Desempenho hidráulico de microaspersor autocompensante, novo e usado

(1)

81,9(56,'$'((67$'8$/3$8/,67$81(63

&Æ0386'(-$%27,&$%$/

'(6(03(1+2+,'5È8/,&2'(0,&52$63(5625

$872&203(16$17(1292(86$'2

6WRFOHU0DQRHOGH$QGUDGH

(QJHQKHLUR$JU{QRPR

(2)

81,9(56,'$'((67$'8$/3$8/,67$81(63

&Æ0386'(-$%27,&$%$/

'(6(03(1+2+,'5È8/,&2'(0,&52$63(5625

$872&203(16$17(1292(86$'2

6WRFOHU0DQRHOGH$QGUDGH

2ULHQWDGRU3URI'U-RVp5HQDWR=DQLQL

'LVVHUWDomR DSUHVHQWDGD j )DFXOGDGH GH &LrQFLDV $JUiULDV H 9HWHULQiULDV ± 8QHVS &kPSXV GH -DERWLFDEDO FRPR SDUWH GDV H[LJrQFLDVSDUDDREWHQomRGRWtWXORGH0HVWUH HP$JURQRPLD&LrQFLDGR6ROR

(3)

$QGUDGH6WRFOHU0DQRHOGH

$G 'HVHPSHQKRKLGUiXOLFRGHPLFURDVSHUVRUDXWRFRPSHQVDQWHQRYR HXVDGR6WRFOHU0DQRHOGH$QGUDGH±±-DERWLFDEDO

LYSLOFP

'LVVHUWDomRPHVWUDGR8QLYHUVLGDGH(VWDGXDO3DXOLVWD )DFXOGDGHGH&LrQFLDV$JUiULDVH9HWHULQiULDV

2ULHQWDGRU-RVp5HQDWR=DQLQL

%DQFDH[DPLQDGRUD5REHUWR5H]HQGH5RJpULR7HL[HLUDGH)DULD %LEOLRJUDILD

'LVWULEXLomRGHiJXD,UULJDomRORFDOL]DGD0LFURLUULJDomR 8QLIRUPLGDGHGHDSOLFDomRGHiJXD,7tWXOR,,-DERWLFDEDO )DFXOGDGHGH&LrQFLDV$JUiULDVH9HWHULQiULDV

&'8

)LFKD FDWDORJUiILFD HODERUDGD SHOD 6HomR 7pFQLFD GH $TXLVLomR H 7UDWDPHQWR GD ,QIRUPDomR ± 6HUYLoR 7pFQLFR GH %LEOLRWHFD H 'RFXPHQWDomR 81(63 &kPSXV GH -DERWLFDEDO

HPDLOVWRFOHU#VWRFOHUFRPEU

(4)

'$'26&855,&8/$5(6'2$8725

6WRFOHU 0DQRHO GH $QGUDGH± %UDVLOHLUR QDVFLGR HP GH GH]HPEUR GH

QDFLGDGHGH$UDUDTXDUDHVWDGRGH6mR3DXOR)LOKRGH(YDQGUR0DQRHOGH $QGUDGH H 1HLGH $]HYHGR 2OLYD GH $QGUDGH ,QLFLRX R FXUVR GH JUDGXDomR HP $JURQRPLD HPIHYHUHLUR GH QD 8QLYHUVLGDGH GH 0DUtOLD 81,0$5 (P WUDQVIHULXVH SDUD D 8QLYHUVLGDGH )HGHUDO GR 3DUDQi 8)35 &XULWLED 35 )RL EROVLVWD GR &13T FRPR PRQLWRU GD 'LVFLSOLQD 3HGRORJLD $ H HVWDJLiULR HP )RUUDJLFXOWXUD DX[LOLDQGR QD LPSODQWDomR H GHVHQYROYLPHQWR GH SURMHWRV GH SHVTXLVDVREDVXSHUYLVmRGR3URI'U$QtEDOGH0RUDHV(PPDUoRGHLQLFLRX HVWiJLR QR VHWRU SULYDGR FRPR SURMHWLVWD GH VLVWHPDV GH LUULJDomR GD HPSUHVD ,UULJDEUDVLO,QG~VWULDH&RPpUFLRGH(TXLSDPHQWRVSDUD,UULJDomR/WGDORFDOL]DGDHP 3LQKDLV 35 $SyV D FRQFOXVmR GD JUDGXDomR SHOD 8)35 HP GH RXWXEUR GH LQJUHVVRXFRPRIXQFLRQiULRQDPHVPDHPSUHVDFRPRFDUJRGH(QJHQKHLUR 5HJLRQDO 6XO ORFDOL]DGR HP $YDUp 63 (P LQLFLRX R WUDEDOKR FRPR 5HVSRQViYHO7pFQLFRGDHPSUHVD6LVWHPDT6LVWHPDVGH,UULJDomR/WGDHP/LPHLUD 63(PHP%HEHGRXUR63LQLFLRXDVXDHPSUHVD6WRFOHU,UULJDomR/WGD 0( SUHVWDQGR VHUYLoRV WpFQLFRV GH 3URMHWRV &RQVXOWRULD H ,PSODQWDomR GH 2EUDV +LGUiXOLFDV H ,UULJDomR (P PDUoR GH LQJUHVVRX QR FXUVR GH 0HVWUDGR HP $JURQRPLD&LrQFLDGR6RORSHOD)DFXOGDGHGH&LrQFLDV$JUiULDVH9HWHULQiULDV 8QHVS&kPSXVGH-DERWLFDEDOGHVHQYROYHQGRSHVTXLVDQDiUHDGHHQJHQKDULDGH iJXDHVROR

(5)

'(',&2

$R*UDQGH$UTXLWHWRGR8QLYHUVR'(86

¬PLQKDHVSRVD.iWLD62GH$QGUDGHHPLQKDVILOKDV3LHWUD0DLWrH$OtFLD $RPHXSDL(YDQGUR0DQRHOGH$QGUDGH

2)(5(d2

¬ PLQKD PmH 1HLGH $]HYHGR 2OLYD GH $QGUDGH LQ PHPRULDQ SHOR DPRU LQFRQGLFLRQDOHGHGHGLFDomRjPLQKDYLGD±&RPEDWLRERPFRPEDWHDFDEHL DFDUUHLUDJXDUGHLDIp

(6)

$*5$'(&,0(1726

$'(86SHODVD~GH

¬PLQKDHVSRVD.iWLDSHORDPRUFRPSDQKHLULVPRFRPSUHHQVmRHLQFHQWLYR SDUDDFRQFOXVmRGHPDLVXPDHWDSDGHQRVVDVYLGDV

¬VPLQKDVDPDGDVILOKDV3LHWUD0DLWrH$OtFLDTXHFULDQoDVDLQGDSRUYiULDV YH]HV QmR UHFHEHUDP PHX EHLMR DR DPDQKHFHU H DQRLWHFHU HP IXQomR GD PLQKD DXVrQFLD

$R PHX SDL (YDQGUR LUPm *DEULHOD LUPmRV (YDQGUR -~QLRU H &iVVLR SHOR DPRUHDSRLR

¬PLQKDPmH'1HLGHLQ PHPRULDQSRUWHUVLGRXPH[HPSORGHPXOKHU

YLGDHOXWD4XH'HXVDWHQKDFRQVLJR

¬VPLQKDVTXHULGDVFXQKDGDVFXQKDGRVREULQKDVHDILOKDGRVSHORFDULQKR ¬ PLQKD TXHULGD VRJUD ' ,Qi H[HPSOR GH GHWHUPLQDomR H TXH IRL XPD JUDQGHLQFHQWLYDGRUDGRPHXPHVWUDGR

$RPHXDPLJR3URI'U/XL])DELDQR3DODUHWWLSHOD FRODERUDomRHDSRLRDR PHXUHWRUQRjYLGDDFDGrPLFD

$RPHXDPLJR(QJ$JU06F0DUFHOR&DUPLQDWWLGH$OPHLGDSHODVORQJDV FRQYHUVDVDJUDGiYHLVVREUHDJURQRPLD

$R 6U )iELR =XFFKL 5RGDV LQ PHPRULDQ SHOD IRUPDomR GR PHX FDUiWHU SURILVVLRQDO

$RDPLJRHHPSUHViULR1LZWRQ/XL]5RGULJXHVSHORVDQRVGHFRQYLYrQFLDH SHUPLWLUTXHHVWHWUDEDOKRIRVVHUHDOL]DGRSDUFLDOPHQWHHPXPDGHVXDVID]HQGDV ¬ )&$9 81(63 &kPSXV GH -DERWLFDEDO SHOD RSRUWXQLGDGH H UHFHSWLYLGDGH

$R3URI'U-RVp5HQDWR=DQLQLSHODVViELDVRULHQWDo}HVFRPSDQKHLULVPRH DPL]DGH

$R 3URI 'U 5REHUWR 5H]HQGH H 3URI 'U 5RJpULR 7HL[HLUD GH )DULD SHODV LPSRUWDQWHVVXJHVW}HVGXUDQWHDGHIHVDGHVWDGLVVHUWDomR

$R3URI'U/XL]&DUORV3DYDQLSHODFRQYLYrQFLDHHQVLQDPHQWR

$RVGHPDLVSURIHVVRUHVTXHPHPLQLVWUDUDPDXODQRFXUVRGHPHVWUDGRSHOR DSUHQGL]DGR

(7)

¬FROHJD&ULVWLDQD$UD~MR6RDUHVSHORDX[tOLRQDFROHWDGHGDGRV

¬ HPSUHVD 6WRFOHU ,UULJDomR /WGD SHOR DX[tOLR ILQDQFHLUR j LPSODQWDomR GR H[SHULPHQWR

$RV IXQFLRQiULRV GD 6WRFOHU *HUXVD *XVWDYR 3DXOR 'DQLOR $QW{QLR 0DLFRQ$QGHUVRQ-RUJHH5LYHOLQRSHODSDFLrQFLDQRVPRPHQWRVGHQHUYRVLVPR

¬HPSUHVD1HWDILP%UDVLOSHORIRUQHFLPHQWRGHPDWHULDLV

¬TXHOHVTXHGHIRUPDGLUHWDRXLQGLUHWDPHQWHIL]HUDPSDUWHGHVWDFRQTXLVWD

0HXPXLWRREULJDGR

(8)

L

680È5,2

3iJLQD 5(6802LLL $%675$&7LY ,1752'8d2 5(9,62'(/,7(5$785$

ÈUHDLUULJDGDQR%UDVLO

,UULJDomRORFDOL]DGDPLFURLUULJDomR

,QGLFDGRUHVGHGHVHPSHQKRKLGUiXOLFR

8QLIRUPLGDGHGHYD]mR

&XUYD GH GLVWULEXLomR GH iJXD GLkPHWUR GH FREHUWXUD H SDGUmR GH PROKDPHQWR

&RHILFLHQWHVGHXQLIRUPLGDGH

0$7(5,$/(0e72'26 /RFDOL]DomRGDiUHDH[SHULPHQWDO

)RQWHGHiJXDHLQVWDODo}HVKLGUiXOLFDV

%RPEDGHSUHVVXUL]DomR

/LJDomRGHSUHVVmRGDERPEDGHSUHVVXUL]DomR

%DQFDGDGHHQVDLRGHXQLIRUPLGDGHGHYD]mR

0DWHULDOSDUDRHQVDLRGHXQLIRUPLGDGHGHGLVWULEXLomRGHiJXD

/RFDO

&ROHWRUHV

0LFURDVSHUVRUHV

0LFURDVSHUVRUHVXVDGRV

(9)

LL

&RPSDUDomR GH GHVHPSHQKR KLGUiXOLFR GH PLFURDVSHUVRUHV DXWRFRPSHQVDQWHVQRYRVHXVDGRV

,GHQWLILFDomRHFDUDFWHUL]DomRGRVPLFURDVSHUVRUHV

(QVDLR GH XQLIRUPLGDGH GH YD]mR H FRHILFLHQWH GH YDULDomR GH IDEULFDomRHYD]mR&9)H&94

(QVDLR GH FRHILFLHQWH GH XQLIRUPLGDGH GH GLVWULEXLomR GH iJXD GLkPHWURGHFREHUWXUDHSDGUmRGHPROKDPHQWR

&DOLEUDomRGHSUHVVmR

5(68/7$'26(',6&8662 8QLIRUPLGDGHGHYD]mR

$YDOLDomRHVWDWtVWLFD

&RHILFLHQWHGHYDULDomRGHIDEULFDomRHYD]mR&9)H&94

8QLIRUPLGDGHGHGLVWULEXLomRGHiJXD

5DLRHGLkPHWURGHFREHUWXUD

3DGUmRGHPROKDPHQWR

&RHILFLHQWHVGHXQLIRUPLGDGH&8&H&8'

&21&/862

5()(5Ç1&,$6

(10)

LLL

'(6(03(1+2+,'5È8/,&2'(0,&52$63(5625$872&203(16$17( 1292(86$'2

5(6802±'HQWUHRXWUDVFDUDFWHUtVWLFDVSDUDTXHDLUULJDomRVHMDHILFLHQWH WHFQLFDPHQWHHHFRQRPLFDPHQWHpLPSHUDWLYRTXHRVVLVWHPDVDSUHVHQWHPDPSOD GXUDELOLGDGHHHOHYDGDXQLIRUPLGDGHGHDSOLFDomRGDiJXD1HVVHVHQWLGRRREMHWLYR GHVWH WUDEDOKR IRL GH DYDOLDU R GHVHPSHQKR KLGUiXOLFR GH PLFURDVSHUVRUHV DXWRFRPSHQVDQWHVGDPDUFD1HWDILPPRGHOR6XSHU1HW/5FRPYD]mRQRPLQDOGH

