1. basico instalaciones bt

171 Aufrufe

Veröffentlicht am

0 Kommentare
0 Gefällt mir
Statistik
Notizen
  • Als Erste(r) kommentieren

  • Gehören Sie zu den Ersten, denen das gefällt!

Keine Downloads
Aufrufe
Aufrufe insgesamt
171
Auf SlideShare
0
Aus Einbettungen
0
Anzahl an Einbettungen
3
Aktionen
Geteilt
0
Downloads
1
Kommentare
0
Gefällt mir
0
Einbettungen 0
Keine Einbettungen

Keine Notizen für die Folie

1. basico instalaciones bt

  1. 1. +0 (6&8(/$(,1*(1,(5,$(/(75,$ (;326,725,QJ+XEHU 0XULOOR0,167$/$,21(6(/(75,$6, ,1*+8%(5085,//20 2%-(7,926 %ULQGDUDODOXPQR (OFRQRFLPLHQWRGHODVQRUPDVUHJODPHQWRVYLJHQWHV DUDFRQRFHUODVSDXWDVFULWHULRVWpFQLFRVDVHJXLUHQHO GHVDUUROORGHOSURHFWR 5HDOL]DUORVFiOFXORVSDUDHOGLPHQVLRQDPLHQWRVHOHFFLyQ GHORVDOLPHQWDGRUHVSULQFLSDOHVGHULYDGRVGHOSURHFWR 5HDOL]DUORVFiOFXORVSDUDHOGLPHQVLRQDPLHQWRVHOHFFLyQ GHORVVLVWHPDVGHDFFLRQDPLHQWRXWLOL]DGRVHQHOFRQWURO PDQGRSURWHFFLyQGHOVLVWHPDHOpFWULFR DUORVSURFHGLPHLQWRVGHORVWUiPLWHVDGPLQLVWUDWLYRVTXH QRVFRQGX]FDQDODDSUREDFLyQGHOSURHFWRGHULQGDUD DOLPHQWDGRUHVSULQFLSDOHVGHULYDGRVGHOSURHFWR,167$/$,21(6(/(75,$6, ,1*+8%(5085,//20
  2. 2. 5(/$,21212752685626 LUFXLWRVHOpFWULFRV, LUFXLWRVHOpFWULFRV,, ,QWURGXFFLyQDOGLVHxRHOpFWULFR 0iTXLQDV(OpFWULFDV, 0iTXLQDV(OpFWULFDV,, ,QJHQHLUtDGH,OXPLQDFLyQ LUFXLWRVHOHFWUyQLFRV 0HGLGDVHOpFWULFDV, 0HGLGDVHOpFWULFDV,,,167$/$,21(6(/(75,$6, ,1*+8%(5085,//20 1250$65(*/$0(17269,*(17(6 /$61250$6(118(67523$,6621(0,7,$6 325(/0,1,67(5,2((1(5*Ë$0,1$6 $0,1,675$$632526,1(5(,1(23, 0(0 26,1(5 ,( 9(± ,( ,167$/$,21(6(/(75,$6, ,1*+8%(5085,//20
  3. 3. DUJDVGLYHUVDVFRQHFWDGDVDORVFLUFXWRVUHVLGHQFLDOHVDUJDVGLYHUVDVFRQHFWDGDVDORVFLUFXWRVUHVLGHQFLDOHV
  4. 4. )$6(6(7$3$6(/$2%5$ )$6( 5(63216,%/( 280(1726 (63(,$/,$(6 352(72 352(7,67$ 352(72 $548,7(72 2168/725 /,(1,$( ,1*(/(75,,67$ 216758,21 ,1*0($1,2 ,1*,9,/ ,1*6$1,7$5,2 2%5$ 2175$7,67$ 5(3$/17(22%5$ (7$3$6( 352(72( 5(9,6,21 (-(86,21(/$ /$2%5$ ,1*%$6,$ $352%$,21 2%5$ 5(63216,%/( 352(7,67$ 21,6,21 2175$7,67$# 081,,3$/# #VRQORVUHVSRQVDEOHVGHODOLFHQFLDGHFRQVWUXFFLyQ,167$/$,21(6(/(75,$6, ,1*+8%(5085,//20 )$6(6(7$3$6(/$2%5$ 7,32( 352(72(,1*(1(,5,$%$6,$ (63(,), $,21 $548, (6758 ,6 ,( ,0 7(785$ 785$6 $ $) ,( 7 6$ 9 5 $ $$ 90 9,9,(1$ 9890 ; ; [ [ [ [ (0(5 ; ; [ [ [ [ [ 20(5,2 / ; ; [ [ [ ; ; [ [ [ [ (8$,21 (,(3 ; ; [ [ [ (6(3 ; ; [ [ [ [ ,18675,$/ ; ; [ [ [ [ [ [ [ [ [ [ [,167$/$,21(6(/(75,$6, ,1*+8%(5085,//20
  5. 5. /((1$ 989LYLHQGDXQLIDPLOLDU RPEXVWLEOH 959LYLHQGDUHVLG!Pð $$LUHFRPSULPLGR (0(GLILFLRPXOWLIDPLOLDU $$$LUHDFRQGLFLRQDGR (5(GLILFLRUHVLGHQFLDO 909HQWLODFLyQPHFiQLFD //RFDOFRPHUFLDO 6$6LVWHPDVDX[LOLDUHV HQWURFRPHUFLDO 7HOHIRQRVLQWHUQRV (,HQWURGHHGXFLQLFLDO ,QWHUFRPXQLFDGRUHV (3HQWURGHHGXFSDUWLFXODU 7HOpIRQRSRUWHUR ,6,QVWDODFLyQHVVDQLWDULDV 6LVWHPDVGHSDUODQWHV ,(,QVWDODFLyQHVHOpFWULFDV 9XVTXHGDGHSHUVRQDV ,0,QVWDODFLyQHVPHFiQLFDV 5HORMHV $)$JXDIULD $ODUPDFRQWUDLQFHQGLR $$JXDFDOLHQWH $ODUPDFRQWUDURERDVDOWR 77HOHIRQR 79FLUFXLWRFZHUUDGR ,DUJDLQVWDODGD 6LVWHPDGHFDEOH 00i[LPDGHPDQGD 6LVWHPDVGHDQWHQDV79 99DSRU 595HWRUQRGHYDSRU,167$/$,21(6(/(75,$6, ,1*+8%(5085,//20 $726*(1(5$/(6(/352(72 RFXPHQWRVQHFHVDULRV 7tWXORGHSURSLHGDG HUWLILFDGRGHDGMXGLFDFLyQ 2WURVFDVRVHVSHFLDOHV 8ELFDFLyQGHOSUHGLR 5HXQLRQHVFRQORVSURIHVLRQDOHVDGHFXDGRV /LFHQFLD0XQLFLSDO 3DJRGHORVGHUHFKRVDO,3 5HJLVWURGHORV,QJHQHLURVUHVLGHQWHV URQRJUDPDGHDFWLYLGDGHV,167$/$,21(6(/(75,$6, ,1*+8%(5085,//20
  6. 6. $726*(1(5$/(6(/352(72 3DUDUHDOL]DUXQSURHFWRVHUHFRPLHQGDSURFHGHUFRPR VLJXH ‡ RFXPHQWRVGHIDFWLYLOLGDGSXQWRGHDOLPHQWDFLyQ ((/125/8=(/685yFRQVHFLRQDULR]RQDO
  7. 7. ‡ 5HXQLRQHVGHFRRUGLQDFLyQFRQORVSURIHVLRQDOHV TXHLQWHUYLHQHQ ‡ HVFULSFLyQGHOSURHFWRDOGHWDOOH ‡ HWDOOHGHO0HGLGRU 7DEOHUR*HQHUDO ‡ (OHFFLyQGHODPHMRURSFLyQWDULIDULD ‡ RQRFLPLHQWRGHOD0D[LPDHPDQGD ‡ LDJUDPDXQLILODU,167$/$,21(6(/(75,$6, ,1*+8%(5085,//20 5(81,21(6$5($/,=$56( /DLQIRUPDFLyQGHEHVHUFRRUGLQDGD FRQORVVLJXLHQWHVSURIHVLRQDOHV ,QJ(OHFWULFLVWD ,QJ0HFiQLFRyLYLO ,QJ6DQLWDULR $UTXLWHFWR RRUGLQDUFRQVX(6326$ OHDXGDUiPXFKtVLPRDHOHJLUXQD PX0XEXHQDDOWHUQDWLYD,167$/$,21(6(/(75,$6, ,1*+8%(5085,//20
