('8&$&,Ð1*(1(5$/%É6,&$

35,0(5&,&/235,0(5$f2

0DWHPiWLFD


&,)5$


7HPD
)LJXUDVJHRPpWULFDV

 Ë1',&(
  
 N 352*5$0$&,Ï1'($8/$
í 2EMHWLYRV&RQWHQLGRV&RQWHQLGRV7UDQVYHUVDOHV
&ULWHULRVGH(YDOXDFLyQ 

N 0(72'2/2*Ë$
í 2ULHQWDFLRQHV'LGiFWLFDV 
í 0DWHULDOHVSDUDUHSURGXFLU

N ,167580(1726'((9$/8$&,Ï1
í (YDOXDFLyQ&RQWLQXD5HJLVWURVSDUDHOGRFHQWH 
í (YDOXDFLyQGHOD8QLGDG3UXHEDSDUDHODOXPQDGR 
í (YDOXDFLyQGHOD8QLGDG2ULHQWDFLRQHVSDUDHOGRFHQWH
í (YDOXDFLyQGHOD8QLGDG5HJLVWURVSDUDHOGRFHQWH


  ),*85$6*(20e75,&$6


– 5HFRQRFHU ODV ILJXUDV SODQDV HOHPHQWDOHV FXDGUDGR FtUFXOR UHFWiQJXOR \

2%-(7,926 WULiQJXOR
','È&7,&26 – ([SORUDUODVFDUDFWHUtVWLFDVTXHGHILQHQDODVILJXUDVSODQDVHOHPHQWDOHV
 – 5HODFLRQDUODVILJXUDVSODQDVHOHPHQWDOHVFRQREMHWRVFRWLGLDQRV
– 5HFRQRFHUILJXUDVJHRPpWULFDVVHQFLOODV
– 'HVFULELUODVLWXDFLyQGHXQREMHWRUHVSHFWRDRWURV
– ,GHQWLILFDUORVODGRVGHXQSROtJRQR
– &RQWDUORVODGRVGHXQSROtJRQR
– &RPSRQHUILJXUDVDSDUWLUGHWULiQJXORV\UHFWiQJXORV
– &RQVWUXLU\FRQWLQXDUFHQHIDV
– 5HFRQRFHUODIRUPDGHORVREMHWRVGHWUHVGLPHQVLRQHV
– &RQRFHUHOFRQFHSWRGHSHUtPHWUR
– (QFRQWUDUHOSUHFLRH[DFWR
  

 &21&(3726 – 7ULiQJXORFXDGUDGRUHFWiQJXOR\FtUFXOR
 – /DGRVGHXQSROtJRQR

 – /DVIRUPDVJHRPpWULFDVGHODVILJXUDV
 – 1RFLRQHVGHVLWXDFLyQHQHOHVSDFLR
 – (OFRQFHSWRGHSHUtPHWUR

   – (OSUHFLRH[DFWR
 352&(',0,(1726 – 5HFRQRFLPLHQWRGHODVILJXUDVSODQDVHOHPHQWDOHV
 – ,GHQWLILFDFLyQGHORVODGRVGHXQSROtJRQR&RQWHRGHORVODGRVGHXQSROtJR

&217(1,'26

QR

 – &XULRVLGDGHLQWHUpVSRULGHQWLILFDUIRUPDV\UHODFLRQHVJHRPpWULFDVHQORVRE
 MHWRVGHOHQWRUQR
 – 6LWXDFLyQGHXQSXQWRUHVSHFWRDXQVLVWHPDGHUHIHUHQFLD
 – 5HDOL]DFLyQGHFHQHIDV

 – &RPSRVLFLyQGHILJXUDV
 – 9DORUDFLyQGHODXWLOLGDGGHORVVLVWHPDVGHUHIHUHQFLDHQXQSODQR

   – 8WLOL]DFLyQGHOVLVWHPDPRQHWDULR
 $&7,78'(6 – &RQILDQ]D HQ ORV SURFHGLPLHQWRV SURSLRV DO HQIUHQWDUVH D OD UHVROXFLyQ GH
 SUREOHPDV
 – 1RGLVFULPLQDFLyQHQIXQFLyQGHORVMXHJRV
– 5HVSHWR\FRQVHUYDFLyQGHORVPDWHULDOHVGHXVRFRP~Q
– 5HVSRQVDELOLGDGIUHQWHDOWUDEDMR\ORVFRPSURPLVRVDGTXLULGRV
  

– $FHSWDFLyQGHOGLiORJRFRPRIRUPDSDUDUHVROYHUODVVLWXDFLRQHVFRQIOLFWLYDV
&217(1,'26 – /DQRGLVFULPLQDFLyQHQIXQFLyQGHORVMXHJRV
75$169(56$/(6  – 8VRGHXQOHQJXDMHQRVH[LVWD

– 5HFRQRFLPLHQWRGHODLPSRUWDQFLDGHOWUDEDMRHQHTXLSR


 352*5$0$&,Ï1'($8/$
  ),*85$6*(20e75,&$6


– $YHULJXDUVLVDEHQLGHQWLILFDUILJXUDVSODQDVHQLPiJHQHVRIUHFLGDVHQGLVWLQ
&5,7(5,26 WRVVRSRUWHVPDWHULDOHV\REMHWRVGHVXHQWRUQR
'((9$/8$&,Ï1 – &RQVWDWDUVLVDEHQUHFRQRFHUHOQ~PHURGHODGRVTXHWLHQHQODVILJXUDVSOD
 QDV
– (YDOXDUTXHORVDOXPQRV\ODVDOXPQDVVDEHQFRSLDUILJXUDVJHRPpWULFDVSOD
QDVHQXQDFXDGUtFXOD
– &RPSUREDU TXH VDEHQ FRQVWUXLU \ FRQWLQXDU FHQHIDV VLJXLHQGR PRGHORV
SUHHVWDEOHFLGRV
– 2EVHUYDUTXHVDEHQFDOFXODUHOSHUtPHWURGHILJXUDVSODQDVFRQWDQGRODVXQL
GDGHVTXHPLGHVXFRQWRUQR
– &RQVWDWDUVLVDEHQUHVROYHUSUREOHPDVFRQGLQHURPHGLDQWHODDGLFLyQRVXV
WUDFFLyQ
– 9HULILFDUVLVDEHQGHVFRPSRQHUILJXUDVJHRPpWULFDVHQRWUDVILJXUDVPiVVHQ
FLOODV


7(0$ 3È*,1$6(148(6(75$%$-$1/26&217(1,'26
&217(1,'26 &XDGHUQRGH$FWLYLGD &GH$PSOLDFLyQ3UREOHPDV
/LEURGHO$OXPQR *XtD'LGiFWLFD
GHV GHVXPDV\UHVWDV

