81,9(56,'$'((67$'8$/3$8/,67$³-Ò/,2'(0(648,7$),/+2´ )$&8/'$'('(&,Ç1&,$6+80$1$6(62&,$,6
0$7(86%(25'2
7(&(1'2&$0,1+26
$,'(17,'$'('20,&52(035((1'('257Ç;7,/(0)5$1&$63
0$7(86%(25'2
7(&(1'2&$0,1+26
$,'(17,'$'('20,&52(035((1'('257Ç;7,/(0)5$1&$63
'LVVHUWDomR DSUHVHQWDGD DR 3URJUDPD GH 3yV *UDGXDomR HP 6HUYLoR 6RFLDO GD )DFXOGDGH GH &LrQFLDV+XPDQDVH6RFLDLV8QLYHUVLGDGH(VWDGXDO 3DXOLVWD ³-~OLR GH 0HVTXLWD )LOKR´ FRPR UHTXLVLWR SDUFLDO SDUD REWHQomR GR 7tWXOR GH 0HVWUH HP 6HUYLoR 6RFLDO ÈUHD GH &RQFHQWUDomR 6HUYLoR 6RFLDOWUDEDOKRHVRFLHGDGH
2ULHQWDGRUD3URI'U+HOHQ%DUERVD5DL](QJOHU
%HRUGR0DWHXV
7HFHQGRFDPLQKRVDLGHQWLGDGHGRPLFURHPSUHHQGHGRUWr[WLO HP)UDQFD630DWHXV%HRUGR±)UDQFD>VQ@
I
'LVVHUWDomR0HVWUDGRHP6HUYLoR6RFLDO8QLYHUVLGDGH(VWD GXDO3DXOLVWD)DFXOGDGHGH&LrQFLDV+XPDQDVH6RFLDLV
2ULHQWDGRU+HOHQ%DUERVD5DL](QJOHU
6HUYLoRVRFLDO±3HTXHQDVHPSUHVDV±(PSUHHQGHGRULVPR 7UDEDOKR±,QG~VWULDWr[WLO±)UDQFD63,GHQWLGDGHSUR SURILVVLRQDO±4XHVW}HVVRFLDLV,7tWXOR
0$7(86%(25'2
7(&(1'2&$0,1+26
$,'(17,'$'('20,&52(035((1'('257Ç;7,/(0)5$1&$63
'LVVHUWDomR DSUHVHQWDGD DR 3URJUDPD GH 3yV*UDGXDomR HP 6HUYLoR 6RFLDO GD )DFXOGDGH GH &LrQFLDV +XPDQDV H 6RFLDLV 8QLYHUVLGDGH (VWDGXDO 3DXOLVWD ³-~OLR GH 0HVTXLWD)LOKR´FRPRUHTXLVLWRSDUFLDOSDUDREWHQomRGR7tWXORGH0HVWUHHP6HUYLoR 6RFLDOÈUHDGH&RQFHQWUDomR6HUYLoR6RFLDOWUDEDOKRHVRFLHGDGH
%$1&$(;$0,1$'25$
3UHVLGHQWHBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB 3URI'U+HOHQ%DUERVD5DL](QJOHU
([DPLQDGRUBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
([DPLQDGRUBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
'HGLFDPRV HVWD GLVVHUWDomR FRP PXLWR FDULQKR D WRGRV RV DWRUHV TXH IRUDP
SURWDJRQLVWDV GHVWD SHVTXLVD RV
PLFURHPSUHHQGHGRUHV GR VHWRU Wr[WLO GH )UDQFD63TXHWHFHPVXDVYLGDVHQFKHQGRDV GH VLJQLILFDGR FRVWXUDQGR DV VXDV SHTXHQDV HPSUHVDVHPVHXVQHJyFLRV
)2722DOLQKDYDUGDOLQJHULH
)RQWH0DWHXV%HRUGR
$*5$'(&,0(1726
$'HXVSULPHLUDPHQWHSRLVVHPHOHQmRKiUD]mRGHVHUHH[LVWLU
$RV PHXV SDLV SHOD HGXFDomR DPRU H DIDJR QRV PRPHQWRV PDLV GLItFHLV $RV PHXVLUPmRVSHORFRPSDQKHLULVPR
$PLQKDHVSRVDHDRPHXILOKRSHORDSRLRFDULQKRHFRPSUHHQVmRSHODVQRLWHV PDOGRUPLGDVHIDOWDGHWHPSRSDUDILFDUPRVMXQWRVHSRUID]HUFRPSUHHQGHUGRLVVHQWLGRV IXQGDPHQWDLVSDUDDPLQKDYLGDRDPRUHDIDPtOLD
3DUD RV SURIHVVRUHV TXH QRV DMXGDP QD FRQVWUXomR GR FRQKHFLPHQWR HVSHFLDOPHQWH DRV SURIHVVRUHV TXH FRPSXVHUDP D EDQFD H[DPLQDGRUD GR H[DPH JHUDO GH TXDOLILFDomRGHPHVWUDGR3URIHVVRUHV+HOHQ8EDOGR6LOYHLUDH3HGUR*HUDOGR7RVLHDRVTXH IDUmRSDUWHGDGHIHVDGDGLVVHUWDomR
$RVIXQFLRQiULRVGD8QLYHUVLGDGHTXHYLYHPDUHDOLGDGHSDUDDFRQVROLGDomRGR HQVLQR SHVTXLVD H H[WHQVmR $RV FROHJDV GD 6HomR 7pFQLFD GH 'HVHQYROYLPHQWR H $GPLQLVWUDomRGH5HFXUVRV+XPDQRVGHVWDFDGRVSHOR5RGULJRH0DULDFRPPXLWRFDULQKRD 6HomR7pFQLFDGH0DWHULDLVD)iWLPDSHODDFROKLGDHHQVLQDPHQWRVFRPSDUWLOKDGRVWDPEpP SHODVHUHQLGDGHGD/XFLHQHKXPDQLGDGHGD,YDQDDPL]DGHGD/XFLDQDHVHULHGDGHGD7kQLD DR&ULVWLDQRDR$GDOEHUWRHPHVSHFLDODGXDVIXQFLRQiULDVGDELEOLRWHFD/DXUDH-DTXHOLQH SHODVFRODERUDo}HVLPSRUWDQWHVHDWRGRVGD6HomR7pFQLFDGH3yV*UDGXDomRHGR3URJUDPD GH3yV*UDGXDomRHP6HUYLoR6RFLDO
$RVDPLJRVFROHJDVHFRPSDQKHLURVTXHQmRVmRDSHQDVSDVVDJHLURVHPQRVVDV YLGDV PDV VHPSUH GHL[D XP DOJR D PDLV (VSHFLDOPHQWH j /tYLD TXH QmR WHQKR FRPR GHVFUHYHUQRVVDIUDWHUQLGDGHHWRGRVRVDPLJRVTXHQRVDFRPSDQKDUDPQRGHVDILRGHFXUVDUD 3yV*UDGXDomRUHSUHVHQWDGRSHOR0iUFLRHRDFRPSDQKDPHQWRGDVDQJ~VWLDVFRPR0LUDQGD ¬PLQKDRULHQWDGRUDH3URIHVVRUD+HOHQSRUFRPSUHHQGHUWRGRVRVPHXV]HORVH FDSULFKRVEHPFRPRPHXVDQVHLRVHGLILFXOGDGHVHSRUPHHQVLQDUD³YLYHU´DDFDGHPLD
( SHOD GLVSRQLELOLGDGH H DX[tOLR SDUD GHILQLomR GR WtWXOR GHVWD GLVVHUWDomR j SURIHVVRUD-RVLDQH
2OKHPSDUDRFpXKiXPGHVHMRSUHPHQWH SHODPDQKmTXHQDVFHGLDQWHGHYRFrV $+LVWyULDDSHVDUGHVXDGRUODQFLQDQWH MDPDLVSRGHGHL[DUGHVHUYLYLGDVHHQIUHQWDGD FRPFRUDJHPGLVSHQVDVHUUHYLYLGD
2OKHPSDUDRGLD
TXHLUURPSHGLDQWHGHYRFrV )DoDPFRPTXHRVRQKR UHQDVoD
%(25'2 0DWHXV 7HFHQGR FDPLQKRV D LGHQWLGDGH GR PLFURHPSUHHQGHGRU Wr[WLO HP )UDQFD63 I 'LVVHUWDomR 0HVWUH HP 6HUYLoR 6RFLDO )DFXOGDGH GH &LrQFLDV +XPDQDVH6RFLDLV8QLYHUVLGDGH(VWDGXDO3DXOLVWD³-~OLRGH0HVTXLWD)LOKR´)UDQFD
5(6802
2VHUKXPDQRHVWiHPFRQVWDQWHPHWDPRUIRVHGHYLGRjLQFLGrQFLDGHIDWRUHVGLUHWRVFRPRRV TXH ID]HPRV VHP SUHFLVDU SHQVDU H RV LQGLUHWRV UHODFLRQDGR SULQFLSDOPHQWH D LQIOXrQFLD FXOWXUDOGDVRFLHGDGHTXHDWXDOPHQWHVmRUHDOoDGDVSHORPXQGRJOREDOL]DGRYLVWRTXHWURX[H GLQDPLFLGDGH j LGHQWLGDGH VRFLDO $ TXHVWmR VRFLDO DOWHUD WDPEpP GH DFRUGR FRP HVWHV IHQ{PHQRVSRLVHVWiGLDORJDQGRFRQVWDQWHPHQWHFRPRPXQGR2WUDEDOKRPXGRXHH[LJLX XPDEXVFDGHDOWHUQDWLYDVSDUDVREUHYLYrQFLDQRPHUFDGR$FDSDFLGDGHGHLQRYDUHVWiHQWUH DV FDUDFWHUtVWLFDV TXH PDLV VH GHVWDFDP QR SRYR EUDVLOHLUR $V SHVVRDV FRQVHJXHP YHU R PXQGRVREXPDyWLFDGLIHUHQWHHROKDDUHDOLGDGHYLVOXPEUDQGRWUDQVSRUEDUUHLUDVHDGPLWLQGR GHVDILRV (VWD LGHQWLGDGH QmR p FRPSUDGD HP XPD UHGH GH ORMDV GH FRQYHQLrQFLD SHOR FRQWUiULRHODVRIUHLQIOXrQFLDGHVWDVORMDVPDVWDPEpPGHWRGRVRVRXWURVIDWRUHVDWXDQWHVQD VRFLHGDGH3DUDFKHJDUHPDWHUDWLWXGHVLQRYDGRUDVHODVSDVVDUDPSRUYiULDVFRQVWUXo}HVQR VHX FDPLQKR GLD DSyV GLD $ FLGDGH GH )UDQFD63 PHVPR DQWHV GH VXD FULDomR WLQKD QRV SULPHLURVVHOHLURVTXHVHHVWDEHOHFHUDPQHVWHHQWUHSRVWRFRPHUFLDOXPFDUiWHUYLVLRQiULRH TXH RSHUDYDP SHOD QHFHVVLGDGH GD PDQXWHQomR GH VHXV DQLPDLV FRP YLVWDV j FKHJDGD HP *RLiV (VWDV SULPHLUDV DWLYLGDGHV FRP R FRXUR WUDQVIRUPDUDP PDLV WDUGH QD FLGDGH FRQKHFLGDFRPRDFDSLWDOGRFDOoDGRPDVFXOLQR2PHUFDGRGHVWHVHJPHQWRPXGDHDSDUWLU GHHQWmRVXUJHPXPQLFKRGHPHUFDGRSRWHQFLDOHFRPSRVVLELOLGDGHVGHDSURYHLWDPHQWRGR
NQRZKRZ GD FLGDGH WDQWR ItVLFRV FRPR KXPDQRV HP XPD DomR DQiORJD j LQG~VWULD GH FDOoDGRVHVWDPRVIDODQGRGDOLQJHULH2EMHWLYDPRVDQDOLVDUDLGHQWLGDGHHPSUHHQGHGRUDGRV PLFURHPSUHHQGHGRUHV LQGLYLGXDLV TXH SDUWLFLSDUDP GD 3ULPHLUD ([SRËQWLPD VXUJLGD FRPR IRUPDGHDSRLRGD3UHIHLWXUD0XQLFLSDOGH )UDQFD63DRVSULPHLURVSDVVRVGHVWDLQG~VWULD 3DUDDOFDQoDUHVWHVREMHWLYRVXWLOL]DPRVRPpWRGRGDKLVWyULDRUDOHPVXDPRGDOLGDGHKLVWyULD GH YLGD FRP R LQWXLWR GH WHU XPD DSUR[LPDomR GRV VXMHLWRV H VHQWLU WRGDV DV H[SUHVV}HV H[WHUQDGDVGXUDQWHDVHQWUHYLVWDV2HVWXGRUHYHODTXHRVVXMHLWRVSHVTXLVDGRVUHODFLRQDPVH DR HPSUHHQGHGRULVPR SRU RSRUWXQLGDGH TXH VmR DTXHOHV TXH VH SURMHWDP D SDUWLU GH XPD YLVmRGHXPQHJyFLRSUySULRHTXHQHPSHQVDYDPQHVWDDWLYLGDGH(QILPGHWHFWDPRVTXHVH FRORFDP j IUHQWH GHVWHV QHJyFLRV HP EXVFD GH LQGHSHQGrQFLD ILQDQFHLUD SHVVRDO H SURILVVLRQDO
%(25'2 0DWHXV 7HFHQGR FDPLQKRV D LGHQWLGDGH GR PLFURHPSUHHQGHGRU Wr[WLO HP )UDQFD63 I 'LVVHUWDomR 0HVWUH HP 6HUYLoR 6RFLDO )DFXOGDGH GH &LrQFLDV +XPDQDVH6RFLDLV8QLYHUVLGDGH(VWDGXDO3DXOLVWD³-~OLRGH0HVTXLWD)LOKR´)UDQFD
5(680(1
(O VHU KXPDQR HVWi HQ FRQVWDQWH PHWDPRUIRVLV GHELGR DO LPSDFWR GLUHFWR GH IDFWRUHV WDOHV FRPRORTXHKDFHPRVVLQSHQVDU\ORVFRVWRVLQGLUHFWRVUHODFLRQDGRVSULQFLSDOPHQWHFRQOD LQIOXHQFLD FXOWXUDO GH OD VRFLHGDG TXH DFWXDOPHQWH VH GHVWDFD HQ HO PXQGR JOREDOL]DGR KD OOHYDGR GHVGH HO GLQDPLVPR GH OD LGHQWLGDG VRFLDO/D FXHVWLyQ VRFLDO WDPELpQ FDPELD GH DFXHUGR D HVWRV IHQyPHQRV TXH HVWi HQ FRQVWDQWH GLiORJR FRQ HO PXQGR(O WUDEDMR KD FDPELDGR\H[LJHODE~VTXHGDGHDOWHUQDWLYDVSDUDVREUHYLYLUHQHOPHUFDGR/DFDSDFLGDGGH LQQRYDUHVXQDGHODVFDUDFWHUtVWLFDVTXHVHGHVWDFDQHQHOSXHEOREUDVLOHxR/DJHQWHSXHGH YHUHOPXQGREDMRXQDOX]GLIHUHQWH\YHUODUHDOLGDGYLVOXPEUDQGRVXSHUDUORVREVWiFXORV\ ORVUHWRVGHFRQWUDWDFLyQ(VWDLGHQWLGDGQRVHFRPSUDHQXQDUHGGHWLHQGDVGHFRQYHQLHQFLD VLQRTXHHVWiLQIOXHQFLDGRSRUHVWDVWLHQGDVVLQRWDPELpQWRGRVORVRWURVIDFWRUHVTXHRSHUDQ HQODVRFLHGDG3DUDOOHJDUDWHQHUDFWLWXGHVLQQRYDGRUDVTXHKDQSDVDGRSRUYDULRVHGLILFLRVD VX SDVR GtD WUDV GtD/D FLXGDG GH )UDQFD 63 LQFOXVR DQWHV GH VX FUHDFLyQ IXHURQ ORV SULPHURVWDODEDUWHURVTXHVHDVHQWDURQHQHOSXHVWRGHRSHUDFLRQHVXQSHUVRQDMHYLVLRQDULR\ RSHUDGR SRU OD QHFHVLGDG GH PDQWHQHU D VXV DQLPDOHV FRQ HO ILQ GH OOHJDU D *RLiV (VWDV SULPHUDVDFWLYLGDGHVFRQHOFXHURFDPELyPiVWDUGHODFLXGDGFRQRFLGDFRPRODFDSLWDOGHO FDO]DGR PDVFXOLQR(O PHUFDGR GH HVWH VHJPHQWR FDPELD \ VXUJHQ D SDUWLU GH HQWRQFHV XQ QLFKRGHPHUFDGRHOSRWHQFLDO\ODVSRVLELOLGDGHVGHXWLOL]DUODH[SHULHQFLDGHODFLXGDGWDQWR ItVLFRFRPRKXPDQRHQXQDDFFLyQVLPLODUDODLQGXVWULDGHOFDO]DGRHVWDPRVKDEODQGRGHOD URSD LQWHULRU7LHQH FRPR REMHWLYR DQDOL]DU OD LGHQWLGDG GH ORV PLFURHPSUHVDULRV HPSUHQGHGRUHVLQGLYLGXDOHVTXHSDUWLFLSDURQHQHO3ULPHU([SRËQWLPDDSDUHFLyHQDSR\RGH OD0XQLFLSDOLGDGGH)UDQFD63SDUDORVSULPHURVSDVRVGHHVWDLQGXVWULD3DUDORJUDUHVWRV REMHWLYRVVHXWLOL]yHOPpWRGRGHODKLVWRULDRUDOHQVXPRGRKLVWRULDGHYLGDFRQHOILQGHWHQHU XQD DSUR[LPDFLyQ VREUH HO WHPD \ VHQWLU WRGDV ODV H[SUHVLRQHV H[WHUQDGDV GXUDQWH ODV HQWUHYLVWDV(O HVWXGLR UHYHOD TXH ORV VXMHWRV GH HVWXGLR HVWiQ UHODFLRQDGRV D OD DFWLYLGDG HPSUHVDULDO GHELGR D OD RSRUWXQLGDG TXH VRQ ORV TXH VH SUR\HFWDQ GHVGH XQD YLVLyQ GH XQ QHJRFLR\QRSHQVyHQHVWDDFWLYLGDG3RU~OWLPRHQFRQWUDPRVTXHODSRVLFLyQIUHQWHDHVWH WLSRGHHPSUHVDVHQEXVFDGHLQGHSHQGHQFLDILQDQFLHUDSHUVRQDO\SURIHVLRQDO
