

&$0%,2'(/862'(/$7,(55$<6,/9,&8/785$ $EDQGRQRGHODVWLHUUDVFXOWLYDGDV ,QWURGXFFLyQ(Q HVWH VXEPyGXOR VH WUDWD GH ODV UHPRFLRQHV QHWDV GH &2 HQ OD
DFXPXODFLyQ GH ELRPDVD SURFHGHQWHV GHO DEDQGRQR GH WLHUUDV FXOWLYDGDVeVWDVLQFOX\HQ•ODVWLHUUDVFXOWLYDGDV ODVWLHUUDVDUDEOHVXWLOL]DGDVSDUDODSURGXFFLyQGH
FRVHFKDV•

ORVSDVWL]DOHV ODVWLHUUDVXWLOL]DGDVSDUDHOSDVWRUHRGHDQLPDOHV /DDFXPXODFLyQGHFDUERQRHQODVWLHUUDVDEDQGRQDGDV GHSHQGH GHO WLSR GH
HFRVLVWHPDQDWXUDO WLSRGHERVTXHRSUDGHUDV TXHYXHOYHDFUHFHU3RUOR
WDQWRVHGHEHUiDQRWDUODUHJHQHUDFLyQGHODVWLHUUDVDEDQGRQDGDVVHJ~QVX
WLSR3RUORTXHUHVSHFWDDODVSUDGHUDVHOVXSXHVWRSRUGHIHFWRHVTXHOD
DFXPXODFLyQQHWDHQODVXSHUILFLHGHODWLHUUDHVQXOD&RPRODVWDVDVGHUHJHQHUDFLyQGLVPLQX\HQFRQHOWLHPSRVHFRQVLGHUDQORVVLJXLHQWHVSHUtRGRV•

7LHUUDV DEDQGRQDGDV GXUDQWH ORV  DxRV DQWHULRUHV DO $xR GHO,QYHQWDULR HVWRHV

•

7LHUUDVDEDQGRQDGDVHQWUH\DxRVDWUiV HVGHFLUDQWHVGH\GHVSXpVGH &XDQGRVHDEDQGRQDQODVWLHUUDVFXOWLYDGDVHOFDUERQRSRGUtDRQRYROYHUD
DFXPXODUVHHQODWLHUUD3RUHVHPRWLYRODVWLHUUDVDEDQGRQDGDVVHGLYLGHQ
HQGRVJUXSRVDTXHOODVHQTXHHOFDUERQRVHYXHOYHDDFXPXODU\ODVTXHQR
VHUHJHQHUDQRFRQWLQ~DQGHJUDGiQGRVH
6yOR GHEHQ LQFOXLUVH ODV WLHUUDV QDWXUDOHV TXH VH UHJHQHUDQ SDUD YROYHU D
DOFDQ]DUVXHVWDGRQDWXUDO(QHVHFiOFXORGHEHQLJQRUDUVHODVWLHUUDVTXHQR
VHUHJHQHUDQQLVHGHJUDGDQ$OLJXDOTXHVXFHGHFRQOD&RQYHUVLyQGH%RVTXHV\3UDGHUDVHOHIHFWRGHOD
UHJHQHUDFLyQ IRUHVWDO VREUH HO FDUERQR GHO VXHOR VH WUDWD HQ OD 6HFFLyQ 
GHO/LEURGH7UDEDMR 0HWRGRORJtD
6H HPSOHDQ GRV FRQMXQWRV GH FiOFXORV SDUD SURGXFLU HVWLPDFLRQHV GH ODVUHPRFLRQHV GH &2 SURFHGHQWHV GH OD UHJHQHUDFLyQ GH OD ELRPDVD \ OD
UHFXSHUDFLyQ GH ORV VXHORV  7LHQHQ TXH YHU FRQ OD FDQWLGDG GH WLHUUD
DEDQGRQDGD\HOSHUtRGRGHWLHPSRGXUDQWHHOTXHKDQHVWDGRDEDQGRQDGDV•$EVRUFLyQDQXDOGHFDUERQRSRUODELRPDVDDpUHD WLHUUDVDEDQGRQDGDVHQORV~OWLPRVYHLQWHDxRV•$EVRUFLyQ DQXDO GH FDUERQR HQ OD ELRPDVD DpUHD WLHUUDV DEDQGRQDGDVHQWUHYHLQWH\FLHQDxRVDWUiVVLVHDSOLFD 

6H VXPDQ HVDV FLIUDV \ HO WRWDO GHO FDUERQR DEVRUELGR VH FRQYLHUWH HQ
UHPRFLRQHVGH&2

'LUHFWULFHVGHO,3&&SDUDORVLQYHQWDULRVGHJDVHVGHHIHFWRLQYHUQDGHURYHUVLyQUHYLVDGDHQ
/LEURGH7UDEDMR
&$0%,2'(/862'(/$7,(55$<6,/9,&8/785$&yPROOHQDUOD+RMDGHWUDEDMR
8WLOLFHOD+2-$'(75$%$-2$%$1'212'(/$67,(55$6&8/7,9$'$6TXH
DSDUHFHDOILQDOGHHVWHPyGXORSDUDUHJLVWUDUORVGDWRVGHOLQYHQWDULR

3$62 &È/&8/2'(/$$%625&,Ï1$18$/'(&$5%212(1/$%,20$6$$e5($ 7,(55$6$%$1'21$'$6(1/26Ó/7,0269(,17($f26

$QRWDU HQ OD FROXPQD $ OD 6XSHUILFLH 7RWDO $EDQGRQDGD \ HQHWDSD GH
5HJHQHUDFLyQHQORV~OWLPRVDxRV HQNLORKHFWiUHDV 

1RVHGLVSRQHGHYDORUHVSRUGHIHFWRSDUDHVDVFLIUDV$QRWDU HQ OD FROXPQD % OD 7DVD $QXDO GH &UHFLPLHQWR GH OD %LRPDVD$pUHD HQWRQHODGDVGHPDWHULDVHFDSRUKHFWiUHD (QOD7DEODVH
SUHVHQWDQORVYDORUHVSRUGHIHFWR0XOWLSOLFDU OD 6XSHUILFLH 7RWDO $EDQGRQDGD \ HQ HWDSD GH 5HJHQHUDFLyQFROXPQD $  SRU OD 7DVD $QXDO GH &UHFLPLHQWR GH OD %LRPDVD $pUHDFROXPQD% SDUDREWHQHUHO&UHFLPLHQWR$QXDOGHOD%LRPDVD$pUHD HQ
NWGHPDWHULDVHFD ,QGLFDUHOUHVXOWDGRHQODFROXPQD&$QRWDUHQODFROXPQD'OD)UDFFLyQGH&DUERQRGHOD%LRPDVD$pUHD HO
YDORUSRUGHIHFWRGHHVWDIUDFFLyQHVGH 

0XOWLSOLFDUHO&UHFLPLHQWR$QXDOGHOD%LRPDVD$pUHD FROXPQD& SRU
OD)UDFFLyQGH&DUERQRGHOD%LRPDVD$pUHD FROXPQD' SDUDREWHQHU
OD $EVRUFLyQ $QXDO GH &DUERQR GH OD %LRPDVD $pUHD  ,QGLFDU HO
UHVXOWDGRHQODFROXPQD(

6XPDU ODV FLIUDV GH OD FROXPQD ( \ DQRWDU HO UHVXOWDGR HQ OD FDVLOOD
FRUUHVSRQGLHQWHDO6XEWRWDOHQODSDUWHLQIHULRUGHODFROXPQD

3$62 &È/&8/2'(/$$%625&,Ï1$18$/'(&$5%212(1/$%,20$6$$e5($ 7,(55$6$%$1'21$'$6'85$17(0È6'(9(,17($f26

$QRWDUHQODFROXPQD*OD6XSHUILFLH7RWDO$EDQGRQDGDGXUDQWHPiVGH
9HLQWH$xRV HQNLORKHFWiUHDV $QRWDU HQ OD FROXPQD + OD 7DVD $QXDO GH &UHFLPLHQWR GH OD %LRPDVD$pUHD HQWRQHODGDVGHPDWHULDVHFDSRUKHFWiUHD (QOD7DEODVHSUHVHQWDQORVYDORUHVSRUGHIHFWR0XOWLSOLFDU OD 6XSHUILFLH 7RWDO $EDQGRQDGD FROXPQD *  SRU OD 7DVD$QXDOGH&UHFLPLHQWRGHOD%LRPDVD$pUHD FROXPQD+ SDUDREWHQHUHO&UHFLPLHQWR$QXDOGHOD%LRPDVD$pUHD HQNWGHPDWHULDVHFD ,QGLFDUHOUHVXOWDGRHQODFROXPQD,$QRWDUHQODFROXPQD-OD)UDFFLyQGH&DUERQRGHOD%LRPDVD$pUHD HO
YDORUSRUGHIHFWRGHODIUDFFLyQHVGH 

0XOWLSOLFDUHO&UHFLPLHQWR$QXDOGHOD%LRPDVD$pUHD FROXPQD, SRUOD)UDFFLyQGH&DUERQRGHOD%LRPDVD$pUHD FROXPQD- DILQGHREWHQHU

'LUHFWULFHVGHO,3&&SDUDORVLQYHQWDULRVGHJDVHVGHHIHFWRLQYHUQDGHURYHUVLyQUHYLVDGDHQ/LEURGH7UDEDMR



&$0%,2'(/862'(/$7,(55$<6,/9,&8/785$

OD $EVRUFLyQ $QXDO GH &DUERQR GH OD %LRPDVD $pUHD  ,QGLFDU HO
UHVXOWDGRHQODFROXPQD.


6XPDU ODV FLIUDV GH OD FROXPQD . \ DQRWDU HO WRWDO HQ OD FDVLOOD
FRUUHVSRQGLHQWHDO6XEWRWDOHQODSDUWHLQIHULRUGHODFROXPQD

3$62 &È/&8/2'(/727$/'(/$6
5 ( 0 2 & , 2 1 ( 6  ' (  & 2  ( 1  / $ 6862'(/$+2-$'(75$%$-2•&RSLHOD+RMDGHWUDEDMRTXHVH
HQFXHQWUD DO ILQDO GH HVWD
VHFFLyQ SDUD FRPSOHWDU HO
LQYHQWDULR

•1R HVFULED HQ HO RULJLQDO GH OD
KRMD GH WUDEDMR SDUD TXH SXHGDKDFHUFRSLDVDGLFLRQDOHVHQFDVR
QHFHVDULR

7,(55$6$%$1'21$'$6



6XPDU ORV VXEWRWDOHV GH ODV FROXPQDV ( \ . \ DQRWDU HQ OD FROXPQD /$EVRUFLyQ7RWDOGH&DUERQRGHODV7LHUUDV$EDQGRQDGDV0XOWLSOLFDU OD $EVRUFLyQ 7RWDO GH &DUERQR GH ODV 7LHUUDV $EDQGRQDGDVSRU  SDUD REWHQHU OD $EVRUFLyQ 7RWDO GH 'Ly[LGR GH &DUERQR
FRUUHVSRQGLHQWHDODEDQGRQRGHODVWLHUUDVFXOWLYDGDV HQ*J ,QGLFDUHOUHVXOWDGRHQODFROXPQD0$ORVILQHVGHODSUHSDUDFLyQGHLQIRUPHVUHVXPHQ\ SDUD PDQWHQHU OD
XQLIRUPLGDGFRQRWUDVFDWHJRUtDVGHHPLVLRQHV\UHPRFLRQHVVHGHEHUi
LQYHUWLUHOVLJQRGHORVUHVXOWDGRVGHPDQHUDTXHODUHPRFLyQGH&2
HQ ODV WLHUUDV DEDQGRQDGDV VH H[SUHVH FRPR YDORU QHJDWLYR HV GHFLUFRPRHPLVLRQHVQHJDWLYDV 'LUHFWULFHVGHO,3&&SDUDORVLQYHQWDULRVGHJDVHVGHHIHFWRLQYHUQDGHURYHUVLyQUHYLVDGDHQ
/LEURGH7UDEDMR
&$0%,2'(/862'(/$7,(55$<6,/9,&8/785$

7$%/$
&5(&,0,(172$18$/0(',2'(/$%,20$6$$e5($3255(*(1(5$&,Ï11$785$/
WRQHODGDV 06+$%RVTXHVWURSLFDOHV
0X\
K~PHGRV+~PHGRVFRQ
HVWDFLyQ
VHFDFRUWD≥

1RWD5

6HFRV+~PHGRVPRQWDQRV

6HFRVPRQWDQRV

5 

5!

5

≤!5!

