGHSRWHQFLDVHHQFXHQWUDQHQ
ODV,QVWUXFFLRQHVGHVHUYLFLR
3
7HQVLµQGHDOLPHQWDFLµQ >9@
7
8
3GHILQHODWHQVLµQGHDOLPHQWDFLµQ6XYDORUSUHGHWHUPLQDGRGHSHQGHGHOWLSRGHFRQYHUWLGRU6L
3QRFRQFXHUGDFRQODWHQVLµQGHDOLPHQWDFLµQVHGHEHPRGLILFDU
'HSHQGHQFLD 2SWLPL]DHOUHJXODGRU9GFTXHSURORQJDHOWLHPSRGHGHFHOHUDFLµQVLODHQHUJ¯DGHUHJHQHUDFLµQGHO
PRWRUSURYRFDGLVSDURVSRUVREUHWHQVLµQHQODLQWHUFRQH[LµQGH'&
6LVHUHGXFHHOYDORUHOUHJXODGRULQWHUYLHQHDQWHV\UHGXFHHOSHOLJURGHVREUHWHQVLµQ
(VWDEOH]FD3$XWRGHWHFFLµQGHQLYHOGHFRQH[LµQGH9GF /RVXPEUDOHVGHDFWXDFLµQGHO
UHJXODGRU9GF\GHOIUHQDGRFRPELQDGRGHULYDQGLUHFWDPHQWHGH3WHQVLµQGHDOLPHQWDFLµQ
1LYHOGHFRQH[LµQ9GFBP¯QU 3UD¯]3
1LYHOGHFRQH[LµQ9GFBP£[U UD¯]3
1LYHOGHFRQH[LµQGHIUHQDGRGLQ£PLFR UD¯]3
1LYHOGHFRQH[LµQGHIUHQDGRFRPELQDGR UD¯]3
(VWDEOH]FD3$XWRGHWHFFLµQGHQLYHOGHFRQH[LµQGH9GF /RVXPEUDOHVGHDFWXDFLµQGHO
UHJXODGRU9GF\GHOIUHQDGRFRPELQDGRGHULYDQHQWRQFHVGHUWHQVLµQGHODLQWHUFRQH[LµQGH'&
1LYHOGHFRQH[LµQ9GFBP¯QU 3U
1LYHOGHFRQH[LµQ9GFBP£[U U
1LYHOGHFRQH[LµQGHIUHQDGRGLQ£PLFR U
1LYHOGHFRQH[LµQGHIUHQDGRFRPELQDGR U
/RVF£OFXORVGHDXWRGHWHFFLµQVRORVHUHDOL]DQFXDQGRHOFRQYHUWLGRUKDHVWDGRHQUHSRVRGXUDQWHP£VGH
V&XDQGRORVLPSXOVRVVHKDELOLWDQORVYDORUHVFDOFXODGRVVHPDQWLHQHQKDVWDVGHVSX«VGHTXH
FHVHQORVLPSXOVRV
1RWD
3DUDREWHQHUORVPHMRUHVUHVXOWDGRVVHUHFRPLHQGDXWLOL]DUODDXWRGHWHFFLµQGHQLYHOHVGHFRQH[LµQGH
9GF3 6RORVHUHFRPLHQGDHVWDEOHFHU3 FXDQGRKD\XQDOWRJUDGRGHIOXFWXDFLµQGHOD
LQWHUFRQH[LµQGH'&FXDQGRVHDFFLRQDHOPRWRU(QHVWHFDVRDVHJ¼UHVHGHTXHHOYDORUGH3VHD
FRUUHFWR
6LODWHQVLµQGHUHGHVVXSHULRUDOYDORULQGLFDGRSXHGHSURGXFLUVHODGHVDFWLYDFLµQDXWRP£WLFDGHO
UHJXODGRU9GFSDUDHYLWDUODDFHOHUDFLµQGHOPRWRU(QHVWHFDVRVHJHQHUDU£XQDYLVR$
(OYDORUSUHGHWHUPLQDGRGHSHQGHGHOWLSRGHFRQYHUWLGRU\GHVXVFDUDFWHU¯VWLFDVQRPLQDOHV
8
U>@
/RQJLWXGGHFDEOH
P£[LPD>P@
3DU£PHWURLQGH[DGRSDUDYLVXDOL]DUODORQJLWXGGHFDEOHP£[LPDDGPLVLEOHHQWUHHOFRQYHUWLGRU\HOPRWRU
QGLFH
>@
/RQJLWXGGHFDEOHQRDSDQWDOODGRP£[LPDDGPLVLEOH
&RQYHUWLGRU6,1$0,&69
,QVWUXFFLRQHVGHVHUYLFLR$(
/LVWDGHSDU£PHWURV
/LVWDGHSDU£PHWURV
6H
$MXVWHV
SUHGHWHUPLQDGR SXHGH
FDPELDU
VGHI£EULFD
(VFDODGR -XHJR
GH
GDWRV
7LSR 1LYHO
GH
GH
GDWRV DFFHVR
3DU£PHWUR
)XQFLµQ
5DQJR
>@
/RQJLWXGGHFDEOHDSDQWDOODGRP£[LPDDGPLVLEOH
$WHQFLµQ
3DUDFXPSOLUODVQRUPDWLYDVVREUH&(0HOFDEOHDSDQWDOODGRQRGHEHVHUGHORQJLWXGVXSHULRUDP
FXDQGRVHXWLOLFHXQILOWUR&(0
3
5HDFFLµQGHOFRQYHUWLGRU DQWHVREUHFDUJD
6HOHFFLRQDODUHDFFLµQGHOFRQYHUWLGRUDQWHXQDFRQGLFLµQGHVREUHFDUJDSRUWHPSHUDWXUDLQWHUQD
H[FHVLYD
7
8
'LVPLQXFLµQGHIUHFXHQFLD\FRUULHQWHGHVDOLGD
6LQGLVPLQXFLµQGLVSDUR)DODOFDQ]DUHOO¯PLWHW«UPLFR
'LVPLQXFLµQGHODIUHFXHQFLDGHSXOVDFLµQFRUULHQWHGHVDOLGD\IUHFXHQFLDGH
VDOLGD
6RORGLVPLQXFLµQGHIUHFXHQFLDGHSXOVDFLµQ\GLVSDUR)FXDQGROD
VREUHFDUJDHVGHPDVLDGRDOWD
'HSHQGHQFLD /RVVLJXLHQWHVYDORUHVI¯VLFRVLQIOX\HQHQODSURWHFFLµQFRQWUDVREUHFDUJDVGHOFRQYHUWLGRUY«DVHHO
GLDJUDPD
7HPSHUDWXUDGHOGLVLSDGRUU>@GHVHQFDGHQD$\)
7HPSHUDWXUDGHODXQLµQ,*%7U>@GHVHQFDGHQD)R)
'LIHUHQFLDHQWUHODVWHPSHUDWXUDVGHOGLVLSDGRU\ODXQLµQGHVHQFDGHQD$\)
,WGHOFRQYHUWLGRUUGHVHQFDGHQD$\)
9LJLODQFLDGHOFRQYHUWLGRU
I2 t
U
3
U
5HDFFLµQGHOFRQYHUWLGRUDQWHVREUHFDUJD
3
$
5HJXODFLµQLBP£[
$
7HPSHUDWXUDGHO
GLVLSDGRU
3
7HPSHUDWXUD,*%7
3
$
5HJXODFLµQIBSXOV
)
)
)
$WHQFLµQ
3 /DUHGXFFLµQGHODIUHFXHQFLDGHVDOLGDVRORHVHIHFWLYDVLWDPEL«QVHUHGXFHODFDUJD
(VWRHVY£OLGRSRUHMHPSORSDUDDSOLFDFLRQHVFRQVREUHFDUJDEDMD\XQDFDUDFWHU¯VWLFDFXDGU£WLFDGH
SDUFRPRHQERPEDVRYHQWLODGRUHV
3DUDORVDMXVWHV3 RHOUHJXODGRU,BP£[FRQGLFLRQDHOO¯PLWHGHODFRUULHQWHGHVDOLGDU
FXDQGRVHSURGXFHVREUHWHPSHUDWXUD
3 6LODIUHFXHQFLDGHSXOVDFLµQHVPD\RUTXHHOYDORUQRPLQDOVHUHGXFLU£DOYDORUQRPLQDO
LQPHGLDWDPHQWHHQFDVRGHTXHUVHDPD\RUTXHUO¯PLWHGHFRUULHQWH
&RQYHUWLGRU6,1$0,&69
,QVWUXFFLRQHVGHVHUYLFLR$(
/LVWDGHSDU£PHWURV
/LVWDGHSDU£PHWURV
3DU£PHWUR
)XQFLµQ
5DQJR
3 6H
$MXVWHV
SUHGHWHUPLQDGR SXHGH
FDPELDU
VGHI£EULFD
(VFDODGR -XHJR
GH
GDWRV
7LSR 1LYHO
GH
GH
GDWRV DFFHVR
/DIUHFXHQFLDGHSXOVDFLµQ3VRORVHUHGXFHVLHVVXSHULRUDN+]\ODIUHFXHQFLDGH
IXQFLRQDPLHQWRHVPHQRUTXH+]
/DIUHFXHQFLDGHSXOVDFLµQUHDOVHYLVXDOL]DHQU>@ODIUHFXHQFLDGHSXOVDFLµQP¯QLPDDODTXHVH
UHGXFHVHPXHVWUDHQU>@
,WGHOFRQYHUWLGRUFRQGLFLRQDODFRUULHQWH\ODIUHFXHQFLDGHVDOLGDSHURQRODIUHFXHQFLDGHSXOVDFLµQ
6HSURGXFLU£VLHPSUHXQGLVSDURFXDQGRODWHPSHUDWXUDLQWHUQDQRVHORJUHUHGXFLUVXILFLHQWHPHQWHFRQ
HVWDVPHGLGDV
7
''6
8
3>@
3URWHFFLµQGHO
FRQYHUWLGRU
%LW
1RPEUHGHVH³DO
6H³DO
6H³DO
5HGXFFLµQGHODIUHFXHQFLDGHSXOVDFLµQ
6¯
1R
5HVHUYDGR
6¯
1R
9LJLODQFLDGHIDOORGHIDVH
1R
6¯
1RWD
9«DVH3
3
$YLVRGHWHPSHUDWXUDGHO FRQYHUWLGRU>r&@
'HWHUPLQDODGLIHUHQFLDGHWHPSHUDWXUDHQr&HQWUHHOXPEUDOGHGLVSDURSRUVREUHWHPSHUDWXUD)\HO
XPEUDOGHDYLVR$GHOFRQYHUWLGRU(OFRQYHUWLGRUDOPDFHQDLQWHUQDPHQWHHOXPEUDOGHGLVSDUR\HO
XVXDULRQRORSXHGHPRGLILFDU
3
$YLVR,WGHOFRQYHUWLGRU
>@
'HILQHHOYDORU>@FRQHOTXHVHJHQHUDXQDYLVR$,WGHOFRQYHUWLGRU
87
87
8
)ORDW
(OF£OFXORGH,WGHOFRQYHUWLGRUVHXWLOL]DSDUDGHWHUPLQDUXQSHU¯RGRP£[LPRWROHUDEOHGHVREUHFDUJDGHO
FRQYHUWLGRU
(OYDORUGHF£OFXORGH,WVHFRQVLGHUD FXDQGRVHKDDOFDQ]DGRHVWHSHU¯RGRP£[LPRWROHUDEOH
'HSHQGHQFLD /DFRUULHQWHGHVDOLGDGHOFRQYHUWLGRUVHKDUHGXFLGR
(OYDORUGH,WQRVXSHUDHO
1RWD
3 FRUUHVSRQGHDODFDUJDQRPLQDOSHUPDQHQWH
3
5HWDUGRGHGHVFRQH[LµQ GHOYHQWLODGRUGHO
FRQYHUWLGRU>V@
'HILQHHOWLHPSRGHUHWDUGRGHGHVFRQH[LµQGHOYHQWLODGRUGHOFRQYHUWLGRUHQVHJXQGRVGHVSX«VGHTXH
VHGHWHQJDHOFRQYHUWLGRU
87
8
1RWD
$MXVWDGRDHOYHQWLODGRUGHOFRQYHUWLGRUVHDSDJDU£FXDQGRVHSDUHHOFRQYHUWLGRUHVGHFLUVLQUHWDUGR
3>@
7HQVLµQQRPLQDOGHO
PRWRU>9@
7HQVLµQQRPLQDOGHOPRWRUGHODSODFDGHFDUDFWHU¯VWLFDV
&
''6
8
'HSHQGHQFLD 6RORPRGLILFDEOHFXDQGR3 SXHVWDHQVHUYLFLRU£SLGD
(OYDORUSUHGHWHUPLQDGRGHSHQGHGHOWLSRGHFRQYHUWLGRU\GHVXVFDUDFWHU¯VWLFDVQRPLQDOHV
&RQYHUWLGRU6,1$0,&69
,QVWUXFFLRQHVGHVHUYLFLR$(
/LVWDGHSDU£PHWURV
/LVWDGHSDU£PHWURV
6H
$MXVWHV
SUHGHWHUPLQDGR SXHGH
FDPELDU
VGHI£EULFD
5DQJR
(VFDODGR -XHJR
GH
GDWRV
7LSR 1LYHO
GH
GH
GDWRV DFFHVR
3DU£PHWUR
)XQFLµQ
3UHFDXFLµQ
/DHQWUDGDGHORVGDWRVGHODSODFDGHFDUDFWHU¯VWLFDVWLHQHTXHFRUUHVSRQGHUFRQHOFDEOHDGRGHOPRWRU
HQHVWUHOODWUL£QJXOR(VWRVLJQLILFDTXHVLVHXWLOL]DFDEOHDGRHQWUL£QJXORSDUDHOPRWRUGHEHQ
LQWURGXFLUVHORVGDWRVGHODSODFDGHFDUDFWHU¯VWLFDVFRUUHVSRQGLHQWHVDODFRQH[LµQHQWUL£QJXOR
0RWRU,(&
:
8
9
8
9
:
:
8
9
8
9
:
8
8
9
:
9
:
&RQH[LµQHQ
WUL£QJXOR
1RWD
&RQH[LµQHQ
HVWUHOOD
(OVLJXLHQWHGLDJUDPDPXHVWUDXQDSODFDGHFDUDFWHU¯VWLFDVW¯SLFDFRQODVLWXDFLµQGHORVGDWRVP£V
LPSRUWDQWHVGHOPRWRU
&
3>@
&RUULHQWHQRPLQDOGHO
PRWRU>$@
&RUULHQWHQRPLQDOGHOPRWRUGHODSODFDGHFDUDFWHU¯VWLFDV
''6
)ORDW
'HSHQGHQFLD 6RORPRGLILFDEOHFXDQGR3 SXHVWDHQVHUYLFLRU£SLGD
7DPEL«QGHSHQGHGH3FRUULHQWHGHPDJQHWL]DFLµQGHOPRWRU
1RWD
(OYDORUP£[LPRGH3GHSHQGHGHODFRUULHQWHP£[LPDGHOFRQYHUWLGRUU\GHOWLSRGHPRWRU
0RWRUDV¯QFURQR3BP£[ 3
6HUHFRPLHQGDTXHODUHODFLµQHQWUH3FRUULHQWHQRPLQDOGHOPRWRU\UFRUULHQWHQRPLQDOGHO
FRQYHUWLGRUQRVHDPHQRUGH 3U
6LODUHODFLµQHQWUHODFRUULHQWHQRPLQDOGHOPRWRU3\ODPLWDGGHODFRUULHQWHP£[LPDGHOFRQYHUWLGRU
UHVPD\RUTXHVHDSOLFDXQDUHGXFFLµQGHFRUULHQWHDGLFLRQDO(VWRHVQHFHVDULRSDUDSURWHJHU
DOFRQYHUWLGRUGHFRUULHQWHVDUPµQLFDV
&RQYHUWLGRU6,1$0,&69
,QVWUXFFLRQHVGHVHUYLFLR$(
/LVWDGHSDU£PHWURV
/LVWDGHSDU£PHWURV
3DU£PHWUR
)XQFLµQ
5DQJR
6H
$MXVWHV
SUHGHWHUPLQDGR SXHGH
FDPELDU
VGHI£EULFD
(VFDODGR -XHJR
GH
GDWRV
7LSR 1LYHO
GH
GH
GDWRV DFFHVR
Imax,Inv
r0209
0.7 ⋅ r0209
1.5
2.5
2 ⋅ P0305
r0209
(OYDORUSUHGHWHUPLQDGRGHSHQGHGHOWLSRGHFRQYHUWLGRU\GHVXVFDUDFWHU¯VWLFDVQRPLQDOHV
&
3>@
3RWHQFLDQRPLQDOGHO
PRWRU
3RWHQFLDQRPLQDOGHOPRWRU>N:KS@GHODSODFDGHFDUDFWHU¯VWLFDV
''6
)ORDW
'HSHQGHQFLD 6L3 ORVYDORUHVVHGDU£QHQ>KS@
6RORPRGLILFDEOHFXDQGR3 SXHVWDHQVHUYLFLRU£SLGD
1RWD
(OYDORUSUHGHWHUPLQDGRGHSHQGHGHOWLSRGHFRQYHUWLGRU\GHVXVFDUDFWHU¯VWLFDVQRPLQDOHV
3>@
)DFWRUGHSRWHQFLD
FRV˳QRPLQDOGHOPRWRU )DFWRUGHSRWHQFLDFRV˳QRPLQDOGHOPRWRUGHODSODFDGHFDUDFWHU¯VWLFDV
&
''6
)ORDW
''6
)ORDW
''6
)ORDW
'HSHQGHQFLD 6RORPRGLILFDEOHFXDQGR3 SXHVWDHQVHUYLFLRU£SLGD
9LVLEOHVRORVL3 RSRWHQFLDGHOPRWRUHQ>N:@
(ODMXVWHSURGXFHHOF£OFXORLQWHUQRGHOYDORU(OYDORUVHYLVXDOL]DHQU
&
3>@
(ILFLHQFLDQRPLQDOGHO
PRWRU>@
(ILFLHQFLDQRPLQDOGHOPRWRUGHODSODFDGHFDUDFWHU¯VWLFDV
'HSHQGHQFLD 6RORPRGLILFDEOHFXDQGR3 SXHVWDHQVHUYLFLRU£SLGD
9LVLEOHVRORVL3 SRWHQFLDGHOPRWRUHQ>KS@
(ODMXVWHSURGXFHHOF£OFXORLQWHUQRGHOYDORU(OYDORUVHYLVXDOL]DHQU
&
3>@
)UHFXHQFLDQRPLQDOGHO
PRWRU>+]@
)UHFXHQFLDQRPLQDOGHOPRWRUGHODSODFDGHFDUDFWHU¯VWLFDV
'HSHQGHQFLD 6RORPRGLILFDEOHFXDQGR3 SXHVWDHQVHUYLFLRU£SLGD
6HYXHOYHDFDOFXODUHOQ¼PHURGHSDUHVGHSRORVVLVHFDPELDHOSDU£PHWUR
1RWD
/DIUHFXHQFLDP£[LPDGHOPRWRUSXHGHTXHGDUDIHFWDGDSRUFDPELRVHQ33DUDREWHQHUP£V
LQIRUPDFLµQY«DVH3
3>@
9HORFLGDGQRPLQDOGHO
PRWRU>530@
9HORFLGDGQRPLQDOGHOPRWRUGHODSODFDGHFDUDFWHU¯VWLFDV
&
''6
8
'HSHQGHQFLD 6RORPRGLILFDEOHFXDQGR3 SXHVWDHQVHUYLFLRU£SLGD
(ODMXVWHSURGXFHHOF£OFXORLQWHUQRGHOYDORU
/DFRPSHQVDFLµQGHOGHVOL]DPLHQWRHQPRGR8IQHFHVLWDODYHORFLGDGQRPLQDOGHOPRWRUSDUDIXQFLRQDU
FRUUHFWDPHQWH
6HYXHOYHDFDOFXODUHOQ¼PHURGHSDUHVGHSRORVVLVHFDPELDHOSDU£PHWUR
1RWD
(OYDORUSUHGHWHUPLQDGRGHSHQGHGHOWLSRGHFRQYHUWLGRU\GHVXVFDUDFWHU¯VWLFDVQRPLQDOHV
&RQYHUWLGRU6,1$0,&69
,QVWUXFFLRQHVGHVHUYLFLR$(
/LVWDGHSDU£PHWURV
/LVWDGHSDU£PHWURV
5DQJR
6H
$MXVWHV
SUHGHWHUPLQDGR SXHGH
FDPELDU
VGHI£EULFD
(VFDODGR -XHJR
GH
GDWRV
7LSR 1LYHO
GH
GH
GDWRV DFFHVR
8
3DU£PHWUR
)XQFLµQ
U>@
3DUHVGHSRORVGHOPRWRU 0XHVWUDHOQ¼PHURGHSDUHVGHSRORVGHOPRWRUTXHHOFRQYHUWLGRUXWLOL]DDFWXDOPHQWHSDUDORVF£OFXORV
LQWHUQRV
''6
'HSHQGHQFLD 6HYXHOYHDFDOFXODUDXWRP£WLFDPHQWHFXDQGRVHFDPELD3IUHFXHQFLDQRPLQDOGHOPRWRUR3
YHORFLGDGQRPLQDOGHOPRWRU
U 0RWRUGHSRORV
U 0RWRUGHSRORV
3>@
1|GHSDUHVGHSRORV
GHOPRWRU
(VSHFLILFDHOQ¼PHURGHSDUHVGHSRORVGHOPRWRU
&
''6
8
'HSHQGHQFLD 6RORPRGLILFDEOHFXDQGR3 SXHVWDHQVHUYLFLRU£SLGD
6LVHDMXVWDDVHXWLOL]DU£USDUHVGHSRORVGHOPRWRUFDOFXODGRVGXUDQWHHOIXQFLRQDPLHQWR6LVH
DMXVWDD!FRUULJHHOYDORUGHU
3 0RWRUGHSRORV
3 0RWRUGHSRORV
&7
''6
)ORDW
3>@
&RUULHQWHPDJQHWL]DQWH
GHOPRWRU>@
'HILQHODFRUULHQWHGHPDJQHWL]DFLµQGHOPRWRUHQUHODFLµQFRQ3FRUULHQWHQRPLQDOGHOPRWRU
'HSHQGHQFLD (ODMXVWHDPRWLYDHOF£OFXORSRUSDUWHGH3 LQWURGXFFLµQGHGDWRVGHODSODFDGH
FDUDFWHU¯VWLFDVRGH3 ILQGHODSXHVWDHQPDUFKDU£SLGD(OYDORUFDOFXODGRVHYLVXDOL]DHQ
U
3(5&(1 ''6
7
)ORDW
U>@
'HVOL]DPLHQWRQRPLQDO
GHOPRWRU>@
0XHVWUDHOGHVOL]DPLHQWRQRPLQDOGHOPRWRUUHODWLYRD3IUHFXHQFLDQRPLQDOGHOPRWRU\3
YHORFLGDGQRPLQDOGHOPRWRUU>@ 3U33
U>@
&RUULHQWHQRPLQDOGH
PDJQHWL]DFLµQ>$@
0XHVWUDODFRUULHQWHPDJQHWL]DQWHGHOPRWRUFDOFXODGD
U>@
)DFWRUGHSRWHQFLD
QRPLQDO
0XHVWUDHOIDFWRUGHSRWHQFLDGHOPRWRU
''6
)ORDW
''6
)ORDW
'HSHQGHQFLD (OYDORUVHFDOFXODLQWHUQDPHQWHVL3IDFWRUGHSRWHQFLDQRPLQDOGHOPRWRUFRV˳VHDMXVWDDHQ
FDVRFRQWUDULRVHYLVXDOL]DHOYDORUTXHVHKDLQWURGXFLGRHQ3
U>@
3DUQRPLQDOGHOPRWRU
>1P@
0XHVWUDHOSDUQRPLQDOGHOPRWRU
''6
)ORDW
'HSHQGHQFLD (OYDORUVHFDOFXODDSDUWLUGH3SRWHQFLDQRPLQDOGHOPRWRU\GH3YHORFLGDGQRPLQDOGHO
PRWRUU>1P@ 3>N:@3>P¯Q@3L
3>@
5HIULJHUDFLµQGHOPRWRU
6HOHFFLRQDHOVLVWHPDGHUHIULJHUDFLµQGHOPRWRUXWLOL]DGR
9HQWLODFLµQQDWXUDO0RWRUFRQYHQWLODGRULQFRUSRUDGR,&R,&
9HQWLODFLµQIRU]DGD9HQWLODGRUH[WHUQR,&
&7
''6
8
&RQYHUWLGRU6,1$0,&69
,QVWUXFFLRQHVGHVHUYLFLR$(
/LVWDGHSDU£PHWURV
/LVWDGHSDU£PHWURV
6H
$MXVWHV
SUHGHWHUPLQDGR SXHGH
FDPELDU
VGHI£EULFD
3DU£PHWUR
)XQFLµQ
5DQJR
9HQWLODFLµQQDWXUDO\YHQWLODGRULQWHUQR
9HQWLODFLµQIRU]DGD\YHQWLODGRULQWHUQR
3>@
&£OFXORGHSDU£PHWURV
GHOPRWRU
&DOFXODYDULRVSDU£PHWURVGHOPRWRU
3>@,QHUFLDGHOPRWRU>NJPA@
7
3 (VFDODGR -XHJR
GH
GDWRV
7LSR 1LYHO
GH
GH
GDWRV DFFHVR
8
''6
3 3 3 [
3>@5HODFLµQHQWUHHOPRPHQWRGHLQHUFLDWRWDO
\HOGHOPRWRU
[
3>@3HVRGHOPRWRU
[
3>@7LHPSRGHPDJQHWL]DFLµQ
[
[
3>@7LHPSRGHGHVPDJQHWL]DFLµQ
[
[
3>@5HVLVWHQFLDGHHVW£WRUIDVHDIDVH
[
[
3>@5HVLVWHQFLDGHFDEOH
[
[
3>@5HVLVWHQFLDGHOURWRU
[
[
3>@,QGXFWDQFLDGLVSHUVDGHOHVW£WRU
[
[
3>@,QGXFWDQFLDGLVSHUVDGHOURWRU
[
[
3>@,QGXFWDQFLDSULQFLSDO
[
[
3>@7HPSHUDWXUDDPELHQWHGHOPRWRU
[
[
3>@/LPLWDFLµQGHVDOLGDGHOUHJXODGRU
[
[
3>@)UHFXHQFLDILQDOGHHOHYDFLµQ
[
[
3>@*DQDQFLDGHDPRUWLJXDFLµQGH
UHVRQDQFLDV8I
[
[
[
3>@7LHPSRGHLQWHJUDFLµQGHOUHJXODGRU,P£[
[
[
[
3>@*DQDQFLDSURSRUFLRQDOGHOUHJXODGRUGH
WHQVLµQ,P£[
[
[
[
3>@7LHPSRGHLQWHJUDFLµQGHOUHJXODGRUGH
WHQVLµQ,P£[
[
[
[
3>@&RUULHQWHGHUHIHUHQFLD
[
3>@3DUGHUHIHUHQFLD
[
3>@8PEUDOGHSDUVXSHULRU
[
3>@8PEUDOGHSDUVXSHULRU
[
3>@8PEUDOGHSDUVXSHULRU
[
6LQF£OFXOR
3DUDPHWUL]DFLµQFRPSOHWD
&£OFXORGHORVGDWRVGHOHVTXHPDHTXLYDOHQWH
&£OFXORGHGDWRVGHPRGR8I
6RORF£OFXORGHDMXVWHVGHOUHJXODGRU
&RQYHUWLGRU6,1$0,&69
,QVWUXFFLRQHVGHVHUYLFLR$(
/LVWDGHSDU£PHWURV
/LVWDGHSDU£PHWURV
5DQJR
6H
$MXVWHV
SUHGHWHUPLQDGR SXHGH
FDPELDU
VGHI£EULFD
(VFDODGR -XHJR
GH
GDWRV
7LSR 1LYHO
GH
GH
GDWRV DFFHVR
3DU£PHWUR
)XQFLµQ
1RWD
6HQHFHVLWDHVWHSDU£PHWURGXUDQWHODSXHVWDHQPDUFKDSDUDRSWLPL]DUHOIXQFLRQDPLHQWRGHOFRQYHUWLGRU
6LKD\XQDJUDQGLVFUHSDQFLDHQWUHODSRWHQFLDQRPLQDOGHOPRWRU\ODGHOFRQYHUWLGRUHVSRVLEOHTXHQRVH
SXHGDQFDOFXODUFRUUHFWDPHQWHU\U(QHVHFDVRXWLOLFH3
$OWUDQVIHULU3HOFRQYHUWLGRUXVDVXSURFHVDGRUSDUDUHDOL]DUORVF£OFXORVLQWHUQRV/DV
FRPXQLFDFLRQHVFRQHOFRQYHUWLGRUSXHGHQLQWHUUXPSLUVH
/RVIDOORVSXHGHQFRQILUPDUVHHQFXDQWRVHFRPSOHWDQORVF£OFXORVHQHOFRQYHUWLGRU(VWRVF£OFXORV
SXHGHQWDUGDUXQRVVHQFRPSOHWDUVH
3>@
,QHUFLDGHOPRWRU
>NJPA@
87
''6
)ORDW
,QGLFDHOPRPHQWRGHLQHUFLDVLQFDUJDGHOPRWRU
-XQWRFRQ3UHODFLµQHQWUHPRPHQWRGHLQHUFLDWRWDO\GHOPRWRU\3IDFWRUGHHVFDODGRGH
DFHOHUDFLµQHVWHYDORUJHQHUDHOSDUGHDFHOHUDFLµQUTXHSXHGHVXPDUVHDFXDOTXLHUSDU
DGLFLRQDOJHQHUDGRGHVGHXQDIXHQWH%,&23HLQFRUSRUDUVHHQODIXQFLµQGHUHJXODFLµQGHSDU
'HSHQGHQFLD (VWHSDU£PHWURVHYHLQIOXLGRSRUORVF£OFXORVDXWRP£WLFRVGHILQLGRVSRU3
1RWD
(OUHVXOWDGRGH33VHLQFOX\HHQHOF£OFXORGHOUHJXODGRUGHYHORFLGDG
33 PRPHQWRGHLQHUFLDWRWDOGHOPRWRU
3 DFWLYDODSUHUHJXODFLµQGHDFHOHUDFLµQSDUDHOUHJXODGRUGHYHORFLGDG\FDOFXODHOSDU
VHJ¼Q3\3
3>@
5HODFLµQHQWUHHO
PRPHQWRGHLQHUFLDWRWDO \HOGHOPRWRU
87
''6
)ORDW
(VSHFLILFDODUHODFLµQHQWUHHOPRPHQWRGHLQHUFLDWRWDOFDUJDPRWRU\HOPRPHQWRGHLQHUFLDGHOPRWRU
'HSHQGHQFLD 9«DVH3
3>@
3HVRGHOPRWRU>NJ@
(VSHFLILFDHOSHVRGHOPRWRU>NJ@
87
''6
)ORDW
'HSHQGHQFLD 9«DVH3
1RWD
6HXWLOL]DHVWHYDORUSDUDHOPRGHORW«UPLFR6HFDOFXODQRUPDOPHQWHDSDUWLUGH3SDU£PHWURVGHO
PRWRUSHURWDPEL«QSXHGHLQWURGXFLUVHPDQXDOPHQWH(OYDORUSUHGHWHUPLQDGRGHSHQGHGHOWLSRGH
FRQYHUWLGRU\GHVXVFDUDFWHU¯VWLFDVQRPLQDOHV
U>@
7LHPSRGHDUUDQTXHGHO
PRWRU>V@
0XHVWUDHOWLHPSRGHDUUDQTXHGHOPRWRU(VWHWLHPSRFRUUHVSRQGHDOPRPHQWRGHLQHUFLDGHOPRWRU
QRUPDOL]DGR(OWLHPSRGHDUUDQTXHHVHOWLHPSRTXHVHWDUGDHQDOFDQ]DUODYHORFLGDGQRPLQDOGHOPRWRU
DFHOHUDQGRGHVGHYHORFLGDGFHURFRQHOSDUQRPLQDOU
3>@
7LHPSRGH
PDJQHWL]DFLµQ>V@
'HWHUPLQDHOWLHPSRGHPDJQHWL]DFLµQ>V@HVGHFLUHOWLHPSRGHHVSHUDHQWUHODKDELOLWDFLµQGHLPSXOVRV\
HOFRPLHQ]RGHODDFHOHUDFLµQ/DPDJQHWL]DFLµQGHOPRWRUVHUHDOL]DGXUDQWHHVWHWLHPSR(OWLHPSRGH
PDJQHWL]DFLµQQRUPDOPHQWHVHFDOFXODDXWRP£WLFDPHQWHDSDUWLUGHORVGDWRVGHOPRWRU\FRUUHVSRQGHD
ODFRQVWDQWHGHWLHPSRGHOURWRU
87
''6
''6
)ORDW
)ORDW
'HSHQGHQFLD 9«DVH3
$WHQFLµQ
8QDUHGXFFLµQH[FHVLYDGHHVWHWLHPSRSXHGHSURYRFDUXQDPDJQHWL]DFLµQLQVXILFLHQWHGHOPRWRU
1RWD
6LODHOHYDFLµQGHWHQVLµQHVVXSHULRUDOVHSXHGHUHGXFLUHOWLHPSRGHPDJQHWL]DFLµQ(OYDORU
SUHGHWHUPLQDGRGHSHQGHGHOWLSRGHFRQYHUWLGRU\GHVXVFDUDFWHU¯VWLFDVQRPLQDOHV
&RQYHUWLGRU6,1$0,&69
,QVWUXFFLRQHVGHVHUYLFLR$(
/LVWDGHSDU£PHWURV
/LVWDGHSDU£PHWURV
3DU£PHWUR
)XQFLµQ
5DQJR
6H
$MXVWHV
SUHGHWHUPLQDGR SXHGH
FDPELDU
VGHI£EULFD
(VFDODGR -XHJR
GH
GDWRV
7LSR 1LYHO
GH
GH
GDWRV DFFHVR
3>@
7LHPSRGH
GHVPDJQHWL]DFLµQ>V@
)ORDW
&DPELDHOWLHPSRSHUPLWLGRWUDVXQDFRQGLFLµQGHIDOOR2))DQWHVGHTXHVHSXHGDQYROYHUDKDELOLWDUORV
LPSXOVRV
87
''6
'HSHQGHQFLD 9«DVH3
1RWD
(OWLHPSRGHGHVPDJQHWL]DFLµQHVGHDSUR[LPDGDPHQWHYHFHVODFRQVWDQWHGHWLHPSRGHOURWRUHQ
VHJXQGRV(OYDORUSUHGHWHUPLQDGRGHSHQGHGHOWLSRGHFRQYHUWLGRU\GHVXVFDUDFWHU¯VWLFDVQRPLQDOHV
3>@
5HVLVWHQFLDGHOHVW£WRU
IDVH>2KP@
9DORUGHUHVLVWHQFLDGHOHVW£WRUSDUDHOPRWRUFRQHFWDGRYDORUGHIDVH(OYDORUGHOSDU£PHWURQRLQFOX\H
ODUHVLVWHQFLDGHOFDEOH
87
''6
)ORDW
'HSHQGHQFLD 9«DVH3
1RWD
+D\WUHVIRUPDVGHGHWHUPLQDUHOYDORUGHHVWHSDU£PHWUR
&£OFXORFRQ
ದ 3 GDWRVGHODSODFDGHFDUDFWHU¯VWLFDVR
ದ 3 3 RILQGHODSXHVWDHQPDUFKDU£SLGD
0HGLFLµQFRQ3 LGHQWLILFDFLµQHVW£QGDUGHGDWRVGHPRWRUVHFRUULJHHOYDORUGHODUHVLVWHQFLD
GHOHVW£WRU
0HGLFLµQPDQXDOFRQXQRKP¯PHWUR
&RPRODUHVLVWHQFLDPHGLGDPDQXDOPHQWHHVXQYDORUGHIDVHDIDVHTXHLQFOX\HODVUHVLVWHQFLDVGHORV
FDEOHVHOYDORUPHGLGRVHWLHQHTXHGLYLGLUSRU\ODUHVLVWHQFLDGHOFDEOHGHEHUHVWDUVHGHHVHYDORU
(OYDORULQWURGXFLGRHQ3HVHOTXHVHREWLHQHGHO¼OWLPRP«WRGRXWLOL]DGR(OYDORUSUHGHWHUPLQDGR
GHSHQGHGHOWLSRGHFRQYHUWLGRU\GHVXVFDUDFWHU¯VWLFDVQRPLQDOHV
87
''6
)ORDW
3>@
5HVLVWHQFLDGHOFDEOH
>2KP@
0XHVWUDODUHVLVWHQFLDGHOFDEOHHQWUHHOFRQYHUWLGRU\HOPRWRUSDUDXQDIDVH(OYDORUFRUUHVSRQGHDOD
UHVLVWHQFLDGHOFDEOHHQWUHHOFRQYHUWLGRU\HOPRWRUHQUHODFLµQFRQODLPSHGDQFLDQRPLQDO
'HSHQGHQFLD 9«DVH3
87
''6
3>@
5HVLVWHQFLDGHOURWRU
>2KP@
'HWHUPLQDODUHVLVWHQFLDGHOURWRUGHOFLUFXLWRHTXLYDOHQWHGHOPRWRUYDORUSRUIDVH
)ORDW
'HSHQGHQFLD 6HFDOFXODDXWRP£WLFDPHQWHXWLOL]DQGRHOPRGHORGHOPRWRURVHGHWHUPLQDXWLOL]DQGR3LGHQWLILFDFLµQ
GHOPRWRU(VWHSDU£PHWURVHYHLQIOXLGRSRUORVF£OFXORVDXWRP£WLFRVGHILQLGRVSRU3
3>@
,QGXFWDQFLDGLVSHUVDGHO HVW£WRU>P+@
87
''6
)ORDW
'HWHUPLQDODLQGXFWDQFLDGLVSHUVDGHOHVW£WRUGHOHVTXHPDHTXLYDOHQWHGHOPRWRUYDORUSRUIDVH
'HSHQGHQFLD 9«DVH3
3>@
,QGXFWDQFLDGLVSHUVDGHO URWRU>P+@
'HWHUPLQDODLQGXFWDQFLDGLVSHUVDGHOURWRUGHOHVTXHPDHTXLYDOHQWHGHOPRWRUYDORUSRUIDVH
87
''6
)ORDW
'HSHQGHQFLD 9«DVH3
87
''6
3>@
,QGXFWDQFLDSULQFLSDO
>P+@
'HWHUPLQDODLQGXFWDQFLDSULQFLSDOGHOHVTXHPDHTXLYDOHQWHGHOPRWRUYDORUSRUIDVH
)ORDW
&RQYHUWLGRU6,1$0,&69
,QVWUXFFLRQHVGHVHUYLFLR$(
/LVWDGHSDU£PHWURV
/LVWDGHSDU£PHWURV
3DU£PHWUR
)XQFLµQ
5DQJR
6H
$MXVWHV
SUHGHWHUPLQDGR SXHGH
FDPELDU
VGHI£EULFD
(VFDODGR -XHJR
GH
GDWRV
7LSR 1LYHO
GH
GH
GDWRV DFFHVR
'HSHQGHQFLD 9«DVH3
3UHFDXFLµQ
/RVGDWRVGHOHVTXHPDHTXLYDOHQWHVHUHILHUHQDOHVTXHPDGHFRQH[LRQHVHQHVWUHOOD6LVHWLHQHQGDWRV
SDUDORVHVTXHPDVHTXLYDOHQWHVHQWUL£QJXORWLHQHQTXHWUDQVIRUPDUVHHQHOHVTXHPDGHFRQH[LRQHVHQ
HVWUHOODHTXLYDOHQWHDQWHVGHLQWURGXFLUORVHQHOFRQYHUWLGRU
U>@
5HVLVWHQFLDGHOHVW£WRU
>@
0XHVWUDODUHVLVWHQFLDGHOHVW£WRUQRUPDOL]DGDGHOFLUFXLWRHTXLYDOHQWHGHOPRWRUYDORUSRUIDVH
U>@
5HVLVWHQFLDGHOFDEOH>@ 0XHVWUDODUHVLVWHQFLDGHOFDEOHQRUPDOL]DGDGHOFLUFXLWRHTXLYDOHQWHGHOPRWRUYDORUSRUIDVH6HHVWLPD
TXHHVXQGHODUHVLVWHQFLDGHOHVW£WRU
U>@
5HVLVWHQFLDQRPLQDOGHO
HVW£WRU>@
0XHVWUDODUHVLVWHQFLDQRPLQDOGHOHVW£WRUGHOFLUFXLWRHTXLYDOHQWHGHOPRWRUYDORUSRUIDVH
U>@
5HVLVWHQFLDGHOURWRU>@ 0XHVWUDODUHVLVWHQFLDGHOURWRUQRUPDOL]DGDGHOFLUFXLWRHTXLYDOHQWHGHOPRWRUYDORUSRUIDVH
U>@
5HVLVWHQFLDQRPLQDOGHO
URWRU>@
0XHVWUDODUHVLVWHQFLDQRPLQDOGHOURWRUGHOFLUFXLWRHTXLYDOHQWHGHOPRWRUYDORUSRUIDVH
U>@
5HDFWDQFLDGLVSHUVD
WRWDO>@
0XHVWUDODUHDFWDQFLDGLVSHUVDWRWDOQRUPDOL]DGDGHOFLUFXLWRHTXLYDOHQWHGHOPRWRUYDORUSRUIDVH
U>@
5HDFWDQFLDSULQFLSDO>@ 0XHVWUDODUHDFWDQFLDSULQFLSDOQRUPDOL]DGDGHOFLUFXLWRHTXLYDOHQWHGHOPRWRUYDORUSRUIDVH
U>@
&RQVWDQWHGHWLHPSRGHO URWRU>PV@
0XHVWUDODFRQVWDQWHGHWLHPSRFDOFXODGDGHOURWRU
U>@
&RQVWDQWHGHWLHPSR
WRWDOGHUHDFWDQFLD
GLVSHUVD>PV@
3(5&(1 ''6
7
3(5&(1 ''6
7
3(5&(1 ''6
7
3(5&(1 ''6
7
3(5&(1 ''6
7
3(5&(1 ''6
7
3(5&(1 ''6
7
)ORDW
)ORDW
)ORDW
)ORDW
)ORDW
)ORDW
)ORDW
''6
)ORDW
''6
)ORDW
)ORDW
0XHVWUDODFRQVWDQWHGHWLHPSRWRWDOGHUHDFWDQFLDGLVSHUVDGHOPRWRU
U
&25HVLVWHQFLDWRWDOGHO HVW£WRU>@
0XHVWUDODUHVLVWHQFLDGHOHVW£WRUGHOPRWRUGHODFRPELQDFLµQGHUHVLVWHQFLDGHHVW£WRUFDEOH
3>@
+DELOLWDUIXQFLRQDPLHQWR FRQWLQXDGR
+DELOLWDHOIXQFLRQDPLHQWRFRQWLQXDGR,QWHQWDHYLWDUTXHHOFRQYHUWLGRUVHGLVSDUHKDELOLWDQGRWRGDVODV
FDUDFWHU¯VWLFDVUHGXFWRUDVSRVLEOHV\ODIXQFLµQGHUHDUUDQTXHDXWRP£WLFR3XHGHXWLOL]DUVHFRQ3 SDUDHQPDVFDUDUORVDYLVRVUHVXOWDQWHVGHOXVXDULR
0RGRGHIXQFLRQDPLHQWRFRQWLQXDGRGHVKDELOLWDGR
0RGRGHIXQFLRQDPLHQWRFRQWLQXDGRKDELOLWDGR
QGLFH
>@
-XHJRGHGDWRVGHOFRQYHUWLGRU''6
3(5&(1 7
7
8
&RQYHUWLGRU6,1$0,&69
,QVWUXFFLRQHVGHVHUYLFLR$(
/LVWDGHSDU£PHWURV
/LVWDGHSDU£PHWURV
6H
$MXVWHV
SUHGHWHUPLQDGR SXHGH
FDPELDU
VGHI£EULFD
3DU£PHWUR
)XQFLµQ
5DQJR
>@
-XHJRGHGDWRVGHOFRQYHUWLGRU''6
>@
-XHJRGHGDWRVGHOFRQYHUWLGRU''6
$WHQFLµQ
(VFDODGR -XHJR
GH
GDWRV
7LSR 1LYHO
GH
GH
GDWRV DFFHVR
3 (VWDEOHFHORVVLJXLHQWHVYDORUHVGHSDU£PHWURSDUDPLQLPL]DUODSRVLELOLGDGGHGLVSDUR
3 3 3 3 3 5HVWDEOHFHORVSDU£PHWURVDVXVYDORUHVSUHGHWHUPLQDGRV
1RWD
3 3 3 3 9«DVHWDPEL«Q
3
3
3
3
3
3
0DFURGHDSOLFDFLµQ
6HOHFFLRQDXQDPDFURGHDSOLFDFLµQGDGDTXHHVXQMXHJRGHYDORUHVGHSDU£PHWURVSDUDXQD
GHWHUPLQDGDDSOLFDFLµQ([LVWHXQDVHULHGHPDFURVGHDSOLFDFLµQTXHFXEUHQXQFRQMXQWRGHDSOLFDFLRQHV
E£VLFDVFRPRXQDERPEDVHQFLOODXQDFLQWDWUDQVSRUWDGRUDXQFRPSUHVRUHWF
1RWD
7HQJDHQFXHQWDTXHSDUDJDUDQWL]DUHODMXVWHFRUUHFWRGHODPDFURGHDSOLFDFLµQHOQ¼PHURGHGLFKD
PDFURGHDSOLFDFLµQVRORVHGHEHFDPELDUGXUDQWHODFRQILJXUDFLµQMXVWRGHVSX«VGHXQUHVWDEOHFLPLHQWR
GHSDU£PHWURV
3>@
(VFDODGRSDUD
YLVXDOL]DFLµQ
&
>@>@ 87
>@
8
)ORDW
3HUPLWHDORSHUDGRUHVSHFLILFDUORVIDFWRUHVGHHVFDODGRGHODYLVXDOL]DFLµQGHIUHFXHQFLDGHOPRWRU
QGLFH YDORUGHPXOWLSOLFDGRUD
QGLFH YDORUGHGLYLVRUE
QGLFH YDORUGHFRQVWDQWHF
&RQHOSDU£PHWURHVWDEOHFLGRHQXQYDORUQRSUHGHWHUPLQDGRHOYDORUPRVWUDGRGHIUHFXHQFLD\FRQVLJQD
HQORV%23LQWHUQRV\H[WHUQRVVHHVFDODHQFRQVRQDQFLD1RWD/DVXQLGDGHV+]\DQRVHYLVXDOL]DQVL
VHHVFDODHOYDORU/DIµUPXODXWLOL]DGDSDUDHVFDODUODYLVXDOL]DFLµQHVDE1F
QGLFH
>@
0XOWLSOLFDGRUSDUDHOHVFDODGRGHODYLVXDOL]DFLµQ
>@
'LYLVRUSDUDHOHVFDODGRGHODYLVXDOL]DFLµQ
>@
&RQVWDQWHSDUDHOHVFDODGRGHODYLVXDOL]DFLµQ
U
&2)UHFXHQFLDILOWUDGD
HVFDODGD
)ORDW
&RQYHUWLGRU6,1$0,&69
,QVWUXFFLRQHVGHVHUYLFLR$(
/LVWDGHSDU£PHWURV
/LVWDGHSDU£PHWURV
5DQJR
6H
$MXVWHV
SUHGHWHUPLQDGR SXHGH
FDPELDU
VGHI£EULFD
(VFDODGR -XHJR
GH
GDWRV
7LSR 1LYHO
GH
GH
GDWRV DFFHVR
3DU£PHWUR
)XQFLµQ
0XHVWUDODIUHFXHQFLDGHVDOLGDUHDOGHOFRQYHUWLGRUUH[FOXLGDODFRPSHQVDFLµQGHGHVOL]DPLHQWR\
ODDPRUWLJXDFLµQGHUHVRQDQFLDV\ODOLPLWDFLµQGHIUHFXHQFLDVHQPRGR8I
3>@
8PEUDOGHWHPSHUDWXUD
GHOPRWRU>r&@
,QWURGXFHHOXPEUDOGHDYLVRSDUDODSURWHFFLµQGHWHPSHUDWXUDGHOPRWRU/DWHPSHUDWXUDGHGLVSDUR
GHILQLGDVLHPSUHHVXQPD\RUTXHHOXPEUDOGHDYLVR3&XDQGRODWHPSHUDWXUDUHDOGHOPRWRU
VXSHUDODWHPSHUDWXUDGHDYLVRHOFRQYHUWLGRUUHDFFLRQDFRPRVHGHILQHHQ3
87
''6
)ORDW
'HSHQGHQFLD (VWHYDORUGHEHVHUDOPHQRVr&P£VDOWDTXHODWHPSHUDWXUDDPELHQWHGHOPRWRU3
3>@
5HDFFLµQDOD
WHPSHUDWXUDGHOPRWRU,W
7
''6
8
'HILQHODUHDFFLµQFXDQGRODWHPSHUDWXUDGHOPRWRUDOFDQ]DHOXPEUDOGHDYLVR
6RORDYLVR1RUHFXSHUDODWHPSHUDWXUDGHOPRWRUDOPDFHQDGDDODSDJDUVHDO
HQFHQGHUVH
$YLVRFRQUHJXODFLµQGH,P£[UHGXFFLµQGHODFRUULHQWHGHOPRWRU\GLVSDUR
)1RUHFXSHUDODWHPSHUDWXUDGHOPRWRUDOPDFHQDGDDODSDJDUVHDO
HQFHQGHUVH
$YLVR\GLVSDUR)1RUHFXSHUDODWHPSHUDWXUDGHOPRWRUDOPDFHQDGDDO
DSDJDUVHDOHQFHQGHUVH
6RORDYLVR5HFXSHUDODWHPSHUDWXUDGHOPRWRUDOPDFHQDGDDODSDJDUVHDO
HQFHQGHUVH
$YLVRFRQUHJXODFLµQGH,P£[UHGXFFLµQGHODFRUULHQWHGHOPRWRU\GLVSDUR
)5HFXSHUDODWHPSHUDWXUDGHOPRWRUDOPDFHQDGDDODSDJDUVHDO
HQFHQGHUVH
$YLVR\GLVSDUR)5HFXSHUDODWHPSHUDWXUDGHOPRWRUDOPDFHQDGDDO
DSDJDUVHDOHQFHQGHUVH
'HSHQGHQFLD 1LYHOGHGLVSDUR 3XPEUDOGHWHPSHUDWXUDGHOPRWRU
1RWD
3 VLQUHDFFLµQVRORDYLVR
&XDQGRODWHPSHUDWXUDDOFDQ]DHOQLYHOGHDYLVRGHILQLGRHQ3HOFRQYHUWLGRUPXHVWUDHODYLVR$
VLQUHDFFLRQDU
3 DYLVRUHGXFFLµQGH,P£[\GLVSDUR
&XDQGRODWHPSHUDWXUDDOFDQ]DHOQLYHOGHDYLVRGHILQLGRHQ3HOFRQYHUWLGRUPXHVWUDHODYLVR$
UHGXFHODIUHFXHQFLD\GLVSDUD)FXDQGRODWHPSHUDWXUDVXSHUDHOQLYHOGHGLVSDUR
3 DYLVR\GLVSDUR)
&XDQGRODWHPSHUDWXUDDOFDQ]DHOQLYHOGHDYLVRGHILQLGRHQ3HOFRQYHUWLGRUPXHVWUDHODYLVR$\
GLVSDUD)FXDQGRODWHPSHUDWXUDVXSHUDHOQLYHOGHGLVSDUR
/DILQDOLGDGGH,WGHOPRWRUFRQVLVWHHQFDOFXODUODWHPSHUDWXUDGHOPRWRU\GHVKDELOLWDUHOFRQYHUWLGRUVLHO
PRWRUHVW£HQSHOLJURGHVREUHFDOHQWDUVH
)XQFLRQDPLHQWR,W
/DFRUULHQWHPHGLGDGHOPRWRUVHPXHVWUDHQU/DWHPSHUDWXUDGHOPRWRUHQr&VHYLVXDOL]DHQ
U
(VWDWHPSHUDWXUDVHREWLHQHGHXQYDORUFDOFXODGRXWLOL]DQGRHOPRGHORW«UPLFRGHOPRWRU
3XHGHFDPELDUVHHOYDORUSUHGHWHUPLQDGRGHODUHDFFLµQDQWHHODYLVRPHGLDQWH3
UHVHVSHFLDOPHQWH¼WLOSDUDVXSHUYLVDUVLODWHPSHUDWXUDGHOPRWRUFDOFXODGDVHHOHYD
H[FHVLYDPHQWH
&RQYHUWLGRU6,1$0,&69
,QVWUXFFLRQHVGHVHUYLFLR$(
/LVWDGHSDU£PHWURV
/LVWDGHSDU£PHWURV
3DU£PHWUR
)XQFLµQ
5DQJR
6H
$MXVWHV
SUHGHWHUPLQDGR SXHGH
FDPELDU
VGHI£EULFD
(VFDODGR -XHJR
GH
GDWRV
7LSR 1LYHO
GH
GH
GDWRV DFFHVR
3>@
7LHPSRGH
PDJQHWL]DFLµQSDUDOD
LGHQWLILFDFLµQGHOD
WHPSHUDWXUDWUDVHO
DUUDQTXH>PV@
)ORDW
(VSHFLILFDHOWLHPSRGHPDJQHWL]DFLµQSDUDODLGHQWLILFDFLµQGHUHVLVWHQFLDGHOHVW£WRU
U>@
&29LVXDOL]DFLµQGHOD
UHVLVWHQFLDLGHQWLILFDGD
GHOHVW£WRU>2KP@
)ORDW
)ORDW
87
''6
''6
0XHVWUDODUHVLVWHQFLDUHDOLGHQWLILFDGDGHOHVW£WRUGHVSX«VGHLGHQWLILFDUODWHPSHUDWXUD
3>@
7HPSHUDWXUDDPELHQWH
GHOPRWRU>r&@
7HPSHUDWXUDDPELHQWHGHOPRWRUDOLGHQWLILFDUORVGDWRVGHOPRWRU6RORVHSXHGHPRGLILFDUHOYDORU
FXDQGRHOPRWRUHVW£IU¯R'HVSX«VGHPRGLILFDUHOYDORUVHWLHQHTXHUHDOL]DUODLGHQWLILFDFLµQGHOPRWRU
&8
7
''6
'HSHQGHQFLD (VWHSDU£PHWURVHYHLQIOXLGRSRUORVF£OFXORVDXWRP£WLFRVGHILQLGRVSRU3
3>@
6REUHWHPSHUDWXUDGHO
KLHUURGHOHVW£WRU>r&@
6REUHWHPSHUDWXUDGHOKLHUURGHOHVW£WRU
1RWD
/DVVXELGDVGHWHPSHUDWXUDVRORVRQY£OLGDVHQU«JLPHQVHQRLGDODXPHQWRVGHWHPSHUDWXUDGH
DOLPHQWDFLµQGHUHG7DPEL«QVHWHQGU£QHQFXHQWDORVDXPHQWRVGHWHPSHUDWXUDSRUIXQFLRQDPLHQWRGHO
FRQYHUWLGRUS«UGLGDVGHPRGXODFLµQ\SRUHOILOWURGHVDOLGD
3>@
6REUHWHPSHUDWXUD
GHYDQDGRHVW£WRU>r&@
6REUHWHPSHUDWXUDHQHOGHYDQDGRGHOHVW£WRU6RORVHSXHGHPRGLILFDUHOYDORUFXDQGRHOPRWRUHVW£IU¯R
'HVSX«VGHPRGLILFDUHOYDORUVHWLHQHTXHUHDOL]DUODLGHQWLILFDFLµQGHOPRWRU
1RWD
9«DVH3
3>@
6REUHWHPSHUDWXUD
GHYDQDGRURWµULFR>r&@
6REUHWHPSHUDWXUDHQHOGHYDQDGRGHOURWRU
1RWD
9«DVH3
U>@
&27HPSHUDWXUD
DPELHQWHGHOPRGHORGHO
PRWRU>r&@
87
87
''6
''6
)ORDW
''6
)ORDW
''6
)ORDW
)ORDW
0XHVWUDODWHPSHUDWXUDGHOKLHUURGHOPRGHORGHPDVDGHOPRWRU
U>@
&27HPSHUDWXUDHQHO
GHYDQDGRGHOHVW£WRU
>r&@
0XHVWUDODWHPSHUDWXUDHQHOGHYDQDGRGHOHVW£WRUGHOPRGHORGHPDVDGHOPRWRU
U>@
&27HPSHUDWXUDHQHO
GHYDQDGRGHOURWRU>r&@
0XHVWUDODWHPSHUDWXUDHQHOGHYDQDGRGHOURWRUGHOPRGHORGHPDVDGHOPRWRU
)ORDW
0XHVWUDODWHPSHUDWXUDDPELHQWHGHOPRGHORGHPDVDGHOPRWRU
)ORDW
''6
&27HPSHUDWXUDGHO
KLHUURGHOHVW£WRU>r&@
)ORDW
U>@
''6
87
''6
&RQYHUWLGRU6,1$0,&69
,QVWUXFFLRQHVGHVHUYLFLR$(
/LVWDGHSDU£PHWURV
/LVWDGHSDU£PHWURV
5DQJR
6H
$MXVWHV
SUHGHWHUPLQDGR SXHGH
FDPELDU
VGHI£EULFD
(VFDODGR -XHJR
GH
GDWRV
7LSR 1LYHO
GH
GH
GDWRV DFFHVR
)ORDW
3DU£PHWUR
)XQFLµQ
3>@
)DFWRUGHVREUHFDUJDGHO PRWRU>@
'HILQHHOO¯PLWHGHFRUULHQWHGHVREUHFDUJDGHOPRWRUHQUHODFLµQFRQ3FRUULHQWHQRPLQDOGHOPRWRU
&8
7
''6
'HSHQGHQFLD /LPLWDGDDODFRUULHQWHP£[LPDGHOFRQYHUWLGRURDOGHODFRUULHQWHQRPLQDOGHOPRWRU3HO
YDORUTXHVHDLQIHULRU3BP£[ P¯QU33
1RWD
/DVPRGLILFDFLRQHVHQ3VRORVHU£QHIHFWLYDVGHVSX«VGHOVLJXLHQWHHVWDGR2))
3>@
6HOHFFLµQGHODIXHQWH
GHVH³DOHVGHPDQGR
6HOHFFLRQDODIXHQWHGLJLWDOGHVH³DOHVGHPDQGR
$MXVWHSUHGHWHUPLQDGRGHI£EULFD
3DQHOGHPDQGRWHFODGR
%RUQH
8660%86SRU56
&7
&'6
8
'HSHQGHQFLD 6LVHFDPELDHVWHSDU£PHWURWRGRVORVDMXVWHVGHOHOHPHQWRVHOHFFLRQDGRVHSRQHQDOYDORU
SUHGHWHUPLQDGR6HWUDWDGHORVSDU£PHWURVVLJXLHQWHV3IXQFLµQGH',333
3333333333333
3333333333333
3333
3UHFDXFLµQ
7HQJDHQFXHQWDTXHDOFDPELDU3WRGRVORVSDU£PHWURV%,VHUHVWDEOHFHQDOYDORUSUHGHWHUPLQDGR
1RWD
56DGPLWHHOSURWRFROR02'%86DV¯FRPRHO8667RGDVODVRSFLRQHVGH866SRU56WDPEL«Q
VRQDSOLFDEOHVD02'%86
3>@
)XQFLµQGHODHQWUDGD
GLJLWDO
6HOHFFLRQDODIXQFLµQGHODHQWUDGDGLJLWDO
(QWUDGDGLJLWDOGHVKDELOLWDGD
212))
7
21LQYHUW2))
2))3DUDGDQDWXUDO
2))'HFHOHUDFLµQU£SLGD
&RQILUPDFLµQGHIDOOR
-2*DODGHUHFKD
-2*DODL]TXLHUGD
,QYHUVLµQ
6XELU023HOHYDUIUHFXHQFLD
%DMDU023UHGXFLUIUHFXHQFLD
6HOHFWRUGHIUHFXHQFLDVILMDVELW
6HOHFWRUGHIUHFXHQFLDVILMDVELW
6HOHFWRUGHIUHFXHQFLDVILMDVELW
6HOHFWRUGHIUHFXHQFLDVILMDVELW
)XHQWHSDUDGDU£SLGD
)XHQWHSDUDGDU£SLGD
&RUUHFFLµQGHSDUDGDU£SLGD
&'6
8
&RQYHUWLGRU6,1$0,&69
,QVWUXFFLRQHVGHVHUYLFLR$(
/LVWDGHSDU£PHWURV
/LVWDGHSDU£PHWURV
6H
$MXVWHV
SUHGHWHUPLQDGR SXHGH
FDPELDU
VGHI£EULFD
(VFDODGR -XHJR
GH
GDWRV
3DU£PHWUR
)XQFLµQ
5DQJR
+DELOLWDFLµQIUHQRSRU'&
+DELOLWDFLµQGH3,'
'LVSDURH[WHUQR
'HVKDELOLWDUFRQVLJQDGHIUHFXHQFLDDGLFLRQDO
+DELOLWDUSDUDPHWUL]DFLµQ%,&2
7LSR 1LYHO
GH
GH
GDWRV DFFHVR
'HSHQGHQFLD (ODMXVWHKDELOLWDUSDUDPHWUL]DFLµQ%,&2UHTXLHUH
)XHQWHGHVH³DOHVGHPDQGR3R
3 3 RSXHVWDHQPDUFKDU£SLGDR
3 3 UHVWDEOHFLPLHQWRDORVDMXVWHVGHI£EULFDSDUDUHVWDEOHFHUSDU£PHWURV
1RWD
212))VRORVHSXHGHVHOHFFLRQDUSDUDXQDHQWUDGDGLJLWDOSHM3 \3 6LVH
FRQILJXUD',FRQ3 VHGHVKDELOLWD',DODMXVWDU3 6ROROD¼OWLPDHQWUDGDGLJLWDO
DFWLYDGDVLUYHFRPRIXHQWHGHVH³DOHVGHPDQGR212))HQXQDHQWUDGDGLJLWDOVHSXHGHFRPELQDU
FRQ21LQYHUW2))HQRWUDHQWUDGDGLJLWDO
3>@
)XQFLµQGHODHQWUDGD
GLJLWDO
6HOHFFLRQDODIXQFLµQGHODHQWUDGDGLJLWDO
3>@
)XQFLµQGHODHQWUDGD
GLJLWDO
6HOHFFLRQDODIXQFLµQGHODHQWUDGDGLJLWDO
7
&'6
8
7
&'6
8
7
&'6
8
7
&'6
8
&'6
8
8
9«DVH3
9«DVH3
3>@
)XQFLµQGHODHQWUDGD
GLJLWDO
6HOHFFLRQDODIXQFLµQGHODHQWUDGDGLJLWDO
3>@
(QWUDGDGLJLWDODQDOµJLFD 6HOHFFLRQDODIXQFLµQGHODHQWUDGDGLJLWDO$,Y¯DHQWUDGDDQDOµJLFD
9«DVH3
9«DVH3
1RWD
9«DVH36H³DOHV!9DFWLYDVVH³DOHV9LQDFWLYDV
3>@
(QWUDGDGLJLWDODQDOµJLFD 6HOHFFLRQDODIXQFLµQGHODHQWUDGDGLJLWDO$,Y¯DHQWUDGDDQDOµJLFD
7
9«DVH3
1RWD
9«DVH36H³DOHV!9DFWLYDVVH³DOHV9LQDFWLYDV
3
0DFURGHFRQH[LµQ
6HOHFFLRQDXQDPDFURGHFRQH[LµQGDGDTXHHVXQMXHJRGHYDORUHVGHSDU£PHWURVSDUDXQGHWHUPLQDGR
MXHJRGHFRQH[LRQHVGHFRQWURO+D\XQDVHULHGHPDFURVGHFRQH[LµQTXHGHILQHQODFRQILJXUDFLµQGH
FRQH[LµQGHFRQWUROE£VLFDFRPRERUQHV%233,'FRQFRQVLJQDDQDOµJLFDHWF
1RWD
7HQJDHQFXHQWDTXHSDUDJDUDQWL]DUHODMXVWHFRUUHFWRGHODPDFURGHFRQH[LµQHOQ¼PHURGHGLFKD
PDFURGHFRQH[LµQVRORVHGHEHFDPELDUGXUDQWHODFRQILJXUDFLµQMXVWRGHVSX«VGHXQUHVWDEOHFLPLHQWR
GHSDU£PHWURV
&
&RQYHUWLGRU6,1$0,&69
,QVWUXFFLRQHVGHVHUYLFLR$(
/LVWDGHSDU£PHWURV
/LVWDGHSDU£PHWURV
3DU£PHWUR
)XQFLµQ
5DQJR
6H
$MXVWHV
SUHGHWHUPLQDGR SXHGH
FDPELDU
VGHI£EULFD
(VFDODGR -XHJR
GH
GDWRV
7LSR 1LYHO
GH
GH
GDWRV DFFHVR
3>@
6HOHFFLµQGHFRQVLJQDV
GHIUHFXHQFLD\GH
VH³DOHVGHPDQGR
8
,QWHUUXSWRUFHQWUDOSDUDVHOHFFLRQDUODIXHQWHGHVH³DOHVGHPDQGRGHOFRQYHUWLGRU&RQPXWDODVIXHQWHV
GHVH³DOHVGHPDQGR\FRQVLJQDVHQWUHSDU£PHWURV%,&2OLEUHV\SHUILOHVGHVH³DOHVGHPDQGR\
FRQVLJQDVILMRV/DVIXHQWHVGHVH³DOHVGHPDQGR\FRQVLJQDVSXHGHQFDPELDUVHLQGHSHQGLHQWHPHQWH
/DVGHFHQDVVHOHFFLRQDQODIXHQWHGHVH³DOHVGHPDQGR\ODVXQLGDGHVVHOHFFLRQDQODIXHQWHGH
FRQVLJQDV
7
&'6
6H³DOGHPDQGR 3DU£PHWUR%,&2&RQVLJQD 3DU£PHWUR%,&2
6H³DOGHPDQGR 3DU£PHWUR%,&2&RQVLJQD &RQVLJQD023
6H³DOGHPDQGR 3DU£PHWUR%,&2&RQVLJQD &RQVLJQDDQDOµJLFD
6H³DOGHPDQGR 3DU£PHWUR%,&2&RQVLJQD )UHFXHQFLDILMD
6H³DOGHPDQGR 3DU£PHWUR%,&2&RQVLJQD 866SRU56UHVHUYDGR
6H³DOGHPDQGR 3DU£PHWUR%,&2&RQVLJQD 866SRU56
6H³DOGHPDQGR 3DU£PHWUR%,&2&RQVLJQD &RQVLJQDDQDOµJLFD
6H³DOGHPDQGR 866SRU56UHVHUYDGR&RQVLJQD 3DU£PHWUR%,&2
6H³DOGHPDQGR 866SRU56UHVHUYDGR&RQVLJQD &RQVLJQD023
6H³DOGHPDQGR 866SRU56UHVHUYDGR&RQVLJQD &RQVLJQD
DQDOµJLFD
6H³DOGHPDQGR 866SRU56UHVHUYDGR&RQVLJQD )UHFXHQFLDILMD
6H³DOGHPDQGR 866SRU56UHVHUYDGR&RQVLJQD 866SRU56
UHVHUYDGR
6H³DOGHPDQGR 866SRU56UHVHUYDGR&RQVLJQD 866SRU56
6H³DOGHPDQGR 866SRU56UHVHUYDGR&RQVLJQD &RQVLJQD
DQDOµJLFD
6H³DOGHPDQGR 866SRU56&RQVLJQD 3DU£PHWUR%,&2
6H³DOGHPDQGR 866SRU56&RQVLJQD &RQVLJQD023
6H³DOGHPDQGR 866SRU56&RQVLJQD &RQVLJQDDQDOµJLFD
6H³DOGHPDQGR 866SRU56&RQVLJQD )UHFXHQFLDILMD
6H³DOGHPDQGR 866SRU56&RQVLJQD 866SRU56UHVHUYDGR
6H³DOGHPDQGR 866SRU56&RQVLJQD 866SRU56
6H³DOGHPDQGR 866SRU56&RQVLJQD &RQVLJQDDQDOµJLFD
'HSHQGHQFLD 3WLHQHPD\RUSULRULGDGTXH3R3
6LVHDMXVWDXQYDORUGLIHUHQWHDHVWRHVHOSDU£PHWUR%,&2QRVHWRPDFRPRIXHQWHGHFRQVLJQDVQR
DFW¼DQ3R3SULPHUDIXHQWHGH2))X2))HQVXOXJDUVHDSOLFDQ3R3
VHJXQGDIXHQWHGH2))X2))/DVVH³DOHVGHPDQGR2))VHWRPDQGHVGHODIXHQWHTXHVHKD
HVWDEOHFLGR
/RVHQODFHV%,&2DQWHULRUHVSHUPDQHFHQLQDOWHUDEOHV
$WHQFLµQ
(VSHFLDOPHQWH¼WLOSHMVLODIXHQWHGHVH³DOHVGHPDQGRGHEHFDPELDUVHSURYLVLRQDOPHQWHGHVGH
3 /RVDMXVWHVGH3DOFRQWUDULRTXHORVDMXVWHVGH3QRUHVWDEOHFHQODVHQWUDGDVGLJLWDOHV
33HWF
U
&DQWLGDGGHHQWUDGDV
GLJLWDOHV
8
&RQYHUWLGRU6,1$0,&69
,QVWUXFFLRQHVGHVHUYLFLR$(
/LVWDGHSDU£PHWURV
/LVWDGHSDU£PHWURV
5DQJR
6H
$MXVWHV
SUHGHWHUPLQDGR SXHGH
FDPELDU
VGHI£EULFD
(VFDODGR -XHJR
GH
GDWRV
7LSR 1LYHO
GH
GH
GDWRV DFFHVR
8
3DU£PHWUR
)XQFLµQ
0XHVWUDODFDQWLGDGGHHQWUDGDVGLJLWDOHV
U
&2%29DORUHVGHODV
HQWUDGDVGLJLWDOHV
0XHVWUDHOHVWDGRGHODVHQWUDGDVGLJLWDOHV
%LW
1RPEUHGHVH³DO
6H³DO
6H³DO
(QWUDGDGLJLWDO
6¯
1R
(QWUDGDGLJLWDO
6¯
1R
(QWUDGDGLJLWDO
6¯
1R
(QWUDGDGLJLWDO
6¯
1R
(QWUDGDDQDOµJLFD
6¯
1R
(QWUDGDDQDOµJLFD
6¯
1R
1RWD
(OVHJPHQWRVHLOXPLQDFXDQGRODVH³DOHVW£DFWLYD
3
7LHPSRDQWLUUHERWHVSDUD HQWUDGDVGLJLWDOHV
'HILQHHOWLHPSRDQWLUUHERWHVWLHPSRGHILOWUDGRSDUDHQWUDGDVGLJLWDOHV
6LQWLHPSRDQWLUUHERWHV
7LHPSRDQWLUUHERWHVGHPV
7LHPSRDQWLUUHERWHVGHPV
7LHPSRDQWLUUHERWHVGHPV
3>@
6HOHFFLµQGHP«WRGRGH KLORV
'HWHUPLQDHOP«WRGRGHUHJXODFLµQGHORVERUQHV(VWHSDU£PHWURSHUPLWHVHOHFFLRQDUODILORVRI¯DGH
UHJXODFLµQ(VWRVP«WRGRVVHH[FOX\HQHQWUHV¯
7
&7
8
&'6
8
(OFRQWUROGHKLORVSHUPLWHLQLFLDUSDUDUHLQYHUWLUHOFRQYHUWLGRUGHXQDGHODVIRUPDVVLJXLHQWHV
&RQWUROGHKLORVFRQHOFRQWUROHVW£QGDUGH6LHPHQV
FRQ212))\5(9FRPRVH³DOHVSHUPDQHQWHV
212))
6H³DOHVGH
PDQGRGH
FRQWURO 5(9
IBRXW
W
2))
&RQYHUWLGRU6,1$0,&69
,QVWUXFFLRQHVGHVHUYLFLR$(
/LVWDGHSDU£PHWURV
/LVWDGHSDU£PHWURV
3DU£PHWUR
)XQFLµQ
5DQJR
(VFDODGR -XHJR
GH
GDWRV
6H
$MXVWHV
SUHGHWHUPLQDGR SXHGH
FDPELDU
VGHI£EULFD
7LSR 1LYHO
GH
GH
GDWRV DFFHVR
&RQWUROGHKLORVFRQHOFRQWUROHVW£QGDUGH6LHPHQV
FRQ212))\21B5(92))FRPRVH³DOHVSHUPDQHQWHV
6H³DOGHPDQGRLJQRUDGD
212))
6H³DOHVGH
PDQGRGH 21B5(9
FRQWURO 2))
6H³DOGHPDQGRLJQRUDGD
IBRXW
2))
W
2))
2))
&RQWUROGHKLORV
FRQ21B):'\21B5(9FRPRVH³DOHVSHUPDQHQWHV
21B):'
6H³DOHVGH
PDQGRGH
FRQWURO 21B5(9
2))
IBRXW
2))
2))
2))
W
2))
&RQWUROGHKLORV
FRQ6723FRPRVH³DOSHUPDQHQWH):'\5(93FRPRLPSXOVRV
6723
6H³DOGHPDQGRLJQRUDGD
6H³DOHVGH ):'3
PDQGRGH
FRQWURO
5(93
IBRXW
W
2))
2))
&RQYHUWLGRU6,1$0,&69
,QVWUXFFLRQHVGHVHUYLFLR$(
/LVWDGHSDU£PHWURV
/LVWDGHSDU£PHWURV
3DU£PHWUR
)XQFLµQ
6H
$MXVWHV
SUHGHWHUPLQDGR SXHGH
FDPELDU
VGHI£EULFD
5DQJR
7LSR 1LYHO
GH
GH
GDWRV DFFHVR
(VFDODGR -XHJR
GH
GDWRV
&RQWUROGHKLORV
FRQ2))+2/'\5(9FRPRVH³DOHVSHUPDQHQWHV\21FRPRVH³DOGHLPSXOVRV
6H³DOGHPDQGRLJQRUDGD
21B38/6(
6H³DOHVGH 2))+2/'
PDQGRGH
FRQWURO
5(9
IBRXW
W
2))
2))
6LHPHQVDUUDQTXHJLUR
KLORVKRUDQWLK
KLORVKRUDQWLK
KLORVDUUDQTXHJLUR
1RWD
'RQGH
3VLJQLILFDLPSXOVR
):'VLJQLILFDKDFLDDGHODQWHVHQWLGRKRUDULR
5(9VLJQLILFDLQYHUVLµQVHQWLGRDQWLKRUDULR
6LVHVHOHFFLRQDXQRGHORVPRGRVGHFRQWUROSRUPHGLRGH3VHUHGHILQHHODMXVWHGHODVHQWUDGDV
GLJLWDOHV33FRPRVHPXHVWUDHQODVLJXLHQWHWDEOD
$MXVWHVGH3
3
3 FRQWUROHVW£QGDUGH
6LHPHQV
3 FRQWUROGH
KLORV
3 FRQWUROGH
KLORV
3 FRQWUROGH
KLORV
3
212))
21B):'
6723
21B38/6(
3
21B5(92))
21B5(9
):'3
2))+2/'
3
5(9
5(9
5(93
5(9
3DUDXWLOL]DUHOFRQWUROGHRKLORVODVIXHQWHVSDUD212))321B5(92))3\
5(93TXHFRUUHVSRQGHQDORVYDORUHVUHGHILQLGRVGHEHQHVWDEOHFHUVHHQFRQVHFXHQFLD
6REUHHOXVRGHIUHFXHQFLDVILMDVY«DVH3\3
U
&DQWLGDGGHVDOLGDV
GLJLWDOHV
8
87
&'6
8% LQDULR
0XHVWUDODFDQWLGDGGHVDOLGDVGLJLWDOHV
3>@
%,)XQFLµQGHODVDOLGD
GLJLWDO
'HILQHODIXHQWHGHODVDOLGDGLJLWDO
$WHQFLµQ
,QYLUWLHQGRODVVDOLGDVGLJLWDOHVGH3VHSXHGHLQYHUWLUODOµJLFD
&RQYHUWLGRU6,1$0,&69
,QVWUXFFLRQHVGHVHUYLFLR$(
/LVWDGHSDU£PHWURV
/LVWDGHSDU£PHWURV
6H
$MXVWHV
SUHGHWHUPLQDGR SXHGH
FDPELDU
VGHI£EULFD
5DQJR
(VFDODGR -XHJR
GH
GDWRV
7LSR 1LYHO
GH
GH
GDWRV DFFHVR
3DU£PHWUR
)XQFLµQ
1RWD
/DHPLVLµQGHOIDOORELWVHLQYLHUWHHQODVDOLGDGLJLWDO3RUORWDQWRFRQ3 ODVDOLGDGLJLWDOVH
HVWDEOHFHHQHVWDGREDMRFXDQGRVHGLVSDUDXQIDOOR\HQHVWDGRDOWRFXDQGRQRKD\QLQJ¼QIDOOR
)XQFLRQHVGHYLJLODQFLD
!Y«DVHU\U
)UHQRGHPDQWHQLPLHQWRGHOPRWRU
)UHQRSRU'&
3>@
!Y«DVH3
!Y«DVH3\3
%,)XQFLµQGHODVDOLGD
GLJLWDO
87
&'6
8% LQDULR
8
'HILQHODIXHQWHGHODVDOLGDGLJLWDO
U
&2%2(VWDGRGHODV
VDOLGDVGLJLWDOHV
0XHVWUDHOHVWDGRGHODVVDOLGDVGLJLWDOHVFRQLQYHUVLµQGHODVVDOLGDVGLJLWDOHVDWUDY«VGH3
%LW
1RPEUHGHVH³DO
6H³DO
6H³DO
6DOLGDGLJLWDODFWLYDGD
6¯
1R
6DOLGDGLJLWDODFWLYDGD
6¯
1R
'HSHQGHQFLD %LW VH³DO/RVFRQWDFWRVVHDEUHQ
%LW VH³DO/RVFRQWDFWRVVHFLHUUDQ
3
,QYHUWLUVDOLGDVGLJLWDOHV
ELQ
87
8
'HILQHORVHVWDGRVDOWR\EDMRGHVDOLGDGLJLWDOSDUDXQDIXQFLµQGDGD
%LW
1RPEUHGHVH³DO
6H³DO
6H³DO
,QYHUWLUVDOLGDGLJLWDO
6¯
1R
,QYHUWLUVDOLGDGLJLWDO
U
&DQWLGDGGHHQWUDGDV
DQDOµJLFDV
6¯
0XHVWUDODFDQWLGDGGLVSRQLEOHGHHQWUDGDVDQDOµJLFDV
U
&2%23DODEUDGH
HVWDGRGHODHQWUDGD
DQDOµJLFD
0XHVWUDHOHVWDGRGHODHQWUDGDDQDOµJLFD
1R
8
8
%LW
1RPEUHGHVH³DO
6H³DO
6H³DO
)DOWDVH³DOHQ$,
6¯
1R
)DOWDVH³DOHQ$,
6¯
1R
1RIDOWDVH³DOHQ$,
6¯
1R
1RIDOWDVH³DOHQ$,
6¯
1R
U>@
(QWUDGDDQDOµJLFDUHDO
>9@R>P$@
0XHVWUDHOYDORUDOLVDGRHQODHQWUDGDDQDOµJLFDHQYROWLRVRPLOLDPSHULRVDQWHVGHOEORTXHGHHVFDODGR
QGLFH
>@
>@
(QWUDGDDQDOµJLFD$,
3>@
7LHPSRGHDOLVDGRGHOD
HQWUDGDDQDOµJLFD>PV@
87
'HILQHHOWLHPSRGHILOWUDGRILOWUR37GHODHQWUDGDDQDOµJLFD
QGLFH
9«DVHU
)ORDW
(QWUDGDDQDOµJLFD$,
8
&RQYHUWLGRU6,1$0,&69
,QVWUXFFLRQHVGHVHUYLFLR$(
/LVWDGHSDU£PHWURV
/LVWDGHSDU£PHWURV
6H
$MXVWHV
SUHGHWHUPLQDGR SXHGH
FDPELDU
VGHI£EULFD
5DQJR
7LSR 1LYHO
GH
GH
GDWRV DFFHVR
(VFDODGR -XHJR
GH
GDWRV
3DU£PHWUR
)XQFLµQ
1RWD
,QFUHPHQWDQGRHVWHWLHPSRDOLVDGRVHUHGXFHHOMLWWHUSHURVHUDOHQWL]DODUHVSXHVWDDODHQWUDGD
DQDOµJLFD
U>@
9DORUUHDOGHODHQWUDGD
DQDOµJLFDWUDVHO
HVFDODGR>@
0XHVWUDHOYDORUDOLVDGRGHODHQWUDGDDQDOµJLFDWUDVHOEORTXHGHHVFDODGR
QGLFH
9«DVHU
3 6LQILOWUDGR
)ORDW
+
,
'HSHQGHQFLD 'H3D3GHILQHHOUDQJRHVFDODGRGHODHQWUDGDDQDOµJLFD
U>@
&2(QWUDGDDQDOµJLFD
UHDOWUDVHOHVFDODGR
>K@
0XHVWUDODHQWUDGDDQDOµJLFDHVFDODGDXWLOL]DQGRHO$63P¯Q\HO$63P£[$63 FRQVLJQDDQDOµJLFD
/DFRQVLJQDDQDOµJLFD$63GHOEORTXHGHHVFDODGRDQDOµJLFRSXHGHYDULDUGHVGHODFRQVLJQDDQDOµJLFD
P¯QLPD$63P¯QDODP£[LPD$63P£[
/DPDJQLWXGVXSHULRUYDORUVLQVLJQRGH$63P¯Q\$63P£[GHILQHHOHVFDODGRGH
6LHOSDU£PHWURUVHFRQHFWDFRQXQDPDJQLWXGLQWHUQDSHMODFRQVLJQDGHIUHFXHQFLDHO
FRQYHUWLGRUFDOFXODLQWHUQDPHQWHXQYDORUHVFDODGR
(OYDORUGHIUHFXHQFLDUHVXOWDGHODVLJXLHQWHHFXDFLµQ
U>+]@ U>KH[@>KH[@3P£[_$63BP£[__$63BP¯Q_
(MHPSOR
&DVRD
$63P¯Q $63P£[ HQWRQFHVUHSUHVHQWD
(VWHSDU£PHWURYDULDU£GHVGHD
&DVRE
$63P¯Q $63P£[ HQWRQFHVUHSUHVHQWD
(VWHSDU£PHWURYDULDU£GHVGHD
K PD[ $63PD[ $63PLQ $63 PD[
K
GH]
D
$63 PLQ
9
P$
$63 PD[
9
P$
E
$63 PLQ
)))K
9
9 P$
P$
GH]
QGLFH
9«DVHU
1RWD
(VWHYDORUVHXWLOL]DFRPRXQDHQWUDGDSDUDORVFRQHFWRUHVDQDOµJLFRV%,&2$63P£[UHSUHVHQWDOD
FRQVLJQDDQDOµJLFDP£[LPDTXHSXHGHVHUGH9$63P¯QUHSUHVHQWDODFRQVLJQDDQDOµJLFDP¯QLPD
TXHSXHGHVHUGH99«DQVHORVSDU£PHWURVGH3D3HVFDODGRGHODHQWUDGDDQDOµJLFD
3>@
7LSRGHHQWUDGD
DQDOµJLFD
'HILQHHOWLSRGHHQWUDGDDQDOµJLFD\KDELOLWDODYLJLODQFLDGHODHQWUDGDDQDOµJLFD
7
8
&RQYHUWLGRU6,1$0,&69
,QVWUXFFLRQHVGHVHUYLFLR$(
/LVWDGHSDU£PHWURV
/LVWDGHSDU£PHWURV
6H
$MXVWHV
SUHGHWHUPLQDGR SXHGH
FDPELDU
VGHI£EULFD
(VFDODGR -XHJR
GH
GDWRV
3DU£PHWUR
)XQFLµQ
5DQJR
(QWUDGDGHWHQVLµQXQLSRODUGHD9
(QWUDGDGHWHQVLµQXQLSRODUGHD9FRQYLJLODQFLD
(QWUDGDGHFRUULHQWHXQLSRODUGHDP$
(QWUDGDGHFRUULHQWHXQLSRODUGHDP$FRQYLJLODQFLD
(QWUDGDGHWHQVLµQELSRODUGHD9
QGLFH
9«DVHU
7LSR 1LYHO
GH
GH
GDWRV DFFHVR
'HSHQGHQFLD (VWDIXQFLµQVHGHVKDELOLWDFXDQGRVHSURJUDPDHOEORTXHGHHVFDODGRDQDOµJLFRDXQDFRQVLJQDQHJDWLYD
GHVDOLGDY«DVHGH3D3
$WHQFLµQ
1RWD
&XDQGRODYLJLODQFLDVHKDKDELOLWDGR\VHKDGHILQLGRXQD]RQDPXHUWD3VHJHQHUDU£HOIDOOR)VL
ODWHQVLµQGHODHQWUDGDDQDOµJLFDFDHSRUGHEDMRGHOGHODWHQVLµQGHOD]RQDPXHUWD1RHVSRVLEOH
VHOHFFLRQDUODWHQVLµQELSRODUSDUDODHQWUDGDDQDOµJLFD
9«DQVHORVSDU£PHWURVGH3D3HVFDODGRGHODHQWUDGDDQDOµJLFD
(QPRGRGHFRUULHQWHVLODHQWUDGDVXSHUDORVP$HOFRQYHUWLGRUVHGLVSDUDU£FRQHOIDOOR)SDUD
ODHQWUDGDDQDOµJLFD\FRQHOIDOOR)SDUDODHQWUDGDDQDOµJLFD(VWRGDU£FRPRUHVXOWDGROD
FRQPXWDFLµQGHOFDQDODOPRGRGHWHQVLµQ/DVOHFWXUDVGHORVSDU£PHWURVGHHQWUDGDDQDOµJLFDSDUDHO
FDQDOHQFXHVWLµQ\DQRVHDFWXDOL]DU£QKDVWDTXHHOIDOOR)VHKD\DUHVWDEOHFLGR8QDYH]TXHVH
KD\DUHVWDEOHFLGRHOIDOORODHQWUDGDYROYHU£DOPRGRGHFRUULHQWH\VHUHDQXGDU£ODVOHFWXUDVQRUPDOHV
3>@
9DORU[GHOHVFDODGRGH ODHQWUDGDDQDOµJLFD
/RVSDU£PHWURV33FRQILJXUDQHOHVFDODGRGHODHQWUDGD[HVHOSULPHUYDORUGHORVGRV
SDUHVGHYDULDQWHV[\\[\TXHGHWHUPLQDQODO¯QHDUHFWD(OYDORU[GHOHVFDODGRGHODHQWUDGD
DQDOµJLFD3GHEHVHUPD\RUTXHHOYDORU[GHOHVFDODGRGHODHQWUDGDDQDOµJLFD3
QGLFH
9«DVHU
$WHQFLµQ
/DVFRQVLJQDVDQDOµJLFDVUHSUHVHQWDQXQ>@GHODIUHFXHQFLDQRUPDOL]DGDGH3
/DVFRQVLJQDVDQDOµJLFDVSXHGHQVHU!