/,67$'(),*85$6
),*85$±(VWUXWXUDGDFDGHLDSURGXWLYDWr[WLOHGHFRQIHFo}HV
),*85$±5HSUHVHQWDomRHVTXHPiWLFDGD7HRULDGD,GHQWLGDGH6RFLDO7,6
),*85$±,PEULFDomRGLQkPLFDGDVUHSUHVHQWDo}HVLGHQWLWiULDV
),*85$±(YROXomRGDWD[DGHHPSUHHQGHGRUHVLQLFLDLV7($±%UDVLO±
),*85$±(YROXomRGDWD[DGHHPSUHHQGHGRUHVQRYRV±%UDVLO±
),*85$±(YROXomRGDWD[DGHHPSUHHQGHGRUHVQDVFHQWHV±%UDVLO±
),*85$±(PSUHHQGHGRUHVLQLFLDLVVHJXQGRJrQHUR±%UDVLO±±7D[DV
),*85$±(PSUHHQGHGRUHVLQLFLDLVVHJXQGRWLSRGHDWLYLGDGH±%UDVLO±
),*85$±$SLUkPLGHGRHPSUHHQGHGRULVPR
),*85$±+LVWyULDGDOLQJHULH
),*85$±7KHILUVWSDLURIEULHIV
),*85$±&RUVHWV
),*85$±6XVSHQGHUEHOW
),*85$±6LONFKHPLVHDQGNQLFNHUV
),*85$±7KHQHZOLQJHULHIDVKLRQVLQWKHVWKHIOH[LEOHJLUGOHZLWKVXVSHQGHUV
6NHWFKHVE\5HQp*LIIH\
/,67$'()2726
)2722DOLQKDYDUGDOLQJHULH
)272±$OLQKDYDQGRDOLQJHULH
)272±5HFRQKHFLPHQWRGDLGHQWLGDGHQDOLQJHULH
)272±,GHQWLGDGHHPSUHHQGHGRUD
)272±(VWDQGH±/XFN±6{QLD
)272±(VWDQGH±7DWD
)272±(VWDQGH±/DG\/L
)272±(VWDQGH±%HOOD'RQD
)272±(VWDQGH±<DUUR±5RJpULR
)272±(VWDQGH±$Q0H\
)272±(VWDQGH±/DXUD0RUHQD±/XFLDQD
)272±'HVILOHILQDO
/,67$'(*5È),&26
*5È),&2±&RQVXPRPXQGLDOGHILEUDVWr[WHLV
*5È),&2±&RPpUFLRLQWHUQDFLRQDOGHWr[WHLVHYHVWXiULR
*5È),&2±8QLGDGHVIDEULVLQVWDODGDV±
*5È),&2±1~PHURGHHPSUHJDGRV±
*5È),&2±(PSUHHQGHGRUHVLQLFLDLVVHJXQGRIDL[DHWiULD±PpGLDGRVSDtVHV;%UDVLO
±±7D[DV
*5È),&2±,GDGHGRVHPSUHHQGHGRUHV
*5È),&2±)DL[DHWiULDGRVHPSUHHQGHGRUHV
*5È),&2±$WXDomRSURILVVLRQDODQWHULRU
*5È),&2±3RVVLELOLGDGHGHEXVFDUDMXGDRXLQIRUPDomRDQWHVGHPRQWDUDHPSUHVD
*5È),&2±7HPSRGHDWLYLGDGHQRVHJPHQWR
*5È),&2±3RVVLELOLGDGHGHWHUXWLOL]DGRDOJXPDOLQKDGHILQDQFLDPHQWR
*5È),&2±*rQHURGHDWXDomR
*5È),&2±0HWDVSDUDRIXWXUR
/,67$'(48$'526
48$'52±(VWUXWXUDVJHUDLVGRDJLUFRPXQLFDWLYRVHJXQGRSDSpLVDGDSWDGRGH
+DEHUPDV
48$'52±(PSUHHQGHGRUHVLQLFLDLVVHJXQGRHVFRODULGDGH±%UDVLO±±
3URSRUomR
48$'52±3ULQFLSDLVFDUDFWHUtVWLFDVHPSUHHQGHGRUDVSRUYiULRVDXWRUHV 48$'52±(PSUHHQGHGRUHVLQLFLDLVVHJXQGRHVWiJLRGDHFRQRPLDJrQHURH
PRWLYDomR3DtVHV*(0±DGDSWDGRGH*(0
48$'52±(PSUHHQGHGRUHVLQLFLDLVVHJXQGRLGDGHHGXFDomRHUHQGD3DtVHV*(0±
DGDSWDGRGH*(0
48$'52±(TXLYDOrQFLDGHQtYHLVGHHVFRODULGDGHGR*(0SDUDRVLVWHPD
HGXFDFLRQDOEUDVLOHLUR
/,67$'(7$%(/$6
7$%(/$±8QLGDGHVIDEULVHQ~PHURGHHPSUHJDGRVSRUUHJLmR
7$%(/$±7LSRVGHLQIOXrQFLDVVRFLDLVVREUHRHPSUHHQGHGRUSRWHQFLDORXHIHWLYR
7$%(/$±7HUFHLUL]DomRQRHPSUHHQGLPHQWR
7$%(/$±&DUDFWHUtVWLFDVGRVHPSUHHQGHGRUHVGHVXFHVVR&RQMXQWR
7$%(/$±&DUDFWHUtVWLFDVGRVHPSUHHQGHGRUHVGHVXFHVVR
/,67$'(6,*/$6
&$*(' &DGDVWUR*HUDOGH(PSUHJDGRVH'HVHPSUHJDGRV &('(5 &HQWURGH(VWXGRVGR'HVHQYROYLPHQWR5HJLRQDO &&4 &tUFXORGH&RQWUROHGH4XDOLGDGH
(, (PSUHHQGHGRU,QGLYLGXDO
(;32Ë17,0$ )HLUDGH0RGDËQWLPDGH)UDQFDH5HJLmR *(0 *OREDO(QWUHSUHQHXUVKLS0RQLWRU
,%34 ,QVWLWXWR%UDVLOHLURGH4XDOLGDGHH3URGXWLYLGDGH ,( ,QVWLWXWRGH(FRQRPLD
,(0, ,QVWLWXWRGH(VWXGRVH0DUNHWLQJ,QGXVWULDO 0(, 0LFURHPSUHHQGHGRU,QGLYLGXDO
07( 0LQLVWpULRGR7UDEDOKRH(PSUHJR
1(,& 1~FOHRGH(VWXGRV6REUHD,QG~VWULDH&DGHLD3URGXWLYD&DOoDGLVWD 1(,7 1~FOHRGH(FRQRPLD,QGXVWULDOHGD7HFQRORJLD
2,7 2UJDQL]DomR,QWHUQDFLRQDOGR7UDEDOKR 31 3ODQRGH1HJyFLRV
318' 3URJUDPDGDV1Do}HV8QLGDVSDUDR'HVHQYROYLPHQWR 5$,6 5HODomR$QXDOGH,QIRUPDo}HV6RFLDLV
6(%5$( 6HUYLoR%UDVLOHLURGH$SRLRjV0LFURH3HTXHQDV(PSUHVDV 6(1$, 6HUYLoR1DFLRQDOGH$SUHQGL]DJHP,QGXVWULDO
6(6, 6HUYLoR6RFLDOGD,QG~VWULD
7($ 7D[DGH(PSUHHQGHGRUHVHP(VWiJLR,QLFLDO 81,&$03 8QLYHUVLGDGH(VWDGXDOGH&DPSLQDV
860& 8QLWHG6KRHV0DFKLQHU\&RPSDQ\
680È5,2
&216,'(5$d®(635(/,0,1$5(6DUHOHYkQFLDGDSHVTXLVDHRPpWRGR
&$3Ë78/22(035((1'('251$,1'Ò675,$7Ç;7,/%5$6,/(,5$(1$ &,'$'('()5$1&$63
$VLQRYDo}HVQRVHWRUWr[WLO
5HODWRVGDFLGDGHGH)UDQFD63RKRPHPVLPSOHVHHPSUHHQGHGRU
$VPXGDQoDVGRPHLRSURGXWLYRHRSURFHVVRGHWUDQVIRUPDomRVRFLDODFRQVWUXomR GRHVSDoRFROHWLYR
&$3Ë78/2$&216758d2'$,'(17,'$'((035((1'('25$
$LGHQWLGDGHFRPRFDUDFWHUtVWLFDLQHUHQWHDRVHUKXPDQR
,QRYDomRHFULDWLYLGDGHGXDVFDUDFWHUtVWLFDVLQHUHQWHVDRVHUKXPDQR
2GHVHQYROYLPHQWRGDVDWLYLGDGHVHPSUHHQGHGRUDV
2%UDVLOHVHXVHPSUHHQGHGRUHV
&$3Ë78/212$/,1+$9$5'$3(648,6$ $VKLVWyULDVQDUUDGDVDEUHPSRUWDVSDUDDDSUHVHQWDomRGRVVXMHLWRV
&216,'(5$d®(6),1$,6DWHVVLWXUDGDSHVTXLVD
5()(5Ç1&,$6
$3Ç1',&(6
$3Ç1',&($6XJHVWmRGHURWHLURSDUDDHQWUHYLVWD $3Ç1',&(%+LVWyULDGDOLQJHULH $3Ç1',&(&±'HFODUDomRGRVSHVTXLVDGRUHV3yV*UDGXDomR $3Ç1',&('±7HUPRGH&RQVHQWLPHQWR/LYUHH(VFODUHFLGR7&/( $3Ç1',&((±&DUWDGHFHVVmR $3Ç1',&()±2ItFLRH[SOLFDWLYR
$1(;26
$1(;2'2TXHpHSRUTXHID]HURSODQRGHQHJyFLRV $1(;2(/HL&RPSOHPHQWDUQGHGHGH]HPEURGH $1(;2)(PSUHHQGHGRUHVLQLFLDLVVHJXQGRHVWiJLRGDHFRQRPLDJrQHURHPRWLYDomR 3DtVHV*(0± $1(;2*(PSUHHQGHGRUHVLQLFLDLVVHJXQGRLGDGHHGXFDomRHUHQGD3DtVHV*(0±
$1(;2+/LQJHULHVPXGDPDYLGDGHVHWHPXOKHUHVHP)UDQFD $1(;2,([SRËQWLPD±)HLUDGH0RGDËQWLPDGH)UDQFDH5HJLmR
2PRWLYDGRUSDUDDHVFROKDGHVWHWHPDHVWiQRGHVDILRGHWHFHUDLGHQWLGDGHGR PLFURHPSUHHQGHGRU GD FLGDGH GH )UDQFD ,VWR SRVWR SUHWHQGHPRV DQDOLVDU VXDV HVSHFLILFLGDGHVEHPFRPRRVHXFDUiWHULQRYDGRUDSDUWLUGDFRPSUHHQVmRGHVXDLGHQWLGDGH TXHpP~OWLSODHVHXVUHEDWLPHQWRVSDUDDFRQVWUXomRGRHVSDoRFROHWLYRHFRQVHTXHQWHPHQWH GDTXHVWmRVRFLDOTXHRVHQYROYHHGLDORJDFRPHVWHVIDWRUHV
1R GHVHQYROYLPHQWR GHVWHV IDWRUHV LQVHULPRV D SHVTXLVD GR PLFURHPSUHVDULDGR Wr[WLO TXH YHP VH GHVWDFDGR QR FHQiULR GD FLGDGH HVSHFLDOPHQWH jTXHOH YROWDGR SDUD R VHJPHQWRGDPRGDtQWLPDSRLVQRVUHPHWHDRQRYRYLVWRDVSRXFDVSHVTXLVDVDWXDLV
2V VXMHLWRV QmR IRUDP HVFROKLGRV GH IRUPD DOHDWyULD SDUD R SUHVHQWH HVWXGR GHFLGLPRV TXH GHYtDPRV VHOHFLRQDU SHVVRDV LQRYDGRUDV H GHVWD IRUPD YLPRV TXH RV SDUWLFLSDQWHV GD 3ULPHLUD ([SRËQWLPD )HLUD GH 0RGD ËQWLPD GH )UDQFD H 5HJLmR QRV DSUHVHQWDULDPHVWHFDUiWHU
$ RUJDQL]DomR GD IHLUD VHOHFLRQRX VHWH RSWDQWHV SHOR 3URJUDPD GR *RYHUQR )HGHUDOR0LFURHPSUHHQGHGRU,QGLYLGXDOSUHYLVWRQR&yGLJR&LYLOHFXMDILJXUDIRLFULDGDD SDUWLUGD/HL&RPSOHPHQWDUQGHGHGH]HPEURGHTXHGHILQLXRVFULWpULRVGH TXHPHGHTXHIRUPDSRGHULDPVHLQVHULUQHVWH3URJUDPD
$SDUWLUGRLQFUHPHQWRGHVWHVHJPHQWRHGDILJXUDOHJDOGRPLFURHPSUHHQGHGRU SUHWHQGHPRV ID]HU XP HVWXGR H[SORUDWyULR YLVDQGR FRQVWUXLU D LGHQWLGDGH GHVWHV VXMHLWRV H UHDOL]DUDOHLWXUDGHVWHDPELHQWHTXHSDVVDSRUWUDQVIRUPDo}HVHPVXDUHDOLGDGHVRFLDO
1R SULPHLUR FDStWXOR2 HPSUHHQGHGRU QD LQG~VWULD Wr[WLO EUDVLOHLUD H QD FLGDGHGH)UDQFD63WHPRVRREMHWLYRGHFRQWDUDKLVWyULDGRVHPSUHHQGHGRUHVGDLQG~VWULD Wr[WLOHGRVVXMHLWRVGDFLGDGHGH)UDQFD
,QLFLDPRV FRORFDQGR DV LQGLFDo}HV QHFHVViULDV D UHVSHLWR GD ~OWLPD SHVTXLVD GLYXOJDGD SHOR*OREDO (QWUHSUHQHXUVKLS 0RQLWRU *(0 QR DQR GH H YLVXDOL]DU D OLJDomRGHVWDDWLYLGDGHHFRPDKLVWyULDGRVHJPHQWRWr[WLOEUDVLOHLURHGDLQG~VWULDQDFLGDGH TXHSHVTXLVDPRV
$ SHVTXLVD PRVWUD FRPR DYDQoRX R Q~PHUR GH HPSUHHQGHGRUHV D SDUWLU GD DEHUWXUD GD HFRQRPLD EUDVLOHLUD H WHP WLGR HVWtPXOR GR *RYHUQR )HGHUDO SDUD D SRSXODomR PDLVVLPSOHVHPFULDUVXDVPLFURHPSUHVDVVDLQGRGDLQIRUPDOLGDGHHJHUDQGRHPSUHJRHSDUD LVVRFRQFHGHRDSDUDWRQHFHVViULRDWUDYpVGH/HLVGRDSRLRDRVPXQLFtSLRVHGDFRQFHVVmRGH PLFURFUpGLWR
2HVWXGRSHUSDVVDDKLVWyULDGDLQG~VWULDWr[WLOEUDVLOHLUDTXHHQIUHQWRXGHVDILRV SULPHLUDPHQWH QR SHUtRGR FRORQLDO RQGH R IRFR HUD GH IRUQHFLPHQWR GH PDWpULDSULPD j PHWUySROH TXH FRPHUFLDOL]DYD FRP RXWURV SDtVHV FRPR D ,QJODWHUUD ( p GHVWH SDtV TXH LPSRUWDPRVURXSDVPDLVVRILVWLFDGDVYLVWRTXHDSURGXomRLQWHUQDVHUHVWULQJLDDIDEULFDomR GHWHFLGRVHURXSDVJURVVHLUDVJHUDOPHQWHLQGLFDGDVSDUDXVRGRVHVFUDYRVHDVVDFDULDVTXH HUDPXWLOL]DGDVSDUDRWUDQVSRUWHGRDo~FDUTXHHUDH[SRUWDGR
2DOJRGmRWLQKDFUHVFLPHQWRQDSURGXomRQHVWH SHUtRGRSRUpPQmRSRGHULDVHU XWLOL]DGRSDUDDPDQXIDWXUDGHILRVHURXSDVYLVWRDH[SRUWDomRLQFOXVLYHGHVWHSURGXWRSDUD YHQGDj,QJODWHUUD
$ SDUWLU GR VpFXOR ;,; KRXYH LQFHQWLYRV SDUD R GHVHQYROYLPHQWR GD LQG~VWULD Wr[WLOEUDVLOHLUDTXHDWpRVpFXOR;;,SDVVDSRUWUDQVIRUPDo}HVHSHUtRGRVGHHVWDELOLGDGHH LQVWDELOLGDGH
3DUDDSUHHQVmRGDUHDOLGDGHHVWXGDPRVDKLVWyULDGDFLGDGHGH)UDQFD63YLVWRD UHODomR TXH SRVVXL FRP LQRYDGRUHV GHVGH DV VHODULDV SDVVDQGR SHOD FULDomR GR SULPHLUR FXUWXPHGRVDUWHVmRVGHGLFDGRVjIDEULFDomRGRFDOoDGRPDVFXOLQRDWpDVPXOKHUHVODQoDUDP VHjIUHQWHGDVFRQIHFo}HVGHOLQJHULH
(IRLQRFDPLQKRTXHWLQKDFRPRGHVWLQRR(VWDGRGH*RLiVXPGRVIDWRUHVSDUDD FULDomR GD FLGDGH Mi TXH HUD SRU DTXL TXH SURFXUDYDP ID]HU VXDV SDUDGDV HP EXVFD GH DOLPHQWDomRPDQXWHQomRGRVHTXLSDPHQWRVHGDURVXSRUWHQHFHVViULRSDUDVHJXLUYLDJHP
$RVSRXFRVDOJXQVVHHVWDEHOHFHUDPQHVWHVORFDLVDWpFRPYLVWDVDRIRUQHFLPHQWR SDUD HVWDV FRQGLo}HV H FRPHoDUDP D H[SORUDU R FRPpUFLR YROWDGR SULQFLSDOPHQWH SDUD RV VHUYLoRVGHPDQXWHQomR
$QHFHVVLGDGHH[LJLXTXHLQLFLDVVHDIDEULFDomRGHDOJXQVLQVXPRV/RJRGHYLGR DRWUDEDOKRFRPRFRXURLQLFLRXDVRSHUDo}HVGHXPFXUWXPH
(VWH IRL XP GRV SDVVRV GDGRV SRU TXHP QmR WLQKD QHP QRomR GH FRPR WUDQVIRUPDULDPRVUXPRVGDFLGDGH
7RGR R DSDUDWR IDEULO GD FLGDGH D SDUWLU GH HQWmR VH DSULPRUDUDP DUWHVmRV VH LQVWDODUDP SDUD SURGXomR GH FDOoDGRV PDLV U~VWLFRV H Mi WLQKDP rQIDVH SDUD R VHJPHQWR PDVFXOLQRYLVWRTXHHUDPHOHVTXHHVWDYDPjIUHQWHGRFRPpUFLRGHPHUFDGRULDSDUDRHVWDGR GH*RLiV
