£3XHVWDHQ0DUFKD
&DUJXHHO/DYDYDMLOODV
3DUDREWHQHUPHMRUHVUHVXOWDGRVFRQHOODYDYDMLOODVVLJDODVSDXWDVSDUDODFDUJDGHORVHVWDQWHVTXHILJXUDQHQODVHFFLyQGH
&DUJD
GHORVHVWDQWHVGHOODYDYDMLOODV
1RVHUHTXLHUHHQMXDJXHSUHYLRVREUHODVXFLHGDGQRUPDOGHFRPLGD5DVSHODVVXFLHGDGHVGXUDV
LQFOX\HQGRKXHVRVSDOLOORVSLHOHV\VHPLOODV5HWLUHODVYHUGXUDVFRQPXFKDVKRMDVUHVWRVGHFDUQH\FDQWLGDGHVH[FHVLYDVGHJUDVDR
DFHLWH5HWLUHORVUHVWRVGHFRPLGDiFLGDTXHSXHGDQGHVFRORUDUHODFHURLQR[LGDEOH
$JUHJXH'HWHUJHQWH
$JUHJXHODFDQWLGDGQHFHVDULDGHGHWHUJHQWHHQHOGLVSHQVDGRUGHGHWHUJHQWH8VHXQGHWHUJHQWHWDOFRPR
&DVFDGH&RPSOHWH$OOLQ
$FWLRQ3DFV
/HDVREUHHO
'LVSHQVDGRUGH'HWHUJHQWH
HQODVHFFLyQGH
8VRGHO/DYDYDMLOODV
$JUHJXHHO$JHQWHGH(QMXDJXH
$JUHJXHHO$JHQWHGH(QMXDJXHHQHOGLVSHQVDGRUGHODJHQWHGHHQMXDJXH/HDVREUHHO
8VRGHO$JHQWHGH(QMXDJXH
WDOFRPR
&DVFDGH5LQVH
$LG
/HDODVHFFLyQ
8VRGHOODYDYDMLOODV
6HOHFFLRQHHO&LFOR
3UHVLRQHODWHFOD
6HOHFW&\FOH
6HOHFFLyQGHO&LFOR
SDUDUHDOL]DUHOFLFORGHODYDGRGHVHDGR/DOX]TXHVHHQFXHQWUDMXQWRDODWHFOD
6HOHFW&\FOH
6HOHFFLyQGH&LFOR
HVWDUiHQFHQGLGDSDUDLQGLFDUTXpFLFORGHODYDGRKDVLGRVHOHFFLRQDGR
(OFLFORSXHGHVHUVHOHFFLRQDGRFRQODSXHUWDHQODSRVLFLyQDELHUWD(OFLFORQRFRPHQ]DUiKDVWDTXHODSXHUWDHVWpFHUUDGD\VHKD\D
VHOHFFLRQDGR6WDUW,QLFLDU
$XWR6HQVH
(VWHFLFORFXHQWDFRQXQVHQVRUDXWRPiWLFRGHOQLYHOGHVXFLHGDG\DMXVWDHOFLFORGHODYDGRGHIRUPDSURSRUFLRQDO
HQDOJXQRVPRGHORV
+HDY\
(VWHFLFORVHXWLOL]DFRQSODWRVXWHQVLOLRVFDFHURODVXROODVPX\VXFLRV\FRQVXFLHGDGVHFDXKRUQHDGD
3HVDGR
(VVHJXURXVDUORVSODWRVTXHXWLOL]DDGLDULRFRQHVWHFLFOR
1RUPDO
(VWHFLFORVHXWLOL]DFRQQLYHOHVGHVXFLHGDGGHWRGRVORVGtDV\IXHGLVHxDGRSDUDDKRUUDUDJXD\FRUULHQWH
127$1RUPDO
VHXVySDUDPHGLUHOQLYHOGHHILFDFLDGHODFRUULHQWHGHHVWHODYDYDMLOODV
/LJKW/X]
(VWHFLFORVHXWLOL]DFRQSODWRVFRQXQQLYHOGHVXFLHGDGHQWUHOHYH\PHGLR(VVHJXURFRQSRUFHODQD\FULVWDO
5LQVH(QMXDJXH