  8. 8. 217(1,2(/263/$126 HEHQFRQWHQHUODVLJXLHQWHLQIURPDFLyQ LUFXLWRSULQFLSDO LUFXLWRVGHULYDGRV LUFXLWRVXQLILODUHVFRQ,0 7DEOHURVJHQHUDOHV 6LVWHPDGHDWHUUDPLHQWR 6LVWHPDWHOHIyQLFR 6LPERORJLDQRUPDOL]DGD 6LVWHPDVDX[LOLDUHVGLYHUVDV HWDOOHVLQJHQLHULOHVGLYHUVRV 0RQWDQWHVHOpFWULFDWHOHIyQLFDFDEOH 7LSRVGHFDEOHV 7LSRGHWXERV39,167$/$,21(6(/(75,$6, ,1*+8%(5085,//20 26726 HEHQFRQWHQHUODVLJXLHQWHLQIURPDFLyQ 0HPRULDVGHVFULSWLYDV 0HWUDGREDVH $QiOLVLVGHFRVWRVXQLWDULRV 3UHVXSXHVWREDVH )yUPXODSROLQyPLFD 1RVRQQHFHVDULRVSDUDODDSUREDFLyQGHOSURHFWR 6HHIHFW~DQDVROLFLWXGGH (OSURSLHWDULR (O$UTXLWHFWRSURHFWLVWD (OFRQWUDWLVWD,167$/$,21(6(/(75,$6, ,1*+8%(5085,//20
  9. 9. (63(,),$,21(67(1,$6,167$/$,21(6(/(75,$6, ,1*+8%(5085,//20 (63(,),$,21(67(1,$6 RUUHVSRQGHDODGHVFULSFLyQWpFQLFDGHWRGRV ORVPDWHULDOHVTXHLQWHUYLHQHQHQHO SURHFWR ‡ (OSURHFWLVWDHVWiHQODREOLJDFLyQGH SUHVHQWDUODV),+$67(1,$6 SURSRUFLRQDGRSRUORVIDEULFDQWHVGHORV SURGXFWRVUHODFLRQDGRVFRQHOSURHFWR ‡ /RVFRQGXFWRUHVGHPiVPDWHULDOHOpFWULFR FXPSOLUiQHVWULFWDPHQWHFRQUHJODPHQWR YLJHQWH,167$/$,21(6(/(75,$6, ,1*+8%(5085,//20
  10. 10. (63(,),$,21(67(1,$6 HEHQFRQWHQHUODVLJXLHQWHLQIURPDFLyQ RQGLFLRQHVJHQHUDOHV (VSHFLILFDFLRQHVWpFQLFDVGHVXPLQLVWUR (OHWURGXFWRV 7XEHUtDVDMDV%DQGHMDVFDQDOHWDV RQGXFWRUHV ,QWHUUXSWRUHVWRPDFRUULHQWHVSXOVDGRUHV 7DEOHURVHOpFWULFRV $UWHIDFWRVGHLOXPLQDFLyQ 6LVWHPDGHDWHUUDPLHQWR 6LVWHPDGHHPHUJHQFLD 6LVWHPDVDX[LOLDUHV (VSHFLILFDFLRQHVWpFQLFDVGHPRQWDMH 6LVWHPDVGHDFFLRQDPLHQWR HWDOOHVLQJHQLHULOHVHVSHFLDOHV,167$/$,21(6(/(75,$6, ,1*+8%(5085,//20 21,,21(6*(1(5$/(6 8%,$,Ï1(/35(,2 352(721ƒ 5HGGH((/125,167$/$,21(6(/(75,$6, ,1*+8%(5085,//20
  11. 11. 680,1,6752 /DVLQVWDODFLRQHVHOpFWULFDVGHVWLQDGDVSDUDOD EDMDWHQVLyQVHFODVLILFDQGHODVLJXLHQWHPDQHUD 9LYLHQGDVXQLIDPLOLDUHV 9LYLHQGDVUHVLGHQFLDOHV (GLILFLRVPXOWLIDPLOLDUHV (GLILFLRVUHVLGHQFLDOHV (GLILFLRVFRPHUFLDOHVXRILFLQDV (GLILFLRVS~EOLFRV WHDWURVFLQHV
  12. 12. (GLILFLRVLQGXVWULDOHVEDMRVPHGLRV ,QVWDODFLRQHVLQVGXVWULDOHV,167$/$,21(6(/(75,$6, ,1*+8%(5085,//20 $7$//((/680,1,6752 $// ( $ / .:+ .:+ .:+ .:+ .:+ / .:+ ( /((1$ 352(72 1ƒ 5((,675,%8,Ï1((/125
  13. 13. 21(;,210212)$6,$ $20(7,$ $/,0(17$2535,1,3$/ 0(,25((1(5*,$,167$/$,21(6(/(75,$6, ,1*+8%(5085,//20
  14. 14. 8%,$,Ï1(/0(,25720$(0(,$6 6HWUDWDGHXELFDUHOPHGLGRUGHHQHUJtDVLWXiQGROR HQODSDUWHIURQWDOGHOSUHGLRGHELGDPHQWH LQVWDODGRGHQWURGHXQDFDMDPHWiOLFDWLSR/7HO FXDOWLHQHXQDSODQFKDGHVPRQWDEOHGHPDGHUD VKSLQJR /XHJRWRPDUODVVLJXLHQWHVPHGLGDV ‡ LVWDQFLDGHODUHGDOPHGLGRUGHHQHUJtD ‡ LVWDQFLDPHGLGRUGHHQHUJtDDO7*,167$/$,21(6(/(75,$6, ,1*+8%(5085,//20 8%,$,Ï1(/0(,25,7$7*0212)$6,2 $/,0(17$25 *(1(5$/ .:+ 0(,25((1(5*,$$7,9$ ,$ ,17(5583725$8720$7,2 .:+ 680,1,6752 0212)$6,2 ,$ $20(7,$ $/,0(17$25 35,1,3$/ 7$%/(52 *(1(5$/,167$/$,21(6(/(75,$6, ,1*+8%(5085,//20
  15. 15. 8%,$,Ï1(/0(,25,7$7*75,)$6,2 $/,0(17$25 *(1(5$/ .:+ 0(,25((1(5*,$$7,9$ ,$ ,17(5583725$8720$7,2 .:+ 680,1,6752 75,)$6,2 ,$ $20(7,$ $/,0(17$25 7$%/(52 35,1,3$/ *(1(5$/ 2),,1$ P,167$/$,21(6(/(75,$6, ,1*+8%(5085,//20 (7$//((/0(,25,7$7*75,)$6,2 $-$(0(,25 5(( 7,32/7 66 7$%/(52*(1(5$/ ((/125 .:+ ,17(5583725 $8720$7,2 P P $/,0(17$2535,1,3$/ +$,$/$6 $20(7,$ $5*$6 [PPð1PPð7
  16. 16. φ PP 39 6$3 8S≤ 8QRPLQDO 8S≤ 8QRP 66 6XEGLVWULEXFLyQ VHFXQGDULD,167$/$,21(6(/(75,$6, ,1*+8%(5085,//20
  17. 17. (/(7528726 8726(215(72 HFRQFUHWRYLEUDGRFRQXQQ~PHURGHYtDVGHDFXHUGRD GHWDOOHVLQFOXLGRVHQORVSODQRV 8626 3DUDSURWHFFLyQGHFDEOHVVXEWHUUiQHRVFXDQGRKDFUXFH GHSLVWDV (QODFRQGLFLyQGHDOLPHQWDGRUHVGHSODQWDVLQGXVWULDOHV 6HGHEHSUHYHUTXH GHYLDVGHUHVHUYD≥ YLDVUHTXHULGDV DOLPHQWDGRURFLUFXLWRSRUYLD (QGLYHUVDVDPSOLDFLRQHVVXEWHUUDQHDV,167$/$,21(6(/(75,$6, ,1*+8%(5085,//20 (/(7528726 1ƒ9,$6 /21* ,$0 $;% $3$,$( 872 P 9LDPP PP 6RORXQFDOLEUHSRUYtD [ [PPð1 8726 [ [PPð1 ( [ [PPð1 215(72 1ƒ9,$6 /21* ,$0 $;% $3$,$( 872 P 9LDPP PP 6RORXQFDOLEUHSRUYtD ; [PPð1 ; [PPð1 ; [PPð1 $ % P,167$/$,21(6(/(75,$6, ,1*+8%(5085,//20