'HSRLVGRDERUWRGHVWDHPSUHLWDGDHPDLQGXVWULDOL]DomRILFRXSDUDGDSRU PDLVGHXPDGpFDGDHQRYDPHQWHWLQKDXPVXMHLWRTXHGHVHMDYDVHSURMHWDUHWUD]HUDOJRTXH VHGHVWDFRXIUHQWHjVLQG~VWULDVTXHHVWDYDPLQVWDODGDVQDFLGDGH
$SDUWLUGHRVHWRUFDOoDGLVWDSDVVRXSRUXPSHUtRGRGHGHVHQYROYLPHQWR DVVLPFRPRDFULDomRGRSULPHLURHVSDoRIDEULOFRQVWUXtGRHVSHFLILFDPHQWHSDUDDSURGXomR GH FDOoDGRV H TXH PDLV WDUGH IRL R SULQFLSDO IDWRU SDUD R UHFRQKHFLPHQWR PXQGLDO SHOD TXDOLGDGHHERPSUHoR
$DPSOLDomRGHVWHVHJPHQWRJHURXXPDSDUDWRLQGXVWULDOTXHSUHVWDVXSRUWHSDUDR FDOoDGR PDVFXOLQR FRPR HPSUHVDV GH IDEULFDomR GH ERUUDFKD VDOWRV H VRODGRV GH HTXLSDPHQWRV LQGXVWULDLV GH FDUWRQDJHP GH FRODV DOpP GH RXWUDV 2 WUDEDOKR WRUQRXVH HVSHFLDOL]DGRFRPRDFRVWXUDRFRUWHDPRGHODJHPHRXWUDV
(VWDVFLUFXQVWkQFLDVFULDUDPXPDPELHQWHSURStFLRSDUDWUDEDOKDGRUHVGDOLQKDGH SURGXomR H TXH FRQKHFLDP R RItFLR FRP PDLV DILQFR D WRUQDUHPVH SURGXWRUHV RX PHVPR DEVRUYHUDWUDYpVGRHQFDPLQKDPHQWRGDGHPDQGDSDUDORFDLVH[WHUQRVjVIiEULFDVSRLVQmR QHFHVVLWDYDLUWmRGLVWDQWHSDUDTXHFRQVHJXLVVHDGTXLULUDSDUDWRVHLQVXPRVSDUDIDEULFDomR DOpP GH SRVVXLU IDFLOLGDGH H FRQKHFLPHQWR QD FRQWUDWDomR GH PmRGHREUD HVSHFLDOL]DGD H GLVSRQLELOLGDGHGHPDTXLQiULRFRPYDORUHVDFHVVtYHLVSDUDDDTXLVLomR
&RQFRPLWDQWHDHVWDVPXGDQoDVRFRUULDjUHHVWUXWXUDomRSURGXWLYDHXPDYDQoRGR SURFHVVRFRQKHFLGRFRPRJOREDOL]DomR
$JOREDOL]DomRWURX[HPXGDQoDVWDQWRQRVPRGHORVGHSURGXomRRQGHDVSODQWDV LQGXVWULDLV SDVVDUDP D FRQFLOLDU RIRUGLVPR FRP RWR\RWLVPR RX PHVPR DEDQGRQDUDP R
IRUGLVPR DGRWDQGR R PpWRGR MDSRQrV FRQMXQWDPHQWH FRP R PpWRGR GH UHSRVLomR GH PHUFDGRULDVGRPHUFDGRDPHULFDQRFRQKHFLGRFRPRNDQEDQHDSURGXomRGHDFRUGRFRPD GHPDQGD FRQKHFLGD FRPR MXVWLQWLPH H QD RUJDQL]DomR GR WUDEDOKR WUD]HQGR VXD SUHFDUL]DomRFRPRDWHUFHLUL]DomRSDJDPHQWRSRUSHoDRHPSUHJDGRSRUFRQWDSUySULDHQWUH RXWURV
$SDUWLUGHVWHVIDWRUHVYLPRVjEXVFDSHODUHGXomRGRVFXVWRVGHSURGXomRVRPDGD DH[SORUDomRGDPmRGHREUDHJHUDQGRXPDPD[LPL]DomRGRVOXFURV
'HDFRUGRFRPUHSRUWDJHQVGLYXOJDGDVQR-RUQDO&RPpUFLRGD)UDQFDDDWLYLGDGH WHYH LQtFLR FRP DOJXPDV PXOKHUHV TXH XWLOL]DYDP GH FRQKHFLPHQWR SUpYLR DGYLQGR GD LQG~VWULD FDOoDGLVWD SDUD LQLFLDUHP VXDV FRQIHFo}HV GHQWUR GH VXDV UHVLGrQFLDV EDVWDQGR DGTXLULUXPDPiTXLQDGHFRVWXUDWHFLGRHRXWURVDUWHIDWRVSDUDDPRQWDJHPHPRGHODJHPGH OLQJHULHV
2TXHDSULQFtSLRIRLSDUDDWLQJLURS~EOLFRIHPLQLQRHIXQFLRQDUFRPRPHFDQLVPR GH DOWHUQDWLYD GH UHQGD IDPLOLDU VH DPSOLRX LQFOXVLYH DEUDQJHQGR D FLGDGH H RXWUDV ORFDOLGDGHVGDUHJLmRHDOJXPDVGHODVLQWHUQDFLRQDLVYLVWRTXHMiH[SRUWDPSURGXWRV³PDGH LQ)UDQFD´SDUDSDtVHV(XURSHXV(VWDGRV8QLGRVH-DSmR
2 HVSDoR FROHWLYR ORFDO VRIUHX FRP D SHUGD GH FRPSHWLWLYLGDGH GR FDOoDGR PDVFXOLQRIUHQWHDRVIDEULFDGRVHPRXWURVSDtVHVQRHQWDQWRFRQVLGHUDPRVTXHDKLVWyULDGD FLGDGHMiQRVKDELOLWDSDUDUHODFLRQiORVFRPRHVWXGRGDLGHQWLGDGHHGRHPSUHHQGHGRULVPR
$ WHVVLWXUD GHVWD HVWUXWXUD VRFLDO VHUYH FRPR QRUWHDGRU GD LGHQWLGDGH GHVWHV VXMHLWRV H GR VHJXQGR FDStWXOR $ FRQVWUXomR GD LGHQWLGDGH HPSUHHQGHGRUD RQGH DSUHVHQWDPRVDIRUPDomRGDLGHQWLGDGHHGRHPSUHHQGHGRULVPRFDUDFWHUL]DGRSHORSURFHVVR GH GHVHQYROYLPHQWR H UHODFLRQDGR j KLVWyULD FROHWLYD GR KRPHP FRQIRUPH GHVWDFDGR SRU -XOLHQ
&RPR TXDOTXHU SURFHVVR GH GHVHQYROYLPHQWR R HPSUHHQGHGRULVPR p VLPSOHVPHQWHDKLVWyULDFROHWLYDGRKRPHPFRPRKXPDQLGDGHGLVWLQWDHP XPWHUULWyULRTXHSDUWHHPEXVFDGHVXDLGHQWLGDGHSUySULDSDUDSULPHLURVH FRQKHFHUHHPVHJXLGDVHID]HUUHFRQKHFHUSRUVXDREUDRUHVXOWDGRQREUH GH VHX WUDEDOKR SRU PHLR GD FULDomR H GD LQRYDomR ( HVVH KRPHP R HPSUHHQGHGRU FRPSDUWLOKD WDO H[SHULrQFLD FRP WRGR R SHVVRDO GH VXD HPSUHVD HFRP DV SDUWHV HQYROYLGDV EHP FRPR FRP RV PHPEURV GH VXDV UHGHV H GH VHX PHLR e SRUWDQWR YHUGDGH TXH WRGD KLVWyULD LQGLYLGXDO SHUWHQFH WDPEpP D WRGRV DTXHOHV TXH D HQGRVVDP H D HOD GmR YDORU HP WHUPRVGHUHFRQKHFLPHQWRPXLWRDOpPGRVHXYDORUPRQHWiULRGHVWDIRUPD GDQGRjKXPDQLGDGHVHXYHUGDGHLURVHQWLGRHRSRGHUGHPXGDURFXUVRGH VXDKLVWyULD-8/,(1S
'HVWD IRUPD HQIDWL]DPRV TXH R HPSUHHQGHGRU EXVFD VXD LGHQWLILFDomR SULPHLUDPHQWH QR UHFRQKHFLPHQWR GH VL SDUD GHSRLV WrOR HP VXD REUD H UHIOHWH HP WRGRV DTXHOHVTXHRDSRLDPHQHVWHSURFHVVRGHIRUPDomRLGHQWLWiULDUHFHEHLQIOXrQFLDVGHIDWRUHV LQWHUQRVHH[WHUQRVDRVHUFRPRDo}HVGDFRQVWDQWHPHWDPRUIRVHGDVRFLHGDGH
DSUHVHQWDomRGRHXQDVRFLHGDGHSDUDLVVRQRUPDOPHQWHQRVLGHQWLILFDPRVHXQLPRVDJUXSRV FRPFDUDFWHUtVWLFDVVHPHOKDQWHVHDSHVVRDOTXHpRDJLURXVHMDLQIRUPDo}HVTXHGL]HPD QyV PHVPR TXH p LQWUtQVHFD D QyV H MXQWDV HGLILFDP XPD LPDJHP SRVLWLYD GH VL PHVPR '(6&+$036 02/,1(5 H GXDV IRUPDV GH UHSUHVHQWDomR DVRFLDO HQFDUDGD GH PDQHLUD PDLV SUy[LPD H TXH UHFHEH LQIOXrQFLDV GDTXHOHV TXH QRV URGHLDP H DVFROHWLYDV VLWXDGDVQDFROHWLYLGDGHWHQGRDVSHFWRVGHFXOWXUDVGHRXWUDVSDUWHVGRPXQGR
$VIRUPDVGHDSUHVHQWDomRVRPDGDVDVGHUHSUHVHQWDomRVmRFRQVWLWXtGDVDSDUWLU GRV SURFHVVRV VRFLDLV DGYLQGR GH VXDV HVWUXWXUDV H QR FRQWDWR FRP DV UHODo}HV VRFLDLV VH PRGLILFDP
2SHQVDPHQWRGH*LGGHQVQRVDSRLDUiQDFRQVWLWXLomRGHVWHLQGLYtGXRTXH TXDQGRH[SRVWRDVLWXDo}HVFRQWURYHUVDVQDWUDMHWyULDGHOXWDHFRPRVSUREOHPDVLQGLYLGXDLV TXH VH LGHQWLILFD VH PRGLILFD H DJDUUD RSRUWXQLGDGHV (VWDV VmR DWLWXGHV TXH FRQGX]HP R LQGLYtGXRFULDWLYDPHQWHDRDSURYHLWDPHQWRGRFRQKHFLPHQWRDGTXLULGRDQWHULRUPHQWH
2VFRQFHLWRVH[SRVWRVDWpRPRPHQWRTXHVHUYLUDPFRPREDVHSDUDUHODFLRQDUD LGHQWLGDGHHPSUHHQGHGRUD
3DUD FRPSUHHQVmR GRV VXMHLWRV GH QRVVD SHVTXLVD WRPDPRV FRPR UHIHUrQFLD R HPSUHHQGHGRUSURGXWLYRFRPRLQRYDGRU/$1'(602.<5%$802/HWDPEpP RV FDUDFWHUL]DGRV SRU 'RUQHODV FRPR R TXHDSUHQGH SRLV QHP SHQVDYD HP DEULU R QHJyFLRTXDQGRVHGHSDUDFRPXPDRSRUWXQLGDGHDFUHGLWDQGRHLQYHVWLGRQHOD
'HVWD IRUPD SUHWHQGHPRV PRVWUiORV FRPR DJHQWH GH PXGDQoDV FRP SRGHU H YRQWDGH GH WUDQVIRUPDU D VXD UHDOLGDGH H FRPR VHQGR UHVXOWDGR GRV SURFHVVRV GH WUDQVIRUPDomRGHVXDORFDOLGDGHUHWRUQDQGRDHODFRPRVHXFRPSURPLVVRQDFRQVWUXomRGR EHPHVWDUFROHWLYR
1RFDStWXOR1RDOLQKDYDUGDSHVTXLVDWHFHPRVHVWDWUDMHWyULDTXHGHPRQVWUDD KLVWyULDFROHWLYDGRVVXMHLWRVGDFLGDGHTXHDSDUWLUGHVHXUHFRQKHFLPHQWRVHHQ[HUJDHPVXD REUD TXH p UHVXOWDGR GH VXD FULDomR H Gi SHUWHQFLPHQWR D WRGRV TXH HVWmR j YROWD 'HVWD IRUPD YHPRV FRPR SRGHP WRPDU D IUHQWH GH VHXV GHVWLQRV H FRQGX]LORV GH PDQHLUDV GLIHUHQFLDGDVUHVXOWDGRGHOHVFRPRPHLRHYLFHYHUVD
1D VHTXrQFLD DSUHVHQWDPRV R PLFURHPSUHVDULDGR GR VHJPHQWR GH OLQJHULH GD FLGDGHGH)UDQFD63DH[SODQDomRGHQRVVDSHVTXLVDDVVLPFRPRRVGDGRVHFRQVLGHUDo}HV REWLGDV
2UHVXOWDGRGHVWDVDo}HVSULQFLSDOPHQWHGDVFXOWXUDLVGDVRFLHGDGHORFDOVREUHR VXMHLWRRGHL[DPGLVSRVWRDRHQIUHQWDPHQWRGHGHVDILRV
(VWDV QXDQFHV SRVVXHP GHOLPLWDGRUHV TXH SRGHP DGYLU GD IDPtOLD GH FDUDFWHUtVWLFDV QDFLRQDLV FXOWXUDLV H RXWUDV FRQIRUPH 'HOJDGR S H[S}H ³2 VHU KXPDQRWHPP~OWLSODVUDt]HVIDPLOLDUHVpWQLFDVUHJLRQDLVQDFLRQDLVUHOLJLRVDVSDUWLGiULDV LGHROyJLFDVFXOWXUDLV6XDYLGDpXPDWRWDOLGDGHQDTXDOSURFHVVRVGLYHUVLILFDGRVFRQIRUPDP DGLQkPLFDGRYLYHU´
3DUDDFULDomRGHVWHHVWXGRFLHQWtILFRGHILQLPRVDSDUWLUGHVWHPRPHQWRRFRQMXQWR GHUHJUDVHSURFHGLPHQWRVTXHQRVFRQGLFLRQDUDPDRSURFHVVRGHDQiOLVH
3DUD HVWHV ILQV XVDPRV R PpWRGR GD KLVWyULD RUDO YLVWR TXH HQIDWL]D RV JUXSRV H[FOXtGRVGDVRFLHGDGHDWUDYpVGDSULPD]LDGHVXDVUDt]HVGRFRWLGLDQRHGDVXDYLGDSULYDGD H GDV WHUULWRULDOLGDGHV SURFXUDQGR WHFHU DV DQiOLVHV D SDUWLU GD H[SHULrQFLD GHVWHV DWRUHV VRFLDLV
1HVWHV WHUPRV FRPSUHHQGHPRV D KLVWyULD RUDO FRPR XP SURFHGLPHQWR PHWRGROyJLFRTXH³>@URPSHFRPVLOrQFLRVSURYHQLHQWHVGRFRWLGLDQRGRID]HUDQ{QLPR UHOHYDQGRDFRQWHFLPHQWRVH[SHULrQFLDVHPHQWDOLGDGHTXHQmRVHHQFRQWUDPQRVGRFXPHQWRV HVFULWRVHQDVYHUV}HVRILFLDLVGDKLVWRULRJUDILD´-$1277,S
)D]HPRVXPSDUrQWHVHQHVWHPRPHQWRSDUDOHPEUDUXPDLQIRUPDomRLPSRUWDQWH TXH p D GD HVFDVVH] GH GRFXPHQWRV TXH QRV RULHQWDUDP D UHVSHLWR GR VHWRU GH FRQIHFo}HV VHJPHQWDGR DR VHWRU GH OLQJHULH GD FLGDGH H SDUD GDU LQtFLR D FRQVWUXomR GHVWHV VXMHLWRV H PRVWUDU R SDSHO TXH WHP QD VRFLHGDGH SRLV GHVGH R ILQDO GD GpFDGD GH LQLFLDUDP DV DWLYLGDGHV H PHVPR GHSRLV GH GXDV GpFDGDV QmR H[LVWHP PXLWRV GDGRV DVVLP EXVFDPRV QHOHVDVVXDVYLYrQFLDVHKLVWyULDV
1DFRQFUHWXGHGHVWHFHQiULRDKLVWyULDRUDOVHWRUQDRDUFDERXoRQHFHVViULRSDUDD DSUHHQVmRGDUHDOLGDGHTXHFRPRGHILQH0HLK\SRVVLELOLWDFRQWDUIDWRVGLIHUHQWHVGR TXH FRQKHFHPRV RX LQVHULU RV VXMHLWRV TXDQGR QmR H[LVWHP GRFXPHQWDo}HV GLVSRQtYHLV RX PHVPRSHUPLWHDHODERUDomRGHRXWUDYHUVmR
1HVWHPRPHQWRpFULDGDXPDQDUUDWLYDTXHDUWLFXODRSUHVHQWHFRPRIXWXURSRLV DR UHFRQWDU VXDV KLVWyULDV QDUUDPQD FRP XP ROKDU GR SUHVHQWH H R UHVXOWDGR p R UHFRQKHFLPHQWRGDVLQJXODULGDGHGRVXMHLWRHDVXDDWXDomRQDVRFLHGDGH
$ ILQDOLGDGH VRFLDO GD KLVWyULD RUDO DR WUDEDOKDU FRP R SHQVDPHQWR GR KRPHP VLPSOHVpFRPSUHHQGHUDVPXGDQoDVGHVXDVYLGDVHDPXOWLSOLFLGDGHGHSRQWRVGHYLVWDQXPD UHFRQVWUXomRKLVWyULFDPDLVUHDOLVWDIDYRUHFHQGRDPHQVDJHPVRFLDOHRVHQVRFUtWLFR
(VWD ILQDOLGDGH HVWi QD KLVWyULD VRFLDO DR VH DSURIXQGDU QR FRWLGLDQR GR KRPHP VLPSOHVSDUWLQGRGRHVERoRJHUDOGDHVWUXWXUDVRFLDOHFKHJDQGRjUHDOLGDGHGHVRUGHQDGD
6HJXQGR0DUWLQVSDH[LVWrQFLDGRKRPHPVLPSOHVpDWUDYHVVDGD