3DUDHQMXDJDUFDUJDVSDUFLDOHVTXHVHODYDUiQGHVSXpV1RXVHGHWHUJHQWH(OGHWHUJHQWHQRHVGLVSHQVDGR
HQDOJXQRVPRGHORVGXUDQWHHOFLFORGHHQMXDJXH
6HOHFFLRQH2SFLRQHV
/DOX]MXQWRDODWHFODVHOHFFLRQDGDHVWDUiHQ
21
(QFHQGLGR
SDUDLQGLFDUTXp2SFLyQKDVLGRVHOHFFLRQDGD
:DVK7HPS
(VWDRSFLyQLQFUHPHQWDODWHPSHUDWXUDSDUDD\XGDUDODYDUORVSODWRVFRQDOWRQLYHOGHVXFLHGDG\SXHGHDXPHQWDUHOWLHPSR
%RRVW
GHOFLFORHQJHQHUDO(VWDRSFLyQSXHGHHVWDUHQ
2Q
(QFHQGLGR
X
2II
$SDJDGR
GXUDQWHHOFLFORGHODYDGR
$XPHQWRGHOD
7HPSHUDWXUD
GHO/DYDGR
HQDOJXQRVPRGHORV
:DVK7HPS
(VWDRSFLyQLQFUHPHQWDODWHPSHUDWXUDGHODJXDHQHOHQMXDJXHILQDODILQGHGHVLQIHFWDUVXMXHJRGHSODWRV/D
6DQL
GXUDFLyQGHOFLFORYDULDUiGHSHQGLHQGRGHODWHPSHUDWXUDGHODJXDHQWUDQWH
7HPSHUDWXUD
127$
(VWDRSFLyQHVPRQLWRUHDGDFRQUHODFLyQDORVUHTXLVLWRVGHGHVLQIHFFLyQ6LHOFLFORHVLQWHUUXPSLGRGXUDQWH
GH/DYDGR
RGHVSXpVGHODSDUWHGHOODYDGRSULQFLSDORVLODWHPSHUDWXUDGHODJXDHQWUDQWHHVWDQEDMDTXHQRVHSXHGHORJUDU
SDUD
XQQLYHOGHFDORUDGHFXDGRGHODJXDHVSRVLEOHTXHQRVHFXPSODFRQODVFRQGLFLRQHVGHGHVLQIHFFLyQ(QHVWRV
'HVLQIHFWDU
FDVRVODOX]GH6DQLWL]HG'HVLQIHFWDGRQRVHLOXPLQDUiDOILQDOGHOFLFOR8WLOL]DUHVWDRSFLyQPRGLILFDUiHOFLFORSDUD
HQDOJXQRVPRGHORVFXEULUORVUHTXLVLWRVGHOD6HFFLyQ16)SDUDODHOLPLQDFLyQGHVXFLHGDG\HILFDFLDGHODGHVLQIHFFLyQ
127$
/RVODYDYDMLOODVUHVLGHQFLDOHVFHUWLILFDGRVSRU16)QRSRGUiQVHUXVDGRVHQHVWDEOHFLPLHQWRVGHFRPLGD
FRQOLFHQFLD
+HDWHG'U\
$SDJDODRSFLyQGHVHFDGRFRQ&DORU/RVSODWRVVHVHFDQFRQHODLUHHQIRUPDQDWXUDO\VHDKRUUDHQHUJtD$EUD
2II
ODSXHUWDGHOODYDYDMLOODVSDUDDFHOHUDUHOVHFDGRVSHHGGU\LQJ
6HFDGR
FRQ&DORU
$SDJDGR
+HDWHG'U\
(QFLHQGHHOFDOHIDFWRUSDUDXQVHFDGRPiVUiSLGR(VWHFLFORSRGUiH[WHQGHUHOWLHPSRGHVXFLFORGHODYDGRKDVWD
2Q
GXUDQWHPLQXWRV(VWDRSFLyQQRHVWiGLVSRQLEOHFRQHOFLFOR
5LQVH
(QMXDJXH
6HFDGR
FRQ&DORU
(QFHQGLGR
/DVIXQFLRQHV\ODDSDULHQFLDYDULDUiQDWUDYpVGHHVWHPDQXDO