&8562 %$6,&2
   (.*
ËQGLFH
N   *HQHUDOLGDGHV$OJRVREUHHOHFWURILVLRORJtD
N   *HQHUDOLGDGHV$OJRVREUHDQDWRPtD
N   *HQHUDOLGDGHV$OJRVREUHYHFWRUHV
N...
N   Æ456GHƒDHMHLQGHILQLGR(MHPSORV
N   UHFLPLHQWRVDXULFXODUHV
N   UHFLPLHQWRDXULFXODUGHUHFKR
N   UHFLPLHQWRDXULFXODUL]TXLHUGR
N   3VHXGR3SXOPRQDOH
N   %ORTXH...
N   7LSR%
N   7LSR
N   +DTXHUHFRUGDUTXH
N   35FRUWR
N   ,VTXHPLD
N   ,VTXHPLDVXEHSLFiUGLFD
N   ,VTXHPLDVXEHQGRFiUGLFD
N   ...
N   %ORTXHRSHULLQIDUWR
N   6LWXDFLRQHVTXHVLPXODQXQDLVTXHPLDPLRFiUGLFD
N   3HULFDUGLWLVDJXGD
18(92
N   ,PSUHJQDFLyQGLJLWiOL...
*HQHUDOLGDGHV$OJRGHHOHFWURILVLRORJÞD
 HQHU OLGDGHV$JRGHH O           RJÞ

  /DHVWLPXODFLäQGHXQDFÚOXODPXVFXODUDXPHQWDODSHUP...
TXHFRQVWDGHODVVLJXLHQWHVSDUWHV
    DQV
  IDVHV




  'HVSRODUL]DFLäQDFWLYDFLäQ
RIDVH(QWUDGDVëELWDGHD
  1DDOLQWHULRUGHODFÚOXOD

  5HSRODUL]DFLäQUHFXSHUDFLäQ
)DVHHLQLFLRGHODIDVH3HUVLVWHODHQWUDGDGHD1D
  VHLQLFLDODVDOLGDG.DOH[WHULRUGHODFÚOXOD
   )LQDOGHODIDVHIDVH/DVDOLGDGH.HVPÒ[LPD...
3RGHPRVGHILQLUGRV]RQDVGHVGHXQSXQWRGH
YLVWDHOÚFWULFRHOVXEHSLFDUGLRHOVXEHQGRFDUGLR$PEDVHVWÒQ
VHSDUDGDVSRUORTXHVHGHQRPLQDHQGR...
6LVWHPDHVSHFÞILFRGHFRQGXFFLäQ
      DHVSHFÞIL RGHFRQGXFFL
(OLPSXOVRHOÚFWULFRVHLQLFLDKDELWXDOPHQWHHQHOQäGXORVLQXVDO 
      ...
8QYHFWRUTXHFRUUHVSRQGHDODDFWLYDFLäQVHSWDOTXHWLHQHXQD
GLUHFFLäQSULQFLSDOGHL]TXLHUGDDGHUHFKD
8QYHFWRUTXHLQLFLDOPHQWHFRUUHVSRQGHDODDFWLYDFLäQ
FRLQFLGHQWHGHORVGRVYHQWUÞFXORVSRVWHULRUPHQWHDODDFWLYDFLäQ
GHODVUHJLRQHVFHQ...
8QYHFWRUTXHFRUUHVSRQGHODDFWLYDFLäQEDVDOSRVWHULRUGHO
YHQWUÞFXORL]TXLHUGRGHOVHSWR
8QYHFWRUQRUHSUHVHQWDGR
TXHFRUUHVSRQGHDODUHSRODUL]DFLäQ
YHQWULFXODU
6HFXHQFLDGHODDFWLYDFLäQYHQWULFXODU
        XHQF DGHO D F
                  D         äQ YHQW

$FWLYDFLäQYHQWULFXOD
       ...
2QGDVVHJPHQWR HLQWHUYDORV
           QGDVVHJPHQWV V HL




(OUHJLVWUR(*PXHVWUDXQDVRQGDVXQRVVHJPHQWRV XQRV
                ...
SXHGHSUHVHQWDUGLYHUVDVPRUIRORJÞDVºVWDVVHSXHGHQ
GHVFULELUOODPDQGRDODSULPHUDRQGDQHJDWLYDRQGD4DOD
                           ...
WHUPLQDHQ
                                       SXQWR-
HOLQLFLRGHODRQGD71RUPDOPHQWHHVLVRHOÚFWULFRHVGHFLUTXH
HVWÒDOPLVPRQL...
/DRQGD7 TXHFRUUHVSRQGHDDUHSRODUL]DFLäQYHQWULFXODU
     RQGD7




(VWDRQGDVXHOHVHUSRVLWLYDHQODPDRUÞDGHODVGHULYDFLRQHV
DXQTX...
QRWLHQHQLQJëQ
VLJQLILFDGRSDWROäJLFR




 /DRQGD8TXHVHUHJLVWUDGHVSXÚVGHODRQGD7TXHVXHOHVHU
     RQGD8
SRVLWLYDDYHFHVEDVWDQWH...
DXGDUÒDLGHQWLILFDUODVRQGDV(VWRVHUÒPXIÒFLOVLSRGHPRV
UHJLVWUDUPÒVGHXQFDQDODOPLVPRWLHPSR




 (OLQWHUYDOR47 TXHLQFOXHODDFWLYD...
ODH[WUHPLGDGVXSHULRU
GHUHFKD5$
ODH[WUHPLGDGLQIHULRUL]TXLHUGD/)
ODH[WUHPLGDG
VXSHULRUGHUHFKD5$
ODH[WUHPLGDGLQIHULRUL]TXLHUGD/)
OD
H[WUHPLGDGVXSHULRUL]TXLHUGD/$
UHVSHFWLYDPHQWH
'HULYDFLRQHVPRQRSRODUHV
        RQHVPRQRSRO

6HREWLHQHQFRQHFWDQGRODVWUHVH[WUHPLGDGHVDXQSXQWR
GHQRPLQDGRFHQWUDOWHUPLQDOTXHD...
RQH[LäQHTXLYRFDGDGHODVGHULYDFLRQHVGHODV
 RQH[äQHTX L   DGDGHO V GHU    RQHVGHO V
                         H[WUHPLGDGHV
   ...
8QHIHFWRVLPLODUVHREWLHQHDOFRQHFWDUHUUäQHDPHQWH
 ORVRWURVHOHFWURGRV




 (QHOSULPHUFDVRHOHOHFWURGRGHEUD]RL]TXLHUGRVHKDFRQHF...
'HULYDFLRQHVGHO3ODQR+RUL]RQWD GHULYDFLRQHV
        RQHVGHO3DQR +    RQWOOGHU   RQHV
                        SUHFRUGLDOHV
ºVWDVVRQODVGHULYDFLRQHVTXHVHFRORFDQGHIRUPDHUUäQHDFRQ
 PÒVIUHFXHQFLD3DUDQRFRPHWHUHUURUHVDVÞREWHQHUWUD]DGRV
                ...
SDOSDQGRDO
 SDFLHQWH$FWRVHJXLGRVLHPSUHSDOSDQGRORFDOL]DUHPRVH
           $ RVHJXLGRVL     HSDOSDQGRO   OL]     VH
         ...
6HJXLUHPRVSDOSDQGRORFDOL]DUHPRVHO«HVSDFLRLQWHUFRVWDO
L]TXLHUGR




                                                       ...
HQHOERUGHHVWHUQDOGHO«HVSDFLRLQWHUFRVWDOL]TXLHUGR
  HQHOERUGHHV QDOGHO H SDF RL
                           «               ...
HQHO H SDFR L
SDOSDQGR
HQHO«HVSDFLRLQWHUFRVWDOL]TXLHUGRHQODOÞQHD
                «                     OL]TXL GRHQODO
PHGLRFODYLFXODU8QDYH]FRORFD...
RUUHODFLäQDQDWäPLFDGHODVGHULYDFLRQHV
   UUH äQDQD W      DGH O V GHU   RQHV
                        SUHFRUGLDOHV

/DVGHULY...
UHJLVWUDQWRGRVORVVXFHVRVGHOFLFORFDUGÞDFRGHVGHXQ
SXQWRGHYLVWDGHFDGDXQDGHODVGHULYDFLRQHV$VÞGHELGRDOD
SUR[LPLGDGGHXQHOHFWURGR...
VH
WUDQVIRUPDQSURJUHVLYDPHQWHHQFRPSOHMRVHSLFÒUGLFRVGHO
YHQWUÞFXORL]TXLHUGR99
OD]RQDGHWUDQVLFLäQVHUHJLVWUDHQ
99

(VLPSUHVFLQGLEOHVLWXDUORVHOHFWURGRVGHIRUPDSUHFLVDVHJëQODV
 VL    VFLQGL H V XDUO V H   ...
UH GHP VTXHKDTXHSDOSDUD ODSDF HQW ( RQRV
UHFRUGHPRVTXHKDTXHSDOSDUD RODSDFLHQWH
(VWRQRV
                               OOR
SHU
SHUPLWLUÒUHDOL]DUXQDLQWHUSUHWDFLäQHOHFWURFDUGLRJUÒILDDVLQ
        ÒUHDOL] U...
5RWDFLäQHQHOVHQWLGRGHODVDJXMDVGHOUHORMURWDFLäQKRUDULD
äQHQH OVHQW GRGHO VDJXM VGHOU MUR       äQKRU

(QHVWHFDVRHOYHQWUÞFXORGHUHFKRHVWÒHQXQDSRVLFLäQPÒV
DQWHULRUGHORKDELWXDOGHVSO...
(QHVWHFDVRHOYHQWUÞFXORL]TXLHUGRHVWÒHQFDUDGRFRQODV
SUHFRUGLDOHVLQWHUPHGLDVHLQFOXVRFRQODVGHUHFKDV'HELGRD
HVWRSRGHPRVUHJLVWUD...
VHUHDOL]DVREUHXQ
VLVWHPDKH[D[LDOºVWHORREWHQGUHPRVGHVSOD]DQGRORVHMHGHODV
GHULYDFLRQHVELSRODUHVDOFHQWURGHOWULÒQJXORTXHIRUPDE...
'HVSXÚVXQLUHPRVODVGHULYDFLRQHVXQLSRODUHVFRQHVWHFHQWUR
LPDJLQDULRSURORQJDUHPRVHVWDOÞQHD




                               ...
8QLHQGRHVWRGRVVLVWHPDVUHIUHQFLDOHVFRQVWUXLUHPRVHOOODPDGR
6LVWHPD+H[D[LDOGH%DLOHVREUHHOTXHVLWXDUHPRVHOHMHGHO
456TXHGHWHUPLQ...
³456ÒOFXORGHOHMH
                         RGH OH

([LVWHQGLYHUVRVPÚWRGRVSDUDFDOFXODUHOHMHGHOFRPSOHMR456
VREUHXQVLVWHPDKH[D...
3ULPHURKDTXH ORFDOL]DUFXDOHVODGHULYDFLäQGHOSODQRIURQWDO
TXHUHJLVWUDXQFRPSOHMR456LVRHOÚFWULFRHVGHFLUXQFRPSOHMR
FRQXQDRQGDSR...
(VWDGHULYDFLäQQRVGLUÒFXDOHVVX
SHUSHQGLFXODUVREUH ÚVWDHVWDUÒVLWXDGRHOYHFWRUTXHUHSUHVHQWD
ODGLUHFFLäQSULQFLSDOGHODDFWLYDFLäQ...
PLUDUHPRVVLHVWDGHULYDFLäQUHJLVWUDXQDRQGD
SUHGRPLQDQWHPHQWHSRVLWLYDRQHJDWLYD6LHVSRVLWLYDHOYHFWRUVH
GLULJHKDFLDHOODVLHVQHJDW...
6HWUDWDGHXQÆ456GHƒ/DGHULYDFLyQTXHUHJLVWUDXQFRPSOHMR
  LVRGLIiVLFRHVD9/SRUORWDQWRHOYHFWRUTXHUHSUHVHQWDODGLUHFFLyQ
  SULQFLS...
VHHQFXHQWUDVREUHOD
   SHUSHQGLFXODUDD9/TXHHV',,8QDYH]KHPRVOOHJDGRDHVWHSXQWR
VyORWHQHPRVGRVSRVLELOLGDGHVƒRƒ'DGRTXH',,UHJLVW...
HO
YHFWRUHVWDHQFDUDQGRD',,SRUORWDQWRHOYDORUGHOÆ456HVGHƒ

9HDPRVRWURHMHPSOR




   6HWUDWDGHXQÆ456GHƒ/DGHULYDFLyQTXHUHJLVWU...
VHHQFXHQWUDVREUHOD
SHUSHQGLFXODUDD9)TXHHV',8QDYH]KHPRVOOHJDGRDHVWHSXQWRVyOR
 WHQHPRVGRVSRVLELOLGDGHVƒRƒ'DGRTXH',UHJLVWUDXQ...
HOYHFWRU
      HVWDHQFDUDQGRD',SRUORWDQWRHOYDORUGHOÆ456HVGHƒ




                                                         ...
(QODVLJXLHQWHSÒJLQDSRGUÚLVYHUXQRVFXDQWRVHMHPSORVUHDOHV


               ³456GH¡D¡
                  6GH¡D¡

              ...
/DGHULYDFLyQTXH
                UHJLVWUDXQFRPSOHMR
                 456LVRGLIiVLFRHV
               ',,6XSHUSHQGLFXODU
   ...
³456GHDHMHLQGHILQLGR
        6GHDHM  LQGHI
                    H

                             /DGHULYDFLyQTXH
           ...
HVGHƒ
                                               (VWHFDVRQRSXHGH
                                              FRQIXQG...
(QHVWHFDVR WRGRVORV
                                                  FRPSOHMRVVRQ
                                       ...
+DEUÒTXHWHQHUHQFXHQWDTXHDXQTXHODVDQRUPDOLGDGHV
DXULFXODUHVVXHOHQLPSOLFDUXQDGLODWDFLäQRXQKLSHUWURILDORV
FDPELRVHQODPRUIRORJ...
(QSUHVHQFLDGH)LEULODFLäQ$XULFXODU
 QSU HQF DGH) LOD äQ$



