es
Û
*OTUSVDDJPOFTEFNPOUBKF
2EVHUYDFLRQHVLPSRUWDQWHV
6HJXULGDG MB TFHVSJEBE EVSBOUF FM VTP T³MP FTU¡ HBSBOUJ[BEB TJ MB
JOTUBMBDJ³OTFIBFGFDUVBEPEFNBOFSBDPSSFDUBFOFMBTQFDUP
U©DOJDP Z FO DPOGPSNJEBE DPO FTUBT JOTUSVDDJPOFT EF NPOUBKF -PT
EB±PTDBVTBEPTQPSVONPOUBKFJOBEFDVBEPTFS¡O
SFTQPOTBCJMJEBEEFMJOTUBMBEPS
&TUFBQBSBUPFTU¡EJTF±BEPQBSBTVVTPFOBMUJUVEFTEFIBTUB
NFUSPT
:
£3HUVRQDVFRQLPSODQWHVHOHFWUyQLFRV
&MBQBSBUPQVFEFDPOUFOFSJNBOFTQFSNBOFOUFTMPTDVBMFT
QVFEFOSFQFSDVUJSFOFMDPSSFDUPGVODJPOBNJFOUPEFJNQMBOUFT
FMFDUS³OJDPTDPNPNBSDBQBTPTPCPNCBTEFJOTVMJOB1PSFMMP
EVSBOUFFMNPOUBKFFTOFDFTBSJPNBOUFOFSVOBEJTUBODJBNOJNB
EFDNSFTQFDUPBJNQMBOUFTFMFDUS³OJDPT
&RQH[LyQHOpFWULFDT³MPBDBSHPEFVOU©DOJDPFTQFDJBMJTUB
BVUPSJ[BEP4FUFOES¡RVFSFHJSQPSMBTEJTQPTJDJPOFTEFMB
DPNQB±BBCBTUFDFEPSBEFFMFDUSJDJEBEEFMB[POB
&MBQBSBUPEFCFTFSDPOFDUBEPBVOBJOTUBMBDJ³OGJKBZEFCFOTFS
JODPSQPSBEPTNFEJPTEFEFTDPOFYJ³OBMBJOTUBMBDJ³OGJKBEF
BDVFSEPBMBTSFHMBNFOUBDJPOFTEFMBJOTUBMBDJ³O
7LSR GH FRQH[LyQ FM BQBSBUP QFSUFOFDF B MB DMBTF EF QSPUFDDJ³O *
ZT³MPQVFEFVUJMJ[BSTFFODPNCJOBDJ³ODPOVOBDPOFYJ³ODPO
DPOEVDUPSEFUPNBBUJFSSB
&MGBCSJDBOUFOPTFIBDFSFTQPOTBCMFEFMGVODJPOBNJFOUP
JOBEFDVBEPZEFMPTQPTJCMFTEB±PTNPUJWBEPTQPSJOTUBMBDJPOFT
FM©DUSJDBTOPBEFDVBEBT
&DEOHGHDOLPHQWDFLyQ TPMPQVFEFTFSJOTUBMBEPQPSVOU©DOJDP
FTQFDJBMJTUBBVUPSJ[BEPPQPSQFSTPOBMU©DOJDPEFM4FSWJDJPEF
"TJTUFODJBDPOGPSNBDJ³OFTQFDGJDB-PTEBUPTEFDPOFYJ³O
OFDFTBSJPTFTU¡OJOEJDBEPTFOMBQMBDBEFDBSBDUFSTUJDBTZFOMPT
FTRVFNBTEFDPOFYJ³O
0RQWDMH EDMR HQFLPHUD MBT QMBDBT EF JOEVDDJ³O TPMP QVFEFO TFS
JOTUBMBEBTTPCSFDBK³OVIPSOPTDPOWFOUJMBDJ³OGPS[BEBEFMB
NJTNBNBSDB%FCBKPEFMBQMBDBEFDPDDJ³OOPTFQVFEFO
JOTUBMBS GSJHPSGJDPT MBWBWBKJMMBT IPSOPT TJO WFOUJMBDJ³O P MBWBEPSBT
&DPSDQDH[WUDFWRUDMBEJTUBODJBNOJNBFOUSFMBDBNQBOB
FYUSBDUPSBZMBQMBDBEFDPDDJ³OEFCFTFSBMNFOPTMBEJTUBODJB
JOEJDBEBFOMBTJOTUSVDDJPOFTEFNPOUBKFEFMBDBNQBOBEF
FYUSBDDJ³O
(QFLPHUDQMBOBIPSJ[POUBMFTUBCMF4JHBMBTJOTUSVDDJPOFTEFM
GBCSJDBOUFEFMBFODJNFSB
4JFMHSPTPSEFMBFODJNFSBEPOEFTFJOTUBMFMBQMBDBFTEJGFSFOUF
BMFTQFDJGJDBEPSFGVFSDFMBFODJNFSBDPOVONBUFSJBMSFTJTUFOUFB