/KQRYRVHXVDGRVFRPKRUDVGHIXQFLRQDPHQWRGHFRUUHQWHVGHDQRV

GH LQVWDODomR VXEPHWLGRV D SUHVV}HVGH H N3D 2 WUDEDOKRIRL UHDOL]DGR QR /DERUDWyULR GH +LGUiXOLFD GR 'HSDUWDPHQWR GH (QJHQKDULD 5XUDO GD )DFXOGDGH GH &LrQFLDV $JUiULDV H 9HWHULQiULDV ³-~OLR GH 0HVTXLWD )LOKR´ GD 8QLYHUVLGDGH(VWDGXDO3DXOLVWD3DUDDLPSODQWDomRHLQWHUSUHWDomRGRH[SHULPHQWR XWLOL]RXVHDQRUPDGD$%17GHMDQHLURGH)RUDPDYDOLDGRVD XQLIRUPLGDGHGHYD]mRRVFRHILFLHQWHVGHYDULDomR GHIDEULFDomRHYD]mR&9)H &94 DV FXUYDV GH GLVWULEXLomR PpGLD GH iJXD RV GLkPHWURV GH FREHUWXUD RV SDGU}HVGHPROKDPHQWRRVFRHILFLHQWHVGHXQLIRUPLGDGHGHGLVWULEXLomR&8'HRV FRHILFLHQWHVGHXQLIRUPLGDGHGH&KULVWLDQVHQ&8&FRPVREUHSRVLomRGHGR UDLR GH DOFDQFH 3DUD D LQWHUSUHWDomR GR HQVDLR GH YD]mR H LQWHUYDOR GH FRPSHQVDomRGHSUHVVmRIRLHIHWXDGRXPDGLVSRVLomRH[SHULPHQWDOGRWLSRIDWRULDO [ FRP UHSHWLo}HV H DSOLFDGR R WHVWH GH 7XNH\ D SUREDELOLGDGH 2V PLFURDVSHUVRUHV QRYRV H XVDGRV QmR GLIHULUDP HP UHODomR DR FRHILFLHQWH GH YDULDomR GH IDEULFDomR H GH YD]mR VHQGR FODVVLILFDGRV FRPR H[FHOHQWHV 2V GLkPHWURVGHFREHUWXUDGRVHPLVVRUHVQRYRVHXVDGRVIRUDPGHPVHQGRLJXDODR DSUHVHQWDGR QR FDWiORJR GR IDEULFDQWH 1RV PLFURDVSHUVRUHV QRYRV H XVDGRV DV PDLRUHV LQWHQVLGDGHV GH DSOLFDomR IRUDP HQFRQWUDGDV D P GH GLVWkQFLD GR HPLVVRU GHFUHVFHQGR DR GLVWDQFLDUVH GR PLFURDVSHUVRU +RXYH GLIHUHQoDV VLJQLILFDWLYDVQDVYD]}HVGRVPLFURDVSHUVRUHVGHQWURGRLQWHUYDORGHFRPSHQVDomR GH SUHVVmR 2V PLFURDVSHUVRUHV QRYRV H XVDGRV QmR GLIHULUDP HP UHODomR jV YDULDo}HVGHYD]mRDSUHVHQWDQGRYDULDo}HVPi[LPDVVXSHULRUHVDLQDFHLWiYHO VHJXQGR $%17 DSHQDV SDUD N3D $V YDULDo}HV PpGLDV GH YD]mR GHVYLDUDPVHPDLVTXHHPUHODomRDYD]mRQRPLQDOGHFDWiORJRLQDFHLWiYHO VHJXQGR $%17 &RP VREUHSRVLomR GH GR UDLR GH PROKDPHQWR RV YDORUHV PpGLRV GH &8& IRUDP GH SDUD RV PLFURDVSHUVRUHV QRYRV H SDUD RV PLFURDVSHUVRUHV XVDGRV H RV YDORUHV GH &8' IRUDP GH SDUD RV QRYRVHSDUDRVXVDGRVQmRGLIHULQGRHVWDWLVWLFDPHQWH3DUDDVFRQGLo}HV RQGH HVWi LQVWDODGR R VLVWHPD GH LUULJDomR LQFOXLQGR R PDQHMR GD FXOWXUD H GR VLVWHPD D YLGD ~WLO GRV PLFURDVSHUVRUHV DXWRFRPSHQVDQWHV SRGH VHU FRQVLGHUDGD PDLRUTXHDQRVRXKGHIXQFLRQDPHQWR

(11)

LY

6(/)&203(16$7,1*0,&52635,1./(5+<'5$8/,&3(5)250$1&(1(: $1'86('

$%675$&7$PRQJRWKHUIHDWXUHVVRWKDWLUULJDWLRQLVHIIHFWLYHWHFKQLFDOO\ DQG HFRQRPLFDOO\ LW LV LPSHUDWLYH WKDW WKH V\VWHPV KDYH DPSOH GXUDELOLW\ DQG KLJK XQLIRUPLW\ RI ZDWHU DSSOLFDWLRQ 7KH REMHFWLYH RI WKLV VWXG\ ZDV WR HYDOXDWH WKH K\GUDXOLF SHUIRUPDQFH RI WKH VHOIFRPSHQVDWLQJ PLFURVSULQNOHUV 1HWDILP PRGHO

6XSHU1HW/5ZLWKQRPLQDOIORZUDWHRI/K_{QHZDQGXVHGZLWKKRXUVRI}

RSHUDWLRQ DQG WR \HDUV RI LQVWDOODWLRQ VXEMHFWHG WR SUHVVXUHV DQG N3D7KHZRUNZDVSHUIRUPHGLQWKHK\GUDXOLFVODERUDWRU\RIWKH'HSDUWPHQWRI $JULFXOWXUDO(QJLQHHULQJ)DFXOGDGHGH&LrQFLDV$JUiULDVH9HWHULQiULDV±6m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

.H\ZRUGV ZDWHU GLVWULEXWLRQ ORFDOL]HG LUULJDWLRQ PLFURLUULJDWLRQ ZDWHU DSSOLFDWLRQ XQLIRUPLW\

(12)

,1752'8d2

$LUULJDomRQDPRGHUQDDJULFXOWXUDQmRGHYHVHUHQWHQGLGDFRPRXPVHJXUR

FRQWUD D VHFD PDV FRPR XPD WpFQLFD TXH Gr FRQGLo}HV SDUD TXH R PDWHULDO JHQpWLFRH[SUHVVHHPPi[LPRRVHXSRWHQFLDOSURGXWLYR4XDQGREHPXWLOL]DGDD LUULJDomR p XP LQVWUXPHQWR PXLWR HILFD] QR DXPHQWR GD SURGXWLYLGDGH H UHQWDELOLGDGH SHUPLWLQGR SRU H[HPSOR D UDFLRQDOL]DomR GH LQVXPRV FRP D IHUWLUULJDomR 1R HQWDQWR SDUD TXH D LUULJDomR VHMD HILFLHQWH WHFQLFDPHQWH H HFRQRPLFDPHQWH p LPSHUDWLYR TXH RV VLVWHPDV DSUHVHQWHP DPSOD GXUDELOLGDGH H HOHYDGDXQLIRUPLGDGHGHDSOLFDomRGDiJXD

$ LUULJDomR ORFDOL]DGD GHVWDFDVH GRV RXWURV VLVWHPDV SRU DSOLFDU D iJXD GLUHWDPHQWHQRVRORHSUy[LPRDRVLVWHPDUDGLFXODUeDWpFQLFDTXHSHUPLWHRSHUDU FRPEDL[DVSUHVV}HVHDOWDHILFLrQFLDDSUHVHQWDQGRFRPRGHVYDQWDJHPRHOHYDGR ULVFRGHHQWXSLPHQWRHDXPHQWRGDYD]mRHPIXQomRGRGHVJDVWHGRVHPLVVRUHV TXDQGRXWLOL]DGRVH[FHVVLYDPHQWH%20$13$56216

'HQWUH RV VLVWHPDV GH LUULJDomR ORFDOL]DGD GHVWDFDVH D PLFURDVSHUVmR 1HVVHVLVWHPDXWLOL]DPVHRVPLFURDVSHUVRUHVTXHVmRGLVSRVLWLYRVTXHGLVWULEXHP DiJXDGHIRUPDSXOYHUL]DGDRXQmRFRPRXVHPPRYLPHQWRURWDWLYRGHSDUWHVGRV PHVPRVQDIRUPDGHMDWRVIUDFLRQDGRVHPSHTXHQDVJRWDVILQRVMDWRVFRQWtQXRVRX HPIRUPDWRGHOHTXH

$SULQFLSDOILQDOLGDGHGHHQVDLRVGHHTXLSDPHQWRVXWLOL]DGRVHPVLVWHPDVGH LUULJDomR ORFDOL]DGD FRQVLVWH QD GHWHUPLQDomR H DYDOLDomR GH VXDV FDUDFWHUtVWLFDV KLGUiXOLFDV6,48(,5$%$5526-Ò1,25

(13)

&RP HVWH WUDEDOKR WHYHVH FRPR REMHWLYR D DYDOLDomR GR FRPSRUWDPHQWR KLGUiXOLFR GH PLFURDVSHUVRUHV GD PDUFD 1HWDILP PRGHORV 6XSHUQHW /5 QRYRV H XVDGRVFRPDQRVGHLQVWDODomRHPFDPSRHKRUDVGHIXQFLRQDPHQWR

(14)

5(9,62'(/,7(5$785$

ÈUHDLUULJDGDQR%UDVLO

2 FUHVFLPHQWR GD iUHD LUULJDGD HVWi UHODFLRQDGR j GHPDQGD PXQGLDO SRU DOLPHQWRVHFRQVHTXHQWHPHQWHDRGHVHQYROYLPHQWRGHQRYRVSURGXWRVGHVWLQDGRV D LUULJDomR &RP RV GDGRV GR 0LQLVWpULR GD $JULFXOWXUD GH R %UDVLO SRVVXtD iUHDLUULJDGDGHPLOK}HVGHKHFWDUHV3,1$==$$/,0$1'523RUpPD HVWLPDWLYD GDV iUHDV LUULJDGDV HP VHJXQGR &KULVWRSKLGLV IRL GH PLOK}HVGHKHFWDUHV7DEHOD

7DEHOD (VWLPDWLYDGDGLVWULEXLomRGDViUHDVLUULJDGDVSHORVGLIHUHQWHVPpWRGRVGH LUULJDomRQR%UDVLOHPKD

6XSHUItFLH $VSHUVmR

&RQYHQFLRQDO 3LY{&HQWUDO /RFDOL]DGD 7RWDO

)RQWH&KULVWRSKLGLV

,UULJDomRORFDOL]DGDPLFURLUULJDomR

$LUULJDomRORFDOL]DGDWDPEpPGHILQLGDFRPRPLFURLUULJDomRpRPpWRGRGH LUULJDomR TXH SHUPLWH DSOLFDU iJXD GLUHWDPHQWH DR VROR H SUy[LPR DR VLVWHPD UDGLFXODUHPEDL[DLQWHQVLGDGHHDOWDIUHTXrQFLDSRUPHLRGHHPLVVRUHVGRVWLSRV JRWHMDGRUHV H PLFURDVSHUVRUHV SULQFLSDOPHQWH HVWDEHOHFHQGR FRQGLo}HV KtGULFDV IDYRUiYHLV DR GHVHQYROYLPHQWR GDV FXOWXUDV 4XDQGR EHP XWLOL]DGD p XP LQVWUXPHQWRPXLWRHILFD]QRDXPHQWRGDSURGXWLYLGDGHHUHQWDELOLGDGHSHUPLWLQGRR XVR GD IHUWLUULJDomR SURPRYHQGR PHOKRU DSURYHLWDPHQWR GH IHUWLOL]DQWHV H SRVVLELOLWDQGRRSDUFHODPHQWRGDDSOLFDomRGHDGXERVGHDFRUGRFRPDIUHTXrQFLD GHLUULJDomR0$1729$1,%(51$5'23$/$5(77,

(15)

JUDQGHSRUWHGHSODQWDPLQLPL]DQGRRVJDVWRVFRPLQVHWLFLGDVHIXQJLFLGDV1RFDVR GHDSOLFDomRGHHIOXHQWHVTXHSRGHPSRVVXLUVXEVWkQFLDVQRFLYDVjVD~GHKXPDQD DLUULJDomRORFDOL]DGDSRUJRWHMDPHQWRWDPEpPDSUHVHQWDDYDQWDJHPGHPLQLPL]DU R FRQWDWR GLUHWR GD iJXD FRQWDPLQDGD FRP R DJULFXOWRU H FRP R SURGXWR DJUtFROD FRPHUFLDOL]DGR&$5$52HWDO

([LVWHPYiULDVYDQWDJHQVGDLUULJDomRORFDOL]DGDSRUpPOLPLWDo}HVTXDQWRDR XVRGHYHPVHUUHVVDOWDGDVFRPRRHOHYDGRSRWHQFLDOGHHQWXSLPHQWRGRVHPLVVRUHV QHFHVVLGDGH GH PDQXWHQomR GR VLVWHPD FRP PDLRU IUHTXrQFLD H UHVWULo}HV D GHWHUPLQDGDVTXDOLGDGHVGHiJXD

2 JRWHMDPHQWR p FRPSRVWR SRU HPLVVRU TXH p R GLVSRVLWLYR LQVWDODGR QXPD ODWHUDOGHLUULJDomRHSURMHWDGRSDUDGHVFDUUHJDUiJXDQDIRUPDGHJRWDVRXIOX[R

FRQWtQXRjYD]mRTXHQmRH[FHGD/K_{H[FHWRGXUDQWHRSURFHVVRGHODYDJHP}

$%177DPEpPIXQFLRQDPFRPRGLVVLSDGRUHVGHHQHUJLDHPYLUWXGHGHTXH GHYHPUHGX]LUDSUHVVmRQRPLQDOGHHQWUDGDSDUD]HURjVDtGDGDVJRWDV*20(6 6XD IRUPD FRQVWUXWLYD H GH LQVHUomR DR WXER ODWHUDO GD LUULJDomR R FDUDFWHUL]DP GH HPLVVRU LQOLQH HPLVVRU RQOLQH HPLVVRU GH P~OWLSODV VDtGDV HPLVVRUP~OWLSORWXERHPLVVRUHPLVVRUWXERHPLVVRUUHJXODGRHPLVVRUWXERHPLVVRU UHJXODU HPLVVRUWXER HPLVVRU DQWLGUHQDQWH H HPLVVRUWXER HPLVVRU QmR UHJXODGR $%17

$PLFURDVSHUVmRXWLOL]DPLFURDVSHUVRUTXHpRGLVSRVLWLYRTXHGLVWULEXLiJXD GHIRUPDSXOYHUL]DGDRXQmRFRPRXVHPPRYLPHQWRURWDWLYRGHSDUWHVGRPHVPR QD IRUPD GH MDWRV IUDFLRQDGRV HP SHTXHQDV JRWDV ILQRV MDWRV FRQWtQXRV RX HP IRUPDWRGHOHTXH6HJXQGR$%17VmRGHILQLGRVFRPR

x 0LFURDVSHUVRU UHJXODGR PLFURDVSHUVRU FRPSHQVDGRU GH SUHVVmR )LJXUD D PLFURDVSHUVRU FRP YD]mR UHODWLYDPHQWH FRQVWDQWH PHGLDQWH SUHVV}HV YDULiYHLV HP VXD HQWUDGD GHQWUR GRV OLPLWHV HVSHFLILFDGRVSHORIDEULFDQWHFRPRLQWHUYDORGHFRPSHQVDomR

x 0LFURDVSHUVRU QmR UHJXODGR PLFURDVSHUVRU QmR FRPSHQVDGRU GH SUHVVmR )LJXUD E PLFURDVSHUVRU FRP YD]mR YDULiYHO PHGLDQWH SUHVV}HVYDULiYHLVHPVXDHQWUDGD

(16)

)LJXUD0LFURDVSHUVRUUHJXODGRDHQmRUHJXODGRE

%HUQDUGR 6RDUHV H 0DQWRYDQL GHILQHP TXH RV PLFURDVSHUVRUHV VmR SHTXHQRV DVSHUVRUHV GH SOiVWLFR QRUPDOPHQWH LQVWDODGRV VREUH D OLQKD ODWHUDO

DSOLFDQGRYD]}HVGHIRUPDSXOYHUL]DGDQDIDL[DGHD/K_VRESUHVV}HV

GHVHUYLoRTXHYDULDPJHUDOPHQWHGHDPFD

2V PLFURDVSHUVRUHV DXWRFRPSHQVDQWHV DSUHVHQWDP YD]}HV SUDWLFDPHQWH FRQVWDQWHSDUDXPDGHWHUPLQDGDIDL[DGHSUHVVmRHJHUDOPHQWHDEDL[RGDYD]mR PtQLPD GH UHJXODJHP DSUHVHQWDP D FDUDFWHUtVWLFD GH DXWROLPSH]D =$1,1, 3$9$1,7$52==2