                     5HJLVWURGHFRPSOHMRV45RT5HQ9
VHJXLGRVGHXQDS...
UHFLPLHQWRDXULFXOD L]TXLHUGR
                 HQWRDXU UUL TXL



        2QGD3PHOODGDFRQXQDGXUDFLäQ!GHVHJOD
SURORQJDFLäQGH...
2QGD3HQ9FRQXQFRPSRQHQWHQHJDWLYRGHVHJ
GHGXUDFLäQP9GHSURIXQGLGDG




(QSUHVHQFLDGH)LEULODFLäQ$XULFXODU
 QSU HQF DGH) LOD äQ$...
3DUNLQVRQ(QHVWHFDVRHQD9)VHDSUHFLDQODVRQGDV3TXH
HVWÒQHQPDVFDUDGDVHQ',,




                  3VHXGR3SXOPRQDOH
             ...
%ORTXHRLQWHUDXULFXODU
                   RTXHRL    DXU



        2QGD3!VHJJHQHUDOPHQWHELPRGDOTXHSXHGHVHU
ODFDXVDSULQFLSDO...
3DWUäQU6HQ99FRQRQGDV6SURIXQGDVHQGLFKDV
GHULYDFLRQHV




         (QRFDVLRQHVODRQGD5SXHGHHVWDUDXVHQWH'LFKD
DXVHQFLDSXHGHVHU...
HVHOTXHWUDQVFXUUHGHVGHHOLQLFLRGHO456KDVWDHOPRPHQWRHQ
HOTXHODRQGD5FDPELDGHGLUHFFLäQ




                                   ...
+LSHUWURILD9HQWULFXOD L]TXLHUGD
           SHU D 9HQW        UUL TXL



ULWHULRVGHYROWDMHGHO456
        V GHY    HGHO4

5H...
HQ99!VHJ SXQWRSRUFDGDXQRGHHOORV
/D+9,HVSUREDEOHFRQSXQWRVHVWÒSUHVHQWHFRQSXQWRVR
PÒV




                                   ...
+LSHUWURILD9HQWULFXOD ,]TXLHUGD
           SHU D 9HQW        UU, TXL



$OWHUDFLRQHVGHOVHJPHQWR67GHODRQGD7
        RQHVGHO...
/DLQYHUVLäQGH ODRQGD7HQ9!PP
FRQGLFKRVFDPELRVPÒVHYLGHQWHVHQ9TXHHQ9UHIXHU]DQHO
GLDJQäVWLFRGH+9,




                      DX...
+LSHUWURILD9HQWULFXOD ,]TXLHUGD
           SHU D 9HQW        UU, TXL



6REUHFDUJDGLDVWäOLFD
 REU    JDGL    OLF




     ...
RQGD7HQHOVHJPHQWR67HQODVGHULYDFLRQHVSUHFRUGLDOHV
L]TXLHUGDV




              +9,+DTXHUHFRUGDUTXH
                ,+ TXHU ...
SXHGHYHUHQHVWRVGRVFDVRV8QDLQVXILFLHQFLDDäUWLFDJUDYHHQ
HOSULPHUR




XQDPLRFDUGLRSDWÞDKLSHUWUäILFDREVWUXFWLYDHQHOVHJXQGR


...
ORVFDPELRVHQHOVHJPHQWR67HQODRQGD7
RPSOHMRV456FRQXQWLHPSRGHDSDULFLäQGHODGHIOH[LäQ
LQWULQVHFRLGH7',
!VHJ




3DFLHQWHFRQXQDPLRFDUGLRSDWÞDGLODWDGDFRQLQVXILFLHQFLD PLWUDO
TXHHQHUDJUDYH(Q)LEULODFLäQ$XULFXODU




          +LS...
Nächste SlideShare
Wird geladen in …5
×

Curso Ekg

1.050 Aufrufe

Veröffentlicht am

Curso Ekg

Veröffentlicht in: Seele & Geist, Technologie
1 Kommentar
0 Gefällt mir
Statistik
Notizen



  • <b>[Comment posted from</b> http://wildfire.gigya.com/facebook/GetItem.aspx?sid=523188111&]
       Antworten 
    Sind Sie sicher, dass Sie …  Ja  Nein
    Ihre Nachricht erscheint hier
  • Gehören Sie zu den Ersten, denen das gefällt!

Keine Downloads
Aufrufe
Aufrufe insgesamt
1.050
Auf SlideShare
0
Aus Einbettungen
0
Anzahl an Einbettungen
88
Aktionen
Geteilt
0
Downloads
65
Kommentare
1
Gefällt mir
0
Einbettungen 0
Keine Einbettungen