$63P£[UHSUHVHQWDODFRQVLJQDDQDOµJLFDP£[LPDHVWDSXHGHVHUGH9RP$
$63P¯QUHSUHVHQWDODFRQVLJQDDQDOµJLFDP¯QLPDHVWDSXHGHVHU9RP$
/RVYDORUHVSUHGHWHUPLQDGRVSURSRUFLRQDQXQHVFDODGRGH9RP$ \9RP$ 3>@
9DORU\GHOHVFDODGRGH ODHQWUDGDDQDOµJLFD>@ 87
87
)ORDW
)ORDW
$MXVWDHOYDORU\FRPRVHGHVFULEHHQ3HVFDODGRGHODHQWUDGDDQDOµJLFD
QGLFH
9«DVHU
'HSHQGHQFLD $IHFWDGH3D3IUHFXHQFLDGHUHIHUHQFLDWHQVLµQFRUULHQWHRSDUGHSHQGLHQGRGHODFRQVLJQD
TXHVHJHQHUH
3>@
9DORU[GHOHVFDODGRGH ODHQWUDGDDQDOµJLFD
87
)ORDW
$MXVWDHOYDORU[FRPRVHGHVFULEHHQ3HVFDODGRGHODHQWUDGDDQDOµJLFD
QGLFH
9«DVHU
$WHQFLµQ
(OYDORU[GHOHVFDODGRGHODHQWUDGDDQDOµJLFD3GHEHVHUPD\RUTXHHOYDORU[GHOHVFDODGRGHOD
HQWUDGDDQDOµJLFD3
3>@
9DORU\GHOHVFDODGRGH ODHQWUDGDDQDOµJLFD>@ 87
$MXVWDHOYDORU\FRPRVHGHVFULEHHQ3HVFDODGRGHODHQWUDGDDQDOµJLFD
QGLFH
9«DVHU
)ORDW
&RQYHUWLGRU6,1$0,&69
,QVWUXFFLRQHVGHVHUYLFLR$(
/LVWDGHSDU£PHWURV
/LVWDGHSDU£PHWURV
3DU£PHWUR
)XQFLµQ
5DQJR
6H
$MXVWHV
SUHGHWHUPLQDGR SXHGH
FDPELDU
VGHI£EULFD
(VFDODGR -XHJR
GH
GDWRV
7LSR 1LYHO
GH
GH
GDWRV DFFHVR
)ORDW
'HSHQGHQFLD 9«DVH3
3>@
$QFKXUDGHOD]RQD
PXHUWDGHODHQWUDGD
DQDOµJLFD
'HILQHODDQFKXUDUDQJRGHOD]RQDPXHUWDGHODHQWUDGDDQDOµJLFD
(MHPSOR
(OVLJXLHQWHHMHPSORGDFRPRUHVXOWDGRXQDHQWUDGDDQDOµJLFDGHD9\GHD+]YDORU$,GHD
9\GHD+]
3 +]
3 93 3 93 3 9
87
3 R
(OVLJXLHQWHHMHPSORGDFRPRUHVXOWDGRXQDHQWUDGDDQDOµJLFDGHD9GHD+]FRQSXQWR
FHQWUDOFHUR\XQSXQWRGHSDUDGDGH9DODGHUHFKD\DODL]TXLHUGDGHOSXQWRGHSDUDGD
YDORU$,GHD9\GHD+]
3 +]
3 93 3 93 3 9
3 R
QGLFH
9«DVHU
$WHQFLµQ
/D]RQDPXHUWDYDGH9DOYDORUGH3VLORVYDORUHVGH3\3FRRUGHQDGDV\GHO
HVFDODGRGHODHQWUDGDDQDOµJLFDWLHQHQHOPLVPRVLJQR6LQHPEDUJROD]RQDPXHUWDHVW£DFWLYDHQ
DPEDVGLUHFFLRQHVGHVGHHOSXQWRGHLQWHUVHFFLµQHMH[FRQFXUYDGHOHVFDODGRGHODHQWUDGDDQDOµJLFD
VL3\3WLHQHQVLJQRVGLIHUHQWHV
1RWD
3>[@ 1LQJXQD]RQDPXHUWDDFWLYD
/DIUHFXHQFLDP¯QLPD3GHEHU¯DVHUFHURFXDQGRVHXWLOL]DHODMXVWHGHFHURFHQWUDO
1RKD\KLVW«UHVLVDOILQDOGHOD]RQDPXHUWD
87
8
3>@
5HWDUGRGHUHDFFLµQD
S«UGLGDGHVH³DO>PV@
'HILQHHOWLHPSRGHUHWDUGRHQWUHODS«UGLGDGHODFRQVLJQDDQDOµJLFD\ODDSDULFLµQGHOFµGLJRGHIDOOR
)
QGLFH
9«DVHU
1RWD
/RVXVXDULRVH[SHUWRVSXHGHQHVFRJHUODUHDFFLµQGHVHDGDD)HODMXVWHSUHGHWHUPLQDGRHV2))
U
&DQWLGDGGHVDOLGDV
DQDOµJLFDV
0XHVWUDODFDQWLGDGGLVSRQLEOHGHVDOLGDVDQDOµJLFDV
3>@
&,6DOLGDDQDOµJLFD
>@
'HILQHODIXQFLµQGHODVDOLGDDQDOµJLFD
QGLFH
>@
6DOLGDDQDOµJLFD$2
3>@
7LHPSRGHDOLVDGRGHOD
VDOLGDDQDOµJLFD>PV@
8
87
8,
87
8
&RQYHUWLGRU6,1$0,&69
,QVWUXFFLRQHVGHVHUYLFLR$(
/LVWDGHSDU£PHWURV
/LVWDGHSDU£PHWURV
5DQJR
6H
$MXVWHV
SUHGHWHUPLQDGR SXHGH
FDPELDU
VGHI£EULFD
(VFDODGR -XHJR
GH
GDWRV
7LSR 1LYHO
GH
GH
GDWRV DFFHVR
3DU£PHWUR
)XQFLµQ
'HILQHHOWLHPSRGHDOLVDGRSDUDODVH³DOGHVDOLGDDQDOµJLFD(VWHSDU£PHWURKDELOLWDHODOLVDGRGHOD
VDOLGDDQDOµJLFDXWLOL]DQGRXQILOWUR37
QGLFH
9«DVH3
'HSHQGHQFLD 3 'HVDFWLYDHOILOWUR
U>@
9DORUGHODVDOLGD
DQDOµJLFDUHDO>9@R>P$@
0XHVWUDHOYDORUILOWUDGR\HVFDODGRGHODVDOLGDDQDOµJLFD
QGLFH
9«DVH3
1RWD
/DVDOLGDDQDOµJLFDHVVRORXQDVDOLGDGHFRUULHQWH&RQHFWDQGRXQDUHVLVWHQFLDH[WHUQDGHRKPLRVHQ
ORVERUQHVUHVXOWDXQDWHQVLµQGHVDOLGDHQHOUDQJRGHD9
3>@
3HUPLWHYDORUDEVROXWR
'HFLGHVLVHXWLOL]DHOYDORUDEVROXWRGHODVDOLGDDQDOµJLFD6LHVW£KDELOLWDGRHVWHSDU£PHWURWRPDHOYDORU
DEVROXWRSDUDVXVDOLGD6LHOYDORURULJLQDOHUDQHJDWLYRVHHVWDEOHFHHOELWFRUUHVSRQGLHQWHHQUGH
ORFRQWUDULRVHERUUD
7
)ORDW
8
QGLFH
9«DVH3
3>@
9DORU[GHOHVFDODGRGH ODVDOLGDDQDOµJLFD>@
'HILQHODFDUDFWHU¯VWLFDGHVDOLGD[(OEORTXHGHHVFDODGRHVUHVSRQVDEOHGHODMXVWHGHOYDORUGHVDOLGD
GHILQLGRHQ3HQWUDGDGHOFRQHFWRUGHVDOLGDDQDOµJLFD[HVHOSULPHUYDORUGHORVGRVSDUHVGH
YDULDQWHV[\\[\TXHGHWHUPLQDQODO¯QHDUHFWD/RVGRVSXQWRV3[\\3[\VHSXHGHQ
HVFRJHUOLEUHPHQWH
1RWD
9«DVH3
87
)ORDW
'HSHQGHQFLD 9«DVH3
3>@
9DORU\GHOHVFDODGRGH ODVDOLGDDQDOµJLFD
'HILQHODFDUDFWHU¯VWLFDGHVDOLGD\
QGLFH
9«DVH3
3>@
9DORU[GHOHVFDODGRGH ODVDOLGDDQDOµJLFD>@
'HILQHODFDUDFWHU¯VWLFDGHVDOLGD[
QGLFH
9«DVH3
87
)ORDW
87
)ORDW
87
)ORDW
87
)ORDW
8
'HSHQGHQFLD 9«DVH3
3>@
9DORU\GHOHVFDODGRGH ODVDOLGDDQDOµJLFD
'HILQHODFDUDFWHU¯VWLFDGHVDOLGD\
QGLFH
9«DVH3
3>@
$QFKXUDGHOD]RQD
PXHUWDGHODVDOLGD
DQDOµJLFD
$MXVWDODDQFKXUDGHOD]RQDPXHUWDSDUDODVDOLGDDQDOµJLFD
QGLFH
9«DVH3
U
&2%23DODEUDGH
HVWDGRGHODVDOLGD
DQDOµJLFD
&RQYHUWLGRU6,1$0,&69
,QVWUXFFLRQHVGHVHUYLFLR$(
/LVWDGHSDU£PHWURV
/LVWDGHSDU£PHWURV
5DQJR
6H
$MXVWHV
SUHGHWHUPLQDGR SXHGH
FDPELDU
VGHI£EULFD
(VFDODGR -XHJR
GH
GDWRV
7LSR 1LYHO
GH
GH
GDWRV DFFHVR
3DU£PHWUR
)XQFLµQ
0XHVWUDHOHVWDGRGHODVDOLGDDQDOµJLFD%LWVLJQLILFDTXHHOYDORUHQODVDOLGDDQDOµJLFDHVQHJDWLYR
%LW
1RPEUHGHVH³DO
6DOLGDDQDOµJLFDQHJDWLYD
3
7UDQVPLVLµQGHGDWRVGH ((3520
7UDQVILHUHYDORUHVGHOFRQYHUWLGRUDXQDSDUDWRH[WHUQRVLQRKD\QLQJ¼QFHUR3DUDHVRKD\TXHDMXVWDU
3D
'HVKDELOLWDGD
,QLFLRGHWUDQVIHUHQFLDD00&
1RWD
8QDYH]TXHVHKDOOHYDGRDFDERODWUDQVIHUHQFLDHOSDU£PHWURVHUHVWDEOHFHDXWRP£WLFDPHQWHD
DMXVWHSUHGHWHUPLQDGR
6H³DO
6H³DO
6¯
1R
8
3VHUHVWDEOHFHDXQDYH]TXHODRSHUDFLµQVHKDILQDOL]DGRFRUUHFWDPHQWH
$QWHVGHKDFHUODWUDQVIHUHQFLDGHGDWRV.%KD\TXHDVHJXUDUVHGHTXHODWDUMHWD00&WHQJD
VXILFLHQWHFDSDFLGDG
8
3
7UDQVPLVLµQGHGDWRVD
((3520
7UDQVILHUHYDORUHVGHVGHXQDSDUDWRH[WHUQRDOFRQYHUWLGRUVLQRKD\QLQJ¼QFHUR3DUDHVRKD\TXH
DMXVWDU3D9«DVH3SDUDREWHQHUORVYDORUHVGHORVSDU£PHWURV
1RWD
8QDYH]TXHVHKDOOHYDGRDFDERODWUDQVIHUHQFLDHOSDU£PHWURVHUHVWDEOHFHDXWRP£WLFDPHQWHD
DMXVWHSUHGHWHUPLQDGR
3VHUHVWDEOHFHDXQDYH]TXHODRSHUDFLµQVHKDILQDOL]DGRFRUUHFWDPHQWH
3
6HOHFFLRQDUDUFKLYRGH
FORQDFLµQ
6HOHFFLRQDHODUFKLYRDFORQDUSDUDFDUJDUGHVFDUJDU
8
87
8% LQDULR
6L3 HOQRPEUHGHODUFKLYRHVFORQHELQ
6L3 HOQRPEUHGHODUFKLYRHVFORQHELQ
<DV¯VXFHVLYDPHQWH
3
%,%ORTXHRDFFHVR
SDQHO
(QWUDGDGHELQHFWRUSDUDEORTXHDUHODFFHVRDOSDQHOGHFRQWURODWUDY«VGHXQFOLHQWHH[WHUQR
U
%20XHVWUDHODFFHVR
GHFOLHQWH
6DOLGDGHELQHFWRUSDUDPRVWUDUVLODIXHQWHGHVH³DOHVGHPDQGR\FRQVLJQDVHVW£FRQHFWDGDDXQFOLHQWH
H[WHUQR
%LW
1RPEUHGHVH³DO
&RQWUROPDHVWURDFWLYR
3>@
&RSLDUMXHJRGHGDWRVGH VH³DOHVGHPDQGR
&'6
(MHFXWDODIXQFLµQ&RSLDUMXHJRGHGDWRVGHVH³DOHVGHPDQGR&'6/DOLVWDGHWRGRVORVSDU£PHWURV
GHORVMXHJRVGHGDWRVGHVH³DOHVGHPDQGR&'6SXHGHYHUVHHQQGLFHDOILQDOGHOPDQXDO
6H³DO
7
6H³DO
6¯
>@>@>@
8
1R
8
&RQYHUWLGRU6,1$0,&69
,QVWUXFFLRQHVGHVHUYLFLR$(
/LVWDGHSDU£PHWURV
/LVWDGHSDU£PHWURV
5DQJR
6H
$MXVWHV
SUHGHWHUPLQDGR SXHGH
FDPELDU
VGHI£EULFD
(VFDODGR -XHJR
GH
GDWRV
3DU£PHWUR
)XQFLµQ
(MHPSOR
/DFRSLDGHWRGRVORVYDORUHVGH&'6D&'6SXHGHHIHFWXDUVHFRPRVLJXH
7LSR 1LYHO
GH
GH
GDWRV DFFHVR
3>@ &RSLDUGH&'6
3>@ &RSLDUD&'6
3>@ ,QLFLDUFRSLD
QGLFH
>@
&RSLDUGH&'6
>@
&RSLDUD&'6
>@
,QLFLDUFRSLD
1RWD
(OYDORUGHFRPLHQ]RGHO¯QGLFHVHUHVWDEOHFHDXWRP£WLFDPHQWHDGHVSX«VGHHMHFXWDUVHODIXQFLµQ
3
%,%LWGHMXHJRGH
GDWRVGHVH³DOHVGH
PDQGR
PDQXDODXWRP£WLFR
6HOHFFLRQDODIXHQWHGHVH³DOHVGHPDQGRGHVGHODFXDOVHOHHHOELWSDUDVHOHFFLRQDUXQMXHJRGHGDWRV
GHVH³DOHVGHPDQGR&'6(O&'6DFWXDOPHQWHVHOHFFLRQDGRVHYLVXDOL]DHQU&'6ELW\
U&'6ELW(O&'6DFWXDOPHQWHDFWLYRVHYLVXDOL]DHQU
87
8% LQDULR
1RWD
3WDPEL«QHVLPSRUWDQWHSDUDVHOHFFLRQDUHOMXHJRGHGDWRVGHVH³DOHVGHPDQGR&'6
3
%,%LWGHMXHJRGH
GDWRVGHVH³DOHVGH
PDQGR
6HOHFFLRQDODIXHQWHGHVH³DOHVGHPDQGRGHVGHODFXDOVHOHHHOELWSDUDVHOHFFLRQDUXQMXHJRGHGDWRV
GHVH³DOHVGHPDQGRY«DVH3
1RWD
3WDPEL«QHVLPSRUWDQWHSDUDVHOHFFLRQDUHOMXHJRGHGDWRVGHVH³DOHVGHPDQGR&'6
3>@
&RSLDUMXHJRGHGDWRV
GHOFRQYHUWLGRU''6
(MHFXWDODIXQFLµQ&RSLDUMXHJRGHGDWRVGHOFRQYHUWLGRU''6/DOLVWDGHWRGRVORVSDU£PHWURVGHO
MXHJRGHGDWRVGHOFRQYHUWLGRU''6SXHGHYHUVHHQQGLFHDOILQDOGHOPDQXDO
(MHPSOR
/DFRSLDGHWRGRVORVYDORUHVGH''6D''6SXHGHHIHFWXDUVHFRPRVLJXH
>@>@>@
87
7
8% LQDULR
8
3>@ &RSLDUGH''6
3>@ &RSLDUD''6
3>@ ,QLFLDUFRSLD
QGLFH
>@
&RSLDUGH''6
>@
&RSLDUD''6
>@
,QLFLDUFRSLD
1RWD
9«DVH3
3
%,%LWGHMXHJRGH
GDWRVGHOFRQYHUWLGRU
6HOHFFLRQDODIXHQWHGHVH³DOHVGHPDQGRGHVGHODFXDOVHOHHHOELWSDUDVHOHFFLRQDUXQMXHJRGHGDWRV
GHOFRQYHUWLGRU''6(OMXHJRGHGDWRVGHOFRQYHUWLGRU''6DFWXDOPHQWHVHOHFFLRQDGRVHYLVXDOL]DHQ
HOSDU£PHWURU>@(OMXHJRGHGDWRVGHOFRQYHUWLGRU''6DFWXDOPHQWHDFWLYRVHYLVXDOL]DHQHO
SDU£PHWURU>@
1RWD
3WDPEL«QHVLPSRUWDQWHSDUDVHOHFFLRQDUHOMXHJRGHGDWRVGHOFRQYHUWLGRU''6
3
%,%LWGHMXHJRGH
GDWRVGHOFRQYHUWLGRU
7
7
8% LQDULR
8% LQDULR
&RQYHUWLGRU6,1$0,&69
,QVWUXFFLRQHVGHVHUYLFLR$(
/LVWDGHSDU£PHWURV
/LVWDGHSDU£PHWURV
5DQJR
6H
$MXVWHV
SUHGHWHUPLQDGR SXHGH
FDPELDU
VGHI£EULFD
(VFDODGR -XHJR
GH
GDWRV
7LSR 1LYHO
GH
GH
GDWRV DFFHVR
3DU£PHWUR
)XQFLµQ
6HOHFFLRQDODIXHQWHGHVH³DOHVGHPDQGRGHVGHODFXDOVHOHHHOELWSDUDVHOHFFLRQDUXQMXHJRGHGDWRV
GHOFRQYHUWLGRUY«DVH3
1RWD
3WDPEL«QHVLPSRUWDQWHSDUDVHOHFFLRQDUHOMXHJRGHGDWRVGHOFRQYHUWLGRU''6
3>@
%,212))
3HUPLWHVHOHFFLRQDUODIXHQWHGHVH³DOHVGHPDQGRSDUD212))PHGLDQWH%,&2
7
&'6
8% LQDULR
'HSHQGHQFLD /DVHQWUDGDVGLJLWDOHVFRPRIXHQWHGHVH³DOHVGHPDQGR%,&2UHTXLHUHQTXH3HVW«DMXVWDGRD
KDELOLWDU%,&2(ODMXVWHSUHGHWHUPLQDGR21DODGHUHFKDHVODHQWUDGDGLJLWDO/DIXHQWH
DOWHUQDWLYDVRORHVSRVLEOHFXDQGRVHFDPELDPHGLDQWH3ODIXQFLµQGHODHQWUDGDGLJLWDODQWHVGH
FDPELDUHOYDORUGH3
3>@
%,21LQYHUW2))
3HUPLWHVHOHFFLRQDUODIXHQWHGHVH³DOHVGHPDQGRGHLQYHUVLµQGH212))PHGLDQWH%,&2
*HQHUDOPHQWHXQDFRQVLJQDGHIUHFXHQFLDSRVLWLYDVHDSOLFDHQVHQWLGRDQWLKRUDULRIUHFXHQFLDQHJDWLYD
3>@
%,2))
'HWHUPLQDODSULPHUDIXHQWHGH2))FXDQGR3 %,&2
7
7
&'6
&'6
8% LQDULR
8% LQDULR
'HSHQGHQFLD 6LVHKDVHOHFFLRQDGRXQDGHODVHQWUDGDVGLJLWDOHVSDUD2))HOFRQYHUWLGRUQRIXQFLRQDU£DPHQRVTXH
ODHQWUDGDGLJLWDOHVW«DFWLYD
1RWD
2))VLJQLILFDGHVKDELOLWDFLµQLQPHGLDWDGHORVLPSXOVRVHOPRWRUVHSDUDGHIRUPDQDWXUDOJLUDSRU
LQHUFLDKDVWDODGHWHQFLµQ2))HVDFWLYDEDMDHVGHFLU
'HVKDELOLWDFLµQGHLPSXOVRV
&RQGLFLµQRSHUDWLYD
3>@
%,2))
'HWHUPLQDODVHJXQGDIXHQWHGH2))
7
&'6
8% LQDULR
'HSHQGHQFLD $OFRQWUDULRGH3SULPHUDIXHQWHGH2))HVWHSDU£PHWURVLHPSUHHVW£DFWLYRLQGHSHQGLHQWHPHQWH
GH3VHOHFFLµQGHFRQVLJQDVGHIUHFXHQFLD\GHVH³DOHVGHPDQGR9«DVH3
1RWD
9«DVH3
3>@
%,2))
'HWHUPLQDODSULPHUDIXHQWHGH2))FXDQGR3 %,&2
7
&'6
8% LQDULR
'HSHQGHQFLD 6LVHKDVHOHFFLRQDGRXQDGHODVHQWUDGDVGLJLWDOHVSDUD2))HOFRQYHUWLGRUQRIXQFLRQDU£DPHQRVTXH
ODHQWUDGDGLJLWDOHVW«DFWLYD
1RWD
2))VLJQLILFDGHFHOHUDFLµQU£SLGDKDVWDYHORFLGDG
2))HVDFWLYDEDMDHVGHFLU
'HFHOHUDFLµQU£SLGD
&RQGLFLµQRSHUDWLYD
3>@
%,2))
'HWHUPLQDODVHJXQGDIXHQWHGH2))
7
&'6
8% LQDULR
'HSHQGHQFLD $OFRQWUDULRGH3SULPHUDIXHQWHGH2))HVWHSDU£PHWURVLHPSUHHVW£DFWLYRLQGHSHQGLHQWHPHQWH
GH3VHOHFFLµQGHFRQVLJQDVGHIUHFXHQFLD\GHVH³DOHVGHPDQGR9«DVH3
1RWD
9«DVH3
&RQYHUWLGRU6,1$0,&69
,QVWUXFFLRQHVGHVHUYLFLR$(
/LVWDGHSDU£PHWURV
/LVWDGHSDU£PHWURV
3DU£PHWUR
)XQFLµQ
5DQJR
6H
$MXVWHV
SUHGHWHUPLQDGR SXHGH
FDPELDU
VGHI£EULFD
(VFDODGR -XHJR
GH
GDWRV
7LSR 1LYHO
GH
GH
GDWRV DFFHVR
3>@
%,+DELOLWDFLµQGH
LPSXOVRV
8% LQDULR
'HILQHODIXHQWHGHODVH³DOGHKDELOLWDFLµQGHVKDELOLWDFLµQGHLPSXOVRV
7
&'6
'HSHQGHQFLD $FWLYRVRORFXDQGR3 VHOHFFLµQDXWRP£WLFDGHODIXHQWHGHVH³DOHVGHPDQGRRFRQVLJQDV
3>@
%,3DUDGDU£SLGDIXHQWH 3HUPLWHVHOHFFLRQDUODVH³DOGHPDQGRGHSDUDGDU£SLGDGHODIXHQWHPHGLDQWH%,&26HHVSHUDTXHOD
VH³DOVHDDFWLYDEDMDDMXVWHSUHGHWHUPLQDGR3 3>@
%,3DUDGDU£SLGDIXHQWH 3HUPLWHVHOHFFLRQDUODVH³DOGHPDQGRGHSDUDGDU£SLGDGHODIXHQWHPHGLDQWH%,&26HHVSHUDTXHOD
VH³DOVHDDFWLYDEDMDDMXVWHSUHGHWHUPLQDGR3 3>@
%,&RUUHFFLµQGHSDUDGD U£SLGD
3HUPLWHVHOHFFLRQDUODIXHQWHGHVH³DOHVGHPDQGRGHFRUUHFFLµQGHSDUDGDU£SLGDPHGLDQWH%,&26H
HVSHUDTXHODVH³DOVHDDFWLYDDOWD
U
&2%2(VWDGRGH
SDUDGDU£SLGD
&DPSRGHELWVTXHGHVFULEHHOHVWDGRGHSDUDGDU£SLGD
%LW
3DUDGDU£SLGDDFWLYD
6¯
1R
3DUDGDU£SLGDVHOHFFLRQDGD
6¯
1R
&RUUHFFLµQVHOHFFLRQDGD
6¯
1R
3DUDGDU£SLGDKDELOLWDGD
3>@
7LSRGHHQWUDGDGH
SDUDGDU£SLGD
7
7
7
1RPEUHGHVH³DO
&'6
&'6
&'6
3DODEUDGHPDQGRSDUDVHOHFFLRQDUHOWLSRGHHQWUDGDGHSDUDGDU£SLGD
8% LQDULR
6H³DO
6¯
7
8% LQDULR
8
6H³DO
8% LQDULR
1R
&'6
8
8
3DUDGDU£SLGDQRVHOHFFLRQDGD
(QWUDGDGHSDUDGDU£SLGDDFWLYDDOWD
(QWUDGDGHSDUDGDU£SLGDDFWLYDEDMD
3DUDGDU£SLGDDFWLYDGDSRUIODQFRSRVLWLYRHQODHQWUDGD
3DUDGDU£SLGDDFWLYDGDSRUIODQFRQHJDWLYRHQODHQWUDGD
3
3DU£PHWURVPRGLILFDEOHV Y¯D
(VSHFLILFDODLQWHUID]TXHSXHGHVHUXWLOL]DGDSDUDFDPELDUSDU£PHWURV0HGLDQWHHVWHSDU£PHWURHO
XVXDULRSXHGHSURWHJHUHOFRQYHUWLGRUGHPRGLILFDFLRQHVQRGHVHDGDVGHORVSDU£PHWURV
%LW
1RPEUHGHVH³DO
6H³DO
6H³DO
1RXVDGR
6¯
1R
1RXVDGR
6¯
1R
866SRU56UHVHUYDGR
6¯
1R
866SRU56
6¯
1R
ELQ
87
2EVHUYDFLµQ3QRHVW£SURWHJLGRSRUFRQWUDVH³D
&RQYHUWLGRU6,1$0,&69
,QVWUXFFLRQHVGHVHUYLFLR$(
/LVWDGHSDU£PHWURV
/LVWDGHSDU£PHWURV
5DQJR
6H
$MXVWHV
SUHGHWHUPLQDGR SXHGH
FDPELDU
VGHI£EULFD
3DU£PHWUR
)XQFLµQ
(MHPSOR
$MXVWHSUHGHWHUPLQDGR7RGRVORVELWVVHDMXVWDQ
U
&DQWLGDGWRWDOGH
PHQVDMHV
(VFDODGR -XHJR
GH
GDWRV
7LSR 1LYHO
GH
GH
GDWRV DFFHVR
(ODMXVWHSUHGHWHUPLQDGRSHUPLWHPRGLILFDUSDU£PHWURVGHVGHWRGDVODVLQWHUIDFHV
0XHVWUDODFDQWLGDGWRWDOGHPHQVDMHV
U>@
&2œOWLPRFµGLJRGH
IDOOR
8
8
8
9LVXDOL]DHOKLVWRULDOGHIDOORV
QGLFH
>@
'LVSDURDQWHULRUSRUIDOORIDOOR
>@
'LVSDURDQWHULRUSRUIDOORIDOOR
>@
'LVSDURDQWHULRUSRUIDOORIDOOR
>@
'LVSDURDQWHULRUSRUIDOORIDOOR
1RWD
9«DVHHOFDS¯WXOR&µGLJRVGHIDOOR\DYLVR3£JLQD
U>@
7LHPSRGHIDOOR
6HOORGHWLHPSRTXHLQGLFDFXDQGRKDRFXUULGRHOIDOOR
3FRQWDGRUGHWLHPSRGHIXQFLRQDPLHQWRGHOVLVWHPDHVODIXHQWHSRVLEOHGHOVHOORGHWLHPSR
QGLFH
>@
'LVSDURDQWHULRUSRUIDOORWLHPSRGHIDOOR
>@
'LVSDURDQWHULRUSRUIDOORWLHPSRGHIDOOR
>@
'LVSDURDQWHULRUSRUIDOORWLHPSRGHIDOOR
>@
'LVSDURDQWHULRUSRUIDOORWLHPSRGHIDOOR
U>@
&29DORUGHIDOOR
0XHVWUDORVYDORUHVGHIDOORGHOFRQYHUWLGRU(VSDUDHOVHUYLFLRW«FQLFR\PXHVWUDHOWLSRGHIDOOR
8
/RVYDORUHVQRVHGRFXPHQWDQ6HHQFXHQWUDQEDMRVXFµGLJRUHVSHFWLYRHQODOLVWDGHIDOORV
QGLFH
>@
'LVSDURDQWHULRUSRUIDOORYDORUGHIDOOR
>@
'LVSDURDQWHULRUSRUIDOORYDORUGHIDOOR
>@
'LVSDURDQWHULRUSRUIDOORYDORUGHIDOOR
>@
'LVSDURDQWHULRUSRUIDOORYDORUGHIDOOR
3
&DQWLGDGWRWDOGH
GLVSDURV
0XHVWUDODFDQWLGDGWRWDOGHGLVSDURVDOPDFHQDGRVHQU¼OWLPRFµGLJRGHIDOOR
7
8
'HSHQGHQFLD 6LVHDMXVWDDVHUHVWDEOHFHHOKLVWRULDOGHIDOORVVLVHFDPELDDWDPEL«QVHUHVWDEOHFHHOSDU£PHWUR
UWLHPSRGHIDOOR
U>@
9HUVLµQGHILUPZDUH
'DWRVGHODYHUVLµQGHILUPZDUH
QGLFH
>@
(PSUHVD6LHPHQV >@
7LSRGHSURGXFWR
>@
9HUVLµQGHILUPZDUH
>@
)HFKDGHOILUPZDUHD³R
8
&RQYHUWLGRU6,1$0,&69
,QVWUXFFLRQHVGHVHUYLFLR$(
/LVWDGHSDU£PHWURV
/LVWDGHSDU£PHWURV
6H
$MXVWHV
SUHGHWHUPLQDGR SXHGH
FDPELDU
VGHI£EULFD
3DU£PHWUR
)XQFLµQ
5DQJR
>@
)HFKDGHOILUPZDUHG¯D\PHV
>@
1¼PHURGHREMHWRVGHOFRQYHUWLGRU
>@
9HUVLµQGHILUPZDUH
U
3DODEUDGHPDQGR
(VFDODGR -XHJR
GH
GDWRV
7LSR 1LYHO
GH
GH
GDWRV DFFHVR
8
0XHVWUDODSDODEUDGHPDQGR9«DVHUSDUDREWHQHUODGHVFULSFLµQGHOFDPSRGHELWV
U
3DODEUDGHHVWDGR
0XHVWUDODSDODEUDGHHVWDGRDFWLYDGHOFRQYHUWLGRUHQIRUPDWRELQDULR\SXHGHVHUXWLOL]DGDSDUD
GLDJQRVWLFDUTX«VH³DOHVGHPDQGRHVW£QDFWLYDV9«DVHUSDUDREWHQHUODGHVFULSFLµQGHOFDPSRGH
ELWV
3
&RQWDGRUUHVWDEOHFLEOH
GHWLHPSRGH
IXQFLRQDPLHQWRGHO
VLVWHPD
&RQWDGRUUHVWDEOHFLEOHGHWLHPSRGHIXQFLRQDPLHQWRGHOVLVWHPD
3
5HVWDEOHFLPLHQWRGHORV
DMXVWHVGHI£EULFD
3 UHVWDEOHFHWRGRVORVSDU£PHWURVDVXVYDORUHVSUHGHWHUPLQDGRVQRDORVSUHGHWHUPLQDGRVGHO
XVXDULR
7
8
8
8
3 UHVWDEOHFHWRGRVORVSDU£PHWURV\WRGRVORVYDORUHVSUHGHWHUPLQDGRVGHOXVXDULRDOHVWDGRGH
ORVYDORUHVGHI£EULFD
'HVKDELOLWDGD
5HVWDEOHFLPLHQWRGHSDU£PHWURV
5HVWDEOHFLPLHQWRGHORVSDU£PHWURVSUHGHWHUPLQDGRVGHOXVXDULR
'HSHQGHQFLD 3ULPHURDMXVWH3 DMXVWHVGHI£EULFD
3DUHHOFRQYHUWLGRUHVWRHVGHVKDELOLWHWRGRVORVLPSXOVRVDQWHVGHSRGHUUHVWDEOHFHUORVSDU£PHWURVD
VXVYDORUHVSUHGHWHUPLQDGRV
1RWD
/RVSDU£PHWURVVLJXLHQWHVFRQVHUYDQVXVYDORUHVGHVSX«VGHXQUHVWDEOHFLPLHQWRGHORVYDORUHVGH
I£EULFD
U&2&RQWDGRUGHFRQVXPRGHHQHUJ¯D>N:K@
30RGRJXDUGDU
3(XURSD1RUWHDP«ULFD
39HORFLGDGGHWUDQVPLVLµQ86602'%86
3'LUHFFLµQ866
3'LUHFFLµQ02'%86
36HOHFFLµQGHSURWRFROR56
3&RQWUROFORQDFLµQ
$OWUDQVIHULU3HOFRQYHUWLGRUXWLOL]DVXSURFHVDGRUSDUDUHDOL]DUF£OFXORVLQWHUQRV/DV
FRPXQLFDFLRQHVVHLQWHUUXPSHQGXUDQWHHOWLHPSRQHFHVDULRSDUDUHDOL]DUHVWRVF£OFXORV
87
3
7UDQVIHULUGDWRVGHOD
5$0DOD((3520
&XDQGRVHDMXVWDDWUDQVILHUHYDORUHVGHVGHOD5$0DOD((3520
8
&XDQGRVHDMXVWDDWUDQVILHUHQXHYRVYDORUHVSUHGHWHUPLQDGRVGHOXVXDULRGHVGHOD5$0DOD
((3520
&RQYHUWLGRU6,1$0,&69
,QVWUXFFLRQHVGHVHUYLFLR$(
/LVWDGHSDU£PHWURV
/LVWDGHSDU£PHWURV
6H
$MXVWHV
SUHGHWHUPLQDGR SXHGH
FDPELDU
VGHI£EULFD
(VFDODGR -XHJR
GH
GDWRV
7LSR 1LYHO
GH
GH
GDWRV DFFHVR
3DU£PHWUR
)XQFLµQ
5DQJR
'HVKDELOLWDGD
,QLFLDUWUDQVIHUHQFLD
,QLFLDUWUDQVIHUHQFLDGHORVYDORUHVSUHGHWHUPLQDGRVGHOXVXDULR
1RWD
6HWUDQVILHUHQWRGRVORVYDORUHVGHOD5$0DOD((3520
8QDYH]TXHVHKDOOHYDGRDFDERODWUDQVIHUHQFLDFRUUHFWDPHQWHHOSDU£PHWURVHUHVWDEOHFH
DXWRP£WLFDPHQWHDDMXVWHSUHGHWHUPLQDGR
6HHIHFW¼DHODUFKLYRGHVGHOD5$0DOD((3520PHGLDQWH3&XDQGRDFDEDODWUDQVPLVLµQFRQ
«[LWRUHVWDEOHFHODFRPXQLFDFLµQ'XUDQWHHVHWLHPSRVHLQWHUUXPSHODFRPXQLFDFLµQ
%23PXHVWUD
8QDYH]TXHKDILQDOL]DGRHOSURFHVRVHUHVWDEOHFHODFRPXQLFDFLµQDXWRP£WLFDPHQWHHQWUHHOFRQYHUWLGRU
\ORVSHULI«ULFRVH[WHUQRV%23866RPDHVWUR0RGEXV
U>@
QGLFH
1RWD
U>@
QGLFH
1RWD
U>@
QGLFH
1RWD
U>@
/LVWDGHORVQ¼PHURVGH SDU£PHWURVGLVSRQLEOHV
&RQWLHQHQ¼PHURVGHSDU£PHWURVFRQ¯QGLFHVGHD
8
>@
3DU£PHWUR
>@
3DU£PHWUR
>@
3DU£PHWUR
3DUDGLVPLQXLUODGHPDQGDGHPHPRULDHOFXDGURGHOLVWDGHORVSDU£PHWURVSRVHHGRVHOHPHQWRV&DGD
YH]TXHVHDFFHGHDXQHOHPHQWRFRQHO¯QGLFHGHDODIXQFLµQ%HIRUH$FFHVVDQWHVGHODFFHVR
GHWHUPLQDHOUHVXOWDGRLQGLYLGXDOGHIRUPDGLQ£PLFD(O¼OWLPRHOHPHQWRFRQWLHQHHOQ¼PHURGHOFXDGURGH
OLVWDGHSDU£PHWURVVLJQLILFDHOILQDOGHOLVWD
/LVWDGHORVQ¼PHURVGH 8
SDU£PHWURVGLVSRQLEOHV
&RQWLHQHQ¼PHURVGHSDU£PHWURVFRQ¯QGLFHVGHD
9«DVHU
9«DVHU
/LVWDGHORVQ¼PHURVGH SDU£PHWURVGLVSRQLEOHV
&RQWLHQHQ¼PHURVGHSDU£PHWURVFRQ¯QGLFHVGHD
9«DVHU
9«DVHU
/LVWDGHORVQ¼PHURVGH SDU£PHWURVGLVSRQLEOHV
QGLFH
1RWD
U>@
&RQWLHQHQ¼PHURVGHSDU£PHWURVFRQ¯QGLFHVGHD
9«DVHU
9«DVHU
/LVWDGHORVQ¼PHURVGH SDU£PHWURVGLVSRQLEOHV
QGLFH
1RWD
U>@
&RQWLHQHQ¼PHURVGHSDU£PHWURVFRQ¯QGLFHVGHD
9«DVHU
9«DVHU
/LVWDGHORVQ¼PHURVGH SDU£PHWURVGLVSRQLEOHV
&RQWLHQHQ¼PHURVGHSDU£PHWURVFRQ¯QGLFHVGHD
8
8
8
8
&RQYHUWLGRU6,1$0,&69
,QVWUXFFLRQHVGHVHUYLFLR$(
/LVWDGHSDU£PHWURV
/LVWDGHSDU£PHWURV
3DU£PHWUR
)XQFLµQ
QGLFH
1RWD
U>@
9«DVHU
9«DVHU
/LVWDGHORVQ¼PHURVGH
SDU£PHWURVGLVSRQLEOHV
5DQJR
6H
$MXVWHV
SUHGHWHUPLQDGR SXHGH
FDPELDU
VGHI£EULFD
(VFDODGR -XHJR
GH
GDWRV
7LSR 1LYHO
GH
GH
GDWRV DFFHVR
8
8
8
8
&'6
8
&RQWLHQHQ¼PHURVGHSDU£PHWURVFRQ¯QGLFHVGHD
QGLFH
1RWD
U>@
9«DVHU
9«DVHU
/LVWDGHORVQ¼PHURVGH SDU£PHWURVGLVSRQLEOHV
&RQWLHQHQ¼PHURVGHSDU£PHWURVFRQ¯QGLFHVGHD
9«DVHU
9«DVHU
/LVWDGHORVQ¼PHURVGH SDU£PHWURVGLVSRQLEOHV
&RQWLHQHQ¼PHURVGHSDU£PHWURVFRQ¯QGLFHVGHD
9«DVHU
9«DVHU
/LVWDGHORVQ¼PHURVGH SDU£PHWURVGLVSRQLEOHV
QGLFH
1RWD
U>@
QGLFH
1RWD
U>@
QGLFH
&RQWLHQHQ¼PHURVGHSDU£PHWURVFRQ¯QGLFHVGHD
9«DVHU
1RWD
9«DVHU
3>@
6HOHFFLµQGHFRQVLJQD
GHIUHFXHQFLD
6HOHFFLRQDODIXHQWHGHFRQVLJQDGHIUHFXHQFLD/DFRQVLJQDSULQFLSDOTXHGDGHWHUPLQDGDSRUHOG¯JLWR
PHQRVVLJQLILFDWLYRSRVLFLµQGHUHFKD\ODFRQVLJQDDGLFLRQDOSRUHOG¯JLWRP£VVLJQLILFDWLYRSRVLFLµQ
L]TXLHUGD/RVG¯JLWRVLQGLYLGXDOHVLQGLFDQFRQVLJQDVSULQFLSDOHVVLQFRQVLJQDVDGLFLRQDOHV
&7
)UHFXHQFLDGH
VDOLGD
&RQVLJQD
DGLFLRQDO
)UHFXHQFLDGH
VDOLGDUHDO
&RQVLJQDSULQFLSDO
7LHPSR
6H³DOGH
PDQGR581
6LQFRQVLJQDSULQFLSDO
&RQVLJQD023
&RQYHUWLGRU6,1$0,&69
,QVWUXFFLRQHVGHVHUYLFLR$(
/LVWDGHSDU£PHWURV
/LVWDGHSDU£PHWURV
6H
$MXVWHV
SUHGHWHUPLQDGR SXHGH
FDPELDU
VGHI£EULFD
(VFDODGR -XHJR
GH
GDWRV
3DU£PHWUR
)XQFLµQ
5DQJR
&RQVLJQDDQDOµJLFD
)UHFXHQFLDILMD
866SRU56
&RQVLJQDDQDOµJLFD
1LQJXQDFRQVLJQDSULQFLSDO&RQVLJQD023
&RQVLJQD023&RQVLJQD023
&RQVLJQDDQDOµJLFD&RQVLJQD023
)UHFXHQFLDILMD&RQVLJQD023
866SRU56&RQVLJQD023
&RQVLJQDDQDOµJLFD&RQVLJQD023
1LQJXQDFRQVLJQDSULQFLSDO&RQVLJQDDQDOµJLFD
&RQVLJQD023&RQVLJQDDQDOµJLFD
&RQVLJQDDQDOµJLFD&RQVLJQDDQDOµJLFD
)UHFXHQFLDILMD&RQVLJQDDQDOµJLFD
866SRU56&RQVLJQDDQDOµJLFD
&RQVLJQDDQDOµJLFD&RQVLJQDDQDOµJLFD
1LQJXQDFRQVLJQDSULQFLSDO)UHFXHQFLDILMD
&RQVLJQD023)UHFXHQFLDILMD
&RQVLJQDDQDOµJLFD)UHFXHQFLDILMD
)UHFXHQFLDILMD)UHFXHQFLDILMD
866SRU56)UHFXHQFLDILMD
&RQVLJQDDQDOµJLFD)UHFXHQFLDILMD
1LQJXQDFRQVLJQDSULQFLSDO866SRU56
&RQVLJQD023866SRU56
&RQVLJQDDQDOµJLFD866SRU56
)UHFXHQFLDILMD866SRU56
866SRU56866SRU56
&RQVLJQDDQDOµJLFD866SRU56
1LQJXQDFRQVLJQDSULQFLSDO&RQVLJQDDQDOµJLFD
&RQVLJQD023&RQVLJQDDQDOµJLFD
&RQVLJQDDQDOµJLFD&RQVLJQDDQDOµJLFD
)UHFXHQFLDILMD&RQVLJQDDQDOµJLFD
866SRU56&RQVLJQDDQDOµJLFD
&RQVLJQDDQDOµJLFD&RQVLJQDDQDOµJLFD
7LSR 1LYHO
GH
GH
GDWRV DFFHVR
'HSHQGHQFLD 3DU£PHWURUHODFLRQDGR3%,'HVKDELOLWDFLµQGHFRQVLJQDDGLFLRQDO
3UHFDXFLµQ
6LVHFDPELDHVWHSDU£PHWURWRGRVORVDMXVWHVGHOHOHPHQWRVHOHFFLRQDGRVHSRQHQDOYDORU
SUHGHWHUPLQDGR6HWUDWDGHORVSDU£PHWURVVLJXLHQWHV333\3
6L3 R;\3LQKLELFLµQLQYHUVLµQGHVHQWLGRGH023 VHLQKLELU£ODLQYHUVLµQGHO
VHQWLGRGHJLUR
1RWD
56DGPLWHHOSURWRFROR02'%86DV¯FRPRHO8667RGDVODVRSFLRQHVGH866SRU56WDPEL«Q
VRQDSOLFDEOHVD02'%86
&RQYHUWLGRU6,1$0,&69
,QVWUXFFLRQHVGHVHUYLFLR$(
/LVWDGHSDU£PHWURV
/LVWDGHSDU£PHWURV
3DU£PHWUR
)XQFLµQ
5DQJR
6H
$MXVWHV
SUHGHWHUPLQDGR SXHGH
FDPELDU
VGHI£EULFD
(VFDODGR -XHJR
GH
GDWRV
7LSR 1LYHO
GH
GH
GDWRV DFFHVR
3>@
)UHFXHQFLDILMD>+]@
)ORDW
87
''6
'HILQHODFRQVLJQDGHIUHFXHQFLDILMD([LVWHQWLSRVGHIUHFXHQFLDILMD
6HOHFFLµQGLUHFWD3 ದ (QHVWHPRGRGHIXQFLRQDPLHQWRXQVHOHFWRUGHIUHFXHQFLDVILMDVGH3D3VHOHFFLRQD
XQDIUHFXHQFLDILMD
ದ 6LYDULDVHQWUDGDVVHDFWLYDQFRQMXQWDPHQWHVHVXPDQODVIUHFXHQFLDVVHOHFFLRQDGDV3RU
HMHPSOR))))))))
6HOHFFLµQFRGLILFDGDHQELQDULR3 ದ 8WLOL]DQGRHVWHP«WRGRVHSXHGHQVHOHFFLRQDUKDVWDIUHFXHQFLDVILMDVGLIHUHQWHV
'HSHQGHQFLD 6HOHFFLµQGHOPRGRIUHFXHQFLDILMDPHGLDQWH3
(OFRQYHUWLGRUUHTXLHUHXQDVH³DOGHPDQGR21SDUDLQLFLDUVHHQFDVRGHVHOHFFLµQGLUHFWD3RUORWDQWR
SDUDLQLFLDUORKD\TXHFRQHFWDUUFRQ3
1RWD
/DVIUHFXHQFLDVILMDVVHSXHGHQVHOHFFLRQDUPHGLDQWHODVHQWUDGDVGLJLWDOHV
3>@
)UHFXHQFLDILMD>+]@
'HWHUPLQDODFRQVLJQDSDUDODIUHFXHQFLDILMD
1RWD
9«DVH3
3>@
)UHFXHQFLDILMD>+]@
'HWHUPLQDODFRQVLJQDSDUDODIUHFXHQFLDILMD
1RWD
9«DVH3
3>@
)UHFXHQFLDILMD>+]@
'HWHUPLQDODFRQVLJQDSDUDODIUHFXHQFLDILMD
1RWD
9«DVH3
3>@
)UHFXHQFLDILMD>+]@
'HWHUPLQDODFRQVLJQDSDUDODIUHFXHQFLDILMD
1RWD
9«DVH3
3>@
)UHFXHQFLDILMD>+]@
'HWHUPLQDODFRQVLJQDSDUDODIUHFXHQFLDILMD
1RWD
9«DVH3
3>@
)UHFXHQFLDILMD>+]@
'HWHUPLQDODFRQVLJQDSDUDODIUHFXHQFLDILMD
1RWD
9«DVH3
3>@
)UHFXHQFLDILMD>+]@
'HWHUPLQDODFRQVLJQDSDUDODIUHFXHQFLDILMD
1RWD
9«DVH3
87
''6
)ORDW
87
''6
)ORDW
87
''6
)ORDW
87
''6
)ORDW
87
''6
)ORDW
87
''6
)ORDW
87
''6
)ORDW
&RQYHUWLGRU6,1$0,&69
,QVWUXFFLRQHVGHVHUYLFLR$(
/LVWDGHSDU£PHWURV
/LVWDGHSDU£PHWURV
3DU£PHWUR
)XQFLµQ
5DQJR
6H
$MXVWHV
SUHGHWHUPLQDGR SXHGH
FDPELDU
VGHI£EULFD
(VFDODGR -XHJR
GH
GDWRV
7LSR 1LYHO
GH
GH
GDWRV DFFHVR
3>@
)UHFXHQFLDILMD>+]@
87
''6
)ORDW
'HWHUPLQDODFRQVLJQDSDUDODIUHFXHQFLDILMD
1RWD
9«DVH3
3>@
)UHFXHQFLDILMD>+]@
87
''6
)ORDW
'HWHUPLQDODFRQVLJQDSDUDODIUHFXHQFLDILMD
1RWD
9«DVH3
3>@
)UHFXHQFLDILMD>+]@
87
''6
)ORDW
'HWHUPLQDODFRQVLJQDSDUDODIUHFXHQFLDILMD
87
''6
)ORDW
87
''6
)ORDW
87
''6
)ORDW
87
''6
)ORDW
7
''6
8
1RWD
9«DVH3
3>@
)UHFXHQFLDILMD>+]@
'HWHUPLQDODFRQVLJQDSDUDODIUHFXHQFLDILMD
1RWD
9«DVH3
3>@
)UHFXHQFLDILMD>+]@
'HWHUPLQDODFRQVLJQDSDUDODIUHFXHQFLDILMD
1RWD
9«DVH3
3>@
)UHFXHQFLDILMD>+]@
'HWHUPLQDODFRQVLJQDSDUDODIUHFXHQFLDILMD
1RWD
9«DVH3
3>@
)UHFXHQFLDILMD>+]@
'HWHUPLQDODFRQVLJQDSDUDODIUHFXHQFLDILMD
1RWD
9«DVH3
3>@
0RGRGHIUHFXHQFLDILMD
/DVIUHFXHQFLDVILMDVVHSXHGHQVHOHFFLRQDUPHGLDQWHGRVPRGRVGLVWLQWRV3GHILQHHOPRGR
6HOHFFLµQGLUHFWD
6HOHFFLµQELQDULD
1RWD
9«DVH3SDUDREWHQHUXQDGHVFULSFLµQGHOXVRGHODVIUHFXHQFLDVILMDV
3>@
%,%LWGHVHOHFFLµQGH IUHFXHQFLDILMD
'HWHUPLQDODIXHQWHSDUDVHOHFFLRQDUODIUHFXHQFLDILMD
7
&'6
8% LQDULR
'HSHQGHQFLD 6RORVHSXHGHDFFHGHUVL33[ IXQFLµQGHHQWUDGDVGLJLWDOHV %,&2
3>@
%,%LWGHVHOHFFLµQGH IUHFXHQFLDILMD
9«DVH3
3>@
%,%LWGHVHOHFFLµQGH IUHFXHQFLDILMD
9«DVH3
7
&'6
8% LQDULR
7
&'6
8% LQDULR
&RQYHUWLGRU6,1$0,&69
,QVWUXFFLRQHVGHVHUYLFLR$(
/LVWDGHSDU£PHWURV
/LVWDGHSDU£PHWURV
3DU£PHWUR
)XQFLµQ
5DQJR
3>@
%,%LWGHVHOHFFLµQGH IUHFXHQFLDILMD
9«DVH3
U
&2)UHFXHQFLDILMDUHDO
>+]@
6H
$MXVWHV
SUHGHWHUPLQDGR SXHGH
FDPELDU
VGHI£EULFD
(VFDODGR -XHJR
GH
GDWRV
7LSR 1LYHO
GH
GH
GDWRV DFFHVR
7
&'6
8% LQDULR
)ORDW
8
0XHVWUDODVXPDGHIUHFXHQFLDVILMDVVHOHFFLRQDGDV
U
%2(VWDGRIUHFXHQFLD
ILMD
0XHVWUDHOHVWDGRGHODVIUHFXHQFLDVILMDV
%LW
1RPEUHGHVH³DO
6H³DO
6H³DO
(VWDGRIUHFILMD
6¯
1R
3>@
0RGR023
(VSHFLILFDFLµQGHOPRGRGHO023
87
''6
8
%LW
1RPEUHGHVH³DO
6H³DO
6H³DO
$FWLYDUJXDUGDUFRQVLJQD
6¯
1R
1RVHQHFHVLWDHVWDGR21SDUD023
6¯
1R
1RWD
'HILQHHOPRGRGHIXQFLRQDPLHQWRGHOSRWHQFLµPHWURPRWRUL]DGR9«DVH3
3
,QKLELFLµQLQYHUVLµQGH
VHQWLGRGH023
,QKLEHODVHOHFFLµQGHFRQVLJQDLQYHUVDGH023
$GPLWLULQYHUVLµQGHVHQWLGR
,QKLELULQYHUVLµQGHVHQWLGR
1RWD
(ODMXVWHDFWLYDODPRGLILFDFLµQGHOVHQWLGRGHJLURGHOPRWRUPHGLDQWHODFRQVLJQDGHOSRWHQFLµPHWUR
PRWRUL]DGRDXPHQWDURGLVPLQXLUIUHFXHQFLD
3>@
%,+DELOLWDFLµQ023
VH³DOGHPDQGR68%,5
7
8
6L3 \3 R;VHLQKLELU£ODLQYHUVLµQGHOVHQWLGRGHJLUR
7
&'6
8% LQDULR
'HWHUPLQDODIXHQWHSDUDHOHYDUODFRQVLJQDGHOSRWHQFLµPHWURPRWRUL]DGR
$WHQFLµQ
6LVHKDELOLWDHVWDVH³DOGHPDQGRFRQSXOVDFLRQHVEUHYHVGHPHQRVGHXQVHJXQGRVHPRGLILFDOD
IUHFXHQFLDHQSDVRVGH+]&XDQGRODVH³DOKDHVWDGRKDELOLWDGDP£VGHVHJXQGRHOJHQHUDGRUGH
UDPSDDFHOHUDFRQHOYDORUDMXVWDGRHQ3
3>@
%,+DELOLWDFLµQ023
VH³DOGHPDQGR
%$-$5
'HWHUPLQDODIXHQWHSDUDGLVPLQXLUODFRQVLJQDGHOSRWHQFLµPHWURPRWRUL]DGR
$WHQFLµQ
6LVHKDELOLWDHVWDVH³DOGHPDQGRFRQSXOVDFLRQHVEUHYHVGHPHQRVGHXQVHJXQGRVHPRGLILFDOD
IUHFXHQFLDHQSDVRVGH+]&XDQGRODVH³DOKDHVWDGRKDELOLWDGDP£VGHVHJXQGRHOJHQHUDGRUGH
UDPSDGHFHOHUDFRQHOYDORUDMXVWDGRHQ3
3>@
&RQVLJQDGHO023>+]@
'HWHUPLQDODFRQVLJQDSDUDHOSRWHQFLµPHWURPRWRUL]DGR3 7
87
&'6
''6
8% LQDULR
)ORDW
'HSHQGHQFLD 3DUDVHOHFFLRQDUHOSRWHQFLµPHWURPRWRUL]DGR3FRPRFRQVLJQDSULQFLSDORDGLFLRQDOVHWLHQHTXH
XWLOL]DU3
&RQYHUWLGRU6,1$0,&69
,QVWUXFFLRQHVGHVHUYLFLR$(
/LVWDGHSDU£PHWURV
/LVWDGHSDU£PHWURV
5DQJR
6H
$MXVWHV
SUHGHWHUPLQDGR SXHGH
FDPELDU
VGHI£EULFD
(VFDODGR -XHJR
GH
GDWRV
7LSR 1LYHO
GH
GH
GDWRV DFFHVR
3DU£PHWUR
)XQFLµQ
1RWD
6LODFRQVLJQDGHOSRWHQFLµPHWURPRWRUL]DGRVHVHOHFFLRQDFRPRFRQVLJQDSULQFLSDORFRQVLJQDDGLFLRQDO
HOVHQWLGRLQYHUVRVHEORTXHDU£GHIRUPDSUHGHWHUPLQDGDSRU3LQKLELFLµQLQYHUVLµQGHVHQWLGRGH
0233DUDUHKDELOLWDUODLQYHUVLµQGHVHQWLGRDMXVWH3 3XOVHEUHYHPHQWHODWHFODDUULEDRDEDMRSHMHQHOSDQHOGHPDQGRSDUDPRGLILFDUODFRQVLJQDGH
IUHFXHQFLDHQSDVRVGH+]/DRSHUDFLµQGHFDPELDUODFRQVLJQDVHDFHOHUDPDQWHQLHQGRODWHFOD
DSUHWDGDP£VWLHPSR
(OYDORULQLFLDOVHDFWLYDSDUDODVDOLGDGHO023VRORHQHODUUDQTXHGHO023(OSDU£PHWUR3DIHFWD
DOFRPSRUWDPLHQWRGHOYDORULQLFLDOGHHVWDIRUPD
3 3VHDFWLYDLQPHGLDWDPHQWHHQHOHVWDGR2))\FXDQGRVHFDPELDDOHVWDGR21VHDFWLYD
GHVSX«VGHOVLJXLHQWHFLFOR2))\21
3 /D¼OWLPDVDOLGDGHO023DQWHVGHODSDUDGDVHJXDUGDFRPRYDORULQLFLDOSXHVWRTXHVHKD
VHOHFFLRQDGRJXDUGDUXQFDPELRGH3HQHOHVWDGR21FDUHFHGHHIHFWR(QHVWDGR2))VH
SXHGHFDPELDU3
3 (O023HVW£DFWLYRFDGDYH]GHPRGRTXHHOFDPELRGH3DIHFWDGHVSX«VGHOVLJXLHQWHFLFORGH
GHVFRQH[LµQ\UHFRQH[LµQRXQFDPELRGH3D
7
&'6
8% LQDULR
3>@
%,6HOHFFLµQFRQVLJQD
023
DXWRP£WLFDPDQXDOPHQW
H
$MXVWDODIXHQWHGHVH³DOSDUDTXHFRQPXWHGHPRGRPDQXDODDXWRP£WLFR6LVHXWLOL]DHOSRWHQFLµPHWUR
PRWRUL]DGRHQHOPRGRPDQXDOODFRQVLJQDVHPRGLILFDFRQGRVVH³DOHVSDUDVXELU\EDMDUSHM3\
36LVHXVDHOPRGRDXWRP£WLFRODFRQVLJQDVHGHEHLQWHUFRQHFWDUDWUDY«VGHODHQWUDGDGH
FRQHFWRU3
0DQXDOPHQWH
$XWRP£WLFDPHQWH
$WHQFLµQ
&RQVXOWH33\3
3>@
&,&RQVLJQDDXWRP£WLFD 023
$MXVWDODIXHQWHGHVH³DOGHODFRQVLJQDGHOSRWHQFLµPHWURPRWRUL]DGRVLVHKDVHOHFFLRQDGRHOPRGR
DXWRP£WLFR3
$WHQFLµQ
&RQVXOWH3
3>@
%,023DFHSWD
FRQVLJQDGHJHQHUDGRU
GHUDPSD
$MXVWDODIXHQWHGHVH³DOSDUDTXHODVH³DOGHPDQGRGHDMXVWHDFHSWHHOYDORUGHDMXVWHSDUDHO
SRWHQFLµPHWURPRWRUL]DGR(OYDORUWLHQHHIHFWRHQXQIODQFRGHODVH³DOGHPDQGRGHDMXVWH
$WHQFLµQ
&RQVXOWH3
3>@
&,&RQVLJQDGH
JHQHUDGRUGHUDPSDGHO
023
$MXVWDODIXHQWHGHVH³DOGHOYDORUGHFRQVLJQDSDUDHO023(OYDORUWLHQHHIHFWRHQXQIODQFRGHOD
VH³DOGHPDQGRGHDMXVWH
7
7
7
&'6
&'6
&'6
8,
8% LQDULR
8,
&RQYHUWLGRU6,1$0,&69
,QVWUXFFLRQHVGHVHUYLFLR$(
/LVWDGHSDU£PHWURV
/LVWDGHSDU£PHWURV
5DQJR
6H
$MXVWHV
SUHGHWHUPLQDGR SXHGH
FDPELDU
VGHI£EULFD
(VFDODGR -XHJR
GH
GDWRV
7LSR 1LYHO
GH
GH
GDWRV DFFHVR
)ORDW
)ORDW
3DU£PHWUR
)XQFLµQ
$WHQFLµQ
&RQVXOWH3
U
&2)UHFXHQFLDGH
HQWUDGDGHO*G5023
>+]@
0XHVWUDODFRQVLJQDGHOSRWHQFLµPHWURPRWRUL]DGRDQWHVGHSDVDUORDO*G5GH023
3>@
7LHPSRDFHOHUDFLµQGHO
*G5023>V@
$MXVWDHOWLHPSRGHDFHOHUDFLµQGHOJHQHUDGRUGHUDPSDLQWHUQRGH023(QHVWHWLHPSRODFRQVLJQDVH
FDPELDGHFHURDOO¯PLWHGHILQLGRHQ3
$WHQFLµQ
&RQVXOWH3\3
3>@
7LHPSRGHFHOHUDFLµQGHO *G5023>V@
$MXVWDHOWLHPSRGHGHFHOHUDFLµQGHOJHQHUDGRUGHUDPSDLQWHUQRGH023(QHVWHWLHPSRODFRQVLJQDVH
FDPELDGHOO¯PLWHGHILQLGRHQ3DFHUR
87
87
''6
''6
)ORDW
$WHQFLµQ
&RQVXOWH3\3
U
&2)UHFGHVDOLGDUHDO
GHO023>+]@
0XHVWUDODIUHFXHQFLDGHVDOLGDGHODFRQVLJQDGHOSRWHQFLµPHWURPRWRUL]DGR
3>@
%,+DELOLWDFLµQ-2*DOD GHUHFKD
'HILQHODIXHQWHGH-2*DODGHUHFKDFXDQGR3 VHOHFFLµQDXWRP£WLFDGHODIXHQWHGHVH³DOHVGH
PDQGRFRQVLJQDV
3>@
%,+DELOLWDFLµQ-2*DOD L]TXLHUGD
'HILQHODIXHQWHGH-2*DODL]TXLHUGDFXDQGR3 VHOHFFLµQDXWRP£WLFDGHODIXHQWHGHVH³DOHV
GHPDQGRFRQVLJQDV
3
+DELOLWDFLµQ-2*
0LHQWUDV+DELOLWDFLµQ-2*VHDHOPRGR-2*3\3HVW£GHVKDELOLWDGR6LHVHOPRGR
-2*HVW£KDELOLWDGR
3>@
)UHFXHQFLD-2*>+]@
(OPRGR-2*LQFUHPHQWDODYHORFLGDGGHOPRWRUHQSHTXH³RVLQWHUYDORV(OPRGR-2*SHUPLWHDO
RSHUDGRUSRQHUXQDYHORFLGDGGHWHUPLQDGD\SRVLFLRQDUHOURWRUPDQXDOPHQWH(QHOPRGR-2*HOERWµQ
581GHOSDQHOGHPDQGRSDUDHOPRGR-2*XWLOL]DXQLQWHUUXSWRUQRHQFODYDEOHHQXQDGHODVHQWUDGDV
GLJLWDOHVSDUDFRQWURODUODYHORFLGDGGHOPRWRU(QHOPRGR-2*HOSDU£PHWUR3GHWHUPLQDOD
IUHFXHQFLDGHOFRQYHUWLGRU8QDYH]TXHVHKDVHOHFFLRQDGR-2*DODGHUHFKDR-2*DODL]TXLHUGDVH
LQFUHPHQWDODYHORFLGDGGHOPRWRUKDVWDDOFDQ]DUHOYDORU-2*UHVSHFWLYR
ELQ
ELQ
ELQ
7
7
7
87
)ORDW
&'6
8% LQDULR
&'6
8% LQDULR
8
''6
)ORDW
'HSHQGHQFLD 3\3DXPHQWDQRGLVPLQX\HQORVWLHPSRVGHUDPSDSDUDHOPRGR-2*/RVWLHPSRVGH
UHGRQGHR33\HOWLSRGHUHGRQGHR3\3WDPEL«QDIHFWDQDODUDPSD-2*
87
''6
)ORDW
3>@
)UHFXHQFLD-2*DOD
L]TXLHUGD>+]@
(VWHSDU£PHWURGHWHUPLQDODIUHFXHQFLDDODTXHIXQFLRQDU£HOFRQYHUWLGRUFXDQGRVHVHOHFFLRQD-2*DOD
L]TXLHUGD
'HSHQGHQFLD 3\3DXPHQWDQRGLVPLQX\HQORVWLHPSRVGHUDPSDSDUDHOPRGR-2*
&RQYHUWLGRU6,1$0,&69
,QVWUXFFLRQHVGHVHUYLFLR$(
/LVWDGHSDU£PHWURV
/LVWDGHSDU£PHWURV
3DU£PHWUR
)XQFLµQ
5DQJR
6H
$MXVWHV
SUHGHWHUPLQDGR SXHGH
FDPELDU
VGHI£EULFD
(VFDODGR -XHJR
GH
GDWRV
7LSR 1LYHO
GH
GH
GDWRV DFFHVR
3>@
7LHPSRGHDFHOHUDFLµQ
GH-2*>V@
)ORDW
$MXVWDHOWLHPSRGHDFHOHUDFLµQ-2*(VHWLHPSRVHXWLOL]DHQPRGR-2*
87
''6
'HSHQGHQFLD 9«DVHWDPEL«Q3\3
$WHQFLµQ
/RVWLHPSRVGHUDPSDVHDSOLFDQGHODVLJXLHQWHPDQHUD
330RGR-2*DFWLYR
330RGRQRUPDO212))DFWLYR
330RGRQRUPDO212))\3DFWLYR
/RVWLHPSRVGHUHGRQGHR33WDPEL«QVHDSOLFDQHQODDFHOHUDFLµQ-2*
1RWD
6LODIXQFLµQGHSDUVXSHULRUHVW£KDELOLWDGDHOFRQYHUWLGRUDXPHQWDU£LQLFLDOPHQWHODIUHFXHQFLDFRQHO
YDORULQGLFDGRHQ3
3>@
7LHPSRGHGHFHOHUDFLµQ
GH-2*>V@
$MXVWDHOWLHPSRGHGHFHOHUDFLµQ(VHWLHPSRVHXWLOL]DHQPRGR-2*
87
''6
)ORDW
'HSHQGHQFLD 9«DVHWDPEL«Q3\3
1RWD
9«DVH3
3>@
&,&RQVLJQDSULQFLSDO
'HILQHODIXHQWHGHODFRQVLJQDSULQFLSDO
3>@
&,(VFDODGRFRQVLJQD
SULQFLSDO
'HILQHODIXHQWHGHHVFDODGRGHODFRQVLJQDSULQFLSDO
3>@
%,'HVKDELOLWDFLµQGH
FRQVLJQDDGLFLRQDO
'HVKDELOLWDODFRQVLJQDDGLFLRQDO
3>@
&,&RQVLJQDDGLFLRQDO
'HILQHODIXHQWHGHODFRQVLJQDDGLFLRQDODVXPDUDODFRQVLJQDSULQFLSDO
3>@
&,(VFDODGRFRQVLJQD
DGLFLRQDO
'HILQHODIXHQWHGHHVFDODGRGHODFRQVLJQDDGLFLRQDODVXPDUDODFRQVLJQDSULQFLSDO
U
&2&RQVLJQDGH
IUHFXHQFLDWRWDO>+]@
0XHVWUDODVXPDGHODFRQVLJQDSULQFLSDO\DGLFLRQDO
U
&2&RQVLJQDGH
IUHFXHQFLDVHOHFFLRQDGD
>+]@
0XHVWUDODFRQVLJQDGHIUHFXHQFLDVHOHFFLRQDGD6HPXHVWUDQODVVLJXLHQWHVFRQVLJQDVGHIUHFXHQFLD
U&RQVLJQDGHIUHFXHQFLDWRWDO
3)UHFXHQFLD-2*GHUHFKD
3)UHFXHQFLD-2*L]TXLHUGD
>@
7
&'6
8,
7
+
&'6
8,
87
&'6
8% LQDULR
7
&'6
8,
&'6
8,
>@>@>@
7
+
)ORDW
)ORDW
'HSHQGHQFLD 3%,+DELOLWDFLµQ-2*DODGHUHFKDR3%,+DELOLWDFLµQ-2*DODL]TXLHUGDGHILQHQODIXHQWH
GHVH³DOHVGHPDQGRGH-2*DODGHUHFKDR-2*DODL]TXLHUGDUHVSHFWLYDPHQWH
&RQYHUWLGRU6,1$0,&69
,QVWUXFFLRQHVGHVHUYLFLR$(
/LVWDGHSDU£PHWURV
/LVWDGHSDU£PHWURV
5DQJR
6H
$MXVWHV
SUHGHWHUPLQDGR SXHGH
FDPELDU
VGHI£EULFD
(VFDODGR -XHJR
GH
GDWRV
7LSR 1LYHO
GH
GH
GDWRV DFFHVR
3DU£PHWUR
)XQFLµQ
1RWD
3 \3 3>@
)UHFXHQFLDP¯QLPD>+]@
$MXVWDODIUHFXHQFLDP¯QLPDDODFXDOIXQFLRQDU£HOPRWRULQGHSHQGLHQWHPHQWHGHODFRQVLJQDGH
IUHFXHQFLD/DIUHFXHQFLDP¯QLPD3UHSUHVHQWDXQDEDQGDGHH[FOXVLµQDOUHGHGRUGH+]SDUDWRGDV
ODVIXHQWHVGHYDORUGHGHVWLQRGHIUHFXHQFLDSHM$,023))\866DH[FHSFLµQGHODIXHQWHGHYDORU
GHGHVWLQR-2*DQ£ORJRD32VHDODEDQGDGHIUHFXHQFLD3VHUHFRUUHµSWLPDPHQWHSRU
PHGLRGHODVUDPSDVGHDFHOHUDFLµQ\GHFHOHUDFLµQ1RHVSRVLEOHSHUPDQHFHUGHQWURGHODEDQGDGH
IUHFXHQFLDV$VLPLVPRODIXQFLµQGHDYLVR_IBUHDO_!IBP¯QLQGLFDVLODIUHFXHQFLDUHDOIBUHDOUHEDVDOD
IUHFXHQFLDP¯QLPD3
1RWD
(OYDORUDMXVWDGRDTX¯HVY£OLGRSDUDDPERVVHQWLGRVGHJLUR
!6HVHOHFFLRQDODFRQVLJQDGHIUHFXHQFLDWRWDO
&8
7
''6
)ORDW