,QGLFDGRUHVGHGHVHPSHQKRKLGUiXOLFR

8QLIRUPLGDGHGHYD]mR

$SULQFLSDOILQDOLGDGHGHHQVDLRVGHHTXLSDPHQWRVXWLOL]DGRVHPVLVWHPDVGH LUULJDomR ORFDOL]DGD FRQVLVWH QD GHWHUPLQDomR H DYDOLDomR GH VXDV FDUDFWHUtVWLFDV KLGUiXOLFDV6,48(,5$%$5526-Ò1,25

$ EDL[D XQLIRUPLGDGH GH GLVWULEXLomR GH iJXD GH JRWHMDGRUHV H PLFURDVSHUVRUHV VmR DWULEXtGDV SULQFLSDOPHQWH j IDOWD GH PDQXWHQomR VLVWHPDV PDOGLPHQVLRQDGRVRXTXHHVWmRHPXVRKiGHWHUPLQDGRWHPSR$VVLPHQTXDQWR

(17)

XPD IUDomR GH iUHD p LUULJDGD HP H[FHVVR HP RXWUD RFRUUH R GpILFLW GH iJXD DWHQGHQGRHPSDUWHDVQHFHVVLGDGHVKtGULFDVGDVSODQWDV

$XQLIRUPLGDGHGHLUULJDomRpLQIOXHQFLDGDSRUXPDVpULHGHIDWRUHVSUHVVmR GHVHUYLoRGLkPHWURGRVERFDLVJHRPHWULDHUXJRVLGDGHGRVRULItFLRVLQFOLQDomRH YHORFLGDGHGHODQoDPHQWRGRMDWRDOWXUDGRHPLVVRUHPUHODomRDRVRORHVWDELOLGDGH GD KDVWH GH VXVWHQWDomR GR HPLVVRU TXH GHYH VHU PDQWLGD VHPSUH QD YHUWLFDO GLVWkQFLD GRV PLFURDVSHUVRUHV DR FDXOH GDV SODQWDV H D LQWHUIHUrQFLD QD LQWHUFHSWDomRGRMDWR&267$

3DUD VH FRQKHFHU R QtYHO GH HILFLrQFLD GH XP VLVWHPD GH LUULJDomR p QHFHVViULR TXH VH IDoDP DYDOLDo}HV VLVWHPiWLFDV H HVVDV SDUD VHUHP FRPSOHWDV UHTXHUHP D DQiOLVH GH IDWRUHV FRPR VXSHUItFLH PROKDGD H D DYDOLDomR GR IXQFLRQDPHQWR GH DFHVVyULRV FRPR HPLVVRUHV ILOWURV UHJXODGRUHV GH SUHVVmR H YiOYXODVYROXPpWULFDV628=$HWDO

$ UHODomR HQWUH YD]mR H SUHVVmR QD HQWUDGD GR PLFURDVSHUVRU D SHUGD GH FDUJDORFDOL]DGDQDLQVHUomRGDOLQKDODWHUDORDOFDQFHGRMDWRRGLkPHWURDIRUPD GRVERFDLVHDLQWHQVLGDGHGHSUHFLSLWDomRFRQVWLWXHPDVSULQFLSDLVFDUDFWHUtVWLFDV KLGUiXOLFDVGRPLFURDVSHUVRU%275(/

$YD]mRGHXPHPLVVRUGHDFRUGRFRP2OLWWDGHYHVHUUHSUHVHQWDGD SHOD(TXDomR

T .+;

HPTXH

TYD]mRGRHPLVVRU/K

. FRQVWDQWH GH SURSRUFLRQDOLGDGH UHODFLRQDGD FRP D iUHD GR RULItFLR H FRP R FRHILFLHQWHGHGHVFDUJDDGLPHQVLRQDO

+SUHVVmRGHRSHUDomRN3D

[H[SRHQWHFDUDFWHUtVWLFRGRUHJLPHGHIOX[RDGLPHQVLRQDO

(18)

.DUPHOLFRQVLGHUDPGHUHJLPHODPLQDURVHPLVVRUHVFRPH[SRHQWH[ HGH UHJLPHWXUEXOHQWRRVFRP[

3RU PDLV SUHFLVRV TXH VHMDP RV SURFHVVRV GH IDEULFDomR RV HPLVVRUHV DSUHVHQWDPGLIHUHQoDVPLOLPpWULFDVFXMDVFRQVHTXrQFLDVVHUHIOHWHPQRVYDORUHVGR FRHILFLHQWH GH GHVFDUJD . H QR H[SRHQWH GH GHVFDUJD [ $=(9('2 &RQIRUPH &RVWD SRU PDLV DSULPRUDGRV TXH VHMDP RV SURFHVVRV GH IDEULFDomRVHPSUHRFRUUHPYDULDo}HVHFRPRDiUHDGHHVFRDPHQWRGRVHPLVVRUHV pPXLWRSHTXHQDTXDOTXHUYDULDomRSRGHUiDIHWDUDVYD]}HVGRVHPLVVRUHVDXPD PHVPD SUHVVmR 'H DFRUGR FRP 'DQWDV 1HWR HW DO SHTXHQDV GLIHUHQoDV HQWUHGRLVHPLVVRUHVDSDUHQWHPHQWHLGrQWLFRVSRGHPFDXVDUYDULDo}HVVLJQLILFDWLYDV QD YD]mR GR VLVWHPD 6HJXQGR $QGUDGH p WDPEpP XVXDO D GLYXOJDomR GD YD]mRSRUPHWURGHOLQKDODWHUDOFDOFXODGDDSDUWLUGD(TXDomR

THV .+_HV;

THVYD]mRSRUPHWURGHOLQKDODWHUDO/K_P

HVHVSDoDPHQWRHQWUHHPLVVRUHVP

'H DFRUGR FRP DV (TXDo}HV H SDUD HPLVVRUHV FRP H[SRHQWH GH GHVFDUJD[PDLRUHVTXH]HURDYD]mRGRVHPLVVRUHVDRORQJRGDOLQKDODWHUDOQmRp XQLIRUPH ,VWR SRUTXH D GLVWULEXLomR GH SUHVVmR DR ORQJR GHVVD ODWHUDO VHUi GHFUHVFHQWH GD HQWUDGD SDUD R ILP GHYLGR jV SHUGDV GH FDUJD DR ORQJR GD WXEXODomRGHVQtYHOHSHUGDVORFDOL]DGDV$UHODomRYD]mRSUHVVmRDSHUGDGHFDUJD DRORQJRGDOLQKDODWHUDOHQRHPLVVRUHRSHUFXUVRGDiJXDQRPHVPRFRQVWLWXHP DVFDUDFWHUtVWLFDVKLGUiXOLFDVTXHLQIOXHQFLDPGLUHWDPHQWHRGHVHPSHQKRGRVLVWHPD GHLUULJDomRSRUJRWHMDPHQWR(VVDVFDUDFWHUtVWLFDVGHSHQGHPGRWLSRGHHPLVVRU GRPDWHULDOGRSURFHVVRGHIDEULFDomRHGDIRUPDGHFRQH[mRGRHPLVVRUQDOLQKD )5,==21(HWDO

(19)

&9)TXHpXPDPHGLGDGHYDULDomRGHIOX[RFDXVDGDSHODYDULDomRQRSURFHVVR GHIDEULFDomR$%5(8HWDO

2SURFHVVRGHIDEULFDomRGRVHPLVVRUHVHDPDWpULDSULPDHPSUHJDGDID]HP FRPTXHRVHPLVVRUHVGHXPPHVPRPRGHORQmRVHMDPH[DWDPHQWHLJXDLVHQWUHVL SURSRUFLRQDQGR YD]}HV GLIHUHQWHV TXDQGR VXEPHWLGRV j PHVPD SUHVVmR GH RSHUDomR2VHPLVVRUHVVmRWRGRVIHLWRVGHSOiVWLFRVHH[LVWHPQXPHURVDVYDULiYHLV GH FRQWUROH QDV PiTXLQDV LQMHWRUDV H H[WUXVRUDV FRPR SUHVVmR WHPSHUDWXUD H YHORFLGDGH GH LQMHomR WHPSHUDWXUD GR PROGH WHPSR GR FLFOR GR SURFHVVR H PDQXWHQomR GR PROGH 4XDOTXHU PXGDQoD QD WHPSHUDWXUD SUHVVmR H WHPSR GH HVIULDPHQWR GD PROGDJHP DIHWD DV FDUDFWHUtVWLFDV GR HPLVVRU SRU H[HPSOR R WDPDQKR IRUPD SHVR UXJRVLGDGH GDV VXSHUItFLHV H D UHVLVWrQFLD $1'5$'(

$ YD]mR GH XP JUXSR GH HPLVVRUHV VXEPHWLGRV j PHVPD SUHVVmR p XPD YDULiYHODOHDWyULDFRQWtQXDHDVFDXVDVGHYDULDomRVmRGHYLGDVDRVPHVPRVHIHLWRV FRQVWUXWLYRV$GLVSHUVmRGHYDORUHVTXHQHVWHFDVRRFRUUHHQWUHRVHPLVVRUHVSRGH VHUPHGLGDGHGLIHUHQWHVIRUPDV8PDGHODVpRGHVYLRSDGUmR(QWUHWDQWRRGHVYLR SDGUmRWHPRLQFRQYHQLHQWHGHVHUXPDPHGLGDDEVROXWDVHQGRPDLVFRQYHQLHQWHD H[SUHVVmRQDIRUPDGHGLVSHUVmRUHODWLYDSDUDDTXDOVHHPSUHJDRFRHILFLHQWHGH YDULDomR TXH VH GHILQH SHOD UHODomR HQWUH R GHVYLR SDGUmR H R YDORU PpGLR 62/2021E3,=$552&$%(//2)5,==21(HWDO

(20)

GH*DXVVGHVWHPRGRR&9)SRGHVHUGHILQLGRSHODUD]mRHQWUHRGHVYLRSDGUmRGD YD]mRGRHPLVVRUHVXDYD]mRPpGLDFRQIRUPHD(TXDomR

&9)RX&94 ට T_T

_«T

Q _QT

P

Q

TP

HPTXH

&9)FRHILFLHQWHGHYDULDomRGHIDEULFDomRGHFLPDO &94FRHILFLHQWHGHYDULDomRGHYD]mRGHFLPDO

TTTQYD]mRGHFDGDHPLVVRU/K

TPYD]mRPpGLDGRVHPLVVRUHV/K

QQ~PHURGHHPLVVRUHVGRORWHGHDPRVWUDJHP

([LVWHP YiULDV HVSHFLILFDo}HV GH FRPSRUWDPHQWR SDUD RV HPLVVRUHV FRP EDVHQR&9)6XJHULX6RORPRQDXPDDPRVWUDUHSUHVHQWDWLYDGHQRPtQLPR JRWHMDGRUHV SRGHQGR XViOR SDUD PLFURDVSHUVRUHV 1D 7DEHOD WHPVH D LQWHUSUHWDomRGRVYDORUHV

7DEHOD &ODVVLILFDomR GR FRHILFLHQWH GH YDULDomR GH IDEULFDomR &9) GH HPLVVRUHV62/2021D

&9) ,QWHUSUHWDomR

8QLIRUPLGDGHH[FHOHQWH

!D 8QLIRUPLGDGHPpGLD

!D 8QLIRUPLGDGHEDL[D

!D 8QLIRUPLGDGHSREUH

! 8QLIRUPLGDGHLQDFHLWiYHO

)RQWH6RORPRQD

'HDFRUGRFRP$6$(R&9)SRGHVHUFODVVLILFDGRGHDFRUGRFRPD 7DEHOD HQTXDQWR TXH D $VVRFLDomR %UDVLOHLUD GH 1RUPDV 7pFQLFDV HP VHX SURMHWR GH QRUPD $%17 FODVVLILFD RV HPLVVRUHV FRQIRUPH GHVFULWR QD 7DEHOD

(21)

7DEHOD &ODVVLILFDomR GR FRHILFLHQWH GH YDULDomR GH IDEULFDomR &9) GH HPLVVRUHV$6$(

&9) ,QWHUSUHWDomR

8QLIRUPLGDGHH[FHOHQWH

!D 8QLIRUPLGDGHEDL[D

!D 8QLIRUPLGDGHPDUJLQDO

)RQWH$6$(

7DEHOD &ODVVLILFDomR GR FRHILFLHQWH GH YDULDomR GH IDEULFDomR &9) GH HPLVVRUHV$%17

&9) ,QWHUSUHWDomR

8QLIRUPLGDGHERD

!D 8QLIRUPLGDGHPDUJLQDO

)RQWH$%17

3DUDQmRSUHMXGLFDUDXQLIRUPLGDGHGHDSOLFDomRGHiJXDUHFRPHQGDVHTXH D YDULDomR GH YD]mR Pi[LPD GRV JRWHMDGRUHV VHMD PHQRU TXH HP WRGR R VLVWHPDGHLUULJDomR0(55,$0.(//(53DUDRHQVDLRGHXQLIRUPLGDGHGH YD]mRRVPLFURDVSHUVRUHVWrPTXHVHUSUHYLDPHQWHH[DPLQDGRVYLVXDOPHQWHVHP TXH WHQKDP VLGR GHVPRQWDGRV DYDOLDQGRVH R DFDEDPHQWR H TXDOLGDGH 4XDQGR PHGLU D YD]mR GRV PLFURDVSHURUHV UHJXODGRV GHYHVH DQRWDU D YD]mR Pi[LPD H PtQLPD GHQWUH DV GLIHUHQWHV YD]}HV GHQWUR GR LQWHUYDOR GH FRPSHQVDomR GH SUHVVmRSDUDFDGDPLFURDVSHUVRU5HFRPHQGDVHWDPEpPFDOFXODUDYD]mRPpGLDD SDUWLUGRVUHVXOWDGRVREWLGRVSDUDRVTXDWURPLFURDVSHUVRUHV$VYD]}HVPi[LPDH PtQLPDQmRGHYHPGHVYLDUPDLVTXHGDYD]mRQRPLQDOGHQWURGRLQWHUYDORGH FRPSHQVDomR$YD]mRPpGLDQmRGHYHGHVYLDUPDLVTXHGDYD]mRQRPLQDO $%17

&XUYD GH GLVWULEXLomR GH iJXD GLkPHWUR GH FREHUWXUD H SDGUmR GH PROKDPHQWR

(22)

62$5(6 0$1729$1, 2 SHUILO GH GLVWULEXLomR GR PLFURDVSHUVRU UHJXODGR '$1 FRP ERFDO GH GLkPHWUR GH PP H SUHVVmR GH VHUYLoR GH N3D DSUHVHQWRX UDLR HIHWLYR GH P H LQWHQVLGDGH SOXYLDO Pi[LPD QD UHJLmR PDLV SUy[LPD DR HPLVVRU FRP UHGXomR JUDGDWLYD DR GLVWDQFLDUVH GR PLFURDVSHUVRU $ PGHGLVWkQFLDDLQWHQVLGDGHDXPHQWRXOLJHLUDPHQWHYROWDQGRDGHFUHVFHUDWpD H[WUHPLGDGHFRUUHVSRQGHQWHDRUDLRPROKDGRPi[LPR0$726HWDO