5 

ÈIULFD≤DxRV!DxRV$VLD&RQWLQHQWDO≤DxRV!DxRV,QVXODU≤DxRV!DxRV$PpULFD≤DxRV!DxRV+~PHGRVFRQ
HVWDFLyQ
VHFDODUJD


































QRKD\
GDWRV







QRKD\GDWRVHVFDVRVR
LQH[LVWHQWHV







QRKD\
GDWRV













SUHFLSLWDFLRQHVDQXDOHVHQPPDxR%RVTXHVWHPSODGRVDxRVDxRV&RQtIHUDV





/DWLIROLDGDV





DxRVDxRV0H]FODGHODWLIRORDGDV\FRQtIHUDV



&RQtIHUDV



%RVTXHVERUHDOHV%RVTXHWXQGUD

72'$6(67$67$6$65(*,21$/(6'(&5(&,0,(1720(',2'(%(5È1&216,'(5$56(6Ï/2$7Ë78/2,1',&$7,926,/26%2648(65(35(6(17$181$3$57(&216,'(5$%/('(/,19(17$5,2727$/'(*$6(6'(()(&72,19(51$'(52'(813$Ë6'(%(5È1(03/($56(/26'$726/2&$/(6',6321,%/(6262/,&,7$5/$23,1,Ï1'(81(;3(5723$5$//(*$5$&217$5&219$/25(648(5()/(-(1/$6&21',&,21(6</$635È&7,&$6

3DUDPiVLQIRUPDFLyQVREUHODVIXHQWHVFRQVXOWDUHO0DQXDOGH5HIHUHQFLD

'LUHFWULFHVGHO,3&&SDUDORVLQYHQWDULRVGHJDVHVGHHIHFWRLQYHUQDGHURYHUVLyQUHYLVDGDHQ/LEURGH7UDEDMR



&$0%,2'(/862'(/$7,(55$<6,/9,&8/785$ (PLVLRQHVRDEVRUFLyQGH&2HQ
ORVVXHORVGHELGRDOPDQHMR\FDPELRGHXVRGHODWLHUUD
 ,QWURGXFFLyQ(Q OD PHWRGRORJtD VH LQFOX\HQ HVWLPDFLRQHV GH ODV HPLVLRQHV QHWDV GH &2
IXHQWHV \ VXPLGHURV  GH WUHV SURFHVRV   ORV FDPELRV HQ HO FDUERQR
DOPDFHQDGRHQORVVXHORV\ODFXELHUWDPXHUWDGHORVVXHORVPLQHUDOHVGHELGR
D FDPELRV HQ ODV SUiFWLFDV GHO XVR GH ODV WLHUUDV   ODV HPLVLRQHV GH &2
SURFHGHQWHVGHVXHORVRUJiQLFRVFRQYHUWLGRVDODDJULFXOWXUDRSODQWDFLRQHVIRUHVWDOHV\ ODVHPLVLRQHVGH&2SURFHGHQWHVGHODERQDGRFRQFDOGHORVVXHORVDJUtFRODV(QODDFWXDOLGDGQRVHLQFOX\HQODVHPLVLRQHVQLODDEVRUFLyQ
GH&2DVRFLDGDVFRQORVPLQHUDOHVFDUERQDWDGRVQDWXUDOHVHQORVVXHORV )XHQWHVGHORVGDWRV
1R VH FXHQWD FRQ FRQMXQWRV GH GDWRV HVWDQGDUL]DGRV D QLYHO PXQGLDO SDUDHVWRVFiOFXORV/RVSULQFLSDOHVGDWRVQHFHVDULRVVRQODLQIRUPDFLyQVREUHODGLVWULEXFLyQGHORVGLIHUHQWHVWLSRVGHVXHOR\ODVSUiFWLFDVUHODWLYDVDOXVRGH
OD WLHUUD HQ HO SDtV  /D LQIRUPDFLyQ SDUD FDOFXODU ODV UHSHUFXVLRQHV GH ODV
GLIHUHQWHVSUiFWLFDVGHXVRGHODWLHUUDVREUHORVLQYHQWDULRVGHOFDUERQRHQ
ORVVXHORVSXHGHQREWHQHUVHGHH[SHULPHQWRVVREUHHOWHUUHQRDODUJRSOD]R(QWUHODVIXHQWHVGHHVHWLSRGHLQIRUPDFLyQGHVWDFDQ• ORV UHFRQRFLPLHQWRV WRSRJUiILFRV GH VXHORV \ RWURV LQYHQWDULRV GH ORV
UHFXUVRVQDFLRQDOHV• ODV HVWDGtVWLFDV VREUH HO XVR GH ODV WLHUUDV \ ODV HVWDGtVWLFDV VREUH OD
SURGXFFLyQDJUtFROD• ORV FRPSHQGLRV GH H[SHULPHQWRV GH FDPSR D ODUJR SOD]R 3DUD PiV
LQIRUPDFLyQVREUHODVIXHQWHVFRQVXOWDUHO0DQXDOGH5HIHUHQFLD
/D LQIRUPDFLyQ SDUD UHDOL]DU OD HVWLPDFLyQ GH ODV HPLVLRQHV GH &2
SURFHGHQWHV GH OD DSOLFDFLyQ GH FDO SXHGH REWHQHUVH GH ODV HVWDGtVWLFDV GHO
XVR GH OD FDO R SXHGHQ GHULYDUVH GH ODV HVWDGtVWLFDV GH SURGXFFLyQ \ GH
LPSRUWDFLyQH[SRUWDFLyQ 0HWRGRORJtD/RV FiOFXORV GH ODV HPLVLRQHV GH &2 SURFHGHQWHV GH ORV VXHORV PLQHUDOHV
HVWiQ EDVDGRV HQ OD FRQWDELOL]DFLyQ GH ORV FDPELRV HQ ODV H[LVWHQFLDV GH
FDUERQRHQORVVXHORV \HQODFXELHUWDPXHUWD FRPRIXQFLyQGHORVFDPELRVHQHOXVRGHODWLHUUD\ODVSUiFWLFDVDJUtFRODV3DUDUHDOL]DUORVFiOFXORVGHORV
FDPELRV RFXUULGRV HQ ODV H[LVWHQFLDV GH FDUERQR VH XWLOL]D XQ SHUtRGR GH
LQYHQWDULR GH YHLQWH DxRV  (OOR UHTXLHUH FRQWDU FRQ XQD HVWLPDFLyQ GH OD
GLVWULEXFLyQGHORVVLVWHPDVGHXVRGHODVWLHUUDVDWHQGLHQGRDOWLSRGHVXHORVSDUD HO DxR HQ FXUVR HV GHFLU HO GHO LQYHQWDULR  \ SDUD YHLQWH DxRV DWUiV
3DUD XQ HMHPSOR GH FiOFXOR FRQVXOWDU HO 0DQXDO GH 5HIHUHQFLD  /DV
HVWLPDFLRQHVGHODVH[LVWHQFLDVGHOFDUERQRGHORVVXHORVVHEDVDQVRODPHQWH
HQ ORV  FP VXSHULRUHV GHO SHUILO GHO VXHOR  /DV FDSDV PiV SURIXQGDV GHO'LUHFWULFHVGHO,3&&SDUDORVLQYHQWDULRVGHJDVHVGHHIHFWRLQYHUQDGHURYHUVLyQUHYLVDGDHQ
/LEURGH7UDEDMR
&$0%,2'(/862'(/$7,(55$<6,/9,&8/785$

VXHOR SXHGHQ FRQWHQHU WDPELpQ FDQWLGDGHV DSUHFLDEOHV GH FDUERQR VREUH
WRGRHQHOFDVRGHORVVXHORVWURSLFDOHVSHURSRUORJHQHUDOVHYHQPXFKRPHQRVDIHFWDGDV SRU ORV FDPELRV HQ HO XVR GH ODV WLHUUDV \ ODV SUiFWLFDV GH
PDQHMR GH ODV WLHUUDV TXH ODV FDSDV VXSHULRUHV DVLPLVPR VH FXHQWD FRQPHQRVLQIRUPDFLyQVREUHODVFDSDVPiVSURIXQGDV/RVFiOFXORVGHODVHPLVLRQHVGH&2SURFHGHQWHVGHORVVXHORVRUJiQLFRVVH
OOHYDQDFDERHPSOHDQGRHVWLPDFLRQHVDQXDOHVGHODVHPLVLRQHVTXHGHSHQGHQ
GHODUHJLyQFOLPiWLFD\GHOXVRGHODWLHUUD3RUORWDQWRHVQHFHVDULRFRQWDU
FRQLQIRUPDFLyQVREUHODH[WHQVLyQDpUHDGHORVVXHORVRUJiQLFRVHPSOHDGRV
HQ HVWH PRPHQWR \ HO XVR DFWXDO GH ODV WLHUUDV  /DV WDVDV GH HPLVLyQLQGLFDGDV HQ HO PpWRGR HVWiQ EDVDGDV HQ XQ HVWXGLR GH SXEOLFDFLRQHV
FLHQWtILFDVHQWRGRHOPXQGR/RV FiOFXORV GH ODV HPLVLRQHV SURFHGHQWHV GHO DERQR FRQ FDO GH ODV WLHUUDVDJUtFRODVUHTXLHUHQVRODPHQWHGDWRVVREUHODFDQWLGDG\ SUHIHULEOHPHQWH HOWLSRGHPDWHULDODSOLFDGR&yPROOHQDUODV+RMDVGHWUDEDMR
8WLOLFHOD+2-$'(75$%$-2&$0%,2(1(/&217(1,'2'(&$5%212'(/2668(/260,1(5$/(6TXHDSDUHFHDOILQDOGHHVWHPyGXORSDUDDQRWDUORVGDWRVGHOLQYHQWDULR
6,67(0$6'(0$1(-2<862'(

3$62 (67,0$&,Ï1'(/$',675,%8&,Ï1'(/266,67(0$6'(0$1(-2<862'(/$7,(55$3257,32'(68(/2
68(/260,1(5$/(662/$0(17(3$5$/$6)$6(6,1,&,$/<),1$/'(/3(5Ë2'2'(,19(17$5,2/$67,(55$6(VWRV GHEHUiQ UHSUHVHQWDU ORV
SULQFLSDOHV WLSRV GH VLVWHPDV GH
PDQHMR GH ODV WLHUUDV HPSOHDGRV HQ
HO SDtV DVt FRPR ORV WLSRV GH
HFRVLVWHPDV TXH VH FRQYLHUWHQ D OD
DJULFXOWXUD SRU HM ERVTXH VDEDQD
SUDGHUD  R TXH VH KDQ GHULYDGR GHO
XVR DJUtFROD GH ODV WLHUUDV HQ HO
SDVDGR SRU HM WLHUUDV DEDQGRQDGDVWLHUUDV UHIRUHVWDGDV   /RV VLVWHPDV
GHEHUiQ UHIOHMDU WDPELpQ ODV
GLIHUHQFLDV HQ ODV H[LVWHQFLDV GHO
FDUERQR HQ ORV VXHORV TXH SXHGHQ
REHGHFHU D GLIHUHQFLDV HQ ODVSUiFWLFDV GH PDQHMR  3RU OR TXH
UHVSHFWD D ORV FDPELRV HQ ODVSUiFWLFDVGHPDQHMRTXHVHWUDGXFHQ
HQ FDPELRV HQ ODV H[LVWHQFLDV GH
FDUERQR D OR ODUJR GH XQ SHUtRGRUHODWLYDPHQWH SURORQJDGR HV GHFLU!  DxRV  GHEHUiQ GHILQLUVH XQR R
PiV VLVWHPDV GH VXFHVLyQ QDWXUDOSRU HM WLHUUDV DEDQGRQDGDVUHFLHQWHPHQWH WLHUUDV DEDQGRQDGDVKDFHPXFKRVDxRV  YpDVHHO3DVR (Q HO $SpQGLFH VH SUHVHQWDQHMHPSORVGHVLVWHPDVGHPDQHMR SRU
GHIHFWR SDUD ODV GLIHUHQWHV UHJLRQHV
FOLPiWLFDV'HILQLUORVWLSRVGHVLVWHPDVGHPDQHMRGHODWLHUUDTXHVHXWLOL]DUiQHQ
HOLQYHQWDULR,QGLFDUHQODFROXPQD$HO6LVWHPDGH0DQHMRGHOD7LHUUD'HEHUiQKDFHUVHWDQWDVFRSLDVGHODKRMDGHOD+2-$ '( 75$%$-2
FRPRVHDQQHFHVDULDVSDUDGDUFXHQWDGHWRGRVORVVLVWHPDVGHPDQHMRXWLOL]DGRV HQ HO LQYHQWDULR VH SUHVHQWDQ HMHPSORV HQ HO $SpQGLFH GHO/LEURGH7UDEDMR\HQOD7DEODGHO0DQXDOGH5HIHUHQFLD ,QGLFDU HQ OD FROXPQD ( OD 6XSHUILFLH GH ODV 7LHUUDV SDUD FDGD VLVWHPD
VXEGLYLGLGRSRUHOWLSRGHVXHORHQPLOORQHVGHKHFWiUHDVSDUDHODxRGH
LQYHQWDULRDFWXDO W 