(QFLHUWDVFRQGLFLRQHVSHMDFHOHUDFLµQGHFHOHUDFLµQOLPLWDFLµQGHFRUULHQWHHWFHOPRWRUSXHGH
IXQFLRQDUSRUGHEDMRGHODIUHFXHQFLDP¯QLPD
3>@
)UHFXHQFLDP£[LPD>+]@ &7
''6
)ORDW
$MXVWDODIUHFXHQFLDP£[LPDGHOPRWRUDODFXDOHOPRWRUIXQFLRQDU£LQGHSHQGLHQWHPHQWHGHODFRQVLJQD
GHIUHFXHQFLD(OYDORUDMXVWDGRHVY£OLGRSDUDDPERVVHQWLGRVGHJLURKRUDULR\DQWLKRUDULR
(VWHSDU£PHWURLQIOX\HHQODIXQFLµQGHYLJLODQFLD_IBUHDO_! 3UELWY«DVHHOHMHPSOR
VLJXLHQWH
(MHPSOR
⏐IBDFW ⏐
3
3 +]
W
_ IBDFW _ุ 3 IBPD[ U %LW W
'HSHQGHQFLD (OYDORUP£[LPRGH3DVLPLVPRGHSHQGHGHODIUHFXHQFLDQRPLQDO0£[3 P¯Q3
+](QFRQVHFXHQFLDVHSXHGHLQIOXLUHQ3VL3VHPRGLILFDDXQYDORUPHQRU/D
IUHFXHQFLDP£[LPD\ODGHSXOVDFLµQVRQLQWHUGHSHQGLHQWHV/DIUHFXHQFLDP£[LPDDIHFWDDODGH
SXOVDFLµQVHJ¼QVHPXHVWUDHQODVLJXLHQWHWDEOD
3
IP£[3
N+]
N+]
N+]
N+]
+]
+]
+]
+]
&RQYHUWLGRU6,1$0,&69
,QVWUXFFLRQHVGHVHUYLFLR$(
/LVWDGHSDU£PHWURV
/LVWDGHSDU£PHWURV
3DU£PHWUR
)XQFLµQ
5DQJR
6H
$MXVWHV
SUHGHWHUPLQDGR SXHGH
FDPELDU
VGHI£EULFD
(VFDODGR -XHJR
GH
GDWRV
7LSR 1LYHO
GH
GH
GDWRV DFFHVR
(MHPSOR
6L3VHKDDMXVWDGRD+]VHQHFHVLWDXQDIUHFXHQFLDGHSXOVDFLµQGHSRUORPHQRVN+]6L
3HVPHQRUTXHN+]FDPELDHOSDU£PHWUR3DN+]
/DP£[LPDIUHFXHQFLDGHVDOLGDGHOFRQYHUWLGRUSRGU¯DVREUHSDVDUVHVLVHGDXQDGHODVFRQGLFLRQHV
VLJXLHQWHV
3 ำ &RPSHQVDFLµQGHGHVOL]DPLHQWRDFWLYD
U
IPD[ 3 IPD[ IVOLSPD[ 3 3 ຘ
ຘ 3
3 ำ 5HDUUDQTXHDOYXHORDFWLYR
IPD[ 3 IPD[ ຘ IVOLSQRP 3 ຘ U ຘ 3
1RWD
&XDQGRVHXWLOL]DQODVVLJXLHQWHVIXHQWHVGHFRQVLJQDV
HQWUDGDDQDOµJLFD
866
ODFRQVLJQDGHIUHFXHQFLDVHFDOFXODF¯FOLFDPHQWHHQ+]XWLOL]DQGR
XQYDORUSRUFHQWXDOSHMSDUDODHQWUDGDDQDOµJLFDU
XQYDORUKH[DGHFLPDOSHMSDUD866U>@
ODIUHFXHQFLDGHUHIHUHQFLD3
6LVHKDDMXVWDGRSRUHMHPSOR3 +]3 +]\SDUDODHQWUDGDDQDOµJLFDVHDMXVWD
3 93 3 93 HQWRQFHVUHVXOWDSDUDXQYDORUGHHQWUDGD
DQDOµJLFDGH9XQDFRQVLJQDGHIUHFXHQFLDGH+]'HVSX«VGHODSXHVWDHQPDUFKDU£SLGD3
FDPELDGHODVLJXLHQWHIRUPD3 3
)ORDW
87
''6
)ORDW
U
)UHFXHQFLDP£[LPD
UHVXOWDQWH>+]@
0XHVWUDODIUHFXHQFLDP£[LPDUHVXOWDQWH
3>@
)UHFXHQFLDLQKLELEOH>+]@ 'HILQHODIUHFXHQFLDLQKLELEOHTXHHYLWDORVHIHFWRVGHUHVRQDQFLDPHF£QLFD\VXSULPHODVIUHFXHQFLDV
GHQWURGH3DQFKRGHEDQGDGHODIUHFXHQFLDLQKLELEOH
$WHQFLµQ
1RHVSRVLEOHHOIXQFLRQDPLHQWRSHUPDQHQWHGHQWURGHOUDQJRGHIUHFXHQFLDVLQKLELGDVVRORVHUHFRUUH
PHGLDQWHODUDPSD3RUHMHPSORVL3 +]\3 +]QRVHU£SRVLEOHRSHUDU
SHUPDQHQWHPHQWHHQWUH+]+]RVHDHQWUH\+]
1RWD
&RQ3 VHGHVKDELOLWDODIXQFLµQGHIUHFXHQFLDLQKLELEOH
3>@
)UHFXHQFLDLQKLELEOH
>+]@
'HILQHODIUHFXHQFLDLQKLELEOHTXHHYLWDORVHIHFWRVGHUHVRQDQFLDPHF£QLFD\VXSULPHODVIUHFXHQFLDV
GHQWURGH3DQFKRGHEDQGDGHODIUHFXHQFLDLQKLELEOH
1RWD
9«DVH3
3>@
)UHFXHQFLDLQKLELEOH
>+]@
'HILQHODIUHFXHQFLDLQKLELEOHTXHHYLWDORVHIHFWRVGHUHVRQDQFLDPHF£QLFD\VXSULPHODVIUHFXHQFLDV
GHQWURGH3DQFKRGHEDQGDGHODIUHFXHQFLDLQKLELEOH
1RWD
9«DVH3
87
87
''6
''6
)ORDW
)ORDW
&RQYHUWLGRU6,1$0,&69
,QVWUXFFLRQHVGHVHUYLFLR$(
/LVWDGHSDU£PHWURV
/LVWDGHSDU£PHWURV
3DU£PHWUR
)XQFLµQ
5DQJR
6H
$MXVWHV
SUHGHWHUPLQDGR SXHGH
FDPELDU
VGHI£EULFD
(VFDODGR -XHJR
GH
GDWRV
7LSR 1LYHO
GH
GH
GDWRV DFFHVR
3>@
)UHFXHQFLDLQKLELEOH
>+]@
)ORDW
'HILQHODIUHFXHQFLDLQKLELEOHTXHHYLWDORVHIHFWRVGHUHVRQDQFLDPHF£QLFD\VXSULPHODVIUHFXHQFLDV
GHQWURGH3DQFKRGHEDQGDGHODIUHFXHQFLDLQKLELEOH
1RWD
9«DVH3
3>@
$QFKRGHEDQGDGHOD
IUHFXHQFLDLQKLELEOH>+]@
'HILQHHODQFKRGHEDQGDGHIUHFXHQFLDTXHVHDSOLFDU£DODVIUHFXHQFLDVLQKLELEOHV
87
87
''6
''6
)ORDW
1RWD
9«DVH3
3>@
%,,QKLELFLµQFRQVLJQD
GHIUHFXHQFLDQHJDWLYD
(VWHSDU£PHWURVXSULPHFRQVLJQDVQHJDWLYDV(QFRQVHFXHQFLDLPSLGHTXHFDPELHHOVHQWLGRGHJLURGHO
PRWRUPHGLDQWHHOFDQDOGHFRQVLJQDV6LVHSUHVFULEHXQDIUHFXHQFLDP¯QLPD3\XQDFRQVLJQD
QHJDWLYDHOPRWRUVHDFHOHUDHQXQYDORUSRVLWLYRUHVSHFWRDODIUHFXHQFLDP¯QLPD
3>@
%,,QYHUVLµQ
'HILQHODIXHQWHGHODVH³DOGHPDQGRGHLQYHUVLµQTXHVHXVDFXDQGR3 VHOHFFLµQDXWRP£WLFD
GHODIXHQWHGHVH³DOHVGHPDQGRFRQVLJQDV
U
&2&RQVLJQDGH
IUHFXHQFLDWUDV
UHJXODFLµQGHOVHQWLGRGH
JLUR>+]@
0XHVWUDODFRQVLJQDGHIUHFXHQFLDGHVSX«VGHLQYHUWLUHOVHQWLGRGHJLUR
U
&2&RQVLJQDGH
IUHFXHQFLDDQWHVGH*G5
>+]@
0XHVWUDODFRQVLJQDGHIUHFXHQFLDDODHQWUDGDGHOJHQHUDGRUGHUDPSDGHVSX«VGHVHUPRGLILFDGDSRU
RWUDVIXQFLRQHVFRPRSHM
3%,,QKLELFLµQFRQVLJQDIUHFXHQFLDQHJDWLYD
33)UHFXHQFLDVLQKLELEOHV
3IUHFXHQFLDP¯QLPD
7
7
&'6
&'6
8% LQDULR
8% LQDULR
)ORDW
)ORDW
3IUHFXHQFLDP£[LPD
6HSXHGHGLVSRQHUGHHVWHYDORUILOWUDGRU\QRILOWUDGRU
&8
7
''6
)ORDW
3>@
7LHPSRGHDFHOHUDFLµQ
>V@
7LHPSRTXHWDUGDHOPRWRUHQDFHOHUDUHVWDQGRSDUDGRKDVWDODIUHFXHQFLDP£[LPDGHOPRWRU3
FXDQGRQRVHXWLOL]DUHGRQGHR8QDMXVWHGHPDVLDGRFRUWRGHOWLHPSRGHDFHOHUDFLµQSXHGHGLVSDUDUHO
FRQYHUWLGRUSRUVREUHFRUULHQWH)
'HSHQGHQFLD /RVWLHPSRVGHUHGRQGHR33\HOWLSRGHUHGRQGHR3WDPEL«QDIHFWDQDODUDPSD
9«DVHWDPEL«Q3\3
$WHQFLµQ
/RVWLHPSRVGHUDPSDVHDSOLFDQGHODVLJXLHQWHPDQHUD
330RGR-2*DFWLYR
330RGRQRUPDO212))DFWLYR
330RGRQRUPDO212))\3DFWLYR
&RQYHUWLGRU6,1$0,&69
,QVWUXFFLRQHVGHVHUYLFLR$(
/LVWDGHSDU£PHWURV
/LVWDGHSDU£PHWURV
5DQJR
6H
$MXVWHV
SUHGHWHUPLQDGR SXHGH
FDPELDU
VGHI£EULFD
(VFDODGR -XHJR
GH
GDWRV
7LSR 1LYHO
GH
GH
GDWRV DFFHVR
3DU£PHWUR
)XQFLµQ
1RWD
6LVHXWLOL]DXQDFRQVLJQDGHIUHFXHQFLDH[WHUQDFRQDMXVWHVGHUDPSDSHMGHVGHXQ3/&ODPHMRU
PDQHUDGHFRQVHJXLUHOUHQGLPLHQWRµSWLPRGHOFRQYHUWLGRUHVDMXVWDUORVWLHPSRVGHUDPSDHQ3\
3FRQYDORUHVOLJHUDPHQWHP£VFRUWRVTXHORVGHO3/&/DVPRGLILFDFLRQHVHQ3VHU£QHIHFWLYDV
GHLQPHGLDWR6LODIXQFLµQGHSDUVXSHULRUHVW£KDELOLWDGDHOFRQYHUWLGRUDXPHQWDU£LQLFLDOPHQWHOD
IUHFXHQFLDFRQHOYDORULQGLFDGRHQ3
3>@
7LHPSRGHGHFHOHUDFLµQ
>V@
7LHPSRTXHWDUGDHOPRWRUHQGHFHOHUDUGHVGHODIUHFXHQFLDP£[LPDGHOPRWRU3KDVWDODYHORFLGDG
FHURFXDQGRQRVHXWLOL]DUHGRQGHR
&8
7
''6
)ORDW
'HSHQGHQFLD 9«DVHWDPEL«Q3\3
$WHQFLµQ
8QDMXVWHGHPDVLDGRFRUWRGHOWLHPSRGHGHFHOHUDFLµQSXHGHFDXVDUHOGLVSDURGHOFRQYHUWLGRUSRU
VREUHFRUULHQWH)RVREUHWHQVLµQ)
9«DVH3
1RWD
/DVPRGLILFDFLRQHVHQ3VHU£QHIHFWLYDVGHLQPHGLDWR
3>@
%,+DELOLWDFLµQWLHPSRV
GHUDPSD-2*
'HILQHODIXHQWHSDUDFRQPXWDUHQWUHORVWLHPSRVGHUDPSD-2*3\3\ORVWLHPSRVGHUDPSD
QRUPDOHV3\3FRPRVHDSOLFDQDO*G5(VWHSDU£PHWURVRORHVY£OLGRSDUDPRGRQRUPDO
212))
9«DVH3
7
&'6
8% LQDULR
'HSHQGHQFLD 9«DVHWDPEL«Q3
$WHQFLµQ
3HVLQHIHFWLYRVLVHKDVHOHFFLRQDGRHOPRGR-2*(QHVWHFDVRVHXVDU£QORVWLHPSRVGHUDPSD
-2*3\3HQWRGRPRPHQWR6LVHVHOHFFLRQDODIXQFLµQGHGREOHUDPSDFRQ3ORV
WLHPSRVGHUDPSDFRQPXWDU£QHQWUHORVWLHPSRVGHUDPSDQRUPDOHV3\3\ORVWLHPSRVGH
UDPSD-2*3\3HQIXQFLµQGHODFRQILJXUDFLµQGH33\33RUORWDQWRQR
VHUHFRPLHQGDTXHODUDPSD-2*VHVHOHFFLRQHDOPLVPRWLHPSRTXHODGREOHUDPSD
9«DVH3
3>@
7LHPSRUHGRQGHRLQLFLDO
GHDFHOHUDFLµQ>V@
87
''6
)ORDW
'HILQHHOWLHPSRGHUHGRQGHRHQVHJXQGRVDOLQLFLRGHODDFHOHUDFLµQ
$WHQFLµQ
6HUHFRPLHQGDQWLHPSRVGHUHGRQGHRSXHVWRTXHHYLWDQXQDUHVSXHVWDDEUXSWD\VHHYLWDQGHHVWHPRGR
HIHFWRVDGYHUVRVHQODPHF£QLFD
1RVHUHFRPLHQGDQWLHPSRVGHUHGRQGHRFXDQGRVHXWLOL]DQHQWUDGDVDQDOµJLFDVSXHVWRTXHSXHGHQGDU
FRPRUHVXOWDGRRVFLODFLRQHVHQODUHVSXHVWDGHOFRQYHUWLGRU
1RWD
6LVHDMXVWDXQWLHPSRGHUDPSDSHTXH³RRLJXDODFHUR33333\
3HOWLHPSRGHDFHOHUDFLµQWBDFHO\HOWLHPSRGHGHFHOHUDFLµQWBGHFHOVRQLQGHSHQGLHQWHVGH
3
3>@
7LHPSRUHGRQGHRILQDO
GHDFHOHUDFLµQ>V@
'HILQHHOWLHPSRGHUHGRQGHRDOILQDOGHODDFHOHUDFLµQ
$WHQFLµQ
9«DVH3
3>@
7LHPSRUHGRQGHRLQLFLDO
GHGHFHOHUDFLµQ>V@
'HILQHHOWLHPSRGHUHGRQGHRDOLQLFLRGHODGHFHOHUDFLµQ
$WHQFLµQ
9«DVH3
87
''6
)ORDW
87
''6
)ORDW
&RQYHUWLGRU6,1$0,&69
,QVWUXFFLRQHVGHVHUYLFLR$(
/LVWDGHSDU£PHWURV
/LVWDGHSDU£PHWURV
3DU£PHWUR
)XQFLµQ
5DQJR
6H
$MXVWHV
SUHGHWHUPLQDGR SXHGH
FDPELDU
VGHI£EULFD
(VFDODGR -XHJR
GH
GDWRV
7LSR 1LYHO
GH
GH
GDWRV DFFHVR
3>@
7LHPSRUHGRQGHRILQDO
GHGHFHOHUDFLµQ>V@
87
''6
)ORDW
87
''6
8
'HILQHHOWLHPSRGHUHGRQGHRDOILQDOGHODGHFHOHUDFLµQ
$WHQFLµQ
9«DVH3
3>@
7LSRGHUHGRQGHR
'HILQHHODOLVDPLHQWRHQIDVHGHDFHOHUDFLµQRGHFHOHUDFLµQDOSURGXFLUVHFDPELRVHQODFRQVLJQDSHM
QXHYDFRQVLJQD2))2))5(96HDSOLFDXQDOLVDGRFXDQGRHOPRWRUHVW£HQIDVHGHDFHOHUDFLµQR
GHFHOHUDFLµQ\
3 3!3!
/DFRQVLJQDD¼QQRVHKDDOFDQ]DGR
$OLVDGRFRQWLQXR
$OLVDGRGLVFRQWLQXR
'HSHQGHQFLD 6RORWLHQHHIHFWRFXDQGR37LHPSRUHGRQGHRLQLFLDOGHDFHOHUDFLµQ37LHPSRUHGRQGHRILQDO
GHDFHOHUDFLµQ37LHPSRUHGRQGHRLQLFLDOGHGHFHOHUDFLµQR37LHPSRUHGRQGHRILQDOGH
GHFHOHUDFLµQ!V
&8
7
''6
)ORDW
3>@
7LHPSRGHGHFHOHUDFLµQ
2))>V@
'HILQHHOWLHPSRGHGHFHOHUDFLµQGHVGHODIUHFXHQFLDP£[LPDKDVWDODSDUDGDSDUDODVH³DOGHPDQGR
2))/RVDMXVWHVGH3\3FDUHFHQGHHIHFWRHQODFDUDFWHU¯VWLFDGHGHFHOHUDFLµQ2))6LQ
HPEDUJRVHLQFOX\HXQWLHPSRGHUHGRQGHRGHGHFHOHUDFLµQLQLFLDODSUR[LPDGDPHQWHGHOGH3
3DUDHOWLHPSRWRWDOGHGHFHOHUDFLµQ2))WBGHFHO2)) I3 3_IB_3
1RWD
(VWHWLHPSRSXHGHVXSHUDUVHVLVHDOFDQ]DHOQLYHOGH9GFBP£[
3>@
%,+DELOLWDFLµQGH*G5
'HILQHODIXHQWHGHVH³DOHVGHPDQGRGHKDELOLWDFLµQGH*G5*G5JHQHUDGRUGHUDPSD6LODHQWUDGD
ELQDULD ODVDOLGDGHO*G5VHSRQHLQPHGLDWDPHQWHD
3>@
%,$UUDQTXHGHO*G5
'HILQHODIXHQWHGHVH³DOHVGHPDQGRGHDUUDQTXHGHO*G5*G5JHQHUDGRUGHUDPSD6LODHQWUDGD
ELQDULD ODVDOLGDGHO*G5PDQWLHQHVXYDORU
3>@
%,+DELOLWDFLµQFRQVLJQD *G5
'HILQHHORULJHQGHODVH³DOGHPDQGRGHKDELOLWDFLµQGHFRQVLJQDGHO*G5*G5JHQHUDGRUGHUDPSD6L
ODHQWUDGDELQDULD ODHQWUDGDGHO*G5VHSRQHD\ODVDOLGDGHVFLHQGHD
U
&2&RQVLJQDGH
IUHFXHQFLDGHVSX«VGH
*G5>+]@
0XHVWUDODFRQVLJQDGHIUHFXHQFLDWRWDOSRVWHULRUDOJHQHUDGRUGHUDPSD*G5
3>@
%,+DELOLWDFLµQGHGREOH UDPSD
7
7
7
7
&'6
&'6
&'6
8% LQDULR
8% LQDULR
8% LQDULR
)ORDW
&'6
8% LQDULR
&RQYHUWLGRU6,1$0,&69
,QVWUXFFLRQHVGHVHUYLFLR$(
/LVWDGHSDU£PHWURV
/LVWDGHSDU£PHWURV
5DQJR
6H
$MXVWHV
SUHGHWHUPLQDGR SXHGH
FDPELDU
VGHI£EULFD
(VFDODGR -XHJR
GH
GDWRV
7LSR 1LYHO
GH
GH
GDWRV DFFHVR
3DU£PHWUR
)XQFLµQ
'HILQHODIXHQWHGHVH³DOHVGHPDQGRGHKDELOLWDFLµQGHODGREOHUDPSD6LODHQWUDGDELQDULDHVLJXDOD
XQRVHDSOLFDU£ODGREOHUDPSD(VWRIXQFLRQDGHODVLJXLHQWHPDQHUD
$FHOHUDFLµQ
ದ (OFRQYHUWLGRUHPSLH]DODDFHOHUDFLµQXWLOL]DQGRHOWLHPSRGHUDPSDGH3
ದ &XDQGRIBUHDO!3FDPELDDOWLHPSRGHUDPSDGH3
'HFHOHUDFLµQ
ದ (OFRQYHUWLGRUHPSLH]DODGHFHOHUDFLµQXWLOL]DQGRHOWLHPSRGHUDPSDGH3
ದ &XDQGRIBUHDO!3FDPELDDOWLHPSRGHUDPSDGH3
)UHFXHQFLDGHVDOLGD
+]
7LHPSRGH
DFHOHUDFLµQ
3
7LHPSRGH
GHFHOHUDFLµQGH 7LHPSR
-2*
GH
3
GHFHOHUD
FLµQ
3
7LHPSRGH
DFHOHUDFLµQ
GH-2*
3
3+]
3+]
7LHPSR
V
3+]
3+]
&RQVLJQDYH
&RQVLJQDYH
21
2))
3
'HSHQGHQFLD 9«DVH333\U
1RWD
(ODOJRULWPRGHGREOHUDPSDXWLOL]DORVELWV\GHUSDUDGHWHUPLQDUIBUHDO!3\IBUHDO
33VHXWLOL]DSDUDDSOLFDUKLVW«UHVLVDHVWRVDMXVWHVSRUORTXHHOXVXDULRSXHGHGHVHDU
FDPELDUHOYDORUGHHVWHSDU£PHWURSDUDKDFHUODIXQFLµQGHGREOHUDPSDP£VVHQVLEOH1RVHUHFRPLHQGD
TXHODIXQFLµQGHGREOHUDPSDVHXWLOLFHMXQWRFRQODUDPSD-2*
U
&2%23DODEUDGH
HVWDGRGH*G5
9«DVH3
8
0XHVWUDHOHVWDGRGHOJHQHUDGRUGHUDPSD*G5
%LW
1RPEUHGHVH³DO
6H³DO
6H³DO
5DPSDDFWLYD
6¯
1R
5DPSDDFWLYD
6¯
1R
)LQDOGHUDPSD
6¯
1R
'LUHFFLµQGHUHFKDL]TXLHUGD
6¯
1R
IBUHDO!3IB
6¯
1R
&RQYHUWLGRU6,1$0,&69
,QVWUXFFLRQHVGHVHUYLFLR$(
/LVWDGHSDU£PHWURV
/LVWDGHSDU£PHWURV
5DQJR
6H
$MXVWHV
SUHGHWHUPLQDGR SXHGH
FDPELDU
VGHI£EULFD
(VFDODGR -XHJR
GH
GDWRV
7LSR 1LYHO
GH
GH
GDWRV DFFHVR
6¯
1R
3DU£PHWUR
)XQFLµQ
1RWD
9«DVH3\3
3
5HDUUDQTXHDOYXHOR
3HUPLWHFRQHFWDUXQFRQYHUWLGRUDXQPRWRUHQPDUFKD3DUDHOORVHYDYDULDQGRU£SLGDPHQWHOD
IUHFXHQFLDGHVDOLGDGHOFRQYHUWLGRUKDVWDTXHVHHQFXHQWUDODYHORFLGDGUHDOGHOPRWRU$FRQWLQXDFLµQHO
PRWRUDOFDQ]DHOYDORUGHFRQVLJQDXWLOL]DQGRHOWLHPSRGHUDPSDQRUPDO
5HDUUDQTXHDOYXHORGHVKDELOLWDGR
5HDUUDQTXHDOYXHORVLHPSUHDFWLYRE¼VTXHGDVHQDPEDVGLUHFFLRQHV
5HDUUDQTXHDOYXHORDFWLYRWUDVHQFHQGLGRIDOOR2))E¼VTXHGDVHQDPEDV
GLUHFFLRQHV
5HDUUDQTXHDOYXHORDFWLYRWUDVIDOOR2))E¼VTXHGDVHQDPEDVGLUHFFLRQHV
5HDUUDQTXHDOYXHORVLHPSUHDFWLYRE¼VTXHGDVVRORHQODGLUHFFLµQGH
FRQVLJQD
5HDUUDQTXHDOYXHORDFWLYRWUDVHQFHQGLGRIDOOR2))E¼VTXHGDVVRORHQOD
GLUHFFLµQGHFRQVLJQD
5HDUUDQTXHDOYXHORDFWLYRWUDVIDOOR2))E¼VTXHGDVVRORHQODGLUHFFLµQGH
FRQVLJQD
$WHQFLµQ
(OUHDUUDQTXHDOYXHORGHEHXWLOL]DUVHHQDTXHOORVFDVRVHQORVTXHHOPRWRUWRGDY¯DSXHGHHVWDUJLUDQGR
SRUHMHPSORGHVSX«VGHXQEUHYHFRUWHGHODDOLPHQWDFLµQRVHSXHGHDFFLRQDUJUDFLDVDODFDUJD'HOR
FRQWUDULRVHSURGXFLU£QGLVSDURVSRUVREUHFRUULHQWH
1RWD
œWLOHQPRWRUHVFRQFDUJDVFRQJUDQPRPHQWRGHLQHUFLD6LVHDMXVWDGHDODE¼VTXHGDHVHQDPEDV
GLUHFFLRQHV6LVHDMXVWDGHDODE¼VTXHGDVRORHVHQODGLUHFFLµQGHFRQVLJQD
3>@
&RUULHQWHGHOPRWRU
5HDUUDQTXHDOYXHOR>@
'HILQHODFRUULHQWHGHE¼VTXHGDXWLOL]DGDSDUDHOUHDUUDQTXHDOYXHOR(OYDORUVHEDVDHQ>@VREUHOD
FRUULHQWHQRPLQDOGHOPRWRU3
1RWD
/DUHGXFFLµQGHODFRUULHQWHGHE¼VTXHGDSXHGHPHMRUDUHOFRPSRUWDPLHQWRGHOUHDUUDQTXHDOYXHOR
FXDQGRQRHVPX\HOHYDGDODLQHUFLDGHOVLVWHPD6LQHPEDUJRORVDMXVWHVGHFRUULHQWHGHE¼VTXHGDGH
3LQIHULRUHVDO\DYHFHVRWURVDMXVWHVGH3\3SXHGHQFDXVDUTXHVHHQFXHQWUHOD
YHORFLGDGGHOPRWRUGHPDVLDGRSURQWRRGHPDVLDGRWDUGHORTXHSXHGHSURYRFDUGLVSDURVGH)R)
3>@
*UDGLHQWHGHE¼VTXHGD 5HDUUDQTXHDOYXHOR>@
(VWDEOHFHHOIDFWRUVRORHQPRGR8IPHGLDQWHHOFXDOFDPELDODIUHFXHQFLDGHVDOLGDGXUDQWHHO
UHDUUDQTXHDOYXHORSDUDVLQFURQL]DUVHFRQHOPRWRUTXHHVW£JLUDQGR(VWHYDORUVHLQWURGXFHHQ>@
'HILQHHOJUDGLHQWHLQLFLDOUHF¯SURFRHQODVHFXHQFLDGHE¼VTXHGD(OSDU£PHWUR3LQIOX\HHQHO
WLHPSRUHTXHULGRSDUDEXVFDUODIUHFXHQFLDGHOPRWRU
IBUHDO3IB
87
87
87
8
''6
''6
8
8
(MHPSOR
(QXQPRWRUGH+]USPXQSURGXFLU¯DXQWLHPSRGHE¼VTXHGDP£[LPRGHPV
1RWD
8QYDORUVXSHULRUSURGXFHXQJUDGLHQWHP£VSODQR\SRUORWDQWRXQWLHPSRGHE¼VTXHGDP£VODUJR8Q
YDORULQIHULRUWLHQHHOHIHFWRRSXHVWR
U
3DODEUDHVWDGR
5HDUUDQTXHDOYXHOR8I
3DU£PHWURGHELWVSDUDH[DPLQDU\YLJLODUORVHVWDGRVGXUDQWHODE¼VTXHGD
%LW
1RPEUHGHVH³DO
6H³DO
6H³DO
&RUULHQWHDSOLFDGD
6¯
1R
1RVHKDDSOLFDGRFRUULHQWH
6¯
1R
8
&RQYHUWLGRU6,1$0,&69
,QVWUXFFLRQHVGHVHUYLFLR$(
/LVWDGHSDU£PHWURV
/LVWDGHSDU£PHWURV
3DU£PHWUR
)XQFLµQ
(VFDODGR -XHJR
GH
GDWRV
7LSR 1LYHO
GH
GH
GDWRV DFFHVR
5HGXFLUWHQVLµQ
6¯
1R
)LOWURGHIODQFRDFWLYR
6¯
1R
5DQJR
6H
$MXVWHV
SUHGHWHUPLQDGR SXHGH
FDPELDU
VGHI£EULFD
&RUULHQWHSRUGHEDMRGHOO¯PLWH
6¯
1R
0¯QLPRFRUULHQWH
6¯
1R
1RVHKDHQFRQWUDGRODYHORFLGDG
3
5HLQLFLRDXWRP£WLFR
&RQILJXUDHOUHDUUDQTXHDXWRP£WLFR
'HVKDELOLWDGD
5HDUPHGLVSDURWUDVFRQH[LµQ3GHVKDELOLWDGR
5HDUUDQTXHWUDVFRUWHGHUHG3GHVKDELOLWDGR
5HDUUDQTXHWUDVVXEWHQVLµQGHUHGRIDOOR3KDELOLWDGR
5HDUUDQTXHWUDVVXEWHQVLµQGHUHG3KDELOLWDGR
5HDUUDQTXHWUDVFRUWHGHUHG\IDOOR3GHVKDELOLWDGR
5HDUUDQTXHWUDVVXEWHQVLµQFRUWHGHUHGRIDOOR3KDELOLWDGR
5HDUUDQTXHWUDVVXEWHQVLµQFRUWHGHUHGRIDOORGLVSDURFXDQGRYHQFH3
6¯
87
1R
8
'HSHQGHQFLD (OUHDUUDQTXHDXWRP£WLFRUHTXLHUHTXHODVH³DOGHPDQGR21HVW«SHUPDQHQWHPHQWHDFWLYDFDEOHDGDD
XQDHQWUDGDGLJLWDO
3UHFDXFLµQ
3!SXHGHSURYRFDUTXHHOPRWRUUHDUUDQTXHDXWRP£WLFDPHQWHVLQTXHVHKD\DGDGRODVH³DOGH
PDQGR21
$WHQFLµQ
6HGHQRPLQDVXEWHQVLµQGHUHGDXQDIDOWDGHDOLPHQWDFLµQGHEUHYHGXUDFLµQHQODTXHODLQWHUFRQH[LµQ
GH'&QRVHKDFRODSVDGRGHOWRGRDQWHVGHTXHVHUHVWDEOH]FDODDOLPHQWDFLµQ
6HGHQRPLQDFRUWHGHUHGDXQDIDOWDGHDOLPHQWDFLµQSURORQJDGDHQODTXHODLQWHUFRQH[LµQGH'&VH
KDFRODSVDGRGHOWRGRDQWHVGHTXHVHUHVWDEOH]FDODDOLPHQWDFLµQ
7LHPSRGHUHWDUGRHVHOWLHPSRTXHGHEHWUDQVFXUULUHQWUHORVLQWHQWRVSDUDDFXVDUXQIDOOR'HVSX«VGHO
SULPHULQWHQWRHOWLHPSRGHUHWDUGRHVGHVHJXQGR\FRQFDGDLQWHQWRSRVWHULRUVHGXSOLFDHOWLHPSR
/DFDQWLGDGGHLQWHQWRVGHDUUDQTXHVHSXHGHDMXVWDUHQ3,QGLFDODVYHFHVTXHHOFRQYHUWLGRUKD
LQWHQWDGRDFXVDUXQIDOOR\DUUDQFDU
6LVHDFXVDXQIDOOR\GHVSX«VGHVHJXQGRVQRYXHOYHDSURGXFLUVHQLQJ¼QRWUR&DQWLGDGGHLQWHQWRV
GHDUUDQTXHVHUHVWDEOHFHD3\7LHPSRGHUHWDUGRDVHJXQGR
3 5HDUUDQTXHDXWRP£WLFRGHVKDELOLWDGR
3 (OFRQYHUWLGRUFRQILUPDU£IDOORVORVUHVWDEOHFHU£HVGHFLUUHVWDEOHFHU£HOIDOORDOYROYHUDDSOLFDUVHOD
DOLPHQWDFLµQ(VWRVLJQLILFDTXHHOFRQYHUWLGRUGHEHDSDJDUVHFRPSOHWDPHQWH8QDVXEWHQVLµQGHUHGQR
HVVXILFLHQWH(OFRQYHUWLGRUQRYROYHU£DIXQFLRQDUKDVWDTXHVHKD\DGDGRODVH³DOGHPDQGR21
3 (OFRQYHUWLGRUFRQILUPDU£HOIDOOR)HQHOHQFHQGLGRGHVSX«VGHXQFRUWHGHUHG\UHDOL]DU£XQ
UHDUUDQTXH/DVH³DOGHPDQGR21WLHQHTXHHVWDUFDEOHDGDDXQDHQWUDGDGLJLWDO',
3 (QHVWHDMXVWHHVIXQGDPHQWDOTXHVRODPHQWHVHUHDUUDQTXHHOFRQYHUWLGRUVLHVWHVHHQFRQWUDEDHQ
HVWDGR581HQHOPRPHQWRGHJHQHUDUVHHOIDOOR)HWF(OFRQYHUWLGRUFRQILUPDU£HOIDOOR\UHDUUDQFDU£
GHVSX«VGHXQDVXEWHQVLµQGHUHG/DVH³DOGHPDQGR21WLHQHTXHHVWDUFDEOHDGDDXQDHQWUDGDGLJLWDO
',
&RQYHUWLGRU6,1$0,&69
,QVWUXFFLRQHVGHVHUYLFLR$(
/LVWDGHSDU£PHWURV
/LVWDGHSDU£PHWURV
3DU£PHWUR
)XQFLµQ
3 5DQJR
6H
$MXVWHV
SUHGHWHUPLQDGR SXHGH
FDPELDU
VGHI£EULFD
(VFDODGR -XHJR
GH
GDWRV
7LSR 1LYHO
GH
GH
GDWRV DFFHVR
(QHVWHDMXVWHHVIXQGDPHQWDOTXHVRODPHQWHVHUHDUUDQTXHHOFRQYHUWLGRUVLHVWHVHHQFRQWUDEDHQ
HVWDGR581HQHOPRPHQWRGHJHQHUDUVHHOIDOOR)(OFRQYHUWLGRUFRQILUPDU£HOIDOOR\UHDUUDQFDU£
GHVSX«VGHXQDVXEWHQVLµQGHUHG/DVH³DOGHPDQGR21WLHQHTXHHVWDUFDEOHDGDDXQDHQWUDGDGLJLWDO
',
3 (OFRQYHUWLGRUFRQILUPDU£HOIDOOR)HQHOHQFHQGLGRGHVSX«VGHXQFRUWHGHUHG\UHDOL]DU£XQ
UHDUUDQTXH/DVH³DOGHPDQGR21WLHQHTXHHVWDUFDEOHDGDDXQDHQWUDGDGLJLWDO',
3 (OFRQYHUWLGRUFRQILUPDU£HOIDOOR)HWFHQHOHQFHQGLGRGHVSX«VGHXQDVXEWHQVLµQRFRUWHGHUHG\
UHDOL]DU£XQUHDUUDQTXH/DVH³DOGHPDQGR21WLHQHTXHHVWDUFDEOHDGDDXQDHQWUDGDGLJLWDO',(O
DMXVWHKDFHTXHHOPRWRUYXHOYDDDUUDQFDULQPHGLDWDPHQWH
3 (OFRQYHUWLGRUFRQILUPDU£HOIDOOR)HWFHQHOHQFHQGLGRGHVSX«VGHXQDVXEWHQVLµQRFRUWHGHUHG\
UHDOL]DU£XQUHDUUDQTXH/DVH³DOGHPDQGR21WLHQHTXHHVWDUFDEOHDGDDXQDHQWUDGDGLJLWDO',(O
DMXVWHKDFHTXHHOPRWRUYXHOYDDDUUDQFDULQPHGLDWDPHQWH
/DGLIHUHQFLDHQWUHHVWHPRGR\HOPRGRHVTXHHOELWGHHVWDGRGHIDOORUQRVHHVWDEOHFHKDVWD
TXHVHKDDJRWDGRHOQ¼PHURGHUHDUUDQTXHVGHILQLGRHQ3
(OUHDUUDQTXHDOYXHORGHEHXWLOL]DUVHHQDTXHOORVFDVRVHQORVTXHHOPRWRUWRGDY¯DSXHGHHVWDUJLUDQGR
SRUHMHPSORGHVSX«VGHXQEUHYHFRUWHGHODDOLPHQWDFLµQRVHSXHGHDFFLRQDUJUDFLDVDODFDUJD
3
3
&DQWLGDGGHLQWHQWRVGH
DUUDQTXH
(VSHFLILFDODFDQWLGDGGHYHFHVTXHHOFRQYHUWLGRULQWHQWDU£UHDUUDQFDUVLHOUHDUUDQTXHDXWRP£WLFR3
HVW£DFWLYDGR
3
+DELOLWDFLµQGHOIUHQRGH PDQWHQLPLHQWR
+DELOLWDGHVKDELOLWDODIXQFLµQGHIUHQRGHPDQWHQLPLHQWR(OIUHQRGHPDQWHQLPLHQWRGHOPRWRU0+%VH
FRQWURODPHGLDQWHODSDODEUDGHHVWDGRUELW/DVH³DOVHSXHGHHPLWLUGHOVLJXLHQWHPRGR
87
&7
9¯DSDODEUDGHHVWDGRGHODLQWHUID]VHULHSHM866
9¯DVDOLGDVGLJLWDOHVSHM'2
8
8
!3 &UELW
)UHQRGHPDQWHQLPLHQWRGHOPRWRUGHVKDELOLWDGR
)UHQRGHPDQWHQLPLHQWRGHOPRWRUKDELOLWDGR
3UHFDXFLµQ
6LHOFRQYHUWLGRUFRQWURODHOIUHQRGHPDQWHQLPLHQWRGHOPRWRUHQWRQFHVQRVHSXHGHUHDOL]DUXQDSXHVWD
HQPDUFKDSDUDFDUJDVSRWHQFLDOPHQWHSHOLJURVDVSHMFDUJDVVXVSHQGLGDVSDUDDSOLFDFLRQHVGHJU¼DV
KDVWDTXHODFDUJDVHKD\DDVHJXUDGR
1RHVW£SHUPLWLGRDSOLFDUHOIUHQRGHPDQWHQLPLHQWRGHOPRWRUFRPRIUHQRGHWUDEDMR\DTXH
JHQHUDOPHQWHHVW£GLPHQVLRQDGRSDUDXQDFDQWLGDGOLPLWDGDGHIUHQDGRVGHHPHUJHQFLD
&7
)ORDW
3
7LHPSRGHUHWDUGRSDUD
DEULUHOIUHQR>V@
'HILQHHOWLHPSRGXUDQWHHOFXDOHOFRQYHUWLGRUWUDEDMDDODIUHFXHQFLDP¯QLPD3DQWHVGHDFHOHUDU
3
7LHPSRGH
PDQWHQLPLHQWRWUDV
GHFHOHUDFLµQ>V@
&7
)ORDW
&RQYHUWLGRU6,1$0,&69
,QVWUXFFLRQHVGHVHUYLFLR$(
/LVWDGHSDU£PHWURV
/LVWDGHSDU£PHWURV
5DQJR
6H
$MXVWHV
SUHGHWHUPLQDGR SXHGH
FDPELDU
VGHI£EULFD
(VFDODGR -XHJR
GH
GDWRV
7LSR 1LYHO
GH
GH
GDWRV DFFHVR
3DU£PHWUR
)XQFLµQ
'HILQHHOWLHPSRGXUDQWHHOFXDOHOFRQYHUWLGRUWUDEDMDDODIUHFXHQFLDP¯QLPD3GHVSX«VGH
GHFHOHUDU
1RWD
6L3!3HOSDU£PHWUR3WHQGU£SULRULGDG
3>@
%,&RUUHFFLµQGHOIUHQR
GHPDQWHQLPLHQWRGHO
PRWRU
+DELOLWDODFRUUHFFLµQGHODVDOLGDGHOIUHQRGHPDQWHQLPLHQWRGHOPRWRUORTXHSHUPLWHODDSHUWXUDGHO
IUHQREDMRXQFRQWUROLQGHSHQGLHQWH
3>@
7LHPSRGHYLJLODQFLD
SDUDGHWHFFLµQGH
YHORFLGDGFHUR>V@
$MXVWDHOWLHPSRGHYLJLODQFLDSDUDODLGHQWLILFDFLµQGHSDUDGD
87
87
&'6
''6
8% LQDULR
)ORDW
$OIUHQDUFRQ2))X2))VHLGHQWLILFDODSDUDGDXQDYH]TXHVHKDDJRWDGRHVWHWLHPSRGHVSX«VGH
TXHODYHORFLGDGGHFRQVLJQDKD\DEDMDGRGH37UDVHVWRVHLQLFLDODVH³DOGHIUHQDGRHOVLVWHPD
HVSHUDKDVWDHOWLHPSRGHFLHUUH\VHFDQFHODQORVLPSXOVRV
1RWD
3 )XQFLµQGHVDFWLYDGD
3 ,PSXOVRVLQPHGLDWDPHQWHEORTXHDGRV
6L3!3HOSDU£PHWUR3WHQGU£SULRULGDG
3>@
%,+DELOLWDFLµQIUHQRSRU '&
87
&'6
8% LQDULR
3HUPLWHIUHQDUSRU'&DWUDY«VGHXQDVH³DODSOLFDGDGHVGHXQDIXHQWHH[WHUQD/DIXQFLµQSHUPDQHFH
DFWLYDPLHQWUDVODVH³DOGHHQWUDGDH[WHUQDHVW«DFWLYD(OIUHQDGRSRU'&KDFHTXHHOPRWRUVHGHWHQJD
U£SLGDPHQWHDODSOLFDUXQDFRUULHQWHGHIUHQDGRGH'&ODFRUULHQWHDSOLFDGDSURGXFHWDPEL«QXQSDUGH
IUHQDGRHVWDFLRQDULR
&XDQGRVHDFWLYDODVH³DOGHIUHQDGRSRU'&VHEORTXHDQORVSXOVRVGHVDOLGDGHOFRQYHUWLGRU\OD
FRUULHQWH'&QRVHDSOLFDKDVWDTXHHOPRWRUKD\DVLGRVXILFLHQWHPHQWHGHVPDJQHWL]DGR(VWHUHWDUGRVH
DMXVWDHQ3WLHPSRGHGHVPDJQHWL]DFLµQ6LHOUHWDUGRHVGHPDVLDGRFRUWRSXHGHQGDUVHGLVSDURV
SRUVREUHFRUULHQWH(OQLYHOGHIUHQDGRSRU'&VHDMXVWDHQ3FRUULHQWHGHIUHQDGRSRU'&HQ
IXQFLµQGHODFRUULHQWHQRPLQDOGHOPRWRUDMXVWHSUHGHWHUPLQDGRGHO
3UHFDXFLµQ
&RQHOIUHQDGRSRU'&ODHQHUJ¯DFLQ«WLFDGHOPRWRUVHFRQYLHUWHHQFDORUHQHOPRWRU(OFRQYHUWLGRU
SXHGHVREUHFDOHQWDUVHVLSHUPDQHFHHQHVWHHVWDGRGXUDQWHXQSHU¯RGRH[FHVLYRGHWLHPSR
3>@
&RUULHQWHIUHQDGR'&
>@
'HILQHHOQLYHOGHFRUULHQWH'&UHVSHFWRDODFRUULHQWHQRPLQDOGHOPRWRU3(OIUHQDGRSRU'&VH
SXHGHDFWLYDUSRU
2))2))
%,&2
87
''6
8
!Y«DVH3
!Y«DVH3
3>@
'XUDFLµQGHOIUHQDGRSRU '&>V@
87
'HILQHFX£QWRGXUDHOIUHQDGRSRU'&WUDVXQDVH³DOGHPDQGR2))X2))
''6
)ORDW
&XDQGRHOFRQYHUWLGRUUHFLEHXQDVH³DOGHPDQGR2))X2))VHSRQHODIUHFXHQFLDGHVDOLGDD+]
SRUPHGLRGHOJHQHUDGRUGHUDPSDV
&XDQGRODIUHFXHQFLDGHVDOLGDDOFDQ]DHOYDORUILMDGRHQ3VHSURGXFHXQIUHQDGRSRU'&FRQOD
FRUULHQWHDMXVWDGDHQ3GXUDQWHHOWLHPSRHVWDEOHFLGRHQ3
3UHFDXFLµQ
9«DVH3
&RQYHUWLGRU6,1$0,&69
,QVWUXFFLRQHVGHVHUYLFLR$(
/LVWDGHSDU£PHWURV
/LVWDGHSDU£PHWURV
5DQJR
6H
$MXVWHV
SUHGHWHUPLQDGR SXHGH
FDPELDU
VGHI£EULFD
(VFDODGR -XHJR
GH
GDWRV
7LSR 1LYHO
GH
GH
GDWRV DFFHVR
3DU£PHWUR
)XQFLµQ
$WHQFLµQ
(OIUHQDGRSRU'&KDFHTXHHOPRWRUSDUHU£SLGDPHQWHLQ\HFWDQGRFRUULHQWH'&GHIUHQDGR
&XDQGRVHDFWLYDODVH³DOGHIUHQDGRSRU'&VHEORTXHDQORVSXOVRVGHVDOLGDGHOFRQYHUWLGRU\OD
FRUULHQWH'&QRVHDSOLFDKDVWDTXHHOPRWRUKD\DVLGRVXILFLHQWHPHQWHGHVPDJQHWL]DGR(OWLHPSRGH
GHVPDJQHWL]DFLµQVHFDOFXODDXWRP£WLFDPHQWHDSDUWLUGHORVGDWRVGHOPRWRU
1RWD
3 VLJQLILFDTXHHOIUHQDGRSRU'&QRHVW£DFWLYDGR
3>@
)UHFXHQFLDGHLQLFLRGHO
IUHQDGRSRU'&>+]@
$MXVWDODIUHFXHQFLDGHDUUDQTXHGHOIUHQDGRSRU'&
87
''6
)ORDW
&XDQGRHOFRQYHUWLGRUUHFLEHXQDVH³DOGHPDQGR2))X2))VHSRQHODIUHFXHQFLDGHVDOLGDD+]
SRUPHGLRGHOJHQHUDGRUGHUDPSDV
6LODIUHFXHQFLDGHVDOLGDDOFDQ]DHOYDORUGHIUHFXHQFLDGHDUUDQTXHGHOIUHQDGRSRU'&ILMDGRHQ3
HOFRQYHUWLGRUDSOLFDODFRUULHQWH'&GH3GXUDQWHHOWLHPSRHVSHFLILFDGRHQ3
87
''6
8
3>@
&RUULHQWHGHIUHQDGR
FRPELQDGR>@
'HILQHHOQLYHOGH'&TXHVHD³DGHDODIRUPDGHRQGDGH$&GHVSX«VGHTXHVHVREUHSDVHODWHQVLµQGH
ODLQWHUFRQH[LµQGH'&GHOIUHQDGRFRPELQDGR(VWHYDORUVHLQWURGXFHHQ>@UHVSHFWRDODFRUULHQWH
QRPLQDOGHOPRWRU31LYHOGHFRQH[LµQGHIUHQDGRFRPELQDGR9B'&&RPE
6L3 !9B'&&RPE UD¯]9BUHG UD¯]3
(QFDVRFRQWUDULR9B'&&RPE U
6HOODPDIUHQRFRPELQDGRDODFRPELQDFLµQGHIUHQRSRU'&\IUHQDGRUHJHQHUDWLYRIUHQDGRHIHFWLYRHQ
ODUDPSDWUDV2))X2))'HHVWHPRGRHVSRVLEOHIUHQDUFRQODIUHFXHQFLDGHOPRWRUUHJXODGD\XQ
JDVWRHQHUJ«WLFRP¯QLPRHQHOPRWRU$WUDY«VGHODRSWLPL]DFLµQGHOWLHPSRGHGHFHOHUDFLµQ\HOIUHQDGR
FRPELQDGRVHSURGXFHXQIUHQDGRHILFLHQWHVLQXWLOL]DUFRPSRQHQWHVGHKDUGZDUHDGLFLRQDOHV
'HSHQGHQFLD (OIUHQDGRFRPELQDGRVRORGHSHQGHGHODWHQVLµQGHODLQWHUFRQH[LµQGH'&Y«DVHHOYDORUXPEUDO
LQGLFDGRDQWHULRUPHQWH(VWRVHSURGXFLU£HQ2))2))\HQFXDOTXLHUVLWXDFLµQUHJHQHUDWLYD(VW£
GHVKDELOLWDGRVL
$WHQFLµQ
(OIUHQDGRSRU'&HVW£DFWLYR
(OUHDUUDQTXHDOYXHORHVW£DFWLYR
(OLQFUHPHQWRGHOYDORUPHMRUDU£HOIUHQDGRVLQHPEDUJRVLVHDMXVWDXQYDORUGHPDVLDGRDOWRVHSXHGH
SURGXFLUXQGLVSDURSRUVREUHFRUULHQWH
6LHOIUHQDGRGLQ£PLFR\HOIUHQDGRFRPELQDGRHVW£QKDELOLWDGRVWHQGU£SULRULGDGHOIUHQDGRFRPELQDGR
(OFRPSRUWDPLHQWRGHOFRQYHUWLGRUDOIUHQDUSXHGHYHUVHUHGXFLGRHVSHFLDOPHQWHVLHOIUHQDGRFRPELQDGR
VHKDDMXVWDGRDXQYDORUPX\HOHYDGRDODYH]TXHVHXVDHOUHJXODGRU9GFBP£[
1RWD
3 VLJQLILFDTXHHOIUHQDGRFRPELQDGRQRHVW£DFWLYDGR
3
)UHQDGRGLQ£PLFR
87
8
&RQHOIUHQDGRGLQ£PLFRODHQHUJ¯DGHIUHQDGRVHDEVRUEHHQODUHVLVWHQFLDGHOFKRSSHU
(VWHSDU£PHWURGHILQHHOFLFORGHFDUJDQRPLQDOGHODUHVLVWHQFLDGHIUHQDGRUHVLVWHQFLDGHOFKRSSHU
(OIUHQDGRGLQ£PLFRHVW£DFWLYRFXDQGRODIXQFLµQHVW£KDELOLWDGD\ODWHQVLµQGHODLQWHUFRQH[LµQGH'&
VXSHUDHOQLYHOGHDFWLYDFLµQGHOIUHQDGRGLQ£PLFR
1LYHOGHFRQH[LµQGHIUHQDGRGLQ£PLFR9B'&&KRSSHU
6L3 !9B'&&KRSSHU UD¯]9BUHG UD¯]3
(QFDVRFRQWUDULR9B'&&KRSSHU U
'HVKDELOLWDGD
&LFORGHFDUJDGHO
&RQYHUWLGRU6,1$0,&69
,QVWUXFFLRQHVGHVHUYLFLR$(
/LVWDGHSDU£PHWURV
/LVWDGHSDU£PHWURV
6H
$MXVWHV
SUHGHWHUPLQDGR SXHGH
FDPELDU
VGHI£EULFD
7LSR 1LYHO
GH
GH
GDWRV DFFHVR
(VFDODGR -XHJR
GH
GDWRV
3DU£PHWUR
)XQFLµQ
5DQJR
&LFORGHFDUJDGHO
&LFORGHFDUJDGHO
&LFORGHFDUJDGHO
&LFORGHFDUJDGHO
1RWD
(VWHSDU£PHWURVRORHVDSOLFDEOHSDUDFRQYHUWLGRUHVGHWDPD³RGHEDVWLGRU'3DUDWDPD³RVGHEDVWLGRU
GH$KDVWD&HOFLFORGHFDUJDGHODUHVLVWHQFLDGHIUHQDGRVHSXHGHVHOHFFLRQDUFRQHOPµGXORGH
IUHQDGRGLQ£PLFRY«DVHHODS«QGLFH0µGXORGHIUHQDGRGLQ£PLFR3£JLQD
'HSHQGHQFLD 6LHOIUHQDGRGLQ£PLFRVHXWLOL]DFXDQGRHOIUHQDGRSRU'&\HOIUHQDGRFRPELQDGRHVW£QKDELOLWDGRV
WHQGU£QSULRULGDGHOIUHQDGRSRU'&\HOIUHQDGRFRPELQDGR
)UHQDGR'&
)UHQDGR
FRPELQDGR
3!
"
QR
3!
"
V¯
V¯
)UHQDGR'&
KDELOLWDGR
$WHQFLµQ
)UHQDGR
GLQ£PLFR
3!
"
QR
QR
V¯
)UHQDGRFRPELQDGR
KDELOLWDGR
)UHQDGRGLQ£PLFR
KDELOLWDGR
'HVKDELOLWDGR
,QLFLDOPHQWHHOIUHQRIXQFLRQDU£FRQXQFLFORGHFDUJDHOHYDGRVHJ¼QHOQLYHOGHODLQWHUFRQH[LµQGH'&
KDVWDDSUR[LPDUVHDOO¯PLWHW«UPLFR'HVSX«VVHLPSRQGU£HOFLFORGHFDUJDHVSHFLILFDGRSRUHVWH
SDU£PHWUR/DUHVLVWHQFLDSRGU£RSHUDUFRQHVWDFDUJDLQGHILQLGDPHQWHVLQVREUHFDOHQWDUVH
9 '&DFW
ದ
˂9
9
W &KRSSHU21 [ ຘ W
&KRSSHU
[
˂9 9IRU9
9 '&&KRSSHU
3
9LJLODQFLDGHO
FLFORGHFDUJD
$ODUPD
$
(OXPEUDOSDUDHODYLVR$HVHTXLYDOHQWHDVHJXQGRVGHIXQFLRQDPLHQWRDOGHOFLFORGHFDUJD
(OFLFORGHFDUJDVHOLPLWDU£GHVSX«VGHIXQFLRQDUVHJXQGRVDO
&7
''6
8
3>@
&RQILJXUDFLµQGHO
UHJXODGRU9GF
+DELOLWDGHVKDELOLWDHOUHJXODGRU9GF(OUHJXODGRU9GFFRQWURODGLQ£PLFDPHQWHODWHQVLµQGHOD
LQWHUFRQH[LµQGH'&SDUDHYLWDUGLVSDURVSRUVREUHWHQVLµQHQVLVWHPDVFRQJUDQPRPHQWRGHLQHUFLD
5HJXODGRU9GFGHVKDELOLWDGR
5HJXODGRU9GFBP£[KDELOLWDGR
5HVSDOGRFLQ«WLFRUHJXODGRU9GFBP¯QKDELOLWDGR
5HJXODGRU9GFBP£[\UHVSDOGRFLQ«WLFR.,3KDELOLWDGRV
3UHFDXFLµQ
6L3DXPHQWDGHPDVLDGRSRGU¯DLQWHUIHULUHQHOIXQFLRQDPLHQWRQRUPDOGHOFRQYHUWLGRU
&RQYHUWLGRU6,1$0,&69
,QVWUXFFLRQHVGHVHUYLFLR$(
/LVWDGHSDU£PHWURV
/LVWDGHSDU£PHWURV
3DU£PHWUR
)XQFLµQ
1RWD
5DQJR
6H
$MXVWHV
SUHGHWHUPLQDGR SXHGH
FDPELDU
VGHI£EULFD
(VFDODGR -XHJR
GH
GDWRV
7LSR 1LYHO
GH
GH
GDWRV DFFHVR
5HJXODGRU9GFBP£[
(OUHJXODGRU9GFBP£[LQFUHPHQWDDXWRP£WLFDPHQWHHOWLHPSRGHGHFHOHUDFLµQSDUDPDQWHQHUOD
WHQVLµQGHODLQWHUFRQH[LµQGH'&UGHQWURGHORVO¯PLWHVU
5HJXODGRU9GFBP¯Q
(OUHJXODGRU9GFBP¯QVHDFWLYDU£VLODWHQVLµQGHODLQWHUFRQH[LµQGH'&FDHSRUGHEDMRGHOQLYHOGH
FRQH[LµQGH3/DHQHUJ¯DFLQ«WLFDGHOPRWRUVHXWLOL]DSDUDDPRUWLJXDUODWHQVLµQGHOD
LQWHUFRQH[LµQGH'&\DV¯EDMDUODYHORFLGDGGHOFRQYHUWLGRU6LHOFRQYHUWLGRUVHGLVSDUD
LQPHGLDWDPHQWHFRQ)SULPHURLQWHQWHDXPHQWDUHOIDFWRUGLQ£PLFR36LVLJXHGLVSDU£QGRVH
FRQ)LQWHQWHDXPHQWDUHOQLYHOGHFRQH[LµQ3
U
&21LYHOGHFRQH[LµQ
GH9GFBP£[>9@
0XHVWUDHOQLYHOGHFRQH[LµQGHOUHJXODGRU9GFBP£[
)ORDW
87
''6
8
/DVLJXLHQWHHFXDFLµQVRORHVY£OLGDVL3 U UD¯]9BUHG UD¯]3
(QFDVRFRQWUDULRUVHFDOFXODLQWHUQDPHQWH
3>@
)DFWRUGLQ£PLFRGH
9GFBP£[>@
'HILQHHOIDFWRUGLQ£PLFRGHOUHJXODGRUGHODLQWHUFRQH[LµQGH'&
'HSHQGHQFLD 3 VLJQLILFDTXHORVSDU£PHWURV33\3JDQDQFLDWLHPSRGHLQWHJUDFLµQ
WLHPSRGLIHUHQFLDOVHXWLOL]DQGHDFXHUGRDVXVDMXVWHV(QFDVRFRQWUDULRVHPXOWLSOLFDQSRU3
IDFWRUGLQ£PLFRGH9GFBP£[
1RWD
(ODMXVWHGHOUHJXODGRU9GFVHFDOFXODDXWRP£WLFDPHQWHDSDUWLUGHORVGDWRVGHOPRWRU\GHOFRQYHUWLGRU
3>@
1LYHOGHFRQH[LµQGHO
UHVSDOGRFLQ«WLFR>@
,QWURGX]FDHOQLYHOGHFRQH[LµQGHOUHVSDOGRFLQ«WLFR.,3HQ>@UHVSHFWRDODWHQVLµQGHUHG3
87
''6
8
U>9@ 3>@UD¯]3
$YLVR
6LVHVHOHFFLRQDXQYDORUGHPDVLDGRJUDQGHSRGU¯DLQWHUIHULUHQHOIXQFLRQDPLHQWRQRUPDOGHOFRQYHUWLGRU
1RWD
3QRLQWHUILHUHHQHOQLYHOGHFRQH[LµQGHOUHVSDOGRFLQ«WLFR
(ODMXVWHSUHGHWHUPLQDGRGH3SDUDODVYDULDQWHVPRQRI£VLFDVHVGHO
U>@
&21LYHOGHFRQH[LµQ
GHOUHVSDOGRFLQ«WLFR>9@
0XHVWUDHOQLYHOGHFRQH[LµQGHOUHVSDOGRFLQ«WLFR.,3UHJXODGRU9GFBP¯Q6LODWHQVLµQHQOD
LQWHUFRQH[LµQGH'&GHVFLHQGHSRUGHEDMRGHOYDORUGHUVHDFWLYDHOUHVSDOGRFLQ«WLFR(VWRVLJQLILFD
TXHODIUHFXHQFLDGHOPRWRUVHUHGXFHSDUDPDQWHQHUHOYDORUGH9GFGHQWURGHOUDQJRY£OLGR6LODHQHUJ¯D
GHUHJHQHUDFLµQHVLQVXILFLHQWHVHSURGXFHHOGLVSDURGHOFRQYHUWLGRUSRUVXEWHQVLµQ
3>@
)DFWRUGLQ£PLFRGHO
UHVSDOGRFLQ«WLFR>@
'HWHUPLQDHOIDFWRUGLQ£PLFRGHOUHVSDOGRFLQ«WLFR.,3UHJXODGRU9GFBP¯Q3 VLJQLILFDTXH
ORVSDU£PHWURV33\3JDQDQFLDWLHPSRGHLQWHJUDFLµQWLHPSRGLIHUHQFLDOVHXWLOL]DQGH
DFXHUGRDVXVDMXVWHV(QFDVRFRQWUDULRVHPXOWLSOLFDQSRU3IDFWRUGLQ£PLFRGH9GFBP¯Q
1RWD
(ODMXVWHGHOUHJXODGRU9GFVHFDOFXODDXWRP£WLFDPHQWHDSDUWLUGHORVGDWRVGHOPRWRU\GHOFRQYHUWLGRU
3>@
*DQDQFLDGHOUHJXODGRU
9GF
$MXVWDODJDQDQFLDGHOUHJXODGRU9GF
87
87
''6
''6
''6
)ORDW
8
)ORDW
&RQYHUWLGRU6,1$0,&69
,QVWUXFFLRQHVGHVHUYLFLR$(
/LVWDGHSDU£PHWURV
/LVWDGHSDU£PHWURV
3DU£PHWUR
)XQFLµQ
5DQJR
6H
$MXVWHV
SUHGHWHUPLQDGR SXHGH
FDPELDU
VGHI£EULFD
(VFDODGR -XHJR
GH
GDWRV
7LSR 1LYHO
GH
GH
GDWRV DFFHVR
3>@
7LHPSRGHLQWHJUDFLµQ
GHOUHJXODGRU9GF>PV@
''6
)ORDW
''6
)ORDW
''6
)ORDW
8
87
,QGLFDODFRQVWDQWHGHOWLHPSRGHLQWHJUDFLµQGHOUHJXODGRU9GF
3>@
7LHPSRGLIHUHQFLDOGHO
UHJXODGRU9GF>PV@
87
,QGLFDODFRQVWDQWHGHOWLHPSRGLIHUHQFLDOGHOUHJXODGRU9GF
3>@
/LPLWDFLµQGHVDOLGDGHO
UHJXODGRU9GF>+]@
/LPLWDHOHIHFWRP£[LPRGHOUHJXODGRU9GFBP£[
87
'HSHQGHQFLD (VWHSDU£PHWURVHYHLQIOXLGRSRUORVF£OFXORVDXWRP£WLFRVGHILQLGRVSRU3
1RWD
(ODMXVWHGHI£EULFDHVIXQFLµQGHODSRWHQFLDGHOFRQYHUWLGRU
3
$XWRGHWHFFLµQGHOQLYHO
GHFRQH[LµQGH9GF
+DELOLWDGHVKDELOLWDODDXWRGHWHFFLµQGHOQLYHOGHFRQH[LµQSDUDHOUHJXODGRU9GFBP£[3DUDREWHQHUORV
PHMRUHVUHVXOWDGRVVHUHFRPLHQGDDMXVWDU3 DXWRGHWHFFLµQGHOQLYHOGHFRQH[LµQGH9GF
KDELOLWDGD6RORVHUHFRPLHQGDHVWDEOHFHU3 FXDQGRKD\XQDOWRJUDGRGHIOXFWXDFLµQGHOD
LQWHUFRQH[LµQGH'&FXDQGRVHDFFLRQDHOPRWRU1µWHVHTXHODDXWRGHWHFFLµQVRORIXQFLRQDFXDQGRHO
FRQYHUWLGRUKDHVWDGRHQUHSRVRGXUDQWHP£VGHV
'HVKDELOLWDGD
+DELOLWDGD
&7
'HSHQGHQFLD 9«DVH3
3>@
5HDFFLµQGHOUHVSDOGR
FLQ«WLFR
'HILQHODUHDFFLµQGHOUHJXODGRUGHOUHVSDOGRFLQ«WLFRUHJXODGRU9GFBP¯Q'HSHQGLHQGRGHODMXVWH
VHOHFFLRQDGRHOO¯PLWHGHIUHFXHQFLDGHILQLGRHQ3VHXWLOL]DSDUDPDQWHQHUODYHORFLGDGRSDUD
GHVKDELOLWDULPSXOVRV6LODHQHUJ¯DGHUHJHQHUDFLµQHVLQVXILFLHQWHHOFRQYHUWLGRUVHSXHGHGLVSDUDUSRU
VXEWHQVLµQ
0DQWHQHUODLQWHUFRQH[LµQGH'&KDVWDGLVSDUR
0DQWHQHUODLQWHUFRQH[LµQGH'&KDVWDGLVSDURSDUDGD
%ORTXHRUHJXODGRU
1RWD
3 &7
''6
8
0DQWLHQHODWHQVLµQGHODLQWHUFRQH[LµQGH'&KDVWDTXHYXHOYHODDOLPHQWDFLµQGHUHGRKDVWDTXHHO
FRQYHUWLGRUVHGLVSDUHSRUVXEWHQVLµQ0DQWLHQHODIUHFXHQFLDSRUHQFLPDGHOO¯PLWHGHILQLGRHQ3
3 &XDQGRODIUHFXHQFLDEDMDGHOO¯PLWHGHILQLGRHQ3VHPDQWLHQHODWHQVLµQGHODLQWHUFRQH[LµQGH'&
KDVWDTXHYXHOYDODDOLPHQWDFLµQGHUHGHOFRQYHUWLGRUVHGLVSDUHSRUVXEWHQVLµQRVHGHVKDELOLWHQORV
LPSXOVRV
3 (VWDRSFLµQIUHQDHOPRWRUKDVWDSDUDUVHLQFOXVRDXQTXHKD\DYXHOWRODDOLPHQWDFLµQGHUHG
(QFDVRGHTXHQRYXHOYDODDOLPHQWDFLµQGHUHGODIUHFXHQFLDGHVFLHQGHSRUGHEDMRGHOFRQWUROGHO
UHJXODGRU9GFBP¯QKDVWDHOO¯PLWH3(QWRQFHVORVLPSXOVRVVHGHVKDELOLWDQRVHSURGXFHVXEWHQVLµQ
6LYXHOYHODDOLPHQWDFLµQGHUHGVHDFWLYD2))KDVWDDOFDQ]DUHOO¯PLWH3(QWRQFHVVHGHVKDELOLWDQ
ORVLPSXOVRV
3>@
/¯PLWHGHIUHFXHQFLDGHO
UHVSDOGRFLQ«WLFR>+]@
87
''6
)ORDW
&RQYHUWLGRU6,1$0,&69
,QVWUXFFLRQHVGHVHUYLFLR$(
/LVWDGHSDU£PHWURV
/LVWDGHSDU£PHWURV
6H
$MXVWHV
SUHGHWHUPLQDGR SXHGH
FDPELDU
VGHI£EULFD
5DQJR
(VFDODGR -XHJR
GH
GDWRV
7LSR 1LYHO
GH
GH
GDWRV DFFHVR
3DU£PHWUR
)XQFLµQ
)UHFXHQFLDFRQODTXHHOUHVSDOGRFLQ«WLFR.,3PDQWLHQHODYHORFLGDGRGHVKDELOLWDORVLPSXOVRVHQ
IXQFLµQGH3
3>@
0RGRGHUHJXODFLµQ
&RQHVWHSDU£PHWURVHVHOHFFLRQDHOP«WRGRGHUHJXODFLµQ5HJXODODUHODFLµQHQWUHYHORFLGDGGHOPRWRU\
WHQVLµQVXPLQLVWUDGDSRUHOFRQYHUWLGRU
&7
8IFRQFDUDFWHU¯VWLFDOLQHDO
8IFRQ)&&
8IFRQFDUDFWHU¯VWLFDFXDGU£WLFD
8IFRQFDUDFWHU¯VWLFDSURJUDPDEOH
8IFRQHFROLQHDO
8ISDUDDSOLFDFLRQHVWH[WLOHV
8IFRQ)&&SDUDDSOLFDFLRQHVWH[WLOHV
8IFRQHFRFXDGU£WLFR
9
''6
8
0RGR8IFRQFRQVLJQDGHWHQVLµQLQGHSHQGLHQWH
9Q
3 3 1RWD
IQ
I
3 8IFRQ)&&UHJXODFLµQGHFRUULHQWHJHQHUDGRUDGHIOXMR
0DQWLHQHODFRUULHQWHJHQHUDGRUDGHIOXMRGHOPRWRUSDUDPHMRUDUODHILFLHQFLD
6LVHHVFRJH)&&ODFDUDFWHU¯VWLFD8IOLQHDOHVW£DFWLYDDEDMDIUHFXHQFLD
3 8IFRQFDUDFWHU¯VWLFDFXDGU£WLFD
$GHFXDGRSDUDODPD\RU¯DGHYHQWLODGRUHV\ERPEDVFHQWU¯IXJRV
3 8IFRQFDUDFWHU¯VWLFDSURJUDPDEOH
&DUDFWHU¯VWLFDGHILQLGDSRUHOXVXDULRY«DVH3
3 8IFRQFDUDFWHU¯VWLFDOLQHDO\PRGRHFRQRPL]DGRU
&DUDFWHU¯VWLFDOLQHDOFRQPRGRHFRQRPL]DGRU
0RGLILFDODWHQVLµQGHVDOLGDSDUDUHGXFLUHOFRQVXPRGHHQHUJ¯D
3 8ISDUDDSOLFDFLRQHVWH[WLOHV
&RPSHQVDFLµQGHGHVOL]DPLHQWRGHVKDELOLWDGD
(OUHJXODGRU,P£[VRORPRGLILFDODWHQVLµQGHVDOLGD
(OUHJXODGRU,P£[QRWLHQHQLQJXQDLQIOXHQFLDVREUHODIUHFXHQFLDGHVDOLGD
&RQYHUWLGRU6,1$0,&69
,QVWUXFFLRQHVGHVHUYLFLR$(
/LVWDGHSDU£PHWURV
/LVWDGHSDU£PHWURV
)XQFLµQ
3 8IFRQFDUDFWHU¯VWLFDFXDGU£WLFD\PRGRHFRQRPL]DGRU
5DQJR
(VFDODGR -XHJR
GH
GDWRV
6H
$MXVWHV
SUHGHWHUPLQDGR SXHGH
FDPELDU
VGHI£EULFD
3DU£PHWUR
7LSR 1LYHO
GH
GH
GDWRV DFFHVR
&DUDFWHU¯VWLFDFXDGU£WLFDFRQPRGRHFRQRPL]DGRU
0RGLILFDODWHQVLµQGHVDOLGDSDUDUHGXFLUHOFRQVXPRGHHQHUJ¯D
3 0RGR8IFRQFRQVLJQDGHWHQVLµQLQGHSHQGLHQWH
(QODWDEODVLJXLHQWHVHSUHVHQWDXQUHVXPHQGHSDU£PHWURVYHFWRULDOHV8ITXHVHSXHGHQPRGLILFDUHQ
IXQFLµQGH3
N.º par.