2 HQVDLR GH GLVWULEXLomR SOXYLRPpWULFD FDUDFWHUL]D H GHWHUPLQD R IXQFLRQDPHQWR GR PLFURDVSHUVRU VREUH D VXSHUItFLH LUULJDGD $V FXUYDV SOXYLRPpWULFDVLQGLFDPDSUHFLSLWDomRKRUiULDTXHUHFHEHRWHUUHQRHQTXDQWRTXHDV LVRLHWDVGHOLPLWDPDiUHDPROKDGDSRUGLIHUHQWHVSUHFLSLWDo}HV'$17$61(72HW DO(PWUDEDOKRDSUHVHQWDGRSRU&XQKD&XQKDH)UHLUHFRQFOXLXVH TXH R PLFURDVSHUVRU 0) GH YD]mR QRPLQDO GH / K_{DSUHVHQWRX YD]}HV}

PHQRUHVTXHDVLQIRUPDGDVSHORFDWiORJRGRIDEULFDQWHHTXHRSHUILOGHGLVWULEXLomR WULGLPHQVLRQDOHDVLVRLHWDVGHSUHFLSLWDomRDSUHVHQWDUDPVHLUUHJXODUHV

(23)

GHSRVLWD iJXD j WD[D PtQLPD GH PP K SDUD PLFURDVSHUVRUHV FRP YD]mR VXSHULRU D / K H j WD[D PtQLPD GH PP K SDUD PLFURDVSHUVRUHV FRP YD]mR LJXDO RX LQIHULRU D / K HP TXDOTXHU DUFR GH FREHUWXUD H[FHWR QDV H[WUHPLGDGHVGRDUFRSDUDPLFURDVSHUVRUHVVHWRULDLV2GLkPHWURGHFREHUWXUDpD PpGLDGDVGXDVGLVWkQFLDVPXOWLSOLFDGDVSRUGHYHQGRHVWDUHPFRQIRUPLGDGHFRP RV YDORUHV IRUQHFLGRV SHOR IDEULFDQWH FRP XP GHVYLR SHUPLWLGR PHQRU RX LJXDO D

)LJXUD 2ULHQWDomR GH LQVWDODomR SDUD R HQVDLR GH GLVWULEXLomR GH iJXD $%17

3DUDRSDGUmRGHPROKDPHQWRGHDFRUGRFRPDQRUPD$%17GHYH VHIXQFLRQDURPLFURDVSHUVRUSRUXPSHUtRGRPtQLPRGHKHQTXDQWRDSUHVVmRGH HQVDLRpPDQWLGDFRQVWDQWHQDHQWUDGDGRPLFURDVSHUVRU$SyVDFRQFOXVmRPHGLUD TXDQWLGDGH GH iJXD FROHWDGD HP FDGD XP GRV FROHWRUHV ORFDOL]DGRV QD iUHD GH FREHUWXUDHDQRWDUVHXVYDORUHV3ORWDUDVFXUYDVLVROLQKDVLQWHUOLJDQGRRVSRQWRV LQWHUSRODGRVGHPHVPDVWD[DVFROHWDGDV$GLVWULEXLomRGHiJXDREWLGDQRSDGUmRGH PROKDPHQWRGRPLFURDVSHUVRUHQVDLDGRGHYHHVWDUHPFRQIRUPLGDGHFRPRSDGUmR PROKDGRIRUQHFLGRSHORIDEULFDQWH

&RHILFLHQWHVGHXQLIRUPLGDGH

(24)

&$%(//252'5,*2/Ï3(=HWDO)5,=21(H'285$'21(72 H DPSODPHQWH XWLOL]DGRV HP DYDOLDo}HV GH FDPSR %21202 628=$ 628=$HWDO&+$021&25'(,52

$XQLIRUPLGDGHGHGLVWULEXLomRRXDSOLFDomRGHIRUPDJHUDOH[SUHVVDRJUDX GH XQLIRUPLGDGH GDV OkPLQDV GH LUULJDomR LVWR p LQGLFD FRPR D iJXD HVWi VHQGR GLVWULEXtGD QD VXSHUItFLH LUULJDGD H VH DV SODQWDV HVWmR UHFHEHQGR TXDQWLGDGHV HTXLYDOHQWHV GH iJXD 7DO LQGLFDGRU FDUDFWHUL]D TXDOTXHU VLVWHPD GH LUULJDomR H LQWHUYpP HP VHX GLPHQVLRQDPHQWR WDQWR R DJURQ{PLFR SRLV DIHWD R FiOFXOR GDV QHFHVVLGDGHVWRWDLVGHiJXDFRPRRKLGUiXOLFRSRLVHPIXQomRGHODVmRGHILQLGRV RV OLPLWHV SHUPLWLGRV GH YDULDomR GH YD]mR GRV HPLVVRUHV 3,=$552 &$%(//2 $GHPDLVDXQLIRUPLGDGHGHGLVWULEXLomRQDLUULJDomRDIHWDDFDSDFLGDGHGH HFRQRPLD GH iJXD GRV VLVWHPDV H D SURGXWLYLGDGH GD ODYRXUD 3(5(,5$ HW DO

2 tQGLFH GH XQLIRUPLGDGH IUHTXHQWHPHQWH XWLOL]DGR SDUD DYDOLDU VLVWHPDV GH LUULJDomRORFDOL]DGDLQVWDODGRVpRFRHILFLHQWHGHXQLIRUPLGDGHGHGLVWULEXLomR&8' (TXDomR TXH OHYD HP FRQVLGHUDomR RV GR WRWDO GDV REVHUYDo}HV FRP PHQRUHVYD]}HVHPUHODomRjYD]mRPpGLDDSOLFDGD

&8' ൬TQ_\_{ത ൰}

HPTXH

&8'±FRHILFLHQWHGHXQLIRUPLGDGHGHGLVWULEXLomR

TQ±PpGLDGDVPHQRUHVSUHFLSLWDo}HVUHSUHVHQWDQGRGRWRWDODYDOLDGDV \

ത±PpGLDGHWRGDVDVSUHFLSLWDo}HVFROHWDGDVPP

2FRHILFLHQWHGHXQLIRUPLGDGHGH&KULVWLDQVHQ&8&TXHWDPEpPSRGHVHU XVDGR SDUD GHWHUPLQDU D XQLIRUPLGDGH GH DSOLFDomR HP VLVWHPDV ORFDOL]DGRV SHUPLWHDREWHQomRGHUHVXOWDGRVFRQILiYHLVSRUpPUHTXHUDPHGLomRGDYD]mRGH PXLWRV HPLVVRUHV GR VLVWHPD GHPDQGDQGR PXLWR WHPSR H PXLWD PmRGHREUD )5,==21('285$'21(72$GHWHUPLQDomRGH&8&pGDGDSRU

(25)

HPTXH

&8&±FRHILFLHQWHGHXQLIRUPLGDGHGH&KULVWLDQVHQ <L±OkPLQDGHiJXDFROHWDGDQRLpVLPRFROHWRUPP

Q±Q~PHURGHSUHFLSLWDo}HVFROHWDGDV

8PGRVSULQFLSDLVSDUkPHWURVSDUDDYDOLDomRGHXPVLVWHPDGHLUULJDomRpD XQLIRUPLGDGH GH DSOLFDomR GH iJXD QD VXSHUItFLH GD iUHD LUULJDGD $ XQLIRUPLGDGH WHPLPSDFWRQDHILFLrQFLDGRVVLVWHPDVGHLUULJDomRDTXDOHVWDUHODFLRQDGDFRPD TXDQWLGDGH GH iJXD QHFHVViULD DR GHVHQYROYLPHQWR H DR UHQGLPHQWR GH GHWHUPLQDGD FXOWXUD 5(6(1'( &2(/+2 3,('$'( $ XQLIRUPLGDGH GH DSOLFDomRGHVFUHYHDUHJXODULGDGHFRPTXHXPVLVWHPDGHLUULJDomRGLVWULEXLDiJXD HPGHWHUPLQDGDiUHD$PHOKRULDGDXQLIRUPLGDGHGHiJXDDSOLFDGDSRGHVHUREWLGD SHOD DGRomR GH SUiWLFDV GH PDQHMR FRPR OLPSH]D SHULyGLFD PDLV FULWHULRVD GR VLVWHPD GH ILOWUDJHP SRVVLELOLWDQGR PDLRU SUHVVmR QRV SRQWRV GH HPLVVmR DVVLP FRPR GHVHQWXSLPHQWR GRV JRWHMDGRUHV H OLPSH]D GDV WXEXODo}HV ODWHUDLV 3LQWR 6RDUHV H 1DVFLPHQWR UHDOL]DUDPVH XP HVWXGR FRPSDUDWLYR HQWUH YiULRV PpWRGRV SURSRVWRV SDUD GHWHUPLQDU D XQLIRUPLGDGH GH GLVWULEXLomR GH iJXD QD LUULJDomR SRU JRWHMDPHQWR H R PpWRGR TXH REWHYH PHOKRUHV UHVXOWDGRV IRL R GH &KULVWLDQVHQ(QWUHWDQWR%UDOWV:XH*LWOLQDILUPDPTXHDXQLIRUPLGDGHGH DSOLFDomR p HP JHUDO VRPHQWH IXQomR GDV YDULDo}HV SUySULDV GR HPLVVRU H GD YDULDomRGHSUHVVmRDRORQJRGDOLQKDVHQGRHVVDVFDXVDVLQGHSHQGHQWHV(VVD LQGHSHQGrQFLD FRQIRUPH &OHPPHQV VRPHQWH p DFHLWD TXDQGR R HPLVVRU SRVVXL GHVFDUJD FRQVWDQWH GLPLQXLQGR DVVLP R HIHLWR SURYRFDGR SHOD YDULDomR GH SUHVVmRDRORQJRGDOLQKDODWHUDO

(26)

0$7(5,$/(0e72'26

/RFDOL]DomRGDiUHDH[SHULPHQWDO

2 H[SHULPHQWRIRL FRQGX]LGR QR/DERUDWyULR GH +LGUiXOLFDGR 'HSDUWDPHQWR GH(QJHQKDULD5XUDOGD)DFXOGDGHGH&LrQFLDV$JUiULDVH9HWHULQiULDV81(63HP -DERWLFDEDO ± 63 2 ODERUDWyULR SRVVXL IRUPDWR UHWDQJXODU GH P [ P Sp GLUHLWR GH P IHFKDPHQWR HP DOYHQDULD FRP SLVR QLYHODGR H UHYHVWLGR FRP FHUkPLFD3DUDYHQWLODomRSRVVXLYLWU{VQDVODWHUDLVFRPIHFKDPHQWRPDQXDOHSRUWD GHDFHVVRWLSRFRUUHGLoD$FREHUWXUDpFRQIHFFLRQDGDFRPWUHOLoDVPHWiOLFDVHIROKD GHDoRJDOYDQL]DGRVLGHU~UJLFRFRPIRUUDomRGRWLSR39&

)RQWHGHiJXDHLQVWDODo}HVKLGUiXOLFDV

'LVWDQWHH[WHUQDPHQWHDPHWURVGDODWHUDOGRODERUDWyULRDFpXDEHUWRIRL LQVWDODGD XPD FDL[D GH ILEURFLPHQWR FRP FDSDFLGDGH GH OLWURV 6HX DEDVWHFLPHQWR GH iJXD p UHDOL]DGR DXWRPDWLFDPHQWH SRU PHLR GH XPD EyLD PHFkQLFDHLQWHUOLJDGDDRVLVWHPDSULYDGRGHDEDVWHFLPHQWRGHiJXDGR&kPSXV $WUDYpVGHFRQH[}HVHWXERVGH39&VROGiYHO1%5FRPGLkPHWURGHPPD iJXDpIRUQHFLGDSRUJUDYLGDGHjERPEDGHSUHVVXUL]DomRTXHHVWiLQVWDODGDQR LQWHULRUGRODERUDWyULR(PFRQIRUPLGDGHFRPD3RUWDULDGHGHGH]HPEUR GH D iJXD DSUHVHQWD SDGUmR GH SRWDELOLGDGH H TXDOLGDGH SDUD R FRQVXPR KXPDQR

%RPEDGHSUHVVXUL]DomR

3DUDDSUHVVXUL]DomRGDEDQFDGDGHWHVWHVHPLFURDVSHUVRUHVIRLLQVWDODGD XPD ERPED GD PDUFD (OHWURSODV PRGHOR ,&$% SRWrQFLD GH FY : PRQRIiVLFDYROWVFRPDVVHJXLQWHVFDUDFWHUtVWLFDVKLGUiXOLFDVYD]mRHSUHVVmR

Pi[LPDGHP_K_{HN3DUHVSHFWLYDPHQWH}

/LJDomRGHSUHVVmRGDERPEDGHSUHVVXUL]DomR

(27)

KLGUiXOLFDVGH39&VROGiYHO1%5FRPGLkPHWURGHPPYiOYXODGHJDYHWD

GH´HPDQ{PHWURJOLFHULQDGRWLSR%RXUGRQFRPIXQGRGHHVFDODGHDNJIFP

)LJXUD 3RU PHLR GH WXER IOH[tYHO FRQHFWRXVH LQGLYLGXDOPHQWH D EDQFDGD GH WHVWHGHXQLIRUPLGDGHGHYD]mRHRPLFURDVSHUVRUSDUDRWHVWHGHXQLIRUPLGDGHGH GLVWULEXLomRGHiJXD

)LJXUD ,QVWDODomRSDUDSUHVVXUL]DomRGRVLVWHPD

%DQFDGDGHHQVDLRGHXQLIRUPLGDGHGHYD]mR

(28)

)LJXUD%DQFDGDGHHQVDLRGHXQLIRUPLGDGHGHYD]mR

)LJXUD'HWDOKHGDEDQFDGDF~SXODHGLVSRVLWLYRGHDORMDPHQWR

(29)

0DWHULDOSDUDRHQVDLRGHXQLIRUPLGDGHGHGLVWULEXLomRGHiJXD

/RFDO

3DUDD GLVSRVLomR GRV FROHWRUHVIRL XWLOL]DGR R SLVR SODQRGR ODERUDWyULR GH DFRUGRFRPDQRUPD$%17FRQIRUPH)LJXUD

)LJXUD &URTXLGRHQVDLRGHXQLIRUPLGDGH

&ROHWRUHV

8WLOL]DUDPVH FROHWRUHV GD PDUFD )DEULPDU GH IRUPDWR JHRPpWULFR WURQFR

&ROHWRUHVSDUDHQVDLRGHGLVWULEXLomRGHiJXD &ROHWRUHVSDUDHQVDLRGHUDLRHGLkPHWURGHDOFDQFH 3RVLomRGHLQVWDODomRGRPLFURDVSHUVRU

/(*(1'$

P

(L[R

(30)