Keine Notizen für die Folie

Curso Ekg

  1. 1. &8562 %$6,&2 (.*
  2. 2. ËQGLFH N *HQHUDOLGDGHV$OJRVREUHHOHFWURILVLRORJtD N *HQHUDOLGDGHV$OJRVREUHDQDWRPtD N *HQHUDOLGDGHV$OJRVREUHYHFWRUHV N 6HFXHQFLDGHODDFWLYDFLyQYHQWULFXODU N 2QGDVVHJPHQWRVHLQWHUYDORV N 'HULYDFLRQHVGHODVH[WUHPLGDGHV N RQH[LyQHTXLYRFDGDGHODVGHULYDFLRQHVGHODVH[WUHPLGDGHV N 'HULYDFLRQHVSUHFRUGLDOHV N RUUHODFLyQDQDWyPLFDGHODVGHULYDFLRQHVSUHFRUGLDOHV N 5RWDFLRQHVVREUHHOHMHORQJLWXGLQDO N Æ456RQVWUXFFLyQGHOVLVWHPDKH[D[LDO N Æ456iOFXORGHOHMH N Æ456GHƒDƒ(MHPSORV
  3. 3. N Æ456GHƒDHMHLQGHILQLGR(MHPSORV
  4. 4. N UHFLPLHQWRVDXULFXODUHV N UHFLPLHQWRDXULFXODUGHUHFKR N UHFLPLHQWRDXULFXODUL]TXLHUGR N 3VHXGR3SXOPRQDOH N %ORTXHRLQWHUDXULFXODU N +LSHUWURILDYHQWULFXODUL]TXLHUGD N ULWHULRVEiVLFRV N ULWHULRVGHYROWDMHGHSXQWXDFLyQ N $OWHUDFLRQHVGHODRQGD7GHOVHJPHQWR67 N 3DWURQHVGHVREUHFDUJD N +DTXHUHFRUGDUTXH N 'LODWDFLyQHKLSHUWURILDYHQWULFXODUL]TXLHUGD N +LSHUWURILDYHQWULFXODUGHUHFKD N 0RUIRORJtDGHOFRPSOHMR456HQ9 N $OWHUDFLyQGHODRQGD7GHOVHJPHQWR67 N RUSXOPRQDOHDJXGR N RUSXOPRQDOHFUyQLFR N %ORTXHRGHUDPDL]TXLHUGD N %ORTXHRLQFRPSOHWRGHUDPDL]TXLHUGD 18(9$6,0È*(1(6 N %ORTXHRGHUDPDGHUHFKD N %ORTXHRVIDVFLFXODUHV N +HPLEORTXHRDQWHULRU N +HPLEORTXHRSRVWHULRU N %5'++EORTXHRVIDVFLFXODUHV N %ORTXHRWULIDVFLFXODU N %ORTXHRGHUDPDELODWHUDO N %ORTXHRGHUDPDHKLSHUWURILDYHQWULFXODU N %5,++H+9,R+9' N %5'++H+9' N %5'++H+9, N +%$H+9, N 'HIHFWRVLQHVSHFtILFRVGHODFRQGXFFLyQLQWUDYHQWULFXODU N 6tQGURPHVGHSUHH[FLWDFLyQ N 6tQGURPHGH:ROII3DUNLQVRQ:KLWH N 7LSR$
  5. 5. N 7LSR% N 7LSR N +DTXHUHFRUGDUTXH N 35FRUWR N ,VTXHPLD N ,VTXHPLDVXEHSLFiUGLFD N ,VTXHPLDVXEHQGRFiUGLFD N /HVLyQ N /HVLyQVXEHSLFiUGLFD N /HVLyQVXEHQGRFiUGLFD N ,QIDUWRDJXGR N ,QIDUWRFUyQLFR N ,QIDUWRDJXGRLQIDUWRDQWLJXR N $QHXULVPDYHQWULFXODU N ,QIDUWREORTXHRGHUDPD 18(9$,0$*(11HFURVLV%5'+++%$
  6. 6. N %ORTXHRSHULLQIDUWR N 6LWXDFLRQHVTXHVLPXODQXQDLVTXHPLDPLRFiUGLFD N 3HULFDUGLWLVDJXGD 18(92 N ,PSUHJQDFLyQGLJLWiOLFD N 5HSRODUL]DFLyQSUHFR] N 6LWXDFLRQHVTXHVLPXODQXQDQHFURVLVPLRFiUGLFDRTXHSURYRFDQTXHVHUHDOLFH GLFKRGLDJQyVWLFR N 4QRSDWROyJLFD
  7. 7. *HQHUDOLGDGHV$OJRGHHOHFWURILVLRORJÞD HQHU OLGDGHV$JRGHH O RJÞ /DHVWLPXODFLäQGHXQDFÚOXODPXVFXODUDXPHQWDODSHUPHDELOLGDG GHVXPHPEUDQDSURGXFLHQGRXQDVHULHGHFDPELRVLäQLFRVD WUDYÚVGHODPLVPD(OUHJLVWURGHHVWHIHQäPHQRVHFRUUHVSRQGH FRQXQDFXUYDTXHVHGHQRPLQDSRWHQFLDOGHDFFLäQ SRWHQF OGHDFFL WUDQVPHPEUDQD 3$7
  8. 8. TXHFRQVWDGHODVVLJXLHQWHVSDUWHV DQV IDVHV 'HVSRODUL]DFLäQDFWLYDFLäQ
  9. 9. RIDVH(QWUDGDVëELWDGHD 1DDOLQWHULRUGHODFÚOXOD 5HSRODUL]DFLäQUHFXSHUDFLäQ
  10. 10. )DVHHLQLFLRGHODIDVH3HUVLVWHODHQWUDGDGHD1D VHLQLFLDODVDOLGDG.DOH[WHULRUGHODFÚOXOD )LQDOGHODIDVHIDVH/DVDOLGDGH.HVPÒ[LPD6HLQLFLD HOUHVWDEOHFLPLHQWRGHOHTXLOLEULRLäQLFRLQLFLDO )DVH6HUHVWDEOHFHHOHTXLOLEULRLäQLFRLQLFLDOPHGLDQWHXQ PHFDQLVPR GHWUDQVSRUWHDFWLYR
  11. 11. 3RGHPRVGHILQLUGRV]RQDVGHVGHXQSXQWRGH YLVWDHOÚFWULFRHOVXEHSLFDUGLRHOVXEHQGRFDUGLR$PEDVHVWÒQ VHSDUDGDVSRUORTXHVHGHQRPLQDHQGRFDUGLRHOÚFWULFR /D]RQDVXEHQGRFÒUGLFDHVODSULPHUDTXHVHGHVSRODUL]DOD ëOWLPDTXHVHUHSRODUL]DGHHVWDPDQHUDHO3$7GHO VXEHQGRFDUGLRVHLQLFLDDQWHVILQDOL]DPÒVWDUGHTXHHO3$7GHO VXEHQGRFDUGLR (O(*GHVXSHUILFLHHVODUHVXOWDQWHGH ODVGRVFXUYDV O(* GHVXSHU HHVO U D DQW V GRVFX *HQHUDOLGDGHV$OJRGHDQDWRPÞD HQHU OLGDGHV$JRGHDQD W
  12. 12. 6LVWHPDHVSHFÞILFRGHFRQGXFFLäQ DHVSHFÞIL RGHFRQGXFFL (OLPSXOVRHOÚFWULFRVHLQLFLDKDELWXDOPHQWHHQHOQäGXORVLQXVDO QäGXORV QXV VHSURSDJDD WUDYÚVGHODVYÞDVGHFRQGXFFLäQLQWHUDXULFXODUHV KDFLDDPEDVDXUÞFXODVKDFLDHOQRGRDXULFXORYHQWULFXODU$OOÞVH QRGRDXU HQW SURGXFHXQHQOHQWHFLPLHQWRGHODYHORFLGDGGHFRQGXFFLäQGHO LPSXOVRºVWHFRQWLQëDSRUHOKD]GH+LV VXVUDPDVGHUHFKDH KD]GH+ U VGHU L]TXLHUGD KDVWDOOHJDUDWUDYÚVGHODUHGGH3XUNLQMHDDPERV TXL UHGGH3 YHQWUÞFXORV *HQHUDOLGDGHV$OJRVREUHYHFWRUHV HQHU OLGDGHV$JR VREUHY (OFLFORFDUGÞDFRSXHGHUHSUHVHQWDUVHGHIRUPDVLPSOHFRQORV VLJXLHQWHVYHFWRUHV TXHDSDUHFHQGHIRUPDVXFHVLYDHQHOWLHPSR Y 8QYHFWRUTXHFRUUHVSRQGHODDFWLYDFLäQDXULFXODU$
  13. 13. 8QYHFWRUTXHFRUUHVSRQGHDODDFWLYDFLäQVHSWDOTXHWLHQHXQD GLUHFFLäQSULQFLSDOGHL]TXLHUGDDGHUHFKD
  14. 14. 8QYHFWRUTXHLQLFLDOPHQWHFRUUHVSRQGHDODDFWLYDFLäQ FRLQFLGHQWHGHORVGRVYHQWUÞFXORVSRVWHULRUPHQWHDODDFWLYDFLäQ GHODVUHJLRQHVFHQWUDODSLFDOGHOYHQWUÞFXORL]TXLHUGRD HVWDQGRHOYHQWUÞFXORGHUHFKRGHVSRODUL]DGR
  15. 15. 8QYHFWRUTXHFRUUHVSRQGHODDFWLYDFLäQEDVDOSRVWHULRUGHO YHQWUÞFXORL]TXLHUGRGHOVHSWR
  16. 16. 8QYHFWRUQRUHSUHVHQWDGR
  17. 17. TXHFRUUHVSRQGHDODUHSRODUL]DFLäQ YHQWULFXODU
  18. 18. 6HFXHQFLDGHODDFWLYDFLäQYHQWULFXODU XHQF DGHO D F D äQ YHQW $FWLYDFLäQYHQWULFXOD äQYHQW UU /DDFWLYDFLäQLQLFLDOGHORVYHQWUÞFXORVWLHQHOXJDUDQLYHOGHO WDELTXHLQWHUYHQWULFXODUVHSURGXFHGHL]TXLHUGDDGHUHFKDDFWR VHJXLGRVHDFWLYDODUHJLäQDQWHULRUGHOWDELTXHODPDRUSDUWH GHDPERVYHQWUÞFXORV/DVUHJLRQHVSRVWHUREDVDOHVL]TXLHUGDVHO FRQRGHODDUWHULDSXOPRQDUODSDUWHPÒVDOWDGHOWDELTXH LQWHUYHQWULFXODUVRQODVëOWLPDVUHJLRQHVHQDFWLYDUVH DGDXQDGHHVWDV]RQDVWLHQHVXFRUUHVSRQGHQFLDHQHO(*
  19. 19. 2QGDVVHJPHQWR HLQWHUYDORV QGDVVHJPHQWV V HL (OUHJLVWUR(*PXHVWUDXQDVRQGDVXQRVVHJPHQWRV XQRV RQGDV VHJPHQW LQWHUYDORV /DRQGD3 TXHFRUUHVSRQGHDODDFWLYDFLäQDXULFXODUWLHQHXQD RQGD3 GXUDFLäQVHJXQDDOWXUDPP (OLQWHUYDOR35 TXHLQFOXHHOWLHPSRGHFRQGXFFLäQ L R3 LQWUDDXULFXODUDXULFXORYHQWULFXODUGHOVLVWHPD+LV3XUNLQMH7LHQH XQDGXUDFLäQTXHYDUÞDGHDVHJ (OFRPSOHMR456 TXHFRUUHVSRQGHDODGHVSRODUL]DFLäQ F R4 YHQWULFXODUWLHQHXQDGXUDFLäQVHJ
  20. 20. SXHGHSUHVHQWDUGLYHUVDVPRUIRORJÞDVºVWDVVHSXHGHQ GHVFULELUOODPDQGRDODSULPHUDRQGDQHJDWLYDRQGD4DOD RQGD4 SULPHUDRQGDSRVLWLYD RQGD5 DODRQGDQHJDWLYDTXHODVLJD RQGD5 RQGD6 RQGD66HXWLOL]DQPDëVFXODVRPLQëVFXODVHQIXQFLäQGHO WDPDâRGHGLFKDVRQGDV6LVHUHJLVWUDQGRVRQGD5R6VHXWLOL]D HODSäVWURIHSDUDGLIHUHQFLDUODVOODPÒQGRODV5 R6 XDQGRVH UHJLVWUDXQDVRODRQGDQHJDWLYDVHGHQRPLQDFRPSOHMR46 F R4 2WURSDUÒPHWURTXHVHPLGHDODQDOL]DUHO456HVHOWLHPSRGH W DSDU äQGHODGHI äQ L DSDULFLäQGHODGHIOH[LäQLQWULQVHFRLGH GHTXHHVHOTXHWUDQVFXUUH GHVGHHOLQLFLRGHO456KDVWDHOPRPHQWRHQTXHODRQGD5 FDPELDGHGLUHFFLäQ7LHQHXQDGXUDFLäQQRUPDOVHJ(VWH SDUÒPHWURVHXWLOL]DHQHOGLDJQäVWLFRGHODKLSHUWURILDYHQWULFXODU L]TXLHUGDHQODGLODWDFLäQYHQWULFXODUL]TXLHUGDHQHO KHPLEORTXHRDQWHULRU (OVHJPHQWR67 TXHUHIOHMDODIDVHGHOSRWHQFLDOGHDFFLäQ VHJPHQWR6 WUDQVPHPEUDQD6HLQLFLDDOILQDOL]DUHO456HOSXQWRGHXQLäQ GHOVHJPHQWR67FRQHO456GHGHQRPLQDSXQWR-
  21. 21. WHUPLQDHQ SXQWR- HOLQLFLRGHODRQGD71RUPDOPHQWHHVLVRHOÚFWULFRHVGHFLUTXH HVWÒDOPLVPRQLYHOTXHODOÞQHDGHEDVHGHO(*
  22. 22. /DRQGD7 TXHFRUUHVSRQGHDDUHSRODUL]DFLäQYHQWULFXODU RQGD7 (VWDRQGDVXHOHVHUSRVLWLYDHQODPDRUÞDGHODVGHULYDFLRQHV DXQTXHSXHGHVHUQHJDWLYDHQDOJXQDGHULYDFLäQ/DVPÒV KDELWXDOHVVRQ9D9/',,, VLQTXHHVWRWHQJDXQVLJQLILFDGR SDWROäJLFR7DPSRFRHVSDWROäJLFRHOUHJLVWURGH7FRQPRUIRORJÞD ELPRGDOTXHHQORVQLâRVSXHGHVHUEDVWDQWHPDUFDGD6HVXHOH UHJLVWUDUHQODFDUDDQWHULRUGHD9
  23. 23. QRWLHQHQLQJëQ VLJQLILFDGRSDWROäJLFR /DRQGD8TXHVHUHJLVWUDGHVSXÚVGHODRQGD7TXHVXHOHVHU RQGD8 SRVLWLYDDYHFHVEDVWDQWHFRQVSLFXDVLQTXHHVWRWHQJDXQ VLJQLILFDGRSDWROäJLFR $YHFHVHOVHJXQGRFRPSRQHQWHGHXQRQGD7ELPRGDOSXHGHVHU FRQIXQGLGRFRQXQDRQGD86REUHWRGRVLHVWDPRVUHJLVWUDQGRXQ VRORFDQDODODYH]/DFRPSDUDFLäQFRQRWUDGHULYDFLäQQRV
