Download Graco PD170105A-SnugRide User's Manual
Transcript
ZZZJUDFREDE\FRP 6QXJ5LGH 2ZQHU¶V0DQXDO 5($'7+,60$18$/ .((3,16758&7,216 )25)8785(86( (YHQLIXVLQJWKLVLQIDQW UHVWUDLQWVHHPVHDV\WR ILJXUHRXWRQ\RXURZQLWLV YHU\LPSRUWDQWWR5($' 81'(567$1' $1')2//2:7+( 2:1(5¶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¶VVDIHW\GHSHQGVRQ\RXLQVWDOOLQJDQGXVLQJWKLV LQIDQWUHVWUDLQWFRUUHFWO\ (YHQLIXVLQJWKLVLQIDQWUHVWUDLQWVHHPVHDV\WRILJXUHRXWRQ\RXURZQ LWLVYHU\LPSRUWDQWWR5($'81'(567$1'$1')2//2:7+( 2:1(5¶60$18$/ 7KHPDQXDOLVORFDWHGLQWKHEDFNSRFNHWRIWKHLQIDQWUHVWUDLQW <RXPXVWDOVRUHDG\RXUYHKLFOHRZQHU¶VPDQXDO <RXUFKLOG·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¶V3URGXFWV,QF 2DNODQGV%OYG ([WRQ3$ RUFDOO RUUHJLVWHURQOLQHDW KWWSZZZJUDFREDE\FRPFDUVHDWUHJLVWUDWLRQ )RU5HFDOO,QIRUPDWLRQ &DOOWKH86*RYHUQPHQW¶V9HKLFOH6DIHW\+RWOLQH DW77< RUJRWRKWWSZZZ1+76$JRY *UDFRRUZZZJUDFREDE\FRP ,I<RX1HHG+HOS ,QWKH86$SOHDVHFRQWDFWRXU&XVWRPHU6HUYLFH'HSDUWPHQWZLWK DQ\TXHVWLRQV\RXPD\KDYHFRQFHUQLQJSDUWVXVHRUPDLQWHQDQFH :KHQ\RXFRQWDFWXVSOHDVHKDYH\RXUSURGXFW¶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¶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¶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·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¶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¶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¶V VWUROOHUVDVWKLVPD\UHVXOWLQVHULRXVLQMXU\RUGHDWK $GGLWLRQDO:DUQLQJV IRU8VHDV&DUULHU )$//+$=$5'&KLOG¶VPRYHPHQWVFDQVOLGHFDUULHU 1(9(5SODFHFDUULHUQHDUHGJHVRIFRXQWHUWRSVWDEOHVRURWKHU KLJKVXUIDFHV$OZD\VVWD\ZLWKLQDUPVUHDFKZKHQHYHUFDUULHULV QRWRQIORRUJURXQG %(685(KDQGOHORFNVLQWRSRVLWLRQEHIRUHOLIWLQJFDUULHU 1(9(5SODFHFDUULHULQWKHWRSRIDVKRSSLQJFDUW 68))2&$7,21+$=$5',QIDQWFDUULHUFDQUROORYHURQVRIW VXUIDFHVDQGVXIIRFDWHFKLOG1HYHUSODFHFDUULHURQEHGVVRIDV RURWKHUVRIWVXUIDFHV 675$1*8/$7,21+$=$5'&KLOGFDQVWUDQJOHLQORRVHUHVWUDLQW VWUDSV$OZD\VXVHKDUQHVVQHYHUOHDYHFKLOGLQFDUULHUZKHQ VWUDSVDUHORRVHRUXQGRQH .((3675,1*6$1'&25'6$:$<)520&+,/'6WULQJVDQG FRUGVFDQFDXVHVWUDQJXODWLRQ '2127SODFHFDUULHUQHDUDZLQGRZZKHUHFRUGVIURPEOLQGVRU GUDSHVFDQVWUDQJOHDFKLOG '2127KDQJVWULQJVRQRURYHUWKHFDUULHU '2127SODFHLWHPVZLWKDVWULQJDURXQGDFKLOG¶VQHFNVXFK DVKRRGVWULQJVSDFLILHUFRUGVHWF '2127DWWDFKVWULQJVWRWR\V +HLJKWDQG:HLJKW/LPLWV )$,/85(7286(,1)$175(675$,17,1$0$11(5 $335235,$7()25<285&+,/'·66,=(0$<,1&5($6( 7+(5,6.2)6(5,286,1-85<25'($7+ <RXUFKLOG0867PHHWDOOUHTXLUHPHQWV :(,*+7OEVNJ +(,*+7LQFKHVFPRUOHVV ,QIDQW5HVWUDLQW/RFDWLRQ 9HKLFOH6HDW5HTXLUHPHQWV ,03523(53/$&(0(172)7+(,1)$175(675$,17 ,1&5($6(67+(5,6.2)6(5,286,1-85<25'($7+ 6RPHVHDWLQJSRVLWLRQVLQ\RXUYHKLFOHPD\QRWEHVDIHIRUWKLVLQIDQW UHVWUDLQW6RPHYHKLFOHVGRQRWKDYHDQ\VHDWLQJSRVLWLRQVWKDWFDQ EHXVHGVDIHO\ZLWKWKHLQIDQWUHVWUDLQW,I\RXDUHQRWVXUHZKHUHWR SODFHWKHLQIDQWUHVWUDLQWLQ\RXUYHKLFOHFRQVXOW\RXUYHKLFOHRZQHU¶V PDQXDORUFDOO*UDFRDW :KHQHYHUSRVVLEOHVHFXUHWKHLQIDQW UHVWUDLQWLQWKHFHQWHUSRVLWLRQRIWKH VHDWGLUHFWO\EHKLQGWKHIURQWVHDWV $QDGXOWVKRXOGULGHLQWKHUHDUVHDWWR ZDWFKWKHFKLOG,IWKHGULYHULVWKHRQO\ DGXOWSUHVHQWDFKLOGPD\QHHGWRULGHLQWKHIURQWVHDW%8721/< LIWKHUHLVQRSDVVHQJHUVLGHDLUEDJDQGDOORIWKHRWKHUYHKLFOH VHDWDQGVHDWEHOWUHTXLUHPHQWVOLVWHGDUHPHW 1(9(5 SODFH WKLV LQIDQW UHVWUDLQW LQ D YHKLFOHVHDWLQJORFDWLRQWKDWKDVDIURQW DLUEDJ6HH³:DUQLQJVIRU8VHDV ,QIDQW5HVWUDLQW´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¶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ò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¶VPDQXDOIRUH[DFWORFDWLRQVDQFKRU LGHQWLILFDWLRQDQGUHTXLUHPHQWVIRUXVHZLWKDQLQIDQWUHVWUDLQW 7\SLFDOVHDWLQDSDVVHQJHUYHKLFOH 2WKHUYHKLFOHW\SHVPD\KDYH GLIIHUHQW/$7&+ORFDWLRQVRU GLIIHUHQWPDUNLQJV 9HKLFOH/RZHU $QFKRU3RLQWV 9HKLFOH 6HDW&UHDVH /$7&+ORZHUYHKLFOHDQFKRUSRLQWVDUHGHILQHGDVLQFKHVIURPWKH FHQWHURIRQH/$7&+DQFKRUWRWKHFHQWHURIDQRWKHU/$7&+DQFKRU,I DOORZHGE\\RXU9HKLFOH2ZQHUV0DQXDOWKHFHQWHUVHDWLQJSRVLWLRQ PD\EHXVHGLIWKHDQFKRUVSDFLQJLV´RUJUHDWHU 8VLQJ,QIDQW5HVWUDLQW 3RVLWLRQLQJ+DUQHVV6WUDSV )$,/85(723523(5/<$'-8677+(+$51(66675$36)25 <285&+,/',1&5($6(67+(5,6.2)6(5,286,1-85<25 '($7+,17+((9(172)$6+$537851 68''(1672325&5$6+7KHKDUQHVVVWUDSVPXVWEHSURSHUO\ DGMXVWHGWRILW\RXUFKLOGDFFRUGLQJWRWKHIROORZLQJLQVWUXFWLRQV 5HPRYHLQIDQWUHVWUDLQWIURPEDVHDQGURWDWHKDQGOHGRZQWR VLWWLQJSRVLWLRQ6HH³5HPRYLQJDQG$WWDFKLQJ%DVH´DQG ³$GMXVWLQJ+DQGOH´S 3ODFHFKLOGLQLQIDQWUHVWUDLQWDVVKRZQ 'HWHUPLQHZKLFKSDLURIKDUQHVVVORWVDUHHYHQ ZLWKRUMXVWEHORZ\RXUFKLOG·VVKRXOGHUV '2127XVHXSSHUKDUQHVVVORWVLIWKH\ DUHDERYH\RXUFKLOG·VVKRXOGHUV7KH\ ZLOOQRWKROGDVPDOOFKLOGVHFXUHO\LQD VXGGHQVWRSRUFUDVK ,IWKHKDUQHVVVWUDSVPXVWEHDGMXVWHG UHPRYHFKLOGIURPLQIDQWUHVWUDLQWDQGPRYH KDUQHVVVWUDSVWRRWKHUKDUQHVVVORWV 