>@ SRU PHFDQLVPRV GH GRPLQDomR H GH DOLHQDomR TXH GHVWRUFHP VXD FRPSUHHQVmRGD+LVWyULDHGRSUySULRGHVWLQR7RGRVQyVVRPRVHVVHKRPHP TXH QmR Vy OXWD SDUD YLYHU D YLGD GH WRGR GLD PDV TXH OXWD WDPEpP SDUD FRPSUHHQGHU XP YLYHU TXH OKH HVFDSD SRUTXH QmR UDUR VH DSUHVHQWD FRPR DEVXUGRFRPRVHIRVVHXPYLYHUGHVWLWXtGRGHVHQWLGR
'HVWD PDQHLUD YLVOXPEUDPRV H[WUDLU D SDUWLU GR PpWRGR R VHQWLGR GD YLGD GRV VXMHLWRV HQWUHYLVWDGRV FRQWDQGR FRP D WUDQVPLVVmR GH SDODYUDV H VHQWLPHQWRV GH SHVVRDV VLPSOHVID]HQGRXVRGRVGRFXPHQWRVGLVSRQtYHLVSDUDDERUGDUDIRUPDomRGHVXDLGHQWLGDGH
2 HQWUHYLVWDGRU p HVWH HOR SRLV HOH TXH WHUi FRQWDWR GLUHWR FRP RV VXMHLWRV H GHVHQYROYHUi R LQWHUHVVH H UHVSHLWR GDV SHVVRDV DVVLP FRPR PRVWUDUi IOH[LELOLGDGH H GLVSRVLomRSDUILFDUFDODGRHHVFXWDUGHPRQVWUDQGRVXDGLVSRQLELOLGDGHHPRXYLUHDEVRUYHU DVLQIRUPDo}HVFRPH[DWLGmRLQWHUYLQGRVRPHQWHFDVRQHFHVViULR
3UHFLVDPRV QR HQWDQWR GH QRV SUHSDUDU DQWHV GHVWH GHVDILR H XVDPRV R FRQKHFLPHQWRDGYLQGRGHOHLWXUDVHGRPDSHDPHQWRGHFDPSR(PJHUDOLVWRFRQGLFLRQDD REWHQomRGHLQIRUPDo}HVKLVWyULFDVLPSRUWDQWHVGHXPDHQWUHYLVWD
$SyVWHUGHILQLGRRPpWRGRQRVJXLDPRVSHORWLSRGHDERUGDJHPTXHIRLXWLOL]DGR QDSHVTXLVD
$DERUGDJHPXVDGDWDQJHDFRPSOHPHQWDULGDGHSDUDRHQWHQGLPHQWRGDWHPiWLFD SHVTXLVDGD$VVLPDTXDOLWDWLYDSURSRUFLRQDUiXPDDQiOLVHSDUDQRVVRVHVWXGRVYLVWRTXHRV VXMHLWRVVHVHQWLULDPjYRQWDGHSDUDSDUWLFLSDUGDVHQWUHYLVWDVHDTXDQWLWDWLYDYLVOXPEURXR DWHQGLPHQWRGHGDGRVJHUDLVHQXPpULFRVDOpPGHDERUGDUWHPDVTXHVmRFRPXQVHQWUHRV VXMHLWRV
2 PpWRGR QRV SHUPLWH R XVR GH GXDV IRUPDV SDUD D UHDOL]DomR GDV SHUJXQWDV R
PpWRGRGDKLVWyULDRUDOHDDGRomRGDFRQYHUVDOLYUHRQGHSRGHPRVGHL[DURLQIRUPDQWHPDLV j YRQWDGH SDUD XVDU R WHPSR TXH DFKDU QHFHVViULR VHP TXDOTXHU WLSR GH FRQWUROH H SRVVLELOLWDQGR D QDUUDWLYD IOXLU 1R HQWDQWR IRL SUHFLVR XP QRUWHDGRU DR HQWUHYLVWDGR SDUD JDUDQWLU R FRQWH[WR VRFLDO H FRP YLVWDV D DWLQJLU HVWH REMHWLYR SDUWLPRV GH XPD SHUJXQWD LQLFLDO
8VDPRVRTXHVWLRQiULRSDUDDERUGDJHPHGLYLGLPRVHPWUrVHVIHUDVGHDQiOLVH
+LVWyULDSHVVRDOHHPSUHHQGHGRULVPR$HPSUHVDHVXDDWXDomRH3ODQHMDPHQWR IUDJLOLGDGHVHSRWHQFLDOLGDGHVTXHQRVGHXVXSRUWHDRWUDEDOKRGHUHPHPRUDUSRLVUHFRUGDU p IXQGDPHQWDO SDUD D LGHQWLGDGH RQGH DV OHPEUDQoDV IRUWDOHFHP D SHVVRD H UHFDSWXUDP D DXWRFRQILDQoD
7KRPSVRQ S GLVFXUVD TXH³2 KLVWRULDGRU RUDO WHP TXH VHU XP ERP RXYLQWHHRLQIRUPDQWHXPDX[LOLDUDWLYR´
-XVWDPHQWH QHVWD MXQomR TXH HQFRQWUDPRV R VHQWLGR GH XWLOL]DomR GHVWH PpWRGR FRODERUDQGRHPXPDSHVTXLVDULFDHGHTXHIRUPDXPDYLDGHPmRGXSODDKLVWyULDpVDFDGD GH GHQWUR GD FRPXQLGDGH H UHWRUQD SDUD HOD UHFRQVWUXtGD SHORV VHXV VXMHLWRV FRP VXDV SDODYUDV
3DUDH[WUDLURPi[LPRSRVVtYHOGDVHQWUHYLVWDVHJDUDQWLUDILGHOLGDGHGRTXHRV VXMHLWRVWUDQVPLWLUDPUHDOL]DPRVDJUDYDomRHPDUTXLYRGLJLWDOSDUDVHXDUPD]HQDPHQWRFRP VHJXUDQoD H SURSRUFLRQDQGR D IDFLOLGDGH SDUD DV DQiOLVHV H WUDQVFULo}HV QHFHVViULDV HP TXDOTXHUWHPSR
2 HQWUHYLVWDGRU H R VXMHLWR HVWDYDP FRPELQDGRV H GH DFRUGR GH WRGRV RV SURFHGLPHQWRV SDUD D LGHDOL]DomR GD PHVPD 9LVDQGR PDQWHU HVWD LQWHUDomR FRQVLGHUDPRV LPSRUWDQWHXPDDSUHVHQWDomRSUpYLDTXHIRLUHDOL]DGDDWUDYpVGRHQFDPLQKDPHQWRGHFDUWD RQGHGHDQWHPmRHUDPH[SRVWDVLQIRUPDo}HVSULPRUGLDLVSDUDRHVWDEHOHFLPHQWRGHVWDUHODomR HFRPXQLFDomRRXVHMDDVLQIRUPDo}HVVREUHDSHVTXLVDEHPFRPRGRVSHVTXLVDGRUHVRV REMHWLYRV GD SHVTXLVD H TXH tDPRV HQWUDU HP FRQWDWR EUHYHPHQWH SDUD SURPRYHU R DJHQGDPHQWR HP PHOKRU GLD KRUiULR H ORFDO YLVDQGR SURSRUFLRQDU D HOHV D JDUDQWLD GD FRQILGHQFLDOLGDGHHSRGHUHPQDTXHOHPRPHQWRHVWDUIRFDGRVHPUHVSRQGHUDVTXHVW}HV
$QWHVGHFDGDHQWUHYLVWDRULHQWDPRVTXHXWLOL]DPRVXPURWHLURGHHQWUHYLVWDHQmR KiREULJDWRULHGDGHHPUHVSRQGHUDWRGRFDVRQmRVHVLQWDPWUDQTXLORVSDUDLVWRPDVTXHQmR FRQVWDPGDGRVGHQDWXUH]DFRQILGHQFLDO
/HPEUDPRVTXHQHVWHWLGRGHDERUGDJHPTXDOTXHUDWLWXGHWDQWRGRHQWUHYLVWDGR TXDQWR GR HQWUHYLVWDGRU SRGHUi DIHWDU H FRPSURPHWHU D LQWHUDomR GH FRQILDQoD TXH VH ID] QHFHVViULDHSULPRUGLDO
(QILP LQIRUPDPRV D HOHV TXH D SHVTXLVD HVWi SDXWDGD QRV FULWpULRV pWLFRV GH SHVTXLVDVFRPVHUHVKXPDQRVHHVWiGHDFRUGRFRPR0LQLVWpULRGD6D~GHTXHGHILQHWDLV QRUPDVHTXHIRLDSURYDGDQR&RPLWrGHeWLFDH3HVTXLVDGD8QHVSGHVWDIRUPDQRVJDUDQWLX DFUHGLELOLGDGHQHFHVViULDSDUDVXDUHDOL]DomR
$ILPGHFRQWH[WXDOL]DUSDUDDHWDSDVXSUDFLWDGDIRLQHFHVViULRSUHOLPLQDUPHQWHH QRGHFRUUHUGRWUDEDOKRDSHVTXLVDELEOLRJUiILFDDWUDYpVGDFRQVXOWDDOLYURVUHYLVWDVMRUQDLV UHGHVHOHWU{QLFDVRXVHMDIRQWHVVHFXQGiULDVHDGRFXPHQWDOYLVWRTXHGLDORJDFRPRVUHODWRV FRQWHPSRUkQHRVSHUPLWLQGRFRPSDUDo}HVHLQWHUSUHWDo}HV-XQWDVFULDUDPRDUFDERXoRWHyULFR SDUDLGHDOL]DomRGHVWDSHVTXLVDGHFDPSR
7RGDV DV FRQGLo}HV FULDGDV QR GHFRUUHU GHVWH HVWXGR YLVDUDP XPD DSUR[LPDomR FRP RV VXMHLWRV VRFLDLV H ID]HU D FRQH[mR FRP RV SURFHVVRV VRFLDLV SROtWLFRV FXOWXUDLV VLPEyOLFRVUHOLJLRVRVHHFRQ{PLFRVSRVVLELOLWDQGRHQWHQGHUVXDVUHDOLGDGHVHSURSRUFLRQDUD FULDomRGHSRVVLELOLGDGHVGHDomRQRFDPSRGHSROtWLFDVS~EOLFDVTXHIDYRUHoDPRVXUJLPHQWR GHHPSUHHQGHGRUHVHVXDVLGHLDV
2 IDWR GH DWULEXLU KLVWRULFLGDGH DRV SURFHVVRV VRFLDLV p JDUDQWLGR D SDUWLU GR PRPHQWRTXHFRPSUHHQGHPRVRUHDOFRPRFHQiULRGHPDQLIHVWDo}HVGRVDWRUHVVRFLDLVHGD VtQWHVHGHP~OWLSODVGHWHUPLQDo}HVDQWDJ{QLFDVSHUPHDGDVGHUXSWXUDVHFRQWLQXLGDGHV
,JXDOPHQWHDLQWHUDomRGRPpWRGRLQWHUDJHFRPDVTXHVW}HVGHEDWLGDVQRWUDEDOKR HQRLQWHULRUGDSURILVVmR
&DGDXVXiULRGR6HUYLoR6RFLDOpXPVXMHLWRP~OWLSORTXHIRLVHIRUPDQGRDR ORQJR GH XPD WUDMHWyULD SRVVXL XPD LGHQWLGDGH TXH SRU VXD YH] HVWi HP FRQVWDQWH FRQVWUXomR 2 PpWRGR GD KLVWyULD RUDO FRQILJXUDVH FRPR XPD SURSRVWDGHFRQVWUXomRGHFRQKHFLPHQWRSDUDR6HUYLoR6RFLDOQDPHGLGDHP TXH QRV DSUHVHQWD XP OHTXH GH WUDMHWyULDV XPD GLPHQVmR FROHWLYD GR FRQWH[WR GR TXDO SURYpP QRVVR XVXiULR GHPDQGDQGR HOHPHQWRV VLJQLILFDWLYRVTXHQRUWHDUmRQRVVDVHVWUDWpJLDVGHLQWHUYHQomR
$ FRQVWUXomR GHVWH PRGHOR GH DQiOLVH VH SURMHWD FRPR XPD SURSRVWD LQYHVWLJDWLYD TXH LPSOLFD XP SURFHVVR GH FRPSUHHQVmR GRV IDWRV GDV UHODo}HVVRFLDLVHSUHWHQGHjOX]GDVWUDMHWyULDVGRVVXMHLWRVPRELOL]iORVHP GLUHomR j SDUWLFLSDomR VRFLDO HPSRGHUDPHQWR H FRQTXLVWD GRV GLUHLWRV GH
FLGDGDQLD*21d$/9(6/,6%2$S
$RILQDOGDLQWHUSUHWDomRGRVGDGRVGDSHVTXLVDUHDOL]DGDFRQVHJXLPRVDOFDQoDUDV HVSHFLILFLGDGHVGDLGHQWLGDGHHPSUHHQGHGRUDGRPLFURHPSUHVDULDGRGRVHJPHQWRGHOLQJHULH GDFLGDGHGH)UDQFD63
)272±$OLQKDYDQGRDOLQJHULH
2 HPSUHHQGHGRULVPR QmR p IDWR UHFHQWH D VHU GHVWDFDGR j SRSXODomR EUDVLOHLUD PHQRV DLQGD GHYH VHU FRQVLGHUDGR FRPR IDWR LVRODGR 1D FRQWHPSRUDQHLGDGH SRGHPRV FRQVWDWDU DWUDYpV GD SHVTXLVD *OREDO (QWUHSUHQHXUVKLS 0RQLWRU *(0 TXH HP UHJLVWURX D PDLRU 7D[D GH (PSUHHQGHGRUHV HP (VWiJLR ,QLFLDO 7($ GHVGH R LQtFLR GDV SHVTXLVDVQR%UDVLOILFDQGRDWUiVDSHQDVGD&KLQD*5(&2
(VWDDWLYLGDGHSDVVRXDJDQKDUH[SUHVVmRQDFLRQDODSDUWLUGRILQDOGDGpFDGDGH DSyVDDEHUWXUDGDHFRQRPLDHFRQVHTXHQWHPHQWHGDYLQGDGDFRQFRUUrQFLDH[WHUQDe FRQKHFLGR SHOD JHUDomR GH HPSUHJR H UHQGD H SRU DODYDQFDU DV WD[DV GH FUHVFLPHQWR HFRQ{PLFR
1RV ~OWLPRV DQRV HVWi VHQGR WUDWDGD FRPR GLIHUHQFLDO SRU WRGDV DV HVIHUDV GH JRYHUQR1RJRYHUQRIHGHUDOSRUPHLRGHSROtWLFDVS~EOLFDVQRWRFDQWHDFULDomRGHOHLVTXH UHJXODPHQWDPSHTXHQRVHPSUHHQGHGRUHVHDXW{QRPRVYLVDQGRjUHWLUDGDGDLQIRUPDOLGDGHH SRUFRQVHJXLQWHDHOHYDomRGDDUUHFDGDomRGHLPSRVWRVHSDUDLVVRDSURYRXVXDUHGXomREHP FRPR D VLPSOLILFDomR GRV WULEXWRV IDFLOLWDQGR D HQWUDGD GHOHV QD HFRQRPLD 3RU PHLR GD DWXDomRPXQLFLSDORVHVWDGRVWrPFULDGRRVEDQFRVGHFUpGLWRDSRLDQGRRPLFURFUpGLWRHHP GH DJRVWR GH WHYH D HVWUHLD GR JRYHUQR IHGHUDO DWUDYpV GR &UHVFHU ± 3URJUDPD 1DFLRQDOGH0LFURFUpGLWR
2 PLQLVWUR GD )D]HQGD *XLGR 0DQWHJD LQIRUPD TXH R SULQFLSDO REMHWLYR GR SURJUDPD p R HVWtPXOR SDUD FULDomR GH PLFURHPSUHVDV ³2 REMHWLYR GHVVH SURJUDPD p HVWLPXODU D SRSXODomR PDLV SREUH D FULDU PLFURHPSUHVDV H JHUDU HPSUHJR QHVVD IDL[D GH UHQGD´%$5(1+2RQOLQH
³2SURJUDPDGHSHVTXLVD*OREDO(QWUHSUHQHXUVKLS0RQLWRU*(0GHDEUDQJrQFLDPXQGLDOpXPDDYDOLDomR DQXDO GR QtYHO QDFLRQDO GD DWLYLGDGH HPSUHHQGHGRUD 7HYH LQtFLR HP FRP D SDUWLFLSDomR GH GH] SDtVHV SRU PHLR GH XPD SDUFHULD HQWUH D/RQGRQ %XVLQHVV 6FKRRO GD ,QJODWHUUD H R %DEVRQ &ROOHJH GRV (VWDGRV8QLGRV1HVVHVGH]DQRVPDLVGHRLWHQWDSDtVHVSDUWLFLSDUDPGRSURJUDPDTXHSHUPDQHFH FUHVFHQGR DQR D DQR $WXDOPHQWH QR PXQGR R *(0 p R PDLRU HVWXGR FRQWtQXR VREUH D GLQkPLFD HPSUHHQGHGRUD
2SURJUDPDGDSHVTXLVD*(0EDVHDGDHPDYDOLDo}HVVREUHRQtYHOGHDWLYLGDGHHPSUHHQGHGRUDQDFLRQDOSDUD WRGRV RV SDtVHV SDUWLFLSDQWHV HQYROYH XPD H[SORUDomR GR SDSHO GR HPSUHHQGHGRULVPR QR FUHVFLPHQWR HFRQ{PLFRQDFLRQDOHUHYHODDULTXH]DGDVFDUDFWHUtVWLFDVDVVRFLDGDVFRPDDWLYLGDGHHPSUHHQGHGRUD
$ SHVTXLVD SRGH VHU FRQVLGHUDGD ~QLFD SRLV HQTXDQWR D PDLRULD GRV GDGRV VREUH HPSUHHQGHGRULVPR PHGH QRYDVHSHTXHQDVHPSUHVDVR*(0HVWXGDHPQtYHOGHWDOKDGRRFRPSRUWDPHQWRGRVLQGLYtGXRVFRPUHVSHLWR j FULDomR H JHUHQFLDPHQWR GH QRYRV QHJyFLRV 2V GDGRV H LQIRUPDo}HV JHUDGRV SHOD SHVTXLVD HQULTXHFHP VREUHPDQHLUDRFRQKHFLPHQWRVREUHDDWLYLGDGHHPSUHHQGHGRUDDOpPGRTXHpHQFRQWUDGRQRVGDGRVRILFLDLV GRVSDtVHV