  24. 24. DXGDUÒDLGHQWLILFDUODVRQGDV(VWRVHUÒPXIÒFLOVLSRGHPRV UHJLVWUDUPÒVGHXQFDQDODOPLVPRWLHPSR (OLQWHUYDOR47 TXHLQFOXHODDFWLYDFLäQODUHFXSHUDFLäQ L R4 YHQWULFXODU6HPLGHGHVGHHOLQLFLRGHO456KDVWDHOILQDOGHOD7 6XGXUDFLäQGHSHQGHGHODIUHFXHQFLDFDUGÞDFDVXHOHVHU VHJ 'HULYDFLRQHVGHODVH[WUHPLGDGHV RQHVGHO V H GDGHV 'HULYDFLRQHVELSRODUHV RQHVE SRO ',',,L',,,UHJLVWUDQODVGLIHUHQFLDVGHSRWHQFLDOHQWUHOD H[WUHPLGDGVXSHULRUL]TXLHUGD/$
  25. 25. ODH[WUHPLGDGVXSHULRU GHUHFKD5$
  26. 26. ODH[WUHPLGDGLQIHULRUL]TXLHUGD/)
  27. 27. ODH[WUHPLGDG VXSHULRUGHUHFKD5$
  28. 28. ODH[WUHPLGDGLQIHULRUL]TXLHUGD/)
  29. 29. OD H[WUHPLGDGVXSHULRUL]TXLHUGD/$
  30. 30. UHVSHFWLYDPHQWH
  31. 31. 'HULYDFLRQHVPRQRSRODUHV RQHVPRQRSRO 6HREWLHQHQFRQHFWDQGRODVWUHVH[WUHPLGDGHVDXQSXQWR GHQRPLQDGRFHQWUDOWHUPLQDOTXHDHIHFWRVSUÒFWLFRVVH FRQVLGHUDTXHWLHQHXQSRWHQFLDOFHURVLUYHFRPRHOHFWURGR LQGLIHUHQWHRGHUHIHUHQFLD(VWRSHUPLWHTXHDOFRORFDUHO HOHFWURGRH[SORUDGRUHQODH[WUHPLGDGVXSHULRUGHUHFKDOD H[WUHPLGDGVXSHULRUL]TXLHUGDRODH[WUHPLGDGLQIHULRUL]TXLHUGD VHSXHGDQUHJLVWUDUORVSRWHQFLDOHVHOÚFWULFRVHQGLFKD H[WUHPLGDG/DOHWUD9LGHQWLILFDDODGHULYDFLäQPRQSRODUODV OHWUDV5/)DODVH[WUHPLGDGHVUHVSHFWLYDV6LVH GHVFRQHFWDGHODFHQWUDOWHUPLQDOODH[WUHPLGDGHQODTXHHVWDPRV UHDOL]DQGRHOUHJLVWURVHREWLHQHXQDXPHQWRGHODDPSOLWXGSRU HVWHPRWLYRVHGHQRPLQDDHVWDVGHULYDFLRQHVD95D9/D9)
  32. 32. RQH[LäQHTXLYRFDGDGHODVGHULYDFLRQHVGHODV RQH[äQHTX L DGDGHO V GHU RQHVGHO V H[WUHPLGDGHV GDGHV /DLQYHUVLäQHQODFRQH[LäQGHORVHOHFWURGRVGHOEUD]RL]TXLHUGR GHOEUD]RGHUHFKRGDOXJDUDTXHHQ',D9/VHREVHUYHXQD LPDJHQHQHVSHMRGHODPRUIRORJÞDQRUPDOGHO4563456L7 QHJDWLYDV
  33. 33. 8QHIHFWRVLPLODUVHREWLHQHDOFRQHFWDUHUUäQHDPHQWH ORVRWURVHOHFWURGRV (QHOSULPHUFDVRHOHOHFWURGRGHEUD]RL]TXLHUGRVHKDFRQHFWDGR DOGHOEUD]RGHUHFKRYLFHYHUVD(QHOVHJXQGRFDVRHOHOHFWURGR GHODSLHUQDL]TXLHUGDVHKDFRQHFWDGRDOGHOEUD]RGHUHFKR YLFHYHUVD 8QDVLWXDFLäQTXHQRVSXHGHKDFHUFUHHUTXHKHPRVUHDOL]DGR XQDFRQH[LäQHUUäQHDGHORVHOHFWURGRVGHODVH[WUHPLGDGHVHVOD GH[WURFDUGLD1RVGDUHPRVFXHQWDGHHOORDOUHDOL]DUOD H[SORUDFLäQDOYHUOD5;GHWäUD[/RFRQILUPDUHPRVDOUHJLVWUDU HO(*FRQORVHOHFWURGRVFRORFDGRVGHIRUPDTXHSUHVHQWHQXQD FRUUHODFLäQDQDWäPLFDFRUUHFWD
  34. 34. 'HULYDFLRQHVGHO3ODQR+RUL]RQWD GHULYDFLRQHV RQHVGHO3DQR + RQWOOGHU RQHV SUHFRUGLDOHV
  35. 35. ºVWDVVRQODVGHULYDFLRQHVTXHVHFRORFDQGHIRUPDHUUäQHDFRQ PÒVIUHFXHQFLD3DUDQRFRPHWHUHUURUHVDVÞREWHQHUWUD]DGRV 3 DQRF UHUUR VD ÞREWHQHUW GRV YÒOLGRVKDTXHORFDOL]DUH ²QJXORGH/RXLV HOTXHIRUPDHO OLGRVKDTXHO OL] UH QJXORGH/RXL OO² PDQXEULRHVWHUQDOFRQHOFXHUSRGHOHVWHUQäQ
  36. 36. SDOSDQGRDO SDFLHQWH$FWRVHJXLGRVLHPSUHSDOSDQGRORFDOL]DUHPRVH $ RVHJXLGRVL HSDOSDQGRO OL] VH OO VHJXQGRHVSDFLRLQWHUFRVWDOL]TXLHUGR HJXQGRHVSDF RL OL]TXL GRTXHHVHOSULPHUHVSDFLR LQWHUFRVWDOTXHVHHQFXHQWUDSRUGHEDMRGHO²QJXORGH/RXLV
  37. 37. 6HJXLUHPRVSDOSDQGRORFDOL]DUHPRVHO«HVSDFLRLQWHUFRVWDO L]TXLHUGR
  38. 38. HQHOERUGHHVWHUQDOGHO«HVSDFLRLQWHUFRVWDOL]TXLHUGR HQHOERUGHHV QDOGHO H SDF RL « OL]TXL FRORFDUHPRV9GHVSXÚVFRORFDUHPRV9HQHOERUGHHVWHUQDO V9 GHVSXÚVFR V9HQHOERUGHHV QDO GHO H SDF RL GHO«HVSDFLRLQWHUFRVWDOGHUHFKR9VHFRORFDWDPELÚQ « OGHU KR9VHF D SDOSDQGR
  39. 39. HQHO H SDFR L SDOSDQGR
  40. 40. HQHO«HVSDFLRLQWHUFRVWDOL]TXLHUGRHQODOÞQHD « OL]TXL GRHQODO PHGLRFODYLFXODU8QDYH]FRORFDGR9VLWXDUHPRV9HQHOSXQWR HGL 8QDY ]FR DGR9 V XDU V9HQHOSXQW HTXL HTXLGLVWDQWHHQWUH999VHVLWëDHQODOÞQHDD[LODUDQWHULRU DQWHHQW H99 9VHV ëDHQODO QHDD[LODUDQW DOPLVPRQLYHOTXH99HQODOÞQHDPHGLRD[LODUD PLVPRQLYHO OP RQ L OTXH9 9HQODO QHDPHGLRD[LODUD OOP RQ L TXH9 TXH9
  41. 41. RUUHODFLäQDQDWäPLFDGHODVGHULYDFLRQHV UUH äQDQD W DGH O V GHU RQHV SUHFRUGLDOHV /DVGHULYDFLRQHVSUHFRUGLDOHVXQLSRODUHVGHOSODQRKRUL]RQWDO9 D9
  42. 42. UHJLVWUDQWRGRVORVVXFHVRVGHOFLFORFDUGÞDFRGHVGHXQ SXQWRGHYLVWDGHFDGDXQDGHODVGHULYDFLRQHV$VÞGHELGRDOD SUR[LPLGDGGHXQHOHFWURGRSUHFRUGLDODXQDGHWHUPLQDGD]RQD FDUGÞDFDORVSRWHQFLDOHVHOÚFWULFRVTXHVHJHQHUHQHQHO PLRFDUGLRVXEDFHQWHHVWDUÒQDXPHQWDGRVPLHQWUDVTXH DTXHOORVSRWHQFLDOHVTXHVHRULJLQHQHQ]RQDVPÒVGLVWDOHVVHUÒQ GHPHQRUPDJQLWXG $OGHVSOD]DUHOHOHFWURGRGHODSRVLFLäQ9DODSRVLFLäQ9ORV FRPSOHMRVHSLFÒUGLFRVGHOYHQWUÞFXORGHUHFKR99
  43. 43. VH WUDQVIRUPDQSURJUHVLYDPHQWHHQFRPSOHMRVHSLFÒUGLFRVGHO YHQWUÞFXORL]TXLHUGR99
  44. 44. OD]RQDGHWUDQVLFLäQVHUHJLVWUDHQ 99 (VLPSUHVFLQGLEOHVLWXDUORVHOHFWURGRVGHIRUPDSUHFLVDVHJëQODV VL VFLQGL H V XDUO V H RGRVGHI DSU DVHJëQO LQGLFDFLRQHVDQDWäPLFDVLQGLFDGDVHQODSÒJLQDDQWHULRU QGL RQHVDQDW VLQGL DGDVHQODSÒJLQDDQW
  45. 45. UH GHP VTXHKDTXHSDOSDUD ODSDF HQW ( RQRV UHFRUGHPRVTXHKDTXHSDOSDUD RODSDFLHQWH
  46. 46. (VWRQRV OOR SHU SHUPLWLUÒUHDOL]DUXQDLQWHUSUHWDFLäQHOHFWURFDUGLRJUÒILDDVLQ ÒUHDOL] UXQDL äQH O RJU F V HUURUHVTXHDYHFHVSXHGHQVHUJUDYHV UUR TXHDY VSXHGHQV UJ 5RWDFLRQHVVREUHHOHMHORQJLWXGLQDO RQHVVREUHHOH ORQJL XGLQDO H 3DUDGHILQLUHVWHWLSRGHURWDFLäQFRQWHPSODUHPRVHOFRUD]äQ GHVGHVXFDUDLQIHULRUFRPRVLOR REVHUYÒUDPRVGHVGHXQSXQWR VLWXDGRSRUGHEDMRGHOGLDIUDJPDGHVGHORVSLHV
  47. 47. 5RWDFLäQHQHOVHQWLGRGHODVDJXMDVGHOUHORMURWDFLäQKRUDULD
  48. 48. äQHQH OVHQW GRGHO VDJXM VGHOU MUR äQKRU (QHVWHFDVRHOYHQWUÞFXORGHUHFKRHVWÒHQXQDSRVLFLäQPÒV DQWHULRUGHORKDELWXDOGHVSOD]ÒQGRVHOD]RQDGHWUDQVLFLäQKDFLD ODL]TXLHUGD6HSXHGHQUHJLVWUDUPRUIRORJÞDVYHQWULFXODUHV GHUHFKDVHQSUHFRUGLDOHVL]TXLHUGDVHVGHFLUFRPSOHMRV56 KDVWD9 5RWDFLäQHQHOVHQWLGRRSXHVWRDODVDJXMDVGHOUHORMURWDFLäQ äQHQH OVHQW GRRSXHV RDO VDJXM VGHOU MUR DQW KRU DQWLKRUDULD
  49. 49. (QHVWHFDVRHOYHQWUÞFXORL]TXLHUGRHVWÒHQFDUDGRFRQODV SUHFRUGLDOHVLQWHUPHGLDVHLQFOXVRFRQODVGHUHFKDV'HELGRD HVWRSRGHPRVUHJLVWUDUFRPSOHMRVHSLFÒUGLFRVL]TXLHUGRVGHVGH 9 ³456RQVWUXFFLäQGHOVLVWHPDKH[D[LDO RQV FFLäQGHOV DKH[ (OFÒOFXORGHOHMHGHOFRPSOHMR456³456
  50. 50. VHUHDOL]DVREUHXQ VLVWHPDKH[D[LDOºVWHORREWHQGUHPRVGHVSOD]DQGRORVHMHGHODV GHULYDFLRQHVELSRODUHVDOFHQWURGHOWULÒQJXORTXHIRUPDEDQ SUHYLDPHQWHGRQGHWHäULFDPHQWHHVWÒVLWXDGRHOFRUD]äQ
  51. 51. 'HVSXÚVXQLUHPRVODVGHULYDFLRQHVXQLSRODUHVFRQHVWHFHQWUR LPDJLQDULRSURORQJDUHPRVHVWDOÞQHD
  52. 52. 8QLHQGRHVWRGRVVLVWHPDVUHIUHQFLDOHVFRQVWUXLUHPRVHOOODPDGR 6LVWHPD+H[D[LDOGH%DLOHVREUHHOTXHVLWXDUHPRVHOHMHGHO 456TXHGHWHUPLQDFXDOHVODGLUHFFLäQSULQFLSDOTXHWRPDOD DFWLYDFLäQHOÚFWULFDGHOFRUD]äQH[SUHVÒQGRORGHXQDIRUPD VLPSOH
  53. 53. ³456ÒOFXORGHOHMH RGH OH ([LVWHQGLYHUVRVPÚWRGRVSDUDFDOFXODUHOHMHGHOFRPSOHMR456 VREUHXQVLVWHPDKH[D[LDO(OTXHSURSRQJRVäORXWLOL]DGRV SDUÒPHWURVTXL]ÒVWUHV
  54. 54. 3ULPHURKDTXH ORFDOL]DUFXDOHVODGHULYDFLäQGHOSODQRIURQWDO TXHUHJLVWUDXQFRPSOHMR456LVRHOÚFWULFRHVGHFLUXQFRPSOHMR FRQXQDRQGDSRVLWLYDXQDRQGDQHJDWLYD RYLFHYHUVD GH PDJQLWXGHVVLPLODUHV
  55. 55. (VWDGHULYDFLäQQRVGLUÒFXDOHVVX SHUSHQGLFXODUVREUH ÚVWDHVWDUÒVLWXDGRHOYHFWRUTXHUHSUHVHQWD ODGLUHFFLäQSULQFLSDOGHODDFWLYDFLäQYHQWULFXODU3DUDVDEHUKDFLD FXDOGHODVGRVSRVLEOHVGLUHFFLRQHVVHGLULJHHVWHYHFWRU
  56. 56. PLUDUHPRVVLHVWDGHULYDFLäQUHJLVWUDXQDRQGD SUHGRPLQDQWHPHQWHSRVLWLYDRQHJDWLYD6LHVSRVLWLYDHOYHFWRUVH GLULJHKDFLDHOODVLHVQHJDWLYDVHDOHMD 3UREDEOHPHQWHQRKDEUÚLVHQWHQGLGRQDGDHQWUHRWUDVFRVDV SRUTXHQRORVHH[SOLFDUPXELHQ6LHVDVÞPLUDGORVVLJXLHQWHV JUÒILFRVSDUDKDFHUORPÒVFRPSUHQVLEOHKHGHVFRPSXHVWRHO SURFHVRHQGRVVHFXHQFLDV
  57. 57. 6HWUDWDGHXQÆ456GHƒ/DGHULYDFLyQTXHUHJLVWUDXQFRPSOHMR LVRGLIiVLFRHVD9/SRUORWDQWRHOYHFWRUTXHUHSUHVHQWDODGLUHFFLyQ SULQFLSDOGHODDFWLYDFLyQYHQWULFXODU Æ456
  58. 58. VHHQFXHQWUDVREUHOD SHUSHQGLFXODUDD9/TXHHV',,8QDYH]KHPRVOOHJDGRDHVWHSXQWR VyORWHQHPRVGRVSRVLELOLGDGHVƒRƒ'DGRTXH',,UHJLVWUDXQD RQGDSUHGRPLQDQWHPHQWHSRVLWLYDWRWDOPHQWHSRVLWLYDHQHVWHFDVR