8VHKDUQHVVVORWV HYHQZLWKRUMXVWEHORZ FKLOG¶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¶VVKRXOGHUV 7RORRVHQWKHVWUDSVKROGWKHKDUQHVV WLJKWHQHUXSDQGSXOOWKHVWUDSIURPWKH IURQWRIWKHVHDW 6QDSKDUQHVVFOLSSLHFHVWRJHWKHU 3RVLWLRQKDUQHVVFOLSLQPLGGOHRIFKHVW OHYHOZLWKDUPSLWVDQGDZD\IURPWKH QHFN 6$)(7<&+(&. D&+(&.WKDWKDUQHVVVWUDSVDUHQRW WZLVWHG E&+(&.WKDWWKHKDUQHVVLVVQXJ <RXVKRXOGQRWEHDEOHWRSLQFKWKH KDUQHVVLILWLVVQXJ$VQXJVWUDSVKRXOG QRWDOORZDQ\VODFN,WOLHVLQDUHODWLYHO\ VWUDLJKWOLQHZLWKRXWVDJJLQJ,WGRHVQRW SUHVVRQWKHFKLOG¶VIOHVKRUSXVKWKHFKLOG¶V ERG\LQWRDQXQQDWXUDOSRVLWLRQ ,QVWDOOLQJWKH,QIDQW5HVWUDLQW%DVH 8VLQJ9HKLFOH%HOW <RXPXVWFDUHIXOO\IROORZWKHLQVWUXFWLRQVSURYLGHGE\\RXUYHKLFOH PDQXIDFWXUHULQDGGLWLRQWRWKHLQIRUPDWLRQLQWKLVPDQXDO%HIRUH SURFHHGLQJEHVXUH\RXKDYHUHDGDQGXQGHUVWRRGVHFWLRQ ³,QIDQW5HVWUDLQW/RFDWLRQ´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³6$)(9HKLFOH%HOW 6\VWHPV´SRQWLJKWHQLQJ\RXUYHKLFOHEHOW 7RFUHDWHDYHU\WLJKWLQVWDOODWLRQSXVKGRZQKDUGZLWK\RXUNQHH RUIUHHKDQGLQWKHPLGGOHRILQIDQWUHVWUDLQWRUEDVHDQGSXOO DQGWLJKWHQWKHYHKLFOHEHOW 3XVKWKHLQIDQWUHVWUDLQWGRZQLQWRWKHEDVHDQGPDNHVXUHWKDW \RXKHDUD³FOLFN´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³)LQDO6DIHW\&KHFN´S &KHFNWKDWWKH/$7&+VWD\VWLJKWDQGGRHVQRWVOLS IURPWKHWLJKWHQHGSRVLWLRQ,ILWGRHVQRWVWD\WLJKWWU\ DQRWKHUVHDWLQJSRVLWLRQRUFRQWDFW&XVWRPHU6HUYLFH 7RQJXH 1(9(5SXWWZR/$7&+FRQQHFWRUVRQ RQHYHKLFOH/$7&+DQFKRUXQOHVV VSHFLILFDOO\DOORZHGE\WKHYHKLFOH PDQXIDFWXUHU 7RUHPRYH/$7&+SXVKEXWWRQZKLOH SXOOLQJRQWKH/$7&+EHOWDVVKRZQ 3UHVVDQGKROG/$7&+UHOHDVHKLQJH 3XVKFRQQHFWRULQOLIWFRQQHFWRUXS DQGSXOORXWDZD\IURPDQFKRUSRLQW 5HSHDWVWHSVDQGIRURWKHUFRQQHFWRU 5HFOLQLQJ,QIDQW5HVWUDLQW%DVH )RU\RXUFKLOG¶VVDIHW\LWLVLPSRUWDQWWKDW\RXULQIDQWUHVWUDLQWEDVH EHSURSHUO\UHFOLQHG$WWDFKHGWRWKHVLGHRI\RXULQIDQWUHVWUDLQWLVD OHYHOLQGLFDWRUWRKHOSSURSHUO\UHFOLQHWKHLQIDQWUHVWUDLQWEDVHRQWKH YHKLFOHVHDW )DLOXUHWRSURSHUO\UHFOLQHWKHLQIDQWUHVWUDLQWRQWKHYHKLFOHVHDW LQFUHDVHVWKHULVNRIVHULRXVLQMXU\RUGHDWK ,IWKHLQIDQWUHVWUDLQWLVWRRXSULJKWDFKLOG¶V KHDGPD\GURSIRUZDUGDQGFDXVHEUHDWKLQJ SUREOHPV ,IWKHLQIDQWUHVWUDLQWLVWRRUHFOLQHGDFUDVK FRXOGSXWWRRPXFKIRUFHRQDFKLOG¶VQHFN DQGVKRXOGHUV 7KHLQIDQWUHVWUDLQWPXVWEHSURSHUO\UHFOLQHG DFFRUGLQJWRWKHIROORZLQJLQVWUXFWLRQV &KHFNWKHOHYHOLQGLFDWRU<RXPXVWORRNVWUDLJKWRQDWWKHLQGLFDWRU ²,IWKHLQGLFDWRUVKRZV21/<EOXHWKHLQIDQWUHVWUDLQWLV SURSHUO\OHYHOHG ²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¶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³3RVLWLRQLQJ+DUQHVV6WUDSV´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pVSDUH]FDIiFLOGH GHVFLIUDUHVPX\LPSRUWDQWH /((5(17(1'(5<6(*8,5 (/0$18$/'(/'8(f2 1286$5'(%,'$0(17( (67(6,67(0$'( 6(*85,'$'3$5$1,f26 $80(17$(/5,(6*2'( 68)5,5/(6,21(66(5,$6 2)$7$/(6(181 $&&,'(17(2$/ '(7(1(56('(5(3(17( *UDFR3'$86 $GYHUWHQFLDVDSDGUHV\RWURVXVXDULRV ,QIRUPDFLyQVREUHHOUHJLVWUR 5HJLVWURGHVXVLVWHPDGHVHJXULGDGSDUDQLxRV ,QIRUPDFLyQVREUHHOUHWLURGHSURGXFWRVGHOPHUFDGR 6LQHFHVLWDD\XGD 9LGD~WLOGHOVLVWHPDGHVHJXULGDGSDUDQLxRV )XQFLRQHV\FRPSRQHQWHV 6DFDU\FRQHFWDUODEDVH $MXVWHGHODPDQLMD &RORFDFLyQGHODFDSRWD $UPDGRGHODDOPRKDGLOODGHODVLHQWRFLHUWRVPRGHORV $SR\DFDEH]DVHQFLHUWRVPRGHORV %RWDSDUHWLHPSRFLHUWRVPRGHORV &XELHUWDVGHODUQpV ,QIRUPDFLyQLPSRUWDQWH $GYHUWHQFLDVSDUDHOXVRFRPRVLVWHPDGHVHJXULGDGSDUD QLxRV $GYHUWHQFLDVSDUDHOXVRFRQXQFRFKHFLWR $GYHUWHQFLDVDGLFLRQDOHVSDUDHOXVRFRPRWUDQVSRUWDGRU /LPLWDFLRQHVGHSHVR\HVWDWXUD 8ELFDFLyQGHOVLVWHPDGHVHJXULGDGSDUDQLxRV 5HTXLVLWRVGHODVLHQWRGHOYHKtFXOR 5HTXLVLWRVGHOFLQWXUyQGHVHJXULGDGGHOYHKtFXOR 6LVWHPDV3(/,*52626GHFLQWXURQHVSDUDYHKtFXORV 6LVWHPDV6(*8526GHFLQWXURQHVSDUDYHKtFXORV 8ELFDFLyQGHO/$7&+ 8VDUHODVLHQWRGHVHJXULGDGLQIDQWLO &RORFDFLyQGHODVFRUUHDVGHODUQpV 6XMHWDUHOQLxRDOVLVWHPDGHVHJXULGDGSDUDQLxRV ,QVWDODFLyQGHOVLVWHPDGHVHJXULGDGSDUDQLxRVEDVH FRQHOFLQWXURQGHOYHKtFXOR 8VRGHO/$7&+SDUDLQVWDODUODEDVH ,QFOLQDFLyQGHOVLVWHPDGHVHJXULGDGSDUDQLxRVEDVH ,QIRUPDFLyQDGLFLRQDO 8VRHQDYLRQHV $OPDFHQDPLHQWRGHO/$7&+ /LPSLH]D\PDQWHQLPLHQWR 3LH]DVGHUHSXHVWR $GYHUWHQFLDVDSDGUHV \RWURVXVXDULRV 1LQJ~QDVLHQWRGHVHJXULGDGLQIDQWLOSXHGHJDUDQWL]DUOD SURWHFFLyQFRQWUDOHVLRQHVHQWRGDVODVVLWXDFLRQHV6LQHPEDUJR HOXVRFRUUHFWRGHHVWHDVLHQWRGHVHJXULGDGLQIDQWLOUHGXFHHOULHVJR GHTXHVXQLxRVXIUDOHVLRQHVVHULDVRODPXHUWH (OXVRLQFRUUHFWRGHHVWHVLVWHPDGHVHJXULGDGLQIDQWLODXPHQWDHO ULHVJRGHJUDYHVOHVLRQHVRODPXHUWHGXUDQWHXQJLUREUXVFRXQD SDUDGDUHSHQWLQDRXQDFFLGHQWH/DVHJXULGDGGHVXQLxRGHSHQGH GHODFRUUHFWDLQVWDODFLyQ\XVRGHHVWHVLVWHPDGHVHJXULGDGLQIDQWLO $SHVDUGHTXHHOXVRGHHVWHVLVWHPDGHVHJXULGDGSDUDEHEpV SDUH]FDIiFLOGHGHVFLIUDUHVPX\LPSRUWDQWH/((5(17(1'(5< 6(*8,5(/0$18$/'(/'8(f2 (OPDQXDOVHHQFXHQWUDHQHOEROVLOORWUDVHURGHOVLVWHPDGH