5HFRQRFHUILJXUDV
   
JHRPpWULFDVVHQFLOODV

/DGRGHXQSROtJRQR    

5HSURGXFLUILJXUDV    

'HVFRPSRVLFLyQGH
   
ILJXUDV

&RQFHSWRGHSHUtPHWUR    

6XPDVFRQGLILFXOWDG
   
\UHVWDVVLQFDQMH

6HULHQXPpULFD    

5HVROXFLyQGHSUR
EOHPDVGHVXPDV\    
UHVWDV

3UREOHPDVFRQGLQHUR    



352*5$0$&,Ï1'($8/$ 
 ),*85$6*(20e75,&$6

3iJV\


,QLFLDPRVHOWHPD

¢4XpYDPRVDWUDEDMDU"
L )LQDOL]DPRV HO FXUVR FRQ XQD XQLGDG
GHGLFDGD D OD JHRPHWUtD DXQTXH WDPELpQ VH
UHSDVD HO WHUFHU WULPHVWUH GHO FXUVR DO
WHUPLQDU OD XQLGDG 9HDPRV FXiOHV VRQ ORV
FRQWHQLGRVDOFRPSOHWR
± )LJXUDV JHRPpWULFDV WULiQJXOR FtUFXOR
FXDGUDGR\UHFWiQJXOR
± &RQFHSWR JHRPpWULFR ODGR GH XQ SROtJR
QR
± &RQFHSWR JHRPpWULFR QRFLyQ GH SHUtPH
WUR
± 'HVFRPSRVLFLyQ\WUDVODFLyQGHILJXUDV
± 6LVWHPDPRQHWDULRFHQWDYRV
± 5HSDVRGHOWHUFHUWULPHVWUH

¢4XpVDEHHODOXPQDGR" 

L 'XUDQWH HO FXUVR VH KD WUDEDMDGR OD JHR
PHWUtDSHURHVLQWHUHVDQWHREVHUYDUFXiOHVOD
YLVLyQGHODOXPQDGR\VXFRQFHSFLyQJHRPp
WULFDDWUDYpVGHODVVLJXLHQWHVDFWLYLGDGHV

'LEXMD  7UDEDMDPRVFRQODOiPLQD
'DUHPRVXQDKRMDHQEODQFRDFDGDDOXPQR 
GRQGH GHEHUiQ GLEXMDU XQ FtUFXOR XQ UHFWiQ 
JXORXQFXDGUDGR\XQWULiQJXOR ¢4XpYHPRV"

L 7HQHPRVDTXtXQDUHSURGXFFLyQGHXQFXDGURGH$X

'HILQH JXVWH+HUELQWLWXODGR³5DLQ´SLQWDGRHQ3DUDVLWXDU

DODOXPQDGRHQHOWHPDGHODOiPLQDSUHJXQWDUHPRV
(O DOXPQDGR GHEHUi HOHJLU XQD GH ODV FXDWUR 
ILJXUDVJHRPpWULFDVTXHKDGLEXMDGRHQODDF ± ¢4XpHVWDPRVYLHQGR"

WLYLGDGDQWHULRU\GHILQLUOD ± ¢/HVJXVWDHOFXDGURGHODOiPLQD"

2EVHUYDUHPRV TXp FRQFHSWRV JHRPpWULFRV 
± ¢4XpOHVSDUHFHTXHHV"
XVDFDGDDOXPQRSDUDGHILQLUOD

± 5DLQVLJQLILFDOOXYLDHQLQJOpV¢/HVSDUHFHTXHVHDOOX

YLD"¢3RUTXp"
± 
¢&yPRGLEXMDUtDQXVWHGHVODOOXYLD"

$ FRQWLQXDFLyQ YDPRV D FRQYHUVDU FRQ ORV DOXPQRV VR

EUHHOFXDGUR\ORTXHOHKDVXFHGLGRDODFRSLDTXHKD\

HQSHTXHxRDOODGRGHOJUDQGH

± ¢'HTXpHVWiIRUPDGRHQJUDQSDUWHHVWHFXDGUR"
0$7(5,$/(648(9$026$1(&(6,7$5 
± ¢&XiQWRVFtUFXORVKD\"
7LMHUDV\SHJDPHQWR
9 
± ¢<FXiQWRVWULiQJXORV"

/iSLFHVGHFRORUHV
9

± ¢+D\DOJ~QFXDGUDGR"¢&XiQWRV"
$GKHVLYRVSDUDODVSiJLQDV\GHO
9

± ¢<DOJ~QUHFWiQJXOR"¢&XiQWRV"
OLEUR

0DWHULDOHV GH OD SiJLQD  GH HVWD
9 ± ¢'H TXp FRORU VRQ ORV FtUFXORV" ¢< ORV WULiQJXORV"

¢<ORVUHFWiQJXORV"
*XtDSDUDIRWRFRSLDU\UHFRUWDU

 0(72'2/2*Ë$
 ),*85$6*(20e75,&$6

3iJV\


(GXFDPRVHQYDORUHV

(OJXVWRSRUHODUWH
L $SURYHFKDUHPRV HVWH FXDGUR SDUD WUDED
MDU HO JXVWR SRU HO DUWH HQ HVWH FDVR SRU OD
SLQWXUD ,QWHQWDUHPRV TXH ORV QLxRV \ ODV QL
xDV SHQHWUHQ HQ HO FXDGUR \ RSLQHQ VREUH HO
DUWH\VXVJXVWRV
± ¢/HV JXVWD HO FXDGUR GH OD OiPLQD" ¢&R
QRFHQ DOJ~Q FXDGUR IDPRVR TXH QR VHD
pVWH"
± ¢4XHSLHQVDQGHORVFXDGURVSLQWDGRVSRU
SLQWRUHVIDPRVRV"
± ¢/HVJXVWDSLQWDU"
± &XDQGR PLUDQ HVWH FXDGUR GH OD OiPLQD
¢TXp VH LPDJLQDQ TXH SXHGH KDEHU GHQ
WUR"