3>@
3>@
3>@
3>@
3>@
3>@
3>@
3>@
3>@
3>@
3>@
3>@
3>@
3>@
3>@
3>@
3>@
3>@
3>@
3>@
3>@
Nombre de parámetro
Nivel
U/f
2
2
2
2
3
3
3
3
3
3
3
3
3
2
2
3
3
3
3
3
3
P1300 =
2 3 5
x x x
x x x
x x x
x x x
x x x
− x −
− x −
− x −
− x −
− x −
− x −
− − −
− − −
x x −
x x −
x x −
x x x
x x x
x x x
x x x
x x x
0RGRGHUHJXODFLµQ
(OHYDFLµQFRQWLQXD
(OHYDFLµQHQDFHOHUDFLµQ
(OHYDFLµQHQDUUDQTXH
)UHFXHQFLDILQDOGHHOHYDFLµQ
)UHFXHQFLD8ISURJUDPDEOHFRRUGHQDGDV
7HQVLµQ8ISURJUDPDEOHFRRUGHQDGDV
)UHFXHQFLD8ISURJUDPDEOHFRRUGHQDGDV
7HQVLµQ8ISURJUDPDEOHFRRUGHQDGDV
)UHFXHQFLD8ISURJUDPDEOHFRRUGHQDGDV
7HQVLµQ8ISURJUDPDEOHFRRUGHQDGDV
&,&RQVLJQDGHWHQVLµQ
)UHFXHQFLDGHDUUDQTXHSDUDHO)&&
&RPSHQVDFLµQGHGHVOL]DPLHQWR
&2/¯PLWHGHVOL]DPLHQWR
*DQDQFLDGHDPRUWLJXDFLµQGHUHVRQDQFLDV8I
*DQDQFLDSURSUHJXODGRUIUHF,P£[
7LHPSRLQWHJUDFLµQUHJXODGRU,P£[
*DQDQFLDSURSUHJXODGRU,P£[
7LHPSRLQWHJUDFLµQUHJXODGRUWHQVLµQ,P£[
$XPHQWRVXDYHWHQVLµQ
0
x
x
x
x
x
−
−
−
−
−
−
−
−
x
x
x
x
x
x
x
x
1
x
x
x
x
x
−
−
−
−
−
−
−
x
x
x
x
x
x
x
x
x
6
x
x
x
x
x
−
−
−
−
−
−
−
x
−
−
−
x
x
x
x
x
19
x
x
x
x
x
−
−
−
−
−
−
x
−
−
−
−
x
x
x
x
x
3>@
(OHYDFLµQFRQWLQXDGH
WHQVLµQ>@
'HILQHHOQLYHOGHHOHYDFLµQHQ>@UHVSHFWRD3FRUULHQWHQRPLQDOGHOPRWRUDSOLFDEOHDODVFXUYDV
8IOLQHDO\FXDGU£WLFD
87
3(5&(1 ''6
7
)ORDW
&XDQGRODVIUHFXHQFLDVGHVDOLGDVRQEDMDVKD\TXHPDQWHQHUODWHQVLµQGHVDOLGDEDMDSDUDPDQWHQHUHO
IOXMRFRQVWDQWH3RURWURODGRODWHQVLµQGHVDOLGDSXHGHVHUGHPDVLDGRSHTXH³DSDUDORVLJXLHQWH
0DJQHWL]DFLµQHQHOPRWRUDV¯QFURQR
0DQWHQHUODFDUJD
&RPSHQVDUODVS«UGLGDVHQHOVLVWHPD
&RQHOSDU£PHWUR3VHSXHGHHOHYDUODWHQVLµQGHVDOLGDGHOFRQYHUWLGRUSDUDFRPSHQVDUODV
S«UGLGDVPDQWHQHUODFDUJDD+]RPDQWHQHUODPDJQHWL]DFLµQ
/DPDJQLWXGGHODHOHYDFLµQHQYROWLRVFRQXQDIUHFXHQFLDFHURVHGHILQHFRPRVLJXH
9B(OHY&RQVW 35HDM3
'RQGH
5HDM UHVLVWHQFLDGHOHVW£WRUDMXVWDGDSRUWHPSHUDWXUD
5HDM U3UD¯]33UD¯]
&RQYHUWLGRU6,1$0,&69
,QVWUXFFLRQHVGHVHUYLFLR$(
/LVWDGHSDU£PHWURV
/LVWDGHSDU£PHWURV
5DQJR
6H
$MXVWHV
SUHGHWHUPLQDGR SXHGH
FDPELDU
VGHI£EULFD
(VFDODGR -XHJR
GH
GDWRV
7LSR 1LYHO
GH
GH
GDWRV DFFHVR
3DU£PHWUR
)XQFLµQ
1RWD
,QFUHPHQWDUODHOHYDFLµQDXPHQWDHOFDOHQWDPLHQWRGHOPRWRUSDUWLFXODUPHQWHHQHVWDGRGHSDUDGD
(ODMXVWHGH3IDFWRUGHVREUHFDUJDGHOPRWRU>@OLPLWDODHOHYDFLµQ
VXPD9B(OHY35HDM 3
/RVYDORUHVGHHOHYDFLµQVHFRPELQDQFXDQGRODHOHYDFLµQFRQWLQXDGHWHQVLµQ3VHXVDDVRFLDGDD
RWURVSDU£PHWURVGHHOHYDFLµQHOHYDFLµQHQDFHOHUDFLµQ3\HQDUUDQTXH36LQHPEDUJR
HVWRVSDU£PHWURVWLHQHQDVLJQDGDVODVSULRULGDGHVVLJXLHQWHV
3!3!3
/DHOHYDFLµQWRWDOVHOLPLWDU£VHJ¼QODVLJXLHQWHHFXDFLµQ
VXPD9B(OHY 5B6,B0RW 35HDM
3>@
(OHYDFLµQHQDFHOHUDFLµQ >@
$SOLFDXQDHOHYDFLµQHQ>@UHVSHFWRD3FRUULHQWHQRPLQDOGHOPRWRUWUDVXQFDPELRGHFRQVLJQD
SRVLWLYR\GLVPLQX\HXQDYH]TXHVHDOFDQ]DODFRQVLJQD
87
3(5&(1 ''6
7
)ORDW
3VRORFRQOOHYDDXQDHOHYDFLµQGHWHQVLµQGXUDQWHHOSURFHVRGHDFHOHUDFLµQGHFHOHUDFLµQ\JHQHUD
XQSDUDGLFLRQDOSDUDDFHOHUDUIUHQDU
$OFRQWUDULRGHOSDU£PHWUR3TXHVRODPHQWHHVW£DFWLYRDODFHOHUDUODSULPHUDYH]GHVSX«VGHXQD
VH³DOGHPDQGR213DFW¼DHQFDGDSURFHVRGHDFHOHUDFLµQRGHFHOHUDFLµQ
/DPDJQLWXGGHODHOHYDFLµQHQYROWLRVFRQXQDIUHFXHQFLDFHURVHGHILQHFRPRVLJXH
9B(OHY$FHO 35HDM3
'RQGH
5HDM UHVLVWHQFLDGHOHVW£WRUDMXVWDGDSRUWHPSHUDWXUD
5HDM U3UD¯]33UD¯]
1RWD
9«DVH3
3>@
(OHYDFLµQHQDUUDQTXH
>@
$SOLFDXQRIIVHWOLQHDOFRQVWDQWHHQ>@UHVSHFWRD3FRUULHQWHQRPLQDOGHOPRWRUDODFDUDFWHU¯VWLFD
8IDFWLYDOLQHDORFXDGU£WLFDGHVSX«VGHXQDVH³DOGHPDQGR21\VHPDQWLHQHDFWLYRKDVWDTXH
87
3(5&(1 ''6
7
)ORDW
/DVDOLGDGHOJHQHUDGRUGHUDPSDVOOHJDDODFRQVLJQDSRUSULPHUDYH]UHVSHFWLYDPHQWH
/DFRQVLJQDVHUHGXFHDXQYDORUPHQRUDODFWXDOHQODVDOLGDGHOJHQHUDGRUGHUDPSDV
)DYRUDEOHDODUUDQFDUFRQFDUJDVGHJUDQPRPHQWRGHLQHUFLD&XDQGRODHOHYDFLµQHQDUUDQTXH3
VHDMXVWDGHPDVLDGRDOWDSURYRFDTXHHOFRQYHUWLGRUOLPLWHODFRUULHQWHORFXDODVXYH]OLPLWDOD
IUHFXHQFLDGHVDOLGDSRUGHEDMRGHODFRQVLJQDGHIUHFXHQFLD
/DPDJQLWXGGHODHOHYDFLµQHQYROWLRVFRQXQDIUHFXHQFLDFHURVHGHILQHFRPRVLJXH
9B(OHY$UU 35HDM3
'RQGH
5HDM UHVLVWHQFLDGHOHVW£WRUDMXVWDGDSRUWHPSHUDWXUD
5HDM U3UD¯]33UD¯]
1RWD
9«DVH3
U
&2(OHYDFLµQWRWDOGH
WHQVLµQ>9@
0XHVWUDHOYDORUWRWDOGHHOHYDFLµQGHWHQVLµQ
3>@
)UHFXHQFLDILQDOGH
HOHYDFLµQ>@
87
3(5&(1 ''6
7
)ORDW
)ORDW
&RQYHUWLGRU6,1$0,&69
,QVWUXFFLRQHVGHVHUYLFLR$(
/LVWDGHSDU£PHWURV
/LVWDGHSDU£PHWURV
5DQJR
6H
$MXVWHV
SUHGHWHUPLQDGR SXHGH
FDPELDU
VGHI£EULFD
(VFDODGR -XHJR
GH
GDWRV
7LSR 1LYHO
GH
GH
GDWRV DFFHVR
3DU£PHWUR
)XQFLµQ
'HILQHHOSXQWRDSDUWLUGHOFXDOODHOHYDFLµQSURJUDPDGDDOFDQ]DHOGHVXYDORU(VWHYDORUVH
H[SUHVDHQ>@UHVSHFWRD3IUHFXHQFLDQRPLQDOGHOPRWRU/DIUHFXHQFLDSUHGHWHUPLQDGDVHGHILQH
FRPRVLJXH
9B(OHYP¯Q UD¯]3B0RWRU
'HSHQGHQFLD (VWHSDU£PHWURVHYHLQIOXLGRSRUORVF£OFXORVDXWRP£WLFRVGHILQLGRVSRU3
1RWD
(OXVXDULRH[SHUWRSXHGHFDPELDUHVWHYDORUSDUDPRGLILFDUODIRUPDGHODFXUYDSHMSDUDLQFUHPHQWDUHO
SDUFXDQGRVHWUDEDMDDXQDIUHFXHQFLDGHWHUPLQDGD
3>@
)UHFXHQFLD8I
SURJUDPDEOH
FRRUGHQDGDV>+]@
$MXVWDODIUHFXHQFLDGHOSULPHUSXQWRGHODVFRRUGHQDGDV8IGH3D3SDUDGHILQLU
ODFDUDFWHU¯VWLFD8I&RQHVWDVSDUHMDVGHSDU£PHWURVVHSXHGHDMXVWDUHOSDUDGHFXDGRDODIUHFXHQFLD
FRUUHFWD
(OYDORUSUHGHWHUPLQDGRGHSHQGHGHOWLSRGHFRQYHUWLGRU\GHVXVFDUDFWHU¯VWLFDVQRPLQDOHV
7
''6
)ORDW
'HSHQGHQFLD 3DUDDMXVWDUHOSDU£PHWURVHOHFFLRQH3 8IFRQFDUDFWHU¯VWLFDSURJUDPDEOH/DHOHYDFLµQHQ
DFHOHUDFLµQ\HQDUUDQTXHGHILQLGDVHQ3\3VRQY£OLGDVSDUDODFDUDFWHU¯VWLFD8ISURJUDPDEOH
1RWD
3DUDDYHULJXDUORVYDORUHVHQWUHFDGDXQRGHORVSXQWRVVHDSOLFDU£XQDLQWHUSRODFLµQOLQHDO
8IFRQFDUDFWHU¯VWLFDSURJUDPDEOH3 WLHQHSXQWRVSURJUDPDEOHV\SXQWRVQRSURJUDPDEOHV
/RVGRVSXQWRVQRSURJUDPDEOHVVRQ
(OHYDFLµQFRQWLQXDGHWHQVLµQ3D+]
7HQVLµQQRPLQDOGHOPRWRU3DIUHFXHQFLDQRPLQDO3
3>@
7HQVLµQ8I
SURJUDPDEOH
FRRUGHQDGDV>9@
9«DVH3
3>@
)UHFXHQFLD8I
SURJUDPDEOH
FRRUGHQDGDV>+]@
9«DVH3
3>@
7HQVLµQ8I
SURJUDPDEOH
FRRUGHQDGDV>9@
87
''6
)ORDW
7
''6
)ORDW
87
''6
)ORDW
7
''6
)ORDW
87
''6
)ORDW
7
&'6
8) ORDW
9«DVH3
3>@
)UHFXHQFLD8I
SURJUDPDEOH
FRRUGHQDGDV>+]@
9«DVH3
3>@
7HQVLµQ8I
SURJUDPDEOH
FRRUGHQDGDV>9@
9«DVH3
3>@
&,&RQVLJQDGHWHQVLµQ
3DU£PHWUR%,&2SDUDVHOHFFLRQDUODIXHQWHGHFRQVLJQDGHWHQVLµQSDUDPRGR8ILQGHSHQGLHQWH3
&RQYHUWLGRU6,1$0,&69
,QVWUXFFLRQHVGHVHUYLFLR$(
/LVWDGHSDU£PHWURV
/LVWDGHSDU£PHWURV
6H
$MXVWHV
SUHGHWHUPLQDGR SXHGH
FDPELDU
VGHI£EULFD
(VFDODGR -XHJR
GH
GDWRV
7LSR 1LYHO
GH
GH
GDWRV DFFHVR
3(5&(1 ''6
7
)ORDW
3DU£PHWUR
)XQFLµQ
5DQJR
3>@
)UHFXHQFLDGHDUUDQTXH
SDUDHO)&&>@
'HILQHODIUHFXHQFLDGHDUUDQTXHHQSRUFHQWDMHGHODIUHFXHQFLDQRPLQDOGHOPRWRU3FRQODTXHVH
KDELOLWDODUHJXODFLµQGHIOXMR)&&)OX[&XUUHQW&RQWURO
$WHQFLµQ
6LHVWHYDORUHVGHPDVLDGREDMRHOVLVWHPDSXHGHVHULQHVWDEOH
3>@
ƒUHDGHFRPSHQVDFLµQ
GHGHVOL]DPLHQWR>@
'HWHUPLQDHO£UHDGHDFWLYDFLµQGHODIUHFXHQFLDGHFRPSHQVDFLµQGHGHVOL]DPLHQWR(OYDORUSRUFHQWXDO
GH3VHUHILHUHDODIUHFXHQFLDQRPLQDOGHOPRWRU3
87
87
3(5&(1 ''6
7
)ORDW
(OXPEUDOVXSHULRUVLHPSUHSHUPDQHFHU£XQP£VDOWRTXH3
5DQJRGHFRPSHQVDFLµQGHGHVOL]DPLHQWR
I RXW
I1
3
3
3
I RXW I1
&RQFRPSHQVDFLµQGH
GHVOL]DPLHQWR
6LQFRPSHQVDFLµQGH
GHVOL]DPLHQWR
IVHW I1
3 3
'HSHQGHQFLD &RPSHQVDFLµQGHGHVOL]DPLHQWR3DFWLYD
1RWD
9«DVH3
/DIUHFXHQFLDGHDUUDQTXHGHODFRPSHQVDFLµQGHGHVOL]DPLHQWRHV33
87
3(5&(1 ''6
7
)ORDW
3>@
&RPSHQVDFLµQGH
GHVOL]DPLHQWR>@
(OSDU£PHWURDMXVWDGLQ£PLFDPHQWHODIUHFXHQFLDGHVDOLGDGHOFRQYHUWLGRUDILQGHPDQWHQHUFRQVWDQWHOD
YHORFLGDGGHOPRWRUFRQLQGHSHQGHQFLDGHVXFDUJD
(QHOPRGR8IODIUHFXHQFLDGHOPRWRUHVVLHPSUHPHQRUTXHODIUHFXHQFLDGHVDOLGDGHOFRQYHUWLGRU
GHELGRDODIUHFXHQFLDGHGHVOL]DPLHQWR&RQXQDGHWHUPLQDGDIUHFXHQFLDGHVDOLGDODIUHFXHQFLDGHO
PRWRUGLVPLQX\HDODXPHQWDUODFDUJD(VWHFRPSRUWDPLHQWRW¯SLFRGHORVPRWRUHVGHLQGXFFLµQVHSXHGH
FRPSHQVDUPHGLDQWHODFRPSHQVDFLµQGHGHVOL]DPLHQWR&RQ3VHKDELOLWD\VHDMXVWDH[DFWDPHQWH
ODFRPSHQVDFLµQGHGHVOL]DPLHQWR
'HSHQGHQFLD (ODMXVWHGHJDQDQFLDSHUPLWHUHDOL]DUXQDMXVWHH[DFWRGHODYHORFLGDGUHDOGHOPRWRUY«DVH3
JDQDQFLDGHOUHJXODGRUGHYHORFLGDG
3!3!3 VL3 $WHQFLµQ
(OYDORUHPSOHDGRSDUDFRPSHQVDUHOGHVOL]DPLHQWRHVFDODGRFRQ3VHOLPLWDFRQODVLJXLHQWH
HFXDFLµQ
1RWD
3 IBGHVOL]BFRPSP£[ U3
&RPSHQVDFLµQGHGHVOL]DPLHQWRGHVKDELOLWDGD
3 &RPSHQVDFLµQWRWDOGHGHVOL]DPLHQWRFRQPRWRUIU¯RFDUJDSDUFLDO
3 DMXVWHHVW£QGDUSDUDHVW£WRUFDOLHQWH
&RPSHQVDFLµQWRWDOGHGHVOL]DPLHQWRFRQPRWRUFDOLHQWHFDUJDWRWDO
3>@
/¯PLWHGHVOL]DPLHQWR>@ 9DORUO¯PLWHGHODFRPSHQVDFLµQGHGHVOL]DPLHQWRHQ>@UHVSHFWRDUGHVOL]DPLHQWRQRPLQDOGHO
PRWRUHOFXDOVHVXPDDODFRQVLJQDGHIUHFXHQFLD
87
''6
8
&RQYHUWLGRU6,1$0,&69
,QVWUXFFLRQHVGHVHUYLFLR$(
/LVWDGHSDU£PHWURV
/LVWDGHSDU£PHWURV
3DU£PHWUR
)XQFLµQ
5DQJR
6H
$MXVWHV
SUHGHWHUPLQDGR SXHGH
FDPELDU
VGHI£EULFD
(VFDODGR -XHJR
GH
GDWRV
7LSR 1LYHO
GH
GH
GDWRV DFFHVR
3(5&(1 7
)ORDW
'HSHQGHQFLD &RPSHQVDFLµQGHGHVOL]DPLHQWR3DFWLYD
U
&2)UHFXHQFLDGH
GHVOL]DPLHQWR8I>@
0XHVWUDHOGHVOL]DPLHQWRUHDOGHOPRWRUFRPSHQVDGRHQ>@IBGHVOL]>+]@ U>@3
'HSHQGHQFLD &RPSHQVDFLµQGHGHVOL]DPLHQWR3DFWLYD
3>@
*DQDQFLDGH
DPRUWLJXDFLµQGH
UHVRQDQFLDV8I
'HILQHODJDQDQFLDGHDPRUWLJXDFLµQGHUHVRQDQFLDVSDUDHOPRGR8I/DGLGWGHODFRUULHQWHDFWLYDVH
HVFDODPHGLDQWH36LGLGWDXPHQWDHOUHJXODGRUGHDPRUWLJXDFLµQGHUHVRQDQFLDVGLVPLQX\HOD
IUHFXHQFLDGHVDOLGDGHOFRQYHUWLGRU
87
''6
)ORDW
'HSHQGHQFLD (VWHSDU£PHWURVHYHLQIOXLGRSRUORVF£OFXORVDXWRP£WLFRVGHILQLGRVSRU3
1RWD
(OUHJXODGRUGHDPRUWLJXDFLµQGHUHVRQDQFLDVDWHQ¼DODVRVFLODFLRQHVTXHVXHOHQGDUVHHQODFRUULHQWH
DFWLYDFXDQGRHOPRWRUIXQFLRQDVLQFDUJD(QORVPRGRV8IY«DVH3HOUHJXODGRUGHDPRUWLJXDFLµQ
GHUHVRQDQFLDVHVW£DFWLYRHQXQUDQJRDSUR[LPDGRGHODOGHODIUHFXHQFLDQRPLQDOGHOPRWRU
38QYDORUGHPDVLDGRJUDQGHGH3SURGXFHLQHVWDELOLGDGUHDFRSODPLHQWR
3>@
*DQDQFLDSURSRUFLRQDO
GHOUHJXODGRU,P£[
*DQDQFLDSURSRUFLRQDOGHOUHJXODGRU,BP£[
87
''6
)ORDW
(OUHJXODGRU,P£[UHGXFHODFRUULHQWHGHVDOLGDGHOFRQYHUWLGRUFXDQGRVHVREUHSDVDODFRUULHQWHP£[LPD
GHOPRWRUU
(QORVPRGRV8IOLQHDO8ISDUDEµOLFD)&&\8ISURJUDPDEOHHOUHJXODGRU,BP£[XVDXQUHJXODGRUGH
IUHFXHQFLDY«DVH3\3\XQUHJXODGRUGHWHQVLµQY«DVH3\3
(OUHJXODGRUGHIUHFXHQFLDLQWHQWDUHGXFLUODFRUULHQWHOLPLWDQGRODIUHFXHQFLDGHVDOLGDGHOFRQYHUWLGRU
KDVWDXQP¯QLPRGHOGREOHGHODIUHFXHQFLDQRPLQDOGHGHVOL]DPLHQWR
6LHVWRQREDVWDSDUDHOLPLQDUODVREUHFRUULHQWHHQWRQFHVVHUHGXFHODWHQVLµQGHVDOLGDGHOFRQYHUWLGRU
FRQD\XGDGHOUHJXODGRUGHWHQVLµQ,BP£[
6LVHORJUDHOLPLQDUODVREUHFRUULHQWHHQWRQFHVVHDQXODODOLPLWDFLµQGHIUHFXHQFLDPHGLDQWHHOWLHPSRGH
DFHOHUDFLµQDMXVWDGRHQ3
(QORVPRGRV8IOLQHDO\)&&HQODLQGXVWULDWH[WLO\HOPRGR8IH[WHUQRVRORVHHPSOHDHOUHJXODGRUGH
WHQVLµQ,BP£[SDUDUHGXFLUODFRUULHQWHY«DVH3\3
1RWD
6HSXHGHGHVKDELOLWDUHOUHJXODGRU,BP£[DMXVWDQGRDHOWLHPSRGHLQWHJUDFLµQGHOUHJXODGRUGH
IUHFXHQFLD3&RQHOORVHGHVKDELOLWDWDQWRHOUHJXODGRUGHIUHFXHQFLDFRPRHOGHWHQVLµQ
+D\TXHWHQHUHQFXHQWDTXHVLHVW£GHVKDELOLWDGRHOUHJXODGRU,BP£[QRUHDOL]DDFFLµQDOJXQDSDUD
UHGXFLUODFRUULHQWHSHURVHJHQHUDQDYLVRVSRUVREUHFRUULHQWH(OFRQYHUWLGRUVHGLVSDUDVLHVH[FHVLYDOD
VREUHFRUULHQWHRODVREUHFDUJD
3>@
7LHPSRGHLQWHJUDFLµQ
GHOUHJXODGRU,P£[>V@
&RQVWDQWHGHWLHPSRGHLQWHJUDFLµQGHOUHJXODGRU,BP£[
87
3 5HJXODGRU,BP£[GHVKDELOLWDGR
3 \3!,QWHJUDOPHMRUDGDGHOUHJXODGRUGHIUHFXHQFLD
3!\3!5HJXODGRU3,QRUPDOGHOUHJXODGRUGHIUHFXHQFLD
''6
)ORDW
'HSHQGHQFLD (VWHSDU£PHWURVHYHLQIOXLGRSRUORVF£OFXORVDXWRP£WLFRVGHILQLGRVSRU3
1RWD
9«DVH3SDUDREWHQHUP£VLQIRUPDFLµQ(ODMXVWHGHI£EULFDHVIXQFLµQGHODSRWHQFLDGHOFRQYHUWLGRU
&RQYHUWLGRU6,1$0,&69
,QVWUXFFLRQHVGHVHUYLFLR$(
/LVWDGHSDU£PHWURV
/LVWDGHSDU£PHWURV
5DQJR
6H
$MXVWHV
SUHGHWHUPLQDGR SXHGH
FDPELDU
VGHI£EULFD
(VFDODGR -XHJR
GH
GDWRV
7LSR 1LYHO
GH
GH
GDWRV DFFHVR
)ORDW
3DU£PHWUR
)XQFLµQ
U
&26DOLGDGHIUHFXHQFLD GHOUHJXODGRU,P£[>+]@
0XHVWUDODOLPLWDFLµQHIHFWLYDGHODIUHFXHQFLD
'HSHQGHQFLD 6LHOUHJXODGRU,BP£[QRHVW£HQIXQFLRQDPLHQWRHOSDU£PHWURPXHVWUDQRUPDOPHQWHODIUHFXHQFLD
P£[LPD3
)ORDW
U
&26DOLGDGHWHQVLµQ
GHOUHJXODGRU,P£[>+]@
0XHVWUDODFDQWLGDGHQODFXDOHOUHJXODGRU,BP£[UHGXFHODWHQVLµQGHVDOLGDGHOFRQYHUWLGRU
3>@
*DQDQFLDSURSRUFLRQDO
GHOUHJXODGRUGHWHQVLµQ ,P£[
6LODFRUULHQWHGHVDOLGDUVXSHUDODFRUULHQWHP£[LPDUHOFRQYHUWLGRUVHUHJXOD
GLQ£PLFDPHQWHPHGLDQWHODUHGXFFLµQGHODWHQVLµQGHVDOLGD&RQHVWHSDU£PHWURVHDMXVWDODJDQDQFLD
SURSRUFLRQDOGHOUHJXODGRU
87
''6
)ORDW
'HSHQGHQFLD (VWHSDU£PHWURVHYHLQIOXLGRSRUORVF£OFXORVDXWRP£WLFRVGHILQLGRVSRU3
1RWD
9«DVH3SDUDREWHQHUP£VLQIRUPDFLµQ(ODMXVWHGHI£EULFDHVIXQFLµQGHODSRWHQFLDGHOFRQYHUWLGRU
3>@
7LHPSRLQWHJUDOGHO
UHJXODGRUGHWHQVLµQ
,P£[>V@
&RQVWDQWHGHWLHPSRGHLQWHJUDFLµQGHOUHJXODGRUGHWHQVLµQ,BP£[
87
3 5HJXODGRU,BP£[GHVKDELOLWDGR
3 \3!,QWHJUDOPHMRUDGDGHOUHJXODGRUGHWHQVLµQ,BP£[
3!\3!5HJXODGRU3,QRUPDOGHOUHJXODGRUGHWHQVLµQ,BP£[
''6
)ORDW
'HSHQGHQFLD (VWHSDU£PHWURVHYHLQIOXLGRSRUORVF£OFXORVDXWRP£WLFRVGHILQLGRVSRU3
1RWD
9«DVH3SDUDREWHQHUP£VLQIRUPDFLµQ(ODMXVWHGHI£EULFDHVIXQFLµQGHODSRWHQFLDGHOFRQYHUWLGRU
U
)DFWRUGHPRGR
HFRQRPL]DGRU>@
0XHVWUDHOIDFWRUGHOPRGRHFRQRPL]DGRUFDOFXODGRUDQJRGHDDSOLFDGRDODWHQVLµQGHVDOLGD
GHPDQGDGD
3(5&(1 7
)ORDW
(OPRGRHFRQRPL]DGRUVHXWLOL]DSDUDHQFRQWUDUHOSXQWRGHIXQFLRQDPLHQWRP£VHILFLHQWHSDUDXQDFDUJD
GHWHUPLQDGD(VWRVHORJUDPHGLDQWHHOP«WRGRFRQWLQXRGHRSWLPL]DFLµQFRQHVFDODGD(VWHP«WRGR
IXQFLRQDDOLQFUHPHQWDURUHGXFLUOLJHUDPHQWHODWHQVLµQGHVDOLGD\YLJLODUHOFDPELRHQODSRWHQFLDGH
HQWUDGD6LODSRWHQFLDGHHQWUDGDKDGLVPLQXLGRHODOJRULWPRFDPELDODWHQVLµQGHVDOLGDHQODPLVPD
GLUHFFLµQ6LODSRWHQFLDGHHQWUDGDKDDXPHQWDGRHODOJRULWPRDMXVWDODWHQVLµQGHVDOLGDHQODRWUD
GLUHFFLµQ8WLOL]DQGRHVWHDOJRULWPRHOVRIWZDUHGHEHVHUFDSD]GHHQFRQWUDUHOSXQWRP¯QLPRHQHOJU£ILFR
HQWUHODSRWHQFLDGHHQWUDGD\ODWHQVLµQGHVDOLGD
$WHQFLµQ
6LHVWHYDORUHVGHPDVLDGREDMRHOVLVWHPDSXHGHVHULQHVWDEOH
3>@
$XPHQWRVXDYHWHQVLµQ
'HWHUPLQDVLODWHQVLµQDXPHQWDVXDYHPHQWHGXUDQWHHOWLHPSRGHPDJQHWL]DFLµQ21RVLVDOWD
GLUHFWDPHQWHDODWHQVLµQGHHOHYDFLµQ2))
2))
21
87
''6
8
&RQYHUWLGRU6,1$0,&69
,QVWUXFFLRQHVGHVHUYLFLR$(
/LVWDGHSDU£PHWURV
/LVWDGHSDU£PHWURV
(VFDODGR -XHJR
GH
GDWRV
)XQFLµQ
1RWD
/RVDMXVWHVSDUDHVWHSDU£PHWURWLHQHQODVYHQWDMDVHLQFRQYHQLHQWHVVLJXLHQWHV
5DQJR
6H
$MXVWHV
SUHGHWHUPLQDGR SXHGH
FDPELDU
VGHI£EULFD
3DU£PHWUR
7LSR 1LYHO
GH
GH
GDWRV DFFHVR
3 2))VDOWRDWHQVLµQGHHOHYDFLµQ
9HQWDMD(OIOXMRVHJHQHUDGRU£SLGDPHQWH
,QFRQYHQLHQWH(OHMHGHOPRWRUSXHGHJLUDU
3 21DXPHQWRVXDYHGHODWHQVLµQ
9HQWDMD3UREDEOHPHQWHHOHMHGHOPRWRUQRVHPRYHU£
,QFRQYHQLHQWH/DJHQHUDFLµQGHIOXMRWDUGDP£V
3>@
3DODEUDGHPDQGRGH
DGDSWDFLµQ5V5U
+DELOLWDODDGDSWDFLµQW«UPLFDGHODUHVLVWHQFLDGHOURWRU\GHOHVW£WRUSDUDUHGXFLUHUURUHVGHSDUHQOD
UHJXODFLµQGHYHORFLGDGSDUFRQRVLQVHQVRUGHYHORFLGDG
%LW
1RPEUHGHVH³DO
+DELOLWDFLµQDGDSWDFLµQGHWHPSHUDWXUD5V5U
3>@
)UHFXHQFLDGHSXOVDFLµQ >N+]@
$MXVWDODIUHFXHQFLDGHSXOVDFLµQGHOVHPLFRQGXFWRUGHSRWHQFLDGHOFRQYHUWLGRU(VWDIUHFXHQFLDVH
PRGLILFDHQSDVRVGHN+]
87
''6
6H³DO
87
6H³DO
6¯
8
1R
''6
8
'HSHQGHQFLD /RVYDORUHVP¯QLPRP£[LPRSUHGHWHUPLQDGRSDUDODIUHFXHQFLDGHSXOVDFLµQVHGHWHUPLQDQPHGLDQWHORV
PµGXORVGHSRWHQFLDXWLOL]DGRV
$GHP£VODIUHFXHQFLDGHSXOVDFLµQP¯QLPDGHSHQGHGHODSDUDPHWUL]DFLµQGH3IUHFXHQFLD
P£[LPD\3IUHFXHQFLDQRPLQDOGHOPRWRU
1RWD
6LDXPHQWDODIUHFXHQFLDGHSXOVDFLµQVHUHGXFLU£ODFRUULHQWHP£[LPDGHOFRQYHUWLGRUUUHGXFFLµQ
GHSRWHQFLD/DUHGXFFLµQGHSRWHQFLDGHSHQGHGHOWLSR\GHODSRWHQFLDGHOFRQYHUWLGRU
6LQRHVDEVROXWDPHQWHQHFHVDULRXQIXQFLRQDPLHQWRVLOHQFLRVRVHSXHGHQVHOHFFLRQDUIUHFXHQFLDVGH
SXOVDFLµQEDMDVSDUDUHGXFLUODVS«UGLGDVHQHOFRQYHUWLGRU\ODVHPLVLRQHVGHUDGLRIUHFXHQFLD
(QFLHUWDVFLUFXQVWDQFLDVHOFRQYHUWLGRUSXHGHUHGXFLUODIUHFXHQFLDGHSXOVDFLµQSDUDDXWRSURWHJHUVH
FRQWUDODVREUHWHPSHUDWXUDY«DVH3\3ELW
U>@
&2)UHFXHQFLDGH
SXOVDFLµQ>N+]@
8
0XHVWUDLQIRUPDFLµQVREUHODIUHFXHQFLDGHSXOVDFLµQGHOVHPLFRQGXFWRUGHSRWHQFLDGHOFRQYHUWLGRU
U>@PXHVWUDODIUHFXHQFLDGHSXOVDFLµQUHDOGHOFRQYHUWLGRU
U>@PXHVWUDODIUHFXHQFLDGHSXOVDFLµQP¯QLPDGHOFRQYHUWLGRUTXHVHSXHGHDOFDQ]DUVLHVW£DFWLYD
ODIXQFLµQLGHQWLILFDFLµQGHOPRWRURODIXQFLµQUHDFFLµQGHOFRQYHUWLGRUDQWHVREUHFDUJD(VW«
SDU£PHWURVHSRQGU£DN+]VLQRKD\QLQJ¼QPµGXORGHSRWHQFLDLQFRUSRUDGR
QGLFH
>@
)UHFXHQFLDGHSXOVDFLµQUHDO
>@
)UHFXHQFLDGHSXOVDFLµQP¯QLPD
$WHQFLµQ
(QFLHUWDVFRQGLFLRQHVVREUHWHPSHUDWXUDGHOFRQYHUWLGRUY«DVH3ORVYDORUHVGHHVWHSDU£PHWUR
SXHGHQGLIHULUGHORVYDORUHVVHOHFFLRQDGRVHQ3IUHFXHQFLDGHSXOVDFLµQ
3
0RGRPRGXODGRU
6HOHFFLRQDODFODVHGHVHUYLFLRGHOPRGXODGRU
690DVLP«WULFD
0RGXODFLµQGHYHFWRUHVSDFLDO
690$690HQOD]RFHUUDGR
87
8
&RQYHUWLGRU6,1$0,&69
,QVWUXFFLRQHVGHVHUYLFLR$(
/LVWDGHSDU£PHWURV
/LVWDGHSDU£PHWURV
(VFDODGR -XHJR
GH
GDWRV
7LSR 1LYHO
GH
GH
GDWRV DFFHVR
)XQFLµQ
$WHQFLµQ
/DPRGXODFLµQDVLP«WULFDGHYHFWRUHVSDFLDO$690SURGXFHPHQRUHVS«UGLGDVGHFRQPXWDFLµQTXH
ODPRGXODFLµQGHYHFWRUHVSDFLDO690SHURSXHGHPHUPDUODFDOLGDGGHFRQFHQWULFLGDGFXDQGROD
YHORFLGDGHVPX\EDMD
/D690FRQVREUHPRGXODFLµQSXHGHSURGXFLUGLVWRUVLRQHVHQODFXUYDGHFRUULHQWHFXDQGRODWHQVLµQ
GHVDOLGDHVDOWD
/D690VLQVREUHPRGXODFLµQUHGXFLU£ODWHQVLµQGHVDOLGDP£[LPDGLVSRQLEOHSDUDHOPRWRU
3>@
5DQJR
6H
$MXVWHV
SUHGHWHUPLQDGR SXHGH
FDPELDU
VGHI£EULFD
3DU£PHWUR
0RGXODFLµQP£[LPD>@
87
''6
)ORDW
$MXVWDHOJUDGRGHPRGXODFLµQP£[LPR
1RWD
3 (VHOO¯PLWHGHVREUHPRGXODFLµQSDUDXQFRQYHUWLGRULGHDOVLQUHWDUGRGHFRQPXWDFLµQ
3>@
3DODEUDGHPDQGRGH
UHJXODFLµQ9GF
&RQILJXUDHOILOWUDGR\ODFRPSHQVDFLµQ9GF
%LW
87
8
1RPEUHGHVH³DO
6H³DO
6H³DO
+DELOLWDUILOWURSURPHGLR9GF
6¯
1R
+DELOLWDUFRPSHQVDFLµQ9GF
6¯
1R
QGLFH
>@
-XHJRGHGDWRVGHOFRQYHUWLGRU''6
>@
-XHJRGHGDWRVGHOFRQYHUWLGRU''6
>@
-XHJRGHGDWRVGHOFRQYHUWLGRU''6
1RWD
(ODMXVWHSUHGHWHUPLQDGRGH3SDUDODVYDULDQWHVPRQRI£VLFDVHV
3>@
,QYHUVLµQGHVHFXHQFLD
GHIDVHVDODVDOLGD
&DPELDODVHFXHQFLDGHIDVHVVLQFDPELDUODSRODULGDGGHODFRQVLJQD
*LURKRUDULR
,QYHUVLµQGHVHQWLGR
7
''6
8
)ORDW
)ORDW
8
1RWD
9«DVH3
3
7HQVLµQGLUHFWDGH,*%7 >9@
&RUULJHIDOORVGHWHQVLµQSURYRFDGRVSRUODWHQVLµQGLUHFWDGHORV,*%7
3
7LHPSRPXHUWRXQLGDG
GHFRQWUROGHLPSXOVRV
>˩V@
$MXVWDHOWLHPSRGHFRPSHQVDFLµQSDUDFRUUHJLUHOWLHPSRGHHQFODYDPLHQWRGHORV,*%7
3
6HOHFFLµQGHOD
LGHQWLILFDFLµQGHGDWRV
GHOPRWRU
5HDOL]DODLGHQWLILFDFLµQGHGDWRVGHOPRWRU
'HVKDELOLWDGD
,GHQWLILFDFLµQGHWRGRVORVSDU£PHWURVHQSDUDGD
87
87
&7
'HSHQGHQFLD 1RVHUHDOL]DQLQJXQDPHGLFLµQVLORVGDWRVGHOPRWRUQRVRQFRUUHFWRV
3 6HFRUULJHHOYDORUFDOFXODGRSDUDODUHVLVWHQFLDGHOHVW£WRUY«DVH3
&RQYHUWLGRU6,1$0,&69
,QVWUXFFLRQHVGHVHUYLFLR$(
/LVWDGHSDU£PHWURV
/LVWDGHSDU£PHWURV
5DQJR
6H
$MXVWHV
SUHGHWHUPLQDGR SXHGH
FDPELDU
VGHI£EULFD
(VFDODGR -XHJR
GH
GDWRV
7LSR 1LYHO
GH
GH
GDWRV DFFHVR
3DU£PHWUR
)XQFLµQ
$WHQFLµQ
$OILQDOL]DUODLGHQWLILFDFLµQGHOPRWRU3VHSRQHD&XDQGRVHHOLJHHODMXVWHSDUDODPHGLFLµQVH
GHEHWHQHUHQFXHQWDORVLJXLHQWH
(OYDORUVHDGRSWDHIHFWLYDPHQWHFRPRDMXVWHGHOSDU£PHWUR3\VHDSOLFDDODUHJXODFLµQDGHP£VGH
PRVWUDUVHHQORVSDU£PHWURVGHVROROHFWXUDVLJXLHQWHV$VHJ¼UHVHGHTXHHOIUHQRGHPDQWHQLPLHQWRGHO
PRWRUQRHVWHDFWLYRFXDQGRVHUHDOLFHODLGHQWLILFDFLµQGHOPRWRU
1RWD
$QWHVGHVHOHFFLRQDUODLGHQWLILFDFLµQGHGDWRVGHOPRWRUVHGHEHKDEHUUHDOL]DGRSUHYLDPHQWHODSXHVWD
HQPDUFKDU£SLGD
3XHVWRTXHODORQJLWXGGHORVFDEOHVGHODVDSOLFDFLRQHVYDU¯DHQXQDPSOLRUDQJRODUHVLVWHQFLD
SUHDMXVWDGD3VRORHVXQDSULPHUDDSUR[LPDFLµQ6HSXHGHQFRQVHJXLUPHMRUHVUHVXOWDGRVGH
LGHQWLILFDFLµQGHGDWRVGHOPRWRUVLVHHVSHFLILFDODUHVLVWHQFLDGHOFDEOHSRUPHGLFLµQRF£OFXORDQWHVGH
LQLFLDUOD
8QDYH]TXHVHKDKDELOLWDGR3!VHJHQHUDHODYLVR$TXHLQGLFDTXHFRQODVLJXLHQWHVH³DO
GHPDQGR21VHLQLFLDU£ODPHGLFLµQGHORVSDU£PHWURVGHOPRWRU
'XUDQWHHOWLHPSRTXHVHQHFHVLWDSDUDORVF£OFXORVLQWHUQRVVHGHWLHQHODFRPXQLFDFLµQY¯D866\Y¯D
0RGEXV/RVF£OFXORVSXHGHQGXUDUKDVWDPLQXWR
3>@
3DODEUDGHPDQGRGHOD
LGHQWLILFDFLµQGHGDWRV
GHOPRWRU
3DODEUDGHPDQGRGHODLGHQWLILFDFLµQGHGDWRVGHOPRWRU
%LW
1RPEUHGHVH³DO
ELQ
87
''6
8
6H³DO
6H³DO
(VWLPDFLµQGH;V
6¯
1R
,'PRWRUD.+]
6¯
1R
(VWLPDFLµQGH7U
6¯
1R
(VWLPDFLµQGH/VLJPD
6¯
1R
'HWHUPLQDFLµQPHGLFLµQ7UFRQIUHF
6¯
1R
0HGLFLµQGHODWHQVLµQGLUHFWD
6¯
1R
'HWHFFLµQGHWLHPSRPXHUWRDSDUWLUGHPHGLFLµQGH
5V
6¯
1R
,GHQWLILFDFLµQPRWRUFRQFRPSHQVDFLµQGHWLHPSR
PXHUWR+:DFWLYD
6¯
1R
6LQGHWHFFLµQGHWLHPSRPXHUWRFRQIUHF
6¯
1R
'HWHFWDU/VFRQP«WRGR/V%ORFN
6¯
1R
$GDSWDFLµQ,'0RWGHFRUULHQWHGHPDJQHWL]DFLµQ
6¯
1R
$GDSWDFLµQ,'0RWGHUHDFWDQFLDSULQFLSDO
6¯
1R
'HVDFWLYDUODRSWLPL]DFLµQGHODFXUYDGHVDWXUDFLµQ
,'0RW
6¯
1R
2SWLPL]DFLµQGHODFXUYDGHVDWXUDFLµQ,'0RWWRGRV
ORVWDPD³RV
6¯
1R
2SWLPL]DFLµQGHODFXUYDGHVDWXUDFLµQ,'0RW
WDPD³RVJUDQGHV
6¯
1R
U>@
5HVLVWHQFLDHVWDWµULFD
LGHQWLILFDGD>2KP@
9LVXDOL]DHOYDORUPHGLGRGHODUHVLVWHQFLDGHOHVW£WRUIDVHDIDVH(VWHYDORULQFOX\HODVUHVLVWHQFLDVGH
ORVFDEOHV
QGLFH
>@
)ORDW
)DVHB8
&RQYHUWLGRU6,1$0,&69
,QVWUXFFLRQHVGHVHUYLFLR$(
/LVWDGHSDU£PHWURV
/LVWDGHSDU£PHWURV
6H
$MXVWHV
SUHGHWHUPLQDGR SXHGH
FDPELDU
VGHI£EULFD
5DQJR
(VFDODGR -XHJR
GH
GDWRV
7LSR 1LYHO
GH
GH
GDWRV DFFHVR
3DU£PHWUR
)XQFLµQ
$WHQFLµQ
6LHOYDORULGHQWLILFDGR5V UHVLVWHQFLDGHOHVW£WRUQRHVW£GHQWURGHOUDQJRGH5V>SX@
VHHPLWHHOPHQVDMHGHIDOORIDOORGHLGHQWLILFDFLµQGHGDWRVGHOPRWRU0£VLQIRUPDFLµQHQ3
YDORUGHIDOOR HQHVWHFDVR
1RWD
(VWHYDORUVHPLGHXVDQGR3 U>@
,QGXFWDQFLDGLVSHUVD
GLQ£PLFDLGHQWLILFDGD
0XHVWUDODLQGXFWDQFLDGLVSHUVDGLQ£PLFDLGHQWLILFDGDWRWDO
QGLFH
>@
)DVHB8
U>@
7HQVLµQGLUHFWD
LGHQWLILFDGD>9@
0XHVWUDODWHQVLµQGLUHFWDLGHQWLILFDGDGHORV,*%7
QGLFH
>@
$WHQFLµQ
6LODWHQVLµQGLUHFWDLGHQWLILFDGDQRHVW£GHQWURGHOUDQJRGH99VHHPLWHHOPHQVDMHGHIDOOR
IDOORGHLGHQWLILFDFLµQGHGDWRVGHOPRWRU0£VLQIRUPDFLµQHQ3YDORUGHIDOOR HQHVWHFDVR
U
7LHPSRPXHUWR
LGHQWLILFDGRGHODXQLGDG
GHFRQWUROGHLPSXOVRV
>˩V@
0XHVWUDHOWLHPSRPXHUWRLGHQWLILFDGRGHOHQFODYDPLHQWRGHORV,*%7
3>@
)UHFXHQFLDGHUHIHUHQFLD >+]@
(OSDU£PHWUR3UHSUHVHQWDODIUHFXHQFLDGHUHIHUHQFLDSDUDWUDQVPLWLURUHSUHVHQWDUYDORUHV
SRUFHQWXDOHVRKH[DGHFLPDOHV
)ORDW
)ORDW
)DVHB8
7
)ORDW
''6
)ORDW
'RQGH
(MHPSOR
+H[DGHFLPDO+
3RUFHQWXDO
!3SHM8663='
!3SHM$,
6LVHHVWDEOHFHXQHQODFH%,&2HQWUHGRVSDU£PHWURVRSRUPHGLRGH3R3SXHGHVHUTXHOD
XQLGDGGHORVSDU£PHWURVQRUPDOL]DFLµQ+H[RODPDJQLWXGI¯VLFD+]VHDGLIHUHQWH6,1$0,&6
FRQYLHUWHHOYDORUGHHQWUDGDDXWRP£WLFDPHQWHDODQRUPDOL]DFLµQTXHSRVHHHOYDORUGHVDOLGD
r0021
P2019
[0]
[1]
[2]
[3]
x[Hz]
3='866SRU
56
y[Hex] =
r0021[Hz]
⋅ 4000[Hex]
P2000[Hz]
y[Hex]
r2018
[0]
[1]
[2]
[3]
3='866SRU
56
x[Hex]
P1070
y[Hz] =
y[Hz]
r2018[1]
⋅ P2000
4000[Hex]
'HSHQGHQFLD 'HVSX«VGHODSXHVWDHQPDUFKDU£SLGD3FDPELDGHODVLJXLHQWHIRUPD3 3
&RQYHUWLGRU6,1$0,&69
,QVWUXFFLRQHVGHVHUYLFLR$(
/LVWDGHSDU£PHWURV
/LVWDGHSDU£PHWURV
6H
$MXVWHV
SUHGHWHUPLQDGR SXHGH
FDPELDU
VGHI£EULFD
5DQJR
(VFDODGR -XHJR
GH
GDWRV
7LSR 1LYHO
GH
GH
GDWRV DFFHVR
3DU£PHWUR
)XQFLµQ
3UHFDXFLµQ
(OSDU£PHWUR3UHSUHVHQWDODIUHFXHQFLDGHUHIHUHQFLDSDUDODVLQWHUIDFHVDUULEDLQGLFDGDV
$WUDY«VGHODLQWHUID]FRUUHVSRQGLHQWHVHSXHGHDSOLFDUXQDFRQVLJQDGHIUHFXHQFLDP£[LPDGH
3
$GLIHUHQFLDGHOSDU£PHWUR3IUHFXHQFLDP£[LPDOLPLWDODIUHFXHQFLDGHOFRQYHUWLGRULQWHUQDPHQWH
FRQLQGHSHQGHQFLDGHODIUHFXHQFLDGHUHIHUHQFLD
6LVHFDPELD3VHGHEHU£DGDSWDUFRUUHVSRQGLHQWHPHQWHHOSDU£PHWUR3
f (Hex)
PZD
P1082
&DQDOGH
FRQVLJQD
f [Hz]
$QDOµJLFD
f_act
f (%)
Normalización
f[Hz] =
$WHQFLµQ
5HJXODFLµQ
GHOPRWRU
f_act,limit
Limitación
f(Hex)
f(%)
⋅ P2000 =
⋅ P2000
4000(Hex)
100 %
f_act,limit = min(P1082, f_act)
/RVSDU£PHWURVGHUHIHUHQFLDHVW£QSHQVDGRVSDUDUHSUHVHQWDUGHPDQHUDXQLIRUPHODVVH³DOHVGH
FRQVLJQDV\GHYDORUHVUHDOHV
(VWRHVWDPEL«QY£OLGRSDUDORVSDU£PHWURVGHDMXVWHVILMRVTXHVHGDQHQSRUFHQWDMH
8QYDORUGHOFRUUHVSRQGHDXQYDORUGHGDWRVGHSURFHVRGH+R+HQHOFDVRGH
YDORUHVGREOHV
(QHVWHDVSHFWRVHGLVSRQHGHORVVLJXLHQWHVSDU£PHWURV
P2000 )UHFXHQFLDGHUHIHUHQFLD
P2001 7HQVLµQGHUHIHUHQFLD
P2002 &RUULHQWHGHUHIHUHQFLD
P2003 3DUGHUHIHUHQFLD
Hz
V
A
Nm
kW
hp
P2004 3RWHQFLDGHUHIHUHQFLD
f(P0100)
1RWD
/DVPRGLILFDFLRQHVHQ3FRQOOHYDQQXHYRVF£OFXORVGH3
3>@
7HQVLµQGHUHIHUHQFLD>9@ 7HQVLµQGHVDOLGDGHIRQGRGHHVFDODHVGHFLUXVDGDY¯DLQWHUID]VHULHFRUUHVSRQGHD+
(MHPSOR
r0026
7
P0771
y[Hex] =
$,
x[V]
''6
8
r0026[V]
⋅ 4000[Hex]
P2001[V]
y[Hex]
1RWD
/DVPRGLILFDFLRQHVHQ3FRQOOHYDQQXHYRVF£OFXORVGH3
3>@
&RUULHQWHGHUHIHUHQFLD
>$@
&RUULHQWHGHVDOLGDGHIRQGRGHHVFDODTXHVHXVDY¯DLQWHUID]VHULHFRUUHVSRQGHD+
7
''6
)ORDW
&RQYHUWLGRU6,1$0,&69
,QVWUXFFLRQHVGHVHUYLFLR$(
/LVWDGHSDU£PHWURV
/LVWDGHSDU£PHWURV
6H
$MXVWHV
SUHGHWHUPLQDGR SXHGH
FDPELDU
VGHI£EULFD
7LSR 1LYHO
GH
GH
GDWRV DFFHVR
)XQFLµQ
(MHPSOR
6LVHHVWDEOHFHXQHQODFH%,&2HQWUHGRVSDU£PHWURVSXHGHVHUTXHODXQLGDGGHORVSDU£PHWURV
QRUPDOL]DFLµQ+H[RODPDJQLWXGI¯VLFD$VHDGLIHUHQWH(QHVWHFDVRVHUHDOL]DXQDFRQYHUVLµQ
DXWRP£WLFDDOYDORUGHGHVWLQR
r0027
5DQJR
(VFDODGR -XHJR
GH
GDWRV
3DU£PHWUR
3
[0]
[1]
[2]
[3]
x[A]
%XVGH
FDPSR
y[Hex] =
r0027[A]
⋅ 4000[Hex]
P2002[A]
y[Hex]
'HSHQGHQFLD (VWHSDU£PHWURVHYHLQIOXLGRSRUORVF£OFXORVDXWRP£WLFRVGHILQLGRVSRU3
1RWD
/DVPRGLILFDFLRQHVHQ3FRQOOHYDQQXHYRVF£OFXORVGH3
3>@
3DUGHUHIHUHQFLD>1P@
3DUGHUHIHUHQFLDGHIRQGRGHHVFDODTXHVHXVDY¯DODLQWHUID]VHULHFRUUHVSRQGHD+
(MHPSOR
6LVHHVWDEOHFHXQHQODFH%,&2HQWUHGRVSDU£PHWURVSXHGHVHUTXHODXQLGDGGHORVSDU£PHWURV
QRUPDOL]DFLµQ+H[RODPDJQLWXGI¯VLFD1PVHDGLIHUHQWH(QHVWHFDVRVHUHDOL]DXQDFRQYHUVLµQ
DXWRP£WLFDDOYDORUGHGHVWLQR
r0080
P2051
[0]
[1]
[2]
[3]
x[Nm]
%XVGH
FDPSR
7
y[Hex] =
''6
)ORDW
r0080[Nm]
⋅ 4000[Hex ]
P2003[Nm]
y[Hex]
'HSHQGHQFLD (VWHSDU£PHWURVHYHLQIOXLGRSRUORVF£OFXORVDXWRP£WLFRVGHILQLGRVSRU3
1RWD
/DVPRGLILFDFLRQHVHQ3FRQOOHYDQQXHYRVF£OFXORVGH3
3>@
3RWHQFLDGHUHIHUHQFLD
3RWHQFLDGHUHIHUHQFLDGHIRQGRGHHVFDODTXHVHXVDY¯DODLQWHUID]VHULHFRUUHVSRQGHD+
(MHPSOR
6LVHHVWDEOHFHXQHQODFH%,&2HQWUHGRVSDU£PHWURVSXHGHVHUTXHODXQLGDGGHORVSDU£PHWURV
QRUPDOL]DFLµQ+H[RODPDJQLWXGI¯VLFDN:KSVHDGLIHUHQWH(QHVWHFDVRVHUHDOL]DXQDFRQYHUVLµQ
DXWRP£WLFDDOYDORUGHGHVWLQR
U
3
>@
>@
>@
>@
[>N: @
R
[>KS@
VHJ¼Q3
%XVGH
FDPSR
7
\>+H[@ ''6
)ORDW
U
ຘ >+H[ @
3
\>+H[@
87
3>@
9HORFLGDGWUDQVPLVLµQ
86602'%86
$MXVWDODYHORFLGDGGHWUDQVPLVLµQGHGDWRVSDUDFRPXQLFDFLµQ866R02'%86
ESV
ESV
ESV
8
&RQYHUWLGRU6,1$0,&69
,QVWUXFFLRQHVGHVHUYLFLR$(
/LVWDGHSDU£PHWURV
/LVWDGHSDU£PHWURV
6H
$MXVWHV
SUHGHWHUPLQDGR SXHGH
FDPELDU
VGHI£EULFD
(VFDODGR -XHJR
GH
GDWRV
7LSR 1LYHO
GH
GH
GDWRV DFFHVR
3DU£PHWUR
)XQFLµQ
5DQJR
ESV
ESV
ESV
ESV
QGLFH
>@
86602'%86SRU56
>@
866SRU56UHVHUYDGR
1RWD
(VWHSDU£PHWUR¯QGLFHYDDDOWHUDUODYHORFLGDGGHWUDQVPLVLµQGH56VLQLPSRUWDUHOSURWRFROR
VHOHFFLRQDGRHQ3
3>@
'LUHFFLµQ866
$MXVWDODGLUHFFLµQH[FOXVLYDGHOFRQYHUWLGRU
QGLFH
>@
86602'%86SRU56
>@
866SRU56UHVHUYDGR
1RWD
6HSXHGHQFRQHFWDUKDVWDXQP£[LPRGHFRQYHUWLGRUHVDGLFLRQDOHVDWUDY«VGHODLQWHUID]VHULHHV
GHFLUFRQYHUWLGRUHVHQWRWDO\FRQWURODUORVFRQHOSURWRFRORGHEXVVHULH866
3>@
/RQJLWXG3='HQ866
'HILQHHOQ¼PHURGHSDODEUDVGHELWVHQODSDUWH3='GHOWHOHJUDPD866(QHVWD£UHDVH
LQWHUFDPELDQFRQVWDQWHPHQWHGDWRVGHSURFHVR3='HQWUHPDHVWUR\HVFODYRV/DSDUWH3='GHO
WHOHJUDPD866VHXWLOL]DSDUDODFRQVLJQDSULQFLSDO\ODUHJXODFLµQGHOFRQYHUWLGRU
QGLFH
>@
86602'%86SRU56
>@
866SRU56UHVHUYDGR
$WHQFLµQ
(OSURWRFROR866FRQVWDGH3='\3.:\ORVSXHGHFDPELDUHOXVXDULRPHGLDQWHORVSDU£PHWURV3\
3UHVSHFWLYDPHQWH
87
87
8
8
7HOHJUDPD866
STX
LGE
ADR
PKE
STX
LGE
ADR
PKW
PZD
BCC
3DU£PHWUR
PKW
IND
PWE
'DWRVGHSURFHVR
PZD
PZD1
PKE
,QLFLRGHWH[WR
IND
/RQJLWXG
PWE
'LUHFFLµQ
9DORUGH,'GHSDU£PHWUR
'DWRVGHSURFHVR
&DU£FWHUGHFRPSUREDFLµQGHEORTXH
PZD2
BCC
PZD3
PZD4
,'GHSDU£PHWUR
6XE¯QGLFH
9DORUGHSDU£PHWUR
3='WUDQVPLWHXQDSDODEUDGHPDQGR\SDODEUDVGHFRQVLJQDRHVWDGR\ORVYDORUHVUHDOHV
(OQ¼PHURGHSDODEUDV3='HQXQWHOHJUDPD866VHGHWHUPLQDFRQHOSDU£PHWUR3GRQGHODVGRV
SULPHUDVSDODEUDVVRQ
DSDODEUDGHPDQGR\FRQVLJQDSULQFLSDOR
ESDODEUDGHHVWDGR\YDORUUHDO
6L3HVPD\RURLJXDODODSDODEUDGHPDQGRDGLFLRQDOVHWLHQHTXHWUDQVIHULUFRPRFXDUWDSDODEUD
3='DMXVWHSUHGHWHUPLQDGR
&RQYHUWLGRU6,1$0,&69
,QVWUXFFLRQHVGHVHUYLFLR$(
/LVWDGHSDU£PHWURV
/LVWDGHSDU£PHWURV
3DU£PHWUR
)XQFLµQ
STW
ZSW
HSW
HIW
PZD1
PZD2
PZD3
P2012
STW
ZSW
PZD
6H
$MXVWHV
SUHGHWHUPLQDGR SXHGH
FDPELDU
VGHI£EULFD
5DQJR
(VFDODGR -XHJR
GH
GDWRV
7LSR 1LYHO
GH
GH
GDWRV DFFHVR
STW2
PZD4
3DODEUDGHPDQGR
3DODEUDGHHVWDGR
'DWRVGHSURFHVR
&RQVLJQDSULQFLSDO
9DORUUHDOSULQFLSDO
HSW
HIW
3>@
/RQJLWXG3.:HQ866
'HILQHHOQ¼PHURGHSDODEUDVGHELWVHQODSDUWH3.:GHOWHOHJUDPD866(O£UHD3.:DGPLWH
YDULDFLRQHV'HSHQGLHQGRGHODVQHFHVLGDGHVFRQFUHWDVVHSXHGHSDUDPHWUL]DUXQDORQJLWXGGHR
SDODEUDVRXQQ¼PHURYDULDEOHGHHOODV/DSDUWH3.:GHOWHOHJUDPD866VHXWLOL]DSDUDOHHU\HVFULELU
YDORUHVGHSDU£PHWURVLQGLYLGXDOPHQWH
1LQJXQDSDODEUD
SDODEUDV
SDODEUDV
9DULDEOH
(MHPSOR
87
8
7LSRGHGDWRV
8ELWV
8ELWV
3 ;
)DOORGHDFFHVRD
SDU£PHWURV
)ORDWELWV
3 ;
;
;
3 ;
;
;
)DOORGHDFFHVRD
SDU£PHWURV
QGLFH
>@
86602'%86SRU56
>@
866SRU56UHVHUYDGR
$WHQFLµQ
(OSURWRFROR866FRQVWDGH3='\3.:\ORVSXHGHFDPELDUHOXVXDULRPHGLDQWHORVSDU£PHWURV3\
3UHVSHFWLYDPHQWH(OSDU£PHWUR3GHWHUPLQDODFDQWLGDGGHSDODEUDV3.:HQHOWHOHJUDPD
866/RVDMXVWHV3 RGHWHUPLQDQODORQJLWXG3.: WUHVSDODEUDV FXDWURSDODEUDV
5HVSHFWRDODORQJLWXGYDULDEOHGHSDODEUDVFRQ3 VHDGDSWDDXWRP£WLFDPHQWHODORQJLWXG
3.:
P2013
P2013 = 3
PKE
IND
PWE
SDODEUD
FDGDELWV
P2013
P2013 = 4
PKE
PKE
IND
PWE
IND
,'GHSDU£PHWUR
6XE¯QGLFH
9DORUGHSDU£PHWUR
PWE
6LVHVHOHFFLRQDXQDFDQWLGDGILMDGHSDODEUDVVRORVHSXHGHWUDQVPLWLUXQSDU£PHWUR
&XDQGRVHWUDWDGHSDU£PHWURVLQGH[DGRVVHWLHQHTXHVHOHFFLRQDUODORQJLWXG3.:YDULDEOHSDUDSRGHU
WUDQVPLWLUHOSDU£PHWURLQGH[DGRFRPSOHWRHQXQVRORWHOHJUDPD
&RQYHUWLGRU6,1$0,&69
,QVWUXFFLRQHVGHVHUYLFLR$(
/LVWDGHSDU£PHWURV
/LVWDGHSDU£PHWURV
6H
$MXVWHV
SUHGHWHUPLQDGR SXHGH
FDPELDU
VGHI£EULFD
5DQJR
(VFDODGR -XHJR
GH
GDWRV
7LSR 1LYHO
GH
GH
GDWRV DFFHVR
3DU£PHWUR
)XQFLµQ
$OVHOHFFLRQDUODORQJLWXG3.:ILMDHVLPSRUWDQWHDVHJXUDUVHGHTXHHOYDORUHQFXHVWLµQVHSXHGD
WUDQVIHULUFRQGLFKDORQJLWXG3.:
3 ORQJLWXG3.:ILMDQRSHUPLWHHODFFHVRDWRGRVORVYDORUHVGHSDU£PHWURV
6LKD\XQYDORUVLWXDGRIXHUDGHOUDQJRVHDFWLYDXQIDOORGHSDU£PHWUR\HVHYDORUQRVHU£DFHSWDGR(O
HVWDGRGHOFRQYHUWLGRUQRVHYHU£DIHFWDGRSRUHOOR
œWLOSDUDDSOLFDFLRQHVHQODVTXHQRVHPRGLILFDQSDU£PHWURVSHURWDPEL«QVHHPSOHDQ00HQOD
LQVWDODFLµQ
(VWHDMXVWHQRSHUPLWHHOPRGRGHGLIXVLµQJHQHUDO
3 ORQJLWXG3.:ILMD
3HUPLWHHODFFHVRDWRGRVORVSDU£PHWURVSHURHQORVSDU£PHWURVLQGH[DGRVVµORSXHGHOHHUVHXQ¯QGLFH
GHVSX«VGHRWUR
/DVHFXHQFLDGHODVSDODEUDVSDUDFDGDXQRGHORVYDORUHVGHSDODEUDHVGLIHUHQWHVHJ¼QVHDMXVWHDR
Y«DVHHOHMHPSORPRVWUDGRDFRQWLQXDFLµQ
3 HODMXVWHP£V¼WLO
/DORQJLWXGGHUHVSXHVWD3.:YDU¯DGHSHQGLHQGRGHODFDQWLGDGGHLQIRUPDFLµQTXHVHQHFHVLWD
(QHVWHDMXVWHVHSXHGHQOHHULQIRUPDFLRQHVVREUHIDOORV\WRGRVORV¯QGLFHVGHXQSDU£PHWURPHGLDQWHXQ
¼QLFRWHOHJUDPD
(MHPSOR
$MXVWH3D3 %&KH[
3 3 3 0DHVWURൺ6,1$0,&6
%&
%&
%&
6,1$0,&6ൺ0DHVWUR
%&
%&
%&
3>@
7LHPSRGHLQWHUUXSFLµQ
GHWHOHJUDPD
86602'%86>PV@
(O¯QGLFHGHILQHHOWLHPSR7BRIITXHWUDQVFXUULU£SDUDTXHVHHPLWDHOIDOOR)DOQRKDEHUVHUHFLELGR
QLQJ¼QWHOHJUDPDSRUHOFDQDO86602'%8656
7
8
(O¯QGLFHGHILQHHOWLHPSR7BRIITXHWUDQVFXUULU£SDUDTXHVHHPLWDHOIDOOR)DOQRKDEHUVHUHFLELGR
QLQJ¼QWHOHJUDPDSRUHOFDQDO86656UHVHUYDGR
QGLFH
>@
86602'%86SRU56
>@
866SRU56UHVHUYDGR
$WHQFLµQ
6LHOWLHPSRHVW£HVWDEOHFLGRHQQRVHJHQHUDQIDOORVHVGHFLUVHGHVKDELOLWDODYLJLODQFLD
1RWD
(OWLHPSRGHLQWHUUXSFLµQGHWHOHJUDPDIXQFLRQDHQ56LQGHSHQGLHQWHPHQWHGHOSURWRFRORHVWDEOHFLGR
HQ3
U>@
&23='GH
86602'%86SRU
56
+
8
&RQYHUWLGRU6,1$0,&69
,QVWUXFFLRQHVGHVHUYLFLR$(
/LVWDGHSDU£PHWURV
/LVWDGHSDU£PHWURV
5DQJR
6H
$MXVWHV
SUHGHWHUPLQDGR SXHGH
FDPELDU
VGHI£EULFD
(VFDODGR -XHJR
GH
GDWRV
3DU£PHWUR
)XQFLµQ
6HPXHVWUDQORVGDWRVGHSURFHVRUHFLELGRVPHGLDQWH86602'%86SRU56
U
>@
>@
>@
>@
3='
67:
%&&
3='
3='
+6:
3
PZD
'DWRVGH
SURFHVR
PKW
3DU£PHWUR
$'5
/*(
U
3='
67:
7LSR 1LYHO
GH
GH
GDWRV DFFHVR
U
>@
67;
7HOHJUDPD866
67;
/*(
$'5
3.:
3='
%&&
67:
+6:
,QLFLRGHWH[WR
/RQJLWXG
'LUHFFLµQ
9DORUGH,'GHSDU£PHWUR
'DWRVGHSURFHVR
&DU£FWHUGHFRPSUREDFLµQGHEORTXH
3DODEUDGHPDQGR
&RQVLJQDSULQFLSDO
Mapeo de PZD a parámetro r2018
USS por RS485
QGLFH
>@
3DODEUDUHFLELGD
>@
3DODEUDUHFLELGD
>@
3DODEUDUHFLELGD
1RWD
5HVWULFFLRQHV
3>@
6LHOFRQYHUWLGRUVHFRQWURODPHGLDQWHODLQWHUID]VHULHDUULEDPHQFLRQDGDODSULPHUDSDODEUDGH
PDQGRVHWLHQHTXHWUDQVPLWLUFRPRSULPHUDSDODEUD3='3R3
6LODIXHQWHGHFRQVLJQDVVHVHOHFFLRQDPHGLDQWH3R3HQWRQFHVODFRQVLJQDSULQFLSDOVH
WLHQHTXHWUDQVPLWLUHQODVHJXQGDSDODEUD3='
6L3HVPD\RURLJXDOD\HOFRQYHUWLGRUVHFRQWURODPHGLDQWHODLQWHUID]VHULHDUULED
PHQFLRQDGDODSDODEUDGHPDQGRDGLFLRQDOVHJXQGDSDODEUDGHPDQGRVHWLHQHTXHWUDQVPLWLUHQOD
FXDUWDSDODEUD3='3R3
&,3='D
86602'%86SRU
56
>@>@
>@>@
7
+
8,
>@
>@>@>@
&RQYHUWLGRU6,1$0,&69
,QVWUXFFLRQHVGHVHUYLFLR$(
/LVWDGHSDU£PHWURV
/LVWDGHSDU£PHWURV
5DQJR
6H
$MXVWHV
SUHGHWHUPLQDGR SXHGH
FDPELDU
VGHI£EULFD
(VFDODGR -XHJR
GH
GDWRV
3DU£PHWUR
)XQFLµQ
6HPXHVWUDQORVGDWRVGHSURFHVRWUDQVPLWLGRVPHGLDQWH86602'%86SRU56
U
U
7LSR 1LYHO
GH
GH
GDWRV DFFHVR
3
U
U
U
>@
>@
>@
>@
3='
=6:
>@
3='
3='
+,:
3='
=6:
3
67;
/*(
$'5
3.:
3='
%&&
=6:
+,:
,QLFLRGHWH[WR
/RQJLWXG
'LUHFFLµQ
9DORUGH,'GHSDU£PHWUR
'DWRVGHSURFHVR
&DU£FWHUGHFRPSUREDFLµQGHEORTXH %&&
3DODEUDGHHVWDGR
9DORUUHDOSULQFLSDO
PZD
'DWRVGH
SURFHVR
PKW
3DU£PHWUR
67;
7HOHJUDPD866
USS por RS485
Mapeo de PZD desde parámetro
P2019
QGLFH
>@
3DODEUDWUDQVIHULGD
>@
3DODEUDWUDQVIHULGD
>@
3DODEUDWUDQVIHULGD
1RWD
6LUQRHVW£LQGH[DGRODSDQWDOODQRPXHVWUDXQ¯QGLFH
3
'LUHFFLµQ0RGEXV
$'5 /*(
7
8
87
8
$MXVWDODGLUHFFLµQH[FOXVLYDGHOFRQYHUWLGRU
3
7LHPSRH[FHGLGRGH
UHVSXHVWDGH0RGEXV
>PV@
(OWLHPSRHQHOTXHVHSHUPLWHTXHHOFRQYHUWLGRUUHVSRQGDDOPDHVWUR0RGEXV6LODIRUPDFLµQGHXQD
UHVSXHVWDQHFHVLWDP£VWLHPSRGHOHVSHFLILFDGRHQHVWHSDU£PHWURVHUHDOL]DU£HOSURFHVDPLHQWRSHURQR
VHHQYLDU£QLQJXQDUHVSXHVWD
3
6HOHFFLµQGHSURWRFROR
56
6HOHFFLRQHHOSURWRFRORTXHVHHMHFXWDHQHOOLQN56
1LQJXQR
866
0RGEXV
$WHQFLµQ
'HVSX«VGHFDPELDU3GHVFRQHFWH\UHFRQHFWHHOFRQYHUWLGRU'XUDQWHHVWHFLFORGHGHVFRQH[LµQ\
UHFRQH[LµQHVSHUHDTXHVHKD\DDSDJDGRHO/('RODSDQWDOODVHKD\DTXHGDGRHQEODQFRSXHGHWDUGDU
XQRVVHJXQGRVDQWHVGHYROYHUDFRQHFWDUODDOLPHQWDFLµQ6L3VHKDFDPELDGRDWUDY«VGHXQ3/&
DVHJ¼UHVHGHTXHVHKD\DJXDUGDGRHOFDPELRHQOD((3520PHGLDQWH3
7
8
&RQYHUWLGRU6,1$0,&69
,QVWUXFFLRQHVGHVHUYLFLR$(
/LVWDGHSDU£PHWURV
/LVWDGHSDU£PHWURV
3DU£PHWUR
)XQFLµQ
5DQJR
6H
$MXVWHV
SUHGHWHUPLQDGR SXHGH
FDPELDU
VGHI£EULFD
(VFDODGR -XHJR
GH
GDWRV
7LSR 1LYHO
GH
GH
GDWRV DFFHVR
U>@
7HOHJUDPDV
86602'%86VLQ
HUURUHV
8
0XHVWUDHOQ¼PHURGHWHOHJUDPDV86602'%86UHFLELGRVOLEUHVGHHUURUHV
QGLFH
>@
86602'%86SRU56
>@
866SRU56UHVHUYDGR
1RWD
6HQRWLILFDHOHVWDGRGHODLQIRUPDFLµQGHOWHOHJUDPDSRU56FRQLQGHSHQGHQFLDGHOSURWRFROR
HVWDEOHFLGRHQ3
U>@
7HOHJUDPDV
86602'%86
UHFKD]DGRV
0XHVWUDHOQ¼PHURGHWHOHJUDPDV86602'%86UHFKD]DGRV
QGLFH
9«DVHU
1RWD
9«DVHU