VHJXULGDGLQIDQWLO7DPELpQGHEHOHHUHOPDQXDOGHOSURSLHWDULR GHVXYHKtFXOR /DVHJXULGDGGHVXQLxRGHSHQGHGH (OHJLUXQDXELFDFLyQDGHFXDGDHQVXYHKtFXOR$OJXQRV DVLHQWRVWDOHVFRPRORVHTXLSDGRVFRQEROVDVGHDLUHSXHGHQ UHVXOWDUXELFDFLRQHVLQVHJXUDVSDUDHVWHVLVWHPDGH VHJXULGDGLQIDQWLO ,QVHUWDUORVFLQWXURQHVHQODVUDQXUDVDSURSLDGDVSDUDVXQLxR 6XMHWDUDVXQLxRGHPDQHUDDGHFXDGDHQHOVLVWHPDGH VHJXULGDGLQIDQWLO &RORFDUHOVLVWHPDGHVHJXULGDGLQIDQWLOEDVHHQXQDSRVLFLyQ RULHQWDGDKDFLDDWUiV &RORFDUHOFLQWXUyQGHVHJXULGDGGHOYHKtFXORR/$7&+GH PDQHUDFRUUHFWD 5HFOLQDUGHPDQHUDFRUUHFWDHOVLVWHPDGHVHJXULGDGLQIDQWLO 6XMHWDUHOVLVWHPDGHVHJXULGDGLQIDQWLOGHPDQHUDFRUUHFWD HQHOYHKtFXORXVDQGRXQFLQWXUyQGHVHJXULGDGGLVHxDGRSDUD VXMHWDUXQVLVWHPDGHVHJXULGDGLQIDQWLORXVDQGR/$7&+0XFKRV FLQWXURQHVGHVHJXULGDG12VRQVHJXURVSDUDVXXVRFRQVLVWHPDV GHVHJXULGDGLQIDQWLODSHVDUGHTXHVHFRORFDQIiFLOPHQWHHQ HOPLVPR ,QIRUPDFLyQVREUHHOUHJLVWUR 1~PHURGHPRGHOR )DEULFDGRHQ )HFKDGHFRPSUD 5HJLVWURGHVXVLVWHPDGH VHJXULGDGSDUDQLxRV 3RUIDYRUFRPSOHWHODLQIRUPDFLyQTXHVHVROLFLWDPiVDUULED(OQ~PHUR GHPRGHOR\ODIHFKDGHIDEULFDFLyQVHSXHGHQHQFRQWUDUHQXQD HWLTXHWDXELFDGDHQODSDUWHLQIHULRUGHVXVLVWHPDGHVHJXULGDGSDUD EHEpV/OHQHODWDUMHWDSRVWDOGHUHJLVWURSUHSDJDGDTXHVHHQFXHQWUDHQ ODIXQGDGHODVLHQWR\HQYtHODKR\PLVPR /RVVLVWHPDVGHVHJXULGDGSDUDQLxRVSRGUiQVHUUHWLUDGRVGHOPHUFDGR SRUSUREOHPDVGHVHJXULGDG'HEHUHJLVWUDUHVWHVLVWHPDSDUDTXHOR SRGDPRVFRQWDFWDUHQGLFKRFDVR(QYtHVXQRPEUHGLUHFFLyQ\HO Q~PHURGHOPRGHORGHOVLVWHPD\ODIHFKDGHIDEULFDFLyQD *UDFR&KLOGUHQ¶V3URGXFWV,QF 2DNODQGV%OYG ([WRQ3$ ROODPHDO RUHJtVWUHORHQOtQHDHQ KWWSZZZJUDFREDE\FRPFDUVHDWUHJLVWUDWLRQ 3DUDREWHQHULQIRUPDFLyQVREUHHO UHWLURGHSURGXFWRVGHOPHUFDGR /ODPHDODOtQHDJUDWXLWDGHLQIRUPDFLyQGHVHJXULGDGGHYHKtFXORV GHO*RELHUQRGH((88DO 77<RYLVLWHKWWSZZZ1+76$JRY *UDFRRZZZJUDFREDE\FRP 6LQHFHVLWDD\XGD (QORV((88SRUIDYRUFRPXQtTXHVHFRQQXHVWUR'HSDUWDPHQWRGH 6HUYLFLRDO&OLHQWHFRQFXDOTXLHUSUHJXQWDTXHSXGLHUDWHQHUVREUH SLH]DVXVRRPDQWHQLPLHQWR&XDQGRVHSRQJDHQFRQWDFWRFRQ QRVRWURVSRUIDYRUWHQJDOLVWRHOQ~PHURGHPRGHOR\ODIHFKDGH IDEULFDFLyQSDUDTXHORSRGDPRVD\XGDUPiVHILFLHQWHPHQWH(VWRV Q~PHURVSXHGHQHQFRQWUDUVHHQXQDHWLTXHWDXELFDGDHQODSDUWHLQIHULRU GHVXVLVWHPDGHVHJXULGDGSDUDEHEpV RZZZJUDFREDE\FRP 9LGD~WLOGHOVLVWHPDGHVHJXULGDG SDUDQLxRV '(-(GHXVDUHOVLVWHPDGHVHJXULGDGSDUDQLxRV\WtUHORGHVSXpV GHODIHFKDTXHDSDUHFH02/'($'$HQODVLVWHPDGHVHJXULGDG SDUDQLxRV %XVTXHODIHFKDLPSUHVDHQHODVLHQWR HQHOOXJDULQGLFDGR )XQFLRQHV\FRPSRQHQWHV 9,67$'(/$17(5$ 0DQLMD 5DQXUDSDUD HODUQpV 7UDEDGHO DUQpV %RWyQGH DMXVWHGH ODPDQLMD +HELOOD GHODUQpV *DQFKRGHO FLQWXUyQGHO YHKtFXOR /HQJHWDVGHOD KHELOODGHODUQpV &LQWXUyQGHDMXVWH &LQWXUyQGHOYHKtFXORUHFRUULGR GHO/$7&+ %DUUDVGH DOPDFHQDPLHQWR GHO/$7&+ *DQFKRGHO/$7&+ $SR\DSLpVDMXVWDEOH %DVH 9,67$75$6(5$ 7HQVLRQDGRU GHODUQpV &DSRWD 0DQLMDGH OLEHUDFLyQ 5DQXUDSDUD HODUQpV ,QGLFDGRU GHOQLYHO %ROVLOORGHO PDQXDOGHO SURSLHWDULR 7UDEDGH FRQH[LyQ 7UDEDGHVHJXULGDG ,QGLFDGRU GHOQLYHO (OLQGLFDGRUGHQLYHOVHFRQHFWDDOFRVWDGRGHO VLVWHPDGHVHJXULGDGSDUDQLxRVHLQGLFDVLHO VLVWHPDGHVHJXULGDGSDUDQLxRVHVWi GHELGDPHQWHLQFOLQDGR 7UDEDGH VHJXULGDG /DWUDEDGHVHJXULGDGVHJXDUGDHQHOIRQGRGHO VLVWHPDGHVHJXULGDGSDUDQLxRV1HFHVLWDUi XVDUORFRQFLHUWRVWLSRVGHFLQWXURQHVGH VHJXULGDGGHDXWRPyYLOHV 6DFDU\FRQHFWDUODEDVH 3DUDVDFDUHOVLVWHPDGHVHJXULGDGSDUDQLxRV DSULHWHODPDQLMDGHOLEHUDFLyQHQODSDUWHWUDVHUD GHODVLHQWR\OHYDQWHHOVLVWHPDGHVHJXULGDG SDUDQLxRVGHODEDVHFRPRVHLQGLFD 3DUDSRQHUHOVLVWHPDGHVHJXULGDGSDUDQLxRV HQODEDVHHPSXMHHOVLVWHPDGHVHJXULGDGSDUD QLxRVKDFLDDEDMRKDVWDTXHVHWUDEHHQODEDVH 7LUHKDFLDDUULEDGHOVLVWHPDGHVHJXULGDGSDUDQLxRV SDUDDVHJXUDUVHTXHHVWpWUDEDGRILUPHPHQWHHQODEDVH $MXVWHGHODPDQLMD 2SULPDORVERWRQHVGHDMXVWHGHODPDQLMD HQDPERVFRVWDGRVGHODPDQLMD *LUHODPDQLMDKDVWDTXHVHWUDEHHQ XQDGHODVSRVLFLRQHV 3RVLFLyQ$'(%(XVDUVHFXDQGRVH WUDQVSRUWDGHODPDQLMD 3RVLFLRQHV%&VRQSRVLFLRQHVGH PD\RUFRPRGLGDG (QHOYHKtFXORXVHVLHPSUHODSRVLFLyQ $'R( 181&$XVDUVHHQODVSRVLFLRQHV %R&HQHODXWRPyYLO $0%26ERWRQHVGHDMXVWHGH ODPDQLMDGHEHQVDOWDUSDUDWUDEDU ODPDQLMDHQVXOXJDU (PSXMH\WLUHGHODPDQLMDSDUD DVHJXUDUVHTXHHVWiWUDEDGD ILUPHPHQWHHQVXOXJDU 7UDQVSRUWH $ % & ' ( 6HQWDUVH &RORFDFLyQGHODFDSRWD (OVLVWHPDGHVHJXULGDGSDUDQLxRV YLHQHFRQFXDWURGRVHQFLHUWRV PRGHORVSLH]DVLGpQWLFDVGH VRSRUWHGHODFDSRWD3DVHXQ VRSRUWHGHODFDSRWDFRPSOHWD PHQWHDWUDYpVGHOW~QHOFRVLGR 'HVOLFHHOH[WUHPRUHFWRGHO VHJXQGRVRSRUWHHQHOH[WUHPR UHFWRGHOSULPHUVRSRUWH (QPRGHORVFRQFXDWURDSR\RVGH ODFDSRWDUHSLWDORVSDVRVXQR\GRV SDUDHORWURW~QHOGHODFDSRWD/D FDSRWDGHEHUiWHQHUHVWHDVSHFWR 2 6XMHWHODFDSRWDHQORVOXJDUHVHQWUHHO VLVWHPDGHVHJXULGDGSDUDQLxRV\OD EDVHGHODPDQLMD 3DUDTXLWDUODFDSRWDVLJDORVSDVRV DOUHYpV $UPDGRGHODDOPRKDGLOODGHODVLHQWR FLHUWRVPRGHORV 3DVR (QYXHOYDHOERUGHLQIHULRUGHOD