  59. 59. HO YHFWRUHVWDHQFDUDQGRD',,SRUORWDQWRHOYDORUGHOÆ456HVGHƒ 9HDPRVRWURHMHPSOR 6HWUDWDGHXQÆ456GHƒ/DGHULYDFLyQTXHUHJLVWUDXQFRPSOHMR LVRGLIiVLFRHVD9)SRUORWDQWRHOYHFWRUTXHUHSUHVHQWDODGLUHFFLyQ SULQFLSDOGHODDFWLYDFLyQYHQWULFXODU Æ456
  60. 60. VHHQFXHQWUDVREUHOD SHUSHQGLFXODUDD9)TXHHV',8QDYH]KHPRVOOHJDGRDHVWHSXQWRVyOR WHQHPRVGRVSRVLELOLGDGHVƒRƒ'DGRTXH',UHJLVWUDXQDRQGD SUHGRPLQDQWHPHQWHSRVLWLYDWRWDOPHQWHSRVLWLYDHQHVWHFDVR
  61. 61. HOYHFWRU HVWDHQFDUDQGRD',SRUORWDQWRHOYDORUGHOÆ456HVGHƒ
  62. 62. (QODVLJXLHQWHSÒJLQDSRGUÚLVYHUXQRVFXDQWRVHMHPSORVUHDOHV ³456GH¡D¡ 6GH¡D¡ /DGHULYDFLyQTXH UHJLVWUDXQFRPSOHMR 456LVRGLIiVLFRHV D9/6X SHUSHQGLFXODUVHVLW~D VREUH',,(VWD GHULYDFLyQUHJLVWUDXQ FRPSOHMR456 SUHGRPLQDQWHPHQWH QHJDWLYRSRUORWDQWR Æ456GHƒ HOÆ456HQHVWHFDVR HVGHƒ /DGHULYDFLyQTXH UHJLVWUDXQFRPSOHMR 456LVRGLIiVLFRHV ',6XSHUSHQGLFXODU VHVLW~DVREUHD9) (VWDGHULYDFLyQ UHJLVWUDXQFRPSOHMR 456 SUHGRPLQDQWHPHQWH Æ456GHƒ QHJDWLYRSRUORWDQWR HOÆ456HQHVWHFDVR HVGHƒ /DGHULYDFLyQTXH UHJLVWUDXQFRPSOHMR 456LVRGLIiVLFRHV D956X SHUSHQGLFXODUVHVLW~D VREUH',,,(VWD GHULYDFLyQUHJLVWUDXQ FRPSOHMR456 SUHGRPLQDQWHPHQWH QHJDWLYRSRUORWDQWR Æ456GHƒ HOÆ456HQHVWHFDVR HVGHƒ
  63. 63. /DGHULYDFLyQTXH UHJLVWUDXQFRPSOHMR 456LVRGLIiVLFRHV ',,6XSHUSHQGLFXODU VHVLW~DVREUHD9/ (VWDGHULYDFLyQ UHJLVWUDXQFRPSOHMR 456 SUHGRPLQDQWHPHQWH SRVLWLYRSRUORWDQWR Æ456GHƒ HOÆ456HQHVWHFDVR HVGHƒ /DGHULYDFLyQTXH UHJLVWUDXQFRPSOHMR 456LVRGLIiVLFRHV D9)6XSHUSHQGLFXODU VHVLW~DVREUH',(VWD GHULYDFLyQUHJLVWUDXQ FRPSOHMR456 SUHGRPLQDQWHPHQWH SRVLWLYRSRUORWDQWR Æ456GHƒ HOÆ456HQHVWHFDVR HVGHƒ /DGHULYDFLyQTXH UHJLVWUDXQFRPSOHMR 456LVRGLIiVLFRHV ',,,6XSHUSHQGLFXODU VHVLW~DVREUHD95 (VWDGHULYDFLyQ UHJLVWUDXQFRPSOHMR 456 SUHGRPLQDQWHPHQWH QHJDWLYRSRUORWDQWR Æ456GHƒ HOÆ456HQHVWHFDVR HVGHƒ
  64. 64. ³456GHDHMHLQGHILQLGR 6GHDHM LQGHI H /DGHULYDFLyQTXH UHJLVWUDXQFRPSOHMR 456LVRGLIiVLFRHV D9/6XSHUSHQGLFXODU VHVLW~DVREUH',, (VWDGHULYDFLyQ UHJLVWUDXQFRPSOHMR 456 SUHGRPLQDQWHPHQWH SRVLWLYRSRUORWDQWR Æ456GHƒ HOÆ456HQ HVWHFDVR HVGHƒ /DGHULYDFLyQTXH UHJLVWUDXQFRPSOHMR 456LVRGLIiVLFRHV', 6XSHUSHQGLFXODUVH VLW~DVREUHD9)(VWD GHULYDFLyQUHJLVWUDXQ FRPSOHMR456 SUHGRPLQDQWHPHQWH SRVLWLYRSRUORWDQWR HOÆ456HQHVWHFDVR Æ456GHƒ HVGHƒ /DGHULYDFLyQTXH UHJLVWUDXQFRPSOHMR 456LVRGLIiVLFRHV D956XSHUSHQGLFXODU VHVLW~DVREUH',,, (VWDGHULYDFLyQ UHJLVWUDXQFRPSOHMR 456 SUHGRPLQDQWHPHQWH Æ456GHƒ SRVLWLYRSRUORWDQWR HOÆ456HQHVWHFDVR HVGHƒ /DGHULYDFLyQTXH UHJLVWUDXQFRPSOHMR 456LVRGLIiVLFRHV ',,6XSHUSHQGLFXODU VHVLW~DVREUHD9/ (VWDGHULYDFLyQ UHJLVWUDXQFRPSOHMR 456 SUHGRPLQDQWHPHQWH Æ456GHƒ QHJDWLYRSRUORWDQWR HOÆ456HQHVWHFDVR
  65. 65. HVGHƒ (VWHFDVRQRSXHGH FRQIXQGLUVHFRQXQD FRQH[LyQHTXLYRFDGD GHODVGHULYDFLRQHVGH ODVH[WUHPLGDGHVGDGR TXHQLOD3QLOD7 SUHVHQWDQXQDLPDJHQ HQHVSHMR
  66. 66. (QHVWHFDVR WRGRVORV FRPSOHMRVVRQ LVRGLIiVLFRVQR SRGHPRVFDOFXODUHO HMH'HKHFKRHOHMHHV SHUSHQGLFXODUDOSODQR IURQWDO Æ456LQGHILQLGR UHFLPLHQWRV$XULFXODUHV HQW V$ /DRQGD3SUHVHQWDXQDSRUFLäQLQLFLDOTXHFRUUHVSRQGHDOD DFWLYDFLäQGHODDXUÞFXODGHUHFKDXQDSRUFLäQPHGLDTXH FRUUHVSRQGHDODDFWLYDFLäQGHDPEDVDXUÞFXODVXQDSRUFLäQ ILQDOTXHFRUUHVSRQGHDODDFWLYDFLäQGHODDXUÞFXODL]TXLHUGD$VÞ XQDDOWHUDFLäQGHODDXUÞFXODGHUHFKDDIHFWDUÒDODPRUIRORJÞDGH ODVSRUFLRQHVLQLFLDOPHGLDQDGHODRQGD3UHJLVWUÒQGRVH3 SXQWLDJXGDV3RURWURODGRXQDDOWHUDFLäQGHODDXUÞFXODL]TXLHUGD DIHFWDUÒDODVSRUFLRQHVPHGLDILQDOGHODRQGD3UHJLVWUÒQGRVH 3PHOODGDVFRQXQDGXUDFLäQDXPHQWDGD
  67. 67. +DEUÒTXHWHQHUHQFXHQWDTXHDXQTXHODVDQRUPDOLGDGHV DXULFXODUHVVXHOHQLPSOLFDUXQDGLODWDFLäQRXQKLSHUWURILDORV FDPELRVHQODPRUIRORJÞDGHOD3WDPELÚQSXHGHQUHIOHMDUFDPELRV GHSUHVLäQYROXPHQFRQGXFFLäQLQWUDDXULFXODU UHFLPLHQWRDXULFXOD GHUHFKR HQWRDXU UUGHU 2QGD3DOWDSXQWLDJXGDHQ',,',,, D9) /DRQGD3HQ9HQ9SXHGHVHUSRVLWLYD WHQHUXQDDPSOLWXGDXPHQWDGD ³3GH¡RVXSHULRU
  68. 68. (QSUHVHQFLDGH)LEULODFLäQ$XULFXODU QSU HQF DGH) LOD äQ$ 5HJLVWURGHFRPSOHMRV45RT5HQ9 VHJXLGRVGHXQDSURJUHVLäQGHODDPSOLWXGGHODRQGD5GHVGH9 R9KDVWD9 'LIHUHQFLDGHYROWDMHGHO456HQWUH998QD UHODFLäQ!DVRFLDGDDXQYROWDMHGHO456HQ9PPHVPX HVSHFÞILFDSHURSRFRVHQVLEOH +DTXHUHFRUGDUTXH TXHU GDUTXH (OUHJLVWURGHFRPSOHMRV45RT5HVPXFKR PÒVHYLGHQWHVLORSRGHPRVFRPSDUDUFRQRWUR(*WDOFRPRVH REVHUYDHQHVWHFDVRGHHVWHQRVLVPLWUDOJUDYHDQWHVGHVSXÚV GHODLPSODQWDFLäQGHXQDSUäWHVLVPLWUDO 1RKDTXHFRQIXQGLUORFRQXQD4GHQHFURVLV
  69. 69. UHFLPLHQWRDXULFXOD L]TXLHUGR HQWRDXU UUL TXL 2QGD3PHOODGDFRQXQDGXUDFLäQ!GHVHJOD SURORQJDFLäQGHODPLVPDRFXUUHDH[SHQVDVGHOLQWHUYDOR35TXH HVFRUWRRHVWÒDXVHQWH
  70. 70. 2QGD3HQ9FRQXQFRPSRQHQWHQHJDWLYRGHVHJ GHGXUDFLäQP9GHSURIXQGLGDG (QSUHVHQFLDGH)LEULODFLäQ$XULFXODU QSU HQF DGH) LOD äQ$ 6HSXHGHVRVSHFKDUXQFUHFLPLHQWR DXULFXODUL]TXLHUGRFXDQGRVHHYLGHQFLDQRQGDVGHILEULODFLäQ JUXHVDVHVSHFLDOPHQWHHQ9 +DTXHUHFRUGDUTXH TXHU GDUTXH RQHOWLHPSRODVRQGDVGHILEULODFLäQ VHYXHOYHQILQDV 1RKDTXHFRQIXQGLUODVFRQHO UHJLVWURGHODVFRQWUDFFLRQHVPXVFXODUHVGHXQDSHUVRQDFRQ
  71. 71. 3DUNLQVRQ(QHVWHFDVRHQD9)VHDSUHFLDQODVRQGDV3TXH HVWÒQHQPDVFDUDGDVHQ',, 3VHXGR3SXOPRQDOH HXGR3SXO RQDO (OSDWUäQGHFUHFLPLHQWRDXULFXODUGHUHFKR HQDXVHQFLDGHGLODWDFLäQDXULFXODUGHUHFKDVHGHQRPLQDSVHXGR 3SXOPRQDOH6HKDHYLGHQFLDGRDVRFLDGRFRQSDWRORJÞD YHQWULFXODUL]TXLHUGD GHIRUPDPHQRVIUHFXHQWHHQDXVHQFLDGH HQIHUPHGDGFDUGÞDFD (VWRHVWÒIXQGDPHQWDGRHQODREVHUYDFLäQGHTXHHOGDâRGHOD DXUÞFXODL]TXLHUGDDXPHQWDHOYHFWRUDXULFXODUGHUHFKRTXHHO GDâRGH ODDXUÞFXODGHUHFKDVLPXODXQFUHFLPLHQWRDXULFXODU L]TXLHUGR 3DFLHQWHFRQ(32GXUDQWHGHVSXÚVGHXQD UHDJXGL]DFLäQ6HSXHGHDSUHFLDUODDSDULFLäQGHXQDPRUIRORJÞD GHODRQGD3FRPSDWLEOHFRQFUHFLPLHQWRDXULFXODUL]TXLHUGR
  72. 72. %ORTXHRLQWHUDXULFXODU RTXHRL DXU 2QGD3!VHJJHQHUDOPHQWHELPRGDOTXHSXHGHVHU ODFDXVDSULQFLSDOGHODPRUIRORJÞDGHODRQGD3TXHVHYHHQHO FUHFLPLHQWRDXULFXODUL]TXLHUGR +LSHUWURILD9HQWULFXOD L]TXLHUGD SHU D 9HQW UUL TXL ULWHULRVEÒVLFRV V EÒV $XPHQWRGHOYROWDMHGHODVGHULYDFLRQHVL]TXLHUGDV 'HVSOD]DPLHQWRJUDGXDOGHORVVHJPHQWR67GHODRQGD 7HQGLUHFFLäQRSXHVWDDO456
  73. 73. 3DWUäQU6HQ99FRQRQGDV6SURIXQGDVHQGLFKDV GHULYDFLRQHV (QRFDVLRQHVODRQGD5SXHGHHVWDUDXVHQWH'LFKD DXVHQFLDSXHGHVHULQWHUSUHWDGDGHIRUPDHUUäQHDFRPRXQD QHFURVLVDQWHURVHSWDO (OGLDJQäVWLFRGH+9,HQHODGXOWRHVWDUHIRU]DGRSRUHO UHJLVWURGHXQDGHIOH[LäQLQWULQVHFRLGHUHWDUGDGDHQ9R9! VHJ 'HIOH[LäQLQWULQVHFRLGHRLQWUÞQVHFD äQL GHR L (OWLHPSRGHDSDULFLäQGHODGHIOH[LäQLQWULQVHFRLGHRLQWUÞQVHFD
  74. 74. HVHOTXHWUDQVFXUUHGHVGHHOLQLFLRGHO456KDVWDHOPRPHQWRHQ HOTXHODRQGD5FDPELDGHGLUHFFLäQ
  75. 75. +LSHUWURILD9HQWULFXOD L]TXLHUGD SHU D 9HQW UUL TXL ULWHULRVGHYROWDMHGHO456 V GHY HGHO4 5HQ',6HQ',,,!P95HQD9/!P95HQD9)! P96HQ9!P95HQ9R9!P95HQ9R96 HQ9!P9 6LVWHPDGHSXQWXDFLäQ DGHSXQWXDF 2QGDV5R6HQODVGHULYDFLRQHVGHODVH[WUHPLGDGHV!P9R 6HQ9R9!P9R5HQ9R9!P9 SXQWRV DPELRVHQHOVHJPHQWR67FRQRVLQGLJLWDO RSXQWRV UHVSHFWLYDPHQWH UHFLPLHQWRDXULFXODUL]T SXQWRV'HVYLDFLäQGHO³456D¡ RPÒV SXQWRV 'XUDFLäQGHO456!VHJLGHIOH[LäQLQWULQVHFRLGH5SHDN WLPH
  76. 76. HQ99!VHJ SXQWRSRUFDGDXQRGHHOORV /D+9,HVSUREDEOHFRQSXQWRVHVWÒSUHVHQWHFRQSXQWRVR PÒV
  77. 77. +LSHUWURILD9HQWULFXOD ,]TXLHUGD SHU D 9HQW UU, TXL $OWHUDFLRQHVGHOVHJPHQWR67GHODRQGD7 RQHVGHOVHJPHQWR67GHODRQGD7 /DGLUHFFLäQGHOVHJPHQWR67GHODRQGD7HVOD FRQWUDULDGHODGHO456/DRQGD7VXHOHVHUQHJDWLYD DVLPÚWULFDVLHQGRODUDPDDVFHQGHQWHHVFDUSDGDFRQXQD LQVFULSFLäQWHUPLQDOSRVLWLYDGHIRUPDRFDVLRQDO
  78. 78. /DLQYHUVLäQGH ODRQGD7HQ9!PP FRQGLFKRVFDPELRVPÒVHYLGHQWHVHQ9TXHHQ9UHIXHU]DQHO GLDJQäVWLFRGH+9, DXGDQDGLIHUHQFLDUODGHODHQIHUPHGDG DUWHULDOFRURQDULDHQDXVHQFLDGHORVFULWHULRVGHYROWDMHGHOD+9, 6HSXHGHQUHJLVWUDURQGDV7QHJDWLYDV PXSURIXQGDVHQODPLRFDUGLRSDWÞDKLSHUWUäILFDFRQDIHFWDFLäQ IXQGDPHQWDOPHQWHDSLFDO