U>@
(UURUWUDPDGH
FDUDFWHUHV
86602'%86
8
8
8
8
8
8
8
0XHVWUDODFDQWLGDGGHHUURUHVGHWUDPDGHFDUDFWHUHV86602'%86
QGLFH
9«DVHU
1RWD
9«DVHU
U>@
(UURUGHVERUGDPLHQWR
86602'%86
0XHVWUDODFDQWLGDGGHWHOHJUDPDV86602'%86FRQHUURUHVSRUGHVERUGDPLHQWR
QGLFH
9«DVHU
1RWD
9«DVHU
U>@
(UURUGHSDULGDG
86602'%86
0XHVWUDODFDQWLGDGGHWHOHJUDPDV86602'%86FRQHUURUHVGHSDULGDG
QGLFH
9«DVHU
1RWD
9«DVHU
U>@
,QLFLR866VLQLGHQWLILFDU 0XHVWUDODFDQWLGDGGHWHOHJUDPDV866FRQLQLFLRVLQLGHQWLILFDU
QGLFH
9«DVHU
1RWD
1RXVDGRHQ02'%86
U>@
(UURU%&&&5&HQ
86602'%86
0XHVWUDODFDQWLGDGGHWHOHJUDPDV86602'%86FRQHUURUHV%&&&5&
QGLFH
9«DVHU
1RWD
9«DVHU
U>@
(UURUGHORQJLWXG
86602'%86
0XHVWUDODFDQWLGDGGHWHOHJUDPDV86602'%86FRQORQJLWXGLQDGHFXDGD
QGLFH
9«DVHU
&RQYHUWLGRU6,1$0,&69
,QVWUXFFLRQHVGHVHUYLFLR$(
/LVWDGHSDU£PHWURV
/LVWDGHSDU£PHWURV
5DQJR
6H
$MXVWHV
SUHGHWHUPLQDGR SXHGH
FDPELDU
VGHI£EULFD
(VFDODGR -XHJR
GH
GDWRV
7LSR 1LYHO
GH
GH
GDWRV DFFHVR
8
3DU£PHWUR
)XQFLµQ
1RWD
9«DVHU
U
%23DODEUDGHPDQGR GH86602'%86SRU
56
0XHVWUDODSDODEUDGHPDQGRGH86602'%86SRU56SDODEUDGH86602'%86 3='
9«DVHUSDUDREWHQHUODGHVFULSFLµQGHOFDPSRGHELWV
'HSHQGHQFLD 9«DVH3
U
%23DODEUDGHPDQGR GH866SRU56
866
8
0XHVWUDODSDODEUDGHPDQGRGH866SRU56SDODEUDGH866 3='9«DVHUSDUD
REWHQHUODGHVFULSFLµQGHOFDPSRGHELWV
'HSHQGHQFLD 9«DVH3
1RWD
3DUDKDELOLWDUHOIDOORH[WHUQRUELWY¯D866VHWLHQHQTXHDMXVWDUORVVLJXLHQWHVSDU£PHWURV
3 3 U
&2%2(VWDGRGHORV
YDORUHVGHODVHQWUDGDV
GLJLWDOHV
0XHVWUDHOHVWDGRGHODVHQWUDGDVGLJLWDOHV
%LW
1RPEUHGHVH³DO
6H³DO
6H³DO
(QWUDGDGLJLWDO
6¯
1R
(QWUDGDGLJLWDO
6¯
1R
(QWUDGDGLJLWDO
6¯
1R
(QWUDGDGLJLWDO
6¯
1R
(QWUDGDGLJLWDO$,
6¯
1R
(QWUDGDGLJLWDO$,
6¯
1R
1RWD
6HXWLOL]DSDUDODFRQH[LµQ%,&2VLQLQWHUYHQFLµQGHOVRIWZDUH
3>@
6HOHFFLµQGHOQ¼PHURGH DODUPD
6HOHFFLRQDKDVWDIDOORVRDYLVRVSDUDUHDFFLRQHVTXHQRKDQVLGRSUHGHWHUPLQDGDV
(MHPSOR
6LSRUHMHPSORXQ2))VHWLHQHTXHHMHFXWDUHQOXJDUGHXQ2))HQFDVRGHIDOORHOQ¼PHURGHIDOOR
VHLQWURGXFHHQ3\ODUHDFFLµQGHVHDGDVHVHOHFFLRQDHQ3HQHVWHFDVR2))3 QGLFH
>@
)DOORQ¼PHUR
>@
)DOORQ¼PHUR
>@
)DOORQ¼PHUR
1RWD
7RGRVORVFµGLJRVGHIDOORWLHQHQXQDUHDFFLµQSUHGHWHUPLQDGD2))
7
8
8
$OJXQRVFµGLJRVGHIDOORVRQFDXVDGRVSRUGLVSDURVGHOKDUGZDUHSHMSRUVREUHFRUULHQWH\QRSXHGHQ
FDPELDUVHODVUHDFFLRQHVSUHGHWHUPLQDGDV
&RQYHUWLGRU6,1$0,&69
,QVWUXFFLRQHVGHVHUYLFLR$(
/LVWDGHSDU£PHWURV
/LVWDGHSDU£PHWURV
3DU£PHWUR
)XQFLµQ
5DQJR
6H
$MXVWHV
SUHGHWHUPLQDGR SXHGH
FDPELDU
VGHI£EULFD
(VFDODGR -XHJR
GH
GDWRV
7LSR 1LYHO
GH
GH
GDWRV DFFHVR
3>@
9DORUGHUHDFFLµQDQWH
SDUDGD
8
$MXVWDORVYDORUHVGHUHDFFLµQGHOFRQYHUWLGRUDQWHSDUDGDHQSUHVHQFLDGHORVIDOORVVHOHFFLRQDGRVSRU
3VHOHFFLµQGHOQ¼PHURGHDODUPD(VHSDU£PHWURLQGH[DGRHVSHFLILFDODVUHDFFLRQHVDORV
IDOORVDYLVRVGHILQLGDVHQ3¯QGLFHVGHODO
6LQUHDFFLµQVLQYLVXDOL]DFLµQ
5HDFFLµQSDUDGD2))
5HDFFLµQSDUDGD2))
7
5HDFFLµQSDUDGD2))
QGLFH
>@
9DORUGHUHDFFLµQDQWHSDUDGD
>@
9DORUGHUHDFFLµQDQWHSDUDGD
>@
9DORUGHUHDFFLµQDQWHSDUDGD
1RWD
/RVDMXVWHVGHODOVRORHVW£QGLVSRQLEOHVSDUDFµGLJRVGHIDOOR
(O¯QGLFH3VHUHILHUHDOIDOORDYLVRGHO¯QGLFH3
3>@
%,&RQILUPDFLµQGH
IDOOR
7
&'6
8% LQDULR
7
&'6
8% LQDULR
7
&'6
8% LQDULR
8
'HILQHODSULPHUDIXHQWHGHODFRQILUPDFLµQGHIDOOR
3>@
%,&RQILUPDFLµQGH
IDOOR
6HOHFFLRQDODVHJXQGDIXHQWHGHODFRQILUPDFLµQGHIDOOR
3>@
%,)DOORH[WHUQR
6HOHFFLRQDODIXHQWHGHIDOORVH[WHUQRV
U>@
&21¼PHURGHDYLVR
0XHVWUDLQIRUPDFLµQVREUHDYLVRV
6HSXHGHYLVXDOL]DUXQP£[LPRGHGRVDYLVRVDFWLYRV¯QGLFHV\\XQKLVWµULFRGHGRVDYLVRV¯QGLFHV
\
QGLFH
>@
œOWLPRVDYLVRVDYLVR
>@
œOWLPRVDYLVRVDYLVR
>@
œOWLPRVDYLVRVDYLVR
>@
œOWLPRVDYLVRVDYLVR
$WHQFLµQ
/RV¯QGLFHV\QRVHPHPRUL]DQ
1RWD
(O/('LQGLFDHOHVWDGRGHDYLVRHQHVWHFDVR(OWHFODGRSDUSDGHDU£PLHQWUDVKD\DDOJ¼QDYLVRDFWLYR
3
&DQWLGDGWRWDOGHDYLVRV
9LVXDOL]DHOQ¼PHURGHDYLVRKDVWDGHVGHHO¼OWLPRUHVWDEOHFLPLHQWR6HDMXVWDDSDUDUHVWDEOHFHUHO
KLVWµULFRGHDYLVRV
3>@
'HVKDELOLWDUORVDYLVRV
GHOFRQYHUWLGRU
'HVDFWLYDODHPLVLµQGHDYLVRVGHOFRQYHUWLGRU3XHGHXVDUVHMXQWRFRQ3FRPRFRPSOHPHQWRGHO
IXQFLRQDPLHQWRFRQWLQXDGR
$YLVRVGHOFRQYHUWLGRUGHVKDELOLWDGRV
$YLVRVGHOFRQYHUWLGRUKDELOLWDGRV
QGLFH
>@
-XHJRGHGDWRVGHOFRQYHUWLGRU''6
7
7
8
8
&RQYHUWLGRU6,1$0,&69
,QVWUXFFLRQHVGHVHUYLFLR$(
/LVWDGHSDU£PHWURV
/LVWDGHSDU£PHWURV
6H
$MXVWHV
SUHGHWHUPLQDGR SXHGH
FDPELDU
VGHI£EULFD
3DU£PHWUR
)XQFLµQ
5DQJR
>@
-XHJRGHGDWRVGHOFRQYHUWLGRU''6
>@
-XHJRGHGDWRVGHOFRQYHUWLGRU''6
1RWD
9«DVHWDPEL«Q3
U>@
&RQWDGRUGHWLHPSRGH
IXQFLRQDPLHQWR
0XHVWUDHOFRQWDGRUGHWLHPSRGHIXQFLRQDPLHQWR
(VFDODGR -XHJR
GH
GDWRV
7LSR 1LYHO
GH
GH
GDWRV DFFHVR
8
6HWUDWDGHOWLHPSRWRWDOGXUDQWHHOFXDOHOFRQYHUWLGRUKDHVWDGRFRQFRUULHQWH$OGHVFRQHFWDUOD
DOLPHQWDFLµQVHJXDUGDU£HOYDORU\VHUHVWDXUDU£DOYROYHUDFRQHFWDUOD(OFRQWDGRUGHWLHPSRGH
IXQFLRQDPLHQWRVHFDOFXODDV¯
6HPXOWLSOLFDHOYDORUGHU>@SRU\HOUHVXOWDGRVHVXPDDOYDORUGHU>@/DUHVSXHVWDHVW£
HQVHJXQGRV$V¯U>@QRFRUUHVSRQGHDG¯DV7LHPSRGHIXQFLRQDPLHQWRWRWDO U>@
U>@VHJXQGRV
(MHPSOR
6LU>@ \U>@ QGLFH
>@
7LHPSRGHVLVWHPDVHJXQGRVSDODEUDVXSHULRU
>@
7LHPSRGHVLVWHPDVHJXQGRVSDODEUDLQIHULRU
3>@
5HORMGHWLHPSRUHDO
9LVXDOL]DHOWLHPSRUHDO
UHVXOWD VHJXQGRVRVHDG¯D
7
8
7RGRVORVFRQYHUWLGRUHVQHFHVLWDQXQDIXQFLµQGHUHORMLQWHJUDGRDILQGHUHJLVWUDU\PDUFDUFRQVXKRUD
ORVIDOORVRFXUULGRV/RVFRQYHUWLGRUHVQRGLVSRQHQGHXQUHORMHQWLHPSRUHDO57&UHVSDOGDGRSRU
EDWHU¯D/RVFRQYHUWLGRUHVSXHGHQDGPLWLUXQ57&GHVRIWZDUHTXHGHEHVLQFURQL]DUVHFRQHO57&
LQWHJUDGRDWUDY«VGHXQDLQWHUID]VHULH
/DKRUDVHJXDUGDHQXQSDU£PHWURGHPDWUL]GHSDODEUDV36HDMXVWDPHGLDQWHWHOHJUDPDV
HVW£QGDUVHJ¼QSURWRFROR866(VFULELUSDU£PHWURGHPDWUL]GHSDODEUDV8QDYH]TXHVHKDUHFLELGROD
¼OWLPDSDODEUDHQHO¯QGLFHHOVRIWZDUHHPSH]DU£DKDFHUIXQFLRQDUHOWHPSRUL]DGRUXVDQGRHOUHORM
LQWHUQRGHPLOLVHJXQGR$V¯VHFRPSRUWDFRPRXQ57&
6LVHUHDOL]DXQFLFORGHGHVFRQH[LµQ\UHFRQH[LµQVHWLHQHTXHYROYHUDHQYLDUODKRUDUHDODOFRQYHUWLGRU
/DKRUDVHJXDUGDHQXQSDU£PHWURGHPDWUL]GHSDODEUDVFRGLILFDGRFRPRVLJXH\HVWHIRUPDWRVHXVD
HQORVDUFKLYRVGHUHJLVWURGHIDOORV
QGLFH
%\WHDOWR06%
%\WHEDMR/6%
6HJXQGRV
0LQXWRV
+RUDV
'¯DV
0HVHV
$³RV
/RVYDORUHVDSDUHFHQHQIRUPDELQDULD
QGLFH
>@
+RUDUHDOVHJXQGRVPLQXWRV
>@
+RUDUHDOKRUDVG¯DV
>@
+RUDUHDOPHVD³R
3
&RQWDGRUGH
LQGLFDFLRQHV
0XHVWUDODFDQWLGDGWRWDOGHDYLVRV\IDOORV(VWHSDU£PHWURVHLQFUHPHQWDFDGDYH]TXHWLHQHOXJDUXQ
DYLVRRIDOOR
3>@
)UHFXHQFLDGHKLVW«UHVLV IBKLV>+]@
'HILQHHOQLYHOGHKLVW«UHVLVDSOLFDGRSDUDFRPSDUDUODIUHFXHQFLD\ODYHORFLGDGFRQHOXPEUDO
87
87
''6
8
)ORDW
&RQYHUWLGRU6,1$0,&69
,QVWUXFFLRQHVGHVHUYLFLR$(
/LVWDGHSDU£PHWURV
/LVWDGHSDU£PHWURV
3DU£PHWUR
)XQFLµQ
5DQJR
6H
$MXVWHV
SUHGHWHUPLQDGR SXHGH
FDPELDU
VGHI£EULFD
(VFDODGR -XHJR
GH
GDWRV
7LSR 1LYHO
GH
GH
GDWRV DFFHVR
'HSHQGHQFLD 9«DVH3
1RWD
6L3HVW£DFWLYDGR3VHXVDWDPEL«QSDUDFRQWURODUODIXQFLµQGHGREOHUDPSD
3>@
&,&RQVLJQDGH
YHORFLGDGSDUDPHQVDMHV
6HOHFFLRQDODIXHQWHGHFRQVLJQDGHIUHFXHQFLDODIUHFXHQFLDUHDOVHFRPSDUDFRQHVWDIUHFXHQFLDSDUD
GHWHFWDUXQDHYHQWXDOGHVYLDFLµQGHIUHFXHQFLDY«DVHHOELWGHYLJLODQFLDU
3>@
)UHFXHQFLDXPEUDOIB
>+]@
$MXVWDXQXPEUDOSDUDFRPSDUDUODIUHFXHQFLDUHDORODYHORFLGDGUHDOFRQORVXPEUDOHVIB(VWHXPEUDO
FRQWURODORVELWVGHHVWDGR\HQODSDODEUDGHHVWDGRU
3>@
7LHPSRGHUHWDUGRGHOD
IUHFXHQFLDXPEUDOIB
>PV@
$MXVWDHOWLHPSRGHUHWDUGRSUHYLRDODFRPSDUDFLµQFRQODIUHFXHQFLDXPEUDOIB3
3>@
)UHFXHQFLDXPEUDOIB
>+]@
8PEUDOBSDUDFRPSDUDUODYHORFLGDGRODIUHFXHQFLDFRQORVXPEUDOHV
>@
87
87
87
87
''6
''6
''6
''6
8,
)ORDW
8
)ORDW
8
'HSHQGHQFLD 9«DVH3
1RWD
6L3HVW£DFWLYDGR3VHXVDWDPEL«QSDUDFRQWURODUODIXQFLµQGHGREOHUDPSD
3>@
7LHPSRGHUHWDUGRGHOD
IUHFXHQFLDXPEUDOIB
>PV@
&XDQGRVHFRPSDUDODYHORFLGDGRODIUHFXHQFLDFRQHOXPEUDOIB3HVWHHVHOWLHPSRGHUHWDUGR
DQWHVGHTXHVHERUUHQORVELWVGHHVWDGR
3>@
)UHFXHQFLDXPEUDOIB
>+]@
8PEUDOBSDUDFRPSDUDUODYHORFLGDGRODIUHFXHQFLDFRQORVXPEUDOHV
87
87
''6
''6
)ORDW
8
'HSHQGHQFLD 9«DVH3
1RWD
6L3HVW£DFWLYDGR3VHXVDWDPEL«QSDUDFRQWURODUODIXQFLµQGHGREOHUDPSD
3>@
7LHPSRGHUHWDUGRGHOD
IUHFXHQFLDXPEUDOIB
>PV@
&XDQGRVHFRPSDUDODYHORFLGDGRODIUHFXHQFLDFRQHOXPEUDOIB3HVWHHVHOWLHPSRGHUHWDUGR
DQWHVGHTXHVHDFWLYHQORVELWVGHHVWDGR
3>@
)UHFXHQFLDGHKLVW«UHVLV SDUDVREUHYHORFLGDG>+]@ 9HORFLGDGIUHFXHQFLDGHKLVW«UHVLVSDUDODGHWHFFLµQGHVREUHYHORFLGDG(QORVPRGRVGHUHJXODFLµQ8I
ODKLVW«UHVLVDFW¼DSRUGHEDMRGHODIUHFXHQFLDP£[LPD
3>@
'HVYLDFLµQGHOD
IUHFXHQFLDGHKLVW«UHVLV
>+]@
)UHFXHQFLDGHKLVW«UHVLVSDUDGHWHFWDUODGHVYLDFLµQSHUPLWLGDUHVSHFWRDODFRQVLJQDGHODIUHFXHQFLDR
GHODYHORFLGDG(VWDIUHFXHQFLDFRQWURODHOELWGHODSDODEUDGHHVWDGRU
3>@
)LQGHUHWDUGRSDUD
DFHOHUDFLµQ>PV@
87
87
87
87
''6
''6
''6
''6
)ORDW
)ORDW
8
&RQYHUWLGRU6,1$0,&69
,QVWUXFFLRQHVGHVHUYLFLR$(
/LVWDGHSDU£PHWURV
/LVWDGHSDU£PHWURV
5DQJR
6H
$MXVWHV
SUHGHWHUPLQDGR SXHGH
FDPELDU
VGHI£EULFD
(VFDODGR -XHJR
GH
GDWRV
7LSR 1LYHO
GH
GH
GDWRV DFFHVR
)ORDW
3DU£PHWUR
)XQFLµQ
7LHPSRGHUHWDUGRSDUDODVH³DOTXHLQGLFDHOILQDOGHODDFHOHUDFLµQ
3>@
)UHFXHQFLDGH
GHVFRQH[LµQIBRII>+]@
'HILQHHOXPEUDOSDUDODIXQFLµQGHYLJLODQFLD_IBUHDO_!3IBRII3DFW¼DVREUHODVVLJXLHQWHV
IXQFLRQHV
87
''6
&XDQGRODIUHFXHQFLDUHDOEDMDGHHVHXPEUDO\HOWLHPSRGHUHWDUGRVHKDDJRWDGRVHUHVWDEOHFHHO
ELWGHODSDODEUDGHHVWDGRU
6LVHVHOHFFLRQD2))X2))\VHUHVWDEOHFHHOELWVHGHVKDELOLWDQORVLPSXOVRVGHOFRQYHUWLGRU
2))
3>@
7LHPSRGHUHWDUGR7BRII
>PV@
'HILQHHOWLHPSRGXUDQWHHOTXHHOFRQYHUWLGRUSXHGHWUDEDMDUSRUGHEDMRGHODIUHFXHQFLDGHGHVFRQH[LµQ
3DQWHVGHTXHVHSURGX]FDODGHVFRQH[LµQ
87
''6
8
'HSHQGHQFLD $FWLYRVLHOIUHQRGHPDQWHQLPLHQWR3QRHVW£SDUDPHWUL]DGR
3>@
8PEUDOGHFRUULHQWH
,BXPEUDO>@
'HILQHHOXPEUDOGHFRUULHQWHUHIHULGRD3FRUULHQWHQRPLQDOGHOPRWRUTXHVHXVDHQODV
FRPSDUDFLRQHVGH,BUHDOH,BXPEUDO(VWHXPEUDOFRQWURODHOELWGHODSDODEUDGHHVWDGRU
3>@
7LHPSRGHUHWDUGRGH
FRUULHQWH>PV@
'HILQHHOWLHPSRGHUHWDUGRSUHYLRDODDFWLYDFLµQGHODFRPSDUDFLµQGHFRUULHQWH
3>@
8PEUDOGHWHQVLµQGHOD
LQWHUFRQH[LµQGH'&>9@
'HILQHODWHQVLµQGHODLQWHUFRQH[LµQGH'&SDUDFRPSDUDUODFRQODWHQVLµQUHDO(VWDWHQVLµQFRQWURODORV
ELWV\GHODSDODEUDGHHVWDGRU
3>@
7LHPSRGHUHWDUGRGHOD
WHQVLµQGHOD
LQWHUFRQH[LµQGH'&
>PV@
87
87
87
87
8
8
''6
8
)ORDW
'HILQHHOWLHPSRGHUHWDUGRSUHYLRDODDFWLYDFLµQGHOXPEUDOGHFRPSDUDFLµQ
7LHPSRGHUHWDUGRSDUD
PRWRUEORTXHDGR>PV@
87
''6
8
3>@
''6
)ORDW
''6
''6
7LHPSRGHUHWDUGRSDUDLGHQWLILFDUTXHHOPRWRUHVW£EORTXHDGR
3
/¯PLWHGHFRUULHQWHSDUD
GHWHFWDUPDUFKDVLQ
FDUJD>@
8PEUDOGHFRUULHQWHSDUD$VLQFDUJDDSOLFDGDDOFRQYHUWLGRUHQUHODFLµQFRQ3FRUULHQWH
QRPLQDOGHOPRWRU
$WHQFLµQ
6LQRVHSXHGHGHILQLUXQDFRQVLJQDSDUDHOPRWRU\HOO¯PLWHGHFRUULHQWH3QRVHKDVXSHUDGRVH
GLVSDUDHODYLVR$FDUJDQRDSOLFDGDFXDQGRHOWLHPSRGHUHWDUGR3H[SLUD
1RWD
3XHGHVHUTXHHOPRWRUQRHVW«FRQHFWDGRRTXHVHKD\DSHUGLGRXQDIDVH
3
7LHPSRGHUHWDUGRSDUD ODGHWHFFLµQGHDXVHQFLD
GHFDUJD>PV@
7LHPSRGHUHWDUGRSDUDGHWHFWDUODDXVHQFLDGHFDUJD
87
87
8
&RQYHUWLGRU6,1$0,&69
,QVWUXFFLRQHVGHVHUYLFLR$(
/LVWDGHSDU£PHWURV
/LVWDGHSDU£PHWURV
3DU£PHWUR
)XQFLµQ
5DQJR
6H
$MXVWHV
SUHGHWHUPLQDGR SXHGH
FDPELDU
VGHI£EULFD
(VFDODGR -XHJR
GH
GDWRV
7LSR 1LYHO
GH
GH
GDWRV DFFHVR
3>@
0RGRGHYLJLODQFLDGH
FDUJD
8
7
''6
(VWDEOHFHHOPRGRGHYLJLODQFLDGHFDUJD
&RQHVWDIXQFLµQVHSXHGHQYLJLODUIDOORVPHF£QLFRVHQODFDGHQDFLQHP£WLFDSHMFRUUHDVGHIHFWXRVDV
7DPEL«QVHSXHGHQGHWHFWDUFLHUWRVHVWDGRVTXHSURGXFHQVREUHFDUJDVSHMEORTXHRV33
VHDMXVWDQDHVWRVYDORUHVVLHVWHSDU£PHWURVHKDFHGLVWLQWRGH
3 3)P¯Q
3 3)P£[
3 3)P£[
3 USDUQRPLQDOGHOPRWRU
3 3 USDUQRPLQDOGHOPRWRU
3 3 USDUQRPLQDOGHOPRWRU
3 USDUQRPLQDOGHOPRWRU
(VWRVHFRQVLJXHFRPSDUDQGRODFXUYDGHIUHFXHQFLDSDUUHDOFRQXQDFXUYDHQYROYHQWHSURJUDPDGD
Y«DVH336LODFXUYDTXHGDIXHUDGHODFXUYDHQYROYHQWHVHJHQHUDXQDYLVR$RXQ
GLVSDUR)
9LJLODQFLDGHFDUJDGHVKDELOLWDGD
$YLVR3DUIUHFXHQFLDEDMR
$YLVR3DUIUHFXHQFLDDOWR
$YLVR3DUIUHFXHQFLDDOWREDMR
'LVSDUR3DUIUHFXHQFLDEDMR
'LVSDUR3DUIUHFXHQFLDDOWR
'LVSDUR3DUIUHFXHQFLDDOWREDMR
3>@
)UHFXHQFLDGHXPEUDOGH YLJLODQFLDGHFDUJD>+]@ $MXVWDHOXPEUDOLQIHULRUGHIUHFXHQFLDIBSDUDGHILQLUHO£UHDGHHIHFWLYLGDGGHODYLJLODQFLDGHFDUJD/D
FXUYDHQYROYHQWHSDUIUHFXHQFLDVHGHILQHFRQSDU£PHWURVGHORVTXHVRQGHIUHFXHQFLD3
3\ORVRWURVGHILQHQORVO¯PLWHVLQIHULRU\VXSHULRUGHSDU33SDUDFDGDIUHFXHQFLD
87
''6
)ORDW
'HSHQGHQFLD 9«DVHHOYDORUSUHGHWHUPLQDGRFDOFXODGRHQ3
1RWD
3RUGHEDMRGHOXPEUDOGH3\SRUHQFLPDGHOXPEUDOGH3ODYLJLODQFLDGHFDUJDQRHVW£DFWLYD
$OO¯ULJHQORVO¯PLWHVGHSDUGHWHUPLQDGRVFRQ3\3SDUDXQIXQFLRQDPLHQWRQRUPDO
3>@
)UHFXHQFLDGHXPEUDOGH YLJLODQFLDGHFDUJD>+]@ $MXVWDHOXPEUDOGHIUHFXHQFLDIBSDUDGHILQLUODFXUYDHQYROYHQWHGHYDORUHVGHSDUY£OLGRV9«DVH
3
87
''6
)ORDW
'HSHQGHQFLD 9«DVHHOYDORUSUHGHWHUPLQDGRFDOFXODGRHQ3
3>@
)UHFXHQFLDGHXPEUDOGH YLJLODQFLDGHFDUJD>+]@ 87
''6
)ORDW
$MXVWDHOXPEUDOVXSHULRUGHIUHFXHQFLDIBSDUDGHILQLUHO£UHDGHHIHFWLYLGDGGHODYLJLODQFLDGHFDUJD
9«DVH3
'HSHQGHQFLD 9«DVHHOYDORUSUHGHWHUPLQDGRFDOFXODGRHQ3
&RQYHUWLGRU6,1$0,&69
,QVWUXFFLRQHVGHVHUYLFLR$(
/LVWDGHSDU£PHWURV
/LVWDGHSDU£PHWURV
5DQJR
6H
$MXVWHV
SUHGHWHUPLQDGR SXHGH
FDPELDU
VGHI£EULFD
(VFDODGR -XHJR
GH
GDWRV
7LSR 1LYHO
GH
GH
GDWRV DFFHVR
9DORUGHU
)ORDW
3DU£PHWUR
)XQFLµQ
3>@
8PEUDOGHSDUVXSHULRU >1P@
8PEUDOVXSHULRUGHSDUSDUDFRPSDUDFLµQFRQHOSDUUHDO
87
''6
'HSHQGHQFLD (VWHSDU£PHWURVHYHLQIOXLGRSRUORVF£OFXORVDXWRP£WLFRVGHILQLGRVSRU3
9«DVHHOYDORUSUHGHWHUPLQDGRFDOFXODGRHQ3
1RWD
(ODMXVWHGHI£EULFDGHSHQGHGHORVGDWRVQRPLQDOHVGHOPµGXORGHSRWHQFLD\GHOPRWRU
3>@
8PEUDOGHSDULQIHULRU
>1P@
8PEUDOLQIHULRUGHSDUSDUDFRPSDUDFLµQFRQHOSDUUHDO
87
''6
)ORDW
''6
)ORDW
''6
)ORDW
''6
)ORDW
''6
)ORDW
''6
)ORDW
8
'HSHQGHQFLD 9«DVHHOYDORUSUHGHWHUPLQDGRFDOFXODGRHQ3
3>@
8PEUDOGHSDUVXSHULRU >1P@
9DORUGHU
87
8PEUDOVXSHULRUGHSDUSDUDFRPSDUDFLµQFRQHOSDUUHDO
'HSHQGHQFLD (VWHSDU£PHWURVHYHLQIOXLGRSRUORVF£OFXORVDXWRP£WLFRVGHILQLGRVSRU3
9«DVHHOYDORUSUHGHWHUPLQDGRFDOFXODGRHQ3
1RWD
9«DVH3
3>@
8PEUDOGHSDULQIHULRU
>1P@
8PEUDOLQIHULRUGHSDUSDUDFRPSDUDFLµQFRQHOSDUUHDO
87
'HSHQGHQFLD 9«DVHHOYDORUSUHGHWHUPLQDGRFDOFXODGRHQ3
3>@
8PEUDOGHSDUVXSHULRU >1P@
8PEUDOVXSHULRUGHSDUSDUDFRPSDUDFLµQFRQHOSDUUHDO
9DORUGHU
87
'HSHQGHQFLD (VWHSDU£PHWURVHYHLQIOXLGRSRUORVF£OFXORVDXWRP£WLFRVGHILQLGRVSRU3
9«DVHHOYDORUSUHGHWHUPLQDGRFDOFXODGRHQ3
1RWD
9«DVH3
3>@
8PEUDOGHSDULQIHULRU
>1P@
8PEUDOLQIHULRUGHSDUSDUDFRPSDUDFLµQFRQHOSDUUHDO
87
'HSHQGHQFLD 9«DVHHOYDORUSUHGHWHUPLQDGRFDOFXODGRHQ3
3>@
7LHPSRGHUHWDUGRGH
YLJLODQFLDGHFDUJD>V@
&RQ3VHGHILQHXQDGHPRUDDQWHVGHTXHVHDFWLYHXQDYLVRRGLVSDUR
87
6HXWLOL]DSDUDHOLPLQDUHYHQWRVFDXVDGRVSRUWUDQVLWRULRV
6HXVDSDUDDPERVP«WRGRVGHGHWHFFLµQGHIDOORV
U
&2%23DODEUDGH
YLJLODQFLD
/DSDODEUDGHYLJLODQFLDPXHVWUDHOHVWDGRGHODVIXQFLRQHVGHYLJLODQFLD&DGDELWUHSUHVHQWDXQD
IXQFLµQGHYLJLODQFLD
%LW
_IBUHDO_ 3IBP¯Q
6¯
1R
_IBUHDO_ 3IB
6¯
1R
_IBUHDO_!3IB
6¯
1R
1RPEUHGHVH³DO
6H³DO
6H³DO
&RQYHUWLGRU6,1$0,&69
,QVWUXFFLRQHVGHVHUYLFLR$(
/LVWDGHSDU£PHWURV
/LVWDGHSDU£PHWURV
(VFDODGR -XHJR
GH
GDWRV
7LSR 1LYHO
GH
GH
GDWRV DFFHVR
IBUHDO! FHUR
6¯
1R
IBUHDO! FRQVLJQDIBFQD
6¯
1R
5DQJR
6H
$MXVWHV
SUHGHWHUPLQDGR SXHGH
FDPELDU
VGHI£EULFD
3DU£PHWUR
)XQFLµQ
_IBUHDO_ 3IBRII
6¯
1R
_IBUHDO_! 3IBP£[
6¯
1R
IBUHDO
6¯
1R
&RUULHQWHUHDO_U_! 3
6¯
1R
9GFUHDOVLQILOWUDU3
6¯
1R
9GFUHDOVLQILOWUDU!3
6¯
1R
/DFDUJDGHVDOLGDQRHVW£SUHVHQWH
6¯
1R
_IBUHDO_!3FRQUHWDUGR
6¯
1R
U
&2%23DODEUDGH
YLJLODQFLD
/DSDODEUDGHYLJLODQFLDPXHVWUDHOHVWDGRGHODVIXQFLRQHVGHYLJLODQFLD&DGDELWUHSUHVHQWDXQD
IXQFLµQGHYLJLODQFLD
%LW
1RPEUHGHVH³DO
_IBUHDO_ 3IB
6¯
1R
_IBUHDO_!3IB
6¯
1R
_IBUHDO_ 3IB
6¯
1R
_IBUHDO_!3IB
6¯
1R
_IBFQD_3IBP¯QBFQD
6¯
1R
IBFQD!
6¯
1R
FRQVLJQDIBFQD
8
6H³DO
6H³DO
0RWRUEORTXHDGR
6¯
1R
0RWRUGHVHQJDQFKDGR
6¯
1R
,BUHDO_U_3
6¯
1R
_PBUHDO_!3\FRQVLJQDDOFDQ]DGD
6¯
1R
_PBUHDO_!3
6¯
1R
/DYLJLODQFLDGHFDUJDHPLWHXQDDODUPD
6¯
1R
/DYLJLODQFLDGHFDUJDLQGLFDXQIDOOR
6¯
1R
3>@
%,+DELOLWDFLµQGH
UHJXODGRU3,'
3HUPLWHDOXVXDULRKDELOLWDUGHVKDELOLWDUHOUHJXODGRU3,'6LVHHVWDEOHFHHQKDELOLWDHOUHJXODGRU3,'GH
OD]RFHUUDGR
87
&'6
8% LQDULR
'HSHQGHQFLD (OHVWDEOHFLPLHQWRHQGHVKDELOLWDDXWRP£WLFDPHQWHORVWLHPSRVGHUDPSDQRUPDOHVGHILQLGRVHQ3
\3\ODVFRQVLJQDVGHIUHFXHQFLDQRUPDOHV
7UDVXQDVH³DOGHPDQGR2))X2))GLVPLQXLU£ODIUHFXHQFLDGHOFRQYHUWLGRUKDVWDOOHJDUDFHUR
XWLOL]DQGRHOWLHPSRGHUDPSDDMXVWDGRHQ3SDUD2))3
$WHQFLµQ
/DVIUHFXHQFLDVP¯QLPDV\P£[LPDVGHOPRWRU3\3\ODVIUHFXHQFLDVLQKLELEOHVGH3D
3SHUPDQHFHQDFWLYDVHQODVDOLGDGHOFRQYHUWLGRU
6LQHPEDUJRKDELOLWDUODVIUHFXHQFLDVLQKLELEOHVVLVHXWLOL]DUHJXODFLµQ3,'SXHGHSURGXFLU
LQHVWDELOLGDGHV
&RQYHUWLGRU6,1$0,&69
,QVWUXFFLRQHVGHVHUYLFLR$(
/LVWDGHSDU£PHWURV
/LVWDGHSDU£PHWURV
5DQJR
6H
$MXVWHV
SUHGHWHUPLQDGR SXHGH
FDPELDU
VGHI£EULFD
3DU£PHWUR
)XQFLµQ
1RWD
/DIXHQWHGHFRQVLJQDV3,'VHVHOHFFLRQDPHGLDQWH3
(VFDODGR -XHJR
GH
GDWRV
7LSR 1LYHO
GH
GH
GDWRV DFFHVR
/DFRQVLJQDGHO3,'\ODVH³DOGHUHDOLPHQWDFLµQGHOPLVPRVHLQWHUSUHWDQFRPRYDORUHVHQ>@QRHQ
>+]@
/DVDOLGDGHOUHJXODGRU3,'VHYLVXDOL]DHQ>@\OXHJRVHQRUPDOL]DD>+]@PHGLDQWH3IUHFXHQFLD
GHUHIHUHQFLDFXDQGRHO3,'HVW£KDELOLWDGR
/DVH³DOGHPDQGRGHLQYHUVLµQQRHVW£DFWLYDPLHQWUDVHVW«DFWLYRHOUHJXODGRU3,'
$WHQFLµQ3\3VRQSDU£PHWURVLQWHUFRQHFWDGRV3,'\))%GHOPLVPRMXHJRGHGDWRVQR
SXHGHQHVWDUDFWLYDGRVDOPLVPRWLHPSR
3>@
&RQVLJQD3,'ILMD>@
87
'HILQHODFRQVLJQD3,'ILMD([LVWHQWLSRVGHIUHFXHQFLDILMD
''6
)ORDW
6HOHFFLµQGLUHFWD3 ದ (QHVWHPRGRGHIXQFLRQDPLHQWRXQVHOHFWRUGHIUHFXHQFLDVILMDVGH3D3VHOHFFLRQD
XQDIUHFXHQFLDILMD
ದ 6LYDULDVHQWUDGDVVHDFWLYDQFRQMXQWDPHQWHVHVXPDQODVIUHFXHQFLDVVHOHFFLRQDGDV3RU
HMHPSOR3,'))3,'))3,'))3,'))
6HOHFFLµQFRGLILFDGDHQELQDULR3 ದ 8WLOL]DQGRHVWHP«WRGRVHSXHGHQVHOHFFLRQDUKDVWDIUHFXHQFLDVILMDVGLIHUHQWHV
'HSHQGHQFLD 3 VHUHTXLHUHHQHOQLYHOGHDFFHVRGHXVXDULRSDUDKDELOLWDUODIXHQWHGHFRQVLJQD
1RWD
6HSXHGHQPH]FODUYDULRVWLSRVGHIUHFXHQFLDVSHURUHFXHUGHTXHVHVXPDU£QVLVHVHOHFFLRQDQMXQWDV
5 FRUUHVSRQGHDKH[
3>@
&RQVLJQD3,'ILMD>@
'HILQHODFRQVLJQD3,'ILMD
1RWD
9«DVH3
3>@
&RQVLJQD3,'ILMD>@
'HILQHODFRQVLJQD3,'ILMD
1RWD
9«DVH3
3>@
&RQVLJQD3,'ILMD>@
'HILQHODFRQVLJQD3,'ILMD
1RWD
9«DVH3
3>@
&RQVLJQD3,'ILMD>@
'HILQHODFRQVLJQD3,'ILMD
1RWD
9«DVH3
3>@
&RQVLJQD3,'ILMD>@
'HILQHODFRQVLJQD3,'ILMD
1RWD
9«DVH3
3>@
&RQVLJQD3,'ILMD>@
87
''6
)ORDW
87
''6
)ORDW
87
''6
)ORDW
87
''6
)ORDW
87
''6
)ORDW
87
''6
)ORDW
&RQYHUWLGRU6,1$0,&69
,QVWUXFFLRQHVGHVHUYLFLR$(
/LVWDGHSDU£PHWURV
/LVWDGHSDU£PHWURV
3DU£PHWUR
)XQFLµQ
5DQJR
'HILQHODFRQVLJQD3,'ILMD
1RWD
9«DVH3
3>@
&RQVLJQD3,'ILMD>@
'HILQHODFRQVLJQD3,'ILMD
1RWD
9«DVH3
3>@
&RQVLJQD3,'ILMD>@
'HILQHODFRQVLJQD3,'ILMD
1RWD
9«DVH3
3>@
&RQVLJQD3,'ILMD>@ 'HILQHODFRQVLJQD3,'ILMD
1RWD
9«DVH3
3>@
&RQVLJQD3,'ILMD>@ 'HILQHODFRQVLJQD3,'ILMD
1RWD
9«DVH3
3>@
&RQVLJQD3,'ILMD>@ 'HILQHODFRQVLJQD3,'ILMD
1RWD
9«DVH3
3>@
&RQVLJQD3,'ILMD>@ 'HILQHODFRQVLJQD3,'ILMD
1RWD
9«DVH3
3>@
&RQVLJQD3,'ILMD>@ 'HILQHODFRQVLJQD3,'ILMD
1RWD
9«DVH3
3>@
&RQVLJQD3,'ILMD>@ 'HILQHODFRQVLJQD3,'ILMD
6H
$MXVWHV
SUHGHWHUPLQDGR SXHGH
FDPELDU
VGHI£EULFD
(VFDODGR -XHJR
GH
GDWRV
7LSR 1LYHO
GH
GH
GDWRV DFFHVR
87
''6
)ORDW
87
''6
)ORDW
87
''6
)ORDW
87
''6
)ORDW
87
''6
)ORDW
87
''6
)ORDW
87
''6
)ORDW
87
''6
)ORDW
7
''6
8
1RWD
9«DVH3
3>@
0RGRGHFRQVLJQD3,'
ILMD
/DVIUHFXHQFLDVILMDVSDUDFRQVLJQDV3,'VHSXHGHQVHOHFFLRQDUGHGRVIRUPDVGLVWLQWDV3GHILQHHO
PRGR
6HOHFFLµQGLUHFWD
6HOHFFLµQELQDULD
3>@
%,%LWGHVHOHFFLµQGH FRQVLJQD3,'ILMD
'HILQHODIXHQWHGHVH³DOHVGHPDQGRGHOELWGHVHOHFFLµQGHFRQVLJQD3,'ILMD
7
&'6
8% LQDULR
&RQYHUWLGRU6,1$0,&69
,QVWUXFFLRQHVGHVHUYLFLR$(
/LVWDGHSDU£PHWURV
/LVWDGHSDU£PHWURV
3DU£PHWUR
)XQFLµQ
5DQJR
3>@
%,%LWGHVHOHFFLµQGH FRQVLJQD3,'ILMD
6H
$MXVWHV
SUHGHWHUPLQDGR SXHGH
FDPELDU
VGHI£EULFD
(VFDODGR -XHJR
GH
GDWRV
7LSR 1LYHO
GH
GH
GDWRV DFFHVR
8% LQDULR
7
&'6
'HILQHODIXHQWHGHVH³DOHVGHPDQGRGHOELWGHVHOHFFLµQGHFRQVLJQD3,'ILMD
3>@
%,%LWGHVHOHFFLµQGH FRQVLJQD3,'ILMD
7
&'6
'HILQHODIXHQWHGHVH³DOHVGHPDQGRGHOELWGHVHOHFFLµQGHFRQVLJQD3,'ILMD
3>@
%,%LWGHVHOHFFLµQGH FRQVLJQD3,'ILMD
7
&'6
8% LQDULR
8% LQDULR
'HILQHODIXHQWHGHVH³DOHVGHPDQGRGHOELWGHVHOHFFLµQGHFRQVLJQD3,'ILMD
U
&2&RQVLJQD3,'ILMD
UHDO>@
0XHVWUDODVXPDWRWDOGHODVHOHFFLµQGHFRQVLJQDVILMDV3,'
1RWD
U FRUUHVSRQGHDKH[
U
%2(VWDGRIUHFXHQFLD
3,'ILMD
0XHVWUDHOHVWDGRGHODVIUHFXHQFLDVILMDV3,'
%LW
1RPEUHGHVH³DO
6H³DO
6H³DO
(VWDGRIUHFILMD
6¯
1R
3>@
0RGR3,'023
87
)ORDW
8
''6
8
(VSHFLILFDFLµQGHOPRGR3,'023
%LW
1RPEUHGHVH³DO
6H³DO
6H³DO
$FWLYDUJXDUGDUFRQVLJQD
6¯
1R
1RVHQHFHVLWDHVWDGR21SDUD023
6¯
1R
1RWD
'HILQHHOPRGRGHIXQFLRQDPLHQWRGHOSRWHQFLµPHWURPRWRUL]DGR9«DVH3
3
,QKLELFLµQLQYHUVLµQGH
VHQWLGRGH3,'023
,QKLEHODVHOHFFLµQGHFRQVLJQDLQYHUVDGH3,'023
$GPLWLULQYHUVLµQGHVHQWLGR
,QKLELULQYHUVLµQGHVHQWLGR
1RWD
(ODMXVWHDFWLYDODPRGLILFDFLµQGHOVHQWLGRGHJLURGHOPRWRUPHGLDQWHODFRQVLJQDGHOSRWHQFLµPHWUR
PRWRUL]DGRDXPHQWDURGLVPLQXLUIUHFXHQFLD
3>@
%,+DELOLWDFLµQ3,'
023VH³DOGHPDQGR
68%,5
'HILQHODIXHQWHGHODVH³DOGHPDQGR68%,5
7
7
&'6
8
8% LQDULR
'HSHQGHQFLD 3DUDPRGLILFDUODFRQVLJQD
&RQILJXUHXQDHQWUDGDGLJLWDOFRPRIXHQWH
8WLOLFHODVWHFODV68%,5%$-$5GHOSDQHOGHPDQGR
$WHQFLµQ
6LVHKDELOLWDHVWDVH³DOGHPDQGRFRQSXOVDFLRQHVEUHYHVGHPHQRVGHVHJXQGRVHPRGLILFDOD
IUHFXHQFLDHQSDVRVGHO3&XDQGRODVH³DOKDHVWDGRKDELOLWDGDP£VGHVHJXQGRHO
JHQHUDGRUGHUDPSDDFHOHUDFRQHOYDORUDMXVWDGRHQ3
&RQYHUWLGRU6,1$0,&69
,QVWUXFFLRQHVGHVHUYLFLR$(
/LVWDGHSDU£PHWURV
/LVWDGHSDU£PHWURV
3DU£PHWUR
)XQFLµQ
5DQJR
6H
$MXVWHV
SUHGHWHUPLQDGR SXHGH
FDPELDU
VGHI£EULFD
(VFDODGR -XHJR
GH
GDWRV
7LSR 1LYHO
GH
GH
GDWRV DFFHVR
3>@
%,+DELOLWDFLµQ3,'
023VH³DOGHPDQGR
%$-$5
8% LQDULR
'HILQHODIXHQWHGHODVH³DOGHPDQGR%$-$5
7
&'6
'HSHQGHQFLD 9«DVH3
$WHQFLµQ
6LVHKDELOLWDHVWDVH³DOGHPDQGRFRQSXOVDFLRQHVEUHYHVGHPHQRVGHVHJXQGRVHPRGLILFDOD
IUHFXHQFLDHQSDVRVGHO3&XDQGRODVH³DOKDHVWDGRKDELOLWDGDP£VGHVHJXQGRHO
JHQHUDGRUGHUDPSDGHFHOHUDFRQHOYDORUDMXVWDGRHQ3
3>@
&RQVLJQDGH3,'023
>@
&RQVLJQDGHOSRWHQFLµPHWURPRWRUL]DGR3HUPLWHDOXVXDULRDMXVWDUXQDFRQVLJQDGLJLWDO3,'HQ>@
1RWD
87
''6
)ORDW
3 FRUUHVSRQGHDKH[
(OYDORULQLFLDOVHDFWLYDSDUDODVDOLGDGHO023VRORHQHODUUDQTXHGHO023(OSDU£PHWUR3DIHFWD
DOFRPSRUWDPLHQWRGHOYDORULQLFLDOGHHVWDIRUPD
3 3VHDFWLYDLQPHGLDWDPHQWHHQHOHVWDGR2))\FXDQGRVHFDPELDDOHVWDGR21VHDFWLYD
GHVSX«VGHOVLJXLHQWHFLFOR2))\21
3 /D¼OWLPDVDOLGDGHO023DQWHVGHODSDUDGDVHJXDUGDFRPRYDORULQLFLDOSXHVWRTXHVHKD
VHOHFFLRQDGRJXDUGDUXQFDPELRGH3HQHOHVWDGR21FDUHFHGHHIHFWR(QHVWDGR2))VH
SXHGHFDPELDU3
3 (O023HVW£DFWLYRFDGDYH]GHPRGRTXHHOFDPELRGH3DIHFWDGHVSX«VGHOVLJXLHQWHFLFORGH
GHVFRQH[LµQ\UHFRQH[LµQRXQFDPELRGH3D
7
&'6
8% LQDULR
3>@
%,6HOHFFLµQFRQVLJQD
3,'023
DXWRP£WLFDPDQXDOPHQW
H
$MXVWDODIXHQWHGHVH³DOSDUDTXHFRQPXWHGHPRGRPDQXDODDXWRP£WLFR6LVHXWLOL]DHOSRWHQFLµPHWUR
PRWRUL]DGRHQHOPRGRPDQXDOODFRQVLJQDVHPRGLILFDFRQGRVVH³DOHVSDUDVXELU\EDMDUSHM3
\3
6LVHXVDHOPRGRDXWRP£WLFRODFRQVLJQDVHGHEHLQWHUFRQHFWDUDWUDY«VGHODHQWUDGDGHFRQHFWRU
3
0DQXDOPHQWH
$XWRP£WLFDPHQWH
$WHQFLµQ
&RQVXOWH333
3>@
&,&RQVLJQDDXWRP£WLFD 3,'023
$MXVWDODIXHQWHGHVH³DOGHODFRQVLJQDGHOSRWHQFLµPHWURPRWRUL]DGRVLVHKDVHOHFFLRQDGRHOPRGR
DXWRP£WLFR3
$WHQFLµQ
&RQVXOWH3
3>@
%,3,'023DFHSWD
FRQVLJQDGHJHQHUDGRU
GHUDPSD
7
7
&'6
&'6
8,
8% LQDULR
&RQYHUWLGRU6,1$0,&69
,QVWUXFFLRQHVGHVHUYLFLR$(
/LVWDGHSDU£PHWURV
/LVWDGHSDU£PHWURV
5DQJR
6H
$MXVWHV
SUHGHWHUPLQDGR SXHGH
FDPELDU
VGHI£EULFD
(VFDODGR -XHJR
GH
GDWRV
7LSR 1LYHO
GH
GH
GDWRV DFFHVR
3DU£PHWUR
)XQFLµQ
$MXVWDODIXHQWHGHVH³DOSDUDTXHODVH³DOGHPDQGRGHDMXVWHDFHSWHHOYDORUGHDMXVWHSDUDHO
SRWHQFLµPHWURPRWRUL]DGR(OYDORUWLHQHHIHFWRHQXQIODQFRGHODVH³DOGHPDQGRGHDMXVWH
$WHQFLµQ
&RQVXOWH3
3>@
&,&RQVLJQDGH
JHQHUDGRUGHUDPSD
3,'023
$MXVWDODIXHQWHGHVH³DOGHOYDORUGHFRQVLJQDSDUDHO023(OYDORUWLHQHHIHFWRHQXQIODQFRGHOD
VH³DOGHPDQGRGHDMXVWH
7
&'6
8,
$WHQFLµQ
&RQVXOWH3
U
&2)UHFXHQFLDGH
HQWUDGDGHO*G53,'
023>@
0XHVWUDODFRQVLJQDGHOSRWHQFLµPHWURPRWRUL]DGRDQWHVGHSDVDUORDO*G5GH3,'023
3>@
7LHPSRDFHOHUDFLµQGHO
*G53,'023>V@
$MXVWDHOWLHPSRGHDFHOHUDFLµQGHOJHQHUDGRUGHUDPSDLQWHUQRGH3,'023(QHVWHWLHPSRODFRQVLJQD
VHFDPELDGHFHURDOO¯PLWHGHILQLGRHQ3
87
''6
)ORDW
)ORDW
$WHQFLµQ
&RQVXOWH33
3>@
7LHPSRGHFHOHUDFLµQGHO *G53,'023>V@
$MXVWDHOWLHPSRGHGHFHOHUDFLµQGHOJHQHUDGRUGHUDPSDLQWHUQRGH3,'023(QHVWHWLHPSROD
FRQVLJQDVHFDPELDGHOO¯PLWHGHILQLGRHQ3DFHUR
$WHQFLµQ
&RQVXOWH33
U
&2&RQVLJQDVDOLGDGH
3,'023>@
0XHVWUDODFRQVLJQDGHVDOLGDGHOSRWHQFLµPHWURPRWRUL]DGR
3
0RGR3,'
+DELOLWDODIXQFLµQGHOUHJXODGRU3,'
3,'FRPRFRQVLJQD
3,'FRPRDMXVWH
87
''6
)ORDW
3(5&(1 7
)ORDW
7
8
87
+
&'6
8,
'HSHQGHQFLD $FWLYRVLHOOD]R3,'HVW£KDELOLWDGRY«DVH3
3>@
&,&RQVLJQD3,'
'HILQHODIXHQWHSDUDODHQWUDGDGHFRQVLJQD3,'(VWHSDU£PHWURSHUPLWHDOXVXDULRVHOHFFLRQDUODIXHQWH
GHODFRQVLJQD3,'(QJHQHUDOVHVHOHFFLRQDXQDFRQVLJQDGLJLWDOELHQXVDQGRXQDFRQVLJQDILMD3,'R
ELHQXQDFRQVLJQDDFWLYD
3>@
&,)XHQWHGHDMXVWH3,' 6HOHFFLRQDODIXHQWHGHDMXVWHGHODFRQVLJQD3,'(VWDVH³DOVHPXOWLSOLFDSRUODJDQDQFLDGHDMXVWH\VH
VXPDDODFRQVLJQD3,'
3
)DFWRUGHJDQDQFLDGH
FRQVLJQD3,'
)DFWRUGHJDQDQFLDGHFRQVLJQD3,'/DHQWUDGDGHFRQVLJQD3,'VHPXOWLSOLFDSRUHVWHIDFWRUGH
JDQDQFLDSDUDREWHQHUXQDUHODFLµQDGHFXDGDHQWUHODFRQVLJQD\HODMXVWH
87
87
+
&'6
8,
)ORDW
&RQYHUWLGRU6,1$0,&69
,QVWUXFFLRQHVGHVHUYLFLR$(
/LVWDGHSDU£PHWURV
/LVWDGHSDU£PHWURV
3DU£PHWUR
)XQFLµQ
5DQJR
6H
$MXVWHV
SUHGHWHUPLQDGR SXHGH
FDPELDU
VGHI£EULFD
(VFDODGR -XHJR
GH
GDWRV
7LSR 1LYHO
GH
GH
GDWRV DFFHVR
3
)DFWRUGHJDQDQFLDGH
DMXVWH3,'
)ORDW
)DFWRUGHJDQDQFLDGHDMXVWH3,'(VWHIDFWRUGHJDQDQFLDHVFDODODVH³DOGHDMXVWHTXHVHVXPDDOD
FRQVLJQD3,'SULQFLSDO
3
7LHPSRGHDFHOHUDFLµQ
GHFRQVLJQD3,'>V@
$MXVWDHOWLHPSRGHDFHOHUDFLµQSDUDODFRQVLJQD3,'
87
87
)ORDW
'HSHQGHQFLD 3 UHJXODFLµQ3,'KDELOLWDGDGHVKDELOLWDHOWLHPSRQRUPDOGHDFHOHUDFLµQ3(OWLHPSRGH
UDPSD3,'DFW¼DVRORVREUHODFRQVLJQD3,'\VHDFWLYDVRORFXDQGRHVWDFDPELDRVHGDODVH³DOGH
PDQGR581ODFRQVLJQD3,'XWLOL]DHVWDUDPSDSDUDDOFDQ]DUVXYDORUSDUWLHQGRGH
$WHQFLµQ
8QDMXVWHGHPDVLDGRFRUWRGHOWLHPSRGHDFHOHUDFLµQSXHGHGLVSDUDUHOFRQYHUWLGRUSHMSRU
VREUHFRUULHQWH
3
7LHPSRGHGHFHOHUDFLµQ
GHFRQVLJQD3,'>V@
$MXVWDHOWLHPSRGHGHFHOHUDFLµQSDUDODFRQVLJQD3,'
87
)ORDW
'HSHQGHQFLD 3 UHJXODFLµQ3,'KDELOLWDGDGHVKDELOLWDHOWLHPSRQRUPDOGHGHFHOHUDFLµQ3/DUDPSDGH
FRQVLJQD3,'VHXVD¼QLFDPHQWHHQORVFDPELRVGHFRQVLJQD3,'3WLHPSRGHGHFHOHUDFLµQ\
3WLHPSRGHGHFHOHUDFLµQ2))GHILQHQORVWLHPSRVGHUDPSDXVDGRVWUDV2))\2))
UHVSHFWLYDPHQWH
$WHQFLµQ
8QDMXVWHGHPDVLDGRFRUWRGHOWLHPSRGHGHFHOHUDFLµQSXHGHFDXVDUHOGLVSDURGHOFRQYHUWLGRUSRU
VREUHFRUULHQWH)RVREUHWHQVLµQ)
U
&2&RQVLJQD3,'WUDV
*G53,'>@
0XHVWUDODFRQVLJQDDFWLYDWRWDO3,'WUDVHO*G53,'
1RWD
U FRUUHVSRQGHDKH[
3
&RQVWDQWHGHWLHPSRGHO ILOWURGHFRQVLJQD3,'>V@ )ORDW
87
)ORDW
)ORDW
$MXVWDXQDFRQVWDQWHGHWLHPSRSDUDDOLVDUODFRQVLJQD3,'
1RWD
3 VLQDOLVDPLHQWR
U
&2&RQVLJQD3,'
ILOWUDGDWUDV*G5>@
0XHVWUDODFRQVLJQD3,'ILOWUDGDWUDVHO*G53,'UHVHOUHVXOWDGRGHOYDORUGHUDOLVDGRFRQHO
ILOWUR37\ODFRQVWDQWHGHWLHPSRGH3
1RWD
U FRUUHVSRQGHDKH[
3
7LSRGHUHJXODGRU3,'
$MXVWDHOWLSRGHUHJXODGRU3,'
&RPSRQHQWH'GHODVH³DOGHUHDOLPHQWDFLµQ
&RPSRQHQWH'GHODVH³DOGHHUURU
3>@
&,5HDOLPHQWDFLµQ3,'
6HOHFFLRQDODIXHQWHGHODVH³DOGHUHDOLPHQWDFLµQ3,'
1RWD
&RQODHQWUDGDDQDOµJLFDVHOHFFLRQDGDHORIIVHW\ODJDQDQFLDSXHGHQDMXVWDUVHXVDQGRORVSDU£PHWURV
GHO3DO3HVFDODGR$,
>@
7
87
+
8
&'6
8,
&RQYHUWLGRU6,1$0,&69
,QVWUXFFLRQHVGHVHUYLFLR$(
/LVWDGHSDU£PHWURV
/LVWDGHSDU£PHWURV
5DQJR
6H
$MXVWHV
SUHGHWHUPLQDGR SXHGH
FDPELDU
VGHI£EULFD
(VFDODGR -XHJR
GH
GDWRV
7LSR 1LYHO
GH
GH
GDWRV DFFHVR
)ORDW
)ORDW
87
)ORDW
3DU£PHWUR
)XQFLµQ
3
&RQVWDQWHGHWLHPSRGHO ILOWURGHUHDOLPHQWDFLµQ
3,'>V@
'HILQHODFRQVWDQWHGHWLHPSRSDUDHOILOWURGHUHDOLPHQWDFLµQ3,'
U
&25HDOLPHQWDFLµQ
ILOWUDGD3,'>@
0XHVWUDODVH³DOGHUHDOLPHQWDFLµQ3,'
1RWD
U FRUUHVSRQGHDKH[
3
9DORUP£[LPRGH
UHDOLPHQWDFLµQGH3,'
>@
$MXVWDHOO¯PLWHVXSHULRUGHOYDORUGHODVH³DOGHUHDOLPHQWDFLµQ
$WHQFLµQ
&XDQGRHO3,'HVW£KDELOLWDGR3 \ODVH³DOVXSHUDHVWHYDORUHOFRQYHUWLGRUVHGLVSDUDFRQHO
IDOOR)
87
1RWD
3 FRUUHVSRQGHDKH[
3
9DORUP¯QLPRGH
UHDOLPHQWDFLµQGH3,'
>@
$MXVWDHOO¯PLWHLQIHULRUGHOYDORUGHODVH³DOGHUHDOLPHQWDFLµQ
$WHQFLµQ
&XDQGRHO3,'HVW£KDELOLWDGR3 \ODVH³DOEDMDGHHVWHYDORUHOFRQYHUWLGRUVHGLVSDUDFRQHO
IDOOR)
1RWD
3 FRUUHVSRQGHDKH[
3
*DQDQFLDDSOLFDGDD
UHDOLPHQWDFLµQ3,'
3HUPLWHDOXVXDULRHVFDODUODUHDOLPHQWDFLµQ3,'FRPRSRUFHQWDMH8QDJDQDQFLDGHOVLJQLILFDTXH
ODVH³DOGHUHDOLPHQWDFLµQQRYDU¯DUHVSHFWRDVXYDORURULJLQDO
3
6HOHFWRUGHIXQFLµQGH
UHDOLPHQWDFLµQ3,'
$SOLFDIXQFLRQHVPDWHP£WLFDVDODVH³DOGHUHDOLPHQWDFLµQ3,'SHUPLWLHQGRPXOWLSOLFDUHOUHVXOWDGRSRU
3
'HVKDELOLWDGD
5D¯]FXDGUDGDUD¯][
&XDGUDGR[[
&XER[[[
3
7LSRGHVHQVRU3,'
3HUPLWHDOXVXDULRVHOHFFLRQDUHOWLSRGHVHQVRUSDUDODVH³DOGHUHDOLPHQWDFLµQ3,'
'HVKDELOLWDGD
,QYHUVLµQGHVH³DOGHUHDOLPHQWDFLµQ3,'
87
87
87
87
)ORDW
)ORDW
8
8
&RQYHUWLGRU6,1$0,&69
,QVWUXFFLRQHVGHVHUYLFLR$(
/LVWDGHSDU£PHWURV
/LVWDGHSDU£PHWURV
5DQJR
6H
$MXVWHV
SUHGHWHUPLQDGR SXHGH
FDPELDU
VGHI£EULFD
(VFDODGR -XHJR
GH
GDWRV
7LSR 1LYHO
GH
GH
GDWRV DFFHVR
3DU£PHWUR
)XQFLµQ
$WHQFLµQ
(VLPSRUWDQWHVHOHFFLRQDUFRUUHFWDPHQWHHOWLSRGHVHQVRU6LQRHVW£VHJXURGHVLXWLOL]DURSXHGH
GHWHUPLQDUHOWLSRFRUUHFWRFRPRVHLQGLFDDFRQWLQXDFLµQ
'HVKDELOLWHODIXQFLµQ3,'3 $XPHQWHODIUHFXHQFLDGHOPRWRUPLHQWUDVPLGHODVH³DOGHUHDOLPHQWDFLµQ
6LODVH³DOGHUHDOLPHQWDFLµQDXPHQWDDPHGLGDTXHDXPHQWDODIUHFXHQFLDGHOPRWRUVHGHEHXVDU
FRPRWLSRGHVHQVRU3,'
6LODVH³DOGHUHDOLPHQWDFLµQGLVPLQX\HDPHGLGDTXHDXPHQWDODIUHFXHQFLDGHOPRWRUVHGHEHXVDU
FRPRWLSRGHVHQVRU3,'
)ORDW
)ORDW
U
&25HDOLPHQWDFLµQ
HVFDODGD3,'>@
0XHVWUDODVH³DOGHUHDOLPHQWDFLµQHVFDODGDGH3,'
1RWD
U FRUUHVSRQGHDKH[
U
&2(UURU3,'>@
0XHVWUDODGHVYLDFLµQGHOUHJXODGRU3,'HQWUHODVVH³DOHVGHFRQVLJQD\GHUHDOLPHQWDFLµQ
1RWD
U FRUUHVSRQGHDKH[
3
7LHPSRGLIHUHQFLDOGHO
3,'>V@
$MXVWDODFRQVWDQWHGHWLHPSRGLIHUHQFLDOGH3,'
87
)ORDW
)ORDW
3 /DSDUWHGLIHUHQFLDOFDUHFHGHHIHFWRDSOLFDXQDJDQDQFLDXQLWDULD
87
3
*DQDQFLDSURSRUFLRQDO
GHO3,'
3HUPLWHDOXVXDULRDMXVWDUODJDQDQFLDSURSRUFLRQDOGHOUHJXODGRU3,'(OUHJXODGRU3,'VHLPSOHPHQWDGH
ODIRUPDKDELWXDO3DUDREWHQHUORVPHMRUHVUHVXOWDGRVKDELOLWHODVSDUWHV3H,
'HSHQGHQFLD 3 SDUWH3GH3,' /DSDUWH,DFW¼DVREUHHOFXDGUDGRGHODVH³DOGHHUURU
3 SDUWH,GH3,' (OUHJXODGRU3,'DFW¼DFRPRUHJXODGRU3R3'UHVSHFWLYDPHQWH
1RWD
6LHQHOVLVWHPDVHSURGXFHQFDPELRVEUXVFRVHQODVH³DOGHUHDOLPHQWDFLµQODSDUWH3GHEHU£DMXVWDUVH
DXQYDORUSHTXH³RFRQXQDSDUWH,P£VU£SLGDSDUDORJUDUXQUHQGLPLHQWRµSWLPR
3
7LHPSRGHLQWHJUDFLµQ
GHO3,'>V@
$MXVWDODFRQVWDQWHGHOWLHPSRGHLQWHJUDFLµQGHOUHJXODGRU3,'
1RWD
9«DVH3
3
/¯PLWHVXSHULRUGHVDOLGD GHO3,'>@
$MXVWDHOO¯PLWHVXSHULRUSDUDODVDOLGDGHOUHJXODGRU3,'
87
87
)ORDW
)ORDW
'HSHQGHQFLD 6LIBP£[3HVPD\RUTXH3IUHFXHQFLDGHUHIHUHQFLDGHEHFDPELDUVHELHQ3RELHQ
3O¯PLWHVXSHULRUGHVDOLGD3,'SDUDDOFDQ]DUIBP£[
1RWD
3 KH[WDO\FRPRVHGHILQHHQ3IUHFXHQFLDGHUHIHUHQFLD
3
/¯PLWHLQIHULRUGHVDOLGD
GHO3,'>@
$MXVWDHOO¯PLWHLQIHULRUSDUDODVDOLGDGHOUHJXODGRU3,'
87
)ORDW
'HSHQGHQFLD 8QYDORUQHJDWLYRSHUPLWHTXHHOUHJXODGRU3,'IXQFLRQHHQPRGRELSRODU
1RWD
3 FRUUHVSRQGHDKH[
&RQYHUWLGRU6,1$0,&69
,QVWUXFFLRQHVGHVHUYLFLR$(
/LVWDGHSDU£PHWURV
/LVWDGHSDU£PHWURV
5DQJR
6H
$MXVWHV
SUHGHWHUPLQDGR SXHGH
FDPELDU
VGHI£EULFD
(VFDODGR -XHJR
GH
GDWRV
7LSR 1LYHO
GH
GH
GDWRV DFFHVR
)ORDW
3DU£PHWUR
)XQFLµQ
3
7LHPSRVGH
DFHOHUDFLµQGHFHOHUDFLµQ GHOO¯PLWHGHO3,'>V@
$MXVWDHOWLHPSRP£[LPRGHDFHOHUDFLµQRGHFHOHUDFLµQGHODVDOLGDGHO3,'
87
&XDQGRHO3,HVW£KDELOLWDGRORVO¯PLWHVGHVDOLGDDXPHQWDQGHVGHKDVWDORVO¯PLWHVDMXVWDGRVHQ3
O¯PLWHVXSHULRUGHVDOLGD3,'\3O¯PLWHLQIHULRUGHVDOLGD3,'(VWRVO¯PLWHVHYLWDQFDPELRVEUXVFRV
HQODVDOLGD3,'DODUUDQFDUHOFRQYHUWLGRU8QDYH]TXHVHKDQDOFDQ]DGRORVO¯PLWHVHOUHJXODGRU3,'
DFW¼DLQPHGLDWDPHQWH(VWRVWLHPSRVGHUDPSDVHDFWLYDQFDGDYH]TXHVHHPLWHXQDVH³DOGHPDQGR
581
1RWD
6LVHGDQ2))X2))ODIUHFXHQFLDGHVDOLGDGHOFRQYHUWLGRUGLVPLQX\HVHJ¼QORVDMXVWHVGH3
WLHPSRGHGHFHOHUDFLµQR3WLHPSRGHGHFHOHUDFLµQ2))
U
&26DOLGD3,'UHDO>@
0XHVWUDODVDOLGDGHO3,'
1RWD
U FRUUHVSRQGHDKH[
3
*DQDQFLDSDUDVDOLGDGHO 3,'
3HUPLWHDOXVXDULRHVFDODUODVDOLGDGHO3,'FRPRSRUFHQWDMH8QDJDQDQFLDGHOVLJQLILFDTXHOD
VH³DOGHVDOLGDQRYDU¯DUHVSHFWRDVXYDORURULJLQDO
1RWD
/DDFHOHUDFLµQ\GHFHOHUDFLµQDSOLFDGDSRUHOUHJXODGRU3,'VHOLPLWDDXQDWDVDGHVSDUD
SURWHJHUHOFRQYHUWLGRU
3
+DELOLWDFLµQDXWRWXQLQJ
3,'
+DELOLWDODIXQFLµQGHDXWRWXQLQJGHOUHJXODGRU3,'
$XWRWXQLQJ3,'GHVKDELOLWDGR
,QLFLDUDXWRWXQLQJFRQHOP«WRGRGH=LHJOHU1LFKROV=1
$XWRWXQLQJ3,'FRPRFRQVREUHRVFLODFLRQHV26
$XWRWXQLQJ3,'FRPRFRQDOJXQDVRVLQVREUHRVFLODFLRQHV26
$XWRWXQLQJ3,'VRORSDUWH3,UHVSXHVWDDXQDHQWUDGDHVFDOµQ
)ORDW
87
)ORDW
87
8
'HSHQGHQFLD $FWLYRVLHOOD]R3,'HVW£KDELOLWDGRY«DVH3
1RWD
3 (VWHDMXVWHHVHO=LHJOHU1LFKROV=1HVW£QGDUTXHGHEHU¯DUHVXOWDUHQXQDUHVSXHVWDDHVFDOµQFRQ
DPRUWLJXDPLHQWRGH
3 (VWHDMXVWHSURGXFLU£FLHUWRUHEDVDPLHQWR26SHURHVP£VU£SLGRTXHODRSFLµQ
3 (VWHDMXVWHGHEHU¯DSURGXFLUXQUHEDVDPLHQWRSHTXH³RRQXORSHURQRHVWDQU£SLGRFRPRODRSFLµQ
3 (VWHDMXVWHVRORFDPELDORVYDORUHVGH3H,\GHEHU¯DVHUXQDUHVSXHVWDFRQDPRUWLJXDPLHQWRGH
/DRSFLµQTXHVHGHEHVHOHFFLRQDUGHSHQGHGHODDSOLFDFLµQSHURHQW«UPLQRVJHQHUDOHVODRSFLµQ
SURSRUFLRQDU£XQDEXHQDUHVSXHVWD\VLVHGHVHDXQDUHVSXHVWDP£VU£SLGDVHGHEHVHOHFFLRQDUOD
RSFLµQ
6LVHGHVHDXQDDXVHQFLDGHUHEDVDPLHQWRKDEU£TXHHOHJLUODRSFLµQ(QORVFDVRVHQORVTXHQRVH
GHVHHODSDUWH'SXHGHVHOHFFLRQDUVHODRSFLµQ
&RQYHUWLGRU6,1$0,&69
,QVWUXFFLRQHVGHVHUYLFLR$(
/LVWDGHSDU£PHWURV
/LVWDGHSDU£PHWURV
5DQJR
6H
$MXVWHV
SUHGHWHUPLQDGR SXHGH
FDPELDU
VGHI£EULFD
7LSR 1LYHO
GH
GH
GDWRV DFFHVR
(VFDODGR -XHJR
GH
GDWRV
3DU£PHWUR
)XQFLµQ
(OSURFHGLPLHQWRGHDXWRWXQLQJHVHOPLVPRSDUDWRGDVODVRSFLRQHV/R¼QLFRGLIHUHQWHHVHOF£OFXORGH
ODVSDUWHV3\'
3
$XWRWXQLQJ3,'WLHPSR
H[FHGLGR>V@
&RQHVWHSDU£PHWURVHDMXVWDHOWLHPSRGHYLJLODQFLDWUDVHOTXHVHLQWHUUXPSHHODXWRWXQLQJVLQRVHKD
REWHQLGRQLQJXQDRVFLODFLµQ
3
2IIVDXWRWXQ3,'>@
$MXVWDHORIIVHW\ODGHVYLDFLµQSDUDHODXWRWXQLQJGH3,'
1RWD
(VWRVVHSXHGHQPRGLILFDUVHJ¼QODVFRQGLFLRQHVGHODSODQWD\DTXHSHMHQLQVWDODFLRQHVFRQ
FRQVWDQWHVGHWLHPSRPX\JUDQGHVVHSXHGHQQHFHVLWDUYDORUHVPD\RUHV
3>@
+DELOLWDUSURWHFFLµQ
FRQWUDFDYLWDFLµQ
3URWHFFLµQFRQWUDFDYLWDFLµQKDELOLWDGD
'HVSX«VGHODXWRWXQLQJHVWHSDU£PHWURVHSRQHDFHURDXWRWXQLQJILQDOL]DGR
87
87
87
8
)ORDW
''6
8
*HQHUDU£XQIDOORDYLVRFXDQGRVHHVWLPHTXHH[LVWHQFRQGLFLRQHVGHFDYLWDFLµQ
6HQVRU
SUHVLµQUHDOLPHQWDF
LµQFDXGDO
1LYHOGHGLVSDUR
5HDOLPHQWDFLµQ
HVFDODGD3,'>@
U
8PEUDOGHFDYLWDFLµQ
'HD>@
5HWDUGRGHSURWHFFLµQFRQWUDFDYLWDFLµQ
3
3DODEUDHVWDGRELW3,'O¯PLWHP¯QLPRDOFDQ]DGR
>V@
3
5
3DODEUDHVWDGRELW3,'O¯PLWHP£[LPR
DOFDQ]DGR
5
7
3DODEUDHVWDGRELW3,'FRQYHUWLGRUIXQFLRQDQGR
5
!