DOPRKDGLOODGHODVLHQWRDOUHGHGRUGHO H[WUHPRGHODVLHQWRGRQGHYDQORV SLHVFRPRVHLQGLFD 3DVR (QYXHOYDHOERUGHVXSHULRUGHOD DOPRKDGLOODGHODVLHQWRDOUHGHGRUGHO H[WUHPRGHODVLHQWRGRQGHYDOD FDEH]DFRPRVHLQGLFD 3DVR (QHOFRVWDGRGHODVLHQWRHQYXHOYD ODFRUUHDHOiVWLFDDOUHGHGRUGHOD PDQLMDFRPRVHLQGLFD,JQRUHORV SDVRV\VLVXPRGHORQRWLHQH FRUUHDVHOiVWLFDV 3DVR 6XMHWHODFRUUHDDOJDQFKRTXHVH HQFXHQWUDHQODDOPRKDGLOODGHO DVLHQWR5HSLWDORVSDVRVSDUDOD FRUUHDHOiVWLFD\HOJDQFKRHQHO RWURFRVWDGRGHODDOPRKDGLOODGHO DVLHQWR $SR\DFDEH]DVHQFLHUWRVPRGHORV $OJXQRVEHEpVQHFHVLWDQDSR\R DGLFLRQDOSDUDPDQWHQHUODFDEH]D \HOFXHUSRHQXQDSRVLFLyQFyPRGD 'HVWUDEHORVFRVWDGRV\YXHOYDD WUDEDUORVFRQODVFRUUHDVGHODUQpV SDVDGDVDWUDYpVGHODVUDQXUDVHQ HOFRMtQ 6LVXPRGHORQRLQFOX\HXQ DSR\DFDEH]DVSXHGHXVDUXQD WRDOODHQUROODGDRXQDPDQWD FRPRDSR\R $6(*Ó5(6(48(1$'$ ,17(5),(5$&21(/$51e6 2/$0$17$(ODUQpVGHEH TXHGDUSODQR\DMXVWDUVHVREUH ORVKRPEURVGHOQLxR %RWDSDUDWLHPSRIUtR HQFLHUWRVPRGHORV $OJXQRVPRGHORVYLHQHQFRQXQDERWDSDUD WLHPSRIUtR3DUDXVDUODSRQJDHOiVWLFRDOUH GHGRUGHOIRQGRGHODVLHQWR\FRORTXHHOiVWL FRDOUHGHGRUGHORVJDQFKRV GHOFLQWXUyQGHOYHKtFXORFRPRVHLQGLFD &XELHUWDVGHDUQHVFLHUWRVPRGHORV 3DUDSUHYHQLUODH\HFFLyQHQXQDFFLGHQWHRSDUDGDUHSHQWLQD $VHJ~UHVHVLHPSUHTXHODVFRUUHDVGHOKRPEURSDVDQSRUODV UDQXUDV\HVWiQGHELGDPHQWHLQVWDODGDVHQORVKRPEURV $VHJ~UHVHGHTXHODVFXELHUWDVGHODUQpVQRLQWHUILHUDQFRQOD FRORFDFLyQGHOSDVDGRUGHOSHFKRDODDOWXUDGHODVD[LODV ,QIRUPDFLyQLPSRUWDQWH $GYHUWHQFLDVSDUDXVRFRPRVLVWHPD GHVHJXULGDGSDUDQLxRV 12,167$/(286((67(6,67(0$'(6(*85,'$'3$5$ 1,f26<%$6(+$67$48(+$<$/(Ì'2<(17,(1'$/$6 ,16758&&,21(6(1(67(0$18$/<(1(/0$18$/'(/ 3523,(7$5,2'(689(+Ì&8/212GHMHTXHRWURVLQVWDOHQR XVHQHOVLVWHPDGHVHJXULGDGSDUDQLxRVDPHQRVTXHHQWLHQGDQ FyPRXVDUOR 1286$5'(%,'$0(17((67(6,67(0$'(6(*85,'$' 3$5$1,f26<%$6($80(17$(/5,(6*2'(/(6,21(6 6(5,$62)$7$/(6(181$&&,'(17(2$/'(7(1(56('( 5(3(17(6XQLxRSXHGHVXIULUXQDOHVLyQHQXQYHKtFXORDXQTXH QRVXIUDXQDFFLGHQWH8QDIUHQDGDUHSHQWLQDRXQDFXUYDFHUUDGD SXHGHOHVLRQDUDVXQLxRVLHOVLVWHPDGHVHJXULGDGSDUDQLxRVQR HVWiGHELGDPHQWHLQVWDODGRRVLHOQLxRQRHVWiGHELGDPHQWH VXMHWDGRHQHOVLVWHPDGHVHJXULGDGSDUDQLxRV (67(6,67(0$'(6(*85,'$'3$5$1,f26'(%((67$5 25,(17$'2+$&,$$75É6FXDQGRVHORXVDHQHOYHKtFXOR 12321*$(67(6,67(0$'(6(*85,'$'3$5$1,f26(181 $6,(172'(/9(+Ì&8/248(7(1*$,167$/$'281$%2/6$ '($,5('(/$17(5$6LODEROVDGHDLUHVHLQIOD SXHGHJROSHDUDOQLxR\DOVLVWHPDGHVHJXULGDG SDUDQLxRVFRQPXFKDIXHU]D\FDXVDUOHVLRQHV VHULDVRODPXHUWHGHVXQLxR&RQVXOWHHOPDQXDO GHOGXHxRGHOYHKtFXORSDUDREWHQHULQIRUPDFLyQ VREUHODVEROVDVGHDLUHODWHUDOHV\ODLQVWDODFLyQGHO VLVWHPDGHVHJXULGDGSDUDQLxRV $/*81261,f26&211(&(6,'$'(6(63(&,$/(6WDOHV FRPREHEpVTXHQDFHQDQWHVGHWLHPSRRTXLHQHVVXIUHQGHDSQHD GHSRVLFLyQSRGUtDQVXIULUPiVULHVJRGHVXIULUSUREOHPDV UHVSLUDWRULRVXRWUDVGLILFXOWDGHVHQXQVLVWHPDGHVHJXULGDGSDUD QLxRV6LVXQLxRWLHQHQHFHVLGDGHVHVSHFLDOHVUHFRPHQGDPRV TXHVXPpGLFRRSHUVRQDOGHOKRVSLWDOHYDO~HDVXQLxR\ UHFRPLHQGHHOVLVWHPDGHVHJXULGDGSDUDQLxRVDGHFXDGRSDUDVX EHEpRFDPDSDUDHODXWRPyYLODQWHVGHXVDUHVWHSURGXFWR 6HJ~QODVHVWDGtVWLFDVGHDFFLGHQWHV/261,f26(67É10É6 6(*8526&8$1'2(67É1'(%,'$0(17(68-(7$'26(1 /26$6,(172675$6(526'(/9(+Ì&8/2(1/8*$5'( /26$6,(1726'(/$17(526(QHOFDVRGHXQYHKtFXORFRQ XQDEROVDGHDLUHSDUDHOSDVDMHURGHODQWHURFRQVXOWHHOPDQXDO GHOSURSLHWDULRGHVXYHKtFXORDVtFRPRHVWDVLQVWUXFFLRQHVSDUDOD LQVWDODFLyQGHOVLVWHPDGHVHJXULGDGSDUDQLxRV 181&$'(-($681,f262/2 181&$'(-(816,67(0$'(6(*85,'$'3$5$1,f26</$ %$6(6,168-(7$5(1689(+Ì&8/28QDVLHQWRREDVHVLQ VXMHWDUSXHGHVHUDUURMDGR\SRGUtDOHVLRQDUDORVRFXSDQWHVHQ XQDFXUYDFHUUDGDSDUDGDUHSHQWLQDRDFFLGHQWH6iTXHORR DVHJ~UHVHGHTXHHVWpGHELGDPHQWHVXMHWDGRHQHOYHKtFXOR6LQR XVDHO/$7&+DVHJ~UHVHTXHORVFRQHFWRUHVGHO/$7&+TXHQR HVWpQHQJDQFKDGRVHVWpQGHELGDPHQWHDOPDFHQDGRVHQODEDVH &$0%,((/6,67(0$'(6(*85,'$'3$5$1,f26</$ %$6('(638e6'(81$&&,'(17('(&8$/48,(57,32 8QDFFLGHQWHSXHGHFDXVDUGDxRLQYLVLEOHDOVLVWHPDGHVHJXULGDG SDUDQLxRV '(-('(86$5(/6,67(0$'(6(*85,'$'3$5$1,f26< /$%$6(<7Ì5(/2GHVSXpVGHODIHFKDLQGLFDGDHQHOUHVSDOGR GHOVLVWHPDGHVHJXULGDGSDUDQLxRV 1202',),48(686,67(0$'(6(*85,'$'3$5$1,f26< %$6(RQLXVHFXDOTXLHUDFFHVRULRRSLH]DVVXPLQLVWUDGDVSRU RWURVIDEULFDQWHV 181&$86((/6,67(0$'(6(*85,'$'3$5$1,f26</$ %$6(6,+$15(68/7$'2'$f$'262)$/7$13,(=$6 12XVHXQDUQpVGHVLVWHPDGHVHJXULGDGSDUDQLxRVRFLQWXUyQ GHODVLHQWRGHOYHKtFXORRFLQWXUyQGHO/$7&+URWRGHVKLODFKDGRR GDxDGR (/6,67(0$'(6(*85,'$'3$5$1,f2638('($/&$1=$5 $/7$67(03(5$785$66,48('$(1(/62/7RTXHVLHPSUH ODVXSHUILFLHGHFXDOTXLHUSLH]DGHPHWDORGHSOiVWLFRDQWHVGH SRQHUDVXQLxRHQHOVLVWHPDGHVHJXULGDGSDUDQLxRV (67(6,67(0$'(6(*85,'$'3$5$1,f26&803/( FRQWRGDVODV1RUPDV)HGHUDOHVGH6HJXULGDGSDUD9HKtFXORV $XWRPRWRU\KDVLGRFHUWLILFDGRSDUDHOXVRHQYHKtFXORVDXWRPRWRU \DHURQDYHV 181&$(175(*8((67(6,67(0$'(6(*85,'$'3$5$ 