  18. 18. (/(7528726 ,167$/$,21(8726 9,$6 9,$6 3,67$P 137 9,$6 7,(55$(51,$ 9,$6 203$7$$ P 9,$6 62/$2( 215(72 P 9,$6 P,167$/$,21(6(/(75,$6, ,1*+8%(5085,//20 (/(7528726 78%(5,$639 ± 6(/ ORUXURGHSROLYLQtOLFRWLSRHVWiQGDUHXURSHROLYLDQR 0tQLPDWXEHULDDXWLOL]DU φ PP /RQJLWXGHVWiQGDU P 6HXWLOL]DFLyQHVIUHFXHQWHHQ LUFXLWRVGHULYDGR 6LVWHPDVDX[LOLDUHV 78%(5,$639 ± 6$3 ORUXURGHSROLYLQtOLFRWLSRHVWiQGDUDPHULFDQRSHVDGR 0tQLPDWXEHULDDXWLOL]DU φ PP /RQJLWXGHVWiQGDU P 6HXWLOL]DFLyQHVIUHFXHQWHHQ LUFXLWRVGHULYDGRVLVWHPDVDX[LOLDUHV $OLPHQWDGRUHVSULQFLSDOHVOLQHDVDWLHUUD $FRPHWLGDVHOpFWULFDVWHOHIyQLFDV,167$/$,21(6(/(75,$6, ,1*+8%(5085,//20
  19. 19. (/(7528726 ),(552*$/9$1,=$25,*,2 RQSDUHGHVLQWHULRUHVOL]DVOLEUHVGHFRVWXUDUHEDUEDV URVFDGRVHQDPERVH[WUHPRV 0tQLPDWXEHULDDXWLOL]DU φ PP /RQJLWXGHVWiQGDU P 6HXWLOL]DFLyQHVIUHFXHQWHHQ ,QVWDODFLRQHVYLVLEOHVH[SXHVWRVDGDxRVPHFiQLFRV ,QVWDODFLRQHVD358(%$((;3/26,21 RQH[LQHVYLVLEOHVHQDVFHQVRUHV ,QVWDOFLRQHVH[SXHVWDVDDOWDVWHPSHUDWXUDV ,QVWDODFLRQHVH[SXHVWDVDUXGRVWUDEDMRV,167$/$,21(6(/(75,$6, ,1*+8%(5085,//20 (/(7528726 (48,9$/(1,$(78%(5,$6 1 38/* 396(/ 396$3 )ƒ*ƒ5,*,2 1 PP 1 PP 1 PP ,167$/$,21(6(/(75,$6, ,1*+8%(5085,//20
  20. 20. 78%(5Ë$6$-$6%$1(-$6$1$/(7$6 %$1(-$6 HILHUURJDOYDQL]DGR)ƒ*ƒ
  21. 21. GH´GHHVSHVRUFXDV VHFFLRQHVGHWDOOHVVHLQFOXHQHQORVSODQRV $SOLFDFLRQHV (QORFDOHVQXHYRVDPSOLDFLRQHVGHORFDOHV LQGXVWULDOHVKRVSLWDOHVRHGLILFLRVLPSRUWDQWHV 8VRVHLQVWDODFLRQHV (QFLUFXLWRVSULQFLSDOHVGHULYDGRV LPSRUWDQWHVDGRVDGRVDSDUHGHVyVXVSHQGLGRVHQWHFKRV LPHQVLRQHV [ [ PP [ [ [ PP,167$/$,21(6(/(75,$6, ,1*+8%(5085,//20 78%(5Ë$6$-$6%$1(-$6$1$/(7$6 $1$/(7$6 HILHUURJDOYDQL]DGR)ƒ*ƒ
  22. 22. GH´GHHVSHVRUFXDV VHFFLRQHVGHWDOOHVVHLQFOXHQHQORVSODQRV HDOEDxLOHUtDPDWULDOQREOH
  23. 23. FXDVGLPHQVLRQHVVH LQFOXHQHQORVSODQRVUHVSHFWLYRV $SOLFDFLRQHV (QORFDOHVQXHYRVDPSOLDFLRQHVGHORFDOHV LQGXVWULDOHVKRVSLWDOHVRHGLILFLRVLPSRUWDQWHV 8VRVHLQVWDODFLRQHV (QFLUFXLWRVSULQFLSDOHVGHULYDGRV PXLPSRUWDQWHV LPHQVLRQHV PP PP,167$/$,21(6(/(75,$6, ,1*+8%(5085,//20
  24. 24. +0 78%(5Ë$6$-$6%$1(-$6$1$/(7$6 $-$63$6(686,0(16,21(6 3 /((1$ ))UHQWH $ $OWXUD $ 33URIXQGLGDG ) 6RQGHILHUURJDOYDQL]DGR)ƒ*ƒ
  25. 25. OLYLDQRRSHVDGR 1RVHXVDUiQ FDMDV UHGRQGDV /DSURIXQGLGDGPLQLPDHVGHPP,167$/$,21(6(/(75,$6, ,1*+8%(5085,//20 78%(5Ë$6$-$6%$1(-$6$1$/(7$6 $-$6()$%5,$,2167$1$5 7,32 862 2FWRJRQDOGH[PP 6DOLGDVGHDOXPEUDGRHQWHFKRSDUHG 5HFWDQJXODUGH[PP 6DOLGDHQWRPDFRUULHQWHLQWHUUXSWRUWHOHIRQR XDGUDGDGH[PP 7RPDFRUULHQWHVFDMDVGHSDVH XDGUDGDGH[PP 6DOLGDGRQGHOOHJXHQWXEHULDVGHPP $-$6(63(,$/(6 RQGHOOHJXHQDOLPHQWDGRUHV≥ PP HSODQFKDGH)ƒ*ƒ 1ƒ PP
  26. 26. FRPRPtQLPR RQWDSDKHUPpWLFDSHUQRVGHOPLVPRPDWHULDO,167$/$,21(6(/(75,$6, ,1*+8%(5085,//20
  27. 27. +0 78%(5Ë$6$-$6%$1(-$6$1$/(7$6 )• φWXERPDRUΣ φUHVWRGHORVWXERV 3• φWXERPDRU $ ) 6HXWLOL]DUiQFDMDVFXDGUDGDVVWDQGDUW )• φWXERPDRUΣ φUHVWRGHORVWXERV 3• φWXERPDRU $ ) 6HXWLOL]DUiQFDMDVFXDGUDGDVVWDQGDUW $GRVDGRVDWHFKRVFRQRVLQIDOVRVWHFKRV 6XVSHQGLGRVGHORVWHFKRVGHVyWDQRV (QGLVWULEXFLyQKRUL]RQWDOSUHYLDDODGLVWULEXFLyQYHUWLFDO
  28. 28. ,167$/$,21(6(/(75,$6, ,1*+8%(5085,//20+0 78%(5Ë$6$-$6%$1(-$6$1$/(7$6 )• φWXERPDRUΣ φUHVWRGHORVWXERV 137 3• φWXERPDRU $ ) 6HXWLOL]DUiQFDMDVFXDGUDGDVVWDQGDUW )• φWXERPDRUΣ φUHVWRGHORVWXERV 3• φWXERPDRU 137 $ ) 6HXWLOL]DUiQFDMDVFXDGUDGDVVWDQGDUW /DVFDMDVHVWiQHPSRWUDGDV /DVFDMDVHVWiQDGRVDGDVHQGXFWRVGHLQVWDODFLRQHV 8ELFDGRVHQODPRQWDQWHGHGLVWULEXFLyQYHUWLFDO,167$/$,21(6(/(75,$6, ,1*+8%(5085,//20
  29. 29. 78%(5Ë$6$-$6%$1(-$6$1$/(7$6 8$572($6(1625 7*$ $=27($ /((1$ 7$ 7$ 48,172 3,62 $-$3$6( 7$ 7$ 7$%/(526 8$572 3,62 %$12 7$ 7$ .:+ 0(,25(6 7(5(5 3,62 6(*8123,62 7$ 7$ 0217$17( (/(75,$ 66((/125 .:+ 7$ 7$ 7* 627$12 7*6$ (VTXHPDXQLILODUGHSULQFLSLR.:+± 7$± DO7*6$
  30. 30. ,167$/$,21(6(/(75,$6, ,1*+8%(5085,//20+0 78%(5Ë$6$-$6%$1(-$6$1$/(7$6 (-(03/26 3,62 )PP
  31. 31. $P P
  32. 32. 3PP
  33. 33. DMDVWDQGDUW ODYH PP
  34. 34. [[ 3
  35. 35. [[ 3
  36. 36. [[ 3
  37. 37. [[3 $PP
  38. 38. %PP
  39. 39. 3PP
  40. 40. $-$67$1$5 /$9(
  41. 41. [
  42. 42. [[ 3
  43. 43. [
  44. 44. [[ 3
  45. 45. [
  46. 46. [[ 3
  47. 47. [
  48. 48. [[ 3
  49. 49. [
  50. 50. [[ 3,167$/$,21(6(/(75,$6, ,1*+8%(5085,//20
  51. 51. 78%(5Ë$6$-$6%$1(-$6$1$/(7$6 $FRQWLQXDFLyQSUHVHQWDPRVODVFDMDVGHSDVHFRPHUFLDOHV TXHUHXQHQORVUHTXLVLWRVWpFQLFRVJHQHUDOPHQWHVRQ XWLOL]DGRVHQODVPRQWDQWHVHOpFWULFDV $-$621,0(16,21(667$1$5 [[ [[ [[ [[ [[ [[ [[ [[ [[ [[ [[ [[ [[ [[ [[ [[,167$/$,21(6(/(75,$6, ,1*+8%(5085,//20 78%(5Ë$6$-$6%$1(-$6$1$/(7$6 $FRQWLQXDFLyQSUHVHQWDPRVODVFDMDVSDVHPDVFRPHUFLDOHV $-$621,0(16,21(667$1$5 /$9( $PP