0LFURDVSHUVRUHV

0LFURDVSHUVRUHVXVDGRV

)RUDP XWLOL]DGRV QRV HQVDLRV PLFURDVSHUVRUHV DXWRFRPSHQVDQWHV GD

PDUFD1HWDILPPRGHOR6XSHU1HW/5FRPYD]mRGH/K_{(VWHVHPLVVRUHVIRUDP}

LQVWDODGRVQRDQRGHHPVLVWHPDGHLUULJDomRQD)D]HQGD%RD6RUWHVLWXDGD QRPXQLFtSLRGH%DUUHWRV±63$VFRRUGHQDGDVJHRJUiILFDVGDiUHDLUULJDGDVmR ¶´ GH ODWLWXGH VXO H ¶´ GH ORQJLWXGH RHVWH FRP DOWLWXGH YDULDQGR GH DP$VFROHWDVGRVHPLVVRUHVIRUDPHIHWXDGDVDOHDWRULDPHQWHGHIRUPD ³]LJ]DJ´ WRPDQGRVH R FXLGDGR SDUD TXH IRVVHP FROHWDGDV XQLGDGHV GH FDGD WDOKmR)LJXUD

2 VLVWHPD FRQWHPSOD XP PLFURDVSHUVRU SRU SODQWD ORFDOL]DGR D P GR WURQFR$VSODQWDVGHODUDQMDYDULHGDGH1DWDO&LWUXVDXUDQWLXP/HVWmRSODQWDGDV HPQtYHOFRPPGHGLVWkQFLDHQWUHDVOLQKDVHPHQWUHDVSODQWDV)LJXUD$V SODQWDVVmRDGXOWDVHIRUDPSODQWDGDVHP

)LJXUD ,PDJHP GH VDWpOLWH GD iUHD LUULJDGD GD )D]HQGD %RD 6RUWH H IRUPD GH FROHWDGRVPLFURDVSHUVRUHV

$iJXDSDUDDLUULJDomRGD)D]HQGDpSURYHQLHQWHGHXPSRoRDUWHVLDQRQmR

(31)

iJXD HIHWXRXVH HP GH DJRVWR GH D DPRVWUDJHP GD iJXD SDUD DQiOLVH )LJXUD 2V UHVXOWDGRV GD DQiOLVH IRUDP FRPSDUDGRV DRV ULVFRV VXJHULGRV SRU 1DND\DPDH%XFNV7DEHOD

)LJXUD 5HODWyULRGHDQiOLVHGHiJXDGHVWLQDGDDLUULJDomRGD)D]HQGD%RD6RUWH

UHDOL]DGDSHORODERUDWyULR/DQDWHFHP6mR-RVpGR5LR3UHWR63

7DEHOD5LVFRSRWHQFLDOGHREVWUXomRGHHPLVVRUHVVHJXQGRDTXDOLGDGHGDiJXD GHLUULJDomR$GDSWDGRGH1DND\DPDH%XFNV

7LSRGH3UREOHPD 5LVFR

%DL[R 0pGLR $OWR

)tVLFR

6yOLGRHPVXVSHQVmRSSP !

4XtPLFR

S+ D !

6yOLGRVGLVVROYLGRVSSP D !

0QSSP D !

)HUUR7RWDOSSP D !

6+SSP D !

)RQWH1DND\DPDH%XFNV

(32)

PRWRERPEDGRSRoRGHVWLQDDiJXDGLUHWDPHQWHQDVXFomRGHRXWUDERPED)LJXUD GHQRPLQDGD GH ³ERRVWHU´ FRP D H[FOXVLYD IXQomR GH HOHYDU D SUHVVmR GR VLVWHPD3RVWHULRUPHQWHDiJXDSDVVDDWUDYpVGHXPKLGURFLFORQHFRPDIXQomRGH VHSDUDUSRVVtYHLVVyOLGRVHPVXVSHQVmR(PVHTXrQFLDDiJXDSDVVDSHORVILOWURV GHWHODVDXWRPDWL]DGRVFRPHOHPHQWRILOWUDQWHGHPHVK)LJXUDHSHUFRUUHR WUHFKRGHOLQKDSULPiULDDWpDiUHDLUULJDGDTXHHIHWXDDXWRPDWLFDPHQWHDLUULJDomR GRV VHWRUHV FRQIRUPH R SODQHMDPHQWR GD )D]HQGD 1HVVH VLVWHPD GH LUULJDomR QXQFDIRLHIHWXDGRIHUWLUULJDomRHTXLPLJDomR$VOLPSH]DVTXDQGRHIHWXDGDVIRUDP H[HFXWDGDVSRUDUUDVWRDEULQGRVHRVILQDLVGHOLQKDGDVOLQKDVUDPDLVHODWHUDLV

)LJXUD%RPEHDPHQWRGLUHWRGRSRoRjERPED³ERRVWHU´

(33)

)LJXUD+LGURFLFORQHHILOWURVGHWHODVDXWRPDWL]DGRV

(34)

0LFURDVSHUVRUHVQRYRV

2VPLFURDVSHUVRUHVQRYRVXWLOL]DGRVQRH[SHULPHQWRIRUDPIRUQHFLGRVSHOD

1HWDILP %UDVLO 6LVWHPDV H (TXLSDPHQWRV GH ,UULJDomR /WGD VRE Q~PHUR GH QRWD ILVFDO HOHWU{QLFD GDWDGD GH GH MXOKR GH FRP GHVFULomR GR SURGXWRVHQGR6XSHU1HW/K/5DXWRURVFiYHOVHPHVWDFDGHFP

&RPSDUDomR GR GHVHPSHQKR KLGUiXOLFR GH PLFURDVSHUVRUHV DXWRFRPSHQVDQWHVQRYRVHXVDGRV

,GHQWLILFDomRHFDUDFWHUL]DomRGRVPLFURDVSHUVRUHV

(P ODERUDWyULR RV PLFURDVSHUVRUHV QRYRV H XVDGRV IRUDP LGHQWLILFDGRV H VXEPHWLGRVjDYDOLDomRYLVXDOGHVLPLODULGDGHHLQWHJULGDGHGH VXDVSHoDVIL[DVH PyYHLV )LJXUDV H 2EVHUYDUDPVH QRV XVDGRV D SRVVtYHO H[LVWrQFLD GH LQFUXVWDo}HV GH PDWpULDV RUJkQLFDV H LQRUJkQLFDV TXH SXGHVVHP LQWHUIHULU QRV UHVXOWDGRV GRV HQVDLRV 2V PLFURDVSHUVRUHV DSUHVHQWDUDPVH LGrQWLFRV H HP FRQGLo}HVSDUDRVWHVWHVGHGHVHPSHQKRKLGUiXOLFR

)LJXUD0LFURDVSHUVRUHVQRYRVDHXVDGRVE

(35)

)LJXUD&RPSRQHQWHVGRVPLFURDVSHUVRUHVQRYRVDHXVDGRVE

&RQIRUPH R FDWiORJR GR IDEULFDQWH D GHQRPLQDomR GR PLFURDVSHUVRU p 6XSHU1HW_{0LFURDVSHUVRU DXWRUHJXODGR SDUD XVR VLPSOHV RX FRP VREUHSRVLomR}

GHVWLQDGR j LUULJDomR FRP XVR GH SURWHomR FRQWUD JHDGDV UHVIULDPHQWR H WUDWDPHQWRTXtPLFRHHTXLSDGRFRPGLVSRVLWLYRDQWLLQVHWR'HDFRUGRFRPRVGDGRV GHSHUIRUPDQFHGRFDWiORJRGRIDEULFDQWH7DEHODRVPLFURDVSHUVRUHVHQVDLDGRV IRUDPGR0RGHORERFDOD]XOFODURLQWHUYDORGHFRPSHQVDomRGHSUHVVmR

EDUYD]mRQRPLQDOGH/KGLkPHWURGRERFDOGHPPGLkPHWURPROKDGR

PHEDLODULQDRXDVDJLUDWyULDUR[D

D _E

&RUSRHGLUHFLRQDGRUGH IOX[R

5RWRU

%RFDO

'LDIUDJPDGHFRPSHQVDomR GHSUHVVmR

(36)

7DEHOD'DGRVGHSHUIRUPDQFHGR0LFURDVSHUVRU6XSHU1HW/5FRQIRUPHFDWiORJR GRIDEULFDQWH

%DLODULQDORQJRDOFDQFH/5

0RGHOR &RUGR ERFDO

3UHVVmR EDU

9D]mR

/K

ERFDO PP

PROKDGR P

&RUGD EDLODULQD

5R[R ± 5R[R

0DUURP ± 5R[R

$]XOFODUR ± 5R[R

$]XO ± 5R[R

9HUGH ± 3UHWR

&LQ]D ± 3UHWR

3UHWR ± 3UHWR

/DUDQMD ± 3UHWR

9HUPHOKR ± &LQ]D

)RQWH&DWiORJRGHSURGXWRV1HWDILP

(QVDLRGHXQLIRUPLGDGHGHYD]mRHFRHILFLHQWHGHYDULDomRGHIDEULFDomR HYD]mR&9)H&94

3DUD R HQVDLR GH XQLIRUPLGDGH GH YD]mR HIHWXRXVH R GHOLQHDPHQWR H[SHULPHQWDOLQWHLUDPHQWHFDVXDOL]DGRFRPGLVSRVLomRGRWLSRIDWRULDO[)RUDP LGHQWLILFDGRV GRLV QtYHLV SDUD R HVWDGR GRV PLFURDVSHUVRUHV QRYRV H XVDGRV H TXDWURIDWRUHV SDUDDSUHVVmRGH HQVDLR H N3D WRWDOL]DQGR WUDWDPHQWRV2VPLFURDVSHUVRUHVQRYRVHRVPLFURDVSHUVRUHVXVDGRVIRUDP FRQVLGHUDGRV FRPR UHSHWLo}HV 3DUD FDGD WUDWDPHQWR HIHWXDUDPVH RV WHVWHV UHSHWLGRV SRU WUrV YH]HV H WHQGR FRPR UHVXOWDGRV SDUD SRVWHULRUHV DQiOLVHV DV PpGLDVGRVPHVPRV

(37)

3DUDDLQWHUSUHWDomRGRVFRHILFLHQWHVGHYDULDomRGHIDEULFDomRDSOLFDUDPVH DVFODVVLILFDo}HVFRQIRUPH6RORPRQDGHVFULWDVQD7DEHODHQRUPD$6$( GHVFULWDVQD7DEHOD2VYDORUHVIRUDPFDOFXODGRVSHOD(TXDomR

8WLOL]RXVH SDUD HVWH HQVDLR D EDQFDGD GH WHVWHV GH YD]mR FRP IXQFLRQDPHQWRVLPXOWkQHRGHPLFURDVSHUVRUHV)LJXUDH2VHPLVVRUHVIRUDP VRUWHDGRVQXPHUDGRVGHDHVXEPHWLGRVjVSUHVV}HVFRQVWDQWHVGH H N3D 'XUDQWH LQWHUYDOR GH WHPSR GH PLQXWRV D iJXD GH FDGD PLFURDVSHUVRU IRL FROHWDGD H SHVDGD HP EDODQoD HOHWU{QLFD GLJLWDO FRP J GH SUHFLVmRGHWHUPLQDQGRVHRYROXPHHFRQYHUWHQGRVHRYROXPHFROHWDGRHPYD]mR

/K_{FRQVLGHUDQGRVHDPDVVDHVSHFtILFDGDiJXDLJXDODJFP}

(QVDLRGHFRHILFLHQWHGHXQLIRUPLGDGHGHGLVWULEXLomRGHiJXDGLkPHWUR GHFREHUWXUDHSDGUmRGHPROKDPHQWR

2V FROHWRUHV IRUDP FRORFDGRV QR SLVR GR ODERUDWyULR )LJXUD H RV PLFURDVSHUVRUHV IRUDP FODVVLILFDGRV HP RUGHP FUHVFHQWH GH YD]mR PHGLGD VHSDUDQGRVHSDUDRHQVDLRRVHPLVVRUHVQXPHUDGRVGHH$%17

(38)

2V PLFURDVSHUVRUHV QRYRV H PLFURDVSHUVRUHV XVDGRV LQGLYLGXDOPHQWH IRUDPVXEPHWLGRVDSUHVVmRFRQVWDQWHGHN3DVHQGRHVWHRYDORULQWHLURPDLV SUy[LPRjPpGLDGRLQWHUYDORGHFRPSHQVDomRGHSUHVVmRGRPLFURDVSHUVRUD N3D SRU XP LQWHUYDOR GH WHPSR GH KRUD 3RVWHULRUPHQWH RV YROXPHV DUPD]HQDGRVQRVFROHWRUHVIRUDPPHGLGRVFRPSURYHWDGHYLGURJUDGXDGDGHP/

FRPVXEGLYLV}HVGHP/6DEHQGRVHDVHomRGRFROHWRUPRYROXPHFROHWDGR

P/HRWHPSRGHRSHUDomRKFDOFXORXVHDLQWHQVLGDGHGHDSOLFDomRHPPPK

'HWHUPLQRXVHRGLkPHWURGHFREHUWXUDPXOWLSOLFDQGRVHRUDLRPpGLRSRU

GHVFDUWDQGRVHRVFROHWRUHVFRPWD[DGHDSOLFDomRPHQRUTXHPPK_$%17

3DUDDGHWHUPLQDomRGRFRHILFLHQWHGHXQLIRUPLGDGHGHGLVWULEXLomR&8'H GH XQLIRUPLGDGH GH &KULVWLDQVHQ &8& DSOLFDUDPVH DV HTXDo}HV H UHVSHFWLYDPHQWH SDUD XPD VREUHSRVLomR GH GR UDLR GH DOFDQFH GRV PLFURDVSHUVRUHV HVSDoDPHQWR GH P [ P HQWUH PLFURDVSHUVRUHV &ODVVLILFDUDPVH RV HPLVVRUHV FRQIRUPH D FODVVLILFDomR GH GHVHPSHQKR SURSRVWD SRU0DQWRYDQL7DEHOD

7DEHOD&ODVVLILFDomRGRVYDORUHVGRGHVHPSHQKRGHVLVWHPDVGHLUULJDomR ORFDOL]DGDHPIXQomRGR&8&H&8'0$1729$1,

&ODVVLILFDomR &8& &8'

([FHOHQWH ! !