6LXQVLVWHPDGHPDQHMRGHODVWLHUUDVQRH[LVWHSDUDXQWLSRHVSHFtILFRGHVXHORGHEHUiLQGLFDUVHFRQXQFHUR  $QRWDU HQ OD FROXPQD ' OD 6XSHUILFLH GH ODV 7LHUUDV SDUD HO DxR GHO
LQYHQWDULR W  HV GHFLU YHLQWH DxRV DQWHV GHO DxR GHO LQYHQWDULR HQ
FXUVR



1RWD/DVVXSHUILFLHVWRWDOHVSDUDFDGDWLSRGHVXHOR ODVXPDGHWRGRVORVVLVWHPDVGHXVRGHODWLHUUD HQHODxRW\HQHODxRWGHEHQVHU
LGpQWLFDV3DUDYHULILFDUTXHDVtVHDVHVXPDUiQODVFLIUDVGHODFROXPQD' FRUUHVSRQGLHQWHV D WRGRV ORV VLVWHPDV GH PDQHMR GH OD WLHUUD  6H
UHSHWLUi HO SURFHGLPLHQWR SDUD WRGDV ODV FLIUDV GH OD FROXPQD (  /DV'LUHFWULFHVGHO,3&&SDUDORVLQYHQWDULRVGHJDVHVGHHIHFWRLQYHUQDGHURYHUVLyQUHYLVDGDHQ/LEURGH7UDEDMR



&$0%,2'(/862'(/$7,(55$<6,/9,&8/785$

VXPDVGHODVFROXPQDV'\(GHEHUiQVHULGpQWLFDV HVGHFLULJXDOHVDOD
VXSHUILFLHWRWDOGHODVWLHUUDVHQHOLQYHQWDULR 

3$62 $6,*1$&,Ï1'(/&217(1,'2'(&$5%2123256,67(0$'(0$1(-2<862'(/$7,(55$<7,32'(
68(/2



(QHOFDVRGHORVWLSRVGHHFRVLVWHPDVQDWXUDOHVLQGLFDUHQODFROXPQD&ODV FLIUDV FRUUHVSRQGLHQWHV DO &DUERQR HQ ORV 6XHORV HQ WRQHODGDV GH&KD(QOD7DEODDSDUHFHQORVYDORUHVSRUGHIHFWR(QORVFDVRVHQTXHODDJULFXOWXUDUHSHUFXWHVREUHHOHFRVLVWHPDGHEHUiXWLOL]DUVHHQVXOXJDUOD+2-$ '( 75$%$-2 $',&,21$/ $SDUDHVWLPDUHOFDUERQRGHORVVXHORV(Q HO FDVR GH ORV VLVWHPDV HQ TXH KD\ UHSHUFXVLRQHV GH OD DJULFXOWXUD VH
HPSOHDODHFXDFLyQVLJXLHQWH&DUERQRHQORVVXHORVPDQHMDGRV &DUERQRHQORVVXHORV QDWXUDOHV[)DFWRUGHEDVH[)DFWRUGHODEUDQ]D[)DFWRUHVGHLQVXPRV

+2-$ '( 75$%$-2 $ $',&,21$/  &$5%212 (1 /26 68(/26 '( 7,(55$6$)(&7$'$6325/$$*5,&8/785$
 ,QGLFDUHQODFROXPQD$HO6LVWHPDGH0DQHMRGHOD7LHUUDLGHQWLILFDGRHQ
HO3DVRGHOD+2-$'(75$%$-2+DFHUWDQWDVFRSLDVGHOD+2-$'(75$%$-2 $ $',&,21$/ FRPRVHDQ
QHFHVDULDVSDUDGDUFXHQWDGHWRGRVORVVLVWHPDVGHPDQHMR $QRWDU HQ OD FROXPQD & HO &RQWHQLGR GH &DUERQR HQ ORV 6XHORV FRQ
9HJHWDFLyQ1DWXUDO(QOD7DEODVHSUHVHQWDQORVYDORUHVSRUGHIHFWR ,QGLFDUHQODFROXPQD'HO)DFWRUGH%DVH(QOD7DEODVHSUHVHQWDQORVYDORUHVSRUGHIHFWR $QRWDUHQODFROXPQD(HO)DFWRUGH/DEUDQ]D/RVYDORUHVSRUGHIHFWR
VHSUHVHQWDQHQOD7DEOD&XDQGRQRH[LVWDQYDORUHVSRUGHIHFWRQLGDWRVHVSHFtILFRVSDUDHOSDtVLQGLFDU

9$/25(6325'()(&72'(/26)$&725(6'(/$%5$1=$<'(,168026(Q OD 7DEOD  VH SUHVHQWDQ ORV
YDORUHV SRU GHIHFWR GH ORV )DFWRUHV
GH /DEUDQ]D \ GH ,QVXPRVDWHQGLHQGR D ODV GHILQLFLRQHV SRU
GHIHFWR GH ORV 6LVWHPDV GH 0DQHMR
GH OD 7LHUUD LQGLFDGRV  6H GHEH
VHxDODU TXH WRGDV ODV GHILQLFLRQHV
FRQWHQLGDV HQ HO $SpQGLFH SXHGHQ
VHU FODVLILFDGDV HPSOHDQGR ODVGHILQLFLRQHV SRU GHIHFWR SUHVHQWDGDVHQOD7DEOD

 $QRWDUHQODFROXPQD)ORV)DFWRUHVGH,QVXPR/RVYDORUHVSRUGHIHFWR
VHSUHVHQWDQHQOD7DEOD&XDQGRQRH[LVWDQYDORUHVSRUGHIHFWRQLGDWRVHVSHFtILFRVSDUDHOSDtVLQGLFDU 0XOWLSOLFDUORVYDORUHVHQODFROXPQDV&'(\)$QRWDUHOSURGXFWRHQ
OD FROXPQD * FRUUHVSRQGLHQWH DO &DUERQR HQ ORV 6XHORV HQ ODV 7LHUUDV$IHFWDGDVSRUOD$JULFXOWXUD $QRWDUODVFLIUDVGHODFROXPQD(HQODFROXPQD&GHOD+2-$'(75$%$-2KRMD

'LUHFWULFHVGHO,3&&SDUDORVLQYHQWDULRVGHJDVHVGHHIHFWRLQYHUQDGHURYHUVLyQUHYLVDGDHQ
/LEURGH7UDEDMR
&$0%,2'(/862'(/$7,(55$<6,/9,&8/785$

7$%/$
&217(1,'2$352;,0$'2'(&$5%212(1/2668(/26&219(*(7$&,Ï11$785$/
 721(/$'$6'(&$5%212+$3$5$81$352)81','$''(&0
6XHORVPX\DFWLYRV6XHORVSRFR
DFWLYRV6XHORVDUHQRVRV6XHORVYROFiQLFRVDQGLVROHV

6XHORV
SDQWDQRVRVDFXtTXLFRV7HPSODGDIUtD
VHFD











7HPSODGDIUtD
K~PHGD











7HPSODGDFiOLGD
VHFD











7HPSODGDFiOLGDK~PHGD











7URSLFDOVHFD











7URSLFDOK~PHGD
HVWDFLyQVHFDODUJD











7URSLFDOK~PHGDHVWDFLyQVHFDFRUWD











7URSLFDOPX\K~PHGD











5HJLyQ'LUHFWULFHVGHO,3&&SDUDORVLQYHQWDULRVGHJDVHVGHHIHFWRLQYHUQDGHURYHUVLyQUHYLVDGDHQ/LEURGH7UDEDMR



&$0%,2'(/862'(/$7,(55$<6,/9,&8/785$

7$%/$D&2(),&,(17(687,/,=$'26(1/26352&(',0,(1726'(&È/&8/2325'()(&72
6LVWHPD*6E)%

7HPSODGR&XOWLYDGRD)DFWRUGHODEUDQ]DF)DFWRUHVGHLQVXPRG

6LQOD

/DEU

/DEU

,QVXPRV,QVXPRV,QVXPRV%DUEHFKR%DUEHFKREUDQ]DUHGXF

LQWHQVUHGXF

PRGHU

HOHYDGRV

ODUJR

FRUWR





$%&'















(















3DVWRV

7RGRVORV



1'

1'

1'

PHMRUDGRVVXHORV

5HVHUYDGRV

7RGRVORV



1'

1'

1'

DxRVVXHORV

5HVHUYDGRV

7RGRVORV



1'

1'

1'

!DxRVVXHORVODUJRSOD]R&XOWLYDGRDODUJRSOD]R

7URSLFDO&XOWLYDGRD$%&'















(















$UUR]GHWLHUUD

7RGRVORV



1'

1'

1'

1'

1'

1'

DQHJDGL]DVXHORV&XOWLYRPLJUD

7RGRVORV



1'

1'

1'

1'

1'

1'

WRULR LQFOXLGRVXHORV



1'

1'

1'



1'

1'

1'

ODUJRSOD]R&XOWLYDGRDODUJRSOD]REDUEHFKR
7LHUUDV
DEDQGRQDGDV

7RGRVORVVXHORVGHJUDGDGDV
3DVWRVQR

7RGRVORV

PHMRUDGRVVXHORV

3DVWRV

7RGRVORV

PHMRUDGRVVXHORVD/DVSDUWHVVRPEUHDGDVGHODWDEODHQTXHQRDSDUHFHQIDFWRUHVGHODEUDQ]D\GHLQVXPRVLQGLFDQFDVRVHQTXHHVRVIDFWRUHVQRUHVXOWDQDSOLFDEOHV
DXQVLVWHPDGHPDQHMR(QORVFDVRVHQTXHQRVHKDQGHWHUPLQDGR 1' ORVIDFWRUHVGHODEUDQ]DRGHLQVXPRVHOORREHGHFLyDTXHODLQIRUPDFLyQ
HUDLQVXILFLHQWHSDUDLUPiVDOOiGHODHVWLPDFLyQGHXQIDFWRUGHEDVH
*6*UXSRGH6XHOR)%

E
*UXSRVGHVXHORV$)DFWRUGH%DVH5HGXF

0X\DFWLYRV%

5HGXFLGR0RGHU

3RFRDFWLYRV&0RGHUDGR$UHQRVRV'9ROFiQLFRV($FXtTXLFRVF6HGDSRUVXSXHVWR TXH HO QR HPSOHR GH ODEUDQ]D DXPHQWD HO FRQWHQLGR GH & GHO VXHOR HQ FRPSDUDFLyQ FRQ OD ODEUDQ]D LQWHQVLYD LQYHUVLyQ WRWDO
GHO VXHOR   6H GD SRU VXSXHVWR TXH OD ODEUDQ]D UHGXFLGD SRU HM FRQVLGHUDEOH SHUWXUEDFLyQ GH ORV VXHORV SHUR VLQ LQYHUVLyQ  SURGXFH SHTXHxRVDXPHQWRVHQFRPSDUDFLyQFRQODODEUDQ]DLQWHQVLYDG/RVIDFWRUHVGHLQVXPRVHDSOLFDQDORVQLYHOHVGHUHVLGXRV\DODSURYHFKDPLHQWR GH ORV UHVLGXRV D OD XWLOL]DFLyQ GH VLHPEUDV GH SURWHFFLyQ FDSDYHJHWDODJURVLOYLFXOWXUDODIUHFXHQFLDGHOEDUEHFKRQHJURHQVLVWHPDVWHPSODGRV VHPLiULGRV  (O QLYHO UHGXFLGR GH LQVXPRV FRUUHVSRQGH D ODV ]RQDV
HQ TXH ORV UHVLGXRV GH ODV FRVHFKDV VH UHWLUDQ R VH TXHPDQ R VH XWLOL]D EDUEHFKR QHJUR HO QLYHO PRGHUDGR GH LQVXPRV D ODV ]RQDV HQ TXH
SHUPDQHFHQ HQ ORV FDPSRV ORV UHVLGXRV GH ODV FRVHFKDV HO QLYHO HOHYDGR GH LQVXPRV VH DSOLFD D DTXHOODV ]RQDV HQ TXH ORV UHVLGXRV DxDGLGRV VH
DXPHQWDQ FRQVLGHUDEOHPHQWH FRQ OD DGLFLyQ GH FXELHUWD RUJiQLFD DERQRV YHJHWDOHV R PD\RU SURGXFFLyQ GH UHVLGXRV GH ODV FRVHFKDV   R OD
DGLFLyQFRQUHJXODULGDGGHYRO~PHQHVHOHYDGRVGHHVWLpUFRO  HQFRPSDUDFLyQFRQHOFDVRQRPLQDO SURPHGLR 'LUHFWULFHVGHO,3&&SDUDORVLQYHQWDULRVGHJDVHVGHHIHFWRLQYHUQDGHURYHUVLyQUHYLVDGDHQ
/LEURGH7UDEDMR
&$0%,2'(/862'(/$7,(55$<6,/9,&8/785$