 
 )LQDOPHQWHFHQWUDUHPRVODFRQYHUVDFLyQHQORTXH 5HDOL]DPRVPiVDFWLYLGDGHV
 OHRFXUUHDOJDWLWR\HQHOFXDGURSHTXHxR
L 3HGLUHPRV DO DOXPQDGR TXH SLQWH DOJXQD FRVD
± ¢4XpOHSDVDDOJDWRGHOGLEXMR" TXHOHVVDOJDGHGHQWURVLQSHQVDUHQQDGDFRQFUH
± ¢4XpWLHQHHQODVSDWDV" WRHQXQDKRMDGH$
± ¢$O FXDGUR SHTXHxR OH IDOWDQ DOJXQDV SDUWHV R 'HVSXpV HQWUH WRGRV GLVFXWLUHPRV TXH KD TXHULGR
IRUPDVJHRPpWULFDV" UHSUHVHQWDUFDGDDOXPQR
± ¢4Xp ILJXUDV JHRPpWULFDV OH IDOWDQ DO FXDGUR L (Q HO SL]DUUyQ R HQ HO VXHOR GHO SDWLR GLEXMDUH
SHTXHxR"¢&XiQWDVOHIDOWDQ" PRV XQD VHULH GH ILJXUDV JHRPpWULFDV FtUFXOR
WULiQJXOR FXDGUDGR UHFWiQJXOR  \ SHGLUHPRV D
+DFHPRVODVDFWLYLGDGHVGHOOLEUR ORVQLxRV\DODVQLxDVTXHODVLGHQWLILTXHQ
'HVSXpV OHV SRGHPRV SHGLU TXH ODV GLEXMHQ HOORV
5RGHD PLVPRV HQ KRMDV HQ EODQFR TXH QRVRWURV OHV SUR
L (O DOXPQDGR GHEHUi FODVLILFDU \ DJUXSDU WRGDV SRUFLRQDUHPRV
ODVILJXUDVTXHKD\SODVPDGDVHQHOOLEURGHWH[WR 'HEDMRGHFDGDILJXUDGHEHUiQHVFULELUVXQRPEUH
VHJ~QVXVIRUPDV TXHHOPDHVWURRODPDHVWUDDQRWDUiHQHOSL]DUUyQ

,GHQWLILFDFLyQGHILJXUDV
L 6HUiLQWHUHVDQWHPRVWUDUDODOXPQDGRGLEXMRVR
IRWRJUDItDV GH ILJXUDV JHRPpWULFDV \ SUHJXQWDUOHV
L 9DOLpQGRVH GH ORV DGKHVLYRV TXH HQFRQWUDUH FXHVWLRQHVGHOWLSR
PRV DO ILQDO GHO OLEUR GH WH[WR HO DOXPQR GHEHUi
± ¢4XpILJXUDVJHRPpWULFDVYHQ"
SHJDUHQHOFXDGURSHTXHxRGHODOiPLQDWRGDVODV
IRUPDV JHRPpWULFDV TXH IDOWDQ SDUD TXH ORV GRV ± ¢9HQDOJ~QFXDGUDGR"
FXDGURVVHDQLJXDOHV ± ¢$ TXp ILJXUD JHRPpWULFD OHV UHFXHUGD HO SL]D
L )LQDOPHQWHSHGLUHPRVDODOXPQDGRTXHUHDOLFH UUyQ"
OD DFWLYLGDG GH FiOFXOR PHQWDO TXH VH SURSRQH DO ± ¢8QDSHORWDVHSDUHFHPiVDXQFtUFXORRDXQ
ILQDOGHODSiJLQD WULiQJXOR"


0(72'2/2*Ë$ 
 ),*85$6*(20e75,&$6

3iJV\


4XpYDPRVDDSUHQGHU

L 'HVFULSFLyQGHODVLOXVWUDFLRQHV
L 5HFRQRFLPLHQWRGHODVFXDWURILJXUDVJHR
5HFRQRFLPLHQWR GH ODV FXDWUR ILJXUDV
JHRPpWULFDVEiVLFDVWULiQJXORFXDGUDGRFtU
PpWULFDVEiVLFDVWULiQJXORFXDGUDGRFtUFXOR
FXOR\UHFWiQJXOR
\UHFWiQJXOR
L ,GHQWLILFDFLyQ GH REMHWRV TXH WLHQH OD PLV
PDIRUPD

     

7UDEDMDPRVODVSiJLQDV\

5HODFLRQD 

L (Q HVWH WHPD DSUHQGHUHPRV D UHFRQRFHU ODV ILJX
UDVJHRPpWULFDVPiVVHQFLOODV 

L 3DUD HPSH]DU UHSDVDUHPRV ODV FXDWUR ILJXUDV
JHRPpWULFDV EiVLFDV GLEXMiQGRODV HQ HO SL]DUUyQ 
WULiQJXORFtUFXORFXDGUDGR\UHFWiQJXOR 
 

 


3URSRQHPRVSUHJXQWDVGHOHVWLOR
 ± ¢4XpIRUPDWLHQHHOEDUULOHWH"
3HGLUHPRV DO DOXPQDGR TXH GLJD HO QRPEUH GH FDGD ± ¢+D\DOJ~QREMHWRFXDGUDGR"
XQDGHHOODV\ORVHVFULELUHPRVHQHOSL]DUUyQ ± ¢4XpIRUPDWLHQHQODVYHODVGHOEDUFRGHMXJXHWH"
L $FRQWLQXDFLyQPRVWUDUHPRVDODOXPQDGRXQGLEX ± ¢(O WRERJiQ HVWi IRUPDGR SRU OtQHDV UHFWDV R FXU
MR R IRWRJUDItD GH XQD HVFHQD UHDO GRQGH REVHUYHQ YDV"¢<HOFROXPSLR"
REMHWRV TXHSXHGDQ DVRFLDU D DOJXQD ILJXUD JHRPpWUL ± ¢4XpWLSRGHILJXUDJHRPpWULFDIRUPDHOHVWDQTXH"
FD ÆSRUHMHPSORTXHVHDFLUFXODU
3RUHMHPSORSRGHPRVPRVWUDUXQSDUTXHGRQGHKD\D ± ¢4Xp IRUPD WLHQHQ ORV DEHWRV" Æ SRU HMHPSOR
WRERJDQHV FROXPSLRV QLxRV MXJDQGR FRQ FRPHWDV WULDQJXODU
FRQYHOHURVHQXQHVWDQTXHHWF L $SURYHFKDQGR ODV FXDWUR ILJXUDV JHRPpWULFDV TXH
WHQHPRV GLEXMDGDV HQ HO SL]DUUyQ EXVFDUHPRV HQ OD
(O DOXPQDGR REVHUYDUi GHWHQLGDPHQWH OD LPDJHQ \ OD
FODVHREMHWRVTXHWHQJDQHVWDVIRUPDV3RUHMHPSOR
GHVFULELUi $VLPLVPR WDPELpQ VHUYLUi SDUD FRQRFHU
TXp WpUPLQRV XWLOL]DQ SDUD GHQRPLQDU D ODV ILJXUDV ± 7ULiQJXORSHUFKD
JHRPpWULFDVTXHDSDUHFHQHQODLPDJHQ ± &tUFXORUHORMGHSDUHG&'YDVR