%RP !± !±

5D]RiYHO !± !±

5XLP ± ±

,QDFHLWiYHO

)RQWH0DQWRYDQL

&DOLEUDomRGDSUHVVmR

(39)

SUHVVmR H[DWDPHQWH QD HQWUDGD GRV PLFURDVSHUVRUHV (IHWXRXVH D UHJXODJHP GD SUHVVmRSRUPHLRGHXPDYiOYXODGHDJXOKDGHò´)LJXUD

)LJXUD,OXVWUDomRGRPDQ{PHWURGH%RXUGRQDHGHFROXQDGHPHUF~ULRE

(40)

5(68/7$'26(',6&8662

8QLIRUPLGDGHGHYD]mR

3DUD D XQLIRUPLGDGH GH YD]mR GH PLFURDVSHUVRUHV DXWRFRPSHQVDQWHV

6XSHU1HW KRXYH YDULDomR VXSHULRU D TXDQGR VXEPHWLGRV j SUHVVmR GH N3DQDVVLWXDo}HVGHHVWDGRGHXVRQRYRHXVDGR3DUDDVSUHVV}HVGHN3D QDVGXDVVLWXDo}HVQRYRHXVDGRDVYD]}HVDSUHVHQWDUDPYDULDo}HVPi[LPDVGH HUHVSHFWLYDPHQWH$VYDULDo}HVPi[LPDVGHYD]mRSHUPDQHFHUDP PHQRUHV TXH TXDQGR RV HPLVVRUHV IRUDP VXEPHWLGRV jV SUHVV}HV H N3D$YD]mRPpGLDGHVYLRXHPSDUDRHPLVVRUQRYRHSDUDR XVDGR7DEHOD

7DEHOD9DULDomR Pi[LPD GH YD]mR SDUD DV SUHVV}HV GHQWUR GR LQWHUYDOR GH FRPSHQVDomRGHSUHVVmRHYDULDomRPpGLDSDUDRVGRLVHVWDGRVGHXVR

GRVPLFURDVSHUVRUHV6XSHUQHWFRPYD]mRQRPLQDOGH/K

(VWDGR

GH8VR 3UHVVmRN3D 9D]mR/K

9DULDomR0i[LPD 9D]mR

0pGLD

/K

9DULDomR0pGLD

/K /K

1RYR

$

%

&

'

8VDGR

$

%

&

'

9DULDo}HV GDV YD]}HV Pi[LPDV VXSHULRUHV D VmR FODVVLILFDGDV FRPR LQDFHLWiYHLV FRQIRUPH $%17

9DULDomRGDYD]mRPpGLDVXSHULRUHVDVmRFODVVLILFDGDVFRPRLQDFHLWiYHLVFRQIRUPH$%17

/HWUDVPDL~VFXODVQDVFROXQDVFRPSDUDPPpGLDVHQWUHRVGRLVHPLVVRUHVSDUDDVPHVPDVSUHVV}HV 0pGLDVFRPOHWUDVLJXDLVQmRGLIHUHPHVWDWLVWLFDPHQWHSHORWHVWHGH7XNH\D

(41)

DSUHVHQWDUYDULDomRGDYD]mRPpGLDVXSHULRUDFRPSDUDQGRVHFRPDYD]mR QRPLQDOGHFDWiORJR0HUULDPH.HOOHUUHFRPHQGDUDPTXHDYDULDomRPi[LPD GDYD]mRHPWRGRRVLVWHPDGHLUULJDomRQmRSRGHYDULDUPDLVTXHSDUDQmR SUHMXGLFDUDXQLIRUPLGDGHGHDSOLFDomRGHiJXDHPWRGRRVLVWHPDGHLUULJDomR(P WUDEDOKR UHDOL]DGR SRU 6LTXHLUD H %DUURV -~QLRU FRP PLFURDVSHUVRUHV &DUERUXQGXP 06 REVHUYDUDPVH YDULDo}HV GH YD]mR HQWUH D HP FRPSDUDomRDYD]mRQRPLQDOLQIRUPDGDSHORIDEULFDQWH$YDULDomRGHYD]mRSDUD PLFURDVSHUVRUHV DXWRFRPSHQVDQWHV IRL HYLGHQFLDGD SRU 0DWRV H 5DJRVR KDYHQGRYDULDomRLQIHULRUGHHVXSHULRUGHGDYD]mRQRPLQDOGHFDWiORJR GRIDEULFDQWHTXDQGRVXEPHWLGRVDRLQWHUYDORGHSUHVVmRGHDN3D

$YDOLDomRHVWDWtVWLFD

'H DFRUGR FRP R SDUkPHWUR YD]mR HIHWXRXVH DQiOLVH HVWDWtVWLFD GR WLSR IDWRULDO [ VHQGR RV QtYHLV RV HVWDGRV GH XVR QRYR H XVDGR H RV IDWRUHV DV SUHVV}HVGHHN3D$SyVDDQiOLVHGHYDULkQFLDSUHOLPLQDUSDUD XP H[SHULPHQWR LQWHLUDPHQWH FDVXDOL]DGR FRP UHSHWLo}HV FRQVWDWRXVH TXH R WHVWH IRL VLJQLILFDWLYR D GH SUREDELOLGDGH 3RVWHULRUPHQWH HIHWXRXVH R GHVGREUDPHQWR GD VRPD GH TXDGUDGRV H RV JUDXV GH OLEHUGDGH GRV WUDWDPHQWRV DYDOLDQGRVH RV HIHLWRV SULQFLSDLV H D LQWHUDomR HQWUH RV IDWRUHV 2EVHUYRXVH D VLJQLILFkQFLD GR WHVWH D GH SUREDELOLGDGH DR HIHLWR GD SUHVVmR LQGLFDQGR TXH HVWHIDWRUGLIHUHHQWUHVLjYD]mRGRPLFURDVSHUVRU7DEHOD1RFDVRGRHVWDGR GH XVR QRYR H XVDGR DV GLIHUHQoDV QmR IRUDP VLJQLILFDWLYDV $SyV DYDOLDomR GD LQWHUDomRGRHIHLWRGDSUHVVmRGHQWURGHFDGDIDWRUGHHVWDGRGHXVRQRYRHXVDGR RVYDORUHVGRIDWRU³)´IRUDPVLJQLILFDWLYRVHPHUHVSHFWLYDPHQWHDGH SUREDELOLGDGH2FRHILFLHQWHGHYDULDomRGRH[SHULPHQWRIRLGH

3HOR WHVWH GH 7XNH\ D DV PpGLDV GDV YD]}HV DSUHVHQWDUDP GLIHUHQoDV VLJQLILFDWLYDV7DEHOD

$ SDUWLU GRV GDGRV GH YD]mR H SUHVVmR H DWUDYpV GD DQiOLVH GH UHJUHVVmR SRWHQFLDO GHWHUPLQRXVH D HTXDomR FDUDFWHUtVWLFD GH FDGD PLFURDVSHUVRU VHQGR

T + FRP FRHILFLHQWH GH GHWHUPLQDomR 5 GH SDUD R HPLVVRU

(42)

GHWHUPLQDomR REVHUYDVH TXH R H[SRHQWH GH GHVFDUJD ³[´ HVWi SUy[LPR D ]HUR FDUDFWHUtVWLFDGHPLFURDVSHUVRUHVDXWRFRPSHQVDQWHV3DUD3L]DUUR&DEHOOR R HPLVVRU SHUIHLWR p DTXHOH TXH R H[SRHQWH ³[´ p LJXDO D ]HUR LQGLFDQGR VHU DXWRFRPSHQVDQWH 3DUD QmR SUHMXGLFDU D XQLIRUPLGDGH GH DSOLFDomR GH iJXD UHFRPHQGDVHTXHDYDULDomRGHYD]mRPi[LPDGRVHPLVVRUHVVHMDGHHPWRGR RVLVWHPDGHLUULJDomR0(55,$0.(//(5

7DEHOD5HVXPRGDDQiOLVHGHYDULkQFLDSDUDSDUkPHWURYD]mR &DXVDVGH

9DULDomR *UDXVGHOLEHUGDGH TXDGUDGRV6RPDGH 4XDGUDGRPpGLR )DWRU³)´

(IHLWRSUHVVmRS

(IHLWRHVWDGRH

,QWHUDomRSH

7UDWDPHQWRV

5HVtGXR

7RWDO

6LJQLILFDWLYRDGHSUREDELOLGDGH)WDEHODGR

7DEHOD9D]}HVPpGLDVGRVPLFURDVSHUVRUHVQRYRVHXVDGRVGHQWURGRLQWHUYDOR GHFRPSHQVDomRGHSUHVVmR

3UHVVmRN3D 0LFURDVSHUVRU1RYR_9D]mRPpGLD/K 0LFURDVSHUVRU8VDGR_9D]mRPpGLD/K

F F

D D

E E

DE DE

0pGLDVVHJXLGDVGHOHWUDVLJXDLVQDYHUWLFDOQmRGLIHUHPHVWDWLVWLFDPHQWHSHORWHVWHGH7XNH\D

&RHILFLHQWHGHYDULDomRGHIDEULFDomRHYD]mR&9)H&94

1D 7DEHOD VmR DSUHVHQWDGRV RV YDORUHV GH FRHILFLHQWH GH YDULDomR GH IDEULFDomR &9) SDUD RV HPLVVRUHV QRYRV RV YDORUHV PpGLRV HDV FODVVLILFDo}HV FRQIRUPH6RORPRQD7DEHODHDQRUPD$6$(7DEHOD$GRWRX VH SDUD PHOKRU HQWHQGLPHQWR TXH R FRHILFLHQWH GH YDULDomR SDUD RV PLFURDVSHUVRUHVXVDGRVFRPRVHQGRGHQRPLQDGRFRHILFLHQWHGHYDULDomRGHYD]mR &94

(43)

FRPSRUWDPHQWRIRLVHPHOKDQWHDRQRYRSRUpPFRPDXPHQWRGHQDPpGLDGR &94 $ FODVVLILFDomR SHODV YD]}HV PpGLDV GRV PLFURDVSHUVRUHV IRUDP H[FHOHQWHV QRVGRLVFDVRVGHHVWDGRGHXVRQRYRHXVDGR(PWUDEDOKRUHDOL]DGRSRU6DQGULHW DOIRLDQDOLVDGRR&9)H&94GHPLFURDVSHUVRUHVQRYRVHXVDGRVGRJUXSR PRGXODUHHQFRQWUDGRVUHVSHFWLYDPHQWHSDUDRVQRYRVRVYDORUHVHQWUH N3D H N3D H YDORU PpGLR GH 3DUD RV HPLVVRUHV XVDGRV RV YDORUHVIRUDPN3DHN3DHYDORUPpGLRGH

7DEHOD &ODVVLILFDomR GRV FRHILFLHQWHV GH YDULDomR GH IDEULFDomR H GH YD]mR SDUDRVHPLVVRUHVQRYRVHXVDGRVGHQWURGRLQWHUYDORGHFRPSHQVDomR GHSUHVVmR

0LFURDVSHUVRU 3UHVVmRN3D &9)H&94 _6RORPRQ&ODVVLILFDomR_$6$(

1RYR

([FHOHQWH ([FHOHQWH

0pGLD ([FHOHQWH

([FHOHQWH ([FHOHQWH

0pGLD ([FHOHQWH ([FHOHQWH

8VDGR

([FHOHQWH ([FHOHQWH

0pGLD ([FHOHQWH

0pGLD ([FHOHQWH ([FHOHQWH

8QLIRUPLGDGHGHGLVWULEXLomRGHiJXD

5DLRHGLkPHWURGHFREHUWXUD

(44)

1DV )LJXUDV D VmR LOXVWUDGDV DV LQWHQVLGDGHV GH DSOLFDomR UDGLDO HP GRLVUDLRVHL[RUDLRHHL[RUDLRSDUDRVPLFURDVSHUVRUHVQRYRVH UHVSHFWLYDPHQWH $FUHGLWDVH TXH D GLIHUHQoD GH YDORUHV GRV GRLV UDLRV HVWHMD UHODFLRQDGD FRP D LQWHUIHUrQFLD GD SRQWH PRGXODU GR HPLVVRU UHVWULQJLQGR D GLVWULEXLomRGHiJXDQRHL[RGHUDLR

)LJXUD3HUILOUDGLDOGRPLFURDVSHUVRUQRYR

Ϭ ϭ Ϯ ϯ ϰ ϱ ϲ ϳ

Ϭ͕Ϭ Ϭ͕ϱ ϭ͕Ϭ ϭ͕ϱ Ϯ͕Ϭ Ϯ͕ϱ ϯ͕Ϭ ϯ͕ϱ

,QWHQV

LGDGH

GH

DSOLF

Do

mR

P

K

'LVWkQFLDGRFROHWRUDRPLFURDVSHUVRUP

5DLR 5DLR

,QWHQV

LGDGH

GH

DSOLF

Do

mR

P

K

(45)

)LJXUD3HUILOUDGLDOGRPLFURDVSHUVRUQRYR

1DV )LJXUDV D VmR LOXVWUDGDV DV LQWHQVLGDGHV GH DSOLFDomR UDGLDO HP GRLVUDLRVHL[RUDLRHHL[RUDLRSDUDRVPLFURDVSHUVRUHVXVDGRV HUHVSHFWLYDPHQWH$FUHGLWDVHTXHDGLIHUHQoDGHYDORUHVGRVGRLVUDLRVVHMDHP IXQomRGDLQWHUIHUrQFLDGDSRQWHPRGXODUGRHPLVVRUUHVWULQJLQGRDGLVWULEXLomRGH

,QWHQV

LGDGH

GH

DSOLF

Do

mR

P

K

5DLR 5DLR

,QWHQV

LGDGH

GH

DSOLF

Do

mR

P

K

(46)

VHQRHPLVVRUXVDGRDFHQWXDGRDXPHQWRGDLQWHQVLGDGHGHDSOLFDomRQRUDLRD P GR PLFURDVSHUVRU $FUHGLWDVH TXH HVWD GLIHUHQoD HVWHMD UHODFLRQDGD DR URWRUDVDJLUDWyULD

)LJXUD3HUILOUDGLDOGRPLFURDVSHUVRUXVDGR

,QWHQV

LGDGH

GH

DSOLF

Do

mR

P

K

5DLR 5DLR

,QWHQV

LGDGH

GH

DSOLF

Do

mR

P

K

(47)

)LJXUD3HUILOUDGLDOGRPLFURDVSHUVRUXVDGR

3DGUmRGHPROKDPHQWR

2V LVRJUDPDV GR SDGUmR GH PROKDPHQWR SDUD RV PLFURDVSHUVRUHV QRYRV HVWmR DSUHVHQWDGRV QDV )LJXUDV D H SDUD RV PLFURDVSHUVRUHV XVDGRV QDV )LJXUDVD6HJXQGRDQRUPD$%17RSDGUmRGHPROKDPHQWRHVWXGDGR GHYHVHUFRPSDUDGRHHQFRQWUDUVHHPFRQIRUPLGDGHFRPRSDGUmRGHPROKDPHQWR

,QWHQV

LGDGH

GH

DSOLF

Do

mR

P

K

5DLR 5DLR

,QWHQV

LGDGH

GH

DSOLF

Do

mR

P

K

(48)

1RWDVH QDV )LJXUDV D TXH DV PDLRUHV LQWHQVLGDGHV GH DSOLFDomR IRUDP HQFRQWUDGDV D P GH GLVWkQFLD GR PLFURDVSHUVRU QRV QRYRV H XVDGRV FRP

YDORUHVPi[LPRVHQWUHDPPKGHFUHVFHQGRFRPRDXPHQWRGDGLVWkQFLD3DUD

RV PLFURDVSHUVRUHV QRYRV H XVDGRV RFRUUHP PDLRUHV LQWHQVLGDGHV GH DSOLFDomR SUy[LPDVDRVHPLVVRUHVHYLGHQFLDQGRTXHDVLQWHQVLGDGHVGHDSOLFDomRGHD PP K RFRUUHP DWp P GH GLVWkQFLD GR PLFURDVSHUVRU $SyV HVVD GLVWkQFLD YHULILFDVHTXHRVYDORUHVVmRLQIHULRUHVDPPK6HQGRRPLFURDVSHUVRUFRPUDLR