3$62 &È/&8/2'(/$6(0,6,21(6$18$/(61(7$6'(/2668(/26
0,1(5$/(668(/2625*È1,&26620(7,'26$

0XOWLSOLFDUODFLIUDGHO&DUERQRHQORV6XHORVTXHDSDUHFHHQODFROXPQD&SRUODGHOD6XSHUILFLHGHODV7LHUUDVLQGLFDGDHQODFROXPQD'$QRWDU
HVHYDORUHQODFROXPQD)



0XOWLSOLFDUODFLIUDGHO&DUERQRHQORV6XHORVHQODFROXPQD&SRUODGH
OD 6XSHUILFLH GH ODV 7LHUUDV HQ OD FROXPQD(  $QRWDU HO SURGXFWR HQ OD
FROXPQD*

5HVWDU ODV FLIUDV GH OD FROXPQD ) GH ODV GH OD FROXPQD *  ,QGLFDU HO
UHVXOWDGRHQODFROXPQD+&DPELR1HWRHQHO&DUERQRGHORV6XHORV0LQHUDOHVSDUDFDGDXQRGHORVXVRVGHODVWLHUUDV\FDGDWLSRGHVXHOR/RVYDORUHVQHJDWLYRVUHSUHVHQWDQSpUGLGDVQHWDVGHFDUERQR\ ORV YDORUHV SRVLWLYRV UHSUHVHQWDQ DXPHQWRV QHWRV GHO
FDUERQRDOPDFHQDGR

6XPDUODVFLIUDVGHODFROXPQD+SDUDWRGRVORVVLVWHPDVGHPDQHMRGHOD
WLHUUDHLQGLFDUHVHYDORUHQODSDUWHLQIHULRUGHODFROXPQD+

3$62 &È/&8/2'(/$6(0,6,21(6$18$/(6352&('(17(6'(/26
68(/2625*È1,&26

862,17(16,92/DV HPLVLRQHV GH &2 SURFHGHQWHVGHORVVXHORVRUJiQLFRVVH WRPDQ HQ
FXHQWD VRODPHQWH HQ HO FDVR GH ORV
VXHORV TXH VH HQFXHQWUDQ VRPHWLGRVDFWXDOPHQWH D XVR LQWHQVLYR SDUD OD
SURGXFFLyQ GH FRVHFKDV R SODQ
WDFLRQHV IRUHVWDOHV 1R GHEHQ
LQFOXLUVH HQ HO LQYHQWDULR ORV VXHORVRUJiQLFRVFRPSUHQGLGRVHQORVWLSRVGH HFRVLVWHPDV QDWXUDOHV FX\R
FRQWHQLGR GH & SUREDEOHPHQWH HV
HVWDEOHRYDHQDXPHQWR ,QGLFDUOD6XSHUILFLHGHODV7LHUUDV HQKHFWiUHDV FRUUHVSRQGLHQWHDORVVXHORV RUJiQLFRV HQ OD FROXPQD $ GH OD +2-$ '( 75$%$-2  KRMD 
SDUD OD ]RQD FOLPiWLFD GHO FDVR ODV ]RQDV FOLPiWLFDV VH GHILQHQ HQ HO$SpQGLFH \HOXVRGHORVVXHORV$QRWDU HQ OD FROXPQD % OD 7DVD $QXDO GH 3pUGLGD  (Q OD 7DEOD  VH
SUHVHQWDQ ORV YDORUHV SRU GHIHFWR  'HEHUi XWLOL]DUVH LQIRUPDFLyQ
HVSHFtILFDSDUDHOSDtVFXDQGRHVWpGLVSRQLEOH

0XOWLSOLFDUOD6XSHUILFLHGHODV7LHUUDVHQODFROXPQD$SRUOD7DVD$QXDO
GH3pUGLGDHQODFROXPQD%\DQRWDUHOSURGXFWRHQODFROXPQD&

6XPDU ODV FLIUDV GH OD FROXPQD & \ DQRWDU HO UHVXOWDGR HQ OD SDUWH
LQIHULRUGHODFROXPQD

3$62 &È/&8/2'(/$6(0,6,21(6$18$/(6352&('(17(6'(/$%21$'2&21&$/'(/2668(/26$*5Ë&2/$6

,QGLFDUOD&DQWLGDG7RWDO$QXDOGH&DO HQWRGRHOSDtV HQODFROXPQD$GHOD+2-$ '( 75$%$-2 KRMDDWHQGLHQGRDOWLSRGHFDO  6L QR VH
FXHQWDFRQLQIRUPDFLyQVREUHHOWLSRGHFDODSOLFDGRVHGDSRUVXSXHVWR
TXHODWRWDOLGDGGHODFDOHVFDUERQDWRFiOFLFR &D&2 



0XOWLSOLFDUODVFLIUDVGHODFROXPQD$SRUORV)DFWRUHVGH&RQYHUVLyQGH&DUERQRHQODFROXPQD%\DQRWDUHOSURGXFWRHQODFROXPQD&

6XPDU ODV FLIUDV GH OD FROXPQD & H LQGLFDU HO UHVXOWDGR HQ OD SDUWH
LQIHULRUGHODFROXPQD

'LUHFWULFHVGHO,3&&SDUDORVLQYHQWDULRVGHJDVHVGHHIHFWRLQYHUQDGHURYHUVLyQUHYLVDGDHQ/LEURGH7UDEDMR



&$0%,2'(/862'(/$7,(55$<6,/9,&8/785$

3$62 (67,0$&,Ï1'(/727$/'((0,6,21(61(7$6'(/2668(/26,QGLFDU HQ OD FROXPQD $ SULPHUD ILOD  HO &DPELR 1HWR 7RWDO HQ HO&DUERQR GH ORV 6XHORV 0LQHUDOHV GH WRGDV ODV +2-$6 '( 75$%$-2 KRMD$QRWDU HQ OD FROXPQD $ VHJXQGD ILOD  OD 3pUGLGD 1HWD 7RWDO GH ORV
6XHORV2UJiQLFRVGHWRGDVODV+2-$6'(75$%$-2KRMD,QGLFDU HQ OD FROXPQD $ WHUFHUD ILOD  ODV (PLVLRQHV GH &DUERQR
SURFHGHQWHVGHO$ERQDGRFRQ&DOWRPDGDVGHOD+2-$ '( 75$%$-2
KRMD

0XOWLSOLFDUODVFLIUDVGHODFROXPQD$SRUORV)DFWRUHVGH&RQYHUVLyQGH
8QLGDGHVHQODFROXPQD%SDUDREWHQHUHO7RWDO$QXDOGH(PLVLRQHVGH&DUERQRHQJLJDJUDPRVSRUDxR$QRWDUHVDVFLIUDVHQODFROXPQD&

6H GHEH VHxDODU TXH GHEHUi FRSLDUVH HO VLJQR H[SOtFLWR SRU
HMR SDUDHOFDPELRHQODVH[LVWHQFLDVGHFDUERQRHQORVVXHORVPLQHUDOHVLQGLFDGRHQOD+2-$'(75$%$-2KRMD

0XOWLSOLFDUFDGDXQDGHODVFLIUDVGHODFROXPQD&SRU\DQRWDUHOUHVXOWDGRHQODFROXPQD'

6XPDUWRGDVODVFLIUDVGHODFROXPQD'HLQGLFDUHOUHVXOWDGRHQODSDUWH
LQIHULRUGHODFROXPQDSDUDREWHQHUHO7RWDO$QXDOGH(PLVLRQHV QHWDV
GH&2GHORVVXHORVDIHFWDGRVSRUODDJULFXOWXUD

7$%/$
9$/25(6325'()(&723$5$/$3e5','$'(&$5%212
'(/2668(/2625*È1,&26

8VRDJUtFRODGHORVVXHORVRUJiQLFRV

7DVDDQXDOGHSpUGLGD
0J&KDDxR

7HPSODGRVIUHVFRV&RVHFKDVGHWLHUUDDOWD



3UDGHUDVERVTXHV

7HPSODGRVFiOLGRV&RVHFKDVGHWLHUUDDOWD



3UDGHUDVERVTXHV

7URSLFDOHV&RVHFKDVGHWLHUUDDOWD



3UDGHUDVERVTXHV'LUHFWULFHVGHO,3&&SDUDORVLQYHQWDULRVGHJDVHVGHHIHFWRLQYHUQDGHURYHUVLyQUHYLVDGDHQ
/LEURGH7UDEDMR




&$0%,2'(/862'(/$7,(55$<6,/9,&8/785$$SpQGLFH'HILQLFLRQHVSRUGHIHFWRGHORVVLVWHPDVGHPDQHMR\XVRGH
ODWLHUUD7(03/$'2)5Ë26(&2&DUDFWHUL]DGR SRU XQD WHPSHUDWXUD PHGLD DQXDO 70$  GH 
 & \ SUHFLSLWDFLyQ DQXDO LQIHULRU D OD HYDSRWUDQVSLUDFLyQ  /D
SURGXFFLyQGHFRVHFKDVHVWiOLPLWDGDSRUHOVXPLQLVWURLQVXILFLHQWHGHDJXD\SRUXQDHVWDFLyQGHFUHFLPLHQWRUHODWLYDPHQWHFRUWDHLQYLHUQRVFUXGRVTXH
OLPLWDQ OD VHOHFFLyQ GH FXOWLYRV  ,QFOX\H ODV ]RQDV VLJXLHQWHV SRUFLyQ
VHSWHQWULRQDO GH ORV *UDQGHV /ODQRV GH OD $PpULFD GHO 1RUWH \H[WHQVDV]RQDVHQ$VLDFHQWUDO\RULHQWDOD  3DVWL]DOHV QR PHMRUDGRV  SUDGHUDV D PHQXGR GRPLQDGDV SRU HVSHFLHVQDWLYDVXWLOL]DGDVSDUDHOSDVWRUHRGHJDQDGR SULQFLSDOPHQWHYDFXQR FRQ
LQWHQVLGDGUHODWLYDPHQWHEDMD3RUORJHQHUDOUHFLEHQVRODPHQWHDSRUWHVPtQLPRVSDUDDXPHQWDUVXIHUWLOLGDGRFRQWURODUODVSODJDVE  &HUHDOHV SHTXHxRV FRQ SHUtRGR GH EDUEHFKR HQ HO YHUDQR SUHGRPLQDQORVFXOWLYRVDQXDOHVGHSULPDYHUD SRUHMWULJRFHEDGDOLQR\VHPLOODGHFRO]DFDQROD  FXOWLYDGRV HQ VHFXHQFLD FRQ EDUEHFKR SHULyGLFR HQ HO
YHUDQR SUiFWLFD XWLOL]DGD SDUD UHSRQHU OD KXPHGDG \ ORV QXWULHQWHV GHO
VXHORTXHVXSRQHGHMDUODWLHUUDVLQ VHPEUDU GXUDQWH WRGD XQD HVWDFLyQ
GHFUHFLPLHQWRFRQWUROiQGRVHODPDOH]DFRQODODEUDQ]D\RODDSOLFDFLyQ
GH KHUELFLGDV   3RU OR JHQHUDO ORV VXHORV UHFLEHQ VRODPHQWH DSRUWHVUHGXFLGRVGHQXWULHQWHV\RWURVIHUWLOL]DQWHVF  &HUHDOHV SHTXHxRV FRQ FXOWLYR FRQWLQXR  ODEUDQ]D WUDGLFLRQDO
SUHGRPLQDQ ORV FXOWLYRV DQXDOHV GH SULPDYHUD WDQWR HQ PRQRFXOWLYRFRPR HQ GLIHUHQWHV FRPELQDFLRQHV LQFOXLGR WULJR FHEDGD DYHQD OLQR
FDQROD FHQWHQR PRVWD]D OHQWHMDV \ JXLVDQWHV   /RV FXOWLYRV FRQWLQXRVUHTXLHUHQXQPD\RUDSRUWHGHQXWULHQWHVTXHORVVLVWHPDVGHFXOWLYRFRQ
SHUtRGR GH EDUEHFKR HQ HO YHUDQR  (O FRQWURO GH OD PDOH]D VH REWLHQH
FRQKHUELFLGDV GXUDQWHODHVWDFLyQGHFUHFLPLHQWR HQFRPELQDFLyQFRQODODEUDQ]DHQODSULPDYHUD\RHORWRxRG  &HUHDOHV SHTXHxRV FRQ FXOWLYR FRQWLQXR  VLQ ODEUDQ]D SUHGRPLQDQ ORV
FXOWLYRVDQXDOHVGHSULPDYHUDWDQWRHQPRQRFXOWLYRFRPRHQGLIHUHQWHVFRPELQDFLRQHV LQFOXLGRV WULJR FHEDGD DYHQD OLQR FDQROD FHQWHQR
PRVWD]DOHQWHMDV\JXLVDQWHV (OFXOWLYRFRQWLQXRUHTXLHUHPD\RUDSRUWH
GH QXWULHQWHV TXH ORV VLVWHPDV GH FXOWLYR FRQ SHUtRGR GH EDUEHFKRGXUDQWH HO YHUDQR /D PDOH]D VH FRQWURODQ VRODPHQWH FRQ HO HPSOHR GH
KHUELFLGDV\ODVFRVHFKDVVHVLHPEUDQVLQODEUDQ]DSUHYLDGLUHFWDPHQWHHQ
ORVUHVLGXRVGHODFRVHFKDDQWHULRUTXHSHUPDQHFHQHQORVFDPSRV
H  &HUHDOHV SHTXHxRVURWDFLyQ GH SODQWDV IRUUDMHUDV SUHGRPLQDQ ODV
HVSHFLHV SHUHQQHV GH KLHUEDV R OHJXPLQRVDV LQWHUUXPSLGDVSHULyGLFDPHQWHSRUYDULDVFRVHFKDVDQXDOHVFRQVHFXWLYDV SRUORJHQHUDOFHUHDOHVRVHPLOODVROHDJLQRVDVVHPEUDGRVHQODSULPDYHUD /DGXUDFLyQ
GHXQSHUtRGRWtSLFRGHURWDFLyQ SXHGH RVFLODU HQWUH FLQFR \ GLH] DxRV&RPR HVWH VLVWHPD VH XWLOL]D IUHFXHQWHPHQWH FRQMXQWDPHQWH FRQ OD
SURGXFFLyQ GH JDQDGR SRGUtDQ UHFXSHUDUVH HQ HO HVWLpUFRO FDQWLGDGHVFRQVLGHUDEOHVGHQXWULHQWHV'LUHFWULFHVGHO,3&&SDUDORVLQYHQWDULRVGHJDVHVGHHIHFWRLQYHUQDGHURYHUVLyQUHYLVDGDHQ
/LEURGH7UDEDMR
&$0%,2'(/862'(/$7,(55$<6,/9,&8/785$