 0(72'2/2*Ë$
 ),*85$6*(20e75,&$6

3iJV\


3UDFWLFDPRVPiV
5HVSXHVWDSHUVRQDO

L &8$'(512'($&7,9,'$'(6SiJLQDV\

± 2UGHQGHORVQ~PHURV
± 5HSDVR GH OD VXPD FRQ GLILFXOWDG \ GH OD
UHVWDVLQFDQMH
± ,GHQWLILFDUILJXUDVJHRPpWULFDV

 
 

     

± &XDGUDGRGDGRFDMDOLEUR &XHQWD
± 5HFWiQJXORSL]DUUDKRMDVREUHOLEUR
L 'LVSRQGUHPRV GH EORTXHV OyJLFRV SDUD TXH ORV
$FRQWLQXDFLyQGLIHUHQWHVQLxRVUHODFLRQDUiQFDGDRE DOXPQRVDJUXSDGRVGHHQSXHGDQFRQVWUXLUGLIH
MHWRFRQVXIRUPDJHRPpWULFD UHQWHVIRUPDV/HVSURSRQGUHPRVTXHFRQVWUX\DQILJX
L 'HVSXpVXQLUiQFDGDILJXUDJHRPpWULFDFRQHORE UDVVHQFLOODVFRPRXQDFDVDXQEDUFRXQVRO
MHWRTXHWLHQHVXPLVPDIRUPD /XHJRGHEHUiQFRQWDUFXiQWRVEORTXHVGHFDGDFODVH
L 3DUD WHUPLQDU UHDOL]DUiQ OD DFWLYLGDG GH FiOFXOR KDQXWLOL]DGR
PHQWDOGHHVWDPLVPDSiJLQD 


2EVHUYD

L &RPR \D VH KL]R HQ HO WHPD  SRGHPRV SURSRQHU 
TXHGHVFULEDQFDGDXQDGHODVFXDWURILJXUDVJHRPp
WULFDVPHGLDQWHXQFXHVWLRQDULR L $ FRQWLQXDFLyQ FRQWDUiQ HO Q~PHUR GH WULiQJXORV
UHFWiQJXORVFXDGUDGRV\FtUFXORVGHORVTXHHVWiIRU
± ¢&yPRHV"
PDGRHOEDUFR\ORVDQRWDUiQ
± ¢$TXpVHSDUHFH"
L 3DUD WHUPLQDU UHDOL]DUiQ OD DFWLYLGDG GH FiOFXOR
± ¢&XiOHVVRQORVPiVSDUHFLGRV" PHQWDOGHHVWDPLVPDSiJLQD
± ¢&XiOHVVRQORVPiVGLIHUHQWHV"
L (VWD DFWLYLGDG OD UHVROYHUHPRV RUDOPHQWH HQWUH WR 5HDOL]DPRVPiVDFWLYLGDGHV
GDODFODVH L +DUHPRVSUHJXQWDVGHHVWHWLSR
'HEHUHPRV ILMDUQRV HQ HO YRFDEXODULR TXH XWLOL]D HO ± ¢$TXpVHSDUHFHXQSODWR"
DOXPQDGR SDUD GHVFULELU HVWDV ILJXUDV \ VL KDFHQ XVR
± ¢$TXpVHSDUHFHXQVREUH"
GH REMHWRV TXH VH OHV SDUHFHQ SDUD H[SOLFDU OD IRUPD
TXHWLHQHQ ± ¢$TXpVHSDUHFHXQDJRPDGHERUUDU"

0(72'2/2*Ë$ 
 ),*85$6*(20e75,&$6

3iJV\


4XpYDPRVDDSUHQGHU

L ,GHQWLILFDFLyQ GH ORV ODGRV GH XQD ILJXUD
JHRPpWULFD
L 5HFXHQWR\HVFULWXUDGHOQ~PHURGHODGRV
GHFDGDILJXUD
L $PSOLDFLyQGHOYRFDEXODULRODGR 
L &RPSOHWDUFHQHIDV 






     


7UDEDMDPRVODVSiJLQDV\

¢&XiQWRVODGRVWLHQHFDGDILJXUD" Q~PHUR GH ODGRV TXH WLHQH DQRWiQGROR HQ HO OLEUR GH
WH[WR
L (QHVWDDFWLYLGDGLQWURGXFLUHPRVHOFRQFHSWRGHOD
GRGHXQSROtJRQR
/DFRQVWUXFFLyQGHGLIHUHQWHVILJXUDVFRQSDOLWRVD\X &XHQWD\HVFULEH
GDUiDORVQLxRVDFRPSUHQGHUHOFRQFHSWRGHODGR
3RU HMHPSOR OHV SURSRQGUHPRV TXH FRQVWUX\DQ XQ L &RQWDUORVODGRVQRGHEHUiVXSRQHUGLILFXOWDGSDUD
WULiQJXOR FRQ  SDOLWRV 3DUD HOOR GHEHUiQ XQLU ORV H[ HODOXPQDGRVLVHVLJXHQODVLQGLFDFLRQHVGDGDVSDUD
WUHPRV GH ORV SDOLWRV FRQ ORV HQFXDGHUQDGRUHV 'HV ODDFWLYLGDGDQWHULRU
SXpVOHVSUHJXQWDUHPRV 1RREVWDQWHHQDOJ~QFDVRFRPRSXHGHVHUDOJ~QSR
± ¢&XiQWRVODGRVWLHQHHVWDILJXUD" OtJRQRGHPiVGHODGRVSRGUiQWHQHUDOJXQDGLILFXO
WDG

&RPR HQ WRGRV ORV FRQWHRV GH REMHWRV GLVSXHVWRV HQ
 IRUPDGH³FDPLQR´TXHYXHOYHDOSXQWRGHSDUWLGDORV
 QLxRV\ODVQLxDVSXHGHQYROYHUDFRQWDUORVSULPHURV
HOHPHQWRV6LREVHUYDPRVHVWHHUURUGHEHUiLQGLFDUVH

TXHVHVHxDOHHOODGRDSDUWLUGHOFXDOVHFXHQWD

/XHJRGHEHUiQFRQVWUXLURWUDVILJXUDVFRQPiVODGRV L 'LEXMDUHPRVODVVLJXLHQWHVILJXUDVHQHOSL]DUUyQ\
GLIHUHQWHV DOXPQRV \ DOXPQDV VXELUiQ D DQRWDU HO Q~
L $FRQWLQXDFLyQSHGLUHPRVDODOXPQDGRTXHREVHU PHURGHODGRVTXHWLHQHFDGDXQR
YH GHWHQLGDPHQWH HO WULiQJXOR SDUD TXH HQWLHQGDQ HO
FRQFHSWRGHODGR 
/HVLQGLFDUHPRVTXHHQHOPRPHQWRGHFRQWDUHPSLH 
FHQ SRU XQR GH ORV ODGRV PDUFiQGROR GH DOJXQD IRU