  79. 79. +LSHUWURILD9HQWULFXOD ,]TXLHUGD SHU D 9HQW UU, TXL 6REUHFDUJDGLDVWäOLFD REU JDGL OLF /DPRUIRORJÞDGHODVREUHFDUJDGLDVWäOLFDVHFDUDFWHUL]D SRUODSUHVHQFLDGHXQDRQGD4SURPLQHQWHHQODVGHULYDFLRQHV TXHHQFDUDQODFDUDL]TXLHUGDGHOVHSWXP UHFLSURFDPHQWHRQGDV5SURPLQHQWHVHQODV GHULYDFLRQHVTXHHQFDUDQODFDUDGHUHFKDGHOVHSWXP 7DPELÚQVHSXHGHQHYLGHQFLDURQGDV4PX HYLGHQWHVHQODPLRFDUGLRSDWÞDKLSHUWUäILFDREVWUXFWLYD 6REUHFDUJDVLVWäOLFD REU JDV OLF /DPRUIRORJÞDGHODVREUHFDUJDVLVWäOLFDRGHSUHVLäQVH FDUDFWHUL]DSRUODSUHVHQFLDGHRQGDV5DOWDVFDPELRVHQOD
  80. 80. RQGD7HQHOVHJPHQWR67HQODVGHULYDFLRQHVSUHFRUGLDOHV L]TXLHUGDV +9,+DTXHUHFRUGDUTXH ,+ TXHU GDUTXH (OPHFDQLVPRSRUHOFXDODXPHQWDHOYROWDMHQRHVWÒELHQGHILQLGR GDGRTXHLQWHUYLHQHQDGHPÒVGHODPDVDPXVFXODURWURV IDFWRUHVFRPRHOYROXPHQVDQJXÞQHRLQWUDFDYLWDULRODSUR[LPLGDG GHODSDUHGWRUÒFLFDODVSURSLHGDGHVFRQGXFWRUDVGHORVäUJDQRV LQWUDWRUÒFLFRVODSRVLFLäQGHOFRUD]äQGHQWURGHOWäUD[ODV SUHVLRQHVLQWUDYHQWULFXODUHVWUDQVPXUDOHVTXL]ÒVODLQVFULSFLäQ VLQRSRVLFLäQGHXQDSDUWHGHO456GHELGDDODDFWLYDFLäQ UHWDUGDGD D ÞSRGU DVÞSRGUHPRVYH FDVRVFRQ VYH UUF VFRQ 8QDLPDJHQH[DJHUDGD GHKLSHUWURILDYHQWULFXODUL]TXLHUGDTXHQR L DJHQH[DJHU VHFRUUHVSRQGHFRQODKLSHUWURILDUHDOFRPRHVHOFDVRGHHVWD SDFLHQWHKLSHUWHQVDTXHWDQVäORSHVDED.J 8QDLPDJHQSRFRHYLGHQWH GHKLSHUWURILDYHQWULFXODUL]TXLHUGDD L DJHQSRFRHY GHQW SHVDUGHODH[LVWHQFLDGHXQDKLSHUWURILDLPSRUWDQWHWDOFRPRVH
  81. 81. SXHGHYHUHQHVWRVGRVFDVRV8QDLQVXILFLHQFLDDäUWLFDJUDYHHQ HOSULPHUR XQDPLRFDUGLRSDWÞDKLSHUWUäILFDREVWUXFWLYDHQHOVHJXQGR 'LODWDFLäQH+LSHUWURILD9HQWULFXOD ,]TXLHUGD LOD äQH+ SHU D 9HQW UU, TXL (QSUHVHQFLDGHRQGDV5TXHSUHVHQWHQFULWHULRVGHYROWDMHGH +9,ORVVLJXLHQWHVKDOOD]JRVVXJLHUHQODH[LVWHQFLDGHGLODWDFLäQ YHQWULFXODUL]TXLHUGD 5HQ9!D5HQ9 7UDQVLFLäQEUXVFDHQSODQRKRUL]RQWDOGHVGHXQFRPSOHMRFRQ XQDRQGD6SURIXQGDDRWURFRQXQDRQGD5DOWDHQOD VLJXLHQWH GHULYDFLäQKDFLDODL]TXLHUGD (YLGHQFLDGHTXHHQ(*VXFHVLYRVGLVPLQXHODDOWXUDGHOD RQGD5HQODVSUHFRUGLDOHVL]TXLHUGDVDPHGLGDTXHORVRWURV VLJQRVGHKLSHUWURILDVHKDFHQPÒVHYLGHQWHVFRPRSRUHMHPSOR
  82. 82. ORVFDPELRVHQHOVHJPHQWR67HQODRQGD7
  83. 83. RPSOHMRV456FRQXQWLHPSRGHDSDULFLäQGHODGHIOH[LäQ LQWULQVHFRLGH7',
  84. 84. !VHJ 3DFLHQWHFRQXQDPLRFDUGLRSDWÞDGLODWDGDFRQLQVXILFLHQFLD PLWUDO TXHHQHUDJUDYH(Q)LEULODFLäQ$XULFXODU +LSHUWURILD9HQWULFXOD 'HUHFKD SHU D 9HQW UU' %DVÒQGRQRVHQODPRUIRORJÞDGHO45 HQ9 ÒQGRQRVHQODP RJÞDGHO46 6 HQ9 6HSXHGHQGHILQLUWUHVJUXSRV 2QGD5GRPLQDQWHT5U5UV5
  85. 85. RPSOHMR565V5VU
  86. 86. RPSOHMRU6RUV5 (QHODGXOWRFRQ+9'DGTXLULGDORVFDPELRVPÒVFRPXQHV VRQODGHVYLDFLäQGHOHMHDODGHUHFKDXQDUHODFLäQ56HQ9 !FRQXQDRQGD5!P9 $OWHUDFLRQHVGHODRQGD7GHOVHJPHQWR67HQOD RQHVGHO RQGD7GHOVHJPHQWR67HQO D D +'
  87. 87. 6HSXHGHUHJLVWUDUXQDGHSUHVLäQGHOVHJPHQWR67XQD LQYHUVLäQGHODRQGD7HQODVSUHFRUGLDOHVGHUHFKDVXDQGR HVWRVIQäPHQRVVRQ VLJQLILFDWLYRVVXHOHQVHULQGLFDWLYRVGH+9' PRGUDGDRJUDYH (PEROLVPRSXOPRQDUDJXGRFRUSXOPRQDOHDJXGR
  88. 88. EROLV RSXO RQDUDJXGR U SXO RQDOHDJXGR
  89. 89. /RVFDPELRVFOÒVLFRVFRQSDWUäQ647%5'++GHVYLDFLäQ GHOHMHODGHUHFKD3SXOPRQDOHVäORVHYHQHQXQGHORV SDFLHQWHV/RPÒV KDELWXDOHVUHJLVWUDUFDPELRVLQHVSHFÞILFRVGH ODUHSRODUL]DFLäQ/DFRPSDUDFLäQFRQXQ(*SUHYLRHVPXëWLO
  90. 90. (OVHJXQGR(*VHUHJLVWUäPHVHVGHVSXÚVGHKDEHUVXIULGRXQ WURPERHPEROLVPRSXOPRQDUPëOWLSOH6HDSUHFLDODDSDULFLäQGHO SDWUäQ647HVGHFLUODDSDULFLäQGHXQD6HQ',XQDT XQD7QHJDWLYDHQ',,,
  91. 91. VLJQRVGH+9'TXHHOSDFLHQWHQR SUHVHQWDEDSUHYLDPHQWH (32FR (32FR SXOPRQDOHFUäQLFR UUSXO RQDOHF äQL ³3GH¡HOUHJLVWURGHXQDRQGD3SXOPRQDOH 'HVYLDFLäQGHO³456DODGHUHFKDURWDFLäQKRUDULD 8QSDWUäQ666SXHGHHVWDUSUHVHQWH GHIRUPDRFDVLRQDO
  92. 92. /DDPSOLWXGGHODRQGD5HVWÒGLVPLQXLGDHQ9HQ 9P9
  93. 93. 6HSXHGHQREVHUYDUEDMRV YROWDMHVHQHOSODQRIURQWDO XDQGRODURWDFLäQKRUDULDHVVLJQLILFDWLYDOD DXVHQFLDGHODRQGD5HQODVGHULYDFLRQHVSUHFRUGLDOHVGHUHFKDV VLPXODXQLQIDUWRGHPLRFDUGLRDQWHULRUGDGRTXHVHUHJLVWUDQ FRPSOHMRV46 3XHGHQDSDUHFHURQGDV5DOWDVHQ9HQ9FXDQGRVHSURGXFH XQDSURJUHVLäQKDFLDODKLSHUWHQVLäQDUWHULDOSXOPRQDU+7$3
  94. 94. OD +9' %ORTXHRGH5DPD,]TXLHUGD RTXHRGH5 D, TXL (O456HVWÒSURORQJDGRPLGHGHDVHJ
  95. 95. (Q',HQ9VHHYLGHQFLDODSÚUGLGDGHODRQGD4VHSWDOVH UHJLVWUDXQDRQGD5GHQWDGDFRQXQDPXHVFDHQODUDPD DVFHQGHQWH(VWRUHIOHMDODDFWLYDFLäQPLRFÒUGLFDGHGHUHFKDD L]TXLHUGD(QD9)VHUHJLVWUDXQDRQGDUVHJXLGDGHXQDRQGD 6TXHUHIOHMDQUHVSHFWLYDPHQWHODDFWLYDFLäQVHSWDOLQLFLDO GLULJLGDLQIHULRUPHQWHHOYHFWRUILQDOGLULJLGRKDFLDDUULED/D GLUHFFLäQGHOYHFWRUGHOVHJPHQWR67GHODRQGD7HVODRSXHVWD DODGHO45667LQIUDGHVQLYHODGR7QHJDWLYDHQ',D9/9 HOFRQWUDULRHQ999
  96. 96. (Q9VHSXHGHUHJLVWUDUXQFRPSOHMRU6R46 HQIXQFLäQGHVLODDFWLYDFLäQLQLFLDOVHRULHQWDDQWHULRUR SRVWHULRUPHQWH (O³456VXHOHVHUQRUPDORGLULJLGRKDFLDODL]TXLHUGD /DGHVYLDFLäQGHOHMHDODGHUHFKDTXHQRVXHOHVXSHUDUORV¡ R¡RULJLQDXQDPRUIRORJÞDDWÞSLFDGH%5,++
  97. 97. %ORTXHRLQFRPSOHWRGHUDPDL]TXLHUGD RTXHR L RGHU DL TXL ,PSOLFDXQUHWUDVRGHODFRQGXFFLäQHQODUDPDL]TXLHUGDFRQ UHVSHWRDODGHUHFKDFRQXQDDFWLYDFLäQVHSWDOLQLFLDOGH'D, ODSÚUGLGDGHODRQGD4VHSWDOHQWRGRVORVFDVRV$OFRQWUDULR TXHHQHO%5,++ODUDPDL]TXLHUGDFRQWULEXHILQDOPHQWHDOD DFWLYDFLäQGHOVHSWXPGHODSDUHGYHQWULFXODU /DGLIHUHQFLDSULQFLSDOFRQHO%5,++DFHHQODGXUDFLyQGHOFRPSOHMR 456HOžFRPSOHMRFRUUHVSRQGHDXQ%5,++HOUUFRPSOHMRV FRUUHVSRQGHQDXQ%,5,++
  98. 98. (QODVLJXLHQWHLPDJHQDPSOLDGDSDUDVXPHMRUYLVXDOL]DFLäQ
  99. 99. VH DSUHFLDFRPRODDSDULFLäQGHXQ%,5,++VDOYDGHWDTXLFDUGLD DXULFXODU U««FRPSOHMRV
  100. 100. SURYRFDODSÚUGLGDGHODT VHSWDO
  101. 101. /RVKDOOD]JRVPÒVKDELWXDOHVVRQ 456GHDVHJFRQSÚUGLGDGHODRQGD4VHSWDO PXHVFDV PXDPHQXGR456FRQYROWDMHVDOWRV
  102. 102. %ORTXHRGH5DPD'HUHFKD RTXHRGH 5 D' (QHO%5'++HOVHSWXPVHDFWLYDGHIRUPDQRUPDOHVGHFLUGH,D '/DSURORQJDFLäQGHO456HVGHELGDSULQFLSDOPHQWHDOD DFWLYDFLäQUHWUDVDGDGHOVHSWXPGHODSDUHGYHQWULFXODUGHUHFKD /RVFDPELRVFDUDFWHUÞVWLFRVGHO%5'++VHUHJLVWUDQHQ9 /DDFWLYDFLäQVHSWDOLQLFLDORULJLQD HQ9XQDRQGD5TXHVHVLJXH GHXQDRQGD6TXHUHIOHMDODDFWLYDFLäQYHQWULFXODUL]TXLHUGDSRU XQDRQGD5 GHELGDDODGHVSRODUL]DFLäQGHOYHQWUÞFXORGHUHFKRGH L]TXLHUGDDGHUHFKDKDFLDDUULED/DVGHULYDFLRQHVTXHHQFDUDQ ODFDUDL]TXLHUGDGHOVHSWXPHVGHFLU',D9/L9VXHOHQ UHJLVWUDUXQDRQGD4TXHVHVLJXHGHXQDRQGD5GHGXUDFLäQ QRUPDOXQDRQGD6UHODWLYDPHQWHSURIXQGD(VWDXOWLPDUHIOHMDOD DFWLYDFLäQUHWDUGDGDGHOYHQWUÞFXORGHUHFKR/DRQGD7HV QHJDWLYDHQ9RFDVLRQDOPHQWHHQ9/DSURIXQGLGDGGHOD
  103. 103. RQGD6HQ9GHSHQGHGHXQDRULHQWDFLäQSRVWHULRURDQWHULRUGHO YHFWRUTXHUHSUHVHQWDODDFWLYDFLäQYHQWULFXODUL]TXLHUGD (QHOSULPHUFDVRXQD RQGD6SURPLQHQWHVHSDUDODRQGD5 GHODRQGD5 (QHOVHJXQGRFDVRODRQGD6SXHGHVHU SRFRSURIXQGDVHUWDQVäORXQDPXHVFDRHVWDUDXVHQWH $GLIHUHQFLDGHO%5,++ HO%5'++QRHQPDVFDUDXQLQIDUWRGH PLRFDUGLRQLODLVTXHPLDPLRFÒUGLFD
  104. 104. +HPLEORTXHR$QWHULRU RTXHR$ /DGXUDFLäQGHO456HVVHJ 'LUHJLVWUDXQDRQGD5GRPLQDQWHFRQRVLQRQGD4 LQLFLDO ',,',,,LD9)UHJLVWUDQXQDRQGD5TXHVH VLJXHGHXQDRQGD6SURIXQGDVLHQGR6,,,!6,,5,,!5,,, (QD95VHUHJLVWUDXQDRQGD5WHUPLQDO (O³456YDULDGH¡D¡ (QHOSODQRKRUL]RQWDOOD]RQDGHWUDQVLFLäQ VXHOHHVWDU GHVSOD]DGDKDFLDODL]TXLHUGDUHJLVWUÒQGRVHHQ99XQDRQGD 5 GHDPSOLWXGGLVPLQXLGDXQDRQGD6SURIXQGD (OWLHPSRGHDSDULFLäQGHODGHIOH[LäQLQWULQVHFRLGH 7',
  105. 105. HQ97',HQD9/FRQXQ7',HQD9/!PVJ +DTXHWHQHUHQFXHQWDTXHGHELGRDODRULHQWDFLäQ GHOYHFWRULQLFLDOODVSUHFRUGLDOHVGHUHFKDVPHGLDVSXHGHQ UHJLVWUDUXQDRQGD4LQLFLDOTXHVHSXHGHLQWHUSUHWDUGHIRUPD HUUäQHDFRPRXQ,0DQWHURVHSWDO