  52. 52. % PP
  53. 53. PP
  54. 54. 6(/(,21 [[ [[ [[ [[ [[ [[ [[ [[ [[ [[ [[ [[ [[ [[ [[ [[ [[ [[ [[ [[ [[ [[ $%VRQFDOFXORVSHUVRQDOHVQRVHLQFOXHHQHOUHSRUWH,167$/$,21(6(/(75,$6, ,1*+8%(5085,//20
  55. 55. 7(/()2126 6$/,$67(/()21,$6 6HXWLOL]DQFDMDVGH)ƒ*ƒVHLQVWDODQ6137VREUHQLYHOGH SLVRWHUPLQDGR
  56. 56. /DVVDOLGDVWHOHIyQLFDVXWLOL]DQFDMDV)ƒ*ƒ [[PP/DVSODFDVGHVDOLGDSDUDHOFDEOHK P6137 /$6$-$6(,675,%8,Ï17(/()Ï1,$6 [[P[³SDUDDFRPHWLGD [[P[³SDUDPRQWDMH /DVFDMDVGHPDGHUDWHQGUiQXQPDUFRSXHUWDPHWiOLFRV /D³K³ERUGHLQWHULRUGHODFDMDP6137 78%(5,$6 H39± 6$3FRQφ PPPtQLPR,167$/$,21(6(/(75,$6, ,1*+8%(5085,//20 0217$17(7(/()21,23257(52 8$572($6(1625 6$ $=27($ /((1$ 48,172 3,62 $-$3$6( φ ;; 8$572 7$%/(526 3,62 7(/()21,26 7(5(5 3 3257(52 3,62 $-$3$6( 6(*8123,62 ;; φ 3 7* 7(/()21,$ 92/7,26 += φ 6$ 627$12,167$/$,21(6(/(75,$6, ,1*+8%(5085,//20
  57. 57. +0 78%(5Ë$6$-$6%$1(-$6$1$/(7$6 (63(,),$,21(67(1,$6(/$60217$17(67(/()21,$6 7,32( $-$( $-$( 0217$17( (,),,21 //(*$$PP
  58. 58. ,675,%8,21396$3PP
  59. 59. (GLILFLRPXOWLIDPLOLDU KDWDSLVRVGSWRVSLVR [[ [[ LDP (GLILFLRPXOWLIDPLOLDU KDWDSLVRV [[ [[ LDP (GLILFLRVFRPHUFLDOHV [[ [[ LDP,167$/$,21(6(/(75,$6, ,1*+8%(5085,//20 0217$17(79$%/( 79 8$572($6(1625 6$ $=27($ 79 79 /((1$ 48,172 $-$3$6( 3,62 ;; 79 79 φ 8$572 79 7$%/(52679 3,62 79 79 $-$3$6( 7(5(5 ;; 3,62 79 79 6(*8123,62 79 79 φ 7* 79$%/( φ 6$ 627$12,167$/$,21(6(/(75,$6, ,1*+8%(5085,//20
  60. 60. 218725(6 /RVFRQGXFWRUHVVRQORVUHVSRQVDEOHVGHFRQGXFLUFRQ PXKDIDFLOLGDGODHQHUJtDHOpFWULFDSRUHVWHPRWLYRTXHVH KDFUHDGRXQDSpQGLFHHVSHFLDOVREUHHVWHWHPD 87,/,=$,21(/26218725(6 7,32( $3/,$,21 (65,3,21 218725 7: ,QWHULRUHV LUFXLWRVGHULYDGRV 7+: ,QWHULRUHV $OLPHQWDGRUHV 075,32/$5 ([WHULRUHV LUFXLWRVSULQFLSDOHVGHULYDGRV 13$5$/(/2 ,QWHULRUHV 66,$3 1.75,32/$5.9 ,QWHULRUHV $FRPHWLGDVVDOLGDV66607 181,32/$5.9 ,QWHULRUHV $FRPHWLGDVVDOLGDV66607 9HUDSpQGLFH218725(6(/(75,26,167$/$,21(6(/(75,$6, ,1*+8%(5085,//20 218725(6 1;6 1; 175,32/$5 181,32/$5 .9 .9 .9 .9 7+: :3 6(7 (MHPSORVGHOFyGLJRSDUDODGHQRPLQDFLyQGHFDEOHV,167$/$,21(6(/(75,$6, ,1*+8%(5085,//20
  61. 61. 7$%/(526(/e75,26 9(5$3(1,(,167$/$,21(6(/(75,$6, ,1*+8%(5085,//20 $57()$726(,/80,1$,Ï1 9(5$3(1,( ,1/8( ,17(5583725(6212)) 720$255,(17(620,,/,$5,26 $(625,26,9(5626,167$/$,21(6(/(75,$6, ,1*+8%(5085,//20
  62. 62. / RQGXFWRU7:PPð RQGXFWRU7:PPð / RQGXFWRU7:PPð 6yTXHWH ,QWHUUXSWRU )RFR (VTXHPDIXQFLRQDOGHFRQH[LyQGHXQIRFRLQFDQGHVFHQWH,167$/$,21(6(/(75,$6, ,1*+8%(5085,//20 / RQGXFWRU7:PPð / RQGXFWRU7:PPð RQGXFWRU 7:PPð ,QWHUUXSWRU ,QWHUUXSWRU FRQPXWDGRU FRQPXWDGRU )RFR 6yTXHWH (VTXHPDIXQFLRQDOGHFRQH[LyQGHXQIRFRLQFDQGHVFHQWH XWLOL]DQGRXQFRQPXWDGRUWLSRHVFDOHUD
  63. 63. ,167$/$,21(6(/(75,$6, ,1*+8%(5085,//20
  64. 64. %DODVWR / RQGXFWRU 7:PPð (48,32(81)/85(6(17( / )/825(6(17( ,QWHUUXSWRU 3+,/,36 $UUDQFDGRU RQGXFWRU7:PPð (VTXHPDIXQFLRQDOGHFRQH[LyQGHXQHTXLSRIOXRUHVFHQWH,167$/$,21(6(/(75,$6, ,1*+8%(5085,//20 (1(1,2(/26)/825(6(17(6 32535($/(17$0,(172 +J $UR.U $55$1$2592/7,26$ 5($725,167$/$,21(6(/(75,$6, ,1*+8%(5085,//20
  65. 65. 218725(6 396$3 396$3 8ELFDFLyQGHORVFRQGXFWRUHVGHQWURGHORVWXERV396$3 WLFLQR WLFLQR WLFLQR WLFLQR ,17(5583725 ,17(5583725 ,17(5583725 720$255,(17( 6,03/( 75,3/( 21087$25 2%/(8ELFDFLyQGHORVFRQGXFWRUHVGHQWURGHORVSYFVDSDGHPiV HTXLSRVGHPDQGR (VTXHPDGHXELFDFLyQGHODOXPEUDGRLQWHUUXSWRUHQODFRFLQD
  66. 66. 8ELFDFLyQGHOWDEOHURJHQHUDOWRPDFRUULHQWHVHLQWHUUXSWRUHV8ELFDFLyQGHODWHUPDWRPDFRUULHQWHHLQWHUUXSWRUHQHOEDxR
  67. 67. ,167$/$,2102(51$(81$2),,1$,167$/$,21(81(67$,2()87%2//
  68. 68. 6,67(0$($7(55$0,(172(QHO6,67(0$(38(67$$7,(55$‡ /DUHVLVWHQFLDGHSXHVWDDWLHUUDGHEHUi φ PP396$3 HVWDUGHDFXHUGRFRQODVQRUPDV ,(± ± yGLJR1DFLRQDOGH(OHFWULFLGDG 32=2 (‡ /RVFRQGXFWRUHVTXHFRQHFWDQ32=2( 7,(55$ 7,(55$ $5*$FXPSODQFRQODV GLVSRVLFLRQHVGHOyGLJR1DFLRQDOGH (OHFWULFLGDG‡ 6HUHFRPLHQGDXWLOL]DUHO7:,167$/$,21(6(/(75,$6, ,1*+8%(5085,//20(67((6(/352727,32(,167$/$,2120,,/,$5,$(/0(,25/26218725(6(/(75,267,(1(18125(18%,$,21(1752(/2678%26396$3/26,17(5583725(6720$255,(17(6(67$1237,0$0(17(8%,$26