2V UHVXOWDGRV GR *(0 LQFOXHP FRPSDUDo}HV JOREDLV UHODWyULRV QDFLRQDLV H WySLFRV HVSHFLDLV EDVHDGRV QR FLFORGHFROHWDGHGDGRVDQXDO0DLVGHWUH]HQWRVDFDGrPLFRVHSHVTXLVDGRUHVSDUWLFLSDPDWLYDPHQWHGR SURJUDPD´*/2%$/(175(35(1(856+,3021,725RQOLQH
2FiOFXORGD7($pIHLWRDWUDYpVGDDQiOLVHGDSRSXODomRHQWUHHDQRVTXHHVWmROLJDGDVDDWLYLGDGHV HPSUHHQGHGRUDVLQLFLDLVRXQRYDVHFRPPHQRVGHPHVHVGHH[LVWrQFLD
$OpP GD VROLGLILFDomR GH DWXDomR GR 6HUYLoR %UDVLOHLUR GH $SRLR jV 0LFUR H 3HTXHQDV(PSUHVDV6(%5$(TXHDWUDYpVGDDPSODGLYXOJDomRSHORVPHLRVGHFRPXQLFDomR HGDVVHFUHWDULDVGHJRYHUQRPXQLFLSDOGHVFREUHPSURMHWRVFULDWLYRVHLQRYDGRUHV
3RUpP R HPSUHHQGHGRU QmR QDVFH FRP WDLV FDUDFWHUtVWLFDV p UHVXOWDGR GH VXD IRUPDomR SHODV Do}HV FROHWLYDV DGYLQGDV GD VRFLHGDGH TXH R FLUFXQGD RX VHMD IUXWR GR DPELHQWHVyFLRFXOWXUDOHTXHVRIUHLQIOXrQFLDGLUHWDGRPHUFDGRGHVWDPDQHLUDWDPEpPWHP IRUWH LQIOXrQFLD GR FDPSR SROtWLFR SULQFLSDOPHQWH GDV SROtWLFDV S~EOLFDV TXH DIHWDP FRQVWDQWHPHQWHRPHUFDGRGHWUDEDOKRHRHFRQ{PLFR
1RVHVWXGRVDFHUFDGDLGHQWLGDGH+DOOSDQDOLVD
>@DLGHQWLGDGHpUHDOPHQWHDOJRIRUPDGRDRORQJRGRWHPSRDWUDYpVGH SURFHVVRV LQFRQVFLHQWHV H QmR DOJR LQDWR H[LVWHQWH QD FRQVFLrQFLD QR PRPHQWR GR QDVFLPHQWR ([LVWH VHPSUH DOJR ³LPDJLQiULR´ RX IDQWDVLDGR VREUH VXD XQLGDGH (OD SHUPDQHFH VHPSUH LQFRPSOHWD HVWi VHPSUH ³HP SURFHVVR´ VHPSUH ³VHQGR IRUPDGD´ >@ $VVLP HP YH] GH IDODU GD LGHQWLGDGHFRPRXPDFRLVDDFDEDGDGHYHUtDPRVIDODUGHLGHQWLILFDomRHYr ODFRPRXPSURFHVVRHPDQGDPHQWR
'HVFKDPSVH0ROLQHUSFRORFDPQHVWHVWHUPRVFRPRUHSUHVHQWDo}HV FROHWLYDV SRLV HVWmR ORFDOL]DGDV QD VRFLHGDGH H QmR QRV LQGLYtGXRV H VmR IUXWRV GD FRPXQLGDGHRQGHHVWmRUHXQLGDVDVLQWHOLJrQFLDVLQGLYLGXDLV
(GHVWDFDDLQGDTXHDVVRFLHGDGHVLQGLYLGXDOLVWDVIDYRUHFHPRIORUHVFLPHQWRGD LGHQWLGDGH SHVVRDO HQTXDQWR DV FROHWLYLVWDV D LGHQWLGDGH VRFLDO H TXH RV YDORUHV FXOWXUDLV UHODFLRQDGRV DRV GRLV WLSRV GH VRFLHGDGH LQIOXHQFLDP D SHUFHSomR VRFLDO '(6&+$036 02/,1(5 S RX VHMD D SHUFHSomR TXH RV LQGLYtGXRV H[WHUQRV WrP GDTXHOH FRQMXQWR
$V UHSUHVHQWDo}HV FROHWLYDV UHPHWHP D FRQFHSo}HV GR PXQGR TXH VH LPS}HPDFDGDXPQXPDGDGDVRFLHGDGHQXPGDGRPRPHQWR
(VVDV UHSUHVHQWDo}HV FROHWLYDV RULHQWDP RV SURFHVVRV LPSOLFDGRV QDV FRQVWUXo}HVHQDVGLQkPLFDVLGHQWLWiULDV'(6&+$03602/,1(5 S
$V GLQDPLFLGDGHV GHVWDV UHSUHVHQWDo}HV FROHWLYDV SRGHP VHU YLVWDV GHVGH R SURFHVVR GH FULDomR H PDWXUDomR GD LQG~VWULD Wr[WLO QR %UDVLO DWp D YLVmR HPSUHHQGHGRUD GHVWDFDGDQDFLGDGHGH)UDQFDTXHQmRILFDGHIRUDGDVFDUDFWHUtVWLFDVGRUHVWDQWHGDQDomR
FRXUHLUR FDOoDGLVWD H TXH GLYHUVLILFD VXD DWXDomR QR VHJPHQWR Wr[WLO GHVGH D FRQIHFomR GH URXSDVDWpDPRGDtQWLPD
$VLQRYDo}HVQRVHWRUWr[WLO
2 VHWRU Wr[WLO EUDVLOHLUR YLYHQFLRX SHUtRGRV HXIRULD H UHFHVVmR GXUDQWH VXD WUDMHWyULD DWp FRQVHJXLU R OLPLDU GH VHX HVWDEHOHFLPHQWR QD HFRQRPLD 3DUD LVVR WHYH TXH HQIUHQWDULPSRVWRVHH[LJrQFLDVGDFRO{QLDHDRVSRXFRVSURGX]LUHPRGHUQL]DUDSURGXomR
4XDQGR HVWDYD HP SOHQD IDVH GH FUHVFLPHQWR GHYLGR D SUREOHPDV GH RUGHP HFRQ{PLFDSDVVRXSRUXPDUHFHVVmRHDOJXQVDQRVDSyVFRQVHJXLXUHWRPDU
(VWHWUDMHWRKLVWyULFRWHPLQtFLRQRVpFXOR;9,,,TXDQGRR%UDVLOFRPRFRO{QLDGH 3RUWXJDO WLQKD DV SULRULGDGHV GHILQLGDV SHOD PHWUySROH H QHVWD RFDVLmR R HQIRTXH HUD GDGR SDUDIRUQHFLPHQWRGHRXURGLDPDQWHVRDo~FDUHRDOJRGmRVHQGRTXHHVWH~OWLPRHVWDYDHP ULWPRFUHVFHQWH
2DOJRGmRYLVDYDR DEDVWHFLPHQWRGDLQG~VWULDWr[WLOLQJOHVDHQmRj IDEULFDomR QDFLRQDO'HVWDIRUPDRSDtVDGTXLULULDHVWHVSURGXWRVGD,QJODWHUUDHPDQWLQKDDSURGXomR ORFDODSHQDVSDUDSURGXWRVU~VWLFRV
9iULRV GHFUHWRV LPSRVWRV QR ILQDO GR VpFXOR ;9,,, VXSULPLUDP DV PDQXIDWXUDV TXH KDYLDP VXUJLGR QD FRO{QLD DSHQDV SDUD VDWLVID]HU FHUWDV QHFHVVLGDGHVEiVLFDVGHVXEVLVWrQFLD$PDQXIDWXUDWr[WLOHPSDUWLFXODUIRL PXWLODGDSRUXPGHFUHWRGHTXHLVHQWDYDH[FOXVLYDPHQWHDSURGXomRGH WHFLGRVRUGLQiULRVGHDOJRGmR³DSURSULDGRVSDUDRXVRGRVQHJURVHSDUD HQIDGDURXHQVDFDUPHUFDGRULDVHPJHUDO´$UD]mRTXHPRWLYRXRGHFUHWR IRL GHFODUDGD DEHUWDPHQWH D DJULFXOWXUDFRORQLDOFDUHFLD GH PmRGHREUDH QHQKXP EUDoR GHYHULD VHU GHVYLDGR GD WHUUD H GDV PLQDV SRLV D ³ULTXH]D UHDO´SURYLQKDGRVIUXWRVHSURGXWRVGRVRORHQmRGH³DUWHVmRVRXDUWtILFHV´ $OpP GLVVR RV ³SURGXWRV GR VROR´ FRQVWLWXtDP D EDVH GR FRPpUFLR H QDYHJDomRGR%UDVLOH3RUWXJDO67(,1S
$ SDUWLU GH XP PRYLPHQWR GH LQWHJUDomR GD HFRQRPLD QDFLRQDO FRP D PXQGLDO KRXYHRGHVHQYROYLPHQWRGDLQG~VWULDGHVWHVHJPHQWRTXHDSULQFtSLRWLQKDFRPRSULQFLSDO IRQWH GH PDWpULDSULPD R DOJRGmR WHYH FRPR IDWRU GHVHQFDGHDQWH D PLJUDomR GH WpFQLFRV PDTXLQiULRVHFRQKHFLPHQWRVWpFQLFRVGD(XURSDHGRV(VWDGRV8QLGRV
$V PXGDQoDV TXH LQLFLDUDP HVWDYDP UHODFLRQDGDV DR FRPpUFLR HQWUH SDtVHV GD (XURSDH(VWDGDV8QLGRVTXHYLYLDPXPDFUHVFHQWHLQGXVWULDOL]DomRHDOJXPDVLQFLSLHQWHV IiEULFDV
1R GHFRUUHU GR WHPSR DOJXQV SDtVHV SHUFHEHUDP TXH SRGHULDP HVWLPXODU D LQGXVWULDOL]DomRGHL[DQGRGHVHUPHURVIRUQHFHGRUHVGHPDWpULDSULPDDHVWHVSDtVHVHXURSHXV HQRUWHDPHULFDQRV
1R%UDVLOH[SHULPHQWRVFRPDIDEULFDomRGHDUWLJRVWr[WHLVFRPHoDUDPDSDUWLUGR VpFXOR ;,; H LD VH HVEDUUDQGR QRV HQWUDYHV GD H[SDQVmR GD DJULFXOWXUD H FRPpUFLR VHP FRQWDU D IDOWD GH DSRLR ILQDQFHLUR SDUD H[SDQVmR WHQGR TXH FUHVFHU D SDUWLU GH UHFXUVRV SUySULRV
3DUD GHVHQYROYHU HVWD LQG~VWULD HUD QHFHVViULR LQFHQWLYiOD GHL[DQGR GH HQFDPLQKDU PDWpULDSULPD DR H[WHULRU H WUD]HU R SURGXWR PDQXIDWXUDGR HVSHFLDOPHQWH GH SURGXWRVWr[WHLVHGHXVRFRUULTXHLUR
'HVGH FRPHoDUDP DOJXPDV GHVWDV Do}HV FRP D SURPXOJDomR GD WDULID SURWHFLRQLVWD TXDQGR $OYHV %UDQFR HVWLSXORX XPD WD[D GH HP PXLWRV SURGXWRV PDQXIDWXUDGRVLQFOXVLYHRVWHFLGRVGHDOJRGmR
3RUpP HUD QHFHVViULR LQFHQWLYDU D LPSRUWDomR GH PiTXLQDV PRGHUQDV H HQWUH DFRPDVXVSHQVmRGHWD[DVDOIDQGHJiULDVSDUDPiTXLQDVHPDWpULDVSULPDVKRXYH XP HVWtPXOR SDUD R VXUJLPHQWR GH IiEULFDV GH ILDomR H WHFHODJHP GH DOJRGmR 2 FDUiWHU YHUGDGHLUDPHQWH LQGXVWULDO RFRUUHX FRP D IXQGDomR GD IiEULFD 6DQWR $OHL[R QR 5LR GH -DQHLURH7RGRVRV6DQWRVQD%DKLDLQIOXrQFLDTXHWUDQVIRUPDULDPDLVWDUGHD%DKLDFRPR SULPHLURFHQWURPDQXIDWXUHLURWr[WLOGHDOJRGmRGRSDtV67(,1S
(P R SDtV FRQWDYD FRP QRYH IiEULFDV Wr[WHLV FRP IXVRV H XPD SURGXomR GH TXDWUR PLOK}HV GH PHWURV GH WHFLGRV H HP R ULWPR GH FUHVFLPHQWR QmR SDURXH[SDQGLQGRSDUDTXDUHQWDHGXDVIiEULFDVFRPIXVRVHYLQWHPLOK}HVGHPHWURV 67(,1S
$LQG~VWULDQDFLRQDOQHFHVVLWDYDGHPDTXLQiULRHWRGDDDVVLVWrQFLDWpFQLFDYLQGD SULQFLSDOPHQWHGD*Um%UHWDQKD)UDQoDH(VWDGRV8QLGRVHGHYLGRjGLVWkQFLDEHPFRPRGRV DWUDVRVHHUURVQRVSHGLGRVRVHPSUHViULRVIL]HUDPRILFLQDVGHUHSDUR
$SyVD3URFODPDomRGD5HS~EOLFDDVPHGLGDVSURWHFLRQLVWDVIRUDPLQWHQVLILFDGDV DOpP GR DXPHQWR GR FUpGLWR H VXD IDFLOLWDomR WUD]HQGR YDQWDJHQV SDUD R GHVHPSHQKR GD
LQG~VWULDQDFLRQDOTXHMiKDYLDFRPEDWLGRDGXUDVSHQDVDLGHLDGHTXHRWHFLGRLPSRUWDGR SRVVXtDPHOKRUTXDOLGDGH
9LVDQGR HVWH FRPEDWH IRL SDVVDGR R FRPDQGR GH DOJXPDV IiEULFDV SDUD FRPHUFLDQWHV GH RULJHP SRUWXJXHVD H IRUDP UHDOL]DGRV DFRUGRV FRPHUFLDLV FRP FDVDV GH LPSRUWDomR UHSUHVHQWDQWHV DWDFDGLVWDV GD pSRFD H TXH YHQGLDP H[FOXVLYDPHQWH WHFLGRV LPSRUWDGRVPDVHUDPUHVSRQViYHLVSHORDSDUDWRGHYHQGDGHVWHSURGXWRQRPHUFDGRQDFLRQDO $ H[SDQVmR FRQWLQXRX DWp R LQtFLR GR *RYHUQR 9DUJDV QD GpFDGD GH RFRUUHQGRjGLYHUVLILFDomRGHSURGXWRVHXPDXPHQWRGDGHPDQGDSURYRFDGRSHODSODQWDomR GRFDIpTXHWURX[HGHVHQYROYLPHQWRSDUDDOJXPDVFLGDGHVGHYLGRDRVLPLJUDQWHVTXHIRUDP XWLOL]DGRVQDDJULFXOWXUD
2VSUy[LPRVDQRVIRUDPPDUFDGRVSRUXP FUHVFLPHQWRQDSURGXomRSRUpP SRUPXLWDLQVWDELOLGDGH
1DWHQWDWLYDGHDPHQL]DUDFULVHHDVXSHUSURGXomRHPDVLQG~VWULDVWr[WHLV DSURYDUDPDLGpLDGHVXVSHQGHUDLPSRUWDomRGHPiTXLQDVWr[WHLV6RPHQWHDSyVYLQWHPHVHV TXH HVWD LGpLD IRL FRQYHUWLGD HP SURMHWR GH OHL H DSUHVHQWDGD DR &RQJUHVVR SHOR GHSXWDGR (GXDUGRGH/LPD&DVWUR
1D OHL TXH IRL DSUHVHQWDGD HP DJRVWR GH DSUHVHQWDYD RXWUDV GLVSRVLo}HV FRPR D OLPLWDomR GD MRUQDGD GH WUDEDOKR D KRUDV (VWH SURMHWR GH OHLJHURX FRQWURYpUVLDV HQWUHRVIDEULFDQWHVGHWHFLGRV
1HVWHSHUtRGRRFRUUHDUHYROXomRGHRXWXEURGHOLGHUDGDSRU*HW~OLR9DUJDV HTXHGHS{V-~OLR3UHVWHV1DF~SXODGHVWHJRYHUQRKDYLDLQIOXHQWHVLQGXVWULDLVHRGHFUHWRIRL SURPXOJDGRHPGHPDUoRGH
'HYLGRDRGHFUHWRTXH SURLELDDLPSRUWDomRGHPiTXLQDVDSURGXomR GHWHDUHV DXPHQWRXHFKHJRXDH[SRUWDUSDUWHGHVHXVSURGXWRV
&RP R SULQFtSLR GD 6HJXQGD *XHUUD 0XQGLDO HP D LQG~VWULD SDVVRX H[SRUWDUSDUWHGHVXDVXSHUSURGXomRHFRPHoRXDGHWHFWDUTXHQHFHVVLWDYDGHHTXLSDPHQWRV PDLV PRGHUQRV H HQ[HUJDYD SRVVLELOLGDGHV GH DXPHQWDU D SURGXomR SDUD LVVR XVRX ILQDQFLDPHQWRV GRV EDQFRV HVWDWDLV H GH yUJmR SUHYLGHQFLiULRV FRP R DSRLR GR JRYHUQR IHGHUDO
1R HQWDQWR FRP R WpUPLQR GD JXHUUD RFRUUHX D UHWRPDGD GR PHUFDGR H[WHUQR SHORVDQWLJRVH[SRUWDGRUHVPXQGLDLVHRGHFUHWRSXEOLFDGRQR'LiULR2ILFLDOHPGHPDUoR GHSURLELXjVH[SRUWDo}HVHUHWLURXDHXIRULDWUD]HQGRRFOLPDGDVXSHUSURGXomR
'HWHFWDYDVH HQWmR TXH D LQG~VWULD SUHFLVDYD PRGHUQL]DU RV PpWRGRV GH DGPLQLVWUDomRDVVLPFRPRRPDTXLQiULRREVROHWR
1HVWH SHUtRGR LQLFLRX XPD PXGDQoD GR VLVWHPD IDEULO SDUD FRPSHWLU FRP XP PHUFDGRH[WHULRUTXHVHILUPDYDDSyVRSHUtRGRGHJXHUUD