GHDOFDQFHGHPHWURVDGLVWULEXLomRGHiJXDHPiUHDFLUFXODUpGHPRQGH

GDiUHDSRVVXLLQWHQVLGDGHGHDSOLFDomRGHiJXDPHQRUTXHPPK_HRV

UHVWDQWHVSRVVXHPLQWHQVLGDGHGHDSOLFDomRGHDPPK

(P WUDEDOKR UHDOL]DGR SRU &RQFHLomR H &RHOKR XWLOL]DQGR

PLFURDVSHUVRU 'DQ ERFDO PDUURP FRP YD]mR GH / K_{H URWRU SUHWR}

YHULILFDUDPTXHRUDLRGHDOFDQFHIRLGHPHWURVHDPDLRUWD[DGHDSOLFDomRIRLGH PP K_{GLVWDQWH D PHWUR GR PLFURDVSHUVRU 4XDQGR XWLOL]DUDP ERFDLV GH}

PDLRUHVYD]}HVHURWRUGHFRUD]XOKRXYHDXPHQWRGRUDLRGHDOFDQFHSDUDYDORUHV GH D P H PDLRUHV LQWHQVLGDGHV GH DSOLFDomR QRV FROHWRUHV D P GR HPLVVRU VHQGR RV YDORUHV GH D PP K_{5HVXOWDGRV VHPHOKDQWHV IRUDP}

REVHUYDGRVSRU6DQGULHWDOFRPPLFURDVSHUVRUPRGXODUQRYRSDUDRTXDO KRXYH SUHFLSLWDomR PDLRU j GLVWkQFLD GH P HQTXDQWR R PRGHOR XVDGR DSUHVHQWRXUHGXomRQRYDORUGDSUHFLSLWDomRjGLVWkQFLDGHPHORJRDSyVXPD HOHYDomR UHGX]LQGR VHX YDORU SRVWHULRUPHQWH )RL HYLGHQFLDGR HP H[SHULPHQWR H[HFXWDGR SRU 7DJOLDIHUUL HW DO PDLRU LQWHQVLGDGH GH DSOLFDomR SUy[LPR DR PLFURDVSHUVRUHV0)&DUERUXQGXP

2EVHUYDVHDLQGDQDV)LJXUDVDDLQWHUIHUrQFLDQRDOFDQFHHUHGXomR QDTXDOLGDGHGRSDGUmRGHPROKDPHQWRHPIXQomRGDSRQWHPRGXODUGHVXVWHQWDomR GRURWRUDVDJLUDWyULD1RFHQWURGDVILJXUDVDLPDJHPGHXPDHVWUHODEUDQFDLQGLFD D SRVLomR GR PLFURDVSHUVRU H D VHWD GXSOD p D GLUHomR GH LQVWDODomR GD SRQWH PRGXODULQWHUIHULQGRQRUDLRGHDOFDQFH

(49)

)LJXUD,VRJUDPDGRSDGUmRGHPROKDPHQWRGRPLFURDVSHUVRUQRYR ϯ͕Ϯϱ Ϯ͕ϳϱ Ϯ͕Ϯϱ ϭ͕ϳϱ ϭ͕Ϯϱ Ϭ͕ϳϱ Ϭ͕Ϯϱ Ϭ͕Ϯϱ Ϭ͕ϳϱ ϭ͕Ϯϱ ϭ͕ϳϱ Ϯ͕Ϯϱ Ϯ͕ϳϱ ϯ͕Ϯϱ

ϯ͕Ϯϱ Ϯ͕ϳϱ Ϯ͕Ϯϱ ϭ͕ϳϱ ϭ͕Ϯϱ Ϭ͕ϳϱ Ϭ͕Ϯϱ Ϭ͕Ϯϱ Ϭ͕ϳϱ ϭ͕Ϯϱ ϭ͕ϳϱ Ϯ͕Ϯϱ Ϯ͕ϳϱ ϯ͕Ϯϱ

,QWHQV LGDGH GH DSOLF Do mR P P K 'LVWkQFLDGRFROHWRUDRPLFURDVSHUVRUP ϰͲϱ ϯͲϰ ϮͲϯ ϭͲϮ ϬͲϭ SRVLomRGRPLFURDVSHUVRU GLUHomRGDSRQWHPRGXODU ϯ͕Ϯϱ Ϯ͕ϳϱ Ϯ͕Ϯϱ ϭ͕ϳϱ ϭ͕Ϯϱ Ϭ͕ϳϱ Ϭ͕Ϯϱ Ϭ͕Ϯϱ Ϭ͕ϳϱ ϭ͕Ϯϱ ϭ͕ϳϱ Ϯ͕Ϯϱ Ϯ͕ϳϱ ϯ͕Ϯϱ

(50)

)LJXUD,VRJUDPDGRSDGUmRGHPROKDPHQWRGRPLFURDVSHUVRUQRYR )LJXUD,VRJUDPDGRSDGUmRGHPROKDPHQWRGRPLFURDVSHUVRUQRYR ϯ͕Ϯϱ Ϯ͕ϳϱ Ϯ͕Ϯϱ ϭ͕ϳϱ ϭ͕Ϯϱ Ϭ͕ϳϱ Ϭ͕Ϯϱ Ϭ͕Ϯϱ Ϭ͕ϳϱ ϭ͕Ϯϱ ϭ͕ϳϱ Ϯ͕Ϯϱ Ϯ͕ϳϱ ϯ͕Ϯϱ

(51)

)LJXUD,VRJUDPDGRSDGUmRGHPROKDPHQWRGRPLFURDVSHUVRUXVDGR ϯ͕Ϯϱ Ϯ͕ϳϱ Ϯ͕Ϯϱ ϭ͕ϳϱ ϭ͕Ϯϱ Ϭ͕ϳϱ Ϭ͕Ϯϱ Ϭ͕Ϯϱ Ϭ͕ϳϱ ϭ͕Ϯϱ ϭ͕ϳϱ Ϯ͕Ϯϱ Ϯ͕ϳϱ ϯ͕Ϯϱ

(52)

)LJXUD,VRJUDPDGRSDGUmRGHPROKDPHQWRGRPLFURDVSHUVRUXVDGR )LJXUD,VRJUDPDGRSDGUmRGHPROKDPHQWRGRPLFURDVSHUVRUXVDGR ϯ͕Ϯϱ Ϯ͕ϳϱ Ϯ͕Ϯϱ ϭ͕ϳϱ ϭ͕Ϯϱ Ϭ͕ϳϱ Ϭ͕Ϯϱ Ϭ͕Ϯϱ Ϭ͕ϳϱ ϭ͕Ϯϱ ϭ͕ϳϱ Ϯ͕Ϯϱ Ϯ͕ϳϱ ϯ͕Ϯϱ

(53)

&RHILFLHQWHVGHXQLIRUPLGDGH&8&H&8'

3DUDFDOFXODUR&8&H&8'IRLXWLOL]DGRRDSOLFDWLYRFRPSXWDFLRQDO&$7&+ 'YHUVmR$//(14XDQGRDSOLFDGDVREUHSRVLomRGHGRUDLRGH DOFDQFH [ P SDUD RV PLFURDVSHUVRUHV QRYRV D PpGLD GR FRHILFLHQWH GH XQLIRUPLGDGHGH&KULVWLDQVHQIRLGHHDPpGLDGRFRHILFLHQWHGHXQLIRUPLGDGH GHGLVWULEXLomRIRLGH7DEHOD3DUDRVHPLVVRUHVXVDGRVRVYDORUHVGH &8&H&8'IRUDPGHHUHVSHFWLYDPHQWH(VWDWLVWLFDPHQWHRWHVWH³)´ IRLQmRVLJQLILFDWLYRDGHSUREDELOLGDGHHSRUWDQWRRVYDORUHVGH&8&H&8' QmRGLIHUHPHQWUHVLSDUDRVHPLVVRUHVQRYRVHXVDGRV2VFRHILFLHQWHVGHYDULDomR IRUDPGHHSDUDRVYDORUHVGH&8&H&8'UHVSHFWLYDPHQWH

7DEHOD 9DORUHV LQGLYLGXDLV HPpGLRV GH &8& H &8' SDUD RVPLFURDVSHUVRUHV QRYRVHXVDGRVFRPVREUHSRVLomRGH[P

(VWDGRGH

8VR &8

5HSHWLomR

0pGLD

1RYR &8&

&8'

8VDGR &8&

&8'

9DORUHVHQWUHSDUrQWHVHVVmRRVQ~PHURVGHLGHQWLILFDomRGRVPLFURDVSHUVRUHV

3DUDVLVWHPDVGHLUULJDomRORFDOL]DGDVHJXQGR=RFROHUVmRH[LJLGRV &8& VXSHULRU D H &8' DFLPD GH SDUD VHUHP FRQVLGHUDGRV FRP yWLPD HILFLrQFLD %HUQDUGR 6RDUHV H 0DQWRYDQL FODVVLILFDP RV YDORUHV GH &8& FRQIRUPH D 7DEHOD 3DUD D FODVVLILFDomR GH &8' %UDOWV XVD YDORUHV FRQIRUPH D 7DEHOD 6HJXLQGR HVVDV FODVVLILFDo}HV RV PLFURDVSHUVRUHV DQDOLVDGRV QRYRV H XVDGRV TXDQGR VXEPHWLGRV j VREUHSRVLomR GH VmR FRQVLGHUDGRV ERQV FRP UHODomR DR FRHILFLHQWH GH XQLIRUPLGDGH GH &KULVWLDQVHQ 3DUDDXQLIRUPLGDGHGHGLVWULEXLomRVmRFODVVLILFDGRVFRPRUHJXODUHV

(54)

7DEHOD&ODVVLILFDomRGR&8&GHDFRUGRFRP%HUQDUGRHWDO

&8& &ODVVLILFDomR

H[FHOHQWH

!± ERP

!± UHJXODU

± UXLP

LQDFHLWiYHO

)RQWH%HUQDUGRHWDO

7DEHOD&ODVVLILFDomRGH&8'GHDFRUGRFRP%UDOWV

&8' &ODVVLILFDomR

! H[FHOHQWH

!± ERP

± UHJXODU

UXLP

)RQWH%UDOWV

2&8&GRHPLVVRUQRYRHGRXVDGRPHVPRVHQGRFODVVLILFDGRVFRPRERQV SRGHULDP VHU PHOKRUHV FDVR D LQWHQVLGDGH GH DSOLFDomR GH iJXD IRVVH PDLV XQLIRUPH HP WRGD D iUHD DEUDQJLGD SHOR HPLVVRU H QmR JUDQGH FRQFHQWUDomR GH SUHFLSLWDomR SUy[LPD DR HPLVVRU 2XWUD IRUPD GH PHOKRUDU RV YDORUHV GRV FRHILFLHQWHVGH&8&H&8'pHIHWXDUPDLRUVREUHSRVLomRHQWUHDViUHDVLUULJDGDV SHORV PLFURDVSHUVRUHV $VVLP IRL HIHWXDGD XPD VLPXODomR XWLOL]DQGR R SURJUDPD &$7&+'FRPRPLFURDVSHUVRUXVDGRFRPVREUHSRVLomRTXDGULFXODUDFDGD PHWURV H R YDORU GH &8& H &8' IRUDP GH H UHVSHFWLYDPHQWH VHQGR VXSHULRUHV DRV YDORUHV HQFRQWUDGRV GH SDUD &8& H SDUD &8' HP VREUHSRVLomRTXDGULFXODUGHPHWURV

(55)

&21&/862

2VPLFURDVSHUVRUHVQRYRVHXVDGRVQmRGLIHULUDPHPUHODomRDRFRHILFLHQWH GHYDULDomRGHIDEULFDomRHGHYD]mRVHQGRFODVVLILFDGRVFRPRH[FHOHQWHV

2VGLkPHWURVGHFREHUWXUDGRVPLFURDVSHUVRUHVQRYRVHXVDGRVIRUDPGH PVHQGRLJXDODRDSUHVHQWDGRQRFDWiORJRGRIDEULFDQWH

1RVPLFURDVSHUVRUHVQRYRVHXVDGRVDVPDLRUHVLQWHQVLGDGHVGHDSOLFDomR IRUDPHQFRQWUDGDVDPGHGLVWkQFLDGRHPLVVRUGHFUHVFHQGRDRGLVWDQFLDUVH GRPLFURDVSHUVRU

+RXYH GLIHUHQoDV VLJQLILFDWLYDV QDV YD]}HV GRV PLFURDVSHUVRUHV GHQWUR GR LQWHUYDORGHFRPSHQVDomRGHSUHVVmR

2VPLFURDVSHUVRUHVQRYRVHXVDGRVQmRGLIHULUDPHPUHODomRjVYDULDo}HV GHYD]mRDSUHVHQWDQGRYDULDo}HVPi[LPDVVXSHULRUHVDLQDFHLWiYHOVHJXQGR $%17 DSHQDV SDUD N3D $V YDULDo}HV PpGLDVGH YD]mR GHVYLDUDPVH PDLVTXHHPUHODomRDYD]mRQRPLQDOGHFDWiORJRLQDFHLWiYHOVHJXQGR$%17

&RP VREUHSRVLomR GH GR UDLR GH PROKDPHQWR RV YDORUHV PpGLRV GH &8& IRUDP GH SDUD RV PLFURDVSHUVRUHV QRYRV H SDUD RV PLFURDVSHUVRUHV XVDGRV H RV YDORUHV GH &8' IRUDP GH SDUD RV QRYRV H SDUDRVXVDGRVQmRGLIHULQGRHVWDWLVWLFDPHQWH

3DUD DV FRQGLo}HV RQGH HVWi LQVWDODGR R VLVWHPD GH LUULJDomR LQFOXLQGR R PDQHMRGDFXOWXUDHGRVLVWHPDDYLGD~WLOGRVHPLVVRUHVDXWRFRPSHQVDQWHVSRGH VHUFRQVLGHUDGDPDLRUTXHDQRVRXKGHIXQFLRQDPHQWR

(56)

5()(5Ç1&,$6

$//(15*&DWK'VSULQNOHUSDWWHUQDQDO\VLVVRIWZDUHXVHU¶VPDQXDO/RJDQ 8WDK 6WDWH 8QLYHUVLW\ 'HSDUWPHQW RI %LRORJLFDO DQG ,UULJDWLRQ (QJLQHHULQJ S

$%17$662&,$d2%5$6,/(,5$'(1250$67e&1,&$6(TXLSDPHQWRVGH LUULJDomR DJUtFROD ±HPLVVRUHVH WXERVHPLVVRUHV ± HVSHFLILFDomRH PpWRGRV GHHQVDLR5LRGH-DQHLUR$%171%5,62S

$%17 $662&,$d2 %5$6,/(,5$ '( 1250$6 7e&1,&$6 ,UULJDomR ORFDOL]DGD PLFURDVSHUVRUHV UHTXLVLWRV JHUDLV H PpWRGRVGH HQVDLR 6mR3DXOR $%17S31%5±

$%17 $662&,$d2 %5$6,/(,5$ '( 1250$6 7e&1,&$6 5HTXLVLWRV PtQLPRV SDUD HODERUDomR GH SURMHWR GH VLVWHPD GH LUULJDomR ORFDOL]DGD 6mR 3DXOR$%17S31%5