MBUFNQFSBUVSBZBMBHVBIBTUBDPOTFHVJSFMFTQFTPSNOJNP
SFDPNFOEBEP%FPUSBGPSNBOPTFBMDBO[BS¡VOBFTUBCJMJEBE
TVGJDJFOUF
■
-BFODJNFSBEPOEFTFJOTUBMFMBQMBDBEFCFTFSSFTJTUFOUFB
QFTPTEF LHBQSPYJNBEBNFOUF
■
-BQMBOJUVEEFMBQMBDBEFDPDDJ³OT³MPEFCFDPNQSPCBSTFVOB
WF[JOTUBMBEBFOFMIVFDPEFFODBTUSF
*DUDQWtDVOBJOTUBMBDJ³ODPOFYJ³OPNPOUBKFJOBEFDVBEP
TVQPOFMBQ©SEJEBEFWBMJEF[EFMBHBSBOUBEFMQSPEVDUP
1RWD $VBMRVJFSNBOJQVMBDJ³OFOFMJOUFSJPSEFMBQBSBUP
JODMVZFOEPFMDBNCJPEFMDBCMFEFBMJNFOUBDJ³OEFCFS¡SFBMJ[BSMP
ºOJDBNFOUFQFSTPOBMU©DOJDPEFM4FSWJDJPEF"TJTUFODJBDPO
GPSNBDJ³OFTQFDGJDB
3UHSDUDFLyQGHORVPXHEOHVGHPRQWDMH
ILJXUDV
0XHEOHVHPSRWUDGRVSFTJTUFOUFTBVOBUFNQFSBUVSBEFp$
DPNPNOJNP
+XHFRSFUJSBSMBTWJSVUBTEFTQV©TEFMPTUSBCBKPTEFDPSUF
6XSHUILFLHVGHFRUWHTFMMBSDPONBUFSJBMSFTJTUFOUFBMDBMPS
0RQWDMHVREUHHOFDMyQILJXUD D
&ODJNFSBEFCFUFOFSDPNPNOJNPVOHSPTPSEF NN
7FOUJMBDJ³O MB EJTUBODJB FOUSF MB QBSUF TVQFSJPS EF MB FODJNFSB Z MB
QBSUFTVQFSJPSEFMDBK³OEFCFTFSEF NN
1RWD 4PMPFOFMDBTPFOFMRVFMPTPCKFUPTNFU¡MJDPTRVFTF
FODVFOUSFOFOFMDBK³OBMDBODFOUFNQFSBUVSBTFMFWBEBTEFCJEPB
MBSFDJSDVMBDJ³OEFMBJSFQSPDFEFOUFEFMBWFOUJMBDJ³OEFMBQMBDB
VUJMJ[BSVOTPQPSUFJOUFSNFEJPEFNBEFSB ILJXUD
0RQWDMHVREUHKRUQRILJXUDE
&ODJNFSBEFCFUFOFSDPNPNOJNPVOHSPTPSEF NN
1RWD $POTVMUF MBT JOEJDBDJPOFT EF NPOUBKF EFM IPSOP QPS TJ GVFSB
OFDFTBSJPBVNFOUBSMBEJTUBODJBFOUSFMBQMBDBEFDPDDJ³OZFM
IPSOP
7FOUJMBDJ³OMBEJTUBODJBNOJNBFOUSFFMIPSOPZMBQMBDBEF
DPDDJ³OEFCFEFTFSEF NN
9HQWLODFLyQILJXUD
1BSBBTFHVSBSVODPSSFDUPGVODJPOBNJFOUPEFMBQBSBUPTFEFCF
UFOFSFODVFOUBVOBBEFDVBEBWFOUJMBDJ³OEFMBQMBDBEFDPDDJ³O
&MWFOUJMBEPSTJUVBEPFOMBQBSUFJOGFSJPSEFMBQBSBUPEFCFBTQJSBS
TVGJDJFOUFDBVEBMEFBJSFGSFTDPQPSMPRVFMPTNVFCMFTEFCFOEF
FTUBSBEBQUBEPTQBSBUBMQSPQ³TJUP1BSBFMMPFTOFDFTBSJP
■
VOBTFQBSBDJ³ONOJNBFOUSFMBQBSUFUSBTFSBEFMNVFCMFZMB
QBSFEEFMBDPDJOBZFOUSFMBQBSUFTVQFSJPSEFMBFODJNFSBZMB
QBSUFTVQFSJPSEFMDBK³O ILJXUD D
■
VOB BCFSUVSB FO MB QBSUF TVQFSJPS EF MB QBSFE USBTFSB EFM NVFCMF
ILJXUD E
■
FOFMDBTPEFOPUFOFSVOBTFQBSBDJ³ONOJNBEF NNFOMB
QBSUFUSBTFSBEFMNVFCMFTFEFCFS¡SFBMJ[BSVOBBCFSUVSBFOMB
QBSUFJOGFSJPSEFMNJTNP ILJXUD F
■
TJMBBODIVSBJOUFSJPSEFMNVFCMFFTNFOPSEF NNTFEFCF