$V SULQFLSDLV PXGDQoDV FRQWHPSRUkQHDV OLJDGDV D HVWDV RUJDQL]Do}HV ILFDP QLWLGDPHQWH YLVXDOL]DGDV QR TXH WDQJH DR DXPHQWR GD FDSDFLGDGH GH SURGXomR H WDPEpP SHOR FRPpUFLR LQWUDEORFRV LQIOXHQFLDGDV SHOD HQWUDGD GH DOJXQV SDtVHV SHULIpULFRV FRPR &RUpLDGR6XO7DLZDQ+RQJ.RQJ ,QGRQpVLD7DLOkQGLDËQGLDH3DTXLVWmRGHYLGRDRVHX DOWR SRGHU FRPSHWLWLYR IRUoRX RV WUDGLFLRQDLV SURGXWRUHV QRUWH DPHULFDQRV H HXURSHXV D PRGLILFDo}HVQRVSUHoRVHWDPEpPQDTXDOLGDGHIOH[LELOLGDGHH GLIHUHQFLDomRGHSURGXWRV SDUDLVVRIRUDPDWUiVGRSUySULRFRPpUFLRHQWUHRVEORFRVHFRQ{PLFRVIRUPDGRVHWDPEpPGH PmRGHREUDPDLVEDUDWD
$OJXPDV HPSUHVDV GH IDVHV GLVWLQWDV GR SURFHVVR GH IDEULFDomR LQWHJUDUDPVH FRPRpGHVWDFDGRSRU*RULQLS
$ KLVWyULFDIUDJPHQWDomRGRVHWRUIRLDWHQXDGDSHODIRUPDomRGHUHGHVFRPSRVWDV SRU DWHOLrV GH GHVLJQ IRUQHFHGRUHV GH ILEUDV H RXWUDV PDWpULDVSULPDV WHFHODJHQV FRQIHFo}HV H JUDQGHV FDGHLDV YDUHMLVWDV HP TXH D ORJtVWLFD GH WRGD D FDGHLD IRL RWLPL]DGDYLDLQIRUPDWL]DomRHOHFWURQLFGDWDLQWHUFKDQJH(',HHIILFLHQWFRQVXPHU UHVSRQVH(&5
1D(XURSDH(VWDGRV8QLGRVpFUHVFHQWHDFDGHLDGHORMDVFRPPDUFDSUySULDHGH KLSHUPHUFDGRVQDFRPHUFLDOL]DomRGRVSURGXWRVFRQIHFFLRQDGRV
2%UDVLOpXPGRVSDtVHVSHULIpULFRVTXHHQWURXQHVWDFRPSHWLWLYDLQG~VWULD1R HQWDQWR SRVVXL EDL[D UHSUHVHQWDWLYLGDGH GH H[SRUWDomR VHQGR LQIHULRU D $ SDUWH GDV H[SRUWDo}HVFRQFHQWUDVHQRVHJPHQWRWr[WLOUHIHUHQWHDRVFRQIHFFLRQDGRVTXHFRQWUDVWDFRP RVRXWURVSDtVHVYLVWRVHUDPDLRUH[SRUWDomRGHOHVWDPEpP
$QWHVGHSURVVHJXLUPRVFRPRHVWXGRYDPRVH[SRUGHPDQHLUDUiSLGDDHVWUXWXUD GD FDGHLD SURGXWLYD Wr[WLO H GH FRQIHFo}HV DSHQDV SDUD HQWHQGHUPRV H QRV VLWXDU QHVWH XQLYHUVRYLVWRTXHQmRpRIRFRGHQRVVDSHVTXLVD
),*85$±(VWUXWXUDGDFDGHLDSURGXWLYDWr[WLOHGHFRQIHFo}HV
)RQWH(ODERUDomRGR%1'(6DSXG&267$52&+$S
(VWH VHJPHQWR HVWi HP FRQVWDQWH FUHVFLPHQWR SRGHPRV DQDOLVDU HVWH SDQRUDPD DWUDYpV GR JUiILFR TXH UHODFLRQD R FRQVXPR PXQGLDO H ILEUDV Wr[WHLV H GR FRPpUFLR LQWHUQDFLRQDO
*5È),&2±&RQVXPRPXQGLDOGHILEUDVWr[WHLV
)RQWH,HPLDSXG&267$52&+$S
*5È),&2±&RPpUFLRLQWHUQDFLRQDOGHWr[WHLVHYHVWXiULR
)RQWH,HPLDSXG&267$52&+$S
$SyV WUDoDGR HVWD HVWUXWXUD SRGHPRV SURVVHJXLU H GL]HU TXH R SDtV QR DQR GH RFXSDYD R VH[WR OXJDU HQWUH RV SURGXWRUHV PXQGLDLV GH Wr[WHLV H FRQIHFFLRQDGRV 1R HQWDQWRQRFRPpUFLRPXQGLDORFXSDYDDSRVLomRHQWUHRVSDtVHVH[SRUWDGRUHVHDHQWUH RVLPSRUWDGRUHV&267$52&+$S
1R SHUtRGR GH DSHQDV XP ~QLFR VHJPHQWR FUHVFHX VHQGR HOH R GH FRQIHFo}HV PDV WHYH TXH VH DGHTXDU DV QRYDV H[LJrQFLDV GR PHUFDGR FRPR D DEHUWXUD FRPHUFLDO GR SDtV H PHVPR VHP SUHSDUR SRU SDUWH GDV HPSUHVDV SDUD LVWR WRPDUDP D LQLFLDWLYD H VH GHVORFDUDP UHJLRQDOPHQWH SDUD R 1RUGHVWH RX PHVPR RXWUDV UHJL}HV TXH RIHUHFHUDPLQFHQWLYRVHSHOREDL[RFXVWRGHPmRGHREUDRXWUDVDtGDHQFRQWUDGDIRLDWUDYpV GDIRUPDomRGHFRRSHUDWLYDVGHWUDEDOKR
2 SDtV YHP PRVWUDQGR QRV ~OWLPRV DQRV R VHX SRWHQFLDO GH FUHVFLPHQWR SULQFLSDOPHQWH IUHQWH j GHPDQGD WHQGR HP YLVWD TXH R FRQVXPR DXPHQWRX GH .JKDELWDQWH HP SDUD .JKDELWDQWH HP HOHYDQGR RV LQYHVWLPHQWRV HP PRGHUQL]DomRHDXPHQWRGDFDSDFLGDGHSURGXWLYD*25,1,S&267$52&+$ S
3RUpP HVWXGR UHDOL]DGR QR DQR GH PRVWURX XP DXPHQWR GD JHUDomR GH HPSUHJRVTXHVDOWRXSDUDHPSUHJDQGRGLUHWDPHQWHPLOK}HVDSHVDUGDTXHGDGD SDUWLFLSDomR EUDVLOHLUD QR PHUFDGR PXQGLDO IHFKDQGR R SHUtRGR FLWDGR HP &267$ 52&+$S
$ UHJLmR 6XGHVWH FRP EDVH GH GDGRV GH p D TXH PDLV VH GHVWDFD QD SURGXomRHQDVLQG~VWULDVVHJXLGDVGDVUHJL}HV6XOH1RUGHVWH2SDtVDSUHVHQWDVHGDVHJXLQWH IRUPD
(QTXDQWRQR1RUGHVWHHVWmRVHFRQFHQWUDQGRRVLQYHVWLPHQWRVLQWHQVLYRVHP HVFDODQR6XOVHUH~QHPRVSURGXWRUHVGHFDPDPHVDHEDQKRHPDOKDVGH PpGLR H SHTXHQR SRUWHV H QR 6XGHVWH ILFD D SURGXomR GH DUWLILFLDLV H VLQWpWLFRV GHVGH RV JUDQGHV SURGXWRUHV GH PDWpULDVSULPDV YLVFRVH SROLpVWHU QiLORQ HODVWDQRHQWUH RXWURV DWp SHTXHQDV H PpGLDV WHFHODJHQV PDOKDULDV H FRQIHFo}HV &DEH GHVWDFDU YiULRV SyORV LPSRUWDQWHV QD UHJLmR 6XGHVWHFRPRRVGH$PHULFDQD6DQWD%iUEDUD1RYD2GHVVDH6XPDUp6mR 3DXOR ± IRUPDGRV HP JUDQGH SDUWH SRU SHTXHQDV H PpGLDV HPSUHVDV UHVSRQViYHLVSRUGDSURGXomRQDFLRQDOGHWHFLGRVDUWLILFLDLVHVLQWpWLFRV ±H1RYD)ULEXUJR5LRGH-DQHLUR±GHGLFDGRiSURGXomRGHOLQJHULHHQWUH RXWURV*25,1,S
3RGHPRV REVHUYDU R GHVHQYROYLPHQWR GDV XQLGDGHV IDEULV H GR Q~PHUR GH HPSUHJDGRVQDWDEHODDEDL[R
7$%(/$±8QLGDGHVIDEULVHQ~PHURGHHPSUHJDGRVSRUUHJLmR
)RQWH(ODERUDomR GR %1'(6 FRP EDVH HP GDGRV GR ,(0, DSXG
&267$52&+$S
1RHQWDQWRYLVXDOL]DPRVXPDXPHQWRQDVXQLGDGHVIDEULVLQVWDODGDVQRVHJPHQWR GHFRQIHFFLRQDGRVHXPSHTXHQRDYDQoRQRVHJPHQWRGHWr[WHLV
*5È),&2±8QLGDGHVIDEULVLQVWDODGDV±
7r[WLO &RQIHFFLRQDGRV
8QLGDGHVIDEULV
LQVWDODGDV
8QLGDGHVIDEULV
LQVWDODGDV
7r[WLO &RQIHFFLRQDGRV
)RQWH(ODERUDGR SRU 0DWHXV %HRUGR FRP EDVH HP GDGRV GR ,HPL DSXG&267$52&+$S
2Q~PHURGHHPSUHJDGRVQmRGHPRQVWUDDPHVPDHYROXomRQmRDFRPSDQKDQGR HVWHULWPRGRVHWRUGHFRQIHFFLRQDGRVRQGHWHYHXPDSHTXHQDUHWUDomRHRWr[WLOXPDtQILPD DPSOLDomR
*5È),&2±1~PHURGHHPSUHJDGRV±
1~PHURGHHPSUHJDGRV
1~PHURGHHPSUHJDGRV
7r[WLO &RQIHFFLRQDGRV
)RQWH(ODERUDGR SRU 0DWHXV %HRUGR FRP EDVH HP GDGRV GR ,HPL DSXG&267$52&+$S
LQIRUPDOLGDGHTXHSUHMXGLFDDHILFLrQFLDGDSURGXomRUHGX]RWDPDQKRGDVHPSUHVDVHVXD FDSDFLGDGHGHLQYHVWLPHQWR
1HVWH TXDGUR GHVDILDGRU R %UDVLO SRVVXL HOHYDGR Q~PHUR GH FXUVRV VXSHULRUHV OLJDGRV j PRGD SRVVXLQGR DXWRUL]DomR GH FXUVRV QR 0LQLVWpULR GD (GXFDomR R VHWRU RFXSDRVHJXQGROXJDUQRRIHUHFLPHQWRGHYDJDVQRPHUFDGRGHWUDEDOKRWHPPDLVGHPLO HPSUHVDVHILFDDWUiVGD&KLQDËQGLD(VWDGRV8QLGRVH7DLZDQQDFDGHLDWr[WLOPXQGLDO
2EDL[RJUDXGHSHQHWUDomRQRPHUFDGRH[WHUQRDFDEDSRUFRQGX]LUDDWLYLGDGH SDUD R PHUFDGR LQWHUQR PDV R VHJPHQWR GH OLQJHULH SRVVXL SRWHQFLDO GH LQFUHPHQWR GDV H[SRUWDo}HVDVVLPFRPRPDOKDVGHDOJRGmRHPRGDSUDLD
3RUILPR5HODWyULRGHDFRPSDQKDPHQWRVHWRULDOWr[WLOHFRQIHFomR81,&$03 SGHILQHEHPDVSULQFLSDLVFDUDFWHUtVWLFDVGRVHWRUFRPR
$LQG~VWULDWr[WLOHGHFRQIHFomRpEDVWDQWHDPSODHpFRPSRVWDSRUYiULDV HWDSDV SURGXWLYDV LQWHUUHODFLRQDGDV %DVLFDPHQWH SRGHP VHU GHVWDFDGDV HWDSDVILDomRSURGXomRGHILRVRXILODPHQWRVTXHVHUmRSUHSDUDGRVSDUD DHWDSDGDWHFHODJHPWHFHODJHPIDEULFDomRGHWHFLGRVSODQRVRXWHFLGRV GH PDOKD PDOKDULD H GH WHFQRORJLD GH QmRWHFLGRV DFDEDPHQWR RSHUDo}HV TXH FRQIHUHP DR SURGXWR FRQIRUWR GXUDELOLGDGH H SURSULHGDGHV HVSHFtILFDV FRQIHFomR GHVHQKR FRQIHFomR GH PROGHV JUDGHDPHQWR HQFDL[HFRUWHHFRVWXUD1DHWDSDILQDORVSURGXWRVSRGHPWRPDUIRUPDGH YHVWXiULRGHDUWLJRVSDUDRODUFDPDPHVDEDQKRGHFRUDomRHOLPSH]DRX SDUD D LQG~VWULD ILOWURV GH DOJRGmR FRPSRQHQWHV SDUD R LQWHULRU GH DXWRPyYHLVHPEDODJHQVHWF2SURGXWRILQDOGHFDGDXPDGHVVDVIDVHVpD PDWpULDSULPDGDIDVHVHJXLQWHRTXHGHQRWDDFDGHLDWr[WLOHGHFRQIHFomR XP FDUiWHU EDVWDQWH GLYHUVLILFDGR VHQGR FDGD VHWRU FRPSRVWR SRU JUDQGH Q~PHUR GH VHJPHQWRV GLIHUHQFLDGRV FRP GLQkPLFDV HVWUXWXUDV ItVLFDV H
SOD\HUVSUySULRV
$ GHVFRQWLQXLGDGH GR SURFHVVR SURGXWLYR FRP GLIHUHQWHV LQWHQVLGDGHV HP WHUPRV GH XWLOL]DomR GH FDSLWDO H PmRGHREUD HP FDGD HWDSD VRPDGDV jV GLYHUVDV SRVVLELOLGDGHV GH XWLOL]DomR H FRPELQDomR GH PDWpULDVSULPDV UHVXOWDHPXPDJDPDEDVWDQWHDPSODGHRSo}HVTXDQWRDRSURFHVVRWpFQLFR XWLOL]DGRjVIRUPDVGHRUJDQL]DomRGDSURGXomRHDRSURGXWRILQDOGHVHMDGR 'R SRQWR GH YLVWD WHFQROyJLFR HP JUDQGH PHGLGD R VHWRU DEVRUYH DV LQRYDo}HVWHFQROyJLFDVGHVHQYROYLGDQRVHWRUGHPiTXLQDVWr[WHLVHQRVHWRU GH ILEUDV TXtPLFDV 1R HQWDQWR DV GLIHUHQWHV DSOLFDo}HV ILQDLV H DV SRVVLELOLGDGHVGHVHJPHQWDomRGHPHUFDGRQRHORILQDOGDFDGHLDFRORFDP FRPRVHJPHQWRIXQGDPHQWDOGHFRPSHWLWLYLGDGHDFDSDFLGDGHGHGLIHUHQFLDU SURGXWRV H GH DWHQGHU GH PDQHLUD IOH[tYHO jV PXGDQoDV QRV SDGU}HV GH SUHIHUrQFLDGRVFRQVXPLGRUHV
2VHJPHQWRTXHHVWDPRVHVWXGDQGRSHUWHQFHjHWDSDRXVHMDGHFRQIHFomRTXH pRQGHRVSURGXWRVDGTXLUHPVHXFDUiWHUILQDOSRUpPHVWDHWDSDGHSHQGHGHWRGDVDVRXWUDV SDUD VXD FRQVROLGDomR H FDUDFWHUL]DQGRR SHODV QHFHVVLGDGHV GLIHUHQFLDGDV FDGD VHJPHQWR GHPDQGDXPDOLQKDGHSURGXomRGLIHUHQFLDGD
2 GHVHQYROYLPHQWR GR VHWRU QD HVWi UHODFLRQDGR j IDEULFDomR GH WHFLGRV SULQFLSDOPHQWH VLQWpWLFRV FRP DOWD GXUDELOLGDGH H FRQGLo}HV WpFQLFDV HVSHFtILFDV WUD]HQGR FRQIRUWRHUHGX]LQGRFXVWRV
1mRSRGHPRVHVTXHFHU TXHLQVHULGRQRVHWRUWr[WLOORFDOL]DPRVWDPEpPRVHWRU FDOoDGLVWD H DR FRPHQWDU QHVWH VHWRU ORJR OHPEUDPRV D FLGDGH TXH p UHFRQKHFLGD QDFLRQDOPHQWHFRPRDFDSLWDOGRFDOoDGRPDVFXOLQRRXVHMDDFLGDGHGH)UDQFD63
$ FLGDGH SRVVXL GHVWDTXH KLVWyULFR QR UDPR H KRMH LQWURGX] H GLYHUVLILFD QR VHJPHQWR SDUWLQGR SDUD SURGXomR GH PDOKDULD FRQIHFomR GH URXSDV H GD FUHVFHQWH PRGD tQWLPDTXHYHPDPSOLDQGRGHVGHDGpFDGDGH
9DPRV DJRUD FRQKHFHU D UHODomR GD FLGDGH FRP DPSOD JDPD GH LQRYDGRUHV H SLRQHLURVQRVHWRUFDOoDGLVWDHGDPRVRVSULPHLURVSDVVRVHLQGLFDo}HVSDUDDSURGXomRORFDO GDOLQJHULH
5HODWRVGDFLGDGHGH)UDQFD63RKRPHPVLPSOHVHHPSUHHQGHGRU
$FLGDGHREMHWRGHQRVVRHVWXGRGHVWDFDVHSHORFDUiWHULQGXVWULDOHVHSURSDJRX QDFLRQDOPHQWH SHORV FDOoDGR PDVFXOLQR GH FRXUR FRP VXD LQGLVFXWtYHO TXDOLGDGH IUHQWH DR FDOoDGRVLQWpWLFRLPSRUWDGR
2VXMHLWRTXHSDVVDYDSHORHQWUHSRVWRFRPHUFLDOQRVpFXOR;9,,,WHPGHVWDTXH HP WRGD D KLVWyULD GD FRQVWUXomR GR VHWRU FDOoDGLVWD H GD SUySULD FLGDGH H LPSULPH D FDSDFLGDGH GH LQRYDU SDUD R VHJPHQWR Wr[WLO FRQVROLGDQGR FRPR XPD GH VXDV PDUFDV UHJLVWUDGDV