+DELOLWDUGHVKDELOLWDU3,'
3&'6
+DELOLWDFLµQSURWHFFLµQFRQWUDFDYLWDFLµQ
ಹ
3
3URWHFFLµQFRQWUDFDYLWDFLµQGHVKDELOLWDGD )DOORGLVSDURFDYLWDFLµQ) $YLVRGLVSDURFDYLWDFLµQ$ 1RXVDGR Esquema de la lógica de protección contra cavitación
'HVKDELOLWDFLµQ
&RQYHUWLGRU6,1$0,&69
,QVWUXFFLRQHVGHVHUYLFLR$(
/LVWDGHSDU£PHWURV
/LVWDGHSDU£PHWURV
6H
$MXVWHV
SUHGHWHUPLQDGR SXHGH
FDPELDU
VGHI£EULFD
(VFDODGR -XHJR
GH
GDWRV
7LSR 1LYHO
GH
GH
GDWRV DFFHVR
)ORDW
8
3DU£PHWUR
)XQFLµQ
5DQJR
)DOOR
$YLVR
3>@
8PEUDOGHFDYLWDFLµQ>@ 8PEUDOGHUHVSXHVWDHQSRUFHQWDMHSRUHQFLPDGHOFXDOVHGLVSDUDXQIDOORDYLVR
3>@
7LHPSRGHSURWHFFLµQ
FRQWUDFDYLWDFLµQ>V@
7LHPSRGXUDQWHHOTXHGHEHQH[LVWLUFRQGLFLRQHVGHFDYLWDFLµQDQWHVGHTXHVHGLVSDUHXQIDOORDYLVR
3>@
+DELOLWDUGHVKDELOLWDU
KLEHUQDFLµQ
+DELOLWDRGHVKDELOLWDODIXQFLµQGHKLEHUQDFLµQ
87
87
''6
''6
87
''6
8
87
''6
8
GHVKDELOLWDGD
KDELOLWDGD
3>@
5HWDUGRDQWHVGH
GHWHQHUHOPRWRU>V@
&RQKLEHUQDFLµQKDELOLWDGD6LODGHPDQGDGHIUHFXHQFLDEDMDSRUGHEDMRGHOXPEUDOKD\XQDGHPRUDGH
3VHJXQGRVDQWHVGHTXHVHSDUHHOFRQYHUWLGRU
3>@
5HWDUGRDQWHVGH
DUUDQFDUHOPRWRU>V@
&RQKLEHUQDFLµQKDELOLWDGD6LORVLPSXOVRVVHKDQGHVKDELOLWDGRDOHQWUDUODXQLGDGHQKLEHUQDFLµQ\OD
GHPDQGDGHIUHFXHQFLDKDVXELGRSRUHQFLPDGHOXPEUDOGHKLEHUQDFLµQKDEU£XQDGHPRUDGH3
VHJXQGRVDQWHVGHOUHDUUDQTXHGHOFRQYHUWLGRU
3>@
0RGRGHSDUDGDGH
VHFXHQFLDFLµQGH
PRWRUHV
6HOHFFLRQDHOPRGRGHSDUDGDSDUDPRWRUHVH[WHUQRVFXDQGRODVHFXHQFLDFLµQGHPRWRUHVHVW£HQXVR
3DUDGDQRUPDO
3DUDGDGHVHFXHQFLD
3>@
&RQILJXUDFLµQGH
VHFXHQFLDFLµQGH
PRWRUHV
6HOHFFLRQDODFRQILJXUDFLµQGHPRWRUHVH[WHUQRV00XWLOL]DGDSDUDODIXQFLµQGHVHFXHQFLDFLµQGH
PRWRUHV
6HFXHQFLDFLµQGHPRWRUHVGHVKDELOLWDGD
0 [090 1RLQVWDODGR
0 [090 [09
0 [090 [09
3UHFDXFLµQ
3DUDHVWHWLSRGHDSOLFDFLµQFRQPRWRUHVHVREOLJDWRULRGHVKDELOLWDUODVFRQVLJQDVQHJDWLYDVGH
IUHFXHQFLD
87
7
7
''6
''6
''6
8
8
8
&RQYHUWLGRU6,1$0,&69
,QVWUXFFLRQHVGHVHUYLFLR$(
/LVWDGHSDU£PHWURV
/LVWDGHSDU£PHWURV
5DQJR
6H
$MXVWHV
SUHGHWHUPLQDGR SXHGH
FDPELDU
VGHI£EULFD
(VFDODGR -XHJR
GH
GDWRV
7LSR 1LYHO
GH
GH
GDWRV DFFHVR
3DU£PHWUR
)XQFLµQ
1RWD
/DVHFXHQFLDFLµQGHPRWRUHVSHUPLWHHOFRQWUROGHKDVWDGRVERPEDVRYHQWLODGRUHVDGLFLRQDOHV
VHFXHQFLDGRVEDVDGRVHQXQVLVWHPDGHUHJXODFLµQ3,'
(OVLVWHPDFRPSOHWRFRQVWDGHXQDERPEDFRQWURODGDSRUHOFRQYHUWLGRU\KDVWDGRVERPEDVYHQWLODGRUHV
P£VFRQWURODGRVSRUFRQWDFWRUHVRDUUDQFDGRUHVGHPRWRU
/RVFRQWDFWRUHVRDUUDQFDGRUHVGHPRWRUVHFRQWURODQPHGLDQWHVDOLGDVGHOFRQYHUWLGRU
(QHOGLDJUDPDVLJXLHQWHVHPXHVWUDXQVLVWHPDGHERPEHRW¯SLFR
6HSXHGHFRQILJXUDUXQVLVWHPDVLPLODUXVDQGRYHQWLODGRUHV\FRQGXFWRVGHDLUHHQYH]GHERPEDV\
WXEHU¯DV
5HG
&RQYHUWLGRU
6HQVRUGHSUHVLµQ
$UUDQFDGRUHVGHPRWRU
09
$ODHQWUDGDGH3,'
GHOFRQYHUWLGRU
0
0
'HIRUPDSUHGHWHUPLQDGDORVDUUDQFDGRUHVGHPRWRUVHFRQWURODQPHGLDQWHVDOLGDVGLJLWDOHV'2
(QHOWH[WRVLJXLHQWHVHXVDU£HVWDWHUPLQRORJ¯D
099HORFLGDGYDULDEOHPRWRUFRQWURODGRSRUFRQYHUWLGRU
00RWRUPDQLREUDGRFRQVDOLGDGLJLWDO'2
00RWRUPDQLREUDGRFRQVDOLGDGLJLWDO'2
6HFXHQFLDFLµQ3URFHVRSDUDDUUDQFDUXQRGHORVPRWRUHVGHYHORFLGDGILMD
'HVHFXHQFLDFLµQ3URFHVRSDUDSDUDUXQRGHORVPRWRUHVGHYHORFLGDGILMD
&XDQGRHOFRQYHUWLGRUHVW£IXQFLRQDQGRDODIUHFXHQFLDP£[LPD\ODUHDOLPHQWDFLµQ3,'LQGLFDTXHKD\
TXHDXPHQWDUODYHORFLGDGHOFRQYHUWLGRUDUUDQFDVHFXHQFLDXQRGHORVPRWRUHVFRQWURODGRVSRUVDOLGDV
GLJLWDOHV0R0
6LPXOW£QHDPHQWHDILQGHPDQWHQHUODYDULDEOHFRQWURODGDORP£VFRQVWDQWHSRVLEOHHOFRQYHUWLGRUGHEH
GHFHOHUDUKDVWDODIUHFXHQFLDP¯QLPD
3RUORWDQWRGXUDQWHHOSURFHVRGHVHFXHQFLDFLµQODUHJXODFLµQ3,'GHEHVXVSHQGHUVHY«DVH3\HO
HVTXHPDVLJXLHQWH
Secuenciación de motores externos (M1, M2)
1.
2.
3.
-
-
4.
5.
6.
-
-
-
&RQH[LµQ
7.
P 2371 = 0
-
-
1
-
M1
M1
M1
M1
M1
M1
M1
2
-
M1
M1+M2
M1+M2
M1+M2
M1+M2
M1+M2
M1+M2
3
-
M1
M2
M1+M2
M1+M2
M1+M2
M1+M2
M1+M2
t
-
&RQYHUWLGRU6,1$0,&69
,QVWUXFFLRQHVGHVHUYLFLR$(
/LVWDGHSDU£PHWURV
/LVWDGHSDU£PHWURV
6H
$MXVWHV
SUHGHWHUPLQDGR SXHGH
FDPELDU
VGHI£EULFD
5DQJR
(VFDODGR -XHJR
GH
GDWRV
7LSR 1LYHO
GH
GH
GDWRV DFFHVR
3DU£PHWUR
)XQFLµQ
&XDQGRHOFRQYHUWLGRUHVW£IXQFLRQDQGRDODIUHFXHQFLDP¯QLPD\ODUHDOLPHQWDFLµQ3,'LQGLFDTXHKD\
TXHUHGXFLUODYHORFLGDGHOFRQYHUWLGRUSDUDGHVHFXHQFLDXQRGHORVPRWRUHVFRQWURODGRVSRUVDOLGDV
GLJLWDOHV0R0
(QHVWHFDVRHOFRQYHUWLGRUGHEHDFHOHUDUGHVGHODIUHFXHQFLDP¯QLPDDODP£[LPDLQGHSHQGLHQWHPHQWH
GHODUHJXODFLµQ3,'Y«DVH3\HOHVTXHPDVLJXLHQWH
'HVFRQH[LµQ
Desecuenciación de motores externos (M1, M2)
P2371 = 0
3>@
-
1.
2.
3.
4.
5.
6.
7.
-
-
-
-
-
-
-
1
M1
-
-
-
-
-
-
-
2
M1+M2
M1
-
-
-
-
-
-
3
M1+M2
M2
M1
-
-
-
-
-
&LFORGHVHFXHQFLDFLµQ
GHPRWRUHV
7
''6
t
8
+DELOLWDHOHTXLOLEUDGRGHXWLOL]DFLµQGHPRWRUHVSDUDODIXQFLµQGHVHFXHQFLDFLµQGHPRWRUHV
6LHVW£KDELOLWDGRVHVHOHFFLRQDHOPRWRUSDUDVHFXHQFLDFLµQGHVHFXHQFLDFLµQVHJ¼QHOFXHQWDKRUDV
3$OVHFXHQFLDUVHFRQHFWDHOPRWRUFRQPHQRVKRUDV$OGHVHFXHQFLDUVHGHVFRQHFWDHOPRWRU
FRQP£VKRUDV
6LORVPRWRUHVHQVHFXHQFLDFLµQVRQGHWDPD³RVGLIHUHQWHVSULPHURVHHOLJHHOPRWRUGHOWDPD³R
DGHFXDGR\GHVSX«VVLWRGDY¯DVHSXHGHHOHJLUVHJ¼QVXVKRUDVGHIXQFLRQDPLHQWR
'HVKDELOLWDGD
+DELOLWDGD
3>@
+LVW«UHVLVGH
VHFXHQFLDFLµQGH
PRWRUHV>@
3FRPRSRUFHQWDMHGHODFRQVLJQD3,'TXHGHEHVXSHUDUHOHUURU3,'3DQWHVGHLQLFLDUHO
UHWDUGRGHVHFXHQFLDFLµQ
1RWD
(OYDORUGHHVWHSDU£PHWURVLHPSUHGHEHVHULQIHULRUDOWHPSRUL]DGRUGHEORTXHRGHFRUUHFFLµQGHUHWDUGR
3
3>@
5HWDUGRGH
VHFXHQFLDFLµQGH
PRWRUHV>V@
7LHPSRGXUDQWHHOTXHHOHUURU3,'3GHEHH[FHGHUODKLVW«UHVLVGHVHFXHQFLDFLµQGHPRWRUHV3
DQWHVGHTXHVHSURGX]FDODVHFXHQFLDFLµQ
3>@
5HWDUGRGH
GHVHFXHQFLDFLµQGH
PRWRUHV>V@
7LHPSRGXUDQWHHOTXHHOHUURU3,'3GHEHH[FHGHUODKLVW«UHVLVGHVHFXHQFLDFLµQGHPRWRUHV3
DQWHVGHTXHVHSURGX]FDODGHVHFXHQFLDFLµQ
3>@
&RUUHFFLµQGHOUHWDUGR
GHVHFXHQFLDFLµQGH
PRWRUHV>@
3FRPRSRUFHQWDMHGHODFRQVLJQD3,'&XDQGRHOHUURU3,'3VXSHUDHVWHYDORUVH
VHFXHQFLDGHVHFXHQFLDXQPRWRUVLQWHQHUHQFXHQWDORVWHPSRUL]DGRUHVGHUHWDUGR
1RWD
(OYDORUGHHVWHSDU£PHWURVLHPSUHGHEHVHUPD\RUTXHODKLVW«UHVLVGHVHFXHQFLDFLµQ3
87
87
87
87
3(5&(1 ''6
7
''6
''6
3(5&(1 ''6
7
)ORDW
8
8
)ORDW
&RQYHUWLGRU6,1$0,&69
,QVWUXFFLRQHVGHVHUYLFLR$(
/LVWDGHSDU£PHWURV
/LVWDGHSDU£PHWURV
3DU£PHWUR
)XQFLµQ
5DQJR
6H
$MXVWHV
SUHGHWHUPLQDGR SXHGH
FDPELDU
VGHI£EULFD
(VFDODGR -XHJR
GH
GDWRV
7LSR 1LYHO
GH
GH
GDWRV DFFHVR
3>@
7HPSRUL]DGRUGH
EORTXHRGHOD
VHFXHQFLDFLµQGH
PRWRUHV>V@
8
7LHPSRGXUDQWHHOTXHVHHYLWDODFRUUHFFLµQGHOUHWDUGRGHVSX«VGHVHFXHQFLDURGHVHFXHQFLDUXQPRWRU
87
''6
(YLWDTXHLQPHGLDWDPHQWHGHVSX«VGHXQSULPHUHYHQWRGHVHFXHQFLDFLµQRFXUUDXQVHJXQGRDFDXVDGH
WUDQVLWRULRVDFDHFLGRVWUDVHOSULPHUR
3>@
)UHFXHQFLDGH
VHFXHQFLDFLµQGH
PRWRUHVIBVHF>@
)UHFXHQFLDFRPRSRUFHQWDMHGHODIUHFXHQFLDP£[LPD)UHFXHQFLDFRQODTXHVHFRQPXWDODVDOLGDGLJLWDO
'2GXUDQWHXQHYHQWRGHGHVHFXHQFLDFLµQPLHQWUDVHOFRQYHUWLGRUGHFHOHUDRDFHOHUDGHOD
IUHFXHQFLDP£[LPDDODP¯QLPDRYLFHYHUVD
87
3(5&(1 ''6
7
)ORDW
6HPXHVWUDHQODVILJXUDVVLJXLHQWHV
Secuenciación:
I
3
I DFW
I VHW
3 ຘ
3
W\
3
W
ෙ3,'
3
W
3
U
%LW %LW W
&RQGLFLµQSDUDVHFXHQFLDFLµQ
D
E
F
IDFW ุ3
ෙ3,' ุ3
W D E !3
W\
3 ⎞
⎛
⎜⎜ ෥
⎟ ຘ 3
⎟⎠
⎝
&RQYHUWLGRU6,1$0,&69
,QVWUXFFLRQHVGHVHUYLFLR$(
/LVWDGHSDU£PHWURV
/LVWDGHSDU£PHWURV
3DU£PHWUR
)XQFLµQ
5DQJR
6H
$MXVWHV
SUHGHWHUPLQDGR SXHGH
FDPELDU
VGHI£EULFD
(VFDODGR -XHJR
GH
GDWRV
7LSR 1LYHO
GH
GH
GDWRV DFFHVR
Desecuenciación:
f
f
act
P2378
P1082 ⋅
100
f set
P1080
t
tx
P1120
%
ΔPID
t
-P2373
P2375
r2379
%LW 1
0
%LW 1
0
t
&RQGLFLµQSDUDGHVHFXHQFLDFLµQ
a
b
c
⎛ P2378 P1080 ⎞
tx = ⎜⎜
−
⎟ ⋅ P1120
P1082 ⎟⎠
⎝ 100
f act ≤ P1080
ΔPID ≤ -P2373
t a b > P2375
U
&2%23DODEUDGH
HVWDGRGHVHFXHQFLDFLµQ
GHPRWRUHV
3DODEUDGHHVWDGRGHVDOLGDSDUDODIXQFLµQGHVHFXHQFLDFLµQGHPRWRUHVTXHSHUPLWHHVWDEOHFHU
FRQH[LRQHVH[WHUQDV
%LW
1RPEUHGHVH³DO
6H³DO
6H³DO
$UUDQFDUPRWRU
6¯
1R
$UUDQFDUPRWRU
6¯
1R
3>@
+RUDVGHIXQFLRQDPLHQWR GHODVHFXHQFLDFLµQGH
PRWRUHV>K@
0XHVWUDODVKRUDVGHIXQFLRQDPLHQWRGHORVPRWRUHVH[WHUQRV3DUDUHVWDEOHFHUODVKRUDVGH
IXQFLRQDPLHQWRGHEHSRQHUVHHOYDORUDFHURFXDOTXLHURWURYDORUVHLJQRUD
(MHPSOR
3 QGLFH
>@
+RUDVGHIXQFLRQDPLHQWRGHOPRWRU
>@
+RUDVGHIXQFLRQDPLHQWRGHOPRWRU
>@
1RXVDGR
3
+DELOLWDU))%
87
8
)ORDW
!PLQ
PLQ K
87
8
&RQYHUWLGRU6,1$0,&69
,QVWUXFFLRQHVGHVHUYLFLR$(
/LVWDGHSDU£PHWURV
/LVWDGHSDU£PHWURV
5DQJR
6H
$MXVWHV
SUHGHWHUPLQDGR SXHGH
FDPELDU
VGHI£EULFD
3DU£PHWUR
)XQFLµQ
/RVEORTXHVIXQFLRQDOHVOLEUHV))%VHKDELOLWDQHQGRVSDVRV
7LSR 1LYHO
GH
GH
GDWRV DFFHVR
(VFDODGR -XHJR
GH
GDWRV
3KDELOLWDWRGRVORVEORTXHVIXQFLRQDOHVOLEUHV3 3\3UHVSHFWLYDPHQWHKDELOLWDQFDGDEORTXHIXQFLRQDOOLEUHLQGLYLGXDOPHQWH
$GLFLRQDOPHQWHORVEORTXHVIXQFLRQDOHVOLEUHVU£SLGRVSXHGHQKDELOLWDUVHPHGLDQWH3 'HVKDELOLWDFLµQ
+DELOLWDU
'HSHQGHQFLD 7RGRVORVEORTXHVIXQFLRQDOHVDFWLYRVVHFDOFXODU£QFDGDPVORVEORTXHVIXQFLRQDOHVOLEUHVU£SLGRV
FDGDPV
3>@
$FWLYDU))%
87
8
3\3UHVSHFWLYDPHQWHKDELOLWDQFDGDEORTXHIXQFLRQDOOLEUHLQGLYLGXDOPHQWH3>[@!R
3>[@!$GHP£VORVSDU£PHWURV3\3GHWHUPLQDQHORUGHQFURQROµJLFRGHFDGDEORTXH
IXQFLRQDOILMDQGRHOQLYHOGRQGHWUDEDMDU£HOEORTXHIXQFLRQDOOLEUH
(QODWDEODVLJXLHQWHVHPXHVWUDTXHODSULRULGDGGLVPLQX\HGHGHUHFKDDL]TXLHUGD\GHDUULEDDDEDMR
))%U£SLGRV
3 1LYHO
1LYHO
1LYHO
1LYHO
3>@&03
3>@&03
3>@',9
3>@',9
3>@08/
3>@08/
3>@68%
3>@68%
3>@$''
3>@$''
3>@7HPSRUL]DGRU
3>@7HPSRUL]DGRU
3>@7HPSRUL]DGRU
3>@7HPSRUL]DGRU
3>@56))
3>@56))
3>@56))
3>@'))
3>@'))
3>@127
3>@127
3>@127
3>@;25
3>@;25
3>@;25
3>@25
3>@25
3>@25
3>@$1'
3>@$1'
3>@$1'
1LYHO
1RDFWLYR
1LYHO
1LYHO
1LYHO
(MHPSOR
3>@ 3>@ 3>@ 3>@ $OWD
3ULRULGDG
3ULRULGDG
1LYHO
,QDFWLYR %DMD
%DMD
/RV))%VHSURFHVDQHQHVWHRUGHQ3>@3>@3>@3>@
QGLFH
>@
+DELOLWDU$1'
>@
+DELOLWDU$1'
>@
+DELOLWDU$1'
>@
+DELOLWDU25
>@
+DELOLWDU25
&RQYHUWLGRU6,1$0,&69
,QVWUXFFLRQHVGHVHUYLFLR$(
/LVWDGHSDU£PHWURV
/LVWDGHSDU£PHWURV
6H
$MXVWHV
SUHGHWHUPLQDGR SXHGH
FDPELDU
VGHI£EULFD
3DU£PHWUR
)XQFLµQ
5DQJR
>@
+DELOLWDU25
>@
+DELOLWDU;25
>@
+DELOLWDU;25
>@
+DELOLWDU;25
>@
+DELOLWDU127
>@
+DELOLWDU127
>@
+DELOLWDU127
>@
+DELOLWDU'))
>@
+DELOLWDU'))
>@
+DELOLWDU56))
>@
+DELOLWDU56))
>@
+DELOLWDU56))
(VFDODGR -XHJR
GH
GDWRV
7LSR 1LYHO
GH
GH
GDWRV DFFHVR
'HSHQGHQFLD $MXVWH3DSDUDKDELOLWDUEORTXHVIXQFLRQDOHV
7RGRVORVEORTXHVIXQFLRQDOHVDFWLYRVVHFDOFXODU£QFDGDPVVLVHKDQDMXVWDGRDOQLYHOGHD/RV
EORTXHVIXQFLRQDOHVOLEUHVU£SLGRVQLYHOGHDVHFDOFXODU£QFDGDPV
3>@
$FWLYDU))%
+DELOLWDEORTXHVIXQFLRQDOHVOLEUHV))%\GHWHUPLQDHORUGHQFURQROµJLFRGHFDGDEORTXHIXQFLRQDO
9«DVH3
1RDFWLYR
1LYHO
1LYHO
1LYHO
QGLFH
>@
+DELOLWDUWHPSRUL]DGRU
>@
+DELOLWDUWHPSRUL]DGRU
>@
+DELOLWDUWHPSRUL]DGRU
>@
+DELOLWDUWHPSRUL]DGRU
>@
+DELOLWDU$''
>@
+DELOLWDU$''
>@
+DELOLWDU68%
>@
+DELOLWDU68%
>@
+DELOLWDU08/
>@
+DELOLWDU08/
>@
+DELOLWDU',9
>@
+DELOLWDU',9
>@
+DELOLWDU&03
>@
+DELOLWDU&03
87
8
'HSHQGHQFLD $MXVWH3DSDUDKDELOLWDUEORTXHVIXQFLRQDOHV
7RGRVORVEORTXHVIXQFLRQDOHVDFWLYRVKDELOLWDGRVFRQ3VHFDOFXODU£QFDGDPV
3>@
+DELOLWDU))%U£SLGRV
87
&'6
8
&RQYHUWLGRU6,1$0,&69
,QVWUXFFLRQHVGHVHUYLFLR$(
/LVWDGHSDU£PHWURV
/LVWDGHSDU£PHWURV
5DQJR
6H
$MXVWHV
SUHGHWHUPLQDGR SXHGH
FDPELDU
VGHI£EULFD
(VFDODGR -XHJR
GH
GDWRV
3DU£PHWUR
)XQFLµQ
/RVEORTXHVIXQFLRQDOHVOLEUHV))%U£SLGRVVHKDELOLWDQHQGRVSDVRV
7LSR 1LYHO
GH
GH
GDWRV DFFHVR
3KDELOLWDODXWLOL]DFLµQGHEORTXHVIXQFLRQDOHVOLEUHVU£SLGRV3 3KDELOLWDFDGDEORTXHIXQFLRQDOOLEUHU£SLGRLQGLYLGXDOPHQWH\GHWHUPLQDHORUGHQFURQROµJLFR
3>[@ GHD
'HVKDELOLWDFLµQ
+DELOLWDU
'HSHQGHQFLD 7RGRVORVEORTXHVIXQFLRQDOHVU£SLGRVDFWLYRVVHFDOFXODU£QFDGDPV
1RWD
$WHQFLµQ3\3VRQSDU£PHWURVLQWHUFRQHFWDGRV3,'\))%GHOPLVPRMXHJRGHGDWRVQR
SXHGHQHVWDUDFWLYDGRVDOPLVPRWLHPSR
3>@
%,$1'
3>@\3>@GHILQHQODVHQWUDGDVGHOHOHPHQWR$1'\ODVDOLGDHVU
87
8% LQDULR
P2800 P2801[0]
A
0
0
1
1
P2810
A
B
QGLFH
QGLFH
&
C
r2811
B
0
1
0
1
QGLFH
>@
(QWUDGDGHELQHFWRU%,
>@
(QWUDGDGHELQHFWRU%,
C
0
0
0
1
'HSHQGHQFLD 3>@DVLJQDHOHOHPHQWR$1'DODVHFXHQFLDGHSURFHVR
U
%2$1'
8
6DOLGDGHOHOHPHQWR$1'0XHVWUDODOµJLFD$1'GHORVELWVGHILQLGRVHQ3>@\3>@
%LW
1RPEUHGHVH³DO
6H³DO
6H³DO
6DOLGDGH%2
6¯
1R
'HSHQGHQFLD 9«DVH3
3>@
%,$1'
87
8% LQDULR
3>@\3>@GHILQHQODVHQWUDGDVGHOHOHPHQWR$1'\ODVDOLGDHVU
QGLFH
9«DVH3
'HSHQGHQFLD 3>@DVLJQDHOHOHPHQWR$1'DODVHFXHQFLDGHSURFHVR
U
%2$1'
8
6DOLGDGHOHOHPHQWR$1'0XHVWUDODOµJLFD$1'GHORVELWVGHILQLGRVHQ3>@\3>@9«DVH
USDUDREWHQHUODGHVFULSFLµQGHOFDPSRGHELWV
'HSHQGHQFLD 9«DVH3
3>@
%,$1'
87
8% LQDULR
3>@\3>@GHILQHQODVHQWUDGDVGHOHOHPHQWR$1'\ODVDOLGDHVU
QGLFH
9«DVH3
'HSHQGHQFLD 3>@DVLJQDHOHOHPHQWR$1'DODVHFXHQFLDGHSURFHVR
U
%2$1'
6DOLGDGHOHOHPHQWR$1'0XHVWUDODOµJLFD$1'GHORVELWVGHILQLGRVHQ3>@\3>@9«DVH
USDUDREWHQHUODGHVFULSFLµQGHOFDPSRGHELWV
8
&RQYHUWLGRU6,1$0,&69
,QVWUXFFLRQHVGHVHUYLFLR$(
/LVWDGHSDU£PHWURV
/LVWDGHSDU£PHWURV
3DU£PHWUR
)XQFLµQ
5DQJR
6H
$MXVWHV
SUHGHWHUPLQDGR SXHGH
FDPELDU
VGHI£EULFD
(VFDODGR -XHJR
GH
GDWRV
7LSR 1LYHO
GH
GH
GDWRV DFFHVR
8% LQDULR
'HSHQGHQFLD 9«DVH3
3>@
%,25
87
3>@\3>@GHILQHQODVHQWUDGDVGHOHOHPHQWR25\ODVDOLGDHVU
P2800 P2801[3]
A
0
0
1
1
P2816
QGLFH
QGLFH
QGLFH
A
B
1
C
r2817
B
0
1
0
1
C
0
1
1
1
9«DVH3
'HSHQGHQFLD 3>@DVLJQDHOHOHPHQWR25DODVHFXHQFLDGHSURFHVR
U
%225
6DOLGDGHOHOHPHQWR250XHVWUDODOµJLFD25GHORVELWVGHILQLGRVHQ3>@\3>@9«DVH
USDUDREWHQHUODGHVFULSFLµQGHOFDPSRGHELWV
8
'HSHQGHQFLD 9«DVH3
3>@
%,25
87
3>@\3>@GHILQHQODVHQWUDGDVGHOHOHPHQWR25\ODVDOLGDHVU
QGLFH
9«DVH3
8% LQDULR
'HSHQGHQFLD 3>@DVLJQDHOHOHPHQWR25DODVHFXHQFLDGHSURFHVR
U
%225
8
6DOLGDGHOHOHPHQWR250XHVWUDODOµJLFD25GHORVELWVGHILQLGRVHQ3>@\3>@9«DVH
USDUDREWHQHUODGHVFULSFLµQGHOFDPSRGHELWV
'HSHQGHQFLD 9«DVH3
3>@
%,25
87
3>@\3>@GHILQHQODVHQWUDGDVGHOHOHPHQWR25\ODVDOLGDHVU
QGLFH
9«DVH3
8% LQDULR
'HSHQGHQFLD 3>@DVLJQDHOHOHPHQWR25DODVHFXHQFLDGHSURFHVR
U
%225
8
6DOLGDGHOHOHPHQWR250XHVWUDODOµJLFD25GHORVELWVGHILQLGRVHQ3>@\3>@9«DVH
USDUDREWHQHUODGHVFULSFLµQGHOFDPSRGHELWV
'HSHQGHQFLD 9«DVH3
3>@
%,;25
87
3>@\3>@GHILQHQODVHQWUDGDVGHOHOHPHQWR;25\ODVDOLGDHVU
8% LQDULR
P2800 P2801[6]
P2822
QGLFH
QGLFH
QGLFH
A
B
=1
C
r2823
A
0
0
1
1
B
0
1
0
1
C
0
1
1
0
9«DVH3
&RQYHUWLGRU6,1$0,&69
,QVWUXFFLRQHVGHVHUYLFLR$(
/LVWDGHSDU£PHWURV
/LVWDGHSDU£PHWURV
3DU£PHWUR
)XQFLµQ
6H
$MXVWHV
SUHGHWHUPLQDGR SXHGH
FDPELDU
VGHI£EULFD
5DQJR
(VFDODGR -XHJR
GH
GDWRV
7LSR 1LYHO
GH
GH
GDWRV DFFHVR
8
'HSHQGHQFLD 3>@DVLJQDHOHOHPHQWR;25DODVHFXHQFLDGHSURFHVR
U
%2;25
6DOLGDGHOHOHPHQWR;250XHVWUDODOµJLFD;25GHORVELWVGHILQLGRVHQ3>@\3>@9«DVH
USDUDREWHQHUODGHVFULSFLµQGHOFDPSRGHELWV
'HSHQGHQFLD 9«DVH3
3>@
%,;25
87
8% LQDULR
3>@\3>@GHILQHQODVHQWUDGDVGHOHOHPHQWR;25\ODVDOLGDHVU
QGLFH
9«DVH3
'HSHQGHQFLD 3>@DVLJQDHOHOHPHQWR;25DODVHFXHQFLDGHSURFHVR
U
%2;25
6DOLGDGHOHOHPHQWR;250XHVWUDODOµJLFD;25GHORVELWVGHILQLGRVHQ3>@3>@9«DVH
USDUDREWHQHUODGHVFULSFLµQGHOFDPSRGHELWV
8
'HSHQGHQFLD 9«DVH3
3>@
%,;25
87
8% LQDULR
3>@\3>@GHILQHQODVHQWUDGDVGHOHOHPHQWR;25\ODVDOLGDHVU
QGLFH
9«DVH3
'HSHQGHQFLD 3>@DVLJQDHOHOHPHQWR;25DODVHFXHQFLDGHSURFHVR
U
%2;25
6DOLGDGHOHOHPHQWR;250XHVWUDODOµJLFD;25GHORVELWVGHILQLGRVHQ3>@\3>@9«DVH
USDUDREWHQHUODGHVFULSFLµQGHOFDPSRGHELWV
8
'HSHQGHQFLD 9«DVH3
3
%,127
87
3GHILQHODHQWUDGDGHOHOHPHQWR127\ODVDOLGDHVU
8% LQDULR
8
3 3>@
3
QGLFH
$
&
A
U
C
'HSHQGHQFLD 3>@DVLJQDHOHOHPHQWR127DODVHFXHQFLDGHSURFHVR
U
%2127
6DOLGDGHOHOHPHQWR1270XHVWUDODOµJLFD127GHOELWGHILQLGRHQ39«DVHUSDUDREWHQHU
ODGHVFULSFLµQGHOFDPSRGHELWV
'HSHQGHQFLD 9«DVH3
3
%,127
87
3GHILQHODHQWUDGDGHOHOHPHQWR127\ODVDOLGDHVU
8% LQDULR
8
'HSHQGHQFLD 3>@DVLJQDHOHOHPHQWR127DODVHFXHQFLDGHSURFHVR
U
%2127
&RQYHUWLGRU6,1$0,&69
,QVWUXFFLRQHVGHVHUYLFLR$(
/LVWDGHSDU£PHWURV
/LVWDGHSDU£PHWURV
5DQJR
7LSR 1LYHO
GH
GH
GDWRV DFFHVR
(VFDODGR -XHJR
GH
GDWRV
6H
$MXVWHV
SUHGHWHUPLQDGR SXHGH
FDPELDU
VGHI£EULFD
3DU£PHWUR
)XQFLµQ
6DOLGDGHOHOHPHQWR1270XHVWUDODOµJLFD127GHOELWGHILQLGRHQ39«DVHUSDUDREWHQHU
ODGHVFULSFLµQGHOFDPSRGHELWV
'HSHQGHQFLD 9«DVH3
3
%,127
87
3GHILQHODHQWUDGDGHOHOHPHQWR127\ODVDOLGDHVU
8% LQDULR
8
'HSHQGHQFLD 3>@DVLJQDHOHOHPHQWR127DODVHFXHQFLDGHSURFHVR
U
%2127
6DOLGDGHOHOHPHQWR1270XHVWUDODOµJLFD127GHOELWGHILQLGRHQ39«DVHUSDUDREWHQHU
ODGHVFULSFLµQGHOFDPSRGHELWV
'HSHQGHQFLD 9«DVH3
3>@
%,'))
87
8% LQDULR
3>@3>@3>@\3>@GHILQHQODVHQWUDGDVGHOELHVWDEOH'\ODVVDOLGDVVRQU\
U
3 3>@
3
$-867(4 QGLFH
QGLFH
'
4
U
QGLFH
QGLFH
$/0$&(1$0
4
U
5(67$%/4 AJUSTE RESTABL.
(1&(1','2
D
ALMACENAM.
Q
Q
[
[
[
[
[
[
4Q
4Q
(1&(1','2
QGLFH
>@
(QWUDGDGHELQHFWRU$MXVWDU
>@
(QWUDGDGHELQHFWRU(QWUDGD'
>@
(QWUDGDGHELQHFWRU,PSXOVR6WRUH
>@
(QWUDGDGHELQHFWRU5HVWDEOHFHU
'HSHQGHQFLD 3>@DVLJQDHOELHVWDEOH'DODVHFXHQFLDGHSURFHVR
U
%24'))
0XHVWUDODVDOLGDGHOELHVWDEOH'ODVHQWUDGDVVHGHILQHQHQ3>@3>@3>@\3>@
9«DVHUSDUDREWHQHUODGHVFULSFLµQGHOFDPSRGHELWV
8
'HSHQGHQFLD 9«DVH3
U
%21274'))
8
&RQYHUWLGRU6,1$0,&69
,QVWUXFFLRQHVGHVHUYLFLR$(
/LVWDGHSDU£PHWURV
/LVWDGHSDU£PHWURV
6H
$MXVWHV
SUHGHWHUPLQDGR SXHGH
FDPELDU
VGHI£EULFD
5DQJR
7LSR 1LYHO
GH
GH
GDWRV DFFHVR
(VFDODGR -XHJR
GH
GDWRV
3DU£PHWUR
)XQFLµQ
0XHVWUDODVDOLGDQHJDGDGHOELHVWDEOH'ODVHQWUDGDVVHGHILQHQHQ3>@3>@3>@\
3>@9«DVHUSDUDREWHQHUODGHVFULSFLµQGHOFDPSRGHELWV
'HSHQGHQFLD 9«DVH3
3>@
%,'))
87
8% LQDULR
3>@3>@3>@\3>@GHILQHQODVHQWUDGDVGHOELHVWDEOH'\ODVVDOLGDVVRQU\
U
QGLFH
9«DVH3
'HSHQGHQFLD 3>@DVLJQDHOELHVWDEOH'DODVHFXHQFLDGHSURFHVR
U
%24'))
8
0XHVWUDODVDOLGDGHOELHVWDEOH'ODVHQWUDGDVVHGHILQHQHQ3>@3>@3>@\3>@
9«DVHUSDUDREWHQHUODGHVFULSFLµQGHOFDPSRGHELWV
'HSHQGHQFLD 9«DVH3
U
%21274'))
0XHVWUDODVDOLGDQHJDGDGHOELHVWDEOH'ODVHQWUDGDVVHGHILQHQHQ3>@3>@3>@\
3>@9«DVHUSDUDREWHQHUODGHVFULSFLµQGHOFDPSRGHELWV
8
'HSHQGHQFLD 9«DVH3
3>@
%,56))
87
8% LQDULR
3>@\3>@GHILQHQODVHQWUDGDVGHOELHVWDEOH56\ODVVDOLGDVVRQU\U
P2800 P2801[14]
Q
Q
0
0
Qn-1
Qn-1
0
1
0
1
1
0
1
0
1
1
Qn-1
Qn-1
0
1
AJUSTE RESTABL.
P2840
$-867(
QGLFH
(Q=1)
Q
r2841
QGLFH
(1&(1','2
1
5(67$%/
Q
(Q=0)
r2842
(1&(1','2
QGLFH
>@
(QWUDGDGHELQHFWRU$MXVWDU
>@
(QWUDGDGHELQHFWRU5HVWDEOHFHU
'HSHQGHQFLD 3>@DVLJQDHOELHVWDEOH56DODVHFXHQFLDGHSURFHVR
U
%2456))
0XHVWUDODVDOLGDGHOELHVWDEOH56ODVHQWUDGDVVHGHILQHQHQ3>@\3>@9«DVHUSDUD
REWHQHUODGHVFULSFLµQGHOFDPSRGHELWV
8
'HSHQGHQFLD 9«DVH3
U
%2127456))
8
0XHVWUDODVDOLGDQHJDGDGHOELHVWDEOH56ODVHQWUDGDVVHGHILQHQHQ3>@\3>@9«DVH
USDUDREWHQHUODGHVFULSFLµQGHOFDPSRGHELWV
'HSHQGHQFLD 9«DVH3
3>@
%,56))
87
8% LQDULR
3>@\3>@GHILQHQODVHQWUDGDVGHOELHVWDEOH56\ODVVDOLGDVVRQU\U
QGLFH
9«DVH3
'HSHQGHQFLD 3>@DVLJQDHOELHVWDEOH56DODVHFXHQFLDGHSURFHVR
&RQYHUWLGRU6,1$0,&69
,QVWUXFFLRQHVGHVHUYLFLR$(
/LVWDGHSDU£PHWURV
/LVWDGHSDU£PHWURV
3DU£PHWUR
)XQFLµQ
5DQJR
6H
$MXVWHV
SUHGHWHUPLQDGR SXHGH
FDPELDU
VGHI£EULFD
(VFDODGR -XHJR
GH
GDWRV
7LSR 1LYHO
GH
GH
GDWRV DFFHVR
U
%2456))
8
0XHVWUDODVDOLGDGHOELHVWDEOH56ODVHQWUDGDVVHGHILQHQHQ3>@\3>@9«DVHUSDUD
REWHQHUODGHVFULSFLµQGHOFDPSRGHELWV
'HSHQGHQFLD 9«DVH3
U
%2127456))
8
0XHVWUDODVDOLGDQHJDGDGHOELHVWDEOH56ODVHQWUDGDVVHGHILQHQHQ3>@\3>@9«DVH
USDUDREWHQHUODGHVFULSFLµQGHOFDPSRGHELWV
'HSHQGHQFLD 9«DVH3
3>@
%,56))
87
8% LQDULR
3>@\3>@GHILQHQODVHQWUDGDVGHOELHVWDEOH56\ODVVDOLGDVVRQU\U
QGLFH
9«DVH3
'HSHQGHQFLD 3>@DVLJQDHOELHVWDEOH56DODVHFXHQFLDGHSURFHVR
U
%2456))
0XHVWUDODVDOLGDGHOELHVWDEOH56ODVHQWUDGDVVHGHILQHQHQ3>@\3>@9«DVHUSDUD
REWHQHUODGHVFULSFLµQGHOFDPSRGHELWV
8
'HSHQGHQFLD 9«DVH3
U
%2127456))
8
0XHVWUDODVDOLGDQHJDGDGHOELHVWDEOH56ODVHQWUDGDVVHGHILQHQHQ3>@\3>@9«DVH
USDUDREWHQHUODGHVFULSFLµQGHOFDPSRGHELWV
'HSHQGHQFLD 9«DVH3
3
%,7HPSRUL]DGRU
87
8% LQDULR
&RQYHUWLGRU6,1$0,&69
,QVWUXFFLRQHVGHVHUYLFLR$(
/LVWDGHSDU£PHWURV
/LVWDGHSDU£PHWURV
6H
$MXVWHV
SUHGHWHUPLQDGR SXHGH
FDPELDU
VGHI£EULFD
5DQJR
(VFDODGR -XHJR
GH
GDWRV
7LSR 1LYHO
GH
GH
GDWRV DFFHVR
3DU£PHWUR
)XQFLµQ
'HILQHODVH³DOGHHQWUDGDGHOWHPSRUL]DGRU33\3VRQODVHQWUDGDVGHOWHPSRUL]DGRU
\ODVVDOLGDVVRQU\U
P2850 (0.000) P2851(0)
P2800 P2802.0 7LHPSRGHUHWDUGR 0RGR
5HWDUGR21
T
P2849
QGLFH
(QW
UD
GD
0
5HWDUGR2))
0
T
5HWDUGR212))
T
T
*HQHUDGRUGHLPSXOVRV
T
6DOLGD
r2852
16DOLGD
1
r2853
(QWUDGD
t
6DOLGD
P2851 = 0 (Retardo ON)
t
P2850
P2851 = 1 (Retardo OFF)
t
P2850
P2851 = 2 (Retardo ON-OFF)
P2850
t
P2850
P2851 = 3 (Generador de impulsos)
(QWUDGD
t
6DOLGD
t
P2850
(QWUDGD
t
6DOLGD
t
P2850
'HSHQGHQFLD 3>@DVLJQDHOWHPSRUL]DGRUDODVHFXHQFLDGHSURFHVR
3
7LHPSRGHUHWDUGR
WHPSRUL]DGRU>V@
'HILQHHOUHWDUGRGHOWHPSRUL]DGRU33\3VRQODVHQWUDGDVGHOWHPSRUL]DGRU\ODV
VDOLGDVVRQU\U
87
)ORDW
&RQYHUWLGRU6,1$0,&69
,QVWUXFFLRQHVGHVHUYLFLR$(
/LVWDGHSDU£PHWURV
/LVWDGHSDU£PHWURV
3DU£PHWUR
)XQFLµQ
5DQJR
6H
$MXVWHV
SUHGHWHUPLQDGR SXHGH
FDPELDU
VGHI£EULFD
(VFDODGR -XHJR
GH
GDWRV
7LSR 1LYHO
GH
GH
GDWRV DFFHVR
8
'HSHQGHQFLD 9«DVH3
3
0RGRWHPSRUL]DGRU
87
6HOHFFLRQDHOPRGRGHOWHPSRUL]DGRU33\3VRQODVHQWUDGDVGHOWHPSRUL]DGRU\ODV
VDOLGDVVRQU\U
5HWDUGR21VHJXQGRV
5HWDUGR2))VHJXQGRV
5HWDUGR212))VHJXQGRV
*HQHUDGRUGHLPSXOVRVVHJXQGRV
5HWDUGR21PLQXWRV
5HWDUGR2))PLQXWRV
5HWDUGR212))PLQXWRV
*HQHUDGRUGHLPSXOVRVPLQXWRV
'HSHQGHQFLD 9«DVH3
U
%27HPSRUL]DGRU
8
0XHVWUDODVDOLGDGHOWHPSRUL]DGRU33\3VRQODVHQWUDGDVGHOWHPSRUL]DGRU\ODV
VDOLGDVVRQU\U9«DVHUSDUDREWHQHUODGHVFULSFLµQGHOFDPSRGHELWV
'HSHQGHQFLD 9«DVH3
8
U
%26DOLGDQHJDGD
WHPSRUL]DGRU
0XHVWUDODVDOLGDQHJDGDGHOWHPSRUL]DGRU33\3VRQODVHQWUDGDVGHOWHPSRUL]DGRU\
ODVVDOLGDVVRQU\U9«DVHUSDUDREWHQHUODGHVFULSFLµQGHOFDPSRGHELWV
'HSHQGHQFLD 9«DVH3
3
%,7HPSRUL]DGRU
87
8% LQDULR
'HILQHODVH³DOGHHQWUDGDGHOWHPSRUL]DGRU33\3VRQODVHQWUDGDVGHOWHPSRUL]DGRU
\ODVVDOLGDVVRQU\U
'HSHQGHQFLD 3>@DVLJQDHOWHPSRUL]DGRUDODVHFXHQFLDGHSURFHVR
87
)ORDW
3
7LHPSRGHUHWDUGR
WHPSRUL]DGRU>V@
'HILQHHOUHWDUGRGHOWHPSRUL]DGRU33\3VRQODVHQWUDGDVGHOWHPSRUL]DGRU\ODV
VDOLGDVVRQU\U
'HSHQGHQFLD 9«DVH3
3
0RGRWHPSRUL]DGRU
87
8
6HOHFFLRQDHOPRGRGHOWHPSRUL]DGRU33\3VRQODVHQWUDGDVGHOWHPSRUL]DGRU\ODV
VDOLGDVVRQU\U
9«DVH3SDUDREWHQHUODGHVFULSFLµQGHORVYDORUHV
'HSHQGHQFLD 9«DVH3
U
%27HPSRUL]DGRU
8
0XHVWUDODVDOLGDGHOWHPSRUL]DGRU33\3VRQODVHQWUDGDVGHOWHPSRUL]DGRU\ODV
VDOLGDVVRQU\U9«DVHUSDUDREWHQHUODGHVFULSFLµQGHOFDPSRGHELWV
'HSHQGHQFLD 9«DVH3
U
%26DOLGDQHJDGD
WHPSRUL]DGRU
8
&RQYHUWLGRU6,1$0,&69
,QVWUXFFLRQHVGHVHUYLFLR$(
/LVWDGHSDU£PHWURV
/LVWDGHSDU£PHWURV
5DQJR
6H
$MXVWHV
SUHGHWHUPLQDGR SXHGH
FDPELDU
VGHI£EULFD
(VFDODGR -XHJR
GH
GDWRV
7LSR 1LYHO
GH
GH
GDWRV DFFHVR
3DU£PHWUR
)XQFLµQ
0XHVWUDODVDOLGDQHJDGDGHOWHPSRUL]DGRU33\3VRQODVHQWUDGDVGHOWHPSRUL]DGRU\
ODVVDOLGDVVRQU\U9«DVHUSDUDREWHQHUODGHVFULSFLµQGHOFDPSRGHELWV
'HSHQGHQFLD 9«DVH3
3
%,7HPSRUL]DGRU
87
8% LQDULR
'HILQHODVH³DOGHHQWUDGDGHOWHPSRUL]DGRU33\3VRQODVHQWUDGDVGHOWHPSRUL]DGRU
\ODVVDOLGDVVRQU\U
'HSHQGHQFLD 3>@DVLJQDHOWHPSRUL]DGRUDODVHFXHQFLDGHSURFHVR
3
7LHPSRGHUHWDUGR
WHPSRUL]DGRU>V@
'HILQHHOUHWDUGRGHOWHPSRUL]DGRU33\3VRQODVHQWUDGDVGHOWHPSRUL]DGRU\ODV
VDOLGDVVRQUU
87
)ORDW
'HSHQGHQFLD 9«DVH3
3
0RGRWHPSRUL]DGRU
87
8
6HOHFFLRQDHOPRGRGHOWHPSRUL]DGRU33\3VRQODVHQWUDGDVGHOWHPSRUL]DGRU\ODV
VDOLGDVVRQU\U9«DVH3SDUDREWHQHUODGHVFULSFLµQGHORVYDORUHV
'HSHQGHQFLD 9«DVH3
U
%27HPSRUL]DGRU
0XHVWUDODVDOLGDGHOWHPSRUL]DGRU33\3VRQODVHQWUDGDVGHOWHPSRUL]DGRU\ODV
VDOLGDVVRQU\U9«DVHUSDUDREWHQHUODGHVFULSFLµQGHOFDPSRGHELWV
8
'HSHQGHQFLD 9«DVH3
U
%26DOLGDQHJDGD
WHPSRUL]DGRU
0XHVWUDODVDOLGDQHJDGDGHOWHPSRUL]DGRU33\3VRQODVHQWUDGDVGHOWHPSRUL]DGRU\
ODVVDOLGDVVRQU\U9«DVHUSDUDREWHQHUODGHVFULSFLµQGHOFDPSRGHELWV
8
'HSHQGHQFLD 9«DVH3
3
%,7HPSRUL]DGRU
87
8% LQDULR
'HILQHODVH³DOGHHQWUDGDGHOWHPSRUL]DGRU33\3VRQODVHQWUDGDVGHOWHPSRUL]DGRU
\ODVVDOLGDVVRQU\U
'HSHQGHQFLD 3>@DVLJQDHOWHPSRUL]DGRUDODVHFXHQFLDGHSURFHVR
3
7LHPSRGHUHWDUGR
WHPSRUL]DGRU>V@
'HILQHHOUHWDUGRGHOWHPSRUL]DGRU33\3VRQODVHQWUDGDVGHOWHPSRUL]DGRU\ODV
VDOLGDVVRQU\U
87
)ORDW
'HSHQGHQFLD 9«DVH3
3
0RGRWHPSRUL]DGRU
87
8
6HOHFFLRQDHOPRGRGHOWHPSRUL]DGRU33\3VRQODVHQWUDGDVGHOWHPSRUL]DGRU\ODV
VDOLGDVVRQU\U9«DVH3SDUDREWHQHUODGHVFULSFLµQGHORVYDORUHV
'HSHQGHQFLD 9«DVH3
U
%27HPSRUL]DGRU
0XHVWUDODVDOLGDGHOWHPSRUL]DGRU33\3VRQODVHQWUDGDVGHOWHPSRUL]DGRU\ODV
VDOLGDVVRQU\U9«DVHUSDUDREWHQHUODGHVFULSFLµQGHOFDPSRGHELWV
8
'HSHQGHQFLD 9«DVH3
&RQYHUWLGRU6,1$0,&69
,QVWUXFFLRQHVGHVHUYLFLR$(
/LVWDGHSDU£PHWURV
/LVWDGHSDU£PHWURV
3DU£PHWUR
)XQFLµQ
5DQJR
6H
$MXVWHV
SUHGHWHUPLQDGR SXHGH
FDPELDU
VGHI£EULFD
(VFDODGR -XHJR
GH
GDWRV
7LSR 1LYHO
GH
GH
GDWRV DFFHVR
U
%26DOLGDQHJDGD
WHPSRUL]DGRU
8
0XHVWUDODVDOLGDQHJDGDGHOWHPSRUL]DGRU33\3VRQODVHQWUDGDVGHOWHPSRUL]DGRU\
ODVVDOLGDVVRQU\U9«DVHUSDUDREWHQHUODGHVFULSFLµQGHOFDPSRGHELWV
'HSHQGHQFLD 9«DVH3
3>@
&,$''
87
'HILQHODVHQWUDGDVGHOVXPDGRU(OUHVXOWDGRHVW£HQU
+
8,
P2800 P2802[4]
P2869
QGLFH
QGLFH
x1
200%
5HVXOWDGR
r2870
x2
-200%
x1 + x2
Resultado = x1 + x2
6L x1 + x2 > 200% → 5HVXOWDGR = 200%
x1 + x2 < -200%→ 5HVXOWDGR = - 200%
QGLFH
>@
(QWUDGDGHFRQHFWRU&,
>@
(QWUDGDGHFRQHFWRU&,
'HSHQGHQFLD 3>@DVLJQDHOVXPDGRUDODVHFXHQFLDGHSURFHVR
U
&2$''
5HVXOWDGRGHOVXPDGRU
)ORDW
87
+
8,
'HSHQGHQFLD 9«DVH3
3>@
&,$''
'HILQHODVHQWUDGDVGHOVXPDGRU(OUHVXOWDGRHVW£HQU
QGLFH
9«DVH3
'HSHQGHQFLD 3>@DVLJQDHOVXPDGRUDODVHFXHQFLDGHSURFHVR
U
&2$''
5HVXOWDGRGHOVXPDGRU
)ORDW
87
+
8,
'HSHQGHQFLD 9«DVH3
3>@
&,68%
'HILQHODVHQWUDGDVGHOUHVWDGRU(OUHVXOWDGRHVW£HQU
3 3>@
3
QGLFH
QGLFH
x1
200%
5HVXOWDGR
U
x2
-200%
x1 - x2
QGLFH
Resultado = x1 - x2
6L x1 x2 > 200% → 5HVXOWDGR = 200%
x1 x2 < -200%→ 5HVXOWDGR = - 200%
9«DVH3
'HSHQGHQFLD 3>@DVLJQDHOUHVWDGRUDODVHFXHQFLDGHSURFHVR
U
&268%
5HVXOWDGRGHOUHVWDGRU
)ORDW
87
+
8,
'HSHQGHQFLD 9«DVH3
3>@
&,68%
&RQYHUWLGRU6,1$0,&69
,QVWUXFFLRQHVGHVHUYLFLR$(
/LVWDGHSDU£PHWURV
/LVWDGHSDU£PHWURV
5DQJR
6H
$MXVWHV
SUHGHWHUPLQDGR SXHGH
FDPELDU
VGHI£EULFD
3DU£PHWUR
)XQFLµQ
'HILQHODVHQWUDGDVGHOUHVWDGRU(OUHVXOWDGRHVW£HQU
QGLFH
9«DVH3
(VFDODGR -XHJR
GH
GDWRV
7LSR 1LYHO
GH
GH
GDWRV DFFHVR
'HSHQGHQFLD 3>@DVLJQDHOUHVWDGRUDODVHFXHQFLDGHSURFHVR
U
&268%
5HVXOWDGRGHOUHVWDGRU
)ORDW
87
+
8,
'HSHQGHQFLD 9«DVH3
3>@
&,08/
'HILQHODVHQWUDGDVGHOPXOWLSOLFDGRU(OUHVXOWDGRHVW£HQU
P2800 P2802[8]
Resultado =
P2877
QGLFH
QGLFH
200%
x1
5HVXOWDGR
x2
r2878
-200%
x1 ∗ x 2
100%
QGLFH
6L
x1∗ x2
100%
x1∗ x 2
> 200% → 5HVXOWDGR = 200%
100%
x1∗ x 2
< -200% →5HVXOWDGR = -200%
100%
9«DVH3
'HSHQGHQFLD 3>@DVLJQDHOPXOWLSOLFDGRUDODVHFXHQFLDGHSURFHVR
U
&208/
5HVXOWDGRGHOPXOWLSOLFDGRU
)ORDW
87
+
8,
'HSHQGHQFLD 9«DVH3
3>@
&,08/
'HILQHODVHQWUDGDVGHOPXOWLSOLFDGRU(OUHVXOWDGRHVW£HQU
QGLFH
9«DVH3
'HSHQGHQFLD 3>@DVLJQDHOPXOWLSOLFDGRUDODVHFXHQFLDGHSURFHVR
U
&208/
5HVXOWDGRGHOPXOWLSOLFDGRU
)ORDW
87
+
8,
)ORDW
'HSHQGHQFLD 9«DVH3
3>@
&,',9
'HILQHODVHQWUDGDVGHOGLYLVRU(OUHVXOWDGRHVW£HQU
P2800 P2802[10]
QGLFH
QGLFH
200%
x1
x2
5HVXOWDGR
r2882
-200%
x1 ∗ 100%
X2
QGLFH
x1∗ 100%
x2
x1∗ 100%
6L
> 200% → 5HVXOWDGR = 200%
x2
x1∗ 100%
< -200% → 5HVXOWDGR = -200%
x2
Resultado =
P2881
9«DVH3
'HSHQGHQFLD 3>@DVLJQDHOGLYLVRUDODVHFXHQFLDGHSURFHVR
U
&2',9
5HVXOWDGRGHOGLYLVRU
'HSHQGHQFLD 9«DVH3
&RQYHUWLGRU6,1$0,&69
,QVWUXFFLRQHVGHVHUYLFLR$(
/LVWDGHSDU£PHWURV
/LVWDGHSDU£PHWURV
3DU£PHWUR
)XQFLµQ
5DQJR
6H
$MXVWHV
SUHGHWHUPLQDGR SXHGH
FDPELDU
VGHI£EULFD
(VFDODGR -XHJR
GH
GDWRV
7LSR 1LYHO
GH
GH
GDWRV DFFHVR
3>@
&,',9
+
8,
87
'HILQHODVHQWUDGDVGHOGLYLVRU(OUHVXOWDGRHVW£HQU
QGLFH
9«DVH3
'HSHQGHQFLD 3>@DVLJQDHOGLYLVRUDODVHFXHQFLDGHSURFHVR
U
&2',9
5HVXOWDGRGHOGLYLVRU
)ORDW
87
+
8,
)ORDW
'HSHQGHQFLD 9«DVH3
3>@
&,&03
'HILQHODVHQWUDGDVGHOFRPSDUDGRU/DVDOLGDHVU
P2800 P2802[12]
P2885
QGLFH
QGLFH
x1
6DOLGD
CMP
x2
x1 ≥ x2 → 6DOLGD x1 < x2 → 6DOLGD r2886
6DOLGD= x1 ≥ x2
QGLFH
9«DVH3
'HSHQGHQFLD 3>@DVLJQDHOFRPSDUDGRUDODVHFXHQFLDGHSURFHVR
U
%2&03
0XHVWUDHOELWGHUHVXOWDGRGHOFRPSDUDGRU9«DVHUSDUDREWHQHUODGHVFULSFLµQGHOFDPSRGHELWV
'HSHQGHQFLD 9«DVH3
3>@
&,&03
87
'HILQHODVHQWUDGDVGHOFRPSDUDGRU/DVDOLGDHVU
QGLFH
9«DVH3
+
8,
8
'HSHQGHQFLD 3>@DVLJQDHOFRPSDUDGRUDODVHFXHQFLDGHSURFHVR
U
%2&03
0XHVWUDHOELWGHUHVXOWDGRGHOFRPSDUDGRU9«DVHUSDUDREWHQHUODGHVFULSFLµQGHOFDPSRGHELWV
'HSHQGHQFLD 9«DVH3
3
&2&RQVLJQDILMDHQ
>@
$MXVWHILMRHQ>@
87
)ORDW
87
)ORDW
7
8
$MXVWHFRQHFWRUHQ
P2889
P2890
5DQJR'HD
3
&2&RQVLJQDILMDHQ
>@
$MXVWHILMRHQ>@
3
%,/LEHUDUIXQFLµQGH
RVFLODFLµQ
&RQYHUWLGRU6,1$0,&69
,QVWUXFFLRQHVGHVHUYLFLR$(
/LVWDGHSDU£PHWURV
/LVWDGHSDU£PHWURV
5DQJR
(VFDODGR -XHJR
GH
GDWRV
7LSR 1LYHO
GH
GH
GDWRV DFFHVR
7
'(&8 7
'(&8 6H
$MXVWHV
SUHGHWHUPLQDGR SXHGH
FDPELDU
VGHI£EULFD
3DU£PHWUR
)XQFLµQ
'HILQHODIXHQWHSDUDOLEHUDUODIXQFLµQGHRVFLODFLµQ
3
)UHFXHQFLDGHODVH³DO
GHRVFLODFLµQ>+]@
(VWDEOHFHODIUHFXHQFLDGHODVH³DOGHRVFLODFLµQ
3
$PSOLWXGGHODVH³DOGH
RVFLODFLµQ>@
(VWDEOHFHHOYDORUGHDPSOLWXGGHODVH³DOGHRVFLODFLµQFRPRSURSRUFLµQGHODVDOLGDGHOJHQHUDGRUGH
UDPSD*G5SUHVHQWH(OYDORUGH3VHPXOWLSOLFDSRUHOYDORUGHVDOLGDGHO*G5\VHVXPDDOD
VDOLGDGHO*G5
3RUHMHPSORVLODVDOLGDGHO*G5HV+]\3WLHQHHOYDORUODDPSOLWXGGHODVH³DOGH
RVFLODFLµQVHU£ +](VWRVLJQLILFDTXHODVDOLGDGHO*G5RVFLODU£HQWUH+]\+]
3
3DVRGHFUHFLHQWHGHOD
VH³DOGHRVFLODFLµQ
(VWDEOHFHHOYDORUGHOSDVRGHFUHFLHQWHDOILQDOGHOSHU¯RGRGHVH³DOSRVLWLYD/DDPSOLWXGGHOSDVR
GHSHQGHGHODDPSOLWXGGHODVH³DOGHHVWDIRUPD
7
'(&8 $PSOLWXGGHOSDVRGHFUHFLHQWHGHODVH³DO 33
7
'(&8 3
3DVRFUHFLHQWHGHOD
VH³DOGHRVFLODFLµQ
(VWDEOHFHHOYDORUGHOSDVRFUHFLHQWHDOILQDOGHOSHU¯RGRGHVH³DOQHJDWLYD/DDPSOLWXGGHOSDVRFUHFLHQWH
GHSHQGHGHODDPSOLWXGGHODVH³DOGHHVWDIRUPD
$PSOLWXGGHOSDVRFUHFLHQWHGHODVH³DO 33
3
$QFKXUDGHSXOVRGHOD
VH³DOGHRVFLODFLµQ>@
$MXVWDODDQFKXUDUHODWLYDGHORVSXOVRVGHVXELGD\GHEDMDGD(OYDORUGH3DMXVWDODSURSRUFLµQGHO
SHU¯RGRGHRVFLODFLµQGHWHUPLQDGRSRU3DVLJQDGRDOSXOVRGHVXELGDHOWLHPSRUHVWDQWHVHDVLJQD
DOSXOVRGHEDMDGD
7
8
8QYDORUGHOHQ3VLJQLILFDTXHGXUDQWHHOGHOSHU¯RGRGHRVFLODFLµQODVDOLGDGHRVFLODFLµQ
VXELU£3DUDHOGHOSHU¯RGRGHRVFLODFLµQUHVWDQWHODVDOLGDGHRVFLODFLµQEDMDU£
U
&26DOLGDGHODVH³DO
GHRVFLODFLµQ>@
9LVXDOL]DODVDOLGDGHODIXQFLµQGHRVFLODFLµQ
U
&2%20DWUL]GHELWV
GHIDOORV
0XHVWUDLQIRUPDFLµQVREUHHOIDOORDFWXDO
'(&,
8
%LW
1RPEUHGHVH³DO
6H³DO
6H³DO
(UURUHQFRQYHUWLGRU
6¯
1R
)DOORGHWHQVLµQGHUHG
6¯
1R
7HQVLµQHQFLUFXLWRLQWHUPHGLR
6¯
1R
(UURUHQHOHFWUµQLFDGHSRWHQFLD
6¯
1R
6REUHWHPSHUDWXUDHQFRQYHUWLGRU
6¯
1R
)XJDDWLHUUD
6¯
1R
6REUHFDUJDGHOPRWRU
6¯
1R
)DOORHQHOEXV
6¯
1R
5HVHUYDGR
6¯
1R
&RQYHUWLGRU6,1$0,&69
,QVWUXFFLRQHVGHVHUYLFLR$(
/LVWDGHSDU£PHWURV
/LVWDGHSDU£PHWURV
(VFDODGR -XHJR
GH
GDWRV
7LSR 1LYHO
GH
GH
GDWRV DFFHVR
)DOORGHFRPXQLFDFLµQLQWHUQD
6¯
1R
/¯PLWHGHFRUULHQWHGHOPRWRU
6¯
1R
&RUWHGHDOLPHQWDFLµQ
6¯
1R
5HVHUYDGR
6¯
1R
5HVHUYDGR
6¯
1R
2WURVHUURUHV
6¯
1R
3>@
0RGRVGHSDUVXSHULRU
6HOHFFLRQDODIXQFLµQGHSDUVXSHULRU6HGLVSRQHGHWUHVPRGRVGHSDUVXSHULRU
3DU£PHWUR
)XQFLµQ
5DQJR
6H
$MXVWHV
SUHGHWHUPLQDGR SXHGH
FDPELDU
VGHI£EULFD
7
8
3DUVXSHULRU$SOLFDXQSXOVRGHSDUGXUDQWHXQFLHUWRWLHPSRSDUDD\XGDUDDUUDQFDUHOPRWRU
$UUDQTXHSXOVDGR$SOLFDXQDVHFXHQFLDGHSXOVRVGHSDUSDUDD\XGDUDDUUDQFDUHOPRWRU
(OLPLQDFLµQGHREWXUDFLRQHV)XQFLRQDPLHQWRDGHODQWHDWU£VSDUDGHVDWDVFDUXQDREVWUXFFLµQHQXQD
ERPED
)XQFLRQDPLHQWRFRQSDUVXSHULRU
(OHYDFLµQ
3
WLHPSR
)UHFXHQFLDGHVDOLGD
+]
3
3
WLHPSR
7LHPSRGHUDPSDGHSDUVXSHULRU
3
7LHPSRGHDFHOHUDFLµQ
3
&RQYHUWLGRU6,1$0,&69
,QVWUXFFLRQHVGHVHUYLFLR$(
/LVWDGHSDU£PHWURV
/LVWDGHSDU£PHWURV
3DU£PHWUR
)XQFLµQ
5DQJR
)XQFLRQDPLHQWRFRQDUUDQTXHSXOVDGR
(OHYDFLµQ
3
6H
$MXVWHV
SUHGHWHUPLQDGR SXHGH
FDPELDU
VGHI£EULFD
(VFDODGR -XHJR
GH
GDWRV
7LSR 1LYHO
GH
GH
GDWRV DFFHVR
3
3
WLHPSR
)UHFXHQFLDGHVDOLGD
+]
1|GHFLFORVGHSXOVDFLµQ
3
3
WLHPSR
7LHPSRGHUDPSDGHSDUVXSHULRU
7LHPSRGHDFHOHUDFLµQ
3
3
)XQFLRQDPLHQWRFRQHOLPLQDFLµQGHREWXUDFLRQHV
)UHFXHQFLDGHVDOLGD+]
1|GHFLFORVGHHOLPLQDFLµQGHREWXUDFLRQHV
3HM3 &RQVL
JQD
7LHPSRGHLQYHUVLµQSDUD
HOLPLQDFLµQREWXUDFLRQHV
3
3
W
3
3
7LHPSRGHDFHOHUDFLµQ
3
7LHPSRGHUDPSDGHSDUVXSHULRUVROR
DFWLYRFRQUDPSDU£SLGD3
GHVKDELOLWDGD
&RQVL
JQD
21
2))
&RQVLJQDSRVLWLYD
&RQVLJQDQHJDWLYD
&RQYHUWLGRU6,1$0,&69
,QVWUXFFLRQHVGHVHUYLFLR$(
/LVWDGHSDU£PHWURV
/LVWDGHSDU£PHWURV
6H
$MXVWHV
SUHGHWHUPLQDGR SXHGH
FDPELDU
VGHI£EULFD
3DU£PHWUR
)XQFLµQ
5DQJR
0RGRVGHSDUVXSHULRUGHVKDELOLWDGRV
3DUVXSHULRUKDELOLWDGR
$UUDQTXHSXOVDGRKDELOLWDGR
(OLPLQDFLµQGHREWXUDFLRQHVKDELOLWDGD
(VFDODGR -XHJR
GH
GDWRV
QGLFH
>@
-XHJRGHGDWRVGHOFRQYHUWLGRU''6
>@
-XHJRGHGDWRVGHOFRQYHUWLGRU''6
>@
-XHJRGHGDWRVGHOFRQYHUWLGRU''6
1RWD
&XDQGRFDPELDHOYDORUGH3VHFDPELDHOYDORUGH3FRPRVLJXH
7LSR 1LYHO
GH
GH
GDWRV DFFHVR
3 3 V
3ำ3 YDORUSUHGHWHUPLQDGR
(OWLHPSRGHUDPSDGHVRIUHFHXQHIHFWRGHVDFXGLGDDGLFLRQDOFXDQGRVHXWLOL]DHODUUDQTXHSXOVDGR
(ORSHUDGRUSXHGHFRUUHJLUHVWHDMXVWH
6LHOPRGRGHHOLPLQDFLµQGHREWXUDFLRQHVHVW£KDELOLWDGR3 DVHJ¼UHVHGHTXHODGLUHFFLµQ
LQYHUVDQRHVW«LQKLELGDHVGHFLU3 3 3>@
%,+DELOLWDFLµQGHSDU
VXSHULRU
'HILQHODIXHQWHGHKDELOLWDFLµQGHSDUVXSHULRUFXDQGR3 7
&'6
8% LQDULR
8
)ORDW
'HSHQGHQFLD 6RORVHDSOLFDFXDQGR3 7
3>@
0RGRGHDUUDQTXHFRQ
SDUVXSHULRU
'HILQHFX£QGRODIXQFLµQGHSDUVXSHULRUSDVDDHVWDUDFWLYD
+DELOLWDGDHQODSULPHUDHMHFXFLµQGHVSX«VGHOHQFHQGLGR
+DELOLWDGDHQFDGDHMHFXFLµQ
+DELOLWDGDSRUHQWUDGDGLJLWDO
QGLFH
9«DVH3
'HSHQGHQFLD 6L3 ODIXHQWHGHKDELOLWDFLµQODGHILQH3
3>@
7LHPSRGHUDPSDGHOSDU VXSHULRU>V@
'HILQHHOWLHPSRGHUDPSDTXHXVDU£QWRGDVODVIXQFLRQHVGHSDUVXSHULRU&RUULJH33FXDQGR
HOFRQYHUWLGRUHVW£DFHOHUDQGRKDFLDODIUHFXHQFLDGHSDUVXSHULRUDUUDQTXHSXOVDGR3ROD
IUHFXHQFLDGHHOLPLQDFLµQGHREWXUDFLRQHV3
QGLFH
9«DVH3
7
'HSHQGHQFLD (OYDORUGHHVWHSDU£PHWURVXIUHFDPELRVFRQHODMXVWHGH3
9«DVHODGHVFULSFLµQGH3
3>@
)UHFXHQFLDGHSDU
VXSHULRU>+]@
'HILQHODIUHFXHQFLDDODTXHVHDSOLFDODHOHYDFLµQDGLFLRQDOSDUDHOPRGRGHSDUVXSHULRU\GHDUUDQTXH
SXOVDGR
QGLFH
9«DVH3
3>@
1LYHOGHHOHYDFLµQGH
SDUVXSHULRU>@
7
7
3(5&(1 7
)ORDW
)ORDW
&RQYHUWLGRU6,1$0,&69
,QVWUXFFLRQHVGHVHUYLFLR$(
/LVWDGHSDU£PHWURV
/LVWDGHSDU£PHWURV
5DQJR
6H
$MXVWHV
SUHGHWHUPLQDGR SXHGH
FDPELDU
VGHI£EULFD
3DU£PHWUR
)XQFLµQ
(OYDORUGHODHOHYDFLµQSDUDSDUVXSHULRUVHFDOFXODDV¯
(VFDODGR -XHJR
GH
GDWRV
7LSR 1LYHO
GH
GH
GDWRV DFFHVR
9B67 35HDM3
1RWD
5HDM UHVLVWHQFLDGHOHVW£WRUDMXVWDGDSRUWHPSHUDWXUD
5HDM U3UD¯]33UD¯]
QGLFH
9«DVH3
'HSHQGHQFLD +DVWDGHODFRUULHQWHQRPLQDOGHOPRWRU3RHOO¯PLWHGHOFRQYHUWLGRU
1RWD
/DHOHYDFLµQGHSDUVXSHULRUVHFDOFXODGHODPLVPDIRUPDTXHODHOHYDFLµQFRQWLQXDGHWHQVLµQ3
3XHVWRTXHVHXVDODUHVLVWHQFLDGHOHVW£WRUODWHQVLµQFDOFXODGDVRORHVH[DFWDD+]$V¯YDULDU£GHOD
PLVPDIRUPDTXHODHOHYDFLµQFRQWLQXDGHWHQVLµQ
(ODMXVWHGH3IDFWRUGHVREUHFDUJDGHOPRWRU>@OLPLWDODHOHYDFLµQ
3>@
7LHPSRGHHOHYDFLµQGH
SDUVXSHULRU>V@
(VWDEOHFHHOWLHPSRGXUDQWHHOTXHVHDSOLFDU£ODHOHYDFLµQDGLFLRQDOFXDQGRVHPDQWLHQHODIUHFXHQFLD
GHVDOLGDD3+]
QGLFH
9«DVH3
3>@
1LYHOGHHOHYDFLµQGH
DUUDQTXHSXOVDGR>@
(OYDORUGHODHOHYDFLµQSDUDDUUDQTXHSXOVDGRVHFDOFXODDV¯
7
7
)ORDW
3(5&(1 7
)ORDW
9B+6 35HDM3
1RWD
5HDM UHVLVWHQFLDGHOHVW£WRUDMXVWDGDSRUWHPSHUDWXUD
5HDM U3UD¯]33UD¯]
QGLFH
9«DVH3
'HSHQGHQFLD +DVWDGHODFRUULHQWHQRPLQDOGHOPRWRU3RHOO¯PLWHGHOFRQYHUWLGRU
1RWD
/DHOHYDFLµQSDUDDUUDQTXHSXOVDGRVHFDOFXODGHODPLVPDIRUPDTXHODHOHYDFLµQFRQWLQXDGHWHQVLµQ