I  +HQRSDVWRVPHMRUDGRVSUHGRPLQDQODVHVSHFLHVSHUHQQHVGHJUDPtQHDV\OHJXPLQRVDVPDQWHQLGDVGXUDQWHSHUtRGRVSURORQJDGRVSULQFLSDOPHQWH
FRPR IRUUDMH /DV SODQWDV IRUUDMHUDV VRQ JHQHUDOPHQWH HVSHFLHV QR
DXWyFWRQDV LQWURGXFLGDV GHELGR D VX SURGXFWLYLGDG FRPSDUDWLYDPHQWH
HOHYDGD
J  3UDGHUDV GH VXFHVLyQ QRUPDO WLHUUDV SUHYLDPHQWH FXOWLYDGDV TXH VH KDQ
FRQYHUWLGRQXHYDPHQWHHQSUDGHUDVSHURTXHWRGDYtDQRKDQDOFDQ]DGRODV FDUDFWHUtVWLFDV GH ORV SDVWL]DOHV QDWXUDOHV  3RU OR JHQHUDO HVWi
HVWDEOHFLGDXQD~QLFDHVSHFLHRPH]FODGHJUDPtQHDVFRPRUHVXOWDGRGHO
DEDQGRQR GH ODV WLHUUDV R GHELGR D OD HMHFXFLyQ GH XQ SURJUDPDJXEHUQDPHQWDOHQPXFKRVFDVRVGHVWLQDGRDORJUDUODHVWDELOL]DFLyQGHODVWLHUUDV HPSREUHFLGDV R OD UHGXFFLyQ GH ODV VXSHUILFLHV FXOWLYDGDV VL KD
KDELGRH[FHGHQWHVGHSURGXFFLyQK  6LVWHPDV GH FXOWLYRV GH UHJDGtR SRU OR JHQHUDO LQFOX\HQ JUDQ GLYHUVLGDG
GH FXOWLYRV GH YDORU UHODWLYDPHQWH HOHYDGR DGDSWDGRV D HVWDFLRQHV GH
FUHFLPLHQWR FRUWDV LQFOXLGRV VHPLOODV ROHDJLQRVDV \ FHUHDOHV VHPEUDGRVHQODSULPDYHUDSODQWDVIRUUDMHUDVGHHOHYDGRYDORU\OHJXPEUHV SRUHMSDSDVWXEpUFXORV\KRUWDOL]DV 'HELGRDOHOHYDGRFRVWRGHOUHJDGtRORV
VLVWHPDVGHFXOWLYRYDQDFRPSDxDGRVJHQHUDOPHQWHGHXQHOHYDGRDSRUWH
GH QXWULHQWHV \ RWUDV VXVWDQFLDV IHUWLOL]DQWHV SDUD PD[LPL]DU HO
UHQGLPLHQWR\ODFDOLGDGGHODFRVHFKD7(03/$'2)5Ë2+Ó0('2&DUDFWHUL]DGRSRUXQD70$ &\SUHFLSLWDFLyQDQXDOFHUFDQD
R VXSHULRU D OD HYDSRWUDQVSLUDFLyQ  /D SURGXFFLyQ GH FRVHFKDV HVWi
OLPLWDGD SRU OD FRUWD HVWDFLyQ GH FUHFLPLHQWR \ ORV LQYLHUQRV UHODWLYDPHQWH
FUXGRV/DWHPSHUDWXUDQRVHSUHVWDSDUDHOFXOWLYRGHJUDQRVIRUUDMHURVTXH
UHTXLHUHQ WHPSHUDWXUDV FiOLGDV FRPR HO PDt] \ OD VR\D OD SURGXFFLyQ HVWi
GRPLQDGD SRU FHUHDOHV SHTXHxRV SODQWDV IRUUDMHUDV \ WXEpUFXORV  ,QFOX\HODPD\RUtDGHORVSDtVHVHVFDQGLQDYRV)LQODQGLD\SDUWHVGH5XVLD\$PpULFDGHO1RUWH
D  %RVTXH OD YHJHWDFLyQ QDWXUDO LQFOX\H ERVTXHV GH HVSHFLHV FDGXFLIROLDV \WDLJD ERVTXH GH FRQtIHUDV  D PHQXGR LQWHUFDODGRV FRQ KXPHGDOHVWXUEHUDV  6XHORV UHODWLYDPHQWH UHFLHQWHV SURGXFWR GH OD JODFLDFLyQPXFKRVGHHOORViFLGRVFRQXQDHVSHVDFDSDGHFXELHUWDPXHUWD VXHORVSRGVyOLFRV 
E  0RQRFXOWLYRGHFHUHDOHVSHTXHxRVFXOWLYRVDQXDOHVHQTXHSUHGRPLQDHOWULJRSHURWDPELpQKD\FHEDGDDYHQDFHQWHQR\VHPLOODGHFRO]D FDQROD 
6HHPSOHDQRUPDOPHQWHODEUDQ]DLQWHQVLYD DUDGR (PSOHRJHQHUDOPHQWH
HOHYDGR GH IHUWLOL]DQWHV REWHQLpQGRVH FRVHFKDV DEXQGDQWHV TXH RVFLODQHQWUH\WKD(QDOJXQDV ]RQDV SRFR LPSRUWDQWHV SXHGH HPSOHDUVH
WRGRXQDxRGHEDUEHFKRQHJURDLQWHUYDORVLUUHJXODUHVHQHOSDVDGRVH
XWLOL]DED PiV FRP~QPHQWH SDUD FRQWURODU OD PDOH]D DQWHV GH OD
LQWURGXFFLyQGHORVKHUELFLGDV F  5RWDFLyQGHFHUHDOHVHVSHFLHVSHUHQQHVGHSODQWDVIRUUDMHUDVVHFXOWLYDQFHUHDOHVSHTXHxRV\VHPLOODGHFRO]DURWiQGRORVFRQJUDPtQHDVIRUUDMHUDV\ OHJXPLQRVDV DVt FRPR WXEpUFXORV  (V WtSLFR GH H[SORWDFLRQHVDJURSHFXDULDVTXHLQFOX\HQSURGXFFLyQGHOHFKHG  3DVWL]DOHV SHUPDQHQWHV GHVWLQDGRV DO SDVWRUHR \R D OD SURGXFFLyQ GH
KHQR  3RU OR JHQHUDO ORV VXHORV R ODV ]RQDV FOLPiWLFDV QR UHVXOWDQ'LUHFWULFHVGHO,3&&SDUDORVLQYHQWDULRVGHJDVHVGHHIHFWRLQYHUQDGHURYHUVLyQUHYLVDGDHQ/LEURGH7UDEDMR