(VWH VXMHLWR QmR QDVFHX HPSUHHQGHGRU SRLV VH FRQVWUXLX QDV UHODo}HV 1DV SDODYUDVGR3URI3HGUR*HUDOGR7RVL³(OHpXPVXMHLWRDWLYRHSUyDWLYRHVHQGRDVVLPQmR pUHDWLYRTXHpTXHPDEDQGRQDREDUFRHPXPSULPHLURPRPHQWRGLItFLO1mRVHQGRUHDWLYR
DWXDHPSUROGRFRQKHFLPHQWRGHXPDQRYDVLWXDomR1mRpVXEVHUYLHQWHpUHVLOLHQWH6HVHQWH DWLYRHPSUROGHXPDVLWXDomR´LQIRUPDomRYHUEDO
$UHJLmRIRLGHVEUDYDGDQRVpFXOR;9,,,SRUEDQGHLUDQWHVSDXOLVWDVVHGLULJLQGRj 9LOD%RDGH*RLiVDWUDYpVGR³&DPLQKRGH*R\D]HV´
(VWD WUDMHWyULD FRPHoD TXDQGR D FLGDGH HUD HQWUHSRVWR FRPHUFLDO WRUQDQGRVH SRQWR REULJDWyULR GH SDVVDJHP SDUD TXHP VDLD GH 6mR 3DXOR FRP YLVWDVD *RLiV H ORJR VH GHVHQKRXSUy[LPRDXPDUHJLmRFULDGRUDGHJDGRVHSURMHWRXVHQRWUDWDPHQWRGHFRXUR(UD DPSODPHQWH XWLOL]DGD SDUD FRPHUFLDOL]DomR GRV DQLPDLV TXH DMXGDYDP QR WUDQVSRUWH GH SHVVRDVHFDUJDVHWDPEpPSDUDDPDQXWHQomRGRVLQVWUXPHQWRVHVHODULD
$R ORQJR GHVVD HVWUDGD VXUJLUDP RV OXJDUHV GH SDUDGDV GHVFDQVR H GH DEDVWHFLPHQWR GHVWD PDQHLUD DV SULPHLUDV DWLYLGDGHV HFRQ{PLFDV TXH REWLYHUDP GHVWDTXH QR PXQLFtSLR IRUDP R FRPpUFLR GH VDO H D FULDomR GH JDGRHSRVWHULRUPHQWHDSURGXomRGHDUWHIDWRVGHFRXUR
3RUPHLRGHVWHVIDWRVFRQVHJXLPRVHQWHQGHUDU~VWLFDSURGXomRGHFRXURFUX WDQWR SDUD XVR SUySULR TXDQWR SDUD DWHQGHU RV YLDMDQWHV YLVWR TXH HVVD SURGXomR WHP R FDUiWHU GD QHFHVVLGDGH GR WUDEDOKDGRU UHDOL]DU DOJXP FRQVHUWR SURGX]LU DOJXPD SHoD SDUD VHX XVR H PHVPR SDUD JDUDQWLU D FRQWLQXLGDGHGDYLDJHPGHXVXiULRV(1*/(5%(25'2S
2SHTXHQRHQWUHSRVWRFRPHUFLDOIRLFUHVFHQGRHHPPHDGRVGHMiHVWDYDP LQVWDODGRV QD YLOD VDSDWHLURV TXH FRQIHFFLRQDYDP VDQGiOLDV FKLQHORV H ERWLQDV U~VWLFDV H WDPEpPRVVHOHLURVTXHFRQIHFFLRQDYDPSHoDVSDUDPRQWDULDVHFDUURVGHERL
$SULQFtSLRRWUDEDOKRHUDDUWHVDQDOYROWDGRSDUDDVXEVLVWrQFLDHVHPH[SUHVVmR HFRQ{PLFD &RP R WHPSR VH GHVWDFD YLUD RItFLR GH PXLWRV H[SDQGH H IDYRUHFHUi R VXUJLPHQWRGDLQG~VWULD
(PSRXFRWHPSRDFLGDGHFRQVHJXHDVXDHPDQFLSDomRGH0RML0LULPHUHFHEHD GHQRPLQDomRGH9LOD)UDQFDGR,PSHUDGRUDRVGHQRYHPEURGH
'HVGHDVXDIXQGDomRDWpWHPFRPRSULQFLSDODWLYLGDGHHFRQ{PLFDjFULDomR GH JDGR HQWUH D HVWi YROWDGD SDUD R FDIp H DSyV WHP XPD FUHVFHQWH H SUyVSHUDLQGXVWULDOL]DomRGLULJLGDSULQFLSDOPHQWHSDUDDIDEULFDomRGRFDOoDGRGHFRXUR
3URI3HGUR*HUDOGR7RVLFRPLVVmRH[DPLQDGRUDGHTXDOLILFDomRGHPHVWUDGRQD8QHVS±&kPSXVGH)UDQFD QRGLDDJR
3DUDOHODPHQWHSURVSHUDDLQG~VWULDGHFXUWXPHVIDWRPDUFDGRSHODFULDomR GRSULPHLURFXUWXPHHPSHORSDGUH$ORQVR)HUUHLUDGH&DUYDOKR$V FDUDFWHUtVWLFDVHWpFQLFDVGHFXUWLomRXWLOL]DGDVHUDP UXGLPHQWDUHVFRPRD FXUWLomRGRFRXURHPEDUULFDVHHPSUHJDQGRREDUEDWLPmRHPVHXSURFHVVR GH SUHSDUR H QR GHFRUUHU GD KLVWyULD WRUQDVH DWp SHOR PHQRV R ILQDO GD 6HJXQGD *XHUUD 0XQGLDO D SULQFLSDO DWLYLGDGH FRXUHLUD YLYHQWH QR PXQLFtSLR 3RUpP FLQFR DQRV PDLV WDUGH HOH IRL DGTXLULGR SRU 6HUDILP )HUUHLUD%RUJHVXPVHOHLURKiELOQDSURILVVmRTXHPHOKRURXDVFRQGLo}HVGH FXUWXPHSDUDSURGX]LUWDPEpPVRODVHDWDQDGRV
3RUYROWDGH&DUORV3DFKHFRGH0DFHGRHVHXVVyFLRVGmRLQtFLRDXP SURFHVVR GH DPSOLDomR GD SURGXomR GH FKLQHORV H FDOoDGRV U~VWLFRV $Wp HQWmR &DUORV 3DFKHFR &LD SRVVXtD FDVD HVSHFLDO GH DUUHLRV H FRXURV H RILFLQDVGHVHODULDHIHUUDULDDOpPGHDUWLJRVSDUDVDSDWDULDV(VWDHPSUHVD SRVVXtD XPD SURGXomR TXH UHVSRQGLD SRU PDLV TXH GR PHUFDGR GH DUWLJRV GHVWD FLGDGH H VHX PDLRU GLIHUHQFLDO HQWUH DV RXWUDV VDSDWDULDV H[LVWHQWHHUDRSDJDPHQWRSRUSHoDV(1*/(5%(25'2S
1R SHUtRGR iXUHR GR FDIp VH GHVWDFD SHOR JUmR QREUH SURGX]LGR QD UHJLmR IDYRUHFLGR SHOR FOLPD (PERUD D DJULFXOWXUD HVWLYHVVH HP VHX WHPSR GH UHDOFH RXWUDV DWLYLGDGHV VH PDQWLQKDP HQWUH HODV R FXUWLPHQWR GH FRXUR H IDEULFDomR GH FDOoDGRV SHORV PHVWUHV VDSDWHLURV TXH DSUHQGLDP R RItFLR FRP VHXV SDLV RX PHVPR FRP VDSDWHLURV GH H[SHULrQFLD
2DQRGHHYLGHQFLDVHSHORH[SUHVVLYRDUURMRQDSURGXomRGHFDOoDGRVHSHOD IXQGDomRGD&DOoDGRV-DJXDU$LQG~VWULDXWLOL]DYDPiTXLQDVLPSRUWDGDVSULQFLSDOPHQWHGH RULJHPWFKHFDPDVDGYLQGDVGHVHJXQGDPmRGRHL[R5LRGH-DQHLUR±6mR3DXORHPWRGDVDV HWDSDV GH SURGXomR H DMXVWDYDVH D XP PHUFDGR SURPLVVRU H FDUHQWH GH SURGXWRV EDUDWRV LQIRUPDomRYHUEDO
(VWD LQG~VWULD LQVHUH QD FLGDGH D SURGXomR HP VpULH TXH UHVXOWD QD UHGXomR GR WHPSR GH IDEULFDomR DXPHQWR GD SURGXWLYLGDGH H FRQVHJXH RIHUWDU VHXV SURGXWRV D SUHoRV PHQRUHV
7RGDYLD HVWH SHUtRGR HQFHUUDVH UDSLGDPHQWH HP DSyV VpULD FULVH ILQDQFHLUD RFRUUH R HQFHUUDPHQWR GDV VXDV DWLYLGDGHV H FRORFD ILP QD SULPHLUD IDVH GHVWD LQGXVWULDOL]DomR
2FDIpVRIUHXPGHFOtQLRQDSURGXomRGHYLGRjTXHGDGDVH[SRUWDo}HVQRILQDOGD GpFDGD GH H LQFHQWLYDVH j IDEULFDomR GR FDOoDGR YDORUL]DQGR D H[LVWrQFLD GH XPD SHTXHQD PmRGHREUD HVSHFLDOL]DGD QR WUDWDPHQWR GH DUWLJRV GH FRXUR H RXWURV DUWHIDWRV H FRQWDQGRFRPDEXQGDQWHRIHUWDGHPDWpULDSULPDDFUHVFHQWHQHFHVVLGDGHGHDEDVWHFLPHQWR
GRPHUFDGRLQWHUQRDH[SDQVmRGDVH[SRUWDo}HVHRLQFHQWLYRQDFLRQDOGHGHVHQYROYLPHQWR GDLQG~VWULD
$PHFDQL]DomRILFRXLQWHUURPSLGDSRUSRXFRPDLVGHXPDGpFDGDQHVWHSHUtRGRR WUDEDOKR HUD PDUFDGDPHQWH PDQXDO H DUWHVDQDO SRLV R XVR GH PiTXLQDV OLPLWDYDVH DV SHTXHQDVDILQDODVIiEULFDVHUDPGHSHTXHQRSRUWHHQmRWLQKDPFDSLWDOVXILFLHQWHSDUDDGRWDU WDLVLQRYDo}HVWHFQROyJLFDV
$SDUWLUGHRVDSDWHLUR$QW{QLR/RSHVGH0HOORYLXTXHjFRPSHWLWLYLGDGH HUD FUHVFHQWHHSUHFLVDULDPRGHUQL]DU DVOLQKDV GHSURGXomR HDXPHQWDUDSURGXWLYLGDGHGD &DOoDGRV0HOOR0HOORFRPHoDDLPSRUWDUPiTXLQDVGDDOHPm³0RHPXV´PDVGHYLGRRLQtFLR GD *XHUUD 0XQGLDO H FRQVHTXHQWHPHQWH D GLILFXOGDGH GH UHSRVLomR GH SHoDV WURFD DV PiTXLQDV DOHPmV SHODV GD QRUWHDPHULFDQD8QLWHG 6KRHV 0DFKLQHU\ &RPSDQ\ 860& FRQVHJXLXDJDUDQWLDGHPDQXWHQomRWpFQLFDFRPIDFLOLWDomRQDFRPSUDSHOROHDVLQJDOXJXHO FRPRSomRGHFRPSUDQRILQDOGRDUUHQGDPHQWR
9iULDV IiEULFDV VHJXLUDP R PHVPR FDPLQKR H VRIUHUDP UHPRGHODo}HV 0LJXHO 6iELR GH 0HOOR p XP GHOHV IXQGD D 6DPHOOR TXH DSyV D GpFDGD GH OLGHUD DV WUDQVIRUPDo}HVRFRUULGDVQRSDUTXHIDEULOGH)UDQFDHFRQVWUyLRSULPHLURSUpGLRSURMHWDGR HVSHFLILFDPHQWHSDUDDWHQGLPHQWRGHXPDLQG~VWULDGHFDOoDGR
-XQWDPHQWH FRP HVWD H[SDQVmR TXH SHUPDQHFH DSyV VXUJH j LQFLSLHQWH LQG~VWULDGHDUWHIDWRVGHERUUDFKDVDOWRVHVRODGRVFULDQGRQDFLGDGHXPFOXVWHUSRLVSDVVRX DWHUWRGRRDSDUDWRGDFDGHLDSURGXWLYDWDQWRSDUDFLPDTXDQWRSDUDEDL[ROHPEUDQGRTXHMi SRVVXtD D FULDomR GR JDGR R FXUWLPHQWR GR FRXUR RV VDSDWHLURV H RV DUWHIDWRV QHFHVViULRV FRPRRVVRODGRVVDOWRVFRODVHQWUHRXWURVDOpPGHWRGDUHGHGHVHUYLoRVQHFHVViULRVSDUDR IDEULFR
1RILQDOGDGpFDGDGHDSyVRLQtFLRGDVH[SRUWDo}HVRVHWRUpLPSXOVLRQDGR JHUDQGR PRGHUQL]DomR GDV PiTXLQDV PXGDQoDV QRV SURFHVVRV H RXWURV DYDQoRV DWp PDLV WDUGHFKHJDUjSURGXomRGRPDTXLQiULR
$6DPHOORVHWRUQDDPDLRUIiEULFDGDFLGDGHHHPLQRYDFRPDLPSODQWDomR GDSULPHLUDHVWHLUDWUDQVSRUWDGRUDGHPDWHULDLVGDLQG~VWULDEUDVLOHLUDGHFDOoDGRV
(PD&DOoDGRV6DPHOOR6$LQWURGX]LXDSULPHLUDHVWHLUDQDSURGXomR FDOoDGLVWD EUDVLOHLUD ,QLFLDOPHQWH HVVD HVWHLUD OLJDYD WRGDV DV VHo}HV GD IiEULFDDSyVRFRUWHGRFRXURDWpRSODQFKHDPHQWR0DLVGRTXHVXEVWLWXLU DV FDUUHWDV QR WUDQVSRUWH GRV FDOoDGRV HP H[HFXomR D LQFRUSRUDomR GD HVWHLUDjSURGXomRGHFDOoDGRVGHFRXUREXVFDYDLPSULPLUDHVVDSURGXomR DVFDUDFWHUtVWLFDVGHXPDOLQKDGHPRQWDJHP(1*/(5%(25'2 S
$LQG~VWULDSHUPDQHFHHPDOWDFRPHOHYDomRGDVWD[DVGHH[SRUWDomRHDSDUWLUGH VRIUH FRP R DXPHQWR GR YDORU GD PRHGD IUHQWH DR GyODU RV H[SRUWDGRUHV SHUGHP D FRPSHWLWLYLGDGHHUHGX]HPRVQHJyFLRVQRH[WHULRU$SDUWLUGHDLQG~VWULDSDVVDSRUXP SHUtRGRUHFHVVLYR
$ SROtWLFD HFRQ{PLFD GR JRYHUQR GR 3UHVLGHQWH )HUQDQGR +HQULTXH &DUGRVR H[LJLXPXGDQoDVDGHTXDo}HVHUHHVWUXWXUDo}HVGHVWDVHPSUHVDVQDWHQWDWLYDGHVHPDQWHUHP QRPHUFDGRHFRQVHJXLUHPFRPSHWLUFRPDDYDODQFKHGHSURGXWRVH[WHUQRVFRPSUHoRVPDLV FRPSHWLWLYRV SDUD LVVR RFRUUHX XPD UHGXomR GRV FXVWRV FRP PmRGHREUD SULQFLSDOPHQWH SRUFRORFDUHWDSDVGHSURGXomRSDUDIRUDGR³FKmRGHIiEULFD´XVDQGRDWHUFHLUL]DomRSRLV UHDOL]DDSURGXomRGHDFRUGRFRPDQHFHVVLGDGHLPSRVWDSHORPHUFDGRHRFRUUHXUHJLVWURVGH VDtGDGDFLGDGHGHHPSUHVDVGRVHWRUTXHVHJXLUDPSDUDR1RUGHVWHHPEXVFDGHLQFHQWLYRV ILVFDLVUHODFLRQDGRVDVXDLQVWDODomRSURGXomRHFRPpUFLRHDOPHMDQGRUHGXomRGRFXVWRGD PmRGHREUD
1HVWDVPXGDQoDVDGYLQGDVGRVUXPRVDGRWDGRVSHORSDtVDIHWDUDPDPSODPHQWHRV HPSUHViULRV DFDUUHWDQGR R IHFKDPHQWR GH YiULDV IiEULFDV LQFOXVLYH HPSUHVDV TXH HVWDYDP FRQVROLGDGDVQRPHUFDGRQDFLRQDOHLQWHUQDFLRQDO
'HVWDIRUPDSRGHVHFRQVLGHUDUTXHDIiEULFDSHUGHXVHXHVSDoRDSDUWLUGRV SULPHLURV DQRV GD GpFDGD GH 0HVPR DVVLP KRMH DV IiEULFDV FRQWDELOL]DGDVHPSUHJDPXPWRWDOGHWUDEDOKDGRUHVVHPFRQWDURV HPSUHJRV LQGLUHWRV TXH R VHWRU JHUD 2 VHWRU DLQGD PDQWpP FRPR FDUDFWHUtVWLFDVDSURGXomRTXDVHPDQXDOH[LJLQGRHPVXDVYiULDVHWDSDVD SDUWLFLSDomRGHYDVWDPmRGHREUD
$ FDSDFLGDGH LQVWDODGD GH SURGXomR DQXDO VXSHUD RV PLOK}HV GH SDUHV FRPXPDUHFHLWDGHDSUR[LPDGDPHQWH86PLOK}HVSRUDQRHP-i DSURGXomRHPQtYHOQDFLRQDOILFDHPWRUQRGHPLOK}HVGHSDUHVDQXDLV WUD]HQGR XP IDWXUDPHQWR TXH ILFD QD FDVD GRV 86 ELOK}HV QR PHVPR SHUtRGRLVWRUHSUHVHQWDGRXQLYHUVRGRVHWRUFDOoDGLVWD2%UDVLOpR WHUFHLURPDLRUSURGXWRUGHFDOoDGRGRPXQGRSHUGHQGRDSHQDVSDUDD&KLQD FRPSURGXomRDQXDOGHELOK}HVGHSDUHVHSDUDDËQGLDFRPPLOK}HV (1*/(5%(25'2S