33XHVWRTXHVHXVDODUHVLVWHQFLDGHOHVW£WRUODWHQVLµQFDOFXODGDVRORHVH[DFWDD+]$V¯
YDULDU£GHODPLVPDIRUPDTXHODHOHYDFLµQFRQWLQXDGHWHQVLµQ
(ODMXVWHGH3IDFWRUGHVREUHFDUJDGHOPRWRU>@OLPLWDODHOHYDFLµQ
&7
3>@
1¼PHURGHFLFORVGH
SXOVDFLµQ
1¼PHURGHYHFHVTXHVHDSOLFDHOQLYHOGHHOHYDFLµQSDUDHODUUDQTXHSXOVDGR3
QGLFH
9«DVH3
3>@
7LHPSRGHDSOLFDFLµQGH ODSXOVDFLµQ>PV@
7
7LHPSRGXUDQWHHOTXHVHDSOLFDODHOHYDFLµQDGLFLRQDOHQFDGDUHSHWLFLµQ
QGLFH
9«DVH3
8
8
'HSHQGHQFLD &RPRP¯QLPRHVWHWLHPSRGHEHVHUYHFHVHOWLHPSRGHPDJQHWL]DFLµQGHOPRWRU3
3>@
7LHPSRGHLQWHUUXSFLµQ
GHODSXOVDFLµQ>PV@
7LHPSRGXUDQWHHOTXHVHHOLPLQDODHOHYDFLµQDGLFLRQDOHQFDGDUHSHWLFLµQ
QGLFH
9«DVH3
7
8
&RQYHUWLGRU6,1$0,&69
,QVWUXFFLRQHVGHVHUYLFLR$(
/LVWDGHSDU£PHWURV
/LVWDGHSDU£PHWURV
5DQJR
6H
$MXVWHV
SUHGHWHUPLQDGR SXHGH
FDPELDU
VGHI£EULFD
(VFDODGR -XHJR
GH
GDWRV
7LSR 1LYHO
GH
GH
GDWRV DFFHVR
3DU£PHWUR
)XQFLµQ
1RWD
'XUDQWHHVHWLHPSRHOQLYHOGHHOHYDFLµQGHVFLHQGHKDVWDHOQLYHOGHILQLGRSRU3HOHYDFLµQFRQWLQXD
GHWHQVLµQ
3>@
)UHFXHQFLDGH
HOLPLQDFLµQGH
REWXUDFLRQHV>+]@
'HILQHODIUHFXHQFLDFRQTXHHOFRQYHUWLGRUIXQFLRQDHQVHQWLGRLQYHUVRDODFRQVLJQDGXUDQWHOD
VHFXHQFLDGHLQYHUVLµQSDUDODHOLPLQDFLµQGHREWXUDFLRQHV
QGLFH
9«DVH3
3>@
7LHPSRGHLQYHUVLµQ
SDUDODHOLPLQDFLµQGH
REWXUDFLRQHV>V@
'HILQHHOWLHPSRGXUDQWHHOTXHHOFRQYHUWLGRUIXQFLRQDHQVHQWLGRLQYHUVRDODFRQVLJQDGXUDQWHOD
VHFXHQFLDGHLQYHUVLµQ
QGLFH
9«DVH3
3>@
+DELOLWDU
DFHOHUDFLµQGHFHOHUDFLµQ
U£SLGD
6HOHFFLRQDVLHOFRQYHUWLGRUDFHOHUDGHFHOHUDKDVWDODIUHFXHQFLDGHHOLPLQDFLµQGHREWXUDFLRQHVRELHQ
DUUDQFDGLUHFWDPHQWHFRQHOOD3
'HVKDELOLWDUDFHOHUDFLµQGHFHOHUDFLµQU£SLGDSDUDODHOLPLQDFLµQGH
REWXUDFLRQHV
+DELOLWDUDFHOHUDFLµQGHFHOHUDFLµQU£SLGDSDUDODHOLPLQDFLµQGHREWXUDFLRQHV
QGLFH
9«DVH3
1RWD
6L3 ODVDOLGDVDOWDDODIUHFXHQFLDLQYHUVDHVWRSURYRFDXQHIHFWRGHVDFXGLGDTXHD\XGDD
HOLPLQDUODVREWXUDFLRQHV
3>@
1¼PHURGHFLFORVGH
HOLPLQDFLµQGH
REWXUDFLRQHV
1¼PHURGHYHFHVTXHVHUHSLWHHOFLFORGHLQYHUVLµQSDUDODHOLPLQDFLµQGHREWXUDFLRQHV
QGLFH
9«DVH3
U
3DODEUDHVWDGR3DU
VXSHULRU
0XHVWUDHOHVWDGRRSHUDWLYRGHODIXQFLµQGHSDUVXSHULRUFXDQGRHVW£DFWLYD
%LW
1RPEUHGHVH³DO
6H³DO
6H³DO
3DUVXSHULRUDFWLYR
6¯
1R
$FHOHUDFLµQFRQSDUVXSHULRU
6¯
1R
(OHYDFLµQGHSDUVXSHULRUDFWLYD
6¯
1R
(OHYDFLµQGHSDUVXSHULRUQRDFWLYD
6¯
1R
,QYHUVLµQSDUDHOLPLQDFLµQGHREWXUDFLRQHVDFWLYD
6¯
1R
,QYHUVLµQSDUDHOLPLQDFLµQGHREWXUDFLRQHVQRDFWLYD
6¯
1R
3>@
%,+DELOLWDUSURWHFFLµQ
DQWLHVFDUFKD
7
7
7
7
87
&'6
)ORDW
)ORDW
8
8
8
8% LQDULR
&RQYHUWLGRU6,1$0,&69
,QVWUXFFLRQHVGHVHUYLFLR$(
/LVWDGHSDU£PHWURV
/LVWDGHSDU£PHWURV
(VFDODGR -XHJR
GH
GDWRV
7LSR 1LYHO
GH
GH
GDWRV DFFHVR
)XQFLµQ
'HILQHODIXHQWHGHVH³DOHVGHPDQGRGHKDELOLWDFLµQGHODSURWHFFLµQ6LODHQWUDGDELQDULDHVLJXDOD
XQRVHLQLFLDU£ODSURWHFFLµQ6LHOFRQYHUWLGRUHVW£SDUDGR\ODVH³DOGHSURWHFFLµQVHDFWLYDVHDSOLFDQ
ODVPHGLGDVGHSURWHFFLµQGHHVWDIRUPD
1RWD
5DQJR
6H
$MXVWHV
SUHGHWHUPLQDGR SXHGH
FDPELDU
VGHI£EULFD
3DU£PHWUR
6L3ำVHDSOLFDU£ODSURWHFFLµQDQWLHVFDUFKDDSOLFDQGRODIUHFXHQFLDGDGDDOPRWRU
6L3 \3ำVHDSOLFDU£ODSURWHFFLµQFRQWUDODFRQGHQVDFLµQDSOLFDQGRODFRUULHQWH
GDGDDOPRWRU
/DIXQFLµQGHSURWHFFLµQSXHGHFRUUHJLUVHHQODVFLUFXQVWDQFLDVVLJXLHQWHV
6LHOFRQYHUWLGRUHVW£HQPDUFKD\ODVH³DOGHSURWHFFLµQVHDFWLYDVHLJQRUDODVH³DO
6LHOFRQYHUWLGRUKDFHJLUDUHOPRWRUGHELGRDXQDVH³DOGHSURWHFFLµQDFWLYD\VHUHFLEHXQDVH³DOGH
PDQGR581ODVH³DOGHPDQGR581FRUULJHODVH³DOGHSURWHFFLµQDQWLHVFDUFKD
6LVHHPLWHXQDVH³DOGHPDQGR2))PLHQWUDVODSURWHFFLµQHVW£DFWLYDVHGHWHQGU£HOPRWRU
87
''6
3>@
)UHFXHQFLDGH
SURWHFFLµQDQWLHVFDUFKD
>+]@
)UHFXHQFLDTXHVHDSOLFDDOPRWRUFXDQGRODSURWHFFLµQDQWLHVFDUFKDHVW£DFWLYD
)ORDW
8
'HSHQGHQFLD 9«DVHWDPEL«Q3
3>@
&RUULHQWHGHSURWHFFLµQ
FRQWUDODFRQGHQVDFLµQ
>@
&RUULHQWH'&FRPRSRUFHQWDMHGHODFRUULHQWHQRPLQDOTXHVHDSOLFDDOPRWRUFXDQGRODSURWHFFLµQ
FRQWUDODFRQGHQVDFLµQHVW£DFWLYD
87
''6
'HSHQGHQFLD 9«DVHWDPEL«Q3
&
8
3
)LQGHODSXHVWDHQ
PDUFKDU£SLGD
5HDOL]DORVF£OFXORVQHFHVDULRVSDUDRSWLPL]DUHOIXQFLRQDPLHQWRGHOPRWRU7UDVORVF£OFXORV3\
3JUXSRVGHSDU£PHWURVSDUDODSXHVWDHQPDUFKDVHUHVWDEOHFHQDXWRP£WLFDPHQWHDVXYDORU
RULJLQDO
6LQSXHVWDHQPDUFKDU£SLGD
)LQGHODSXHVWDHQPDUFKDU£SLGDFRQUHVWDEOHFLPLHQWRGHORVDMXVWHVGH
I£EULFD
)LQGHODSXHVWDHQPDUFKDU£SLGD
)LQGHODSXHVWDHQPDUFKDU£SLGDVRODPHQWHSDUDGDWRVGHOPRWRU
'HSHQGHQFLD 6RORPRGLILFDEOHFXDQGR3 SXHVWDHQVHUYLFLRU£SLGD
1RWD
3 &XDQGRVHKDVHOHFFLRQDGRHODMXVWHVRORVHJXDUGDQORVFDPELRVGHSDU£PHWURVTXHVHOOHYHQDFDER
DWUDY«VGHOPHQ¼3XHVWDHQPDUFKDU£SLGDWRGRVORVGHP£VFDPELRVGHSDU£PHWURVDMXVWHVGH,2
LQFOXLGRVVHSLHUGHQ/RVF£OFXORVGHOPRWRUV¯VHUHDOL]DQ
3 &XDQGRVHKDVHOHFFLRQDGRHODMXVWHVRORVHFDOFXODQDTXHOORVSDU£PHWURVTXHGHSHQGDQGHORV
SDU£PHWURVGHOPHQ¼3XHVWDHQPDUFKDU£SLGD3 /RVDMXVWHVGH(6VHUHVWDEOHFHQWDPEL«Q
DVXYDORUSRUGHIHFWR\VHUHDOL]DQORVF£OFXORVGHOPRWRU
3 &XDQGRVHKDVHOHFFLRQDGRHODMXVWHVRORVHUHDOL]DQORVF£OFXORVGHOPRWRU\GHOUHJXODGRU6LVH
ILQDOL]DODSXHVWDHQPDUFKDU£SLGDFRQHVWHDMXVWHVHDKRUUDWLHPSRSRUHMHPSORVLVRORVHGHVHDQ
YDULDUORVGDWRVGHODSODFDGHFDUDFWHU¯VWLFDVGHOPRWRU
&RQYHUWLGRU6,1$0,&69
,QVWUXFFLRQHVGHVHUYLFLR$(
/LVWDGHSDU£PHWURV
/LVWDGHSDU£PHWURV
5DQJR
6H
$MXVWHV
SUHGHWHUPLQDGR SXHGH
FDPELDU
VGHI£EULFD
(VFDODGR -XHJR
GH
GDWRV
7LSR 1LYHO
GH
GH
GDWRV DFFHVR
3DU£PHWUR
)XQFLµQ
&DOFXODYDULRVSDU£PHWURVGHOPRWRUVREUHVFULELHQGRYDORUHVDQWHULRUHV(QWUHRWURV3SHVRGHO
PRWRU3UHVLVWHQFLDGHOHVW£WRU3IUHFXHQFLDGHUHIHUHQFLD3FRUULHQWHGHUHIHUHQFLD
$OWUDQVIHULU3HOFRQYHUWLGRUXVDVXSURFHVDGRUSDUDUHDOL]DUORVF£OFXORVLQWHUQRV
'XUDQWHHOWLHPSRTXHVHQHFHVLWDSDUDHVRVF£OFXORVVHGHWLHQHODFRPXQLFDFLµQY¯D866RY¯DEXVGH
FDPSR&RPRUHVXOWDGRVHSXHGHQSURGXFLUHQHOFRQWURODGRU6,0$7,&6FRPXQLFDFLµQY¯DEXVGH
FDPSRORVVLJXLHQWHVDYLVRVGHHUURU
U>@
(UURUGHSDUDPHWUL]DFLµQ
)DOORGHFRQYHUWLGRU
)DOORGHFRQYHUWLGRU
9HUVLµQGHGDWRVGHO
FRQYHUWLGRU
8
8
9LVXDOL]DHOQ¼PHUR$(\ODVYHUVLRQHVGHGDWRVGHOFRQYHUWLGRU
QGLFH
>@
3ULPG¯J$(
>@
6HJG¯J$(
>@
9HUVLµQORJ¯VWLFD
>@
9HUVGDWRVILMRV
>@
9HUVGDWRVFDOLE
3
$FFHVRDSDU£PHWURV
RFXOWRV
$FFHVRDSDU£PHWURVHVSHFLDOHVSDUDGHVDUUROORVRORSDUDH[SHUWRV\IXQFLRQHVGHI£EULFDSDU£PHWURV
GHFDOLEUDFLµQ
U>@
,QIRUPDFLµQ&0\*8,,' 8VDGRSDUDFODVLILFDUHOILUPZDUHVRORFRQILQHVLQWHUQRVGH6,(0(16
QGLFH
>@
,GHQWLILFDFLµQ&0LQFUHPHQWRUDPD
>@
,GHQWLILFDFLµQ&0FRQWDGRU
>@
,GHQWLILFDFLµQ&0
>@
*8,,'
>@
*8,,'PDMRUUHOHDVH
>@
*8,,'PLQRUUHOHDVH
U
&RQWDGRU%,&2
0XHVWUDODFDQWLGDGGHY¯QFXORV%,&2PRGLILFDGRV
3
5HVWDEOHFHUIDOORDFWLYR
5HVWDEOHFHIDOORVDFWLYRVPRGLILFDQGRHOYDORUGHD
6LQUHVWDEOHFLPLHQWRGHIDOOR
5HVWDEOHFLPLHQWRGHIDOOR
1RWD
87
8
8
7
8
7
8
9«DVH3¼OWLPRFµGLJRGHIDOOR
5HVWDEOHFLPLHQWRDXWRP£WLFRD
3
7LHPSRGHLQWHUUXSFLµQ
GHWHOHJUDPDGHFOLHQWH
>PV@
'HILQHHOWLHPSRTXHWUDQVFXUULU£SDUDTXHVHHPLWDHOIDOOR)VLQRVHUHFLEHQWHOHJUDPDVGHOFOLHQWH
'HSHQGHQFLD $MXVWH YLJLODQFLDGHVKDELOLWDGD
&RQYHUWLGRU6,1$0,&69
,QVWUXFFLRQHVGHVHUYLFLR$(
/LVWDGHSDU£PHWURV
/LVWDGHSDU£PHWURV
3DU£PHWUR
)XQFLµQ
5DQJR
6H
$MXVWHV
SUHGHWHUPLQDGR SXHGH
FDPELDU
VGHI£EULFD
(VFDODGR -XHJR
GH
GDWRV
7LSR 1LYHO
GH
GH
GDWRV DFFHVR
U>@
1¼PHURGHSDU£PHWURV
8
1¼PHURGHSDU£PHWURVHQHOFRQYHUWLGRU
7
8
QGLFH
>@
6ROROHFWXUD
>@
/HFWXUDHVFULWXUD
3
3UXHEDGHUHFHSFLµQ
FRQILUPDFLµQ
(VWHSDU£PHWURVHDMXVWDDXWRP£WLFDPHQWHDGHVSX«VGHXQDGHVFDUJDDXWRP£WLFDGH00&HQOD
LQLFLDOL]DFLµQ7DPEL«QVHHPLWHHOIDOOR)
&RQHODMXVWHGH3 VHDFXVD)\VHFRQILUPDQORVDMXVWHVGHSDU£PHWUR6RORHVSRVLEOH
DMXVWDUHVWHSDU£PHWURDVLHQODLQLFLDOL]DFLµQVHKDUHDOL]DGRXQDGHVFDUJDDXWRP£WLFD(QHVWHFDVR
ODGHVFDUJDVHGHVKDU£\VHKDELOLWDU£QORVSDU£PHWURVJXDUGDGRVSUHYLDPHQWH
3UXHEDGHDFHSWDFLµQFRQILUPDFLµQRN
3UXHEDGHDFHSWDFLµQSHQGLHQWHGHFRQILUPDFLµQ
'HVKDFHUFORQ
1RWD
6LQRVHKDUHDOL]DGRQLQJXQDGHVFDUJDDXWRP£WLFDGH00&DOLQLFLDOL]DUQRHVSRVLEOHHODMXVWH
3
&RQWUROFORQDFLµQ
(VWHSDU£PHWURGHWHUPLQDVLVHHIHFWXDU£XQDFORQDFLµQHQODLQLFLDOL]DFLµQ6HXWLOL]DHODUFKLYR
FORQHELQ6LQRKD\QLQJXQD00&LQFRUSRUDGDVHSURGXFHXQLQLFLRQRUPDO
6LQFORQLQLFLDO
&ORQLQLFLDOXQDYH]
&ORQDUVLHPSUHDOLQLFLDU
1RWD
(OYDORUSUHGHWHUPLQDGRHV7UDVODSULPHUDFORQDFLµQHOSDU£PHWURVHDMXVWDD6LKD\XQD00&
LQFRUSRUDGDSHURVLQDUFKLYRY£OLGRHOFRQYHUWLGRUJHQHUDXQIDOOR)))TXHVRORVHSXHGHDQXODU
PHGLDQWHXQFLFORGHGHVFRQH[LµQ\UHFRQH[LµQ(OIDOORVHVH³DOL]DPHGLDQWHHOSDUSDGHRGHO/('581
3XHVWDHQPDUFKD1RVHDFWLYDHO/('6)3QRFDPELDU£DOHIHFWXDUXQUHVWDEOHFLPLHQWRGHORV
DMXVWHVGHI£EULFD
3
7LSRGHPHQ¼
6HOHFFLRQDHQWUHPHQ¼VVLQWH[WRRPHQ¼VFRQWH[WREUHYHHQHO%23
0HQ¼VVLQWH[WR
0HQ¼VFRQWH[WREUHYH
7
87
8
8
&RQYHUWLGRU6,1$0,&69
,QVWUXFFLRQHVGHVHUYLFLR$(
&µGLJRVGHIDOOR\DYLVR
1RWD
6LKD\YDULRVIDOORVRDODUPDVDFWLYRVHO%23PXHVWUDSULPHURWRGRVORVIDOORVXQRWUDVRWUR
8QDYH]TXHVHKDQPRVWUDGRWRGRVORVIDOORVSDVDDPRVWUDUWRGDVODVDODUPDV
VXFHVLYDPHQWH
)DOORV
,QPHGLDWDPHQWHGHVSX«VGHODDSDULFLµQGHXQIDOORDSDUHFHHOLFRQRGHIDOOR \VH
PXHVWUDODSDQWDOODGHIDOORV/DSDQWDOODGHIDOORVPXHVWUDHOQ¼PHURGHIDOORSUHFHGLGRSRU
)
&RQILUPDFLµQERUUDGRGHIDOORV
Ⴠ 3DUDGHVSOD]DUVHSRUODOLVWDDFWXDOGHIDOORVSXOVH
R
Ⴠ 3DUDERUUDUFRQILUPDUHOIDOORSXOVH OK RFRQI¯UPHORH[WHUQDPHQWHVLHOFRQYHUWLGRUVHKD
GLVSXHVWRDWDOHIHFWR
Ⴠ 3DUDLJQRUDUHOIDOORSXOVH
M
8QDYH]TXHVHKDFRQILUPDGRRLJQRUDGRHOIDOORODSDQWDOODYXHOYHDODYLVXDOL]DFLµQ
DQWHULRU(OLFRQRGHIDOORSHUPDQHFHDFWLYRKDVWDTXHVHERUUDFRQILUPDHOIDOOR
1RWD
6HYXHOYHDPRVWUDUODSDQWDOODGHIDOORHQHVWRVFDVRV
6LHOIDOORQRVHKDERUUDGR\VHKDSXOVDGRHOERWµQ
IDOORV
6LQRVHSXOVDQLQJXQDWHFODGXUDQWHVHJXQGRV
YXHOYHDDSDUHFHUODSDQWDOODGH
6LKD\XQIDOORDFWLYR\QRVHSXOVDQLQJXQDWHFODGXUDQWHVHJXQGRVODLOXPLQDFLµQGH
IRQGR3SDUSDGHD
&RQYHUWLGRU6,1$0,&69
,QVWUXFFLRQHVGHVHUYLFLR$(
&µGLJRVGHIDOOR\DYLVR
/LVWDGHFµGLJRVGHIDOOR
)DOOR
&DXVD
)
6REUHFRUULHQWH
5HPHGLR
/DSRWHQFLDGHOPRWRU3\OD 9HULILFDUORVLJXLHQWH
GHOFRQYHUWLGRUUQRFRLQFLGHQ /DSRWHQFLDGHOPRWRU3\ODGHO
FRQYHUWLGRUUGHEHQFRLQFLGLU
&RUWRFLUFXLWRHQHOFDEOHGHSRWHQFLD
DOPRWRU
/DORQJLWXGGHORVFDEOHVQRGHEHH[FHGHUORV
'HIHFWRVDWLHUUD
U 0HQVDMHGHKDUGZDUH
YDORUHVO¯PLWHV
(OFDEOHGHOPRWRU\HOPRWRUQRGHEHQ
SUHVHQWDUFRUWRFLUFXLWRVRGHIHFWRVDWLHUUD
/RVSDU£PHWURVGHOPRWRUGHEHQDMXVWDUVHDO
PRWRUHQXVR
(OYDORUGHODUHVLVWHQFLDGHOHVW£WRU3
GHEHVHUFRUUHFWR
(OPRWRUQRGHEHHVWDUEORTXHDGRQL
VREUHFDUJDGR
3URORQJDUHOWLHPSRGHDFHOHUDFLµQ3
'LVPLQXLUODHOHYDFLµQHQDUUDQTXH3
U 0HQVDMHGHVRIWZDUH
U 0HQVDMHGHKDUGZDUH
)
6REUHWHQVLµQ
(OPRWRUIXQFLRQDHQPRGR
JHQHUDGRU
U 0HQVDMHGHKDUGZDUH
/DWHQVLµQGHUHG3WLHQHTXHHVWDU
GHQWURGHOUDQJRLQGLFDGRHQODSODFDGH
FDUDFWHU¯VWLFDV
U R0HQVDMHGHVRIWZDUH
(OWLHPSRGHGHFHOHUDFLµQ3WLHQHTXH
FRUUHVSRQGHUDOPRPHQWRGHLQHUFLD
/DSRWHQFLDGHIUHQDGRUHTXHULGDWLHQHTXH
HVWDUGHQWURGHORVO¯PLWHVDGPLVLEOHV
7HQVLµQGHUHGGHPDVLDGRDOWD
9HULILFDUORVLJXLHQWH
(OUHJXODGRU9GFWLHQHTXHHVWDUKDELOLWDGR
3\FRUUHFWDPHQWHSDUDPHWUL]DGR
1RWD
/DUHJHQHUDFLµQSRUPRGRJHQHUDGRUSXHGHVHU
FRQVHFXHQFLDGHGHFHOHUDFLµQU£SLGDRSRUFDUJD
YLYDTXHDFFLRQDHOPRWRU
8QPRPHQWRGHLQHUFLDHOHYDGRH[LJHP£VWLHPSR
GHUDPSDVLHOFDVRORUHTXLHUHXVHXQD
UHVLVWHQFLDGHIUHQDGR
)
6XEWHQVLµQ
&RUWHGHWHQVLµQGHUHG
9HULILFDUODWHQVLµQGHUHG
3DUGHFKRTXHIXHUDGHORVO¯PLWHV
HVSHFLILFDGRV
U 0HQVDMHGHKDUGZDUH
U R0HQVDMHGHVRIWZDUH
&RQYHUWLGRU6,1$0,&69
,QVWUXFFLRQHVGHVHUYLFLR$(
&µGLJRVGHIDOOR\DYLVR
)DOOR
&DXVD
5HPHGLR
)
&RQYHUWLGRUVREUHFDUJDGR
9HULILFDUORVLJXLHQWH
6REUHWHPSHUDWXUDHQ
FRQYHUWLGRU
9HQWLODFLµQLQVXILFLHQWH
)UHFXHQFLDGHSXOVDFLµQGHPDVLDGR DOWD
7HPSHUDWXUDDPELHQWHGHPDVLDGR
DOWD
5HVWDEOHFHUHODMXVWHSUHGHWHUPLQDGRGHOD
IUHFXHQFLDGHSXOVDFLµQ
(OYHQWLODGRUQRJLUD
7HPSHUDWXUDDPELHQWHGHPDVLDGRDOWD"
(OYHQWLODGRUWLHQHTXHJLUDUFXDQGRIXQFLRQHHO
FRQYHUWLGRU
&DUJDRFLFORGHFDUJDGHPDVLDGRDOWRV"
/DSRWHQFLDGHOPRWRU3\ODGHO
FRQYHUWLGRUUGHEHQFRLQFLGLU
)
&RQYHUWLGRUVREUHFDUJDGR
9HULILFDUORVLJXLHQWH
,WGHFRQYHUWLGRU
&LFORGHFDUJDGHPDVLDGRDOWR
/DSRWHQFLDGHOPRWRU3HV
PD\RUTXHODGHOFRQYHUWLGRU
U
/DHOHYDFLµQGH
WHPSHUDWXUDHQFKLS
VREUHSDVDQLYHOHVFU¯WLFRV )
)
)
3«UGLGDGHVH³DOGH
WHPSHUDWXUDGHO
FRQYHUWLGRU
)
2QGXODFLµQGH'&
GHPDVLDGRDOWD
/DSRWHQFLDGHOPRWRU3\ODGHO
FRQYHUWLGRUUGHEHQFRLQFLGLU
1RWD)QRVHSXHGDERUUDUPLHQWUDVODXWLOL]DFLµQ
GHVREUHFDUJDGHOFRQYHUWLGRUUVHDVXSHULRU
DOXPEUDOGHDYLVRGH,WGHOFRQYHUWLGRU3
&DUJDHQDUUDQTXHGHPDVLDGRDOWD
9HULILFDUORVLJXLHQWH
6DOWRGHFDUJDGHPDVLDGRDOWR
&DUJDRVDOWRGHFDUJDGHPDVLDGRDOWRV"
5DPSDGHDFHOHUDFLµQGHPDVLDGR
U£SLGD
3URORQJDUHOWLHPSRGHDFHOHUDFLµQ3
/DSRWHQFLDGHOPRWRU3\ODGHO
FRQYHUWLGRUUGHEHQFRLQFLGLU
8WLOL]DUHODMXVWH3 RSDUDHYLWDU)
0RWRUVREUHFDUJDGR
6REUHFDOHQWDPLHQWRGHO
PRWRU
(OFLFORGHFDUJDWLHQHTXHHVWDUGHQWURGHORV
O¯PLWHVDGPLVLEOHV
9HULILFDUORVLJXLHQWH
&DUJDRVDOWRGHFDUJDGHPDVLDGRDOWRV"
/RVYDORUHVQRPLQDOHVGHVREUHWHPSHUDWXUDGHO
PRWRU33GHEHQVHUFRUUHFWRV
(OYDORUGHDYLVRGHWHPSHUDWXUDGHOPRWRU
3GHEHVHUFRUUHFWR
9HULILFDUORVLJXLHQWH
(VWHIDOORVHSXHGHSURGXFLUVLVH
XWLOL]DQPRWRUHVSHTXH³RVื
/DFRUULHQWHGHOPRWRUQRHVPD\RUTXHOD
:RSRORV\IXQFLRQDQDXQD
FRUULHQWHQRPLQDOLQGLFDGDHQODSODFDGH
IUHFXHQFLDLQIHULRUD+]DXQTXH
FDUDFWHU¯VWLFDVGHOPRWRU
ODWHPSHUDWXUDGHOPRWRUHVW«GHQWUR
/DWHPSHUDWXUDI¯VLFDGHOPRWRUVHHQFXHQWUD
GHOUDQJR
GHQWURGHOUDQJR
6LVHFXPSOHQHVWDVGRVFRQGLFLRQHVDMXVWHHO
SDU£PHWUR3 5RWXUDGHKLORGHOVHQVRUGH
WHPSHUDWXUDGHOFRQYHUWLGRUGLVLSDGRU
(OQLYHOGHRQGXODFLµQGH'&FDOFXODGR &RPSUREDUHOFDEOHDGRGHODDOLPHQWDFLµQGHUHG
KDVXSHUDGRHOXPEUDOGHVHJXULGDG6H
VXHOHGHEHUDODS«UGLGDGHXQDGHODV
IDVHVGHODUHGGHHQWUDGD
&RQYHUWLGRU6,1$0,&69
,QVWUXFFLRQHVGHVHUYLFLR$(
&µGLJRVGHIDOOR\DYLVR
)DOOR
&DXVD
)
/RVLQWHQWRVGHUHDUUDQFDU
DXWRP£WLFDPHQWHKDQVXSHUDGRHOYDORU
GH3
5HDUUDQTXHDXWRP£WLFR
WUDVQLQWHQWRV
)
)DOORGHLGHQWLILFDFLµQGH
GDWRVGHOPRWRU
+DIUDFDVDGRODLGHQWLILFDFLµQGHGDWRV
GHOPRWRU
5HPHGLR
9HULILFDUORVLJXLHQWH
U 1RKD\FDUJDDSOLFDGD
U 6HKDDOFDQ]DGRHOO¯PLWH GHFRUULHQWHGXUDQWHOD
LGHQWLILFDFLµQ
U /DUHVLVWHQFLDGHOHVW£WRU
LGHQWLILFDGDHVPHQRUTXHR
PD\RUTXH
U (VW£FRQHFWDGRHOPRWRUDO
FRQYHUWLGRU"
U 6RQFRUUHFWRVORVGDWRVGHO
PRWRUHQ33"
9HULILFDUTX«WLSRGHFDEOHDGRGHOPRWRUVH
UHTXLHUHHQHVWUHOODWUL£QJXOR
U 5HJXODGRUGHFRUULHQWH
DOO¯PLWHGHWHQVLµQ
U ,QFRKHUHQFLDGHOMXHJR
GHGDWRVLGHQWLILFDGRKDIUDFDVDGR
FRPRP¯QLPRXQDLGHQWLILFDFLµQ
/RVYDORUHVSRUFHQWXDOHVVHEDVDQHQ
ODLPSHGDQFLD=E 9PRWQRPUD¯]
,PRWQRP
)
)DOORGH((3520GH
SDU£PHWURV
)DOORGHOHFWXUDRHVFULWXUDDODFFHGHUD OD((35203XHGHSURGXFLUVHVLOD
((3520HVW£OOHQDRVHKDQ
PRGLILFDGRGHPDVLDGRVSDU£PHWURV
5HDOL]DUXQFLFORGHGHVFRQH[LµQ\UHFRQH[LµQ
SDUDHOLPLQDUHOIDOOR\DTXHSRGU¯DQKDEHUVH
OH¯GRPDODOJXQRVSDU£PHWURV
5HVWDEOHFHUORVYDORUHVGHI£EULFD\YROYHUD
SDUDPHWUL]DUVLHOFLFORGHGHVFRQH[LµQ\
UHFRQH[LµQQRHOLPLQDHOIDOOR
(QHOFDVRGHTXHOD((3520HVW«OOHQD
UHVWDEOHFHUORVDMXVWHVSUHGHWHUPLQDGRVGH
DOJXQRVSDU£PHWURV\GHVSX«VUHDOL]DUXQFLFOR
GHGHVFRQH[LµQ\UHFRQH[LµQ
5HHPSOD]DUHOFRQYHUWLGRU
1RWD
U ((3520OOHQD
U Q|GHEORTXH+DIDOODGROD
OHFWXUDGHOEORTXHGHGDWRV
U Q|GHEORTXH7LHPSRH[FHGLGR
DOOHHUHOEORTXHGHGDWRV
U Q|GHEORTXH(UURUGHOHFWXUD
GH&5&HQHOEORTXHGHGDWRV
U Q|GHEORTXH+DIDOODGROD
HVFULWXUDGHOEORTXHGHGDWRV
U Q|GHEORTXH7LHPSRH[FHGLGR
DOHVFULELUHOEORTXHGHGDWRV
U Q|GHEORTXH/DSUXHEDGH
HVFULWXUDGHOEORTXHGHGDWRVKDIUDFDVDGR
&RQYHUWLGRU6,1$0,&69
,QVWUXFFLRQHVGHVHUYLFLR$(
&µGLJRVGHIDOOR\DYLVR
)DOOR
&DXVD
5HPHGLR
U Q|GHEORTXH/HFWXUDGHO
EORTXHGHGDWRVDGHVWLHPSR
U Q|GHEORTXH(VFULWXUDGHO
EORTXHGHGDWRVDGHVWLHPSR
U Q|GHEORTXH(O
UHVWDEOHFLPLHQWRGHORVDMXVWHVGHI£EULFDQR
IXQFLRQµDFDXVDGHXQUHDUUDQTXHRFRUWHGH
DOLPHQWDFLµQ
)
)DOORGHOVRIWZDUHGHO
FRQYHUWLGRU
)DOORGHOHFWXUDGHLQIRUPDFLµQGHO
FRQYHUWLGRURGDWRVQRY£OLGRV
1RWD
U (UURUDOOHHUODLGHQWLILFDFLµQGHO
FRQYHUWLGRU
U ,GHQWLILFDFLµQGHFRQYHUWLGRUIDOVD
U (UURUDOOHHUODYHUVLµQGHO
FRQYHUWLGRU
U 9HUVLµQGHFRQYHUWLGRUIDOVD
U &RPLHQ]RGH3DUWHGHGDWRVGH
FRQYHUWLGRUIDOVD
U 1¼PHURIDOVRGHVHQVRUGH
WHPSHUDWXUDGHFRQYHUWLGRU
U 1¼PHURIDOVRGHDSOLFDFLµQGH
FRQYHUWLGRU
U &RPLHQ]RGH3DUWHGHGDWRVGH
FRQYHUWLGRUIDOVD
U (UURUDOOHHUODFDGHQDGHGDWRVGHO
FRQYHUWLGRU
U (UURU&5&GHOFRQYHUWLGRU
U &RQYHUWLGRUYDF¯R
U &5&GHOEORTXHGHOFRQYHUWLGRU
HUUµQHR
U &5&GHOEORTXHGHOFRQYHUWLGRU
HUUµQHR
U &5&GHOEORTXHGHOFRQYHUWLGRU
HUUµQHR
U &RQYHUWLGRUQRY£OLGR
U 7DPD³RGHODFDUSHWDHUUµQHR
U 1¼PHURGHLGHQWLILFDFLµQGHOD
FDUSHWDHUUµQHR
U %ORTXHQRY£OLGR
U 7DPD³RGHDUFKLYRHUUµQHR
U 7DPD³RGHO£UHDGHGDWRVHUUµQHR
U 7DPD³RGHO£UHDGHOEORTXH
HUUµQHR
U 7DPD³RGH5$0H[FHGLGR
&RQYHUWLGRU6,1$0,&69
,QVWUXFFLRQHVGHVHUYLFLR$(
&µGLJRVGHIDOOR\DYLVR
)DOOR
&DXVD
5HPHGLR
)FRQWLQXDFLµQ
U )RUPDWRGHSDU£PHWURHUUµQHR
U +HDGHUHTXLSRHUUµQHR
U 3XQWHURGHDUFKLYRQRY£OLGR
U 9HUVLµQGHEORTXHGHHVFDODGR
HUUµQHD
U 9HUVLµQGHOEORTXHGHFDOLEUDFLµQ
HUUµQHD
U (OQ¼PHURGHVHULHQRFRUUHVSRQGH
DOIRUPDWRSUHYLVWR
U (OFRPLHQ]RGHOQ¼PHURGHVHULHQR
FRUUHVSRQGHDOIRUPDWRSUHYLVWR
U (OILQDOGHOQ¼PHURGHVHULHQR
FRUUHVSRQGHDOIRUPDWRSUHYLVWR
U (OPHVGHOQ¼PHURGHVHULHQR
FRUUHVSRQGHDOIRUPDWRSUHYLVWR
U (OG¯DGHOQ¼PHURGHVHULHQR
FRUUHVSRQGHDOIRUPDWRSUHYLVWR
U GLUHFFLµQ(UURUDOOHHUORVGDWRV
GHOFRQYHUWLGRU
U GLUHFFLµQ(UURUDOHVFULELUORV
GDWRVGHOFRQYHUWLGRU
U GLUHFFLµQ/HFWXUDDGHVWLHPSR
GHORVGDWRVGHOFRQYHUWLGRU
U GLUHFFLµQ(VFULWXUDDGHVWLHPSR
GHORVGDWRVGHOFRQYHUWLGRU
U GLUHFFLµQ/HFWXUDQRY£OLGDGH
ORVGDWRVGHOFRQYHUWLGRU
U GLUHFFLµQ(VFULWXUDQRY£OLGDGH
ORVGDWRVGHOFRQYHUWLGRU
5HDOL]DUXQFLFORGHGHVFRQH[LµQ\UHFRQH[LµQ
GHOFRQYHUWLGRU
'LULJLUVHDOGHSDUWDPHQWRGHVHUYLFLRW«FQLFRR
UHHPSOD]DUHOFRQYHUWLGRU
)
7LHPSRH[FHGLGRHQ$6,&
)DOORGHFRPXQLFDFLµQLQWHUQR
9HULILFDUHOFRQYHUWLGRU
(OIDOORRFXUUHHVSRU£GLFDPHQWH
1RWD
U 0HQVDMHGHKDUGZDUHIDOORGH
FRQH[LµQ
U 0HQVDMHGHVRIWZDUHIDOORGH
FRQH[LµQ
U /DUHDOLPHQWDFLµQQRHVW£
GHVKDELOLWDGDSDUDOHHUGDWRVGHOFRQYHUWLGRU
&RQYHUWLGRU6,1$0,&69
,QVWUXFFLRQHVGHVHUYLFLR$(
&µGLJRVGHIDOOR\DYLVR
)DOOR
&DXVD
5HPHGLR
U 'XUDQWHODGHVFDUJDGHFRQYHUWLGRU
QRVHKDHQYLDGRHOPHQVDMHSDUDGHVKDELOLWDUOD
UHDOLPHQWDFLµQ
)DOORGHFRPXQLFDFLµQSRUSUREOHPDVGH&(0
([DPLQDU&(0\PRGLILFDUVLHVQHFHVDULR
$SOLFDUILOWUR&(0
U 8WLOL]DUXQDWDUMHWD00&6'FRQ
IRUPDWR)$7R)$7RELHQLQVHUWDUXQD
WDUMHWD00&6'HQHOFRQYHUWLGRU
U 9HULILFDUODWDUMHWD00&6'SHM
HVW£ODWDUMHWDOOHQD"9ROYHUDIRUPDWHDUOD
WDUMHWDHQ)$7R)$7
)
)DOORHQODFORQDFLµQGHSDU£PHWURV
)DOORHQODFORQDFLµQGH
SDU£PHWURVGHWDUMHWD
00&6'
U 7DUMHWD00&6'QR
FRQHFWDGDRGHWLSRLQFRUUHFWRR
IDOORGHLQLFLDOL]DFLµQGHODWDUMHWD
SDUDFORQDFLµQDXWRP£WLFD
U /RVGDWRVGHFRQYHUWLGRU
QRVHSXHGHQHVFULELUHQODWDUMHWD U $UFKLYRGHFORQDFLµQGH
SDU£PHWURVQRGLVSRQLEOH
U /DWDUMHWD00&6'QR
SXHGHOHHUHODUFKLYR
U (UURUHQODOHFWXUDGH
GDWRVGHODUFKLYRGHFORQDFLµQHUURU GHOHFWXUDHUURUHQGDWRVRHQVXPD
GHYHULILFDFLµQ
U &RORFDUHODUFKLYRFRQHOQRPEUH
FRUUHFWRHQODFDUSHWDFRUUHFWD
86(56,1$0,&6'$7$
U $VHJXUDUVHGHTXHHODUFKLYRVHD
DFFHVLEOHVLHVSRVLEOHYROYHUDFUHDUHO
DUFKLYR
U (ODUFKLYRKDFDPELDGRYROYHUD
FUHDUHODUFKLYR
)
$UFKLYRH[LVWHQWHSHURFRQFRQWHQLGRQR 9ROYHUDFRSLDU\DVHJXUDUVHGHTXHQRVH
LQWHUUXPSDHOSURFHVR
&RQWHQLGRGHODFORQDFLµQ Y£OLGR3DODEUDGHPDQGRHUUµQHD
GHSDU£PHWURVQRY£OLGR
)
$UFKLYRH[LVWHQWHSHURPRGHORGH
&RQWHQLGRGHODFORQDFLµQ FRQYHUWLGRULQDGHFXDGR
GHSDU£PHWURV
LQFRPSDWLEOH
$VHJXUDUVHGHTXHORVGDWRVVHKD\DQFORQDGRGHO
FRQYHUWLGRUDGHFXDGR
)
6LVHQHFHVLWDXQDFORQDFLµQDXWRP£WLFD
,QWHQWRGHOFRQYHUWLGRUGH
UHDOL]DUXQDFORQDFLµQ
DXWRP£WLFDGXUDQWHOD
LQLFLDOL]DFLµQ
1RKD\XQDUFKLYR&ORQHELQHQHO
GLUHFWRULRFRUUHFWR
86(56,1$0,&6'$7$
,QVHUWDUODWDUMHWD00&6'FRQHODUFKLYR
FRUUHFWR\UHDOL]DUXQFLFORGHGHVFRQH[LµQ\
UHFRQH[LµQ
6LQRVHQHFHVLWDXQDFORQDFLµQDXWRP£WLFD
([WUDHUODWDUMHWDVLQRVHQHFHVLWD\UHDOL]DUXQ
FLFORGHGHVFRQH[LµQ\UHFRQH[LµQ
5HVWDEOHFHU3 \UHDOL]DUXQFLFORGH
GHVFRQH[LµQ\UHFRQH[LµQ
1RWD
(OIDOORVRORVHSXHGHERUUDUPHGLDQWHXQFLFORGH
GHVFRQH[LµQ\UHFRQH[LµQ
)
(UURUGHFRQVLJQD866
)
(UURUGHFRQVLJQD
86602'%86
6LQYDORUHVGHFRQVLJQDGH866
GXUDQWHWLHPSRGHLQWHUUXSFLµQGH
WHOHJUDPD
5HYLVDUHOPDHVWUR866
6LQYDORUHVGHFRQVLJQDGH
86602'%86GXUDQWHWLHPSRGH
LQWHUUXSFLµQGHWHOHJUDPD
5HYLVDUHOPDHVWUR86602'%86
&RQYHUWLGRU6,1$0,&69
,QVWUXFFLRQHVGHVHUYLFLR$(
&µGLJRVGHIDOOR\DYLVR
)DOOR
&DXVD
5HPHGLR
)
+LORURWR
$,VLQVH³DOGHHQWUDGD
6H³DOIXHUDGHORVO¯PLWHV
DGPLVLEOHV
)
)DOORH[WHUQRJHQHUDGRDWUDY«VGHOD
HQWUDGDGHVH³DOHVGHPDQGRY¯D
SDODEUDGHPDQGRELW
)DOORH[WHUQR
)
'HVERUGDPLHQWRGHSLOD
)
5HDOLPHQWDFLµQGH3,'
SRUGHEDMRGHYDORU
P¯QLPR
)
5HDOLPHQWDFLµQGH3,'
SRUHQFLPDGHYDORU
P£[LPR
)
+DIDOODGRHOYHFWRUGH
FRQILJXUDFLµQSDUDHO
FRQYHUWLGRU
9HULILFDU3
'HVKDELOLWDUSDODEUDGHPDQGRELWFRPR
IXHQWHGHVH³DOHVGHPDQGR
'HVKDELOLWDUHQWUDGDHQERUQHSDUDGLVSDURGH
IDOOR
(UURUGHVRIWZDUH
'LULJLUVHDOGHSDUWDPHQWRGHVHUYLFLRW«FQLFRR
UHHPSOD]DUHOFRQYHUWLGRU
(UURUGHVRIWZDUHRIDOORHQHO
SURFHVDGRU
'LULJLUVHDOGHSDUWDPHQWRGHVHUYLFLRW«FQLFRR
UHHPSOD]DUHOFRQYHUWLGRU
5HDOLPHQWDFLµQGH3,'SRUGHEDMRGH
YDORUP¯QLPR3
&DPELDUHOYDORUGH3
$MXVWDUJDQDQFLDGHUHDOLPHQWDFLµQ
5HDOLPHQWDFLµQGH3,'SRUHQFLPDGH
YDORUP£[LPR3
&DPELDUHOYDORUGH3
$MXVWDUJDQDQFLDGHUHDOLPHQWDFLµQ
'XUDQWHHODUUDQTXHHOFRQYHUWLGRU
FRPSUXHEDVLHOYHFWRUGHFRQILJXUDFLµQ
YHFWRU6=/KDVLGRFRUUHFWDPHQWH
SURJUDPDGR\VLHOKDUGZDUH
FRUUHVSRQGHDOYHFWRUSURJUDPDGR'H
QRVHUDV¯VHGLVSDUDHOFRQYHUWLGRU
/RVIDOORVLQWHUQRVQRVHSXHGHQVXEVDQDU
5HVWDEOHFHUYLJLODQFLD
)
U )DOORLQWHUQR)DOWD
YHFWRUGHFRQILJXUDFLµQGH
KDUGZDUH
U )DOORLQWHUQR)DOWD
YHFWRUGHFRQILJXUDFLµQGHVRIWZDUH
U )DOORLQWHUQR&µGLJR
GHFRQYHUWLGRULQFRPSDWLEOH
U )DOORLQWHUQR9HFWRUGH
VRIWZDUHQRSRVLEOH
U 6HKDLQVWDODGRXQ
PµGXORGHSRWHQFLDLQDGHFXDGR
U!)DOORLQWHUQR6HKD
LQVHUWDGRXQDWDUMHWDGH(6
LQFRUUHFWD
U $VHJXUDUVHGHTXHVHKDLQVWDODGRHO
PµGXORGHSRWHQFLDDGHFXDGR
1RWD
(VWHIDOORVRORSXHGHVHUFRQILUPDGRFRQXQFLFOR
GHGHVFRQH[LµQ\UHFRQH[LµQ
&RQYHUWLGRU6,1$0,&69
,QVWUXFFLRQHVGHVHUYLFLR$(
&µGLJRVGHIDOOR\DYLVR
)DOOR
&DXVD
)
(OMXHJRGHSDU£PHWURVDFWXDOGHEHYHULILFDUVH\
(OIDOORVHJHQHUDDOFORQDUGXUDQWHOD
LQLFLDOL]DFLµQ7DPEL«QSXHGHGDUVHSRU FRQILUPDUVHERUUDQGRHOIDOOR
HUURUGHOHFWXUDGHOD((3520Y«DQVH
ORVGHWDOOHVHQ)
3UXHEDGH
DFHSWDFLµQSHQGLHQWHGH
FRQILUPDFLµQ
5HPHGLR
8QFORQLQLFLDOVHSXHGHKDEHU
PRGLILFDGR\QRFRUUHVSRQGHUDOD
DSOLFDFLµQ
6HWLHQHTXHH[DPLQDUHVHMXHJRGH
SDU£PHWURVDQWHVGHTXHHOFRQYHUWLGRU
DUUDQTXHHOPRWRU
)
)DOORGHODSURWHFFLµQ
FRQWUDFDYLWDFLµQ
)
'LVSDURGHYLJLODQFLDGH
FDUJD
U &DPELRGHGDWRVGHO
FRQYHUWLGRU
U 6HKDHIHFWXDGRXQD
FORQDFLµQLQLFLDOY¯DXQDWDUMHWD
00&6'
U 6HKDDERUWDGROD
FORQDFLµQLQLFLDODQWHULRU
6HGDQODVFRQGLFLRQHVSDUDGD³RVSRU
FDYLWDFLµQ/RVGD³RVSRUFDYLWDFLµQORV
VXIUHQERPEDVHQVLVWHPDVGHERPEHR
FXDQGRHOFDXGDOHVLQVXILFLHQWH
3XHGHQSURGXFLUVREUHFDOHQWDPLHQWRV\
GD³RVHQODVERPEDV
6LQRKD\FDYLWDFLµQUHGXFLUHOXPEUDOGHFDYLWDFLµQ
3RELHQDXPHQWDUHOUHWDUGRGHODSURWHFFLµQ
FRQWUDFDYLWDFLµQ&RPSUREDUTXHODUHDOLPHQWDFLµQ
GHOVHQVRUIXQFLRQD
/DVFRQGLFLRQHVGHFDUJDHQHOPRWRU
LQGLFDQXQIDOORGHFRUUHDRXQDDYHU¯D
PHF£QLFD
9HULILFDUORVLJXLHQWH
U 'LVSDURSDU
EDMRYHORFLGDG
U 'LVSDURSDU
DOWRYHORFLGDG
&DGHQDFLQHP£WLFDVLQURWXUDVDYHU¯DVX
REVWUXFFLRQHV
/XEULFDUGHVHUQHFHVDULR
&RPSUREDUORVVLJXLHQWHVSDU£PHWURVVLVHXWLOL]D
XQVHQVRUGHYHORFLGDGH[WHUQR
3WLHPSRGHUHWDUGRSDUDGHVYLDFLµQ
DGPLVLEOH
3IUHFXHQFLDXPEUDOI
3IUHFXHQFLDXPEUDOI
3IUHFXHQFLDXPEUDOI
6LVHXWLOL]DXQUDQJRSDUYHORFLGDGHVSHF¯ILFR
FRPSUREDUORVSDU£PHWURV
3IUHFXHQFLDXPEUDO
3IUHFXHQFLDXPEUDO
3IUHFXHQFLDXPEUDO
3XPEUDOGHSDUVXSHULRU
3XPEUDOGHSDULQIHULRU
3XPEUDOGHSDUVXSHULRU
3XPEUDOGHSDULQIHULRU
3XPEUDOGHSDUVXSHULRU
3XPEUDOGHSDULQIHULRU
3WLHPSRGHUHWDUGRSDUDGHVYLDFLµQ
DGPLVLEOH
&RQYHUWLGRU6,1$0,&69
,QVWUXFFLRQHVGHVHUYLFLR$(
&µGLJRVGHIDOOR\DYLVR
$ODUPDV
6LVHDFWLYDXQDDODUPDDSDUHFHLQPHGLDWDPHQWHHOLFRQRGHDODUPD \ODSDQWDOOD
PXHVWUDHOFµGLJRGHDODUPDSUHFHGLGRSRU$
1RWD
/DVDODUPDVQRVHSXHGHQFRQILUPDU6HERUUDQDXWRP£WLFDPHQWHFXDQGRVHVXEVDQDHO
SUREOHPDTXHODVFDXVµ
/LVWDGHFµGLJRVGHDODUPD
$ODUPD
&DXVD
5HPHGLR
$
/DSRWHQFLDGHOPRWRU\GHO
FRQYHUWLGRUQRFRLQFLGHQ
9«DVH)
/RVFDEOHVGHOPRWRUVRQPX\ODUJRV
'HIHFWRVDWLHUUD
/RVPRWRUHVSHTXH³RV:FRQ
)&&\FDUJDOLJHUDSXHGHQSURYRFDU
XQDFRUULHQWHDOWD
/¯PLWHGHFRUULHQWH
$
8WLOLFHHOPRGR8ISDUDPRWRUHVPX\SHTXH³RV
6HKDDOFDQ]DGRHOYDORUO¯PLWHGH
VREUHWHQVLµQ(VWHDYLVRSXHGHVXUJLU
GXUDQWHHOSURFHVRGHGHFHOHUDFLµQVL
HVW£GHVKDELOLWDGRHOUHJXODGRU9GF
3 6LHVWHDYLVRSHUPDQHFHH[DPLQDUODWHQVLµQGH
HQWUDGDGHOFRQYHUWLGRU
$
&RUWHGHWHQVLµQGHUHG
([DPLQDUODWHQVLµQGHUHG
/¯PLWHGHVXEWHQVLµQ
/DWHQVLµQGHUHG\HQ
FRQVHFXHQFLDODWHQVLµQGHOD
LQWHUFRQH[LµQGH'&UHVW£Q
SRUGHEDMRGHOO¯PLWHGHILQLGR
$
6HKDVREUHSDVDGRHOXPEUDOGHDYLVR
GHWHPSHUDWXUDHQHOGLVLSDGRUGHO
FRQYHUWLGRURGHWHPSHUDWXUDGHODXQLµQ
GHOFKLSRVHKDVXSHUDGRHOFDPELR
DGPLVLEOHGHWHPSHUDWXUDGHODXQLµQGHO
FKLSSRUORTXHVHUHGXFHODIUHFXHQFLD
GHSXOVDFLµQ\RODIUHFXHQFLDGHVDOLGD
GHSHQGLHQGRGHODSDUDPHWUL]DFLµQGH
3
/¯PLWHGHVREUHWHQVLµQ
6REUHWHPSHUDWXUDHQ
FRQYHUWLGRU
$
,WGHFRQYHUWLGRU
$
$YLVRGHHOHYDFLµQGH
WHPSHUDWXUDGHXQLµQ
,*%7
6REUHSDVDGRHOO¯PLWHGHDYLVR/D
FRUULHQWHVHUHGXFHVLVHKD
SDUDPHWUL]DGR3 1RWD
U 7HPSHUDWXUDGHOGLVLSDGRU
U 7HPSHUDWXUDGHODXQLµQGHOFKLS
LQFOXLGRHOGLVLSDGRU
9HULILFDUORVLJXLHQWH
/DWHPSHUDWXUDDPELHQWHWLHQHTXHHVWDUGHQWUR
GHORVO¯PLWHVHVSHFLILFDGRV
/DVFRQGLFLRQHV\ORVVDOWRVGHFDUJDGHEHQ
VHUDGHFXDGRV
(OYHQWLODGRUWLHQHTXHJLUDUFXDQGRIXQFLRQHHO
FRQYHUWLGRU
9HULILFDUVLHOFLFORGHFDUJDHVW£GHQWURGHORV
O¯PLWHVDGPLVLEOHV
$YLVRGHVREUHFDUJD/DGLIHUHQFLDHQWUH 9HULILFDUVLORVVDOWRV\ORVFKRTXHVGHFDUJDHVW£Q
ODWHPSHUDWXUDGHOGLVLSDGRU\GHOD
GHQWURGHORVO¯PLWHVDGPLVLEOHV
XQLµQGH,*%7VREUHSDVDORVYDORUHV
O¯PLWHGHDYLVR
&RQYHUWLGRU6,1$0,&69
,QVWUXFFLRQHVGHVHUYLFLR$(
&µGLJRVGHIDOOR\DYLVR
$ODUPD
&DXVD
$
3«UGLGDGHVH³DOGHWHPSHUDWXUDGHO
'LULJLUVHDOGHSDUWDPHQWRGHVHUYLFLRW«FQLFRR
GLVLSDGRUGHOFRQYHUWLGRU(VSRVLEOHTXH UHHPSOD]DUHOFRQYHUWLGRU
VHKD\DDIORMDGRHOVHQVRU
3«UGLGDGHVH³DOGH
WHPSHUDWXUDGHO
FRQYHUWLGRU
5HPHGLR
6REUHWHPSHUDWXUD,WGHO PRWRU
$
0RWRUVREUHFDUJDGR
&LFORGHFDUJDRVDOWRVGHFDUJD
GHPDVLDGRDOWRV
9HULILFDULQGHSHQGLHQWHPHQWHHOWLSRGHYLJLODQFLDGH
WHPSHUDWXUD
3XPEUDOGHDYLVRGHWHPSHUDWXUDGHO
PRWRU
3WHPSHUDWXUDDPELHQWHGHOPRWRU
&RPSUREDUVLORVGDWRVGHODSODFDGH
FDUDFWHU¯VWLFDVVRQFRUUHFWRV6LQRUHDOLFHXQD
SXHVWDHQPDUFKDU£SLGD6HSXHGHQGHWHUPLQDU
ORVGDWRVH[DFWRVGHOFLUFXLWRHTXLYDOHQWH
PHGLDQWHLGHQWLILFDFLµQGHOPRWRU3 9HULILFDUVLHOSHVRGHOPRWRU3HV
UD]RQDEOH6LHVQHFHVDULRPRGLILFDUHOYDORU
6HSXHGHFDPELDUHOVREUHFDOHQWDPLHQWR
HVW£QGDUPHGLDQWH33\3VLHO
PRWRUQRHVXQPRWRUHVW£QGDU6,(0(16
$
(QHUJ¯DGHIUHQDGRGHPDVLDGRHOHYDGD 5HGXFLUODHQHUJ¯DGHIUHQDGR
6REUHFDUJDGH
UHVLVWHQFLDGHIUHQDGR
/DUHVLVWHQFLDGHIUHQDGRQRHVDSWD
SDUDODDSOLFDFLµQ
8WLOL]DUXQDUHVLVWHQFLDGHIUHQDGRGHP£VSRWHQFLD
$
,GHQWLILFDFLµQGHGDWRVGHOPRWRU
3VHOHFFLRQDGDRIXQFLRQDQGR
6HJPHQWRGHWLHPSRLQWHUQR
VREUHSDVDGR
'LU¯MDVHDOGHSDUWDPHQWRGHVHUYLFLRW«FQLFR
$
$SDUHFH
9HULILFDUORVLJXLHQWH
5HJXODGRU9GFBP£[
GHVDFWLYDGR
,GHQWLILFDFLµQGHGDWRV
GHOPRWRUDFWLYD
$
$YLVRGH
GHVERUGDPLHQWR5726
&XDQGRODWHQVLµQGHDOLPHQWDFLµQ
GHUHG3HVSHUPDQHQWHPHQWH
H[FHVLYD
6LHOPRWRUHVDFFLRQDGRSRUXQD
FDUJDDFWLYDRFDVLRQDQGRTXHHO
PRWRUHQWUHHQPRGRJHQHUDGRU
/DWHQVLµQGHHQWUDGDGHEHHVWDUGHQWURGHORV
O¯PLWHVDGPLVLEOHV
/DFDUJDGHEHHVWDUGHQWURGHORVO¯PLWHV
DGPLVLEOHV
(QGHWHUPLQDGRVFDVRVDSOLFDUUHVLVWHQFLDGH
IUHQDGR
&RQJUDQGHVSDUHVGHFDUJDDO
GHFHOHUDU
6LHODYLVR$DSDUHFHFXDQGRHO
FRQYHUWLGRUHVW£HQUHSRVRSXOVRVGH
VDOLGDGHVKDELOLWDGRV\SRVWHULRUPHQWH
VHOHHQY¯DXQDVH³DOGHPDQGR21HO
UHJXODGRU9GFBP£[$QRVH
DFWLYDU£KDVWDTXHVHVROXFLRQHHODYLVR
$
&RQYHUWLGRU6,1$0,&69
,QVWUXFFLRQHVGHVHUYLFLR$(
&µGLJRVGHIDOOR\DYLVR
$ODUPD
&DXVD
5HPHGLR
$
(OUHJXODGRU9GFBP£[WUDEDMDSDUD
PDQWHQHUODWHQVLµQGHODLQWHUFRQH[LµQ
GH'&USRUGHEDMRGHOYDORUGH
U
9HULILFDUORVLJXLHQWH
5HJXODGRU9GFBP£[
DFWLYR
/DWHQVLµQGHUHGWLHQHTXHHVWDUGHQWURGHO
UDQJRLQGLFDGRHQODSODFDGHFDUDFWHU¯VWLFDV
(OWLHPSRGHGHFHOHUDFLµQ3WLHQHTXH
FRUUHVSRQGHUDOPRPHQWRGHLQHUFLD
1RWD
8QPRPHQWRGHLQHUFLDHOHYDGRH[LJHP£VWLHPSR
GHUDPSDVLHOFDVRORUHTXLHUHXVHXQDUHVLVWHQFLD
GHIUHQDGR
$
5HJXODGRU9GFBP¯Q
DFWLYR
(OUHJXODGRU9GFBP¯QVHDFWLYDU£VLOD
WHQVLµQGHODLQWHUFRQH[LµQGH'&
UFDHSRUGHEDMRGHOYDORUGH
U
/DHQHUJ¯DFLQ«WLFDGHOPRWRUVHXWLOL]D
SDUDDXPHQWDUODWHQVLµQGHOD
LQWHUFRQH[LµQGH'&FRQORTXHHO
FRQYHUWLGRUGHFHOHUD$V¯ORV
PLFURFRUWHVHQODUHGQRRFDVLRQDQ
QHFHVDULDPHQWHGLVSDURSRUVXEWHQVLµQ
(VWHDYLVRWDPEL«QSXHGHDSDUHFHQDO
DFHOHUDUU£SLGDPHQWH
$
3DU£PHWURV$2
LQDGHFXDGDPHQWH
DMXVWDGRV
/RVSDU£PHWURV$23\3QR 9HULILFDUORVLJXLHQWH
GHEHQFRQWHQHUYDORUHVLG«QWLFRV\D
$MXVWHVLG«QWLFRVGHSDU£PHWURVSDUDVDOLGD
TXHHVROOHYDDUHVXOWDGRVLOµJLFRV
$MXVWHVLG«QWLFRVGHSDU£PHWURVSDUDHQWUDGD
/RVDMXVWHVGHSDU£PHWURVSDUDVDOLGDQR
FRUUHVSRQGHQDOWLSR$2
$MXVWDUYDORUHVGLIHUHQWHVSDUD3\3
$
1RVHKDDSOLFDGRFDUJDDOFRQYHUWLGRU
&RQYHUWLGRUVLQFDUJD
(OUHVXOWDGRHVTXHFLHUWDVIXQFLRQHVQR
IXQFLRQDQFRPRORKDU¯DQHQFRQGLFLRQHV
GHFDUJDQRUPDOHV
$
6HKDVROLFLWDGRWDQWR-2*DODGHUHFKD 1RXWLOL]DU-2*DODGHUHFKD\-2*DODL]TXLHUGDD
FRPR-2*DODL]TXLHUGD
ODYH]
33(VWRFRQJHODOD
IUHFXHQFLDGHVDOLGDGHO*G5HQVXYDORU
DFWXDO
'HPDQGDGH-2*DOD
GHUHFKD\-2*DOD
L]TXLHUGD
$
$YLVRGHSURWHFFLµQ
FRQWUDFDYLWDFLµQ
$
$XWRWXQLQJ3,'DFWLYR
$
$YLVRGHYLJLODQFLDGH
FDUJD
9HULILFDUVLHOPRWRUHVW£FRQHFWDGRDOFRQYHUWLGRU
6HGDQODVFRQGLFLRQHVSDUDSRVLEOHV
GD³RVSRUFDYLWDFLµQ
9«DVH)
$XWRWXQLQJ3,'3VHOHFFLRQDGRR
HQIXQFLRQDPLHQWR
(ODYLVRGHVDSDUHFHDOILQDOL]DUHODXWRWXQLQJ3,'
/DVFRQGLFLRQHVGHFDUJDHQHOPRWRU
LQGLFDQXQIDOORGHFRUUHDRXQDDYHU¯D
PHF£QLFD
9«DVH)
&RQYHUWLGRU6,1$0,&69
,QVWUXFFLRQHVGHVHUYLFLR$(
$
'DWRVW«FQLFRV
&DUDFWHU¯VWLFDVHO«FWULFDV
&DUDFWHU¯VWLFDVGHODDOLPHQWDFLµQGHUHG
&RQYHUWLGRUHVGH9$&WULI£VLFRV
&RQYHUWLGRUHVGH9$&PRQRI£VLFRV
5DQJRGHWHQVLµQ
'H9D9$&WROHUDQFLDGHD
'H9D9$&WROHUDQFLDGHD
GH+]D+]
GH+]D+]
5HGXFFLµQGHFRUULHQWHFRQWHQVLRQHVGH
HQWUDGDDOWDV
5HGXFFLµQGHFRUULHQWHFRQWHQVLRQHVGH
HQWUDGDDOWDV
&RUULHQWHGHVDOLGD>@
&RUULHQWHGHVDOLGD>@
7HQVLµQ9
7HQVLµQ9
1RWD&RQVXOWHODUHGXFFLµQGHFRUULHQWHD
9DODIUHFXHQFLDGHFRQPXWDFLµQ
SUHGHWHUPLQDGDGHN+]\FRQXQD
WHPSHUDWXUDGHODLUHFLUFXQGDQWHGHഒHQOD
WDEODGHODVHFFLµQ&RPSRQHQWHVGHOVLVWHPD
FRQYHUWLGRU3£JLQD
&DWHJRU¯DGH
VREUHWHQVLµQ
(1&DWHJRU¯D,,,
(1&DWHJRU¯D,,,
&RQILJXUDFLRQHVGH
VXPLQLVWURSHUPLVLEOHV
/¯QHD7177,777SXHVWDDWLHUUD
7177
(QWRUQRGHVXPLQLVWUR
6HJXQGRHQWRUQRUHGHO«FWULFDSULYDGD
6HJXQGRHQWRUQRUHGHO«FWULFDSULYDGD
7HQJDHQFXHQWDTXHORVFRQYHUWLGRUHVVLQILOWURVµORVHSXHGHQXWLOL]DUHQODUHGGHDOLPHQWDFLµQGH,7
&DSDFLGDGGHVREUHFDUJD
&RUULHQWHPHGLDGHVDOLGD
QRPLQDO
&RUULHQWHGHVREUHFDUJD
QRPLQDOGXUDQWHVHJXQGRV
&LFORGHVREUHFDUJDP£[LPD
QRPLQDOGXUDQWHVHJXQGRVVHJXLGDSRUHOQRPLQDOGXUDQWH
VHJXQGRVSURPHGLRQRPLQDO
&RQYHUWLGRU6,1$0,&69
,QVWUXFFLRQHVGHVHUYLFLR$(
'DWRVW«FQLFRV
5HTXLVLWRV&(0
1RWD
,QVWDOHWRGRVORVFRQYHUWLGRUHVGHDFXHUGRFRQODVGLUHFWULFHVGHOIDEULFDQWH\GHDFXHUGR
FRQODVEXHQDVSU£FWLFDVGH&(0
8WLOLFHFDEOHDSDQWDOODGRWLSR&<3DUDODVORQJLWXGHVGHFDEOHGHOPRWRUP£[LPDVFRQVXOWH
ODVHFFLµQ'HVFULSFLµQGHORVERUQHV3£JLQD
1RGHEHVXSHUDUVHODIUHFXHQFLDGHFRQPXWDFLµQSUHGHWHUPLQDGD
&RQYHUWLGRUHVGH9$&WULI£VLFRV
&RQYHUWLGRUHVGH9$&PRQRI£VLFRV
(6'
(1&DWHJRU¯D&
(1&DWHJRU¯D&
&RQYHUWLGRUHVGH9$&WULI£VLFRVFRQ
ILOWUR
&RQYHUWLGRUHVGH9$&PRQRI£VLFRV
FRQILOWUR
(1&DWHJRU¯D&
(1&DWHJRU¯D&
,QPXQLGDGUDGLDGD
5£IDJD
2QGDGHFKRTXH
,QPXQLGDGDODVLQWHUIHUHQFLDV
,QPXQLGDGDODVGLVWRUVLRQHV
GHWHQVLµQ
(PLVLRQHVFRQGXFLGDV
(PLVLRQHVUDGLDGDV
3«UGLGDVGHSRWHQFLDP£[LPDV
&RQYHUWLGRUHVGH9$&WULI£VLFRV
7DPD³RGHEDVWLGRU
)6$
3RWHQFLDQRPLQDON:
3«UGLGDGHSRWHQFLDP£[LPD Z
)6&
)6'
)6%
&RQYHUWLGRUHVGH9$&PRQRI£VLFRV
7DPD³RGHEDVWLGRU
)6$
3RWHQFLDQRPLQDON:
3«UGLGDGHSRWHQFLDP£[LPD Z
)6%
)6&
&RQ(6DSOHQDFDUJD
$UPµQLFRVGHFRUULHQWH
&RQYHUWLGRUHVGH9$& $UPµQLFRGHFRUULHQWHW¯SLFDGHODFRUULHQWHQRPLQDOGHHQWUDGDFRQ8. PRQRI£VLFRV
|
l
l |
l
l
l
l
|
l
|
7DPD³RGHEDVWLGRU$
7DPD³RGHEDVWLGRU%
7DPD³RGHEDVWLGRU&
&RQYHUWLGRU6,1$0,&69
,QVWUXFFLRQHVGHVHUYLFLR$(
'DWRVW«FQLFRV
1RWD
/DVXQLGDGHVLQVWDODGDVHQDPELHQWHVGHFDWHJRU¯D&QDFLRQDOUHTXLHUHQODDFHSWDFLµQ
GHOSURYHHGRUGHHQHUJ¯DSDUDODFRQH[LµQDODUHGS¼EOLFDGHDOLPHQWDFLµQHO«FWULFDGHEDMD
WHQVLµQ3µQJDVHHQFRQWDFWRFRQHOSURYHHGRUGHODUHGGHDOLPHQWDFLµQORFDO
5HGXFFLRQHVGHFRUULHQWHGHVDOLGDDGLIHUHQWHVIUHFXHQFLDVGH3:0\WHPSHUDWXUDVGHODLUH
FLUFXQGDQWH
&RQYHUWLGRUHVGH9$&WULI£VLFRV
7DPD³RGH 3RWHQFLD
EDVWLGRU
QRPLQDO
>N:@
&RUULHQWHQRPLQDO>$@DGLVWLQWDVIUHFXHQFLDVGH3:0
5DQJRGHIUHFXHQFLDVGH3:0GHN+]DN+]YDORUSUHGHWHUPLQDGRN+]
r& r& r& r& r& r& r& r& r& r& r& r&
N+]
N+]
$
$
$
$
$
$
%
%
&
'
'
'
r& r& r& r& r& r& r& r& r& r& r& r&
$
$
N+]
N+]
N+]
N+]
N+]
N+]
$
$
$
$
%
%
&
'
'
'
&RQYHUWLGRU6,1$0,&69
,QVWUXFFLRQHVGHVHUYLFLR$(
'DWRVW«FQLFRV
&RQYHUWLGRUHVGH9$&PRQRI£VLFRV
7DPD³RGH 3RWHQFLD
EDVWLGRU
QRPLQDO
>N:@
$
$
$
$
$
$
%
%
&RUULHQWHQRPLQDO>$@DGLVWLQWDVIUHFXHQFLDVGH3:0
5DQJRGHIUHFXHQFLDVGH3:0GHN+]DN+]YDORUSUHGHWHUPLQDGRN+]
N+]
r&
r&
r&
r&
N+]
r&
r&
r&
N+]
r&
r&
r&
N+]
r&
r&
&
&
$
$
$
$
N+]
r& r&
N+]
r& r& r&
N+]
r& r& r&
N+]
r& r& r&
r&
$
$
%
%
&
&
&RQYHUWLGRUGH9FRQWDPD³RGHEDVWLGRU$\YHQWLODGRU
5HJXODFLµQGHOPRWRU
0«WRGRVGHFRQWURO
8IOLQHDO8IFXDGU£WLFD8IPXOWLSXQWR\8IFRQ)&&
5DQJRGHIUHFXHQFLDGHVDOLGD 5DQJRSUHGHWHUPLQDGRGH+]D+]
5HVROXFLµQ+]
&LFORGHVREUHFDUJDP£[LPD
QRPLQDOGXUDQWHVHJXQGRVVHJXLGDSRUHOQRPLQDOGXUDQWH
VHJXQGRVSURPHGLRQRPLQDO
(VSHFLILFDFLRQHVPHF£QLFDV
7DPD³RGHEDVWLGRU$
'LPHQVLRQHV
$Q
H[WHULRUHVPP $O
'
&RQYHQWLODGRU
6LQYHQWLODGRU
7DPD³RGH
EDVWLGRU%
7DPD³RGH
EDVWLGRU&
7DPD³RGHEDVWLGRU
'
&RQYHUWLGRU6,1$0,&69
,QVWUXFFLRQHVGHVHUYLFLR$(
'DWRVW«FQLFRV
7DPD³RGHEDVWLGRU$
&RQYHQWLODGRU 6LQYHQWLODGRU
0«WRGRVGHPRQWDMH
7DPD³RGH
EDVWLGRU%
7DPD³RGH
EDVWLGRU&
0RQWDMHHQSDQHOGHODUPDULRWDPD³RVGHEDVWLGRUGH$D'
0RQWDMHDWUDYHVDGRWDPD³RVGHEDVWLGRUGH%D'
6RORGLVSRQLEOHSDUDORVFRQYHUWLGRUHVGH9$&WULI£VLFRV
3URIXQGLGDGGHFRQYHUWLGRU)ODW3ODWH9N:VRORYDULDQWH
7DPD³RGHEDVWLGRU
'
3HVRQHWRNJ
7DPD³RGHEDVWLGRU
6LQILOWUR
3HVREUXWRNJ
&RQILOWUR
6LQILOWUR
&RQILOWUR
&RQYHUWLGRUHVGH9$&WULI£VLFRV
$
&RQ
YHQWLODGRU
6LQYHQWLODGRU %
&
'
N:
N:
N:
6LQYHQWLODGRU %
&
&RQYHUWLGRUHVGH9$&PRQRI£VLFRV
$
&RQ
YHQWLODGRU
3HVRGHFRQYHUWLGRU)ODW3ODWH9N:VRORYDULDQWH
&RQGLFLRQHVDPELHQWDOHV
7HPSHUDWXUDGHODLUH
FLUFXQGDQWH
'HഒDഒVLQUHGXFFLµQ
7HPSHUDWXUDGH
DOPDFHQDPLHQWR
'Hr&Dr&
&ODVHGHSURWHFFLµQ
,3
1LYHOGHKXPHGDG
P£[LPD
VLQFRQGHQVDFLµQ
&KRTXHV\
YLEUDFLRQHV
$OPDFHQDPLHQWRDODUJRSOD]RHQHOHPEDODMHGHWUDQVSRUWHGHDFXHUGRFRQODQRUPD(1
&ODVH0
'HഒDഒFRQUHGXFFLµQ
7UDQVSRUWHHQHOHPEDODMHGHWUDQVSRUWHGHDFXHUGRFRQODQRUPD(1&ODVH0
9LEUDFLRQHVGXUDQWHHOIXQFLRQDPLHQWRGHDFXHUGRFRQODQRUPD(1&ODVH0
&RQYHUWLGRU6,1$0,&69
,QVWUXFFLRQHVGHVHUYLFLR$(
'DWRVW«FQLFRV
+DVWDPVREUHHOQLYHOGHOPDU
'HPDPUHGXFFLµQGHFRUULHQWHGHVDOLGD
'HPDPUHGXFFLµQGHWHQVLµQGHHQWUDGD
$OWLWXGGH
IXQFLRQDPLHQWR
&RUULHQWHGHVDOLGDDGPLVLEOH>@
7HQVLµQGHHQWUDGDDGPLVLEOH>@
100
100
90
90
80
77
70
80
70
60
0
1000
2000
3000
4000
60
$OWLWXGGHLQVWDODFLµQVREUHHOQLYHOGHOPDU>P@
0
1000
2000
3000
4000
$OWLWXGGHLQVWDODFLµQVREUHHOQLYHOGHOPDU>P@
&ODVHVDPELHQWDOHV
&ODVHGHFRQWDPLQDFLµQ6
&ODVHGHJDVHV&62+6
&ODVHFOLP£WLFD.