PD\GHVSXpVYD\DQFRQWDQGRHOUHVWRGHODGRVHQHO
VHQWLGRGHODVDJXMDVGHOUHORM 
6HJXLGDPHQWHREVHUYDUiQHOFXDGUDGR\FRQWDUiQHO 

 0(72'2/2*Ë$
 ),*85$6*(20e75,&$6

3iJV\


3UDFWLFDPRVPiV

L &8$'(512'($&7,9,'$'(6SiJLQDV\

± 2ULHQWDFLyQ HQ OD FXDGUtFXOD UHSURGXFLU
XQDILJXUD
± (OHJLUPRQHGDV
± 5HSDVRGHODVXPD\ODUHVWD
L &8$'(512 '( $03/,$&,Ï1 3UREOHPDV GH
VXPDV\UHVWDVSiJLQD
± 2EWHQHU GDWRV GH XQD WDEOD 6XPDV FRQ
GLILFXOWDG\UHVWDVVLQFDQMH

L $FRQWLQXDFLyQHVFULELUiQHOQ~PHURGHODGRVTXH L $FRQWLQXDFLyQFRSLDUiQORVGLEXMRVSURSXHVWRVLQ
WLHQHFDGDILJXUDJHRPpWULFD GLFDQGR ODV ILJXUDV JHRPpWULFDV TXH UHFRQR]FDQ GH
FDGDXQR
L 3DUD WHUPLQDU ODV DOXPQDV \ ORV DOXPQRV SRGUiQ
UHDOL]DUODDFWLYLGDGGHFiOFXORPHQWDOGHHVWDPLVPD
SiJLQD
&RQWLQ~DODFHQHID

L 'LEXMDUHPRVHQHOSL]DUUyQYDULDVSDXWDVGHSXQWRV
FRPR OD GH HVWD DFWLYLGDG (PSH]DUHPRV XQD FHQHID
&RSLDODVILJXUDV VHQFLOOD HQ FDGD XQD GH HOODV 'HVSXpV GLIHUHQWHV QL
xRV\QLxDVVXELUiQDFRQWLQXDUODV
L $QWHVGHHPSH]DUSURSRQGUHPRVODVLJXLHQWHDFWL
YLGDG L &RQODPLVPDSDXWDGHSXQWRVGLEXMDGDHQHOSL]D
'LVSRQGUHPRV GH XQ SDSHO FXDGULFXODGR GRQGH ODV UUyQSHGLUHPRVDXQDOXPQRTXHHPSLHFHXQDFHQHID
/XHJRRWURFRPSDxHURVXELUiDFRQWLQXDUOD
DOXPQDV \ ORV DOXPQRV GHEHUiQ FRSLDU ODV ILJXUDV GH
XQPRGHOR L 7DPELpQ SRGHPRV GLEXMDU SDXWDV GH HVWH PLVPR
3RVWHULRUPHQWH SHGLUHPRV TXH UHSURGX]FDQ OD ILJXUD HVWLOR HQ XQ SDSHO GH HPEDODU TXH FROJDUHPRV HQ OD
VREUHXQJHRSODQRFRQD\XGDGHJRPDVHOiVWLFDV SDUHG 'LIHUHQWHV DOXPQRV GHEHUiQ LQYHQWDU FHQHIDV
 TXHSXHGDQLUHQHVWDVSDXWDVGHSXQWRV

 L $FRQWLQXDFLyQFRQWLQXDUiQODFHQHIDGHOOLEUR

5HDOL]DPRVPiVDFWLYLGDGHV

 L /HVSURSRQGUHPRVTXHFRQWLQ~HQODVVLJXLHQWHVVH
ULHV



 


0(72'2/2*Ë$ 
 ),*85$6*(20e75,&$6

3iJV\


4XpYDPRVDDSUHQGHU

L 'HVFULSFLyQGHODVLOXVWUDFLRQHV
L &RPSOHWDU ILJXUDV FRQ XQ GHWHUPLQDGR
Q~PHURGHODGRV
L 5HVROXFLyQGHSUREOHPDVFRQILJXUDVJHR
PpWULFDV
5HVSXHVWDSHUVRQDO$PRGRGHHMHPSOR

5HVSXHVWDSHUVRQDO$PRGRGHHMHPSOR

     



7UDEDMDPRVODVSiJLQDV\

&RPSOHWD\SLQWDORVGLEXMRV L $ FRQWLQXDFLyQ FRPSOHWDUiQ ODV ILJXUDV FRQ HO Q~
PHURGHODGRVFRUUHVSRQGLHQWH
L 3DUDHPSH]DUUHDOL]DUHPRVHQHODXODFXDOTXLHUWL
SRGHMXHJRHQHOTXHORVDOXPQRVGHEHUiQUHDOL]DUXQ
GHWHUPLQDGR UHFRUULGR TXH SDVH QHFHVDULDPHQWH SRU
'LEXMD
XQRVSXQWRVLQGLFDGRV
$OJXQRVQLxRVSRGUiQGDULQVWUXFFLRQHVDRWURVGHOWLSR L (QWUHJDUHPRVDFDGDQLxRGRVFDUWXOLQDVFXDGULFX
± 9HDODSXHUWDGHODFODVHSDVDQGRSRUODPHVDGHO ODGDV$\%FRPRODVTXHPRVWUDPRV
PDHVWUR\SRUHODUPDULRGHOPDWHULDO 
± 9HDOSL]DUUyQSDVDQGRSRUGHWUiVGHODPHVDGRQ
GH HVWi VHQWDGR -RUJH \ SRU GHODQWH GH OD PDHV 
WUD 
/RVRWURVQLxRVGHEHUiQGHVFULELUHOLWLQHUDULRUHDOL]DGR 
\UHSUHVHQWDUORHQXQSDSHO

3RGHPRV UHDOL]DU HO MXHJR LQYHUVR $ SDUWLU GH UHSUH
VHQWDFLRQHV GH DOJXQRV DOXPQRV RWURV SRGUiQ LQWHU 
SUHWDUODVSDUDUHDOL]DUXQGHWHUPLQDGRLWLQHUDULR