>@
JHUDomR GH HPSUHJRVUHQGD TXH HODV UHSUHVHQWDP (VWDV PLFUR H SHTXHQDV HPSUHVDVVmRIRUPDGDVFRPLQYHVWLPHQWRVILQDQFHLURVUHODWLYDPHQWHEDL[RV H VH PRVWUDP H[WUHPDPHQWH UHOHYDQWHV QmR Vy HFRQ{PLFD PDV SULQFLSDOPHQWH VRFLDOPHQWH SHOD JHUDomR GH HPSUHJRV TXH RIHUHFH
(1*/(5%(25'2S
(PFRQWUDSRQWRDRSHUtRGRUHFHVVLYRYLYLGRQRFDOoDGRRFDUiWHUHPSUHHQGHGRU GRVFLGDGmRVFRORFDVHjPRVWUD6XUJHPDSDUWLUGDGpFDGDGHDVSULPHLUDVLQG~VWULDVGH FRQIHFo}HVYROWDGDVSULQFLSDOPHQWHSDUDRIDEULFRGDPRGDtQWLPD
(VWDV HPSUHVDV VRXEHUDP DSURYHLWDU RNQRZKRZ QRUPDOPHQWH DGTXLULGR SHOR WUDEDOKR QDV LQG~VWULDV GH FDOoDGR H SRU FRQVHJXLQWH QD iUHD GR GHVHQKR FRQIHFomR GH PROGHVJUDGHDPHQWRHQFDL[HFRUWHHFRVWXUDHDPRQWDJHPID]HQGRDVGHYLGDVDGDSWDo}HV ,QGRXPSRXFRPDLVDOpPVDOLHQWDPRVTXHpXVDGRSUDWLFDPHQWHWRGRVRVRXWURVDSDUDWRVH VHUYLoRVGLVSRQLELOL]DGRVQHVWHFOXVWHU
7RGRRDSDUDWRXVDGRQRVGRLVPRGHORVLQGXVWULDLVSULRUL]DPRWUDEDOKRPDQXDO HP GHWULPHQWR H HP GHWHUPLQDGDV RFDVL}HV D LPSRVVLELOLGDGH GR XVR GH WHFQRORJLD (VWD FDUDFWHUtVWLFDSRVVLELOLWDTXHXPWUDEDOKDGRUSRVVDVXUJLUFRPRHPSUHViULRFRPEDL[RFXVWR SDUDLVVRYLVWRTXHDVPiTXLQDVGHFRVWXUDSRUH[HPSORQmRWLYHUDPPXLWDVHYROXo}HVDQmR VHUTXDQWRDRVWLSRVGHFRVWXUDVXUJLGRV
0XLWDVGDVLQG~VWULDVVXUJLGDVYLHUDPGDQHFHVVLGDGHGHGLYHUVLILFDomRGRSDUTXH IDEULOIUHQWHDRVGHVDILRVLPSRVWRVSHODUHIRUPDGR(VWDGR%UDVLOHLURGDFRPSOHPHQWDomRGH UHQGD IDPLOLDU SULQFLSDOPHQWH SRU SDUWH GDV PXOKHUHV GRV WUDEDOKDGRUHV GDV LQG~VWULDV GH FDOoDGRLQFOXVLYHFRPDDGRomRGHDOJXPDVWpFQLFDVXWLOL]DGDVQHVWHVHWRUHFRQWDQGRFRP WUDEDOKDGRUHV TXDOLILFDGRV QD FRVWXUD DVVLP FRPR D HVWUXWXUD GH JDOS}HV H PiTXLQDV GH DQWLJDVIiEULFDV
(VWXGRVGR&HQWURGH(VWXGRVGR'HVHQYROYLPHQWR5HJLRQDO&HGHU1~FOHRGH (VWXGRV6REUHD,QG~VWULDH&DGHLD3URGXWLYD&DOoDGLVWD1HLFHPDQGDPHQWRHGHDFRUGR FRPUHSRUWDJHQVSXEOLFDGDVQR-RUQDO&RPpUFLRGD)UDQFDHVWHUDPRFRPHoRXDDSDUHFHUD FHUFDGHYLQWHDQRV)(/,33(RQOLQH
6HJXQGR GDGRV REWLGRV HQWUH MDQHLUR H IHYHUHLUR GH DWUDYpV GR &DGDVWUR *HUDO GH (PSUHJDGRV H 'HVHPSUHJDGRV &DJHG GR 0LQLVWpULR GR 7UDEDOKR H (PSUHJR 07( H[LVWHP QD FLGDGH OLJDGRV j LQG~VWULD GH WUDQVIRUPDomR HVWDEHOHFLPHQWRV GR VXEVHWRULQG~VWULDGHFDOoDGRVHQDLQG~VWULDWr[WLOGRYHVWXiULRHDUWHIDWRVGHWHFLGRVTXH HPSULPHLURGHMDQHLURGHPDQWLQKDHPSUHJRVIRUPDLVGRSULPHLURVXEVHWRUH
GRVHJXQGR0,1,67e5,2'275$%$/+2((035(*2RQOLQH2VVHJPHQWRVGH DWXDomR GHWHFWDGRV IRUDP DOpP GDV IiEULFDV GD OLQJHULH RXWURV WLSRV GH FRQIHFomR FRPR XQLIRUPHVFDOoDVFDPLVHWDVHURXSDVHPJHUDO
$VSLRQHLUDVGHQWUHDVHPSUHVDVTXHVHGHVWDFDPDWXDOPHQWHVmRD)UHOLWKTXH FRPHoRXDVDWLYLGDGHVHPD/RLNDWXDQGRQRPHUFDGRGHVGHHD/DUXOSGHVGH (ODVMiUHVSRQGHPLQFOXVLYHSRUH[SRUWDo}HVSDUDD(XURSD&KLQDH(VWDGRV8QLGRV
$V HPSUHVDV QRUPDOPHQWH VmR SHTXHQDV H PpGLDV QDVFHUDP GHQWUR GH UHVLGrQFLDVHFRPRWUDEDOKRIDPLOLDUPDVYHPVHH[SDQGLQGR
(VWH SURGXWR SRVVXL GXUDELOLGDGH LQIHULRU TXDQGR FRPSDUDGD D GR FDOoDGR WUD]HQGR DVVLP D URWDWLYLGDGH H FLUFXODomR GD PHUFDGRULD H VHP D QHFHVVLGDGH GH LQYHVWLPHQWRVFRQVWDQWHV
$VQXDQFHVRFRUULGDVQRPHLRSURGXWLYRLQIOXHQFLDUDPDRORQJRGDKLVWyULDDV PRGLILFDo}HVHPWRGDDVRFLHGDGHHSHUPHDUDPDUHHVWUXWXUDomRGRHVSDoRFROHWLYR
$VPXGDQoDVGRPHLRSURGXWLYRHRSURFHVVRGHWUDQVIRUPDomRVRFLDODFRQVWUXomR GRHVSDoRFROHWLYR
$ WUDMHWyULD PXQGLDO GRV ~OWLPRV VHLV VpFXORV IRL JXLDGD SRU XP SURFHVVR FRQKHFLGRFRPRJOREDOL]DomR$LQIOXrQFLDGHVWHDFRQWHFLPHQWRWUDoRXGLUHo}HVGLIHUHQFLDGDV QDSURGXomRHRUJDQL]DomRGRWUDEDOKRSRUFRQVHJXLQWHSDUDDVRFLHGDGHFRPRXPWRGR
3DUD IDFLOLWDU RV HVWXGRV GHVWH SURFHVVR ,PPDQXHO :DOOHUVWHLQ (48,3( */2%$/,=$d2RQOLQHGLYLGLXHPWUrVHWDSDVDSULPHLUDpPDUFDGDSHODH[SDQVmR PHUFDQWLOLVWDHDIRUPDomRGHLPSpULRVFRORQLDLVHQWUHDDVHJXQGDHQWUHD ILFDFRQKHFLGDFRPRDIDVHGRLPSHULDOLVPRHFDUDFWHUL]DVHSHODVSULQFLSDLVHYROXo}HV QRFDPSRGDSROtWLFDQRWpFQLFRHSHORLQWHUHVVHILQDQFHLURHLQGXVWULDO2UHPDQHMDPHQWRGR WUDEDOKR PDQXDO RFRUUH D SDUWLU GR GHVHQYROYLPHQWR GH PiTXLQDV TXH VXEVWLWXHP RV WUDEDOKDGRUHVHSURGX]HPXPPDLRUQ~PHURGHSURGXWRVPDUFDQGRHVWHLQtFLRGRSURFHVVRGH PHFDQL]DomR H LQGXVWULDOL]DomR 3RU ILP D WHUFHLUD IDVH VXUJH QD GpFDGD GH PDV VHX LPSDFWRDFRQWHFHDSyVRDQRGHFRP DTXHGDGRPXURGH %HUOLP HDGLVVRFLDomRGD 8QLmRGDV5HS~EOLFDV6RFLDOLVWDV6RYLpWLFDV8566
$ KHJHPRQLD DPHULFDQD IRL FRQTXLVWDGD D SDUWLU GD GpFDGD GH SRU FRQWDU FRPXPFUHVFLPHQWRGDSURGXomRHGRFRQVXPRHRPHVPRVRXEHDSURYHLWDUTXHDPDLRULD GRVSDtVHVGD(XURSDHVWDYDPGHVWUXtGRVSRUWHUHPVLGRRSULQFLSDOORFDOGDJXHUUD
$V JUDQGHV FRPSDQKLDV QRUWHDPHULFDQDV LPSODQWDUDP ILOLDLV H DGTXLULUDP ILUPDV GD (XURSD 2FLGHQWDOUHWRPDQGR DVVLP VXD PXOWLQDFLRQDOL]DomR 2V SDtVHV HXURSHXV H R -DSmR UHFRQVWUXtUDP VHXV SDUTXHV LQGXVWULDLV H DWLYDPHQWH LQFRUSRUDUDP WHFQRORJLD H SDGU}HV GH FRQVXPR GRV (8$ *UDGDWLYDPHQWH DV GLIHUHQoDV HQWUH WRGDV DV HFRQRPLDV HQYROYLGDV QD JOREDOL]DomR IRUDP VHQGR HOLPLQDGDV DWp FRQVWLWXtUHP XP WRGR HFRQ{PLFR EDVWDQWHKRPRJrQHR6,1*(5S
'HVGH HQWmR D WHQGrQFLD SROtWLFD GRPLQDQWH QR PXQGR SDVVD D VHU R QHROLEHUDOLVPR FDUDFWHUL]DGR SRU XP FRQMXQWR GH GLUHWUL]HV HFRQ{PLFDV SROtWLFDV H LGHROyJLFDV$SUHGRPLQkQFLDVHGiQRFDSLWDOLVPRILQDQFHLURTXHGHVUHJXODPHQWDPHUFDGRV SULYDWL]DYiULDVHPSUHVDVHVWDWDLVHGHFUHWDRDEDQGRQRGR(VWDGRGH%HP(VWDU6RFLDO
$HYROXomRWHFQROyJLFDEXVFDREWHQomRGHOXFURVDWUDYpVGDH[SORUDomRGRVSDtVHV SHULIpULFRV H GD PmRGHREUD EDUDWD $ SDUWLU GDt VmR RFRUUH j UHHVWUXWXUDomR GR SURFHVVR SURGXWLYR RV PHUFDGRV FRQVXPLGRUHV H WUDEDOKLVWDV GHL[DP GH VHU ORFDLV H DGTXLULUHP FDUDFWHUtVWLFDVJOREDLV
&RPR UHVSRVWD FULRXVH PHUFDGRV UHJLRQDLV RX LQWHUFRQWLQHQWDLV UHJLRQDOL]DQGR iUHDVTXHIRUDPGHQRPLQDGDVGHEORFRVHFRQ{PLFRVFRPRD8QLmR(XURSpLDVXUJLGDQRILQDO GD GpFDGD GH R 0HUFDGR &RPXP GR 6XO 0HUFRVXO HP R $FRUGR GH /LYUH &RPpUFLRGD$PpULFDGR1RUWH1$)7$D&RRSHUDomR(FRQ{PLFDGDÈVLDHGR3DFtILFR $3(& RXWUDV RUJDQL]Do}HV FRPR D 2UJDQL]DomR 0XQGLDO GR &RPpUFLR 20& HQWUH RXWURVWUD]HQGRQRYDVFRQRWDo}HVSDUD(VWDGR1DomR
1DVSDODYUDVGH,DQQLSDJOREDOL]DomRpXPSURFHVVRFLYLOL]DWyULRTXH URPSH UHPRGHOD H UHFULD DV IRUPDV VRFLDLV GH YLGD H GH WUDEDOKR EXVFDQGR DOpP GH GHVHQYROYHUHPXQGLDOL]DUVXDVIRUoDVSURGXWLYDVHDVVXDVUHODo}HVGHSURGXomRGHVHQYROYH H PXQGLDOL]D LQVWLWXLo}HV SDGU}HV H YDORUHV VyFLRFXOWXUDLV IRUPDV GH DJLU VHQWLU SHQVDU H LPDJLQDUHDRVSRXFRVDFRPXQLGDGHpUHFREHUWDSHODVRFLHGDGHDVRFLDELOLGDGHEDVHDGDQDV SUHVWDo}HV SHVVRDLV RX QD SURGXomR GH YDORUHV GH XVR p UHFREHUWD RX VXEVWLWXtGD SHOD VRFLDELOLGDGHEDVHDGDQRFRQWUDWRQDSURGXomRGHYDORUHVGHWURFD
(VWH SURFHVVR UHRUJDQL]RX D GLYLVmR LQWHUQDFLRQDO GR WUDEDOKR SURYRFRX GLIHUHQoDVGHSURGXWLYLGDGHHLQIOXHQFLRXQDUHGXomRGHFXVWRVGDSURGXomR
$GLQkPLFDVRFLDODSDUWLUGDJOREDOL]DomRHVDOLHQWDGDSRU%RDYHQWXUDGH6RXVD 6DQWRV
>@ JOREDOL]DomR FRPR FRQMXQWRV GH UHODo}HV VRFLDLV TXH VH WUDGX]HP QD LQWHQVLILFDomR GDV LQWHUDFo}HV WUDQVQDFLRQDLV VHMDP HODV SUiWLFDV LQWHUHVWDWDLV SUiWLFDV FDSLWDOLVWDV JOREDLV RX SUiWLFDV VRFLDLV H FXOWXUDLV WUDQVQDFLRQDLV $ GHVLJXDOGDGH GH SRGHU QR LQWHULRU GHVVDV UHODo}HV DV WURFDV GHVLJXDLV DILUPDVH SHOR PRGR FRPR DV HQWLGDGHV RX IHQyPHQRV GRPLQDQWHVVHGHVYLQFXODPGRVVHXVkPELWRVRXHVSDoRVHULWPRVORFDLVGH RULJHP H FRUUHVSRQGHQWHPHQWH SHOR PRGR FRPR DV HQWLGDGHV RX IHQyPHQRV GRPLQDGRV GHSRLV GH GHVLQWHJUDGRV H GHVHVWUXWXUDGRV VmR UHYLQFXODGRV DRV VHXV kPELWRV HVSDoRV H ULWPRV ORFDLV GH RULJHP 1HVWH GXSORSURFHVVRTXHUDVHQWLGDGHVRXIHQyPHQRVGRPLQDQWHVJOREDOL]DGRV TXHU RV GRPLQDGRV ORFDOL]DGRV VRIUHP WUDQVIRUPDo}HV LQWHUQDV >@ 0DV HQTXDQWR DV WUDQVIRUPDo}HV GRV IHQyPHQRV GRPLQDQWHV VmR H[SDQVLYDV YLVDPDPSOLDUkPELWRVHVSDoRVHULWPRVDVWUDQVIRUPDo}HVGRVIHQyPHQRV GRPLQDGRV VmR UHWUDFWLYDV GHVLQWHJUDGRUDV H GHVHVWUXWXUDQWHV >@ $ GHVWHUULWRULDOL]DomRGHVYLQFXODomRORFDOHWUDQVIRUPDomRH[SDQVLYDSRUXP ODGR H D UHWHUULWRULDOL]DomR UHYLQFXODomR ORFDO H WUDQVIRUPDomR GHVLQWHJUDGRUDHUHWUDFWLYDSRURXWURVmRDVGXDVIDFHVGDPHVPDPRHGDD JOREDOL]DomR6$1726S
2DXWRUGHOLEHUDRFRPRXPIHQ{PHQRGHYiULDVIDFHVTXHDWLQJHDHFRQRPLDD VRFLHGDGHDSROtWLFDDFXOWXUDDUHOLJLmRHRMXGLFLiULRUHDOL]DQGRLQWHUOLJDo}HVFRPSOH[DVH GDQGR RULJHP D TXDWUR IRUPDV GH JOREDOL]DomR $ SULPHLUD p GHILQLGD FRPRORFDOLVPR JOREDOL]DGRTXHFRQVLVWHHPXPGHWHUPLQDGRIHQ{PHQRORFDOTXHDWLQJHSHUVSHFWLYDVJOREDLV DVHJXQGDpRJOREDOLVPRORFDOL]DGRVHQGRRVLPSDFWRVHPFDGDORFDOLGDGHSURGX]LGRVSHOD JOREDOL]DomR GH XP IHQ{PHQR ORFDO DV GXDV RXWUDV IRUPDV VXUJHP LPHGLDWDPHQWH FRPR UHVSRVWDV DV GXDV SULPHLUDV FLWDGDV VHQGR R FRVPRSROLWLVPR WUDWDQGR GD RUJDQL]DomR WUDQVQDFLRQDO GH UHVLVWrQFLD DRV PRGRV FLWDGRV DQWHULRUPHQWH H WDPEpP RVSDWULP{QLRV FRPXQVGDKXPDQLGDGHTXHOXWDSHODGHVPHUFDGRUL]DomRGHUHFXUVRVFRQVLGHUDGRVHVVHQFLDLV SDUDDVREUHYLYrQFLDGDKXPDQLGDGH
$VVLPVHQGRFRQVLGHUDTXDWURFHQiULRVTXHPHUHFHPGHVWDTXHQDIRUPDomRGRV VXMHLWRVFROHWLYRVQRFRQWH[WRGDFXOWXUDHSROtWLFDJOREDOL]DGDVHQGR
9 +RPRJHQHL]DomRGDFXOWXUDYHLRGDKHJHPRQLDGDSROtWLFDQHROLEHUDOHSURYRFDXP DOWRFRQVXPLVPRHXPDFXOWXUDGHPDVVD