  69. 69. 6,67(0$((0(5*(1,$ ),1$/,$ 3URSRUFLRQDUXQVXPLQLVWURHOpFWULFRGH HPHUJHQFLDSDUDFDUJDTXHORUHTXLHUHQ3RGHPRV FODVLILFDUORVHQWUHVWLSRV D 3/$1((0(5*(1,$6(/(7,9$ (648(0$(35,1,3,2 7$ HVGHHOPHGLGRU((/125 [$ 7$ [$ .:+ 7) [$ 7) [$ *( 7) [$ 7) [$ 5HVHUYD 32=2(7,(55$ [$,167$/$,21(6(/(75,$6, ,1*+8%(5085,//20 E 3/$1((0(5*(1,$%$6,2 (648(0$(35,1,3,2 7$ [$ 7 [$ ((/125 .:+ 7) [$ [$ 5HVHUYD [$ 7( [$ 7( [$ *( 7( [$ 5HVHUYD [$,167$/$,21(6(/(75,$6, ,1*+8%(5085,//20
  70. 70. F 3/$1((0(5*(1,$,1,17(55803,2 (648(0$(35,1,3,2SDUWHD
  71. 71. 7$ [$ 7 [$ XSV ((/125 .:+ [$ $ 9$ [$ 5HVHUYD [$ 7( [$ 7( [$ *( 7( [$ 5HVHUYD [$,167$/$,21(6(/(75,$6, ,1*+8%(5085,//20 F 3/$1((0(5*(1,$,1,17(55803,2 $ (648(0$(35,1,3,2SDUWHE
  72. 72. 7$ [$ 836 3 [$ 3 5(7,),$25 [$ a 5HVHUYD [$ $5*$6 (0(5*(1,$ 836 a %$7(5,$6 209(57,25
  73. 73. 6,67(0$6((0(5*(1,$ (OSODQGHHPHUJHQFLDE HVHOPDV HPSOHDGR (OSODQGHHPHUJHQFLDD HVHOPDVIOH[LEOHHQODVHOHFFLyQ GHFDUJDVDWHQGHU(VWHHVHOPiVHFRQyPLFRSHUR UHTXLHUHSHUVRQDOPDVFDSDFLWDGRHLQVWUXtGRHQHOPDQHMR GHOSODQ8QDPDODRSHUDFLyQSXHGHFDXVDUGDxRVVHYHURV DOVLVWHPDHOpFWULFR /RVWLHPSRVGHUHSRVLFLyQGHOVXPLQLVWUR HOpFWULFRVRQ ,70 «0LQXWRV %DUDWR ,7$ «6HJXQGRV 0RGHUDGR 836 6HJXQGRV DUR 9HUPDVGHWDOOHVGHORV836HQ$3(1,(,167$/$,21(6(/(75,$6, ,1*+8%(5085,//20 (/(0(1726(816,67(0$6(0(5*(1,$ *(1(5$25 DSDFLGDGQRPLQDO6 .9$ 7HQVLyQQRPLQDO 9ROWLRV )UHFXHQFLDQRPLQDO +] )DFWRUGHSRWHQFLD $OWXUDGHWUDEDMR PVQP 02725,(66(/ 3RWHQFLDQRPLQDO +3 7LSRGHPRWRU WLHPSRV 9HORFLGDGQRPLQDO 530 5HIULJHUDFLyQ $LUHDJXD $UUDQTXH (OpFWULFR 0$6(7$//(69(5$3(1,(*58326(/(752*(126,167$/$,21(6(/(75,$6, ,1*+8%(5085,//20
  74. 74. )$,/,$(6(1/$,167$/$,21(*(,(66(/ RPEXVWLEOHGLHVVHO1ƒ 7DQTXHGLDULRSDUDKRDUVFRQWLQXRDSOHQDFDUJD 3DUDOD9HQWLODFLyQVHDSURYHFKDUiDOPi[LPRODGLUHFFLyQ GHOYLHQWRSUHHUYHQWLODFLyQIRU]DGDUHFWLILFDGD
  75. 75. /DVSXHUWDVFRQPDUFRVPDOODVPHWiOLFDV 9DQWDQDVDOWDVFRQPDUFRVPDOODVPHWiOLFDV DQDOHWDVDOUHGHGRUGHO*(SDUDFRQH[LyQHOpFWULFDGHORV FLUFXLWRVGHIXHU]DFRQWUROSURWHFFLyQ /DVWXEHUtDVGHDOLPHQWDFLyQGHOFRPEXVWLEOHVHUiQ GH)ƒ*ƒ /DFRQH[LyQGHODFKLPLQHDGHEHVHUELHQSODQLILFDGD /$3/$17$((05*(1,$(%(6(58%,$2/20$6 (5$326,%/($/7$%/(52*(1(5$/(/$ ,167$/$,Ï1,167$/$,21(6(/(75,$6, ,1*+8%(5085,//20 6,67(0$6$8;,/,$5(6 9(5$3(1,(,167$/$,21(6(/(75,$6, ,1*+8%(5085,//20
  76. 76. (63(,),$,21(67e1,$6(0217$-( 9(5$3(1,( 2168/7$521/$6 $5$7(5,67,$6 7(1,$6(/)$%5,$17(,167$/$,21(6(/(75,$6, ,1*+8%(5085,//20 6,67(0$6($,21$0,(172 9(5$3(1,( 6HUHILHUHDOGLPHQVLRQDPLHQWRVHOHFFLyQGHORVVLVWHPDV GHDFFLRQDPLHQWRWDOHVFRPRORV ,QWHUUXSWRUHVWHUPRPDJQHWLFRVDXWRPDWLFRV,$
  77. 77. RQWDFWRUHVSULQFLSDOHVDX[LOLDUHV$ 5HOpVWpUPLFRVPDQXDOHVDXWRPiWLFRV )XVLEOHVSRUWDIXVLEOHV 6LVWHPDVGHILQGHFDUUHUD $FVHVRULRVGLYHUVRV HQWURVGHFRQWUROGHPRWRUHV,167$/$,21(6(/(75,$6, ,1*+8%(5085,//20
  78. 78. (7$//(6,1*(1,(5,/(6(63(,$/(6 6HUHILHUHDODVGLYHUVDVYLVWDVDX[LOLDUHVQHFHVDULDVSDUD SRGHUUHDOL]DUXQDIDEULFDFLyQPRQWDMHDGHFXDGRV 7DPELpQLQFOXHODGLVSRVLFLyQGHFRQGXFWRUHVVXEWHUUDQHRV DHUHRVODVLQVWDODFLRQHVHQFDQDOHWDVGXFWRV (VWDSDUWHHVWDQLPSRUWDQWHSDUDODSODQLILFDFLyQHMHFXVLyQ FRQWUROGHODVREUDVHQHVWXGLRH,16,78,QFOXH (PEDUUDGRV 0RQWDMHGHFRQGXFWRUHVVLVWHPDVGHDFFLQDPLHQWR 7DEOHURVGLYHUVRVDFFHVRULRV ,QFOXHWRGRGHWDOOHTXHVDOHGHORIRUPDO $$2%5$7,(1(683$57,8/$5,$,167$/$,21(6(/(75,$6, ,1*+8%(5085,//20 $KRUD8GHVWDOLVWRSDUDGDU VXDXWRHYDOXDFLyQ %XHQDVXHUWH«
  79. 79. +0 (68(/$(,1*(1,(5,$(/(75,$ (;326,725,QJ+XEHU 0XULOOR0,167$/$,21(6(/(75,$6, ,1*+8%(5085,//20 $5$7(5,67,$6(/5278/23$5$/263/$126 3523,(7$5,2 6U9LFWRU0HQGR]D6UD 2%5$ 372/,0$ 9,9,(1$81,)$0,/,$5 3529/,0$ 352(72 ,675,72/,1( ,167$/$,21(6(/(75,$6 (6$/$ 3/$12 )(+$-81 35,0(5$3/$17$ $OXPEUDGRWRPDFRUULHQWHWHOHIRQR79 2168/725 3/$121ƒ 352)(6,21$/5(63216,%/( ,( +XEHU0XULOOR0DQULTXH ,QJ(OHFWULFLVW , ,3,167$/$,21(6(/(75,$6, ,1*+8%(5085,//20
  80. 80. 5(*/$6($/$0%5$2 /OHYDUXQSRORDWRGDVODVVDOLGDVGHOVLVWHPDGHDOXPEUDGR /OHYDUHOVHJXQGRSRORDWRGRVORVLQWHUUXSWRUHVXQLSRODUHV DOSULPHULQWHUUXSWRUFRQPXWDGRU` /OHYDUORVGRVFDEOHVPHQVDMHURVGHOSULPHULQWHUUXSWRUGH FRQPXWDFLyQDOVHJXQGRLQWHUUXSWRUGHFRQPXWDFLyQ /OHYDUORVFRQGXFWRUHVGHFRQWUROGHVGHORVLQWHUUXSWRUHV XQLSRODUHVHOVHJXQGRLQWHUUXSWRUGHFRQPXWDFLyQDODVVDOLGDV TXHFRQWURODQ 3DUDLQWHUUXSWRUHVELSRODUHV /OHYDUORVGRVSRORVDOLQWHUUXSWRUELSRODU /OHYDUORVGRVFRQGXFWRUHVGHFRQWUROGHVGHORV LQWHUUXSWRUHVDODVVDOLGDVTXHFRQWURODQ,167$/$,21(6(/(75,$6, ,1*+8%(5085,//20 5(*/$6($/$0%5$2 5 5 D E G 6 6 E G D 6D 6EG,167$/$,21(6(/(75,$6, ,1*+8%(5085,//20