1,f26<%$6(DRWUDSHUVRQDVLQHQWUHJDUOHVHVWHPDQXDO 181&$86(816,67(0$'(6(*85,'$'3$5$1,f26< %$6(86$'26RXQVLVWHPDGHVHJXULGDGSDUDQLxRVVLQR FRQRFHVXKLVWRULD $GYHUWHQFLDVSDUDHOXVRFRQXQ FRFKHFLWR 86$562/$0(17(&21&2&+(&,72648(6213$57('(/ 6,67(0$'(9,$-(6*5$&2&RQVXOWHODKRMDGHLQVWUXFFLRQHV GHOFRFKHFLWRSDUDREWHQHUPiVLQIRUPDFLyQVREUHODFRQH[LyQGHO VLVWHPDGHVHJXULGDGSDUDQLxRVDVXFRFKHFLWR6LQRWLHQHXQD KRMDGHLQVWUXFFLRQHVSRUIDYRUOODPHJUDWLVDO SDUDREWHQHUXQDRYLVLWHQXHVWURVLWLR:HEZZZJUDFREDE\FRP 1XQFDXVHXQVLVWHPDGHVHJXULGDGSDUDEHEpV*UDFRFRQORV FRFKHFLWRVGHRWURVIDEULFDQWHV\DTXHSRGUtDUHVXOWDUHQXQD OHVLyQVHULDRODPXHUWH $GYHUWHQFLDVDGLFLRQDOHVSDUDHO XVRFRPRWUDQVSRUWDGRU 3(/,*52'(&$Ì'$/RVPRYLPLHQWRVGHOQLxRSXHGHQPRYHUHO WUDQVSRUWDGRU 181&$SRQJDHOWUDQVSRUWDGRUFHUFDGHORVERUGHVGHPHVDGDV PHVDVXRWUDVVXSHUILFLHVDOWDV0DQWpQJDVHVLHPSUHFHUFD FXDQGRHOWUDQVSRUWDGRUQRHVWpHQHOSLVRWLHUUD $QWHVGHOHYDQWDUHOWUDQVSRUWDGRU$6(*Ó5(6(TXHODVPDQLMDV HVWpQWUDEDMDGDVHQSRVLFLyQ 1RSRQJD181&$HOWUDQVSRUWDGRUHQFLPDGHXQFDUULWRGH FRPSUDV 3(/,*52'($6),;,$(QVXSHUILFLHVEODQGDVHOWUDQVSRUWDGRU SDUDEHEpSXHGHGDUVHODYXHOWD\DVIL[LDUDOQLxR1XQFDSRQJDHO WUDQVSRUWDGRUVREUHXQDFDPDVRIiXRWUDVXSHUILFLHEODQGD 3(/,*52'((675$1*8/$&,Ð1(OQLxRSXHGHHVWUDQJXODUVH FRQODVFRUUHDVGHVHJXULGDGVXHOWDV8VHVLHPSUHHODUQpVQR GHMHQXQFDDOQLxRHQHOWUDQVSRUWDGRUFXDQGRODVFRUUHDVHVWpQ VXHOWDVRVLQDWDU *8$5'(/26&25'21(6<&8(5'$6)8(5$'(/$/&$1&( '(/1,f2/RVFRUGRQHV\FXHUGDVSXHGHQFDXVDU ODHVWUDQJXODFLyQ 12FRORTXHHOWUDQVSRUWDGRUFHUFDGHXQDYHQWDQDGRQGHORV FRUGRQHVGHODVFRUWLQDVRSHUVLDQDVSXHGDQHVWUDQJXODUDOQLxR 12FXHOJXHFRUGRQHVVREUHRHQFLPDGHOWUDQVSRUWDGRU 12FRORTXHDUWtFXORVFRQXQFRUGyQDOUHGHGRUGHOFXHOORGHO QLxRWDOHVFRPRFRUGRQHVGHFDSXFKDFRUGyQGHOFKXSHWHHWF 12SRQJDFRUGRQHVDORVMXJXHWHV /LPLWDFLRQHVGHSHVR\HVWDWXUD 1286$5(/6,67(0$'(6(*85,'$'3$5$1,f26'( 0$1(5$$3523,$'$'($&8(5'2$/7$0$f2'(681,f2 32'5Ì$$80(17$5(/5,(6*2'(48(68)5$/(6,21(6 6(5,$62)$7$/(6 6XQLxR'(%(FXPSOLUFRQWRGRVORVUHTXLVLWRV 3(62OLEUDV.J (67$785$SXOJDGDVFPRPHQRV 8ELFDFLyQGHOVLVWHPDGHVHJXULGDG SDUDQLxRV 5HTXLVLWRVGHODVLHQWRGHOYHKtFXOR /$&2/2&$&,Ð1,1$'(&8$'$'(/6,67(0$'(6(*85,'$' 3$5$1,f26$80(17$(/5,(6*2'(68)5,5/(6,21(66(5,$6 2)$7$/(6$OJXQDVSRVLFLRQHVGHDVLHQWRHQVXYHKtFXORSRGUtDQQR VHUVHJXUDVSDUDHVWHVLVWHPDGHVHJXULGDGSDUDQLxRV$OJXQRV YHKtFXORVQRWLHQHQSRVLFLRQHVGHDVLHQWRTXHSXHGDQXVDUVHVLQSHOLJUR FRQHOVLVWHPDGHVHJXULGDGSDUDQLxRV6LQRHVWiVHJXURVREUHGyQGH FRORFDUHOVLVWHPDGHVHJXULGDGSDUDQLxRVHQVXYHKtFXORFRQVXOWHHO PDQXDOGHOSURSLHWDULRGHOYHKtFXORROODPHD*UDFRDO &XDQGRVHDSRVLEOHVXMHWHHOVLVWHPD GHVHJXULGDGSDUDQLxRVHQODSRVLFLyQ GHDVLHQWRFHQWUDOGLUHFWDPHQWHGHWUiV GHORVDVLHQWRVGHODQWHURV 8QDSHUVRQDDGXOWDGHEHUtDYLDMDUHQHO DVLHQWRWUDVHURSDUDSRGHUREVHUYDUDO QLxR6LHOFRQGXFWRUHVOD~QLFDSHUVRQDDGXOWDSUHVHQWHHOQLxR SRGUtDQHFHVLWDUYLDMDUHQHODVLHQWRGHODQWHUR3(5262/$0(17( VLQRVHKDLQVWDODGRXQDEROVDGHDLUHHQHODVLHQWRGHOSDVDMHUR\ VHKDQFXPSOLGRFRQWRGRVORVRWURV UHTXLVLWRVOLVWDGRVFRQUHVSHFWRDOFLQWXUyQGH VHJXULGDG\HODVLHQWRGHOYHKtFXOR 181&$321*$(67(6,67(0$'( 6(*85,'$'3$5$1,f26(181$6,(172 '(/9(+Ì&8/248(7(1*$,167$/$'2 81$%2/6$'($,5('(/$17(5$9HD $GYHUWHQFLDVSDUDXVRFRPRVLVWHPDGH VHJXULGDGSDUDQLxRVSiJLQD (ODVLHQWRGHO9(+Ì&8/2GHEHHVWDURULHQWDGRKDFLDDGHODQWH 1286(HOVLVWHPDGHVHJXULGDGSDUDQLxRVHQDVLHQWRVGHO YHKtFXORFRQUHVSDOGRVTXHQRWUDEHQHQODSRVLFLyQYHUWLFDO 12XVHDVLHQWRVTXHVHSXHGDQSOHJDUVLQWHQHUTXHOLEHUDUXQD WUDEDRGLVSRVLWLYRGHDOJ~QWLSR(VWRVDVLHQWRVSXHGHQGHVSOD ]DUVHKDFLDDGHODQWH\JROSHDUDOQLxRHQXQDFFLGHQWHRSDUDGD UHSHQWLQD 5HTXLVLWRVGHOFLQWXUyQGHVHJXULGDG GHOYHKtFXOR 08&+26&,178521(6'(6(*85,'$'126(38('(186$5 &21&21),$1=$&21(67(6,67(0$'(6(*85,'$'3$5$ 1,f26(/&,1785Ð1'(6(*85,'$''(/9(+Ì&8/2'(%( +$%(56,'2',6(f$'23$5$5(7(1(5$/6,67(0$'( 6(*85,'$'3$5$1,f26'(02'2$-867$'2(172'2 020(172 3UHVWHPXFKDDWHQFLyQDHVWRVVLVWHPDV\DTXHPXFKRVGHORV VLVWHPDVGHFLQWXURQHVGHVHJXULGDGTXHQRVRQVHJXURVVH SDUHFHQPXFKRDORVTXHQRSUHVHQWDQSHOLJUR6LQRHVWiVHJXUR FRQVXOWHHOPDQXDOGHOSURSLHWDULRGHOYHKtFXORROODPHD*UDFRDO 6LVWHPDV 3(/,*52626GHFLQWXURQHV SDUDYHKtFXORV 1286(QLQJXQRGHORVVLJXLHQWHVVLVWHPDVSDUDDVHJXUDUHOVLVWHPD GHVHJXULGDGSDUDQLxRV (O/$7&+VHSXHGHXVDU(1/8*$5'(HOVLVWHPDGHFLQWXURQH SDUDYHKtFXOR3RUIDYRUFRQVXOWHHOPDQXDOGHO SURSLHWDULRGHOYHKtFXORSDUDREWHQHUODV XELFDFLRQHVGRQGHGHEHLQVWDODUVHHO/$7&+ &LQWXUyQGHVHJXULGDGDEGRPLQDOFRQUHWUDFWRUGH WUDEDGHHPHUJHQFLD(PHUJHQF\/RFNLQJ 5HWUDFWRU(/5 (VWHFLQWXUyQGHVHJXULGDGDEGRPLQDOVHPDQWLHQH IORMR\SXHGHPRYHUVHKDVWDTXHVHWUDEHHQXQ DFFLGHQWHRSDUDGDUHSHQWLQD &RPELQDFLyQGHFLQWXUyQDEGRPLQDO\SDUDHO KRPEURFRQUHWUDFWRU &DGDFRUUHDWLHQHXQUHWUDFWRUHQXQDSXQWD\HVWi FRQHFWDGDDODSODFDGHVHJXULGDGHQODRWUDSXQWD &LQWXUyQSDVLYR&LQWXUyQ DEGRPLQDOFRQFLQWXUyQSDUDHO KRPEURPRWRUL]DGR &LQWXUyQSDVLYR&LQWXUyQSDUD