Loading ...
Loading ...
Loading ...

es
Û
,QVWUXFFLRQHVGHPRQWDMH
: ,QGLFDFLRQHVGHVHJXULGDGLPSRUWDQWHV
/HHUFRQDWHQFLyQODVVLJXLHQWHVLQVWUXFFLRQHV6RORDVtVHSXHGH
PDQHMDUHODSDUDWRGHIRUPDFRUUHFWD\VHJXUD&RQVHUYDUODV
LQVWUXFFLRQHVGHXVR\PRQWDMHSDUDXWLOL]DUODVPiVDGHODQWHR
SDUDSRVLEOHVIXWXURVFRPSUDGRUHV
6RODPHQWH XQ PRQWDMH SURIHVLRQDO FRQIRUPH D ODV LQVWUXFFLRQHV GH
PRQWDMH SXHGH JDUDQWL]DU XQ XVR VHJXUR GHO DSDUDWR (O LQVWDODGRU
HVUHVSRQVDEOHGHOIXQFLRQDPLHQWRSHUIHFWRHQHOOXJDUGH
LQVWDODFLyQ
£3HOLJURGHGHVFDUJDHOpFWULFD
/DVSLH]DVLQWHUQDVGHODSDUDWRSXHGHQWHQHUERUGHVDILODGRV(O
FDEOH GH FRQH[LyQ SRGUtD UHVXOWDU GDxDGR 1R GREODU QL DSULVLRQDU
HOFDEOHGHFRQH[LyQGXUDQWHODLQVWDODFLyQ
£3HOLJURGHOHVLRQHV
/DVSLH]DVLQWHUQDVGHODSDUDWRSXHGHQWHQHUERUGHVDILODGRV
8VDUJXDQWHVSURWHFWRUHV
£3HOLJURGHDVIL[LD
(OPDWHULDOGHHPEDODMHHVSHOLJURVRSDUDORVQLxRV1RGHMDUTXH
ORVQLxRVMXHJXHQFRQHOPDWHULDOGHHPEDODMH
,QVWDODFLyQ
£$WHQFLyQ
$VHJXUDUVHGHTXHQRKD\DFDEOHVHOpFWULFRVRWXEHUtDVGHJDVR
DJXDHQHOiUHDGRQGHVHYDDWDODGUDU
1RWDV
/DSRVLFLyQGHOPyGXORGHUHFLUFXODFLyQGHDLUHGHSHQGH
VLHPSUHGHOERUGHVXSHULRUGHOUHYHVWLPLHQWRGHODFKLPHQHD
(OPyGXORGHUHFLUFXODFLyQGHDLUHVHSXHGHPRQWDUHQOD
FDPSDQDH[WUDFWRUD )LJ DRHQODSDUHG )LJ E
&RPSUREDUODSDUHG
/D SDUHG GHEH VHU SODQD YHUWLFDO \ WHQHU VXILFLHQWH FDSDFLGDG GH
FDUJD
/DSURIXQGLGDGGHORVWDODGURVGHEHVHUHTXLYDOHQWHDOD
ORQJLWXGGHORVWRUQLOORV/RVWDFRVGHEHQTXHGDUELHQVXMHWRV
/RVWRUQLOORV\WDFRVVXPLQLVWUDGRVVRQDSURSLDGRVSDUD
PDPSRVWHUtDVyOLGD3DUDRWURWLSRGHFRQVWUXFFLRQHVSHM
SODFDVGH\HVRKRUPLJyQFHOXODUODGULOORV3RURWRQVHGHEHUiQ
XWLOL]DUPHGLRVGHILMDFLyQDSURSLDGRV
3UHSDUDUHOPyGXORGHUHFLUFXODFLyQGHDLUH
)LMDUHODODPEUHGHVRSRUWHHQHOPyGXORGHUHFLUFXODFLyQGH
DLUH3DUDHOORSUHVLRQDUOLJHUDPHQWHHODODPEUHGHVRSRUWHH
LQWURGXFLUORHQORVRULILFLRVSUHYLVWRVSDUDWDOILQ
)LMDU OD JXtD GH FRQGXFFLyQ GH DLUH HQ HO PyGXOR GH UHFLUFXODFLyQ
GHDLUH )LJ D
0RQWDUHOPyGXORGHUHFLUFXODFLyQGHDLUH
0HGLU\GLEXMDUODSRVLFLyQGHODHVFXDGUDGHVXMHFLyQ7DODGUDU
RULILFLRVFRQXQGLiPHWURGH PP\XQDSURIXQGLGDGGH PP