&$0%,2'(/862'(/$7,(55$<6,/9,&8/785$

DSURSLDGRVSDUDODSURGXFFLyQGHFXOWLYRVLQWHQVLYRV VRQFRPXQHVHQODV]RQDVVHSWHQWULRQDOHVGHORVSDtVHVHVFDQGLQDYRV\)LQODQGLD 
H  3UDGHUDV\WLHUUDVUHVHUYDGDVSDUDERVTXHVOD VXSHUILFLH GH ODV SUDGHUDVIOXFW~D FRQVLGHUDEOHPHQWH GH XQ DxR D RWUR GHELGR D ODV YDULDFLRQHV HQ
ODVSROtWLFDVGHORVVXEVLGLRV/DURWDFLyQGHERVTXHVDFRUWRSOD]R SDUDREWHQFLyQGHHQHUJtDGHELRPDVDVHHVWiLQFUHPHQWDQGR7(03/$'2&È/,'26(&2(QHVWD]RQDODVWHPSHUDWXUDVPHGLDVDQXDOHVGHODHVWDFLyQGH
FUHFLPLHQWR RVFLODQ QRUPDOPHQWH HQWUH  \  & VLHQGR OD
SUHFLSLWDFLyQ DQXDO JHQHUDOPHQWH LQIHULRU D  PP LQFOX\H ORV
FOLPDVFRQWLQHQWDO\PHGLWHUUiQHR$EDUFDODVSULQFLSDOHV]RQDVSURGXFWRUDV GH FHUHDOHV \ JDQDGR HQ ORV *UDQGHV /ODQRV \ HO
1RURHVWH GH ORV (VWDGRV 8QLGRV ODV UHJLRQHV PHGLWHUUiQHDV HQ$XVWUDOLD(XURSD\6XGiIULFD\ODIDMDVHPLiULGDTXHVHH[WLHQGH
DORODUJRGHOVXUGH5XVLD$VLDFHQWUDO\&KLQD
D  3DVWL]DOHV SDUD SDVWRUHR SUDGHUDV QR PHMRUDGDV HQ TXH SUHGRPLQDQQRUPDOPHQWH HVSHFLHV QDWLYDV TXH VLUYHQ GH VXVWHQWR SDUD HO JDQDGRYDFXQR\RYLQR FRQXQDLQWHQVLGDGFRPSDUDWLYDPHQWHEDMD&DVLQXQFD
VHHPSOHDQIHUWLOL]DQWHVQLFRQWUROGHSODJDVE  &HUHDOHV SHTXHxRV FRQ SHUtRGR GH EDUEHFKR HQ HO YHUDQR R FRQ
SHUtRGR ODUJR GH EDUEHFKR  SUHGRPLQDQ ORV FHUHDOHV SHTXHxRVJHQHUDOPHQWH WULJR GH HOHYDGR YDORU  FRQ XQ SHUtRGR GH XQ DxR GH
EDUEHFKR QHJUR SDUD ORJUDU OD UHSRVLFLyQ GHO FRQWHQLGR GH KXPHGDG GH
ORV VXHORV \ GH ORV QXWULHQWHV  (VD SUiFWLFD HVWi PiV H[WHQGLGD HQ ODV]RQDVPiVVHFDVHVGHFLUGRQGHODSUHFLSLWDFLyQDQXDOHVLQIHULRUD
PP/DPDOH]DVHFRQWURODQFRQ OD ODEUDQ]D OD DSOLFDFLyQ GH KHUELFLGDVTXH YD HQ DXPHQWR FXDQGR QR VH XWLOL]D ODEUDQ]D  \ HO SDVWRUHR GH
DQLPDOHV SRU HM RYHMDV HQ $XVWUDOLD   (O DSRUWH GH QXWULHQWHV \ RWURVIHUWLOL]DQWHV QRUPDOPHQWH HV EDMR HQ FRPSDUDFLyQ FRQ FXOWLYRV PiV
FRQWLQXRV\ODHURVLyQ\ODGHJUDGDFLyQGHORVVXHORVSXHGHQVHUHOHYDGDVGHELGRDOODUJRSHUtRGRGHEDUEHFKRQHJUR
F  &HUHDOHV SHTXHxRVOHJXPLQRVDV FRQ SHUtRGR GH EDUEHFKR HQ HO YHUDQR
6HFXOWLYDQOHJXPLQRVDVFRPRJDUEDQ]RVRJXLVDQWHVDOWUDPX]\KDEDVHQ
URWDFLyQ FRQ FHUHDOHV (VWH VLVWHPD UHTXLHUH XQ PHQRU DSRUWH GH
IHUWLOL]DQWHTXHORVFHUHDOHVSHTXHxRVGHELGRVRODPHQWHDODILMDFLyQGH1
SRUODVOHJXPEUHV(OSRWHQFLDOGHSpUGLGDGHVXHORVGHELGRDODHURVLyQ
DXPHQWD QRUPDOPHQWH GHVSXpV GH OD FRVHFKD GH OHJXPEUHV FRPR ORV
JXLVDQWHV\ORVJDUEDQ]RVSRUTXHHOYROXPHQGHODFXELHUWDGHUHVLGXRVHV
LQIHULRUDOGHRWURVFXOWLYRVG  &HUHDOHV SHTXHxRV FRQ FXOWLYR FRQWLQXR  ODEUDQ]D WUDGLFLRQDO ,QFOX\HFHUHDOHVSHTXHxRVHQPRQRFXOWLYR WULJRFHEDGD DXQTXHVHLQFUHPHQWD
ODXWLOL]DFLyQGH URWDFLRQHV PiV GLYHUVLILFDGDV SRU HM WULWLFDOH PRVWD]D
FDQROD JLUDVRO PDt] VRUJR \ PLOOR   (VWRV VLVWHPDV UHTXLHUHQ PD\RUDSRUWH GH QXWULHQWHV \ VRQ PiV IUHFXHQWHV HQ ]RQDV GH PD\RU
SUHFLSLWDFLyQ !PP 
H  &HUHDOHVSHTXHxRVFRQFXOWLYRFRQWLQXRVLQODEUDQ]D&XOWLYRVVLPLODUHVD ORV LQGLFDGRV VXSUD SDUD VLVWHPDV FRQ ODEUDQ]D WUDGLFLRQDO SHUR OD
ODEUDQ]DSXHGHDXPHQWDUODHILFLHQFLDGHODXWLOL]DFLyQGHODJXD\DPSOLDUHOXVRGHUHJtPHQHVGHFXOWLYRPiVFRQWLQXRDODViUHDVTXHUHFLEHQPHQRV'LUHFWULFHVGHO,3&&SDUDORVLQYHQWDULRVGHJDVHVGHHIHFWRLQYHUQDGHURYHUVLyQUHYLVDGDHQ
/LEURGH7UDEDMR
&$0%,2'(/862'(/$7,(55$<6,/9,&8/785$

SUHFLSLWDFLyQ  /RV QLYHOHV PiV HOHYDGRV GH UHVLGXRV VXSHUILFLDOHVFRQWULEX\HQDFRQWURODUODHURVLyQI  &HUHDOHVSHTXHxRVFRQKHQRSDVWRVPHMRUDGRV/DURWDFLyQWtSLFDSXHGH
LQFOXLU XQR R PiV DxRV FRQVHFXWLYRV GH SDVWRV DQXDOHV VHPEUDGRV R GH
KHQR  3XHGH LQFOXLU WDPELpQ XQ ODUJR SHUtRGR GH EDUEHFKR DQWHV GH OD
IDVHGHOFXOWLYRGHFHUHDOHV6LQHPEDUJRHVDSUiFWLFDYDGHVDSDUHFLHQGR\VXXVRVHYHUHVWULQJLGRDODVUHJLRQHVFRQFXOWLYRVPDUJLQDOHV  6H KD
REVHUYDGR TXH ORV QLYHOHV GH FDUERQR RUJiQLFR DXPHQWDQ PX\
FRQVLGHUDEOHPHQWH DO LJXDO TXH OD HVWDELOLGDG WRWDO HQ SDVWL]DOHV FRQ
EXHQDVSUiFWLFDVGHPDQHMR6HKDQHPSOHDGRURWDFLRQHV FRQ GRV DxRVGH FHUHDOHV \  DxRV GH SDVWRV SHUR SRU OR JHQHUDO QR KDQ UHVXOWDGR
HFRQyPLFDVJ  3UDGHUDV GH VXFHVLyQ QDWXUDO WLHUUDV SUHYLDPHQWH FXOWLYDGDV TXH VH KDQ
FRQYHUWLGRQXHYDPHQWHHQSUDGHUDVSHURTXHWRGDYtDQRKDQDOFDQ]DGRODV FDUDFWHUtVWLFDV GH ORV SDVWL]DOHV QDWXUDOHV  3RU OR JHQHUDO HVWi
HVWDEOHFLGD XQD VROD HVSHFLH R XQD PH]FOD GH JUDPtQHDV GHELGR DO
DEDQGRQR GH ODV WLHUUDV R IUXWR GH OD HMHFXFLyQ GH XQ SURJUDPDJXEHUQDPHQWDO JHQHUDOPHQWH GHVWLQDGR D ORJUDU OD HVWDELOL]DFLyQ GH ODV
WLHUUDV VXMHWDV D GHJUDGDFLyQ R OD UHGXFFLyQ GH ODV VXSHUILFLHV FXOWLYDGDVFXDQGRKDKDELGRH[FHGHQWHVGHSURGXFFLyQK  6LVWHPDVGHFXOWLYRVGHUHJDGtRSXHGHQLQFOXLUJUDQGLYHUVLGDGGHFXOWLYRVDILQHV LQFOXLGRV ORV SULQFLSDOHV FXOWLYRV H[WHQVLYRV PDt] WULJR DUUR] \DOJRGyQ DVtFRPRSURGXFWRVKRUWHQVHVGHHOHYDGRYDORU/RVVLVWHPDVGH FXOWLYR QRUPDOPHQWH LQFOX\HQ XQ HOHYDGR DSRUWH GH QXWULHQWHV \ GH
RWURV IHUWLOL]DQWHV SDUD PD[LPL]DU HO UHQGLPLHQWR \ OD FDOLGDG GH OD
FRVHFKD
7(03/$'2&È/,'2+Ó0('2(Q HVWD ]RQD ODV WHPSHUDWXUDV PHGLDV DQXDOHV GXUDQWH OD
HVWDFLyQGHFUHFLPLHQWRRVFLODQQRUPDOPHQWHHQWUH\ &\OD
SUHFLSLWDFLyQDQXDOHVFHUFDQDRVXSHULRUDODHYDSRWUDQVSLUDFLyQ
SRWHQFLDO/RVVXHORVGHHVWDUHJLyQLQFOX\HQVXHORVUHFLHQWHVUHVXOWDGRGHODDFWLYLGDGGHORVJODFLDUHVTXHVHDOODQDQJUDGXDOPHQWHHQVXHORVPXFKRPiVHURVLRQDGRV HQ UHJLRQHV PiV FiOLGDV ODWLWXGHV LQIHULRUHV  (VWD ]RQD HVWi
GRPLQDGD SRU VLVWHPDV DJUtFRODV FRQ SUiFWLFDV GH PDQHMR LQWHQVLYRVXPDPHQWH SURGXFWLYRV  ,QFOX\H ODV ODWLWXGHV FHQWUDOHV GH (XURSDRFFLGHQWDO\RULHQWDOHOVXUHVWHGH5XVLDSDUWHVGH&KLQD&RUHD-DSyQ ODV UHJLRQHV FHQWUDO \ RFFLGHQWDO GH ORV (VWDGRV 8QLGRV \SDUWHVGH$XVWUDOLD1XHYD=HODQGLD\$PpULFDGHO6XU
D  %RVTXH HO HFRVLVWHPD QDWXUDO GRPLQDQWH HV HO ERVTXH WHPSODGR GH
HVSHFLHV FDGXFLIROLDV DVt FRPR DOJXQDV ]RQDV GH SUDGHUDV K~PHGDV \ERVTXHV WHPSODGRV GH FRQtIHUDV VREUH WRGR HQ SXQWRV GRQGH ORV
LQFHQGLRV VRQ IUHFXHQWHV  (Q HVWD ]RQD ODV SUDGHUDV QDWXUDOHV KDQ VLGR
FRQYHUWLGDV FDVL H[FOXVLYDPHQWH D DJULFXOWXUD SHUPDQHQWH DO LJXDO TXH
JUDQGHV ]RQDV GH WLHUUDV HQ HO SDVDGR ERVFRVDV  $VLPLVPR VXSHUILFLHV
FRQVLGHUDEOHVGH]RQDVHQHOSDVDGRFXOWLYDGDVKDQVLGRDEDQGRQDGDV\VH
KDQ FRQYHUWLGR QXHYDPHQWH HQ ERVTXHV VREUH WRGR HQ ORV (VWDGRV8QLGRVE  3DVWL]DOHVKHQR SDVWL]DOHV SHUPDQHQWHV GHVWLQDGRV DO SDVWRUHR \R
FXOWLYDGRV SDUD REWHQHU KHQR  3XHGHQ RFXSDU JUDQGHV H[WHQVLRQHV HQ]RQDVGHSURGXFFLyQOHFKHUD\GHFUtDGHJDQDGRRFXUULHQGRWDPELpQHQ'LUHFWULFHVGHO,3&&SDUDORVLQYHQWDULRVGHJDVHVGHHIHFWRLQYHUQDGHURYHUVLyQUHYLVDGDHQ/LEURGH7UDEDMR