HOKRPEURRDEGRPHQPRQWDGR HQODSXHUWD 12XVHORVFLQWXURQHVGHOYHKtFXORTXHHVWpQHQJDQFKDGRVDOD SXHUWDGHPDQHUDDOJXQDRTXHVHPXHYDQ DWUDYpVGHXQFDUULOSDUDURGHDUDXWRPiWLFDPHQWH DOSDVDMHURFXDQGRVHFLHUUDODSXHUWD &LQWXUyQGHVHJXULGDGDEGRPLQDOTXHHVWiQ PiVDGHODQWHGHOSOLHJXHGHODVLHQWR 6LVWHPDV6(*8526GHFLQWXURQHV GHYHKtFXORV /266,*8,(17(6&,178521(6'(6(*85,'$'38('(186$56( &21686,67(0$'(6(*85,'$'3$5$1,f266,HODVLHQWR FXPSOHFRQWRGRVORVRWURVUHTXLVLWRVGHHVWDVLQVWUXFFLRQHV\ORVTXHVH LQFOX\HQHQHOPDQXDOGHOSURSLHWDULRGHVXYHKtFXOR6HSXHGHXVDUHO /$7&+HQOXJDUGHHOVLVWHPDGHVHJXULGDGGHOYHKtFXOR3RUIDYRU FRQVXOWHHOPDQXDOGHOSURSLHWDULRVHHO/$7&+ &LQWXUyQGHVHJXULGDGDEGRPLQDO DMXVWDGRPDQXDOPHQWH &XDQGRHVWiWUDEDGRVHWHQVLRQD PDQXDOPHQWHHOFLQWXUyQWLUDQGRGHOH[FHVRGHODFRUUHDPLHQWUDVVH HPSXMDFRQIXHU]DKDFLDDEDMRVREUHHOVLVWHPDGHVHJXULGDGSDUD QLxRV &LQWXUyQGHVHJXULGDGDEGRPLQDOFRQ UHWUDFWRUGHVHJXULGDGDXWRPiWLFR$/5 (OUHWUDFWRUGHVHJXULGDGDXWRPiWLFRQR SHUPLWLUiTXHHOFLQWXUyQGHVHJXULGDG DEGRPLQDOVHH[WLHQGDXQDYH]TXHHVWiVXMHWDGRHQODKHELOOD$MXVWH HOFLQWXUyQSDVDQGRHOFLQWXUyQSRUHOUHWUDFWRUPLHQWUDVHPSXMDFRQ IXHU]DHOVLVWHPDGHVHJXULGDGSDUDQLxRVKDFLDDEDMR &RPELQDFLyQFLQWXUyQSDUDHOKRPEURDEGRPHQ\FRQSODFDGH VHJXULGDGFRQWUDED8QDYH]TXHHVWi WUDEDGRHQODKHELOODHVWHWLSRGHFLQWXUyQ WLHQHXQDSODFDGHVHJXULGDGTXHQRSHUPLWLUi TXHODSDUWHGHOFLQWXUyQTXHHVWiHQHODEGR PHQVHDIORMH(OFLQWXUyQVHDMXVWDWLUDQGRFRQIXHU]DGHODSDUWHGHO KRPEURGHOFLQWXUyQGHOYHKtFXORPLHQWUDVHPSXMDFRQIXHU]DHO VLVWHPDGHVHJXULGDGSDUDQLxRVKDFLDDEDMR &RPELQDFLyQFLQWXUyQSDUDHO KRPEURDEGRPHQ\SODFDGH VHJXULGDGFRQWUDEDPyYLO (VWHFLQWXUyQWLHQHXQDSODFDGH VHJXULGDGTXHVHPXHYHOLEUHPHQWH DORODUJRGHOFLQWXUyQ (VWHFLQWXUyQ'(%(FRQYHUWLUVHSDUDSUHYHQLUHO PRYLPLHQWRGHODSDUWHGHODIDOGDGHOFLQWXUyQ 'HEHXVDUODWUDEDGHVHJXULGDGSURYLVWDFRQHO 7UDEDGHVHJXULGDG VLVWHPDGHVHJXULGDGSDUDQLxRVDPHQRVTXHHO FLQWXUyQGHVHJXULGDGGHODVLHQWRGHVXYHKtFXOR SXHGDFRQYHUWLUVHGHRWUDPDQHUDFRPRVH GHVFULEHHQHOPDQXDOGHOSURSLHWDULRGHOYHKtFXOR SXOJDGD 3DUDLQVWDODUODWUDEDGHVHJXULGDG $MXVWHHOFLQWXUyQHPSXMDQGRFRQIXHU]DHO VLVWHPDGHVHJXULGDGSDUDQLxRVKDFLD DEDMR\WLUDQGRFRQIXHU]DHOFLQWXUyQSDUD HOKRPEUR 0LHQWUDVHPSXMDHODVLHQWRKDFLDDEDMR DSULHWHODVGRVFRUUHDVMXQWDVGHWUiV GHODOHQJHWDGHODKHELOOD'HVWUDEH HOFLQWXUyQVLQSHUPLWLUTXHVHPXHYD &RQHFWHORVFLQWXURQHVDEGRPLQDO \SDUDHOKRPEURFRQODWUDEDGH VHJXULGDGFRPRVHLQGLFD\ 9XHOYDDSRQHUHOFLQWXUyQHQOD KHELOOD9HULILTXHTXHHOFLQWXUyQ DEGRPLQDOQRVHPXHYHWLUDQGR\ HPSXMDQGRHOVLVWHPDGHVHJXULGDG /DWUDEDGHVHJXULGDGYDDTXt SDUDQLxRV6LHOFLQWXUyQVHDIORMD DPHGLDSXOJDGDGHODKHELOOD RVHDODUJDUHSLWDHOSURFHGLPLHQWR 8ELFDFLyQGHO/$7&+ /RVYHKtFXORVQXHYRVSXHGHQWHQHUXQRRYDULRVDVLHQWRVHTXLSDGRV FRQVLVWHPDVGHDQFODMH/$7&+6LHOYHKtFXORYLHQHHTXLSDGRFRQ /$7&+VHSXHGHQYHUORVSXQWRVGHDQFODMHLQIHULRUHVHQHOSOLHJXH GHODVLHQWRGHOYHKtFXOR6LQRHVWiQYLVLEOHVSXHGHQHVWDUPDUFDGRV FRQHOVtPERORTXHVLJXH 9HDHOPDQXDOGHOSURSLHWDULRGHVXYHKtFXORSDUDLQIRUPDUVH VREUHODVXELFDFLRQHVH[DFWDVODLGHQWLILFDFLyQGHORVDQFODMHV\ ORVUHTXLVLWRVGHXVRFRQHOVLVWHPDGHVHJXULGDGSDUDQLxRV 8QDVLHQWRWtSLFRGHXQYHKtFXORGHSDVDMHURV2WURV WLSRVGHYHKtFXORVGLVSRQHQGHRWUDVXELFDFLRQHVGHO VLVWHPD/$7&+RRWURVPDUFDGRV 3XQWRVGHDQFODMH LQIHULRUGHOYHKtFXOR 3OLHJXHGHODVLHQWR GHOYHKtFXOR /RVSXQWRVGHDQFODMH/$7&+LQIHULRUHVGHOYHKtFXORVHGHILQHQFRPR DSXOJDGDVGHVGHHOFHQWURGHXQDQFODMH/$7&+DOFHQWURGHRWUR DQFODMH/$7&+6LORSHUPLWHHOPDQXDOGHOSURSLHWDULRGHVXYHKtFXOR ODSRVLFLyQGHVHQWDGRHQHOFHQWURVHSXHGHXVDUVLHOHVSDFLRGHO DQFODMHHVSXOJDGDVRPiV 8VDUHODVLHQWRGHVHJXULGDG LQIDQWLO &RORFDFLyQGHODVFRUUHDVGHODUQpV 12$-867$5'(%,'$0(17(/$6&255($6'(/$51e6'(/ 1,f2$80(17$(/5,(6*2'(/(6,21(66(5,$62)$7$/(6 (1&$62'(81$&859$&(55$'$$&&,'(17(23$5$'$ 5(3(17,1$/DVFRUUHDVGHODUQpVGHEHQHVWDUGHELGDPHQWH DMXVWDGDVSDUDTXHSXHGDQPDQWHQHUDVXQLxRGHDFXHUGRDODV VLJXLHQWHVLQVWUXFFLRQHV 6DTXHHOVLVWHPDGHVHJXULGDGSDUDQLxRVGHODEDVH\JLUHOD PDQLMDKDFLDDEDMRHQODSRVLFLyQGHDVLHQWR9HDODVHFFLyQ 6DFDU\FRQHFWDUODEDVH\$MXVWHGHODPDQLMDHQODSiJLQD &RORFDHOQLxRHQHODVLHQWRGHVHJXULGDGLQIDQWLO FRPRVHLQGLFD 'HWHUPLQHTXpSDUGHUDQXUDVGHODUQpVHVWiQ SDUHMDVRDSHQDVSRUGHEDMRGHORVKRPEURVGHO QLxR 12XVHODVUDQXUDVGHODUQpVVXSHULRUVL HVWiQSRUHQFLPDGHORVKRPEURVGHVX QLxR1RSRGUiQVXMHWDUDXQQLxRSHTXHxR FRQVHJXULGDGHQFDVRGHXQDFFLGHQWHR SDUDGDUHSHQWLQD 6LVHGHEHQDMXVWDUODVFRUUHDVGHODUQpV VDTXHDOQLxRGHOVLVWHPDGHVHJXULGDG\ PXHYDODVFRUUHDVGHODUQpVDRWUD 8VHODVUDQXUDVGHODUQpVDOD UDQXUDGHODUQpV DOWXUDRDSHQDVSRUGHEDMRGH ORVKRPEURVGHOQLxR 3RUGHWUiVVDTXHODVFRUUHDVGHODUQpVGH ORVWHQVLRQDGRUHVGHODUQpV3RUDGHODQWH VDTXHODFRUUHDGHODUDQXUD 9XHOYDDLQVHUWDUODFRUUHDHQ ODUDQXUDDSURSLDGD 7HQVLRQDGRUHVGHODUQpV 3DVHODVFRUUHDVSRUORVWHQVLRQDGRUHV H[DFWDPHQWHFRPRVHLQGLFD 9(5,),&$&,Ð1'(6(*85,'$' D9(5,),48(TXHODVFRUUHDVQRHVWpQGREODGDV