*UDEDU
,QVWUXFFLRQHVGHXVRGHO)ODVKPDQ(GLFLyQ
8.
'
)5
,7
(
*UDEDU
&RQHFWDUODIXHQWHGHVHxDO
&RQHFWH HQ OD HQWUDGD GHVHDGD OD
IXHQWHGHVHxDOOtQHDPLFUyIRQR
6HOHFFLRQDUODHQWUDGDGHDXGLR
,QSXW
6HOHFFLRQH
&21)
$KRUDWHQGUiODVHOHFFLyQHQWUHODHQ
WUDGD GH OtQHD /LQH PLFUyIRQR 0
0LF6W0LF\ODHQWUDGDGLJLWDO'LJL
WDO
$MXVWDUODHQWUDGDGHDXGLR
6HOHFFLRQH
&21)
➜
$XGLR
(QHOFDVRGHODHQWUDGDGHOtQHD8G
SXHGHHOHJLUHQWUHÄPRQR³\ÄVWHUHR³
DVtFRPRDMXVWDUWUHVYHORFLGDGHVGH
PXHVWUHRSRVLEOHV
(Q HO FDVR GH OD HQWUDGD GLJLWDO 8G
SXHGHWUDQVIRUPDUXQDVHxDOGHHQWUD
GDVWHUHRDXQDVHxDOPRQRÄGRZQ
PL[³
/DVHOHFFLyQVHKDUiHIHFWLYDPHGLDQWH
XQÄ2.³
$MXVWDUHOSURFHGLPLHQWRGH
FRGLILFDFLyQ
6HOHFFLRQH
&21)
➜
&RGHF
(O DSDUDWR RIUHFH ORV SURFHGLPLHQWRV
GHFRGLILFDFLyQÄ3&0³Ä03³\Ä03³
3DUDFDGDXQRGHORVSURFHGLPLHQWRV
GH FRGLILFDFLyQ GHEH VHOHFFLRQDUVH
XQDYHORFLGDGGHELWFRUUHVSRQGLHQWH
(QRUGHQGHRSHUDFLyQ&RPLHQ]R
GHODJUDEDFLyQ
6LHODSDUDWRVHHQFXHQWUDHQÄ6WRS³
SUHVLRQHXQDYH]ODWHFODÄ5HFRUG³(O
DSDUDWRVHSRQGUiDKRUDHQRUGHQGH
RSHUDFLyQSDUDODJUDEDFLyQ5HFRUG
3DXVH
6LHQODHQWUDGDGHDXGLRVHOHFFLRQDGD
VHHQFXHQWUD\DXQDVHxDOHQWRQFHV
8GSRGUiDMXVWDUHOQLYHOGHJUDEDFLyQ
FRQHOLQWHUUXSWRUJLUDWRULR
3DUDLQLFLDUILQDOPHQWHHOSURFHGLPLHQ
WRGHJUDEDFLyQSUHVLRQHXQDYH]PiV
ODWHFODÄ5HFRUG³
6LHODSDUDWRVHHQFXHQWUDHQÄ6WRS³\
8GGHVHD
LQLFLDULQPHGLDWDPHQWH
HO
SURFHGLPLHQWRGHJUDEDFLyQSUHVLRQH
GRVYHFHVHQIRUPDEUHYH\XQDWUDV
RWUDODWHFODÄ5HF³
,QWHUUXPSLUODJUDEDFLyQ3DXVD
3DUD LQWHUUXPSLU WUDQVLWRULDPHQWH OD
JUDEDFLyQHQHMHFXFLyQSUHVLRQHODWH
FODÄ5HFRUG³3DUDWHUPLQDUODSDXVD\
FRQWLQXDUFRQ OD JUDEDFLyQ HQ HMHFX
FLyQ SUHVLRQH QXHYDPHQWH OD WHFOD
Ä5HFRUG³
,QGLFDFLyQGXUDQWHODJUDEDFLyQ
'XUDQWH OD JUDEDFLyQ HQ HMHFXFLyQ
SXQWRSDUSDGHDQWHHQHOODGRL]TXLHU
GR LQIHULRU VH LQGLFDQ VLPXOWiQHD
PHQWHHOQLYHOGHVHxDOHOWLHPSRGHO
WtWXORGXUDFLyQUHJLVWUDGDGHODJUDED
FLyQ\HOWLHPSRGHPHPRULDOLEUH
3DUDPRGLILFDUHOQLYHOGHJUDEDFLyQ
SUHVLRQH HQ HO LQWHUUXSWRU JLUDWRULR
ÄJDLQ³SDUSDGHD\JLUHHOLQWHUUXSWRU
JLUDWRULR KDFLD OD GLUHFFLyQ GHVHDGD
6HWHUPLQDPHGLDQWHXQDQXHYDSUH
VLyQHQHOLQWHUUXSWRUJLUDWRULR
7HUPLQDUODJUDEDFLyQ
3DUD WHUPLQDU OD JUDEDFLRQ SUHVLRQH
HQODWHFODÄ6WRS³(VSRVLEOHUHSURGX
FLU LQPHGLDWDPHQWH OD JUDEDFLyQ
UHDOL]DGDHQHVWHPRPHQWRÄ3OD\³