&$0%,2'(/862'(/$7,(55$<6,/9,&8/785$]RQDV GRQGH H[LVWHQ OLPLWDFLRQHV SDUD VX XWLOL]DFLyQ FRPR WLHUUDV GH
FXOWLYR LQFOXLGRV ORV WHUUHQRV PRQWDxRVRV \ ODV ]RQDV FRQ GUHQDMH
LQDGHFXDGRF  3URGXFFLyQ LQWHQVLYD GH FHUHDOHV GRPLQDGD SRU OD SURGXFFLyQ GH
DOLPHQWRV\JUDQRVIRUUDMHURVSDUDHOFRPHUFLRLQFOXLGRPDt]VR\DWULJRDYHQDDVtFRPRSDSDV\WXEpUFXORV3RUORJHQHUDOHVRVVLVWHPDVUHFLEHQDSRUWHVHOHYDGRVGHIHUWLOL]DQWHV\RWURVSURGXFWRVDJURTXtPLFRV\HVWiQ
FDUDFWHUL]DGRVSRUXQHOHYDGRJUDGRGHPHFDQL]DFLyQ3DUD ORV ILQHV GHO
LQYHQWDULR VH UHFRPLHQGD OD VXEFODVLILFDFLyQ HQ VLVWHPDV DWHQGLHQGR DO
DSRUWHGHPDWHULDRUJiQLFD \DODSURYHFKDPLHQWRGHORVUHVLGXRV \DODVSUiFWLFDVGHODEUDQ]D• 'LIHUHQWHV QLYHOHV GH DSRUWH GH FDUERQR  ORV VLVWHPDV FRQ HOHYDGRDSRUWH GH UHVLGXRV LQFOX\HQ XQD R PiV GH ODV VLJXLHQWHV SUiFWLFDVDSOLFDFLyQ GH FDQWLGDGHV FRQVLGHUDEOHV GH HVWLpUFRO R GH DJXDVUHVLGXDOHVURWDFLyQGHFXOWLYRVTXHLQFOX\HYDULRVDxRVGHFRVHFKDVGHKHQR SHUHQQH GRV FRVHFKDV SRU DxR \ HO HPSOHR GH VLHPEUDV GH
SURWHFFLyQLQYHUQDOHVTXH SHUPDQHFHQ HQ ORV FDPSRV  /RV VLVWHPDVGH DSRUWH QRPLQDO LQFOX\HQ ORV VLVWHPDV GH SURGXFFLyQ GH FHUHDOHVFRQFDQWLGDGHVQRUPDOHVGHIHUWLOL]DQWHV\UHVLGXRVUHPDQHQWHV/RV
VLVWHPDV FRQ DSRUWH UHGXFLGR GH UHVLGXRV LQFOX\HQ OD SURGXFFLyQ GH
FHUHDOHVHQTXHORVUHVLGXRVVHUHWLUDQGHORVFDPSRV• 3UiFWLFDV GH ODEUDQ]D  SRGUtDQ LQFOXLUVH GLIHUHQWHV FDWHJRUtDVGHSHQGLHQGR GH VL VH XWLOL]D R QR ODEUDQ]D R VL pVWD HV UHGXFLGD R
LQWHQVLYD/DODEUDQ]DUHGXFLGDLQFOX\HSUiFWLFDVHQTXHODODEUDQ]DHV
PtQLPD H LQIUHFXHQWH \ OD SHUWXUEDFLyQ GH ORV VXHORV OOHJD D SRFDSURIXQGLGDG  /D ODEUDQ]D LQWHQVLYD HV DTXHOOD HQ TXH RFXUUHFRQVLGHUDEOHLQYHUVLyQ\PH]FODGRGHOVXHORGHOKRUL]RQWH$ SRUHM
FRQDUDGRFRQYHUWHGHUD DVtFRPRODEUDQ]DVHFXQGDULD
G  3URGXFFLyQ GH FRVHFKDV HVSHFLDOL]DGDV LQFOX\H VLVWHPDV TXH HVWiQ
GRPLQDGRVSRUFRVHFKDVQRFHUHDOHUDVFRQSUiFWLFDVGHPDQHMRLQWHQVLYRFRPRHOWDEDFRHODOJRGyQORVFDFDKXHWHV\ODVKRUWDOL]DVFRPHUFLDOHVHQ
TXHODPD\RUtDGHODELRPDVDSURGXFLGDVHUHWLUDGHORVFDPSRVRHQTXH
SRURWUDVUD]RQHVODWDVDGHUHVLGXRVUHPDQHQWHVHVEDMD
H  7LHUUDVTXHKDQUHJUHVDGRDOHVWDGRQDWXUDOVHLQFOX\HQHQHVWDFDWHJRUtD
ODVWLHUUDVGHGLFDGDVHQHOSDVDGRDODDJULFXOWXUDTXH\DQRVRQXWLOL]DGDVSDUD OD SURGXFFLyQ \ KDQ VLGR FRQYHUWLGDV R TXH VH KD SHUPLWLGR TXH
UHJUHVHQ QXHYDPHQWH D SDVWRV SHUHQQHV R YHJHWDFLyQ IRUHVWDO  6H
UHFRPLHQGDHPSOHDUVXEGLYLVLRQHVDWHQGLHQGRDODVFODVHVGHHGDGRODV
HWDSDV GH VXFHVLyQ QRUPDO SDUD HVSHFLILFDU HO FRQWHQLGR GH FDUERQR GH
ORVVXHORV7523,&$/6(&2&DUDFWHUL]DGR SRU XQD 70$ VXSHULRU D ORV  & \ SUHFLSLWDFLyQDQXDO JHQHUDOPHQWH LQIHULRU D  PP FRQ XQD HVWDFLyQ VHFD
SURORQJDGD \ SURQXQFLDGD TXH GD SRU UHVXOWDGR XQD HVWDFLyQ GH
FUHFLPLHQWR GH GXUDFLyQ OLPLWDGD  /RV VXHORV VRQ PX\ YDULDEOHV SRU
HM 9HUWLVROHV PX\ DFWLYRV ,QGLD  $OILVROHV /DWHUtWLFRV ÈIULFD  \ $OILVROHV \2[LVROHV PX\ iFLGRV $PpULFD GHO 6XU   /D SURGXFWLYLGDG PHGLD SDUD OD
PD\RUtD GH ODV FRVHFKDV HV EDMD GHELGR QR VRODPHQWH D OD HVFDVH] GH DJXDVLQR WDPELpQ D OD GHILFLHQFLD GH QXWULHQWHV TXH QR HV FRUUHJLGD FRQ HO'LUHFWULFHVGHO,3&&SDUDORVLQYHQWDULRVGHJDVHVGHHIHFWRLQYHUQDGHURYHUVLyQUHYLVDGDHQ
/LEURGH7UDEDMR
&$0%,2'(/862'(/$7,(55$<6,/9,&8/785$

HPSOHR GH IHUWLOL]DQWHV SRUTXH OD LQYHUVLyQ HQ IHUWLOL]DQWHV HQ XQD ]RQD
SURSHQVDDODVHTXtDVXSRQHPXFKRVULHVJRVD  6DEDQDODYHJHWDFLyQQDWXUDOSUHSRQGHUDQWHHQHVWD]RQD/DFXELHUWDGH
SODQWDVOHxRVDVHVPX\YDULDEOHVLHQGRHQDOJXQRVFDVRVLQH[LVWHQWH\HQ
RWURVSUiFWLFDPHQWHFRPSOHWDDXQTXHHOSURPHGLRHVLQIHULRUDO(ODXPHQWR GH OD FXELHUWD OHxRVD REHGHFH HQ PXFKRV FDVRV D OD SUHVLyQ
VRVWHQLGDGHOSDVWRUHR\DODLQH[LVWHQFLDGHLQFHQGLRVHODJRWDPLHQWRGH
ODFXELHUWDOHxRVDREHGHFHDODGHPDQGDLQVRVWHQLEOHGHOHxD/DGHQVLGDG
GH FDUERQR GHO VLVWHPD VH YH PX\ DIHFWDGD SRU OD FDQWLGDG GH FXELHUWD
IRUHVWDO WDQWR GH OD ELRPDVD DUEyUHD FRPR OD GH OD HOHYDGD PDWHULD
RUJiQLFDHQVXHORVORVGHEDMRGHOGRVHO(OXVRSULQFLSDOHVHOSDVWRUHR
(Q UHJLRQHV HQ TXH SUHGRPLQD HO SDVWR KD\ SDVWRUHR H[WHQVLYR GHO
JDQDGRHQSUDGHUDVQRVXMHWDVDSUiFWLFDVGHPDQHMR FRPRHVHOFDVRGH
ORV /ODQRV HQ 9HQH]XHOD \ &RORPELD   /D SURGXFWLYLGDG HV EDMDGHQVLGDGHVGHFDUJDGHKDDQLPDO \VHYHDPHQD]DGDSRUHOSDVWRUHRH[FHVLYR\ODGHVHUWLILFDFLyQ(QUHJLRQHVGRQGHDEXQGDQODKLHUED\ORV
DUEXVWRV KD\ SDVWRUHR H[WHQVLYR \ UHEDxRV PLJUDWRULRV QR VXMHWRV D
SUiFWLFDV GH PDQHMR \ HQ PXFKRV FDVRV H[LVWH XQ Q~PHUR GHPDVLDGR
HOHYDGRGHFDEH]DVGHJDQDGRYDFXQRFDSULQR\RYLQR SRUHMHO6DKHO 
E  $JULFXOWXUD GH VXEVLVWHQFLD FRQ FRVHFKDV PX\ UHVLVWHQWHV D OD VHTXtD HO
PLOOR \ HO VRUJR VRQ ORV SULQFLSDOHV FXOWLYRV SDUD ORV DJULFXOWRUHV GH
VXEVLVWHQFLDTXHSXHGHQVHPEUDUWDPELpQPDt]HQORVDxRVHQTXHOOXHYH
PiV  ,QFOX\H ODWLIXQGLRV HQ TXH OD TXHPD GH EUR]D \ GH UHVLGXRV \ OD
SURGXFFLyQ ODERUDEOH GHSHQGH GH DSDUFHURV  6RQ WtSLFRV ORV FXOWLYRVFRPELQDGRVFRQLQWHUFDODFLyQGHDFRVHFKDV'HVSXpVGHDxRVGHFRVHFKDVHSURFHGHDODURWDFLyQGHODV]RQDVPHGLDQWHEDUEHFKRHQPDOH]D HQ TXH IUHFXHQWHPHQWH RFXUUH URFH R SDVWRUHR  (V FRP~Q HQWRGDV ODV ]RQDV VHFDV GH 6XGDPpULFD \ GHO 6XU GH ÈIULFD  8QD YDULDQWH
DIULFDQD GH ORV ODWLIXQGLRV VRQ ODV WLHUUDV GH SURSLHGDG FRPXQDOFRQFHGLpQGRVH D ODV IDPLOLDV ORV GHUHFKRV GH H[SORWDU ODV WLHUUDVODEUDQWtDV(VHVLVWHPDKDGHPRVWUDGRVXJUDQHVWDELOLGDG !DxRVHQHO ÈIULFD 2FFLGHQWDO  SHUR VH UHVTXHEUDMD GHELGR D OD SUHVLyQGHPRJUiILFD ,QFOX\H WDPELpQ SHTXHxDV JUDQMDV H[SORWDGDV SRU ORV
SURSLHWDULRV TXH GHSHQGHQ GHO WUDEDMR GH ORV PLHPEURV GH OD IDPLOLD&XDQGR HO UHQGLPLHQWR HV EDMR OD URWDFLyQ GH ODV iUHDV FXOWLYDGDVUHTXLHUH OD WHQHQFLD GH WLHUUDV H[WHQVDV TXH SHUPLWDQ EDUEHFKR HQ
PDOH]D GH OR FRQWUDULR OD WLHUUD SRGUtD VHU DEDQGRQDGD \ GHGLFDUVH D
FXOWLYRVPLJUDWRULRVF  &XOWLYRVGHUHJDGtRFXDQGRH[LVWHQUtRVRDJXDVVXEWHUUiQHDVHVSRVLEOH
SURGXFLU JUDQ Q~PHUR GH FXOWLYRV FRPHUFLDOHV FRPR PDt] FDxD GH
D]~FDUIUXWDVFtWULFDV\WURSLFDOHVYHUGXUDVWDEDFR\DOJRGyQ\

7523,&$/+Ó0('2&21(67$&,21(66(&$6/$5*$<&257$

70$ VXSHULRU D  & \ SUHFLSLWDFLyQ DQXDO HQWUH  \ PP  3XHGH VXEGLYLGLUVH HQ ]RQDV FRQ XQD HVWDFLyQ VHFD SURORQJDGD ! 
PHVHV  \ ]RQDV GH HVWDFLyQ VHFD FRUWD PHVHV   /D SURGXFFLyQ YDUtD
GHSHQGLHQGRGHODFDQWLGDGGHSUHFLSLWDFLyQ\ODGXUDFLyQGHODHVWDFLyQVHFD
REVHUYiQGRVH XQD FUHFLHQWH LPSRUWDQFLD GH OD DJULFXOWXUD PHFDQL]DGD FRQ
HOHYDGR DSRUWH GH IHUWLOL]DQWHV HQ ODV ]RQDV PiV K~PHGDV HQ ORV VXHORVDSURSLDGRV/DSURGXFFLyQGHFRVHFKDVHVHVWDFLRQDOSHURHQPXFKRVFDVRV
HV SRVLEOH SURGXFLU GRV FRVHFKDV DQXDOHV HQ ODV ]RQDV PiV K~PHGDV  /RV'LUHFWULFHVGHO,3&&SDUDORVLQYHQWDULRVGHJDVHVGHHIHFWRLQYHUQDGHURYHUVLyQUHYLVDGDHQ/LEURGH7UDEDMR