IBDFSVODPSUFFOMBTQBSFEFTMBUFSBMFT ILJXUD G
1RWD 4JFMBQBSBUPTFJOTUBMBFOJTMBVPUSPUJQPEFJOTUBMBDJ³OOP
EFTDSJUBFTJNQSFTDJOEJCMFBTFHVSBSMBDPSSFDUBWFOUJMBDJ³OEFMB
QMBDBEFDPDDJ³O
,QVWDODUHODSDUDWRILJXUDV
1RWD 6TBSHVBOUFTEFQSPUFDDJ³OBMJOTUBMBSMBQMBDB-BT
TVQFSGJDJFTOPWJTJCMFTQVFEFOUFOFSBSJTUBTDPSUBOUFT
&RORFDUHOFDEOHGHDOLPHQWDFLyQHQODFDMDGHFRQH[LyQHQ
DSDUDWRVVLQFDEOHSUHPRQWDGR
%BSMBWVFMUBBMBQMBDBEFDPDDJ³OZDPMPDBSMBTPCSFMBNJTNB
CBTFEFMFNCBMBKFTPCSFVOQB±PPTVQFSGJDJFBQUBQBSBFWJUBS
SBZBEVSBT
-FWBOUBSMBUBQBEFMBDBKBEFDPOFYJ³ODPOBZVEBEFVO
EFTUPSOJMMBEPS ILJXUD
2VJUBS FM UPSOJMMP EF TVKFDJ³O Z MFWBOUBS MB BCSB[BEFSB DPO BZVEB
EFVOEFTUPSOJMMBEPS ILJXUD
$POFDUBS FYDMVTJWBNFOUF TFHºO FM FTRVFNB EF DPOFYJPOBEP EF
MBDBKBEFDPOFYJ³O ILJXUD
#/.BSS³O
#6"[VM
(/:&"NBSJMMPZWFSEF
#,/FHSP
(:(SJT
1RWDV
■
&ODBTPOFDFTBSJPNPOUBSMPTQVFOUFTEFDPCSFBEKVOUPT
TJHVJFOEPFMFTRVFNBEFDPOFYJ³O
■
"TFHVSFTF EF RVF MPT UPSOJMMPT EF MB DBKB EF DPOFYJ³O RVFEFO
BQSFUBEPTEFTQV©TEFSFBMJ[BSMBDPOFYJ³OEFMPTDBCMFT
'JKBSFMDBCMFEFBMJNFOUBDJ³ODPOMBBCSB[BEFSBZDPMPDBSFM
UPSOJMMPEFTVKFDJ³O ILJXUD
$FSSBSMBUBQBEFMBDBKBEFDPOFYJ³O
1RWD &ODBTPEFOFDFTJUBSVODBCMFEFNBZPSMPOHJUVEDPOUBDUF
DPOFM4FSWJDJPEF"TJTUFODJB5©DOJDB
&RORFDUODSODFDGHFRFFLyQILJXUDV
*OTUBMBSMBTHVBTEFTVKFDJ³O ILJXUD
࣊ 4JZBIBZJOTUBMBEBTVOBTHVBTEFTVKFDJ³ORVJUBSMBTF
JOTUBMBSMBTHVBTOVFWBT
࣊ &O FODJNFSBT BMJDBUBEBT VTBS MPT BHVKFSPT EF SPTDB JOGFSJPSFT
࣊ &OFODJNFSBTEFQJFESBQFHBSMBTHVBT VUJMJ[BSDPMB
BEIFTJWBUFSNPFTUBCMFRVFTFBBQSPQJBEBQBSBVOJSNFUBMZ
QJFESB
*OUSPEVDJSFMBQBSBUPFOFMIVFDPEFFODBTUSF
$PNQSPCBSRVFMBQMBDBEFDPDDJ³ORVFEFBOJWFMDPOMB
FODJNFSB&OFMDBTPEFRVFMBQMBDBOPRVFEFBOJWFMJOTUBMBS
MPT BODMBKFT TVNJOJTUSBEPT RVF TFBO OFDFTBSJPT Z BKVTUBSMPT DPO
DVJEBEP ILJXUD
1RWD /PVUJMJ[BSEFTUPSOJMMBEPSFTFM©DUSJDPT
■
/PBQSJTJPOBSFMDBCMFEFBMJNFOUBDJ³OOJQBTBSMPQPSCPSEFT
BGJMBEPT 4J IBZ VO IPSOP NPOUBEP EFCBKP QBTBS FM DBCMF QPS MBT
FTRVJOBT USBTFSBT EFM IPSOP %FCF DPMPDBSTF EF NBOFSB RVF OP
UPRVFQBSUFTDBMJFOUFTEFMBQMBDBEFDPDDJ³OPEFMIPSOP
■
&O FODJNFSBT BMJDBUBEBT TFMMBS MBT KVOUBT FOUSF MPT B[VMFKPT DPO
DBVDIPEFTJMJDPOB