HLQWURGXFLUORVWDFRVGHPDQHUDTXHTXHGHQHQUDVDGRVFRQOD
SDUHG$SUHWDUORVWRUQLOORVILUPHPHQWH )LJ D
)LMDUHOPyGXORGHUHFLUFXODFLyQGHDLUHHQODFDPSDQD
H[WUDFWRUD )LJ D
,QVHUWDUHOILOWURGHFDUEyQDFWLYR\HQFDMDUHODODPEUHGH
VRSRUWH3UHVLRQDUOLJHUDPHQWHODFXEUHMXQWDKDFLDDGHQWUR
&RPSUREDUTXHHODODPEUHGHVRSRUWHHVWiILUPHPHQWHVXMHWR
)LJ D
(QFDMDUODVGRVSDUWHVGHOUHYHVWLPLHQWRGHODFKLPHQHDXQD
GHQWURGHRWUD/DVUDQXUDVGHOUHYHVWLPLHQWRLQWHULRUGHOD
FKLPHQHDGHEHQFRORFDUVHKDFLDDEDMR&RORFDUODVGRVSDUWHV
GHOUHYHVWLPLHQWRGHODFKLPHQHDVREUHHODSDUDWR\
HQJDQFKDUODVDODL]TXLHUGD\DODGHUHFKDHQODHVFXDGUDGH
VXMHFLyQ $WRUQLOODU ODWHUDOPHQWH HO UHYHVWLPLHQWR GH OD FKLPHQHD
HQODHVFXDGUDGHVXMHFLyQ )LJ D
)LMDU HO UHYHVWLPLHQWR LQWHULRU GH OD FKLPHQHD FRQ GRV WRUQLOORV HQ
ODHVFXDGUDGHVXMHFLyQ
0RQWDUHOPyGXORGHUHFLUFXODFLyQGHDLUHHQODSDUHG
0RQWDU HO PyGXOR GH UHFLUFXODFLyQ GH DLUH HQ OD SDUHG )LJ E
,QVWDODUVLVWHPDGHWXERV0HGLU\GLEXMDUODSRVLFLyQGHOD
HVFXDGUDGHVXMHFLyQ7DODGUDURULILFLRVFRQXQGLiPHWURGH
PP\XQDSURIXQGLGDGGH PPHLQWURGXFLUORVWDFRVGH
PDQHUDTXHTXHGHQHQUDVDGRVFRQODSDUHG$WRUQLOODUOD
HVFXDGUDGHVXMHFLyQ PPHQJDQFKDUHOPyGXORGH
UHFLUFXODFLyQGHDLUH\DSUHWDUILUPHPHQWHORVWRUQLOORV
,QVHUWDUHOILOWURGHFDUEyQDFWLYR\HQFDMDUHODODPEUHGH
VRSRUWH3UHVLRQDUOLJHUDPHQWHODFXEUHMXQWDKDFLDDGHQWUR
&RPSUREDUTXHHODODPEUHGHVRSRUWHHVWpILUPHPHQWHVXMHWR
)LJ E
3DUDPRQWDMHHQODSDUHG
(QFDMDUODVGRVSDUWHVGHOUHYHVWLPLHQWRGHODFKLPHQHDXQD
GHQWURGHRWUD/DVUDQXUDVGHOUHYHVWLPLHQWRLQWHULRUGHOD
FKLPHQHDGHEHQFRORFDUVHKDFLDDEDMR
&RORFDUDPEDVSDUWHVGHOUHYHVWLPLHQWRGHODFKLPHQHDHQHO
DSDUDWR'HVSOD]DUKDFLDDUULEDHOUHYHVWLPLHQWRLQWHULRUGHOD
FKLPHQHD\HQJDQFKDUORDODL]TXLHUGD\DODGHUHFKDHQOD
HVFXDGUDGHVXMHFLyQ
$WRUQLOODUODWHUDOPHQWHHOUHYHVWLPLHQWRGHODFKLPHQHDHQOD
HVFXDGUDGHVXMHFLyQ )LJ E
)LMDU HO UHYHVWLPLHQWR LQWHULRU GH OD FKLPHQHD FRQ GRV WRUQLOORV HQ
ODHVFXDGUDGHVXMHFLyQ
)LOWURGHFDUEyQDFWLYRSDUDIXQFLRQDPLHQWRFRQ
UHFLUFXODFLyQGHDLUH
1RWD /RVILOWURVGHFDUEyQDFWLYRQRFRQWLHQHQVXVWDQFLDV
FRQWDPLQDQWHVSRUORTXHVHSXHGHQGHVHFKDUHQODEDVXUD
