Diese Präsentation wurde erfolgreich gemeldet.
Wir verwenden Ihre LinkedIn Profilangaben und Informationen zu Ihren Aktivitäten, um Anzeigen zu personalisieren und Ihnen relevantere Inhalte anzuzeigen. Sie können Ihre Anzeigeneinstellungen jederzeit ändern.

1. basico instalaciones bt

188 Aufrufe

Veröffentlicht am

  • Als Erste(r) kommentieren

  • Gehören Sie zu den Ersten, denen das gefällt!

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-

×