  106. 106. +HPLEORTXHR3RVWHULRU RTXHR3 6HWUDWDGHXQKDOOD]JRSRFRIUHFXHQWHLQHVSHFÞILFRTXHVHSXHGH YHUHQSHUVRQDVDVWÚQLFDVHQIHUPRVFRQHQILVHPD+9'HQ HO LQIDUWRODWHUDOH[WHQVR3DUDUHDOL]DUHVWHGLDJQäVWLFRFRQ VHJXULGDGKDTXHWHQHUXQ(*SUHYLRQRUPDO /DGXUDFLäQGHO456VHJ(1',D9/VHUHJLVWUDXQD RQGD5SHTXHâDTXHVHVLJXHGHXQDRQGD6SURIXQGD(Q',, ',,,D9)VHUHJLVWUDXQDRQGD4HVWUHFKDVHJ
  107. 107. /D5,,,! 5,,(O³456YDULDGH¡D¡DYHFHVGH¡D¡ %5'++%ORTXHRVIDVFLFXODUHV 5'++% RTXHRVI VFL %5'+++%$ 5'++
  108. 108. (VODFRPELQDFLäQPÒVFRPëQ/DDFWLYDFLäQGXUDQWHORVSULPHURV VHJGHWHUPLQDHO+%$ %5'+++%3 5'++ (VXQDFRPELQDFLäQUDUD/RVVHJLQLFLDOHVGHILQHQHOHMH HO+%3 %ORTXHR7ULIDVFLFXODU6ÞQGURPHGH5RVHQEDXP RTXHR 7 VFL 6 QGU HGH5 HQEDXP (OEORTXHRGHODUDPDGHUHFKDGHDPEDVGLYLVLRQHVGHODUDPD L]TXLHUGDEORTXHRWULIDVFLFXODU
  109. 109. SXHGHRFXUULUHQSUHVHQFLDGH %5'++FRQ+%$R+%3DOWHUQDQWHV(VWDVLWXDFLäQGHGHQRPLQD 6ÞQGURPHGH5RVHQEDXP
  110. 110. MXOLR HQHUR (QHOSULPHU(*HVWDSDFLHQWHSUHVHQWDXQ%5'+++%$HQ HOVHJXQGRXQ%5'+++%3+RHQGÞDHVWDVLWXDFLäQHV LQGLFDWLYDGHLPSODQWDFLäQGHPDUFDSDVRV
  111. 111. %ORTXHRGH5DPD%LODWHUDO RTXHRGH5 D%LOD 'HEHPRVFRQVLGHUDUHVWHGLDJQäVWLFRFXDQGRHQFRQWUHPRVXQ %5'++RXQ%5,++DOWHUQDQWHV7DOFRPRKDEÚLVYLVWRHQOD SÒJLQDDQWHULRUHQHVWDVVLWXDFLRQHVWDPELÚQKDEUÞDTXH LPSODQWDUXQPDUFDSDVRV XDOTXLHURWUDFRPELQDFLäQGHORVUHWUDVRVGHFRQGXFFLäQQR SXHGHVHUGLIHUHQFLDGDGHOEORTXHRHQHO1$9$VÞHOEORTXHR VLPXOWÒQHRGHODVGRVUDPDVGDOXJDUDXQ%$9FRPSOHWR ,JXDOPHQWHXQUHWUDVRRXQEORTXHRLQWHUPLWHQWHGHXQDUDPD MXQWRFRQXQEORTXHRFRPSOHWRHQODFRQWUDODWHUDOSXHGH PDQLIHVWDUVHFRPRXQ%5FRQXQ35SURORQJDGRRFRPRXQ%$9 LQWHUPLWHQWH(QSUHVHQFLDGHXQ%5ODDSDULFLäQGHXQ%$9 GHELGRDXQGHIHFWRGHODFRQGXFFLäQGHODUDPDFRQWUDODWHUDOQR SXHGHGLIHUHQFLDUVHGHEORTXHRGHO1$9
  112. 112. 3DFLHQWHFRQ%5'++35SURORQJDGR %ORTXHRVGH5DPD+LSHUWURILD9HQWULFXODU RTXHRVGH5 D+ SHU D 9HQW (OGLDJQäVWLFRGHKLSHUWURILDYHQWULFXODUHQSUHVHQFLDGH%5HV GLIÞFLODXQTXHQRLPSRVLEOHGHELGRDOKHFKRGHTXHXQSDUWHGHOD DFWLYDFLäQFDUGÞDFDVHUHDOL]DUÒVLQRSRVLFLäQGXUDQWHXQSHULRGR GHWLHPSRGDQGROXJDUDFDPELRVGHYROWDMHTXHHQJDâDQ
  113. 113. %5,+++9,R+9' ++ + ,R+ (O%5,++LPSOLFDXQGLDJQäVWLFRGH+9,GH+9'SUÒFWLFDPHQWH LPSRVLEOH(QSUHVHQFLDGHHVWDDOWHUDFLäQQRVHSXHGHKDEODUGH RWUDFRVDTXHGH%5,++/DVRVSHFKDGH+9ODUHDOL]DUHPRVSRU ODSDWRORJÞDGHOSDFLHQWHODFRQILUPDFLäQSRUHOUHJLVWUR HFRFDUGLRJUÒILFR %5'+++9' 5'+++ 6HKDVXJHULGRTXHHQHO%5'++XQDRQGD5 !DP9 LQGLFDODSUHVHQFLD GHXQD+9'DVRFLDGD$SHVDUGHHVWRHQXQ SUHRSHUDWRULRVHSXHGHUHJLVWUDUXQ456QRUPDOHQ9 HQFRQWUDUHQHOSRVWRSHUDWRULRHOFULWHULRDQWHVPHQFLRQDGR(VWR LQGLFDTXHHVWHFULWHULRQRVLHPSUHHVYÒOLGR7DPELÚQSRGHPRV HQFRQWUDURQGDV5DOWDVHQ9HQHQIHUPRVFRQWDQVäOR%5'++ VLQHYLGHQFLDGH+9' HMHPSORVFRQ+9' VFRQ+ (32PXJUDYH ,$23LQWHUYHQLGDFRQ9'GLODWDGR HMHPSORVVLQ+9' VVL + Q
  114. 114. 3DFLHQWHGHDxRVDSDUHQWHPHQWHVDQR 3DFLHQWHFRQ+7$ %5'+++9, 5'+++ 3RGHPRVVRVSHFKDUODSUHVHQFLDGH+9,FXDQGRHQFRQWUDPRV ³456!¡ 5HQD9/!PP 3HQ9FRQXQFRPSRQHQWHWHUPLQDO!VHJGHGXUDFLäQL! PPGHSURIXQGLGDG%%')+L+9( 3XQWXDFLäQGH 5RPKLOW(VWHVSRVLWLYD 5HQ9!PP 5HQ',!PP 6HQ95HQ9!PP 3DFLHQWHGHDxRVFRQ'/$RH,0PRGHUDGDV
  115. 115. % %$+ +$ +9, /DVXPDGHOD6HQ',,,FRQODPÒ[LPD56HQFXDOTXLHU GHULYDFLäQ!PPHVLQGLFDWLYDGH+9,HQSUHVHQFLDGH+%$ 'HIHFWRV,QHVSHFÞILFRVGHODRQGXFFLäQ V,QHVSHFÞIL VGHO RQGXFFL Q D ä ,QWUDYHQWULFXODU HQW (OFRPSOHMR456SXHGHHVWDUSURORQJDGRGHIRUPDDQRUPDOSHUR VLQODPRUIRORJÞDFDUDFWHUÞVWLFDGHO%5'++RGHO%5,++ 6HDVHPHMDDO%5,++RDO%5,++FRQXQDGHVYLDFLäQGHO³456 KDFLDODL]TXLHUGD(VWDFRPELQDFLäQVXJLHUHXQ+%$FRQXQ UHWUDVRGHODFRQGXFFLäQSHULIÚULFD/DSUHVHQFLDGHXQDRQGD4
  116. 116. QRUPDOSULQFLSDOPHQWHHQ',HQ9
  117. 117. UHIXHU]DODLGHDTXHHO UHWUDVRSHULIÚULFRVHDDFDXVDGHODSURORQJDFLäQGHO456 $XQTXHHVWHWLSRGHSURORQJDFLäQLQHVSHFÞILFDSXHGHVHUGHELGDD ODDFFLäQGHDOJXQRVIÒUPDFRVRDWUDVWRUQRVHOHFWUROÞWLFRVOD FDXVDPÒVFRPëQHVODHQIHUPHGDGFDUGÞDFD 3DFLHQWHDIHFWRGHPLRFDUGLRSDWtDGLODWDGDGHSUREDEOHRULJHQLVTXpPLFR FRQLQVXILFLHQFLDPLWUDOJUDYH(QHOVHJXQGR(*VHSUHFLDXQ HQVDQFKDPLHQWRGHO456PVJ
  118. 118. XQDGHVYLDFLyQGHOÆ456KDFLDOD L]TXLHUGD 3DFLHQWHFRQPLRFDUGLRSDWtDGLODWDGD',,(Q', 9VHUHJLVWUDXQD RQGDTLQGLFDWLYDGHDFWLYDFLyQVHSWDOQRUPDOGHL]TXLHUGDDGHUHFKD
  119. 119. 6ÞQGURPHGH:ROII3DUNLQVRQ:KLWH QGU HGH: II RQ (VXQVÞQGURPHHOHFWURFDUGLRJUÒILFRFDUDFWHUL]DGRSRUXQ LQWHUYDOR35FRUWRVHJ
  120. 120. XQFRPSOHMR456SURORQJDGR! VHJ
  121. 121. XQDRQGD/ FRPRQRUPDXQLQWHUYDOR3-QRUPDO DVLVLHPSUHH[LVWHQFDPELRVVHFXQGDULRVGHOVHJPHQWR67GH ODRQGD7DVÞFRPRXQFLHUWRDXPHQWRGHORVYROWDMHVGHO456 :3:LQWHUPLWHQWHTXHSHUPLWHYHUODGLIHUHQFLDHQWUHHO456QRUPDO HOTXHSUHVHQWDXQDSUHH[FLWDFLyQ /DRQGD/ HODXPHQWRGHODDPSOLWXGGHO456VHSURGXFHD FRVWDGHOVHJPHQWR35SHURVLQYDULDFLRQHVHQHOLQWHUYDOR3-
  122. 122. 6GGH:3:WLSR$ GGH: :W SR$ 'HIOH[LäQLQLFLDOSRVLWLYDSURPLQHQWHHQ99456SRVLWLYRHQ 99
  123. 123. /DRQGD/ UHIOHMDODDFWLYDFLäQWHPSUDQDGHOYHQWUÞFXOR L]TXLHUGRSRVWHULRU
  124. 124. 6GGH:3:WLSR% GGH: :W SR% 'HIOH[LäQLQLFLDOQHJDWLYDSUHGRPLQDQWHHQ9946HQ9 95HQ99
  125. 125. /DRQGD/ UHIOHMDODDFWLYDFLäQWHPSUDQDGHO YHQWUÞFXORGHUHFKRDQWHURVXSHULRU 6GGH:3:WLSR GGH: :W SR 2QGD/ QHJDWLYDHQODVGHULYDFLRQHVODWHUDOHVL]TXLHUGDV4HQ9 9
  126. 126. 'HVJUDFLDGDPHQWHQRKHSRGLGRHQFRQWUDUXQHMHPSORGHHVWH WLSR
  127. 127. /DSUHVHQFLDGHPÒVGHXQSDWUäQHQXQPLVPRSDFLHQWHVXJLHUH ODH[LVWHQFLDGHYDULDVYÞDVGHFRQGXFFLäQDFFHVRULDV
  128. 128. 6GGH:3:+DTXHUHFRUGDUTXH GGH: + TXHU GDUTXH (O:3:SXHGHVLPXODUXQLQIDUWRGHPLRFDUGLR 0LVPRFDVRFRQVLQSUHH[FLWDFLyQ RSXHGHHQPDVFDUDUOR 1HFURVLVLQIHULRUDQWHULRUTXHTXHGDHQPDVFDUDGDSRUODDSDULFLyQGH XQDSUHH[FLWDFLyQ (O%5'++%5,++OD+9'VHSXHGHQFRQIXQGLUFRQXQ:3:
  129. 129. %5,++TXHVLPXODXQ:3: 35FRUWR 5F 6HFRQVLGHUDXQDYDULDQWHGHO:3:ODSUHVHQFLDGHXQ35FRUWR DFRPSDâDGRGH7369
  130. 130. ,VTXHPLDVXEHSLFÒUGLFD TXHPD VXEHSL 5HJLVWURGHRQGDV7QHJDWLYDVGHORFDOL]DFLäQVHSWDODQWHULRU LQIHULRUODWHUDOVXVFRPELQDFLRQHVDQWHURVHSWDOODWHURLQIHULRU HWF
  131. 131. (MHPSORGHLVTXHPLDVXEHSLFiUGLFDHQHVWHFDVRDQWHURODWHUDOHLQIHULRU $YHFHVODPRUIRORJÞDGHODRQGD7QHJDWLYDHVPXFKRPÒVVXWLO 3DFLHQWHFRQLVTXHPLDVXEHSLFiUGLFDDQWHURVHSWDODODxRVXIULyXQ,$0 DQWHULRU
  132. 132. ,VTXHPLDVXEHQGRFÒUGLFD TXHPD VXEHQGRF 5HJLVWURGHRQGDV7DOWDVSXQWLDJXGDVGHORFDOL]DFLäQ SULQFLSDOPHQWHDQWHULRU (QHVWRVFDVRVHVPXëWLOSRGHUUHDOL]DUXQDFRPSDUDFLäQFRQ RWUR(* PLVPRSDFLHQWHTXHHQHMHPSORDQWHULRU
  133. 133. /HV äQVXEHSL /HVLäQVXEHSLFÒUGLFD 5HJLVWURGHXQVHJPHQWR67VXSUDGHVQLYHODGRTXHSXHGHWHQHU XQDORFDOL]DFLäQDQWHULRULQIHULRUODWHUDOVXVFRPELQDFLRQHV DQWHURODWHUDOODWHURLQIHULRUHWF
  134. 134. /HVLyQVXEHSLFiUGLFDLQIHULRUVXEHQGRFiUGLFDDQWHURODWHUDO /HV äQVXEHQGRF /HVLäQVXEHQGRFÒUGLFD 5HJLVWURGHXQVHJPHQWR67LQIUDGHVQLYHODGRTXHSXHGHWHQHU XQDORFDOL]DFLäQDQWHULRULQIHULRUODWHUDOVXVFRPELQDFLRQHV DQWHURVHSWDOODWHURLQIHULRUHWF
  135. 135. /HVLyQVXEHQGRFiUGLFDLQIHULRUDQWHURODWHUDO
  136. 136. ,QIDUWR$JXGR R$ $OSULQFLSLRGHOLQIDUWRODRQGD7SXHGHHVWDUSURORQJDGD DXPHQWDGDGHPDJQLWXGVHUSRVLWLYDRQHJDWLYD(VWRVHVLJXH GHXQDHOHYDFLäQGHOVHJPHQWR67HQODVGHULYDFLRQHVTXH HQFDUDQHOÒUHDGDâDGDSXGLHQGRDSUHFLDUVHXQDGHSUHVLäQ UHFÞSURFDHQODVGHULYDFLRQHVRSXHVWDV/DRQGD7SRVLWLYDSXHGH SUHVHQWDUXQDQHJDWLYLGDGILQDODXQTXHHOVHJPHQWR67HVWÚ VXSUDGHVQLYHODGR/DRQGD4SXHGHUHJLVWUDUVHHQHOSULPHU(* RQRDSDUHFHUKDVWDTXHKDDQSDVDGRXQDVKRUDVTXL]ÒVGÞDV ,QIDUWRDJXGRGHPLRFDUGLRDQWHULRU
  137. 137. XDQGRHOVHJPHQWR67YXHOYHDODOÞQHDGHEDVHODVRQGDV7 GHYLHQHQQHJDWLYDVVLPÚWULFDV(OWLHPSRGHDSDULFLäQOD PDJQLWXGGHHVWRVFDPELRVYDUÞDGHXQHQIHUPRDRWUR