  81. 81. 5(*/$6($/$0%5$2 5 5 K H I J 6 6 H I D 6K J 6K 6IHJ,167$/$,21(6(/(75,$6, ,1*+8%(5085,//20 5(*/$6($/$0%5$25 5 L N6 6 N D 6L 6L 6L 6N,167$/$,21(6(/(75,$6, ,1*+8%(5085,//20
  82. 82. 5(*/$6($/$0%5$2 5 5 Q P L 6 6 L Q P 6L 6QP,167$/$,21(6(/(75,$6, ,1*+8%(5085,//20 /((1$ 6D ,QWHUUXSWRUVLPSOHFRQGXFWRUHVWLSRGDGR 6 ,QWHUUXSWRUGHFRQPXWDFLyQFRQGXFWRUHVJHQHUDOPHQWH VXXQLyQVHKDFHSRUHOSLVR 6 ,QWHUUXSWRUGHFRQPXWDGRUFXDQGRVHDFWLYDVHFUX]DQORV FRQWDFWRV3HUPLWHFRQWURODUXQDVDOLGDGHPDVGHGRVSXQWRV LQWHUFDODGRVHQWUHGRVLQWHUUXSWRUHVGHFRQPXWDFLyQ 666 6,QWHUUXSWRUELSRODUOOHJDQGRVSRORVDOLQWHUUXSWRUSDUD OXPLQDULDVELPHWiOLFRVGH+J1D BBBBB 7XEHUtDHQHOWHFKR 7XEHUtDHPSRWUDGDHQHOSLVR,167$/$,21(6(/(75,$6, ,1*+8%(5085,//20
  83. 83. /((1$ 127$6 /RVLQWHUUXSWRUHVWHUPRPDJQpWLFRVGH$PSHULRVSXHGHQWHQHUFRPR Pi[LPRVDOLGDVFRQOiPSDUDVGH9DWLRV DGDFLUFXLWRGHDOXPEUDGRGHEHUiXWLOL]DUXQFRQGFXWRU7:7+:7++: GHPPðFRPRVHFFLyQPtQLPD
  84. 84. 7RPDFRUULHQWH 6DOLGDVSRWOLJKW 6DOLGDHQODSDUHG%DUTXHW
  85. 85. 6DOLGDGHWHFKR,167$/$,21(6(/(75,$6, ,1*+8%(5085,//20 5(*/$6($/$0%5$2 6KLM P D KL E G M O H N 6DEGH Q I x 6NOP 6I 6xQ 6xQ +DFHUHODQiOLVLVGHDODPEUDGR,167$/$,21(6(/(75,$6, ,1*+8%(5085,//20
  86. 86. 5(*/$6($/$0%5$2 6KLM P D KL E G M O H N 6DEGH Q I 6Qx x 6NOP J S R 6IJ 6RS 6RS +DFHUHODQiOLVLVGHDODPEUDGR,167$/$,21(6(/(75,$6, ,1*+8%(5085,//20 ,PSRUWDQWH RQGXFWRU7:PPð / / ,QWHUUXSWRU DXWRPiWLFR RQGXFWRU7:PPð (VTXHPDIXQFLRQDOGHFRQH[LyQGHXQDWHUPDJUDQGH
  87. 87. / RQGXFWRU7:PPð / ,QWHUUXSWRU DXWRPiWLFR 0XFKR RQGXFWRU7:PPð FXLGDGR (VTXHPDIXQFLRQDOGHFRQH[LyQGHXQDUHIULJHUDGRUD $/8/2(/180(52(,58,726(5,9$26 6HKDHQFRQWUDGRH[SHULPHQWDOPHQWHTXHXQFLUFXLWR GHULYDGRGHLOXPLQDFLyQHVWDGHWHUPLQDGRHQIXQFLyQGHO WLSRGHORFDOHVWRHV (QXQORFDOUHVLGHQFLDOGHPðXDQWRVFLUFXLWRV GHULYDGRVGHEHQFRQVLGHUDUVH LUFXLWRVGHULYDGRVG
  88. 88. 3URPHGLR 6HFRQVLGHUDTXHHQPðVHGHEHUiFRQVLGHUUDG 3HURGSXHGHVRSRUWDUFRPRPi[LPROXPLQDULDV PD[GHYDWLRVFDGDXQDSURPHGLRXQLGDGHV
  89. 89. (VWRLPSOLFDTXHHO,7$GHEHUiVHUGH$PSHULRVD TXHSRUHVWHFLUFXLWRFLUFXODUiQFRPRPi[LPR$PS (OFRQGXFWRUGHEHUiWHQHUPPð FRPRPtQLPR,167$/$,21(6(/(75,$6, ,1*+8%(5085,//20
  90. 90. $/8/2(/180(52(,58,726(5,9$26 (QODWDEODSUHVHQWDPRVODFDQWLGDGGHiUHDPð
  91. 91. SDUD FDGDXWLOL]DFLyQHQFDVRGHTXHODLOXPLQDFLyQVHD FRQYHQFLRQDO 3DUDFDVRVHVSHFLDOHVFRPRHVHOiUHDLQGXVWULDOVH SURFHGHDGHVDUUROODUHOSURHFWRGHLOXPLQDFLyQ 81,)$0,/,$5(6 5(6,(1,$/ 20(5,$/ 2),,1$6 ,18675,$/ # (QFDVRVHVSHFLODHVFRQVLGHUHSDUDFDGDGXQFRQVXPR Pi[LPRGH9DWLRVSRUFLUFXLWR 3DUDOXPLQDULDVIOXRUHVFHQWHVXRWUDVDVHFRQVLGHUDTXH GLFKRVDUWHIDFWRVVHKDOODQFRPSHQVDGRVSRUWDQWRVX IDFWRUGHSRWHQFLD≥ ,167$/$,21(6(/(75,$6, ,1*+8%(5085,//20 (),1,,21(6 DUJDLQVWDODGD,
  92. 92. (VODVXPDWRULDWRWDOGHWRGDVODV SRWHQFLDVQRPLQDOHVGHSODFDGHFDGDFDUJD )DFWRUGHGHPDQGD)G
  93. 93. (VXQIDFWRUHVWDEOHFLGRTXH FXDQWLILFDODSHUPDQHQFLDGHODFDUJDGXUDQWHXQSHULRGRGH WLHPSR )DFWRUGHVLPXOWDQHLGDG)V
  94. 94. (VXQIDFWRUTXHFXDQWLILFD ODXWLOL]DFLyQGHODVFDUJDVHQHOPLVPRWLHPSR 0i[LPDGHPDQGD0
  95. 95. ,)G DUJDFRQWUDWDGD (VODFDQWLGDGGH.:FRPHUFLDOHVPX FHUFDQRVDOYDORUGHOD0 )DFWRUGHFDUJD (VHOFRFLHQWHGH0,,167$/$,21(6(/(75,$6, ,1*+8%(5085,//20
  96. 96. 2(),,(17(6(6,08/7$1(,$,167$/$,21(6(/(75,$6, ,1*+8%(5085,//20 *5$26((/(75,),$,21,167$/$,21(6(/(75,$6, ,1*+8%(5085,//20
  97. 97. (9$/8$,21(/)$725(6,08/7$1(,$)V
  98. 98. HELGRDTXHHQXQDLQVWDODFLyQORVGLVWLQWRVFRQVXPLGRUHVyJUX SRVGH FRQVXPLGRUHVQRHVWDQFRQHFWDGRVVLHPSUH VLPXOWDQHDPHQWH 3RUWDQWR)VVHUiVLHPSUH )$725(6(6,08/7$1(,$)V
  99. 99. 3$5$868$5,26 6(*81/$61250$69( *5832(21680,25(6 (,),,26(2),,1$6 +263,7$/(6 ,OXPLQDFLyQ « DMDVGHHQFKXIH « 9HQWLODFLRQ « DOHIDFFLyQ « RFLQDV « « $VFHQVRUHV « « 2WURV « ,167$/$,21(6(/(75,$6, ,1*+8%(5085,//20 (9$/8$,21(/$0$;,0$(0$1$ HEHUiFRQWHQHU ‡ (OFXDGURGHFDUJDVLQFOXHQGRLOXPLQDFLyQ ‡ iOFXORGHODFDUJDLQVWDODGD ‡ /RV)DFWRUHVGHGHPDQGDQRUPDOL]DGRV ‡ (O)DFWRUGHVLPXOWDQHLGDGQRUPDOL]DGRV ‡ DUJDVDIXWXURDFRUWRPHGLDQRSOD]R ‡ 7RPDVGHQXHVWUDVHQXQWLHPSRWpFQLFR ‡ (YDOXDFLyQGHOSOLHJRWDULIDULR,167$/$,21(6(/(75,$6, ,1*+8%(5085,//20