GRPpVWLFD
6XVWLWXLUHOILOWURGHFDUEyQDFWLYR
 6ROWDUHODODPEUHGHVRSRUWH\GHVPRQWDUHOILOWURGHFDUEyQ
DFWLYR
 ,QVHUWDUHOQXHYRILOWURGHFDUEyQDFWLYR\ILMDUHODODPEUHGH
VRSRUWH )LJ DE
et
Ü
3DLJDOGXVMXKHQG
: 2OXOLVHGRKXWXVQ}XGHG
/XJHJHNDVXWXVMXKHQGKRROLNDOWOlEL6HOOHVWOHLDWHYDMDOLNXWHDEH
VHDGPHRKXWXNVMD}LJHNVNlVLWVHPLVHNV+RLGNHNDVXWXVMD
SDLJDOGXVMXKHQGDOOHVKLOLVHPDNVNDVXWDPLVHNVY}LVHDGPH
MlUJPLVWHRPDQLNHWDUYLV
7XUYDOLQHNDVXWDPLQHRQWDJDWXGDLQXOWVLLVNXLSDLJDOGDPLQH
WRLPXEYDVWDYDOWSDLJDOGXVMXKHQGLOH3DLJDOGDWXGVHDGPHYHDWX
W||HHVWYDVWXWDESDLJDOGDMD
(OHNWULO||JLRKW
6HDGPH VLVHGHWDLOLG Y}LYDG ROOD WHUDYDWH VHUYDGHJD hKHQGXVMXKH
Y}LENDKMXVWDGDVDDGDhKHQGXVNDDEOLWHLWRKLSDLJDOGDPLVHDMDO
PXUGDHJDNLQQLNLLOXGD
9LJDVWXVWHRKW
6HDGPHVLVHGHWDLOLGY}LYDGROODWHUDYDWHVHUYDGHJD.DQGNH
NDLWVHNLQGDLG
/lPEXPLVRKW
3DNNHPDWHUMDORQODVWHOHRKWOLN/DVWHOHLWRKLNXQDJLOXEDGD
SDNNHPDWHUMDOLJDPlQJLGD
3DLJDOGDPLQH
7lKHOHSDQX
9HHQGXJH HW SXXULWDYDV SLLUNRQQDV HL OHLGX HOHNWULMXKWPHLG JDDVL
HJDYHHWRUXVLG
0lUNXVHG
5LQJOHYD}KXPRRGXOLDVHQGOlKWXEDODWLO}}ULNDWWHODVHUYDVW
5LQJOHYD}KXPRRGXOLVDDESDLJDOGDGDNDV}KXSXKDVWLNXEX
MRRQLV DY}LVHLQD MRRQLV ENOJH
6HLQDNRQWUROOLPLQH
6HLQSHDEROHPDWDVDQHYHUWLNDDOQHMD SLLVDYDOWVWDELLOQH
3XXULWXG DXNXGH VJDYXV SHDE YDVWDPD NUXYL SLNNXVHOH 7EOLG
SHDYDGROHPDNLQGODOWNLQQL
.DDVDV ROHYDG NUXYLG MD WEOLG VRELYDG PDVVLLYVHOH PULWLVHOH
7HLVWHNRQVWUXNWVLRRQLGHQWNLSVSODDGLGSRRUEHWRRQSRRUVHG
SORNLGMDRNVWXOHENDVXWDGDYDVWDYDOWVRELYDLG
NLQQLWXVYDKHQGHLG
5LQJOHYD}KXPRRGXOLHWWHYDOPLVWDPLQH
.LQQLWDJHWUDDWNDDUULQJOHYD}KXPRRGXOLNOJH6HOOHNVVXUXJH
WUDDWNDDUWYHLGLNRNNXMDONDNHVHOOHNVHWWHQlKWXGDXNXGHVVH
.LQQLWDJH}KXMXKWLPLVVLLQULQJOHYD}KXPRRGXOLNOJH
MRRQLV D
5LQJOHYD}KXPRRGXOLSDLJDOGDPLQHYHQWLODWVLRRQLNRUSXVH
NOJH
0}}WNHlUDMDPDUNHHULJHNLQQLWXVQXUJLNXDVXNRKW3XXULJH
ĂPPOlELP}}GXJDMDĂPPVJDYXVHGDXJXGMDVXUXJH
WEOLGVHLQDJDKHWDVDVLVVH.HHUDNHNUXYLGNLQQL MRRQLV D
.LQQLWDJHULQJOHYD}KXPRRGXO}KXSXKDVWLNXEXOH MRRQLV D
Loading ...
Loading ...
Loading ...