L &DGDQLxRGLVSRQGUiGHXQDFDUWXOLQDHQODTXHVH (O PDHVWUR R OD PDHVWUD GLFWDUi ODV FXDGUtFXODV GH OD
KDGLEXMDGRHOFRQWRUQRGHXQDLVOD FDUWXOLQD$TXHKD\TXHSLQWDU
'HEHUiQSLQWDUXQDFDVLWDHQHOSXQWRGHSDUWLGD\XQ ± 8QDDODGHUHFKDXQDKDFLDDUULED
WHVRURHQODRWUDSDUWHGHODLVOD
± 'RVDODGHUHFKDWUHVKDFLDDEDMR
7DPELpQGHEHUiQFRORFDUUHIHUHQFLDViUEROUtRFD
± 8QDDODL]TXLHUGDGRVKDFLDDUULED
VDHQWUHHOSXQWRGHSDUWLGD\HOWHVRUR
± 'RVDODL]TXLHUGDWUHVKDFLDDEDMR
)LQDOPHQWH WUD]DUiQ GRV FDPLQRV GLVWLQWRV TXH SD
VDQGR SRU WRGDV ODV UHIHUHQFLDV YD\DQ GHO SXQWR GH 'HVSXpVHOQLxRRODQLxDGHEHUiFRSLDUHQ%HOGLEXMR
SDUWLGDDOWHVRUR UHVXOWDQWH

0(72'2/2*Ë$
 ),*85$6*(20e75,&$6

3iJV\


3UDFWLFDPRVPiV

L &8$'(512'($&7,9,'$'(6SiJLQDV\

± 'LEXMDU ILJXUDV JHRPpWULFDV HQ XQD FXD
GUtFXOD
± 5HSDVRGHODUHVWD
± 3UREOHPDVGHFRPSDUDFLyQ\FRPELQDFLyQ

+DFHPRVOD(YDOXDFLyQ&RQWLQXD

L 9pDVHODWDEODGHODSiJLQDGHHVWD
JXtDHQTXHVHSURSRQHHOVHJXLPLHQWRGH
± &RQRFLPLHQWR GH ODV ILJXUDV JHRPpWULFDV
EiVLFDV
± &RQFHSWRGHODGRVGHXQSROtJRQR
± 1RFLyQGHSHUtPHWUR
 ± 7UDVODFLyQ\GHVFRPSRVLFLyQGHILJXUDV

L $FRQWLQXDFLyQFRPSOHWDUiQODILJXUDTXHVHLQGLFD /XHJRGHEHUiQDFHUFDUVHDOPXUDO\SHJDUFDGDILJXUD
HQFDGDFDVR JHRPpWULFD KDFLpQGROD FRLQFLGLU VREUH OD TXH HVWi
GLEXMDGDHQHOPXUDO
L 3DUD WHUPLQDU ORV DOXPQRV UHVROYHUiQ OD DFWLYLGDG
GHFiOFXORPHQWDOGHHVWDPLVPDSiJLQD *DQDUi HO HTXLSR TXH WHUPLQH DQWHV GH SHJDU WRGDV
VXVILJXUDVJHRPpWULFDV
5HDOL]DPRVPiVDFWLYLGDGHV
L $FRQWLQXDFLyQUHDOL]DUiQODDFWLYLGDGGHOOLEURSH
L (O DOXPQDGR FRPSOHWDUi ODV VXPDV DxDGLHQGR GH JDQGRORVDGKHVLYRVHQHOOXJDUFRUUHVSRQGLHQWH
FHQDVKDVWDREWHQHUR

 'HVFRPSRVLFLyQGHILJXUDV

L 'LEXMDUHPRVHQXQPXUDOODVILJXUDVVLJXLHQWHV






'LVSRQGUHPRV GH WULiQJXORV \ FXDGUDGRV GH FDUWXOLQD
GHGLIHUHQWHVWDPDxRV
3HJD (Q JUXSRV GH  OHV SHGLUHPRV TXH LQYHVWLJXHQ FRQ
TXp WLSR GH ILJXUD WULiQJXOR \R FXDGUDGR  VH SXHGHQ
L 'LEXMDUHPRVHQXQPXUDOILJXUDVJHRPpWULFDVVHQ FXEULUODVILJXUDVGHOPXUDO
FLOODVUHSHWLGDVYHFHV3RURWURODGRGLVSRQGUHPRVGH
ODVPLVPDVILJXUDVJHRPpWULFDVTXHSRGHPRVIRWRFR 3RU HMHPSOR HO URPER VH SXHGH FXEULU WDQWR FRQ XQ
SLDU\UHFRUWDUHQODSiJLQDGHHVWD*XtD FXDGUDGRFRPRFRQGRVWULiQJXORV
$JUXSDUHPRV DO DOXPQDGR GH  HQ  \ UHSDUWLUHPRV L )LQDOPHQWHUHDOL]DUiQODDFWLYLGDGSHJDQGRORVDG
XQDILJXUDDFDGDFRPSRQHQWHGHOHTXLSR KHVLYRVHQHOOXJDUFRUUHVSRQGLHQWH

0(72'2/2*Ë$ 
 ),*85$6*(20e75,&$6

3iJV\


4XpYDPRVDDSUHQGHU

L 'HVFULSFLyQGHODVLOXVWUDFLRQHV  
L 'HOLPLWDFLyQGHXQREMHWRPHGLDQWHXQDOt
QHDFRQWDQGRHOQ~PHURGHVHJPHQWRV
L &iOFXORGHOSHUtPHWUR
L %XVFDUHOSUHFLRH[DFWR

  