  100. 100. 8$52($5*$60È;,0$(0$1$
  101. 101. XDGURGHFDUJDVGHOD9LYLHQGD8QLIDPLOLDU DUJD )DFWRUGH 0i[LPD ,WHP HVFULSFLyQ ,QVWDODGD GHPDQGD HPDQGD :
  102. 102. :
  103. 103. $OXPEUDGRP [:P 5HIULJHUDGRUD 3ODQFKD /LFXDGRUD 2WURVHOHFWURGRP pVWLFRV 3RWHQFLD,QVWDODGD 0i[LPDHPDQGD0
  104. 104. )DFWRUGH6LPXOWDQHLGDGIV
  105. 105. DUJDFRQWUDWDGD0[IV
  106. 106. ,167$/$,21(6(/(75,$6, ,1*+8%(5085,//20+0 0$;,0$(0$1$$5*$2175$7$$ 7DEOD 8$52($5*$6(/267$ 7$ DUJD )DFWRUGH 0i[LPD ,WH HVFULSFLyQ ,QVWDODGD GHPDQGD HPDQGD P :
  107. 107. :
  108. 108. $OXPEUDGRP [:P RFLQD [: DOHQWDGRU [: /DYDGRUD [: 6HFDGRUD [: 5HIULJHUDGRUD[: :DIOHUD[: $VSLUDGRUD[: 3RWHQFLD,QVWDODGD 0i[LPDHPDQGD0
  109. 109. )DFWRUGH6LPXOWDQHLGDGIV
  110. 110. DUJDFRQWUDWDGD0[IV
  111. 111. +0 0$;,0$(0$1$$5*$2175$7$$ $/8/2(/$0$;,0$(0$1$3/$17$352(6$25$ ,7(0 (65,3,21(/$0$48,1$ 327(1,$255,(17( +3 .: $03(5,26 0RWRUWULIiVLFRPDUFD:(* (/(9$25 0RWRUWULIiVLFRPDUFD6LHPHQV =$5$1$ 0RWRUWULIiVLFRPDUFD6LHPHQV (63(5$25$ 0RWRUWULIiVLFRPDUFD:(* (/(9$25 0RWRUWULIiVLFRPDUFD(/526$ 38/,25$ 255,(17(727$/(/6,67(0$ $03(5,26 7(16,21(/6,67(0$ 92/7,26 327(1,$$7,9$ 3/$17$6352(6$26($2
  112. 112. .: 6(59,,26$8;,/,$5(6 .: 68%727$/ .: )$725((;3$16,Ï1 275$3/$17$6($2
  113. 113. .: 327(1,$,167$/$$ .: )$725(6,08/7$1(,$ 0$;,0$(0$1$ .: )$725(6(*85,$ 18(9$0$;,0$(0$1$ .: )$725(327(1,$3520(,2 327(1,$$3$5(17((/6,67(0$ .9$ 327(1,$20(5,$/5(20(1$$ .9$,167$/$,21(6(/(75,$6, ,1*+8%(5085,//20 5(/$,21($5*$6(/$3/$17$352(6$25$ 6($25$($)( 3/$17$352(6$25$($)( ,7(0 (65,3,21( /$0$48,1$ 327(1,$ 255,(17( +3 .: $03(5,26 0RWRUWULIiVLFRPDUFD:(* (/(9$25 0RWRUWULIiVLFRPDUFD6LHPHQV =$5$1$ 0RWRUWULIiVLFRPDUFD6LHPHQV (63(5$25$ 0RWRUWULIiVLFRPDUFD:(* (/(9$25 0RWRUWULIiVLFRPDUFD(/526$ 38/,25$ $5*$,167$/$$ .:,167$/$,21(6(/(75,$6, ,1*+8%(5085,//20
  114. 114. 7$%/$35$7,$3$5$(/,0(16,21$5$%/(6 ,0(16,21$0,(172(/26218725(6(/(75,2635,1,3$/(6(5,9$26 $5*$ 325$3$,$ 325$,$(7(16,21 .72 (65,3,21 +3 .: 9 )3 () ,GLV ,FDW ,I ,Q ,UHDO 6 ,167$/ )7 / 7$3 7 77 77 92/7 $03 $03 PPð P 9ROW 9ROW 9ROW /((1$ ,GLV RUULHQWHGHGLVHxR$PSHULRV ,I RUUHFFLyQSRUWHPSHUDWXUD ,Q RUUHFFLyQSRUFDQWLGDGGHFRQGXFWRUHV ,FDW RUULHQWHGHFDWDORJRGHOIDEULFDQWH` ,UHDO ,FDW,I,Q )7 )DFWRUGHFDLGDGHWHQVLyQYHUWDEOD
  115. 115. / /RQJLWXGGHOFRQGXFWRUDXWLOL]DU 7$3 DLGDGHWHQVLyQHQHODOLPHQWDGRUSULQFLSDO 7 DLGDGHWHQVLyQHQORVFLUFXLWRVGHULYDGRV 77 DLGDGHWHQVLRQWRWDOHQ9ROWLRV 77 DLGDGHWHQVLRQWRWDOHQ,167$/$,21(6(/(75,$6, ,1*+8%(5085,//20 $/8/2($/,0(17$25(6(1 352(7265(6,(1,$/(6 iOFXORGHOD$20(7,$35,1,3$/ , 0√8Q)3 $PSHULRV √ RQGH , RUULHQWHQRPLQDOHQ$PSHULRV 00i[LPDGHPDQGDHQ9DWLRV )3 )DFWRUGHSRWHQFLDDSUR[
  116. 116. 8Q (VODWHQVLyQQRPLQDOHQ9ROWLRV RQ,FDOFXODGRLUDODVWDEODVGHOIDEULFDQWH6H UHFRPLHQGDXWLOL]DUHOFDEOH1,167$/$,21(6(/(75,$6, ,1*+8%(5085,//20
  117. 117. $/8/2($/,0(17$25(6(1 352(7265(6,(1,$/(6 iOFXORGHORV,58,726(5,9$26 , 3√8Q)3 $PSHULRV √ RQGH , RUULHQWHQRPLQDOHQ$PSHULRV 3 0i[LPDGHPDQGDHQ9DWLRV )3 )DFWRUGHSRWHQFLDDSUR[
  118. 118. HQFDVRGHODFRFLQD)3HV 8Q (VODWHQVLyQQRPLQDOHQ9ROWLRV,167$/$,21(6(/(75,$6, ,1*+8%(5085,//20 $/8/2($/,0(17$25(6(1 352(726,18675,$/(6 iOFXORGHO$/,0(17$2535,1,3$/ , 0√8Q)3()$PSHULRV √ RQGH , RUULHQWHQRPLQDOHQ$PSHULRV 00i[LPDGHPDQGDHQ9DWLRV )3 )DFWRUGHSRWHQFLDDSUR[
  119. 119. 8Q (VODWHQVLyQQRPLQDOHQ9ROWLRV () (ILFLHQFLDUHPLWLUVHDOIDEULFDQWH
  120. 120. RQ,FDOFXODGRLUDODVWDEODVGHOIDEULFDQWH,167$/$,21(6(/(75,$6, ,1*+8%(5085,//20
  121. 121. $/8/26(/$$3$,$($5*$ 3DUDORVFLUFXLWRVGHDOXPEUDGR 6LVHWUDWDGHODPSDUDVLQFDQGHVFHQWHV , 3 8Q $PSHULRV 3DUDORVFLUFXLWRVGHDOXPEUDGR 6LVHWUDWDGHIOXRUHVFHQWHV , 3 8Q)3$PSHULRV 6LORVHTXLSRVVRQFRPSHQVDGRV)3 6LORVHTXLSRVQRHVWDQFRPSHQVDGRV)3 ,167$/$,21(6(/(75,$6, ,1*+8%(5085,//20 $/8/26(/$$3$,$($5*$ 3DUDODGXFKDFDOHQWDGRU 6LVHWUDWDGHFDUJDVUHVLVWLYDV , 3 8Q $PSHULRV 3DUDXQDHOHFWURERPED , 3 8Q)3()$PSHULRV (O)3IDFWRUGHSRWHQFLD
  122. 122. /D()HILFLHQFLD
  123. 123. ,167$/$,21(6(/(75,$6, ,1*+8%(5085,//20