&$0%,2'(/862'(/$7,(55$<6,/9,&8/785$

VXHORV HQ ODV UHJLRQHV PiV VHFDV SXHGHQ VHU PiV IpUWLOHV \ WHQHU XQ S+
VXSHULRU GHELGR D XQ PHQRU JUDGR GH HURVLyQ  (VDV ]RQDV LQFOX\HQJUDQGHViUHDVGHÈIULFDODPD\RUSDUWHGHOVXEFRQWLQHQWHLQGLR\OD SDUWH FRQWLQHQWDO GHO 6XGHVWH DVLiWLFR \ SHTXHxDV iUHDV HQ/DWLQRDPpULFD\$XVWUDOLDD  %RVTXHVSDUDGHILQLUODYHJHWDFLyQVHGHILQHDPHQXGRFRPRFDGXFLIROLDWURSLFDO R ERVTXHV WURSLFDOHV VHFRV OD SURSRUFLyQ GH HVSHFLHV
FDGXFLIROLDV GH OD FXELHUWD GH FRSDV DXPHQWD D PHGLGD TXH VH DODUJD OD
GXUDFLyQ GH OD HVWDFLyQ VHFD ORV LQFHQGLRV VRQ FRPXQHV HQ ORV KiELWDWV
PiVVHFRVRFXUUHQPH]FODVGHHVSHFLHVFDGXFLIROLDV\GHFRQtIHUDVHQODV]RQDVPiVK~PHGDVE  3DVWRUHRQRPHMRUDGRSDVWRUHRH[WHQVLYRGHDQLPDOHVGHFUtDDPHQXGR
HQ FRPELQDFLyQ FRQ OD SURGXFFLyQ GH FRVHFKDV HQ ]RQDV DG\DFHQWHV HQ
DJULFXOWXUDGHVXEVLVWHQFLDXWLOL]iQGRVHHVWLpUFROGHOSDVWRUHRGHOJDQDGR
F  3DVWRUHR PHMRUDGR HQ ODV ]RQDV FRQ PD\RUHV SUHFLSLWDFLRQHV ORV
SDVWL]DOHV SXHGHQ VHU PHMRUDGRV PHGLDQWH OD VHOHFFLyQ GH HVSHFLHV HO
FRQWURO GH OD PDOH]D \ HO HPSOHR GH IHUWLOL]DQWHV OR TXH VH WUDGXFH HQPD\RUSURGXFWLYLGDGG  6LVWHPDVGHFXOWLYRVPLJUDWRULRV\GHURWDFLyQGHEDUEHFKRODTXHPDHV
PiV FRPSOHWD TXH HQ ODV UHJLRQHV PiV K~PHGDV GHELGR D OD PD\RUGXUDFLyQ GH OD HVWDFLyQ VHFD TXH VH WUDGXFH HQ PD\RU FRPEXVWLyQ GH
ELRPDVD\H[LVWHQFLDVLQIHULRUHVGHFDUERQRODIDVHGHFRVHFKD GHDDxRV SXHGHVHUPiVODUJDTXHODGHEDUEHFKR DxRV HQFRPSDUDFLyQ
FRQODVUHJLRQHVPiVK~PHGDVSHURODUHDFXPXODFLyQGXUDQWHHOEDUEHFKR
RFXUUHPiVOHQWDPHQWHVREUHWRGRHQORVVXHORVLQIHFXQGRV*UDQSDUWH
GHODVWLHUUDVHQÈIULFDKDQVLGRGHGLFDGDVDFXOWLYRVPiVFRQWLQXRVSRU
RWUDSDUWHJUDQGHVH[WHQVLRQHVHQHO6XGHVWHDVLiWLFR\OD,QGLDFRQWLQ~DQ
HVWDQGR FODVLILFDGDV FRPR FXOWLYRV PLJUDWRULRV  (Q DOJXQRV FDVRV ODV
WLHUUDVVH KDQ GHJUDGDGR GHELGR D LQWHUYDORV GH EDUEHFKR FDGD YH] PiVFRUWRV FUHiQGRVH VDEDQDV HQ OXJDU GH OD VXFHVLyQ QDWXUDO TXH OOHYD D
ERVTXHVGHHVSHFLHVFDGXFLIROLDV
H  &XOWLYRVFRQWLQXRVPL[WRV PDQXDOHV pVWHHVHOXVRPiVIUHFXHQWHGHODVWLHUUDV HQ HVWD ]RQD GH ÈIULFD GRQGH HQ ORV ~OWLPRV DxRV VH KD
LPSXHVWR HQ ODV JUDQGHV VXSHUILFLHV GH WLHUUDV TXH HQ HO SDVDGR HVWDEDQGHGLFDGDV D OD DJULFXOWXUD PLJUDWRULD  (Q HVWRV VLVWHPDV GH H[SORWDFLyQ
DJUtFROD TXH RFXSDQ DOJXQDV GH ODV ]RQDV DJUtFRODV FRQ PD\RU GHQVLGDG
GHPRJUiILFDHQORVWUySLFRVVHSURGXFHQPH]FODVGHFXOWLYRVH[WHQVLYRVDQXDOHV PDt]IULMROHV \SODQWDVSHUHQQHV EDQDQDVFDIp\FDxDGHD]~FDU /RV UHVLGXRV GH ODV FRVHFKDV VH FRQVLGHUDQ XQ FRPSRQHQWH LPSRUWDQWH
GH OD SURGXFFLyQ FRPR DOLPHQWR SDUD DQLPDOHV FRQILQDGRV SHUR HQ
PXFKRV FDVRV H[LVWHQ PpWRGRV PX\ DYDQ]DGRV GH DSURYHFKDPLHQWR GHO
HVWLpUFRO\GHSURGXFFLyQGHDERQRDSDUWLUGHGHVHFKRV1RREVWDQWH
HQ ORV VLVWHPDV GH FXOWLYRV GH DOWXUD ODV H[LVWHQFLDV GH FDUERQR HQ ORV
VXHORVKDQGLVPLQXLGRDPHQRVGHOGHVXVQLYHOHVRULJLQDOHV
I  &XOWLYRV FRQWLQXRV PHFDQL]DGRV DSURYHFKDPLHQWR GH UHVLGXRV  HVWRVFXOWLYRVFREUDURQJUDQLPSRUWDQFLDHQ$VLDFRQOD5HYROXFLyQ9HUGH/DV
SULQFLSDOHV FRVHFKDV VRQ HO DUUR] \ HO WULJR \ OD SURSRUFLyQ GH ORV
UHVLGXRVUHPDQHQWHVYDUtDFRQVLGHUDEOHPHQWH\DTXHHVIUHFXHQWHTXHVH
TXHPHQ R VH UHWLUHQ SDUD HPSOHDUORV HQ OD DOLPHQWDFLyQ SHFXDULD VLQ
HPEDUJR VH REVHUYD OD WHQGHQFLD D OD LQFRUSRUDFLyQ GH ORV UHVLGXRVSURKLELpQGRVH VX TXHPD  (Q DOJXQDV SDUWHV GH $PpULFD /DWLQD ORV'LUHFWULFHVGHO,3&&SDUDORVLQYHQWDULRVGHJDVHVGHHIHFWRLQYHUQDGHURYHUVLyQUHYLVDGDHQ
/LEURGH7UDEDMR
&$0%,2'(/862'(/$7,(55$<6,/9,&8/785$

ERVTXHV QDWLYRV GH HVSHFLHV FDGXFLIROLDV KDQ VLGR FRQYHUWLGRV DO FXOWLYRFRQWLQXRPHFDQL]DGRGHVR\DDUUR]\PDt]
J  3ODQWDFLRQHV ODV SODQWDFLRQHV GH ORV WUySLFRV HVWiQ FRPSUHQGLGDVJHQHUDOPHQWH HQ HVWD ]RQD \ OD ]RQD VXEK~PHGD FRQ XQD HVWDFLyQ VHFD
PiV FRUWD GHVWDFiQGRVH SULQFLSDOPHQWH ODV SODQWDFLRQHV GH WHFD  /DV
SODQWDFLRQHV GH FDIp WH \ SLxD VRQ WDPELpQ LPSRUWDQWHV 8QD WHQGHQFLD
TXHKDUHGXFLGRODVH[LVWHQFLDVGHFDUERQRHQODVSODQWDFLRQHVGHFDIpHV
ODUHGXFFLyQGHODVXSHUILFLHGHFDIpFXOWLYDGRDODVRPEUDGHORViUEROHV\HQGRHQDXPHQWRHOFXOWLYDGRDOVRO
K  &XOWLYRVGHUHJDGtRSXHGHQLQFOXLUFXOWLYRVVLPLODUHVDORVGHVFULWRVHQOD]RQD VHPLiULGD DVt FRPR DUUR] GH WLHUUDV DQHJDGL]DV  (Q ODV ]RQDV FRQ
XQDHVWDFLyQVHFDODUJDVHSXHGHREWHQHUVRODPHQWHXQDFRVHFKDDQXDOGH
DUUR]GHWLHUUDVDQHJDGL]DVeVWHHVSUREDEOHPHQWHHOVLVWHPDGHFXOWLYR
SUHGRPLQDQWHHQOD,QGLD\HQHO6XGHVWHDVLiWLFRSHURHVSRFRIUHFXHQWH
HQÈIULFDR$PpULFD/DWLQD
7523,&$/08<+Ó0('2&DUDFWHUL]DGR SRU XQD 70$ VXSHULRU D  & \ XQD SUHFLSLWDFLyQDQXDO!PPVLQXQDHVWDFLyQVHFDLPSRUWDQWH/DSURGXFFLyQ
GHFRVHFKDVSRUORJHQHUDOVHYHOLPLWDGDSRUODUHGXFLGDIHUWLOLGDG\ODDFLGH]GH ORV VXHORV HQ ]RQDV GH HOHYDGD OL[LYLDFLyQ \R SRU OD UiSLGD LQYDVLyQ GH
PDODVKLHUEDVFRPROD,PSHUDWD/DVH[FHSFLRQHVVRQODVWLHUUDVIpUWLOHVGH
RULJHQYROFiQLFRUHFLHQWH\ORVDUUR]DOHVTXHHQPXFKRVFDVRVVHEHQHILFLDQGH ORV VHGLPHQWRV SURFHGHQWHV GH OD HURVLyQ GH ODV WLHUUDV DOWDV  /RV
VLVWHPDVGHSURGXFFLyQEDVDGRVHQHVSHFLHVSHUHQQHVFRQVWLWX\HQHOXVRPiV
VRVWHQLEOHGHODVWLHUUDV&XEUH]RQDVPX\H[WHQVDVGH$PpULFDGHO
6XU OD FXHQFD GHO $PD]RQDV  ÈIULFD HFXDWRULDO \ HO 6XGHVWH
DVLiWLFR
D  %RVTXHV pVWD HV OD YHJHWDFLyQ QDWXUDO SUHSRQGHUDQWH HQ HVWD ]RQD HQ
TXH VH GD HO PD\RU JUDGR GH GLYHUVLGDG ELROyJLFD HQ WRGR HO PXQGR
3XHGHRFXUULUGHJUDGDFLyQGHORVERVTXHV\GDxRVDORVVXHORVSURGXFWRGHODWDODVREUHWRGRDORODUJRGHODVYtDVGHDUUDVWUH\ORVFDPLQRVOD
YHJHWDFLyQ QDWXUDO QR GRPLQDQWH DSDUHFH IUHFXHQWHPHQWH HQ PRVDLFRVFRQ ³FXOWLYR PLJUDWRULR´ \ VH WUDWD HQ OD VHFFLyQ FRUUHVSRQGLHQWH D HVD
FDWHJRUtD
E  6LVWHPDVGHDJURVLOYLFXOWXUD\PH]FODGHRWUDVSODQWDVSHUHQQHV P~OWLSOHVHVWUDWRV YHJHWDFLyQDUWLILFLDOYDULDGDVLPLODUDODGHORVERVTXHVFRQXQD
PH]FOD GH iUEROHV ~WLOHV \ HOHPHQWRV GH OD YHJHWDFLyQ QDWXUDO ODVIXQFLRQHV HFROyJLFDV WDOHV FRPR HO DOPDFHQDPLHQWR GH& HQ ORV VXHORVVRQ VLPLODUHV D ODV GH ORV ERVTXHV VHFXQGDULRV QDWXUDOHV GH HGDGFRPSDUDEOH HVWD FDWHJRUtD GH XVR GH ODV WLHUUDV SRU OR JHQHUDO QR VH
LQFOX\H WRGDYtD HQODVHVWDGtVWLFDVH[LVWHQWHV
F  3URGXFFLyQ LQWHQVLYD GH FXOWLYRV DOLPHQWLFLRV GH WLHUUDV DOWDVSHUPDQHFLHQGRHQORVFDPSRVWRGRVORVUHVLGXRVGHODVFRVHFKDVFRQOD
SURGXFFLyQ LQWHQVLYD GH FXOWLYRV DOLPHQWLFLRV PHFDQL]DGD R FRQ
WUDEDMDGRUHV PDQXDOHV FXDQGR VH DSURYHFKDQ WRGRV ORV UHVLGXRV GH ODV
FRVHFKDV \ HO DSRUWH GH QXWULHQWHV HV VXILFLHQWH HV SRVLEOH PDQWHQHUQLYHOHVDGHFXDGRVGHPDWHULDRUJiQLFDHQORVVXHORV\DOFDQ]DUODVPHWDV
GHXQDSURGXFFLyQVRVWHQLGD(VWHJUXSRLQFOX\HODSURGXFFLyQLQWHQVLYD
GH KRUWDOL]DV HQ ODV PD\RUHV HOHYDFLRQHV D PHQRV TXH SUHGRPLQH OD
HURVLyQGHORVVXHORV'LUHFWULFHVGHO,3&&SDUDORVLQYHQWDULRVGHJDVHVGHHIHFWRLQYHUQDGHURYHUVLyQUHYLVDGDHQ/LEURGH7UDEDMR