7UDEDMDPRVODVSiJLQDV\

¢&XiQWDVWLUDVURGHDQFDGDILJXUD" 5HDOL]DPRVPiVDFWLYLGDGHV
L 3RGHPRVUHDOL]DUPiVDFWLYLGDGHVVHPHMDQWHVFRQ
L /DDSUR[LPDFLyQDOSHUtPHWURVHKDUiDSDUWLUGHOD REMHWRVGHODXODGHGLIHUHQWHVWDPDxRV\FRQFROHFFLR
QRFLyQ GH FRQWRUQR GH ILJXUD (Q HO WHPD  KHPRV
QHVGHFDQWLGDGHVGLIHUHQWHV
HQVHxDGR GLIHUHQWHV SURFHGLPLHQWRV GH PHGLGD OLQHDO
GHXQREMHWR 3RU HMHPSOR PHGLUHPRV HO HVSDFLR TXH RFXSDQ XQR
GRVRWUHVQLxRVH[WHQGLGRVHQHOVXHOR
(QHVWDVDFWLYLGDGHVHODOXPQDGRYHUiTXHORVREMHWRV
RFXSDQ XQ HVSDFLR TXH WDPELpQ SRGUHPRV ³PHGLU´
DSUR[LPiQGRQRVDVtDODLGHDGHSHUtPHWUR
&XHQWD\HVFULEH
L /HV SHGLUHPRV TXH REVHUYHQ GHWHQLGDPHQWH HVWDV
LPiJHQHV\SUHJXQWDUHPRV L -XJDUHPRV D GHVSOD]DUQRV GH XQ OXJDU D RWUR HP
SOHDQGRXQGHWHUPLQDGRQ~PHURGHSDVRV
± ¢3RU FXiQWDV WLUDV HVWi URGHDGR HO JDWLWR" ¢&XiQ
WDVKD\GHFDGDFRORU" 8WLOL]DUHPRV FDQWLGDGHV TXH REOLJXHQ DO DOXPQDGR D
HVWLPDUODORQJLWXGGHORVSDVRV
± ¢3RUFXiQWDVWLUDVHVWiURGHDGDODQLxD"¢&XiQWDV
KD\GHFDGDFRORU" 3DUD OD PLVPD GLVWDQFLD SHGLUHPRV SRU HMHPSOR TXH
XWLOLFHQXQDYH]SDVRV\ODVLJXLHQWHSDVRV
± ¢3RUFXiQWDVWLUDVHVWiURGHDGRHOSHUULWR"¢&XiQ
WDVKD\GHFDGDFRORU" 7DPELpQ SRGHPRV VXJHULU TXH XWLOLFHQ FDPLQRV PiV
ODUJRV SDUD OOHJDU DO PLVPR VLWLR \ SRU OR WDQWR HP
± ¢&XiOGHORVWUHVHVWiURGHDGRSRUPiVWLUDV" SOHDUPiVSDVRV
± ¢&XiOHVWiURGHDGRSRUPHQRVWLUDV" L 3UHJXQWDUHPRV
± ¢4XpILJXUDJHRPpWULFDURGHDDOJDWLWR"¢<DOSHUUL ± ¢&XiQWRV SDVRV WHQGUiV TXH GDU SDUD OOHJDU DO SL
WR" ]DUUyQ"
± ¢/D ILJXUD JHRPpWULFD TXH URGHD D OD QLxD HV XQ ± ¢&RQ FXiQWRV SDVRV VH SXHGH URGHDU HVWDV PH
FXDGUDGRRXQUHFWiQJXOR"¢&yPRORGHGXFHV" VDV"
L 'HVSXpV GHEHUiQ FRQWDU FXiQWDV WLUDV URGHDQ D OD 7RGDV ODV KLSyWHVLV GHEHUiQ VHU DQRWDGDV \ FRPSUR
QLxD\DOSHUUR\DQRWDUHOQ~PHURHQODVFDVLOODV EDGDV

0(72'2/2*Ë$
 ),*85$6*(20e75,&$6
5HVSXHVWDSHUVRQDO$PRGRGHHMHPSOR

3iJV\


(YDOXDPRVOD8QLGDG

358(%$3$5$(/$/801$'2
L (YDOXDFLyQGHOD8QLGDGSiJLQDV
\
L 2ULHQWDFLRQHV SDUD OD UHDOL]DFLyQ GH OD
SUXHEDGH(YDOXDFLyQGHOD8QLGDGSiJL
QD

5(*,675263$5$(/'2&(17(
L 7DEOD GH $FWLYLGDGHV SDUD ORV FULWHULRV GH
(YDOXDFLyQSDJLQD
L 7DEOD SDUD UHJLVWUDU ORV UHVXOWDGRV GH OD
SUXHEDGHODOXPQDGRSiJLQDV

/DVWUHVSRVLELOLGDGHVVRQ



L 'HVSXpVUHDOL]DUiQODDFWLYLGDGGHOOLEURFDOFXODQ 5RGHDHOGLQHURTXHQHFHVLWDV
GR SULPHUR FXiQWR PLGH FDGD MDXOD FRQWDQGR ODV GLIH
UHQWHVFXDGUtFXODV\GHVSXpVDQRWDQGRORVUHVXOWDGRV L 3DUD HPSH]DU SURSRQGUHPRV ORV VLJXLHQWHV SUR
HQODVFDVLOODVLQIHULRUHV EOHPDVRUDOHV
± 6L WHQJR  FHQWDYRV \ PH FRPSUR XQ FDUDPHOR
5HDOL]DPRVPiVDFWLYLGDGHV TXH YDOH  FHQWDYRV ¢FXiQWRV FHQWDYRV PH TXH
L (QWUHJDUHPRVDFDGDSDUHMDGHQLxRVXQDKRMDFRQ GDQ"
XQDFXDGUtFXODGHSRU/XHJROHVSHGLUHPRVTXHHQ ± 7HQJR  FHQWDYRV \ TXLHUR FRPSUDUPH XQ FDUD
XQH[WUHPRGLEXMHQXQDUDQD\HQHORWURXQDFKDUFD PHORTXHYDOHFHQWDYRV¢&XiQWRGLQHURPHIDO
/DPLWDGGHODVSDUHMDVGHEHUiEXVFDUHOFDPLQRPiV WD"
FRUWRSDUDTXHODUDQDOOHJXHKDVWDODFKDUFD\ODRWUD ± 6LWHQJRFHQWDYRV\PHFRPSURXQMXJXHWHTXH
PLWDGGHEHUiEXVFDUHOFDPLQRPiVODUJR YDOH¢FXiQWRGLQHURPHVREUD"
)LQDOPHQWH SHGLUHPRV TXH UHODFLRQHQ HO Q~PHUR GH ± 7HQJR  FHQWDYRV 0H JDVWR  SDUD FRPSUDUPH
YHFHVTXHVDOWDODUDQDDOUHFRUUHUFDPLQRVPiVODUJRV XQDELURPH¢&XiQWRGLQHURPHTXHGD"
RPiVFRUWRV ± 7HQJR  FHQWDYRV 0H JDVWR  SDUD FRPSUDUPH
 XQOiSL]¢&XiQWRGLQHURPHTXHGD"
 ± ¢&RQ WUHV PRQHGDV GH  FHQWDYRV SXHGR FRP
SUDUPHXQFDUDPHORTXHYDOHFHQWDYRV"

± 7HQJR4XLHURFRPSUDUPHXQDSHORWDTXHYDOH
 \XQDPXxHFDTXHYDOH¢7HQJRVXILFLHQ
 WHGLQHUR"

 L 3DUDUHVROYHUHVWDDFWLYLGDGSULPHURGHEHUiQILMDU
VH HQ HO SUHFLR GH FDGD REMHWR \ GHVSXpV URGHDU HO
± ¢&XiQWRVVDOWRVGDODUDQDSRUHOFDPLQRPiVFRU Q~PHURGHSHVRVQHFHVDULRSDUDSRGHUFRPSUDUHORE
WR" MHWRHQFDGDFDVR
± ¢<SRUHOFDPLQRPiVODUJR"


0(72'2/2*Ë$ 
 ),*85$6*(20e75,&$6
 5(3$62'(/267(0$6 <
3iJV\


6ROXFLRQHVGHODVDFWLYLGDGHV

 
   

 

   

    

    

 