  124. 124. $/8/26(/$$3$,$($5*$ 3DUDVHOHFFLRQDUORVFDEOHVGH $FRPHWLGD $OLPHQWDGRUSULQFLSDO (QDPERVFDVRVVHXWLOL]DODVLJXLHQWH H[SUHVLyQ , 3 8Q)3$PSHULRV 6HXWLOL]DXQ)3 $SUR[LPDGDPHQWH
  125. 125. ,167$/$,21(6(/(75,$6, ,1*+8%(5085,//20 )$725(648(,17(59,(1(1(1/$6(/(,Ï1( 218725(6(/(75,26 RQGLFLRQHVGHOPHGLRDPELHQWH 7HQVLyQGHVHUYLFLR )UHFXHQFLDGHVHUYLFLR 7LSRGHFDUJD /LQHDO 1ROLQHDO DUJDQROLQHDO 7LSRGHLQVWDODFLyQXFWRVDHUHDHWF 6HOHFFLyQGHOFRQGXFWRUSRU DSDFLGDGGHWUDQVSRUWH DtGDGHWHQVLyQDGPLVLEOH RUWRFLUFXLWR DUDFWHUtVWLFDVLðW 1LYHOGH(PSUHVD$QWLJXDPHGLDQDyPRGHUQD
  126. 126. ,167$/$,21(6(/(75,$6, ,1*+8%(5085,//20
  127. 127. $3$,$(75$163257((/26218725(6 3DUD255,(17(217,18$RQRFLHQGRODSRWHQFLD , 38Q() $PSHULRV RQGH 33RWHQFLDDFWLYDHQ9DWLRV 8Q7HQVLyQQRPLQDOHQ9ROWLRV ()(ILFLHQFLD $GHPiV .: 9DWLRV +3 9DWLRV 9 9DWLRV,167$/$,21(6(/(75,$6, ,1*+8%(5085,//20 $3$,$(75$163257((/26218725(6 3DUD255,(17($/7(51$0212)$6,$ RQRFLHQGRODSRWHQFLD , 38Q())3 $PSHULRV RQGH 33RWHQFLDDFWLYDHQ9DWLRV 8Q7HQVLyQQRPLQDOHQ9ROWLRV ()(ILFLHQFLD )3)DFWRUGHSRWHQFLD,167$/$,21(6(/(75,$6, ,1*+8%(5085,//20
  128. 128. $3$,$(75$163257((/26218725(6 3DUD255,(17($/7(51$75,)$6,$ RQRFLHQGRODSRWHQFLD , 3√8Q())3$PSHULRV √ RQGH 33RWHQFLDDFWLYDHQ9DWLRV 8Q7HQVLyQQRPLQDOHQ9ROWLRV ()(ILFLHQFLD )3)DFWRUGHSRWHQFLD,167$/$,21(6(/(75,$6, ,1*+8%(5085,//20 $3$,$(75$163257((/26218725(6 3DUD255,(17($/7(51$0212)$6,$ RQRFLHQGRODSRWHQFLDDSDUHQWH.9$ , .9$8Q$PSHULRV 3DUD255,(17($/7(51$75,)$6,$ RQRFLHQGRODSRWHQFLDDSDUHQWH.9$ , .9$√8Q$PSHULRV √,167$/$,21(6(/(75,$6, ,1*+8%(5085,//20
  129. 129. )$725(6(255(,21 $3$,$(75$163257(
  130. 130. /DFDSDFLGDGGHORVFRQGXFWRUHVHVWiQHQIXQFLyQGH ‡ /DWHPSHUDWXUDDPELHQWHGHOPHGLR ‡ DQWLGDGGHFRQGXFWRUHV , ,I ,Q,W $PSHULRV RQGH ,I)DFWRUGHFRUUHFFLyQSRUWHPSHUDWXUD ,Q)DFWRUGHFRUUHFFLyQSRUQ~PHURGH FDEOHV ,WRUULHQWHDGPLVLEOHSRUVHFFLyQVHJ~Q WDEODVQRUPDOL]DGDV,167$/$,21(6(/(75,$6, ,1*+8%(5085,//20 08,03257$17( /$$3$,$(255,(17( 48(6(,1,$1(1/$67$%/$6 6(803/(62/28$126(75$7$( 75(6218725(60$6(75(6 $3/,$5(/)$725(6( 255(,21,Q,167$/$,21(6(/(75,$6, ,1*+8%(5085,//20
  131. 131. ,0(16,21$0,(172325$,$(7(16,21 $,$(7(16,21 ∆9
  132. 132. ∆9 ,5 9ROWLRV ∆9 )9,/ 9ROWLRV RQGH ,RUULHQWHGHGLVHxR$
  133. 133. 55HVLVWHQFLDGHOFRQGXFWRUΩ
  134. 134. )9)DFWRUGHFDtGDGHWHQVLyQYHUWDEOD
  135. 135. Ω / /RQJLWXGGHOFRQGXFWRUP
  136. 136. ,167$/$,21(6(/(75,$6, ,1*+8%(5085,//20 ,0(16,21$0,(172325$,$(7(16,21 5(6,67(1,$(/2187255
  137. 137. 5 .ρ /6 ρ Ω
  138. 138. Ω RQGH . 7ULIiVLFRPRQRIiVLFR ρ Ω PPðPUHVLVWLYLGDGGHOFREUH Ω / /RQJLWXGGHOFRQGXFWRUP
  139. 139. 6 6HFFLyQGHOFRQGXFWRUPPð
  140. 140. XDQGRVHWUDWDGHXQDFDUJDUHVLVWLYD)3 ,167$/$,21(6(/(75,$6, ,1*+8%(5085,//20
  141. 141. ,0(16,21$0,(172325$,$(7(16,21 6(,21(/2187256
  142. 142. 6 .ρ /,)38S PPð
  143. 143. ρ RQGH ,RUULHQWHGHFDUJD$
  144. 144. )3)DFWRUGHSRWHQFLD . 7ULIiVLFRPRQRIiVLFR,167$/$,21(6(/(75,$6, ,1*+8%(5085,//20 $/8/2($/,0(17$25(6 6HJ~QODXELFDFLyQGHODVFDUJDVVXLPSRUWDQFLD SRGHPRVHOHJLUORVWLSRVGHDOLPHQWDGRUHV VLJXLHQWHV $/,0(7$25(621$5*$ 21(175$$ $/,0(17$25(621$5*$ ,675,%8,$ ULWHULRGHVHFFLyQFRQVWDQWH ULWHULRGHVHFFLyQFyQLFD DGRVXLPSRUWDQFLDHVTXHGHVDUUROODPRVFDGD WLSRDFRQWLQXDFLyQ,167$/$,21(6(/(75,$6, ,1*+8%(5085,//20
  145. 145. $/,0(17$25(621$5*$21(175$$ a *(1(5$,Ï1 $5*$ / /DVHFFLyQGHOFRQGXFWRUVHGHWHUPLQDFRQVHGHWHUPLQDFRQODVLJXLHQWH H[SUHVLyQ 6 .ρ /, 8S (MHPSOR 6HWLHQHXQFRQGXFWRUWULiVLFRFRQFDUJDFRQFHQWUDGDTXHSUHVHQWD ODVVLJXLHQHWVFDUDFWHUtVWLFDV 9Q 9ROWLRV+] / Pρ Ω PPð P, $ 8S 9 /XHJR 6 6 PPð HODWDEOD1ƒ (VFRJHPRVXQFRQGXFWRUFRPHUFLDOPPð,167$/$,21(6(/(75,$6, ,1*+8%(5085,//20 $/,0(17$25(6($5*$,675,%8,$ 5,7(5,2(6(,212167$17( a , , , / *(1(5$,Ï1 $5*$ / / ,,, RUULHQWHVGHFDGDUDPDyFDUJDDVRFLDGDDODOLPHQWDGRU$
  146. 146. /// /RQJLWXGGHFDGDWUDPRGHODOLPHQWDGRUP
  147. 147. /DVHFFLyQGHOFRQGXFWRUHVFRQVWDQWHHQWRGDVXH[WHQVLyQ 3DUDFDOFXODUODVHFFLyQVHXWLOL]DODVLJXLHQWHH[SUHVLyQ 6 .ρ 8S@/,/,/,
  148. 148. PPð ρ,167$/$,21(6(/(75,$6, ,1*+8%(5085,//20
  149. 149. $/,0(17$25(6($5*$,675,%8,$ 5,7(5,2(6(,2121,$ a , , , *(1(5$,Ï1 L L L $5*$ / / / /7 , L LL $ , L L $ , L$ /DVHFFLyQGHOFRQGXFWRUGLVPLQXHDORODUJRGHODOLPHQWDGRU /DVHFFLyQGHODOLPHQWDGRUVHGHWHUPLQDDWUDYpVGHODGHQVLGDGGH FRUULHQWH-

×