(VSDFLRP¯QLPRSDUD 3RUDUULEDPP
3RUDEDMRPPPPSDUDWDPD³RGHEDVWLGRU$UHIULJHUDGRSRUYHQWLODGRU
PRQWDMH
3RUORVODGRVPP
1RUPDV
'LUHFWLYDHXURSHDGHEDMDWHQVLµQ
/DJDPDGHSURGXFWRV6,1$0,&69VDWLVIDFHORVUHTXLVLWRVGHOD'LUHFWLYDGH%DMD7HQVLµQ
&(FRQODVHQPLHQGDVGHOD'LUHFWLYD&(6HKDFHUWLILFDGRODFRQIRUPLGDGGHODV
XQLGDGHVFRQHVWDVQRUPDV
(1&RQYHUWLGRUHVGHVHPLFRQGXFWRUHV5HTXLVLWRVJHQHUDOHV\FRQYHUWLGRUHVFRQPXWDGRV
SRUUHG
'LUHFWLYDHXURSHD&(0
&XDQGRVHLQVWDODVHJ¼QODVUHFRPHQGDFLRQHVGHHVWHPDQXDOHO6,1$0,&69FXPSOHWRGRVORV
UHTXLVLWRVGHOD'LUHFWLYD&(0VHJ¼QVHGHILQHHQODQRUPDGHSURGXFWRUHODWLYDD&(0SDUD
DFFLRQDPLHQWRVHO«FWULFRVGHSRWHQFLD(1
&HUWLILFDFLµQ8/8/&
(O6,1$0,&69FXPSOHODQRUPD&(0&WLFNSHUWLQHQWH
,62
6,1$0,&69FXPSOHODVQRUPDVGH&RUHD
/RVYHQGHGRUHVRXVXDULRVGHEHQWHQHUHQFXHQWDTXHHVWHHVXQGLVSRVLWLYRHOHFWURPDJQ«WLFRGHFODVH
$(OGLVSRVLWLYRHVW£SUHYLVWRSDUDVXXVRHQ]RQDVGLVWLQWDVDOKRJDU
9DORUHVO¯PLWHGH&(0HQ&RUHDGHO6XU
/RVYDORUHVO¯PLWHGH&(0TXHGHEHQFXPSOLUVHHQ&RUHDGHO6XUFRUUHVSRQGHQDORVYDORUHVO¯PLWH
GHILQLGRVHQODQRUPDGHSURGXFWRUHODWLYDD&(0SDUDDFFLRQDGRUHVHO«FWULFRVGHYHORFLGDGYDULDEOH
(1FDWHJRU¯D&RYDORUO¯PLWHGHFODVH$JUXSRVHJ¼Q(1&RQODDSOLFDFLµQGH
PHGLGDVDGLFLRQDOHVDGHFXDGDVORVYDORUHVO¯PLWHVHJ¼QODFDWHJRU¯D&RVHJ¼QHOYDORUO¯PLWHGH
FODVH$JUXSRVHPDQWLHQHQ$VLPLVPRSXHGHVHUQHFHVDULRWRPDURWUDVPHGLGDVDGLFLRQDOHVFRPR
SRUHMHPSORXWLOL]DUXQILOWURDQWLSDUDVLWDULRILOWUR&(0DGLFLRQDO/DVPHGLGDVTXHVHGHEHQWRPDUSDUD
GLVH³DUHOVLVWHPDFRQIRUPHDORVUHTXLVLWRVGH&(0VHGHVFULEHQGHIRUPDGHWDOODGDHQHVWHPDQXDO
7HQJDHQFXHQWDTXHODGHFODUDFLµQILQDOVREUHFXPSOLPLHQWRGHODQRUPDVHUHDOL]DPHGLDQWHOD
HWLTXHWDFRUUHVSRQGLHQWHILMDGDHQODXQLGDGLQGLYLGXDO
6LHPHQVSOFXWLOL]DXQVLVWHPDGHJHVWLµQGHODFDOLGDGTXHVDWLVIDFHORVUHTXLVLWRVGHODQRUPD
,62
/RVFHUWLILFDGRVVHSXHGHQGHVFDUJDUGH,QWHUQHWHQ
6LWLRZHEGHFHUWLILFDGRVKWWSVXSSRUWDXWRPDWLRQVLHPHQVFRP::YLHZHV
&RQYHUWLGRU6,1$0,&69
,QVWUXFFLRQHVGHVHUYLFLR$(
%
2SFLRQHV\UHSXHVWRV
%
2SFLRQHV
3DUDREWHQHUP£VLQIRUPDFLµQDFHUFDGHODVVHFFLRQHVGHFDEOHUHFRPHQGDGDV\SDUHVGH
DSULHWHGHORVWRUQLOORVFRQVXOWHODWDEOD6HFFLRQHVGHFDEOHUHFRPHQGDGDV\SDUHVGH
DSULHWHGHWRUQLOORVHQODVHFFLµQ'HVFULSFLµQGHORVERUQHV3£JLQD
1RWD
&RQHOILQGHDFFHGHUDOSXHUWRGHDPSOLDFLµQSDUDFRORFDUHOSDUDPHWUL]DGRURHOPµGXORGH
LQWHUID]%23UHWLUHVXDYHPHQWHODFXELHUWDWUDQVSDUHQWHGHVPRQWDEOHXWLOL]DQGRVROROD
SUHVLµQGHOGHGR6HUHFRPLHQGDPDQWHQHUODFXELHUWDHQXQOXJDUVHJXUR\YROYHUODD
PRQWDUFXDQGRHOSXHUWRGHDPSOLDFLµQQRHVW«HQXVR
%
3DUDPHWUL]DGRU
5HIHUHQFLD6/9(8$
7DSDGHSLODV
5DQXUDSDUDWDUMHWDV00&6'
PARAMETER
LOADER
%RWµQGH
HQFHQGLGR
7RPDGHDOLPHQWDFLµQGH9'&
(vista frontal)
,QWHUID]GHFRPXQLFDFLµQ
(vista posterior)
&RQYHUWLGRU6,1$0,&69
,QVWUXFFLRQHVGHVHUYLFLR$(
2SFLRQHV\UHSXHVWRV
%2SFLRQHV
'LPHQVLRQHVH[WHULRUHVPP
)XQFLRQHV
(OSDUDPHWUL]DGRUSHUPLWHFDUJDUGHVFDUJDUMXHJRVGHSDU£PHWURVHQWUHHOFRQYHUWLGRU\XQD
WDUMHWD00&6'(VXQDKHUUDPLHQWDGHSXHVWDHQPDUFKDTXHGHEHUHWLUDUVHSDUDHO
IXQFLRQDPLHQWRQRUPDO
1RWD
3DUDFORQDUDMXVWHVGHSDU£PHWURVJXDUGDGRVHQWUHFRQYHUWLGRUHVVHQHFHVLWDXQ
SDUDPHWUL]DGRURXQPµGXORGHLQWHUID]GH%23+D\LQIRUPDFLµQGHWDOODGDVREUHORVSDVRV
GHFORQDFLµQFRQODRSFLµQVHOHFFLRQDGDHQORVSDVRVGHWUDQVIHUHQFLDGHGDWRVGHVFULWRVHQ
ODVVHFFLRQHVSHUWLQHQWHVDS«QGLFH%R%
'XUDQWHODFORQDFLµQGHSDU£PHWURVDVHJ¼UHVHGHFRQHFWDUHOERUQH3(DWLHUUDRGH
DGRSWDUPHGLGDVGHSURWHFFLµQIUHQWHD(6'
5DQXUDSDUDWDUMHWDV00&6'
(OSDUDPHWUL]DGRUGLVSRQHGHXQDUDQXUDSDUDWDUMHWDV00&6'TXHVHFRQHFWD
GLUHFWDPHQWHDOSXHUWRGHDPSOLDFLµQGHOFRQYHUWLGRU
$OLPHQWDFLµQSRUSLODV
$GHP£VGHODLQWHUID]SDUDWDUMHWDVGHPHPRULDHOSDUDPHWUL]DGRUSXHGHDOEHUJDUGRVSLODV
WDPD³R$$QRUHFDUJDEOHVGHFDUEµQ]LQFRDOFDOLQDVTXHSHUPLWHQDOLPHQWDU
GLUHFWDPHQWHHOFRQYHUWLGRUGHVGHHVWHPµGXORRSFLRQDOHQFDVRGHTXHODDOLPHQWDFLµQGH
UHGQRHVW«GLVSRQLEOH6LHOFRQYHUWLGRUGLVSRQHGHDOLPHQWDFLµQGHUHGQRKDFHIDOWD
DOLPHQWDUHOSDUDPHWUL]DGRUFRQSLODV
7RPDGHDOLPHQWDFLµQGH9'&
(OSDUDPHWUL]DGRUFXHQWDFRQXQDWRPDGHDOLPHQWDFLµQGH9'&SDUDFRQHFWDUXQD
DOLPHQWDFLµQHO«FWULFD&ODVH'&H[WHUQD&XDQGRHOFRQYHUWLGRUQRGLVSRQHGH
DOLPHQWDFLµQGHUHGVHSXHGHDOLPHQWDUHOSDUDPHWUL]DGRUPHGLDQWHHVWDWHQVLµQ'&HQYH]
GHXVDUSLODV
&RQYHUWLGRU6,1$0,&69
,QVWUXFFLRQHVGHVHUYLFLR$(
2SFLRQHV\UHSXHVWRV
%2SFLRQHV
0RQWDMHGHOSDUDPHWUL]DGRUHQHOFRQYHUWLGRU
7DUMHWD00&6'
SLODV$$
3DUDPHWUL]DGRU
7DUMHWDV00&6'UHFRPHQGDGDV
6HUHFRPLHQGDQHVWDVWDUMHWDV00&6'
Ⴠ 7DUMHWD00&UHIHUHQFLD6/$0$$
Ⴠ 7DUMHWD6'UHIHUHQFLD(6/%$$
8VRGHWDUMHWDVGHPHPRULDGHRWURVIDEULFDQWHV
(VSHFLILFDFLRQHVGHWDUMHWDV00&6'
Ⴠ )RUPDWRVGHDUFKLYRDGPLWLGRV)$7\)$7
Ⴠ &DSDFLGDGP£[LPDGHODWDUMHWD*%
Ⴠ (VSDFLRP¯QLPRHQODWDUMHWDSDUDWUDQVIHUHQFLDGHSDU£PHWURV.%
1RWD
(OXVXDULRSXHGHXWLOL]DUWDUMHWDVGHPHPRULDGHRWURVIDEULFDQWHVSRUVXFXHQWD\ULHVJR
6HJ¼QHOIDEULFDQWHGHODWDUMHWDQRVHDGPLWHQWRGDVODVIXQFLRQHVFRPRODGHVFDUJD
&RQYHUWLGRU6,1$0,&69
,QVWUXFFLRQHVGHVHUYLFLR$(
2SFLRQHV\UHSXHVWRV
%2SFLRQHV
)RUPDVGHDOLPHQWDUHOFRQYHUWLGRU
3DUDFDUJDU\GHVFDUJDUSDU£PHWURVVHSXHGHDOLPHQWDUHOFRQYHUWLGRUGHYDULDVIRUPDV
Ⴠ $OLPHQWDFLµQGHUHG
Ⴠ $OLPHQWDFLµQGHVGHODVSLODVLQWHJUDGDV3DUDHQFHQGHUHOFRQYHUWLGRUSXOVHHOERWµQGH
DOLPHQWDFLµQGHOSDUDPHWUL]DGRU
Ⴠ $OLPHQWDFLµQGHVGHXQDIXHQWHGHDOLPHQWDFLµQGH9'&H[WHUQDFRQHFWDGDDO
SDUDPHWUL]DGRU3DUDHQFHQGHUHOFRQYHUWLGRUSXOVHHOERWµQGHDOLPHQWDFLµQGHO
SDUDPHWUL]DGRU
7UDQVIHUHQFLDGHGDWRVGHVGHHOFRQYHUWLGRUDODWDUMHWD00&6'
0RQWHHOPµGXORRSFLRQDOHQHOFRQYHUWLGRU
(QFLHQGDHOFRQYHUWLGRU
,QVHUWHODWDUMHWDHQHOPµGXORRSFLRQDO
$MXVWH3QLYHOGHDFFHVRGHXVXDULR $MXVWH3SDU£PHWURGHSXHVWDHQPDUFKD $MXVWH3VHOHFFLRQDUDUFKLYRGHFORQDFLµQ(VHSDVRVRORHVQHFHVDULRFXDQGROD
WDUMHWDFRQWHQJDDUFKLYRVGHGDWRVTXHGHVHHFRQVHUYDU
3 YDORUSUHGHWHUPLQDGR1RPEUHGHDUFKLYRFORQHELQ
3 1RPEUHGHDUFKLYRFORQHELQ
3 1RPEUHGHDUFKLYRFORQHELQ
$MXVWH3WUDQVIHULUGDWRVGHFRQYHUWLGRUDWDUMHWD (OFRQYHUWLGRUPXHVWUDGXUDQWHODWUDQVIHUHQFLD\HO/('VHLOXPLQDHQQDUDQMD\
SDUSDGHDD+]7UDVXQDWUDQVIHUHQFLDFRUUHFWD3\3VHUHVWDEOHFHQ
DXWRP£WLFDPHQWHD6LDSDUHFHQIDOORVGXUDQWHODWUDQVIHUHQFLDHQHOFDS¯WXOR&µGLJRVGH
IDOOR\DYLVR3£JLQDVHLQGLFDQODVSRVLEOHVFDXVDV\VROXFLRQHV
&RQYHUWLGRU6,1$0,&69
,QVWUXFFLRQHVGHVHUYLFLR$(
2SFLRQHV\UHSXHVWRV
%2SFLRQHV
7UDQVIHUHQFLDGHGDWRVGHVGHODWDUMHWD00&6'DOFRQYHUWLGRU
/DWUDQVIHUHQFLDGHGDWRVVHSXHGHUHDOL]DUGHGRVIRUPDV
0«WRGR
&RQGLFLµQSUHYLD(OFRQYHUWLGRUGHEHHQFHQGHUVHWUDVLQVHUWDUODWDUMHWD
0RQWHHOPµGXORRSFLRQDOHQHOFRQYHUWLGRU
,QVHUWHODWDUMHWDHQHOPµGXORRSFLRQDO$VHJ¼UHVHGHTXHODWDUMHWDFRQWLHQHHODUFKLYR
FORQHELQ
(QFLHQGDHOFRQYHUWLGRU
/DWUDQVIHUHQFLDGHGDWRVVHLQLFLDDXWRP£WLFDPHQWH6HPXHVWUDHOFµGLJRGHIDOOR)
TXHVLJQLILFD6HKDSURGXFLGRXQDFORQDFLµQ'HVHDPDQWHQHUODVHGLFLRQHVGHOFORQ"
3DUDJXDUGDUODVHGLFLRQHVGHOFORQSXOVH OK \VHERUUDU£HOFµGLJRGHIDOOR&XDQGRHO
DUFKLYRGHFORQDFLµQVHHVFULEHHQOD((3520HO/('VHLOXPLQDHQQDUDQMD\SDUSDGHD
D+]
6LQRGHVHDPDQWHQHUODVHGLFLRQHVGHOFORQH[WUDLJDODWDUMHWDRHOPµGXORRSFLRQDO\
UHDUUDQTXHHOFRQYHUWLGRU(OFRQYHUWLGRUVHHQFHQGHU£FRQHOFµGLJRGHIDOOR)\
U TXHLQGLFDQTXHOD¼OWLPDFORQDFLµQVHDERUWµ3DUDERUUDUHOIDOORSXOVH OK 0«WRGR
&RQGLFLµQSUHYLD(OFRQYHUWLGRUGHEHHVWDUHQFHQGLGRDQWHVGHLQVHUWDUODWDUMHWD
0RQWHHOPµGXORRSFLRQDOHQHOFRQYHUWLGRUHQFHQGLGR
,QVHUWHODWDUMHWDHQHOPµGXORRSFLRQDO
$MXVWH3QLYHOGHDFFHVRGHXVXDULR $MXVWH3SDU£PHWURGHSXHVWDHQPDUFKD $MXVWH3VHOHFFLRQDUDUFKLYRGHFORQDFLµQ(VWHSDVRVRORHVQHFHVDULRFXDQGROD
WDUMHWDQRFRQWLHQHHODUFKLYRFORQHELQ(OFRQYHUWLGRUFRSLDGHODWDUMHWDHODUFKLYR
FORQHELQGHIRUPDSUHGHWHUPLQDGD
$MXVWH3WUDQVIHULUGDWRVGHWDUMHWDDFRQYHUWLGRU (OFRQYHUWLGRUPXHVWUDGXUDQWHODWUDQVIHUHQFLD\HO/('VHLOXPLQDHQQDUDQMD\
SDUSDGHDD+]7UDVXQDWUDQVIHUHQFLDFRUUHFWD3\3VHUHVWDEOHFHQ
DXWRP£WLFDPHQWHD
(OFµGLJRGHIDOOR)VRORVHSUHVHQWDDOFORQDUGXUDQWHHODUUDQTXH
&RQYHUWLGRU6,1$0,&69
,QVWUXFFLRQHVGHVHUYLFLR$(
2SFLRQHV\UHSXHVWRV
%2SFLRQHV
%
0µGXORGHLQWHUID]%23\%23H[WHUQR
%23H[WHUQR
5HIHUHQFLD6/9$%$
(O%23H[WHUQRVHXVDSDUDFRQWURODUUHPRWDPHQWHHOIXQFLRQDPLHQWRGHOFRQYHUWLGRU
&XDQGRVHPRQWDHQXQDSXHUWDGHDUPDULRDGHFXDGDHO%23H[WHUQRSXHGHORJUDUXQ
JUDGRGHSURWHFFLµQ8/WLSR
&RPSRQHQWHV
Ⴠ 8QLGDGGH%23H[WHUQR
Ⴠ [WRUQLOORV0
3ODFDGHFDUDFWHU¯VWLFDV
(QODSDUWHSRVWHULRUGHO%23H[WHUQRHVW£VXSODFDGHFDUDFWHU¯VWLFDV
3ODFDGHFDUDFWHU¯VWLFDV
6,1$0,&692SHUDWRU3DQHO
3URWHFWLRQ,3
1LYHOGHSURWHFFLµQ
5HIHUHQFLD
1¼PHURGHVHULHGHSURGXFWR
1¼PHURGHUHIHUHQFLD
9HUVLµQGHKDUGZDUH
9HUVLµQGHILUPZDUH
&RQYHUWLGRU6,1$0,&69
,QVWUXFFLRQHVGHVHUYLFLR$(
2SFLRQHV\UHSXHVWRV
%2SFLRQHV
'LVSRVLFLµQGHOSDQHO
(O6,1$0,&69DGPLWHXQ%23H[WHUQRSDUDFRQWURODUUHPRWDPHQWHHOIXQFLRQDPLHQWRGHO
FRQYHUWLGRU(O%23H[WHUQRVHFRQHFWDDOFRQYHUWLGRUPHGLDQWHXQPµGXORGHLQWHUID]%23
RSFLRQDO
,FRQRVGHHVWDGRGHOFRQYHUWLGRU
8QLGDGHV
)XQFLµQ
0RGR$872+$1'-2*
OK
3$5$'$
0$5&+$
2.
)XQFLRQHVGHORVERWRQHV
%RWµQ
'HVFULSFLµQ
'HWLHQHHOFRQYHUWLGRU
GHO%23LQWHJUDGR
0LVPDIXQFLµQTXHHOERWµQ
$UUDQFDHOFRQYHUWLGRU
M
GHO%23LQWHJUDGR
0LVPDIXQFLµQTXHHOERWµQ
%RWµQPXOWLIXQFLµQ
0LVPDIXQFLµQTXHHOERWµQ
M
GHO%23LQWHJUDGR
OK
GHO%23LQWHJUDGR
3XOVDFLµQGHOERWµQ
OK
0LVPDIXQFLµQTXHHOERWµQ
*LURHQVHQWLGRKRUDULR
0LVPDIXQFLµQTXHHOERWµQ
GHO%23LQWHJUDGR/DVIXQFLRQHVGHJLURU£SLGR
HTXLYDOHQDODSXOVDFLµQSURORQJDGDGHOERWµQ
GHO%23LQWHJUDGR
*LURHQVHQWLGRDQWLKRUDULR
0LVPDIXQFLµQTXHHOERWµQ
GHO%23LQWHJUDGR/DVIXQFLRQHVGHJLURU£SLGR
HTXLYDOHQDODSXOVDFLµQSURORQJDGDGHOERWµQ
0LVPDIXQFLµQTXHORVERWRQHV
OK
\
M
GHO%23LQWHJUDGR
GHO%23LQWHJUDGR
&RQYHUWLGRU6,1$0,&69
,QVWUXFFLRQHVGHVHUYLFLR$(
2SFLRQHV\UHSXHVWRV
%2SFLRQHV
,FRQRVGHHVWDGRGHOFRQYHUWLGRU
(VWRVLFRQRVVLJQLILFDQORPLVPRTXHORVLFRQRVFRUUHVSRQGLHQWHVGHO%23
LQWHJUDGR
,FRQRGHSXHVWDHQPDUFKD(OFRQYHUWLGRUHVW£HQPRGRGHSXHVWDHQPDUFKD
3 3DQWDOOD
/DSDQWDOODGHO%23H[WHUQRHVLG«QWLFDDODGHO%23LQWHJUDGRFRQODH[FHSFLµQGHTXHHO
%23H[WHUQRWLHQHXQLFRQRGHSXHVWDHQPDUFKD TXHVHXWLOL]DSDUDLQGLFDUTXHHO
FRQYHUWLGRUHVW£HQPRGRGHSXHVWDHQPDUFKD
$OHQFHQGHUHOFRQYHUWLGRUHO%23H[WHUQRTXHWLHQHFRQHFWDGRPXHVWUD%23%23
SDUDHO6,1$0,&69\GHVSX«VODYHUVLµQGHOILUPZDUHGHO%233DVDDGHWHFWDU\
PRVWUDUODYHORFLGDGGHWUDQVPLVLµQ\ODGLUHFFLµQGHFRPXQLFDFLµQ866GHOFRQYHUWLGRU
DXWRP£WLFDPHQWH
(QODWDEODVLJXLHQWHVHLQGLFDQODVYHORFLGDGHVGHWUDQVPLVLµQ\ORVYDORUHVGHGLUHFFLµQ
DMXVWDEOHV3DUDFDPELDUODYHORFLGDGGHWUDQVPLVLµQDMXVWH3>@3DUDFDPELDUOD
GLUHFFLµQGHFRPXQLFDFLµQ866DMXVWH3>@
9HORFLGDGGH
WUDQVPLVLµQ
'LUHFFLµQGHFRPXQLFDFLµQ
3DQWDOODGHHMHPSOR
ESV
9HORFLGDGGHWUDQVPLVLµQb 'LUHFFLµQ
(QFDVRGHHUURUHVGHFRPXQLFDFLµQODSDQWDOODPXHVWUDQR&RQSDUDDGYHUWLUGHTXHQR
VHKDQGHWHFWDGRFRQH[LRQHVGHFRPXQLFDFLµQ(QWRQFHVHOFRQYHUWLGRUUHLQLFLD
DXWRP£WLFDPHQWHODGHWHFFLµQGHYHORFLGDGGHWUDQVPLVLµQ\GHGLUHFFLµQ(QHVWHFDVR
FRPSUXHEHTXHHOFDEOHHVW«FRQHFWDGRFRUUHFWDPHQWH
&RQYHUWLGRU6,1$0,&69
,QVWUXFFLRQHVGHVHUYLFLR$(
2SFLRQHV\UHSXHVWRV
%2SFLRQHV
'LPHQVLRQHVGHPRQWDMHGHO%23H[WHUQR
$TX¯VHPXHVWUDQODVGLPHQVLRQHVH[WHULRUHVSODQWLOODGHWDODGURV\GLPHQVLRQHVGHORV
UHFRUWHVGHO%23H[WHUQR
5HFRUWH
8QLGDGHVPP
)LMDFLRQHV
[WRUQLOORV0ORQJLWXGGHPPDPP
3DUGHDSULHWH1Ps
0µGXORGHLQWHUID]%23
5HIHUHQFLD6/9$$$
)XQFLRQHV
(VWHPµGXORSXHGHXVDUVHFRPRPµGXORGHLQWHUID]SDUDHO%23H[WHUQRSRVLELOLWDQGRHO
FRQWUROUHPRWRGHOFRQYHUWLGRUGHVGHHO%23H[WHUQR$GHP£VHVWHPµGXORSHUPLWH
FDUJDUGHVFDUJDUMXHJRVGHSDU£PHWURVHQWUHHOFRQYHUWLGRU\XQDWDUMHWD00&6'
(OPµGXORFRQWLHQHXQDLQWHUID]GHFRPXQLFDFLµQSDUDFRQHFWDUHO%23H[WHUQRDO
FRQYHUWLGRUXQFRQHFWRUSDUDHQFKXIDUORDOSXHUWRGHDPSOLDFLµQGHOFRQYHUWLGRU\XQD
UDQXUDSDUDWDUMHWDV00&6'(OPµGXORFRQHFWDHO%23H[WHUQRDOFRQYHUWLGRU\SHUPLWH
FORQDUSDU£PHWURVHQWUHHOFRQYHUWLGRU\XQDWDUMHWD00&6'
BOP INTERFACE
&RQYHUWLGRU6,1$0,&69
,QVWUXFFLRQHVGHVHUYLFLR$(
2SFLRQHV\UHSXHVWRV
%2SFLRQHV
1RWD
3DUDFORQDUDMXVWHVGHSDU£PHWURVJXDUGDGRVHQWUHFRQYHUWLGRUHVVHQHFHVLWDXQ
SDUDPHWUL]DGRURXQPµGXORGHLQWHUID]GH%23+D\LQIRUPDFLµQGHWDOODGDVREUHORVSDVRV
GHFORQDFLµQFRQODRSFLµQVHOHFFLRQDGDHQORVSDVRVGHWUDQVIHUHQFLDGHGDWRVGHVFULWRVHQ
ODVVHFFLRQHVSHUWLQHQWHVDS«QGLFH%R%
'LPHQVLRQHVH[WHULRUHVPP
7UDQVIHUHQFLDGHMXHJRVGHSDU£PHWURV
/RVSDVRVSDUDWUDQVIHULUMXHJRVGHSDU£PHWURVHQWUHHOFRQYHUWLGRU\ODWDUMHWD00&6'FRQ
HOPµGXORGHLQWHUID]%23VRQORVPLVPRVTXHFRQHOSDUDPHWUL]DGRU
(QODVHFFLµQ3DUDPHWUL]DGRU3£JLQDHQFRQWUDU£ODGHVFULSFLµQGHWDOODGDGHODWDUMHWD
00&6'\ORVSDVRVGHODWUDQVIHUHQFLDGHGDWRV
1RWD
'XUDQWHODWUDQVIHUHQFLDGHMXHJRVGHSDU£PHWURVDRGHVGHODWDUMHWD00&6'VH
VXVSHQGHQWHPSRUDOPHQWHODVFRPXQLFDFLRQHVHQWUHHO%23\HOFRQYHUWLGRU
&RQYHUWLGRU6,1$0,&69
,QVWUXFFLRQHVGHVHUYLFLR$(
2SFLRQHV\UHSXHVWRV
%2SFLRQHV
0RQWDMH6,1$0,&69PµGXORGHLQWHUID]%23%23H[WHUQR
1RWD
6RORHVQHFHVDULRFRQHFWDUHOPµGXORGHLQWHUID]%23DO%23H[WHUQRFXDQGRVHTXLHUD
FRQWURODUHOIXQFLRQDPLHQWRGHOFRQYHUWLGRUUHPRWDPHQWHPHGLDQWHHO%23H[WHUQR(O
PµGXORGHLQWHUID]%23GHEHDWRUQLOODUVHDOFRQYHUWLGRUFRQXQSDUGHDSULHWHGH1P
WROHUDQFLDs
3XHUWDDUPDULR
0µGXORGHLQWHUID]%23
%23H[WHUQR
3DUGHDSULHWHGHORVWRUQLOORV1PWROHUDQFLDs
7DUMHWD00&6'WDPD³Rื*%
3XHUWDDUPDULR
&RQHFWRUPDFKR
VXE'GHSLQHV
BOP INTERFACE
&RQHFWRUKHPEUDVXE'GH
SLQHV
/RQJLWXGGHFDEOHP£[LPDP
&RQYHUWLGRU6,1$0,&69
,QVWUXFFLRQHVGHVHUYLFLR$(
2SFLRQHV\UHSXHVWRV
%2SFLRQHV
%
&DEOHGHFRQH[LµQ%23H[WHUQRDPµGXORGHLQWHUID]%23
5HIHUHQFLD6/939$
$0µGXORGHLQWHUID]%23
/RQJLWXGP
$%23H[WHUQR
&RQH[LµQGHO%23H[WHUQRDOPµGXORGHLQWHUID]%23
0µGXORGHLQWHUID]%23
%23H[WHUQR
&RQHFWRUKHPEUDVXE'GHSLQHV
&DEOHGHFRQH[LµQ
&RQHFWRUPDFKRVXE'GHSLQHV
&RQYHUWLGRU6,1$0,&69
,QVWUXFFLRQHVGHVHUYLFLR$(
2SFLRQHV\UHSXHVWRV
%2SFLRQHV
%
0µGXORGHIUHQDGRGLQ£PLFR
5HIHUHQFLD6/$'9$
1RWD
(VWHPµGXORVRORVLUYHSDUDORVWDPD³RVGHEDVWLGRUGH$D&
)XQFLRQHV
(OPµGXORGHIUHQDGRGLQ£PLFRVHXVDJHQHUDOPHQWHHQDSOLFDFLRQHVHQODVTXHVHUHTXLHUH
XQFRPSRUWDPLHQWRGLQ£PLFRGHOPRWRUDYDULDVYHORFLGDGHVRFDPELRVFRQWLQXRVGH
VHQWLGRFRPRHQDFFLRQDPLHQWRVGHWUDQVSRUWDGRUHVRHTXLSRVGHHOHYDFLµQ
(OIUHQDGRGLQ£PLFRFRQYLHUWHODHQHUJ¯DGHUHJHQHUDFLµQOLEHUDGDFXDQGRIUHQDHOPRWRU
HQFDORU/DDFWLYLGDGGHOIUHQDGRGLQ£PLFRVHOLPLWDSRUHOFLFORGHFDUJDVHOHFFLRQDGRFRQ
ODPDQHWDGHFRQWURO
2ULHQWDFLµQGHPRQWDMH
(OPµGXORGHIUHQDGRGLQ£PLFRGHEHLQVWDODUVHHQODRULHQWDFLµQTXHVHPXHVWUDHQHO
GLDJUDPDVLJXLHQWH(VGHFLUODVUDQXUDVDELHUWDVVLHPSUHGHEHQPLUDUGLUHFWDPHQWHKDFLD
DUULEDSDUDJDUDQWL]DUODUHIULJHUDFLµQDGHFXDGD
5HVLVWHQFLDGHIUHQDGR
5
5
3(
0DQHWDGHFRQWUROGHFLFORGHFDUJD
/('GHHVWDGR
3(
'&
'&
6,1$0,&69
7DPD³RGHEDVWLGRU$%&
3(
&RQYHUWLGRU6,1$0,&69
,QVWUXFFLRQHVGHVHUYLFLR$(
2SFLRQHV\UHSXHVWRV
%2SFLRQHV
6HFFLRQHVGHFDEOHUHFRPHQGDGDV
7DPD³RGHEDVWLGRUGHO 3RWHQFLDQRPLQDOGH
FRQYHUWLGRU
VDOLGD
6HFFLRQHVGHFDEOHSDUDERUQHVGH'&'&
'&
9
)6$
ಹN:
PP
)6%
ಹN:
PP
)6&
ಹN:
PP
ಹN:
PP
ಹN:
PP
)6%
ಹN:
PP
)6&
N:
PP
9
)6$
1RWD1RXWLOLFHFDEOHVFRQXQDVHFFLµQLQIHULRUDPPSDUDFRQYHUWLGRUHVFRQWDPD³RGHEDVWLGRU
$PPSDUDFRQYHUWLGRUHVFRQWDPD³RGHEDVWLGRU%\&$SOLTXHXQSDUGHDSULHWHGHORV
WRUQLOORVGH1PWROHUDQFLDs
$'9(57(1&,$
'HVWUXFFLµQGHOGLVSRVLWLYR
(VH[WUHPDGDPHQWHLPSRUWDQWHJDUDQWL]DUTXHODSRODULGDGGHODVLQWHUFRQH[LRQHVGH'&
HQWUHHOFRQYHUWLGRU\HOPµGXORGHIUHQDGRGLQ£PLFRVHDFRUUHFWD6LVHLQYLHUWHOD
SRODULGDGGHODVFRQH[LRQHVHQWUHORVERUQHV'&VHSRGU¯DGHVWUXLUHOFRQYHUWLGRU\HO
PµGXOR
/('GHHVWDGR
/('
&RORU
'HVFULSFLµQ
32:(5
$PDULOOR
0µGXORHQFHQGLGR
67$786
5RMR
0µGXORHQPRGRGHSURWHFFLµQ
$&7,9(
9HUGH
0µGXORFRQYLUWLHQGRODHQHUJ¯DGHUHJHQHUDFLµQ
SURGXFLGDDOIUHQDUHOPRWRUHQFDORU
&RQYHUWLGRU6,1$0,&69
,QVWUXFFLRQHVGHVHUYLFLR$(
2SFLRQHV\UHSXHVWRV
%2SFLRQHV
6HOHFFLµQGHOFLFORGHFDUJD
$7(1&,•1
'D³RDODUHVLVWHQFLDGHIUHQDGR
8QDMXVWHLQFRUUHFWRGHWHQVLµQFLFORGHFDUJDSXHGHGD³DUODUHVLVWHQFLDGHIUHQDGR
FRQHFWDGD
8WLOLFHODPDQHWDGHFRQWUROSDUDVHOHFFLRQDUHOFLFORGHFDUJDQRPLQDOGHODUHVLVWHQFLDGH
IUHQDGR
/DVHWLTXHWDVFRQYDORUHVGHOPµGXORWLHQHQHVWRVVLJQLILFDGRV
(WLTXHWD
6LJQLILFDGR
9
/RVYDORUHVGHFLFORGHFDUJDLQGLFDGRVVRQSDUDFRQYHUWLGRUHVGH
9
9
/RVYDORUHVGHFLFORGHFDUJDLQGLFDGRVVRQSDUDFRQYHUWLGRUHVGH
9
&LFORGHFDUJDGHO
&LFORGHFDUJDGHO
&LFORGHFDUJDGHO
&LFORGHFDUJDGHO
&LFORGHFDUJDGHO
'DWRVW«FQLFRV
&RQYHUWLGRUHVGH9$&
PRQRI£VLFRV
&RQYHUWLGRUHVGH9$&
WULI£VLFRV
3RWHQFLDQRPLQDOGHSLFR
N:
N:
&RUULHQWHHILFD]DODSRWHQFLDGHSLFR
$
$
3RWHQFLDQRPLQDOFRQWLQXDP£[LPD
N:
N:
&RUULHQWHQRPLQDOFRQWLQXDP£[LPD
$
$
3RWHQFLDQRPLQDOFRQWLQXDP£[LPDPRQWDMH
\X[WDSXHVWR
N:
N:
&RUULHQWHQRPLQDOFRQWLQXDP£[LPDPRQWDMH $
\X[WDSXHVWR
$
7HPSHUDWXUDGHODLUHFLUFXQGDQWH
'Hr&Dr&VLQUHGXFFLµQ
'Hr&Dr&VLQUHGXFFLµQ
'Hr&Dr&FRQUHGXFFLµQ
&RUULHQWHQRPLQDOFRQWLQXDP£[LPDDXQD
WHPSHUDWXUDGHODLUHFLUFXQGDQWHGHഒ
$
'LPHQVLRQHVH[WHULRUHV/[$Q[3U
[[PP
$
0RQWDMH
0RQWDMHHQSDQHOGHDUPDULR[WRUQLOORV0
&LFORGHFDUJDP£[LPR
)XQFLRQHVGHSURWHFFLµQ
3URWHFFLµQFRQWUDFRUWRFLUFXLWRSURWHFFLµQFRQWUDVREUHWHPSHUDWXUD
/RQJLWXGHVGHFDEOHP£[LPDV
0µGXORGHIUHQDGRDOFRQYHUWLGRUP
0µGXORGHIUHQDGRDODUHVLVWHQFLDGHIUHQDGRP
&RQYHUWLGRU6,1$0,&69
,QVWUXFFLRQHVGHVHUYLFLR$(
2SFLRQHV\UHSXHVWRV
%2SFLRQHV
%
5HVLVWHQFLDGHIUHQDGR
$'9(57(1&,$
&RQGLFLRQHVGHIXQFLRQDPLHQWR
$VHJ¼UHVHGHTXHODUHVLVWHQFLDXVDGDSDUDHO6,1$0,&69VHDFDSD]GHVRSRUWDUHO
QLYHOUHTXHULGRGHGLVLSDFLµQGHSRWHQFLD
'HEHQREVHUYDUVHWRGDVODVQRUPDVGHLQVWDODFLµQXWLOL]DFLµQ\VHJXULGDGDSOLFDEOHVD
LQVWDODFLRQHVGHDOWDWHQVLµQ
6LHOFRQYHUWLGRU\DHVW£HQVHUYLFLRGHVFRQHFWHODWHQVLµQGHHQWUDGD\HVSHUHXQP¯QLPR
GHFLQFRPLQXWRVSDUDTXHVHGHVFDUJXHQORVFRQGHQVDGRUHVDQWHVGHHPSH]DUFRQOD
LQVWDODFLµQ
(VWHHTXLSRGHEHSRQHUVHDWLHUUD
7HPSHUDWXUDH[WUHPD
/DVUHVLVWHQFLDVGHIUHQDGRVHFDOLHQWDQGXUDQWHHOIXQFLRQDPLHQWR1RWRTXHODUHVLVWHQFLD
GHIUHQDGRGXUDQWHHOIXQFLRQDPLHQWR
/DXWLOL]DFLµQGHXQDUHVLVWHQFLDGHIUHQDGRLQFRUUHFWDSXHGHFDXVDUGD³RVJUDYHVHQHO
FRQYHUWLGRUDVRFLDGRHLQFOXVRSURYRFDUXQLQFHQGLR
'HEHLQFRUSRUDUVHXQFLUFXLWRGHFRUWDFLUFXLWRVW«UPLFRY«DVHHOHVTXHPDLQIHULRUDILQGH
SURWHJHUORVHTXLSRVGHOVREUHFDOHQWDPLHQWR
$7(1&,•1
9DORUHVGHUHVLVWHQFLDP¯QLPRV
8QDUHVLVWHQFLDGHIUHQDGRLQIHULRUDORVVLJXLHQWHVYDORUHVGHUHVLVWHQFLDP¯QLPRVSXHGH
GD³DUDOPµGXORFRQYHUWLGRURGHIUHQDGRDGMXQWR
&RQYHUWLGRUHVGH9\WDPD³RVGHEDVWLGRUGH$D&˖
&RQYHUWLGRUHVGH9\WDPD³RGHEDVWLGRU'˖
&RQYHUWLGRUHVGH9\WDPD³RVGHEDVWLGRUGH$D&˖
)XQFLRQHV
8QDUHVLVWHQFLDGHIUHQDGRH[WHUQDVHSXHGHXVDUSDUDHOLPLQDUODHQHUJ¯DGHUHJHQHUDFLµQ
SURGXFLGDSRUHOPRWRUDXPHQWDQGRGU£VWLFDPHQWHODVSUHVWDFLRQHVGHIUHQDGR\
GHFHOHUDFLµQ
(QORVFRQYHUWLGRUHVGHWRGRVORVWDPD³RVGHEDVWLGRUVHSXHGHXVDUXQDUHVLVWHQFLDGH
IUHQDGRQHFHVDULDSDUDIUHQDGRGLQ£PLFR(OWDPD³RGHEDVWLGRU'HVW£GLVH³DGRFRQXQ
FKRSSHUGHIUHQDGRLQWHUQRSDUDSRGHUFRQHFWDUGLUHFWDPHQWHODUHVLVWHQFLDGHIUHQDGRDO
FRQYHUWLGRUSHURORVWDPD³RVGHEDVWLGRUGH$D&QHFHVLWDQXQPµGXORGHIUHQDGR
GLQ£PLFRDGLFLRQDOSDUDFRQHFWDUHVDUHVLVWHQFLDDOFRQYHUWLGRU
&RQYHUWLGRU6,1$0,&69
,QVWUXFFLRQHVGHVHUYLFLR$(
2SFLRQHV\UHSXHVWRV
%2SFLRQHV
'DWRVGHSHGLGR
7DPD³RGH
EDVWLGRU
3RWHQFLD
QRPLQDOGHO
FRQYHUWLGRU
5HIHUHQFLDGHOD 3RWHQFLD
UHVLVWHQFLD
FRQWLQXD
3RWHQFLDGHSLFR
FLFORGHFDUJDGHO
5HVLVWHQFLD
s
7HQVLµQ'&
QRPLQDO
&RQYHUWLGRUHVGH9$&WULI£VLFRV
7DPD³RGH
EDVWLGRU$
N:
N:
6(
%'$$
N:
N:
˖
9
6(
%'%$
N:
N:
˖
9
6(
%'&$
N:
N:
˖
9
6(
%''$
N:
N:
˖
9
6(
%&$$
N:
N:
˖
9
6(
%&%$
N:
N:
˖
9
6(
%&&$
N:
N:
˖
9
N:
N:
N:
N:
7DPD³RGH
EDVWLGRU%
N:
N:
7DPD³RGH
EDVWLGRU&
N:
7DPD³RGH
EDVWLGRU'
N:
N:
N:
&RQYHUWLGRUHVGH9$&PRQRI£VLFRV
7DPD³RGH
EDVWLGRU$
N:
N:
N:
N:
N:
7DPD³RGH
EDVWLGRU%
7DPD³RGH
EDVWLGRU&
N:
N:
N:
N:
7RGDVODVUHVLVWHQFLDVDQWHULRUHVHVW£QGLVH³DGDVSDUDXQFLFORGHFDUJDP£[LPRGHO
'DWRVW«FQLFRV
7HPSHUDWXUDDPELHQWHGHIXQFLRQDPLHQWR
'Hr&Dr&
7HPSHUDWXUDGHDOPDFHQDPLHQWRWUDQVSRUWH
'Hr&Dr&
*UDGRGHSURWHFFLµQ
,3
+XPHGDG
'HDVLQFRQGHQVDFLµQ
1¼PHURGHH[SHGLHQWHF85XV
(*LQR
(%ORFN
&RQYHUWLGRU6,1$0,&69
,QVWUXFFLRQHVGHVHUYLFLR$(
2SFLRQHV\UHSXHVWRV
%2SFLRQHV
,QVWDODFLµQ
/DVUHVLVWHQFLDVGHEHQLQVWDODUVHHQYHUWLFDO\ILMDUVHDXQDVXSHUILFLHUHIUDFWDULD'HEH
GHMDUVHXQP¯QLPRGHPPHQFLPDGHEDMR\DORVODGRVGHODUHVLVWHQFLDSDUDSHUPLWLU
XQDYHQWLODFLµQVLQUHVWULFFLRQHV
'
:
:
'
'
/
/
/
/
/
:
:
'
FSA / FSB
/
FSC / FSD
(VSHFLILFDFLRQHVPHF£QLFDV
5HIHUHQFLDGHOD
UHVLVWHQFLD
'LPHQVLRQHVPP
/
/
3HVRNJ
/
/
'
'
'
:
:
6(
&RQYHUWLGRUHVGH9$&WULI£VLFRV
%'$$
%'%$
%'&$
%''$
&RQYHUWLGRUHVGH9$&PRQRI£VLFRV
%&$$
%&%$
%&&$
&RQYHUWLGRU6,1$0,&69
,QVWUXFFLRQHVGHVHUYLFLR$(
2SFLRQHV\UHSXHVWRV
%2SFLRQHV
&RQH[LµQ
/DDOLPHQWDFLµQGHUHGDOFRQYHUWLGRUSXHGHSDVDUDWUDY«VGHXQFRQWDFWRUTXHGHVFRQHFWD
ODDOLPHQWDFLµQVLODUHVLVWHQFLDVHVREUHFDOLHQWD/DSURWHFFLµQFRUUHDFDUJRGHXQ
LQWHUUXSWRUFRUWDFLUFXLWRVW«UPLFRVXPLQLVWUDGRFRQWRGDVODVUHVLVWHQFLDV(OFRUWDFLUFXLWRV
VHSXHGHFDEOHDUHQVHULHFRQODERELQDGHOFRQWDFWRUGHUHGY«DVHHOHVTXHPDVLJXLHQWH
/RVFRQWDFWRVGHOLQWHUUXSWRUW«UPLFRVHYXHOYHQDFHUUDUFXDQGRGLVPLQX\HODWHPSHUDWXUD
GHODUHVLVWHQFLDWUDVORTXHHOFRQYHUWLGRUDUUDQFDDXWRP£WLFDPHQWH3 &RQHVWH
DMXVWHGHSDU£PHWURVVHJHQHUDXQPHQVDMHGHIDOOR
(QWUDGDGHDOLPHQWDFLµQGH
UHG
3( / / /
$OLPHQWDFLµQFRQWDFWRU
9'&9$&P£[
&RQWDFWRU
3( / /1 /
/ /1
'&5
%
5HVLVWHQ
FLD
6,1$0,&69
5
%
7
7
,QWHUUXSWRUW«UPLFRFDSDFLGDGGH
FDUJDGHORVFRQWDFWRV$
3XHVWDHQPDUFKD
/DVUHVLVWHQFLDVGHIUHQDGRHVW£QGLVH³DGDVSDUDIXQFLRQDUFRQXQFLFORGHFDUJDGHO
(QORVFRQYHUWLGRUHVGHWDPD³RGHEDVWLGRU'DMXVWH3 SDUDKDELOLWDUODUHVLVWHQFLD
GHIUHQDGR(QRWURVWDPD³RVGHEDVWLGRUGHEHXVDUVHHOPµGXORGHIUHQDGRGLQ£PLFRSDUD
VHOHFFLRQDUHOFLFORGHFDUJDGHO
1RWD
%RUQH3(DGLFLRQDO
$OJXQDVUHVLVWHQFLDVGLVSRQHQGHXQDFRQH[LµQ3(DGLFLRQDOHQVXFDUFDVD
&RQYHUWLGRU6,1$0,&69
,QVWUXFFLRQHVGHVHUYLFLR$(
2SFLRQHV\UHSXHVWRV
%2SFLRQHV
%
5HDFWDQFLDGHUHG
$'9(57(1&,$
7HPSHUDWXUDGXUDQWHHOIXQFLRQDPLHQWR
/DVUHDFWDQFLDVGHUHGVHFDOLHQWDQGXUDQWHHOIXQFLRQDPLHQWR1RVHGHEHQWRFDU
3URSRUFLRQHODVGLVWDQFLDVGHJXDUGD\ODYHQWLODFLµQDGHFXDGDV
6LODVUHDFWDQFLDVGHUHGP£VJUDQGHVIXQFLRQDQHQXQHQWRUQRHQHOTXHODWHPSHUDWXUD
GHODLUHHVVXSHULRUDr&VRORVHSXHGHQFDEOHDUVXVERUQHVFRQKLORGHFREUHGHr&
&ODVH
$'9(57(1&,$
5LHVJRGHGD³RVHQHOHTXLSR\GHVFDUJDVHO«FWULFDV
$OJXQDVGHODVUHDFWDQFLDVGHUHGLQGLFDGDVHQODWDEODVLJXLHQWHWLHQHQFODYLMDV
HQJDU]DGDVSDUDODFRQH[LµQDORVERUQHVGHUHGGHOFRQYHUWLGRU
(OXVRGHHVWDVFODYLMDVHQJDU]DGDVSXHGHFDXVDUGD³RVHQHOHTXLSRHLQFOXVRGHVFDUJDV
HO«FWULFDV
3RUUD]RQHVGHVHJXULGDGVXVWLWX\DODVFODYLMDVHQJDU]DGDVPHGLDQWHHQJDVWHVHQ
KRUTXLOODFHUWLILFDGRVSRU8/RFDEOHVIOH[LEOHV
35(&$8&,•1
*UDGRGHSURWHFFLµQ
/DSURWHFFLµQGHODVUHDFWDQFLDVGHUHGHV,3VHJ¼Q(1\HVW£QGLVH³DGDVSDUDHO
PRQWDMHGHQWURGHXQDUPDULR
)XQFLRQHV
/DVUHDFWDQFLDVGHUHGVHXVDQSDUDDOLVDUORVSLFRVGHWHQVLµQRELHQSDUDSXHQWHDU
VXEWHQVLRQHVGHPDQLREUD7DPEL«QSXHGHQUHGXFLUORVHIHFWRVGHORVDUPµQLFRVHQHO
FRQYHUWLGRU\HQODUHGGHDOLPHQWDFLµQ
/DVUHDFWDQFLDVGHUHGP£VJUDQGHVWLHQHQVRSRUWHVGHPRQWDMHODWHUDOHVSDUDHOPRQWDMH
\X[WDSXHVWRY«DVHHOHVTXHPDVLJXLHQWH
'DWRVGHSHGLGR
7DPD³RGH
EDVWLGRU
3RWHQFLDQRPLQDOGHO
FRQYHUWLGRU
&RQYHUWLGRUHVGH9$&WULI£VLFRV
7DPD³RGH
N:
EDVWLGRU$
N:
N:
N:
N:
5HDFWDQFLDGHUHG
5HIHUHQFLD
7HQVLµQ
,QWHQVLGDG
6(&&$'
'H9D9
$
6(&&$'
'H9D9
$
6(&&$'
'H9D9
$
&RQYHUWLGRU6,1$0,&69
,QVWUXFFLRQHVGHVHUYLFLR$(
2SFLRQHV\UHSXHVWRV
%2SFLRQHV
7DPD³RGH
EDVWLGRU
3RWHQFLDQRPLQDOGHO
FRQYHUWLGRU
7DPD³RGH
EDVWLGRU%
N:
N:
N:
N:
7DPD³RGH
EDVWLGRU&
7DPD³RGH
EDVWLGRU'
N:
N:
N:
&RQYHUWLGRUHVGH9$&PRQRI£VLFRV
7DPD³RGH
EDVWLGRU$
7DPD³RGH
EDVWLGRU%
7DPD³RGH
EDVWLGRU&
N:
N:
N:
N:
N:
N:
N:
N:
N:
5HDFWDQFLDGHUHG
5HIHUHQFLD
6(&&%'
7HQVLµQ
'H9D9
,QWHQVLGDG
$
6(&&%'
6(&&&'
'H9D9
'H9D9
$
$
6(&&&'
'H9D9
$
6(&&$%
'H9D9
$
6(&&$%
'H9D9
$
6(&&%%
'H9D9
$
6(&&&%
'H9D9
$
,QVWDODFLµQ
&RQH[LµQGHODUHDFWDQFLDGHUHGDOFRQYHUWLGRU
(QWUDGDGHDOLPHQ
WDFLµQGHUHG
'LVWDQFLDGHJXDUGD
P¯QLPD PP
&RQYHUWLGRU6,1$0,&69
,QVWUXFFLRQHVGHVHUYLFLR$(
2SFLRQHV\UHSXHVWRV
%2SFLRQHV
'LPHQVLRQHVGHPRQWDMH
C
C
'
B
'
B
)
)
A
A
(
(
FSA
FSB / FSC / FSD
&HQWURVGHVXMHFLµQ
PP
&HQWURVGHVXMHFLµQ
PP
FSB
FSC / FSD
&RQYHUWLGRU6,1$0,&69
,QVWUXFFLRQHVGHVHUYLFLR$(
2SFLRQHV\UHSXHVWRV
%2SFLRQHV
5HIHUHQFLD
'LPHQVLRQHVPP
3HVR
NJ
6(
$
%
&
'
(
)
7RUQLOORGHVXMHFLµQ
6HFFLµQGHFDEOH
PP
7DPD³R 3DUGHDSULHWH 0¯Q
1P
0£[
&RQYHUWLGRUHVGH9$&WULI£VLFRV
&&$'
0
&&$'
0
&&$'
0
&&%'
0
&&%'
0
&&&'
0
&&&'
0
&RQYHUWLGRUHVGH9$&PRQRI£VLFRV
&&$%
0
&&$%
0
&&%%
0
&&&%
0
$OWXUDFRQVRSRUWHGHPRQWDMHODWHUDO
&RQVXOWHWDPEL«Q
'HVFULSFLµQGHORVERUQHV3£JLQD
&RQYHUWLGRU6,1$0,&69
,QVWUXFFLRQHVGHVHUYLFLR$(
2SFLRQHV\UHSXHVWRV
%2SFLRQHV
%
5HDFWDQFLDGHVDOLGD
35(&$8&,•1
5HVWULFFLµQGHODIUHFXHQFLDGHSXOVDFLµQ
/DUHDFWDQFLDGHVDOLGDVRORIXQFLRQDDXQDIUHFXHQFLDGHFRQPXWDFLµQGHN+]$QWHVGH
SRGHUXVDUODUHDFWDQFLDGHVDOLGDVHGHEHQPRGLILFDUORVSDU£PHWURV3\3GH
HVWDIRUPD3 \3 R
)XQFLRQHV
/DVUHDFWDQFLDVGHVDOLGDUHGXFHQORVHVIXHU]RVGLHO«FWULFRVHQORVERELQDGRVGHOPRWRU
$GHP£VUHGXFHQODVFRUULHQWHVFDSDFLWLYDVGHFDUJD\GHVFDUJDTXHVREUHFDUJDQODVDOLGD
GHOFRQYHUWLGRUFXDQGRVHXVDQFDEOHVGHPRWRUODUJRV
$VHJ¼UHVHGHXVDUXQFDEOHDSDQWDOODGRORQJLWXGP£[LPDPSDUDFRQHFWDUOD
UHDFWDQFLDGHVDOLGD
'DWRVGHSHGLGR
7DPD³RGH
EDVWLGRU
3RWHQFLDQRPLQDOGHO
FRQYHUWLGRU
5HDFWDQFLDGHVDOLGD
5HIHUHQFLD
7HQVLµQ
,QWHQVLGDG
6(7&$'
'H9D9
$
N:
N:
N:
N:
N:
6(7&%'
'H9D9
$
N:
6(7&&'
'H9D9
$
6(7&$'
'H9D9
$
6(7&%'
'H9D9
$
6(7&&'
'H9D9
$
&RQYHUWLGRUHVGH9$&WULI£VLFRV
7DPD³RGH
N:
EDVWLGRU$
N:
N:
7DPD³RGH
EDVWLGRU%
7DPD³RGH
EDVWLGRU&
7DPD³RGH
EDVWLGRU'
N:
N:
N:
&RQYHUWLGRUHVGH9$&PRQRI£VLFRV
7DPD³RGH
N:
EDVWLGRU$
N:
N:
N:
N:
7DPD³RGH
EDVWLGRU%
7DPD³RGH
EDVWLGRU&
N:
N:
N:
N:
&RQYHUWLGRU6,1$0,&69
,QVWUXFFLRQHVGHVHUYLFLR$(
2SFLRQHV\UHSXHVWRV
%2SFLRQHV
,QVWDODFLµQ
&RQH[LµQGHODUHDFWDQFLDGHVDOLGDDOFRQYHUWLGRU
'LVWDQFLDGHJXDUGDP
¯QLPD
PP
$ORVERUQHVGHPRWRU
&DEOHGHPRWRU
'LPHQVLRQHVGHPRQWDMH
C
C
'
B
'
B
(
(
A
A
FSA
FSB / FSC / FSD
&RQYHUWLGRU6,1$0,&69
,QVWUXFFLRQHVGHVHUYLFLR$(
2SFLRQHV\UHSXHVWRV
%2SFLRQHV
5HIHUHQFLD
'LPHQVLRQHVPP
3HVR
NJ
6(
$
%
&
'
(
7RUQLOORGHVXMHFLµQ
6HFFLµQGHFDEOH
PP
7DPD³R
3DUGHDSULHWH
1P
0¯Q
0£[
0
&RQYHUWLGRUHVGH9$&WULI£VLFRV
7&$'
7&%'
0
7&&'
0
&RQYHUWLGRUHVGH9$&PRQRI£VLFRV
7&$'
0
7&%'
0
7&&'
0
%
)LOWUR&(0H[WHUQR
$'9(57(1&,$
5LHVJRGHGD³RVHQHOHTXLSR\GHVFDUJDVHO«FWULFDV
$OJXQRVGHORVILOWURV&(0LQGLFDGRVHQODWDEODVLJXLHQWHWLHQHQFODYLMDVHQJDU]DGDVSDUD
ODFRQH[LµQDOD3(\ORVERUQHVGHUHGGHOFRQYHUWLGRU
(OXVRGHHVWDVFODYLMDVHQJDU]DGDVSXHGHFDXVDUGD³RVHQHOHTXLSRHLQFOXVRGHVFDUJDV
HO«FWULFDV
3RUUD]RQHVGHVHJXULGDGVXVWLWX\DODVFODYLMDVHQJDU]DGDVPHGLDQWHHQJDVWHVHQ
KRUTXLOODRDQLOORGHWDPD³RVDGHFXDGRVFHUWLILFDGRVSRU8/SDUDODFRQH[LµQGHERUQHV
GH3(\XWLOLFHHQJDVWHVHQKRUTXLOODFHUWLILFDGRVSRU8/RFDEOHVIOH[LEOHVSDUDODFRQH[LµQ
GHERUQHVGHUHG
1RWD
(OILOWUR&(0FRQODUHIHUHQFLD6()/%%LQGLFDGRHQODVLJXLHQWHWDEODWLHQHGRV
ERUQHV'&'&'&TXHQRVHXWLOL]DQ\QRVHGHEHQFRQHFWDU/RVFDEOHVGHHVWRV
ERUQHVVHGHEHQDFRUWDU\DLVODUDGHFXDGDPHQWHSRUHMHPSORFRQXQDFXELHUWD
WHUPRUUHWU£FWLO
)XQFLRQHV
3DUDREWHQHUODFHUWLILFDFLµQ(1&DWHJRU¯D&VREUHHPLVLRQHVUDGLDGDV\
FRQGXFLGDVVRQQHFHVDULRVORVILOWURV&(0H[WHUQRVTXHVHLQGLFDQDFRQWLQXDFLµQSDUDORV
FRQYHUWLGRUHV6,1$0,&69GH9FRQILOWUR\VLQILOWUR\GH9VLQILOWUR(QHVWH
FDVRVRORVHSXHGHXWLOL]DUXQFDEOHGHVDOLGDDSDQWDOODGR\ODORQJLWXGGHFDEOHP£[LPDHV
GHPSDUDODVYDULDQWHVGH9\GHPSDUDODVYDULDQWHVGH9
&RQYHUWLGRU6,1$0,&69
,QVWUXFFLRQHVGHVHUYLFLR$(
2SFLRQHV\UHSXHVWRV
%2SFLRQHV
'DWRVGHSHGLGR
7DPD³RGH
EDVWLGRU
3RWHQFLDQRPLQDOGHO
FRQYHUWLGRU
5HIHUHQFLD
)LOWUR&(0
7HQVLµQ
,QWHQVLGDG
6/%(%$
'H9D9
$
6/%(%$
'H9D9
$
6/%(%$
'H9D9
$
6()/$%
'H9D9
$
6()/%%
'H9D9
$
&RQYHUWLGRUHVGH9$&WULI£VLFRV
7DPD³RGH
EDVWLGRU$
N:
N:
N:
N:
N:
N:
7DPD³RGH
EDVWLGRU%
N:
N:
7DPD³RGH
EDVWLGRU&
N:
7DPD³RGH
EDVWLGRU'
N:
N:
N:
&RQYHUWLGRUHVGH9$&PRQRI£VLFRV
7DPD³RGH
EDVWLGRU$
N:
N:
N:
N:
N:
7DPD³RGH
EDVWLGRU%
N:
N:
7DPD³RGH
EDVWLGRU&
N:
N:
3RULGHQWLILFDU
&RQYHUWLGRU6,1$0,&69
,QVWUXFFLRQHVGHVHUYLFLR$(
2SFLRQHV\UHSXHVWRV
%2SFLRQHV
,QVWDODFLµQ
3DUDODLQVWDODFLµQGHORVILOWURV&(0H[WHUQRVFRQIRUPHDORVUHTXLVLWRVGH&(0FRQVXOWHOD
VHFFLµQ,QVWDODFLµQFRQIRUPHDORVUHTXLVLWRVGH&(03£JLQD
&RQH[LµQGHOILOWUR&(0DOFRQYHUWLGRU
(QWUDGDGHDOLPHQWDFL
µQGHUHG
'LVWDQFLDGHJXDUGDP
¯QLPD
PP
&RQYHUWLGRU6,1$0,&69
,QVWUXFFLRQHVGHVHUYLFLR$(
2SFLRQHV\UHSXHVWRV
%2SFLRQHV
'LPHQVLRQHVGHPRQWDMH
FSA
FSB / FSC
B
'
FSD
B
'
B
'
(
$
(
$
(
$
C
C
C
5HIHUHQFLD
'LPHQVLRQHVPP
$
%
&
3HVR
NJ
'
(
7RUQLOORGHVXMHFLµQ
6HFFLµQGHFDEOH
PP
7DPD³R
3DUGHDSULHWH
1P
0¯Q
0£[
&RQYHUWLGRUHVGH9$&WULI£VLFRV
6/
%(%$
0
'HD
6/
%(%$
0
'HD
6/
%(%$
0
'HD
&RQYHUWLGRUHVGH9$&PRQRI£VLFRV
6(
)/$%
0
6(
)/%%
0
6(
)6&%
0
&RQYHUWLGRU6,1$0,&69
,QVWUXFFLRQHVGHVHUYLFLR$(
2SFLRQHV\UHSXHVWRV
%2SFLRQHV
%
.LWVGHFRQH[LµQGHSDQWDOOD
)XQFLRQHV
(ONLWGHFRQH[LµQGHSDQWDOODVHVXPLQLVWUDFRPRRSFLµQSDUDFDGDWDPD³RGHEDVWLGRU
3HUPLWHXQDFRQH[LµQVHQFLOOD\HILFLHQWHGHODSDQWDOODQHFHVDULDSDUDORJUDUXQDLQVWDODFLµQ
GHOFRQYHUWLGRUFRQIRUPHDORVUHTXLVLWRVGH&(0Y«DVHODVHFFLµQ,QVWDODFLµQFRQIRUPHD
ORVUHTXLVLWRVGH&(03£JLQDSDUDREWHQHUP£VLQIRUPDFLµQ
&RPSRQHQWHV
9DULDQWHGHO
FRQYHUWLGRU
.LWGHFRQH[LµQGHSDQWDOOD
,OXVWUDFLµQ
&RPSRQHQWHV
7DPD³RGH
EDVWLGRU$
5HIHUHQFLD6/$$9$
཰3ODFDGHDSDQWDOODGR
ཱ™DEUD]DGHUDVGHSDQWDOOD
GHFDEOH
ི™WRUQLOORV0SDUGH
DSULHWH1Ps
7DPD³RGH
EDVWLGRU%
5HIHUHQFLD6/$%9$
཰3ODFDGHDSDQWDOODGR
ཱ™JUDSDV
ི™DEUD]DGHUDVGHSDQWDOOD
GHFDEOH
ཱི™WRUQLOORV0SDUGH
DSULHWH1Ps
&RQYHUWLGRU6,1$0,&69
,QVWUXFFLRQHVGHVHUYLFLR$(
2SFLRQHV\UHSXHVWRV
%2SFLRQHV
9DULDQWHGHO
FRQYHUWLGRU
.LWGHFRQH[LµQGHSDQWDOOD
,OXVWUDFLµQ
&RPSRQHQWHV
7DPD³RGH
EDVWLGRU&
5HIHUHQFLD6/$&9$
཰3ODFDGHDSDQWDOODGR
ཱ™JUDSDV
ི™DEUD]DGHUDVGHSDQWDOOD
$
GHFDEOH
ཱི™WRUQLOORV0SDUGH
DSULHWH1Ps
$
7DPD³RGH
EDVWLGRU'
5HIHUHQFLD6/$'9$
$
཰3ODFDGHDSDQWDOODGR
ཱ™JUDSDV
ཱ™DEUD]DGHUDVGHSDQWDOOD
GHFDEOH
ཱི™WRUQLOORV0SDUGH
DSULHWH1Ps
$
/DVJUDSDVVRORVHQHFHVLWDQSDUDILMDUODSODFDGHDSDQWDOODGRDOFRQYHUWLGRUPRQWDGRHQSDQHOGHDUPDULR
3DUDDSOLFDFLRQHVGHPRQWDMHDWUDYHVDGRVHGHEHQXVDUGRVWRUQLOORV\WXHUFDV0SDUGHDSULHWH1PsHQ
OXJDUGHGRVWRUQLOORV0 $ HQODLOXVWUDFLµQSDUDILMDUODSODFDGHDSDQWDOODGRDOFRQYHUWLGRU
&RQYHUWLGRU6,1$0,&69
,QVWUXFFLRQHVGHVHUYLFLR$(
2SFLRQHV\UHSXHVWRV
%2SFLRQHV
'LPHQVLRQHVH[WHULRUHVPP
.LWGHFRQH[LµQGHSDQWDOODSDUDWDPD³RGH
EDVWLGRU$
.LWGHFRQH[LµQGHSDQWDOODSDUDWDPD³RGH
EDVWLGRU%
.LWGHFRQH[LµQGHSDQWDOODSDUDWDPD³RGH
EDVWLGRU'
.LWGHFRQH[LµQGHSDQWDOODSDUDWDPD³RGH
EDVWLGRU&
)LMDFLµQGHONLWGHFRQH[LµQGHSDQWDOODDOFRQYHUWLGRU
6LHOFRQYHUWLGRUVHPRQWDHQSDQHOGHDUPDULR
)LMDFLµQDOWDPD³RGHEDVWLGRU$
཰$IORMHHOWRUQLOORGH3(\GHVOLFHODSODFDGH
DSDQWDOODGRGHVGHDEDMRSDUDOXHJRYROYHUD
DSUHWDUHOWRUQLOORD1PWROHUDQFLDs
ཱ(QJDQFKHHOGLVLSDGRUHQWUHODSODFDGH
DSDQWDOODGR\HOSDQHOGHODUPDULR\DSULHWHORV
WRUQLOORV\WXHUFDVD1PWROHUDQFLDs
ི'REOHODDEUD]DGHUDGHSDQWDOODGHFDEOH
SDUDDGHFXDUODDOGL£PHWURGHOFDEOHGXUDQWHOD
LQVWDODFLµQGHOFRQYHUWLGRU
&RQYHUWLGRU6,1$0,&69
,QVWUXFFLRQHVGHVHUYLFLR$(
2SFLRQHV\UHSXHVWRV
%2SFLRQHV
)LMDFLµQDOWDPD³RGHEDVWLGRU%&'
཰(QJDQFKHHOGLVLSDGRUHQWUHODJUDSD\OD
SODFDGHDSDQWDOODGR\DSULHWHHOWRUQLOORD
1PWROHUDQFLDs
ཱ'REOHODDEUD]DGHUDGHSDQWDOODGHFDEOH
SDUDDGHFXDUODDOGL£PHWURGHOFDEOHGXUDQWHOD
LQVWDODFLµQGHOFRQYHUWLGRU
6LHOFRQYHUWLGRUVHPRQWDHQHOPRGRDWUDYHVDGR
)LMDFLµQDOWDPD³RGHEDVWLGRU%&'
7HQJDHQFXHQWDTXHHQHVWHFDVRQRVH
QHFHVLWDQODVJUDSDV
཰(QJDQFKHHOGLVLSDGRUHQWUHODSODFDGH
3DQHOGHDUPDULR
DSDQWDOODGR\HOSDQHOGHODUPDULR\XWLOLFHGRV
FRQWUDWXHUFDVHQOXJDUGHODVJUDSDVSDUD
DSUHWDUORVWRUQLOORVWRUQLOORV0SDUDHOWDPD³R
GHEDVWLGRU%RWRUQLOORV0SDUDORVWDPD³RVGH
EDVWLGRU&R'GHVGHODSDUWHWUDVHUDGHOSDQHO
GHODUPDULR3DUGHDSULHWHGHORVWRUQLOORV0 1Ps0 1Ps
ཱ'REOHODDEUD]DGHUDGHSDQWDOODGHFDEOH
SDUDDGHFXDUODDOGL£PHWURGHOFDEOHGXUDQWHOD
LQVWDODFLµQGHOFRQYHUWLGRU
&RQYHUWLGRU6,1$0,&69
,QVWUXFFLRQHVGHVHUYLFLR$(
2SFLRQHV\UHSXHVWRV
%5HSXHVWRV9HQWLODGRUHVGHUHSXHVWR
%
7DUMHWDGHPHPRULD
)XQFLRQHV
6HSXHGHXVDUXQDWDUMHWDGHPHPRULDHQHOSDUDPHWUL]DGRURHQHOPµGXORGHLQWHUID]%23
SDUDFDUJDURGHVFDUJDUMXHJRVGHSDU£PHWURVHQHOFRQYHUWLGRU3DUDREWHQHUP£V
LQIRUPDFLµQVREUHHOXVRGHODWDUMHWDGHPHPRULDFRQVXOWHORVDS«QGLFHV3DUDPHWUL]DGRU
3£JLQD\0µGXORGHLQWHUID]%23\%23H[WHUQR3£JLQD
5HIHUHQFLD
6HUHFRPLHQGDXWLOL]DUODVWDUMHWDV00&6'FRQODVUHIHUHQFLDVVLJXLHQWHV
Ⴠ 7DUMHWD00&6/$0$$
Ⴠ 7DUMHWD6'(6/%$$
%
'RFXPHQWDFLµQGHXVXDULR
,QVWUXFFLRQHVGHVHUYLFLRYHUVLµQFKLQD
5HIHUHQFLD6/$9)3
%
5HSXHVWRV9HQWLODGRUHVGHUHSXHVWR
5HIHUHQFLDV
9HQWLODGRUGHUHSXHVWRSDUDHOWDPD³RGHEDVWLGRU$6/8)$$
9HQWLODGRUGHUHSXHVWRSDUDHOWDPD³RGHEDVWLGRU%6/8)$$
9HQWLODGRUGHUHSXHVWRSDUDHOWDPD³RGHEDVWLGRU&6/8)$$
9HQWLODGRUGHUHSXHVWRSDUDHOWDPD³RGHEDVWLGRU'6/8)$$
6XVWLWXFLµQGHORVYHQWLODGRUHV
3DUDUHWLUDUHOYHQWLODGRUGHOFRQYHUWLGRUVLJDORVSDVRVTXHDSDUHFHQDFRQWLQXDFLµQ3DUD
YROYHUDPRQWDUHOYHQWLODGRUSURFHGDHQRUGHQLQYHUVR$OYROYHUDPRQWDUHOYHQWLODGRU
DVHJ¼UHVHGHTXHHOV¯PERORGHODIOHFKD$HQODLOXVWUDFLµQGHOYHQWLODGRUDSXQWHKDFLDHO
FRQYHUWLGRUHQOXJDUGHKDFLDHODORMDPLHQWRGHOYHQWLODGRU\GHTXHODSRVLFLµQGHOSXQWRGH
VDOLGDGHOFDEOHGHOYHQWLODGRU%DV¯FRPRODRULHQWDFLµQGHPRQWDMH\ODSRVLFLµQGHO
FRQHFWRUGHOFDEOH&VHDQODVLQGLFDGDVSDUDFRQHFWDUHOFDEOHGHOYHQWLODGRUDO
FRQYHUWLGRU
&RQYHUWLGRU6,1$0,&69
,QVWUXFFLRQHVGHVHUYLFLR$(
2SFLRQHV\UHSXHVWRV
%5HSXHVWRV9HQWLODGRUHVGHUHSXHVWR
6XVWLWXFLµQGHOYHQWLODGRUGHOEDVWLGRUGHWDPD³R$
C
B
A
&RQYHUWLGRU6,1$0,&69
,QVWUXFFLRQHVGHVHUYLFLR$(
2SFLRQHV\UHSXHVWRV
%5HSXHVWRV9HQWLODGRUHVGHUHSXHVWR
6XVWLWXFLµQGHORVYHQWLODGRUHVGHORVEDVWLGRUHVGHORVWDPD³RV%&R'
B
C
A
&RQYHUWLGRU6,1$0,&69
,QVWUXFFLRQHVGHVHUYLFLR$(
QGLFH
%
%,
3>@
3>@
3
3
3
3
3
3>@
3>@
3>@
3>@
3>@
3>@
3>@
3>@
3>@
3>@
3>@
3>@
3>@
3>@
3>@
3>@
3>@
3>@
3>@
3>@
3>@
3>@
3>@
3>@
3>@
3>@
3>@
3>@
3>@
3>@
3>@
3>@
3>@
3>@
3>@
3>@
3>@
3>@
3>@
3>@
3>@
3>@
3>@
3>@
3>@
3>@
3>@
3>@
3>@
3>@
3>@
3
3
3
3>@
3>@
3>@
3>@
3>@
3
3
3
3
3
3>@
3>@
%2
U
U
U
U
U
U
U
U
U
U
U
&RQYHUWLGRU6,1$0,&69
,QVWUXFFLRQHVGHVHUYLFLR$(
QGLFHDOIDE«WLFR
U
U
U
U
U
U
U
U
U
U
U
U
U
U
U
U
U
U
U
U
U
U
U
U
U
U
%23LQWHJUDGR
)XQFLRQHVGHORVERWRQHV
,FRQRVGHHVWDGR
/('GHHVWDGR
0RGRVGHIXQFLRQDPLHQWR+DQG-RJ$XWR
9LVXDOL]DFLRQHVGHODSDQWDOOD
&
&'6
3>@
3>@
3>@
3>@
3>@
3>@
3>@
3>@
3>@
3>@
3>@
3>@
3>@
3>@
3>@
3>@
3>@
3>@
3>@
3>@
3>@
3>@
3>@
3>@
3>@
3>@
3>@
3>@
3>@
3>@
3>@
3>@
3>@
3>@
3>@
3>@
3>@
3>@
3>@
3>@
3>@
3>@
3>@
3>@
3>@
3>@
3>@
3>@
3>@
3>@
3>@
3>@
3>@
3>@
3>@
3>@
3>@
3>@
3>@
3>@
3>@
3>@
3>@
3>@
3>@
3>@
3>@
3>@
&RQYHUWLGRU6,1$0,&69
,QVWUXFFLRQHVGHVHUYLFLR$(
QGLFHDOIDE«WLFR
3>@
3>@
&,
3>@
3>@
3>@
3>@
3>@
3>@
3>@
3>@
3>@
3>@
3>@
3>@
3>@
3>@
3>@
3>@
3>@
3>@
3>@
3>@
3>@
3>@
3>@
3>@
3>@
3>@
&ORQDFLµQGHDMXVWHVGHSDU£PHWURVJXDUGDGRV
&2
3
3
U
U
U
U
U>@
U
U
U
U
U>@
U
U>@
U
U
U>@
U
U
U
U>@
U
U
U
U
U
U
U
U
U
U
U
U
U>@
U>@
U>@
U>@
U>@
U>@
U>@
U>@
U
U
U
U
U
U
U
U
U
U>@
U
U
U
U
U>@
U>@
U>@
U
U
U
U
U
U
U
U
U
U
U
U
U
U
U
&RQYHUWLGRU6,1$0,&69
,QVWUXFFLRQHVGHVHUYLFLR$(
QGLFHDOIDE«WLFR
U
U
U
&2%2
U
U
U
U
U
U
U
U
U
U
U
U
U
U
U
U
U
U
&RPSRQHQWHVGHODGRFXPHQWDFLµQGHOXVXDULR
&RPXQLFDFLµQ
&RPXQLFDFLµQ02'%86
&RPXQLFDFLµQ866
&RQH[LµQ
&RQH[LRQHVGHOVLVWHPDW¯SLFDV
'LDJUDPDGHFDEOHDGR
'LVH³RGHDUPDULRFRQIRUPHDORVUHTXLVLWRVGH
&(0
'LVSRVLFLµQGHORVERUQHV
,QVWDODFLµQFRQIRUPHDORVUHTXLVLWRVGH&(0
7LSRVGHIXVLEOHVUHFRPHQGDGRV
'
''6
3>@
3>@
3>@
3>@
3>@
3>@
3>@
3>@
3>@
3>@
3>@
3>@
3>@
3>@
3>@
3>@
3>@
3>@
3>@
3>@
3>@
3>@
3>@
3>@
3>@
3>@
3>@
3>@
3>@
3>@
3>@
3>@
3>@
3>@
3>@
3>@
3>@
3>@
3>@
3>@
3>@
3>@
3>@
3>@
3>@
3>@
3>@
3>@
3>@
3>@
3>@
3>@
3>@
3>@
3>@
3>@
3>@
3>@
3>@
3>@
3>@
3>@
3>@
3>@
3>@
3>@
&RQYHUWLGRU6,1$0,&69
,QVWUXFFLRQHVGHVHUYLFLR$(
QGLFHDOIDE«WLFR
3>@
3>@
3>@
3>@
3>@
3>@
3>@
3>@
3>@
3>@
3>@
3>@
3>@
3>@
3>@
3>@
3>@
3>@
3>@
3>@
3>@
3>@
3>@
3>@
3>@
3>@
3>@
3>@
3>@
3>@
3>@
3>@
3>@
3>@
3>@
3>@
3>@
3>@
3>@
3>@
3>@
3>@
3>@
3>@
3>@
3>@
3>@
3>@
3>@
3>@
3>@
3>@
3>@
3>@
3>@
3>@
3>@
3>@
3>@
3>@
3>@
3>@
3>@
3>@
3>@
3>@
3>@
3>@
3>@
3>@
3>@
3>@
3>@
3>@
3>@
3>@
3>@
3>@
3>@
3>@
3>@
3>@
3>@
3>@
3>@
3>@
3>@
3>@
3>@
3>@
3>@
3>@
3>@
3>@
3>@
3>@
3>@
3>@
3>@
3>@
3>@
3>@
3>@
3>@
&RQYHUWLGRU6,1$0,&69
,QVWUXFFLRQHVGHVHUYLFLR$(
QGLFHDOIDE«WLFR
3>@
3>@
3>@
3>@
3>@
3>@
3>@
3>@
3>@
3>@
3>@
3>@
U>@
U>@
U>@
U>@
U>@
U>@
U>@
U>@
U>@
U>@
U>@
U>@
U>@
U>@
U>@
U>@
U>@
U>@
U>@
U>@
U>@
U>@
)XQFLµQGHGREOHUDPSD
)XQFLµQGHRVFLODFLµQ
-XHJRGHSDU£PHWURVSUHGHWHUPLQDGRVGHO
XVXDULR
0RGRGHUHSRVR
0RGRHFRQRPL]DGRU
3DUVXSHULRU
3URWHFFLµQDQWLHVFDUFKD
3URWHFFLµQFRQWUDFDYLWDFLµQ
3URWHFFLµQFRQWUDODFRQGHQVDFLµQ
3URWHFFLµQFRQWUDVREUHWHPSHUDWXUDGHOPRWRU
FRQIRUPHD8/&
5HDUUDQTXHDOYXHOR
5HLQLFLRDXWRP£WLFR
6HFXHQFLDFLµQGHPRWRUHV
)XQFLRQHVE£VLFDV
)XQFLµQ-2*
)XQFLRQHVGHHOHYDFLµQ
)XQFLRQHVGHIUHQDGR
)XQFLRQHV2))
5HJXODGRU,P£[
5HJXODGRU3,'
5HJXODGRU9GF
7LHPSRGHUDPSD
9LJLODQFLDGHOSDUGHFDUJD
)XQFLRQHVGHOFRQYHUWLGRU
5HVXPHQGHODVSULQFLSDOHVIXQFLRQHV
/
/LVWDGHFµGLJRVGHDODUPD
/LVWDGHFµGLJRVGHIDOOR
0
(
(VSDFLROLEUHGHPRQWDMH
(VWUXFWXUDGHPHQ¼VGHOFRQYHUWLGRU
0HQ¼GHFRQILJXUDFLµQ
0HQ¼GHSDU£PHWURV
0HQ¼GHVHOHFFLµQGH+]
0HQ¼GHYLVXDOL]DFLµQ
0HQ¼SULQFLSDO
)
)XQFLRQHVDYDQ]DGDV
$UUDQTXHSXOVDGR
%ORTXHVIXQFLRQDOHVOLEUHV))%
(OLPLQDFLµQGHREWXUDFLRQHV
0DFURV
0DFURVGHDSOLFDFLµQ
0DFURVGHFRQH[LµQ
0HQ¼GHWH[WR
3DUDSDU£PHWURVFRPXQHV
3DUDSDU£PHWURVGHOPRWRU
0RQWDMH
0RQWDMHDWUDYHVDGR
0RQWDMHHQSDQHOGHDUPDULR
2
2ULHQWDFLµQGHPRQWDMH
&RQYHUWLGRU6,1$0,&69
,QVWUXFFLRQHVGHVHUYLFLR$(
QGLFHDOIDE«WLFR
3
3DU£PHWURV
&87
(GLFLµQG¯JLWRDG¯JLWR
(GLFLµQQRUPDOGHSDU£PHWURV
(VFDODGR
-XHJRGHGDWRV
1LYHOHVGHDFFHVR
3DU£PHWURV%,&2
7LSRVGHSDU£PHWURV
3XHVWDHQPDUFKDU£SLGD
$WUDY«VGHOPHQ¼GHFRQILJXUDFLµQ
$WUDY«VGHOPHQ¼GHSDU£PHWURV
5
5HIHUHQFLD
&RQYHUWLGRUHV
5HVWDEOHFLPLHQWRGHSDU£PHWURV
6
6RSRUWHW«FQLFR
&RQYHUWLGRU6,1$0,&69
,QVWUXFFLRQHVGHVHUYLFLR$(
QGLFHDOIDE«WLFR
&RQYHUWLGRU6,1$0,&69
,QVWUXFFLRQHVGHVHUYLFLR$(