0(72'2/2*Ë$
 &,)5$ )LJXUDVJHRPpWULFDV ‹9LFHQV9LYHV0DWHULDODXWRUL]DGRSDUDVXUHSURGXFFLyQ



),*85$6*(20e75,&$63iJLQDGHOD*XtD



0(72'2/2*Ë$ 
&,)5$
(9$/8$&,Ð1&217,18$ &XUVR  'RFHQWH

)LJXUDVJHRPpWULFDV 1RPEUH 



 *5$'2'(&2162/,'$&,Ï1
&RQRFLPLHQWR &RQFHSWRGH 1RFLyQGH 7UDVODFLyQ\
GHODVILJXUDV ODGRVGHXQ SHUtPHWUR GHVFRPSRVL

JHRPpWULFDV SROtJRQR FLyQGHILJXUDV
EiVLFDV &RQGLILFXOWDGHV

&RQGLILFXOWDGHV

&RQGLILFXOWDGHV
&RQGLILFXOWDGHV
1RFRQVROLGDGR

1RFRQVROLGDGR

1RFRQVROLGDGR

1RFRQVROLGDGR
&RQVROLGDGR

&RQVROLGDGR

&RQVROLGDGR

&RQVROLGDGR
)HFKD

            
            
            
            
            
            
            
            

$\XGDVTXHVROLFLWD
ODDOXPQDRHO 
DOXPQR

$\XGDVTXHUHFLEH
ODDOXPQDRHO
DOXPQR


'LILFXOWDGHV
REVHUYDGDV


3RVLEOHVOtQHDVGH
LQWHUYHQFLyQ 



 ,167580(1726'((9$/8$&,Ï1
 &,)5$
(9$/8$&,Ð1'(/$81,'$' &XUVR  'RFHQWH  

)LJXUDVJHRPpWULFDV 1RPEUH 


  ˜

 ä ˜ ˜˜˜˜˜˜˜ ˜ä ˜ Ù˜

˜ ˜ ˜

˜

˜ ˜

 Θ


,167580(1726'((9$/8$&,Ï1 
&,)5$
(9$/8$&,Ð1'(/$81,'$' &XUVR  'RFHQWH

)LJXUDVJHRPpWULFDV 1RPEUH 




˜ ˜ ˜

 ˜  ˜  ˜  ˜

˜˜ ˜˜ ˜

TQ˜˜

˜˜ ˜˜ ˜˜ ˜ ˜


 ,167580(1726'((9$/8$&,Ï1
 &,)5$
(9$/8$&,Ð1'(/$81,'$' 0$7(5,$/(63$5$/$(9$/8$&,Ð1
'(/$81,'$'
)LJXUDVJHRPpWULFDV


2ULHQWDFLRQHVSDUDODUHDOL]DFLyQGHODSUXHEDGHODOXPQDGR










 'LEXMD 'LEXMD ODV ILJXUDV JHRPpWULFDV LQGLFDGDV \ PLGHHOFRQWRUQRGHODILJXUDQ~PHUR\DQyWDORGH
GHVSXpVStQWDODVGHFRORUHVGLVWLQWRV EDMR+D]ORPLVPRFRQHOUHVWRGHILJXUDV

 &XHQWD \ HVFULEH &XHQWD \ HVFULEH HO Q~PHUR GH  5RGHD HO GLQHUR TXH QHFHVLWHV 5RGHD HO GLQHUR
ODGRVTXHWLHQHFDGDILJXUDJHRPpWULFD TXHQHFHVLWDVSDUDSRGHUFRPSUDUHOOiSL]TXHFXHVWD
FHQWDYRV
 &RQWLQ~D&RQWLQ~DODFHQHIDLQGLFDGDD\XGiQGRWH
GHODFXDGUtFXOD  5RGHD ORV REMHWRV TXH WHQJDQ OD PLVPD IRUPD
2EVHUYDFRQDWHQFLyQHVWRVREMHWRV\OXHJRURGHDORV
&XHQWD\HVFULEH3ULPHURFXHQWDFXiQWDVXQLGDGHV GRVTXHWLHQHQODPLVPDIRUPD


7DEODGHDFWLYLGDGHVSDUDORV&ULWHULRVGH(YDOXDFLyQ

&5,7(5,26'((9$/8$&,Ï181,'$' 358(%$'((9$/8$&,Ï1 275$6)8(17(6'(,1)250$&,Ï1

,GHQWLILFDUILJXUDVSODQDVHQLPiJHQHVRIUHFLGDVHQGLV
$FWLYLGDGHV\ 
WLQWRVVRSRUWHVPDWHULDOHV\REMHWRVGHVXHQWRUQR
5HFRQRFHUHOQ~PHURGHODGRVTXHWLHQHQODVILJXUDV
$FWLYLGDG 
SODQDV

&RSLDUILJXUDVJHRPpWULFDVSODQDVHQXQDFXDGUtFXOD  /LEURSiJ$FWLYLGDG

&RQVWUXLU\FRQWLQXDUFHQHIDVVLJXLHQGRPRGHORVSUH
$FWLYLGDG 
HVWDEOHFLGRV
&DOFXODUHOSHUtPHWURGHILJXUDVSODQDVFRQWDQGRODV
$FWLYLGDG 
XQLGDGHVTXHPLGHVXFRQWRUQR
5HVROYHUSUREOHPDVFRQGLQHURPHGLDQWHODDGLFLyQR
$FWLYLGDG 
VXVWUDFFLyQ
'HVFRPSRQHUILJXUDVJHRPpWULFDVHQRWUDVPiVVHQFL
 /LEURSiJ$FWLYLGDG
OODV


,167580(1726'((9$/8$&,Ï1 
 ISBN: 84-316-0074-8/ Nº de Orden V.V.: T-586 © VICENS VIVES PRIMARIA, S.A.
&,)5$
































                        

$OXPQDV
\DOXPQRV
                         &RQVROLGDGR
                         &RQGLILFXOWDGHV
)LJXUDVJHRPpWULFDV

                        
$&7,9

1RFRQVROLGDGR

167580(1726'((9$/8$&,Ï1
                         &RQVROLGDGR
                         &RQGLILFXOWDGHV
$&7,9

                         1RFRQVROLGDGR
                         &RQVROLGDGR
                         &RQGLILFXOWDGHV
$&7,9

                         1RFRQVROLGDGR
                         &RQVROLGDGR
                         &RQGLILFXOWDGHV
                        
$&7,9

1RFRQVROLGDGR
                         &RQVROLGDGR
                         &RQGLILFXOWDGHV
                        
$&7,9

1RFRQVROLGDGR
                         &RQVROLGDGR
                         &RQGLILFXOWDGHV
                        
$&7,9

1RFRQVROLGDGR

                        
JOREDO
)HFKD   7ULPHVWUH 
(9$/8$&,Ð1'(/$81,'$' &XUVR  'RFHQWH 

9DORUDFLyQ