  138. 138. 0LVPRFDVR
  139. 139. (QPXFKRVFDVRVORëQLFRTXHSHUVLVWHILQDOPHQWHHVODSUHVHQFLD GHRQGDV4VLQDOWHUDFLRQHVGHODUHSRODUL]DFLäQ 0LVPRFDVR
  140. 140. 2WURHMHPSORGHLQIDUWRHQHVWHFDVRVXEDJXGRTXHDIHFWDHOÒUHD DQWHURVHSWDO/DRQGD7SUHVHQWDXQDQHJDWLYLGDGILQDODOPLVPR WLHPSRTXHHOVHJPHQWR67DëQHVWÒVXSUDGHVQLYHODGR
  141. 141. ,QIDUWRUäQLFR R äQL %DVÒQGRQRVHQHOUHJLVWURGHXQDRQGD4XQLQIDUWRVHSXHGH FRQVLGHUDU 6HSWDO4HQ99 $QWHULRU4HQ99 $QWHURVHSWDO4GH9D9 /DWHUDO4HQ',D9/9 $QWHURVHSWDOODWHUDO/DVXPDGHORVGRVDQWHULRUHV $QWHURODWHUDO4HQ',D9/GH9D9 $QWHULRUH[WHQVR4HQFDVLWRGRHOSODQRKRUL]RQWDOHQ', D9/ /DWHUDODOWR4HQ',D9/ ,QIHULRU4HQ',,',,,D9) $QWHURLQIHULRURDSLFDO4HQ',,',,,D9/HQXQDRPÒV GHULYDFLRQHVGH9D9 $QWHULRUH[WHQVRHLQIHULRU/DVXPDGHORVGRVFDVRV 3RVWHULRU5HQ9R9 3RVWHURLQIHULRU5HQ9R94HQ',,',,,D9) 3RVWHURLQIHULRUODWHUDO5HQ9R94HQ',,',,,D9)', D9/ (MHPSORV
  142. 142. 1HFURVLVDQWHURVHSWDO 1HFURVLVDQWHURODWHUDO 1HFURVLVLQIHULRU
  143. 143. 1HFURVLVLQIHURGRUVDOODWHUDO
  144. 144. ,QIDUWR$JXGR,QIDUWR$QWLJXR R$JXGR, R$ 3DFLHQWHFRQXQDQHFURVLVDQWHULRUDQWLJXDTXHVXIUHXQQXHYR LQIDUWRFRQODH[WHQVLäQGHOLQIDUWRDQWHULRUODDSDULFLäQGHXQ LQIDUWRLQIHULRU(QHVWHFDVRDXQTXHORVFDPELRVSDUHFHQ PÞQLPRVWXYLHURQXQDJUDQLPSRUWDQFLDGDGRTXHODSDFLHQWH PXULäDORVSRFRGÞDVGHOVHJXQGRHSLVRGLR 1HFURVLVDQWHULRUDQWLJXD 1XHYRLQIDUWRFRQODDSDULFLyQGHXQLQIDUWRDQWHULRUH[WHQVRH LQIHULRU
  145. 145. $QHXULVPD9HQWULFXODU QHXU D 9HQW /DSUHVHQFLDHQHO(*GHXQDHOHYDFLäQSHUVLVWHQWHGHO VHJPHQWR67HQXQD]RQDLQIDUWDGDKDVLGRFRQVLGHUDGDGH IRUPDFOÒVLFDFRPRFRUUHVSRQGLHQWHDODH[LVWHQFLDGHXQ DQHXULVPD(QUHDOLGDGHVLQGLFDWLYRGHLQIDUWRH[WHQVRSHURQR LPSOLFDQHFHVDULDPHQWHODH[LVWHQFLDGHXQDQHXULVPD6X GLDJQäVWLFRVHUHDOL]DSUHIHUHQWHPHQWHFRQRWUDVWÚFQLFDVQR LQYDVLYDVFRPRODHFRFDUGLRJUDIÞDRODYHQWULFXORJUDIÞDLVRWäSLFD 1HFURVLVDQWHURVHSWDOFRQDQHXULVPDDQWHULRU /DSUHVHQFLDGHXQ%5'++QRHQPDVFDUDODHOHYDFLyQGHOVHJPHQWR67
  146. 146. ,QIDUWR%ORTXHRGH5DPD R%RTXHRGH 5 %5'++ 'DGRTXHODDFWLYDFLäQVHSWDOLQLFLDOHVQRUPDOHVGHFLUGH L]TXLHUGDDGHUHFKDHO%5'++DOFRQWUDULRTXHHO%5,++QR HQPDFDUDXQLQIDUWRGHPLRFDUGLR 1HFURVLVDQWHURVHSWDOODWHUDOFRQ%5'++ 1HFURVLVSRVWHURLQIHULRUODWHUDOFRQ%5'++ %5'+++%$ 5'+++ (VWDVLWXDFLäQWDPSRFRHQPDVFDUDODSUHVHQFLDGHXQLQIDUWRGH PLRFDUGLR
  147. 147. 1HFURVLVDQWHULRUH[WHQVDFRQ%5'+++%$ %ORTXHR3HULLQIDUWR RTXHR 3 LLQ 6HWDUDWDGHXQDDQRUPDOLGDGHVSHFÞILFDGHODFRQGXFFLäQGHELGD DOLQIDUWRGHPLRFDUGLR (QODVGHULYDFLRQHVGHODVH[WUHPLGDGHVVHUHJLVWUDQRQGDV4GH VHJFRPSOHMRV456FRQXQFRPSRQHQWHWHUPLQDO SURORQJDGRHQOHQWHFLGRTXHHQFDUDODQHFURVLV 3XHGHDXGDUDGLDJQRVWLFDUXQLQIDUWRLQIHULRUFXDQGRORV FDPELRVFDUDFWHUÞVWLFRVDQRVRQHYLGHQWHV /DSUHVHQFLDGHXQDDFWLYDFLäQWHUPLQDOUHWDUGDGDTXHHQFDUD',, ',,,RD9)XQDRQGDILQDOQHJDWLYDHQ',9L9 VLJQRVGH EORTXHRSHULLQIDUWR UHIXHU]DQHOGLDJQäVWLFRGHLQIDUWRGH PLRFDUGLRLQIHULRU
  148. 148. 6LWXDFLRQHVTXH6LPXODQ,VTXHPLD0LRFÒUGLFD XDF RQHVTXH6 DQ , TXHPD 0 $SDUWHGHODFDUGLRSDWÞDLVTXÚPLFDH[LVWHQQXPHURVDVFDXVDTXH SXHGHQSURYRFDUFDPELRVHQHOVHJPHQWR67HQODRQGD7/DV PÒVKDELWXDOHVVRQODVVLJXLHQWHV )LVLROäJLFDV 3RVLFLäQGHOFXHUSRWHPSHUDWXUDKLSHUYHQWLODFLäQ äJL DQVLHGDGDOLPHQWRVJOXFRVD
  149. 149. WDTXLFDUGLDLQIOXHQFLDV QHXURJÚQLFDVHQWUHQDPLHQWRIÞVLFR )DUPDFROäJLFDV'LJLWDOIÒUPDFRVDQWLDUUÞWPLFRVLSVLFRWURSRV äJL IHQRWLD]LQDVWULFÞFOLFRVOLWLR
  150. 150. $OWHUDFLRQHVH[WUDFDUGÞDFDV$QRUPDOLGDGHVHOHFWUROÞWLFDV RQHVH DFFLGHQWHVFHUHEURYDVFXODUHVVKRFNDQHPLDUHDFFLRQHV DOÚUJLFDVLQIHFFLRQHVDOWHUDFLRQHVHQGRFULQROäJLFDVDOWHUDFLRQHV DEGRPLQDOHVDJXGDVHPEROLVPRSXOPRQDU (QIHUPHGDGHVPLRFÒUGLFDVSULPDULDV 0LRFDUGLRSDWÞDFRQJHVWLYD HGDGHVP VS PLRFDUGLRSDWÞDKLSHUWUäILFDFDUGLRPLRSDWÞDSRVWSDUWRPLRFDUGLWLV (QIHUPHGDGHVPLRFÒUGLFDVVHFXQGDULDV $PLORLGRVLV HGDGHVP VVH XQGDU KHPRFURPDWRVLVQHRSODVLDVVDUFRLGRVLVHQIHUPHGDGHVGHO WHMLGRFRQHFWLYRDOWHUDFLRQHVQHXURPXVFXODUHV 8QFDPELRDLVODGRGHODRQGD7GHEHVHULQWHUSUHWDGRFRQ SUHFDXFLäQVLHPSUHFRUUHODFLRQDGRFRQODFOÞQLFDORVGDWRVGHO ODERUDWRULR/DLQWHUSUHWDFLäQHUUäQHDGHOVLJQLILFDGRGHXQDRQGD 7DQRUPDOHVODFDXVDPÒVFRPëQGHODHQIHUPHGDG HQI HOHFWURFDUGLRJUÒILDDDWURJÚQLFD RJU F RJÚQL
  151. 151. ,QWHQWDULGHQWLILFDUODHWLRORJÞDGHXQVHJPHQWR67RXQDRQGD7 DQRUPDOHVVLQWHQHUHQFXHQWDODFOÞQLFDORVGDWRVGHOODERUDWRULR VXHOHVHUXQIUDFDVR 5HJLVWUR(*GXUDQWHXQDJDVWULWLVDJXGDHQXQDSDFLHQWHGDxRVVLQ FRURQDULRSDWtDODJDPPDJUDItDFRQWDOLRQRPRVWUyQLQJ~QVLJQRGH LVTXHPLD
  152. 152. 6HYHQLPiJHQHVVLPLODUHVHQORVDFFLGHQWHVFHUHEURYDVFXODUHV
  153. 153. 3HULFDUGLWLV$JXGD V$ /DSHULFDUGLWLVDJXGDSXHGHRFDVLRQDUFDPELRVHQHOVHJPHQWR 67HQODRQGD7TXHSXHGHQVLPXODULVTXHPLDOHVLäQ PLRFÒUGLFD/DHYROXFLäQHOHFWURFDUGLRJUÒILFDODFRUUHODFLäQFRQ ODFOÞQLFDODH[SORUDFLäQDXVFXOWDFLäQGHXQ URFHSHULFÒUGLFR
  154. 154. QRVGDUÒHOGLDJQäVWLFR (OHYDFLyQGHOVHJPHQWR67GH9D9FRQFRQFDYLGDGKDFLDDUULED
  155. 155. 7QHJDWLYDVHQ99HQXQDSDFLHQWHGHDxRVFRQSHULFDUGLWLV DJXGD 5HJLVWURGHRQGDV7QHJDWLYDVHQXQSDFLHQWHGHDxRVFRQSHULFDUGLWLV DJXGD
  156. 156. ,PSUHJQDFLäQ'LJLWÒOLFD HJQDF äQ' OLF /DDFFLäQGHODGLJLWDOSURYRFDXQDGLVPLQXFLäQGHODDPSOLWXGGH ODRQGD7XQDLQIUDGHVQLYHOODFLäQXQDFRUWDPLHQWRGHO VHJPHQWR67FRQODDSDULFLäQRFDVLRQDOGHXQDRQGD8(VWD PRUIRORJÞDGHOVHJPHQWR67VHGHQRPLQDHQFXEHWDD HQFXEHW PHQXGRHVGLIÞFLOGLIHUHQFLDUODGHXQDGHSUHVLäQGHOVHJPHQWR67 GHELGDDRWUDVFDXVDV
  157. 157. 5HSRODUL]DFLäQ3UHFR] HSRO äQ 3 (VWDHOHYDFLäQGHOVHJPHQWR67TXHVHLQLFLDGHVGHHOSXQWR- TXHWLHQHXQDFRQFDYLGDGKDFLD DUULEDTXHVHDFRPSDâDGH RQGDV7DOWDVDVLPÚWULFDVVHVXHOHYHUVREUHWRGRHQSHUVRQDV YDJRWäQLFDVRGHSRUWLVWDV7DPELÚQVHSXHGHUHJLVWUDUHQHVWRV FDVRVXQDPXHVFDHQODUDPDDVFHQGHQWHGHODRQGD5
  158. 158. 6LWXDFLRQHVTXHVLPXODQ1HFURVLV0LRFÒUGLFD XDF RQHVTXHV DQ1 V 0 (OFUHFLPLHQWRDXULFXODUGHUHFKRSXHGHRFDVLRQDURQGDV4 HQ9 (QOD+9,ODDXVHQFLDGHXQDRQGDUHQODV SUHFRUGLDOHVGHUHFKDVSXHGHVXJHULUXQLQIDUWRDQWHURVHSWDO /DVRQGDV4VRQ IUHFXHQWHVHQODPLRFDUGLRSDWÞDKLSHUWUäILFDSXHGHQ VLPXODUXQ LQIDUWR /DSUHVHQFLDGHRQGDV4WDPELÚQSXHGHHVWDU DVRFLDGDFRQOD(32SXGLHQGRYHUVHLPÒJHQHVTXHVLPXODQXQ LQIDUWRDQWHURVHSWDO (QHO%5,++ODVIXHU]DVLQLFLDOHV VHGLULJHQGHGHUHFKDDL]TXLHUGDKDFLDDUULEDRKDFLDDEDMR XDQGRODVIXHU]DVLQIHULRUHVGRPLQDQVHSXHGHUHJLVWUDUXQ FRPSOHMR456HQODVSUHFRUGLDOHVGHUHFKDV6LHOYHFWRULQLFLDOVH RULHQWDKDFLDODL]TXLHUGDKDFLDDUULEDVHSXHGHQUHJLVWUDU FRPSOHMRV46HQODVGHULYDFLRQHVLQIHULRUHV
  159. 159. (QHO+%$KDTXHWHQHUHQFXHQWDTXHGHELGRDD RULHQWDFLäQGHOYHFWRULQLFLDOODVSUHFRUGLDOHVGHUHFKDV PHGLDQDVSXHGHQUHJLVWUDUXQDRQGD4LQLFLDOTXHVHSXHGH LQWHUSUHWDUGHIRUPDHUUäQHDFRPRXQLQIDUWRGHPLRFDUGLR DQWHURVHSWDO /DVRQGDV4QRLQIDUWRVRQIUHFXHQWHVHQHO :3:6XHOHQVLPXODUXQLQIDUWRLQIHULRUDXQTXHWDPELÚQVH SXHGHQSUHVHQWDUFRPRXQLQIDUWRDQWHULRURODWHUDO
  160. 160. 4QRSDW äJL 4QRSDWROäJLFD (QVLWXDFLRQHVQRUPDOHVWDPELÚQVHSXHGHQUHJLVWUDURQGDV4TXHWLHQHQXQD DPSOLWXGVHJTXHHQDOJXQRVFDVRVSXHGHQVHUSURIXQGDVRQGDV5 DOWDVHQ99VLQTXHHVWRVKDOOD]JRVLPSOLTXHQODSUHVHQFLDGHQHFURVLV PLRFÒUGLFD 1LxRGHDxRVVLQQLQJ~QWLSRGHSDWRORJtD +RPEUHGHDxRVVLQIDFWRUHVGHULHVJRDVLQWRPiWLFRFRQXQ(FR 'RSSOHUQRUPDO 8Q(*DSDUHQWHPHQWHDQRUPDOHQDXVHQFLDGH Q( *DSDUHQW HQWHDQRU HQDXVHQFDGH HYLGHQFLDFOÞQLFDGHHQIHUPHGDGFDUGÞDFDHQJHQWHMRYHQ GHQF DF DGHHQ I HGDGF DHQJHQ WHM HQ GHEHV UH XDGRGHI GHEHVHUHYDOXDGRGHIRUPDPXSUHFLVDGDGRTXHOD DP S DGDGRTXHO SUHYDOHQFLDGHHQIHUPHGDGFDUGÞDFDHQHVWDVLWXDFLäQHV HQFDGHHQ I HGDGF DHQH V DV XDF äQHV EDMDO VS REDELOLGDGHVGHTXHHOW DGRVHDXQI EDMDODVSUREDELOLGDGHVGHTXHHOWU D]DGRVHDXQIDOVR SRV RVRQDO SRVLWLYRVRQDOWDV

×