
$QFKRGHO
JDELQHWH
µ
FP
8ELFDFLyQ
UHFRPHQGDGD
SDUDHOFRUWH
GHVGHHOSLVR
µ
FP
3URIXQGLGDG
GHOFRUWH
µ
FP0tQ
$QFKRGHOFRUWH
µ
FP0tQ
µ
FP0i[
$OWXUDGHOFRUWH
µ
FP0tQ
µ
FP0i[
6LHOJDELQHWHQRWLHQHXQIRQGRVyOLGRHQWRQFHV
VHGHEHQLQVWDODUGRVDEUD]DGHUDVRFRUUHGHUDVQLYHODGD
FRQHOIRQGRGHOFRUWHSDUDVRVWHQHUHOSHVRGHOKRUQR
3DUDKRUQRVGHXQDXQLGDGODVFRUUHGHUDVRDEUD]DGHUDV
GHEHQVRSRUWDUOLEUDV.J
,QVWUXFFLRQHVGHLQVWDODFLyQ
&RUWHSDUDORVKRUQRVGHXQDXQLGDG
$
127$6LODVPDUFDVLPSHUIHFFLRQHV
RODDEHUWXUDGHOFRUWHVRQYLVLEOHVSRUHQFLPD
GHOKRUQRLQVWDODGRTXL]iVVHDQHFHVDULRDJUHJDU
UHOOHQRGHEDMRGHODVFRUUHGHUDV\PROGXUD
GHODQWHUDKDVWDTXHVHFXEUDQ
(VWRVKRUQRVQRHVWiQDSUREDGRVSDUD
ODVLQVWDODFLRQHVDSLODEOHV
127$6LHOJDELQHWHQRWLHQHXQPDUFR
IURQWDO\ORVODGRVVRQPHQRUHVGH
µ
FPHQJURVRUFRORTXHDPERV
ODGRVHQOtQHDSDUDHVWDEOHFHUHODQFKR
GHOFRUWH
,QVWDOHXQIRQGR
VyOLGR
R
µ
[
µ
FP[FP
RFRUUHGHUDV
HTXLYDOHQWHV
QLYHOHDGD
FRQHOIRQGR
GHOFRUWH
$EUD]DGHUDV
GHVRSRUWH
DGHFXDGDV
SDUDODV
FRUUHGHUDV
µ
FP6REUHOD
OtQHDGHFHQWURGHORV
JDELQHWHV
(OIRQGRVyOLGRRODVFRUUHGHUDVGHEHQHVWDUQLYHODGRV
FRQHOIRQGRGHOFRUWHGHORFRQWUDULRHOERUGHGHOIRQGR
QRVHSRGUiLQVWDODUFRUUHFWDPHQWH\SRGUiLQWHUIHULUHQ
ODDSHUWXUDGHODSXHUWD
3HUPLWD
µ
FPSDUD
VREUHSDVRGHO
KRUQRVREUHORV
ERUGHVODWHUDOHV
GHOFRUWH
8ELFDFLyQ
GHODFDMD
GHFRQH[LyQ
ODFDMD
GHFRQH[LyQ
SXHGHHVWDU
XELFDGDHQ
XQJDELQHWH
DG\DFHQWH
$QFKRGHO
JDELQHWH
µ
FP
3HUPLWDXQPtQLPR
GH
µ
FPGH
HVSDFLRSDUDODV
HVTXLQDVFDMRQHV
SDUHGHVHWF
DG\DFHQWHVFXDQGRODV
SXHUWDVHVWpQDELHUWDV
µ
FP0tQ
KDVWD
ODSDUWHLQIHULRU
GHODFDMD
GHFRQH[LyQ
µ
FP
0i[
$OWXUD
GHOFRUWH
µ
FP0tQ
µ
FP0i[
8ELFDFLyQ
UHFRPHQGDGD
SDUDHOFRUWH
GHVGHHO
SLVR
µ
FP
$EHUWXUD
HQWUHORV
SDUHGHV
LQWHULRUHV
GHEHHVWDU
XQPtQLPR
GH
µ
FP
GHDQFKR
3HUPLWDXQPtQLPR
GH
µ
FPSDUDHO
VREUHSDVR
GHOKRUQRSRU
HQFLPD\
ø
µ
FPSRU
GHEDMRGHOFRUWH
µ
FP
$QFKR
GHOFRUWH
µ
FP0tQ
µ
FP0i[
,QVWDODFLRQHVGHODGRDODGR
,QVWDOHORVKRUQRVGHGRVSDUHGHVHQGLV\XQWRUHV
VHSDUDGRV'HMH
s
FPPtQHQWUHGLV\XQWRUHV
s
FP
0tQ
'LV\XQWRU²
2EVHUYHWRGDV
ODV
GLPHQVLRQHV
\UHTXLVLWRV
'LV\XQWRU²
2EVHUYHWRGDV
ODV
GLPHQVLRQHV
\UHTXLVLWRV