E9(5,),48(TXHODVFRUUHDVHVWpQELHQVXMHWDVWLUHGHODV FRUUHDVGHODUQpVSRUDGHODQWH 6XMHWDUHOQLxRHQHOVLVWHPDGHVHJXULGDG SDUDQLxRV 1RDMXVWDUGHELGDPHQWHDVXQLxRHQHOVLVWHPDGHVHJXULGDGSDUD QLxRVWUDQVSRUWDGRUDXPHQWDHOULHVJRGHOHVLRQHVVHULDVRIDWDOHV HQXQDFXUYDFHUUDGDSDUDGDUHSHQWLQDRDFFLGHQWH,QFOXVLYH FXDQGRORXVDVRODPHQWHFRPRWUDQVSRUWDGRUDVHJ~UHVHTXHODV FRUUHDVGHODUQpVHVWpQGHELGDPHQWHDMXVWDGDV 0XHYDODPDQLMDGHOVLVWHPDGHVHJXULGDGSDUDQLxRVDOD SRVLFLyQGHDVLHQWRYHDODSiJLQD $EUDODWUDEDGHODUQpVDSUHWDQGRDPERVFRVWD GRV\GHVWUDEDQGRODKHELOODFRPRVHLQGLFD &RORTXHVXQLxRHQHOVLVWHPD GHVHJXULGDGSDUDQLxRVFRPR VHLQGLFDHQ123DVHODV FRUUHDVGHODUQpVVREUHVXQLxR ,QVHUWHODVGRVOHQJHWDVGHOD KHELOODHQODKHELOODGHODUQpVHQ ODFRUUHDGHODHQWUHSLHUQD$VHJ~UHVHTXHHVFXFKDFDGDFOLF GHODOHQJHWDHQODKHELOOD12XVHHOVLVWHPDGHVHJXULGDG SDUDQLxRVVLHODUQpVQRVHWUDEDHQVXOXJDU/ODPHD*UDFRDO 3RUGHWUiVSDVHODFRUUHDDWUDYpVGHO WHQVLRQDGRUGHODUQpVSDUDWHQVLRQDU ODVFRUUHDVFRPRVHLQGLFD/DV FRUUHDVUHVWDQWHVGHEHUtDQWHQHUOD PLVPDORQJLWXG$6(*Ó5(6( TXHDPEDVFRUUHDVHVWpQSODQDV\ DMXVWDGDVVREUHORVKRPEURVGHOQLxR 3DUDDIORMDUODVFRUUHDVOHYDQWHHO WHQVLRQDGRUGHODUQpV\SDVHODFRUUHD GHVGHHOIUHQWHGHODVLHQWR 7UDEHODKHELOODGHODUQpV&RORTXHOD WUDEDGHODUQpVHQHOPHGLRGHOSHFKRD QLYHOFRQODD[LOD\OHMRVGHOFXHOOR 9(5,),&$&,Ð1'(6(*85,'$' D9(5,),48(TXHODVFRUUHDVGHO DUQpVQRHVWpQGREODGDV E9(5,),48(TXHHODUQpVHVWp WHQVLRQDGR1RGHEHUtDSRGHUDSUHWDUHO DUQpVVLHVWiWHQVD8QDFRUUHDWHQVD QRGHEHUiHVWDUIORMD6HPDQWLHQHHQ XQDOtQHDFDVLUHFWDVLQGREODUVH1R DSULHWDODFDUQHGHOQLxRQLHPSXMDHO FXHUSRGHOQLxRHQXQDSRVLFLyQTXHQR VHDQDWXUDO ,QVWDODFLyQGHOVLVWHPDGHVHJXULGDG SDUDQLxRVEDVHFRQHOFLQWXUyQGHOYHKtFXOR 'HEHVHJXLUGHWHQLGDPHQWHODVLQVWUXFFLRQHVSURYLVWDVSRUHO IDEULFDQWHGHVXYHKtFXORDGHPiVGHODLQIRUPDFLyQGHHVWHPDQXDO $QWHVGHVHJXLUDVHJ~UHVHTXHKDOHtGR\HQWHQGLGRODVHFFLyQ 8ELFDFLyQGHOVLVWHPDGHVHJXULGDGSDUDQLxRVHQODVSiJLQDV D $VHJ~UHVHTXHHOYHKtFXORHVWiQLYHODGRGH PRGRTXHHOLQGLFDGRUGHQLYHOFRQHFWDGRDO VLVWHPDGHVHJXULGDGSDUDQLxRVSXHGD XVDUVHSDUDUHFOLQDUDGHFXDGDPHQWHHO VLVWHPDGHVHJXULGDGSDUDQLxRV 6HYDDXVDUHODVLHQWRGHODQWHURGHO SDVDMHURPXHYDHODVLHQWRGHOYHKtFXOR SDUDDWUiVWRGRORSRVLEOH6LXVDXQ DVLHQWRWUDVHURDVHJ~UHVHTXHHO DVLHQWRGHDGHODQWHHVWiORPiVDGHODQWH SRVLEOH\HQSRVLFLyQYHUWLFDOSDUDTXHKD\D VXILFLHQWHHVSDFLRSDUDHOVLVWHPDGHVHJXULGDGSDUDQLxRV 6DTXHHOVLVWHPDGHVHJXULGDGSDUDQLxRVGHODEDVH LQGHSHQGLHQWHPHQWHGHVLXVWHGSODQHDXVDUODEDVHRQR &RORTXHODEDVHRVLVWHPDGHVHJXULGDGSDUDQLxRVVLQODEDVH RULHQWDGRKDFLDDWUiVHQXQDVLHQWRRULHQWDGRKDFLDDGHODQWH 3DVHHOFLQWXUyQGHVHJXULGDG %DVHFRQFLQWXUyQ GHVHJXULGDG (OFLQWXUyQ'(%(SDVDU GHEDMRGHODOHQJHWD 6LVWHPDGHVHJXULGDGSDUDQLxRVFRQFLQWXUyQGHVHJXULGDG 7UDEHHOFLQWXUyQGHODVLHQWR$VHJ~UHVHTXHODOHQJHWDGHOD KHELOODSDVHSRUODKHELOODFRUUHFWD(O FLQWXUyQGHOYHKtFXORQRGHEHUiHVWDU GREODGRQLGDUYXHOWD $MXVWHHOFLQWXUyQGHVHJXULGDGGHOYHKtFXOR&RQVXOWHHOPDQXDO GHOSURSLHWDULRGHOYHKtFXOR\ODVLQVWUXFFLRQHVHQODVHFFLyQ 6LVWHPDV6(*8526GHFLQWXURQHVGHVHJXULGDGSDUD YHKtFXOR´SiJLQD\VREUHFyPRDMXVWDUHOFLQWXUyQGHOYHKt FXOR 3DUDFUHDUXQDLQVWDODFLyQELHQDMXVWDGDDSULHWHKDFLDDEDMRFRQ IXHU]DFRQVXURGLOODRPDQRHQHOPHGLRGHOVLVWHPDGH VHJXULGDGSDUDQLxRVREDVH\WLUH\DSULHWHHOFLQWXUyQGH VHJXULGDGGHOYHKtFXOR (PSXMHHOVLVWHPDGHVHJXULGDGKDFLDDEDMRHQODEDVH\ DVHJ~UHVHGHTXHHVFXFKDXQFOLF7LUHKDFLDDUULEDGHO VLVWHPDGHVHJXULGDGSDUDDVHJXUDUVHTXHHVWpWUDEDGR DSUHWDGDPHQWHHQODEDVH 6LHOVLVWHPDGHVHJXULGDGQRVHWUDED DSUHWDGDPHQWHHQODEDVHHOVLVWHPDGH VHJXULGDG12SURSRUFLRQDQLQJXQD SURWHFFLyQDVXQLxR 12XVHODEDVHVLVWHPDGHVHJXULGDGVLHO VLVWHPDGHVHJXULGDGSDUDQLxRVQRHVWi GHELGDPHQWHWUDEDGRHQODEDVH 8VRGHO/$7&+SDUDLQVWDODUODEDVH 3DUDIDFLOLWDUODLQVWDODFLyQH[WLHQGDHO /HQJHWD /$7&+KDVWDHOPi[LPR 3RQJDODEDVHHQHODVLHQWRGHO YHKtFXORFRPRVHLQGLFD 3DVHHO/$7&+SRUHOUHFRUULGRGHO FLQWXUyQHQODEDVHTXHQRUPDOPHQWHVHXVD SDUDHOFLQWXUyQGHODVLHQWRGHOYHKtFXOR $VHJ~UHVHTXHHO/$7&+HVWp'(%$-2GH OD OHQJHWDGHODEDVH (OFLQWXUyQGHEHPDQWHQHUVHHQSRVLFLyQ SODQDVLQWRUFHUVH (QJDQFKHORVFRQHFWRUHVDORVVXMHWDGRUHV LQIHULRUHV7LUHILUPHPHQWHGHORVFRQHFWRUHV SDUDDVHJXUDUVHTXHHVWpQHQJDQFKDGRV $MXVWHHO/$7&+HPSXMDQGRFRQIXHU]D KDFLDDEDMRVREUHODEDVH\WLUDQGRHO FLQWXUyQGHDMXVWH 181&$SRQJDGRVFRQHFWRUHV/$7&+HQ XQYHKtFXORFRQVXMHWDGRU/$7&+DPHQRVTXH HOIDEULFDQWHORKD\DSHUPLWLGRHVSHFtILFDPHQWH 3UXHEHHOVLVWHPDGHVHJXULGDGSDUDQLxRVSDUD GHWHUPLQDUVLODLQVWDODFLyQHVWiVHJXUDFRPRVH GHVFULEHHQODVHFFLyQ9HULILFDFLyQILQDOGH VHJXULGDG GHOVLVWHPDGHVHJXULGDGSDUDQLxRV HQODSiJLQD 9HULILTXHTXHHO/$7&+VHPDQWLHQHDSUHWDGR\QR VHVXHOWDGHODSRVLFLyQDSUHWDGD'HQRPDQWHQHUVHDSUHWDGR FROyTXHORHQRWURDVLHQWRRSyQJDVHHQFRQWDFWRFRQHO6HUYLFLRDO &OLHQWH 3DUDVDFDUHO/$7&+RSULPDHOERWyQ PLHQWUDVWLUDGHOFLQWXUyQ/$7&+FRPR VHLQGLFD 2SULPD\VXMHWHODELVDJUD/$7&+ (PSXMHHOFRQHFWRUKDFLDGHQWUROHYDQWHHO FRQHFWRU\MiOHORHQHOVHQWLGRRSXHVWRDO SXQWRGHDQFODMH 5HSLWDORVSDVRV\SDUDHORWURFRQHFWRU ,QFOLQDFLyQGHOVLVWHPDGHVHJXULGDG SDUDQLxRVEDVH (VLPSRUWDQWHTXHVXVLVWHPDGHVHJXULGDGSDUDQLxRVEDVHHVWp GHELGDPHQWHUHFOLQDGRSDUDPD\RUVHJXULGDGGHOQLxR(QHOFRVWDGR GHVXVLVWHPDGHVHJXULGDGSDUDQLxRVKD\XQLQGLFDGRUGHOQLYHOSDUD D\XGDUDUHFOLQDUGHELGDPHQWHHOVLVWHPDGHVHJXULGDGSDUDQLxRVEDVH HQHODVLHQWRGHOYHKtFXOR 1RUHFOLQDUGHELGDPHQWHHOVLVWHPDGHVHJXULGDGSDUDQLxRVHQHO DVLHQWRGHOYHKtFXORDXPHQWDHOULHVJRGHVXIULU OHVLRQHVVHULDVRIDWDOHV 6LHOVLVWHPDGHVHJXULGDGSDUDQLxRVHVWi GHPDVLDGRYHUWLFDOODFDEH]DGHOQLxRSRGUtD FDHUKDFLDDGHODQWH\FDXVDUSUREOHPDVDOD UHVSLUDFLyQ 6LHOVLVWHPDGHVHJXULGDGSDUDQLxRVHVWi GHPDVLDGRUHFOLQDGRXQDFFLGHQWHSRGUtD HMHUFHUGHPDVLDGDIXHU]DHQHOFXHOOR\ KRPEURVGHOQLxR (OVLVWHPDGHVHJXULGDGSDUDQLxRVGHEHHVWDU GHELGDPHQWHUHFOLQDGRVHJ~QODVVLJXLHQWHVLQVWUXFFLRQHV 9HULILTXHHOLQGLFDGRUGHOQLYHO'HEHPLUDUGHIUHQWHDOLQGLFDGRU ²6LHQHOLQGLFDGRUDSDUHFH62/$0(17(OD]RQDGHFRORUD]XO HOVLVWHPDGHVHJXULGDGHVWiGHELGDPHQWHQLYHODGR ²6LHQHOLQGLFDGRUGHQLYHODSDUHFHOD]RQDGHFRORUQDUDQMDGHEH DMXVWDUODLQFOLQDFLyQ &XDQGRXVDODEDVH 3DUDEDMDUHOSLHWLUHKDFLDDEDMRGHOIRQGRGHO SLHKDVWDDOFDQ]DUHOYDORUGHVHDGRSDUD DMXVWDUODLQFOLQDFLyQ 3DUDOHYDQWDUHOSLHSRQJDODEDVHHQXQD VXSHUILFLHSODQDHPSXMHKDFLDDGHQWURORV GHGRVGHODEDVH\HPSXMHKDFLDDEDMRODEDVH SDUDDMXVWDUODLQFOLQDFLyQ 6LWRGDYtDDSDUHFHOD]RQDGHFRORUQDUDQMDHQHO LQGLFDGRUGHQLYHOFXDQGRHOSLHHVWi FRPSOHWDPHQWHH[WHQGLGRHQWRQFHVFRORTXH XQDWRDOODHQUROODGDGHEDMRGHOSLH 62/$0(17(KDVWDTXHDSDUH]FDOD ]RQDGHFRORUD]XO &XDQGRXVDVRODPHQWHHOVLVWHPDGHVHJXULGDG SDUDQLxRVVLWRGDYtDDSDUHFHOD]RQDGHFRORU QDUDQMDHQHOLQGLFDGRUGHQLYHOFXDQGRHOVLVWHPD GHVHJXULGDGSDUDQLxRVHVWiLQVWDODGRHQHO DVLHQWRGHOYHKtFXORFRORTXHXQDWRDOODHQUROODGD GHEDMRGHOVLVWHPDGHVHJXULGDGSDUDQLxRVKDVWD TXH62/$0(17(VHYHDOD]RQDGHFRORUD]XO 9XHOYDDDMXVWDUHOFLQWXUyQGHVHJXULGDGGHO YHKtFXORORQHFHVDULRSDUDVXMHWDUILUPHPHQWHHO VLVWHPDGHVHJXULGDGSDUDQLxRVDODVLHQWRGHO YHKtFXOR 9HULILFDFLyQILQDOGHVHJXULGDG&DGD YH]TXHVDOHHQHODXWRPyYLOFRQVX QLxR (038-(+$&,$$%$-2OHQWDSHURILUPHPHQWHOD SDUWHGHDUULEDGHOVLVWHPDGHVHJXULGDGSDUD QLxRVSDUDDVHJXUDUVHTXHHOFLQWXUyQGHO YHKtFXORR/$7&+HVWpDVHJXUDGRDSUHWDGDPHQWH DOUHGHGRUGHODEDVHVLVWHPDGHVHJXULGDG SDUDQLxRV *,5(<7,5(HODVLHQWRKDFLDDGHODQWHDJDUUDQGR HOVLVWHPDGHVHJXULGDGFHUFDGHOUHFRUULGRGHO FLQWXUyQGHOYHKtFXOR\HQDPERVFRVWDGRVSDUD DVHJXUDUVHTXHHOFLQWXUyQGHOYHKtFXORR/$7&+ QRVHDODUJXHQLVHDIORMH\TXHQRVHSXHGD PRYHUHOVLVWHPDGHVHJXULGDGFRQIDFLOLGDG ,QIRUPDFLyQDGLFLRQDO 8VRHQDYLRQHV ,QVWiOHORHQXQDYLyQGHODPLVPDPDQHUDTXHHQ XQDXWRPyYLO1RWLILTXHDODFRPSDxtDDpUHDSRU DGHODQWDGRTXHYDDXVDUHODVLHQWRDERUGR ÒVHORVRODPHQWHHQXQDVLHQWRGHODHURQDYH RULHQWDGRKDFLDGHODQWH6LJDODVLQVWUXFFLRQHVGHOSHUVRQDOGHYXHOR VREUHODFRORFDFLyQGHODVLHQWRGHVHJXULGDGLQIDQWLO1RXVHHVWH DVLHQWRGHVHJXULGDGLQIDQWLOVLHOFLQWXUyQGHVHJXULGDGGHODYLyQQR VXMHWDHODVLHQWRGHVHJXULGDGLQIDQWLOILUPHPHQWH $OPDFHQDPLHQWRGHO/$7&+ 3DUDIDFLOLWDUHODOPDFHQDPLHQWR H[WLHQGDHO/$7&+KDVWDHOPi[LPR 8ELTXHODVEDUUDVGHDOPDFHQDPLHQWR HQHOIRQGRGHODEDVHGHOVLVWHPDGH VHJXULGDG %DUUDVGHDOPDFHQDPLHQWR $MXVWHHOH[WUHPRGHO/$7&+ VLQHOFLQWXUyQGHDMXVWHVREUHOD EDUUDGHDOPDFHQDPLHQWR 5HSLWDHO3DVRGHO/$7&+FRQHOFLQWXUyQ GHDMXVWH'HVSXpVGHDMXVWDUORVREUHODEDUUD GHDOPDFHQDPLHQWRWLUHHOFLQWXUyQGHDMXVWH SDUDDVHJXUDUVHTXHHO/$7&+HVWp GHELGDPHQWHDMXVWDGR (ODOPDFHQDPLHQWRGHO/$7&+GHEHUtDWHQHU HVWHDVSHFWRFXDQGRHVWpWHUPLQDGR 3DUWHLQIHULRUGHODEDVH /LPSLH]D\PDQWHQLPLHQWR 3$5$6$&$5</$9$5/$$/02+$',//$'(6(*85,'$''(/ 1,f2VLJDODVLQVWUXFFLRQHVHQODVHFFLyQ&RORFDFLyQGHODV FRUUHDVGHODUQpVSiJLQDV\ 6DTXHFXLGDGRVDPHQWHODDOPRKDGLOODGHODVLHQWR6HODYDQD PiTXLQDSRUVHSDUDGRHQHOFLFORGHOLFDGR\VHVHFDDODLUH1286( &/252 ,QYLHUWDORVSDVRVSDUDYROYHUDLQVWDODUODDOPRKDGLOODGHODVLHQWR 9HULILTXHTXHHOVLVWHPDGHODUQpVQRHVWpGREODGR\WLUHGHO VLVWHPDGHODUQpVSDUDDVHJXUDUVHTXHHVWpGHELGDPHQWHLQVWDODGR /$63,(=$6'(0(7$/<'(3/É67,&2'(/6,67(0$'( 6(*85,'$'3$5$1,f26SXHGHQOLPSLDUVHFRQXQDVROXFLyQGH MDEyQVXDYH\DJXD1286(&/252(OXVRGHFORURSXHGHGHELOLWDU ODVSLH]DVGHSOiVWLFR /$6&255($6'(/$51e6SXHGHQOLPSLDUVHDPDQRRFDPELDUVH 12680(5-$/$6&255($6'(/$51e6(1$*8$+DFHUORSRGUtD DIORMDUODVFRUUHDVGHODUQpV /$+(%,//$'(%(5É68-(7$56(+$&,(1'281621,'2FDVR FRQWUDULRHQMXDJXHODKHELOODFRQDJXDWLELD1286$5-$%21(61, /8%5,&$17(6 12/8%5,48(ODKHELOOD 1286((/6,67(0$'(6(*85,'$'3$5$1,f26VLQOD DOPRKDGLOODSDUDHODVLHQWR 862&217,182'(/6,67(0$'(6(*85,'$'3$5$1,f26 32'5Ì$&$86$5'$f2$/$6,(172'(/9(+Ì&8/28VHXQD HVWHUDSDUDHOVLVWHPDGHVHJXULGDGSDUDQLxRVWRDOODRIUD]DGDILQD SDUDSURWHJHUHOWDSL]DGR 3LH]DVGHUHSXHVWR 3DUDFRPSUDUUHSXHVWRVRDFFHVRULRVHQORV(VWDGRV8QLGRVSDUD VXSURGXFWR*UDFRSRUIDYRUFRPXQtTXHVHFRQQRVRWURVHQ ZZZJUDFREDE\FRP R