$%5(8-0+/23(=-55(*$/$'2$3+(51$1'(=-)*(OULHJR ORFDOL]DGR0DGULG,QVWLWXWR1DFLRQDOGH,QYHVWLJDFLRQHV$JUiULDVS

$1'5$'( / $ GH$YDOLDomR KLGUiXOLFD H GH UHVLVWrQFLD D WUDomR GH GRLV

PRGHORV GH PDQJXHLUDV JRWHMDGRUDV I 'LVVHUWDomR

$JURQRPLD,UULJDomR H 'UHQDJHP ± 8QLYHUVLGDGH (VWDGXDO 3DXOLVWD %RWXFDWX

$1'5$'(/$GH(VWXGRGHGRLVHVSDoDPHQWRVHQWUHJRWHMDGRUHVQDPHVPD ODWHUDOHVXDLQIOXrQFLDQDXQLIRUPLGDGHGHDSOLFDomRGHiJXDI7HVH 'RXWRUDGR HP $JURQRPLD )DFXOGDGH GH &LrQFLDV $JURQ{PLFDV 8QLYHUVLGDGH

(VWDGXDO 3DXOLVWD %RWXFDWX 'LVSRQtYHO HP

KWWSZZZSJIFDXQHVSEU7HVHV3')V$UTSGI!$FHVVDGRHP

$6$(6WDQGDUGV6WDQGDUGVHQJLQHHULQJSUDFWLFHVGDWD(3'HVLJQDQG LQVWDOODWLRQ RI PLFURLUULJDWLRQ V\VWHPV 6W -RVHSK 0LFK $PHULFDQ 6RFLHW\ RI $JULFXOWXUDO(QJLQHHUV'HFS

$=(9('2 + 0 ,UULJDomR ORFDOL]DGD ,QIRUPH $JURSHFXiULR %HOR +RUL]RQWH

QS

%(51$5'2662$5(6$$0$1729$1,(&0DQXDOGH,UULJDomRHG 9LoRVD(GLWRUD8)9S

%20$1%-3$562160/&KDQJHVLQPLFURVSULQNOHUGLVFKDUJHVUHVXOWLQJIURP ORQJWXUQXVH7UDQVDFWLRQVRIWKH$6$(6W-RVHSKYQS

(57)

%212025$QiOLVHGDLUULJDomRQDFDIHLFXOWXUDHPiUHDVGHFHUUDGRGH0LQDV *HUDLVI7HVH'RXWRUDGRHP(QJHQKDULD$JUtFROD±3URJUDPDGH3yV *UDGXDomRHP(QJHQKDULD$JUtFROD8QLYHUVLGDGH)HGHUDOGH9LoRVD9LoRVD0*

%275(/ 7 $+LGUiXOLFD GH PLFURDVSHUVRUHV H OLQKDV ODWHUDLV SDUD LUULJDomR

ORFDOL]DGDI'LVVHUWDomR0HVWUDGRHP,UULJDomRH'UHQDJHP±(VFROD

6XSHULRUGH$JULFXOWXUD³/XL]GH4XHLUR]´3LUDFLFDED

%5$/769))LHOGSHUIRUPDQFHDQGHYDOXDWLRQ,Q1$.$<$0$)6%8&.6' $(G7ULFNOHLUULJDWLRQIRUFURSSURGXFWLRQ$PVWHUGDP(OVHYLHUS 'HYHORSPHQWLQ$JULFXOWXUDO(QJLQHHULQJ

%5$/769):8,3*,7/,1+00DQXIDFWXULQJYDULDWLRQDQGGULSLUULJDWLRQ XQLIRUPLW\7UDQVDFWLRQVRIWKH$6$(6W-RVHSKYQS

&$5$52 ' & %275(/ 7 $ +,//6 ' - /(9(5(1= + / $QDO\VLV RI FORJJLQJ LQ GULS HPLWWHUV GXULQJ ZDVWHZDWHU LUULJDWLRQ$SSOLHG (QJLQHHULQJ LQ $JULFXOWXUHYS

&+$021 2 (VWXGR FRPSDUDWLYR GD GHPDQGD GH iJXD H GR PDQHMR HP

VLVWHPDV GHLUULJDomR HP ODYRXUDV GH FDIp I 'LVVHUWDomR 0HVWUDGR HP (QJHQKDULD $PELHQWDO 3URJUDPD GH 3yV*UDGXDomR HP (QJHQKDULD $PELHQWDO8QLYHUVLGDGH)HGHUDOGR(VStULWR6DQWR9LWyULD(6

&+5,672),',6'5HFXUVRVKtGULFRVGRVFHUUDGRVHVHXSRWHQFLDOGHXWLOL]DomRQD LUULJDomR5HYLVWD,7(0%UDVtOLDQS

&/(00(16$-$VWDWLFDODQDOLVLVRIWULFNOHLUULJDWLRQXQLIRUPLW\7UDQVDFWLRQVRI WKH$6$(6W-RVHSKYQS

&21&(,d20$)&2(/+25'6LPXODomRGDGLVWULEXLomRGHiJXDHP

PLFURDVSHUVRUHV VRE FRQGLomR GH YHQWR 3LUDFLFDED I 7HVH GH

'RXUDGR ± (6$/4 'LVSRQtYHO HP

KWWSZZZWHVHVXVSEUWHVHVGLVSRQLYHLVWGHPDUFRSGI!$FHVVRHP GHRXWXEURGH

&25'(,52 ( GH $ ,QIOXrQFLD GR WUDWDPHQWR GH iJXD IHUUXJLQRVD QR GHVHPSHQKRGHVLVWHPDGHLUULJDomRSRUJRWHMDPHQWRI'LVVHUWDomR 0HVWUDGRHP(QJHQKDULD$JUtFROD±3URJUDPDGH3yV*UDGXDomRHP(QJHQKDULD $JUtFROD8QLYHUVLGDGH)HGHUDOGH9LoRVD9LoRVD0*

&267$ 0 GD & &DUDFWHUL]DomR KLGUiXOLFD GH GRLV PRGHORV GH PLFURDVSHUVRUHVDVVRFLDGRVDWUrVUHJXODGRUHVGHIOX[RHXPPHFDQLVPRGH SXOVR I 'LVVHUWDomR 0HVWUDGR HP $JURQRPLD (VFROD 6XSHULRU GH $JULFXOWXUD³/XL]GH4XHLUR]´8QLYHUVLGDGHGH6mR3DXOR3LUDFLFDED

(58)

&81+$0'GD&81+$0/GD)5(,5(2-GH$YDOLDomRGHGHVHPSHQKR

GRPLFURDVSHUVRUDPDQFR/K_{HPFRQGLo}HVGHFDPSR+RORV$QRY}

'LVSRQtYHOHPZZZLIUQHGXEURMVLQGH[SKS+2/26DUWLFOHYLHZ! $FHVVRHPGHRXWXEURGH

&857,6 / 0 32:(// $ $ 7<621 7 : 0LFURLUULJDWLRQ RI SHDFKHV LQ WKH VRXWKHDVW,UULJDWLRQ-RXUQDO1HZ<RUNYQSPDLR

'$17$61(72-0('(,5260*$GH$=(9('2&$9GH$=(9('2+ 0 GH 3HUIRUPDQFH KLGUiXOLFD H SHUILO GH GLVWULEXLomR GH iJXD GR PLFURDVSHUVRU 1$$1VREGLIHUHQWHVFRQGLo}HVGHYHQWR5HYLVWD%UDVLOHLUDGH(QJHQKDULD $JUtFRODH$PELHQWDO&DPSLQD*UDQGHYS

'(1Ë&8/, : %(51$5'2 6 7+,È%$87 - 7 / 6(',<$0$ * & XQLIRUPLGDGH GH GLVWULEXLomR GH iJXD HP FRQGLo}HV GH FDPSR QXP VLVWHPD GH LUULJDomRSRUJRWHMDPHQWR5HYLVWD&HUHVYQS

)5,==21( - $ '285$'2 1(72 ' $YDOLDomR GH VLVWHPDV GH LUULJDomR ,Q

0,5$1'$ - + GH 3,5(6 5 & GH 0 HGV ,UULJDomR 6pULH (QJHQKDULD

$JUtFROD3LUDFLFDED)81(3YS

)5,==21( - $ 9,(,5$ $ 7 3$= 9 3 6 %275(/ 7 $ &DUDFWHUL]DomR KLGUiXOLFD GH XP WXER JRWHMDGRU5HYLVWD %UDVLOHLUD GH (QJHQKDULD $JUtFROD H $PELHQWDO&DPSLQD*UDQGHYQS

*20(6+3(QJHQKDULDGH,UULJDomR+LGUiXOLFDGRV6LVWHPDV3UHVVXUL]DGRV

$VSHUVmRH*RWHMDPHQWRHG&DPSLQD*UDQGH8)3%S

.(//(5-.$50(/,'7ULFNOHLUULJDWLRQGHVLJQSDUDPHWHUV7UDQVDFWLRQVRIWKH $6$(6W-RVHSKYQS

0$1729$1,(&$9$/,$3URJUDPDGH$YDOLDomRGD,UULJDomRSRU$VSHUVmR H/RFDOL]DGD9LoRVD0*8)9

0$1729$1, ( & %(51$5'2 6 3$/$5(77, / ) ,UULJDomR SULQFtSLRV H

PpWRGRVHG$WXDO9LoRVD0*(G8)9S

0$726-$GH'$17$61(72-$=(9('2&$9GH$=(9('2+0GH $YDOLDomR GD GLVWULEXLomR GH iJXD GH XP PLFURDVSHUVRU DXWRFRPSHQVDQWH,UULJD YQS

0$726-$GH5$*262-5$&DUDFWHUL]DomRGDSHUIRUPDQFHKLGUiXOLFDGH GRLVHPLVVRUHVWLSRPLFURDVSHUVRUHV5HYLVWD%UDVLOHLUDGH(QJHQKDULD$JUtFRODH $PELHQWDO&DPSLQD*UDQGHYS

0(55,$0 - / .(//(5 -)DUP LUULJDWLRQ V\VWHP HYDOXDWLRQ D JXLGH IRU

(59)

1$.$<$0$ ) 6 %8&.6 ' $7ULFNOH LUULJDWLRQ IRU FURS SURGXFWLRQ 6W -RVHSK$6$(S

2/,77$$)/2VPpWRGRVGHLUULJDomR6mR3DXOR1REHOS

3(5(,5$/62:(,67=$,5,$,UULJDWLRQPDQDJHPHQWXQGHUZDWHUVFDUFLW\ $JULFXOWXUDO:DWHU0DQDJHPHQWQS

3,1$==$ / $ $/,0$1'52 55HHVWUXWXUDomR GR DJULEXVLQHVV EUDVLOHLUR

DJURQHJyFLRV QR WHUFHLUR PLOrQLR 5LR GH -DQHLUR $VVRFLDomR %UDVLOHLUD GH $JULEXVLQHVVS

3,172 - 0 62$5(6 - 0 1$6&,0(172 7 $QiOLVH GH FRHILFLHQWH GH

XQLIRUPLGDGH GH GLVWULEXLomR GH iJXD HP VLVWHPD GH LUULJDomR ORFDOL]DGD ,Q &21*5(6621$&,21$/'(,55,*$d2('5(1$*(0$QDLV)ORULDQySROLV $VVRFLDomR%UDVLOHLUDGH,UULJDomRH'UHQDJHPYS

3,=$552 &$%(//2 ) 5LHJRV ORFDOL]DGRV GH DOWD IUHFXHQFLD JRWHR PLFURDVSHUVLRQ±H[XGDFLRQHG0DGUL(G0XQGLS

5(6(1'( 5 6 &2(/+2 5 ' 3,('$'( 6 0 6 (ILFLrQFLD GD FORUDomR GD iJXD GH LUULJDomR QR WUDWDPHQWR GH JRWHMDGRUHV FRP HQWXSLPHQWR GH FDXVD

ELROyJLFD 5HYLVWD %UDVLOHLUD GH (QJHQKDULD $JUtFROD H $PELHQWDOY Q

S

52'5,*2 /Ï3(= - +(51È1'(= $%5(8 - 0 3e5(= 5(*$/$'2 $

*21=È/(= +(51È1'(= - )5LHJR ORFDOL]DGR 0DGULG 0XQGL3UHQVD

S

6$1'5,'0(648,7$0%(66$6(35$'2&5$,QIOXrQFLDGRWHPSRGH XVR VREUH DV FDUDFWHUtVWLFD KLGUiXOLFDV GR PLFURDVSHUVRU GR JUXSR PRGXODU (QJHQKDULD$JUtFROD-DERWLFDEDOYQSQRYGH]

6,48(,5$(&%$5526-Ò1,25*'HWHUPLQDomRGRFRHILFLHQWHGHYDULDomRH YD]mR GR PLFURDVSHUVRU &DUEXUXQGXP 06 9 YHUVXV SUHVVmR ,Q &21*5(662

%5$6,/(,52 '( (1*(1+$5,$ $*5Ë&2/$ *RLkQLD$QDLV*RLkQLD

$VVRFLDomR%UDVLOHLUDGH(QJHQKDULD$JUtFROD&'520

62/2021 . 0DQXIDFWXULQJ YDULDWLRQ RI WULFNOH HPLWWHUV7UDQVDFWLRQV RI WKH $6$(6W-RVHSKYQSD

62/2021 . 9DULDELOLW\ RI VSULQNOHU FRHIILFLHQW RI XQLIRUPLW\ WHVW UHVXOWV 7UDQVDFWLRQVRIWKH$6$(6W-RVHSKYQSE

(60)

628=$ / 2 & GH 0$1729$1, ( & &25'(,52 ( GH $ 08'5,. $ 6 6,02)58QLIRUPLGDGHGHGLVWULEXLomRGHiJXDHPXPVLVWHPDGHLUULJDomRSRU JRWHMDPHQWR XWLOL]DGR HP FDIHLFXOWXUD LUULJDGD ,Q 6,03Ï6,2 %5$6,/(,52 '(

3(648,6$'26&$)e6'2%5$6,/9LWyULD$QDLV%UDVtOLD(PEUDSD

&DIpS

628=$ - $ 5 '(1,&8/, : %$7,67$ 5 2 9$/ -&& 0$726 $7 &DUDFWHUL]DomR KLGUiXOLFD GH PLFURDVSHUVRU DSOLFDQGR iJXD OLPSD iJXD UHVLGXiULD GH DYLFXOWXUD H GH ERYLQRFXOWXUD(QJHQKDULD QD $JULFXOWXUD 9LoRVD 0* Y Q-XO6HW

7$*/,$)(55( & 2/,9(,5$ 5 $ '(1Ë&8//, : 52%(572 &(&21 3 0$57,1(= 0 $ &DUDFWHUtVWLFDV KLGUiXOLFDV GR PLFURDVSHUVRU 0) ,Q &21*5(662%5$6,/(,52'((1*(1+$5,$$*5Ë&2/$*RLkQLD$QDLV *RLkQLD$VVRFLDomR%UDVLOHLUDGH(QJHQKDULD$JUtFROD&'520

=2&2/(5-/$9$/,$d2'('(6(03(1+2'(6,67(0$6'(,55,*$d2 'LVSRQtYHO HP KWWSZZZDJUIHLVXQHVSEUFXUVRKWP ! $FHVVDGR HP

=$1,1,-53$9$1,/&7$52==20$YDOLDomRGDYD]mRGHXPVLVWHPDGH LUULJDomR SRU PLFURDVSHUVmR HP FXOWXUD GH EDQDQHLUD ,Q &21*5(662

%5$6,/(,52'((1*(1+$5,$$*5Ë&2/$3RoRVGH&DOGDV$QDLV

3RoRVGH&DOGDV6%($S